6DOXGGHODERWLFDGHOVHxRUGH0DUtD7UHEHQ 
 
3UyORJR 
 
$ SHVDU GH ORV PXFKRV DWDTXHV UHFLELGRV GHVGH ORV PiV GLYHUVRV OXJDUHV ...
(QHVWHFDVRKDEUtDTXHFRQVXOWDUFRQXQ]DKRUtEXVFDGRU 
GHPDQDQWLDOHV
SDUDTXHORFDOL]DUDOXJDUHVOLEUHVGHUDGLDFLRQHV 
(Q FDVRV VHULRV GH PDOHVWDU ILHEUH X RWURV VtQWRPDV GH HQIHUPHGDG PDQLILHVWRV...
TXHWXYROXJDUHQ%DGJDVWHLQ6DO]EXUJ
HQHOTXHSDUWLFLSDURQ 
PpGLFRV 
(O 3URI 'U DUO $ONHQ 8QLYHUVLGDG GH 6DDUODQG 5)$
MXVWLILFD HVH LQFUHPHQWR GH 
DWHQFLyQKDFLDODVYLUWXGHVFXUDWLYDVGHODQDWXUDOH]DFRQODVVLJXLHQWHVSDODEUDV 
©'HVSXpV GH OD VHJXQ...
TXH VH GHEHQ D 
WUDVWRUQRV GHO HTXLOLEULR ELROyJLFR DO H[FHVR GH PHGLFDPHQWRV R D RWUDV LQIOXHQFLDV GHO 
PHGLRDPELHQWH© 
'...
ODVPXMHUHVODIRUPDFLyQGHFiQFHUGHPDPDKHFKRTXHKDQGHPRVWUDGRORVUHVXOWDGRV 
GHWUHVJUXSRVGHLQYHVWLJDGRUHVH[SHULPHQWDQGRLQGHSHQGL...
FXUDQGHUD WDPSRFR SDVR FRQVXOWDV (O tQGLFH GH PDWHULDV ELHQ GHWDOODGR OH LQGLFDUi OD 
PDQHUD H[DFWD SDUD DSOLFDU ODV KLHUE...
TXHKDSXEOLFDGRODPLVPDHGLWRULDO 
RWUDFRVDPiVRQRKDJRHQYtRVQLUHFRMRHQFDUJRVGHKLHUEDV 
*ULHVNLUFKHQHQPDR 
0$5,$75(%(1 
 
*(1(5...
FRQWDOGHTXHXQRVHDFXHUGHGHOOXJDUGRQGHFUHFHQ 
3DUD HOLQYLHUQRVH SUHSDUDXQDUHVHUYDQR PX JUDQGHGH KLHUEDVVHFDVODVFXDOHV VH 
UH...
$O FRJHUODV QR KD TXH DSODVWDU ODV IORUHV  
KRMDVQLPHWHUODVHQEROVDVGHSOiVWLFRSRUTXHHQWRQFHVODVKLHUEDVHPSLH]DQDVXGDU 
PiVWD...
5DtFHVFRUWH]DVRSDUWHVGHSODQWDV 
PXMXJRVDVUHTXLHUHQFRQIUHFXHQFLDXQDGHVHFDFLyQFRQFDORUDUWLILFLDO(QHVWRVFDVRV 
OD WHPSHUDWXUD...
HO 
0XpUGDJR  HO (SLORELR VH VHFDQ PHMRU VL VH FRUWDQ DQWHV /DV KLHUEDV TXH VH JXDUGHQ 
SDUD HO LQYLHUQR WLHQHQ TXH HVWDU ...
UHFLSLHQWHVGHFULVWDORFDMDVGHFDUWyQ£1RHPSOHHUHFLSLHQWHVGHSOiVWLFRRGHKRMDODWD 
(VUHFRPHQGDEOHJXDUGDUODVDODEULJRGHODOX]8VHFUL...
£5HQXHYHODVSURYLVLRQHVFDGDDxR 
RQHOWLHPSRODVKLHUEDVSLHUGHQVXVYLUWXGHVFXUDWLYDVDGDSULPDYHUDQRVGDVXQXHYD 
ULTXH]DGHKLHUEDV 
...
/D EHELGD GHEH VHU GH FRORU FODUR 
DPDULOOR FODUR R YHUGH FODUR /DV KLHUEDV VHFDV VH GHMDQ XQ SRFR PiV GH WLHPSR HQ 
LQIXV...
8QD WLVDQD SUHSDUDGD GH HVWH PRGR HV PXFKR PiV 
IDYRUDEOHSDUDODVDOXGHOSDODGDUDGHPiVWLHQHEXHQDVSHFWR/DVUDtFHVVHSRQHQDO 
IXH...
VDOYRODVLQGLFDFLRQHVHVSHFLDOHVSDUDFLHUWDV 
SODQWDV 
0DFHUDFLyQ $OJXQDV KLHUEDV SHM OD0DOYD HO 0XpUGDJR  HO iODPR DURPiWLFR
QR 
GHEHQGHHVFDOGDUVHDTXHSRUHOFDORUSHUGHUtDQVXVYLUWXGHVFXUDWLYDV(OH[WUDFWRGH 
HVWDV KLHUEDVVHREWLHQHHQIUtR6HGHMDPDFHUDUODF...
GHVSXpVVH 
FDOLHQWDOLJHUDPHQWHWHPSHUDWXUDSDUDEHEHU
VHJXDUGDODFDQWLGDGQHFHVDULDSDUDXQ 
GtDHQXQWHUPRSUHYLDPHQWHHQMXDJDGRFRQDJXDFDOLHQWH/DPH]FODGHODPDFHUDFLyQ 
OD LQIXVLyQ VH F...
/DV WLQWXUDV VRQ H[WUDFWRV TXH VH REWLHQHQ SRU PDFHUDFLyQ HQ DOFRKRO R XQ EXHQ 
DJXDUGLHQWH
GH   ƒ 6H OOHQD XQD ERWHOOD X RWUR UHFLSLHQWH SRU HO HVWLOR KDVWD HO 
JROOHWH FRQ ODV KLHUEDV VLQ DSUHWDUODV  VH HFKD HQFL...
$7$3/$60$6'(3/$17$6)5(6$6 
 
6REUH XQD WDEOD GH PDGHUD R HQ XQ PRUWHUR VH PDFKDFDQ ORV WDOORV  ODV KRMDV GH OD 
SODQWDKDVW...
GHKLHUEDVIUHVFDVy JUDPRV GH 
KLHUEDV GHVHFDGDV $O GtD VLJXLHQWH VH FDOLHQWD WRGR  GHVSXpV GH FRODUOR VH DxDGH HO 
H[WUDFWR...
2035(6$6'(+,(5%$668($6 
 
6HJ~Q OD SDUWH GHO FXHUSR TXH KDD TXH WUDWDU VH WRPD XQ SHGD]R GH DOJRGyQ R GH 
FHOXORVD PiV R P...
/$6+,(5%$60(',,1$/(6'(/$%27,$ 
'(/6(f25 
 
$*5,021,$$JULPRQLDHXSDWRULD
(VWD H[FHOHQWH SODQWD VH OODPD WDPELpQ +LHUED GH 6DQ *XLOOHUPR 7p GH ORV ERVTXHV 
+LHUEDGHODVKHULGDV+LHUEDEDFHUD+LHUEDGHOS...
/RV QLxRV HVFURIXORVRV 
GHEHUtDQGHWRPDUORFDGDGtD 
/D $JULPRQLD FRQVWLWXH SRU VXV YLUWXGHV DVWULQJHQWHV  VXV SULQFLSLRV DFW...
HVPXHILFD]WLHQHFDVLHOPLVPRXVRTXHODSRPDGDGH 
0DUDYLOOD
3DUDFRPEDWLUODVHQIHUPHGDGHVGHOKtJDGRVHXWLOL]DXQDWLVDQDFRPSXHVWDGH$JULPRQLD 
*DOLR$VSpUXODRORURVD6HWRPDFDGDGtDXQDWD]DHQDXQD...
7LVDQD FRPSXHVWD SDUD HO KtJDGR
6H PH]FODQ  J GH $JULPRQLD  J GH *DOLR  
JGH$VSpUXODRORURVDFRQXQDFXFKDUDGLWDGHODPH]FOD,GHDJXDVHSUHSDUD 
XQDLQIXVLyQ 
3RPDG...
$-2'(262PLXPXUVLQXP
DGDSULPDYHUDQDFHODHVSHUDQ]DGHORVGtDVGHVROGHFDORU1RVVHQWLPRVDQLPDGRV 
GH EXHQ KXPRU QRV DOHJUDPRV GHO SULPHU YHUGH  GHO M~E...
RORU FDUDFWHUtVWLFR HV LPSRVLEOH FRQIXQGLU ODV KRMDV FRQ ODV GHO /LULR GH ORV YDOOHV R GHO 
YHQHQRVRyOTXLFR 
$OSULQFLSLRGH...
'HpVWDVHWRPDQ 
FDGDGtDyJRWDVGLOXLGDVHQXQSRFRGHDJXDORTXHFRQVWLWXHXQEXHQUHPHGLR 
SDUDIRUWDOHFHUODPHPRULDSUHYHQLUODDUWHULRVFO...
HVXQUHPHGLRPDUDYLOORVRSDUD 
ORVDQFLDQRVTXHVXIUHQGHFDWDUUREURQTXLDOFUyQLFR HQFRQVHFXHQFLD GHGLILFXOWDGHV 
UHVSLUDWRULDV,QFO...
ODVDQJUH/RVMyYHQHVIORUHFHUtDQFRPRODVURVDVHQHOMDUGtQVHGHVDUUROODUtDQFRPR 
XQDSLxDDOVRO©².Q]OHSURVLJXHGLFLHQGRTXHFRQRFHDIDP...
VH HPSOHDQ SDUD DOLxDU 
ERFDGLOORVVRSDVVDOVDVHQVDODGDVSODWRVGHFDUQH 
7LQWXUD GH $MR GH RVR 6H WULWXUDQ ODV KRMDV R ORV EXO...
6XVQRPEUHVSRSXODUHVVRQHQWUH RWURV3DQ GH FXFOLOOR7UpERODFHGR R$FHGHULOOD VH 
FUtDHQORVERVTXHVFXEULHQGRSRUWRGDVSDUWHVHOVXHOR...
(Q ORV FDVRV GH SDUiOLVLV DJLWDQWH HQIHUPHGDG GH 3DUNLQVRQ
VH UHFRPLHQGD HO MXJR 
IUHVFRFDGDKRUDGHDJRWDVGLOXLGDVHQXQDLQIXVLyQGH0LOHQUDPDHQXVRH[WHUQRVH 
KDFHQIULFFLRQHVHQODHVSLQDGRUV...
(VWDSODQWDDFXiWLFDVXHOHFUHFHUHQORVVXHORVHQFKDUFDGRVDRULOODVGHODJRVSDQWDQRV 
(Q HO FLHQR GH ORV ERUGHV GH ODV DJXDV GLVFXUU...
3HUVRQDVH[FHSFLRQDOPHQWHGHOJDGDVTXHQRORVRQSRUIDOWDGHDOLPHQWRGHEHUtDQEHEHU 
IUHFXHQWHPHQWHWLVDQDGHiODPRDURPiWLFRGHYH]HQFXDQ...
TXLWDEDGHODFDEH]D'HUHSHQWHVHDEULyODSXHUWDGHOGRUPLWRULRHQWUyPLPDULGRFRQ 
XQ WUDQVLVWRU HQ OD PDQR ª7RPD© GLMR ªSDUD TXH QR ...
WUHVVHPDQDV 
GHVSXpV GHVDSDUHFLHURQ ORV GRORUHV  QR YROYLHURQ D UHSHWLUVH 2WUD PXMHU GH $XVWULD 
%DMD WHQtD GHVGH KDFtD PX...
-XJR IUHVFR 6H OLPSLDQ ODV UDtFHV IUHVFDV FXLGDGRVDPHQWH  VH SDVDQ DQWHV TXH VH 
VHTXHQSRUODOLFXDGRUD 
%DxR$SUR[JGHUDtFHVG...
(/,'21,$KHOLGRQLXPPDMXV
$QWLJXDPHQWHJR]DEDODHOLGRQLD²OODPDGDWDPELpQHLOGXHxD+LUXQGLQDULD+LHUEDGH 
ODV JRORQGULQDV +LHUED YHUUXJXHUD ² GH JUDQ SUHVW...
OLFXDGRUD'LOXLGRHQGREOHFDQWLGDGGHDJXDWLELDVHEHEHDVRUERVGLVWULEXLGRVGXUDQWHHO 
GtD 
RPR SXULILFDQWH GH OD VDQJUH  GHO KtJDG...
FXUD HQ SRFR WLHPSR OD LFWHULFLD (VWD SODQWD HV 
WDPELpQ PX UHFRPHQGDEOH FRQWUD ODV DOPRUUDQDV DFRPSDxDGDV GH HVFR]RU HQ H...
D VRUERV GXUDQWH HO GtD (Q XVR H[WHUQR HO MXJR VLUYH FRQWUD ODV DIHFFLRQHV 
PDOLJQDVGHODSLHOORVRMRVGHSROORODVYHUUXJDVORVOt...
VH GHMD DFWXDU XQDV KRUDV  VH ODYD FRQ XQ MDEyQ ILQR 3DUD TXH QR VH 
TXHGHVHFDODSLHOVHOHDSOLFDXQSRFRGHSRPDGDGH0DUDYLOODDFH...
+LSpULFR YpDVH ª0RGRV GH SUHSDUDFLyQ©
$SDUWH GH HVWH WUDWDPLHQWR H[WHUQR KD TXH 
VRPHWHUVHDXQDFXUDGHLQIXVLyQGH2UWLJDORPHQRVyWD]DVDOGtD
DVtFRPRDEDxRV 
GH DVLHQWR FRQ ROD GH FDEDOOR SDUD IRPHQWDU OD LUULJDFLyQ VDQJXtQHD GH ORV ULxRQHV 
YpDVHWDPELpQEDMRªRODGHF...
8Q FRQRFLGR PtR GH OD UHJLyQ GH 0DJXQFLD XWLOL]DED HQ VXV SDVHRV GLDULRV HO MXJR GH 
HOLGRQLD GHO PRGR LQGLFDGR 6X SHUUR O...
1RPEUHVSRSXODUHVRODGHUDWDXQTXLOORLHQXGLOORVDQGDOLOOR3LQLOORHWF 
$SULQFLSLRVGHODSULPDYHUDEURWDQGHODFHSDPXH[WHQGLGDSURIXQGDS...
VREUHHQWLHQGH TXH MDPiV VH GHEHQ UHFROHFWDU ODV SODQWDV TXH VH FUtDQ HQ ORV FDPSRV 
DERQDGRVFRQSURGXFWRVTXtPLFRV²+DXQD YDU...
VXIULGRGXUDQWHHOSDUWR%DxRVGHDVLHQWRGHRODGHFDEDOORDFWLYDQGHVGHHOH[WHULRUOD 
LUULJDFLyQVDQJXtQHDGHORVULxRQHVGLVPLQXHQGRDVtOD...
FLQFRR 
VHLV WD]DV GH LQIXVLyQ GH ROD GH FDEDOOR SHUR D VRUERV GLVWULEXLGRV D OR ODUJR GHO GtD 
6HJ~QODH[SHULHQFLDHQODPDRU...
ORV SLHV OODJDGRV OD FDULHV yVHD ODV KHULGDV DQWLJXDV H[SDQVLYDV ODV 
~OFHUDV FDQFHURVDV ORV HVSRORQHV GHO FDOFiQHR ODV It...
/DV DOPRUUDQDV GRORURVDV VH 
FRPEDWHQ FXEULpQGRODV GH XQ HPSODVWR GH KLHUED IUHVFD TXH VH REWLHQH GH OD VLJXLHQWH 
PDQHUDO...
UHFRPLHQGRODWLQWXUDGHROD 
GHFDEDOORYpDVHHQ0RGRVGHSUHSDUDFLyQ
XQH[FHOHQWHUHPHGLRFRQHOTXHVHIURWDQ 
GLDULDPHQWH ORV SLHV GHVSXpV GH ODYDUORV  VHFDUORV ELHQ 3HUR WDPELpQ KD TXH WRPDU 
FDG...
VHFRPEDWHFRQXQDLQIXVLyQFRPSXHVWD 
GH ROD GH FDEDOOR H +LSpULFRQ GH OD FXDO VH DGPLQLVWUD XQD R GRV WD]DV DO GtD FRQ OD 
~O...
,QFOXVRSyOLSRVGHOEDMRYLHQWUHRGHODQRVLQRYLWLVVHFXUDQGHOPLVPRPRGR(QHVWRV 
~OWLPRVFDVRVVHDSRDHOWUDWDPLHQWRPHGLDQWHFDWDSODVPDV...
FRQRFtDODPXMHU1RORYDQDFUHHUVLOHVGLJRTXHXQVROREDxRGHDVLHQWRGHRODGH 
FDEDOORODOLEHUyGHORVGRORUHVGHOHQWRUSHFLPLHQWR 
(VWHPLVP...
PHMRU SDUD HVR HV FRPR D VH KD GLFKR OD TXH VH FUtD HQ ORV SUDGRV SDQWDQRVRV 6H 
QHFHVLWD XQ FXER GH  OLWURV OOHQR GH SODQ...
KDTXHHQYROYHUVHVLQVHFDUVHSUHYLDPHQWHHQXQDOERUQR] 
UHSRVDUGXUDQWHXQDKRUDELHQWDSDGRHQODFDPD/XHJRVHFDPELDGHURSD(ODJXD 
GHOEDx...
SXUR6H 
GHMDPDFHUDUGtDVDOVRORFHUFDGHODOXPEUHDJLWDQGRODERWHOODFDGDGtD 
DWDSODVPDVGHSODQWDVIUHVFDVRODGHFDEDOORUHFLpQFRJLGDVH...
(Q HO OHQJXDMH SRSXODU OODPDGD WDPELpQ 6XHOGD 6XHOGDFRQVXHOGD RQVyOLGD 6tQILWR 
PDRU2UHOODG
DVH²HQLQJOpVRPIUH(VWDSODQWDPHG...
LQGLVSHQVDEOHVGHODVTXHQRVRIUHFHODQDWXUDOH]DUHFHHQSUDGHUDVSDQWDQRVDVDODV 
RULOODVGHORVFDPSRVHQ]DQMDVK~PHGDVDORODUJRGHULEHUD...
HPSH]y D IURWDUVH FDGD GtD VLJXLHQGR PL 
FRQVHMRODDUWLFXODFLyQHOEUD]RGHUHFKRFRQWLQWXUDGHRQVXHOGDPDRU'HGtDHQGtD 
VHVHQWtDPH...
OX[DFLyQWRUFHGXUDRGHXQDWDTXHGHDSRSOHMtD 
(QHVWRVFDVRVEDVWDDYHFHVODDSOLFDFLyQGXUDQWHXQDQRFKH 
/D WtD GH PL PDULGR IXH DWURS...
KDVWDTXHVHVLQWLyFXUDGDGHOWRGR 
RQ HVWDV FDWDSODVPDV GH UDtFHV VH SXHGHQ FXUDU LJXDOPHQWH EXOWRV GHO WRELOOR R GH OD 
PXxHF...
/DV UDtFHV WDPELpQ VH SXHGHQ SRQHU HQ PDFHUDFLyQ WRPDQGR OD EHELGD FRQWUD FDWDUUR 
EURQTXLDO WUDVWRUQRV GHO DSDUDWR GLJHVW...
4XLVLHUD PHQFLRQDU RWUD YH] OD WLQWXUD GH RQVXHOGD PDRU  GHFLU TXH FRPSUHVDV 
PRMDGDV FRQ HVWD WLQWXUD VH KDQ XWLOL]DGR FR...
/DVKRMDVGHODRQVXHOGDPDRUQRVyORVHXVDQSDUDFDWDSODVPDVVLQRWDPELpQFRPR 
DGLWLYR GH EDxRV GH FXHUSR FRQWUD GRORUHV UHXPiWLFRV J...
%DxRGHDVLHQWRRPRSDUDEDxRGHFXHUSRSHURVRODPHQWHFRQJUDPRVGHKRMDV 
7LQWXUD6HODYDQODVUDtFHVGHODRQVXHOGDPDRUVHOLPSLDQELHQFRQXQFH...
',(17('(/(217DUD[DFXQQRIILFLQDOH
6H OH GHQRPLQD WDPELpQ 7DUD[DFyQ $FKLFRULD DPDUJD $PDUJyQ DUGHxD +RFLFR GH 
SXHUFR3HORVLOODFXDQGRWLHQHHOIUXWRDKHFKR
(O'LHQWHGHOHyQTXHHQORVFpVSHGHV 
VXHOHVHUXQDKLHUEDPDODPXPROHVWDFRQVWLWXHSDUDODKXPDQLGDGDIOLJLGDXQDSODQWD 
PHGLFLQDOGHJUDQYD...
7DPELpQFRPEDWHQODGLDEHWHV/RVGLDEpWLFRVGHEHQFRPHUFDGDGtDXQRVGHHVRV 
UDELOORVGHODSODQWDHQIORU(VWRVVHODYDQDQWHVGHTXLWDUOHODFD...
HOHVWyPDJR$VLPLVPRHOLPLQDQORVFiOFXORVELOLDUHVVLQFDXVDUGRORUHVHVWLPXODQOD 
DFWLYLGDGGHOKtJDGRGHODELOLV²(O'LHQWHGHOHyQFRQWLH...
6HUHPXHYHELHQWRGR 
VHSRQHODROODDOIXHJRVLQWDSDUOD3DUDTXHVHFRQVHUYHQODVYLWDPLQDVVHGHMDDIXHJR 
PXOHQWR$VtVHYDHYDSRUDQGRHOOtTX...
%RKRUGRV 6H FRPHQ GH  D  ERKRUGRV FUXGRV DO GtD GHVSXpV GH ODYDUORV  
PDVFDUORVHVSDFLRVDPHQWH 
-DUDEHYpDVHDUULED 
 
 
 
(3...
'H XQ SDGUH GH IDPLOLD UHFLEt XQD YH] XQD FDUWD HQ OD TXH SRQtD HVWDV SDODEUDV ª/H 
VXSOLFR GH URGLOODV TXH PH LQGLTXH XQ ...
HO (SLORELR GH IORU SHTXHxD (SLORELXP SDUYLIORUXP
HO (SLORELR GH
PRQWDxD(SLORELXPPRQWDQXP
HO(SLORELRYHUGHVFXUR(SLORELXPREVFXUXP
HO(SLORELR 
ODQFHRODGR(SLORELXPODQ]HRODWXP
HO(SLORELRGHFROLQD(SLORELXPFROOLQXP
HO(SLORELR 
GHSDQWDQR(SLORELXPSDOXVWUH
HO(SLORELRGHJXLMR(SLORELXPIOHLVFKHUL
HO(SLORELRGH 
ORV$OSHV(SLORELXPDQDJDOOLGLIROLXP
/RV(SLORELRVFXUDWLYRVVHSXHGHQLGHQWLILFDUDWUDYpVGHVXIORUSHTXHxDGHFRORUURML]R 
URVDSiOLGRRFDVLEODQFR(VWDSDUHFHHVWDUFODYDGDHQ...
DODUJDGDGHOJDGDTXHDOVHFDUVHDEULUVHGHVSLGHLQILQLWDVVHPLOODVFRURQDGDV 
SRUVHQGDVPHFKLWDVGHSHOREODQFRDOJRGRQRVR(QHO7LUROVHFRQ...
SDUD TXH SXHGDQ GHVDUUROODUVH UHQXHYRV /D KLHUED UHFLpQ FRJLGD VH FRUWD D 
SHGDFLWRV'HODLQIXVLyQGH(SLORELRVHEHEHQLQFOXVRHQ...
GHO(SLORELRGHERVTXH(SLORELXPDQJXVWLIROLXP
/DSULPHUDWLHQH 
IORUHVGHXQRVFPGHDQFKXUDGHFRORUSXUS~UHRUHFHHQORVPDWRUUDOHVDRULOODVGH 
ODVDFHTXLDVGHORVDUURRVSXHGHDOFDQ]DUFP...
(Q RWRxR GHO PLVPR DxR VXSH HQ OD FRQVXOWD GH PL PpGLFR TXH XQ FRQRFLGR PtR VH 
HQFRQWUDEDVLQQLQJXQDHVSHUDQ]DHQHOKRVSLWDOF...
PXFKDV SHUVRQDV HQ HVWRV WUDQFHV GLItFLOHV (V LQFUHtEOH OR TXH FRQVLJXHQ ODV KLHUEDV 
PHGLFLQDOHVGHO6HxRUGRQGHODPHGLFLQDFO...
8QDFDUWDGHOGRFWRU$UQW]HQPpGLFRDQWURSyVRIRª/DVLJXLHQWHH[SRVLFLyQVHEDVDHQ 
XQFRQFHSWRGHODSODQWDFRPRORVXJLULy5XGROI6WHLQHUORG...
FXDQGR VH WUDWD GH KHULGDV 
HVSHFLDOPHQWH HQ OD ]RQD DQDO /D +DPDPHOLV HV XQ PRGHOR SDUD OD ~OFHUD SDUD OD
DOPRUUDQD6DEHPDQHMDUHVWDVLWXDFLyQWRGDODYLGDVLQFDHUHQIHUPDLQFOXVRVHSRGUtD 
GHFLU TXH YLYH GH HVWD VLWXDFLyQ H[FHSFLRQDO  SR...
$KRUDELHQKDEOHPRVGHO(SLORELRGH0DUtD7UHEHQ(VWDSODQWDVHFDUDFWHUL]DVREUHWRGR 
SRU HO KHFKR GH TXHGR TXH SDUHFH VHU HQ HO SULP...
(ORYDULRGHHVWDSODQWDVXSDUWHPiVLPSRUWDQWHOODPDWLYDVHLQFOLQDKDFLDGHQWURRQ 
HOOR VH H[SOLFD FODUDPHQWH OD DQDORJtD FRQ OD SRV...
SDUDORVSHULWRVOD+SR[LVURRSHULODSODQWDRULJLQDOGHO6LWRVWHULQ 
GH6XGiIULFDWDPELpQWLHQHXQRYDULRKLSyJLQR 
(V LQWHUHVDQWH TXH DO...
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Libro La Salud de.la Botica del Señor
Nächste SlideShare
Wird geladen in …5
×

Libro La Salud de.la Botica del Señor

390 Aufrufe

Veröffentlicht am

De Maria.Treben:
María era una herbolaria austriaca que creo novedosos tratamientos basada en las hierbas de su entorno, ademas se hizo famosa por rescatar un antiguo remedio llamado “Hierbas Suecas” y su primer libro la “Salud de la Botica del Señor” se transformo rápidamente en un betseller en los 80 cuando se edito por primera vez, ya que conjuga sencillez, conocimiento y es un libro muy bien pensado para que sea útil.

Fuente: http://ecocosas.com/wp-content/uploads/Biblioteca/perma/Salud_Botica_Se%C3%B1or.pdf

Veröffentlicht in: Gesundheitswesen
0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
390
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
4
Aktionen
Geteilt
0
Downloads
13
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Libro La Salud de.la Botica del Señor

  1. 1. 6DOXGGHODERWLFDGHOVHxRUGH0DUtD7UHEHQ 3UyORJR $ SHVDU GH ORV PXFKRV DWDTXHV UHFLELGRV GHVGH ORV PiV GLYHUVRV OXJDUHV FRQWUD PL SHUVRQDPLVFRQVHMRVHQHOIROOHWRª6DOXGGHODERWLFDGHO6HxRU©ODJUDQFDQWLGDGGH FDUWDV HQWXVLiVWLFDV TXH PH KDQ HQYLDGR VDQRV HQIHUPRV PpGLFRV YHUVDGRV HQ PHGLFLQDGHOSDtVGHOH[WUDQMHURPHKDQLQGXFLGRDVHJXLUSRQLHQGRDODOFDQFHGHWRGRV PLVFRQRFLPLHQWRVH[SHULHQFLDVPiVUHFLHQWHVDFHUFDGHODVSODQWDVPHGLFLQDOHVHQXQD QXHYDHGLFLyQPHMRUDGDDPSOLDGDGHOPHQFLRQDGRIROOHWR (QXQDpSRFDHQTXHJUDQSDUWHGHODKXPDQLGDGVHYDDSDUWDQGRFRQVLGHUDEOHPHQWHGH XQPRGRGHYLGDQDWXUDOYDGHMDQGRSRUXQDFRQFHSFLyQIDOVDGHODYLGDFDPLQRDELHUWR D HQIHUPHGDGHV DPHQD]DQWHV GHEHUtDPRV DFRUGDUQRV GH ODV KLHUEDV PHGLFLQDOHV TXH 1XHVWUR 6HxRU SRU VX ERQGDG QRV HVWi UHJDODQGR GHVGH WLHPSRV UHPRWRV (O 3DGUH .QHLSSGLFHHQVXVHVFULWRVTXHªSDUDFDGDHQIHUPHGDGKDFUHFLGRXQDKLHUEHFLOOD© 6LHQGRDVtFDGDXQRSXHGHIDYRUHFHUDVXVDOXGUHFROHFWDQGRDVXGHELGRWLHPSRSODQWDV KLHUEDV GH OD ©IDUPDFLD GH 'LRV© EHELHQGR GLDULDPHQWH R GXUDQWH XQ SHUtRGR GHWHUPLQDGR LQIXVLRQHV R XWLOL]DQGR ORV H[WUDFWRV SDUD IULFFLRQHV FRPSUHVDV FDWDSODVPDV GH YDSRU R EDxRV GH KLHUEDV 8QD YH] XQR VH KDD GHFLGLGR D XWLOL]DU ODV KLHUEDVPHGLFLQDOHVWHQGUtDTXHHPSH]DUFRQODVKLHUEDVSXULILFDQWHVGHODVDQJUHFRPR $MR GH RVR 2UWLJD 9HUyQLFD 'LHQWH GH OHyQ /ODQWpQ (VWRV WUDWDPLHQWRV QR SXHGHQ SHUMXGLFDU QXQFD VL VH VLJXHQ H[DFWDPHQWH PLV LQGLFDFLRQHV 6L QR DSRUWDQ HO DOLYLR HVSHUDGR SXHGH VHU GHELGR D TXH H[LVWDQ ]RQDV JHRSiWLFDV HQ HO HQWRUQR GHO HQIHUPR YLYLHQGDSXHVWRGHWUDEDMR
  2. 2. (QHVWHFDVRKDEUtDTXHFRQVXOWDUFRQXQ]DKRUtEXVFDGRU GHPDQDQWLDOHV
  3. 3. SDUDTXHORFDOL]DUDOXJDUHVOLEUHVGHUDGLDFLRQHV (Q FDVRV VHULRV GH PDOHVWDU ILHEUH X RWURV VtQWRPDV GH HQIHUPHGDG PDQLILHVWRV HV LPSUHVFLQGLEOHFRQVXOWDUDWLHPSRDOPpGLFRSDUDTXHGLDJQRVWLTXH,JXDOPHQWHHVSUHFLVR GHMDUFRQWURODUSRUXQPpGLFRFRQFLHQ]XGDPHQWHHOSURFHVRGHGHVDUUROORGHFXUDFLyQGH XQDHQIHUPHGDGJUDYH (OKHFKRGHTXHODPHGLFLQDRILFLDOYDDSUHVWDQGRFDGDYH]PiVDWHQFLyQDODPHGLFLQD QDWXUDOVHKDGHPRVWUDGRFODUDPHQWHHQHORQJUHVR,QWHUQDFLRQDOGH3RVWJUDGXDGRV GH OD 'HXWVFKH %XQGHVÈU]WHNDPPHU 2VWHUUHLFKLVFKH ÈU]WHNDPPHU ROHJLRV PpGLFRV DOHPiQDXVWUtDFR
  4. 4. TXHWXYROXJDUHQ%DGJDVWHLQ6DO]EXUJ
  5. 5. HQHOTXHSDUWLFLSDURQ PpGLFRV (O 3URI 'U DUO $ONHQ 8QLYHUVLGDG GH 6DDUODQG 5)$
  6. 6. MXVWLILFD HVH LQFUHPHQWR GH DWHQFLyQKDFLDODVYLUWXGHVFXUDWLYDVGHODQDWXUDOH]DFRQODVVLJXLHQWHVSDODEUDV ©'HVSXpV GH OD VHJXQGD JXHUUD PXQGLDO ORV PpGLFRV VH HQFRQWUDURQ SUiFWLFDPHQWH LQFDSDFLWDGRVSDUDFRPEDWLUSRUHMHPSORODWXEHUFXORVLVRODSDUiOLVLVUHQDO/XHJRYLQRHO JUDQFDPELRFRQODLQWURGXFFLyQGHORVDQWLELyWLFRV/RVUHVXOWDGRVVRQHYLGHQWHVKRD WHQHPRVTXHOXFKDUFRQWUDODVFRQVHFXHQFLDVQHJDWLYDVGHODDGPLQLVWUDFLyQH[FHVLYDGH ORV PLVPRV FRQWUD OD PDOD XWLOL]DFLyQ GH HVD ªEHQGLFLyQ© $ HOOR KD TXH DxDGLU OD DYDODQFKD LPSDUDEOH DFWXDO GH HQIHUPHGDGHV SRU KRQJRV PLFRVLV
  7. 7. TXH VH GHEHQ D WUDVWRUQRV GHO HTXLOLEULR ELROyJLFR DO H[FHVR GH PHGLFDPHQWRV R D RWUDV LQIOXHQFLDV GHO PHGLRDPELHQWH© 'HVGH KDFH DxRV YR IUHFXHQWDQGR VHVLRQHV FRQJUHVRV FXRV UHVXOWDGRV WDPELpQ VH SXEOLFDQHQORVSHULyGLFRV0XFKRVPpGLFRVFRQVFLHQWHVGHVXUHVSRQVDELOLGDGSUHYLHQHQ FRQWUD HO SHOLJUR GHO DEXVR GH PHGLFDPHQWRV 6REUH WRGR QR GHMDQ GH DGYHUWLU OR SHOLJURVRV TXH SXHGHQ VHU ORV DQDOJpVLFRV *UDQ FDQWLGDG GH JHQWH ORV WRPD VLQ QLQJ~Q FRQWUROPpGLFRORTXHFDXVDDYHFHVOHVLRQHVJUDYtVLPDVGHORVyUJDQRV3RUHMHPSORORV PHGLFDPHQWRVSDUDEDMDUODWHQVLyQDUWHULDOWRPDGRVGXUDQWHFLHUWRWLHPSRIDYRUHFHQHQ
  8. 8. ODVPXMHUHVODIRUPDFLyQGHFiQFHUGHPDPDKHFKRTXHKDQGHPRVWUDGRORVUHVXOWDGRV GHWUHVJUXSRVGHLQYHVWLJDGRUHVH[SHULPHQWDQGRLQGHSHQGLHQWHPHQWHHQ%RVWRQ%ULVWRO +HOVLQNL0LSURSyVLWRHVSRQHUDODOFDQFHGHODPDQRGHORVHQIHUPRVHOFRQRFLPLHQWRGH ODVSURSLHGDGHVFXUDWLYDVGHXQDVHULHGHSODQWDVLPSRUWDQWHVDGHPiVKDEODUOHVGHODV H[SHULHQFLDV GH ORV ~OWLPRV GRV DxRV PHGLR HV GHFLU GHVGH OD SXEOLFDFLyQ GHO IROOHWR ª6DOXGGHODERWLFDGHO6HxRU© 3DUD HO VHU KXPDQR HV PX HGLILFDQWH HO HQFRQWUDU XQD VDOLGD D VX GHVHVSHUDFLyQ SDGHFLPLHQWR YDOLpQGRVH GH VX SURSLR HVIXHU]R VX SURSLD YROXQWDG JUDFLDV D OD DXGD PDUDYLOORVDGHQXHVWUDVKLHUEDVPHGLFLQDOHV(OHQIHUPRTXHVHHPSHxHHQUHFRQTXLVWDU VXVDOXGDVXPLHQGRpOPLVPRHVWDUHVSRQVDELOLGDGKDHOHYDGRGHWDOPDQHUDVXGLJQLGDG KXPDQDTXHVHHQFXHQWUDHQHOFDPLQRTXHOHSXHGHVDFDUGHHVHFDOOHMyQVLQVDOLGDFXDO HVVXHQIHUPHGDG 6LHPSUHPHSUHJXQWDQGHGyQGHVDFR PLVFRQRFLPLHQWRVVREUHODVSODQWDVPHGLFLQDOHV SHUR QR SXHGR GDU XQD FRQWHVWDFLyQ SUHFLVD 6LHQGR QLxD VROtD SDVDU ODV YDFDFLRQHV GH FROHJLRHQFDVDGHODIDPLOLDGHXQJXDUGDIRUHVWDO$OOtDSUHQGtSUHFR]PHQWHDFRQRFHUD DSUHFLDUODQDWXUDOH]DHQVXFRQMXQWR'HQLxDDVDEtDGLVWLQJLXUODVSODQWDVFRQRFtDVXV QRPEUHV VLQ HPEDUJR LJQRUDED VX LPSRUWDQFLD FRPR SODQWDV FXUDWLYDV 0L PDGUH HQWXVLDVWD GH ORV PpWRGRV QDWXUDOHV GH .QHLSS SURFXUDED FULDUQRV GH XQD PDQHUD QDWXUDOVLQLQIOXHQFLDVTXtPLFDV 6LHQGRMRYHQFLWDWXYHGRVH[SHULHQFLDVTXHIXHURQPXGHFLVLYDVSDUDPLYLGD8QDYLXGD GH XQRV DxRV PDGUH GH WUHV KLMRV HVWDED HQIHUPD GH OHXFHPLD GHVSXpV GH XQD HVWDQFLD HQ HO KRVSLWDO OD PDQGDURQ D VX FDVD FRPR LQFXUDEOH /RV PpGLFRV OH SURQRVWLFDURQVRODPHQWHWUHVGtDVGHYLGD6XKHUPDQDSUHRFXSDGDSRUORVQLxRVIXHFRQ OD RULQD GH OD HQIHUPD D FRQVXOWDU FRQ XQD KHUERODULD TXH YLYtD FHUFD GH .DUOVEDG /D PXMHUGLMRDVXVWDGDª£7DQWDUGHYLHQHXVWHGFRQHVDDJXDGHPXHUWR©1RREVWDQWHODV KLHUEDVTXHOHGLRDXGDURQDODHQIHUPD6HJ~QXQQXHYRUHFRQRFLPLHQWRHQHOKRVSLWDO GtDVGHVSXpVODOHXFHPLDKDEtDGHVDSDUHFLGRSRUFRPSOHWR 8Q FDVR SDUHFLGR VH GLR DO PLVPR WLHPSR FRQ XQD PXMHU GH DxRV PDGUH GH FXDWUR KLMRV$TXtWDPELpQVHWUDWDEDGHOHXFHPLDVHJ~QORVPpGLFRVQRKDEtDHVSHUDQ]D/D PXMHU SLGLy LJXDOPHQWH FRQVHMRV D XQD KHUERODULD OD FXDO OH GLR XQDV KLHUEDV 6H SUHSDUDEDFDGDGtDYDULRVMDUURVGHWLVDQDDGDYH]TXHSDVDEDSRUGRQGHHVWDEDQVH EHEtDXQ EXHQWUDJR SHQVDEDª6LELHQQRPH DXGDQ QRPH KDUiQQLQJ~QGDxR©(O UHVXOWDGRGHOQXHYRUHFRQRFLPLHQWRGHVSXpVGHGLH]GtDV7RWDOPHQWHOLEUHGHODOHXFHPLD (VWRVHMHPSORVGHPXHVWUDQORLPSRUWDQWHTXHHVEHEHUGLVWULEXLGRGXUDQWHHOGtDJUDQGHV FDQWLGDGHVGHWLVDQDFXDQGRVHWUDWDGHHQIHUPHGDGHVTXHSDUHFHQVHULQFXUDEOHV$UDt] GHHVWRVKHFKRVPHFRQYHQFtGHTXHODVKLHUEDVSRGtDQDSRUWDUDXGDLQFOXVRHQFDVRV GHHQIHUPHGDGHVPDOLJQDV (O GtD GH OD DQGHODULD GH PXULy PL EXHQD PDGUH (QWRQFHV UHFLEt HO HPSXMH SDUD GHGLFDUPH D OD FLHQFLD GH ODV SODQWDV PHGLFLQDOHV ,ED KDFLHQGR QXHYDV H[SHULHQFLDV SRFRDSRFRPHIDPLOLDULFpGHOWRGRFRQODVKLHUEDVGHODIDUPDFLDGHO6HxRU(UDFRPRVL PH FRQGXMHUD XQD IXHU]D VREUHQDWXUDO FRPR VL OD PDGUH GH 'LRV DPSDUR GH ORV HQIHUPRVPHHQVHxDUDHOFDPLQRVHJXUR3RUODFRQILDQ]DTXHOHWHQJRVLHPSUHPHKD DXGDGR PXFKR SHUVRQDOPHQWH HQ FDVRV GH GXGD OD RUDFLyQ DQWH XQD LPDJHQ GH OD 9LUJHQTXHWHQJRHQFDVD $Vt TXH QR VyOR TXLHUR OODPDU OD DWHQFLyQ VREUH ODV SODQWDV PHGLFLQDOHV VLQR WDPELpQ VREUHODRPQLSRWHQFLDGHOUHDGRUHQFXDVPDQRVHVWiQXHVWUDYLGDTXH(OJXtD(Q(O EXVFDPRV DXGD FRQVXHOR HQ ORV FDVRV GH JUDYHV HQIHUPHGDGHV UHFRJHPRV SLDGRVDPHQWHODVKLHUEDVGH6XIDUPDFLD)LQDOPHQWHTXLVLHUDVXEUDDUTXHKHLQWHQWDGR OR PHMRU SRVLEOH LQFRUSRUDU HQ HVWD HGLFLyQ UHIXQGLGD WRGDV PLV H[SHULHQFLDV SDUD RIUHFHUODVDODKXPDQLGDGFRQHOILQGHTXHWHQJDQSURYHFKR,JXDOPHQWHTXLHURDxDGLUD HVWDHGLFLyQXQDSHWLFLyQ£1RPHOODPHQSRUWHOpIRQRQLPHPDQGHQFDUWDVRPRQRVR
  9. 9. FXUDQGHUD WDPSRFR SDVR FRQVXOWDV (O tQGLFH GH PDWHULDV ELHQ GHWDOODGR OH LQGLFDUi OD PDQHUD H[DFWD SDUD DSOLFDU ODV KLHUEDV DGHFXDGDV 7DPELpQ TXLVLHUD OODPDU OD DWHQFLyQ VREUHHOIROOHWRª0DUtD7UHEHQ V+HLOHUIROJH©/RVp[LWRVFXUDWLYRVGH0DUtD7UHEHQFDUWDV HLQIRUPHVVREUHp[LWRVFXUDWLYRV
  10. 10. TXHKDSXEOLFDGRODPLVPDHGLWRULDO RWUDFRVDPiVRQRKDJRHQYtRVQLUHFRMRHQFDUJRVGHKLHUEDV *ULHVNLUFKHQHQPDR 0$5,$75(%(1 *(1(5$/,'$'(6 RUUHFWDUHFROHFFLyQFRQVHUYDFLyQSUHSDUDFLyQGHODVKLHUEDV PHGLFLQDOHV 5(2/(,21 (OFRQRFLPLHQWRSUHFLVRGHODVSODQWDVPHGLFLQDOHVHVSULPRUGLDOSDUDVXUHFROHFFLyQ8QD YH] OR WHQJDPRV KD TXH VDEHU FXiQGR GyQGH GH TXp PDQHUD VH UHFROHFWDQ ODV KLHUEDV /D H[SHULHQFLD KD GHPRVWUDGR TXH ORV PHMRUHV UHVXOWDGRV GH FXUDFLyQ VH KDQ FRQVHJXLGR FRQ KLHUEDV UHFLpQ FRJLGDV ODV FXDOHV VRQ LPSUHVFLQGLEOHV SDUD REWHQHU XQ p[LWR HQ FDVR GH HQIHUPHGDGHV JUDYHV +LHUEDV IUHVFDV SXHGH UHFROHFWDU XQR PLVPR GHVGH SULQFLSLRV GH OD SULPDYHUD D YHFHV D D ILQDOHV GH IHEUHUR KDVWD HQWUDGR QRYLHPEUH$OJXQDVLQFOXVRVHSXHGHQHQFRQWUDUHQLQYLHUQRGHEDMRGHODFDSDGHQLHYH SHMODHOLGRQLD
  11. 11. FRQWDOGHTXHXQRVHDFXHUGHGHOOXJDUGRQGHFUHFHQ 3DUD HOLQYLHUQRVH SUHSDUDXQDUHVHUYDQR PX JUDQGHGH KLHUEDVVHFDVODVFXDOHV VH UHFROHFWDQHQHOPRPHQWRGHVXPDRUFRQWHQLGRHQVXVWDQFLDDFWLYD 3DUDOD)/25HVDOSULQFLSLRGHODIORUDFLyQ 3DUDODV+2-$6DQWHVGXUDQWHODIORUDFLyQ /DV5$,(6VHGHVHQWLHUUDQDSULQFLSLRVGHODSULPDYHUDRHQRWRxR/DV)587$6VH UHFRJHQHQODpSRFDGHVXPDGXUDFLyQ $GHPiVWpQJDVHHQFXHQWDODVVLJXLHQWHVUHJODV £6yORVHFRJHQSODQWDVVDQDVOLPSLDVVLQLQVHFWRV /DV KLHUEDV VH UHFROHFWDQ ORV GtDV GH VRO VLQ HVWDU K~PHGDV FXDQGR HO URFtR VH KDD HYDSRUDGR 3DUD OD UHFROHFFLyQ KD TXH HYLWDU FDPSRV SUDGHUDV DERQDGRV TXtPLFDPHQWH ULEHUDV GH DJXDV VXFLDV FRQWDPLQDGDV WHUUDSOHQHV IHUURYLDULRV OD SUR[LPLGDGGHFDUUHWHUDVIUHFXHQWDGDVDXWRSLVWDVHLQVWDODFLRQHVLQGXVWULDOHV £XLGD ELHQ OD QDWXUDOH]D £ 1R DUUDQTXHV ODV SODQWDV FRQ WRGDV ODV UDtFHV QR KDJDV QLQJ~Q GDxR $OJXQDV SODQWDV HVWiQ EDMR SURWHFFLyQ +D PXFKDV RWUDV SODQWDV PHGLFLQDOHVFRQODVPLVPDVVXVWDQFLDVDFWLYDVTXHQRHVWiQSURWHJLGDVSHM2UHMDGH RVR SURWHJLGD ² 3ULPDYHUD QR SURWHJLGD
  12. 12. $O FRJHUODV QR KD TXH DSODVWDU ODV IORUHV KRMDVQLPHWHUODVHQEROVDVGHSOiVWLFRSRUTXHHQWRQFHVODVKLHUEDVHPSLH]DQDVXGDU PiVWDUGHDOGHVHFDUODVVHYXHOYHQQHJUDV '(6($,21 /DV KLHUEDV QR VH ODYDQ SDUD GHVHFDUODV 6H FRUWDQ D SHGDFLWRV VH H[WLHQGHQ OR PiV SRVLEOHVREUHWHODRSDSHOVLQHVWDPSDUVHGHMDQVHFDUORPiVUiSLGDPHQWHSRVLEOHDOD VRPEUDRHQSLH]DVFiOLGDVDLUHDGDVGHVYDQHV
  13. 13. 5DtFHVFRUWH]DVRSDUWHVGHSODQWDV PXMXJRVDVUHTXLHUHQFRQIUHFXHQFLDXQDGHVHFDFLyQFRQFDORUDUWLILFLDO(QHVWRVFDVRV OD WHPSHUDWXUD QR GHEH VREUHSDVDU ORV ƒ /DV UDtFHV ODYDGDV FXLGDGRVDPHQWH
  14. 14. HO 0XpUGDJR HO (SLORELR VH VHFDQ PHMRU VL VH FRUWDQ DQWHV /DV KLHUEDV TXH VH JXDUGHQ SDUD HO LQYLHUQR WLHQHQ TXH HVWDU FRPSOHWDPHQWH VHFDV 6H FRQVHUYDQ SHUIHFWDPHQWH HQ
  15. 15. UHFLSLHQWHVGHFULVWDORFDMDVGHFDUWyQ£1RHPSOHHUHFLSLHQWHVGHSOiVWLFRRGHKRMDODWD (VUHFRPHQGDEOHJXDUGDUODVDODEULJRGHODOX]8VHFULVWDOHVGHFRORUORVYHUGHVVRQORV PHMRUHV
  16. 16. £5HQXHYHODVSURYLVLRQHVFDGDDxR RQHOWLHPSRODVKLHUEDVSLHUGHQVXVYLUWXGHVFXUDWLYDVDGDSULPDYHUDQRVGDVXQXHYD ULTXH]DGHKLHUEDV 0RGRVGHSUHSDUDFLyQ ,QIXVLyQ RFLPLHQWR /DV KLHUEDV IUHVFDV VH FRUWDQ HQ SHGDFLWRV VH PHWHQ HQ ODV FDQWLGDGHVSUHVFULWDVHQXQMDUURGHFULVWDOXRWURUHFLSLHQWHTXHQRVHDGHPHWDO6HSRQH DJXD D KHUYLU VH UHWLUD VH HFKD VREUH ODV KLHUEDV SUHSDUDGDV /DV KLHUEDV IUHVFDV VH GHMDQ SRFR WLHPSR HQ LQIXVLyQ PHGLR PLQXWR EDVWD
  17. 17. /D EHELGD GHEH VHU GH FRORU FODUR DPDULOOR FODUR R YHUGH FODUR /DV KLHUEDV VHFDV VH GHMDQ XQ SRFR PiV GH WLHPSR HQ LQIXVLyQ GH XQR D GRV PLQXWRV
  18. 18. 8QD WLVDQD SUHSDUDGD GH HVWH PRGR HV PXFKR PiV IDYRUDEOHSDUDODVDOXGHOSDODGDUDGHPiVWLHQHEXHQDVSHFWR/DVUDtFHVVHSRQHQDO IXHJRFRQDJXDIUtDVHJ~QODFDQWLGDGSUHVFULWDVHOHGDXQKHUYRUVHGHMDUHSRVDUWUHV PLQXWRV 6HHFKDHQXQWHUPRODFDQWLGDGGLDULDHVWDEOHFLGD VH YDEHELHQGRD VRUERV VHJ~QODVLQGLFDFLRQHVDORODUJRGHOGtD(QJHQHUDOVHWRPDXQDFXFKDUDGLWDELHQOOHQD GHKLHUEDVSRUGHOLWURGHDJXD WD]D
  19. 19. VDOYRODVLQGLFDFLRQHVHVSHFLDOHVSDUDFLHUWDV SODQWDV 0DFHUDFLyQ $OJXQDV KLHUEDV SHM OD0DOYD HO 0XpUGDJR HO iODPR DURPiWLFR
  20. 20. QR GHEHQGHHVFDOGDUVHDTXHSRUHOFDORUSHUGHUtDQVXVYLUWXGHVFXUDWLYDV(OH[WUDFWRGH HVWDV KLHUEDVVHREWLHQHHQIUtR6HGHMDPDFHUDUODFDQWLGDGLQGLFDGD SDUD ODV GLYHUVDV SODQWDVHQDJXDIUtDGHKDVWDKRUDVSUHIHUHQWHPHQWHGXUDQWHODQRFKH
  21. 21. GHVSXpVVH FDOLHQWDOLJHUDPHQWHWHPSHUDWXUDSDUDEHEHU
  22. 22. VHJXDUGDODFDQWLGDGQHFHVDULDSDUDXQ GtDHQXQWHUPRSUHYLDPHQWHHQMXDJDGRFRQDJXDFDOLHQWH/DPH]FODGHODPDFHUDFLyQ OD LQIXVLyQ VH FRQVLGHUD FRPR OD PHMRU PDQHUD GH DSURYHFKDU ODV SODQWDV PHGLFLQDOHV 3RQJD ODV KLHUEDV FRQ OD PLWDG GHO DJXD LQGLFDGD GXUDQWH OD QRFKH HQ UHPRMR FXHOH HO OtTXLGRDOGtDVLJXLHQWHSRUODPDxDQD(VFDOGHODVKLHUEDVTXHKDQTXHGDGRHQHOWDPL] FRQ OD VHJXQGD PLWDG GH OD FDQWLGDG GHO DJXD LQGLFDGD FXpOHOD QXHYDPHQWH $KRUD VH PH]FODQ ORV GRV OtTXLGRV XQR REWHQLGR SRU PDFHUDFLyQ HO RWUR SRU LQIXVLyQ 'H HVWD PDQHUDVHH[WUDHQGHODVKLHUEDVORVDJHQWHVDFWLYRVTXHVyORVHGLVXHOYHQRHQIUtRRHQ FDOLHQWH 7,1785$(6(1,$
  23. 23. /DV WLQWXUDV VRQ H[WUDFWRV TXH VH REWLHQHQ SRU PDFHUDFLyQ HQ DOFRKRO R XQ EXHQ DJXDUGLHQWH
  24. 24. GH ƒ 6H OOHQD XQD ERWHOOD X RWUR UHFLSLHQWH SRU HO HVWLOR KDVWD HO JROOHWH FRQ ODV KLHUEDV VLQ DSUHWDUODV VH HFKD HQFLPD HO DJXDUGLHQWH 'HVSXpV GH FHUUDUOR ELHQ VH GHMD GXUDQWH GtDV R PiV HQ XQ OXJDU FiOLGR VDFXGLpQGROR GH YH] HQ FXDQGR)LQDOPHQWHVHFXHODHODOFRKROH[SULPLHQGRELHQHOUHVLGXR/DVWLQWXUDVVHWRPDQ SRUYtDLQWHUQDDJRWDVGLOXLGDVHQWpHQXVRH[WHUQRVHHPSOHDQHQFRPSUHVDVXQWXUDV -8*2)5(62 /RV MXJRV GH KLHUEDV IUHVFRV VLUYHQ SDUD XVR LQWHUQR WRPiQGRORV D JRWDV SDUD XVR H[WHUQRVHDSOLFDQFRQDXGDGHXQWDSyQGHDOJRGyQDODVSDUWHVHQIHUPDVGHOFXHUSR (VWRVMXJRVVHREWLHQHQPHGLDQWHXQDOLFXDGRUDTXHWULWXUDH[SULPHODVSODQWDVDOPLVPR WLHPSR +D TXH SURFXUDU KDFHU HVWRV MXJRV FDGD GtD FRQ KLHUEDV IUHVFDV (Q ERWHOODV SHTXHxDVELHQFHUUDGDVSXHGHQGXUDUXQRVPHVHVVLVHJXDUGDQHQODQHYHUD
  25. 25. $7$3/$60$6'(3/$17$6)5(6$6 6REUH XQD WDEOD GH PDGHUD R HQ XQ PRUWHUR VH PDFKDFDQ ORV WDOORV ODV KRMDV GH OD SODQWDKDVWDTXHTXHGHWRGRDPRGRGHXQDPDVD(VWDVHH[WLHQGHVREUHXQWUR]RGHWHOD VH DSOLFD D OD SDUWH HQIHUPD GHO FXHUSR FXEULpQGROR GHVSXpV WRGR FRQ XQ SDxR YHQGiQGROR SDUD PDQWHQHUOR FDOLHQWH (VWD FDWDSODVPD VH SXHGH GHMDU DFWXDU WRGD OD QRFKH $7$3/$60$6'(+,(5%$6$/9$325 7RPDPRV XQD ROOD FRQ DJXD KLUYLHQGR FRORFDPRV VREUH OD PLVPD XQ FRODGRU JUDQGH WDPL]RHVFXUULGRUFRQODVKLHUEDVIUHVFDVRGHVHFDGDVGHIRUPDTXHpVWDVQRWRTXHQHO DJXD $ FRQWLQXDFLyQ VH WDSD OD ROOD VH PDQWLHQH HQ HO IXHJR SDUD TXH HO YDSRU UHEODQGH]FD ODV KLHUEDV 'HVSXpV GH XQ UDWR VH HQYXHOYHQ ODV KLHUEDV D EODQGDV FDOLHQWHVHQXQDJDVDVHDSOLFDQDODSDUWHHQIHUPDGHOFXHUSR6HFXEUHWRGRFRQXQ SDxR GH ODQD VH DWD FRQ RWURV SDxRV +D TXH SURFXUDU TXH HO HQIHUPR QR WHQJD OD VHQVDFLyQGHIUtR0XHILFDFHVVRQHVWDVFDWDSODVPDVKHFKDVFRQRODGHFDEDOOR/DV FDWDSODVPDVDOYDSRUVHGHMDQDFWXDUGXUDQWHGRVKRUDVRWRGDODQRFKH 35(3$5$,21'(320$'$6$(,7(6 6H WULWXUDQ FXDWUR SXxDGRV GH KLHUEDV JUDPRV GH PDQWHFD GH FHUGR VH FDOLHQWDQ FRPR SDUD IUHtU FDUQH (Q HVWD JUDVD FDOLHQWH VH HFKDQ ODV KLHUEDV VH UHPXHYH WRGR ELHQ'HVSXpVGHKDEHUODVIULWREUHYHPHQWHVHUHPXHYHWRGRRWUDYH]VHUHWLUDODVDUWpQ GHOIXHJRVHWDSDVHGHMDHQIULDUGHOWRGRGXUDQWHODQRFKH$OGtDVLJXLHQWHVHFDOLHQWD OLJHUDPHQWHVHFXHODDWUDYpVGHXQOLHQ]RVHYLHUWHODSRPDGDDQWHVGHTXHVHHQIUtH HQYDVLMDVGHFULVWDORGHSRUFHODQD (ODFHLWHVHSUHSDUDGHODVLJXLHQWHPDQHUD(QXQDERWHOODVHPHWHQODVIORUHVRKLHUEDV VLQDSUHWDUKDVWDTXHOOHJXHQDOJROOHWHVHOOHQDFRQDFHLWHGHROLYDYLUJHQGHPRGRTXH pVWHVREUHSDVHHQGRVGHGRVHOQLYHOGHODVKLHUEDV/DERWHOODGHEHHVWDUGtDVDOVROR FHUFDGHRWUDIXHQWHGHFDORU %$f26'(+,(5%$6 %DxRGHFXHUSR/DVKLHUEDVLQGLFDGDVVHGHMDQGXUDQWHODQRFKHHQDJXDIUtDDUHPRMR 3DUD XQ EDxRVHQHFHVLWD XQ FXEROOHQROLWURV
  26. 26. GHKLHUEDVIUHVFDVy JUDPRV GH KLHUEDV GHVHFDGDV $O GtD VLJXLHQWH VH FDOLHQWD WRGR GHVSXpV GH FRODUOR VH DxDGH HO H[WUDFWRDODJXDGHO EDxR/DGXUDFLyQGHOEDxRHVGHPLQXWRV(OFRUD]yQWLHQHTXH HVWDUIXHUDGHODJXD'HVSXpVGHOEDxRQRKDTXHVHFDUVHVLQRHQYROYHUVHHQXQDWRDOOD JUDQGHRXQDEDWDVXGDUHQODFDPDXQDKRUD %DxR GH DVLHQWR 3DUD HO EDxR GH DVLHQWR VH WRPD VRODPHQWH PHGLR FXER GH KLHUEDV IUHVFDVRXQRVJUDPRVGHKLHUEDVGHVHFDGDVVHSURFHGHGHODPLVPDPDQHUDTXH SDUDHOEDxRGHFXHUSR(ODJXDGHOEDxRGHEHFXEULUORVULxRQHV£6LJDODVLQGLFDFLRQHV GDGDVSDUDFDGDSODQWD 7DQWR HO DJXD GHO EDxR GH FXHUSR FRPR OD GHO GH DVLHQWR VH SXHGH XWLOL]DU WRGDYtD GRV YHFHVVLVHYXHOYHDFDOHQWDU
  27. 27. 2035(6$6'(+,(5%$668($6 6HJ~Q OD SDUWH GHO FXHUSR TXH KDD TXH WUDWDU VH WRPD XQ SHGD]R GH DOJRGyQ R GH FHOXORVD PiV R PHQRV JUDQGH VH PRMD FRQ JRWDV GH +LHUEDV 6XHFDV VH DSOLFD D ODV SDUWHV HQIHUPDV (V LPSUHVFLQGLEOH XQWDU SUHYLDPHQWH ODV SDUWHV DIHFWDGDV FRQ PDQWHFD GHFHUGRRSRPDGDGH0DUDYLOODSDUDTXHHODOFRKROGHODV+LHUEDV6XHFDVQRVHTXHOD SLHO6REUHHVWDFRPSUHVDVHSXHGHSRQHUXQSOiVWLFRSDUDQRPDQFKDUODURSD'HVSXpV VH FXEUH FRQ XQ SDxR GH ODQD VL FRQYLHQH VH YHQGD 6HJ~Q OD HQIHUPHGDG VH GHMD DFWXDUODFRPSUHVDGHGRVDFXDWURKRUDV6LHOSDFLHQWHORVRSRUWDSXHGHGHMDUVHWRGDOD QRFKH'HVSXpVGHOWUDWDPLHQWRVHHPSROYDODSLHO6LDSDUHFLHUDQHQSHUVRQDVFRQSLHO VHQVLEOH LUULWDFLRQHV VH DEUHYLD HO WLHPSR GH DSOLFDFLyQ R VH LQWHUUXPSH OD FXUD SRU XQ FLHUWRSHUtRGR(QFDVRGHDOHUJLDVVHVXSULPHHOSOiVWLFRVyORVHSRQHHOSDxR1RKD TXHROYLGDUVHGHXQWDUODSLHODQWHVGHDSOLFDUODFRPSUHVD6LVHPDQLIHVWDUDSLFRUXQWHOD SLHOFRQSRPDGDGH0DUDYLOOD (VWDVFRPSUHVDV QRREOLJDQDTXHGDUVHHQODFDPDVLHVWiQELHQ YHQGDGDVSXHGHXQR PRYHUVHWUDQTXLODPHQWHHQFDVDRHVWDUVHQWDGR $SXQWHVGHOOLEUR6DOXGGHOD%RWLFDGHO6HxRUGH0DULD7UHEHQGH(GLWRULDO(QQVWKDOHF
  28. 28. /$6+,(5%$60(',,1$/(6'(/$%27,$ '(/6(f25 $*5,021,$$JULPRQLDHXSDWRULD
  29. 29. (VWD H[FHOHQWH SODQWD VH OODPD WDPELpQ +LHUED GH 6DQ *XLOOHUPR 7p GH ORV ERVTXHV +LHUEDGHODVKHULGDV+LHUEDEDFHUD+LHUEDGHOSRGDGRU6HFUtDHQORVVHWRVULED]RV HQORVERUGHVGHORVFDPLQRVDRULOODVGHORVFXOWLYRVHQORVPDWRUUDOHVHVSHVRVHQODV UXLQDV /DV SHTXHxDV IORUHV DPDULOODV IRUPDQ SDUHFLGR DO *RUGRORER XQD HVSLJD ODUJD 7RGD OD SODQWD HVWi FXELHUWD GH XQ YHOOR VXDYH /DV KRMDV VH GLYLGHQ HQ VHJPHQWRV GHVLJXDOHV GH ORV FXDOHV ORV JUDQGHV DOFDQ]DQ XQD ORQJLWXG GH FPV /D $JULPRQLD OOHJDDFPVGHDOWXUDSHUWHQHFHDODPLVPDIDPLOLDTXHHO3LHGHOHyQ6HUHFROHFWD GH PDR HQ DGHODQWH HQ SOHQD IORUDFLyQ (O XVR GH HVWD KLHUED PHGLFLQDO FRPR HO GH PXFKDVRWUDVVHUHPRQWDDWLHPSRVOHMDQRV/RVDQWLJXRVHJLSFLRVDODFRQRFtDQ /D $JULPRQLD HV XQ UHPHGLR PX LQGLFDGR SDUD FXUDU WRGD FODVH GH LQIODPDFLRQHV GH OD JDUJDQWDGHODERFDGHODIDULQJH6HUHFRPLHQGDHQFDVRVGHDQJLQDVDIHFFLRQHVGHOD JDUJDQWD HVWRPDWLWLV XOFHURVD H LQIODPDFLRQHV GH OD PXFRVD EXFDO /DV SHUVRQDV TXH GHELGR D VX SURIHVLyQ HVWiQ REOLJDGDV D KDEODU PXFKR R D FDQWDU GHEHUtDQ KDFHU SUHYHQWLYDPHQWHFDGDGtDJiUJDUDVFRQXQDLQIXVLyQGH$JULPRQLD /DVKRMDVDFW~DQHILFD]PHQWHFRQWUDODDQHPLDODVKHULGDVDVtFRPRFRQWUDHOUHXPDHO OXPEDJR ODV LQGLJHVWLRQHV HO KtJDGR GXUR OD FRQJHVWLyQ GHO KtJDGR ODV HQIHUPHGDGHV GHOED]R'HODLQIXVLyQVHSXHGHQEHEHUGRVWD]DVDOGtD DGD SHUVRQD GHEHUtD PROHVWDUVH HQ SUHSDUDUVH XQD R GRV YHFHV DO DxR XQ EDxR GH FXHUSR GH $JULPRQLD YpDVH HQ ª0RGRV GH SUHSDUDFLyQ©
  30. 30. /RV QLxRV HVFURIXORVRV GHEHUtDQGHWRPDUORFDGDGtD /D $JULPRQLD FRQVWLWXH SRU VXV YLUWXGHV DVWULQJHQWHV VXV SULQFLSLRV DFWLYRV FXUDWLYRV XQDGHQXHVWUDVPHMRUHVSODQWDVPHGLFLQDOHV(OGRFWRU6FKLHUEDXPGLFHª7UHVYHFHVDO GtDXQDWD]DGHLQIXVLyQFXUDODVGLODWDFLRQHVGHOFRUD]yQGHOHVWyPDJRGHOLQWHVWLQR WRPiQGROD GXUDQWH DOJ~Q WLHPSR FXUD LQFOXVR ODV DIHFFLRQHV GH ORV ULxRQHV GH OD YHMLJD© RQWUDODV YDULFHV ODV~OFHUDVFUXUDOHVVHUHFRPLHQGDODSRPDGDGH $JULPRQLDYpDVH HQª0RGRVGHSUHSDUDFLyQ©
  31. 31. HVPXHILFD]WLHQHFDVLHOPLVPRXVRTXHODSRPDGDGH 0DUDYLOOD
  32. 32. 3DUDFRPEDWLUODVHQIHUPHGDGHVGHOKtJDGRVHXWLOL]DXQDWLVDQDFRPSXHVWDGH$JULPRQLD *DOLR$VSpUXODRORURVD6HWRPDFDGDGtDXQDWD]DHQDXQDVGRVGLVWULEXLGDVGXUDQWH HOGtDDVRUERVHVSDFLDGRV 02'26'(35(3$5$,21 ,QIXVLyQ 8QD FXFKDUDGLWD GH $JULPRQLD SRU FDGD , GH DJXD 6H HFKD HO DJXD KLUYLHQGRVREUHODVKLHUEDVVHGHMDUHSRVDUEUHYHPHQWH %DxR GH FXHUSR J GH KLHUED SRU EDxR YpDVH HQ *HQHUDOLGDGHV ª%DxRV GH FXHUSR©
  33. 33. 7LVDQD FRPSXHVWD SDUD HO KtJDGR
  34. 34. 6H PH]FODQ J GH $JULPRQLD J GH *DOLR JGH$VSpUXODRORURVDFRQXQDFXFKDUDGLWDGHODPH]FOD,GHDJXDVHSUHSDUD XQDLQIXVLyQ 3RPDGD'RVSXxDGRVGHKRMDVIORUHVWDOORVWULWXUDGRVSRUFDGDJGHPDQWHFD GHFHUGRYpDVHHQ*HQHUDOLGDGHVª3UHSDUDFLyQGHSRPDGDVDFHLWHV©
  35. 35. $-2'(262PLXPXUVLQXP
  36. 36. DGDSULPDYHUDQDFHODHVSHUDQ]DGHORVGtDVGHVROGHFDORU1RVVHQWLPRVDQLPDGRV GH EXHQ KXPRU QRV DOHJUDPRV GHO SULPHU YHUGH GHO M~ELOR GH ORV SiMDURV FRQ HO FRUD]yQ DELHUWR SHUFLELPRV HQ HVWRV UHJDORV OD ERQGDG GHO UHDGRU (Q YLVWD GH HVWH UHMXYHQHFHU GH OD QDWXUDOH]D WHQGUtDPRV TXH GHFLGLUQRV D VRPHWHUQRV D XQD FXUD SULPDYHUDO GHSXUDGRUD FXR HIHFWR UHIUHVFDQWH SDUD QXHVWUD VDOXG QR KD TXH WHQHU D PHQRV (O $MR GH RVR HV XQR GH ORV SULPHURV DQXQFLDGRUHV GH OD SULPDYHUD /DV KRMDV ODQFHRODGDV EULOODQWHV GH XQ YHUGH OODPDWLYR SDUHFLGDV D ODV GHO /LULR GH ORV YDOOHV EURWDQ GH XQ EXOER DODUJDGR FXELHUWR GH XQDV PHPEUDQDV EODQFDV WUDQVSDUHQWHV (O ERKRUGROLVRYHUGHFODURFRQODVIORUHVEODQFDVDJUXSDGDVHQIRUPDGHXQDERODDOFDQ]D XQRVFPGHDOWXUD(VWDSODQWDVyORVHFUtDHQORVSUDGRVK~PHGRVULFRVHQPDQWLOOR HQ ODV YHJDV VRPEUHDGDV K~PHGDV HQ ORV ERVTXHV GH ORV $OSHV GHEDMR GH ORV DUEXVWRV6XIXHUWHRORUDDMRQRVUHYHODODSODQWDDQWHVGHSHUFLELUODFRQODYLVWD3RUHVWH
  37. 37. RORU FDUDFWHUtVWLFR HV LPSRVLEOH FRQIXQGLU ODV KRMDV FRQ ODV GHO /LULR GH ORV YDOOHV R GHO YHQHQRVRyOTXLFR $OSULQFLSLRGHODSULPDYHUDHQPXFKRVERVTXHVDOSLQRVVHYHQSRUWRGDVSDUWHVODVKRMDV IUHVFDV YHUGHV GHO $MR GH RVR (PSLH]DQ D VDOLU HQ DEULO R PDR D YHFHV DQWHV /D IORUDFLyQ HV HQ PDR R MXQLR 3RGHURVDV YLUWXGHV FXUDWLYDV VH RFXOWDQ HQ HVWD KLHUED PHGLFLQDOVHFXHQWDTXHORVRVRVGHVSXpVGHVXVXHxRKLEHUQDOWDPELpQODEXVFDQSDUD OLPSLDUVHHOHVWyPDJRORVLQWHVWLQRVODVDQJUH (QJHQHUDOVH SXHGHGHFLUTXHHO$MRGHRVRWLHQHODV PLVPDVSURSLHGDGHVTXHQXHVWUR DMRFRP~QVyORTXHDTXpOHVPXFKRPiVHILFD]3RUHVRHVPXLQGLFDGRSDUDODVFXUDV SULPDYHUDOHVGHSXUDGRUDVSDUDPHMRUDUODVHQIHUPHGDGHVFUyQLFDVGHODSLHO RPRHOVHFDGRGLVPLQXHFRQVLGHUDEOHPHQWHODVYLUWXGHVPHGLFLQDOHVGHODVKRMDVKD TXH XWLOL]DUODV IUHVFDV SDUD ODV FXUDV GH SXULILFDFLyQ RUWDGDV D SHGDFLWRV VH SXHGHQ FRPHUFRQSDQPDQWHTXLOODRVHXWLOL]DQELHQWULWXUDGDVFRPRFRQGLPHQWRVLQKHUYLUODV SDUDHQULTXHFHUODVVRSDVSDWDWDVXRWUDVFRPLGDVGRQGHQRUPDOPHQWHVHHFKDSHUHMLO RWUDV KLHUEDV ILQDV 7DPELpQ VH SXHGHQ FRQVXPLU HQ IRUPD GH HQVDODGD R KHUYLGDV (Q HVWH~OWLPRFDVRVHPH]FODQFRQKRMDVGH2UWLJDSDUDVXDYL]DUHOJXVWRIXHUWHTXHWLHQHQ FXDQGRVHSUHSDUDQHQJUDQGHVFDQWLGDGHV (Q DEULO PDR HV GHFLU DQWHV GH TXH VDOJD OD IORU VH UHFROHFWDQ ODV KRMDV MyYHQHV ORV EXOERVVHGHVHQWLHUUDQDILQHVGHYHUDQRRHQRWRxR(VWRVVHSXHGHQXWLOL]DUDOLJXDOTXH HODMRFRP~Q 3DUDODVSHUVRQDVGHOLFDGDVGHOHVWyPDJRUHFRPLHQGRHOVLJXLHQWHXVRSLFDUODVKRMDV HOEXOERFXEULUORWRGRGHOHFKHWLELDGHVSXpVGHGHMDUORHQPDFHUDFLyQXQDRGRVKRUDV VH EHEH HO OtTXLGR D VRUERV ² 3DUD SRGHU JR]DU WRGR HO DxR GH ODV YLUWXGHV GHO $MR GH RVRVHSUHSDUDHQFDVDXQDWLQWXUDYpDVHHQ0RGRVGHSUHSDUDFLyQ
  38. 38. 'HpVWDVHWRPDQ FDGDGtDyJRWDVGLOXLGDVHQXQSRFRGHDJXDORTXHFRQVWLWXHXQEXHQUHPHGLR SDUDIRUWDOHFHUODPHPRULDSUHYHQLUODDUWHULRVFOHURVLVFXUDUPXFKRVRWURVPDOHV (O$MRGHRVRDFW~DIDYRUDEOHPHQWHVREUHHOHVWyPDJRORVLQWHVWLQRVRPEDWHWDQWRODV GLDUUHDV DJXGDV FUyQLFDV DXQTXH YDDQ DFRPSDxDGDV GH JDVHV FyOLFRV FRPR HO HVWUHxLPLHQWR OR PLVPR TXH VH GHED D XQ HVSDVPR LQWHUQR FRPR D OD UHODMDFLyQ GH ORV LQWHVWLQRV/RVJXVDQRVLQFOXVRODVDVFiULGHVVHH[SHOHQGHVSXpVGHLQJHULUGXUDQWHXQD FLHUWD WHPSRUDGD $MR GH RVR 8QD YH] HTXLOLEUDGR HO VLVWHPD GLJHVWLYR GHVDSDUHFHQ WDPELpQDTXHOODVPROHVWLDVTXHVXHOHQKDFHUVXIULUDPXFKDVSHUVRQDVDQFLDQDVRDJHQWH PX FRPHGRUD SRU UHODMDFLyQ R KDUWXUD GH ORV LQWHVWLQRV 7DPELpQ DXGD D FXUDU ORV WUDVWRUQRV FDUGLDFRV R HO LQVRPQLR FDXVDGRV SRU HO HVWyPDJR DVt FRPR ODV PROHVWLDV GHELGDVDODDUWHULRVFOHURVLVRDODWHQVLyQDOWDGHODVDQJUHFRPRPDUHRSUHVLyQHQOD FDEH]DDQVLHGDG/DWHQVLyQGHODVDQJUHVHQRUPDOL]DOHQWDPHQWH (OYLQRGH$MRGHRVRYpDVHHQ0RGRVGHSUHSDUDFLyQ
  39. 39. HVXQUHPHGLRPDUDYLOORVRSDUD ORVDQFLDQRVTXHVXIUHQGHFDWDUUREURQTXLDOFUyQLFR HQFRQVHFXHQFLD GHGLILFXOWDGHV UHVSLUDWRULDV,QFOXVRHQFDVRVGHWRVDQWLJXDIDFLOLWDODH[SHFWRUDFLyQHOLPLQDODGLVQHD $VLPLVPR UHFRPLHQGR HVWH YLQR SDUD FRPEDWLU OD WLVLV SXOPRQDU OD KLGURSHVtD GH ODV FXDOHV SDGHFHQ FRQ IUHFXHQFLD ODV SHUVRQDV GH HGDG /DV KRMDV UHFLpQ FRJLGDV OLPSLDQ WDPELpQORVULxRQHVODYHMLJDWLHQHQXQHIHFWRGLXUpWLFR+HULGDVGHPDODFXUDFLyQVH FLFDWUL]DQ UiSLGDPHQWH XQWiQGRODV FRQ MXJR IUHVFR GH $MR GH RVR/DV DIHFFLRQHV GH ORV YDVRVFRURQDULRVWDPELpQVHPHMRUDQ (O$MRGHRVRHVXQRGHORVPHMRUHVSXULILFDQWHVGHODVDQJUHSRUORTXHHVPXHILFD] SDUDFRPEDWLUODVLPSXUH]DVFUyQLFDVGHODSLHO(OKHUERULVWDPpGLFRQDWXULVWDVXL]RHO SDGUH.Q]OHQRVHFDQVDGHHORJLDUHVWDSODQWDª/LPSLDWRGRHORUJDQLVPRHOLPLQDODV VXVWDQFLDVWy[LFDVORVUHVLGXRVLPSXURVPDORVUHQXHYDODVDQJUHGHVWUXHH[SXOVD ODV VXVWDQFLDV Wy[LFDV /DV SHUVRQDV HWHUQDPHQWH HQIHUPL]DV ORV DIHFWRV GH OtTXHQHV JUDQRV ORV SiOLGRV HVFURIXORVRV R UHXPiWLFRV GHEHUtDQ DSUHFLDU HO $MR GH RVR FRPR VL IXHUDRUR1LQJXQDKLHUEDGHOPXQGRHVWDQHILFD]SDUDGHSXUDUHOHVWyPDJRORVLQWHVWLQRV
  40. 40. ODVDQJUH/RVMyYHQHVIORUHFHUtDQFRPRODVURVDVHQHOMDUGtQVHGHVDUUROODUtDQFRPR XQDSLxDDOVRO©².Q]OHSURVLJXHGLFLHQGRTXHFRQRFHDIDPLOLDVHQWHUDVTXHDQWHVGH FRQVXPLU HO $MR GH RVR ªHVWDEDQ WRGRV HQIHUPL]RV SHQGLHQWHV GHO PpGLFR OOHQRV GH HUXSFLRQHV OtTXHQHV WHQtDQ WRGR HO FXHUSR HVFURIXORVR HVWDEDQ SiOLGRV FRPR ORV PXHUWRVHQODWXPEDGHVHQWHUUDGRVSRUODVJDOOLQDV©GHVSXpVGHVRPHWHUVHDXQDFXUD SURORQJDGD GH $MR GH RVR HVH PDJQtILFR GRQ GHO 6HxRU VH SXVLHURQ WRGRV VDQRV IUHVFRV 02'26'(35(3$5$,21 RPR FRQGLPHQWR /DV KRMDV IUHVFDV SLFDGDV FRPR HO SHUHMLO
  41. 41. VH HPSOHDQ SDUD DOLxDU ERFDGLOORVVRSDVVDOVDVHQVDODGDVSODWRVGHFDUQH 7LQWXUD GH $MR GH RVR 6H WULWXUDQ ODV KRMDV R ORV EXOERV GH OD SODQWD VH OOHQD XQD ERWHOODVLQDSUHWDUKDVWDHOJROOHWH'HVSXpVVHFXEUHWRGRGHXQDJXDUGLHQWHSXURGH ƒVHGHMDGtDVDOVRORFHUFDGHODOXPEUH6HWRPDQGHDJRWDVGLOXLGDVHQ XQSRFRGHDJXDFXDWURYHFHVDOGtD 9LQRGH$MRGHRVR8QSXxDGRGHKRMDVFRUWDGDVDSHGDFLWRVVHKLHUYHQEUHYHPHQWHHQ DSUR[ , GH YLQR EODQFR (QGXO]DGR FRQ PLHO R MDUDEH VH EHEH GH HVWH YLQR XQRV FXDQWRVVRUERVGLVWULEXLGRVGXUDQWHHOGtD $/(/8$2[DOLVDFHWRVHOOD
  42. 42. 6XVQRPEUHVSRSXODUHVVRQHQWUH RWURV3DQ GH FXFOLOOR7UpERODFHGR R$FHGHULOOD VH FUtDHQORVERVTXHVFXEULHQGRSRUWRGDVSDUWHVHOVXHORFRPRXQWDSL]FRQVXVKRMDVGH XQ YHUGH FODUR VXV ILQtVLPDV IORUHFLWDV EODQFDV 2IUHFH XQ DVSHFWR YHUGDGHUDPHQWH HQFDQWDGRU XDQGR HVWR EXVFDQGR VHWDV PH DJDFKR D YHFHV SDUD FRJHU XQD KRMD FRPpUPHOD/DVIORUHVODVUHFROHFWRHQSHTXHxDVFDQWLGDGHVSDUDSUHSDUDUXQDPH]FODGH WLVDQDLQGLFDGDHQODSiJLQD /D $OHOXD QR VH GHVHFD VyOR VH XWLOL]D IUHVFD (V XQ UHPHGLR FRQWUD OD DFLGH] GHO HVWyPDJRODVLQGLVSRVLFLRQHVGHOKtJDGRGHODGLJHVWLyQ(QHVWRVFDVRVVHWRPDQGRV WD]DVDOGtDGHODLQIXVLyQIUtDRQWUDODKHSDWLWLVODQHIULWLVODVHUXSFLRQHVGHODSLHOORV JXVDQRVVHDGPLQLVWUDODPLVPDFDQWLGDGGHLQIXVLyQSHURVHEHEHWHPSODGD /D PHGLFLQD SRSXODU UHFRPLHQGD HO MXJR IUHVFR GH $OHOXD SDUD FRPEDWLU HO FiQFHU GH HVWyPDJR LQFLSLHQWH ODV ~OFHUDV ORV WXPRUHV FDQFHURVRV LQWHUQRV H[WHUQRV (O MXJR IUHVFRVHREWLHQHPHGLDQWHXQDOLFXDGRUDDGDKRUDVHWRPDQGHDJRWDVGLVXHOWDVHQ DJXDRWLVDQD/RVWXPRUHVH[WHUQRVVHXQWDQFRQHOMXJRIUHVFR
  43. 43. (Q ORV FDVRV GH SDUiOLVLV DJLWDQWH HQIHUPHGDG GH 3DUNLQVRQ
  44. 44. VH UHFRPLHQGD HO MXJR IUHVFRFDGDKRUDGHDJRWDVGLOXLGDVHQXQDLQIXVLyQGH0LOHQUDPDHQXVRH[WHUQRVH KDFHQIULFFLRQHVHQODHVSLQDGRUVDO (VPXLPSRUWDQWHDWHQHUVHFRQFLHQ]XGDPHQWHDODVLQGLFDFLRQHVDFHUFDGHODGLOXVLyQ ODGRVLVWDQWRHQORVFDVRVGHFiQFHUGHHVWyPDJR~OFHUDVWXPRUHVFRPRHQHOGHOD HQIHUPHGDGGH3DUNLQVRQ 02'26'(35(3$5$,21 ,QIXVLyQ FXFKDUDGD VRSHUD GH KRMDV IUHVFDV VH HVFDOGD FRQ , GH DJXD KLUYLHQGRVHGHMDUHSRVDUXQSRFR -XJRIUHVFR/DVKRMDVVHODYDQVHSDVDQSRUODOLFXDGRUD $/$02$520$7,2$FRUXVFDODPXV
  45. 45. (VWDSODQWDDFXiWLFDVXHOHFUHFHUHQORVVXHORVHQFKDUFDGRVDRULOODVGHODJRVSDQWDQRV (Q HO FLHQR GH ORV ERUGHV GH ODV DJXDV GLVFXUUH HO UL]RPD UDVWUHUR GHO FXDO DUUDQFDQ QXPHURVDVKRMDVHQVLIRUPHVTXHDOFDQ]DQXQDDOWXUDGHP(OYiVWDJRDSODQDGROOHYD HQ OD PLWDG XQD SDQtFXOD FRQLIRUPH GH FRORU YHUGRVR R SDUGR DPDULOOHQWR /D UDt] TXH SXHGH OOHJDU D XQ PHWUR GH ORQJLWXG HV GHO JUXHVR GHO SXOJDU UHFLpQ FRJLGD WLHQH XQ IXHUWH VDERU DPDUJR DURPiWLFR (VWH VH VXDYL]D GHVSXpV GHO VHFDGR 6H UHFROHFWD D SULQFLSLRVGHODSULPDYHUDRDILQHVGHORWRxR /DPDFHUDFLyQGHODUDt]GHOiODPRDURPiWLFRQRVyORVHHPSOHDFRPRWRQLILFDQWHHQORV FDVRVGHGHELOLGDGJHQHUDOGHODSDUDWRGLJHVWLYRJDVHVGHOHVWyPDJRGHORVLQWHVWLQRV HQORVFyOLFRVVLQRTXHWDPELpQHVXQUHPHGLRSRGHURVRSDUDFRPEDWLUODVHQIHUPHGDGHV GH ODV JOiQGXODV DVt FRPR OD JRWD (VWD WLVDQD FRQWULEXH HQRUPHPHQWH D FDOHQWDU HO HVWyPDJR ORV LQWHVWLQRV OHQWRV D IRPHQWDU OD VHFUHFLyQ GH PXFRVD 6H UHFRPLHQGD FRQWUD HO PHWDEROLVPR OHQWR ODV GLJHVWLRQHV OHQWDV OR PLVPR TXH FRQWUD OD FORURVLV OD KLGURSHVtD
  46. 46. 3HUVRQDVH[FHSFLRQDOPHQWHGHOJDGDVTXHQRORVRQSRUIDOWDGHDOLPHQWRGHEHUtDQEHEHU IUHFXHQWHPHQWHWLVDQDGHiODPRDURPiWLFRGHYH]HQFXDQGRWRPDUXQEDxRDEDVHGH HVWDUDt](OiODPRHOLPLQDODLQDSHWHQFLDDXGDDFXUDUWUDVWRUQRVUHQDOHVHVXQEXHQ UHPHGLR SDUD OD OLPSLH]D GH WRGR HO RUJDQLVPR (VWD WLVDQD DXGD D ORV QLxRV FRQ LQWROHUDQFLD D ORV FHUHDOHV XQ PDO TXH YD DXPHQWDQGR VLHPSUH PiV /DV UDtFHV VHFDV PDVWLFiQGRODV OHQWDPHQWH DXGDQ D ORV IXPDGRUHV D TXLWDUVH HO YLFLR GH IXPDU 3DUD IRUWDOHFHUODYLVWDVHXQWDYDULDVYHFHVORVSiUSDGRVFHUUDGRVFRQHOMXJRIUHVFRGHODUDt] VHGHMDDFWXDUXQRVPLQXWRVOXHJRVHODYDORVRMRVFRQDJXDIUtD RQ EDxRV WLELRV GH UDt] GH iODPR DURPiWLFR KH DXGDGR IUHFXHQWHPHQWH D FXUDU VDEDxRQHVRWUDVFRQJHODFLRQHV/DVUDtFHVVHSRQHQHQDJXDIUtDDUHPRMRGXUDQWHOD QRFKH $O GtD VLJXLHQWH VH SRQH WRGR DO IXHJR VH FDOLHQWD KDVWD TXH URPSD D KHUYLU 'HVSXpVVHGHMDUHSRVDUPLQXWRVVHFXHOD(QHVWHOtTXLGRQRGHPDVLDGRFDOLHQWHVH EDxDQ ODV SDUWHV DIHFWDGDV GXUDQWH XQRV PLQXWRV (VWH FRFLPLHQWR VH SXHGH XWLOL]DU WUHVRFXDWURYHFHVFDOHQWiQGRORFDGDYH]7DPELpQDXGDQHVWRVEDxRVFRQWUDPDQRV SLHVIUtRVSHURHQHVWHFDVRHOOtTXLGRWLHQHTXHHVWDUELHQFDOLHQWH 8QKRPEUHGHDxRVQROOHJDEDDUHFXSHUDUVHGHVSXpVGHODRSHUDFLyQGHXQWXPRUGH KtJDGR /H YHQtDQ XQDV ILHEUHV PX DOWDV HQ LQWHUYDORV GH FXDWUR D FLQFR VHPDQDV D SHQVDEDQHQWUDVODGDUDOHQIHUPRGHVGH/LQ]DXQDFOtQLFDYLHQHVDFXDQGRPHFRQWyVX VXHJUDPXSUHRFXSDGDHOFDVR6HKDEtDQIRUPDGRDWXEpUFXORVLQWHVWLQDOHVORVFXDOHV FDXVDEDQHVDVFDOHQWXUDVWDQDOWDV/DUDt]GHOiODPRDURPiWLFRDXGyWDPELpQHQHVWH FDVRVLQHVSHUDQ]DODURTXHHQHQIHUPHGDGHVWDQJUDYHVHVWDWLVDQDVyORWLHQHHIHFWRVL VHWRPDGXUDQWHYDULDVVHPDQDVRLQFOXVRPHVHV (Q XQD H[FXUVLyQ SRU ORV $OSHV PH HQFRQWUp XQ GtD FRQ XQ PDWULPRQLR ,EDQ ORV GRV VXELHQGRODPRQWDxDFDUJDGRVFRQVXVPRFKLODVWHQtDQODLQWHQFLyQGHSDVDUXQRVGtDV WUDQTXLORV HQ XQD FDEDxD VROLWDULD 1RV SDUDPRV D GHVFDQVDU FKDUODU XQ UDWR $OOt PH HQWHUp GH OR VLJXLHQWH (O KRPEUH GH PiV GH DxRV GH HGDG P GH DOWR KDEtD HPSH]DGRXQDxRDQWHVDGHPDFUDUFRQVWDQWHPHQWHVLQTXHFRQRFLHUDQORVPRWLYRVGHVX HQIHUPHGDGXDQGRDVyORSHVDEDNLORVHQWUyXQGtDDFRPSDxDGRGHXQDHQIHUPHUD HQ OD FRQVXOWD GH VX PpGLFR HO FXDO HVWDED MXVWDPHQWH KDEODQGR SRU WHOpIRQR FRQ XQ FROHJD VXR ª/H PDQGR DKRUD PL SDFLHQWH PiV JUDYH VLQ HVSHUDQ]D ² FiQFHU GHO SXOPyQ©$VtVHHQWHUyVLQTXHUHUGHVXGLDJQRVLV3HURDOJXLHQOHDFRQVHMyTXHWRPDUD SRUODPDxDQDSRUODQRFKHLQIXVLyQGH0LOHQUDPDTXHPDVWLFDUDFRQWLQXDPHQWHUDt] GHiODPRDURPiWLFRHOFXDOOHDXGDUtDDGHPiVDTXLWDUVHODFRVWXPEUHGHIXPDU3RFR D SRFR HPSH]y D DXPHQWDU HO SHVR GHO HQIHUPR FRPR VH VHQWtD PHMRU GHMy GH LU DO PpGLFR6yORPHGLRDxRPiVWDUGHIXHDODFRQVXOWD(OPpGLFRDOYHUDOKRPEUHTXHD FUHtDPXHUWRVHLQFRUSRUyILMyODPLUDGDHQpOFRPRVLYLHUDXQIDQWDVPDª¢5DtFHVGH iODPR ¢'yQGH VH HQFXHQWUDQ© ª1R HV QHFHVDULR TXH VH EXVTXHQ VHxRU GRFWRU HQ FXDOTXLHUKHUERULVWHUtDODVYHQGHQSRUSRFRGLQHUR© (QWRQFHV D KDEtD UHFXSHUDGR HO KRPEUH VX SHVR KDELWXDO GH NLORV PHGLR DxR GHVSXpV HPSUHQGLy FiLJDOR FRQ XQD PRFKLOD OOHQD OD H[FXUVLyQ GXUDQWH OD FXDO QRV FRQRFLPRV DGD YH] TXH UHFXHUGR HO KHFKR TXH YR D FRQWDU R FXDQGR OR QRPEUR HQ PLV FRQIHUHQFLDV R OR WHQJR SUHVHQWH FRPR DKRUD TXH OR HVWR DSXQWDQGR SDUD XVWHGHV QR SXHGH PHQRV TXH SHQVDU HQ OD GLYLQD SURYLGHQFLD PH VLHQWR SURIXQGDPHQWH HPRFLRQDGD 0L PDGUH KDEtD FDtGR PX HQIHUPD 7HQtD ORV LQWHVWLQRV HQ XQ HVWDGR GHSORUDEOH HO PpGLFR PH GLMR TXH FRQWDUD FRQ OR SHRU TXH HUD FiQFHU LQWHVWLQDO (VWR VXFHGLyFXDQGRRWRGDYtDPHGHGLFDEDPXSRFRDODVSODQWDVFXUDWLYDVDXQTXHVtVROtD UHFXUULUDDUHPHGLRVQDWXUDOHVQRWRPDEDQXQFDPHGLFDPHQWRV/DQRWLFLDGHOPpGLFR PH GHMy DWyQLWD DTXHO GtD QR IXL FDSD] GH WHUPLQDU PLV TXHKDFHUHV GLDULRV TXH QRUPDOPHQWH PH RFXSDEDQ GHVGH ODV GH OD PDxDQD KDVWD ELHQ HQWUDGD OD QRFKH 3RU HVR PH DFRVWp D HVR GH ODV RFKR OD VLWXDFLyQ GHVHVSHUDGD GH PL PDGUH QR VH PH
  47. 47. TXLWDEDGHODFDEH]D'HUHSHQWHVHDEULyODSXHUWDGHOGRUPLWRULRHQWUyPLPDULGRFRQ XQ WUDQVLVWRU HQ OD PDQR ª7RPD© GLMR ªSDUD TXH QR HVWpV WDQ VROD© PH OR GHMy DOOt 3RFRGHVSXpVRtXQDYR]HQODUDGLRª$TXtKDEODHOPpGLFRGHFDEHFHUDRQODUDt]GHO iODPRDURPiWLFRVHFXUDWRGDFODVHGHWUDVWRUQRVGHOHVWyPDJRGHORVLQWHVWLQRVSRU FUyQLFRV PDOLJQRV TXHVHDQ6HHFKD XQDFXFKDUDGLWDUDVDGHUDtFHVHQXQDWD]DFRQ DJXDIUtDVHGHMDPDFHUDUWRGDODQRFKH3RUODPDxDQDVHFDOLHQWDXQSRFRVHFXHOD VHEHEHXQWUDJRDQWHVGHVSXpVGHODVFRPLGDV(QWRWDOVRQWUDJRVDOGtDPiVQRKD TXHEHEHU/DWLVDQDVHFDOLHQWDFDGDYH]DOEDxRGH0DUtD(VWHWUDWDPLHQWRHVSDUDWRGR HO DSDUDWR GLJHVWLYR LQFOXLGR HO KtJDGR OD ELOLV HO ED]R HO SiQFUHDV© RQWHQWtVLPD OH FRQWpDPLPDGUHDOGtDVLJXLHQWHORTXHKDEtDRtGRHQODUDGLRSHURHOODPHGLMRFRQXQ JHVWR GH UHVLJQDFLyQ ª$ Pt QR PH SXHGH DXGDU QDGD QL QDGLH© 6LQ HPEDUJR R PH SURFXUp OD UDt] GH iODPR OD DSOLTXH GH OD PDQHUD LQGLFDGD DUULED 6XHQD FRPR XQ PLODJURVLOHFXHQWRTXHDOFDERGHGtDVKDEtDQGHVDSDUHFLGRWRGRVORVSDGHFLPLHQWRV GH PL PDGUH $ SDUWLU GH DTXHO PRPHQWR HPSH]y D UHFXSHUDU RWUD YH] VX SHVR UHFREUDQGR FDGD VHPDQD XQRV JUDPRV (VWH DFRQWHFLPLHQWR FRQWULEXy D GHVSHUWDU PL LQWHUpV SRU OD PHGLFLQD YHJHWDO SURQWR SXGH DXGDU D PXFKRV HQIHUPRV VLQ HVSHUDQ]D 6REUH WRGR OD UDt] GHO iODPR DURPiWLFR KD DSRUWDGR VLHPSUH UHVXOWDGRV VRUSUHQGHQWHV (QORVFDVRVGHH[FHVRRGpILFLWGHiFLGRJiVWULFRHOiODPRDFW~DFRPRHTXLOLEUDGRU² 8QDPXMHUGH9RUDUOEHUJSDGHFtDDGXUDQWHGRVDxRVGHGRORUHVGHHVWyPDJRQRSRGtD SDVDU QLQJ~Q GtD VLQ WRPDU WDEOHWDV /H DFRQVHMp TXH WRPDUD ORV VHLV WUDJRV DUULED LQGLFDGRVGHWLVDQDGHiODPRXQWUDJRDQWHVGHVSXpVGHODVFRPLGDV
  48. 48. WUHVVHPDQDV GHVSXpV GHVDSDUHFLHURQ ORV GRORUHV QR YROYLHURQ D UHSHWLUVH 2WUD PXMHU GH $XVWULD %DMD WHQtD GHVGH KDFtD PXFKRV DxRV ~OFHUDV GXRGHQDOHV 3DUD VRSRUWDU ORV GRORUHV WRPDED FRQWLQXDPHQWH PHGLFDPHQWRV 1R GLJHUtD ORV DOLPHQWRV VyOLGRV WDPSRFR WHQtD DSHWLWR$OHQWHUDUVHGHORVHIHFWRVGHODUDt]GHiODPRFRPHQ]yDWRPDUFDGDGtDORV VHLV VRUERV UHFRPHQGDGRV /RV GRORUHV IXHURQ GLVPLQXHQGR SDXODWLQDPHQWH KDVWD TXH GHVDSDUHFLHURQ SRU FRPSOHWR DO FDER GH FLQFR VHPDQDV /D PXMHU UHFREUy HO DSHWLWR SXGRFRPHUFRPRORVGHPiVGHODIDPLOLDFRPLGDFDVHUDVLQTXHOHVHQWDUDPDO 8Q VDFHUGRWH GH HGDG DYDQ]DGD SDGHFtD GHVGH PXFKRV DxRV GH GLDUUHD D VH KDEtD KHFKR FRQ OD LGHD GH TXH VX PDO QR VH FXUDUtD QXQFD )LQDOPHQWH VLJXLy PL FRQVHMR HPSH]y D EHEHU ORV VHLV WUDJRV GH PDFHUDFLyQ GH iODPR $O SRFR WLHPSR WHQtD HO LQWHVWLQRFXUDGR $ XQ QLxR SHTXHxR QR VH OH FRUWDED OD GLDUUHD D SHVDU GH HVWDU D GLHWD ULJXURVD FRQ HO WUDWDPLHQWR GH ORV VHLV WUDJRV GH WLVDQD GH iODPR VH SXVR EXHQR $KRUD D KD DXPHQWDGR GH SHVR VX PDGUH HVWi FRQWHQWtVLPD ² 'XUDQWH DxRV SDGHFtD XQ KRPEUH GH GLDUUHDV VDQJULHQWDV TXH VH SUHVHQWDEDQ GH D YHFHV DO GtD 6X DPLJR PHFRQWyTXHDTXHOKRPEUHTXHHQRWURVWLHPSRVKDEtDVLGRDOHJUHRSWLPLVWDVHKDEtD FRQYHUWLGR FRPR VH FRPSUHQGH HQ XQ KRPEUH DPDUJDGR 7RGR OR TXH SUREy HQ ORV ~OWLPRV DxRV IXH HQ YDQR (VWDED MXELODGR SRU LQFDSDFLGDG 3RU ODV 3DVFXDV HPSH]y DXQTXH VLQ PXFKD FRQILDQ]D D WRPDU ORV VRUERV GH PDFHUDFLyQ GH iODPR GLDULRV VLPXOWiQHDPHQWH WD]DV GH LQIXVLyQ GH 0DUDYLOOD £4Xp VRUSUHVD PH OOHYp FXDQGR VX PXMHUPHHVFULELyGLFLpQGRPHTXHDSULQFLSLRVGHMXQLRGHOPLVPRDxRKDEtDHPSH]DGRVX PDULGRDWUDEDMDU 02'26'(35(3$5$,21 0DFHUDFLyQ/DWLVDQDGHUDtFHVGHiODPRDURPiWLFRVHREWLHQHPHGLDQWHPDFHUDFLyQ 8QDFXFKDUDGLWDGHUDtFHVVHSRQHQDUHPRMRGXUDQWHODQRFKHHQ,GHDJXDIUtD$O GtD VLJXLHQWH VH FDOLHQWD WRGR XQ SRFR VH FXHOD /D WLVDQD VH EHEH WLELD FDOHQWiQGROD FDGDYH]DOEDxRGH0DUtD
  49. 49. -XJR IUHVFR 6H OLPSLDQ ODV UDtFHV IUHVFDV FXLGDGRVDPHQWH VH SDVDQ DQWHV TXH VH VHTXHQSRUODOLFXDGRUD %DxR$SUR[JGHUDtFHVGHiODPRDURPiWLFRVHSRQHQDUHPRMRHQOLWURVGH DJXDIUtD$OGtDVLJXLHQWHVHFDOLHQWDWRGRKDVWDTXHURPSDDKHUYLUGHVSXpVGHUHSRVDU XQUDWRVHDxDGHHOOtTXLGRDODJXDGHEDxRYpDVHHQ*HQHUDOLGDGHVª%DxRVGHFXHUSR©
  50. 50. (/,'21,$KHOLGRQLXPPDMXV
  51. 51. $QWLJXDPHQWHJR]DEDODHOLGRQLD²OODPDGDWDPELpQHLOGXHxD+LUXQGLQDULD+LHUEDGH ODV JRORQGULQDV +LHUED YHUUXJXHUD ² GH JUDQ SUHVWLJLR PLHQWUDV TXH KR OD WRPDQ PXFKRV SRU SODQWD YHQHQRVD (VWH GHVSUHFLR VyOR PH OR SXHGR H[SOLFDU FRQVLGHUDQGR HO HIHFWR TXH WXYR OD FDPSDxD GH SURSDJDQGD TXH ODQ]y OD LQGXVWULD IDUPDFpXWLFD HQ VXV FRPLHQ]RV FRQWUD ODV PHMRUHV SODQWDV SDUD GHVYLDU DO SXHEOR GH ODV KLHUEDV FXUDWLYDV H LQWURGXFLUORVPHGLFDPHQWRVTXtPLFRV /DHOLGRQLDFRQVXWDOORUROOL]RPXUDPLILFDGRHVGHXQDDOWXUDGHDFURV6HJ~Q ODVORFDOLGDGHVHPSLH]DDIORUHFHUDOFRPHQ]DUODSULPDYHUDVLKDVXILFLHQWHKXPHGDG SXHGH SURORQJDU OD IORUDFLyQ KDVWD ILQHV GH YHUDQR /DV KRMDV OREXODGDV VH SDUHFHQ XQ SRFRDODV GHOUREOHXDQGRVHFRUWD HOWDOORRODUDt]UH]XPDXQMXJR YLVFRVR GHFRORU DQDUDQMDGR 6H FUtD D RULOODV GH ORV ERVTXHV HQ OXJDUHV IUHVFRV VRPEUtRV OH JXVWD DUULPDUVH D PXURV VHWRV $XQTXH HO YHUDQR VHD PX FDOXURVR OD SODQWD HVWp PHGLR VHFD VLHPSUH VDOGUi DO FRUWDUOD JUDQ FDQWLGDG GH HVH OtTXLGR HVSHVR DQDUDQMDGR 3HUR WDPELpQ HQ LQYLHUQR DXQTXH KDD QLHYH VH SXHGH HQFRQWUDU OD HOLGRQLD VLHPSUH TXH XQRUHFXHUGHHOVLWLRGRQGHFUHFH /D SODQWD HV XQ GHSXUDWLYR GH OD VDQJUH DFWLYD WDPELpQ VX IRUPDFLyQ RQWUD OD OHXFHPLD OD UHFRPLHQGR R MXQWR FRQ OD 2UWLJD UHWRxRV GH 6D~FR 3HURKDTXHWRPDUGHHVWDWLVDQDFRPSXHVWDSRUORPHQRVGRVOLWURVGLDULRVSDUDTXHGp EXHQRVUHVXOWDGRV (OMXJRIUHVFR GH OD HOLGRQLDHVHOUHPHGLRPiVHILFD]SDUD FXUDUORVJUDYHVWUDVWRUQRV GHO KtJDGR VREUH WRGR XWLOL]DQGR OD SODQWD UHFLpQ FRJLGD TXH VH ODYD VH SDVD SRU OD
  52. 52. OLFXDGRUD'LOXLGRHQGREOHFDQWLGDGGHDJXDWLELDVHEHEHDVRUERVGLVWULEXLGRVGXUDQWHHO GtD RPR SXULILFDQWH GH OD VDQJUH GHO KtJDGR HVWLPXOD WDPELpQ HO PHWDEROLVPR RPEDWH WRGD FODVH GH DIHFFLRQHV GH OD ELOLV GH ORV ULxRQHV GHO KtJDGR (Q XQD PDFHUDFLyQ GH YLQR YpDVH 0RGRV GH SUHSDUDFLyQ
  53. 53. FXUD HQ SRFR WLHPSR OD LFWHULFLD (VWD SODQWD HV WDPELpQ PX UHFRPHQGDEOH FRQWUD ODV DOPRUUDQDV DFRPSDxDGDV GH HVFR]RU HQ HO DQR FRQWUDORV SLQFKD]RV GRORUHVDORULQDU DVtFRPRFRQWUDHO]XPELGRGHRtGRV(QHVWRV FDVRV VH WRPD HO MXJR IUHVFR GLOXLGR HQ DJXD WLELD R y WD]DV GH LQIXVLyQ TXH QR VH GHEH KHUYLU
  54. 54. D VRUERV GXUDQWH HO GtD (Q XVR H[WHUQR HO MXJR VLUYH FRQWUD ODV DIHFFLRQHV PDOLJQDVGHODSLHOORVRMRVGHSROORODVYHUUXJDVORVOtTXHQHVLQFXUDEOHV/DVFDWDUDWDV ODVPiFXODVGHODFyUQHDGHVDSDUHFHQSRFRDSRFR(OMXJRDXGDLQFOXVRHQHOFDVRGH GHVSUHQGLPLHQWRRKHPRUUDJLDGHODUHWLQD3DUDHVRVHDUUDQFDXQDKRMDGHODHOLGRQLD GHVSXpV GH ODYDUOD VH HVWUXMH FRQ ORV GHGRV PRMDGRV OD SDUWH WLHUQD GHO UDELOOR RQ HO OtTXLGRREWHQLGRGHHVWDIRUPDVHXQWDHORMRFHUUDGRHQGLUHFFLyQGHORViQJXORV$XQTXH HOMXJRQRHQWUDGLUHFWDPHQWHHQHORMRVHOHWUDQVPLWHQVXVYLUWXGHVFXUDWLYDV'HOPLVPR PRGR VH SURFHGH FRQWUD ODV FDWDUDWDV RWURV WUDVWRUQRV YLVXDOHV DVt FRPR SUHYHQWLYDPHQWH HQ ORV RMRV VDQRV FXDQGR VH WLHQH VLPSOHPHQWH OD YLVWD FDQVDGD $ Pt PLVPDPHVLHQWDPXELHQFXDQGRDYHFHVHVWROHHQGRFRQWHVWDQGRFDUWDVKDVWDPX HQWUDGD OD QRFKH (QWRQFHV FRMR GH PL KXHUWR XQD KRMD GH HOLGRQLD PH IURWR VXDYHPHQWH FRPR VH KD LQGLFDGR DQWHULRUPHQWH HO ]XPR KDFLD ORV UDELOORV GH ORV RMRV DGD YH] VLHQWR XQ DOLYLR FRPR VL PH TXLWDUDQ XQ YHOR GH ORV RMRV (Q OD KRPHRSDWtD SUHSDUDQGHOD HOLGRQLDXQDWLQWXUDGH ODFXDOVHWRPDQ y YHFHV DOGtD GH D JRWDVFRQXQSRFRGHDJXD +DFHXQRVDxRVPHFRQWDURQHOFDVRGHXQDFDPSHVLQDTXHWHQtDHQHOSiUSDGRLQIHULRU GHORMRGHUHFKRXQD~OFHUDURMDGHOWDPDxRGHXQJXLVDQWH(ORFXOLVWDDOTXHIXHODPXMHU SDUDTXHOHUHFHWDUDQXHYDVJDIDVYLRHOEXOWRHOFXDOQROHJXVWDEDQDGD(OODDORWHQtD GHVGH KDFtD DxRV QR OH PROHVWDED (O PpGLFR H[WUDMR XQD SUXHED OD PDQGy DO ODERUDWRULR GH DQiOLVLV 6H WUDWDED GH FiQFHU GH OD SLHO RPR SRGUiQ ILJXUDUVH IXH XQ FKRTXH WHUULEOH SDUD OD MRYHQ FDPSHVLQD 3URQWR VXSH TXLpQ HUD ² SRU FDVXDOLGDG XQD DPLVWDG GH QXHVWUD IDPLOLD ² DVt SXGH OODPDUOH OD DWHQFLyQ VREUH OD HOLGRQLD (UD IHEUHUR SRU VXHUWH KDFtD EXHQ WLHPSR /D HOLGRQLD TXH HV XQD SODQWD SHUHQQH VH PDQWLHQHIUHVFDYHUGHHQLQYLHUQR/HDFRQVHMpDODPXMHUTXHWUDVSODQWDUDXQDSODQWD FRQVXVUDtFHVHQXQDPDFHWDSDUDWHQHUODVLHPSUHDPDQROHGLMHTXHQRWXYLHUDPLHGR SRUHORMRDTXHHVHMXJRQRORSHUMXGLFDED7DPELpQOHUHFRPHQGpTXHIXHUDXQDYH]DO PHVDODUDGLRWHUDSLDFRPRVHORKDEtDRUGHQDGRVXPpGLFRDXQTXHRVpTXHORVUDRV ;QRGHVWUXHQODV~OFHUDVFDQFHURVDVSHURVtSDUWHVVDQDVGHODSLHOHLQFOXVRDYHFHV ORV KXHVRV 3RFR DQWHV GH 1DYLGDG UHFLEt OD EXHQD QRWLFLD GH TXH OD ~OFHUD KDEtD GHVDSDUHFLGR/DPXMHUYLQRDYHUPHPHDEUD]yOOHQDGHDOHJUtD(ORFXOLVWDTXHKDEtD FRQVXOWDGR SUHJXQWy VRUSUHQGLGR OR TXH KDEtD KHFKR (OOD H[FODPy ªDGD PHV UDGLRWHUDSLD HQ /LQ]© D OR TXH FRQWHVWy HO PpGLFR ª6L KDQ VLGR ORV UDRV; HV XQ PLODJUR© 7DPELpQ PH GLMR OD PXMHU TXH VL R QR OH KXELHUD GDGR iQLPR IH FRQILDQ]D MDPiV KXELHUD VRSRUWDGR WRGR OR TXH YHtD HQ HO ODERUDWRULR GH UDGLRWHUDSLD WRGDV HVDV FDUDVGHORVRWURVSDFLHQWHVFRPLGDVKDVWDORVKXHVRV/HVVXSOLFRDWRGRVORVTXHOHHQ HVWDVOtQHDV$XGHQXVWHGHVWDPELpQHQXQFDVRDVtOHVHYLWDUiDVXVSUy[LPRVXQILQDO WHUULEOH(QQXHVWURVWLHPSRVWDQFRQWDPLQDGRVVHDFXPXODQORVFDVRVHQTXHVHLQIODPD XQDYHUUXJDHPSLH]DGHUHSHQWHDFUHFHUKDVWDFRQYHUWLUVHHQFiQFHUGHODSLHO +LUVXWLVPRHQODFDUDDVtFRPRXQDXPHQWRGHOYHOORGHORVEUD]RVGHODVSLHUQDVHQODV PXMHUHVLQGLFDQ XQWUDVWRUQRGHORV ULxRQHV/DVSDUWHV DIHFWDGDVVHXQJHQFRQMXJRGH HOLGRQLDTXHVHREWLHQHPHGLDQWHXQDOLFXDGRUDHOMXJRIUHVFRVHFRQVHUYDKDVWDXQDxR HQ OD QHYHUD
  55. 55. VH GHMD DFWXDU XQDV KRUDV VH ODYD FRQ XQ MDEyQ ILQR 3DUD TXH QR VH TXHGHVHFDODSLHOVHOHDSOLFDXQSRFRGHSRPDGDGH0DUDYLOODDFHLWHGH0DQ]DQLOODRGH
  56. 56. +LSpULFR YpDVH ª0RGRV GH SUHSDUDFLyQ©
  57. 57. $SDUWH GH HVWH WUDWDPLHQWR H[WHUQR KD TXH VRPHWHUVHDXQDFXUDGHLQIXVLyQGH2UWLJDORPHQRVyWD]DVDOGtD
  58. 58. DVtFRPRDEDxRV GH DVLHQWR FRQ ROD GH FDEDOOR SDUD IRPHQWDU OD LUULJDFLyQ VDQJXtQHD GH ORV ULxRQHV YpDVHWDPELpQEDMRªRODGHFDEDOOR©
  59. 59. 8Q FRQRFLGR PtR GH OD UHJLyQ GH 0DJXQFLD XWLOL]DED HQ VXV SDVHRV GLDULRV HO MXJR GH HOLGRQLD GHO PRGR LQGLFDGR 6X SHUUR ORER TXH D HUD EDVWDQWH YLHMR VLHPSUH OH DFRPSDxDED8QDYH]OHXQWyHOKRPEUHGHEURPDORVRMRVFRQXQSRFRGHMXJRORFXDO SDUHFLyVHQWDUOHELHQDODQLPDOSXHVDSDUWLUGHDTXHOGtDFDGDYH]TXHVXDPRKDFtDVX WUDWDPLHQWRGHHOLGRQLDHOSHUURVHVHQWDEDGHODQWHGHpOSDUDTXHOHKLFLHUDORSURSLR 8QGtDGHQRYLHPEUHGLXQDFRQIHUHQFLDHQODFDVDGHOSiUURFRGHXQSXHEORDXVWULDFR(O VDFULVWiQ TXH FRQRFt DOOt OOHYDED JDIDV XDQGR YROYt HQ IHEUHUR D OD PLVPD FDVD HO KRPEUHLEDVLQJDIDVHVRSRUTXHVHJ~QPHFRQWyGHVGHQRYLHPEUHKDEtDVHJXLGRPL FRQVHMRGHXWLOL]DUODHOLGRQLD$GHPiVGLMRTXHDKRUDYHtDPXFKRPHMRUTXHDQWHVFRQ ODVJDIDV+DEtDEXVFDGRODVKRMDVGHODSODQWDGHEDMRGHODFDSDGHQLHYH(VWHHSLVRGLR ORKHFRQWDGRSDUDGHPRVWUDUOHVTXHFLHUWDVKLHUEDVPHGLFLQDOHVVHSXHGHQFRJHUIUHVFDV LQFOXVRHQLQYLHUQRFXDQGRSDUHFHTXHODQDWXUDOH]DHVWiPXHUWD 02'26'(35(3$5$,21 ,QIXVLyQFXFKDUDGLWDUDVDGHKLHUEDVSRUFDGD,GHDJXDQRVHKLHUYH -XJRIUHVFR/DVKRMDVORVWDOORVODVIORUHVUHFLpQODYDGRVVHSDVDQSRUODOLFXDGRUD 7LQWXUD5HPHGLRKRPHRSiWLFRTXHYHQGHQHQODIDUPDFLD 0DFHUDFLyQGHYLQRJGHHOLGRQLDFRQODUDt]VHFXEUHQGH,GHYLQREODQFRVH GHMDWRGRXQDRGRVKRUDVHQPDFHUDFLyQVHH[SULPHVHEHEHDVRUERV 2/$'($%$//2(TXLVHWXPDUYHQVH
  60. 60. 1RPEUHVSRSXODUHVRODGHUDWDXQTXLOORLHQXGLOORVDQGDOLOOR3LQLOORHWF $SULQFLSLRVGHODSULPDYHUDEURWDQGHODFHSDPXH[WHQGLGDSURIXQGDSULPHURORVWDOORV IpUWLOHVGHFRORUSDUGX]FRURML]RTXHOOHYDQORVHVSRUDQJLRV0iVWDUGHDSDUHFHQORVWDOORV YHUGHV GH YHUDQR GH XQRV FURV GH DOWXUD TXH VH SDUHFHQ D SLQLWRV GH FRQVWUXFFLyQ PXUHJXODU6HFUtDHQORVFDPSRVWHUUDSOHQHVULED]RV/DVSODQWDVTXHFUHFHQHQOD DUFLOODSRVHHQODPDRUFDQWLGDGGHSULQFLSLRVFXUDWLYRV6HJ~QODSURFHGHQFLDODFDQWLGDG GHiFLGRVLOtFLFRFRQVXVH[FHOHQWHVSURSLHGDGHVFXUDWLYDVRVFLODHQWUHHO6H
  61. 61. VREUHHQWLHQGH TXH MDPiV VH GHEHQ UHFROHFWDU ODV SODQWDV TXH VH FUtDQ HQ ORV FDPSRV DERQDGRVFRQSURGXFWRVTXtPLFRV²+DXQD YDULHGDGGH RODGHFDEDOORFRQUDPLWDV ILQtVLPDVTXHVHFUtDHQORVERVTXHVHQVXVOLQGHURVpVWDWDPELpQHVFXUDWLYD (Q OD PHGLFLQD SRSXODU OD ROD GH FDEDOOR JR]DED GHVGH WLHPSRV UHPRWRV GH JUDQ SUHVWLJLRVREUHWRGRSRUVXSRGHUKHPRVWiWLFRVXHILFDFLDFRQWUDODVJUDYHVDIHFFLRQHV GH ORV ULxRQHV GH OD YHMLJD 3HUR D SHVDU GH HOOR VH FDy FRQ HO WLHPSR HQ HO ROYLGR *UDFLDV D QXHVWUR JUDQ PpGLFR QDWXULVWD .QHLSS OD ROD GH FDEDOOR D YXHOWR D WHQHU OD IDPD GH DQWDxR 3DUD pO HVWD KLHUED HV ª~QLFD LQVXVWLWXLEOH H LQHVWLPDEOH© FRQWUD ODV KHPRUUDJLDVORVYyPLWRVGHVDQJUHODVDIHFFLRQHVUHQDOHVYHVLFDOHVORVFiOFXORVODV DUHQLOODV'LFHTXHªODRODGHFDEDOORHVXQUHPHGLRH[WUDRUGLQDULRSDUDFXUDUODV~OFHUDV FDQFHURVDV OD FDULHV yVHD /DYD GLVXHOYH TXHPD WRGR OR PDOR 7DPELpQ VH SXHGH HQYROYHUODKLHUEDK~PHGDFDOLHQWHHQSDxRVPRMDGRVDSOLFDUODDODVSDUWHVHQIHUPDV © (OSDGUHVXL]R.Q]OHGLFHTXHWRGDVODVSHUVRQDVGHEHUtDQEHEHUDSDUWLUGHFLHUWDHGDG FDGDGtDXQDWD]DGHLQIXVLyQGHRODGHFDEDOOR$VtGHVDSDUHFHUtDQWRGRVORVGRORUHV GHELGRVDOUHXPDDODJRWDDVtFRPRODVQHXUDOJLDVWRGRVJR]DUtDQGHXQDYHMH]FRQ VDOXGXHQWDTXHXQDQFLDQRGHDxRVTXHSDGHFtDWHUULEOHPHQWHGHOPDOGHSLHGUDVH FXUy FRQ XQ EDxR GH YDSRU GH ROD GH FDEDOOR YLYLy D~Q PXFKRV DxRV SURVLJXH GLFLHQGR ª(VWD KLHUED FRUWD ODV SHRUHV KHPRUUDJLDV ORV YyPLWRV GH VDQJUH GHQWUR GH SRFRFDVLHQXQDEULUFHUUDUORVRMRVLQJLULpQGRODHQIRUPDGHLQIXVLyQ© RQWUD ORV FDWDUURV GRORURVRV GH OD YHMLJD HO WHQHVPR QR KD PHMRU UHPHGLR TXH HQYROYHUVHELHQODVSLHUQDVFRQHOEDWtQGHMDUDFWXDUORVYDSRUHVGHXQDLQIXVLyQGHROD GH FDEDOOR VREUH OD YHMLJD 5HSLWLHQGR HVWH SURFHGLPLHQWR YDULDV YHFHV VH FRQVLJXH FRPEDWLUHOPDOHQSRFRWLHPSR/DVSHUVRQDVDQFLDQDVTXHGHSURQWRQRSXHGHQRULQDU VH WXHUFHQ GH GRORU SRUTXH OD RULQD QR VDOH R VyOR JRWHD SXHGHQ FDOPDU ORV GRORUHV PHGLDQWHHVWRVEDxRVGHYDSRUFDOLHQWHVVLQTXHHOPpGLFRWHQJDTXHUHFXUULUDOVRQGHR 3DUDFRPEDWLUODVDUHQLOODVORVFiOFXORVUHQDOHVYHVLFDOHVVHWRPDQEDxRVGHDVLHQWR FDOLHQWHVGHRODGHFDEDOOREHELHQGRVLPXOWiQHDPHQWHXQDLQIXVLyQFDOLHQWHGHODPLVPD KLHUEDDSHTXHxRV WUDJRV KDTXHUHWHQHUODRULQDWRGROR TXHVHSXHGDSDUD H[SHOHUOD ILQDOPHQWH FRQ SUHVLyQ 'H HVWD PDQHUD VXHOHQ H[SXOVDUVH WDPELpQ SLHGUDV +H UHFLELGR QXPHURVDVFDUWDVGHSHUVRQDVTXHKDQVHJXLGRHVWHFRQVHMRFRQILUPDQODHILFDFLDGHO PpWRGR/RVFiOFXORVKDQVLGRHOLPLQDGRVDVtFRPRWRGDFODVHGHGRORUHVPROHVWLDV /DRODGHFDEDOORDXGDHQFDVRVGRQGHRWURVGLXUpWLFRVQRVXHOHQGDUUHVXOWDGRVFRPR SRUHMHPSORHQODKLGURFDUGLDVHQODKLGURSHVtDGHODSOHXUDFRVWDORHQWUDVWRUQRVUHQDOHV GHELGRV D OD HVFDUODWD X RWUDV JUDYHV HQIHUPHGDGHV LQIHFFLRVDV FRQ UHWHQFLyQ GH DJXD RQWRGRVHSXHGHDILUPDUTXHODRODGHFDEDOORHVXQUHPHGLRPXLQGLFDGRSDUDWRGR HODSDUDWRUHQDOXULQDULRWDQWRHQXVRLQWHUQRFRPRH[WHUQR RQWUD OD LQIODPDFLyQ R VXSXUDFLyQ GH OD SHOYLV UHQDO XQ VROR EDxR GH DVLHQWR KDFH PLODJURV3DUDHOORVHHPSOHDVRODPHQWHHQXVRH[WHUQRODRODGHFDEDOORPDRUFXRV WDOORVVRQFRPRXQGHGRGHJRUGRV(VWDYDULHGDGVHFUtDHQSUDGHUDVVRWRVSDQWDQRVRV FRPRDVHKDGLFKRDFW~DLQVWDQWiQHDPHQWHFRQWUDODVLQIODPDFLRQHVVXSXUDFLRQHV GH OD SHOYLV UHQDO 8QD VHxRUD TXH R FRQRFtD PX ELHQ HVWDED D YDULRV PHVHV FRQ SHOYLWLVLQJUHVDGDHQHOKRVSLWDOGH,QQVEUXFNRPRQRVHPHMRUDEDPHKL]ROODPDUROH UHFRPHQGpXQEDxRGHDVLHQWRFRQRODGHFDEDOOR3RFRVGtDVGHVSXpVOOHJyXQDFDUWD ª0HKDVVDOYDGRODYLGDDHVWRHQFDVD(OEDxRGHDVLHQWRFRQRODGHFDEDOORPDKD FXUDGRKHUHFXSHUDGRPLVIXHU]DV©(VWDFODVHGHRODGHFDEDOORTXHDOFDQ]DPiVGH XQPHWURGHDOWXUDDYHFHVODGHXQKRPEUHVyORVHGHEHXVDUSDUDEDxRVGHDVLHQWR 6LQHPEDUJRSDUDLQIXVLRQHVTXHVHWRPDQEHELGDVVHXWLOL]DVRODPHQWHODSODQWDTXHVH UHFRJHHQORVFDPSRVHQORVPiUJHQHVGHODVKXHUWDVGHORVERVTXHV (Q PDGUHV MyYHQHV VH PDQLILHVWDQ D YHFHV FRPR FRQVHFXHQFLD GH XQ SDUWR GLItFLO WUDVWRUQRVYLVXDOHVpVWRVVHGHEHQPXSUREDEOHPHQWHDTXHORVULxRQHVGHODPDGUHKDQ
  62. 62. VXIULGRGXUDQWHHOSDUWR%DxRVGHDVLHQWRGHRODGHFDEDOORDFWLYDQGHVGHHOH[WHULRUOD LUULJDFLyQVDQJXtQHDGHORVULxRQHVGLVPLQXHQGRDVtODSUHVLyQHQORVRMRVFDXVDGDSRU ODLQVXILFLHQFLDUHQDOPLHQWUDVTXHORVWUDVWRUQRVGHODYLVWDYDQGHVDSDUHFLHQGR (O JUDQ PpGLFR QDWXULVWD GLVFtSXOR GH .QHLSS 'U %RKQ KD KHFKR HORJLRV D HVWD KLHUED ª3RU XQ ODGR HV XQ UHPHGLR FRQWUD ODV KHPRUUDJLDV SRU RWUR ODGR ² HVWR HQ PDRU JUDGR²HVXQDPHGLFLQDSDUDORVULxRQHV'HVSXpVGHWRPDULQIXVLyQGHRODGHFDEDOOR VHH[SHOHXQDJUDQFDQWLGDGGHRULQDGHFRORURVFXUR7DPELpQDFWXDUiSLGDPHQWHFRQWUD ODKLGURSHVtD©(QORVFDVRVGRQGHORVGHPiVGLXUpWLFRVDQRDXGDQVHGHMDQGHWRPDU WRGDVODVGHPiVKLHUEDVVHEHEHGXUDQWHyGtDVHQFDVRVH[WUHPRVGtDV
  63. 63. FLQFRR VHLV WD]DV GH LQIXVLyQ GH ROD GH FDEDOOR SHUR D VRUERV GLVWULEXLGRV D OR ODUJR GHO GtD 6HJ~QODH[SHULHQFLDHQODPDRUtDGHOORVFDVRVVHOOHJDDHOLPLQDUHODJXD /DV HUXSFLRQHV FXWiQHDV DFRPSDxDGDV GH SLFRUHV HVWpQ HQFRVWUDGDV SXUXOHQWDV R WLxRVDV VH FXUDQ FRQ DXGD GH ODYDGRV FRPSUHVDV D EDVH GH LQIXVLyQ GH ROD GH FDEDOOR (VWRV ODYDGRV EDxRV WDPELpQ VH HPSOHDQ FRQWUD OD RQLTXLD LQIODPDFLyQ GH OD UDt] GH OD XxD
  64. 64. ORV SLHV OODJDGRV OD FDULHV yVHD ODV KHULGDV DQWLJXDV H[SDQVLYDV ODV ~OFHUDV FDQFHURVDV ORV HVSRORQHV GHO FDOFiQHR ODV ItVWXODV HO OXSXV OD VLFRVLV GHUP RWURVOtTXHQHV(QHVWRVFDVRVVHSXHGHQUHFRPHQGDUWDPELpQODVFDWDSODVPDVDOYDSRU GH ROD GH FDEDOOR YpDVH HQ 0RGRV GH SUHSDUDFLyQ
  65. 65. /DV DOPRUUDQDV GRORURVDV VH FRPEDWHQ FXEULpQGRODV GH XQ HPSODVWR GH KLHUED IUHVFD TXH VH REWLHQH GH OD VLJXLHQWH PDQHUDODYDURODGHFDEDOORUHFLpQFRJLGDSLFDUODHQHOPRUWHURKDVWDTXHVHIRUPHD PRGRGHXQDSDSLOOD RQWUDODVKHPRUUDJLDVQDVDOHVUHSHWLGDVSHUVLVWHQWHVVHDSOLFDQFRPSUHVDVHQIUtRGH RODGHFDEDOORHVGHFLUSDxRVHPEHELGRVGHXQDLQIXVLyQDIUtDGHHVWDSODQWD3RUVX SRGHU KHPRVWiWLFR OD ROD GH FDEDOOR DXGD DVLPLVPR EHELGD HQ IRUPD GH LQIXVLyQ D DWDMDU ODV KHPRUUDJLDV SXOPRQDUHV XWHULQDV KHPRUURLGDOHV HVWRPDFDOHV (Q HVWRV FDVRVVHWRPDPiVFRQFHQWUDGDTXHQRUPDOPHQWHyFXFKDUDGLWDVUHSOHWDVGHKLHUED SRUFDGDWD]D /D ROD GH FDEDOOR PH]FODGD FRQ 9HUyQLFD FRQVWLWXH GHELGR D VXV FXDOLGDGHV GHSXUDWLYDVGHODVDQJUHXQUHPHGLRSUHYHQWLYRFRQWUDODDUWHULRVFOHURVLVODSpUGLGDGH ODPHPRULD6HSXHGHFRQVLGHUDUFRPRHOPHMRUSURILOiFWLFRFRQWUDHOFiQFHU 3DUDFRPEDWLUODKLSHUKLGURVLVGHORVSLHVVXGRUH[FHVLYR
  66. 66. UHFRPLHQGRODWLQWXUDGHROD GHFDEDOORYpDVHHQ0RGRVGHSUHSDUDFLyQ
  67. 67. XQH[FHOHQWHUHPHGLRFRQHOTXHVHIURWDQ GLDULDPHQWH ORV SLHV GHVSXpV GH ODYDUORV VHFDUORV ELHQ 3HUR WDPELpQ KD TXH WRPDU FDGDGtDPHGLDKRUDDQWHV GHOGHVDXQRXQDWD]DGHLQIXVLyQGHOD PLVPD KLHUED/RV SHGLOXYLRV FRQ HVWD SODQWD WLHQHQ HO PLVPR SURYHFKR RQWUD OD FDVSD VH ODYD ODFDEH]D FDGDGtDFRQXQFRFLPLHQWRGHRODGHFDEDOORVHIURWDGHVSXpVELHQFRQXQEXHQDFHLWH GHROLYD'HHVWDIRUPDVHTXLWDUiSLGDPHQWHHVDPROHVWLD /DLQFRQWLQHQFLDGHRULQDRULQDUVHHQODFDPD
  68. 68. VHFRPEDWHFRQXQDLQIXVLyQFRPSXHVWD GH ROD GH FDEDOOR H +LSpULFRQ GH OD FXDO VH DGPLQLVWUD XQD R GRV WD]DV DO GtD FRQ OD ~OWLPD FRPLGD QR VH EHEH D QDGD (VWD PH]FOD OD UHFRPLHQGR WDPELpQ SDUD KDFHU JiUJDUDV HQMXDJXHV HQ ORV FDVRV GH DQJLQDV HVWRPDWLWLV HVWRPDWLWLV XOFHURVD FDULDGXUD HQFtDV VDQJUDQWHV JLQJLYLWLV ItVWXODV SyOLSRV GHO SDODGDU GH OD JDUJDQWD RQWUDHOIOXMREODQFRGHODPXMHUVHWRPDQEDxRVGHDVLHQWRGHRODGHFDEDOOR 1RROYLGHPRVTXHODRODGHFDEDOORHVXQDGHODVPHMRUHVSODQWDVPHGLFLQDOHVSDUDORV SXOPRQHV WDQWR HQ EURQTXLWLV FUyQLFD FRPR HQ WXEHUFXORVLV SXOPRQDU 7RPDQGR UHJXODUPHQWHODLQIXVLyQVHFRQVLJXHJUDFLDVDVXFRQWHQLGRHQiFLGRVLOtFLFRODFXUDFLyQ GHO SXOPyQ WXEHUFXORVR VXSULPLHQGR DO PLVPR WLHPSR OD GHELOLGDG JHQHUDO GHELGD D OD DIHFFLyQSXOPRQDU 6HJ~Q HO ILWRELyORJR DXVWULDFR 5LFKDUG :LOOIRUW LQYHVWLJDFLRQHV UHFLHQWHV SHUPLWHQ OD KLSyWHVLVTXHODLQJHVWLyQSURORQJDGDGHLQIXVLyQGHRODGHFDEDOORDFW~DGHWDOPDQHUD VREUH ORV WXPRUHV PDOLJQRV TXH GHWLHQH VX FUHFLPLHQWR KDVWD KDFHUORV GHVDSDUHFHU
  69. 69. ,QFOXVRSyOLSRVGHOEDMRYLHQWUHRGHODQRVLQRYLWLVVHFXUDQGHOPLVPRPRGR(QHVWRV ~OWLPRVFDVRVVHDSRDHOWUDWDPLHQWRPHGLDQWHFDWDSODVPDVDOYDSRUEDxRVGHDVLHQWR GH ROD GH FDEDOOR (VWDV FDWDSODVPDV VRQ WDPELpQ PX ~WLOHV FRQWUD ORV FyOLFRV GHO HVWyPDJR GHO KtJDGR GH OD ELOLV DVt FRPR FRQWUD ODV FRQJHVWLRQHV GRORURVDV FXD SUHVLyQKDFLDDUULEDHQWRUSHFHHOIXQFLRQDPLHQWRHOFRUD]yQ (O GH GLFLHPEUH UHFLEt XQD OODPDGD WHOHIyQLFD GHVGH (VWLULD 6H WUDWDED GH XQ FDPSHVLQRGHDxRVGHHGDG(QODSODQWDGHVXSLHVHKDEtDIRUPDGRXQWXPRUGXUR PXGRORURVRTXHOHLPSHGtDDVHQWDUHOSLHVREUHHOVXHOR+DEtDHVWDGRXQRVGtDVHQHO KRVSLWDOSHURORYROYLHURQDPDQGDUDFDVDROHDFRQVHMpTXHVHKLFLHUDFDWDSODVPDVDO YDSRU GH ROD GH FDEDOOR D TXH Vp TXH pVWDV FXUDQ LQFOXVR ORV WXPRUHV PDOLJQRV ,PDJtQHQVH OR TXH PH DOHJUp FXDQGR HO GH GLFLHPEUH HV GHFLU D ORV WUHV GtDV PH YROYLHURQDOODPDUSDUDDQXQFLDUPHTXHHOWXPRUVHKDEtDGLVXHOWRODSLHOHVWDEDXQSRFR UHODMDGDEODQGDGHODLQGXUDFLyQDQRVHQRWDEDQDGD£2WURPLODJURGHODIDUPDFLDGH 'LRV +HSRGLGRFRQVWDWDUTXHLQFOXVRORVPiVIXHUWHVGRORUHVLQWHUYHUWHEUDOHV²VLHPSUHTXH QR VH GHEDQ D XQ QHUYLR HVWUDQJXODGR ² VH FDOPDQ D YHFHV PX SURQWR FRQ EDxRV GH DVLHQWRGHRODGHFDEDOOR6LODUDGLRJUDItDKDFHYHUTXHODVYpUWHEUDVHVWiQGHVJDVWDGDV SRUODHGDGQRHVQHFHVDULRTXHXQRWHQJDTXHSDGHFHUGRORUHV/DSUHVLyQGHXQULxyQ GDxDGRTXHVHH[WLHQGHKDFLDDUULEDDFW~DVREUHORVQHUYLRVTXHGLVFXUUHQH[WHULRUPHQWH D OR ODUJR GH OD HVSLQD GRUVDO OR TXH FDXVD GRORUHV $Vt TXH pVWRV QR ORV FDXVDQ QHFHVDULDPHQWHODVYpUWHEUDVVLQRORVQHUYLRVTXHHVWiQVLQSURWHFFLyQ(QHVWHFDVRXQ EDxRGHDVLHQWRGHRODGHFDEDOORVXSULPHUiSLGDPHQWHODSUHVLyQKDFLDDUULEDDODFWLYDU SRGHURVDPHQWHODIXQFLyQGHORVULxRQHV 8QD PXMHU GH DxRV HVWDED D WUHV DxRV EDMR WUDWDPLHQWR PpGLFR SRU GRORUHV LQWHUYHUWHEUDOHV(QYH]GHPHMRUDUDXPHQWDEDQORVGRORUHVHQODUHJLyQGHODHVSDOGD HOFXHOORVHVHQWtDDWDQHQWRUSHFLGDTXHSRUODPDxDQDQRSRGtDOHYDQWDUVHGHODFDPD VLQRHUDFRQDXGDGHXQDVYDUDVTXHVXPDULGROHKDEtDPRQWDGRH[SUHVDPHQWHVREUH VXFDPD(QRFDVLyQGHXQDFRQIHUHQFLDTXHGLHQDTXHOWLHPSRHQ6WHU$XVWULD$OWD
  70. 70. FRQRFtDODPXMHU1RORYDQDFUHHUVLOHVGLJRTXHXQVROREDxRGHDVLHQWRGHRODGH FDEDOORODOLEHUyGHORVGRORUHVGHOHQWRUSHFLPLHQWR (VWHPLVPRWUDWDPLHQWRYDOHSDUDORVGRORUHVYHUWHEUDOHVHQORVFRQGXFWRUHVGHWUDFWRUHV DJUtFRODV /DV YLEUDFLRQHV QR SHUMXGLFDQ ODV YpUWHEUDV VLQR ORV ULxRQHV pVWRV HMHUFHQ HQVHJXLGDXQDSUHVLyQKDFLDDUULEDORFXDOVHSXHGHVXSULPLUPHGLDQWHEDxRVGHDVLHQWR GHRODGHFDEDOOR 'HVGH KDFtD DxRV XQD VHxRUD GH 6XL]D WHQtD WRGD OD HVSLQD GRUVDO GHVGH OD YpUWHEUD FHUYLFDO WLHVD FRPR XQ SDOR /DV FXUDV D ODV TXH VH VRPHWtD FDGD DxR HQ OD FOtQLFD GHO GRFWRU=HLOHLVHQ*DOOVSDFKOHSURSRUFLRQDEDQVyORXQDOLYLRWHPSRUDOSHURQRODFXUDEDQ 3RUFDVXDOLGDGKLFH ODDPLVWDGGHHVDVHxRUD PHSURPHWLyVLQHVWDUPXFRQYHQFLGD WRPDU HQVHJXLGD TXH OOHJDUD D FDVD XQ EDxR GH DVLHQWR GH ROD GH FDEDOOR 1R WDUGy PXFKRHQOODPDUPHGLFLHQGROOHQDGHDOHJUtDTXHDQWHVGHWHUPLQDUFRQHOEDxRHOFDER GH PLQXWRV GH HVWDU HQ HO FRFLPLHQWR GH KLHUEDV FDOLHQWHV D VH OH TXLWy HO HQWRUSHFLPLHQWRVHJ~QPHHQWHUpQRYROYLyDSUHVHQWDUVHMDPiVHQORVVLJXLHQWHVDxRV (OJUDQQHXUyORJR'U:DJQHU-DXUHJJGLFHHQVXVHVFULWRVª'RVWHUFHUDVSDUWHVGHWRGRV ORVHQIHUPRVGHORV QHUYLRV QRWHQGUtDQ TXHHVWDUHQODVFOtQLFDVVLWXYLHUDQ ORV ULxRQHV VDQRV©HIHFWLYDPHQWHKHSRGLGRUHFRPHQGDUORVEDxRVGHDVLHQWRGHRODGHFDEDOORD PXFKRV LQIHOLFHV TXH D FDXVD GH WUDVWRUQRV UHQDOHV SDGHFtDQ GH GHSUHVLRQHV PDQtDV DFFHVRVGHUDELDDVtORVKHVDOYDGRGHOPDQLFRPLR (QHVWRVFDVRVFRQYLHQHWRPDUWDPELpQSRUYtDLQWHUQDLQIXVLRQHVGHRODGHFDEDOORGH 2UWLJDGH0LOHQUDPDGHFDGDFXDOXQDWD]DSRUODPDxDQDRWUDSRUODWDUGH (Q ORV FDVRV JUDYHV GH WUDVWRUQRV UHQDOHV FRQ WRGRV ORV LQFRQYHQLHQWHV TXH ORV DFRPSDxDQ HV LPSRUWDQWH TXH VH XWLOLFH SDUD ORV EDxRV GH DVLHQWR OD SODQWD IUHVFD OD
  71. 71. PHMRU SDUD HVR HV FRPR D VH KD GLFKR OD TXH VH FUtD HQ ORV SUDGRV SDQWDQRVRV 6H QHFHVLWD XQ FXER GH OLWURV OOHQR GH SODQWDV SRU FDGD EDxR YpDVH HQ *HQHUDOLGDGHV ª0RGRV GH SUHSDUDFLyQ (O DJXD GHO EDxR WLHQH TXH FXEULU ORV ULxRQHV 'HVSXpV GH PLQXWRVGXUDFLyQGHOEDxR
  72. 72. KDTXHHQYROYHUVHVLQVHFDUVHSUHYLDPHQWHHQXQDOERUQR] UHSRVDUGXUDQWHXQDKRUDELHQWDSDGRHQODFDPD/XHJRVHFDPELDGHURSD(ODJXD GHOEDxRVHSXHGHXWLOL]DUGRVYHFHVYROYLHQGRDFDOHQWDUOD 02'26'(35(3$5$,21 ,QIXVLyQFXFKDUDGLWDFROPDGDGHKLHUEDSRUFDGD,GHDJXDQRVHKLHUYH DWDSODVPDVDOYDSRU6HSRQHDJXDDKHUYLUHQXQDROODVREUHODPLVPDVHFRORFDXQ WDPL] FRQ GRV SXxDGRV GH ROD GH FDEDOOR XDQGR OD KLHUED HVWp ELHQ FDOLHQWH UHEODQGHFLGDVHHQYXHOYHHQXQSDxRVHDSOLFDDODSDUWHHQIHUPDGHOFXHUSR6HFXEUH WRGRELHQSDUDTXHVHPDQWHQJDFDOLHQWHVHGHMDDFWXDUGXUDQWHYDULDVKRUDVRWRGDOD QRFKH %DxRV GH DVLHQWR J GH ROD GH FDEDOOR VH GHMDQ WRGD OD QRFKH D UHPRMR DO GtD VLJXLHQWHVHFDOLHQWDWRGRFXDQGRURPSDDKHUYLUVHFXHODHOOtTXLGRTXHVHPH]FODFRQ HO DJXD GHO EDxR 'XUDFLyQ GHO EDxR PLQXWRV 'HVSXpV GH HVWH EDxR QR KD TXH VHFDUVHVLQRHQYROYHUVHHQXQDWRDOODJUDQGHRHQXQDOERUQR]TXHGDUVHXQDKRUDELHQ WDSDGRHQODFDPD 7LQWXUD J GHKLHUED IUHVFDSRUFDGDJ GH DJXDUGLHQWHGHJUDQR
  73. 73. SXUR6H GHMDPDFHUDUGtDVDOVRORFHUFDGHODOXPEUHDJLWDQGRODERWHOODFDGDGtD DWDSODVPDVGHSODQWDVIUHVFDVRODGHFDEDOORUHFLpQFRJLGDVHODYDVHSLFDHQHO PRUWHURKDVWDTXHVHIRUPHDPRGRGHXQDSDSLOOD 2168(/'$0$256PSKWXPRIILFLQDOH
  74. 74. (Q HO OHQJXDMH SRSXODU OODPDGD WDPELpQ 6XHOGD 6XHOGDFRQVXHOGD RQVyOLGD 6tQILWR PDRU2UHOODG DVH²HQLQJOpVRPIUH(VWDSODQWDPHGLFLQDOHVXQDGHODVPHMRUHVH
  75. 75. LQGLVSHQVDEOHVGHODVTXHQRVRIUHFHODQDWXUDOH]DUHFHHQSUDGHUDVSDQWDQRVDVDODV RULOODVGHORVFDPSRVHQ]DQMDVK~PHGDVDORODUJRGHULEHUDV7DPELpQVHHQFXHQWUD HQVHWRVHVFRPEUHUDVGRQGHIORUHFHWRGRHODxR/DVKRMDVVRQiVSHUDVWHUPLQDQPX SXQWLDJXGDV /D UDt] SHUHQQH PDUUyQ RVFXUD KDVWD QHJUD HQ HO H[WHULRU EODQFD R DPDULOOHQWD HQ HO LQWHULRU HV GHO JUXHVR GHO SXOJDU FXDQGR VH FRUWD VH SUHVHQWD PX YLVFRVDFDVLXQWRVDJUDVRVDDOWDFWR6LHQGRXQDSODQWDGHUDt]SURIXQGDQRKDSHOLJUR GHTXHVHH[WLQJD/DVUDtFHVVHH[FDYDQHQSULPDYHUDRHQRWRxRSDUDHOORVHQHFHVLWD XQDSDODDSXQWDGD/DKLHUEDIUHVFDVHUHFROHFWDDQWHVGXUDQWHODIORUDFLyQ /DWLQWXUDGHODRQVXHOGDPDRUTXHXQRPLVPRSXHGHSUHSDUDUIiFLOPHQWHSRVHHXQD IXHU]DPDUDYLOORVD(QIHUPRVGHUHXPDWLVPRGHKLQFKD]yQGHODVDUWLFXODFLRQHVTXHKDQ VLGRWUDWDGRVGXUDQWHDxRVFRQH[FHOHQWHVPHGLFDPHQWRVSHURVLQQLQJ~QPHMRUDPLHQWR KDQ UHFXSHUDGR VX VDOXG FRQ OD WLQWXUD GH RQVXHOGD PDRU 8QD PXMHU TXH FDVL D QR SRGtDXVDUHOEUD]RGHUHFKRODDUWLFXODFLyQGHOK~PHURHVWDEDPiVRPHQRVLQPRYLEOH HO PpGLFR KDEtD GLDJQRVWLFDGR XQD SDUiOLVLV
  76. 76. HPSH]y D IURWDUVH FDGD GtD VLJXLHQGR PL FRQVHMRODDUWLFXODFLyQHOEUD]RGHUHFKRFRQWLQWXUDGHRQVXHOGDPDRU'HGtDHQGtD VHVHQWtDPHMRU+RODPXMHUSXHGHPRYHUHOEUD]RQRUPDOPHQWHKDFHURWUDYH]WRGDV VXV IDHQDV GH FDVD 3HUR WDPELpQ DXGDQ ODV KRMDV GH OD SODQWD HVFDOGDGDV PDFKDFDGDV DSOLFDGDV HQ IRUPD GH FDWDSODVPD D ORV PLHPEURV SDUDOL]DGRV VL HO PDO YLHQHGHH[WHQXDFLyQH[FHVRGHWUDEDMR
  77. 77. OX[DFLyQWRUFHGXUDRGHXQDWDTXHGHDSRSOHMtD (QHVWRVFDVRVEDVWDDYHFHVODDSOLFDFLyQGXUDQWHXQDQRFKH /D WtD GH PL PDULGR IXH DWURSHOODGD HQ OD FDOOH SRU XQD PRWRFLFOHWD /D LQJUHVDURQ HQ HO KRVSLWDOFRQXQDIUDFWXUDGHODDUWLFXODFLyQGHODFDGHUDOHSXVLHURQXQFODYRGHVSXpVGH FXUDGDODPDQGDURQDFDVD/HGLMHURQTXHYROYLHUDDODxRSDUDVDFDUOHHOFODYRRPRQR WHQtDGRORUHVSRGtDDQGDUQRUPDOPHQWHODPXMHUQRFXPSOLyHOSOD]RVHxDODGRSDUDOD UHYLVLyQSUHYLVWD7RGRSDUHFtDHVWDUSHUIHFWDPHQWHHQRUGHQKDVWDTXHXQGtDOHHQWUDURQ XQRVGRORUHVLQVRSRUWDEOHV3RVWHULRUPHQWHOHTXLWDURQHOFODYRYLHURQTXHDVHKDEtD IRUPDGRXQDVXSXUDFLyQHQHOKXHVR/DVLQHFFLRQHVTXHOHGDEDQOHFDOPDEDQSRUSRFR UDWR ORV GRORUHV SHUR QR OH FXUDURQ OD VXSXUDFLyQ (Q DTXHO GHSORUDEOH HVWDGR GH VDOXG YLQRODSREUHPXMHUDYLVLWDUQRV3XHGRDILUPDUVLQQLQJXQDH[DJHUDFLyQTXHFDWDSODVPDV FDOLHQWHVGHUDtFHVPROLGDVOHWUDMHURQDOLYLRGHXQGtDDORWUR$OGtDVLJXLHQWHODPXMHUD SXGR HVWDU VHQWDGD DFRVWDGD VLQ VHQWLU GRORUHV RPR HQ OD KHUERULVWHUtD VROR YHQGHQ UDtFHV FRUWDGDV D SHGDFLWRV QXHVWUD VDELD WtD ODV WHUPLQDED GH VHFDU HQ HO KRUQR GH OD FRFLQDODVPROtDFRQXQYLHMRPROLQLOORGHFDIpRQWLQXySRQLpQGRVHODVFDWDSODVPDVGH UDtFHVYpDVHODUHFHWDHQª0RGRVGHSUHSDUDFLyQ©
  78. 78. KDVWDTXHVHVLQWLyFXUDGDGHOWRGR RQ HVWDV FDWDSODVPDV GH UDtFHV VH SXHGHQ FXUDU LJXDOPHQWH EXOWRV GHO WRELOOR R GH OD PXxHFD /DV UDtFHV GH RQVXHOGD PDRU PROLGDV OODPDGDV WDPELpQ ªKDULQD GH RQVXHOGD© VH SXHGHQ FRPSUDU KR HQ GtD HQ PXFKDV IDUPDFLDV 4XLVLHUD VXEUDDU TXH HVWDV FDWDSODVPDV GH UDtFHV GH RQVXHOGD PDRU SXHGHQ DOLYLDU D HQIHUPRV GH SDUDSOHMtD $VLPLVPR DXGDQ HVWDV FDWDSODVPDV FDOLHQWHV HQ FDVRV GH ~OFHUDV YDULFRVDV QyGXORV PXVFXODUHV UHXPiWLFRV WRIRV JRWRVRV KLQFKD]RQHV GRORU GH QXFD GRORU GH PXxyQ H LQFOXVRFRQWUDODSHULRVWLWLVLQIODPDFLyQGHODVPHPEUDQDVTXHUHFXEUHQORVKXHVRV
  79. 79. /DV UDtFHV WDPELpQ VH SXHGHQ SRQHU HQ PDFHUDFLyQ WRPDQGR OD EHELGD FRQWUD FDWDUUR EURQTXLDO WUDVWRUQRV GHO DSDUDWR GLJHVWLYR JDVWURUUDJLD SOHXULWLV 6H EHEHQ GH D WD]DVDORODUJRGHOGtDDVRUERV3DUDFXUDUODV~OFHUDVGHOHVWyPDJRVHUHFRPLHQGDXQD WLVDQD FRPSXHVWD GH JUDPRV GH RQVXHOGD PDRU JUDPRV GH 0DUDYLOOD JUDPRVGHHQWLQRGLDYpDVHª0RGRVGHSUHSDUDFLyQ©
  80. 80. 4XLVLHUD PHQFLRQDU RWUD YH] OD WLQWXUD GH RQVXHOGD PDRU GHFLU TXH FRPSUHVDV PRMDGDV FRQ HVWD WLQWXUD VH KDQ XWLOL]DGR FRQ PXFKR p[LWR HQ OD FXUDFLyQ GH ~OFHUDV H[WHUQDVHLQWHUQDVKHULGDVGHWRGDFODVHFRQWXVLRQHVKHPDWRPDVIUDFWXUDV
  81. 81. /DVKRMDVGHODRQVXHOGDPDRUQRVyORVHXVDQSDUDFDWDSODVPDVVLQRWDPELpQFRPR DGLWLYR GH EDxRV GH FXHUSR FRQWUD GRORUHV UHXPiWLFRV JRWD GRORU GH ORV KXHVRV WUDVWRUQRVGHODFLUFXODFLyQGHODVDQJUHOHVLRQHVLQWHUYHUWHEUDOHV/RVEDxRVGHDVLHQWR GHODRQVXHOGDPDRUVHHPSOHDQFRQWUDWUDVWRUQRVGHODFLUFXODFLyQGHODVDQJUHHQODV SLHUQDVYDULFHVSDUDWUDWDPLHQWRVSRVWRSHUDWRULRVGHIUDFWXUDVGHKXHVR (QDOJXQDVUHJLRQHVVHVXHOHQIUHtUODV KRMDV GHODRQVXHOGDPDRUUHER]DGDVHQXQD PDVDGHOHFKHKXHYRKDULQD'HHVWDPDQHUDVHEHQHILFLDWRGDODIDPLOLDGHORVDJHQWHV DFWLYRVGHHVWDKLHUEDPHGLFLQDO 02'26'(35(3$5$,21 0DFHUDFLyQ GH UDtFHV'RV FXFKDUDGLWDV GH UDtFHV D SHGDFLWRV VH SRQHQ D PDFHUDU GXUDQWHODQRFKHHQGHOLWURGHDJXDIUtDSRUODPDxDQDVHFDOLHQWDOLJHUDPHQWHVH FXHOD6HEHEHDVRUERV ,QIXVLyQSDUD~OFHUDGHHVWyPDJR8QDFXFKDUDGLWDELHQOOHQDGHODPH]FODVHHVFDOGD FRQ GH OLWUR GH DJXD KLUYLHQGR VH GHMD UHSRVDU GXUDQWH PLQXWRV 6H EHEHQ y WD]DVDOGtDDVRUERVFDOLHQWH DWDSODVPDVGHUDtFHV5DtFHVELHQVHFDVVHPXHOHQILQDPHQWHVHUHPXHYHQHQXQD WD]DFRQDJXDPXFDOLHQWHXQDVJRWDVGHDFHLWHDPRGRGHXQDSDSLOOD(VWDPDVDVH H[WLHQGHVREUHXQOLHQ]RVHDSOLFDFDOLHQWHDODSDUWHHQIHUPDGHOFXHUSRVHYHQGD DWDSODVPDVGHKRMDVIUHVFDV+RMDVUHFLpQFRJLGDVVHODYDQVHPDFKDFDQVREUHXQD WDEOD R HQ HO PRUWHUR KDVWD IRUPDU XQD PDVD TXH VH DSOLFD D ODV SDUWHV DIHFWDGiV VH YHQGD DWDSODVPDVGHKRMDVHVFDOGDGDV +RMDV GH RQVXHOGD PDRU VH HVFDOGDQ VH XVDQ FRPRFDWDSODVPDV %DxR GH FXHUSR 6H SRQHQ JUDPRV GH KRMDV GH RQVXHOGD PDRU IUHVFDV R GHVHFDGDVGXUDQWHODQRFKHHQOLWURVGHDJXDIUtDDUHPRMR$OGtDVLJXLHQWHVHFDOLHQWD KDVWDTXHURPSDDKHUYLUVHFXHODVHPH]FODHOOtTXLGRFRQHODJXDGHOEDxRYpDVHHQ *HQHUDOLGDGHVª%DxRVGHFXHUSR©
  82. 82. %DxRGHDVLHQWRRPRSDUDEDxRGHFXHUSRSHURVRODPHQWHFRQJUDPRVGHKRMDV 7LQWXUD6HODYDQODVUDtFHVGHODRQVXHOGDPDRUVHOLPSLDQELHQFRQXQFHSLOOR RUWDGDVDSHGDFLWRVVHPHWHQVLQDSUHWDUHQXQDERWHOODKDVWDTXHOOHJXHQDOJROOHWH VH FXEUH WRGR GH XQ EXHQ DJXDUGLHQWH R GH DOFRKRO +D TXH GHMDU OD ERWHOOD WDSDGD GtDV DO VRO R HQ XQ OXJDU FiOLGR 7RGDV ODV UDtFHV WLHQHQ TXH HVWDU FXELHUWDV GH DJXDUGLHQWH 3RPDGD'HDUDtFHVIUHVFDVELHQODYDGDVVHSLFDQVHIUtHQEUHYHPHQWHHQ XQRV JUDPRV GH PDQWHFD GH FHUGR SXUD GH OD SDUWH GH ORV LQWHVWLQRV VH GHMD WRGR UHSRVDU GXUDQWHODQRFKH$OGtDVLJXLHQWHVHFDOLHQWDXQSRFRVHILOWUDDWUDYpVGHXQOLHQ]RVH H[SULPH6HOOHQDQHQVHJXLGDSHTXHxDVYDVLMDVELHQOLPSLDVVHJXDUGDQHQODQHYHUD/D SRPDGDGHRQVXHOGDPDRUSXHGHHPSOHDUVHHQYH]GHODFDWDSODVPDGHUDtFHV(VXQ YXOQHUDULRLQGLVSHQVDEOHSDUDHOKRPEUHDQLPDO 9LQRGHRQVXHOGDPDRU'HDUDtFHVIUHVFDVELHQODYDGDVVHFRUWDQHQWURFLWRV VHGHMDQPDFHUDUGXUDQWHyVHPDQDVHQXQOLWURGHYLQREODQFRSXUR£(VXQUHPHGLR H[FHOHQWHSDUDHQIHUPRVGHOSXOPyQ
  83. 83. ',(17('(/(217DUD[DFXQQRIILFLQDOH
  84. 84. 6H OH GHQRPLQD WDPELpQ 7DUD[DFyQ $FKLFRULD DPDUJD $PDUJyQ DUGHxD +RFLFR GH SXHUFR3HORVLOODFXDQGRWLHQHHOIUXWRDKHFKR
  85. 85. (O'LHQWHGHOHyQTXHHQORVFpVSHGHV VXHOHVHUXQDKLHUEDPDODPXPROHVWDFRQVWLWXHSDUDODKXPDQLGDGDIOLJLGDXQDSODQWD PHGLFLQDOGHJUDQYDORU6HFUtDHQORVSUDGRVWRGRVORVOXJDUHVKHUERVRVIORUHFHFDVL WRGRHODxR(QODVUHJLRQHVGHORV$OSHVDSDUHFHODIORUHQDEULOPDRFXEULHQGRWRGRD PRGRGHXQWDSL]DPDULOORORTXHRIUHFHXQDVSHFWRPXDOHJUH/DSODQWDKXHORVVXHORV GHPDVLDGRK~PHGRV 6XV GRV YLUWXGHV PiV GHVWDFDGDV VRQ ODV GH FXUDU ODV DIHFFLRQHV GH OD ELOLV ODV HQIHUPHGDGHVGHOKtJDGR /DVKRMDVVHUHFROHFWDQDQWHVGHODIORUDFLyQODVUDtFHVHQSULPDYHUDXRWRxRORV ERKRUGRVGXUDQWHODIORUDFLyQ7RGDODSODQWDHVFXUDWLYDRPLVPDKHWRPDGROD FRVWXPEUHGHSRQHUHQSULPDYHUDFDGDGtDXQDHQVDODGDGHWRGDODSODQWDHQODPHVD SDUDODFHQDODVROHPRVFRPHUPH]FODGDFRQSDWDWDVKHUYLGDVJXDUQHFLGDFRQKXHYRV GXURVXDQGRHVWXYHHQXJRVODYLDVRPHWLGDDXQDFXUDQRVGDEDQDWRGRVFDGDGtD DSDUWHGHODV RWUDVHQVDODGDVIUHVFDVXQSODWLWRGHHQVDODGDGH'LHQWHGHOHyQ(OPpGLFRXQIDPRVR HVSHFLDOLVWDGHOKtJDGRFRQHOTXHKDEOpGHODVXQWRPHGLMRTXHHO'LHQWHGHOHyQHUDXQ HVWLPXODQWHSRGHURVRGHOKtJDGR+RVpTXHORVERKRUGRVIORUtIHURVUHFLpQFRJLGRVGHORV TXHVHFRPHQFDGDGtDXQRVyFUXGRVDXGDQUiSLGDPHQWHFRQWUDODKHSDWLWLVFUyQLFD GRORUDJXGRSXQ]DQWHTXHVHH[WLHQGHKDVWDODSDUWHLQIHULRUGHORPySODWRGHUHFKR
  86. 86. 7DPELpQFRPEDWHQODGLDEHWHV/RVGLDEpWLFRVGHEHQFRPHUFDGDGtDXQRVGHHVRV UDELOORVGHODSODQWDHQIORU(VWRVVHODYDQDQWHVGHTXLWDUOHODFDEH]XHODGHODIORUVH PDVFDQHVSDFLRVDPHQWH$OSULQFLSLRSDUHFHQXQSRFRDPDUJRVSHURVRQPXWLHUQRV MXJRVRVHVFRPRVLVHFRPLHUDXQDKRMDGHHQGLYLD/DVSHUVRQDVHQIHUPL]DVTXHVH VLHQWHQVLHPSUHGHFDtGDVFDQVDGDVGHEHUtDQVRPHWHUVHDXQDFXUDGHGtDVD EDVHGHERKRUGRVIUHVFRVGH'LHQWHGHOHyQ6HTXHGDUtDQVRUSUHQGLGDVGHOEXHQ UHVXOWDGRTXHGDQ3HURHVWRVERKRUGRVFXUDQWDPELpQRWURVPDOHV3RUHMHPSORTXLWDQ ORVSLFRUHVORVOtTXHQHVODVHUXSFLRQHVGHODSLHOPHMRUDQORVMXJRVJiVWULFRVGHSXUDQ
  87. 87. HOHVWyPDJR$VLPLVPRHOLPLQDQORVFiOFXORVELOLDUHVVLQFDXVDUGRORUHVHVWLPXODQOD DFWLYLGDGGHOKtJDGRGHODELOLV²(O'LHQWHGHOHyQFRQWLHQHDSDUWHGHVDOHVPLQHUDOHV LPSRUWDQWHVVXVWDQFLDVFXUDWLYDVUHFRQVWLWXHQWHVLPSUHVFLQGLEOHVSDUDFXUDUODV HQIHUPHGDGHVPHWDEyOLFDV*UDFLDVDVXVFXDOLGDGHVGHSXUDWLYDVGHODVDQJUHHVXQ UHPHGLRLQGLFDGRFRQWUDODJRWDHOUHXPDODKLQFKD]yQGHODVJOiQGXODVGHVDSDUHFH VRPHWLpQGRVHGXUDQWHyVHPDQDVDXQDFXUDGHERKRUGRVIUHVFRVRQWUDODLFWHULFLD HOPDOGHOED]RVHVLJXHHOPLVPRWUDWDPLHQWR /DV UDtFHV GHO 'LHQWH GH OHyQ TXH VH FRPHQ FUXGDV R VH XWLOL]DQ GHVHFDGDV SDUD LQIXVLRQHV DFW~DQ GH SXULILFDQWH GH OD VDQJUH GLJHVWLYR VXGRUtILFR GLXUpWLFR WyQLFR )RPHQWDQODIOXLGH]GHODVDQJUHSRUORTXHVHFRQVLGHUDQXQUHPHGLRH[FHOHQWHFRQWUDOD VDQJUHHVSHVD 6HJ~QDQWLJXRVKHUEDULRVODVPXMHUHVXVDEDQHOFRFLPLHQWRGHODSODQWDFRPRFRVPpWLFR RQHVDWLVDQDVROtDQODYDUVHORVRMRVODFDUDSDUDREWHQHUXQFXWLVILQR (VWDSODQWDVHPDQWLHQHIUHVFDWRGRHODxRSURGXFHKRMDVLQFOXVRHQLQYLHUQR DGDDxRHQSULPDYHUDVXHORKDFHUGHODVIORUHVGH'LHQWHGHOHyQXQMDUDEHTXHWLHQHXQ VDERUULTXtVLPRHVDGHPiVPXEXHQRSDUDODVDOXG(Q1DYLGDGSUHSDURORVGXOFHVGH PLHOVLHPSUHFRQHVWHMDUDEH0LPDGUHVHHQFRQWUyXQDYH]FRQXQDPXMHUTXHOOHYDEDHQ HOGHODQWDOXQPRQWyQGHIORUHVGH'LHQWHGHOHyQXDQGROHSUHJXQWyORTXHKDFtDFRQ HOODV OH GLR OD UHFHWD GH HVH H[TXLVLWR MDUDEH R ªPLHO© TXH OHV DSXQWR DTXt SDUD TXH OD SXHGDQFRSLDU XDWURSXxDGRVGHIORUHVGHGLHQWHGHOHyQVHSRQHQDKHUYLUDIXHJROHQWRHQXQOLWURGH DJXDIUtD6HOHGDXQKHUYRUVHUHWLUDODROODGHOIXHJR$OGtDVLJXLHQWHVHFXHODWRGR FRQODVPDQRVVHH[SULPHQELHQODVIORUHV$OOtTXLGRVHOHDxDGHXQNLORGHD]~FDUPRUHQR PHGLROLPyQFRUWDGRHQURGDMDVVLHVWiWUDWDGRVHTXLWDODSLHO
  88. 88. 6HUHPXHYHELHQWRGR VHSRQHODROODDOIXHJRVLQWDSDUOD3DUDTXHVHFRQVHUYHQODVYLWDPLQDVVHGHMDDIXHJR PXOHQWR$VtVHYDHYDSRUDQGRHOOtTXLGRVLQKHUYLU+DTXHGHMDUHQIULDUODPDVDXQDR GRVYHFHVSDUDFRQVWDWDUVXFRQVLVWHQFLD(OMDUDEHQRGHEHHVWDUGHPDVLDGRHVSHVRD TXHDOJXDUGDUORVHFULVWDOL]DUtDFRQHOWLHPSR3HURVLHVWiGHPDVLDGRFODURVHHVWURSHD SURQWR7LHQHTXHTXHGDUDPRGRGHXQDPLHOVHSXHGHFRPHUFRQSDQSDUDHOGHVDXQR HVWiGHOLFLRVR 8Q GtD KDEtD HVWDGR WUDEDMDQGR XQ FDUSLQWHUR HQ QXHVWUD FDVD SDUD FHQDU OH GL D pO ILDPEUHPLHQWUDVTXHPLIDPLOLDVHGHOHLWDEDFRQSDQFRQPDQWHTXLOODPLHOGH'LHQWHGH OHyQXDQGRHOKRPEUHYLRORDJXVWRTXHQRVODFRPtDPRVTXLVRSUREDUOD(OTXHKDFtD WDPELpQ GH DSLFXOWRU QR FUHtD TXH OD ªPLHO© OD KXELHUD KHFKR R PLVPD 6H TXHGy HQWXVLDVPDGRGLMRTXHHOMDUDEHFDVLQRVHGLVWLQJXtDGHODPLHOGHDEHMD$TXtKDTXH PHQFLRQDUTXHDORVHQIHUPRVGHORVULxRQHVQROHVVLHQWDPXELHQHOiFLGRGHODPLHOGH DEHMDSRUORTXHOHVUHFRPLHQGRHOMDUDEHGH'LHQWHGHOHyQ $ SHVDU GH TXH HVWD SODQWD WDQ YDOLRVD JR]D GH JUDQ IDPD HQ OD 0HGLFLQD SRSXODU OD PDRUtDGHODJHQWHODGHVSUHFLDODWRPDSRUXQDKLHUEDPDODPXPROHVWD 'XUDQWHXQDSURFHVLyQGH6HPDQD6DQWDPHGLFXHQWDGHTXHXQFKLFRTXHSRUWDEDXQD EDQGHUDWHQtDODFDUDGHVILJXUDGDSRUHODFQp+DEOpFRQVXPDGUHOODPiQGROHODDWHQFLyQ VREUHHOHIHFWRGHSXUDWLYRGHOD2UWLJDGHO'LHQWHGHOHyQ/DPXMHUQLVLTXLHUDFRQRFtD HVWDSODQWDDXQTXHHOODQRHUDGHQLQJXQDFDSLWDOVLQRXQDKDELWDQWHGHQXHVWUDSHTXHxD FLXGDGXDQGROHHQVHxpODSODQWDVHHVFDQGDOL]yGLMRTXHFyPRLEDDGDUWDOHVKLHUEDV PDODVDVXKLMR 02'26'(35(3$5$,21 ,QIXVLyQFXFKDUDGLWDFROPDGDGHUDtFHVVHSRQHQDPDFHUDUGXUDQWHODQRFKHHQ ,GHDJXDIUtDDOGtDVLJXLHQWHVHFDOLHQWDKDVWDTXHURPSDDKHUYLUVHFXHOD(VWD FDQWLGDGVHEHEHPHGLDKRUDDQWHVPHGLDKRUDGHVSXpVGHOGHVDXQR (QVDODGD6HSUHSDUDFRQODVKRMDVODVUDtFHVIUHVFDVYpDVHDUULED
  89. 89. %RKRUGRV 6H FRPHQ GH D ERKRUGRV FUXGRV DO GtD GHVSXpV GH ODYDUORV PDVFDUORVHVSDFLRVDPHQWH -DUDEHYpDVHDUULED (3,/2%,2'()/253(48(f$(SLORELXPSDUYLIORUXP
  90. 90. 'H XQ SDGUH GH IDPLOLD UHFLEt XQD YH] XQD FDUWD HQ OD TXH SRQtD HVWDV SDODEUDV ª/H VXSOLFR GH URGLOODV TXH PH LQGLTXH XQ FDPLQR SDUD UHFXSHUDU PL VDOXG GHYROYHUOH D PL IDPLOLDTXHVXIUHLJXDOTXHRXQSDGUHVDQR©3ULPHURPHKDEtDGHVFULWRVXYtDFUXFLV (QVHDJXGL]yXQDLQIODPDFLyQFUyQLFDGHODSUyVWDWDGHVSXpVGHKDEHUVHEDxDGR HQ DJXD UDGLRDFWLYD /R PDQGDURQ GH XQ KRVSLWDO D RWUR VLQ TXH QLQJ~Q PpGLFR VH GHFLGLHUDDRSHUDUORHVWDEDGHVHVSHUDGRDGDHYDFXDFLyQGHOYLHQWUHLEDDFRPSDxDGD GH VDQJUH SXV /D JUDQ FDQWLGDG GH PHGLFDPHQWRV TXH WRPDED OH FDXVDURQ ~OFHUDV GXRGHQDOHVODGHVWUXFFLyQGHODIORUDLQWHVWLQDOXQDJUDYHLQVXILFLHQFLDKHSiWLFD(VWDED PiVFHUFDGHODPXHUWHTXHGHODYLGDILQDOPHQWHHOPpGLFROHRUGHQyTXHVHGHMDUDGH WRPDU WRGRV ORV PHGLFDPHQWRV 'HVSXpV OR RSHUDURQ VHJ~Q HVFULELy FRQ ªELVWXUt HOpFWULFR©3HURDSHVDUGHODRSHUDFLyQODLQIODPDFLyQQRVHOHKDEtDTXLWDGR7DEOHWDVH LQHFFLRQHVHPSHRUDURQQXHYDPHQWHVXHVWDGRGHVDOXG )LQDOPHQWHWRPyLQIXVLyQGH2UWLJDGH(SLORELRORFXDOPHMRUyVXHQIHUPHGDGKDVWDWDO SXQWRTXHKRDSXHGHLUDOWUDEDMR4XL]iVHVWHSDGUHGHIDPLOLDWDQSUREDGRQRKXELHUD WHQLGR TXH VXIULU HVWH FDOYDULR VL KXELHUD FRQRFLGR D WLHPSR HO (SLORELR GH IORU SHTXHxD TXHFXUDUDGLFDOPHQWHWRGDVODVDIHFFLRQHVGHODSUyVWDWD (O (SLORELR TXH KDVWD KDFH SRFR VH GHVFRQRFtD FRPR SODQWD FXUDWLYD WDPSRFR VH PHQFLRQDEDHQQLQJXQRGHORVKHUEDULRVFRPXQHVKDFRQVHJXLGRXQp[LWRWULXQIDOFRPR UHPHGLRYHJHWDOFRQWUDODVHQIHUPHGDGHVGHODSUyVWDWDVyORGHVGHVXSUHVHQWDFLyQHQOD SULPHUDHGLFLyQGHPLIROOHWRª6DOXGGHOD%RWLFDGHO6HxRU©(QPXSRFRWLHPSRVHKD KHFKRIDPRVRGHQWURIXHUDGH(XURSDVREUHWRGRSRUKDEHUFXUDGRDWDQWRVSURVWiWLFRV ÒOWLPDPHQWHDDSDUHFHHQORVKHUEDULRVHQUHYLVWDVHVSHFLDOL]DGDV6LQHPEDUJRH[LVWH XQDFLHUWDLQVHJXULGDGGHELGRDOJUDQQ~PHURGHYDULHGDGHVGHHVWDSODQWD /DVVLJXLHQWHVYDULHGDGHVVHSXHGHQFRQVLGHUDUFRPRFXUDWLYDV(O(SLORELRGHFRORUURVD (SLORELXP URVHXP
  91. 91. HO (SLORELR GH IORU SHTXHxD (SLORELXP SDUYLIORUXP
  92. 92. HO (SLORELR GH
  93. 93. PRQWDxD(SLORELXPPRQWDQXP
  94. 94. HO(SLORELRYHUGHVFXUR(SLORELXPREVFXUXP
  95. 95. HO(SLORELR ODQFHRODGR(SLORELXPODQ]HRODWXP
  96. 96. HO(SLORELRGHFROLQD(SLORELXPFROOLQXP
  97. 97. HO(SLORELR GHSDQWDQR(SLORELXPSDOXVWUH
  98. 98. HO(SLORELRGHJXLMR(SLORELXPIOHLVFKHUL
  99. 99. HO(SLORELRGH ORV$OSHV(SLORELXPDQDJDOOLGLIROLXP
  100. 100. /RV(SLORELRVFXUDWLYRVVHSXHGHQLGHQWLILFDUDWUDYpVGHVXIORUSHTXHxDGHFRORUURML]R URVDSiOLGRRFDVLEODQFR(VWDSDUHFHHVWDUFODYDGDHQODSXQWDGHXQDYDLQDGHFXDWUR YDOYDV
  101. 101. DODUJDGDGHOJDGDTXHDOVHFDUVHDEULUVHGHVSLGHLQILQLWDVVHPLOODVFRURQDGDV SRUVHQGDVPHFKLWDVGHSHOREODQFRDOJRGRQRVR(QHO7LUROVHFRQRFHHO(SLORELRFRQHO QRPEUHGHªDEHOORGHPXMHU© 'HODVPHQFLRQDGDVYDULHGDGHVPHGLFLQDOHVVHUHFROHFWDODKLHUEDHQWHUDHVGHFLUHOWDOOR ODV KRMDV ODV IORUHV SURFXUDQGR FRUWDU OD SODQWD D PHGLD DOWXUD VH GHMD URPSHU IiFLOPHQWH
  102. 102. SDUD TXH SXHGDQ GHVDUUROODUVH UHQXHYRV /D KLHUED UHFLpQ FRJLGD VH FRUWD D SHGDFLWRV'HODLQIXVLyQGH(SLORELRVHEHEHQLQFOXVRHQORVFDVRVPiVJUDYHVVyORGRV WD]DVDOGtDDVDEHUXQDSRUODPDxDQDHQDXQDVODRWUDSRUODQRFKH3HURHVWRQR TXLHUHGHFLUTXHXQRSXHGDDKRUUDUVHHOLUDOPpGLFR(VLPSUHVFLQGLEOHFRQVXOWDUORFXDQGR VHWUDWHGHHQIHUPHGDGHVJUDYHV ([LVWHQGRVYDULHGDGHVGH(SLORELRTXHMDPiVGHEHQVHUUHFROHFWDGDVSHURTXHWDPSRFR VH FRQIXQGHQ IiFLOPHQWH FRQ ODV GH IORU SHTXHxD 6H WUDWD GH OD +LHUED GH 6DQ $QWRQLR (SLORELXPKLUVXWXP
  103. 103. GHO(SLORELRGHERVTXH(SLORELXPDQJXVWLIROLXP
  104. 104. /DSULPHUDWLHQH IORUHVGHXQRVFPGHDQFKXUDGHFRORUSXUS~UHRUHFHHQORVPDWRUUDOHVDRULOODVGH ODVDFHTXLDVGHORVDUURRVSXHGHDOFDQ]DUFPGHDOWXUDORVWDOORVODVKRMDVVRQ FDUQRVRVHVWiQFXELHUWRVGHXQYHOORPXVXDYH5LFKDUG:LOOIRUWHOFRQRFLGRILWRELyORJR DXVWULDFR TXH Vt TXH FRQRFtD HO (SLORELR FRPR SODQWD PHGLFLQDO GLFH HQ VX OLEUR TXH HO (SLORELRGHIORUSHTXHxDVHSXHGHFRQIXQGLUFRQOD+LHUEDGH6DQ$QWRQLRpVWDVHKDFH PXFKRPiVDOWDWLHQHODVKRMDVORVWDOORVFDUQRVRVODVIORUHVFLQFRYHFHVPiVJUDQGHV TXHDTXHOODSHURSURGXFHHOHIHFWRFRQWUDULR(O(SLORELRGHERVTXHDOFDQ]DXQDDOWXUDGH FPVHFUtDHQORVFODURVOLQGHURVGHORVERVTXHVHQORVGHVPRQWHVVREUHWRGR GRQGHFUHFHQORVIUDPEXHVRVVDOYDMHV/DVJUDQGHVIORUHVSXUS~UHDVHVWiQDJUXSDGDVHQ ODUJRV UDFLPRV SLUDPLGDOHV VREUH XQ WDOOR URML]R 6H SUHVHQWD HQ DEXQGDQFLD IRUPDQGR GXUDQWHODIORUDFLyQYHUGDGHUDVOODQXUDVDUGLHQWHV(VWH(SLORELRQRYDOHSDUDFRPEDWLUODV DIHFFLRQHVGHODSUyVWDWD 6LHQGRRWRGDYtDPXMRYHQPXULyPLVXHJURHQODIORUGHVXYLGDGHXQDKLSHUWURItDGH ODSUyVWDWD8QYHFLQRQXHVWURPXLQVWUXLGRHQODFLHQFLDGHODVKLHUEDVPHGLFLQDOHVPH HQVHxR HQWRQFHV HO (SLORELR GH IORU SHTXHxD FRPHQWy ª6L VX VXHJUR KXELHUD WRPDGR LQIXVLyQ GH HVWD SODQWD HVWDUtD KR D~Q HQ YLGD £*UiYHVH HVWD SODQWD HQ OD PHPRULD 8VWHGHVWRGDYtDXQDPXMHUMRYHQ SRGUiDXGDUDPXFKRVFRQHOOD©3HURFRPRVXHOH VXFHGHU FXDQGR XQR HV MRYHQ HVWi VDQR QR OH KLFH PXFKR FDVR D HVWD KLHUED 6LQ HPEDUJRPLPDGUHVt(OODODUHFROHFWDEDFDGDDxRDXGDEDDPXFKRVHQIHUPRVGHOD YHMLJDGHORVULxRQHV/DHILFDFLDFXUDWLYDGHHVWDSODQWDHVWDOTXHPXFKDVYHFHVTXLWD LQVWDQWiQHDPHQWHODVPROHVWLDVGHELGDVDODVDIHFFLRQHVGHODSUyVWDWD+DKDELGRFDVRV HQTXHKRPEUHVTXHDHVWDEDQDSXQWRGHRSHUDUVHH[SHOtDQODRULQDDJRWDVVLQWLHURQ DOLYLR GHVSXpV GH WRPDU XQD VROD WD]D GH LQIXVLyQ GH (SLORELR (VWi FODUR TXH SDUD FRQVHJXLUXQDFXUDFLyQWRWDOKDTXHWRPDUODLQIXVLyQGXUDQWHXQSHUtRGR 0LPDGUHPHFRQWyHOFDVRGHXQKRPEUHTXHVHKDEtDRSHUDGRWUHVYHFHV²FiQFHUGH OD YHMLJD FOtQLFDPHQWH GHPRVWUDGR ² TXH VH HQFRQWUDED HQ FRQGLFLRQHV ItVLFDV GHSORUDEOHVROHDFRQVHMpTXHEHELHUDLQIXVLyQGH(SLORELR$WUDYpVGHVXPpGLFRPH HQWHUpPiVWDUGHGHODFXUDFLyQGHOHQIHUPR(VWRVXFHGLyHQXQWLHPSRHQTXHRWRGDYtD QR PH GHGLFDED D ODV SODQWDV PHGLFLQDOHV $TXHOOD FXUDFLyQ PH FDXVy XQD LPSUHVLyQ SURIXQGD 0L PDGUH PH DGYLUWLy TXH VL HOOD XQD YH] PXULHUD QR ROYLGDUD QXQFD GH UHFROHFWDU HQ YHUDQR HVWD SODQWD (O GtD GH OD DQGHODULD GH IDOOHFLy PL TXHULGD PDGUHDTXHODxRPHROYLGpGpFRJHU(SLORELR
  105. 105. (Q RWRxR GHO PLVPR DxR VXSH HQ OD FRQVXOWD GH PL PpGLFR TXH XQ FRQRFLGR PtR VH HQFRQWUDEDVLQQLQJXQDHVSHUDQ]DHQHOKRVSLWDOFRQFiQFHUGHODYHMLJDªL1R©H[FODPp ªXQKRPEUHWDQEXHQRQRGHEHPRULU©0HDFRUGpGHO(SLORELRSHURHOPpGLFRDXQTXHQR HUD FRQWUDULR D ODV SODQWDV FXUDWLYDV GLMR TXH HQ HVH FDVR D QR KDEtD UHPHGLR 3HUR FRPRKDEtDROYLGDGRGHUHFROHFWDUODKLHUEDPHHQWUyXQSiQLFRDOSHQVDUTXHDPHGLDGRV GHRFWXEUHODSODQWDHVWDUtDDVLQIORUVHFD1RREVWDQWHPHIXLDEXVFDUOD0HDFRUGp GH XQ VLWLR GRQGH OD KDEtD YLVWR IORUHFHU HQ YHUDQR $XQTXH DOOt VyOR HQFRQWUp D XQRV WDOORV DPDULOORV ORV FRJt VH ORV PDQGp FRUWDGRV D SHGDFLWRV D OD PXMHU GHO SREUH HQIHUPR(VWHHPSH]yDWRPDUGRVWD]DVGLDULDVXQDSRUODPDxDQDRWUDSRUODWDUGH DO FDER GH GtDV PH OODPy HO PpGLFR SRU WHOpIRQR GLFLpQGRPH TXH HO HQIHUPy KDEtD PHMRUDGRFRQVLGHUDEOHPHQWHDxDGLyULpQGRVHªRQTXHW~KLHUEDDXGD¢HK©'HVGH HQWRQFHVKHSRGLGRDXGDUDFHQWHQDUHVGHSHUVRQDVWDOFRPRPHORKDEtDVXJHULGRHO DQFLDQR GH PL SXHEOR ª£*UiYHVH HVWD SODQWD HQ OD PHPRULD 8VWHG SRGUi DXGDU D PXFKRVFRQHOOD© 8QIDUPDFpXWLFRGH0XQLFKPHHQVHxyXQDDQWLJXDIDUPDFRSHDVHJ~QODFXDOSRUHO (SLORELRWRGDYtDVHFLWDEDRILFLDOPHQWH0HGLFDPHQWRVTXtPLFRVVXSULPLHURQSRUFRPSOHWR VX XVR 3HUR D WUDYpV GH PLV FRQIHUHQFLDV H[FXUVLRQHV ERWiQLFDV SXEOLFDFLRQHV HO (SLORELR KD YXHOWR D VHU DSUHFLDGR HQ WRGDV ODV FDSDV GH OD SREODFLyQ 0LV VXJHUHQFLDV WLHQHQ JUDQ UHVRQDQFLD HQ PXFKDV SHUVRQDV D TXH SRU GRQGHTXLHUD TXH SDVH FRQ PL PDULGR HQ QXHVWURV SDVHRV VHD HQ ODV PRQWDxDV SRU ORV FDPLQRV GH ORV ERVTXHV D RULOODVGHDUURRVRHQGHVPRQWHVLQFOXVRHQODVFROLQDVFHUFDQDVD/LQ]REVHUYDPRVFRQ JUDQVDWLVIDFFLyQTXHODJHQWHKDDUUDQFDGRFXLGDGRVDPHQWHHOWDOORFHQWUDOGHODSODQWD 4XLHQ FRQRFH HVWD KLHUED PHGLFLQDO OD HVWLPD SURFXUD QR HVWURSHDUOD SDUD TXH QR VH H[WLQJD 5HFROHFWiQGROR GHELGDPHQWH HO (SLORELR VH UHQXHYD GRV R WUHV YHFHV (Q SULPDYHUDEURWDGHOUL]RPDXQDQXHYDSODQWD 3RUODVFDUWDVTXHUHFLERPHHQWHURFRQJUDQSODFHUGHTXHHO(SLORELRGHIORUSHTXHxDVH FUtDHQPXFKRVKXHUWRVHQWUHODVIUHVDVODVYHUGXUDVORVDUEXVWRV$QWHVVHDUUDQFDED FRPR KLHUED PDOD £$ FXiQWRV LQIHOLFHV KXELHUD SRGLGR GHYROYHU OD VDOXG HO iQLPR GH YLYLU+DFHSRFRSXGHDXGDUDXQVDFHUGRWHDIHFWDGRGHFiQFHUGHSUyVWDWDGHYHMLJDD TXLHQORVPpGLFRVWHQtDQSRULQFXUDEOH+RKDUHFXSHUDGRVXVIXHU]DVSXHGHGHGLFDUVH SOHQDPHQWHDVXRILFLR 8QD VHxRUD GH OD 6HOYD 1HJUD PH HVFULEH OR VLJXLHQWH ª0L FXxDGD WXYR FRPR FRQVHFXHQFLDGHXQWUDWDPLHQWRGHOEDMRYLHQWUHFRQUDRVOHVLRQHVHQORVLQWHVWLQRVHQ ODYHMLJD/HGLHURQWDQIXHUWHVGRORUHVGHYHMLJDTXHHOPpGLFRWXYRTXHGDUOHPRUILQDSDUD FDOPDUORV )LQDOPHQWH QRV GHFLGLPRV D EXVFDU FRQ DXGD GHO GLEXMR HQ 6DOXG GH OD %RWLFD GHO 6HxRU HO (SLORELR GH IORU SHTXHxD OR HQFRQWUDPRV GHVSXpV GH WRPDU OD HQIHUPD GXUDQWH XQD VHPDQD OD LQIXVLyQ GHVDSDUHFLHURQ ORV GRORUHV £ (VWRV VRQ ORV PLODJURVGHODIDUPDFLDGH'LRV© RQ HO (SLORELR GH IORU SHTXHxD VH FXUDQ PXFKRV SURVWiWLFRV D YHFHV VLQ WHQHU TXH RSHUDUVH (Q ORV FDVRV GRQGH D VH KDD RSHUDGR HO (SLORELR HOLPLQD HO HVFR]RU ODV RWUDVPROHVWLDVSRVWRSHUDWRULDV3HURHQFDGDFDVRHVLPSUHVFLQGLEOHFRQVXOWDUDOPpGLFR 'HVGHREXUJPHHVFULEHXQSURVWiWLFRUHFRQYDOHFLHQWHª(O(SLORELRGHIORUSHTXHxDPH KDDXGDGRDFXUDUPLSUyVWDWD(VWDQGRHQHOKRVSLWDOFRPRFRQVHFXHQFLDGHXQLQIDUWR GH FRUD]yQ WXYH SUREOHPDV FRQ OD SUyVWDWD FRPR PL FRUD]yQ HQIHUPR QR SHUPLWtD QLQJXQDFODVHGHRSHUDFLyQPHGLMHURQTXHVLHPSHRUDUDWHQGUtDQTXHLQWURGXFLUPHXQD VRQGDSHUPDQHQWH(QHVRPHDOFDQ]yODQRWLFLDGHOPDUDYLOORVR(SLORELRGHIORUSHTXHxD TXHKDEtDDXGDGRDWDQWRVHQFDVRVVHPHMDQWHV(PSHFpDWRPDUWUHVWD]DVGLDULDVHQ SRFRV GtDV VH IXHURQ WRGDV ODV PROHVWLDV SURVWiWLFDV 'H PRPHQWR VLJR WRPDQGR GRV WD]DVSRUGtDSDUDFRQVHJXLUXQDFXUDFLyQFRPSOHWD$1XHVWUR6HxRUOHGRODVJUDFLDV GH WRGR FRUD]yQ GHVHR TXH XVWHG VHxRUD 7UHEHQ SXHGD VRFRUUHU FRQ HO (SLORELR D
  106. 106. PXFKDV SHUVRQDV HQ HVWRV WUDQFHV GLItFLOHV (V LQFUHtEOH OR TXH FRQVLJXHQ ODV KLHUEDV PHGLFLQDOHVGHO6HxRUGRQGHODPHGLFLQDFOiVLFDIUDFDVD© 02'26'(35(3$5$,21 ,QIXVLyQ6HHFKD,GHDJXDKLUYLHQGRVREUHFXFKDUDGLWDUHSOHWDGHKLHUEDV VHGHMDXQSRFRHQUHSRVR6yORVHWRPDQWD]DVGLDULDVXQDSRUODPDxDQDHQDXQDV ODRWUDPHGLDKRUDDQWHVGHODFHQD (/(3,/2%,2$8'$GHOGRFWRU'LUN$UQW]HQ%HUOtQ
  107. 107. 8QDFDUWDGHOGRFWRU$UQW]HQPpGLFRDQWURSyVRIRª/DVLJXLHQWHH[SRVLFLyQVHEDVDHQ XQFRQFHSWRGHODSODQWDFRPRORVXJLULy5XGROI6WHLQHUORGHVDUROODURQGHVSXpVYDULRV ELyORJRV ERWiQLFRV (VWH FRQFHSWR HV HQ UHDOLGDG XQD LPDJHQ VH OH GHQRPLQD (, KRPEUHLQYHUWLGRWULSDUWLWR (VWRVLJQLILFDTXHODUDt]FRUUHVSRQGHDODRUJDQL]DFLyQGHORV QHUYLRVGHORVVHQWLGRVHVGHFLUDODFDEH]DGHOKRPEUHOD]RQDGHODVKRMDVDOVLVWHPD FHQWUDORUtWPLFROD]RQDGHODIORUGHOIUXWRDOPHWDEROLVPRDORVPLHPEURV (VWD LPDJHQ FRPR VXFHGH FRQ WRGDV ODV FRVDV GH OD YLGD QR VH GHMD SURHFWDU PHFiQLFDPHQWH +D TXH HODERUDUOD GH QXHYR SDUD FDGD SODQWD SDUD FDGD SDFLHQWH 3HURXQDYH]VHKDDFDSWDGRDXQTXHSRUHOPRPHQWRVHDVyORDWUDYpVGHXQRVSRFRV HMHPSORV SURSRUFLRQD XQD EDVH GXUDGHUD SDUD OD FRPSUHQVLyQ EDVWDQWH GLItFLO GH ODV UHODFLRQHVHQWUHHOKRPEUHODSODQWD (O SULQFLSLR GH HVWH SURFHGLPLHQWR VH YD D GHPRVWUDU FRQ XQ HMHPSOR 7RPHPRV OD +DPDPHOLV YLUJLQLFD $YHOODQD GH EUXMD (Q HVWD SODQWD EURWDQ HQ LQYLHUQR ODV IORUHV GLUHFWDPHQWHGHODFRUWH]D1RH[LVWHODXQLyQKDELWXDODWUDYpVGHODKRMD/DFRUWH]DVH DWULEXH D OD ]RQD PLQHUDO GH OD UDt] 6H WUDWD SXHV GH XQD VLWXDFLyQ GRQGH HO SULQFLSLR PHWDEyOLFR GHODIORUVHHQFXHQWUDHQFRQH[LyQGLUHFWDFRQHOSULQFLSLRQHUYLRVR GHODUDt] FRUWH]DVLQTXHKDDXQHTXLOLEULRVDQRQRUPDO SRUPHGLRGHODKRMD(QHVWHHVWDGR VH HQFXHQWUD S HM HO KRPEUH QDWXUDOPHQWH HO DQLPDO
  108. 108. FXDQGR VH WUDWD GH KHULGDV HVSHFLDOPHQWH HQ OD ]RQD DQDO /D +DPDPHOLV HV XQ PRGHOR SDUD OD ~OFHUD SDUD OD
  109. 109. DOPRUUDQD6DEHPDQHMDUHVWDVLWXDFLyQWRGDODYLGDVLQFDHUHQIHUPDLQFOXVRVHSRGUtD GHFLU TXH YLYH GH HVWD VLWXDFLyQ H[FHSFLRQDO SRU HOOD $Vt VH FRQYLHUWH OD SODQWD HQ XQ UHPHGLR SDUD QRVRWURV SRUTXH QRV HQVHxD FyPR SRGHPRV PDQHMDU WRGD XQD YLGD XQD FLHUWDVLWXDFLyQTXHVHQRVSUHVHQWDFRPRXQDUHDOLGDGVLQTXHQRVSRQJDPRVPDORV FRPR WDOHV VLWXDFLRQHV VRQ KHFKRV GH OD YLGD HV GHFLU TXH D VRQ LQPDWHULDOHV D QR FXHQWD OR FXDQWLWDWLYR OR PDWHULDO OR FXDO SXHGH H[SOLFDU HO HIHFWR GH ODV GLOXFLRQHV KRPHRSiWLFDVSRWHQFLDV
  110. 110. $KRUDELHQKDEOHPRVGHO(SLORELRGH0DUtD7UHEHQ(VWDSODQWDVHFDUDFWHUL]DVREUHWRGR SRU HO KHFKR GH TXHGR TXH SDUHFH VHU HQ HO SULPHU PRPHQWR XQ VLPSOH FDELOOR HV HQ UHDOLGDG HO RYDULR KLSyJLQR TXH FRPR HV SURSLR GH ORV IUXWRV VH HQJUXHVD FDPELD GH FRORUVHDODUJD(QRWRxRGHVSLGHODVVHPLOODVHQYXHOWDVHQJUDQFDQWLGDGGHDOJRGyQ (O(SLORELRHQVXVYDULHGDGHVHVXQDSODQWDEDVWDQWHIUHFXHQWH)ORUHFHIUXFWLILFDPXFKR HVGHFLUTXHHQHVHiPELWRGHVSOLHJDVXVHQHUJtDVYLWDOHVPLHQWUDVTXHODVKRMDVHOWDOOR ODV UDtFHV SDVDQ D VHJXQGR WpUPLQR 7RGR HVWR WUDQVPLWLGR DO KRPEUH VLJQLILFD TXH SRGHPRVVXSRQHUHOHIHFWRSULQFLSDOHQODSDUWHLQIHULRUGHOKRPEUHDODTXHSHUWHQHFHQ VREUH WRGR ORV yUJDQRV XULQDULRV JHQLWDOHV 2WUDV UHIOH[LRQHV OOHYDQ D H[FOXLU FRQ EDVWDQWH FHUWH]D ORV LQWHVWLQRV DTXt VH SUHVWDQ PiV ODV GURJDV FRQ VDERU S HM ODV DPDUJDV
  111. 111. (ORYDULRGHHVWDSODQWDVXSDUWHPiVLPSRUWDQWHOODPDWLYDVHLQFOLQDKDFLDGHQWURRQ HOOR VH H[SOLFD FODUDPHQWH OD DQDORJtD FRQ OD SRVLFLyQ GH OD SUyVWDWD /D PDGXUDFLyQ HQ RWRxRUHFXHUGDHORWRxRGHOKRPEUHVXXELFXLGDGODGLYXOJDFLyQGHODHQIHUPHGDG $OJR SDUHFLGR RFXUUH FRQ HO PHOyQ OD FDODED]D RYDULR KLSyJLQR DXPHQWR JLJDQWHVFR GHVSXpVGHODIORUDFLyQODDFFLyQQHFHVDULDVREUHORVyUJDQRVXULQDULRV/RPLVPRSDVD FRQODSHUD3UXV
  112. 112. SDUDORVSHULWRVOD+SR[LVURRSHULODSODQWDRULJLQDOGHO6LWRVWHULQ GH6XGiIULFDWDPELpQWLHQHXQRYDULRKLSyJLQR (V LQWHUHVDQWH TXH DOJXQDV SODQWDV XURJHQLWDOHV FRPR HO iODPR HO DOJRGRQHUR *RVVSLXP

×