&RQWDQGRXQDKLVWRULDHQPDVFXOLQRFRQWDQGRXQDKLVWRULDHQIHPHQLQR
$OLFLD5DPRV*RQ]iOH]
(O LGGLVK
HV XQD OHQJXD MXG D GHO H[LOLR XQD OHQJXD GH JXHWR TXHDQWHV GHOD
6HJXQGD*XHUUD0XQGLDOKDEODEDQPiVGHVHLVPLOORQHV PHGLRGHMXG RVHQHOFHQWUR
HVWHGH(XURSD/DOHQJXD LGGLVKFX RVRU JHQHVVHUHPRQWDQDOD(GDG0HGLDDODV
RULOODVGHO5LQVHFRQYLUWLyDOSDVRGHORVVLJORVHQXQDIRUPDGHHQWHQGHUODYLGDSDUD
HVWRVMXG RV VXULFDOLWHUDWXUDORVXQLyPiVDOOiGHODVIURQWHUDVGHORVGLIHUHQWHVSD VHV
HQ ORV TXH YLY DQ /D OODPDURQ PDPHORVKQ OD OHQJXD GH PDPi SRUTXH GXUDQWH
PXFKRV VLJORV IXH SDUD ORV DVTXHQD] HV
VX OHQJXD KDEODGD OD OHQJXD GH OD YLGD
FRWLGLDQDGHOKRJDUGHODFRFLQD ODOLWHUDWXUD LGGLVKHVWXYRGXUDQWHPXFKRWLHPSR
IXHUWHPHQWHDVRFLDGDFRQODVPXMHUHV FRQXQDDXGLHQFLDGHPXMHUHV6LQHPEDUJROD
YR] LGGLVKGHODPXMHUHVFULWRUDWDUGyPXFKRWLHPSRHQHVFXFKDUVHHQODOLWHUDWXUDGHOD
OHQJXDGHPDPi PXFKDVYHFHVORKL]RGHVGHXQJXHWROLWHUDULRIHPHQLQRGHQWURGHO
JXHWRGRQGHQRKDE DPDGUHVTXHDOLPHQWDUDQODVYRFHVGHVXVKLMDVGRQGHORVSDGUHV
KHUPDQRV OLWHUDULRV LPSRQ DQ HVWUHFKRV O PLWHV TXH ODV DKRJDEDQ HQ ORV PiUJHQHV
QHJDEDQVXLPDJHQ
/DQDUUDGRUD FXHQWLVWD LGGLVK(VWKHU.UHLWPDQ%LOJRUD /RQGUHV
HVXQDGHHVDVYRFHVGHVGHHOJXHWRFX RFODQGHVWLQRDUWHHVXQDFWRGHUHEHOG DFRQWUD
VXV KHUPDQRV OLWHUDULRV6X VXSHUYLYHQFLDDUW VWLFD HVHO UHIOHMRRSXHVWR GHVX LPDJHQ
QHJDGD HQ XQD QDUUDWLYD SDWULDUFDO 7UDV HO QRPEUH DQyQLPR GH (VWKHU .UHLWPDQ
UHDOPHQWHVHHVFRQGH+LQGH(VWKHUODKHUPDQDPD RUGHXQRVIDPRV VLPRVKHUPDQRV
OLWHUDWRV HO SHULRGLVWD QRYHOLVWD GUDPDWXUJR ,VUDHO <RVKXD 6LQJHU %LOJRUD
1XHYD <RUN HO SUHPLR 1REHO GH OLWHUDWXUD ,VDDF %DVKHYLV 6LQJHU /HRQF Q
6XUIVLGH (VWKHU .UHLWPDQ WDPELpQ HVFULELy WDPELpQ HUD XQR GH ORV
6LQJHUHO2WUR6LQJHUSHURTXHGyYHODGDSRUODIDPDGHVXVKHUPDQRVPDUJLQDGDHQ
ORVWUDEDMRVFU WLFRVVREUHORVFpOHEUHV6LQJHUHLJQRUDGDVLOHQFLDGDRGLVLPXODGDFRPR
(VWH DUW FXOR IRUPD SDUWH GHO WUDEDMR TXH OD DXWRUD HVWi GHVDUUROODQGR HQ HO PDUFR GH XQD EHFD GHO
3URJUDPD 6HFWRULDO GH %HFDV GH )RUPDFLyQ GHO 3URIHVRUDGR 3HUIHFFLRQDPLHQWR GHO SHUVRQDO
,QYHVWLJDGRU GHO 0LQLVWHULR GH (GXFDFLyQ &XOWXUD 'HSRUWH EDMR OD GLUHFFLyQ GHO 'U -RDQ )HUUHU L
&RVWD
1DFLGRHQHOVLJOR;HQODUHJLyQGHOD/RWDULQJLDTXHORVMXG RVFRQRF DQFRQHOQRPEUHGH$VKNHQD]
HVXQDULFDPH]FODGHGLDOHFWRVJHUPiQLFRVGHOSHU RGRDOWRDOHPiQODD]XQGLDOHFWRGHORVMXG RVGH
)UDQFLDH,WDOLDFRQDEXQGDQWHVHOHPHQWRVURPiQLFRVKHEUHRDUDPHR HOHPHQWRVHVODYRVTXHVHHVFULEH
FRQFDUDFWHUHVKHEUHRV3RFRDSRFRVHIXHH[WHQGLHQGRKDVWDOOHJDUD3RORQLD/LWXDQLD 5XVLD
-XG RVRULXQGRVGHO&HQWUR (VWHGH(XURSD
DUWLVWD HQ ORV HVFULWRV GH pVWRV 6LQ HPEDUJR VX KLVWRULD HV PX GLIHUHQWH FXDQGR VH
FXHQWDHQIHPHQLQR
(OGHVFXEULPLHQWRGHXQDKHUPDQDOLWHUDULDGHORV6LQJHUHQORVHVFULWRVGHpVWRV
SUHFLVDGHSDFLHQFLDSDUDOHHUPLOHVGHSiJLQDV HQFRQWUDUDSHQDVSHTXHxRVLQGLFLRV
(QDSDUHFLyGHIRUPDVHULDGDHQHOGLDULR LGGLVK)RUYHUWV
ODSULPHUDSDUWHGHODV
PHPRULDVGH,VDDF%DVKHYLV,QPD QIRWHUVEH]GLQVKWXE(QHOWULEXQDOUDE QLFRGHPL
SDGUH+DF DXQDxRTXHVXKHUPDQD+LQGH(VWKHUKDE DPXHUWRHQ/RQGUHV TXL]i
SDUDWULEXWDUODOHGHGLFyXQFDS WXORHQHOTXHUHFRQRF DWRGRHOWDOHQWROLWHUDULRGHVX
KHUPDQDVXVDFULILFDGDFDUUHUDDUW VWLFD VXRULJLQDOREUDDV
«FRPHQ]DURQDOOHJDUFDUWDVGHOIXWXURQRYLRHVFULWDVHQ LGGLVKJHUPiQLFR(QODV
UHVSXHVWDVGHPLKHUPDQDVHHYLGHQFLyTXL]iSRUSULPHUDYH]ODYHQDOLWHUDULDGHQXHVWUD
IDPLOLD(VFULELyFDUWDVH[WHQVDVLQWHOLJHQWHV KDVWDKXPRU VWLFDV
(VWHSDUWLFXODUUHFRQRFLPLHQWRGHOWDOHQWROLWHUDULRGHVXKHUPDQDSDUDHOJpQHUR
HSLVWRODUSDUHFHUHDOPHQWHHOGLJQRHSLWDILROLWHUDULRSDUDUHFRUGDUDTXLHQQRH[LVWHHQ
XQDKLVWRULDOLWHUDULDSDWULDUFDO
(QODVFROXPQDVGHO)RUYHUWV%DVKHYLVFRQWLQXySXEOLFDQGRRWUDVVHULHVGHVXV
PHPRULDVHQORVDxRVVLJXLHQWHV HQHOODVQRYROYLyDUHIHULUVHDVXKHUPDQD(VWKHU
FRPRHVFULWRUDHQUHDOLGDGFDVLQRYROYLyDUHIHULUVHDVXKHUPDQDFRPRQDGD6yORHQ
XQHSLVRGLRGH)XQGHUDOWHUXQGHUQD HUKH P
'HOYLHMR HOQXHYRKRJDUXQRGH
VXV~OWLPRVWUDEDMRVELRJUiILFRVDSDUHFLGRHQHOPLVPRGLDULR LGGLVKHOGHMXQLRGH
²FXDQGR IDOWDEDQ XQRV G DV SDUD FXPSOLUVH HO GpFLPR DQLYHUVDULR GH OD
GHVDSDULFLyQGHVXKHUPDQD HOQRPEUHGH(VWKHU6LQJHUKDE DTXHGDGRROYLGDGREDMR
HO GH OD GHVFRQRFLGD HVFULWRUD LGGLVK (VWKHU .UHLWPDQ² %DVKHYLV UHFRQRF D
GLVSOLFHQWH©(UDXQDHVFULWRUDGHEDVWDQWHWDOHQWR HVFULELyYDULRVOLEURVTXHQRHUDQ
GHOWRGRPDORVª3HURHOUHFRQRFLPLHQWRGHVXKHUPDQD(VWKHUFRPRXQDOLWHUDWQXQFD
IXHPiVDOOiQXQFDVHPRVWUyPiVHQWXVLDVWDFRQVXREUDDXQTXHV ORKL]RFRQODGHVX
KHUPDQR ,VUDHO <RVKXD %DVKHYLV MDPiV VH UHFRQRFLy FRPR HO KHUPDQR PHQRU GH VX
'LDULR LGGLVKSXEOLFDGRHQ1XHYD<RUNGHVGH GHOTXHIXHFRODERUDGRUKDELWXDO,VDDF%DVKHYLV
6LQJHU(QHOSXEOLFyHQVHULDOHVJUDQSDUWHGHVXVPHPRULDV DOJXQDVGHVXVQRYHODVEDMRHOSVHXGyQLPR
GH9DUVKDYVNL
'HVGHHOGHIHEUHURKDVWDHOGHVHSWLHPEUHGH$ODxRVLJXLHQWHDSDUHFLyHQIRUPDGHOLEUR
HQIXHUHHGLWDGRHQ7HO$YLYSRUODHGLWRULDO3HUHWV(OFDS WXORGHGLFDGRDVXKHUPDQDHVHOQ~PHUR
(QODWUDGXFFLyQHVSDxRODHOW WXORRULJLQDO(QHOWULEXQDOUDE QLFRGHPLSDGUHIXHVXVWLWXLGRSRU
.URFKPDOQDQ(GLFLRQHV60
)RUYHUWVGHMXQLRGH
KHUPDQD PD RU OLWHUDULD SHUR V GH VX KHUPDQR PD RU ,VUDHO D TXLHQ GHGLFy OD JUDQ
VDJD'LIDPLOLH0XVKNDW/DIDPLOLD0RVNDWDV
$ODPHPRULDGHPLGHVDSDUHFLGRKHUPDQR,-6LQJHUDXWRUGH/RVKHUPDQRV$VKNHQD]L
3DUDP pOIXHQRVyORHOKHUPDQRPD RUVLQRWDPELpQXQSDGUH PDHVWURHVSLULWXDO
6LHPSUH OR DGPLUDUp FRPR PRGHOR GH LQWDFKDEOH PRUDOLGDG KRQUDGH]OLWHUDULD
ª 6LQ
HPEDUJRSDUD(VWKHUVRORWXYRXQDVSRFDVSDODEUDVHQ7KH6pDQFHDQG2WKHU6WRULHV©(Q
PHPRULDGHPLTXHULGDKHUPDQD+LQGH(VWKHU
(QVXFRQIHUHQFLDDQWHOD$FDGHPLD6XHFDDOUHFLELUHOSUHPLR1REHOGHOLWHUDWXUD
HQ KXER XQ UHFXHUGR SDUD HO LGGLVK OD OLWHUDWXUD LGGLVK VX KHUPDQR ,VUDHO
<RVKXDSHURQLQJ~QUHFXHUGRSDUD(VWKHU.UHLWPDQ
(QODDXWRELRJUDI DGH,VUDHO<RVKXD6LQJHU)XQDYHOWL]QLVKWRPHU
'HXQ
PXQGRTXH DQRHVVRQPX SRFDVODVUHIHUHQFLDVDVXKHUPDQDPD RU GHVGHOXHJR
QLQJXQDTXHWHQJDTXHYHUFRQVXVORJURVFRPRHVFULWRUD(QVXVOLEURVQRKD QLQJXQD
GHGLFDWRULDSDUDHOOD
3HURHQ(VWKHU.UHLWPDQSXEOLFyHQ/RQGUHV<LMHV
VXXOWLPROLEURXQD
FROHFFLyQ GH UHODWRV H KLVWRULDV FRUWDV FX R W WXOR SXHGH WUDGXFLUVH FRPR ©DOFXUQLDª
©RULJHQª R ©OLQDMHª HQHO FXDOLQFOX y 'LQD H YHOW
(O QXHYRPXQGR XQFXHQWR
DXWRELRJUiILFRTXHKR VLUYHGHWHVWDPHQWROLWHUDULR KXPDQRGH(VWKHU.UHLWPDQ(Q
'LQD HYHOW(VWKHUXQIHWRHQHOYLHQWUHGHVXPDGUHFRPLHQ]DDFRQWDUQRVFRQHO
OHQJXDMHLQIDQWLO SULPLWLYROOHQRGHLQRFHQFLD GHPDOLFLDGHTXLHQHVWiDSUHQGLHQGR
DKDEODU ODKLVWRULD GHVXHVS ULWXUHEHOGHTXHQRVHFRQIRUPDFRQODSDVLYLGDGTXH
LPDJLQD TXLHUHDSUHQGHUDJULWDUDGDUH[SUHVLyQDDTXHOORTXHVLHQWH'HVSXpVODYR]
GHOEHEpOOHQDGHWHUQXUDD~QFiQGLGDFRQWDUiFyPRDOQDFHUYHDKRJDGDEUXWDOPHQWH
VXH[LVWHQFLDKXPLOODGRVXSHTXHxRVHUIHPHQLQRFXDQGRHVGHVSUHFLDGDSRUDTXHOORV
TXH OD HVSHUDEDQ SRUTXH HUD XQD QLxD DEDQGRQDGD HQ XQ QLFKR IHPHQLQR GRQGH XQD
%$6+(9,66,1*(5,'LIDPLOLH0XVKNDW0RUULV66NODVN
%$6+(9,66,1*(5,7KH6pDQFHDQG2WKHU6WRULHV3HQJXLQ%RRNV(QODGHGLFDWRULDKD
XQDHUUDWD HOQRPEUHGH+LQGH(VWKHUDSDUHFHFRPRHOGH0LQGD(VWKHU(QXQUHODWRWLWXODGR³4XLpQ
VR R´LQFOXLGRHQODHGLFLyQHVSDxRODHQ8QG DGHSODFHU RWUDVKLVWRULDV(GLWRULDO%UXJXHUD
%DVKHYLVPHQFLRQDWDPELpQGHSDVDGDDVXKHUPDQDFRPRHVFULWRUD©7RGRVORVKHUPDQRVPHQRV0RVKH
IXLPRV HVFULWRUHV DO SDVR GHO WLHPSR /D QRYHOD GH PL KHUPDQR /RV KHUPDQRV $VKNHQD]LKDVLGR
WUDGXFLGDDYLDULRVLGLRPDVHQWUHHOORVHOLQJOpV(VFULE DHQ LGGLVKORPLVPRTXH Rª DV WHUPLQDHO
SiUUDIRVLQDFODUDUTXHHOODHVFULE DHQODPLVPDOHQJXD VLQFLWDUQLQJ~QOLEURGHVXKHUPDQDQLTXHHOOD
WDPELpQKDE DVLGRWUDGXFLGDDOLQJOpVYpDVHSiJ
3XEOLFDGDWDPELpQGHIRUPDVHULDGDHQHOGLDULR LGGLVK)RUYHUWVGHVSXpVGHODPXHUWHGH,VUDHO<RVKXD
6LQJHUHQ(VWDDXWRELRJUDI DIXHSXEOLFDGDFRPROLEURSRUODHGLWRULDO0DWRQHVHQ1XHYD<RUN
.5(,70$1(<LMHVHUWVH OXQJHQXQVNLWVQ1DURG3UHVV
,ELGHP SiJV 8QD WUDGXFFLyQ HVSDxROD SXHGH HQFRQWUDUVH HQ $EDG - 5DPRV $ ³(VKWHU
.UHLWPDQ(OQXYHRPXQGR´5D FHVQ2WRxRSiJV
MRYHQSHURGpELOPDGUHHUDLQFDSD]GHQXWULUOD$OILQDOGHOUHODWRFXDQGRODKLMDQR
GHVHDGDHVGDGDDXQDQRGUL]DVXGHVWLHUURI VLFRGHODIDPLOLDVHFRQYLHUWHHQXQJXHWR
HQWUHH[WUDxRVHQHOUHGXFLGRHVSDFLREDMRXQDPHVDGHPDGHUDVROR DLVODGRUHFOXLGR
HQODFODXVWURIyELFDDWPyVIHUDGHHVWHSHTXHxRPXQGRVLQSDODEUDVHOHVS ULWXUHEHOGH
GHVREHGLHQWH IHPHQLQR VLHQWH VX YLGD HQWHUUDGD QR SXHGH PiV TXH OORUDU
DPDUJDPHQWH
'LQD HYHOWHVODUHYHODFLyQ QWLPDGHOFRPLHQ]RGHODYLGDGH(VWKHU.UHLWPDQ
FRPRVXPRGRQDUUDWLYRGHDFHSWDUVXSURSLDH[LVWHQFLD/DHVFULWRUDQDFLGDHQHQ
XQ SLDGRVR WUDGLFLRQDO KRJDU GH OD MXGHU D SRODFD IXH OD Y FWLPD GH XQ PXQGR TXH
LJQRUDEDDODVPXMHUHV3DVyORVWUHVSULPHURVDxRVGHVXYLGDHQXQDFXQDEDMRODPHVD
FDPLOODGHODIDPLOLDTXHODDFRJLySDUDVXFXLGDGRGRQGHTXHGySDUFLDOPHQWHFLHJD
(VWH SHTXHxR GUDPD HV OD SULPHUD HVFHQD GH OD JUDQ WUDJHGLD
TXH (VWKHU .UHLWPDQ
YLYLyFRPRPXMHU FRPRHVFULWRUDHQXQKRJDU HQXQDVRFLHGDGTXHOHQHJDURQVX
GHVDUUROOR LQWHOHFWXDO DUW VWLFR (O GHFRUDGR GHO VNHWFK ²OD DWPyVIHUD DJRELDQWH GH
HQFLHUUR² VXDUJXPHQWR²ODUHEHOG D HOGHVWLHUURIHPHQLQR²VRQORVPLVPRVTXH
ORV GH VX QRYHOD WDPELpQ DXWRELRJUiILFD 'HU VKH GLP WDQWV
/D GDQ]D GH ORV
GHPRQLRVHQODTXH.UHLWPDQVHDVRPDDOHVSHMRGHODOLWHUDWXUDFRQODLPDJHQGHXQD
MRYHQ DGROHVFHQWH FUHDWLYD UHSULPLGD HQ VX DGROHVFHQFLD XQD LGHQWLGDG IHPHQLQD
DJUHGLGD GRPLQDGDSRUODYLGDIDPLOLDU VRFLDOTXHPDWDQVXYLGD PDWDQVXDUWH
&XDQGR OD HGLWRULDO %]KR]D SXEOLFD HQ 9DUVRYLD 'HU VKH GLP WDQWV (VWKHU
.UHLWPDQWHQ DFXDUHQWD FLQFRDxRV pVWDHUDVXSULPHUDQRYHOD6XFDUUHUDOLWHUDULD
QRHUDFRPSDUDEOHFRQODGHORVRWURV6LQJHU,VUDHO<RVKXDGRVDxRVPHQRUTXHHOOD
DHUDXQUHFRQRFLGRHVFULWRUTXHHQODPLVPDHGLWRULDOTXHVXKHUPDQD HQHOPLVPR
DxR SXEOLFDED VX QRYHOD PiV FpOHEUH 'L EULGHU $VKNHQD]L %DVKHYLV WUHFH DxRV
PHQRU TXH (VWKHU KDE D FRQVHJXLGR VHU UHFRQRFLGR FRPR HVFULWRU GH WDOHQWR WUDV OD
SXEOLFDFLyQXQDxRDQWHVHQGHVXQRYHOD6RWQLQ*RUD
/DGLIHUHQFLDHUDWDO
TXH&OLYH6LQFODLUQRYLRQHFHVDULRKDFHUPiVTXHXQDVEUHYHVPHQFLRQHVD(VWKHUHQHO
(QODUHFOXVLyQGHVXVWUHVSULPHURDxRVVHJ~QWHVWLPRQLRGHVXKLMRTXHGyWRWDOPHQWHFLHJD VyOR
UHFXSHUy SDUFLDOPHQWH OD YLVWD WUDV VX ³OLEHUWDG´ /DV VHFXHODV SV TXLFDV IXHURQ D~Q PiV LPSRUWDQWHV
9pDVH6LQFODLU&³(VWKHU6LQJHU.UHLWPDQ7KH7UDPPHOHG7DOHQWRI,VDDF%DVKHYLV6LQJHU¶V1HJOHFWHG
6LVWHU´/LOLWK3ULPYHUDSiJ
5$026*RQ]iOH]$³8QPRGHORSDUD$DUyQ(VWKHU.UHLWPDQRODWUDJHGLDGHODPXMHULQWHOHFWXDO
5D FHVQ3ULPDYHUDSiJV
.5(,70$1('HUVKH GLPWDQWV%]KR]D
:,66( 5 ³%HWZHHQ WKH :DUV 7KH 6LQJHU )DPLO RI :DUVDZ´ HQ 7KH 0RGHUQ -HZLVK &DQRQ D
-RXUQH 7KURXJK/DQJXDJHDQG&XOWXUH7KH)UHH3UHVVSiJV
WHUFHUFDS WXORGHVXOLEUR7KH%URWKHUV6LQJHU
WLWXODGR³5HSXWDFLRQHV´FRPRVLOD
PD RUGHORV6LQJHUQRIXHUDXQDHVFULWRUDQLVLTXLHUDGH³PDODUHSXWDFLyQ´
/D GLIHUHQFLD GH HVWDWXV HQWUH .UHLWPDQ VXV KHUPDQRV SRGU D KDFHUQRV SHQVDU
TXH VLQ HO WDOHQWR GH HVWRV (VWKHU FRPHQ]y D HVFULELU VyOR DOHQWDGD SRU OD IUXFW IHUD
DFWLYLGDG OLWHUDULD GH VXV GRV KHUPDQRV PHQRUHV OD IDPD VREUH WRGR GH ,VUDHO
<RVKXD
6LQHPEDUJRODGHVLJXDOGDGGHFDUUHUDVOLWHUDULDVYDXQLGDDODGLIHUHQFLDGH
DSHOOLGRV (VWKHU QXQFDXWLOL]y HOGH ORV6LQJHU SDUDSUHVHQWDUVH FRPRHVFULWRUD WDO
FRPRVXKLMRKDUHFRQRFLGR
QXQFDEXVFyVDFDUSURYHFKRGHSHUWHQHFHUDODIDPLOLD
6LQJHU VH PDQWXYR DSDUWDGD DQyQLPD EDMR HO QRPEUH GH .UHLWPDQ TXH FRQVLJXLy
JUDFLDVDXQPDWULPRQLRREOLJDGR VLQDPRU
(QUHDOLGDG(VWKHUIXHHOSULPHURGHORVWUHVKHUPDQRVHQFRPHQ]DUDHVFULELU<
ORKL]RSUHFR]PHQWHSXHVDODHGDGGHGLHFLQXHYHRYHLQWHDxRVKDE DFRQFOXLGRXQD
LPSUHVLRQDQWHFROHFFLyQGHUHODWRV FXHQWRVTXHQXQFDKDQVLGRSXEOLFDGRV GHFX RV
PDQXVFULWRV (VWKHU VH GHVKL]R SRU PLHGR GH VHU DFXVDGD HQ $OHPDQLD GH
UHYROXFLRQDULD
$QWHVGHODSXEOLFDFLyQGHVXSULPHUDQRYHOD'HUVKH GLPWDQWVSDUD
JDQDUVH OD YLGD KL]R WUDGXFFLRQHV GH 'LFNHQV 6KDZ DO LGGLVK DOJXQDV QXHYDV
KLVWRULDV FRUWDV DSDUHFLHURQ HQ UHYLVWDV OLWHUDULDV GH 9DUVRYLD /RQGUHV 1XHYD <RUN
3DU V%XHQRV$LUHVR7RURQWR
$ GLIHUHQFLD GH VXV KHUPDQRV TXH YLY DQ HVFULE DQ HQ JUDQGHV FHQWURV GH
FXOWXUD LGGLVK ²SULPHUR HQ 9DUVRYLD OXHJR HQ 1XHYD <RUN² GRQGH SRG DQ
SDUWLFLSDU HQ ODV WHUWXOLDV GH ORV F UFXORV OLWHUDULRV GH ORV JUDQGHV HVFULWRUHV GHO
PRPHQWR.UHLWPDQ YLY DHQ /RQGUHVGRQGH KDE DXQDSHTXHxDFRPXQLGDG LGGLVK
ORV HVFULWRUHV HQ HVWD OHQJXD HUDQ VyOR XQ PLQ~VFXOR JUXSR GHQWUR GH OD OLWHUDWXUD
DQJORMXG DVLQJUDQGHVILJXUDVGHPXMHUHVTXHFUHDUDQHQ LGGLVK
<DSHVDUGHWRGR
(VWKHUVHFRQYLUWLyHQXQDQRYHOLVWDHQODGpFDGDGHORVWUHLQWDFXDQGRODYR]GHODV
6,1&/$,5&7KH%URWKHUV6LQJHU$OOLVRQDQG%XVE
9pDVHODLQWURGXFFLyQGH&6LQFOHUDODUHHGLFLyQGHODWUDGXFFLyQLQJOHVDGH'HUVKH GLPWDQWVTXHVH
SXEOLFyEDMRHOW WXOR'HERUDK9LUDJR
6,1&/$,5&³(VWKHU6LQJHU.UHLWPDQ7KH7UDPPHOHG7DOHQWRI,VDDF%DVKHYLV6LQJHU¶V1HJOHFWHG
6LVWHU´/LOLWK3ULPYHUDSiJ
(QVXYLDMHHQWUHQKDFLD$OHPDQLDGRQGHLEDDFDVDUVHWLUyWRGRVVXVPDQXVFULWRVSRUPLHGRDTXHORV
SXGLHUDQ FRQIXQGLU FRQ HVFULWRV UHYROXFLRQDULRV VRFLDOLVWDV 9pDVH )RUPDQ ) 5DLFXV ( 6LOEHUVWHLQ
6ZDUW]6 :ROIH0HGV)RXQG7UHDVXUHV6WRULHVE <LGGLVK:RPHQ:ULWHUV6HFRQG6WRU 3UHVV
SiJV
35$*(5/<LGGLVK&XOWXUHLQ%ULWDLQ$*XLGH3HWHU/DQJ
PXMHUHV HQ OD OLWHUDWXUD LGGLVK HVWDED DSHQDV FRPHQ]DQGR D VHU XQD YR] IXHUWH
DXQTXH VyOR HQ YHUVR FRQ SRHWDV FRPR .DGLD 0RORGRZVN =LOD 'URSNLQ 0DONH
+HLIHWV 7XVVPDQ R 5RMO .RUQ IUHQWH D XQ SHTXHxR JUXSR GH PXMHUHV TXH HVFULE DQ
UHODWRVFRUWRV$V SXHV.UHLWPDQDXQTXHQRUHFRQRFLGDVHFRQYLUWLyFRQVXSULPHUD
QRYHODHQXQDSLRQHUDGHODQDUUDWLYDIHPHQLQD LGGLVK HQXQDGHODVSULPHUDVPXMHUHV
HQHQULTXHFHUHVWHJpQHURFRQDTXHOORGHORTXHPiVHVFDVH]WHQ DODH[SHULHQFLDGHODV
PXMHUHVUHFODPDQGRDELHUWDPHQWHODHGXFDFLyQGHODPXMHU VXGHVDUUROORLQWHOHFWXDO
(VWDHVFULWRUDGHVFRQRFLGDRHQHOPHMRUGHORVFDVRVRPLWLGDRSRFRLQWHUHVDQWH
SDUDORVFU WLFRV OHFWRUHVHVWDKHUPDQDLJQRUDGDWXYRVLQHPEDUJRXQDYR]QDUUDWLYD
XQDIRUPDGHFRQWDUTXHVXHQDLQFRQIXQGLEOHPHQWHVLQJHUHVFDWDQWRHVDV TXHDOJXQDV
GHODVFU WLFDVDVXQRYHODSRGU DQFRUUHVSRQGHUDODGHFXDOTXLHUREUDGH,VUDHO<RVKXD
R%DVKHYLV6LQJHU3HURDGHPiV(VWKHU.UHLWPDQIXHODKHUPDQDPD RUOLWHUDULDTXH
GHVDUUROOy OD ILFFLyQ DXWRELRJUiILFD
DOJR TXH PiV WDUGH SRQGU D HQ SUiFWLFD VX
KHUPDQRPHQRU%DVKHYLV6LQJHU(QUHDOLGDG.UHLWPDQVHDGHODQWyDVXVGRVKHUPDQRV
SXEOLFDQGR SDUWH GH VXV PHPRULDV HQ VX QRYHOD DXWRELRJUiILFD 'HU VKH GLP WDQWV
URPSLHQGRODLPDJHQGH(VWKHU6LQJHUTXHPiVWDUGHTXHGDU DDSULVLRQDGDHQORVWH[WRV
PDVFXOLQRVGHVXVKHUPDQRV
(Q,QPD QIRWHUVEH]GLQVKWXE%DVKHYLV6LQJHUUHIOHMDXQDLPDJHQDPELYDOHQWH
GH(VWKHUFRPRiQJHO GHPRQLR8QDMRYHQFRQIDOGDV HOHVS ULWXGHXQMDVLG
SHUR
FX R FXHUSR SDUHF D HVWDU SRVH GR SRU XQ G EEXN
TXH OR GRPLQDED D VX DQWRMR
FRQYLUWLHQGR D VX KHUPDQD HQ XQD GHVTXLFLDGD XQD GHVHTXLOLEUDGD TXH ©VXIU D GH
KLVWHULD SDGHF DGHHSLOHSVLD>@HUDSURSHQVDDH[DJHUDU FXDQGRHVWDEDFRQWHQWDQR
SDUDEDGHVDOWDUPLHQWUDVTXHVLVHVHQW DGHVJUDFLDGDVHSRQ DDOORUDU DYHFHVFD D
HQ XQD SURIXQGD ODQJXLGH]
ª 8Q SHUILO SVLFROyJLFR TXH %DVKHYLV HPSOHyGHVGH HO
FRPLHQ]R GH VX FDUUHUD SDUD DOJXQDV GH VXV PHMRUHV SURWDJRQLVWDV 5DMHOH %DEDG OD
KHUR QDVDQWD SRVH GD TXHQR VDEHGLVWLQJXLU HQWUHHOELHQ HOPDOHQVXWHPSUDQD
QRYHOD6RWQLQ*RUD HVXQDGHHOODV
526(1)$5% &K ³)HPLQLVP DQG <LGGLVK /LWHUDWXUH $ SHUVRQDO $SSURDFK´ HQ 6RNRORII 1%
/DSLGXV /HUQHU $ 1RULFK $ HGV *HQGHU DQG 7H[W LQ 0RGHU +HEUHZ DQG <LGGLVK /LWHUDWXUH
+DUYDUG8QLYHUVLW 3UHVVSiJ
:,66(5LELGHPSiJ
-XG RSLDGRVR0LHPEURVGHODVHFWDMDV GLFDXQPRYLPLHQWRSLHWLVWDTXHVXUJLyHQHOVLJOR;9,,,HQOD
(XURSDGHO(VWH DOFXDOSHUWHQHF DHOSDGUHGH(VWKHU.UHLWPDQ
(VS ULWXPDOLJQRRiQLPDGHXQGLIXQWRTXHVHSRVHVLRQDGHOFXHUSRGHXQDSHUVRQDYLYLHQWH VyOR
SXHGHVHUH[SXOVDGRSRUPHGLRGHH[RUFLVPRV
9pDVHHOFDS WXORHQ,QPD QIRWHUVEH]GLQVKWXEGH%DVKHYLV6LQJHU
(QHOHVSHMRGH%DVKHYLVH,VUDHO<RVKXD(VWKHUDSDUHFHFRPRXQDMRYHQFHORVD
HQYLGLRVDGHOWDOHQWRGHVXVKHUPDQRV(Q)XQDYHOWYRVL]QLVKWRPHUHQHOSiUUDIR
PiV H[WHQVR TXH ,VUDHO <RVKXD GHGLFD D (VWKHU HQ WRGDV VXV PHPRULDV TXH DSHQDV
RFXSD O QHDV GHVFULEH VX UHODFLyQ FRQ HOOD DV ©&XDQGR PL KHUPDQD SUHJXQWDED D
0DGUHTXpVHU DHOODFXDQGRFUHFLHUD0DGUHUHVSRQG DDVXSUHJXQWDFRQRWUD³¢4Xp
SXHGHVHUXQDQLxD"´0LKHUPDQDFHORVDGHVGHODLQIDQFLDQRSRG DDFHSWDUHOKHFKR
GHTXHQRVHDSUHFLDUDQVXVWDOHQWRV
ª
/RTXHHQODVPHPRULDVGH,VUDHO<RVKXDDSDUHFHHQHOFDS WXOR FRPRDOJR
DQHFGyWLFRTXHVXUJHHQHOUHFXHUGRHYRFDGRUGHVXSDVDGRHQHOUHODWRGH.UHLWPDQ
UHSUHVHQWD HO FRPLHQ]R GH VX KLVWRULD OD SULPHUD SiJLQDGHO SULPHUFDS WXOR FRPRHO
SXQWR GH SDUWLGD SDUD OLEHUDUVH SDUD KXLU GH HVH PLVPR SDVDGR TXH FRQ VLQLHVWUR
UHDOLVPRODDXWRUDHYRFDFRPROLPLWDGRU'YyLUHOHODGREOHOLWHUDULDGHODDXWRUDHQVX
QRYHOD DXWRELRJUiILFD 'HU VKH GLP WDQWV QR HV XQD QLxD FHORVD VLQR XQD MRYHQ TXH
VLHQWHVXDOWHULGDGFRPRXQDQHJDFLyQ QRVHUHVLJQDDHOOR
¢<TXpOOHJDUpDVHU RSDSi"SUHJXQWDED'YyLUHOHDYHFHVDVXSDGUHPHGLRHQEURPD
PHGLR HQ VHULR D TXH HQ WDQWR SRG D UHFRUGDU QXQFD KDE D R GRD QDGLH TXHWXYLHUD
SDODEUDVGHKDODJRKDFLDHOOD/DPD RU DGHODVYHFHVUHE$YURP%HUQROHUHVSRQG D
QDGD R VL DFDVR OH GHF D TXH XQD PXFKDFKD QR QHFHVLWDED OOHJDU D VHU QDGD (VWR
PROHVWDED D 'YyLUHOH ¢1R KDE D OOHJDGR PDPi D VHU ³DOJR´" £< VLQ HPEDUJR HOOD
WDPELpQKDE DVLGRXQDYH]XQDFKLFD
(Q OD QRYHOD GH .UHLWPDQ ODSURWHVWD OD UHEHOLyQIHPHQLQD VRQHO FHQWUR HO
DUJXPHQWRGHODQRYHODUHYHODQGRODVDEXVLYDVGLIHUHQFLDVHQWUHHOWUDWRDORVKLMRV D
(VWKHU TXH UHSUHVHQWD OD FRQGLFLyQ UHDOGH PDUJLQDFLyQ GHGHVFXLGR LQWHOHFWXDOTXH
YLY DQ ODV PXMHUHV MXG DV HQ HO (VWH GH (XURSD (OOD FRQILHVD XQD ULYDOLGDG HQWUH OD
SURWDJRQLVWDODGREOHOLWHUDULDGHODDXWRUD VXKHUPDQRHOGREOHOLWHUDULRGH,VUDHO
<RVKXDSHURQREDVDGDHQORVFHORVVLQRHQODDFWLWXGFUXHO VLQVHQWLGRGHOKHUPDQR
TXHD~QUHSUHVHQWDQGRORVYDORUHVGHOKRPEUHPRGHUQRQRVyORLJQRUDODLQGHIHQVLyQ
GHVXKHUPDQDHQODDQJXVWLRVDDWPyVIHUDGHOSLDGRVR WUDGLFLRQDOKRJDUMXG RGHOD
IDPLOLD VLQR TXH MXQWR FRQ VXV SDGUHV FRQWULEX H D OD UHLWHUDGD DJUHVLyQ FRQWUD OD
LGHQWLGDGIHPHQLQDTXHUHSUHVHQWDD.UHLWPDQ
/DLPDJHQQHJDGDGH(VWKHURVXLPDJHQP VWLFDGHPXMHUVDQWDSRVH GDSRUXQ
HVS ULWXRODGHXQDDGROHVFHQWHORFD FDSULFKRVDGHODVQDUUDFLRQHVHQPDVFXOLQRGHOD
6,1*(5,<)XQDYHOWYR]L]QLVKWRPHU0DWRQHVSiJ
.5(,70$1('HUVKH GLPWDQWV%]KR]DSiJ
KLVWRULD GH OD IDPLOLD 6LQJHU HQFXHQWUDQ HQ OD QDUUDFLyQ HQ IHPHQLQR GH .UHLWPDQ VX
RSXHVWRHQODUHSUHVHQWDFLyQGHODDXWRUDHQXQDDGROHVFHQWHTXHVHVLHQWHLQYLVLEOHDORV
RMRVGHODVRFLHGDGXQDMRYHQUHIOH[LYDHLQWHOLJHQWHTXHVHUHYHODFRQWUDORLQMXVWRGH
TXH SRU VHU PXMHU VH OH H[FOX D GHO WUDGLFLRQDO GRPLQLR PDVFXOLQR GHO HVWXGLR OD
HGXFDFLyQ VLQHPEDUJRVHOHH[SORWHGRPpVWLFDPHQWHODLPDJHQGHODKLVWpULFDFRQ
VHYHUDVFULVLVQHUYLRVDVVHWUDQVIRUPDHQODGLVLPXODGDELRJUDI DGHO2WUR6LQJHUHQOD
MRYHQTXHQRVKDFHDSUHQGHUGHVXVXIULPLHQWR QWLPRGHVXOXFKDSRUUHLYLQGLFDUXQURO
DFWLYR GLJQRSDUDODPXMHUHQODVRFLHGDGMXG D/D(VWKHUH[DOWDGDGHHVSDVPRV
FRQYXOVLRQHV HVSXPRVDV GH %DVKHYLV VH FRQYLHUWH HQ OD H[WUDYDJDQWH 'YyLUHOH GH
.UHLWPDQTXHHQXQDSLDGRVDFRUWHUDE QLFDGHKRPEUHVUHIOHMDVXLUDHQODFiUFHOGHOD
VXPLVLyQ IHPHQLQD /D (VWKHU ORFD R KLVWpULFD GH ODV PHPRULDV GH ORV 6LQJHU HV OD
'YyLUHOHGH.UHLWPDQTXHQRUHQXQFLDDWHQHUXQDKLVWRULDTXHVHQLHJDDPDWDUVXYLGD
/DKHUPDQDPD RUGH%DVKHYLVSURSHQVDDH[DJHUDUDOORUDURUH UVLQXQSRUTXpHVOD
KHUPDQDPD RUGH.UHLWPDQTXHMXVWLILFDVXFRPSOHMRFRPSRUWDPLHQWRFRPRODIRUPD
GHOLEHUDUXQDUHEHOG DTXHXVDEDDVXDQWRMRODORFXUDSDUDKXLUGHOHQFLHUURVRFLDO
IDPLOLDU GHO VRPHWLPLHQWR HO VDFULILFLR SDUD UHFODPDU XQD FRPSOLFDGD LGHQWLGDG
IHPHQLQD
$HVWDHVWUDWHJLDFRQWULEX HHOGLVFXUVRIHPHQLQRIUDJPHQWDGR GLVFRQWLQXRTXH
OD SURWDJRQLVWD XVD SDUD EDOEXFLU OD KLVWRULD WUDVSDVDU ORV HQORTXHFHGRUHV O PLWHV
LPSXHVWRV SRU OD IDPLOLD OD FXOWXUD TXH GHVDIRUWXQDGDPHQWH HO WUDGXFWRU GH OD
YHUVLyQLQJOHVDGHODQRYHODGH.UHLWPDQ
VXKLMRQRFRPSUHQGLy WUDQVIRUPyHQXQ
GLVFXUVRPDVFXOLQROLQHDO FRKHUHQWH(OOHQJXDMHGH(VWKHU.UHLWPDQR(VWKHU6LQJHU
WDPSRFRIXHHQWHQGLGRSRU%DVKHYLVTXHYH DHQVXKHUPDQDDXQDPXMHUGHFRQGXFWD
GHVRUGHQDGDFRQXQRVWHUULEOHVQHUYLRVTXHODLPSXOVDEDQDVDOLUDORFDGDPHQWHDDOWDV
KRUDVGHODQRFKHQRVHVDE DPX ELHQDGyQGHSHURTXHHQHOOHQJXDMHFDyWLFRGHOD
.UHLWPDQ TXH HVWi GHVDSUHQGLHQGR D QR KDEODU HV OD FRQGXFWD GH XQD PXMHU TXH
EXVFDQGR H[SUHVDU OLEHUWDG DVLVW D VLQ FRQRFLPLHQWR GH VX IDPLOLD D FODQGHVWLQDV
UHXQLRQHVQRFWXUQDVFRQPLOLWDQWHVVRFLDOLVWDV UHYROXFLRQDULRV(OODQRVHYH DFRPR
XQMDVLGHQIDOGDVFRPRSHQVDEDVXKHUPDQR,VDDFVLQRPiVELHQFRPRXQ.DUO0DU[
FRQHQDJXDV
(OOHQJXDMHGHODUHEHOG DXWLOL]DGRSRU(VWKHUWDPSRFRHUDFRPSUHQGLGRSRUVXV
SDGUHV TXH GHFLGLHURQ VLOHQFLDU DTXHO GLVORFDGR SDUORWHR GH KLVWHULD QHUYLRV
.5(,70$1('HERUDK:DQG*)R OH/WGWUDGXFLGRGHO LGGLVKSRU0RUULV.UHLWPDQ
VDFULILFDQGRD VXKLMDHQXQPDWULPRQLRDUUHJODGRHLQIHOL]FRQXQKRPEUHDOTXHQR
KDE DYLVWRQXQFD(VWKHUFRPSUHQGLyHVWHVDFULILFLRFRPRXQH[LOLRSHURDFHSWyYLYLU
XQDYLGD DHVFULWDFRPRXQDIRUPDGHDXWRGRPLQLRTXHOHSHUPLWLHUDVDOYDUVXDUWH
FRQVHJXLUFRQYHUWLUVHHQXQDHVFULWRUD1RUHVXOWDSXHVH[WUDxRTXHHQXQDDQWRORJ DGH
UHODWRVMXG RVHQWUDGXFFLyQLQJOHVDTXHHGLWy0RUULV.UHLWPDQHQ/RQGUHVHQ
GRQGH HQWUH WRGRV ORV DXWRUHV UHXQLGRV VyOR SDUHFH HO QRPEUH GH XQD PXMHU (VWKHU
.UHLWPDQMXQWRDOGHVXVKHUPDQRV,VUDHO<RVKXDH,VDDF%DVKHYLV6LQJHUQRVHKDJD
PHQFLyQDOJXQDQLHQODLQWURGXFFLyQQLHQQLQJXQDRWUDSDUWHDOSDUHQWHVFRGHHVWRV
WUHV HVFULWRUHV UHYHODQGR TXL]i HO GHVHR GH (VWKHU GH GHVYLQFXODUVH R PDQWHQHUVH
DQyQLPD EDMR HODSHOOLGR .UHLWPDQVX DSHOOLGRGH FDVDGDUHVLVWLpQGRVH DVREUHYLYLU
OLWHUDULDPHQWHDOJRTXHQRKDE DFRQVHJXLGRFRQHODSHOOLGR6LQJHUHQODFDVDGHVXV
SDGUHV
7RGRVORV6LQJHUFXHQWDQODPLVPDKLVWRULDSHURLJXDOTXHOD(VWKHUROYLGDGDHQ
ORV WH[WRV GH VXV KHUPDQRV VH FRQYLHUWH HQ OD (VWKHU TXH LQVSLUD D OD KHUR QD
SURWDJRQLVWD GH OD QRYHOD GH .UHLWPDQ HO PLVPR HVSDFLR HO PLVPR WLHPSR ORV
PLVPRV SURWDJRQLVWDV VRQ RSXHVWRV HQWUH ORV WH[WRV PDVFXOLQRV HO IHPHQLQR GH ORV
6LQJHU /DV GLIHUHQFLDV JHQpULFDV GH ORV SURWDJRQLVWDV DOWHUDQ JHQpULFDPHQWH OD
SHUFHSFLyQGHOPXQGRTXHOHVURGHD/RVWUHVKHUPDQRVVLW~DQVXVUHFXHUGRVHQODFDVD
GHVXVSDGUHVXQKRJDUWUDGLFLRQDOMXG RTXHUHVWULQJHODVDQVLDVUHEHOGHVGHORVWUHV
TXH TXLHUHQ HVFDSDU GH HVH HQWRUQR UHOLJLRVR UHVWULFWLYR TXH DKRJD SRU FRPSOHWR VXV
YLGDV /D FDVD GH (VWKHU ,VUDHO <RVKXD H ,VDDF 6LQJHU HV HO KRJDU GH XQ UDELQR VX
SDGUH SRUHOORDOPLVPRWLHPSRHOOXJDUGRQGHpVWHLPSDUWHMXVWLFLD$SHVDUGHODV
DQVLDVOLEHUDGRUDVGH,VUDHOH,VDDFSDUDHOORVVXFDVDHVXQOXJDUOOHQRGHPDWHUQLGDG
GHOHVS ULWXGHVDQWLGDGGHVXSDGUH HOGHVSDFKRTXHVLUYHFRPRWULEXQDODOUDELQRXQ
OXJDU GH HVWXGLR GH RUDFLyQ OOHQR GH /LEURV 6DQWRV XQ SHTXHxR PXQGR PDVFXOLQR
UHSOHWR GH PRPHQWRV EXHQRV GH H[SHULHQFLDV HQULTXHFHGRUDV 6LQ HPEDUJR SDUD
(VWKHUHVWHGLPLQXWRWULEXQDOGHMXVWLFLDFHOHVWLDOHVXQOXJDUGRQGHODVPXMHUHVGHEHQ
SHUPDQHFHUGHSLH PRVWUDUVXVXPLVLyQFXEULpQGRVHXQOXJDUSURKLELGRSDUDHOODXQ
FRQGHQDGROXJDUOOHQRGHSDSHODMRVTXHVyORSXHGHSURIDQDUFXDQGRHOUDELQRODLQYLWDD
HQWUDU SDUD RUGHQDU OLPSLDU HO SROYR )XHUD GH HVWD KDELWDFLyQ HO UHVWR GHO HVSDFLR
GRPpVWLFRGRPLQDGRSRUVXPDGUHHVHQ'HUVKH GLPWDQWVXQHVSDFLRHQHOTXHHOOD
.5(,70$10HG-HZLVK6KRUW6WRULHVRI7RGD )DEHUDQG)DEHU/LPLWHG