,1)250$&,Ï1'(6(*85,'$',03257$17(
/($72'$6/$6,16758&&,21(6$17(6'(86$5 *($SSOLDQFHVFRP
68È5($'(6(&$'2
0DQWHQJDHOiUHDGHEDMR\DOUHGHGRUGHVXV
HOHFWURGRPpVWLFRVOLEUHGHPDWHULDOHVFRPEXVWLEOHV
SHOXVDVSDSHOWUDSRVHWFJDVROLQDSURGXFWRV
TXtPLFRV\RWURVOtTXLGRV\YDSRUHVLQIODPDEOHV
0DQWHQJDHOSLVRDOUHGHGRUGHVXV
HOHFWURGRPpVWLFRVOLPSLRV\VHFRVSDUDUHGXFLUOD
SRVLELOLGDGGH
XQDFFLGHQWH
6XSHUYLVHDORVQLxRVHQFDVRGHTXHHOORVXVHQ
ODVHFDGRUDRMXHJXHQFHUFDGHHOODGXUDQWHVX
RSHUDFLyQ1RSHUPLWDTXHORVQLxRVMXHJXHQFRQ
ODVHFDGRUDHQVXLQWHULRUVREUHHOODRQLQJ~Q
RWURHOHFWURGRPpVWLFR
0DQWHQJDWRGRVORVDUWtFXORVGHOLPSLH]DWDOHV
FRPRGHWHUJHQWHV\EODQTXHDGRUHVIXHUDGHO
DOFDQFHGHORVQLxRVSUHIHULEOHPHQWHHQFHUUDGRV
HQXQJDELQHWH3RQJDDWHQFLyQDODVDGYHUWHQFLDV
HQODVHWLTXHWDVGHORVHQYDVHVSDUDHYLWDU
DFFLGHQWHV
1XQFDWUHSHQLVHSRQJDGHSLHVREUHODSDUWH
VXSHULRUGHODVHFDGRUD
0DQWHQJDHOiUHDDOUHGHGRUGHODVDOLGD\ODViUHDV
FHUFDQDVOLEUHVGHDFXPXODFLyQGHSHOXVDVSROYLOOR
\VXFLHGDG
1RREVWUX\DHOIOXMRGHODLUHYHQWLODGR1RDSLOH
QRFRORTXHURSDQRHFKHDOIRPEUDVDOIUHQWHRDO
UHVSDOGRGHODVHFDGRUD
&8$1'286(686(&$'25$
1XQFDLQWURGX]FDVXVPDQRVHQHOLQWHULRUGH
ODVHFDGRUDPLHQWUDVHOWDPERUJLUDWRULRHVWp
PRYLpQGRVH$QWHVGHDJUHJDU\VDFDUURSD
HVSHUHKDVWDTXHHOWDPERUJLUDWRULRVHKD\D
GHWHQLGR
/LPSLHHOILOWURGHSHOXVDDQWHVGHFDGDFDUJD
SDUDHYLWDUODDFXPXODFLyQGHSHOXVDHQHOLQWHULRU
GHODVHFDGRUDRHQODKDELWDFLyQ1223(5(/$
6(&$'25$6,1(/),/752'(3(/86$(168/8*$5
1RODYHQLVHTXHDUWtFXORVTXHVHKD\DQOLPSLDGR
ODYDGRUHPRMDGRRVDOSLFDGRFRQVXVWDQFLDV
FRPEXVWLEOHVRH[SORVLYDVWDOHVFRPRFHUDDFHLWH
SLQWXUDJDVROLQDGHVHQJUDVDGRUHVVROYHQWHVGH
WLQWRUHUtDNHURVHQH(VWDVVXVWDQFLDVSURGXFHQ
YDSRUHVTXHSRGUtDQLQFHQGLDUVHRH[SORWDU1R
DJUHJXHHVWDVVXVWDQFLDVDODJXDGHODYDGR1R
XVHQLFRORTXHHVWDVVXVWDQFLDVDOUHGHGRUGHOD
ODYDGRUDRVHFDGRUDGXUDQWHVXXVR
1RFRORTXHDUWtFXORVH[SXHVWRVDDFHLWHGHFRFLQDU
HQODVHFDGRUD/RVDUWtFXORVFRQWDPLQDGRVFRQ
DFHLWHVGHFRFLQDUSRGUtDQFRQWULEXLUDIRUPDUXQD
UHDFFLyQTXtPLFDTXHSRGUtDFDXVDUTXHXQDFDUJD
GHURSDVVHLQFHQGLH
&XDOTXLHUDUWtFXORVREUHHOFXDOXVWHGXVyXQ
VROYHQWHGHOLPSLH]DRTXHFRQWHQJDPDWHULDOHV
LQIODPDEOHVWDOHVFRPRSDxRVGHOLPSLH]D
WUDSHDGRUHVWRDOODVXVDGDVHQVDORQHVGHEHOOH]D
UHVWDXUDQWHVREDUEHUtDVQRVHGHEHQFRORFDUHQ
HOLQWHULRURHQODVSUR[LPLGDGHVGHODVHFDGRUD
([LVWHQPXFKRVDUWtFXORVLQIODPDEOHVHQHOKRJDU
WDOHVFRPRODDFHWRQDHODOFRKROODJDVROLQD
HONHURVHQHDOJXQRVOLPSLDGRUHVDOJXQRV
TXLWDPDQFKDVDJXDUUiVWUHPHQWLQDFHUDV
UHPRYHGRUHVGHFHUD\SURGXFWRVTXHFRQWHQJDQ
GHULYDGRVGHOSHWUyOHR
(OSURFHVRGHODYDGRSXHGHUHGXFLUODKDELOLGDG
GHUHWDUGDUODIODPDELOLGDGGHDOJXQDVWHODV
3DUDHYLWDUWDOUHVXOWDGRVLJDODVLQVWUXFFLRQHV
GHOIDEULFDQWHGHODVWHODVFRQPXFKRFXLGDGR
1RVHTXHDUWtFXORVTXHFRQWHQJDQJRPD
SOiVWLFRHVSXPDRPDWHULDOHVVLPLODUHVWDOHV
FRPRVRVWHQHVEUDVLHUHVFRQUHOOHQR]DSDWRV
GHSRUWLYRVJDQFKRVGHJRPDDOIRPEUDVGH
EDxREDEHURVGHQLxRSDQWDORQHVGHQLxREROVDV
SOiVWLFDV\DOPRKDGDVTXHVHSXHGDQGHUUHWLUR
TXHPDU$OJXQRVPDWHULDOHVJRPRVRVFXDQGR
VHFDOLHQWDQEDMRFLHUWDVFLUFXQVWDQFLDVSRGUtDQ
LQFHQGLDUVHSRUFRPEXVWLyQHVSRQWiQHD
'XUDQWHVXRSHUDFLyQQRDOPDFHQHHQFLPD
GHODVHFDGRUDSOiVWLFRVSDSHORURSDTXHVH
SXHGDQTXHPDURGHUUHWLU
/DVSUHQGDVGHYHVWLUHWLTXHWDGDV´'U\DZD\IURP
KHDWµ6HFDUDOHMDGDVGHOFDORUR´'RQRWWXPEOH
GU\µ1RVHFDUSRUJLUR³WDOHVFRPRFKDTXHWDV
VDOYDYLGDVTXHFRQWLHQHQFDSRF³QRVHGHEHQ
FRORFDUHQVXVHFDGRUD
1RVHTXHDUWtFXORVGHILEUDGHYLGULRHQVXVHFDGRUD
(VWRSRGUtDRFDVLRQDULUULWDFLyQHQODSLHOGHELGRD
ODVSDUWtFXODVUHVWDQWHVTXHVHSRGUtDQDGKHULUDOD
URSDGXUDQWHXVRVVXEVHFXHQWHVGHODVHFDGRUD
3DUDPLQLPL]DUODSRVLELOLGDGGHXQDGHVFDUJD
HOpFWULFDGHVFRQHFWHpVWHHOHFWURGRPpVWLFRGHVX
WRPDFRUULHQWHRGHVFRQHFWHODVHFDGRUDGHOSDQHO
GHGLVWULEXFLyQHOpFWULFDGHOHGLILFLRUHPRYLHQGRHO
IXVLEOHRGHVFRQHFWDQGRHOFLUFXLWRDQWHVGHGDU
FXDOTXLHUWLSRGHPDQWHQLPLHQWRROLPSLH]DFRQ
ODH[FHSFLyQGHUHPRYHU\OLPSLDUHOILOWURGHOD
SHOXVD127$*LUDUODSHULOODVHOHFWRUDGHFLFORV
DODSRVLFLyQ2))DSDJDGRRSUHVLRQDU3$86(12
GHVFRQHFWDHOHOHFWURGRPpVWLFRGHOWRPDFRUULHQWH
£$'9(57(1&,$