Etnologia Y Prehistoria En La Universidad Complutense De Madrid

&RPSOXWXP²

(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$' &203/87(16('(0$'5,' &5Ï1,&$'(81$'(6,*8$/9,1&8/$&,Ï1  /XLVÈQJHO6iQFKH]*yPH] 

5(680(1 (O QRPEUDPLHQWR GH +XJR 2EHUPDLHU FRPR FDWHGUiWLFR GH +LVWRULD 3ULPLWLYD GHO +RPEUH HQ \ODLPSODQWDFLyQGHHVDDVLJQDWXUDHQODDQWLJXD8QLYHUVLGDG&HQWUDOGH0DGULGDEULHURQSDVRDXQDGHVL JXDOYLQFXODFLyQDFDGpPLFDHQWUHSUHKLVWRULD\HWQRORJtD(OSUHVHQWHDUWtFXORDQDOL]DHOSHULRGRHQHOTXHDTXH OODFiWHGUDHVWXYRHQPDQRVGH-XOLR0DUWtQH]6DQWD2ODOOD\ODVVLQJXODULGDGHVGHOPRGHORFLHQWtILFRDFDGpPL FRHQWRQFHVDUWLFXODGRKDFLpQGRVHLJXDOPHQWHUHIHUHQFLDDODVUHODFLRQHVHVWDEOHFLGDVHQWUHODVGRVGLVFLSOLQDV FLWDGDVHQODVGpFDGDVSRVWHULRUHVKDVWD (WKQRORJ\DQG3UHKLVWRU\DWWKH8QLYHUVLGDG&RPSOXWHQVHRI0DGULG7KHVWRU\RIDQXQHTXDOUH ODWLRQ

$%675$&77KH+XJR2EHUPDLHU¶VGHVLJQDWLRQDVFKDLULQµ3ULPLWLYH+LVWRU\RI0DQ¶LQDQGWKHHVWDEOLVK PHQWRIWKLVVXEMHWFRIVWXG\LQWKHIRUPHU8QLYHUVLGDG&HQWUDORI0DGULGKDGDVDUHVXOWDQXQHTXDODFDGHPLFOLQN EHWZHHQSUHKLVWRU\DQGHWKQRORJ\7KHSDSHUDQDO\]HVWKH-XOLR0DUWtQH]6DQWD2ODOOD¶VSHULRGZKHQKHKHOG WKHFKDLUDQGWKHIDLOXUHVRIKLVVFLHQWLILFDQGDFDGHPLFUHVHDUFKV\VWHPDWWKHVDPHWLPHDUHIHUHQFHLVPDGH WRWKHUHODWLRQVKLSVHVWDEOLVKHGEHWZHHQWKHWZRGLVFLSOLQHVGXULQJWKHVXEVHTXHQWGHFDGHVXQWLO 3$/$%5$6&/$9((WQRORJtD3UHKLVWRULD8QLYHUVLGDG&RPSOXWHQVH)UDQTXLVPR+LVWRULRJUDItD .(<:25'6(WKQRORJ\3UHKLVWRU\8QLYHUVLGDG&RPSOXWHQVH)UDQFRUHJLPH+LVWRULRJUDSK\

 ,1752'8&&,Ï1 

 /DDFWXDOYLQFXODFLyQTXHPDQWLHQHODHWQRORJtD FRQODSUHKLVWRULDHQOD)DFXOWDGGH*HRJUDItDH+LVWR ULD GH OD 8QLYHUVLGDG &RPSOXWHQVH DUUDQFD GH ORV DxRVYHLQWHGHOSDVDGRVLJOR HQHOFRQWH[WRGHODHQ WRQFHV)DFXOWDGGH)LORVRItD\/HWUDVGHOD8QLYHUVL GDG&HQWUDO'XUDQWHDTXHOODpSRFDODDUTXHRORJtD\ ODSUHKLVWRULDYLYHQXQPRPHQWRFLHUWDPHQWHVLQJXODU /RVGHVFXEULPLHQWRVUHDOL]DGRVHQHO~OWLPRWHUFLRGHO VLJOR;,;\SULQFLSLRVGHO;;HQUHODFLyQFRQHODUWH SDOHROtWLFRODVLQYHVWLJDFLRQHVGHSUHKLVWRULDGRUHVH[ WUDQMHURVHQQXHVWURSDtVODDFWLYLGDGGHDOJXQRVQR WDEOHVDILFLRQDGRV\SURIHVLRQDOHVGHODKLVWRULDHVSD xROHV HO LQWHUpV GH ORV DQWURSyORJRV ItVLFRV SRU HO iPELWRGHXQDLQFLSLHQWHSDOHRDQWURSRORJtDHWFWRGR HOORVHXQHSDUDKDFHUTXHODSUHKLVWRULDVHFRQYLHUWD HQXQDDFWLYLGDG\XQDGLVFLSOLQDGHLQGXGDEOHDWUDF 

WLYRHLQFOXVRGHFLHUWRIDYRUHQWUHGHWHUPLQDGRVHVWD PHQWRVVRFLDOHV(VFLHUWRQRREVWDQWHTXHVXSURIH VLRQDOL]DFLyQHVSUiFWLFDPHQWHQXOD  (VWHUHODWLYRDXJHGHODSUHKLVWRULDFRLQFLGH ²\ VHJXUDPHQWHLQFLGHHQHOOR²FRQXQPiVTXHQRWDEOH GHFDLPLHQWRGHODDQWURSRORJtDGHFRUWHJHQHUDOLVWD\ GHODHWQRORJtDGLVFLSOLQDV\SUiFWLFDVTXHKDEtDQDO FDQ]DGR XQ QRWDEOH GHVDUUROOR HQ (VSDxD GXUDQWH HO ~OWLPRWHUFLRGHOVLJORDQWHULRU/DVUD]RQHVTXHMXVWL ILFDQHVWDVLWXDFLyQGXUDQWHODVWUHVSULPHUDVGpFDGDV GHO;;QRVRQIiFLOHVGHGHWHUPLQDUQRREVWDQWHKH PRVHQVD\DGRDOJXQDH[SOLFDFLyQHQRWUROXJDU6iQ FKH]*yPH]   'HVGHORVFRPLHQ]RVGHOVLJOR;;ODSUHKLVWRULD DYDQ]DGHIRUPDFODUDPHQWHYLVLEOHKDFLDXQDPD\RU SURIHVLRQDOL]DFLyQ $Vt D SDUWLU GH  GHVDUUROOD XQD LPSRUWDQWH DFWLYLGDG OD &RPLVLyQ GH ,QYHVWLJD FLRQHV3DOHRQWROyJLFDV\3UHKLVWyULFDVFRQVHGHHQHO

'HSDUWDPHQWRGH3UHKLVWRULD\(WQRORJtD8QLYHUVLGDG&RPSOXWHQVH&LXGDG8QLYHUVLWDULDVQ0DGULG ODQJHO#JKLVXFPHV

 

/8,6È1*(/6È1&+(=*Ï0(=

0XVHRGH&LHQFLDV1DWXUDOHVFUHDGDHQDTXHODxRSRU OD-XQWDSDUD$PSOLDFLyQGH(VWXGLRVH,QYHVWLJDFLR QHV&LHQWtILFDV3RFRGHVSXpVHQVHFUHDEDRWUD GHVWDFDGD LQVWLWXFLyQ OD -XQWD 6XSHULRU GH ([FDYD FLRQHV$UTXHROyJLFDV(VHYLGHQWHTXHHODPELHQWHLQ WHOHFWXDO HUD PX\ SURSLFLR SDUD OD FRQVROLGDFLyQ GH ORV HVWXGLRV SUHKLVWyULFRV FRQWH[WR HQULTXHFLGR DGH PiVSRUORVLQWHQVRVFRQWDFWRVPDQWHQLGRVFRQLQYHV WLJDGRUHVH[WUDQMHURV8QRGHHVWRVLQYHVWLJDGRUHVHV HO SUHVWLJLRVR DUTXHyORJR DOHPiQ +XJR 2EHUPDLHU *UDG SULPHUWLWXODUGHODFiWHGUDGH+LV WRULD3ULPLWLYDGHO+RPEUHFUHDGDHQOD8QLYHUVLGDG &HQWUDOGH0DGULGHQ  

 2%(50$,(5</$&5($&,Ï1'(/$ &È7('5$'(+,6725,$35,0,7,9$ '(/+20%5(

  $QWHV GH DGHQWUDUQRV HQ HO HVWXGLR GHO FRQWH[WR DFDGpPLFRGRFHQWHSURSLDPHQWHGLFKRFRQVLGHUDPRV GH LQWHUpV OD UHSURGXFFLyQ GH ODV OtQHDV TXH GHGLFD &DUR%DURMD D2EHUPDLHUHQVXVPH PRULDVIDPLOLDUHV  'RQ +XJR HUD XQ SHTXHxR EiYDUR EUDTXLFpIDOR GH FDUDDQFKDFRQXQSHORUHFRUWDGRHQIRUPDGHPHOHQD \DWLUDQGRDEODQFR,EDYHVWLGRGHSDLVDQRDXQTXHHUD VDFHUGRWH FDWyOLFR \ WHQtD WRGR HO DLUH GH XQ SURIHVRU DOHPiQ7DPELpQHODXWRULWDULVPR0LWtR3tROHWUDWDED SXHVKDEtDVHJXLGRWRGRXQFXUVRGH3UHKLVWRULDFRQpO (VWRGHPXHVWUDVXDILFLyQDODVFLHQFLDVDQWURSROyJLFDV SRUTXH2EHUPDLHU QRHUDXQSURIHVRUPX\DWUDFWLYR +DEODEDHOFDVWHOODQRGHVSDFLRVLQIOXLGH]\VXVFODVHV HUDQPHWyGLFDVHQJUDGRH[WUHPR'HVDUUROODEDHQHOODV ODVPLVPDVLGHDVTXHHQVXVOLEURV\HVFULWRVSHURVLQHO EULOORTXHWHQtDQDOJXQRVGHpVWRV
 $0RXUH KDH[SXHVWRFRQGHWDOOHODVFLU FXQVWDQFLDVTXHURGHDURQODFUHDFLyQGHGLFKDFiWHGUD \FyPRVXGHQRPLQDFLyQUHVSRQGHDODSUHVLyQHMHU FLGDGHVGHOD)DFXOWDGGH&LHQFLDVGHODPLVPD8QL YHUVLGDGGH0DGULGTXHVHRSRQtDDTXHORVHVWXGLRV GHSUHKLVWRULDVHLPSDUWLHUDQHQOD)DFXOWDGGH)LORVR ItD\/HWUDV\DTXHORVFRQVLGHUDEDQDGVFULWRVDOiP ELWRGHODVFLHQFLDVQDWXUDOHV(QHVHPLVPRDUWtFXOR

VX DXWRU SUHVHQWD \ FRPHQWD ORV LQIRUPHV HODERUDGRV SRUHO5HDO&RQVHMRGH,QVWUXFFLyQ3~EOLFD\OD5HDO $FDGHPLD GH OD +LVWRULD HQ ORV TXH VH DUJXPHQWD \ MXVWLILFD HO FDPELR GH GHQRPLQDFLyQ GH OD FiWHGUD ³SRUKDOODUVHGHHVWHPRGRPiVHQDUPRQtDVXFRQWH QLGRFRQHOTXHFRQVWLWX\HODPDWHULDGHOD6HFFLyQGH +LVWRULD GH HVWD )DFXOWDG´ 0RXUH    )LQDO PHQWHSRU5HDO2UGHQGHGHPDU]RGH\GH DFXHUGR FRQ OR HVWDEOHFLGR HQ HO DUWtFXOR  GH OD /H\ GH ,QVWUXFFLyQ 3~EOLFD GH  VH QRPEUDED D +XJR2EHUPDLHUFDWHGUiWLFRGH+LVWRULD3ULPLWLYDGHO +RPEUH 1R REVWDQWH OD QXHYD DVLJQDWXUD TXH YD D LPSDUWLUQRHFKDDDQGDUKDVWDHOFXUVRGH  $XQTXH2EHUPDLHUHUDSUHKLVWRULDGRUVXIRUPD FLyQ\HOFRQWH[WRFLHQWtILFRTXHOHURGHDEDOHKDFtDQ LQWHUHVDUVH WDPELpQ DXQTXH GH IRUPD PX\ OLPLWDGD SRU ORV ³SULPLWLYRV DFWXDOHV´ SHUR HQ WRGR FDVR HUD XQLQWHUpVGLULJLGRKDFLDHOFRQRFLPLHQWRELEOLRJUiIL FRQRKDFLDODLQYHVWLJDFLyQGLUHFWD\VLHPSUHFRQOD DQDORJtDHWQRJUiILFDFRPRUHIHUHQWHSDUDFRPSUHQGHU H LQWHUSUHWDU GHVGH HO SUHVHQWH SULPLWLYR HO FRQRFL PLHQWR GH OD SUHKLVWRULD 3HLUy \ 3DVDPDU    3RGUtDPRV DUJXPHQWDU LQFOXVR TXH HVH LQWHUpV VHYLRIRU]DGRPiVTXHUHIRU]DGRSRUODREOLJDGDGH QRPLQDFLyQGHODFiWHGUD'HHVWHPRGRODUHLYLQGL FDFLyQ GHO HVWXGLR GH ORV ³SULPLWLYRV FRQWHPSRUi QHRV´ WHQGUi FRPR XQR GH VXV SULQFLSDOHV REMHWLYRV FRQWULEXLUDODFRQVROLGDFLyQGHXQDLGHQWLGDGUHIHUHQ FLDOSURSLDIUHQWHDODJHRORJtDODDQWURSRORJtDItVLFD ODKLVWRULDDQWLJXDRODDUTXHRORJtDFOiVLFD  /DDQWHULRUREVHUYDFLyQSRGUtDYHUVHFRQILUPDGD FRPRDQRWDQORVDXWRUHVTXHDFDEDPRVGHFLWDUSRUHO KHFKRGHTXHHVWHLQWHUpVSRUODHWQRORJtDLQWHUSUHWD GDGHVGHODWUDGLFLyQKLVWyULFRFXOWXUDOQRIXHDVXPL GR SRU 2EHUPDLHU GH IRUPD FODUD KDVWD PHGLDGRV GH ORV DxRV  GH KHFKR HQ OD SULPHUD HGLFLyQ GH (O KRPEUH IyVLO   PRVWUDED ³PXFKDV UHVHUYDV´ VR EUH OD DSOLFDFLyQ GH OD HWQRORJtD HQ HO HVWXGLR GH OD SUHKLVWRULD6LQHPEDUJRHQVXGLVFXUVRGHLQJUHVRHQ OD5HDO$FDGHPLDGHOD+LVWRULDHQDVHJXUDFRQ URWXQGLGDG TXH ³GHVGH DQWLJXR HV RSLQLyQ XQiQLPH HQWUH ORV HVSHFLDOLVWDV TXH XQD UHFWD FRPSUHQVLyQ \ XQDOyJLFDLQWHUSUHWDFLyQGHODPiVUHPRWDKXPDQLGDG VyORHVSRVLEOHSRUODFRPSDUDFLyQGHVXFXOWXUDFRQ OD GH ORV SULPLWLYRV DFWXDOHV´ 2EHUPDLHU    (Q HVWH FRQWH[WR GHILQH OD ³PRGHUQD (WQRORJtD´ FR PR³FLHQFLDGHOKRPEUHGHVGHHOSXQWRGHYLVWDSVLFR OyJLFR\VRFLDO\GHVXVUHODFLRQHVFRQODQDWXUDOH]D´ LELG   3DUDFDPLQDUFRQSDVRILUPHHQHOHVWXGLRGHORV SULPLWLYRV SUHKLVWyULFRV \ GH ORV SULPLWLYRV DFWXDOHV 2EHUPDLHUGHILHQGHORVSRVWXODGRVGHODHVFXHODKLV WyULFRFXOWXUDOIUHQWHDOD³GRFWULQDGHODVFRQFHSFLR QHVHOHPHQWDOHVGHODKXPDQLGDG´1RREVWDQWHSHU FLEHODVOLPLWDFLRQHVGHHVDRULHQWDFLyQ\DVHJXUDTXH ³HQQLQJ~QFDVRVXSULPHHOQXHYRPpWRGRORVFRQFHS



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

WRVGHHYROXFLyQ\SURJUHVRGHODKXPDQLGDG´UHFRU GDQGR DGHPiV TXH OD HVFXHOD KLVWyULFRFXOWXUDO ³KD FRQWULEXLGRKDVWDKR\VyORHVFDVDPHQWHDUHVROYHUORV LPSRUWDQWHV SUREOHPDV GH ORV RUtJHQHV \ GH ORV FR PLHQ]RVGHODVFXOWXUDVKXPDQDV´LELG   &RPR FRQFOXVLyQ 2EHUPDLHU SURSRQH ³IXQGDU GLUHFWDPHQWHXQDSDOHWQRORJtDTXHWHQGUiSRUILQDYH ULJXDU HO RULJHQ \ HO GHVDUUROOR GH ODV FLYLOL]DFLRQHV DQWHULRUHVDODKLVWyULFDEDViQGRQRVDHVWHHIHFWRHQ ORVKDOOD]JRVSUHKLVWyULFRV\YDOLpQGRQRVDGHPiVGH OD HWQRJUDItD FRPSDUDGD GH ORV SULPLWLYRV DFWXDOHV´ LELG (QODSUiFWLFDHOUHVXOWDGRHVFRPR\D KHPRVDGHODQWDGRHOUHFXUVRDODDQDORJtDHWQRJUiIL FD(QHOGLVFXUVRTXHFRPHQWDPRVHVWDVDQDORJtDVVH FRQFUHWDQ GH PRGR SUHIHUHQWH HQ ORV iPELWRV GH OD WHFQRORJtDODVPXWLODFLRQHVULWXDOHVHOWRWHPLVPRORV ULWXDOHVIXQHUDULRV\HOFXOWRDORVGLIXQWRV)XHUDGH HVWH FRQWH[WR DQDOyJLFR HO LQWHUpV GH 2EHUPDLHU SRU OD LQYHVWLJDFLyQ HWQROyJLFD HV SUiFWLFDPHQWH QXOR < DVtORKDFHYHUHQORV~OWLPRVSiUUDIRVGHVXGLVFXUVR FXDQGRWUDVGHVWDFDUODULTXH]DFRPRIXHQWHHWQRJUi ILFDGHODVFUyQLFDVGH,QGLDVDVHJXUDTXH³UHDOPHQWH VyOR XQD SDUWH GH HVWH WHVRUR KD VLGR DOXPEUDGR \ DSURYHFKDGR SXHV (VSDxD QR SRVHH D~Q XQD FiWHGUD SURSLDGH(WQRORJtD´2EHUPDLHU   3RUWRGRHOORGHVGHODSURSLDFiWHGUDGH+LVWRULD 3ULPLWLYDGHO+RPEUH\OD6RFLHGDG(VSDxRODGH$Q WURSRORJtD(WQRJUDItD\3UHKLVWRULD6($(3 VHHOH YyHQXQHVFULWRDO0LQLVWHULRGH,QVWUXFFLyQ3~ EOLFDVROLFLWDQGRODFUHDFLyQGHXQDFiWHGUDGHHWQROR JtDHQODPLVPD)DFXOWDGGH/HWUDV/DLQLFLDWLYDSDU WLy GH -XOLR 0DUWtQH] 6DQWD2ODOOD ²TXLHQ VLQ GXGD DVSLUDEDDRFXSDUODFiWHGUDVROLFLWDGD²FRQPRWLYR GH LQIRUPDU D OD 6($(3 VREUH OD FRQVXOWD KHFKD HQ HVD )DFXOWDG SRU HO FLWDGR PLQLVWHULR SDUD RUJDQL]DU XQD6HFFLyQGH*HRJUDItDFRQVXFRUUHVSRQGLHQWHOL FHQFLDWXUD\GRFWRUDGR(QVXLQWHUYHQFLyQHQOD6R FLHGDG6DQWD2ODOODDILUPy  ,QFXPEH SRU OR WDQWR D OD 6RFLHGDG HO SHGLU TXH OD $QWURSRORJtD>ItVLFD@\3UHKLVWRULDGHTXHH[LVWHQFiWH GUDV VHD HOHPHQWR LQGLVSHQVDEOH >HQ ORV HVWXGLRV GH JHRJUDItD@ \ TXH VH FUHH OD FiWHGUD TXH GHVGH ODUJRV DxRVIDOWDFRPRHO6U2EHUPDLHUKL]RFRQVREUDGDUD ]yQQRWDUHQDOLQJUHVDUHQOD$FDGHPLDGHOD+LV WRULDXQD&iWHGUDGH(WQRORJtD>@6RFLHGDG(VSDxROD GH$QWURSRORJtD(WQRJUDItD\3UHKLVWRULD$FWDV\0H PRULDV;, 

 2EYLDPHQWH OD 6RFLHGDG DFHSWy OD SURSXHVWD HOHYDQGRODVROLFLWXGGHODFiWHGUDDOPLQLVWHULRHQXQ HVFULWR UHGDFWDGR SRU 2EHUPDLHU 0DQXHO 0DXUD \ 6DQWD2ODOODTXHIXHSUHVHQWDGR\DSUREDGRHQODVH VLyQGHGHGLFLHPEUHGHLELG (QHO HVFULWR DGHPiV GH VROLFLWDU OD FUHDFLyQ GH HVD QXHYD FiWHGUD VH DQRWDED OD QHFHVLGDG GH TXH ORV HVWXGLRV GHODVFiWHGUDV\DH[LVWHQWHVGH$QWURSRORJtD²DQWUR SRORJtDItVLFDHQOD)DFXOWDGGH&LHQFLDV²H+LVWRULD





3ULPLWLYDGHO+RPEUHHVWXYLHUDQSUHVHQWHVHQODQXH YD 6HFFLyQ GH *HRJUDItD \ VH DQRWDED DGHPiV TXH ³ORVHVWXGLRVGH(WQRORJtDQRGHEHQDEDUFDUWDQVyOR HOPRQRJUiILFR\GHVFULSWLYRGHORVSXHEORV(WQRJUD ItD VLQRTXHWDPELpQVHKDQGHRFXSDUGH3VLFRORJtD eWQLFDODVFXOWXUDVFDUDFWHUHVPRUDOHV\VRFLDOHVHWF´  (Q OD FROHFFLyQ GH DFWDV GH OD 6RFLHGDG QR KD\ UHIHUHQFLDDOJXQDDTXHVHUHFLELHUDUHVSXHVWDGHOPL QLVWHULR\FRPRHVHYLGHQWHQRVHFUHyODFLWDGDFiWH GUDGH(WQRORJtD(Q%DUFHORQDVLQHPEDUJR\JUDFLDV DOHVWDWXWRGHDXWRQRPtDXQLYHUVLWDULDVtVHFRQVLJXLy HVWDEOHFHUXQDFiWHGUDFRQHVWDGHQRPLQDFLyQHQ SDUD OD TXH VH OODPy D / 3HULFRW XQ SUHKLVWRULDGRU VLQHPEDUJRORVSUREOHPDVSROtWLFRVHFKDUtDQSRUWLH UUDHOSUR\HFWR3HULFRW   0LHQWUDV WDQWR HQ HO FXUVR GH  2EHU PDLHU\6DQWD2ODOOD²TXH\DHUDVXD\XGDQWH²FUHD EDQHO³6HPLQDULRGH+LVWRULD3ULPLWLYDGHO+RPEUH´ TXHWUDVODJXHUUDFLYLO²\KDVWDUHDVHQWDUVHGHILQLWL YDPHQWH HQ OD UHFRQVWUXLGD )DFXOWDG GH )LORVRItD \ /HWUDV²WXYRVXVHGHSULPHURHQHODQWLJXRHGLILFLR GH6DQ%HUQDUGRGRQGHVHLPSDUWLHURQWHPSRUDOPHQ WHODVHQVHxDQ]DVGHODFiWHGUD\SRVWHULRUPHQWHSRU IDOWDGHHVSDFLRHQHO0XVHR$QWURSROyJLFR$ORODU JRGHORVVLJXLHQWHVSiUUDIRVFRPSUREDUHPRVFyPRHO VHPLQDULRSHVHDKDEHUVLGRRUJDQL]DGRPLHQWUDVRFX SDODFiWHGUD2EHUPDLHUGHVSXpVGHQRVyORYD DVHUGLULJLGRSRU6DQWD2ODOODVX³VXFHVRU´VLQRTXH pVWHORYDDFRQVLGHUDUFRPRYHUGDGHUDSURSLHGDGSDU WLFXODUDEVROXWDPHQWHSHUVRQDOHLQWUDQVIHULEOH 



 /$&È7('5$<(/6(0,1$5,2'( +,6725,$35,0,7,9$'(/ +20%5('(2%(50$,(5$ 6$17$2/$//$ 

  $XQTXH UHVXOWD REYLR TXH OD HWQRORJtD WHQtD \D HQWRQFHVHQORVDxRV\XQSDSHOWRWDOPHQWHVX ERUGLQDGRDODDUTXHRORJtD\ODSUHKLVWRULD²VHSXHGH DILUPDUFRQWRGRFHUWH]DTXHQRH[LVWtDXQDHWQRORJtD SURSLDPHQWHGLFKD²YDPRVDLQWHQWDUFODULILFDUDOJR PiVODVLWXDFLyQTXHVHYLYtDHQODFiWHGUD\HO6+3+ \ FXiO IXH HO SDSHO GHVHPSHxDGR SRU VXV GRFHQWHV FHQWUiQGRQRVHVSHFLDOPHQWHHQODpSRFDGHSRVJXHUUD OD SURWDJRQL]DGD SRU -XOLR 0DUWtQH] 6DQWD2ODOOD DXQTXH GDUHPRV LQLFLR D QXHVWUR UHSDVR FRPHQWDQGR DOJXQDVFXHVWLRQHVUHODWLYDVDODpSRFDGH2EHUPDLHU   &RQWHQLGRVGRFHQWHV\WUDVFHQGHQFLD  DFDGpPLFDGHODDVLJQDWXUD 

 +DVWD DKRUD SRFR R QDGD VDEtDPRV VREUH FyPR VH GHVDUUROODED OD GRFHQFLD R FXiO HUD HO FRQWHQLGR FRQFUHWRGHORVSURJUDPDVGHHVWXGLRGHODDVLJQDWXUD GH +LVWRULD 3ULPLWLYD GHO +RPEUH 3DUD OD pSRFD GH

 

/8,6È1*(/6È1&+(=*Ï0(=

2EHUPDLHU ODVELRJUDItDV\HVWXGLRVKDV WD HO PRPHQWR SXEOLFDGRV QR DSRUWDQ QDGD HQ HVWH VHQWLGR LQFOXLGR HO GRFXPHQWDGR WUDEDMR GH 0RXUH  (QWUHORVSRFRVGDWRVFRQRFLGRVILJXUDTXHOD PDWHULDLPSDUWLGDSHUWHQHFLyGXUDQWHDOJXQRVDxRVDO FLFORGHGRFWRUDGR\TXHSRUWDQWRWHQtDXQDLQFLGHQ FLDPX\OLPLWDGDDXQTXHVHVXSRQtDTXHVHOHFWLYDHQ HOiPELWRDFDGpPLFRGHODIDFXOWDG*UDFLDVDODGRFX PHQWDFLyQORFDOL]DGDHQHO$UFKLYRGHOD8QLYHUVLGDG &RPSOXWHQVH HVWDPRV HQ FRQGLFLRQHV GH RIUHFHU DO JXQDLQIRUPDFLyQPiVDOUHVSHFWRQRGHPDVLDGRDOHQ WDGRUDVREUHODUHSHUFXVLyQDFDGpPLFDGHODFiWHGUD  (QSULPHUOXJDU\FRPR\DKHPRVDGHODQWDGRHQ QRWD OD DVLJQDWXUD GH +LVWRULD 3ULPLWLYD GHO +RPEUH FRPLHQ]DDLPSDUWLUVHQRHQHOFXUVRGHVLQR HQHOGH(QOD 0HPRULD(VWDGtVWLFDGHHVWH DxRSXEOLFDGDSRUOD8QLYHUVLGDGGH0DGULGVHUHVH xD OD FLWDGD DVLJQDWXUD HQ HO ~OWLPR OXJDU GH ODV FR UUHVSRQGLHQWHVDO³SHULRGRGHGRFWRUDGR´GHQWURGHOD ³6HFFLyQGH+LVWRULD´HQORVSURJUDPDVGHOD)DFXO WDGGH)LORVRItD\/HWUDV(QGLFKRDxROHFWLYRVHPD WULFXODXQVRORDOXPQR²FRQLQVFULSFLyQJUDWXLWDSRU DFFHGHUFRQPDWUtFXODGHKRQRU²TXHREWLHQHODFDOL ILFDFLyQGHVREUHVDOLHQWHHQHOH[DPHQILQDOGHMXQLR 'XUDQWH HO FXUVR VLJXLHQWH  YXHOYH D LQVFUL ELUVHXQDOXPQRFRQPDWUtFXODGHKRQRUDOTXHVHVX PDQWUHVPiVFRQPDWUtFXODRUGLQDULD6LQHPEDUJRDO ILQDOGHFXUVRWUHVGHHOORVQRVHSUHVHQWDQ\WDPSRFR ORKDFHQHQVHSWLHPEUH(O~QLFRSUHVHQWDGRDH[DPHQ REWLHQHODFDOLILFDFLyQGHQRWDEOH  'HVJUDFLDGDPHQWHQRVHSXEOLFDURQPiVPHPR ULDVDQXDOHVSRUORTXHFDUHFHPRVGHLQIRUPDFLyQVR EUHDVLJQDWXUDV\FDOLILFDFLRQHVSDUDORVDxRVVLJXLHQ WHV $SDUHFH HQ  XQD SXEOLFDFLyQ FRQMXQWD FRQ ODVPHPRULDVFRUUHVSRQGLHQWHVDORVFXUVRVGH DSHURQRLQFOX\HODHVWDGtVWLFDGHDOXP QRVPDWULFXODGRVSRUDVLJQDWXUDV3RURWUDSDUWHWDP SRFR VH FRQVHUYDQ ORV OLEURV GH DFWDV GH OD )DFXOWDG GH )LORVRItD \ /HWUDV FRUUHVSRQGLHQWHV DO SHULRGR GH  D  /RV UHVWDQWHV VH JXDUGDQ HQ HO DUFKLYR GH OD VHFUHWDUtD GH OD DFWXDO )DFXOWDG GH *HRJUDItD H +LVWRULD  (V SUHFLVDPHQWH GH HVWD pSRFD DQWHULRU D OD UH IRUPDXQLYHUVLWDULDGHOD5HS~EOLFDHOSURJUDPDGHOD DVLJQDWXUDTXHKHPRVORFDOL]DGR6XFRQWHQLGRHVUHDO PHQWH DPSOLR FRPSOHWR \ QRV DWUHYHUtDPRV D GHFLU DYDQ]DGR SRU OR TXH OR UHSURGXFLPRV FRPR DSpQGL FH$GHODQWHPRV\DQRREVWDQWHTXHHQQLQJ~QPR PHQWRKD\UHIHUHQFLDVDODHWQRORJtDFRPRWDODXQTXH Vt VH KDFH PHQFLyQ D OD ³SDOHWQRORJtD´ R OD ³UHFRQV WUXFFLyQGHODHWQRORJtDSURWRKLVWyULFDSHQLQVXODU´  &RQ OD SURFODPDFLyQ GH OD 6HJXQGD 5HS~EOLFD ORVSODQHVGHHVWXGLRVXQLYHUVLWDULRVVXIUHQXQDWUDQV IRUPDFLyQ UDGLFDO /D UHIRUPD GH ORV HVWXGLRV GH OD )DFXOWDG GH )LORVRItD \ /HWUDV TXHGD UHJODPHQWDGD SRUXQGHFUHWRGHGHVHSWLHPEUHGHFRPSOH

WDGRSRURWURVGRVGH\GHDEULOGH(QHV WHQXHYRFRQWH[WRGRFHQWHQRWDEOHPHQWHDYDQ]DGR\ PXFKRPiVDELHUWRTXHHOPRGHORDQWHULRU\ORVSRV WHULRUHV OD DVLJQDWXUD GH 2EHUPDLHU SDVD D IRUPDU SDUWHGHODVGHQRPLQDGDV³HQVHxDQ]DVKLVWyULFDV´6D OH GHO iPELWR GHO GRFWRUDGR ²TXH VLJXH XQ UpJLPHQ HVSHFLDOPX\IOH[LEOHTXHWDPELpQHVWiSUHVHQWHHQOD OLFHQFLDWXUD² \ VH HQJORED HQWUH ODV PDWHULDV VLHP SUHRSWDWLYDVTXHVHKDQGHFXUVDUGXUDQWHXQSHULR GR PtQLPR GH WUHV DxRV FRQ YLVWDV D OD SUHSDUDFLyQ GHO GHQRPLQDGR ³H[DPHQ LQWHUPHGLR´ 9HDPRV TXp VHQWLGRWLHQHHVWDSUXHEDHQHOQXHYRiPELWRHYDOXD GRUTXHVHLQVWDXUDHQODOLFHQFLDWXUDWDOFRPRVHH[ SRQHHQODVGLVWLQWDVHGLFLRQHVGHO$QXDULRGHOD8QL YHUVLGDGGH0DGULGGXUDQWHODHWDSDUHSXEOLFDQD  (QHOUpJLPHQYLJHQWHVHVXSULPHQORVH[iPHQHVSDUWL FXODUHV GH DVLJQDWXUDV \ VH HVWDEOHFHQ HQ VX OXJDU WUHV SUXHEDVGHFRQMXQWRFRPSXHVWDVFDGDXQDGHHMHUFLFLRV HVFULWRV \ HMHUFLFLRV RUDOHV /D SULPHUD VH HQFDPLQD D GHWHUPLQDUHQHODOXPQRODSRVHVLyQGHORVPHGLRVLQV WUXPHQWDOHV\EDVHVJHQHUDOHVQHFHVDULRVSDUDORVHVWX GLRVGH)LORVRItD\/HWUDV/DVHJXQGD>HOFLWDGR³H[D PHQLQWHUPHGLR´@UHVSRQGHDODQHFHVLGDGGHILMDUFLHUWR JUDGR GH FXOWXUD JHQHUDO OLWHUDULD ILORVyILFD H KLVWyULFD H[LJLEOH D WRGR HVWXGLDQWH GH OD )DFXOWDG /D WHUFHUD PiVFRPSOHMDWLHQGHDGHWHUPLQDUORVFRQRFLPLHQWRV\ OD IRUPDFLyQ LQWHOHFWXDO LQGLVSHQVDEOHV D TXLHQ TXLHUD REWHQHUHOWtWXORGH/LFHQFLDGRSHURGLYHUVLILFDQGRpVWH HQFXDQWDVHVSHFLDOL]DFLRQHVSXHGDGLVWLQJXLUVHVLQPH QRVFDERGHODXQLGDGJHQpULFD$QXDULR 

 'HVFRQRFHPRVKDVWDTXpSXQWRYDULDURQORVFRQ WHQLGRV GH OD DVLJQDWXUD FRQ OD UHIRUPD GH HVWXGLRV SXHV QR KHPRV ORFDOL]DGR XQ SURJUDPD FRUUHVSRQ GLHQWH D HVWD QXHYD pSRFD 1R REVWDQWH HQ GLVWLQWRV DxRV GHO PHQFLRQDGR $QXDULR GH OD 8QLYHUVLGDG GH 0DGULG²DFX\RWtWXORVHDxDGHHQDOJXQRVPRPHQ WRV HO GH /LEUR GHO HVWXGLDQWH² DSDUHFH GHVFULWD R VXEWLWXODGD OD DVLJQDWXUD GH +LVWRULD 3ULPLWLYD GHO +RPEUHFRQGLIHUHQWHVFRQWHQLGRV$VtHQHOFXUVRGH VHSUHVHQWDFRPR³/DVHGDGHVGHODSLHGUD\ GHO EURQFH (O DUWH SUHKLVWyULFR´ HQ HO GH  FRPR³3UHKLVWRULDGHOD3HQtQVXOD,EpULFD(GDGHVGH OD 3LHGUD \ GHO %URQFH ´ \ HQ HO GH  FRPR ³3UHKLVWRULD&XUVRGHRULHQWDFLyQJHQHUDO´/R~QLFR TXHSHUPDQHFHLQDOWHUDEOHHQORVWUHVFXUVRVHVHOKR UDULRVHLPSDUWHORVOXQHVPDUWHV\PLpUFROHVDODV KHQHODXODGHOUHFLpQHVWUHQDGRHGLILFLRGH)L ORVRItD\/HWUDVGHOD&LXGDG8QLYHUVLWDULD  $XQTXHQRGLVSRQHPRVGHLQIRUPDFLyQFRQFUHWD DOUHVSHFWRWUDVODJXHUUDFLYLOHOFRQWH[WRGRFHQWHGH OD FiWHGUD ²\D VLQ 2EHUPDLHU FRPR WLWXODU² GHELy GH FRQWLQXDU VLQ PRGLILFDFLRQHV KDVWD OD SURPXOJD FLyQGHOD/H\GH2UGHQDFLyQ8QLYHUVLWDULDGHGH MXOLRGH1RREVWDQWHODUHJXODFLyQGHILQLWLYDGH ORVHVWXGLRVHQOD)DFXOWDGGH)LORVRItD\/HWUDVQRVH SURGXFLUtDKDVWDHOFXUVRGHXQDYH]TXHSRU



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

GHFUHWRGHGHMXOLRGHVHGHVDUUROODHQHOVHQR GH OD FLWDGD OH\ OD QXHYD VLWXDFLyQ GH ODV IDFXOWDGHV GH)LORVRItD\/HWUDV  (Q HVH QXHYR PDUFR HVWDWXWDULR ORV HVWXGLRV GH OD)DFXOWDGGH)LORVRItD\/HWUDVVHRUJDQL]DQHQVLHWH VHFFLRQHVODVFXDOHVVyORHVWiQSUHVHQWHVHQVXWRWDOL GDGHQOD8QLYHUVLGDGGH0DGULG(QHOQXHYRSODQ GHHVWXGLRVGHODIDFXOWDGPDGULOHxDODDVLJQDWXUDGH +LVWRULD 3ULPLWLYD GHO +RPEUH WLHQH FDUiFWHU ~QLFD PHQWHGH³FXUVRPRQRJUiILFR´YROXQWDULRDOPDUJHQ GHO iPELWR GHO GRFWRUDGR SDUD VHU FXUVDGD HQ ODV VHFFLRQHVGH)LORORJtDFOiVLFDH+LVWRULD(QODSULPH UD IRUPDED SDUWH MXQWR FRQ RWUDV FXDWUR DVLJQDWXUDV PiVGHODGRFHQFLDGHORVGRVSULPHURVFXUVRVGHOD OLFHQFLDWXUD 'H HVRV FLQFR ³FXUVRV PRQRJUiILFRV´ ORVDOXPQRVGHEtDQHOHJLUXQRHQHOSULPHUDxR\GRV HQ HO VHJXQGR ³FRPR PtQLPXP´ >VLF@ *XtD GH OD 8QLYHUVLGDGGH0DGULG0DGULG 3RU VX SDUWH HQ OD 6HFFLyQ GH +LVWRULD OD DVLJQDWXUD GH +LVWRULD 3ULPLWLYD GHO +RPEUH HQWUDED FRQ ³/DWtQ PHGLHYDO´H³+LVWRULDGHODUWHPHGLHYDO´HQODPLVPD FDOLGDG GH RSWDWLYD SDUD VHU FXUVDGD XQD GH HOODV HQ SULPHU FXUVR \ RWUD HQ VHJXQGR LELG   /D DVLJQDWXUD GH +LVWRULD 3ULPLWLYD GHO +RPEUH VH LP SDUWtDHQHODXODGHOHGLILFLRGH)LORVRItD\/HWUDV KR\HGLILFLRGH)LORVRItD$ HQOD&LXGDG8QLYHUVL WDULDORVPDUWHVMXHYHV\ViEDGRVDODVK 




GRV HQ  WUHV HQ  ²~OWLPR DxR GH 6DQWD2ODOODDOIUHQWHGHODDVLJQDWXUD²VRQVHLVORV DOXPQRVFDOLILFDGRV  /RVGDWRVTXHDFDEDPRVGHUHVHxDUPXHVWUDQTXH HOLPSDFWRGHODDVLJQDWXUDHQWUHHODOXPQDGRHUDHV FDVR 1R REVWDQWH 6DQWD2ODOOD LQVLVWH HQ RIUHFHU FL IUDVGHORVDOXPQRVTXHVXSXHVWDPHQWHSDUWLFLSDQGH IRUPD YROXQWDULD HQ HO VHPLQDULR 'HVFRQRFHPRV VL OOHJDURQDVHUPiVGHFLQFXHQWDSHURVLHIHFWLYDPHQWH HO p[LWR HUD WDO WHQGUtD TXH KDEHUVH UHIOHMDGR HQ ODV PDWULFXODFLRQHVRILFLDOHVDOJRTXHUHDOPHQWHQRRFXUUH   /DSUiFWLFDDFDGpPLFRGRFHQWHGH  -XOLR0DUWtQH]6DQWD2ODOOD   7UDVKDEHUUHYLVDGRFRQORVHVFDVRVGDWRVGLVSR QLEOHV ORV FRQWHQLGRV GRFHQWHV \ HO SHVR DFDGpPLFR GHODDVLJQDWXUDGH+LVWRULD3ULPLWLYDGHO+RPEUHYD PRVDGLULJLUQXHVWUDDWHQFLyQDOSURIHVRUDGR5HFRU GHPRVTXH6DQWD2ODOODIXH³D\XGDQWH´GH2EHUPDLHU GXUDQWHHOFXUVRGH'HVGHHOFXUVRVLJXLHQWH \KDVWDHOGHPDU]RGHVHFRQYLHUWHHQ³DX [LOLDU WHPSRUDO´ SRU FRQFXUVRRSRVLFLyQ DGVFULWR DO GHQRPLQDGR³WHUFHUJUXSR´HOGH³$UTXHRORJtD1X PLVPiWLFD\(SLJUDItDH+LVWRULD3ULPLWLYDGHO+RP EUH´ 3RU VX SDUWH 0DUWtQ $OPDJUR %DVFK IXH WDP ELpQ³D\XGDQWH´GH2EHUPDLHUHQWUH\  VLF@GHOD)DFXOWDGGH)LORVRItDGHOD 8QLYHUVLGDGGH6DQWLDJR\HQSRUFRQFXUVRGH WUDVODGRODFiWHGUDGH+LVWRULDGHO$UWHHQOD8QLYHU VLGDGGH=DUDJR]D1RREVWDQWHVyOROOHJDDRFXSDUOD SULPHUDXQDVVHPDQDVDQWHVGHODJXHUUDFLYLOSXHVOR TXH GHVHD HV GHVDUUROODU VX ODERU DFDGpPLFD HQ 0D GULG DXQTXH KD\D GH VHU WHPSRUDOPHQWH FRPR FDWH GUiWLFRLQWHULQR  3HUR OD WHPSRUDOLGDG VH SURORQJD 'XUDQWH ORV TXLQFH DxRV TXH GXUD 6DQWD2ODOOD LQWHQWDUi SRU WR GRV ORV PHGLRV REWHQHU XQD FiWHGUD HQ SURSLHGDG HQ 0DGULGHQVROLFLWyODSURSLDYDFDQWHGH+LVWRULD 3ULPLWLYD GHO +RPEUH FRQFXUVR TXH VHUtD DQXODGR \ OD GH +LVWRULD GHO $UWH TXH WDPELpQ GHELy GH VHU DQXODGRHQKL]RORPLVPRHQUHODFLyQFRQODFi WHGUDGH³+LVWRULDGHO$UWH+LVSDQR$PHULFDQR´LJXDO PHQWH VLQ p[LWR (Q HVWH PLVPR DxR KDEtD LQLFLDGR FRQWDFWRVSDUDTXHOHDGMXGLFDUDQSRUWUDVODGRODFiWH GUDGH³3UHKLVWRULDH+LVWRULD8QLYHUVDOGHODV(GDGHV $QWLJXD\0HGLD\GH+LVWRULD*HQHUDOGHOD&XOWXUD $QWLJXD\0HGLD ´HQOD8QLYHUVLGDGGH6DQWLDJRGH OD TXH HUD FDWHGUiWLFR DXQTXH VLQ LPSDUWLU GRFHQFLD /DVROLFLWXGIXHGHQHJDGDDUJXPHQWDQGRTXHODPDWH

 

/8,6È1*(/6È1&+(=*Ï0(=

ULDQRHUDDVLPLODEOHDODFiWHGUDGH³+LVWRULDGHO$UWH FRQ$UTXHRORJtD\1XPLVPiWLFD´GHODTXHHUDWLWXODU  'XUDQWH WRGRV HVWRV DxRV FRODERUDQ FRQ 6DQWD 2ODOOD FRPR ³D\XGDQWHV GH FODVHV SUiFWLFDV´ -XOLiQ 6DQ9DOHUR²FXUVRVGHD²9LFHQWH 5XL]$UJLOpV²\²\&DUORV$ORQ VR GHO 5HDO HVWH ~OWLPR GXUDQWH ORV FXUVRV GH    \  6DQ 9DOHUR IXH VXEGLUHFWRU GHOVHPLQDULR\VHFUHWDULRGHOPLVPR5XL]$UJLOpV  2EOLJDGRDDEDQGRQDUVXLQWHULQDFiWHGUDGH+LV WRULD3ULPLWLYDWUDVODWRPDGHSRVHVLyQGH$OPDJUR %DVFKHQ6DQWD2ODOODREWLHQHSRUWUDVODGROD GH (WQRORJtD \ 3UHKLVWRULD HQ OD 8QLYHUVLGDG GH 9D OHQFLDSDUDODTXHIXHQRPEUDGRHOGHQRYLHPEUH GH)LQDOPHQWHFRQVLJXHXQDFiWHGUDHQSURSLH GDG HQ 0DGULG OD TXH DO SDUHFHU IXH OD SULPHUD GH +LVWRULDGHO$UWHGHHVWDXQLYHUVLGDG3HURWDPELpQ HQ HVWD RFDVLyQ HO FRQIOLFWR HVWXYR SUHVHQWH \D TXH SDUDORJUDUODWXYRTXHSUHVHQWDUUHFXUVRFRQWHQFLRVR DGPLQLVWUDWLYRFRQWUDODRUGHQGHGHPD\RGH TXHKDEtDUHVXHOWRHOFRQFXUVRGHWUDVODGRHQIDYRUGH )UDQFLVFR-DYLHUGH6DODV%RVFK/DVHQWHQFLDGHO7UL EXQDO6XSUHPRTXHOHIXHIDYRUDEOHHVGHIHFKDGH QRYLHPEUH GH  WRPDQGR SRVHVLyQ GH OD FiWHGUD SRURUGHQGHGHIHEUHURGHODxRVLJXLHQWH  'XUDQWH HVWRV ~OWLPRV DxRV KDVWD VX PXHUWH HQ IHEUHURGH6DQWD2ODOODLPSDUWHGRFHQFLDFRPR FDWHGUiWLFRGH+LVWRULDGHO$UWHHQFXUVRVGHFDUiFWHU JHQHUDO \ RWURV FRQ ORV TXH LQWHQWD PDQWHQHU DOJXQD YLQFXODFLyQFRQVXVLQWHUHVHVDUTXHROyJLFRV\HWQROy JLFRV$VtHVUHVSRQVDEOHGH³FXUVRVPRQRJUiILFRV´\ DVLJQDWXUDVFRPR³3RVLFLyQVLVWHPiWLFDGHO$UWH\$U TXHRORJtD YLVLJRGD´ ³$UWH FRUWHVDQR GHO ÈIULFD 1H JUD´³$UWHSUHKLVWyULFR\SULPLWLYR´\³$UWHSULPLWL YRKLVSiQLFR´  'HVGH XQD SHUVSHFWLYD HVWULFWDPHQWH FLHQWtILFD VHxDOHPRVTXHODSpUGLGDGHVXSURYLVLRQDOFiWHGUDGH +LVWRULD 3ULPLWLYD GHO +RPEUH VXSRQH HQ OD SUiFWLFD HOILQDOGHVXDFWLYLGDGLQYHVWLJDGRUD$SDUWLUGHHQ WRQFHV HO DxR GH  QR YXHOYH D SXEOLFDU WUDEDMR FLHQWtILFRDOJXQR'HVGHHVDIHFKDKDVWDVXPXHUWHD FRPLHQ]RVGHFRQRFHPRV~QLFDPHQWHXQEUHYt VLPR HStORJR ²SRFR PiV GH GRV SiJLQDV² DXWRODX GDWRULRDODHGLFLyQHQHVSDxROGHGHO\DHQWRQ FHVDQWLFXDGR2ULJHQ\GLIXVLyQGHODFLYLOL]DFLyQGH 3/DYLRVD=DPERWWLXQDEUHYHQRWDVREUHHO0XVHRGHO ,QVWLWXWR $UTXHROyJLFR 0XQLFLSDO GH 0DGULG   XQ WH[WR GH GLYXOJDFLyQ VREUH SUHKLVWRULD PDGULOHxD   HO SUyORJR D OD H[SRVLFLyQ GH ³$QWLJHGDGHV SHUVDV´ FHOHEUDGD HQ HO 0XVHR $UTXHROyJLFR 1DFLR QDO \XQRVDSXQWHVGHFODVHHGLWDGRVGHIRUPD SyVWXPD HQ  D ORV TXH SRVWHULRUPHQWH KDUHPRV UHIHUHQFLD  3RU~OWLPR\DQWHVGHDIURQWDUXQDYDORUDFLyQGH OD REUD GH 6DQWD2ODOOD UHVXOWD LQHOXGLEOH KDFHU XQD UHIHUHQFLD DXQTXH VHD EUHYH D VXV UHODFLRQHV FRQ

2EHUPDLHU1RHVQLQJ~QVHFUHWRTXHODLGHRORJtDSR OtWLFD GH 6DQWD2ODOOD QR GHEtD GH HVWDU GHPDVLDGR DFRUGHFRQODVLGHDVGH2EHUPDLHU&RPROXHJRYHUH PRVHODOXPQRHUDXQIHUYRURVR³FDPLVDYLHMD´IDODQ JLVWDKLMRGHPLOLWDUIHUR]DQWLFRPXQLVWD\QRPHQRV HQWXVLDVWD JHUPDQyILOR 'H OD LGHRORJtD SROtWLFD GHO PDHVWUR SRFR FODUR VH VDEH SHUR VH DILUPD HQ FXDO TXLHU FDVR VX FDUiFWHU ³SDFLILVWD´ \ QDGD IDYRUDEOH D ORVUHJtPHQHVIDVFLVWDVRWRWDOLWDULRV  'HVGHXQDSHUVSHFWLYDFLHQWtILFDSRGUtDSHQVDUVH TXH HO PiV R PHQRV GHFODUDGR LQWHUpV GH 2EHUPDLHU SRUODVGRFWULQDVGHODHVFXHODKLVWyULFRFXOWXUDOFRLQ FLGLUtD FRQ ORV SODQWHDPLHQWRV WHyULFRPHWRGROyJLFRV GH6DQWD2ODOOD6LQHPEDUJRODUHDOLGDGHVTXHHVWH ~OWLPRFRPRVHJXLGDPHQWHYHUHPRVQDXIUDJDGHIRU PDFRQVWDQWHHQHOiPELWRGHODVPHWRGRORJtDV\TXH HO SULPHUR HVWi HQ UHDOLGDG PXFKR PiV FHUFD GH ORV SUHKLVWRULDGRUHVDQWURSyORJRV HYROXFLRQLVWDV TXH GH ORV WHyULFRV GHO GLIXVLRQLVPR FRPR \D YLPRV TXH DQRWDED &DUR %DURMD 7DPELpQ HV HYLGHQWH TXH SRFR WLHQH TXH YHU HO HQIRTXH FLHQWtILFRQDWXUDO GH 2EHU PDLHUFRPRORGHILQH0RXUH FRQHOKLVWy ULFRFXOWXUDOLPSHULDOGH6DQWD2ODOOD  1RSXHGHH[WUDxDUQRVSRUWDQWRTXH6DQWD2OD OODDSURYHFKDUDODFDVXDOFLUFXQVWDQFLDGHHQFRQWUDUVH 2EHUPDLHUHQ2VORDOLQLFLRGHODJXHUUDFLYLO\GHQR GHFLGLUVH FODUDPHQWH D UHJUHVDU SDUD PDQLREUDU FRQ REMHWRGHDSRGHUDUVHGHODFiWHGUDGH+LVWRULD3ULPLWL YDGHO+RPEUH%HOWUiQ GLFHORVLJXLHQWHD HVWHUHVSHFWR  /RV HQHPLJRV GH 6DQWD 2ODOOD TXH HUDQ PXFKRV OH DWULEX\HURQPDQLREUDVGHJUDYHUHSHUFXVLyQ\QROLPSLR HVWLOR SDUD HYLWDU TXH 2EHUPDLHU RFXSDVH VX FiWHGUD \ HOSURIHVRU*DUFtD\%HOOLGRHVFULELyWHUULEOHVDFXVDFLR QHV FRQWUD pO FRQFUHWDPHQWH OH LPSXWDED GHVDJUDGHFL PLHQWR\FRPRKDEtDVLGRDOXPQRGHOSURIHVRUDOHPiQ GHFtDSRFRPiVRPHQRVTXHQRHUDGHH[WUDxDUTXHVL HQWUHGRFHGLVFtSXORVGH&ULVWRKXELHVHXQ-XGDVWUDLGRU 2EHUPDLHU KXELHUD HQFRQWUDGR VX -XGDV HQWUH WDQWRV FLHQWRV



1RHVPHQRVH[SOtFLWR&DUR%DURMD   $FDEDGRHOFRQIOLFWR>ODJXHUUDFLYLO@HQFDPELR>2EHU PDLHU@ VH SUHVHQWy HQ 0DGULG /RV SULPHURV TXH OH KL FLHURQODYLGDLPSRVLEOHIXHURQDOJXQRVGHVXVGLVFtSX ORV\RWURVWHQtDQWDQWRPLHGRTXHVHHVFDEXOOHURQ5H FRJLyDVtVXVEiUWXORVGHOSLVRGHODDYHQLGDGH0HQpQ GH]3HOD\RGRQGHYLYtD\VHYROYLyWULVWHPHQWHD6XL]D >@
 7DPELpQ =FKQHU 0RXUH    DILUPD TXH HOKHFKRGHTXH2EHUPDLHUQRUHWRPDUDVXFiWHGUDVH GHELyDGHPiVGHDSUREOHPDVGHVDOXGDODFLUFXQV WDQFLD³GHTXHVXDOXPQR0DUWtQH]6DQWDRODOODUHFOD



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

PDUDS~EOLFDPHQWHSDUDVtODKHUHGLWDULD>VLF@FiWHGUD \pO>2EHUPDLHU@QRTXLVLHUDHQWUDUHQFRQIOLFWR>@´ -XQWRDHVWRHOSURSLR0RXUHLG DSXQWDFRQUD]yQ TXH 2EHUPDLHU SXGR YHU FRQ FODULGDG ORV SUREOHPDV TXHSRGUtDQSODQWHiUVHOHHQHOQXHYRFRQWH[WRDFDGp PLFR\VRFLRSROtWLFR³(OHVWXGLRGHORULJHQ\ODVSUL PHUDV HGDGHV GHO KRPEUH YROYtD D HVWDU µPDO YLVWR¶ HQWUH ORV VHFWRUHV PiV LQWHJULVWDV GHO QDFLRQDOFDWROL FLVPR TXH OR FRQGHQDEDQ HQ HO PLVPR VDFR TXH HO µHYROXFLRQLVPRPDWHULDOLVWD\DWHR¶´  (QWRGRFDVRXQSDUGHFRVDVVtHVWiQFODUDV(Q SULPHUOXJDUODILJXUDGH2EHUPDLHUQRLEDDVHU³VDQ WRGHGHYRFLyQ´GHOQXHYRUpJLPHQ(VREYLRSRUWDQ WRTXHHVWDFLUFXQVWDQFLDXQLGDDODVSUHYLDVGHtQGR OHLGHROyJLFR\FLHQWtILFRFRORFDED\DXQDEDUUHUDHQ WUHDTXpO\6DQWD2ODOOD(VVLJQLILFDWLYRTXHpVWHHQ HOHVFULWRTXHFLWiEDPRVSRUHOTXHVROLFLWDEDSDUDVt ODFiWHGUDHQLQGLFDTXHIXHQRPEUDGRFDWHGUi WLFR SURYLVLRQDO GH +LVWRULD 3ULPLWLYD GHO +RPEUH HO GHRFWXEUHGH\TXHHVWRVHKL]R³HQUpJLPHQ GH DEVROXWD OLEHUWDG PLQLVWHULDO´ \D TXH ³HUD HO PiV FDSDFLWDGRSDUDHOOD\HOTXHPD\RUHVPpULWRV\GHUH FKRVGHWRGRRUGHQSRGtDSUHVHQWDU´1LHQHVHWH[WR QLHQODGHFODUDFLyQUHGDFWDGDHQVXH[SHGLHQWHGHGH SXUDFLyQ GH  FLWD HQ QLQJ~Q PRPHQWR D 2EHU PDLHU'HORVGLVWLQWRVHVFULWRVFRQVXOWDGRVHQGLIHUHQ WHV H[SHGLHQWHV HV ~QLFDPHQWH HQ OD PHPRULDFXUUL FXOXP GH  PHGLDQWH OD FXDO VROLFLWD TXH VH OH FRQFHGDSRUWUDVODGRODFiWHGUDGH(WQRORJtD\3UHKLV WRULDGH9DOHQFLDGRQGHPHQFLRQDHQWHUFHUDSHUVRQD TXH³HQHVWHSHULRGR>ORVDxRV@HQ0DGULGMXQWRDO 3URI2EHUPDLHUWUDEDMDHQ3UHKLVWRULD\(WQRORJtD´  /DUXSWXUDGH6DQWD2ODOODFRQ2EHUPDLHUHVGH WDOFDOLEUHTXHVHUiGLItFLOHQFRQWUDUHOQRPEUHGHpVWH HQQLQJXQDSXEOLFDFLyQGHDTXpOSRVWHULRUDODJXHUUD FLYLO 'H KHFKR HQ QLQJXQR GH ORV GRV DUWtFXORV TXH GHGLFDDGHVFULELUODVODERUHVGHOVHPLQDULRGH+LVWRULD 3ULPLWLYDGHO+RPEUH\D VHPHQFLRQDHQ PRPHQWR DOJXQRTXHFXDQGRVHFUHyHQHO FDWHGUiWLFRGHODPDWHULDHUDSUHFLVDPHQWH2EHUPDLHU   (WQRORJtD\SUHKLVWRULD  HQODREUDGH6DQWD2ODOOD 

 3DVHPRVDKRUDDOiPELWRGHODVYDORUDFLRQHV7UD WDUODILJXUDGH6DQWD2ODOODHQHOFRQWH[WRGHODKLVWR ULRJUDItDDUTXHROyJLFDHVSDxRODVXSRQHDGHQWUDUVHHQ XQD pSRFD GH QXHVWUD KLVWRULD ORV DxRV  HVSHFLDO PHQWHGLItFLOPDUFDGDSRUODUHSUHVLyQ\ODHVFDVH]GH UHFXUVRVHQSUiFWLFDPHQWHWRGRVORViPELWRVGHODYL GDVRFLDOHFRQyPLFD\SROtWLFDGHQXHVWURSDtVLQFOXL GRHOXQLYHUVLWDULR<MXQWRDWRGRHOOR²DXQTXHQR VHDH[FOXVLYRGHODpSRFD²REVHUYDPRVHQDTXHOORV DxRVXQDWUHPHQGDOXFKDSRUHODFFHVRDORVPX\HV FDVRV iPELWRV GHO SRGHU DFDGpPLFRGRFHQWH H[LVWHQ WHVTXHPiVD~QTXHHQRWURVSHULRGRVHVWiQLUUHPH





GLDEOHPHQWHHPSRWUDGRVHQHOVLVWHPDSROtWLFRYLJHQ WHXQVLVWHPDTXHSRURWURODGRQRKHPRVGHFRQVL GHUDUQLPRQROtWLFRQLLQPXWDEOHFRPRHUUyQHDPHQWH SXGRSHQVDU6DQWD2ODOOD  0iV DUULED KHPRV DILUPDGR TXH 6DQWD2ODOOD ³VROLFLWy´TXHVHOHDGMXGLFDUDODFiWHGUDLQWHULQDTXH RFXSDEDHQQROLPLWiQGRVHDSUHVHQWDUVHDOFRQ FXUVR 0HUHFH OD SHQD TXH QRV GHWHQJDPRV HQ HVWD FR\XQWXUD\DTXHUHIOHMDFRQFODULGDGWDQWRHOWDODQWH GHQXHVWURSHUVRQDMHFRPRHODPELHQWHSROtWLFRHQHO TXHVHPXHYH(VPiVTXHSUREDEOHQRREVWDQWHTXH WDOHVFRPSRUWDPLHQWRVHVWXYLHUDQUHODWLYDPHQWHH[WHQ GLGRVHQODpSRFD  (Q HIHFWR HQWUH OD GRFXPHQWDFLyQ TXH SUHVHQWD HQWRQFHV SDUD VHU DGPLWLGR HQ HO FRQFXUVR LQFOX\H VHQGRVHVFULWRVGLULJLGRVDOPLQLVWURGH(GXFDFLyQHQ ORV TXH H[SRQH VLQ WDSXMRV FXiOHV VRQ VXV ³PpULWRV´ $XQTXHH[WHQVDODFLWDUHVXOWDLOXVWUDWLYD  (ODQXQFLRGH&RQFXUVRSDUDFXEULUODYDFDQWHGH+LV WRULD 3ULPLWLYD GHO +RPEUH SUHFLVD TXH SDUD IDOODU HO &RQFXUVRKDEUiQGHVHUWHQLGRVHQFXHQWDORVVHUYLFLRV SUHVWDGRVDO5pJLPHQ$HVWHUHVSHFWRHOILUPDQWHWLHQH PpULWRVUHOHYDQWHV\DTXHGHWRGRVORVFDWHGUiWLFRVHV SDxROHVGH$UTXHRORJtDHVHO~QLFRTXHSHUWHQHFtDDOD )DODQJH  %DQGHUD GH 0DGULG  DQWHV GHO $O]DPLHQWR KDELHQGR SUHVWDGR SRU WDQWR VHUYLFLRV SDUD HO $GYHQL PLHQWRGHO5pJLPHQ$SDUWHGHVHU&DPLVD9LHMDGHOD )DODQJHVR\HO~QLFR&DWHGUiWLFRWLWXODUGH$UTXHRORJtD TXHHQFRQWUiQGRVHHOGHMXOLRHQHQ=RQD5RMD HQ 0DGULG DEDQGRQy LQPHGLDWDPHQWH HO VHUYLFLR GHO ³JRELHUQR´URMRVHSDUDWLVWD\VHSXVRYROXQWDULD\DELHU WDPHQWHFRQWUDQXHVWURVHQHPLJRVORTXHOHYDOLySHUVH FXFLRQHV\HQFDUFHODPLHQWRV\HODVHVLQDWRGHVXKHUPD QR$QWRQLR(VWRV\RWURVH[WUHPRVTXHGDQDFUHGLWDGRV EUHYHPHQWHHQOD'HFODUDFLyQ-XUDGDTXHDOVHUOLEHUWDGR GHO&DPSRGH&RQFHQWUDFLyQIUDQFpVGH&KRPHUDFSUH VHQWyHQHO0LQLVWHULRGH(GXFDFLyQ1DFLRQDOHQ9LWRULD HQDSDUWHGHTXHHVELHQFRQRFLGDODLQWHUYHQFLyQ GHO &DWHGUiWLFR ' -XOLiQ %HVWHLUR SDUD VDOYDUPH MXQWR FRQPLVKHUPDQRVHQXQDGHODVGHWHQFLRQHVHQOD&KH FDGH)RPHQWRHQ(VWDDFWLWXGGHOHDOWDGKDFLD (VSDxD VLQ WUDLFLyQ QL FODXGLFDFLRQHV PH SRQH HQ VL WXDFLyQ SUHIHUHQWH UHVSHFWR D SRVLEOHV FRQFXUVDQWHV GH DTXHOODTXHIXH]RQDURMDSXHVWRTXHQRVRORQRDFHSWp FDUJRVGHDTXHOODVKRUGDVVLQRTXHUHFKDFpHOTXHWHQtD (VWRFRQWUDVWDYLYDPHQWHFRQORVVHFWRUHV³LQWHOHFWXDOHV´ TXHVHUYtDQ\SUHVWLJLDEDQORVFUtPHQHV\DVHVLQDWRVFRQ VXSHUPDQHQFLDHQFDUJRV\DFHSWDFLyQGHRWURVQXHYRV ILUPDGHPDQLILHVWRVFRODERUDFLyQHQUHYLVWDVHQYtRGH LQIRUPHV\QRWLFLDVDOD6RFLHGDGGH1DFLRQHVHQ*LQH EUDTXHDOJXQDYH]YHtDQODOX]FRPSOHWDIUDJPHQWDULD PHQWHRHQIRUPDGHJUiILFRVDLVODGRVRLQFRUSRUDGRVD FLHUWRVWUDEDMRVGHVWLQDGRVVLHPSUHDODIHUR]SURSDJDQ GD TXH FRQWUD QRVRWURV KDFtD HO PXQGR &RQVHFXHQWH FRQ HVWD DFWLWXG XQD YH] OLEHUDGR PH SUHVHQWp FRPR 9ROXQWDULRGHO(MpUFLWR1DFLRQDOHQOD$FDGHPLD0LOL WDU GH 9DOODGROLG VHJ~Q WHVWLPRQLR GRFXPHQWDO DGMXQ WRFRQORFXDOVHSDWHQWL]DPiVHOFDUiFWHUUHOHYDQWH\ ~QLFRHQWUHORV&DWHGUiWLFRVWLWXODUHVGH$UTXHRORJtD

 

/8,6È1*(/6È1&+(=*Ï0(=

 $ HVWDV ³UD]RQHV´ SROtWLFDV TXH HO SURSLR VLVWH PD SURSLFLD 6DQWD2ODOODXQHFRQQRPHQRUGHVFDUR ODVGHtQGROH³DFDGpPLFR´\³FLHQWtILFR´(QWUHODVSUL PHUDV DUJXPHQWD TXH UH~QH ³WUHV´ >"@ FiWHGUDV SRU RSRVLFLyQ\DTXHHVWLWXODUGH³$UTXHRORJtDH+LVWR ULD GHO $UWH FRQ 1XPLVPiWLFD´ $GHPiV KDFH QRWDU TXH SUHFLVDPHQWH RFXSD GH IRUPD LQWHULQD OD FiWHGUD TXHVDOHDFRQFXUVR3RU~OWLPR\GHVGHXQDSHUVSHF WLYD ³FLHQWtILFD´ GHVWDFD TXH OD ³+LVWRULD 3ULPLWLYD GHO+RPEUH´QRHVXQDVLPSOHDUTXHRORJtDRSUHKLVWR ULDVLQRXQDVtQWHVLVGHHVWDV\RWUDVPDWHULDVFRQOD HWQRORJtDVtQWHVLVTXHVyORpOGRPLQD3RUWRGRHOOR FRQVLGHUDTXH  6RQPi[LPRVFLHQWtILFDPHQWHPLVGHUHFKRVDOD&iWH GUD>@\VXSHULRUHVDORVGHWRGRVORVFDWHGUiWLFRVHV SDxROHV GH $UTXHRORJtD R GH RWUD GLVFLSOLQD DQiORJD SRUTXH HO YROXPHQ \ FRQWHQLGR GH PLV SXEOLFDFLRQHV FLHQWtILFDVHQHVSDxRO\HQRWURVLGLRPDVQRORVVXSHUD QLQJ~QSRVLEOHFRQFXUVDQWH0LVPHUHFLPLHQWRVFLHQWtIL FRVVRQVXSHULRUHVDORVGHRWUR>VLF@WLWXODUGH$UTXHR ORJtD SRUTXH DVt KDQ VLGR UHFRQRFLGRV GHVGH ODUJRV DxRVSRUHOPXQGRFLHQWtILFRLQWHUQDFLRQDODORWRUJDUPH VXVWtWXORVKRQRUtILFRVDFDGHPLDVLQVWLWXWRVVRFLHGDGHV FLHQWtILFDV HWF GH YDULRV SDtVHV DO FRQFHGHUPH VXV FRQGHFRUDFLRQHV\DOGDUPHSXHVWRVGHKRQRURGHWUD EDMRHQJUDFLDDPLVDFWLYLGDGHVHQHOFDPSRGHOD+LV WRULD3ULPLWLYDGHO+RPEUH>@

 1RFRQWHQWRFRQHVWRQRWLHQHUHSDURHQVHxDODU TXHKDQVDOLGRGH³VXHVFXHOD´ORV³PHMRUHVHVWXGLR VRVGHOD+LVWRULD3ULPLWLYDGHO+RPEUHHQ(VSDxD´ FLWDQGRDÈQJHO7X\D'RPLQJR)OHWFKHU9DOOV0DU WtQ$OPDJUR%DVFK\-XOLR&DUR%DURMD³QXHVWURPH MRU HWQyORJR HVSDxRO´ (V HYLGHQWH TXH VDOYR HO SUL PHUR QLQJXQR WLHQH TXH YHU FRQ OD ³HVFXHOD 6DQWD 2ODOOD´DXQTXHIXHUDQDOXPQRVGH2EHUPDLHU\SDVD UDQ TXL]iV SRU DOJXQD GH ODV FODVHV LPSDUWLGDV SRU DTXpOFRPRD\XGDQWHGHHVWH~OWLPR3HURGHSRFROH VLUYLy D 6DQWD2ODOOD VX FRQGLFLyQ GH ³FDPLVD YLHMD´ GH)DODQJHQLHQODDQXODGDRSRVLFLyQGHQLHQ RWURV PRPHQWRV SRVWHULRUHV 1R REVWDQWH HV FLHUWR TXH HVD PLVPD PLOLWDQFLD IDODQJLVWD WXYR XQD LPSRU WDQFLDGHFLVLYDHQODFRQVHFXFLyQGHDOWDVFRWDVGHSR GHUHQHOiPELWRGHODDUTXHRORJtDDXQTXHHQUHDOLGDG VHPDQLIHVWDUDQGHPRGRPiVHYLGHQWHIXHUDTXHGHQ WURGHOiPELWRXQLYHUVLWDULR\PX\HVSHFLDOPHQWHGX UDQWHORVPRPHQWRVLQPHGLDWDPHQWHSRVWHULRUHVDOILQDO GHODJXHUUDFLYLO(OHMHPSORPiVGHVWDFDGRHVVXQRP EUDPLHQWRFRPRFRPLVDULRJHQHUDOGHOD&RPLVDUtD1D FLRQDOGH([FDYDFLRQHV$UTXHROyJLFDVFUHDGDHQ DFWLYLGDGTXHJHQHUDUtD²MXQWRFRQRWUDVDFWXDFLRQHV GH6DQWD2ODOOD²HQRUPHVSROpPLFDV\EDQGRVLUUHFRQ FLOLDEOHVHQWUHORVSURIHVLRQDOHVGHODDUTXHRORJtDHVSD xROD &DUR %DURMD   %HOWUiQ    /XFDV3HOOLFHU'tD]$QGUHX   3HURIXHURQSUHFLVDPHQWHVXFRQGLFLyQGHIDODQ JLVWDDXOWUDQ]D\HOSDUWLFXODUFDUiFWHUSHUVRQDOTXH

KHPRV DWLVEDGR ODV FLUFXQVWDQFLDV TXH HVWXYLHURQ HQ HO RULJHQ ²MXQWR FRQ ODV QRWRULDV OLPLWDFLRQHV GH VX PHWRGRORJtD\SUiFWLFDLQYHVWLJDGRUDV²GHVXIXOJX UDQWHFDtGDHQGHVJUDFLDHQHOiPELWRFLHQWtILFRHLQWH OHFWXDO\DGHVGHILQDOHVGHORV\VREUHWRGRGHVGH FRPLHQ]RVGHORV&RPRDQRWD/XFDV3HOOLFHU  IXH³YHUGXJR\YtFWLPDGHVXSURSLRSUHVHQWH´\D TXH³HOHQHPLJRPiVSUy[LPRHVWDEDHQVtPLVPR´  9DPRV D DGHQWUDUQRV DKRUD HQ HO iPELWR GH ODV LGHDV \ HQ HO GHO WUDEDMR DFDGpPLFR SDUD LQWHQWDU VL WXDUODILJXUDGH6DQWD2ODOODHQHOFRQWH[WRGHODLQ YHVWLJDFLyQ \ OD GRFHQFLD GH OD HWQRORJtD HQ OD HWDSD IUDQTXLVWD4XHUHPRVLQVLVWLUHQHVWR\DTXHOLPLWDUH PRV PXFKR QXHVWUR HQIRTXH VLQ DERUGDU DSHQDV OD LQYHVWLJDFLyQ DUTXHROyJLFD TXH IXH REYLDPHQWH VX SULQFLSDOFDPSRGHDFFLyQ  $XQTXH FRPR \D KHPRV VHxDODGR HO KHFKR GH TXH OD FiWHGUD DVLJQDGD D 2EHUPDLHU VH GHQRPLQDUD GH+LVWRULD3ULPLWLYDGHO+RPEUHIXHHOUHVXOWDGRGH ODVSURWHVWDVGHOD)DFXOWDGGH&LHQFLDV²TXHVHRSR QtD D OD GHQRPLQDFLyQ GH 3UHKLVWRULD² 6DQWD2ODOOD GHIHQGLyVLHPSUHVXFDUiFWHUVLQJXODU\SDUWLFXODUL]D GR (O SURSyVLWR HUD HYLGHQWH DVt VH GLIHUHQFLDED GH RWURViPELWRVGHFDUiFWHUHVWULFWDPHQWHSUHKLVWyULFRR DUTXHROyJLFR (O VXSXHVWR \ WHyULFR VLJQLILFDGR GHO FRQFHSWRGH+LVWRULD3ULPLWLYDGHO+RPEUHVHUtDPX FKRPiVDPSOLR\DTXHSUHVHQWD³XQHQXQFLDGRFODUR SUHFLVR \ JHQHUDO TXH HTXLYDOH D GHFLU (WQRORJtD SXHVWRTXHKDGHKLVWRULDUORVSULPLWLYRVWDQWRDFWXD OHV FRPR DQWLJXRV \ SUHKLVWyULFRV´ 0DUWtQH] 6DQWD 2ODOOD   'HDFXHUGRFRQHVHPLVPRFULWHULR6DQWD2ODOOD FRQVLGHUDED TXH OD DVLJQDWXUD \ OD FiWHGUD GHEtDQ RULHQWDUVH SUHIHUHQWHPHQWH KDFLD HO HVWXGLR GHO FRQ WH[WRDIULFDQRKDFLpQGRORGHVGHXQDGREOHYHUWLHQWH TXHpOGHQRPLQDED³QHRHWQRORJtD´\³SDOHWQRORJtD´ HVGHFLUKDEUtDGHHVWXGLDUORVSXHEORVDFWXDOHV\ORV SUHKLVWyULFRV(QSULQFLSLRHVWDVLGHDVWUDWDQGHVHU PDWHULDOL]DGDV WDQWR HQ ODV DFWLYLGDGHV FRPR HQ ODV FROHFFLRQHV DUTXHROyJLFDV \ HWQRJUiILFDV DIULFDQDV TXH VH UH~QHQ HQ HO VHPLQDULR 6LQ HPEDUJR HO SHVR GHODDUTXHRORJtDVREUHWRGRSHQLQVXODUUHVXOWDPiV TXH HYLGHQWH $Vt VH FRPSUXHED HQ ODV FXDWUR VHULHV GHSXEOLFDFLRQHVGHOVHPLQDULR²ODV0RQRJUDItDV OD SHULyGLFD &XDGHUQRV GH +LVWRULD 3ULPLWLYD GHO +RPEUH\ODVFROHFFLRQHVPRQRJUiILFDVQRSHULyGL FDV 1RWDV \ 'LVHUWDFLRQHV 0DWULWHQVHV² HQ ODV TXHDSHQDVVLKD\DOJXQDFRQWULEXFLyQGHFDUiFWHUHW QRJUiILFR R HWQROyJLFR 6yOR FDEUtD VHxDODU HQ HVWH VHQWLGR XQ DUWtFXOR GH - 0 GH %DUDQGLDUiQ VREUH ³/DV FDYHUQDV SUHKLVWyULFDV HQ OD PLWRORJtD YDVFD´ DSDUHFLGRHQHOQ~PHURGHORV&XDGHUQRVGH DVtFRPRXQDUHVHxDELEOLRJUiILFDGH6DQWD2ODOODVR EUHXQHVWXGLRGH+/KRWHVREUHORV7XDUHJVQ~PHUR GH \RWUDPiVGH&$ORQVRGHO5HDOVREUHOD SULPHUD HGLFLyQ GH ORV IDPRVRV &XDGHUQRV HWQROyJL



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

FRVGH/pY\%UXKOQ~PHURGH   3HUR VLJDPRV FRQ ORV LQWHUHVHV GH 6DQWD2ODOOD 6XLGHDULR\UHVXPHQGHDFWLYLGDGHVHQUHODFLyQFRQ HO 6+3+ TXHGD UHFRJLGR HQ XQ WH[WR GH  DP SOLDGRHQD(QUHDOLGDGVHWUDWD~QLFDPHQWHGH H[SRQHU ODV DFWLYLGDGHV GHO VHPLQDULR HQ HO iPELWR DIULFDQLVWD SHURpVWHHUD ²RSUHWHQGLyVHU²HOFRQ WH[WRJHRJUiILFR\FXOWXUDOFHQWUDOHQVXSUR\HFWRDFD GpPLFR  5HVXOWDVLJQLILFDWLYDHVWDRULHQWDFLyQDIULFDQLVWD HQIRFDGD KDFLD HO ÈIULFD ³DQWHLVOiPLFD´ SXHV FRQVL GHUDTXHODpSRFDLVOiPLFD\DHV³DPRURVDPHQWH´HV WXGLDGD SRU OD ³SOp\DGH HMHPSODU GH QXHVWURV DUDELV WDV´ 0WH] 6DQWD2ODOOD    < VHxDOR TXH HV VLJQLILFDWLYD SRUTXH HVWD RSFLyQ JHRJUiILFRFXOWXUDO YD D FRQYHUWLUVH HQ XQ HOHPHQWR PiV GH RSRVLFLyQ \ HQIUHQWDPLHQWR FRQ GHWHUPLQDGRV SURIHVLRQDOHV GH OD DUTXHRORJtD\ODHWQRORJtDHQHVWHFDVRFRQORVDPHUL FDQLVWDV  (V HYLGHQWH TXH HO LQWHUpV GH 6DQWD2ODOOD SRU ÈIULFD WLHQH XQD UHODFLyQ GLUHFWD FRQ OD FRQYLFFLyQ SUHVHQWHHQWRGRVORVDUTXHyORJRVHVSDxROHVGHVGHFR PLHQ]RVGHVLJORGHODVLQWHQVDVUHODFLRQHVFXOWXUDOHV PDQWHQLGDVSRUHOWHUULWRULRSHQLQVXODUFRQHO1RUWHGH ÈIULFD GHVGH HO 1HROtWLFR QRFLyQ TXH VyOR 7DUUDGHOO VH DWUHYHUtD D FRQWUDGHFLU HQ HVD PLVPD pSRFD )HU QiQGH] 0DUWtQH]    3HUR WDPELpQ HV FLHUWR TXHFRQVXRSFLyQDIULFDQLVWD6DQWD2ODOODSUHWHQGtD DSXQWDODURWURVREMHWLYRV$GHPiVGHDOHMDUVHGHOPX FKRPiVGHVDUUROODGR\FRQWURODGRiPELWRDPHULFDQLV WDORVWHUULWRULRVDIULFDQRVRIUHFtDQXQHQRUPHFDPSR DELHUWRDODLQYHVWLJDFLyQHQHOTXHWRGDYtDHVWDEDYL YD \ HQ UHODWLYR DXJH OD SUHVHQFLD FRORQLDO KLVSDQD ORV~OWLPRVUHVWRVGHO³*ORULRVR,PSHULR(VSDxRO´'H HVWH PRGR HUD IDFWLEOH FRPELQDU DO PHQRV WHyULFD PHQWH HO WUDEDMR DUTXHROyJLFR \ HO HWQROyJLFR $Vt 6DQWD2ODOODSRGtDFRQWLQXDUUHLYLQGLFDQGRODVXSXHV WD VLQJXODULGDG GH VX FiWHGUD ²DXQTXH IXHVH LQWHUL QD²\VHPLQDULR\DTXHODGLVFLSOLQD\ODLQYHVWLJD FLyQSUDFWLFDGDVHQPRGRDOJXQRVHUtDQHTXLYDOHQWHV VHJ~QVXLQWHUSUHWDFLyQDODDUTXHRORJtDRODSUHKLVWR ULDFRPR\DKHPRVDQRWDGR  (QODSUiFWLFDHVWDRULHQWDFLyQHWQROyJLFDDIULFD QLVWDLEDDWHQHUXQGHVDUUROORPX\HVFDVRFDVLQXOR VLQTXHHVWRVLJQLILTXHTXHHQVXYHUWLHQWHDUTXHROyJL FDDOFDQ]DUDJUDQGHVORJURV\DTXHVXLQWHUpVSDUHFH VHUEDVWDQWHOLPLWDGR)HUQiQGH]0DUWtQH] 6LQ GXGD ODV DFWLYLGDGHV PiV GHVWDFDGDV GHO VHPLQDULR IXHURQODVGLIHUHQWHV³H[SHGLFLRQHV´HWQROyJLFDV\SD OHWQROyJLFDV GHVDUUROODGDV HQ ODV FRORQLDV DIULFDQDV WRGDVGLULJLGDVSRU6DQWD2ODOOD\ODSDUWLFLSDFLyQGH ORVPLHPEURVGHOVHPLQDULRHQYDULRVFRQJUHVRVDIUL FDQLVWDV  'XUDQWH ORV PHVHV GH MXQLR MXOLR \ DJRVWR GH WXYROXJDUOD³3ULPHUD([SHGLFLyQ3DOHWQROyJLFD DO6iKDUD(VSDxRO´HQODTXHSDUWLFLSyMXQWRD6DQWD





2ODOODFRPRHQODVUHVWDQWHVRFDVLRQHV%HUQDUGR6iH] 0DUWtQDE (QMXOLR\DJRVWRGHVHHIHF WXyOD³3ULPHUD([SHGLFLyQ3DOHWQROyJLFD\(WQROyJL FD D OD *XLQHD (VSDxROD´ DEDUFDQGR ORV WHUULWRULRV FRQWLQHQWDOHV H LQVXODUHV GH OD FRORQLD )LQDOPHQWH GXUDQWHHOPHVGHVHSWLHPEUH\SULQFLSLRVGHRFWXEUH GHOPLVPRDxRDFRPHWLy6DQWD2ODOODVLHPSUHFRQOD LQGLVSHQVDEOHFRODERUDFLyQGH6iH]0DUWtQOD³6HJ~Q GD([SHGLFLyQ3DOHWQROyJLFDDO6iKDUD(VSDxRO´  $XQTXH QR HVWDPRV HQ FRQGLFLRQHV GH YDORUDU HVWRVYLDMHVHVHYLGHQWHTXHVHWUDWDGHDFHUFDPLHQWRV UiSLGRV \ VRPHURV DO WHUULWRULR TXH QR REVWDQWH QR GHMDQGHWHQHUFLHUWRLQWHUpVHVSHFLDOPHQWHSRUORTXH VHUHILHUHDODUHFRJLGDGHPDWHULDOHVHWQROyJLFRV\DU TXHROyJLFRV \ OD GRFXPHQWDFLyQ IRWRJUiILFD UHXQLGD FRQIRQGRVSURFHGHQWHVGH0DUUXHFRV6DKDUD\*XL QHDDORVTXHHOVHPLQDULRVXPyRWURVSURFHGHQWHVGH 6HQHJDO\6XGiQ\ORVUHFRJLGRVSRUHOPLVPR6DQWD 2ODOOD HQ XQD SULPHUD H[SHGLFLyQ D ,IQL GHVDUUROODGD HQHQHURIHEUHURGH  (VVLJQLILFDWLYRHOKHFKRGHTXHSHVHDODSRVL FLyQ GH SULYLOHJLR TXH RFXSDED 6DQWD2ODOOD HQ HO PXQGRGHODDUTXHRORJtDHVSDxRODHVWDVH[SHGLFLRQHV FRPRRWUDVFXHVWLRQHVTXH\DKHPRVPHQFLRQDGRQR GHMDURQGHFDXVDUOHSUREOHPDV$XQTXHHQVXWH[WRGH D DJUDGHFH OD FRODERUDFLyQ GH ODV DXWRULGDGHV \ PLOLWDUHVHVSDxROHVHQHO6DKDUDHQHOFDVRGH*XLQHD QRRFXUULyH[DFWDPHQWHLJXDODQRWDQGRTXH³HVFXULR VR\GHVXVDGDPHQWHSLQWRUHVFRHOPRGRGHHQMXLFLDU HQYHUGDGHURDODUGHGHKXPRULVPR>VLF@QXHVWURVGHV FXEULPLHQWRV DUTXHROyJLFRV HQ )HUQDQGR 3RR GRQ -XDQ%RQHOOL5XELRJREHUQDGRUGHORV7HUULWRULRVHQ VX FRQIHUHQFLD GHO ;,, >VLF HQ UHDOLGDG HV ;,,@VREUHµ&RQFHSWRGHOLQGtJHQDHQQXHVWUDFROR QL]DFLyQGH*XLQHD¶GDGDHQOD6RFLHGDGGH(VWXGLRV ,QWHUQDFLRQDOHV \ &RORQLDOHV´ 0WH] 6DQWD2ODOOD D   $O PLVPR WLHPSR OD H[SHGLFLyQ DO 6DKDUD GH VHUiPRWLYRGHQXHYRGLVJXVWRSDUDQXHVWURSUR WDJRQLVWD\DTXHVXSXHVWDPHQWHDOJXQRV\DFLPLHQWRV SXEOLFDGRV SRU pO HQ  IXHURQ QXHYDPHQWH ³µGHV FXELHUWRV¶ PHVHV GHVSXpV SRU XQ DQWLJXR GLVFtSXOR QXHVWURTXHSDUDDOJXQRVGHQXHVWURVUHFRUULGRVHQHO 6DJXLDWHO+iPDUD>6DJXLDHO+DPUD@VLJXLyQXHVWURV SDVRV\YLVLWyQXHVWURV\DFLPLHQWRVHQWUHHOORVORVGH DUWH UXSHVWUH´ 0WH] 6DQWD2ODOOD D   6H UH ILHUH VLQ GXGD D 0DUWtQ $OPDJUR %DVFK \ VX OLEUR 3UHKLVWRULDGHO1RUWHGHÈIULFD\GHO6iKDUD(VSDxRO SXEOLFDGR SRU HO ,QVWLWXWR GH (VWXGLRV $IULFDQRV GHO &6,&HQ%DUFHORQDHQFX\RWUDEDMRGHFDPSR VHGHVDUUROOyHQ  6HxDOHPRV FRPR LQIRUPDFLyQ FRPSOHPHQWDULD TXHODFUHDFLyQGHHVHPLVPR,QVWLWXWRIXHRWURPRWL YR GH FRQIOLFWR HO HQpVLPR GH 6DQWD2ODOOD FRQ HO PXQGRSURIHVLRQDOGHODDUTXHRORJtDHVSDxROD&RQVL GHUDEDTXHpOPLVPR\VXVHPLQDULRKDEtDQWHQLGRXQ

 

/8,6È1*(/6È1&+(=*Ï0(=

UHOHYDQWHSDSHOHQODJHVWDFLyQGHHVHFHQWURGHLQYHV WLJDFLyQ\VLQHPEDUJR³VHKDGDGRHOKHFKRFXULRVR GHKDEHUVLGRH[FOXLGRQRVyORHODXWRUGHORVSUR\HF WRV\UHJODPHQWRVSURPRWRU\UHDOL]DGRUGHODLGHD- 0DUWtQH]6DQWD2ODOOD VLQRWDPELpQORVHVSHFLDOLVWDV HQ FLHQFLDV GHO KRPEUH PLHPEURV GHO &RPLWp (VSD xROGHOD&,$23URI-GHOD9LOODFDWHGUiWLFRGH $QDWRPtD3URI60RQWHUR'tD]FDWHGUiWLFRGH3UH KLVWRULD H +LVWRULD $QWLJXD \ 3URI - 6DQ 9DOHUR $SDULVLGHOD)DFXOWDGGH)LORVRItD\/HWUDVWRGRVGH OD8QLYHUVLGDGGH0DGULG TXHWDQIXQGDPHQWDOPHQWH FRQWULEX\HURQDVXFUHDFLyQ´0WH]6DQWD2ODOOD D   (QWRGRFDVRVHDSRUORVSUREOHPDVVXUJLGRVFRQ HODIULFDQLVPRRILFLDORSRURWUDVUD]RQHVORFLHUWRHV TXH6DQWD2ODOODQRGHVDUUROODUiQXQFDHVDVLQFLSLHQ WHVLQYHVWLJDFLRQHVDIULFDQDV+HPRVGHFRQFOXLUSRU WDQWR TXH HO SULQFLSDO UHVXOWDGR GH ODV H[SHGLFLRQHV FLWDGDVIXHDGHPiVGHODVWDUHDVGHSURVSHFFLyQ\VR PHURHVWXGLRGH\DFLPLHQWRVODUHFRJLGDGHPDWHULD OHV\ODGRFXPHQWDFLyQIRWRJUiILFDREWHQLGD  6HJ~Q SDUHFH HVDV SLH]DV \ ODV UHVWDQWHV FROHF FLRQHV DUTXHROyJLFDV GHO VHPLQDULR SDVDURQ LQLFLDO PHQWHWUDVODVDOLGDGH6DQWD2ODOODGHODFiWHGUDGH +LVWRULD3ULPLWLYDDO,QVWLWXWR$UTXHROyJLFR0XQLFL SDOGH0DGULGTXHLQDXJXUyXQSHTXHxRPXVHRHQHO 3DUTXHGHOD)XHQWHGHO%HUURHQORVDxRV\OXHJR WUDVODPXHUWHGH6DQWD2ODOODDO0XVHR$UTXHROyJL FR1DFLRQDO&DVWHOR5XDQRHWDO&DUUHUDV +RQWDQD \ 0DUWtQ )ORUHV    (IHFWLYD PHQWH HQ  ORV KHUHGHURV GH 6DQWD2ODOOD ²VXV KHUPDQRV &RQVXHOR (PLOLR \ &DUPHQ² HQWUHJDEDQ HQGHSyVLWRDOFLWDGRPXVHRODVFROHFFLRQHVGH6DQWD 2ODOODSDVRSUHYLRDVXDGTXLVLFLyQTXHIXHDFRUGDGD SRU RUGHQ PLQLVWHULDO GH  GH IHEUHUR GH  (O YDORU GH OD FRPSUD TXH LQFOXtD OD QRWDEOH ELEOLRWHFD GHO DUTXHyORJR DOFDQ]y OD QDGD GHVGHxDEOH FLIUD GH YHLQWH PLOORQHV GH SHVHWDV HVWDQGR IRUPDGR HO FRQ MXQWRSRUXQWRWDOGHFDMDV  6HJ~QKHPRVSRGLGRFRQVWDWDUSRUHOH[SHGLHQWH FRUUHVSRQGLHQWHGHO0$1ORVPDWHULDOHVHWQROyJLFRV UHXQLGRVSRU6DQWD2ODOODFRQVWLWXtDQXQDPX\SHTXH xDSDUWHGHOFRQMXQWR(QUHDOLGDG\DOPDUJHQGHSLH ]DVDLVODGDVGH$XVWUDOLD\DOJXQDTXHRWUDDIULFDQDHO JUXHVR GH ODV SLH]DV HWQROyJLFDV VH FRQFHQWUD HQ GRV JUDQGHV DSDUWDGRV UHXQLGRV HQ HO LQYHQWDULR KHFKR HQHO0$1EDMRORVDSDUWDGRVGH³6iKDUD´OLVWDGRQž FDMDVLQQ~PHUR \³1HJUR´OLVWDGRQžFDMD ³1HJURH,QGLR´ (QFXDQWRDODV³PLOHV´GHIR WRJUDItDV TXH 6DQWD2ODOOD \ 6iH] 0DUWtQ GLFHQ TXH WRPDURQHQODVH[SHGLFLRQHVHOFDyWLFRHVWDGRGHHVWH PDWHULDOHQHO0$1QRSHUPLWHDILUPDUVLVHHQFXHQ WUDHIHFWLYDPHQWHDOOtDXQTXHXQDUiSLGDUHYLVLyQOOH YDGDDFDERQRKDSHUPLWLGRODORFDOL]DFLyQGHSRVLWL YRV4XL]iVVHHQFXHQWUHQHQWUHORVQHJDWLYRV²GHWR GRVORVWDPDxRV\FDOLGDGHVVREUHWRGRHQSODFDVGH

FULVWDO²H[LVWHQWHVDXQTXHQRKHPRVORFDOL]DGRQLQ JXQDGHODVDWUDFWLYDVLPiJHQHVTXHVHSXEOLFDQHQDO JXQRGHORVDUWtFXORVVREUHHO6DKDUD  $OPDUJHQGHHVWDVH[SHGLFLRQHV\GHORVPDWH ULDOHVUHXQLGRVSRFRPiVSRGHPRVGHFLUVREUHODDFWL YLGDGHWQROyJLFDGHOVHPLQDULR6tHVQHFHVDULRGHVWD FDUTXHORVLQWHUFDPELRVGHODVSXEOLFDFLRQHVGHO6+3+ SHUPLWLHURQ UHXQLU XQD QRWDEOH FROHFFLyQ GH UHYLVWDV HQWUH HOODV XQ EXHQ Q~PHUR GH FDUiFWHU HWQRJUiILFR HWQROyJLFR R DQWURSROyJLFR $GHPiV ORV DOXPQRV HODERUDURQ GLYHUVRV WUDEDMRV GH FDUiFWHU HWQROyJLFR HQWUH ORV TXH 6DQWD2ODOOD PHQFLRQD ORV VLJXLHQWHV ³(OQDFLPLHQWRHQWUHORVEXELVGH)HUQDQGR3RR´GHO 3 )UDQFLVFR %DFDLFRD 6DQ] ³(O PDWULDUFDGR \ ODV FXOWXUDVDIULFDQDVPDWULDUFDOHV´GH0DUtDGHO&DUPHQ $WLHQ]D 0DUFRV \ ³/DV DOWDV FXOWXUDV GH %HQtQ´ GH (GXDUGR GHO 9DO &DWXUOD 0WH] 6DQWD2ODOOD   (QFXDQWRDWHVLVGRFWRUDOHVOD~QLFDTXHSUHVHQ WD FLHUWD FRQH[LyQ FRQ OD LQYHVWLJDFLyQ HWQROyJLFD HV ODGH)UDQFLVFR*yPH]&UHVSRVREUH³0DUUXHFRVVH J~QORVDQWLJXRV´GRQGHVHXWLOL]DQ³ODVIXHQWHVOLWH UDULDVJULHJDV\URPDQDV\ODVHWQROyJLFDVDQWLJXDV\ PRGHUQDV VREUH ODV IXHQWHV FOiVLFDV GHO DQWLJXR 0D UUXHFRV FRQ VX FRUUHVSRQGLHQWH DSDUDWR FUtWLFR \ FR PHQWDULRHWQROyJLFR´LG 7DPELpQSRGUtDPRVPHQ FLRQDUODWHVLVGRFWRUDOGH&DUORV$ORQVRGHO5HDOVR EUH³/DVLGHDVGHODDQWLJHGDGFOiVLFDVREUHODKXPD QLGDG SULPLWLYD´ OD FXDO VL ELHQ VH LQGLFD HQ DOJXQD RFDVLyQ TXH VH HQFXHQWUD HQ SUHQVD HQ OD FROHFFLyQ 'LVHUWDFLRQHV PDWULWHQVHV GHO VHPLQDULR SDUHFH TXH QXQFDOOHJyDYHUODOX]  <WUDVWRGRORGLFKR¢FXiOHUDHOFRQFHSWRGHHW QRORJtDPDQHMDGRSRU6DQWD2ODOOD"0iVD~Q¢HVWDED UHDOPHQWHSUHVHQWHODHWQRORJtDVHDFXDOIXHUHHQVX LQYHVWLJDFLyQSHUVRQDOHQODGRFHQFLDGHVXFiWHGUD\ HQODVDFWLYLGDGHVGHOVHPLQDULR"  $QWHVGHQDGDKD\TXHUHLWHUDUTXH6DQWD2ODOOD QRIXHQLSUHWHQGLyVHUQXQFDXQHWQyORJRORTXHQR KXELHUDVLGRREVWiFXORSDUDDFFHGHUDXQDFiWHGUDGH HWQRORJtD FRPR OD TXH VROLFLWy TXH VH FUHDUD MXQWR FRQ2EHUPDLHU\GHVGHOD6RFLHGDG(VSDxRODGH$Q WURSRORJtD(WQRJUDItD\3UHKLVWRULDHQ3HURDO PLVPRWLHPSR\FRPROHVXFHGtDDEXHQDSDUWHGHORV DUTXHyORJRV \ SUHKLVWRULDGRUHV GH OD pSRFD ²HVSH FLDOPHQWHGHOSULPHUWHUFLRGHOVLJOR²PRVWUyVLHP SUHXQLQWHUpVPiVRPHQRVLQWHQVRSRUODHWQRJUDItD ODHWQRORJtDHLQFOXVRODDQWURSRORJtDItVLFD$HVWHUHV SHFWR\DYLPRVTXH6DQWD2ODOODLQJUHVDHQODFLWDGD 6RFLHGDGHQSRFRVPHVHVGHVSXpVGHVXIXQGD FLyQDOFDQ]DQGRDVHUVXVHFUHWDULRGHVGHKDVWDOD GHVDSDULFLyQGHODVRFLHGDGDILQDOHVGHORVFLQFXHQWD  'HVGHHVWDLQVWLWXFLyQ\DOLJXDOTXHKDFHFXDQ GRH[SRQHODVOtQHDVGHDFWXDFLyQGHOVHPLQDULR6DQ WD2ODOODLQVLVWHHQODQHFHVLGDGGHODLQYHVWLJDFLyQHW QROyJLFD 3HUR OR KDFH VLHPSUH HQ ODV SRFDV RFDVLR QHV TXH WHRUL]D GHVGH XQD SHUVSHFWLYD DMHQD D FXDO



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

TXLHURULHQWDFLyQFLHQWtILFDFRQFUHWD'HHVWHPRGRHO ~QLFRIXQGDPHQWRGHVXSHFXOLDUSUiFWLFDLQYHVWLJDGR UD HV HO QDFLRQDOLVPR LQWHJULVWD ³KLVSiQLFR´ PiV R PHQRV H[SDQVLRQLVWD R LPSHULDOLVWD VHJ~Q DFRQWH]FD %XHQHMHPSORGHORTXHGHFLPRV²DXQTXHKHPRVGH UHFRQRFHUTXHH[FHVLYDPHQWHFRQGLFLRQDGRSRUHOHV SHFLDOtVLPRPRPHQWRHQTXHVHHVFULEH²HVHOWH[WR TXH 6DQWD2ODOOD LQFOX\H D PRGR GH SUHVHQWDFLyQ HQ HOSULPHUWRPRGH$WODQWLVFRUUHVSRQGLHQWHDOSHUtRGR GH\SXEOLFDGRHQHVWH~OWLPRDxR  $OUHDSDUHFHU>ODUHYLVWD@HVSDUDFRQWLQXDUXQWUDEDMR TXHMDPiVVHKL]RYXHOWRGHHVSDOGDVDODUHDOLGDGGHORV LPSHUDWLYRVKLVSiQLFRVFRQWHQLGRVHQQXHVWURVDSHODWL YRVVRFLDOHVGH$QWURSRORJtDUD]D\HVStULWXKLVSiQLFRV (WQRJUDItD SUHVHQFLD GH (VSDxD HQ ORV &RQWLQHQWHV \ 3UHKLVWRULDUDtFHVGHOD+LVSDQLGDG  7UDVOD9LFWRULD\HQODREOLJDFLyQUHYROXFLRQDULDTXH DQWHQRVRWURVWHQHPRVODVFLHQFLDVDTXHVHGHGLFDHVWD 6RFLHGDGKDQGHDOFDQ]DUXQJUDQGHVDUUROOR3XHVHVLQ GLVSHQVDEOH FRQRFHU D IRQGR HO SXHEOR \ OR TXH HQ pO KD\GHYHUGDGHUDPHQWHWUDGLFLRQDO\DYHULJXDUORVFRP SRQHQWHVGHQXHVWUDHVWLUSHFRPRORKDFHOD$QWURSROR JtD EXVFDU QXHVWUDV PiV KRQGDV UDtFHV HQ HO WLHPSR DPSOLDQGRHQPLOHQLRVQXHVWUDXVXDOSHUVSHFWLYDKLVWyUL FD FRPR OR KDFH OD 3UHKLVWRULD \ DFODUDQGR OR TXH HQ (VSDxD KD\ GH HXURSHR \ GH DIULFDQR SRQHU GH PDQL ILHVWRQXHVWURGREOHGHVWLQRHXUDIULFDQR)LQDOPHQWHOD (WQRJUDItDQRVKDUiYHUODJUDQGH]DGHXQ,PSHULRVLQ LJXDOHQOD+LVWRULD\ODVSRVLELOLGDGHVGHRWUR

 1RKD\EDVHWHyULFDDOJXQDVyORLGHRORJtDDXQ TXHpVWDWDPSRFRDSDUH]FDUHDOPHQWHFODULILFDGDVyOR QDFLyQ H LPSHULR 3HUR QR XQ LPSHULR FRORQLDO FXDO TXLHUD²RFFLGHQWDO³PRGHUQR´H[SORWDGRU\FDSLWD OLVWD²VLQRXQLPSHULR³GHUD]D´HQHOFXDOODGLYHU VLGDGFXOWXUDOQRLQWHUHVDSRUORTXHQRHVSRVLEOHHO FRQRFLPLHQWRFLHQWtILFRGHODVSREODFLRQHVTXHORKD ELWDQ'HVGHHVWDSHUVSHFWLYDODVUHQRYDFLRQHVPHWR GROyJLFDVHQODLQYHVWLJDFLyQDUTXHROyJLFD\HWQROyJL FDFDUHFHQGHLQWHUpVLQFOXVRHQHOFDVRGHTXHIXHUDQ FRQRFLGDV%DVWDFRQPDQWHQHUXQRVOHYHVHVER]RVGH GLIXVLRQLVPR VXVWHQWDGRV HQ ORV FRQRFLGRV FLFORV GH ODHVFXHODKLVWyULFRFXOWXUDOTXHDGHPiVWLHQHHOSUL YLOHJLRGHVHUXQDWHRUtDHWQROyJLFDFRQIHVLRQDOHVGH KHFKRODHWQRORJtDFDWyOLFDSRUDQWRQRPDVLD  &RPRKHPRVLQGLFDGRHQRWUROXJDUUHILULpQGR QRV D ODV HWQRORJtDV SRUWXJXHVD \ HVSDxROD GH HVWD PLVPDpSRFD\UHFRJLHQGRODVDQRWDFLRQHVGHODQWUR SyORJRSRUWXJXpV-RmR/HDOQS  >@HOUHQRYDGRUDQiOLVLVIXQFLRQDOLVWDGHFRPLHQ]RVGH VLJOR QR RIUHFH RSFLyQ DOJXQD GH UHFLFODMH HQ WRGR VX PDUFRWHyULFRTXHSXHGDVHU~WLODOHWQyORJRRDODQWUR SyORJR TXH WLHQH FRPR ~QLFR REMHWLYR OD FRQVWUXFFLyQ GHXQDLGHQWLGDGQDFLRQDO3DUDpVWHHVPXFKRPiV~WLO ODKLVWRULDFRQMHWXUDOGHFRUWHHYROXFLRQLVWDRGLIXVLRQLV WD \ HO PDOHDEOH FRQFHSWR GH FXOWXUD²GH FLFOR FXOWX UDOHQUHDOLGDG²TXHFXDOTXLHUDQiOLVLVHQIRFDGRKDFLD ORVRFLDO\ODVRFLHGDG6iQFKH]*yPH] 





 'HHVWHPRGRODFRQFHSWXDOL]DFLyQGHODHWQROR JtD²\GHODSUHKLVWRULD\ODDQWURSRORJtDItVLFD²GH 6DQWD2ODOOD FRLQFLGH HQ JUDQ PHGLGD FRQ OD GH RWUD ILJXUDGHVWDFDGDGHODpSRFD-RVp3pUH]GH%DUUDGDV $PERVSHUVRQDMHVFRODERUDURQHQHOVHQRGHOD6($(3 \ HQ HO DQWLJXR 0XVHR 1DFLRQDO GH (WQRORJtD SHUR FRQHOWLHPSRHOHQIUHQWDPLHQWRHQWUHDPERVVHUtDOL WHUDOPHQWHYLROHQWRXQRGHVGHVXSRVLFLyQGHFDWHGUi WLFR GH DQWURSRORJtD ItVLFD  \ GLUHFWRU GHO ,QVWLWXWR ³%HUQDUGLQRGH6DKDJ~Q´GHO&6,&\HORWURGHVGHOD VHFUHWDUtDGHOD6($(36iQFKH]*yPH] $P ERV FRPSDUWLUtDQ RWUD GHVJUDFLDGD FR\XQWXUD VX IUD FDVRHQHOGHVDUUROORGHXQDLQYHVWLJDFLyQDQWURSROy JLFDHWQROyJLFD\DUTXHROyJLFDPRGHUQDV  3HURD~QWHQHPRVRSRUWXQLGDGGHSURIXQGL]DUXQ SRFRPiVHQORVFRQWHQLGRVHWQROyJLFRVRIUHFLGRVSRU 6DQWD2ODOODHQVXFiWHGUD\VHPLQDULRFRQFUHWDPHQ WHHQHOFRQWH[WRHWQROyJLFRDXQTXHVHDGHPRGRDOJR WDQJHQFLDO(IHFWLYDPHQWHDXQTXHODDFWLYLGDGSXEOL FtVWLFDGHDTXpOVHSDUDOL]DFDVLGHIRUPDWRWDODSDUWLU GHWUDVODSpUGLGDGHODFiWHGUDGH+LVWRULD3UL PLWLYDHQIDYRUGH$OPDJUR%DVFKQRVHQFRQWUDPRV FRQTXHVHLVDxRVGHVSXpVGHVXPXHUWHHQVDOH D OD OX] XQD REUD SyVWXPD ILUPDGD SRU 6DQWD2ODOOD FRQ HO DPELFLRVR WtWXOR GH +LVWRULD GHO DUWH \ GH OD FXOWXUD  /DREUDHQFXHVWLyQUHVXOWDFLHUWDPHQWHLQFODVLIL FDEOH5H~QHORTXHSDUHFHQVHUFXDWURWH[WRVGLIHUHQ WHVFRQORVVLJXLHQWHVWtWXORV³(ODUWHGHORVSXHEORV GHOD*UDQ&D]D´³/RVHVWLORV´³'HOFXUVRGH+LVWR ULDGHODUWH´\³1RWDVSDUDXQHQVD\RGHVLVWHPDWL]D FLyQGHODDUTXHRORJtDYLVLJRGDHQ(VSDxD´/D~QLFD LQIRUPDFLyQVREUHHORULJHQGHHVWRVWH[WRVHVODEUHYH LQGLFDFLyQTXHKDFH-XOLiQ6DQ9DOHURDQWLJXRDOXP QRGH6DQWD2ODOOD\VXSRQHPRVTXHHGLWRUGHORVPLV PRVHQHOSUyORJR³/DVOHFFLRQHVHVWiQFRJLGDV>VLF@ FRQPDJQHWRIyQ>VLF@HQFODVHV>VLF@6HKDUHVSHWDGR HOHVWLORYLYD]HLQFLVLYRGH-0DUWtQH]6DQWD2ODOOD HOPHMRUH[SRQHQWHGHVXSHUVRQDOLGDG6HKDDxDGLGR XQWUDEDMRTXHVHMX]JDHVSHFLDOPHQWHLPSRUWDQWHVR EUHHODUWHYLVLJRGR´  /DRULHQWDFLyQ³DUWtVWLFD´GHORVWUHVSULPHURVWH[ WRVQRVFRQGXFHDSHQVDUUD]RQDEOHPHQWHTXHVHWUDWD GHWUDQVFULSFLRQHVFRUUHVSRQGLHQWHVDORVFXUVRVGHVD UUROODGRV SRU 6DQWD2ODOOD FXDQGR KD DEDQGRQDGR \D VXFiWHGUDGH+LVWRULD3ULPLWLYD&RUUHVSRQGHUtDQGH HVWH PRGR D VX DFWLYLGDG GRFHQWH FRPR FDWHGUiWLFR GH+LVWRULDGHO$UWHHQOD8QLYHUVLGDGGH0DGULGTXH WLHQHOXJDUHQWUH\$VtORVWH[WRVSULPHUR \ VHJXQGR VH FRUUHVSRQGHUtDQ FRQ OD DVLJQDWXUD GH ³$UWHSUHKLVWyULFR\SULPLWLYR´PLHQWUDVTXHHOWHUFHUR HVWDUtDUHODFLRQDGRFRQODGH³+LVWRULDJHQHUDOGHODUWH´ ,QFOXVR HO FXDUWR WH[WR DXQTXH QR SDUHFH WUDWDUVH GH DSXQWHVGHFODVHGHEHGHHVWDUYLQFXODGRFRQRWUDGH VXVDVLJQDWXUDVHQOD8QLYHUVLGDGGH0DGULGODGH³3R VLFLyQVLVWHPiWLFDGHODUWH\DUTXHRORJtDYLVLJRGD´

 

/8,6È1*(/6È1&+(=*Ï0(=

 1RVHQFRQWUDPRVGHHVWHPRGRDQWHXQRVDSXQ WHVGHFODVHTXHVLELHQQRSDUHFHTXHSURFHGDQGLUHF WDPHQWHGHVXDFWLYLGDGHQODFiWHGUDGH+LVWRULD3UL PLWLYDHVWiQUHODFLRQDGRVGHIRUPDPX\HVWUHFKDFRQ HOOD(OREMHWLYRGH6DQWD2ODOODHVKDFHUXQDKLVWRULD GHO DUWH SUHKLVWyULFR TXH VH DVLHQWH VREUH HO VLVWHPD JHQHUDOHPSOHDGRSRUHODXWRUSDUDH[SOLFDUOD³KLVWR ULDSULPLWLYD´GHODKXPDQLGDG\TXHUHVSRQGHSXQWR SRU SXQWR DO PRGHOR GH FLFORV FXOWXUDOHV HPSOHDGR SRUODHVFXHODKLVWyULFRFXOWXUDO3RUORWDQWRWRGDHVD HVWUXFWXUDGHEHGHFRUUHVSRQGHUVHFRQORVFRQWHQLGRV GRFHQWHVTXHH[SOLFDEDHQVXDQWLJXDFiWHGUDLQWHULQD  /DREVHVLyQKLVWyULFRFXOWXUDOGH6DQWD2ODOODVH DSUHFLD\DHQODELEOLRJUDItDTXHSUHFHGHDORVFXDWUR WH[WRV ELEOLRJUDItD TXH SHVH D QR KDEHU LQGLFDFLyQ H[SUHVD DO UHVSHFWR KD GH VHU GH DXWRUtD GHO SURSLR 6DQWD2ODOODGDGRHOWLSRGHREUDVFLWDGDV\HOFDUiF WHUHVTXHPiWLFRFRPRGHDSXQWHSHUVRQDOFRQHOTXH VH GHVFULEH VX RULHQWDFLyQ \ FRQWHQLGRV (VD ELEOLR JUDItD²HQUHDOLGDGPiVSURSLDPHQWHFXOWXUDOLVWDTXH KLVWyULFRFXOWXUDO² VH DEUH FRQ OD VLJXLHQWH IUDVH ³%DVHLQGLVSHQVDEOHSDUDHVWXGLDUFRQFULWHULRPRGHU QROD+LVWRULDGHO$UWHHVOD(712/2*Ë$>VLF@´SDUD D FRQWLQXDFLyQ FLWDU ORV PDQXDOHV GH HWQRORJtD \ GH KLVWRULDGHODFXOWXUDGH'LWWPHU.U|HEHU/RZLH%LU NHW6PLWK/DYLRVD=DPERWWL+HUNRYLWV0RQWDQGRQ %LDVVXWLH,PEHOORQL$FRQWLQXDFLyQUHSDVDPX\EUH YHPHQWHDOJXQRVWH[WRVGHSUHKLVWRULDKLVWRULDGHODU WHSUHKLVWyULFR\GHKLVWRULDGHODUWHHQJHQHUDOHQWUH ORVTXHFLWDDVXDGPLUDGRDXQTXHPDU[LVWD*RUGRQ &KLOGH  ¢< TXp RFXUUH FRQ ORV FRQWHQLGRV" 5HDOPHQWH 6DQ9DOHURVLHVTXHIXHHOHGLWRUGHODREUDOHKL]R XQIODFRIDYRUDVXPDHVWURFRQHVWDSXEOLFDFLyQ,Q FOXVRVLGHMDPRVIXHUDFXDOTXLHUDWLVERGHLQWHUSUHWD FLyQ SUHVHQWLVWD HVWRV DSXQWHV UHVXOWDQ FLHUWDPHQWH FRQIXVRV\FDVLGLVSDUDWDGRVHQQRSRFRVFDVRVVREUH WRGR HQ ORV SiUUDIRV LQWURGXFWRULRV GHGLFDGRV D SUH VHQWDUORVRUtJHQHVGHODKXPDQLGDGDXQVXSRQLHQGR TXHIXHUDQUHGDFWDGRVRULJLQDOPHQWHHQVXVSULPHUDV YHUVLRQHVHQORVDxRV&LHUWDPHQWHHOWH[WRPHMR UDDOPHQRVHQFXDQWRDODIRUPDFXDQGRVHLQWURGX FHGHOOHQRHQHOHVWXGLRGHODUWHSUHKLVWyULFRDXQTXH QR SRGHPRV YDORUDU GHELGDPHQWH VXV DILUPDFLRQHV 3RUVXSXHVWRORVWUDGLFLRQDOHVFLFORVFXOWXUDOHVHVWiQ VLHPSUHSUHVHQWHVSDUDH[SOLFDUHOGHVDUUROORGHODKX PDQLGDG OD GLYHUVLGDG GH FXOWXUDV IRUPDV GH DUWH HWFHQVXVPiVRPHQRVFOiVLFDVDFHSFLRQHV³DUWHSUL PLJHQLR´³FLFORGHOERRPHUDQJ´³PXQGRGHOWyWHP´ ³FLFORPDWULDUFDO´³FLFORDUWtVWLFRKLSHUEyUHR´³SXH EORVSDWULDUFDOHV´HWFHWF(VWRQRHVREVWiFXORVLQ HPEDUJRSDUDUHLYLQGLFDUHQQXPHURVDVRFDVLRQHVOD ILJXUD\ODREUDGHOPHQFLRQDGR*RUGRQ&KLOGH  &RQWRGRFRQYLHQHFLWDUORVSiUUDIRVFRQORVTXH 6DQWD2ODOOD GHILQH VX DFWLYLGDG \ OD GH VX JUXSR GH LQYHVWLJDFLyQHQHOiPELWRGHODKLVWRULDSULPLWLYD

 &RQWRGRVHVWRVHOHPHQWRV>ODVGLYHUVDVWUDGLFLRQHVGH HVWXGLRVVREUHHODUWHSUHKLVWyULFRODEDVHHWQROyJLFDGH OD (VFXHOD GH 9LHQD \ HO HQIRTXH HFRQyPLFRVRFLDO GH *RUGRQ &KLOGH@ VXUJH HQ0DGULGODHVFXHODGHKLVWRULD SULPLWLYD GH 6DQWDRODOOD >VLF@ 6DQ 9DOHUR $ORQVR GHO 5HDO7XULDHWFSODQWHDQGRWDPELpQFRPREDVHGHWRGD UHFRQVWUXFFLyQGHKLVWRULD>VLF@ORDQLPROyJLFRVRFLDO\ HFRQyPLFR  >@/DDQLPRORJtDSDVDDVHUODEDVHIXQGDPHQWDOGH HVWRVHVWXGLRV\VXREMHWRHVHQFLDOSDUWLHQGRGHODWHF QRORJtD  (QHOHVTXHPDSDOHWQROyJLFRGH6DQWDRODOODVHGDHVWH YLUDMH\VHSRQHFRPREDVHGHHVWRVHVWXGLRVODHFRQR PtD HWQROyJLFD >VHUi HWQRORJtD@ VRFLRORJtD \ DQLPROR JtD SDUD UHFRQVWUXLU QXHVWUD KLVWRULD SULPLWLYD 0WH] 6DQWD2ODOOD 

 (QUHVXPHQSDUD6DQWD2ODOODODHWQRORJtD²YLV WDGHVGHXQDSHFXOLDUySWLFDKLVWyULFRFXOWXUDOFRQIDO VRV ULEHWHV PDWHULDOLVWDV² UHVXOWD WHyULFDPHQWH LP SUHVFLQGLEOHSDUDHQPDUFDUHOHVWXGLRGHODVPDQLIHV WDFLRQHV FXOWXUDOHV GH OD KXPDQLGDG (Q OD SUiFWLFD VLQHPEDUJRODLQYHVWLJDFLyQHWQROyJLFDTXHGDDQXOD GD IUHQWH D OD DFWLYLGDG DUTXHROyJLFD )UHQWH D HVWD VLWXDFLyQ HV REYLR TXH OD HWQRORJtD TXH VH HVWXGLDUD ²VL HV TXH VH KDFtD HQ UHDOLGDG² HQ OD FiWHGUD \ HO 6HPLQDULRGH+LVWRULD3ULPLWLYDGHO+RPEUHGHEtDGH VHUXQVRPHURUHSDVRHWQRJUiILFREDVDGRHQODPHWR GRORJtDGHORV³FLFORVFXOWXUDOHV´HPSOHiQGRVHVHJX UDPHQWH XQD IRUPD PiV R PHQRV GHSXUDGDGHDQDOR JtDRGHPHUDWUDVSRVLFLyQHWQRJUiILFDSDUDVXDSOL FDFLyQHQHOFRQWH[WRDUTXHROyJLFR3HVHDWRGRORGL FKR HO UHFXUVR GH 6DQWD2ODOOD D ODV LQWHUSUHWDFLRQHV HWQROyJLFDVGHOD(VFXHODGH9LHQDGHEtDGHVHUPX\ OLPLWDGR HQ VX SUiFWLFD GRFHQWH UHGXFLpQGRVH TXL]iV DO iPELWR LQWURGXFWRULR GHO HVWXGLR GH OD KXPDQLGDG 'HKHFKRHQVXVWUDEDMRVDUTXHROyJLFRVQRSRGHPRV UDVWUHDU DSUR[LPDFLRQHV GH FDUiFWHU SURSLDPHQWH KLV WyULFRFXOWXUDO(QVX(VTXHPDSDOHWQROyJLFRGHOD3H QtQVXOD+LVSiQLFDWHPSUDQDREUDGHVtQWHVLVVHKDEOD FRQVWDQWHPHQWHGHLQYDVLRQHVROHDGDV\SURFHVRVSH URQRVHSXHGHGHFLUTXHVHDSOLTXHFRPRWDOHOPRGH ORGHORVFLFORVFXOWXUDOHV3RURWURODGROD~QLFDUHIH UHQFLDDODHWQRORJtDHQGLFKDREUDSS\ HV DEVROXWDPHQWHYDJD  

 /$e32&$'(0$57Ë1$/0$*52 %$6&+ /$(712/2*Ë$ (1/263/$1(6'((678',2'( < 

 &RPRKHPRVFRPSUREDGRHQORVDSDUWDGRVDQWH ULRUHV OD H[LVWHQFLD GH XQD DVLJQDWXUD GHQRPLQDGD ³+LVWRULD3ULPLWLYDGHO+RPEUH´HQOD)DFXOWDGGH)L ORVRItD\/HWUDVQRVXSRQHHQQLQJ~QFDVRTXHH[LVWD GRFHQFLD RILFLDO GH HWQRORJtD HQ OD 8QLYHUVLGDG GH 0DGULG 6HUi HQ HO QXHYR SODQ GH HVWXGLRV GH OD )D



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

FXOWDGGH)LORVRItD\/HWUDVDSUREDGRHQGRQGH DSDUH]FDSRUYH]SULPHUDXQDDVLJQDWXUDGH³(WQROR JtD´FRQHVWDFRQFUHWDGHQRPLQDFLyQ  $OSDUHFHUHOUHVSRQVDEOHGLUHFWRGHVXLQWURGXF FLyQIXHHOSUHKLVWRULDGRUFDWDOiQ/3HULFRWVHJ~QQD UUDpOPLVPRHQXQLQWHUHVDQWHDUWtFXORVREUHOD$VR FLDFLyQ&DWDODQDGH$QWURSRORJtD(WQRORJtD\3UHKLV WRULD3HULFRW 7RGRRFXUULyHQGXUDQWHOD UHXQLyQHQ0DGULGGHOD$VDPEOHD8QLYHUVLWDULDTXH GHEtDSODQWHDUXQDUHIRUPDSURIXQGDHQORVSODQHVGH HVWXGLRGHODVIDFXOWDGHVGHILORVRItD\OHWUDV(UDHQ WRQFHVPLQLVWURGH³(GXFDFLyQ1DFLRQDO´-RDTXtQ5XL] *LPpQH]SURWDJRQLVWDGHFLVLYRGHORVFDPELRVLQWUR GXFLGRVHQHOiPELWRGHOD8QLYHUVLGDG&RPRGHFDQR GHOD)DFXOWDGGH)LORVRItD\/HWUDVGHOD8QLYHUVLGDG GH%DUFHORQD3HULFRWSDUWLFLSyHQODDVDPEOHDGXUDQ WH OD FXDO ³FRQ SULVD FRPR VXHOH RFXUULU HQ WDOHV FD VRVVHUHGDFWyHOSODQQXHYRGHOD)DFXOWDG<HQPL PDQRWXYHODRFDVLyQTXHDSURYHFKp\TXHFRQVLVWLy VLPSOHPHQWHHQDJUHJDUDODOLVWDGHPDWHULDVDSURED GDV SDUD OD VHFFLyQ GH +LVWRULD OD (WQRORJtD WRWDO PHQWHVHSDUDGD\FRQVXHQWHUDSHUVRQDOLGDG´3HULFRW    < DVt VH DSUREy SRU GHFUHWR GH  GH DJRVWR GH SXEOLFDGRHQHO%2(HOGHOPLVPRPHV(O QXHYRSODQFRQVWDUtDGHGRVFXUVRVFRPXQHV\WUHVGH ³OLFHQFLDWXUD HVSHFLDOL]DGD´ FRUUHVSRQGLHQWHV D ODV GLVWLQWDVVHFFLRQHVGHODIDFXOWDG(UDHQOD6HFFLyQGH +LVWRULDHQODTXHVHLQFOXtDHQWUHODVPDWHULDV³EiVL FDV´ODDVLJQDWXUDGH³(WQRORJtD´HQHOPLVPRSODQR GHLJXDOGDGTXHODGH³3UHKLVWRULD´TXHWDPELpQDSD UHFH DKRUD GH IRUPD LQGHSHQGLHQWH FRQ WDO GHQRPL QDFLyQGHVDSDUHFLHQGRODDQWLJXDDVLJQDWXUDGH³+LV WRULD3ULPLWLYDGHO+RPEUH´  6LQ HPEDUJR \ FRPR HO PLVPR 3HULFRW VHxDOD QR IXHURQ SRFDV ODV IDFXOWDGHV TXH RSWDURQ SRU XQLU HWQRORJtD \ SUHKLVWRULD VXERUGLQDQGR OD SULPHUD D OD VHJXQGD(QUHDOLGDGQRSDUHFHTXHKXELHUDRWUDRS FLyQ 1R KDEtD GRFHQWHV ²DXQTXH SRGtD KDEHUVH LQ FRUSRUDGRDPiVGHXQLQYHVWLJDGRUDMHQRDODXQLYHU VLGDG² TXH SXGLHUDQ KDFHUVH FDUJR GH OD DVLJQDWXUD GHVGHXQFRQWH[WRHVWULFWDPHQWHHWQROyJLFRRDQWURSR OyJLFR/D~QLFDYLQFXODFLyQTXHKDEtDH[LVWLGRKDVWD HQWRQFHV²DOPDUJHQGHOFRQWH[WRDPHULFDQLVWD²HUD FRQODSUHKLVWRULDHVGHFLUFRQOD³KLVWRULDSULPLWLYD GHOKRPEUH´\IXHHVWDFiWHGUDODTXHDVXPLyODGR FHQFLDGHODHWQRORJtDSRUORTXHORVUHVSRQVDEOHVGH ODPLVPDIXHURQFDVLVLQH[FHSFLyQSUHKLVWRULDGRUHV  3RURUGHQGHGHPDU]RGHVHDSUREyHO QXHYRSODQGHHVWXGLRVGHOD³OLFHQFLDWXUDHVSHFLDOL]D GD´HQOD6HFFLyQGH+LVWRULDGHOD)DFXOWDGGH)LOR VRItD\/HWUDVGHOD8QLYHUVLGDGGH0DGULG6LJXLHQGR ORGLFWDGRSRUHOGHFUHWRGHGXUDQWHHOWHUFHUFXU VR GH OD OLFHQFLDWXUD ²SULPHUR GH OD HVSHFLDOLGDG² VH KDEtDQ GH FXUVDU ODV DVLJQDWXUDV GH ³(WQRORJtD´ \ ³3UHKLVWRULD´ FRQ XQD FDUJD OHFWLYD GH GRV KRUDV VH





PDQDOHV FDGD XQD (Q DTXHO SUHFLVR PRPHQWR \ HQ DTXHOODFRQFUHWDVLWXDFLyQODHWQRORJtDVHHQFRQWUDED WHyULFDPHQWH DO PLVPR QLYHO TXH OD SUHKLVWRULD DXQ TXHHQODSUiFWLFDQRIXHUDDVt'HKDEpUVHORSURSXHV WRDOJXLHQSRGtDKDEHUVHGHVDUUROODGRGHIRUPDSDUD OHOD RFRPRIXHUHXQDDFWLYLGDGFLHQWtILFD\GRFHQWH HQHOiPELWRGHODHWQRORJtDHQXQSODQRGHLJXDOGDG \ QR GH VXERUGLQDFLyQ IUHQWH D OD SUHKLVWRULD 3HUR WDPELpQHVYHUGDGTXHVLRSWDPRVSRUXQDLQWHUSUHWD FLyQ PHQRV LQJHQXD OR TXH RFXUULy IXH TXH ORV SUH KLVWRULDGRUHV TXL]iV HO PLVPR 3HULFRW VH OR SODQWHy DVtORJUDURQFRQODLQWURGXFFLyQGHODPDWHULDHWQROy JLFDHQORVSODQHVGHHVWXGLRHOFRQWUROFRPSOHWRVR EUHODPLVPDGXUDQWHFDVLWUHVGpFDGDV  /DSXHVWDHQPDUFKDGHOQXHYRSODQGHHVWXGLRV FRLQFLGHSXQWXDOPHQWHHQOD8QLYHUVLGDGGH0DGULG FRQHOGUiVWLFRFDPELRTXHVXSRQHODVDOLGDGHODFiWH GUDGH+LVWRULD3ULPLWLYDGH6DQWD2ODOOD\ODHQWUDGD GH$OPDJUR%DVFK  (OFRQFXUVRRSRVLFLyQSDUDFXEULUODKDVWDHQWRQ FHVYDFDQWH\QRGRWDGDFiWHGUDGH+LVWRULD3ULPLWLYD WXYROXJDUHQ&RPRHQRWUDVRFDVLRQHVDQWHULR UHV \ SRVWHULRUHV HQ ODV TXH SDUWLFLSD 6DQWD2ODOOD HVWHDFWRDFDGpPLFRVHYHURGHDGRGHSROpPLFD3DUH FH TXH VX ~QLFR FRQWULQFDQWH IXH 0DUWtQ $OPDJUR %DVFK\DPERVHUDQ\DSRUHVDVIHFKDVHQHPLJRVLUUH FRQFLOLDEOHV-0*yPH]7DEDQHUD²TXHIXHUDD\X GDQWHGH$OPDJUR²KDRIUHFLGRXQDLQWHUSUHWDFLyQGH HVDRSRVLFLyQXQWDQWRSHFXOLDU$VHJXUDTXH VHJ~QORVHQWHUDGRVQLQJXQRGHORVRSRVLWRUHVHVWXYRD ODDOWXUDGHODVFLUFXQVWDQFLDVSRUORTXHOD&iWHGUDGH ELyGHFODUDUVHGHVLHUWD\YXHOWDDFRQYRFDUHQWXUQRGH FRQFXUVRFRQORTXHUHFDHUtDLQGHIHFWLEOHPHQWHHQHO 3URI 0DUWtQH] 6DQWDRODOOD >VLF@ 1R VXFHGLy WDO SRU HO YRWR GHFLVRULR GHO 3URI &DPyQ $]QDU KLVWRULDGRU GHO DUWH\FRQRFLGRHQVD\LVWDDUDJRQpVFRPR$OPDJURDX WRUGHXQLQYHURVtPLOFHQWyQ/DV$UWHV\ORV3XHEORVGH OD(VSDxD3ULPLWLYD0DGULG(VSDVD&DOSH TXH VHJ~Q ORV RSXVGHtVWDV QHFHVLWDED GH OD DXWRULGDG GH VX FDQGLGDWRDVLPLVPRFRODERUDGRUGH(VSDVD&DOSHSDUD TXH HO OLEUR GH &DPyQ QR IXHUD PDOWUDWDGR $Vt \ SRU H[WUDxR VLQR GH FRQMXQFLRQHV \ DUUHJORV DFFHGLy D OD &iWHGUDYDFDQWHHO3URI0DUWtQ$OPDJUR%DVFK>@*y PH]7DEDQHUD 

 2EYLDPHQWH QDGD SRGHPRV GHFLU UHVSHFWR D ORV DSR\RV SHUVRQDOHV R D WUDYpV GHO 2SXV 'HL TXH SX GLHUD UHFLELU $OPDJUR 6LQ HPEDUJR OD LPDJHQ TXH QRV SUHVHQWD 7DEDQHUD GH OD RSRVLFLyQ SXHGH QR FR UUHVSRQGHUVH FRQ OD UHDOLGDG (IHFWLYDPHQWH DXQTXH FRPR KHPRV LQGLFDGR HQ QRWD QRVHKDSRGLGRFRQ VXOWDU OD GRFXPHQWDFLyQ TXH VREUH OD PLVPD VH FRQ VHUYDHQHO$UFKLYR*HQHUDOGHOD$GPLQLVWUDFLyQVt TXHKDVLGRSRVLEOHDFFHGHUDODVILFKDVGHODVGLVWLQ WDVRSRVLFLRQHV/DTXHKDFHUHIHUHQFLDDODRSRVLFLyQ DODYDFDQWHFiWHGUDGH+LVWRULD3ULPLWLYDGHO+RPEUH HV~QLFDGHVLQTXHVHPHQFLRQHHQODPLVPD

 

/8,6È1*(/6È1&+(=*Ï0(=

FRPR VH KDFH HQ RWUDV TXH IXHUD GHFODUDGD LQLFLDO PHQWHGHVLHUWD'HFLPRVHVWRSRUTXHVHLQGLFDTXHHO SUHVLGHQWHGHOWULEXQDOIXH)UDQFLVFR6iQFKH]&DQWyQ PLHQWUDV TXH 7DEDQHUD DSXQWD TXH HO SUHVLGHQWH HUD 3HULFRW3RGUtDKDEHUVLGRDTXpOODODSULPHUDFRQYRFD WRULD \ HVWD ~OWLPD OD VHJXQGD SHUR SDUHFH HYLGHQWH TXHQRIXHDVt\DTXHHOSURSLR7DEDQHUDGLFHTXHOD RSRVLFLyQQRIXHGHFODUDGDGHVLHUWD  7DEDQHUD DVHJXUD TXH 3HULFRW FRPR VXSXHVWR SUHVLGHQWH GHO WULEXQDO ²LQVLVWLPRV HQ HO KHFKR GH TXHHOSUHVLGHQWHIXH6iQFKH]&DQWyQVHJ~QODGRFX PHQWDFLyQ GHO $*$² UHFLELy XQ HVFULWR GH 6DQWD 2ODOOD ³GH FRQWHQLGR LQDGPLVLEOH´ 1R VDEHPRV VL HVWRRFXUULyDXQTXHHOKHFKRHQVtDOPDUJHQGHTXH IXHUDRQR3HULFRWHOSUHVLGHQWHELHQSXGRSURGXFLUVH &LHUWDPHQWH HVWDPRV HQ FRQGLFLRQHV GH DILUPDU TXH HVWHPRGRGHSURFHGHUHUDFDUDFWHUtVWLFRGHOSHUVRQDMH HQ FXHVWLyQ FRPR DWHVWLJXDQ RWURV HVFULWRV GLULJLGRV SRU 6DQWD2ODOOD D GLIHUHQWHV DXWRULGDGHV VROLFLWDQGR ODV GLIHUHQWHV FiWHGUDV D ODV TXH VH SUHVHQWy TXH VH FRQVHUYDQ HQ VX H[SHGLHQWH SHUVRQDO HQ $OFDOi GH +HQDUHV6tWHQHPRVQRWLFLDGHXQHVFULWRTXHVROLFLWD FDVLH[LJHHOQRPEUDPLHQWRGH6DQWD2ODOODHQYLDGR DO'LUHFWRU*HQHUDOGH(QVHxDQ]D8QLYHUVLWDULDHQHO PHVGHMXQLRGHHQIHFKDVSUHYLDVDODFHOHEUD FLyQ GH OD RSRVLFLyQ HVFULWR TXH FRPR SXHGH VXSR QHUVHFDXVyXQDSpVLPDLPSUHVLyQHQWUHODVDXWRULGD GHVPLQLVWHULDOHV\XQLYHUVLWDULDV  6HDFXDOIXHUHHOFRQWH[WRHQHOTXHVHGHVDUUROOy OD RSRVLFLyQ $OPDJUR VH LPSXVR FRQ WRGR PHUHFL PLHQWR2EYLDPHQWH6DQWD2ODOODUHFXUULy
H[WHQVLyQ´GHODFiWHGUD\³D\XGDQWHGHFODVHVSUiFWL FDV´RUGHQPLQLVWHULDOGHGHPDU]RGH &RQ FUHWDPHQWH GHVDUUROOD VX DFWLYLGDG GRFHQWH GHVGH HO FXUVRGHKDVWDHOGH(QORVGRVFXU VRVVLJXLHQWHVODDVLJQDWXUDGH³(WQRORJtD´HVLPSDU WLGDSRUHOSURSLR$OPDJUR  'XUDQWHHVWRVDxRV ²VHJXQGDPLWDGGHORVFLQ FXHQWD\FDVLWRGRVORVVHVHQWD²ODHWQRORJtDYLYHXQ SHUtRGRTXHVXSRQHPRVQRIXHIiFLO$XQTXHKDFRQ VHJXLGR LQWURGXFLUVH FRPR DVLJQDWXUD LQGHSHQGLHQWH HQ OD SUiFWLFD HVWi FRPSOHWDPHQWH DO VHUYLFLR GH OD SUHKLVWRULD\VXVGRFHQWHVVRQWRGRVSUHKLVWRULDGRUHV (V FLHUWR TXH *yPH]7DEDQHUD HV XQ SHUVRQDMH FRQ XQRVLQWHUHVHVPDUFDGDPHQWHPXOWLGLVFLSOLQDUHVSHUR ODUHDOLGDGHVTXHVXSUHRFXSDFLyQSRUODVFLHQFLDVDQ WURSROyJLFDVHVDQWHWRGRKLVWRULRJUiILFDVLQTXHHOOR OHLPSLGDDFHUFDUVHDRWURVFRQWH[WRVVREUHWRGRHQHO iPELWRGHOIRONORUH  /DVLWXDFLyQQRHVSRUWDQWREXHQD3RURWUROD GRVL6DQWD2ODOODPRVWUDEDXQLQWHUpVPiVRPHQRV SHFXOLDUSRUODHWQRORJtDHQHOFDVRGH$OPDJUR%DVFK UHVXOWDREYLRTXHVXYLQFXODFLyQLQYHVWLJDGRUDFRQHO iPELWR HWQROyJLFR HV SUiFWLFDPHQWH QXOD DXQTXH HV HYLGHQWHTXHDSR\DVXGRFHQFLD/RVPX\SHUVRQDOHV \VLQJXODUHVLQWHUHVHV³QHRHWQROyJLFRV´GH6DQWD2OD OODGHVDSDUHFHQ8QSULPHUGDWRVLJQLILFDWLYRGHOFDP ELR GH UXPER VH REVHUYD \D HQ OD SURSLD GHQRPLQD FLyQGHODFiWHGUDTXHSDVDDVHUGH³+LVWRULD3ULPLWL YDGHO+RPEUH3UHKLVWRULD´FRPR\DKHPRVYLVWR0iV DGHODQWHFRQHOQXHYRSODQGHODFiWHGUDVHGH QRPLQD GH ³3UHKLVWRULD \ (WQRORJtD´ SHUR WDPSRFR YDDVHUYLUGHPXFKRHVWHDSDUHQWHFDPELRSRVLWLYR  7DOHVWDGRGHFRVDVQRSRGtDIDYRUHFHUHQPRGR DOJXQR D QXHVWUD GLVFLSOLQD &LHUWR HV TXH QR SDUHFtD KDEHU PXFKDV YRFHV TXH GHQXQFLDUDQ OD SRVWUDGD VL WXDFLyQ GH ORV HVWXGLRV HWQROyJLFRV HQ OD 6HFFLyQ GH +LVWRULD\DTXHODVLWXDFLyQGHOD6HFFLyQGH+LVWRULD GH$PpULFDHUDPX\GLIHUHQWH6LQHPEDUJRHQ 3/DtQ(QWUDOJRSXEOLFDEDHQ&XDGHUQRVSDUDHOGLi ORJRXQHVFODUHFHGRUDUWtFXORVREUH³/RTXHVHHQVHxD \QRVHHQVHxDHQOD8QLYHUVLGDGHVSDxROD´HQHOTXH SODQWHDEDHQWUHRWURVPXFKRVLQWHUURJDQWHV\SURSXHV WDVORVLJXLHQWH³¢3RUTXpOD(WQRORJtDR$QWURSROR JtDFXOWXUDOFRPRTXLHUDOODPiUVHODQRWLHQHHQQXHV WUD 8QLYHUVLGDG XQD FiWHGUD" ¢3XHGH DGXFLUVH FRPR UD]yQODHVFDVDLPSRUWDQFLDGHHVWDGLVFLSOLQDRODFD UHQFLDGHSRVLEOHVWLWXODUHVHVWDQGRDKt&DUR%DURMDR (VWHYD)DEUHJDW"´/DtQ(QWUDOJR   )XHSUHFLVDPHQWH&ODXGLR(VWHYDTXLHQGHVFULELy D OD SHUIHFFLyQ ²DXQTXH FRQ IDUUDJRVD UHGDFFLyQ² OD VLWXDFLyQ HQ TXH VH HQFRQWUDED OD HWQRORJtD HQ OD (VSDxDGHILQDOHVGHORVWDQWRHQHOiPELWRXQLYHU VLWDULR FRPR HQ HO FRQWH[WR JHQHUDO GH OD LQYHVWLJD FLyQFLHQWtILFDGHOSDtV(VWHYD (OGLDJQyVWLFR HUD UHODWLYDPHQWH VLPSOH VX YLQFXODFLyQ FRQ OD SUH KLVWRULDHQODVIDFXOWDGHVGHILORVRItD\OHWUDVKDEtDUH



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

VXOWDGR QHIDVWD HUD QHFHVDULD OD FUHDFLyQ GH GHSDUWD PHQWRVDXWyQRPRVGHHWQRORJtD  3HVH D WRGR QDGD YD D FDPELDU GXUDQWH ORV VL JXLHQWHV DxRV $XQTXHDOJXQRVSURIHVRUHVGHSUHKLV WRULD VH LQWHUHVDQ SRU OD HWQRORJtD \ SRQHQ PD\RU R PHQRUHPSHxRHQVXGRFHQFLDHQQLQJ~QPRPHQWRVH KDFHQFDUJRGHODDVLJQDWXUDYHUGDGHURVHWQyORJRV(V FLHUWR TXH QR SRGtD KDEHUORV FRQ XQ HVWULFWR FDUiFWHU DFDGpPLFR\DTXHQRKDEtDKDELGROXJDUSDUDVXIRU PDFLyQ SUHYLD ²VDOYR HQ HO H[WUDQMHUR² SHUR QXH YDPHQWHUHLWHUDPRVTXHVtGLVSRQtDPRVGHHWQyORJRV TXH FDEUtD GHILQLU FRPR ³SURIHVLRQDOHV´ IXHUD GH OD XQLYHUVLGDG  1RPHMRUDODVLWXDFLyQFRQODUHIRUPDGHOSODQGH HVWXGLRVGHRUGHQGHGHRFWXEUHSXEOLFDGDHQ HO%2(HOGHQRYLHPEUH PiVELHQHPSHRUD6HJ~Q GLFKRSODQODDVLJQDWXUDGH³(WQRORJtD´DSDUHFH~QLFD PHQWHFRPRRSWDWLYDHQODVHVSHFLDOLGDGHVGH+LVWRULD $QWLJXD \ *HRJUDItD SHUWHQHFLHQWHV D OD 6HFFLyQ GH +LVWRULD\*HRJUDItDGHOD)DFXOWDGGH)LORVRItD\/H WUDVGHOD8QLYHUVLGDGGH0DGULG/DGH³3UHKLVWRULD´ VLQHPEDUJRWLHQHFDUiFWHUREOLJDWRULRSDUDWRGDODVHF FLyQ8QDxRDQWHVHQVHKDEtDRUJDQL]DGRODDF WXDOHVWUXFWXUDGHSDUWDPHQWDOSRUORTXHODHWQRORJtD TXHGDEDLQWHJUDGDHQHO'HSDUWDPHQWRGH3UHKLVWRULD  /RVDxRVVHWHQWDVXSRQHQXQDHWDSDGHFODURHV WDQFDPLHQWR SDUD OD GRFHQFLD GH OD HWQRORJtD HQ HVWH GHSDUWDPHQWR (V HQWRQFHV FXDQGR VH FRQVROLGD VX FRQVLGHUDFLyQ GH DVLJQDWXUD ³PDUtD´ HQWUH ORV HVWX GLDQWHV DXQTXH \D HQ SDUWH YHQtD DUUDVWUiQGRVH GH WLHPSRDWUiV  8QD GpELO OX] GHPDVLDGR GpELO TXL]iV YLHQH D LOXPLQDUDQXHVWUDGLVFLSOLQDDSDUWLUGH&RQIH FKDGHDEULOGH%2(GHDJRVWR XQDRU GHQPLQLVWHULDODSUXHEDHOSODQGHHVWXGLRVGHVHJXQ GRFLFORGHOD)DFXOWDGGH*HRJUDItDH+LVWRULD²KD EtDGHVDSDUHFLGRODGH)LORVRItD\/HWUDV²TXHLQFOX \HHQHOTXLQWRFXUVRGHODHVSHFLDOLGDGGH3UHKLVWR ULDODDVLJQDWXUDGH³(WQRORJtDGHOD3HQtQVXOD,EpUL FD´1RDSDUHFHWRGDYtDODGH³0HWRGRORJtDGHODLQ YHVWLJDFLyQ DUTXHROyJLFD \ HWQROyJLFD´ TXH VH LQWUR GXFHSRFRGHVSXpV1RREVWDQWHHQODGRFHQFLDGHHV WD ~OWLPD QR VH KD SDVDGR QXQFD GH OD SULPHUD SDUWH GHOWHPDULRODUHIHULGDDODDUTXHRORJtD  ,QLFLDOPHQWHHOQXHYRSODQGHHVWXGLRVGH QRLQFOXtDHQVXSULPHUFLFORDVLJQDWXUDDOJXQDGHHW QRORJtD6LQHPEDUJRFRQIHFKDGHVHSWLHPEUHGH HVHPLVPRDxR%2(GHGHQRYLHPEUH VHLQWURGX FtDXQDPRGLILFDFLyQHQHOPLVPRGDQGRFDELGDDOD DVLJQDWXUDGH³(WQRORJtD´FRPRRSWDWLYDHQHOVHJXQ GR FXUVR GH OD OLFHQFLDWXUD (Q UHDOLGDG VX FDUiFWHU RSFLRQDOHUDVyORUHODWLYR\DTXHVHFRQYHUWtDHQREOL JDWRULDSDUDWRGRVDTXHOORVDOXPQRVTXHGHVHDUDQFXU VDUHVSHFLDOLGDGHVGHOD6HFFLyQGH+LVWRULD  $SDUWLUGHODHWQRORJtDKDFRQWDGRSXHVFRQ GRV DVLJQDWXUDV HVWDEOHV XQD HQ SULPHU FLFOR ²³(W





QRORJtD´²FRP~QSDUDWRGRVORVHVWXGLDQWHVGHKLV WRULDH[FHSWRORVGHKLVWRULDGHODUWH\RWUDHQVHJXQ GRFLFOR²³(WQRORJtDGHOD3HQtQVXOD,EpULFD´²FLU FXQVFULWD~QLFDPHQWHDTXLHQHVFXUVDUDQODHVSHFLDOL GDGGH3UHKLVWRULD$HVWDFLUFXQVWDQFLDUHODWLYDPHQWH IDYRUDEOHVHXQHHOKHFKRGHTXHGHVGHILQDOHVGHORV VHWHQWDVHRFXSDQGHODGRFHQFLDGHODHWQRORJtDDOJX QRVSURIHVRUHVQRSUHKLVWRULDGRUHVVLHPSUHQRQXPH UDULRVORTXHSHUPLWHGRWDUDQXHVWUDGLVFLSOLQDGHXQD PtQLPD SUHVHQFLD GHSDUWDPHQWDO +DEUi TXH HVSHUDU KDVWDSDUDHQFRQWUDUODSULPHUDWLWXODULGDGHVSH FtILFDGHHWQRORJtDHQHOGHSDUWDPHQWR  

 9$/25$&,Ï1),1$/ 

 &RPRKHPRVSRGLGRFRPSUREDUODVLWXDFLyQGH ORVHVWXGLRVHWQROyJLFRVHQOD)DFXOWDGGH*HRJUDItDH +LVWRULD DQWHV GH )LORVRItD \ /HWUDV GH OD 8QLYHUVL GDG&RPSOXWHQVHQRKDVLGRUHDOPHQWHPX\IDYRUDEOH \ SRU VXSXHVWR HO HQFDX]DPLHQWR GH ORV PRGHUQRV HVWXGLRVGHDQWURSRORJtDVRFLDO²pVWDIXHODGHQRPL QDFLyQHOHJLGD²DWUDYpVGHOD)DFXOWDGGH6RFLRORJtD QRKL]RVLQRHPSHRUDUWDOHVWDGRGHFRVDV'HVGHOXH JRHVPX\GLVWLQWDODVLWXDFLyQHQRWUDVXQLYHUVLGDGHV GHOSDtVHQODVTXHORVHVWXGLRVGHHWQRORJtDRDQWUR SRORJtDFXOWXUDOVHKDQLQVHUWDGRHQIDFXOWDGHVGHKLV WRULD < pVWD HV SUHFLVDPHQWH XQD GH ODV FODYHV GHO SUREOHPD QR WLHQH VHQWLGR QL MXVWLILFDFLyQ FLHQWtILFD DOJXQDYLQFXODUODHWQRORJtDRODDQWURSRORJtDH[FOXVL YDPHQWH DO FRQWH[WR VRFLROyJLFR ROYLGDQGR VX REYLD LQWHJUDFLyQFRQODKLVWRULD+DFHUORDVtVXSRQHFRQFH ELUODDQWURSRORJtDRODHWQRORJtDH[FOXVLYDPHQWHFR PR XQD DQWURSRORJtD VRFLDO FRQ XQ VHQWLGR PDUFDGD PHQWHUHGXFFLRQLVWDWDQWRHQVXREMHWRGHHVWXGLRFR PR HQ VX SURSLD RULHQWDFLyQ FLHQWtILFD $O PLVPR WLHPSRXQDOLFHQFLDWXUDHQKLVWRULDQRSXHGHSUHVFLQ GLU HQ QLQJ~Q PRGR GH OD HWQRORJtD \ WDPSRFR GHEH OLPLWDUVH D FRQVHUYDU OD DFWXDO RUJDQL]DFLyQ GH ODV DVLJQDWXUDV(QHVWHVHQWLGRHOQXHYRSODQGHHVWXGLRV GHOD/LFHQFLDWXUDHQ+LVWRULDHOGHQRKDDSRU WDGRDYDQFHVVLJQLILFDWLYRV3RUXQODGR\HVWRHVDO JRPX\QHJDWLYRKDVXSXHVWRODUHGXFFLyQGHODFDUJD GRFHQWHGHHVWDPDWHULD\DTXHODVDQWLJXDVDVLJQDWX UDVGH³(WQRORJtD´\³(WQRORJtDGHOD3HQtQVXOD,EpUL FD´GHFDUiFWHUDQXDOKDQSDVDGRDVHUFXDWULPHVWUD OHV3RURWURVHFUHyXQDQXHYDDVLJQDWXUDGH³+LVWR ULD GHO SHQVDPLHQWR HWQROyJLFR´ $O PLVPR WLHPSR UHVXOWDIDYRUDEOHHOKHFKRGHTXHWRGDVHVWDVDVLJQDWX UDV SXHGDQ VHU FXUVDGDV SRU WRGRV ORV DOXPQRV GH OD OLFHQFLDWXUD VDOLHQGR GHO iPELWR HVWULFWR GHORVHVWX GLRVSUHKLVWyULFRV(VWDFLUFXQVWDQFLDXQLGDDODSRVL ELOLGDG GH FXUVDU RWUDV DVLJQDWXUDV GH RULHQWDFLyQ HW QROyJLFD\DQWURSROyJLFDRIHUWDGDVSRURWURVGHSDUWD PHQWRVKDFHSRVLEOHTXHHODOXPQRGHODOLFHQFLDWXUD SXHGDGLVSRQHUGHXQDRIHUWDEiVLFDDXQTXHD~QPX\

 

/8,6È1*(/6È1&+(=*Ï0(=

HVFDVDGHHVWXGLRVHWQROyJLFRV/DPHQWDEOHPHQWHOD UHIRUPDGHOSODQGHHQFDPLQDGDDODUHGXFFLyQ GHO Q~PHUR GH DVLJQDWXUDV TXH VH KDQ GH FXUVDU KD VXSXHVWR SUHFLVDPHQWH OD GHVDSDULFLyQ GH XQD GH ODV DVLJQDWXUDV FXDWULPHVWUDOHV GH HWQRORJtD LPSDUWLGDV

SRUHO'HSDUWDPHQWRGH3UHKLVWRULD/DHWQRORJtD²SH UR WDPELpQ OD KLVWRULD GH OD FLHQFLD \ OD GH OD ILORVR ItD²VLJXHHVWDQGRPX\OHMRVGHRFXSDUHOOXJDUTXH OHFRUUHVSRQGHHQOD)DFXOWDGGH*HRJUDItDH+LVWRULD GHOD8QLYHUVLGDG&RPSOXWHQVH

127$6  8QDSULPHUD\EUHYHYHUVLyQGHOWH[WRIXHSUHVHQWDGDHQHOVLPSR VLR³DxRVGH3UHKLVWRULDHQOD8QLYHUVLGDG&RPSOXWHQVHGH0D GULG+XJR2EHUPDLHU\ODFUHDFLyQGHOD&iWHGUDGH+LVWRULD3UL  PLWLYDGHO+RPEUH´RUJDQL]DGRSRUHO'HSDUWDPHQWRGH3UHKLVW R ULD\FHOHEUDGRHQOD)DFXOWDGGH*HRJUDItDH+LVWRULDGHGLFKDXQL YHUVLGDGHQQRYLHPEUHGH   'tD]$QGUHX D  RIUHFH XQ SDQRUDPD JHQHUDO GHO GHVDUUROOR GHODDUTXHRORJtDHQ(VSDxDGXUDQWHHOSULPHUWHUFLRGHOVLJOR;;    /D 5HDO 2UGHQ GH  GH HQHUR GH  TXH GD LQLFLR D WRGR HO SURFHVRKDFtDUHIHUHQFLDDODFUHDFLyQGHXQD³FiWHGUDGH3UHKLVWR ULD´VLQPiV  (VWHGDWRTXHGDUHFRJLGRHQOD0HPRULD(VWDGtVWLFDGHOD8QLYHU VLGDGGH0DGULGFRUUHVSRQGLHQWHDFXUVRHQHOTXHDSDUH FHSRUYH]SULPHUDODDVLJQDWXUDGH+LVWRULD3ULPLWLYDGHO+RPEUH 1R VH UHJLVWUD VLQ HPEDUJR HQ OD PHPRULD GHO FXUVR DQW HULRU 6H KDQ FRQVXOWDGR GLFKDV PHPRULDV HQ HO $UFKLYR GH OD 8QLYHUVLGDG &RPSOXWHQVH H[LVWHQ HMHPSODUHV LJXDOPHQWH HQ OD %LEOLRWHFD 1D FLRQDO  /DYLQFXODFLyQGHOD6($(3IXQGDGDHQ FRQOD&iWHGUD\ HO 6HPLQDULR GH +LVWRULD 3ULPLWLYD YD D VHU LQWHQVD QR ROYLG HPRV TXH WDQWR 2EHUPDLHU FRPR 6DQWD2ODOOD VRQ VRFLRV GHVGH IHFKD WHPSUDQD3HURHVDYLQFXODFLyQHVD~QPiVIXHUWHGHVGHKDVWD OD GHVDSDULFLyQ GH OD 6RFLHGDG HQ  SHULRGR GXUDQWH HO FXDO RFXSD OD VHFUHWDUtD GH OD PLVPD 6DQWD2ODOOD $GHPiV KHPRV GH PHQFLRQDUTXHHOWUHPHQGRFRQIOLFWRVXUJLGRHQHQWUHpVWH\ -RVp 3pUH] GH %DUUDGDV GLUHFWRU GHO 0XVHR $QWURSROyJLFR GRQGH WHQtDVXVHGHOD6RFLHGDGKL]RTXHpVWDWUDVODGDUDVXVUHXQLRQHVD ORVORFDOHVGHOVHPLQDULRHQOD&LXGDG8QLYHUVLWDULDDOPHQRVGHV GH'HKHFKRHQHVH~OWLPRDxRODVRFLHGDGUHQXHYDVXVHVWD WXWRV \ VHxDODHQVXDUWtFXORTXH³(QFDVRGHGLVROXFLyQORV ELHQHV \ YDORUHV GH OD 6RFLHGDG SDVDUiQ DO 6HPLQDULR GH +LVWRULD 3ULPLWLYDGHO+RPEUHRHQVXGHIHFWRDOD)DFXOWDGGH)LORVRItD\ /HWUDVGHOD8QLYHUVLGDGGH0DGULG´(QORVDQWLJXRVHVWDWXWRVVH GHVLJQDED FRPR EHQHILFLDULR DO 0XVHR $QWURSROyJLFR 6iQFKH] *yPH]    (Q HVH PLVPR FXUVR DFDGpPLFR HO Q~PHUR GH PDWUtFXODV HQ ODV UHVWDQWHV DVLJQDWXUDV GH GRFWRUDGR HQ OD 6HFFLyQ GH +LVWRULD GH OD )DFXOWDGGH)LORVRItD\/HWUDVHVHOVLJXLHQWH+LVWRULDGH$PpULFD +LVWRULDGHO$UWH$UTXHRORJtDDUiELJD 6RFLRORJtD +LVWRULD GH ODV LQVWLWXFLRQHV SROtWLFDV \ FLYLOHV GH $PpULFD  (O Q~PHURWRWDOGHDOXPQRVGHODIDFXOWDGHVGHGHORVTXH VRQKRPEUHV\PXMHUHV  (OSURJUDPDIHFKDGRHQVHJXDUGDHQODFDMD' GHO$U FKLYRGHOD8QLYHUVLGDG&RPSOXWHQVH-XQWRDHVHHMHPSODUVHFRQ VHUYDQRWURVGRVPiVVLQIHFKDGHLGpQWLFRFRQWHQLGR  6HJ~QVHLQGLFDHQHOPLVPRGHFUHWRODUHIRUPDVHLQVSLUDGLUHF WDPHQWH HQ HO (VWDWXWR GH OD )DFXOWDG GH  TXH QXQFD OOHJy D HQWUDUHQYLJRU  6HKDQFRQVXOWDGRORVHMHPSODUHVHQHO$UFKLYRGHOD8QLYHUVLGDG &RPSOXWHQVH &RPR GDWR DQHFGyWLFR VHxDOHPRV TXH HQ ORV DQXD ULRVGH\ODGLUHFFLyQSDUWLFXODUGH2EHU PDLHUTXHVHLQGLFDHV&$OFDOiQ~PHURžGFKD(QORVFR  UUHVSRQGLHQWHVD\VXUHVLGHQFLDVHVLW~DHQHOQ~ PHURGHOD$YHQLGDGH0HQpQGH]3HOD\R



 'HVFRQRFHPRV HO Q~PHUR GH DOXPQRV TXH FXUVDQ OD DVLJQDWXUD GXUDQWHHOSHULRGRGHYLJHQFLDGHOSODQGHHVWXGLRVGHOD5HS~EOLFD ODGHOD8QLYHUVLGDGGH9DOHQFLD@GHODTXHHVWLWXODUQR KDQVLGRDFRUGDGDVQLGHFODUDGDVODVDQDORJtDVGHGLFKDFiWHGUDD HIHFWRV GH IRUPDFLyQ GH WULEXQDOHV GH RSRVLFLyQ \ FRQFXUVRV \D TXHVLELHQKD\XQDGLVSRVLFLyQGHIHFKDGHPDU]RGH>@ VHUHILHUHH[FOXVLYDPHQWHDODVSHFWRSUHKLVWyULFRGHODVWLWXODGDVGH µ3UHKLVWRULD \ (WQRORJtD¶ 'DGR TXH HO TXH VXVFULEH HV WLWXODU GH µ(WQRORJtD\3UHKLVWRULD¶VXSRQHXQDPD\RUHVSHFLDOL]DFLyQ\G HGL FDFLyQDODVFLHQFLDVHWQROyJLFDV\KD\FiWHGUDVFRQODVFXDOHVWLH QHLQGXGDEOHPHQWHDQDORJtD\UHODFLyQ´<FLWDODVGH$QWURS RORJtD ItVLFD  +LVWRULD GH ODV UHOLJLRQHV +LVWRULD JHQHUDO GH OD FXOWXUD 6RFLRORJtD +LVWRULD SULPLWLYD GHO KRPEUH +LVWRULD GH $PpULFD



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

3UHKLVSiQLFD\$UTXHRORJtD$PHULFDQDH+LVWRULDGHORVGHVFXEUL PLHQWRV JHRJUiILFRV \ JHRJUDItD GH $PpULFD $UFKLYR &HQWUDO GHO 0LQLVWHULR GH (GXFDFLyQ \ &XOWXUD $UFKLYR *HQHUDO GH OD $GPL QLVWUDFLyQFDMD 6XVSHWLFLRQHVQRIXHURQDWHQGLGDV  7RPDPRVHOGDWRGHXQFXDGHUQRGHFXUVRSURSLHGDGGH6DQWD 2ODOODORFDOL]DGRHQWUHHOPDWHULDOIRWRJUiILFRWRGRHOORVLQLQYHQ WDULDUTXHDGTXLULyHO0XVHR$UTXHROyJLFR1DFLRQDOMXQWRFRQODV FROHFFLRQHVDUTXHROyJLFDV\HWQROyJLFDVGHDTXpOHQ6HWUDWD GH XQ SHTXHxR FXDGHUQLOOR DSDLVDGR FRQ PHPEUHWH HQ OD SRUWDGD QRHQODFXELHUWDGHOD)DFXOWDGGH)LORVRItD\/HWUDVGHOD8QLYHU VLGDGGH0DGULG\TXHGHEtDGHVHUXWLOL]DGRSRUORVSURIHVRUHVHQ FDGD XQD GH VXV DVLJQDWXUDV (Q HVWH FDVR VH WUDWD GHO FRUUHVSRQ GLHQWH D ORV ³HVWXGLRV HVSHFLDOHV´ GH +LVWRULD 3ULPLWLYD GHO +RP EUH(QpOVHUHFRJHQORVQRPEUHVGHORVFLWDGRVQXHYHDOXPQRVVLQ QLQJXQD RWUD DQRWDFLyQ DGLFLRQDO TXH VRQ ORV VLJXLHQWHV &RQFHS FLyQ )HUQiQGH]&KLFDUUR GH 'LRV -XOLiQ *LPHQR 0R\D 7ULQLGDG /HGHVPD 5DPRV /HRSROGR 0DUFRV &DOOHMD 0DUtD -RVHID 0DUtQ %RQDFKHUD 3LODU 3pUH] (QFLVR 0DUtD -HV~V 3LFRUQHOO \ GH 6RWR -XDQGHORV5H\HV*DUFtD\0DQXHO6HJXUD\6XiUH],QFOiQ   (Q HVWH ~OWLPR FXUVR 6DQWD2ODOOD LPSDUWH GRV DVLJQDWXUDV PiV SHUWHQHFLHQWHV DO GRFWRUDGR ³+LVWRULD GH ODV UHOLJLRQHV GHÈIULFD´ FRQFXDWURDOXPQRV \³/D(GDGGHO%URQFHHQHOPXQGR\HOSUL PHU LPSHULR KLVSiQLFR´ WUHV DOXPQRV  &XULRVR H LPSHULDO WtWXOR HVWH~OWLPR3RURWUDSDUWHQRKHPRVORFDOL]DGRHODFWDFRUUHVSRQ GLHQWHDOFXUVRGHSXHGHVHULQFOXVRTXHQRKXELHUDQLQ J~QDOXPQRPDWULFXODGR   'XUDQWH HVWDV PLVPDV IHFKDV ²FRQFUHWDPHQWH HQ ORV FXUVRV GH \FDVLWRGRHOGH²FRPSDJLQyHVWDGHGL FDFLyQFRQODGHSURIHVRUHQFDUJDGRGHODFiWHGUDGH*HRJUDItDFRQ  GHO VXHOGR GH HQWUDGD 7DPELpQ LPSDUWLy DO PHQRV GXUDQWH HO FXUVR GH  OD DVLJQDWXUD GH ³+LVWRULD DQWLJXD GH (VSDxD´ 'LVSRQHPRVGHHVWHGDWRTXHQRVHUHFRJHHQVXH[SHGLHQWHSHUVR QDOFRQVHUYDGRHQHO$UFKLYR&HQWUDOGHO0LQLVWHULRGH(GXFDFLyQ \&XOWXUDJUDFLDVDODH[LVWHQFLDHQHO0XVHR$UTXHROyJLFR1DFLR QDOGHXQFXDGHUQRGHFXUVRGHODFLWDGDDVLJQDWXUDVHPHMDQWHDOFR PHQWDGR HQ OD QRWD  (QWRQFHV DVLVWtDQ DO FXUVR XQ WRWDO GH  DOXPQRVHQWUHHOORVVXGLVFtSXORÈQJHOGH7X\DXQRGHORV³PiUWL UHV´QDFLRQDOHVHQODJXHUUDFLYLO  (OH[SHGLHQWHSHUVRQDOGH-XOLR0DUWtQH]6DQWD2ODOODVHFRQVHU YDHQODFDMDGHO$UFKLYR&HQWUDOGHO0LQLVWHULRGH(GXFD FLyQ\&XOWXUD$&0(& GHSRVLWDGRHQHO$UFKLYR*HQHUDOGHOD $GPLQLVWUDFLyQ $*$  HQ $OFDOi GH +HQDUHV $QRWHPRV DOJXQRV GDWRVELRJUiILFRV1DFHHQ%XUJRVHOGHDJRVWRGHKLMRGH PLOLWDUGHDOWDJUDGXDFLyQ(VWXGLyHQFROHJLRVGHDJXVWLQRVMHVXL WDV\+GHOD'RFWULQD&ULVWLDQDHQ5RQGD6HYLOOD0DGULG&HXWD %LOEDR \ (O (VFRULDO $VLPLVPR FXUVy HVWXGLRV XQLYHUVLWDULRV HQ 0DGULG %DUFHORQD \9DOODGROLGOLFHQFLiQGRVHHQHVWD~OWLPDXQL YHUVLGDG(Q%DUFHORQDWUDEDMyFRQ%RVFK*LPSHUD(QWH[WRVGHVX H[SHGLHQWH DVHJXUD 6DQWD2ODOOD TXH DQWHV GH FRPHQ]DU ORV HVWX GLRVXQLYHUVLWDULRVUHVLGLyXQODUJRSHULRGRGHWLHPSRHQ)UDQFLD\ YLDMySRU(XURSDRFFLGHQWDOVLHPSUHFRQLQWHUHVHVFLHQWtILFRV7UDV FRQFOXLU OD OLFHQFLDWXUD ³SDVy SRU FRQWUDWR FRQ HO 0LQLVWHULR GH &XOWRVGH3UXVLDDOD8QLYHUVLGDGGH%RQQGHODTXHIXHGRFHQWH GXUDQWHQXHYHFXUVRVGHFXOWXUDHVSDxROD\OHQJXDSURIHVDQGRFXU VRV GH FDUiFWHU KLVWyULFR \ VREUH WRGR HWQROyJLFR TXH DOFDQ]DURQ JUDQUHVRQDQFLDHQDTXHOORVPHGLRVXQLYHUVLWDULRV´$XQTXHKDEOD GHQXHYHFXUVRVOXHJRLQGLFDTXHIXHURQFLQFRORVDxRVGHUHVLGHQ FLDHQ%RQQpSRFDTXHDSURYHFKySDUDDPSOLDUHVWXGLRVGHJHRJUD ItD OLQJtVWLFD SUHKLVWRULD HWQRORJtD pVWRV FRQ 7ULPERUQ  HWF &RQFOXLGDVXDFWLYLGDGHQ$OHPDQLDHQHOYHUDQRGHUHJUHVD D(VSDxDGRQGHFRPLHQ]DVXYLQFXODFLyQFRQ2EHUPDLHU\ODFiWH GUDGH+LVWRULD3ULPLWLYDGHO+RPEUH  (O³FRQFXUVRGHWUDVODGRSDUDODSURYLVLyQGHODFiWHGUDGH+LVWR ULD3ULPLWLYDGHO+RPEUH'RFWRUDGR HQOD)DFXOWDGGH)LORVRItD\ /HWUDVGHOD8QLYHUVLGDGGH0DGULG´IXHFRQYRFDGRSRURUGHQPL QLVWHULDOGHGHDEULOGHSXEOLFDGDHQHO%2(GHGHPD \R&RQFXUULHURQDOPLVPR&D\HWDQRGH0HUJHOLQD\/XQD0DUWtQ $OPDJUR%DVFK\-XOLR0DUWtQH]6DQWD2ODOOD1RREVWDQWHHO&RQ VHMR 1DFLRQDO GH (GXFDFLyQ HQ VHVLyQ GHO  GH PD\R GH  DFRUGyGHFODUDUORGHVLHUWR\QRKDEHUOXJDUDVXSURYLVLyQ³IXQGiQ





GRVHHQODVUD]RQHVH[FHSFLRQDOHVTXHPRWLYDURQVXFUHDFLyQ>ODGH ODFiWHGUD@\DGHPiVTXHHVWDQGRHQHVWXGLRODRUJDQL]DFLyQGHODV HQVHxDQ]DV XQLYHUVLWDULDV VH GHVFRQRFH VL KD GH VHU PDQWHQLGD WUDQVIRUPDGD R VXSULPLGD´ &RPXQLFDFLyQ GHO 6HFUHWDULR *HQHUDO GHO &RQVHMR 1DFLRQDO GH (GXFDFLyQ GH  GH PD\R GH  $&0(&VLJQ$*$FDMD   $SDUWLUGHOFXUVRGHSDVDDFRODERUDUFRPRD\XGDQWH\ HQFDUJDGR GH FXUVR HQODFiWHGUDGH+LVWRULDGHO$UWHTXHRFXSD HQWRQFHV6DQWD2ODOODLPSDUWLHQGRDVLJQDWXUDVFRPR³$UWHSUHKLV WyULFR\SULPLWLYR´R³$UWHLQGLR\GHO([WUHPR2ULHQWH´  $XQTXH6DQWD2ODOODYDDVHUHOFDWHGUiWLFRLQWHULQRKDVWDTXHVH KDJDFDUJRGHODFiWHGUDSRURSRVLFLyQ0DUWtQ$OPDJUR%DVFKKH PRV GH DQRWDU TXH HQ UHDOLGDG OD DQWLJXD LQWHULQLGDG GH DTXpO VH FRQYLUWLy HQ XQ ³HQFDUJR SURYLVLRQDO´ GH OD FLWDGD FiWHGUD SRU RU GHQPLQLVWHULDOGHGHPDU]RGHPLHQWUDVVHUHVROYtDHOUH FXUVR TXH KDEtD LQWHUSXHVWR FRQWUD $OPDJUR TXH KDEtD JDQDGR OD RSRVLFLyQFHOHEUDGDHQ)LQDOPHQWHVHUtDFHVDGRHOGHQR YLHPEUHGHWRPDQGRSRVHVLyQFRPRWLWXODUGHODPLVPD$O PDJUR%DVFKHOGtDVLJXLHQWH  (QOD~QLFDPRQRJUDItDHVFULWDVREUH6DQWD2ODOODTXHSUHVHQWD QRWDEOHVFDUHQFLDVELRJUiILFDV²SRUHMHPSORVHDVHJXUDGHVFRQR FHUVXOXJDUGHQDFLPLHQWRTXHIXH%XUJRV²\DQDOtWLFDVVHDVHJX UDTXH6DQWD2ODOODJDQyHOUHFXUVRSUHVHQWDGRFRQWUD$OPDJURSRU ODFiWHGUDGH+LVWRULD3ULPLWLYDGHO+RPEUHHQ\TXHSRUHV WDUD]yQODXQLYHUVLGDGRSWySRUFUHDUXQDQXHYDFiWHGUDSDUDHOSUL PHURGH³+LVWRULDGHODUWHSULPLWLYR´&DVWHOR5XDQR HWDO  'HVFRQRFHPRVGHGyQGHVHKDH[WUDtGRGLFKDLQIRUPDFLyQ SHUR WRGR SDUHFH LQGLFDU TXH H[LVWH XQD QRWDEOH FRQIXVLyQ SRU HO KHFKRGHTXH6DQWD2ODOODDFDEHRFXSDQGRHQODPHQFLRQD GDFiWHGUDGH+LVWRULDGHO$UWH²VLQDGMHWLYRV²HQOD8QLYHUVLGDG GH0DGULG3RUORGHPiVHQHVWDREUDVHSXEOLFDQXQDVSRFDVFDUWDV UHFLELGDVSRU6DQWD2ODOOD\DOJXQRVWH[WRV\GLEXMRVLQpGLWRVGHWH PDDUTXHROyJLFRGHHVFDVRLQWHUpV/RPiVDWUDFWLYRGHOOLEURHVOD UHSURGXFFLyQGHDOJXQDVIRWRJUDItDVXQWRWDOGHFRUUHVSRQGLHQ WHVDODSULPHUDH[SHGLFLyQDO6DKDUDHQTXHPXHVWUDQWLSRV VDKDUDXLV(QXQDGHHOODVDSDUHFH6DQWD2ODOODHQDFWLWXGGHFRQ YHUVDUFRQORVLQGtJHQDV   3RU HO KHFKR GH TXH 2EHUPDLHU QR KXELHUD PRVWUDGR GH PRGR LQHTXtYRFR\H[SOtFLWRVXDSR\RDOQXHYRUpJLPHQSROtWLFR  $&0(&VLJQ$*$FDMD  $&0(&VLJQ$*$FDMD  $&0(& VLJQ  $*$ FDMD  +HPRV FRUUHJLGR DFHQWXDFLyQ\SXQWXDFLyQHQWRGDVODVFLWDV  2VWHQWDEDFDUJRVGHUHVSRQVDELOLGDGHQ)DODQJH)XHDVHVLQDGR MXQWR FRQ ÈQJHO GH 7X\D \ *DUFtD GHO 6RODU GLVFtSXOR GH 6DQWD 2ODOODHQ7RUUHMyQGH$UGR]HOGHQRYLHPEUHGH(VWHGDWR VH UHFRJH HQ OD &RURQD GH HVWXGLRV TXH OD 6RFLHGDG (VSDxROD GH $QWURSRORJtD(WQRJUDItD\3UHKLVWRULDGHGLFDDVXVPiUWLUHV0D GULG HGLWDGDSRUHOSURSLR6DQWD2ODOOD  'HDFXHUGRFRQODLQIRUPDFLyQUHFRJLGDHQVX³H[SHGLHQWHGHGH SXUDFLyQ´IHFKDGRDGHRFWXEUHGH$&0(&VLJQ $*$FDMD VHUHIXJLyHQODHPEDMDGDIUDQFHVDHQ0DGULG HQMXQLRGH(QHQHURGHIXHFRQGXFLGRFRQRWURVUHIX JLDGRV D &DQ 9DOOV FHUFD GH &DOGHWDV \ GRV PHVHV GHVSXpV DO ³FDPSRGHFRQFHQWUDFLyQGHOD0RULVFD´HQ3RUW9HQGUHV\OXHJR DOGH&KRPpUDFpVWHHQHOGHSDUWDPHQWRGH$UGHFKH)XHOLEHUDGR HQDEULOGH  3HVHDVXLQWHUpVHQDOLVWDUVHHQOD$FDGHPLD0LOLWDUGHO(VWDGR 0D\RUGH9DOODGROLGIXHGHFODUDGR³QRDSWR´HQHOUHFRQRFLPLHQWR PpGLFRVHJ~QODFRSLDGRFXPHQWDOTXHDGMXQWD&RPRVHVHxDODHQ VXH[SHGLHQWHGHGHSXUDFLyQVHGHELyD³LQXWLOLGDGWRWDOSRUODYLVWD´  (Q UHDOLGDG 6DQWD2ODOOD WXYR JUDYHV SUREOHPDV HQ HVH HQWRUQR XQLYHUVLWDULR GHVGH IHFKD WHPSUDQD $Vt HQFRQWUy VHULDV GLILFXOWD GHVSDUDTXHOHIXHUDSHUPLWLGRDVLVWLUDFRQJUHVRVHQHOH[WUDQMHUR FIU&DVWHOR5XDQRHWDO YLpQGRVHSULYDGRGHDXWRUL ]DFLyQHQQRSRFDVRFDVLRQHV3RURWURODGRVXDGVFULSFLyQSROtWL FRLGHROyJLFD QR OH SHUPLWLy ²QL VLTXLHUD GXUDQWH ORV SULPHURV DxRVGHWHyULFDSUHSRQGHUDQFLDIDODQJLVWD²DFFHGHUDQLQJXQD GH ODV FiWHGUDV TXH DQVLDED
 

/8,6È1*(/6È1&+(=*Ï0(=

0DGULGGLVSRQHUHQSURSLHGDGGHODFiWHGUDGH+LVWRULD3ULPLWLYD GHO+RPEUH7DPSRFRVLUYLHURQGHQDGDVXVSURWHVWDVSRUODQRGR WDFLyQ HFRQyPLFD GH HVWD FiWHGUD FLUFXQVWDQFLD TXH KL]R SRVLEOH HFRQyPLFDPHQWHSRURUGHQPLQLVWHULDOSXEOLFDGDHQHO%2(GH GHMXOLRGHHOGHVGREODPLHQWRHQGRVGHODDQWLJXDFiWHGUDGH +LVWRULD $QWLJXD \ 0HGLD GH (VSDxD 2WUR GDWR TXH WDPELpQ QRV KDFH LQWXLU OD H[LVWHQFLD GH ³UHODFLRQHV GLItFLOHV´ FRQ FLHUWRV HVWD PHQWRVGHOSRGHUVHPDQLILHVWDHQHOKHFKRGHTXHFXDQGROD6RFLH GDG(VSDxRODGH$QWURSRORJtD(WQRJUDItD\3UHKLVWRULDGHFLGHUHQ GLUOH XQ KRPHQDMH HQ  OD 'LUHFFLyQ *HQHUDOGH%HOODV$UWHV RUGHQD²VLQTXHVHSDPRVFyPRRSRUTXp²ODVXVSHQVLyQGHOPLV PRFIU&DVWHOR5XDQRHWDO 1RREVWDQWHHOKRPHQDMH OOHJyDEXHQSXHUWRSXEOLFiQGRVHHQWUHVWRPRVGHODV$FWDV\0H PRULDVGHOD6($(3;;,;;,,,\;;,,,GH\ UHVSHFWLYDPHQWH 6LQHPEDUJR\FXULRVDPHQWHHO~QLFRGDWRTXH LQIRUPDVREUHHOKRPHQDMHDGRHVODGHGLFDWRULDTXHDEUHFDGDYROX PHQQLXQDVRODOtQHDELRJUiILFDRFXUULFXODUDSDUHFHHQHOORV  $OJRVLPLODURFXUUHHQHOFDPSRGHODHWQRORJtD\ODDQWURSROR JtDDXQTXHQRVHDHOUHVXOWDGRGHODDFWLYLGDGGH6DQWD2ODOODHQVX FDOLGDG GH FRPLVDULR GH H[FDYDFLRQHV FRPR VH FRPSUXHED SRU HO IHUR] HQIUHQWDPLHQWR TXH PDQWLHQH FRQ VX DQWLJXR DPLJR - 3pUH] GH%DUUDGDVHQHOiPELWRGHODVUHODFLRQHVHQWUHOD6RFLHGDGGH$Q WURSRORJtD (WQRJUDItD \ 3UHKLVWRULD ²GH OD TXH 6DQWD2ODOOD IXH VHFUHWDULRGHVGHKDVWDVXGHVDSDULFLyQDILQDOHVGHORV²HO 0XVHR 1DFLRQDO GH (WQRORJtD \ HO ,QVWLWXWR ³%HUQDUGLQR GH 6DKD J~Q´GH$QWURSRORJtD\(WQRORJtDGHO&6,&LQVWLWXFLRQHVHVWDV~O WLPDVDOIUHQWHGHODVFXDOHVHVWDEDHOFLWDGR3pUH]GH%DUUDGDVFIU 6iQFKH]*yPH]    &DUR %DURMD    D TXLHQ 6DQWD2ODOOD HORJLy \ DSR\y WUDVODJXHUUDFRPRKHPRVYLVWRVHUHILHUHDpVWHHQORVVLJXLHQWHV WpUPLQRV ³(UD XQ MRYHQ DOWR UXELR PX\ PLRSH TXH HQ JHQHUDO HUDEXHQRFRQVXVDOXPQRVSHURiVSHURFRQVXVFROHJDVeVWRVOH WHQtDQ DQWLSDWtD >@ KDEODED GH XQD PDQHUD LUyQLFD GHVGHxRVD \ OiQJXLGD D OD SDU &RQWDED FRQ XQ FRUR GH GLVFtSXORV \ GLVFtSXODV TXHOHDGPLUDEDQPXFKR@HOGH&RPLVDULR*HQHUDOGH([ FDYDFLRQHV@HQFLUFXQVWDQFLDVWDQSDUWLFXODUHVFRPRODVGHORVDxRV GH OD SRVWJXHUUD KXELHUD KHFKR DO ILQ XQD FDUUHUD PiV WUDQTXLOD 7HQtD PXFKD HUXGLFLyQ VHQVLELOLGDG DFDVR KLSHUWURILDGD JDQD GH DJUDGDUHQFDVRV\XQDDJUHVLYLGDGUDUDHQRWURV´6HJ~QLQIRUPD FLyQRUDOGH&DUPHQ3ULHJRHVHFDUiFWHUDIDEOHFRQVXVGLVFtSXORV \ODSUHRFXSDFLyQSRUVXVHVWXGLRVVHPDQWXYLHURQKDVWDHOILQDOGH VXVGtDVDXQTXHWDPELpQGHVWDFDHOKHFKRGHTXHVXVFODVHVWXYLH UDQ XQD RULHQWDFLyQ PX\ VLQJXODU VL ELHQ UHVXOWDEDQ VXE\XJDQWHV SRUODYDULHGDGGHiPELWRV\GHLQWHUHVHVTXHVDOtDQDODOX]  
GH+LVWRULD3ULPLWLYDHQ³VXPDPXFKRPD\RUTXHODFRQVLJQDFLyQ ~QLFDTXHUHFLELPRVDQXDOPHQWHGHOD)DFXOWDGGH)LORVRItD\/H WUDVDTXHSHUWHQHFHPRV´TXHHUDGHPLOSHVHWDV$SDUWLUGHODxR  ²\ VDOYR ² OD UHYLVWD GHMD GH WHQHU HO LQWHUpV GH ORV DxRVDQWHULRUHV\DTXHVHOLPLWDDSXEOLFDUHVWXGLRVGHIRUPDPR QRJUiILFDSXEOLFDQGRXQVyORFXDGHUQRDODxRHQOXJDUGHORVGRV GHORVSULPHURVPRPHQWRV)LQDOPHQWHHO~OWLPRHMHPSODUFRUUHV SRQGH\DDGRVDxRV\  6RQHQWRWDOFLQFRIROOHWRVORVTXHVHHGLWDQ6XVDXWRUHVVRQ6DQ WD2ODOODGRV -6DQ9DOHUR%6iH]0DUWtQ\&$ORQVRGHO5HDO  6yORVHHGLWDQWUHVWtWXORVXQHVWXGLRVREUHOD$PpULFDSULPLWLYD GHÈGH7X\DODWHVLVGRFWRUDOVREUHHOQHROtWLFRHVSDxROGH-6DQ 9DOHUR\HOQRWDEOHWUDEDMRGH(0DF:KLWHVREUHODVUHODFLRQHVDW OiQWLFDVGHOD3HQtQVXOD,EpULFDGXUDQWHOD(GDGGHO%URQFH  /DDPSOLDFLyQFRQVLVWHIXQGDPHQWDOPHQWHHQTXHVHUHFRJHLQ IRUPDFLyQVREUHOD³3ULPHUD([SHGLFLyQ3DOHWQROyJLFD\1HRHWQR OyJLFDDOD*XLQHD(VSDxROD´\OD³6HJXQGD([SHGLFLyQ3DOHWQROy JLFDDO6DKDUD(VSDxRO´DPEDVGHVDUUROODGDVHQ  (QWRGDVHVWDVQRWLFLDV\SXEOLFDFLRQHV6DQWD2ODOODVLHPSUHSR QHHVSHFLDOpQIDVLVHQHOKHFKRGHWUDWDUVHGHDFWLYLGDGHVGHOVHPL QDULR\QRGHODFiWHGUDSURSLDPHQWHGLFKDORTXHVLJQLILFDTXHVH UHDOL]DQWHyULFDPHQWHSRUH[FOXVLYDLQLFLDWLYDSHUVRQDODSHVDUGH TXHFXHQWHFRQODFREHUWXUDDFDGpPLFDGHODXQLYHUVLGDG  6DQWD2ODOODVHTXHMDGHTXHODHQVHxDQ]DGH+LVWRULD3ULPLWLYD GHO+RPEUHVHLPSDUWD~QLFDPHQWH²\\DYLPRVTXHFRQFDUiFWHU YROXQWDULR²HQODVVHFFLRQHVGH+LVWRULD\)LORORJtD&OiVLFD³IDO WDQGRFRQWUDORTXHVHUtDHOHPHQWDOSDUDORVHVWXGLDQWHVGHOHQJXDV VHPtWLFDVHKLVWRULDGH$PpULFDQRREVWDQWHH[LVWLUXQDµFiWHGUD¶GH +LVWRULD3ULPLWLYDGH$PpULFDRWUDKD\HQ6HYLOOD UHVXOWDQGRSDUD GyMLFRHOTXHVHVXSULPDOD+LVWRULD3ULPLWLYDJHQHUDOGHORVFXDGURV GHHQVHxDQ]DVEiVLFDV\VHSURGX]FDODLQIODFLyQDPHULFDQLVWDFRQ ODVFRQVLJXLHQWHVLPSURYLVDFLRQHV´0WH]6DQWD2ODOODD   $VHJXUD6DQWD2ODOOD TXH³SDUDFLHUWRVHVStULWXVVX SHUILFLDOHVRHVFDVRVGHEDVHFLHQWtILFDVHWUDWDED>OD+LVWRULD3ULPL WLYDGHO+RPEUH@GHXQDVLQRQLPLDFRQDUTXHRORJtD\HQSDUWHSUH KLVWRULD HVWR HV XQD HQXPHUDFLyQ PiV R PHQRV DEXUULGD GH SLH GUDVEDUURV\KXHVRVWUDEDMDGRVSRUHOKRPEUHDQWLJXR´  1RREVWDQWHKD\TXHGHVWDFDUTXHVHGHEHD6DQWD2ODOODODDFX xDFLyQ GHO FRQFHSWR ³%URQFH $WOiQWLFR´ HQ FRQWUDSRVLFLyQ DO GH %URQFH0HGLWHUUiQHRDXQTXHHOHVWXGLRGHHVHiPELWRJHRJUiILFR WHPSRUDO FRUUHVSRQGH D RWURV LQYHVWLJDGRUHV HVSHFLDOPHQWH D ( 0DF:KLWHTXHIXHVXDOXPQRHQ0DGULG\UHGDFWyODWHVLVEDMRVX GLUHFFLyQ5XL]*iOYH]    6iH] 0DUWtQ FRODERUDED FRQ HO 6HPLQDULR GH +LVWRULD 3ULPLWLYD GHO +RPEUH SHUR SDUHFH TXH QR WXYR UHVSRQVDELOLGDGHV GRFHQWHV HQODFiWHGUD  (QDOJXQDRFDVLyQVHUHILHUHDHVWDH[SHGLFLyQFRQORVDGMHWLYRV GH³SDOHWQROyJLFD\QHRHWQROyJLFD´0WH]6DQWD2ODOODD  $XQTXHVHSXEOLFyXQIROOHWRHQODVHULH1RWDVGHOVHPLQDULR0WH] 6DQWD2ODOOD E  QR OR KHPRV SRGLGR ORFDOL]DU $O PDUJHQ GH ODVQRWLFLDVTXHRIUHFH6DQWD2ODOODHQHODUWtFXORDUULEDFLWDGRVR EUH ORV UHVXOWDGRV GH HVWD H[SHGLFLyQ GLVSRQHPRV WDPELpQ GH XQD EUHYtVLPD QRWD DSDUHFLGD HQ ORV &XDGHUQRV GH +LVWRULD 3ULPLWLYD YRO,QžS HQODTXHVHDQXQFLDTXH³QRREVWDQWHODUDSLGH] GHO YLDMH VRQ EDVWDQWHV ORV UHVXOWDGRV REWHQLGRV >@HQWUHORVTXH GHVFXHOODHOGHVFXEULPLHQWRGHORVSULPHURV\DFLPLHQWRVDUTXHROy JLFRVGH)HUQDQGR3RR\GHOD*XLQHDFRQWLQHQWDOHVSDxROD(QODV FROHFFLRQHVGHQXHVWUR6HPLQDULRKDQWHQLGRLQJUHVRDPSOLDVVHULHV DQWLJXDV\PRGHUQDVGH*XLQHD,JXDOPHQWHVHKDHQJURVDGRQXHV WURDUFKLYRDIULFDQRHQEDVWDQWHVFHQWHQDUHVGHIRWRJUDItDV>@´  'HODVWUHVH[SHGLFLRQHVVHRIUHFHXQUHVXPHQGHDFWLYLGDGHV\D FLPLHQWRV ³GHVFXELHUWRV´ SLH]DV UHFRJLGDV HWF HQ 0WH] 6DQWD 2ODOODD    'XUDQWH HVWH SULPHU YLDMH YLVLWD \ GHVFULEH ORV TXH FRQVLGHUD ³SULPHURVJUDEDGRVUXSHVWUHVGHO6iKDUDHVSDxRO´D (QQR YLHPEUHUHDOL]DXQQXHYRYLDMHHQHVWHFDVRD0DUUXHFRVIUXWRGHO FXDOHVRWUREUHYHWH[WRE HQHOTXHVHUHILHUHD³ODVSULPHUDV SLQWXUDVUXSHVWUHVGHO0DUUXHFRVHVSDxRO´  /DFRQWH[WXDOL]DFLyQGHOWUDEDMRGH$OPDJURHQHO6DKDUDQROD UHIHUHQFLD FUtWLFD GH 6DQWD2ODOOD SXHGHFRQVXOWDUVHHQ)HUQiQGH]



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

0DUWtQH] /DLQTXLQDFRQWUD$OPDJUR%DVFKGHELy GHSHUVLVWLUHQ6DQWD2ODOODKDVWDVXPXHUWHDXPHQWDGDREYLDPHQWH GHVSXpVGHTXHDTXpORFXSDUD³VX´FiWHGUDHQ(QHO(VTXHPD SDOHWQROyJLFR0WH]6DQWD2ODOOD SRGHPRVOHHURWUDLUy QLFD\VLQJXODUDFXVDFLyQGHSODJLRODQ]DGDVXSRQHPRVFRQWUD$O PDJUR DXQTXH VLQ FLWDUOH $VHJXUD VHQWLUVH PX\ VDWLVIHFKR SRU HO p[LWR GH VX REUD HQ OD HGLFLyQ FRPR DUWtFXOR GH  GHELGR DO ³IUHFXHQWHKRPHQDMHDpOWULEXWDGRHQIRUPDGHFRUURERUDFLyQSRU DTXHOORVTXHOHVLJXHQLQFOXVRSXQWLOORVDPHQWHVLQFLWDUODSURFH GHQFLDGHLGHDV\SXQWRVGHYLVWDTXHHQWDOIRUPDDVLPLODURQTXH ORVFUHHQSURSLRV>@´  &RQIHUHQFLD,QWHUQDFLRQDOGH$IULFDQLVWDV2FFLGHQWDOHV$OSDUH FHU6DQWD2ODOODIXHYLFHSUHVLGHQWHMXQWRFRQ&'DU\OO)RUGHGHO 3ULPHU &RQJUHVR ,QWHUQDFLRQDO GH $IULFDQLVWDV 2FFLGHQWDOHV FHOH EUDGRHQ'DNDUHQHQHURGH&DVWHOR5XDQRHWDO  (VWHGDWRQRORSRGHPRVFRQILUPDUSHURVtHOKHFKRGHTXH6DQWD 2ODOODIXHSUHVLGHQWHHQGLFKRFRQJUHVRGHODVHFFLyQODFRUUHV SRQGLHQWHDO³0HGLRKXPDQR´(VWDLQIRUPDFLyQVHHQFXHQWUDHQHO /LEURGH$FWDVGHO&RPLWp(VSDxROGHÈIULFD2FFLGHQWDOGHOD&RQ IHUHQFLD,QWHUQDFLRQDOGH$IULFDQLVWDV&,$2TXHVHFRQVHUYDHQHO DUFKLYRGHO0XVHR$UTXHROyJLFR1DFLRQDO'LFKRFRPLWpSUHVLGL GR SRU 6DQWD2ODOOD VH FRQVWLWX\y HO  GH PDU]R GH  VLHQGR VHFUHWDULR-XOLiQ6DQ9DOHUR(OOLEURUHFRJHHODFWDGHHVWDSULPHUD UHXQLyQ \ ODV FRUUHVSRQGLHQWHV D RWUDV FXDWUR PiV FHOHEUDGDV HQ PD\R\QRYLHPEUHGH\HQPD\R\MXQLRGHUHVSHFWLYD PHQWH7RGDVHOODVVHFHOHEUDURQSUHFLVDPHQWHFRQODSDUWLFLSDFLyQ \HQHOGHVSDFKRRILFLDOGH-RVp'tD]GH9LOOHJDV'LUHFWRU*HQHUDO GH 0DUUXHFRV \ &RORQLDV (Q HOODV VH KDEOy GHO ,QVWLWXWR GH (VWX GLRV$IULFDQRVSUHVHQWDQGR6DQWD2ODOODWDQWRXQSUR\HFWRSDUDOD FUHDFLyQ GHO PLVPR FRPR XQ SUR\HFWR GH UHJODPHQWR \D TXH HO ,'($ IXH FUHDGR VREUH HO SDSHO SRU GHFUHWR GH  GH MXQLR GH  5HDOPHQWH SDUHFH EDVWDQWH FRQVHFXHQWH OD TXHMD GH 6DQWD 2ODOODSRUVXH[FOXVLyQ\ODGHORVUHVWDQWHVPLHPEURVGHODFRPL VLyQGHOFLWDGR,QVWLWXWR   6HJ~Q QRV KD FRPHQWDGR &DUPHQ 3ULHJR DFWXDO GLUHFWRUD GHO 0XVHR0XQLFLSDOGH0DGULG\DOXPQDGH6DQWD2ODOODHQWUH\  pVWH SUHWHQGLy TXH HO $\XQWDPLHQWR GH OD FDSLWDO DGTXLULHUD VXV FROHFFLRQHV SHUVRQDOHV TXH GHEtDQ LQFOXLU ORV PDWHULDOHV GHO 6+3+SHURHOFRQVLVWRULRPDGULOHxRQRDFFHGLyDODVFRQGLFLRQHV TXHVHOHH[LJtDQHQWUHHOODVODVGHPDQWHQHUXQDDVLJQDFLyQHFRQy PLFD DQXDO SDUD LQYHVWLJDFLyQ \ OD GH TXH HO SURSLR 6DQWD2ODOOD IXHUDGLUHFWRUYLWDOLFLRGHOPXVHR(QWRGRFDVR\VHJ~QODPLVPD IXHQWHLQIRUPDWLYDODLQVWDODFLyQTXHVHDEULyHQHOFLWDGRPXVHR PiVRPHQRVHQWUH\HUDXQWDQWRHVSHFLDO\DTXHHQOX JDUGHRIUHFHUXQSDQRUDPDGHODKLVWRULDRODDUTXHRORJtDGH0D GULGSUHVHQWDEDHQUHDOLGDGXQHVTXHPDGHODKLVWRULDGHODFXOWXUD XQLYHUVDOTXHDOFDQ]DEDKDVWDORVFRPLHQ]RVGHOLVODPLVPR7RGR HOORLOXVWUDGRHQUHDOLGDGFRQPDWHULDOHVGHODVFROHFFLRQHVGHOSUR SLR6DQWD2ODOOD'HVFRQRFHPRVVLVHH[SRQtDQORVREMHWRVSURYH QLHQWHV GH ODV H[SHGLFLRQHV KHFKDV HQ HO iPELWR GHO 6HPLQDULR GH +LVWRULD3ULPLWLYDGHO+RPEUH  +HPRVDFFHGLGRDOH[SHGLHQWHGHDGTXLVLFLyQGHODVFROHFFLRQHV JUDFLDV D OD DPDELOLGDG GH 3LODU 0DUWtQ DUFKLYHUD GHO 0XVHR $U TXHROyJLFR1DFLRQDO   &XULRVDPHQWH QR DSDUHFHQ PDWHULDOHV HWQROyJLFRVGH*XLQHDQL )HUQDQGR3RRTXHGHELHUDQKDEHUVHUHFRJLGRHQODH[SHGLFLyQ³SD OHWQROyJLFD\QHRHWQROyJLFD´DOD*XLQHD(VSDxRODGH(QHO LQYHQWDULR GHO 0$1 VH LQGLFD TXH IDOWD OD FDMD FRUUHVSRQGLHQWH D *XLQHDPLHQWUDVTXHORVPDWHULDOHVSHUWHQHFLHQWHVD)HUQDQGR3RR VRQ~QLFDPHQWHGHFDUiFWHUDUTXHROyJLFR1RREVWDQWHHVSUREDEOH





TXH DOJXQDV GH ODV SLH]DV LQFOXLGDV HQ OD FDMDEDMRHOHStJUDIH ³1HJURH,QGLR´SURYHQJDQHIHFWLYDPHQWHGHORVFLWDGRVWHUULWRULRV &RSLDPRVVHJXLGDPHQWHHOFRQWHQLGRGHOLQYHQWDULRFLWDGRFDMD VLQ Q~PHUR GHO OLVWDGR  GH 6DKDUD ³ODQ]D GH PDGHUD DUUHRV GH PRQWXUD "  HVFDUFHOD GH FXHUR SDUHV GH VDQGDOLDV FRQ DGRUQRV FLQWXUyQ FRUGRQHV FRQ EROD SOXPHUR FHVWR OLOLWR >VLF@ YDVLMD R FRORGUD IOHFKDV FRQ SXQWD PHWiOLFD PDQJR GH IOHFKD ODQ]DGHUD FDUFDM FRQ IOHFKD SXQWD GH ODQ]D SXQ]RQHV FRQ DGRUQRV FDUDFRO FXDU]RFLQWXUyQFDxDGHSOXPDSXQWDVGHIOHFKDGHPDGHUDPDQ JRGHIOHFKDSDUGHVDQGDOLDVGHOIUDJVGHPDGHUDWDOODGD GHHOORVFRQVHPLOODLQFUXVWDGDFDMDFRQDGRUQRVGHFXHUR\SRVL EOHV VRQDMDV EROVR GH FXHUR FRQ ERUGDGR \ FRUGyQ FRORU OLOD SDUD FROJDUWHMLGRERUGDGRHQURMRKXHYRGHDYHVWUX]WDEOLOODVUHFX ELHUWDVGHFXHURFRQHVFULWXUDiUDEHEROVRIUDJVGHEROVRSR VLEOHERWDGHFXHURGHFRUDGDHQIRUPDGHSHOOHMRGHYLQR´  (OOLVWDGRGHREMHWRVLQFOXLGREDMRHVWHVLQJXODUHStJUDIH²OLVWD GRFDMD²HVHOVLJXLHQWH³GRVDGRUQRVFROJDQWHVXQODUJR FROODUFRQFXHQWDVHVIpULFDV\FLOtQGULFDVµ(VWDGRV8QLGRV&D]DGR UHVGHODV3UDGHUDV7RWpPLFRV¶XQFRQMXQWRGHFROODUIUDJPHQWDGR FRPSXHVWRGHVHPLOODVSLQWDGDVYDLQDVFDQXWRVGHKXHVRVHWFXQ FROJDQWH IUDJPHQWDGR FRPSXHVWR SRU SLH]DV GHFRUDGDV FXDGUDGDV XQDUHGRQGDFRQXQURVWURGLEXMDGRHQHOFHQWURGRV~WLOHVGHPD GHUDIUDJPHQWRVGHFROODUDEDVHGHVHPLOODVYDLQDVSLQWDGDVHWF XQFROODUODUJRFRQFXHQWDVGHVHPLOODVFDQXWRVGHKXHVRVYDLQDV HWFµ(VWDGRV8QLGRV&D]DGRUHVGHODV3UDGHUDV7RWpPLFRV¶FXD WURSXOVHUDVREUD]DOHWHVGHKXHVRSXOLGRXQFROODUGHDQFKDIUDQMD FRPSXHVWR SRU WUHQ]DGR GH KLORV FRQ FXHQWDV GH FRQFKD R KXHVR µ1HJURV¶XQDHVSDGDFRPSOHWDGHGREOHILOR%$¢FXDWURSXQWDV GHODQ]D"GHXQJURVRUPtQLPR\XQDSXQWDPX\ILQDWUHVEUD]DOH WHVGHKXHVRXQFROJDQWHSHFWRUDOXQDILJXULWDGHWHUUDFRWDGHFRUD GDHQSRVLFLyQVDOLHQWH\FRQXQDYDVLMDHQODVPDQRVXQDHVWDWXL OODHQPDGHUDTXHUHSUHVHQWDXQDILJXUDIHPHQLQDGHVQXGD%$ GRV UHFLSLHQWHV GHFRUDGRV GRV µSHLQHV¶ FRQ PDQJR PDGHUD XQ FXHUQRPX\SXOLGRFRQDJXMHURVXQHVWLOHWHGHPDGHUDFRQHPSX xDGXUDGHFRUDGDXQFUiQHRGHFKLPSDQFpGHFRUDGRGRVSDQHOHVHQ FXHURFRQGRVFDUDVGHLQGLRVHPSHQDFKDGRVXQDGREOHIODXWDGH FRUDGDXQDSLH]DGHPDGHUDGHpEDQRGHFRUDGDFRQXQURVWURDIUL FDQRXQDSLH]DGHKLHUURGHIRUPDHOtSWLFDDVD XQIUDJPHQWRGH FROJDQWHGRUDGRXQFHQFHUURGHPDGHUDGHFRUDGR%$XQIUDJ PHQWR GH SLHGUD SRURVD YROFiQLFD µ$JULFXOWRUHV \ FD]DGRUHV )HU QDQGR3RR¶8QDHVWDWXLOODGHPDGHUDFRQXQSDORVDOLHQWHSDUDFOD YDU (V XQ KRPEUH QHJUR %$ XQ FHQFHUUR SHTXHxRGHPDGHUD %$XQDHVWDWXLOODYLULOGHPDGHUDQHJUD%$XQDHVWDWXLOODGH VLPLR%$´  3XHGHYHUVHODUHODFLyQGHSXEOLFDFLRQHVUHFLELGDVSRUODELEOLRWH FDGHOVHPLQDULRHQHOYROXPHQVHJXQGRGHODxRGHORV&XD GHUQRVGH+LVWRULD3ULPLWLYD(OSUREOHPDHVWULEDHQTXHFRPRKH PRV LGR DQRWDQGR 6DQWD2ODOOD FRQVLGHUDED GLFKDV SXEOLFDFLRQHV GHSURSLHGDGH[FOXVLYDGHOVHPLQDULR²VX\DVSRUWDQWR²QRGHOD FiWHGUD QL GH OD XQLYHUVLGDG < HIHFWLYDPHQWH OOHYy GLFKR DUJX PHQWRDVXV~OWLPDVFRQVHFXHQFLDVFXDQGRDEDQGRQyVXFiWHGUDLQ WHULQDWUDVODLQFRUSRUDFLyQGH$OPDJURQRGHMyQLXQVROROLEUR UHYLVWDXREMHWR³GHOVHPLQDULR´HQODIDFXOWDG  *UDFLDVDODDFWLYLGDGGH0DQXHO%DOOHVWHURV\-RVp$OFLQDHQWUH RWURV\DODFUHDFLyQGHXQDVXEVHFFLyQGHDQWURSRORJtD\HWQRORJtD HQ HVH GHSDUWDPHQWR HQ HO FXUVR GH  6HxDOHPRV WDPELpQ TXHGHVGHHVRVPLVPRVDxRVH[LVWHHQOD)DFXOWDGGH6RFLRORJtDGH OD 8QLYHUVLGDG &RPSOXWHQVH XQD DJUHJDGXUtD GH DQWURSRORJtD VR FLDOFUHiQGRVHSRFRGHVSXpVODSULPHUDFiWHGUDTXHRFXSDUiKDVWD VXMXELODFLyQ&DUPHOR/LVyQ 

 

/8,6È1*(/6È1&+(=*Ï0(=

$1(;2



3URJUDPDGH+LVWRULD3ULPLWLYDGHO+RPEUH SRU+XJR2EHUPDLHU &DWHGUiWLFRGHODDVLJQDWXUDHQOD8QLYHUVLGDG&HQWUDO ²²

, (O HVWXGLR GH OD +LVWRULD SULPLWLYD GHO +RPEUH 3UHKLVWRULD  'HILQLFLyQ )XHQWHV &LHQFLDVDX[LOLDUHV6XELEOLRJUDItD\ RUJDQL]DFLyQHVSHFLDOPHQWHGHOD3HQtQVXOD,EpULFD /DGLYLVLyQGHORVWLHPSRVSUHKLVWyULFRV  ,, /DFXHVWLyQGHO+RPEUHWHUFLDULR\GHORVHROLWRV  ,,, *HRORJtDIORUD\IDXQDGHODpSRFDFXDWHUQDULD1RFLRQHVJHQHUDOHV   ,9 (O3DOHROtWLFRLQIHULRUH[FHSWRHQ(VSDxD 3UHFKHOHQVH&KHOHQVH$FKHOHQVH0XVWHULHQVH6XUHSDUWLFLyQHQ(XURSD\ HQORVGHPiVFRQWLQHQWHV0RUDGDVFD]DUHVXPHQSDOHWQROyJLFR  9 (O3DOHROtWLFRLQIHULRUHQOD3HQtQVXOD,EpULFDVLF@ORVUHVWRVyVHRVGHO+RPEUHFXDWHUQDULR/RVKDOOD]JRVGH0DXHU\3LOWGRZQ7LSRVGHO3DOHROtWLFR LQIHULRU\UD]DVGHO3DOHROtWLFRVXSHULRU  ;,,, /DVIDVHVGHWUDQVLFLyQGHOFXDWHUQDULRDODDFWXDOLGDG(SLSDOHROtWLFR $]LOLHQVH&DSVLHQVHILQDO7DUGHQRLVLHQVH  ;,9 (ODUWHHSLSDOHROtWLFR  ;9 (O3URWRQHROtWLFR$VWXULHQVH\&DPSLJQLHQVH  ;9, /DVHWDSDVQyUGLFDVGHO0DJOHRPRVLHQVH>VLF@\GHORVNMRHNNHQPRHGGLQJV>VLF@



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'





;9,, (OSUREOHPDGHORVDQLPDOHVGRPpVWLFRV\GHODVSODQWDVFXOWLYDGDV



;9,,, (OSOHQR1HROtWLFRHQ(XURSD/DVYLYLHQGDV,QGXVWULDGHSLHGUD0DGHUDKXHVRDVWDWHMLGRV/DFHUiPLFD 6XEGLYLVLRQHVJHRJUiILFDV\FURQROyJLFDV  ;,; (O1HROtWLFRILQDO\HO(QHROtWLFR,QGXVWULDGHSLHGUD&HUiPLFD(ORULJHQGHODPHWDOXUJLD/DVPLQDVGHFREUH/RVWLSRV GHFREUH  ;; /RVPRQXPHQWRVPHJDOtWLFRV'yOPHQHV0HQKLUHV&URPOHFKV 6XRULJHQH[WHQVLyQ\VLJQLILFDFLyQ



;;, (ODUWHQHROtWLFRVXRULJHQ\VXFRQWLQXDFLyQHQHO(QHROtWLFR (ODUWHUXSHVWUHËGRORV$SOLFDFLyQDODFHUiPLFD\DORVPRQXPHQWRVPHJDOtWLFRV (OSUREOHPDGHVXFURQRORJtD  ;;,, /DVGLVWLQWDVFXOWXUDVQHROtWLFDV\HQHROtWLFDVGHOD3HQtQVXOD,EpULFD/DFLYLOL]DFLyQGH3RUWXJDO\VXLQIOXHQFLDHQODVGHPiV FLYLOL]DFLRQHV HVSDxRODV /D FXOWXUD FHQWUDO ³&XOWXUD GH ODV FXHYDV´ /DFXOWXUDGHOYDVRFDPSDQLIRUPHHQOD0HVHWD\ $QGDOXFtD\VXH[WHQVLyQSRUORVGHPiVFtUFXORVGHFXOWXUDGHOD3HQtQVXOD  ;;,,, /DFLYLOL]DFLyQGHODSURYLQFLDGH$OPHUtD/DFXOWXUDSLUHQDLFDYDVFRFDWDODQD  ;;,9 /DVUHODFLRQHVGHODVFXOWXUDVSHQLQVXODUHVFRQODVGH)UDQFLDGHO1RUWHGHÈIULFD\GHO0HGLWHUUiQHR  ;;9 (OFtUFXORGHFXOWXUDRFFLGHQWDO)UDQFLD \ODV,VODV%ULWiQLFDV(OFtUFXORGHFXOWXUDGHO1RUWHGH(XURSD(VFDQGLQDYLD 'LQDPDUFD>VLF@1RUWHGH$OHPDQLD 



;;9, /DV FLYLOL]DFLRQHV GHO 'DQXELR RFFLGHQWDO \ RULHQWDO /RV FtUFXORV GH FXOWXUD GHO (JHR *UHFLD $VLD 0HQRU &UHWD  \ GHO 0HGLWHUUiQHRRFFLGHQWDO,WDOLD6LFLOLD0DOWD   ;;9,, /DYLGDGHO+RPEUHQHROtWLFR9LGDPDWHULDO&RPHUFLR0HGLFLQD,GHDVUHOLJLRVDV3UiFWLFDVIXQHUDULDV/DVUD]DVHXUR SHDVQHROtWLFDV\HQHROtWLFDVVHJ~QODDUTXHRORJtD\DQWURSRORJtD  ;;9,,, /RVSDODILWRVÈUHDGHGLVSHUVLyQFURQRORJtD  ;;,; (O2ULHQWHSUHKLVWyULFR/DVFLYLOL]DFLRQHVSULPLWLYDVGH(JLSWR0HVRSRWDPLD6LULD\UHJLRQHVYHFLQDV(OSUREOHPDGHVX FURQRORJtD  ;;; /DHGDGGHO%URQFHHQ(XURSD7LSRORJtD3URYLQFLDVJHRJUiILFDV)DVHVFURQROyJLFDV  ;;;, /DHGDGGHO%URQFH&XOWXUDJHQHUDO\PDQHUDGHYLYLUYLYLHQGDVLQGXPHQWDULDFRPHUFLRSUiFWLFDVIXQHUDULDVLGHDVUHOL JLRVDV (O$UWH/DVUD]DV\ORVSXHEORV  ;;;,, (OPXQGRGHO0DU(JHR$VLD0HQRU7UR\D &UHWDFLYLOL]DFLRQHVPLQRLFDV *UHFLDFLYLOL]DFLRQHVPLFpQLFDV   ;;;,,, (VSDxD/DFLYLOL]DFLyQGHOFRPLHQ]RGHODHGDGGHO%URQFHODFXOWXUDGH³(O$UJDU´VXH[WHQVLyQ\VXVYDULHGDGHVUHJLRQD OHV/DDYDQ]DGDHGDGGHO%URQFHHQOD3HQtQVXOD

 

/8,6È1*(/6È1&+(=*Ï0(=

;;;,9 /DHGDGGHO%URQFHHQODV,VODV%DOHDUHVFLYLOL]DFLyQGHORV³WDOD\RWV´\ODV³QDYHWDV´   ;;;9 /DSULPHUDHGDGGHO+LHUURSHULRGRGH+DOOVWDWW 8WLOL]DFLyQGHOKLHUUR7LSRORJtDV\IDVHVFURQROyJLFDV([WHQVLyQGHOD FXOWXUDGH+DOOVWDWW/RVSXHEORVLWiOLFRVHWUXVFRVHLOtULFRV/RVFHOWDV\VXVLQYDVLRQHV  ;;;9, /DVHJXQGDHGDGGHO+LHUURSHULRGRGH/D7qQH 7LSRORJtD([WHQVLyQ&URQRORJtD  ;;;9,, (VSDxD/DSULPHUDHGDGGHO+LHUURVXVGLVWLQWRVDVSHFWRVHQ$OPHUtDHO&HQWURGH(VSDxDHQ&DWDOXxD\HO1RUWH /DVHJXQGDHGDGGHO+LHUURODFLYLOL]DFLyQSRVWKDOOVWiWLFDGH3RUWXJDOGHO&HQWURGHOD3HQtQVXOD\GH&DWDOXxD6XSHUVLV WHQFLDHQORVFDVWURVGHO1RUWHGH3RUWXJDO\GH*DOLFLDKDVWDODpSRFDURPDQD  ;;;9,,, /DFXOWXUDLEpULFD6XRULJHQVXVUHJLRQHV\FURQRORJtDVUHVSHFWLYDV /DFXOWXUDLEpULFDGHO6(GH(VSDxD\GH$QGDOXFtD /DFXOWXUDLEpULFDGHORVVLJORV9,9HQHOUHLQRGH9DOHQFLDHQHO%DMR$UDJyQ\HQ&DWDOXxD /DFXOWXUDLEpULFDGHO6XUGH)UDQFLD  ;;;,; /DFXOWXUDLEpULFDGHOVLJOR,,,GHODFRVWDGH&DWDOXxD\GHORVJUXSRVGHSHQGLHQWHVGHO(EUR /DFXOWXUDLEpULFDGHOVLJOR,,,GHO&HQWURGH(VSDxD\HQ3RUWXJDO  ;/ /DVGLVWLQWDVFRORQL]DFLRQHV)HQLFLRV*ULHJRV\&DUWDJLQHVHV6XVSHULRGRV\UHVWRVDUTXHROyJLFRV  ;/, /DFLYLOL]DFLyQLEHUDHQJHQHUDO3REODGRV\IRUWDOH]DV$UPDV\XWHQVLOLRV&HUiPLFD$UWH6DQWXDULRVLGHDVUHOLJLRVDV 6HSXOFURV\SUiFWLFDVIXQHUDULDV

%,%/,2*5$)Ë$ $'(6 &DWiORJRGHWHVLVGRFWRUDOHVVREUH*HRJUD ItDH+LVWRULDTXHVHFRQVHUYDQHQHO$UFKLYRGHOD8QL YHUVLGDG&RPSOXWHQVHGH0DGULG$'(60DGULG $*8,55( %$=7È1ÈHG  +LVWRULDGHODDQWURSR ORJtDHVSDxROD0DUFRPER%RL[DUHX%DUFHORQD $/&,1$ )5$1&+ - D  +LVWRULD GH OD DQWURSRORJtD DPHULFDQLVWD(Q$JXLUUH%D]WiQ $/&,1$ )5$1&+-E /RVHVWXGLRVSUHFRORPELQLVWDV HQOD8QLYHUVLGDGGH0DGULG/DIRUPDFLyQ GHODLPDJHQGH$PpULFD/DWLQDHQ(VSDxD 0+XJXHW6DQWRV01LxR\$3pUH]+HUUHURFRRUGV  2UJDQL]DFLyQGH(VWDGRV,EHURDPHULFDQRVSDUDOD(GX FDFLyQOD&LHQFLD\OD&XOWXUD0DGULG $5&(-2/0265FRRUGV  +LVWRULRJUDItDGHOD DUTXHRORJtD\GHODKLVWRULDDQWLJXDHQ(VSDxD6LJORV ;9,,,;; 0LQLVWHULRGH&XOWXUD0DGULG %(/75È1$ 6HUDUTXHyORJR)XQGDFLyQ8QLYHUVL GDG(PSUHVD0DGULG &$52 %$52-$ -   >@ /RV %DURMD PHPRULDV IDPLOLDUHV&tUFXORGH/HFWRUHV%DUFHORQD &$55(5$6 +217$1$ ( '( 0$57Ë1 )/25(6 $   /DV LQVWLWXFLRQHV DUTXHROyJLFDV GHO $\XQWDPLHQWR GH

0DGULG   (Q 0RUD \ 'tD]$QGUHX   &$67(/258$125&$5',7252//È1/52'5Ë*8(=&$ 6$129$, -XOLR0DUWtQH]6DQWD2ODOODFUyQLFDV GHODFXOWXUDDUTXHROyJLFDHVSDxROD0DGULGDXWVHGV &$67(/258$125&$5',7252//È1/52'5Ë*8(=&$ 6$129$, -XOLR0DUWtQH]6DQWD2ODOODYLQFXOD FLyQ\FRQWULEXFLyQDORVRUJDQLVPRVHLQVWLWXFLRQHVDU TXHROyJLFDV HVSDxRODV GH SRVJXHUUD (Q 0RUD \ 'tD] $QGUHX 'Ë$=$1'5(80 7KHRU\DQGLGHRORJ\LQDUFKDHR ORJ\ 6SDQLVK DUFKDHRORJ\ XQGHU WKH )UDQFR UpJLPH $QWLTXLW\ 'Ë$=$1'5(80 7KHSDVWLQWKHSUHVHQWWKHVHDUFK IRUURRWVLQFXOWXUDOQDWLRQDOLVPV7KH6SDQLVKFDVH1D WLRQDOLVPLQ(XURSH3DVWDQG3UHVHQW-*%HUDPHQGL 50iL]\;01~xH]FRRUGV 8QLYHUVLGDGGH6DQWLD JR6DQWLDJRGH&RPSRVWHOD, 'Ë$=$1'5(8 0   $UTXHyORJRV HVSDxROHV HQ $OH PDQLDHQHOSULPHUWHUFLRGHOVLJOR;;ORVEHFDULRVGH OD -XQWD GH $PSOLDFLyQ GH (VWXGLRV ,  3HGUR %RVFK *LPSHUD0DGULGHU0LWWHLOXQJHQ



(712/2*Ë$<35(+,6725,$(1/$81,9(56,'$'&203/87(16('(0$'5,'

'Ë$=$1'5(8 0 D  ,VODPLF DUFKDHRORJ\ DQG WKH RULJLQRIWKH6SDQLVKQDWLRQV$UFKDHRORJ\DQGQDWLRQD OLVPLQ(XURSH0'tD]$QGUHX\7&KDPSLRQFRRUGV  8&/3UHVV/RQGUHV 'Ë$=$1'5(80E &RQVWUXFWLQJLGHQWLWLHVWKURXJK FXOWXUH WKH SDVW LQ WKH IRUJLQJ RI (XURSH (XURSHDQ FRPPXQLWLHVDUFKDHORJ\DQGWKHFRQVWUXFWLQJRIFXOWX UDOLGHQWLW\6-RQHV&*DPEOH\3*UDYHVFRRUGV  5RXWOHGJH/RQGUHV 'Ë$=$1'5(80D 1DFLyQHLQWHUQDOL]DFLyQODDU TXHRORJtDHQ(VSDxDHQODVWUHVSULPHUDVGpFDGDVGHOVL JOR;,;(Q0RUD\'tD]$QGUHX 'Ë$=$1'5(8 0 E  3UHKLVWRULD \ IUDQTXLVPR (Q 0RUD\'tD]$QGUHX 'Ë$=$1'5(805$0Ë5(=6È1&+(=0( /D&R PLVDUtD*HQHUDOGH([FDYDFLRQHV$UTXHROyJLFDV   /D DGPLQLVWUDFLyQ GHO 3DWULPRQLR $UTXHROyJLFR HQ(VSDxDGXUDQWHODSULPHUDHWDSDGHODGLFWDGXUDIUDQ TXLVWD&RPSOXWXP (67(9$ )$%5(*$7 &   >,QIRUPH VREUH OD VLWXDFLyQ GH ODV FLHQFLDV DQWURSROyJLFDV HQ@ (VSDxD $QXDULR ,Q GLJHQLVWD;;9,, (67(9$ )$%5(*$7& /DHWQRORJtDHVSDxROD\VXV SUREOHPDV(WQRORJtD\7UDGLFLRQHV3RSXODUHV,QVWLWX FLyQ³)HUQDQGRHO&DWyOLFR´=DUDJR]D )(51È1'(= 0$57Ë1(=90 /DDUTXHRORJtDHVSD xRODHQÈIULFD(Q0RUD\'tD]$QGUHX *,/0$1$ 3ROLWLFVDQGSDUDGLJPVKLIWVLQ6SDQLVK DUFKDHRORJ\ $PHULFDQ $QWKURSRORJLFDO $VVRFLDWLRQ &KLFDJR *,/0$1 $   5HFHQW WUHQGV LQ WKH DUFKDHRORJ\ RI 6SDLQ7KHRULJLQRIFRPSOH[VRFLHWLHVLQODWHSUHKLVWR ULF,EHULD./LOOLRVFRRUG ,QWHUQDWLRQDO0RQRJUDSKV LQ3UHKLVWRU\$QQ$UERU *Ï0(=7$%$1(5$-0 6HVHQWDDxRVGHVSXpVXQDV SDODEUDVGHLQWURGXFFLyQDODUHLPSUHVLyQGHµ(OKRPEUH IyVLO¶GH+XJR2EHUPDLHU(Q2EHUPDLHU /$Ë1(175$/*23 /RTXHVHHQVHxD\ORTXHQRVH HQVHxD HQ OD 8QLYHUVLGDG HVSDxROD &XDGHUQRV SDUD HO GLiORJRH[W9 /($/-QS µ7\ORULDQSURIHVVRUV¶DQGµ-DSDQHVHFRUSR UDOV¶ DQWKURSRORJLFDO WKHRU\ DQG QDWLRQDO LGHQWLW\ LQ 3RUWXJXHVHHWKQRJUDSK\>GDFWLORJUDILDGR@ /Ï3(= -8148(5$* $QH[R,,1RWDVVREUHODREUD SyVWXPD GH +XJR 2EHUPDLHU 6X HMHPSODU SHUVRQDO GH (O +RPEUH )yVLO LQWHUIROLDGR \ FRUUHJLGR (Q 2EHU PDLHU /8&$6 3(//,&(505 /DDUTXHRORJtDQRSURIHVLR QDO DQWHFHGHQWHV \ SDQRUDPD DFWXDO (Q - $UFH \ 5 2OPRVFRRUGV  /8&$6 3(//,&(505 3UyORJR(Q&DVWHOR5XDQR HWDO 0$57Ë1(= 6$17$2/$//$-D /RVSULPHURVJUDED GRVUXSHVWUHVGHO6iKDUDHVSDxRO$WODQWLV$FWDV\0H PRULDVGHOD6RFLHGDG(VSDxRODGH$QWURSRORJtD(WQR JUDItD\3UHKLVWRULD;9, 0$57Ë1(= 6$17$2/$//$-E /DVSULPHUDVSLQWX UDV UXSHVWUHV GHO 0DUUXHFRV HVSDxRO $WODQWLV $FWDV \ 0HPRULDV GH OD 6RFLHGDG (VSDxROD GH $QWURSRORJtD (WQRJUDItD\3UHKLVWRULD;9, 0$57Ë1(= 6$17$2/$//$ -   (O 6iKDUD (VSDxRO DQWHLVOiPLFR$OJXQRVUHVXOWDGRVGHODSULPHUDH[SHGL





FLyQ SDOHWQROyJLFD DO 6iKDUD MXOLRVHSWLHPEUH   0DGULG 0$57Ë1(= 6$17$2/$//$- (O6HPLQDULRGH+LV WRULD3ULPLWLYDGHO+RPEUHGHOD8QLYHUVLGDG\VXVDFWL YLGDGHV DIULFDQLVWDV $FWDV \ 0HPRULDV GH OD 6RFLHGDG (VSDxROD GH $QWURSRORJtD (WQRJUDItD \ 3UHKLVWRULD ;;  0$57Ë1(=6$17$2/$//$- (VTXHPDSDOHWQROyJL FRGHOD3HQtQVXOD+LVSiQLFD3XEOLFDFLRQHVGHO6HPL QDULRGH+LVWRULD3ULPLWLYDGHO+RPEUH0DGULG 0$57Ë1(= 6$17$2/$//$-D ÈIULFDHQODVDFWLYL GDGHVGHO6HPLQDULRGH+LVWRULD3ULPLWLYDGHO+RPEUH 3XEOLFDFLRQHV GHO 6HPLQDULR GH +LVWRULD 3ULPLWLYD GHO +RPEUH0DGULG 0$57Ë1(= 6$17$2/$//$-E /DSULPHUDH[SHGL FLyQ SDOHWQROyJLFD \ HWQROyJLFD D OD *XLQHD (VSDxROD HQ  3XEOLFDFLRQHV GHO 6HPLQDULR GH +LVWRULD 3ULPLWLYDGHO+RPEUH0DGULG 0$57Ë1(= 6$17$2/$//$ -   0XVHR GHO ,QVWLWXWR $UTXHROyJLFR 0XQLFLSDO /RV VHVHQWD PXVHRV GH 0D GULG$\XQWDPLHQWRGH0DGULG0DGULG 0$57Ë1(= 6$17$2/$//$ -   &yPR QDFLy \ YLYLy 0DGULGPHGLRPLOOyQGHDxRV6HFFLyQGH&XOWXUD$U WHV *UiILFDV 0XQLFLSDOHV 0DGULG >7LUDGD DSDUWH GH OD &iWHGUDGH0DGULGFXUVRVHJXQGR@ 0$57Ë1(= 6$17$2/$//$- 3UyORJR&DWiORJRGH OD([SRVLFLyQGH$QWLJHGDGHVSHUVDV0XVHR$UTXHR OyJLFR0XQLFLSDOGH0DGULGGHOGH1RYLHPEUHDO GHGLFLHPEUHGH'LUHFFLyQ*HQHUDOGH5HODFLRQHV &XOWXUDOHV0DGULG 0$57Ë1(= 6$17$2/$//$- +LVWRULDGHODUWH\GH ODFXOWXUD0DGULGVHG 0,1,67(5,2'( ('8&$&,Ï1< &,(1&,$ &ROHFFLyQ OHJLVODWLYD0(&0DGULG>YRO~PHQHVFRUUHVSRQGLHQ WHVDORVDxRVGH\@ 025$ * 'Ë$=$1'5(8 0 HGV    /D FULVWDOL]D FLyQGHOSDVDGRJpQHVLV\GHVDUUROORGHOPDUFRLQVWLWX FLRQDO GH OD DUTXHRORJtD HQ (VSDxD 8QLYHUVLGDG GH 0iODJD 0LQLVWHULR GH (GXFDFLyQ \ &LHQFLD &HQWUR GH (VWXGLRV+LVWyULFRV&6,&0iODJD 0285(520$1,//2$ +XJR2EHUPDLHUODLQVWLWX FLRQDOL]DFLyQGHODVLQYHVWLJDFLRQHV\ODLQWHJUDFLyQGH ORV HVWXGLRV GH SUHKLVWRULD HQ OD XQLYHUVLGDG HVSDxROD (Q0RXUH5RPDQLOORHG  0285( 520$1,//2$HG  ³(OKRPEUHIyVLO´ DxRVGHVSXpVYROXPHQFRQPHPRUDWLYRGHODQLYHUVD ULR GH OD PXHUWH GH +XJR 2EHUPDLHU 8QLYHUVLGDG GH &DQWDEULD )XQGDFLyQ 0DUFHOLQR %RWtQ ,QVWLWXWH IRU 3UHKLVWRULF,QYHVWLJDWLRQV6DQWDQGHU 2%(50$,(5 +   /D YLGD GH QXHVWURV DQWHSDVDGRV FXDWHUQDULRV HQ (XURSD 'LVFXUVRV OHtGRV DQWH OD 5HDO $FDGHPLDGHOD+LVWRULDHQODUHFHSFLyQGH'RQ+XJR 2EHUPDLHUHOGHPD\RGH5HDO$FDGHPLDGHOD +LVWRULD0DGULG 2%(50$,(5 +   >@ (O KRPEUH IyVLO ,VWPR 0DGULG 2/02 (1&,62/ ,GHRORJtD\DUTXHRORJtDORVHVWX GLRV VREUH HO SHUtRGR YLVLJRGR HQ OD SULPHUD PLWDG GHO VLJOR;;(Q$UFH\2OPRVFRRUGV  257Ë= *$5&Ë$ & 6È1&+(= *Ï0(= /È   (WQROR JtDHWQRJUDItD\IRONORUHHQ0DGULG(Q$JXLUUH 



/8,6È1*(/6È1&+(=*Ï0(=

257Ë= *$5&Ë$ & 6È1&+(= *Ï0(= /È HGV    'LFFLRQDULRKLVWyULFRGHODDQWURSRORJtDHVSDxROD&RQ VHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV0DGULG 3$6$0$5 $/=85,$ *   +LVWRULRJUDItD H LGHRORJtD HQODSRVJXHUUDHVSDxRODODUXSWXUDGHODWUDGLFLyQOL EHUDO8QLYHUVLGDGGH=DUDJR]D=DUDJR]D 3$6$0$5 $/=85,$ * 3(,5Ï 0$57Ë1 ,   /RV RUt JHQHV GH OD SURIHVLRQDOL]DFLyQ KLVWRULRJUiILFD HVSDxROD VREUH 3UHKLVWRULD \ $QWLJHGDG WUDGLFLRQHV GHFLPRQy QLFDVHLQIOXHQFLDVHXURSHDV (Q$UFH\2OPRVFRRUGV   3(,5Ï,3$6$0$5 $/=85,$* (OQDFLPLHQWR HQ(VSDxDGHOD$UTXHRORJtD\OD3UHKLVWRULD$FDGHPL FLVPR \ SURIHVLRQDOL]DFLyQ   .DODWKRV   3(5,&27/ 8QHSLVRGLRHQODKLVWRULDGHODHWQROR JtD HQ (VSDxD O¶$VVRFLDFLy &DWDODQD G¶$QWURSRORJLD (WQRORJLD \ 3UHKLVWzULD 5HYLVWD GH OD 8QLYHUVLGDG &RPSOXWHQVH;;,9 3,12)'(/ $QWURSyORJRVHQHOH[LOLR(OH[LOLRHV SDxROGH-/$EHOOiQHG 7DXUXV0DGULG9,  35(6('2) &ROHFFLyQ-XOLR0DUWtQH]6DQWD2ODOOD 'H *DELQHWH D 0XVHR WUHV VLJORV GH KLVWRULD 0XVHR $UTXHROyJLFR 1DFLRQDO $ 0DUFRV 3RXV FRRUG  0L QLVWHULRGH&XOWXUD0DGULG                                    

58,= =$3$7(52 * È/9$5(= 6$1&+Ë6 - 5 /255,2 $  'HOD&iWHGUDGH+LVWRULD3ULPLWLYDGHO+RPEUH DO'HSDUWDPHQWRGH3UHKLVWRULDGHOD8QLYHUVLGDG&RP SOXWHQVH GH 0DGULG (Q 0RUD \ 'tD]$QGUHX   58,=*È/9(=35,(*20 /D(XURSDDWOiQWLFDHQOD (GDGGHO%URQFHXQYLDMHDODVUDtFHVGHOD(XURSDRF FLGHQWDO&UtWLFD%DUFHORQD 6È(=0$57Ë1% (36(,/DSULPHUD([SHGLFLyQ 3DOHWQROyJLFD DO 6iKDUD HVSDxRO ,QVWLWXWR GH (VWXGLRV 3ROtWLFRV0DGULG 6È1&+(= *Ï0(= /È   /D 6RFLHGDG (VSDxROD GH $QWURSRORJtD(WQRJUDItD\3UHKLVWRULD 5H YLVWD GH 'LDOHFWRORJtD \ 7UDGLFLRQHV 3RSXODUHV ;/9  6È1&+(= *Ï0(= /È   /D DQWURSRORJtD DO VHUYLFLR GHO (VWDGR HO ,QVWLWXWR µ%HUQDUGLQR GH 6DKDJ~Q¶ GHO &6,&   5HYLVWD GH 'LDOHFWRORJtD \ 7UDGL FLRQHV3RSXODUHV;/9,, 6È1&+(= *Ï0(=/È &LHQDxRVGHDQWURSRORJtDV HQ(VSDxD\3RUWXJDO (WQRJUiILFD5HYLVWD GR &HQWUR GH (VWXGRV GH $QWURSRORJLD 6RFLDO ,    9e/(=-,0e1(=3 /D&iWHGUD&DUWDJHQDRHOVXUJL PLHQWR GHO DPHULFDQLVPR DUTXHROyJLFR HQ (VSDxD (Q 0RUD\'tD]$QGUHX