,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
$/86$568(/(&752'20e67,&2
1RPH]FOHEODQTXHDGRUFRQFORURMXQWRFRQDPRQtDFR
RiFLGRVWDOHVFRPRYLQDJUH\RUHPRYHGRUGHy[LGR
/DPH]FODGHGLIHUHQWHVTXtPLFRVSXHGHSURGXFLUXQ
JDVWy[LFRTXHSXHGHRFDVLRQDUODPXHUWH
1XQFDLQWHQWHXVDUHVWHHOHFWURGRPpVWLFRVLVH
HQFXHQWUDGDxDGRIXQFLRQDQGRPDOSDUFLDOPHQWH
GHVHQVDPEODGRRWLHQHSDUWHVIDOWDQWHVRURWDV
LQFOX\HQGRXQFDEOHRHQFKXIHGDxDGR
1XQFDFRORTXHODPDQRHQHOHOHFWURGRPpVWLFR
PLHQWUDVVHHVWpPRYLHQGR$QWHVGHFDUJDU
GHVFDUJDURDJUHJDUURSDHVSHUHKDVWDTXHOD
PiTXLQDHVWpFRPSOHWDPHQWHGHWHQLGD
/LPSLHHOILOWURGHSHOXVDDQWHVGHFDGDFDUJDDILQGH
HYLWDUODDFXPXODFLyQGHSHOXVDGHQWURGHODVHFDGRUD
RHQODVDOD
1287,/,&(/$6(&$'25$6,(/),/752
'(3(/86$126((1&8(175$&2/2&$'2
1RODYHQLVHTXHDUWtFXORVTXHVHKD\DQOLPSLDGR
ODYDGRPRMDGRRHQVXFLDGRFRQVXVWDQFLDV
FRPEXVWLEOHVRH[SORVLYDVWDOHVFRPRFHUDDFHLWH
SLQWXUDJDVROLQDGHVHQJUDVDQWHVVROYHQWHVSDUD
OLPSLH]DHQVHFRNHURVHQHHWF(VWDVVXVWDQFLDV
GHVSLGHQYDSRUHVTXHVHSRGUtDQSUHQGHUIXHJRR
H[SORWDU1RDJUHJXHHVWDVVXVWDQFLDVDODJXDGH
ODYDGR1RXVHQLFRORTXHHVWDVVXVWDQFLDVHQWRUQRDO
HOHFWURGRPpVWLFRGXUDQWHHOIXQFLRQDPLHQWR
1RFRORTXHDUWtFXORVH[SXHVWRVDDFHLWHVGHFRFFLyQ
HQVXODYDGRUD/RVDUWtFXORVFRQWDPLQDGRVFRQ
DFHLWHVGHFRFFLyQSRGUiQFRQWULEXLUDXQDUHDFFLyQ
TXtPLFDTXHSRGUtDKDFHUTXHXQDFDUJDGHURSDVH
SUHQGDIXHJR
&XDOTXLHUDUWtFXORVREUHHOFXDOKD\DXVDGRXQ
VROYHQWHSDUDOLPSLH]DRTXHFRQWHQJDPDWHULDOHV
LQIODPDEOHVWDOHVFRPRWHODVGHOLPSLH]DHVWURSDMRV
WRDOODVXVDGDVHQVDORQHVGHEHOOH]DUHVWDXUDQWHVR
SHOXTXHUtDVHWFQRVHGHEHUiFRORFDUHQRFHUFDGHO
HOHFWURGRPpVWLFRKDVWDTXHORVPDWHULDOHVVROYHQWHV
RLQIODPDEOHVVHKD\DQHOLPLQDGR(QORVKRJDUHVVH
XVDQPXFKRVDUWtFXORVDOWDPHQWHLQIODPDEOHVWDOHV
FRPRDFHWRQDDOFRKROGHVQDWXUDOL]DGRJDVROLQD
NHURVHQHDOJXQRVOLPSLDGRUHVGHKRJDUDOJXQRV
TXLWDPDQFKDVDJXDUUiVFHUDVTXLWDFHUDV\
SURGXFWRVTXHFRQWLHQHQGHVWLODGRVGHSHWUyOHR
(OSURFHVRGHODYDQGHUtDSXHGHUHGXFLUORVUHWDUGDQWHV
GHODVOODPDVVREUHODVWHODV$ILQGHHYLWDUGLFKR
UHVXOWDGRVLJDFXLGDGRVDPHQWHODVLQVWUXFFLRQHVGHO
IDEULFDQWHVREUHHOFXLGDGRGHODVSUHQGDV
1RVHTXHDUWtFXORVTXHFRQWHQJDQJRPD
SOiVWLFRRPDWHULDOHVVLPLODUHVWDOHVFRPR
FRUSLxRVDFROFKRQDGRVFDO]DGRGHSRUWLYRERWDV
LPSHUPHDEOHVDOIRPEULOODVDQWLGHVOL]DQWHVSDUD
EDxRWDSHWHVEDEHURVSDQWDORQHVGHEHEpEROVDV
GHSOiVWLFRDOPRKDGDVHWFTXHVHSXHGDQGHUUHWLU
RTXHPDU$OVHUFDOHQWDGRVDOJXQRVPDWHULDOHVGH
JRPDSXHGHQEDMRFLHUWDVFLUFXQVWDQFLDVSURGXFLU
IXHJRGHIRUPDH[SRQWiQHD
1RFRORTXHSOiVWLFRSDSHOQLURSDTXHVHSXHGDQ
TXHPDURGHUUHWLUVREUHODVHFDGRUDFXDQGRODPLVPD
HVWpHQIXQFLRQDPLHQWR
/DVSUHQGDVFRQHWLTXHWD6HFDU/HMRVGHO&DORU'U\
$ZD\IURP+HDWR1R6HFDUHQOD6HFDGRUD'R1RW
7XPEOH'U\WDOHVFRPRFKDOHFRVVDOYDYLGDVTXH
FRQWHQJDQNDSRNQRVHGHEHUiQLQWURGXFLUHQOD
VHFDGRUD
1RVHTXHDUWtFXORVGHILEUDGHYLGULRHQODVHFDGRUD
6HSRGUiSURGXFLULUULWDFLyQGHODSLHOGHELGRD
SDUWtFXODVTXHTXHGHQVREUHODURSDGXUDQWHVHFDGRV
VXEVLJXLHQWHV
$ILQGHPLQLPL]DUODSRVLELOLGDGGHGHVFDUJD
HOpFWULFDGHVHQFKXIHHOHOHFWURGRPpVWLFRGHOFDEOH
GHFRUULHQWHRGHVFRQHFWHHOHOHFWURGRPpVWLFRGHO
SDQHOGHGLVWULEXFLyQGHOKRJDUUHWLUDQGRHOIXVLEOH
RGHVFRQHFWDQGRHOGLV\XQWRUDQWHVGHLQWHQWDU
FXDOTXLHUPDQWHQLPLHQWRROLPSLH]DH[FHSWRHOUHWLUR
\OLPSLH]DGHOILOWURGHSHOXVD
127$
$SDJDUODSHULOOD
&\FOH6HOHFWRU6HOHFWRUGH&LFORRSUHVLRQDU3$86(
3$86$
12
GHVFRQHFWDHOHOHFWURGRPpVWLFRGHOFDEOH
GHFRUULHQWH
(OLQWHULRUGHODPiTXLQD\ODFRQH[LyQGHOFRQGXFWR
GHHVFDSHGHQWURGHODVHFDGRUDGHEHUiQVHU
OLPSLDGRVSRUORPHQRVXQDYH]DODxRSRUXQWpFQLFR
FDOLILFDGR&RQVXOWHODVHFFLyQ/RDGLQJDQG8VLQJWKH
'U\HU&DUJD\8VRGHOD6HFDGRUD
6LSRVHXQDVHFDGRUDDJDVHVWDUiHTXLSDGDFRQXQ
HQFHQGLGRHOHFWUyQLFRDXWRPiWLFR\QRFRQWDUiFRQ
XQDOX]SLORWR
12,17(17((1&(1'(5/$0,60$
&2181)Ï6)252
6HSRGUiQSURGXFLUTXHPDGXUDV
VLFRORFDODPDQRFHUFDGHOTXHPDGRUFXDQGRHO
HQFHQGLGRDXWRPiWLFRVHDFWLYH
(VSRVLEOHTXHGHVHHDEODQGDUODVWHODVODYDGDV
RUHGXFLUODHOHFWULFLGDGHVWiWLFDHQODVPLVPDV
XVDQGRXQVXDYL]DQWHGHWHODVSDUDVHFDGRUDVRXQ
DFRQGLFLRQDGRUDQWLHVWiWLFD/HUHFRPHQGDPRVTXH
XVHXQVXDYL]DQWHGHWHODHQHOFLFORGHODYDGRGH
DFXHUGRFRQODVLQVWUXFFLRQHVGHOIDEULFDQWHVREUH
HVWRVSURGXFWRVRTXHLQWHQWHFRQXQSURGXFWRSDUD
VHFDGRUVREUHHOFXDOHOIDEULFDQWHDVHJXUHSRUHVFULWR
HQHOSDTXHWHGHOSURGXFWRTXHHVGHXVRVHJXUR
HQODVHFDGRUD(QFDVRGHSUREOHPDVGHVHUYLFLR
RIXQFLRQDPLHQWRRFDVLRQDGRVSRUHOXVRGHHVWRV
SURGXFWRVODUHVSRQVDELOLGDGVHUiGHORVIDEULFDQWHV
GHGLFKRVSURGXFWRV\QRHVWDUiQFXELHUWRVSRUOD
JDUDQWtDGHHVWHHOHFWURGRPpVWLFR
8VHHVWH
HOHFWURGRPpVWLFR
VyORSDUDVX
SURSyVLWRRULJLQDO
FRPRVHGHVFULEH
HQHO0DQXDOGHO
3URSLHWDULR
