y orquesta de Vivaldi - “L`Orfeo” di Spoleto

Anuncio
5HODFLIJQHQWUHPĹVLFD\HVSDFLRDFĹVWLFR
DUTXLWHFWIJQLFRORVFRQFLHUWRVSDUDGRVYLROLQHV
\RUTXHVWDGH9LYDOGL
)DEUL]LR$PPHWWR
5HVXPHQ
(QHOVLJOR;9,,,$QWRQLR9LYDOGLIXHHOPĠVLPSRUWDQWHFRPSRVLWRUHXURSHRGH
FRQFLHUWRVSDUDGRVYLROLQHV\RUTXHVWDVXVYHLQWLRFKRREUDVGHHVWHJĨQHURFRQVWUXLGRVWDQWRHQ
ODWLSRORJĬDGHOFRQFLHUWRJURVVRtURPDQRuFRPRHQODGHOGREOHFRQFLHUWRVROLVWDtYHQHFLDQRu
RIUHFHQQXPHURVRVHOHPHQWRVGHDQĠOLVLV(QHODUWĬFXORVHGLVFXWHQORVDVSHFWRVFRQHFWDGRVFRQ
ODHMHFXFLIJQGHORVFRQFLHUWRVSDUDGRVYLROLQHVGH9LYDOGLORVRUJĠQLFRVRUTXHVWDOHVUHTXHULGRV
SRUHOPLVPRFRPSRVLWRUHQHO2VSHGDOHGHOOD3LHWğHQ9HQHFLDORVLQVWUXPHQWRVXWLOL]DGRVSDUD
ODUHDOL]DFLIJQGHOEDMRFRQWLQXR\VREUHWRGRODVGLIHUHQWHVGLVSRVLFLRQHVHVSDFLDOHVGHORVGRV
VROLVWDV\GHODRUTXHVWDGHVHDGDVSRUHOPLVPRDXWRUDVSHFWRQXQFDDQDOL]DGRKDVWDDKRUD
3DODEUDVFODYHFRQFLHUWRJURVVRFRQFLHUWRVROLVWDSUD[LVHMHFXWLYDGLVSRVLFLIJQHVSDFLDO
5LDVVXQWR
1HO;9,,,VHFROR$QWRQLR9LYDOGLIXLOSLĸLPSRUWDQWHFRPSRVLWRUHHXURSHRGL
FRQFHUWLSHUGXHYLROLQLHRUFKHVWUDLVXRLYHQWRWWREUDQLGLTXHVWRWLSRFRVWUXLWLVLDQHOODWLSRORJLD
GHOFRQFHUWRJURVVRtURPDQRuVLDLQTXHOODGHOGRSSLRFRQFHUWRVROLVWLFRtYHQH]LDQRuRIIURQR
QXPHURVLHOHPHQWLGLDQDOLVL1HOOuDUWLFRORVLGLVFXWRQRJOLDVSHWWLFRQQHVVLFRQOuHVHFX]LRQHGHL
FRQFHUWLSHUGXHYLROLQLGL9LYDOGLJOLRUJDQLFLRUFKHVWUDOLULFKLHVWLGDOFRPSRVLWRUHVWHVVRQHOOu2
VSHGDOHGHOOD3LHWğGL9HQH]LDJOLVWUXPHQWLXWLOL]]DWLSHUODUHDOL]]D]LRQHGHOEDVVRFRQWLQXRH
VRSUDWWXWWROHGLIIHUHQWLGLVSRVL]LRQLVSD]LDOLGHLGXHVROLVWLHGHOOuRUFKHVWUDDXVSLFDWHGDOORVWHVVR
FRPSRVLWRUHDVSHWWRTXHVWuXOWLPRPDLDQDOL]]DWRILQRUD
3DUROHFKLDYHFRQFHUWRJURVVRFRQFHUWRVROLVWLFRSUDVVLHVHFXWLYDGLVSRVL]LRQHVSD]LDOH
$JUDGH]FRD$OHMDQGUD%ĨMDU%DUWROR8QLYHUVLGDGGH*XDQDMXDWRSRUODWUDGXFFLIJQDOHVSDİRO
)DEUL]LR$PPHWWR
(O vFRQFLHUWR LQVWUXPHQWDOw QDFLIJ
HQ,WDOLDHQODVĹOWLPDVGRVGĨFDGDVGHO
VLJOR;9,,DQWHVSUREDEOHPHQWHFRPR
VLPSOHSUD[LVHMHFXWLYDGHVRQDWDVFRQ
SDUWHV GREODGDV GHVSXĨV FRPR JĨQHUR
SURSLDPHQWHGLFKR$OUHGHGRUGH
HQ5RPD\HQ%RORQLDHPSH]DURQDGL
IXQGLUVH RUTXHVWDV GH FXHUGDV FRQ XQ
RUJĠQLFR EDVWDQWH DPSOLR $GHPĠV VH
GHILQLHURQ GLIHUHQFLDV GH VWDWXV \ GH
KDELOLGDG HMHFXWLYD HQWUH ORV LQWHJUDQ
WHVPĹVLFRVILMRVHPSOHDGRVRDJUH
JDGRV FRQWUDWDGRV SDUD OD RFDVLIJQ \
FRQ XQ SDJR PHQRU PĹVLFRV KĠELOHV
D ORV FXDOHV VH OHV DVLJQDED ODV SDU
WHVPĠVGLIĬFLOHVRPĹVLFRVPHGLRFUHV
UHOHJDGRVDODvILODw7DPELĨQODGL
IHUHQWHGLVSRVLFLIJQGHORVLQWHJUDQWHVHQ
ODRUTXHVWDGHFXHUGDVHQ5RPD\HQHO
QRUWHGH,WDOLD%RORQLD0LODQR9H
QHFLDHWFGHWHUPLQIJGRVPRGDOLGDGHV
GLIHUHQWHVHQODHVWUXFWXUDGHOFRQFLHUWR
D ODV FXDOHV FRUUHVSRQGLIJ WDPELĨQ XQD
PDQHUDGLIHUHQWHGHRUJDQL]DUODSDUWL
WXUD/DVGRVWLSRORJĬDVSHUPDQHFLHURQ
VXVWDQFLDOPHQWHVHSDUDGDVGXUDQWHWRGR
HOSHUĬRGREDUURFRQRREVWDQWHORVFRQ
WDFWRV\ODVLQIOXHQFLDVHQWUHVĬ
(Q XQD RUTXHVWD URPDQD HO QĹFOHR
YLWDO HUD HO vFRQFHUWLQRw FRQVWLWXLGR
SRU GRV YLROLQHV YLRORQFKHOR ODĹG
\ EDMR FRQWLQXR IRUPDFLIJQ DQĠORJD D
DTXHOODSUHYLVWDHQXQDWUĬRVRQDWD$O
vFRQFHUWLQRwVHOHXQĬDyRDQWHSRQĬDy
HO vULSLHQRw R vFRQFHUWR JURVVRw XQ
RUJĠQLFRPĠVDPSOLRGHPĹVLFRVIUHHODQ
FHFRQVWLWXLGRVSRUORVPLVPRVLQVWUX
PHQWRV GREODGRV DG OLELWXP DGHPĠV
GHORVFRQWUDEDMRV\QRUPDOPHQWHGH
ODVYLRODV$VĬSXHVHQORVFRQFLHUWRV
URPDQRV HVWDEDQ FRQWHPSODGDV FXDWUR
SDUWHVGLIHUHQWHVGHYLROĬQGRVSDUDHO
vFRQFHUWLQRw\GRVSDUDHOvULSLHQRw
3RURWURODGRODHVWUXFWXUDVWDQGDUG
GHXQDRUTXHVWDGHOQRUWHGH,WDOLDSUH
YHĬD FXDWUR SDUWHV GRV YLROLQHV YLROD
\ EDMR FRQWLQXR VLQ QHFHVDULDPHQWH
ODSUHVHQFLDGHVROLVWDV&XDQGRIXH
VHQHFHVDULRODSDUWHGHXQYLROĬQ\R
GH XQ YLRORQFKHOR VROLVWD yOODPDGR
vSULQFLSDOw X vREOLJDGRwy VH DGMXQ
WDEDDODFRUUHVSRQGLHQWHDOvULSLHQRw
WDPELĨQ XQ VHJXQGR YLROĬQ VROLVWD HUD
H[WUDĬGRJHQHUDOPHQWHGHODILODGHORV
YLROLQHV SULPHURV GH OD RUTXHVWD $VĬ
SXHVHQHOWLSRPĠVFRPĹQGHFRQFLHUWR
GHOQRUWHGH,WDOLDRVHDHOvFRQFLHUWRD
FLQFRwHVWDEDQSUHVHQWHVWUHVSDUWHVGH
YLROĬQXQDSDUDHOVROLVWD\GRVSDUDHO
vULSLHQRw
0ĹVLFD\HVSDFLRDFĹVWLFRDUTXLWHFWIJQLFRORVFRQFLHUWRVSDUDGRVYLROLQHV\RUTXHVWDGH9LYDOGL
'XUDQWH VX FDUUHUD FRPSRVLWLYD
$QWRQLR 9LYDOGL HVFULELIJ YHLQWLRFKR
FRQFLHUWRV SDUD GRV YLROLQHV WDQWR HQ
ODHVWUXFWXUDGHOvFRQFHUWRJURVVRwUR
PDQRVREUHWRGRGXUDQWHVXMXYHQWXG
FRPR HQ OD HVWUXFWXUD GHO GREOHFRQ
FLHUWRVROLVWDVHJĹQXQDHVWUXFWXUDPĠV
SURSLDPHQWHYHQHFLDQD
(Q OD SULPHUD GĨFDGD GHO VLJOR
;9,,,RSRFRGHVSXĨV9LYDOGLFRQFL
ELIJODGLVWULEXFLIJQIXQFLRQDOGHODVSDU
WHVLQVWUXPHQWDOHVGHXQFRQFLHUWRSDUD
GRVYLROLQHVFRPRXQDvUHGXFFLIJQwGHO
FRQFHUWLQRGHXQFRQFLHUWRJURVVRVLQ
XQD SDUWH SURSLD SDUD HO EDMR GRQ
GHXQDSDUWHVROLVWDHVH[WUDĬGDGHORV
YLROLQHVSULPHURV\RWUDGHORVYLROLQHV
VHJXQGRV3HURQRPĠVDOOĠGHORVĹOWL
PRVDİRVGHODVHJXQGDGĨFDGDHOv&XUD
URMRwFDPELIJFRPSOHWDPHQWHHVWDFRQ
FHSFLIJQ\FRQVLGHUIJHOFRQFLHUWRSDUD
GRV YLROLQHV FRPR XQD vDPSOLDFLIJQw
GHO FRQFLHUWR VROLVWD DLVODQGR DPERV
VROLVWDVGHORVYLROLQHVSULPHURV
9HU $00(772 )DEUL]LR , FRQFHUWL SHU
GXHYLROLQLGL9LYDOGL2OVFKNL)LUHQ]H
v4XDGHUQLYLYDOGLDQLw;9,,,
9HU$00(772)DEUL]LRv,FRQFHUWLGL9L
YDOGLvFRQwRvSHUw"GXHYLROLQLvREOLJDWLw
RvSULQFLSDOLw"wSSGH)$11$
)UDQFHVFR\7$/%270LFKDHOHGV$Q
(V GLIĬFLO HVWDEOHFHU FRQ SUHFLVLIJQ
ORVRUJĠQLFRVRUTXHVWDOHVUHTXHULGRVSRU
9LYDOGLSDUDODHMHFXFLIJQGHVXVFRQ
FLHUWRVHQJHQHUDO\GHORVFRQFLHUWRV
SDUD GRV YLROLQHV HQ SDUWLFXODU 7DQWR
HOQĹPHURGHORVLQVWUXPHQWRVFRPRVX
HTXLOLEULR HQWUH ODV GLYHUVDV VHFFLRQHV
GHODRUTXHVWDKDQGHSHQGLGRGHPXFKDV
FLUFXQVWDQFLDV SDUWLFXODUHV ODV GLPHQ
VLRQHVGHOHVSDFLRIĬVLFRSUHYLVWRSDUDHO
SHUIRUPDQFHHOQĹPHUR\ODFDOLGDGGH
ORVHMHFXWDQWHVDGLVSRVLFLIJQODVSHFX
OLDULGDGHVGHODVFRPSRVLFLRQHV\QD
WXUDOPHQWHHOWLSRGHWUDGLFLIJQHMHFXWLYD
ORFDO
WRQLR 9LYDOGL 3DVVDWR H )XWXUR )RQGD]LRQH
*LRUJLR &LQL 9HQH]LD KWWSZZZ
FLQLLWLQGH[SKSLWSXEOLFDWLRQGHWDLO
LG
(QODĨSRFDGH9LYDOGLHORUJĠQLFRGHODV
RUTXHVWDVHQHOĠPELWRRSHUĬVWLFRLWDOLDQRYD
ULDEDGHXQDLQVWLWXFLIJQDRWUDSHURJHQHUDO
PHQWHFRPSUHQGĬDXQDGRFHQDGHFXHUGDVGRV
RFXDWURPDGHUDVRERHVIODXWDVGRVPHWDOHV
FRUQRVDGHPĠVGHXQRRGRVFODYHFLQHV\
SRVLEOHPHQWHXQDWLRUED\XQFRQWUDEDMR9HU
6752+0 5HLQKDUG 7KH 2SHUDV RI $QWR
QLR9LYDOGLYROV2OVFKNL)LUHQ]H
v4XDGHUQL YLYDOGLDQLw ;,,, SS 2SHUD 2UFKHVWUD DQG ,QVWUXPHQWDO 0XVLF
(QODĨSRFDGHODUHSUHVHQWDFLIJQGHODSUL
PHUDYHUVLIJQGH9LYDOGLGH7LWR0DQOLR59
0DQWXDOD&DSSHOOD$UFLGXFDOH
)DEUL]LR$PPHWWR
(QWUHODVFXHUGDVVHQRWDQGRVVHF
3RUHMHPSORHVWRHUDXQRUJĠQLFR
WLSRSDUDODHMHFXFLIJQHQ5RPDGHORV FLRQHV KRPRJĨQHDV GH YLROLQHV FX\R
QĹPHURWRWDOHQWUHSULPHURV\VHJXQ
&RQFLHUWRVRS9,GH&RUHOOL
GRV FRQVWLWX\H PĠV GH OD PLWDG GHO
YLROLQHVSULPHURVLQFOXLGRHOYLROĬQ
RUJĠQLFRORVEDMRVUHSUHVHQWDQDOUHGH
SULPHURvGLFRQFHUWLQRw
GRU GH OD WHUFHUD SDUWH GHO JUXSR 3RU
YLROLQHVVHJXQGRVLQFOXLGRHOYLROĬQ
RWURODGRODVHFFLIJQGHODVYLRODVUHVXOWD
VHJXQGRvGLFRQFHUWLQRw
QXPĨULFDPHQWHHVFDVD$VĬSXHVDQLYHO
YLRODV
WĬPEULFR WRWDO HO UHVXOWDGR HV XQD QHWD
YLRORQFKHORVLQFOXLGRHOYLRORQFKHOR
vGLFRQFHUWLQRw
GLVWLQFLIJQ GH SRODULGDG DJXGRJUDYH
FRQWUDEDMRV
GHVYHQWDMRVDSDUDHOUHJLVWURPHGLRGH
WURPSHWDVSULPHUD\VHJXQGDGHOvFRQ
ODVYLRODV
FHUWRJURVVRw
3RURWURODGRHQ9HQHFLDGHO
WURPEIJQUHIXHU]RGHORVEDMRV
DOySHUĬRGRGXUDQWHHOFXDO9L
ODXGHV
YDOGL HVWXYR DO VHUYLFLR GHO 2VSH
GDOH GHOOD 3LHWğ DXQTXH GH PDQHUD
GH 0DQWXD LQFOXĬD FDWRUFH HOHPHQWRV FXDWUR
YLROLQHVXQDYLRODXQYLRORQFKHORXQFRQWUD GLVFRQWLQXDy HV SRVLEOH LGHQWLILFDU
EDMRHOIJUJDQRGRVRERHV\FXDWURWURPSHWDV OD SUHVHQFLD FRQVWDQWH GH DOUHGHGRU GH
(QDVXYH]ODPLVPDLQVWLWXFLIJQUH YLROLQLVWDVDODGRGHSRUORPH
JLVWUDEDGRFHLQVWUXPHQWLVWDVFXDWURYLROLQHV QRVYLROLVWDVHVWRVLJQLILFDTXHHQ
GRVYLRODVXQYLRORQFKHORXQFRQWUDEDMRHO
IJUJDQRXQRERH\GRVWURPSHWDV9HU,QWUR
GX]LRQH7KH2UFKHVWUDO&RPSRQHQWGH9,
9$/',$QWRQLR7LWR0DQOLR59
$OHVVDQGUR%RULQHG5LFRUGL0LODQRHQ
SURFHVR
9HU 3,3(512 )UDQFR v/H RUFKHVWUH GL
$UFDQJHOR&RUHOOL3UDWLFKHPXVLFDOLURPDQH
/HWWXUDGHLGRFXPHQWLwSSGH
025(//,*LRYDQQLHG/uLQYHQ]LRQHGHO
*XVWR&RUHOOLH9LYDOGL0XWD]LRQLFXOWXUDOL
D5RPDH9HQH]LDQHOSHULRGRSRVWEDURFFR
5LFRUGL0LODQR
(VWRQRVRUSUHQGHVLVHFRQVLGHUDTXH&RUHOOL
FRQFLELIJVXVFRQFLHUWRVJURVVLVXVWDQFLDOPHQWH
FRPRXQDH[SDQVLIJQGHODVRQDWDDWUHVSDUD
GRVYLROLQHV\EDMRFRQWLQXR
&RQ YDULRV HQFDUJRV HQ \ HQ
FRPR v0DHVWUR GL 9LROLQRw HQ
FRPRv0DHVWURGHu&RQFHUWLwHQ
FRQODREOLJDFLIJQGHFRPSRQHUGRV
FRQFLHUWRVDOPHVLQGHSHQGLHQWHPHQWHGHVX
SUHVHQFLDHQ9HQHFLD\HQWDP
ELĨQFRPRv0DHVWURGHu&RQFHUWLw
0ĹVLFD\HVSDFLRDFĹVWLFRDUTXLWHFWIJQLFRORVFRQFLHUWRVSDUDGRVYLROLQHV\RUTXHVWDGH9LYDOGL
OD FRQVWLWXFLIJQ GHO RUJĠQLFR RUTXHVWDO
ODVVHFFLRQHVGHORVYLROLQHVSULPHURV
GHORVYLROLQHVVHJXQGRV\GHODVYLRODV
HUDQ EDVWDQWH HTXLOLEUDGDV HQ FXDQWR D
QĹPHURGHLQWHJUDQWHV
1DWXUDOPHQWHQRHVHOQĹPHURWR
WDOGHORVLQVWUXPHQWRVGHODRUTXHVWDD
GHWHUPLQDUyDQLYHOGHHTXLOLEULRVRQR
URy XQ EXHQ UHVXOWDGR HMHFXWLYR VLQR
OD MXVWD SURSRUFLIJQ HQWUH ODV GLYHUVDV
VHFFLRQHVGHORUJĠQLFRXWLOL]DGRVREUH
$XQTXHQRVHFRQRFHQORVHOHQFRVUHODWLYRV
DOQĹPHURGHODVvILJOLHGLFRURwHPSOHDGDV
HQHORUJĠQLFRLQVWUXPHQWDOGHODVFXHUGDVHQ
OD3LHWğODGRFXPHQWDFLIJQH[LVWHQWHKDVWDOD
IHFKDHVPX\SRVWHULRUDOSHUĬRGRDTXĬH[DPL
QDGRHVLQWHUHVDQWHUHJLVWUDUODVSUĠFWLFDVHQ
ORVRWURVRVSHGDOLGH9HQHFLDHQORV'HUHOLWWL
HQILJXUDEDQRFKRYLROLQHVFXDWURYLR
OHWWHFXDWURYLROHRVHDYLRORQFKHORV\WUHV
YLRORQHVPLHQWUDVHQORV,QFXUDELOLHQ
GLH]YLROLQHVFXDWURYLRODVFLQFRYLRORQFKHORV
\ FXDWUR YLRORQHV < WDPELĨQ XQD FRPSDUD
FLIJQFRQODXVDQ]DHQOD%DVĬOLFDGH6DQ0DU
FRFRQILUPDHVWDVSURSRUFLRQHVHQHORUJĠQLFR
GH ODV FXHUGDV HQ HV GRFXPHQWDGD OD
SUHVHQFLDGHGRFHYLROLQHVVHLVYLRODVFXDWUR
YLRORQFKHORV \ FLQFR YLRORQHV 9HU *,//,2
3LHU*LXVHSSH/uDWWLYLWğPXVLFDOHQHJOLRVSH
GDOL GL 9HQH]LD QHO 6HWWHFHQWR 4XDGUR VWR
ULFRHPDWHULDOLGRFXPHQWDUL2OVFKNL)LUHQ
]H v4XDGHUQL YLYDOGLDQLw ;,, SS
WRGR HQ UHODFLIJQ DO HVSDFLR DFĹVWLFR
DUTXLWHFWIJQLFRGLVSRQLEOH
(Q OD ĨSRFD GH 9LYDOGL OD
DQWLJXD LJOHVLD GHO 2VSHGDOH GHO
(OPLVPR-RKDQQ-RDFKLP4XDQW]
VXEUD\DEDODLPSRUWDQFLDGHHVWHDV
SHFWRLQGHSHQGLHQWHPHQWHGHODvPHGLGDwGHO
HQVDPEOHFRQSDUWHVUHDOHVRFRQLQVWUXPHQ
WRVGREODGRV9HU48$17=-RKDQQ-RDFKLP
9HUVXFKHLQHU$QZHLVXQJGLH)OĵWHWUDYHUVLHUH
]XVSLHOHQ9RVV%HUOLQS$ILU
PDUTXHHQHOSHUĬRGREDUURFRHORUJĠQLFRFRQ
SDUWHVUHDOHVHUDODQRUPDHQODHMHFXFLIJQGH
FRQFLHUWRVFRPRHVFULEH5LFKDUG0DXQGHUHQ
VX OLEUR 7KH 6FRULQJ RI %DURTXH &RQFHUWRV
%R\GHOO :RRGEULGJH SXHGH UHVXO
WDUKDVWDXQGHVYĬRGHKHFKRVLJXLHQGRHVWD
KLSIJWHVLVHQORVFRQFLHUWRVSDUDGRVYLROLQHV
GH9LYDOGLHQORVFXDOHVWDPELĨQHOVHJXQGR
VROLVWDSHUWHQHFHDODVHFFLIJQGHORVYLROLQHV
SULPHURV ORV 7XWWL VRQDUĬDQ H[WUHPDGDPHQWH
GHVHTXLOLEUDGRVFRQWUHVYLROLQHVvSULPHURVw
GRVVROLVWDVPĠVXQRGHODRUTXHVWDFRQWUD
XQ VROR vVHJXQGRw /D HOHFFLIJQ GH HMHFXWDU
XQDFRPSRVLFLIJQFRQSDUWHVUHDOHVRGREODGDV
GHSHQGHSULQFLSDOPHQWHGHODVGLPHQVLRQHVGH
ODVDODGHOWHDWURRGHODLJOHVLDDGLVSRVLFLIJQ
/DKR\YLVLWDEOHDODGRGHODFWXDOKRWHO0H
WURSROHHVODvQXHYDwLJOHVLDGHOD3LHWğUHD
OL]DGDDSDUWLUGH\EDVDGDHQHOSUR\HFWR
GH*LRUJLR0DVVDULDSUREDGRHQ9HU
025(77,/DXUD'DJOL,QFXUDELOLDOOD3LHWğ
/HFKLHVHGHJOLRVSHGDOLJUDQGLGL9HQH]LDWUD
DUFKLWHWWXUDHPXVLFD2OVFKNL
)LUHQ]Hv4XDGHUQLYLYDOGLDQLw;,9
SS\(QHOFĨOHEUHFXD
)DEUL]LR$PPHWWR
OD3LHWğyHQGRQGHODVvSXWWHGLFRURwVHH[KLEĬDQGLDULDPHQWHyHUDSHTXHİDvFHUFD
GHYHLQWHPHWURVGHSURIXQGLGDGGLH]PHWURVGHDQFKR\RWURVWDQWRVRSRFRVPĠV
GHDOWXUDw+DEĬDFLQFRDOWDUHVGHORVFXDOHVFXDWURHVWDEDQHQODVSDUHGHVODWHUD
OHV\PX\SUREDEOHPHQWHHVWDEDQKHFKRVGHPDGHUD/DVSDUHGHVODWHUDOHVDVĬFRPR
ODGHODHQWUDGDHUDQUHYHVWLGDVyKDVWDGRVPHWURVGHDOWXUDyWDPELĨQFRQPDGHUD
(QHOFRURFHQWUDOHVWDEDFRORFDGRXQIJUJDQRGHVLHWHUHJLVWURVFRQXQPDQXDO\
SHGDOHVFRQRFWDYDvFRUWDw\HQVHDİDGLIJXQVHJXQGRIJUJDQRvXQĬVRQRw
DOSULPHURHQHOSHTXHİRFRURODWHUDOFRQRFKRUHJLVWURV\XQPDQXDO
,PDJHQ)UDQFHVFR*XDUGL/DSDUWHQ]DGHO%XFLQWRUR3DULV/RXYUH
GUR/DSDUWHQ]DGHO%XFLQWRURGH)UDQFHVFR*XDUGL9HQHFLD9HQHFLDyUHVJXDU
GDGRHQHO/RXYUHGH3DULVyVHSXHGHQELHQLGHQWLILFDUFRQXQDSUHFLVLIJQFDVLIRWRJUĠILFDWDQWR
ODvDQWLJXDwFRPRODvQXHYDwLJOHVLDGHOD3LHWğ
9HU9,2*DVWRQHv/DYHFFKLDFKLHVDGHOOu2VSHGDOHGHOOD3LHWğwSSGH,QIRUPD
]LRQLHVWXGLYLYDOGLDQLQĹP,WDOLD(ODXWRUSURSRQHODLJOHVLDGH6DQ%DVVRFHUFDQD
DOD%DVĬOLFDGH6DQ0DUFRFRPRSXQWRGHFRPSDUDFLIJQSDUDHYDOXDUODVXSHUILFLH\HOYROXPHQ
GHODDQWLJXDLJOHVLDGHOD3LHWğS
,ELGHPS/RVIJUJDQRV\ORVRUJDQHURVGHOD3LHWğHVWĠQGHVFULWRVHQ9,2*DVWRQHv'R
FXPHQWLGLVWRULDRUJDQDULDYHQH]LDQDwSSGH/u2UJDQRQĹP,WDOLD
*UDFLDVDXQSUHVXSXHVWRSDUDODOLPSLH]DUHYLVLIJQHQWRQDFLIJQ\DILQDFLIJQGHORVGRVIJUJDQRV
SUHVHQWDGRSRU*LDFLQWR3HVFHWWLHOGHPD\RGHVHVDEHGHODSUHVHQFLDGHXQUHJLVWURGH
vFRQWUDEDVVLw9HU9,2*DVWRQHv'RFXPHQWLGLVWRULDRUJDQDULDYHQH]LDQDw2SFLWS
0ĹVLFD\HVSDFLRDFĹVWLFRDUTXLWHFWIJQLFRORVFRQFLHUWRVSDUDGRVYLROLQHV\RUTXHVWDGH9LYDOGL
,PDJHQ9HQHFLDODvQXHYDwLJOHVLDGHOD3LHWğ\DODGHUHFKDHOKRWHO0HWURSROH
HQHOOXJDUGRQGHHVWDEDODDQWLJXDLJOHVLDGHOD3LHWğ
/DVSDUWLWXUDVDXWIJJUDIDVGH9LYDOGLJHQHUDOPHQWHQRLQGLFDQHOLQVWUXPHQWRR
ORVLQVWUXPHQWRVGHWHFODGRDXWLOL]DUVHSDUDODUHDOL]DFLIJQGHOEDMRFRQWLQXR3RU
RWURODGRODVSDUWLFKHODVyTXHVRQHVHQFLDOPHQWHPDWHULDOGHXVRyRIUHFHQDYHFHV
LQGLFDFLRQHVSUHFLVDVDOUHVSHFWRv2UJDQRwv&HPEDORwv2UJDQRH9LRORQFHOORw
v&LPEDORR9LRORQFHOORw(QWUHORVLQVWUXPHQWRVTXHUHIXHU]DQHOEDMRFRQWLQXR
ILJXUDWDPELĨQODWLRUEDTXHQRSRGĬDIDOWDUHQORVHQVDPEOHVGHOD3LHWğ\WUHVHUDQ
SRUORPHQRVODVHMHFXWDQWHVHQODĨSRFDGH9LYDOGL$QGULDQD
0DGDOHQD v5RVVDw \ 6WHOOD WRGDV DSRGDGDV
vGDOODWKLRUEDw
(QODVLPSUHVLRQHVKRODQGHVDVODLQGLFDFLIJQv2UJDQRH9LRORQFHOORwVREUHHQWHQGĬDWDPELĨQOD
SDUWLFLSDFLIJQGHOFODYHFĬQWDQWRv2UJDQRwFRPRv&HPEDORwVHXWLOL]DEDQSDUDFXDOTXLHUSDUWH
GHEDMRFRQWLQXR$GHPĠVPLHQWUDVTXHHOXVRGHOWĨUPLQRv&HPEDOLwDOSOXUDOVXJLHUHXQ
FRQWH[WRWHDWUDOv2UJDQLwGHQRWDDVXYH]XQFRQWH[WRVDFUR
9HU:+,7(0LFN\v%LRJUDSKLFDO1RWHVRQWKHv)LJOLHGLFRURwRIWKH3LHWğ&RQWHPSRUDU\
ZLWK9LYDOGLwSSGH,QIRUPD]LRQLHVWXGLYLYDOGLDQLQĹP,WDOLD
\*,//,23LHU*LXVHSSH/uDWWLYLWğPXVLFDOHQHJOLRVSHGDOLGL9HQH]LDQHO6HWWHFHQWR
4XDGURVWRULFRHPDWHULDOLGRFXPHQWDUL2SFLWS
)DEUL]LR$PPHWWR
*UDFLDV DO DQĠOLVLV GH ODV SDUWLWX
UDVGHORVFRQFLHUWRVSDUDGRVYLROLQHV
GH 9LYDOGL PXFKDV YHFHV HV WDPELĨQ
SRVLEOH GHGXFLU OD GLVSRVLFLIJQ HVSDFLDO
GH ORV VROLVWDV \ GH OD RUTXHVWD WDO \
FRPRWXYRTXHKDEHUVLGRGHVHDGDSRU
HOPLVPRFRPSRVLWRUXQDVSHFWRQXQ
FDLQYHVWLJDGRKDVWDDKRUD'HQWURGH
ORVFRQFLHUWRVSDUDGRVYLROLQHVGH
KHFKRVHSXHGHQGLVWLQJXLUSRUORPH
QRV FXDWUR GLIHUHQWHV FRPSRUWDPLHQWRV
FRPSRVLWLYRV FRUUHVSRQGLHQWHV D RWUDV
WDQWDVGLIHUHQWHVGLVSRVLFLRQHVHVSDFLD
OHVGHORVRUJĠQLFRV\DPRGDOLGDGHV
HMHFXWLYDVHVSHFĬILFDV
&RORFDFLIJQGHORVYLROLQHVSULPHURV
\GHORVYLROLQHVVHJXQGRVGHODRU
TXHVWDy\DVĬSXHVWDPELĨQGHORV
UHVSHFWLYRV VROLVWDVy XQR HQIUHQ
WH GHO RWUR FRQ YLRODV \ EDMRV DO
FHQWURGHOJUXSRVHJĹQXQDSUD[LV
HMHFXWLYD WĬSLFD GH ORV FRQFLHUWRV
JURVVLURPDQRV
(QHO&RQFLHUWRMXYHQLO59FDGDVROLVWD
SHUWHQHFHDXQDVHFFLIJQRUTXHVWDOGHYLROLQHV
GLIHUHQWH (VWD KLSIJWHVLV HVWĠ FRQILUPDGD SRU
ODHVFULWXUDSDUWLFXODUGHORVYLROLQHVGHODRU
TXHVWDHQHO$OOHJURLQLFLDOFDUDFWHUL]DGDSRU
OD DOWHUQDQFLD GH XQ PLVPR PIJGXOR UĬWPLFR
HQWUHYLROLQHVSULPHURV\VHJXQGRV
ORV GRV VROLVWDV FRORFDGRV XQR DO
ODGRGHRWURDOFHQWURGHOHVSDFLR
HVFĨQLFR
GLVSRVLFLIJQVLPĨWULFDGHODVFXDWUR
VHFFLRQHV GH OD RUTXHVWD FRQ ORV
EDMRVDOFHQWUR\ORVGRVVROLVWDV
XQRIUHQWHDORWUR
(Q OD FDVL WRWDOLGDG GH ORV FRQFLHUWRV GH
9LYDOGLORVGRVVROLVWDVSHUWHQHFHQDODVHF
FLIJQGHORVSULPHURVYLROLQHVGHODRUTXHVWD
6HJXUDPHQWHHQODHMHFXFLIJQWHQĬDQTXHHVWDU
FRORFDGRV XQR DO ODGR GH RWUR DO FHQWUR GHO
HVSDFLRHVFĨQLFR(VWRUHVXOWDHYLGHQWHVREUH
WRGR FXDQGR OD HVFULWXUD GH VXV SDUWHV SUHYĨ
HVSHVRVGLĠORJRV\SHUIHFWDVLQFURQĬD
(QXQDHMHFXFLIJQHQOD3LHWğVHKDEUĬDQFR
ORFDGRFHUFDGHOIJUJDQRHQHOFRURDUULEDGHO
DOWDUPD\RU
(QHO&RQFLHUWR59GRQGHORVGRVVR
OLVWDV SHUWHQHFHQ D OD PLVPD VHFFLIJQ GH ORV
YLROLQHVSULPHURVGHODRUTXHVWD/DSDUWLFX
ODULGDGGHHVFULWXUDGHHVWDFRPSRVLFLIJQMXVWL
ILFDHVWDGLVSRVLFLIJQH[SHULPHQWDFLIJQGHXQD
SROLFRUDOLGDGXWLOL]DGDFRPRPHGLRHMHFXWLYR
TXHVHSXHGHYHULILFDUJUDFLDVDYDULRVLQGLFLRV
SUHVHQWHVHQHOWH[WRPXVLFDO(VWHFRQFLHUWR
VHSXHGHHVFXFKDUHQODJUDEDFLIJQ9,9$/
',$QWRQLR&RQFHUWL59
SHUGXHYLROLQLDUFKL
H EDVVR FRQWLQXR UHFRQVWUXFFLIJQ D FDUJR GH
)DEUL]LR$PPHWWRv/u2UIHR(QVHPEOHwGL
6SROHWRFRQLQVWUXPHQWRVRULJLQDOHV$QJH
OR&LFLOOLQL\/XFD9HQWXULYLROLQHV)DEUL]LR
$PPHWWRFRQFHUWDGRU\GLUHFWRU&'7DFWXV
%RORJQD7&
0ĹVLFD\HVSDFLRDFĹVWLFRDUTXLWHFWIJQLFRORVFRQFLHUWRVSDUDGRVYLROLQHV\RUTXHVWDGH9LYDOGL
GLVSRVLFLIJQGHORVGRVJUXSRVRU
TXHVWDOHV DVLPĨWULFRV HQ HVSDFLRV
GLIHUHQWHVXQRGHORVFXDOHVPX\
SUREDEOHPHQWH HVFRQGLGR GH OD
YLVWDGHOSĹEOLFR
(QUHVXPHQHQVXVFRQFLHUWRVSDUD
GRVYLROLQHV9LYDOGL KD H[SHULPHQWDGR
XQD YDULHGDG GH SRVLELOLGDGHV HMHFXWL
YDV y\ QR VIJOR FRPSRVLWLYDV ODPHQ
WDEOHPHQWH QR GRFXPHQWDGDV HQ IRUPD
GLUHFWDy FRQ IXQFLIJQ HVSHFWDFXODU VLQ
GXGDWDPELĨQOOHJDGDDĨOJUDFLDVDVX
H[SHULHQFLDWHDWUDO
6HJXUDPHQWH OD DQWLJXD LJOHVLD GHO
2VSHGDOH GHOOD 3LHWğ WHQĬD TXH SR
(VHOFDVRGHO&RQFLHUWR59HQHOFXDO
ODPLVPDSDUWLWXUDSUHYĨXQHIHFWRGHHVWHUHR
IRQĬDUHDO
(QHVWHFRQFLHUWRORQRYHGRVR\ORH[WUDRU
GLQDULRHVWĠQHQODPDQHUDSHFXOLDUGHHMHFXWDU
GHPDQGDGDHQVĬSRUODSDUWLWXUD9LYDOGLMXHJD
FRQHOSDUĠPHWURvHVSDFLRwFRORFDQGRDORV
VROLVWDV\DVXVUHVSHFWLYRVDFRPSDİDQWHVHQ
GRVOXJDUHVGLIHUHQWHVOHMDQRVXQRGHRWUR(Q
HOSULPHU\WHUFHUPRYLPLHQWRHOJUXSRSULQ
FLSDOHVWĠFRQVWLWXLGRSRUWRGDVODVVHFFLRQHVGH
ODRUTXHVWDySULPHUVROLVWDYLROLQHVSULPHURV
\VHJXQGRVYLRODV\EDMRVyPLHQWUDVTXHHO
VHJXQGRJUXSRvLQHFRwHVWĠUHGXFLGRDVROD
PHQWHWUHVLQVWUXPHQWRVVHJXQGRVROLVWD\GRV
SDUWHVUHDOHVGHYLROĬQSDUDHODFRPSDİDPLHQWR
9LYDOGLHVSHFLILFDv'XH6ROL9LROLQLw
VHHU XQD H[FHOHQWH DFĹVWLFD WDQWR SRU
VXVUHGXFLGDVGLPHQVLRQHVFRPRSRUOD
DEXQGDQWH SUHVHQFLD GH PDGHUD HQ ODV
SDUHGHVODWHUDOHVHOv&XUDURMRwGHELIJ
KDEHULQWXLGRSURQWDPHQWHFXĠQWDVSR
WHQFLDOLGDGHV SRGĬD RIUHFHU DTXĨO OXJDU
PRGLILFDQGR VLPSOHPHQWH OD GLVSRVL
FLIJQ HVSDFLDO GH ORV LQVWUXPHQWRV \R
GHODVYRFHVFRQHOILQGHIDYRUHFHUHO
HIHFWRGHVRUSUHVDHQTXLHQHVHVFXFKD
EDQ&RPRWHVWLJRGHHVWRWHQHPRVXQ
LQIRUPHIHFKDGRHQPD\RGHTXH
PXHVWUDODvPDQRwGH9LYDOGLHQODHMH
FXFLIJQ GH XQ FRQFLHUWR SUREDEOHPHQWH
GHVXDXWRUĬDFRQXQRUJĠQLFRVRUSUHQ
GHQWHPHQWHDPSOLRv'RPHQLFDOĨ)LJOLH
GHO&KRURGHOOD3LHWğIHFHURVHQWLUHQHO
ORUR9HVSHURXQDVLQIRQLDGuLQVWURPHQ
WLRUGLQDWDSHURJQuDQJRORGHOOD&KLHVD
GLWDQWuDUPRQLDĨFRQWDOHQRXLWğGu,
GHHFKHUHVHURHVWDWLFKHOĨPHUDXLJOLH
ĨIHFHURVXSSRQHUHFKHWDOLFRPSRQL
PHQWLYHQJKLQRSLĸGDO&LHORFKHGDJO
8RPLQLw 7UDGXFFLIJQ vHQ 'RPLQJR
ODV+LMDVGHO&RURGHOD3LHWğKLFLHURQ
HVFXFKDUHQOD9ĬVSHUDXQFRQMXQWRGH
LQVWUXPHQWRVGLVSXHVWRHQFDGDXQRGH
ORVĠQJXORVGHOD,JOHVLDGHWDQWDDU
PRQĬD\GHWDOQRYHGDGGHLGHDVTXH
GHMDURQDWRGRVPDUDYLOODGRVHKLFLHURQ
)DEUL]LR$PPHWWR
VXSRQHUTXHWDOHVFRPSRVLFLRQHVYHQĬDQ RvSULQFLSDOLw"wSSGH)$11$
PĠVGHO&LHORTXHGHORV+RPEUHVw )UDQFHVFR\7$/%270LFKDHOHGV$Q
%LEOLRJUDIĬD
)XHQWHVSULPDULDV
3DOODGH9HQHWDGDO6DEERVLQDO6DEER
0DJR %LEOLRWHFD 0DUFLDQD 9HQH]LD
&RG,W9,, FUF
48$17= -RKDQQ -RDFKLP 9HUVXFK HLQHU
$QZHLVXQJ GLH )OĵWH WUDYHUVLHUH ]X VSLHOHQ
9RVV%HUOLQ
/LWHUDWXUDVHFXQGDULD
$00(772 )DEUL]LR v, FRQFHUWL GL 9LYDO
GL vFRQw R vSHUw" GXH YLROLQL vREOLJDWLw
9HU 3DOODGH 9HQHWD GDO 6DEER VLQ DO
6DEER 0DJR 9HQH]LD %LEOLRWHFD
0DUFLDQD &RG ,W 9,, F
UFODFLWDVHHQFXHQWUDHQFUGHO
IROLRSHURODHQFXDGHUQDFLIJQUHDOL]DGDSRV
WHULRUPHQWHKDFRQMXQWDGRHQXQYROXPHQXQ
QRWDEOHQĹPHURGHHVWRVIROLRVTXHKDQVLGR
QXPHUDGRVFRQSOXPDVLJXLHQGRODWLSROR
JĬD GH ORV IROLRV UHFWRYHUVR (O YROXPHQ
WLHQHHQWRWDOIROLRVHOQĹPHURHQ
WUHSDUĨQWHVLVVHWLHQHTXHOHHUHQHVWHVHQWLGR
$JUDGH]FRD$OYLVH'H3LHURSRUODUHYLVLIJQ
GHO WH[WR RULJLQDO /D FLWD IXH WUDQVFULWD \
FRPHQWDGDHQ6(/)5,'*(),(/'(OHDQRU
3DOODGH9HQHWD:ULWLQJVRQ0XVLFLQ9HQHWLDQ
6RFLHW\ (GL]LRQL GHOOD )RQGD
]LRQH/HYL9HQH]LDSS\
HQ($'v0XVLFDWWKH3LHWğEHIRUH9LYDOGLw
SS\VLJVGH(DUO\0XVLF
QĹP5HLQR8QLGR
WRQLR 9LYDOGL 3DVVDWR H )XWXUR )RQGD]LRQH
*LRUJLR&LQL9HQH]LD
$00(772 )DEUL]LR , FRQFHUWL SHU GXH
YLROLQL GL 9LYDOGL 2OVFKNL )LUHQ]H v4XDGHUQLYLYDOGLDQLw;9,,,
*,//,2 3LHU *LXVHSSH /uDWWLYLWğ PXVLFDOH
QHJOLRVSHGDOLGL9HQH]LDQHO6HWWHFHQWR4XD
GURVWRULFRHPDWHULDOLGRFXPHQWDUL2OVFKNL
)LUHQ]Hv4XDGHUQLYLYDOGLDQLw;,,
0$81'(55LFKDUG7KH6FRULQJRI%DURTXH
&RQFHUWRV%R\GHOO:RRGEULGJH
025(77,/DXUD'DJOL,QFXUDELOLDOOD3LHWğ
/HFKLHVHGHJOLRVSHGDOLJUDQGLGL9HQH]LDWUD
DUFKLWHWWXUDHPXVLFD2OVFKNL
)LUHQ]Hv4XDGHUQLYLYDOGLDQLw;,9
3,3(512)UDQFRv/HRUFKHVWUHGL$UFDQJH
OR&RUHOOL3UDWLFKHPXVLFDOLURPDQH/HWWXUD
GHL GRFXPHQWLw SS GH 025(//,
*LRYDQQLHG/uLQYHQ]LRQHGHO*XVWR&R
UHOOL H 9LYDOGL 0XWD]LRQL FXOWXUDOL D 5RPD
H9HQH]LDQHOSHULRGRSRVWEDURFFR5LFRUGL
0LODQR
6(/)5,'*(),(/'(OHDQRUv0XVLFDWWKH
3LHWğEHIRUH9LYDOGLwSS\
VLJVGH(DUO\0XVLFQĹP5HLQR8QLGR
6(/)5,'*(),(/' (OHDQRU 3DOODGH 9H
QHWD:ULWLQJVRQ0XVLFLQ9HQHWLDQ6RFLHW\
(GL]LRQLGHOOD)RQGD]LRQH/HYL
9HQH]LD
6752+0 5HLQKDUG 7KH 2SHUDV RI $QWR
QLR9LYDOGLYROV2OVFKNL)LUHQ]H
v4XDGHUQLYLYDOGLDQLw;,,,
9,2*DVWRQHv'RFXPHQWLGLVWRULDRUJDQD
ULDYHQH]LDQDwSSGH/u2UJDQR
QĹP,WDOLD
0ĹVLFD\HVSDFLRDFĹVWLFRDUTXLWHFWIJQLFRORVFRQFLHUWRVSDUDGRVYLROLQHV\RUTXHVWDGH9LYDOGL
9,2*DVWRQHv/DYHFFKLDFKLHVDGHOOu2VSH
GDOHGHOOD3LHWğwSSGH,QIRUPD
]LRQLHVWXGLYLYDOGLDQLQĹP,WDOLD
9,9$/',$QWRQLR&RQFHUWL59
SHUGXHYLROLQL
DUFKLHEDVVRFRQWLQXRUHFRQVWUXFFLIJQDFDUJR
GH)DEUL]LR$PPHWWRv/u2UIHR(QVHPEOHw
GL6SROHWRFRQLQVWUXPHQWRVRULJLQDOHV$Q
JHOR &LFLOOLQL \ /XFD 9HQWXUL YLROLQHV )D
EUL]LR$PPHWWRFRQFHUWDGRU\GLUHFWRU&'
7DFWXV%RORJQD7&
9,9$/', $QWRQLR 7LWR 0DQOLR 59
$OHVVDQGUR %RULQ HG 5LFRUGL
0LODQRHQSURFHVR
:+,7(0LFN\v%LRJUDSKLFDO1RWHVRQWKH
v)LJOLH GL FRURw RI WKH 3LHWğ &RQWHPSRUDU\
ZLWK9LYDOGLwSSGH,QIRUPD]LRQLH
VWXGLYLYDOGLDQLQĹP,WDOLD
Descargar