You are on page 1of 6

35()È&,2

1mR p WRGR GLD TXH XP DWHX FRQIHVVR H XP SLHGRVR HVFULWRU GH KLQRV
FRQFRUGDP
3ULPHLURGRIDPRVRDWHX5LFKDUG'DZNLQV³$IppRJUDQGHSUHWH[WRD
JUDQGHGHVFXOSDSDUDIXJLUGDQHFHVVLGDGHGHSHQVDUHDYDOLDUHYLGrQFLDV)p
pFRQYLFomRDSHVDUGHRXWDOYH]DWpSRUFDXVDGDDXVrQFLDGHHYLGrQFLDV´
6HJXQGRHVWDVSDODYUDVGRFRPSRVLWRUGHXPDPDGRKLQR³9RFrPH
SHUJXQWD FRPR HX VHL TXH HOH YLYH" (OH YLYH GHQWUR GR PHX FRUDomR´ 2
SDVWRUHP~VLFR$OIUHG$FNOH\HVFUHYHXRKLQR³(OHYLYH´TXDQGRGHVDILDGR
SHODSHUJXQWD³3RUTXHHXGHYHULDDGRUDUXPMXGHXPRUWR"´6XDUHVSRVWD
pTXH-HVXVQmRHVWiPRUWRPDVpR0HVVLDVUHVVXUUHWR&RPR$FNOH\VDEH"
³(OHYLYHGHQWURGRPHXFRUDomR´
2TXH'DZNLQVFRQGHQD$FNOH\DSURYD0DVSHUFHEDDPERVRDWHX
HRDXWRUGRKLQRGHFODUDPTXH³Ip´pXPDTXHVWmRGHUHDOLGDGHVLQWHUQDV
(P FRQWUDVWH FRP HVVD GHILQLomR LQWHUQDOL]DGD GH Ip HVWi R FKDPDGR
OLEHUWDGRUSDUD³WHVWDUWXGR´RTXHRULHQWDDFRVPRYLVmRFULVWmHLPSXOVLRQD
R$EXVFDGDYHUGDGH1HVWDYLEUDQWHPHQWDOLGDGHHVSHUDVHTXHDVSHVVRDV
SHQVHPSRUVLPHVPDVTXHVWLRQHPDXWRULGDGHVH[DPLQHPHYLGrQFLDVHVH
HVIRUFHPSRUREWHUUHVSRVWDVTXHID]HPVHQWLGRHPQRVVRPXQGR
$V SDODYUDV ³WHVWH WXGR´ HVWmR QD FDUWD GH 3DXOR j MRYHP LJUHMD QD
FRVPRSROLWDFLGDGHSRUWXiULDGH7HVVDO{QLFDQDDQWLJD*UpFLD 7V 2
DSyVWRORH[RUWDRVFULVWmRVDPDQWHUHPXPDGLVWkQFLDFUtWLFDFRQWUDDOHJDo}HV
GHIDODUSURIHWLFDPHQWHSRU'HXV$ILQDOTXDOTXHUXPSRGHSURFODPDU³'HXV
PHGHXXPDYLVmR´PDVLVVRQmRWRUQDRIDWRYHUGDGHLUR
$ SRVLomR KXPDQD H D SRVLomR EtEOLFD p TXH RV LQGLYtGXRV QmR WrP
QHQKXPDREULJDomRGHDILUPDUFRPRYHUGDGHLURDOJRTXHDLQGDQmRH[DPLQDUDP
FRPSUHFLVmR$OpPGLVVRVHDSyVXPH[DPHFXLGDGRVRXPDDILUPDomRIRU
GHVPHQWLGDSHODSURYDGHYHVHUUHMHLWDGD
1mRKiDOHJDo}HVGHYHUGDGHVSULYLOHJLDGDVVREHVWDPRELOL]DomRWHtVWD
GDPHQWHHLVVRLQFOXLXPDDILUPDomRWmRFHQWUDOSDUDR&ULVWLDQLVPRTXDQWR
R HVSDoRWHPSR GD UHVVXUUHLomR GH -HVXV GH 1D]DUp ³   VH &ULVWR QmR
UHVVXVFLWRXpYmDYRVVDIp´GL]&RUtQWLRV$OJXPDVSHVVRDVSRGHP
KHVLWDUHPIDFHGRYtQFXORHQWUHIDWRHFRPSURPHWLPHQWRPDVDGLQkPLFD
YLVmRGHPXQGRHVWDEHOHFLGDQRVGDGRVEtEOLFRVDEUDoDHVVDFRQH[mR

$EXVFDGDYHUGDGHBWLPHVBILQDOLQGG 
 $%86&$'$9(5'$'(

3RU H[HPSOR TXDQGR R FpWLFR GLVFtSXOR 7RPp UHFXVRXVH D FRQFOXLU


LQGHSHQGHQWHPHQWH GH HYLGrQFLD HPStULFD TXH -HVXV WLQKD UHVVXVFLWDGR
ILVLFDPHQWHGHHQWUHRVPRUWRVIRLH[DWDPHQWHHVVHWLSRGHLQIRUPDomRTXH
OKHDSUHVHQWDUDP -R 7RPpQmRIRLSHUVXDGLGRDROKDUSDUDGHQWUR
SDUDRVHXFRUDomRPDVDDYDOLDUSURYDVQRPXQGRH[WHUQR(OHHQWmRIH]XP
FRPSURPLVVRFRPEDVHHPIDWRVUHOHYDQWHVQmRSRUFDXVDGHXPDDXVrQFLDGH
IDWRVHFHUWDPHQWHQmRFRQWUDHOHV
2 PHVPR UHDOLVPR FDEHoDGXUD p HYLGHQWH HP WRGR R UHJLVWUR GDV
(VFULWXUDV 2 $QWLJR 7HVWDPHQWR UHODWD SRU H[HPSOR TXH QR r[RGR GR
(JLWRRSRYRKHEUHXIRLFRQGX]LGRSRUXPD³FROXQDGHQXYHP´GXUDQWHR
GLDHSRUXPD³FROXQDGHIRJR´GXUDQWHDQRLWH Ç[ (VWHVHUDP
IHQ{PHQRVS~EOLFRVYLVtYHLVDROKRQX
4XDQGRRVKHEUHXVFKHJDUDPDR0DU9HUPHOKRDWUDYHVVDUDPSRUWHUUD
VHFDHPXPSRQWRJHRJUiILFRHVSHFtILFRTXHSRXFRVPRPHQWRVDQWHVHVWDYD
SURIXQGDPHQWHVREDiJXD(VWHIRLXPHYHQWRPLODJURVRTXHWRGRRSRYR
GH ,VUDHO REVHUYRX H GR TXDO WRGR R SRYR SDUWLFLSRX 2 UHWRUQR GD iJXD
DFDEDQGR FRP DV WURSDV HJtSFLDV TXH RV SHUVHJXLDP IRL LJXDOPHQWH XP
HYHQWRDEHUWRDREVHUYDomR Ç[ 
1R 0RQWH 6LQDL R SRYR GH ,VUDHO YLX RV IODVKHV GH OX] H RXYLX RV
HVWURQGRV GH WURY}HV (OHV YLUDP R IRJR H RXYLUDP VHX FUHSLWDU YLUDP D
IXPDoD H VHQWLUDP VHX FKHLUR WDPEpP 6HQWLUDP R WUHPRU GD PRQWDQKD
XPWUHPRUTXHSRGHULDWHUVLGRPHGLGRSRUXPVLVPyJUDIRPRGHUQR(VVH
p R FRQWH[WR HPStULFR QR TXDO RV KHEUHXV RXYLUDP D YR] DXGtYHOGH 'HXV
HQTXDQWRHOHWUDQVPLWLDRV'H]0DQGDPHQWRVD0RLVpV Ç['W 
2EVHUYDQGR DJRUD RV UHJLVWURV GR 1RYR 7HVWDPHQWR RV SDVWRUHV GH
%HOpPIRUDPFDSD]HVGHYHULILFDUSRUVLPHVPRVDUHDOYHUGDGHItVLFDGDTXLOR
TXHDQMRVGLVVHUDPVREUHRQDVFLPHQWRGHXPEHErQmRPXLWRORQJHGDOL±
QmRDSHQDVXPDYLVmRVXEMHWLYDPDVXPDFULDQoDGHFDUQHHRVVRHPXPD
PDQMHGRXUDGHYHUGDGH³9DPRVDWp%HOpPHYHMDPRVRVDFRQWHFLPHQWRV´
GLVVHUDPHOHV'HSRLVRVSDVWRUHVUHWRUQDUDPDRVVHXVFDPSRV³JORULILFDQGR
HORXYDQGRD'HXV´3RUTXr"3RUTXHRTXHHQFRQWUDUDPIRLSUHFLVDPHQWH
³FRPROKHVIRUDDQXQFLDGR´ /F 
4XDQGR -RmR %DWLVWD HVWDYD QD SULVmR H HQIUHQWDQGR SHQD GH PRUWH
HOHHQYLRXVHJXLGRUHVSDUDSHUJXQWDUVH-HVXVUHDOPHQWHHUDR0HVVLDV$
UHVSRVWD GH -HVXV IRL DSUHVHQWDU SXEOLFDPHQWH PLODJUHV REVHUYiYHLV TXH

$EXVFDGDYHUGDGHBWLPHVBILQDOLQGG 
35()È&,2 

VHDOLQKDYDPFRPRVLQGLFDGRUHVEtEOLFRVSUHYLDPHQWHGDGRVVREUHFRPR
LGHQWLILFDUR0HVVLDVTXHYLULD³$QXQFLDLD-RmRRTXHHVWDLVRXYLQGRH
YHQGR´ GLVVH -HVXV ³2V FHJRV YHHP RV FR[RV DQGDP RV OHSURVRV VmR
SXULILFDGRV RV VXUGRV RXYHP RV PRUWRV VmR UHVVXVFLWDGRV H DRV SREUHV
HVWiVHQGRSUHJDGRRHYDQJHOKR´ 0W 3RUWHURFRUULGRHPS~EOLFR
R VWDWXV IDWXDO GH WXGR LVVR SRGLD VHU FRQILUPDGR SRU WRGRV DPLJRV H
LQLPLJRV
4XDQGR RV OtGHUHV UHOLJLRVRV MXGHXV ILFDUDP LQGLJQDGRV SRU -HVXV
UHLYLQGLFDUDXWRULGDGHSDUDSHUGRDUSHFDGRVHOHQmRDSHORXSDUDR³FRUDomR´
RXIH]XPDVLPSOHVDILUPDomRGHGLYLQGDGH(PYH]GLVVRHOHIRUQHFHXSURYDV
ItVLFDV³3DUDTXHVDLEDLVTXHR)LOKRGR+RPHPWHPVREUHDWHUUDDXWRULGDGH
SDUDSHUGRDUSHFDGRV±GLVVHDRSDUDOtWLFR±(XWHPDQGR/HYDQWDWHWRPD
RWHXOHLWRHYDLSDUDWXDFDVD(QWmRHOHVHOHYDQWRXHQRPHVPRLQVWDQWH
WRPDQGRROHLWRUHWLURXVHjYLVWDGHWRGRV´ 0F 
(VVDV UHVSRVWDV UREXVWDV HUDP WtSLFDV GH -HVXV 6HX PLQLVWpULRIRL XPD
REUDS~EOLFDGHSHUJXQWDVHUHVSRVWDVHGDUHUHFHEHU(OHHVWDEHOHFHXSUHPLVVDV
TXHSRGHPVHUFRQVLGHUDGDVHGLVFXWLGDVHFRQYLGRXDVSHVVRDVDREVHUYDUHP
PLODJUHVS~EOLFRVTXHFRQILUPDPVXDVDILUPDo}HVGHPDQHLUDLPHGLDWD
eYHUGDGHTXHQHPWRGDSHVVRDQRVGLDVGH-HVXVWHULDREVHUYDGRFDGD
PLODJUH TXH HOH IH] RXYLGR FDGD VHUPmR HQXQFLDGR RX HQFRQWUDGR -HVXV
GH1D]DUpILVLFDPHQWHUHVVXVFLWDGR1RHQWDQWRVHMDQDTXHOHVGLDVRXQRV
QRVVRVRVRPDWyULRGHVXDVDo}HVHFRPXQLFDGRVHYLGHQFLDXPDDWLWXGHGH
DEHUWXUDDRH[DPHSDUDTXHSHVVRDVTXHVWLRQDGRUDVVHMDPEHPYLQGDVSDUD
H[SORUDUHLQYHVWLJDU
)RLQHVVHSDQRGHIXQGRKLVWyULFRTXH3DXORDUJXPHQWRXTXHRVHYHQWRV
QRVTXDLVVHEDVHLDDFRVPRYLVmRFULVWmQmR³VHSDVVDUDPHPDOJXPOXJDU
HVFRQGLGR´ $W 3DVWRUHVUHLVPpGLFRVHFROHWRUHVGHLPSRVWRV
WRGRV SRGHULDP YHULILFDU RV IDWRV TXH VmR IXQGDPHQWDLV SDUD D PHQVDJHP
FULVWm2TXHHVWiVHQGRWUDQVPLWLGRpXPDGHVFULomRSUHFLVDGDUHDOLGDGH
QmRXPVLVWHPDGHFUHQoDVVREUHHOD
(VWD RULHQWDomR GH UHDOLGDGH p R FOLPD LQWHOHFWXDOSRVLWLYR QRTXDO DV
SUHPLVVDV H HYHQWRV IXQGDPHQWDLV GR HYDQJHOKR HVWmR DUUDLJDGRV e XPD
PHQWDOLGDGHHPTXHDVSHVVRDVVmROLEHUWDVSRUYHUGDGHVYHULILFiYHLVSDUD
GHVDILDUDWUDGLomRTXHVWLRQDUSRGHUHVHOXWDUSRUYLGDHFXUDFRQWUDDPRUWH
HDGHFDGrQFLD

$EXVFDGDYHUGDGHBWLPHVBILQDOLQGG 
 $%86&$'$9(5'$'(

$SHVDU GHVVD KHUDQoD IDYRUiYHO PXLWRV GH QRVVRV FRQWHPSRUkQHRV


HQFRQWUDPFRQVRORQRTXH)UDQFLV6FKDHIIHUGHVFUHYHFRPRXPD³IXJDGD
UD]mR´(OHVDFHLWDPDUHGHILQLomRDEDIDGDGDVRFLHGDGHHGXFDGDGHTXHIp
pDOJRWRWDOPHQWHSULYDWL]DGR±RXVHMDXPFRPSURPLVVRWmRSULYDGRHWmR
SHVVRDOTXHDDYDOLDomRHDVSURYDVVmRLUUHOHYDQWHV
(VWH p XP FODPRU GLVWDQWH GR UHVSHLWR KROtVWLFR SHOD LQIRUPDomR TXH
FDUDFWHUL]DXPDFRVPRYLVmREtEOLFD(PSDUWHDOJXPDD(VFULWXUDHQFRUDMD
DQRomRGHTXH³Ip´pRPHVPRTXHFRPSURPLVVRDSDUWDGRGHHYLGrQFLDVRX
LVRODGRGDPHQWH±D³kQVLDGHHYLWDUFRQKHFHURTXHpYHUGDGHLUR´FRPR
)ULHGULFK1LHW]VFKHPHQFLRQDHPVXDREUD2$QWLFULVWR
3DUDUHIOHWLUFRUUHWDPHQWHVREUHDrQIDVHEtEOLFDGHYHPRVUHFRQKHFHU
TXHXPD³Ip´GHVPHQWLGDpMXVWDPHQWHXPDIpGHVFDUWDGDeXPDIpLQ~WLOH
SRUWDQWRQmRYDOHDSHQDPDQWrOD0DVHVWHDILDGRGHVDILRID]XPFRUWHGH
IRUPDSRVLWLYDWDPEpP
1yV WDPEpP GHYHPRV GL]HU TXH D Ip FRQ¿UPDGD RX PHOKRU XPD
FRQILDQoDEHPIXQGDPHQWDGDpGHJUDQGHYDOLDHSRGHVHUDEUDoDGDGHWRGR
RFRUDomR1DYHUGDGHDSDODYUD³FRQ¿DQoD´HPYH]GDVDJRUDSULYDWL]DGDV
SDODYUDV ³Ip´ RX ³FUHQoD´ FDSWD PHOKRU D FRPSUHHQVmR GH FRPSURPLVVR
DSUHVHQWDGD QD %tEOLD$ SDODYUD JUHJD QR 1RYR7HVWDPHQWR PXLWDV YH]HV
WUDGX]LGDFRPR³FUHU´pPDLVSUHFLVDPHQWHUHSUHVHQWDGDSRU³FRQILDU´ GD
SDODYUD SLVWLV ³FRQILDQoD´ RX ³FUHQoD´ HQUDL]DGD QD SDODYUD SHLWKR ³HX
SHUVXDGR´  $ DWLWXGH EtEOLFD p GH SHUVXDVmR XPD YRQWDGH GH YHULILFDU H
VDEHURTXHpYHUGDGHLURHGHUHDJLUHPFRQIRUPLGDGHFRPLVVR
0DUN7ZDLQFHUWDYH]GHVFUHYHXDIpFRPR³DFUHGLWDUQRTXHYRFrVDEH
TXHQmRpDVVLP´0DVHVVDGHILQLomRGHIp³QmRpDVVLP´SHORPHQRVHQWUH
DTXHOHVTXHWUDEDOKDPVREDLQVLVWrQFLDEtEOLFDGHYLYHUXPDYLGDH[DPLQDGD
(VWDDERUGDJHPH[SUHVVDXPSURIXQGRUHVSHLWRSHORVHUKXPDQRFRPRXPD
SHVVRDIHLWDjLPDJHPGHXP'HXVFRJQRVFtYHOTXHDILUPDTXHDPHQWHpERD
HTXHFRPSUHHQGHHVWHPXQGRFRPRXPDOHJtWLPDDUHQDQDTXDODYDOLDPVH
DVDOHJDo}HVGHYHUGDGHV
'HQWUR GHVWH FHQiULR $ EXVFD GD YHUGDGH FKHJD 8P FKDPDGR GH
SULQFtSLRV RSRUWXQR H HVWUDWpJLFR SDUD WUDQVFHQGHU D VLPSOHV FUHQoD H D
SULYDWL]DGD³Ip´DILPGHLGHQWLILFDUDYHUGDGHTXHPHUHFHFRQILDQoD9RFr
SRGHVHUXPHVWXGDQWHRXXPWUDEDOKDGRUXPSURIHVVRURXXPIXQFLRQiULR
S~EOLFRXPDUWLVWDRXXPFLHQWLVWD±WRGRVTXHVHHQYROYHUHPFRPHVWHOLYUR

$EXVFDGDYHUGDGHBWLPHVBILQDOLQGG 
35()È&,2 

HQFRQWUDUmRLQFHQWLYRSDUDSHQVDUGHIRUPDKXPDQDHFUtWLFDVREUHSRVVtYHLV
UHVSRVWDVDSHUJXQWDVHVVHQFLDLV9RFrVHUiFRQYLGDGRDUHIOHWLUVREUHFRPR
R &ULVWLDQLVPR UHVSRQGH DV JUDQGHV TXHVW}HV GD YLGD GH PDQHLUD LQFLVLYD
UDFLRQDO H KLVWRULFDPHQWH YHULILFiYHO 9HUi FRPR HOH ³VXSHUD WRGDV DV
FRVPRYLV}HVFRQFRUUHQWHV´H³VDWLVID]DVPDLRUHVHVSHUDQoDVHRVPDLRUHV
LGHDLVGDKXPDQLGDGH´FRPRDILUPD1DQF\3HDUFH\QHVWHOLYUR
$ EXVFD GD YHUGDGH DUWLFXOD XP FRQMXQWR GH SULQFtSLRV HVWUDWpJLFRV
IXQGDPHQWDLV SHORV TXDLV p SRVVtYHO DYDOLDU D DXWHQWLFLGDGH GH TXDOTXHU
YLVmRGHPXQGRRQGHTXHUTXHHODVHMDDSUHVHQWDGDQXPDVDODGHDXODQR
HVFULWyULRQRMRUQDORXQDUXD1HVWHOLYURYRFrVHUiHTXLSDGRSDUDH[DPLQDU
FULWLFDPHQWHRVHFXODULVPRHRXWURVtGRORVGRVQRVVRVGLDVWHQGRHPYLVWD
TXHMiHVWmRHPGHVHQYROYLPHQWRDYDQoDGRQRVFDPSRVGDSROtWLFDFLrQFLD
HQWUHWHQLPHQWRRXUHOLJLmR
9RFr WDPEpP YHUi GRXWULQDV GH DWHtVPR H PDWHULDOLVPR FRORFDGDV
j SURYD SDUD DYDOLDU VH VH VXVWHQWDP VRE SHQVDPHQWR FUtWLFR H H[SORUDUi
FUHQoDVFRPRRUHODWLYLVPRHRSyVPRGHUQLVPRSDUDSRQGHUDUVHPHUHFHP
DFRQILDQoDLQIRUPDGDGRVHUKXPDQR
$YLGDGDVSHVVRDVHVWiHPMRJR$EXVFDGDYHUGDGHDUJXPHQWDTXH
QHQKXPDYLVmRGHPXQGRVHFXODUH[SOLFDDGHTXDGDPHQWHRVIHQ{PHQRVGR
KRPHPHGRFRVPRV±DTXLORTXHVDEHPRVGDQDWXUH]DKXPDQDHGDQDWXUH]D
ItVLFD±SRUTXHHVVDVFRVPRYLV}HVHQ[HUJDPDSHQDVXPDIDWLDGDUHDOLGDGH
H HQWmR WHQWDP JXLDU RV VHUHV KXPDQRV D PHGLUHPVH GH DFRUGR FRP HVVD
HVWUHLWD IDWLD H D YLYHUHP HP FRQIRUPLGDGH FRP HOD$VVLP PDWHULDOLVWDV
QHJDP D UHDOLGDGH GD PHQWH HQTXDQWR XVDP VXD PHQWH SDUD SURPRYHU R
PDWHULDOLVPR GHWHUPLQLVWDVQHJDPDUHDOLGDGHGDHVFROKDKXPDQD HQTXDQWR
HVFROKHP R GHWHUPLQLVPR  H UHODWLYLVWDV QHJDP R IDWR GH FHUWR H HUUDGR
HQTXDQWRRMXOJDPFDVRYRFrGLVFRUGH 
(VVDV WHRULDV LQIHOL]HV ID]HP PDLV PDO GR TXH EHP (ODV UHEDL[DP D
PHQWHHRUDFLRFtQLRDHVFROKDHDOLEHUGDGHDYHUGDGHHRVLGHDLVPRUDLV
(QWmR LQHYLWDYHOPHQWH DV SHVVRDV TXH FRORFDP VXD FRQILDQoD HP WDLV
VROXo}HVFRPHoDPDFRRUGHQDUVXDVYLGDVGHPDQHLUDGHVXPDQD'DPHVPD
IRUPDDVFXOWXUDVGRPLQDGDVSRUYLV}HVGHPXQGRLQDGHTXDGDVFRPHoDPD
FRQFUHWL]DUVRFLHGDGHVGHVXPDQDV,GHyORJRVSRGHPSURPRYHUVHXVtGRORV
VREEDQGHLUDVSROLWLFDPHQWHFRUUHWDVGHWROHUkQFLDGLYHUVLGDGHHHTXLGDGH
PDVRLPSDFWRUHDOpGHUHJUHVVRQmRSURJUHVVRGHIUDJPHQWDomRQmRGH

$EXVFDGDYHUGDGHBWLPHVBILQDOLQGG 
 $%86&$'$9(5'$'(

WRWDOLGDGH $V SHVVRDV VmR HVPDJDGDV 2 VHU KXPDQR QHFHVVDULDPHQWH VH


UHYROWDFRQWUDGHXVHVTXHIDOKDP
3DUDPXLWRVTXHHVWmRFDPLQKDQGRDWUDYpVGRVpFXORSHUGHUD³Ip´
H GL]HU DGHXV D UHVSRVWDV YD]LDV SRGH VHU D FKDYH SDUD HQFRQWUDU VROXo}HV
FRQIRUWiYHLVSDUDDVJUDQGHVTXHVW}HVGDYLGD$EXVFDGDYHUGDGHDUWLFXOD
XPDOyJLFDHXPDHVWUDWpJLDSDUDDYDOLDUFULWLFDPHQWHDVSRVVtYHLVUHVSRVWDV
SDUD DV JUDQGHV TXHVW}HV GD YLGD H SDUD EXVFDU VROXo}HV TXH UHFRQHFWHP
QRVVRV GHVHMRV PDLV SURIXQGRV FRP QRVVDV PDLRUHV DVSLUDo}HV$TXL HVWi
RIHUHFLGD XPD XQLGDGH KXPDQL]DGD GH IDWR H VLJQLILFDGR TXH SHVVRDV GH
PHQWHVDEHUWDVSRGHPFRQVLGHUDUHGLVFXWLUWHVWDUHDQDOLVDUHHPVHJXLGD
FRQFUHWL]DUFRPLQWHJULGDGHSHODYLGDWRGD,VVRpDGHXVjUHOLJLmRSULYDWL]DGD
HROiSDUDXP'HXVFRJQRVFtYHOHYHULILFiYHOeFRQILDQoDKROtVWLFDEDVHDGD
HPIDWRVGDYLGD
8PYLDMDQWHViELRTXHVDLGRFXUVRUHID]VHXVSDVVRVSDUDUHWRUQDUDR
FDPLQKR(QWmRTXHQmRKDMDG~YLGDHQWUHDWHXVDXWRUHVGHKLQRVHRXWURV
VREUHDMRUQDGDGDYLGDVHUKXPDQRpHVFUHYHUFRPSRUFULDUHVRQKDU(
WDPEpPpSHQVDUWHVWDUHVDEHURSRUTXr$JRUDHP$EXVFDGDYHUGDGH
YRFrWHPXPJXLDSDUDDMXGDUDPRVWUDURFDPLQKR

-5,&+$5'3($5&(<
(GLWRUHUHGDWRU
7KH3HDUFH\5HSRUW
ZZZSHDUFH\UHSRUWFRP

$EXVFDGDYHUGDGHBWLPHVBILQDOLQGG 

You might also like