2.pdf
Short Description
Download 2.pdf...
Description
]]]]]]
KLVWRULDUHFLHQWH
BCSJM©
)$6&Ì&8/26
%&4%&)*304)*.""-"45033&4(&.&-"4
+,6725,$5(&,(17(_/$',)Ì&,/&216758&&,Ð1'(/$3$=
%&-"$"35"%&-"5-Ç/5*$0"-"'6/%"$*Î/%&-"4/"$*0/&46/*%"4
&-/"$*.*&/50%&6//6&7003%&/*/5&3/"$*0/"-
-BEJG ÓDJM DPOTUSVDDJØO EFMBQB[
+,6725,$5(&,(17(_/$',)Ì&,/&216758&&,Ð1'(/$3$=
&2175$7$3$
/$ '(&/$5$&,Ð1 81,9(56$/ '(/26'(5(&+26+80$126
$OJXQRVGHVXVDUWtFXORVVRQORVVL JXLHQWHV
$UWtFXOR 7RGRV ORV VHUHV KXPDQRV QDFHQ OLEUHV H LJXDOHV HQ GLJQLGDG \ GH UHFKRV \ GRWDGRV FRPR HVWiQ GH UD]yQ\FRQFLHQFLDGHEHQFRPSRU WDUVH IUDWHUQDOPHQWH ORV XQRV FRQ ORVRWURV $UWtFXOR 7RGDSHUVRQDWLHQHWRGRVORVGH UHFKRV \ OLEHUWDGHV SURFODPDGRV HQ HVWD 'HFODUDFLyQ VLQ GLVWLQFLyQ DOJXQDGHUD]DFRORUVH[RLGLRPD UHOLJLyQ RSLQLyQ SROtWLFD R GH FXDO TXLHU RWUD tQGROH RULJHQ QDFLRQDO R VRFLDO SRVLFLyQ HFRQyPLFD QDFL PLHQWR R FXDOTXLHU RWUD FRQGLFLyQ «
GLFLRQHVGHSOHQDLJXDOGDGDVHURtGD S~EOLFDPHQWH \ FRQ MXVWLFLD SRU XQ WULEXQDO LQGHSHQGLHQWH H LPSDUFLDO SDUD OD GHWHUPLQDFLyQ GH VXV GHUH FKRV\REOLJDFLRQHVRSDUDHOH[DPHQ GHFXDOTXLHUDFXVDFLyQFRQWUDHOODHQ PDWHULDSHQDO $UWtFXOR 7RGD SHUVRQD DFXVDGD GH GHOLWR WLHQH GHUHFKR D TXH VH SUHVXPD VX LQRFHQFLDPLHQWUDVQRVHSUXHEHVX FXOSDELOLGDGFRQIRUPHDODOH\\HQ MXLFLR S~EOLFR HQ HOTXH VHOHKD\DQ DVHJXUDGRWRGDVODVJDUDQWtDVQHFH VDULDVSDUDVXGHIHQVD «
$UWtFXOR 1DGLHSRGUiVHUDUELWUDULDPHQWHGH WHQLGRSUHVRQLGHVWHUUDGR $UWtFXOR 7RGDSHUVRQDWLHQHGHUHFKRHQFRQ
7RGD SHUVRQD WLHQH GHUHFKR D SDUWLFLSDUHQHOJRELHUQRGHVXSDtV GLUHFWDPHQWH R SRU PHGLR GH UHSUH VHQWDQWHVOLEUHPHQWHHVFRJLGRV
$UWtFXOR 7RGD SHUVRQD WLHQH GHUHFKR D OD HGXFDFLyQ /D HGXFDFLyQ GHEH VHU JUDWXLWDDOPHQRVHQORFRQFHUQLHQWH D OD LQVWUXFFLyQ HOHPHQWDO \ IXQGD PHQWDO/DLQVWUXFFLyQHOHPHQWDOVHUi REOLJDWRULD /D LQVWUXFFLyQ WpFQLFD \ SURIHVLRQDOKDEUiGHVHUJHQHUDOL]DGD HO DFFHVR D ORV HVWXGLRV VXSHULRUHV VHUi LJXDO SDUD WRGRV HQ IXQFLyQ GH ORVPpULWRVUHVSHFWLYRV
1DGLHVHUiSULYDGRDUELWUDULDPHQWH GHVXSURSLHGDG
$UWtFXOR 7RGR LQGLYLGXR WLHQH GHUHFKR D OD OLEHUWDG GH RSLQLyQ \ GH H[SUHVLyQ HVWHGHUHFKRLQFOX\HHOGHQRVHUPR OHVWDGRDFDXVDGHVXVRSLQLRQHVHO GHLQYHVWLJDU\UHFLELULQIRUPDFLRQHV \ RSLQLRQHV \ HO GH GLIXQGLUODV VLQ OLPLWDFLyQGHIURQWHUDVSRUFXDOTXLHU PHGLRGHH[SUHVLyQ
35Ð;,02)$6&Ì&8/2
%FMB(VFSSB .VOEJBM BMB(VFSSB'SÓB
7RGDSHUVRQDWLHQHHOGHUHFKRGH DFFHVRHQFRQGLFLRQHVGHLJXDOGDG DODVIXQFLRQHVS~EOLFDVGHVXSDtV
7RGD SHUVRQD WLHQH GHUHFKR D OD SURSLHGDG LQGLYLGXDO \ FROHFWLYD PHQWH
7RGDSHUVRQDWLHQHGHUHFKRDODOLEHU WDG GH SHQVDPLHQWR GH FRQFLHQFLD \ GH UHOLJLyQ HVWH GHUHFKR LQFOX\H OD OLEHUWDG GH FDPELDU GH UHOLJLyQ R GHFUHHQFLDDVtFRPRODOLEHUWDGGH PDQLIHVWDUVXUHOLJLyQRVXFUHHQFLD LQGLYLGXDO \ FROHFWLYDPHQWH WDQWR HQ S~EOLFR FRPR HQ SULYDGR SRU OD HQVHxDQ]D OD SUiFWLFD HO FXOWR \ OD REVHUYDQFLD
1DGLHVHUiVRPHWLGRDWRUWXUDVQLD SHQDVRWUDWRVFUXHOHVLQKXPDQRVR GHJUDGDQWHV «
$UWtFXOR
$UWtFXOR
7RGR LQGLYLGXR WLHQH GHUHFKR D OD YLGD D OD OLEHUWDG \ D OD VHJXULGDG GHVXSHUVRQD
$UWtFXOR
1DGLHSRGUiVHUREOLJDGRDSHUWH QHFHUDXQDDVRFLDFLyQ
7RGDSHUVRQDWLHQHGHUHFKRDVDOLU GHFXDOTXLHUSDtVLQFOXVRGHOSURSLR \DUHJUHVDUDVXSDtV «
7RGDSHUVRQDWLHQHGHUHFKRDFLU FXODUOLEUHPHQWH\DHOHJLUVXUHVLGHQ FLDHQHOWHUULWRULRGHXQ(VWDGR
$UWtFXOR
1DGLH HVWDUi VRPHWLGR D HVFODYLWXG QLDVHUYLGXPEUH ODHVFODYLWXG\OD WUDWD GH HVFODYRV HVWiQ SURKLELGDV HQWRGDVVXVIRUPDV
7RGD SHUVRQD WLHQH GHUHFKR D OD OLEHUWDG GH UHXQLyQ \ GH DVRFLDFLyQ SDFtILFDV
/DYROXQWDGGHOSXHEORHVODEDVH GHODDXWRULGDGGHOSRGHUS~EOLFR HVWD YROXQWDGVHH[SUHVDUiPHGLDQWHHOHF FLRQHVDXWpQWLFDVTXHKDEUiQGHFH OHEUDUVHSHULyGLFDPHQWHSRUVXIUDJLR XQLYHUVDOHLJXDO\SRUYRWRVHFUHWRX RWUR SURFHGLPLHQWR HTXLYDOHQWH TXH JDUDQWLFHODOLEHUWDGGHOYRWR
$UWtFXOR
$UWtFXOR
$UWtFXOR
$UWtFXOR
/DHGXFDFLyQWHQGUiSRUREMHWRHO SOHQR GHVDUUROOR GH OD SHUVRQDOLGDG KXPDQD \ HO IRUWDOHFLPLHQWR GHO UHV SHWRDORVGHUHFKRVKXPDQRV\DODV OLEHUWDGHV IXQGDPHQWDOHV IDYRUHFH Ui OD FRPSUHQVLyQ OD WROHUDQFLD \ OD DPLVWDG HQWUH WRGDV ODV QDFLRQHV \ WRGRVORVJUXSRVpWQLFRVRUHOLJLRVRV \SURPRYHUiHOGHVDUUROORGHODVDFWL YLGDGHVGHODV1DFLRQHV8QLGDVSDUD HOPDQWHQLPLHQWRGHODSD] /RVSDGUHVWHQGUiQGHUHFKRSUHIH UHQWHDHVFRJHUHOWLSRGHHGXFDFLyQ TXHKDEUiGHGDUVHDVXVKLMRVQ
+,6725,$5(&,(17(_/$',)Ì&,/&216758&&,Ð1'(/$3$=
EOHD*HQHUDOGHODV1DFLRQHV8QLGDV DSUREy OD 'HFODUDFLyQ 8QLYHUVDO GH ORV'HUHFKRV+XPDQRV/D'HFODUD FLyQHUDSUHVHQWDGDFRPRXQ´LGHDO FRP~QSRUHOTXHWRGRVORVSXHEORV \QDFLRQHVGHEHQHVIRU]DUVHµSDUD HYLWDU TXH YXHOYDQ D VHU SRVLEOHV ´DFWRV GH EDUEDULH XOWUDMDQWHV SDUD ODFRQFLHQFLDGHODKXPDQLGDGµ
KLVWRULDUHFLHQWH
(/ '( ',&,(0%5( '( OD$VDP
+,6725,$5(&,(17(_/$',)Ì&,/&216758&&,Ð1'(/$3$=
Ê/%*$&%&-'"4$Ê$6-0
-BEJG ÓDJMDPOTUSVDDJØO EFMBQB[ ĠřėęĞđ˯
3&$6"%304 3&410/4"#*-*%"%:13"(."5*4.01PS1BCMPEB4JMWFJSB16/."-$)*45&16/"1Ç(*/" 04$63"1&-&"/037&3464"/%3&*1-07*&+0:-0/6&7016/"/6&7"'03." %&*/'-6&/$*"1+0)/.":/"3%,&:/&4153"%6$$*Î/53"*%03"145"-*/ 3004&7&-5 $)63$)*--1#*#-*0(3"'Ê"1$0/53"5"1"%&$-"3"$*Î/6/*7&34"-%& -04%&3&$)04)6."/041
ęĞĤĢğĔĥēēęūĞ " NFEJEB RVF TF BQSPYJNBCB MB WJDUPSJB TFSFTRVFCSBKBCBMBVOJ EBE EF MPT QBÓTFT RVF MVDIBCBO DPOUSB )JUMFS 6OB HSBO GSBDUVSB TFQBSBCB B MB 6OJØO 4PWJÏUJDB EFMPTBMJBEPTPDDJEFOUBMFT QFSP UBNCJÏO IBCÓB UFOTJPOFT FOUSF CSJUÈOJDPT Z FTUBEPVOJEFOTFT .JFOUSBTFOFMDBNQPEFCBUBMMBTF QFMFBCBDPEPBDPEP MPTEJSJHFO UFTUFOÓBODSFDJFOUFTEJmDVMUBEFT QBSBFOUFOEFSTF 5PEPTUFOÓBOBMHPFODPNÞO RVF FSB MB QSFPDVQBDJØO QPS OP SFQFUJSMPTFSSPSFTDPNFUJEPTBmOFT EF MB 1SJNFSB (VFSSB .VOEJBM "RVFMMB HVFSSB GFSP[ OP IBCÓB
DPOEVDJEP B VOB QB[ EVSBEFSB 4PMP WFJOUF B×PT EFTQVÏT EFM BS NJTUJDJPEF FMNVOEPIBCÓB BTJTUJEPBMGPSUBMFDJNJFOUPEF)JU MFS Z BM FTUBMMJEP EF VO DPOnJDUP BVONÈTHFOFSBMJ[BEPZTBOHSJFOUP $VBOUPNÈTDFSDBFTUBCBFMmOBMEF MB 4FHVOEB (VFSSB NÈT JNQPS UBODJBBERVJSÓBFTFQSFDFEFOUF&M JONFOTP TBDSJmDJP EF WJEBT RVF IBCÓBSFRVFSJEPMBMVDIBDPOUSBFM OB[JTNPSFDMBNBCBRVFFTUBWF[TF MMFHBSBBVOBQB[TPTUFOJCMF 1FSPTJCJFOOBEJFRVFSÓBSFQFUJS FSSPSFT OPFSBGÈDJMFODPOUSBSVO DBNJOPBMUFSOBUJWP&TPTFEFCÓBFO QBSUFBRVFOPUPEPTWFÓBOMBTDPTBT EF MB NJTNB NBOFSB QFSP TPCSF UPEPTFEFCÓBBRVFMBTEJSJHFODJBT BMJBEBT FOGSFOUBCBO VOB UBSFB
+,6725,$5(&,(17(_/$',)Ì&,/&216758&&,Ð1'(/$3$=
ODIRWRGHSRUWDGD
/D$VDPEOHD*HQHUDOGHODV1D FLRQHV8QLGDVIXHHOHVFHQDULRGH JUDQGHVEDWDOODVSROtWLFDVGXUDQWH OD*XHUUD)UtD
_ >@(QWUH \ VHVXFHGLyXQDODUJDVHULHGHUHX QLRQHV HQFXHQWURV \ QHJRFLDFLRQHV TXH IXHURQ FRQIRU PDQGR HO PXQGR HQ HO TXH YLYLPRV 'H HVRV GLiORJRV \ HQIUHQWDPLHQWRVVXUJLHURQDOJXQDVLQVWLWXFLRQHVGHFLVLYDV SDUDQXHVWUDpSRFDFRPRODV1DFLRQHV8QLGDV\HO)RQGR 0RQHWDULR,QWHUQDFLRQDO)XHXQLQPHQVRMXHJRGHDMHGUH]
HJHBOUFTDB DPOTUSVJS VO OVFWP FRVJMJCSJPEFQPEFSFOUSFMPTQSJO DJQBMFTQBÓTFTEFMQMBOFUB &OUSFZTFTVDFEJØ VOB MBSHB TFSJF EF SFVOJPOFT FODVFOUSPT Z OFHPDJBDJPOFT RVF GVFSPODPOGPSNBOEPFMNVOEPFO FMRVFWJWJNPT%FFTPTEJÈMPHPTZ FOGSFOUBNJFOUPTTVSHJFSPOBMHV OBT JOTUJUVDJPOFT EFDJTJWBT QBSB OVFTUSBÏQPDB DPNPMBT/BDJPOFT 6OJEBT Z FM 'POEP .POFUBSJP *OUFSOBDJPOBM %F FTPT DIPRVFT Z EJTDVTJPOFT UBNCJÏO OBDJØ VO NVOEP CJQPMBS PSHBOJ[BEP FO UPSOPBEPTQPUFODJBTRVFTFEJT QVUBCBOÈSFBTEFJOnVFODJB &OUFOEFS FTB MBSHB TFSJF EF FODVFOUSPTZEFTFODVFOUSPTFYJ
HFMBNJTNBDMBTFEFBOÈMJTJTRVF IBDFNPT QBSB DPNQSFOEFS MB BDUVBMJEBEQPMÓUJDB"RVFMFSBVO UJFNQPFYDFQDJPOBMFOFMRVFPDV SSÓBO DPTBT FYDFQDJPOBMFT QFSP ZBFSBFMNVOEPRVFDPOPDFNPT 1BSBFOUFOEFSDØNPBDUVBCBOMPT MÓEFSFTEFMBQPTHVFSSB UFOFNPT RVF DPOTJEFSBS TVT QSPQØTJUPT F JOUFSFTFT DPNP TJ GVFSBO MPT OVFTUSPT Q
:LQVWRQ&KXUFKLOO
+,6725,$5(&,(17(_/$',)Ì&,/&216758&&,Ð1'(/$3$=
TXHWXYRSRUWDEOHURDOSODQHWD
ĝęĕĞĤĢđģģĕđēĕĢēđĒđĕĜĖęĞđĜĔĕĜđ ėĥĕĢĢđ EPTJEFBTUPNBCBOGVFS[BFOUSF MPT FOFNJHPT EF )JUMFS -B QSJNFSB FSB RVF FM NVOEP ZB OP WPMWFSÓB B TFS FM EF BOUFT&MJOUFOUPOB[JEFSFTVDJUBSFM3FJDI BMFNÈOUFOÓBMPTEÓBTDPOUBEPT&M*NQFSJP #SJUÈOJDPJCBDBNJOPBTVEFTBQBSJDJØOZ 'SBODJBFOGSFOUBCBDSFDJFOUFTEFTBG ÓPTFO TVTDPMPOJBT"MNJTNPUJFNQP FMQMBOFUB BTJTUÓB BM OBDJNJFOUP EF EPT OVFWBT QP UFODJBT NJMJUBSFT Z FDPOØNJDBT &TUBEPT 6OJEPTZMB6OJØO4PWJÏUJDB -B TFHVOEB JEFB QSFEPNJOBOUF FSB FWJUBS SFQFUJS MB IJTUPSJB &M BSNJTUJDJP EFIBCÓBFOTF×BEPRVFVOBDPTBFT HBOBSMBHVFSSBZPUSBDPOTUSVJSMBQB[5BM DPNPTFWFÓBOMBTDPTBTFOUPODFT BMmOBM EFMB1SJNFSB(VFSSB.VOEJBMTFIBCÓBO DPNFUJEP EPT FSSPSFT &M QSJNFSP IBCÓB TJEP BDFQUBS MB SFOEJDJØO EF "MFNBOJB EFNBTJBEPSÈQJEP FTEFDJS BOUFTEFRVF FMQBÓTGVFSBJOWBEJEPZRVFTVQPCMBDJØO TJOUJFSB MB EFSSPUB &TP GVF VTBEP QPS BHJUBEPSFT DPNP )JUMFS QBSB EFDJS RVF MPT BMFNBOFT OP IBCÓBO TJEP WFODJEPT NJMJUBSNFOUFFO TJOPUSBJDJPOBEPT QPSFMHPCJFSOPSFWPMVDJPOBSJPEFMBÏQP DB&MTFHVOEPFSSPSIBCÓBDPOTJTUJEPFO JNQPOFS DPOEJDJPOFT EFNBTJBEP EVSBT B MPT WFODJEPT &TP IBCÓB JNQFEJEP TV SFDVQFSBDJØOFDPOØNJDBZIBCÓBHFOFSBEP UVSCVMFODJBTQPMÓUJDBT 1BSB OP SFQFUJS FTB DPNCJOBDJØO EF FSSPSFT MPTBMJBEPTPDDJEFOUBMFTPQUBSPO
/$&$57$ '(/$7/É17,&2 &MQSJNFSQBTPIBDJBMBDPOTUSVDDJØOEF VOOVFWPPSEFOJOUFSOBDJPOBMTFEJPFO BHPTUPEF DVBOEP$IVSDIJMMZ3PP TFWFMUTFFODPOUSBSPOTFDSFUBNFOUFFOMBT DPTUBTEF5FSSBOPWB-PTEPTHPCFSOBOUFT MMFHBSPOBFTFFODVFOUSPDPOQSFPDVQB DJPOFTNVZEJGFSFOUFT$IVSDIJMMRVFSÓB EFGFOEFSMBJOUFHSJEBEEFM*NQFSJP#SJUÈ OJDP QFSPBMNJTNPUJFNQPTBCÓBRVFOP QPEÓBHBOBSMBHVFSSBTPMPZOFDFTJUBCB EFTFTQFSBEBNFOUF FM BQPZP EF &TUBEPT 6OJEPT3PPTFWFMUFTUBCBEJTQVFTUPBJO WPMVDSBSTFFOMBHVFSSB QFSPOPBDBNCJP EFOBEB:VOPEFTVTJOTUJOUPTQPMÓUJDPT CÈTJDPTFSBFMSFDIB[PBMPTWJFKPTJNQF SJPTFVSPQFPT1PSFTPRVFSÓBTFSWJSTFEF MBTJUVBDJØOQBSBTFOUBSMBTCBTFTEFMPRVF TFSÓBFMNVOEPQPTUFSJPSBMBHVFSSBVO NVOEPRVFÏMQSFGFSÓBMJCSFEFJNQFSJPT NJMJUBSJ[BEPTZDPOVOGVFSUFMJEFSB[HPEF &TUBEPT6OJEPTBUSBWÏTEFJOTUJUVDJPOFT JOUFSOBDJPOBMFT 3PPTFWFMU Z $IVSDIJMM MMFHBSPO BM QVOUPEFFODVFOUSPFOCBSDPTEFHVFSSB ZOFHPDJBSPOEVSBOUFWBSJPTEÓBTUSBTMB EÈOEPTFEFVOBOBWFBPUSB&MSFTVMUBEP EFMBTDPOWFSTBDJPOFTGVFVOEPDVNFO UP EBEP B DPOPDFS FM EF BHPTUP EF RVF TF DPOPDF DPNP $BSUB EFM
+,6725,$5(&,(17(_/$',)Ì&,/&216758&&,Ð1'(/$3$=
-BEJG ÓDJM DPOTUSVDDJØO EFMBQB[
UFNQSBOBNFOUF QPS VOB FTUSBUFHJB RVF NF[DMBCB MB EVSF[B FO MB HVFSSB DPO FM FTQÓSJUVDPOTUSVDUJWPFOMBQB[1PSVOB QBSUF FTUBCMFDJFSPO MB EPDUSJOB EF MB SFOEJDJØO JODPOEJDJPOBM FTQFDJBMNFO UF JNQVMTBEB QPS FM QSJNFS NJOJTUSP CSJUÈOJDP 8JOTUPO $IVSDIJMM MB HVFSSB OP EFCÓB UFSNJOBS IBTUB RVF "MFNBOJB GVFSBJODBQB[EFQPOFSDPOEJDJPOFT&SB JNQPSUBOUF RVF FTUB WF[ MPT BMFNBOFT UVWJFSBODMBSPRVFIBCÓBOTJEPUPUBMNFOUF EFSSPUBEPT&TPBVNFOUBSÓBFMDPTUPFO WJEBTBDPSUPQMB[P QFSPMPSFEVDJSÓBFO FMMBSHPQPSRVFIBSÓBNFOPTQSPCBCMFVO OVFWPDPOnJDUP 1PS PUSP MBEP JCB B TFS OFDFTBSJP USBUBSDPONFTVSBBMPTWFODJEPTZ TPCSF UPEP JNBHJOBSVOOVFWPPSEFOJOUFSOB DJPOBMRVFBTFHVSBSBMBQB[&MQSFTJEFOUF FTUBEPVOJEFOTF 'SBOLMJO 3PPTFWFMU RVF IBCÓB BTJTUJEP QFSTPOBMNFOUF B MBT OFHPDJBDJPOFT EF 7FSTBMMFT TF QSPQVTP QPOFSFOQSÈDUJDBFTUBJEFBDPOWFSEBEFSB VSHFODJB"TÓMPIJ[PTBCFSFOVOEJTDVSTP EJDIPBOUFFM$POHSFTPEFTVQBÓTi&TUB WF[ OP UFOFNPT RVF DPNFUFS FM FSSPS EFFTQFSBSIBTUBFMmOEFMBHVFSSBQBSB QPOFSFONBSDIBMBNBRVJOBSJBEFMBQB[ &TUBWF[ BMNJTNPUJFNQPRVFDPNCBUJ NPTKVOUPTQBSBUFSNJOBSSÈQJEBNFOUFMB HVFSSB UFOFNPTRVFUSBCBKBSKVOUPTQBSB BTFHVSBSOPTEFRVFOPWVFMWBBPDVSSJSw
+,6725,$5(&,(17(_/$',)Ì&,/&216758&&,Ð1'(/$3$=
"UMÈOUJDP &O MB $BSUB MPT mSNBOUFT TF DPNQSPNFUFOBUSBCBKBSQPSFMEFTBSNF B GSFOBS UPEB BHSFTJØO EF VOB OBDJØO TPCSFPUSBZBGPNFOUBSMBDPPQFSBDJØO ZFMCJFOFTUBSTPDJBM1FSPFMEPDVNFOUP DPOUJFOF BEFNÈT BMHVOPT QSJODJQJPT RVF FO MPT IFDIPT TJHOJmDBCBO FM BDUB EFEFGVODJØOEFM*NQFSJP#SJUÈOJDP&O MP QPMÓUJDP MPT mSNBOUFT SFOVODJBCBO B DPORVJTUBS UFSSJUPSJPT SFDPOPDÓBO FM EFSFDIP B MB BVUPEFUFSNJOBDJØO EF MPT QVFCMPTZBmSNBCBORVFMPTDBNCJPTEF MÓNJUFTFOUSFQBÓTFTTPMPQVFEFOIBDFSTF DPOFMDPOTFOUJNJFOUPEFMBTQPCMBDJPOFT JNQMJDBEBT $IVSDIJMM TPTUFOESÓB NÈT UBSEF RVF FTUPT QSJODJQJPT TPMP TF BQMJ DBCBOBMPTQBÓTFTFVSPQFPTTPNFUJEPTB MBBNFOB[BOB[J QFSPMPTIBCJUBOUFTEF MBTDPMPOJBTCSJUÈOJDBTMPFOUFOEFSÓBOEF PUSP NPEP &O MP FDPOØNJDP MB $BSUB BmSNBCBMBMJCFSUBEEFDPNFSDJP FMMJCSF BDDFTP B MBT NBUFSJBT QSJNBT Z MB MJCSF DJSDVMBDJØOEFMPTNBSFT $IVSDIJMM IBCÓB UFOJEP RVF FMFHJS FOUSFQSPUFHFSMBJOUFHSJEBEEFM*NQFSJP #SJUÈOJDPZDPOTFHVJSVOBMJBEPGVFSUFFO TVMVDIBDPOUSB)JUMFS:TJCJFOFMQSJNFS PCKFUJWPMFQBSFDÓBNÈTJNQPSUBOUFBMBSHP QMB[P FMTFHVOEPTFIBCÓBDPOWFSUJEPFO VO BTVOUP EF WJEB P NVFSUF 3PPTFWFMU TF IBCÓB DPNQSPNFUJEP B JOWPMVDSBSTF NÈT BDUJWBNFOUF FO MB HVFSSB BOUFT IBCÓBDPOTFHVJEPJNQPOFSFMHSVFTPEF TVTDPOEJDJPOFTVOBWF[RVFFMDPOnJDUP UFSNJOBSB &TUBEPT6OJEPTUFOESÓBBDDFTP BOVFWPTNFSDBEPTZQPTJCJMJEBEFTEFJO WFSTJØORVFIBTUBFOUPODFTIBCÓBOFTUBEP SFTFSWBEPTQBSBMPTCSJUÈOJDPT %VSBOUF CVFOB QBSUF EF TV WJBKF EF SFUPSOP B (SBO #SFUB×B FM CBSDP FO FM RVFWJBKBCB$IVSDIJMM FM).41SJODFPG 8BMFT GVF FTDPMUBEP QPS EFTUSVDUPSFT FTUBEPVOJEFOTFT&MDPTUPIBCÓBTJEPBMUP QFSPMBTDPTBTFNQF[BCBOBDBNCJBS
&DVDEODQFD\(O&DLUR 1PDPTNFTFTEFTQVÏTTFQSPEVKPFMBUBRVF KBQPOÏTB1FBSM)BSCPSZ&TUBEPT6OJEPT FOUSØ FO DPNCBUF %FTEF FOUPODFT MB DPPQFSBDJØO FOUSF CSJUÈOJDPT Z FTUBEP VOJEFOTFTTFIJ[PDBEBWF[NÈTFTUSFDIB $PNPTJHOPEFMPTOVFWPTUJFNQPT FOUSF EJDJFNCSFEFZMPTQSJNFSPTEÓBTEFM B×P $IVSDIJMMIJ[PVOBWJTJUBPmDJBM EFUSFTTFNBOBTB&TUBEPT6OJEPT&TUB WF[WJBKBCBFOVOCBSDPMMBNBEP%VLFPG :PSL FMUFSDFSPFOJNQPSUBODJBEFMBnPUB EFHVFSSBCSJUÈOJDB
QPSRVFFM1SJODFPG 8BMFTIBCÓBTJEPIVOEJEPQPSMPTKBQPOF TFT7JBKBSFOFTPTEÓBTFSBVOSJFTHP QFSP $IVSDIJMMOPFSBDPCBSEF 5PEP B MP MBSHP EF MB HVFSSB DPOUSB"MFNBOJBTFMJCSØFOEPTGSFOUFT &O FM GSFOUF PDDJEFOUBM RVF JODMVÓB FM "UMÈOUJDP FMOPSUFEF«GSJDBZFM.BSEFM
/PSUF &TUBEPT 6OJEPT Z (SBO #SFUB×B BDUVBCBO EF NBOFSB DPOKVOUB IBTUB FM QVOUP EF IBCFS VOJmDBEP MPT NBOEPT NJMJUBSFT &O FM FTUF FVSPQFP MB 6OJØO 4PWJÏUJDBQFMFBCBQPSTVDVFOUB BVORVF EFTEFNFEJBEPTEFSFDJCÓBVOBJN QPSUBOUFBZVEBOPSUFBNFSJDBOB &MNPEPFORVFFTUPTEPTGSFOUFTEF CÓBODPPSEJOBSTFFSBNPUJWPEFUFOTJPOFT FOUSF3PPTFWFMUZ$IVSDIJMM&MQSFTJEFOUF FTUBEPVOJEFOTF RVFSÓB FTUSFDIBS MBT SFMBDJPOFTDPOMB6OJØO4PWJÏUJDB FOUSF PUSBTDPTBTQPSRVFFTQFSBCBJODPSQPSBSMB BMOVFWPPSEFOJOUFSOBDJPOBMEFMJOFBEP FOMB$BSUBEFM"UMÈOUJDP$IVSDIJMMEFT DPOmBCBEF4UBMJOZQSFGFSÓBOPEFQFOEFS EFNBTJBEP EF TVT EFDJTJPOFT " QFTBS EF MBT SFTJTUFODJBT EFM QSJNFS NJOJTUSP CSJUÈOJDP 3PPTFWFMUIJ[PWBSJPTJOUFOUPT QPSJODPSQPSBSB4UBMJOBMPTFODVFOUSPT FOUSF MPT MÓEFSFT BMJBEPT 1FSP 4UBMJO TF EJTDVMQØ WBSJBT WFDFT BSHVNFOUBOEP RVFMBDPOEVDDJØOEFMBHVFSSBMFFYJHÓB QFSNBOFDFS FO .PTDÞ -PT BOBMJTUBT EJTDSFQBOTPCSFFMQPSRVÏEFFTUBBDUJ UVEQBSBBMHVOPTIBCÓBDBVTBTQPMÓUJDBT JOUFSOBT NJFOUSBTPUSPTTPTUJFOFORVFFM MÓEFSTPWJÏUJDPTJNQMFNFOUFUFOÓBUFNPS BEFTQMB[BSTF $IVSDIJMM Z 3PPTFWFMU WPMWJFSPO B SFVOJSTFFO$BTBCMBODB .BSSVFDPT FO MPTQSJNFSPTEÓBTEF"MMÓTFEFTQMFHØ VOBWF[NÈTFMKVFHPEFDPJODJEFODJBTZ EJTDSFQBODJBT 1PS VOB QBSUF OP IVCP EJmDVMUBEFOMMFHBSBUSFTBDVFSEPTJNQPS UBOUFTFYJHJSMBSFOEJDJØOJODPOEJDJPOBM EF"MFNBOJBF*UBMJB JODSFNFOUBSMBBZVEB NJMJUBSBMB6OJØO4PWJÏUJDBZEBSFTUBUVT EF DPNCBUJFOUF BM NPWJNJFOUP 'SBODJB -JCSF MPRVFFYJHJØSFDPOPDFSFMMJEFSB[HP DPOKVOUP EF MPT HFOFSBMFT %F (BVMMF Z (JSBVE RVFDPNQFUÓBOFOUSFTÓ 1FSP IVCP VO QVOUP FO FM RVF GVF JNQPTJCMFMMFHBSBBDVFSEPT"MFNBOJBZ MB6OJØO4PWJÏUJDBFTUBCBOFNCBSDBEBT FO VOB MVDIB GFSP[ QFSP MPT TPWJÏUJDPT TBCÓBORVFOPQPESÓBOBMDBO[BSMBWJDUPSJB BNFOPTRVFVOOVFWPGSFOUFEJTUSBKFSB BMBTGVFS[BTOB[JT1PSFTPSFDMBNBCBO VO BUBRVF CSJUÈOJDPFTUBEPVOJEFOTF FO FM DPOUJOFOUF FVSPQFP 3PPTFWFMU Z $IVSDIJMMDPJODJEÓBODPOFTBWJTJØO QFSP EJTDSFQBCBO BDFSDB EF DØNP QPOFSMB FO QSÈDUJDB 3PPTFWFMU QSFGFSÓB DSFBS FM OVFWP GSFOUF FO MB QBSUF PDDJEFOUBM EF &VSPQB QSFGFSFOUFNFOUFFO'SBODJB FO QBSUF QPS SB[POFT EF FTUSBUFHJB NJMJUBS ZFOQBSUFQPSRVFFTPFSBMPRVFQFEÓB 4UBMJO %FTEF TV QFSTQFDUJWB TBUJTGBDFS FM QFEJEP EFM MÓEFS TPWJÏUJDP MP QPOESÓB FO NFKPSFT DPOEJDJPOFT QBSB OFHPDJBS $IVSDIJMM FODBNCJP QFOTBCBRVFFTFFSB VODBNJOPEFNBTJBEPMBSHPQBSBMMFHBSB #FSMÓO MPRVFQPOESÓBMBEFSSPUBmOBMEF )JUMFS FO NBOPT EF MPT TPWJÏUJDPT Z MFT EBSÓBFMDPOUSPMTPCSF&VSPQB$FOUSBM1PS
5HVSRQVDELOLGDG \SUDJPDWLVPR 1PS1BCMPEB4JMWFJSB !¢:LQVWRQ&KXUFKLOOTXHUtDGHIHQGHUODOLEHUWDG HQ HO PXQGR R EXVFDED SURWHJHU ORV LQWHUHVHV GHO,PSHULR%ULWiQLFR"¢5RRVHYHOWDVSLUDEDDXQD SD]VRVWHQLGDSRULQVWLWXFLRQHVLQWHUQDFLRQDOHVR PDQLREUDEDSDUDDVHJXUDUHOOLGHUD]JRGH(VWDGRV 8QLGRV"¢7UXPDQGHFLGLyXVDUODERPEDDWyPLFD SDUDIRU]DUODUHQGLFLyQGH-DSyQRSDUDLQWLPLGDU DORVVRYLpWLFRV" 7RGDVHVWDVSUHJXQWDVWLHQHQDOJRHQFRP~Q\ HVTXHSODQWHDQXQDIDOVDRSRVLFLyQ(QHOFRPSOHMR PXQGRGHORVSROtWLFRVFDVLVLHPSUHVHHVWiQSHU VLJXLHQGRYDULRVREMHWLYRVDODYH]$OJXQRVGHHOORV SXHGHQVHUPX\QREOHV\RWURVSXHGHQHVWDUWHxLGRV GHLQWHUHVHV6LHVYHUGDGFRPRDOJXLHQGLMRTXHOD SXUH]DFRQVLVWHHQTXHUHUXQDVRODFRVDHQWRQFHV QRKD\SXUH]DHQHOPXQGRGHORVSROtWLFRV/RTXH KD\HQHOPHMRUGHORVFDVRVHVXQDPH]FODGH UHVSRQVDELOLGDG\SUDJPDWLVPR ¢'HEHPRVHQWRQFHVGHVFDOLILFDUPRUDOPHQWH DORVSROtWLFRV"(VRVHUtDXQHUURU(OWUDEDMRGHORV SROtWLFRVHVFRPSOHMRSRUTXHUHIOHMDODVFRPSOHMLGD GHVGHOPXQGR\QXHVWUDVSURSLDVFRPSOHMLGDGHV /RLPSRUWDQWHHVXWLOL]DUFULWHULRVGHHYDOXDFLyQTXH VHDGDSWHQDODHVSHFLILFLGDGGHVXWDUHD 'RV GH HVRV FULWHULRV VRQ LPSRUWDQWHV (O SULPHUR UHILHUH D ORV ILQHV ORV ~QLFRV REMHWLYRV TXHXQSROtWLFRSXHGHSHUVHJXLUGHPDQHUDOHJtWLPD VRQREMHWLYRVSROtWLFRV2WURVSURSyVLWRVSRVLEOHV FRPRHOHQULTXHFLPLHQWRSHUVRQDOVRQPRUDOPHQWH LQDFHSWDEOHV(ORWURFULWHULRUHILHUHDORVPHGLRV SDUDDOFDQ]DUVXVILQHV ORVSROtWLFRVGHEHQVHUYLUVH GHSURFHGLPLHQWRVTXHUHVSHWHQODLJXDOGLJQLGDG GHORVVHUHVKXPDQRV(VWRQRORVSRQHDVDOYRGH GHFLVLRQHVGUDPiWLFDVSHURHVWDEOHFHOtPLWHVDOR TXHSXHGHQGHFLGLUFRQGHFHQFLD 6LXQSROtWLFRFRQVLJXHXQREMHWLYRQREOH\DO PLVPRWLHPSREHQHILFLDDVXSURSLDFDXVDHVWi KDFLHQGRH[DFWDPHQWHORTXHVHHVSHUDTXHKDJD 6LXQSROtWLFRVDFULILFDORVREMHWLYRVQREOHVSDUD FXPSOLUSURSyVLWRVSDUWLFXODULVWDVHQWRQFHVPH UHFHQXHVWUDFUtWLFD6LXQSROtWLFRWLHQHSUHVHQWHV ORVLQWHUHVHVGHVXFRPXQLGDG \DVHDORVGHVX SDtV R OD KXPDQLGDG HQWHUD \ DO PLVPR WLHPSR FRQVLJXHUpGLWRVSROtWLFRV \DVHDSDUDVtPLVPR SDUDVXJRELHUQRRSDUDVXSDUWLGR HQWRQFHVHVWi KDFLHQGRODVFRVDVELHQ6LXQSROtWLFRVDFULILFDDVX JRELHUQRSDUDEHQHILFLDUDVXSDUWLGRRDVXSDUWLGR SDUD EHQHILFLDUVH SHUVRQDOPHQWH HQWRQFHV HVWi MXJDQGRVXFLR6LXQSROtWLFRVHVLUYHGHVXSRGHU SDUDFRQVHJXLUEHQHILFLRVH[WUDSROtWLFRVHQWRQFHV VHYROYLyXQFRUUXSWR
View more...
Comments
