Anda di halaman 1dari 5

2

 PDLV  3Uy[LPREORJ

&ULDUXPEORJ  /RJLQ

/LWHUDWXUD
OXQHVGHRFWXEUHGH

$UFKLYRGHOEORJ

$QiOLVLVGHOFXHQWR3DWDUXFR5yPXOR*DOOHJRV

 
RFWXEUH 
5yPXOR*DOOHJRV

92&$%8/$5,2

/H]DPD/LPD
/HRSROGR/XJRQHV

3DWDUXFR'LFKRGHXQJDOOR4XHQRHVGHUD]DSXUDQLEXHQRSDUDODSHOHD
-RURSR0~VLFD\GDQ]DSRSXODUYHQH]RODQDVGH]DSDWHR\GLYHUVDVILJXUDVTXHVHKDH[WHQGLGRDORV
SDtVHVYHFLQRV
3DVDMH7UiQVLWRRPXWDFLyQKHFKDFRQDUWHGHXQDYR]RGHXQWRQRDRWUR
9HUQiFXOR'LFKRHVSHFLDOPHQWHGHOLGLRPDROHQJXD'RPpVWLFRQDWLYRGHQXHVWUDFDVDRSDtV
(VFRELOODR(VFRELOODGR(QDOJXQRVEDLOHVWUDGLFLRQDOHVDFFLyQ\HIHFWRGHHVFRELOODU
$UDJHxR3HUWHQHFLHQWHRUHODWLYRDHVWH(VWDGRGH9HQH]XHOD
-DGHDQWHV4XH5HVSLUDDQKHORVDPHQWHSRUHIHFWRGHDOJ~QWUDEDMRRHMHUFLFLRLPSHWXRVR
/DVFLYRV/XMXULRVRV$SDWtD,PSDVLELOLGDGGHOiQLPR
$UDJXDQH\*DUURWHKHFKRFRQODPDGHUDGHHVWHiUERO
%UHJDED'LFKRGHXQDSHUVRQD/XFKDUUHxLUIRUFHMHDUFRQRWUDXRWUDV
%XOODQJXHUR$OERURWDGRUDPLJRGHEXOODQJDV
5RPHUtD)LHVWDSRSXODUTXHFRQPHULHQGDVEDLOHVHWFVHFHOHEUDHQHOFDPSRLQPHGLDWRDDOJXQD
HUPLWDRVDQWXDULRHOGtDGHODIHVWLYLGDGUHOLJLRVDGHOOXJDU
7UDMLQDU$FDUUHDUROOHYDUJpQHURVGHXQOXJDUDRWUR
5HSHFKRVDV&XHVWDEDVWDQWHSHQGLHQWH\QRODUJD
*XDPRUERODPHULFDQRGHODIDPLOLDGHODV0LPRViFHDVGHRFKRDGLH]PHWURVGHDOWXUDFRQWURQFR
GHOJDGR\OLVRKRMDVDOWHUQDVFRPSXHVWDVGHKRMXHODVHOtSWLFDV\IORUHVEODQTXHFLQDVHQHVSLJDVD[LODUHV
FRQYHOORVHGRVR6XIUXWRHVODJXDPD\VHSODQWDSDUDGDUVRPEUDDOFDIp
&UyWDOR6HUSLHQWHYHQHQRVDGH$PpULFDTXHWLHQHHQHOH[WUHPRGHODFRODXQRVDQLOORVyVHRVFRQ
ORVFXDOHVKDFHDOPRYHUVHFLHUWRUXLGRSDUWLFXODU
0DFDXUHO6HUSLHQWHGH9HQH]XHODQRYHQHQRVD\SDUHFLGDDODWUDJDYHQDGRSHURGHPHQRUWDPDxR
*DxLGRV4XHMLGRGHRWURVDQLPDOHV
%iTXLURV0DPtIHURSDTXLGHUPRFX\RDVSHFWRHVHOGHXQMDEDWRGHVHLVPHVHVVLQFRODFRQFHUGDV
ODUJDV\IXHUWHVFROPLOORVSHTXHxRV\XQDJOiQGXODHQORDOWRGHOORPRGHIRUPDGHRPEOLJRTXHVHJUHJD
XQDVXVWDQFLDIpWLGD9LYHHQORVERVTXHVGHOD$PpULFD0HULGLRQDO\VXFDUQHHVDSUHFLDGD
4XHPD]yQ$FFLyQ\HIHFWRGHTXHPDURTXHPDUVH
$]DUHV&DVXDOLGDGHVFDVRIRUWXLWR
%RWLMXHOD%RWLMDRFXOWDGDHQXQPXURRHQWLHUUDFRQPRQHGDVGHODpSRFDFRORQLDO
&KLYDWHUtDV(QJDxDUPHGLDQWHSLFDUGtDVRDUWLPDxDV
7ULOODU4XHEUDQWDUODPLHVWHQGLGDHQODHUD\VHSDUDUHOJUDQRGHODSDMD
'HSXUDGR3XOLGRWUDEDMDGRHODERUDGRFXLGDGRVDPHQWH
$JUHVWHVSHURLQFXOWRROOHQRGHPDOH]D5XGRWRVFRJURVHURIDOWRGHXUEDQLGDG
(ItPHUR3DVDMHURGHFRUWDGXUDFLyQ
3RVWUH$OR~OWLPRDOILQ
5HPLQLVFHQFLD5HFXHUGRYDJRHLPSUHFLVR
0DVFDUDGD)HVWtQRVDUDRGHSHUVRQDVHQPDVFDUDGDV
%ORQGR5XELR
)XOPLQy0DWyRKHULyFRQHOORV
&RQWHUUiQHR1DWXUDOGHODPLVPDWLHUUDTXHRWUDSHUVRQD
,QVWDQFLDV0HPRULDOHVVROLFLWXGHV
)DHQD7UDEDMRFRUSRUDO
%XFDUHUERODPHULFDQRGHODIDPLOLDGHODV3DSLOLRQiFHDVGHXQRVGLH]PHWURVGHDOWXUDFRQHVSHVD
FRSDKRMDVFRPSXHVWDVGHKRMXHODVSXQWLDJXGDV\WUXQFDGDVHQODEDVH\IORUHVEODQFDV6LUYHHQ
9HQH]XHODSDUDGHIHQGHUFRQWUDHOULJRUGHOVROORVSODQWtRVGHFDIp\GHFDFDRGiQGROHVVRPEUD
0RQRUUtWPLFR'HXQVRORULWPR
)URQGD+RMDGHXQDSODQWD
3HUHQQH&RQWLQXRLQFHVDQWHTXHQRWLHQHLQWHUPLVLyQ4XHYLYHPiVGHGRVDxRV
,PSDVLEOH,QFDSD]GHSDGHFHURVHQWLU
&KLFKHDEDQ(PLWLUUHSHWLGDPHQWHHOVRQLGRLQDUWLFXODGRGHV\FKSRUORFRP~QSDUDPDQLIHVWDU
GHVDSUREDFLyQRGHVDJUDGR
/XEULFR3URSHQVRDXQYLFLR\SDUWLFXODUPHQWHDODOXMXULD
,QPLVHULFRUGH'LFKRGHXQDSHUVRQD4XHQRVHFRPSDGHFHGHQDGLH
3ULQJRVR4XHWLHQHSULQJXHRHVWiJUDVLHQWRRSHJDMRVR
,QXVLWDGR1RXVDGRGHVDFRVWXPEUDGR

3$7$58&2
5yPXOR*DOOHJRV
3DWDUXFRHUDHOPHMRUDUSLVWDGHOD)LODGH0DULFKHV1DGLHFRPRpOVDEtDSXQWHDUXQMRURSRQLQDGLHGDUOH
WDQVDEURVDFDGHQFLDDOFDQWRGHXQSDVDMHHVHFDQWROOHQRGHPHODQFROtDGHODP~VLFDYHUQiFXOD7RFDED
FRQVHQWLPLHQWRFRPSHQHWUDGRHQHODOPDGHODLUHTXHDUUDQFDEDDODVFXHUGDVJUDVLHQWDVVXVGHGRV
YLUWXRVRVUHWRUFLpQGRVHHQODMXELORVDHPEULDJXH]GHOHVFRELOODRGHOJROSHDUDJHxRHFKDQGRHOURVWUR
KDFLDDWUiVFRQORVRMRVHQEODQFRFRPRSDUDVRUEHUVHWRGDODTXHMXPEURVDOXMXULDGHOSDVDMHYLEUDQGR

$OHMR&DUSHQWLHU
$QiOLVLVGHOFXHQWR3DWDUXFR5yPXOR
*DOOHJRV
$QiOLVLVGHOFXHQWR/OXYLDGHIXHJR
/HRSROGR/XJ
$QiOLVLVGHOFXHQWR9LDMHDODVHPLOOD
$OHMR&DU
$QiOLVLVGHOFXHQWR3DUDXQILQDOSUHVWR
/H]DPD
&DUiWXOD
,QWURGXFFLyQ

'DWRVSHUVRQDOHV

6RODQJH9DOOHV
9HUWRGRPLSHUILO

HQHOHVSDVPRPXVLFDOGHODFRODDFX\RVDFRUGHVORVEDLODGRUHVMDGHDQWHVODQ]DEDQJULWRVODVFLYRVTXH
WXUEDEDQDODVPXMHUHVSXHVHUDIDPDTXHORVMRURSRVGH3DWDUXFRVREUHWRGRFXDQGRpVWHHVWDEDPHGLR
WHPSODREDLODGRVGHODPDGUXJiS
DEDMROHFDOHQWDEDQODVDQJUHDOPiVDSiWLFR
3RURWUDSDUWHHO3DWDUXFRHUDXQKRPEUHFRPSOHWR\HQGRQGHpOWRFDVHQRKDEtDWHPRUGHTXHDQLQJ~Q
PDOXFRGHODUHJLyQVHOHDQWRMDVHDFDEDUHOMRURSRFRUWiQGROHODVFXHUGDVDODUSDSXHVFRQXQ
DUDJXDQH\HQODVPDQRVHOLQGLRHUDXQDQRWDELOLGDG\KDEtDTXHYHUFyPREUHJDED3RUHVWDVUD]RQHV
FXDQGRHQODpSRFDGHODFRVHFKDGHOFDIpOOHJDEDQODVEXOODQJXHUDVURPHUtDVGHODVHVFRJHGRUDV\ODV
QRFKHVGHOD)LODFRPHQ]DEDQDDOHJUDUVHFRQHOVRQGHODVJXLWDUUDV\FRQHOUXPRUGHODVSDUUDQGDVDO
3DWDUXFRQROHDOFDQ]DEDHOWLHPSRSDUDWRFDUORVMRURSRVTXHOHVDOtDQHQORVUDQFKRVHVSDUFLGRVHQODV
KDFLHQGDVGHOFRQWRUQR
3HURQRKDEtDGHOOHJDUDYLHMRFRQHODUSDDOKRPEURWUDMLQDQGRSRUODVFXHVWDVUHSHFKRVDVGHOD)LODHQ
ODRVFXULGDGGHODVQRFKHVOOHQDVGHFRQVHMDVSDYRUL]DQWHV\FX\DQHJUXUDGXSOLFDEDQORVDOWRV\FRSRVRV
JXDPRVGHORVFDIHWDOHVSREODGRVGHVLQLHVWURVUXPRUHVGHFUyWDORVVLOELGRVGHPDFDXUHOHV\JDxLGRV
HVSHOX]QDQWHVGHYiTXLURVVHGLHQWRVTXHHQODpSRFDGHODVTXHPD]RQHVEDMDEDQGHODVPRQWDxDVGH
&DSD\DKX\HQGRGHOIXHJRTXHLQYDGLHUDVXVODGHUDV\DWUDYHVDEDQODVKDFLHQGDVGHOD)LODHQPDQDGDV
EUDYtDVHQEXVFDGHODJXDHVFDVD
$]DUHVSURSLFLRVGHODVXHUWHRKDELOLGDGHVRYLUWXGHVGHOKRPEUHFRQYLUWLpURQOHDODYXHOWDGHQR
PXFKRVDxRVHQHOKDFHQGDGRPiVULFRGH0DULFKHV3DUDH[SOLFDUHOPLODJURVDOtDDUHOXFLUHQODVERFDV
GHDOJXQRVODPDQRVHDGDSDWUDxDGHODOHJHQGDULDERWLMXHODFROPDGDGHRQ]DVHQWHUUDGDVSRUORV
HVSDxROHVRWURVHVFpSWLFRV\SHVLPLVWDVKDEODEDQGHFKLYDWHUtDVGHO3DWDUXFRFRQXQDYLXGDULFDTXHOH
QRPEUyVXPD\RUGRPR\DTXLHQGHVSRMDUDGHVXKDFLHQGDRWURVSRUILQ\HUDQORVPHQRVDWULEXtDQHO
FDVRDODODERULRVLGDGGHODUSLVWDTXHGHSHyQGHWULOODKDEtDDVFHQGLGRYLUWXRVDPHQWHKDVWDODFRQGLFLyQ
GHSURSLHWDULR3HURSRUHVWRRSRUDTXHOORORFLHUWRHUDTXHHOLQGLROHKDEtDHFKDGRSDUDVLHPSUHOD
FROFKDDODUSD\YLYtDHQ&DUDFDVHQFDVDJUDQGHFDVDGRFRQXQDPXMHUEODQFD\ILQDGHODFXDOWXYR
QXPHURVRVKLMRVHQFX\RVSLHVQRDSDUHFtDQORVIRUPLGDEOHVMXDQHWHVTXHDpOOHYDOLHURQHOVREUHQRPEUH
GH3DWDUXFR
8QRGHVXVKLMRV3HGUR&DUORVKHUHGyODYRFDFLyQSRUODP~VLFD7HPHURVDGHTXHHOPXFKDFKRIXHUDD
VDOLUOHDUSLVWDODPDGUHSURFXUyH[WLUSDUOHODDILFLyQSHURFRPRHOFKLFRODWHQtDHQODVDQJUH\QRHVFRVD
KDFHGHUDWRUFHURIUXVWUDUODVOH\HVLPSODFDEOHVGHODQDWXUDOH]DODVHxRUDVHSURSXVRHQWRQFHVFXOWLYiUVHOD
\SDUDHOOROHEXVFyEXHQRVPDHVWURVGHSLDQR0iVWDUGHFXDQGR\D3HGUR&DUORVHUDXQKRPEUHFLWR
REWXYRGHOPDULGRTXHORHQYLDVHD(XURSDDSHUIHFFLRQDUVXVHVWXGLRVSRUTXHDXQTXHORYHtDELHQ
HQFDPLQDGR\FRQHOJXVWRGHSXUDGRHQHOFRQWDFWRFRQORTXHHOODOODPDEDODP~VLFDILQDQRVHOH
TXLWDEDGHOiQLPRPDWHUQDO\VXSHUVWLFLRVRHOWHPRUGHYHUORHOGtDPHQRVSHQVDGRFRQXQDUSDHQODV
PDQRVSXQWHDQGRXQMRURSR'HHVWHPRGRHOKLMRGH3DWDUXFRREWXYRHQORVJUDQGHVFHQWURVFLYLOL]DGRV
GHOPXQGRXQEDUQL]GHFXOWXUDTXHFRUUtDSDUHMDFRQODDFFLyQVXDYL]DGRUD\EODQTXHDQWHGHOFOLPDVREUH
HOFXWLVXQWDQWRUHYHODGRUGHODPH]FODGHVDQJUHTXHKDEtDHQpO\HQORVFHQWURVDUWtVWLFRVTXH
IUHFXHQWyFRQp[LWRUHODWLYRXQDFRQYHQLHQWHHGXFDFLyQPXVLFDO
$VtUHILQDGR\QXWULGRGHLGHDVWRUQyDOD3DWULDDOFDERGHDOJXQRVDxRV\VLHQHOKRJDUKDOOySRU
IRUWXQDHOSXHVWRYDFtRTXHKDEtDGHMDGRVXSDGUHHQFDPELRHQFRQWUyDFRJLGDHQWXVLDVWD\JHQHURVD
HQWUHVXVFRPSDWULRWDV
7UDtDHQODFDEH]DXQKHUYLGHURGHJUDQGHVSURSyVLWRVVRxDEDFRQWUDGXFLUHQJUDQGLRVDV\QXHYDV
DUPRQtDVODDJUHVWHPDMHVWDGGHOSDLVDMHYHUQiFXOROOHQRGHOX]JORULRVDODYLGDLPSXOVLYD\GRORURVDGH
ODUD]DTXHVHFRQVXPHHQPRPHQWiQHRVLQFHQGLRVGHSDVLRQHVYLROHQWDV\SLQWRUHVFDVFRPRHItPHURV
FDVWLOORVGHIXHJRVDUWLILFLDOHVGHORVFXDOHVDODSRVWUH\ELHQSURQWRVyORTXHGDODDUERODGXUD
ODPHQWDEOHGHORVIUDFDVRVWHPSUDQRV(VWDEDVHJXURGHTXHLEDDFUHDUODP~VLFDQDFLRQDO
&UH\yKDEHUORORJUDGRHQXQRVPRWLYRVTXHFRPSXVR\TXHGLRDFRQRFHUHQXQFRQFLHUWRHQFX\D
H[SHFWDWLYDODVHVSHUDQ]DVGHORVTXHHVWDEDQiYLGRVGHXQDPDQLIHVWDFLyQGHDUWHGHWDOJpQHURFXDMDURQ
HQSUHPDWXURVHORJLRVGHOJUDQWDOHQWRPXVLFDOGHOFRPSDWULRWD3HURVDOLHURQIUXVWUDGDVODVHVSHUDQ]DVOD
P~VLFDGH3HGUR&DUORVHUDXQFRQJORPHUDGRGHUHPLQLVFHQFLDVGHORVJUDQGHVPDHVWURVPH]FODGDV\
IXQGLGDVFRQH[WUDYDJDQFLDVGHSpVLPRJXVWRTXHSUHWHQGLHQGRGDUODQRWDWtSLFDGHOFRORULGRORFDOVyOR
GDEDQODLPSUHVLyQGHXQDPDVFDUDGDGHQHJURVGLVIUD]DGRVGHSUtQFLSHVEORQGRV$OJXLHQFRQGHQVyHQ
XQVDUFDVPREUXWDOQHWDPHQWHFULROORODGHFHSFLyQVXIULGDSRUHOS~EOLFRHQWHQGLGR/HVDOHHOSDWDUXFR
SRUPXFKRTXHVHODVWDSHVHOHYHQODVSOXPDVGHODVSDWDV
<ODHVSHFLHFRQRFLGDSRUHOP~VLFROHIXOPLQyHOHQWXVLDVPRTXHWUDMHUDGH(XURSD$EDQGRQyOD
P~VLFDGHODFXDOQRWROHUDEDQLTXHVHKDEODVHHQVXSUHVHQFLD3HURQRFD\yHQHOOXJDUFRP~QGH
FRQVLGHUDUVHLQFRPSUHQGLGR\SHUVHJXLGRSRUVXVFRWHUUiQHRV(OSHVLPLVPRTXHOHGHMDUDHOIUDFDVR
SHQHWUyPiVKRQGRHQVXFRUD]yQKDVWDODVUDtFHVPLVPDVGHOVHU6HFRQYHQFLyGHTXHHQUHDOLGDGHUDXQ
P~VLFRPHGLRFUHFRPSOHWDPHQWHLQFDSDFLWDGRSDUDODFUHDFLyQDUWtVWLFDVRUGRHQPHGLRGHXQD
QDWXUDOH]DPXGDSRUTXHWDPSRFRKDEtDTXHHVSHUDUGHpVWDQDGDTXHIXHVHGLJQRGHSHUGXUDUHQHODUWH
<EXVFDQGRODVFDXVDVGHVXLQFDSDFLGDGKXVPHyHOUDVWURGHODVDQJUHSDWHUQD$OOtHVWDEDODUD]yQ
HVWDEDKHFKRGHXQDWRVFDVXEVWDQFLDKXPDQDTXHMDPiVFULVWDOL]DUtDHQODIRUPDGHOLFDGD\QREOHGHO
DUWHKDVWDTXHODREUDGHORVVLJORVQRGHSXUDVHHOJURVHUREDUURRULJLQDULR3RFRWLHPSRGHVSXpVQDGLHVH
DFRUGDEDGHTXHHQpOKDEtDKDELGRXQP~VLFR
8QDQRFKHHQVXKDFLHQGDGHOD)LODGH0DULFKHVDGRQGHKDEtDLGRDLQVWDQFLDVGHVXPDGUHDYLJLODUODV
IDHQDVGHODFRJLGDGHOFDIpSDVHiEDVHEDMRORViUEROHVTXHURGHDEDQODFDVDUHIOH[LRQDQGRVREUHOD
WUDJHGLDPXGD\WHUULEOHTXHHVFDUEDEDHQVXFRUD]yQFRPRXQDOHSUDLPSODFDEOH\WHQD]/DVHPRFLRQHV
DUWtVWLFDVKDEtDQROYLGDGRORVVHQGHURVGHVXDOPD\DOUHFRUGDUVXVSDVDGRVHQWXVLDVPRVSRUODEHOOH]DOH
SDUHFtDTXHWRGRDTXHOORKDEtDVXFHGLGRHQRWUDSHUVRQDPXHUWDKDFtDWLHPSRTXHHVWDEDGHQWURGHOD
VX\DHPSRQ]RxiQGROHODYLGD
6REUHVXFDEH]DPiVDOOiGHODVFRSDVRVFXUDVGHORVJXDPRV\GHORVEXFDUHVTXHDEULJDEDQHOFDIHWDO
PiVDOOiGHODVORPDVFXELHUWDVGHVXDYHVSDMRQDOHVTXHFRURQDEDQODVHUUDQtDODQRFKHFRQVWHODGDVH
H[WHQGtDOOHQDGHVLOHQFLR\GHVHUHQLGDG$EDMRDOHQWDEDODYLGDLQFDQVDEOHHQHOUXPRUPRQRUUtWPLFRGH
ODIURQGDHQHOSHUHQQHWUDEDMRGHODVDYLDTXHLJQRUDVXSURSLDILQDOLGDGVLQGDUVHFXHQWDGHORTXHFRUUH
SDUDFRPSRQHU\VXVWHQWDUODPDUDYLOORVDDUTXLWHFWXUDGHOiUERORSDUDUHWULEXLUFRQODGXO]XUDGHOIUXWRHO
PHORGLRVRUHJDORGHOSiMDURHQHOLPSDVLEOHUHSRVRGHODWLHUUDSUHxDGRGHIRUPLGDEOHVDFWLYLGDGHVTXH
UHFRUUHQVXFtUFXORGHLQILQLWRVDWUDYpVGHWRGDVODVIRUPDVGHVGHODPiVKXPLOGHKDVWDODVPiVSRGHURVDV
<HOP~VLFRSHQVyHQDTXHOODRVFXUDVHPLOODGHVXUD]DTXHHVWDEDHQpOSXGULpQGRVHHQXQKHUYLGHURGH
DQKHORVLPSRVLEOHV(VWDUtDDFDVRJHUPLQDQGRSDUDGDUDVXWLHPSRDOJ~Q]D]RQDGRIUXWRLPSUHYLVWR"
3UHVWyHORtGRDORVUXPRUHVGHODQRFKH'HORVFDPSRVYHQtDQHFRVGHXQDSDUUDQGDOHMDQDHQWUHUDWRVHO
YLHQWRWUDtDHOVRQTXHMXPEURVRGHODVJXLWDUUDVGHORVHVFRJHGRUHV(FKyDDQGDUFHUURDEDMRKDFLDHO
VLWLRGRQGHUHVRQDEDQODVYRFHVIHVWLYDVVHQWtDFRPRVLDOJRPiVSRGHURVRTXHVXYROXQWDGORHPSXMDUD
KDFLDXQWpUPLQRLPSUHYLVWR
/OHJDGRDOUDQFKRGHOMRURSRGHW~YRVHHQODSXHUWDDFRQWHPSODUHOHVSHFWiFXOR$ODOX]PRUWDOGHORV
KXPRVRVFDQGLOHVHQYXHOWRVHQODSROYDUHGDTXHOHYDQWDEDHOIUHQpWLFRHVFRELOOHRGHOJROSHORVSHRQHV

GHODKDFLHQGDJLUDEDQHEULRVGHDJXDUGLHQWHGHP~VLFD\GHOXMXULD&KLFKHDEDQODVPDUDFDV
DFRPSDxDQGRHOFDQWRGRUPLOyQGHODUSDHQWUHUDWRVOHYDQWiEDVHODYR]GHVWHPSODGDGHOFDQWDGRUSDUD
LQFUXVWDUXQFRUULGRGHGLFDGRDDOJXQRGHORVEDLODGRUHV\DPRPHQWRVGHXQVLOHQFLROOHQRGHMDGHRV
O~EULFRVVXFHGtDQGHSURQWRJULWRVEHVWLDOHVDFRPSDxDGRVGHULVRWDGDV3HGUR&DUORVVLQWLyODYR]GHOD
VDQJUHDTXHOODHUDVXYHUGDGODLQPLVHULFRUGHYHUGDGGHODQDWXUDOH]DTXHEXUOD\YHQFHORVDUWLILFLRV\
ODVHTXLYRFDFLRQHVGHOKRPEUHpOQRHUDVLQRXQDUSLVWDFRPRVXSDGUHFRPRHO3DWDUXFR
3LGLyDODUSLVWDTXHOHFHGLHUDHOLQVWUXPHQWR\FRPHQ]yDSXQWHDUORFRPRVLWRGDVXYLGDQRKXELHUD
KHFKRRWUDFRVD3HURORVVRQHVTXHVDOtDQDKRUDGHODVFXHUGDVSULQJRVDVQRHUDQFRPRORVGHDQWHV
UXGRVSULPLWLYRVVDWXUDGRVGHGRORURVDGHVHVSHUDFLyQTXHHUDXQJUDxLGRGHPDFKRHQFHORRXQJULWRGH
DQLPDOKHULGRDKRUDHUDXQDP~VLFDH[WUDxDSHURSURSLDDXWpQWLFDTXHWHQtDGHOSDLVDMHODOODPHDQWH
GHVRODFLyQ\GHODUD]DODUDELRVDQRVWDOJLDGHODIULFDQRTXHYLQRHQHOEDUFRQHJUHUR\ODPHODQFyOLFD
WULVWH]DGHOLQGLRTXHYLRFDHUVXWLHUUDEDMRHOLPSHULRGHOLQYDVRU<HUDDTXHOORWDQLPSUHYLVWRTXHVLQ
GDUVHFXHQWDGHSRUTXpORKDFtDQORVEDLODGRUHVVHGHWXYLHURQDXQPLVPRWLHPSR\VHTXHGDURQYLHQGR
FRQH[WUDxH]DDOLQXVLWDGRDUSLVWD'HSURQWRXQRGLRXQJULWRKDEtDUHFRQRFLGRHQODUDUDP~VLFDQXQFD
RtGDHODLUHGHODWLHUUD\ODYR]GHODOPDSURSLDV<DXQPLVPRWLHPSRFRPRDQWHVODQ]iURQVHORV
EDLODGRUHVHQHOIUHQHVtGHOMRURSR
3RFRGHVSXpVFDPLQRGHVXFDVD3HGUR&DUORVLEDMXELORVROOHQDHODOPDGHP~VLFD6HKDEtDHQFRQWUDGR
DVtPLVPR\DRtDODYR]GHODWLHUUD(QSRVGHpOFDPLQDHQVLOHQFLRXQSHyQGHODKDFLHQGD
$OILQGLMR
'RQ3HGURFyPRVHOODPDHVHMRURSRTXHXVWpKDWRFDR"
3DWDUXFR
$EULOGH

$1/,6,6'(/&8(1723$7$58&2
3HUVRQDMHSULQFLSDO
(OSHUVRQDMHSULQFLSDOGH3DWDUXFRHV
3HGUR&DUORVKLMRGH3DWDUXFRXQ
SRSXODUDUSLVWDLQGLR\GHXQDPXMHU
EODQFD\ILQD3HGUR&DUORVIXHHO~QLFR
KLMRTXHKHUHGyODYRFDFLyQSRUOD
P~VLFDGHVXSDGUHUD]yQSRUODFXDO
IXHHQYLDGRSRUVXPDGUHD(XURSD
SXHVHVWDGHVHDEDHYLWDUTXHVXKLMR
VLJXLHUDORVSDVRVGHVXSDGUH3HGUR
&DUORVVHVHQWtDLGHQWLILFDGRFRQOD
P~VLFDFRQVXIRUPDFLyQDFDGpPLFDVH
FRQYLUWLyHQXQKRPEUHUHILQDGR\
QXWULGRGHLGHDVSXHVWRTXHHUDXQPXFKDFKROOHQRGHVXHxRVVRxDEDFRQWUDGXFLUHQJUDQGLRVDV\
QXHYDVDUPRQtDVODWRVFDPDMHVWDGGHOSDLVDMHQDWLYR(VWDEDVHJXURGHTXHLEDDFUHDUODP~VLFDQDFLRQDO
$OYHUVHUHFKD]DGRSRUVXSDWULD\DOQRREWHQHUODDFHSWDFLyQTXHHOHVSHUDEDVHFRQYLUWLyHQXQD
SHUVRQDIUDFDVDGR\PHGLRFUHVLQVXHxRVSRUORTXHGHFLGLyDOHMDUVH\ROYLGDUVHGHODP~VLFD+DVWDTXH
VHGLRFXHQWDGHTXHHQVXVDQJUHOOHYDEDXQDWRVFDVXEVWDQFLDKXPDQDTXHMDPiVFULVWDOL]DUtDHQODIRUPD
GHOLFDGD\QREOHGHODUWHFRQORTXHSXGRVHJXLUDGHODQWHFRQDFHSWDFLyQYDOHQWtD\VLQWLpQGRVH
RUJXOORVRGHVXUD]D\VREUHWRGRVLQWLpQGRVHRUJXOORVRGHVXSDGUH
3HUVRQDMHVVHFXQGDULRV
/RVSHUVRQDMHVVHFXQGDULRVGHOFXHQWR3DWDUXFRVRQ
/DPDGUHGH3HGUR&DUORVXQDPXMHUEODQFD\ILQDGHPX\EXHQDIDPLOLD

(OSDGUHGH3HGUR&DUORVXQDUSLVWDLQGLR

/DJHQWHGHODKDFLHQGDTXHHUDQSHUVRQDVPX\DOHJUHVODVFXDOHVGLVIUXWDEDQGHOMRURSRILHVWDSRSXODU

HQYHQH]XHOD

7HPD
(OFXHQWR3DWDWXFRHVFULWRSRU5yPXOR*DOOHJRVSHUWHQHFHDOJpQHURQDUUDWLYR\DTXHQRVUHODWDXQ
KHFKRRDFRQWHFLPLHQWRHQSURVDSXHVQRXWLOL]DHOYHUVRSDUDFRQWDUODKLVWRULD(VWHFXHQWRJLUDHQWRUQR
DODDXWHQWLFLGDGXQSUREOHPDFHQWUDOWDQWRHQODVREUDVGH5yPXOR*DOOHJRVFRPRHQODQDUUDWLYD
ODWLQRDPHULFDQD&RPRORDILUPDODVLJXLHQWHFLWDWH[WXDOHQODFXDOH[SUHVDTXH3HGUR&DUORVHVPHVWL]R\
VXP~VLFDLQFRUSRUDORLQGtJHQDORDIULFDQR\ORHXURSHRHUDXQDP~VLFDH[WUDxDSHURSURSLD
DXWpQWLFDTXHWHQtDGHOSDLVDMHODOODPHDQWHGHVRODFLyQ\GHODUD]DODUDELRVDQRVWDOJLDGHODIULFDQRTXH
YLQRHQHOEDUFRQHJUHUR\ODPHODQFyOLFDWULVWH]DGHOLQGLRTXHYLRFDHUVXWLHUUDEDMRHOLPSHULRGHO
LQYDVRU5yPXOR*DOOHJRV3DWDUXFR
,GHDV
(OFXHQWR3DWDUXFRHVGHVDUUROODGRHQXQHVFHQDULRGHPHVWL]DMHSXHVWRTXH3HGUR&DUORVHUDKLMRGH
3DWDUXFRXQSRSXODUDUSLVWDLQGLR\GHXQDPXMHUEODQFD6XPDGUHSDUDHYLWDUTXHHOMRYHQVLJXLHUDODV
KXHOODVGHVXSDGUHORHQYtDD(XURSDSDUDHVWXGLDUP~VLFDFOiVLFD(OMRYHQDOYROYHUGHVXODUJRYLDMHVH
VLHQWHLGHQWLILFDGRFRQVX7LHUUDQDWDO\HOHVIXHU]RGHVXPDGUHSRUDOHMDUORGHVXVUDtFHVUHVXOWDYDQR
SXHVWRTXHGHVSXpVGHKDEHUVHWRPDGRXQWLHPSRSDUDUHQFRQWUDUVHFRQVLJRPLVPR3HGUR&DUORVXQHODV
GLYHUVDVLQIOXHQFLDVUHFLELGDVSDUDFUHDUXQDP~VLFDLQHVSHUDGDH[WUDxDSHURSURSLD\DXWpQWLFD
DSUHFLDGDSRUHOUDQFKRGHOMRURSR&RPRORPXHVWUDODVLJXLHQWHFLWDWH[WXDOHOLQGLRYLYtDHQ
&DUDFDVHQFDVDJUDQGHFDVDGRFRQXQDPXMHUEODQFD\ILQDGHODFXDOWXYRQXPHURVRVKLMRVHQFX\RVSLHV
QRDSDUHFtDQORVIRUPLGDEOHVMXDQHWHVTXHDpOOHYDOLHURQHOVREUHQRPEUHGH3DWDUXFR 'HSURQWRXQR
GLRXQJULWRKDEtDUHFRQRFLGRHQODUDUDP~VLFDQXQFDRtGDHODLUHGHODWLHUUD\ODYR]GHODOPDSURSLDV
<DXQPLVPRWLHPSRFRPRDQWHVODQ]iURQVHORVEDLODGRUHVHQHOIUHQHVtGHOMRURSR5yPXOR*DOOHJRV
3DWDUXFR
&RPRVHJXQGRHVFHQDULRWHQHPRVODQDWXUDOH]D\HOUHDOLVPRSXHV*DOOHJRVHQVXREUDGHVFULEHODVHOYD
\ORVOODQRVFRQMXQWDPHQWHFRQVXP~VLFDIRUPDVGHYLGDIRUPDVGHUHODFLRQDUVHHLQFOXVRHOOHQJXDMH\
VXIRUPDGHH[SUHVDUVHODVWUDGLFLRQHV\FRVWXPEUHVTXHVHODVOOHYDHQODVDQJUHHVDVDQJUHTXH3HGUR
&DUORVVLHQWHDORtUODP~VLFDGHODUSD\UHFRQRFHHQHOODVXYHUGDG&RPRORDILUPDODVLJXLHQWHFLWD
WH[WXDO3HGUR&DUORVVLQWLyODYR]GHODVDQJUHDTXHOODHUDVXYHUGDGODLQPLVHULFRUGHYHUGDGGHOD
QDWXUDOH]DTXHEXUOD\YHQFHORVDUWLILFLRV\ODVHTXLYRFDFLRQHVGHOKRPEUHpOQRHUDVLQRXQDUSLVWD
FRPRVXSDGUHFRPRHO3DWDUXFR5yPXOR*DOOHJRV3DWDUXFR
(VSDFLR
(VWDKLVWRULDVHGHVDUUROODHQXQHVSDFLRDELHUWRHVSHFtILFDPHQWHHQ9HQH]XHOD&DUDFDVHQ)LODGH
0DULFKHVHQGRQGHYLYtDQSHUVRQDVOOHQDVGHFRVWXPEUHV\WUDGLFLRQHVODVFXDOHVGHPRVWUDEDQDWUDYpV
GHOMRURSRP~VLFD\GDQ]DSRSXODUGH9HQH]XHODUHDOL]DGDHVSHFLDOPHQWHHQODpSRFDGHODFRVHFKDGHO
FDIpSXHVOOHJDEDQODVURPHUtDV\ODVQRFKHVGHOD)LODFRPHQ]DEDQDDOHJUDUVHFRQHOVRQGHODVJXLWDUUDV
\FRQHOUXLGRGHODVILHVWDV&RPRORLQGLFDODVLJXLHQWHFLWDWH[WXDO3DWDUXFRHUDHOPHMRUDUSLVWDGHOD
)LODGH0DULFKHV1DGLHFRPRpOVDEtDSXQWHDUXQMRURSRQLQDGLHGDUOHWDQVDEURVDFDGHQFLDDOFDQWRGH
XQSDVDMHHVHFDQWROOHQRGHPHODQFROtDGHODP~VLFDYHUQiFXOD7RFDEDFRQVHQWLPLHQWRFRPSHQHWUDGR
HQHODOPDGHODLUHTXHDUUDQFDEDDODVFXHUGDVJUDVLHQWDVVXVGHGRVYLUWXRVRVUHWRUFLpQGRVHHQODMXELORVD
HPEULDJXH]GHOHVFRELOODRGHOJROSHDUDJHxR5yPXOR*DOOHJRV3DWDUXFR
6HFXHQFLDQDUUDWLYD
/DVHFXHQFLDQDUUDWLYDGHHOFXHQWRHVOLQHDOSXHVUHODWDODKLVWRULDHQXQDPLVPDVHFXHQFLD\HQXQ
PLVPRWLHPSR(OWLSRGHQDUUDGRUTXHVHSUHVHQWDHQHVWHUHODWRHVRPQLVFLHQWHSXHVWRTXHODSHUVRQDTXH
FXHQWDODKLVWRULDWLHQHFRQRFLPLHQWRWRWDO\DEVROXWRGHORVKHFKRV6DEHORTXHSLHQVDQ\VLHQWHQORV
SHUVRQDMHVHVGHFLUORVDEHWRGR\HVWiHQWRGDVSDUWHV&RPRORPXHVWUDODVLJXLHQWHFLWDWH[WXDO3RFR
GHVSXpVFDPLQRGHVXFDVD3HGUR&DUORVLEDMXELORVROOHQDHODOPDGHP~VLFD6HKDEtDHQFRQWUDGRDVt
PLVPR\DRtDODYR]GHODWLHUUD(QSRVGHpOFDPLQDHQVLOHQFLRXQSHyQGHODKDFLHQGD$OILQGLMR
'RQ3HGURFyPRVHOODPDHVHMRURSRTXHXVWpKDWRFDR"3DWDUXFR5yPXOR*DOOHJRV3DWDUXFR
PELWR
(QHOFXHQWR3DWDUXFRODLGHRORJtDPiVQRWDEOHHVODQHFHVLGDGGHUHFXSHUDUORVYDORUHVFXOWXUDOHV
YHQH]RODQRVFRPRH[SUHVy5yPXOR*DOOHJRVHQXQRGHVXVDUWtFXORVHQSXHVWRTXHHQHOFXHQWR
PXHVWUDODVWUDGLFLRQHVFRVWXPEUHV\HOOHQJXDMHSURSLR\DXWHQWLFRWRPDGRGHOKDEODSRSXODUDGHPiV
SUHVHQWDDWUDYpVGHOFXHQWRXQRGHORVSUREOHPDVGHODUHDOLGDGQDFLRQDOFRPRHUDHOPHVWL]DMH&RPROR
PXHVWUDODVLJXLHQWHFLWDWH[WXDO<HUDDTXHOORWDQLPSUHYLVWRTXHVLQGDUVHFXHQWDGHSRUTXpORKDFtDQ
ORVEDLODGRUHVVHGHWXYLHURQDXQPLVPRWLHPSR\VHTXHGDURQYLHQGRFRQH[WUDxH]DDOLQXVLWDGRDUSLVWD
'HSURQWRXQRGLRXQJULWRKDEtDUHFRQRFLGRHQODUDUDP~VLFDQXQFDRtGDHODLUHGHODWLHUUD\ODYR]
GHODOPDSURSLDV<DXQPLVPRWLHPSRFRPRDQWHVODQ]iURQVHORVEDLODGRUHVHQHOIUHQHVtGHOMRURSR
5yPXOR*DOOHJRV3DWDUXFR

&RQFOXVLyQ
&RPRFRQFOXVLyQGHHVWHUHODWRSRGHPRVGHFLUTXHHODXWRUPHGLDQWHHVWDREUDTXLVRPRVWUDUODUHDOLGDG
GHODVSHUVRQDVHQ9HQH]XHOD\GDUQRVDFRQRFHUXQSRFRPiVDFHUFDGHVXVSXHEORVFRQVXVFRVWXPEUHV
WUDGLFLRQHV\TXHSRGDPRVFRQRFHUHLPDJLQDUFXDQEHOORHVHOSDtVYHQH]RODQRFRQVXIORUD\IDXQDPX\
GLYHUVD\FRPRDSRUWHSHUVRQDOSRGHPRVGHFLUTXHGHEHPRVGHIHQGHUQXHVWUDFXOWXUDQXHVWUDV
WUDGLFLRQHV\FRVWXPEUHVSXHVHVRHVORTXHQRVLGHQWLILFD\QRVKDFHGLIHUHQWHVDORVGHPiVSRURWUD
SDUWHQRGHEHPRVGHMDUTXHQDGDQLQDGLHRSDTXHQXHVWUDVUDtFHVGHEHPRVVHQWLUQRVRUJXOORVRVGHVHUOR
TXHVRPRV\KDFHUORTXHQRVJXVWDVLQLPSRUWDUHOTXHGLUiQ

3XEOLFDGRSRU6RODQJH9DOOHVHQ

+2 Recomendar esto en Google

1RKD\FRPHQWDULRV
3XEOLFDUXQFRPHQWDULRHQODHQWUDGD
,QWURGXFHWXFRPHQWDULR

&RPHQWDUFRPR

3XEOLFDU

'HQLOVRQ/RSHV *RRJOH

6DOLU

 9LVWDSUHYLD

(QWUDGDPiVUHFLHQWH

 $YLVDUPH

3iJLQDSULQFLSDO

(QWUDGDDQWLJXD

6XVFULELUVHD(QYLDUFRPHQWDULRV $WRP

3ODQWLOOD6LPSOH&RQODWHFQRORJtDGH%ORJJHU

Anda mungkin juga menyukai