background image

,6$$&$6,029$=$=(/

,6$$&$6,029

$=$=(/

&RQRFtD*HRUJHHQXQ FRQJUHVROLWHUDULRFHOHEUDGRKDFHPXFKRVDxRV\PHOODPRODDWHQFLyQHOSHFXOLDU

DLUHGHLQRFHQFLD\GHFDQGRUTXHPRVWUDEDVXURVWURUHGRQGR\GHPHGLDQDHGDG,QPHGLDWDPHQWHGHFLGt

TXHHUDODFODVHGHSHUVRQDDTXLHQXQROHGHMDUtDODFDUWHUDSDUDTXHVHODJXDUGDVHPLHQWUDVVHEDxDED

(O PH UHFRQRFLy SRU PLV IRWRJUDItDV HQ OD FRQWUDSRUWDGD GH PLV OLEURV \ PH VDOXGR DOHJUHPHQWH

GLFLpQGRPH OR PXFKR TXH OH JXVWDEDQ PLV FXHQWRV\PLVQRYHODVORFXDOQDWXUDOPHQWHPHGLRXQD

H[FHOHQWHRSLQLyQGHVXLQWHOLJHQFLD\EXHQJXVWR

1RVHVWUHFKDPRVFRUGLDOPHQWHODVPDQRV\HOGLMR

 0HOODPR*HRUJH%LWWHUQXW

 %LWWHUQXW UHSHWtSDUDILMiUPHORHQODPHQWH8QDSHOOLGRSRFRFRUULHQWH

 'DQHV UHVSRQGLy\PX\DULVWRFUiWLFR'HVFLHQGRGH&QXWPDVFRQRFLGRFRPR&DQXWRXQUH\TXH

FRQTXLVWR,QJODWHUUDDFRPLHQ]RVGHOVLJOR;,8QDQWHSDVDGRPLRHUDKLMRVX\R

EDVWDUGRQDWXUDOPHQWH

 1DWXUDOPHQWH PXUPXUHDXQTXHQRYHtDSRUTXHKDEtDTXHGDUORSRUVHQWDGR

 /HSXVLHURQGHQRPEUH&QXWFRPRVXSDGUH FRQWLQXR*HRUJH\FXDQGRIXHSUHVHQWDGRDOUH\HO

VREHUDQRGLMR9RWRDEUtRV¢HVWHHVPLKHUHGHUR"

 1RH[DFWDPHQWH UHVSRQGLyHOFRUWHVDQRTXHHVWDEDPHFLHQGRDOSHTXHxR&QXWSXHVHVLOHJLWLPR\D

TXHVXPDGUHHVODODYDQGHUDDODTXHYRV$K GLMRHOUH\HVRHVPHMRU<FRPR%HWWHUFQXWHQLQJOHV

EHWWHU VLJQLILFD PHMRU VH OH FRQRFLy D SDUWLUGHHVHPRPHQWR8QLFDPHQWHFRQHVHQRPEUH<RORKH

KHUHGDGRSRUOtQHDPDVFXOLQDGLUHFWDVDOYRTXHODVYLFLVLWXGHVGHOWLHPSRKDQDFDEDGRSRUFDPELDUORD

%LWWHUQXW

<VXVD]XOHVRMRVPHPLUDURQFRQXQDHVSHFLHGHKLSQyWLFDLQRFHQFLDTXHLPSHGtDWRGDGXGD

 ¢4XLHUH DOPRU]DUFRQPLJR" SUHJXQWHPRYLHQGRODPDQRHQGLUHFFLyQDOUHVWDXUDQWHSURIXVDPHQWH

GHFRUDGRTXHHYLGHQWHPHQWHHVWDEDGHVWLQDGRVRORDSHUVRQDVSRVHHGRUDVGHFDUWHUDVELHQUHSOHWDV

 ¢1ROHSDUHFHTXHHVHORFDOHVXQSRFRRVWHQWRVR\TXHODFDIHWHUtDGHORWURODGRSRGUtD" UHVSRQGLy

*HRUJH

 &RPRLQYLWDGRPLR DxDGt

*HRUJHIUXQFLyORVODELRV\GLMR

 $KRUD TXH ORPLUREDMRXQDOX]PDVIDYRUDEOHYHRTXHWLHQHXQDDWPyVIHUDXQWDQWRKRJDUHxD6L

DOPRU]DUHFRQXVWHG

0LHQWUDVWRPiEDPRVHOSODWRSULQFLSDO*HRUJHGLMR

 0LDQWHSDVDGR%HWWHUFQXWWXYRXQKLMRDOTXHOODPR6ZH\Q8QEXHQQRPEUH'DQHV

 6L \D VH  UHVSRQGt  (O SDGUHGHO5H\&QXWVHOODPDED6ZH\Q)RUEHDUG(QWLHPSRVPRGHUQRVHO

QRPEUHVHVXHOHHVFULELU6YHQ

*HRUJHIUXQFLyOHYHPHQWHHOFHQR\GLMR

 1RKDFHIDOWDTXHDODUGHHGHVXVFRQRFLPLHQWRVGHHVWDVFRVDVDPLJRPLR$GPLWRTXHWLHQHXVWHGORV

UXGLPHQWRVGHXQDHGXFDFLyQ

0HVHQWtDERFKRUQDGR

 /RVLHQWR

3iJLQD

background image

,6$$&$6,029$=$=(/

/RVLHQWR

$JLWRODPDQRHQDGHPDQGHPDJQiQLPRSHUGyQSLGLyRWURYDVRGHYLQR\SURVLJXLy

 6ZH\Q %HWWHUFQXW VH VHQWtD IDVFLQDGR SRU ODV PXMHUHV FDUDFWHUtVWLFDTXHKHPRVKHUHGDGRWRGRVORV

%LWWHUQXW\WHQLDPXFKRp[LWRFRQHOODVFRPRKDVLGRHOFDVRFRQWRGRVVXVGHVFHQGLHQWHV6HVDEHTXH

PXFKDVPXMHUHVGHVSXpVGHVHSDUDUVHGHHOPHQHDEDQODFDEH]DHQVHxDOGHDGPLUDFLyQ\GHFtDQ2K

HVWRGRXQ6ZH\Q<WDPELpQHUDXQDUFKLPDJR

+L]RXQDSDXVD\OXHJRSUHJXQWRFRQEUXVTXHGDG

 ¢6DEHXVWHGTXHHVXQDUFKLPDJR"

 1R PHQWtQRGHVHDQGRYROYHUDKDFHUXQDRIHQVLYDRVWHQWDFLyQGHPLVFRQRFLPLHQWRV"4XHHV" 8Q

DUFKLPDJR HV XQ PDJR HPLQHQWH  DFODUR *HRUJH FRQ OR TXH SDUHFLy XQ VXVSLUR GH DOLYLR  6ZH\Q

HVWXGLDEDODVDUWHVDUFDQDV\RFXOWDV(QWRQFHVHUDSRVLEOHKDFHUORSXHVDXQQRKDEtDVXUJLGRWRGRHVH

GHVDJUDGDEOHHVFHSWLFLVPRPRGHUQR

(VWDEDFRQVDJUDGRDODWDUHDGHHQFRQWUDUODPDQHUDGHSHUVXDGLUDODVMRYHQFLWDVSDUDTXHREVHUYDUDQ

FRQHOHVDFODVHGHFRPSRUWDPLHQWRGXOFH\FRPSODFLHQWHTXHHVODFRURQDGHODIHPLQHLGDG\UHKX\HVHQ

WRGRORTXHHUDKXUDxR\KRVFR

 $K GLMHFRQWRQRFRPSUHQVLYR

 3DUD HVR QHFHVLWDED GHPRQLRV \ SHUIHFFLRQR PHGLRV SDUD LQYRFDUORV TXHPDQGR FLHUWDV KLHUEDV

DURPiWLFDV\SURQXQFLDQGRGHWHUPLQDGRVFRQMXURVVHPLROYLGDGRV

 ¢<GDEDUHVXOWDGRVHxRU%LWWHUQXW"

 /OiPHPH*HRUJH&ODURTXHGDEDUHVXOWDGR7HQLDOHJLRQHVGHGHPRQLRVTXHWUDEDMDEDQSDUDHOSXHV

FRPRFRQIUHFXHQFLDVHODPHQWDEDODVPXMHUHVGHODpSRFDHUDQVHUHVWHUFRV\REVWLQDGRVTXHRSRQtDQD

VXSUHWHQVLyQGHVHUQLHWRGHXQUH\iVSHUDVREVHUYDFLRQHVVREUHODQDWXUDOH]DGHODGHVFHQGHQFLD6LQ

HPEDUJR XQD YH] TXH XQ GHPRQLR HMHFXWDED VX REUD FRPSUHQGtDQ TXH XQ KLMR QDWXUDO HUD

VLPSOHPHQWHQDWXUDO

 ¢(VWDVHJXURGHWRGRHVR*HRUJH"

 1DWXUDOPHQWHSXHVHOYHUDQRSDVDGRHQFRQWUpVXOLEURGHUHFHWDVSDUDLQYRFDUGHPRQLRV/RKDOOHHQXQ

YLHMRFDVWLOORLQJOHVTXHDFWXDOPHQWHHVWDHQUXLQDVSHURTXHHQRWURWLHPSRSHUWHQHFLyDPLIDPLOLD6H

HVSHFLILFDEDQODVKLHUEDVH[DFWDVODIRUPDGHTXHPDUODVHOULWPRORVFRQMXURVODVHQWRQDFLRQHV7RGR

(VWDEDHVFULWRHQLQJOHVDQWLJXRDQJORVDMyQ\DVDEHSHUR\RWHQJRXQSRFRGHOLQJLVWD\

6HPHKL]RSDWHQWHXQOLJHURHVFHSWLFLVPR

 8VWHGEURPHD GLMH

0HPLURFRQDOWLYH]

 ¢3RU TXH FUHH VHPHMDQWH FRVD" "DFDVR PH HVWR\ ULHQGR" 6H WUDWD GH XQ OLEURDXWHQWLFR<RPLVPR

H[SHULPHQWHODVUHFHWDV

 <REWXYRXQGHPRQLR

 6LHQHIHFWR UHVSRQGLyVHxDOiQGRVHGHPDQHUDVLJQLILFDWLYDHOEROVLOORVXSHULRUGHODFKDTXHWD

 ¢/RWLHQHDKt"

*HRUJHVHWRFRHOEROVLOOR\SDUHFtDDSXQWRGHDVHQWLUFXDQGRVXVGHGRVSDOSDURQDOJRLPSRUWDQWHRWDO

YH]IXHVHSUHFLVDPHQWHTXHQRSDOSDURQQDGD0LURHQHOLQWHULRU

 6HKDLGR GLMRFRQGLVJXVWR'HVPDWHULDOL]DGR3HURTXL]iQRVHOHSXHGDFHQVXUDUSRUHOOR$QRFKH

HVWXYRFRQPLJRSRUTXHVHQWtDFXULRVLGDGSRUHVWHFRQJUHVR¢VDEH"/HGLXQSRFRGHZKLVN\FRQXQ

FXHQWDJRWDV\OHJXVWR7DOYH]OHJXVWRGHPDVLDGRSXHVTXHUtDSHJDUVHFRQODFDFDW~DHQMDXODGDTXH

KD\HQHOEDU\HPSH]yDLQVXOWDUOD$IRUWXQDGDPHQWHVHTXHGRGRUPLGRDQWHVGHTXHHOSiMDURRIHQGLGR

SXGLHUD UHSOLFDU (VWD PDxDQD QR SDUHFtD HQFRQWUDUVH PX\ELHQ\VXSRQJRTXHVHKDLGRDVXFDVD

GRQGHTXLHUDTXHHVWHSDUDUHFXSHUDUVH

6HQWt XQ DFFHVR GH UHEHOGtD "(VSHUDED TXH PH FUH\HUD DTXHOOR"  ¢0H HVWD GLFLHQGR TXH WHQLD XQ

GHPRQLRHQHOEROVLOORGHODFKDTXHWD"

 (VDJUDGDEOHYHUORUiSLGDPHQWHTXHVHKDFHXVWHGFDUJRGHODVLWXDFLyQ GLMR*HRUJH

 ¢4XHWDPDxRWHQLD"

 'RVFHQWtPHWURV

 3HURHVRQROOHJDDXQDSXOJDGD

3iJLQD

background image

,6$$&$6,029$=$=(/

3HURHVRQROOHJDDXQDSXOJDGD

 7RWDOPHQWHFRUUHFWR8QDSXOJDGDVRQFHQWtPHWURV

 4XLHURGHFLUTXHFODVHGHGHPRQLRHVSDUDWHQHUVRORGRVFHQWtPHWURVGHHVWDWXUD

 8QRSHTXHxR UHVSRQGLy*HRUJHSHURFRPRGLFHHOUHIUiQPDVYDOHWHQHUXQGHPRQLRSHTXHxRTXH

QRWHQHUQLQJXQR

 'HSHQGHGHFRPRVHD

 2K$]D]HOVHOODPDDVHHVXQGHPRQLRDPLVWRVR

6RVSHFKRTXHQRHVWDPX\ELHQFRQVLGHUDGRHQVXVDQWURVQDWLYRVSXHVVHOHQRWDH[WUDRUGLQDULDPHQWH

DQVLRVR SRU LPSUHVLRQDUPH FRQ VXV SRGHUHV VDOYR TXH QR TXLHUH XWLOL]DUORVSDUDHQULTXHFHUPHFRPR

GHEHUtDKDFHUWUDWiQGRVHGHXQDKRQRUDEOHDPLVWDG'LFHTXHVXVSRGHUHVGHEHQVHUXWLOL]DGRVWDQVROR

SDUDKDFHUHOELHQDRWURV

 9DPRVYDPRV*HRUJH6HJXUDPHQWHTXHQRHVHVDODILORVRItDGHOLQILHUQR

*HRUJHVHOOHYRXQGHGRDORVODELRV

 1RGLJDHVDFODVHGHFRVDVDPLJR$]D]HOVHVHQWLUtDHQRUPHPHQWHRIHQGLGR'LFHTXHVXSDtVHVDPDEOH

GHFHQWH\PX\FLYLOL]DGR\KDEODFRQJUDQUHVSHWRGHVXJREHUQDQWHFX\RQRPEUHMDPDVSURQXQFLD\DO

TXHOODPDVLPSOHPHQWHHO7RGR7RWDO

 ¢<HQUHDOLGDGKDFHIDYRUHV"

 6LHPSUHTXHSXHGH(VHHVHVFDVRSRUHMHPSORGHPLDKLMDGD-XQLSHU3HU

 ¢-XQLSHU3HQ"

 6L3RUVXH[SUHVLyQGHLQWHQVDFXULRVLGDGPHGR\FXHQWDGHTXHGHVHDFRQRFHUODKLVWRULD&RQPXFKR

JXVWRVHODFRQWDUH

-XQLSHU 3HQ GLMR *HRUJH HUD XQD FiQGLGD HVWXGLDQWH GH VHJXQGR FXUVR HQ OD 8QLYHUVLGDG FXDQGR

FRPLHQ]DPLUHODWRXQDGXOFHHLQRFHQWHPXFKDFKDIDVFLQDGDSRUHOHTXLSRGHEDORQFHVWRWRGR\FDGD

XQRGHFX\RVPLHPEURVHUDQMyYHQHVDOWRV\PX\JXDSRV

(OMXJDGRUTXHPDVSDUHFtDHVWLPXODUVXLPDJLQDFLyQIHPHQLQDHUD/HDQGHU7KRPVRQXQPXFKDFKRDOWR\

GHOJDGRGHJUDQGHVPDQRVTXHVHHQURVFDEDQHQWRUQRDXQEDOyQRDFXDOTXLHURWUDFRVDTXHWXYLHUD

IRUPD\HOWDPDxRGHXQEDOyQORTXHGHDOJXQDPDQHUDWUDHDODPHPRULDD-XQLSHU2EYLDPHQWHHOHUD

HOREMHWRGHVXVJULWRVFXDQGRFRQWHPSODEDGHVGHODJUDGDXQRGHVXVSDUWLGRV

6ROtD KDEODUPH GHVXVGXOFHVVXHxRVSXHVFRPRWRGDVODVMRYHQFLWDVDXQTXHQRVHDQPLVQLHWDVVH

VHQWtDLPSXOVDGDDFRQILDUHQPL0LSRUWHFDULxRVRSHURGLJQRLQYLWDEDDODVFRQILGHQFLDV

 2KWtR*HRUJH GHFtD VHJXURTXHQRHVQDGDPDORTXH\RVXHQHHQXQIXWXURFRQ/HDQGHU0HOR

LPDJLQRFRPRHOPHMRUMXJDGRUGHEDORQFHVWRGHOPXQGRFRPRODIORU\QDWDGHORVJUDQGHVSURIHVLRQDOHV

FRPRHOWLWXODUGHXQVXVWDQFLRVRFRQWUDWRGHODUJDGXUDFLyQ<QRHVTXH\RSLGDPXFKR7RGRORTXH

TXLHURGHODYLGDHVXQDSHTXHxDPDQVLyQFXELHUWDGHHQUHGDGHUDVXQSHTXHxRMDUGtQTXHVHH[WLHQGD

WRGRFXDQWRODYLVWDSXHGDDEDUFDUXQDVHQFLOODVHUYLGXPEUHRUJDQL]DGDHQHTXLSRVWRGRVPLVYHVWLGRV

RUGHQDGRVDOIDEpWLFDPHQWHSDUDFDGDGtDGHODVHPDQD\FDGDPHVGHODxR\

0HYLREOLJDGRDLQWHUUXPSLUVXHQFDQWDGRUSDUORWHR

 $\XQOLJHURIDOORHQWXSODQSHTXHxD GLMH/HDQGHUQRHVXQMXJDGRUGHEDORQFHVWRPX\EXHQR\HV

SRFRSUREDEOHTXHDOJ~QHTXLSROHFRQWUDWHSRUJUDQGHVVXPDV

 (VRHVLQMXVWR GLMRHQIXUUXxDQGRHOJHVWR¢3RUTXHQRHVXQMXJDGRUGHEDORQFHVWRPX\EXHQR"

 3RUTXHDVtHVFRPRIXQFLRQDHO8QLYHUVR¢3RUTXHQRFRQFHQWUDVWXVMXYHQLOHVDIHFWRVHQDOJXLHQTXH

VHDXQEXHQMXJDGRUGHEDORQFHVWR"¢2VLYDPRVDHVRHQDOJ~QMRYHQ\KRQUDGRFRUUHGRUEXUViWLOGH

:DOO6WUHHWTXHWHQJDDFFHVRDLQIRUPDFLRQHVUHVHUYDGDV"

 /DYHUGDGHVTXH\DKHSHQVDGRHQHOORWtR*HRUJHSHURPHJXVWD/HDQGHUH[FOXVLYDPHQWHSRUORTXH

HV+D\YHFHVHQTXHSLHQVRHQHO\PHGLJRHQUHDOLGDG¢7DQLPSRUWDQWHHVHOGLQHUR"

 &KLVWMRYHQFLWD H[FODPRKRUURUL]DGR+R\HQGtDODVPXMHUHVVRQLQFUHtEOHPHQWHIUDQFDV

 3HUR¢SRUTXpQRSXHGRWHQHUWDPELpQHOGLQHUR"¢HVPXFKRSHGLU"

¢/R HUD UHDOPHQWH" 'HVSXpV GH WRGR \R WHQLD XQ GHPRQLR SDUD PL VROR6HWUDWDEDGHXQGHPRQLR

SHTXHxR GHVGH OXHJR SHUR VX FRUD]yQ HUD JUDQGH 6HJXUDPHQWH TXH TXHUUtD IDYRUHFHU HOFXUVRGHO

YHUGDGHURDPRUDILQGHDSRUWDUOX]\GXO]XUDDGRVVHUHVFX\RVFRUD]RQHVODWtDQDOXQtVRQRDOSHQVDUHQ

EHVRV\IRQGRVPXWXRV

3iJLQD

background image

,6$$&$6,029$=$=(/

EHVRV\IRQGRVPXWXRV

$]D]HOPHHVFXFKRFXDQGROHLQYRTXHFRQHOFRQMXURDSURSLDGR1RQRSXHGRGHFLUOHFXDOHV"1RWLHQH

XVWHGXQHOHPHQWDOVHQWLGRGHODpWLFD"&RPRGLJRPHHVFXFKRSHURFRQORTXHPHSDUHFLyXQDDEVROXWD

FDUHQFLD GH HVD FRPSUHQVLyQ TXH FDEULD HVSHUDU &RQILHVR TXH OH KDEtD DUUDVWUDGR D QXHVWUR PXQGR

VDFiQGROHGHVXHQWUHJDDDOJRSDUHFLGRDXQEDxRWXUFRSXHVVHKDOODEDHQYXHOWRHQXQDGLPLQXWDWRDOOD

\HVWDEDWLULWDQGR6XYR]SDUHFtDPDVDJXGD\HVWULGHQWHTXHQXQFD(QUHDOLGDGQRFUHRTXHIXHVH

YHUGDGHUDPHQWHVXYR]0HGDODLPSUHVLyQGHTXHVHFRPXQLFDEDPHGLDQWHDOJXQDHVSHFLHGHWHOHSDWtD

SHURHOUHVXOWDGRHUDTXH\RRtDRLPDJLQDEDRtUXQDDJXGDYRFHFLOOD

 ¢4XHHVEDORQFHVWR" SUHJXQWR"8QEDOyQFRQIRUPDGHFHVWR"3RUTXHHQHVHFDVR¢TXHHVXQ

FHVWR"

7UDWH GH H[SOLFiUVHOR SHUR SDUD VHU XQ GHPRQLR SXHGH UHVXOWDU UHDOPHQWH REWXVR 6H PH TXHGR

PLUDQGRFRPRVLQROHHVWXYLHVHH[SOLFDQGRFRQOXPLQRVDFODULGDGFDGDGHWDOOHGHOMXHJR

)LQDOPHQWHGLMR

 ¢3RGUtDYHUXQSDUWLGRGHEDORQFHVWR"

 1DWXUDOPHQWH UHVSRQGt(VWDQRFKHVHMXHJDXQR/HDQGHUPHGLRXQDHQWUDGD\WXSXHGHVLUHQPL

EROVLOOR

 (VWXSHQGR  GLMR $]D]HO  /OiPDPH FXDQGR WH GLVSRQJDV D VDOLU SDUD HO SDUWLGR $KRUD WHQJR TXH

WHUPLQDUPL]\PLJ FRQORTXHVXSRQJRVHUHIHUtDDVXEDxRWXUFR\GHVDSDUHFLy

'HERFRQIHVDUTXHPHLUULWDVREUHPDQHUDTXHDOJXLHQDQWHSRQJDVXVLQVLJQLILFDQWHVDVXQWRVGRPpVWLFRVD

ODVWUDVFHQGHQWDOHVFXHVWLRQHVGHTXH\RPHRFXSRORFXDOPHUHFXHUGDDPLJRPtRTXHHOFDPDUHUR

SDUHFHHVWDULQWHQWDQGRDWUDHUVXDWHQFLyQ&UHRTXHOHWLHQHSUHSDUDGDODFXHQWD5HFyMDODSRUIDYRU

SDUDTXH\RSXHGDFRQWLQXDUPLUHODWR

(VDQRFKHIXLDOSDUWLGRGHEDORQFHVWR\$]D]HOYHQLDFRQPLJRHQPLEROVLOOR0DQWHQtDODFDEH]DDVRPDGD

SRUHOERUGHGHOEROVLOOR\KDEUtDFRQVWLWXLGRXQVRVSHFKRVRHVSHFWiFXORVLDOJXLHQKXELHUDHVWDGRPLUDQGR

6X SLHO HV GH XQ FRORU URMR EULOODQWH \ HQ VX IUHQWH VH GHVWDFDQODVSURWXEHUDQFLDVGHGRVSpTXHQRV

FXHUQRV 3RU IRUWXQD VH PDQWHQtD GHQWUR GHO EROVLOOR SXHV VX PXVFXORVD FROD GH XQ FHQWtPHWUR GH

ORQJLWXGHVVXUDVJRPDVSURPLQHQWH\QDXVHDEXQGR

<RQRVR\XQJUDQDILFLRQDGRDOEDORQFHVWR\SUHIHUtGHMDUTXH$]D]HOH[WUDMHUDSRUVXSURSLDFXHQWDHO

VLJQLILFDGRGHORTXHHVWDEDYLHQGR6XLQWHOLJHQFLDDXQTXHPDVGHPRQLDFDTXHKXPDQDHVQRWDEOH

8QD YH] ILQDOL]DGR HO SDUWLGR PH GLMR  3RU OR TXH KH SRGLGR GHGXFLU GH OD HVIRU]DGD DFFLyQGHORV

FRUSXOHQWRVGHVJDUEDGRV\HQDEVROXWRLQWHUHVDQWHVLQGLYLGXRVTXHFRUUtDQSRUODSLVWDSDUHFHVHUTXHVH

SURGXFtDXQDFLHUWDFRQPRFLyQFDGDYH]TXHHVDFXULRVDSHORWDSDVDEDDWUDYpVGHODUR

 (QHIHFWRGLMH (VRHVHQFHVWDU

 (QWRQFHV ¢HVH SURWHJLGR WX\RVHFRQYHUWLUtDHQXQKpURHGHHVHHVW~SLGRMXHJRVLSXGLHUDSDVDUOD

SHORWDSRUHODURWRGDVODVYHFHVTXHORLQWHQWDVH"

 ([DFWDPHQWH

$]D]HOSHQVDWLYRDJLWRODFROD

 1RWLHQHTXHVHUGLItFLO6RORQHFHVLWRDMXVWDUVXVUHIOHMRVSDUDKDFHUOHFDOFXODUHOiQJXORODDOWXUDOD

IXHU]D3HUPDQHFLyXQRVLQVWDQWHVHQUHIOH[LYRVLOHQFLRDFRQWLQXDFLyQGLMR

 9HDPRVKHWRPDGRQRWDGHVXFRPSOHMRFRRUGLQDGRSHUVRQDOGXUDQWHHOSDUWLGR6LVHSXHGHKDFHU(Q

UHDOLGDG\DHVWDKHFKR7XOHDQGHUQRWHQGUiQLQJXQDGLILFXOWDGHQKDFHUSDVDUODSHORWDSRUHODUR

<RH[SHULPHQWDEDXQDFLHUWDH[FLWDFLyQPLHQWUDVDJXDUGDEDDTXHVHFHOHEUDVHHOVLJXLHQWHSDUWLGR1ROH

GLMHQDGDDODSHTXHxD-XQLSHUSRUTXHQXQFDKDEtDKHFKRXVRGHORVSRGHUHVGHPRQLDFRVGH$]D]HO\QR

HVWDEDGHOWRGRVHJXURGHTXHVXVKHFKRVKLFLHUDQKRQRUDVXVSDODEUDV$GHPiVTXHUtDTXHVHOOHYDUD

XQDVRUSUHVD<VHODOOHYRPX\JUDQGHORPLVPRTXH\R

3RU GLQ OOHJR HO GtD GHO SDUWLGR \ DTXHOIXHHOSDUWLGR1XHVWURFROHJLRORFDO1HUGVYLOOH7HFKGHFX\R

HTXLSR GH EDORQFHVWR /HDQGHU HUD WDQ SiOLGD OXPLQDULD MXJDED FRQWUD ORV ODUJXLUXFKRV IDMDGRUHV GH

5HIRUPDWRULR$O&DSRQH\VHHVSHUDEDTXHIXHVHXQFRPEDWHpSLFR

3iJLQD

background image

,6$$&$6,029$=$=(/

&RPR GH pSLFR QDGLH OR HVSHUDED (O HTXLSR GH $/ &DSRQH HQ VHJXLGD VH SXVR SRU GHODQWH HQ HO

PDUFDGRU \ \RREVHUYDEDDWHQWDPHQWHD/HDQGHU3DUHFtDWHQHUGLILFXOWDGHVSDUDGHFLGLUORTXHGHEtD

KDFHU \ DO FRPLHQ]R VXV PDQRV SDUHFtDQ IDOODU HO EDOyQ FXDQGR WUDWDEDGHDYDQ]DU6XSXVHTXHVXV

UHIOHMRVKDEtDQUHVXOWDGRWDQDOWHUDGRVTXHHQXQSULQFLSLRQRSRGtDFRQWURODUHQDEVROXWRVXVP~VFXORV

6LQHPEDUJROXHJRIXHFRPRVLVHDFRVWXPEUDUDDVXQXHYRFXHUSR&RJLyHOEDOyQ\SDUHFLyTXHVHOH

HVFDSDEDGHODVPDQRVSHURTXHIRUPDGHHVFDSDUVH'HVFXEULyXQDUFRHQHODLUH\DWUDYHVyHOFHQWUR

GHODUR

/DV JUDGDVHVWDOODURQHQIUHQpWLFRDSODXVRPLHQWUDVTXH/HDQGHUFRQWHPSODEDSHQVDWLYDPHQWHHODUR

FRPRSUHJXQWiQGRVHTXHKDEtDRFXUULGR

)XHUDORTXHIXHVHYROYLyDRFXUULURWUDYH]\RWUD7DQSURQWRFRPR/HQDGHUWRFDEDHOEDOyQHVWHVH

HOHYDEDGHVFULELHQGRXQDUFR7DQSURQWRFRPRVHHOHYDEDVHFXUYDEDKDFLDODFDQDVWD6XFHGtDWDQGH

UHSHQWHTXHQDGLHYHtDMDPDVD/HDQGHUDSXQWDUQLKDFHUDEVROXWDPHQWHQLQJ~QHVIXHU]R,QWHUSUHWDQGR

HVWRFRPRXQDSUXHEDGHPDHVWUtDODPXOWLWXGVHSXVRKLVWpULFD

6LQHPEDUJROXHJRFRPRHUDGHHVSHUDUVXFHGLyORLQHYLWDEOH\HOSDUWLGRVHKXQGLyHQXQFDRVWRWDO

%URWDEDQVLOELGRVGHODVWULEXQDVORVDOXPQRVGHURVWURVOOHQRVGHFLFDWULFHVTXHDQLPDEDQDOUHIRUPDWRULR

$O &DSRQH SURIHUtDQ YLROHQWDV REVHUYDFLRQHV GH FDUiFWHU LQVXOWDQWH \ SRU WRGDV SDUWHV GHSURGXFtDQ

SHOHDVDSXxHWD]RVHQWUHHOSXEOLFR

/R TXH \R QR KDEtD GLFKR D $]D]HO FUH\HQGR TXH VH WUDWDED GH DOJR HYLGHQWH \ORTXHHOQRKDEtD

DGYHUWLGRHUDTXHODVGRVFDQDVWDVGHODSLVWDQRHUDQLJXDOHVXQDFRUUHVSRQGtDDOHTXLSRORFDO\ODRWUD

DOHTXLSRYLVLWDQWH\TXHFDGDMXJDGRUODQ]DEDHOEDOyQKDFLDODFDQDVWDDSURSLDGD<HOEDOyQFRQWRGDOD

ODPHQWDEOHLJQRUDQFLDGHXQREMHWRLQDQLPDGRHQFXDQWR/HDQGHUORWRFDEDVHHOHYDEDKDFLDODFDQDVWD

PDVSUy[LPD(OUHVXOWDGRHUDTXHXQD\RWUDYH]/HDQGHUVHODVDUUHJODEDSDUDLQWURGXFLUHOEDOyQHQOD

FDQDVWDHQTXHQRGHEtD

3HUVLVWLyHQKDFHUORSHVHDORVDPDEOHVUHSURFKHVGHOHQWUHQDGRUGHO1HUGVYLOOH&ODZV3RS0F)DQJTXH

VHGHVJDxLWDEDDJULWRVSRUHQWUHODHVSXPDTXHOHFXEUtDORVODELRV3RS0F)DQJHQVHxRORVGLHQWHVFRQ

XQ VXVSLUR GH WULVWH]D SRU WHQHU TXH H[SXOVDU D /HDQGHU GHO SDUWLGR \ OORUR DELHUWDPHQWH FXDQGR OH

TXLWDURQORVGHGRVGHODJDUJDQWDGH/HDQGHUSDUDTXHSXGLHUDOOHYDUVHDHIHFWRODH[SXOVLyQ

$PLJRPtR/HQDGHUQXQFDYROYLyDVHUHOPLVPR1DWXUDOPHQWH\RKDEtDSHQVDGRTXHEXVFDUtDUHIXJLRHQ

ODEHELGD\VHFRQYHUWLUtDHQXQWRUYR\SHQVDWLYRDOFRKyOLFR(VRORKDEUtDFRPSUHQGLGR1RREVWDQWHDXQ

FD\RPDVEDMR6HYROYLyKDFLDVXVHVWXGLRV

%DMR OD GHVSUHFLDWLYD \DYHFHVLQFOXVRFRPSDVLYDPLUDGDGHVXVFRQGLVFtSXORVLEDGHFODVHHQFODVH

VHSXOWDEDODFDEH]DHQWUHORVOLEURV\GHVFHQGtDKDFLDODVFHQDJRVDVSURIXQGLGDGHVGHODFLHQFLD

'XUDQWHWRGRHVHWLHPSRVLQHPEDUJR-XQLSHUVHDIHUURDHO0HQHFHVLWDGHFtDFRQORVRMRVHPSDQDGRV

SRU ODV ODJULPDV 6DFULILFiQGROR WRGR VH FDVR FRQ HO XQD YH] TXH DPERV VH JUDGXDURQ < FRQWLQXR

PDQWHQLpQGRVHXQLGDDHOLQFOXVRPLHQWUDVFDtDDOPDVSURIXQGRGHORVDELVPRVDOVHUHVWLJPDWL]DGRFRQ

XQGRFWRUDGRHQ)tVLFD(O\-XQLSHUYLYHQDKRUDHQXQSHTXHxRDSDUWDPHQWRVLWXDGRHQDOJXQDSDUWHGHO

ODGRRHVWH(OHQVHxDItVLFD\HOODUHDOL]DLQYHVWLJDFLRQHVVREUH&RVPRJRQLDVHJ~QWHQJRHQWHQGLGR(O

JDQDGyODUHVDODQR\HQWUHTXLHQHVOHFRQRFLHURQFXDQGRHUDXQGHSRUWLVWDUHVSHWDEOHVHGLFH

HQKRUURUL]DGRVVXVXUURVTXHHVXQSRVLEOHFDQGLGDWRDOSUHPLR1REHO

-XQLSHUQXQFDVHTXHMD\VHPDQWLHQHILHODVXtGRORFDtGR1LFRQSDODEUDVQLFRQKHFKRVH[SUHVDMDPDV

QLQJ~QVHQWLPLHQWRGHSHUGLGDSHURQRSXHGHHQJDxDUDVXYLHMRSDGULQR6HPX\ELHQTXHDYHFHV

SLHQVDPHODQFyOLFDPHQWHHQODPDQVLyQFXELHUWDGHHQUHGDGHUDVTXHQXQFDWHQGUi\HQODVRQGXODQWHV

FROLQDV\GLVWDQWHVKRUL]RQWHVGHODSHTXHxDILQFDGHVXVVXHxRV

 (VDHVODKLVWRULD GLMR*HRUJHPLHQWUDVUHFRJtDHOFDPELRTXHKDEtDWUDtGRHOFDPDUHUR\DQRWDEDHO

WRWDOGHOUHFLERGHODWDUMHWDGHFUpGLWRVXSRQJRTXHSDUDSRGHUGHGXFLUORGHVXVLPSXHVWRV <RHQVX

3iJLQD

background image

,6$$&$6,029$=$=(/

WRWDOGHOUHFLERGHODWDUMHWDGHFUpGLWRVXSRQJRTXHSDUDSRGHUGHGXFLUORGHVXVLPSXHVWRV<RHQVX

OXJDU DxDGLyGHMDUtDXQDJHQHURVDSURSLQD

$VtORKLFHXQWDQWRDWXUGLGRPLHQWUDV*HRUJHVRQUHtD\VHDOHMDED(QUHDOLGDGQRPHLPSRUWDEDTXH

*HRUJHVHKXELHUDTXHGDGRFRQHOFDPELR6HPHRFXUULyTXHHO~QLFDPHQWHWHQLDXQDFRPLGDPLHQWUDV

TXH\RGLVSRQtDGHXQDKLVWRULDTXHSRGtDFRQWDUFRPRSURSLD\TXHPHUHSRUWDUtDXQDFDQWLGDGGHGLQHUR

HTXLYDOHQWHDPXFKDVYHFHVHOFRVWHGHODFRPLGD

'HKHFKRGHFLGtFRQWLQXDUDOPRU]DQGRFRQHOGHYH]HQFXDQGR

&HGLGRDPDEOHPHQWHSRU%L]LHQ

3iJLQD