!! " #$
% & $$ '
$&
(
) * + ",$-.
* !! ! +
" #$ % &
(
/ /
0(12 + % + 3 4 2
% 5 3 6 7
1 8 ( $ $
+ +
6 7 $ 2 $ *$
$ 9 0 0
!!" ! #
!!" ! #
$ % &
'
(& &)($*
!
"
# $ % & '
( &
)
*+% & $ $ +*,-.%
/ &
/ 0-*+ # $
( & )
$ $ 0-*+
% & '
¢´0RYLPLHQWRUHYROXFLRQDULR´R³UHYROXFLyQ
GHO0RYLPLHQWR´"
-RKQ:LOOLDP-RKQ:&RRNH\OD
FRQVWUXFFLyQGHOFRQFHSWRGH0RYLPLHQWR
UHYROXFLRQDULR
ËQGLFH
,QWURGXFFLyQ««««««««««««««««««««««««««««
&DStWXOR , $QWHFHGHQWHV SUHYLRV HQ OD IRUPXODFLyQ GHO FRQFHSWR GH UHYROXFLyQ \ VX
DUWLFXODFLyQ FRQ OD JHVWLyQ SDUODPHQWDULD GH -RKQ :LOOLDP -RKQ :
&RRNH««««««««
&DSLWXOR ,, (YROXFLyQ WHyULFD GHO FRQFHSWR GH 0RYLPLHQWR UHYROXFLRQDULR \ ORV
FRQWH[WRVKLVWyULFRSROtWLFRV
,
D 5HYROXFLyQ/LEHUWDGRUD5HFRQVWUXFFLyQ\UHIRUPXODFLyQGHO0RYLPLHQWR
SHURQLVWD«««««««««««««««««««««««««
,
E (YROXFLyQWHyULFD\FRQGLFLRQHVKLVWyULFDVGHO0RYLPLHQWRUHYROXFLRQDULR
««««««««««««««««««««««««
&RQFOXVLyQ««««««««««««««««««««««««««««
%LEOLRJUDItD««««««««««««««««««««««««««««
Ϯ
,QWURGXFFLyQ
(O VLJXLHQWH WUDEDMR VH SURSRQH LQYHVWLJDU FyPR VH FRQVWUX\y HO FRQFHSWR GH
0RYLPLHQWRUHYROXFLRQDULR\FXiOHVIXHURQODVDFFLRQHVTXHVHHMHFXWDURQHQSRVGHOD
FRQFUHFLyQ GH GLFKR SURJUDPD HQ HO SHUtRGR GH OD GHOHJDFLyQ GHO OLGHUD]JR TXH -XDQ
'RPLQJR3HUyQOHHQFRPHQGDUDD-RKQ:LOOLDP-RKQ:&RRNHHVGHFLUGXUDQWHHO
HVSDFLR GH WLHPSR TXH RVWHQWy SRGHU FRQFUHWR GH DFFLyQ \ JHVWLyQ DGHPiV GH
VLPEyOLFR GHQWUR GH OD GHELOLWDGD HVWUXFWXUD GH SRGHU SHURQLVWD 9DOH SURSRQHU HVWD
DFODUDFLyQ SDUD GLIHUHQFLDUOR GHO SHUtRGR QHWDPHQWH LQWHOHFWXDO GRQGH \D VX PDQR
HVWDED DMHQD DODSRVLELOLGDGGH DFFLRQHV \ GHFLVLRQHVTXHPRGLILTXHQODUHDOLGDGGHO
0RYLPLHQWRSHURQLVWD(VSRUHVRTXHVLELHQHVWXYRDOIUHQWHGHOSDUWLGRSHURQLVWDGHOD
FDSLWDOIHGHUDOFRPRLQWHUYHQWRU\IXHGLSXWDGRQDFLRQDOHQHOSHUtRGRHVWDV
HWDSDVQRVRQVLJQLILFDWLYDVHQODGHPRVWUDFLyQ GHQXHVWUDKLSyWUDEDMR(VSRUHVRTXH
KDFHPRVXQVDOWRHQHOWLHPSR\QRVVLWXDPRVHQVXPRPHQWRGHPD\RUOLGHUD]JRGHQWUR
GHOSDUWLGRHVGHFLUFXDQGRHVGLUHFWDPHQWHHOHJLGRFRPRGHOHJDGRSHUVRQDO\KHUHGHUR
GHO0RYLPLHQWRSROtWLFRSRU-XDQ'RPLQJR3HUyQ
/D FDtGD GHO JRELHUQR SHURQLVWD HQ OD OODPDGD 5HYROXFLyQ /LEHUWDGRUD GH
6HSWLHPEUHGHDEUHXQDQXHYDSHUVSHFWLYDHQHO0RYLPLHQWRSHURQLVWDTXHGHOD
PDQRGH -RKQ:&RRNH \VHJ~QVX FULWHULRGHEHUtDFRQYHUWLUVHHQXQ 0RYLPLHQWR
UHYROXFLRQDULRGHPDVDV
/D LQYHVWLJDFLyQ VH FHQWUD FRQWH[WXDOL]DGD HQ ORV DVSHFWRV KLVWyULFRV GH ORV
PRPHQWRVFLWDGRVHQODILJXUDGH-RKQ:LOOLDP-RKQ:&RRNHFRPRGHOHJDGRGLUHFWR
GH -XDQ GRPLQJR 3HUyQ HQ HO SHUtRGR \ SULQFLSDO UHSUHVHQWDQWH GH OD
FRUULHQWHPiVUDGLFDOL]DGDGHO0RYLPLHQWRSHURQLVWD6RQFRQRFLGDVHQDOJXQDVGHVXV
REUDVVXWHRUL]DFLRQHVDFHUFDGHODVLQVWDQFLDVUHYROXFLRQDULDVHQODIXWXUDOLEHUDFLyQ
QDFLRQDOODWLQRDPHULFDQD\VXVSRVLFLRQHVDQWLLPSHULDOLVWDVDVSHFWRV\DHVFODUHFLGRVHQ
VX WUDEDMR SDUODPHQWDULR GXUDQWH HO SHUtRGR SHUR TXH WRPDUtDQ XQ IXHUWH
FDUiFWHU DO FDHU HO JRELHUQR SHURQLVWD HQ PDQRV GHO JROSH GH HVWDGR GH 6HSWLHPEUH
$OJXQDVREUDVUHIHULGDVDOWHPDVRQ/DOXFKDSRUODOLEHUDFLyQQDFLRQDO1RYLHPEUHGH\DXQTXH
GHRWURSHUtRGRSHURSHUWLQHQWHVHQHODQiOLVLV(OUHWRUQRGH3HUyQGH\3HURQLVPR\UHYROXFLyQGH
ϯ
(Q E~VTXHGD GH HODERUDU XQD YLVLyQ GH ODV FRQFHSFLRQHV GH -RKQ : -RKQ :
&RRNHDODKRUDGHFRQVWUXLUHOGHQRPLQDGR0RYLPLHQWRUHYROXFLRQDULRDODOX]GHORV
SURFHVRV SROtWLFRV GHO SHUtRGR ODV SUHJXQWDV TXH FRQVWUX\HQ HO KRUL]RQWH GH
LQWHUSUHWDFLyQGHHVWHWHPDVHLQLFLDQFRQDOJXQDVTXHFRQVLGHUDPRVSULQFLSDOHV¢4Xp
HUD SDUD -RKQ : &RRNH XQ ³0RYLPLHQWR UHYROXFLRQDULR´" ¢4XLpQHV OR LQWHJUDUtDQ"
¢&yPRVHOOHYDUtDDFDER³ODUHYROXFLyQ´"¢&XiOVHUtDODHVWUDWHJLDJHQHUDO\FXiOHVODV
WiFWLFDVHQSRVGHHVDHVSHUDGDUHYROXFLyQ"¢&XiOVHUtDHOOXJDUGHOVLQGLFDOLVPRHQHO
PLVPR" $GHPiV ¢-RKQ : &RRNH VH DWLHQH D ODV UHDOHV SRWHQFLDOLGDGHV GHO
0RYLPLHQWRFRPRHQWLGDGUHYROXFLRQDULD"<VLDVtIXHUD¢FyPRKDFHUSDUDUHJHQHUDUDO
SHURQLVPRGH0RYLPLHQWRUHIRUPLVWDDUHYROXFLRQDULR"
(O DQiOLVLV WDPELpQ VH RULHQWD D HVFODUHFHU VL OD H[LVWHQFLD GH OD RSFLyQ
UHYROXFLRQDULD TXH FRPHQ]y D FRQVWUXLU -RKQ : -RKQ : &RRNH HQ VXV
FRQFHSWXDOL]DFLRQHV \ HQ VXV DFFLRQHV \ PRYLpQGRVH GLDOpFWLFDPHQWH GHQWUR GHO SODQ
HVWUDWpJLFR WiFWLFR \ ODV FRQGLFLRQHV PDWHULDOHV H[LVWHQWHV FRLQFLGHQ FRQ ODV GLYHUVDV
FR\XQWXUDV TXH FRPR GHWHQWDGRU GH SRGHU WUDQVIRUPDURQ DO SHURQLVPR HQ XQ
PRYLPLHQWR UHYROXFLRQDULR R VyOR IXHURQ DFFLRQHV DLVODGDV TXH GHVSHUWDURQ SDVLRQHV
SDUWLFXODUHV \ QDGD WHQtDQ TXH YHU FRQ ODV EDVHV \ FRQFHSFLRQHV GHO 0RYLPLHQWR
SHURQLVWD(QHVWHVHQWLGRLQWHUHVDREVHUYDUODVSURGXFFLRQHVLQWHOHFWXDOHVDFHUFDGHOURO
UHYROXFLRQDULR GHO SHURQLVPR GHELGR D OD LQWHQVD OHFWXUD TXH WHQGUiQ ODV PLVPDV ODV
LQIOXHQFLDV FRQFHSWXDOHV \ VX SDSHO FRQFUHWR HQ ORV DFRQWHFHUHV GHO 0RYLPLHQWR
SHURQLVWDGHPHGLDGRVGHOVLJOR;;DODOX]GHODVRSFLRQHVYLROHQWDVSRVWHULRUHVTXH
WRPDUtDODSROtWLFDKDFLDILQHVGHODGpFDGDGHORV
$FHUFD GH ODV OtQHDV GH LQYHVWLJDFLyQ \ DXWRUHV TXH WUDEDMDQ OD YLGD GH -RKQ
:LOOLDP-RKQ:&RRNHVHREVHUYDQDOJXQDVTXHVRQVLJQLILFDWLYDVDODKRUDGHDERUGDU
VX ILJXUD \ OR TXH pVWH VLPEROL]D SDUD OD JpQHVLV GHO SHURQLVPR UHYROXFLRQDULR 3HUR
JHQHUDOPHQWHORVDXWRUHVEXVFDQGHVGHGLIHUHQWHViQJXORVODUHFRQVWUXFFLyQGHVXYLGD
HQUHIHUHQFLDDXQ³PRGHOR´DFRUGHDVXFRQFHSFLyQLGHROyJLFD
'H HVWD PDQHUD VH REVHUYD HQ OD REUD GH 'DQLHO -DPHV D XQ DFWRU SRFR
GHWHUPLQDQWHHQODRUJDQL]DFLyQ GHOD5HVLVWHQFLDSHURQLVWD \ HQODFRQFHSFLyQ GHXQ
ϰ
0RYLPLHQWRGHUHVLVWHQFLDDOUpJLPHQLQVWDXUDGRWUDVODFDtGDGHOJRELHUQRSHURQLVWDHQ
6HSWLHPEUHGH
'HVGH RWUD SHUVSHFWLYD 1RUEHUWR *DODVVR UHILULpQGRVH D XQ HQIRTXH PiV
GHWHUPLQDQWH\FRPSURPHWLGRHQODUHVLVWHQFLDSHURQLVWDSURSRQH\FDUDFWHUL]DD-RKQ
:-RKQ:&RRNHFRPRXQOtGHUSRSXODU\XQUHYROXFLRQDULRQHWDPHQWHPDU[LVWDPiV
FHUFDQR D XQD OtQHD LGHROyJLFD FRPXQLVWD TXH SHURQLVWD \ KDVWD UHQHJDQGR GH HVWD
~OWLPD(QFRQVRQDQFLDFRQHVWDLQWHUSUHWDFLyQSHURPRVWUDQGRXQDOtQHDPiVDFRUGH
D OD LGHRORJtD SHURQLVWD LQVRVOD\DEOH HQ -RKQ : -RKQ : &RRNH (UQHVWR *ROGDU VH
HQFDUJDGHSUHVHQWDUORFRPRHOLGHyORJRWRWDOGHOSHURQLVPRUHYROXFLRQDULR\HOWHyULFR
SHURQLVWDFRQHOSURJUDPDSROtWLFRUHYROXFLRQDULRPiVVLVWHPDWL]DGR\FRQFUHWR
(QE~VTXHGDGHDQDOL]DU\XQLUORFRQFUHWRGHODYLGDGH-RKQ-RKQ:&RRNH\
VX SHUVSHFWLYD LQWHOHFWXDO (GXDUGR 'XKDOGH LQWHQWD PRVWUDU D XQ VHU LQWHJUDO \
FRKHUHQWHUHVSHFWRGHVXWHRUtD\SUD[LVSROtWLFDV\VXVSUR\HFFLRQHVUHYROXFLRQDULDVVLQ
GHVGHxDU WRGR HO DEDQLFR GH PDWLFHV TXH GHVSLHUWD HO H[DPHQ SURIXQGR GH OD YLGD GHO
OtGHUSHURQLVWD
3HURHQUHIHUHQFLDDODVOtQHDVGHLQYHVWLJDFLyQDERUGDGDVSRUHVWRVDXWRUHVVH
REVHUYDXQDFRQJUXHQFLDHQFDVLWRGRVHOORV\HVODVRODSDGDRDELHUWDDILQLGDG\KDVWD
SRGHPRV GHFLUVLPSDWtDTXHGHVSLHUWD ODILJXUD GHO -RKQ:-RKQ:&RRNHSDUDFRQ
VXV ELyJUDIRV DQDOLVWDV R LQYHVWLJDGRUHV 2WUD REUD TXH VH HQFDUJD GH OD YLGD \ HO
SUR\HFWRGH-RKQ:LOOLDP-RKQ:&RRNHHVODGH5LFKDUG*LOOHVSLHTXHSURYHHGHXQ
UHFRUULGR DQDOtWLFR SRU OD H[LVWHQFLD SROtWLFD GHO GLULJHQWH SHURQLVWD \ WDPELpQ SRU HO
GHVDUUROOR LGHROyJLFR GHO PLVPR GRQGH GHVWDFD OD HYROXFLyQ GH VX FRQFHSFLRQHV
LGHROyJLFDV\ODVFRQWUDGLFFLRQHVSURSLDVGHXQKRPEUHGHOQDFLRQDOLVPREXUJXpVTXH
VHLQVHUWDHQXQ0RYLPLHQWRFRQFDUiFWHUSROLFODVLVWDSHURTXHSDXODWLQDPHQWHVHYD
Ϯ
'DQLHO-DPHV5HVLVWHQFLDHLQWHJUDFLyQ(OSHURQLVPR\ODFODVHWUDEDMDGRUDDUJHQWLQD
%XHQRV$LUHV6LJOR;;,HGLWRUHV
1RUEHUWR*DODVVR-RKQ:&RRNHGH-XDQ'3HURQDO&KH8QDELRJUDItDSROtWLFD%XHQRV$LUHV
(GLFLRQHV1XHYRV7LHPSRV
ϯ
(UQHVWR*ROGDU-RKQ:LOOLDP-RKQ:&RRNH\HOSHURQLVPRUHYROXFLRQDULR%XHQRV$LUHV(GLWRUHVGH
$PpULFD/DWLQD
ϰ
(GXDUGR/'XKDOGH FRPS -RKQ:LOOLDP-RKQ:&RRNH2EUDVFRPSOHWDV%XHQRV$LUHV7RPR,
(GLWRULDO&ROLKXH3iJ
ϱ
ϱ
DFHUFDQGR FDGD YH] PiV VHJ~Q HO DXWRU D XQD SHUVSHFWLYD PDU[LVWD UHYROXFLRQDULD
VREUH WRGR WUDV ORV VXFHVRV GH OD UHYROXFLyQ FXEDQD FRPR IyUPXOD GH OD OLEHUDFLyQ
ODWLQRDPHULFDQD
7DPELpQ ODV LQYHVWLJDFLRQHV GH 6DPXHO $PDUDO KDQ SURSXHVWR XQ LQWHUHVDQWH
DQiOLVLV GH ODV OtQHDV WHyULFDV PDU[LVWDV \ JUDPVFLDQDV TXH -RKQ -RKQ : &RRNH IXH
DEUD]DQGRDPHGLGDTXHODHYROXFLyQGHVXTXHKDFHULQWHOHFWXDOVHDFHUFDEDDRSFLRQHV
SROtWLFDVPiVUDGLFDOL]DGDVWUDWDQGRGHXQLILFDUODVLQVWDQFLDVYDQJXDUGLVWDVGHOSDUWLGR
UHYROXFLRQDULRSURSXHVWRSRUODVFRQFHSFLRQHVPDU[LVWDVOHQLQLVWDVFRQODLQVRVOD\DEOH
SDUWLFLSDFLyQGHODVPDVDVSRSXODUHVLQIOXHQFLDFODUDGH$QWRQLR*UDPVFLOOHJDQGRDOD
FRQFOXVLyQGHXQDVtQWHVLVHQORGHQRPLQDGRSRU6DPXHO$PDUDOFRPR³)RTXLVPRGH
PDVDV´FDPLQRTXHGHEHUtDVHJXLUHOSHURQLVPRFRQVXOtGHURVLQpO HVWR\DQRHVXQD
FRQGLFLyQ SDUD -RKQ : &RRNH SDUD VRVWHQHU VX JHQpWLFD UHYROXFLRQDULD IUHQWH D OD
FR\XQWXUDDQWLLPSHULDOLVWDGHOLEHUDFLyQQDFLRQDO\VLJXLHQGRHOPRGHORFXEDQRWDQHQ
ERJD HQ HVD pSRFD (VWH DQiOLVLV QRV SURYHH XQD LQWHUHVDQWH SHUVSHFWLYD UHVSHFWR GHO
PRPHQWR LQWHOHFWXDO GH -RKQ : &RRNH SHUR HQ VX HWDSD QHWDPHQWH LQWHOHFWXDO R
³FXEDQD´HVGHFLUDOHMDGRGHORVKLORVGHSRGHUGHOSHURQLVPR\FRQYHUWLGRHQDSyVWDWD
WDQWRSRUOtGHUHVGHO0RYLPLHQWRFRPRKDVWDSRUHOSURSLR3HUyQTXH\DFDVLQLFRQWHVWD
VXVUHLWHUDGDVSURSRVLFLRQHV\PLVLYDV
3HUR GHVGH XQD SHUVSHFWLYD GH OD KLVWRULD SROtWLFR LQWHOHFWXDO HVWRV DXWRUHV QR
WUDWDQ OD FRQVWUXFFLyQ \ HYROXFLyQ GH OR TXH HQ -RKQ : &RRNH YD D VHU SDUWH
IXQGDPHQWDO GH VX WHRUL]DU \ DFFLRQDU SROtWLFR HQ HO PRPHQWR HQ TXH -RKQ : &RRNH
WLHQHSRGHUODLGHDSUR\HFWR\HMHFXFLyQPDWHULDOGHO0RYLPLHQWRUHYROXFLRQDULRFRPR
VtQWHVLVTXHDUPRQL]DODVDFFLRQHVUHIRUPDGRUDVGHOJRELHUQRTXHUHSUHVHQWD\HQGRQGH
pOPLVPRJHVWLRQD \ODSUR\HFFLyQGHGLFKDHVWUXFWXUDGHSRGHU KDFLDXQD ³UHYROXFLyQ
SHUPDQHQWH´ TXH GHILHQGD OD YROXQWDG SRSXODU \ WUDQVIRUPH OD YLGD VRFLDO SROtWLFD
HFRQyPLFD \ FXOWXUDO GH OD UHS~EOLFD DUJHQWLQD SURSRVLFLyQ TXH VH SODQWHD FRPR LGHD
HVWUDWpJLFD SHUR TXH WiFWLFDPHQWH WHQGUi XQ GHYHQLU KLVWyULFR FRQ SHUPDQHQWHV
FRQWUDGLFFLRQHV
5LFKDUG*LOOHVSLH-:-RKQ:&RRNH(OSHURQLVPRDOWHUQDWLYR%XHQRV$LUHV&iQWDUR
ϲ
6DPXHO$PDUDO(QODVUDtFHVLGHROyJLFDVGH0RQWRQHURV-RKQ:LOOLDP-RKQ:&RRNHOHHD
*UDPVFLHQ&XED%XHQRV$LUHVHQ%LEOLRWHFDGLJLWDOGHOD8&$
KWWSFHGLQSHXQVDPHGXDUVLWHVGHIDXOWILOHVSGIVUDLFHVLGHRORJLFDVGHPRQWRQHURVSGI
ϲ
(VWHWUDEDMRSURSRQHKDFHUXQDUHOHFWXUDDFHUFDGHORTXHHVSDUD-:-RKQ:&RRNH
HOUROGHO0RYLPLHQWRSHURQLVWDFRPRDFWRUUHYROXFLRQDULRLQVHUWiQGRQRVHQOD
FR\XQWXUDSROtWLFDGHODpSRFDSDUDQRPDOLQWHUSUHWDUFXHVWLRQHVWDQFDUDVDOD
SHUVSHFWLYDGHOUHIHULGRLQWHOHFWXDO\PLOLWDQWHSHURQLVWDFRPRHOUROGHODVPDVDVGHOD
YDQJXDUGLDGH-XDQ'3HUyQORVVLQGLFDWRV\GHODKXHOJDJHQHUDOUHYROXFLRQDULDFRPR
LQVWDQFLDWRWDOL]DGRUDGHO0RYLPLHQWRHQODE~VTXHGDGHODUHYROXFLyQVRFLDO
ϳ
&DStWXOR,
$QWHFHGHQWHVSUHYLRVHQODIRUPXODFLyQGHOFRQFHSWRGHUHYROXFLyQ\VX
DUWLFXODFLyQFRQODJHVWLyQSDUODPHQWDULDGH-RKQ:LOOLDP-RKQ:&RRNH
(O DQiOLVLV GHO FRQFHSWR GH PRYLPLHQWR UHYROXFLRQDULR HQ -RKQ : -RKQ :
&RRNH VH LQLFLD HQ VX DFFLyQ SDUODPHQWDULD GHELGR D TXH HV HQ HVH iPELWR GRQGH VX
ODERUGLVFXUVLYDUHSUHVHQWDIXHUWHPHQWHODVOtQHDVGHSHQVDPLHQWRTXHHOGLSXWDGRSRUOD
FDSLWDO IHGHUDO VRVWLHQH D OD OX] GH OD QHFHVLGDG GH JHQHUDU GHFLVLRQHV IiFWLFDV HQ
FRQVRQDQFLD FRQ ODV QHFHVLGDGHV GHO JRELHUQR $ VX YH] HQ ORV GHEDWHV TXH -RKQ :
-RKQ : &RRNH GD HQ HO UHFLQWR SDUODPHQWDULR VH FRQVWUX\HQ WHRUL]DFLRQHV TXH VH
SUR\HFWDQPiVDOOiGHODFR\XQWXUDGHJRELHUQR GH-XDQ'3HUyQHQE~VTXHGDGHOD
OHJLWLPDFLyQLGHROyJLFDQHFHVDULDGHHVWDVDFFLRQHVJHQHUDQGRDVtXQDFHUYRLGHROyJLFR
FHUWHURGHOSHQVDPLHQWRGH-RKQ:-RKQ:&RRNH
([LVWHXQGLOHPDWHyULFRTXHUHFRUUHWRGDLQWHUSUHWDFLyQKLVWyULFDHQORUHIHULGR
DODSRVLFLyQUHIRUPLVWDRUHYROXFLRQDULDGHOPRYLPLHQWRSHURQLVWD1RHVLQWHQFLyQGH
HVWHWUDEDMRHOGHEDWLUHVWDGLFRWRPtD\DTXHODSRVWXUDGH-RKQ:-RKQ:&RRNHHV
FODUD GHVGH HO SULPHU PRPHQWR /DV UHIRUPDV JHQHUDGDV SRU HO SHURQLVPR VRQ
UHYROXFLRQDULDV
(V DVt TXH OD UHIHUHQFLD D OD FRQGLFLyQ GH ³UHYROXFLRQDULR´ GHO DFFLRQDU GHO
PRYLPLHQWR TXH JHQHUD 3HUyQ HV SHUPDQHQWH \D GHVGH ORV SULPHURV WLHPSRV (Q VX
ODERU FRPR GLSXWDGR SRU OD FDSLWDO )HGHUDO -RKQ : &RRNH SURSRQH LQVLVWHQWHPHQWH
XQDFRQFHSWXDOL]DFLyQUHYROXFLRQDULDGHODJHVWLyQGHOJRELHUQRGH-XDQ3HUyQ,QFOXVR
HQ VXV SULPHURV GLVFXUVRV HQ OD FiPDUD GH GLSXWDGRV VH UHILHUH D XQ LQLFLR
UHYROXFLRQDULR&RQVLGHUDQGRDVtDORUGHQLQVWDXUDGRGHVGHODUHYROXFLyQGHOGHMXQLR
ϴ
GH FRPR XQD DFFLyQ SROtWLFD TXH WUDQVIRUPy LQWHJUDOPHQWH ODV EDVHV GH OD
VRFLHGDG\GHODHFRQRPtDDUJHQWLQD
$SURSyVLWR-RKQ:-RKQ:&RRNHUHILHUH
³«/DUHYROXFLyQTXHQRVRWURVUHSUHVHQWDPRVKDWHQLGRGRVIDVHVODGHIDFWR\
OD FRQVWLWXFLRQDO /D SULPHUD WHUPLQR HO GH -XQLR (Q HOOD UHFRQRFHPRV
PXFKRVHUURUHV\WUDQVJUHVLRQHVTXHVRQGHELGDVDYHFHVDODVFLUFXQVWDQFLDV
LQKHUHQWHVDORVJRELHUQRVUHYROXFLRQDULRV\DYHFHVDTXHORVPLVPRVHQHPLJRV
VH HPERVFDURQ HQ VXV FDUJRV 6XSHUDGD HVWD HWDSD FRQ OD HOHFFLyQ GHO DFWXDO
3RGHU(MHFXWLYR HQWHQGHPRVTXHSDUDODUHDOL]DFLyQ LQWHJUDO GH OD UHYROXFLyQ
QDFLRQDO VROR TXHGD XQD YtD TXH HV OD YtD GH OD UHDOL]DFLyQ OHJLVODWLYD SRU
PHGLRGHORVLQVWUXPHQWRVMXUtGLFRVTXHODFRQVWLWXFLyQQRVDFXHUGD « QRQRV
LQWHUHVDQ ORV JHVWRV YLROHQWRV 3UHFLVDPHQWH SRUTXH FUHHPRV TXH HVWD HV XQD
UHYROXFLyQ WUDVFHQGHQWH \ FRQ JUDQ VHQWLGR GH SURIXQGLGDG ± \D VHD HQ OD
LQWHQVLGDG GH ODV LGHDV FRPR HQ HO WLHPSR HV TXH HQWHQGHPRV TXH KD\ TXH
KDFHUODSRUHO~QLFRPHGLRTXHKDGHGDUOHSHUGXUDELOLGDGSRUHOSODQRGHODV
UHDOL]DFLRQHVOHJDOHV«´
7RGDODDFFLyQGHOJRELHUQRHVUHYROXFLRQDULDGHVGHVXFRPLHQ]RHQODWRPDGHO
SRGHUHQMXQLRGHKDVWDODOHJLWLPDFLyQSRSXODUHQODVHOHFFLRQHVGH\HV
LQVSLUDGD SRU XQD SURIXQGD FRQFHSFLyQ \ KHUHQFLD KLVWyULFD GHO HVStULWX GHPRFUiWLFR
FRQVWLWXFLRQDO\SRSXODU
'LDULRGH6HVLRQHVGHOD+RQRUDEOH&iPDUDGH'LSXWDGRVWRPR,SHQ(GXDUGR'XKDOGH
ÏS&LWSS\
,EtGHPSS\
ϵ
(VWD FRQFHSFLyQ D VX YH] FRLQFLGH FRQ OR TXH -XDQ 'RPLQJR 3HUyQ SURSRQH
FRPROtQHDGHGRFWULQDJHQHUDO'RQGHSURSRQHVXDFFLyQUHYROXFLRQDULD\UHIRUPLVWD
HQ ODV FXHVWLRQHV SROtWLFDV VRFLDOHV \ HFRQyPLFDV GH OD $UJHQWLQD \ GRQGH D VX YH]
SRVWXOD OD SODQLILFDFLyQ \ OD SURSRUFLyQ WUDQVIRUPDGRUD GH VX JHVWLyQ \ HO SUR\HFWR R
SURJUDPDTXHJXtDHVWDUHYROXFLyQ
6LJXLHQGRFRQODV IRUPDV WHyULFDV TXHLQVSLUDQD -RKQ:&RRNHHO PDU[LVPR
QR OH HV DMHQR KDFLD HVWD pSRFD TXL]iV QR FRPR RUWRGR[LD D VHJXLU SHUR VL FRPR
KHUUDPLHQWDGHDQiOLVLVGHODFR\XQWXUDLQWHUQDFLRQDO\GHVXVWHQWRLGHROyJLFRDODKRUD
GH GHIHQGHU SRVWXUDV HVWUHFKDPHQWH UHODFLRQDGDV FRQ ODV OtQHD GH DFFLyQ GHO JRELHUQR
SHURQLVWD(VDVtTXHHQGHIHQVDGHODLPSOHPHQWDFLyQGHOSULPHUSODQTXLQTXHQDO-RKQ
:&RRNHDUJXPHQWDTXH
³«(QWRQFHVVLQRTXHUHPRVFDHUHQODQHFHVLGDGGHOOHJDUDO(VWDGRFRPXQLVWD
RGHOOHJDUDRWURWLSRGH(VWDGRGHFDUiFWHUWRWDOLWDULRHVSUHFLVRTXHQXHVWURV
VLVWHPDVHFRQyPLFRVVLQOOHJDUDODVRFLDOL]DFLyQHQFXHQWUHQHQVLPLVPRVODV
IRUPDVTXHOHSHUPLWDQFXPSOLUORVILQHVVRFLDOHVGHO(VWDGRVLQTXHHOOR
FRQVWLWX\DXQGHVPHGURSDUDORVIXHURVHODSHUVRQDOLGDGKXPDQD«´
/D SRVLFLyQ GH -RKQ : &RRNH UHVSHFWR GHO FRPXQLVPR HV FODUD KDFLD HVWD
pSRFD QR KD\ TXH OOHJDU DO FRPXQLVPR QL D OD ³VRFLDOL]DFLyQ´ SHUR VL JHQHUDU XQ
VLVWHPD HFRQyPLFR SURSLR TXH JHQHUH ELHQHVWDU DO SXHEOR HV HQ HVWH REMHWLYR TXH HO
JRELHUQRUHYROXFLRQDULRSURPXHYHDFFLRQHVFRQFUHWDV\SROtWLFDVDGPLQLVWUDWLYDV(VHQ
HVWD VLQWRQtD TXH VXVWHQWD WDPELpQ XQD DILUPDFLyQ GHO MXVWLFLDOLVPR FRPR YHUGDGHUD
-XDQ3HUyQ'RFWULQDSHURQLVWD%XHQRV$LUHV&6HGLFLRQHV3S\
'LDULRGH6HVLRQHV7RPR9,SSGH0DU]RGH(Q(GXDUGR'XKDOGH2S&LW3S
ϭϭ
ϭϬ
H[SUHVLyQ GH HFRQRPtD ³WtSLFDPHQWH QXHVWUD´ \ ~QLFD RSFLyQ GHO PRYLPLHQWR REUHUR
REMHWDQGR \ FRQGHQDQGR ODV SRVLFLRQHV H[WUHPDV H LQWHUQDFLRQDOLVWDV HO FDSLWDOLVPR
ILQDQFLHURLQGLYLGXDOLVWDRDOFRPXQLVPRFRQVXGLFWDGXUDGHOSUROHWDULDGR\VXOXFKDGH
FODVHV
$Vt WDPELpQ \ HQ SRV GH WRPDU SRVLFLyQ IUHQWH D ODV GLIHUHQWHV FRUULHQWHV
SROtWLFDVTXHWRPDQSDUWLGRHQODVGLVFXVLRQHVSDUODPHQWDULDV-RKQ:&RRNH\DDILUPD
VXSRVWXUDDQWLLPSHULDOLVWDHQHVWDpSRFD&RPRDVtWDPELpQSURSRQHXQDSRVWXUDDQWL
ROLJiUTXLFD \ UHDILUPD SHUPDQHQWHPHQWH HO FDUiFWHU QDFLRQDO SRSXODU \ PDVLYR GHO
PRYLPLHQWRUHYROXFLRQDULRTXHpOUHSUHVHQWD
7DPELpQSDUDHVWDpSRFD-RKQ:&RRNHYDORUDHOSRGHUGHSUR\HFFLyQTXHWLHQH
HO SHURQLVPR FRPR PRYLPLHQWR UHYROXFLRQDULR \ HMHPSOR GH WUDQVIRUPDFLRQHV
FRQFUHWDVGHWRGRVORViPELWRVGHODUHS~EOLFDSDUDODOLEHUDFLyQ\WUDQVIRUPDFLyQGH
ODV QDFLRQHV ODWLQRDPHULFDQDV 'HO -XVWLFLDOLVPR FRPR HMHPSOR IUHQWH D ODV SRWHQFLDV
PXQGLDOHVGHXQDUHYROXFLyQQDFLRQDOTXHSUR\HFWDXQD³HVSHUDQ]DGHUHGHQFLyQ´SDUD
/DWLQRDPpULFD VRVWHQLHQGR HO FDPLQR HOHJLGR GH OD OHJDOLGDG \ OD FRQVWLWXFLRQDOLGDG
SHURGHMDQGR\DHQFODURODSRVLELOLGDGGHWRPDUODVDUPDVHQSRVGHODGHIHQVDGHHVWRV
LGHDOHV\FRQFUHFLRQHVGHOPRYLPLHQWRUHYROXFLRQDULR
'LDULRGH6HVLRQHV7RPR,,SSVHVLRQHVGHO\GH-XOLRGH(Q(GXDUGR'XKDOGH2S
&LW3S
ϭϮ
'LDULRGH6HVLRQHV7RPR9,SS(Q(GXDUGR'XKDOGH2S&LW3S'LDULRGH
6HVLRQHV7RPR,SS(Q(GXDUGR'XKDOGH2S&LW3S
ϭϯ
ϭϰ
'LDULRGH6HVLRQHV7RPR,9SSGH2FWXEUHGH(Q(GXDUGR'XKDOGH2S&LW3S
ϭϭ
(VWHSULPHUPRPHQWRGHODDFFLyQSDUODPHQWDULD\GHODFRQVWUXFFLyQWHyULFDGH
-RKQ:LOOLDP-RKQ:&RRNHHVXQDQWHFHGHQWHFRQFUHWRGHVXVOtQHDVGHDQiOLVLVGHOD
UHDOLGDG SROtWLFD \ GH OD FRQVWUXFFLyQ GHO FRQFHSWR GH SHURQLVPR UHYROXFLRQDULR HQ
FRQVRQDQFLD FRQ VX DSR\R DO SUR\HFWR SROtWLFR GRQGH SDUWLFLSDED (VWDV SRVLFLRQHV
$QWLLPSHULDOLVWDV
DQWLROLJiUTXLFDV
QDFLRQDOLVWDV
SRSXODUHV
DQWLFRPXQLVWDV
DQWLFDSLWDOLVWDVODWLQRDPHULFDQLVWDVVHJXLUiQGLIHUHQWHVGHUURWHURVDODKRUDGHLQJUHVDU
HOSHULRGRDOTXHVHUHILHUHHVWHWUDEDMRUHFRQILJXUiQGRVHPXWDQGR\KDVWDGHMiQGRVHGH
ODGR HQ SRV GH UH VLJQLILFDU D OD OX] GH ORV DFRQWHFLPLHQWRV XQ QXHYR FDPLQR SDUD HO
JROSHDGRPRYLPLHQWRSHURQLVWD
ϭϮ
&DSLWXOR,,
/DHYROXFLyQWHyULFDGHOFRQFHSWRGH0RYLPLHQWRUHYROXFLRQDULR\ORVFRQWH[WRV
KLVWyULFRSROtWLFRV
, D 5HYROXFLyQ /LEHUWDGRUD 5HFRQVWUXFFLyQ \ UHIRUPXODFLyQ GHO
0RYLPLHQWRSHURQLVWD
([LVWH XQD HYROXFLyQ WHyULFD GHO FRQFHSWR GH 0RYLPLHQWR UHYROXFLRQDULR TXH
DGPLWHXQDVHULHGHFDPELRV \FRQWLQXLGDGHV \TXHPXHVWUDHQ ORUHIHULGRDOSHUtRGR
TXHDEDUFDHVWDLQYHVWLJDFLyQXQDULTXH]DSURIXQGDDOVHUWHRUL]DFLyQVREUHDFFLyQHV
GHFLUXQSHQVDU\UHSHQVDUODJHVWLyQHQFRQVRQDQFLDFRQODVQHFHVLGDGHVODSUD[LV\ORV
REMHWLYRVHVWUDWpJLFRV\WiFWLFRVGHOPRPHQWR(VHQWRQFHVGHJUDQYDORUODHYROXFLyQ
GH ODV FRQFHSWXDOL]DFLRQHV \D TXH -RKQ : &RRNH GHEH OLGLDU HQ FDUQH SURSLD FRQ OD
FRPSOHMDHFXDFLyQGHWHRUL]DU\HMHFXWDUVLHQGRUHVSRQVDEOHWRWDOSRUODYLGD\REUDGHO
0RYLPLHQWRSHURQLVWDHQVXPDWL]UHYROXFLRQDULR
(QORVSURFHVRVTXHVHJHVWDEDQKDFLDHQORVLQLFLRVGHUpJLPHQGHO*UDO
(GXDUGR /RQDUGL SULPHU JREHUQDQWH GH OD GHQRPLQDGD ³5HYROXFLyQ OLEHUWDGRUD´ HO
SXHEOR SHURQLVWD \ VXV OtGHUHV QR WRPDURQ ODV DUPDV SRU 3HUyQ 0iV DOOi GH DOJ~Q
OODPDGR R SURFODPD KRVWLO DO JRELHUQR SRU SDUWH GHO VHFUHWDULR JHQHUDO GH OD &*7 ORV
GtDVVXEVLJXLHQWHVSUHVHQWDURQXQDWHQGHQFLDPiVFHUFDQDDORUGHQTXHDODUHYROXFLyQ
VRFLDO HQ FRQVRQDQFLD FRQ OD SRVWXUD GHO JRELHUQR GH SURFODPDU OD IyUPXOD GH OD QR
H[LVWHQFLD GH ³YHQFHGRUHV QL YHQFLGRV´ $XQTXH H[LVWLHURQ DFFLRQHV DUPDGDV \
RFXSDFLyQ GH JUHPLRV SRU SDUWH GH ORV OODPDGRV ³FRPDQGRV FLYLOHV´ OD &*7 \ HO
JRELHUQR PDQWXYLHURQ DFXHUGRV HQ OR TXH UHVSHFWD D ODV HOHFFLRQHV JUHPLDOHV OD
LQWHUYHQFLyQDVLQGLFDWRVLUUHJXODUHVHWF/RTXHKDFtDSURPLVRULR\H[SHFWDQWHHOIXWXUR
GHO0RYLPLHQWRSHURQLVWDSRUORPHQRVHQORTXHVHUHILHUHDVX³FROXPQDYHUWHEUDO´
(Q WDQWR OD ILJXUD GH -XDQ ' 3HUyQ \ OD FRQWLQJHQFLD GH VX YXHOWD HUD XQD
LPSRVLELOLGDG FHUWHUD \ GHILQLWLYD SDUD HO JRELHUQR GH IDFWR FRPLHQ]D XQ SHUtRGR GH
H[LOLR GHO OtGHU \ XQD LQVWDQFLD GH SUHGLFDFLyQ DFHUFD GH OD SRVWXUD UHVLVWHQWH \ OD
IRUPDFLyQGHJUXSRVGHH[LOLDGRVHQORVSDtVHVOLPtWURIHV(O0RYLPLHQWRSHURQLVWDVH
VXPHUJHHQXQFRQIOLFWRGRQGHVHGHVWDFDODSHOHDHQWUH$OHMDQGUR+/HORLU\-RKQ:
&RRNH SDUD JXLDU DO PLVPR KDFLD XQD SRVLFLyQ QHRSHURQLVWD VHJ~Q HO SULPHUR R
ϭϯ
UDGLFDOL]DUODSRVWXUDKDFLDODUHIRUPXODFLyQLQWHUQD\HOSRVLFLRQDPLHQWRH[WUHPRHQODV
IRUPDV GH OXFKD SROtWLFD SDUD HO VHJXQGR DFWLWXG HVWD TXH HO JRELHUQR GH IDFWR QR
SHUPLWLUtD
-RKQ:&RRNHFRQHFWDGRHSLVWRODUPHQWHFRQ-XDQ'3HUyQ\QRPEUDGRSRU
pO PLVPR FRPR HO SULQFLSDO GLULJHQWH GH WHQGHQFLD LQWUDQVLJHQWH TXHGDUtD OLPLWDGR HQ
VXV SRVLELOLGDGHV DO VHU HQFDUFHODGR KDFLD RFWXEUH GHO GHMDQGR HQ PDQRV GH 5D~O
/DJRPDUVLQR\&HVDU0DUFRVHOFRPDQGRGHOXFKDHQOD&DSLWDO)HGHUDOWRGRHVWRHQ
XQPDUFRGHSURIXQGRUHFUXGHFLPLHQWRGHODUHSUHVLyQDOSHURQLVPR
$KRUDELHQ¢&yPRVHLQVHUWDHQWRQFHVHQHVWHFRQWH[WRODIpUUHDGLVSRVLFLyQGH
-XDQ ' 3HUyQ \ -RKQ : -RKQ: &RRNH D OD OXFKD LQWUDQVLJHQWH" 6H REVHUYD TXH HO
Q~FOHR FHQWUDO GH OD HVWUDWHJLD UHYROXFLRQDULD SHUJHxDGD SRU DPERV \ VXV GLIHUHQWHV
DVSHFWRVSHULIpULFRVDOJRHVWiFODURHQHVWDHVWUDWHJLDHOSULQFLSDOREMHWLYRVLHPSUHVHUi
OD YXHOWD GH -XDQ ' 3HUyQ DO SRGHU D WUDYpV GH XQ 0RYLPLHQWR UHYROXFLRQDULR TXH
GHELOLWHHOSRGHUGHIDFWRHQWRGDVVXViUHDVRUJDQL]DQGRDODVPDVDVLQRUJiQLFDVFRQOD
FRQIRUPDFLyQGHXQDYDQJXDUGLDRSHUDWLYD
$OUHVSHFWRGLFH-RKQ:&RRNHHQFDUWDD-XDQ'3HUyQ
³«'H WDO PDQHUD GHQWUR GH OD PDVD LQRUJiQLFD GHEH H[LVWLU XQ VLVWHPD
QHUYLRVR GH FRPDQGRV FODQGHVWLQRV TXH PDUTXHQ HO UXPER GH ODV DFFLRQHV \
FXPSODQDTXHOODVTXHUHTXLHUDQFRKHVLyQ\SODQHDPLHQWR
(VSRUHVRTXHORVHVIXHU]RVLQWHOHFWXDOHVGH-RKQ:&RRNHHQHVWRVSULPHURV
WLHPSRVHVWDUiQWHQGLHQWHVSUHGLFDUODRUJDQL]DFLyQ\ODFRQVWUXFFLyQGHODYDQJXDUGLD
FRPRIDFWRUGHHVWUXFWXUDFLyQGHO0RYLPLHQWRUHYROXFLRQDULR
$KRUDELHQH[LVWHXQDWHQVLyQHQWUHORVFRPDQGRVGLULJHQWHVGHODUHVLVWHQFLD\
ODV ³PDVDV LQRUJiQLFDV´ FLWDGDV TXH VHUi LQVDOYDEOH PiV DOOi GH HVIXHU]RV
ϭϱ'LFH-XDQ'3HUyQ³« -:-RKQ:&RRNH «~QLFRGLULJHQWHTXHVHFRQHFWyDPt\HO~QLFRTXH
WRPyDELHUWDPHQWHXQDSRVLFLyQGHDEVROXWDLQWUDQVLJHQFLDFRPRFUHR\RTXHFRUUHVSRQGHDOPRPHQWR
TXHYLYHQXHVWUR0RYLPLHQWR«´HQ&DUWDGH3HUyQD/HORLUGHPDU]RGHHQ(GXDUGR/
'XKDOGH ÏS&LW7RPR,,SiJ&RPRFRPHQWD(GXDUGR'XKDOGHHVWDFDUWDPXHVWUDODSRVWXUD
GH3HUyQUHVSHFWRGHODGHOHJDFLyQHQ-RKQ:&RRNHGHOPDQGRWiFWLFRGHO0RYLPLHQWR<HVHQYLDGDD
$OHMDQGUR+/HORLUSDUDTXHHORWURGLULJHQWHHQSXJQDSRUHOOLGHUD]JRUHFRQR]FDODGHFLVLyQGH3HUyQ
&DUWDGH-RKQ:&RRNHD3HUyQVIHQ(GXDUGR/'XKDOGH ÏS&LW7RPR,,SiJ
ϭϲ
6HGHEHWHQHUHQFXHQWDTXHSDUD-RKQ:&RRNHHOSHURQLVPRHV\DUHYROXFLRQDULR
HQVLFRPRVHDQDOL]yHQHOFDStWXOR,
ϭϳ
ϭϰ
LQGLYLGXDOHV \ HVWD HV TXH OD YDQJXDUGLD UHYROXFLRQDULD OOHYDGD D FDER SRU -RKQ :
-RKQ : &RRNH 5D~O /DJRPDUVLQR &HVDU 0DUFRV \ RWURV JLUDED HQ IDOVR \ QR HUD
WHQLGD HQ FXHQWD SRU OD SULQFLSDO HVWUXFWXUD GH SRGHU TXH D~Q HQ VLWXDFLyQ
FRPSURPHWLGDWHQtDHO0RYLPLHQWRHVGHFLUORVVLQGLFDWRV
5HVSHFWRGHOSRGHUVLQGLFDOH[LVWLyXQDWHQGHQFLDPiVDODUHRUJDQL]DFLyQGHOD
HVWUXFWXUDVLQGLFDOORTXHVHDILUPDUiHQODVOODPDGDVRUJDQL]DFLRQHVTXHDODOXFKD
UHVLVWHQWH 6L ELHQ H[LVWtD DFWRV GH VDERWDMH R ³UHEHOGtD´ GHQWUR GHO iPELWR ODERUDO OD
UHSUHVLyQ R OOHJDGD GH OD UHYROXFLyQ OLEHUWDGRUD D ODV FRPLVLRQHV GH SODQWD GHELOLWy OD
LQVWDQFLD LQWUDQVLJHQWH GH OXFKD KDFLD SRVLFLRQHV PRGHUDGDV TXH LQWHQWDQ XQD VDOLGD
KDFLD OD UHRUJDQL]DFLyQ GHO 0RYLPLHQWR REUHUR \ OD SRVLELOLGDG GH VHU QXHYDPHQWH
RILFLDOL]DGDVHQODVXSHUILFLH
/D KXHOJD JHQHUDO UHYROXFLRQDULD IXH VLHPSUH HO KRUL]RQWH GH WUDFFLyQ \
UHDOL]DFLyQGHODHVWUDWHJLDUHYROXFLRQDULDHQWDQWRXQtDHQVXGHYHQLUDODVIXHU]DVGH
YDQJXDUGLDDORVVLQGLFDWRVFRPRQ~FOHRPHMRURUJDQL]DGRGHO0RYLPLHQWR\ODVPDVDV
FRPRIDFWRUSUHSRQGHUDQWHHQODJpQHVLV\FRQVHFXFLyQGHO0RYLPLHQWRUHYROXFLRQDULR
(Q HVWH SHUtRGR OD SRVLELOLGDG GH XQD KXHOJD GH HVWH WLSR VRQDED PiV D XWRStD TXH
UHDOLGDG OD LGHD GH XQD GREOH RSHUDFLyQ HQWUH ORV FRPDQGRV FODQGHVWLQRV \ HO
PRYLPLHQWR VLQGLFDO HUD HQ OD SUiFWLFD LPSRVLEOH GHELGR DO HVWDGR GHO 0RYLPLHQWR
REUHUR VX QLYHO GH GHVRUJDQL]DFLyQ VXV SREUHV SRVLELOLGDGHV GH PRYLOL]DFLyQ OD
SURIXQGD UHSUHVLyQ GH OD 5HYROXFLyQ OLEHUWDGRUD \ OD IDOWD GH FRRUGLQDFLyQ HQWUH ORV
GLYHUVRVFRPDQGRVGHODUHVLVWHQFLDSHURQLVWD\ORVOtGHUHVGHOPRYLPLHQWRVLQGLFDO
8Q GLDJQyVWLFR GH OD VLWXDFLyQ LQWHUQD GHO PRYLPLHQWR REUHUR OR GD -RKQ :
&RRNHHQFDUWDD-XDQ'3HUyQGHOGHMXQLRGH
³«ORV JUHPLRV SHURQLVWDV VRQ HQ JUDQ SDUWH WLELRV \ FRQ PXFKD
PH]FOD GH QDFLRQDOLVWDV \ IURQGL]LVWDV ORV GLULJHQWHV VH HOLJLHURQ HQ
FRPLFLRV TXH OD PDVD UHSXGLR FRQ VX DXVHQWLVPR SRU OR TXH HQ JUDQ
SRUFHQWDMH VRQ RSRUWXQLVWDV ORV FRPXQLVWDV SHVH D VX LQIHULRULGDG
QXPpULFD WLHQHQ PXFKD JUDYLWDFLyQ HO SODQWHDPLHQWR GH ODV
UHLYLQGLFDFLRQHVGHOD,QWHUVLQGLFDOQRDOWHUDHOSODQGLODWRULRGHOJRELHUQR
-XOLR&HVDU0HOyQ3LUUR(OSHURQLVPRGHVSXpVGHOSHURQLVPR5HVLVWHQFLDVLQGLFDOLVPR\SROtWLFD
OXHJRGHO%XHQRV$LUHV6LJOR;;,3iJV\VXFHVLYDV'DQLHO-DPHV5HVLVWHQFLDH
LQWHJUDFLyQ(OSHURQLVPR\ODFODVHWUDEDMDGRUDDUJHQWLQD%XHQRV$LUHVVLJOR;;,SiJV
\VXFHVLYDV
ϭϱ
TXHLUDJUDGXDQGRODQRUPDOL]DFLyQGHDFXHUGRFRQVXVFRQYHQLHQFLDV
ORV FRPXQLVWDV UHVSRQGHQ D HVH SODQ GHO JRELHUQR \ VH OLPLWDQ D SODQWHDU
SUREOHPDVHVWULFWDPHQWHVLQGLFDOHV « 2WURVVRQSDUWLGDULRVGHFRSDUOD
,QWHUVLQGLFDO EDVDGRV HQ TXH OD ,QWHUVLQGLFDO \D KD WRPDGR PXFKR
YXHOR \ VHUi GLItFLO IRUPDU RWUD FHQWUDO SDUDOHOD SHUPLWH DFWXDU HQ OD
OHJDOLGDG UHXQLUVH \ HOXGLU OD SHUVHFXFLyQ TXH VXIUHQ ODV WHQWDWLYDV
FODQGHVWLQDV FXDQGR H[LVWHQ FRPLVLRQHV GLUHFWLYDV GHVLJQDGDV HV PX\
GLItFLO GLULJLU HO JUHPLR DO PDUJHQ GH HOODV OD H[SHULHQFLD LQGLFD TXH
VLHPSUHH[LVWHPXFKRUHVSHWRSDUDODGLUHFWLYDGHXQJUHPLR «
< FRQ JUDQ SRGHU GH VtQWHVLV \ SURIXQGR ³SRUWHxLVPR´ HQ VX VHQWHQFLD
³(QWLHQGRTXHODVFRVDVHVWiQYHUGHV´ 5D~O/DJRPDUVLQROHFRPHQWDD-RKQ:-RKQ
: &RRNH DFHUFD GH ODV UHDOHV \ OLPLWDGtVLPDV SRVLELOLGDGHV WiFWLFDV GH FRRUGLQDFLyQ
HQWUHORVGLIHUHQWHVDFWRUHVGHO0RYLPLHQWRHQODLQVWDQFLDUHYROXFLRQDULD
$KRUD ELHQ OD VLWXDFLyQ KLVWyULFR SROtWLFD GHO PRPHQWR SHUPLWH HO DQiOLVLV
VREUHODVWHRUL]DFLRQHVTXH-RKQ:-RKQ:&RRNHSURSRQHUHVSHFWRGHORTXHSDUDpO
HV XQ ³0RYLPLHQWR UHYROXFLRQDULR´ (V SRVLEOH UDVWUHDU \D HQ HO DxR \ HQ
SHUtRGRVDQWHULRUHVODVFRQFHSWXDOL]DFLRQHVTXHHOUpJLPHQSHURQLVWDKDOHJDGRDHVWH
FRQFHSWRSHURWDPELpQTXHWUDQVIRUPDFLRQHVGHEHWHQHUHVWH 0RYLPLHQWR IUHQWHDOD
UHDOLGDGGHODSURVFULSFLyQ\ODYLROHQFLDUHSUHVLYDGHOUpJLPHQVHSWHPEULQR([LVWHXQD
WUDVODFLyQQDWXUDOGHFRQWLQXLGDGSDUD-RKQ:&RRNHHQWUHODUHYROXFLyQTXHHQFDUQDED
HO SHURQLVPR HQ HO SRGHU \ OD TXH HVWH 0RYLPLHQWR DKRUD FODQGHVWLQR GHEHUi
UHSUHVHQWDU\FRQWLQXDULPSRQLHQGRXQDPi[LPDTXHPDUFDUiDIXHJRHOUROGHOSXHEOR
HQHVWHDFRQWHFHUUHYROXFLRQDULR
(VHQHVWHVHQWLGRTXH-XDQ'3HUyQHQFDUWDD-RKQ:&RRNHDILUPDTXH
&DUWDGH-RKQ:&RRNHD3HUyQÏSFLWSiJ
ϮϬ
&RPRGLFH-RKQ:&RRNHHQHODUWtFXOR³,QWHUSUHWHVRILFLRVRV\PDOpYRORV´³«/DUHYROXFLyQTXH
FRPHQ]yFRQHODFWXDOUpJLPHQJREHUQDQWH UpJLPHQSHURQLVWD WUDMRSURIXQGDVWUDQVIRUPDFLRQHVHQODV
HVWUXFWXUDVSROtWLFDVHFRQyPLFDV\VRFLDOHVGHOSDtV « 3HURUHVXOWDLQQHJDEOHTXHODPLVPDHVGHWLSR
QHWDPHQWHUHYROXFLRQDULR\TXHDOJXQRVGHVXVDVSHFWRVFRPRHOGHODVFRQTXLVWDVVRFLDOHVKDQVLGR
GHFODUDGRVLUUHYHUVLEOHVDXQSRUORVPiVHQFRQDGRVDGYHUVDULRV(VHYLGHQWHHQWRQFHVTXHORGLQiPLFR
±FDUDFWHUtVWLFDGHORV0RYLPLHQWRVUHYROXFLRQDULRVQRSXHGHVHUUHPSOD]DGRSRUODFULVWDOL]DFLyQ
HVWiWLFD«´5HYLVWD'H)UHQWHQGHDJRVWRGHSiJ
ϭϲ
³«6RORPHLQWHUHVDORTXHKDSHUGLGRHOSXHEORTXHKD\TXHUHFRQTXLVWDUORGH
FXDOTXLHUPDQHUDFRQHOSXHEORPLVPRHVHHVHOREMHWLYRGHQXHVWUDOXFKD«´
$KRUD ELHQ HVWD IXHU]D EDVDGD HQ HO SXHEOR GHEH VHU RUJDQL]DGD HVH GHVWLQR
GHEHVHURUJDQL]DGRSDUDTXHQRVHFRQFOX\DHQXQDOXFKDGHYDQJXDUGLDVFRPEDWLYDV
\ EDVHV FRQWHPSODWLYDV VLQR HQXQD RUJDQL]DFLyQ SRSXODUGHPDVDV GHO 0RYLPLHQWR
UHYROXFLRQDULR HV GHFLU HO 0RYLPLHQWR UHYROXFLRQDULR GHEH VHU RUJiQLFR FRPR OR
SRGHPRVYHUH[SUHVDGRSRU-XDQ'3HUyQDOGHFLUTXH
³«(VWDLQPHQVDPDVDQRWLHQHQLQJ~QYDORUVLVXHVWDGRGHLQRUJDQLFLGDGQR
SHUPLWHFRQGXFLUODFRQXQLGDGGHDFFLyQ«´
$VtWDPELpQFRQWLQXDQGRFRQODFDUDFWHUL]DFLyQGHO0RYLPLHQWRUHYROXFLRQDULR
-RKQ:&RRNHVHxDODODQHFHVLGDGLPSHULRVDGHFRQVWUXLUXQWRGRRUJDQL]DGRLQWHJUDO
\OLEHUDGRU(QFRQVRQDQFLDFRQ-XDQ'3HUyQTXHSURFODPDTXH
Ϯϭ
&DUWDGH3HUyQD-RKQ:&RRNHGHOGH-XQLRGHĞŶ(GXDUGR/'XKDOGH &RPS
-RKQ:LOOLDP-RKQ:&RRNH2EUDVFRPSOHWDV&RUUHVSRQGHQFLD3HUyQ-RKQ:&RRNH%XHQRV$LUHV
7RPR,,(GLWRULDO&ROLKXH3iJ
&DUWDGH3HUyQD-RKQ:&RRNHGHOGH-XQLRGHHQ(GXDUGR/'XKDOGH &RPS ÏS
&LW3iJ$TXt-XDQ'3HUyQOODPDDXQDRUJDQL]DFLyQWRWDO\PLQXFLRVDGHO0RYLPLHQWRFODQGHVWLQR
ϮϮ
&DUWDGH-RKQ:&RRNHD3HUyQGHOGH$JRVWRGHHQ(GXDUGR/'XKDOGH &RPS
ÏS&LW7RPR,,SS-RKQ:&RRNHH[SOLFDODSRVLELOLGDGGHJHQHUDUXQIUHQWHPD\RUGH
³FRPEDWH´DOXWLOL]DUORVHVSDFLRVGHVHPLOHJDOLGDGSHURDILUPDODH[FOX\HQWHVLWXDFLyQRUJDQL]DFLRQDOVL
VHTXLHUHWHQHUp[LWRHQODDFFLyQFRQMXQWDGHWRGRHO0RYLPLHQWR
(QFDUWDD3HUyQ-RKQ:&RRNHH[SUHVDXQDPHWiIRUDGHFRUWH³DQDWyPLFR´SDUDH[SOLFDUODHVHQFLD
RUJiQLFDGHODFRQGXFFLyQGHO0RYLPLHQWR³«'HWDOPDQHUDGHQWURGHODPDVDLQRUJiQLFDGHEHH[LVWLU
XQVLVWHPDQHUYLRVRGHFRPDQGRVFODQGHVWLQRVTXHPDUTXHQHOUXPERGHODVDFFLRQHV\FXPSODQDTXHOODV
TXHUHTXLHUDQFRKHVLyQ\SODQHDPLHQWR&RPRHOREMHWLYRHVFRP~Q\FRQRFLGRVRORVHUHTXLHUHTXHHVH
VLVWHPDVHSHUIHFFLRQH\VHOLEUHGHFRQWDPLQDFLyQGHTXLHQHVLQWHQWDQTXHVHFRQIXQGD\VHxDOHUXPERV
TXHQRVRQORVGHO0RYLPLHQWR«´&DUWDGH-RKQ:&RRNHD3HUyQVIHQ(GXDUGR/'XKDOGH
ÏS&LW7RPR,,SiJ(VWDQHFHVDULHGDGGHRUJDQLFLGDGVHPDQLILHVWDWDPELpQDODKRUDGHLQWHJUDU
ORVFXDGURVFRPEDWLYRVDOFRQMXQWRGHO0RYLPLHQWRHQPRPHQWRVGHVHPLOHJDOLGDGSDUDH[SDQGLUHO
FDPSRGHDFFLyQGHO0RYLPLHQWRUHYROXFLRQDULR&DUWDGH-RKQ:&RRNHD3HUyQGHOGH6HSWLHPEUH
GHHQ(GXDUGR/'XKDOGH ÏS&LW7RPR,,SS
&DUWDGH3HUyQD-RKQ:&RRNHGHOGH-XOLRGHHQ(GXDUGR/'XKDOGH ÏS&LW3iJ
Ϯϱ
(VUHFXUUHQWHODFDUDFWHUL]DFLyQGHHQWLGDGOLEHUDGRUDGHO0RYLPLHQWRUHYROXFLRQDULRKDFLHQGRREYLD
UHIHUHQFLDDODOLEHUDFLyQQDFLRQDOFRQWUDHOLPSHULDOLVPRIRUiQHR0XHVWUDVGHHVWDFRQFHSFLyQORYHPRV
HQ&DUWDGH-RKQ:&RRNHD3HUyQGHOGH)HEUHURGHHQ(GXDUGR/'XKDOGH ÏS&LW
,,3iJ&DUWDGH-RKQ:&RRNHD3HUyQGHOGH0DU]RGHHQ(GXDUGR/'XKDOGH
ÏS&LW7RPR,,3iJ\7DPELpQSRGHPRVVHJXLUHVWDFDUDFWHUL]DFLyQHODUWtFXORGH-RKQ:
&RRNHGHQRPLQDGR³(OSXHEORVDOLyIRUWDOHFLGR´GRQGHQRVKDEODGHO³«FXPSOLPLHQWRGHQXHVWUDPLVLyQ
ϭϳ
³«1XHVWUD )LQDOLGDG HV OD 5HYROXFLyQ VRFLDO « 1XHVWUR FDPLQR HV
VLPSOH RUJDQL]DUQRV FRQFLHQ]XGDPHQWH HQ OD FODQGHVWLQLGDG ,QVWUXLU \
SUHSDUDU D QXHVWUD JHQWH FRQ WRGR HO WLHPSR TXH VHD QHFHVDULR SDUD ORV ILQHV
TXH QRV SURSRQHPRV DJUXSDUQRV HQ RUJDQL]DFLRQHV GLVFLSOLQDGDV \ ELHQ
HQFXDGUDGDVSRUGLULJHQWHVFDSDFHVDXGDFHV\GHFLGLGRVTXHVHDQUHVSHWDGRV\
REHGHFLGRVSRUODPDVD´
(Q HVH VHQWLU TXH H[SUHVDQ HQ VLQWRQtD WDQWR -XDQ ' 3HUyQ FRPR -RKQ :
&RRNH HV TXH HO 0RYLPLHQWR SHURQLVWD WLHQH XQD GLQiPLFD UHYROXFLRQDULD SURSLD \
XQDPLVLyQUHYROXFLRQDULDODOXFKDSHUPDQHQWH
(O0RYLPLHQWRUHYROXFLRQDULRHVXQ³SXQWRGHSDUWLGD´HQSRVGHUHYLWDOL]DU
DO0RYLPLHQWRMXVWLFLDOLVWDWRGR\GHFRQFLHQWL]DUDODVPDVDVPDVDVTXHGHEHQVHU
RUJDQL]DGDV \ GLVFLSOLQDGDV SRU HO 0RYLPLHQWR \ TXH WDQWR -RKQ : &RRNH \ -XDQ '
3HUyQVLW~DQHQXQUDQJRSDUWLFXODUGHHQWHOHTXLD
QDFLRQDOOLEHUDGRUD«´HQ5HYLVWD1DFLRQDOLVPR0DU[LVWDFROXPQDVGH/LEHUDFLyQQDFLRQDODxRQ
GH$JRVWRGHHQ(GXDUGR/'XKDOGH ÏS&LW7RPR,93iJ(QFRQVRQDQFLDFRQ
HVWDSRVWXUDVHHVWDGHDFXHUGRFXDQGR5LFKDUG*LOOHVSLHPXHVWUDTXHHO0RYLPLHQWROLEHUDGRUQDFLRQDO
SHQVDGRSRU-RKQ:&RRNHHVLQWHJUDGRSRUXQIUHQWHSROLFODVLVWD5LFKDUG*LOOHVSLHÏS&LW3iJ
&DUWDGH3HUyQD-RKQ:&RRNHGHMXQLRGHHQ(GXDUGR/'XKDOGH &RPS ÏS
&LW7RPR,,3iJ\
(QHQWUHYLVWDFRQ2VLULV7URLDQL-RKQ:&RRNHDILUPDTXH³« HOSHURQLVPR WLHQHXQDGLQiPLFD
UHYROXFLRQDULDFDSDFLGDGRSHUDWLYD\XQFRQWHQLGRLGHROyJLFRLQVXVWLWXLEOH1XHVWURSURJUDPDHVOOHJDU
DOSRGHU\FXPSOLUGHVGHDOOtQXHVWURSURJUDPDQDFLRQDOOLEHUDGRU«´5HSRUWDMHGH2VLULV7URLDQLD
-RKQ:-RKQ:&RRNH5HYLVWD0D\RUtDQMXQLRGH(Q(GXDUGR/'XKDOGH &RPS
ÏS&LW7RPR,9SiJ
Ϯϵ
(QFDUWDD3HUyQ-RKQ:&RRNHDILUPDTXH³«HOSXQWRGHSDUWLGDGHEHVHUHOUHFRQRFLPLHQWRGH
QXHVWURFDUiFWHUGH0RYLPLHQWRUHYROXFLRQDULRHQFXDQWRKHPRVSURGXFLGRODFDGXFLGDGGHORUGHQTXH
QRKDSUHFHGLGR « IUHQWHDXQHVSDVPRGHORUGHQFRQGHQDGRDODGHVDSDULFLyQWHQHPRVTXHRSRQHUXQD
YLWDOLGDGTXHVHH[SUHVHHQXQDDFFLyQFRPEDWLHQWH(O3HURQLVPRHVOD~QLFDUHDFFLyQDGHFXDGD«´
&DUWDGH-RKQ:&RRNHD3HUyQGH6HSWLHPEUHGH(Q(GXDUGR/'XKDOGH &RPS ÏS
&LW7RPR,,SiJ
ϯϬ
(VLQWHUHVDQWHDSUHFLDUODSURIXQGDFDSDFLGDGDXWRFRQVFLHQWH\DXWRGLGDFWDTXHLPSULPHQ-XDQ'
3HUyQ\-RKQ:&RRNHDODVPDVDVSHURQLVWDV(QFDUWDD-RKQ:&RRNH3HUyQDILUPDTXH³«SRGUiQ
SURGXFLUVHDOJXQDVGHIHFFLRQHVSRGUiQDSDUHFHUQXHYRVWUDLGRUHV\WUiQVIXJDVSHURODPDVDHVWDUi
ILUPHKDVWDHOILQ8QDPDVDDGRFWULQDGD\SROLWL]DGDFRPRODQXHVWUDQRHVGHODVTXHFHGHQDODV
PDQLREUDVSROtWLFDV\DWDQFRQRFLGDV«´&DUWDGH3HUyQD-RKQ:&RRNHGHPD\RGH(Q
(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ7DPELpQ-RKQ:&RRNHSODQWHDTXH
³«ORTXHKD\HVXQDFXHVWLyQGHFRQGXFWD\SHQVDPLHQWRUHYROXFLRQDULRVXQDWUDQVDFFLyQVLJQLILFDUtD
VDFULILFDUODOtQHDFRPEDWLHQWH « (O0RYLPLHQWRGHEHVHUGLULJLGRSRUSHURQLVWDV³FRQ3HUyQ´ « HVR
HVORTXHODPDVDTXLHUH « SRUTXHH[LVWHQGRVWHQGHQFLDHQODVILJXUDVQRWRULDVGHOSHURQLVPR³SHUR
VRODPHQWHXQD´ « HQODPDVD«´&DUWDGH-RKQ:&RRNHD-XDQ'3HUyQGH6HSWLHPEUHGH
ϭϴ
(Q HVWD HWDSD OD DUTXLWHFWXUD LQWHOHFWXDO GHO 0RYLPLHQWR UHYROXFLRQDULR HV
GHVDUUROODGDHQSUR\HFFLyQ\SRWHQFLDOLGDGPiVTXHHQSRVLELOLGDGHVFRQFUHWDV$XQTXH
ODYROXQWDGGHSRGHUGHORVFRPDQGRVFODQGHVWLQRV\GH-XDQ'3HUyQVXSHUDEDTXL]iV
ODVUHDOHVFDSDFLGDGHV\SRVLELOLGDGHVGHDFFLyQHODIiQVHFHQWUDEDHQFyPRSDVDUGHO
0RYLPLHQWR SHURQLVWD SURVFULSWR \ GHVRUJDQL]DGR D XQ 2UJDQL]DGR 0RYLPLHQWR
UHYROXFLRQDULRGHPDVDV7RGRHVWDEDSRUKDFHUVH\HOFDPLQRSROtWLFRHVXQFDPLQRGH
YROXQWDGHV $KRUD ELHQ ¢&XiQWR WLHPSR OD SUD[LV SROtWLFD \ OD OXFXEUDFLyQ LQWHOHFWXDO
HVWDUtDQDOLQHDGDV"/DUHDOLGDGKLVWyULFDVXHOHDYDVDOODUORVSUR\HFWRVPiVUDFLRQDOHV \
ORV FDPELRV \ RSRUWXQLGDGHV TXH ORV DFWRUHV SROtWLFRV JHQHUDURQ HQ HO SHUtRGR
WUDHUtDQ GXUDV SUXHEDV SDUD HO LQWHOHFWR \ OD YROXQWDG SROtWLFD GH -RKQ :LOOLDP
&RRNH
(Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ$VtWDPELpQ-RKQ:&RRNHHV
WHUPLQDQWHFXDQGRVHQWHQFLDTXH³«XQ0RYLPLHQWRGHPDVDVVRORSXHGHVHUUHYROXFLRQDULR«´&DUWDGH
-RKQ:&RRNHD-XDQ'3HUyQGHMXOLRGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW
7RPR,,SiJ6LQHPEDUJRKDFLD-RKQ:&RRNHREVHUYDODUHDOLGDGLQVRVOD\DEOHDFHUFDGHODV
UHDOHVSRWHQFLDOLGDGHVGHODVPDVDVDODILUPDUTXH«HVXQHUURUFRQILDUHOIXWXURGHOSHURQLVPRDO
IHUYRUGHODPDVDH[FOXVLYDPHQWH « GHEHWHQHUORVPHMRUHVGLULJHQWHVORVPiVUHYROXFLRQDULRV « DVt
SRGUiQFXPSOLUVHDKRUDVXVSODQWHRV SRUORVGH3HUyQ «´&DUWDGH-RKQ:&RRNHD-XDQ'3HUyQ
GH-XQLRGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
ϭϵ
, E (YROXFLyQ WHyULFD \ FRQGLFLRQHV KLVWyULFDV GHO FRQFHSWR GH 0RYLPLHQWR
UHYROXFLRQDULR
(OSDQRUDPDJHQHUDOTXHVHSUHVHQWDKDFLDHVWHSHUtRGRWUDHXQGLOHPDGLItFLOGH
UHVROYHUSDUD-XDQ'3HUyQ\-RKQ:&RRNHHQWHQGLHQGRTXHVXVPLVLYDVIUHFXHQWHV
VRQ PDWHULD SULPD TXH DQDOL]D UHDOLGDGHV SHUR TXH WDPELpQ SUR\HFWD HVSHUDQ]DV /D
VLWXDFLyQ UHDO GH OD UHVLVWHQFLD \ VXV YHUGDGHUDV SRVLELOLGDGHV GH FRQVHFXFLyQ
UHYROXFLRQDULDVHSUHVHQWDQDORVRMRVGH-XDQ'3HUyQXQWDQWROLPLWDGDV0iVDOOiGH
OD RUJDQL]DFLyQ \ PRWLYDFLyQ GH ORV OtGHUHV GH OD UHVLVWHQFLD \ GH ODV SURSXHVWDV
RSWLPLVWDV GH -RKQ : &RRNH OD HVWUDWHJLD QXQFD GHMD GH ODGR OD QHFHVLGDG GH ODV
PDVDV¢7LHQHOD5HVLVWHQFLDSHURQLVWDHOIDYRUGHODVPDVDV"¢6RQODVPDVDVSRSXODUHV
ODVTXHOOHYDUDQDODYLFWRULDDO0RYLPLHQWRUHYROXFLRQDULRSHURQLVWD"¢2VRORVRQXQD
PXHVWUD GH REHGLHQFLD SDVLYD \ UHVLVWHQWH GH XQ SHURQLVPR GHELOLWDGR \ WHPHURVR" <
DGHPiV ¢4Xp SDVD FRQ ORV ³RWURV´ ORV TXH EXVFDQ GLIHUHQWHV IyUPXODV" ¢4Xp KDFHU
VREUHWRGRFRQHOIDFWRUGHSRGHUTXHHQFDUQD$UWXUR)URQGL]LHQHVWHSHUtRGR"
/D VLWXDFLyQ LQWHUQD GHO 0RYLPLHQWR SHURQLVWD HO URO GH -XDQ ' 3HUyQ HQ OD
SROtWLFD GHQWUR GHO PRYLPLHQWR \ FRPR UHIHUHQWH QDFLRQDO \ ODV HOHFFLRQHV
FRQVWLWX\HQWHVGHDGHPiVGHWRGDODFDPSDxDSUHYLDVREUHHO³YRWRSHURQLVWD´\
HOUHVXOWDGRPLVPRGHODHOHFFLyQGDQUHVSXHVWDVDPELJXDVDHVWDVSUHJXQWDVQHFHVDULDV
SDUDHODQiOLVLVSROtWLFRGHODKRUD
)LVRQRPtD\FDUDFWHUtVWLFDVGHO0RYLPLHQWRUHYROXFLRQDULR
8Q DVSHFWR LQVRVOD\DEOH HQ HO DQiOLVLV WHyULFR TXH KDFH -RKQ : &RRNH GHO
PRPHQWRHVORLQDGPLVLEOHGHSHQVDUXQ0RYLPLHQWRUHYROXFLRQDULRVLQWHQHUHQFXHQWD
HO SRGHUGHODPDVDREUHUDFRPR HMHIXQGDPHQWDO GHO PLVPR 7DQWR -RKQ:&RRNH
FRPR-XDQ'3HUyQGLVFXWLUiQFRQHOFRUUHUGHORVDxRVQRODVLWXDFLyQGHFHQWUDOLGDG
GHODPDVDREUHUDVLQRODQHFHVLGDGGHTXHHVWDVHDUHQRYDGD\FRQFLHQWL]DGD-RKQ:
&RRNH PXHVWUD VX SRVLFLyQ UHVSHFWR GHO VXVWUDWR UHYROXFLRQDULR GH OD PDVD REUHUD
FXDQGRGLFHTXH
(QWHQGHPRVTXHODVGLIHUHQWHVLQWHUSUHWDFLRQHVGHORVFRPLFLRVVRQXQIDFWRUGHDQiOLVLVSROtWLFRSDUD
-RKQ:&RRNHWHQLHQGRHQFXHQWDHOUHVXOWDGRFXDQWLWDWLYRGHODHOHFFLyQSDUDFDGDEDQGRHQ
EODQFRIUHQWHDGHOD8&53\GHOD8&5,3DUDXQDQiOLVLVPiVSURIXQGRGHODFWR
HOHFWRUDOYHU-XOLR&HVDU0HOyQ3LUURÏS&LWSiJ\VXFHVLYDV
ϮϬ
³«QRQRVFDEHGXGDGHTXHORVWUDEDMDGRUHVHVWiQOOHYDQGRDFDERXQD
DFFLyQ GH SURIXQGR VHQWLGR UHYROXFLRQDULR FX\DV FDUDFWHUtVWLFDV LQWHUHVD
VHxDODUFX\RHVStULWXHVSUHFLVRLQWHUSUHWDU«´
-RKQ : &RRNH QR GXGD GH OD SRWHQFLDOLGDG GH DFFLyQ UHYROXFLRQDULD GH OD
PDVDFRPRDFWRUFHQWUDOGHO0RYLPLHQWRUHYROXFLRQDULR$XQTXHUHIOH[LRQH\FULWLTXH
VREUH OD QHFHVLGDG GH FRQVWUXLU XQ Q~FOHR GXUR GH GLULJHQWHV FRPSURPHWLGRV FRQ OD
FDXVD LQVXUUHFFLRQDO \ UHYROXFLRQDULD HMH FHQWUDO GH OD RUJDQL]DFLyQ GHO PLVPR
DODEDUiDODPDVD\DVXOtGHUKDFLHQGRVDEHUTXHODSRWHQFLDOLGDGUHDOH[LVWHHQWRGR
PRPHQWR VLHPSUH \ FXDQGR HVWD SXHGD VHU FDWDEROL]DGD HV GHFLU RSHUDGD \
GLQDPL]DGD SRU ODV OtQHDV GH DFFLyQ GHO Q~FOHR GLULJHQWH PHGLDQWH XQD RUJDQL]DFLyQ
KRPRJpQHDVROLGDULD\DFWLYDTXHFRPSUHQGDLQIOX\D\JXtHDHVDSHULIHULDPDVLYDTXH
HVVXEVWUDWRGHODUHYROXFLyQSHURQLVWD7DPELpQpVWDGHEHVHUIRUWDOHFLGDGHMDQGRGH
ODGR PH]TXLQGDGHV SHUVRQDOHV \ OtQHDV EODQGDV GH DFFLyQ 6ROR DVt EULQGDQGR XQD
VyOLGD \ DFHLWDGD PDTXLQDULD RUJDQL]DWLYD VH SRGUi HQFHQGHU \ PDQWHQHU OD OODPD
UHYROXFLRQDULDGHO0RYLPLHQWRTXH-XDQ'3HUyQSURSRQH\ODPDVDSRSXODUHQFDUQD
$GHPiV GH OD UHVXHOWD FRQYLFFLyQ GH SRQHU D -XDQ ' 3HUyQ FRPR OtGHU
LQGLVFXWLGR GH OD FRQGXFFLyQ REVHUYDPRV XQ SURIXQGR FRQYHQFLPLHQWR SRU SDUWH GH
-RKQ : &RRNH VREUH OD H[LVWHQFLD GH XQ Q~FOHR FHQWUDO GHQWUR GHO 0RYLPLHQWR
SHURQLVWDTXHSRVHHXQDHQWLGDGUHYROXFLRQDULDLQVRVOD\DEOH(VWRSHUPLWHDODOX]GH
ORV DFRQWHFLPLHQWRV GH HVWH SHUtRGR REVHUYDU ODV IXHUWHV WHQVLRQHV HQWUH UHDOLGDG \
DQiOLVLV WHyULFRSROtWLFR HQWUH PLOLWDQFLD HLQWHOHFFLyQ \D TXHODV GHFLVLRQHV SROtWLFDV
SRVWHULRUHV D VH FRQWUDGLFHQ HQ OR TXH XQ DxR DQWHV VH DILUPDED DFHUFD GH OD
DPSOLWXGLGHROyJLFD\ODKRPRJHQHLGDGFRQFLHQFLD\FRPEDWLYLGDGGHOQ~FOHRFHQWUDO
-RKQ:&RRNHYHKDFLDTXH´«HVXQHUURUFRQILDUHOIXWXURGHOSHURQLVPRDOIHUYRUGHODPDVD
H[FOXVLYDPHQWH « GHEHWHQHUORVPHMRUHVGLULJHQWHVORVPiVUHYROXFLRQDULRV « DVtSRGUiQFXPSOLUVH
DKRUDVXVSODQWHRV SRUORVGH3HUyQ «´&DUWDGH-RKQ:&RRNHD3HUyQGH-XQLRGH(Q
(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
ϯϮ
$QDOL]D -RKQ : &RRNH HQ HVWH VHQWLGR´«(O 3HURQLVPR HV XQ FRQJORPHUDGR GH H[WUDRUGLQDULD
ϯϯ
DPSOLWXG LGHROyJLFD \ KXPDQD FX\R´ Q~FOHR FHQWUDO´ HVWi SHUIHFWDPHQWH FDUDFWHUL]DGR SHUR FX\RV
PiUJHQHV VRQ LQGLVWLQWRV \ VH YDQ GHVGLEXMDQGR « 3HUR HO ³Q~FOHR FHQWUDO´ TXH HV LQPHQVDPHQWH
PD\RULWDULRSRVHHPtVWLFDFRPEDWLHQWH « FRQUHDOFRQFLHQFLDUHYROXFLRQDULD « HO³Q~FOHRFHQWUDO´
GHEHHVWDUGLULJLGRSRUKRPEUHVVXUJLGRVGHVXVHQR KDEORHQWpUPLQRVGHDOLPHQWDFLyQLGHROyJLFD\QR
FODVLVWD «´ (Q FDUWD GH -RKQ : &RRNH D -XDQ ' 3HUyQ ,QIRUPH JHQHUDO \ SODQ GH DFFLyQ GH
6HSWLHPEUHGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,3iJ
Ϯϭ
'HQWURGHODQiOLVLVGHODPDVDUHYROXFLRQDULD7DQWR-XDQ'3HUyQFRPR-RKQ
: &RRNH REVHUYDQ \ UHIOH[LRQDQ VREUH HO UHDO JUDGR GH FDSDFLGDG RUJiQLFD
UHYROXFLRQDULD GH ORV VLQGLFDWRV \ VX DUWLFXODFLyQ FRQ OD PDVD SHULIpULFD GH ORV
WUDEDMDGRUHV HQ JHQHUDO (VWH SHUtRGR SROtWLFR PXHVWUD OD FRPSOHMD VLWXDFLyQ VLQGLFDO
TXH VH PDQLILHVWD HQ OD OXFKD \ UHVLVWHQFLD TXH ODV EDVHV GH SODQWD SURSRQHQ KDFLD
REMHWLYRVGHMXVWLFLDVRFLDO\QDFLRQDOLVPRHFRQyPLFRPiVDOOiGHODVWiFWLFDVSROtWLFDV
GH ORV OtGHUHV GHO 0RYLPLHQWR SHURQLVWD $Vt WDPELpQ H[LVWLHURQ FRQIOLFWRV HQWUH ORV
OtGHUHVVLQGLFDOHVVREUHWRGRGHODVRUJDQL]DFLRQHV\VXVEDVHVPDQLIHVWDGRVSRUHO
DIiQPHGLDGRUGHODVF~SXODV\ODWHQGHQFLDDODOXFKDLQWUDQVLJHQWHGHODVEDVHV
(VSHUPDQWHODFRQWUDGLFFLyQHQORUHIHUHQWHD/RVVLQGLFDWRVVXODWHQFLD\UHDO
FDSDFLGDG \ SRWHQFLD UHYROXFLRQDULD \ OD FHQWUDOLGDG GH ORV PLVPRV HQ OD HVWUDWHJLD
JHQHUDO UHYROXFLRQDULD SODQWHDGD HQ OD FRQFHSFLyQ WHRULFD GHO PRYLPLHQWR
UHYROXFLRQDULRGHPDVDV7DQWR-XDQ'3HUyQFRPR-RKQ:&RRNHPXHVWUDQSRVWXUDV
HQWHQVLyQDSHODQGRDODVUHDOHVSRVLELOLGDGHVODVFRQGLFLRQHVPDWHULDOHV\ODYROXQWDG
GH ORV OtGHUHV \ RUJDQL]DFLRQHV VLQGLFDOHV \ KDFLHQGR UHIHUHQFLD DFHUFD GH XQ WLSR GH
SHURQLVPRQR³TXtPLFDPHQWHSXURHQORVJUHPLDOLVWDV\XQDDPELJHGDGTXHKDFtD
FRPSOHMD OD SRVLELOLGDG GH RUJDQL]DFLyQ H LQWHJUDFLyQ SOHQD GH ORV VLQGLFDWRV HQ HO
0RYLPLHQWRUHYROXFLRQDULR
ϯϰ
'DQLHO-DPHVÏS&LW3iJV\VXFHVLYDV7DPELpQ-RKQ:&RRNHPXHVWUDOD
WHQVLyQSHUVLVWHQWHHQXQDFDUWDSRVWHULRUGHFXDQGRRSLQDQGRUHVSHFWRGHODLGHQWLILFDFLyQFRQOD
OtQHDSROtWLFDGHO0RYLPLHQWRSHURQLVWDPDQLILHVWDTXH³«/D~QLFDSDUWHRUJDQL]DGDGHO0RYLPLHQWR
VRQORVVLQGLFDWRV3HURORVGLULJHQWHVJUHPLDOHVDXQTXHSDUWLFLSDQSDVLYDPHQWHHQODGLUHFFLyQSROtWLFD
WUDWDQGHQLDSDUHFHUDQWHODRSLQLyQS~EOLFDFRPRLGHQWLILFDGDFRQHOOD«³3DUDOHODPHQWHVLELHQ-XDQ
'3HUyQQXQFDGHMDGHODGRODFHQWUDOLGDGGHO0RYLPLHQWRREUHURSHURQLVWDHVFRQVLHQWH\REVHUYDOD
QHFHVLGDGGHODUHQRYDFLyQJUHPLDO«´1RKD\TXHROYLGDUTXHODVRUJDQL]DFLRQHVREUHUDVSHURQLVWDVVRQ
ODVTXHKDQPDQWHQLGRPHMRUODOtQHDLQWUDQVLJHQWHVLELHQDOJXQRVGLULJHQWHVKDQGHIHFFLRQDGR3RUHVR
HVQHFHVDULRWHQHUPX\HQFXHQWDDHVDVRUJDQL]DFLRQHVKR\HQFXDGUDGDVSRUQXHYRVGLULJHQWHVMyYHQHV
VXUJLGRVGHDEDMR\GHVHRVRVGHUHLYLQGLFDUODVWUDLFLRQHVGHORVRWURV«´ 5HYLVWD'H)UHQWHQGH
0D\RGH3iJ&DUWDGH-RKQ:&RRNHD3HUyQGH6HSWLHPEUHGH(Q(GXDUGR/
'XKDOGH &RPS ÏS&LW7RPR,,SiJ&DUWDGH3HUyQD-RKQ:&RRNHGH0D\RGH
(Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
-XDQ ' 3HUyQ OH VHxDOD D -RKQ : &RRNH KDFLD ³«1R ROYLGH TXH OR ~QLFR RUJDQL]DGR TXH
ϯϱ
WHQHPRVHVSUHFLVDPHQWHHVHVHFWRUGHO3HURQLVPRFRPRWDPSRFRGHEHROYLGDUTXHODYHUGDGHUDIXHU]D
GHO0RYLPLHQWRHVWiSUHFLVDPHQWHHQHOFDPSRGHORVWUDEDMDGRUHV«´(Q&DUWDGH-XDQ'3HUyQD-RKQ
:&RRNHGH'LFLHPEUHGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
ϮϮ
(Q OR TXH UHILHUH D OD FRQGXFFLyQ GHO 0RYLPLHQWR UHYROXFLRQDULR -RKQ :
&RRNHSODQWHDODDFFLyQGHXQDYDQJXDUGLDRUJDQL]DWLYDTXHGHSHQGDWRWDOPHQWHGHVX
OtGHU\VHGHEDDODYROXQWDGSRSXODUUHYROXFLRQDULDeVWDYDDWHQHUGRVPRPHQWRVXQR
FRPSHQHWUDGRHQODFRQVHFXFLyQGHORVREMHWLYRVUHYROXFLRQDULRVSHURQLVWDV\RWUDPiV
DOHMDGD GH HVWRV GHELGR D OD WHQVLyQ JHQHUDGD SRU HO FRQWH[WR TXH FDUJDGR GH
FRPSOHMLGDGHV WiFWLFDV VH GHVDUUROOD HQWUH HO SDFWR SROtWLFR \ OD LQVXUUHFFLyQ YLROHQWD
VLWXDFLyQTXHGLVSRQHHQ-RKQ:&RRNHXQDSRVLFLyQLQWHOHFWXDOPiVLQWUDQVLJHQWH\
UDGLFDOL]DGD
&XDQWR PiV FRPSOHMD VH KDFH OD UHDOLGDG \ ODV WiFWLFDV SROtWLFDV WLELDV \
SDFWLVWDVVHDGXHxDQGHODJHVWLyQGHO0RYLPLHQWRSHURQLVWDWDQWRPiV-RKQ:&RRNH
VH UDGLFDOL]D HQ VX FRQVWUXFFLyQ LQWHOHFWXDO /D WRPD GHO IULJRUtILFR /LVDQGUR GH OD
7RUUHHQHQHURGHIXHHOSXQWRPi[LPRGHWHQVLyQHQWRUQRDWUHVSLODUHVTXH
KDFtDQ DO PRPHQWR GH SUD[LV UHYROXFLRQDULD 5HVLVWHQFLD SHURQLVWD 0RYLPLHQWR
UHYROXFLRQDULR \ +XHOJD JHQHUDO UHYROXFLRQDULD KDFtDQ TXH /D FRQFHSFLyQ WHyULFD GH
-RKQ:&RRNHVREUHVHDSXHVWDDSUXHEDSRUFRQGLFLRQHVKLVWyULFDVTXHVHDFHUFDEDQD
XQ SXQWR GH UHVROXFLyQ (VWH HV XQ SXQWR GH LQIOH[LyQ GRQGH OD DFFLyQ GH OLGHUD]JR
PLOLWDQWH \ GH RUJDQL]DFLyQ UHYROXFLRQDULD SRQGUi D SUXHED D -RKQ : &RRNH \
WHUPLQDUDFRQODGLOXFLyQGHOPLVPRFRPROtGHUSROtWLFRGHOD5HVLVWHQFLD\GHOHJDGR
SHUVRQDOGH-XDQ'3HUyQ
'HVGHHVWHFRQWH[WRKLVWyULFRSRGHPRVUHFRUUHUODSUREOHPiWLFDTXHDWUDYLHVD
WRGDODWHRUL]DFLyQGH-RKQ:&RRNHVREUHWRGRHQORTXHUHVSHFWDDODFRQGXFFLyQ\
RUJDQL]DFLyQ GH HVWD PDVD TXH SXHGH VHU UHYROXFLRQDULD \ OD WHQVLyQ TXH VH SUHVHQWD
FRQVWDQWHPHQWHHQODSUD[LV
(OSODQWHRTXHVHLPSRQHD-RKQ:&RRNHHVVLODYDQJXDUGLDGLULJHQWHJHQHUD
FUHD RSXHGHJHQHUDUODVFRQGLFLRQHVREMHWLYDVGHOPRPHQWRLQVXUUHFFLRQDO(ODQDOLVL
TXH OOHYD D FDER HO OtGHU SHURQLVWD SURSRQH XQD VtQWHVLV DFHUFD GHO PRPHQWR
UHYROXFLRQDULRGDQGRDHQWHQGHUTXHHVWHVHGDFXDQGRODFRQFLHQFLDLQVXUUHFFLRQDOGHO
$VXYH]-RKQ:&RRNHVHQWHQFLDDSDUWLUGHORTXHODH[SHULHQFLDKLVWyULFD\ODUHIOH[LyQLGHROyJLFDOH
KDQPRVWUDGRTXH´«ORVVLQGLFDWRVDXQTXHMXHJXHQHQODSUiFWLFDXQSDSHOUHYROXFLRQDULR12621
25*$126 5(92/8&,21$5,26«´ &DUWD GH -RKQ : &RRNH D 3HUyQ GH RFWXEUH GH (Q
(GXDUGR / 'XKDOGH &RPS ÏS &LW 7RPR ,, SiJ HQ PD\~VFXOD HQ HO RULJLQDO 6HJ~Q
RSLQLyQ GH -RKQ : &RRNH (Q OR UHIHULGR D OD SXUH]D GHO PRYLPLHQWR VLQGLFDO YHU &DUWD GH -RKQ :
&RRNHD3HUyQGH-XQLRGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
Ϯϯ
SXHEOR KD DOFDQ]DGR VX PiV DOWR QLYHO \ FXDQGR HVH QLYHO UHYROXFLRQDULR SRSXODU
ySWLPRFRLQFLGHFRQXQJUDGRGHGHVFRPSRVLFLyQGHOHQHPLJRV$VtWDPELpQGHWHUPLQD
TXH HO PRPHQWR UHYROXFLRQDULR VXHOH VHU LPSUHYLVLEOH \ TXH OD FRQGXFFLyQ
UHYROXFLRQDULDIRPHQWDLPSXOVD\DFHOHUD SHURQRFUHDVLQRTXH DSUHFLDHOPRPHQWR
UHYROXFLRQDULR
&RQWLQXDQGR HQ OD FDUDFWHUL]DFLyQ GH OD FRQGXFFLyQ GHO 0RYLPLHQWR
UHYROXFLRQDULRVHREVHUYDTXHORVOLGHUD]JRVRUJDQL]DWLYRVDFWLYRV\FDWDOL]DGRUHVGHOD
VLWXDFLyQUHYROXFLRQDULDQRGHEHQVHUYDQJXDUGLDV³LOXPLQDGDV´\DTXHVLQODVPDVDV
R FRQ XQD LGHD HUUyQHD GH OR TXH HOODV SHUVLJXHQ TXH HV OD UHYROXFLyQ SHURQLVWD ODV
RSHUDFLRQHVGHO0RYLPLHQWRVRQLQHILFDFHVHLQRFXDV2WURDVSHFWRTXHREVHUYDPRVHQ
ODFRQFHSWXDOL]DFLyQGH-RKQ:&RRNHGHHVWDpSRFDHVODGHOLPLWDFLyQFRQFUHWDGHOD
³FRQGXFFLyQ´HV GHFLUGHTXLpQHV GHEHQOOHYDUDFDERORV REMHWLYRVGHO0RYLPLHQWR
UHYROXFLRQDULR(QHVWHVHQWLGR-RKQ:&RRNHDILUPDODFHQWUDOLGDGGHODFRQGXFFLyQ
HQHOOtGHU
7UDVODFDtGDGHOOLGHUD]JRVXILQFRPRGHOHJDGRSHUVRQDOGH -XDQ'3HUyQ \
GH VX SDUWLGD \ FRODERUDFLyQ FRQ OD UHYROXFLyQ FXEDQD -RKQ : &RRNH SURSRQH XQD
SRVWXUDPiVFHUFDQDDODLGHRORJtDPDU[LVWDLQVLVWLHQGR\DQRHQODUHLPSODQWDFLyQGHO
(VWDGR-XVWLFLDOLVWD UHIRUPLVWD\UHYROXFLRQDULR \VXOtGHUVLQRHQODUHYROXFLyQVRFLDO
FRPR IRUPD GH FRQVHFXFLyQ GH OD UHYROXFLyQ SHURQLVWD (VWH FDPELR UDGLFDO GH
&DUWDGH-RKQ:&RRNHD3HUyQ,QIRUPHJHQHUDO\SODQGHDFFLyQGH6HSWLHPEUHGH(Q
(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
ϯϲ
ϯϳ
(Q&DUWDVSRVWHULRUHV\DXQTXHLPEXLGRGHOHVStULWXGHOD5HYROXFLyQ&XEDQD-RKQ:&RRNHD~Q
VRVWHQtDODLQYLDELOLGDGGHODFRQGXFFLyQGHXQDYDQJXDUGLDTXHVHDDMHQDDODYROXQWDGGHODPDVD$O
UHVSHFWRQRVGLFH³«(QDOJXQRVSDtVHVVHUiFRPXQLVWDHQRWURVQR3HURHVHFRPXQLVPRQRVHUiHOGH
OD8566QLHOGH+XQJUtDQLHOGH3RORQLD6HUiXQSURGXFWRSURSLRDGHFXDGRDODVFLUFXQVWDQFLDV
ODWLQRDPHULFDQDV3RUTXHVHDQ0RYLPLHQWRVGHPDVDVHVGHFLUTXHQRVHUiQPDQHMDGRVSRUJUXSLWRV
LQWHOHFWXDOHVTXHFRSLHQUHFHWDV6LQRSRUFRQGXFWRUHVTXHVHSRQJDQDODFDEH]D\KDEOHQHOOHQJXDMH
GHODKRUD«´ ODVQHJULWDVVRQQXHVWUDV &DUWDGH-RKQ:&RRNHD3HUyQGH0DU]RGH(Q
(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJV7DPELpQHQHVWHVHQWLGRHMHPSOLILFD
ODLQHILFLHQFLDGHODFRQGXFFLyQDMHQDDODPDVDFRQHOIUXVWUDGRDUULERGH3HUyQDOD$UJHQWLQDHOGH
GLFLHPEUHGH(Q&DUWDGH-RKQ:&RRNHD3HUyQGHHQHURGH(Q(GXDUGR/'XKDOGH
&RPS ÏS&LW7RPR,,SiJV
ϯϴ
(V-RKQ:&RRNHTXHDILUPDDOUHVSHFWR´«¢TXpHVHO0RYLPLHQWR\TXpHVHO3DUWLGRHQ~OWLPR
FDVRVLQRHOLQVWUXPHQWRGHDFFLyQGHO3XHEORSDUDORJUDUORTXHTXLHUH"(O3XHEORKDUHVLJQDGROD
FRQGXFFLyQSDUWLGDULDHQPDQRVGH-XDQ'3HUyQXQLSHUVRQDOPHQWHSRUTXHHQWLHQGHTXH-XDQ'
3HUyQ « \QRFXDOTXLHURWURLQWHUSUHWDOD5HYROXFLyQTXHHOSXHEORFRPSUHQGH\SXHGHUHDOL]DU«´
&DUWDGH-RKQ:&RRNHD3HUyQ,QIRUPHJHQHUDO\SODQGHDFFLyQGH6HSWLHPEUHGH(Q
(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
Ϯϰ
KRUL]RQWH KLVWyULFR GH VXMHWR UHYROXFLRQDULR \ GHO FRQFHSWR GH PRYLPLHQWR
UHYROXFLRQDULRTXHYHQtDWUDEDMDQGRHQVXVDxRVGHOLGHUD]JRHIHFWLYRVLW~DQD-RKQ:
&RRNH HQ XQD HVWUDWHJLD JHQHUDO GRQGH XQD YDQJXDUGLD TXH VH GHVSUHQGH GH OD PDVD
SURSRQH D -XDQ ' 3HUyQ XQ SURQXQFLDPLHQWR D IDYRU GH OD UHYROXFLyQ VRFLDO OR TXH
JHQHUDUtD XQ OHYDQWDPLHQWR UHYROXFLRQDULR \ OD GHVWUXFFLyQ GHO (VWDGR EXUJXpV
FDSLWDOLVWD LPSODQWDQGR DVt XQR VRFLDOLVWD FRQ -XDQ ' 3HUyQ FRPR OtGHU
UHYROXFLRQDULR
ϯϵ
-RKQ:&RRNHLQVLVWHHQFDUWDD-XDQ'3HUyQTXH«´/RTXHKDFHIDOWDHVXQDGHILQLFLyQ
GRQGH 8G /H GLJD D WRGR HO 0RYLPLHQWR VLQWpWLFDPHQWH TXH VRPRV UHYROXFLRQDULRV HQ HO H[DFWR
VLJQLILFDGROLEHUDFLyQQDFLRQDO\UHYROXFLyQVRFLDO HQWHQGLGDFRPROD~QLFDUHYROXFLyQVRFLDOSRVLEOH
HQHVWDKRUDODTXHWHUPLQHFRQHOUpJLPHQFDSLWDOLVWD 1DGLHSXHGHGHFLUORSRU8G3HURXQDYH]TXH
8G OR GLJD QDGLH SRGUi GHVPHQWLUOR « (O SHURQLVPR QR HV ³SRSXOLVPR´ HV UHYROXFLyQ 1R SXHGH
GDUVH GHQWUR GH ODV HVWUXFWXUDV VLQR FRQWUD ODV HVWUXFWXUDV«´ &DUWD GH -RKQ : &RRNH D 3HUyQ GH
PDU]RGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ\&DUWDGH-RKQ:
&RRNHD3HUyQGHMXQLRGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
Ϯϱ
$FFLRQHVHQODPDWHULDOL]DFLyQGHO0RYLPLHQWRUHYROXFLRQDULR
(O 0RYLPLHQWR UHYROXFLRQDULR GHEH FRQVWUXLU XQD GRFWULQD \ XQ DSDUDWR
UHYROXFLRQDULR QHFHVDULRV HQ HO FDPLQR GH OOHYDU HO PRPHQWR GH WHQVLyQ
LQVXUUHFFLRQDODOPi[LPR\GHSRQHUHQDFFLyQODLQVWDQFLDGHFDPELRUHYROXFLRQDULRDO
KDFHUSDUWLFLSDUDODVPDVDVHQFRQVRQDQFLDFRQVXVHQWLUPiVSURIXQGRODYXHOWDGHO
OtGHU \ OD FRQVHFXFLyQ GH OD UHYROXFLyQ SHURQLVWD 'HELGR D TXH HO SHURQLVPR HV XQ
0RYLPLHQWRUHYROXFLRQDULRDOTXH-XDQ'3HUyQFRPRILJXUDLQVRVOD\DEOHGHOPLVPR\
HQWLGDGDJOXWLQDGRUDGHVXMHWRV \YROXQWDGHVGHEHOOHQDUGHFRQWHQLGRKD\TXHGDUOH
XQDHVWUXFWXUD\XQDGRFWULQDILUPH(VWRHVLPSUHVFLQGLEOHSDUDDOFDQ]DU ¢RUHHGLWDU"
ILQDOPHQWHHOREMHWLYRFHQWUDO
/D WHRUL]DFLyQ DFHUFD GH OD FRQVWUXFFLyQ GHO FRQFHSWR GH 0RYLPLHQWR
UHYROXFLRQDULRSURSRQHREMHWLYRVHVWUDWpJLFRV \ IRUPDVWiFWLFDVGHFRQVHFXFLyQGHOD
PHWDPi[LPDTXHHVEiVLFDPHQWHODUHYROXFLyQSHURQLVWDODLQVXUUHFFLyQGHODVPDVDV
\ OD YXHOWD GHO OtGHU H[LOLDGR FRQ OD UHLQVWDXUDFLyQ GHO (VWDGR SHURQLVWD HQ WRGD VX
SOHQLWXG (O OXJDU FHQWUDO TXH RFXSD OD YXHOWD \ OLGHUD]JR GH -XDQ 'RPLQJR -XDQ'
3HUyQ HQ OD UHDOL]DFLyQ GH ORV REMHWLYRV HVWUDWpJLFRV SDUD -RKQ : &RRNH HV
LQVRVOD\DEOHGHELGRDTXHODSDUWLFLSDFLyQGH-XDQ'3HUyQHVODGHXQ³QH[RKXPDQR´
HQWUH WHRUtD \ FRQGLFLRQHV PDWHULDOHV 6HQWHQFLD WDPELpQ OD WRWDO LUUDFLRQDOLGDG GH XQ
³SHURQLVPRVLQ-XDQ'3HUyQ´DWHQGLHQGRHVWRDXQDLQVWDQFLDKLVWyULFDREMHWLYDGHO
PRPHQWRODWLQRDPHULFDQR
ϰϬ
&DUWDGH-RKQ:&RRNHD3HUyQ,QIRUPHJHQHUDO\SODQGHDFFLyQGH6HSWLHPEUHGH(Q
(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
$ILUPD -RKQ : &RRNH HQ HVWH VHQWLGR TXH ³«HO REMHWLYR ~OWLPR HV HO GH ³UHLPSODQWDU HO (VWDGR
ϰϭ
-XVWLFLDOLVWD´ SDUD OR FXDO HO 0RYLPLHQWR GHEH WRPDU HO SRGHU ³FRQ -XDQ ' 3HUyQ DO IUHQWH´ /D
LQYRFDFLyQ GH QXHVWURV OHPDV \ D~Q GH QXHVWUR SURJUDPD SRU RWUDV IXHU]DV SROtWLFDV QR EDVWDQ SDUD
SHQVDUHQODSRVLELOLGDGGHTXHHO-XVWLFLDOLVPRVHFXPSODFRQHOHQFRVH[WUDxRVDOSHURQLVPR«´ &DUWD
GH-RKQ:&RRNHD3HUyQ,QIRUPHJHQHUDO\SODQGHDFFLyQGH6HSWLHPEUHGH(Q(GXDUGR/
'XKDOGH &RPS ÏS&LW7RPR,,SiJ9HUWDPELpQ&DUWDGH-RKQ:&RRNHD3HUyQ VLQ
IHFKDHQHORULJLQDO (Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
&DUWDGH-RKQ:&RRNHD3HUyQ,QIRUPHJHQHUDO\SODQGHDFFLyQGH6HSWLHPEUHGH(Q
(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
ϰϮ
Ϯϲ
2WURSXQWRHVWUDWpJLFRGHO0RYLPLHQWRUHYROXFLRQDULRHVODFRQGLFLyQKLVWyULFD
UHYROXFLRQDULD \ ³OLEHUWDGRUD´ GHO SHURQLVPR FRPR HQWLGDG TXH KD VDELGR HQFDUQDU OD
YROXQWDG GH ODV PDVDV VLHQGR (O SHURQLVPR XQ WULXQIDGRU LGHROyJLFR GHELGR D VX
FRKHVLyQ LGHROyJLFD \ VRFLDO \ VX GLQiPLFD UHYROXFLRQDULD (QWHQGLGR HVWR HV TXH OD
HVWUDWHJLDJHQHUDOHVVXVWHQWDGDSRUHVWDUHVSRQVDELOLGDGKLVWyULFD\HQFDUDUDVtODVOtQHDV
JHQHUDOHVGHODOLEHUDFLyQQDFLRQDOHQVXIDVHHFRQyPLFDSROtWLFD\VRFLDO
-RKQ : &RRNH QR YD D HVWDU WRWDOPHQWH FRQYHQFLGR HQ HVWH SHUtRGR DO
GHVDUUROODU OD WHRUL]DFLyQ HVWUDWpJLFD \ HQ OD FRQFHSWXDOL]DFLyQ GHO 0RYLPLHQWR
UHYROXFLRQDULR D LPSOHPHQWDU HO XVR GH OD YLROHQFLD PiV DOOi GH OD REYLD FXRWD GH
YLROHQFLD LQVXUUHFFLRQDO /D HILFLHQFLD GH XWLOL]DU WiFWLFDV GH YLROHQFLD SROtWLFD R
JXHUULOOD \ HO URO GH ODV PDVDV HQ ODV PLVPDV OR KDFHQ GXGDU SURIXQGDPHQWH < ODV
PuVPDVVXUJHQGHOKHFKRTXHXQDPDVDDQiUTXLFD\VLQOLGHUD]JRVLQWHUPHGLRVILUPHV
\ RUJDQL]DGRV \ HQWDEODQGR SODQHV GH JXHUULOOD JHQHUDUtD XQ GHVSUHFLR JHQHUDO D ODV
PDVDVTXHOOHYDUtDDFRPHWHUHUURUHVLUUHSDUDEOHV
$KRUD ELHQ GHQWUR GH OD FRQFHSFLyQ GHO 0RYLPLHQWR UHYROXFLRQDULR \ GH VXV
REMHWLYRV \ OtQHDV GH DFFLyQ HV GHFLU ODV GLIHUHQWHV WiFWLFDV SDUD OOHYDU D FDER ORV
REMHWLYRV HVWUDWpJLFRV OD HVSHUDQ]D WRWDO GH OD LQVXUUHFFLyQ HV OD E~VTXHGD SRU
PDWHULDOL]DUODKXHOJDJHQHUDOUHYROXFLRQDULD(VHQHVWDLQVWDQFLDLQVXUUHFFLRQDOGRQGH
SRGHPRV REVHUYDU OD GLUHFFLyQ GH ORV SUR\HFWRV \ HVIXHU]RV RUJDQL]DWLYRV H
LQWHOHFWXDOHVGH-RKQ:&RRNH(VWDVLWXDFLyQGHVHVWDELOL]DGRUDJHQHUDUtDODXQLyQGH
WRGDV ODV IXHU]DV GHO 0RYLPLHQWR \ GH WRGRV VXV HVIXHU]RV HQ XQD ~QLFD LQVWDQFLD GH
FRQPRFLyQUHYROXFLRQDULDTXHDFDEDUtDFRQHOSRGHUGHWXUQR\DEULUtDODVSXHUWDVDOD
UHLQVWDXUDFLyQ GHO (VWDGR MXVWLFLDOLVWD /D KXHOJD JHQHUDO UHYROXFLRQDULD VHUtD HQWRQFHV
XQD VLWXDFLyQ GH Pi[LPD LQHVWDELOLGDG VRFLDO \ HFRQyPLFD PRWLYDGD SRU DFFLRQHV
WiFWLFDV SDUFLDOHV TXH OOHYDUtD D HVWH PRPHQWR FXOPLQH GHO 0RYLPLHQWR
UHYROXFLRQDULR
ϰϯ
&DUWDGH-RKQ:&RRNHD-XDQ'3HUyQ,QIRUPHJHQHUDO\SODQGHDFFLyQGH6HSWLHPEUHGH
(Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJ͘
&DUWDGH-RKQ:&RRNHD-XDQ'3HUyQ VLQIHFKDHQHORULJLQDO (Q(GXDUGR/'XKDOGH &RPS
ÏS&LW7RPR,,SiJ
ϰϰ
&DUWDGH-XDQ'3HUyQD-RKQ:&RRNHGH1RYLHPEUHGH(Q(GXDUGR/'XKDOGH &RPS
ÏS&LW7RPR,,SiJ
ϰϱ
Ϯϳ
(QWRQFHV VHWUDEDMDSDUDPRYLOL]DUODVPDVDV HQIDYRUGHHVWHPRPHQWR XQD
YH] TXH OD KXHOJD JHQHUDO \ ORV SHTXHxRV ³FDRV´ ¢IRFRV" FUHDGRV SRU OD UHVLVWHQFLD
LQVXUUHFFLRQDOGLHUDQVXVIUXWRVGHVHVWDELOL]DQWHVVHDOODQDUtDHOFDPLQRDODUHYROXFLyQ
$Vt FRPR HO 0RYLPLHQWR REUHUR HUD OD FROXPQD SULQFLSDO GHO 0RYLPLHQWR
UHYROXFLRQDULRDVtWDPELpQODKXHOJDJHQHUDOVHULDHOSULQFLSDOIDFWRUGRQGHVHLQLFLDUtD
OD GLQiPLFD UHYROXFLRQDULD \ OD LQVWDQFLD SUHFLVD TXH OOHYDUtD DO 0RYLPLHQWR \D GH
PDVDVDUHDOL]DUODUHYROXFLyQVRFLDO
$KRUD ELHQ OD FR\XQWXUD SROtWLFD GHO PRPHQWR JHQHUD XQD WHQVLyQ HQWUH OD
WHRUL]DFLyQGH-RKQ:&RRNH \ODVSRVLELOLGDGHVGH³VX´0RYLPLHQWRUHYROXFLRQDULR
(OSDFWR-XDQ'3HUyQ±$UWXUR)URQGL]LR-XDQ'3HUyQ5RJHOLR)ULJHULRLPSRQHXQ
KLDWRHQODFRQVHFXFLyQUHYROXFLRQDULD$XQTXHQRYDUtDODHVWUDWHJLDJHQHUDOGH-XDQ'
3HUyQVXYXHOWDDOSRGHUVLYDUtDVXOtQHDWiFWLFDSULQFLSDOVLQRVHSXHGHKDFHU\DOD
UHYROXFLyQ SHURQLVWD MXJXHPRV D OD QRUPDOL]DFLyQ HV GHFLU LQVHUWHPRV GH PDQHUD
IRUPDO DO 0RYLPLHQWR SHURQLVWD SHUR VLQ GHMDU GH ODGR OD YtD LQVXUUHFFLRQDO
PDQWHQLpQGRODODWHQWHFRPRRSFLyQYiOLGDGHHMHFXFLyQRGHSUHVLyQ
3DUHFtD XQD WiFWLFD SRVLEOH DOLDUVH D XQ OtGHU SROtWLFR FRQ SUREDELOLGDGHV GH
WULXQIDU YRWRV QR VRQ SDUD GHVGHxDU SHUR LU D HOHFFLRQHV FRQ $UWXUR
)URQGL]LLPSRQHFXHVWLRQDPLHQWRVGHIRQGRDODOtQHDHVWUDWpJLFDJHQHUDO¢FyPRSXHGH
LQVHUWDUVH FRQFHSWXDOPHQWH HVWH SDFWR SROtWLFR WiFWLFR GHQWUR GH OD HVWUDWHJLD
LQVXUUHFFLRQDOGHO0RYLPLHQWRUHYROXFLRQDULR"
(Q HO GRFXPHQWR GHQRPLQDGR ³$FXHUGR -XDQ ' 3HUyQ ±$UWXUR )URQGL]L´
REVHUYDPRV ODV GLPHQVLRQHV GHO DFXHUGR TXH LQWHQWDUi FRQVWUXLU XQD DOLDQ]D HQWUH HO
0RYLPLHQWR SHURQLVWD \ VX OtGHU SURVFULSWR HO DSDUDWR \ OLGHUD]JR GH OD UHVLVWHQFLD
SHURQLVWD \ OD HVWUXFWXUD SDUWLGDULD UHSUHVHQWDGD SRU $UWXUR )URQGL]L \ 5RJHOLR
)ULJHULR8QDWHPSUDQDSRVWXUDVHLPSRQHDODKRUDGHREVHUYDUHOYHUHGLFWRKDFLDXQD
SRVLEOH DOLDQ]D HQWUH HO 0RYLPLHQWR SURVFULSWR \ ORV SDUWLGRV TXH FRPR OD 8&5,
LQWHQWDQ DVLUVH GHO PDVLYR DSR\R SRSXODU GH ODV PDVDV SHURQLVWDV -XDQ ' 3HUyQ HQ
FDUWD D -RKQ : &RRNH UHILHUH TXH KD UHFLELGR KDFLD HO DxR XQDV ³OHYHV
LQVLQXDFLRQHV´ SDUD JHQHUDU XQD HVSHFLH GH SDFWR TXH SHUPLWD DO OtGHU UDGLFDO $UWXUR
3ULHWR&RUUHVSRQGHQFLD3HUyQ)URQGL]LSiJ(Q6LOYLD/%HOHQN\)URQGL]L\VXWLHPSR
+LVWRULDWHVWLPRQLDODUJHQWLQD%XHQRV$LUHV&HQWURHGLWRUGH$PpULFD/DWLQDSiJV
³$FXHUGR3HUyQ±)URQGL]L´HQ(Q(GXDUGR/'XKDOGH &RPS ÏS&LW3iJVD
Ϯϴ
)URQGL]L REWHQHU EHQHILFLRV HQ XQ IXWXUR DFWR HOHFFLRQDULR GRQGH VHJ~Q -XDQ '
3HUyQ³«QRVRWURVDSRUWDUtDPRVORVYRWRV\HOORVODWROHUDQFLDDODGLFWDGXUD«´(VWD
VLWXDFLyQ HV WRPDGD SRU -XDQ ' 3HUyQ OLVD \ OODQDPHQWH FRPR XQ ³FKDQFKXOOR´ VLF
TXH HO SXHEOR QR DFHSWDUtD SRU VX GHOLEHUDGD LQWHQFLyQ GH TXHUHU KDFHU ³WURQDU HO
HVFDUPLHQWR´ VLF DOUpJLPHQGLFWDWRULDOLQLFLDGRKDFLD
6LJXLHQGR FRQ OD PLVPD WyQLFD -XDQ ' 3HUyQ HQ FDUWD D $OHMDQGUR /HORLU
DVLHQWH TXH QDGD VH SXHGH ORJUDU FRQ XQ ³VXEWHUIXJLR SROtWLFR´ FRPR SXHGH VHU HO
OODPDGR D HOHFFLRQHV FRQVWLWX\HQWHV R OXHJR D JHQHUDOHV VL VH FRQFUHWDQ 3URSRQH
HQWRQFHVLPSHGLUODVPLVPDV\WRPDSRVLFLyQUHVSHFWRGHOYDORUWRWDOPHQWHQHJDWLYR
GHXQDLQVWDQFLDSDFWLVWDGDQGRVHQWHQFLDGHILQLWLYDUHVSHFWRGHODQHFHVLGDGGHDFHOHUDU
ORV WLHPSRV UHYROXFLRQDULRV \ OD LQVXUUHFFLyQ GH ODV PDVDV WRPDQGR DO RGLR TXH KDQ
JHQHUDGRODVUHSUHVLRQHV\IODJHORVSRUSDUWHGHOD5HYROXFLyQOLEHUWDGRUDFRPRIDFWRU
FDWDEyOLFRGHODYROXQWDGGHOSXHEOR
$KRUDELHQ \DHQFDUWDGH-RKQ:&RRNHD-XDQ'3HUyQGHOGH$EULOGH
\ UHVSHFWR GH ODV SRVLFLRQHV DEVWHQFLRQLVWDV R ³YRWREODQTXLVWDV´ H[LVWH OD
SRVLELOLGDG GH GHEDWH KDFLD GHQWUR GHO 0RYLPLHQWR SHURQLVWD -RKQ : &RRNH PLVPR
DQDOL]D OD VLWXDFLyQ GH QHFHVLGDG GH LPSRQHU OD GLUHFWLYD GHO YRWR HQ EODQFR \D TXH
GHQWUR GHO 0RYLPLHQWR SHURQLVWD VHGXFH OD SRVLELOLGDG GH DSR\DU DO ³PDO PHQRU´ TXH
HQFDUQD$UWXUR)URQGL]LHQODVIXWXUDVHOHFFLRQHVFRQVWLWX\HQWHV(VGHFLUREVHUYDPRV
\D HQ WLHPSRV WDQ WHPSUDQRV XQ JHUPHQ SDFWLVWD PiV DOOi GH ODV SRVWXUDV
LQVXUUHFFLRQDOHVGH-XDQ'3HUyQ\GH-RKQ:&RRNH$GHPiV-XDQ'3HUyQDPSOLD
HOFRQFHSWRGHPRVWUDQGRTXH$UWXUR)RQGL]L³KDEODHQSHURQLVWD´SDUDVHUHVFXFKDGR\
TXH VL pO JDQD DOJR ³QRVRWURV JDQDPRV´ OR TXH SURYHH XQD PLUDGD SUDJPiWLFD SRU
SDUWH GH -XDQ ' 3HUyQ GH OD DFFLyQ GH $UWXUR )URQGL]L HQ OD SROtWLFD GH OD pSRFD HV
GHFLU XQD SRVLELOLGDG ODWHQWH GH JDQDQFLD SROtWLFD IUHQWH D XQ HVFHQDULR FDGD YH] PiV
QHJDWLYRSDUDODSRVWXUDLQVXUUHFFLRQDO
ϰϴ
&DUWDGH-XDQ'3HUyQD-RKQ:&RRNHGH1RYLHPEUHGH(Q(GXDUGR/'XKDOGH &RPS
ÏS&LW3iJ,EtGHP3iJ
&DUWDGH-XDQ'3HUyQD$OHMDQGUR/HORLUHQ(Q(GXDUGR/'XKDOGH &RPS ÏS&LW3iJ
ϱϬ
&DUWDGH-RKQ:&RRNHD-XDQ'3HUyQ(Q(GXDUGR/'XKDOGH &RPS ÏS&LW3iJ,EtGHP
SiJ
&DUWDGH-XDQ'3HUyQD-RKQ:&RRNHGHOGH$EULOGH(Q(GXDUGR/'XKDOGH &RPS
ÏS&LW3iJ7DPELpQ-RKQ:&RRNHREVHUYDFRPR)URQGL]LVHPXHYHKDFLDHVWHOXJDUGHVHU
ϱϭ
Ϯϵ
2EVHUYDPRVHQWRQFHVODVSHUPDQHQWHVFRQWUDGLFFLRQHVTXHVHRSHUDQDOLQWHULRU
GHODRUJDQL]DFLyQGHOD5HVLVWHQFLDSHURQLVWDHQORUHIHUHQWHDODVWiFWLFDVTXHVHGHEHQ
XWLOL]DU 6L ELHQ OD SURSXHVWD LQVXUUHFFLRQDO HV LQFRQPRYLEOH \ DOLPHQWDGD \D GHVGH
H[LVWHQFLHUWDVODWHQFLDVSDFWLVWDVTXHDSXQWDQKDFLD$UWXUR)URQGL]LSHUVRQDTXH
-XDQ ' 3HUyQ MX]JD FRPR FDSD] GHQWUR GH OD PHGLDQtD \ TXH FRPR GLMLPRV
DQWHULRUPHQWH³KDEODHQSHURQLVWD´DOLPHQWDQGRHOFDSLWDOVLPEyOLFRGHO0RYLPLHQWR
SURVFULSWR\VXPDQGRLQGLUHFWDPHQWHDODFDXVDGHXQDIXWXUDDSHUWXUDSROtWLFDSDUDHO
UHJUHVRGH-XDQ'3HUyQDODHVFHQDSROtWLFDDUJHQWLQD
$TXt -XDQ ' 3HUyQ PXHVWUD FRPR GHQWUR GH OD DFFLyQ GH OD 5HVLVWHQFLD
SHURQLVWDSRGHPRVHQFRQWUDUXQDMXJDGDWiFWLFDGRQGHODSUpGLFDIURQGLFLVWD\VXUROHQ
OD SROtWLFD GHO PRPHQWR VRQ WRPDGDV HQ FXHQWD H LQFOXLGDV GHQWUR GH OD HVWUDWHJLD
JHQHUDO LQVXUUHFFLRQDO 9HPRV HQWRQFHV TXH KDFLD H[LVWH XQD SRWHQFLDOLGDG GH
DFXHUGR HQWUH $UWXUR )URQGL]L \ -XDQ ' 3HUyQ < HV HQ UHIHUHQFLD D HVWD SRVLELOLGDG
TXH -RKQ : &RRNH OH FRPHQWD D -XDQ ' 3HUyQ DFHUFD GHO WHPRU TXH HO JRELHUQR
GLFWDWRULDO SRVHH IUHQWH D XQ SRVLEOH WULXQIR GH $UWXUR )URQGL]L HQ OD FRQVWLWX\HQWH
H[SOLFDQGR TXH ³«HO SULQFLSDO REMHWLYR HV HYLWDU TXH ORV YRWRV SHURQLVWDV YD\DQ D
)URQGL]L«´3HUR -RKQ : &RRNH WDPELpQ LQVLVWH HQ TXH OD HVWUDWHJLD JHQHUDO GH OD
5HVLVWHQFLD SHURQLVWD YD PiV DOOi GH OR ³MXHJXLWRV SROLWLTXHURV´ GH WXUQR \ TXH pVWD
EXVFDDILDQ]DUODPDQLREUDGHLQVXUUHFFLyQSRSXODU\ODFDPSDxDGHYRWRHQEODQFRSDUD
QRIRUWDOHFHUDOIURQGLFLVPR\DORVQHRSHURQLVWDV (VGHFLUTXH-RKQ:&RRNHQRHVWi
PX\ VHJXUR GH OD ³WiFWLFD )URQGL]L´ FRPR VL OR HVWi -XDQ ' 3HUyQ 3DUD pO OD ~QLFD
DUPDGHOXFKDFRQWUDODWLUDQtDHVODLQVXUUHFFLyQOLVD\OODQD
6LQ HPEDUJR -XDQ ' 3HUyQ PXHVWUD RWUD YH] VXV DPELJXDV GLYHUVDV \
FDPELDQWHV SRVWXUDV HVWD YH] PRVWUiQGRVH LQWUDQVLJHQWH SHUR IOH[LEOH \ SURSRQLHQGR
FRQVLGHUDGRFRPRODRSFLyQGHO³PDOPHQRU³SRUODVPDVDVGHO0RYLPLHQWRSHURQLVWD&DUWDGH-RKQ:
&RRNHD3HUyQGH0D\RGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW3iJ
8QDSRVLFLyQLQWHUHVDQWH\TXHPDUFDXQDOtQHDGHDQiOLVLVHVODTXHVHDILUPDHQODFDUWDGH
ϱϮ
-XDQ ' 3HUyQ D -RKQ : &RRNH GHO GH 0D\R GH GRQGH HO OtGHU SURVFULSWR DILUPD TXH³«/R
LPSRUWDQWHGHHVWRHVTXH)URQGL]L « QRVRORSURPHWHHOUHVWDEOHFLPLHQWRGHWRGDVODVFRQTXLVWDVGDGDV
SRUHO3HURQLVPRVLQRTXHKDDSODXGLGRS~EOLFDPHQWHDODVPLVPDV « (VWRQRPHLQWHUHVDSRUORGH
)URQGL]L VLQR SRU HO KHFKR GH TXH VH H[WLHQGH FDGD GtD PiV OD UHVLVWHQFLD GHQWUR GH OD FXDO HO
IURQGLFLVPRHVVRORXQKHFKRPiVSHURTXHGDDOXJDUDTXHORVSHURQLVWDVORDSURYHFKHQ«´&DUWDGH
-RKQ:&RRNHD-XDQ'3HUyQ0D\RGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW3iJ
ϯϬ
XQDVHQWHQFLDILUPHUHVSHFWRGHODSRVLELOLGDGGHDOJ~QDFXHUGRTXHQRWHQJDHQFXHQWD
ODYROXQWDGGHO3XHEOR(QSDODEUDVGH-XDQ'3HUyQ
³«(OORV ORVGLULJHQWHV VRQKRPEUHVTXHQRWLHQHQIHHQHOSXHEOR\HQ
FRQVHFXHQFLD FUHHQ TXH OD LQWUDQVLJHQFLD QR FRQGXFH D QLQJXQD SDUWH (OORV
HVWiQPiVFHUFDGHODVVROXFLRQHVSROtWLFDVLQPHGLDWDV\QROHVLQWHUHVDPXFKR
QXHVWURV REMHWLYRV \ PLVLyQ « VL HO 3XHEOR GHFLGtD VX DSR\R D )URQGL]L \R
YRWDUtDSRUpOGHPDQHUDTXHDOTXHGHEtDQFRQVXOWDUHVDOSXHEORQRDPL «
VL \R TXLVLHUD XQD VROXFLyQ SDUD Pt QR WHQGUtD QHFHVLGDG QL VLTXLHUD GH
SURSRQHUOD¢4XpGDUtDKR\ODGLFWDGXUDSRUXQDSDODEUDPtDDO3XHEOR\TXH
GDUtDHO'U)URQGL]LSRUHVDSDODEUD"3HURFXDOTXLHUFRVDTXH\RKLFLHUDHQ
HVHVHQWLGRVHUtDODEDVHGHXQDWUDLFLyQDOSXHEORSRUTXHHVWR\DEVROXWDPHQWH
SHUVXDGLGR TXH WRGR OR TXH VH EDUDMD HQ HVWRV PRPHQWRV HV HO IUDXGH OD
GHVWUXFFLyQ GH QXHVWUDV FRQTXLVWDV « 7RGR OR FXDO SXHGH FRQMXUDUVH
PHGLDQWHODLQWUDQVLJHQFLDPiVDEVROXWD«´
$SUR[LPDGDPHQWHKDFLD-XQLRGHH[LVWHQFRQWDFWRVHQWUH-RKQ:&RRNH\
HPLVDULRV GH $UWXUR )URQGL]L D ORV TXH -RKQ : &RRNH PXHVWUD FRPR XQD HPEDMDGD
DXQTXH QR VH SUHVHQWDVH DVt /DV SURSRVLFLRQHV VH FHQWUDEDQ HQ OD FUtWLFD D OD
LQWUDQVLJHQFLD GHO 0RYLPLHQWR SHURQLVWD OD GHPRVWUDFLyQ GH TXH HVWD SROtWLFD HUD
VXLFLGD\HOSODQWHRGHDEVROXWDVJDUDQWtDVIUHQWHGHTXHDOWULXQIDU)URQGL]LVHOODPDUtDQ
D HOHFFLRQHV JHQHUDOHV VLQ SURVFULSFLRQHV )UHQWH D HVWR -RKQ : &RRNH VH PDQWXYR
ILUPH HQ VX SRVWXUD LQWUDQVLJHQWH $GHPiV -RKQ : &RRNH OH FRPHQWD D -XDQ '
3HUyQ TXH $UWXUR )URQGL]L QR SXHGH VHU OD VXSHUDFLyQ GLDOpFWLFD GHO SHURQLVPR QL OD
8&5,ODFRQWLQXDGRUDGHO0RYLPLHQWRSHURQLVWD2EVHUYDWDPELpQODSHUGLGDGHORV
REMHWLYRVUHYROXFLRQDULRVTXHODHVWUDWHJLDGHODUHVLVWHQFLDHVWDEDJHQHUDQGRIUHQWHDODV
RSFLRQHV WiFWLFDV SDFWLVWDV \ DJUHJD TXH ORV YRWRV SHURQLVWDV TXH YD\DQ D SDUDU DO
IURQGLFLVPR VRQ YROXQWDGHV TXH VH HVFDSDQ GH OD JUDQ ³«5HYROXFLyQ QDFLRQDO
OLEHUDGRUD«´ 6LF <VHQWHQFLDILQDOPHQWHHQVXDQiOLVLVTXH³«VLORVUD]RQDPLHQWRV
GHHOORVSXHGHQWHQHUDOJ~QYDORUGHWLSRWiFWLFRFRQUHIHUHQFLDORVKHFKRVFRQFUHWRV
GH OD YLGD SROtWLFD DFWXDO HV FRVD D GLOXFLGDU SHUR TXH GRFWULQDULD \
&DUWDGH3HUyQD-RKQ:&RRNHGH-XQLRGH͕(Q(GXDUGR/'XKDOGH &RPS ÏS&LW3iJ
2EVHUYDUWDPELpQODQRWDGHO'U'XKDOGH SjJ &DUWDGH-RKQ:&RRNHD3HUyQ6)HQ
RULJLQDO(Q(GXDUGR/'XKDOGH &RPS ÏS&LW3iJ
ϱϯ
ϯϭ
UHYROXFLRQDULDPHQWH WDQWR HO IURQGLFLVPR FRPR HO )UHQWH 1DFLRQDO VRQ FUHDFLRQHV
DUWLILFLDOHV«´
6LELHQ-XDQ'3HUyQHVLQWUDQVLJHQWHHQVXVGLFKRVUHVSHFWRGHODSRVLELOLGDGGH
XQSDFWR-RKQ:&RRNHUHFRQRFHHQHOGLVFXUVRGHOOtGHUSURVFULSWRFLHUWDVFRQGXFWDV
DPELJXDV GH PDWL] WiFWLFR HQ OD LGHD GH XQ DFXHUGR SROtWLFR FRQ )URQGL]L (VWD
VLWXDFLyQKDFHTXH-RKQ:&RRNHWRPHXQDSRVWXUDPXFKRPiVGHWHUPLQDQWHDODKRUD
GH DQDOL]DU ODV UHDOHV SRVLELOLGDGHV \ OD FRKHUHQFLD GRFWULQDULD GH WDO DFFLyQ )UHQWH DO
UHVXOWDGR GH ODV HOHFFLRQHV FRQVWLWX\HQWHV FRQ HO SDQRUDPD GH ODV SUy[LPDV
SUHVLGHQFLDOHV GH )HEUHUR GH \ GDGR HO DQiOLVLV GH OD VLWXDFLyQ SROtWLFD GHO
PRPHQWR -RKQ : &RRNH OOHJD D XQD FRQFOXVLyQ TXH DEUH XQD YtD UHJJLD DO SDFWR
SROtWLFRHQVXVSDODEUDV³«)URQGL]LSHUGLySRUHVFDVRPDUJHQGHYRWRVGHVGHDKRUD
KDVWD)HEUHURUHGREODUDVXVHVIXHU]RVSDUDFDSWDUODVYROXQWDGHVSHURQLVWDVQHFHVDULDV
SDUDDOWHUDUHVHUHVXOWDGRDGYHUVR « &HUUDGRHOFDPLQRLQVXUUHFFLRQDOLQPHGLDWRQR
SRGHPRV SHQVDU HQ PDQWHQHU OD XQLGDG PHGLDQWH XQ QXHYR YRWR HQ EODQFR TXH GH
WULXQIR D OD 7LUDQtD +D\ TXH EXVFDU XQD VROXFLyQ GH WLSR SROtWLFR«´)UHQWH D HVWH
KRUL]RQWH-RKQ:&RRNHSODQWHDYDULDVDOWHUQDWLYDVXQDFRDOLFLyQHOHFWRUDOHODSR\RD
GHWHUPLQDGDVIXHU]DVSROtWLFDVIRUPDUXQSDUWLGROHJDORODLQVXUUHFFLyQ/RVUHVXOWDGRV
SROtWLFRV GHEHUiQ HQFRQWUDU DO 0RYLPLHQWR HQ XQLGDG VLQR FXDOTXLHU UHVXOWDGR GH ODV
HOHFFLRQHV GHELOLWDUi OD SRVLFLyQ GHO SHURQLVPR FRPR 0RYLPLHQWR PDVLYR \ IDFWRU GH
SRGHULQVRVOD\DEOH
(VHQWRQFHVIUHQWHDOGLVFXUVRLQWUDQVLJHQWHGH-RKQ:&RRNH\VXVDQiOLVLVGH
OD UHDOLGDG SROtWLFD GHO PRPHQWR TXH -XDQ ' 3HUyQ VH DILUPD XQD YH] PiV HQ OD
DPELJHGDG (Q FDUWD D -RKQ : &RRNH GHO GH 6HSWLHPEUH GH FRPLHQ]D D
WUDQVLWDUHOFDPLQRGHOSDFWRMXJDQGRDFRQVWUXLUXQDVLWXDFLyQTXHOHJLWLPHODPRYLGD
HQ WDQWR DFWRU SULQFLSDO SHUR GHMDQGR HQ FODUR TXH QR VHUi pO TXLHQ WRPH OD ~OWLPD
LQLFLDWLYD VLQR TXH GHMDUi HVWi D -RKQ : &RRNH (V GHFLU -XDQ ' 3HUyQ WRPD XQD
SRVLFLyQH[SHFWDQWHGRQGHHODFLHUWRWiFWLFRRODWUDLFLyQHVWUDWpJLFDVHGHILQLUiQVLQTXH
pOSDJXHHOFRVWRSROtWLFR(QWRGRFDVRVHDXQDRODRWUD-XDQ'3HUyQVDOGUiLQGHPQH
&DUWDGH-RKQ:&RRNHD3HUyQGH$JRVWRGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW
3iJ
ϱϰ
3DUDXQPHMRUSDQRUDPDGHOSHUtRGRREVHUYDUODFDUWDGH-RKQ:&RRNHD3HUyQGHQRPLQDGD
³6LWXDFLyQGHO0RYLPLHQWR´GHOGH6HSWLHPEUHGH(Q(GXDUGR/'XKDOGH &RPS ÏS&LW
3iJ
ϱϱ
ϯϮ
< GDGR HO SRVWHULRU GHYHQLU GH ORV DFRQWHFLPLHQWRV -XDQ ' 3HUyQ FRPHQ]DUi D
GHVSHJDUVHGHOFRVWRGHOSDFWR\PRVWUDUVXVSDUHFHUHVUHVSHFWRGHOPLVPR
0iV DOOi GH ORV SRVWHULRUHV DQiOLVLV GHO SDFWR HVWD WiFWLFD QR GLR HO UHVXOWDGR
HVSHUDGR\GHELOLWDUiODSRVLFLyQGH-RKQ:-RKQ:&RRNHFRPROtGHUGHODUHVLVWHQFLD
SHURQLVWDVLWXDFLyQTXHOROOHYDUiDWRPDUSRVLFLRQHVFDGDYH]PiVUDGLFDOL]DGDVHQVXV
WHRUL]DFLRQHV UHVSHFWR GHO URO UHYROXFLRQDULR GHO 0RYLPLHQWR -RKQ : &RRNH QXQFD
GHMy GH ODGR ODV SRVLELOLGDGHV LQVXUUHFFLRQDOHV GHO 0RYLPLHQWR SHURQLVWD H LQVLVWH HQ
TXH SXHGH JHQHUDUVH XQD LQVWDQFLD GH PDVLYLGDG SRSXODU KDFLD OD SURSXHVWD
UHYROXFLRQDULD ,QWHUSUHWDQGR ORV UHVXOWDGRV GH ODV HOHFFLRQHV OHJLVODWLYDV GRQGH VH
SXHGHFRQWDUVHJ~QpOFRQORVPLOORQHV³\SLFR´GHORVTXHYRWDURQHQEODQFRHQODV
HOHFFLRQHV FRQVWLWX\HQWHV GH -RKQ : &RRNH GD FRQ OD FODYH SDUD OD
PDVLILFDFLyQ GHO 0RYLPLHQWR \ VX GHWHUPLQDFLyQ UHYROXFLRQDULD OD RUJDQL]DFLyQ GHO
ϱϲ
'LFH -XDQ'3HUyQ D -RKQ:&RRNH ³«&RQHOVH[WRVHQWLGRTXHQRVFUHDODH[SHULHQFLDHQHVWDV
FRVDV SUHVLHQWR TXH HVWR QR YD ELHQ 1R PH LQTXLHWD WDQWR HO LQFXPSOLPLHQWR PDQLILHVWR « FRPR OD
VHQVDFLyQ GH TXH HVWDPRV VLHQGR PDQLREUDGRV « OD FRQFOXVLyQ QR SXHGH VHU RWUD TXH HVWDPRV VLHQGR
REMHWRGHXQDPDQLREUDTXHQRVRORQRVOOHYDUiDOIUDFDVRVLQRTXHQRVSUHVHQWDUiDQWHQXHVWUDPDVD
FRPR XQRV WRQWRV \ HQ SROtWLFD VH SXHGH VHU FXDOTXLHU FRVD PHQRV WRQWR (VWDPRV HQ PDQRV GH
)URQGL]L«´&DUWDGH3HUyQD-RKQ:&RRNHGH-XQLRGH(Q(GXDUGR/'XKDOGH &RPS ÏS
&LW 3iJ&DUWDGH3HUyQD -RKQ:&RRNHGH6HWLHPEUH GH (Q(GXDUGR/'XKDOGH
&RPS ÏS&LW3iJ
)LQDOPHQWHKDFLD-RKQ:&RRNHDQDOL]DHQFDUWDD3HUyQFRPRHOGHYHQLUGHORVKHFKRVKDQ
ϱϳ
GHPRVWUDGRODLPSURGXFWLYLGDGGHOSDFWRKDFLDHOLQWHULRUGHO0RYLPLHQWRSHURQLVWD'LYHUVDVSHOHDV
LQWHUQDVUHVSHFWRGHODVOtQHDVDVHJXLU ODSDFWLVWDRODLQWUDQVLJHQWH SXJQDVGHOLGHUD]JRHQWUH-RKQ:
&RRNH\3ULHWRFRQODSXEOLFDFLyQSRUSDUWHGHHVWH~OWLPRGHXQOLEURGRQGHDWDFDGHOLEHUDGDPHQWHD
-RKQ:&RRNHVXPDGDVDODVGHQXQFLDVGHOYLFHSUHVLGHQWH$OHMDQGUR*yPH]DFHUFDGHODUHODFLyQHQWUH
SDFWRSROtWLFR\QHJRFLDGRVSHWUROHURVHQWUH3HUyQ\)URQGL]LJHQHUDURQXQDDWPyVIHUDHQUDUHFLGDHQHO
0RYLPLHQWRSHURQLVWDHQWDQWRORTXHGHELyVHUXQDWiFWLFDGHIRUWDOHFLPLHQWRGHODHVWUXFWXUDRUJiQLFD
GHOPLVPRWHUPLQyVLHQGRXQDDFFLyQTXHFRPSOLFyHOSDQRUDPDFRQSURIXQGRDURPDDWUDLFLyQD3HUyQ
DODVEDVHV\DODGRFWULQDOLEHUDGRUD
ϱϴ
'LFH-RKQ:&RRNH´«'HHVDLQPHQVDFDQWLGDGGHJHQWHFDEHGHVFRQWDUTXHH[LVWHFRQH[FHVROD
TXHVHUHTXLHUHSDUDWRPDUODSDUWHDFWLYDGHODLQVXUUHFFLyQ«´&DUWDGH-RKQ:&RRNHD3HUyQ VLQ
IHFKDHQHORULJLQDO (Q(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,,SiJϮϮϮͲ
ϯϯ
³JUDQHMpUFLWRGHOD5HVLVWHQFLD´TXHVHUiODEDVHGHODUHYROXFLyQTXHLPSRQJDSRU
ODIXHU]DGHODYLROHQFLDSRSXODUWRGRVORVREMHWLYRVHVWUDWpJLFRVSUR\HFWDGRV\DTXH
³«VLWUDEDMDPRVLQFDQVDEOHPHQWHLUHPRVYHUWHEUDQGRDOSHURQLVPRTXH
WLHQHWRGDVODVFRQGLFLRQHVSDUDFXPSOLUVXPLVLyQ1DFLRQDO/LEHUWDGRUDSHUR
TXH VH YH LPSHGLGR GH DGTXLULU OD SRWHQFLDOLGDG QHFHVDULD SRU IDOWD GH XQD
&RQGXFFLyQDGHFXDGD6LODRUJDQL]DFLyQPDUFKDOD&RQGXFFLyQVHUiLPSXHVWD
HQWRGRHOSDtV\IUDFDVDUDQODVWHQWDWLYDVSDUDGHELOLWDUQRVRGHJUDGDUQXHVWUD
FDSDFLGDGFRPEDWLHQWH«´
(VHQHVWHFRQWH[WRTXHVHUHDFWXDOL]D\WRPDIRUPDXQFRQFHSWRTXH-RKQ:
&RRNH \ -XDQ ' 3HUyQ YLHQHQ WUDEDMDQGR HO GH OD KXHOJD JHQHUDO UHYROXFLRQDULD
PRWLYDGDSRUODLQWUDQVLJHQFLDGHODVEDVHVVLQGLFDOHVIRJXHDGDSRUHOOtGHUSHURQLVWD\
PDWHULDOL]DGDSRUHODSR\RGHODVPDVDV
/DWRPDGHO)ULJRUtILFR/LVDQGURGHOD7RUUH SDUHFHVHUHOSXQWRPi[LPRGH
OD UHVLVWHQFLD SHURQLVWD \ OD HVSHUDGD LQVWDQFLD KLVWyULFD GRQGH ODV FRQGLFLRQHV SDUD OD
UHYROXFLyQ VH KLFLHURQ FRQFUHWDV 3HUR VL ELHQ H[LVWLy DSR\R HQ OD OXFKD SRU SDUWH GH
PLOLWDQWHVSHURQLVWDV\IXHDFRPSDxDGRSRUGHFODPDFLRQHV\GLVFXUVRVGHORVOtGHUHVGH
OD5HVLVWHQFLDQRSXGRFRRUGLQDUVHFRQXQSODQSROtWLFRPiVDPSOLRORTXHLPSLGLy
TXH HVWD KXHOJD JHQHUDO SDVDVH D VHU HO SXQWR GH LQIOH[LyQ TXH WDQWR -RKQ : &RRNH
FRPR-XDQ'3HUyQSURIHWL]DEDQHQVXFRUUHVSRQGHQFLDFRPRHOPRPHQWRFXOPLQHGHO
0RYLPLHQWR 5HYROXFLRQDULR SHURQLVWD (Q OD SURFODPD GH OD KXHOJD GHO IULJRUtILFR
&DUWDGH-RKQ:-RKQ:&RRNHD+pFWRU7ULVWiQGHVHSWLHPEUHGH(Q0LJXHO0D]]HR-RKQ
:LOOLDP-RKQ:&RRNH7H[WRVWUDVSDSHODGRV %XHQRV$LUHV/D5RVD%OLQGDGD
ϱϵ
&DUWDGH-RKQ:&RRNHD³-RUJH8]DEHO´GHVHSWLHPEUHGH(Q)HUPtQ&KiYH]-RKQ:LOOLDP
-RKQ:&RRNHHOGLSXWDGR\HOSROtWLFR&tUFXORGH/HJLVODGRUHVGHOD1DFLyQ$UJHQWLQD%XHQRV$LUHV
FLWDGDHQ(GXDUGR/'XKDOGH &RPS ÏS&LW7RPR,9SiJ
ϲϬ
(VWDWRPD\ODSRVWHULRUKXHOJDJHQHUDOTXHPRYLOL]yDORVEDUULRVDOHGDxRVVXVFLWyHODSR\RGH
YHFLQRV\FRPHUFLRV\VXSHUyQRWDEOHPHQWHDODVIXHU]DVGHVHJXULGDGTXHGHELHURQUHWURFHGHU\VHU
DVLVWLGRVSRUHOHMpUFLWRVLHQGRHQWRQFHVVLVRIRFDGDODUHYXHOWD
ϲϭ
9HUSURFODPDGHODKXHOJDGHOIULJRUtILFR/LVDQGURGHOD7RUUHGHHQHURGH(Q-:-RKQ:
&RRNHREUDVFRPSOHWDV('XKDOGH &RPS ÏS&LW7RPR,9SiJV
'DQLHO-DPHVÏS&LW3iJV\VXFHVLYDV
ϯϰ
/LVDQGUR GH OD 7RUUH -RKQ : &RRNH SURSRQH D OD PLVPD FRPR SROtWLFD FRPR XQ
PRPHQWRLQVXUUHFFLRQDOTXHQDFHJUHPLDOSHURGHULYDPDVLYROLEHUDGRU\SRSXODU
ϲϰ
5HILHUH-RKQ:&RRNH³«$TXtVHOXFKDSRUHOIXWXURGHODFODVHWUDEDMDGRUD\SRUHOIXWXURGHOD
1DFLyQ 3RUHOORHOSXHEORHVWiHQVXGHUHFKRGHDSHODUDWRGRVORVUHFXUVRV\DWRGDFODVHGHOXFKD
SDUD LPSHGLU TXH VLJD DGHODQWH HO VLQLHVWUR SODQ HQWUHJXLVWD (VD \ QR RWUD HV OD PHWD TXH SURFXUD HO
MXVWLFLDOLVPRHQFDEH]DGRSRUVXMHIH-XDQ'3HUyQ«´3URFODPDGHOD+XHOJDGHOIULJRUtILFR/LVDQGURGH
/D7RUUH GH(QHURGH ÏS&LW
ϯϱ
$PRGRGH&RQFOXVLyQ
(OPRPHQWRGHOLGHUD]JRDOIUHQWHGHOD5HVLVWHQFLDSHURQLVWDQRVPXHVWUDDXQ
-RKQ:&RRNHHQSRVLFLyQGHDJOXWLQDUIXHU]DVPiVFRQFLOLDGRUFRQSURSLRV\DMHQRV
\ PiV UHDOLVWD GH ODV SRWHQFLDOLGDGHV GHO 0RYLPLHQWR DO HVWDU DO WDQWR GH ODV
UHVROXFLRQHV WHQVLRQHV FRQWUDGLFFLRQHV FRQIOLFWRV \ EDMH]DV GH OD RUJDQL]DFLyQ \
FRQGXFFLyQGHORVKRPEUHVGHO0RYLPLHQWRSRUHVRODSHUWLQHQFLDGHODQiOLVLVVLWXDGR
HQHVWDSHULRGL]DFLyQSURSXHVWD
$OVHUDSDUWDGRGHODFRQGXFFLyQ\ODGHOHJDFLyQGHOPDQGRGH-XDQ'3HUyQHQ
HO PRYLPLHQWR SHURQLVWD KDFLD VXPDGR D OD LPSUHJQDFLyQ DOXFLQDQWH GH OD
HQWHOHTXLDUHYROXFLRQDULDFXEDQD-RKQ:&RRNHFRPLHQ]DDWRPDUXQUXPERDOHMDGR
GH OD 5HDOSROLWLN GHO 0RYLPLHQWR \ GHO VXMHWR SHURQLVWD <D TXH OD GLQDPL]D GHO
PRYLPLHQWR WRPD XQ UXPER TXH VH FRPHQ]DUD D XELFDU HQ HO JLUR EXURFUiWLFR
FRQFLOLDGRU ODV OXFKDV VLQGLFDOHV ODV SHUPDQHQWHV \ FRQWUDGLFWRULDV GLUHFWLYDV GH -XDQ
' 3HUyQ \ OD OXFKD GHO PuVPR SRU FUHDU ODV FRQGLFLRQHV SURSLFLDV SDUD PDQWHQHU VX
SRGHU\YROYHUDOSDtV
(V LQWHUHVDQWH HQWRQFHV DQDOL]DU DO -RKQ : &RRNH UHYROXFLRQDULR GHVGH XQD
SRVLFLyQ GH FHQWUDOLGDG GHQWUR GHO 0RYLPLHQWR FRQ YROXQWDG GH SRGHU \ SRGHU
FRQFUHWRUHDO\GHPDQGR\QRFRPRILJXUDPDUJLQDORH[LOLDGDGHOPLVPRHVGHFLUHO
-RKQ : &RRNH SRVWHULRUPHQWH GHQRPLQDGR ³&XEDQR´ 6H SXGR YHU D XQ OtGHU PiV
VXPLGRDODUHDOLGDG \DODWHQVLyQ \FRPSOHMLGDGGHO PRPHQWR KLVWyULFR GH JHVWLyQ \
RUJDQL]DFLyQ TXHDODVLWXDFLyQ OD[DGHXQDWHRUL]DFLyQ VLQ FRQVHFXHQFLDVLQPHGLDWDV
SRUHVRHODQiOLVLVGHOFRQFHSWRGH0RYLPLHQWRUHYROXFLRQDULRHQ-RKQ:LOOLDP&RRNH
HQ HO SHULRGR FXDQGR IXH HOHJLGR GHOHJDGR GLUHFWR GH -XDQ ' 3HUyQ
SHUPLWH XQD FRPSUHQVLyQ WHyULFD GH VX REUD HQ OR UHIHUHQWH D OD FRQVWUXFFLyQ GHO
FRQFHSWRGH0RYLPLHQWR5HYROXFLRQDULR
ϲϱ
(QHVWHVHQWLGRODVRSLQLRQHV\DVHYHUDFLRQHVYHUWLGDVSRU-RKQ:&RRNHHQVXHQWUHYLVWDFRQ2VLULV
7URLDQLDILUPDQODKLSyWHVLVGHWUDEDMR\DTXHpVWHDSDUHFHFRPRXQSROtWLFRVRFLDOGHPyFUDWDDSRFDGR\
XQMHIHUHVSRQVDEOHPiVTXHFRPRXQOtGHUUHYROXFLRQDULRUDGLFDOL]DGRFRPRORVHUiDOXHJRGH
5HSRUWDMHGH2VLULV7URLDQLSDUDOD5HYLVWD0D\RUtDQ-XQLRGHFLWDGDHQ(GXDUGR/'XKDOGH
&RPS ÏS&LW7RPR,9SiJ
ϯϲ
'HVGHODSRVLFLyQ UHVLVWHQWH \FODQGHVWLQDTXHWRPDUDHO 0RYLPLHQWR 3HURQLVWD
WUDV OD 5HYROXFLyQ OLEHUWDGRUD SXGLPRV REVHUYDU TXH H[LVWH XQD HYROXFLyQ WHyULFD GHO
FRQFHSWR GH 0RYLPLHQWR UHYROXFLRQDULR TXH DGPLWH XQD VHULH GH FDPELRV \
FRQWLQXLGDGHV PRVWUDQGR XQD ULTXH]D SURIXQGD DO VHU WHRUL]DFLyQ VREUH DFFLyQ HV
GHFLU XQ SHQVDU \ UHSHQVDU OD JHVWLyQ HQ FRQVRQDQFLD FRQ ODV QHFHVLGDGHV \ REMHWLYRV
HVWUDWpJLFRV\WiFWLFRVGHOPRPHQWR
'HVFXEULPRV GHVGHODWHRUL]DFLyQ GH-RKQ:&RRNH \ -XDQ'3HUyQ TXHHVWH
0RYLPLHQWR 5HYROXFLRQDULR EDVDGR HQ ODV PDVDV GHO SXHEOR SHURQLVWD GHEH VHU
RUJDQL]DGRSDUDTXHQRVHFRQFOX\DHQXQDOXFKDGHYDQJXDUGLDVFRPEDWLYDV\EDVHV
FRQWHPSODWLYDVVLQRHQXQDRUJDQL]DFLyQSRSXODUGHPDVDV7DQWRSDUD-XDQ'3HUyQ
FRPR SDUD -RKQ:&RRNHHO 0RYLPLHQWR SHURQLVWDWLHQHXQDGLQiPLFD\ XQDPLVLyQ
UHYROXFLRQDULDPDWHULDOL]DGDSRUODOXFKDSHUPDQHQWH \HO 0RYLPLHQWR5HYROXFLRQDULR
HVXQ³SXQWRGHSDUWLGD´SDUDUHYLWDOL]DUDO0RYLPLHQWR-XVWLFLDOLVWD\SDUDFRQFLHQWL]DU
DODVPDVDVTXHGHEHQVHURUJDQL]DGDV\GLVFLSOLQDGDVSRUHOPLVPR
7DQWRSDUD-XDQ'3HUyQFRPRSDUD-RKQ:&RRNHHVLQDGPLVLEOHSHQVDUXQ
0RYLPLHQWR UHYROXFLRQDULR VLQ WHQHU HQ FXHQWD HO SRGHU GH OD PDVD REUHUD FRPR HMH
IXQGDPHQWDOGHOPLVPR3HURWDQWR-RKQ:&RRNHFRPR-XDQ'3HUyQGLVFXWLUiQFRQ
HO FRUUHU GH ORV DxRV QR OD VLWXDFLyQ GH FHQWUDOLGDG GH OD PDVD REUHUD SHUR VL OD
QHFHVLGDGGHTXHHVWDVHDUHQRYDGD\FRQFLHQWL]DGDHQVXSDSHOUHYROXFLRQDULR
(Q OR UHIHUHQWH DO XVR GH OD YLROHQFLD HQ HO 0RYLPLHQWR 5HYROXFLRQDULR OD
DPELYDOHQFLD \ OD LQGHILQLFLyQ HV FRQVWDQWH \D TXH PiV DOOi GH OD FXRWD YLROHQWD
LQVXUUHFFLRQDO SURSLD GH OD DFFLyQ GH OD 5HVLVWHQFLD -RKQ : &RRNH QR YD D HVWDU
WRWDOPHQWHFRQYHQFLGRHQHVWHSHUtRGRGHODHILFLHQFLDGHXWLOL]DUWiFWLFDVGHYLROHQFLD
SROtWLFDRLQVWDQFLDVGHRUJDQL]DFLyQJXHUULOOHUD
$TXt VXUJH XQD SUREOHPiWLFD TXH DWUDYLHVD WRGD OD WHRUL]DFLyQ GH -RKQ :
&RRNHUHVSHFWRGHODFRQGXFFLyQ\RUJDQL]DFLyQGHHVWDPDVDUHYROXFLRQDULDHOUROGH
OD YDQJXDUGLD GLULJHQWH HQ OD FRQVHFXFLyQ GH ODV FRQGLFLRQHV REMHWLYDV GHO PRPHQWR
LQVXUUHFFLRQDO $O UHVSHFWR YHPRV HQWRQFHV TXH XQ 0RYLPLHQWR UHYROXFLRQDULR HQ OD
FRQFHSFLyQ WHyULFD TXH FRQVWUX\H -RKQ :LOOLDP -RKQ : &RRNH GHEH VHU XQ
LQVWUXPHQWRGHOSXHEORTXHpVWRVVRQGHPDVDV\FRQOLGHUD]JRVRUJDQL]DWLYRVDFWLYRV
\FDWDOL]DGRUHVGHODVLWXDFLyQUHYROXFLRQDULDSHURQRFRQYDQJXDUGLDV³LOXPLQDGDV´\D
TXH VLQ ODV PDVDV R FRQ XQD LGHD HUUyQHD GH OR TXH HOODV SHUVLJXHQ TXH HV OD
³5HYROXFLyQ3HURQLVWD´ODVRSHUDFLRQHVGHO0RYLPLHQWRVRQLQHILFDFHVHLQRFXDV
ϯϳ
2WUR DVSHFWR IXQGDPHQWDO SDUD HO IRUWDOHFLPLHQWR \ DFFLyQ GHO 0RYLPLHQWR HV
WHQHU XQD GRFWULQD \ XQ DSDUDWR UHYROXFLRQDULR SDUD OOHYDU OD WHQVLyQ LQVXUUHFFLRQDO DO
Pi[LPR\SRQHUHQDFFLyQODSDUWLFLSDFLyQUHYROXFLRQDULDGHODVPDVDVHQFRQVRQDQFLD
FRQ VX VHQWLU PiV SURIXQGR OD YXHOWD GHO OtGHU H[LOLDGR \ OD FRQVHFXFLyQ GH OD
5HYROXFLyQSHURQLVWD
/D LQHOXGLEOH FHQWUDOLGDG GH -XDQ ' 3HUyQ GHQWUR GHO 0RYLPLHQWR HV DVt
H[SUHVDGD FRPR DVt WDPELpQ OD FRQGLFLyQ KLVWyULFD UHYROXFLRQDULD \ ³OLEHUWDGRUD´ GHO
SHURQLVPRFRPRHQWLGDGTXHKDVDELGRHQFDUQDUODYROXQWDGGHODVPDVDV
$KRUDELHQODHVSHUDQ]DWRWDOGHODLQVXUUHFFLyQ OXHJRGHODFDtGDGHOUpJLPHQ
SHURQLVWDHQHVODE~VTXHGDSRUPDWHULDOL]DUODKXHOJDJHQHUDOUHYROXFLRQDULD(V
HQHVWDLQVWDQFLDHVWUDWpJLFDLQVXUUHFFLRQDOGRQGHSRGHPRVREVHUYDUODGLUHFFLyQGHORV
HVIXHU]RV RUJDQL]DWLYRV \WiFWLFRV GH -XDQ'3HUyQ \ -RKQ:&RRNH(VWDVLWXDFLyQ
GHVHVWDELOL]DGRUD JHQHUDUtD OD XQLyQ GH WRGDV ODV IXHU]DV GHO 0RYLPLHQWR \ GH WRGRV
VXV HVIXHU]RV HQXQD~QLFDLQVWDQFLDGHFRQPRFLyQUHYROXFLRQDULDTXH DFDEDUtDFRQ HO
SRGHUGHWXUQR \DEULUtDODVSXHUWDVDODUHLQVWDXUDFLyQGHO(VWDGRMXVWLFLDOLVWD(QHVWH
VHQWLGR WDPELpQ -RKQ : &RRNH VH PXHVWUD FRPR XQ DQDOLVWD FUtWLFR GH ODV
SRWHQFLDOLGDGHV GHO 0RYLPLHQWR UHYROXFLRQDULR $TXtHV GRQGHODWHRUtD HKLSRWHVLV VH
PH]FODQFRQODVHVSHUDQ]DVGRQGHODUD]yQ\ODIHVHHQWUHPH]FODQHQODSUD[LVFUtWLFD\
ODHVSHUDQ]DUHGHQWRUDGHO0RYLPLHQWRUHYROXFLRQDULR
$O DQiOLVLV GH OD SRWHQFLDOLGDG GH DFFLyQ UHYROXFLRQDULD GHO 0RYLPLHQWR
SRGHPRVGLYLGLUORHQGRVPRPHQWRV(QSULPHUDLQVWDQFLD-RKQ:&RRNHUHIOH[LRQD\
FULWLFDDODRUJDQL]DFLyQGH0RYLPLHQWR<HQXQSRVWHULRUPHQWHDODEDUiDODPDVD\D
VX OtGHUKDFLHQGRVDEHU TXHODSRWHQFLDOLGDG UHDOH[LVWHHQWRGR PRPHQWRVLHPSUH \
FXDQGR VH SXHGD FDWDEROL]DU SRU OD RUJDQL]DFLyQ KRPRJpQHD VROLGDULD \ DFWLYD \
SRWHQFLDUDOGHMDUGHODGRPH]TXLQGDGHVSHUVRQDOHV\OtQHDVEODQGDV-RKQ:&RRNH
HQWRQFHVSURSRQHTXHORLPSRUWDQWHORFODYHSDUDODPDVLILFDFLyQGHO0RYLPLHQWR\GH
VXDFFLyQUHYROXFLRQDULDVHUiODRUJDQL]DFLyQGHHVWH³JUDQHMpUFLWRGHOD5HVLVWHQFLD´
$KRUD ELHQ -RKQ : &RRNH DUJXPHQWDQGR D IDYRU GH OD JHVWLyQ PLVLyQ \
HQWLGDGUHYROXFLRQDULDGHOSHURQLVPRDILUPDTXH
³«QRVRWURV LPSXVLPRVSURIXQGRV FDPELRV HQ OD FRPSRVLFLyQ VRFLDO GH
QXHVWURSDtV\GHVDUUROODPRVXQDSROtWLFDGH³DXWRGHWHUPLQDFLyQ\GHVREHUDQtD
HFRQyPLFD DMXVWDGD D ODV FDUDFWHUtVWLFDV GHO SDtV \ GHQWUR GHO PDUFR GH HVD
ϯϴ
pSRFD GHWHUPLQDGD 'H DKRUD HQ PDV FXDOTXLHU 0RYLPLHQWR OLEHUDGRU VH
FXPSOLUiDSDUWLUGHODUHYROXFLyQFXEDQD3HURHVRQRWLHQHHIHFWRUHWURDFWLYRD
HQWRQFHV KDEtD HQ OD $UJHQWLQD ³XQD UHYROXFLyQ SRVLEOH´ (V LPSRVLEOH
GHWHUPLQDU VDOYR FRPR MXHJR GH LQJHQLRORV OLPLWHV UHDOHV Pi[LPRV GH HVD
UHYROXFLyQ SHUR OR TXH VL SXHGH HVWDEOHFHUVH HV VL OD SROtWLFD GHO 3HURQLVPR
UHVSRQGLyDHVDSRVLELOLGDGUHYROXFLRQDULDVLVXSURJUDPDSODQWHDEDORVWHPDV
UHDOHV SURIXQGRV GHO GUDPD GH HVD KRUD \ OHV EXVFDED IRUPDV DGHFXDGDV GH
VROXFLyQ´ /XHJR FRPSDUR HO SURJUDPD GHO 3HURQLVPR FRQ HO SURJUDPD GH
TXLHQHV VH RSRQtDQ D pO SDUD GHPRVWUDU TXH HQ HVH PRPHQWR IXLPRV OD
YDQJXDUGLD GHO SHQVDPLHQWR \ OD DFFLyQ OLEHUDGRUD \ GHVSXpV GH H[SOLFDU OD
5HYROXFLyQ SHURQLVWD HQ WRGRV VXV DVSHFWRV H[SOLFR QXHVWUD YLJHQFLD \ SRU OR
WDQWR OD UD]yQ GH TXH HO SXHEOR HVSHUH GH QRVRWURV OD VROXFLyQ GH OD WUDJHGLD
DUJHQWLQD«´
&RQHOIUDFDVRGHODWRPDGHOIULJRUtILFR/LVDQGURGHODWRUUHHQVHGHVWUX\H
ODLGHDGHODKXHOJDJHQHUDOUHYROXFLRQDULDFRPRFDPLQR GHLPSRVLFLyQSROtWLFDGHORV
GHVHRV GH -XDQ ' 3HUyQ (Q HVWH VHQWLGR ILQDO \ HQ XQ DQiOLVLV WUDQVYHUVDO GH OD
GLDOpFWLFD SROtWLFR LQWHOHFWXDO SRGHPRV DILUPDU TXH FXDQWR PiV VH FRPSOHML]D OD
UHDOLGDG \ ODV WiFWLFDV SROtWLFDV WLELDV VH DGXHxDQ GH OD JHVWLyQ GHO 0RYLPLHQWR HV
FXDQGR-RKQ:&RRNHPiVVHUDGLFDOL]DHQVXFRQVWUXFFLyQLQWHOHFWXDOGHOFRQFHSWRGH
0RYLPLHQWRUHYROXFLRQDULR/DWRPDGHOIULJRUtILFR/LVDQGURGHODWRUUH IXHODGHEDFOH
GH OD FRQVWUXFFLyQ GLDOpFWLFD SROtWLFRLQWHOHFWXDO ³5HVLVWHQFLD 0RYLPLHQWR
UHYROXFLRQDULRSHURQLVWD´&RPR DVt WDPELpQHO ILQGH -RKQ:LOOLDP -RKQ:&RRNH
FRPRGHOHJDGRSHUVRQDO\ILJXUDSROtWLFDGHOD5HVLVWHQFLD
/D UHFRQYHUVLyQ JUHPLDO \ OD OtQHD EODQGD TXH WRPD OD HVWUDWHJLD SROtWLFD GHO
SHURQLVPR JHQHUD XQD UDGLFDOL]DFLyQ LGHROyJLFD HQ -RKQ : &RRNH PiV DItQ DO
SUR\HFWR UHYROXFLRQDULR HQFDUQDGR SRU )LGHO &DVWUR $Vt WDPELpQ SURGXFWR GH HVWD
UDGLFDOL]DFLyQVHSODQWHDXQDSHUPDQHQWHGLV\XQWLYDFRQ-XDQ'3HUyQGLV\XQWLYDTXH
VHWUDGXFHHQHOUROGHODLQVXUUHFFLyQVHDHVWDFRPRWiFWLFDVHJ~QHOSODQWHRGH-XDQ'
3HUyQRHVWUDWHJLDVHJ~QODSRVLFLyQGH-RKQ:&RRNH
&DUWDGH-RKQ:&RRNHD3HUyQGHDJRVWRGH(Q(GXDUGR/'XKDOGH &RPS ÏS
&LW7RPR,,SiJ
ϲϲ
ϯϵ
)LQDOPHQWHHQHODQiOLVLVGHODWHRUL]DFLyQGH-RKQ:-RKQ:&RRNHVREUHOD
JpQHVLV FRQFHSWXDO GHO 0RYLPLHQWR UHYROXFLRQDULR OOHJDPRV D DILUPDU OD FRPSOHMLGDG
GH LGHQWLGDG LGHROyJLFD UHYROXFLRQDULD GHO SHURQLVPR < OD SRVLFLyQ IXQGDPHQWDO TXH
-RKQ:&RRNHLPSRQHD-XDQ'3HUyQHQWRGDODHVWUXFWXUDUHYROXFLRQDULDDXPHQWDOD
LQFHUWLGXPEUHDFHUFDGHOSDSHOUHYROXFLRQDULRGHO0RYLPLHQWR\DTXHOR~QLFRTXHXQH
DpVWHHV -XDQ'3HUyQHO UHVWR QRH[LVWHQRKD\ LGHRORJtD UHYROXFLRQDULD -XDQ'
3HUyQHVORUHYROXFLRQDULR³HOUHYROXFLRQDULR´
¢-XDQ'3HUyQIXH³HOUHYROXFLRQDULR´"
$SURSyVLWRDILUPD-RKQ:&RRNHTXH«´HOSXHEORHVWiPDGXURSDUDODVJUDQGHVVROXFLRQHV\ORV
JUDQGHVSODQWHRVTXHVHUtDQFRQJUXHQWHVFRQHOSHQVDPLHQWRTXH8G+DH[SUHVDGRPXFKDVYHFHVSHUR
ORVGLULJHQWHVQRVRODPHQWHQRVLQFURQL]DQHVDDUPRQtDHQWUHOtGHU\PDVDVLQRTXHOOHYDQFRQIXVLyQD
ODVFDSDVSRSXODUHV\IDFLOLWDQTXHWDPELpQORVHQHPLJRVKDJDQODERUFRQIXFLRQLVWD « (VDOOtHVHVDV
SRVLFLRQHVLGHROyJLFDVDEVXUGDV\UHDFFLRQDULDVGRQGHHVWiHOPDO\UDGLFDQXHVWUDGHELOLGDG3RUTXH
PLHQWUDVHOODVVXEVLVWDQGHQDGDVHUYLUiODXQLGDG¢&XiOHVHOSXQWRGHFRLQFLGHQFLDGHWRGRVHQHO
SHURQLVPR"8QRVROR3HUyQ«´&DUWDGH-RKQ:&RRNHD3HUyQGH-XOLRGH(Q(GXDUGR/
'XKDOGH &RPS ÏS&LW7RPR,,SiJ
ϲϴ
&DUWDGH-RKQ:&RRNHD3HUyQGHVHSWLHPEUH(Q(GXDUGR/'XKDOGH &RPS ÏS
&LW7RPR,,SiJ9HUWDPELpQ&DUWDGH-RKQ:&RRNHD3HUyQGHDJRVWR(Q(GXDUGR
/'XKDOGH &RPS ÏS&LW7RPR,,SiJ
ϰϬ
%LEOLRJUDItD
$PDUDO6DPXHO(QODVUDtFHVLGHROyJLFDVGH0RQWRQHURV-RKQ:LOOLDP-RKQ:
&RRNHOHHD*UDPVFLHQ&XED%XHQRV$LUHV(Q%LEOLRWHFDGLJLWDOGHOD8&$
KWWSFHGLQSHXQVDPHGXDUVLWHVGHIDXOWILOHVSGIVUDLFHVLGHRORJLFDVGH
PRQWRQHURVSGI
$OWDPLUDQR &DUORV %DMR HO VLJQR GH ODV PDVDV %XHQRV $LUHV (PHFH
$QJXLWD (GXDUGR \ &DSDUURV 0DUWtQ /D YROXQWDG 8QD KLVWRULD GH OD PLOLWDQFLD
UHYROXFLRQDULDHQOD$UJHQWLQD7RPR,%XHQRV$LUHV%RRNHW
&DVXOOR1LFROiV3HURQLVPR0LOLWDQFLD\FUtWLFD%XHQRV$LUHV&ROLKXH
-RKQ : &RRNH -RKQ :LOOLDP /D OXFKD SRU OD OLEHUDFLyQ QDFLRQDO %XHQRV $LUHV
4XDGUDWWD
-DPHV'DQLHO5HVLVWHQFLDHLQWHJUDFLyQ(OSHURQLVPR\ODFODVHWUDEDMDGRUDDUJHQWLQD
%XHQRV$LUHV6LJOR;;,HGLWRUHV
'XKDOGH (GXDUGR /XLV &RPS -RKQ :LOOLDP -RKQ : &RRNH 2EUDV FRPSOHWDV
$FFLyQSDUODPHQWDULD7RPR,%XHQRV$LUHV&ROLKXH
BBB-RKQ:LOOLDP-RKQ:&RRNH2EUDVFRPSOHWDV$UWtFXORVSHULRGtVWLFRVUHSRUWDMHV
FDUWDV\GRFXPHQWRV 7RPR,9%XHQRV$LUHV&ROLKXH
BBB -RKQ :LOOLDP -RKQ : &RRNH 2EUDV FRPSOHWDV $UWtFXORV SHULRGtVWLFRV
UHSRUWDMHVFDUWDV\GRFXPHQWRV7RPR,,,%XHQRV$LUHV&ROLKXH
BBB-RKQ:LOOLDP-RKQ:&RRNH2EUDVFRPSOHWDV&RUUHVSRQGHQFLD-XDQ'3HUyQ±
-RKQ:&RRNH7RPR,,%XHQRV$LUHV&ROLKXH
*DODVVR 1RUEHUWR -RKQ : &RRNH GH -XDQ ' 3HURQDO &KH 8QD ELRJUDItD SROtWLFD
%XHQRV$LUHV(GLFLRQHV1XHYRV7LHPSRV
*LOOHVSLH 5LFKDUG -RKQ :LOOLDP -RKQ : &RRNH (O SHURQLVPR DOWHUQDWLYR %XHQRV
$LUHV&RUUHJLGRU
*ROGDU(UQHVWR -RKQ :LOOLDP -RKQ :&RRNH\ HO SHURQLVPRUHYROXFLRQDULR%XHQRV
$LUHV(GLWRUHVGH$PpULFD/DWLQD
0HOyQ 3LUUR -XOLR &HVDU (O SHURQLVPR GHVSXpV GHO SHURQLVPR UHVLVWHQFLD
VLQGLFDOLVPR\SROtWLFDOXHJRGHO%XHQRV$LUHV6LJOR;;,
ϰϭ
-XDQ'3HUyQ-XDQ'RFWULQDSHURQLVWD%XHQRV$LUHV&6HGLFLRQHV
BB0DQXDOGHFRQGXFFLyQSROtWLFD%XHQRV$LUHV&6HGLFLRQHV
6DODV (UQHVWR 8WXUXQFRV (O RULJHQ GH OD JXHUULOOD SHURQLVWD %XHQRV $LUHV %LEORV
6LGLFDUR 5LFDUGR /RV WUHV SHURQLVPRV (VWDGR \ SRGHU HFRQyPLFR
6LJOR;;,%XHQRV$LUHV
9HUyQ(OLVHR\6LJDO6LOYLD-XDQ'3HUyQR0XHUWH%XHQRV$LUHV(XGHED
:DOGPDQ3HWHU(OSHURQLVPR%XHQRV$LUHV+\VSDPpULFD
ϰϮ