O Macaco e a essencia Aldous Huxley

background image

‹Š

%

5

20DFDFR

H

$(VVrQFLD

$OGRXV/HRQDUG+X[OH\

7UDGXoDRHSRVIiFLRGH-RmR*XLOKHUPH/LQNH

6REUHR$XWRU

5RPDQFLVWDFRQWLVWDHHQVDtVWDDOGRXV/HRQDU+X[OH\QDVFHXHPGHMXOKR

GHQRFRQGDGRGH6XUUH\,QJODWHUUDHPRUUHXHP/RV$QJHOHV(8$

HP GH QRYHPEUR GH ,UPmR GH VLU -XOLDQ +X[OH\ H QHWR GH 7KRPDV

+HQU\+X[OH\HPLQHQWHVELyORJRVHVWXGRXHP2[IRUGGHRQGHVDLXSDUDGDU

DXODV GH OLWHUDWXUD LQJOHVD &XOWR H UHILQDGR +X[OH\ WHYH JUDQGH DFHLWDomR

FRPRURPDQFLVWDQDVGpFDGDVGHH3XEOLFRXFROHWkQHDVGHSRHPDVH

XP OLYUR GH FRQWRV DQWHV GH GDU LQtFLR D VpULH GH REUDV TXH R WRUQDUDP

IDPRVR'HQWUHHODVGHVWDFDPVHRVURPDQFHV$LOKD&RQWUDSRQWR$GPLUiYHO

0XQGR1RYR6HP2OKRVHP*D]DHRVHQVDLRV3RUWDVGD3HUFHSomR&pXH

,QIHUQRH20DFDFRHD(VVrQFLDWRGRVSXEOLFDGRVQR%UDVLO

6REUHDGLJLWDOL]DomRGHVWDREUD

6H RV OLYURV WLYHVVHP SUHoRV DFHVVtYHLV WRGRV SRGHULDP FRPSUiORV $

GLJLWDOL]DomR GHVWD REUD p XP SURWHVWR FRQWUD D H[FOXVmR FXOWXUDO H SRU

FRQVHTrQFLD VRFLDO FDXVDGD SHORV SUHoRV DEXVLYRV GRV OLYURV HGLWDGRV H

SXEOLFDGRVQR%UDVLO$VVLPpWRWDOPHQWHFRQGHQiYHODYHQGDGHVWHHOLYUR

HPTXDOTXHUFLUFXQVWkQFLD'LVWULEXDROLYUHPHQWH

(P+RPHQDJHPD:LQVWRQ6PLWK

background image

7$//,6

(UDRGLDGRDVVDVVLQDWRGH*DQGKLPDVQR&DOYiULRRV

H[FXUVLRQLVWDV HVWDYDP PDLV LQWHUHVVDGRV QR FRQWH~GR GH VXDV

FHVWDV GH SLTXHQLTXH GR TXH QR SRVVtYHO DOFDQFH GR

DFRQWHFLPHQWR DILQDO EDVWDQWH FRUULTXHLURTXH OKHV VXFHGHUD

SUHVHQFLDU1mRLPSRUWDRTXHGLJDPRVDVWU{QRPRV 3WRORPHX

HVWDYDSHUIHLWDPHQWHFHUWRRFHQWURGR8QLYHUVRpDTXLQmROi

*DQGKL SRGLDHVWDU PRUWR PDV VHQWDGR j HVFULYDQLQKD HP VHX

HVFULWyULR RX j PHVD GR DOPRoR QR UHIHLWyULR GR HVW~GLR%RE

%ULJJVRFXSDYDVHHPIDODUXQLFDPHQWHGHOHPHVPR

² 9RFr WHP PH DMXGDGR WDQWR ² DVVHJXURXPH%RE

SUHSDUDQGRVH SDUD FRQWDU QmR VHP XP FHUWRGHOHLWH R PDLV

UHFHQWHHSLVyGLRGDKLVWyULDGDVXDYLGD

0DVQRIXQGRFRPRHXVDELDPXLWREHPHFRPRRSUySULR%RE

VDELD DLQGD PHOKRU GR TXH HX HOH QmRTXHULD UHDOPHQWH DMXGD

*RVWDYDGHVHYHUPHWLGRQXPDHQFUHQFDHJRVWDYDDLQGDPDLVGH

GLVFRUUHU VREUHRV VHXV DSXURV $ HQFUHQFD H D UHVSHFWLYD

GUDPDWL]DomR YHUEDO WRUQDYDPOKH SRVVtYHO YHUVH D VL

PHVPRFRPR WRGRV RV SRHWDV URPkQWLFRV UHXQLGRV HP XP

%HGGRHV VH PDWDQGR %\URQ IRUQLFDQGR .HDWV PRUUHQGR SRU

)DQQ\%UDZQH+DUULHWPRUUHQGRSRU6KHOOH\

( YHQGRVH FRPR D VtQWHVH GRV SRHWDV URPkQWLFRV HOHSRGLD

HVTXHFHUSRUXPSRXFRDVGXDVIRQWHVSULPiULDVGHVHXVSUySULRV

PDOHV ² R IDWR GH TXH QmR WLQKDQHQKXP GRV WDOHQWRV GHOHV H

PXLWRSRXFRGDVXDSRWrQFLDVH[XDO

²&KHJDPRVDRSRQWR²GLVVHWmRWUDJLFDPHQWHTXH PH

RFRUUHX TXH VH WHULD VDtGR PHOKRU FRPR DWRU GRTXH FRPR

HVFULWRUGHILOPHV²FKHJDPRVDRSRQWR(ODLQHHHXHPTXHQRV

VHQWLPRVFRPRFRPR0DUWLQKR/XWHUR

²0DUWLQKR/XWHUR"²UHSHWLFRPDOJXPHVSDQWR

background image

² 9RFr VDEH ,FK NDQQ QLFKW DQGHUV

1yV QmRSRGtDPRV

VLPSOHVPHQWH QmR SRGtDPRV ID]HU RXWUD FRLVD VHQmR

SDUWLUMXQWRVSDUD$FDSXOFR

(PDOHPmRQRRULJLQDO1mRSRVVRDJLUGHRXWUDPDQHLUD1GR7

( *DQGKL UHIOHWL VLPSOHVPHQWH QmR SRGLD ID]HURXWUD

FRLVDVHQmRUHVLVWLUjRSUHVVmRSHODQmRYLROrQFLDLUSDUDDSULVmR

HSRUILPOHYDUXPWLUR

² ( SURQWR ² FRQWLQXRX HOH ² 3HJDPRV XPDYLmR H

YRDPRVSDUD$FDSXOFR

²)LQDOPHQWH

²&RPRDVVLP´ILQDOPHQWHµ"

²%HPYRFrDQGRXSHQVDQGRQLVVRXPERFDGRGHWHPSR

QmR"

%RE SDUHFHX DERUUHFLGR 0DV HX PH OHPEUDYD GHWRGDV DV

RFDVL}HVDQWHULRUHVHPTXHHOHPHKDYLDIDODGRVREUHRSUREOHPD

'HYLDRXQmRID]HUGH(ODLQHVXDDPDQWH"(VWDHUDDVXDPDQHLUD

VXUSUHHQGHQWHPHQWHDQWLTXDGD GH H[SUHVViOR 'HYLD RX QmR

SHGLUD0tULDPRGLYyUFLR"

3HGLUGLYyUFLRDXPDPXOKHUTXHQXPVHQWLGREHPUHDO

HUDDLQGDRTXHVHPSUHWLQKDVLGR²RVHX~QLFRDPRUPDVQXP

RXWURVHQWLGRPXLWRUHDO(ODLQHWDPEpPHUDRVHX~QLFRDPRU²H

RVHULDDLQGDPDLVVHHOHDILQDOVHGHFLGLVVHHHUDSRULVVRTXHQmR

VHGHFLGLUDD´ID]rODVXDDPDQWHµ6HURXQmRVHU²RVROLOyTXLR

WLQKDVHSURORQJDGRSRUTXDVHGRLVDQRVLQWHLURVHVHGHSHQGHVVH

GHOH FRQWLQXDULD SRU GH] DQRV PDLV (OH SUHIHULD TXH DV VXDV

WUDSDOKDGDVIRVVHPFU{QLFDVHVREUHWXGRYHUEDLVQmRDJXGDVQmR

FDUQDLV D SRQWR GH VXEPHWHUHP D VXD LQFHUWD YLULOLGDGH D PDLV

RXWUDKXPLOKDQWHSURYD0DVVREDLQIOXrQFLDGDHORTXrQFLDGHOH

GDTXHOD IDFKDGD EDUURFD GH XP EHOR SHUILO H GH XPD FDEHOHLUD

SUHPDWXUDPHQWHSUDWHDGD(ODLQHHYLGHQWHPHQWHWLQKDVHFDQVDGR

GHXPDWUDSDOKDGDPHUDPHQWHFU{QLFDHSODW{QLFD%REYLXVHHP

IDFHGHXPXOWLPDWRRX$FDSXOFRRXXPURPSLPHQWRVXPiULR

background image

(LOR SRLV FRPSHOLGR H FRQGHQDGR DR DGXOWpULR QmR PHQRV

LUUHYRJDYHOPHQWH GR TXH *DQGKL j QmRYLROrQFLD j SULVmR H DR

DVVDVVLQDWR PDV p OtFLWR VXVSHLWDU FRP PDLV H PDLRUHV

DSUHHQV}HV $SUHHQV}HV TXH R GHVHQURODU GRV DFRQWHFLPHQWRV

WLQKDMXVWLILFDGRSOHQDPHQWH3RLVHPERUDRSREUH%REQmRPH

WLYHVVH FRQWDGR R TXH VH SDVVDUD HP $FDSXOFR R IDWR GH TXH

(ODLQH YLQKD DJRUD VHJXQGR VXDV SDODYUDV ´DJLQGR GH PRGR

HVWUDQKRµ H IRUD YLVWD YiULDV YH]HV HP FRPSDQKLD GDTXHOH

LQTXDOLILFiYHO EDUmR PROGiYLR FXMR QRPH SRU VRUWH HVTXHFL

SDUHFLD GL]HU WRGD D JURWHVFD H SDWpWLFD KLVWyULD ( QHVVH PHLR

WHPSR 0tULDP QmR DSHQDV OKH UHFXVDUD R GLYyUFLR FRPR VH

DSURYHLWDUDGDDXVrQFLDGH%REHGDSRVVHGHVXDSURFXUDomRSDUD

WUDQVIHULU GR QRPH GHOH SDUD R GHOD R WtWXOR GH SURSULHGDGH GD

FDVD GH FDPSR RV GRLV DXWRPyYHLV RV TXDWUR SUpGLRV GH

DSDUWDPHQWRV RV ORWHV GH HVTXLQD HP 3DOP 6SULQJV H WRGDV DV

DSyOLFHV3DUDFRPSOHWDUHOHGHYLDDRJRYHUQRPLOGyODUHVGH

LPSRVWR GHUHQGD DWUDVDGR ( TXDQGR SHUJXQWDUD DR VHX

SURGXWRUSRU DTXHOH DXPHQWR GH GyODUHV VHPDQDLV TXH

OKHKDYLDVLGRSUDWLFDPHQWHSURPHWLGRKRXYHUDDSHQDVXPORQJR

HFDUUHJDGRVLOrQFLR

²(HQWmR/RX"

0HGLQGR DV SDODYUDV FRP rQIDVH VROHQH /RX /XEOLQ GHX D

UHVSRVWD

² %RE ² GLVVH HOH ² QHVWH HVW~GLR D HVWD DOWXUD GRV

DFRQWHFLPHQWRV QHP R SUySULR -HVXV &ULVWRDUUDQMDULD XP

DXPHQWR

2 WRP IRUD DPLJiYHO PDV TXDQGR %RE WHQWDUDLQVLVWLU

/RX HVPXUUDUD D PHVD H GLVVHUDOKH TXH HOHHVWDYD VHQGR DQWL

DPHULFDQR,VWRHQFHUURXRFDVR

%RE FRQWLQXDYD D IDODU 0DV TXH PRWLYR SHQVDYDHX SDUD XPD

JUDQGHSLQWXUDUHOLJLRVD&ULVWRGLDQWHGH/XEOLQVXSOLFDQGR XP

PtVHUR DXPHQWR GH SUDWDV SRU VHPDQD H YHQGR VXDV

SUHWHQV}HV VXPDULDPHQWH UHFKDoDGDV 7HULD VLGR XP GRV WHPDV

IDYRULWRVGH5HPEUDQGWGHVHQKDGRJUDYDGRSLQWDGRXPDG~]LD

GH YH]HV -HVXV UHWLUDQGRVH WULVWHPHQWH SDUDDV VRPEUDV GR

background image

LPSRVWR GH UHQGD YHQFLGR HQTXDQWR QRIRFR GH OX] GRXUDGD

FRUXVFDQWH GH JHPDV H UHIOH[RVPHWiOLFRV /RX QXP HQRUPH

WXUEDQWHJR]DULDDLQGDQXPDULVDGLQKDWULXQIDQWHRTXHIL]HUDDR

&RUGHLURGH'HXV

(GHSRLVKDYHULDDYHUVmRGH%UHXJKHOSDUDRWHPD8PD

JUDQGLRVDYLVmRVLQySWLFDGHWRGRRHVW~GLRXPPXVLFDOGHWUrV

PLOK}HVGHGyODUHVHPSOHQDSURGXomRFRPFDGDGHWDOKHWpFQLFR

ILHOPHQWH UHSURGX]LGR GXDV RX WUrV PLO ILJXUDV WRGDV

SHUIHLWDPHQWH FDUDFWHUL]DGDV H QR FDQWR LQIHULRU GLUHLWR XPD

ORQJDSHVTXLVD UHYHODULD SRU ILP XP /XEOLQ QmR PDLRU TXH XP

JDIDQKRWRDFREULUGHLQYHFWLYDVXP-HVXVDLQGDPDLVGLPLQXWR

²0DVHXWHQKRXPDLGpLDHVWXSHQGDSDUDXPRULJLQDO²

HVWDYD GL]HQGR %RE FRP R HQWXVLDVPRRWLPLVWD TXH p SDUD R

KRPHPGHVHVSHUDGRDDOWHUQDWLYDGRVXLFtGLR²0HXDJHQWHILFRX

PDOXFR FRPHOD $FKD TXH HX SRVVR YHQGrOD SRU FLQTHQWD RX

VHVVHQWDPLO

&RPHoRXDFRQWDUDKLVWyULD

$LQGDSHQVDQGRHP&ULVWRGLDQWHGH/XEOLQYLVXDOL]HLD

FHQDFRPR3LHURDWHULDSLQWDGR²DFRPSRVLomROXPLQRVDPHQWH

H[SOtFLWD XPD HTXDomR GH YD]LRVH VyOLGRV HP HTXLOtEULR GH

PDWL]HV KDUP{QLFRV H FRQWUDVWDQWHV DV ILJXUDV HP UHSRXVR

DGDPDQWLQR /RX HVHXV DVVLVWHQWHV GH SURGXomR XVDULDP WRGDV

DTXHODVFRLIDVIDUD{QLFDVDTXHOHVIRUPLGiYHLVFRQHVLQYHUWLGRVGH

IHOWUR EUDQFR RX FRORULGR TXH QR PXQGR GH 3LHURVHUYHP DR

GXSORREMHWLYRGHGHVWDFDUDQDWXUH]DVyOLGRJHRPpWULFDGRFRUSR

KXPDQRHRH[RWLVPRGRVRULHQWDLV$SDUGHVXDPDFLH]VHGRVD

DVGREUDVGHFDGDYHVWLPHQWDWHULDPDLQHYLWDELOLGDGHHDIL[LGH]

GH VLORJLVPRV HQWDOKDGRV HP SyUILUR H LPSUHJQDQGR WRGR

RFRQMXQWR VHQWLUVHLD D SUHVHQoD GR 'HXV GH

3ODWmRPDWHPDWL]DQGRSDUDVHPSUHRFDRVQDRUGHPHQDEHOH]D

GDDUWH

0DV GR 3DUWHQRQ H GR 7LPHX XPD OyJLFD HVSHFLRVD

FRQGX] j WLUDQLD TXH QD 5HS~EOLFD p DSRQWDGDFRPR D IRUPD

LGHDO GH JRYHUQR 1R FDPSR GD SROtWLFDR HTXLYDOHQWH GH XP

WHRUHPD p XP H[pUFLWR SHUIHLWDPHQWH GLVFLSOLQDGR R GH XP

background image

VRQHWRRXGHXPTXDGURXPHVWDGRSROLFLDOVREXPDGLWDGXUD2

PDU[LVWDFKDPD D VL PHVPR FLHQWtILFR H D HVWD SUHVXQomR R

IDVFLVWDDFUHVFHQWDRXWUDHOHpRSRHWD²RSRHWDFLHQWtILFR²GH

XPDQRYDPLWRORJLD$PERVVmRMXVWLILFDGRVHPVXDVSUHWHQV}HV

SRLVXPHRXWURDSOLFDPDVLWXDo}HVKXPDQDVRVSURFHVVRVTXH

GHUDP UHVXOWDGRQR ODERUDWyULR H QD WRUUH GH PDUILP (OHV

VLPSOLILFDPDEVWUDHP HOLPLQDP WXGR R TXH SDUD RV VHXV

SURSyVLWRV p LUUHOHYDQWH H LJQRUDP R TXH TXHU TXH OKHVSDUHoD

PDLV FRQYHQLHQWH FRQVLGHUDU FRPR QmR HVVHQFLDO HOHV LPS}HP

XPHVWLORREULJDPRVIDWRVDYHULILFDUDKLSyWHVHIDYRULWDDWLUDPj

FHVWD GH SDSpLV WXGRR TXH QR VHX HQWHQGLPHQWR FDUHoD GH

SHUIHLomR (SRU DVVLP DJLUHP FRPR ERQV DUWLVWDV SHQVDGRUHV

tQWHJURV H H[SHULPHQWDGRUHV FRPSHWHQWHV DV SULV}HV

HVWmRUHSOHWDVKHUHJHVSROtWLFRVPRUUHPQRWUDEDOKRHVFUDYRRV

GLUHLWRV H SUHIHUrQFLDV GH PHURV LQGLYtGXRV VmR LJQRUDGRV RV

*DQGKLV VmR WUXFLGDGRV H GH PDQKm j QRLWHXP PLOKmR GH

PHVWUHVHVFRODVHORFXWRUHVSURFODPDPDLQIDOLELOLGDGHGRVFKHIHV

TXHSRUDFDVRGHWrPPRPHQWDQHDPHQWHRSRGHU

²(DILQDOGHFRQWDV²HVWDYDGL]HQGR%RE²QmRKiUD]mR

SRUTXHXPILOPHQmRGHYDVHUXPDREUDGHDUWHeHVVHPDOGLWR

FRPHUFLDOLVPR

)DODYD FRP WRGD D YLUWXRVD LQGLJQDomR GR DUWLVWD

PDOGRWDGR GHQXQFLDQGR R ERGH H[SLDWyULR TXHHVFROKHX SDUD

FXOSDU SHODV FRQVHTrQFLDV ODPHQWiYHLVGD VXD SUySULD IDOWD GH

WDOHQWR

² 9RFr DFKD TXH *DQGKL VH LQWHUHVVDYD SHODDUWH" ²

SHUJXQWHL

²*DQGKL"1mRFODURTXHQmR

²&UHLRTXHWHPUD]mR²FRQFRUGHL²1HPSHODDUWHQHP

SHODFLrQFLD(IRLSRULVVRTXHQyVRPDWDPRV

²1yV"

²6LPQyV2VLQWHOLJHQWHVRVDWLYRVRVSUHYLGHQWHVRV

GHYRWRV GD 2UGHP H GD 3HUIHLomR HQTXDQWR *DQGKL HUD XP

UHDFLRQiULR TXH DFUHGLWDYD DSHQDVQRV KRPHQV 6XMHLWLQKRV

HVTXiOLGRV JRYHUQDQGRVH SRUVL HP FDGD DOGHLD H DGRUDQGR

background image

%UDKPDTXHpWDPEpP$WPDQ(UDLQWROHUiYHO1mRpGHDGPLUDU

TXHWHQKDPRVGDGRFDERGHOH

0DVPHVPRHQTXDQWRIDODYDHXUHIOHWLDTXHHVVDQmRHUDWRGDD

KLVWyULD $ KLVWyULD FRPSOHWD LQFOXtDXPD LQFRQVLVWrQFLD TXDVH

XPD WUDLomR (VVH KRPHPTXH DFUHGLWDYD DSHQDV QRV KRPHQV

GHL[DUDVH HQYROYHUQD ORXFXUD FROHWLYD VXEXPDQD GR

QDFLRQDOLVPRQDVLQVWLWXLo}HVSUHWHQVDPHQWHVREUHKXPDQDVPDV

HP UHDOLGDGH GLDEyOLFDV GD 1DomR(VWDGR 'HL[DUDVH HQYROYHU

QHVVDV FRLVDV LPDJLQDQGR TXH SRGHULD PLWLJDU DORXFXUD H

FRQYHUWHU R TXH KDYLD GH VDWkQLFR QR (VWDGRHP DOJR KXPDQR

0DVRQDFLRQDOLVPRHDSROtWLFDGRSRGHUIRUDPGHPDLVSDUDHOH

1mR p QR FHQWUR QmR pGH GHQWUR GD RUJDQL]DomR TXH R VDQWR

SRGH FXUDU DQRVVD LQVkQLD UHJLPHQWDGD p VRPHQWH GH IRUD QD

SHULIHULD6HHOHSUySULRVHWRUQDXPDSDUWHGDPiTXLQDQDTXDOD

ORXFXUDFROHWLYDHVWiHQFDUQDGDGHGXDVFRLVDVXPDIRUoRVDPHQWH

VXFHGHUi RX HOH SHUPDQHFH ILHO DVL PHVPR FDVR HP TXH D

PiTXLQDVHXWLOL]DUiGHOHHQTXDQWRSXGHUHTXDQGRHOHVHWRUQDU

LQ~WLORUHMHLWDUiRXGHVWUXLUiRXVHUiWUDQVIRUPDGRjVHPHOKDQoD

GRPHFDQLVPR FRP H FRQWUD R TXDO WUDEDOKD H QHVWH

FDVRYHUHPRV 6DQWDV ,QTXLVLo}HV H DOLDQoDV FRP TXDOTXHUWLUDQR

GLVSRVWRDJDUDQWLUSULYLOpJLRVHFOHVLiVWLFRV

²(SRUIDODUQRUHYROWDQWHFRPHUFLDOLVPRGHVVDJHQWH²

%REGLVVHSRUILP²GHL[HPHGDUOKHXPH[HPSOR

0DVHXUHIOHWLDTXHRVRQKRGD2UGHPSURGX]WLUDQLDR

VRQKR GD %HOH]D PRQVWURV H YLROrQFLD $WHQDD SDGURHLUD GDV

DUWHV p WDPEpP D GHXVD GD JXHUUD FLHQWtILFD R FRPDQGDQWH

FHOHVWHGHFDGD(VWDGR0DLRU1yVRPDWDPRVSRUTXHGHSRLVGH

WHUMRJDGRHIrPHUDHIDWDOPHQWHRMRJRSROtWLFRHOHVHUHFXVRXD

FRQWLQXDUVRQKDQGR R QRVVR VRQKR GH XPD 2UGHP QDFLRQDO

GHXPD%HOH]D VRFLDO HHFRQ{PLFD SRUTXH WHQWRX WUD]HUQRV GH

YROWDDRVIDWRVFRQFUHWRVHFyVPLFRVGHKRPHQVGHFDUQHHRVVRH

j/X]LQWHULRU

$VPDQFKHWHVTXHHXYLUDHVVDPDQKmHUDPSDUiERODVR

DFRQWHFLPHQWRTXHHODVUHJLVWUDYDPXPDDOHJRULDHXPDSURIHFLD

1HVVH DWR VLPEyOLFR QyV TXHWDQWR DQVLDPRV SHOD SD]

background image

UHMHLWiUDPRV D ~QLFD PDQHLUDSRVVtYHO GH WrOD H SURFODPiUDPRV

XPD DGYHUWrQFLD DTXDQWRV QR IXWXUR SXGHVVHP DGYRJDU

TXDLVTXHUUXPRVTXHQmRDTXHOHVTXHFRQGX]HPLQHYLWDYHOPHQWH

jJXHUUD

²%HPVHYRFrDFDERXRVHXFDIp²GLVVH%RE²YDPRV

LQGR

/HYDQWDPRQRV H VDtPRV SDUD R VRO %RE WRPRXPH R

EUDoRHRDSHUWRX

²9RFrPHWHPVLGRGHXPDDMXGDHQRUPH²DVVHJXURX

PHRXWUDYH]

²'HVHMDULDSRGHUDFUHGLWiOR%RE

²0DVpYHUGDGHpYHUGDGH

(WDOYH]IRVVHYHUGDGHQRVHQWLGRGHTXHUHPH[HUDVXD

HQFUHQFDDQWH XP S~EOLFR VLPSDWL]DQWH ID]LDRVHQWLUVH PHOKRU

PDLVFRPRRVSRHWDVURPkQWLFRV

&RQWLQXDPRV D DQGDU SRU DOJXP WHPSR HP VLOrQFLR

SDVVDQGR SHODV VDODV GH SURMHomR H SRU HQWUH RVEDQJDO{V

FKXUULJXHUHVFRV GRV SURGXWRUHV 3RU FLPD GDHQWUDGD GR PDLRU

GHOHV XPD JUDQGH SODFD GH EURQ]HRVWHQWDYD D LQVFULomR /28

/8%/,1352'8&7,216

²(TXDQWRDRDXPHQWRGHVDOiULR"²SHUJXQWHL

²9DPRVHQWUDUHID]HUPDLVXPDWHQWDWLYD"

%RE GHX XPD ULVDGLQKD PRUWLILFDGD H VHJXLXVHQRYR

VLOrQFLR4XDQGRSRUILPIDORXIRLQXPWRPSHQVDWLYR

²8PDSHQDHVVDKLVWyULDFRPRYHOKR*DQGKL²GLVVH²

6XSRQKRTXHRVHXJUDQGHVHJUHGRHUDQmRTXHUHU QDGD SDUD VL

PHVPR

²6LPVXSRQKRTXHHUDXPGRVVHXVVHJUHGRV

²6DEH'HXVTXHHXGHVHMDULDQmRTXHUHUWDQWRDVFRLVDV

²2PHVPRGLJRHX²IHUYRURVDPHQWHFRQFRUGHL

²(TXDQGRDILQDODJHQWHFRQVHJXHRTXHTXHUQXQFDp

FRPRVHLPDJLQDYDTXHIRVVH

%RE VXVSLURX H FDORXVH GH QRYR 3HQVDYD VHPG~YLGD

HP$FDSXOFRQDKRUUtYHOQHFHVVLGDGHGHSDVVDUGRFU{QLFRSDUDR

background image

DJXGR GR YDJDPHQWH YHUEDO SDUDR GHILQLGD H FRQFUHWDPHQWH

FDUQDO

'HL[DPRV D UXD GRV EDQJDO{V FUX]DPRV XPD iUHDGH

HVWDFLRQDPHQWR H SHQHWUDPRV QXP FDQ\RQ HQWUH JLJDQWHVFRV

HVW~GLRVGHVRP8PWUDWRUSDVVRXUHERFDQGRXPDFDUUHWDFRPD

PHWDGH LQIHULRU GD SRUWD RFLGHQWDO GH XPD FDWHGUDO LWDOLDQD GR

VpFXOR;,,,

²$TXLORpSDUD&DWDULQDGH6LHQD

²2TXHYHPDVHULVVR"

²2QRYRILOPHGH+HGGD%RGG\(XWUDEDOKHLQRURWHLUR

GRLVDQRVDWUiV'HSRLVGHUDPQRDR6WUHLFKHU

( PDLV WDUGH HOH IRL UHVFULWR SHOD HTXLSH 2·7RROH

0HQpQGH]%RJXVODYVNLeXPDGURJD

2XWURUHERTXHSDVVRXURQFDQGRFRPDPHWDGHVXSHULRU

GDSRUWDGDFDWHGUDOHXPS~OSLWRGH1LFFROy3LVDQR

²3HQVDQGREHP²GLVVHHX²HODVHSDUHFHEDVWDQWHFRP

*DQGKLHPFHUWRVSRQWRV

²4XHP+HGGD"

²1mR&DWDULQD

²$K3HQVHLTXHYRFrVHHVWLYHVVHUHIHULQGRjWDQJD

²(VWDYDPHUHIHULQGRDRVVDQWRVQDSROtWLFD²H[SOLTXHL²

(OD QmR FKHJRX D VHU OLQFKDGD p FODURPDV VRPHQWH SRUTXH

PRUUHX PXLWR MRYHP $V FRQVHTrQFLDV GD VXD SROtWLFD QmR

WLYHUDP WHPSR GH PDQLIHVWDUVH 9RFrV QmR WUDWDP GLVVR QR

URWHLUR"

%REVDFXGLXDFDEHoD

²0XLWRGHSULPHQWH ² GLVVH ² 2 S~EOLFR TXHUTXH VHXV

DVWURV VHMDP EHPVXFHGLGRV $GHUQDLV FRPRVH SRGH IDODU GD

SROtWLFD GD ,JUHMD" 6HULD FRP FHUWH]DDQWLFDWyOLFR H EHP

SRVVLYHOPHQWH DQWLDPHULFDQR 1mRQyV QmR QRV DUULVFDPRV

FRQFHQWUDPRQRVQRUDSD]DTXHPHODGLWDYDVXDVFDUWDV(OHHVWi

SHUGLGDPHQWHDSDL[RQDGR PDV p WXGR VXEOLPDGR H HVSLULWXDO H

GHSRLVTXHHODPRUUHHOHHQWUDSDUDXPHUHPLWpULRHUH]DGLDQWH

GR UHWUDWR GHOD ( Ki WDPEpP R RXWUR UDSD]TXH D FRUWHMRX GH

background image

IDWR +i PHQom R GLVVR QDV FDUWDVGHOD 1yV R H[SORUDPRV DR

Pi[LPR(OHVSRGHPHVSHUDUDLQGDFRQWUDWDUR+XPSKUH\

8PDIRUWHEX]LQDGDIH]QRVVDOWDU

²&XLGDGR

%REDJDUURXPHREUDoRHSX[RXPHSDUDWUiV'RSiWLR

DR IXQGR GR DOPR[DULIDGR XP FDPLQKmR GH GXDVWRQHODGDV

GHVHPERFRXQDUXD

² 3RU TXH QmR ROKDP RQGH DQGDP" ² YRFLIHURX R

PRWRULVWD

²,GLRWD²%REEHUURXHPUHVSRVWDGHSRLVYROWDQGRVH

SDUDPLP²9RFrYLXRTXHHOHFDUUHJD"

5RWHLURV²%DODQoRXDFDEHoD²3DUDRLQFLQHUDGRU

4XH DOLiV p R OXJDU GHOHV 8P PLOKmR GH GyODUHV

GHOLWHUDWXUD

5LXFRPDPDUJXUDPHORGUDPiWLFD

9LQWH PHWURV DGLDQWH R FDPLQKmR YLURX EUXVFDPHQWH j

GLUHLWD6XDYHORFLGDGHGHYHWHUVLGRH[FHVVLYDDUUDQFDGRVGRDOWR

GDSLOKDSHODIRUoDFHQWUtIXJDPHLDG~]LDGHURWHLURVHVSDOKDUDP

VHSHODUXD&RPRSULVLRQHLURVGD,QTXLVLomRSHQVHLHVFDSDQGR

PLODJURVDPHQWHDFDPLQKRGDIRJXHLUD

²2VXMHLWRQmRVDEHJXLDU²%REHVWDYDUHVPXQJDQGR²

4XDOTXHUGLDGHVVHVYDLPDWDUDOJXpP

²(QWUHWDQWRYHMDPRVRTXHVHVDOYRX

$SDQKHLRPDLVSUy[LPRGRVPDQXVFULWRV

²$VORXUDVPHUHFHPRVORXURVDGDSWDomRSRU$OEHUWLQH

.UHEV

%REOHPEUDYDVHGHOH8PDSRUFDULD

²%HPTXHWDO$PDQGD"²9LUHLDOJXPDVSiJLQDV²'HYH

WHUVLGRXPPXVLFDO$TXLWHPRVDOJXPDSRHVLD

0DULDTXHUPDULGR

0DV$PDQGDTXHUDPDU

%REQmRPHGHL[RXSURVVHJXLU

background image

² &KHJD FKHJD ,VVR UHQGHX TXDWUR PLOK}HV HPHLR

GXUDQWHD%DWDOKDGDV$UGHQDV

'HL[HL FDLU $PDQGD H DSDQKHL RXWUR GRV

YROXPHVHVSDUUDPDGRV1RWHLTXHHVWHHUDHQFDGHUQDGRHPYHUGH

HQmRQRFDUPHVLPSDGURQL]DGRGRHVW~GLR

²2PDFDFRHDHVVrQFLD²OLHPYR]DOWDRWtWXORPDQXVFULWRQD

FDSD

²2PDFDFRHDHVVrQFLD"²UHSHWLX%REDOJRVXUSUHVR

3DVVHLDRIURQWLVStFLR

² ´8P URWHLUR RULJLQDO GH :LOOLDP 7DOOLV &RWWRQZRRG

5DQFK0XUFLD&DOLIyUQLDµ(DTXLKiXPDQRWDDOiSLV´$YLVRGH

UHMHLomR HP 6HP HQYHORSHUHVSRVWD 3DUD R

LQFLQHUDGRUµ'XDVYH]HVVXEOLQKDGD

²(OHVUHFHEHPPLOKDUHVGHVVDVFRLVDV²H[SOLFRX%RE

$EULDHVPRRPDQXVFULWR

²0DLVSRHVLD

²&ULVWR²H[FODPRX%REHPWRPGHGHVJRVWR

² ´eFODURpyEYLRµ²FRPHFHLDOHU

´(FODURpyEYLR

4XHPHQLQRGHHVFRODRGHVFRQKHFH"

2VPDFDFRVHVFROKHPRVILQVVyRVPHLRVVmR

GRKRPHP

3UR[HQHWDGH3DSLRODFDLDGHEDEXtQRV$5D]mRYHP

SUHVVXURVDQDkQVLDGHUDWLILFDU9HPVHUYLOFHPD

)LORVRILDODPEHURVSpVDRVWLUDQRV9HPDOFRYLWHLUDGD

3U~VVLDFRPD+LVWyULDKHJHOLDQD9HPFRPD0HGLFLQD

PLQLVWUDURDIURGLVtDFRGR5HL0DFDFR

9HPFRPULPDVH5HWyULFDHVFUHYHUVXDVDUHQJDV9HP

FRPR&iOFXORDSRQWDUVHXVIRJXHWHV&RPSUHFLVmRVREUH

RRUIDQDWRQRDOpPPDU9HPWHQGRDSRQWDGRFRP

LQFHQVR5RJDUGHYRWDPHQWHj9LUJHPSRUXP

LPSDFWRGLUHWRµ

background image

+RXYH

XP

VLOrQFLR

(QWUHROKDPRQRV

LQWHUURJDWLYDPHQWH

²4XHSHQVDGLVWR"²SHUJXQWRX%RESRUILP

'HLGHRPEURV(XUHDOPHQWHQmRVDELDRTXHSHQVDL

² 'H TXDOTXHU PRGR QmR MRJXH IRUD ² DMXQWRXHOH ²

4XHURYHUTXHWDOpRUHVWR

&RQWLQXDPRVDDQGDUYLUDPRVXPD~OWLPDHVTXLQDHXP

FRQYHQWR IUDQFLVFDQR HQWUH SDOPHLUDV Oi HVWDYD R HGLItFLR GRV

HVFULWRUHV

² 7DOOLV ² %RE IDODYD FRPR VH FRQVLJR PHVPR DR

HQWUDUPRV²:LOOLDP7DOOLV²%DODQoRXDFDEHoD²1XQFDRXYL

IDODUQHOH(TXHOXJDUpHVVH0XUFLD"

1R GRPLQJR VHJXLQWH QyV VDEtDPRV D UHVSRVWD ²QmR

DSHQDV HP WHRULD H QR PDSD PDV QD SUiWLFD LQGR Oi D

TXLO{PHWURVSRUKRUDQR%XLFNFRQYHUVtYHOGH%RERXPHOKRU

GH 0tULDP 0XUFLD &DOLIyUQLD HUDP GXDV ERPEDV GH JDVROLQD

YHUPHOKDV H XPD PLQ~VFXOD YHQGD QD RUOD VXGRHVWH GR GHVHUWR

0RMDYH

8PD VHFD SURORQJDGD IRUD LQWHUURPSLGD GRLV GLDV DQWHV

2 FpX PRVWUDYDVH DLQGD FDUUHJDGR H XP YHQWR IULR VRSUDYD

SHUVLVWHQWH GR RHVWH )DQWDVPDJyULFDV VRE XP WHWD GH QXYHQV

FRUGHDUGyVLD DV PRQWDQKDV GH 6DQ *DEULHO RVWHQWDYDP D

EUDQFXUDGDQHYHUHFHQWHPHQWHFDtGD0DVSDUDRQRUWHPXLWRDR

ORQJHVREUHRGHVHUWRRVROEULOKDYDQXPDORQJDHHVWUHLWDILWDGH

OX] GRXUDGD $R QRVVR UHGRU RV ULFRV WRQV VXDYHV GH FLQ]D H

SUDWDRRXURSiOLGRHRFDVWDQKRDYHUPHOKDGRGDYHJHWDomRGR

GHVHUWR²VDOYDVOX]HUQDVIHVWXFDVIDJySLURVHDTXLHDFROiXP

FDFWR EL]DUUDPHQWH JHVWLFXODQWH GH FDVFD UXJRVD RX HULoDGD GH

HVSLQKRV VHFRV RV EUDoRV WRUWXRVRV WHUPLQDQGR HP HVSHVVRV

WXIRVYHUGHVGHSRQWDVDFHUDGDV

8P YHOKR VXUGR D TXHP WLYHPRV GH JULWDU QRVVDV

SHUJXQWDV DFDERX SRU HQWHQGHU R TXH TXHUtDPRV 5DQFKR

&RWWRQZRRG²FODURTXHFRQKHFLD2VHQKRUWRPDDTXHODHVWUDGD

GHWHUUDVHJXHUXPRDRVXOSRUXPDPLOKDGHSRLVYLUDDOHVWH

DFRPSDQKDDYDODGHLUULJDomRSRUPDLVWUrVTXDUWRVGHPLOKDHOi

background image

HVWDUi 2 YHOKR TXHULD FRQWDUQRV PXLWR PDLV DFHUFD GR OXJDU

PDV %RE HVWDYD LPSDFLHQWH GHPDLV SDUD HVFXWDU (QJUHQRX R

FDUURHSURVVHJXLPRV

$RORQJRGDYDODGHLUULJDomRRVFKRXSRVHRVVDOJXHLURV

HUDP DOLHQtJHQDV DSHJDQGRVH SUHFDULDPHQWH HP PHLR jTXHODV

YLGDV GXUDV H DVFpWLFDV GR GHVHUWR D XP PRGR GLYHUVR GH

H[LVWrQFLD PDLV IiFLO H PDLV YROXSWXRVR $JRUD HVWDYDP QXV

PHURV HVTXHOHWRV GH iUYRUHV EUDQTXHMDQGR FRQWUD R FpX PDV

SRGLDVHLPDJLQDUFRPRVHULDLQWHQVRWUrVPHVHVPDLVWDUGHVRE

RVRODUGHQWHRYHUGHHVPHUDOGDGHVXDVIROKDVQRYDV

2 FDUUR FRQGX]LGR HP YHORFLGDGH H[FHVVLYD GHXXP

EDTXHYLROHQWRQXPDYDOHWDLQHVSHUDGD%RESUDJXHMRX

²4XHXPKRPHPHPVHXMXt]RUHVROYDPRUDUQRILPGH

XPDHVWUDGDGHVWDVpFRLVDTXHQmRSRVVRLPDJLQDU

²7DOYH]HOHQmRFRVWXPHFRUUHUWDQWR²DYHQWXUHLPHD

VXJHULU

%RE QHP VH GLJQRX ROKDUPH 2 DXWRPyYHO FRQWLQXRX

URQFDQGR FRP YHORFLGDGH LQDOWHUDGD 3URFXUHLFRQFHQWUDUPH QD

SDLVDJHP

$OpP VREUH D H[WHQVmR GR GHVHUWR RFRUUHUD

XPDVLOHQFLRVD PDV TXDVH H[SORVLYD WUDQVIRUPDomR DV QXYHQV

KDYLDP VH GLVSHUVDGR H R VRO UHVSODQGHFLD DJRUDVREUH R PDLV

SUy[LPRGDTXHOHVSLFRVDEUXSWRVHHVFDODYUDGRVTXHVHSURMHWDP

WmRLQH[SOLFDYHOPHQWHFRPRLOKDVDFLPDGDLPHQVDSODQXUD8P

PRPHQWR DQWHVSDUHFLDP QHJURV H LQDQLPDGRV $JRUD

UHSHQWLQDPHQWHWLQKDPYROWDGRjYLGDHQWUHXPSULPHLURSODQR

VRPEULRHXPIXQGRGHQHEXORVDHVFXULGmR%ULOKDYDPFRPRVH

IRVVHPHOHVSUySULRVLQFDQGHVFHQWHV

7RTXHLREUDoRGH%REHDSRQWHL

²9RFrFRPSUHHQGHDJRUDSRUTXH7DOOLVUHVROYHXPRUDU

QRILPGHVWDHVWUDGD"

(OHUHODQFHRXXPROKDUGHVYLRXVHGHXPFDFWRWRPEDGR

ROKRXQRYDPHQWHSRUXPDIUDomRGHVHJXQGRHYROWRXD ILWDU D

HVWUDGD

background image

²/HPEUDPHDTXHODJUDYXUDGH*R\DYRFrVDEHTXDO$

PXOKHUFDYDOJDQGRXPJDUDQKmRHRDQLPDOFRPDFDEHoDWRUFLGD

H FRP R YHVWLGR GHOD HQWUHRV GHQWHV WHQWDQGR GHUUXEiOD

WHQWDQGR DUUDQFDUOKHDV URXSDV ( HOD HVWi ULQGR FRPR XPD

GRLGDQXPIUHQHVLGHSUD]HU(QRIXQGRKiXPDSODQtFLHFRP

SLFRV TXH VH GHVWDFDP H[DWDPHQWHFRPR DTXL 6y TXH ROKDQGR

FRP DWHQomR RV SLFRV GH *R\D YrVH TXH HP UHDOLGDGH VmR

DQLPDLV HQFROKLGRV PHLR UDWRV PHLR ODJDUWRV JUDQGHV FRPR

PRQWDQKDV&RPSUHLXPDUHSURGXomRSDUD(ODLQH

0DV (ODLQH UHIOHWL QR VLOrQFLR TXH VH VHJXLX LJQRUDUD D

DOXVmR'HL[DUDTXHRJDUDQKmRDODQoDVVHSRUWHUUDDEDQGRQDUD

VHULQGRULQGRLQFRQWURODYHOPHQWHHQTXDQWRRVJUDQGHVGHQWHV

OKHDUUDQFDYDPDEOXVDHVWUDoDOKDYDPOKHDVDLDURoDQGRDSHOH

PDFLDQXPDDPHDoDDXPWHPSRWHUUtYHOHGHOLFLRVDQDSXQJHQWH

LPLQrQFLDGDGRU(HQWmRHP$FDSXOFRDTXHOHVHQRUPHVUDWRV

ODJDUWRVWLQKDPGHVSHUWDGRGRVHXVRQRGHSHGUDHGHUHSHQWHR

QRVVRSREUH%REDFKDUDVHFHUFDGRQmRGHJUDoDVGHOLFLRVDPHQWH

OkQJXLGDV QmR GH XP ULVRQKR EDQGR GH FXSLGRV GH QiGHJDV

URVDGDVPDVGHPRQVWURV

(QTXDQWRLVVRFKHJiUDPRVDRQRVVRGHVWLQR3RUHQWUHDV

iUYRUHVDR ORQJR GD YDOD DYLVWHL XPDFDVD GH PDGHLUD EUDQFD j

VRPEUD GH XP HQRUPH iODPR GH XP ODGR XP FDWDYHQWR GR

RXWURXPFHOHLURGHFKDSDVGHIHUURFRUUXJDGDV2SRUWmRHVWDYD

IHFKDGR %RE IUHRX R FDUUR H GHVFHPRV 8PD WDEXOHWD EUDQFD

KDYLDVLGRSUHJDGDQRSRUWmR1HODXPDLQiELOPmRSLQWDUDXPD

ORQJDLQVFULomRHPYHUPHOKR

2DEUDoRGRSROYRREHLMRGRJXVDQR

'RPDFDFRODVFLYRRWRTXHLPXQGR

$SUHFLDVSRUYHQWXUDRVHUKXPDQR"

1mRQmRPXLWR

,672e3$5$92&È1®2(175(

background image

²%HPHYLGHQWHPHQWHHVWDPRVQROXJDUFHUWR

²REVHUYHL

%REDVVHQWLX$EULPRVRSRUWmRDWUDYHVVDPRVXPDPSOR

SiWLRGHFKmREDWLGRHEDWHPRVjSRUWDGDFDVD

(VWD IRL DEHUWD TXDVH HP VHJXLGD SRU XPD PXOKHU LGRVD H

FRUSXOHQWD GH yFXORV WUDMDQGR XP YHVWLGR GHDOJRGmR D]XO

IORULGR H XP FDVDFR YHUPHOKR PXLWR YHOKR 0RVWURXQRV XP

VRUULVRFRUGLDO

²&DUURHQJXLoDGR"²SHUJXQWRX

$FHQDPRVQHJDWLYDPHQWHH%REH[SOLFRXTXHYLpUDPRVSURFXUDU

R6U7DOOLV

²26U7DOOLV"

2 VRUULVR GHVYDQHFHXVH &RP H[SUHVVmR JUDYHHOD

EDODQoRXDFDEHoD

² 2V VHQKRUHV QmR VDELDP" 2 6U 7DOOLV SDVVRXKi VHLV

VHPDQDV

²$VHQKRUDTXHUGL]HUTXHHOHPRUUHX"

² 3DVVRX ² LQVLVWLX HOD H HP VHJXLGD S{VVH DFRQWDU

YHUERVDPHQWHDVXDKLVWyULD

2 6U 7DOOLV DOXJDUD D FDVD SRU XP DQR (OD H RPDULGR

SDVVDUDPDPRUDUQRYHOKREDUUDFmRDWUiVGRFHOHLUR$SULYDGD

HUDGRODGRGHIRUDPDVHOHVMiWLQKDPVLGRDFRVWXPDGRVDLVVR

RXWURUD HP 'DNRWD GR1RUWH H IHOL]PHQWH R LQYHUQR QmR IRUD

PXLWR IULR 'HTXDOTXHU PRGR R GLQKHLUR WLQKD YLQGR HP ERD

KRUDDLQGDPDLVGDPDQHLUDFRPRDQGDPRVSUHoRVKRMHHPGLD

HQmRSRGLDKDYHUSHVVRDPDLVVLPSiWLFDGRTXHR6U7DOOLVXPD

YH]TXHVHFRPSUHHQGHVVHTXHHOHDSUHFLDYDDVXDVROLGmR

² 6XSRQKR TXH IRL HOH TXHP SUHJRX DTXHOD SODFD QR

SRUWmR"

$YHOKDIH]TXHVLPFRP D FDEHoD H GLVVH TXH DDFKDYD

ERQLWLQKDSUHWHQGLDGHL[iODRQGHHVWDYD

²(OHHVWHYHGRHQWHPXLWRWHPSR"²SHUJXQWHL

² 1mR WHYH GRHQoD DOJXPD ² UHVSRQGHX HOD ²HPERUD

GLVVHVVHVHPSUHTXHVRIULDGRFRUDomR

background image

( IRUD SRU LVVR TXH HOH SDVVDUD 1R EDQKHLUR (ODR

HQFRQWUDUDOiXPDPDQKmTXDQGROKHLDOHYDUDJDUUDIDGHOHLWHH

XPD G~]LD GH RYRV GR DUPD]pP )ULRFRPR JHOR &RP FHUWH]D

WLQKDILFDGRDOLDQRLWHLQWHLUD

1XQFD HP VXD YLGD HOD OHYDUD XP VXVWR WmR JUDQGH

(GHSRLV TXH FRQIXVmR SRU QmR KDYHU QHQKXP SDUHQWH GHTXH

DOJXpPVRXEHVVH)RLFKDPDGRRPpGLFRHGHSRLVR[HULIHHIRL

SUHFLVRXPDOLFHQoDGRMXL]SDUDTXHRSREUHKRPHPSXGHVVHVHU

HQWHUUDGR(GHSRLVWRGRVRVOLYURVSDSpLVHURXSDVWLYHUDPGH

VHUHPSDFRWDGRVHDVFDL[DVODFUDGDVHWXGRJXDUGDGRHPDOJXP

OXJDUHP /RV $QJHOHV SDUD R FDVR GH KDYHU SRU Dt

DOJXPKHUGHLUR%HPDJRUDHODHRPDULGRHVWDYDPGHQRYRQD

FDVD H HOD VH VHQWLD PXLWR FRQWUDULDGD SRUTXH RSREUH 6U 7DOOLV

DLQGD WLQKD GLUHLWR D TXDWUR PHVHV GHDOXJXHL H SDJDUD WXGR

DGLDQWDGR 0DV QDWXUDOPHQWHSRU RXWUR ODGR HVWDYD FRQWHQWH

DJRUD TXH D FKXYD H DQHYH WLQKDP HQILP FKHJDGR ² GHYLGR j

SULYDGD VHUGHQWUR GH FDVD H QmR GR ODGR GH IRUD FRPR

TXDQGRHVWDYDPPRUDQGRQREDUUDFmR

(ODIH]XPDSDXVDSDUDWRPDUI{OHJR%REHHXWURFDPRV

XPROKDU

²%HPQHVWHFDVR²GLVVHHX²DFKRTXHpPHOKRULUPRV

DQGDQGR

0DVDYHOKDVHQKRUDVHRS{VWHUPLQDQWHPHQWH

²9DPRVHQWUDU²LQVLVWLX²YDPRVHQWUDU

+HVLWDPRV GHSRLV FHGHQGR DR FRQYLWH VHJXLPRVDWUiV

GHODSRUXPFRUUHGRUHVWUHLWRDWpDVDODGHHVWDU

8PDHVWXIDGHyOHRHVWDYDDFHVDDXPFDQWRGDSHoD

2DUHUDDEDIDGRHXPFKHLURTXDVHWDQJtYHOGHIULWXUDH

GH IUDOGDV HQFKLD D FDVD 8P YHOKLQKR TXH SDUHFLDXP JQRPR

HVWDYDVHQWDGRQXPDFDGHLUDGHEDODQoRMXQWRjMDQHODOHQGRDV

KLVWyULDV HP TXDGULQKRV GRMRUQDO GH GRPLQJR 3HUWR GHOH XPD

PRFLQKD SiOLGDGH DU SUHRFXSDGR ² QmR SRGLD WHU PDLV TXH

GH]HVVHWHDQRV²VHJXUDYDXPDFULDQoDQXPGRVEUDoRVHFRPD

RXWUD PmR DERWRDYD D EOXVD FRUGHURVD $ FULDQoDUHJXUJLWRX

XPD EROKD GH OHLWH VXUJLXOKH QR FDQWR GDERFD $ MRYHP PmH

background image

GHVLVWLXGHDERWRDUR~OWLPRERWmRHWHUQDPHQWHHQ[XJRXOKHRV

OiELRVIUDQ]LGRV3HODSRUWDDEHUWDGHRXWUDSHoDYLQKDRVRPGH

XPD YR] IUHVFDGH VRSUDQR FDQWDQGR ´e FKHJDGD D KRUDµ DR

DFRPSDQKDPHQWRGHXPYLROmR

²(VWHpPHXPDULGR²DSUHVHQWRXDYHOKD²6U&RXOWRQ

² 0XLWR SUD]HU ² GLVVH R JQRPR VHP LQWHUURPSHU D

OHLWXUD

² ( HVWD p D QRVVD QHWD .DWLH (OD VH FDVRX QRDQR

SDVVDGR

²$KSRLVQmR²H[FODPRX%RE,QFOLQRXVHSDUDDPRoD

HHQGHUHoRXOKHXPGDTXHOHVVHXVVRUULVRVIDVFLQDQWHVSRUTXHHUD

WmRIDPRVR

.DWLH ROKRXR FRPR VH HOH IRVVH XPD SHoD GH PREtOLD

GHSRLV GDQGR ILQDOPHQWH FRQWD GDTXHOH ~OWLPRERWmR YROWRXVH

VHPXPDSDODYUDHVXELXRVGHJUDXVtQJUHPHVTXHFRQGX]LDPDR

DQGDUVXSHULRU

²(HVWHV²FRQWLQXRXD6UD&RXOWRQLQGLFDQGRQRV²VmR

GRLVDPLJRVGR6U7DOOLV

7LYHPRV

GH

H[SOLFDU

TXH

QmR

pUDPRV

SUHFLVDPHQWHDPLJRV 7XGR R TXH FRQKHFtDPRV GH 7DOOLV HUD

VXDREUD PDV HOD QRV LQWHUHVVDUD WDQWR TXH WtQKDPRV YLQGRQD

HVSHUDQoD GH FRQKHFrOD ² Vy HQWmR WRPDQGR FRQKHFLPHQWR GD

WUiJLFDQRWtFLDGHVXDPRUWH

26U&RXOWRQOHYDQWRXRVROKRVGRMRUQDO

²6HVVHQWDHVHLV²GLVVH²HUDDLGDGHGHOH

(XWHQKRVHWHQWDHGRLV)L]VHWHQWDHGRLVHPRXWXEUR

(PLWLX D ULVDGLQKD WULXQIDQWH GH TXHP JDQKRXXPD

SDUWLGDGHSRLVYROWRXDRVHX)ODVK*RUGR²)ODVKRLQYXOQHUiYHO

)ODVKRLPRUWDO)ODVKRSHUSpWXRFDYDOHLURDQGDQWHGDVGRQ]HODV

QmRFRPRHODVODPHQWDYHOPHQWHVmRPDVFRPRRV LGHDOLVWDV GD

LQG~VWULDGHVXWLmVSURFODPDPTXHHODVGHYHULDPVHU

² (X WLYH RFDVLmR GH YHU R TXH R 6U 7DOOLV HQYLRX DR

QRVVRHVW~GLR²GLVVH%RE

2JQRPROHYDQWRXQRYDPHQWHRROKDU

²2VHQKRUpGRFLQHPD"²LQTXLULX

background image

%REFRQILUPRX

1D SHoD FRQWtJXD D P~VLFD LQWHUURPSHXVH

LQRSLQDGDPHQWHQRPHLRGHXPDIUDVH

²8PGRVELJVKRWV"²TXLVVDEHUR6U&RXOWRQ

&RP HQFDQWDGRUD IDOVD PRGpVWLD %RE DVVHJXURXOKH VHU

DSHQDV XP HVFULWRU TXH RFDVLRQDOPHQWH VH HQWUHWLQKD HP GLULJLU

ILOPHV

2JQRPREDODQoRXDFDEHoDGHYDJDU

²(XOLQRMRUQDOHVVHWDO*ROGZ\QGL]HQGRTXHWRGRVRV

ELJVKRWV LDP VRIUHU XP FRUWH GH FLQTHQWDSRU FHQWR HP VHXV

VDOiULRV

3LVFRXDOHJUHPHQWHHPDLVXPDYH]VROWRXVXDULVDGLQKD

WULXQIDQWH (P VHJXLGD GHVLQWHUHVVDQGRVH GHUHSHQWH GD

UHDOLGDGHYROWRXDRVVHXVPLWRV

&ULVWR GLDQWH GH /XEOLQ 3URFXUHL GHVYLDU HVVHDVVXQWR

SHQRVR SHUJXQWDQGR j 6UD &RXOWRQ VH HODVDELD TXH 7DOOLV VH

KDYLDLQWHUHVVDGRSRUFLQHPD0DVHQTXDQWRHXIDODYDRVRPGH

SDVVRVQRF{PRGRLQWHULRUGLVWUDLXOKHDDWHQomR

9ROWHLPH­SRUWDYHVWLGDQXPVXpWHUSUHWRHQXPDVDLD

[DGUH]VXUJLUDTXHP"/DG\+DPLOWRQDRVGH]HVVHLVDQRV1LQRQ

GH/HQFORVDRHQWUHJDUDYLUJLQGDGHD&ROLJQ\ODSHWLWH0RUSKLO

$QD.DUHQLQDQRVEDQFRVGHHVFROD

² (VWD p 5RVLH ² GLVVH D 6UD &RXOWRQ FRP RUJXOKR ²

QRVVD RXWUD QHWD 5RVLH HVWi HVWXGDQGR FDQWR² FRQILGHQFLRX D

%RE²(ODTXHUHQWUDUSDUDRFLQHPD

² 0DV TXH LQWHUHVVDQWH ² JULWRX %RE HQWXVLDVWLFDPHQWH

HUJXHQGRVHHDSHUWDQGRDPmRGDIXWXUDODG\+DPLOWRQ

² 7DOYH] R VHQKRU SXGHVVH GDUOKH DOJXQV FRQVHOKRV ²

VXJHULXDDYy

²(XWHULDLPHQVRSUD]HU

²7UDJDRXWUDFDGHLUD5RVLH

$JDURWDHUJXHXRVFtOLRVHODQoRXD%REXPROKDUEUHYH

PDVLQWHQVR

²$QmRVHUTXHRVHQKRUQmRVHLQFRPRGHGHVHQWDUVH

QDFR]LQKD²GLVVH

background image

²0DVFODURTXHQmR

'HVDSDUHFHUDPMXQWRVQRLQWHULRUGDFDVD2OKDQGRSHOD

MDQHOD YL TXH DV HOHYDo}HV HVWDYDP RXWUD YH]QD VRPEUD 2V

PRQVWURVWLQKDPIHFKDGRRVROKRVHILQJLDPVHGHPRUWRV²PDV

VySDUDLQGX]LUVXDYtWLPDDXPVHQWLPHQWRGHIDOVDVHJXUDQoD

²,VWRpPDLVGRTXHVRUWH²HVWDYDGL]HQGRD6UD&RXOWRQ

² p D 3URYLGrQFLD 8P ILJXUmR GR FLQHPD YLU DTXL MXVWDPHQWH

TXDQGR5RVLHSUHFLVDGHTXHPOKHGrXPDPmR

²-XVWDPHQWHTXDQGRRFLQHPDYDLOHYDUDEUHFDFRPRR

YDXGHYLOOH²RJQRPRIDORXVHPWLUDURVROKRVGDSiJLQDGLDQWHGH

VL

²2TXHpTXHROHYDDGL]HULVVR"

² 1mR VRX HX TXHP GL] ² UHWUXFRX R YHOKR ²e HVVH

FDPDUDGD*ROGZ\Q

'D FR]LQKD YHLR R VRP GH XPD ULVDGD

VXUSUHHQGHQWHPHQWH LQIDQWLO %RE HYLGHQWHPHQWH HVWDYD

ID]HQGRSURJUHVVRV $QWHYL XPD QRYD YLDJHP D $FDSXOFR

FRPFRQVHTrQFLDVDLQGDPDLVGHVDVWURVDVGRTXHDSULPHLUD

$OFRYLWHLUDLQRFHQWHD6UD&RXOWRQVRUULXFRPVDWLVIDomR

² 0DV TXH LQWHUHVVDQWH ² JULWRX %RE HQWXVLDVWLFDPHQWH

HUJXHQGRVHHDSHUWDQGRDPmRGDIXWXUDODG\+DPLOWRQ

² 7DOYH] R VHQKRU SXGHVVH GDUOKH DOJXQV FRQVHOKRV ²

VXJHULXDDYy

²(XWHULDLPHQVRSUD]HU

²7UDJDRXWUDFDGHLUD5RVLH

$JDURWDHUJXHXRVFtOLRVHODQoRXD%REXPROKDUEUHYH

PDVLQWHQVR

²$QmRVHUTXHRVHQKRUQmRVHLQFRPRGHGHVHQWDUVH

QDFR]LQKD²GLVVH

²0DVFODURTXHQmR

'HVDSDUHFHUDPMXQWRVQRLQWHULRUGDFDVD2OKDQGRSHOD

MDQHOD YL TXH DV HOHYDo}HV HVWDYDP RXWUD YH]QD VRPEUD 2V

PRQVWURVWLQKDPIHFKDGRRVROKRVHILQJLDPVHGHPRUWRV²PDV

VySDUDLQGX]LUVXDYtWLPDDXPVHQWLPHQWRGHIDOVDVHJXUDQoD

background image

²,VWRpPDLVGRTXHVRUWH²HVWDYDGL]HQGRD6UD&RXOWRQ

² p D 3URYLGrQFLD 8P ILJXUmR GR FLQHPD YLU DTXL MXVWDPHQWH

TXDQGR5RVLHSUHFLVDGHTXHPOKHGrXPDPmR

²-XVWDPHQWHTXDQGRRFLQHPDYDLOHYDUDEUHFDFRPRR

YDXGHYLOOH²RJQRPRIDORXVHPWLUDURVROKRVGDSiJLQDGLDQWHGH

VL

²2TXHpTXHROHYDDGL]HULVVR"

² 1mR VRX HX TXHP GL] ² UHWUXFRX R YHOKR ²e HVVH

FDPDUDGD*ROGZ\Q

'D FR]LQKD YHLR R VRP GH XPD ULVDGD

VXUSUHHQGHQWHPHQWH LQIDQWLO %RE HYLGHQWHPHQWH HVWDYD

ID]HQGRSURJUHVVRV $QWHYL XPD QRYD YLDJHP D $FDSXOFR

FRPFRQVHTrQFLDVDLQGDPDLVGHVDVWURVDVGRTXHDSULPHLUD

$OFRYLWHLUDLQRFHQWHD6UD&RXOWRQVRUULXFRPVDWLVIDomR

²6LPSDWL]RPXLWRFRPVHXDPLJR²GLVVHHOD

² 'iVH EHP FRP DV FULDQoDV ( QmR VH Gi DUHV

GHLPSRUWkQFLD

$FHLWHL VHP FRPHQWiULR D FHQVXUD LPSOtFLWD H SHUJXQWHL

OKH RXWUD YH] VH HOD VDELD TXH 7DOOLV HVWLYHUDLQWHUHVVDGR HP

FLQHPD

(ODDFHQRXDILUPDWLYDPHQWH6LPHOHOKHKDYLDGLWRTXHLD

PDQGDUTXDOTXHUFRLVDDXPGRVHVW~GLRV

4XHULDJDQKDUDOJXPGLQKHLUR1mRSDUDVLPHVPRSRLV

HPERUD WLYHVVH SHUGLGR D PDLRU SDUWH GR TXH XPGLD SRVVXtUD

DLQGDGLVSXQKDGRVXILFLHQWHSDUDYLYHU

1mRHOHTXHULDDOJXPGLQKHLURDPDLVSDUDPDQGDUSDUDD

(XURSD&DVDUDVHFRPXPDDOHPmPXLWRWHPSRDWUiVDQWHVGD

3ULPHLUD *XHUUD 'HSRLV WLQKDP VHGLYRUFLDGR H HOD ILFDUD QD

$OHPDQKDFRPDFULDQoD

(DJRUDQmRUHVWDYDPDLVQLQJXpPDQmRVHUXPDQHWD

2 6U 7DOOLV TXHULD WUD]rOD SDUD Fi PDV R SHVVRDO

GH:DVKLQJWRQ QmR GHUD SHUPLVVm R $VVLP R PHOKRU TXHHOH

SRGLD ID]HU HUD HQYLDUOKH DOJXP GLQKHLUR GH PDQHLUD TXH HOD

SXGHVVH DOLPHQWDUVH FRQYHQLHQWHPHQWHH WHUPLQDU RV HVWXGRV

)RUDSRULVVRTXHHVFUHYHUDDTXHODFRLVDSDUDRFLQHPD

background image

6XDV SDODYUDV IL]HUDPPH GH V~ELWR OHPEUDU XPDSDVVDJHP QR

PDQXVFULWR GH 7DOOLV ² TXDOTXHU FRLVDVREUH FULDQoDV QD (XURSD

GHDSyVJXHUUDSURVWLWXLQGRVHSRUEDUUDVGHFKRFRODWH$QHWD²

WHULDVLGRWDOYH]XPDGHVVDVFULDQoDV",FKWHGDU6FKRNRODGHGX

PHGDU /LHEH &RPSUHHQGH" (ODV FRPSUHHQGLDP EHP GHPDLV

8PDEDUUDDJRUDPDLVGXDVGHSRLV

² 4XH IRL IHLWR GD HVSRVD" ² SHUJXQWHL ² (RV SDLV GD

PHQLQD"

²3DVVDUDP²UHVSRQGHXD6UD&RXOWRQ²&UHLRTXHHUDP

MXGHXVRXFRLVDTXHRYDOKD

²(VFXWHDTXL²GLVVHRJQRPRGHUHSHQWH²HXQmRWHQKR

QDGD FRQWUD RV MXGHXV 0DV GH TXDOTXHU PDQHLUD ² )H] XPD

SDXVD²7DOYH]+LWOHUQmRIRVVHWmRHVW~SLGRDSHVDUGHWXGR

'HVWD YH] SXGH REVHUYDU IRL DRV .DW]HQMDPPHU.LGV

TXHHOHUHWRUQRX

2XWUDFDVTXLQDGDLQIDQWLOH[SORGLXQDFR]LQKD

/DG\+DPLOWRQDRVGH]HVVHLVDQRVVRDYDFRPRVHWLYHVVH

RQ]H ( QR HQWDQWR TXmR PDGXUR TXmR WHFQLFDPHQWH SHUIHLWR

IRUDRROKDUFRPTXHHODVDXGDUD%RE

6HPG~YLGDRPDLVLQTXLHWDQWHHP5RVLHHUDRIDWRGHVHU

HOD D XP WHPSR LQRFHQWH H DVWXWD XPD DYHQWXUHLUDFDOFXOLVWD H

XPDFROHJLDOGHWUDQoDV

²(OHFDVRXVHRXWUDYH]²FRQWLQXRXDYHOKDLJQRUDQGR

WDQWRDKLODULGDGHFRPRRDQWLVHPLWLVPR

²&RPXPDDUWLVWDGHWHDWUR(OHPHGLVVHRQRPHPDVHX

RHVTXHFL2IDWRpTXHDFRLVDQmRGXURXPXLWR

(ODIXJLXFRPRXWURWLSRTXDOTXHU%HPIHLWRSDUDHOHQD

PLQKDRSLQLmRSRUHQJUDoDUVHFRPHODWHQGRXPDHVSRVDOiQD

$OHPDQKD (X QmR DFKR GLUHLWR LVVR GHDQGDU VH GLYRUFLDQGR H

FDVDQGRFRPRVPDULGRVGDVRXWUDV

1R VLOrQFLR TXH VH VHJXLX FRQVWUXt XPD

ELRJUDILDFRPSOHWD SDUD HVVH KRPHP TXH HX QXQFD YLUD 2

MRYHPQRUWLVWDGHERDIDPtOLDFXLGDGRVDPHQWHHGXFDGRPDVQmR

DR SRQWR GR SHGDQWLVPR 1DWXUDOPHQWH GRWDGRPDV VHP XPD

background image

YRFDomRLUUHVLVWtYHOTXHROHYDVVHDWURFDUXPDYLGDRFLRVDSHODV

IDGLJDVGRHVFULWRUSURILVVLRQDO

'H +DUYDUG SDUWLUD SDUD D (XURSD YLYHUD FRP

UHILQDPHQWRIUHTHQWDUDHPWRGDSDUWHDVPHOKRUHVURGDV

( HQWmR ² HP 0XQLTXH HX HVWDYD FHUWR ² WLQKD

VHDSDL[RQDGR

9LVXDOL]HL

D

PRoD

WUDMDQGR

R

HTXLYDOHQWHWHXW{QLFR GRV YHVWLGRV GR /LEHUW\ ² ILOKD GH

DOJXPDUWLVWDGHVXFHVVRRXSURWHWRUGDVDUWHV8PGDTXHOHVTXDVH

LQFRUSyUHRVFRPRTXHIOXWXDQWHVSURGXWRVGDSURVSHULGDGHHGD

FXOWXUD GD pSRFD JXLOKHUPLQD XPDFULDWXUD D XP WHPSR YDJD H

LQWHQVD IDVFLQDQWHPHQWH LPSUHYLVtYHO H HQORXTXHFHGRUDPHQWH

LGHDOLVWDWLHI

HJHUPkQLFD7DOOLVVHDSDL[RQDUDFDVDUDVHJHUDUD

XPILOKRDSHVDUGDIULJLGH]GDHVSRVDIRUDTXDVHDVIL[LDGRSHOR

DQLPLVPR RSUHVVLYR GD DWPRVIHUD GRPpVWLFD 4XmR IUHVFR H

VDXGiYHOWLQKDPOKHSDUHFLGRRDUGH3DULVHDDPELrQFLDSHVVRDO

GDTXHODMRYHPDWUL]GD%URDGZD\TXHHOHOiHQFRQWURXSDVVDQGR

DVIpULDV

/DEHOOH$PpULFDLQH

4XLUHQGOHVKRPPHVIRXV

'DQVGHX[RXWURLVVHPDLQHV

3DUWLUDSRXU&RUIRX

0DVDTXHODQmRSDUWLXSDUD&RUIRX²RXVHRIH]IrOR

HPFRPSDQKLDGH7DOOLV(HODQmRHUDIUtJLGDQmRIOXWXDYDQmR

HUDQHPYDJDQHPLQWHQVDQHPSURIXQGD QHP HVSLULWXDO QHP

XPDHVQREHGDDUWH2TXHLQIHOL]PHQWHHODHUDHUDXPWDQWLQKR

FDGHOD(HVVHWDQWLQKRIRUDDXPHQWDQGRFRPRSDVVDUGRVDQRV

$RWHPSRHPTXHHOHVHGLYRUFLRXGHODWLQKDVHWRUQDGRRDQLPDO

LQWHLUR

(PPLQKDLPDJLQDomRR7DOOLVGHSRGLDROKDUSDUD

WUiVHYHUSUHFLVDPHQWHRTXHKDYLDIHLWRSHODVDWLVIDomRGHXP

SUD]HUItVLFRHSDUDDXPWHPSRH[FLWDUHDSODFDUXPDLPDJLQDomR

HUyWLFDFRQGHQDUDXPDHVSRVDHXPDILOKDDPRUUHUjVPmRVGH

PDQtDFRV H XPD QHWD jV FDUtFLDV GH TXDOTXHU VROGDGR RX

background image

WUDILFDQWHGHPHUFDGRQHJURFRPXPSXQKDGRGHFRQIHLWRVRXR

SUHoRGHXPDUHIHLomRGHFHQWH

)DQWDVLDVURPkQWLFDV9ROWHLPHSDUDD6UD&RXOWRQ

(PDOHPmRQRRULJLQDOSURIXQGD1GR7

(P IUDQFrV QR RULJLQDO $ EHOD DPHULFDQD4XH GHL[D RV

KRPHQVORXFRV(PGXDVRXWUrVVHPDQDV3DUWLUiSDUD&RUIRX

²(HXJRVWDULDGHWrORFRQKHFLGR

² 2 VHQKRU WHULD JRVWDGR GHOH ² HOD DVVHJXURXPH ²

7RGRVQyVJRVWiYDPRVGR6U7DOOLV9RXFRQWDUOKHXPDFRLVD²

FRQILGHQFLRX ² 7RGD YH] TXHYLDMR SDUD /DQFDVWHU SDUD LU DR

&OXEH )HPLQLQR GH%ULGJH YRX DR FHPLWpULR Vy SDUD ID]HUOKH

XPDYLVLWD

²(HXDSRVWRTXHHOHQmRVHQWHQHQKXPSUD]HUFRPLVVR

²LQWHUS{VRJQRPR

²2UD(OPHU²SURWHVWRXDPXOKHU

²0DVHUDHOHPHVPRTXHPGL]LD²LQVLVWLXR6U&RXOWRQ

²0DLVGHXPDYH]´6HHXPRUUHUDTXLµGL]LD´TXHURVHU

HQWHUUDGROiORQJHQRGHVHUWRµ

² (OH HVFUHYHX D PHVPD FRLVD QD SHoD TXH HQYLRX DR

HVW~GLR²REVHUYHL

² e PHVPR" ² 2 WRP GD 6UD &RXOWRQ HUD

GHLQFUHGXOLGDGH

² 6LP HOH DWp GHVFUHYH R W~PXOR HP TXH SUHWHQGLD VHU

VHSXOWDGR&RPSOHWDPHQWHLVRODGRDRSpGHXPFDFWR

²(XSRGLDWHUOKHGLWRTXHVHULDLOHJDO²WRUQRXRJQRPR

²'HVGHTXDQGRRVDJHQWHVIXQHUiULRVFRQVHJXLUDPID]HUSDVVDU

DTXHODOHLQD&kPDUDGH6DFUDPHQWR6HLGHXPKRPHPTXHWHYH

GHVHUGHVHQWHUUDGRYLQWHDQRVGHSRLVGHVHSXOWDGROiDWUiVGDV

PRQWDQKDV²$EDQRXFRPDPmRQDGLUHomRGRVUDWRVViXULRVGH

*R\D²&XVWRX DR VREULQKR WUH]HQWRV GyODUHV DWp DFDEDUHP GH

WUDQVSRUWiORWRGR

6XIRFRXRULVRDQWHDUHPLQLVFrQFLD

background image

²(XpTXHQmRKDYLDGHTXHUHUVHUHQWHUUDGDQRGHVHUWR²

DILUPRXHQIDWLFDPHQWHDHVSRVD

²3RUTXHQmR"

²6ROLWiULRGHPDLV²UHVSRQGHXHOD²(XDFKDULDKRUUtYHO

(QTXDQWR HX SURFXUDYD DOJXPD FRLVD PDLV SDUDGL]HU D

MRYHP PmH SiOLGD GHVFHX D HVFDGD WUD]HQGR XPD IUDOGD 3DURX

SRUXPPRPHQWRjSRUWDGDFR]LQKD

² (VFXWH DTXL 5RVLH ² IDORX QXPD YR] EDL[D

HHQFROHUL]DGD ² Mi p WHPSR GH YRFr WUDEDOKDU XP SRXFR SDUD

YDULDU

'HSRLVYLURXVHHFDPLQKRXSDUDRFRUUHGRUGHHQWUDGD

RQGHXPDSRUWDDEHUWDUHYHODYDDVFRPRGLGDGHVPRGHUQDVGRWDO

EDQKHLURLQWHUQR

²(OHHVWiFRPGLDUUpLDRXWUDYH]²GLVVHFRPDPDUJXUDDR

SDVVDUSHODDYy

&RUDGD RV ROKRV EULOKDQWHV GH H[FLWDom R D IXWXUDODG\

+DPLOWRQ DVVRPRX GD FR]LQKD $WUiV GHOD GH SpMXQWR j SRUWD

HVWDYD R IXWXUR +DPLOWRQ YLYDPHQWHRFXSDGR HP LPDJLQDUVH

ORUG1HOVRQ

² 9RYy ² DQXQFLRX D PHQLQD ² R 6U %ULJJVDFKD TXH

SRGHUiDUUDQMDUPHXPWHVWH

2FUHWLQR/HYDQWHLPH

²eWHPSRGHLUPRV%RE²GLVVHHXFRQVFLHQWHGHTXH

HUDMiWDUGHGHPDLV

3HOD SRUWD HQWUHDEHUWD GR EDQKHLUR FKHJRXQRV RVRP

FKDSLQKDQWHGHIUDOGDVHQ[DJXDGDVQRODYDWyULR

²(VFXWH²VXVVXUUHLD%REDRSDVVDUPRV

²(VFXWHRTXr"

'HLGHRPEURV7rPRXYLGRVHQmRRXYHP

%HPLVVRIRLRPDLVTXHQRVDSUR[LPDPRVGH7DOOLVHP

PDWpULD1RTXHVHVHJXHROHLWRUSRGHUiGHVFREULURUHIOH[RGH

VXD PHQWH 5HSURGX]R R WH[WRGH ´2 PDFDFR H D HVVrQFLDµ WDO

FRPRRHQFRQWUHLVHPDOWHUDo}HVHVHPFRPHQWiULRV

background image

2527(,52

7tWXORVFUpGLWRVHILQDOPHQWHFRPRDFRPSDQKDPHQWRGH

WURPEHWDV H GH XP FRUR GH DQMRV WULXQIDQWHV R QRPH GR

3

52'8725

$ P~VLFD PXGD GH FDUiWHU H VH 'HEXVV\ IRVVH YLYR SDUD

HVFUHYrOD TXmR GHOLFDGD VHULD TXmR DULVWRFUiWLFD TXmR

FULVWDOLQDPHQWH SXUD GH WRGD D OXEULFLGDGH H DUURJkQFLD

ZDJQHULDQDVGHWRGDDYXOJDULGDGHVWUDXVVLDQD3RLVQDWHODHP

DOJRPHOKRUGRTXHWHFQLFRORUpDKRUDDQWHVGRDPDQKHFHU$

QRLWHSDUHFHUHOXWDUQDHVFXULGmRGHXPPDUTXDVHLPyYHOPDV

GDVItPEULDVGRFpXXPSDORUWUDQVSDUHQWHDODVWUDVHSDVVDQGRGR

YHUGHDXPD]XOPDLVHPDLVSURIXQGRDWpR]rQLWH1RRULHQWHD

HVWUHODGDPDQKmDLQGDpYLVtYHO

1$55$'25

%HOH]DLQH[SULPtYHOSD]DOpPGRHQWHQGLPHQWR

0DVDLGHQyVHPQRVVDWHOD

(VWHVtPERORGHXPVtPEROR

3DUHFHUiFRPFHUWH]D

$LOXVWUDomRGH)XODQD

3DUDXPSRHPDGH(OOD

:KHHOHU:LOFR[

&RPDVXEOLPHSHUIHLomRGDQDWXUH]D$DUWHIDEULFDTXDVH

VHPSUH

$SHQDVRJURWHVFR

2ULVFRWHPSRUpPGHVHUFRUULGR

3RLVTXHYyVYyVGDSODWpLD

'HDOJXPPRGRHDTXDOTXHUSUHoR

:LOFR[RXSLRU

'HDOJXPPRGRWHQGHVGHVHUOHPEUDGRV

6HULQGX]LGRVDHYRFDU

background image

6HULPSORUDGRVDWHQWDU

&RPSUHHQGHUD9HUGDGHYHUGDGHLUD

(QTXDQWRR1DUUDGRUIDODGHVYDQHFHVHRQRVVRVtPERORGH

XPVtPERORGD(WHUQLGDGHGDQGROXJDUDRLQWHULRUGHXPFLQHPD

FRPSOHWDPHQWH ORWDGR $ OX] WRUQDVH XP SRXFR PHQRV

LPSUHFLVDHGHV~ELWRGDPRQRVFRQWDGHTXHDSODWpLDpWRGDHOD

FRPSRVWD GH EDEXtQRV EHP YHVWLGRV GH DPERV RV VH[RV H GH

WRGDVDVLGDGHVGDSULPHLUDjVHJXQGDLQIkQFLD

1$55$'25

%XWPDQSURXGPDQ

'UHVWLQDOLWWOHEULHIDXWKRULW\²

0RVWLJQRUDQWRIZKDWKHLVPRVWDVVXU·G

+LVJODVV\HVVHQFH²OLNHDQDQJU\DSH

3OD\VVXFKIDQWDVWLFWULFNVEHIRUHKLJKKHDYHQ

$VPDNHWKHDQJHOVZHHS

&RUWHSDUDDWHODTXHRVPDFDFRVIL[DPWmRDWHQWRV1XP

FHQiULRFRPRVy6HPtUDPLVRX0HWUR*ROGZ\Q0D\HUSRGHULDP

WHULPDJLQDGRYHPRVXPDMRYHPEDEXtQDGHEXVWRVDOLHQWHQXP

YHVWLGR GH QRLWH FRUGHQiFDU D ERFD SLQWDGD GH S~USXUD R

IRFLQKR HPSRDGR GH PDOYD RV IDLVFDQWHV ROKRV YHUPHOKRV

DXUHRODGRV GH PiVFDUD %DPEROHDQGRVH WmR YROXSWXRVDPHQWH

TXDQWROKHSHUPLWHDFXUWH]DGDVSHUQDVHODDYDQoDSDUDRSDOFR

GHVOXPEUDQWHPHQWHLOXPLQDGRGHXPQLJKWFOXEHVREDVSDOPDV

GHGX]HQWRVRXWUH]HQWRVSDUHVGHPmRVSHOXGDVDSUR[LPDVHGR

PLFURIRQHHVWLOR/XtV;9$WUiVGHODGHTXDWURHVHJXURSRUXPD

OHYH FRUUHQWH GH DoR SUHVD D XPD FROHLUD GH Fm R YHP 0LJXHO

)DUDGD\

0DVRKRPHPRKRPHPRUJXOKRVR,QYHVWLGRGHEUHYHYmDXWRULGDGH

²1DGDVDEHQGRGRTXHWHPSRUFHUWR6XDYtWUHD(VVrQFLD²TXDOPRQR

HQIXUHFLGR)D]DQWHRVFpXVHVJDUHVWmRLQFUtYHLV4XHDUUDQFDOiJULPDVDRV

DQMRV:6KDNHVSHDUH0HGLGDSRUPHGLGDžDWRFHQD,,1GR7

background image

1$55$'25

´1DGD VDEHQGR GR TXH WHP SRU FHUWR µ ( p TXDVH

GHVQHFHVViULR DFUHVFHQWDU TXH R TXH QyV FKDPDPRV GH

FRQKHFLPHQWRQDGDPDLVpTXHXPDRXWUDIRUPDGH,JQRUkQFLD²

DOWDPHQWH RUJDQL]DGD p FHUWR H HPLQHQWHPHQWH FLHQWtILFD PDV

SRU LVVR PHVPR WDQWR PDLV FRPSOHWD WDQWR PDLV SURGXWRUD GH

VtPLRV HQIXUHFLGRV 4XDQGR D ,JQRUkQFLD HUD VLPSOHVPHQWH

LJQRUkQFLDQyVpUDPRVHTXLYDOHQWHVDOrPXUHVVDJLVHPDFDFRV

XUUDGRUHV +RMH JUDoDV j ,JQRUkQFLD 6XSHULRU TXH p R QRVVR

FRQKHFLPHQWRDHVWDWXUDGRKRPHPFUHVFHXDXPSRQWRWDOTXH

R PHQRU GHQWUH QyV p DJRUD XP EDEXtQR R PDLRU XP

RUDQJRWDQJRRXDWpPHVPRVHVHDOoDjFDWHJRULDGH6DOYDGRUGD

6RFLHGDGHXPOHJtWLPRJRULOD

(QWUHPHQWHV D MRYHP EDEXtQD DOFDQoRX R PLFURIRQH

9ROWDQGRDFDEHoDHODVXUSUHHQGH)DUDGD\GHMRHOKRVQRDWRGH

HQGLUHLWDUDVFRVWDVDUTXHDGDVHGRORULGDV

²$EDL[RVLUDEDL[R

2 WRP p SHUHPSWyULR HOD DSOLFD DR DQFLmR XPD ODPEDGD

FRPVHXUHEHQWHGHFDERGHFRUDO)DUDGD\HVWUHPHFHHREHGHFH

RVPDFDFRVGRDXGLWyULRULHPGHOLFLDGRV(ODOKHVDWLUDXPEHLMR

HP VHJXLGD SX[DQGR SDUD VL R PLFURIRQH DUUHJDQKD RV GHQWHV

IRUPLGiYHLV H FRPHoD D FDQWDU QXP H[SLUDQWH FRQWUDOWR GH

DOFRYDRPDLVUHFHQWHVXFHVVRSRSXODU

$PRUDPRUDPDU

$PRUpDYHUGDGHLUDHVVrQFLD

'HWXGRTXHSHQVRGHWXGRTXHIDoRQDYLGD

'iPHGiPHGiPH

'iPHGHWXPHVFrQFLD

0HFKDPDGHTXHULGD

background image

3ULPHLURSODQRGRURVWRGH)DUDGD\HQTXDQWRHOHH[SULPH

SHUSOH[LGDGHGHVJRVWRLQGLJQDomRHSRUILPWDPDQKDYHUJRQKD

HDQJ~VWLDTXHDVOiJULPDVFRPHoDPDFRUUHUSHODVIDFHVVXOFDGDV

3ODQRGHPRQWDJHPGHRXYLQWHVGR3HVVRDOGD5DGLROkQGLD

HVFXWDQGR

8PD FRUSXOHQWD EDEXtQD GRQDGHFDVD IULWDQGR VDOVLFKDV

HQTXDQWRRDOWRIDODQWHOKHSURSRUFLRQDDUHDOL]DomRLPDJLQiULDH

DH[DFHUEDomRUHDOGRVVHXVPDLVLQFRQIHVViYHLVGHVHMRV

8P EDEXtQR ILOKRWH HP Sp QR VHX EHUoR HVWHQGHQGR R

EUDoR SDUD R UiGLR SRUWiWLO VREUH D F{PRGD H VLQWRQL]DQGR D

SURPHVVDGHGHWXPHVFrQFLD

8P EDEXtQR ILQDQFLVWD GH PHLDLGDGH LQWHUURPSHQGR D

OHLWXUDGDVFRWDo}HVGD%ROVDSDUDHVFXWDUFRPRVROKRVFHUUDGRV

HXPVRUULVRGHr[WDVH´'iPHGiPHGiPHGiPHµ

8P FDVDO GH EDEXtQRV DGROHVFHQWHV WURFDQGR FDUtFLDV DR

VRPGDP~VLFDQXPFDUURHVWDFLRQDGR´0HFKDPDGHTXHULGDµ

3ULPHLURSODQRGHEHLoRVHSDWDV

&RUWHYROWDQGRjVOiJULPDVGH)DUDGD\$FDQWRUDYROWDVH

YrOKH D IDFH DJRQLDGD VROWD XP JULWR GH UDLYD H FRPHoD D

HVSDQFiOR JROSH DSyV JROSH VHOYDJHP HQTXDQWR R DXGLWyULR

DSODXGH WXPXOWXRVDPHQWH $V SDUHGHV GH RXUR H MDVSH GR

QLJKWFOXEVHHYDSRUDPHSRUXPPRPHQWRYrHPVHDVVLOKXHWDV

GD PDFDFD H GR LQWHOHFWR SULVLRQHLUR UHFRUWDGDV FRQWUD R

FUHS~VFXORPDWXWLQRGDSULPHLUDVHTrQFLD'HSRLVHODVWDPEpP

VH GHVYDQHFHP H UHVWD DSHQDV R VtPEROR GH XP VtPEROR GD

(WHUQLGDGH

1$55$'25

2 PDU R SODQHWD UHIXOJHQWH R LOLPLWDGR FULVWDO GR FpX ²

FHUWDPHQWHHVWDLVOHPEUDGRV&HUWDPHQWH2XVHUiTXHROYLGDVWHV

VHUiTXHMDPDLVVHTXHUQRWDVWHVRTXHH[LVWHDOpPGR ]RROyJLFR

PHQWDOHGRKRVStFLRLQWHULRUHGHWRGDHVVD%URDGZD\GHWHDWURV

LPDJLQiULRV HP TXH R ~QLFR QRPH HP OX]HV p VHPSUH R YRVVR

SUySULR"

background image

$FkPHUDSHUFRUUHRFpXHDJRUDDPDVVDHVFXUDHGHQWHDGD

GHXPDLOKDURFKRVDTXHEUDDOLQKDGRKRUL]RQWH9HOHMDQGRDR

ORQJR GD LOKD YrVH XPD JUDQGH HVFXQD GH TXDWUR PDVWURV

$SUR[LPDPRQRVYHPRV TXH R EDUFR OHYD D EDQGHLUD GD 1RYD

=HOkQGLD H VH FKDPD &DQWHUEXU\ 2 FDSLWmR H XP JUXSR GH

SDVVDJHLURV HVWmR MXQWR j DPXUDGD REVHUYDQGR DWHQWDPHQWH HP

GLUHomRDOHVWH2OKDPRVDWUDYpVGRVVHXVELQyFXORVHGLYLVDPRV

XPDOLQKDGHFRVWDiULGD(QWmRTXDVHGHUHSHQWHRVROGHVSRQWD

SRUGHWUiVGDVLOKXHWDGHPRQWDQKDVGLVWDQWHV

1$55$'25

(VWHQRYRGLDOXPLQRVRpRGLDGHIHYHUHLURGHH

HVWHV KRPHQV H PXOKHUHV VmR PHPEURV GD ([SHGLomR

1HR]HODQGHVD GH 5HGHVFREULPHQWR GD $PpULFD GR 1RUWH

3RXSDGDSHORVEHOLJHUDQWHVGD7HUFHLUD*XHUUD0XQGLDO²QmRp

RFLRVRGL]HUSRUTXDOTXHUUD]mRKXPDQLWiULDPDVVLPSOHVPHQWH

SRUTXH FRPR D ÉIULFD HTXDWRULDO HUD UHPRWD GHPDLV SDUD TXH

DOJXpP VH GHVVH R WUDEDOKR GH REOLWHUiOD ² D 1RYD =HOkQGLD

VREUHYLYHXHDWpPHVPRIORUHVFHXPRGHVWDPHQWHQXPLVRODPHQWR

TXH GDGDV DV FRQGLo}HV SHULJRVDPHQWH UDGLRDWLYDV GR UHVWR GR

PXQGRPDQWHYHVHSRUPDLVGHXPVpFXORTXDVHDEVROXWR$JRUD

TXHRSHULJRSDVVRXHLVTXHFKHJDPRVSULPHLURVH[SORUDGRUHV

UHGHVFREULQGRD$PpULFDSHORRHVWH1HVVHPHLRWHPSRGRRXWUR

ODGRGRPXQGRRVQHJURVDYDQoDUDP1LORDEDL[RHFUX]DUDPR

0HGLWHUUkQHR 4XH HVSOrQGLGDV GDQoDV WULEDLV QRV VDO}HV

LQIHVWDGRVGHPRUFHJRVGD0mHGRV3DUODPHQWRV(RODELULQWRGR

9DWLFDQR ² TXH PDJQtILFR ORFDO SDUD RV ULWRV GHPRUDGRV H

FRPSOH[RV GD FLUFXQFLVmR IHPLQLQD $ JHQWH FROKH H[DWDPHQWH

DTXLORTXHSODQWRX

$ FHQD HVFXUHFH RXYHVH R HVWURQGHMDU GH XP FDQKRQHLR

4XDQGRDOX]UHWRUQDOiHVWiGHFyFRUDVR'U$OEHUW(LQVWHLQ

DWDGR D XP FDEUHVWR DWUiV GH XP JUXSR GH EDEXtQRV

XQLIRUPL]DGRV

background image

$FkPHUDSHUFRUUHXPDHVWUHLWDWHUUDGHQLQJXpPFREHUWDGH

UXtQDV iUYRUHV GHVWURoDGDV H FDGiYHUHV H YHP GHWHUVH QXP

VHJXQGRJUXSRGHDQLPDLVTXHXVDPLQVtJQLDVGLIHUHQWHVVREXPD

RXWUDEDQGHLUDPDVFRPRPHVPR$OEHUW(LQVWHLQSUHVRDXP

FDEUHVWR H[DWDPHQWH LJXDO DJDFKDGR MXQWR DRV FDOFDQKDUHV GH

VXDVERWDVGHFDPSDQKD6REDDXUpRODGHFDEHORVGHVJUHQKDGRV

D ILVLRQRPLD ERQGRVD H LQRFHQWH H[LEH XPD H[SUHVVmR GH

GRORURVR HVSDQWR $ FkPHUD GHVORFDVH SDUD Oi H SDUD Fi GH

(LQVWHLQSDUD(LQVWHLQ3ODQRSUy[LPRGRVGRLVURVWRVLGrQWLFRV

ROKDQGRVHFRQVWHUQDGDPHQWHSRUHQWUHDVERWDVGHFRXURSROLGR

GHVHXVUHVSHFWLYRVVHQKRUHV

1D WULOKD VRQRUD D YR] RV VD[RIRQHV H RV YLRORQFHORV

FRQWLQXDPDLPSORUDUGHWXPHVFrQFLD

²(YRFr$OEHUW"²XPGRV(LQVWHLQVSHUJXQWDKHVLWDQWH

2RXWURDFHQDOHQWDPHQWHFRPDFDEHoD

²e$OEHUWVRXHX

1RDOWRDVEDQGHLUDVGRVH[pUFLWRVRSRQHQWHVFRPHoDPGH

UHSHQWH D DJLWDUVH QD EULVD IUHVFD 2V GHVHQKRV FRORULGRV VH

GHVGREUDPHQURODPVHGH QRYR VREUH VL PHVPRV UHYHODPVH H

PDLVXPDYH]VHRFXOWDP

1$55$'25

/LVWDVYHUWLFDLVOLVWDVKRUL]RQWDLVFtUFXORVHFUX]HViJXLDVH

PDUWHORV 0HURV VtPERORV DUELWUiULRV 0DV WRGD UHDOLGDGH D TXH

IRL DVVRFLDGR XP VtPEROR WRUQDVH GHVVD IRUPD VXERUGLQDGD D

HVVHVtPEROR*RVZDPLH$OLYLYLDPHPSD]0DVHXDUUDQMHLXPD

EDQGHLUD WX DUUDQMDVWH XPD EDQGHLUD WRGRV RV ILOKRV GR 'HXV

0DFDFR DUUDQMDUDP EDQGHLUDV $VVLP DWp $OL H *RVZDPL

DUUDQMDUDP EDQGHLUDV H SRU FDXVD GDV EDQGHLUDV SDVVRX

LPHGLDWDPHQWH D VHU MXVWR H FRUUHWR TXH TXHP WHP SUHS~FLR

HVWULSHTXHPQmRRWHPHTXHRFLUFXQFLVRIX]LOHRLQFLUFXQFLVR

YLROHVXDPXOKHUHDVVHVHXVILOKRVHPIRJROHQWR

(QTXDQWR LVVR DFLPD GDTXHOHV SHGDoRV GH HVWRSD IOXWXDP

FDVWHORVGHQXYHQVHDOpPGDVQXYHQVHVWiDTXHOHYiFXRD]XOTXH

background image

pRVtPERORGDQRVVD(VVrQFLDYtWUHDHDRSpGRPDVWURFUHVFHR

WULJRHRDUUR]YHUGHHVPHUDOGDHRFHQWHLR3mRSDUDRFRUSRH

SmRSDUDRHVStULWR1RVVDHVFROKDpHQWUHRSmRHDHVWRSD(IRL

DHVWRSDQmRpSUHFLVRDFUHVFHQWDUTXHQyVTXDVHXQDQLPHPHQWH

HVFROKHPRV

$FkPHUDGHVFHGDVEDQGHLUDVSDUDRV(LQVWHLQVHSDVVDGRV

(LQVWHLQV SDUD RV HVWDGRVPDLRUHV FDUUHJDGRV GH PHGDOKDV QR

VHJXQGR SODQR 'H V~ELWR H VLPXOWDQHDPHQWH RV GRLV

PDUHFKDOtVVLPRVGHFDPSR JULWDP XPD RUGHP 1R PHVPR

LQVWDQWHGHFDGDODGRVXUJHPWpFQLFRVEDEXtQRVFRPDSHWUHFKRV

FRPSOHWRV SDUD R ODQoDPHQWR GH DHURVVyLV 1RV WDQTXHV GH

SUHVVmRGHXPGRVH[pUFLWRVHVWiSLQWDGR683(578/$5(0,$

QRV GR DGYHUViULR 02502 $7,9$'2 385(=$

*$5$17,'$ &DGD JUXSR GH WpFQLFRV VH ID]

DFRPSDQKDUGHVXDPDVFRWH/RXLV3DVWHXUSUHVRDXPDFRUUHQWH

1D IDL[D VRQRUD XPD UHPLQLVFrQFLD GD FDQWRUD 'iPH GiPH

GiPH GHWXPHVFrQFLD 'HSRLV RV YROXSWXRVRV DFRUGHV

PRGXODPVH QD 7HUUD GH (VSHUDQoD H *OyULDµ H[HFXWDGD SRU

XPDJLJDQWHVFDEDQGDPLOLWDUHFDQWDGDSRUXPFRURGHFDWRU]H

PLOYR]HV

1$55$'25

4XHWHUUDSHUJXQWDLV"(HXUHVSRQGR

8PDWHUUDTXDOTXHU

(DWHRULDFHUWDPHQWHpDGR5HL0DFDFR

4XDQWRj(VSHUDQoD²

9DOKDQRV'HXVQmRKiPDLVHVSHUDQoD

6RPHQWHDSHUVSHFWLYDTXDVHFHUWD

'HFRQVXPDUVHUHSHQWLQDPHQWH

2XHQWmRSRXFRDSRXFRHPDJRQLD

$GHUUDGHLUDHIDWDO

'HWXPHVFrQFLD

background image

3ODQR SUy[LPR GH SDWDV PDQREUDQGR DV YiOYXODV HP

VHJXLGD D FkPHUD UHFXD )OXLQGR GRV WDQTXHV GH SUHVVm R GXDV

RQGDVGHQHEOLQDDPDUHODGDFRPHoDPDURODUXPDFRQWUDDRXWUD

PDQVDPHQWHSRUVREUHDWHUUDGHQLQJXpP

1$55$'25

0RUPR PHXV DPLJRV PRUPR ² XPD GRHQoD GH FDYDORV

SRXFR FRPXP HP KRPHQV 0DV QmR LPSRUWD D &LrQFLD SRGH

IDFLOPHQWH WRUQiOD XQLYHUVDO ( HVWHV Vm R RV VLQWRPDV GRUHV

YLROHQWDV HP WRGDV DV DUWLFXODo}HV 3~VWXODV SRU WRGR R FRUSR

6RE D SHOH LQFKDo}HV GXUDV TXH SRU ILP UHEHQWDP H VH

WUDQVIRUPDP HP ~OFHUDV JDQJUHQRVDV $R PHVPR WHPSR D

PHPEUDQDPXFRVDGRQDUL]VHLQIODPDHH[VXGDXPDDEXQGDQWH

VHFUHomR GH SXV IpWLGR $V ~OFHUDV IRUPDPVH UDSLGDPHQWH QDV

QDULQDVFRUURHQGRRRVVRHDFDUWLODJHPTXHDVHQYROYH'RQDUL]

D LQIHFomR DODVWUDVH SDUD RV ROKRV ERFD JDUJDQWD H EU{QTXLRV

'HQWURGHWUrVVHPDQDVVREUHYHPDPRUWHQDPDLRULDGRVFDVRV

$VVHJXUDU D PRUWH HP WRGRV RV FDVRV WHP VLGR D LQFXPErQFLD

GHVVHVMRYHQVHEULOKDQWHV'RXWRUHVHP&LrQFLDRUDDVHUYLoRGR

YRVVRJRYHUQR(QmRGRYRVVRJRYHUQRXQLFDPHQWH

GHWRGRVRVRXWURVRUJDQL]DGRUHVHOHLWRVRXDXWRDUYRUDGRVGD

HVTXL]RIUHQLD FROHWLYD QR PXQGR %LyORJRV SDWRORJLVWDV

ILVLRORJLVWDV²HLORVDSyVXPGLDiUGXRQRODERUDWyULRYROWDQGRj

FDVD DR VHLR GD IDPtOLD 8P DEUDoR GD GRFH HVSRVLQKD 8PD

EULQFDGHLUDFRPDVFULDQoDV8PMDQWDUWUDQTLORFRPRVDPLJRV

VHJXLGR GH XPD QRLWH GH P~VLFD GH FkPDUD RX GH XPD

FRQYHUVDomRLQWHOLJHQWHVREUHSROtWLFDRXILORVRILD'HSRLVFDPD

jV RQ]H KRUDV H RV r[WDVHV IDPLOLDUHV GR DPRU FRQMXJDO ( QD

PDQKmVHJXLQWHGHSRLVGRVXFRGHODUDQMDFRPWRUUDGDVOiYmR

HOHV GH YROWD j VXD IDLQD GH GHVFREULU FRPR XP Q~PHUR PDLRU

DLQGDGHIDPtOLDVH[DWDPHQWHFRPRDVVXDVSRGHPVHULQIHWDGDV

SRUXPDDomRDLQGDPDLVPRUWtIHUDGR%DFFLOXVPDOOHL

1RYR JDQLGR GH FRPDQGR GRV PDUHFKDOtVVLPRV (QWUH RV

PRQRVGHERWDVHQFDUUHJDGRVGRVXSULPHQWRGH*rQLRHPFDGD

background image

XPGRVH[pUFLWRVKiXPYLROHQWRHVWDODUGHFKLFRWDGDVXPHVWLFDU

GHFDEUHVWRV

3ODQRSUy[LPRGRV(LQVWHLQVTXHWHQWDPUHVLVWLU

²1mRQmRHXQmRSRVVR

²'LJROKHTXHQmRSRVVR

²'HVOHDO

²7UDLGRUGDSiWULD

²&RPXQLVWDLPXQGR

²&mREXUJXrVIDVFLVWD

²9HUPHOKRLPSHULDOLVWD

²&DSLWDOLVWDPRQRSROLVWD

²7RPH

²7RPH

3LVDGRDoRLWDGRVHPLDVIL[LDGRFDGDXPGRV

(LQVWHLQV p ILQDOPHQWH DUUDVWDGR D XPD HVSpFLH GH JXDULWD 1R

LQWHULRU GDV PHVPDV Ki SDLQpLV GH LQVWUXPHQWRV FRP

PRVWUDGRUHVFKDYHVHERW}HV

1$55$'25

eFODURpyEYLR

4XHPHQLQRGHHVFRODRGHVFRQKHFH"

2V PDFDFRV HVFROKHP RV ILQV Vy RV PHLRV VmR GR

KRPHP

3UR[HQHWDGH3DSLRODFDLDGHEDEXtQRV

$5D]mRYHPSUHVVXURVDQDkQVLDGHUDWLILFDU

9HPVHUYLOFRPD)LORVRILDODPEHURVSpVDRVWLUDQRV

9HPDOFRYLWHLUDGD3U~VVLDFRPD+LVWyULDKHJHOLDQD

9HP FRP D 0HGLFLQD PLQLVWUDU R DIURGLVtDFR GR 5HL

0DFDFR

9HPFRPULPDVH5HWyULFDHVFUHYHUVXDVDUHQJDV

9HPFRPR&iOFXORDSRQWDUVHXVIRJXHWHV

&RPSUHFLVmRVREUHRRUIDQDWRQRDOpPPDU

9HPWHQGRDSRQWDGRFRPLQFHQVR

5RJDUGHYRWDPHQWHj9LUJHPSRUXPLPSDFWRGLUHWR

background image

$EDQGDPLOLWDUFHGHOXJDUDRPDLVYLVFRVRGRV:XUOLW]HUV

´7HUUDGH(VSHUDQoDH*OyULDµDR´$YDQWH6ROGDGRVGH&ULVWRµ

6HJXLGR GR VHX UHYHUHQGR GHmR H GR VHX FDELGR R

5HYHUHQGtVVLPR %LVSR%DEXtQR GR %URQ[ DYDQoD PDMHVWRVR R

EiFXORQDSDWDFDUUHJDGDGHMyLDVSDUDODQoDUDErQomRVREUHRV

GRLV PDUHFKDOtVVLPRVGHFDPSR H VREUH RV VHXV SDWULyWLFRV

HPSUHHQGLPHQWRV

1$55$'25

,JUHMDH(VWDGR

*DQkQFLDHÐGLR²

'XDV3HVVRDV6tPLDVQXPVy*RULOD6XSUHPR

72'26

$PpPDPpP

2%,632

,QQRPLQH%DEXLQL

1DWULOKDVRQRUDpWXGRYR[KXPDQDHDVYD]HVDQJpOLFDVGH

FRUR

´&RPDGLP&UX]GHSS-HVXVIIVHPSUHj

YDQJXDUGDµ

(QRUPHVSDWDVVXVSHQGHPRV(LQVWHLQVREULJDQGRRVDS{UVHGH

Sp H QXP SULPHLUR SODQR IHUUDPOKHV RV SXOVRV *XLDGRV SRU

PDFDFRV HVVHV GHGRV TXH HVFUHYHUDP HTXDo}HV H WRFDUDP D

P~VLFDGH-RKDQQ6HEDVWLDQ%DFKIHFKDPVHVREUHDVFKDYHVGH

FRPDQGR H FRP KRUURUL]DGD UHOXWkQFLD OHQWDPHQWH DV

background image

SUHVVLRQDP SDUD EDL[R 2XYHVH XP OHYH HVWDOLGR GHSRLV XP

ORQJRVLOrQFLRTXHEUDGRDILQDOSHODYR]GRQDUUDGRU

1$55$'25

0HVPRDYHORFLGDGHVVXSHUV{QLFDVRVIRJXHWHVOHYDUmRXP

WHPSR DSUHFLiYHO SDUD DOFDQoDU VHX GHVWLQR 3RUWDQWR UDSD]HV

TXHWDOXPDOPRoR]LQKRHQTXDQWRHVSHUDPRVSHOR-Xt]R)LQDO"

2VPDFDFRVDEUHPVXDVPRFKLODVDWLUDPXPSRXFRGHSmR

DOJXPDVFHQRXUDVHGRLVRXWUrVWRUU}HVGHDo~FDUDRV(LQVWHLQVH

ODQoDPVHDXPUHSDVWRGHDJXDUGHQWHHFKRXULoRV

)XVmR SDUD R FRQYpV GD HVFXQD RQGH RV FLHQWLVWDV GD

([SHGLomRGH5HGHVFREULPHQWRHVWmRWDPEpPDOPRoDQGR

1$55$'25

(HVWHVVmRDOJXQVGRVVREUHYLYHQWHVGDTXHOH-Xt]R3HVVRDV

DVVD] DJUDGiYHLV ( D FLYLOL]DomR TXH HODV UHSUHVHQWDP ² p

DJUDGiYHO WDPEpP 1DGD GH PXLWR H[FLWDQWH RX HVSHWDFXODU p

YHUGDGH 1mR WHP 3DUWHQRQV QHP &DSHODV 6LVWLQDV QmR WHP

1HZWRQVQHP0R]DUWVQHP6KDNHVSHDUHVPDVWDPEpPQmRWHP

(]]HOLQRVQmRWHP1DSROH}HVQHP+LWOHUVQHP-D\*RXOGVQmR

WHP ,QTXLVLo}HV QHP 1.9' QmR WHP H[SXUJRV SRJURPV RX

OLQFKDPHQWRV 1HP DOWXUDV QHP DELVPRV PDV OHLWH HP

DEXQGkQFLD SDUD DV FULDQoDV XP 4, PpGLR UD]RDYHOPHQWH

HOHYDGR H WXGR GXPD PDQHLUD WUDQTLOD H SURYLQFLDQD

SOHQDPHQWHFRQIRUWiYHOVHQVDWDHKXPDQD

8P GRV KRPHQV DVVHVWD VHX ELQyFXOR H SHUVFUXWD D FRVWD

TXHGLVWDDJRUDDSHQDVXPSDUGHPLOKDV'HV~ELWRGHL[DHVFDSDU

XPDH[FODPDomRGHMXELORVDVXUSUHVD

²2OKH²(OHHVWHQGHDVOHQWHVDXPGRVFRPSDQKHLURV²

1DFULVWDGDFROLQD

background image

2RXWURROKD

7RPDGDWHOHVFySLFDGHFROLQDVUDVDV1RSRQWRPDLVDOWRGD

ORPEDGDDVVLOKXHWDVGHWUrVWRUUHVGHSHWUyOHRHUJXHPVHFRQWUD

R FpX FRPR R HTXLSDPHQWR GH XP PRGHUQR H PDLV HILFLHQWH

&DOYiULR

3HWUyOHR²JULWDRVHJXQGRREVHUYDGRUH[FLWDGDPHQWH²

(DVWRUUHVDLQGDHVWmRGHSp

²'HSp"

2DVVRPEURpJHUDO

²,VWRVLJQLILFD²GL]RYHOKRSURIHVVRU&UDLJLHRJHyORJR²

TXH QmR SRGH WHU KDYLGR XPD H[SORVmR PXLWR IRUWH QDV

UHGRQGH]DV

² 0DV QmR p QHFHVViULR TXH WHQKD KDYLGR H[SORV}HV ²

H[SOLFD R VHX FROHJD GR GHSDUWDPHQWR GH ItVLFD ² *DVHV

UDGLRDWLYRVID]HPRVHUYLoRFRPDPHVPDHILFLrQFLDHVREUHiUHDV

PXLWRPDLVH[WHQVDV

²9RFrVSDUHFHPHVTXHFHUDVEDFWpULDVHRVYtUXV²LQWHUYpP

R SURIHVVRU *UDPSLDQ R ELyORJR 6HX WRP p R GH TXHP VHQWH

WHUHPIHLWRSRXFRFDVRGHOH

6XDMRYHPHVSRVDTXHpDSHQDVXPDDQWURSyORJDHSRUWDQWR

QmR WHP FRP TXH FRQWULEXLU SDUD D GLVFXVVmR FRQWHQWDVH HP

ODQoDUDRItVLFRXPROKDUIHUR]

$WOpWLFD HP VXDV FDOoDV GH WZHHG PDV DR PHVPR WHPSR

EULOKDQWHPHQWH LQWHOLJHQWH SRU GHWUiV GRV yFXORV GH DURV GH

WDUWDUXJD D 6UD (WKHO +RRN GR GHSDUWDPHQWR GH ERWkQLFD

OHPEUDOKHV VHU TXDVH FHUWR WHU RFRUULGR R HPSUHJR HP ODUJD

HVFDODGHGRHQoDVGDVSODQWDV(ODVHYROWDSDUDSHGLUFRQILUPDomR

GDVVXDVSDODYUDVDRVHXFROHJD'U3RROHTXHDFHQDHPVLQDO

(

GHDSURYDomR

²'RHQoDVGDVSODQWDVDOLPHQWtFLDV²GL]HOH j FRP VHX DU

SURIHVVRUDO ² WHULDP XP HIHLWR GH ORQJR DOFDQFH QmR PHQRV

GHFLVLYR GR TXH R SURGX]LGR SRU PDWHULDO ILVVLRQiYHO RX SRU

HSLGHPLDVDUWLILFLDOPHQWHSURYRFDGDV&RQVLGHUHPSRUH[HPSOR

DEDWDWD

background image

²0DVSRUTXHSHUGHUWHPSRFRPTXDOTXHUGHVVDVIULROHLUDV"

² WURYHMD UXGHPHQWH R HQJHQKHLUR GR JUXSR 'U &XGZRUWK ²

&RUWHPVHRVDTXHGXWRVHQXPDVHPDQDHVWiWXGROLTXLGDGR6HP

DJXLQKDDGHXVYLGLQKD²'HOLFLDGRFRPDSUySULDSLOKpULDHOHUL

jVJDUJDOKDGDV

(QWUHPHQWHV R 'U 6FKQHHJORFN R SVLFyORJR HVFXWD

VHQWDGRFRPXPVRUULVRGHPDOGLVIDUoDGRGHVGpP

²(SRUTXHSHUGHUWHPSRFRPRVDTXHGXWRV"

²SHUJXQWDHOH²7XGRRTXHVHWHPDID]HUpVLPSOHVPHQWH

DPHDoDU R YL]LQKR FRP TXDOTXHU GDV DUPDVGH GHVWUXLomR HP

PDVVD2VHXSUySULRSkQLFRIDUiRUHVWR/HPEUHPVHGRTXHR

SURFHVVR SVLFROyJLFRIH] HP 1RYD <RUN SRU H[HPSOR $V

LUUDGLDo}HV HPRQGDV FXUWDV GH DOpPPDU RV FDEHoDOKRV QRV

YHVSHUWLQRV ( QR PHVPR LQVWDQWH RLWR PLOK}HV GH SHVVRDV

HVSH]LQKDQGRVH QDV SRQWHV H QRV W~QHLV ( RV

VREUHYLYHQWHVHVSDOKDGRVSHORVFDPSRVFRPRJDIDQKRWRVFRPR

XPDKRUGDGHUDWRVSHVWHDGRV&RQWDPLQDQGRRVUHVHUYDWyULRVGH

iJXD 'LVVHPLQDQGR R WLIR D GLIWHULD H DV GRHQoDV YHQpUHDV

0RUGHQGR DUUDQKDQGR VDTXHDQGR DVVDVVLQDQGR HVWXSUDQGR

'HYRUDQGR RV FmHV H RV FDGiYHUHV GDV FULDQoDV %DOHDGRV j

SULPHLUD YLVWD SHORV FDPSRQHVHV HVERUGRDGRV SHOD SROtFLD

PHWUDOKDGRV SHOD*XDUGD (VWDGXDO HQIRUFDGRV SHORV 9LJLODQWHV

( DPHVPD FRLVD HVWDYD DFRQWHFHQGR HP &KLFDJR

'HWURLW)LODGpOILD :DVKLQJWRQ HP /RQGUHV HP 3DULV

HP%RPEDLPHHP;DQJDLHHP7yTXLRHP0RVFRXHP.LHY

HP 6WDOLQJUDGR HP FDGD FDSLWDO FDGD FHQWUR LQGXVWULDO FDGD

SRUWR FDGD HQWURQFDPHQWR IHUURYLiULRQR PXQGR LQWHLUR 1HP

XPWLURIRUDGLVSDUDGRHDFLYLOL]DomRMiHVWDYDHPUXtQDV3RUTXH

RV VROGDGRV DLQGD DFKDUDP QHFHVViULR XVDU VXDV ERPEDV HX

UHDOPHQWHQmRSRVVRLPDJLQDU

1$55$'25

2DPRUHOLPLQDRPHGRPDVUHFLSURFDPHQWHR PHGR

HOLPLQD R DPRU ( QmR DSHQDV R DPRU 2 PHGR HOLPLQD D

background image

LQWHOLJrQFLD HOLPLQD D ERQGDGH HOLPLQD WRGRSHQVDPHQWR GH

EHOH]DHYHUGDGH6ySHUVLVWHRGHVHVSHURPXGRRXIRUoDGDPHQWH

MRYLDOGHTXHPSUHVVHQWHD

REVFHQD 3UHVHQoD QR FDQWR GR

TXDUWRHVDEHTXHDSRUWD

HVWi WUDQFDGD TXH QmR Ki MDQHODV

(HQWmRDFRLVDR

DFRPHWH (OH VHQWH XPD PmR QD VXD

PDQJDUHVSLUDXPEDIRIpWLGRTXDQGRRDMXGDQWHGRFDUUDVFRVH

LQFOLQD TXDVH DPRURVDPHQWH SDUD HOH ´e D VXD YH] LUPmR 3RU

DTXLWHQKDDERQGDGHµ(QXPLQVWDQWHRVHXWHUURUVLOHQFLRVRVH

WUDQVIRUPDHPIUHQHVLWmRYLROHQWRTXDQWRLQ~WLO1mRpPDLVXP

KRPHP HQWUH RV VHXV VHPHOKDQWHV QmR PDLV XP VHU UDFLRQDO

IDODQGR DUWLFXODGDPHQWH D RXWURV VHUHV UDFLRQDLV VRPHQWH XP

DQLPDO IHULGR XOXODQGR H VH GHEDWHQGR QD DUPDGLOKD 3RLV

QRILP R PHGR HOLPLQD QR KRPHP D SUySULD KXPDQLGDGH( R

PHGRPHXVERQVDPLJRVRPHGRpDSUySULDEDVHHIXQGDPHQWR

GD YLGD PRGHUQD 0HGR GD WmR DSUHJRDGD WHFQRORJLD TXH

HQTXDQWRHOHYDRQRVVRSDGUmRGH

YLGD

DXPHQWD

D

SUREDELOLGDGHGHQRVVDPRUWHYLROHQWD

0HGR GD FLrQFLD

TXHWLUDFRPXPDGDVPmRVDLQGDPDLVGRTXHWmRSURGLJDPHQWH

GLVWULEXL FRP D RXWUD 0HGR GDV LQVWLWXLo}HV PDQLIHVWDPHQWH

IDWDLV SHODV TXDLV HP QRVVD OHDOGDGH VXLFLGDHVWDPRV SURQWRV D

PDWDURXPRUUHU0HGRGRV*UDQGHV+RPHQVTXHHOHYDPRVSRU

DFODPDomRSRSXODUDXPSRGHUTXHHOHVXVDPLQHYLWDYHOPHQWH

SDUD QRV PDVVDFUDU H HVFUDYL]DU 0HGR GD JXHUUD TXH QyV QmR

TXHUHPRVPDVWXGRID]HPRVSDUDGHVHQFDGHDU

(QTXDQWR R 1DUUDGRU IDOD D FHQD GLVVROYH SDUD R

SLTXHQLTXHDRDUOLYUHGRVEDEXtQRVH(LQVWHLQVSULVLRQHLURV(OHV

FRPHP H EHEHP UHJDODGDPHQWH HQTXDQWR RV GRLV SULPHLURV

YHUVRV GR ´$YDQWH 6ROGDGRV GH &ULVWRµ VH UHSHWHP

LQFHVVDQWHPHQWHPDLVHPDLVGHSUHVVDPDLVHPDLVDOWR6~ELWRD

P~VLFDpLQWHUURPSLGDSHODSULPHLUDGHXPDVXFHVVmRGHHQRUPHV

H[SORV}HV 7UHYDV 8P IUDJRU SURORQJDGR HQVXUGHFHGRU GH

GHVPRURQDPHQWRVHVWDODVJULWRVJHPLGRV'HSRLVVLOrQFLRDOX]

YROWDJUDGXDOPHQWHHPDLVXPDYH]pDKRUDDQWHVGRDPDQKHFHU

FRPDHVWUHODPDWXWLQDHDP~VLFDGHOLFDGDSXUD

background image

1$55$'25

%HOH]DLQH[SULPtYHOSD]DOpPGRHQWHQGLPHQWR

$RORQJHDOpPGRKRUL]RQWHXPDFROXQDGHIXPDoDURVDGD

HOHYDVHSDUDRFpXH[SDQGHVHjIHLomRGHXPHQRUPHFRJXPHOR

HILFDIOXWXDQGRQRHVSDoRHFOLSVDQGRRSODQHWDVROLWiULR

'LVVROYHPRVPDLVXPDYH]SDUDDFHQDGRSLTXHQLTXH2V

EDEXtQRV HVWmR WRGRV PRUWRV +RUULYHOPHQWH GHVILJXUDGRV SRU

TXHLPDGXUDVRVGRLV(LQVWHLQVMD]HPODGRDODGRVRERTXHUHVWD

GHXPDPDFLHLUDHPIORU1mRPXLWRORQJHXPWDQTXHGHSUHVVmR

H[DODDLQGDRVHXPRUPRDWLYDGR

35,0(,52(,167(,1

(LQMXVWRQmRHVWiFHUWR

6(*81'2(,167(,1

1yVTXHQXQFDIL]HPRVPDODQLQJXpP

35,0(,52(,167(,1

1yVTXHYLYHPRVVySDUDD9HUGDGH

1$55$'25

(pSUHFLVDPHQWHSRULVVRTXHHVWDLVPRUUHQGRDVHUYLoRGH

PDFDFRVDVVDVVLQRV3DVFDOMiRH[SOLFRXEHPFODUDPHQWHKiPDLV

GHWUH]HQWRVDQRV´)D]HPRVGDYHUGDGHXPtGRORSRLVDYHUGDGH

VHPFDULGDGHQmRp'HXVPDVVXDLPDJHPHtGRORTXHQyVQmR

GHYHPRVQHPDPDUQHPDGRUDUµ9yVYLYHVWHVSDUDDDGRUDomRGH

XP tGROR 0DV HP ~OWLPD DQiOLVH R QRPH GH WRGR tGROR p

0RORTXH(DVVLPPHXVDPLJRVGHXQRTXHGHX

,PSHOLGDSRUXPDV~ELWDUDMDGDGHYHQWRDQHEOLQDSHVWLOHQWDDWp

HQWmRHVWDJQDGDDYDQoDVLOHQFLRVDPHQWHSURMHWDXPDHVSLUDOGH

background image

YDSRUFRUGHSXVUHGHPRLQKDQGRSRUHQWUHDVIORUHVGHPDFLHLUD

GHSRLV GHVFH SDUD HQJROIDU RV GRLV YXOWRV SURVWUDGRV 8P JULWR

VXIRFDGRDQXQFLDDPRUWHSRUVXLFtGLRGDFLrQFLDGRVpFXOR;;

)XVmRSDUDXPSRQWRGDFRVWDGRVXOGD&DOLIyUQLDXPDVYLQWH

PLOKDV D RHVWH GH /RV $QJHOHV 2V FLHQWLVWDV GD ([SHGLomR GH

5HGHVFREULPHQWR VmR YLVWRV QR DWR GH GHVHPEDUFDU GH XPD

EDOHHLUD$RIXQGRXPHQRUPHFRQGXWRGHHVJRWRVHPLGHVWUXtGR

QRSRQWRHPTXHPHUJXOKDQRPDU

1$55$'25

3DUWHQRQ&ROLVHX

*OyULDGD*UpFLDJUDQGH]DHWFpWHUD

(DtHVWmRWRGDVDVGHPDLV²

7HEDVH&RSDQ$UH]]RH$MDQWD

%RXUJHVDUUHPHWHQGRFRQWUDRFpX

(D6DQWD6DSLrQFLDIOXWXDQGRLPyYHO

3RUpPDJOyULDYLWRULDQD

eDLQGDLQGLVFXWLYHOPHQWHR:&

$JUDQGH]DGH)UDQNOLQ'HODQR

eHVWHLPHQVRHVJRWRRPDLRUMDPDLVFRQVWUXtGR²

6HFRDJRUDHGHVWURoDGR,FKDERG,FKDERG

(RVHXHQ[XUURGHFRQGRQVERLDQGRLUUHSULPLYHOPHQWH

&RPRDHVSHUDQoDFRPRDFRQFXSLVFrQFLD

1mRPDLVEUDQTXHLDHVWDSUDLDVROLWiULD

&RPXPDJDOi[LDFRPRTXHGHDQrPRQDV

2XPDUJDULGDVHVWLYDLV

(QTXDQWR LVVR RV FLHQWLVWDV FRP R 'U &UDLJLH j IUHQWH

FUX]DUDP D SUDLD HVFDODUDP D EDL[D SHQHGLD H DYDQoDP DJRUD

DWUDYpV GD SODQXUD DUHQRVD H HURGLGD HP GLUHomR DRV SRoRV GH

SHWUyOHRVREUHDVFROLQDVDOpP

$FkPHUDGHWpPVHVREUHR'U3RROHRERWkQLFRFKHIHGD

H[SHGLomR &RPR XPD RYHOKD SDVWDQGR HOH VH PRYH GH XPD

SODQWD SDUD RXWUD H[DPLQDQGR IORUHV DWUDYpV GD VXD OXSD

background image

UHFROKHQGR HVSpFLPHV QR VHX HVWRMR GH FROHFLRQDGRU WRPDQGR

QRWDVQXPOLYULQKRSUHWR

1$55$'25

%HPDTXLRWHPRVRQRVVRKHUyL'U$OIUHG3RROHGRXWRU

HP&LrQFLD0DLVFRQKHFLGRHQWUHRVVHXVDOXQRVHFROHJDVPDLV

MRYHQVSRU3RROH%RFy(RDSHOLGRDLGHQyVpGRORURVDPHQWH

DSURSULDGR 3RLV HPERUD QmR VHMD PDODSHVVRDGR FRPR SRGHLV

REVHUYDUHPERUDPHPEURGD5HDO6RFLHGDGHGD1RYD=HOkQGLDH

GHPDQHLUDDOJXPDXPSDUYRQDVFRQMXQWXUDVGDYLGDSUiWLFDVXD

LQWHOLJrQFLDSDUHFHVHUDSHQDVSRWHQFLDO VHXV DWUDWLYRV QmR PDLV

TXHODWHQWHVeFRPRVHHOHYLYHVVHSRUGHWUiVGHXPDSODFDGH

YLGURSXGHVVHYHUHVHUYLVWRSRUpPMDPDLVHVWDEHOHFHUFRQWDWR

( D FXOSD FRPR R 'U 6FKQHHJORFN GR GHSDUWDPHQWR GH

SVLFRORJLDHVWiPDLVTXHDSWRDYRVH[SOLFDUDFXOSDFDEHjTXHOD

PmHWmRGHYRWDGDHWmRLQWHQVDPHQWHYL~YD²jTXHODVDQWDjTXHOH

SLODUGHIRUWDOH]DDTXHOHYDPSLURTXHDLQGDSUHVLGHjVXDPHVD

GHDOPRoRODYDTFRPDVSUySULDVPmRVDVVXDVFDPLVDVGHVHGDH

DEQHJDGDPHQWHUHPHQGDDVVXDVPHLDV$6UWD+RRNHQWUDDJRUD

HPFHQD²HQWUDQXPDH[SORVmRGHHQWXVLDVPR

²1mRpHPRFLRQDQWH$OIUHG"²H[FODPDHOD

²0XLWR²FRQFRUGDR'U3RROHSROLGDPHQWH

²9HUD<XFFDJORULRVDHPVHXKDELWDWQDWLYR

4XHP SRGHULD LPDJLQDU TXH WLYpVVHPRV HVWD RSRUWXQLGDGH" ( D

$UWHPLVLDWULGHQWDWD

² 5HVWDP DLQGD DOJXPDV IORUHV QD $UWHPLVLD ² GL] R 'U

3RROH²1RWDQHODVDOJXPDFRLVDIRUDGRFRPXP"

$6UD+RRNH[DPLQDDVIORUHVDEDQDDFDEHoD

² 6mR EHP PDLRUHV TXH QDV GHVFULo}HV GRV YHOKRV

FRPSrQGLRV ² REVHUYD HOH FRP H[FLWDomR HVWXGDGDPHQWH

UHSULPLGD

²%HPPDLRUHV"²UHSHWHHOD6HXURVWRVH

LOXPLQD²$OIUHGYRFrDFKD"

2'U3RROHDVVHQWH

background image

² 6RX FDSD] GH DSRVWDU ² GL] HOH ² 7HWUDSORLGLVPR

,QGX]LGRSRULUUDGLDomRGHUDLRVJDPD

²2K$OIUHG²JULWDHODH[WDWLFDPHQWH

1$55$'25

&RP VHXV WYHHGV H FRP VHXV yFXORV GH DURV GH WDUWDUXJD

(WKHO+RRNpXPDGHVVDVPRoDVH[WUDRUGLQDULDPHQWHVDXGiYHLV

VXUSUHHQGHQWHPHQWH HILFLHQWHV H LQWHQVDPHQWH EULWkQLFDV FRP

TXHP D PHQRV TXH VH VHMD LJXDOPHQWH VDXGiYHO LJXDOPHQWH

EULWkQLFR H DLQGD PDLV HILFLHQWH VH DFKD PXLWR SUHIHUtYHO QmR

FDVDU

5D]mR SURYiYHO SRU TXH DRV DQRV (WKHO VH HQFRQWUD DLQGD

VHPPDULGR6HPPDULGRVLPPDV²HODHVSHUD²QmRSRUPXLWR

WHPSR 3RLV HPERUD R TXHULGR $OIUHG QD YHUGDGH DLQGD QmR VH

WHQKDGHFODUDGRHODVDEHHVDEHTXHHOHVDEHTXHRPDLVFDUR

GHVHMRGHVXDPmHpTXHHOHRIDoD²H$OIUHGpRPDLVREHGLHQWH

GRVILOKRV$GHUQDLVHOHVWrPWDQWRHPFRPXP ² D ERWkQLFD D

XQLYHUVLGDGHDSRHVLDGH:RUGVZRUWK(ODFRQILDHPTXHDQWHV

GR UHJUHVVR D $XFNODQG WXGR VH WHUi DUUDQMDGR ² D FHULP{QLD

VLPSOHV FRP R YHOKR 'U 7ULOOLDPV RILFLDQGR D OXDGHPHO QRV

$OSHV0HULGLRQDLVDYROWDjVXDOLQGDFDVLQKDHP0RXQW(GHQH

GHSRLVGH]RLWRPHVHVPDLVWDUGHRSULPHLURILOKLQKR

&RUWHSDUDRVRXWURVPHPEURVGDH[SHGLomRTXHJDOJDPDFROLQD

UXPR DRV SRoRV GH SHWUyOHR 2 SURIHVVRU &UDLJLH TXH RV

FRPDQGDID]DOWRSDUDHQ[XJDUDWHVWDHSDVVDUHPUHYLVWDRVVHXV

SXSLORV

²2QGHHVWiR3RROH"²SHUJXQWDHOH²((WKHO+RRN"

$OJXpPDSRQWDHQXPSODQRJHUDOYHPRVRVYXOWRVGLVWDQWHVGRV

GRLVERWkQLFRV

&RUWH YROWDQGR DR SURIHVVRU &UDLJLH TXH DMXQWDDV PmRV HP

FRQFKDVREUHDERFDHJULWD²3RROH3RROH

background image

²3RUTXHQmRRVGHL[DHPSD]FRPRVHXURPDQFH]LQKR"

²SHUJXQWDRMRYLDO&XGZRUWK

² 5RPDQFH SRLV VLP ² 2 'U 6FKQHHJORFNEXID FRP

HVFiUQLR

²0DVpHYLGHQWHTXHHODHVWiFDtGDSRUHOH

²6mRSUHFLVRVGRLVSDUDXPURPDQFH

² 8PD PXOKHU VDEH OHYDU R VHX KRPHP D S{UR Sp QR

ODoR

² e PDLV IiFLO HOH FRPHWHU LQFHVWR FRP D PmHGHOH ²

DILUPDR'U6FKQHHJORFNHQIDWLFDPHQWH

² 3RROH ² EHUUD PDLV XPD YH] R SURIHVVRU &UDLJLH

'HSRLVYROWDQGRVHSDUDRVRXWURV²1mRPHDJUDGDTXHILTXH

QLQJXpPSDUDWUiV²GL]HPWRPLUULWDGR²1XPDWHUUDHVWUDQKD

QXQFDVHVDEH

(OHUHQRYDREHUUHLUR

&RUWHSDUDR'U3RROHHD6UWD+RRN(OHVRXYHPRFKDPDGR

GLVWDQWHOHYDQWDPRVROKRVGDVXD$UWHPLVLDWHWUDSOyLGHDEDQDP

RVEUDoRVHODQoDPVHDRHQFDOoRGRVGHPDLV'HUHSHQWHR'U

3RROHDYLVWDDOJRTXHRID]JULWDUDOWR²2OKH²(OHDSRQWDXP

LQGLFDGRU

²2TXHp"

²(FKLQRFDFWXVKH[DHGURSKRUXV8PEHOtVVLPRH[HPSODU

0HLR SODQR JHUDO GR VHX SRQWR GH YLVWD SDUD XPEDQJDO{

DUUXLQDGR HQWUH DV VDOYDV 'HSRLV XP SODQRSUy[LPR GR FDFWR

FUHVFHQGR HQWUH GXDV ODMHV GH SDYLPHQWR SUy[LPR j SRUWD GH

HQWUDGD&RUWHSDUDR'U3RROH'DEDLQKDGHFRXURTXHWUD]DR

FLQWRHOHVDFDXPDORQJDFROKHUGHMDUGLQHLURGHOkPLQDHVWUHLWD

²9RFrQmRYDLGHVHQFDYiORYDL"

$~QLFDUHVSRVWDGHOHpFDPLQKDUSDUDRFDFWRHDFRFRUDUVHMXQWR

DRPHVPR

²2SURIHVVRU&UDLJLHYDLILFDU]DQJDGR²SURWHVWDD6UWD

+RRN

²3RLVEHPVLJDDGLDQWHHIDoDRILFDUTXLHWR

(OD R FRQWHPSOD SRU DOJXQV VHJXQGRV FRP XPDH[SUHVVmR GH

VROLFLWXGH

background image

²(XQmRTXHULDGHL[DUYRFrVR]LQKR$OIUHG

²9RFrIDODFRPRVHHXWLYHVVHFLQFRDQRV²UHWUXFDHOH

FRPLUULWDomR²6LJDDGLDQWHHVWRXOKHGL]HQGR

(OHYLUDDVFRVWDVHFRPHoDDFDYDU

$ 6UWD +RRN QmR REHGHFH GH SURQWR H FRQWLQXD D ROKiOR HP

VLOrQFLRSRUPDLVDOJXQVLQVWDQWHV

1$55$'25

7UDJpGLD p D IDUVD TXH HQYROYH DV QRVVDV VLPSDWLDV IDUVD D

WUDJpGLDTXHVXFHGHDRVTXHQRVVmRHVWUDQKRV(VSRUWLYDHDLURVD

VDXGiYHOHHILFLHQWHHVWHREMHWRGRJrQHURPDLVIiFLOGHViWLUDp

WDPEpPRREMHWRGHXP'LiULRtQWLPR4XHSRHQWHVIODPHMDQWHV

HOD FRQWHPSORX H HP YmR WHQWRX GHVFUHYHU 4XH YHOXGRVDV H

YROXSWXRVDVQRLWHVGHYHUmR4XHLGtOLFDVPDQKmVGHSULPDYHUD

( RK DV WRUUHQWHV GH HPRomR DV WHQWDo}HV DV HVSHUDQoDV R

DSDL[RQDGR SDOSLWDU GR FRUDomR DV GHVLOXV}HV PRUWLILFDQWHV (

DJRUD GHSRLV GH WDQWRV DQRV GHSRLV GH WDQWDV UHXQL}HV GH

FRPLVVmR DVVLVWLGDV WDQWDV DXODV SURIHULGDV WDQWDV SURYDV

FRUULJLGDV DJRUD HQILP HP 6HXV PLVWHULRVRV GHVtJQLRV 'HXV D

WRUQRXHODRVHQWHUHVSRQViYHOSRUHVVHKRPHPGHVDPSDUDGRH

LQIHOL] ( SRUTXH HOH p LQIHOL] H GHVDPSDUDGR HOD R DPD ² QmR

URPDQWLFDPHQWH p YHUGDGH QmR FRPR DPRX jTXHOH WUDWDQWH GH

FDEHORVHQFDUDFRODGRVTXHTXLQ]HDQRVDWUiVOKHYLURXDFDEHoDH

GHSRLV FDVRX FRP D ILOKD GR ULFR HPSUHLWHLUR PDV QmR PHQRV

JHQXLQDPHQWHFRPXPDWHUQXUDIRUWHHSURWHWRUD

²(VWiEHP²GL]HODSRUILP²(XYRXDQGDQGR0DV

SURPHWDPHTXHQmRYDLVHGHPRUDU

²&ODURTXHQmRYRXPHGHPRUDU

(ODYLUDDVFRVWDVHVHDIDVWD2'U3RROHDVHJXHFRPRROKDU

GHSRLVFRPXPVXVSLURGHDOtYLRDRYHUVHRXWUDYH]VyUHFRPHoD

DFDYDU

1$55$'25

background image

´1XQFDµHOHHVWiUHSHWLQGRDVLPHVPR´QXQFDµ

'LJDRTXHGLVVHUDPLQKDPmHµ3RLVHPERUDHOHUHVSHLWHD6UWD

+RRNFRPRFLHQWLVWDFRQILHQHODFRPRRUJDQL]DGRUDHDDGPLUH

FRPRSHVVRDGHFDUiWHUDLGpLDGHVHUIHLWRFRPHODXPDVyFDUQH

OKH p WmR LPSHQViYHO FRPR XPD YLRODomR GR ,PSHUDWLYR

&DWHJyULFR

6~ELWRSRUGHWUiVGHOHWUrVKRPHQVPDOHQFDUDGRVFRPJUDQGHV

EDUEDV QHJUDV VXMRV H PDOWUDSLOKRVHVJXHLUDPVH PXLWR

VLOHQFLRVDPHQWHGHHQWUHDVUXtQDV

GDFDVDSRUXPPRPHQWR

GHWrPVH LQGHFLVRV GHSRLV ODQoDPVH VREUH R GHVSUHYHQLGR

ERWkQLFRHDQWHVTXHHOHSRVVDVHTXHUVROWDUXPDLHQILDPOKHQD

ERFDXPDPRUGDoDDPDUUDPOKHDVPmRVjVFRVWDVHDUUDVWDPQR

SDUDGHQWURGHXPIRVVRIRUDGDYLVWDGHVHXVFRPSDQKHLURV

)XVmR SDUD XPD YLVWD SDQRUkPLFD GR VXO GD &DOLIyUQLD

WRPDGD GD HVWUDWRVIHUD GH XPD DOWXUD GH FLQTHQWD PLOKDV

(QTXDQWR D FkPHUD PHUJXOKD SDUD D WHUUD RXYHVH D YR] GR

QDUUDGRU

1$55$'25

2PDUHVXDVQpYRDVDVPRQWDQKDVYHUGHHRXUR

2DQLOGRVYDOHVHQVRPEUDGRV

$DULGH]IXOYDGDVSODQtFLHV

2VULRVGHVHL[RVHGHDUHLDVEUDQFDV

(HQWUHHOHVVHHVSUDLDQGRLPHQVD

$&LGDGHGRV$QMRV

0HLRPLOKmRGHFDVDV

&LQFRPLOPLOKDVGHUXDV

8PPLOKmRHPHLRGHFDUURVDPRWRU

(PDLVDUWLJRVGHERUUDFKDGRTXH$NURQ

0DLVFHOXOyLGHGRTXHRVVRYLpWLFRV

0DLVPHLDVGHQiLORQGRTXH1HZ5RFKHOOH

0DLVVXWLmVTXH%XIIDOR

0DLVGHVRGRUDQWHVTXH'HQYHU

background image

0DLV ODUDQMDV TXH TXDOTXHU RXWUR OXJDU &RP JDURWDV

PDLRUHVHPHOKRUHV

$JUDQGH0HWUROORSLVGR2HVWH

(DJRUDHVWDPRVDVRPHQWHFLQFRPLOKDVGHDOWLWXGHHYDLVH

WRUQDQGRFDGDYH]PDLVHYLGHQWHTXHDJUDQGH0HWUROORSLV

pXPD

FLGDGHIDQWDVPD TXH R TXH IRL XP GLD R PDLV YDVWR RiVLV GR

PXQGR p DJRUD R VHX PDLRU DJORPHUDGR GH UXtQDV QXPD WHUUD

GHYDVWDGD 1DGD VH PRYH QDV UXDV 'XQDV DPRQWRDUDPVH SRU

HQWUH R FRQFUHWR 'DV DYHQLGDV GH SDOPHLUDV H SLPHQWHLUDV QmR

UHVWDYHVWtJLRDOJXP

$FkPHUDGHVFHVREUHXPJUDQGHFHPLWpULRUHWDQJXODUHQWUH

DV WRUUHV GH FRQFUHWR DUPDGR GH +ROO\ZRRG H DV GR :LOVKLUH

%RXOHYDUG $WHUULVVDPRV SDVVDPRV VRE XP SRUWDO HP DUFR

DSUHFLDPRV XP WUDYHOOLQJ GH PRQXPHQWRV IXQHUiULRV 8PD

SLUkPLGH HP PLQLDWXUD 8PD JXDULWD JyWLFD 8P VDUFyIDJR GH

PiUPRUH HQFLPDGR SRU VHUDILQV HP SUDQWR $ HVWiWXD HP

WDPDQKR PDLV TXH QDWXUDO GH +HGGD %RGG\ ² ´FDULQKRVDPHQWH

DSHOLGDGDµ UH]D D LQVFULomR GR SHGHVWDO ´D 1DPRUDGD 3~EOLFD

1~PHUR 8Pµ ´$WUHOD R WHX FDUUR D XPD HVWUHODµ $WUHODPRV H

SURVVHJXLPRVHLQHVSHUDGDPHQWHHPPHLRDWRGDHVVDGHVRODomR

OiHVWiXPSHTXHQRJUXSRGHVHUHVKXPDQRV6mRTXDWURKRPHQV

FRPHQRUPHVEDUEDVHPDLVGRTXHVXMRVHGXDVPXOKHUHVMRYHQV

WRGRV HOHV WUDEDOKDQGR FRP SiV GHQWUR H DR UHGRU GH XPD

VHSXOWXUD DEHUWD H WRGRV LGHQWLFDPHQWH YHVWLGRV GH FDOoDV H

FDPLVDVGHSDQRRUGLQiULRHHVIDUUDSDGR6REUHHVVDVYHVWLPHQWDV

JURVVHLUDVFDGDXPGHOHVXVDXPSHTXHQRDYHQWDOTXDGUDGRVREUH

R TXDO HP Om YHUPHOKD HVWi ERUGDGD D SDODYUD 1mR $OpP GRV

DYHQWDLVDVPRoDVRVWHQWDPXPUHPHQGRFLUFXODUDSOLFDGRVREUH

FDGDVHLRHDWUiVXPSDUGHUHPHQGRVXPSRXFRPDLRUHVVREUH

RV IXQGLOKRV GDV FDOoDV 7UrV LQHTXtYRFDV QHJDWLYDV QRV VD~GDP

TXDQGRHODVVHDSUR[LPDPGXDVPDLVjPDQHLUDGDVIOHFKDVGRV

SDUWRVTXDQGRVHDIDVWDP

)LVFDOL]DQGR RV WUDEDOKDGRUHV GH VREUH D OiSLGH GH XP

PDXVROpX YL]LQKR HVWi VHQWDGR XP KRPHP GH VHXV TXDUHQWD

background image

DQRVDOWRKHUF~OHRFRPRVROKRVQHJURVHRQDUL]DTXLOLQRGH

XPFRUViULRDUJHOLQR8PDEDUEDQHJUDHHQFDUDFRODGDUHDOoDOKH

RYHUPHOKR~PLGRGRVOiELRVJURVVRV

2DXWRUID]XPDQDJUDPDLQWUDGX]tYHOGH0HWUySROLVMRJDQGRFRPD

SDODYUDLQJOHVDWUROORS²SURVWLWXWD3URYiYHODOXVmRj´*UDQGH3URVWLWXWDµ

GHTXHIDODRFDStWXOR;9,,GR$SRFDOLSVH1GR7

8PWDQWRLQFRQJUXHQWHPHQWHHOHYHVWHXPDIDWLRWDGRWDOKH

XVDGR QRV PHDGRV GR VpFXOR ;; XP SRXFR SHTXHQD SDUD HOH

1R PRPHQWR HP TXH R VXUSUHHQGHPRV DFKDVH DEVRUYLGR HP

DSDUDUDVXQKDV

&RUWHSDUDRVFRYHLURV8PGHOHVRPDLVMRYHPHGHPHOKRU

DSDUrQFLD OHYDQWD RV ROKRV GD VXD Si UHODQFHLD XP ROKDU VXE

UHSWtFLR DR IHLWRU VREUH D OiSLGH H YHQGRR RFXSDGR FRP DV

SUySULDV XQKDV YROYH XP ROKDU LQWHQVDPHQWH O~EULFR j MRYHP

UHFKRQFKXGD TXH DR VHX ODGR VH LQFOLQD VREUH D IHUUDPHQWD

3ODQRSUy[LPRGRVGRLVUyWXORVSURLELWLYRV1mRHRXWUDYH]1mR

FUHVFHQGR PDLV H PDLV TXDQWR PDLV DYLGDPHQWH HOH RV ILWD -i

DFRQFKHDGDSDUDRFRQWDWRGHOLFLRVDPHQWHLPDJLQDGRVXDPmRVH

HVWHQGH WHQWHDQWH KHVLWDQWH GHSRLV QXP DUUDQFR TXDQGR

EUXVFDPHQWHDFRQVFLrQFLDYHQFHDWHQWDomRUHFROKHVHGHQRYR

0RUGHQGRROiELRRUDSD]YLUDDVFRVWDVHFRP]HORUHGREUDGR

DSOLFDVHPDLVXPDYH]DRWUDEDOKR

'HUHSHQWHXPDSiVHFKRFDFRQWUDXPREMHWRGXUR+iXP

EUDGR GH M~ELOR XP DIm GH DWLYLGDGH FRPELQDGD $OJXQV

PRPHQWRVPDLVWDUGHXPEHORHVTXLIHGHPRJQRpJXLQGDGRSDUD

DVXSHUItFLH

²$UURPEHPQR

²2.&KHIH

2XYHVHRUDQJHUHHVWDODUGHPDGHLUDGHVSHGDoDGD

²+RPHPRXPXOKHU"

²+RPHP

²ÐWLPR'HVSHMHPQRIRUD

background image

&RPXP´XPGRLVMiµHPEDUFDPRFDL[mRHRFDGiYHUUROD

QDDUHLD2PDLVYHOKRGRVFDYRXTXHLURVEDUEXGRVDMRHOKDVHDR

ODGR GHOH H SDVVD D GHVSRMiOR PHWRGLFDPHQWH GR UHOyJLR H GDV

MyLDV

1$55$'25

*UDoDVDRFOLPDVHFRHjDUWHGRHPEDOVDPDGRURVUHVWRVGR

GLUHWRUJHUHQWHGD&HUYHMDULD5HJUD ÉXUHD SDUHFHP FRPR VH HOH

WLYHVVH VLGR HQWHUUDGR QD YpVSHUD $V IDFHV HVWmR DLQGD URVDGDV

FRP R UXJH DSOLFDGR SHOR SUHSDUDGRU SDUD D FkPDUD DUGHQWH

6XWXUDGRVQXPVRUULVRSHUSpWXRRVFDQWRVGRVOiELRVUHSX[DGRV

GmR j FDUD JRUGD D H[SUHVVmR LUULWDQWHPHQWH HQLJPiWLFD GH XPD

0DGRQDGH%ROWUDIILR

'HUHSHQWHDSRQWDGHXPHQRUPHFKLFRWHHVWDODQDVFRVWDV

GRFRYHLURDMRHOKDGR$FkPHUDUHFXDSDUDUHYHODUR&KHIHTXHVH

LQFOLQD DPHDoDGRU OiWHJR HP PSXQKR FRPR D HQFDUQDomR GD

9LQJDQoDGLYLQDGRDOWRGRVHX6LQDLGHPiUPRUH

²'HYROYDRDQHO

²4XHDQHO"²RKRPHPJDJXHMD

(P UHVSRVWD R &KHIH OKH DSOLFD PDLV GXDV RX WUrV

YHUJDVWDGDV

²1mRQmRSRUIDYRU$L(XGHYROYR3DUH

2 FXOSDGR LQWURGX] GRLV GHGRV QD ERFD H GHSRLV GH

UHPH[HUXPSRXFRUHWLUDREHORDQHOGHGLDPDQWHVTXHRGHIXQWR

FHUYHMHLUR DGTXLULX GXUDQWH D 6HJXQGD *XHUUD TXDQGR RV

QHJyFLRVLDPGHYHQWRHPSRSD

²3RQKDDtFRPRUHVWR²PDQGDR&KHIHHGHSRLVTXHR

KRPHP REHGHFH ² 9LQWH H FLQFR DoRLWHV ² FRQWLQXD FRP

VDWLVIDomRSHUYHUVD²pRTXHYRFrYDLOHYDUHVWDQRLWH

&KRUDPLQJDQGR R KRPHP VXSOLFD LQGXOJrQFLD ² F Vy SRU

HVWDYH]&RQVLGHUDQGRTXHDPDQKmp'LDGH%HOLDO(DGHPDLV

HOHHVWi YHOKR WUDEDOKRX GHGLFDGDPHQWH D YLGD WRGD FKHJRX DR

SRVWRGHLQVSHWRUDGMXQWR

background image

2&KHIHQmRRGHL[DFRQWLQXDU

² ,VWR p XPD 'HPRFUDFLD ² GL] HOH ² 1yV VRPRV WRGRV

LJXDLV SHUDQWH D /HL ( D /HL GL] TXH WXGR SHUWHQFH DR

3UROHWDULDGRYDOHGL]HUDR(VWDGR( TXDO p D SHQD SDUD TXHP

URXEDR(VWDGR"²2KRPHPHUJXHRVROKRVSDUDHOHHPPXGR

GHVDPSDUR²

4XDOpDSHQD"²EHUUDR&KHIHOHYDQWDQGRRFKLFRWH

²9LQWHHFLQFRDoRLWHV²YHPDUHVSRVWDTXDVHLQDXGtYHO

²&HUWR%HPLVWRUHVROYHRFDVRQmRpPHVPR"

(DJRUDTXHWDOpDURXSD"

$PDLVMRYHPFPDLVHVEHOWDGDVPRoDVLQFOLQDVH

HDSDOSDFRPRVGHGRVRMDTXHWmRSUHWRGRFDGiYHU

² %RD ID]HQGD ² LQIRUPD HOD ² ( VHP PDQFKDV (OH QmR

YD]RXQHPQDGD

²9RXH[SHULPHQWiOD²GL]R&KHIH

&RPDOJXPDGLILFXOGDGHGHVYHVWHPGRFDGiYHUDVFDOoDVR

FDVDFRHDFDPLVDGHSRLVDWLUDPQRRXWUDYH]GHQWURGDFRYDH

GHVSHMDP D WHUUD VREUH D VXD URXSD GH EDL[R GH XPD Vy SHoD

(QWUHWDQWRR&KHIHSHJDDIDWLRWDFKHLUDDFULWLFDPHQWHGHSRLV

GHVSHRSDOHWyFLQ]DSpURODTXHSHUWHQFHXRXWURUDDRJHUHQWHGH

SURGXomRGD:HVWHUQ6KDNHVSHDUH3LFWXUHV,QFRUSRUDWHGHHQILD

RV EUDoRV QR PRGHOR PDLV FRQVHUYDGRU TXH KDUPRQL]D FRP

EHELGDVPDOWDGDVHFRPD5HJUDiXUHD

1$55$'25

&RORFDLYRV HP VHX OXJDU 7DOYH] QmR R VDLEDLV PDV XPD

HPERUUDGRUD RX SULPHLUD FDUGD FRPSOHWD FRPS}HVH GH XP

DOLPHQWDGRU RX FDUUHWHO H GRLV WDPERUHV FRP RV UHVSHFWLYRV

WUDEDOKDGRUHVVHSDUDGRUHVFDWDQDVGHVFDUWDGRUHVHWF(VHQmRVH

GLVS}HGHPDTXLQDULDGHFDUGDomRQHPGHWHDUHVPHFkQLFRVVH

QmR VH WHP PRWRUHV HOpWULFRV SDUD LPSXOVLRQiORV QHP GtQDPRV

SDUD JHUDU D HOHWULFLGDGH QHP WXUELQDV SDUD URGDU RV GtQDPRV

QHPFDUYmRSDUDSURGX]LUYDSRUQHPDOWRVIRUQRVSDUDIDEULFDUR

background image

DoR²RUDHQWmRpFODURSDUDWHUERDVURXSDVpIRUoRVRGHSHQGHU

GRV FHPLWpULRV GDTXHOHV TXH XP GLD JR]DUDP WDLV YDQWDJHQV (

HQTXDQWR D UDGLRDWLYLGDGH SHUVLVWLX QmR KRXYH QHP PHVPR

FHPLWpULRV D H[SORUDU 3RU WUrV JHUDo}HV RV UHPDQHVFHQWHV FDGD

YH]PDLVUHGX]LGRVGDTXHOHVTXHVREUHYLYHUDPjFRQVXPDomRGR

SURJUHVVRWHFQROyJLFRYLYHUDPSUHFDULDPHQWHQRVHUPRV6yQRV

~OWLPRV WULQWD DQRV SXGHUDP HOHV FRP VHJXUDQoD EHQHILFLDUVH

GRVUHVWRVHQWHUUDGRVGRFRQIRUWPRGHUQH

3ODQR SUy[LPR GR &KHIH JURWHVFR QD MDTXHWD KHUGDGD GH

XPKRPHPFXMRVEUDoRVHUDPPXLWRPDLVFXUWRVTXHRVVHXVH

FXMDEDUULJDHUDPXLWRPDLRU2VRPGHSDVVRVTXHVHDSUR[LPDP

IiORYROWDUDFDEHoD

1XPSODQRJHUDOGRVHXSRQWRGHYLVWDYHPRVR'U3RROH

FRP DV PmRV DWDGDV jV FRVWDV DYDQoDQGR WU{SHJD H

GHVFRQVRODGDPHQWH SHOD DUHLD $WUiV GHOH YrP RV VHXV WUrV

FDSWDUHV &DGD YH] TXH HOH WURSHoD RX UHWDUGD R SDVVR HOHV OKH

HVSHWDP R WUDVHLUR FRP DJXGtVVLPDV IROKDV GH L~FD H ULHPVH

HVWURQGRVDPHQWHDRYrODVDOWDU

2 &KHIH RV FRQWHPSOD HP DW{QLWR VLOrQFLR HQTXDQWR VH

DSUR[LPDP

²(PQRPHGH%HOLDORTXHpLVVR"²DUWLFXODHOHSRUILP

2 SHTXHQR JUXSR ID] DOWR DR Sp GR PDXVROpX 2V WUrV

PHPEURVGDHVFROWDGR'U3RROHID]HPDR&KHIHXPDUHYHUrQFLD

HFRQWDPDVXDKLVWyULDWLQKDPHVWDGRDSHVFDUHPVXDSHORWDDR

ODUJRGH5HGRQGR%HDFKWLQKDPYLVWRGHUHSHQWHXPHQRUPHH

HVWUDQKREDUFRVXUJLUGDFHUUDomRLPHGLDWDPHQWHWLQKDPUHPDGR

SDUDWHUUDGHPRGRDQmRVHUHPSHUFHELGRV'DVUXtQDVGHXPD

YHOKD FDVD REVHUYDUDP R GHVHPEDUTXH GRV IRUDVWHLURV 7UH]H

GHOHV ( GHSRLV HVWH KRPHP YLHUD SHUDPEXODQGR FRP XPD

PXOKHUSUHFLVDPHQWHSDUDDIUHQWHGRVHXHVFRQGHULMR$PXOKHU

YROWDUDHHQTXDQWRRKRPHPHVWDYDUHPH[HQGRDWHUUDFRPXPD

SD]LQKD VDOWDUDP VREUH HOH SRU GHWUiV DPRUGDoDUDPQR

PDQLHWDUDPQRHDJRUDWUD]LDPQRSDUDVHULQWHUURJDGR

+iXPORQJRVLOrQFLRDILQDOTXHEUDGRSHOR&KHIH

background image

²9RFrIDODLQJOrV"

²6LPIDORLQJOrV²JDJXHMDR'U3RROH

²%RP'HVDPDUUHPQRSRQKDPQRDTXLHPFLPD

(OHVHYrJXLQGDGR²FRPWDQWDVHPFHULP{QLDTXHDWHUULVVD

GHTXDWURDRVSpVGR&KHIH

²9RFrpVDFHUGRWH"

²6DFHUGRWH"²HFRDR'U3RROHFRPHVSDQWRDSUHHQVLYR

(OHVDFRGHDFDEHoD

²(QWmRSRUTXHpTXHQmRWHPEDUED"

²(XHXPHEDUEHLR

²$KHQWmRYRFrQmRp²2&KHIHSDVVDXPGHGR SHOR

TXHL[RHSHORURVWRGR'U3RROH

²&RPSUHHQGRFRPSUHHQGR/HYDQWHVH

2'U3RROHREHGHFH

²'HRQGHYHPYRFr"

²'D1RYD=HOkQGLDVLU

2 'U 3RROH HQJROH FRP GLILFXOGDGH GHVHMD TXH VXD ERFD

HVWLYHVVHPHQRVVHFDVXDYR]PHQRVWUrPXODGHPHGR

²1RYD=HOkQGLD"pORQJH"

²0XLWRORQJH

²9RFrYHLRQXPQDYLRJUDQGH"&RPYHODV"

2'U3RROHDFHQDDILUPDWLYDPHQWHHDGRWDQGRDSRVHGH

FRQIHUHQFLVWDTXHVHPSUHFRQVWLWXLRVHXUHI~JLRTXDQGRFRQWDWRV

SHVVRDLVDPHDoDPWRUQDUVHGLItFHLVSDVVDDH[SOLFDUSRUTXHQmR

OKHVHULDSRVVtYHOFUX]DUR3DFtILFRDYDSRU

² 1mR KDYHULD OXJDU SDUD UHDEDVWHFHU 8QLFDPHQWH SDUD R

WUiIHJR FRVWHLUR HVWmR DV QRVVDV FRPSDQKLDV GH QDYHJDomR HP

FRQGLo}HVGHXWLOL]DUEDUFRVDYDSRU

² $ YDSRU" ² UHSHWH R &KHIH R URVWR LOXPLQDGR SHOR

LQWHUHVVH²9RFrVDLQGDWrPEDUFRVDYDSRU"

0DVLVWRTXHUGL]HUTXHYRFrVQmRWLYHUDPD&RLVD"

2'U3RROHPRVWUDVHFRQIXVR

²1mRFRPSUHHQGLEHP4XHFRLVD"

²$&RLVD9RFrVDEH4XDQGR(OHWRPRXFRQWD

background image

/HYDQGRDVPmRVjWHVWDHOHID]RVLQDOGRVFRUQRVFRPRV

LQGLFDGRUHV HVWHQGLGRV 'HYRWDPHQWH VHXV VXERUGLQDGRV R

LPLWDP

² 2 VHQKRU VH UHIHUH DR 'LDER" ² SHUJXQWD R 'U 3RROH

GXELWDWLYDPHQWH

2RXWURDVVHQWH

²0DVPDVRUD

1$55$'25

1RVVRDPLJRpXPERPFRQJUHJDFLRQDOLVWDPDVDLGDDOD

OLEHUDO 2 TXH VLJQLILFD TXH QXQFD DWULEXLX DR 3UtQFLSH GHVWH

PXQGRDVXDUHDOLGDGHRQWROyJLFD1XPDSDODYUD²QmRDFUHGLWD

1HOH

²((OHDVVXPLXRFRQWUROH²R&KHIHH[SOLFD

²(OHJDQKRXDEDWDOKDHDSRVVRXVHGHWRGRRPXQGR

)RLTXDQGRIL]HUDPWXGRLVWR

1XPJHVWRODUJRHDEUDQJHQWHDEDUFDDGHVRODomRTXH IRL

XP GLD D FLGDGH GH /RV $QJHOHV $ ILVLRQRPLD GR 'U 3RROH

LOXPLQDVHGHFRPSUHHQVmR

² $K SHUFHER 2 VHQKRU VH UHIHUH j 7HUFHLUD *XHUUD

0XQGLDO1mRQyVWLYHPRVVRUWHHVFDSDPRVVHPXPDUUDQKmR

'HYLGR j VXD VLWXDomR JHRJUiILFD SHFXOLDU ² DFUHVFHQWD HP WRP

SURIHVVRUDO²D1RYD=HOkQGLDFDUHFLDGHLPSRUWkQFLDHVWUDWpJLFD

SDUD

2&KHIHLQWHUURPSHXPDSURPLVVRUDSUHOHomR

²(QWmRYRFrVDLQGDWrPWUHQV"²LQWHUURJD

²6LPQyVDLQGDWHPRVWUHQV²UHVSRQGHR'U3RROHXP

SRXFRLUULWDGR²0DVFRPRHXHVWDYDGL]HQGR

²(DVORFRPRWLYDVIXQFLRQDP"

²FODURTXHIXQFLRQDP&RPRHXHVWDYDGL]HQGR

2&KHIHVROWDXPEHUURDVVXVWDGRUGHH[XOWDomRHOKHDSOLFD

XPDSDOPDGDQDVFRVWDV

²(QWmRYRFrSRGHQRVDMXGDUDS{UWXGRHPRUGHPRXWUD

YH] &RPR QRV YHOKRV WHPSRV DQWHV GD ² HOH ID] R VLQDO GRV

background image

FRUQRV²7HUHPRVWUHQVGH YHUGDGH ² ( QXP r[WDVH GH

MXELORVDDQWHFLSDomRDJDUUDR'U3RROHSDVVDOKHXPEUDoRHP

WRUQRGRSHVFRoRHEHLMDRQDVGXDVIDFHV

(QFROKHQGRVH QXP HPEDUDoR LQWHQVLILFDGR SHOD

UHSXJQkQFLDSRLVRJUDQGHKRPHPUDUDPHQWHVHODYDHWHPXP

PDXKiOLWRKRUUtYHOR'U3RROHVHGHVYHQFLOKD

²0DVHXQmRVRXHQJHQKHLUR²SURWHVWD²(XVRXERWkQLFR

²2TXHpLVVR"

²%RWkQLFRpXPKRPHPTXHHQWHQGHGHSODQWDV

²3ODQWDVGHPiTXLQDV"²SHUJXQWDR&KHIH

HVSHUDQoRVR

²1mRQmRSODQWDVVLPSOHVPHQWH&RLVDVFRPIROKDVFDXOHV

H IORUHV 6H EHP TXH p FODUR ² DFUHVFHQWD GHSUHVVD ² QmR VH

GHYDPHVTXHFHURVFULSWyJDPRV(SRUVLQDORVFULSWyJDPRVVmR

D PLQKD HVSHFLDOLGDGH $ 1RYD =HOkQGLD FRPR R VHQKRU GHYH

VDEHUpSDUWLFXODUPHQWHULFDHPFULSWyJDPRV

²0DVHDVORFRPRWLYDV"

²/RFRPRWLYDV"²UHSHWHR'U3RROHFRPGHVGpP²(VWRX

OKHGL]HQGRHXQmRGLVWLQJRXPDWXUELQDDYDSRUGHXPGLHVHO

²(QWmRYRFrQmRSRGHID]HUQDGDSDUDQRVDMXGDUDS{URV

WUHQVRXWUDYH]HPPRYLPHQWR"

²1DGD

6HPXPDSDODYUDR&KHIHOHYDQWDDSHUQDGLUHLWDDSRLDRSp

FRQWUD D ERFD GR HVW{PDJR GR 'U 3RROH GHSRLV GLVWHQGH

YLROHQWDPHQWHRMRHOKRGREUDGR

3ODQR SUy[LPR GR 'U 3RROH HQTXDQWR HOH VH OHYDQWD

DEDODGR H FRQWXQGLGR PDV VHP QHQKXP RVVR TXHEUDGR GR

PRQWHGHDUHLDVREUHRTXDOIRLSDUDU

'H IRUD GD FHQD RXYHVH R &KHIH JULWDQGR SHORV VHXV

FRPDQGDGRV

3ODQRPpGLRGRVFRYHLURVHSHVFDGRUHVTXHYrPFRUUHQGR

HPDWHQomRDRVFKDPDGRV

2&KHIHDSRQWDR'U3RROH

²(QWHUUHPQR

background image

²9LYRRXPRUWR"²SHUJXQWDDPDLVJRUGXFKDGDV PRoDV

HPVXDULFDYR]GHFRQWUDOWR

2&KHIHEDL[DRVROKRVSDUDHOD7RPDGDGRVHXSRQWRGH

YLVWD&RPXPHVIRUoRHOHGHVYLDRROKDU

6HXVOiELRVVHPRYHP(OHHVWiUHSHWLQGRDSDVVDJHPDGHTXDGD

GR3HTXHQR&DWHFLVPR´4XDOpDQDWXUH]DGDPXOKHU"5HVSRVWD

$ PXOKHU p R YDVR GR (VStULWR 6DWkQLFR D IRQWH GH WRGDV DV

GHIRUPLGDGHVDLQLPLJDGDUDoDDµ

²9LYRRXPRUWR"²LQVLVWHDJRUGXFKD

2&KHIHGiGHRPEURV

²7DQWRID]²UHVSRQGHFRPHVWXGDGDLQGLIHUHQoD

$JRUGXFKDEDWHSDOPDV

² 2ED RED ² HOD JULWD H YLUDVH SDUD RV FRPSDQKHLURV ²

9DPRVUDSD]HVYDPRVQRVGLYHUWLUXPERFDGR

(OHVFHUFDPR'U3RROHHUJXHPQRDRVJULWRVGRFKmRH

GHL[DPQR FDLU GH Sp GHQWUR GD FRYD SDUFLDOPHQWH FKHLD GR

GLUHWRUJHUHQWHGD&HUYHMDULD5HJUDÉXUHD(QTXDQWRDJRUGXFKD

RPDQWpPQDSRVLomRRVKRPHQVSHJDPDVSiVHS}HPVHDMRJDU

SDUDGHQWURDWHUUDIRIDHVHFD(PPXLWRSRXFRWHPSRHOHVHYr

HQWHUUDGRDWpDFLQWXUD

1DWULOKDVRQRUDRVJULWRVGDYtWLPDHRVULVRVH[FLWDGRVGRV

DOJR]HVGHFUHVFHPJUDGXDOPHQWHSDUDXPVLOrQFLRTXHpTXHEUDGR

SHODYR]GRQDUUDGRU

1$55$'25

&UXHOGDGHHFRPSDL[mRYrPFRPRVFURPRVVRPDV

7RGRV RV KRPHQV VmR ERQV H WRGRV DVVDVVLQRV

$IHLoRDGRV D FmHV FRQVWURHP VHXV 'DFKDXV 4XHLPDP

FLGDGHVLQWHLUDVHDFDULFLDPRVyUImRV&ODPDPFRQWUDRV

OLQFKDPHQWRVPDVDSyLDP2DNULGJH)D]HPSURMHWRV GH

ILODQWURSLDPDVKRMHD1.9'

4XHPGHYHPRVSHUVHJXLUTXHPODPHQWDU"

eWXGRXPDTXHVWmRGDVPRGDVGRPRPHQWR

'HSDODYUDVQRSDSHOGHUiGLRVYR]HLUDQGR

background image

'H MDUGLQV GH LQIkQFLD FRPXQLVWDV RX SULPHLUDV

FRPXQK}HV

6yQRFRQKHFLPHQWRGHVXDSUySULD(VVrQFLD

'HL[DPGHVHURVKRPHQVXPEDQGRGHPDFDFRV

2VULVRVHDVV~SOLFDVYROWDPjIDL[DGHVRP

'HSRLVVXELWDPHQWHRXYHVHDYR]GR&KHIH

²$IDVWHPVH²JULWDHOH²(XQmRSRVVRYHU

(OHVREHGHFHP(PVLOrQFLRR&KHIHGHPRUDRROKDUVREUH

R'U3RROH

²9RFrVDEHWXGRVREUHSODQWDV²GL]HOHSRUILP²3RUTXH

YRFrQmRSODQWDXPDVEDWDWDVDtHPEDL[R"

2GLWRpDSODXGLGRSRUHQRUPHVJDUJDOKDGDV

²3RUTXHQmRID]EURWDUXPDVOLQGDVIORU]LQKDVFRUGHURVD"

1XPSULPHLURSODQRYHPRVRURVWRDJRQLDGRGRERWkQLFR

²3LHGDGHSLHGDGH

$YR]VHHPEDUJDJURWHVFDPHQWHKiXPDQRYDH[SORVmRGH

KLODULGDGH

²(XOKHVSRGHULDVHU~WLO(XSRGHULDHQVLQDUOKHVDREWHU

FROKHLWDVPHOKRUHV9RFrVWHULDPPDLVRTXHFRPHU

²0DLVRTXHFRPHU"²UHSHWHR&KHIHFRPV~ELWRLQWHUHVVH

'HSRLVIUDQ]HVHOYDJHPHQWHRVREUROKR²9RFrHVWiPHQWLQGR

²1mRHVWRX-XURSRU'HXV7RGR3RGHURVR

+iXPPXUP~ULRGHSURWHVWRHVFDQGDOL]DGR

² (OH SRGH VHU WRGR SRGHURVR QD 1RYD =HOkQGLD ² GL] R

&KHIH²0DVQmRDTXL1mRGHVGHTXHD&RLVDDFRQWHFHX

²0DVHXVHLTXHSRVVRDMXGiORV

²9RFrHVWiGLVSRVWRDMXUDUSRU%HOLDO"

2 SDL GR 'U 3RROH HUD SDVWRU H HOH SUySULR IUHTHQWD

UHJXODUPHQWH D LJUHMD PDV p FRP IHUYRU YLQGR GR IXQGR GR

FRUDomRTXHID]RTXHOKHSHGHP

²3RU%HOLDO-XURSRU%HOLDO7RGR3RGHURVR

7RGRVID]HPRVLQDOGRVFRUQRV+iXPQRYRVLOrQFLR

²'HVHQWHUUHPQR

background image

²$K&KHIH²SURWHVWDDJRUGXFKD²LVWRQmRpFRLVDTXHVH

IDoD

²'HVHQWHUUHPQRVHXYDVRGR'LDER

6HXWRPRVFRQYHQFHGHSURQWRHOHVFDYDPFRPWDPDQKR

DUGRUTXHHPPHQRVGHXPPLQXWRR'U3RROHVHHQFRQWUDIRUD

GHVXDFRYDHGHSpXPWDQWRYDFLODQWHMXQWRDRPDXVROpX

²2EULJDGR²FRQVHJXHDUWLFXODUGHSRLVRVMRHOKRVFHGHPH

HOHFDLGHVPDLDGR

+iXPFRURGHULVRVGHVGHQKRVDPHQWHEHPKXPRUDGRV

2&KHIHVHLQFOLQDGRVHXSROHLURGHPiUPRUH

² (L YRFr Dt R YDVR GH FDEHORV UXLYRV ² (OH HVWHQGH j

MRYHP PRoD XPD JDUUDID ² )DoDR EHEHU XP SRXFR GLVWR ²

RUGHQD²(OHSUHFLVDSRGHUDQGDU

9DPRVYROWDUSDUDDEDVH

(ODVHDEDL[DMXQWRDR'U3RROHHUJXHOKHRFRUSRIOiFLGR

DSyLD D FDEHoD SHQGLGD FRQWUD DV LQWHUGLo}HV GR VHX SHLWR H

DGPLQLVWUDRUHFRQVWLWXLQWH

)XVmR SDUD XPD UXD 4XDWUR GRV EDUEXGRV FDUUHJDP R

&KHIHQXPDOLWHLUD2VRXWURVYrPGLVSHUVRVDWUiVFDPLQKDQGR

GHYDJDUVREUHDDUHLDDPRQWRDGDSHORYHQWR$TXLHDOLVRERV

SyUWLFRVGHSRVWRVGHJDVROLQDDUUXLQDGRVQRVSRUWDLVYD]LRVGH

SUpGLRVGHHVFULWyULRVYrHPVHSLOKDVGHRVVRVKXPDQRV

0HLRSODQRSUy[LPRGR'U3RROH&RPDJDUUDIDDLQGDQD

PmRGLUHLWDHOHFDPLQKDXPSRXFRLQVWiYHOPHQWHFDQWDQGRSDUD

VLPHVPR$QQLH/DXULHFRPLQWHQVRVHQWLPHQWR%HELGRFRPR

HVW{PDJRYD]LR²DOpPGRPDLVRHVW{PDJRGHXPKRPHPFXMD

PmHVHPSUHIH]REMHo}HVGHFRQVFLrQFLDDRiOFRRO²RIRUWH

YLQKRWLQWRSURGX]LXSURQWDPHQWHRVVHXVHIHLWRV

$QGIRUERQQ\$QQLH/DXULH

,·GOD\PHGRRQDQGGHH

1RPHLRGR~OWLPRYHUVRDV GXDV MRYHQV FRYHLUDV HQWUDP

HPFHQD$SUR[LPDQGRVHGRFDQWRUSRUGHWUiVDJRUGXFKDGi

OKHXPDSDOPDGDDPLJiYHOQDVFRVWDV

background image

2'U3RROHWHPXPVREUHVVDOWRYROWDVHHPRVWUDVHGHV~ELWR

DSUHHQVLYR0DVRVRUULVRGHODpWUDQTLOL]DGRU

²(XPHFKDPR)ORVVLH²GL]HOD²HHVSHURTXHYRFrQmR

HVWHMD]DQJDGRFRPLJRSRUTXHHXTXHULDHQWHUUiOD

²2K1mRQmRQHPXPSRXFR²DVVHJXUDOKHR'U3RROH

QR WRP GH TXHP GL] QmR ID]HU QHQKXPD REMHomR D TXH D

VHQKRULWDDFHQGDXPFLJDUUR

²1mRpTXHHXWLYHVVHQDGDFRQWUDYRFr²DVVHYHUDOKHHOD

²&ODURTXHQmR

²(XVyTXHULDPHGLYHUWLUXPSRXFRQDGDPDLV

²&ODURFODUR

² $V SHVVRDV ILFDP WmR HQJUDoDGDV TXDQGR HVWmR VHQGR

HQWHUUDGDV

(SHODJXDSD$QQLH/DXULH(XPHGHLWDULDHPRUUHULD

² (QJUDoDGtVVLPDV ² FRQFRUGD R 'U 3RROH H IRUoD XPD

ULVDGLQKDQHUYRVD

6HQWLQGRTXHSUHFLVDGHPDLVFRUDJHPHOHVHUHYLJRUDFRP

PDLVXPJROHGDJDUUDID

²%HPDWpORJXLQKR²GL]DJRUGXFKD²(XWHQKRGHLUIDODU

FRP R &KHIH VREUH R DORQJDPHQWR GDV PDQJDV GH VXD MDTXHWD

QRYD

(OD OKH Gi PDLV XPD SDOPDGD QDV FRVWDV H DIDVWDVH jV

SUHVVDV

2'U3RROHILFDDVyVFRPDRXWUDFRPSDQKHLUD

5HODQFHLDOKHXPROKDU(ODWHPGH]RLWRDQRVWHPFDEHORVUXLYRV

H FRYLQKDV XP URVWR HQFDQWDGRU H XP FRUSR HVJXLR GH

DGROHVFHQWH

²0HXQRPHp/RROD²LQIRUPDHODHVSRQWDQHDPHQWH²(R

VHX"

²$OIUHG²UHVSRQGHR'U3RROH²0LQKDPmHHUDJUDQGH

DGPLUDGRUDGR,Q0HPRULDP²DFUHVFHQWDjJXLVDGHH[SOLFDomR

²$OIUHG²UHSHWHDUXLYD²(XOKHFKDPDUHL$OILH'HL[HPH

GL]HUOKH XPD FRLVD $OILH HX QmR JRVWR PXLWR GHVVHV HQWHUURV

background image

S~EOLFRV 1mR VHL SRU TXH HX GHYD VHU GLIHUHQWH GDV RXWUDV

SHVVRDV PDV HOHV QmR PH ID]HP ULU 1mR FRQVLJR YHU QDGD GH

HQJUDoDGRQHOHV

²)ROJRHPRXYLOD²GL]R'U3RROH

²6DEHGHXPDFRLVD$OILH²WRUQDHODGHSRLVGHXPDSDXVD

²YRFrpPHVPRXPKRPHPGHPXLWDVRUWH

²6RUWH"

/RRODFRQILUPD

² 3ULPHLUR YRFr p GHVHQWHUUDGR H HX QXQFD YL LVVR

DFRQWHFHU DQWHV H DJRUD YDL GLUHWR SDUD DV &HULP{QLDV GD

3XULILFDomR

²&HULP{QLDVGD3XULILFDomR"

²eDPDQKmp'LDGH%HOLDO'LDGH%HOLDO²LQVLVWHHODHP

UHVSRVWDDRDUGHSHUWXUEDGDLQFRPSUHHQVmRQDIDFHGRRXWUR²

1mRPHGLJDTXHYRFrQmRVDEHRTXHDFRQWHFHQD9pVSHUDGH

%HOLDO

2'U3RROHVDFRGHDFDEHoD

²0DVTXDQGRpTXHYRFrVID]HPDVXD3XULILFDomR"

² %HP QyV WRUQDPRV EDQKR WRGRV RV GLDV ² GL] R 'U

3RROH TXH DFDED GH QRWDU PDLV XPD YH] TXH /RROD

GHFLGLGDPHQWHQmRRID]

² 1mR QmR ² H[FODPDHOD LPSDFLHQWH ²(VWRX IDODQGR GD

3XULILFDomRGD5DoD

²'D5DoD"

² %RODV RV VHXV VDFHUGRWHV QmR GHL[DP DV FULDQoDV

GHIRUPDGDVFRQWLQXDUYLYHQGRGHL[DP"

+iXPVLOrQFLRR'U3RROHUHEDWHFRPRXWUDSHUJXQWD

²1DVFHPPXLWDVFULDQoDVGHIRUPDGDVDTXL"

(ODDFHQDDILUPDWLYDPHQWH

²'HVGHD&RLVDGHVGHTXDQGR(OHSDVVRXDPDQGDU²(OD

ID] R VLQDO GRV FRUQRV ² 'L]HP TXH DQWHV GLVVR QmR KDYLD

QHQKXPD

²$OJXpPMiOKHIDORXVREUHRVHIHLWRVGRVUDLRV

JDPD"

²5DLRVJDPD"2TXHpLVVR"

background image

²(DFDXVDGHWRGDVHVVDVFULDQoDVGHIRUPDGDV

²9RFrQmRHVWiTXHUHQGRVXJHULUTXHQmRIRL%HOLDOHVWi"²

6HX WRP p GH LQGLJQDGD VXVSHLWD HOD R HQFDUD FRPR 6mR

'RPLQJRVSRGHULDWHUILWDGRXPKHUpWLFRDOELJHQVH

² 1mR QmR p FODUR TXH QmR ² R 'U 3RROH DSUHVVDVH D

JDUDQWLU ² (OH p D FDXVD SULPiULD LVWR HVWi VXEHQWHQGLGR ²

&DQKHVWUD H GHVDMHLWDGDPHQWH HOH ID] R VLQDO GRV FRUQRV ² (X

HVWDYDDSHQDVVXJHULQGRDQDWXUH]DGDVFDXVDVVHFXQGiULDVGRV

PHLRV TXH (OH XVRX SDUD OHYDU D FDER R 6HX RV 6HXV

SURYLGHQFLDLVSURSyVLWRVpRTXHHXTXHURGL]HU

6XDV SDODYUDV H PDLV DLQGD VHX JHVWR SLHGRVR DIDVWDP DV

GHVFRQILDQoDVGH/RROD$ILVLRQRPLDGHODVHDFODUDHODOKHGLULJH

RPDLVHQFDQWDGRUGRVVHXVVRUULVRV$VFRYLQKDVHPVXDVIDFHV

JDQKDP YLGD FRPR XP SDU GH FULDWXULQKDV TXH OHYDVVHP

WUDQVLWRULDPHQWH XPD H[LVWrQFLD VHFUHWD H DXW{QRPD

LQGHSHQGHQWHGRUHVWRGDIDFHGH/RROD2'U3RROHUHWULEXLR

VRUULVR PDV TXDVH LQVWDQWDQHDPHQWH GHVYLD R ROKDU

HQUXEHVFHQGRDRPHVPRWHPSRDWpDUDL]GRVFDEHORV

1$55$'25

&RPR UHVXOWDGR GD HQRUPLGDGH GR VHX UHVSHLWR j Pm H R

QRVVR SREUH DPLJR p DLQGD DRV DQRV XP FHOLEDWiULR 3RU

GHPDLVLPEXtGRGHSLHGDGHDQWLQDWXUDOSDUDFDVDUVHHOHSDVVRX

PHWDGH GR VHX WHPSR GH YLGD DUGHQGR VHFUHWDPHQWH $FKDQGR

TXH VHULD XP VDFULOpJLR FRQYLGDU XPD MRYHP GDPD YLUWXRVD D

SDUWLOKDUDVXDFDPDHOHKDELWDVREDFDUDSDoDGDUHVSHLWDELOLGDGH

DFDGrPLFD XP PXQGR DEUDVDGR H IXUWLYR HP TXH IDQWDVLDV

HUyWLFDV JHUDP UHPRUVRV DQJXVWLDQWHV H SUXULGRV GH DGROHVFHQWH

VHFKRFDPHPSHUSpWXR FRQIOLWR FRP RV SUHFHLWRV PDWHUQRV (

DJRUDDTXLHVWi/RROD²/RRODVHPDPHQRUSUHWHQVmRGHFXOWXUD

RX ERD HGXFDomR /RROD DX QDWXUHO FRP XPD IUDJUkQFLD

DOPLVFDUDGD TXH QRWDQGR EHP WHP XPD FHUWD TXDOLGDGH

SRVLWLYDPHQWHVHGXWRUD1mRDGPLUDTXHHOHVHUXERUL]HHFRQWUD

background image

DYRQWDGHSRLVGHVHMDFRPYHHPrQFLDFRQWLQXDUDFRQWHPSOiOD

GHVYLHRVHXROKDU

3DUDFRQVRODUVHHQDHVSHUDQoDGHXPDFHVVRGHRXVDGLDHOH

UHFRUUHPDLVXPDYH]jJDUUDID'HV~ELWRREXOHYDUVHHVWUHLWD

UHGX]LQGRVHDXPDPHUDWULOKDHQWUHGRLVPRQWHVGHDUHLD

² 7HQKD D ERQGDGH ² GL] R 'U 3RROH FRP XPD PHVXUD

SROLGD

(OD VRUUL HP UHFRQKHFLPHQWR j FRUWHVLD D TXH QHVWH OXJDU

RQGHRVYDU}HVWrPSUHFHGrQFLDHRVYDVRVGR(VStULWR6DWkQLFR

PDUFKDPjUHWDJXDUGDHODHVWiGHWRGRGHVDFRVWXPDGD

7UDYHOOLQJGRSRQWRGHYLVWDGR'U3RROHSDUDDVFRVWDVGH

/RROD 1m R 1m R 1m R 1m R 1m R 1m R SDVVR D SDVVR HP

RQGXODQWH DOWHUQDomR &RUWH YROWDQGR D XP SODQR SUy[LPR GR

'U3RROHGHROKRVIL[RVDUUHJDODGRVHGRURVWRGR'U3RROH

DLQGDXPDYH]SDUDDVFRVWDVGH/RROD

1$55$'25

( R VtPEROR H[WHULRU YLVtYHO WDQJtYHO GD VXD SUySULD

FRQVFLrQFLD tQWLPD 2V SULQFtSLRV OHYDQGR D PHOKRU VREUH D

FRQFXSLVFrQFLD D PmH H R 6H[WR 0DQGDPHQWR SUHYDOHFHQGR

VREUHDVVXDVIDQWDVLDVHVREUHRV)DWRVGD9LGD

$V GXQDV VH DIDVWDP 0DLV XPD YH] R FDPLQKR p

VXILFLHQWHPHQWHDPSORSDUDGRLVDQGDUHPODGRDODGR

2'U3RROHODQoDXPROKDUGHHVJXHOKDDRURVWRGDFRPSDQKHLUD

HRYrDQXYLDGRSRUXPDH[SUHVVmRGHWULVWH]D

² 2 TXH p" ² SHUJXQWD VROtFLWR H FRP JUDQGH DXGiFLD

DFUHVFHQWD²/RROD²HVHJXUDOKHREUDoR

²eKRUUtYHO²PXUPXUDHODHPWRPGHPDQVRGHVHVSHUR

²2TXHpKRUUtYHO"

² 7XGR 9RFr QmR TXHU SHQVDU QHVVDV FRLVDV PDV YRFr p

XPDGDVLQIHOL]HVQmRSRGHVHLPSHGLUGHSHQVDU( ILFD TXDVH

GRLGD3HQVDQGRHSHQVDQGRHPDOJXpPTXHUHQGRHTXHUHQGR(

VDEHTXHQmRGHYH

background image

( HVWi DSDYRUDGD FRP R TXH HOHV IDULDP VH GHVFREULVVHP 0DV

YRFr GDULD WXGR QR PXQGR SRU FLQFR PLQXWRV DSHQDV SDUD VHU

OLYUH SRU FLQFR PLQXWRV 0DV QmR QmR QmR ( YRFr FHUUD RV

SXQKRVHVHFRQWpP

H p FRPR VH HVWLYHVVH VH TXHEUDQGR HP SHGDoRV ( HQWmR GH

UHSHQWHGHSRLVGHWRGRHVVHVRIULPHQWRGHUHSHQWH²(ODQmR

FRQFOXL

²'HUHSHQWHRTXr"²SHUJXQWDR'U3RROH

(ODOKHIL[DXPROKDUSHQHWUDQWHPDVVyYrQRURVWRGHOH

XPDH[SUHVVmRGHLQFRPSUHHQVmRVLQFHUDPHQWHLQRFHQWH

² (X QmR FRQVLJR HQWHQGHU YRFr ² GL] HOD SRU ILP ² (

YHUGDGHRTXHYRFrGLVVHDR&KHIH"4XHYRFrQmRpVDFHUGRWH"

1RPHVPRLQVWDQWHHODVHUXERUL]D

² 6H YRFr QmR PH DFUHGLWD ² UHSOLFD R 'U 3RROH FRP

JDODQWHULDRULXQGDGRYLQKR²HXHVWRXSURQWRDSURYiOR

(ODRHQFDUDSRUXPPRPHQWRGHSRLVVDFRGHDFDEHoDH

QXPDHVSpFLHGHWHUURUROKDSDUDRXWURODGR

1HUYRVDPHQWHDOLVDRDYHQWDO

² 0DV DILQDO ² FRQWLQXD HOH HQFRUDMDGR SHOD LPSUHYLVWD

WLPLGH] GHOD ² YRFr QmR PH H[SOLFRX R TXH p TXH DFRQWHFH GH

UHSHQWH

/RRODUHODQFHLDXPROKDUHPWRUQRSDUDFHUWLILFDUVHGHTXH

QLQJXpP SRGH RXYLOD GHSRLV UHVROYHVH D IDODU TXDVH QXP

VXVVXUUR

²'HUHSHQWH(OHVHDSRVVDGHWRGRRPXQGR

'XUDQWH VHPDQDV (OH ID] D JHQWH SHQVDU QHVVDV FRLVDV H LVVR p

FRQWUDD/HLpDERPLQDomR2VKRPHQVILFDPWmRIXULRVRVTXH

FRPHoDPDHVSDQFDUDJHQWHHDFKDPDUDJHQWHGHYDVRFRPRRV

VDFHUGRWHV

²9DVR"

(ODDVVHQWH

²9DVRGR(VStULWR6DWkQLFR

²$KFRPSUHHQGR

²(GHSRLV YHP R 'LD GH %HOLDO ² HOD SURVVHJXH DSyV XP

PRPHQWR²(HQWmREHPYRFrVDEHRTXHLVWRTXHUGL]HU(

background image

PDLVWDUGHVHDJHQWHWHPXPEHErRPDLVSURYiYHOpTXH(OH

FDVWLJXHDJHQWHSHORTXH(OHPHVPRREULJRXDJHQWHDID]HU²

(ODWHPXPHVWUHPHFLPHQWRHID]RVLQDO GRV FRUQRV ² (X VHL

TXHQyVWHPRVGHDFHLWDUD6XDYRQWDGH²DFUHVFHQWD²0DVDK

HXHVSHURWDQWRVHDOJXPGLDWLYHUEHErVTXHHOHVVHMDPSHUIHLWDV

²0DVpFODURTXHHOHVVHUmRSHUIHLWRV²JULWDR'U3RROH²

$ILQDOGHFRQWDVQmRKiQDGDGHHUUDGRFRPYRFr

'HOLFLDGR FRP R SUySULR DWUHYLPHQWR HOH EDL[D RV ROKRV

SDUDHOD

3ODQRSUy[LPRGRVHXSRQWRGHYLVWD1mR1mR1mR1mR

1mR

1mR

'HVFRQVRODGDPHQWH/RRODVDFRGHDFDEHoD

²$tpTXHYRFrVHHQJDQD²GL]HOD²(XWHQKRXPSDUGH

PDPLORVDPDLV

² 2K ² H[FODPD R 'U 3RROH QXP WRP TXH QRV Gi D

SHUFHEHUTXHDOHPEUDQoDGDPmHQHXWUDOL]RXPRPHQWDQHDPHQWH

RVHIHLWRVGRYLQKR

² 1mR p TXH KDMD QDGD GH PDO QLVWR ² /RROD DFUHVFHQWD

GHSUHVVD ² $Wp RV PHOKRUHV WrP ( SHUIHLWDPHQWH OHJDO 6mR

SHUPLWLGRVDWpWUrVSDUHV(DWpVHWHGHGRVQDVPmRVRXQRVSpV

$FLPD GLVVR VmR WRGRV OLTXLGDGRV QD 3XULILFDomR 0LQKD DPLJD

3ROO\

HODWHYHXPEHErQHVWDWHPSRUDGD2VHXSULPHLUR(HOHQDVFHX

FRP TXDWUR SDUHV H VHP SROHJDUHV 1mR Ki VDOYDomR SDUD HOH

$OLiVMiIRLFRQGHQDGR-iUDVSDUDPDFDEHoDGHOD

²5DVSDUDPDFDEHoD"

² (OHV ID]HP LVVR D WRGDV DV PRoDV FXMRV EHErV VmR

OLTXLGDGRV

²0DVSRUTXr"

/RRODGiGHRPEURV

²$SHQDVSDUDOHPEUiODVGHTXH(OHpR,QLPLJR

1$55$'25

background image

´3DUD

H[SUHVViODµ

FRPR

GLVVH

6FKURHGLQJHU

´GUDVWLFDPHQWH DLQGD TXH WDOYH] XP SRXFR LQJHQXDPHQWH DV

FRQVHTrQFLDV PDOpILFDV GH XP FDVDPHQWR HQWUH SULPRV HP

SULPHLURJUDXSRGHPPXLWREHPVHUDJUDYDGDVSHORIDWRGHVXD

DYyWHUVHUYLGRSRUXPSHUtRGRORQJRFRPRHQIHUPHLUDGHUDLRV

; 1mR p XPD TXHVWmR TXH GHYD SUHRFXSDU D QLQJXpP

LQGLYLGXDOPHQWH 0DV TXDOTXHU SRVVLELOLGDGH GH DIHWDU D HVSpFLH

KXPDQD FRP PXWDo}HV ODWHQWHV LQGHVHMiYHLV GHYHULD VHU PRWLYR

GH SUHRFXSDomR SDUD D FRPXQLGDGHµ 'HYHULD VHU PDV

GHVQHFHVViULR GL]HU QmR p 2DNULGJH WUDEDOKD HP WUrV WXUQRV

GLiULRV XPD XVLQD DW{PLFD HVWi VHQGR FRQVWUXtGD QR OLWRUDO GH

&XPEHUODQG H GR RXWUR ODGR GD &RUWLQD Vy 'HXV VDEH R TXH

DQGDUiID]HQGR.DSLW]DQRWRSRGRPRQWH$UDUDWTXHVXUSUHVDV

HVVDDGPLUiYHO$OPD5XVVDVREUHDTXDO'RVWRLpYVNLHVFUHYHXWmR

OLULFDPHQWHWHPUHVHUYDGDVSDUDFRUSRVUXVVRVHSDUDDVFDUFDoDV

GRV&DSLWDOLVWDVHGRV6RFLDO'HPRFUDWDV

0DLV XPD YH] D DUHLD EDUUD R FDPLQKR (OHV SHQHWUDP

QRXWUDYHUHGDVLQXRVDHQWUHDVGXQDVHHQFRQWUDPVHGHUHSHQWH

VyVFRPRVHQRPHLRGR6DDUD7UDYHOOLQJGRSRQWRGHYLVWDGR

'U3RROH1mR1mR1mR1mR/RRODSiUDHYLUDVHSDUDHOH

1mR1mR1mR$FkPHUDVREHSDUDRURVWRGHODHHOHQRWDGH

SURQWRTXHDVXDH[SUHVVmRpWUiJLFD

1$55$'25

26H[WR0DQGDPHQWRRV)DWRVGD 9LGD 0DV Ki WDPEpP

XP RXWUR )DWR DR TXDO QmR VH SRGH UHDJLU FRP XPD PHUD

QHJDomRGHSDUWDPHQWDOL]DGDRXSRUXPDQmRPHQRVIUDJPHQWiULD

RVWHQWDomRGHVHQVXDOLGDGH²R)DWRGD3HUVRQDOLGDGH

²(XQmRTXHURTXHPHFRUWHPRFDEHOR²GL]HODQXPDYR]

VXIRFDGD

²(OHVQmRYmRID]HULVVR

²9mRVLP

²(OHVQmRSRGHPQmRGHYHP²'HSRLVPDUDYLOKDGRDQWH

DSUySULDDXGiFLDHOHDFUHVFHQWD²(OHpOLQGRGHPDLV

background image

$LQGDWUDJLFDPHQWH/RRODVDFRGHDFDEHoD

²(XVLQWR²GL]HOD²GHQWURGHPLP(XVHLTXHHOHYDLWHU

PDLVGHVHWHGHGRV(OHVRPDWDUmRHOHVPHFRUWDUmRRFDEHORPH

DoRLWDUmRH(OHQRVIRUoDDID]HUHVVDVFRLVDV

²4XHFRLVDV"

3RU XP PRPHQWR HOD R ROKD VHP IDODU GHSRLVFRP XPD

H[SUHVVmRGHTXDVHWHUURUEDL[DRVROKRV

²(SRUTXH(OHTXHUTXHVHMDPRVGHVJUDoDGRV

&REULQGR R URVWR FRP DV Pm RV GHVDWD D VROXoDU

LQFRQWURODYHOPHQWH

1$55$'25

2YLQKRSRUGHQWURHSRUIRUDDDOPLVFDUDGDVXJHVWmR

'HVVHVWmRSUy[LPRVFiOLGRVW~UJLGRVPDGXURV

(TXDVHFRPHVWtYHLV)DWRVGD9LGD

(DJRUDHVVDVOiJULPDVHVVDVOiJULPDV

2'U3RROHHQYROYHDUDSDULJDQRVEUDoRVHHQTXDQWRHOD

VROXoD FRQWUD R VHX RPEUR DIDJDOKH RV FDEHORV FRP WRGD D

WHUQXUDGRPDFKRQRUPDOTXHPRPHQWDQHDPHQWHVHWRUQRX

²1mRFKRUH²VXVVXUUD²QmRFKRUH7XGRDFDEDUiEHP(X

HVWDUHL VHPSUH DR VHX ODGR (X QmR SHUPLWLUHL TXH OKH IDoDP

QHQKXPPDO

$RVSRXFRVHODVHGHL[DFRQIRUWDU2VVROXoRVGLPLQXHPGH

YLROrQFLDHILQDOPHQWHFHVVDPGHWRGR

(OD OHYDQWD RV ROKRV H R VRUULVR TXH OKH GLULJH DWUDYpV GDV

OiJULPDVpWmRLQHTXLYRFDPHQWHDPRURVRTXHTXDOTXHUXPTXH

QmRR'U3RROHWHULDDFHLWRGHSURQWRRFRQYLWH2VVHJXQGRV

SDVVDPHHQTXDQWRHOHDLQGDKHVLWDDH[SUHVVmRGHODPXGDHOD

EDL[DRVFtOLRVVREUHXPDFRQILVVmRTXHVHQWHGHV~ELWRWHUVLGR

SRUGHPDLVIUDQFDHVHHVTXLYD

²'HVFXOSH²PXUPXUDHS}HVHDHVIUHJDURVROKRVFRPR

GRUVRGHXPDPmRVXMDFRPRDGHXPDFULDQoD

background image

2 'U 3RROH WLUD R OHQoR H WHUQDPHQWH OKH HQ[XJD DV

OiJULPDV

²9RFrpWmRERQ]LQKR²GL]HOD²1HPXPSRXFRFRPRRV

KRPHQVGDTXL

6RUUL GH QRYR SDUD HOH &RPR XP SDU GH HQFDQWDGRUDV

IHUD]LQKDV HPHUJLQGR GR HVFRQGHULMR VXUJHP DV FRYLQKDV 7mR

LPSXOVLYDPHQWHTXHQHPWHP WHPSR GH HVSDQWDUVH FRP R TXH

HVWiID]HQGRR'U3RROHWRPDOKHRURVWRHQWUHDVPmRVHDEHLMD

QRVOiELRV

/RROD UHVLVWH XP PRPHQWR GHSRLV DEDQGRQDVH QXPD

UHQGLomRWmRFRPSOHWDTXHYHPDVHUPDLVDWLYDTXHRDVVDOWRGHOH

1D WULOKD VRQRUD ´'iPH GHWXPHVFrQFLDµ PRGXODVH QR

/LHEHVWRGGR7ULVWmR

'HUHSHQWH/RRODVHLQWHLULoDHPWUrPXODULJLGH]

5HSHOLQGRR HOD R HQFDUD GHVYDLUDGDPHQWH GHSRLV YROWDVH H

ROKDRGHVRVODLRFRPXPDH[SUHVVmRGHWHUURUFXOSDGR

²/RROD

(OH WHQWD DWUDtOD RXWUD YH] PDV HOD VH GHVYHQFLOKD H VDL D

FRUUHUSHODWULOKDHVWUHLWD

1mR1mR1mR1mR1mR1mR

)XVmRSDUDDHVTXLQDGD5XD&LQFRFRPD3HUVKLQJ6TXDUH

&RPRDQWLJDPHQWHDSUDoDpRFHQWURGDYLGDFXOWXUDOGDFLGDGH

'HXPFKDIDUL]UDVRIURQWHLURDR3KLOKDUPRQLF$XGLWRULXPGXDV

PXOKHUHV WLUDP iJXD FRP XP RGUH GH FRXUR GH FDEUD TXH

HVYD]LDP HP FkQWDURV GH EDUUR SDUD RXWUDV PXOKHUHV TXH RV

OHYDP 'H XPD EDUUD VXVSHQVD HQWUH GRLV SRVWHV GH LOXPLQDomR

HQIHUUXMDGRVSHQGHDFDUFDoDGHXPERLUHFpPDEDWLGR(PPHLR

D XPD QXYHP GH PRVFDV XP KRPHP PXQLGR GH XPD IDFD

UHPRYHDVHQWUDQKDV

² ,VVR HVWi FRP ERP DVSHFWR ² FRPHQWD R &KHIH

SUD]HQWHLUDPHQWH

2 PDJDUHIH DUUHJDQKD XP VRUULVR H FRP RV GHGRV

HQVDQJHQWDGRVID]RVLQDOGRVFRUQRV

$OJXQVPHWURVDOpPYrHPVHRVIRUQRVFRPXQDLV

background image

2&KHIHRUGHQDXPDOWRHFRPSODFHQWHPHQWHDFHLWDXPSHGDoR

GHSmRUHFpPDVVDGR(QTXDQWRHOHFRPHGH]RXGR]HPHQLQRV

HQWUDP HP FHQD FDPEDOHDQGR VRE HQRUPHV FDUJDV GH

FRPEXVWtYHOSURYHQLHQWHGDYL]LQKD%LEOLRWHFD3~EOLFD$WLUDPDV

FDUJDV DR FKmR H LQFLWDGRV SHODV SDQFDGDV H LPSUHFDo}HV GRV

PDLV YHOKRV YROWDP FRUUHQGR D EXVFDU PDLV 8P GRV SDGHLURV

DEUHDSRUWDGHXPDIRUQDOKDHFRPXPDSiS}HVHDODQoDURV

OLYURVjVFKDPDV

7XGR R TXH Ki GH DFDGrPLFR GH ELEOLyILOR QR 'U 3RROH

UHYROWDVHDQWHRHVSHWiFXOR

²0DVLVVRpXPKRUURU²SURWHVWDHOH

2&KHIHOLPLWDVHDULU

²3DUDGHQWURD)HQRPHQRORJLDGR(VStULWR3DUDIRUDRSmR

GHPLOKR(pXPSmRGDQDGRGHERP

'iXPDQRYDGHQWDGD

(QWUHWDQWR R 'U 3RROH DEDL[RXVH H GH D XP SDVVR GD

GHVWUXLomRVXUUXSLRXXPSHTXHQRHHQFDQWDGRULQGXRGHFLPRGH

6KHOOH\

²*UDoDVD'²FRPHoDHOHPDVSRUIHOLFLGDGHOHPEUDVH

GHRQGHHVWiHFRQVHJXHGHWHUVHDWHPSR

(QILDRYROXPHQREROVRHYROWDQGRVHSDUDR&KHIH

² 0DV H D FXOWXUD" ² SHUJXQWD ² ( D KHUDQoD VRFLDO GD

VDEHGRULD KXPDQD WmR SHQRVDPHQWH DGTXLULGD" (D ILQD IORU GR

SHQVDPHQWR"(

²(OHVQmRVDEHPOHU²UHSOLFDR&KHIHFRPDERFDFKHLD²

,VWRpQmRpEHPDVVLP1yVHQVLQDPRVWRGRVDOHUDTXLOR

(OHDSRQWD3ODQRPpGLRGRVHXSRQWRGHYLVWDSDUD/RROD²

/RRODFRPDVFRYLQKDVHWXGRRPDLVPDVWDPEpPFRPRJUDQGH

1mR

YHUPHOKR QR DYHQWDO H RV GRLV 1mRV PHQRUHV QR SHLWR GD

FDPLVD

²,VVRpWXGRRTXHHOHVSUHFLVDPVDEHU(DJRUD²RUGHQD

DRVFDUUHJDGRUHV²WRTXHPDGLDQWH

7UDYHOOLQJ GD OLWHLUDTXH DWUDYHVVD D HQWUDGD VHP SRUWD GR

TXHIRLRXWURUDR%LOWPRUH&RIIHH6KRS

background image

$TXLQDSHQXPEUDPDOFKHLURVDYLQWHRXWULQWDPXOKHUHVXPDV

GH PHLDLGDGH RXWUDV MRYHQV DOJXPDV QmR PDLV TXH PHQLQDV

WHFHP ODERULRVDPHQWH HP URFDV SULPLWLYDV GR WLSR XVDGR SHORV

tQGLRVGD$PpULFD&HQWUDO

² 1HQKXP GHVVHV YDVRV GHX j OX] QHVWD WHPSRUDGD ² R

&KHIH H[SOLFD DR 'U 3RROH (OH IUDQ]H R VREUROKR H EDODQoD D

FDEHoD²4XDQGRQmRHVWmRSURGX]LQGRPRQVWURVVmRHVWpUHLV

&RPRQRVLUHPRVDUUDQMDUFRPDPmRGHREUDVy%HOLDOVDEH

(OHV SURVVHJXHP FDIp DGHQWUR SDVVDP SRU XP JUXSR GH

FULDQoDV GH WUrV H TXDWUR DQRV YLJLDGR SRU XP YDVR LGRVR GH

SDODWRIHQGLGRHFDWRU]HGHGRVHSDUDPQRYmRGHXPDUFRTXH

Gi DFHVVR D XP VHJXQGR UHVWDXUDQWH XP SRXFR PHQRU TXH R

SULPHLUR

'H IRUD GD FHQD RXYHVH R VRP GH XP FRUR GH YR]HV

MXYHQLV UHFLWDQGR HP XQtVVRQR DV IUDVHV LQLFLDLV GR 3HTXHQR

&DWHFLVPR

´3HUJXQWD4XDOpRILPSULPRUGLDOGR+RPHP"

5HVSRVWD2ILPSULPRUGLDOGR+RPHPpVHUYLUD%HOLDOFRQMXUDU

6XD LQLPL]DGH H HYLWDU D GHVWUXLomR SRU WDQWR WHPSR TXDQWR

SRVVtYHOµ

&RUWHSDUDXPSODQRSUy[LPRGR'U3RROHFXMRVHPEODQWH

H[SULPH HVSDQWR PLVWXUDGR FRP FUHVFHQWH KRUURU 'HSRLV XP

SODQRJHUDOGRVHXSRQWRGHYLVWD

(PFLQFRILOHLUDVGHGR]HVHVVHQWDPHQLQRVHPHQLQDVHQWUHRV

WUH]H H RV TXLQ]H DQRV GH LGDGH HVWmR HP UtJLGD SRVLomR GH

VHQWLGRHQJURODQGRRPDLVGHSUHVVDTXHSRGHPXPDHVWULGHQWHH

GLVVRQDQWH ODGDLQKD 'HIURQWDQGRRV VREUH XP HVWUDGR HVWi

VHQWDGR XP KRPHP EDL[R H JRUGR YHVWLQGR XPD ORQJD W~QLFD

IHLWDGHFRXURVGHFDEUDEUDQFRVHSUHWRVHXPJRUURGHSHOHFRP

XPDDEDGHFRXURjTXDOIRUDPDIL[DGRVGRLVFKLIUHVGHWDPDQKR

PpGLR*ODEURHPDFLOHQWRRURVWREULOKDFRPXPDSHUVSLUDomR

SURIXVDTXHHOHHQ[XJDDWRGRLQVWDQWHFRPDPDQJDSHOXGDGD

VRWDLQD

&RUWHYROWDQGRDR&KHIHTXHVHLQFOLQDHWRFDQRRPEUR

GR'U3RROH

background image

²$TXHOH²FRFKLFKD²pRQRVVRSUDWLFDQWHFKHIHGH&LrQFLD

6DWkQLFD )LTXH VDEHQGR TXH HOH p XP FREUD HP 0DJQHWLVPR

$QLPDO0DOLJQR

'H IRUD GD FHQD RXYHVH R SDSDJXHDU LQFRQVFLHQWH GDV

FULDQoDV

´3HUJXQWD$TXHILPpR+RPHPSUHGHVWLQDGR"

5HVSRVWD%HOLDOD6HXEHOSUD]HUGHWRGDD(WHUQLGDGHHVFROKHX

RVTXHYLYHPQRSUHVHQWHSDUDDSHUGLomRHWHUQDµ

²3RUTXHHOHXVDFKLIUHV"²TXHUVDEHUR'U3RROH

²(OHpXPDUTXLPDQGULWD²HVFODUHFHR&KHIH

²(VWiSDUDUHFHEHURVHXWHUFHLURFKLIUHDTXDOTXHUPRPHQWR

&RUWHSDUDXPSODQRPpGLRGRHVWUDGR

²([FHOHQWH²HVWiGL]HQGRRSUDWLFDQWHGH&LrQFLD6DWkQLFD

FRP VXD YR] DJXGD H VLELODQWH TXH SDUHFH D GH XP JDURWR

H[WUDRUGLQDULDPHQWH SHGDQWH H FKHLR GH VL ² ([FHOHQWH ² (OH

HQ[XJD D WHVWD ² ( DJRUD GLJDPPH SRU TXH YRFrV PHUHFHP D

SHUGLomRHWHUQD

+iXPVLOrQFLRPRPHQWkQHR(PVHJXLGDQXPFRURTXHFRPHoD

PHLR GHVRUGHQDGR PDV ORJR FUHVFH SDUD XPD UXLGRVD

XQDQLPLGDGHDVFULDQoDVUHVSRQGHP

²%HOLDOQRVSHUYHUWHXHFRUURPSHXHPWRGDVDVSDUWHVGHQRVVR

VHU 3RU LVVR IRPRV PHUDPHQWH j FRQWD PL GHVVD FRUUXSomR

PHUHFLGDPHQWHFRQGHQDGRVSRU%HOLDO

2PHVWUHDFHQDDVXDDSURYDomR

²7DO²JXLQFKDXQWXRVDPHQWH²pDLQHVFUXWiYHOMXVWLoDGR

6HQKRUGDV0RVFDV

²$PpP²UHVSRQGHPDVFULDQoDV7RGRVID]HPRVLQDOGRV

FRUQRV

²(TXDLVVmRRVGHYHUHVSDUDFRPRSUy[LPR"

²2PHXGHYHUSDUDFRPRPHXSUy[LPR²YHPDUHVSRVWD

FRUDO²pHVIRUoDUPHDRPi[LPRSDUDHYLWDUTXHHOHIDoDDPLPR

TXH HX JRVWDULD GH ID]HU D HOH VXEPHWHUPH D WRGRV RV PHXV

JRYHUQDQWHV FRQVHUYDU R PHX FRUSR HP FDVWLGDGH DEVROXWD

H[FHWR GXUDQWH DV GXDV VHPDQDV VHJXLQWHV DR 'LD GH %HOLDO H

background image

FXPSULURPHXGHYHUQHVWDFRQGLomRGHYLGDDTXHSURXYHD%HOLDO

FRQGHQDUPH

²2TXHpD,JUHMD"

² $ ,JUHMD p R FRUSR GH TXH %HOLDO p D FDEHoD H WRGRV RV

SRVVHVVRVVmRRVPHPEURV

² 0XLWR EHP ² GL] R SUDWLFDQWH HQ[XJDQGR R URVWR PDLV

XPDYH]²(DJRUDHXSUHFLVRGHXPMRYHPYDVR

(OH FRUUH R ROKDU SHODV ILODV GH DOXQRV GHSRLV DSRQWD R

GHGR

²9RFrDt7HUFHLUDGDHVTXHUGDQD6HJXQGDILOD2YDVRGH

FDEHORDPDUHOR9HQKDFi

&RUWHYROWDQGRDRJUXSRTXHURGHLDDOLWHLUD

2V FDUUHJDGRUHV VRUULHP DUUHJDQKDGDPHQWH HP DOHJUH

H[SHFWDWLYD,QWHQVDPHQWHYHUPHOKRV~PLGRVHFDUQXGRVHQWUHRV

DQpLV QHJURV GR ELJRGH H GD EDUED DWp RV EHLoRV GR &KHIH

FXUYDPVH QXP VRUULVR 0DV QmR Ki VRUULVR QD IDFH GH /RROD

3iOLGDDPmRVREUHRVOiELRVRVROKRVDEHUWRVHHVJD]HDGRVHOD

REVHUYD RV SUHSDUDWLYRV FRP R KRUURU GH TXHP Mi SDVVRX SHOD

PHVPDSURYDomR2'U3RROHROKDSDUDHODGHVRVODLRGHSRLVGH

QRYR SDUD D YtWLPD TXH YHPRV DJRUD GR VHX SRQWR GH YLVWD

DYDQoDQGROHQWDPHQWHHPGLUHomRDRHVWUDGR

² 6XED DTXL ² JXLQFKD D YR] TXDVH LQIDQWLO HP WRP

DXWRULWiULR²$TXLSHUWRGHPLP$JRUDYLUHVHSDUDDFODVVH

$FULDQoDID]RTXHOKHPDQGDP

0HLRSODQRSUy[LPRGHXPDPHQLQDGHTXLQ]HDQRVDOWDH

GHOJDGDFRPXPURVWRGH0DGRQDQyUGLFD

1m

2

SURFODPD R DYHQWDO SUHVR DR FyV GDV FDOoDV HVIDUUDSDGDV

1mR1mRRVUHPHQGRVVREUHRVVHLRVHPERWmR

2SUDWLFDQWHDSRQWDDFXVDGRUDPHQWH

²2OKHPLVWR²GL]HOHIUDQ]LQGR R URVWR QXPD FDUHWD GH

UHSXJQkQFLD²-iYLUDPFRLVDPDLVQRMHQWD"

(OHVHYROWDSDUDDFODVVH

² 0HQLQRV ² HVJDQLoD ² 4XHP GH YRFrV VHQWLU TXDOTXHU

0DJQHWLVPR$QLPDO0DOLJQRHPDQDGRGHVWHYDVROHYDQWHDPmR

background image

&RUWHSDUDXPSODQRJHUDOGDFODVVH6HPH[FHomRWRGRVRV

UDSD]HVHVWmRFRPDVPmRVOHYDQWDGDV$VILVLRQRPLDVWrPDTXHOD

H[SUHVVmRGH ODVFLYR H PDOpYROR GLYHUWLPHQWR TXH RV RUWRGR[DV

VHPSUH PRVWUDP HQTXDQWR RV VHXV SDVWRUHV HVSLULWXDLV

DWRUPHQWDP RV ERGHV H[SLDWyULRV KHUHGLWiULRV RX DLQGD PDLV

VHYHUDPHQWHFDVWLJDPRVKHUHJHVTXHDPHDoDPRVLQWHUHVVHVGR

(VWDEHOHFLPHQWR

&RUWHSDUDRSUDWLFDQWH(OHVXVSLUDKLSRFULWDPHQWHHPHQHLD

DFDEHoD

² (UD R TXH HX UHFHDYD ² GL] 'HSRLV YROWDVH SDUD D

PRFLQKDDRVHXODGRVREUHRHVWUDGR²$JRUDGLJDPHTXDOpD

1DWXUH]DGD0XOKHU"

²$1DWXUH]DGD0XOKHU"²UHSHWHDPHQLQDYDFLODQWH

²6LPD1DWXUH]DGD0XOKHU9DPRVORJR

(ODRHQFDUDFRPXPDH[SUHVVmRGHWHUURUQRVROKRVD]XLV

GHSRLVGHVYLDRROKDU6HXURVWRWRUQDVHPRUWDOPHQWHSiOLGR2V

OiELRVWUHPHPHODHQJROHFRPHVIRUoR

²$PXOKHU²FRPHoD²DPXOKHU

$ YR] VH TXHEUD RV ROKRV HQFKHPVH GH OiJULPDV QXP

HVIRUoRGHVHVSHUDGR SDUD FRQWURODU RV VHQWLPHQWRV HOD FHUUD RV

SXQKRVHPRUGHROiELR

² &RQWLQXH ² EHUUD R SUDWLFDQWH HVWULGHQWHPHQWH (

DSDQKDQGR GR FKmR XPD YDUD GH VDOJXHLUR DSOLFD XPD IRUWH

YHUJDVWDGDQDVEDUULJDVGDVSHUQDVQXDVGDFULDQoD²&RQWLQXH

²$PXOKHU²UHFRPHoDDPHQLQDPDLVXPDYH]²pRYDVR

GR(VStULWR6DWkQLFRDIRQWHGHWRGDVDVGHIRUPLGDGHVDDDL

(ODVHHQFROKHVREXPQRYRJROSH

2SUDWLFDQWHGH&LrQFLDULHWRGDDFODVVHRDFRPSDQKD

²$LQLPLJD²HOHDX[LOLD

²$KVLPDLQLPLJDGDUDoDSXQLGDSRU%HOLDOHDWUDLQGR

SXQLomRVREUHWRGRVRVTXHVXFXPEHPD%HOLDOQHOD

6HJXHVHXPORQJRVLOrQFLR

²%HP²GL]SRUILPRSUDWLFDQWH²LVWRpRTXHYRFrp,VWR

pRTXHWRGRVRVYDVRVVmR(DJRUDYiYi²HOHJDQHHFRPI~ULD

UHSHQWLQDS}HVHDHVSDQFiODRXWUDYH]

background image

*ULWDQGRGHGRUDFULDQoDVDOWDGRHVWUDGRHYROWDDFRUUHU

SDUDRVHXOXJDUQDVILOHLUDV

&RUWHYROWDQGRDR&KHIH(VWHWHPDWHVWD IUDQ]LGD QXPD

H[SUHVVmRGHGHVDJUDGR

²(VVDHGXFDomRPRGHUQD²FRPHQWDFRPR'U3RROH²

1mR Ki PDLV GLVFLSOLQD 1mR VHL RQGH YDPRV SDUDU 3RLV ROKH

TXDQGR HX HUD PHQLQR R QRVVR YHOKR SUDWLFDQWH FRVWXPDYD

DPDUUiODVVREUHXPEDQFRHID]HUIXQFLRQDUXPDYDUDGHEpWXOD

´,VWR OKH HQVLQDUi D VHU XP YDVRµ HOH GL]LD H OHSW OHSW OHSW

%HOLDOFRPREHUUDYDP,VVRVLPpRTXHHXFKDPRGHHGXFDomR

%HPMiFKHJD²ILQDOL]DHOH²$FHOHUDGRPDUFKH

(QTXDQWR D OLWHLUD YDL VDLQGR GD FHQD D FkPHUD GHWpPVH

VREUH/RRODTXHVHGHL[RXILFDUFRQWHPSODQGRQXPDDJRQLDGH

VROLGDULHGDGHDIDFHPROKDGDGHOiJULPDVHRVRPEURVVDFXGLGRV

SRUVROXoRVGDSHTXHQDYtWLPDQDVHJXQGDILOD8PDPmRWRFD

OKHREUDoR

(OD HVWUHPHFH YROWDVH DSUHHQVLYDH HQFRQWUDFRP DOtYLR D IDFH

DPiYHOGR'U3RROH

²(XFRQFRUGRLQWHLUDPHQWHFRPYRFr²HOHVXVVXUUD²e

HUUDGRpLQMXVWR

6y GHSRLV GH DWLUDU XP UiSLGR ROKDU SRU FLPD GR RPEUR

/RRODVHDYHQWXUDDGLULJLUOKHXPOHYHVRUULVRGHJUDWLGmR

²$JRUDSUHFLVDPRVLU²GL]HOD

(OHV VH DSUHVVDP D VHJXLU RV GHPDLV $FRPSDQKDQGR D

OLWHLUD ID]HP R FDPLQKR GH YROWD DWUDYpV GR FDIp GHSRLV

TXHEUDPjGLUHLWDHHQWUDPQRVDOmRGREDU

1XPGRVH[WUHPRVGDSHoDXPDSLOKDGHRVVRVKXPDQRV

HUJXHVH TXDVH DWp R WHWD $FRFRUDGRV QR FKmR VREUH XPD

HVSHVVDFDPDGDGHSyEUDQFRXPJUXSRGHDUWtILFHVRFXSDVHHP

PRGHODUWLJHODVGHFUkQLRVDJXOKDVGHWHFHUGHF~ELWRVIODXWDVH

IODXWLQVGDVWtELDVPDLVFRPSULGDVFROKHUHVFDOoDGHLUDVHSHGUDV

GHGRPLQyGHSpOYLVEDWRTXHVGHIrPXUHV

8PDOWRpFRPDQGDGRHHQTXDQWRXPGRVRSHUiULRVWRFD

´'iPHGHWXPHVFrQFLDµQXPDIODXWDGHWtELDRXWURSUHVHQWHLDR

&KHIHFRPXPVREHUERFRODUGHYpUWHEUDVJUDGXDGDVYDULDQGR

background image

HP WDPDQKR GHVGH DV FHUYLFDLV GH XPD FULDQoD GH FROR DWp DV

ORPEDUHVGHXPOXWDGRUSHVRSHVDGR

1$55$'25

´(R6HQKRUPHGHS{VQRPHLRGRYDOHTXHHVWDYDFKHLRGH

RVVRV H HLV TXH HOHV HUDP PXLWR VHFRVµ 2V RVVRV VHFRV GH

DOJXQV GRV TXH PRUUHUDP DRV PLOKDUHV DRV PLOK}HV QR FXUVR

GDTXHOHVWUrVOXPLQRVRVGLDVGHYHUmRTXHSDUDYyVSHUWHQFHP

DLQGDDRIXWXUR´((OHPHIDORX)LOKRGRKRPHPSRGHPHVWHV

RVVRV YLYHU"µ $ UHVSRVWD GLJR HX p QHJDWLYD 3RLV DLQGD TXH

%DUXTXH SXGHVVH VDOYDUQRV WDOYH] GH WRPDU QRVVRV OXJDUHV

QXP RVVXiULR FRPR HVVH HOH QDGD SRGH ID]HU SDUD HYLWDU HVWD

RXWUDPRUWHPDLVOHQWDHPDLVDVTXHURVD

7UDYHOOLQJ GD OLWHLUD VHQGR FDUUHJDGD HVFDGD DFLPD SDUD R

YHVWtEXOR SULQFLSDO $TXL R IHGRU p LQVXSRUWiYHO D LPXQGtFLH

LQGHVFULWtYHO3ULPHLURSODQRGHGXDVUDWD]DQDVURHQGRXPRVVR

GH FDUQHLUR GH PRVFDV VREUH DV SiOSHEUDV SXUXOHQWDV GH XPD

PHQLQLQKD $ FkPHUD UHFXD SDUD DEDUFDU XP FDPSR PDLRU

4XDUHQWDRXFLQTHQWDPXOKHUHVPHWDGHGHODVFRPDVFDEHoDV

UDVSDGDVHVWmRVHQWDGDVQRVGHJUDXVHPPHLRDROL[RTXHFREUH

RDVVRDOKRVREUHRVUHVWRVGHVWURoDGRVGHDQWLJDVFDPDVHVRIiV

&DGDXPDGHODVWHPQRFRORXPDFULDQoDWRGDVDVFULDQoDVWrP

GH] VHPDQDV GH LGDGH H WRGDV DV TXH SHUWHQFHP D PmHV

WRVTXLDGDV VmR DOHLMDGDV 6REUH SULPHLUR SODQR GH SHTXHQRV

URVWRVFRPOiELRVOHSRULQRVPLQ~VFXORVWURQFRVFRPFRWRVHP

OXJDU GH SHUQDV H EUDoRV PmR]LQKDV FRP SHQFDV GH GHGRV

VXSUDQXPHUiULRV SHTXHQRV FRUSRV DGRUQDGRV FRP XPD GXSOD

ILODGHPDPLORVRXYHVHDYR]GRQDUUDGRU

1$55$'25

3RLVHVWDRXWUDPRUWH²QmRSHODSHVWHGHVWDYH]QmRSHOR

YHQHQRQmRSHORIRJRQmRSRUFkQFHUDUWLILFLDOPHQWHSURGX]LGR

background image

PDVSHODHVTXiOLGDGHVLQWHJUDomRGDSUySULDVXEVWkQFLDGDHVSpFLH

² HVWD KRUUHQGD H LQILQLWDPHQWH QmRKHUyLFD PRUWHDRQDVFHU

SRGHULDVHUSURGXWRGDLQG~VWULDDW{PLFDWDQWRTXDQWRGDJXHUUD

DW{PLFD3RLVQXPPXQGRPRYLGRSHODILVVmRQXFOHDUDDYyGH

FDGDXPWHULDVLGRXPDWpFQLFDGHUDLRV;(QmRDSHQDVDDYyGH

FDGDXP²PDVLJXDOPHQWHRDY{RSDLDPmHWRGRVRVDQFHVWUDLV

DWpWUrVHTXDWURHFLQFRJHUDo}HVGDTXHOHVTXH0HRGHLDP

'D~OWLPDGDVFULDQoDVGLVIRUPHVDFkPHUDUHFXDSDUDR'U

3RROH TXH FRP R OHQoR QR QDUL] DLQGD SRU GHPDLV VHQVtYHO

FRQWHPSODFRPSHUSOH[LGDGHKRUURUL]DGDDFHQDTXHRURGHLD

²7RGRVRVEHErVSDUHFHPWHUH[DWDPHQWHDPHVPDLGDGH²

REVHUYDHOHYROWDQGRVHSDUD/RRODTXHDLQGDRDFRPSDQKD

² 2UD TXH p TXH YRFr TXHULD" 6H SUDWLFDPHQWH WRGRV

QDVFHUDPHQWUHGH]HGH]HVVHWHGHGH]HPEUR

² 0DV HQWmR TXHU GL]HU TXH ² (OH VH LQWHUURPSH

SURIXQGDPHQWHHPEDUDoDGR²3DUHFH²FRQFOXLDSUHVVDGDPHQWH

² TXH DV FRLVDV DTXL VmR XP SRXFR GLIHUHQWHV GR TXH QD 1RYD

=HOkQGLD

$SHVDUGRYLQKRHOHUHFRUGDDPmHJULVDOKDGRRXWURODGR

GR3DFtILFRHFRUDQGRGHYHUJRQKDWRVVHHGHVYLDRVROKRV

²/iHVWi3ROO\²H[FODPDDVXDFRPSDQKHLUDHVDLFRUUHQGR

DWUDYpVGRVDOmR

%DOEXFLDQGRGHVFXOSDVHQTXDQWRDEUHFDPLQKRSRUHQWUHDV

PmHVDFRFRUDGDVRXUHFRVWDGDVR'U3RROHYDLOKHQRHQFDOoR

3ROO\HVWiVHQWDGDVREUHXPVDFRFKHLRGHSDOKDMXQWRDR

TXHIRLRXWURUDREDOFmRGRFDL[DeXPDPRFLQKDGHGH]RLWRRX

GH]HQRYH DQRV SHTXHQD H IUiJLO DFDEH UDVSDGD FRPR D GH XP

FULPLQRVRSUHSDUDGRSDUDDH[HFXomR7HPXPURVWRFXMDEHOH]D

HVWiWRGDQRVRVVRVGHOLFDGRVHQRVJUDQGHVROKRVOXPLQRVRVe

FRP XPD H[SUHVVmR GH WUiJLFR GHVDPSDUR TXH HVVHV ROKRV VH

HOHYDPSDUDRURVWRGH/RRODHSDVVDPVHPFXULRVLGDGHTXDVH

VHPFRPSUHHQVmRSDUDRGRHVWUDQKRTXHDDFRPSDQKD

²4XHULGD

background image

/RRODLQFOLQDVHSDUDEHLMDUDDPLJD1mR1mRGRSRQWRGH

YLVWDGR'U3RROH'HSRLVVHQWDVHMXQWRD3ROO\HSDVVDOKHHP

WRUQRXPEUDoRFRQIRUWDGRU

3ROO\HVFRQGHDIDFHGHHQFRQWURDRRPEUR GD RXWUD H DV GXDV

FRPHoDPDFKRUDU&RPRTXHFRQWDJLDGRSHORVHXVRIULPHQWRR

SHTXHQR PRQVWUR QRV EUDoRV GH 3ROO\ GHVSHUWD H HPLWH XP

YDJLGRILQRHODVWLPRVR3ROO\HUJXHDFDEHoDGRRPEURGDDPLJD

H FRP D IDFH PROKDGD GH OiJULPDV EDL[D RV ROKRV SDUD D

FULDQFLQKD GLVIRUPH HP VHJXLGDDEUH D FDPLVD H DIDVWDQGR XP

GRV1mRVHQFDUQDGRVGiOKHRVHLR&RPDYLGH]TXDVHIUHQpWLFD

DFULDQoDS}HVHDVXJDU

²(XRDPR²VROXoD3ROO\²(XQmRTXHURTXHRPDWHP

² 4XHULGD ² p WXGR TXH /RROD HQFRQWUD SDUD GL]HU ²

4XHULGD

8PDYR]IRUWHDLQWHUURPSH

²6LOrQFLRDtVLOrQFLR

2XWUDVYR]HVMXQWDVHDRUHIUmR

²6LOrQFLR

²6LOrQFLR

²6LOrQFLRVLOrQFLR

1RYHVWtEXORWRGDDFRQYHUVDFHVVDDEUXSWDPHQWHHVHJXH

VHXPDORQJDHPXGDH[SHFWDWLYD(QWmRVRDWRTXHGHWURPSDH

RXWUD GDTXHODV YR]HV HVWUDQKDPHQWH LQIDQWLV PDV FKHLDV GH

LPSRUWkQFLDDQXQFLD

´6XD (PLQrQFLD R $UTXLYLJiULR GH %HOLDO 6HQKRU GD 7HUUD

3ULPD] GD &DOLIyUQLD 6HUYLGRU GR 3UROHWDULDGR %LVSR GH

+ROO\ZRRGµ

3ODQRJHUDOGDHVFDGDULDSULQFLSDOGRKRWHO(QYROYLGRQXPD

ORQJDW~QLFDGHSHOHVGHFDEUDVDQJORQ~ELDVHWUD]HQGRQDFDEHoD

XPDFRURDGRXUDGDFRPTXDWURFRUQRVFRPSULGRVHSRQWLDJXGRV

R$UTXLYLJiULRpYLVWRGHVFHUPDMHVWRVDPHQWH8PDFROLWRVXVWpP

XPJUDQGHSiOLRGHFRXURVREUHDVXDFDEHoDHHOHVHID]VHJXLUGH

YLQWH RX WULQWD GLJQLWiULRV HFOHVLiVWLFRV YDULDQGR HP KLHUDUTXLD

GRV SDWULDUFDV WULFyUQLRV DRV XQLFyUQLRV SUHVEtWHURV H DRV

SRVWXODQWHVVHPFRUQRV7RGRVHOHVGR$UTXLYLJiULRSDUDEDL[R

background image

VmRFRQVSLFXDPHQWHLPEHUEHVVXDUHQWRVHFDGHLUXGRVHTXDQGR

TXDOTXHUGHOHVIDODpVHPSUHQXPFRQWUDOWRDIODXWDGR

2&KHIHOHYDQWDVHGDVXDOLWHLUDH DYDQoDDR HQFRQWUR GD

HQFDUQDomRGDDXWRULGDGHHVSLULWXDO

1$55$'25

,JUHMDH(VWDGR

*DQkQFLDH2GLR²

'XDV3HVVRDV6tPLDV

1XPVy*RULOD6XSUHPR

2 &KHIH LQFOLQD D FDEHoD UHVSHLWRVDPHQWH 2 $UTXLYLJiULR

OHYD DV Pm RV j VXD WLDUD WRFD RV GRLV FRUQRV DQWHULRUHV GHSRLV

HQFRVWDDVSRQWDVGRVGHGRVHVSLULWXDOPHQWHFDUUHJDGRVQDWHVWD

GR&KHIH

²3RVVDVWXMDPDLVVHUHPSDODGRHP6HXV&RUQRV

² $PpP ² UHVSRQGH R &KHIH GHSRLV HQGLUHLWDQGRVH H

PXGDQGRRWRPGHYRWRSDUDRULVSLGDPHQWHIXQFLRQDO ² 7XGR

SURQWRSDUDDQRLWH"²SHUJXQWD

&RPDYR]GHXPPHQLQRGHGH]DQRVPDVFRPD

IDVWLGLRVDHSROLVVLOiELFDXQWXRVLGDGHGHXPYHWHUDQRHFOHVLiVWLFR

GHKiPXLWRKDELWXDGRDGHVHPSHQKDURSDSHOGHXPVHUVXSHULRU

SRVWR j SDUWH H DFLPD GRV VHXV VHPHOKDQWHV R $UTXLYLJiULR

FRPXQLFDTXHWXGRHVWiHPRUGHP6REDVXSHUYLVmRSHVVRDOGR

WULFyUQLR LQTXLVLGRU H GR SDWULDUFD GH 3DVDGHQD XP GHYRWDGR

JUXSRGHIDPLOLDUHVHSRVWXODQWHVYLDMRXGHSRYRDGRHPSRYRDGR

ID]HQGR R UHFHQVHDPHQWR DQXDO &DGD PmH GH XP PRQVWUR IRL

PDUFDGD $V FDEHoDV IRUDP UDVSDGDV H RV DoRLWHV SUHOLPLQDUHV

DGPLQLVWUDGDV $ HVVD DOWXUD WRGDV DV FXOSDGDV IRUDP

WUDQVSRUWDGDVSDUDXPRXRXWURGRVWUrV&HQWURVGH3XULILFDomR

HP5LYHUVLGH6DQ'LHJRH/RV$QJHOHV$VIDFDVHRVYHUJDOKRV

FRQVDJUDGRV IRUDP DSUHVWDGRV H VH %HOLDO TXLVHU DV FHULP{QLDV

FRPHoDUmRjKRUDPDUFDGD$QWHVGRQDVFHUGRVRODSXULILFDomR

GRWHUULWyULRGHYHUiHVWDUFRPSOHWD

background image

0DLV XPD YH] R $UTXLYLJiULR ID] R VLQDO GRV FRUQRV

GHSRLVILFDSRUDOJXQVVHJXQGRVHPVLOrQFLRUHFROKLGR5HDEULQGR

RVROKRVYROWDVHSDUDRVHFOHVLiVWLFRVGDFRPLWLYD

² ,GH EXVFDU DV WRVTXLDGDV ² HOH JUXQKH ² 7UD]HL HVVHV

YDVRV FRUURPSLGRV HVVHV WHVWHPXQKRV YLYRV GD LQLPL]DGH GH

%HOLDOHFRQGX]LDVDRORFDOGDVXDLJQRPtQLD

8PD G~]LD GH SUHVEtWHURV H SRVWXODQWHV GHVFHP

UDSLGDPHQWHRVGHJUDXVHGLULJHPVHSDUDRPDJRWHGHPmHV

²'HSUHVVDGHSUHVVD

²(PQRPHGH%HOLDO

/HQWDHUHOXWDQWHPHQWHDVPXOKHUHVWRVDGDVS}HPVHGH

Sp&RPVHXVSHTXHQLQRVIDUGRVGH GHIRUPLGDGH HVWUHLWDGRV GH

HQFRQWURDRVVHLRVSHMDGRVGHOHLWHHODVFDPLQKDPSDUDDSRUWD

QXP VLOrQFLR PDLV FDUUHJDGR GH DQJ~VWLD TXH TXDLVTXHU

ODPHQWDo}HV

3ODQR PpGLR GH 3ROO\ VREUH R VHX VDFR GH SDOKD 8P

MRYHP SRVWXODQWH DSUR[LPDVH H D REULJD D OHYDQWDUVH FRP XP

SX[mREUXWDO

²'HSp²EHUUDHOHFRPDYR]GHXPDFULDQoDPDOpYRODH

UDLYRVD²'HSpVXDSDULGHLUDGHLPXQGtFLH

( GiOKH XPD ERIHWDGD (VTXLYDQGRVH D XP VHJXQGR

JROSH3ROO\YDLTXDVHFRUUHQGRUHXQLUVHjVGHPDLVYtWLPDVMXQWR

jSRUWDGHHQWUDGD

)XVmR SDUD XP FpX QRWXUQR FRP HVWUHODV SRU HQWUH

HVWUHLWDVIDL[DVGHQXYHQVHXPDOXDPLQJXDQWHMiEDL[DQRRHVWH

+i XP ORQJR VLOrQFLR GHSRLV FRPHoDVH D RXYLU R VRP GH XP

FkQWLFR GLVWDQWH *UDGXDOPHQWH HOH VH DUWLFXOD QDV SDODYUDV

´*OyULD D %HOLDO D %HOLDO QDV SURIXQGH]DVµ LQFHVVDQWHPHQWH

UHSHWLGDV

1$55$'25

$XPSDOPRGRVROKRVDSDWDQHJUDGRPDFDFR

(FOLSVDDOXDDVHVWUHODVHDWp

2SUySULRHVSDoR&LQFRGHGRVIpWLGRV

background image

6mRRPXQGRLQWHLUR

$VLOKXHWDGHXPDPmRGHEDEXtQRDYDQoDSDUDDFkPHUD

FUHVFH PDLV H PDLV DPHDoDGRUD H ILQDOPHQWH HQJROID WXGR HP

WUHYDV

&RUWH SDUD R LQWHULRU GR /RV $QJHOHV &ROLVHXP $ OX]

IXPDUHQWD H EUX[XOHDQWH GH WRFKDV YrHPVH RV URVWRV GH XPD

JUDQGH PXOWLGm R )LOD DSyV ILOD TXDO XPD PDVVD GH JiUJXODV

MRUUDQGR D Ip LQVHQVDWD D VXEXPDQD H[FLWDomR D LPEHFLOLGDGH

FROHWLYD TXH VmR RV SURGXWRV GD UHOLJLmR ULWXDO ² MRUUDQGRDV GH

QHJUDV yUELWDV GH QDULQDV IUHPHQWHV GH OiELRV HQWUHDEHUWRV

HQTXDQWRRFkQWLFRSURVVHJXHPRQRWRQDPHQWH´*ORULDD%HOLDOD

%HOLDO QDV SURIXQGH]DVµ (PEDL[R QD DUHQD FHQWHQDV GH

UDSDULJDV H PXOKHUHV WRVTXLDGDV FDGD TXDO FRP VHX SHTXHQR

PRQVWUR QRV EUDoRV HVWmR DMRHOKDGDV GHIURQWH DRV GHJUDXV GR

DOWDUPRU 7HUUtILFRV HP VXDV FDVXODV GH SHOHV DQJORQ~ELDV HP

VXDV WLDUDV GH FRUQRV GRXUDGRV SDWULDUFDV H DUTXLPDQGULWDV

SUHVEtWHURVHSRVWXODQWHVUH~QHPVHHPGRLVJUXSRVQRDOWRGRV

GHJUDXVGRDOWDUFDQWDQGRDQWLIRQDGDPHQWHQXPDJXGRHVWUtGXOR

DFRPSDQKDGRVSHODP~VLFDGHIODXWLQVGHRVVRHGHXPDEDWHULD

GH[LORIRQHV

6(0,&252,

*OyULDD%HOLDO

6(0,&252,,

$%HOLDOQDVSURIXQGH]DV

(QWmRDSyVXPDSDXVDDP~VLFDGRFDQWRFKmRPXGDHXPD

QRYDIDVHGRRItFLRFRPHoD

6(0,&252,

background image

eXPDFRLVDWHUUtYHO

6(0,&252,,

7HUUtYHOWHUUtYHO

6(0,&252,

&DLUVHQDVPmRV

6(0,&252,,

1DVPmRVKRUUHQGDVHSHOXGDV

6(0,&252,

1DVPmRVGR'HP{QLRYLYR

6(0,&252,,

$OHOXLD

6(0,&252,

1DVPmRVGR,QLPLJRGRKRPHP

6(0,&252,,

1RVVDVDOHJUHVFRPSDQKHLUDV

6(0,&252,

'R5HEHOGHFRQWUDD2UGHPGDV&RLVDV²

background image

6(0,&252,,

&RPTXHPFRQWUDQyVSUySULRVFRQVSLUDPRV

6(0,&252,

'DJUDQGH9DUHMHLUDTXHpR6HQKRUGDV0RVFDV

6(0,&252,,

5DVWHMDQGRGHQWURGRFRUDomR

6(0,&252,

'R9HUPHQXTXHQmRSHUHFH

6(0,&252,,

(VHQGRLPSHUHFtYHOpDIRQWHGDQRVVDYLGDHWHUQD

6(0,&252,

'R3UtQFLSHGDV3RWrQFLDVGR$U²

6(0,&252,,

6SLWILUHH6WXND%HO]HEXH$]D]HO$OHOXLD

6(0,&252,

'R6HQKRUGHVWHPXQGR

6(0,&252,,

(VHXFRUUXSWRU

background image

6(0,&252,

'RJUDQGHGHXV0ROHTXH

6(0,&252,,

3DGURHLURGHWRGDVDVQDo}HV

6(0,&252,

'H0DPRQQRVVRPHVWUH

6(0,&252,,

2QLSUHVHQWH

6(0,&252,

'H/~FLIHURWRGRSRGHURVR

6(0,&252,,

1D,JUHMDQR(VWDGR

6(0,&252,

'H%HOLDO

6(0,&252,,

7UDQVFHQGHQWH

6(0,&252,

background image

0DVRKTXmRLPDQHQWH

72'26-81726

'H%HOLDO%HOLDO%HOLDO%HOLDO

4XDQGR R FRUR VH H[WLQJXH GRLV SRVWXODQWHV VHP FRUQRV

GHVFHPDJDUUDPDPDLVSUy[LPDGDVPXOKHUHVUDVSDGDVS}HPQD

GHSpHDUUDVWDPQDPXGDGHWHUURUSHORVGHJUDXVGRDOWDUDFLPD

SDUDRQGHVHHQFRQWUDRSDWULDUFDGH3DVDGHQDDILDQGRDOkPLQD

GHXPDORQJDIDFDGHDoRXJXHLUR$UREXVWDPmHPH[LFDQDILFDD

PLUiORFRPIDVFLQDGRKRUURUERTXLDEHUWD(PVHJXLGDXPGRV

SRVWXODQWHVDUUDQFDOKHGRVEUDoRVDFULDQoDHDHUJXH GLDQWH GR

SDWULDUFD

3ODQRSUy[LPRGHXPSURGXWRFDUDFWHUtVWLFRGDWHFQRORJLD

SURJUHVVLVWD²XPLGLRWDPRQJROyLGHGHOiELROHSRULQR'HIRUD

GDFHQDRXYHPVHDVYD]HVGRFRUR

6(0,&252,

(XYRVPRVWURRVLQDOGDLQLPL]DGHGH%HOLDO

6(0,&252,,

3RGULGmRSRGULGmR

6(0,&252,

(XYRVPRVWURRIUXWRGDJUDoDGH%FOLDO

6(0,&252,,

,PXQGtFLHLQIXVDHPLPXQGtFLH

6(0,&252,

background image

(XYRVPRVWURDSHQDSHODREHGLrQFLDj6XD9RQWDGH

6(0,&252,,

$VVLPQD7HUUDFRPRQR,QIHUQR

6(0,&252,

4XDOpDIRQWHGHWRGDVDVGHIRUPLGDGHV"

6(0,&252,,

$0mH

6(0,&252,

4XDOpRYDVRHVFROKLGRGD,PSLHGDGH"

6(0,&252,,

$0mH

6(0,&252,

(DPDOGLomRTXHSHVDVREUHDQRVVDUDoD"

6(0,&252,,

$0mH

6(0,&'52,

3RVVXtGDSRVVXtGD

background image

6(0,&252,,

,QWHULRUPHQWHH[WHULRUPHQWH

6(0,&252,

6HXtQFXERXPREMHWRVHXVXMHLWRXPV~FXER²

6(0,&252,,

(DPERVVmR%HOLDO

6(0,&252,

3RVVXtGDSHOD9DUHMHLUD

6(0,&252,,

5DVWHMDQWHDJXLOKRDQWH

6(0,&252,

3RVVXtGDGDTXLORTXHLUUHVLVWLYHOPHQWH

6(0,&252,,

$LQVWLJDDFRQGX]

6(0,&252,

&RPRjQRMHQWDGRQLQKD

6(0,&252,,

&RPRjSRUFDQRFLR

background image

6(0,&252,

3DUDRIXQGRGHXPFKDUFR

6(0,&252,,

3DUDLPXQGtFLHLQH[SULPtYHO

6(0,&252,

'HRQGHDSyVPXLWRFKDIXUGDU

6(0,&252,,

$SyVORQJRVWUDJRVGRHQ[XUUR

6(0,&252,

$PmHHPHUJLQGRQRYHPHVHVPDLVWDUGH

6(0,&252,,

3DUHHVWDPRQVWUXRVDFDULFDWXUDGHKRPHP

6(0,&252,

&RPRSRLVKDYHUiH[SLDomR"

6(0,&252,,

3HORVDQJXH

6(0,&252,

background image

&RPRVHUi%HOLDOSURSLFLDGR"

6(0,&252,,

6RPHQWHSHORVDQJXH

$FkPHUDPRYHVHGRDOWDUSDUDRQGHILODDFLPDGHILODDV

OtYLGDV JiUJXODV ROKDP IL[DPHQWH HP iYLGD DQWHFLSDomR SDUD D

FHQDTXHVHGHVHQURODHPEDL[R

( GH V~ELWR DV FDUDV DEUHP VXDV ERFDV QHJUDV H FRPHoDP D

FDQWDUHPXQtVVRQRKHVLWDQWHVDSULQFtSLRGHSRLVFRPVHJXUDQoD

FUHVFHQWHHYROXPHFDGDYH]PDLRU

² 6DQJXH VDQJXH VDQJXH R VDQJXH R VDQJXH VDQJXH

VDQJXHRVDQJXH

&RUWH YROWDQGR DR DOWDU 2 VRP GD FDQWLOHQD HVW~SLGD

VXEXPDQDFRQWLQXDPRQRWRQDPHQWHIRUDGDFHQD

2 SDWULDUFD HQWUHJD D VXD SHGUD GH DPRODU D XP GRV

DUTXLPDQGULWDVDMXGDQWHVGHSRLVFRPDPmRHVTXHUGDVXVSHQGH

SHORSHVFRoRDFULDQoDGHIRUPDGDHDWUDVSDVVDFRPDIDFD(OD

GHL[DHVFDSDUGRLVRXWUrVJULWLQKRVGpEHLVHVLOHQFLD

2SDWULDUFDYROWDVHGHL[DXPSRXFRGHVDQJXHGHUUDPDUVH

VREUHRDOWDUGHSRLVDWLUDRPLQ~VFXORFDGiYHUQDHVFXULGmR DR

IXQGR $ ODGDLQKD VH DOWHUD QXP FUHVFHQGR VHOYDJHP ´6DQJXH

VDQJXHVDQJXHRVDQJXHRVDQJXHVDQJXHRVDQJXHµ

² /HYHPQD GDTXL ² JULWD R SDWULDUFD QXP JXLQFKR GH

FRPDQGR

$WHUURUL]DGD D PmH YLUD DV FRVWDV H VH SUHFLSLWD GHJUDXV

DEDL[R2VSRVWXODQWHVVHJXHPQDDoRLWDQGRDVHOYDJHPHQWHFRP

RV VHXV YHUJDOKRV FRQVDJUDGRV 2 FDQWR p SRQWXDGR SRU JULWRV

ODQFLQDQWHV'DDVVLVWrQFLDHOHYDVHXPUXPRUTXHpPHLRJHPLGR

GH FRPLVHUDomR PHLR JUXQKLGR GH SUD]HU 9HUPHOKRV H XP

SRXFRRIHJDQWHVSRUXPH[HUFtFLRWmRGHVXVDGDPHQWHYLROHQWRRV

MRYHQVHJRUGRVSRVWXODQWHVDJDUUDPRXWUDPXOKHU²XPDUDSDULJD

GHVWD YH] GHOJDGD H IUiJLO TXDVH XPD FULDQoD 6HX URVWR QmR p

background image

YLVtYHOHQTXDQWRHOHVDDUUDVWDPSHORVGHJUDXV'HSRLVXPGHOHV

UHFXDXPSRXFRHUHFRQKHFHPRV3ROO\

6HP SROHJDUHV FRP RLWR PDPDV D FULDQoD p VXVSHQGLGD

GLDQWHGRSDWULDUFD

6(0,&252,

3RGULGmRSRGULGmR&RPRKDYHUiH[SLDomR"

6(0,&252,,

3HORVDQJXH

6(0,&252,

&RPRVHUi%HOLDOSURSLFLDGR"

'HVWDYH]pDFRQJUHJDomRLQWHLUDTXHUHVSRQGH´6RPHQWH

SHORVDQJXHVDQJXHVDQJXHRVDQJXHµ

$PmRHVTXHUGDGRSDWULDUFDIHFKDVHVREUHRSHVFRoRGR

LQIDQWH

²1mRQmRQmRIDoDLVVR3RUIDYRU

3ROO\ID]XPPRYLPHQWRHPVXDGLUHomRPDVpGHWLGDSHORV

SRVWXODQWHV 0XLWR GHOLEHUDGDPHQWH HQTXDQWR HOD VROXoD R

SDWULDUFDDWUDYHVVDDFULDQoDQDIDFDGHSRLVODQoDRFRUSRSDUDD

REVFXULGDGHDWUiVGRDOWDU

2XYHVH XP JULWR HVWULGHQWH &RUWH SDUD XP PHLR SODQR

SUy[LPR GR 'U 3RROH &RQVStFXR HP VHX DVVHQWR GD SULPHLUD

ILODHOHSHUGHXRVVHQWLGRV

)XVmRSDUDRLQWHULRUGR7DEHUQiFXORGH%HOLDO

2VDQWXiULRTXHVHVLWXDQXP GRV H[WUHPRV GR HL[R PHQRU GD

DUHQDSDUDRODGRGRDOWDUPRUpXPDSHTXHQDSHoDREORQJDGH

WLMRORV GH DGREH FRP XP DOWDU QXPD GDV H[WUHPLGDGHV H QD

RXWUDSRUWDVFRUUHGLoDVQRPRPHQWRIHFKDGDVH[FHWRSRUXPD

QHVJDQRFHQWURDWUDYpVGDTXDOVHSRGHYHURTXHVHSDVVDQD

background image

DUHQD 6REUH XP OHLWR QR FHQWUR GD FDSHOD HVWi UHFOLQDGR R

$UTXLYLJiULR1mRPXLWRORQJH XP SRVWXODQWH VHP FRUQRV IULWD

SpV GH SRUFR VREUH XP EUDVHLUR GH FDUYmR H SHUWR GHOH XP

DUTXLPDQGULWD ELFyUQLR VH HVIRUoD SRU ID]HU YROWDU D VL R 'U

3RROHTXHMD]LQDQLPDGRVREUHXPDSDGLRODÉJXDIULDHGXDVRX

WUrV IRUWHV ERIHWDGDV SURGX]HP SRU ILP R HIHLWR GHVHMDGR 2

ERWkQLFRVXVSLUDDEUHRVROKRVGHIHQGHVHGHXPDQRYDERIHWDGD

HVHVHQWD

²2QGHHVWRX"²SHUJXQWDHOH

²1R7DEHUQiFXORGH%HOLDO²UHVSRQGHRDUTXLPDQGULWD²H

DOLHVWi6XD(PLQrQFLD

2'U3RROHUHFRQKHFHRJUDQGHKRPHPHWHPSUHVHQoDGH

HVStULWREDVWDQWHSDUDLQFOLQDUDFDEHoDUHVSHLWRVDPHQWH

²7UDJDPXPWDPERUHWH²FRPDQGDR$UTXLYLJiULR

2WDPERUHWHpWUD]LGR(OHDFHQDSDUDR'U3RROHTXHVH

S}HGHSpFRPHVIRUoRDWUDYHVVDDVDODXPSRXFRFDPEDOHDQWHH

VH DVVHQWD $R PHVPR WHPSR XP JULWR DJXGR IiOD YROYHU D

FDEHoD

3ODQR JHUDO GR VHX SRQWR GH YLVWD SDUD R DOWDUPRU 2

SDWULDUFDpYLVWRQRDWRGHDUUHPHVVDUPDLVXPSHTXHQRPRQVWUR

QDVWUHYDVHQTXDQWRRV VHXV DFyOLWRV FKRYHP SDQFDGDV VREUH D

PmHDRVJULWRV

&RUWHYROWDQGRDR'U3RROHTXHHVWUHPHFHHFREUHRURVWR

FRPDVPmRV'HIRUDGDFHQDRXYHVHRFDQWRFKmRPRQyWRQRGD

FRQJUHJDomR´6DQJXHVDQJXHVDQJXHµ

²+RUUtYHO²H[FODPDR'U3RROH²+RUUtYHO

²(QRHQWDQWRKiVDQJXHQDVXDUHOLJLmRWDPEpP²REVHUYD

R$UTXLYLJiULRVRUULQGRLURQLFDPHQWH²´/DYDGRQRVDQJXHGR

&RUGHLURµ1mRpLVVRPHVPR"

² 6HP G~YLGD ² DGPLWH R 'U 3RROH ² 0DV QyV QmR

SUDWLFDPRVGHIDWRDODYDJHP/LPLWDPRQRVDIDODUVREUHHODRX

PDLVIUHTXHQWHPHQWHDFDQWiODHPKLQRV

2'U3RROHDIDVWDRROKDU+iXPVLOrQFLR1HVWHPRPHQWR

RSRVWXODQWHVHDSUR[LPDFRPXPDJUDQGHEDQGHMDHXPSDUGH

JDUUDIDV TXH GHS}H VREUH XPD PHVD MXQWR DR OHLWR (VSHWDQGR

background image

XP GRV SpV GH SRUFR FRP D JHQXLQDPHQWH DQWLJD IDOVLILFDomR

VpFXOR ;; GH XP JDUIR JHRUJLDQR R $UTXLYLJiULR S}HVH D

PDVWLJDU

²6LUYDVH²JXLQFKDHOHHQWUHGXDVGHQWDGDV

²(DTXLWHPRVYLQKR²DFUHVFHQWDLQGLFDQGRXPDGDVJDUUDIDV

2'U3RROHTXHVHDFKDIDPLQWRDRH[WUHPRREHGHFHFRP

DODFULGDGHHVHJXHVHQRYRVLOrQFLRTXHEUDGRDSHQDVSHORUXtGR

GDPDVWLJDomRHSHORFDQWRGHVDQJXH

²9RFrQDWXUDOPHQWHQmRFUr²GL]SRUILPR$UTXLYLJiULR

FRPDERFDFKHLD

²(XOKHDVVHJXUR²SURWHVWDR'U3RROH

6HX ]HOR HP FRQIRUPDUVH p H[FHVVLYR H R RXWUR OHYDQWD

XPDPmRUROLoDHHQJRUGXUDGD

² 2UD RUD RUD 0DV HX TXHUR GHPRQVWUDUOKH TXH QyV

WHPRV ERDV UD]}HV SDUD DFUHGLWDU QR TXH DFUHGLWDPRV $ QRVVD

PHX DPLJR p XPD Ip UDFLRQDO H UHDOLVWD ² +i XPD SDXVD

HQTXDQWRHOHWRPDXPJROHGDJDUUDIDHVHVHUYHGHRXWURSpGH

SRUFR²6XSRQKRTXHYRFrFRQKHoDEHPD+LVWyULD8QLYHUVDO"

²3XUDPHQWHFRPRGLOHWDQWH²UHVSRQGHR'U3RROHFRP

PRGpVWLD 0DV HOH FUr SRGHU DILUPDU TXH OHX D PDLRU SDUWH GRV

OLYURVPDLVyEYLRVVREUHRWHPD

²([SDQVmRHH[WLQomRGD5~VVLDGH*UDYHSRUH[HPSOR2

FRODSVRGDFLYLOL]DomRRFLGHQWDOGH%DVHGRZDLQLPLWiYHOREUDGH

%ULJKW (XURSD XPD DXWySVLD H QmR p SUHFLVR GL]HU DTXHOD

GHOLFLRVtVVLPD KLVWyULD HPERUD XPD VLPSOHV QRYHOD

JHQXLQDPHQWH YHUtGLFD 2V ~OWLPRV GLDV GH &RQH\ ,VODQG GR

YHOKR3HUFLYDO3RWW

2VHQKRUDFRQKHFHGHFHUWR"

2$UTXLYLJiULRVDFRGHDFDEHoD

² (X QmR FRQKHoR QDGD GR TXH IRL SXEOLFDGR GHSRLV GD

&RLVD²UHVSRQGHVHFDPHQWH

² 0DV TXH HVWXSLGH] D PLQKD ² H[FODPD R 'U 3RROH

ODPHQWDQGR FRPR WDQWDV YH]HV QR SDVVDGR HVVD ORTXDFLGDGH

YHUERVDFRPDTXDOHOHVXSHUFRPSHQVDDWLPLGH]TXHGHRXWUD

IRUPDUHGX]LORLDTXDVHDRPXWLVPR

background image

² 0DV OL XP ERFDGR GR TXH IRL HVFULWR DQWHV ² R

$UTXLYLJiULR FRQWLQXD ² +DYLD DOJXPDV ELEOLRWHFDV EHP ERDV

DTXLQRVXOGD&DOLIyUQLD&RQVXPLGDVDJRUDQDPDLRUSDUWH1R

IXWXUR UHFHLR WHUHPRV TXH DQGDU PDLV ORQJH SDUD FRQVHJXLU R

QRVVRFRPEXVWtYHO0DVDWpDTXLYLHPRVDVVDQGRRQRVVRSmRH

HXDLQGDGHLMHLWRGHVDOYDUXQVWUrVRXTXDWURPLOYROXPHVSDUDR

QRVVR6HPLQiULR

² &RPR D ,JUHMD QD ,GDGH GDV 7UHYDV ² FRPHQWD R 'U

3RROHFRPHQWXVLDVPRHUXGLWR²$FLYLOL]DomRQmRWHPPHOKRU

SURWHWRUTXHDUHOLJLmR,VWRpRTXHRVPHXVDPLJRVDJQyVWLFRV

QXQFD²/HPEUDQGRVHGHUHSHQWHGH TXH RV GRJPDV GDTXHOD

,JUHMDQmRHUDPEHPRVSURIHVVDGRVSRUHVWDHOHVHGHWpPHSDUD

RFXOWDURHPEDUDoRVRUYHXPORQJRWUDJRGDJDUUDID

0DVSRUVRUWHR$UTXLYLJiULRHVWiSRUGHPDLVDEVRUYLGRHP

VXDV SUySULDV LGpLDV SDUD RIHQGHUVH FRPR IDX[ SDV RX VHTXHU

QRWiOR

²$+LVWyULDSHORTXHWHQKROLGR²SURVVHJXHHOH²UHVXPH

VH QLVWR R KRPHP HP OXWD FRQWUD D 1DWXUH]D R (JR FRQWUD D

2UGHP GDV &RLVDV %HOLDO XP SHUIXQFWyULR VLQDO GRV FRUQRV

FRQWUDR2XWUR'XUDQWHFHPPLODQRVSRXFRPDLVRXPHQRVD

EDWDOKDPDQWpPVHLQGHFLVD'HSRLVWUrVVpFXORVDWUiVTXDVHGD

QRLWH SDUD R GLD D PDUp FRPHoD D URODU LQLQWHUUXSWDPHQWH HP

XPDVyGLUHomR$FHLWHPDLVXPGHVWHVSpVGHSRUFRQmRTXHU"

2 'U 3RROH VHUYHVH GR VHX VHJXQGR HQTXDQWR R RXWUR

DWDFDXPWHUFHLUR

²/HQWDPHQWHDSULQFtSLRGHSRLVFRPtPSHWRDYDVVDODGRUR

KRPHPDUUHPHWHFRQWUDD2UGHPGDV&RLVDV²2$UTXLYLJiULR

ID] XPD SDXVD SDUD FXVSLU XP SHGDoR GH FDUWLODJHP ² &RP

SDUFHODV FDGD YH] PDLRUHV GD HVSpFLH KXPDQD FHUUDQGR ILOHLUDV

DWUiVGHVLR6HQKRUGDV0RVFDVTXHpWDPEpPD9DUHMHLUDQR

FRUDomRGHFDGDLQGLYtGXRLQDXJXUDDVXDPDUFKDWULXQIDODWUDYpV

GR PXQGR GR TXDO PXLWR SURQWR LUi WRUQDUVH R VREHUDQR

LQGLVFXWLGR

$UUDVWDGR SRU VXD SUySULD HVWULGHQWH HORTrQFLD H SRU XP

PRPHQWRHVTXHFLGRGHTXHQmRVHHQFRQWUDQRS~OSLWRGH6DQWR

background image

$]D]HOR$UTXLYLJiULRID]XPJHVWRODUJR2SpGHSRUFRVDOWDGR

JDUIR &RP XPD ULVDGD EHPKXPRUDGD j SUySULD FXVWD HOH R

DSDQKDGRFKmRHVIUHJDRQDPDQJDGRVHXEDODQGUDXFDSULQR

'iOKHXPDQRYDGHQWDGDHFRQWLQXD

²&RPHoRXFRPDVPiTXLQDVHFRPRVSULPHLURVQDYLRVGH

FHUHDLVGR1RYR0XQGR$OLPHQWRSDUDRVIDPLQWRVHXPDFDUJD

DOLYLDGD GRV RPEURV GRV KRPHQV ´2 'HXV QyV 7H UHQGHPRV

JUDoDVSRUWRGDVDVErQomRVTXHQD7XDPXQLILFrQFLDµHWFpWHUD

HWFpWHUD²2$UTXLYLJiULRULFRPHVFiUQLR²([FXVDGRGL]HUTXH

QLQJXpPMDPDLVUHFHEHDOJXPDFRLVDDWURFRGHQDGD$VGiGLYDV

GH'HXVWrPRVHXSUHoRH%HOLDOVHPSUHWRPDVXDVSURYLGrQFLDV

SDUD TXH HOH VHMD EHP VDOJDGR &RQVLGHUH DV WDLV PiTXLQDV SRU

H[HPSOR %HOLDO VDELD SHUIHLWDPHQWH TXH HQFRQWUDQGR XP

SHTXHQR DOtYLR GDV IDGLJDV GR WUDEDOKR D FDUQH WRUQDUVHLD

VXERUGLQDGDDRIHUURHDPHQWHHVFUDYDGHURGDV(OHVDELDTXH

VHXPDPiTXLQDpjSURYDGHHUURVpWDPEpPQHFHVVDULDPHQWHj

SURYDGHSHUtFLDjSURYDGHWDOHQWRjSURYDGHLQVSLUDomR2VHX

GLQKHLUR GH YROWD VH R SURGXWR IRU GHILFLHQWH H GHYROYLGR HP

GREUR VH IRU HQFRQWUDGR QHOH R PHQRU WUDoR GH JrQLR RX GH

LQGLYLGXDOLGDGH ( GHSRLV FKHJRX DTXHOD ERD FRPLGD GR 1RYR

0XQGR ´2 'HXV QyV 7H UHQGHPRV JUDoDVµ 0DV %HOLDO VDELD

TXHDOLPHQWDomRTXHUGL]HUPXOWLSOLFDomR1RVWHPSRVGHRXWURUD

TXDQGR DV SHVVRDV SUDWLFDYDP R DPRU ID]LDP WmRVRPHQWH

DXPHQWDUDWD[DGHPRUWDOLGDGHLQIDQWLOHEDL[DUDVSUREDELOLGDGHV

GHYLGD0DVGHSRLVGDFKHJDGDGRVQDYLRVGHPDQWLPHQWRVIRL

GLIHUHQWH &RSXODomR UHVXOWRX HP SRSXODomR DOpP GH WRGD

H[SHFWDWLYD0DLVXPDYH]R$UTXLYLJiULRVROWDDVXDULVDGDDJXGD

)XVmR SDUD XPD WRPDGD DWUDYpV GH XP PLFURVFySLR

SRGHURVR GH HVSHUPDWR]yLGHV OXWDQGR IUHQHWLFDPHQWH SDUD

DOFDQoDU R VHX )LP 6XSUHPR R YDVWR yYXOR VHPHOKDQWH D XPD

OXDQRFDQWRHVTXHUGRVXSHULRUGDOkPLQD1DIDL[DVRQRUDRXYH

VHDYR]GRWHQRUQR~OWLPRPRYLPHQWRGD6LQIRQLD)DXVWRGH

/LV]W/DIHPPHpWHUQHOOHWRXMRXUVQRXVpOqYHODIHPPHpWHUQHOOH

WRXMRXUV&RUWHSDUDXPDYLVWDDpUHDGH/RQGUHVHP(P

VHJXLGDQRYDPHQWHSDUDDFRUULGDGDUZLQLDQDSHODVREUHYLYrQFLDH

background image

DXWRSHUSHWXDomR'HSRLVSDUDXPDYLVWDGH/RQGUHVHP²H

RXWUD YH] SDUD RV HVSHUPDWR]yLGHV ² H GH QRYR SDUD /RQGUHV

FRPRRVSLORWRVDOHPmHVDYLDPHP)XVmRSDUDXPSODQR

SUy[LPRGR$UTXLYLJiULR

² ´2 'HXVµ ² HQWRD HOH FRP D YR] OLJHLUD PHQWH WUrPXOD

TXHVHPSUHVHFRQVLGHUDDSURSULDGDDWDLVLQYRFDo}HV²´QyV7H

UHQGHPRV JUDoDV SRU WRGDV HVVDV DOPDV LPRUWDLVµ ² 'HSRLV

PXGDQGRGHWRP

²(VVDVDOPDVLPRUWDLV²SURVVHJXH²DORMDGDVHPFRUSRVTXHVH

WRUQDPFDGDYH]PDLVGRHQWLRVPDLVHQIH]DGRVPDLVVDUQHQWRV

GH DQR SDUD DQR FRPR WRGDV DV FRLVDV SUHYLVWDV SRU %HOLDO

LQHYLWDYHOPHQWH DFDEDP SRU VXFHGHU $ VXSHUSRSXODomR GR

SODQHWD 4XLQKHQWDV RLWRFHQWDV jV YH]HV GXDV PLO SHVVRDV SRU

PLOKD TXDGUDGD GH WHUUHQR SURGXWLYR ² H D WHUUD HP YLDV GH

DUUXLQDUVHSHORPDXFXOWLYR3RUWRGDDSDUWHDHURVmRSRUWRGDD

SDUWH D SHUGD GRV VDLV PLQHUDLV ( RV GHVHUWRV VH DODVWUDQGR DV

IORUHVWDVPLQJXDQGR$WpPHVPRQD$PpULFDDWp PHVPR QHVVH

1RYR0XQGRTXHIRL XP GLD D HVSHUDQoD GR9HOKR 3DUDFLPD

FUHVFHDHVSLUDOGDLQG~VWULDSDUDEDL[RDHVSLUDOGDIHUWLOLGDGHGR

VROR0DLRUHVHPHOKRUHVPDLVULFRVHPDLVSRGHURVRVHGHSRLV

TXDVHGHUHSHQWHPDLVHPDLVIDPLQWRV6LP%HOLDOSUHYLXWXGR

LVVR ² D SDVVDJHP GD IRPH DRV DOLPHQWRV LPSRUWDGRV GRV

DOLPHQWRV LPSRUWDGRV j H[SORVmR GHPRJUiILFD H GD H[SORVmR

GHPRJUiILFDGHYROWDjIRPHRXWUDYH]'HQRYRDIRPH$1RYD

)RPH D *UDQGH )RPH D IRPH GH HQRUPHV SUROHWDULDGRV

LQGXVWULDOL]DGRVDIRPHGHKDELWDQWHVGDVFLGDGHVFRPGLQKHLUR

FRP WRGDV DV XWLOLGDGHV PRGHUQDV FRP DXWRPyYHLV H UiGLRV H

WRGDV DV HQJHQKRFDV LPDJLQiYHLV D IRPH TXH p D FDXVD GDV

JXHUUDV WRWDLV H DV JXHUUDV WRWDLV TXH VmR D FDXVD GH PDLV IRPH

DLQGD

2$UTXLYLJiULRVHLQWHUURPSHSDUDWRPDUPDLVXPJROHGD

JDUUDID

²(WRPHQRWD²DMXQWDGHSRLV²0HVPRVHPPRUPRVLQWpWLFR

PHVPRVHPDERPEDDW{PLFD%HOLDOWHULDOHYDGRDFDERWRGRVRV

6HXV SURSyVLWRV 8P SRXFR PDLV GHPRUDGDPHQWH WDOYH] PDV

background image

QmR PHQRV IDWDO PHQWH RV KRPHQV WHUVHLDP GHVWUXtGR DR

GHVWUXLU R PXQGR HP TXH YLYLDP 1mR KDYLD VDOYDomR (OH RV

WLQKDQDVSRQWDVGRVVHXVGRLVFRUQRV6HORJUDVVHPVDIDUVHGR

FRUQR GD JXHUUD WRWDO YHUVHLDP HPSDODGRV QR GD LQDQLomR (

IDPLQWRV VHULDP WHQWDGRV D UHFRUUHU j JXHUUD ( DLQGD TXH

SRUYHQWXUDSURFXUDVVHPHQFRQWUDUXPPHLR SDFtILFR H UDFLRQDO

GH VDLUVH GR GLOHPD (OH WLQKD XP RXWUR FRUQR PDLV VXWLO GH

DXWRGHVWUXLomR SURQWR SDUD UHFHErORV 'HVGH R FRPHoR GD

UHYROXomRLQGXVWULDO(OHSUHYLXTXHRVKRPHQVVHWRUQDULDPWmR

SUHVXQoRVRVHDUURJDQWHVDQWHRVPLODJUHVGDVXDWHFQRORJLDTXH

ORJRSHUGHULDPWRGRRVHQVRGHUHDOLGDGH(IRLSUHFLVDPHQWHR

TXH VH GHX (VVHV PLVHUiYHLV HVFUDYRV GH URGDV H GH OLYURV GH

FRQWDELOLGDGHFRPHoDUDPDMDFWDUVHGHVHUHPRV&RQTXLVWDGRUHV

GD1DWXUH]D&RQTXLVWDGRUHVGD1DWXUH]DSRLVVLP2TXHHOHV

KDYLDP IHLWR p FODUR IRUD SHUWXUEDU R HTXLOtEULR GD QDWXUH]D H

HVWDYDPHPYLDVGHVRIUHUDVFRQVHTrQFLDV3HQVHXPSRXFRQR

TXH HVWLYHUDP D ID]HU GXUDQWH R VpFXOR H PHLR DQWHV GD &RLVD

3ROXLQGRRVULRVH[WHUPLQDQGRRVDQLPDLVVHOYDJHQVGHVWUXLQGR

DV IORUHVWDV YDUUHQGR R K~PXV SDUD R PDU TXHLPDQGR XP

RFHDQR GH SHWUyOHR HVEDQMDQGR RV PLQHUDLV TXH IRL SUHFLVR R

WHPSR JHROyJLFR LQWHLUR SDUD GHSRVLWDU 8PD RUJLD GH

LPEHFLOLGDGH FULPLQRVD ( D LVVR HOHV FKDPDYDP 3URJUHVVR

3URJUHVVR²HOHUHSHWH²3URJUHVVR

&UHLDPHHVVDIRLXPDLQYHQomRSRUGHPDLVLQFUtYHO

SDUDWHUVLGRRSURGXWRGHTXDOTXHUFpUHEURPHUDPHQWHKXPDQR

3RUGHPDLVGLDEROLFDPHQWHLU{QLFD7LQKDTXHKDYHUXP$X[tOLR

([WHULRU SDUD LVVR 7LQKD TXH H[LVWLU D *UDoD GH %HOLDO TXH

QDWXUDOPHQWHHVWiVHPSUHDRDOFDQFHLVWRpSDUDTXHPTXHUTXH

HVWHMDSURQWRDFRRSHUDUFRPHOD(TXHPQmRHVWi"

²4XHPQmRHVWi"²HFRDR'U3RROHFRPXPDULVDGLQKD

ILQD SRLV VHQWH TXH GHYH GH DOJXP PRGR FRP SHQVDU R VHX

HTXtYRFRDUHVSHLWRGD,JUHMDQD,GDGHGDV7UHYDV

² 3URJUHVVR H 1DFLRQDOLVPR IRUDP HVVDV DV GXDV JUDQGHV

LGpLDVTXH(OHOKHVLQFXWLXQDVFDEHoDV

background image

3URJUHVVRDWHRULDGHTXHYRFrSRGHUHFHEHUDOJXPDFRLVDDWURFR

GHQDGDDWHRULDGHTXHYRFrSRGHJDQKDUQXPWHUUHQRVHPSDJDU

SHORVHXJDQKRQXPRXWURDWHRULDGHTXHVyYRFrFRPSUHHQGHD

VLJQLILFDomR GD +LVWyULD D WHRULD GH TXH YRFr VDEH R TXH YDL

DFRQWHFHUGDTXLDFLQTHQWDDQRVDWHRULDGHTXHHPRSRVLomRD

WRGDDH[SHULrQFLDYRFrSRGHSUHYHUWRGDVDVFRQVHTrQFLDVGDV

VXDV Do}HV SUHVHQWHV D WHRULD GH TXH D 8WRSLD VH HQFRQWUD XP

SDVVR j IUHQWH H GHVGH TXH ILQV LGHDLV MXVWLILFDP RV PDLV

DERPLQiYHLVPHLRVpVHXSULYLOpJLRHVHXGHYHUURXEDUGHIUDXGDU

WRUWXUDUHVFUDYL]DUHDVVDVVLQDUWRGRVRVTXHQDVXDRSLQLmRTXH

p SRU GHILQLomR LQIDOtYHO REVWUXHP D PDUFKD DYDQWH UXPR DR

SDUDtVR WHUUHVWUH /HPEUHVH GDTXHOD IUDVH GH .DUO 0DU[ ´$

)RUoD p D SDUWHLUD GR 3URJUHVVRµ (OH SRGHULD WHU DFUHVFHQWDGR

PDVSRUFHUWR%HOLDOQmRTXLVPRVWUDUDVFDUWDVQHVVDIDVHLQLFLDO

GRVSUHSDUDWLYRVTXHR3URJUHVVRpDSDUWHLUDGD)RUoD'XSOD

PHQWH D SDUWHLUD SHOR IDWR GH TXH R SURJUHVVR WHFQROyJLFR

IRUQHFHDRVKRPHQVRVLQVWUXPHQWRVGHGHVWUXLomRFDGDYH]PDLV

LQGLVFULPLQDGD HQTXDQWR R PLWR GR SURJUHVVR SROtWLFR H PRUDO

VHUYHGHSUHWH[WRSDUDRXVRGHVVHVPHLRVDWpR~OWLPROLPLWH(X

OKH DILUPR PHX DPLJR XP KLVWRULDGRU LQFUpGXOR p XP ORXFR

4XDQWRPDLVVHHVWXGDDKLVWyULDPRGHUQDWDQWRPDLVHYLGrQFLD

VHHQFRQWUDGD0mR*XLDGRUDGH%HOLDO²2$UTXLYLJiULRID]R

VLQDOGRVFRUQRVUHIUHVFDVHFRPRXWURJROHGHYLQKRHFRQWLQXD

²'HSRLVKRXYHR1DFLRQDOLVPRDWHRULDGHTXHRHVWDGR

GRTXDOSRUDFDVRYRFrpV~GLWRpR~QLFRGHXVYHUGDGHLURHGH

TXHWRGRVRVRXWURVHVWDGRVVmRGHXVHVIDOVRVGHTXHWRGRVHVVHV

GHXVHV TXHU YHUGDGHLURV TXHU IDOVRV WrP D PHQWDOLGDGH GH

GHOLQTHQWHVMXYHQLVHGHTXHFDGDFRQIOLWRSRUSUHVWtJLRSRGHU

RX GLQKHLUR p XPD FUX]DGD SHOR %RP SHOR 9HUGDGHLUR H SHOR

%HOR2IDWRGHTXHWDLVWHRULDVYLHUDPQXPGDGRPRPHQWRGD

+LVWyULD D VHU XQLYHUVDOPHQWH DFHLWDV p D PDLRU SURYD GD

H[LVWrQFLDGH%HOLDODPDLRUSURYDGHTXHSRUILP(OHJDQKRXD

EDWDOKD

²1mRFRPSUHHQGLEHP²GL]R'U3RROH

background image

² 0DV p FODUR p yEYLR 7HPRV GXDV LGpLDV $PEDV Vm R

DEVXUGDVHDPEDVFRQGX]HPDPRGRVGHDJLUGHPRQVWUDYHOPHQWH

IDWDLV ( DLQGD DVVLP D KXPDQLGDGH FLYLOL]DGD HP SHVR GHFLGH

TXDVHGHUHSHQWHDFHLWDUHVVDVLGpLDVFRPRQRUPDVGHFRQGXWD

3RUTXr"(SRUVXJHVWmRGH4XHP"3RULQVWLJDomRGH4XHP"3RU

LQVSLUDomRGH4XHP"6ySRGHKDYHUXPDUHVSRVWD

²2VHQKRUTXHUGL]HURVHQKRUDFKDTXHIRL

TXHIRLR'LDER"

²4XHPPDLVGHVHMDDGHJUDGDomRHDGHVWUXLomR

GDHVSpFLHKXPDQD"

²&HUWRFHUWR²FRQFRUGDR'U3RROH²0DVVHMDFRPRIRU

HXFRPRFULVWmRSURWHVWDQWHQmRSRVVR

²$KQmRSRGH"²DWDOKDR$UTXLYLJiULRVDUFDVWLFDPHQWH²

(QWmR YRFr QHJD /XWHUR QHJD WRGD D ,JUHMD FULVWm -i UHSDURX

PHX FDUR TXH GR VHJXQGR VpFXOR HP GLDQWH QHQKXP FULVWmR

RUWRGR[RMDPDLVDFUHGLWRXSXGHVVHXPKRPHPVHUSRVVXtGRSRU

'HXV" 6y SRGLD VHU SRVVXtGR SHOR 'HP{QLR ( SRU TXH

DFUHGLWDYDP LVWR" 3RUTXH RV IDWRV OKHV WRUQDUDP LPSRVVtYHO

DFUHGLWDUGHRXWUDPDQHLUD%HOLDOpXPIDWR0RORTXHpXPIDWRD

SRVVHVVmRGLDEyOLFDpXPIDWR

² 3URWHVWR ² H[FODPD R 'U 3RROH ² &RPR KRPHP GH

FLrQFLD

² &RPR KRPHP GH FLrQFLD YRFr p REULJDGR D DFHLWDU D

KLSyWHVHTXHH[SOLFDRVIDWRVPDLVSODXVLYHOPHQWH0XLWREHPH

TXDLV VmR RV IDWRV" 2 SULPHLUR p XP IDWR GD H[SHULrQFLD H GD

REVHUYDomRDVDEHUTXHQLQJXpPTXHUVRIUHUQLQJXpPTXHUVHU

GHJUDGDGR QLQJXpP TXHU VHU HVWURSLDGR RX DVVDVVLQDGR 2

VHJXQGRpXPIDWRKLVWyULFRRIDWRGHTXHQXPDFHUWDpSRFDD

HVPDJDGRUDPDLRULDGRVVHUHVKXPDQRVDFHLWRXFUHQoDVHDGRWRX

IRUPDVGHFRQGXWDTXHQmRSRGLDPGHPRGRDOJXPUHVXOWDUHP

RXWUDFRLVDTXHQmRRVRIULPHQWRXQLYHUVDODGHJUDGDomRJHUDOHD

GHVWUXLomR SRU DWDFDGR $ ~QLFD H[SOLFDomR SODXVtYHO p TXH HOHV

HVWDYDPLQVSLUDGRVRXSRVVXtGRVSRUXPD FRQVFLrQFLD HVWUDQKD

XPDFRQVFLrQFLDTXHTXHULDDVXDUXtQDHDTXHULDPDLVIRUWHPHQWH

background image

GR TXH HOHV HUDP FDSD]HV GH TXHUHU D VXD SUySULD IHOLFLGDGH H

VREUHYLYrQFLD

+iXPVLOrQFLR

²6HPG~YLGD²R'U3RROHDYHQWXUDVHILQDOPHQWHDVXJHULU²

HVVHVIDWRVSRGHULDPVHUH[SOLFDGRVGHRXWUDVPDQHLUDV

² 0DV QmR WmR SODXVLYHOPHQWH QHP GH ORQJH FRP D PHVPD

VLPSOLFLGDGH²LQVLVWHR$UTXLYLJiULR²(GHSRLVSHQVHHPWRGDV

DVRXWUDVSURYDV9HMDD3ULPHLUD*UDQGH*XHUUDSRUH[HPSOR

6HRSRYRHRV SROtWLFRV QmR WLYHVVHP HVWDGR SRVVHVVRV WHULDP

RXYLGR%HQWR;9RXORUG/DQVGRZQHWHULDPFKHJDGRDWHUPRV

WHULDP QHJRFLDGR D SD] VHP YLWyULD 0DV QmR SRGLDP QmR

SRGLDP (UDOKHV LPSRVVtYHO DJLU HP VHX SUySULR LQWHUHVVH

7LQKDPTXHID]HURTXH%HOLDOQHOHVOKHVGLWDYDHR%HOLDOQHOHV

TXHULD D UHYROXomR FRPXQLVWD TXHULD D UHDomR IDVFLVWD D HVVD

UHYROXomRTXHULD0XVVROLQLH+LWOHUHR3ROLWEXURTXHULDIRPH

LQIODomR H GHSUHVVmR TXHULD DUPDPHQWRV FRPR UHPpGLR SDUD R

GHVHPSUHJRTXHULDDSHUVHJXLomRGRVMXGHXVHGRVNXODNVTXHULD

TXH QD]LVWDV H FRPXQLVWDV GLYLGLVVHP D 3RO{QLD H GHSRLV

JXHUUHDVVHP HQWUH VL 6LP H TXHULD R UHVVXUJLPHQWR PDFLoR GD

HVFUDYLGmR QD VXD IRUPD PDLV EUXWDO 4XHULD DV PLJUDo}HV

IRUoDGDV H D SDXSHUL]DomR GDV PDVVDV 4XHULD FDPSRV GH

FRQFHQWUDomR H FkPDUDV GH JiV H IRUQRV FUHPDWyULRV 4XHULD

ERPEDUEHLRVGHVDWXUDomRTXH IUDVH GHOLFLRVDPHQWH VXFXOHQWD

TXHULDDGHVWUXLomRGDQRLWHSDUDRGLDGHXPVpFXORGHULTXH]DV

DFXPXODGDVGHWRGDVDVSRWHQFLDOLGDGHVGHIXWXUDSURVSHULGDGH

GHFrQFLD OLEHUGDGH H FXOWXUD %HOLDO TXHULD WXGR LVVR H VHQGR D

*UDQGH9DUHMHLUDQRVFRUDo}HVGRVSROtWLFRVHGRVJHQHUDLVGRV

MRUQDOLVWDV H GR +RPHP &RPXP IRLOKH IiFLO ID]HU FRP TXH R

3DSD IRVVH LJQRUDGR SHORV SUySULRV FDWyOLFRV H /DQVGRZQH

FRQGHQDGR FRPR PDX SDWULRWD TXDVH XP WUDLGRU ( DVVLP D

JXHUUD DUUDVWRXVH SRU TXDWUR DQRV LQWHLURV H GHSRLV WXGR

FRQWLQXRX SRQWR SRU SRQWR HP FRQIRUPLGDGH FRP R 3ODQR $

VLWXDom R GR PXQGR IRL VLVWHPDWLFDPHQWH GH PDO D SLRU H j

PHGLGDTXHSLRUDYDKRPHQVHPXOKHUHVWRUQDYDPVHPDLVHPDLV

GyFHLV jV GLUHWUL]HV GR (VStULWR 6DWkQLFR $V YHOKDV FUHQoDV QR

background image

YDORUGDDOPDHVSLULWXDOVHGLVVLSDUDPDVYHOKDVUHVWULo}HVILFDUDP

VHPHIHLWRDVYHOKDVFRPSXQo}HVHFRPSDL[}HVVHHYDSRUDUDP

7XGR R TXH MDPDLV R 2XWUR KRXYHUD SRVWR QDV FDEHoDV GDV

SHVVRDVHVYDLXVHHRYiFXRUHVXOWDQWHIRLHQFKLGRSHORVVRQKRV

OXQiWLFRVGR3URJUHVVRHGR1DFLRQDOLVPR&RQFHGLGDDYDOLGDGH

GHVVHV VRQKRV VHJXLDVH TXH PHURV LQGLYtGXRV YLYHQGR DTXL H

DJRUDQmRHUDPPHOKRUHVTXHIRUPLJDVHSHUFHYHMRVHSRGLDPVHU

WUDWDGRV GH DFRUGR ( HOHV IRUDP WUDWDGRV GH DFRUGR

SRVLWLYDPHQWHIRUDP

2$UTXLYLJiULRVDFRGHVHGHULVRHODQoDPmRGR~OWLPRGRVSpV

GHSRUFR

² 3DUD D VXD pSRFD ² FRQWLQXD ² R YHOKR +LWOHU IRL XP

ERPH[HPSORGHHQGHPRQLQKDGR1mRWmRWRWDOPHQWHSRVVHVVR

p FHUWR FRPR PXLWRV GRV JUDQGHV OtGHUHV QDFLRQDLV GRV DQRV

HQWUH H R LQtFLR GD 7HUFHLUD *XHUUD PDV GHFLGLGDPHQWH

DFLPDGDPpGLDGRVHXWHPSR0DLVGRTXHTXDVHTXDOTXHUXP

GRVVHXVFRQWHPSRUkQHRVHOHWLQKDRGLUHLWRGHGL]HU´1mRHX

PDV %HOLDO HP PLPµ 2V RXWURV HUDP SRVVHVVRV DSHQDV SRU

LQWHUYDORV DSHQDV HP FHUWDV KRUDV 9HMD RV FLHQWLVWDV SRU

H[HPSOR+RPHQVERQVEHPLQWHQFLRQDGRVQDVXDPDLRULD0DV

(OH GHLWRXOKHV DV PmRV DVVLP PHVPR GHLWRXOKHV DV Pm RV QR

LQVWDQWH HP TXH HOHV GHL[DUDP GH VHU VHUHV KXPDQRV SDUD

WRUQDUHPVH HVSHFLDOLVWDV 'Dt R PRUPR H DTXHODV ERPEDV (

GHSRLV OHPEUHVH GDTXHOH KRPHP FRPR HUD PHVPR R QRPH

GHOH"RTXHIRLSUHVLGHQWHGRV(VWDGRV8QLGRVSRUWDQWRWHPSR

²5RRVHYHOW"²VXJHUHR'U3RROH

²eLVVR5RRVHYHOW9RFrVHUHFRUGDGDTXHODIUDVHTXHHOH

YLYLD D UHSHWLU GXUDQWH WRGD D 6HJXQGD *XHUUD" ´5HQGLomR

LQFRQGLFLRQDO UHQGLomR LQFRQGLFLRQDOµ ,QVSLUDomR 3OHQiULD p R

TXHDTXLORHUD'LUHWDHSOHQiULDLQVSLUDomR

²eRTXHRVHQKRUGL]²REMHWDR'U3RROH

²0DVTXDOpDVXDSURYD"

² $ SURYD" ² UHSHWH R $UTXLYLJiULR ² 7RGD D KLVWyULD

VXEVHTHQWH p D SURYD 9HMD R TXH DFRQWHFHX TXDQGR D IUDVH

WRUQRXVH XPD SROtWLFD H IRL HIHWLYDPHQWH SRVWD HP SUiWLFD

background image

5HQGLomR LQFRQGLFLRQDO TXDQWRV PLOK}HV GH QRYRV FDVRV GH

WXEHUFXORVH"4XDQWRVPLOK}HVGHFULDQoDVIRUoDGDVDURXEDURXD

SURVWLWXLUVHSRUEDUUDVGHFKRFRODWH"%HOLDOWLQKDXPDSUHIHUrQFLD

WRGDHVSHFLDOSHODVFULDQoDV(RXWUDYH]UHQGLomRLQFRQGLFLRQDO

DUXtQDGD(XURSDRFDRV QD ÉVLDD IRPH HP WRGD D SDUWH DV

UHYROXo}HVDVWLUDQLDV5HQGLomRLQFRQGLFLRQDOHPDLVLQRFHQWHV

WLYHUDPTXHVXSRUWDUSDGHFLPHQWRVSLRUHVTXHHPTXDOTXHURXWUR

SHUtRGRGD+LVWyULD(FRPRYRFrPXLWREHPVDEHQmRKiQDGD

TXHDJUDGHPDLVD%HOLDOGRTXHRVSDGHFLPHQWRVGHLQRFHQWHV(

SRUILP QDWXUDOPHQWH D &RLVD5HQGLomR LQFRQGLFLRQDO H EXP

H[DWDPHQWHVHPQHQKXPPLODJUHRXLQWHUYHQomRHVSHFLDOFRPR

GH Ki PXLWR (OH KDYLD SODQHMDGR ( WXGR VH SDVVRX SRU PHLRV

SXUDPHQWHQDWXUDLV4XDQWRPDLVVHSHQVDQRVFDPLQKRVGD6XD

3URYLGrQFLD WDQWR PDLV LQHVFUXWiYHLV H SURGLJLRVRV HOHV QRV

SDUHFHP²'HYRWDPHQWHR$UTXLYLJiULRID]RVLQDOGRVFRUQRV

6HJXHVHXPDOLJHLUDSDXVD²(VFXWH²GL]HOHOHYDQWDQGRDPmR

3RUDOJXQVVHJXQGRVHOHVSHUPDQHFHPVHQWDGRVVHPIDODU

2 VRP LPSUHFLVR DEDIDGR GR FDQWRFKmR PRQyWRQR WRUQDVH

DXGtYHO´6DQJXHVDQJXHVDQJXHRVDQJXHµ2XYHVHXPGpELO

JHPLGRTXDQGRPDLVXPSHTXHQRPRQVWURpHVSHWDGRQDIDFDGR

SDWULDUFDGHSRLVDVSDQFDGDVGRVYHUJDOKRVJROSHDQGRFDUQHVH

DWUDYpV GR FODPRU H[FLWDGR GD FRQJUHJDomR XPD VXFHVVmR GH

JULWRVKRUUtVVRQRVTXDVHLQXPDQRV

² &XVWD FUHU TXH (OH QRV WHQKD SURGX]LGR D QyV VHP XP

PLODJUH²R$UTXLYLJiULRFRQWLQXDSHQVDWLYDPHQWH²0DV(OHR

IH] (OH R IH] 3RU PHLRV SXUDPHQWH QDWXUDLV XVDQGR RV VHUHV

KXPDQRVHDVXDFLrQFLDFRPR6HXVLQVWUXPHQWRV(OHFULRXXPD

UDoD LQWHLUDPHQWH QRYD GH KRPHQV FRP D GHIRUPLGDGH QR

VDQJXHFRPPLVpULDDFHUFiORVSRUWRGRVRVODGRVHQRIXWXUR

QHQKXPDSHUVSHFWLYDVHQmRGHPDLVPLVpULDSLRUGHIRUPLGDGHH

SRUILPDFRPSOHWDH[WLQomR

6LPpXPDFRLVDWHUUtYHOFDLUQDVPmRVGR'HP{QLR9LYR

² (QWmR SRU TXH ² SHUJXQWD R 'U 3RROH ² FRQWLQXDP D

DGRUiOR"

²3RUTXHVHDWLUDFRPLGDDXPWLJUHIXULRVR"

background image

3DUD JDQKDU XP PtQLPR GH WHPSR 3DUD UHWDUGDU R KRUURU GR

LQHYLWiYHODLQGDTXHSRUDOJXQVPLQXWRV$VVLPQD7HUUDFRPR

QR,QIHUQRPDVDRPHQRVDLQGDVHHVWiQD7HUUD

²1mRPHSDUHFHTXHYDOKDDSHQD²GL]R'U3RROHQRWRP

ILORVyILFRGHTXHPDFDERXGHMDQWDU

0DLV RXWUR JULWR H[FHSFLRQDOPHQWH FUXFLDQWH IiOR YROWDU D

FDEHoD SDUD D SRUWD (OH ROKD SRU XP PRPHQWR HP VLOrQFLR

'HVWD YH] FRP XPD H[SUHVVmR HP TXH R KRUURU IRL

FRQVLGHUDYHOPHQWHDWHQXDGRSHODFXULRVLGDGHFLHQWtILFD

²-iHVWiVHDFRVWXPDQGRKHLP"²QRWDR$UTXLYLJiULRFRP

ERPKXPRU

1$55$'25

&RQVFLrQFLD FRVWXPH ² D SULPHLUD ID] FRYDUGHV )D] GH

QyV VDQWRV jV YH]HV ID] VHUHV KXPDQRV 2 VHJXQGR ID]

3DWULRWDV 3DSLVWDV 3URWHVWDQWHV )D] %DEELWWV 6iGLFRV

6XHFRVRX(VORYDFRV

)D]PDWDGRUHVGHNXODNVFORUDGRUHVGHMXGHXV

)D]WRGRVRVTXHDWRUPHQWDPSRUFDXVDVJORULRVDV

$FDUQHWUHPHQWHVHPG~YLGDRXHVFU~SXOR

$HQVRPEUDUVXDFHUWH]DGH6XSUHPRV%HQIHLWRUHV

6LP PHXV DPLJRV OHPEUDLYRV GH FRPR YRV VHQWLVWHV

FHUWDYH]LQGLJQDGRVTXDQGRRVWXUFRVPDVVDFUDUDPPDLVGRTXH

D TXRWD RUGLQiULD GH DUPrQLRV FRPR DJUDGHFHVWHV D 'HXV

YLYHUGHV QXP SDtV FULVWmR H SURJUHVVLVWD RQGH WDLV FRLVDV

VLPSOHVPHQWH QmR SRGLDP VXFHGHU ² QmR SRGLDP SRUTXH RV

KRPHQV XVDYDP FKDSpX FRFR H YLDMDYDP GLDULDPHQWH SHOR WUHP

GDV RLWR H YLQWH H WUrV ( GHSRLV UHIOHWL SRU XP PRPHQWR HP

DOJXQVGRVKRUURUHVTXHDJRUDDGPLWLVRVXOWUDMHVFRQWUDRPDLV

UXGLPHQWDU GHFRUR KXPDQR TXH IRUDP SHUSHWUDGRV HP YRVVR

QRPH RX WDOYH] SRU YRVVDV SUySULDV PmRV DV DWURFLGDGHV TXH

background image

OHYDLVYRVVDILOKLQKDDYHUGXDVYH]HVSRUVHPDQDQRVFLQHMRUQDLV

²HHODDVDFKDEDQDLVHDERUUHFLGDV0DLVYLQWHDQRVQHVWHDQGDUH

RVYRVVRVQHWRVHVWDUmROLJDQGRVHXVDSDUHOKRVGHWHOHYLVmRSDUD

XPDROKDGHODDRVMRJRVJODGLDWyULRVHTXDQGRHVWHVFRPHoDUHPD

ILFDU LQVtSLGRV KDYHUi D FUXFLILFDomR HP PDVVD SHODV )RUoDV

$UPDGDV GRV REMHWDQWHV GH FRQVFLrQFLD RX R HVIRODPHQWR HP

YLGD HP EHOR FRORULGR GDV VHWHQWD PLO SHVVRDV VXVSHLWDV HP

7HJXFLJDOSDGHDWLYLGDGHVDQWLKRQGXUHQKDV

(QTXDQWRLVVRQR7DEHUQiFXORGH%HOLDOR'U3RROHHVWi

DLQGD ROKDQGR SHOD IHQGD HQWUH DV SRUWDV FRUUHGLoDV 2

$UTXLYLJiULR SDOLWD RV GHQWHV +i XP VLOrQFLR FRQIRUWiYHO SyV

SUDQGLDO'HV~ELWRR'U3RROHYROWDVHSDUDRFRPSDQKHLUR

²$OJRHVWiDFRQWHFHQGR²JULWDH[FLWDGDPHQWH

²(OHVHVWmRDEDQGRQDQGRRVOXJDUHV

² (VWLYH HVSHUDQGR SRU LVVR Mi ID] WHPSR ² UHSOLFD R

$UTXLYLJiULRVHPGHL[DUGHSDOLWDURVGHQWHV

² e R VDQJXH TXH R SURYRFD 2 VDQJXH H QDWXUDOPHQWH D

IODJHODomR

² (VWmR SXODQGR SDUD D DUHQD ² FRQWLQXD R 'U 3RROH ²

(VWmR FRUUHQGR XQV DWUiV GRV RXWURV 0DV R TXH p TXH" 2K

PHX 'HXV 'HVFXOSH ² DFUHVFHQWD GHSUHVVD ² 0DV FRP HIHLWR

FRPHIHLWR

0XLWRDJLWDGRHOHVHDIDVWDGDSRUWD

²7XGRWHPXPOLPLWH²H[FODPD

²$tpTXHYRFrVHHQJDQD²UHWUXFDR$UTXLYLJiULR²1mR

KiOLPLWHV7RGRRPXQGRpFDSD]GHWXGR'HWXGR

2'U3RROHQmRUHVSRQGH$UUDVWDGRLUUHVLVWLYHOPHQWHSRU

XPD IRUoD VXSHULRU j VXD YRQWDGH HOH WRUQRX DR VHX SRVWR H

FRQWHPSODDYLGDPHQWHHFRPKRUURURTXHHVWiVHSDVVDQGRQD

DUHQD

²(PRQVWUXRVR²EUDGHHOHFRPLQGLJQDomR

²eDEVROXWDPHQWHUHYROWDQWH

2$UTXLYLJiULROHYDQWDVHSHVDGDPHQWHGROHLWRHDEULQGR

XPSHTXHQRDUPiULRQDSDUHGHWLUDXPELQyFXORHRHVWHQGHDR

'U3RROH

background image

² 8VH LVWR ² GL] HOH ² /HQWHV QRWXUQDV (TXLSDPHQWR

SDGUmRGD0DULQKDGHDQWHVGD&RLVD9RFrSRGHUiYHUWXGR

²0DVRVHQKRUQmRLPDJLQDTXH

² (X QmR LPDJLQR DSHQDV ² GL] R $UTXLYLJiULR FRP XP

VRUULVR LURQLFDPHQWH EHQpYROR ² HX YHMR FRP PHXV SUySULRV

ROKRV9DPRVKRPHP2OKH9RFrQXQFDYLXQDGDSDUHFLGRQD

1RYD=HOkQGLD

²&HUWDPHQWHTXHQmR²GL]R'U3RROHFRPRJrQHURGH

HQWRQDomRTXHDVXDPmHWHULDXVDGR

0DVPHVPRDVVLPOHYDRELQyFXORDRVROKRV

3ODQR JHUDO GR VHX SRQWR GH YLVWD ( XP HVSHWiFXOR GH

ViWLURV H QLQIDV GH SHUVHJXLo}HV H FDSWXUDV UHVLVWrQFLDV

SURYRFDQWHVVHJXLGDVGHHQWXVLiVWLFDVUHQGLo}HVGHOiELRVDOiELRV

EDUEXGRVGHVHLRVSDOSLWDQWHVjLPSDFLrQFLDGHPmRVUXGHVWXGR

DFRPSDQKDGRGHXPDEDEHOGHJULWRVJDQLGRVHULVRVHVWULGHQWHV

&RUWHSDUDR$UTXLYLJiULRFXMRURVWRVHDFKDIUDQ]LGRQXPD

FDUHWDGHUHSXJQkQFLDHGHVSUH]R

²&RPRJDWRV²GL]HOHSRUILP²6yTXHRVJDWRVWrPR

GHFRURGHQmRVHUHPJUHJiULRVHPVXDFRUWH

( YRFr DLQGD WHP G~YLGDV D UHVSHLWR GH %HOLDO PHVPR GHSRLV

GLVWR"

+iXPDSDXVD

²,VVRIRLDOJRTXHDFRQWHFHXGHSRLVGHSRLVGD&RLVD"²

SHUJXQWDR'U3RROH

²(PGXDVJHUDo}HV

²'XDVJHUDo}HV²2'U3RROHGHL[DHVFDSDUXPDVVRYLR²

1DGDGHUHFHVVLYRQHVVDPXWDomR(HOHVQmREHPTXHURGL]HU

HOHVQmRWrPYRQWDGHGHID]HUHVVDHVSpFLHGHFRLVDVHPTXDOTXHU

RXWUDpSRFD"

² 6y QHVVDV FLQFR VHPDQDV p WXGR ( QyV Vy SHUPLWLPRV

GXDVVHPDQDVGHDFDVDODPHQWRSURSULDPHQWHGLWR

²3RUTXr"

2$UTXLYLJiULRID]RVLQDOGRVFRUQRV

background image

² 3RU SULQFtSLR (OHV WrP GH VHU SXQLGRV SRU WHUHP VLGR

SXQLGRV(D/HLGH%HOLDO(SRVVRDGLDQWDUOKHQyVRVID]HPRV

SDVVDUSRUPDXVERFDGRVVHHOHVWUDQVJULGHPDVUHJUDV

² 3HUFHER SHUFHER ² GL] R 'U 3RROH OHPEUDQGR FRP

GHVFRQIRUWRRHSLVyGLRFRP/RRODHQWUHDVGXQDV

²(XPERFDGRGXURSDUDRVTXHUHYHUWHPDRVSDGU}HVGH

DFDVDODPHQWRQRYHOKRHVWLOR

²+iPXLWRVGHVVHV"

² (QWUH FLQFR H GH] SRU FHQWR GD SRSXODomR 1yV RV

FKDPDPRV´KRWVµ

²(RVVHQKRUHVQmRSHUPLWHP"

²1yVRVPRHPRVGHSDQFDGDTXDQGRRVDSDQKDPRV

²0DVLVVRpPRQVWUXRVR

²'HIDWR²R$UTXLYLJiULRFRQFRUGD²0DVOHPEUHVHGD

VXD+LVWyULD6HYRFrTXHUVROLGDULHGDGHVRFLDOYRFrWHPTXHWHU

RX XP LQLPLJR H[WHUQR RX XPD PLQRULD RSULPLGD 1yV QmR

WHPRVLQLPLJRVH[WHUQRVORJRWHPRVTXHH[SORUDUDRPi[LPRRV

QRVVRVKRWV (OHV VmR R TXH IRUDP RV MXGHXV VRE +LWOHU R TXH

IRUDPRVEXUJXHVHVVRE/HQLQH6WDOLQRTXHIRUDPRXWURUDRV

KHUHJHVQRVSDtVHVFDWyOLFRVHRVSDSLVWDVHQWUHRVSURWHVWDQWHV6H

DOJRYDLPDODFXOSDpVHPSUHGRVKRWV1mRVHLRTXHIDUtDPRV

VHPHOHV

²0DVRVHQKRUQXQFDVHGHWHYHDSHQVDUQRTXHHOHVGHYHP

VHQWLU"

²(SRUTXHKDYHULD"3ULPHLURTXHWXGRpD/HL 3XQLomR

FRQGLJQD SRU WHUHP VLGR SXQLGRV 6HJXQGR VH HOHV IRUHP

GLVFUHWRV QmR VHUmR SXQLGRV 7XGR R TXH WrP D ID]HU p HYLWDU

ILOKRVIRUDGDpSRFDGHYLGDHGLVVLPXODURIDWRGHVHDSDL[RQDUHP

H HVWDEHOHFHUHP OLJDo}HV SHUPDQHQWHV FRP SHVVRDV GR VH[R

RSRVWR(VHQmRTXLVHUHPVHUGLVFUHWRVVHPSUHOKHVUHVWDIXJLU

²)XJLU"3DUDRQGH"

² ([LVWH XPD SHTXHQD FRPXQLGDGH DR QRUWH SHUWR GH

)UHVQR 2LWHQWD H FLQFR SRU FHQWR GH KRWV ( XPD MRUQDGD

SHULJRVDVHPG~YLGD0XLWRSRXFDiJXDQRFDPLQKR(VHQyVRV

DJDUUDPRVHQWHUUDPRORVYLYRV0DVVHHOHVVHGLVS}HPDDFHLWDU

background image

R ULVFR VmR SHUIHLWDPHQWH OLYUHV GH ID]rOD ( SRU ~OWLPR Ki

DLQGDRVDFHUGyFLR

²(OHID]RVLQDO GRV FRUQRV ² 4XDOTXHU UDSD] LQWHOLJHQWH TXH

DSUHVHQWH VLQDLV SUHFRFHV GH VHU XP KRW WHP VHX IXWXUR

DVVHJXUDGRID]HPRVGHOHXPVDFHUGRWH

9iULRVVHJXQGRVVHHVFRDPDQWHVTXHR'U3RROHVHDWUHYD

DID]HUDVXDSHUJXQWDVHJXLQWH

²2VHQKRUTXHUGL]HU"

²3UHFLVDPHQWH²GL]R$UTXLYLJiULR²3RUDPRUGR5HLQR

GR,QIHUQR3DUDQmRIDODUQDVUD]}HVHVWULWDPHQWHSUiWLFDV$ILQDO

GHFRQWDVRVLQWHUHVVHVGDFRPXQLGDGHWrPGHVHUFXLGDGRVGH

DOJXPPRGRHpyEYLRTXHRODLFDGRQmRHVWiHPFRQGLo}HVGH

ID]rOR

$EDOE~UGLDGDDUHQDFUHVFHSDUDXPFOtPD[PRPHQWkQHR

² 1DXVHDQWH ² JXLQFKD R $UTXLYLJiULR FRP DYHUVmR

VXELWDPHQWH LQWHQVLILFDGD ² ( LVWR QmR p QDGD HP FRPSDUDomR

FRP R TXH YLUi PDLV WDUGH &RPR VRX JUDWR SRU WHU VLGR

SUHVHUYDGR GH XPD WDO LJQRPtQLD 1mR HOHV PDV R ,QLPLJR GD

(VSpFLHHQFDUQDGRHPVHXVDVTXHURVRVFRUSRV7HQKDDERQGDGH

GH ROKDU SDUD DOL ² (OH SX[D R 'U 3RROH SDUD VL H DSRQWD XP

JURVVR LQGLFDGRU ² ­ HVTXHUGD GR DOWDUPRU ² FRP R YDVR GH

FDEHOR YHUPHOKR ( R &KHIH 2 &KHIH ² UHSHWH FRP rQIDVH

]RPEHWHLUD²4XHHVSpFLHGHJRYHUQDQWHYDLVHUHOHGXUDQWHDV

GXDVSUy[LPDVVHPDQDV"

5HVLVWLQGR j WHQWDomR GH ID]HU FRPHQWiULRV SHVVRDLV VREUH

XP KRPHP TXH HPERUD WHPSRUDULDPHQWH DIDVWDGR HVWi

GHVWLQDGR D UHDVVXPLU R SRGHU R 'U 3RROH HPLWH XP ULVLQKR

QHUYRVR

² e VHP G~YLGD HOH SDUHFH HVWDU VH HVSDLUHFHQGR GDV

SUHRFXSDo}HVGR(VWDGR

1$55$'25

0DVSRU TXH SRU TXH Ki GH HOH VH HVSDLUHFHU FRP /RROD"

3DWLIHEUXWDPRQWHVHSURVWLWXWDLQILHO0DVUHVWDSHORPHQRVXP

background image

FRQVROR ² H SDUD XP KRPHP WtPLGR DWRUPHQWDGR SRU GHVHMRV

TXH QmR RXVD S{U HP SUiWLFD XP FRQVROR PXLWR JUDQGH D

FRQGXWDGH/RRODpDSURYDGHXPDDFHVVLELOLGDGHTXHQD1RYD

=HOkQGLDQRVFtUFXORVDFDGrPLFRVQDYL]LQKDQoDGD0mHSRGLD

VHUQmRPDLVTXHIXUWLYDPHQWHVRQKDGDFRPRDOJRVREWRGRVRV

DVSHFWRV ERP GHPDLV SDUD VHU YHUGDGH ( QmR p /RROD D ~QLFD

TXH GHPRQVWUD VHU DFHVVtYHO $ PHVPD FRLVD HVWi VHQGR

HYLGHQFLDGDQmRPHQRVDWLYDPHQWHQmRPHQRVYRFDOPHQWHSRU

DTXHODVMRYHQVPXODWDVSRU)ORVVLHDJRUGXFKDWHXWRQDFRUGH

PHOSHODHQRUPHPDWURQDDUPrQLDSHODSHTXHQDDGROHVFHQWHGH

FDEHORVGHHVWRSDHJUDQGHVROKRVD]XLV

² 6LP DTXHOH p R QRVVR &KHIH ² GL] R $UTXLYLJiULR FRP

DPDUJXUD ² $Wp TXH HOH H RV RXWURV SRUFRV FHVVHP GH HVWDU

SRVVHVVRVD,JUHMDVLPSOHVPHQWHDVVXPHRJRYHUQR

,QFRUULJLYHOPHQWH HUXGLWR D GHVSHLWR GR VHX YHHPHQWH

GHVHMRGHHVWDUOiIRUDFRP/RROD²RXTXDVHFRPRXWUDTXDOTXHU

VHIRURFDVR²R'U3RROHID]XPFRPHQWiULRLQWHOLJHQWHVREUHD

$XWRULGDGH(VSLULWXDOHR3RGHU7HPSRUDO

2$UTXLYLJiULRQmRSUHVWDDWHQomR

²%HP²GL]EUXVFDPHQWH²pWHPSRGHLUDR

WUDEDOKR

(OHFKDPDXPSRVWXODQWHTXHOKHHQWUHJDXPDYHODGHVHER

GHSRLV GLULJHVH SDUD R DOWDU QR H[WUHPR OHVWH GD FDSHOD 6REUH

HVWH Ki XP ~QLFR FtULR DPDUHOR GH FHUD GH DEHOKDFRP WUrV RX

TXDWUR SpV GH DOWXUD H GHVSURSRUFLRQDOPHQWH JURVVR 2

$UTXLYLJiULRID]XPDJHQXIOH[mRDFHQGHRFtULRID]RVLQDOGRV

FRUQRVGHSRLVYROWDSDUDRQGHVHHQFRQWUDR'U3RROHDPLUDU

GH ROKRV DUUHJDODGRV FRP IDVFLQDGR KRUURU H HVFDQGDOL]DGD

H[FLWDomRRHVSHWiFXORGDDUHQD

²$IDVWHVHXPSRXFRSRUIDYRU

2'U3RROHREHGHFH

8P SRVWXODQWH ID] GHVOL]DU SULPHLUR XPD SRUWD GHSRLV D

RXWUD2$UTXLYLJiULRVHDGLDQWDHSRVWDVHQRFHQWURGDDEHUWXUD

WRFDQGRRVFRUQRVGRXUDGRVGDVXDWLDUD'RVP~VLFRVVREUHRV

GHJUDXVGRDOWDUPRUYHPRUDQJLGRDJXGRGHIODXWLQVGHWtELD2V

background image

UXtGRV GD PXOWLGmR YmRVH H[WLQJXLQGR SDUD XP VLOrQFLR DSHQDV

RFDVLRQDOPHQWH SRQWXDGR SRU XPD RX RXWUD HIXVmR EHVWLDO GH

H[XOWDomR RX DQJ~VWLD SRU GHPDLV YLROHQWD SDUD VHU FRQWLGD

$QWLIRQDGDPHQWHRVVDFHUGRWHVFRPHoDPDFDQWDU

6(0,&252,

2WHPSRpFKHJDGR

6(0,&252,,

3RLVTXH%HOLDOpLPSODFiYHO

6(0,&252,

7HPSRSDUDDFRQVXPDomRGRV7HPSRV

6(0,&252,,

1RFDRVGDOX[~ULD

6(0,&252,

2WHPSRpFKHJDGR

6(0,&252,,

3RLVTXH%HOLDOHVWiQRYRVVRVDQJXH

6(0,&252,

7HPSRSDUDRQDVFLPHQWRHPYyV

6(0,&252,,

background image

'RV2XWURVGRV(VWUDQKRV

6(0,&252,

'D6DUQDGD,PSLJHP

6(0,&252,,

'RWttPLGR9HUPH

6(0,&252,

2WHPSRpFKHJDGR

6(0,&252,,

3RLVTXH%HOLDOYRVRGHLD

6(0,&252,

7HPSRSDUDDPRUWHGD$OPD

6(0,&252,,

3DUDTXHR6HUSHUHoD

6(0,&252,

&RQGHQDGRSHORGHVHMR

6(0,&252,,

(RSUD]HUpRDOJR]

background image

6(0,&252,

7HPSRSDUDRWULXQIR

6(0,&252,,

7RWDOGR,QLPLJR

6(0,&252,

3DUDDGRPLQDomRGR%DEXtQR

6(0,&252,,

3DUDTXHPRQVWURVVHMDPJHUDGRV

6(0,&252,

1mRDYRVVDYRQWDGH0DVD6XD

6(0,&252,,

3DUDTXHVHMDLVODQoDGRVjSHUGLomRHWHUQD

'DPXOWLGmRVREHXPIRUWHHXQkQLPH´$PpPµ4XHD6XD

PDOGLomRFDLDVREUHYyVHQWRDR$UTXLYLJiULRQDVXDYR]DJXGD

GHSRLV GLULJHVH QRYDPHQWH SDUD R H[WUHPR GD FDSHODH JDOJD R

WURQRFRORFDGRSUy[LPRDRDOWDU'HIRUDRXYHVHXPDJULWDTXH

YDLVHWRUQDQGRFDGDYH]PDLVIRUWHHGHUHSHQWHRWDEHUQiFXORp

LQYDGLGR SRU XP WURSHO GH DGRUDGRUHV FRULEkQWLFRV (OHV VH

SUHFLSLWDPSDUDRDOWDUDUUDQFDPXQVDRVRXWURVRVDYHQWDLVHRV

ODQoDP QXPD SLOKD FUHVFHQWH DR Sp GR WURQR GR $UTXLYLJiULR

1mR 1mR 1mR ( SDUD FDGD 1mR Ki XP EUDGR WULXQIDQWH GH

´6LPµ VHJXLGR GH XP JHVWR LQHTXtYRFR FP GLUHom R j PDLV

background image

SUy[LPDSHVVRDGRVH[RRSRVWR$RORQJHRVVDFHUGRWHVFDQWDP

´1mR D YRVVD YRQWDGH PDV D 6XD SDUD TXH VHMDLV ODQoDGRV j

SHUGLomRHWHUQDµHPPRQyWRQDUHSHWLomR3ODQRSUy[LPRGR'U

3RROHHQTXDQWRHOHREVHUYDRVDFRQWHFLPHQWRVGHXPFDQWRGR

RUDWyULR &RUWH YROWDQGR j PXOWLGmR URVWR DSyV URVWR DOYDU

H[WiWLFRHQWUDQRFDPSRGHYLVmRHGHVDSDUHFH(OiVXELWDPHQWH

HVWi R VHPEODQWH GH /RROD RV ROKRV EULOKDQWHV RV OiELRV

HQWUHDEHUWRVDVFRYLQKDVVHOYDJHPHQWHYLYDV(ODYROYHDFDEHoD

Gi FRP R 'U 3RROH $OILH HOD JULWD 2 VHX WRP H H[SUHVVm R

SURYRFDPXPDUHVSRVWDLJXDOPHQWHHIXVLYD/RROD

(OHVVHSUHFLSLWDPXPSDUDRRXWURQXPDEUDoRDSDL[RQDGR

2V VHJXQGRV SDVVDP &RPR YDVHOLQD RV DFRUGHV GD P~VLFD GH

6H[WDIHLUD6DQWDGR3DUVLIDOID]HPVHRXYLUQDIDL[DGHVRP

'HSRLVRVURVWRVVHDIDVWDPDFkPHUDUHFXD

²'HSUHVVDGHSUHVVD

/RRODDJDUUDOKHREUDoRHDUUDVWDRSDUDRDOWDU

²2DYHQWDO²GL]HOD

2 'U 3RROH EDL[D RV ROKRV SDUD R DYHQWDO GHSRLV

WRUQDQGRVHWmRYHUPHOKRTXDQWRR1m

2

ERUGDGRQHOHGHVYLDR

ROKDU

²3DUHFHWmRWmRLQGHFRURVR²GL]

(OH HVWHQGH D PmR UHFROKHD PXGD GH LGpLD RXWUD YH]

7RPDQGR XPD SRQWD GR DYHQWDOHQWUH R SROHJDU H R LQGLFDGRU

GiOKHXPSDUGHSX[}HVIURX[RVTXHQmRSURGX]HPHIHLWR

²&RPIRUoD²JULWDHOD²FRPPXLWDIRUoD

&RPYLROrQFLDTXDVHIUHQpWLFD²SRLVQmRpVyRDYHQWDOTXH

HOHHVWiDUUDQFDQGRpWDPEpPDLQIOXrQFLDGDPmHVmRWRGDVDV

LQLELo}HVWRGDVDVFRQYHQo}HVHPTXHIRLHGXFDGR²R'U3RROH

ID]RTXHOKHpGLWR

$ FRVWXUD FHGH PDLV IDFLOPHQWH GR TXH HOH HVSHUDYD H HOH

TXDVH FDL GH FRVWDV 5HFREUDQGR R HTXLOtEULR GHL[DVH ILFDU

SDUDGRROKDQGRFRPHQYHUJRQKDGRHQOHLRGRSHTXHQRDYHQWDO

TXH UHSUHVHQWD R 6H[WR 0DQGDPHQWR SDUD D IDFH VRUULGHQWH GH

/RROD H GHSRLV SDUD EDL[R SDUD D UXEUD SURLELomR &RUWHV

VXFHVVLYRV1m

2

FRYLQKDV1mRFRYLQKDV1mR

background image

²6LP²JULWD/RRODWULXQIDQWH²6LP

$UUHEDWDQGR GD PmR GHOH R DYHQWDO HOD R DWLUD DR Sp GR

WURQR 'HSRLV FRP XP ´6LPµ H PDLV RXWUR ´6LPµ DUUDQFD RV

UHPHQGRV GR SHLWR H YROWDQGRVH SDUD R DOWDU ID] D VXD

UHYHUrQFLDj9HOD

0HLR SODQR SUy[LPR GDV FRVWDV GH /RROD JHQXIOH[D

6XELWDPHQWHXPKRPHPGHPHLDLGDGHFRPXPDEDUEDJULVDOKD

DUUHPHWH H[FLWDGDPHQWH SDUD D FHQD UDVJDOKH RV 1mRV JrPHRV

GRVIXQGLOKRVHFRPHoDDDUUDVWiODSDUDDSRUWDGDFDSHOD

&RP XPD ERIHWDGD H XP YLJRURVR UHSHOmR /RROD VH

GHVYHQFLOKDHSHODVHJXQGDYH]DWLUDVHQRVEUDoRVGR'U3RROH

²6LP"²HODVXVVXUUD

(HQIDWLFDPHQWHHOHUHVSRQGH

²6LP

(OHV VH EHLMDP VRUULHP HQOHYDGDPHQWH XP SDUD R RXWUR

GHSRLV HQFDPLQKDPVH SDUD D HVFXULGmR DOpP GDV SRUWDV

FRUUHGLoDV$RSDVVDUHPSHORWURQRR$UTXLYLJiULRVHLQFOLQDH

VRUULQGRLURQLFDPHQWHEDWHQRRPEURGR'U3RROH

²(RPHXELQyFXOR"²SHUJXQWD

)XVmR SDUD XPD FHQD QRWXUQD GH VRPEUDV QHJUDV FRPR

SLFKHHIDL[DVGHOXDU$RIXQGRHUJXHVHRHVTXHOHWRDUUXLQDGR

GR /RV $QJHOHV &RXQW\ 0XVHXP $PRURVDPHQWH HQWUHODoDGRV

/RRODHR'U3RROHVXUJHPHPFHQDHPVHJXLGDPHUJXOKDPQDV

WUHYDVLPSHQHWUiYHLV6LOKXHWDVGHKRPHQVSHUVHJXLQGRPXOKHUHV

RX GH PXOKHUHV DWLUDQGRVH D KRPHQV DSDUHFHP SRU XP

PRPHQWR H GHVDSDUHFHP $R DFRPSDQKDPHQWR GD P~VLFD GH

6H[WDIHLUD6DQWDRXYHVHXPFRURRUDPDLVIRUWHRUDDEDIDGR

GHURVQDGRVHJHPLGRVGHREVFHQLGDGHVH[SORVLYDPHQWHEHUUDGDV

HSURORQJDGRVXLYRVGHDJRQLDGRGHOHLWH

1$55$'25

&RQVLGHUDL DV DYHV 4XH GHOLFDGH]D QD VXD FRUWH TXH

FDYDOKHLULVPR j PRGD DQWLJD 3RLV HPERUD RV KRUP{QLRV

SURGX]LGRVQRRUJDQLVPRGDIrPHDUHSURGXWUL]DSUHGLVSRQKDP

background image

SDUDDHPRomRVH[XDORVHXHIHLWRQmRpQHPWmRLQWHQVRQHPGH

WmREUHYHGXUDomRFRPRRGRVKRUP{QLRVRYDULDQRVQR VDQJXH

GDV IrPHDV GRV PDPtIHURV GXUDQWH R FLR $GHUQDLV SRU UD]}HV

yEYLDVDDYHPDFKRQmRHVWiHPFRQGLo}HVGHVXEPHWHUDRVVHXV

GHVHMRVXPDIrPHDUHOXWDQWH'DtDSUHYDOrQFLDHQWUHRVPDFKRV

GDVSOXPDJHQVEULOKDQWHVHGHXPLQVWLQWRSDUDRJDODQWHLR(GDt

DHYLGHQWHDXVrQFLDGHVVDVFRLVDVHQFDQWDGRUDVHQWUHRVPDFKRV

GRV PDPtIHURV 3RLV TXDQGR FRPR QRV PDPtIHURV RV GHVHMRV

DPRURVRV GD IrPHD H RV VHXV DWUDWLYRV SDUD R VH[R RSRVWR VmR

LQWHLUDPHQWH GHWHUPLQDGRV SRU PHLRV TXtPLFRV TXDO D

QHFHVVLGDGH GD EHOH]D PDVFXOLQD GDV GHOLFDGH]DV GD FRUWH

SUHOLPLQDU"

1D HVSpFLH KXPDQD FDGD GLD GR DQR p SRWHQFLDOPHQWH D

TXDGUD GR DFDVDODPHQWR $V UDSDULJDV QmR VmR TXLPLFDPHQWH

SUHGHVWLQDGDVDGXUDQWHXQVSRXFRVGLDVDFHLWDURVDYDQoRVGR

SULPHLUR PDFKR TXH VH DSUHVHQWH 6HXV FRUSRV IDEULFDP

KRUP{QLRV HP GRVHV VXILFLHQWHPHQWH SHTXHQDV SDUD GHL[DU

PHVPRjVPDLVWHPSHUDPHQWDLVXPDFHUWDOLEHUGDGHGHHVFROKD

eSRULVVRTXHGLYHUVDPHQWHGRVGHPDLVPDPtIHURVRKRPHP

IRL VHPSUH XP FRUWHMDGRU 0DV DJRUD RV UDLRV JDPD PXGDUDP

WXGR LVVR $RV SDGU}HV KHUHGLWiULRV GR FRPSRUWDPHQWR ItVLFR H

PHQWDOGRKRPHPIRLGDGDXPDQRYDIRUPD*UDoDVDRVXSUHPR

7ULXQIR GD &LrQFLD 0RGHUQD R VH[R WRUQRXVH SHULyGLFR R

URPDQFH IRL DQLTXLODGR SHOR HVWUR H D FRPSXOVmR TXtPLFD GD

IrPHD SDUD D FySXOD DEROLX D JDODQWHULD R FDYDOKHLULVPR D

WHUQXUDRSUySULRDPRU

1HVWH PRPHQWR XPD /RROD UDGLDQWH H XP 'U 3RROH

FRQVLGHUDYHOPHQWH GHVJUHQKDGR HPHUJHP GDV VRPEUDV 8P

LQGLYtGXRFRUSXOHQWRWHPSRUDULDPHQWHGHVDFRPSDQKDGRHQWUDD

SDVVRVODUJRVQDFHQD­YLVWDGH/RRODHOHVHGHWpP2TXHL[R

OKHFDLRVROKRVVHDUUHJDODPHOHUHVSLUDFRPIRUoD

2 'U 3RROH ODQoD XP ROKDU DR UHFpPFKHJDGR GHSRLV

YROWDVHQHUYRVDPHQWHSDUDDFRPSDQKHLUD

²(XDFKRTXHWDOYH]IRVVHERPVHJXLUPRVSRUDOL

background image

6HP XPD SDODYUD R HVWUDQKR LQYHVWH SDUD HOH GiOKH XP

VDIDQmRTXHRID]YRDUORQJHHWRPD/RRODQRVEUDoRV3RUXP

PRPHQWR HOD UHVLVWH GHSRLV RV DJHQWHV TXtPLFRV QR VDQJXH

LPS}HPRVHX,PSHUDWLYR&DWHJyULFRHHODFHVVDGHGHEDWHUVH

3URGX]LQGR XP UXtGR FRPR R GH XP WLJUH j KRUD GR

UHSDVWR R HVWUDQKR D HUJXH GR FKmR H GHVDSDUHFH FRP HOD QD

HVFXULGmR

2'U3RROHTXHWHYHWHPSRGHS{UVHGHSpHVERoDXP

PRYLPHQWR FRPR SDUD SHUVHJXLU SDUD EXVFDU YLQJDQoD SDUD

VDOYDUDGHVRODGDYtWLPD'HSRLVXPPLVWRGHDSUHHQVmRHUHFDWR

IiOR DIURX[DU R SDVVR 6H HOH DYDQoD Vy 'HXV VDEH HP TXH

VLWXDomRLUiVHLQWURPHWHU(GHSRLVDTXHOHKRPHPDTXHODPDVVD

FDEHOXGDGHRVVRVHP~VFXORV3HQVDQGREHPVHULDWDOYH]PDLV

SUXGHQWH(OHSiUDHILFDKHVLWDQWHVHPVDEHURTXHID]HU'H

UHSHQWHGXDVMRYHQVH EHODV PXODWDV VDHP FRUUHQGR GR &RXQW\

0XVHXP H VLPXOWDQHDPHQWH ODQoDPOKH RV EUDoRV WULJXHLURV HP

WRUQRGRSHVFRoRHFREUHPOKHRURVWRGHEHLMRV

² 6HX PDODQGUmR ERQLWmR VLPSiWLFR ² VXVVXUUDP HODV HP

URXTXHQKRXQtVVRQR

3RU XP PRPHQWR R 'U 3RROH KHVLWD HQWUH D OHPEUDQoD

LQLELGRUD GD PmH D ILGHOLGDGH D /RROD SUHVFULWD SRU WRGRV RV

SRHWDVHURPDQFLVWDVHRVFiOLGRVHOiVWLFRV)DWRVGD9LGD$SyV

FHUFDGHTXDWURVHJXQGRVGHFRQIOLWRPRUDOUHVROYHVHFRPRHUD

GH HVSHUDU SHORV )DWRV GD 9LGD (OH VRUUL GHYROYH RV EHLMRV

PXUPXUD SDODYUDV TXH RXYLGDV HQFKHULDP GH DVVRPEUR D 6UD

+RRNHWDOYH]PDWDVVHPVXDPmHHQYROYHXPFRUSRFRPFDGD

XPGRVEUDoRVDFDULFLDVHLRVFRPPmRVTXHMDPDLVIL]HUDPQDGD

SDUHFLGR D QmR VHU HP LQFRQIHVViYHLV GHYDQHLRV 2V UXtGRV GD

RUJLD FUHVFHP SDUD XP EUHYH FOtPD[ GHSRLV GLPLQXHP 3RU

DOJXPWHPSRUHLQDVLOrQFLRDEVROXWR

$FRPSDQKDGRV SRU XP VpTXLWR GH DUTXLPDQGULWDV

IDPLOLDUHVSUHVEtWHURVHSRVWXODQWHVR$UTXLYLJiULRHRSDWULDUFD

GH 3DVDGHQD VXUJHP QD FHQD FDPLQKDQGR PDMHVWRVDPHQWH ­

YLVWD GR 'U 3RROH FRP DV PXODWDV HOHV VH GHWrP &RP XPD

background image

FDUHWD GH QRMR R SDWULDUFD FRVSH QR FKmR 0DLV WROHUDQWH R

$UTXLYLJiULROLPLWDVHDVRUULULURQLFDPHQWH

²'U3RROH²IODXWHLDHOHQRVHXIDOVHWHGHVLJXDO

&RPDUFXOSDGRFRPRVHRXYLVVHRFKDPDGRGDPmHR'U

3RROH GHL[D FDLU DV VXDV DWDUHIDGDV PmRV H YROWDQGRVH SDUD R

$UTXLYLJiULRSURFXUDDVVXPLUXPDH[SUHVVmRGHDpUHDLQRFrQFLD

(VVDVPHQLQDV²VHXVRUULVRSUHWHQGHVLJQLILFDU²TXHPVmRHVVDV

PHQLQDV"

2UD YHMD HX QHP VHL R QRPH GHODV 1yV HVWiYDPRV DSHQDV

FRQYHUVDQGR XP SRXFR VREUH RV FULSWyJDPRV VXSHULRUHV QDGD

PDLV

²6HXPDODQGURERQLWmR²FRPHoDXPDYR]URXTXHQKD

2 'U 3RROH WRVVH DOWR H VH HVTXLYD DR DEUDoR TXH

DFRPSDQKDDVSDODYUDV

² 1mR VH LQFRPRGH FRQRVFR ² GL] R $UTXLYLJiULR

DPDYHOPHQWH²$ILQDOGHFRQWDVR'LDGH%HOLDOYHPVyXPDYH]

SRUDQR

$SUR[LPDQGRVHWRFDRVFKDYHOKRVGRXUDGRVGD VXD WLDUD

GHSRLVSRXVDDVPmRVVREUHDFDEHoDGR'U3RROH

²$UDSLGH]²GL]FRP V~ELWD XQomR SURILVVLRQDO ² GD VXD

FRQYHUVmR IRL TXDVH PLODJURVD 6LP TXDVH PLODJURVD ² 'HSRLV

PXGDQGR GH WRP ² $ SURSyVLWR ² DFUHVFHQWD ² WLYHPRV XPD

OLJHLUDHQFUHQFDFRPRVVHXVDPLJRVGD1RYD=HOkQGLD(VWDWDUGH

DOJXpPORFDOL]RXXPJUXSRGHOHVHP%HYHUO\+LOOV,PDJLQRTXH

HVWDYDPSURFXUDQGRSRUYRFr

²6LPVXSRQKRTXHVLP

² 0DV QmR YmR HQFRQWUiOR ² FRQWLQXD R $UTXLYLJiULR

MRYLDOPHQWH²8PGRVQRVVRVLQTXLVLGRUHVVDLXFRPXPSHORWmR

GHIDPLOLDUHVSDUDDYLUVHFRPHOHV

²(RTXHDFRQWHFHX"²SHUJXQWDR'U3RROHDQVLRVR

² 1RVVRV KRPHQV DUPDUDP XPD HPERVFDGD H GLVSDUDUDP

IOHFKDV 8P IRL PRUWR RV RXWURV IXJLUDP FRP RV IHULGRV 1mR

FUHLRTXHYROWHPDQRVLQFRPRGDU0DVSRUYLDGDVG~YLGDV²

(OHDFHQDSDUDGRLVGRVVHXVDVVLVWHQWHV²(VFXWHPQmRYDLKDYHU

QHQKXPVDOYDPHQWRHQmRYDLKDYHUQHQKXPDIXJD(XRVIDoR

background image

UHVSRQViYHLVHQWHQGLGR"

2VGRLVSRVWXODQWHVLQFOLQDPDFDEHoD

² ( DJRUD ² WRUQD R $UTXLYLJiULR GLULJLQGRVH QRYDPHQWH

DR'U3RROH²QyVRGHL[DUHPRVHPSD]SDUDSURFULDUWRGRVRV

PRQVWULQKRVTXHSXGHU

(OHSLVFDGiXPWDSLQKDQDERFKHFKDGR'U3RROHGHSRLV

WRPDRSDWULDUFDSHOREUDoRHVHJXLGRGDFRPLWLYDUHWLUDVH

2 'U 3RROH DFRPSDQKD FRP R ROKDU DV ILJXUDV TXH VH

DIDVWDP GHSRLV UHODQFHLD FRP LQTXLHWDomR RV GRLV SRVWXODQWHV

GHVLJQDGRVSDUDYLJLiOR

%UDoRVPRUHQRVHQODoDPOKHRSHVFRoR

²6HXPDODQGURERQLWmR

²1mRTXHpLVVR"(PS~EOLFRQmR1mRFRPHVVHVKRPHQV

Dt

²4XHGLIHUHQoDID]"

( DQWHV TXH HOH WHQKD WHPSR GH UHVSRQGHU URXTXHQKRV

DOPLVFDUDGRVWULJXHLURVRV)DWRVGD9LGDHQURVFDPVHPDLVXPD

YH] VREUH HOH H QXP DEUDoR FRPSOLFDGR FRPR XP /DRFRRQWH

PHLRUHOXWDQWHPHLRSUD]HURVDPHQWHFRPSODFHQWHHOHpDUUDVWDGR

SDUD DV VRPEUDV &RP XPD H[SUHVVmR GH QRMR RV GRLV

SRVWXODQWHVFRVSHPVLPXOWDQHDPHQWH

1$55$'25

/HPEUHpWDLWQXSWLDOHDXJXVWHHWVROHQQHOOH

(OH p LQWHUURPSLGR SHOD H[SORVmR GH XPD DOJD]DUUD GH

PLDGRVIUHQpWLFRV

1$55$'25

6HROKRSDUDRIXQGRGDVIRQWHVGRPHXMDUGLP1mRVy

GRPHXTXHWRGRMDUGLPpSRQWLOKDGR'HEXUDFRVGHHQJXLDVH

OXDVUHIOHWLGDV&UHLRYHUXPD&RLVDDUPDGDGHXPIRUFDGR4XH

SDUHFHHPHUJLQGRGRORGRGDLPDQrQFLD'HHQWUHDVHQJXLDVGR

background image

FpXURMDUVHFRQWUDPLP²&RQWUD0LPVDJUDGR0LPGLYLQR(

VH GHYHUDV 7mR WULVWH p WHU FXOSDGD D FRQVFLrQFLD &RPR p

(QIDGRQKRWDPEpPSRURXWURODGRWrODSXUD4XHDGPLUDTXH

RKRUURUGDVIRQWHVQRVDUUDVWH$RHQFRQWURGRIRUFDGR"(HLV

TXHD&RLVDDWDFD(HXD3HVVRDDWRUPHQWDGDHPPHLRjODPD

2XQROtTXLGROXDUFKHLRGHJUDWLGmR9HMRRXWURVTXHFRPRHX

WDPEpPWrPHVVHFHJR2XUDGLDQWHVHU

$VWUHYDVVmRQXSFLDLVDXJXVWDVHVROHQHV$IUDVHpGR%RR]

HQGRUPLGH9LFWRU+XJR1GR7

1RVYHUVRVHRDXWRUSDUDIUDVHLDYHUVRVGDWUDJpGLD

$GXTXHVDGH0DOILGH-RKQ:HEVWHU:KHQ,ORRNLQWRWKHILVKSRQGV

LQP\JDUGHQ0HWKLQNV,VHFD7KLQJDUPHGZLWKDUDNHWKDWVHHPV

WRVWULNHDWPH+RZWHGLRXVLVDJXLOW\FRQVFLHQFH1GR7

)XVmRSDUDXPSODQRPpGLRGR'U3RROHDGRUPHFLGR

VREUHDDUHLDDPRQWRDGDDRSpGHXPDJLJDQWHVFDSDUHGHGH

FRQFUHWR$OJXQVPHWURVDOpPXPGRVVHXVJXDUGDVWDPEpP

GRUPH2RXWURDFKDVHDEVRUYLGRQXPYHOKRH[HPSODUGH

)RUHYHU$PEHU2VROMiYDLDOWRQRFpXHXPSODQRSUy[LPR

UHYHODXPSHTXHQRODJDUWRYHUGHUDVWHMDQGRVREUHXPDGDVPmRV

HVWHQGLGDVGR'U3RROH(OHMD]LPyYHOFRPRVHHVWLYHVVHPRUWR

1$55$'25

(HVWHWDPEpPpREHDWtILFRVHUGHDOJXpPTXHFRPWRGDD

FHUWH]DQmRp$OIUHG3RROHGRXWRUHP&LrQFLDV3RLVRVRQRp

XPD GDV SUpFRQGLo}HV GD (QFDUQDomR R LQVWUXPHQWR SULPiULR

GD GLYLQD LPDQrQFLD 'RUPLQGR QyV FHVVDPRV GH YLYHU SDUD

VHUPRVKDELWDGRVTXmREHPDYHQWXUDGDPHQWHSRUDOJXP2XWUR

LJQRWRTXHVHYDOHGRHQVHMRSDUDUHVWDXUDUDVDQLGDGHGDPHQWHH

FXUDURFRUSRPDOWUDWDGRHDXWRDWRUPHQWDGR

'RFDIpGDPDQKmjKRUDGHGHLWDUSRGHPRVHVWDUID]HQGR

WXGRDRQRVVRDOFDQFHSDUDDJUHGLUD1DWXUH]DHQHJDURIDWRGD

QRVVD (VVrQFLD 9tWUHD 0DV PHVPR R PDLV HQIXUHFLGR GRV

background image

PDFDFRVVHFDQVDGDVVXDVWURSHOLDVHWHPGHGRUPLU(HQTXDQWR

GRUPHD&RPSDL[mRTXHQHOHPRUDSUHVHUYDRjVXDUHYHOLDGR

VXLFtGLRTXHGXUDQWHDVKRUDVGHVSHUWDVFRPkQVLDWmRIUHQpWLFD

HOH WHQWRX FRPHWHU 'HSRLV R VRO QDVFH RXWUD YH] H R QRVVR

PDFDFR DFRUGD XPD YH] PDLV SDUD R VHX SUySULR HX H SDUD D

OLEHUGDGH GR VHX DUEtWULR SHVVRDO ² SDUD PDLV RXWUR GLD GH

PDOIHLWRULDV RX VH TXLVHU SDUD RV SULPyUGLRV GR DXWR

FRQKHFLPHQWR SDUD RV SULPHLURV SDVVRV QR VHQWLGR GD VXD

VDOYDomR

8PHVWULGXODUGHULVRV IHPLQLQRVH[FLWDGRVFRUWDDSDODYUD

GRQDUUDGRU2GRUPLQKRFRVHDJLWDHDXPDVHJXQGDH[SORVmR

PDLVIRUWHGHVSHUWDGHWRGRHPVREUHVVDOWRHVHQWDVHROKDQGR

HP WRUQR SHUSOH[R VHP VDEHU RQGH VH HQFRQWUD 2XWUD YH] DV

ULVDGDV(OHYROYHDFDEHoDQDGLUHomRGRVRP1XPSODQRJHUDO

GRVHXSRQWRGHYLVWD YHPRV DV VXDV GXDV WULJXHLUDV DPLJDV GD

QRLWH DQWHULRU VXUJLUHP D WRGD YHORFLGDGH GH WUiV GH XPD GXQD

FRUUHQGRHPGLVSDUDGDSDUDDVUXtQDVGR&RXQW\0XVHXP$RV

VHXVFDOFDQKDUHVHPVLOrQFLRFRQFHQWUDGRFRUUHR&KHIH2VWUrV

GHVDSDUHFHPGHYLVWD

2 SRVWXODQWH DGRUPHFLGR DFRUGD H GLULJHVH DR

FRPSDQKHLUR

²2TXHIRLLVVR"²SHUJXQWD

² 2 PHVPR GH VHPSUH ² UHVSRQGH R RXWUR VHP WLUDU RV

ROKRVGH)RUHYHU$PEHU

1RPHVPRLQVWDQWHJULWRVDJXGRVHHVWULGHQWHVHFRDPQRV

VDO}HV FDYHUQRVRV GR 0XVHX 2V SRVWXODQWHV VH HQWUHROKDP H

VLPXOWDQHDPHQWHFRVSHP

&RUWHYROWDQGRDR'U3RROH

²0HX'HXV²GL]HOHDOWR²PHX'HXV

(FREUHRURVWRFRPDVPmRV

1$55$'25

1D VDFLHGDGH GHVWD PDQKm VHJXLQWH GrHPVH ODUJDV D XPD

FRQVFLrQFLD UHPRUGLGD H DRV SULQFtSLRV DSUHQGLGRV VREUH RV

background image

MRHOKRVGHXPDPmH²HQmRUDURDWUDYHVVDGRVREUHHOHVFDEHoD

SDUD EDL[R H DV IUDOGDV GD FDPLVD EHP DUUHJDoDGDV HP

HVSDQFDPHQWRV FRQGLJQRV WULVWH H SLHGRVDPHQWH PLQLVWUDGRV

PDV OHPEUDGRV EDVWDQWH LURQLFDPHQWH FRPR SUHWH[WR H

DFRPSDQKDPHQWR GH LQFRQWiYHLV GHYDQHLRV HUyWLFRV FDGD TXDO

GHYLGDPHQWHVHJXLGRSHORVHXUHPRUVRHFDGDUHPRUVRWUD]HQGR

FRQVLJRDLGpLDGRFDVWLJRFRPWRGDVDVFRQFRPLWDQWHVYRO~SLDV

(DVVLPSRUGLDQWHLQGHILQLGDPHQWH2UDFRPRGL]LDOLEHUWHPVH

DTXHOHV FRQWUD HVWHV H R UHVXOWDGR SRGH PXLWR EHP VHU XPD

FRQYHUVmRUHOLJLRVD0DVFRQYHUVmRDTXr"1DGDVDEHQGRGRTXH

WHPSRUFHUWRRQRVVRSREUHDPLJRRLJQRUD(DtYHPTXDVHD

~OWLPDSHVVRDTXHHOHWHULDLPDJLQDGROKHDMXGDVVHDGHVFREULU

(QTXDQWRRQDUUDGRUSURQXQFLDHVWD~OWLPDVHQWHQoD/RROD

VXUJHQDFHQD

² $OILH ² JULWD HOD FRQWHQWH ² (X HVWDYD SURFXUDQGR SRU

YRFr

&RUWH UiSLGR SDUD RV GRLV SRVWXODQWHV TXH D ILWDP XP

PRPHQWR FRP WRGD D DYHUVmR GD FRQWLQrQFLD IRUoD GD GHSRLV

YLUDPDFDUDHH[SHFWRUDP

(QWUHWDQWR DSyV XP EUHYH ROKDU jTXHOHV ´OLQHDPHQWRV GR

GHVHMR VDWLVIHLWRµ R 'U 3RROH GHVYLD RV ROKRV FRP DU

HQYHUJRQKDGR

²%RPGLD²GL]QXPWRPGHSROLGH]IRUPDO

²(VSHURTXHYRFrTXHYRFrWHQKDGRUPLGREHP

/RRODVHQWDVHDRODGRGHOHDEUHXPVDFRGHFRXURTXHWUD]D

WLUDFROR H WLUD D PHWDGH GH XP SmR H FLQFR RX VHLV JUDQGHV

ODUDQMDV

²1LQJXpPSRGHSHQVDUHPFR]LQKDUJUDQGHFRLVDHVWHVGLDV

²HODH[SOLFD²(FRPRXPORQJRSLTXHQLTXHDWpTXHFRPHFHGH

QRYRDHVWDomRIULD

²6HPG~YLGDVHPG~YLGD²GL]R'U3RROH

²9RFrGHYHHVWDUFRPXPDIRPHWHUUtYHO²HODFRQWLQXD²

'HSRLVGDQRLWHSDVVDGD

$VFRYLQKDVVDHPGRHVFRQGHULMRTXDQGRHODVRUULSDUDHOH

background image

$IRJXHDGRHYHUPHOKRGH HPEDUDoR R 'U 3RROH SURFXUD

DSUHVVDGDPHQWHGHVYLDURDVVXQWRGDFRQYHUVD

²%HODVODUDQMDVHVVDV²REVHUYD²1D1RYD=HOkQGLDHODV

QmRVmRWmRERDVH[FHWRQRH[WUHPR

²7RPH²GL]/RRODLQWHUURPSHQGRR

(ODOKHHVWHQGHXPJUDQGHQDFRGHSmRDUUDQFDRXWURSDUD

VLPHVPDHFUDYDOKHRVGHQWHVEUDQFRVHIRUWHV

²(VWi ERP ² GL] FRP D ERFD FKHLD ² 3RU TXH YRFr Qm R

FRPH"

2'U3RROH TXH VH Gi FRQWD GHHVWDU GH IDWR FRP XPD

IRPHYRUD]PDVTXHQmRGHVHMDHPDWHQomRDRGHFRURDGPLWLUR

IDWRPXLWRDEHUWDPHQWHEHOLVFDFRPGHOLFDGH]DDVXDF{GHD

/RRODDFRQFKHJDVHDHOHHUHFOLQDDFDEHoDQRVHXRPEUR

²)RLJRVWRVRQmRIRL$OILH"²(ODGiRXWUDGHQWDGDQRSmR

H VHP HVSHUDU UHVSRVWD FRQWLQXD ² 0XLWR PDLV JRVWRVR FRP

YRFrGRTXHFRPTXDOTXHUGRVRXWURV9RFrWDPEpPDFKRX"

(ODOHYDQWDWHUQDPHQWHRVROKRVSDUDHOH

3ODQRSUy[LPRGRVHXSRQWRGHYLVWDSDUDD H[SUHVVmR GH

DJRQLDGRGHVFRQIRUWRPRUDOGR'U3RROH

²$OILH²H[FODPDHOD²2TXHKiFRPYRFr"

² 7DOYH] IRVVH PHOKRU ² HOH FRQVHJXH DILQDO DUWLFXODU ²

IDODUPRVGHRXWUDFRLVD

/RRODHQGLUHLWDRFRUSRHRHQFDUDGXUDQWHDOJXQVVHJXQGRV

HPVLOrQFLRDWHQWR

²9RFrSHQVDGHPDLV² GL] HOD SRU ILP ² 9RFr QmR GHYH

SHQVDU6HDJHQWHSHQVDGHL[DGHVHUJRVWRVR² 'H UHSHQWH R

URVWRGHODVHHQVRPEUHFH

²6HDJHQWHSHQVD²SURVVHJXHHPYR]EDL[D²pWHUUtYHOWHUUtYHO

(XPDFRLVDWHUUtYHOFDLUQDVPmRVGR'HP{QLR9LYR4XDQGR

PHOHPEURGRTXHIL]HUDPD3ROO\HDRVHXEHEr

(OD WHP XP HVWUHPHFLPHQWR RV ROKRV HQFKHPVH GH

OiJULPDVHHODHVFRQGHRURVWR

1$55$'25

background image

2XWUDYH]HVVDVOiJULPDVHVVHVVLQWRPDVGHSHUVRQDOLGDGH

6XDYLVWDHYRFDXPDSHQDPDLVIRUWHTXHRVHQWLPHQWRGHFXOSD

(VTXHFHQGRRVSRVWXODQWHVR'U3RROHDWUDL/RRODSDUDVL

H FRP SDODYUDV VXVVXUUDGDV FRP DV FDUtFLDV TXH VH XVDP SDUD

VRVVHJDUXPDFULDQoDTXHFKRUDSURFXUDFRQVROiODeWmREHP

VXFHGLGRTXHDRILPGHXPRXGRLVPLQXWRVHODGHVFDQVDEHP

TXLHWD QR kQJXOR GR VHX EUDoR &RP XP VXVSLUR IHOL] DEUH RV

ROKRVHUJXHRVSDUDHOHHVRUULFRPXPDH[SUHVVmRGHWHUQXUDD

TXHDVFRYLQKDVDFUHVFHQWDPFRPHQFDQWDGRUDLQFRQJUXrQFLDXP

TXrGHWUDYHVVR

²,VWRpRTXHHXVHPSUHVRQKHL

²(PHVPR"

²0DVQXQFDDFRQWHFHXQXQFDSRGHULDDFRQWHFHU1XQFD

DWpTXHYRFrFKHJRX²(ODDIDJDRURVWRGHOH²(XJRVWDULDTXH

DVXDEDUEDQmRWLYHVVHGHFUHVFHU²DFUHVFHQWD²9RFrYDLILFDU

SDUHFLGR FRP RV RXWURV 0DV YRFr QmR p FRPR HOHV YRFr p

FRPSOHWDPHQWHGLIHUHQWH

²1HPWDQWRDVVLP²FRQWHVWDR'U3RROH

(OHVHLQFOLQDHEHLMDDQDVSiOSHEUDVQRSHVFRoRQDERFD

GHSRLVUHFXDHDFRQWHPSODFRPDUGHWULXQIDQWHPDVFXOLQLGDGH

² 1mR GLIHUHQWH QDTXLOR ² HOD HVSHFLILFD ² 0DV GLIHUHQWH

QLVWR²(ODOKHSDVVDQRYDPHQWHRVGHGRVSHODIDFH²9RFrHHX

DTXLMXQWLQKRVFRQYHUVDQGRHVHQWLQGRQRVIHOL]HVSRUTXHYRFrp

YRFrHHXVRXHX,VWRQmRDFRQWHFHDTXL$QmRVHUDQmRVHU

²(ODVHLQWHUURPSH6HXVHPEODQWHDQXYLDVH

²9RFrVDEHRTXHDFRQWHFHjVSHVVRDVTXHVmRKRWV"

²FRFKLFKD

'HVWD YH] p R 'U 3RROH TXHP SURWHVWD FRQWUD R SHQVDU

GHPDLV(OHDFRPSDQKDDVSDODYUDVFRPDomR3ODQRSUy[LPRGR

DEUDoR (P VHJXLGD FRUWH SDUD RV GRLV SRVWXODQWHV DVVLVWLQGR

FRP GHVJRVWR DR HVSHWiFXOR (QTXDQWR HOHV FRVSHP XP RXWUR

SRVWXODQWHHQWUDQDFHQD

²2UGHQVGH6XD(PLQrQFLD²DQXQFLDID]HQGRRVLQDOGRV

FRUQRV²(VWDPLVVmRHVWiWHUPLQDGD

$SUHVHQWHPVHjEDVH

background image

)XVmRSDUDR&DQWHUEXU\8PPDULQKHLURIHULGRFRPXPD

VHWDDLQGDFUDYDGDQRRPEURHVWiVHQGRJXLQGDGRQXPDOLQJDGH

XPD EDOHHLUD SDUD R FRQYpV GD HVFXQD 1R FRQYpV MD]HP GXDV

RXWUDV YtWLPDV GRV DUTXHLURV FDOLIRUQLDQRV ² R 'U &XGZRUWK

FRPXPIHULPHQWRQDSHUQDHVTXHUGDHD6UD+RRN(VWDWHP

XPDIOHFKDSURIXQGDPHQWHDORMDGDQRODGRGLUHLWR

2PpGLFRDRLQFOLQDUVHVREUHHODWHPDILVLRQRPLDJUDYH

²0RUILQD²GL]HOHDRVHXDVVLVWHQWH²(PVHJXLGDYDPRV

OHYiODSDUDDVDODGHFLUXUJLDRPDLVGHSUHVVDSRVVtYHO

1HVVH PHLR WHPSR YD]HV HVWLYHUDP JULWDQGR RUGHQV H GH

V~ELWR RXYHVH R UXtGR GR JXLQFKR H R WLOLQWDU GD FRUUHQWH GD

kQFRUDDHQURODUVHQRFDEUHVWDQWH

(WKHO +RRN GHVFHUUD DV SiOSHEUDV H ROKD HP WRUQR GH VL

8PDH[SUHVVmRDIOLWDVXUJHQRVHXURVWRSiOLGR

² 9RFrV YmR SDUWLU VHP HOH" ² GL] HOD ² 0DV YRFrV QmR

SRGHP QmR SRGHP ² (OD ID] XP HVIRUoR SDUD OHYDQWDUVH GD

PDFDPDVRPRYLPHQWROKHFDXVDWDQWDGRUTXHHODFDLSDUDWUiV

RXWUDYH]FRPXPJHPLGR

² &DOPD FDOPD ² GL] R GRXWRU GRFHPHQWH HQTXDQWR OKH

HVIUHJDREUDoRFRPiOFRRO

² 0DV HOH SRGH DLQGD HVWDU YLYR ² SURWHVWD HOD FRP YR]

GpELO²(OHVQmRSRGHPDEDQGRQiORQmRSRGHPVLPSOHVPHQWH

ODYDUDVPmRV

²1mRVHPH[D²GL]RPpGLFRHWRPDQGRGRDVVLVWHQWHD

VHULQJDHVSHWDDDJXOKDQDFDUQH

2 UHWLULU GD FRUUHQWH GD kQFRUD HOHYDVH QXP FUHVFHQGR

HQTXDQWRGLVVROYHPRVSDUD/RRODHR'U3RROH

²(VWRXFRPIRPH²GL]/RRODVRHUJXHQGRVH

$OFDQoDQGRRVHXIDUQHOWLUDRTXHUHVWRXGRSmRGLYLGHR

HPGRLVSHGDoRVHVWHQGHRPDLRUDR'U3RROHHFUDYDRVGHQWHV

QR RXWUR (OD WHUPLQD R VHX ERFDGR H HVWi SDUD PRUGHU RXWUR

TXDQGRPXGDGHLGpLD

9LUDQGRVHSDUDRFRPSDQKHLURWRPDOKHDPmRHDEHLMD

²3RUTXHLVWR"²SHUJXQWDHOH

/RRODGiGHRPEURV

background image

²1mRVHL6LPSOHVPHQWHPHGHXYRQWDGHGHUHSHQWH²(OD

FRPH PDLV XP SRXFR GH SmR H DSyV XP VLOrQFLR UXPLQDWLYR

YROWDVH SDUD HOH FRP R DU GH TXHP DFDERX GH ID]HU XPD

LPSRUWDQWHHLQHVSHUDGDGHVFREHUWD

² $OILH ² DQXQFLD ² HX DFKR TXH QXQFD PDLV YRX TXHUHU

GL]HUVLPDQLQJXpPTXHQmRDYRFr

*UDQGHPHQWH FRPRYLGR R 'U 3RROH LQFOLQDVH SDUD D

IUHQWHWRPDOKHDPmRHDSHUWDDFRQWUDRFRUDomR

²(XVLQWRTXHVRPHQWHDJRUDGHVFREULSDUDTXHYDOHHVWD

YLGD²GL]HOH

²(XWDPEpP

(OD VH UHFRVWD FRQWUD HOH H FRPR XP DYDUHQWR

LUUHVLVWLYHOPHQWHOHYDGRDFRQWDUXPDYH]PDLVRVHXWHVRXURR

'U 3RROH FRUUH RV GHGRV SRU HQWUH RV FDEHORV GHOD VHSDUDQGR

XPSRUXPRVJURVVRVFDUDFyLVOHYDQWDQGRXPFDERHGHL[DQGR

RFDLUVLOHQFLRVDPHQWHHPVHXOXJDU

1$55$'25

( DVVLP SHOD GLDOpWLFD GR VHQWLPHQWR HVWHV GRLV

UHGHVFREULUDP SRU VL PHVPRV HVVD VtQWHVH GR TXtPLFR H GR

SHVVRDO D TXH QyV GDPRV RV QRPHV GH PRQRJDPLD H DPRU

URPkQWLFR 1R FDVR GHOD HUDP RV KRUP{QLRV TXH H[FOXtDP D

SHVVRD QR GHOH D SHVVRD TXH QmR SRGLD HQWHQGHUVH FRP RV

KRUP{QLRV0DVDJRUDpRFRPHoRGHXPDQRYDSOHQLWXGH

2'U3RROHHQILDDPmRQREROVRHWLUDROLYULQKRTXHQD

YpVSHUDVDOYRXGDIRUQDOKD$EUHRYLUDDVSiJLQDVHFRPHoDD

OHUDOWR

:DUPIUDJUDQFHVHHPVWRIDOLIURPKHUOLJKWGUHVV

$QGKHUORRVHKDLUDQG~EHUHVRPHKHDY\WUHVV

7KHDLURIKHURWDQVSHHGKDVGLVHQWYLQHG

7KHVYHHWQHVVVHHPVWRVDWLDWHWKHIDLQWVLQG

$QGLQWEFVRXODZLOGDGRXULVIHOW

%H\RQGWKHVHQVHOLNHGHXVWKDWPHOW

background image

,QWRWKHERVRPRIDIUR]HQEXG

²2TXHpLVVR"²SHUJXQWD/RROD

² 9RFr ² (OH VH LQFOLQD H EHLMDOKH RV FDEHORV ² ´( QD

DOPDµ ² VXVVXUUD ² ´XP SHUIXPH DJUHVWH p SHUFHELGR DOpP GRV

VHQWLGRVµ1DDOPD²UHSHWH

²2TXHpDOPD"²SHUJXQWD/RROD

²%HP²(OHKHVLWDGHSRLVGHFLGLQGRGHL[DUTXH6KHOOH\

GrDUHVSRVWDFRQWLQXDDOHU

6HH~EHUHVKHVWDQGVDPRUWDOVKDSHLQGXHG:LWKORYHDQG

OLIHDQGOLJKWDQGGHLW\

$QGPRWLRQZKLFKPD\FKDQJHEXWQHYHUGLH$QLPDJHRI

VRPHEULJKW(WHUQLW\

$VKDGRZRIVRPHJROGHQGUHDPD6SOHQGRXU/HDYLQJWKH

WKLUG VSKHUH SLORWOHVV D WHQGHU 5HIOHFWLRQ RI WKH HWHUQDO

0RRQRI/RYH

² 0DV HX Qm R FRPSUHHQGR QHP XPD SDODYUD ² TXHL[DVH

/RROD

²(DWpKRMH²GL]R'U3RROHVRUULQGRSDUDHOD²DWpKRMH

HXWDPEpPQmRFRPSUHHQGLD

)XVm R SDUD R H[WHULRU GR 7DEHUQiFXOR GH %HOLDO GXDV

VHPDQDVGHSRLV9iULDVFHQWHQDVGHKRPHQVEDUEXGRVHPXOKHUHV

GHVPD]HODGDV DOLQKDPVH QXPD GXSOD ILOD HVSHUDQGR D YH] GH

HQWUDUQRRUDWyULR$FkPHUDSHUFRUUHDORQJDVXFHVVmRGHFDUDV

VXMDVHHPERWDGDVGHSRLVGHWpPVHVREUH/RRODHR'U3RROH

TXHVmRYLVWRVQRDWRGHWUDQVSRUDVSRUWDVFRUUHGLoDV

'HQWURpWXGRSHQXPEUDHVLOrQFLR'RLVDGRLVDVQLQIDVH

RV OpSLGRV IDXQRV GH SRXFRV GLDV DQWHV GHVILODP

GHVDQLPDGDPHQWH D SDVVRV DUUDVWDGRV GLDQWH GH XP DOWDU FXMD

HQRUPHYHODHVWiDJRUDRFXOWDSRUXPDEDIDGRU$RSpGRWURQR

YD]LR GR $UTXLYLJiULR MD] D SLOKD GH 6H[WRV 0DQGDPHQWRV

GHVFDUWDGRV(QTXDQWRDSURFLVVmRYDLSDVVDQGRYDJDURVDPHQWH

RDUTXLPDQGULWDHQFDUUHJDGRGD0RUDO3~EOLFDHQWUHJDXPDYHQWDO

background image

&iOLGDIUDJUkQFLDSDUHFHIOXLUGRVHXYHVWLGROHYHHGRVFDEHORVVROWRVH

RQGH DOJXPD HVSHVVD WUDQoDR DU GD VXD SUSULD OLJHLUH]D GHVPDQFKRXD

GRoXUD SDUHFH VDWXUDU R YHQWR EUDQGRH QD DOPD XP SHUIXPH DJUHVWH p

SHUFHELGRDOpPGRVVHQWLGRVFRPRJRWDVGHURFLRDUGHQWHTXHVHIXQGHPQR

VHLRGHXPERWmRJHODGR3%6KHOOH\²(SLSV\FKLGLRQYY1

GR7

&RQWHPSODLD XPD IRUPD PRUWDO UHYHVWLGDGH DPRU H YLGD H OX] H

GLYLQGDGHGHPRYLPHQWRTXHSRGHWUDQVIRUPDUVHPDVMDPDLVPRUUHUXPD

LPDJHP GH DOJXPD OXPLQRVD (WHUQLGDGHXPD VRPEUD GH DOJXP GRXUDGR

VRQKR XP (VSOHQGRUTXH GHL[D D WHUFHLUD HVIHUD VHP SLORWR XP

VXDYHUHIOH[RGDHWHUQD/XDGR$PRU3%6KHOOH\²(SLSV\FKLGLRQZ

1GR7

D FDGD KRPHP H D FDGD PXOKHU XP DYHQWDO H TXDWUR HWLTXHWDV

UHGRQGDV

²3HODSRUWDGRODGR²HOHUHSHWHDFDGDHQWUHJD

( SHOD SRUWD GR ODGR DR FKHJDU D VXD YH] VDHP

GHYLGDPHQWH/RRODHR'U 3RROH )RUD DR VRO XPD HTXLSH GH

SRVWXODQWHVWUDEDOKDDIDQRVDPHQWHFRPDJXOKDHOLQKDFRVHQGR

DYHQWDLVHPFLQWDVHHWLTXHWDVHPIXQGLOKRVGHFDOoDVHIUHQWHVGH

FDPLVDV

$ FkPHUD IRFDOL]D /RROD 7UrV MRYHQV VHPLQDULVWDV HP

VRWDLQDVGH7RJJHQEHUJURGHLDPQDTXDQGRHODVDLSDUDRDUOLYUH

(ODHQWUHJDRDYHQWDODRSULPHLURXPDHWLTXHWD

D FDGD XP GRV RXWURV 2V WUrV S}HPVH D WUDEDOKDU

VLPXOWDQHDPHQWHHFRPH[WUDRUGLQiULDUDSLGH]1m

2

1m

2

H1m

2

²9LUHVHSRUIDYRU

(VWHQGHQGRDV~OWLPDVHWLTXHWDVHODREHGHFHHHQTXDQWRR

HVSHFLDOLVWDHPDYHQWDLV VH DIDVWD SDUDDWHQGHU DR 'U 3RROH RV

RXWURV PDQHMDP VXDV DJXOKDV FRP GLOLJrQFLD WDO TXH HP PHLR

PLQXWRHODHVWiQmRPHQRVSURLELWLYDSRUGHWUiVGRTXHTXDQGR

YLVWDGHIUHQWH

²3URQWR

²(SURQWR

background image

2V GRLV DOIDLDWHV FOHULFDLV UHFXDP H UHYHODP XP SODQR

SUy[LPR GR VHX WUDEDOKR 1mR 1mR &RUWH SDUD RV SRVWXODQWHV

TXH H[SUHVVDP VHXV VHQWLPHQWRV FXVSLQGR HP XQtVVRQR GHSRLV

YROWDPVHSDUDDSRUWDGRVDFUiULR

²$VHJXLQWHSRUIDYRU

2VWHQWDQGRXPDUGHH[WUHPDDEMHomRDVGXDVLQVHSDUiYHLV

PXODWDVDGLDQWDPVHMXQWDV

&RUWH SDUD R 'U 3RROH 'H DYHQWDO H KLUVXWR FRP XPD

EDUEDGHTXLQ]HGLDVHOHVHGLULJHSDUDRQGHVHHQFRQWUD/RRODj

VXDHVSHUD

²3RUDTXLIDoDPRIDYRU²GL]XPDYR]HVWULGHQWH

(PVLOrQFLRHOHVWRUQDPVHXVOXJDUHVQDFDXGDGHXPDQRYD

ILOD 5HVLJQDGDPHQWH GX]HQWDV RX WUH]HQWDV SHVVRDV DJXDUGDP

TXHOKHVVHMDP GHVLJQDGDV DV UHVSHFWLYDV WDUHIDV SHOR DVVLVWHQWH

FKHIH GR *UDQGH ,QTXLVLGRU HQFDUUHJDGR GDV 2EUDV 3~EOLFDV

7ULFyUQLRpVXQWXRVDPHQWHSDUDPHQWDGRQXPDEDWLQDEUDQFDGH

6DDQHQRJUDQGHKRPHPHVWiVHQWDGRFRPXPSDUGHIDPLOLDUHV

ELFyUQLRVDXPDJUDQGHPHVDVREUHDTXDOVHDOLQKDXPDVpULHGH

ILFKiULRV GH DoR VDOYDGRV GRV HVFULWyULRV GD &RPSDQKLD

3URYLGHQFLDLGH6HJXURVGH9LGD

8PD VpULH GH SODQRV GH PRQWDJHP H[LEH HP YLQWH

VHJXQGRV R OHQWR H GHPRUDGR DYDQoR GH /RROD H R 'U 3RROH

UXPRDRPDQDQFLDOGD$XWRULGDGH(DJRUDHQILPHOHVFKHJDUDP

DR GHVWLQR 3ODQR SUy[LPR GR DVVLVWHQWH HVSHFLDO GR *UDQGH

,QTXLVLGRU HQTXDQWR HOH RUGHQD DR 'U 3RROH DSUHVHQWDUVH DR

GLUHWRU GR $EDVWHFLPHQWR HP VHX HVFULWyULR QDV UXtQDV GR

(GLItFLRGD$GPLQLVWUDomRGD8QLYHUVLGDGHGR6XOGD&DOLIyUQLD

$TXHOHFDYDOKHLURSURYLGHQFLDUiSDUDTXHRERWkQLFRGLVSRQKDGH

XP ODERUDWyULR XPD iUHD GH WHUUHQR SDUD SODQWDo}HV

H[SHULPHQWDLVHXPPi[LPR GH TXDWUR RSHUiULRV SDUD H[HFXomR

GRWUDEDOKREUDoDO

² $Wp TXDWUR RSHUiULRV QR Pi[LPR ² UHSHWH R SUHODGR ²

HPERUDHPpSRFDVQRUPDLV

6HPVHUDXWRUL]DGD/RRODLQWURPHWHVHQDFRQYHUVD

background image

²2K'HL[HPHVHUXPGRVRSHUiULRV²HODLPSORUD²3RU

IDYRU

2DVVLVWHQWHHVSHFLDOGR*UDQGH,QTXLVLGRUGDUGHMDOKHXP

ROKDUSURORQJDGRHIXOPLQDQWHGHSRLVYROWDVHSDUDRVIDPLOLDUHV

² ( TXHP VH PH ID]HP R IDYRU p HVVH MRYHP YDVR GR

(VStULWR6DWkQLFR"²LQTXLUH

8P GRV IDPLOLDUHV H[WUDL GR DUTXLYR D ILFKD GH /RROD H

IRUQHFHDUHVSHFWLYDLQIRUPDomR&RPGH]RLWRDQRVGHLGDGHHDWp

RSUHVHQWHHVWpULORYDVRHPTXHVWmRFRQVWDKDYHUVHOLJDGRIRUD

GD TXDGUD D XP QRWyULR KRW R TXDO YHLR D VHU SRVWHULRUPHQWH

OLTXLGDGRDRWHQWDUUHVLVWLUjSULVmR1DGDHQWUHWDQWRIRLSURYDGR

FRQWUDRGLWRYDVRHDVXDFRQGXWDWHPVLGRGHXPPRGRJHUDO

VDWLVIDWyULD2GLWRYDVRIRLHPSUHJDGRGXUDQWHRDQRSDVVDGR

QD PLQHUDomR GH FHPLWpULRV H GHYHUi VHU DQDORJDPHQWH

HPSUHJDGRQDWHPSRUDGDYLQGRXUD

²0DVHXTXHURWUDEDOKDUFRP$OILH²HODSURWHVWD

² 9RFr SDUHFH HVTXHFHU ² GL] R SULPHLUR IDPLOLDU ² TXH

HVWDPRVQXPDGHPRFUDFLD

² 8PD GHPRFUDFLD ² DFUHVFHQWD R VHX FROHJD ² RQGH R

SUROHWiULRJR]DSOHQDOLEHUGDGH

²9HUGDGHLUDOLEHUGDGH

²&XPSULQGROLYUHPHQWHDYRQWDGHGR3UROHWDULDGR

²(YR[SUROHWDULDWXVYR['LDEROL

²6HQGRTXHQDWXUDOPHQWHYR['LDEROLYR[(FFOHVLDH

²(QyVVRPRVRVUHSUHVHQWDQWHVGD,JUHMD

²$tHVWi

²0DVHXHVWRXIDUWDGHFHPLWpULRV²DUDSDULJDLQVLVWH²(X

JRVWDULDGHGHVHQWHUUDUFRLVDVYLYDVSDUDYDULDU

+i XP EUHYH VLOrQFLR 'HSRLV R DVVLVWHQWH HVSHFLDO GR

*UDQGH,QTXLVLGRULQFOLQDVHSDUDDIUHQWHHGHVREDVXDFDGHLUD

ID]VXUJLUXPHQRUPHYHUJDOKRFRQVDJUDGRTXHGHS}HGLDQWHGH

VLVREUHDPHVD'HSRLVGLULJHVHDRVVHXVVXERUGLQDGRV

²&RUULMDPPHVHHXHVWLYHUHUUDGR²GL]HOH

background image

² 0DV D PLQKD LPSUHVVmR p TXH WRGR R YDVR TXH UHMHLWH D

OLEHUGDGHSUROHWiULDpSDVVtYHOGHDoRLWHVSRUWRGRVHFDGDXP

GHWDLVGHOLWRV

6HJXHVH QRYR VLOrQFLR 3iOLGD H FRP RV ROKRV PXLWR

DEHUWRV /RROD ILWD R LQVWUXPHQWR GH WRUWXUD GHSRLV GHVYLD R

ROKDU ID] XP HVIRUoR SDUD IDODU VHQWH TXH D YR] OKH IDOWD H

HQJROLQGRHPVHFRWHQWDRXWUDYH]

²(XQmRTXHURUHVLVWLU²FRQVHJXHEDOEXFLDU

²(XTXHURVHUOLYUH

²/LYUHSDUDFRQWLQXDUPLQHUDQGRFHPLWpULRV"

(ODID]TXHVLPFRPDFDEHoD

²(LVDtXPERPYDVR²GL]RDVVLVWHQWHHVSHFLDO

/RRODYROWDVHSDUDR'U3RROHHSRUDOJXQVVHJXQGRVHOHV

VHROKDPQRVROKRVVHPIDODU

²$GHXV$OILH²HODVXVVXUUDSRUILP

²$GHXV/RROD

3DVVDPVHPDLVGRLVVHJXQGRVGHSRLVHODEDL[DRVROKRVH

SDUWH

²(DJRUD²GL]RDVVLVWHQWHHVSHFLDODR'U

3RROH²YROWDQGRDRTXHLQWHUHVVDHPpSRFDVQRUPDLVFRPRHX

LDGL]HQGRYRFrGHYHULDGLVSRUGHQmRPDLVTXHGRLVRSHUiULRV

(VWRXVHQGRFODUR"

2'U3RROHLQFOLQDDFDEHoDFRQFRUGDQGR

)XVmRSDUDXPODERUDWyULRRQGHRXWURUDRVVHJXQGDQLVWDVGD

8QLYHUVLGDGH GR 6XO GD &DOLIyUQLD VH GHGLFDYDP DR HVWXGR GD

%LRORJLD (OHPHQWDU /i HVWmR DV SLDV H PHVDV XVXDLV ELFRV GH

%XQVHQHEDODQoDVJDLRODVSDUDFDPXQGRQJRVHFREDLDVWDQTXHV

GHYLGURSDUDUmV0DVDSRHLUDFREUHWXGRQXPDFDPDGDHVSHVVD

HHVSDOKDGRVSHODSHoDYrHPVHXPDPHLDG~]LDGHHVTXHOHWRV

HQYROYLGRVDLQGDSRUUHVWRVHVIUDQJDOKDGRVGHFDOoDVHVXpWHUHV

GHPHLDVGHQiLORQEHUORTXHVIHPLQLQRVHSHoDVGHOLQJHULH

$SRUWDVHDEUHHHQWUDR'U3RROHVHJXLGRGRGLUHWRUGR

$EDVWHFLPHQWR XP KRPHP LGRVR GH EDUED JULVDOKD YHVWLQGR

FDOoDVGHHVWDPHQKDRDYHQWDOUHJXODPHQWDUHXPDFDVDFDGHDED

background image

FRUWDGD TXH GHYH WHU SHUWHQFLGR DR PRUGRPR LQJOrV GH DOJXP

SURGXWRUGHFLQHPDGRVpFXOR;;

² 8P SRXFR GHVDUUXPDGR UHFHLR ² REVHUYD R GLUHWRU HP

WRPGHGHVFXOSD²0DVHXYRXPDQGDUUHWLUDURVRVVRVHVWDWDUGH

HDPDQKmRVYDVRVID[LQHLURVSRGHUmRHVSDQDUDVPHVDVHODYDUR

FKmR

²3HUIHLWDPHQWH²DVVHQWHR'U3RROH²SHUIHLWDPHQWH

)XVmRSDUDDPHVPDVDODXPDVHPDQDPDLVWDUGH

2VHVTXHOHWRVIRUDPUHPRYLGRVHJUDoDVDRVYDVRVID[LQHLURVRV

SLVRVSDUHGHVHPyYHLVHVWmRTXDVHOLPSRV

2 'U 3RROH WHP WUrV LOXVWUHV YLVLWDQWHV 2VWHQWDQGR RV VHXV

TXDWUR FRUQRV H R KiELWR SDUGR DQJORQ~ELR GD 6RFLHGDGH GH

0RORTXHR$UTXLYLJiULRHVWiVHQWDGRDRODGRGR&KHIHTXHWUDMD

RXQLIRUPHSURIXVDPHQWHFRQGHFRUDGRGHXPYLFHDOPLUDQWHGD

0DULQKDGRV(VWDGRV8QLGRVUHFHQWHPHQWHH[XPDGRGH)RUHVW

/DZQ$XPDUHVSHLWRVDGLVWkQFLDjUHWDJXDUGDHSDUDXPODGRGRV

GRLV FDEHoDV GD ,JUHMD H GR (VWDGR VHQWDVH R GLUHWRU GR

$EDVWHFLPHQWR DLQGD WUDYHVWLGR GH PRUGRPR 'LDQWH GHOHV QD

SRVWXUDGHXPDFDGrPLFRIUDQFrVTXHVHSUHSDUDSDUDOHUD VXD

~OWLPD SURGXomR DQWH XP DXGLWyULR VHOHWR H SULYLOHJLDGR HVWi

VHQWDGRR'U3RROH

²3RVVRFRPHoDU"²SHUJXQWDHOH

2VFDEHoDVGD,JUHMDHGR(VWDGRWURFDPXPROKDUGHSRLV

YROWDPVH SDUD R 'U 3RROH H VLPXOWDQHDPHQWH DFHQDP R VHX

DVVHQWLPHQWR(OHDEUHRVHXFDGHUQRGHQRWDVHDMXVWDRVyFXORV

²1RWDVVREUHD(URVmRGR6RORHD3DWRORJLDGDV3ODQWDVQR

6XOGD&DOLIyUQLD²OrDOWR²6HJXLGRGHXP5HODWyULR3UHOLPLQDU

VREUH D 6LWXDomR $JUtFROD H GH XP 3ODQR GH $omR 5HSDUDGRUD

SDUDR)XWXUR

3RU $OIUHG 3RROH ' 6F SURIHVVRUDVVLVWHQWH GH %RWkQLFD GD

8QLYHUVLGDGHGH$XFNODQG

(QTXDQWR HOH Or GLVVROYHPRV SDUD XPD YHUWHQWH HQWUH RV

FRQWUDIRUWHVGDVPRQWDQKDVGH6mR*DEULHO

1XH[FHWRSRUXPRXRXWURFDFWRRWHUUHQRSHGUHJRVRHVWHQGH

VHPRUWRHHVFDODYUDGRVRERVUDLRVGRVRO

background image

8PDWUDPDGHUDYLQDVUDPLILFDGDVVXOFDDHQFRVWD

$OJXPDV DLQGD HVWmR QD LQIkQFLD GD HURVmR RXWUDV FDYDUDP VHX

FDPLQKRSURIXQGDPHQWHQRVROR$VUXtQDVGHXPDVyOLGDFDVD

PHWDGHGDTXDOMiDIXQGRXVXVWrPVHHPSUHFiULRHTXLOtEULRQD

RUODGHXPGHVVHVFDQ\RQVHVWUDQKDPHQWHUHFRUWDGRV1DSODQtFLH

DR Sp GD FROLQD QRJXHLUDV PRUWDV HPHUJHP GD ODPD UHVVHTXLGD

HPTXHFKXYDVVXFHVVLYDVDVVRWHUUDUDP

'XUDQWHDVHTrQFLDRXYHVHR]XPELGRVRQRURGDYR]GR

'U3RROH

²1DYHUGDGHLUDVLPELRVH²HOHHVWi GL]HQGR ² H[LVWH XPD

UHODomR PXWXDPHQWH EHQpILFD HQWUH GRLV RUJDQLVPRV DVVRFLDGRV

$FDUDFWHUtVWLFDSHFXOLDUGRSDUDVLWLVPRDRFRQWUiULR p TXH XP

RUJDQLVPR YLYH jV H[SHQVDV GH RXWUR $R FDER HVVD UHODomR

XQLODWHUDO UHVXOWD IDWDO SDUD DPEDV DV SDUWHV SRLV D PRUWH GR

KRVSHGHLURQmRSRGHVHQmRUHGXQGDUQDPRUWHGRSDUDVLWDTXHR

PDWRX$UHODomRHQWUHRKRPHPPRGHUQRHRSODQHWDGRTXDO

DWp WmR UHFHQWHPHQWH HOH VH FRQVLGHURX R VHQKRU QmR IRL D GH

SDUFHLURV VLPELyWLFRV PDV D TXH H[LVWH HQWUH D WrQLD H R FmR

LQIHVWDGRHQWUHRIXQJRHDEDWDWDPDQJUDGD

&RUWHSDUDR&KHIH'HQWURGRVHXQLQKRGHQHJUDVEDUEDV

FUHVSDVDERFDGHOiELRVYHUPHOKRVDEULXVHQXPHQRUPHERFHMR

)RUDGDFHQDR'U3RROHFRQWLQXDDOHU

²,JQRUDQGRRIDWRyEYLRGHTXHDGHYDVWDomRGRVUHFXUVRV

QDWXUDLV LULD QR ILQDO GDV FRQWDV DFDUUHWDU D UXtQD GD VXD

FLYLOL]DomR H DWp PHVPR D H[WLQomR GD VXD HVSpFLH R KRPHP

PRGHUQRFRQWLQXRXJHUDomRDSyVJHUDomRDH[SORUDUDWHUUDGH

XPDPDQHLUDWDOTXH

²9RFrQmRSRGLDHQFXUWDUHVVDKLVWyULD"²

SHUJXQWDR&KHIH

2'U3RROHFRPHoDSRUPRVWUDUVHRIHQGLGR'H

SRLVOHPEUDVHGHTXHpXPSULVLRQHLURFRQGHQDGRSRVWRjSURYD

HQWUHVHOYDJHQVHIRUoDXPVRUULVRQHUYRVR

²7DOYH]IRVVHPHOKRU²GL]HOH²VHSDVViVVHPRVVHPPDLV

GHORQJDVjVHomRGH3DWRORJLDGDV3ODQWDV

background image

²7DQWRID]²UHSOLFDR&KHIH²FRQWDQWRTXHYRFrHQFXUWHD

KLVWyULD

²$LPSDFLrQFLD²IODXWHLDR$UTXLYLJiULRVHQWHQFLRVDPHQWH

²pXPGRVYtFLRVIDYRULWRVGH%HOLDO

(QTXDQWRLVVRR'U3RROHYLURXWUrVRXTXDWURSiJLQDVH

HVWiSURQWRSDUDUHFRPHoDU

²'DGDVDVDWXDLVFRQGLo}HVGRVRORDSURGXomRSRUDFUH

VHULD DQRUPDOPHQWH EDL[D DLQGD TXH DV SULQFLSDLV SODQWDV

DOLPHQWtFLDV IRVVHP FRPSOHWDPHQWH VDGLDV 0DV HODV QmR VmR

VDGLDV 'HSRLV GH REVHUYDU SODQWDo}HV QR FDPSR GHSRLV GH

LQVSHFLRQDU JUmRV IUXWRV H WXEpUFXORV DUPD]HQDGRV GHSRLV GH

H[DPLQDU HVSpFLPHV YHJHWDLV D XP PLFURVFySLR GH SUp&RLVD

TXDVH HP SHUIHLWR HVWDGR SRVVR DILUPDU FRP VHJXUDQoD TXH Vy

H[LVWHXPDH[SOLFDomRSDUDDTXDQWLGDGHHYDULHGDGHGDVGRHQoDV

GH SODQWDV TXH JUDVVDP SUHVHQWHPHQWH QD iUHD D VDEHU

FRQWDPLQDomR GHOLEHUDGD GDV FXOWXUDV SRU PHLR GH ERPEDV GH

IXQJRV DHURVVyLV SRUWDGRUHV GH DItGLRV H RXWURV LQVHWRV

WUDQVPLVVRUHV GH YtUXV 'H RXWUR PRGR FRPR H[SOLFDU D

SUHYDOrQFLD H H[WUHPD YLUXOrQFLD GD *LEHUHOOD VDXELQHWWLL H GD

3XFFLQLDJUDPLQLV"'D3K\WRSKWKRUDLQIHVWDQVHGR6\QFKLWULXP

HQGRELRWLFXP"'HWRGDVDVGRHQoDVGHPRVDLFRGHYLGDVDYtUXV"

'R %DFLOOXV DP\ORYRUXV GR %DFLOOXV FDURWRYRUXV GR

3VHXGRPRQDV FLWUL GR 3VHXGRPRQDV WXPHIDFLHQV GR

%DFWHULXP

&RUWDQGR R VHX UHFLWDWLYR TXDVH DQWHV GH FRPHoDGR R

$UTXLYLJiULRRLQWHUURPSH

² ( YRFr DLQGD VXVWHQWD ² GL] HOH ² TXH HVVD JHQWH QmR

HVWDYDSRVVHVVD SRU %HOLDO ² (OH EDODQoD DFDEHoD ² (LQFUtYHO

FRPRRSUHFRQFHLWRSRGHFHJDUDWpPHVPRRVPDLVLQWHOLJHQWHV

RVPDLVFXOWRV

² 6LP VLP QyV VDEHPRV WXGR LVVR ² LQWHUYpP R &KHIH

LPSDFLHQWH²0DVDJRUDYDPRVGHL[DUGHODGRDFRQYHUVDILDGDH

WUDWDUGRTXHLQWHUHVVD2TXHYRFrSRGHID]HUDUHVSHLWRGHVVD

FRLVDWRGD"

2'U3RROHOLPSDDJDUJDQWD

background image

² $ WDUHID ² GL] FRP JUDQGLORTXrQFLD ² VHUi GHPRUDGD H

H[WUHPDPHQWHiUGXD

² 0DV HX TXHUR PDLV FRPLGD DJRUD ² GL] R &KHIH

LPSHULRVDPHQWH²7HPTXHVHUDLQGDHVWHDQR

8PWDQWRDSUHHQVLYRR'U3RROHYrVHIRUoDGRDH[SOLFDU

OKH TXH DV YDULHGDGHV UHVLVWHQWHV GH SODQWDV QmR SRGHP VHU

FXOWLYDGDVHH[SHULPHQWDGDVHPPHQRVGHGH]RXGR]HDQRV(DR

PHVPR WHPSR H[LVWH R SUREOHPD GDV WHUUDV D HURVmR HVWi

GHVWUXLQGRDVWHUUDVWHPGHVHUFRQWURODGDDWRGRFXVWR0DVR

WUDEDOKRGHWHUUDFHDPHQWRGUHQDJHPHDGXEDomRpFRORVVDOHWHUi

GH SURVVHJXLU LQIDWLJDYHOPHQWH DQR DSyV DQR 0HVPR QR

SDVVDGRTXDQGRPmRGHREUDHPDTXLQDULDHUDPDEXQGDQWHVRV

KRPHQV QmR IL]HUDP R TXH HUD QHFHVViULR SDUD SUHVHUYDU D

IHUWLOLGDGHGRVROR

²1mRIRLSRUTXHQmRSXGHVVHP²LQWHUS}HR$UTXLYLJiULR

²)RLSRUTXHQmRTXLVHUDP(QWUHD6HJXQGDHD7HUFHLUD*XHUUD

HOHV WLYHUDP WRGR R WHPSR H WRGR R HTXLSDPHQWR GH TXH

SUHFLVDYDP 0DV SUHIHULUDP EULQFDU FRP D SROtWLFD GR SRGHU H

TXDLV IRUDP DV FRQVHTrQFLDV" ² (OH HQXPHUD DV UHVSRVWDV QRV

GHGRVJURVVRV²0DLRUVXEQXWULomRSDUDPDLVJHQWH

0DLRU LQWUDQTLOLGDGH SROtWLFD 5HVXOWDQGR HP QDFLRQDOLVPR H

LPSHULDOLVPR PDLV DJUHVVLYRV ( ILQDOPHQWH D &RLVD ( SRU TXH

SUHIHULUDPGHVWUXLUVHDVLPHVPRV"

3RUTXHLVVRHUDRTXH%HOLDOTXHULDTXHIL]HVVHPSRUTXH(OHVH

DSRGHUDUD

2&KHIHOHYDQWDDPmR

²3RUIDYRUSRUIDYRU²SURWHVWD²,VWRQmRpXPFXUVRGH

$SRORJpWLFDQHPGH'LDERORJLD1DWXUDO

1yVHVWDPRVWHQWDQGRID]HUDOJXPDFRLVD

²(GHVJUDoDGDPHQWHHVVDFRLVDOHYDUiPXLWRWHPSR²GL]R

'U3RROH

²4XDQWRWHPSR"

² %HP HP FLQFR DQRV VHULD SRVVtYHO GHWHU D PDUFKD GD

HURVmR (P GH] Mi KDYHULD XPD PHOKRUD SHUFHSWtYHO (P YLQWH

background image

DQRVXPDSDUWHGDWHUUDSRGHULDWHUUHFXSHUDGRDWpXQVVHWHQWD

SRUFHQWRGDIHUWLOLGDGHSULPLWLYD(PFLQTHQWDDQRV

²(PFLQTHQWDDQRV²LQWHUYpPR$UTXLYLJiULR²DWD[DGH

GHIRUPLGDGHVHUiRGREURGRTXHpQRSUHVHQWH(HPFHPDQRV

R WULXQIR GH %HOLDO VHUi FRPSOHWR $EVROXWDPHQWH FRPSOHWR ²

UHSHWHFRPXPDFDVTXLQDGDLQIDQWLO)D]RVLQDOGRVFRUQRVHVH

OHYDQWDGDFDGHLUD²(QWUHWDQWRVRXLQWHLUDPHQWHDIDYRUGHTXH

HVWHFDYDOKHLURIDoDWXGRRTXHSXGHU

)XVmR SDUD R +ROO\ZRRG &HPHWHU\ 7UDYHOOLQJ GRV

PDXVROpXVFRPTXHDQRVVDYLVLWDDQWHULRUDRFDPSRVDQWRMiQRV

IDPLOLDUL]RX

0HLRSODQRSUy[LPRGDHVWiWXDGH+HGGD%RGG\

$FkPHUDGHVFHGDILJXUDSDUDRSHGHVWDOFRPVXDLQVFULomR

´FDULQKRVDPHQWHDSHOLGDGDD1DPRUDGD3~EOLFD1~PHUR

8P¶$WUHODRWHXFDUURDXPDHVWUHOD·µ

6LPXOWDQHDPHQWH RXYHVH R UXtGR GH XPD VDSD DR VHU

FUDYDGDQRVRORGHSRLVRFUHSLWDUGHDUHLDHFDVFDOKRTXDQGRD

WHUUDpODQoDGDSDUDORQJH

$FkPHUDUHFXDHYHPRV/RRODPHWLGDQXPD FRYD GH WUrV

SpVGHIXQGRFDYDQGRDERUUHFLGDPHQWH

2 VRP GH SDVVRV IiOD HUJXHU RV ROKRV )ORVVLH D MRYHP

JRUGXFKDGDVHTrQFLDSUHFHGHQWHHQWUDQDFHQD

²9DLLQGRWXGREHP"²SHUJXQWD

/RROD DFHQD VHP IDODU H HQ[XJD D WHVWD FRP DV FRVWDV GD

PmR

²4XDQGRYRFrGHUQDMD]LGD²FRQWLQXDDJRUGXFKD²YHQKD

DYLVDUQRV

²$LQGDYRXOHYDUSHORPHQRVXPDKRUDPDLV²GL]/RROD

FRPYR]GHVFRQVRODGD

² %HP Yi WRFDQGR PHQLQD ² GL] )ORVVLH QR WRP

LUULWDQWHPHQWHFRUGLDOGHTXHPUHFLWDXPUHIUmRDQLPDGRU²'r

WXGR R TXH WHP 0RVWUHOKHV TXH XP YDVR SRGH ID]HU WDQWR

TXDQWRXPKRPHP6HYRFrWUDEDOKDUGLUHLWR²FRQWLQXDHPWRP

HQFRUDMDGRU²WDOYH]RVXSHULQWHQGHQWH GHL[H YRFr ILFDU FRP DV

PHLDVGHQiLORQ9HMDRSDUTXHHXDUUDQMHLKRMHGHPDQKm

background image

(ODWLUDGREROVRRVFRELoDGRVWURIpXV$QmRVHUSRUXPD

GHVFRORUDomR HVYHUGHDGD HP WRUQR GRV DUWHOKRV DV PHLDV HVWmR

HPSHUIHLWDVFRQGLo}HV

²2K²H[FODPD/RRODFRPLQYHMRVDDGPLUDomR

² 0DV QmR WLYHPRV VRUWH QHQKXPD FRP DV MyLDV ² FRQWD

)ORVVLHJXDUGDQGRDVPHLDV²6yXPDDOLDQoDHXPDGURJDGXP

EUDFHOHWH]LQKR(VSHUHPRVTXHHVWDDTXLQmRQRVGHL[HQDPmR

(ODGiXPDSDOPDGDQRHVW{PDJRPDUPyUHRGD1DPRUDGD

3~EOLFD1~PHUR8P

² %HP WHQKR GH YROWDU ² FRQWLQXD ² 1yV HVWDPRV

GHVHQWHUUDQGR R YDVR TXH HVWi GHEDL[R GDTXHOD FUX] GH SHGUD

YHUPHOKD9RFrVDEHDTXHODJUDQGRQDSHUWRGRSRUWmRQRUWH

/RRODID]TXHVLP

²(XLUHLDVVLPTXHGHUDSULPHLUDWRSDGD²GL]HOD

$VVRELDQGR D PHORGLD GH ´4XDQGR FRQWHPSOR RV

IRUPLGiYHLVFRUQRVµDJRUGXFKDUHWLUDVHGDFHQD

/RRODVXVSLUDHUHFRPHoDDFDYDU

0XLWREDL[LQKRXPDYR]SURQXQFLDRVHXQRPH

(OD HVWUHPHFH FRP YLROrQFLD H YROWDVH SDUD D GLUHomR GH

RQGHYHLRRVRP

3ODQRPpGLRGRVHXSRQWRGHYLVWDSDUDR'U3RROHTXH

YHP VDLQGR FDXWHORVDPHQWH GH WUiV GD VHSXOWXUD GH 5RGROIR

9DOHQWLQR

&RUWHYROWDQGRD/RROD

(ODHQUXEHVFHGHSRLVHPSDOLGHFHPRUWDOPHQWHHOHYDDPmR

DRFRUDomR

²$OILH²PXUPXUD

(OH VXUJH QD FHQD VDOWD SDUD GHQWUR GD FRYD MXQWR GHOD H

VHP XPD SDODYUD WRPDD QRV EUDoRV 2 EHLMR p DSDL[RQDGR

'HSRLVHODHVFRQGHDIDFHQRRPEURGHOH

² (X SHQVHL TXH QXQFD PDLV LULD YrOD ² GL] FRP YR]

HQWUHFRUWDGD

²4XHLGpLDYRFrID]LDGHPLP"

(OH D EHLMD RXWUD YH] GHSRLV VHJXUDD SHORV RPEURV H

FRQWHPSODOKHRURVWR

background image

²3RUTXHHVWiFKRUDQGR"²SHUJXQWD

²1mRSRVVRHYLWDU

²9RFrpDLQGDPDLVOLQGDGRTXHHXPHOHPEUDYD

(ODVDFRGHDFDEHoDLQFDSD]GHIDODU

²6RUULD²HOHRUGHQD

²1mRSRVVR

²6RUULDVRUULD(XTXHURYrODVRXWUDYH]

²9HURTXr"

²6RUULD

&RPHVIRUoRPDVFKHLDGHDSDL[RQDGDWHUQXUD/RRODVRUUL

SDUDHOH

1DVVXDVIDFHVDVFRYLQKDV HPHUJHP GD ORQJD KLEHUQDomR

GDVXDWULVWH]D

²$tHVWmRHODV²JULWDHOHGHOLFLDGR²DtHVWmRHODV

'HOLFDGDPHQWHFRPRXPFHJROHQGR+HUULFNHP%UDLOHHOH

SDVVDXPGHGRSHORURVWRGHOD/RRODVRUULFRPPHQRVHVIRUoRD

FRYLQKDVHDSURIXQGDVRERWRTXH(OHULGHSUD]HU

1R PHVPR LQVWDQWH D P~VLFD DVVRYLDGD GH ´4XDQGR

FRQWHPSOR RV IRUPLGiYHLV FRUQRVµ FUHVFH GH XP GLVWDQWH

SLDQtVVLPRDWUDYpVGHXPSLDQRSDUDPH]]RIRUWH

8PDH[SUHVVmRGHWHUURUVXUJHQRVHPEODQWHGH/RROD

²'HSUHVVDGHSUHVVD²VXVVXUUDHOD

&RPHVSDQWRVDDJLOLGDGHR'U3RROHEDUDIXVWDSDUDIRUDGR

EXUDFR

4XDQGR D JRUGXFKD UHDSDUHFH QD FHQD HOH HVWi HQFRVWDGR

HP DWLWXGH HVWXGDGDPHQWH FDVXDO FRQWUD R PRQXPHQWR j

1DPRUDGD 3~EOLFD 1~PHUR 8P $EDL[R GHOH QD FRYD /RROD

FDYDFRPRORXFD

²(XPHHVTXHFLGHDYLViODGHTXHYDPRVSDUDRDOPRoR

GDTXLDPHLDKRUD²FRPHoD)ORVVLH

'HSRLV DYLVWDQGR R 'U 3RROH GHL[D HVFDSDU XPD

H[FODPDomRGHVXUSUHVD

²%RPGLD²GL]R'U3RROHSROLGDPHQWH

+iXPVLOrQFLR)ORVVLHROKDGR'U3RROHSDUD/RRODHGH

/RRODSDUDR'U3RROH

background image

² 2 TXH p TXH YRFr HVWi ID]HQGR DTXL" ² SHUJXQWD

VXVSHLWRVDPHQWH

² (VWRX D FDPLQKR GH 6DQWR $]D]HO ² HOH UHVSRQGH ² 2

$UTXLYLJiULRHQYLRXXPUHFDGRFRQYLGDQGRPHDDVVLVWLUjVVXDV

WUrVFRQIHUrQFLDVSDUDRVVHPLQDULVWDV%HOLDOQD+LVWyULDpRVHX

WHPD

² 9RFr HVFROKHX XP FDPLQKR PXLWR HVTXLVLWR SDUD LU D

6DQWR$]D]HO

²(XHVWDYDSURFXUDQGRR&KHIH²H[SOLFDR'U3RROH

²%HPHOHQmRHVWiDTXL²GL]DJRUGXFKD

+iXPQRYRVLOrQFLR

²1HVWHFDVR²GL]R'U3RROH²pPHOKRUHXLUDQGDQGR

1mR GHYR GHVYLDU QHQKXPD GDV GXDV VHQKRULWDV GH VXDV

RFXSDo}HV ² DFUHVFHQWD FRP YLYDFLGDGH DUWLILFLDO H LQWHLUDPHQWH

LQFRQYLQFHQWH²$WpORJR$WpORJR

(OHID]XPDPHVXUD SDUD DV GXDV MRYHQV GHSRLV DIHWDQGR

XPDUGHVSUHRFXSDGRVHDIDVWD

)ORVVLH DFRPSDQKDR FRP R ROKDU HP VLOrQFLR GHSRLV

YROWDVHVHYHUDPHQWHSDUD/RROD

²(VFXWHDTXLPHQLQD²FRPHoD

/RRODSiUDGHFDYDUHOHYDQWDRVROKRVGHGHQWURGDFRYD

² 2 TXH p )ORVVLH" ² SHUJXQWD FRP DU GH FkQGLGD

LQFRPSUHHQVmR

²2TXHp"²DRXWUD DUUHPHGD ]RPEHWHLUDPHQWH ² 'LJD

PHRTXHpTXHHVWiHVFULWRQRVHXDYHQWDO"

/RRODROKDSDUDRDYHQWDOGHSRLVYHUPHOKDGHHPEDUDoRGH

QRYRSDUD)ORVVLH6HXURVWRUXERUL]DVHGHHPEDUDoR

²2TXHpTXHHVWiHVFULWRQHOH"²LQVLVWHDJRUGXFKD

²´1mRµ

²(RTXHpTXHHVWiHVFULWRQHVVDVHWLTXHWDV"

²´1mRµ²UHSHWH/RROD

²(QDVRXWUDVTXDQGRYRFrYLUDDVFRVWDV"

²´1mRµ

background image

²1mRQmRQmRQmRQmR²GL]DJRUGXFKDHQIDWLFDPHQWH²

(TXDQGRD/HLGL]QmRTXHUGL]HUQmR9RFrVDEHGLVVRWmREHP

TXDQWRHXQmRVDEH"

/RRODDFHQDTXHVLPFRPDFDEHoDVHPIDODU

²'LJDTXHVDEH²DRXWUDLQVLVWH²'LJD

² 6LP HX VHL ² EDOEXFLD /RROD SRU ILP HP YR] TXDVH

LQDXGtYHO

² %RP (QWmR QmR Yi GL]HU TXH QmR IRL SUHYHQLGD ( VH

DTXHOHKRWHVWUDQJHLURDOJXPGLDYLHUURQGiODRXWUDYH]pVyPH

GL]HU(XFXLGDUHLGHOH

)XVmRSDUDRLQWHULRUGH6DQWR$]D]HO2XWURUDDLJUHMDGH

1RVVD 6HQKRUD GH *XDGDOXSH 6DQWR $]D]HO Vy SDVVRX SRU

DOWHUDo}HVPXLWRVXSHUILFLDLV1DVFDSHODVDVLPDJHQVHPJHVVRGH

6mR -RVp GD 0DGDOHQD GH 6DQWR $QW{QLR GH 3iGXD H GH 6DQWD

5RVD GH /LPD IRUDP VLPSOHVPHQWH SLQWDGDV GH YHUPHOKR H

HTXLSDGDVFRPFKLIUHV6REUHRDOWDUPRUQDGDIRLPXGDGRFRP

H[FHomRGRFUXFLIL[RTXHIRLVXEVWLWXtGRSRUXPSDUGHHQRUPHV

FRUQRV HVFXOSLGRV HP PDGHLUD GH FHGUR H RUQDPHQWDGRV FRP

XPD SURIXVmR GH DQpLV UHOyJLRV GH SXOVR EUDFHOHWHV FRUUHQWHV

EULQFRV H FRODUHV GHVHQWHUUDGRV GRV FHPLWpULRV RX HQFRQWUDGRV

GH PLVWXUD FRP YHOKRV RVVRV H FRP UHVWRV HVIDUHODGRV GH

HVFUtQLRV

1D QDYH GD LJUHMD FHUFD GH FLQTHQWD VHPLQDULVWDV HP

KiELWRV GH 7RJJHQEHUJ ² FRP R 'U 3RROH GHVWRDQWHPHQWH

EDUEXGRHQXPFDVDFRGHWZHHGQRFHQWURGDSULPHLUDILOD²HVWmR

VHQWDGRV H FDELVEDL[RV HQTXDQWR GR S~OSLWR R $UTXLYLJiULR

SURQXQFLDDVSDODYUDVILQDLVGRVHXVHUPmR

²3RLVDVVLPFRPRQD2UGHPGDV&RLVDVWRGRVSRGHULDPVH

R WLYHVVHP GHVHMDGR WHU YLYLGR DVVLP WDPEpP HP %HOLDO WRGRV

IRUDPRXVHUmRLQHYLWDYHOPHQWHFRQGHQDGRVDPRUUHU$PpP

+iXPVLOrQFLRSURORQJDGR'HSRLVRPHVWUHGRVQRYLoRVVH

OHYDQWD &RP XP JUDQGH URoDJDU GH SHOHV RV VHPLQDULVWDV R

DFRPSDQKDP H S}HPVH D FDPLQKDU GRLV D GRLV H FRP R PDLV

SHUIHLWRGHFRURHPGLUHomRjSRUWDRFLGHQWDO

background image

2 'U 3RROH SUHSDUDVH SDUD VHJXLORV TXDQGR RXYH XPD

YR]DJXGDHLQIDQWLOFKDPiORSHORQRPH

9ROWDQGRVHYrR$UTXLYLJiULRDDFHQDUGHVREUHRVGHJUDXV

GRS~OSLWR

² (QWmR R TXH DFKRX GD SUHOHomR" ² JXLQFKD R JUDQGH

KRPHPDRDSUR[LPDUVHR'U3RROH

²0XLWRERD

²6HPOLVRQMD"

²9HUGDGHLUDHVLQFHUDPHQWH

2$UTXLYLJiULRVRUULVDWLVIHLWR

²)ROJRHPRXYLOR²GL]HOH

²*RVWHLHVSHFLDOPHQWHGRTXHRVHQKRUGLVVHDUHVSHLWRGD

UHOLJLmRQRVVpFXORV;,;H;;RUHFXRGH-HUHPLDVSDUDR/LYUR

GRV -Xt]HV GR SHVVRDO H SRUWDQWR XQLYHUVDO SDUD R QDFLRQDO H

SRUWDQWRKRPLFLGD

2$UTXLYLJiULRDVVHQWH

² 6LP IRL SRU XP WUL] ² GL] HOH ² 6H WLYHVVHP ILFDGR QR

SHVVRDOHQRXQLYHUVDOWHULDPHVWDGRHPKDUPRQLDFRPD2UGHP

GDV &RLVDV H R 6HQKRU GDV 0RVFDV HVWDULD OLTXLGDGR 0DV

IHOL]PHQWH%HOLDOWHYHDOLDGRVHPTXDQWLGDGHDVQDo}HVDVLJUHMDV

RV SDUWLGRV SROtWLFRV (OH VH DSURYHLWRX GRV VHXV SUHFRQFHLWRV

([SORURXDVVXDVLGHRORJLDV$RWHPSRHPTXHIRLSURGX]LGDD

ERPEDDW{PLFD(OHWLQKDRVKRPHQVGHYROWDDRHVWDGRPHQWDO

DQWHULRUDD&

²(GHSRLV²GL]R'U3RROH²JRVWHLGRTXHRVHQKRUGLVVH

VREUH RV FRQWDWRV HQWUH R 2ULHQWH H R 2FLGHQWH GH FRPR (OH

SHUVXDGLXFDGDODGRDDFHLWDUVRPHQWHRSLRUGRTXHRRXWURWLQKD

SDUDRIHUHFHU

$VVLPR2ULHQWHDGRWDRQDFLRQDOLVPRRFLGHQWDORVDUPDPHQWRV

DFLGHQWDLV R FLQHPD RFLGHQWDO H R PDU[LVPR RFLGHQWDO R

2FLGHQWHDGRWDRGHVSRWLVPRRULHQWDODVVXSHUVWLo}HVRULHQWDLVH

D RULHQWDO LQGLIHUHQoD SDUD FRP D YLGD GR LQGLYtGXR 1XPD

SDODYUD(OHFXLGRXGHTXHDKXPDQLGDGHFRPELQDVVHRSLRUGRV

GRLVPXQGRV

background image

² ,PDJLQH VH WLYHVVHP FRPELQDGR R PHOKRU ² JXLQFKD R

$UTXLYLJiULR²2PLVWLFLVPRRULHQWDODVVHJXUDQGRTXHDFLrQFLD

GR 2FLGHQWH IRVVH DGHTXDGDPHQWH DSOLFDGD D DUWH GH YLYHU

RULHQWDOUHILQDQGRDHQHUJLDRFLGHQWDORLQGLYLGXDOLVPRRFLGHQWDO

WHPSHUDQGRRWRWDOLWDULVPRRULHQWDO²(OHPHQHLDDFDEHoDFRP

SLHGRVRKRUURU²2UDWHULDVLGRRUHLQRGRVFpXV)HOL]PHQWHD

JUDoDGH%HOLDOHUDPDLVIRUWHTXHDJUDoDGR2XWUR

(OH UL HVWULGHQWHPHQWH GHSRLV GHVFDQVDQGR D PmR QR

RPEURGR'U3RROHGLULJHVHFRPHOHSDUDDVDFULVWLD

² 6DEH GH XPD FRLVD 3RROH ² GL] HOH ² HX R WHQKR HP

JUDQGH DSUHoR ² 2 'U 3RROH PXUPXUD R VHX HPEDUDoDGR

UHFRQKHFLPHQWR

²9RFrpLQWHOLJHQWHpLQVWUXtGRVDEHWRGDHVSpFLHGHFRLVDV

TXHQyVMDPDLVDSUHQGHPRV9RFrPHSRGHULDVHUPXLWR~WLOHHX

SRUPLQKDYH]SRGHULDVHUPXLWR~WLODYRFrLVWRp²DFUHVFHQWD²

VHYRFrYLHVVHDWRUQDUVHXPGRVQRVVRV

²8PGRVYRVVRV"²UHSHWHR'U3RROHGXELWDWLYDPHQWH

²6LPXPGRVQRVVRV

$ FRPSUHHQVmR GHVSRQWD QXP H[SUHVVLYR SULPHLUR SODQR

GRURVWRGR'U3RROH(OHGHL[DHVFDSDUXPFRQVWHUQDGR´2Kµ

² (X QmR OKH HVFRQGHUHL ² GL] R $UTXLYLJiULR ² TXH D

FLUXUJLDHQYROYLGDQmRpWRWDOPHQWHLQGRORUQHPGHWRGRLVHQWDGH

SHULJR 0DV DV YDQWDJHQV DXIHULGDV HP DEUDoDU R VDFHUGyFLR

VHULDP GH WDO PRQWD TXH VXSHUFRPSHQVDULDP TXDOTXHU

LQVLJQLILFDQWHULVFRRXGHVFRQIRUWR(QmRGHYHPRVHVTXHFHU

²0DV(PLQrQFLD²SURWHVWDR'U3RROH

2$UTXLYLJiULROHYDQWDXPDPmRQpGLDH~PLGD

²8PPRPHQWRSRUIDYRU²H[FODPDVHYHUDPHQWH

6XDH[SUHVVmRpGHWDOPRGRSURLELWLYDTXHR'U3RROHVH

GiSUHVVDHPGHVFXOSDUVH

²4XHLUDSHUGRDU

²3HUGRDGRPHXFDUR3RROHSHUGRDGR

8PD YH] PDLV R $UTXLYLJiULR p WRGR DIDELOLGDGH H

FRQGHVFHQGrQFLD

background image

² %HP FRPR HX LD GL]HQGR ² FRQWLQXD ² QmR GHYHPRV

HVTXHFHU TXH SDVVDQGR SHOR TXH SRGHPRV FKDPDU XPD

FRQYHUVmRILVLROyJLFDYRFrVHULDSUHVHUYDGRGHWRGDVDVWHQWDo}HV

D TXH FRPR PDFKR QmR PXWDQWH HVWDUi FRP WRGD FHUWH]D

H[SRVWR

²6HPG~YLGDVHPG~YLGD²FRQFRUGDR'U3RROH²0DV

SRVVRDILDQoDUOKH

²1RTXHGL]UHVSHLWRDWHQWDo}HV²DILUPDR$UTXLYLJiULR

VHQWHQFLRVDPHQWH ² QLQJXpP SRGH DILDQoDU FRLVD DOJXPD D

QLQJXpP

2 'U 3RROH UHFRUGD D UHFHQWH HQWUHYLVWD FRP /RROD QR

FHPLWpULRHVHQWHVHUXERUL]DU

²1mRVHUiXPDDILUPDomRXPWDQWRUDGLFDO"²UHSOLFDVHP

PXLWDFRQYLFomR

2$UTXLYLJiULRVDFRGHDFDEHoD²1HVVHVDVVXQWRV²GL]HOH

²QXQFDVHSRGH

VHU UDGLFDO GHPDLV ( SHUPLWDPH OHPEUDUOKH R TXH VXFHGH DRV

TXH VXFXPEHP D WDLV WHQWDo}HV 2V YHUJDOKRV H D HVTXDGUD GH

HQWHUUR HVWmR VHPSUH GH SURQWLGmR ( p SRU LVVR TXH QR VHX

SUySULRLQWHUHVVHSHODVXDIXWXUDIHOLFLGDGHHSD]GHHVStULWRHX

OKH DFRQVHOKR H PDLV HX OKH URJR H LPSORUR TXH LQJUHVVH QD

QRVVD2UGHP

+iXPVLOrQFLR2'U3RROHHQJROHHPVHFR

²(XJRVWDULDGHWHUWHPSRSDUDSHQVDUQRDVVXQWR²GL]SRU

ILP

²1DWXUDOPHQWHQDWXUDOPHQWH²R$UTXLYLJiULRFRQFRUGD²

1mRKiSUHVVD7HPXPDVHPDQDSDUDSHQVDU

²8PDVHPDQD"1mRFUHLRSRGHUGHFLGLUHPXPDVHPDQD

²'XDVVHPDQDV²GL]R$UTXLYLJiULRHFRPRR'U3RROH

FRQWLQXHDEDQDQGRDFDEHoD²4XDWUR²DMXQWD²VHLVVHTXLVHU

(XQmRWHQKRSUHVVDeVySRUYRFrTXHHXPHSUHRFXSR²(OH

EDWHQRRPEURGR'U3RROH²6LPPHXFDURDPLJRSRUYRFr

)XVmR SDUD R 'U 3RROH WUDEDOKDQGR QR VHX KRUWR

H[SHULPHQWDO D WUDQVSODQWDU PXGDV GH WRPDWHLURV 4XDVH VHLV

VHPDQDV

WUDQVFRUUHUDP

6XD

EDUED

FDVWDQKD

HVWi

background image

FRQVLGHUDYHOPHQWHPDLVOX[XULDQWHRFDVDFRGHWZHHGHDVFDOoDV

GHIODQHODFRQVLGHUDYHOPHQWHPDLVVXMRVGRTXHTXDQGRRYLPRV

GD ~OWLPD YH] (OH YHVWH XPD FDPLVD SDUGD GH HVWDPHQKD H

PRFDVVLQVGHPDQXIDWXUDORFDO

4XDQGR D ~OWLPD GH VXDV SODQWLQKDV HVWi QR VROR HOH VH

HQGLUHLWDGLVWHQGHVHHVIUHJDDVFRVWDVGRORULGDVGHSRLVFDPLQKD

GHYDJDU DWp R H[WUHPR GD KRUWD H GHL[DVH ILFDU LPyYHO

FRQWHPSODQGRRSDQRUDPD

1XP SODQR JHUDO YHPRV FRPR VH DWUDYpV GRV VHXV ROKRV

XPDYDVWDSHUVSHFWLYDGHIiEULFDVGHVHUWDVHFDVDVGHVPRURQDGDV

HPROGXUDGDV D GLVWkQFLD SRU XPD FDGHLD GH PRQWDQKDV TXH

UHWURFHGHFULVWDDSyVFULVWDHPGLUHomRDOHVWH$VVRPEUDVVmR

SRoDV GH DQLO H QD OX] ULFDPHQWH GRXUDGD RV GHWDOKHV PDLV

UHPRWRV GHVWDFDPVH QtWLGRV PLQ~VFXORV H SHUIHLWRV FRPR DV

LPDJHQV GH REMHWRV QXP HVSHOKR FRQYH[R 1R SULPHLUR SODQR

GHOLFDGDPHQWHFLQ]HODGDVHSRQWLOKDGDVSHODOX]TXDVHKRUL]RQWDO

PHVPR DV PDQFKDV PDLV QXDV GH WHUUD FUHVWDGD UHYHODP XPD

LQVXVSHLWDGDVXQWXRVLGDGHGHWH[WXUD

1$55$'25

+i RFDVL}HV H HVWD p XPD GHODV HP TXH R PXQGR SDUHFH

SURSRVLWDGDPHQWHEHORHPTXHpFRPRVHXPDLQWHOLJrQFLDQDV

FRLVDVUHVROYHVVHGHUHSHQWHWRUQDUPDQLIHVWDSDUDWRGRVRVTXH

VHGLVS}HPDYHUDUHDOLGDGHVREUHQDWXUDOTXHVHRFXOWDQRIXQGR

GHWRGDVDVDSDUrQFLDV

2 'U 3RROH PRYH RV OiELRV H QyV FDSWDPRV R OHYH

PXUP~ULRGHVXDVSDODYUDV

)RUORYHDQGEHDXW\DQGGHOLJKW

7KHUHLVQRGHDWKQRUFKDQJHWKHLUPLJKW

([FHHGVRXURUJDQVZKLFKHQGXUH

1ROLJKWEHLQJWKHPVHOYHVREVFXUH

background image

3DUDRDPRUDEHOH]DHRSUD]HUQmRKiPRUWHRXPXWDomR

RVHXSRGHUH[FHGHRVQRVVRVyUJmRVTXHQmRVXSRUWDPDOX]VHQGR

HOHVSUySULRVREVFXURV3%6KHOOH\²7KH6HQVLWLYH3ODQW1GR7

(OHJLUDQRVFDOFDQKDUHVHHQFDPLQKDVHGHYROWDjHQWUDGDR

KRUWR $QWHV GH DEULU R SRUWmR ROKD FDXWHORVDPHQWH HP WRUQR

1mR Ki VLQDO GH TXDOTXHU REVHUYDGRU KRVWLO 7UDQTLOL]DGR

HVJXHLUDVH SDUD IRUD H TXDVH HP VHJXLGD GREUD XPD VHQGD

VLQXRVDHQWUHGXQDV0DLVXPDYH]VHXVOiELRVVHPRYHP

,DPWKH(DUWK

7K\PRWKHUVKHZLWKLQZKRVHVWRQ\YHLQV

7RWKHODVWILEUHRIWKHORIWLHVWWUHH

:KRVHWKLQOHDYHVWUHPEOHGLQWKHIUR]HQDLU

-R\UDQDVEORRGYLWKLQDOLYLQJIUDQF

:KHQWKRXGLGVWIURPKHUERVRPOLNHDFORXG

2IJORU\DULVHDVSLULWRINHHQMR\

'RDWDOKRR'U3RROHGHVHPERFDQXPDUXDIODQTXHDGDGH

SHTXHQDV YLYHQGDV FDGD TXDO FRP VXD JDUDJHP H FDGD TXDO

FHUFDGD SHOR HVSDoR iULGR TXH IRL RXWURUD XP MDUGLP FRP

JUDPDGRVHIORUHV

²´8PHVStULWRGHYtYLGDDOHJULDµ²HOHUHSHWHGHSRLVVXVSLUD

HEDODQoDDFDEHoD

1$55$'25

$OHJULD" 0DV D DOHJULD IRL Ki PXLWR DVVDVVLQDGD 6RPHQWH

VREUHYLYH R JDUJDOKDU GH GHP{QLRV HP WRUQR GRV SRVWHV GH

PDUWtULRVRXLYDUGRVSRVVHVVRVDFRSXODUQDVWUHYDV$DOHJULDVy

H[LVWHSDUDDTXHOHVFXMDYLGDKDUPRQL]DFRPD2UGHPFULDGDGR

PXQGR3DUDYyVRVLOXPLQDGRVTXHSHQVDLVSRGHUPHOKRUDUHVVD

2UGHPSDUDYyVRVHQIXUHFLGRVRVUHEHOGHVRVGHVREHGLHQWHVD

DOHJULDHVWiVHWRUQDQGRUDSLGDPHQWH XPD HVWUDQKD 2V TXH VmR

FRQGHQDGRV D VRIUHU DV FRQVHTrQFLDV GRV YRVVRV GHVDWLQRV

background image

MDPDLVVXVSHLWDUmRVHTXHUDVXDH[LVWrQFLD$PRU$OHJULDH3D]²

HVWHVVmRRVIUXWRVGRHVStULWRTXHpDYRVVDHVVrQFLDHDHVVrQFLD

(X VRX D 7HUUDWXD PmH DTXHOD HP FXMDV YHLDV GH SHGUDDWp D

~OWLPD ILEUD GD PDLV DOWDQHLUD iUYRUHFXMDV IROKDV WrQXHV WUHPLDP QR DU

JHODGRDDOHJULDIOXLXFRPRRVDQJXHQXPRUJDQLVPRYLYRTXDQGRWXGR

WHX VHLR FRPR XPD QXYHPGH JULD DVFHQGHVWH XP HVStULWR GH YtYLGD

DOHJULD3%6KHOOH\²3URPHWKHXV8QERXQGžDWR1GR7

GRPXQGR3RUpPRVIUXWRVGDPHQWHGRPDFDFRRVIUXWRVGD

VLPLHVFDSUHVXQomRHUHEHOGLDVmRRyGLRLQFHVVDQWHLQTXLHWDomR

H XP GHVHVSHUR FU{QLFR WHPSHUDGR VRPHQWH SRU GHOtULRV DLQGD

PDLVWHUUtYHLVGRTXHHOHSUySULR

2'U3RROHHQWUHWDQWRSURVVHJXHHPVHXFDPLQKR

²7KHZRUOGLVIXOORIZRRGPHQ²GL]HOHSDUDVLPHVPR

7KH YRUOG LV IXOO RI ZRRGPHQ ZKR H[SHO /RYH·V JHQWOH

GU\DGV IURP WKH WUHHV RI OLIH $QG YH[ WKH QLJKWLQJDOHV LQ

HYHU\GHOO

1$55$'25

/HQKDGRUHV FRP PDFKDGRV PDWDGRUHV GH GUtDGHV FRP

IDFDV DWRUPHQWDGRUHV GH URX[LQyLV FRP HVFDOSHORV H WHVRXUDV

FLU~UJLFDV

2'U3RROHHVWUHPHFHHFRPRTXHPVHVHQWHDFRVVDGRSRU

XPD SUHVHQoD PDOLJQD HVWXJD R SDVVR 6~ELWR GHWpPVH H PDLV

XPDYH]ROKDHPWRUQR

1$55$'25

1XPD FLGDGH GH GRLV PLOK}HV H PHLR GH HVTXHOHWRV D

SUHVHQoD GH XQV SRXFRV PLOKDUHV GH YLYHQWHV p GLILFLOPHQWH

SHUFHSWtYHO1DGDVHPRYH2VLOrQFLRpWRWDOHPPHLRDWRGDV

background image

HVVDVSHTXHQDVHFRQIRUWiYHLVUXtQDVEXUJXHVDVSDUHFHFRQVFLHQWH

HGHXPFHUWRPRGRFRQVSLUDWyULR

2PXQGRHVWiFKHLRGHOHQKDGRUHVTXHH[SXOVDPDVJHQWLVGUtD

GHVGRDPRUGDViUYRUHVGDYLGDHDWRUPHQWDPRVURX[LQyLVHPFDGD

JURWD3%6KHOOH\²7KH:RRGPDQDQGWEF1LJKWLQJDOH1GR7

&RPDVSXOVDo}HVDFHOHUDGDVSHODHVSHUDQoDHSHORWHPRUGD

GHFHSomRR'U3RROHGHL[DDHVWUDGDHHQYHUHGDDSUHVVDGDPHQWH

SHODFDOoDGDTXHFRQGX]jJDUDJHPGRQ~PHUR3HQGHQGR

GDV GREUDGLoDV HQIHUUXMDGDV DV IROKDV GD SRUWD GXSOD DFKDPVH

HQWUHDEHUWDV (OH GHVOL]D SRU HQWUH HODV SDUD D SHQXPEUD

ERORUHQWD$WUDYpVGHXPRULItFLRQDSDUHGHRFLGHQWDOGDJDUDJHP

XPDGHOJDGDUpVWLDGRVROSRHQWHUHYHODDURGDGLDQWHLUDHVTXHUGD

GH XP &KHYUROHW 6HGDQ 6XSHU GH /X[H GH TXDWUR SRUWDV H QR

FKmR MXQWR GHOD GRLV FUkQLRV XP GH DGXOWR R RXWUR

HYLGHQWHPHQWHGHFULDQoD

2 'U 3RROH DEUH D ~QLFD GDV TXDWUR SRUWDV TXH QmR HVWi

HPSHUUDGDHHVFUXWDDHVFXULGmRGRLQWHULRU

²/RROD

(OH HQWUD QR FDUUR VHQWDVH DR ODGR GHOD VREUH R

HVWRIDPHQWRDSRGUHFLGRGRDVVHQWRWUDVHLURHWRPDOKHDPmRQDV

VXDV

²4XHULGD

(ODRILWDVHPIDODU1RVVHXVROKRVKi XPD H[SUHVVmR GH

TXDVHWHUURU

²(QWmRYRFrFRQVHJXLXHVFDSDU"

²0DV)ORVVLHDLQGDHVWiGHVFRQILDGD

² )ORVVLH TXH VH GDQH ² GL] R 'U 3RROH QXP WRP TXH

SUHWHQGHVHUGHVSUHRFXSDGRHWUDQTXLOL]DGRU

²(ODILFRXID]HQGRSHUJXQWDV²/RRODFRQWLQXD²(XGLVVH

DHODTXHLDVDLUSDUDSURFXUDUDJXOKDVHWDOKHUHV

²0DVD~QLFDFRLVDTXHYRFrHQFRQWURXIRLHVWHVHXFULDGR

(OH OKH VRUUL WHUQDPHQWH H OHYDOKH D PmR DRV OiELRV PDV

/RRODVDFRGHDFDEHoD

background image

²$OILHSRUIDYRU

6HXWRPpXPDV~SOLFD(OHOKHDEDL[DDPmRVHPEHLMiOD

²0DVYRFrDLQGDPHDPDQmRpYHUGDGH"

(ODRHQFDUDFRPROKRVPXLWRDEHUWRVPHGURVDHLQGHFLVD

GHSRLVYLUDRURVWR

²1mRVHL$OILHQmRVHL

²3RLVHXVHL²GL]R'U3RROHFRPILUPH]D

²(XVHLTXHDDPR6HLTXHTXHURHVWDUMXQWRGHYRFr

3DUDVHPSUH$WpTXHDPRUWHQRVVHSDUH²DFUHVFHQWDFRPWRGR

R IHUYRU GH XP VHQVXDO LQWURYHUWLGR VXELWDPHQWH FRQYHUWLGR j

REMHWLYLGDGHHjPRQRJDPLD

/RRODVDFRGHDFDEHoDRXWUDYH]

²7XGRRTXHHXVHLpTXHQmRGHYLDHVWDUDTXL

²0DVLVVRpWROLFH

²1mRQmRp(XQmRGHYLDHVWDUDTXLDJRUD

1mRGHYLDWHUYLQGRGDVRXWUDVYH]HV(FRQWUDD/HL

eFRQWUDWXGRRTXHDVSHVVRDVSHQVDPeFRQWUD(OH²DMXQWD

DSyVXPDSDXVDPRPHQWkQHD8PDH[SUHVVmRWRUWXUDGDFRQWUDL

OKHRURVWR²0DVHQWmRSRUTXHpTXH(OHPHIH]GHWDOPRGR

TXHHXSXGHVVHVHQWLURTXHVLQWRSRUYRFr"3RUTXHpTXH(OHPH

IH] LJXDO D HVVHV D HVVHV ² (OD QmR FRQVHJXH GHFLGLUVH D

SURQXQFLDU D SDODYUD H[HFUDGD ² (X FRQKHFL XP GHOHV ²

SURVVHJXHHPYR]EDL[D²(OHHUDJHQWLOTXDVHWmRJHQWLOFRPR

YRFr(HOHVRPDWDUDP

² 4XH DGLDQWD ILFDU SHQVDQGR QRV RXWURV" ² WRUQD R 'U

3RROH ² 3HQVHPRV HP QyV 3HQVHPRV HP FRPR SRGHPRV VHU

IHOL]HVHPFRPRIRPRVIHOL]HVGRLVPHVHVDWUiV9RFrVHOHPEUD

2OXDU(FRPRHUDHVFXURQDVVRPEUDV(QDDOPDXPSHUIXPH

DJUHVWHpSHUFHELGRDOpPGRVVHQWLGRV

²0DVQyVQmRHVWiYDPRVDJLQGRPDOHQWmR

²1yVQmRHVWDPRVDJLQGRPDODJRUD

²1mRQmRDJRUDpPXLWRGLIHUHQWH

² 1mR p GLIHUHQWH ² LQVLVWH HOH ² (X QmR VLQWR QDGD

GLIHUHQWHGRTXHVHQWLDHQWmR(QHPYRFr

background image

² (X VLP ² HOD SURWHVWD DOWR GHPDLV SDUD H[SULPLU

FRQYLFomR

²1mRQmRVHQWH

²6LQWRVLP

²1mRVHQWH9RFrPHVPDDFDEDGHGL]HU9RFrQmRpFRPR

RUHVWRGHVVDJHQWHJUDoDVD'HXV

²$OILH

(ODID]XPVLQDOGRVFRUQRVSURSLFLDWyULR

²(OHVVHWUDQVIRUPDUDPHPDQLPDLV²HOHFRQWLQXD²9RFr

QmR9RFrDLQGDpXPVHUKXPDQRXPVHUKXPDQRQRUPDOFRP

VHQWLPHQWRVKXPDQRVQRUPDLV

²1mRVRX

²6LPYRFrp

²1mRpYHUGDGH²HODJHPH²1mRpYHUGDGH

(ODFREUHRURVWRFRPDVPmRVHS}HVHDFKRUDU

²(OHYDLPHPDWDU²VROXoD

²4XHPYDLPDWiOD"

/RRODOHYDQWDDFDEHoDHROKDDQVLRVDSRUFLPDGRRPEUR

DWUDYpVGRYLGURWUDVHLURGRFDUUR

²(OH(OHVDEHWXGRRTXHID]HPRVWXGRRTXHSHQVDPRV

RXVHQWLPRV

²7DOYH]VDLED²DGPLWHR'U3RROHFXMDVRSLQL}HVOLEHUDO

SURWHVWDQWHVDFHUFDGR'HP{QLRPXGDUDPFRQVLGHUDYHOPHQWHQR

GHFRUUHUGDV~OWLPDVVHPDQDV

²0DVVHQyVVHQWLPRVHSHQVDPRVHID]HPRVRTXHpFHUWR(OH

QmRQRVSRGHID]HUPDO

²0DVRTXHpRFHUWR"²SHUJXQWDHOD

'XUDQWHXPRXGRLVVHJXQGRVHOHVRUULSDUDHODVHPIDODU

²$TXLHDJRUD²GL]SRUILP²RFHUWRpLVWR

(OHGHVOL]DXPEUDoRHPWRUQRGRVRPEURVGHODHDSX[D

SDUDVL

²1mR$OILHQmR

7RPDGD GH SkQLFR HOD WHQWD OLEHUWDUVH PDV HOH D VHJXUD

FRPILUPH]D

background image

²,VWRpTXHpRFHUWR²UHSHWH²7DOYH]QmRRVHMDVHPSUHH

HPWRGRVRVOXJDUHV0DVDTXLHDJRUDpVHPG~YLGDQHQKXPD

(OHIDODFRPDIRUoDHDXWRULGDGHGDSOHQDFRQYLFomR-DPDLV

HPWRGDDVXDYLGDLQFHUWDHGLYLGLGDHOHSHQVRXWmRFODUDPHQWH

RXDJLXFRPWDQWDGHFLVmR

/RRODGHV~ELWRGHL[DGHUHVLVWLU

²$OILHYRFrWHPFHUWH]DGHTXHpFHUWR"&HUWH]DDEVROXWD"

² $EVROXWD ² HOH UHVSRQGH GR IXQGR GD VXD QRYD DXWR

DVVHUWLYD H[SHULrQFLD 0XLWR FDULQKRVDPHQWH HOH OKH DIDJD RV

FDEHORV

²´8PDIRUPDPRUWDOµ ² VXVVXUUD ² ´UHYHVWLGD GH DPRU H

YLGDHOX]HGLYLQGDGH8PD0HWiIRUDGH3ULPDYHUDH-XYHQWXGHH

$PDQKHFHUXPD9LVmRFRPRHQFDUQDGR$EULOµ

²&RQWLQXH²HODFLFLD

6XDVSiOSHEUDVHVWmRFHUUDGDVDIDFHWHPDTXHODH[SUHVVmR

GHVREUHQDWXUDOVHUHQLGDGHTXHVHYrQDIDFHGRVPRUWRV

2'U3RROHUHFRPHoD

$QGZHZLOOWDONXQWLOWKRXJKW·VPHORG\

%HFRPHWRRVZHHWIRUXWWHUDQFHDQGLWGLH

,QZRUGVWROLYHDJDLQLQORRNVZKLFKGDUW

:LWKWKULOOLQJWRQHLQWRWKHYRLFHOHVVKHDUW

+DUPRQL]LQJVLOHQFHZLWKRXWDVRXQG

2XUEUHDWKVKDOOLQWHUPL[RXUERVRPVERXQG

$QGRXUYHLHVEHDWWRJHWKHUDQGRXUOLSV

:LWKRWKHUHORTXHQFHWKDQZRUGVHFOLSVH

7KHVRXOWKDWEXUQVEHWYHHQWKHPDQGWKHZHOOV

:KLFKERLOXQGHURXUEHLQJ·VLQPRVWFHOOV

7KHIRXQWDLQVRIRXUGHHSHVWOLIHVKDOOEH

&RQIXVHGLQ3DVVLRQ·VJROGHQSXULW\

$VPRXQWDLQVSULQJVXQGHUWKHPRUQLQJVXQ

:HVKDOOEHFRPHWKHVDPHPHVKDOOEHRQH

6SLULWZLWKLQWZRIUDPHVRKZKHUHIRUHWZR"

background image

+iXPORQJRVLOrQFLR'HUHSHQWH/RRODDEUHRVROKRVILWD

RLQWHQVDPHQWHSRUDOJXQVLQVWDQWHV GHSRLV ODQoDOKH RV EUDoRV

DR SHVFRoR H EHLMDR DSDL[RQDGDPHQWH QD ERFD 0DV DVVLP TXH

HOH D FLQJH PDLV HVWUHLWDPHQWH HOD VH DSDUWD H UHFXD SDUD R

H[WUHPRGRDVVHQWR

(OH WHQWD DSUR[LPDUVH PDV HOD R GHWpP FRP RV EUDoRV

HVWHQGLGRV

²,VWRQmRSRGHVHUFHUWR²GL]HOD

²0DVp

(ODVDFRGHDFDEHoD

² ( ERP GHPDLV SDUD VHU FHUWR HX VHULD IHOL] GHPDLV VH

IRVVH(OHQmRTXHUTXHVHMDPRVIHOL]HV

²+iXPDSDXVD²3RUTXHYRFrGL]TXH(OHQmRQRVSRGHID]HU

PDO"

(QVKDYHPRVGHIDODUDWpTXHDPHORGLDGRSHQVDPHQWRVHMDGRFH

GHPDLVSDUDVHUHQXQFLDGDHPRUUDQDVSDODYUDVSDUDUHYLYHUHPROKDUHV

TXHSHQHWUDPFRPYLEUDQWHWRPRFRUDomRHPXGHFLGRHQFKHQGRGHKDUPRQLD

R VLOrQFLR VHP XP VRP1RVVRV KiOLWRV KmR GH PLVWXUDUVH QRVVRV SHLWRV

VDOWDUmRQRVVDV YHLDV SXOVDUmR MXQWDV QRVVRV OiELRVFRP RXWUD HORTLLrQFLD

TXH QmR D GDV SDODYUDV HFOLSVDUmRD DOPD TXH TXHLPD HQWUH HOHV H RV

PDQDQFLDLVTXHIHUYHPVREDVFpOXODVPDLVtQWLPDVGRQRVVRVHUDVIRQWHVGD

QRVVD YLGD PDLV SURIXQGD KmR GH FRQIXQGLUVH QD GRXUDGD SXUH]D GD

3DL[mRFRPRQDVFHQWHVGDVPRQWDQKDVVRERVROGDDXURUDQVVHUHPRVR

PHVPRQVVHUHPRV XPHVStULWR HP GRLV FRUSRV RK SRU TXH GRLV" 3 %

6KHOOH\²(SLSV\FKLGLRQYY1GR7

²3RUTXHH[LVWHDOJRPDLVIRUWHGRTXH(OH

²$OJRPDLVIRUWH"²(ODVDFRGHDFDEHoD

²)RLFRQWUDLVVRTXH(OHVHPSUHOXWRXH(OHYHQFHX

²6RPHQWHSRUTXHDVSHVVRDV2DMXGDUDPDYHQFHU0DVHODV

QmRSUHFLVDPDMXGiOR(OHPEUHVH(OHQmRSRGHMDPDLVYHQFHU

SDUDVHPSUH

²3RUTXHQmR"

²3RUTXH(OHQXQFDSRGHUHVLVWLUjWHQWDomRGHOHYDURPDO

DWp DR OLPLWH ( WRGD YH] TXH R PDO p OHYDGR DWp DR OLPLWH HOH

background image

GHVWUyLVHDVLPHVPR$SyVRTXHD2UGHPGDV&RLVDVUHWRUQDj

VXSHUItFLH

²0DVLVVRVHUiQXPIXWXURGLVWDQWH

² 3DUD R PXQGR LQWHLUR VLP 0DV Qm R SDUD LQGLYtGXRV

LVRODGRVQmRSDUDYRFrRXSDUDPLPSRUH[HPSOR2TXHTXHU

TXH %HOLDO SRVVD WHU IHLWR FRP R UHVWR GR PXQGR YRFr H HX

SRGHUHPRV VHPSUH DJLU GH DFRUGR FRP D 2UGHP GDV &RLVDV H

QmRFRQWUDHOD

6HJXHVHRXWURVLOrQFLR

²(XQmRHQWHQGRPXLWREHPRTXHYRFrGL]²HODIDODSRU

ILP ² PDV QmR PH LPSRUWD ² (OD YROWD D DSUR[LPDUVH GHOH H

UHFOLQDDFDEHoDQRVHXRPEUR

²1DGDPDLVPHLPSRUWD²FRQWLQXD²(OHSRGHPDWDUPH

VHTXLVHU1mRID]PDO$JRUDQmRID]PDO

(ODHUJXHRURVWRSDUDRGHOHHHQTXDQWRHOHVHLQFOLQDSDUD

EHLMiODDLPDJHPQDWHODVHGHVYDQHFHQDHVFXULGmRGHXPDQRLWH

VHPOXD

1$55$'25

/·RPEUHpWDLWQXSWLDOHDXJXVWHHWVROHQQHOOH0DVGHVWDYH]

pXPDWUHYDQXSFLDOFXMDVROHQLGDGHQmRpSHUWXUEDGDSRUPLDGRV

QHP SRU /LHEHVWRGV QHP SRU VD[RIRQHV D LPSORUDU

GHWXPHVFrQFLD $ P~VLFD GH TXH HVWD QRLWH p FDUUHJDGD p FODUD

PDVQmRGHVFULWLYDSUHFLVDHGHILQLGDPDVVREUHUHDOLGDGHVVHP

QRPHHQYROYHQWHPHQWHOtTXLGDPDVMDPDLVYLVFRVDMDPDLVFRPD

PDLVOHYHWHQGrQFLDSDUDJUXGDUVHSRVVHVVLYDPHQWHDRTXHWRFDH

FRPSUHHQGH 8PD P~VLFD FRP R HVStULWR GD GH 0R]DUW

GHOLFDGDPHQWH MRYLDO SRU HQWUH DV FRQVWDQWHV LPSOLFDo}HV GH

WUDJpGLD XPD P~VLFD DILP FRP D GH :HEHU DULVWRFUiWLFD H

UHILQDGD H WRGDYLD FDSD] GD PDLV GHVFXLGRVD DOHJULD H GR PDLV

FRPSOHWRVHQWLPHQWRGDDQJ~VWLDGRPXQGR(KDYHUiWDOYH]XP

YLVOXPEUHGDTXLORTXHQR$YH9HUXP&RUSXVQR4XLQWHWRHP

6ROPHQRUHVWiDOpPGRPXQGRGH'RQ*LRYDQQL"+DYHUiMiXP

YLVOXPEUHGDTXLORTXHHP%DFKDOJXPDVYH]HVHHP%HHWKRYHQ

background image

QDTXHOD SOHQLWXGH ILQDO GD DUWH TXH VH FRPSDUD j VDQWLGDGH

WUDQVFHQGHDLQWHJUDomRURPkQWLFDGRWUiJLFRHGRH[XOWDQWHGR

KXPDQR H GR GHPRQtDFR" ( TXDQGR QDV VRPEUDV D YR] GR

DPDQWHVXVVXUUDXPDYH]PDLVVREUHXPDIRUPDPRUWDOUHYHVWLGD

GHDPRUHYLGDHOX]HGLYLQGDGHKDYHUiMiRSULQFtSLRGHXPD

FRPSUHHQVmRGHTXHSDUDDOpPGR(SLSV\FKLGLRQH[LVWH$GRQDLV

H SDUD DOpP GH $GRQDLV D GRXWULQD VHP SDODYUDV GRV 3XURV GH

&RUDomR"

)XVmR SDUD R ODERUDWyULR GR 'U 3RROH $ OX] GR VRO

GHUUDPDVHSHODVMDQHODVDOWDVHS}HXPUHIOH[RRIXVFDQWHQRWXER

GH DoR LQR[LGiYHO GR PLFURVFySLR VREUH D PHVD GH WUDEDOKR $

SHoDHVWiYD]LD

'HUHSHQWHRVLOrQFLRpTXHEUDGRSHORVRPGHSDVVRVTXHVH

DSUR[LPDPDSRUWDVHDEUHHDLQGDXPPRUGRPRHPPRFDVVLQV

RGLUHWRUGR$EDVWHFLPHQWRHVSLDSDUDGHQWUR

²3RROH²HOHFRPHoD²6XD(PLQrQFLDHVWiDtSDUD

(OHVHLQWHUURPSHHXPDH[SUHVVmRGHHVSDQWRGHVHQKDVH

HPVHXURVWR

²(OHQmRHVWiDTXL²GL]HOHDR$UTXLYLJiULRTXHDJRUDR

DFRPSDQKDSDUDGHQWURGDVDOD

2 JUDQGH KRPHP YROWDVH SDUD RV GRLV IDPLOLDUHV TXH R

DVVLVWHP

² 9mR YHU VH R 'U 3RROH HVWi QR KRUWR H[SHULPHQWDO ²

RUGHQD

2VIDPLOLDUHVVHLQFOLQDPJXLQFKDP´6LP(PLQrQFLDµHP

XQtVVRQRHVDHP

2 $UTXLYLJiULR WRPD DVVHQWR H EHQHYRODPHQWH DFHQD DR

GLUHWRUSDUDTXHOKHVLJDRH[HPSOR

²(XFUHLRTXHQmROKHFRQWHL²GL]HOH²TXHHVWRXWHQWDQGR

SHUVXDGLURQRVVRDPLJRDTXLDDEUDoDUDUHOLJLmR

² (VSHUR TXH 9RVVD (PLQrQFLD QmR HVWHMD SUHWHQGHQGR

SULYDUQRVGDVXDLQHVWLPiYHOFRODERUDomRQRFDPSRGDSURGXomR

GHDOLPHQWRV²GL]RGLUHWRUDQVLRVDPHQWH

2$UTXLYLJiULRRWUDQTLOL]D

background image

²(XFXLGDUHLTXHHOHWHQKDVHPSUHWHPSRSDUDGDUOKHRV

SDUHFHUHVTXHIRUHPQHFHVViULRV0DVHQWUHWDQWRTXHURDVVHJXUDU

TXHD,JUHMDVHEHQHILFLHGRVVHXVWDOHQWRVH

2VIDPLOLDUHVUHHQWUDPQDVDODHVHFXUYDP

²(HQWmR"

²(OHQmRVHHQFRQWUDQRKRUWR(PLQrQFLD

2 $UTXLYLJiULR IUDQ]H FROHULFDPHQWH R VREUROKR SDUD R

GLUHWRUTXHWLWXEHLDVRERVHXROKDU

²6HQmRPHHQJDQRRVHQKRUPHGLVVHTXHKRMH

HUDGLDGHHOHWUDEDOKDUQRODERUDWyULR"

²&RPHIHLWR(PLQrQFLD

²(QWmRSRUTXHHOHQmRHVWiDTXL"

² 1mR SRVVR LPDJLQDU (PLQrQFLD 1XQFD VRXEH TXH HOH

PXGDVVHRVHXKRUiULRVHPFRPXQLFDUPH

+iXPVLOrQFLR

²1mRPHDJUDGD²GL]SRUILPR$UTXLYLJiULR

²1mRPHDJUDGDQHPXPSRXFR²(OHVHYLUDSDUDRVIDPLOLDUHV

²9ROWHPFRUUHQGRSDUDDEDVHHPDQGHPPHLDG~]LDGHKRPHQV

DFDYDORjVXDSURFXUD

2V IDPLOLDUHV VH LQFOLQDP JXLQFKDP VLPXOWDQHDPHQWH H

GHVDSDUHFHP

²(TXDQWRDRVHQKRU²GL]R$UTXLYLJiULRYROWDQGRVHSDUD

D SiOLGD H DEMHWD ILJXUD GR GLUHWRU ² VH DOJXPD FRLVD WLYHU

DFRQWHFLGRRVHQKRUWHUiGHH[SOLFDUVH

(OHVHOHYDQWDFRPLUDPDMHVWRVDHHQFDPLQKDVHDJUDQGHV

SDVVDGDVSDUDDSRUWD

)XVmRSDUDXPDVpULHGHSODQRVGHPRQWDJHP

/RRODFRPVHXHPERUQDOGHFRXURHR'U3RROHFRPXPD

PRFKLOD PLOLWDU GH SUp&RLVD jV FRVWDV HVWmR HVFDODQGR XP

GHVPRURQDPHQWR TXH EORTXHLD XPD GDTXHODV URGRYLDV

VREHUEDPHQWH FRQVWUXtGDV FXMRV UHVWRV DLQGD VXOFDP FRPR

FLFDWUL]HVRVIODQFRVGDVPRQWDQKDVGH6mR*DEULHO

&RUWHSDUDXPDFULVWDYDUULGDSHORYHQWR2VGRLVIXJLWLYRV

FRQWHPSODPHPEDL[RDHQRUPHH[WHQVmRGRGHVHUWR0RMDYH

background image

(PVHJXLGDHQFRQWUDPRQRVQXPDIORUHVWDGHSLQKHLURVQD

YHUWHQWHQRUWHGDVHUUDQLDeQRLWH1XPDPDQFKDGHOXDUHQWUHDV

iUYRUHV R 'U 3RROH H /RROD GRUPHP VRE R PHVPR JURVVHLUR

FREHUWRU

&RUWHSDUDXPFDQ\RQURFKRVRDRIXQGRGRTXDOFRUUHXPD

WRUUHQWH2VDPDQWHVIL]HUDPXPDSDUDGDSDUDEHEHUHHQFKHURV

VHXVFDQWLV

( DJRUD HVWDPRV QRV FRQWUDIRUWHV DFLPD GD VXSHUItFLH GR

GHVHUWR 3RU HQWUH DV WRXFHLUDV GH VDOYDV L~FDV H ]LPEURV D

FDPLQKDGD p IiFLO 2 'U 3RROH H /RROD HQWUDP QD FHQD H D

FkPHUD RV DFRPSDQKD HQTXDQWR HOHV GHVFHP D SDVVRV ODUJRV D

SHQGHQWH

²3pVGRORULGRV"²SHUJXQWDHOHVROLFLWDPHQWH

²1mRPXLWR

(ODOKHGLULJHXPVRUULVRFRUDMRVRHVDFRGHDFDEHoD

² (X DFKR ERP SDUDUPRV GDTXL D SRXFR H FRPHUPRV

TXDOTXHUFRLVD

²&RPRYRFrDFKDUPHOKRU$OILH

(OH SX[D GR EROVR XP YHOKR PDSD H R HVWXGD HQTXDQWR

FRQWLQXDDFDPLQKDU

²(VWDPRVDLQGDDXPDVERDVWULQWDPLOKDVGH/DQFDVWHU²

GL] HOH ² 2LWR KRUDV GH FDPLQKDGD 3UHFLVDPRV SRXSDU QRVVDV

IRUoDV

²(DWpRQGHFKHJDUHPRVDPDQKm"²SHUJXQWD/RROD

² 8P SRXFR DOpP GR 0RMDYH ( SHODV PLQKDV FRQWDV

OHYDUHPRV SHOR PHQRV GRLV GLDV SDUD FUX]DU R 7HKDFKDSLV H

FKHJDUD%DNHUVILHOG²(OHWRUQDDJXDUGDURPDSDQREROVR²

&RQVHJXL DUUDQFDU XPD SRUomR GH LQIRUPDo}HV GR GLUHWRU ²

FRQWLQXD²'L]HOHTXHHVVDJHQWHGRQRUWHUHFHEHPXLWREHPRV

IXJLWLYRV GR VXO GD &DOLIyUQLD 1mR RV HQWUHJDP PHVPR TXH R

JRYHUQROKHVVROLFLWHRILFLDOPHQWH

²*UDoDVD%HOJUDoDVD'HXV²GL]/RROD

+iXPQRYRVLOrQFLR'HUHSHQWH/RRODHVWDFD

²2OKH2TXHpDTXLOR"

background image

(OD DSRQWD H GR VHX SRQWR GH YLVWD YHPRV DR Sp GH XP

FDFWR PXLWR DOWR XPD ODMH GH FRQFUHWR FRUURtGD SHOR WHPSR

SODQWDGD REOLTXDPHQWH j FDEHFHLUD GH XPD DQWLJD VHSXOWXUD

UHFREHUWDGHIHVWXFDVHWULJRVDUUDFHQR

²$OJXpPGHYHWHUVLGRHQWHUUDGRDTXL²GL]R'U3RROH

(OHVVHDSUR[LPDPHQXPSODQRSUy[LPRGDOiSLGHYHPRV

HQTXDQWRDYR]GR'U3RROHOrDOWRDVHJXLQWHLQVFULomR

:

,//,$0

7

$//,6

²

:K\OLQJHUZK\WXUQEDFNZK\VKULQNP\+HDUW"

7K\KRSHVDUHJRQHEHIRUHIURPDOLWKLQJVKHUH

7KH\KDYHGHSDUWHGWKRXVKRXOGVWQRZGHSDUW

&RUWHYROWDQGRDRVGRLVDPDQWHV

²(OHGHYHWHUVLGRXPKRPHPPXLWRWULVWH²GL]/RROD

²7DOYH]QmRWmRWULVWHTXDQWRYRFrLPDJLQD²UHSOLFDR'U

3RROHGHVHPEDUDoDQGRVHGDSHVDGDPRFKLODHVHQWDQGRVHMXQWR

DRW~PXOR

(HQTXDQWR/RRODDEUHRVHXIDUQHOHUHWLUDSmRIUXWDVRYRV

HWLUDVGHFDUQHVHFDHOHYLUDDVSiJLQDVGRVHXLQGXRGHFLPRGH

6KHOOH\

² $TXL HVWi ² GL] SRU ILP ² e D HVWkQFLD LPHGLDWDPHQWH

VHJXLQWHDHVWDTXHpFLWDGDDTXL

7KDW/LJKWZKRVHVPLOHNLQGOHVWKH8QLYHUVH

7KDW%HDXW\LQZKLFKDOOWKLQJVZRUNDQGPRYH

7KDW%HQHGLFWLRQZKLFKWKHHFOLSVLQJ&XUVH

2IELUWKFDQTXHQFKQRWWKDWVXVWDLQLQJ/RYH

:KLFKWKURXJKWKHZHERIEHLQJEOLQGO\PRYH

%\PDQDQGEHDVWDQGHDUWKDQGDLUDQGVHD

%XUQVEULJKWRUGLPDVHDFKDUHPLUURUVRI

7KHILUHIRUZKLFKDOOWKLUVWQRZEHDPVRQPH

&RQVXPLQJWKHODVWFORXGVRIFROGPRUWDOLW\

background image

3RUTXHKHVLWDUSRUTXHYROYHUVHSRUTXHUHOXWDUPHX &RUDomR"7XDV

HVSHUDQoDVMiVHIRUDPGHWRGDVFRLVDVDTXLHODVSDUWLUDPDJRUDGHYVWX

SDUWLU3%6KHOOH\²$GRQDLVHVW/,,,1GR7

(VVDOX]FXMRVRUULVRDQLPDR8QLYHUVRHVVD%HOH]DHPTXHWXGRDJHHVH

PRYHHVVD %rQomR TXH D 0DOGLomRGR QDVFLPHQWR QmR SRGH VXIRFDU HVVH

$PRU LQH[WLQJXtYHOTXH DWUDYpV GD WUDPD GR VHU FHJDPHQWH WHFLGDSHOR

KRPHPSHODEHVWDSHODWHUUDSHORDUHSHORPDUDUGHEULOKDQWHRXGpELO

SRLV FDGD TXDO p R HVSHOKRGD FKDPD SRU TXH WRGRV DQVHLDP IXOJH DJRUD

VREUH PLPFRQVXPLQGR DV GHUUDGHLUDV QXYHQV GD IULDPRUWDOLGDGH 3 %

6KHOOH\²$GRQDLVHVW/,91GR7

+iXPVLOrQFLR'HSRLV/RRODOKHHVWHQGHXPRYRFR]LGR(OH

R HVWDOD GH HQFRQWUR j OiSLGH H DR GHVFDVFiOD HVSDOKD RV

IUDJPHQWRVEUDQFRVGDFDVFDVREUHDWXPED

),0

background image

$OGRXV+X[OH\EHPFRQKHFLGRQR%UDVLODWUDYpVGHPDLVGH

XPDG~]LDGHYROXPHVWUDGX]LGRVWHPVLGRDSRQWDGRSHODFUtWLFD

PXQGLDOFRPRXP GRV HVFULWRUHV PDLV LQWHOLJHQWHV GHVWH VpFXOR

'RQRGHXPDHUXGLomRQRWiYHOSVLFyORJRVDJD]HHVWLOLVWDH[tPLR

HVStULWR LQTXLHWR H YHUViWLO HPSHQKDGR QXPD H[SHULPHQWDomR

FRQVWDQWHGHQRYDVFRQFHSo}HVHGHQRYDVIRUPDVGHH[SUHVVmR

DEDUFDHPVXDREUDRVPDLVYDULDGRVJrQHURVOLWHUiULRVRFRQWRH

RURPDQFHRHQVDLRILORVyILFRDELRJUDILDHDFUtWLFDDSRHVLDHR

GUDPD

(PWRGRVHOHVUHYHODVHVHPSUHDQWHVGH WXGR R SHQVDGRU

TXH HVFUHYH SUHPLGR SHOD XUJrQFLD GH WUDQVPLWLUQRV D VXD

FRPSUHHQVmR GRV JUDQGHV SUREOHPDV KXPDQRV e QRV VHXV

HQVDLRV TXH YDPRV HQFRQWUDU FRQGHQVDGD D HVVrQFLD GD VXD

GLDOpWLFD 1mR REVWDQWH GH WDO PRGR VH FRPELQDP QHOH D

SURIXQGLGDGHGRILOyVRIRFRPRYLUWXRVLVPRGRDUWLVWDHFRPD

ULTXH]D GD LPDJLQDomR FULDGRUD TXH p VHP G~YLGD SRU PHLR GD

ILFomRRQGHDYLVmRWUiJLFDGRPXQGRVHWUDGX]QXPKXPRULVPR

DPDUJRPDVUHSOHWRGHVHQVLELOLGDGHTXHHOHVHDILUPDHPWRGDD

VXDSOHQLWXGHFRPRXPDGDVPDLVIDVFLQDQWHVSHUVRQDOLGDGHVGD

OLWHUDWXUDPRGHUQD

2 PDFDFR H D HVVrQFLD SXEOLFDGR SHOD SULPHLUD YH] QRV

(VWDGRV8QLGRVHPpXPGRVSURGXWRVPDLVFDUDFWHUtVWLFRV

GD IDQWDVLD KX[OH\DQD H XPD SHTXHQD REUDSULPD GH HVWLOR

HQJHQKRVLGDGHHIRUoDGUDPiWLFD

2WHPDHDWHVHQmRVmRQRYRV'HVGHRVWHPSRVEtEOLFRV

ERDV WrPVH HPSHQKDGR HP FRQVWUXLU YLV}HV GR IXWXUR 0DV p

SDUWLFXODUPHQWH HVWD QRVVD HUD GH WUDQVIRUPDo}HV YHUWLJLQRVDV ²

FRP R HVSDQWRVR SURJUHVVR WpFQLFRFLHQWtILFR GRV ~OWLPRV FHP

DQRV FRP DV QRYDV LGHRORJLDV TXH GHOH GHULYDUDP FRP D

UHYROXomR GRV KiELWRV GH YLGD H GH SHQVDPHQWR H GRV YDORUHV

HVWDEHOHFLGRV ² TXH VXSUH DV PDLV LQVyOLWDV PDWpULDV SDUD DV

HVSHFXODo}HV HP WRUQR GR SRUYLU +RMH PDLV GR TXH QXQFD

SHQVDGRUHV GH WRGDV DV HVFRODV VHMD SHOD DQiOLVH IULDPHQWH

GLVFXUVLYDVHMDHPY{RVGHIDQWDVLDSURFXUDPVHJXLUDVOLQKDVGD

HYROXomR GD HVSpFLH KXPDQD DWp XP GHVIHFKR FXMD QDWXUH]D

background image

SUHYLVWDYDULDFRQIRUPHRWHPSHUDPHQWRHDVLQFOLQDo}HVGHFDGD

SURIHWD GHVGH R UHLQDGR GD 8WRSLD GHVGH D FRQTXLVWD GH XPD

QRYD ,GDGH GH 2XUR DWp D DXWRDQLTXLODomR GD UDoD DWp D

FRQVXPDomRGR-Xt]R)LQDO

+X[OH\ FXMDV SUHYLV}HV VH LQFOXHP QHVWD ~OWLPD FDWHJRULD

GHXQRVFRQWDLQVLVWHQWHPHQWHGDVVXDVSURIXQGDVDSUHHQV}HVH

PRVWURXVH ERP SURIHWD TXDQGR Mi QD GpFDGD GRV IRL XPD

GDV SULPHLUDV YR]HV LVRODGDV D DJLWDU DV TXHVW}HV TXH KRMH

PRELOL]DPFRQVHUYDFLRQLVWDVQDWXULVWDVHFRORJLVWDVHSDFLILVWDVH

DSUHYHUFRPQRWiYHOSUHFLVmRDRQGDGHYLROrQFLDWHUURULVWDTXH

DYDVVDOD R PXQGR HP HVFDOD VHP SUHFHGHQWHV 1R JrQHUR

´URPDQFHGRIXWXURµMiQRVDEDORXKiPDLVGHWULQWDDQRVFRPR

VHX $GPLUiYHO PXQGR QRYR LPSUHVVLRQDQWH GHVFULomR GH XPD

VRFLHGDGH OHYDGD D XPD QRYD IRUPD GH EDUEiULH SHOR FXOWR

GHVXPDQL]DQWH GD PiTXLQD 3HVVLPLVWD H[WUHPDGR GHFODUDVH

UHSHWLGDPHQWH LQFDSD] GH LPDJLQDU XPD VROXomR TXH GHVYLH D

KLVWyULD GD KXPDQLGDGH GH XP HStORJR IDWDO $ HYROXomR GRV

DFRQWHFLPHQWRV GHVGH HQWmR H GH PRGR HVSHFLDO D 6HJXQGD

*UDQGH *XHUUD YLULDP QmR DSHQDV UHIRUoiOR QHVVD FRQYLFomR

FRPRVXJHULUOKHXPDQRYDIRUPDSDUDRGHVHQODFHDQXQFLDGR

(P2PDFDFRHDHVVrQFLDTXHSRGHDVVLPVHUWRPDGRSRU

XP VXFHVVRU GR $GPLUiYHO PXQGR QRYR D Dom R VH VLWXD HP

SULQFtSLRV GR VpFXOR ;;,, SDUD H[SRU D YLVmR DSRFDOtSWLFD GDV

UXtQDVGHXPPXQGRGHYDVWDGRFHQWRHWDQWRVDQRVDQWHVSHOD

7HUFHLUD *XHUUD 0XQGLDO JXHUUD TXH R HPSUHJR GDV DUPDV

DW{PLFDVHEDFWHULROyJLFDVUHGX]LXDGXUDomRGHWUrVEUHYHVGLDV

2 DUWLItFLR GH FRPSRU R HQUHGR VRE D IRUPD GH XP URWHLUR

FLQHPDWRJUiILFRFRQVWLWXLDTXLXPDFKDGRH[FHOHQWHDGDSWDQGR

VHSRUXPODGRDRHOHPHQWRIDQWiVWLFRGRDUJXPHQWRSRURXWUR

SHUPLWLQGRRHPSUHJRGDDOHJRULDHGHUHFXUVRVSUySULRVGHXPD

DUWH HVVHQFLDOPHQWH SOiVWLFD H GLQkPLFD FRP R TXH VH FULD XP

DXWrQWLFRSURFHVVRGHYLVXDOL]DomR

2OLYURIRLHVFULWRHPSRUWDQWRVREDLQVSLUDomRGLUHWD

GDFRPRomRTXHRVHFRVGDVH[SORV}HVGH+LUR[LPDH1DJDViTXL

DEDODUDPRPXQGRDVVLQDODQGRRDGYHQWRGD(UD$W{PLFD1mR

background image

DGPLUD TXH RV YDWLFtQLRV GH +X[OH\ DWLQMDP DTXL R DXJH GR

SHVVLPLVPR TXH R VHX MXOJDPHQWR GD QDWXUH]D KXPDQD DVVXPD

XPD YLROrQFLD VHP SUHFHGHQWHV TXH D VXD LURQLD FXOPLQH QR

JrQHURPDFDEUR

$PXLWRVRVHXSHVVLPLVPRSDUHFHUiH[FHVVLYR/HYDGRHP

VXDVFUHQoDVPDLVSHORGHVHMRTXHSHORHQWHQGLPHQWRRKRPHPp

HPJHUDOXPRWLPLVWDLQFRUULJtYHO'HUHVWRFDEHFRQVLGHUDUTXHp

DLQGDUHODWLYDPHQWHIiFLOHVSHUDUSHORPHOKRUTXDQGRVHpXPGRV

DIRUWXQDGRV SDUD TXHP DV FDWiVWURIHV UHFHQWHV VH UHGX]LUDP D

XPD FROHomR GH PDQFKHWHV D DOJXPDV IRWRJUDILDV HPEDoDGDV H

PHLDG~]LDGHHVWDWtVWLFDVLQH[SUHVVLYDVHVVDVPHVPDVMiXPWDQWR

UHPRWDVQDPHPyULD7RGDYLDHVVHRWLPLVPRWHPTXHSUHVVXSRU

XPUHVWRGHIpQDVYLUWXGHVKXPDQDV(QRPXQGRGHKRMHYLYHP

PLOK}HVGHVHUHVTXHYLUDPFRPRVSUySULRVROKRVRXVHQWLUDPQD

SUySULDFDUQHDLQMXVWLoDHDFUXHOGDGHOHYDGDVDRVH[WUHPRVPDLV

DERPLQiYHLVHGHTXHPVHUiVHPG~YLGDGLItFLOHVSHUDUWDOHVSpFLH

GHIp

6HMDFRPRIRUEDVWDXPUHODQFHDRVFDEHoDOKRVGRVMRUQDLV

GRGLDSXUDVVHYHULILFDUTXHRURPDQFHQmRSHUGHXXPDSDUFHOD

VHTXHUGHVXDDWXDOLGDGH$KLVWyULDTXHDTXLVHQDUUDHPWRPGH

IDUVDSHUWHQFHDRVGRPtQLRVGRSRVVtYHOHGRSURYiYHOUHSUHVHQWD

HPUHDOLGDGHRVWHPRUHVSUHVHQWHVHPPDLRURXPHQRUJUDXQR

IXQGR GD FRQVFLrQFLD GH FDGD FULDWXUD H p LPSRVVtYHO

SHUFRUUHUOKHDVSiJLQDVVHPXPDUUHSLR6HDOJXPUHSDURKiGH

VHU IHLWR p TXH DV SUHYLV}HV GRV HVSHFLDOLVWDV TXDQWR jV

FRQVHTXrQFLDVGHXPDJXHUUDQXFOHDUVmRKRMHPXLWRPDLVQHJUDV

4XHPFRQKHFHDREUDGH+X[OH\VDEHTXHHOHQmRDSRQWD

VROXo}HV3DUDHOHDPDUFKDUXPRDRDELVPRQmRSRGHPDLVVHU

GHWLGD H RV UDURV LQGLYtGXRV KRMH FDSD]HV GH UHXQLU HP VL RV

DWULEXWRV GH XPD YLGD SOHQD H KDUPRQLRVD HVWmR

LUUHPHGLDYHOPHQWH FRQGHQDGRV DR IUDFDVVR H j SURVFULomR QD

VRFLHGDGH PRGHUQD SOXWRFUiWLFD H YXOJDUL]DGD SHOR GRPtQLR GD

PiTXLQD $SHVDU GH WXGR LQVLVWH QD QHFHVVLGDGH GR DPRU H GD

WROHUkQFLDFRPR~QLFDVIRUoDVFDSD]HVGHVHRSRUjVSRWrQFLDVGR

PDOeQDFRQILJXUDomRGHVVDWHVHTXHQRVGiDVVXDVSiJLQDVPDLV

background image

FRPRYHQWHVHpGHQRWDUFRPRMXVWDPHQWHQDGLItFLOVXSHUSRVLomR

GD LURQLD H GR OLULVPR QD DOWHUQkQFLD GR JURWHVFR H GR SRpWLFR

TXHQRVID]OHPEUDURXWURDUWLVWDJHQLDO&KDUOHV&KDSOLQUHVLGH

RVHJUHGRGRVHXLPSDFWRGUDPiWLFR0DVRVVHXVDSHORVWrPR

WRPGHTXHPVDEHTXHSUHJDQRGHVHUWRHDV~QLFDVSDODYUDVGH

HVSHUDQoDTXH GHOH RXYLPRV HVWmR FRQGLFLRQDGDV j FRQVXPDomR

GD WUDJpGLD ´7RGD YH] TXH R PDO p OHYDGR DWp DR OLPLWH HOH

GHVWUyLVHDVLPHVPR$SyVRTXHD2UGHPGDV&RLVDVUHWRUQDj

VXSHUItFLHµ

1mR p IiFLO GHILQLU HP SRXFDV SDODYUDV XPD SHUVRQDOLGDGH

WmRFRPSOH[DHFRQWUDGLWyULDWDQWRPDLVTXDQGRDVXDGRXWULQD

QmR IRUPD XP FRUSR HVWUDWLILFDGR FDUDFWHUL]DQGRVH DQWHV SRU

XPDHYROXomRFRQWtQXD²HPFHUWRVDVSHFWRVjVYH]HVXPWDQWR

SDUDGR[DO²QDTXDOSRGHPRVVHSDUDUDLQGDTXHVHPWUDoDUOKHV

OLPLWHVGHILQLGRVSHORPHQRVWUrVIDVHVGLVWLQWDV

$VViWLUDVUHYROXFLRQiULDVGDVXDMXYHQWXGHTXHPDUFDPD

VXD´IDVHGHVWUXLGRUDµVmRIDUSDVGLULJLGDVFRQWUDDVRFLHGDGH²

HVSHFLDOPHQWH D FKDPDGD ´DOWDµ VRFLHGDGH WDO FRPR HOH D

FRQKHFHX GH SHUWR ² FRP VHXV YtFLRV VHX HVQRELVPR VHX

HVFDSLVPRVXDLQFRQVFLrQFLDGDUHDOLGDGHVHXWpGLRGHYLYHU

6REUHRTXHUHVWDGDGHPROLomRSURFXUD+X[OH\GDUIRUPD

DRVHXLGHDOpWLFR)D]GHFODUDomRGHDJQRVWLFLVPRHLQYRFDQGR

RVFXOWRVSDQWHtVWDVGD*UpFLD$QWLJDHGR5HQDVFLPHQWRWUDoDD

VXD ILORVRILD KXPDQLVWD GR ´DGRUDGRU GD YLGDµ VHXV SRVWXODGRV

VmR RV GH TXH ´D YLGD QHVWH SODQHWD p SUHFLRVD HP VL

LQGHSHQGHQWHPHQWH GH TXDOTXHU DOXVmR D KLSRWpWLFRV PXQGRV

VXSHULRUHVDHWHUQLGDGHVDH[LVWrQFLDVIXWXUDVµHTXH´RILPGD

YLGD p YLYHUµ &RUSR H DOPD LQVWLQWR H LQWHOLJrQFLD VmR

PDQLIHVWDo}HV LJXDOPHQWH GLYLQDV H WrP R PHVPR GLUHLWR j

H[LVWrQFLD2KRPHPSRU QDWXUH]D GLYHUVR H LQFRHUHQWH GHQWUR

GD VXD XQLGDGH GHYH WHU R HVStULWR DEHUWR D WRGDV DV GLIHUHQWHV

IRUPDV GD YHUGDGH GHYH DFHLWDU RV VHXV HXV P~OWLSORV H FRP

WRGRV HOHV YLYHU LQWHQVDPHQWH 'RV ´H[FHVVRV HTXLOLEUDGRVµ

UHVXOWDUiDULFDYLGDGRKRPHPLQWHJUDO7RGRVRV´H[FHVVRVQmR

HTXLOLEUDGRVµ ² D PRUWLILFDomR DVFpWLFD FRPR D OLEHUWLQDJHP

background image

HPEUXWHFHGRUDRLQWHOHFWXDOLVPRSXURFRPRDFDoDDRGLQKHLUR

RX DRV SUD]HUHV IiFHLV ² VmR SHFDGRV FRQWUD D YLGD H SRUWDQWR

RXWUDVWDQWDVIRUPDVGHFXOWRGDPRUWH

0DV WDO GRXWULQD p SHQVDGD H Qm R YLYLGD p XP SURGXWR

HODERUDGR GD PHQWH H QmR XPD PDQLIHVWDomR GD VXD QDWXUH]D

SHVVRDO 2 +X[OH\ TXH VH QRV UHYHOD DWUDYpV GDV SDWpWLFDV

FRQILVV}HV GH 3KLOLS 4XDUOHV GH $QWKRQ\ %HDYLV RX GH )UDQFLV

&KHOLIHU p GH QDWXUH]D WtPLGD LQDGDSWDGD H SURIXQGDPHQWH

LQWURYHUWLGD GRPLQDGD SHOD SDL[mR LQWHOHFWXDO FDSD] GH

FRPSUHHQGHU H UDFLRQDOL]DU WRGDV DV HPRo}HV H WRGRV RV

VHQWLPHQWRV PDV TXH VH HVTXLYD SHUWXUEDGD jV LQMXQo}HV

FRPSOH[DV GD YLGD SUiWLFD H GRV FRQWDWRV SHVVRDLV TXH Vy

HQFRQWUD UHI~JLR H OLEHUGDGH QR LVRODPHQWR GR VHX SUySULR

PXQGR LQWHULRU $ VXD YLVmR DQJXVWLDGD GRV SUREOHPDV GD YLGD

QmR HQFRQWUD VROXo}HV QR HVSDoR H QR WHPSR (VVH GUDPiWLFR

FRQIOLWRH[SOLFDUiWDOYH]R~OWLPRHVWiJLRGDVXDHYROXomRDVVXDV

WHQGrQFLDVPtVWLFDVGHFHUWRPRGRVHPSUHPDQLIHVWDVILQDOPHQWH

SUHGRPLQDPOHYDQGRRDDSURIXQGDUVHQDSHVTXLVDGDVYLGDVH

GRV HVFULWRV GRV JUDQGHV PtVWLFRV GH WRGDV DV pSRFDV WDQWR GR

2FLGHQWH FRPR GD ÌQGLD H GD &KLQD D FRQGHQVDUOKHV R

SHQVDPHQWR HP DQWRORJLD H D LQLFLDUVH H[SHULPHQWDOPHQWH QRV

IHQ{PHQRV GR r[WDVH $ FRQFHSomR KXPDQLVWD FHGH OXJDU DRV

SRVWXODGRVGRTXH/HLEQL]FKDPRXGH´)LORVRILDSHUHQHµHTXH

FRQVWLWXL SDUD +X[OH\ ´R Pi[LPR GLYLVRU FRPXP GH WRGDV DV

WHRORJLDVµ R ILP VXSUHPR GR KRPHP VREUH D 7HUUD p R

FRQKHFLPHQWR GLUHWR H XQLWLYR GR GLYLQR SULQFtSLR GH WRGD D

H[LVWrQFLDHWDOFRQKHFLPHQWRVySRGHVHUDWLQJLGRSHORVSREUHV

GHHVStULWRHSXURVGHFRUDomR1mRPDLVD´YLGDSHORDPRUGD

YLGDµ H D UHJUD GRV H[FHVVRV HTXLOLEUDGRV PDV D DQXODomR GD

YRQWDGH D QHJDomR GR HX H D FRPXQKmR EHDWtILFD FRP R

$EVROXWR

3RUPDLVSHUWXUEDGRUDVTXHSRVVDPSDUHFHUDVFRQWUDGLo}HV

HQYROYLGDVQHVVDPHWDPRUIRVHHODVQmRQRVLPSHGHPGHIL[DUR

FDUiWHU JHUDO GR SHQVDPHQWR KX[OH\DQR SRUTXH PHVPR RQGH

PXGDUDPDVSUHPLVVDVDVLQIHUrQFLDVSUiWLFDVPDQWLYHUDPVHHP

background image

HVVrQFLD LQDOWHUDGDV +X[OH\ p IXQGDPHQWDOPHQWH XP

LQGLYLGXDOLVWD H XP DULVWRFUDWD QR PHOKRU VHQWLGR GR WHUPR H

LVWR VH HYLGHQFLD QD VXD LQWHUSUHWDomR GD +LVWyULD TXH HOH SRU

VLQDO UHFXVD DGPLWLU FRPR FLrQFLD HP FRPSOHWD RSRVLomR DRV

PDWHULDOLVWDVKLVWyULFRVSDUDTXHPDVDo}HVHFULDo}HVLQGLYLGXDLV

QmRVmRPDLVTXHIUXWRVGHXPDHYROXomRVRFLDO UHJLGD SRU OHLV

TXHQDGDRXPXLWRSRXFRWrPDYHUFRPRLQGLYtGXRLVRODGRH

TXHVyWrPYDORUjOX]GHVVDHYROXomRHOHFRQWLQXDDDFUHGLWDUQD

PHQWHKXPDQDLQGLYLGXDOFRPRIRUoDSURSXOVRUDGDFLYLOL]DomRH

FRPR YDORU VXSUHPR HP VL PHVPD 'Dt R VHX GHVSUH]R SHOR

+RPHP &RPXP SHOR LQH[SUHVVLYR &LGDGmR 0pGLR FXOWRU GR

PHLRWHUPRTXHSDUDHOHQmRSDVVDGHHOHPHQWRFRQVWLWXWLYRGH

XPDPDVVDDPRUIDHDE~OLFDFHJDPHQWHFRQGX]LGDSHODVPLQRULDV

GHLQGLYtGXRV²WLUDQRVSHQVDGRUHVRXVDQWRV²FXMDVYLGDVQmRVH

UHVWULQJHPQRVOLPLWHVGDPRGHUDomR´RHQRUPH/HYLDWmTXHp

D KXPDQLGDGH GRV PHGtRFUHV RVWHQWD R VHX YDVWR WUDVHLUR Wm R

SHVDGRTXHTXDVHQmRSRGHVHPH[HUTXDQGRDSRQWDGDERWDR

DWLQJH UHVVDOWD FRP XP UXtGR VXUGR $V YH]HV TXDQGR RV

SRQWDSpV VmR PDLV YLROHQWRV H PHOKRU GLULJLGRV TXH

KDELWXDOPHQWH R PRQVWUR VH PH[H OLJHLUDPHQWH 6mR HVVDV DV

PRGLILFDo}HV TXH GH Ki XPDFHQWHQD GH DQRV SDUD Fi R ERP

WRPFRQYHQFLRQRXGHQRPLQDU3URJUHVVRµ'DtWDPEpPDSOHQD

FRQVFLrQFLD GH TXH D VXD pWLFD QXQFD VH DSOLFRX j KXPDQLGDGH

FRPRXPWRGR´3DUDRPRUDOLVWDDVGRXWULQDVGRDGRUDGRUGD

YLGD SRGHP SDUHFHU VXEYHUVLYDV H SHULJRVDV GH IDWR R ¶)D\ FH

TXHYRXOGUDV·GH7KpOqPHVHGLULJLDXQLFDPHQWHjV¶JHQVOLEqUHV

ELHQQH]ELHQLQVWUXLFW]FRQYHUVDQVHQFRPSDJQLHV KRQQHVWHV·

3DUD RV RXWURV DV LQLELo}HV YLQGDV GH IRUD VRE D IRUPD GH

DJHQWHV GH SROtFLD H YLQGDV GH GHQWUR VRE D IRUPD GH

VXSHUVWLo}HV VHUmR VHPSUH QHFHVViULDVµ ( PDLV ´9LYHU

KDUPRQLRVDPHQWH p XPD TXHVWmR GH WDWR H GH VHQVLELOLGDGH GH

UDFLRFtQLRGHHTXLOtEULR GH LQFHVVDQWH DMXVWDPHQWR H LVVR H[LJH

TXH VH VHMD EHPHGXFDGR H DULVWRFUiWLFR VRE R SRQWR GH YLVWD

PRUDOSRUKiELWRHSRULQVWLQWRµ

background image

$LQGD HP RSRVLomR DRV KLVWRULDGRUHV FLHQWtILFRV QHJDVH

+X[OH\DFRORFDURVGHVWLQRVGDKXPDQLGDGHHPWHUPRVGHIDWRV

HFRQ{PLFRVHUHYROXo}HVVRFLDLV2KRPHPHFRQ{PLFRpSDUDHOH

XPD DEVWUDomR TXLPpULFD DLQGD PDLV DEVXUGD SRU SDUHFHU WmR

SRVLWLYLVWD &RPSDUDU VLVWHPDV HFRQ{PLFRV FRPR FDSLWDOLVPR H

FRPXQLVPR HP VXDV UHODo}HV FRP D UHDOLGDGH VRFLDO QR PXQGR

PRGHUQR p TXHVWmR GHVWLWXtGD GH LQWHUHVVH SRUTXH DPERV VH

DSyLDPQXPDUWLJRGHIpFRPXPTXHpDLGRODWULDGRSURJUHVVR

LQGXVWULDO H GD RUJDQL]DomR H DPERV FRQGX]HP D HIHLWRV

LGrQWLFRV SRU XP ODGR R SURYiYHO QLYHODPHQWR GH UHQGLPHQWRV

QXPSDGUmRGHSURVSHULGDGHFROHWLYDUD]RDYHOPHQWHHOHYDGRRX

VHMD XPD XQLYHUVDOL]DomR GD EXUJXHVLD GHFRUUrQFLD HVWD GH

PpULWRV HP VL GXYLGRVRV SRU RXWUR ODGR D FUHVFHQWH

FHQWUDOL]DomRGRSRGHUQDVPmRVGDVPLQRULDVJRYHUQDQWHVWXGR

UHVXOWDQGR QD SURJUHVVLYD UHGXomR GD OLKHUGDGH LQGLYLGXDO QD

HVWDQGDUGL]DomR GR KRPHP QR DYLOWDPHQWR GRV YDORUHV

HVSLULWXDLVHQXPDHVWXOWLILFDomRJHUDOGDYLGD(QFDUDGRVREHVVH

DVSHFWRRLGHDOWHFQLFLVWDGHXWLOL]DUDVFRQTXLVWDVGDFLrQFLDQD

UHGXomR GH DOJXPDV KRUDV GD MRUQDGD Gy WUDEDOKDGRU FDUHFH GH

VHQWLGR XPD YH] TXH HVVH yFLR VXSOHPHQWDU LUi VHU SUHHQFKLGR

QmRSHODYLGDDWLYDHFULDGRUDPDVSHODVGLYHUV}HVPHFDQL]DGDVGR

WLSR RSLiFHR SURSRUFLRQDGDV SHOR UiGLR SHOR FLQHPD SHOD

WHOHYLVmR RX SRU TXDOTXHU GDV PRGDOLGDGHV GR JRRGWLPH

PRGHUQR

7DODWLWXGHWHPHPJUDQGHSDUWHXPIXQGRSVLFROyJLFRpR

SUySULR +X[OH\ TXHP FODVVLILFDQGRVH D VL PHVPR FRPR XP

´VXEDTXLVLWLYRµFRQVWLWXFLRQDOVHFRQIHVVDLQFDSD]GHLQWHUHVVDU

VH HP SHQVDPHQWRV RX DWLYLGDGHV TXH WHQKDP SRU PyYHO R

GLQKHLUR2VSUREOHPDVPHVTXLQKRVHFRWLGLDQRVGDFKDPDGDOXWD

SHODYLGDQmRFRQVWLWXHPSDUDHOHPDWHULDOOLWHUiULRHR´KRPHP

GH QHJyFLRVµ HVWHUHRWLSDGR QR %DEELWW GH 6LQFODLU /HDLV

UHSUHVHQWD R REMHWR GR VHX VXSUHPR GHVGpP $TXL VH H[SOLFDP

WDPEpPDVSHUVRQDJHQVGRVVHXV´URPDQFHVGHLGpLDVµ²SHVVRDV

ILQDPHQWH HGXFDGDV TXH KDELWDP R :HVW (QG SRVVXHP YLODV

FDPSHVWUHVQD,WiOLDYLYHPGHUHQGDVKHUHGLWiULDVHHQFKHPVHX

background image

yFLR FRP DYHQWXUDV JDODQWHV RX FRP GLVFXVV}HV ILORVyILFDV H

DUWtVWLFDV FKHLDV GH HVStULWR H UHTXLQWH e YHUGDGH TXH HP VXD

PDLRULDHOHDVPDOWUDWDGXUDPHQWHFRPDVXDViWLUD0DVPHVPR

DV TXH PHUHFHP D VXD VLPSDWLD HQFDUQDQGR YLUWXGHV SRVLWLYDV

QmR IRJHP PXLWR k UHJUD 4XDVH VHPSUH DUWLVWDV p HQWUH RV

DUWLVWDVTXHHOHLQFOXL´DPDLRULDGHVVHVUDURVVHUHVKXPDQRVSHORV

TXDLV VH SRGH VHQWLU DGPLUDomR H UHVSHLWRµ VmR SHVVRDV TXH

DXIHULQGR RX QmR SURYHQWRV GH VXDV DWLYLGDGHV LQWHOHFWXDLV

SDUHFHP YLYHU PDLV RX PHQRV LVHQWDV GH SUHRFXSDo}HV GH

VXEVLVWrQFLDPDWHULDO$GHPDLVVXDVSHUVRQDJHQVWrPSRUIXQomR

SUHFtSXDVLPEROL]DUGHWHUPLQDGRVSDGU}HVGHSHQVDPHQWRRXGH

FRPSRUWDPHQWR ² QmR UHSUHVHQWDP FDUDFWHUHV PDV

SHUVRQLILFDo}HVGHLGpLDVHQHVVDTXDOLGDGHVmRPDLVRXPHQRV

LUUHDLV H PHVPR QDV SDODYUDV GH 3KLOLS 4XDUOHV ´OHYHPHQWH

PRQVWUXRVDVµ

,QGLYLGXDOLVPRHDULVWRFUDWLVPRSRGHPOHYDUDGRXWULQDVGH

WLUDQLDHRSUHVVmR(P+X[OH\SHORFRQWUiULRUHVXOWDPQXPLGHDO

GHOLEHUGDGHWROHUkQFLDHUHVSHLWRP~WXR(GHVGHTXHHVVHVEHQV

VmRFRORFDGRVQDGHSHQGrQFLDGHYLUWXGHVLQGLYLGXDLVpHYLGHQWH

TXHQmRVHSRGHHVSHUDUGHOHQDGDTXHVHDVVHPHOKHjSUHWHQVmR

GH UHIRUPDGRU VRFLDO 3RUTXH DFHLWDQGR D FRPSOH[LGDGH H

GLYHUVLGDGH GR VHU KXPDQR HOH GHVFRQILD SURIXQGDPHQWH GH

TXDQWRV MXOJDP SRGHU DGDSWDU DV QRUPDV GH FRPSRUWDPHQWR D

VLVWHPDVUtJLGRVORJLFDPHQWHFRQFHELGRVSRUTXHDFHLWDQGRHVVD

FRPSOH[LGDGHHGLYHUVLGDGHQmRDSHQDVFRPRUHDOLGDGHLQHYLWiYHO

PDV FRPR FRQGLomR GH UHDOL]DomR GRV YDORUHV KXPDQRV

VXSHULRUHVOKHUHSXJQDPDVOLPLWDo}HVHFRDo}HVQHFHVVDULDPHQWH

GHFRUUHQWHV GD DSOLFDomR GH WDLV VLVWHPDV H ILQDOPHQWH SRUTXH

SDFLILVWD IHUYRURVR UHSXGLD WRGD YLROrQFLD SHUSHWUDGD HP QRPH

GHSUREOHPiWLFRVILQVGHLGHDLV

1HVWHVHQWLGRSRGHUVHLDHPFHUWDPHGLGDDUUROiODHQWUH

RV LQVSLUDGRUHV GDV FRPXQLGDGHV GLWDV DOWHUQDWLYDV TXH VH

SURS}HPSURWHVWDUFRQWUDR´VLVWHPDµHGHOHVHOLEHUWDU0DVDVXD

YDJD DSRORJLD GH XP DUUDQMR VRFLDO PDLV VLPSOHV PDLV U~VWLFR

PHQRV GLYRUFLDGR GDV RULJHQV H GD QDWXUH]D PHQRV GRPLQDGR

background image

SHODVJUDQGHVRUJDQL]Do}HVFHQWUDOL]DGDVGHYHVHUHQWHQGLGDDQWHV

FRPRGLYDJDomRQRVWiOJLFDGRTXHFRPRSURSRVLomRSUiWLFDTXH

HOH VDEH LQYLiYHO QD PHGLGD HP TXH VH RS}H UDGLFDOPHQWH jV

SUySULDVEDVHVGDVRFLHGDGHPRGHUQD

$VUHIOH[}HVGH+X[OH\VLWXDPVHQXPYDVWRFDPSRDEHUWR

jV PDLV GHVHQFRQWUDGDV FRQWURYpUVLDV (QWUHWDQWR QmR p

QHFHVViULRFRQFRUGDUFRPHOHSDUDUHFRQKHFHUOKHRVWUDoRVTXH

ID]HP JUDQGH D VXD REUD D KRQHVWLGDGH H D FRUDJHP TXH S}H

QHVVH LPSXOVR SULPRUGLDO GD PHQWH LQWHOLJHQWH TXH p R GH

FRQKHFHUDYHUGDGHHHYLWDURHUURHDVXDLQGLVFXWtYHOSRVLomRGH

GHIHQVRUGRVYDORUHVEiVLFRVGDYLGDHGDGLJQLGDGHHVVHQFLDOGR

KRPHP 1HVWD pSRFD GH kQVLD SRU HVTXHPDV VDOYDGRUHV QmR

IDOWDUiTXHPRDFXVHGHFRQIRUPLVWDHGHVWUXLGRUSRUFRQVLGHUDU

RVPDOHVGRPXQGRVHPUHPpGLR0DVQDVSDODYUDVGH*RHWKH

´DR KRPHP FDEH DJLWDU H QmR UHVROYHU RV SUREOHPDVµ H R

FRQKHFLPHQWRGRPDOpRSULPHLURSDVVRSDUDSUHYHQLOR

1HVVHVHQWLGR2PDFDFRHDHVVrQFLDpXPDHQWUHDVPXLWDV

DGYHUWrQFLDVTXHKRMHVHOHYDQWDPGHWRGDVDVSDUWHVGRPXQGR

GDV JUDYHV DPHDoDV TXH SDLUDP VREUH RV GHVWLQRV GR KRPHP H

VREUH D VXD SUySULD VREUHYLYrQFLD &RPR WDO SRGHUi WDOYH]

FRQWULEXLUSDUDTXHDIDUVDQmRVHWRUQHWUiJLFDUHDOLGDGH

-RmR*XLOKHUPH/LQNH


Wyszukiwarka

Podobne podstrony:
Aldous Huxley Ape and Essence (rtf)
ALDOUS HUXLEY Nowy wspaniały świat
Aldous Huxley Drzwi percepcji
Nuestro Circulo 653 ALDOUS HUXLEY
Drzwi percepcji Niebo i pieklo Aldous Huxley
Aldous Huxley Nowy Wspaniały Świat
Aldous Huxley Nowy wspaniay świat
Niebo i Pieklo Aldous Huxley
Aldous Huxley Jacob s Hands Christopher Isherwood
!Aldous Huxley Nowy wspanialy swiat
Aldous Huxley On Drugs And Creativity
Un Arte de Ver Aldous Huxley
Aldous Huxley Drzwi percepcji
Nowy wspaniały świat – jeszcze wizja przyszłości czy już diagnoza współczesnego świata (fragment utw
Aldous Huxley
Aldous Huxley Die Pforten der Wahrnehmung
58) Aldous Huxley Nowy wspaniały świat
Aldous Huxley Nowy wspaniały świat

więcej podobnych podstron