Recommended
More Related Content
What's hot
What's hot (20)
Similar to Oswald smith el_fuego_consumidor
Similar to Oswald smith el_fuego_consumidor (20)
Recently uploaded
Recently uploaded (20)
Oswald smith el_fuego_consumidor
- 4. 81$9,6,Ï1'(/$$%62/87$58,1$'(/*e1(52+80$12 81$2035(6,Ï1'(/$68),,(1,$'(/$6$/9$,Ï1'(',26 81$9,'$(175(*$'$$8162/2*5$13523Ï6,72 81$9,'$38(67$$%62/87$0(17($',6326,,Ï1'(',26 $3Ë78/25(48,6,7263$5$/$(9$1*(/,=$,Ï16(*81'$3$57(
- 5. 810,1,67(5,2'(25$,Ï148(35(9$/(( 810,1,67(5,26$785$'221/$3$/$%5$'(',26 0,1,67(5,221810(16$-(9,7$/3$5$81081'23(5','2 810,1,67(5,2(1/$81,Ï1'(/(63Ë5,786$172 810,1,67(5,2$5$7(5,=$'232581$(;3(7$7,9$'()( 810,1,67(5,2216$*5$'2$/$*/25,$'(',26 $3Ë78/2/$(9$1*(/,=$,Ï1(1$,Ï135,0(5$3$57(
- 6. $03$f$6'(0$6,$'2%5(9(6 5(68/7$'26$620%52626 219(56,21(6 ,165,726(1/$6,*/(6,$6 $3Ë78/2/$(9$1*(/,=$,Ï1(1$,Ï16(*81'$3$57(
- 8. 81$$03$f$(9$1*(/Ë67,$12(681$9,9$0,(172 81$$03$f$(9$1*(/Ë67,$(681(6)8(5=23253$57('(/$,*/(6,$325*$1$53$5$5,672$/26 48($81126216$/926 81$9,9$0,(17220,(1=$21(/38(%/2'(',26 81$9,9$0,(172(681$0$1,)(67$,Ï1'(/32'(5'(',26 81$9,9$0,(1726,(035(352'8(81$352)81'$219,,Ï1'(3($'2 81$9,9$0,(17212'(3(1'(81/Ë'(5 /26$9,9$0,(172612'(3(1'(1'(/266(5021(6 $3Ë78/2¢(9$1*(/,=$,Ï12$9,9$0,(1726(*81'$3$57(
- 9. (/$9,9$0,(172(65(68/7$'2'(8135(,23$*$'2 (67$5(13$=21',26 $)$1$56((1/$25$,Ï1 35(',$5/$3$/$%5$ $78$5(1(/(63Ë5,78 $3Ë78/2/$(9$1*(/,=$,Ï1(1/$6$/$'(6(*8,0,(172 35(3$5$56(3$5$2%7(1(55(68/7$'26 (03/($57$72 +$(548((/,17(5(6$'26(321*$'(52',//$6 12',687,5 '(3(1'(5'(/(63Ë5,786$172 25$508+2 ',$*1267,$5(/$62$3/,$5(/5(0(',2$'(8$'2
- 10. /26,1219(5626 /26$/(-$'26 /26,16(*8526 /26'(5527$'26 $3Ë78/2/$(9$1*(/,=$,Ï1(17,(55$6(;75$1-(5$6 20235(3$5$5(/$0,12 202(;7(1'(5/$,19,7$,Ï1 /$,17(535(7$,Ï1'(/265(68/7$'26 $3Ë78/2(/0(16$-('(/$(9$1*(/,=$,Ï1 /$1((6,'$''(6$/9$,Ï1(/3($'2'(/6(5+80$12 (/)81'$0(172'(/$6$/9$,Ï1/$2%5$'(5,672 (/$0,12'(6$/9$,Ï1/$)((15,672 /$(57(=$'(6$/9$,Ï1/$3$/$%5$'(',26 /$(9,'(1,$'(/$6$/9$,Ï1(/)587248(6('$ (/*2=2'(/$6$/9$,Ï1(/$0,1$5'(/5((17( /$21680$,Ï1'(/$6$/9$,Ï1/$5(203(16$'(/5,67,$12 $3Ë78/2/(,21(6$35(1','$6'(/$(9$1*(/,=$,Ï1 083226(38('(/2*5$56,181$0$1,)(67$,Ï1'(/(63Ë5,78'(',26 /$621',,21(6'(6)$925$%/(66,(035(6(38('(1$0%,$5325(/32'(5'(/$25$,Ï148( 35(9$/(( /$2%(',(1,$3(5)(7$$/$92/817$''(',26(6(/35(55(48,6,72Ò1,23$5$(/e;,72 126(38('(12%7(1(5*5$1'(65(68/7$'266,148(685-$/$(19,',$/$2326,,Ï1 (/$9,9$0,(1723(5(11(6Ï/2(6326,%/($//Ë'21'(+$217,18248(%5$17$0,(172'(25$=Ï1 /$(9$1*(/,=$,Ï1(6(/6(5(72'(/$%(1',,Ï17$1720$7(5,$/202(63,5,78$/(1/$,*/(6,$ /2$/
- 12. -DPiVROYLGDUpDTXHOODpSRFDGHPLYLGDHQODFXDOPiVTXHQLQJXQDRWUDFRVDORTXHRTXHUtDHUDVHUXVDGR SRU'LRV0LHQWUDVUHFRUUtDHQPLPXODODVKHUPRVDVFDxDGDVGHODVFROLQDVGH.HQWXFNRPLHQWUDVGDED SDVRVGHXQODGRDRWURHQPLSHTXHxDVROLWDULDFDEDxDHQWUHORVPRQWDxHVHVORTXHKDFtDHUDFODPDUD'LRV HQODDJRQtDGHPLDOPD6HxRU~VDPH+D]PHXQJDQDGRUGHDOPDV(QYtDPHFRPRHYDQJHOLVWD+D]PHYHU HODYLYDPLHQWR1RGHMHVTXHPHFRQWHQWHFRQXQRILFLRFRUULHQWHGHSDVWRUHQTXHQRORJURQDGD6yORWHQJR XQDYLGDTXHYLYLUTXLHURLQYHUWLUODHQWL+D]PHYLYLUSDUDORVGHPiV'DPHODFDSDFLGDGGHJDQDUSDUDHO 6HxRU -HVXFULVWR D KRPEUHV PXMHUHV TXH D~Q QR OR FRQRFHQ +D] TXH WX EHQGLFLyQ VH SRVH VREUH PL PLQLVWHULR 'HVSXpVRUDEDDVt6HxRU¢FXiOHVVRQORVUHTXLVLWRVSDUDODREUDHYDQJHOtVWLFD¢yPRSXHGRVHUXVDGRSRU WL ¢+D FRQGLFLRQHV TXH UHXQLU 6L HV DVt UHYpODPHODV ¢4Xp GHER KDFHU 0XpVWUDPH ORVSUHUUHTXLVLWRV $~GDPH D VDWLVIDFHU ODV FRQGLFLRQHV FXDOHVTXLHUD TXH VHDQ SDUD TXH QR GHVSHUGLFLH PL YLGD 1R GHER IDOODU /XHJRDPHGLGDTXHHVWXGLpOD3DODEUDGH'LRVKDOOpORVUHTXLVLWRVORVFRQIURQWpXQRSRUXQRDPHGLGD TXH 'LRV PH ORV LED UHYHODQGR $OOt HVWDEDQ FODUDPHQWH HQXQFLDGRV (VDV VRQ ODV FRQGLFLRQHV TXH DKRUD TXLHUR WUDVPLWLUOH D XVWHG SRUTXH FUHR TXH XVWHG WDPELpQ TXLHUH VHU XVDGR SRU 'LRV 7DPELpQ XVWHG HVWi FRQVFLHQWHGHTXHVyORVHYLYHXQDYH]QRTXLHUHGHVSHUGLFLDUHVD~QLFDYLGDTXHWLHQH8VWHGTXLHUHWHQHU p[LWRHQODWDUHDGHJDQDUDOPDV8VWHGTXLHUHFRQRFHUORVUHTXLVLWRVSDUDODODERUGHODHYDQJHOL]DFLyQGHO DYLYDPLHQWR3HUPtWDPHPHQFLRQDUORVXQRSRUXQRWDOFRPR'LRVPHORVUHYHOyKDFHDWDQWRWLHPSR 8QDYLVLyQGHODDEVROXWDUXLQDGHOJpQHURKXPDQR UHRTXHHVDTXtGRQGHGHEHPRVFRPHQ]DU+DVWDWDQWR'LRVQRQRVGpXQDYLVLyQGHODDEVROXWDUXLQDGHO JpQHURKXPDQRQRSRGUHPRVOOHJDUPXOHMRVHQQXHVWUDREUDHYDQJHOtVWLFD'HEHPRVGDUQRVFXHQWDGHTXHOD KXPDQLGDGHVWiHQODUXLQD'HEHPRVSHUFDWDUQRVGHTXHORVVHUHVKXPDQRVHVWiQPXHUWRVHQVXVGHOLWRV SHFDGRVGHTXHQRKDQDGDEXHQRHQQLQJXQRGHHOORV'HEHPRVFRQRFHUDOJRGHODH[WUHPDGHSUDYDFLyQ GHOFRUD]yQKXPDQR 0LHQWUDVVLJDPRVSHQVDQGRTXHHQHOFRUD]yQKXPDQRKDXQDFKLVSDGHYLGDGLYLQDQRORJUDUHPRVJUDQFRVD HQQXHVWUDREUDHYDQJHOtVWLFDSRUTXHHQWRQFHVOOHJDUHPRVDODFRQFOXVLyQGHTXHWRGRORTXHWHQHPRVTXH KDFHUHVDWL]DUODFKLVSDSDUDFRQYHUWLUODHQOODPDTXHHQWRQFHVWRGRVHDUUHJODUi RPRXVWHGSXHGHYHUHVRGHVFDUWDSRUFRPSOHWRHOQXHYRQDFLPLHQWR3RUTXHHQWRQFHVQRKDQHFHVLGDGGH FRQYHUVLyQSXHVVLDOJXLHQDWLHQHYLGDQRQHFHVLWDUHFLELUYLGD6LPSOHPHQWHOHKDGDGRODHVSDOGDD'LRVVX 3DGUHVHKDGHVFDUULDGR6HJ~QHVRODWDUHDGHOHYDQJHOLVWDFRQVLVWHHQSHUVXDGLUORDTXHVHHQPLHQGHDTXH UHJUHVHD'LRV (VDLGHDLPSOLFDODQRFLyQGHTXHWRGRVVRPRVKLMRVGH'LRVFRVDTXHVHJ~QOD%LEOLDQRHVFLHUWD+DVWD WDQWRQRQD]FDPRVGHQXHYRVRPRVKLMRVGH6DWDQiVQRSHUWHQHFHPRVHQDEVROXWRDODIDPLOLDGH'LRV6yOR HOQXHYRQDFLPLHQWRQRVSXHGHKDFHUKLMRVGH'LRV1RDPLJRQRKDHQQDGLHFKLVSDDOJXQDGHYLGDGLYLQD SRUHVRQRKDQDGDTXHVHSXHGDDWL]DUKDVWDFRQYHUWLUORHQOODPD7RGRVORVVHUHVKXPDQRVHVWiQPXHUWRV SHUGLGRVHFKDGRVDSHUGHUDEVROXWDPHQWHGHSUDYDGRVVLQHVSHUDQ]DDOJXQDGHYLGDVLQRQDFHQGHQXHYR 3RUHVRGLJRTXHGHEHPRVYLVOXPEUDUDOJRGHODDEVROXWDUXLQDGHOJpQHURKXPDQR'HEHPRVGDUQRVFXHQWDGH TXHHOVHUKXPDQRTXHHVWiPXHUWRGHEHVHUYXHOWRDODYLGDGHTXHSRUVtPLVPRHVWiVLQODPiVPtQLPD HVSHUDQ]DGHTXHHVD QHFHVLGDGVyOR'LRVSXHGHVDWLVIDFHUOD(VHUHTXLVLWRHV GHHQRUPHLPSRUWDQFLD QLQJ~QHYDQJHOLVWDSXHGHWHQHUp[LWRVLQRKDVWDTXHORKDDDGTXLULGR
- 13. 8QDFRPSUHVLyQGHODVXILFLHQFLDGHODVDOYDFLyQGH'LRV 3RU XQD SDUWH WHQHPRV OD DEVROXWD UXLQD GHO JpQHUR KXPDQR SHUR SRU RWUD WHQHPRV XQD VDOYDFLyQ TXH HV VXILFLHQWHSDUDVDWLVIDFHUHVDQHFHVLGDG(QRWUDVSDODEUDV'LRVWLHQHXQUHPHGLR'LRVWLHQHXQDFXUD'LRVKD KHFKR OD SURYLVLyQ DGHFXDGD 'LRV SXHGH KDFHU SDVDU D ORV VHUHV KXPDQRV GH OD PXHUWH D OD YLGD (O KD SURYLVWRORQHFHVDULRSDUDODVLWXDFLyQGHUXLQDHQTXHVHKDOODHOJpQHURKXPDQRSDUDORVTXHHVWiQPXHUWRV HQVXVGHOLWRVSHFDGRV +DFHFDVLGRVPLODxRVSRUPHGLRGHVX+LMR8QLJpQLWRHO6HxRU-HVXFULVWR'LRVKL]RHVDSURYLVLyQ3RUHVR FXDQGR XVWHG R HPSUHQGHPRV QXHVWUD WDUHD HYDQJHOtVWLFD FRQVFLHQWHV FRPR HVWDPRV GH TXH ORV VHUHV KXPDQRVHVWiQPXHUWRVHQVXVGHOLWRVSHFDGRVGHTXHSRUVtPLVPRVHVWiQDEVROXWDPHQWHGHVDPSDUDGRV VLQHVSHUDQ]DGHTXHHOJpQHURKXPDQRHVWiHQDEVROXWDUXLQDVDEHPRVTXHWHQHPRVXQHYDQJHOLRJORULRVR XQ 6DOYDGRU PDUDYLOORVR XQD SURYLVLyQ IRUPLGDEOH HQ ILQ WRGR OR TXH VH QHFHVLWD SDUD UHVROYHU HO GHVHVSHUDGRDSXURGHOKRPEUHGHODPXMHUVLQULVWR 1RKDQLQJ~QRWURPHQVDMHFRPRpVHRQJR]RHQQXHVWURFRUD]yQFHUWH]DHQQXHVWUDDOPDSRGHPRVLU DGHODQWHFRQHOHYDQJHOLRGHO6HxRU-HVXFULVWRVDELHQGRTXHGDUiIUXWR6HSXHGHUHVFDWDUDODSHUVRQDPiV GHVHVSHUDGD D OD PiV DOHMDGD GH 'LRV PiV VXPLGD HQ HO SHFDGR PHGLDQWH HO SRGHU HO HYDQJHOLR GH -HVXFULVWR3RUHVR3DEORH[FODPD1RPHDYHUJHQ]RGHOHYDQJHOLRSRUTXHHVSRGHUGH'LRVSDUDVDOYDFLyQ aWRGRDTXHOTXHFUHH´(OHYDQJHOLRHVHOUHPHGLR1RKDRWUR8VWHGRGHEHPRVSHUFDWDUQRVGHHVR QRUHFXUULUMDPiVDQLQJXQDRWUDFRVD6yORHVHGHEHVHUQXHVWURPHQVDMH7RGDRWUDFXUDUHVXOWDUiLQVXILFLHQWH (OHYDQJHOLRGH'LRVHVOD~QLFDHVSHUDQ]DGHORVVHUHVKXPDQRV /DV1DFLRQHV8QLGDVQRWLHQHQODVROXFLyQDOSUREOHPD1LQJ~QHVWDGLVWDWLHQHODVROXFLyQ1LQJ~QSROtWLFR SXHGHVDWLVIDFHUODQHFHVLGDG1LQJ~QJRELHUQRHVVXILFLHQWH8VWHGRVRPRVORV~QLFRVTXHWHQHPRVOD VROXFLyQQXHVWUDVROXFLyQHVHOHYDQJHOLR1RKDDOWHUQDWLYD (O HYDQJHOLR UHVXHOYH WRGRV ORV SUREOHPDV (O HYDQJHOLR HV HILFD] FXDQGR QDGD PiV OR HV (O HYDQJHOLR VDWLVIDFHWRGDVODVQHFHVLGDGHV1LQJXQDRWUDFRVDSXHGHORJUDUWDOFRVD3RUHVRORTXHGHEHPRVSUHGLFDUHVHO HYDQJHOLR*UDFLDVD'LRVSRGHPRVSUHGLFDUORFRQODPiVDEVROXWDFHUWH]D $KRUDELHQDPLJRDPHQRVTXHXVWHGFUHDTXHHOHYDQJHOLRHVODVROXFLyQTXHQRKDQLQJXQDRWUDQR SRGUi OOHJDU OHMRV HQ VX REUD HYDQJHOtVWLFD $ PHQRV TXH XVWHG VHSD TXH HO DOPD HQ VX GHVDPSDUR VX GHVHVSHUDQ]DHVWiHQDEVROXWDUXLQDTXHIXHUDGHOHYDQJHOLRQRWLHQHSRVLELOLGDGGHUHFXSHUDFLyQQRORJUDUi JUDQFRVD$PHQRVTXHXVWHGFUHDTXHHOVHUKXPDQRHVDEVROXWDPHQWHGHSUDYDGRTXHHVWiPXHUWRHQVXV GHOLWRVSHFDGRVTXHXVWHGWLHQHHO~QLFRUHPHGLRH[LVWHQWHHOHYDQJHOLRGHO6HxRU-HVXFULVWRTXHHVH UHPHGLRSXHGHVDWLVIDFHUODPiVWUHPHQGD QHFHVLGDGSRUPiVGHVHVSHUDGDTXHSDUH]FDQR WHQGUiVLQR XQ p[LWRUHGXFLGRDODKRUDGHHYDQJHOL]DU 8QDYLGDHQWUHJDGDDXQVRORJUDQSURSyVLWR 8VWHGUHFRUGDUiTXHHODSyVWRO3DEORGLMR8QDFRVDKDJR3DEORHUDXQKRPEUHGHGLFDGRDXQDVRODFRVD(O KRPEUHTXHYDDWHQHUp[LWRHQODREUDHYDQJHOtVWLFDGHJDQDUDOPDVHVHOTXHKDGHMDGRGHODGRWRGROR GHPiVTXHVHKDFRQYHUWLGRHQXQDSHUVRQDGHXQDVRODFRVDXQVRORSURSyVLWRXQVRORREMHWLYRHQODYLGD XDOTXLHUD TXH WHQJD LQWHUHVHV GLYLGLGRV FXDOTXLHUD TXH WHQJD PXFKRV SURHFWRV SODQHV SURJUDPDV FXDOTXLHUDTXHHVWpLQWHUHVDGRHQRWUDVFRVDVQRYDDSRGHUWHQHUp[LWRFRPRHYDQJHOLVWD(OTXHYDDWHQHU p[LWRHVDTXHOTXHQRWLHQHPiVTXHXQVRORJUDQSURSyVLWRHQVXYLGD XDQGRRHUDHVWXGLDQWHMDPiVVRxpFRQFDVDUPHVLQRKDVWDTXHPHKXELHUDJUDGXDGRKXELHUDGDGRLQLFLRD PLPLQLVWHULR3DUDXQHVWXGLDQWHHODVXPLUODUHVSRQVDELOLGDGGHWHQHUHVSRVDHKLMRVHVXQDFDUJDHFRQyPLFD HQRUPH 6L VXV LQWHUHVHV HVWiQ GLYLGLGRV GH HVH PRGR ¢FyPR SRGUi FRQFHQWUDUVH HQ VXV HVWXGLRV FRQ OD H[SHFWDWLYDGHWULXQIDUHQVXWUDEDMR¢1RVHUtDPHMRUHVSHUDUKDVWDWHUPLQDUVXVHVWXGLRVDQWHVGHGDUXQSDVR DVt
- 14. 1XQFDKHSRGLGRHQWHQGHUFyPRKDDOJXQRVSDVWRUHVTXHSXHGHQUHDOL]DUVXWUDEDMRFRPRWDOHVDOPLVPR WLHPSR FRPR DOJR DGLFLRQDO HVWDU PHWLGRV HQ ORV QHJRFLRV 6L 'LRV OODPD D XQD SHUVRQD D SUHGLFDU HO HYDQJHOLRHQWRQFHVGHEHYLYLUGHOHYDQJHOLR1RKDUD]yQDOJXQDSDUDTXHGHEDJDQDUGLQHURDGLFLRQDO6LVH PHWHHQORVQHJRFLRVVHYDDLQWHUHVDUHQHOORVRPHQ]DUiDSHQVDUHQVXQHJRFLRQRSRGUiVHUXQDSHUVRQD GHXQDVRODFRVD3DUWHGHVXWLHPSRVHLQYHUWLUiHQHOPLQLVWHULRSDUWHHQVXVQHJRFLRV +H DSUHQGLGR TXH HO PLQLVWHULR H[LJH WRGR OR TXH XQD SHUVRQD WLHQH ([LJH WRGD VX DWHQFLyQ WRGR VX SHQVDPLHQWRWRGRVXHVWXGLRGHGtDGHQRFKH'HEHHVWDUFRPSOHWDPHQWHUHYHVWLGRGHVXYRFDFLyQ'HEH HVWDUHQWUHJDGRDEVROXWDPHQWHDHVD~QLFDJUDQREUDDODFXDO'LRVORKDOODPDGR6LHVWiWUDWDQGRGHJDQDUXQ SRFRGHGLQHURDGLFLRQDOVLHVWiLQWHUHVDGRHQQHJRFLRVGHXQDFODVHGHRWUDQRYDDSRGHUFRQFHQWUDUVHHQ OD~QLFDJUDQREUDSDUDODFXDO'LRVORKDRUGHQDGR /RV PRQMHV WXYLHURQ OD LGHD FRUUHFWD 6LQWLHURQ TXH GHEtDQ UHWLUDUVH GHO PXQGR SDUD HQFODXVWUDUVH HQ XQ PRQDVWHULRDVtFRQVDJUDUWRGRVXWLHPSRD'LRV6LQWLHURQTXHGHEtDQUHQXQFLDUDWRGRVORVRWURVLQWHUHVHV URPSHUSRUFRPSOHWRFRQHOPXQGRSDUDSRGHUVHUYLUD'LRVDSHUIHFFLyQ'LJRSXHVTXHVXREMHWLYRHUD FRUUHFWRTXHVXSURSyVLWRHUDFRUUHFWRDXQTXHVXPpWRGRHVWDEDHTXLYRFDGR(OSODQ GH'LRVHV TXHQRV PH]FOHPRVFRQQXHVWURVVHPHMDQWHVTXHD~QDVtHVWHPRVDEVROXWDPHQWHFRQVDJUDGRVD(O ¢3XHGHXQDHVSRVDWHQHUp[LWRFRPRHVSRVDVLHVWiLQWHUHVDGDHQRWURKRPEUH¢3XHGHXQKRPEUHWHQHUp[LWR FRPRHVSRVRVLHVWiLQWHUHVDGRHQRWUDPXMHU8VWHGVDEHODUHVSXHVWD¢yPRHQWRQFHVSXHGHXQKRPEUH TXHKDVLGROODPDGRSRU'LRVWHQHUp[LWRFRPRHYDQJHOLVWDVLWLHQHRWURVSDQHVHQHOKRUQR(VVHQFLOODPHQWH LPSRVLEOH(OHYDQJHOLVWDGHEHVHUXQKRPEUHFRQXQVyORJUDQSURSyVLWRHQVXYLGD'HEHVHUDOJXLHQTXH SXHGDGHFLUFRPRHODSyVWRO3DEOR8QDFRVDKDJR $PLJR¢WLHQHXVWHGYDULRVLQWHUHVHVGLIHUHQWHV¢(VWiWUDWDQGRGHORJUDUYDULDVFRVDVHQOXJDUGHFRQVDJUDUVHD OD~QLFDJUDQREUDDODFXDO'LRVORKDOODPDGR¢4XLHUHXVWHGWHQHUp[LWR¢$QVtDJDQDUDOPDVSDUDHO6HxRU -HVXFULVWR FRQRFHU DOJR GH OD JORULD GHO DYLYDPLHQWR (QWRQFHV UHSLWR FRQFpQWUHVH HQ XQD VROD FRVD (QWUpJXHVHSRUFRPSOHWRD'LRVDODREUDGHODHYDQJHOL]DFLyQ ¢5HFXHUGDXVWHGODVSDODEUDVGHODSyVWRO3DEOR1LQJXQRTXHPLOLWDVHHQUHGDHQORVQHJRFLRVGHODYLGDDILQ GHDJUDGDUDDTXHOTXHORWRPySRUVROGDGR7LPRWHR$
- 15. 7LPRWHRKDEODVHUXQKRPEUHGHXQDVRODFRVD 3DEOROH KL]R YHUFODUDPHQWH TXH QLQJ~Q KRPEUHTXH VH GHMDEDHQUHGDU HQ ORV DVXQWRV PXQGDQRV SRGtD VHUMDPiVXQVROGDGRYLFWRULRVRLRmismoRFXUUHFRQHOHYDQJHOLVWD6LYDDVHUYLUD'LRVFRPR'LRVTXLHUHTX H OHVLUYDGHEHGHVSRMDUVHGHWRGRRWURLQWHUpV ¢4XLHUHXVWHGTXH'LRVORXVH3XHVELHQ¢HVWiGLVSXHVWRDSDJDUHOSUHFLR¢(VWiSUHSDUDGRSDUDGHMDUWRGR ORGHPiVFRQYHUWLUVHHQXQDSHUVRQDGHXQDVRODFRVD¢(VWiGLVSXHVWRDGHGLFDUVXYLGDHQWHUDDHVD~QLFD FRVDDDVHJXUDUVHGHTXHQLQJXQDRWUDFRVDORDWUDLJDGHTXHQLQJXQDRWUDFRVDOHLQWHUHVHGHTXHQLQJXQD RWUDFRVDDEVRUEDVXDWHQFLyQ¢(VWiSUHSDUDGRSDUDFRQFHQWUDUVHSDUDHQWUHJDUVHGHOOHQRDOVHUYLFLRGH'LRV SDUDFRQYHUWLUVHHQXQDSHUVRQDGHXQVRORJUDQSURSyVLWRHQODYLGD6LORHVWi'LRVORYDDXVDUDXVWHGSDUD VXSURSLDJORULDKRQRUODODERUGHHYDQJHOL]DFLyQTXHXVWHGUHDOLFHWHQGUip[LWR 8QDYLGDGHODTXHVHKDHOLPLQDGRWRGRHVWRUER ¢5HFXHUGDXVWHGDTXHOODDILUPDFLyQGHO6DOPR6LHQPLFRUD]yQKXELHVHRPLUDGRDODLQLTXLGDGHO 6HxRUQRPHKDEUtDHVFXFKDGR(OQLVLTXLHUDVHLQFOLQDUiSDUDHVFXFKDUORTXHRGLJRVLDEULJRVLPLUROD LQLTXLGDGHOSHFDGRHQPLFRUD]yQ7RGRSHFDGRGHEHVHUHUUDGLFDGR $PLJRPtRWDOYH]HVDVHDODUD]yQSRUODTXH'LRVno ORHVWiXVDQGRDXVWHG4XL]iWHQJDXVWHGXQtGRORHQVX YLGDTXL]iVKDDXQ$FiQHQHOFDPSDPHQWR4XL]iVXVWHGHVWpFDUJDGRSRUDOJ~QWLSRGHSHVRRSRUXQPDO KiELWRDOTXHQRHVWiGLVSXHVWRDUHQXQFLDU7DOYH]XVWHGQLVLTXLHUDVHGpFXHQWDGHTXHHVRHVSHFDGRSHUR VHLQWHUSRQHHQWUHXVWHG'LRVKDFHLPSRVLEOHHOTXH'LRVORXVHDXVWHG DGDGtDXVWHGWUDWDGHDYDQ]DUSHURKDDOJRTXHORDUUDVWUDKDFLDDWUiVDOJ~QSHVRTXHWLUDGHXVWHGKDFLD DEDMRTXHOHKDFHLPSRVLEOHFRUUHUODFDUUHUDTXH'LRVTXLHUHTXHFRUUD8QKiELWRWDOYH]LQRIHQVLYRHQVt
- 18. 0LHQWUDVWHQJDPRVDXQTXHVHDXQSRFRGHQXHVWUDSURSLDYROXQWDG'LRVSRGUiKDFHUSRFRFRQQRVRWURV(V QHFHVDULRTXHVXYROXQWDGOOHJXHDVHUQXHVWUDYROXQWDGWDQSURQWRFRPRVXYROXQWDGVHDODQXHVWUDHQWRQFHV SRGUiFRPHQ]DUDEHQGHFLUQRV'HEHPRVSRGHUGHFLUFRQHO6HxRU-HV~V0LGHOLFLDHVKDFHUWXYROXQWDGRK 'LRVPtR 'LRVQRDFW~DQXQFDFRPRXQFDSDWD]1XQFDQRVREOLJDDKDFHUDOJRTXHQRTXHUHPRVKDFHU 3ULPHUR QRV KDFH HVWDU GHVHRVRV OXHJR QRVRWURV QRV GHOHLWDPRV HQ REHGHFHUOH (Q RWUDV SDODEUDV VX YROXQWDGFRPRDORKHGLFKRVHFRQYLHUWHHQQXHVWUDYROXQWDGHQWRQFHVDQRKDVLQRXQDVRODYROXQWDG TXHREHGHFHU1RVKHPRVSXHVWRDEVROXWDPHQWHDGLVSRVLFLyQGH'LRV ¢4Xp SXHGH KDFHU XQ PpGLFR SRU XQ SDFLHQWH PLHQWUDV HO SDFLHQWH UHFKDFH VX UHPHGLR (O SDFLHQWH GHEH SRQHUVHFRPSOHWDPHQWHHQPDQRVGHOPpGLFRGHEHHVWDUSHUIHFWDPHQWHGLVSXHVWRDDFHSWDUODUHFHWDTXHHO PpGLFROHGp6yORHQWRQFHVWHQGUiHVSHUDQ]DVGHUHFXSHUDUVH3HURPLHQWUDVHOSDFLHQWHKDJDODVFRVDVDVX PDQHUDVHDSOLTXHVXSURSLDPHGLFLQDUHFKDFHODVUHFHWDVTXHOHGDHOPpGLFRHVSRFRORTXHVHSXHGHKDFHU SRUpO(VPHQHVWHUTXHVHSRQJDHQPDQRVGHOPpGLFR /RPLVPRVXFHGHFRQXVWHGFRQPLJR+DVWDWDQWRQRQRVSRQJDPRVDEVROXWDPHQWHDGLVSRVLFLyQGH'LRV VHUiSRFRORTXH'LRVSXHGDKDFHUSRUQRVRWURV'LRVTXLHUHODYLGDGHXVWHGFRPSOHWDPHQWHUHQGLGD(O QXQFDHVWDUiVDWLVIHFKRFRQXVWHGVLQRKDVWDTXHXVWHGFRPRXQHVFODYRSHURFRPRXQHVFODYRYROXQWDULRVH SRQJDWRWDOPHQWHDGLVSRVLFLyQGH(O(QWRQFHV(OSRGUiXVDUORDXVWHGSDUDVXSURSLDJORULD
- 20. (QQXHVWUDSULPHUDFRQIHUHQFLDWUDWiEDPRVVREUHFLQFRGHORVUHTXLVLWRVSDUDODHYDQJHOL]DFLyQ$KRUDQRV FRUUHVSRQGHWUDWDUVREUHORVVHLVUHVWDQWHV4XH'LRVH[DPLQHQXHVWURFRUD]yQDPHGLGDTXHORVFRQVLGHUDPRV 8QPLQLVWHULRGHRUDFLyQTXHSUHYDOHFH 1R KD QDGD PiV LPSRUWDQWH TXH HVWR 8VWHG UHFXHUGD TXH-DFRE OXFKy FRQ 'LRV HQ OD RUDFLyQ +R GtD OXFKDPRVPXSRFR1RVOHYDQWDPRVDODPDQHFHUQRVDUURGLOODPRVMXQWRDODFDPDVXVXUUDPRVXQDVFXDQWDV SDODEUDVGHRUDFLyQVDOLPRVDSUHVXUDGRVKDFLDHOWUDEDMRHQODQRFKHFXDQGRHVWDPRVIDWLJDGRVFDQVDGRV DJRWDGRVYROYHPRVDKDFHUORPLVPRQRVPHWHPRVHQODFDPD3DUDODPDRUtDGHQRVRWURVHVRHVORTXH VLJQLILFDODRUDFLyQ 3HURQRIXHDVtFRPR-DFRERUy(OHVWXYROXFKDQGRWRGDODQRFKHDOILQDOH[FODPy1RWHGHMDUpVLQRPH EHQGLFHV$OJXQRVQXQFDKDQDSUHQGLGRFyPROXFKDUHQODRUDFLyQ3RUHVRQRVDEHQFyPRSUHYDOHFHU1R SUHYDOHFHUHPRVFRQORVKRPEUHVVLQR KDVWD TXH KDDPRV SUHYDOHFLGR FRQ 'LRV SDUD SUHYDOHFHU FRQ ORV KRPEUHVGHEHPRVDSUHQGHUDHVIRU]DUQRV -HV~VVDEtDORTXHHUDHVIRU]DUVHHQODRUDFLyQRPRUHFRUGDUiQ(OSDVDEDQRFKHVHQWHUDVHQRUDFLyQ8QD RWUD YH] ORV GLVFtSXORV OR KDOODURQ D VRODV FRQ 'LRV HQ DOJ~Q OXJDU GHVRODGR GHUUDPDQGR VX DOPD HQ XQD RUDFLyQGHJUDQOXFKD8VWHGRVDEHPRVPXSRFRGHHVDFODVHGHRUDFLyQSHURPLHQWUDVQRDSUHQGDPRVD TXHGDUQRVDVRODVFRQ'LRVDHVIRU]DUQRVHQODRUDFLyQQRORJUDUHPRVPXFKR 1RVHUiVLnoKDVWDHQWRQFHV TXH(OFRPLHQFHDXVDUQRVDUHVSRQGHUDQXHVWUDVRUDFLRQHVDJORULILFDUVHHQQXHVWURPLQLVWHULR DUORV*)LQQHWHQtDHVHWLSRGHFDUJDGHRUDFLyQ8QDRWUDYH]VDOtDDOERVTXHRDDOJ~QOXJDUVROLWDULR DOOtOXFKDEDHQSUHVHQFLDGH'LRV$YHFHVQRSRGtDQLVLTXLHUDH[SUHVDUVXVSHWLFLRQHVFRQSDODEUDV1RVGLFH TXHVyORSRGtDJHPLUOORUDUGHORIRUPLGDEOHTXHHUDODFDUJDTXHOOHYDEDHQFLPD1RHVGHH[WUDxDUTXH 'LRVORXVDUD1RHVGHH[WUDxDUTXHVHKDDFRQYHUWLGRHQHOPiVJUDQGHSUHGLFDGRUGHDYLYDPLHQWRVGHWRGRV ORV WLHPSRV 1R HV GH H[WUDxDU TXH 'LRV VH JORULILFDUD HQ VX PLQLVWHULR)LQQH VDEtD FyPR OXFKDU HQ OD RUDFLyQ :LOOLDP%UDPZHOOXQRGHORVSULPHURVJUDQGHVSUHGLFDGRUHVJDOHVHVSDVyXQDYH]WUHLQWDVHLVKRUDVHQXQ SR]RGHDUHQDDVRODVFRQ'LRV'XUDQWHHVDVWUHLQWDVHLVKRUDVGHRUDFLyQGHOXFKDQRWRFyDOLPHQWRQL EHELGDDOJXQDSHURFXDQGRVDOLyGHDOOtHQFHQGLyHOIXHJRGHODYLYDPLHQWRHQWRGRVORVOXJDUHVDGRQGHIXHD SUHGLFDU 7RGRVORVKRPEUHVDTXLHQHV'LRVKDXVDGRKDQVLGRKRPEUHVGHRUDFLyQ6LXVWHGQXQFDKDDSUHQGLGRDRUDU VLQXQFDKDDSUHQGLGRFyPROXFKDUFRQ'LRVVLXVWHGQXQFDKDDSUHQGLGRDVXIULUVLXVWHGQRVDEHQDGDGHO HVIXHU]RGHODOPDHQWRQFHVQRVDEHORTXHVLJQLILFDORJUDUUHVXOWDGRVHVSLULWXDOHV6LXVWHGTXLHUHYHUD'LRV JORULILFDUVHHQVXPLQLVWHULRWHQGUiTXHFRQYHUWLUVHDQWHWRGRHQXQKRPEUHGHRUDFLyQ 8QPLQLVWHULRVDWXUDGRFRQODSDODEUDGH'LRV RQR]FRDDOJXQRVPLQLVWURVTXHQXQFDUHFXUUHQDOD3DODEUDGH'LRVH[FHSWRSDUDSUHSDUDUVXVVHUPRQHV8Q KRPEUHTXHKDJDHVRQXQFDOOHJDUiPXOHMRVHQODREUDHYDQJHOtVWLFD8VWHGRQHFHVLWDPRVUHFXUULUDOD 3DODEUDGH'LRVHQDUDVGHQXHVWURELHQHVWDUHVSLULWXDO'HEHPRVFRQRFHUHO/LEURGHSRUWDGDDSRUWDGDVyOR KDXQDIRUPDGHFRQRFHUOROHHUOR/pDORGHO*pQHVLVDO$SRFDOLSVLV/pDORXQDRWUDYH]/pDORKDVWDTXHVH FRQYLHUWDHQSDUWHGHXVWHG6yORHQWRQFHVSRGUi'LRVXVDUORDXVWHGFRPR(OTXLHUH
- 21. 6LXVWHGQRHVWiIDPLOLDUL]DGRFRQHODUPDTXHYDDXVDUVHHQFRQWUDUiHQGHVYHQWDMDFXDQGRLQWHQWHXVDUOD 1XHVWUDDUPDHVOD3DODEUDGH'LRV6LQRHVWDPRVIDPLOLDUL]DGRVFRQHOODVLQRVDEHPRVFyPRXVDUODQR YDPRVDOOHJDUOHMRVHQQXHVWUDREUDGHHYDQJHOL]DFLyQ/D3DODEUDGH'LRVGHEHHVWDUHQQXHVWURVODELRVHQ QXHVWURFRUD]yQ'HEHPRVFRQRFHUODPHGLWDUVREUHHOODKDVWDTXHOOHJXHDVHUSDUWHGHQRVRWURV0LHQWUDV YHODPRVSRUODQRFKHFLWpPRVODXQDRWUDYH]KDVWDTXHQRVVDWXUHPRVGHHOOD 5HFRUGHPRVTXHORTXH'LRVXVDQRHVQXHVWUDSDODEUDVLQROD3DODEUDGH(O(OGLFHTXHVX3DODEUDHVXQ PDUWLOORXQIXHJRXQDHVSDGD8QPDUWLOORTXHEUDQWDXQIXHJRTXHPDXQDHVSDGDFRUWD'HEHPRVFRQILDU HQ OD 3DODEUD /R TXH GLJDPRV QRVRWURV SXHGH ORJUDU SRFR /R TXH 'LRV GLFH ORJUDUi PXFKR 8VHPRV HQWRQFHVOD3DODEUDDOXVDUODFRQR]FiPRVOD3RUORWDQWRUHSLWROHiPRVODKDVWDTXHVHFRQYLHUWDHQSDUWH GHQRVRWURV1DGDSXHGHVXVWLWXLUHOFRQRFLPLHQWRGHOD3DODEUD 0LQLVWHULRFRQXQPHQVDMHYLWDOSDUDXQPXQGRSHUGLGR ¢4XpWLHQHXVWHGSDUDXQPXQGRSHUGLGR¢9DDOOHYDUOHVVHUYLFLRVRFLDORHGXFDFLyQ¢3ODQHDOHYDQWDUOHVHO QLYHOHFRQyPLFR¢3URHFWDFRQFHQWUDUVHHQODREUDPpGLFDRGHKRVSLWDOHV $PLJRPtRVLSLHQVDTXHGHHVDVUD]RQHVHVHOPRWLYRGHOPLQLVWHULRHQWRQFHVOHDFRQVHMDUtDTXHVHTXHGHHQ VXFDVD1RKDOXJDUSDUDXVWHGHQODVUHJLRQHVOHMDQDV'HMHHQPDQRVGHRWURVWRGDVODVDFWLYLGDGHVTXHQR VRQSURSLDPHQWHHYDQJpOLFDV2WUDVRUJDQL]DFLRQHVSXHGHQKDFHUXQWUDEDMRPXFKRPHMRUTXHHOVXR7LHQHQ PiVGLQHURPiVWUDEDMDGRUHVDGLHVWUDGRVPiVUHFXUVRVGHORTXHXVWHGSRGUiDFXPXODUMDPiV7LHQHQHO HTXLSR TXH VH QHFHVLWD (OORV SXHGHQ HGXFDU D ORV SDJDQRV 3XHGHQ UHDOL]DU HO WUDEDMR PpGLFR 3XHGHQ HQFDUJDUVHGHORVVHUYLFLRVVRFLDOHV 6L XVWHG QR YD D LU OOHYDQGR HO ~QLFR PHQVDMH VHUtD PHMRU TXH QR IXHUD 6X PHQVDMH GHEH VHU -XDQ ©3RUTXHGHWDOPDQHUDDPy'LRVDOPXQGRTXHKDGDGRDVX+LMRXQLJpQLWRSDUDTXHWRGRDTXHOTXHHQpO FUHHQRVHSLHUGDPDVWHQJDYLGDHWHUQD6LXVWHGQRHVSRUWDGRUGHHVHPHQVDMHHOPHQVDMHGHODVDOYDFLyQ GH'LRVSDUDXQPXQGRSHUGLGRTXHHVWiSHUHFLHQGRVLQRYDDSURFODPDUODYLGDHWHUQDDTXLHQHVYLYHQHQ ODVWLQLHEODVGHOSDJDQLVPRVHUtDPHMRUTXHVHTXHGHHQVXFDVD ¢3RU TXp YD D HQWUDU XVWHG HQ HO PLQLVWHULR ¢XiO HV VX SURSyVLWR DO SUHGLFDU HO HYDQJHOLR GHO 6HxRU -HVXFULVWR¢4XLHUHKDFHUTXHODJHQWHSDVHXQEXHQUDWR¢(VWiHQWUDQGRHQHOPLQLVWHULRSDUDWHQHUGHTXp YLYLU ¢/H LQWHUHVD HO GLQHUR TXH SXHGH JDQDU ¢/R HVWi KDFLHQGR SRUTXH HV DOJR UHVSHWDEOH SRUTXH OH DFDUUHDUiSUHVWLJLRHLQIOXHQFLDVRFLDO¢(VpVHVXSURSyVLWR 6LHVDVtDPLJROHYXHOYRDGHFLUTXHVHUtDPHMRUTXHVHEXVTXHRWURSXHVWR6HULDPHMRUTXHEXVTXHRWUDFRVD TXHKDFHUSRUTXHODEHQGLFLyQGH'LRVQXQFDYDDGHVFDQVDUVREUHXVWHGVLpVDVVRQVXVUD]RQHV$PHQRVTXH YDDDHQWUDUHQ HOPLQLVWHULRFRQHOPHQVDMHGHODVDOYDFLyQ GH'LRVD PHQRV TXH YDD D SUHVHQWDUOHV D TXLHQHVYLYHQHQHOSHFDGRODVWLQLHEODVXQ6DOYDGRUYLYLHQWHDSURFODPDUOHVHOPHQVDMHGHTXHULVWR PXULySRUQXHVWURVSHFDGRV´DPHQRVTXHYDDDGHFLUOHVDTXLHQHVHVWiQSHUGLGRVSHUHFLHQGR+HDTXtHO RUGHURGH'LRVTXHTXLWDHOSHFDGRGHOPXQGR´UHSLWRVHUtDPHMRUTXHVHGHGLTXHDRWUDFRVD(OPLQLVWHULR QRHVHOOXJDUDGHFXDGRSDUDXVWHG1RYDOHODSHQD (QHVWHPRPHQWRHVWRSHQVDQGRHQFLHUWRKRPEUHGH/RQGUHV,QJODWHUUD(VHKRPEUHDVLVWLyFLHUWDYH]DGRV LJOHVLDV3RUODPDxDQDIXHDOLW7HPSOHHQHOFRUD]yQGHODJUDQPHWUySROL (VFXFKyXQRGHORVVHUPRQHV PiVHORFXHQWHVTXHKDEODRtGRMDPiVDOVDOLUORRHURQH[FODPDU£4XpVHUPyQWDQPDUDYLOORVR3RUOD QRFKHIXHDO7DEHUQiFXORGH6SXUJHRQHVHS~OSLWRGHIDPDPXQGLDOHVHJUDQDXGLWRULRFRQVXVGRVHQRUPHV JDOHUtDVTXHVHKLFLHURQIDPRVDVJUDFLDVDDUORV+6SXUJHRQHOSUtQFLSHGHORVSUHGLFDGRUHVDOVDOLUOR RHURQH[FODPDU£4XpULVWRWDQPiUDYLOORVR´ 6LHOSURSyVLWRTXHXVWHGWLHQHHVSURQXQFLDUJUDQGHVVHUPRQHVHQWRQFHVHVPHMRUTXHVHHFKHDWUiV(OPXQGR QR QHFHVLWD VHUPRQHV OR TXH QHFHVLWD HV XQ PHQVDMH HQWUH XQ VHUPyQ XQ PHQVDMH KD XQD HQRUPH GLIHUHQFLD8VWHGSXHGHLUDXQVHPLQDULRDSUHQGHUFyPRSURQXQFLDUVHUPRQHVSHURSDUDWHQHUXQPHQVDMH
- 22. TXHWUDVPLWLUXVWHGWHQGUiTXHDFXGLUD'LRV/RVVHUPRQHVQXQFDHMHUFHUiQLQIOXHQFLDVREUHVXFRQJUHJDFLyQ SHUR ORV PHQVDMHV Vt /RV VHUPRQHV DSHODQ DO LQWHOHFWR ORV PHQVDMHV DO FRUD]yQ /R TXH OD JHQWH GH KR QHFHVLWDQRVRQJUDQGHVVHUPRQHVVLQRJUDQGHVPHQVDMHV'HEHPRVVDOLUDSUHVHQWDUDULVWRHO6DOYDGRU YLYLHQWH (OPXQGRUHSLWRHVWiDODHVSHUDGHORVPHQVDMHURVGH'LRV6LXVWHGYDDLUDOS~OSLWRSDUDSUHVHQWDUDULVWR HOULVWRYLYLHQWHSDUDXQPXQGRTXHVHHVWiPXULHQGRHQWRQFHV'LRVORYDDEHQGHFLUDXVWHGORYDDXVDU SDUDVXJORULD8VWHGHVWDUiSDUWLFLSDQGRHQ ODPiVJUDQGLRVD GHWRGDV ODVYRFDFLRQHVODGHOPLQLVWHULR QXQFDVHDUUHSHQWLUiGHKDEHUUHVSRQGLGRDOOODPDGRGH'LRV$OILQDOGHVXYLGDPLUDUiDWUiVUHFRUGDQGRVX PLQLVWHULROHGDUiJUDFLDVD'LRVSRUKDEHUSDVDGRODYLGDDOVHUYLFLRGHO6HxRU-HVXFULVWR 8QPLQLVWHULRHQODXQFLyQGHO(VStULWX6DQWR +RGtDKDTXLHQHVFDVLWLHQHQPLHGRGHKDEODUDFHUFDGHO(VStULWX6DQWR+DKDELGRWDQWRFRQVHUYDGXULVLQR IUtR WDQWR IDQDWLVPR UHVSHFWR DO (VStULWX 6DQWR TXH HOORV DSHQDV VL OR PHQFLRQDQ 3HUR (O HV OD WHUFHUD SHUVRQDGHOD7ULQLGDGHO$OEDFHDGHODGLYLQLGDGHOTXHHQHOOLEURGH+HFKRVRFXSDHOSXHVWRSULQFLSDO)XH HO(VStULWX6DQWRTXLHQUHDOPHQWHOOHYyDFDERODREUDTXHDOOtVHGHVFULEH)XH(OTXLHQJXLyDORVDSyVWROHV ORV GLULJLy (O HUD HO TXH OOHYDED OD GLUHFFLyQ (O (VStULWX 6DQWR UHGDUJtD GH SHFDGR H LQLFLDED ORV DYLYDPLHQWRV(O'LRV(VStULWX6DQWRIXHHOTXHIXQGyOD,JOHVLD3ULPLWLYD +R GtD HQ JUDQ PHGLGD VH KDFH FDVR RPLVR GHO (VStULWX 6DQWR 7HQHPRV OD LGHD GH TXH SRGHPRV DUUHJOiUQRVODVVLQ(OGHTXHORVHVWXGLRVODIRUPDFLyQDFDGpPLFDSXHGHQWRPDUVXOXJDUHQFLHUWRPRGR UHHPSOD]DUVXSRGHUQRVKHPRVHPSHxDGRHQOOHYDUDGHODQWHQXHVWURPLQLVWHULRFRQODHQHUJtDGHODFDUQH FRPSOHWDPHQWHDHVSDOGDVGHO(VStULWX6DQWR$PtPHSDUHFHTXHDHVKRUDGHTXHOHGHPRVVXOHJtWLPR OXJDUSRUTXHHV(OTXLHQGHEHUHDOL]DUODREUD$PHQRVTXHXVWHGRVHSDPRVDOJRDFHUFDGHODXQFLyQGHO (VStULWXGH'LRVQRSRGUHPRVOOHJDUPXOHMRVHQHOVHUYLFLRD'LRV $ OR ODUJR GH PLV DxRV GH PLQLVWHULR KH HVWXGLDGR OD YLGD GH DTXHOORV D TXLHQHV 'LRV KD XVDGR KH GHVFXELHUWRTXHWRGRVHOORVHUDQKRPEUHVXQJLGRVDGDXQRGHHOORVDIXHUDXQHYDQJHOLVWDRXQSUHGLFDGRU GHDYLYDPLHQWRVWXYRHQVXYLGDXQDHVSHFLHGHH[SHULHQFLDFUXFLDOHQTXHHO(VStULWX6DQWRDVXPLyHOSRGHU VREUHpOFRPHQ]yDXVDUOR7RGRVHOORVHUDQKRPEUHVXQJLGRV $OJXLHQ TXH H[SHULPHQWy HVD FODVH GH XQFLyQ IXH(YDQ 5REHUWV -DPiV ROYLGDUp HO GtD HQ TXH IXL D YHUOR FXDQGRHVWXYHHQ*DOHV1RHVWDEDHQFDVDSHURYLODFDVDHQTXpYLYtDVHQWtTXHKDVWDHOWHUUHQRTXHSLVDED HUDVDQWR3RVWHULRUPHQWHPHHVFULELyXQDFDUWDGHVXSXxROHWUDSRFRVPHVHVGHVSXpVSDUWLySDUDYLYLU FRQVX6HxRU5HSLWR(YDQ5REHUWVFRQRFLyODXQFLyQGHO(VStULWX6DQWR7DPELpQDUORV*)LQQHFRQRFLy HVDXQFLyQ(OVDELDORTXHHUDHVWDULQYHVWLGRGHSRGHUGHORDOWR'/0RRGWDPELpQODFRQRFLy-XDQ :HVOHODFRQRFLyDGDXQRGHHVRVKRPEUHVDTXLHQHV'LRVKDXVDGRDORODUJRGHORVVLJORVKDVDELGROR TXHVLJQLILFDHVWDUXQJLGRSRUHO(VStULWXGH'LRV /RVKRPEUHVXQJLGRVQRVHFRQWHQWDQFRQORVHVWXGLRVQLFRQODIRUPDFLyQDFDGpPLFD6DEHQTXHVHQHFHVLWD DOJRPiVTXH'LRVQRSXHGHXVDUORVVLQRKDVWDTXHKDDQH[SHULPHQWDGRODXQFLyQ$VtTXHHVSHUDQHQOD SUHVHQFLDGH'LRVKDVWDVHULQYHVWLGRVGHSRGHUGHORDOWR(QWRQFHVVDOHQHQSRFDVVHPDQDVRPHVHVORJUDQ PiVFRQODGHPRVWUDFLyQHOSRGHUGHO(VStULWXTXHORTXHKDEUtDQSRGLGRORJUDUHQYDULRVDxRVFRQODHQHUJtD GHODFDUQH (QQXHVWURVGtDV'LRVTXLHUHKRPEUHVXQJLGRVDPHQRVTXHXVWHGRFRQR]FDPRVDOJR GH OD XQFLyQ GH OD FXDO HVWR KDEODQGR QR OOHJDUHPRV OHMRV HQ OD ODERU GH OD HYDQJHOL]DFLyQ (VWR OR KH FRQVLGHUDGRWDQLPSRUWDQWHTXHKHHVFULWRGRVOLEURVVREUHHOWHPD 1RHVQHFHVDULRTXHXQRVHYXHOYDIDQiWLFR+DXQDH[SHULHQFLDLQWHUPHGLDXQDSRVWXUD
- 23. EtEOLFDTXHXQRSXHGHDVXPLUXQDH[SHULHQFLDELHQHVWDEOHFLGDHQOD3DODEUDGH'LRVUHFRQRFLGDSRUORV KRPEUHVGH'LRVDORODUJRGHORVVLJORVHVDH[SHULHQFLDSRGUiVHUVXD6LTXLHUHFRQWDUSDUDDOJRHQHO VHUYLFLRD'LRVXVWHGVHDVHJXUDUiGHWHQHUHVDH[SHULHQFLDVHDVHJXUDUiGHVHUXQKRPEUHXQJLGR 1RLPSRUWDVLXVWHGVHYDDSDtVHVH[WUDQMHURVRVLVHTXHGDWUDEDMDQGRHQWUHORVLQFUpGXORVHQVXSDWULDHQ FXDOTXLHUDGHHVRVFDVRVXVWHGGHEHFRQRFHUSRUH[SHULHQFLDODXQFLyQGHO(VStULWX6DQWR6LQRVXPLQLVWHULR SDGHFHUiGHXQDIDOWDGHSRGHUORJUDUiPXSRFR6LTXLHUHTXH 'LRVORXVHVLTXLHUHTXH JUDFLDVDVX PLQLVWHULRKDDDOPDV TXH VHFRQYHQFHQGHSHFDGR VH VDOYDQHQWRQFHV DJXDUGDUi KDVWD VHU LQYHVWLGR GH SRGHUGHORDOWR(QWRQFHVOOHJDUiDVHUXQKRPEUHXQJLGR 8QPLQLVWHULRFDUDFWHUL]DGRSRUXQDH[SHFWDWLYDGHIH (QFLHUWDRFDVLyQDUORV+6SXUJHRQHQYLyDVXVDOXPQRVDTXHUHDOL]DUDQUHXQLRQHVHYDQJHOtVWLFDVDODLUH OLEUHHQODVFDOOHVGH/RQGUHV'tDWUDVGtDYROYtDQDLQIRUPDUGHORVUHVXOWDGRV$OJXQRVWHQtDQp[LWRRWURVQR 8QGtDVHDFHUFyDOVHxRU6SXUJHRQXQMRYHQTXHWHQtDSRFRVGRQHVRWDOHQWRVWUDtDXQDFDUDGHGHVLOXVLyQ GLMR 6HxRU 6SXUJHRQ QR SXHGR HQWHQGHU SRU TXp QR ORJUR JDQDU DOPDV SDUD HO 6HxRU -HVXFULVWR +H HVWDGR SDUWLFLSDQGRHQHVWDVUHXQLRQHVDODLUHOLEUHKHSUHGLFDGRILHOPHQWHHOHYDQJHOLRHVWRKDFLHQGRWRGRVORV HVIXHU]RVSRVLEOHVSHURSDUHFHTXHKDSRFDRQLQJXQDUHVSXHVWDDPLVLQYLWDFLRQHV 6SXUJHRQVHTXHGyPLUDQGRDOMRYHQSRUXQRVLQVWDQWHVOXHJROHGLMR ¢4XLHUHGHFLUTXHWLHQHODH[SHFWDWLYDGHTXHHO'LRV7RGRSRGHURVRVDOYHDOPDVFDGDYH]TXHXVWHGSUHGLFD (OMRYHQVHTXHGySDVPDGR 3XHVQRUHSXVRVXSRQJRTXHQRODURTXHQRGLItFLOPHQWHSRGUtDRWHQHUHVDH[SHFWDWLYD7RGDYtDQR KH WHUPLQDGR PL IRUPDFLyQ R QR WHQJR WDQWRV GRQHV WDOHQWRV FRPR RWURV 1R D YHR TXH HVWR HTXLYRFDGRRQRGHEtDWHQHUHVDH[SHFWDWLYD £3XHVHQWRQFHVH[FODPyHOVHxRU6SXUJHRQSUHFLVDPHQWHSRUHVRHVTXHXVWHGQRYHQLQJ~QUHVXOWDGR (OMRYHQQRWHQtDODH[SHFWDWLYDGHODIHOD3DODEUDGH'LRVGLFHRPRFUHtVWHWHVHDKHFKR6LXQRQR HVSHUDUHVXOWDGRVQRORVREWHQGUi $PLJRVLXVWHGQRWLHQHODH[SHFWDWLYDGHYHUUHVXOWDGRVQRORVYHUi5HSLWRODFLWDRPRFUHtVWHWHVHD KHFKR8VWHGGHEHOOHJDUDOS~OSLWRSDUDSUHGLFDUHOHYDQJHOLRFRQODH[SHFWDWLYDGHODIH'HEHHVWDUWDQ VHJXURGHYHUUHVXOWDGRVFXDQGRFRPLHQ]DDSUHGLFDUFRPRORHVWiFXDQGRYHDKRPEUHVPXMHUHVTXHVH DFHUFDQSRUHOSDVLOORSDUDDFHSWDUD-HVXFULVWRFRPR6DOYDGRU $ORODUJRGHORVDxRVGHPLPLQLVWHULRKHKHFKRPXFKDVYHFHVODLQYLWDFLyQ1RORJURHQWHQGHUFyPRSXHGH KDEHUXQSDVWRUTXHVHFRQWHQWHFRQSUHGLFDUHOHYDQJHOLRSURQXQFLDUODEHQGLFLyQILQDOHLUVHDVXFDVDVLQ KDEHUYLVWRRFXUULUQDGD0HSDUHFHTXHGHVSXpVGHKDEHUVHUYLGRODFRPLGDHQODPHVDGHERGDUOHDODJHQWH ODRSRUWXQLGDGGHDFHUFDUVHSDUWLFLSDUGHHOODTXHVLQRORKDJRHVWRGHMDQGRIXHUDGHPLPLQLVWHULRDOJR YLWDO 'RPLQJRWUDVGRPLQJRKHLQYLWDGRDKRPEUHVPXMHUHVLQFUpGXORVDVtFRPRDORVTXHVHKDEtDQDOHMDGRGHO 6HxRUDTXHVHDFHUTXHQDFHSWHQDULVWRFDVLQRSXHGRUHFRUGDUQLQJ~QGRPLQJRSRUODQRFKHHQWRGRV ORVDxRVGHPLPLQLVWHULRHQTXHQRKDDYLVWRUHVXOWDGRV1RFKHWUDVQRFKHORVKHYLVWRUHFRUUHUORVSDVLOORV SRQHUVHGHSLHDOIUHQWHOXHJRLUFRQORVOtGHUHVSHUVRQDOHVSDUDUHFLELUDXGDLQGLYLGXDOXDQGRQRSDVD QDGD PH TXHGR VRUSUHQGLGR 6L R SUHGLFDUD XQ PHQVDMH GHO HYDQJHOLR KLFLHUD XQD LQYLWDFLyQ QR YLHUD UHVSRQGHUDQDGLHPHTXHGDUtDHVWXSHIDFWR7HQJRODH[SHFWDWLYDGHYHUUHVXOWDGRV
- 24. 1RTXLHURGHFLUTXHWRGRVORVTXHVHKDQDFHUFDGRVHKDDQVDOYDGRSHURWHQJRUD]RQHVSDUDFUHHUTXHDO PHQRVDOJXQRVKDQHQFRQWUDGRD-HVXFULVWRVRQDKRUDKLMRVGH'LRVXDQGROOHJRDOS~OSLWR'LRVSDUHFH GDUPHHVDH[SHFWDWLYDGHODIHDODTXHKHHVWDGRUHILULpQGRPHGHPRGRTXHVpSHUIHFWDPHQWHELHQTXHFXDQGR KDDFRQFOXLGRPLPHQVDMHKDDH[WHQGLGRODLQYLWDFLyQKDEUiTXLHQHVUHVSRQGDQUHRTXHVLQRSXGLHUD YHUUHVXOWDGRVGHMDUtDHOPLQLVWHULR ¢1RHVFLHUWRTXHXQDERJDGRHVSHUDXQYHUHGLFWR1RKDEODSDUDHQWUHWHQHUDORVGHPiV/HVKDEODDORV MXHFHV SDUD REWHQHU XQD VHQWHQFLD VL QR ORJUD XQ YHUHGLFWR VX DSHODFLyQ KD IDOODGR /R PLVPR GHEHUtD RFXUULU FRQ HO SUHGLFDGRU GHO HYDQJHOLR FRQ HO HYDQJHOLVWD 'HELHUD WHQHU OD H[SHFWDWLYD GH TXH KDD XQ YHUHGLFWR 'HELHUD ORJUDU UHVXOWDGRV 6L QR HV TXH DOJR DQGD PDO 5HSLWR TXH VX PLQLVWHULR GHELHUD FDUDFWHUL]DUVHSRUODH[SHFWDWLYDGHODIH 8QPLQLVWHULRFRQVDJUDGRDODJORULDGH',26 $PLJRVLXVWHGHVWiGHVHPSHxDQGRVXPLQLVWHULRSRUFXDOTXLHURWURSURSyVLWRTXHQRVHDODJORULDGH'LRVQR VHUYLUi GH PXFKR 6L XVWHG HV HYDQJHOLVWD SRU OR TXH SXHGH VDFDU GH HVR VL XVWHG HVWi SUHGLFDQGR SDUD HQDOWHFHUVXSURSLRRVLXVWHGTXLHUHXQDYLGDFyPRGDVLXVWHGDQGDHQEXVFDGHGLQHURRGHIDPDSRGUiYHU DOJRGHp[LWRH[WHULRUSHURQXQFDH[SHULPHQWDUiODEHQGLFLyQGH'LRV6LXVWHGWLHQHDOJXQDRWUDPRWLYDFLyQ TXHQRVHDODJORULDGH'LRVQRSRGUiHVSHUDUODFODVHGHUHVXOWDGRVTXH'LRVTXLHUHGDU6XPLQLVWHULRGHEH VHUSDUDODJORULDGH'LRV 6LpVHQRHVVXSURSyVLWRHQWRQFHVVLRIXHUDXVWHGPHDUURGLOODUtDDQWH'LRVPHKXPLOODUtDKDVWDTXHWRGR PLHJRtVPRTXHGDUDHOLPLQDGR/HSHGLUtDD'LRVTXHPHTXHEUDQWDUDSDUDSRGHUJORULILFDUORD(O3RUTXHD PHQRVTXHXVWHGSRQJDSULPHURODJORULDGH'LRVVHUiXQWULVWHIUDFDVR1XQFDORJUDUiQDGDTXpUHDOPHQWH YDOJD 6L XVWHG YLYH UHVXHOWR D FRPSODFHUVH D Vt PLVPR 'LRV QR KRQUDUi VX PLQLVWHULR 8VWHG GHEH TXHEUDQWDUVHSDUDTXH(OORXVH'HRWURPRGRWDUGHRWHPSUDQRKDEUiXQGHVDVWUH 1RKDKDELGRMDPiVXQKRPEUHTXHKDDVLGRXVDGRSRU'LRVVLQRKDVWDVHUTXHEUDQWDGRKDVWDTXHKDD PXHUWRDVtPLVPRKDVWDTXHHVWpYLYLHQGRVyORSDUD'LRV(ORGHEHVHUTXLWDGRGHHQPHGLR8VWHGQR GHEH DQGDU HQ E~VTXHGD GHO KRQRU GH ORV HORJLRV SDUD XVWHG PLVPR XVWHG QR GHEH MDFWDUVH GH ODV PXFKHGXPEUHVTXHDVLVWHQQLGHODVGHFLVLRQHVSRUULVWRTXHVHWRPDQQLGHORVDUWtFXORVTXHVHHVFULEHQHQ ORVSHULyGLFRVDFHUFDGHXVWHG8VWHGGHEHJORULDUVHVyORHQ'LRV$PHQRVTXH(OVHDHQJUDQGHFLGRHQVX REUDGHHYDQJHOL]DFLyQVXWUDEDMRVHUiHQYDQR +HWUDWDGRGHFRQIURQWDUORDXVWHGFRQORVRQFHUHTXLVLWRVTXH'LRVPHKDmostrado3HUPtWDPHVXJHULUOHTXH ORVUHSDVHXQRSRUXQROXHJRStGDOHD'LRVTXHH[DPLQHVXFRUD]yQ(VWRVHJXURGHTXHXVWHGTXLHUHTXH (OORXVHGHTXHTXLHUHWHQHUp[LWRFRPRHYDQJHOLVWDGHTXHWLHQHDQVLDVGHYHUHODYLYDPLHQWR(QWRQFHV HQIUHQWHORVSUHUUHTXLVLWRVWDOHVFRPRVHORVKHHVER]DGRGHMHTXH'LRVOHKDEOH(OTXLHUHXVDUOR(OTXLHUH EHQGHFLUHOPLQLVWHULRGHXVWHG3HURVLKDHVWRUERVHQHOFDPLQR(OQRSRGUiEHQGHFLUORDFDGDXQROHWRFD TXLWDUHVRVREVWiFXORV(ODYLYDPLHQWROOHJDFXDQGRVHKDQUHXQLGRODVFRQGLFLRQHV
- 26. 7DQWRHQ*UDQ%UHWDxDFRPRHQORV(VWDGRV8QLGRVVHFRQVLGHUDDDUORV*)LQQHFRPRHOPiVJUDQGH SUHGLFDGRU GH DYLYDPLHQWRV GH WRGRV ORV WLHPSRV -DPiV QLQJ~Q KRPEUH ORJUy WDQWR HQ WDQ SRFR WLHPSR 5HVXOWDGRV DVt QR VH KDEtDQ DOFDQ]DGR GHVGH ORV WLHPSRV GHO DSyVWRO 3DEOR 1DGLH TXH YDORUH VX SURSLD UHSXWDFLyQ VRxDUtD MDPiV FRQ SRQHU HQ GXGD OD REUD GH DUORV * )LQQH 3RU HVR DO KDEODU GH OD HYDQJHOL]DFLyQHQDFFLyQYDPRVDFRQVLGHUDUDQWH WRGR HOPLQLVWHULRPLODJURVRGHHVH JUDQ SUHGLFDGRUGH DYLYDPLHQWRV3RVWHULRUPHQWHQRVUHIHULUHPRVWDPELpQDRWURV /RSULPHURTXHGHEHPRVVHxDODUFRQUHIHUHQFLDDODHYDQJHOL]DFLyQTXHUHDOL]DED)LQQHHVTXHGRQGHTXLHUD TXHpOLEDODUHOLJLyQVHFRQYHUWtDHQHOSULQFLSDOWHPDGHFRQYHUVDFLyQ7RGRHOPXQGRVHSRQtDDKDEODUGH ORVDYLYDPLHQWRV$WRGRVOHVLQWHUHVDEDORTXHHVWDEDVXFHGLHQGREDMRHOOLGHUD]JRGHHVHKRPEUHGH'LRV DPSDxDVGHPDVLDGREUHYHV )LQQHQRFUHtDHQFDPSDxDVEUHYHV7DOYH]VHDHVDODUD]yQSRUODTXHKRGtDQRHVWDPRVREWHQLHQGRORV UHVXOWDGRVTXHGHEHUtDPRV1ROHGDPRVD'LRVODRSRUWXQLGDG)LQQHDGRQGHTXLHUDTXHLEDVHTXHGDED KDVWD TXH RFXUULHUD DOJR 3HUPDQHFtD DOOt KDVWD TXH HVWDOODUD HO DYLYDPLHQWR 3RU HVR VXV FDPSDxDV HUDQ IUHFXHQWHPHQWHEDVWDQWHH[WHQVDV3RUHMHPSORHQODFLXGDGGH)LODGHOILDVHTXHGyGXUDQWHXQDxRPHGLR HIHFWXDQGRVXVUHXQLRQHVQRFKHWUDVQRFKHSUHGLFDQGRHOHYDQJHOLRGH-HVXFULVWRWUDEDMDQGRDUGXDPHQWH KDVWDTXHHVWDOOyHODYLYDPLHQWRODFLXGDGIXHFRQPRYLGDSRU'LRV 8VWHGUHFRUGDUiTXH3DEORVHJXtDHOPLVPRPpWRGR)XHDODFLXGDGGHRULQWRSHUPDQHFLyDOOtGXUDQWHXQ DxRPHGLR'HVSXpVIXHD(IHVRDOOtSDVyWUHVDxRVHQWHURVHQVHxDQGRKDVWDTXHWRGRHOWHUULWRULRKXER VLGR HYDQJHOL]DGR KDVWD TXH 'LRV KXER FRQPRYLGR D OD UHJLyQ HQWHUD XQ SRGHURVR DYLYDPLHQWR KXER LQYDGLGRWRGDODSURYLQFLDGH$VLD +DFHDPXFKRVDxRVFXDQGRGLLQLFLRDPLWUDEDMRHQ7RURQWRPLSULPHUDFDPSDxDGXUyVHLVPHVHV6HPDQD WUDV VHPDQD R OOHYDED HYDQJHOLVWDV D OD FLXGDG UHDOL]DED ODV UHXQLRQHV GtD WUDV GtD (O HYDQJHOLR VH SURFODPyWRGDVODVQRFKHVKDVWDTXHSDVDURQVHLVPHVHV+DVWDORVViEDGRVVHSUHGLFDED(VHIXHHOFLPLHQWR VREUHHOFXDOHGLILFDPRVQXHVWUDREUD'XUDQWHHVRVPHVHV'LRVDFWXyGHXQPRGRSRGHURVRORVUHVXOWDGRV KDQFRQWLQXDGRKDVWDKRRQRWHQtDSUREOHPDVHQORJUDUTXHHOFRURDVLVWLHUDWRGDVODVQRFKHV/RVXMLHUHV FRQVHMHURVHVWDEDQHQVXVSXHVWRV/RVJXHUUHURVGHRUDFLyQFRRSHUDEDQ 7RGRHOmXQGRHVWDEDLQWHUHVDGRHQ ODREUD UHR TXH XQD GH ODV UD]RQHV SRU ODV TXH KR QR WHQHPRV DYLYDPLHQWR HV SRUTXH QXHVWUDV FDPSDxDV VRQ GHPDVLDGR EUHYHV 1R OH GDPRV DO (VStULWX GH 'LRV HO WLHPSR VXILFLHQWH SDUD TXH DFW~H 7LHQH TXH KDEHU WLHPSRSDUDODVLHPEUDGHODVHPLOODOXHJRSDUDODUHFROHFFLyQGHODFRVHFKD$YHFHVODFRQYLFFLyQGH SHFDGRQRVHGDWDQIiFLOPHQWHDQGDPRVGHPDVLDGRDSUHVXUDGRV(VWDPRVDQVLRVRVSRUYHUXQDFRVHFKD DQWHVTXHODVHPLOODVHKDDHFKDGRHQODWLHUUDFRVDTXHSRUVXSXHVWRHVLPSRVLEOH 5HVXOWDGRVDVRPEURVRV XDQGR )LQQH IXH D 5RFKHVWHU VH TXHGy DOOt KDVWD TXH UHDOPHQWH HVWDOOy HO DYLYDPLHQWR KDVWD TXH DOJR RFXUULyDKRUDTXLHURKDEODUGHORTXHRFXUULyHQHVDRFDVLyQ (QODFLXGDGVyORKDEíDXQWHDWUR HVHWHDWURIXHFODXVXUDGRGHILQLWLYDPHQWHDFRQVHFXHQFLDGHODYLYDPLHQWR /DV WDEHUQDV HVWDEDQ FDVL WRWDOPHQWH GHVLHUWDV SRU OR SRGHURVR TXH HUD HO DYLYDPLHQWR /D GHOLQFXHQFLD GHVDSDUHFLy FDVL SRU FRPSOHWR GH PRGR TXH ORV WULEXQDOHV WHQtDQ PX SRFR TXH KDFHU /DV FiUFHOHV VH
- 27. YDFLDURQ £,PDJLQpPRQRV OR TXH VLJQLILFDUtD HVR KR FXDQGR QXHVWUDV FiUFHOHV HVWiQ DWHVWDGDV £4Xp PDUDYLOORVRVHUtDVLORVSUHVRVDOFDQ]DUDQODVDOYDFLyQODVFiUFHOHVTXHGDUDQYDFtDV (QFDPELRORVWHPSORVHVWDEDQFROPDGRVGHJHQWHKDVWDPiVQRSRGHU1RKDEíDQHFHVLGDGGHJDVWDUGLQHUR HQDQXQFLRVFDURVSDUDLQIRUPDUVREUHORVFXOWRV/RVWHPSORVVHOOHQDEDQDXWRPiWLFDPHQWHVHOOHQDEDQDO Pi[LPRGHVXFDSDFLGDGHVRVLJXLyDVtSRUPXFKRVPHVHV$ODJHQWHOHFRVWDEDPXFKRWUDEDMRHQFRQWUDU DVLHQWRVHQORVWHPSORV RPR YHPRV WRGR HO PXQGR HVWDED LQWHUHVDGR HQHO DYLYDPLHQWR /D UHOLJLyQ VH KDEOD FRQYHUWLGR HQ HO WHQLD SULQFLSDO GH FRQYHUVDFLyQ QR OD SROtWLFD VLQR OD UHOLJLyQ 1R HO WLHPSR OD VLWXDFLyQLQWHUQDFLRQDOVLQRHODYLYDPLHQWR(VHHUDVLPSOHPHQWHHO~QLFRWHPDGHFRQYHUVDFLyQDVtGHELHUD VHUKR(ODYLYDmLHQWRGHEHríaVHUWDQSRGHURVRTXHWRGRHOPXQGRKDEODUDGHpO $GHPiVVHOOHJDEDDWRGDV ODVFODVHVVRFLDOHV1RVyOR ODVFODVHVKXPLOGHVVLQR WDPELpQODVDOWDVULFRV SREUHV QLxRV DGXOWRV ERUUDFKRV LQWHOHFWXDOHV HUXGLWRV GLULJHQWHV GH OD VRFLHGDG DERJDGRV MXHFHV EDQTXHURVPpGLFRVHVFpSWLFRVEXUORQHV1RKXERQLXQVRORJUXSRVRFLDOTXHQRUHFLELHUDODLQIOXHQFLDGHO DYLYDPLHQWR/DPDRUtDGHORVGLULJHQWHVGHODVRFLHGDGUHFLELHURQVXLPSDFWRPXFKRVGHHQWUHORVPiV FXOWRV OOHJDURQ D ORV SLHV GHO 6HxRU -HVXFULVWR +DVWD ORV EXUORQHV VH VDOYDURQ 'LRV DFWXy GH XQ PRGR H[WUDRUGLQDULRGHPRGRTXHIXHURQDOFDQ]DGRVWRGRVORVHVWUDWRVGHODVRFLHGDGHQODFLXGDGHQWHUD 6HKLFLHURQUHVWLWXFLRQHVVHSDJDURQGHXGDVVHFXPSOLHURQREOLJDFLRQHV(VRVLHPSUHVXFHGHFXDQGRKDXQ DYLYDPLHQWR DXWpQWLFR/R KHYLVWR XQD RWUD YH] /RV TXH QR KDEtDQ HVWDGR HQ EXHQRV WpUPLQRV FRQ VXV VHPHMDQWHVVHKDQDUUHJODGRFRQHOORV6HKDQSXHVWRDGHUHFKRFRQDTXHOORVDTXLHQHVKDEtDQRIHQGLGR+DQ SDJDGRVXVGHXGDV(VWDUHQEXHQDUHODFLyQFRQ'LRVHVHVWDUHQEXHQDUHODFLyQFRQORVKRPEUHVHVWDUHQ PDORVWpUPLQRVFRQORVKRPEUHVHV HVWDUHQ PDORVWpUPLQRVFRQ'LRV (Q WRGR DYLYDPLHQWR GHEH GDUVH OD UHVWLWXFLyQVLHPSUHKDEUiUHVWLWXFLyQSRUTXHVLQRHODYLYDPLHQWRQRHVDXWpQWLFR/DUHVWLWXFLyQHVXQRGH ORVUHVXOWDGRVQDWXUDOHVGHOPRYLPLHQWRGHO(VStULWXGH'LRVHQXQDFRPXQLGDGKXPDQD3RUHMHPSORFLHUWR KRPEUH GHYROYLy WUHLQWD PLO GyODUHV FRPR UHVXOWDGR GLUHFWR GHO DYLYDPLHQWR GH )LQQH +R GtD HVR HTXLYDOGUtD FRPR D FLHQWR FLQFXHQWD PLO GyODUHV IXH SDJDGR GHQWUR GHO WpUPLQR GH VHLV VHPDQDV (O DYLYDPLHQWRJHQHUDGLVFXOSDVUHFRQFLOLDFLRQHV 2WUR UHVXOWDGR DGPLUDEOH IXH HO UHFOXWDPLHQWR GH KRPEUHV SDUD HO PLQLVWHULR SDUD ODV PLVLRQHV 1R IXH QHFHVDULRURJDUOHVDORVMyYHQHVTXHHQWUHJDUDQVXYLGDD'LRVQLVXSOLFDUTXHVHRIUHFLHUDQFRPRYROXQWDULRV SDUDLUDODVUHJLRQHVOHMDQDVRPRUHVXOWDGRGLUHFWRGHOSRGHURVRDYLYDPLHQWRLQLFLDGRSRU)LQQHSRUWRGDV SDUWHVVXUJLHURQMyYHQHVTXHLQJUHVDURQDOPLQLVWHULROOHQDURQORVS~OSLWRVYDFDQWHVGHODVLJOHVLDVWDPELpQ KXERTXLHQHVVHRIUHFLHURQSDUDLUFRPRPLVLRQHURVDOOHYDUHOPHQVDMHGHODVDOYDFLyQGH'LRVDTXLHQHV YLYtDQHQODVWLQLHEODVHQODVVRPEUDVGHODLQFUHGXOLGDG(VFXDQGRQRKDDYLYDPLHQWRTXHVHKDFHGLItFLO FRQVHJXLU KRPEUHV TXH LQJUHVHQ DO PLQLVWHULR R TXH YDDQ DO FDPSR PLVLRQHUR SHUR VLHPSUH TXH HVWi HQ DFFLyQHO(VStULWXGH'LRVVXUJHQPXFKRVKRPEUHVGLVSXHVWRV RQYHUVLRQHV 6HJDQDURQPXFKRVFRQYHUVRV(VRVLHPSUHVXFHGHFXDQGRKDYHUGDGHURDYLYDPLHQWR3RUHMHPSORFXDQGR )LQQHHVWDED HIHFWXDQGR VXJUDQFDPSDxD HQOD FLXGDG GH )LODGHOILD SRU FDVXDOLGDG OOHJy D OD FLXGDG XQ JUXSR GH OHxDGRUHV (VRV OHxDGRUHV H[SHULPHQWDURQ OD VDOYDFLyQ GH XQ PRGR PDUDYLOORVR JORULRVR 5HJUHVDURQ D ORV ERVTXHV FRPR FRQVHFXHQFLD GHl WHVWLPRQLR TXH DOOt GLHURQ QR PHQRV GH FLQFR PLO OHxDGRUHVOOHJDURQDORVSLHVGHO6HxRU-HVXFULVWR (QXQDGHODVUHXQLRQHVGH)LQQHKXERKDVWDGRVPLOSHUVRQDVTXHSURIHVDURQODFRQYHUVLyQ¢$OJXQDYH]KD RtGRDOJRDVt£4XpREUDWDQPLODJURVDGHODJUDFLD,PDJtQHVHHVRGRVPLOFRQYHUWLGRVHQXQVRORFXOWR¢(Q TXpOXJDUSDVDQFRVDVDVtHQQXHVWURVGtDV (OGtDGH3HQWHFRVWpV WUHVPLODOPDVVHDxDGLHURQDOD,JOHVLDSRUODSUHGLFDFLyQ GHODSyVWRO3HGUR3RFR GHVSXpVHOQ~PHURKDEtDDXPHQWDGRDFLQFRPLOORTXH)LQQHYLRIXHURQGRVPLO¢1RIXHHVRXQQXHYR 3HQWHFRVWpVUHFRUGHPRVTXHHVRVFRQYHUVRVQRVHOLPLWDURQDILUPDUWDUMHWDVQRVHOLPLWDURQDOHYDQWDUOD
- 28. PDQRQRVHOLPLWDURQDSRQHUVHGHSLHSDVDUDOIUHQWHVLQRTXHIXHURQVDOYDGRVGHXQPRGRGHILQLWLYR JORULRVR+DEtDQQDFLGRGHQXHYRGRVPLOHQXQDVRODUHXQLyQ (QFLHUWDRFDVLyQ)LQQHSUHGLFyHQXQWHPSORDQJOLFDQRHOSiUURFRGHODLJOHVLDGLRWHVWLPRQLRGHTXHPLO TXLQLHQWRV PLHPEURV GH VX LJOHVLD VH KDEtDQ FRQYHUWLGR ILUPHPHQWH FRPR UHVXOWDGR GH HVD ~QLFD UHXQLyQ 3LHQVHQHQORTXHVLJQLILFDTXHPLOTXLQLHQWRVPLHPEURVGHXQDLJOHVLDSDVHQGHODPXHUWHDODYLGDHQXQVROR FXOWR 8QGtD)LQQHIXHDXQDIiEULFDGHDOJRGyQHQDOJ~QOXJDUGHORV(VWDGRV8QLGRVSUHGLFyXQVRORVHUPyQ FRPRFRQVHFXHQFLDFDVLWRGRVORVTXHHVWDEDQHQODIiEULFDOOHJDURQDODIHHQHO6HxRU-HVXFULVWR XDQGR)LQQHFUX]yHO$WOiQWLFRSDUDOOHJDUD*UDQ%UHWDxDORVUHVXOWDGRVIXHURQORVPLVPRV'RQGHTXLHUD TXHLEDKDEtDJUDQGHVPXOWLWXGHVSRUWRGRVODGRVHVWDOODEDHODYLYDPLHQWRLJXDOTXHHQORV(VWDGRV8QLGRV 9RDGDUOHVXQVRORHMHPSOR )LQQHHVWDEDHQ/RQGUHV(VWDEDSUHGLFDQGRHQHO7DEHUQiFXORGH:KLWILHOG'XUDQWHYDULDVVHPDQDVHVWXYR SUHGLFiQGROHVVRODPHQWHDORVFUHHQWHVQLXQDVRODYH]SUHGLFyDORVTXHQRFRQRFtDQDO6HxRU1RKL]RQL XQDVRODLQYLWDFLyQ$VtIXHSDVDQGRXQDVHPDQDWUDVRWUD1RFKHWUDVQRFKHpOSURFODPDEDHOPHQVDMHDORV TXHDKDEtDQSURIHVDGRODFRQYHUVLyQGHVSXpVDDOILQDOVHDFHUFyDOSDVWRUGHODLJOHVLDOHSLGLyXQD VDODGRQGHORVFRQVHMHURVSXGLHUDQDWHQGHULQGLYLGXDOPHQWHDODVSHUVRQDV (O SDVWRU OH RIUHFLy XQD VDOD GRQGH FDEtDQ WDO YH] XQDV FXDUHQWD SHUVRQDV )LQQH VH TXHGy PLUiQGROR HVWXSHIDFWRGLMR 3HURQRORTXHRTXLHURHVXQVDOyQGRQGHTXHSDQYDULRVFHQWHQDUHVGHSHUVRQDV (QWRQFHVIXHHOSDVWRUHOTXHVHTXHGyHVWXSHIDFWR(UDPXHVFpSWLFRSHURSDUDKDFHUOHXQDEURPDD)LQQH VLQVRxDUMDPiVFRQORTXHLEDDVXFHGHUOHGLRXQVDOyQFRPRDXQDFXDGUDGHOWDEHUQiFXORTXHWHQtD DVLHQWRVSDUDPLOTXLQLHQWDVSHUVRQDV)LQQHORDFHSWy (VDQRFKHFXDQGRKL]RODLQYLWDFLyQUHFRUGHPRVTXHHUDODSULPHUDYH]TXHODKDFLDSLGLyTXHWRGRVORV TXHHVWDEDQSUHRFXSDGRVSRUODVDOYDFLyQGHODOPDFDPLQDUDQKDVWDHODXGLWRULRDXQDFXDGUDGHOWDEHUQiFXOR XDQGR)LQQHPLVPROOHJyDOVDOyQORHQFRQWUyGHERWHHQERWH1RKDEíDQLXQVRORDVLHQWRYDFtR3RUWRGRV ODGRVKDEtDJHQWHGHSLHHVDQRFKHFLHQWRVFLHQWRVGHSHUVRQDVSDVDURQGHODPXHUWHDODYLGDQDFLHURQ GHQXHYRJORULRVDPHQWH$SDUWLUGHHVHGtDKRPEUHVPXMHUHVHQWRGDVODV,VODV%ULWiQLFDVFRPHQ]DURQD OOHJDUDULVWRSRUPXOWLWXGHVSRUTXHHODYLYDPLHQWRHVWDOOySRUWRGDVSDUWHV ¢6DEHXVWHGTXHHQXQDVRODVHPDQDQRPHQRVGHFLQFXHQWDPLOSHUVRQDVDFHSWDURQ D-HVXFULVWR FRPR VX 6DOYDGRUSHUVRQDOGXUDQWHORVGtDVGHODYLYDPLHQWRGHDUORV*)LQQH+iJDPHHOIDYRUGHLPDJLQiUVHOR FLQFXHQWDPLOHQVyORVLHWHEUHYHVGtDV(VHIXHXQPRYLPLHQWRSRGHURVRGHO(VStULWXGH'LRVTXHQRVHKD UHSHWLGRGHVGHHQWRQFHV¢XiQGRPHSUHJXQWRORYHUHPRVRWUDYH]£$VLHQQXHVWURVGtDVYLpUDPRVHVRV UHVXOWDGRV 6H GLFH TXH HQ HO WpUPLQR GH GLH] DxRV GXUDQWH OD ODERU GH )LQQH HQ ORV (VWDGRV 8QLGRV GRVFLHQWDVPLOSHUVRQDVSDVDURQGHODPXHUWHDODYLGD £9DDXQUpFRUG 1R KD QDGD TXH HQ QXHVWURV GtDV QRV KDJD WDQWD IDOWD FRPR XQ DYLYDPLHQWR SRGHURVR XQD QXHYD PDQLIHVWDFLyQGHO(VStULWXGH'LRV/RVTXHVLHQWHQTXHORQHFHVLWDQPHQRVVRQ TXLHQHVOR QHFHVLWDQPiV ,JOHVLDV XQLYHUVLGDGHV LQVWLWXWRV EtEOLFRV VHPLQDULRV TXH FUHHQ TXH SXHGHQ VHJXLU VX FDPLQR VLQ XQ DYLYDPLHQWRVRQSUHFLVDPHQWHORVTXHORQHFHVLWDQ/RVUHVXOWDGRVTXHKHPHQFLRQDGRQRVHSXHGHQREWHQHU IXHUDGHXQDYLYDPLHQWR ,QVFULWRVHQODVLJOHVLDV
- 29. 1R VyOR VH JDQDURQ FRQYHUVRV VLQR TXH pVWRV VH LQVFULELHURQ HQ ODV LJOHVLDV 6L HVR QR VXFHGH OD HYDQJHOL]DFLyQIDOODHOEODQFRSRUFRPSOHWR/RVTXHVRQOOHYDGRVDORVSLHVGH-HVXFULVWRGHEHQVHUSXHVWRVD WUDEDMDUHQDOJXQDSDUWH'HEHQKDFHUDOJRELHQFODURSRUVX6DOYDGRU 3HQVHPRVSRUHMHPSORHQ*DOHVHQHODYLYDPLHQWRTXHWXYROXJDUHQHVHSDtVEDMRODREUDGH(YDQ5REHUWV ¢6DEHXVWHGTXHHQHVHEUHYHSHUtRGRGHFLQFRVHPDQDVQRPHQRVGHYHLQWHPLOSHUVRQDVVHXQLHURQDODV LJOHVLDVGH*DOHV£4XpUHVXOWDGRVWDQPLODJURVRV0HSUHJXQWR¢4XpSDVDUtDHQ(VWDGRV8QLGRVHQRWURV SDtVHVVLHQFXDOTXLHUFLXGDGKXELHUDYHLQWHPLOSHUVRQDVTXHVHXQLHUDQDODVLJOHVLDVHQXQSHUtRGRGHFLQFR VHPDQDV 6HDILUPDTXHFXDQGRDUORV*)LQQHFRPHQ]yVXREUDHYDQJHOtVWLFDHQORV(VWDGRV8QLGRVGH$PpULFDHQ WRGRHOSDtVVyORKDEíDGRVFLHQWRVPLOPLHPEURVGHLJOHVLDVSHURFXDQGRWHUPLQySRFRVDxRVGHVSXpVKDEtD WUHVPLOORQHVGHQRPEUHVHQODVOLVWDVGHODVGLYHUVDVLJOHVLDVGHOSDtV 1XQFDDQWHVHQODKLVWRULDGHOPXQGRVHKDEtDQSUHVHQWDGRWDOHVUHVXOWDGRV'LRVXVyD)LQQHSDUDORJUDUPiV GHORTXHKDEUtDQ ORJUDGR WRGRVORVSDVWRUHVHVWDGRXQLGHQVHV MXQWRVGXUDQWH HVH PLVPR SHUtRGR (VWDPRV SRFR FRQVFLHQWHV GH OR PXFKR TXH OH GHEHPRV D )LQQH (VR HV D OR TXH PH UHILHUR FXDQGR KDEOR GH HYDQJHOL]DFLyQ HQ DFFLyQ (VD HV OD FODVH GH HYDQJHOL]DFLyQ SRU OD TXH RUDPRV OD HYDQJHOL]DFLyQ TXH DQKHODPRVYHUXDQGRVHPHDFHUFDQORVSHULRGLVWDVPHSUHJXQWDQ ¢XiOFUHHXVWHGTXHVHDODJUDQQHFHVLGDGGHQXHVWURWLHPSR 6LHPSUHFRQWHVWRVLQWLWXEHDUQLXQLQVWDQWH 8QDPDQLIHVWDFLyQELHQIXHUWHGHOSRGHUGH'LRV (OGRFWRU+HQU:DUG%HHFKHUFRPHQWyORVLJXLHQWHDFHUFDGHODREUDGH)LQQHHQORVDYLYDPLHQWRV (VDIXHODPDRUREUDGH'LRVHOPDRUDYLYDPLHQWRUHOLJLRVRTXHHOPXQGRKDSUHVHQFLDGRHQXQWLHPSR WDQFRUWR (VDDILUPDFLyQHVGHVXPDLPSRUWDQFLD4XH'LRVnRVSHUPLWDYHUHVRRWUDYH]£$VLVXUJLHUDRWUR)LQQH
- 31. ¢$OJXQDYH]KDYLVWRXVWHGHODYLYDPLHQWRRVL)XHHQORVFDPSRVPLVLRQHURVUXVRVHQ(XURSD3HURDKRUD TXLHURFRQWDUOHVDOJXQDVGHPLVH[SHULHQFLDVHQ 3RORQLD/HWRQLD$XVWUDOLD -DPDLFDRPRUHVXOWDGRGH HOODVVHUHYROXFLRQyWRGRPLPLQLVWHULR3HURSHUPtWDQPHGHVFULELUODV9RDFLWDUPLGLDULR 3RORQLD (Q FDUUHWDV SRODFDV VLQ UHVRUWHV YLDMDPRV KDFLD HO LQWHULRU SDVDQGR SRU HVSHVRV ERVTXHV )LQDOPHQWH OOHJDPRVDQXHVWURGHVWLQRODVOiJULPDVFRUULHURQFRQOLEHUWDGFXDQGRORVFRQYHUVRVQRVURGHDURQ (QWRGDVODVUHXQLRQHVHVWDEDQSUHVHQWHVGRVSROLFtDVFRQIXVLOHVFDUJDGRVEDRQHWDVDMXVWDGDVSDUDYLJLODU HVFXFKDU$ODLUHOLEUHVHKDEtDQFRORFDGRPHVDVODUJDVHQODVFXDOHVVHQRVVLUYLHURQJUXHVDVUHEDQDGDVGH SDQQHJURDUHQTXHFUXGRKXHYRVGXURVPLHOVLOYHVWUH,QFRQWDEOHVPRVFDVSXOXODEDQHQFLPDGHODFRPLGD (VD QRFKH ODV PXMHUHV GXUPLHURQ HQ HO JUDQHUR ORV KRPEUHV XQRV MXQWR D RWURV FRPR VDUGLQDV VREUH PRQWRQHVGHKHQRHQHOGHVYiQ(UDPRVFRPRFLHQ (OGRPLQJRSRUODQRFKHXQDSRGHURVDRODGHDYLYDPLHQWRUHFRUULyHODXGLWRULRGHPRGRTXHFLHQWRVGH SHUVRQDVFDHURQURVWURHQWLHUUDOORUDURQDQWHHO6HxRU+RPEUHVUREXVWRVVROOR]DEDQHQYR]DOWDFRQ URVWURDQJXVWLDGRPLUDEDQKDFLDHOFLHORURJDQGRD'LRVTXHORVSHUGRQDUDORVDFRJLHUD $OSDVDUDRWURVHFWRUGH3RORQLDHQFRQWUDPRVHOWHPSORWDQOOHQRGHJHQWHTXHWXYLHURQTXHDEULUPHSDVRD HPSXMRQHVSDUDSRGHUOOHJDUDS~OSLWR$OFRQFOXLUHOPHQVDMHVHRtDQVROOR]RVSRUWRGDVSDUWHVSURQWRXQ EXHQ Q~PHUR GH SHUVRQDV KDEtDQ OORUDGR KDVWD OOHJDU DO DOYDULR 'HVSXpV GLHURQ WHVWLPRQLR FRQ URVWUR UDGLDQWHGHOJR]RTXHKDEíDDKRUDHQVXFRUD]yQ$OJXQRVKDEíDQYLDMDGRPiVGHWUHVFLHQWRVNLOyPHWURVHQ FDUUHWDSDUDSRGHUOOHJDU0HFRQWDURQTXHSRUORPHQRVFLQFRPLODOPDVVHKDEtDQVDOYDGRGXUDQWHORVFLQFR DxRVDQWHULRUHV RQJUDQGLILFXOWDGQRVDEULPRVSDVRDWUDYpVGHODPXOWLWXG£4XpSDQRUDPDWDQLPSUHVLRQDQWHHUDDTXHOPDU GHURVWURVHQHODXGLWRULRDOOiDUULEDHQODDJORPHUDGDJDOHUtD(QORVSDVLOORVKDEtDGHFHQDVGHSHUVRQDVGH SLHQRLEDQDWHQHUFyPRVHQWDUVHGXUDQWHODVVLJXLHQWHVWUHVhRUDVSRUORPHQRV$IXHUDHVWDEDOORYLHQGRD FiQWDURV £XiQWRTXLVLHUDSRGHUGHVFULELUVXVFDQWRVXDQGRXQtDQVXVYRFHVHQVXVJUDQGHVFDQWRVGHDYLYDPLHQWR RVHQWtDFRPRVLHOFLHORPLVPRVHLQFOLQDUDSDUDHVFXFKDUPHSUHJXQWDEDVLLQFOXVRODVKXHVWHVDQJpOLFDV SRGUtDQDODEDUHQDOWHFHUDO6HxRUFRQPiVIHUYRU $OFRQFOXLUHOPHQVDMHVHQWtHOLPSXOVRGHRUDUFXDQGRORKLFHSDUHFLyFRPRVLXQDPDUHMDGDGHEHQGLFLyQ LUUXPSLHUDVREUHHOS~EOLFR3ULPHURXQVRORVROOR]ROXHJRRWURRWURPiVKDVWDTXHSRUILQVHSHUGLHURQODV H[SUHVLRQHVLQGLYLGXDOHVHQPHGLRGHORVJHPLGRVOODQWRVTXHHVWDOODURQHQWRGDODFRQJUHJDFLyQXDQGR DEUtORVRMRV,YLHOURVWURGHGRFHQDVGHSHUVRQDVFRQODVOiJULPDVFRUULpQGROHVSRUODVPHMLOODVTXHEUDQWDGDV DEODQGDGDVSRUHO(VStULWXGH'LRV DQRQHFHVLWDEDQTXHVHOHVH[KRUWDUDQLTXHVHOHVURJDUD/R~QLFRTXHWXYHTXHKDFHUIXHGDUXQDSDODEUD GHLQYLWDFLyQUHVSRQGLHURQSRUYHLQWHQDV1RKDEtDHVSDFLRHQHODOWDUDXQTXHORKXELHUDKDELGRKDEUtD VLGRLPSRVLEOHTXHVHPRYLHUDQGHGRQGHHVWDEDQSRUORGHQVRTXHHUDHOJHQWtR3HURFRPHQ]DURQDOHYDQWDU ODPDQRDGDUWRGDVODVHYLGHQFLDVSRVLEOHVGHTXHHVWDEDQUHVSRQGLHQGRGHWRGRFRUD]yQ1RVpFXiQWRV HQWUDURQHVDQRFKHHQHOUHLQRGHODOX]1RSRGUtDGHFLUFXiQWRVDEULHURQVXFRUD]yQUHFLELHURQHO(VStULWX 6DQWRHQVXSOHQLWXG3HURORTXHVLVpHVTXH'LRVREUyREUySRGHURVDPHQWH£*ORULDDVXQRPEUH (Q /XFN ODV UHXQLRQHV HVWDEDQ GH ERWH HQ ERWH (O VDOyQ HUD GHPDVLDGR SHTXHxR 1R VyOR HVWDEDQ DJORPHUDGRVORVSDVLOORVODVVDODVODWHUDOHVVLQRTXHPXFKDJHQWHQRSXGRQLVLTXLHUDHQWUDUHQHOORFDO XDQGR YLPRV OD PXFKHGXPEUH WRPDPRV OD GHFLVLyQ GH DOTXLODU HO VDOyQ PiV JUDQGH GH OD SURYLQFLD XQ
- 32. DXGLWRULR HVSOpQGLGR FRQ GRV JDOHUtDV XQD GH HOODV DOOi DO IRQGR HQFLmD GH OD SULPHUD 3HUR WDPELpQ HVH DXGLWRULRVHOOHQySDVLOORVHQWUDGDVWRGRHVRTXHHUDSRUODPDxDQD 8QDTXLQWDSDUWHGHORVSUHVHQWHVHUDQMXGtRV£4XpH[SHULHQFLD-XGtRVTXHHVFXFKDEDQFRQDQVLDHOPHQVDMH /D JHQWH HVWDED DVRPEUDGD SRU OR FDOODGRV TXH HVWDEDQ SHUR QR KXER QLQJ~Q WLSR GH LQWHUUXSFLRQHV 3UiFWLFDPHQWHVHWUDJDURQHOPHQVDMH6tKRGtDORVMXGtRVHVWiQGLVSXHVWRVDHVFXFKDUHOPHQVDMHSRUOR PHQRVHQ 3RORQLD-DPiVROYLGDUpVXVURVWURVDWHQWRVPLHQWUDVHVWDEDQ DOOt GH SLH R VHQWDGRV GXUDQWH WUHV KRUDVFRPRIDVFLQDGRV(QHO~OWLPRFXOWRHOOXQHVSRUODPDxDQDXQDVVHWHQWDFLQFRSHUVRQDVUHVSRQGLHURQ DODLQYLWDFLyQGHDFHSWDUDULVWRFRPR6DOYDGRUSHUVRQDOQRVpFXiQWDVGHHOODVVHUtDQMXGtDV HQWRQFHVFRPHQ]DURQDFDQWDUHQUXVRHOKLPQR 6DOYDGR 8QDRWUDYH]VHFDQWyODDOHJUHSURFODPDFLyQ 6DOYDGRJUDFLDVDULVWR 'XGRTXHORVMXGtRVSXHGDQROYLGDUOR $VtFRQFOXyPLODERUHQWUHORVUXVRVGH3RORQLDHVD3RORQLDTXHSRFRGHVSXpVKDEtDGHVHUGHYDVWDGDSRUOD JXHUUD¢4XpKDEUtDSDVDGRVLRKXELHUDGHVREHGHFLGRDODYLVLyQ FHOHVWLDO ¢XiQWRV GHORVTXHGHVSXpV IXHURQHMHFXWDGRVQRKDEUtDQHVFXFKDGRMDPiVHOHYDQJHOLR /HWRQLD £4XpYLVWDDFDULFLyPLVRMRV+RPEUHVPXMHUHVGHSLHSRUWRGRVODGRVSRUFHQWHQDUHV/DQRWLFLDKDEtD FRUULGRFRPRXQLQFHQGLR3RUILQPHSXVHDSUHGLFDUHOSDVWRU)HWOHUWUDGXFtD(OFXOWRFRQWLQXyGXUDQWH FDVL FXDWUR KRUDV 9HLQWHQDV GH SHUVRQDV VH DUURGLOODURQ DQWH HO DOWDU OORUDQGR RUDQGR FRQIHVDQGR VXV SHFDGRV+DEtDPiVGHWUHVPLOSHUVRQDVSUHVHQWHVHVWDEDOORYLHQGR /OHQRGHDGPLUDFLyQUHFRUUtFRQORVRMRVHOQXPHURVRDXGLWRULR1RVyORHVWDEDQOOHQRVORVEDQFRVVLQRTXHHO JUDQSDVLOORFHQWUDOHVWDEDVHQFLOODPHQWHDWHVWDGRGHJHQWHGHSLH2WURVHVWDEDQDSLxDGRVFRQWUDODVSDUHGHV GHXQRRWURFRVWDGRPLHQWUDVTXHPXFKRVHVWDEDQGHFXFOLOODVDOERUGHGHOHVWUDGR'HVGHDOOiDUULEDHQOD JDOHUtDPXFKtVLPDVSHUVRQDVPLUDEDQKDFtDDEDMR-DPiVROYLGDUpHVDHVFHQD£4XpFDPSRPLVLRQHUR£4XpD SXQWRHVWiODFRVHFKD3HUR¢GyQGHVíGyQGHHVWiQORVVHJDGRUHV $ODPDxDQDVLJXLHQWHHIHFWXDPRVQXHVWURFXOWRHQXQDGHODVLJOHVLDVGRQGHKDEOpDFHUFDGHO(VStULWX6DQWR +DFLDHOILQDOXQDPXMHUSDVyFRQUDSLGH]DOIUHQWHSDUDSHGLUSHUGyQDGRVSHUVRQDVDTXLHQHVKDEtDRIHQGLGR 9HLQWHQDV GH SHUVRQDV VH DUURGLOODURQ IUHQWH DO DOWDU OORUDQGR RUDQGR DEVROXWDPHQWH LQFRQVFLHQWHV GH TXLHQHV ORV URGHDEDQ 6H FRQIHVDURQ PXFKRV SHFDGRV VH GHUUDPDURQ PXFKDV OiJULPDV GH GRORU 6H PH FRQPRYLyKRQGDPHQWHHOFRUD]yQDOHVFXFKDUODYR]OORURVDGHKRPEUHVPXMHUHVTXHEXVFDEDQD'LRV(O (VStULWXVHPRYLyVREUHWRGRVORVFRUD]RQHVDTXHOODPDxDQDGXUDQWHFDVLFXDWURKRUDVHOFXOWRFRQWLQXyFRQ LQWHQVRIHUYRU 3RVWHULRUPHQWHSUHGLTXpHQHOWHDWURPiVJUDQGHORHQFRQWUpOOHQRKDVWDPiVQRSRGHU£(UDXQPDUGH URVWURV%XVTXpORVSDVLOORVSHURQRSXGHHQFRQWUDUQLQJXQR/DJHQWHHVWDEDGHSLHHQHOORVGHVGHHOIUHQWH KDVWDDWUiV/DJDOHUtDHVWDEDOOHQDGHJHQWH0XFKRVVHYLHURQREOLJDGRVDSHUPDQHFHUGHSLHGXUDQWHWRGRHO FXOWR£4XpRSRUWXQLGDG£TXpOLEHUWDGTXpJR]RRQFOXtPLPHQVDMHDODVQXHYHSHURHO3DVWRU)HWOHU FRQWLQXy OD UHXQLyQ KDVWD ODV GLH] PHGLD 1DGLH VH IXH SDUD OD FDVD $OOt VH TXHGDURQ VDERUHDQGR FDGD SDODEUDTXHRtDQ XDQGRSRU ILQ VH KL]R OD LQYLWDFLyQ OOHJDURQ XQRV FXDUHQWD VH DUURGLOODURQ HQ HO HVFHQDULR 8QD QLxD KRQGDPHQWHFRQYHQFLGDGHSHFDGRVHSXVRDJULWDUGLFLHQGRTXHQRSRGtDWHQHUIH8QKRPEUHTXHVHKDEtD DOHMDGRGHODIHUHJUHVyDHOOD)LQDOPHQWHDWRGRVVHOHVDXGyUHJUHVDURQDODXGLWRULRFRQHOURVWURUDGLDQWH 7RGDYtDFRQWLQXDEDDOOtODHQRUPHFRQJUHJDFLyQ XDQGROOHJDPRVSRUODQRFKHDOJUDQVDOyQORHQFRQWUDPRVDWLERUUDGRGHJHQWHODJDOHUtDWDPELpQHVWDED OOHQDHOSDVLOORDWHVWDGR+DEíDQOOHJDGRDSHVDUGHVHUXQDIUtDQRFKHGHLQYLHUQR(QHOHGLILFLRQRKDEtD FDOHIDFFLyQ 3UHGLTXp FRQ PL DEULJR GH SLHO £ FyPR HVFXFKDEDQ 3HUR QR tEDPRV D SRGHU KDFHU XQD LQYLWDFLyQQRKDEtDHVSDFLRHQHOIUHQWH'HVSHGLPRVDOQXPHURVRS~EOLFRFRQYRFDPRVDORVTXHTXLVLHUDQ TXHGDUVHDXQDUHXQLyQDGLFLRQDO3HURQLVLTXLHUDODPLWDGGHODJHQWHVHIXH(ODXGLWRULRVLJXLyFDVLOOHQR
- 33. +DEtDTXHKDFHUDOJRPiV(QWRQFHVGHVSHMDPRVFLQFXHQWDDVLHQWRVHQHOIUHQWHHKLFLPRVODLQYLWDFLyQ(QXQ LQVWDQWH VH OOHQDURQ RWURV TXH OOHJDURQ WXYLHURQ TXH SHUPDQHFHU GH SLH )XH XQD HVFHQD JORULRVD LQROYLGDEOH +RPEUHV PXMHUHV VH HQWUHJDURQ D ULVWR FRQ WRGD OLEHUWDG OOHQRV GH JR]R /D UHXQLyQ FRQFOXyDODVRQFHFXDUWRGHODQRFKH $OTXLOiEDPRV ORV VDORQHV PiV JUDQGHV TXH VH SRGtDQ FRQVHJXLU SHUR DVLVWtDQ WDOHV PXFKHGXPEUHV TXH PXFKRVWHQtDQTXHLUVHROPDEDQORVSDVLOORVVHVHQWDEDQHQORVPDUFRVGHODVYHQWDQDVVHTXHGDEDQGHSLH HQHOHVWUDGRVHDPRQWRQDEDQHQWRGRVORVULQFRQHVXQDLQPHQVDFUHFLHQWHPDVDGHKRPEUHVPXMHUHV QLxRVVLHPSUHHQPRYLPLHQWRVLHPSUHLQTXLHWRV £$KTXpPXOWLWXGHV£-DPiVSRGUpROYLGDUODV£4XpOHJLRQHVGHSHUVRQDV£4XpJUDQGHODFRVHFKDFXiQ SRFRVORVVHJDGRUHV£9DDFDPSRPLVLRQHUR/OHQDQKDVWDHOFROPRORVVDORQHVGHQXHVWUDVPLVLRQHVVRQ IiFLOPHQWHDFFHVLEOHV $VtHVHOFDPSRPLVLRQHURYLUJHQTXHKHYLVLWDGR0LFRUD]yQVHKDFRQPRYLGRPLDOPDVHKDFDUJDGRRQ PLVSURSLRVRMRVKHYLVWRHVDVPXOWLWXGHVLQFRQWDEOHVPHKDQFRQTXLVWDGR4XLVLHUD'LRVTXHRSXGLHUD SDVDUPHVHVHQWHURVYLDMDQGRGHXQSXQWRDRWURSRUWRGDODUHJLyQGH/DWJDOLDOOHYDQGRHOPHQVDMHDGHFHQDV GHPLOODUHVGHSHUVRQDVTXHWRGDYtDQRORKDQHVFXFKDGR+HUHFLELGRFLHQWRVGHFDUWDVGHJUDWLWXGGHORV FRQYHUVRV $KRUDTXHKHUHJUHVDGRDFDVDVLHQWRTXHYXHOYRDYHUODVPXFKHGXPEUHVRQGXODQWHVORVSDVLOORVDWHVWDGRV ORVEDQFRVDSUHWDGRV9XHOYRDHVFXFKDUORVFDQWRVODVWLPHURVODVRUDFLRQHVIHUYLHQWHVGHODJHQWHVLHQWR GHQXHYRODSUHVLyQGHVXVPDQRVTXHPHUXHJDQTXHPHTXHGHFRQHOORVDOUHFRUGDUVXVURVWURVWULVWHV PDQFKDGRVSRUODVOiJULPDVHVWRFRQVFLHQWHFRPRQXQFDDQWHVGHORTXHVHQWtDHO0DHVWURFXDQGRPLUDED FRQFRPSDVLyQDODVSREUHVPXOWLWXGHVGHODDQWLJXD-XGHDKDFHPXFKRWLHPSR $XVWUDOLD ¢yPR SRGUp GHVFULELU HO FXOWR HQ HO 7HDWUR /FHXP (UD XQD PXOWLWXG OOHQDEDQ ORV SDVLOORV HVWDEDQ VHQWDGRVHQODVJUDGDVGHSLHGRQGHSXGLHUDQGHDOOtVHGHVERUGDEDQKDVWDODFDSLOODGRQGHHVFXFKDEDQ SRUPHGLRGHDOWRSDUODQWHV£TXpUHVXOWDGRV+XERVHWHQWDFLQFRSHUVRQDVTXHUHFRUULHURQORVSDVLOORVSDUD LUDODVVDODVGRQGHUHFLELUtDQDXGDSHUVRQDO/RVOtGHUHVHVWDEDQVDWXUDGRVGHWUDEDMR£4XpHVWDOOLGR8QD IXHUWHFRQYLFFLyQGHSHFDGR %DMR HO WLWXODU +XER XQ JUDQ DJXDFHUR 7LUH 0HWKRGLVW XQR GH ORV SULQFLSDOHV SHULyGLFRV GH $XVWUDOLD SXEOLFyXQUHSRUWDMHGHODUHXQLyQTXHPH WRmROD OLEHUWDGGHFLWDU (ODXWRUKDDVLVWLGR D PXFKDV JUDQGHV rHXQLRQHVUHOLJLRVDVGHGLYHUVDVFODVHVSHURQRUHFXHUGDQDGDWDQPDUDYLOORVRFRPRHOFXOWRGHODQRFKHGHO GRPLQJRSDVDGRFXDQGRHOGRFWRU2VZDOG-6PLWKGHDQDGiWXYRDFDUJRHOVHUPyQ3UREDEOHPHQWHQXQFD KDKDELGRHQHO/FHXPXQDPXOWLWXGPiVQXPHURVDHVFXFKDQGRDXQSUHGLFDGRUHQHVDRFDVLyQORVTXHQR FDEtDQVHXELFDURQHQODDSLOOD:HVOHGRQGHXQRVDPSOLILFDGRUHVKLFLHURQSRVLEOHTXHHVHQXPHURVRJUXSR SDUWLFLSDUDWDPELpQGHOFXOWR 6HKDEíDVXVFLWDGRJUDQH[SHFWDWLYDDOFLUFXODULQIRUPHVGHOp[LWRGHOGRFWRU6PLWKHQRWURVFXOWRVWRGRV ORV SUHVHQWHV PDQLIHVWDEDQ XQ DJXGR HVStULWX GH DQVLD 6H UHDOL]y XQD VHVLyQ GH FDQWRV PLHQWUDV HO S~EOLFR HVSHUDED HO LQLFLR GHO FXOWR 'XUDQWH WRGD OD UHXQLyQ KXER PXFKtVLPD JHQWH GH SLH XDQGR VH KL]R OD LQYLWDFLyQ HQ XQD IRUPD RUWRGR[D OD UHVSXHVWD IXH LQPHGLDWD FDVL DEUXPDGRUD /RV XMLHUHV WUDEDMDEDQ RULHQWDQGRDORVLQWHUHVDGRVKDFLDODVFXDWURVDODVGRVSDUDPXMHUHVGRVSDUDKRPEUHV$FDGDLQWHUHVDGRVH OH DXGy SHUVRQDOPHQWH OD REUD VLJXLy DGHODQWH FRQ JUDQ SRGHU +DEtD OiJULPDV HQ OD PDRUtD GH ORV URVWURV -DPDLFD 8QWHVWLJRRFXODUGDHOVLJXLHQWHLQIRUPHTXHFLWRSDODEUDSRUSDODEUD
- 34. XDQGRHOGRFWRU6PLWKGLRODLQYLWDFLyQHQVXUHXQLyQLQLFLDOHOGRPLQJRSRUODQRFKHHQ.LQJVWRQSRUXQ PRPHQWR SDUHFLy TXH XQD DYDODQFKD KDEtD LQYDGLGR HO WHDWUR +RPEUHV PXMHUHV QLxRV FRPHQ]DURQ D UHFRUUHUORVSDVLOORVSDUDLUDDFHSWDUDULVWR9HQtDQFRPRXQHMpUFLWRDOJXQRVGHODSULPHUDJDOHUtDPXFKRV GHODVHJXQGDYHLQWHQDVGHODSODWHD(UDQXQDFRUULHQWHFRQWLQXDTXHVXEtDODVJUDGDVFUX]DEDHOHVWUDGR HQWUDEDHQODVVDODVDGDOtGHUWXYRTXHDFRQVHMDUFRPRDGRFHSHUVRQDVGHORPXFKDVTXHHUDQ1RIXH QHFHVDULRH[KRUWDUODVQLURJDUOHV(OPRYLPLHQWRIXHHVSRQWiQHRRQHOURVWURVHULRORVRMRVKXPHGHFLGRV SRUODVOiJULPDVDFXGLHURQHQPDVDKDFLDVX6DOYDGRU +D TXLHQHV GLFHQ TXH QXQFD KDEtDQ SUHVHQFLDGR XQD H[SORVLyQ FRPR HVD HQ -DPDLFD XDQGR OOHJy HO HYDQJHOLVWDHOHQRUPHDXGLWRULRFRQVXVJUDQGHVSDOFRVHVWDEDWDQOOHQRTXHXQRVHDVIL[LDED+DVWDHOJUDQ HVWUDGRHVWDEDOOHQRGHJHQWH9DULRVFHQWHQDUHVVHTXHGDURQVLQSRGHUHQWUDU$OUHGHGRUGHOWHDWURHQHO SDUTXHFHUFDQRKDEtDPXOWLWXGHVGHSLHHVFXFKDQGRHOFXOWRHOPHQVDMHSRUPHGLRGHDOWRSDUODQWHV7HQtDQ XQDDFWLWXGGHUHYHUHQFLDGHJUDQDWHQFLyQ6yOR'LRVVDEHFXiQWRVVHVDOYDURQRVHUHVWDXUDURQHVHSULPHU GRPLQJRSRUODQRFKH /R TXH VLJXH HV XQ UHSRUWDMH GH PL VHJXQGD FDPSDxD HQ -DPDLFD OD FXDO VH HIHFWXy HQ OD JUDGHUtD GHO KLSyGURPR (OGRFWRU2VZDOG-6PLWKDFDEDGHHIHFWXDUXQDJUDQFDPSDxDHQ-DPDLFDODFXDOFDVLVHFRQYLUWLyHQXQ DYLYDPLHQWR1RFKHWUDV QRFKH VH UHXQtDQ ODV PXOWLWXGHV $O SULQFLSLR HUDQ FXDWUR PLO SHUVRQDV SHUR HVWH Q~PHURIXHFUHFLHQGRKDVWDTXHGXUDQWHOD~OWLPDVHPDQDVHJ~QHOHQFDUJDGRGHOKLSyGURPRPXFKRVRWURV KDEtDGLH]PLOSHUVRQDVSUHVHQWHVFDGDQRFKH 8QHVWLPDGRPRGHUDGRSDUDOD~OWLPDQRFKHHVTXHKDEtDTXLQFHPLOSHUVRQDV0XFKRVGLFHQTXHHUDQYHLQWH PLO(QHVDVRODQRFKHVHFRQWDURQPiVGHFXDWURFLHQWDVVHWHQWDFLQFRGHFLVLRQHV/DJUDGHUtDHVWDEDDWHVWDGD D GHVGH XQD KRUD DQWHV GH TXH VH LQLFLDUD HO FXOWR 0LOHV GH SHUVRQDV HVWXYLHURQ GH SLH WRGR HO WLHPSR -DPDLFDQRKDEíDYLVWRQDGDDVtHQWRGDVXKLVWRULDSDUDQLQJ~QWLSRGHUHXQLyQ (UDFRP~QYHUGHFLHQWRFLQFXHQWDDFXDWURFLHQWDVSHUVRQDVDEULUVHSDVRDWUDYpVGHODJUDQPXOWLWXGQRFKH WUDV QRFKH SDUD LU D DFHSWDU D ULVWR /RV OtGHUHV SHUVRQDOHV HVWDEDQ VDWXUDGRV GH WUDEDMR WXYLHURQ TXH DXGDUDORVLQWHUHVDGRVSRUJUXSRV+XERSRUORPHQRVGRVPLOSHUVRQDVTXHWRPDURQODJUDQGHFLVLyQSHUR KXERPXFKDVRWUDVFXRVQRPEUHVIXHLPSRVLEOHREWHQHU /DJHQWHKDEtDOOHQDGRFDGDFHQWtPHWURGHHVSDFLRHQODJUDGHUtDSDUDVHQWDUVHRHVWDUGHSLHGHPRGRTXHQR VHYHíDQORVSDVLOORV$GHPiVHODPSOLRHVSDFLRDELHUWRGHOIUHQWHHQHOTXHVHKDEíDQFRORFDGRDVLHQWRVHVWDED OOHQRWDPELpQKDEíDPLOODUHVGHSHUVRQDVGHSLHDXQRRWURODGR (QHOFDPSRIXHUDGHODFHUFDKDEtD FLHQWRVGHDXWRVHVWDFLRQDGRVOOHQRVGHRHQWHVYHLQWHQDVYHLQWHQDVVHKDEODQVXELGRDOWHFKRVHKDEtDQ VHQWDGR HQ pO -DPiV HQ WRGD OD KLVWRULD GH VX PLQLVWHULR HO GRFWRU6PLWK KDEíD SUHGLFDGR D PXOWLWXGHV WDQ QXPHURVDV $ILQGHRULHQWDUDORVFRQYHUVRVIXHQHFHVDULRGHVSHMDUSULPHURODHQRUPHJUDGHUtDPLHQWUDVORVLQWHUHVDGRV HVSHUDEDQSDFLHQWHPHQWHHQHOIUHQWHGHVSXpVGHKDEHUOHHVWUHFKDGRODPDQRDOHYDQJHOLVWDOXHJRVXELHQGR SRUODVJUDGDVUHFLEtDQDXGDSHUVRQDOSDUDDFHUFDUVHDULVWR$SHVDUGHODJUDQPXFKHGXPEUHKXERXQ RUGHQSHUIHFWR 8QDHVWLPDFLyQPRGHUDGD,VHUíDTXHODDVLVWHQFLDIXHGHFLHQWRFLQFXHQWDPLO,GXUDQWHODVGRVVHPDQDVGHOD FDPSDxD9HQtDQHQJUDQGHVFDPLRQHVSURFHGHQWHVGHGLYHUVRVOXJDUHVGHODLVODDGDQRFKHHVWDEDQDOOtDODV VLHWH OD PDRUtD GH HOORV D ODV VHLV 'XUDQWH GRV KRUDV SHUPDQHFtDQ GH SLH KRPEUR D KRPEUR FDVL VLQ PRYHUVH (O SHULyGLFR FRPSDUy HO DFRQWHFLPLHQWR FRQ ORV GtDV GH :HVOH GH :KLWeILHOG GLMR TXH HO +LSyGURPRQRKDEtDYLVWRDQWHVQDGDDVt /RTXHYLHQHVRVFDPSRVPLVLRQHURVHVORTXHGHEHPRVYHUHQORV(VWDGRV8QLGRVGH$PpULFDHQRWURV SDtVHV1LQJXQDRWUDFRVDSRGUtDUHVROYHUORVSUREOHPDVGHQXHVWURWLHPSRQDGDH[FHSWRXQDYLYDPLHQWRDOD DQWLJXD8QDRWUDYH]GHELpUDPRVRUDUDVt2K-HhRYiDYLYDWXREUDHQPHGLRGHORVWLHPSRVHQPHGLRGH ORVWLHPSRVKD]ODFRQRFHUHQODLUDDFXpUGDWHGHODPLVHULFRUGLD+DEDFXF
- 35. UHR TXH HVWDPRV YLYLHQGR HQ ORV GtDV ILQDOHV GH HVWD GLVSHQVDFLyQ 1RV DJXDUGD HO MXLFLR HO MXLFLR R HO DYLYDPLHQWR OD PLVHULFRUGLD R OD LUD 6L QR HVWDPRV GLVSXHVWRV D UHFLELU PLVHULFRUGLD HQWRQFHV GHEHPRV DFHSWDUHOMXLFLR6yORHODYLYDPLHQWRSXHGHVDOYDUQRV(VRHVYiOLGRSDUDHOLQGLYLGXR7DPELpQHVYiOLGR SDUD OD ,JOHVLD 1R KD DOWHUQDWLYD $Vt KD VLGR D OR ODUJR GH ORV VLJORV DVt VHUi RWUD YH] MXLFLR R DYLYDPLHQWR +RGtDQRVKDOODPRVHQXQDHQFUXFLMDGD6L'LRVQRHQYtDHODYLYDPLHQWRWHQGUiTXHHQYLDUHOMXLFLR'H QRVRWURVGHSHQGHHOTXHKDDGHVHUMXLFLRRDYLYDPLHQWR3RGHPRVFRQYHUWLUQRVHQPLQLVWURVFRUULHQWHVGHO HYDQJHOLRRSRGHPRVDJDUUDUQRVGHORVFXHUQRVGHODOWDUQRGDUOHGHVFDQVRD'LRVKDVWDTXHVHYXHOYDD PDQLIHVWDUQXHYDPHQWHFRQHOWUHPHQGRSRGHUGHODYLYDPLHQWR
- 37. ¢XiOHVODGLIHUHQFLDHQWUHXQDFDPSDxDHYDQJHOLVWLFDXQDYLYDPLHQWR¢/RVDEHXVWHG¢+DGLIHUHQFLDGR XVWHGDOJXQDYH]ODVGRVFRVDV(VRHVDOJRHQORFXDOGHEHPRVWHQHUXQDRSLQLyQFODUD6RQGRVFRVDVTXHQR VHGHEHQFRQIXQGLU 8QDFDPSDxDHYDQJHOtVWLFDQRHVXQDYLYDPLHQWR 8VWHGSRGUiOODPDUORDYLYDPLHQWRSHURHVRQRKDFHTXHVHDXQDYLYDPLHQWR8VWHGSXHGHDQXQFLDUORFRPR WDOSHURQRSRUHVRVHUiXQDYLYDPLHQWR8VWHGSXHGHKDEODUGHHIHFWXDUXQDYLYDPLHQWRSHURORTXHXVWHG UHDOPHQWHTXLHUHGHFLUHVTXHYDDHIHFWXDUXQDVHULHGHUHXQLRQHVHYDQJHOtVWLFDVSRUTXHXQDYLYDPLHQWRHV DOJRTXHXQRQRSXHGHHIHFWXDU 8QR SXHGH PRQWDU XQD FDPSDxD HYDQJHOtVWLFD SHUR QR SXHGH PRQWDU XQ DYLYDPLHQWR 8QD FDPSDxD HYDQJHOtVWLFDHVDOJRTXHSXHGHVHUPRQWDGRWRWDOPHQWHSRUORVKRPEUHV3XHGHVHURUJDQL]DGDDQXQFLDGDD FDEDOLGDG3XHGHHVWDUGLVSRQLEOHWRGDODLQIUDHVWUXFWXUDTXHVHQHFHVLWDOtGHUHVSHUVRQDOHVXQFRURHQRUPH XMLHUHV WRGR OR GHPiV TXH IRUPD SDUWH GH OD FDPSDxD SXHGH HVWDU DOOt 7RGR HVR OR SXHGHQ KDFHU ORV KRPEUHV 6H SXHGHQ JDQDU DOPDV SUREDEOHPHQWH VH JDQDUiQ SHUR GHVSXpV GH WRGR VLJXH VLHQGR XQD FDPSDxDHYDQJHOtVWLFD $KRUDELHQXQDFDPSDxDHYDQJHOtVWLFDSXHGHFRQYHUWLUVHHQDYLYDPLHQWRSHURVLFRPLHQ]DFRPRFDPSDxDHV SUREDEOHTXHFRQFOXDFRPRWDO£XiQWRTXLVLpUDPRVTXHWRGDFDPSDxDHYDQJHOtVWLFDVHFRQYLUWLHUDHQXQ YHUGDGHURDYLYDPLHQWR 8QDFDPSDxDHYDQJHOtVWLFDHVXQHVIXHU]RSRUSDUWHGHOD,JOHVLDSRUJDQDU SDUDULVWRDORVTXHDXQQRVRQVDOYRV +HHIHFWXDGRFDPSDxDVHYDQJHOtVWLFDVHQPXFKRVOXJDUHVGHOPXQGRSHURDYLYDPLHQWRVKHYLVWRSRFRV9L XQDHVSHFLHGHDYLYDPLHQWRHQORVFDPSRVPLVLRQHURVUXVRVGH(XURSDWDPELpQHQ$XVWUDOLD/RYROYtDYHU HQODLVODGH-DPDLFD3HURHQVXPDRUSDUWHODREUDTXHKHYHQLGRUHDOL]DQGRDORODUJRGHORVDxRVHQPL PLQLVWHULRQRKDVLGRODGHXQSUHGLFDGRUGHDYLYDPLHQWRV+DVLGRPiVELHQODREUDGHXQHYDQJHOLVWD +HHIHFWXDGRQXPHURVDVFDPSDxDVHYDQJHOtVWLFDVDOJXQDVGHHOODVDHVFDODGHXQDFLXGDGHQWHUDWDQWRHQORV (VWDGRV8QLGRVFRPRHQDQDGiHQWRGRHOWHUULWRULRGHODV,VODV%ULWiQLFDVWDPELpQHQ$XVWUDOLDHQ1XHYD =HODQGD 3RFDV GH HVDV FDPSDxDV KDQ OOHJDGR D FRQYHUWLUVH HQ DYLYDPLHQWRV 1R VRxDUtD FRQ OODPDUODV DYLYDPLHQWRVSRUTXHIXHURQVLPSOHPHQWHHVIXHU]RVHYDQJHOtVWLFRV+XERDOPDVTXHVHVDOYDURQKRPEUHV PXMHUHVSHUGLGRVTXHIXHURQOOHYDGRVDORVSLHVGHO6HxRU-HVXFULVWRDOJRVHORJUySHURFXDQGRWRGRWHUPLQy KDEtDTXHDGPLWLUTXHDTXHOORQRHUDQDGDPiVTXHXQDFDPSDxDHYDQJHOtVWLFD 0XFKRV HYDQJHOLVWDV QR KDQ YLVWR MDPiV XQ DYLYDPLHQWR +DQ HIHFWXDGR FDPSDxDVHYDQJHOtVWLFDV GXUDQWH DxRVKDQYLVWROOHJDUDULVWRDPXFKDVDOPDVSHURQXQFDKDQSUHVHQFLDGRXQDYLYDPLHQWR8QKRPEUH SXHGHSDVDUVXYLGDHQWHUDUHDOL]DQGRFDPSDxDVHYDQJHOtVWLFDVVLQKDEHUH[SHULPHQWDGRXQDVRODYH]ODDOHJUtD GHYHUXQYHUGDGHURDYLYDPLHQWRDODDQWLJXD (QXQDFDPSDQDHYDQJHOtVWLFDXQDLJOHVLDKDFHXQHVIXHU]RSRUWUDHUDOPDVDULVWRSRUFDGDHVIXHU]RGH HVRVOHGDPRVVLQFHUDVJUDFLDVD'LRVSHURXQDYLYDPLHQWRHVDOJRTXHODLJOHVLDQRSXHGHPRQWDU 8QDYLYDPLHQWRFRPLHQ]DFRQHOSXHEORGH'LRV
- 38. 1RHVH[DFWRGHFLUGHXQDFDPSDxDHYDQJHOtVWLFDTXHHOODFRPLHQ]DFRQHOSXHEORGH'LRV/DSULPHUDQRFKH TXH VH UHDOL]D XQD FDPSDxD DVt VH SXHGH KDFHU XQD LQYLWDFLyQ SXHGH KDEHU DOPDV TXH VH VDOYDQ (O HYDQJHOLVWDSXHGHGLULJLUWRGDVXSUHGLFDFLyQDORVLQFRQYHUVRVHQXQHVIXHU]RSRUJDQDUORVSDUDULVWRSHUR HVRQRHVXQHVIXHU]RGHDYLYDPLHQWR8QDYLYDPLHQWRFRPRORKHGLFKRFRPLHQ]DFRQHOSXHEORGH'LRV1R GLJR TXH WHUPLQH FRQ HO SXHEOR GH 'LRV SRUTXH WDUGH R WHPSUDQR VL HV XQ DYLYDPLHQWR DXWpQWLFR GHVHPERFDUiHQODVDOYDFLyQGHDOPDV 6yORODYLGDVHSXHGHDYLYDU6LQRKDYLGDQRKDSRVLELOLGDGGHDYLYDPLHQWR3RUFRQVLJXLHQWHFXDQGRXQR VDOHDJDQDUDOPDVSDUDULVWRXQRQRKDEODGHDYLYDPLHQWRSRUTXHVDEHTXHHVWiWUDEDMDQGRHQWUHSHUVRQDV TXHQRVHKDQVDOYDGRTXHHVWiQPXHUWDVHQVXVGHOLWRVSHFDGRV1RVHOHVSXHGHDYLYDU6LXQKRPEUHHVWi PXHUWRHVLPSRVLEOHDYLYDUOR6LHOIXHJRVHKDDSDJDGRXQRQRSXHGHDYLYDUOR8QRSXHGHVRSODUVREUHpO WDQWR FRPR TXLHUD 3XHGH DEDQLFDUOR WDQWR FRPR TXLHUD 3XHGH KDFHU WRGR OR TXH HVWp D VX DOFDQFH SRU DYLYDUORSHURVLHVWiDSDJDGRQRTXHGDQLQJXQDFKLVSDGHOIXHJRSRUPiVTXHXQRVHHVIXHUFHQXQFDOR SRGUiDYLYDU6HUiQHFHVDULRUHLQLFLDUGHVGHHOSULQFLSLRHOSURFHVRGHHQFHQGHUOR 3RUHVRVLODVDOPDVHVWiQPXHUWDVPXHUWDVHQVXVGHOLWRVSHFDGRVHVDEVROXWDPHQWHLPSRVLEOHDYLYDUODV(Q FDPELR Ví HV SRVLEOH DYLYDU DO SXHEOR GH 'LRV $OOt GRQGH KD YLGD VLHPSUH H[LVWH OD SRVLELOLGDG GH DYLYDPLHQWR/RVTXHHVWiQUHDOPHQWHVDOYRVORVTXHUHDOPHQWHKDQQDFLGRGHQXHYRVHKDQHQIULDGRVH KDQYXHOWRLQGLIHUHQWHVORVTXHKDQSHUGLGRVXSULPHUDPRUSXHGHQVHUDYLYDGRV/DREUDGHXQSUHGLFDGRUGH DYLYDPLHQWRVHVDQWHWRGRDOFDQ]DUDHVDVSHUVRQDVSRUPHGLRGHHOODVDORVTXHD~QQRVHKDQVDOYDGR/D REUDGHXQHYDQJHOLVWDHVDQWHWRGRDOFDQ]DUSDUDULVWRDORVLQFRQYHUVRV /RTXH QXHVWUDVLJOHVLDVQHFHVLWDQKRQR HV DQWH WRGR OD HYDQJHOL]DFLyQ VLQR HO DYLYDPLHQWR OD FODVH GH DYLYDPLHQWRTXHH[SHULPHQWyDUORV*)LQQH8QDYH]TXHVHKDQDYLYDGRODVLJOHVLDVKDEUiDOPDVTXHVH VDOYHQ(VDVFRQYHUVLRQHVDJXDQWDUiQODSUXHEDSRUTXHKDEUiKDELGRXQDDXWpQWLFDFRQYLFFLyQGHSHFDGR XQDH[SHULHQFLDJHQXLQD $YHFHVFRPRDORKHVHxDODGR)LQQHQLVLTXLHUDKDFtDGXUDQWHYDULDVVHPDQDVXQHVIXHU]RSRUDOFDQ]DUD ORVLQFRQYHUVRV1ROHVSUHGLFDED'LULJtDWRGRVVXVPHQVDMHVDOSXHEORGH'LRV$OILQDOFXDQGRHO(VStULWX GH'LRVKDEtDDYLYDGRODLJOHVLDORVFULVWLDQRVPLVPRVHVWDEDQDHQFHQGLGRVHQWRQFHV'LRVFRPHQ]DEDD REUDUHQWUHORVLQFRQYHUVRVORVSHFDGRUHVHPSH]DEDQDSUHRFXSDUVHSRUODVDOYDFLyQGHVXDOPD(QWRQFHVHO DYLYDPLHQWRDVXYH]FRQGXFtDDODHYDQJHOL]DFLyQDODFRQYHUVLyQ /H GDmRV JUDFLDV D 'LRV SRU FDGD FDPSDxD HYDQJHOtVWLFD TXH VH KD HIHFWXDGR HQ OD KLVWRULD SHUR OR JORULILFDPRVD~QPiVSRUORVDYLYDPLHQWRV3HQVDmRVHQ-XDQ:HVOH)LQQH0RRGPXFKRVRWURVTXH IXHURQXVDGRVQRVyORHQODHYDQJHOL]DFLyQVLQRWDPELpQHQORVDYLYDPLHQWRVTXHIXHURQFRQRFLGRVFRPR SUHGLFDGRUHVGHDYLYDPLHQWRVDGHPiVGHVHUFRQRFLGRVFRPRHYDQJHOLVWDV/XHJRSHQVDPRVHQ%LOO6XQGD 5 $ 7RUUH %RE -RQHV %LOO *UDKDP PXFKtVLPRV RWURV TXH KDQ VLGR HVFRJLGRV SRU 'LRV FRPR HYDQJHOLVWDVTXHHQVXVJUDQGHVHVIXHU]RVHYDQJHOtVWLFRVDHVFDODGHXQDFLXGDGHQWHUDKDQHVWDGROOHYDQGRD ORVSLHVGHO6HxRU-HVXFULVWRDFHQWHQDUHVFHQWHQDUHVGHDOPDV3RUWRGRHVROHGDPRVVLQFHUDVJUDFLDVD 'LRV 6HJXLPRVRUDQGRDVt2K-HKRYiDYLYDWXREUD(VDHVXQDRUDFLyQTXHVLHPSUHGHEHPRVHOHYDU6LQRHVOD REUDGH'LRVHQWRQFHVQRSXHGHVHUDYLYDGD7LHQHTXHFRQYHUWLUVHHQREUDVXDDQWHVTXHVHSXHGDDYLYDU 3HURVLHVREUDGH'LRVHQWRQFHV'LRVSXHGHDYLYDUOD 8QDYLYDPLHQWRHVXQDPDQLIHVWDFLyQGHOSRGHUGH'LRV /D%LEOLDGLFH(OSRGHUGHO6HxRUHVWDEDSUHVHQWH¢3RGHPRVGHFLUHVRXVWHGR¢(VWiSUHVHQWH(OHQ QXHVWUDVUHXQLRQHV¢RQRFHPRVDOJRGHOSRGHUGHO6HxRU'LFHWDPELpQ7RGRVHVWDEDQDVRPEUDGRVGHO JUDQ SRGHU GH 'LRV ¢(VWiQ DVRPEUDGRV KR ORV KRPEUHV ¢5HJUHVD D FDVD QXHVWUD FRQJUHJDFLyQ DEVROXWDPHQWHDVRPEUDGDGHOJUDQSRGHUGH'LRVTXHVHPDQLILHVWDHQPHGLRGHQRVRWURV¢+HPRVWHQLGRHVD H[SHULHQFLD(VRDPLJRPtRHVHODYLYDPLHQWR(VGHHVRTXHHVWRKDEODQGRXQDPDQLIHVWDFLyQGHOSRGHU
- 39. GH'LRV7RGRSRGHURVR(QRWUDVSDODEUDV'LRVHQWUDHQHVFHQDDSDUWHGHODLQIUDHVWUXFWXUDDSDUWHGHOD RUJDQL]DFLyQDSDUWHGHORVOtGHUHVSHUVRQDOHVDSDUWHGHWRGRORGHPiV(ODFW~D$OJRRFXUUHGHYHUGDG+D XQDPDQLIHVWDFLyQGHOSRGHUGLYLQR(VRHVGLJRRHODYLYDPLHQWR 8QDYLYDPLHQWRVLHPSUHSURGXFHXQDSURIXQGDFRQYLFFLyQGHSHFDGR $VtIXHHQHOJUDQDYLYDPLHQWRLUODQGpVGHWDPELpQHQODVUHXQLRQHVTXHUHDOL]DED-XDQ:HVOH$Vt WDPELpQRFXUULyHQORVGtDVGH(YDQ5REHUWVGH)LQQHVLHPSUHKDEtDXQDSURIXQGDFRQYLFFLyQGHSHFDGR $KRUDELHQHVRQRVLHPSUHRFXUUHFXDQGRVHUHDOL]DQFDPSDxDVHYDQJHOtVWLFDV$YHFHVHOHYDQJHOLVWDWLHQH TXHSHUVXDGLUDODVSHUVRQDVDTXHUHFRUUDQORVSDVLOORVDFHSWHQD-HVXFULVWRFRPR6DOYDGRU$YHFHVORV FRQVHMHURVWLHQHQTXHGLVFXWLUFRQHOORVURJDUOHVVXSOLFDUOHVLQVWDUORVDTXHVHDFHUTXHQ$PHQXGRKDTXH H[KRUWDUORVDTXHWRPHQXQDGHFLVLyQSRUHO6HxRU-HVXFULVWR 1DGDGHHVRVXFHGHHQORVGtDVGHDYLYDPLHQWR3RUTXHHQWRQFHVHV'LRVHOTXHVHHQFDUJDGHH[KRUWDU(O (VStULWX6DQWRHVWiHQDFFLyQODVSHUVRQDVFDHQGHURGLOODVRYDQDOIUHQWHFRUULHQGRKDFLHQGRODSUHJXQWD GHO FDUFHOHUR ILOLSHQVH 6HxRUHV ¢TXp GHER KDFHU SDUD VHU VDOYR (Q XQ DYLYDPLHQWR QR WHQHPRV TXH URJDUOHVDORVKRPEUHVPXMHUHVSDUDTXHVHFRQYLHUWDQHOORVVRQORVTXHQRVUXHJDQTXHOHVPRVWUHPRVHO FDPLQRGHVDOYDFLyQSRUTXHHVWiQEDMRXQDHQRUPHFRQYLFFLyQGHSHFDGR (Q XQD FDPSDxD HYDQJHOtVWLFD D YHFHV KH YLVWR D ORV KRPEUHV UHFRUUHU ORV SDVLOORV VRQULHQGR (Q XQ DYLYDPLHQWRQXQFDORVKHYLVWRVRQUHtU(QXQDYLYDPLHQWRDSHQDVORJUDQFDPLQDUSRUORVSDVLOORV6HYXHOYHQ WDQGpELOHVEDMRODWUHPHQGDFRQYLFFLyQGHSHFDGRWDQFDUJDGRVDQJXVWLDGRVTXHDSHQDVSXHGHQWHQHUVH HQ SLH /DV OiJULPDV OHV VDOHQ DEXQGDQWHPHQWH D PHGLGD TXH OH VXSOLFDQ DO 6HxRU -HVXFULVWR TXH WHQJD PLVHULFRUGLDGHHOORVORVVDOYH (QHODYLYDPLHQWRLUODQGpVGHODV SHUVRQDVVH GHELOLWDEDQ WDQWRTXH QR ORJUDEDQUHJUHVDUD VXV FDVDV +RPEUHV PXMHUHV FDtDQ D OD YHUD GHO FDPLQR KRUDV GHVSXpV HVWDEDQ URJiQGROH D 'LRV TXH VDOYDUD VXV DOPDV 6HQWtDQTXH VH GHVOL]DEDQ KDFLDHOLQILHUQR TXH QDGDPiV LPSRUWDED HQ OD YLGD VLnR HO SRQHUVHHQEXHQRVWpUPLQRVFRQ'LRVSRUHVRVHSRQtDQGpELOes y desamparados. Para ellos la eternidadORHUDWRGR . 1LQJXQDRWUDFRVDWHQtDFRQVHFXHQFLDDOJXQD6HQWtDQTXHVL'LRVQRWHQtDPLVHULFRUGLDGHHOORVORVVDOYDED HVWDEDQFRQGHQDGRVSDUDVLHPSUH 8QDYLYDPLHQWRQRGHSHQGHXQOtGHU XDQGR XQR HIHFW~D XQD FDPSDxD HYDQJHOtVWLFD SUHGLFD VX ~OWLPR VHUPyQ ¢TXp VXFHGH /D FDPSDxD FRQFOXH WRGR WHUPLQD /DV UHXQLRQHV KDQ DFDEDGR WRGR TXHGD HQ HO SDVDGR 3HUR ¢TXp RFXUUH HQ XQ DYLYDPLHQWR (ODYLYDPLHQWRVLJXHVLJXHFRQPiVSRGHUTXHQXQFDFXDQGRHOSUHGLFDGRU DVHKDLGR6X SUHVHQFLDQRHVLQGLVSHQVDEOH 8QH[FHOHQWHHMHPSORHV(YDQ5REHUWVGH*DOHV(OOOHJDEDDODVUHXQLRQHVGXUDQWHDOJXQDVQRFKHVGHFtD SRFR3RU~OWLPRVHOHYDQWDEDGDEDXQEUHYHWHVWLPRQLRVHLEDSHURHODYLYDPLHQWRFRQWLQXDEDFRQSRGHU FUHFLHQWH6HVDOYDEDQPiVDOPDVTXHQXQFDDQWHV6HUHDOL]DEDQREUDVPDRUHVGHVSXpVTXHpOVHLEDTXH PLHQWUDVHVWDEDSUHVHQWH(ODYLYDPLHQWRVHH[WHQGtDGHXQGLVWULWRDRWURKDVWDTXHODVLJOHVLDVHQWRGDVSDUWHV TXHGDEDQHQOODPDV7RGDVHOODVHVWDEDQOOHQDVGHJHQWHKDVWDHOFROPR/DJHQWHOOHJDEDDODVFLQFRGHOD PDxDQDVHTXHGDEDKDVWDDDYDQ]DGDODQRFKH'XUDQWHWRGRHOGtDKRPEUHVPXMHUHVOORUDEDQKDVWDOOHJDU DODFUX] (QRWUDVSDODEUDVHODYLYDPLHQWRQRGHSHQGtDXQOtGHU(YDQ5REHUWVSRGtDHVWDUDFLHQWRVGHNLOyPHWURVGH GLVWDQFLD(VRQRLPSRUWDEDHODYLYDPLHQWRVHJXtDGHWRGRVPRGRVQRVyORVHJXtDHQHVHFHQWURVLQRTXH VHGLIXQGtDDRWURVFHQWURVKDVWDTXHKDEtDHVWDOODGRHQORVOXJDUHVPiVLQHVSHUDGRVGRQGH(YDQ5REHUWVQR KDEtDHVWDGRSUHVHQWH8QDYLYDPLHQWRQRGHSHQGHGHOOtGHU
- 40. /RVDYLYDPLHQWRVQRGHSHQGHQGHORVVHUPRQHV (YDQ5REHUWVFRmRKHGLFKRQRSUHGLFDEDVHUPRQHVVLPSOHPHQWHGDEDVXWHVWLPRQLR'LRVDFWXDED$VtHV HQXQDYLYDPLHQWR1LQJ~QKRPEUHSXHGHDWULEXLUVHODJORULD1RTXLHURGHFLUTXHQRVHSUHGLTXHQVHUPRQHVR TXHQRVHGHQPHQVDMHVHQXQDYLYDPLHQWRFODURTXHVt3HURHODYLYDPLHQWRDUUDVDUiLQGHSHQGLHQWHPHQWHGH ORVVHUPRQHVWRGRVHQDOWHFHUiQD'LRV (VRHVORTXHHVWDPRVSLGLHQGRD'LRVDKRUDHQORV(VWDGRV8QLGRV/HHVWDPRVSLGLHQGRD'LRVTXHDUUDVHHO SDtVHQWHURGHVGHHO$WOiQWLFRKDVWDHO3DFtILFRFRQHOSRGHUGHODYLYDPLHQWRTXHYXHOYDDOOHQDUQXHVWURV WHPSORVKDVWDHOPi[LPRGHVXFDSDFLGDGTXHSRQJDVREUHQRVRWURVXQDFDUJDWDOTXHQRGHVFDQVHPRVVLQR KDVWDTXH'LRVDFW~HKDDPLOODUHVTXHVHDFHUFDQDVXUHLQR(ODYLYDPLHQWRGHEHDUUDVDUHOSDtVFRPRXQ LQFHQGLRHQ OD SUDGHUD OOHYiQGRVHOR WRGR FRQVLJR VLQ QLQJ~Q OLGHUD]JR KXPDQR SDUD TXH VHD 'LRV TXLHQ UHFLEDWRGDODJORULD(VRDPLJRPtRHVORTXHHVWDPRVSLGLpQGROHKRD'LRVXDQGROOHJXHWRGRFDPELDUi ODQDFLyQHQWHUDVHWUDQVIRUPDUiSRUTXH'LRVSXHGHKDFHUPiVHQDOJXQDVVHPDQDVGHDYLYDPLHQWRTXHORTXH SRGHPRVKDFHUQRVRWURVHQYDULRVDxRVGHFDPSDxDVHYDQJHOtVWLFDV $KRUD SHUPtWDQPH GHMDUOHV OD FDUJD 2MDOi FODPH XVWHG D 'LRV DVt 6HxRU DQWHV GH PRULU DQWHV TXH PL PLQLVWHULRWHUPLQHPLREUDKDDFRQFOXLGRFRQFpGHPHYHUHODYLYDPLHQWR6LXVWHGSXGLHUDYHUDXQTXH IXHUDXQVRORYHUGDGHURDYLYDPLHQWRHVRUHYROXFLRQDULDWRGRVXPLQLVWHULRIXWXURXVWHGQXQFDYROYHUtDDVHU HOPLVPR1RYHRQLQJXQDUD]yQSRUODFXDOHQHVWHVLJORYHLQWHQRGHEDPRVSUHVHQFLDUXQDYH]PiVXQDJUDQ PDQLIHVWDFLyQGHOSRGHUGH'LRV
- 43. /DUD]yQSRUODTXHWDQWDVSHUVRQDVVRQWLELDVIUtDVRLQGLIHUHQWHVODUD]yQSRUODTXHKDWDQWRVTXHQRJR]DQ GH VX VDOYDFLyQ OD UD]yQ SRU OD TXH QR UHFLEHQ UHVSXHVWDV D OD RUDFLyQ OD UD]yQ SRU OD TXH QR WLHQHQ WHVWLPRQLRHVTXHKDDOJ~QSHFDGRVHFUHWRDOJ~QSHFDGRRFXOWRHQVXFRUD]yQTXHQXQFDVHKDFRQIHVDGR ¢3RUTXpQRFRQIHVDUOR8QRQRSXHGHHVFRQGHUVHGH'LRV(OHVWiFRPSOHWDPHQWHDOWDQWR¢3RUTXpQRKDFHU XQD FRQIHVLyQ FRPSOHWD D 'LRV SDUD VHU SHUGRQDGR 0LHQWUDV XQR QR KDJD HVR 'LRV QR SXHGH KDFHU DEVROXWDPHQWHQDGDSRUXQR 3HURSDUDHVWDUHQSD]FRQ'LRVQRVyORGHEHKDEHUFRQIHVLyQGHSHFDGRVVLQRTXHFRPRDORKHGLFKR WDPELpQGHEHKDEHUUHVWLWXFLyQ(QRWUDVSDODEUDVWRGDRIHQVDGHEHHQGHUH]DUVH(VWDUHQSD]FRQ'LRVHV HVWDUHQSD]FRQORVKRPEUHV(VWDUHQPDODUHODFLyQFRQORVKRPEUHVHVHVWDUHQPDODUHODFLyQFRQ'LRV1R HVSRVLEOHDUUHJODUVHFRQ'LRVVHJXLUHQPDODUHODFLyQFRQHOKRPEUH3DUDSRGHUHVWDUHQSD]FRQ'LRV WDPELpQKDTXHHVWDUHQSD]FRQHOKRPEUH 7DOYH]VHDQHFHVDULRSUHVHQWDUXQDGLVFXOSDKDEUiTXHKDFHUOR7DOYH]KDDOJXQDGHXGDTXHXVWHGQXQFD KDSDJDGRWHQGUiTXHSDJDUOD'LRVGLFH1RGHEiLVDQDGLHQDGD$ORVRMRVGH'LRVODGHXGDHVXQ SHFDGRQLQJ~QFULVWLDQRGHEHWHQHUGHXGDV3RUORPHQRVVLVHPHWHHQXQDGHXGDGHEHKDFHUWRGRORTXH HVWpDVXDOFDQFHSRUVDOLUGHHOOD'HEHFXPSOLUFRQVXVREOLJDFLRQHVVLHVSRVLEOH1RSXHGHHVWDUHQSD]FRQ 'LRVVLQRKDVWDTXHHVWpHQSD]FRQVXVVHPHMDQWHV6yORHQWRQFHVSRGUiUHSRVDUVREUHpOODEHQGLFLyQGH'LRV 9RDGDUOHXQHMHPSORGHFRQIHVLyQUHVWLWXFLyQ2FXUULyHQPLSURSLDLJOHVLDGH7RURQWRWXYRTXHYHU FRQHOOtGHUGHQXHVWUD6RFLHGDGGH-yYHQHV(OKDEtDHVWDGRLQFXUULHQGRHQDSURSLDFLyQLQGHELGDGHIRQGRV QDGLHVDEtDQDGDDOUHVSHFWR,QFOXVRpOPLVPRSHQVDEDTXHSRGtDVDOLUVHFRQODVXDLHUWRGtDHQXQDVHULH GHUHXQLRQHVHYDQJHOtVWLFDVFXDQGRKLFHODLQYLWDFLyQHVHMRYHQDQWHHODVRPEURGHWRGRV FDPLQy SRU HO SDVLOOR KDVWD OOHJDU DO IUHQWH 3HQVp TXH LED GLUHFWDPHQWH KDFLD OD VDOD GRQGH HVWDEDQ TXLHQHV OR SRGtDQ RULHQWDU SHUR DQWHV GH OOHJDU D OD SXHUWD VH GLULJLy DO IUHQWH PLVPR GHO DXGLWRULR YROYLpQGRVH KDFLD HO S~EOLFRKL]RXQDFRQIHVLyQS~EOLFDGHVXSHFDGR(QWRQFHVFRQORVRMRVOOHQRVGHOiJULPDVGHVSXpVGHKDEHU SHGLGRDODJHQWHTXHORSHUGRQDUDHQWUyHQODVDODGRQGHKL]RVXFRQIHVLyQD'LRVIXH UHVWDXUDGR D OD FRPXQLyQ FRQ (O 3RVWHULRUPHQWH KL]R WRGR OR TXH HVWXYR D VX DOFDQFH SRU GHYROYHU HO GLQHUR TXH KDEtD WRPDGR$QWHVGHPRULUSXGRGDUXQPDJQLILFRWHVWLPRQLRSRUTXHKDEtDVDWLVIHFKRODVFRQGLFLRQHVGH'LRV +DEtDKHFKRVXFRQIHVLyQ+DEtDUHVWDXUDGRORUREDGRSDVyDODSUHVHQFLDGHO6HxRUVLQOOHYDUFRQGHQDFLyQ DOJXQDHQVXFRUD]yQ $PLJRXQRSXHGHHVFRQGHUVXSHFDGRGHORVRMRVGHOKRPEUHSHURQRSXHGHHVFRQGHUORGHORVRMRVGH'LRV (OHVFRQGHUXQSHFDGRSXHGHVHUODUD]yQSRUODTXH'LRVQROREHQGLFHDXQRRQRUHVSRQGHDVXVRUDFLRQHV (VDSXHGHVHUODUD]yQSRUODFXDO(OQRHVWiXViQGRORDXQRSDUDVXVHUYLFLR+DDOJXQDFRQIHVLyQTXHQXQFD VH KD KHFKR DOJXQD UHVWLWXFLyQ TXH QR VH KD DWHQGLGR 7DO YH] XVWHG QR KD FRQIHVDGR VX SHFDGR QL KD UHQXQFLDGRDpO8VWHGQRVHKDDUUHJODGRFRQORVKRPEUHVSRUORWDQWRQRSXHGHHVWDUHQSD]FRQ'LRV1R SXHGHYHQLUHODYLYDPLHQWRVLQRKDVWDTXHXQRHVWpOLVWRSDUDHVWDUHQSD]FRQ'LRVORUHSLWROD~QLFDIRUPD TXHFRQR]FRSDUDHVWDUHQSD]HVPHGLDQWHODFRQIHVLyQODUHVWLWXFLyQ4XH'LRVQRVGpODFDSDFLGDGGH SDJDUHOSUHFLR $IDQDUVHHQODRUDFLyQ 5HSHWLGDVYHFHVPHKHUHIHULGRDODRUDFLyQHQFRQH[LyQFRQHODYLYDPLHQWR(ODIDQDUVHHQODRUDFLyQHVGH VXPD LPSRUWDQFLD (V XQD OHFFLyQ TXH XVWHG R WHQGUHPRV TXH DSUHQGHU SRUTXH QXQFD YHUHPRV HO DYLYDPLHQWRQXQFDSUHYDOHFHUHPRVFRQ'LRVVLQRKDVWDTXHVHSDPRVFyPRDIDQDUQRVHQODRUDFLyQ 5HFXHUGRTXHKDFHDxRVFXDQGRRHUDSDVWRUGHOD,JOHVLD3UHVELWHULDQD'DOHHQ7RURQWRFXDQGRQXHVWUDV UHXQLRQHV GH DYLYDPLHQWR FRQWLQXDURQ GXUDQWH VHLV VHPDQDV QRFKH WUDV QRFKH VLQ XQD VROD LQWHUUXSFLyQ SDViEDPRVHQ RUDFLyQ WRGRVORVGtDVGHILHVWD1RVOHYDQWiEDPRVWHPSUDQR tEDPRV DO VDOyQ GH RUDFLyQ RUiEDPRVSRUWXUQRVGXUDQWHWRGRHOGtDFRQDXQRXQDYH]WUDVRWUD3DViEDPRVODPLWDGGHXQDQRFKHHQ