%LRJUDItDV$ULVWRWHOHV

OLVDQGURFKDSDUUR#JPDLOFRP _

$ULVWRWHOHV
1DFHDOQRUWHGH*UHFLDHQ(VWDJLUDKR\FRQRFLGRFRPR6WDYURHQHODxR $&
VH KD HVFULWR PD\RUPHQWH TXH VX IDPLOLD HUD GH WUDGLFLyQ FLHQWtILFD HUD KLMR GH
1LFRPDFR TXLHQ HUD pO PpGLFR GHO UH\ GH 0DFHGRQLDV $PLQWDV ,, SURFHGHQWH GH
&DOFLVSDGUHGH)LOLSR,,GH0DFHGRQLD$XQHUDPX\QLxRFXDQGRSHUGLyDVXVSDGUHV
\ YD D TXHGDU EDMR HO FDUJR GH VX WXWRU 3UR[HQR GH $WDUQHR \ HVWH VH GLFH TXH
DSUR[LPDGDPHQWH HQWUH ORV GLHFLVLHWH R GLHFLRFKR DQRV OR HQYtD D $WHQDV D HVWXGLDU
HQODHVFXHODGH3ODWyQGRQGHYDDSHUPDQHFHUSRUYHLQWHDxRVKDVWDODPXHUWHGH
VXPDHVWURTXHORFRQVLGHUDEDGHQWURGHVXHVFXHODFRPRHOOHFWRU\ODPHQWHGHOD
HVFXHOD  OXHJR GH HVWR VH YD D UHWLUDU D XQD FRPXQLGDG SODWyQLFD HQ 0LWLOHQH GH
GRQGH OR OODPD )LOLSR GH 0DFHGRQLD SDUD TXH VH HQFDUJXH GH OD HGXFDFLyQ GH VX KLMR $OHMDQGUR
0DJQR

&RQ OD WHPSUDQD PXHUWH GH $OHMDQGUR $ULVWyWHOHV SURWHJLGR VX\R WXYR TXH KDFHU IUHQWH D WRGR HO
VHQWLPLHQWRDQWLPDFHGRQLRTXHHVWDOORHQ$WHQDV9LDMDSRUDQRV\YDDHVWDEOHFHUDFDGHPLDVHQ
$VVXV  \0LWLOHQHHQODLVODGHORV'HOIRVGRQGHSHUPDQHFHHQFRPSDxtDGH-HQRFUDWHV\
7HRIUDVWRGHVGHDO

(Q$VVXVVHYDDFDVDUFRQ3\WKLDKLMDDGRSWLYDGHO5H\+HUPLDVFRQODTXHWLHQHXQDKLMDTXHVHYD
DOODPDULJXDOTXHVXPDGUHHOODPXHUH\$ULVWyWHOHVYXHOYHDFRQWUDHUQXSFLDVFRQ+HUS\OOLV/XHJR
YDDYLYLUHQ3HOODFDSLWDOGH0DFHGRQLDSDUDFRQVDJUDUVHSRUDQRVFRPSOHWRVDODIRUPDFLyQGHVX
UHJLRGLVFtSXOR$OHMDQGUR0DJQRTXLHQIXHDVRFLDGRDOWURQRHQHODQROXHJRVXFHGLyHQHOD
VXSDGUHGDQGRLQLFLRHQHOODVFDPSDQDVFRQWUDHOLPSHULRSHUVDHQOD%DWDOODGHO*UDQLFR

$OHMDQGURKL]RPXFKDVEXHQDVREUDVHQWUHHOODVUHHGLILFDU(VWDJLUDGHVWUXLGDSRU)LOLSRHQHO\
D\XGDEDDVXPDHVWURHQYLiQGROHPDWHULDOSDUDVXVHVWXGLRVGH+LVWRULDQDWXUDODVtFRPRWDPELpQOH
HQYLDED JUDQGHV FDQWLGDGHV GH GLQHUR D ILQ GH TXH IXHUDQ LQYHUWLGDV HQ VXV LQYHVWLJDFLRQHV HVWD
UHODFLyQ VH YD D YHU DIHFWDGD XQD YH] PXHUD &DOLVWHQHV TXLHQ IXHUD VREULQR GHO ILORVRIR \
DFRPSDxDQWHKLVWRULyJUDIRGH$OHMDQGUR

(QHOYDDUHJUHVDUD(VWDJLUD\VHYDTXHGDUDKtSRUXQWLHPSR5HJUHVD$WHQDVHQHO
\ VH YD D GHGLFDU DO 7UDEDMR FLHQWtILFR SXUR \ HQ HVH PLVPR DQR DEULy VX SURSLD HVFXHOD HQ XQRV
WHUUHQRV IXHUD GH ODV PXUDOODV DO ODGR RSXHVWR GH OD $FDGHPLD HQ ODV SUR[LPLGDGHV GH XQ WHPSOR
GHGLFDGR SUHFLVDPHQWHODpSRFDHUDPX\PLWROyJLFD DO'LRV$SROR/LNDLRVTXHOHYDDGDURULJHQDO
QRPEUHGH/LFHR OLNHLRQ6XVHQVHxDQ]DVHQHVWHVHFDUDFWHUL]DEDQSRUTXHLEDQDFRPSDxDGDVGH
XQ SDVHR D VXV GLVFtSXORV OR KDFLD HQ KRUDV GH OD PDxDQD \ DO SXEOLFR HQ JHQHUDO TXH GHVHDED
DSUHQGHU FRQ pO HQ KRUDV GH OD WDUGH &XDQGR pO PXHUH HVWH OLFHR TXHGD HQ PDQRV GH 7HRIUDVWR
TXLHQORYDDDPSOLDUFRQXQRVWHUUHQRVTXHOHIXHURQFHGLGRVSRU'HPHWULRGH3KDOHURQHQHODQRGHO
)LOLSR9GH0DFHGRQLRYDDVDTXHDUHOOLFHRHQHODQR

$ULVWyWHOHV YD D VHU DFXVDGR GH DWHLVPR \ WHQGUi TXH DLVODUVH \ UHIXJLDUVH HQ &DOFLV GRQGH YD D
PRULUHQHODQR$&DORVDQRVGHHGDG&XDQGRHOPXHUHYDDGHMDUOHJDGDVXELEOLRWHFDD
7HRIUDVWR\HVWHDVXYH]VHODYDOHJDUDVXKLMR1HOHRKLMRGH&RULVFRHOFXDOODOOHYDFRQVLJRDVX
SDWULD6NHSVLVGH,GDHQ$VLD0HQRU3HURSRUWHPRUDTXHIXHVHWRPDGDSRUORVHPLVDULRVGHO5H\
3HUJDPR1HOHRODRFXOWRHQXQDFXHYDGRQGHSHUPDQHFLyKDVWDTXHHQHODQR$&ODDGTXLULy
XQFROHFFLRQLVWDULFROODPDGR$SHOLFRQGH7HRV(QHVWHPRPHQWRHVFXDQGRHVWUDVODGDGDD$WHQDV
GRQGH6LODVHDSRGHUDGHHOODHQHODQROOHYiQGRODD5RPDFRPRERWtQGHJXHUUD(OJUDPiWLFR
JULHJR 7LUDQLRQ GH $PLVRV VH HQFDUJR GH UHVWDXUDU ORV PDQXVFULWRV PX\ GHWHULRUDGRV H KL]R XQD

KWWSZZZOLGHUD]JR\PHUFDGHRFRPELRBDULVWRWHOHVBSULQWDVS 
 %LRJUDItDV$ULVWRWHOHV

SULPHUDHGLFLyQ3RFRPDVWDUGHKL]RRWUDPHMRUDGDFRQWDQGRFRQODD\XGDGH$QGURQLFRGH5RGDV
GpFLPR HVFRODUFD GHO /LFHR TXLHQ RUGHQR ORV HVFULWRV GH $ULVWyWHOHV GLVWULEX\pQGRORV SRU RUGHQ GH
PDWHULDV

/D ILORVRItD DULVWRWpOLFD VH FDUDFWHUL]D SRU VHU XQ PRYLPLHQWR ILORVyILFD \ FLHQWtILFR EDVDGR HQ OD
H[SHULPHQWDFLyQ (Q XQ SDQRUDPD ILORVyILFR GHQRPLQDGR SRU OD FLHQFLD GHO PXQGR H[WHULRU \ OD
FRVPRORJtD FUHR XQ FRQFHSWR GH OD VRFLHGDG GH OD UHDOLGDG \ GHO KRPEUH WRWDOPHQWH GLIHUHQWH
(QIDWL]RODWUDQVIRUPDFLyQGHVXVRFLHGDGSROtWLFDSRUTXHDILDQ]RODOLEHUWDGGHPRFUiWLFDHQVXREUD
/$6 &2167,78&,21(6 '( $7(1$6  FRQWUD )LOLSR GH 0DFHGRQLD VLHQGR HVWR SUHFLVDPHQWH OD
FDXVD SRU OD TXH HVWH RUGHQR VX PXHUWH \D TXH HQ OD FRQVWLWXFLyQ $ULVWyWHOHV YLVOXPEUR TXH OD
GHPRFUDFLDWHUPLQDUtDSRUGHUURWDUHOWRWDOLWDULVPR

(O VLHPSUH FRQVHUYR OD LQIOXHQFLD GH VX PDHVWUR 3ODWyQ SHUR HQ VX PDGXUH] GHMR D XQ ODGR OD
ILORVRItDSODWyQLFDGHMDQGRGHGHSHQGHUGHHVDVLGHDV\GHVDUUROODVXSURSLDFRQFHSFLyQKLOHPRUILVWD
TXHFRQVLVWHHQTXHODVHVHQFLDVRVXVWDQFLDVGHODVFRVDVUHDOHVWLHQHXQDUHDOLGDG'8$/RGREOH
HOODVVRQ0DWHULD\)RUPD\HQVXVUHODFLRQHVGHXQDVFRVDVFDXVD\RHIHFWR6REUHHVWHFRQFHSWR
GHFDXVDOLGDGGH1RKD\HIHFWRVLQFDXVD\WRGRHIHFWRGHEHVHUSURSRUFLRQDGRDVXFDXVDHQ
EDVHDHVWRVHFRQVWUXLUiWRGDODFLHQFLDDQWLJXDPRGHUQD\FRQWHPSRUiQHD

6REUHHOSULQFLSLRGHODUHODFLyQHQWUHPDWHULD\IRUPDVHHODERUDURQODSVLFRORJtDODVRFLRORJtD\OD
SROtWLFD DVt FRPR SRU VXSXHVWR XQD QXHYD DQWURSRORJtD ILORVyILFD 3DUD OD HVHQFLD GHO KRPEUH HO
FXHUSRHVODPDWHULD\ODIRUPDHVHODOPD

9DPRVDREVHUYDUXQ3ODWyQFRQXQDILORVRItDFRVPROyJLFDXQLGHDOLVPRPHWDItVLFRHLQWHOHFWXDOLVWD
PLHQWUDVTXHODSRVLFLyQGH$ULVWyWHOHVHVWRWDOPHQWHGLVWLQWD/DJUDQUHYROXFLyQLGHROyJLFDTXHWRPR
HV SUHFLVDPHQWH HQ HO FDPSR GH OD WHRUtD GHO FRQRFLPLHQWR R  *QRVHRORJtD QRPEUH DFWXDO &RQWUD
WRGRVORVILOyVRIRVTXHSUHVXPtDQODYDOLGH]GHOFRQRFLPLHQWRHOGLFHTXHVLQH[SHULPHQWDFLyQQRKD\
YHUGDG

$ULVWyWHOHVGDUHDOLGDGDODVLGHDVHQWHQGLpQGRODVFRPRODHVHQFLDGHODVFRVDVUHDOHV1DGDKD\HQ
ODPHQWHTXHQRKD\DHVWDGRDQWHVHQORVVHQWLGRV

&5($&,21(6'(7(25Ë$6(,19(1726

,QYHQWDHO HPSLULVPR SXHV FRQVLGHUD TXH WRGDV ODV ILORVRItDV \ ODV FLHQFLDV WLHQHQTXHSDUWLUGHODV
H[SHULHQFLDV HV GHFLU GH WRGDV ODV VHQVDFLRQHV TXH QRV RIUHFH HO PXQGR GH OD SHUFHSFLyQ \R GHO
FRQRFLPLHQWRVHQVLEOH3RUODIXHU]DGHVXLQJHQLRYDDLQIOXHQFLDUDDOJXQRVHPSLULVWDVEULWiQLFRVGHO
VLJOR ;9,, \ ;9,,, HOORV VRQ -KRQ /RFNH *HRUJH %HUNHOH\ 'DYLV +XPH \ HQ FLHUWR PRGR WDPELpQ
(QPDQXHO .DQW  ILORVRIR DOHPiQ FUHDGRU GH OD ILORVRItD FULWLFD &ULWLFD D OD 5D]yQ 3XUD FULWLFD D OD
5D]yQ3UDFWLFD

(Q HO FDPSR GH OD 0HWDItVLFD TXH VRQ HVFULWRV TXH WUDWDQ ODV FDXVDV JHQHUDOHV GH ODV FRVDV XQD
FROHFFLyQGHFDWRUFHOLEURVTXHUHFRJHQFXUVRVGDGRVSRU$ULVWyWHOHVHQHO/LFHRGRQGHYHPRVTXHHO
DFHSWR LJXDOPHQWH OD ILORVRItD GH 3ODWyQ FRQ VX PXQGR GH ODV LGHDV FRPR ~QLFD UHDOLGDG FRQ ODV
WUDQVPLJUDFLRQHVGHODOPDFRQHOFRQRFLPLHQWRFRPRUHFXHUGRSHURSRFRDSRFRVXVHQWLGRFRP~Q
ORIXHOOHYDQGRDGHVFXEULU\UHFKD]DUORVHUURUHVWDPELpQHQHVWHFDPSRGHVXPDHVWUR\VHTXHGR
FRQ ORV DFLHUWRV 6LQ HPEDUJR HO ILQ \ REMHWLYR GH DPERV HV TXH FDGD FRVD WLHQH TXH H[LVWLU FRQ
DQWHULRULGDGDHOODHVHREMHWLYRH[LVWHQWHHVXQDSHUIHFFLyQ DXQTXHVHDUHODWLYD GDQGROXJDUDOD
DFWLYLGDGGHOPXQGRQDWXUDO

3ODWyQ KDEOD GH SDUWHV GH $OPD $ULVWyWHOHV FDPELD \ KDEOD PDV ELHQ GH SRWHQFLDV QXWULFLyQ
UHSURGXFFLyQORFRPRFLyQDSHWLWRVHQVLELOLGDG SHQVDPLHQWR 3UHVHQWDQGR HQ ORV LQGLYLGXRV HQ XQD
MHUDUTXtDGHQLYHOHVHOQLYHOPiVEDMRHVODFDSDFLGDGGHQXWULUVH\UHSURGXFLUVHVRQFDSDFLGDGHVGH
KWWSZZZOLGHUD]JR\PHUFDGHRFRPELRBDULVWRWHOHVBSULQWDVS 
 %LRJUDItDV$ULVWRWHOHV

ODSV\FKHYHJHWDWLYD3ULPHUSHOGDxRHQODMHUDUTXtDGHODYLGD/DIXQFLyQGHORVVHUHVYLYRVHVYLYLU
GHDFXHUGRDVXQDWXUDOH]DODSODQWDFRPRSODQWDHODQLPDOFRPRDQLPDOHOKRPEUHFRPRKRPEUH\
SURGXFLURWURVHUYLYLHQWHVHPHMDQWH\DOPRPHQWRGHKDFHUORVHHQFXHQWUDQSDUWLFLSDQGRGHORGLYLQR
HQWRGDVXPDJQLWXG

/DIDFXOWDGVHQVLWLYDHOFRQVLGHUDTXHHOTXHVLHQWHSDGHFHXQDDFFLyQGHRWUR3RUWDQWRODIDFXOWDG
VHQVLWLYDHVXQDSRWHQFLDTXHUHTXLHUHGHRWURSDUDOOHJDUDODFWRFRPRVXFHGHFRQHOFRPEXVWLEOH
TXHQRDUGHSRUVtPLVPR1RVKDEODGHXQDSV\FKHVHQVLWLYDHQODTXHVHUHFLEHODIRUPDVHQVLEOH
GHO REMHWR VLQ HO REMHWR PLVPR FRPR OD FHUD UHFLEH OD LPSUHVLyQ GHO DQLOOR VLQ HO KLHUUR R HO RUR GHO
DQLOOROOHJDQGRDFRQVLGHUDUHVWHDFWRFRPRHOSVtTXLFRSURSLDPHQWHGLFKR

([SOLFDWDPELpQODSV\FKHLQWHOLJHQWH$OHQWHQGHUHODOPDUHFLEHODIRUPDLQWHOLJLEOHGHOREMHWRVLQHO
REMHWRPLVPR3HURUHFLELUODV IRUPDV QR HV OR PDV HOHYDGR GHO DOPD KXPDQD OR PDV HOHYDGR QR
UHFLEHQDGD SRUTXH QR HV SDVLYR VLQR SXUDPHQWH DFWLYR LQWX\H GLVFXUUH \ MX]JD QRFLRQHV R
SULQFLSLRV/DVIRUPDVLQWHOLJLEOHVUHFLELGDVPDVDEDMRVRQHOPDWHULDOGHVXWUDEDMR\QRODFDXVDGH
VX WUDEDMR 3RU HVR ORV VHJXLGRUHV GH $ULVWyWHOHV KDEODURQ GHVSXpV GH HQWHQGLPLHQWR SDVLYR \
HQWHQGLPLHQWRDFWLYR

(O PLVPR LQYHQWR \ FRQVWUX\R SRU SULPHUD YH] HQ 2FFLGHQWH FDVL WRGDV ODV FLHQFLDV QDWXUDOHV PDV
LPSRUWDQWHV WDOHV FRPR OD ItVLFD OD TXtPLFD OD JHRJUDItD \ WDPELpQ ODV FLHQFLDV VRFLDOHV PDV
VLJQLILFDWLYDVFRPRODpWLFDODSROtWLFD\HOHVWXGLRGHODVRFLHGDG

9D D GHVDUUROODU XQD OyJLFD \ HSLVWHPRORJtD TXH OH YDQ D SHUPLWLU SHUIHFFLRQDU \ DOFDQ]DU HO
FRQRFLPLHQWR FLHQWtILFR D OD YH] GHPRVWUDWLYR \ FRQYDOLGDGDPHQWH YHUGDGHUR D WUDYpV GH VX REUD
25*$121 HO YD D FUHDU VX OyJLFD SDUD JDUDQWL]DUVH XQ DFFHVR VyOLGR GHO FRQRFLPLHQWR GH OD
UHDOLGDG &RQ HVWD OyJLFD YD D GLVWLQJXLU ORV IDOVRV PRGRV GH UD]RQDU FRPR ORV 6RILVPDV \ ORV
3DUDORJLVPRV\ODIDODFLDFRPSUHQGLGDHQVXVOLEURV

)XHHO FUHDGRU GHO (PSLULVPR (SLVWHPROyJLFR KD\ XQD UHDOLGDG H[WHULRU TXH SXHGH VHU DFFHVLEOH DO
FRQRFLPLHQWRHPStULFR\JHVWRUGHO5HDOLVPR0HWDItVLFR

3RURWURODGRYHPRVFRPRYDDGHILQLUD'LRVFRPROD6XSUHPD&DXVD\HO0RWRUIXQGDPHQWDOGHO
8QLYHUVR(QWUHVXVREUDVDGHPiVGHOD0HWDItVLFDFRPRWHRUtDGHODVFDXVDVSULPHUDV'H$QLPD
R'HO$OPDTXHHVHOSULPHUWUDWDGRFLHQWtILFRGHILORVRItD\SVLFRORJtD

,QWURGXMR OD GHQRPLQDFLyQ eWLFD SDUD GHVLJQDU OR FRQFHUQLHQWH GHO %LHQ \ HO 0DO \ GH OD ILORVRItD
SUDFWLFD SDUD OD GLVFLSOLQD TXH GLFWD ODV UHJODV D TXH GHEH VRPHWHUVH OD FRQGXFWD KXPDQD 6HJ~Q
$ULVWyWHOHV OD YLUWXG HV HO REMHWR GH OD eWLFD PLHQWUDV TXH OD PRUDOLGDG OR HV GH OD ILORVRItD SUDFWLFD
+D\ QR REVWDQWH FRQIXVLRQHV SRVWHULRUHV GHELGD D ODV WUDGXFFLRQHV &LFHUyQ OR OOHYR D 0RUDOLV \
6pQHFDOROOHYRD3KLOLVRSKLD0RUDOLV'HVGHHQWRQFHVYHPRVTXHVHKDEODGHeWLFDILORVRItD0RUDO
\ILORVRItDSUDFWLFD

/DSULPHUDDSDULFLyQGHHVWDGLVFLSOLQDODKL]RHQVXREUDeWLFDGH1LFRPDFR&RQVLGHUDQGRFRPR
&XHVWLyQ)XQGDPHQWDOODGHO6XSUHPR%LHQRVHDXQELHQGHVGHTXHVHGHVHDSRUVLPLVPR\SRUHO
FXDO D OD YH] VH GHVHD WRGRV ORV GHPiV ELHQHV WRGRV FRLQFLGHQ HQ TXH HVWH VXSUHPR ELHQ HV OD
IHOLFLGDG\VHJ~QHOHVWDHVXQDYLUWXGXQPRGRGHSHQVDU\RGHVHQWLUTXHVHPDQWLHQHHQHOMXVWR
PHGLR HQWUH HO H[FHVR \ HO GHIHFWR (VWH MXVWR PHGLR SXHGH VHU FRQRFLGR SRU OD UD]yQ \ TXLHQ OR
FRQRFHFRPRHOVDELRREUDHQFRQVHFXHQFLD\HVIHOL]SXHVODIHOLFLGDGQRHVVLQRODDFWLYLGDGGHOD
YLGDFRQIRUPHDODUD]yQ

(QHO&ULVWLDQLVPRLQWURGXMRXQDQXHYDFRQFHSFLyQpWLFDEDVDGDHQHVWDVFXDWURHWDSDV

 (OKRPEUHWLHQHODFXOSDGHWRGRORTXHOHSDVD\GHVXVGHVJUDFLDV\VXIULPLHQWRV
KWWSZZZOLGHUD]JR\PHUFDGHRFRPELRBDULVWRWHOHVBSULQWDVS 
 %LRJUDItDV$ULVWRWHOHV

 $PDUD'LRV\DO3UyMLPRFRPRDVtPLVPRHVHOGHEHUIXQGDPHQWDOSXHVWRTXHWRGRVORVVHUHV
KXPDQRVVRPRVLJXDOHVDORVRMRVGH'LRVSRUTXHIXLPRVFUHDGRVSRUHOHQXQDFWRGHSXUR
DPRU
 /DVDOYDFLyQRGLFKDHWHUQD\ODSHUGLFLyQGHSHQGHQGHODOLEUHYROXQWDGGHOKRPEUHSXHVHO
SXHGHHOHJLUHOGLItFLO\DQJRVWRVHQGHURGHODYLUWXGODPLVHULFRUGLDODEHDWLWXG\ODSXULILFDFLyQR
HODPSOLRFDPLQRGHOYLFLRHOSODFHUHJRtVPRTXHOOHYDDODSHUGLFLyQ
 ([LVWHXQDFDVXDOLGDGpWLFDSXHV48,(16,(0%5$9,(1726&26(&+$7(03(67$'(6

25'(1&5212/Ï*,&2'(6862%5$6

'HOSHULRGRLQLFLDOTXHFRLQFLGHSUiFWLFDPHQWHFRQODSULPHUDHVWDQFLDVX\DHQ$WHQDVKDVWDHODQR

‘'RVGLiORJRV(XGHPR R6REUHHO$OPD \3URWUHSWLFR7ySLFRV(OHQFRV6RItVWLFRVTXL]iODV
&DWHJRUtDV SUREDEOHPHQWHREUDDXWHQWLFD OD)tVLFD &RQH[FHSFLyQGHO/LEUR9,,, \DOJXQRVRWURV
SHTXHxRVRS~VFXORVItVLFRV 6REUHHO&LHOROD*HQHUDFLyQ\OD&RUUXSFLyQ

'HOSHULRGRGHORVYLDMHV GHODQRDO$&PDVRPHQRV

+LVWRULDGHORVDQLPDOHV
3HTXHxDVREUDVVREUHORVVHUHVQDWXUDOHV
/RVDQDOtWLFRVSULPHURV\SRVWUHURV
6REUHODILORVRItD
3DUWHGHORVOLEURVGH0HWDItVLFD
eWLFD(XGHPR\eWLFDGH1LFRPDFR
3DUWHGHOD3ROtWLFD

3HULRGR8OWLPR FHUFDGHODQRDOR$& TXHYLHQHQDUHSUHVHQWDUDSUR[LPDGDPHQWHORV

(OUHVWRGHODSROtWLFD
(OUHVWRGHODVSHTXHxDV2EUDVGHORV6HUHV1DWXUDOHV
(OUHVWRGHORVOLEURVGH0HWDItVLFD
(O/LEUR9,,,GHOD)tVLFD
6REUHHO$OPDOLEUR,,,
6REUHOD,QWHUSUHWDFLyQ
$OJXQRVEUHYHVRS~VFXORVVREUHORVDQLPDOHV
5HWyULFD

6HGHEHWRPDUPX\HQFXHQWDTXHH[LVWHXQDJUDQSROpPLFDHQWUHORVH[SHUWRVVREUHODFURQRORJtDHQ
SDUWLFXODUGHODVREUDVGH$ULVWyWHOHV\ORVOLPLWHVHQWUHORVSHULRGRVGHVXYLGDFUHDGRUDQRHVWiQDXQ
GHWHUPLQDGRV7HQHPRVDOH[SHUWR-=XUFKHUTXHFRQVLGHUDTXHVRODPHQWHGHODOGHWRGR
HO FRUSXV DULVWRWpOLFR KDQ WHQLGR SRU DXWRU D $ULVWyWHOHV 6HJ~Q - =XUFKHU ODV GHPiV REUDV GHEHQ
DWULEXLUVH DO IDPRVR GLVFtSXOR D TXLHQ $ULVWyWHOHV OH OHJR VX ELEOLRWHFD 7HRIUDVWR 3RU VXSXHVWR KD\
PXFKRV TXH KDQ UHIXWDGR OD WHRUtD GH =XUFKHU SRU OR WDQWR HVWH HV FRQVLGHUDGR XQ SUREOHPD GH
PXFKRLQWHUpV

$KRUDELHQVHSXHGHREVHUYDUTXHODVREUDVGH$ULVWyWHOHVVHSXHGHQFRQVHJXLUKR\GtDFRQPXFKD
IDFLOLGDGTXHH[LVWHPX\EXHQDLQIRUPDFLyQORTXHHUDLPSRVLEOHHQHOVLJOR;,;$QWHWRGRHVWRVH
GHEH DJUDGHFHU D WRGRV ORV HUXGLWRV \ HVWXGLRVRV TXH KDFLHQGR XQ H[FHOHQWH WUDEDMR KDQ ORJUDGR
KDFHU HVWR SRVLEOH 3RU OR WDQWR HVWH WUDEDMR GH FRQVHJXLU WH[WRV HQ JULHJR VLUtDFR iUDEH ODWtQ
GHWHUPLQDU VX DXWHQWLFLGDG D WUDYpV GHO PpWRGR KLVWyULFR  JHQpWLFR QRV KD SHUPLWLGR VDEHU PXFKR
KWWSZZZOLGHUD]JR\PHUFDGHRFRPELRBDULVWRWHOHVBSULQWDVS 
 %LRJUDItDV$ULVWRWHOHV

VREUHJUDQGHVKRPEUHVGHOD$QWLJHGDG

&RS\ULJKW‹OLGHUD]JR\PHUFDGHRFRP3ROtWLFDVGH3ULYDFLGDG
7RGRVORV'HUHFKRV5HVHUYDGRVDWHQFLRQOLGHUD]JR\PHUFDGHR#JPDLOFRP
-RKQGDQ\6ROXWLRQV&$5,)-

KWWSZZZOLGHUD]JR\PHUFDGHRFRPELRBDULVWRWHOHVBSULQWDVS