Professional Documents
Culture Documents
3XQWRVGH
LQWHUpVHV
SHFLDO 12+$%/2´
x $VRFLDFLRQHV
SDUDIDPLOLDUHV
0~VLFD\7,&XQDVROXFLyQ
DOWHUQDWLYDDODXWLVPR
GHSHUVRQDVFRQ
DXWLVPR
9 R O X P H Q Q G H 1 R Y L H P E U H G H
x (QODFHVGH
LQWHUpVFRQ
PDWHULDOPXOWL
PHGLDSDUD
SDGUHV\HGXFD
GRUHV
1(&(6,'$'(6('8&$7,9$6
x %ORJVFRQ
HQODFHVGH
(63(&,$/(61((
PDWHULDOPXVLFDO
PXOWLPHGLD
+R\ GtD UHVXOWD HYL SXHGH RIUHFHU PiV VH SRVLELOLGDG GH DGHQWUDU
KWWS GHQWH OD UHDOLGDG TXH JXULGDG FRQ UHVSHFWR D QRV HQ HO PXQGR GH HV
FXDUWHWRPXVLFDHQ
YLYHQ DOJXQRV SDGUHV \ ODV DFWXDFLRQHV TXH OOH WRVDOXPQRVSDUDHQWHQ
YLYREORJVSRWFRP
PDHVWURVFRQUHVSHFWRD YHQ D FDER FRQ VXV SH GHU VXV LGHDV SHQVD
KWWS ORV QLxRV TXH SUHVHQWD PLHQWRV \ IRUPD GH
ODDFHLWXQDPXVL
FDOEORJVSRWFRP
QHFHVLGDGHV HGXFDWL SHUFLELUHOHQWRUQR
YDVHVSHFLDOHV1((
([LVWH XQD KHUUDPLHQ
&RQWHQLGR (O SUREOHPD UDGLFD HQ WDTXHQRVRIUHFHH[SOR
TXH OD PD\RUtD GH HOORV WDUDOPi[LPRVXVFDSD
¢4XpVRQODV QR VDEH FRPR HQIUHQ FLGDGHV\HVXQH[FHOHQ
QXHYDVWHF WDUVH D WDO VLWXDFLyQ \ WH YHKtFXOR GH FRPXQL
QRORJtDV" FyPR VDEHUOR VL QXHV ³/DV7,&¶VFRPRUHFXU FDFLyQpVWDHVOD 0~VL
WURV QLxRV QR YLHQHQ DO VR\KHUUDPLHQWDHQOD FD
¢4XpHVOD PXQGR FRQ XQ PDQXDO HGXFDFLyQPXVLFDO
'HQWUR \ IXHUD GHO
PXVLFRWH EDMR HO EUD]R TXH FRQ RIUHFHQP~OWLSOHVYHQ
DXOD H[LVWHQ XQD VHULH
UDSLD" WHQJD ODV LQGLFDFLRQHV D WDMDV\SRVLELOLGDGHV´
GHUHFXUVRV WHFQROy
VHJXLU HQ FDVR GH $X
¢4XpHVHO JLFRV H LQQRYDGRUHV
WLVPR 6tQGURPH GH
$XWLVPR" TXHxRV ~WLOHVDSDGUHV\HGXFD
'RZQ3DUiOLVLVFHUHEUDO
GRUHV TXH SHUPLWLUiQ
HSLOHSVLDHWF 3RU RWUD SDUWH WDP
0$(6752 D\XGDU\URPSHUFRQODV
(63(&,$/,67$ ELpQ HV QHFHVDULR LQ
6RQ PXFKRV ORV LQWHU GLILFXOWDGHV GHO DSUHQGL
(10Ò6,&$ IRUPDU D ORV HGXFDGR
¢4XpKDFHU" URJDQWHV TXH VH SODQWH ]DMH TXH SUHVHQWDQ ORV
¢&yPRDFWXDU" UHVGHODLPSRUWDQFLDGH
DQ ORV SDGUHV GH QLxRV QLxRVFRQ1((
¢4XpDFWLYLGD HVWDU DOGtDHQ HVWRVWH
FRQ 1(( \ HQ RFDVLR
GHVGHVDUUROODU
PDVTXHYLHQHQDVHUOD 6RQ YDULDV ODV HQIHU
QHV HV PXFKR HO WLHP
UHDOLGDG ODWHQWH HQ PX PHGDGHV \ SUREOHPDV
/$618(9$6
SR TXH WUDVFXUUH HQWUH
FKDVDXODV\HVTXHHQ TXH VH HQJOREDQ GHQWUR
7(&12/2*Ë$6 HO QDFLPLHQWR GHO EHEp
&202+(55$ OD DFWXDOLGDG VRQ SRFRV GH ODV 1(( OR TXH KDFH
\ OD GHWHFFLyQ GHO SUR
0,(17$(1/$ ORV PDHVWURV TXH GHV FRPSOHMRKDEODU\WUDWDU
('8&$&,Ï1 EOHPDSRUWDOUD]yQVH
SXpV GH OOHYDU YDULRV GH PDQHUD JHQHUDO WR
KDFH QHFHVDULR WUDVPLWLU
DxRV HMHUFLHQGR QR KDQ GDV HOODV 3RU HVR QRV
-XHJRV D ODV IDPLOLDV GH HVWRV
HQFRQWUDGRHQVXVDXODV FHQWUDUHPRV HQ HO 7UDV
0XVLFDOHV QLxRV WRGRV ORV UHFXUVRV
DOXPQRVFRQ1(( WRUQR GHO $XWLVPR \ VX
'DWRVGH TXH HVWiQ D VX DOFDQFH
WUDWDPLHQWR PHGLDQWH OD
LQWHUpV WRGDV OD LQYHVWLJDFLRQHV &RQVLGHUHPRV TXH OD
P~VLFD \ ODV QXHYDV
&RQVHMRVD TXH VH KDQ UHDOL]DGR HQ SHGDJRJtDVHVLUYHGHOD
WHFQRORJtDV
ORVSDGUHV HVWH FDPSR \ TXH OHV 3VLFRORJtD \ RIUHFH OD
¢48e621/$618(9$6
3iJ L QD
7(&12/2*Ë$6"
6RQWRGRVDTXHOORV (OREMHWLYRGHWRGDV QRORJtDVQRVDSRUWDQ
DYDQFHVWpFQLFRV\ HOODVHVIDFLOLWDUSUR FRQODILQDOLGDGGH
WHFQROyJLFRVTXHJL SLFLDU\PHMRUDUORV D\XGDUDODJHQWHFRQ
UDQGHPDQHUDLQWHU SURFHVRVGHODWUDQV SUREOHPDVGHDXWLV
DFWLYDHQWRUQRDORV PLVLyQUHFHSFLyQGH PR
SURFHVRVGHLQIRUPD LQIRUPDFLyQ\GHFR
FLyQ\FRPXQLFDFLyQ PXQLFDFLyQ
HQWUHVJUDQGHV
(QQXHVWUDLQYHVWL
iPELWRVODVWHOHFR
JDFLyQDSURYHFKDUH
PXQLFDFLRQHVOD
PRVVREUHWRGRORV
LQIRUPiWLFD\ORV
UHFXUVRVPXVLFDOHV
DXGLRYLVXDOHV
TXHODVQXHYDVWHF
³(ODXWLVPR
$IHFWDDOD ¢48e(6/$
FRPXQLFDFLyQ
086,&27(5$3,$"
LPDJLQDFLyQ
6HJ~QOD$07$ FRWHUDSHXWDHQXQ GHSUREOHPDVLQGLYL
SODQLILFDFLyQ\ $PHULFDQ$VVRFLDWLRQ FRQWH[WRWHUDSpXWLFRD GXDOHV\HQODVHOHF
UHFLSURFLGDG IRU0XVLF7KHUDS\ ILQGHIDFLOLWDUFDPELRV FLyQGHREMHWLYRVJH
HQODFRQGXFWD(VWRV QHUDOHVGHWUDWDPLHQWR
HPRFLRQDO´ ³/DPXVLFRWHUDSLD
FDPELRVD\XGDQDTXH DQWHVGHSODQLILFDU\
HVODXWLOL]DFLyQGHOD
HOLQGLYLGXRHQWHUDSLD GLULJLUDFWLYLGDGHVPX
P~VLFDSDUDFRQVHJXLU
VHHQWLHQGDDVtPLV VLFDOHV
REMHWLYRVWHUDSpXWLFRV
PR\DVXSURSLRPXQ
ODUHVWDXUDFLyQPDQ 6HUHDOL]DQHYDOXD
GROOHJDQGRDVtD
WHQLPLHQWR\PHMRUD FLRQHVSHULyGLFDVSDUD
DGDSWDUVHPHMRUDOD
GHODVDOXGPHQWDO\ GHWHUPLQDUODHIHFWLYL
VRFLHGDG&RPRPLHP
ItVLFD GDGGHORVSURFHGL
EURGHXQHTXLSRWH
PLHQWRVHPSOHDGRV´
(VODDSOLFDFLyQVLV UDSpXWLFRHOPXVLFRWH
WHPiWLFDGHODP~VLFD UDSHXWDSURIHVLRQDO
GLULJLGDSRUXQPXVL SDUWLFLSDHQHODQiOLVLV
¢48e(6(/$87,602"
(ODXWLVPRHVXQ HODLVODPLHQWR\ODV DPXWDFLRQHVJHQpWL
WUDVWRUQRGHOGHVDUUR HVWHUHRWLSLDV FDV
OORSHUPDQHQWH\SUR PRYLPLHQWRVLQFRQ
/DPHQWDEOHPHQWH
IXQGR WURODGRVGHDOJXQD
HODXWLVPRQRWLHQH
H[WUHPLGDGJHQHUDO
$IHFWDDODFRPXQL FXUDDXQTXHVHSXH
PHQWHODVPDQRV
FDFLyQLPDJLQDFLyQ GHWUDWDU
SODQLILFDFLyQ\UHFLSUR 6XRULJHQREHGHFH
FLGDGHPRFLRQDO/RV DXQDDQRPDOtDHQ
VtQWRPDVHQJHQHUDO ODVFRQH[LRQHVQHXUR
VRQODLQFDSDFLGDGGH QDOHVTXHHVDWULEXL
LQWHUDFFLyQVRFLDO EOHFRQIUHFXHQFLD
9R O XPH Q Q 3iJ L QD
0$(6752$(63(&,$/,67$(10Ò6,&$
¢4XpKDFHU"¢&yPRDFWXDU"¢4XpDFWLYLGDGHVGHVDUUROODU"
/DP~VLFDGHEHVHUDFFHVL /DFDQFLyQD\XGDDPHMRUDU FRPRPDUFDUHOSXOVRFRQXQLQV
EOHDWRGRVDVHVWRLQFOX\HD SUREOHPDVGHHFRODOLDHQWRQD WUXPHQWRGHSHUFXVLyQPDUFKDUDO
ORVQLxRVFRQ1((3RUORWDQWRHO FLyQHLQFOXVRGHDXVHQFLDFRP ULWPRGHODP~VLFDEDLODUFDQWDU
PDHVWURHVSHFLDOLVWDHQP~VLFD SOHWDGHYHUEDOL]DFLyQ HWF
GHEHSURSRUFLRQDUDODOXPQRXQD
6HKDQREVHUYDGRFRQGXFWDV /DVDFWLYLGDGHVPXVLFDOHVIDYR
VHULHGHH[SHULHQFLDVPXVLFDOHV
HQQLxRVDXWLVWDVHQORVTXHVRQ UHFHQODHVWLPXODFLyQVHQVRULDOOD
TXHVHQVLELOLFHQ\SHUPLWDQGHV
FDSDFHVGHUHSHWLUVHJPHQWRVGH RULHQWDFLyQHVSDFLRWHPSRUDO\
DUUROODUGHVWUH]DVYRFDOHVDXGLWL
FDQFLRQHVHVFXFKDGDVULWPRHV FUHDQVLWXDFLRQHVTXHIDYRUHFHQOD
YDVHLQVWUXPHQWDOHVSRWHQFLDQ
SRQWiQHRDWUDFFLyQSRUFLHUWRV LQWHUUHODFLyQWDQWRFRQREMHWRV
GRVXVFXDOLGDGHV
VRQLGRVRWLPEUHV\PRYLPLHQWR FRPRFRQODVSHUVRQDVTXHHVWiQ
(QHOFDVRGHO$XWLVPRHOFDQWR HVSRQWiQHRIUHQWHDFLHUWRWLSR DVXDOUHGHGRUHQWUHRWURVEHQHIL
UHVXOWDVHUXQDKHUUDPLHQWDLP GHP~VLFD&RQORFXDOODP~VLFD FLRVFRPRHOSHUPLWLUDOQLxRFRQ
SUHVFLQGLEOH\DTXHVHREVHUYD SHUPLWHTXHHOQLxRDXWLVWDGHV DXWLVPRODH[SORUDFLyQHPRFLRQDO
FRQIUHFXHQFLDSUREOHPDVGHOOHQ FXEUDVXFXHUSR\HOHVSDFLRTXH \FUHDUDVLPLVPRXQHVSDFLRGRQ
JXDMHHQORVQLxRVTXHSDGHFHQ OHURGHDDWUDYpVGHDFWLYLGDGHV GHDOLYLDUODDQJXVWLD
HVWHWUDVWRUQR
/$618(9$67(&12/2*Ë$6&202
+(55$0,(17$(1/$('8&$&,Ï1086,&$/
]DQFRPRKHUUDPLHQWDGHDSR\R
(OHGXFDGRUDRHOPDHVWURD /DSODQLILFDFLyQGHODVDFWLYL \DTXHQRSHUPLWHQPRGLILFDFLyQ
GHP~VLFDFXHQWDFRQXQD GDGHVDWUDYpVGHORVUHFXUVRV DOJXQDSRUSDUWHGHORVDOXPQRV
KHUUDPLHQWDTXHIDFLOLWDHOWUD WHFQROyJLFRVFRPRHORUGHQDGRU
EDMRHQODHQVHxDQ]DGHOD YDGHVGHODHGLFLyQGHJUDItDV 2WURUHFXUVRPX\GHVWDFDEOH
HGXFDFLyQPXVLFDO\VHHQ PXVLFDOHVPXVLFRJUDPDVSDUWL HVHOTXHRIUHFHHOXVRGHORVYL
FXHQWUDHQPDUFDGDGHQWURGH WXUDVFUHDFLyQGH0,',¶V\ILFKH GHRMXHJRVDVRFLDGRVFRQODP~VL
ODVQXHYDVWHFQRORJtDVQRV URVPXVLFDOHVTXHDSR\HQODV FDWDOHVFRPRHOJXLWDUKHUR
UHIHULPRVDORVRUGHQDGR H[SOLFDFLRQHVGHFODVH(VWRSHU NDUDRNHHQWUHRWURV7DPELpQHO
UHV PLWHTXHHODOXPQRSXHGDWHQHU XVRGHYLGHRFRQVRODVTXHIXQFLR
XQDSR\RH[WUDHQODVDFWLYLGDGHV QDQPHGLDQWHVHQVRUGHPRYL
([LVWHQHQHOPHUFDGRQXPH PLHQWRVLPXODQGRODHMHFXFLyQGH
TXHWHQJDTXHGHVDUUROODUIXHUD
URVRVSURJUDPDVLQIRUPiWLFRV XQLQVWUXPHQWRRODDFFLyQGH
GHODXOD
TXHSURSRUFLRQDQ\RIUHFHQDO EDLODU
HGXFDGRUPXOWLWXGGHUHFXUVRV $VLPLVPRORVHGLWRUHVPXVLFD
PXVLFDOHVTXHSXHGHQWUDEDMDU OHVVHFXHQFLDGRUHVHGLWRUHVGH 6LHOSURIHVRUDGRHVSHFLDOLVWD
VHGHQWUR\IXHUDGHODXODSR VRQLGRSODWDIRUPDVPXOWLPHGLD VHDGHQWUDHQHOPXQGRGHOD
WHQFLDQGRHQORVQLxRVODDXWR VRQSURJUDPDVTXHXWLOL]DGRV LQIRUPiWLFDPXVLFDOSRGUiGHV
QRPtDHQVXDSUHQGL]DMH FRQFUHDWLYLGDGHQHOiUHDGH FXEULUHQHOODXQDKHUUDPLHQWDQR
P~VLFDSHUPLWHQODHODERUDFLyQ VXVWLWXWLYDSHURVtIDFLOLWDGRUDHQ
(QODDFWXDOLGDGHOXVRGH HODSUHQGL]DMHPXVLFDOGHORVQL
GHDFWLYLGDGHVLQWHUDFWLYDVHQ
ORVRUGHQDGRUHVHVWiDODRUGHQ xRVDV
ODVTXHHODOXPQRSXHGHDFFHGHU
GHOGtD\HOHVSHFLDOLVWDHQ
DODLQIRUPDFLyQ\PDQLSXODUOD
P~VLFDORGHEHDSURYHFKDUSD
VHJ~QVXFRQYHQLHQFLD
UDFRPSOHPHQWDUHODSUHQGL]DMH
\HVWLPXODUHQORVQLxRVODH[ 3RURWUDSDUWHORVWXWRULDOHV
SORUDFLyQ\ODLQFXUVLyQHQOD YLUWXDOHVSURJUDPDVGHHQWUHQD
XWLOL]DFLyQGHORVQXHYRVUHFXU PLHQWR\DSOLFDFLRQHVPXOWLPH
VRVTXHRIUHFHQODV7,& GLDWDOHVFRPR&'520VHXWLOL
3iJ L QD
-
8
(
*
2
6
0
8
6
,
&
$
/
(
6
&$17$*$0(
(VXQDSODWDIRUPDTXHRIUH
FHODSRVLELOLGDGGHUHSURGXFLU
\FDQWDUFDQFLRQHVSDUDVHU
LQWHUSUHWDGDVDWUDYpVGHXQ
PLFUyIRQRHQXQHQWRUQR'
6LPXOWiQHDPHQWHDOPRPHQWR
GHFDQWDUVHPRVWUDUiHQOD
SDQWDOODXQFRPSRQHQWHTXH
DQDOL]DODYR]WRPDQGRHQ
FXHQWDXQDFRUUHFWDHQWRQD
FLyQSDUDSXQWXDUDFDGDSDU
WLFLSDQWH
KWWSZZZMXHJRVOLEUHVQHWGHVWDFDGRVFDQWDJDPHHOMXHJRPXVLFDOKWPO
$/0$&(1$-('(0$7(5,$/(1(/
25'(1$'25
$WUDYpVGHORVSURFHVD &RQHVWHWLSRGHGRFX
GRUHVGHWH[WR\RWURVSUR PHQWRWUDEDMDUHPRVOD
JUDPDVTXHWUDEDMDQORV PHPRULDYLVXDO\ODFRQ
JUiILFRVSRGHPRVDOPDFH FHQWUDFLyQGHPRGRTXH
QDUPXOWLWXGGHPDWHULDO\ HODOXPQRHVWpPRWLYDGR
FUHDFLRQHVSURSLDV HQWRGRPRPHQWR
$GHPiVLQWURGXFLPRVHO
(QHVWHFDVRPRVWUDPRV
MXHJRFRPRKHUUDPLHQWD
HO³812086,&$/´TXHSR
O~GLFD\PRWLYDGRUDSDUD
GHPRVIDEULFDUPHGLDQWHHO
ORVQLxRV\QLxDV
SURJUDPD3$,17
275265(&85626
2WURWLSRGHUHFXUVRV
WHUHFXUVRXWLOL]DGRSDUD
VRQODVYLGHRFRQVR
KRUDVGHRFLRWUDEDMDOD
ODVDOJXQDVGHHOODV
PRWULFLGDGODHQWRQD
FRPROD:,,WLHQHQXQ
FLyQODPHPRULDHOGH
VHQVRUTXHFDSWDHOPR
VDUUROORYRFDOHQWUH
YLPLHQWRPLHQWUDVVH
RWUDVPXFKDVFRVDV'H
HMHFXWDQGLIHUHQWHVDF
PRGRTXHHODOXPQRHV
FLRQHVFRPREDLODUFDQ
WDUiPRWLYDGRHQWRGR
WDUMXJDUDOIXWERO
PRPHQWR\DTXHSULQFL
KDFHUHMHUFLFLRHWF(V
3iJ L QD
'DWRVVREUHHODXWLVPR
³6HJ~QGDWRVGHO&HQWUR$PHULFDQRGH3UHYHQFLyQ\&RQWUROGH(QIHU
PHGDGHVXQRGHFDGDQLxRVHQHOPXQGRVXIUHGHDOJ~QWUDVWRUQR
GHOHVSHFWURDXWLVWDGHFDGDSDGHFHGHUHWUDVRPHQWDO
([LVWHQWLSRVGHDXWLVPR
x $XWLVPRFOiVLFRRGHNDQQHU/RVQLxRVFRQHVWHWUDVWRUQRWLH
QHQSUREOHPDVGHFRPXQLFDFLyQVRFLDOL]DFLyQ\GHFRPSRUWDPLHQ
WR8QGHODVSHUVRQDVFRQDXWLVPRSDGHFHQUHWUDVRPHQWDO
³XQRGHFDGD x 7UDVWRUQRGH5HWW6HGDSULQFLSDOPHQWHHQODVQLxDV\VXHOHVHU
QLxRVHQHO GLDJQRVWLFDGRHQWUHORV\PHVHV/DVQLxDVTXHVXIUHQHVH
WUDVWRUQRSUHVHQWDQGLILFXOWDGHVHQODVKDELOLGDGHVPRWRUDVJUXH
PXQGRVXIUHGH
VDVFDPLQDU\PRYHUVH7DPELpQVHYHQDIHFWDGDVVXVKDELOLGDGHV
DOJ~QWUDVWRUQR GHOHQJXDMHUD]RQDPLHQWR\KDELOLGDGHVGHPRWULFLGDGILQD
GHOHVSHFWUR x 7UDVWRUQRGHVLQWHJUDWLYRGHODQLxH](VPX\SRFRIUHFXHQWH
DXWLVWD´ SHURVHWUDWDGHXQDUHJUHVLyQHQKDELOLGDGHVFRPRHOPRYLPLHQWR
HOFRQWUROGHHVItQWHUHVKDELOLGDGHVVRFLDOHV\GHOOHQJXDMH/RV
QLxRVDVTXHSDGHFHQHVWHWUDVWRUQRFRPLHQ]DQWHQLHQGRXQGHVD
UUROORQRUPDOSHURHQWUHORV\DxRVSUHVHQWDQDOWHUDFLRQHVHQ
FDSDFLGDGHV\DDGTXLULGDV
x 7UDVWRUQRGHO'HVDUUROORQR(VSHFLILFDGR(VWHWUDVWRUQRHV
GLDJQRVWLFDGRDDTXHOORVQLxRVTXHQRSXHGHQVHUHQ
PDUFDGRVGHQWURGHQLQJXQRGHORVPHQFLRQDGRVDQWH
ULRUPHQWHGHELGRDTXHQRUH~QHQORVFULWHULRVXWLOL]DGRV
SRUORVPpGLFRVSDUDHOGLDJQRVWLFR
x 6tQGURPHGH$VSHUJHU(VWHWUDVWRUQRDIHFWD
SULQFLSDOPHQWHDODVKDELOLGDGHVVRFLDOHVODFRRUGLQDFLyQ
\FRQFHQWUDFLyQ/DVSHUVRQDVTXHSDGHFHQHVWHWLSRGH
3LHGHLPD
JHQRJUiIL DXWLVPRWLHQHQXQLQWHUpVSRUWHPDVHVSHFtILFRV/RVQL
FR xRVGLDJQRVWLFDGRVFRQ$VSHUJHUQRVXHOHQWHQHUGLILFXO
WDGHVGHOHQJXDMHHQFXDQWRDYRFDEXODULR\JUDPiWLFD
VHUHILHUHDGHPiVGHSRVHHUXQDLQWHOLJHQFLDQRUPDO\
HQDOJXQRVFDVRVVXSHULRUDODQRUPDO/RVSDFLHQWHTXH
SDGHFHQHVWDHQIHUPHGDGWLHQHGLILFXOWDGHVSDUDHQWHQ
GHUEURPDVRFRPHQWDULRVPDUFDGRVSRUHOVDUFDVPRROD
LURQtD
&216(-26$/263$'5(6<0$'5(6
/RVSDGUHV\PDGUHVGHEHQSHUPDQHFHUDWHQWRVDODP~VL
FDTXHHVFXFKDQVXVKLMRVLQWHUHViQGRVHSRUODVOHWUDVGHVXV
FDQFLRQHVVLQPDQLIHVWDUMXLFLRVDXQTXHQRWHQJDQORVPLVPRV
JXVWRV TXH HOORV SRUTXH JHQHUDOPHQWH HV VX IRUPD GH H[SUH
VDUVH/DP~VLFDHVXQPHGLRH[FHOHQWHGHPDQWHQHUDELHUWDOD
FRPXQLFDFLyQVREUHWRGRHQODDGROHVFHQFLD
³/RVSDGUHV\PDGUHVGHEHQ
6LVXKLMRHVWiKRVSLWDOL]DGR
LQWHUHVDUVHSRUODVOHWUDVGH
x 3RQJDDODGLVSRVLFLyQGHOQLxRDOJ~QDSDUDWR
SDUDTXHSXHGDHVFXFKDUP~VLFD VXVFDQFLRQHVVLQPDQLIHVWDU
x /OpYHQOHVXVGLVFRVR&'¶VSUHIHULGRV MXLFLRV´
x 6LHVSRVLEOHSRQJDQDVXGLVSRVLFLyQLQVWUX
PHQWRVVHP~VLFDTXHOHJXVWHWRFDU
x 6LDOJXQRGHXVWHGHVWRFDXQLQVWUXPHQWRGHP~VLFDRVLFDQWD
DSURYHFKHQODRFDVLyQSDUDKDFHUORFRQVXKLMRRSDUDLQWHUSUHWDU
SDUDpODOJXQDFRVD
6LVXKLMRDVLVWHDXQFHQWURGHHGXFDFLyQHVSHFLDO
x (VWLPXOHQVXVHVIXHU]RVGHH[SUHVLyQPXVLFDO
x )HOLFtWHQOHFXDQGRFDQWH
x &DQWHQFRQpO
x 6LGHPXHVWUDLQWHUpVSRUODP~VLFDRIUp]FDQOHLQV
WUXPHQWRVVHQFLOORVSDUDWRFDUSHURTXHVHDQGH
EXHQDFDOLGDG
x 3URSRUFLyQHQOHXQPHGLRULFRHQHVWtPXORVVRQRURV
VLQVREUHHVWLPXODUDOQLxR
0DGUHFRQVXKLMRDXWLVWD
$/$62&,('$'
$XWLVPXVWLF
/DFRPSUHQVLyQ\ODWROHUDQFLDVRQ
FODYHVHQODFRQYLYHQFLDFRQIDPLOLDV
TXHWLHQHQQLxRVFRQ1((
('8&$&,Ï1086,&$/ /DVSHUVRQDVTXHFRQIRUPDQHO
18(9$67(&12/2*Ë$6 Q~FOHRFHUFDQRGHHVWDVIDPLOLDVGH
$3/,&$'$6$/$('8&$&,Ï1 EHQGHVDUUROODUVHQVLELOLGDG\SUHVWDU
DSR\RDVtFRPRFXDOTXLHULQIRUPDFLyQ
0,5,$0*21=$/(=$5,$6 TXHOHVD\XGH\QROHVKDJDVHQWLUVH
DLVODGRV\RGHVRULHQWDGRV
$/,621)/25(=7255(6 (VLPSRUWDQWHTXHODVRFLHGDGVH
VHQVLELOLFHIUHQWHDHVWHWHPD\HQ
WLHQGDTXHQDGLHHVWiOLEUHGHH[SHUL
PHQWDUXQDVLWXDFLyQVHPHMDQWH
$62&,$&,21(63$5$)$0,/,$5(6'(
3(5621$6&21$87,602
x $62&,$&,Ï1'(3$'5(6'(3(5621$6&21$87,602
KWWSZZZDSQDHV
)(63$8)HGHUDFLyQ(VSDxRODGH$VRFLDFLRQHVGH3DGUHVGH$XWLVWDV
)(63$8
&1DYDOHQR
0DGULG
7HO
)D[
DXWLVWDV#IHVSDXHV
$62&,$&,Ï1218%(16($16$5(6'(3$'5(6<$0,*26'(3(5621$6&21
$87,602<75$6725123(5621$/,=$'2'(/'(6$552//2
&3DGUH$QGLYLD(QWUHSODQWD
+XHOYD
7HO)D[
HVYLOOD#WHOHOLQHHV