Anda di halaman 1dari 9



F pl<
(VVH SHTXHQR HERRN LUi JXLiORV QR
XQLYHUVR VREUHQDWXUDO GD VRPEULD
UHOLJLmR IHLWLoDULD 9RGXH VHXV PLVWpULRV
PDOGLo}HV H IHLWLoRV HQFDQWRV H ERQHFDV
SURIDQDV (VVH VXSOHPHQWR XWLOL]D DV
QRYDV UHJUDV GR 6LVWHPD 'DHPRQ TXH
YHUmRQROLYUR75(9$6HGLomR


O<
$ PDJLD DIULFDQD LQFRUUHX HP XPD VpULH
GH YDULDQWHV FRP R SDVVDU GR WHPSR D
:DQJD KDLWLDQD &DQGRPEOp DIULFDQR
6DQWHULDFXEDQD3DOR0DLRPEHGR&RQJR
0DFXPED EUDVLOHLUD H RXWUDV PDV WRGDV
HODV SRVVXHP VXDV VHPHOKDQoDV DV
RIHUHQGDV RV HPLVViULRV HVSLULWXDLV DV
HQWLGDGHV <RUXED H VHXV PLVWHULRVRV
SRGHUHV1HVVHOLYURLUHPRVWUDWDUDSHQDV
GR 9RGX FDULEHQKR D YHUWHQWH GR 9RGX
RULJLQiULRGDIULFD2FLGHQWDO


J<S<
$ PDJLD p XVDGD SULQFLSDOPHQWH SDUD VH
FRPXQLFDU FRP RV /RDV XPD YH] TXH R
XVR SDUD FRPSHOLORV SRGH VHU DOJR
H[WUHPDPHQWH HVW~SLGR  H PRUWDO
*HUDOPHQWH R )HLWLFHLUR LPSORUD SDUD RV
/RDV VXD DMXGD FRP RIHUHQGDV SDUD
HQWmR UHFHEHU D DMXGD GH VHXV VHUYRV
HVSLULWXDLV


> p<L <


&RPSOH[LGDGH
&XVWR0DQD
&RPSRQHQWHV9*0
'XUDomR(VSHFLDO
2 )HLWLFHLUR SRGH DPDOGLoRDU XP REMHWR
SDUD TXH DTXHOH TXH SRVVXtOR WHUi Pi
VRUWH(PWHUPRVGHUHJUDR3HUVRQDJHP
TXH SRUWDU HVVH LWHP DPDOGLoRDGR WHUi
XPD)DOKD&UtWLFDSRUVHVVmRjHVFROKDGR
1DUUDGRU 2 )HLWLFHLUR SUHFLVD PDQWHU R
0DQD JDVWR QR DUWHIDWR SDUD R IHLWLoR VH
PDQWHU


> <<@pl<
&RPSOH[LGDGH
&XVWR0DQD
&RPSRQHQWHV9*
'XUDomR3HUPDQHQWH
(QWRDQGR XP FkQWLFR IUHQpWLFR R
)HLWLFHLUR FRQVHJXH ILQFDU VHXV GHGRV QD
FDUQH
GD
YtWLPD
DIXQGDQGR
JUDGXDOPHQWHQDPHVPDDWpDUUDQFDUOKH
R FRUDomR 2 5LWXDO p UHVLVWLGR WHVWHV GH
)25GR)HLWLFHLURYV&21GDYtWLPDHp
QHFHVViULR  URGDGDV SDUD FRQFUHWL]DU
&DVR D YtWLPD FRQVLJD UHWLUDU D PmR GR
)HLWLFHLUR 9RGX FRP GLUHLWR j WHVWH GH
)25 YV )25 HP WRGDV H TXDOTXHU XPD
GDV URGDGDV  R 5LWXDO p TXHEUDGR (P
FDVR GH VXFHVVR R FRUDomR GD YtWLPD p
DUUDQFDGR
H
D
PHVPD
PRUUH
LPHGLDWDPHQWH &DVR SRVVXD SRGHUHV GH
UHJHQHUDomRHODUHFHEHGGHGDQRH VH
DLQGDIRUSRVVtYHO FRQWLQXDUiYLYD


@<>  <


&RPSOH[LGDGH
&XVWR0DQD
&RPSRQHQWHV9*0
'XUDomR(VSHFLDO
2 )HLWLFHLUR SRGH PHGLDQWH XP
FRPSOH[R 5LWXDO VDFULILFDU XPD YtWLPD H
SUHQGHU VXD DOPD HP XP DPXOHWR
FRQIHFFLRQDGR HVSHFLDOPHQWH SUD LVVR 2
DPXOHWR H[LVWLUi HQTXDQWR R )HLWLFHLUR
UHWHU VHX 0DQD QR DUWHIDWR 2 DPXOHWR
GDUi jR XVXiULR XPD GDV TXDOLGDGHV GD
YtWLPDjHVFROKHU

3HUtFLDV R )HLWLFHLUR SRGH XVDU XPD GDV
3HUtFLDVGRIDOHFLGRFRPRVHIRVVHVXD

3HUtFLDV 0iJLFDV FDVR R IDOHFLGR SRVVXD
3HUtFLDV 0iJLFDV R )HLWLFHLUR UHFHEH XP
E{QXVGHHPVXDVSUySULDV3HUtFLDV
TXHWHQKDHPFRPXPFRPRPRUWR

3HUtFLDV 3VtTXLFDV FDVR R IDOHFLGR SRVVXD
3HUtFLDV3VtTXLFDVR)HLWLFHLURUHFHEHXP
E{QXVGHHPVXDVSUySULDV3HUtFLDV
TXHWHQKDHPFRPXPFRPRPRUWR




3RGHUHVHPUDURVFDVRVTXHDYtWLPDVHMD
XP VHU VREUHQDWXUDO R )HLWLFHLUR SRGHUi
LPEXLURDPXOHWRGHXPGRVSRGHUHVGR
IDOHFLGR 2 SRGHU QmR SRGH VHU GR WLSR
FXPXODWLYR 'HIHVDV&HOHULGDGHHWF 

)DOKD&UtWLFDXPD)DOKD&UtWLFDQRWHVWH
GH 5LWXDLV ID] FRP TXH R HVStULWR QR
DPXOHWR SRVVD LQWHUIHULU QR VHX XVXiULR
2 1DUUDGRU GHYH GHFLGLU TXDLV DV
SURSULHGDGHV GR DPXOHWR SRGH VHU TXH
HOHFRQFHGDVHXVEHQHItFLRVQRUPDOPHQWH
PDV FRP DOJXPDV GHVYDQWDJHQV VXWLV
FRPR LQIOXrQFLD QD SHUVRQDOLGDGH GR
XVXiULR GRPtQLR PHQWDO WHPSRUiULR
921 YV 921  RX $SULPRUDPHQWRV
FRPR6DQJLQROrQFLD6DGLVPR,QWROHUkQFLD
HWF


@pl<<W <<
&RPSOH[LGDGH
&XVWR0DQD
&RPSRQHQWHV9*0 FDGiYHU 
'XUDomR(VSHFLDO
2 )HLWLFHLUR SRGH WUD]HU XP FDGiYHU GH
YROWD j YLGD 2 ]XPEL DFDWDUi WRGDV DV
RUGHQV GR )HLWLFHLUR FRQWDQWRTXH VHMDP
RUGHQV VLPSOHV FRPR SHJXH VLJDR
PDWHHVSHUHDTXL (OHWHUiWRGRVRV
VHXV DWULEXWRV ItVLFRV QRUPDLV PDV VXD
,17 WHUi VLGR UHGX]LGD j  H VXD :,//
SDUD]HURRQGHVXDYRQWDGHpDYRQWDGH
GR)HLWLFHLURTXHRFULRX
=XPELV9RGXFHVVDPVHXDSRGUHFLPHQWR
DVVLPTXHVmRFULDGRVPDVSDUDGHVWUXt
ORV SHUPDQHQWHPHQWH HOH SUHFLVD VHU
DOLPHQWDGR FRP VDO TXDQGR HQWmR VXD
DOPDVHOLEHUWDUi
2 )HLWLFHLUR SUHFLVD WUDYDU R 0DQD JDVWR
QR 5LWXDO SDUD R PHVPR VH PDQWHU DWp R
]XPELVHUGHVWUXtGR


I <
 <
&RPSOH[LGDGH
&XVWR0DQD
&RPSRQHQWHV9*
'XUDomR&HQD
2)HLWLFHLURSRGHHQWRDUXPFkQWLFRSDUD
3DSD /HJED H R PHVPR SRGHUi RXYLU H

IDODU FRP TXDOTXHU HVStULWR SUHVHQWH


RQGHHVWLYHU


I<<  p<
&RPSOH[LGDGH
&XVWR0DQD
&RPSRQHQWHV9
'XUDomRURGDGDV
2 )HLWLFHLUR FRQVHJXH VH FRPXQLFDU FRP
XP FDGiYHU (OH QmR IDOD FRP VHX
HVStULWRPDVVLPFRPRSUySULRFDGiYHU
TXH UHVSRQGHUi QD PHGLGD GD
H[SHULrQFLDTXHRFRUSRWHYHHPYLGD$V
UHVSRVWDV GH XP FDGiYHU VHUmR EDVWDQWH
YROWDGDV SDUD RV VHQWLGRV HOH GLUi R TXH
R PDWRX GHVFUHYHQGR D VHQVDomR GD
PRUWH H FRPR VH SDUHFLD DTXHOH TXH R
PDWRX PDV GLILFLOPHQWH OHPEUDUi R TXH
HVWDYDID]HQGRDOLQDKRUDGHVXDPRUWH


M<
&RPSOH[LGDGH
&XVWR0DQD
&RPSRQHQWHV9*0
'XUDomRPrV
8PD SHVVRD GLILFLOPHQWH FRQVHJXLUi DJLU
QRUPDOPHQWH VH HVWLYHU WHQGR SHVDGHORV
FRQVWDQWHPHQWH ,VVR p R TXH HVVH 5LWXDO
FDXVD &RP XP REMHWR SHVVRDO GD YtWLPD
RXPHFKDGHFDEHORJRWDVGHVDQJXHRX
OiJULPDV  R )HLWLFHLUR SRGH ID]rOD WHU
WHUUtYHLVSHVDGHORVjFDGDYH]TXHGRUPLU
GXUDQWH XP PrV $ FDGD YH] TXH
DFRUGDUGHYHID]HUXPWHVWHGH&21HP
FDVRGHIDOKDDYtWLPDUHFHEHXPUHGXWRU
GH  HP WRGRV RV 7HVWHV GR GLD (VVH
UHGXWRUSRGHFKHJDUDWpXPPi[LPRGH



B  <
&RPSOH[LGDGH
&XVWR0DQD
&RPSRQHQWHV9*0
'XUDomRVHPDQD
2 )HLWLFHLUR FRQYHQFH XP (VSHFWUR RX
2EFHVVRU j WUD]HU LQIRUW~QLRV SDUD XPD
SHVVRD 2 ULWXDO p H[HFXWDGR FRP
RIHUHQGDVGHEHELGDFDIpFKDUXWRVHXP
LWHP SHVVRDO GD YtWLPD SRGH VHU ILRV GH



FDEHORJRWDVGHVDQJXHOiJULPDVRXXP
REMHWRTXHHODVHMDPXLWRDIHLoRDGDFRPR
R FHOXODU DJHQGD UHOyJLR HWF  HP XP
FHPLWpULR (P WHUPRV GH UHJUDV R
1DUUDGRU SRGH DSURYHLWDU TXDOTXHU
VLWXDomR SDUD FULDU WHVWHV 'LItFHLV SDUD D
YtWLPD FRPR FDLU QR YtFLR GD EHELGD
DOFRyOLFD MRJRV GH D]DU EULJDV
GRPpVWLFDV HWF 2 (VSHFWUR RX 2EFHVVRU
WDPEpP DSURYHLWD HVVHV PRPHQWRV GH
IUDTXH]D FRPR SRU H[HPSOR EHEHGHLUD
H[WUHPD  SDUD SRVVXLU R FRUSR GD YtWLPD
H ID]rOR GHVWUXLU DLQGD PDLV D SUySULD
YLGD FRPR EDWHU R FDUUR PDWDU JDVWDU
WRGR R GLQKHLUR RX PHVPR MRJiOR IRUD 
2 ULWXDO GHYH VHU UHIHLWR XPD YH] SRU
VHPDQD


? <S<
&RPSOH[LGDGH
&XVWR0DQD
&RPSRQHQWHV 9 * 0 XP REMHWR
SHVVRDO GD YtWLPD UHFHELGR GDV PmRV GD
YtWLPD H XP ERQHFR HVSHFLDOPHQWH
SUHSDUDGRSDUDRULWXDO 
'XUDomR(VSHFLDO
&RP HVWH ULWXDO R PDJR p FDSD] GH
FRQIHFFLRQDU XP ERQHFR GH FHUD EDUUR
SDQR  SDUHFLGR FRP D YtWLPD 2 REMHWR
SHVVRDOGRDOYRGHYHVHUFRORFDGRGHQWUR
GR ERQHFR 4XDQGR R ERQHFR p
GDQLILFDGR SRUHVSLQKRVRXIRJR GDQR
UHDOpIHLWRQDSHVVRD DYtWLPDSRGHID]HU

















XP WHVWH GH 921 GH SDUD HYLWDU HVWH


GDQR  8P Pi[LPR GH G SRQWRV GH
GDQR SRU GLD SRGHPVHU IHLWRVQD YtWLPD
GHVWD PDQHLUD 28 LPRELOL]DU XP
PHPEUR SURFHVVRLPHGLDWR  28 FHJDU D
YtWLPD SURFHVVR JUDGXDO RQGH D YtWLPD
GHVHQYROYH FDWDUDWD HP G GLDV  2
ERQHFR GHYH HVWDU D XPD GLVWkQFLD QmR
VXSHULRU D P GD YtWLPD R ERQHFR
DUPD]HQD  0DQD HQTXDQWR HVWLYHU
HQFDQWDGR RX DWp R PDJR GHVDWLYDU R
ULWXDO 
2 )HLWLFHLUR SRGHUi XVDU D %RQHFD 9RGX
HQTXDQWR PDQWLYHU R 0DQD QR 5LWXDO RX
DERQHFDVHUGHVWUXtGD


A p<
Jj <
$TXHOHV SUDWLFDQWHV GD PDJLD 9RGX
DGTXLUHP
GHIRUPDo}HV
PiJLFDV
H[FOXVLYDVHPDGLomRjVQRUPDLVGHVXDV
3HUtFLDV0iJLFDVFRPXQV


A p<I<
6HJXHXPDOLVWDGH'HIRUPDo}HV/HYHV
2OKRV $PDUHODGRV RV ROKRV GR )HLWLFHLUR
VH WRUQDP VHFRV H DPDUHODGRV FRP XP
DVSHFWRWHUULYHOPHQWHGRHQWH
'HQWHV 3RGUHV RV GHQWHV GR )HLWLFHLUR
DGTXLUHPXPDVSHFWRVXMRHDSRGUHFLGR
0DJUH]D R FRUSR GR )HLWLFHLUR ILFD
HVTXiOLGRHHVTXHOpWLFR
8QKDV'HPRQtDFDVDVXQKDVGR)HLWLFHLUR
WRUQDPVH SRQWLDJXGDV H DOJXPDV YH]HV
QHJUDV
0DQFR R )HLWLFHLUR ILFD PDQFR $OJXQV
GL]HPTXHHVVHpRWRTXHGH3DSD/HJED
2OKRV 1HJURV RV ROKRV GR )HLWLFHLUR
WRUQDPVHFRPSOHWDPHQWHQHJURV


A p<D<
6HJXHXPDOLVWDGH'HIRUPDo}HV*UDYHV
'HQWHV $ILDGRV RV GHQWHV GR 3HUVRQDJHP
WRUQDUDPVHWRGRVWRUWRVHDILDGRV7RGRV
RV WHVWHV VRFLDLV SRVVXHP UHGXWRU GH 
 TXDQGR SXGHU YHU D ERFD GR
3HUVRQDJHP



1LQIRPDQLDR3HUVRQDJHPIRLWRFDGRSRU
(UOX]LH H DJRUD QmR FRQVHJXH HVTXHFHU
VHX DPRU VHPSUH EXVFDQGR R VH[R H D
OX[~ULD SDUD UHOHPEUDU GHOD 2
3HUVRQDJHP GHYH ID]HU WHVWH GH 921
'LItFLOVHPSUHTXHWLYHUDFKDQFH PHVPR
TXHPtQLPD GHID]HUVH[R
*OXWmR R 3HUVRQDJHP HVWi PDLV SUy[LPR
GR/RD*KHGH RDVSHFWRJOXWmRGH%DURQ
6DPHGL  H HVWi VHPSUH FRP IRPH
SUHFLVDQGR EHOLVFDU DOJXPD FRPLGD GH
YH] HP TXDQGR ,QYDULDYHOPHQWH HVVH
3HUVRQDJHP VH WRUQDUi JRUGR 7RGRV RV
WHVWHV ItVLFRV UHODFLRQDGRV j IDGLJD VmR
'LItFHLV
$OFRROLVPR D UHVSRVWD SDUD RV H[FHVVLYRV
5LWXDLV GH RIHUHQGDV GH iOFRRO 2
3HUVRQDJHPpXPDOFRyODWUDHGHYHID]HU
XPWHVWHGH921'LItFLOVHPSUHTXHWLYHU
D FKDQFH GH EHEHU H RXWUR WHVWH 'LItFLO
SDUD SDUDU DQWHV GH ILFDU WRWDOPHQWH
pEULR  3HUVRQDJHQV HPEULDJDGRV WrP
WRGRV RV VHXV WHVWHV 'LItFHLV  LQFOXVLYH
SDUD UHVLVWLU j SRVVHVVmR GH (VSHFWURV H
2EFHVVRUHV
9R] 'XSOD R )HLWLFHLUR DGTXLUH XPD
VHJXQGD YR] HP FRQVWkQFLD FRP D VXD
WRGRRWHPSR7RGRVRVWHVWHVVRFLDLVFRP
PXQGDQRV VmR FRQVLGHUDGRV 'LItFHLV H
EHPDWHUURUL]DQWHV
1HFURVH R )HLWLFHLUR SDVVD D VRIUHU GH
XPDIRUPDQmROHWDOHQmRFRQWDJLRVDGH
KDQVHQtDVH 3HGDoRV GH VXD FDUQH VH
WRUQDP PDFLOHQWDV H HYHQWXDOPHQWH WHUi
PXLWDVIHULGDVDEHUWDVSHUGHQGRWDPEpP
DOJXQV GHGRV QDUL] H SHGDoRV GH OiELRV
4XDOTXHU DWDTXH FRQWUD R 3HUVRQDJHP
TXH FDXVH PDLV TXH  SRQWRV GH GDQR
ID]HP R 3HUVRQDJHP URODU XP WHVWH GH
&21 HP FDVR GH IDOKD UHFHEH G
SRQWRVGHGDQR


S`<@ <<J)<
2 9RGX QmR p XPD 3HUtFLD 0iJLFD
6HFXQGiULD RX 7HUFLiULD SRUTXH HOH p
EHP PDLV TXH XPD FRPELQDomR GH
3HUtFLDV 0iJLFDV 3RUpP VH TXLVHU
LPSURYLVDU SRGH XWLOL]DU GDV 3HUtFLDV
6SLULWXP$UNDQXQH+XPDQRVEHPFRPR
D3HUtFLD3VtTXLFD0HGLXQLGDGH

Cv<S<
$IpYRGXGLIHUHQWHGDPDJLDpXWLOL]DGD
SDUD RV PDLRUHV H PDLV VRPEULRV HIHLWRV
GR 9RGX p D IRUPD GH LPSORUDU H
QHJRFLDU FRP /RDV SDUD TXH HOHV OKHV
FRQFHGDP VXDV ErQomRV RX TXH
DWHUURUL]HPVHXVLQLPLJRV$PDLRULDGRV
0LODJUHVVmRSHGLGRVFRPXPDRIHUHQGD
D DXVrQFLD GHOD LUULWD RV /RDV R 0LODJUH
QmR p UHDOL]DGR H R VDFHUGRWH VHUi
FDVWLJDGRSRUVXDLPSUXGrQFLD


@<<M
<I<
&XVWR0DQD
2UDQGR SDUD 3DSD /RNR H XQWDQGR XP
IHULPHQWR FRP HUYDV PHGLFLQDLV
HVSHFLDOPHQWH SUHSDUDGDV R )HLWLFHLUR
SRGHFXUDUG39VGRDOYR


B  <<B<
&XVWR0DQD
0HGLDQWHXP5LWXDOIHLWRFRPXPREMHWR
SHVVRDO GD YtWLPD RX XPD PHFKD GH VHX
FDEHOR RX OiJULPDV JRWDV GH VDQJXH
HWF  R )HLWLFHLUR SRGH HYRFDU R SRGHU
VHGXWRU H HUyWLFR GH (UOX]LH SDUD
DSDL[RQDU SHUGLGDPHQWH XP DOYR (P
WHUPRV GH UHJUD WHVWHV VRFLDLV FRP
LQWXLWRGHVHGXomRSDUDFRPDYtWLPDVmR
FRQVLGHUDGRV)iFHLV


B<<J <
&XVWR0DQD
3HGLQGR R DX[tOLR GH %DURQ 6DPHGL SRU
XP GLD H XPD QRLWH R )HLWLFHLUR SRGH
HQJDQDU D PRUWH (OH SRGH UHFHEHU XP
JROSH PRUWDO FXMR TXDO QmR VXUWLUi HIHLWR
QHQKXP H VHX IHULPHQWR IHFKDUi
LPHGLDWDPHQWH UHVWDQGR DSHQDV XP
IHULPHQWR VXSHUILFLDO  SRQWR GH GDQR 
$SyVHVVHJROSHRHQFDQWRVHGLVVLSD


Jpl<<><
&XVWR0DQD
$PDOGLoRDQGR D YtWLPD H LQYRFDQGR
6DPHGL R )HLWLFHLUR SRGH ID]rOR YHU R
PRPHQWR GH VXD PRUWH $ YLVmR p WmR



WHUUtYHO H LQWHQVD TXH HOD HQYHOKHFH G
DQRV LPHGLDWDPHQWH 2 WUDXPD GD YLVmR
ID] D DOPD GD YtWLPD HVTXHFHU VHXV
PRPHQWRVILQDLVHPSRXFRVLQWDQWHVSDUD
HQWmR VHJXLU DWp VHXV GLDV ILQDLV (VVH
0LODJUHQmRFRQFHGHHIHLWRVH[WUDVFRPR
3RGHUHV 9DPStULFRV JDQKRV SRU
HQYHOKHFLPHQWR


O<@   <
&XVWR0DQD
3HGLQGRDMXGDGH'DPEDOODKR)HLWLFHLUR
SRGH URXEDU  GH TXDOTXHU 3HUtFLD
1mR0iJLFDH1mR3VtTXLFDTXHDYtWLPD
SRVVXD DFLPD GDV 3HUtFLDV GR )HLWLFHLUR
2 URXER GH FRQKHFLPHQWR SHUGXUDUi DWp
DSUy[LPDOXDQRYD


J <
&XVWR0DQD
$ YtWLPD DGTXLUH XP FRQVWDQWH H
GHVHVSHUDGRU D]DU SDUD FRP WXGR TXH
UHDOL]H (P WHUPRV GH MRJR DGTXLUH XP
UHGXWRU GH  HP 72'26 RV WHVWHV e
QHFHVViULR ID]HU XPD RIHUHQGD SDUD
%DURQ 6DPHGL HP XP FHPLWpULR FRP XP
LWHPSHVVRDOGDYtWLPD PHFKDGHFDEHOR
JRWDV GH VDQJXH OiJULPDV REMHWR PXLWR
TXHULGRHWF 20DOHItFLRGXUDXPPrV


Ml<
&XVWR0DQD
2 PDLV SRGHURVR 0LODJUH GR 9RGX p D
3RVVHVVmR WDPEpP FKDPDGD GH
,QFRUSRUDomR 2 )HLWLFHLUR UHFHEH D
SUHVHQoD GR SUySULR /RD HP VHX FRUSR
TXHSDVVDUijIDODUHPQRPHGHOH2XWUDV
UHOLJL}HV <RUXED XWLOL]DPVH GH YHUV}HV
PDLV IUDFDV GHVVH ULWXDO RX DWp PHVPR
VLPXODP PHGLDQWH RV SRGHUHV HVSHFWUDLV
GRVSUySULRVHVStULWRVRQGHHOHVUHFHEHP
TXDOTXHU HQWLGDGH HQYROYLGD 1D
3RVVHVVmR9RGXHQWUHWDQWRRUHVXOWDGRp
SRGHURVR D HQWLGDGH DJRUD IHLWD HP
FDUQH SRGHUi DJLU SDUD DMXGDU VHX
VDFHUGRWH 0XLWDV YH]HV HVVH 5LWXDO p
IHLWR DSHQDV SDUD DFRQVHOKDPHQWR
ErQomRVPDVRXWUDVpIHLWRSUDYLQJDQoD
HPDOGLomR(QTXDQWRGXUDUDSRVVHVVmR





























JHUDOPHQWH XPD &HQD R )HLWLFHLUR QmR
FRQWUROD VHX 3HUVRQDJHP H R PHVPR
SRVVXL WRGRV RV SRGHUHV H FDUDFWHUtVWLFDV
GH XP /RD RV SRGHUHV ILFDQGR j FDUJR
GR1DUUDGRU 


J<<Cv)<
29RGXpXPDPLVWXUDGHDPERVeXPD
UHOLJLmRIXQGDPHQWDGDHQmRDSHQDVXP
FDPLQKR SDUD R SRGHU GD PDJLD H
HYRFDomR GH HVStULWRV 1R 9RGX R
)HLWLFHLUR QmR HVFUDYL]D RV HVStULWRV GD
<RUXED PDV SRGH VHU FUXHO FRP DTXHOHV
TXH QmR VHUYHP RX VmR DSDGULQKDGRV
SHORV/RDVDQWLJDVHSRGHURVDVHQWLGDGHV
TXHVHUYHP0DZX


I<
/RDV WDPEpP FKDPDGRV 0\VWpUHV VmR
HVStULWRV LOXPLQDGRV H SRGHURVRV VHUYRV



GH 0DZX XPD HGKrQLFD H SDWURQD GR
SDQWHmR <RUXED 1mR H[LVWHP FXOWRV
GLUHWRV GH 0DZX SRLV HVWD QmR IDOD
GLUHWDPHQWH FRP RV KRPHQV DSHQDV SRU
VHXV/RDV2V/RDVSRVVXHPRULJHQVGDV
PDLV YDULDGDV PXLWRV GHOHV VHQGR
HVStULWRV GH DQWLJRV DUNDQLWDV $EDL[R
VHJXHPDOJXQVGRVSULQFLSDLV/RDV


><
'HXV GR PDU SDWURQR GRV SHVFDGRUHV H
PDULQKHLURVFRQVRUWHGH(U]XOLH$JZHp
R HVStULWR LOXPLQDGR GH RULJHP WHUUHQD
GH XP PDULQKHLUR GH pSRFDV UHPRWDV
$JZHpYLVWRFRPRXPPHVWLoRGHROKRV
YHUGHV JHUDOPHQWH XVDQGR R XQLIRUPH
GHXPRILFLDOQDYDO


><
8P GRV /RDV PDLV DQWLJRV HVStULWR GH
XPD DUNDQLWD HVWH /RD p D SDWURQD GR
PHUFDGRHGRFRPpUFLR


><T<
/RDKDLWLDQREHQLQHQVH$\LGD:HGRpR
~QLFR HVStULWR GH XPD GUDJRD FXOWXDGD
QD PLWRORJLD <RUXED 9LVWD FRPR XPD
GHXVDVHUSHQWH DUFRtULV GH YiULDV FRUHV
e D HVSRVD GR ORDVHUSHQWH 'DPEDOODK H
VHX VtPEROR p XPD FREUD VHUSHQWH RX
GUDJmR


?<P <
/RDGDPRUWHHPDJLDQHJUD*RYHUQDQWH
GRV FHPLWpULRV 6HX VtPEROR p XPD FUX]
SUHWD QXP W~PXOR VREUH D PHVPD XPD
FDUWRODHXPFDVDFRSUHWR7RGRVDTXHOHV
PRUWRV SHOD PDJLD QHJUD <RUXED
SRVVXHP XP SUREOHPD ORJR DSyV VHX
IDOHFLPHQWRRVVHUYRVGH%DURQ6DPHGLR
UHFODPDP FRPR XP GH VHXV VHUYRV
4XDQGRLQYRFDGR%DURQ6DPHGLDSDUHFH
VRE R VRP GH FRUUHQWHV $OJXQV SHQVDP
HVVH VRP VHU GH FRUUHQWHV GH VXD
HVFUDYLGmR TXDQGR HP YLGD PDV VmR RV
VRQVGDTXHOHVSUHVRVjHOH6DPHGLpXP
GRV PDLV SRGHURVRV HVStULWRV DUNDQLWDV
GHVVH SDQWHmR H XP GRV PDLV SHULJRVRV

SDUDVHOLGDU7DPEpPpFRQKHFLGRFRPR
*KHGH


A>J?>II>E<
(VVH /RD'UDJmR p FRQKHFLGR FRPR R
PDLVViELRDFHUFDGHDVVXQWRVHVSLULWXDLV
p XP GRV PDLV SURFXUDGRV DWp PHVPR
PDLV TXH %DURQ 6DPHGL  TXDQGR R
DVVXQWR p HQJUDQGHFLPHQWR HVSLULWXDO H
IHOLFLGDGH (OH JRVWD GH DFROKHU
SHVVRDOPHQWHRVGDVUHOLJL}HV<RUXEDHP
2UXQ 6SLULWXP  H JXLiORV SDUD 9DOHV
(VSLULWXDLVVHJXURV


B<
2 ~QLFR GHP{QLR UHDO UHYHUHQFLDGR QD
PLWRORJLD <RUXED (UOX]LH p XPD
6XFFXEXV(ODpD/RDGRDPRUHURWLVPR
EHOH]DHIHPLQLOLGDGH4XDQGRLQYRFDGD
p YLVWD FRPR XPD MRYHP QHJUD EHOD GH
ROKRVYHUPHOKRVXWLOL]DQGRPXLWRVDQpLV
H FRODUHV GH RXUR 6HX VtPEROR p XP
FRUDomRSHUIXUDGReDDPDQWHGH2JXP
H$JZH


M>M><IBD?><
/RD GRV FDPLQKRV H HQFUX]LOKDGDV 8P
GRVSULPHLURVHVStULWRVDUNDQLWDVjVHUHP
FXOWXDGRVHP%HQLQQDIULFDpXPGRV
/RDV PDLV LPSRUWDQWHV H GHYH VHU
FXOWXDGR QR FRPHoR GH WRGRV RV ULWXDLV
SRLV HOH p R JXDUGLmR GR 9pX D FDPDGD
HQWUH R PXQGR GRV YLYRV H GRV PRUWRV
6HPRFRQVHQWLPHQWRGH/HJEDQHQKXP
ULWXDO YRGX VH FRQFUHWL]D 6XD IRUPD
TXDQGR LQYRFDGR p GH XP YHOKR
FDPSRQrV PDQFR PDOYHVWLGR IXPDQGR
XP FDFKLPER H XVDQGR XPD PXOHWD H
VXDSRVVHVVmRVREUH)HLWLFHLURVHPpGLXQV
p H[WUHPDPHQWH EL]DUUD H YLROHQWD
FRQWRUFHQGR R FRUSR GR SRVVXtGR H
HQYHOKHFHQGRVXDIDFH


M>M><ILHL<
/RD GD FXUD H HVStULWR GDV HUYDV H GD
YHJHWDomR TXH HPSUHVWD jV IROKDV SRGHU
FXUDWLYR 3DSD /RNR p XP SRGHURVR
HVStULWRDUFDGLDQR





LD <
/RDGDJXHUUDHGRIRJRVHXVDGRUDGRUHV
SHGHP TXH HVWH RV SURWHMD GH EDODV H
IHULPHQWRVLQIOLJLGRVSRUDUPDV(PVHXV
ULWXDLV XWLOL]DVH R UXP H R PHVPR p
LQIODPDGR HP FKDPDV 2JXP XP DQWLJR
HVStULWR GH $UND1XQ H XP GRV
SULPHLURVjPDQLIHVWDUVHSDUDKXPDQRV


P<
6RERpXP/RDWDQWRGR9RGXTXDQWRGD
8PEDQGD VHQGR FRQHKFLGR QHVWD FRPR
;DQJ{/RDGRSRGHUGRVUDLRVWURY}HVH
GR IRJR e XP /RD JXHUUHLUR YLROHQWR H
MXVWLFHLUR SXQH RV PHQWLURVRV ODGU}HV H
RVPDOIHLWRUHVeGLWRTXHHOHpDI~ULDGH
0DZX 6RER p R HVStULWR GH XP EUDYR
PDJRKXPDQRFXMRTXDOIRLRUHLGH2\R
DWXDO1LJpULD


>
w <
2V )HLWLFHLUR 6DFHUGRWHV  JHUDOPHQWH
XVDP URXSDV VLPSOHV H OLPSDV
SUHIHULQGRXPWHFLGRFODURHOLYUHGRTXH
DRVWHQWDomR


F pl<
$LQLFLDomRDRFXOWRGR9RGXpFRPSOH[D
p ORQJD H SRGH HQYROYHU ORQJDV
FDPLQKDGDV D VDQWXiULRV H PHUFDGRV H
SHUtRGRVGHUHFOXVmRGHQWURGRFRQYHQWR
RX WHUUHLUR KXQNSDPH TXH SRGHP
FKHJDUDGXUDUXPDQRRQGHRVQHyILWRV
VmR VXEPHWLGR D XPD GXUD URWLQD GH
GDQoDVSUHFHVDSUHQGL]DJHPGHOtQJXDV
VDJUDGDVHYRWRVGHVHJUHGRHREHGLrQFLD


E<
2 LQLFLDGR p FKDPDGR GH .DMHNDML $SyV
XP DQR GH REULJDo}HV UHFHEHUi R WtWXOR
GH %RNRQRQ TXH VLJQLILFD SRVVXLGRU GH
DPXOHWRV


<

>
   <


?<
 SRQWRV R 3HUVRQDJHP p XP %RNRQRQ
XP)HLWLFHLUR9RGXLGRODWUDDVHQWLGDGHV
<RUXED H WHP XP ERP UHODFLRQDPHQWR
FRP DV PHVPDV *DQKD  HP
&RQKHFLPHQWR3ODQDU 6SLULWXP HHP
5LWXDLV DOpP GD FDSDFLGDGH SRGHU RXYLU
HVStULWRV TXHUHQGR RX QmR PDV SRGH
VXSULPLUHVVDKDELOLGDGHFRPXPWHVWHGH
921


O<
 SRQWR R 3HUVRQDJHP WHP DILQLGDGH
FRPRV/RDV5DGDDVHQWLGDGHVOLJDGDVj
IULFD(PWHUPRVGHMRJRWRGRVRVVHXV
5LWXDLV H 0LODJUHV UHODFLRQDGRV j HIHLWRV
QmRFRPEDWLYRV HRX TXH QmR FDXVHP
GDQR GLUHWR SRVVXHP WRGRV RV VHXV
HIHLWRV GXUDomR DOFDQFH HWF  FRPR VH
WLYHVVHP &RPSOH[LGDGH  H SDUD
0LODJUHV R 1DUUDGRU GHYH HVWLSXODU XP
HIHLWRPDLVSRWHQWH


M <
 SRQWR R 3HUVRQDJHP WHP DILQLGDGH
FRPRV/RDV3HWURVDVHQWLGDGHVOLJDGDV
jR 1RYR 0XQGR PDLV DJUHVVLYDV H
VRPEULDV (P WHUPRV GH MRJR WRGRV RV
VHXV 5LWXDLV H 0LODJUHV UHODFLRQDGRV j
HIHLWRV FRPEDWLYRV HRX TXH FDXVHP
GDQR GLUHWR SRVVXHP WRGRV RV VHXV
HIHLWRV GXUDomR DOFDQFH HWF  FRPR VH
WLYHVVHP &RPSOH[LGDGH  H SDUD
0LODJUHV R 1DUUDGRU GHYH HVWLSXODU XP
HIHLWRPDLVSRWHQWH

Anda mungkin juga menyukai