Você está na página 1de 71

ZZZOX]FULVWLFDFRP


3DUD ILQV GH GLYXOJDomR GR WUDEDOKR QD ,QWHUQHW SDUWH GHVWD
DSRVWLODIRLVXSULPLGDHRXWUDVYH]HVIRLWRWDOPHQWHRFXOWDGD
$JUDGHFHPRVDFRPSUHHQVmR







$SRVWLODGH
$SRPHWULD&yVPLFD















&XUVRGH0DHVWULD3HVVRDO+DUPRQL]DomRH&XUD 





3URIHVVRUH&DQDOL]DGRU$OH[DQGUH'RPLQJXHV&KDJDVGH/LPD
6mR3DXOR63%UDVLO






127$


8PD SHTXHQD SDUWH GHVWD DSRVWLOD IRL H[WUDtGD GH WH[WRV WUDGX]LGRV SDUD R
SRUWXJXrVGH3RUWXJDO
$GLIHUHQoDPDLVPDUFDQWHTXHVHDFUHGLWDWHUHOLPLQDGRIRLDVLJOD$'1DTXDOQR
%UDVLO p LGrQWLFD j LQJOHVD TXDO VHMD '1$ SRGHQGR DLQGD RFRUUHU DOJXPDV RXWUDV
GLIHUHQoDV WDLV FRPR 6,'$ $,'6 QR %UDVLO  FRPERLR WUHP QR %UDVLO  H RXWUDV SHTXHQDV
PXGDQoDVTXHQmRFKHJDPDDIHWDURFRQWH[WRGDOHLWXUD
3HGHVHGHVFXOSDVDRDOXQRTXDQWRDHVWHVSHTXHQRVLQFRQYHQLHQWHV
2V FRQWDWRV SDUD FXUVRV SRGHP VHU HIHWXDGRV GLUHWDPHQWH SHOR HPDLO LQIRUPDGR
DEDL[R
6RPRVWRGRV8PVyQD/X]'LYLQD


$OH[DQGUH'RPLQJXHV&KDJDVGH/LPD
DOH[DQGUH#OX]FULVWLFDFRP






6mR3DXOR%UDVLO



2TXHpDSRPHWULD"

$SRPHWULD p XPD WpFQLFD GH PHGLFLQD HVSLULWXDO TXH QRV OLJD DR 0XQGR 0DLRU H YLVD FXUDU H WUDWDU
WDQWR REVHVVRUHV FRPR REVHGLDGRV )RL FDQDOL]DGD HP  QR 5LR *UDQGH GR 6XO SHOR 'U -RVp /DFHUGD GH
$]HYHGRPpGLFRTXHWHYHVXDYLGDSDXWDGDQDGRXWULQDHVStULWD
e RULXQGD GH XPD WpFQLFD GHQRPLQDGD+LSQRPHWULDTXHHUDQDpSRFDHPSUHJDGD HPHQIHUPRVHP
JHUDOFRPUHVXOWDGRVVDWLVIDWyULRVSHORSVLTXLVWDSRUWRULTXHQKR/XL]5RGULJXHV
2 WHUPR $SRPHWULD YHP GR JUHJR RQGH $Sy VLJQLILFD DOpP GH IRUD GH H 0HWURQ UHODWLYR j
PHGLGD (VWD WpFQLFD SURSLFLD D GLVVRFLDomR HQWUH R FRUSR ItVLFR H RV FRUSRV HVSLULWXDLV GRV VHUHV KXPDQRV
DJLOL]DQGRDVVLPDFXUDHPTXDLVTXHUSURFHVVRVWHUDSrXWLFRV
e XP VLVWHPD GH FXUD ODVWUHDGRHPVyOLGDVIRQWHV GHDPRUIUDWHUQRGHVD~GHHGHFXUDSDUD WRGRV
RVPDOHV8PDWpFQLFDGHGHVGREUDPHQWRTXHSRGHVHUDSOLFDGDHPWRGDVDVSHVVRDVQmRLPSRUWDQGRDVD~GHD

LGDGHRHVWDGRGHVDQLGDGHPHQWDOHLQFOXVLYHDUHVLVWrQFLDRIHUHFLGD $SUHVHQWDVHPSUHXPUHVXOWDGRHILFD]
HPWRGRVRVSDFLHQWHV
$RXWLOL]DUPRVDDSRPHWULDDEULPRVDWUDYpVGHQRVVDIRUPDSHQVDPHQWRSRUWDLVLQWHUGLPHQVLRQDLV
TXH QRV OLJDP DR 0XQGR 0DLRU H j &RUUHQWH 0pGLFD (VSLULWXDO DRV 0HQWRUHV H DRV 0HVWUHV GR (VSDoR WRGRV
OLJDGRV j *UDQGH )UDWHUQLGDGH %UDQFD 8QLYHUVDO SRGHQGR RFRUUHU DLQGD GH VH SUHVHQFLDU PHVWUHV
$VFHQFLRQDGRVSUHVHQWHVDRWUDWDPHQWRGHFXUD
$R VH DSOLFDU D DSRPHWULD SRGHP RFRUUHU VHQVDo}HV DR WHUDSHXWD GH TXH IRL IHLWD XPD FLUXUJLD QR
SDFLHQWH SHORV PpGLFRV HVSLULWXDLV 2 WHUDSHXWD QHVWH FDVR VHPSUH GHYHUi DYLVDU R RFRUULGR DLQGD TXH QmR
DFUHGLWH LQLFLDOPHQWH HP VXD LQWXLomR GL]HQGR LQWXLWLYDPHQWH TXDQWRV GLDV R SDFLHQWH GHYHUi SHUPDQHFHU HP
UHSRXVR RX R TXH GHYHUi HYLWDU FRPHU HP XP GHWHUPLQDGR SHUtRGR HWF &RQIRUPH R WHUDSHXWD VH VLQWD VHJXUR

GDWpFQLFDQRWDUiTXHWDLVLQWXLo}HVQXQFDVHUmRFRLVDGHVXDLPDJLQDomR 
3HOD WpFQLFD GH DSRPHWULD SRGHPVH UHWLUDU LPSODQWHV OLPLWDGRUHV HVSLULWXDLV FKLSV QHJDWLYRV 
OLPSDU PDJQHWLVPRV GH YLGDV SDVVDGDV SUHVHQWH RX IXWXUD HIHWXDU RSHUDomR PpGLFRHVSLULWXDO WUDWDU H FXUDU
GRUHV ItVLFDV RX HVSLULWXDLV OLEHUDU UHVTXtFLRV FiUPLFRV GH TXDOTXHU QDWXUH]D YROWDU DR SDVVDGR SDUD UHWLUDU DV
LQLFLDo}HVRXPDOGLo}HVGRSDFLHQWHRXGRREVHVVRUWUDWDUHFXUDUTXHPTXHUTXHVHMDDGLVWkQFLDRXQmRHWF
1D UHDOLGDGH R SRGHU GD DSRPHWULD p LOLPLWDGR QR kPELWR HVSLULWXDO FRPR VH GHPRQVWUDUi D VHJXLU ILFDQGR D
FDUJRGRWHUDSHXWDRULHQWDURTXHGHYHVHUIHLWRSHORVLUPmRVDVWUDLV
1mR p QHFHVViULDSURIXQGDVSUiWLFDV SDUDDOJXpPVH WRUQDUXPWUDEDOKDGRU GHDSRPHWULD&RQWXGR
R LQLFLDQWH GHYHUi VH SUHFDYHU SDUD VLWXDo}HV DWtSLFDV PXLWDV GDV TXDLV SRGHUmR VHU SURYRFDGDV SRU HQWLGDGHV
PDOLJQDVSDUDTXHRWHUDSHXWDSHUFDDVXDFRQFHQWUDomRHDVVLPDFRUUHQWHSHUFDSDUWHGHVXDIRUoDPRWUL]$
LPSRUWkQFLD GHVVH DXWRFRQWUROH GR WHUDSHXWD p GH RUGHP SULPRUGLDO SRLV D DSRPHWULD EDVHLDVH HP LPSXOVRV
PHQWDLV RUGHQVYHUEDOL]DGDVPHGLDQWHFRQFHQWUDomRHRULHQWDomRGDYRQWDGH 
e DFRQVHOKiYHO TXH R WHUDSHXWD WHQKD WLGR FRQWDWR FRP DOJXPD IRUPD GH PDQLSXODomR HQHUJpWLFD
WDO FRPR UHLNL NDUXQD HWF DLQGD TXH HP QtYHO EiVLFR H TXH WHQKD SUDWLFDGR D DSRPHWULD DOJXPDV YH]HV HP
JUXSRDQWHVGHPLQLVWUiODHPWHUFHLURV
3UHILUD FRPHoDU D DWHQGHU SDUHQWHV VHPSUH SHUJXQWDQGR VH RV PHVPRV VHQWLUDP DOJXPD PHOKRUD
$OJXPDVYH]HVDPHOKRUDYHPQRVGLDVVHJXLQWHVjSUiWLFDHPHVSHFLDOQRGLDVHJXLQWHjDSOLFDomR LQIRUPH
LVWRDRSDFLHQWH 
,QLFLDU FRP RV SDUHQWHV p PXLWR LPSRUWDQWH SDUD DGTXLULU FRQILDQoD 6H RV SDUHQWHV SHGLUHP SDUD
DSOLFDUQRYDPHQWHVHUiVLQDOTXHHOHVUHDOPHQWHVHQWLUDPDOJXPDPXGDQoDHJRVWDUDP
(VWH FRQVHOKR ILQDO GHFRUUH GR VHJXLQWH D Ip RX FRQILDQoD QD WpFQLFD p XPD FRQVHTrQFLD QDWXUDO
GRSRGHUGRVLPSXOVRVPHQWDLVHQFDPLQKDGRVSHORWHUDSHXWD&RPRWHPSRHVWHVLPSXOVRVILFDUmRPDLVFODURVH
WHUmRWDPDQKDIRUoD RULXQGDGDIp TXHRWHUDSHXWDVHQWLUiTXHSRGHUiID]HUWXGRQRGHFRUUHUGRVWUDEDOKRV
)LQDOPHQWHDVGLIHUHQoDVHQWUHDDSRPHWULDFyVPLFDHDDSRPHWULDFRPXPVHUmRDERUGDGDVHP
RXWUD REUD D TXDO DLQGD QmR WHP SUD]R SUHYLVWR SDUD HVWDU SURQWD PDV DV PDLV PDUFDQWHV p TXH D DSRPHWULD
FRPXPDJHVHPRDYDOGDFHQWHOKDGLYLQDSRGHQGRRFDVLRQDUHPUHVTXtFLRFiUPLFRSDUDRWHUDSHXWDTXHDSOLFD
DWpFQLFD

 (X SXGH YHULILFDU LVWRHPSHVVRDVWRWDOPHQWHFpWLFDV $SOLTXHLD WpFQLFDHPSHVVRDVTXHQmRDFUHGLWDYDPHPDEVROXWDPHQWH QDGDPDV

VROLFLWDP UHJXODUPHQWH SDUD TXH HX PLQLVWUH DSRPHWULD SRLV HVWDV PHOKRUDUDP VXEVWDQFLDOPHQWH GH VHXV PDOHV DSHVDU GH WHQWDUHP
ERLFRWDURVPpGLFRVDVWUDLV ILFDUGHROKRVDEHUWRVQmRVHFRQFHQWUDUIDODUFRPWHUFHLURVRXDRWHOHIRQHQRPRPHQWRGDDSOLFDomRHWF 

 1DV SULPHLUDVYH]HVTXH DSOLTXHLDDSRPHWULDWLYHDOXGLGDVHQVDomRHGHL[HLGHDYLVDUTXHWLQKDRFRUULGRXPDFLUXUJLDDRSDFLHQWHSRLV

DFKHL TXH DTXLOR GHYLD VHU FRLVD GH PLQKD LPDJLQDomR 5HVXOWDGR D SHVVRD IH] HVIRUoR ItVLFR H DSyV WHYH LQ~PHUDV GRUHV LQGR D XP
KRVSLWDOSDUDYHURTXHHVWDYDRFRUUHQGR-iQRKRVSLWDORPpGLFRIH]XPUDLR;HSHUJXQWRXVHDSHVVRDWLQKDVLGRRSHUDGDUHFHQWHPHQWH
p YHUGDGH  2 PpGLFR ILFRX VHP HQWHQGHU QDGD GHX XP UHPpGLR SUD GRU HVSHFtILFR SDUD FDVR SyVFLU~UJLFR H PDQGRX DOXGLGD SHVVRD
UHWRUQDUSDUDFDVD3RUWDQWRWRPHPFXLGDGR,VWRpPXLWRVpULR'LJDPSDUDQmRILFDUHPFRPGRUQDFRQVFLrQFLDGHSRLV


$6XSHUPHQWH


3ULPHLUDPHQWHWXGRRTXHDTXLIRLHVFULWRSRGHUiVHUIDFLOPHQWHFRPSURYDGRSHOROHLWRUFDVRHVWH
HIHWXHVLPSOHVSHVTXLVDQD,QWHUQHWRXDLQGDSURFXUHHPOLYUDULDVOLYURVDILQVFRPRWHPDGHVWHFDStWXOR2TXH
VH SUHWHQGHX QmR IRL HVJRWDU R WHPD WDPSRXFR IXQGDPHQWDU WHVH PDV DSHQDV H[SRU IDWRV Mi SURYDGRV SHOD
FLrQFLDHVXDFRUUHODomRFRPDDSRPHWULD
)HLWDHVVDEUHYHFRQVLGHUDomRSDVVHPRVDRWHPDHPTXHVWmR

6HJXQGRDFLrQFLDSVLFROyJLFDDSHUVRQDOLGDGHLQGLYLGXDODJURVVRPRGRpIRUPDGDSRUXPDPHQWH
FRQVFLHQWHFKDPDGDGHHJRHGHRXWUDLQWHUQDFKDPDGDGHVXEFRQVFLHQWH
2VXEFRQVFLHQWHLQGLYLGXDOFRQWpPLQIRUPDo}HVDFHUFDGHVREUHYLYrQFLDGDHVSpFLHFRQFOXV}HVGH
YLGD VHQWLPHQWRV UHSULPLGRV H LPHQVR EDQFR GH GDGRV GH PHPyULD 0DV GH DOJXPD IRUPD HVVH VXEFRQVFLHQWH
LQGLYLGXDOXQHVHDRXWURVVXEFRQVFLHQWHVLQGLYLGXDLVGDPHVPDHVSpFLHIRUPDQGRDJRTXHRVFLHQWLVWDVFKDPDP
GHVXEFRQVFLHQWHFROHWLYR
0DVQmRpVy2VXEFRQVFLHQWHFROHWLYRGHXPDGHWHUPLQDGDHVSpFLHXQHVHDRXWUDHVSpFLHVLPLODU
j VXD H D RXWUD HWF IRUPDQGR XP VXEFRQVFLHQWH FROHWLYR DLQGD PDLRU R TXDO ILQDOPHQWH XQHVH DR
VXEFRQVFLHQWHSODQHWiULR
3DUD HQWHQGHU R TXH SUHJD D FLrQFLD SHJXHPRV FRPR H[HPSOR XP PLFR OHmRGRXUDGR (VWH PLFR
SRVVXL XP VXEFRQVFLHQWH LQGLYLGXDO TXH SRU VXD YH] XQHVH D WRGRV RV VXEFRQVFLHQWHV GDTXHOD UDoD GH PLFRV
TXH SRU VXD YH] XQHVH DR VXEFRQVFLHQWH GH WRGRV RV PLFRV LQGHSHQGHQWHPHQWH GD UDoD  TXH YDL VH XQLU DR
VXEFRQVFLHQWH GH WRGRV RV DQLPDLV DILQV JRULODV PDFDFRV FKLPSDQ]pV KRPHQV HWF  TXH SRU VXD YH] XQHVH
DR VXEFRQVFLHQWH GH WRGRV RV PDPtIHURV TXH SRU VXD YH] XQHVH DR VXEFRQVFLHQWH GH WRGRV RV YHUWHEUDGRV
TXH SRU VXD YH] XQHVH DR VXEFRQVFLHQWH FROHWLYR GH WRGRV RV VHUHV GR UHLQR DQLPDO TXH SRU VXD YH] XQHVH
DRVXEFRQVFLHQWHGHWRGRVRVVHUHVYLYRVGRSODQHWD(VWDpDYLVmRFLHQWtILFD
1D YLVmR DSRPpWULFD HVWD XQLmR GH VXEFRQVFLHQWHV FROHWLYRV p PXLWR PDLV DPSOD TXH D FLHQWtILFD
SRLV DEUDQJH WDPEpP WRGRV RV VHUHV GR XQLYHUVR WRGD D PDWpULD WRGD D DQWLPDWpULD H DLQGD WRGDV DV
GLPHQV}HV RX VHMD XQLmR GH WRGRV H WXGR LQFOXLQGR RXWUDV GLPHQV}HV R TXH FKDPDUHPRV GH 2 (635,72
HVStULWR6DQWRWDPEpPFKDPDGRGH'HXV3DL0mHHWF 
$ QHXUROLQJXtVWLFD H RXWURV PpWRGRV GH FRQWUROH PHQWDLV PXQGLDOPHQWH FRQKHFLGRV WDPEpP
FRQILUPDP R SRGHU GR VXEFRQVFLHQWH LQGLYLGXDO RX FROHWLYR FKHJDQGR D DILUPDU TXH SRGHPRV FULDU XPD

683(50(17(RX683(5&e5(%52 SHODXQLmRGHGXDVRXPDLVSHVVRDVIRFDOL]DGDVSDUDXPSURSyVLWRFRPXP
(HVVD683(50(17(QHVWHDVVXQWRFRPXPIXQFLRQDFRPRXP~QLFRVHU
1D FLrQFLD D QRomR GH 683(50(17(H GHVXEFRQVFLHQWHFROHWLYR pXWLOL]DGDSDUDH[SOLFDU RPRWLYR
GH HP FRQYHQWRV RX HP IDPtOLDV FRP PXLWDV PXOKHUHV D JUDQGH PDLRULD GHODV PHQVWUXDUHP TXDVH TXH
FRQFRPLWDQWHPHQWH RX DLQGD SDUD H[SOLFDU SRUTXH TXDQGR XP H[HFXWLYR GH GLUHWRULD GH XPD HPSUHVD HVWi
HVWUHVVDGR LVWR DIHWD WRGDV DV iUHDV GD HPSUHVD DLQGD TXH QmR KDMD OLJDomR GLUHWD FRP D iUHD GDTXHOH
H[HFXWLYRHWF
&RQIRUPH KLVWRULDGRUHV H SHVTXLVDGRUHV RV DQWLJRV FXUDQGHLURV LQGtJHQDV GR +DYDt HTXLYDOHQWHV
DRVQRVVRVSDMpV FKDPDGRVGH.DKXQDV LVVRPHVPR WLQKDPWDLVFRQKHFLPHQWRVXVDQGRD683(50(17(SDUD

LQIOXHQFLDUHPQDDOWHUDomRGHFOLPDV FKXYDYHQWRHWF HQDVD~GHGDVSHVVRDV 


$683(50(17(pDILPjItVLFDTXkQWLFDSRLVSDUDHVWDPRGDOLGDGHFLHQWtILFDXPDDomRSURGX]LGD
QR %UDVLO WDO TXDO UHVSLUDUPRV QHVWH PRPHQWR  SRGH SURGX]LU XP HIHLWR GLYHUVR QD &KLQD -DSmR HWF
FRPSURYDQGRTXHWXGRHVWiLQWHUOLJDGR
0DVRTXHWXGRLVWRWHPDYHUFRPDDSRPHWULD"78'2
3HOD DSRPHWULD XWLOL]DPRV XPD 683(50(17( SDUD FXUDU RV PDOHV DOKHLRV &RQWXGR HVVD
683(50(17(QmRpFRPXPeXPD683(50(17(HVSHFLDOSRLVVHUiFULDGDDSDUWLUGHWRGRVRVVHUHVHQFDUQDGRV
RX QmR SODQHWiULRV RX QmR TXH  HVWHMDP  GLVSRVWRV  D  LQWHJUDU QDTXHOH GHWHUPLQDGR PRPHQWR HVWD
LPSUHVVLRQDQWHIRUoDPHQWDODTXDOpFKDPDGDSHODDSRPHWULDGH&255(17(0(1720$*1e7,&$


 9LGH OLYURV GR 0pWRGR 6LOYD GH &RQWUROH 0HQWDO 6LOYD 0LQG &RQWURO  H OLYURV GH QHXUROLQJXtVWLFD HP HVSHFLDO RV GH $QWKRQ\ 5REELQV

3RGHUVHP/LPLWHV'HVSHUWHR*LJDQWH,QWHULRU3DVVRVGH*LJDQWHHWF 

 7XGR R TXH DTXL p H[SOLFDGR VREUH RV NDKXQDV tQGLRV KDYDLDQRV  SRGHUi VHU YHULILFDGR QR OLYUR &KLOGUHQ RI WKH 5DLQERZ GH /HLODQL

0HOYLOOH


26XSHU6HUPXOWLGLPHQVLRQDO




3DUDILQVGDELRORJLDVHXFRUSRpFRPSRVWRSRUELOK}HVGHFpOXODVHFDGDXPDGHODVWHPYLGD1RWH
TXH FDVR VHMD H[WUDtGDXPDFpOXOD GHVHXFRUSRHVWDFRQWLQXDUiYLYD HID]HQGRVHXV DID]HUHVQDWXUDLVGXUDQWH
DOJXPWHPSR
,VWR GHPRQVWUD TXH D YLGD GDTXHOD FpOXOD p GLYHUVD GD VXD (OD SRGH QDVFHU FUHVFHU H PRUUHU VHP
TXHVXDSHUVRQDOLGDGHVHMDDOWHUDGD$PERVRVVHUHV YRFrHVXDFpOXOD VmRGLVWLQWRVHSRVVXHPYLGDVGLVWLQWDV
HPTXHSHVHHVWDVYLGDVHVWDUHPLQWHUOLJDGDVHHPSHUIHLWDKDUPRQLD
0HOKRUH[SOLFDQGRRFRUDomRQmRpXPDPRQWRDGRGHFpOXODVFDUGtDFDV"&ODURTXHVLP(RWUDEDOKR
GHVVDV FpOXODV p RUGHQDGR RX GHVRUGHQDGR" 3RU FHUWR p RUGHQDGR Mi TXH GR FRQWUiULR R VDQJXH QmR VHULD
ERPEHDGRGHIRUPDFRUUHWDHDSHVVRDPRUUHULD
0DVSHQVHEHPRFRUDomRWHPYLGDSUySULDGLYHUVDGDVFpOXODVTXHRFRPS}H"6HXPDFpOXODGHOH
PRUUHURFRUDomRLQWHLURPRUUHRXFRQWLQXDDYLYHUDSHQDVVXEVWLWXLQGRDFpOXODPRUWDSRURXWUD"
1RWHTXHDRPRUUHUXPDFpOXODFDUGtDFDHVWDpVXEVWLWXtGDPDVSDUDRFRUDomRFRPRXPWRGRHVWD
PRUWH p LQVLJQLILFDQWH Mi TXH FRQWLQXRX D WUDEDOKDU R WHPSR WRGR SRXFR LPSRUWDQGR SDUD HOH FRUDomR  WDO
PRUWHFHOXODU
9LXVy"2FRUDomRWHPXPDYLGDSUySULDTXHpGLYHUVDGDYLGDGDVFpOXODVTXHRFRPS}HP
3RLVEHPVHSHQVDUPRVHPWHUPRVDSRPpWULFRVRTXHDTXHODVFpOXODVFDUGtDFDVHVWmRSURGX]LQGR
DR WUDEDOKDUHP GH IRUPD RUGHQDGD H IRUPDQGR XP RXWUR VHU PDLRU FRUDomR " 6H R OHLWRU GLVVH TXH DV FpOXODV
HVWmRSURGX]LQGRXPD683(50(17(DFHUWRX
(VWH p R SULQFtSLR FRLVDV PHQRUHV XQLGDV GDQGR RULJHP D DOJR JUDQGLRVR H IDQWiVWLFR ,VWR p
6XSHU0HQWHLVWRp$SRPHWULDLVWRp&RUUHQWHPHQWR0DJQpWLFD
3RU RXWUR ODGR SHUJXQWDVH D FpOXOD FDUGtDFD SRGHUi YLYHU IRUD GR FRUDomR SRU ORQJR WHPSR" 3RU
REYLRTXHQmR(RFRUDomRSRGHUiYLYHUIRUDGHYRFrSRUORQJRWHPSR"7DPEpPQmR
&RPRDDSRPHWULDH[SOLFDHVWHJUDXGHGHSHQGrQFLD"
8PD 6XSHU0HQWH PDLRU Gi PHLRV GH VREUHYLYrQFLD D XPD 6XSHU0HQWH PHQRU $VVLP D 6XSHU0HQWH
PHQRUVHPSUHGHSHQGHUiGHXPDPDLRUTXHOKHGrDEULJRHQHUJLDHPHLRGHVREUHYLYrQFLD7DQWRpDVVLPTXH
QmR p GLItFLO HVWDEHOHFHUVH D GHSHQGrQFLD GH XPDFpOXODSDUD FRP XPyUJmRHGHVWHyUJmRSDUDFRPR FRUSRH
GHVWHFRUSRSDUDFRPRSODQHWDHGHVWHSODQHWDSDUDFRPRVLVWHPDVRODUHWF
&UHLR TXH D HVVD DOWXUD YRFr Mi GHYH GHVFRQILDU R TXH p D PDLRU 6XSHU0HQWH GH WRGDV ,VVR
PHVPR'(86
7RGRV RV VHUHV JDOi[LDV VLVWHPDV VRODUHV HWF HQILP WXGR H WRGRV GHSHQGHP GHVVD JUDQGLRVD
683(50(17( TXH p 'HXV e HOH TXHP OKHV Gi DEULJR D WRGDV DV VXSHUPHQWHV PHQRUHV Gi HQHUJLD H PHLRV GH
VREUHYLYrQFLD 6RPRV WmR GHSHQGHQWHV GD HQHUJLD GH 'HXV TXDQWR R VRPRV GR SODQHWD 7HUUD GR 6LVWHPD 6RODU
HWF6HP(OHVRPRVFRPRXPDFpOXODFRUSRUDOIRUDGRFRUSRDTXDOPRUUHSRXFRWHPSRGHSRLVSRUIDOWDUOKHR
HTXLOtEULRHDKDUPRQLDGHYLGD
1HVWH PRPHQWR YRFr SRGH HVWDU HP G~YLGD DILQDO YRFr p XP VHU LQGLYLGXDO RX FROHWLYR" 1D
UHDOLGDGHYRFrpDPERVDRPHVPRWHPSRpXPVHULQGLYLGXDOHQTXDQWRVXDFROHWLYRHPXOWLGLPHQVLRQDO
0DV WHQKD HP PHQWH TXH WXGR DTXLOR TXH RFRUUH QR kPELWR ItVLFR WDPEpP RFRUUH QR PXQGR
HVSLULWXDO +HUPHV 7ULPHJLVWUR R TXH HVWi HP FLPD WDPEpP HVWi HPEDL[R  $VVLP FRPR QRVVR FRUSR p
FRPSRVWR SRU HQWLGDGHV PHQRUHV FpOXODV  H RXWUDV PDLRUHV yUJmRV SUySULR FRUSR  QR kPELWR HVSLULWXDO
WDPEpPDVVLPRFRUUH7HPRV HQWLGDGHVTXHVmRHTXLYDOHQWHVjVQRVVDVFpOXODV HOHPHQWDLVPLFURFKDFUDVHWF 
HRXWUDVHTXLYDOHQWHVDRVQRVVRVyUJmRV FKDFUDV(X6RX(X6XSHULRUHWF 6HXHVStULWRpDXQLmRGHVVHVFRUSRV
HWDPEpPpEHPPDLVTXHLVVR
6H R OHLWRU DLQGD QmRHQORXTXHFHXDWpHVWDDOWXUDWDOYH] WHQKDHQWHQGLGRSRUTXH 'HXV (ORKLP QR

OLYUR*rQHVLVSRUGLYHUVDVSDVVDJHQVEtEOLFDVTXDQGRVHUHIHUHDVLSUySULRVHPSUHRID]QRSOXUDO 
$QDORJDPHQWH YRFr HTXLYDOHD XPDFpOXODGH'HXVWHPROLYUHDUEtWULRPDVGHSHQGHGR3DLTXH
VHPSUHOKHGHXHQHUJLDDEULJRHSURWHomRDLQGDTXHQmRWLYHVVHHVVDQRomRFRPRFpOXODWHPLQGLYLGXDOLGDGH
SUySULDPDVQmRGHL[DGHVHU(OHMiTXHSRGHVHXQLUDXPDVXSHUPHQWHVXSHULRULQFOXVLYHD(OH
(VWDpDYHOKDFRPSDUDomRGDJRWDGiJXD YRFr TXHFDUUHJDHPVLDHVVrQFLDGRRFHDQR 'HXV 

 3RU H[HPSOR LVWR SRGHUi VHU YHULILFDGR HP *rQHVLV  ( GLVVH 'HXV )DoDPRV R KRPHP j QRVVD LPDJHP FRQIRUPH D QRVVD

VHPHOKDQoDRXDLQGDHP*rQHVLV(QWmRGLVVHR6HQKRU(LVTXHRKRPHPp FRPRXPGHQyV VDEHQGRREHPHRPDO




1R GLD TXH YRFr FRQVHJXLU FRQHFWDU VXD LQGLYLGXDOLGDGH j LQGLYLGXDOLGDGH GH XPD VXSHUPHQWH
HVSLULWXDO VXSHULRU j VXD SRU yEYLR VHX HJR VHUi GHVWUXtGR SRLV QmR SRGHUi H[LVWLU FRQFRPLWDQWHPHQWH FRP D
H[SUHVVmRGHRXWUDHQWLGDGHTXHVHUiDXQLmRGRFROHWLYRHPDLRU
0DVTXHPVHULDHVWDHQWLGDGH"$FUHGLWHYRFrPHVPRSRUTXHpHVSLULWXDOPHQWHJUDQGLRVRHLQILQLWR
HPWDPDQKRHQTXDQWRPXOWLGLPHQVLRQDO




 'HVPLVWLILFDQGR R $GXOWR R 6HU 6XSHULRU H D &ULDQoD


,QWHULRU



7HQGR HP YLVWD D LPSRUWkQFLD GR FRQWH~GR GR WH[WR D VHJXLU DFKRXVH SRU EHP WUDQVFUHYrOR QD
tQWHJUD

HP

TXH

SHVH

ID]HU

SDUWH

LQWHJUDQWH

GR

/LYUR



GH

.U\RQ

GLVSRQtYHO

HP

KWWSZZZYHODWURSDFRPYLDBWHRULFDNU\RQGHVFDUUHJDPHQWRBOLYURVKWP


2&DWDOLVDGRUGH0LODJUHV2LQtFLRGDFRPSUHHQVmRLQWHUGLPHQVLRQDO


7H[WR GH DXWRULD GH .U\RQ FDQDOL]DGR SRU /HH &DUURO HP &KLFDJR
,OOLQRLV (8$ 6HWHPEUR  WUDGX]LGR SDUD R SRUWXJXrV GH
3RUWXJDOSRU9LWRULQRGH6RXVD



6DXGDo}HVPHXVTXHULGRV(XVRX.U\RQGR6HUYLoR0DJQpWLFR
1HVWH PRPHQWR TXHUHPRV UHWHU D SUHFLRVLGDGH GHVWD HQHUJLD 1HVWHV PRPHQWRV SUHFLRVRV HVWH
OXJDU HVWi FKHLR GH XPD YLEUDomR VXILFLHQWHPHQWH JUDQGH FDSD] GH HQYROYHU WRGRV RV 6HUHV +XPDQRV TXH DTXL
YLHUDPLQVSLUDGRVSHODLQWHQomRGDVXDQDWXUH]DGLYLQDHQFREHUWD(VWHOXJDUpPXLWRLPSRUWDQWHHHVWiFHUFDGR
SRU XPD EROKD GH DPRU ( HVWH DPRU SURYpP SOHQDPHQWH GH WRGRV RV SUHVHQWHV -i DQWHV R GLVVHPRV p XPD
UHXQLmR GH DOPDV DOPDV TXH YRFrV VHQWHP FRPR ~QLFDV HPERUD VDLEDPRV TXH VmR PXLWDV 0DV DWp TXDQGR
HVWmR VHQWDGRV QHVVDV FDGHLUDV D RXYLU RX D OHU LVWR VmR PXLWRV GH XP H QR HQWDQWR FRQVLGHUDPVH
LQGLYLGXDOPHQWHFRPR~QLFRV)D]SDUWHGRGHVHQFDQWRTXHULGRV+XPDQRV2EULJDGRSHODHQHUJLDTXHDTXLHVWi
DVHUPDQLIHVWDGDGDPRQRVFRQWDHVHQWLPRVUHDOPHQWHDULTXH]DGD)DPtOLD
+i XPD WUHPHQGD UHOHPEUDQoD TXDQGR YRFrV FRQVHJXHP FKHJDU DR RXWUR ODGR GR YpX H
H[SHULPHQWDPDHQHUJLDTXHVmRQDUHDOLGDGH&RPSUHHQGHPTXHID]HPSDUWHGD$UFDGD$OLDQoDGR6DJUDGR
*UDDO WDO FRPR FRPSUHHQGHP DV SHoDV HVSLULWXDLV TXH IDOWDYDP HQTXDQWR SDUWHV PLVWHULRVDV H GLYLQDV GR
XQLYHUVR1HPWXGRp RTXHSDUHFH $PHQVDJHP GH.U\RQGHVGH RSULQFtSLRWHPVLGR(QFRQWUHPD'LYLQGDGH
GHQWURGHYyV(VWDWHPVLGRSHUPDQHQWHPHQWHDPLQKDPHQVDJHP(RTXHpLU{QLFRpTXHDVFULDQoDVMiD

FRQKHFHP )DODPRV GDV DOPDV GRV QGLJRV  TXH HVWmR DTXL PDV TXH DLQGD QmR QDVFHUDP HYLGHQWHPHQWH
.U\RQ VDEH TXH Ki JUiYLGDV QD DXGLrQFLD H GLULJHVH jV IXWXUDV PmHV LQFOXLQGR DTXHODV TXH HVWmR D OHU LVWR
QHVWH PRPHQWR  %RP GHL[HPPH GL]HU TXH HVVDV FULDQoDV VDEHP R TXH VH HVWi D SDVVDU DJRUD (VVDV DOPDV
SUHFLRVDV DOJXPDV GDV TXDLV UHSUHVHQWDP XP JUDQGH GHVDILR SDUD RV VHXV SDLV YrP SDUD D 7HUUD SRU
FRQWUDWR6HMDRTXHIRUTXHYHQKDRFRUUHUGHSRLVYrPSRUFRQWUDWR9RFrVVDEHPTXHPHODVVmRHHODVVDEHP
TXHP YRFrV VmR &DUD PmH HP EUHYH LUiV FRQKHFHU XP YHOKR DPLJR %HQGLWR VHMD HVVH GLD 1mR VH HVTXHoD
GHVWDVSDODYUDV
0HXV FDURV +XPDQRV QRV ~OWLPRV PHVHV WHPRV YLQGR D IDODU GD LQWHUGLPHQVLRQDOLGDGH GR (VStULWR
7HPRV GLWR TXH D HQHUJLD GHVWH DQR   p R FRPHoR GH XP FLFOR GH GR]H DQRV H WHPRV FRQYLGDGR D TXH
GHVFXEUDPDLQWHUGLPHQVLRQDOLGDGHTXHMiHVWiDFHVVtYHO$VPDOKDVIRUDPFRORFDGDVHPWDOSRVLomRTXHDQtYHO
FHOXODU RV FRPSRQHQWHV H RV DFHVVyULRV GH TXHP YRFrV VmR IRUDP SUHSDUDGRV (VWD SUHSDUDomR SHUPLWHOKHV
DJRUD FRPSUHHQGHU D LQWHUGLPHQVLRQDOLGDGH ( RQGH Ki FRPSUHHQVmR Ki DFomR4XH WLSR GH DFomR .U\RQ
SHUJXQWDUmR
7UDWDVH GD DFomR DWUDYpV GD TXDO RV 6HUHV +XPDQRV LQGLYLGXDLV GHFLGHP HOHYDUVH DFLPD GR SODQR
RQGH VHPSUH HVWLYHUDP DWp XP QtYHO RQGH HVWmR HP SD] FRP DV VXDV YLGDV DWUDYpV GD TXDO DFHLWDP D
FRPSUHHQGHPDUHVSRQVDELOLGDGHSRUWXGRDTXLORTXHHVWiDDFRQWHFHUjVXDYROWDDWUDYpVGDTXDOQmRUHFHLDP
RIXWXUR$JRUDGHYHPHUJXHUVHHGL]HU(XHVWRXDTXLFRPRXPDSDUWHGH'HXVHHQTXDQWRHVWLYHUQD7HUUD

VHUHLXP)DUROGH/X] HXPDkQFRUD6HUHLXPDIRQWHGHUHI~JLRSDUDRVPHXVDPLJRVFRPSUREOHPDV6HUHLXP
OXJDUGHSD]QXPWHPSRGHGLVW~UELRV(VWDUHLFKHLRGHVROXo}HVHPYH]GHGHVDILRV(VWDUHLDOLGDUFRPPXLWDV

.U\RQ VHPSUH VH UHIHUH D HVWDV FULDQoDV TXH VmR RV QRYRV PHVWUHV D DVVXPLUHP D FRQGXomR GR SODQHWD (VWHV PHVWUHV FKDJDUDP DR

SODQHWDDSyVHYrPHQFDUQDQGRVXFHVVLYDPHQWH

 1RWD GR 7UDGXWRU SDUDDOtQJXD3RUWXJXHVD(P$VWURORJLD6DJLWiULRpRVLJQRQ~PHURXPQ~PHURWmRODUJDPHQWHFLWDGRHDQDOLVDGR

SRU.U\RQFRPRQRSRUH[HPSOR(VWHVLJQRUHJLGRSRU-~SLWHUR6HQKRUGRV&pXVTXHUHSUHVHQWDDLOXPLQDomRHDEXVFDGRV
SODQRV VXSHULRUHV GR 6HU WHP FRPR XP GRV VHXV VtPERORV SUHFLVDPHQWH R IDURO 1mR DGPLUD TXH VHMD R VLJQR GRV KLHURIDQWHV H GRV
PHVWUHVGRVJXUXVHGRVLOXPLQDGRV


FRLVDVDRPHVPRWHPSRFRLVDVHPTXHRXWURVQXQFDWRFDULDPSRUOKHVSDUHFHUHPGHPDVLDGRGLItFHLV8VDUHLXP
0DQWRGH'LYLQGDGH6HUHLXP)DUROGH/X]QDWHPSHVWDGHGDYLGD
(VWHpRWUDEDOKR
4XHULGRV +XPDQRV Ki PXLWRV )DUyLV GH /X] QHVWD VDOD (VVHV VDEHP TXH PH GLULMR D HOHV QmR
DVVLP"3RUTXHYRFrVFRQKHFHPRVSULQFtSLRVGRTXHHVWiDDFRQWHFHUDTXL(VWDpXPDVHVVmRGHHQVLQDPHQWR
$OLiVVHPSUHp DVVLP 1RHQWDQWRR TXHQyV JRVWDUtDPRVGHID]HUQHVWHVPRPHQWRVHUDVHQWDUPRQRVHDPi
ORV *RVWDUtDPRV GH YRV WRFDU QD FDEHoD H QRV RV RPEURV SDUD VDEHUHP TXH HVWDPRV DTXL $GRUDUtDPRV
DEUDoiORVSDUDTXHVDtVVHPGDTXLFRPDFHUWH]DTXHR(VStULWRHVWHYHQHVWDVDOD
1mRIDOWDUiTXHPGLJDTXHLVWRpIDOVRTXHPGLJD,VVRQmRSRGHVHUYHUGDGH2(VStULWRQmRSRGH
ID]HU WDO FRLVD 'HXV QmR DJH DVVLP %RP HVVHV HVWmR D H[SHULPHQWDU XP EORTXHLR GD UHDOLGDGH GD TXDUWD

GLPHQVmR '  'HXV DJH DVVLP SHUPDQHQWHPHQWH $OLiV 'HXV SRGH DJLU DVVLP RQGH YRFrV TXLVHUHP 1mR WrP
TXH YLU D XPD UHXQLmR FRPR HVWD QmR WrP TXH VH VHQWDU HP IUHQWH GH DXWRUHV H FDQDOL]DGRUHV 0DLV QmR WrP
TXH VH VHQWDU HP IUHQWH GH FXUDGRUHV H FRQIHUHQFLVWDV SDUD TXH HVWD HQHUJLD VH DSUHVHQWH 3RGHP LU SDUD R
ORFDO PDLV SHTXHQR GD FDVD H ID]HU FRP TXH D 'LYLQGDGH YRV WRTXH 3RGHP REWHU D FXUD GHQWUR GD YRVVD
HVWUXWXUDFHOXODUSRUTXHRDQMRDtpUHDOPHQWHSRGHURVR1HQKXPGHYyVpPDLVSRGHURVRGRTXHRXWUR6mR
WRGRV LJXDLV WRGRV VmR GLYLQRV 9RFrV VmR WRGRV HVSHFWDFXODUHV QRV YRVVRV SRWHQFLDLV (VWD p D PHQVDJHP GH
.U\RQ
4XHFRPHFHRHQVLQDPHQWR
2V FRQFHLWRV TXH DSUHVHQWDPRV HVWD QRLWH QmR VmR QRYRV $OJXQV GHOHV Mi IRUDP GDGRV DWp
UHFHQWHPHQWH HPERUD QHQKXP GHOHV WHQKD VLGR WUDQVFULWR 3RU LVVR HVFROKHPRV HVWD UHXQLmR SDUD D
WUDQVFULomR )D]HPROR SDUD OKHV IRUQHFHU LQIRUPDomR DFHUFD GDTXHOD SDUWH GH YyV GDTXLOR TXH YRFrV VmR PDV
GH TXH QHP VHPSUH HVWmR FRQVFLHQWHV e XPD SDUWH LQWHUGLPHQVLRQDO GH YRFrV PHVPRV FXMRV SRWHQFLDLV DLQGD
QmRIRUDPWRWDOPHQWHHQWHQGLGRV
eWHPSRGHUHYHODUFRPRIXQFLRQDR6HU+XPDQRGH'GHVGHRQGHWRFDRXWUDVGLPHQV}HV
1R SDVVDGR PHXV FDURV IDODPRV GR 7UrV HP 8P KRMH YDPRV GDU DOJXPDV LQIRUPDo}HV VREUH
DOJXQV GRV DWULEXWRV GHVWH WULR $OJXQV FKDPDPOKH 7ULORJLD RXWURV 7ULQGDGH RXWURV PDLV VLPSOHVPHQWH
UHIHUHPVHOKH FRPR R 7UrV HP 8P 6HMD FRPR IRU WRGDV DV GHVFULo}HV VH UHIHUHP jV WUrV HQHUJLDV TXH
LQWHJUDPR6HU+XPDQRFRPSOHWR
)DODPRV DJRUD GR WUrV HPERUD Mi WHQKDPRV IDODGR GHOH DQWHULRUPHQWH &RQYLGDPRV D TXH ROKHP
SDUD R WUrV R TXH HYLGHQWHPHQWH UHSUHVHQWD  GR GR]H 1mR p SRU DFDVR TXH KDMD WUrV SRUo}HV GH HQHUJLD
QR6HU+XPDQRHVVDVDTXHQRVTXHUHPRVUHIHULUSRUTXHRWUrVUHSUHVHQWDDFomR7DPEpPpXPFDWDOLVDGRU
SRUTXH RQGH H[LVWH R WUrV H[LVWH SRWHQFLDO SDUD PXLWR PDLV$LQGD TXHDOJXQVQmRSRVVDPHQWHQGHULVWR Ki
RXWURVTXHFRPSUHHQGHPSOHQDPHQWH27UrVHP8PpXPFRQFHLWRLQWHUGLPHQVLRQDOPDVVyp8PTXDQGR
RYLYHPQD'
'RTXHp TXH HVWiVDIDODU.U\RQ"(VWDPRVDIDODUGHDOJRTXHOLWHUDOPHQWHID]SDUWHGRWHFLGR
GRV VLVWHPDV GH FUHQoDV GR SODQHWD DOJR TXH HVWi LGHQWLILFDGR H TXH DR TXDO YRFrV Vy VH UHIHUHP
PHWDIRULFDPHQWH (VWDPRV D IDODU GDV WUrV HQHUJLDV EDVWDQWH GLIHUHQWHV TXH FRQIRUPDP FDGD 6HU +XPDQR
4XHUHPRV IDODU GH DOJR TXH DOJXQV FKDPDP 3DL )LOKR H (VStULWR 6DQWR $QWHULRUPHQWH DWULEXtPRV RXWURV
QRPHVDHVVDVHQHUJLDV$GXOWR&ULDQoDH6HU6XSHULRU
2UD HVWD p D QRPHQFODWXUD R WLSR GH WHUPRV TXH XVDUHPRV DR ORQJRGHVWDOLomR +iHQVLQDPHQWRV
SURIXQGRVUHODFLRQDGRVFRPHVWDVWUrVHQHUJLDVGHIRUPDTXHRVMXQWDUHPRVQXPDVLQRSVHFRPRGLULDRPHX
VyFLR 7UDWDVH GH XP SDQRUDPD JHUDO GH XPD JUDQGH VLPSOLILFDomR GDVHQHUJLDVGHVWHVWUrVYHFWRUHV 6mRYRV
GDGRV SDUD TXH RV SRVVDP FRPSUHHQGHU H SDUD TXH QRV VHMD SRVVtYHO DSUHVHQWDU DOJXQV DVSHFWRV LPSRUWDQWHV
DFHUFDGRTXHUHSUHVHQWDP+iDTXLDOJXQVTXHSUHFLVDPGHRXYLULVWR
(VWDPRV UHDOPHQWH SHUDQWH XPD HVWUXWXUDomR H p SUHFLVR TXH HOD H[LVWD GHQWUR GD SVLTXH
KXPDQD+iGHIDFWR'LYLQGDGHQRWUrVPDVWDPEpPKiGXDOLGDGH7RGDVHVWDVFRLVDVHVWmRMXQWDVQDTXLOR
D TXH WHPRV YLQGR D FKDPDU R 7UrV HP 8P 1RWHP TXH XVDPRV D H[SUHVVmR 7UrV HP 8P SRUTXH QHQKXPD
GDVSDUWHVpPDLVLPSRUWDQWHGRTXHRXWUD7RGDYLDWrPDWULEXWRVTXHDJRUDSDVVDUDPDVHULPSRUWDQWHVSDUD
RYRVVRFDPLQKR,PSRUWDH[SOLFDULVWRXPSRXFRPHOKRU


2$GXOWR

&RPHFHPRV SHOR$GXOWRR3DLFRPRpFKDPDGRSRUDOJXQVHTXHp XPDGDVSDUWHVGR7UrVHP
8P9HMDPRVDOJXQVGRVDWULEXWRVGR$GXOWRTXHGHYHPFRQKHFHU
4XDO p D UHVSRQVDELOLGDGH GD SDUWHDGXOWDGDHQHUJLDQR FRUSRKXPDQR"(QTXDQWR DQGDPSRUDtR
TXHpVXSRVWRHVSHUDUGHVVDSDUWHDGXOWD"$YRVVDSDUWHDGXOWDR3DLpDTXHODTXHUHFRUGDeRYRVVR$GXOWR

3DUD.U\RQRPXQGRWULGLPHQVLRQDOSDVVRXDYLEUDUHPGLPHQVmRDSyVRDQRGH'DtDH[SUHVVmRSRUHOHXWLOL]DGD


TXH YLGD DSyV YLGD H[SHULPHQWRX RV LQIRUW~QLRV R FDUPD DV SURYDo}HV e HVWD SDUWH TXH GHVSHUWD
HVSLULWXDOPHQWH(VWDPRVDTXLFRPXPJUXSRGHPHPEURVGD)DPtOLDTXHHVWiDGHVSHUWDUDTXHOHVFXMRVQRPHV
FRQKHFHPRV $OJXQV GH YyV FRPHoDUDP DJRUD D UHFRUGDU TXH LVWR p UHDO H TXH p FHUWR SRUTXH FRPHoDUDP D
VHQWLUQRV
2 $GXOWR p D SDUWH TXH UHFRUGD H TXH GHVSHUWD HVSLULWXDOPHQWH p D ]RQD HVWUXWXUDGD 1HVWH
FRQWH[WRpDSDUWHH[SHULPHQWDGDDTXHODTXHGHVSHUWDeDTXHOLGDFRPRFRQWUDWR RFRQWUDWRHVSLULWXDO -i
IDODPRVGLVWR2FRQWUDWRpDPHWiIRUDPDLVHOHYDGDTXHSRGHPRVXWLOL]DUSDUDUHSUHVHQWDUDDFWXDOVLWXDomR
5HSDUHPQDSDODYUDFRQWUDWRHYHMDPTXHDWpQRYRVVRLGLRPDLPSOLFDPDLVGRTXHXPDDVVLQDWXUDpSHOR
PHQRVXPDFRUGRHQWUH(QWLGDGHV2UDRYRVVRFRQWUDWRSULQFLSDOHUDVLPSOHVPHQWHH[LVWLUHPFRPR6HUHV
+XPDQRV QR SODQHWD 0DV Mi GLVVHPRV DQWHV TXH GHYLGR j SUHVHQoD GHVWD 1RYD (QHUJLD RV
YRVVRVFRQWUDWRVTXHVmRLQGLYLGXDLVIRUDPDOWHUDGRVFHUWDPHQWHIRUDPDQXODGRVSHORTXHHVWmRDWUDWDU
GHID]HURXWURV$OJXQVWUHPHPHPIDFHGD1RYD(QHUJLDSHUJXQWDPVHRTXHHVWiDDFRQWHFHUFRPDVVXDV
YLGDV 7RGDYLD R FDPLQKR TXH VH DEUH j YRVVD IUHQWH HVWi HP EUDQFR ( p R $GXOWR TXH VH DSHUFHEH GR
SRWHQFLDOHTXHFRQKHFHRVFRQWUDWRV

6HJXLGDPHQWH VXUJH D UHVSRQVDELOLGDGH $ HQHUJLD GR $GXOWR p UHVSRQViYHO 7UDWDVH GD
UHVSRQVDELOLGDGHGHUHFRQKHFHUTXHSODQHDUDPWXGRDTXLORTXHMiYRVDFRQWHFHX-iGLVVHPRVYiULDVYH]HV$TXL
HVWmRRVTXH 3DXVD $EHQoRDGRVVHMDPRVDQMRVGLVIDUoDGRVGH6HUHV+XPDQRVTXHHVWmRVHQWDGRVDRXYLU
HDOHUHVWDVSDODYUDVHTXHGHVFREULUDPRVLJQLILFDGRGDGiGLYDGDPRUWH 5HVXPLQGR +iDTXLDOJXQVHPDLV
GR TXH XP TXH ROKDUDP SDUD R SDVVDGR SDUD D GRU GDV VXDV YLGDV H UHFRQKHFHUDP D 'LYLQGDGH QDTXLOR TXH
RFRUUHX

%RP KRMH WHPRV LPHQVD LQIRUPDomR $TXL HVWi XP SUHVHQWH SDUD YRFrV TXH WDOYH] DOJXQV Mi
VDLEDP D (QWLGDGH DPDGD TXH SDUWLX SRU TXHP D IDPtOLD WDQWR VRIUHX HVWi FRQYRVFR SDUD WRGD D YLGD
/HPEUDPVH" 6H SUHVVHQWLUDP D SUHVHQoD GHVVD SHVVRD DPDGD WLQKDP UD]mR 1mR IRL XPD LOXVmR 'H IDFWR
PXLWDV YH]HV RV FRQWUDWRV GH YLGD QmR WHUPLQDP FRP D PRUWH KXPDQD FRQWLQXDP DR ORQJR GH WRGD D YRVVD
YLGD2$GXOWRFRPSUHHQGHLVWR
(PEUHYHWHUHPRVPDLVLQIRUPDomRDFHUFDGHFRPRIXQFLRQDLVWRQDUHDOLGDGH

4XHP VmR DTXHOHV TXH GHVHQFDUQDUDP H IRUDP LPSRUWDQWH SDUD YRFrV" $OJXPD YH] RV VHQWLUDP j
YRVVD YROWD" -XOJDP TXH LVVR p H[FHVVR GH LPDJLQDomR" 1mR QmR p $EUDP RV YRVVRV FRUDo}HV D HVWH IDFWR
LQWHUGLPHQVLRQDO DEUDP D YRVVD LQWXLomR SDUD WHUHP D FHUWH]D GH TXH HVWDV VHQVDo}HV VmR UHDLV (VWHV VHUHV
DPDGRVHVWmR UHDOPHQWHFRQYRVFR2OKDPQRVGHVGHXP OXJDU TXHHVWiDFLPDGDVYRVVDVFDEHoDVOLWHUDOPHQWH
XP SRXFR j HVTXHUGD $JRUD ID]HP SDUWH GH YyV  SDUWH GRV YRVVRV SURFHVVR GH SHQVDPHQWR  H DOJXQV GHOHV
HVWmRDGL]HU$PRWHRXWURVGL]HP3DUDEpQVRXWURV DLQGD HVWmRVXUSUHHQGLGRVSRUYHULILFDUHPHPTXHp
TXHYRFrVVHFRQYHUWHUDP
7DOYH]WHQKDPTXHRXYLULVWRDJRUDDTXLHPERUDSRVVDSDUHFHUHVWUDQKRDDOJXQVGHYyV

3RGHPRVSURYDURTXHHVWDPRVDGL]HU"1mR1DYRVVD'LVWRpLPSRVVtYHOGHSURYDU(GLJDVHGH
SDVVDJHPQmRDFHLWDUtDPRVTXHIRVVHGHRXWUDIRUPDSRUTXHDSURYDWLUDUOKHLDRDPRUHRSRGHUeDOJRTXH
WHPTXHVHUSHUFHELGRSDUDDOpPGRItVLFRGHVHUSRVVXtGRDQtYHOFHOXODU(QWmRVLPVHUiUHDOeFRPRRDPRU
WHQWHP SURYDU TXH H[LVWH 1mR SRGHP 6y SRGHP SRVVXtOR H[SHULPHQWiOR H VDEHU SHVVRDOPHQWH TXH p UHDO
,VWRID]FRPTXHRDPRUWDPEpPVHMDLQWHUGLPHQVLRQDO
2 $GXOWR WDPEpP p UHVSRQViYHO SRU WRPDU GHFLV}HV ULWXDLV DTXLOR D TXH QR SDVVDGR VH FKDPDYD
WRPDU YRWRV (P EUHYH FRPR Mi DILUPDPRV DQWHV YROWDUmR D HVWDU IUHTXHQWHPHQWH QHVVH QRYR HVWDGR QD
1RYD (QHUJLD  FRQVFLHQWHV GR [DPm TXH H[LVWH GHQWUR GH YyV UHSUHVHQWDGR SHODV YiULDV YLGDV HP TXH IRUDP
PRQJHVPRQMDVHVDFHUGRWHV7HPRVPXLWRVGHVVHVDTXLQDVDOD-iGLVVHPRVDQWHVTXHpR$GXOWRTXHWRPDD
GHFLVmRGHVHFDVDUFRP'HXVGHVHFRQFHQWUDUHP'HXVTXHWRPDRYRWRGHFHOLEDWRRYRWRGHHVWDUVR]LQKR
GHVHUSREUHGHHQWUHJDUWRGDDVXDDXWRHVWLPDeR$GXOWRTXHID]WXGRLVWRTXHWRPDDVGHFLV}HVHPUHODomR
DWXGRRTXHVHMDFRUUHFWR
3RUWDQWRHVWHVVmRRVTXDWURDWULEXWRVGHVSHUWDUFRQWUDWRUHVSRQVDELOLGDGHHYRWRV
4XDWUR DWULEXWRV HQWUH RV PXLWRV RXWURV TXH UHFRQKHFHUmR FRPR SHUWHQFHQGR DR  $GXOWR  XPD GDV
WUrVHQHUJLDVGR6HU+XPDQR$JRUDDRDQDOLViORVYHULILFDUmRTXHWRGRVHOHVSHUWHQFHPjHVWUXWXUD6HDOJXpP
HVWiDTXLYLYHQGRDVXD&ULDQoDHGHFHUWRPXLWRVHVWmRSRGHULDGL]HU(VWDpDSDUWHUHDOPHQWHFKDWDQmR
pYHUGDGH" 5LVRV 


$0HWiIRUDGR%DOGH



9DPRV jPHWiIRUDGREDOGHTXHUHSUHVHQWDDUHODomR HQWUHRVWUrVDWULEXWRVSDUD TXHSRVVDP YHU


R SDQRUDPD WRWDODQWHV GHGL]HUPRV RTXHIDOWDeLPSRUWDQWHTXHYHMDP REDOGHWHPD IRUPD GHFXERFRPR
RVEDOGHVGHSUDLDGDVFULDQoDV$VVLPREDOGHSURSULDPHQWHGLWRpR$GXOWRDSDUWHSDLD(VWUXWXUDeRTXH
SHUPLWHTXHRUHVWRH[LVWDeDHVWUXWXUDGREDOGH

2 TXH HVWi GHQWUR GR EDOGH p R )LOKR RX D HQHUJLD GD &ULDQoD e D iJXD ( YHUmR TXH D
HVWUXWXUD GR EDOGH FRQWpP D iJXDSDUDTXH QmR VHGHUUDPH RX VHSHUFD(P YH]GLVVRpFRQWLGDGH XPD IRUPD
OyJLFDPDWHPiWLFD2EDOGHFRQWpPHPDQWpPDiJXDSDUDTXHHODQmRVHSHUFD3URSRUFLRQDDSRVVLELOLGDGHGH
DiJXDH[LVWLUQmRpDVVLP"

(DSDUWHHVSLULWXDO"SHUJXQWDUmR(QWmRTXHSDUWHGREDOGHpR6HU6XSHULRU"%RPHVVDSDUWH
pDDVDHPmRJLJDQWHVFDTXHSHJDQHOH
$VVLPWrPD(VWUXWXUD6XEVWkQFLDH&HQWHOKD23DL)LOKRH(VStULWR6DQWR$GXOWR&ULDQoDH6HU
6XSHULRU

)DOHPRVDJRUDGD&HQWHOKDGR7UrVHP8P
'LUmR%RP.U\RQD&HQWHOKDpTXHWrPRSDSHOPDLVLPSRUWDQWHQmRp"$ILQDOpRTXHHVWDPRV
DHVWXGDUKRMH
1mR Ki SRUpP XPD SDUWH PDLV LPSRUWDQWH +i SDUWHV TXH FRQYpP FRQKHFHU PHOKRU GR TXH
RXWUDV H HVWD VH FDOKDU p XPD GHODV 2 6HU 6XSHULRU p XP GRV WHPDV TXH VH HQVLQDP PDLV IUHTXHQWHPHQWH
GHQWUR GR kPELWR GD HQHUJLD GH .U\RQ )DODPRV GD &HQWHOKD SHUPDQHQWHPHQWH PDV HVWD QRLWH YDPRV IRFDU
RXWUDVFRLVDVPDLVTXHGHYHPVDEHU0DVSULPHLURIDoDPRVXPDSULPHLUDDERUGDJHPj&HQWHOKD


26HU6XSHULRU

7DPEpPDR(VStULWRRX6HU 6XSHULRUGDUHPRVTXDWURDWULEXWRV DLQGDTXHKDMDRXWURV8P GHOHVp
D OLJDomR FRP 'HXV FRP R (VStULWR ,VWR Mi IRL GLWR DQWHV H YRFrV Mi VDEHP 3RUTXH XP GRV DWULEXWRV GR 6HU
6XSHULRUHVWiQDTXHOHSRQWRTXHOLJDR6HU+XPDQRFRPR6HU$QJpOLFR)RLSDUDDSUHQGHULVWRTXHYRFrVYLHUDP
DTXL 5DURV VmR DTXHOHV TXH YLHUDP SDUD VH LQIRUPDUHP DFHUFD GD 6XEVWkQFLD GD &ULDQoD LQWHULRU 1mR TXDVH
WRGRV SUHWHQGHP VDEHU DFHUFD GD &HQWHOKD QmR p DVVLP" $ LURQLD p LVVR p R TXH YRFrV VmR TXDQGR QmR HVWmR
DTXL1mRpGHDGPLUDUTXHVHVLQWDPLQWHUHVVDGRV

-iYRVWLQKDGLWRLVWRDQWHV7UDEDOKDGRUHVGD/X])DUyLVGH/X]1mRLPSRUWDTXHLGDGHWHQKDPRX
HPTXHDFUHGLWDPQmRLPSRUWDTXDOVHMDRYRVVRFDPLQKRQmRLQWHUHVVDTXHPMXOJDPTXHVmRRXVHFUrHPTXH
RTXHHVWiDDFRQWHFHUpUHDORXQmRDYHUGDGHpTXHYROWDUHLDYrORVDWRGRVQRYDPHQWH
8P RX RXWUR GLUi 2K QmR YHUiV QmR SRUTXH HX QmR YRX YROWDU /HPEUHPVH GLVVR TXDQGR
HVWLYHUj YRVVDIUHQWH MXQWDPHQWHFRPRVRXWURVHDVYRVVDVJORULRVDVFRUHVFRPHoDUHPDEULOKDU/HPEUHPVH
GR TXH GLUmR FRP WRGD D LQRFrQFLD TXDQGR RV IHOLFLWDUPRV H OKHV GHUPRV DV ERDVYLQGDV GH UHJUHVVR D &DVD
/HPEUHPVHGLVVRTXDQGRYLUHPXPDPXOWLGmRGHIDPLOLDUHVDDSODXGLU PHWDIRULFDPHQWH TXDQGRVHQWLUHPR
DPRU DWUDYpV GDV FRUHV TXH OKHV PRVWUDUHPRV TXDQGR RXYLUHP DV FRUHV TXH OKHV GDUHPRV H TXDQGR GLVVHUPRV
6HMDP EHPYLQGRV D &DVD /HPEUHPVH GLVVR TXDQGR GHFLGLUHP FRP D PHQWH GH 'HXV YROWDU WmR GHSUHVVD
TXDQWRVHMDSRVVtYHOSDUDID]HUHPSDUWHGD1RYD7HUUD

-i YRV YL PXLWDV YH]HV TXDQGR HQWUDUDP QR JUDQGH 6DOmR GH +RQUD H QRV FDQWDUDP R YRVVR QRPH
HPOX]4XHFHOHEUDomR)D]HPDOJXPDLGpLDGRTXHVHMDLVWR"1mRQmRSRGHPOHPEUDUVH6HVRXEHVVHPGRTXH
VHWUDWDPXLWRVSDUWLULDPLPHGLDWDPHQWH .U\RQULSDUDGHQWUR (VWHpRWUDEDOKRPHXVFDURV(VWDH[SHULrQFLD
GRKXPDQRWHUUHQRpRWUDEDOKR%RPPDVLVVRMiYRFrVVDELDPQmRpYHUGDGH"

eD&HQWHOKDTXHKRMHYLHUDPEXVFDU1yVVDEHPRVGDYRVVDVDXGDGHGDOLJDomRFRP'HXV
$  &HQWHOKD p WDPEpP R DWULEXWR TXH SHUPLWH DR 6HU +XPDQR HQFRQWUDU D VXD DXWRHVWLPD e D
OLJDomR FRP 'HXV TXH SURSRUFLRQD LVVR 6DEHPRV TXH QHVWD VDOD D DXWRHVWLPD p XP GRV JUDQGHV GHVDILRV e
VHPSUHDVVLPFRPRV 7UDEDOKDGRUHVGD/X]SRUFDXVDGRV GHPDVLDGRVDQRVTXHSDVVDUDPGHMRHOKRVFRPRV
QDUL]HVFRODGRVDRVDOWDUHV

3HUJXQWDUVHmR&RPRIDUHLSDUDTXHD&HQWHOKDIXQFLRQH"(XQmRVRXGDTXHOHVTXHSHODPDQKm
VH ROKDP DR HVSHOKR H YrHP R VHU GLYLQR QmR FRP PXLWD IUHTXrQFLD YHMR XP 6HU +XPDQR FRP SUREOHPDV H
TXHHQYHOKHFH&RPRSRVVRHXDWLQJLUHVVHSDGUmR"&RPRSRVVRFRPSUHHQGHULVVR"2QGHHVWiDUHVSRVWDGDDXWR
HVWLPD"


1R SUy[LPR LWHP GD H[SOLFDomR GD 8QLGDGH7ULORJLD IRUQHFHUHL R FDWDOLVDGRU SDUD D TXHVWmR GD
DXWRHVWLPD3RUDJRUDGLUHPRVTXHDLQGDTXH3DL$GXOWR)LOKR&ULDQoDH(VStULWR6HU6XSHULRUHVWHMDPLQWHU
UHODFLRQDGRV SRVVXHP DWULEXWRV VHSDUDGRV LQGHSHQGHQWHV 8P GHOHV p R GHVDILR GD DXWRHVWLPD TXH HVWi
UHODFLRQDGRFRPDTXHODSDUWHGR6HU+XPDQRFKDPDGD6HU6XSHULRU6HDOJXPDYH]MiVHSHUJXQWDUDPTXDOHUDR
PRWLYRGHVVDVDXGDGHLQWHULRUSRLVpLVVRPHVPR

3RUpPDLQGDKiRXWURDSD]YHUGDGHLUDVDJUDGDGLYLQDDSD]TXHQmRpSDVVtYHOGHFRPSUHHQVmR
4XDQGR VH GL] LVWR YRFrV TXHVWLRQDPVH &RPR VH SRGH HVWDU HP SD] TXDQGR j QRVVD YROWD Vy Ki
GHVRUGHP"3RLVpDWUDYpVGR'LYLQRDWUDYpVGD&HQWHOKD(VWDpDPmRTXHVXVWpPREDOGHR6HU6XSHULRUeR
DQMR TXH WHP R YRVVR QRPH 6HMD TXDO IRU D VLWXDomR QyV SURPHWHPRV SD] TXDQGR D PDLRULD GDV YH]HV QmR Ki
SD] XPD SD] DFLPD GDV FRLVDV TXH SDUHFHP QmR WHU VROXomR 8PD SD] TXH YRV SHUPLWH HVWDU QR PHLR GD
GHVRUGHP H GR GUDPD H QR HQWDQWR VHQWLU D GLYLQGDGH GH 'HXV VDEHQGR SOHQDPHQWH TXHP VmR 6LP HVWH p R
WUDEDOKRGR6HU6XSHULRU

0DV Ki PDLV -i IDODPRV GD OLJDomR FRP 'HXV GD DXWRHVWLPD H GD SD] GLYLQD 2 TXDUWRDWULEXWR p
DTXLOR DTXHSRGHPRVFKDPDU RVPLODJUHVDDFomRGD&RQVFLrQFLDVREUHDPDWpULDDFXUDGLYLQDDH[WHQVmR
GDYLGDKDUPRQL]DQGRRFRUSRTXDQGRMiWXGRGHL[RXGHVXUWLUHIHLWR

*RVWDULDGHPHGHWHUDTXLSDUDYRVGL]HUTXHSRGHPRVIDODUGHVWDVFRLVDVTXHULGRV+XPDQRVVHP
QRV HPRFLRQDUPRV DQWH YyV WHQGR HP YLVWD RV SRWHQFLDLV TXH HVWmR VHQWDGRV QHVWDV FDGHLUDV ILQJLQGR TXH VmR
+XPDQRV SRUTXH VDEHPRV R TXH YRV WURX[H DTXL ( WX OHLWRU ILFD VDEHQGR TXH WDPEpP HVWiV LQFOXtGR QHVWD
DXGLrQFLD 1mR SHUFHEHV TXH WDPEpP HVWiV LQWHJUDGR QR DJRUD" 3HQVDV TXH HVWiV D OHU DOJR TXH Mi SDVVRX"
1mR(VWiVDOHUVREUHXPDHQHUJLDTXHHVWiDRFRUUHU

&RQKHFHPRV DV VLWXDo}HV GH DOJXPDV H[LVWrQFLDV PDV TXHUHPRV GL]HU TXH QD 7HUUD QmR Ki
QDGD LQFXUiYHO 1DGD p LQFXUiYHO 2 YRVVR VLVWHPD GH SHQVDPHQWR HP UHODomR DR TXH SRGH FXUDUYRV p
DUFDLFRHSRULVVRQXQFDFKHJDPDFRPSUHHQGHUDHOHJkQFLDGR'LYLQRGHQWURGHYyV
6DELDP TXH SRGHP GLULJLUVH D FHUWDV FpOXODV GR YRVVR FRUSR SDUD DV GHVSHUWDU" 6DELDP TXH D
YRVVD LQWHQomR SRGH WUD]HU j PDQLIHVWDomR D FXUD PLODJURVD" 6DELDP TXH SRGHP FXUDU D GRHQoD H YLYHU
PDLVWHPSR"
4XHUHPVDEHUFRPRp",VVRYLUiQDWHUFHLUDSDUWHGRTXHLUHLIDODUDVHJXLU0DVQDUHDOLGDGHWXGR
LVVRSURFHGHGD&HQWHOKDGR6HU6XSHULRU
+i LQIRUPDo}HV TXH WrP TXH VHU WUDQVFULWDV DOJR TXH Mi GLVVHPRV DQWHV PDV TXH QXQFD VH WRUQRX
S~EOLFR(VWHpRDQRGHGHVFREULPHQWRGRVHJXLQWHGHQWURGDHVWUXWXUDFHOXODUKXPDQDLUmRHQFRQWUDUFRLVDV
TXH QXQFD LPDJLQDUDP TXH SXGHVVHP HVWDU DOL $TXHOHV TXH HVWXGDP ELRORJLD KXPDQD GL]HP TXH R FRUSR WHP
XP Q~PHUR ILQLWR GH FHUWRV WLSRV GH FpOXODV HVSHFLDOPHQWH R FpUHEUR 'L]HP TXH QDVFHUDP FRP XP FHUWR
Q~PHURGHFpOXODVQHUYRVDVTXHYmRPRUUHQGRSURJUHVVLYDPHQWH
4XHSHQVDPHQWR4XHWDOUHMXYHQHVFHUy+XPDQRV"
,VWR ID] VHQWLGR SDUD YyV" %RP VH VmR GDTXHOHV TXH GXYLGDP QmR WrP UD]mR SDUD LVVR SRLV QR
FRUSR KXPDQR Ki XP PHFDQLVPR TXH DXWRUL]D XP QRYR FUHVFLPHQWR FHOXODU GH WLSR HPEULyQLFR DR ORQJR GH
WRGDDYLGD2YRVVR'1$HVWiSURJUDPDGR SDUDTXHHVWHFUHVFLPHQWRVHMDSRVVtYHOXPDFDSDFLGDGHTXHDLQGD
QmRGHVFREULUDPPDVpXPSRWHQFLDOSDUDHVWHDQR SDUDVHUGHVFREHUWRHVWHDQR 
7UDWDVH GHFpOXODVVHP SURSyVLWR TXHHVWmRj HVSHUDGHXPSURSyVLWR1RSDVVDGRSHUFHEHUDP
TXH HUDP HPEULyQLFDV H FKDPDUDPOKHV FpOXODVPmHV (ODV JHUDP DV FpOXODV FRP SURSyVLWR DTXHODV TXH
LUmRGDURULJHPjVFpOXODVFDUGtDFDVFHUHEUDLV QHUYRV PXVFXODUHVyVVHDVDRVLVWHPDLPXQROyJLFRHLQFOXVLYD
PHQWHjJOkQGXODWLPR0DVFRQWLQXDPDOLSURQWDVHRFXOWDVVHPVHGHVHQYROYHUHP
&RP LVWR HVWRX p D H[SOLFDU FRPR RFRUUHP RV PLODJUHV Ki SDUWHV H FRPSRQHQWHV GR YRVVR FRUSR
TXH HVWmR j HVSHUD GD LQWHQomR (VSHUDP TXH XPD HQHUJLD FKDPDGD FRPSDL[mR DV GHVSHUWH SDUD FUHVFHUHP
RQGHYRFrVGHFLGDPTXHGHYHPFUHVFHU$FLrQFLDLUiYROWDUVHSDUDDTXtPLFDSDUDDVDFWLYDUPDVRFDWDOLVDGRU
UHDOpDLQWHQomR D&RQVFLrQFLD 

3RGHPFULDUFpOXODVFHUHEUDLV"6LPSRGHP3RGHPFULDUFpOXODVyVVHDV"6LPSRGHP
6HUi TXH WLYHUDP FRQKHFLPHQWR GDRFRUUrQFLDGHFXUDVPLODJURVDVQD7HUUDGHGHIHLWRVFRQJpQLWRV
TXHIRUDPDOWHUDGRVGHWHFLGRyVVHRTXHFUHVFHXHMDPDLVSRGHULDWHUFUHVFLGRGHQHUYRVTXHVHUHOLJDUDPDVL
PHVPRV H RXWUDV FRLVDV TXH QXQFD DFUHGLWDUDP TXH VHULDP SRVVtYHLV" 3RLV p D FpOXODPmH D UHVSRQGHU j
LQWHQomRGR6HU+XPDQR
9RFrVFKDPDP'LYLQRDLVWRPDVHVWHpRPHFDQLVPR$YRVVDFLrQFLDHVWHDQRSRWHQFLDOPHQWH
GHVFREULUiFpOXODVPmHDGXOWDVYLYDVHSURQWDVSDUDVHGHVHQYROYHUHP3RUFDGDXPDTXHVHGHVHQYROYDRXWUD



VH WUDQVIRUPDUi HP FpOXODPmH 9RFrV QmR FRQVHJXLUmR HVJRWiODV 3DUD DOJXQV GH YyV LVWR SDUHFHUi HVWUDQKR
PDVSUHVWHPDWHQomRjVYR]HVGDFLrQFLDSRUTXHHVWHWHPDVHUiIDODGREUHYHPHQWH(VWRXDGL]HULVWRSRUTXH
pDVVLP(VmRERDVQRWtFLDVQmRpYHUGDGH"
+i XPD H[FHOHQWH PHWiIRUD SDUD R TXH HVWi D DFRQWHFHU j YRVVD ELRORJLD H j YRVVD FRQVFLrQFLD
9RFrVHVWmRDGHVORFDUVHGHXPPRGHORTXHHQJOREDRYRVVRVLVWHPDLPXQROyJLFRSDUDXPPRGHORTXHLQWHJUDR
WLPR,VWRTXHU GL]HU RTXr" 4XHUGL]HUTXHRVLVWHPDLPXQROyJLFR LGHQWLILFDRLQLPLJRHWUDWDGHRFRPEDWHUR
WLPRLGHQWLILFDRLQLPLJRHWUDWDGHVHKDUPRQL]DUFRPHOH
$ SDVVDJHP GD OXWD SDUD D KDUPRQLD p R WHPD GR SUy[LPR SHUtRGR GH  DQRV (QYROYH D
&RQVFLrQFLD D ELRORJLD D SROtWLFD H DWp D ItVLFD 3URFXUHP D KDUPRQLD HP WRGRV RV FDPSRV GD FLrQFLD $t
HQWmRDVFRLVDVFRPHoDUmRDID]HUVHQWLGRHDHQFDL[DUHPVHXPDVQDVRXWUDV


$&ULDQoD

&KHJRX D YH] GD ~OWLPD SDUWH GD WULORJLD9DPRVDWULEXLUOKHVHLVIDFXOGDGHV HPERUDHVWDQmRVHMD
D PDLV LPSRUWDQWH WRGDV VmR LPSRUWDQWHV H GHYHP HVWDU HTXLOLEUDGDV LQFOXVLYDPHQWH HQWUH VL $ &ULDQoD QR
HQWDQWRpRDWULEXWRPHQRVFRPSUHHQGLGR1mRpILVLFDPHQWHQmRHVWDPRVDTXLDIDODUGDVFULDQoDVHVWDPRVD
IDODUGD HQHUJLDGD&ULDQoDQR6HU+XPDQRXPGRV LWHQVGD7ULORJLDLQWHUQD FRUUHVSRQGHQWHDR)LOKR eGLVVR
TXHHVWDPRVDIDODU

*RVWDULD GH YRV GL]HU RQGH UHVLGH D SDUWH GR SRGHU PDLV LQFUtYHO GD YRVVD YLGD 0XLWRV QXQFD
DWULEXtUDP DOJXPDV GHVWDV IDFXOGDGHV j HQHUJLD GD &ULDQoD $ iJXD TXH HVWi QR EDOGH SRGH LU D TXDOTXHU ODGR
TXHU VDLU QmR p DVVLP" 0DV VH R EDOGH HVWLYHU URWR D iJXD HVFRUUHUi H DFDEDUi SRU SHUGHUVH FRPSOHWDPHQWH
'HYHVHUSRUWDQWRHVWUXWXUDGDHURGHDGDSRUXPVyOLGR
1R HQWDQWR p D  &ULDQoD IOXLGD TXH WHP D LPDJLQDomR 2 $GXOWR HVWi HVWUXWXUDGR H GHWpP D
DXWRULGDGH PDV p D &ULDQoD TXH WHP D LPDJLQDomR 2 $QMR HQTXDQWR SDUWH GR 6HU 6XSHULRU WHP D &HQWHOKD
WHP D VXD SUySULD WDUHID H WHP RV PLODJUHV QmR WHP D LPDJLQDomR GD&ULDQoD (VVD p D SDUWH TXH WH SHUWHQFH
6HU+XPDQR )D]HVSDUWHGRHTXLOtEULRHQWUHR3DLR)LOKRHR(VStULWRWRGRVRVTXDLVVmR'HXVLVVRTXHWXpV
,PDJLQDomR7XGRpSRVVtYHOSDUDD&ULDQoDGHQWURGHWL(QWmRTXDQGRD(VWUXWXUDGREDOGHGL]7HQVGHILFDU
DtGHQWURDLPDJLQDomRGD&ULDQoDUHVSRQGH0DVHXQmRTXHUR1mRTXHUR

$ &ULDQoD HP WL p D UHVSRQViYHO SHOD DOHJULD 3HQVDYDV TXH D DOHJULD SURFHGLD GR $QMR" 'HL[DPH
GL]HUWH TXH HVWHV GRLV SyORV GD 7ULORJLD 6HU 6XSHULRU H &ULDQoD  HVWmR HQWUHODoDGRV PDV p D &ULDQoD LQWHULRU
TXH WHP TXH GDU D LQWHQomR SDUD KDYHU DOHJULD (QWmR D 6HU6XSHULRU QDWXUH]DGLYLQD HQWUDUDSLGDPHQWHSDUD
FRPSOHWDURSURFHVVReDWXD&ULDQoDLQWHULRUTXHPSHGHDOHJULDTXHTXHUULU
7XGRLVWRID]SDUWHGRMRJR

4XHULGR 7UDEDOKDGRU GD /X] VH DQGDV SRU Dt FRP FDUD GH SRXFRV DPLJRV QmR FRQKHFHV HVWH
DWULEXWR6HTXHUHVFRQKHFHURFDWDOLVDGRUSDUDD'LYLQGDGHGHL[DPHTXHWHGLJDXPVHJUHGRVHTXHUHVDFWLYDU
DOJXPDGDVSDUWHVGD7ULORJLDDFWLYDD&ULDQoD7UDWDGHFRQKHFrODSRUTXHpHODTXHWHPDDOHJULDHJXDUGD
RKXPRUeD&ULDQoDHPWLTXHID]FRPTXHR)DUROGH/X]VRUULD(KiGHPDVLDGRV)DUyLVGH/X]VpULRV 5LVRV
GRVSUHVHQWHV 
(PRFLRQDPRQRV FRP R SRWHQFLDO GRV TXH DTXL HVWmR QHVWH PRPHQWR HVWHV PHPEURV GD )DPtOLD
TXHSRGHPSDUWLUGRSODQHWDWRWDOPHQWHGLIHUHQWHVGRTXHHUDPTXDQGRFKHJDUDP&KRUDPRVGHDOHJULD

'HSRLVGDLPDJLQDomRHGDDOHJULDDTXLYDLRWHUFHLURDWULEXWRVXVSHQVmRGDFUHQoD
$ &ULDQoD QmR WHP XP VLVWHPD GH FUHQoDV $ IDQWDVLD DQGD j VROWD 7XGR p SRVVtYHO SRVVLELOLGDGHV
LOLPLWDGDV LU D TXDOTXHU SDUWH ID]HU VHMD R TXH IRU (VWH p R FDWDOLVDGRU SDUD R PLODJUH e D &ULDQoD LQWHULRU
GHVHVWUXWXUDGDHLQRFHQWHSHUJXQWDQGR3RUTXHQmR"
4XDQGR IDODV GH FXUD H GH WH OLYUDUHV GR TXH HVWi D HQYHOKHFHU R WHX FRUSR p D &ULDQoD LQWHULRU D
SHUJXQWDU &ODUR SRU TXH QmR" 2 $GXOWR TXH OHYD R EDOGH GL] 'L]HV LVVR SRUTXHQmR VDEHV FRPRDV FRLVDV
IXQFLRQDP 2UD p R HTXLOtEULR HQWUH HVWHV GRLV $GXOWR H &ULDQoD  TXH SHUPLWH TXH DTXHOH 3RU TXH QmR" GD
&ULDQoDVXUMDHFULHRHVWDGRGHHVStULWRTXHVyDVFKLVSDVGR6HU6XSHULRUSRGHPSURSRUFLRQDU

2TXDUWRDWULEXWRpGHSHQGrQFLD
$&ULDQoDQmRVHULD QDGDVHPREDOGHH DVXD(VWUXWXUD3DVVDULDD YLGD DFRUUHUGH XPODGRSDUDR
RXWURLQFRHUHQWHPHQWH1mRKDYHULDQDGDGHQWURGREDOGHD6XEVWkQFLDVLPSOHVPHQWHSDUWLULDDFDEDULDSRUVH
HYDSRUDUHQDGDKDYHULD2$GXOWRHVWiDOLSDUDDFRQWHUHPDPRUHSHUIHLomR(D&ULDQoDHVWHQGHOKHDVPmRV
DOHJUHPHQWH SRUTXH VDEH TXH R DOL HQFRQWUD D (VWUXWXUD H D VHJXUDQoD VDEH TXH GDOL YHP R DPRU H R FXLGDGR


LQWHUQR 1R HTXLOtEULR HQWUH &ULDQoD H $GXOWR DPERV FKDPDP XP SHOR RXWUR 6DELDP" 2 DPRU QmR RFRUUH FRP
DPERV D GLVFXWLU QmR RFRUUH TXDQGR R  $GXOWR GL] j  &ULDQoD (VWi FDODGD SRLV QmR SHUFHEHV QDGD GDV FRLVDV
VpULDV 2 EDOGH QmR UHJH D 6XEVWkQFLD FXLGD GHOD 2 $GXOWR LQFRUSRUD D &ULDQoD DEUDoDD H DOLPHQWDD $
&ULDQoDDFHLWDR$GXOWRHGL]3UHFLVRGHVWD(VWUXWXUD
eXPPDWULPyQLRSDUDWRGDDYLGD
2UDTXDQWRVGHYyVFDVDUDPGHIDFWRFRPD&ULDQoD"

$JRUDFKHJRXDYH]GHGRLVDWULEXWRVVXUSUHHQGHQWHVDLQWXLomRHDVDEHGRULD
$OJXPD YH] YRV SDVVRX SHODFDEHoDTXH HVWHVIRVVHPDWULEXWRVGD&ULDQoD" $FDVR QmRGHYHULDP
VHU GR $GXOWR" 1mR 2 $GXOWR p D (VWUXWXUD PDV D VDEHGRULD SURYpP GD &ULDQoD IOH[tYHO SRUTXH p D
&ULDQoDTXHWHPDVHPRo}HVeD&ULDQoDTXHSHUPLWHTXHDVHPRo}HVSDVVHPDID]HUSDUWHGHYyVPHVPRV
H HVWHMDP SUHVHQWHV QD FRPSDL[mR GH TXH Mi IDODPRV  HVVH JDWLOKR LQWHUGLPHQVLRQDO TXH GHVHQFDGHLD
PLODJUHV

e D &ULDQoD HP YyV TXH GHVHQYROYH DV HPRo}HV GR FRQWHQWDPHQWR TXH GHSRLV VH FRQYHUWHP HP
FRPSDL[mR7DOYH]QmRWHQKDPSHQVDGRDVVLPTXDQGRHVWDYDPVRWHUUDGRVHPSUREOHPDV7DOYH]QmROKHVWHQKD
RFRUULGRTXDQGRDVFRLVDVVHSXVHUDPUHDOPHQWHVpULDVTXDQGRSUHFLVDUDPGHDMXGDTXDQGRQmRVDELDPRTXH
ID]HU 7DOYH] QHVVDV FLUFXQVWkQFLDV QmR WHQKDP FRQVLGHUDGR D &ULDQoD LQWHULRU WDOYH] QmR VH WHQKDP VHQWLGR
FKHLRVGHYLGD&ODURTXHQmR
0DV p SRU FDXVD GLVVR PHVPR TXH HVWDPRV DTXL HVWD QRLWH SDUD UHFRUGDUHP TXH HVVD SDUWH  D
&ULDQoD  HVWi DTXL H p R FDWDOLVDGRU GD &HQWHOKD 2 FDPLQKR PDLV UiSLGR SDUD R 6HU 6XSHULRU p DWUDYpV GD
&ULDQoD -i YRV GLVVHPRV LQ~PHUDV YH]HV TXH WHQWHP LVWR H FHOHEUHP R GHVDILR 3DUD TXr" 3DUD TXH VH HOHYHP
DWpjDOHJULDTXHVyD&ULDQoDSRGHSURSRUFLRQDUSDUDFRPHoDUHPDFRPXQLFDUVHFRPD&HQWHOKD

$GXOWRV YRFrV HVWmR D SURSRUFLRQDU D (VWUXWXUD H R DPRU SDUD XPD HQHUJLD GD 6XEVWkQFLD D
&ULDQoD  TXH p R FDWDOLVDGRU SDUD D DFWLYDomR GR 6HU 6XSHULRU $GXOWR H &ULDQoD FDVDPVH HVWmR MXQWRV H  WrP
TXHHVWDUHTXLOLEUDGRV
$OJXPD YH] YRV RFRUUHX TXH YLULDP D VDEHU TXH D VDEHGRULD GHFRUULD GD HQHUJLD GD &ULDQoD" 3RLV p
YHUGDGH ( DVVLP HQTXDQWR R $GXOWR WHP D HQHUJLD GR GHVSHUWDU FRPR GHVFUHYHPRV D &ULDQoD WHP D
6XEVWkQFLDSDUDID]HUDOJRQHVVHVHQWLGR

,VWR H[SOLFD D UD]mR SRU TXH PXLWRV GRV 7UDEDOKDGRUHV GD /X] PDLV VpULRV WrP WmR SRXFR SDUD
PRVWUDU HP IXQomR GRV VHXV HVIRUoRV &RP IUHTXrQFLD ID]HPVH GH YtWLPDV Mi TXH SRXFRVH PDQLIHVWDQDV VXDV
YLGDV &RQYHUWHPVH HP DILOKDGRV GH 'HXV H VXSRUWDP XP HQRUPH GUDPD HVSLULWXDO 7DPEpP D HVVHV
FHOHEUDPRV PDV GHVHMDPRV TXH HQFRQWUHP R FRQWHQWDPHQWR TXH PHUHFHP 'HVHMDPRV TXH GHVFXEUDP R
SUy[LPRLWHP

(RVH[WRDWULEXWRTXDOp"6RDUiHVWUDQKDPHQWHFRPRDOJXQVGRVRXWURVPDVDYHUGDGHpTXHSDUD
D&ULDQoDLQWHULRUQmRKiEDUUHLUDV
7XGRpSRVVtYHO0DLVGRTXHDVXVSHQVmRGDFUHQoDD&ULDQoDQmRYrQDGDTXHDOLPLWHTXDQGRROKD
SDUD DOpP GD SDLVDJHP GD VXD PHQWH 1XQFD KRXYH RXWUR FDWDOLVDGRU HVSLULWXDO TXH QmR IRVVH HVWH SRUTXH p R
UHVSRQViYHO SHOD YRVVD FDSDFLGDGH GH YLVXDOL]DU XP WHPSR XP OXJDU H XPD HQHUJLD TXH PXGDUi D YRVVD
UHDOLGDGH7XGRHVWiUHODFLRQDGR4XHUHPVDEHUFRPRREWHUD&HQWHOKDPHXVTXHULGRV+XPDQRV"'HVHMDPVDEHU

FRPR SRGHP PXGDU D YRVVD UHDOLGDGH" 3RLV HQWmR DFHGDP j &ULDQoD IOXtGD IOH[tYHO H VHP EDUUHLUDV  4XHUHP
VDEHU TXDO D HQHUJLD TXH SRGH YLVXDOL]DU R WHPSR HP TXH HUDP MRYHQV" SRLV DFDER GH YRV GL]HU TXDO p (VWD
HQHUJLD WDPEpP p R VHJUHGR SDUD PXGDU D DFWXDO UHDOLGDGH GR VHX UHOyJLR ELROyJLFR 2 FRUSR PRYHVH SDUD D
IUHQWHVHPDMXGDpXPPRWRULPDFXODGRTXHYRVOHYDUiDWUDYpVGDYLGDUHVSHLWDQGRXPDFWXDOPRGHORTXH
pDQWLJR$HQHUJLDGD&ULDQoDDFWLYDDLQWHQomRHRSRGHUGHDOWHUDUHVVDVLWXDomR4XDQGRDiJXDIHUYHDPmR
TXHVXVWHQWDREDOGHWHPTXHUHDJLUQmRSRGHGHL[iORFDLUWHPTXHRDFRPSDQKDU

6HPEDUUHLUDVVLJQLILFDWXGRpSRVVtYHO
0HXV FDURV SHUPLWDPPH XP H[HUFtFLR LPDJLQHP TXH QHVWH PRPHQWR WrP XPD GRHQoD XP
GLVW~UELR QR FRUSR RX XP SUREOHPD QD HVWUXWXUD FHOXODU 3HoRYRV TXH WRPHP HVVD &ULDQoD VHP EDUUHLUDV H
YLVXDOL]HPXPWHPSRGDYRVVD YLGD HPTXHQHQKXP GHVVHV SUREOHPDVVHWLQKDGHVHQFDGHDGR4XHURTXHYHMDP
D YRVVD HVWUXWXUD FHOXODU TXDQGR HUD IUHVFD SHUIHLWD H MRYHP 4XHUR TXH VXVWHQWHP HVVD YLVXDOL]DomR VHP

/HPEUDVHRTXH-HVXVIDORXDFHUFDGDVFULDQoDVHGRUHLQRGRV&pXV"/HPEUDVHGDIUDVHYLQGDPLPDVFULDQFLQKDV"



EDUUHLUDVSRUTXHRFDWDOLVDGRUGD&ULDQoDHVWiDWUDEDOKDUGXUDQWHHVWHWHPSROLJDQGRVHFRPDHQHUJLDGR6HU
6XSHULRU(VWiDGDULQtFLRDRSURFHVVR
(X GLVVH TXH YRV FRQWDULD FRPR D FRLVD IXQFLRQDYD 3RLV p DVVLP $ DOHJULD H D LPDJLQDomR GD
&ULDQoDGHVHQFDGHLDPRSURFHVVRSDUDTXHDVHJXLUVXUMDD&HQWHOKDSDUDDFWLYDUDFXUD
$VVLPpSRUTXHRTXHYRFrVYLVXDOL]DUHPSRGHPWHU
4XDQWR PDLV IRUWH IRU D YLVXDOL]DomR PDLV IRUWH VHUi D VDEHGRULD GR VLVWHPD GH FUHQoDV TXH
YLVXDOL]DP GHQWUR GD SUySULD HVWUXWXUD FHOXODU ( VHQWLUmR H SRVVXLUmR R UHVXOWDGR 0XLWR UDSLGDPHQWH DV
FpOXODVVHUHFRQYHUWHUmRUHDOPHQWHUHWLUDQGRWXGRRTXHHVWiDPDLVDWUDYpVGDUHFRUGDomRGRWHPSRHPTXH
WLQKDPDHVWUXWXUDRULJLQDOHFODURGHVSHUWDQGRLQFOXVLYDPHQWHDVFpOXODVPmH
,VWRpDFXUDLVWRpRPLODJUH2FRUUHGLDULDPHQWHFRPRV)DUyLVGH/X]

+i )DUyLV GH /X] DTXL +i 7UDEDOKDGRUHV GD /X] DTXL +i DTXL FXUDGRUHV TXH SUDWLFDP LVWR
GLDULDPHQWHHDMXGDPRXWURVDSHUPDQHFHUQD7HUUD2VFXUDGRUHVQmRFXUDPRVFXUDGRUHVHTXLOLEUDP9RFrVV
DEHPQR3RUTXHTXDQGRHTXLOLEUDPRXWUR6HU+XPDQRGHFHUWDIRUPDRFRUSRUHVSRQGH(VWHHTXLOtEULRDMXGD
R RXWUR D DFHGHU j DOHJULD GD &ULDQoD LQWHULRU DWUDYpV GD UHPRomR GH WRGDV DV EDUUHLUDV H GD VXVSHQVmR GD
HVWUXWXUDTXDGULGLPHQVLRQDO

$TXL DFDED R HQVLQDPHQWR SRU KRMH 1mR p R ILP GD HQHUJLD PDV SRU DJRUD p R ILP GR
HQVLQDPHQWR 4XDQWRV GH YyV JRVWDULDP GH LU Oi D HVVH EDOGH H YLVLWDU D 6XEVWkQFLD GD &ULDQoD" 4XDQWRV
TXHUHULDP ROKDU SDUD DV VXDV YLGDV H GL]HU 1mR Ki EDUUHLUDV 4XDQWRV DGRUDULDP OLYUDUVH GDV VXDV FUHQoDV"
%RP HQWmR HX GLJR DFHGDP j &ULDQoD TXH DFWLYDUi R 6HU 6XSHULRU HP YyV R $QMR HP YyV H RV PLODJUHV
FRPHoDUmReDTXLTXHUHDOPHQWHFRPHoDDSURGX]LUVHRHTXLOtEULR

4XHULGR PHPEUR GHVWD )DPtOLD R PDLV GLItFLO SDUD QyV p GHL[iORV 1mR SRGHPRV ID]rOR DWp
HVWDUPRV VHJXURV TXH HQWHQGHUDP FODUDPHQWH R TXH IRL GLWR 2V DYDWDUHV GR SODQHWD QmR WrP VHJUHGRV
PLODJURVRV TXH YRFrV WDPEpP QmR WHQKDP 4XHUHP VDEHU TXDO p R DWULEXWR GH XP DYDWDU" e D HQHUJLD GD
&ULDQoD FRPSOHWDPHQWH GHVHQYROYLGD H HTXLOLEUDGD e Dt TXH HVWi D 6XEVWkQFLD SRUTXH HVVD p D YLD UiSLGD
SDUDR6HU6XSHULRUeDVXVSHQVmRGDVFUHQoDV
3RGHP FULDU HQHUJLD FRP DV PmRV" 3RGHP DOWHUDU D ItVLFD" 3RGHP PDQLSXODU R WHPSR" 6LP
SRGHP ID]rOR&DGDXPGRV TXHHVWmRDTXLVHQWDGRV2OKHPSDUDRVURVWRVGRVDYDWDUHVSDVVDGRVHDFWXDLV
GRSODQHWD5HSDUHPSULPHLURQRVRUULVRGHOHVQRKXPRUHQDDOHJULD'HSRLVUHSDUHPQRVPLODJUHV

&DVDLV SUHVHQWHV JRVWDULDP TXH KRXYHVVH XP YtQFXOR PDLV IRUWH HQWUH YyV" 3RLV GHL[HP VDLU DV
YRVVDV &ULDQoDV SDUD TXH EULQTXHP MXQWDV 3RQKDP GH ODGR D HVWUXWXUD SRU XP LQVWDQWH(VWDDFomR HQHUJL]DR
6HU 6XSHULRU H HQFKHYRV GH DPRU FRPSUHHQVmR GDQGRYRV XPD SHUFHSomR HTXLOLEUDGD GR TXH p LPSRUWDQWH
$OJXPDV GDV EDUUHLUDV TXH FULDUDP SDUD YyV PHVPRV HQTXDQWR SDUFHULDV FDLUmR H SDVVDUmR D YHUVH XP DR
RXWURQXPDQRYDOX]RXWUDYH]

7UDEDOKDGRURTXHpTXHID]HVTXDQGRYDLVWUDEDOKDUHWRGRVRVGLDVWHHQFRQWUDVFRPDDUHLDGD
WXD RVWUD" 2V YRVVRV GHVHQWHQGLPHQWRV VmR SUHWH[WRV PDUDYLOKRVRV pV XP GHVOXPEUDQWH FDOGHLUmR GH FDUPD
QmRpDVVLP"6HUHPSXUUDGRSDUDSHUWRGHJHQWHTXHQXQFDWROHUDVWH"9RFrVSHQVDPTXHpSRUDFDVRQmR"2TXH
YDLV WX ID]HU FRP LVVR" e D &ULDQoD TXH OKHV Gi R DWULEXWR GR 6HU 6XSHULRU SDUD TXH FRQVLJDP HVWDU HPSD] FRP
LVVR$VFRLVDVTXHYRVLUULWDPIOXWXDUmRSDUDORQJH
'HL[HPPH UHFRUGDU QRYDPHQWH XP SRUPHQRU D UHVSHLWR GR FDUPD TXDQGR YRFrV UHWLUDP PHWDGH
GHVVH MRJR D RXWUD PHWDGH GHVDSDUHFH MXQWDPHQWH FRP R RSRVLWRU (VSHUHPDWpYHU DUHDFomRGDTXHOHVTXH
ID]HP SDUWHGR YRVVRGUDPDTXDQGRFRPHoDUHP DDPiORV(OHVDFFLRQDUmRRVPHVPRVYHOKRVERW}HVPDVLVVR
QmRYROWDUiDWHUHIHLWRVREUHYyV7XGRLVWRHVWiSUHVHQWHQRLUSDUDRWUDEDOKRHQRYROWDUSDUDFDVDHYLYHU
RGLDDGLD&DUR6HU+XPDQRQmRHVWDUtDPRVDTXLDGDUWHHVWDLQIRUPDomRVHHODQmRIRVVHFRPXPSDUDWRGD
D+XPDQLGDGH$SOLFDVHDWLHHVWiFRPSOHWDPHQWHGHQWURGDHQHUJLDHGRDPRUGH'HXV

$ &RPLWLYD YDL DEDQGRQDU HVWD VDOD GHSRLV GH WHUPRV GDGR D LQIRUPDomR TXH SUHFLVDYDP RXYLU $
&RPLWLYD DEDQGRQD HVWD VDOD PDV QmR TXHU ID]rOR JRVWDULD GH ILFDU H GH EULQFDU FRP WRGDV DV &ULDQoDV
SUHVHQWHV$OJXQVGHYyVVHQWLUDPXPDLQWHQVDHQHUJLDHVWDQRLWHHRDPRUGH'HXVQDVXDYLGDDOJXQVVHQWLUDP
R DPRU GD )DPtOLD D LPSUHVVLRQiORV 3RLV SRGHP LU SDUD FDVD H FULDU HVVD PHVPD VHQVDomR VHPSUH TXH R
GHVHMDUHP9RFrVVmRXPERFDGRGR7RGR

4XHDFXUDVHLQLFLH



4XHD&ULDQoDHPYyVDFWLYHR6HU6XSHULRUGHQWURGDHVWUXWXUDGR$GXOWR4XHDDOHJULDVXSHUH
RGUDPD

$VVLPp
.U\RQ
         




'HVPLVWLILFDQGRR$PRUD9HUGDGHHR3RGHU


7H[WR GH DXWRULD GH 6(5$3+,6 %$< FDQDOL]DGR SRU 7RQ\ 6WXEEV
H[WUDtGRGROLYUR8P0DQXDOSDUDD$VFHQomR



8PDGDVOLPLWDo}HVFDXVDGDVSHORIDWRGHQHJDUHVDWXDHVVrQFLDHVSLULWXDOpSHUGHUHVRVEHQHItFLRV
GH SRVVXLU R SRQWR GH YLVWD PDLV DPSOR SURSRUFLRQDGR SRU HVVD YHUGDGH &RPR UHVXOWDGR WHQV GH OLGDU FRP
LPHQVDV GLVWRUo}HV QRV DVVXQWRV GR TXRWLGLDQR +i PLOKDUHV GH DQRV TXH p DVVLP H FRPRVHULD GHHVSHUDUGDGD
WDPDQKD H[SHULrQFLD p FODUR TXH HVWiV SHUIHLWDPHQWH KDELOLWDGR SDUD LQWHUSUHWDU HUUDGDPHQWH DOJXQV GRV
DVSHFWRVFKDYHGDWXDYLGD
9LYHUQDLJQRUkQFLDIRLDOJRDSURSULDGRQRSDVVDGRSRUTXHVHWLYHVVHVVDELGRPDLVWHULDVIUXVWUDGR
RMRJRHLQYDOLGDGRSDUWHGDH[SHULrQFLDTXHWLQKDVGHFLGLGRID]HUQHVWHSODQHWD&KHJRXSRUpPRPRPHQWRGH
DEULURVDFRHOKHVSURSRUDUHVROXomRGHWUrVJUDQGHVPLWRVRDPRUDYHUGDGHHRSRGHU


20,72'2$025

2JUDQGHPLWRGRDPRUFRQVLVWHHPTXHHVWiVFRQYHQFLGRGHTXHSRGHVDPDUDOJXpPDOJXPDFRLVD
RXSHORPHQRVDWLPHVPR
1LQJXpPSRGHDPDURXWURWXQmRSRGHVDPDUWHDWLPHVPRQHPDPDURXWUDVSHVVRDV
6DEHVSRUTXr"3RUTXHRDPRUQmRpXPID]HUPDVXPSHUPLWLUVHU
$ HQHUJLD D SDUWLU GD TXDO R 8QLYHUVR HVWi FRQVWUXtGR SRVVXL HP VL PHVPD XPD TXDOLGDGH XP
GHOHLWH GH VHU 7UDWDVH GD DFHLWDomR GR GLUHLWR GH WRGDV DVFRLVDVVHUHPR TXH VmR GD DOHJULD GDH[SUHVVmR GH
WRGDVDVFRLVDVjPHGLGDTXHGHVIUXWDPGRVHXGLUHLWRGHVHU
7RGRV RV VHUHV SURYrP GD )RQWH H SRU LVVR WrP R GLUHLWR GLYLQR GH H[SUHVVDU D VXD GLYLQGDGH WDO
FRPR WRGRV RV VHUHV WrP R GLUHLWR GH GHVIUXWDU GDV H[SUHVV}HV GRV GHPDLV $VVLP p SRUTXH QD YHUGDGH WRGRV
VmR XP Vy DLQGD TXH HQJHQKRVDPHQWH GLVIDUoDGRV SDUD GDUHP D VHQVDomR GH HVWDUHP VHSDUDGRV $FHLWDUHV
HVWDVDWLVIDomR GH WHH[SULPLUHVDVVLPFRPRRGHOHLWHGHYHURVRXWURVD ID]HUHP RPHVPRpXPDH[SHULrQFLD
PDUDYLOKRVDHTXHFRQVWLWXLDTXLORDTXHHXFKDPRDPRU
1RHQWDQWRQmR VHSRGH ID]HUVDWLVIDomRRX GHOHLWHVyVH SRGHSHUPLWLUTXHDVVLPVHMDHGHL[DU
TXH LVVR LQXQGH R VHU FRPSOHWDPHQWH FRPR TXDOTXHU RXWUD HPRomR ( GH IDFWR HVWD HPRomR QmR HVWi
FRQGLFLRQDGD SRU DTXLOR TXHRRXWURVHU SRVVD ID]HU EDVHLDVH HPFRQKHFHUHH[SHULPHQWDU DGLYLQGDGHTXHKi
QHOH
6H DOJXpP TXH WX FRQKHFHV HVWi SRU H[HPSOR LUULWDGR H DJUHVVLYR DLQGD DVVLP HOH HVWi D
H[SUHVVDUDVXDGLYLQGDGHDLQGDTXHWDOIRUPDGHH[SUHVVmRSRVVDQmRWHFDWLYDUPXLWR
3RUWDQWR R DPRU QmR p DOJR TXH VH SRVVD ID]HU p VLP D UHVSRVWD YLQGD GH GHQWUR D XPD
IUHTXrQFLD SDUWLFXODU GH HQHUJLD TXH IOXL SDUD GHQWUR GH WL TXH YLEUD DWUDYpV GH WL H UHVVRD j WXD YROWD
FRQVWDQWHPHQWH
3RUpP PXLWDV FRLVDV SRGHP ID]HU FRP TXH WH FRQWUDLDV SHUDQWH R DPRU 2 PHGR HYLGHQWHPHQWH
LPSHGLUiTXHRVLQWDVHGLVWRUFHUiDTXHOHSRXFRTXHDLQGDVHMDVFDSD]GHVHQWLU
2 PHGR QmR p R RSRVWR GR DPRU p R JXDUGLmR YLJLODQWH GR SRUWmR TXH PXLWR VLPSOHVPHQWH
LPSHGHTXHVLQWDVQRVWHXVFDPSRVDOWDVIUHTXrQFLDVGHHQHUJLD
2PHGRHQFRQWUDVHHQUDL]DGRQRVVLVWHPDVGHFUHQoDVRXQDVRSLQL}HVDFHUFDGDUHDOLGDGHHPERUD
QmRWHQKDPTXDOTXHUUHODomRFRPDUHDOLGDGHHPVLPHVPD
2DPRUFRQVLVWHHPWHSHUPLWLUHVVHQWLUHVWDHQHUJLDHPUHODomRDWLPHVPRHPUHODomRDRVRXWURV
HDR8QLYHUVRHPJHUDO2DPRUFRPHoDFRPDDFHLWDomRGRGLUHLWRGHVHUSHVVRDOHDOKHLRXPDDFHLWDomRTXH
YDL FUHVFHQGR DWpVHFRQYHUWHU QXPDSUHoR SRUWLPHVPRHSHORVRXWURVSHODVVXDVTXDOLGDGHVGRQVHERQGDGH
EiVLFD(FRQWLQXDDFUHVFHUDWpVHWUDQVIRUPDUQXPDDOHJULDHQXPDIDVFLQDomRTXHHQYROYHWXGRHWRGRV

0XLWREHP0DVHQWmRRTXHID]HUSDUDTXHLVWRWHDFRQWHoD"
$QWHV GR PDLV OLYUDWH GR PHGR GH HVWDUHV VHSDUDGR GR (635,72 GH VHUHV LQFDSD] GH PDQHMDU D
WXDYLGDGHVHUHVPHOKRU RX SLRUGR TXHRVRXWURV4XDQGRIRUHVFDSD]GHWHYHUDWLHDRVRXWURVFRPRVHUHV
LPHQVRVHPXOWLGLPHQVLRQDLVHPEXWLGRVHPLQVLJQLILFDQWHVFRUSRVHVVHVPHGRVGHVYDQHFHUVHmR
,VWRQmRpQDGDIiFLOSRUTXHHPWRGRVRVPRPHQWRVHVWiVPHUJXOKDGRQDGDVQXPDHVSHVVDVRSDGH
PHGR GHQRPLQDGD UHDOLGDGH GH FRQVHQVR 0DV WDO FRPR YHUHPRV DGLDQWH LVVR QmR SDVVD GD RSLQLmR
JHQHUDOL]DGDGDVSHVVRDVDFHUFDGRTXHpDUHDOLGDGHRTXHQmRWHPTXDOTXHUVHPHOKDQoDFRPDYHUGDGH0DV



WDPEpPpYHUGDGHTXHHVVDUHDOLGDGHGHFRQVHQVRIRUDPYRFrVWRGRVTXHDFRQVWUXtUDPDRORQJRGHPLOKDUHVGH
DQRVRTXHIRLGHH[WUHPDXWLOLGDGHSDUDRMRJRGDVHSDUDomR
'HYLGRDRVPHGRVSURIXQGDPHQWHHQUDL]DGRVTXHDPDLRULDGDVSHVVRDVWUDQVSRUWDQRVVHXVFDPSRV
WRUQDPVH LQFDSD]HV GH GLVWLQJLU HQWUH R DPRU H R PHGR 3RU FRQVHJXLQWH DTXLOR D TXH HVVDV SHVVRDV FKDPDP
DPRUQDYHUGDGHQmRSDVVDGHXPLQWHUFkPELRPDQLSXODGRUGHDWHQomRHDIHFWRV
$SHVVRDTXHQmRVHDPDDVLPHVPDRXTXHQmRSRGHID]rOR TXHUGL]HUTXHQmRSRGHYHURX
QmR Gi SHUPLVVmR j VXD SUySULD GLYLQGDGH  LUi GHVHVSHUDGDPHQWH HP EXVFD GH DOJXpP TXH D IDoD VHQWLU
VHJXUD(TXDQGRYrHVWDVHJXUDQoDDPHDoDGDYROWDDFDLUQDFKDQWDJHPHQRFRQWURORHPRFLRQDLVDWUDYpV
GDUHWHQomRGRDIHFWRHPQRPHGRDPRU
4XDQGR VH RXYH DOJXpP GL]HU D RXWUD SHVVRD $PRWH R TXH IUHTXHQWHPHQWH TXHU GL]HU p
7HQKRPHGRHSUHFLVR GH WLSDUD VHUHV RPHXHVFXGR GHSURWHFomR2XTXDQGR(VWDQLVODX TXHpFDVDGRFRP
)HQHJXQGHV  PDQWpP UHODo}HV VH[XDLV FRP +HUPHQHJLOGD )HQHJXQGHV ORJR PDVVDFUDUi R PDULGR FRP R
VHJXLQWHGLVFXUVR&RPRIRVWHFDSD]GHPHID]HUXPDFRLVDGHVWDV"6HPSUHMXOJXHLTXHPHDPDYDV



0DV R TXH p TXH D GLYLQGDGH GH (VWDQLVODX  SHUJXQWR HX  WHP D YHU FRP RV GLUHLWRV GH
H[FOXVLYLGDGHTXH)HQHJXQGHVSHQVDWHUVREUHRFRUSRGRPDULGR"
2TXHGHIDFWRRFRUUHDTXLpTXH)HQHJXQGHVHVWiDVHQWLUVHLQVHJXUD6HHODIRVVHFDSD]GHYHUD
GLYLQGDGHHPVLPHVPDHHP(VWDQLVODXPXLWRSURYDYHOPHQWHRFRPHQWiULRVHULD(QWmR")RLERP"
0DVSRUIDYRUWUDWDGHYHUDSHUIHLomRHPWXGRLVWR&RQVHJXLUOHYDUDVHSDUDomRDWpHVWHSRQWR
UHTXLVLWRXDYRVVDPi[LPDHQJHQKRVLGDGHDTXDOVHWUDQVIRUPRXQXPr[LWRLQDXGLWR
2 DPRU p UHOD[DUHVWH GHQWUR GD WXD SUySULD QDWXUH]D 'H IDFWR QmR SRGHV VDLU SUHMXGLFDGR SRU WH
DEULUHV D HVWD HQHUJLD (YLGHQWHPHQWH XPD SHVVRD TXH DLQGD HVWHMD D RSHUDU D SDUWLU GR PHGR SRGHUi ID]HU
FRPTXHSDVVHVXPPDXERFDGRWRGDYLDHQFDUDHVVHFRPSRUWDPHQWRFRPRXPDUpSOLFDEDVHDGDQRPHGRXPD
UHVSRVWDTXHQmRWHpGLULJLGDHVSHFLILFDPHQWHPDVVLPDRTXHWXUHSUHVHQWDVSDUDHODeSRUHVVDUD]mRTXHHOD
DJHDSDUWLUGRVVHXVSUySULRVPHGRV$VVLPVHQGRRFRPSRUWDPHQWRGHVVDSHVVRDQmRWHPQDGDDYHUFRQWLJR
(VWHSRQWRGHYLVWDpHVVHQFLDOSDUDTXHSRVVDVWRUQDUWHLPSHVVRDOPDVLVVRpXPRXWURWHPD
'HVWD IRUPD VHQWHWH LQILQLWDPHQWH DPDGR SHODV WXDV GLPHQV}HV PDLV HOHYDGDV HVSHFLDOPHQWH
SHORHXHVStULWR'HVFDUWDWHGRPHGRGHHVWDUHVVR]LQKR1mRHVWiVVyQHPQXQFDSRGHUiVYLUDHVWDU
7UDWD GH DFHLWDU H DSUHFLDU D WXD QDWXUH]D VH WH GHOHLWDUHV FRP TXHP YHUGDGHLUDPHQWH pV
FRPHoDUiVDVHQWLURDPRUGR(635,72DIOXLUGHQWURGHWL(OHPEUDWHRDPRUQmRSUHFLVDGHVHUGLULJLGRSDUD
QLQJXpPHPSDUWLFXODURDPRUQmRpPDLVGRTXHD)RQWHDPDQGRVHDVLPHVPD

'HVGH TXH WH SHUPLWDV VHQWLU R IOX[R GHVWD HQHUJLD SHUFHEHUiV TXH HOD FUHVFH QRV WHXV FDPSRV H
GHVGH Dt LQHYLWDYHOPHQWH SURMHFWDVH QD GLUHFomR GRV RXWURV 8P GLD TXDQGR D UHSUHVD VH URPSHU YHUiV RV
WHXVFDPSRVLQXQGDGRVGHXPDDFHLWDomRLQFRQGLFLRQDOHPUHODomRDWXGRHWRGRV
7XGRpIHLWRGHXPDFRLVDERDSRUWDQWRTXHPQmRHVWiVXEPHWLGRDRDPRU"
(VSHUDDtSRGHUiVWXGL]HUPHWRGRVRVGLDVHVWRXURGHDGRGHSHVVRDVFRPHVStULWRVPDOpYRORV
&RPRSRGHUHLDPiORV"
ePXLWRVLPSOHVQmRRIHUHoDVUHVLVWrQFLDjVVXDVFDSULFKRVDVSHUVRQDOLGDGHVRXHODVVLPSOHVPHQWH
DVVDQKDUVHmRDLQGDPDLV/LPLWDWHDDEULURFKDNUDGRFRUDomRHVHQWHDHQHUJLDGRDPRUQRVWHXVFDPSRVVH
DEULUHV R WHX FKDNUD FDUGtDFR HVVDV SHVVRDV WHUmR TXH VH HVIRUoDU EDVWDQWH SDUD PDQWHU RV GHODV IHFKDGRV (
DJUDGHFHOKHVSRUWHWHUHPGDGRDRSRUWXQLGDGHSDUDSUDWLFDUHVHVWHVLPSOHVHVWUDWDJHPD
2yGLRRVFL~PHVHWFVmRRVVLQDLVGHXPDSHUVRQDOLGDGHEDVHDGDQRPHGRTXHQmRSRGHVHQWLUD
HQHUJLD GRDPRUQRLQWHULRU GRVVHXVFDPSRV(QWmR FDQDOL]D DPRU SDUDHODSURMHFWDQGRVREUH HODXPDJROIDGD
HQHUJpWLFD GH LQLFLDomR 6H R PHGR IRU GHPDVLDGR JUDQGH WDOYH] D FRLVD QmR IXQFLRQH PDV SHOR PHQRV HVVH
IOX[R GH DPRU SURMHFWDGR LPSHGLUi TXH R PHGR GHOD FRQWDPLQH RV WHXV FDPSRV /LYUH GD QHFHVVLGDGH GH VHUHV
FRQGHVFHQGHQWHVrDPRURVDPHQWHFRPSDVVLYR
-DPDLVWHHVTXHoDVGLVWRHVWDUH[LODGRGR(63,5,72VLJQLILFDPRUDURQGHGRPLQDRPHGR
1XQFD DQWHV QD KLVWyULD GHVWH SODQHWD DV HQHUJLDV IDYRUHFHUDP WDQWR D DEHUWXUD D HVWD YLEUDomR
3RU LVVR SHUPLWHWH UHVVRDU FRP HOD j PHGLGD HP TXH VH IRU DSURSULDQGR GRV WHXV FDPSRV SHUPLWH TXH
LPSUHJQH WRGDV DV WXDV UHODo}HV LQGLVWLQWDPHQWH R QDPRUDGR RV DPLJRV RV IDPLOLDUHV R PHFkQLFR GH
DXWRPyYHLVDHPSUHJDGDGRVXSHUPHUFDGR
9RFrV7UDEDOKDGRUHVGD/X]HVWmRQRSULQFtSLRGDILODjIUHQWHGRUHVWRGDSRSXODomRDOpPGLVWR
SHUPLWDPPHTXHYRVUHFRUGHFRQFRUGDUDPHPGDULQLFLRDHVWDEULQFDGHLUD
3RUWDQWRTXDQGRVHQWLUHPDUHVVRQkQFLDGRDPRUJDQKDUmRDVHJXUDQoDVXILFLHQWHSDUDSHUPLWLUHP
TXH DV DPL]DGHV DOFDQFHP QRYRV QtYHLV GH LQWLPLGDGH 7HU PHGR GD LQWLPLGDGH VLJQLILFD PXLWR VLPSOHVPHQWH

(VWHVQRPHVIRUDPDFUHVFHQWDGRVSHODWUDGXomRSRUWXJXHVD


WHU PHGR GH SHUGHU D LGHQWLGDGH 3RVVR JDUDQWLU QR HQWDQWR TXH DGHULQGR D WDO DEHUWXUD GR FRUDomR YRFrV
VDLUmRDJDQKDUQmRDSHUGHU
4XDQGRDVSHVVRDVVHSHUPLWHPYLEUDUFRPDHQHUJLDGRDPRUVHPVHYHUHPREULJDGDVDFHGHUDQWH
D LPSRVLomR GHFRQGLo}HV RX H[SHFWDWLYDVIXWXUDVFRPHoDPD RSHUDUGHHVStULWRSDUDHVStULWR1HVWDH[SUHVVmR
SOHQD GH TXHP VmR WRUQDVH IiFLO H QDWXUDO FRPSDUWLOKDU PHQWDO HPRFLRQDO H ILVLFDPHQWH 2 VH[R SRUWDQWR
FRQYHUWHVHQDXQLmRGRHVStULWRFRPDFDUQHHPYH]GHVHUXPDPHUFDGRULDSDVVtYHOGHVHUWUDQVDFFLRQDGDSRU
XPSRXFRGHVHJXUDQoDRXXPERPMDQWDU
2 WHX FRUSR ItVLFR p XPD JORULRVD H[SUHVVmR GR (VStULWR FRPSDUWLOKDU HVWD H[SUHVVmR GH IRUPD
OLYUHDEHUWDHVDWLVIDWyULDFRPRXWUDVSHVVRDVpDSHQDVPDLVXPDVSHFWRGDWXDGLYLQGDGH
(RTXHpTXHDFRQWHFHVHHVWLYHUHVHQYROYLGRQXPDUHODomRTXHFRPHoRXDGHILQKDU"
2 YHOKR PpWRGR FRQVLVWLD HP WUDQVLJLU H WUDEDOKDU HVVD UHODomR QD HVSHUDQoD GH FRQVHJXLU
UHFRQFLOLDUDVGLIHUHQoDV$JRUDSRUpPMiVDEHVTXHDVYRVVDVDVVLQDWXUDVHQHUJpWLFDVQmRHVWmRDHQJUHQDU
$VVLP GDGR TXH QLQJXpP WHP D FXOSD IDoDP DV SD]HV H VLJDP HP IUHQWH 4XH FDGD XP VLJD R VHX FDPLQKR
DQWHV TXH FRPHFHP DV ODPHQWDo}HV 0DQWHUHPVH GH PROKR QD HVFXULGmR QmR VHUYH D QHQKXP GRV GRLV H PXLWR
PHQRVDR(635,727XHDWXDSDUFHULDWLQKDPXPDFRUGRGHHVStULWRSDUDHVStULWRSDUDILFDUHPMXQWRVGXUDQWH
XP FHUWR SHUtRGR H GXUDQWH HVVH ODSVR DV YRVVDV DVVLQDWXUDV GH IDFWR HQFDL[DUDPVH 3RUpP TXDQGR XP
DFRUGR WHUPLQD D UHVVRQkQFLD FRPHoD D IDOKDU H QmR WDUGD D GDUHPVH FRQWD GH TXH D RXWUD PHWDGH TXDVH
SDUHFH XP HVWUDQKR 2 PHOKRU TXH WrP D ID]HU QHVWDV FRQGLo}HV p KRQUDU D VLWXDomR H GHFODUDU XP HPSDWH (
DIDVWHP R PHGR GH TXH QmR YLUmR D WHU PDLV UHODo}HV XPD YH] TXH D UHVVRQkQFLD GHVVH PHGR YLEUDQGR QRV
YRVVRV FDPSRV DIDVWDUi RV SUHWHQGHQWHV $R LQYpV PDQWHQKDPQRV D YLEUDU QXPD VDXGiYHO H[SHFWDWLYD H
FRQILDQoDHOLPLWHPVHDREVHUYDU
3RGHVHUGLItFLOYHUDSHUIHLomRGRSODQRTXDQGRSRUH[HPSORDVUHODo}HVSULPiULDVWHUPLQDPH
HYHQWXDOPHQWH WUD]HUHP FRQVLJR VLWXDo}HV H VHQVDo}HV FRPR DEDQGRQR GRU YHUJRQKD FXOSD SHUGD GH DXWR
HVWLPDHWF
'HIDWRRQGHHVWiDSHUIHLomRHPWXGRLVWR"
%RP OHPEUHVH GH TXH GHFLGLUDP SDUWLFLSDU QR MRJR WHQGR HP YLVWD RV REMHWLYRV D TXH VH
SURSXVHUDP 7DOYH] WHQKD VLGR SRU H[HPSOR SDUD GHVEDUDWDU R YHOKR SDGUmR GH LQVLVWLU HP ROKDU SDUD IRUD HP
EXVFDGHDSURYDomRRXSDUDDVVLPLODUQRYRVGDGRVDFHUFDGDQDWXUH]DGRDPRURXSDUDVHGHVORFDUHPSDUDXP
HVWDGR WUDQVSHVVRDO 1mR LPSRUWD D UD]mR REVHUYHP R TXDGUR FRPSOHWR H YHMDP VH YRV VHUYH 6H FDOKDU
VHQWLUDP QHFHVVLGDGH GH ILFDU VR]LQKRV SDUD XOWUDSDVVDU FHUWDV PXGDQoDV RX SDUD VH OLEHUWDUHP H FRPHoDU
XPDQRYDUHODomRRXSDUDYLYHUQRXWUROXJDU
9RFrV VmR 7UDEDOKDGRUHV GD /X] HVWmR DTXL FRP XPD PLVVmR H SURSXVHUDPVH FHUWDV H[SHULrQFLDV
SDUD SXGHUHP PHOKRUDU R GHVHPSHQKR (VWH QmR p XP 8QLYHUVR DR DFDVR QDGD RFRUUH VHP TXH H[LVWD XP
SURSyVLWR VXSHULRU 3RUWDQWR WHQWHP YHU R TXDGUR FRPSOHWR 0DV DFLPD GH WXGR WUDWHP GH QmR SHQVDU TXH
DOJXpPOKHVSUHJRXXPDUDVWHLUD1mRID]PDOVHQWLUXPSRXFRGDHQHUJLDGHYtWLPDSDUDGHSRLVDUHWLUDUGRV
FDPSRV 3RUpPQmRVHUYHSDUDQDGDSHUPLWLUTXHDLQVWUXomRVHUYtWLPDVHFRQYHUWDHPSDUWHGDLGHQWLGDGH
$OpPGLVVRSRUQHJDUDPDHVWULDDFDEDSRUVHWUDQVIRUPDUQXPREVWiFXOR
)LQDOPHQWH OHPEUHVH GH TXH D $QHGRWD &yVPLFD HVWi HVFRQGLGD DOJXUHV j HVSHUD TXH YRFrV
VHMDPFDSD]HVGHVHOHPEUDUGHODFRPHQJHQKRHDUWH


20,72'$9(5'$'(

2XWURJUDQGHPLWRGRSODQRItVLFRpTXHH[LVWHDOJRGHQRPLQDGR$9HUGDGH
(VWHPLWRHP SDUWLFXODUWHP FDXVDGRPDLVJXHUUDV HFRQIOLWRVTXHWRGRVRVRXWURVPLWRVMXQWRV$
QRomR GH TXH p SRVVtYHO H[SUHVVDU FRQFHLWRV PXOWLGLPHQVLRQDLV HP LQJOrV DOHPmR RX TXDOTXHU RXWUR LGLRPD p
XOWUDMDQWH HPERUDRKHEUHXVHMDRTXHPDLVVHSUHVWDDLVVR 
1mRPHXDPLJRQRSODQRItVLFRWXGRRTXHRXYHVQmRSDVVDGHRSLQL}HVIUHTXHQWHPHQWHEDVHDGDV
HPRXWUDVRSLQL}HVUHFHELGDVGHWHUFHLURVHFRPDVTXDLVDFDEDVSRUFRQWDFWDUHPDOJXPSRQWRGRWHXFDPLQKR
3RUWDQWR SURFXUD WUDWDU R TXH RXYHV YrV RX OrV FRPR XPD RSLQLmR LQFOXLQGR DV LGHLDV GHVWH
OLYUR6yH[LVWHXPDSHVVRDFDSD]GHMXOJDURTXHpYHUGDGHLURSDUDWLWXPHVPR
6HFUrVTXHRPXQGRpXPOXJDULQyVSLWRUHJLGRSRUXPGHXVLUDFXQGRHYLQJDWLYRDVVLPVHUi
4XHUR GL]HU DVVLP VHUi SDUD WL 0DV VH DFUHGLWDV TXH R 8QLYHUVR p EHQpYROR H TXH R (VStULWR WH
JXLDDFDGDSDVVRVHUiLVVRRTXHH[SHULPHQWDUiV
$UHDOLGDGHpLQILQLWDPHQWHFRPSOH[DHPDOHiYHOSRUTXHHVWiFRQFHELGDSDUDVHUDVVLP28QLYHUVR
QmR p XP PHFDQLVPR HVWiWLFR GHQWUR GR TXDO FDGD XP WHP GH HQFRQWUDU R VHX FDPLQKR 2 8QLYHUVR IRL FULDGR
SDUDDSRLDUHVSHFLILFDPHQWHWRGRVRVVHUHVDWUDYpVGHXPDLQILQLWDYDULHGDGHGHH[SUHVV}HVHPDQDGDVGD)RQWH
(VWD FULDWLYLGDGH p D IRUPD TXH D )RQWH GLVS}H SDUD VH DXWRFRQKHFHU H FULDU QD TXDO HVWi LQFOXtGR R DSRLR DRV
FRQFHLWRVTXHFDGDXPDFUHGLWDVHUHPRVYHUGDGHLURV


$V SHVVRDV TXH SDUWLFLSDUDP QD 0LVVmR 7HUUD HP 6HGRQD $UL]RQD



 UHVXPLUDP LVWR GH XPD IRUPD

GHOLFLRVD28QLYHUVRUHIRUPXODVHDVLPHVPRGHDFRUGRFRPDLPDJHPTXHFDGDXPWHPGDUHDOLGDGH

1D YHUGDGH R 8QLYHUVR p XPSDUTXHGHGLYHUV}HVWHQGR HPYLVWD DFULDomRGDUHDOLGDGH 3RUWDQWR
DTXLORHPTXHWXDFUHGLWDVFRQVFLHQWHRXLQFRQVFLHQWHPHQWHGHSHQGHGRTXHFUrVVHUUHDOSRUH[HPSORRV
WHXVSUySULRVFRQFHLWRVSHVVRDLVDFHUFDGRTXHpDUHDOLGDGH
2UD WX DUPD]HQDV H JXDUGDV HVVHV FRQFHLWRV GH UHDOLGDGH R TXH SHQVDV VREUH WL PHVPR H VREUH
WXGR R UHVWR R (VStULWR DV RXWUDV SHVVRDV D SURILVVmR D SDUFHULD R 8QLYHUVR HP JHUDO  QRV WHXV SUySULRV
FDPSRV 'HIDFWRRV DFRQWHFLPHQWRVGDYLGDTXRWLGLDQDVmR IDEULFDGRVGLJDPRVDVVLPQDPROGXUDKRORJUiILFD
GHXPDGLPHQVmRPDLVHOHYDGDeFRPRXPDIiEULFDGHUHDOLGDGHVHWXMXQWDPHQWHFRPWRGRVRVRXWURVFRP
TXHPWUDEDOKDVWHGLYHUWHVRXVLPSOHVPHQWHWHHQFRQWUDVGHYH]HPTXDQGRUH~QHVWHQHVWDIiEULFDQmR
ItVLFDGHUHDOLGDGHVSDUDFULDUDVFLUFXQVWkQFLDVHRVDFRQWHFLPHQWRVGDVUHVSHFWLYDVYLGDVQRSODQRItVLFR
7DOYH]YHQKDVDGDUWHFRQWDGHTXHID]HVLVVRSRUH[HPSORHQTXDQWRHVWiVDGRUPLU
'RLVIDFWRUHVSULQFLSDLVGHWHUPLQDPRWLSRGHDFRQWHFLPHQWRVTXHDWUDLVSDUDRSODQRItVLFR
  2 SODQR GR (635,72 (VWH p VHPSUH SRVLWLYR H EHQpILFR SDUD R WHX FUHVFLPHQWR LQVWDQWH D
LQVWDQWHDLQGDTXHjSULPHLUDYLVWDWHSRVVDSDUHFHUTXHQmRpDVVLP$QDOLVDLVWRGHWLGDPHQWHHYHUiVSRUTXH
pTXHEDWHVWHFRPRFDUURRXWHURXEDUDPDFDUWHLUDPHGLGDHPTXHWHDSUR[LPDVGDDVFHQVmRDSHUFHEHUWH
iVGHTXHDVH[SHULrQFLDVVHYmRLQWHQVLILFDQGR2ULWPRGHYLGDDFHOHUDVHFRPRUHVXOWDGRGRWHXHQYROYLPHQWR
FRP R SURFHVVR GH GHVDJUHJDomR GD FDVFD GRV DQWLJRV FRQFHLWRV GH UHDOLGDGH SDUD TXH SRVVDP VHU
VXEVWLWXtGRVSRURXWURVQRYRV&DGDYH]PDLVUDSLGDPHQWH
  2V WHXV SUySULRV FRQFHLWRV GH UHDOLGDGH 2V TXH HVWmR EDVHDGRV QD OLPLWDomR H QR PHGR
GLILFXOWDPTXH RHXHVStULWRWHFXUHSOHQDPHQWHH WHWUDJDHQFRQWURVDPRURVRVTXHUFRQWLJR PHVPRTXHUFRP
RV GHPDLV 9LYHQGR QR PHGR LPSHGHV R HXHVStULWR GH WH SURSRUFLRQDU H[SHULrQFLDV DPRURVDV ,VWR VLJQLILFD
HYLGHQWHPHQWHTXHDWpRDPRUSRGHVHULQWHUSUHWDGRFRPRVROKRVGRPHGRHDVVLPVHUGLVWRUFLGR
3RU FRQVHJXLQWH VH QmR H[LVWH XPD Vy YHUGDGH JDOiFWLFD LVVR TXHU GL]HU TXH SRGHV UHXQLU
TXDOTXHU FRQMXQWR GH YHUGDGHV TXH WH DJUDGH H FRP HODV FRQVWUXLU RV WHXV SUySULRV FRQFHLWRV GH
UHDOLGDGH3RUWDQWRID]VHQWLGRTXHHVFROKDVDTXHODVTXHWHWUDJDPDOHJULDHSHUPLWDPHVWDUIHOL]
0DV SRU IDYRU QmR SHQVHV TXH YDLV SDVVDU D YLYHU QXP SDUDtVR GH LGLRWDV GH IDFWR LUiV YLYHU QXP
SDUDtVRGHSHVVRDVVHQVDWDV
0DV PHVPR DVVLP VHPSUH GLVSRUiV GH DOWHUQDWLYDV 3RU H[HPSOR SRGHV GHGLFDUWH D WUDEDOKDU
GLOLJHQWHPHQWH QR VHQWLGR GH DYHULJXDU R TXH GHYHV DFUHGLWDU TXH p YHUGDGHLUR $ KXPDQLGDGH LQWHLUD WHP
WUDEDOKDGR PXLWR QHVWH VHQWLGR GHVGH R SULPHLUR PRPHQWR GD VHSDUDomR SRUWDQWR HVWiV HP PXLWR ERD
FRPSDQKLD 3RUpP VHPSUH TXH VHOHFFLRQDUHV DOJR TXH DFUHGLWDV VHU YHUGDGH DXWRPDWLFDPHQWH GHL[DV GH
SURFXUDU H H[FOXLV WXGR R UHVWR TXH SRGHULD VHU YHUGDGH 3RU H[HPSOR OLPLWDU D )RQWH j GHILQLomR FULVWm GH
'HXV H[FOXL WRGDV DV TXDOLGDGHV GH $Oi GH <DKZHK GR *UDQGH (VStULWR H GDV LQXPHUiYHLV RXWUDV GHLGDGHV
GHVFULWDVDWUDYpVGRVWHPSRV
3RU TXH QmR HVFROKHV D VDtGD PDLV IiFLO H SHUJXQWDV D WL PHVPR HQTXDQWR (635,72 TXDO p D
YHUGDGH"
2EWHULDV WRGDV DV UHVSRVWDV SUHWHQGLGDV SHOR PHQRV SDUD R UHVWR GR WHPSR TXH SHUPDQHFHVVHV
QHVVHSODQRItVLFR
&RQVHJXLURDXWRFRQWDFWRHQTXDQWR(635,72QXQFDIRLWmRIiFLOFRPRDJRUD
$OJXPDVSHVVRDVSDVVDPDYLGDDVDOWLWDUIUHQHWLFDPHQWHGHXPFDQDOSDUDRXWURQXPDSURFXUD
GHVHVSHUDGD GD 9HUGDGH H QmR IDOWD WDPEpP TXHP HVWHMD GHVHMRVR GH VH FRQYHUWHU QXPD DXWRULGDGH
Pi[LPDVREUHDPDWpULD1RHQWDQWRFDGDXPWHPWRGDVDVUHVSRVWDVQRVHXSUySULRLQWHULRU
$VVLPVHQGRSiUDUHOD[DHVFXWDHFRQILD
'H LQtFLR WDOYH] WHQKDV DOJXPD GLILFXOGDGH HP GLVWLQJLU HQWUH D YR] GR (VStULWR H D GH XP FRUSR
PHQWDO KLSHUDFWLYR TXH GHVHMD FRQWURODU D H[SHULrQFLD 1HVVH FDVR OLPLWDWH D DJUDGHFHUOKH H SHGHOKH TXH
VDLDGRFDPLQKRSDUDTXHWDPEpPHOHSRVVDFRQKHFHUDRXWUDYR]PDLVDSUD]tYHO
,VWRJHUDOPHQWHUHVXOWD
3RUWDQWR QmR Ki Vy XPD UHDOLGDGH DVVLP FRPR QmR Ki XPD YHUGDGH ~QLFD R TXH Ki VmR RV
WHXV FRQFHLWRV GH UHDOLGDGH KHUGDGRV GRV SDLV SURIHVVRUHV SDUFHULDV HWF 0DV WDPEpP H[LVWH R SRQWR GH
YLVWDGRHXHVStULWR GHVGHTXHHOHFRQVLJDIOXLUDWUDYpVGRVWHXVFDPSRV RTXDOQRUPDOPHQWHHVWiGLVWRUFLGR
SHORV WDLV FRQFHLWRV TXH OLPLWDP D UHDOLGDGH 'HYLGR D WDLV GLVWRUo}HV XP FRQWDFWR FRP R HXHVStULWR p
IUHTXHQWHPHQWHLQWHUSUHWDGRFRPRXPHQFRQWURDOLHQtJHQDVFRPRGHPyQLRFRPXPGHXVSURMHFWDGRSDUDIRUD
GRHXRXVLPSOHVPHQWHFRPRXPSURGXWRGDLPDJLQDomR



  8P JUXSR GH FLHQWLVWDV LVRORXVH YROXQWDULDPHQWH SDUD HVWXGDU DV FRQVHTXrQFLDV GH YLYHUHP QXP DPELHQWH DXWRVXILFLHQWH 1RWD GRV

WUDGXWRUHVFDVWHOKDQRV


3RUpP

WDO

FRPR

QXQFD

DFRQWHFHX

DQWHV

WX

HQTXDQWR

(635,72

HVWiV

D

DEDQGRQDU

SURJUHVVLYDPHQWH RV FRQFHLWRV GH UHDOLGDGH GR HXHJR H D WHQWDU GLVFHUQLU DTXHOHV TXH R WHX HXHVStULWR
VXVWHQWD$DVFHQVmRpGHIDFWRXPFRQFHLWRWmRLPHQVRTXHGHYHVGHVFDUWDUWHGHVVHVSHTXHQRVFRQFHLWRVGH
UHDOLGDGHGRHXHJRLVWRVHTXLVHUHVDSUHQGHUSHORPHQRVXPDIUDFomRGRVHXVLJQLILFDGRWRWDO
3RU FRQVHJXLQWH GHVID]WH GH WRGDV DV RSLQL}HV DFHUFD GH TXHP pV DFHUFD GR TXH RV RXWURV VmR H
DFHUFD GR TXH R (635,72p0DQWpP RVVLVWHPDVGHFUHQoDV SOHQDPHQWHDEHUWRVj PXGDQoDH RGLVFHUQLPHQWR
YLYRHVmR
&RPRDFUHQoDPDWDRHQWHQGLPHQWRSRGHUiVSHUJXQWDU(QWmRRTXHpTXHVREUD"
$ FUHQoD SDUWH GR GHVHMR GH TXH DOJR VHMD YHUGDGH p FRQVWUXtGD VREUH LGHLDV SUHFRQFHELGDV H
MXOJDPHQWRV D FUHQoD SHUPLWH TXH D PHQWH VH DEUD VRPHQWH DR TXH HQFDL[D QR VHX PRGHOR $ Ip SRU
RXWURODGRpXPPHUJXOKRQRGHVFRQKHFLGRFRPDPHQWHDEHUWDVDEHQGRTXHDDWLWXGHFRUUHFWDpGHL[DU
VH LU $ Ip VDEH TXH SRGH QmR VHU VHJXUR QHP FyPRGR PDV PHVPR DVVLP VDEH TXH HVWi FHUWR $ FUHQoD
SUHQGH D Ip OLEHUWD $ YHUGDGH MDPDLV SRGHUi VHU HQFRQWUDGD DWUDYpV GD FUHQoD PDV VLP XQLFDPHQWH
DWUDYpVGDVLPSOLFLGDGHGDIp
$ Ip p R SRQWR GH SDUWLGD PXLWRV EXVFDGRUHV SRUpP DEDQGRQDPQD DR ORQJR GR FDPLQKR HP
WURFD GD DGHVmR IpUUHD D XPD RX RXWUD FUHQoD 0DV p LPSRVVtYHO GHVYHQGDU R PLVWpULR VRPHQWH DWUDYpV GDV
FUHQoDVSRUTXHVyVHSRGHFUHUQDTXLORTXHMiVHFRQKHFH$YHUGDGHYDLPDLVDOpPGDLPDJLQDomR1DGDGR
TXHSRVVDVLPDJLQDUVHUiFDSD]GHFDSWDUDHQRUPLGDGHHDJOyULDGRTXHHVWiSUHVWHVDDFRQWHFHU
&RQFOXLQGRR~QLFRFDPLQKRpDIpXPDPHQWHDEHUWDHXPFRUDomRLJXDOPHQWHDEHUWR


20,72'232'(5

4XDQGR REVHUYDV R PXQGR DFWXDO YrV H[HPSORV GH JUXSRV H GH QDo}HV TXH XVDP D IRUoD SDUD
LQYDGLU H DWDFDU RXWURV JUXSRV H QDo}HV 8PDV YH]HV ID]HPQR SDUD VH DSRGHUDUHP GH UHFXUVRV QDWXUDLV WDLV
FRPR WHUUDV RX SHWUyOHR RXWUDV YH]HV SDUD GHVWUXLU XPD FXOWXUD XP VLVWHPD GH FUHQoDV RX VLPSOHVPHQWH
SRUTXHR'1$FRQFHGHXXPDDSDUrQFLDItVLFDGLVWLQWDDXPGHWHUPLQDGRJUXSRKXPDQR
1R SUySULR FRUDomR GR PLWR GR SRGHU H[LVWH XPD FRQIXVmR IRUWHPHQWH HQUDL]DGD HQWUH R TXH p R
SRGHUVREUHHRSRGHUFRP


232'(562%5(

4XDQGRRPXQGRUHIHUHXPKRPHPRXXPDPXOKHUSRGHURVRVDTXHWLSRGHSRGHUVHHVWiDUHIHULU
FRQFUHWDPHQWH"
6H GHILQLUHV R PXQGR VRPHQWH DWUDYpV GRV FLQFR VHQWLGRV ItVLFRV HQWmR R SRGHU ILFD GHILQLGR SRU
DTXLORTXHpVFDSD]GHYHUWRFDUVHQWLUHVFXWDUHSURYDU9rVRSRGHUFRPRGRPLQDomRRXFRPRSRGHUVREUH
RV RXWURVVREUHR PHLRDPELHQWHRXLQFOXVLYHVREUHWLPHVPR(IDFHjIRUPDFRPRDVVRFLHGDGHVGHILQHPR
SRGHUHRFRQFHQWUDPHPXQVSRXFRVLQGLYtGXRVWRUQDVHIXQGDPHQWDOHVWDEHOHFHURUJDQL]Do}HVSDUDSUHYHQLUR
PDX XVR GHOH 3RU LVVR p QHFHVViULR WHU YLJLODQWHV TXH DYHULJ~HP DTXHOHV TXH GHWrP R SRGHU $VVLP TXDQGR
XPD VRFLHGDGH RX XP JUXSR GHILQH R SRGHU HP WHUPRV GD KDELOLGDGH SDUD DGPLQLVWUDU R XVR GH UHFXUVRV WDLV
FRPRGLQKHLURYLGDVKXPDQDVH[pUFLWRVDUPDPHQWRDOLPHQWRVHPDWpULDVSULPDVRPHGRIXQGDPHQWDOUHVLGH
QDSRVVLELOLGDGHGHTXHHVVHSRGHUYHQKDDFDLUQDVPmRVGHRXWUDSHVVRDRXGHRXWURJUXSR(VWHSRGHUVREUH
RV GHPDLV HYLGHQWHPHQWH UHIRUoD HDSURIXQGDD VHSDUDomR GDGRTXHp LPSRVVtYHOH[HUFHUR SRGHUVREUHDV
SHVVRDV VHP DV FRQYHUWHU HP RV RXWURV TXHU VHMD EDVHDQGRVH QD VXD UHOLJLmR RX LGHRORJLD TXHU VHMD QD FRU
GHSHOHRXQRJpQHUR4XDQGRDSHUVRQDOLGDGHSURFXUDRSRGHUIRUDGHVLPHVPDFHQWUDVHQDVFRLVDVPDWHULDLV
H QDVRXWUDV SHUVRQDOLGDGHVXPDDWLWXGHTXHHVWiFRQWDPLQDGD SHORFRQFHLWRGHTXHDOJRpPDLVSRGHURVRGR
TXHHXRXPHQRVSRGHURVRGRTXHHX
0DVKiXPDDOWHUQDWLYDSDUDHVWHIDOVRWLSRGHSRGHU4XDQGRQRVYROWDPRVSDUDR(635,72UHYHOD
VH XP SRGHU EDVHDGR QD FULDWLYLGDGH QD FRRSHUDomR DPRURVD QD UHYHUrQFLD QD KDUPRQLD H QD FRODERUDomR
KHUyLFD


232'(5&20

(VWH SRGHU DOWHUQDWLYR HVWi EDVHDGR QR SRGHU FRP R (635,72 H FRP RV GHPDLV VHUHV KXPDQRV
LURQLFDPHQWH SRUpP R SULPHLUR SDVVR SDUD FKHJDU DR SRGHU FRP p D UHQGLomR 0DV D UHQGLomR SHUDQWH R
(635,72 SRGHUi SDUHFHU D VXEPLVVmR DQWH DOJR TXH p PDLV SRGHURVR GR TXH HX WDO FRPR QR FDVR GR SRGHU
VREUH2UDQmRVHUiLVWRRPHVPRFmRFRPXPDFROHLUDGLIHUHQWH"%RPRSRGHUVREUHUHTXHUGHIDFWR
D VXEPLVVmR GH XP SHUDQWH RXWUR SRUTXH DPERV VH VHQWHP VHSDUDGRV 3RUWDQWR Vy VH YHULILFD TXDQGR HVVH
VHQWLPHQWRGHVHSDUDomRH[LVWH


(QTXDQWRWHVHQWLUHVVHSDUDGRGR(635,72YHUiVQDUHQGLomRXPDVXMHLomRDQWHXPDIRUoDVXSHULRU
FRPR VH IRVVHV XPD FLGDGH VLWLDGD TXH ILQDOPHQWH DEUH DV SRUWDV DR VDTXH H j YLRODomR SRU SDUWH GR H[pUFLWR
FRQTXLVWDGRU 0DV VH SHOR FRQWUiULR VHQWHV XPD XQLmR SHUIHLWD FRP R (635,72 D UHQGLomR FRQYHUWHVH QD
DPSOLDomR GRV WHXV LQVLJQLILFDQWHV SODQRV FXMD H[LVWrQFLD HVWi OLPLWDGD SHOR PHGR D UHQGLomR LUi VXEVWLWXLORV
SRU RXWURV JUDQGLRVRV GH DVFHQVmR SODQHWiULD H SHVVRDO QRV TXDLV R LQGLYLGXDOLVPR GR WHQKR GH ID]HU WXGR
VR]LQKR p WURFDGR SHOR DOLQKDPHQWR FRP DV IRUoDV LQLPDJLQDYHOPHQWH SRGHURVDV TXH KRMH FRQFHQWUDP R VHX
WUDEDOKRVREUHRSODQHWD
2 WHX SUREOHPD HQTXDQWR DOJXpP TXH XVD R SRGHU EDVHDGR QD SHUVRQDOLGDGH LVWR p VHSDUDGR GR
(635,72 p TXH SRGHV YLU D SHUGrOR RXWURV SRGHP URXEDU RV WHXV UHFXUVRV D LGDGH SRGH URXEDUWH R YLJRU D
GRHQoDSRGHURXEDUWHDVD~GH0DVVHEDVHDUHVRSRGHUQDTXLORTXHpVQDGDQHPQLQJXpPWRSRGHUiURXEDU
2 IDFWR GH WH YHUHV D WL PHVPR FRPR XP VHU PXOWLGLPHQVLRQDO TXH HVWi D SDVVDU SRU XPD
H[SHULrQFLD KXPDQD HP YH] GH XP KXPDQR TXH HVWi D YLYHU XPD H[SHULrQFLD HVSLULWXDO S}HWH HP FRQWDFWR
FRP R YHUGDGHLUR SRGHU FRP D VXD LOLPLWDGD FULDWLYLGDGH H SRWHQFLDO ,URQLFDPHQWH SRUpP D FRLVD PDLV
SRGHURVD TXH IL]HVWH IRL WHUHV GHVHQYROYLGR D KDELOLGDGH SDUD WH WUDQVIRUPDUHV QXP VHU KXPDQR &RQVHJXLVWH
ID]HU FRP TXH RV WHXV FRUSRV FUHVFHVVHP GHQWUR GH XPD PDWUL] IHPLQLQD FRQVHJXLVWH TXH QR PRPHQWR GR
QDVFLPHQWRRXSRXFRDQWHVXPDSDUWHGDWXDLGHQWLGDGHIRVVHLQFRUSRUDGDQHVVHSHTXHQLQRFRUSRFRQVHJXLVWH
TXH R SDQR GHVFHVVH VREUH D FRQVFLrQFLD SDUD TXH WH IRVVH SRVVtYHO HVTXHFHU R TXH WLQKDV IHLWR SRU ILP
FRQVHJXLVWH HVTXHFHUWH GR WHX YHUGDGHLUR SRGHU H LGHQWLGDGH Vy SDUD TXH D EULQFDGHLUD IRVVH PDLV
FRQYLQFHQWH
(VWH p XP GRV DFWRV PDLV SRGHURVRV MDPDLV UHDOL]DGRV HP TXDOTXHU SRQWR GH TXDOTXHU 8QLYHUVR
&DGD XP GH YRFrV GLVVH 6RX VXILFLHQWHPHQWH IRUWH H LPHQVR SDUD FXPSULU HVWD YLGD 3RVVR YHQGDU RV PHXV
SUySULRVROKRVSHUDQWHRPHXVHUFRORVVDOHWULXQIDUHQWUHRVELOL}HVGHRXWURVTXHIL]HUDPDPHVPDFRLVD7DOYH]
QRV FRPEDWDPRV WDOYH] KDMD GLVSXWDV PDV FRQVHJXLUHPRV WUDQVFHQGrODV H FRQVHJXLUHPRV UHFRUGDU D QRVVD
YHUGDGHLUD QDWXUH]D ( GH IDFWR TXDQGR QmRHVWmRFRQVFLHQWHVGRYHUGDGHLUR SRGHUTXHGHWrPWUDWDPGHVH
JXHUUHDUSDUDDoDPEDUFDURPDLVSRVVtYHODQWHVTXHRXWURRIDoD
&DGD DFomR QmR DPiYHO RX GDQLQKD TXH HVWH SODQHWD YLX RFRUUHU VHPSUH IRL FRPHWLGD SRU
DOJXpP TXH GH DOJXPD IRUPD VH VHQWLD LPSRWHQWH H TXDQWR PDLV IRUWH IRU R VHQWLPHQWR GH LPSRWrQFLD
PDLRUVHUiDIDOWDGHDPDELOLGDGHRXRGDQRGDDFomR
6y SRGHV H[HUFHU SRGHU VREUH RV RXWURV VH RV WHXV FRQFHLWRV GH UHDOLGDGH WH LQIRUPDUHP TXH
HOHVHVWmRVHSDUDGRVGHWLPDVWDPEpPDOWHUDUHVWHVFRQFHLWRVGHUHDOLGDGHQRTXHWRFDjVHSDUDomR
1R HQWDQWR R TXH GLILFXOWD R DFHVVR DR WHX YHUGDGHLUR SRGHU H QDWXUH]D p R IDFWR GH QD HVSpFLH
KXPDQD D SHGUD DQJXODU GD VHSDUDomR HVWDU HGLILFDGD QR QtYHO FHOXODU 5HDOPHQWH UDURV VmR DTXHOHV TXH
VHQWHPXPDYHUGDGHLUDXQLFLGDGHQXPQtYHOItVLFRSURIXQGRDPDLRULDVHQWHDOJRPXLWRGLIHUHQWHDOJRTXHHVWi
DUPD]HQDGRDQtYHOFHOXODUDYHUJRQKD


$9(5*21+$

$SHUVRQDOLGDGHLQLFLDOPHQWHVHUYLXFRPRRVROKRVHRVRXYLGRVGR(635,72VREUHHVWHSODQHWD
0DV Ki PXLWtVVLPR WHPSR TXDQGR GHFLGLUDP EULQFDU DR MRJR GD VHSDUDomR D SHUVRQDOLGDGH DVVXPLX XPD
LGHQWLGDGH VHSDUDGD GR (635,72 (QWmR YRFrV PROGDUDP XP HJR H[WHUQR TXH DVVXPLVVH R SDSHO GR (635,72 H
GHWHUPLQDVVH R TXH HUD UHDO H R TXH ID]HU WHQGR SRU EDVH HVVD SHUFHSomR GH UHDO (QWmR SDUD TXHRHXHJR
VH PDQWLYHVVH LQFRQVFLHQWH GD VHSDUDomR GR (635,72 D FKDPDGD TXHGD GR KRPHP  UHVROYHUDP GHSRVLWDU
XPDHQHUJLDPXLWRHVSHFLDOQDHVWUXWXUDJHQpWLFDGDHVSpFLHKXPDQD
7UDWDVH GDYLEUDomR GDYHUJRQKD DTXDORSHUDGHIRUPDGLIHUHQWH HPFDGDSHVVRDXQVVHQWHPVH
FRPR DQMRV FDtGRV RXWURV FRPR VH WLYHVVHP VLGR DSDQKDGRV D FRPHWHU XPD WHUUtYHO RIHQVD RXWURV DLQGD
FRPR VH HVWLYHVVHP VXMRV H HQODPHDGRV 3RUpP WRGRV ID]HP JUDQGHV HVIRUoRV SDUD HYLWDU HVWH VHQWLPHQWR GH
QmRVHUHPPHUHFHGRUDV
7HQWDREVHUYDUDOJXQV DFRQWHFLPHQWRV GDWXDYLGDGHVGH HVWH SRQWRGH YLVWDHSHUFHEHUiVRTXHWH
TXHURGL]HU"
$ FRPSHQVDomR SRU VHQWLU HVWD YHUJRQKD WDPEpP p GHPRQVWUDGD GH PDQHLUDV GLIHUHQWHV HOLWLVPR
FRPSHWrQFLD HWF 3RU H[HPSOR TXDQGR DOJXpP VH VHQWH VHSDUDGR GRV RXWURV H QHP VHTXHU HVWi VHJXUR GD
H[LVWrQFLD GH DOJR FKDPDGR (635,72 p LQHYLWiYHO TXH R HXHJR SURFXUH D VHJXUDQoD FRPSDUDQGRVH FRP RV
GHPDLVHWUDWDQGRGHLQVWDODURPDLVDOWRSRVVtYHOQDHVFDODVRFLDO
$ UD]mR SHOD TXDO DV QRWtFLDV GH 79 VH FHQWUDP HP PRUWHV H DFLGHQWHV p SDUD SHUPLWLU TXH VLQWDV
TXH RXWUD SHVVRD HVWi HP SLRU VLWXDomR GR TXH WX DVVLP SHOR PHQRV WHPSRUDULDPHQWH VHQWHVWH XP SRXFR
PDLVSURWHJLGRDSHQDVSRUTXHKRMHQmROKHWRFRXDWL



6HQWLQGRVHH[LODGDGR(635,72DSHUVRQDOLGDGHYrDYLGDTXDVHFRPRXPFDVWLJRHPYH]GHFRPR
XPDGiGLYDRXGHFRPRXPDRSRUWXQLGDGHSDUDVHH[SUHVVDU'DtTXHDH[SUHVVmRSULVmRSHUSpWXDSDVVHDWHU
WRGRRVLJQLILFDGR
2TXHLQWHUHVVDVDEHUVREUHHVWDYHUJRQKDpTXHHOD pXPDKHUDQoDGRVWHXVJHQHVSRLVID]SDUWH
GR SURJUDPD GH YLYrQFLD QR 3ODQHWD 7HUUD HVWi QR HQWDQWR WmR HQUDL]DGD QR WHX FRUSR ItVLFR TXH QXQFD D
H[DPLQDV FRPR DTXLOR TXH p XPD FRQGLomR LQHUHQWH DR IDFWR GH HVWDUHV HQFDUQDGR 3RU LVVR FDGD YH] TXH
RXYHVDOJXpPGL]HUDOJRFRPR'HYHULDVHUDWHUYHUJRQKDGHWLPHVPRDIDFDUHPH[HVHQDIHULGD
eTXHQXPQtYHOPXLWRSURIXQGRFRQFRUGDVFRPWDLVSDODYUDV
e FODUR TXH WRGRV FRODERUDUDP SDUD TXH R MRJR GD VHSDUDomR IRVVH DVVLP 1mR HUD SRVVtYHO TXH VH
OLPLWDVVHPDVLPXODUTXHHVWDYDPVHSDUDGRVGR(635,72DFRLVDWLQKDGHVHUIHLWDFRPPXLWRUHDOLVPRSDUDTXH
RMRJRIXQFLRQDVVH(QmRKiG~YLGDTXHFRPRIDFLOPHQWHVHSRGHYHULILFDUIXQFLRQDSHUIHLWDPHQWH
3RUWDQWRDYHUJRQKDUHVLGHQRFHQWURGHFDGDFpOXODGRFRUSRItVLFR1RUPDOPHQWHDRGHVHQFDUQDU
GHL[DV HVVD YHUJRQKD FHOXODU SDUD WUiV WRGDYLD VH TXHUHV DVFHQGHU FRP R FRUSR WHQV GH D OLEHUWDU GDV WXDV
FpOXODV


$/,%(57$d2&(/8/$5

0XLWRV 7UDEDOKDGRUHV GD /X] HVWmR D LOXPLQDU XP FDPLQKR SDUD TXH RXWURV LUPmRV R SRVVDP YLU D
SHUFRUUHU (P IDVHV H[WUHPDV GHVWH SURFHVVR DOJXQV SRGHUmR VHQWLUVH UHSHQWLQDPHQWH IRUoDGRV D XPD SRVLomR
GHLPSRWrQFLDRTXHSRGHFDXVDUXPDUiSLGDH PDFLoDOLEHUWDomR GD YHUJRQKDGDVFpOXODVSDUDRVVHXVFDPSRV
GHHQHUJLDGHRQGHHQWmRSRGHUiVHUUHPRYLGD
e FODUR QHP WRGRV RV7UDEDOKDGRUHVGD/X]WRPDUmRDGHFLVmR GHVHJXLUHVWHSURFHGLPHQWR PXLWRV
SUHIHULUmRXPDOLEHUWDomRPDLVVXDYHHDPDLVORQJRSUD]R'HTXDOTXHUIRUPDTXDQGRVHQWLUHVTXDOTXHUWLSRGH
YHUJRQKD ILFD VDEHQGR TXH QmR VH WUDWD GH DOJR WHX PDV VLP GHRXWUDHQHUJLDTXHGHYHVUHWLUDU GRWHXFDPSR
HQHUJpWLFR3RUWDQWRQmRFRQVLGHUHVDYHUJRQKDFRPRSDUWHGDWXDLGHQWLGDGHHQmRWHVLQWDVFXOSDGRGHVHUHV
TXHPpV
$ YHUGDGH p TXH HQTXDQWR 7UDEDOKDGRU GD /X] WX HVWiV D WUDQVIRUPDU D YHUJRQKD LQHUHQWH j
HVSpFLHKXPDQDHPXPDH[SUHVVmRPDLVHOHYDGDGHXQLFLGDGHHGHVHUYLoRFRPR(635,72$VVLPDHQHUJLDGD
YHUJRQKD WHQGR R (635,72 SRU JXLD HVWi D VHU UHPRYLGD GDV WXDV FpOXODV SDUD RV FDPSRV HQHUJpWLFRV  XPD
H[SHULrQFLDTXHPXLWRIUHTXHQWHPHQWHpHQFDUDGDFRPRSUHRFXSDQWHHPYH]GHFRPRXPDFRQGLomRLQHUHQWH
DR VHU KXPDQR $ PHOKRU IRUPD GH OLGDU FRP HVWD VLWXDomR p SDVVDU DWUDYpV GHOD 3UHWHQGHU HYLWDU RX WHQWDU
VXSULPLU R VHQWLPHQWR GH YHUJRQKD HTXLYDOH D UHFRQKHFHU D VXD UHDOLGDGH H D WXD LPSRWrQFLD SDUD UHVROYHU D
TXHVWmR 3RU FRQVHJXLQWH PXLWRVLPSOHVPHQWHHQFDUDD FRPRXPD KHUDQoDFHOXODUDOJRLPSUHVVRSHOD FXOWXUD
WHUUHQDHQmRFRPRXPDSDUWHGDWXDLGHQWLGDGHGLYLQD
(XPDYH]TXHLUiVVHQWLURVHIHLWRVGDFUHPDomRGDYHUJRQKDUHWLUDGDGDVWXDVFpOXODVSHUPLWH
WH UHFRQKHFHU TXH WDO RSHUDomR QmR FRQFHUQH j WXD HVVrQFLD PDV TXH p DOJR FRP TXH YLHVWH OLGDU D HVWH
SODQHWD 6H DFDVR WH VHQWLUHV GHVDPSDUDGR H LPSRWHQWH SURFXUD RXWURV 7UDEDOKDGRUHV GD /X] DOJXQV GRV
TXDLV FHUWDPHQWH HVWDUmR D SDVVDU SHOD PHVPD H[SHULrQFLD ( QmR WH LQLEDV HP DFHLWDU DMXGD GHOHV R WHPSR
GR LQGLYLGXDOLVPR Mi SDVVRX $ +XPDQLGDGH WHP YLQGR D GHVORFDUVH SDUD XPD HUD GH FRFULDomR SHOR TXH VH
WRUQDLPSRUWDQWHSHUPLWLUDLQWHUDMXGD
2V 7UDEDOKDGRUHV GD /X] WrP HVWDGR D FXPSULU D VXD PLVVmR QHVWH SODQHWD PDV DWp DR SUHVHQWH H
HPPXLWRVFDVRVLVVRWHPRFRUULGRVROLWDULDPHQWH$JRUDSRUpPHVWmRDVHUFKDPDGRVSDUDTXHWUDEDOKHPFRP
RXWURV 7UDEDOKDGRUHV GD /X] QD FRFULDomR GR VHJXLQWH QtYHO GH HYROXomR GD HVSpFLH KXPDQD j PHGLGD TXH RV
DQWLJRV SDGU}HV EDVHDGRV QD VHSDUDomR YmR VHQGR H[WUDtGRV GD KHUDQoD JHQpWLFD GD HVSpFLH 7RGDYLD RV
7UDEDOKDGRUHVGD/X]QmRSRGHPID]HULVWRVR]LQKRV
2XWUR UHFXUVR TXH SRGHV XWLOL]DU VHPSUH TXH D YHUJRQKD DIORUDU p VHQWLUHV R WHX YHUGDGHLUR
SRGHU1HVWHVHQWLGR

SHGH DR (635,72 XPD FDSDFLGDGH FDGD YH] PDLRU SDUD ID]HU R TXH VHMD

QHFHVViULR

LQYRFD RV DQMRV GD )RUoD 'HVWUXLGRUD SDUD TXH FHQWULIXJXHP HVVD HQHUJLD SDUD IRUD

GRVWHXVFDPSRVHQHUJpWLFRV

SHGHD6DLQW*HUPDLQTXHDSOLTXHD&KDPD9LROHWDQRVWHXVFDPSRV

$SyV XQV SRXFRV VHJXQGRV RX PLQXWRV VHQWLUWHiV PDLV FDOPR H VXEWLOPHQWH PDLV SRGHURVR
3HUPLWH TXH HVWH QRYR VHQWLPHQWR GH SRGHU IOXD QRV WHXV FRUSRV H YLVXDOL]D FRPR HOH HQFKH H LQXQGD R HVSDoR
GHL[DGRYD]LRSHODYHUJRQKDTXHIRLUHPRYLGDGDVFpOXODV


&21752/(



2XWUD SDUWH GR PLWR GR SRGHU p D LOXVmR GR FRQWUROR 4XDOTXHU FRQWUROR TXH MXOJDV WHU VREUH WL
PHVPRSHUWHQFHDR(635,72
4XDQGR DV FRLVDV FRUUHP EHP QD WXD YLGD VLJQLILFD TXH R WHX HXHVStULWR HVWi D WUDEDOKDU
DWUDYpV GRV WHXV FDPSRV GH HQHUJLD TXDQGR FRUUHP PDO FRQWLQXD D VHU R WUDEDOKR GR HXHVStULWR Vy TXH
QHVWH FDVR HOH WHQWD FKDPDU D DWHQomR FRQVFLHQWH GD SHUVRQDOLGDGH RX SURFXUD S{OD DR FRUUHQWH GH DOJR
LPSRUWDQWH

3RUWDQWRVHDVFRLVDVQmRHVWmRDGHFRUUHUGHIHLomRSURFXUDVLQDLVGHOLPLWDomRRXGHFRQWURORQRV
WHXVFRQFHLWRVGHUHDOLGDGH
3UHWHQGHU FRQWURODU RX PDQLSXODU RV DFRQWHFLPHQWRV GH DFRUGR FRP DV LGHLDV GD SHUVRQDOLGDGH H
FRP D IRUPD FRPR DV FRLVDV GHYHULDP VHU p XPD DFWLYLGDGH HVFXVDGD TXH SRGH JHUDU GHVLOXVmR IUXVWUDomR H
UDLYD$VVLPVHQGRTXHSRGHVWXID]HU"
4XDQGR WH DOLQKDUHV FRP D LQWHQomR GR (635,72 QR TXH FRQFHUQH jV WXDV IXQo}HV FRQYHUWHUWHiV
QXPDIRUoDTXHQmRSRGHVHUGHWLGDSRUTXHDSDUWLUGHVVHPRPHQWRVHJXHVRIOX[RGR8QLYHUVR
(FRPLVWRYROWDPRVjYHOKDSHUJXQWD&RPRVHVDEHTXDOpDLQWHQomRGR(635,72"8PDUHVSRVWD
SRVVtYHOp4XDOTXHUFRLVDTXHIDoDFDQWDURWHXFRUDomR
$ULHORIHUHFHQRVXPWHVWHWULSORSDUDGHFLGLUQHVWHVHQWLGR



'iWHVDWLVIDomR"

eGLYHUWLGR"

6HUYHDRVSURSyVLWRVGD/X]"


6H DV WUrV UHVSRVWDV IRUHP DILUPDWLYDV HVWDUiV D VHJXLU RV SURSyVLWRV GR (635,72 VH XPD RX GXDV
IRUHPQHJDWLYDVpSURYiYHOTXHRFXUVRGDDFomRQmRHVWHMDDOLQKDGRFRPHVVHVSURSyVLWRV
6H IL]HUHV HVWDV WUrV SHUJXQWDV HP UHODomR SRU H[HPSOR DR WHX WUDEDOKR RX SURILVVmR H VH
REWLYHUHV XP QmR SDUD WRGDV DV WUrV SHUJXQWDV p PHOKRU FRPHoDUHV D SHQVDU VHULDPHQWH HP PXGDU GH
WUDEDOKR RX DWp PHVPR GH FDUUHLUD SRLV QmR HVWiV HP VLQWRQLD FRP R WHX YHUGDGHLUR SRGHU ,U FRQWUD D
FRUUHQWH Gi LPHQVR WUDEDOKR DR SDVVR TXH IOXLU FRP D FRUUHQWH QmR SHGH JUDQGH HVIRUoR H p PXLWR PDLV
GLYHUWLGR )OXLU FRP D FRUUHQWH DMXGD DV FRLVDV D FUHVFHU HP YH] GH D GHVPRURQDUHPVH H DV SHVVRDV TXH YmR
VXUJLQGRDMXGDPHPYH]GHHVWRUYDU$VVLPRFRQWURORpXPDLOXVmRRIOXLUFRPR(635,72pXPDUHDOLGDGH
7XGRRTXHpVHWXGRRTXHSRVVXLVpRUHVXOWDGRGDIRUPDFRPRRWHXHXHVStULWRGLVS}HDVFRLVDV
2 TXH SRGHV ID]HU DR QtYHO GD SHUVRQDOLGDGH p HVWDU FRQVFLHQWH GHVWDV LQIRUPDo}HV H DGLFLRQiODV j OLQKD GH
SURGXomR
*DUDQWRWHTXHVHUiVRXYLGR


29(5'$'(,5232'(5

 SULPHLUD YLVWD D YHUJRQKD H R DEDQGRQR GR FRQWUROR SDUHFHP WHU SRXFD UHODomR FRP R SRGHU
(VWmRSRUpPOLJDGRVSRUTXHH[HUFHURFRQWURORHRSRGHUVREUHRVRXWURVpXPDUHSRVWDGLUHFWDjYHUJRQKDD
QtYHOFHOXODUHXPDWHQWDWLYDGHDVXSULPLU
9RFrVFRORFDUDPDYHUJRQKDQDVFpOXODVSDUDLPSHGLUTXHSXGHVVHPVHQWLURYHUGDGHLURSRGHU
3RUWDQWR R YHUGDGHLUR SRGHU p VLPXOWDQHDPHQWH D DUPD SDUD OLGDU FRP D YHUJRQKD H R UHVXOWDGR
REWLGR GHSRLV GHOD VHU UHPRYLGD GDV FpOXODV 2 YHUGDGHLUR SRGHU p XP HVWDGR GH VHU QmR XP HVWDGR GH
ID]HU )D]HU R SRGHU p R PpWRGRDQWLJR VHURSRGHUpH[SUHVVDUR(635,72,VWRQmRTXHUGL]HU WRGDYLD
TXH GHYDV VHQWDUWH QXPD DOPRIDGD H SDVVHV R UHVWR GD YLGD D LUUDGLDU HQHUJLD 3RGHV DFWXDU PDV FRP XPD
GLIHUHQoD DJRUD DV DFo}HV SURYrHP GHVVH OXJDU LQWHUQR FDOPR H VHUHQR TXH VDEH VHU XPD IRUoD LPHQVD H
LOLPLWDGDWUDEDOKDQGRKDUPRQLRVDPHQWHFRP7XGR24XHe
3UHFLVDPHQWHGDPHVPD IRUPD HPTXH27DRDFHUFDGRTXDOVHSRGHIDODUQmRpR7DRRSRGHU
TXH GHYH DFWXDU QmR p R YHUGDGHLUR SRGHU 2 YHUGDGHLUR SRGHU p IRUWH H KXPLOGH DR PHVPR WHPSR SRUTXH
FRQKHFHDVXDIRUoD$IRUoDVLJQLILFDFDPLQKDUVHPPHGRXPDYH]TXHWHPHUVHMDRTXHIRUQHJDDKDELOLGDGH
LQGLYLGXDOGHDOJXpPFULDUDVXDSUySULDUHDOLGDGH

&DPLQKD HQYROWR HP VHJXUDQoD SRUTXH Mi QmR Ki HVWUDQKRV SRUTXH HVWiV HP KDUPRQLD

FRPD1DWXUH]DHFRPWRGDVDVVXDVFULDWXUDV

$PDOLYUHPHQWHDWUDYpVGRYHUGDGHLURSRGHUSRUTXHMiQmRUHFHLDVQHPDUHMHLomRQHP

'i D SDUWLU GH WL PHVPR VDEHQGR TXH D UHMHLomR p XP VLQDO GH TXH RV RXWURV VmR

DGRU

LQFDSD]HVGHUHFHEHURTXHWXpV



'HL[D GH FRPSHWLU FRP GHPDLV SRUTXH D FRPSHWLomR LPSOLFD YHUJRQKD H QHJD D

PDHVWULD GH XQV H RXWURV UHFRQKHFH TXH HP ~OWLPD LQVWkQFLD HVWiV D FRPSHWLU FRQWUD WL PHVPR 2
YHUGDGHLURSRGHUFRRSHUDVHPHJRtVPRUHFRQKHFHQGRTXHQLQJXpPRSRGHH[SORUDU

3HUGRD LQFRQGLFLRQDOPHQWH VDEHQGR TXH IOXLV DWUDYpV GD YLGD UHFRQKHFHQGR TXH

FRPSDUWLFLSDVQDFULDomRGHFDGDDFRQWHFLPHQWRGDVWXDVYLGDV

1mR DWLUHV D FXOSD SDUD FLPD GH QLQJXpP QHP VHTXHU GH WL PHVPR SRUTXH YLYHV

SHUPDQHQWHPHQWHQDHVWHLUDGR(635,72

1mR MXOJXHVQDGD QHPQLQJXpPSRLVRMXOJDPHQWRHVWiDQFRUDGRQDYHUJRQKDDRLQYpV

FRQVLGHUDR(635,72SDUDVDEHURTXHpYHUGDGHLURHPFDGDPRPHQWR$SDUWLUGHVWDSHUVSHFWLYDSDVVDV
DYHUWXGRFRPRVROKRVGR(635,72TXHVHH[SUHVVDHSDVVDDWUDEDOKDUDWUDYpVGDWXDSHUVRQDOLGDGH
7DOYH] QmRYHMDV DSHUIHLomRQDUHVSRVWD GRVRXWURVVDEHUiV FRQWXGRTXHQmRpVRVHXMXL]HTXH
OKHV GiV R HVSDoR GH TXH QHFHVVLWDP VHP WH HQUHGDUHV QDV VLWXDo}HV HP TXH HVWmR HQYROYLGRV ( VH R
VRIULPHQWR WH YLVLWDU QmR R HYLWHV H[SHULPHQWDR H KRQUD D WXD FULDWLYLGDGH SRU R WHUHV PDQLIHVWDGR $ PDUFD
PDLV JUDQGLRVD GD SHVVRD YHUGDGHLUDPHQWH SRGHURVD p D VXD KDELOLGDGH GH VH FRPSDUWLOKDU D VL PHVPD FRP RV
RXWURVSHUPLWLQGRTXHRDPRUGR(635,72OKHVFKHJXHVHPUHVWULomR
7DOFRPRMiYLPRVRDPRUQmRpDOJRTXHVHIDoDPDVVLPDOJRTXHVHSHUPLWHTXHVHMD2DPRU
pDOJRTXHVyRFRUUHTXDQGRDOJXpPVHSHUPLWHYLYHQFLDURVHXSUySULRSRGHU9HMRPXLWRV7UDEDOKDGRUHVGD/X]
HVFRQGHQGRVH VRE XPD IDOVD KXPLOGDGH RX PRGpVWLD HQTXDQWR WUDWDP GH VH PDQLSXODU D VL PHVPRV SDUD
SDUHFHUHPTXHVmRSULPRURVDPHQWHSULPRURVRV
3RU IDYRU QmR WH PHQWDOL]HVQRVHQWLGRGHUHFKDoDURWHXSRGHU0XLWDJHQWH MXOJD TXHRSUHoRGH
SHUWHQFHUjFKDPDGD1RYD(UDpRDEDQGRQRGHWRGRVRVWLSRVGHSRGHULQFOXVLYDPHQWHRVHXYHUGDGHLURSRGHU
1mRSRGHPHVWDUPDLVHQJDQDGRV
$SDUWLUGRSULPHLURHPSXUUmRDJUHVVLYRDVVRFLDGRDRWHXQDVFLPHQWRQRPXQGRGRSODQRItVLFR
HVWiV DTXL SDUD VHUYLU R SODQHWD H D VXD SRSXODomR DXWyFWRQH 1mR SRGHV FXPSULU LVVR FKRUDPLQJDQGR
HVFRQGLGR QR TXDUWR 7X pV R (635,72 HQFDUQDGR H FKHJDVWH DTXL FRP XPD PLVVmR 3RU FRQVHJXLQWH
SHUPLWHWHDVVXPLURWHXYHUGDGHLURSRGHUHWUDWDGHVHUTXHPGHIDFWRpV
4XDOTXHUDFomRTXHWHDSHWHoDHPSUHHQGHUDSDUWLUGHVWDVSUHPLVVDVHVWDUiEDVHDGDQRYHUGDGHLUR
SRGHU QR HVWDGR GH VHU GD WXD LPHQVD PDJQLILFrQFLD ,VWR QmR VLJQLILFD TXH DEDQGRQHV D GRFLOLGDGH H D
JHQWLOH]DDLQGDTXHGHYH]HPTXDQGRLVVRSRVVDDFRQWHFHUVLJQLILFDVLPTXHDFWXDVDSDUWLUGRDPRUHGD
FRPSDL[mR GHVVH HVWDGR RQGH QmR Ki PHGR ID]HQGR R TXH VHQWHV VHU FRUUHFWR SDUD HVVH PRPHQWR $OJXPDV
YH]HVDJLUiVVR]LQKRRXWUDVYH]HVGHQWURGDDXUDGHSRGHUGHRXWURVSURIHVVRUHV
3RUWDQWR GDGR TXH HVWmR D HQWUDU  WRGRV  QXP WHPSR GH JORULRVD H[SUHVVLYLGDGH FDGD XPD GDV
YRVVDVIDFHWDVpPHUHFHGRUDGHWDOH[SUHVVLYLGDGH6D~GRYRVSRUWHUHPHPSUHHQGLGRHVWDH[LVWrQFLDHHQFHUUR
HVWHFDStWXORUHFRUGDQGROKHVRTXmRSRGHURVRpQDYHUGDGHRVHUTXHVmR
&RQFHUWDGRVFRPRXWURV7UDEDOKDGRUHVGD/X]SRGHPFRFULDUPLODJUHV




'HVPLVWLILFDQGRR&DUPD



2 VHX HVStULWR GH  GLPHQVmR WHP SOHQD FRQVFLrQFLD GR TXH ID] DTXL H TXH HOH p 812 FRP D
HVVrQFLD PDLRU TXH R FULRX $SHVDU GH VHU XP FRUSR PXLWR VXWLO H PXLWR SHUIHLWR QmR p WRWDOPHQWH SHUIHLWR
SRLVGRFRQWUiULRQmRWHULDQHFHVVLGDGHGHVHGHSXUDURXGHDSUHQGHUFRLVDVQRYDV
(VVHVHUPDLRUGHGLPHQVmRH[LVWHQWHHPYRFrPXLWDVYH]HVFKDPDGRGH$WPDQ$GDPNDGPRQ
HWFTXDQGRYHULILFDTXHXPDOLomRRXHWDSDGHGHSXUDomRHQHUJpWLFDIRLXOWUDSDVVDGDpTXHPGHFLGLUiDVQRYDV
OLo}HVSHODVTXDLVHOHLUiHQIUHQWDUSDUDGHSXUDUVHDLQGDPDLVHDVVLPPHOKRUDUVXDJUDGXDomRHQHUJpWLFD
,QWHUHVVDQWH YHULILFDU TXH D FDGD HWDSD VXSHUDGD QR PXQGR ItVLFR WULGLPHQVLRQDO R VHU GH 
GLPHQVmR SODQHDUi QRYRV GHVDILRV SDUD VHUHP FXPSULGRV SHOR HXWULGLPHQVLRQDO FRP R ILP GH DXPHQWDU D
HPLVVmRGHOX]LQGHSHQGHQWHPHQWHGHQHFHVVLGDGHGHGHVHQFDUQH
$VVLP WHQGR HP YLVWD TXH WRGRV VRPRV 80 D JUDQGH UHDOLGDGH p TXH QmR H[LVWH FDUPD ERP RX
FDUPDUXLPPHVPRSRUTXHDVOLo}HVVmRHVFROKLGDVSRUQyVPHVPRV GLPHQVmR 
&DUPDUHDOPHQWHQmRH[LVWH2TXHH[LVWHHVHPSUHH[LVWLUipOLo}HVDVHUHPDSUHQGLGDVGHDFRUGR
FRPDTXLORTXHVHX$GDP.DGPRQSODQHRXDSUHQGHUHUHVTXtFLRVPDJQpWLFRVGHYLGDVSDVVDGDV
2 SUREOHPD p TXH R VHX VHU GLYLQR GH  GLPHQVmR PXLWDV YH]HV HVFROKH XPD OLomR D TXDO QmR p
GHYLGDPHQWH DSUHQGLGD RX XOWUDSDVVDGD LPSHGLQGR TXH VXD SUySULD FRQVFLrQFLD UHWRUQH D SDWDPDUHV GH 
GLPHQVmRILFDQGRUHVWULWDDRXQLYHUVRGDGLPHQVmRHQTXDQWRQmRVXSHUDUDOXGLGDOLomRFRPRVHHVWLYHVVHGH
UHFXSHUDomR QD HVFROD GDQGR RULJHP D PDJQHWLVPRV UXLQV H VHQWLPHQWRV GH FXOSD TXH QmR UDUR VH
WUDQVIRUPDPHPWUDXPDVHGRHQoDV
3HQVH QR VHJXLQWH H[HPSOR DQiORJR j  GLPHQVmR HVWDQGR DOJXpP GRHQWH H WRWDOPHQWH
GHVHVSHUDGR SRU PHGR GD PRUWH ItVLFD SUHIHUH VHUYLU GH FREDLD SDUD XP QRYR PpWRGR PpGLFR FRPR SRU
H[HPSOR XPD QRYD YDFLQD SDUD D $,'6 2 TXH DFRQWHFHUi D WDO SHVVRD" 1mR VH VDEH QHP RV PpGLFRV VDEHUmR
3RU PHOKRUHV TXH VHMDP DV HVSHFWDWLYDV HVWD SHVVRD SRGHUi ILFDU HP FRPD SRGHUi VXSHUDU D GRHQoD RX DWp
SLRUDU
'H LJXDO IRUPD DOJXQV VHUHV GH  GLPHQVmR Mi GHVHVSHUDGRV SRU HVWDU DWUiV GR WUHP GD
KXPDQLGDGH H FRP PHGR GH SHUGHUHP R ERQGH HIHWXDP SODQHDPHQWRV FRPSOH[RV H DOWDPHQWH GLItFHLV GH
VHUHPVXSHUDGRVSDUDGDUDRHXHJRXPDFRQGLomRGHSDUWLFLSDUGRSURFHVVRGHHOHYDomRSODQHWiULD
&RQWXGRDRHVFROKHUXPDGHWHUPLQDGDOLomRDOWDPHQWHFRPSOH[DSDUDVHUDSUHQGLGDHVWHVHUGH
GLPHQVmR VDEH TXH D OLomR VHUi GLItFLO PDV QmR VDEH VH UHWRUQDUi D WHU FLrQFLD GH VXD HVVrQFLD GLYLQD
UDSLGDPHQWH RX VH HQWUDUi HP HVWDGR GH FKRTXH QD  GLPHQVmR &DVR HQWUH HP FRPD ILFDUi VHP WHU HVVD
FRQVFLrQFLD GH  GLPHQVmR H HVWDUi UHVWULWR DRV XQLYHUVRV GH  GLPHQVmR FRPR TXH HP XPD UHFXSHUDomR
HVFRODUDWpTXHSDVVHGHDQRDSUHQGDDOLomRHHQILPUHWRUQHjGLPHQVmR
$JUDQGHUHDOLGDGHpTXHRFKDPDGRFDUPDERPWDPEpPpXPDOLomRDVHUDSUHQGLGD0XLWDVYH]HV
DOJXpP TXH WHP PXLWR GLQKHLUR WHP FRPR OLomR DSUHQGHU D OLGDU FRP D HQHUJLD GD DEXQGkQFLD H FRQFLOLiOD j
HVSLULWXDOLGDGH (QTXDQWR QmR VXSHUDU HVWD HWDSD ILFDUi UHVWULWR DR XQLYHUVR GH  H  GLPHQV}HV DWp TXH
FRQVLJDVXSHUDUDHWDSDDVHUDSUHQGLGD
1RWH TXH QR H[HPSOR GDGR GH XPD SHVVRD LQILQLWDPHQWH SUyVSHUD QmR UDUR HVWD SHVVRD VH WRUQD
VRYLQD PmR GH YDFD  H WHP LPHQVR PHGR GH SHUGHU DTXLOR TXH FRQTXLVWRX QD YLGD ItVLFD Mi TXH DQWH VHX
DSUHQGL]DGRDOLDSUD]HUH[FHVVLYRDGLQKHLURDRSRQWRGHQXQFDRJDVWDU jVYH]HVQHPFRQVLJRPHVPR 
7XGR LVWRp DSUHQGL]DGRQmRVLJQLILFDQGR GHVHQYROYLPHQWRHVSLULWXDO1RWHTXHDOPDWHPGH
DSUHQGHUDOLGDUFRPWRGDVDVIRUPDVGHHQHUJLDLQFOXVLYHDVUXLQVSRLVGRFRQWUiULRQmRVDEHULDFRPRDV
HYLWDUHQmRSRGHULDUHFHEHURWtWXORGHPHVWUHHQHUJpWLFR

3RURXWURODGRTXDQWRPDLRURLQLPLJRQDGLPHQVmRPDLRURJUDXGHDILQLGDGHGRV(XV6RXQD
 GLPHQVmR ,VWR PHVPR ([SOLFDVH VHUi TXH D REUD GH -HVXV HVWDULD FRPSOHWD VHP D SUHVHQoD GH -XGDV
6FDULRWHV" 6HUi TXH -XGDV WHULD VH VXMHLWDGR D VHU YLVWR FRPR R GHP{QLR GR FULVWLDQLVPR DFDVR QmR IRVVH R
PDLRUDPLJRGH-HVXVQDGLPHQVmR"4XHPIDULDWDOVDFDQDJHPFRP-HVXVVHQmRIRVVHDOJXpPFRPSURIXQGD
DILQLGDGHFRPHOH QR kPELWRHVSLULWXDOVXWLO"4XHPVHQmRVHXPDLRU DPLJRDFHLWDULDWDPDQKRHQFDUJRDSHQDV
SDUDYLDELOL]DUDREUDGH&ULVWRGDTXDOWDPEpPHUDSHoDIXQGDPHQWDO"
&DVR R OHLWRUQmR WHQKDVH DSURIXQGDGRQRV HVWXGRVGHFULVWLDQLVPRR6mR-XGDV7DGHXTXHp WLGR
FRPR 6DQWR QDGD WHP D YHU FRP -XGDV 6FDULRWHV R TXDO IRL H[FRPXQJDGR SHOD ,JUHMD &DWyOLFD $PERV RV
-XGDVIRUDPSHVVRDVGLYHUVDV HR6FDULRWHVDWpKRMHpPDQWLGRFRPRSHUVRQDQRQJUDWDSDUDD,JUHMD
H LQ~PHURV PRYLPHQWRV HVRWpULFRV DQWH R DWR FUXHO  TXH FRPHWHX FRP -HVXV FRPR VH DPERV QmR WLYHVVHP
SODQHDGR WRGDV DV Do}HV DQWHFLSDGDPHQWH QD  GLPHQVmR 1RWH R SHVR VHJXUDGR SRU HVVD DOPD -XGDV
6FDULRWHV  QHQKXPD KRPHQDJHP QHQKXPD ,JUHMD QHQKXP UHFRQKHFLPHQWR GH WHU WDPEpP VLGR SHoD


IXQGDPHQWDO QD REUD VLPSOHVPHQWH QDGD 0DV VHUi TXH R (X 6RX GH -XGDV 6FDULRWHV p PXLWR GLYHUVR GR GH
-HVXV"1mRVHULDHOHWDPEpPPHVWUHGRPHVPRFDOLEUHGH-HVXVMiTXHIRLSHoDWmRIXQGDPHQWDOjREUDTXDQWR
RSUySULR&ULVWR"
1RWH FDUR OHLWRU  R TXH VH SDVVD DTXL QD  GLPHQVmR LQFOXLQGR VHXV LQLPLJRV VmR FRLVDV SUp
SURJUDPDGDV RX SUpFRQWUDWDGDV QR kPELWR GD  GLPHQVmR SODQHDPHQWR  (VWH PXQGR ItVLFR GH  GLPHQVmR p
PXLWR VLPLODU DR ILOPH PDWUL[ SRLV p WRWDOPHQWH LOXVyULR XP YHUGDGHLUR ODERUDWyULR TXH IXQFLRQD FRPR XP
WHDWURXPWHDWURGDHQHUJLD
,VWR PHVPR $FDVR RV DWRUHV TXH UHSUHVHQWDP R PRFLQKR H R YLOmR GH XPD SHoD GH WHDWUR
FRQIXQGHPVHXVSHUVRQDJHQVFRPVXDVUHDLVSHUVRQDOLGDGHV"&ODURTXHQmR$FDVRHVWHVDWRUHVQmRVmRDPLJRVH
DSyVDFDEDUDSHoDWHDWUDOQmRVHHQFRQWUDPFRPHPHEHEHPMXQWRV"&ODURTXHVLP
1RWH TXH VHMD PRFLQKR RX EDQGLGR DPERV WrP FLrQFLD TXH DTXLOR IRL DSHQDV XP WHDWUR XP
WUHLQDPHQWR GR TXDO DPERV FRQFRUGDUDP HP GHVHQYROYHU QR QtYHO GH  GLPHQVmR SRXFR LPSRUWDQGR R SDSHO
GHVHQYROYLGRSRUFDGDXPGHOHV
$VVLP R FDUPD QDGD PDLV p TXH DOJR SUpFRQWUDWDGR LQFOXLQGR R SDSHO GHVHQYROYLGR VHMD GH
PRFLQKRRXEDQGLGRVHMDGH SDLRXGHPmHYtWLPDRXDVVDVVLQRDERUWDQWHRXDERUWDGRHWFLQFOXLQGRJUDXGH
LQWHOLJrQFLDGLQKHLURHSRVWXUDVRFLDO
9RFrSRGHVHSHUJXQWDURVHJXLQWH(QWmRSRGHRFRUUHUGHXPDHQWLGDGHPXLWRDILPFRPLJRGHVHMDU
YLU DR PXQGR DSHQDV SDUD VHU DERUWDGR RX SDUD HX PDWiOD" $ UHVSRVWD p 6,0 ([SOLFDVH HVWD PRUWH RX DERUWR
FHUWDPHQWHIRLSODQHDGRHPGLPHQVmRHVHXREMHWLYRSRGHWHUVLGRYDULDGRFRPRSRUH[HPSORGHSURYRFDU
XPD FRPRomR SHVVRDO QR VHX HXHJR RULHQWDQGRR D XP UXPR PDLV HVSLULWXDOL]DGR HWF 1RWH TXH WDLV IDWRV
181&$VmRREUDGRDFDVR
(VDEHSRUTXHRTXHDTXLHVWiHVFULWRFKHJDDSHUWXUEDUVXDDOPD"3RUTXHHODVDEHTXHpYHUGDGHH
DYHUGDGHGyL
9ROWHPRV D -HVXV 6H R OHLWRU HVWXGDU XP SRXFR DFHUFD GH TXHP IRL R $SyVWROR 3DXOR YHUi TXH
DQWHV GH VH WRUQDU DSyVWROR R PHVPR HUD FREUDGRU GHLPSRVWRV ID]LDLQ~PHUDVDWURFLGDGHVHP QRPH GH5RPD
DOpP GH VHU WDPEpP DVVDVVLQR &RPR XPD SHVVRD GHVVDV S{GH WHU VLGR HVFROKLGR FRPR XP DSyVWROR" 6H IRVVH
SHODILORVRILDGHTXHVHXDWRH[SUHVVDRVHXJUDXGHHYROXomR6DXORQXQFDVHWRUQDULDRDSyVWROR3DXOR,VWR
FRPSURYDRSODQHDPHQWRHPGLPHQVmR6DXORYHLRGHVHQYROYHUXPSDSHOGHYLOmRQRWHDWURGDYLGDDWpXP
GHWHUPLQDGR PRPHQWR R TXH HUD QHFHVViULR SDUD D VXD PDHVWULD SHVVRDO $SyV WHU DSUHQGLGR D OLomR JDOJRX
VHXSRVWRGH0HVWUHWRUQDQGRVHDSyVWROR
$FDVRXPPDJREUDQFRQmRGHYHFRQKHFHUPDJLDQHJUDSDUDQHWUDOL]iOD"
6H 6DXOR HUD UXLP DWp XP GHWHUPLQDGR PRPHQWR GD YLGD VHUi TXH QmR HVWDYD SDVVDQGR SRU XPD
UHYLVmR GH DSUHQGL]DGR VLPLODU D XPD UHYLVmR GH FXUVLQKR SUpYHVWLEXODU  SDUD UHFRUGDU FRPR OLGDU FRP
HQHUJLDVHVS~ULDVHQTXDQWRHVWDYDHQFDUQDGR"
6HL TXH QR LQtFLR LVWR p GLItFLO GH VH DFHLWDU PDV QRWH TXH 0RLVpV WDPEpP PDWRX XP KRPHP
SRXFR LPSRUWD FRPR H SRUTXH PDWRX  1RWH TXH DSyV 0RLVpV WHU VH WRUQDGR DVVDVVLQR UHGLPLXVH SHUDQWH
'HXVHDWLQJLXDLOXPLQDomRSDVVDQGRDVHUDOJXpPFRPRVWDWXVGH6DQWRSDUDR-XGDtVPRR&ULVWLDQLVPRH
SDUDR,VODPLVPR
1RWHTXHRSDSHOUHSUHVHQWDGRQDGLPHQVmRQDGDWHPDYHUFRPDHVVrQFLDUHDO(X6RXRXFRP
R(X6XSHULRUHPXLWRPHQRVFRPDHPDQDomRGHOX]GHXPDGHWHUPLQDGDSHVVRD2SURFHVVRpPXLWRPDLV
FRPSOH[RTXHDTXHOHTXHYRFrDFUHGLWRXPDVHVWDpDYHUGDGHSXUDHVLPSOHV
6H DWRV WLYHVVHP D YHU FRP D  LOXPLQDomR FRPR R GL]HP LQ~PHURV HVStULWDV 0RLVpV VHULD XP
REVHVVRU  Mi TXH DVVDVVLQRRDSyVWROR3DXORWHULD GH SDVVDU ERDSDUWHGDHWHUQLGDGHQRXPEUDO SDUDLOXPLQDU
VHHWF
1RWRX TXH DWLWXGHV QDGD PDLV VmR TXH WHDWURV H TXH ID]HP SDUWH GLUHWD GH QRVVD DSUHQGL]DJHP"
1RWRXFRPRHVWHPXQGRpLOXVyULRQmRUHIOHWLQGRRTXHRFRUUHQRPXQGRGDGLPHQVmR"1RWRXTXHDo}HVQDGD
WHPDYHUFRPLOXPLQDomRRXVDQWLGDGH"
&DVR MXOJXH QHFHVViULR H FDVR TXHLUD VH DSURIXQGDU DLQGD PDLV QR WHPD LQGLFR D OHLWXUD GRV OLYURV
GH.U\RQGLVSRQtYHLVHPKWWSZZZYHODWURSDFRPYLDBWHRULFDNU\RQGHVFDUUHJDPHQWRBOLYURVKWP

1mRSRGHUtDPRVHQFHUUDUHVWHFDStWXORHPIDODUGRVPRQJROyLGHV
2V PRQJROyLGHV WrP WDQWD HQHUJLD HVSLULWXDO TXH HVWD DR GHVFHU VREUH R FRUSR ItVLFR FDXVD XP
GLVW~UELRFRUSRUDOSHUPDQHQWH0DVYRFrSRGHVHSHUJXQWDUPDVH%XGKD-HVXVHWFSRUTXHHOHVQmRIRUDP
PRQJyLV"6LPSOHVHOHVUHFHEHUDPXPFRUSRItVLFRTXHWLQKDXPFyGLJRGH'1$TXHVXSRUWDULDDHQHUJLDHPLWLGD
SRUHOHVGLYHUVDPHQWHGRVPRQJyLV
&RPRDVVLP"1RSULPHLURFDVRHUDLQWHUHVVDQWHSDUD'HXVTXHDTXHODVHQWLGDGHVIRVVHPFRQKHFLGDV
H TXH HQVLQDVVHPDRXWUDV SHVVRDVR FDPLQKRFUtVWLFR1RVHJXQGR FDVR PRQJyLV  'HXVSUHIHUHDSHQDVDX[LOLDU
RV VHXV GHPDLV ILOKRV FRP D HQHUJLD GH HTXLOtEULR GHVVHV VHUHV LOXPLQDGRV RV TXDLV OLPSDP HQTXDQWR



HQFDUQDGRV D DXUD SODQHWiULD FRP VXDV IRUWHV HQHUJLDV DVWUDLV DOpP GH VHUYLUHP GH FDWDOLVDGRUHV FUtVWLFRV
GDTXHOHV TXH OKHV HVWmR SUy[LPRV H GH VHXV SDLV ItVLFRV TXH GH ERP JUDGR QR DVWUDO DFHLWDP HVWD PLVVmR GH
SURIXQGRDSUHQGL]DGRGHDPRU
(VSHURTXHHVWDVOLQKDVVLUYDPSDUDGHVPLVWLILFDUDLGpLDLQGLYLGXDOGHFDUPD



+LVWyULDJHQpWLFD0HGR9HUJRQKDHD/HLGD*UDoD





(VWH&DStWXORIRLH[WUDtGRGDREUD8PPDQXDOSDUDDDVFHQVmRGH
6(5$3+,6%$<FDQDOL]DGRSRU7RQ\6WXEEV 'HQYHU&RORUDGR(8$ 



$ DVFHQVmR p EDVLFDPHQWH DSHQDV XPD PXGDQoD GH IUHTXrQFLD XPD PRGLILFDomR GH IRFR GD
FRQVFLrQFLD  PHGLGD TXH HOHYDV D IUHTXrQFLD PDLV EDL[D GR WHX FRUSR ItVLFR HOH VH WRUQD PHQRV GHQVR H
LQFRUSRUDJUDGXDOPHQWHDHQHUJLDGHIUHTrQFLDVPDLVHOHYDGDV
2 HVStULWR p XQR PDV SDUHFH LQGLYLGXDOL]DUVH SDUD SRGHU H[HFXWDU XPD IXQomR HVSHFtILFD SRU
H[HPSORWX3RURXWUDVSDODYUDVWXpVR(635,72HPDomR

  H HVWD p SURYDYHOPHQWH D GHFODUDomR PDLV LPSRUWDQWH GHVWH OLYUR  TXH R (635,72 p D YRVVD
YHUGDGHLUD QDWXUH]D $TXLOR TXH WX FUrV VHU p DSHQDV XP GRV PXLWRV WX SURMHWDGRV DR ORQJR GR WHPSR HHP
YiULRV OXJDUHV GHVWH H GH RXWURV SODQHWDV HP XQLYHUVRV TXH YRFrV DLQGD QmR GHVFREULUDP 1R HQWDQWR QDGD
GLVWR PLQLPL]D DTXLOR TXH SHUFHEHV FRPR WX SHOR FRQWUiULR WX pV XP VHU LPHQVR PXOWLGLPHQVLRQDO XPD
PDJQtILFDH[SUHVVmRGD)RQWHDTXDOEULOKDQWHHDPRURVDPHQWHWUDEDOKDVWHMXQWDPHQWHFRPRXWURVSDUDTXH
UHDOL]DVVHDIXQomRGR(635,72
(P QHQKXP RXWUR OXJDU HP QHQKXP SODQHWD GH TXDOTXHU XQLYHUVR H[LVWLX XPD FULDomR FRPR D
YRVVD
2VLPSOHVIDWRGHVDEHUHVTXHpVSDUWHLQWHJUDQWHGHVVDIDoDQKDWmRJUDQGLRVDGHYHULDLQFUHPHQWDU
LQFRPHQVXUDYHOPHQWHRVLJQLILFDGRGDWXDYLGD
1DWXDTXDOLGDGHGHVWHYHUGDGHLURHVXUSUHHQGHQWHVHUGHFLGLVWHTXHGHYLGRDXPSURSyVLWRPXLWR
HVSHFLDO HQFDUQDULDV QHVWH SODQHWD H QHVWH HPRFLRQDQWH PRPHQWR GD KLVWyULD 2 UHVXOWDGR GH WDO GHFLVmR p
HYLGHQWHPHQWH R WX GR TXDO HVWiV FRQVFLHQWH 3RUpP QmR GrV PXLWD FUHGLELOLGDGH D HVVH PDUDYLOKRVR SRQWR
VLQJXODU GH FRQVFLrQFLD IRFDOL]DGR QR DTXL H DJRUD TXH WX p HVWH TXH SHQVDV VHU 6H WLYHVVHV D PDLV VLPSOHV
QRomRGRSURFHVVRDWUDYpVGRTXDOH[LVWHVILFDULDVDVVRPEUDGRGRSRGHUTXHGHWpQV3RUWDQWRWUDWDGHWHYHUHV
DWLPHVPRFRPRR(635,72JR]DQGRGHXPDH[SHULrQFLDKXPDQDHQmRRFRQWUiULR

0DVHQWmRSRGHULDVSHUJXQWDU
6H UHDOPHQWHHXVRXHVWH LPHQVRVHUSRUTXHQmRVHLTXHRVRXQHP RVLQWR VHMDGH TXHIRUPD
IRU"

%RP GHL[D GH OHU SRU XP PRPHQWR H WUDWD GH VHQWLU R WHX VHU PDLRU FRPR XPD IRUoD VXSUHPD H
~QLFDTXHDVLPHVPDVHLQILOWURXGHQWURGDUHDOLGDGHGDGLPHQVmRFRPRXPDJLJDQWHVFDFXQKDGHHQHUJLDGD
TXDO FDGD VHU KXPDQR p D SUySULD SRQWD GHOD $t H[DWDPHQWH RQGH WH HQFRQWUDV VHQWDGR QHVWH PRPHQWR
SURFXUD VHQWLU D LQWHQVD IRUoD HQHUJpWLFD TXH HVWi SRU DWUiVGH WLXPDFRLVDDOJRFRQIXVDSDUDDWXDPHQWHp
FHUWRPDVTXHHVWiFULVWDOL]DGDFRPQLWLGH]QRFRQMXQWRFRUSRHPRomRHPHQWH
6H IRUHV LQFDSD] GH D VHQWLU LPDJLQDD R WHX HXHVStULWR FRPSOHWDUi HVVD LPDJLQDomR FRP
HVTXHPDVVHQWLPHQWRVRXVRPHQWHFRPRVLPSOHVVDEHUTXHDVVLPpWDOFRPRID]DFDGDPRPHQWRDOLiV
( SRU IDYRU VH FUrV QLVWR QmR WH ILTXHV SRU DTXL $ FUHQoD p D PRUWH V~ELWD GD WXD SHVTXLVD GD
YHUGDGH DSDUWLU GR PRPHQWR HPTXHFUrV GHL[DVGH SURFXUDU6HQmRFUrVQmRKiSUREOHPD 0DQWpPWHQD
SURFXUDSRURXWURVFDPLQKRVDWpWHHQFRQWUDUHVFRPRWHXYHUGDGHLURVHU
7XHVWiVOijWXDHVSHUD
0DVUHWRPHPRVDSHUJXQWD3RUTXHQmRFRQKHoRRHXHVStULWRTXHVHVXS}HTXHHXVHMD"
,VWRUHTXHUTXHIDoDPRVXPSRXFRGH+LVWyULD

+iPXLWtVVLPR WHPSRDQWHVGDH[LVWrQFLDGD+LVWyULDWDOFRPR DHQWHQGHVDJRUDXPFHUWRQ~PHUR
GH VHUHV QmRItVLFRV FDGD XP GRV TXDLV p XPD HQWLGDGH LPHQVD SRU QDWXUH]D SUySULD  GHFLGLX FRORQL]DU XP
SODQHWDSDUDUHDOL]DUXPDLQYHVWLJDomRHPQRPHGD)RQWH8PGHOHVFRQFRUGRXHPRIHUHFHUVHFRPRYROXQWiULR
SDUD UHSUHVHQWDU D FRQVFLrQFLD GR SODQHWD H DOJXQV RXWURV DMXGDUDPQR D GHQVLILFDU D VXD HQHUJLD SRU IRUPD D
TXHIRVVHGHVFHQGRDWUDYpVGDVGLPHQV}HV
(QWUHWDQWR RXWURV VHUHV GHVVH JUXSR GHGLFDUDPVH D FRQFHEHU DV PDWUL]HV GDV SURYiYHLV IRUPDV
GLVWLQWDVGHYLGDTXHSRYRDULDPRSODQHWDDVPDWUL]HVTXHSHUPDQHFHULDPFRGLILFDGDVTXLPLFDPHQWHQDTXLOR
DTXHFKDPDV'1$



( PHGLDQWH VXFHVVLYRV DEDL[DPHQWRV GH IUHTXrQFLD GXUDQWH PLOK}HV GH PLOK}HV GH DQRV D
FRQVFLrQFLD SODQHWiULD IRL SURJUHVVLYDPHQWH LUURPSHQGR DWUDYpV GD EDUUHLUD GH HQHUJLD QD IRUPD VyOLGD TXH VH
FKDPDDJRUD3ODQHWD7HUUD
$RORQJRGHHQRUPHVSHUtRGRVGRWHXWHPSROLQHDUHVWHVVHUHVFULDUDPSURMHo}HVGHVLPHVPRVFRP
HQHUJLD GH EDL[D IUHTXrQFLD DLQGD TXH QHVVD DOWXUD HP QDGD VH SDUHFHVVHP FRP DOJR ItVLFR *UDGXDOPHQWH
H[SHULPHQWDUDP IRUPDV GH IUHTXrQFLD FDGD YH] PDLV EDL[D DWp SURGX]LUHP R TXH DTXHOHV TXH SRVVXHP YLVmR
SVtTXLFDGHQRPLQDPIRUPDVDVWUDLVGDHGDGLPHQV}HV
0LOK}HVGHDQRVVHSDVVDUDPHYRFrVQDTXDOLGDGHGHXPGHVVHVVHUHVOHYDUDPDLQGDPDLVORQJHDV
H[SHULrQFLDVFRPR'1$ID]HQGRFRPTXHDHQHUJLDVHWRUQDVVHDLQGDPDLVGHQVDGHQWURGHRQGDVHVWDFLRQiULDV
GHHQHUJLDDWpFRQIRUPDUFRUSRVTXDVHYLVtYHLV
3RU ILP QXP H[WUDRUGLQiULR DWR GH FULDWLYLGDGH LUURPSHUDP DWUDYpV GD EDUUHLUD GLPHQVLRQDO H
FULDUDP HVWUXWXUDV ItVLFDV GH SDUWtFXODV VXEDW{PLFDV RV iWRPRV H DV PROpFXODV FREHUWDV SHODV RQGDV
HVWDFLRQiULDVTXHWDPEpPWLQKDPFRQFHELGR
1HVVDDOWXUDDLQGDSRGLDPGLVVROYHUHVVDVIRUPDVOLYUHPHQWHEHPFRPRFULDURXWUDVQRYDV
$VVLP VH GLYHUWLUDP GXUDQWH SHUtRGRV LQFRPHQVXUiYHLV VHP TXH HP TXDOTXHU PRPHQWR VH
LGHQWLILFDVVHPFRPHVVDVSURMHo}HVItVLFDVFXMRQ~PHURLDDXPHQWDQGR9RFrVVDELDPTXHHVVHVFRUSRVHWpULFRV
HUDP RV FDPSRV GH HQHUJLD TXH WLQKDP FULDGR H SDUD GHQWUR GRV TXDLV LUUDGLDYDP HQHUJLD VRPHQWH SDUD VH
GLYHUWLUHP
 PHGLGD TXH SUHWHQGLDP LU PDLV ORQJH HVWDV IRUPDV SURMHWDGDV WRUQDUDPVH PDLV YLVtYHLV QR
VHQWLGRTXHKRMHGDUtDPRVDHVWHWHUPR PDVDLQGDQmRKDYLDFRQVHQVRVREUHDVXDIRUPDGHILQLWLYD
8PD SDXVD SDUD DSUHFLDU FRQYHQLHQWHPHQWH D QDWXUH]D EULQFDOKRQD GD )RQWH WUDWDQGR VHPSUH GH
VHUPDLVFULDWLYDHDVVLPDXWRFRQKHFHUVHDWUDYpVGRTXHSRGHID]HU
$ ILP GH GHVHQYROYHU D H[SHULrQFLD GHFLGLUDP HQWmR GDU XP SDVVR PXLWR DWUHYLGR SURMHWDUDP DV
FRQVFLrQFLDV SDUD GHQWUR GHVVDV IRUPDV ,VWR SURSRUFLRQRX DV FRQGLo}HV SDUD TXH SXGHVVHP LQWHUDJLU FRQYRVFR
PHVPRGHXPDIRUPDWRWDOPHQWHQRYDXPDIRUPDLPSRVVtYHOGHDOFDQoDUGHQWURGDVIUHTXrQFLDVPDLVHOHYDGDV
GRQGHSURYLQKDPHQDVTXDLVVHUHFRQKHFLDPFRPRVHQGRSDUWHGD8QLGDGH
'HVHJXLGDSHUPLWLUDPTXHDVFRQVFLrQFLDVQmRVyVHSURMHWDVVHPPDVWDPEpPSDVVDVVHPDUHVLGLU
GHQWUR GHVVDV IRUPDV ItVLFDV DV TXDLV FDGD YH] VH WRUQDYDP PDLV GHQVDV GXUDQWH ODSVRV GH WHPSR FDGD YH]
PDLRUHV
$ FRQVFLrQFLD DJRUD JR]DYD GH GXDV YDQWDJHQV D GD  GLPHQVmR GRQGH SURYLQKD  H D GD 
GLPHQVmRDGRItVLFR
(PERUD WLYHVVHP D FDSDFLGDGH GH YLEUDU HP FDGD XPD GHVWDV IRUPDV YRFrV PDQWLQKDPVH
WRWDOPHQWHDRFRUUHQWHGDYRVVDRULJHPSHORTXHQmRH[LVWLDTXDOTXHUSHUFHSomRGHVHSDUDWLYLGDGHHQWUHHODV
(VWDJUDQGLRVDIHVWDGHDXWRH[SORUDomRHUDPXLWRGLYHUWLGD
( QRYRV FDPSRV GH HQHUJLD IRUDP WHQWDGRV 3RU H[HPSOR YRFrV HVWDEHOHFHUDP FDPSRV GLVWLQWRV
SDUD H[SORUDU VHSDUDGDPHQWH RV SHQVDPHQWRV GDV HPRo}HV (  PDLV LPSRUWDQWH DLQGD  SURSRUFLRQDUDP jV
YRVVDV SURMHo}HV XPD DXWRQRPLD TXDVH WRWDO GHUDPOKHV D OLEHUGDGH SDUD VHUHP HQWLGDGHV SRU VL PHVPDV SRU
GLUHLWRSUySULR
(VWDGLYLVmRHPGRLVSODQRVSURYHLWRVRVHVLPXOWkQHRVFRQYHUWHXVHQXPSRQWRFUXFLDOGD+LVWyULD
RTXHHTXLYDOHDFHUFDGHXQVFHPPLODQRV
2 HVWDGR GH FRQVFLrQFLD GH FDGD XPD GHVWDV IRUPDV DXWyQRPDV DLQGD WLQKD FRQKHFLPHQWR GD VXD
QDWXUH]D HVSLULWXDO H D VHSDUDWLYLGDGH QmR HUD VHTXHU XPD IRUPD GH SHQVDPHQWR FRQFHSWtYHO 7DO FRQVWUXomR
PHQWDO QmR H[LVWLD QHVVH WHPSR R SODQHWD HUD HQWmR R EtEOLFR -DUGLP GR eGHQ  QHP VHTXHU HUD SRVVtYHO
SRUTXH VH YRFrV VH DERUUHFLDP GH HVWDU HP GHWHUPLQDGD IRUPD ItVLFD QD  GLPHQVmR OLPLWDYDPVH D
GHVPDQWHOiODID]LDPUHJUHVVDUDVYRVVDVFRQVFLrQFLDVjGLPHQVmRHSURMHWDYDPRXWUDIRUPDQRYD
(QWmRHPGHWHUPLQDGR PRPHQWRGD H[SHULrQFLDWURFDUDPDSURMHomRGHHQHUJLDSHORSURFHVVRGR
QDVFLPHQWR ItVLFR H GHWHUPLQDUDP XPD IRUPD EiVLFD GR FRUSR SDUD D HVSpFLH D TXDO HVWDYD D GHQVLILFDU
UDSLGDPHQWHUXPRjVXDIRUPDItVLFD
$V YRVVDV OHQGDV HVWmR UHSOHWDV GH PHPyULDV DQWLJDV GH DOJXPDV GDV YDULHGDGHV GH IRUPDV TXH
SUHFHGHUDPHVWDHVWDQGDUGL]DomR
'XUDQWH PLOKDUHV GH DQRV YRFrV FRPR (635,72 JUDGXDOPHQWH IRUDP ILFDQGR FDGD YH] PDLV
IDVFLQDGRV FRP D LQWHQVLGDGH GDV VHQVDo}HV SRVVtYHLV QHVWDV IRUPDV ItVLFDV SHOR TXH RV FDPSRV HPRFLRQDLV H
PHQWDLVVHIRUDPFHQWUDQGRSURJUHVVLYDPHQWHQRVSODQRVPDLVEDL[RVHPYH]GHQRSODQRGRHVStULWR
$ LQWHQVLGDGH H D ULTXH]D GD H[SHULrQFLD HPRFLRQDO IRL WRWDOPHQWH DYDVVDODGRUD ( DV VHQVDo}HV
TXHGHULYDYDPGRIDWRGHHVWDUHPQXPDIRUPDGHQVDSDVVDUDPDVHUH[WUHPDPHQWHVHGXWRUDV
$SDUWLUGDTXLYRFrVMiFRQKHFHPDKLVWyULDRQDVFLPHQWRGRHJR
,QLFLDOPHQWH DLQGD WHQWDUDP TXH R HXHJR H[WHULRU DWXDVVH FRPR XPD LQWHUIDFH FROHWRUD GH
LQIRUPDomR HQWUH R SODQR ItVLFR H R SODQR GRV HXHVStULWR RV TXDLV FRQWLQXDULDP D WRPDU DV GHFLV}HV VREUH R



TXH HUD UHDO H GR TXHWLQKD GHVHUIHLWR DFDGDPRPHQWR0DV jPHGLGDTXHDH[SHULrQFLDIRLSURVVHJXLQGR DR


ORQJR GRV PLOKDUHV GH DQRV R HXHJR RULHQWDGR SDUD IRUD FRPHoRX D WHU DV VXDV SUySULDV LGpLDV DFHUFD GD
UHDOLGDGHHDUHFRUUHUFDGDYH]PHQRVFDGDYH]PHQRVDRHXHVStULWRRULHQWDGRSDUDRLQWHULRU
2 HXHJR H[WHULRU IRLVH IRUWDOHFHQGR H D VXD LGHQWLGDGH FRPHoRX D PXGDU GHVGH RV HVWDGRV
LQWHULRUHVGRVHUSDUDRVHVWDGRVH[WHULRUHV&RPRUHVXOWDGRGHVWDPXGDQoDRHXHJRFRPHoRXDFRORULURTXH
LD DSHUFHEHQGR H D MXOJiOR FRPR ERP RX PDX GH DFRUGR FRP D VHQVDomR ItVLFD ( IRL DVVLP TXH R HXHVStULWR
RULHQWDGRSDUDRLQWHULRUFRPHoRXDVHUDOLPHQWDGRFRPLQIRUPDomRSUpGLJHULGDSHORHXHJR
$ VHQVLELOLGDGH HPRFLRQDO H PHQWDO GR HXHJR GLULJLGD SDUD R FDPSR GR HXHVStULWR FRPHoRX D
PXUFKDUjPHGLGDTXHDHQHUJLDGRFDPSRItVLFRVHFRQYHUWLDFDGDYH]PDLVQRSRQWRIRFDO
$TXHOHV GRLV SRQWRV GH YDQWDJHP GH HVWDUHP VLPXOWDQHDPHQWH QD  H QD  GLPHQV}HV
FRQYHUWHUDPVH HP SRQWRV VHSDUDGRV GH FRQVFLrQFLD H R SRQWR GH YDQWDJHP GD IUHTXrQFLD PDLV EDL[D
RULHQWDGRSDUDRItVLFRSHUGHXGHYLVWDRSRQWRGHYDQWDJHPHVSLULWXDO
'XUDQWH DOJXQV PLOKDUHV GH DQRV HVWD EUHFKD GH SHUFHSomR IRLVH DPSOLDQGR DWp TXH D IRUPD GR
SODQRPDLVEDL[RFRPHoRXDGXYLGDUGDH[LVWrQFLDGRSODQRPDLVHOHYDGRRXDSURMHWiORFRPRVHHVWLYHVVHIRUD
GH VL PHVPR FRPR VH IRVVH XP VHU H[WHUQR 2X VHMD YRFrV IUDFLRQDUDP D SHUFHSomR DFHUFD GH TXHP HUDP H
HP GHFRUUrQFLD VXUJLX R FRQFHLWR GH GHXVHV XPD YH] TXH RV VHUHV TXH DJRUD FRPSXQKDP D KXPDQLGDGH VH
KDYLDP WRUQDGR LQFDSD]HV GH VH UHODFLRQDUHP FRP RV LPHQVRV H PXOWLGLPHQVLRQDLV VHUHV TXH HUDP HOHV
PHVPRVQDGLPHQVmRVXSHULRU
$~QLFDPDQHLUDGHVHUHFRQFLOLDUHPFRPDYR]LQWHULRULVWRpFRPRVLPSXOVRVGR(635,72HFRP
D PHPyULD GH VHUHP PXLWR PDLV GR TXH XP VLPSOHV VHU KXPDQR OLPLWDGR IRL SURMHWDUHP DV YRVVDV QDWXUH]DV
LPHQVDVSRGHURVDVHSOHQDPHQWHDPRURVDVVREUHXQVVHUHVTXHHQTXDQWRHVSpFLHWLQKDPFULDGRSDUDWDLVILQV
'H IDWR FRQWLQXDYDP D UHFHEHU PHQVDJHQV H D VHQWLU DPRU D SDUWLU GR HXHVStULWR LQWHUQRV PDV
LQWHUSUHWDYDPQDVFRPRVHLVVRYLHVVHGRVGHXVHVH[WHUQRV
3RU ILP SDUD FUDYDU GH YH] D FXQKD GD VHSDUDomR HQWUH R (VStULWR H D SHUVRQDOLGDGH FRQFHEHUDP
XP EULOKDQWH YpX D YHUJRQKD &RQVWUXtUDP DV YLEUDo}HV GD YHUJRQKD GHQWUR GDV FpOXODV GRV YRVVRV FRUSRV H
DVVLPILQDOPHQWHFRQVHJXLUDPRWRWDOVHQWLPHQWRGHVHSDUDomR
2 (635,72 TXH VDELDP VHU FRQYHUWHXVH SRLV QXPD PHPyULD IDQWDVPD IDFLOPHQWH DSDJDGD SHOD
OX] UXGH GDV QRYDV UHDOLGDGHV (QWmR SDVVDUDP D UHFRQKHFHUVH FRPR XPD SHUVRQDOLGDGH VHP VH DSHUFHEHUHP
TXHVHWLQKDPDPSXWDGRGR(635,72SRUWHUHPSHUGLGRDFRQVFLrQFLDTXHID]LDPSDUWH'HOH$VVLPSHJDUDP
QHVVD SDUWH KHUyLFD H JUDQGLRVD GH YyV PHVPRV H DWUDYpV GDV GHLGDGHV IDEULFDGDV FRQYHUWHUDPQD HP DOJR
H[WHUQR(DYHUJRQKDWUDWRX GH DVVHJXUDU TXHDRVROKRV GHVVD GHLGDGHIDEULFDGDWRGRV VHYLVVHP DVLPHVPRV
FRPRVHUHVQmRPHUHFHGRUHV
( DVVLP DR ORQJR GR WHPSR FRQYHUWHUDPVH HP DOJR VHSDUDGR H[LODGRV QXP LQYyOXFUR GH SHOH
SURFXUDQGRH[WHUQDPHQWHSRUXP8QLYHUVRTXHQmRSRGLDPHQWHQGHUSUHVRVQRWHPSRHQRHVSDoRHFRPXPD
VyVDtGDDPRUWH
7RGDDDMXGD GHTXH SRGLDPGLVSRUSDUDUHVROYHUDTXHVWmROLPLWDYDVHDXPFRQMXQWRGHUHVSRVWDV
DSUHQGLGDVGHQRPLQDGRSHUVRQDOLGDGH
3RUIDYRUOHPEUHPVHGHTXHSODQHDUDPWXGRLVWRGHVGHRLQtFLR
9RFrV VHQGR XP GRV JUXSRV GH VHUHV TXH HPSUHHQGHUDP HVWD H[SHULrQFLD WLQKDP GHFLGLGR YHU
TXmRORQJHSRGHULDPFKHJDUQDFDSDFLGDGHGHVHSDUDUDVSHUFHSo}HVGDYRVVDQDWXUH]DGR(635,72SXUR
)RL SUHFLVD XPD HQRUPH HQJHQKRVLGDGH SDUD FRQFHEHU H FULDU RV YpXV TXH KDYHULDP GH VHSDUDU DV
GXDV GLPHQV}HV GH WDO PDQHLUD TXH HQFDUQDULDP VHP TXDOTXHU PHPyULD GH TXHP HUDP 8P GHVWHV YpXV VXUJLX
TXDQGR R YRVVR HVStULWR FROHWLYR WRPRX XPD GHFLVmR TXH KDYHULD GH DIHWDU FDGD XPD GDV HQFDUQDo}HV DR ORQJR
GRV VHJXLQWHV GX]HQWRV PLO DQRV H TXH DOWHURX FRPSOHWDPHQWH D QDWXUH]D R SURSyVLWR H R FRQWH~GR GD YLGD
KXPDQDQHVWHSODQHWDYRFrVLQYHQWDUDPRNDUPD


2.DUPD

2 LPSXOVR QDWXUDO GD )RQWH p GHVFREULU FDGD YH] PDLV DFHUFD GH 6L 0HVPD e SRU LVVR TXH WXGR
H[LVWH HP WRGR R ODGR $ )RQWH VDEH TXH D VXD QDWXUH]D p HVWDU HP KDUPRQLD SOHQD HP 6L 0HVPD 3RU RXWUDV
SDODYUDV D )RQWH DPDVH D 6L 0HVPD 3DUD H[SORUDU HVWH DPRU WRGDYLD SUHFLVD GH XPD SRVLomR IRUD GH 6L
0HVPD SUHFLVD GH VHU FDSD] GH VH VHQWLU VHSDUDGD H HQWmR YROWDU D ROKDU SDUD 6L 0HVPD H H[SHULPHQWDU HVVH
DPRUSRU6L0HVPD
$ Pi[LPD HILFLrQFLD p FRQVHJXLGD TXDQGR D SDUWH TXH HVWi D REVHUYDU WHP D VHQVDomR GH HVWDU
VHSDUDGDGD)RQWHPDVDSHVDUGLVVRDPDD)RQWHFRPRVHQmRHVWLYHVVHVHSDUDGD
$VVLPYRFrVFRQFOXtUDPTXHRF~PXORGDVDWLVIDomRYLULDTXDQGRXPDSDUWHGHYyVPHVPRVDTXHOD
TXHDVLPHVPDVHSHUFHELDFRPRVHSDUDGDFKHJDVVHDDPDUD)RQWHDSDUWLUGDVXDSUySULDYRQWDGH3RUWDQWR



GHFLGLUDP FRQWLQXDU D ID]HUVH HQFDUQDU QHVWH SODQHWD DFHLWDQGR R ULVFR SRWHQFLDO TXH LVVR VLJQLILFDYD SDUD D
HVSpFLH
&RPR HQWLGDGH JUXSDO WHQWDUDP HQWmR XPD H[SHULrQFLD VXUSUHHQGHQWH DOJR PXLWR DWUHYLGR H
~QLFR QR 8QLYHUVR GHFLGLUDP DSDJDU GDV YRVVDV SURMHo}HV TXH Mi VH WLQKDP WRUQDGR DXW{QRPDV TXDOTXHU
FRQKHFLPHQWR H TXDOTXHU VHQWLPHQWR GD XQLFLGDGH HVVHQFLDO FRP D )RQWH 'HFLGLUDP TXH QR PRPHQWR GR
QDVFLPHQWR VH OHYDQWDULD XP YpX HQWUH D FRQVFLrQFLD H R (635,72 GH WDO IRUPD TXH R UHFpPQDVFLGR
HVTXHFHULDDVXDYHUGDGHLUDQDWXUH]D
7XTXHHVWiVDJRUDDOHUHVWHOLYURDFHLWDVWHYROXQWDULDPHQWHHVVDDPQpVLDDRQDVFHU
(DVVLPDSDJDUDPWRGDRXJUDQGHSDUWHGDPHPyULDDFHUFDGDQDWXUH]DGRVYRVVRVHVStULWRVQRV
HXHJRHQFDUQDGRV6HULDPHVVDVSURMHo}HVGHYyVPHVPRVTXHHQWUHWDQWRVHWLQKDPDXWRQRPL]DGRHVXUJLDP
QR SODQHWD FRPR VHUHV KXPDQRV  VHULDP HODV FDSD]HV GH VH DSHUFHEHU GDV VXDV YHUGDGHLUDV QDWXUH]DV GXUDQWH
DV SDVVDJHQV SHOR SODQR ItVLFR" 2X GHVHQFDUQDULDP QD LJQRUkQFLD SDUD VH VHQWLUHP VXUSUHHQGLGRV TXDQGR VH
UHXQLVVHP FRPRHXHVStULWR"(FRPRWUDWDULDPRVRXWURVTXHHVWDYDPQR PHVPRSODQRQDVPHVPDVFRQGLo}HV"
5HYHUHQFLDULDPUHVSHLWRVDPHQWHDHYLGrQFLDGRHVStULWRQHOHVHQRSODQHWDRXSHORFRQWUiULRVHQWLUVHLDPWmR
VHSDUDGRV GDV VXDV SUySULDV QDWXUH]DV TXH QHJDULDP HVVD HYLGrQFLD" 6H DVVLP IRVVH DFDEDULDP SRU YrORV FRPR
XPDDPHDoDHGHFLGLULDPFRPEDWrORV"
&HUWDV UHJUDV IRUDP LQYHQWDGDV SDUD VHUYLU GH JXLD D HVWDV LQWHUDo}HV GHQWUR GR MRJR $VVLP
TXDOTXHU LQWHUFkPELR HQWUH GRLV VHUHV HQFDUQDGRV  FRP EDVH QD DPDELOLGDGH RX QD FUXHOGDGH  GHYHULD DFDEDU
VHPSUH HTXLOLEUDGR TXHU HQWUH HOHV PHVPRV TXHU HQWUH RV RXWURV VHUHV GR PHVPR HXHVStULWR TXH HVWHMDP
HQFDUQDGRV(VWHHTXLOtEULRpDTXLORDTXHFKDPDUDPD/HLGR.DUPD
5HFRUGD SRU IDYRU TXH D )RQWH QmR YRV LPS{V HVWD /HL TXH GL] TXH WRGD D JHQWH WHP GH VDOGDU DV
VXDVFRQWDVIRUDPYRFrVHRVRXWURVFRFULDGRUHVGDH[SHULrQFLDTXHDFUHVFHQWDUDPHVWDSHTXHQDYDULDomRDR
MRJR
2NDUPDDFDERXSRUJDQKDUXPDSpVVLPDUHSXWDomRGHYLGRDHVWHPDOHQWHQGLGR$OHLTXHGHIHQGH
TXH XP DWR GH FUXHOGDGH GHYH VHU FRPSHQVDGR SRU RXWUR GR PHVPR WLSR QmR SDVVD GH XPD OLPLWDGD
LQWHUSUHWDomRGRNDUPDGDGLPHQVmR$YHUGDGHpTXHXPDWRGHFUXHOGDGHSRGHVHUIDFLOPHQWHFRPSHQVDGR
DWUDYpV GH VXEVHTXHQWHV DWRV GH DPDELOLGDGH RX GHSHUGmR SRU SDUWHGD YtWLPD GHVVD FUXHOGDGH1RHQWDQWR
YRFrVHVSHUDYDPTXHDWUDYpVGHVWDVSLVWDVRVYRVVRVHXHJRHQFDUQDGRVDFDEDULDPSRUVHDSHUFHEHUDRORQJR
GDV HQFDUQDo}HV GR TXH HVWDYD D DFRQWHFHU VDLULDP GD DPQpVLD H SDVVDULDP D DFHLWDU LQFRQGLFLRQDOPHQWH
DTXHOHVTXHDLQGDHVWDYDPVRERHIHLWRGDWDODPQpVLD
8P GHWDOKH FRPR RV HXHVStULWR RSHUDP QR WHPSR VLPXOWkQHR XPD VLWXDomR NiUPLFD HQWUH ; H <
GXUDQWHXPDGHWHUPLQDGDYLGDSRGHULDMiWHUVLGRHTXLOLEUDGDHQWUH;H<QDTXLORTXHSHUFHEHPFRPRXPDYLGD
SDVVDGD 3RUWDQWR R YHUGDGHLUR REMHWLYR GH WHUHP DGRWDGR XP VLVWHPD EDVHDGR QR NDUPD IRL FULDU VLWXDo}HV
LQWHQVDPHQWH HPRFLRQDLV Vy SDUD YHUHP FRPR p TXH RV HXHJR GR SODQR ItVLFR VHULDP FDSD]HV GH UHVSRQGHU
$VVDVVLQDULDP" 5RXEDULDP" /XWDULDP GHYLGR DR PHGR" 2X SHOR FRQWUiULR DWXDULDP D SDUWLU GR DPRU SDUD VH
DMXGDUHPSDUDVHSHUGRDUHPHUHFRQKHFHUR(635,72QRVRXWURV"
3DUD TXH LVWR UHVXOWDVVH D DPQpVLD WLQKD GH VHU HYLGHQWHPHQWH WRWDO QD PDLRULD GRV VHUHV
HQFDUQDGRV HPERUD FDGD YLGD HVSHFtILFD TXH H[SHULPHQWDVVHP GHWLYHVVH R SRWHQFLDO GH UHFRQKHFLPHQWR GD
VXD YHUGDGHLUD QDWXUH]D $ FRPSUHHQVmR QmR IRUoDGD GHVWD QDWXUH]D H D RQGD GH DPRU LQFRQGLFLRQDO TXH
DXWRPDWLFDPHQWH VH OKH VHJXH SHUPLWH TXH WX  R MRJDGRU GHVWH MRJR GDV HVFRQGLGDV FyVPLFR  GH UHSHQWH
HQFRQWUHVDTXHOHTXHVHHVFRQGHXHWHDSHUFHEDVGHTXHDILQDOVHPSUHIRVWHWXPHVPR


$/HLGD*UDoD

2TXHDFDERGHGHVFUHYHUpD IRUPD FRPRD EULQFDGHLUDWHPGHFRUULGRDWpDJRUD7RGDYLDDWUDYpV
GH XP FRQVHQVR RV HXHVStULWR GHFLGLUDP TXH D DSUHQGL]DJHP DWUDYpV GR NDUPD WHUPLQRX 2 SODQHWD Mi HQWURX
QDYLDUiSLGDGDDVFHQVmRHQyVGHYHPRVID]HUFRPTXHHVVDYLDJHPDFDEHUDSLGDPHQWH
1mRVHSRGHPFULDUPDLVGHVHTXLOtEULRVNiUPLFRVHHPUHODomRjVGtYLGDVTXHVREUDPWXpVOLYUH
GH HVFROKHU HQWUH DSDJiODV RX VDOGiODV DWp DR ILP e SRVVtYHO TXH DR ORQJR GRV SUy[LPRV DQRV YHQKDV D
WHVWHPXQKDUXPQRWiYHODXPHQWRGD YLROrQFLDFRPRFRQVHTXrQFLD GRWUDEDOKRGHOLPSH]DGRVGHVHTXLOtEULRV
UHPDQHVFHQWHV
7HQKR D HVSHUDQoD GH TXH DJRUD Mi SRVVDV UHFRQKHFHU DV UD]}HV SHODV TXDLV RV HXHVStULWR
PDQWLYHUDPRVHXHJRQDHVFXULGmRLVVRIRLIHLWRGHOLEHUDGDPHQWHSDUDVHSURSRUFLRQDUHPDRSRUWXQLGDGHGHD
SDUWLUGHWRGDVDVSLVWDVGLVSRQtYHLVUHFRQKHFHUHPDVYRVVDVYHUGDGHLUDVQDWXUH]DVDVVLPFRPRDGRVRXWURVH
VHUHPFDSD]HVGHYHUD)RQWHHPWRGDVDVFRLVDV
3DUDDMXGDUDDFHOHUDUHVWH SURFHVVRYRFrV HDFRQVFLrQFLDSODQHWiULDFRQMXQWDPHQWHVROLFLWDUDP
DRV (ORKLP TXH GHUUDPDVVHP D VXD *UDoD VREUH D 7HUUD  XPD HQHUJLD TXH SHUPLWH VDFXGLU D YHOKD HQHUJLD GRV



FDPSRV HQHUJpWLFRV H URPSHU FRP WRGRV RV ODoRV NiUPLFRV TXH DLQGD VH PDQWHQKDP FRP RXWUDV HQFDUQDo}HV H
FRPRXWURVHXHVStULWR
$HQHUJLDGD*UDoDDSDJDWRGRVRVWLSRVGHNDUPD
 
(QRPHLRGLVWRWXGRRQGHILFD'DUZLQ"
'H IDWR PXLWR GR TXH HVWH FDStWXOR FRQWpP SDVVD SRU FLPD GD 7HRULD GD (YROXomR TXH H[SOLFD
FRPR p TXH R KRPHP H RXWURV VHUHV HYROXLULDP D SDUWLU GD PDWpULD SULPRJrQLWD %RP LVVR IRL Ki SRXFR PDLV
GH  DQRV 'H TXDOTXHU IRUPD QmR SDVVRX GH XPD KLSyWHVH EDVHDGD HP HYLGrQFLDV PXLWR GpEHLV 2V
SDOHRQWyORJRV WUDWDUDP GH LPDJLQDU R TXDGUR FRPSOHWR GR TXHEUDFDEHoDV GD &ULDomR D SDUWLU GH XQV TXDQWRV
ERFDGRVGHRVVR
$ KLVWyULD GD RULJHP GDV HVSpFLHV QmR p XPD SURJUHVVmR OLQHDU GH EDL[R SDUD FLPD PDV VLP XPD
GHQVLILFDomRQmROLQHDUGHFLPDSDUDEDL[R
2V YRVVRV HXHVStULWR WLQKDP FRLVDV PDLV LQWHUHVVDQWHV SDUD ID]HU GR TXH VH SRUHP D VXSHUYLVLRQDU
FRLVDV VDLQGR GR PDU GHVHQYROYHQGR SXOP}HV EUDoRV SHUQDV H ILQDOPHQWH FRQVFLrQFLD VXILFLHQWH SDUD
SRGHUHP UHODFLRQDUVH FRP RV VHXV FULDGRUHV (VH FRPRDOJXQVDFUHGLWDPHVWHGHVGREUDPHQWR GDVHVSpFLHVp
TXH DFDERX SRU GDU RULJHP DR HXHVSLULWXDO SRUTXH p TXH YRFrV SUHWHQGHP UHHQFRQWUDU DOJR TXH DWUDYpV
GHVVD OyJLFD QmR H[LVWLD DQWHV" 6H D HYROXomR GDV HVSpFLHV p TXH WLYHVVH GDGR RULJHP DR HXHVSLULWXDO QmR
KDYHULDQDGDSDUDUHHQFRQWUDU
5HVXPLQGR SHUJXQWDWH VH SDUHFH SODXVtYHO TXH DOJR SXGHVVH WHUVH DUUDVWDGR SDUD IRUD GR RFHDQR
HGHVHQYROYHUXPDFRQVFLrQFLDEULOKDQWHFDSD]GHVHLQWURVSHFWDUHH[SORUDUDVXDSUySULDRULJHPHQDWXUH]D
1mRPHXVDPLJRVIRLDFRQVFLrQFLDTXHGHVHQYROYHXDKXPDQLGDGHQmRRFRQWUiULR
7X pV (635,72 IHLWR FDUQH QmR VDtVWH GR ORGR GHVFHVWH GR (635,72 WRUQDVWHWH GHQVR DWp DR
SRQWRGHWHSDUHFHUTXHWHWLQKDVGHVOLJDGRHSDVVDVWHRV~OWLPRVPLOKDUHVGHDQRVjSURFXUDGHUHFXSHUDU
HVVD OLJDomR 2 (635,72 QXQFD GHVDSDUHFHX R FDPLQKR GH UHWRUQR VHPSUH HVWHYH Dt Vy TXH DJRUD
GLVS}HVGHXPHOHYDGRUGHDOWDYHORFLGDGH
6HQWHDYHUGDGHGRTXHVHVHJXHGHQWURGHWLPHVPRHYrRTXHWHSDUHFHPDLVYHUGDGHLUR
 eVDOJRTXHHYROXLXDSDUWLUGHXPDVRSDGHSURWHtQDVHTXHDRORQJRGRFDPLQKRIRLDGTXLULQGR
RV HVWDGRV GH FRQVFLrQFLD TXH DJRUD WH SHUPLWHP UHFRQKHFHU TXH D YLGD QmR VH SRGH UHVXPLU D VHUHV XP
GHVFHQGHQWHGRVSURWR]RiULRV"
  (V DOJR TXH SDUWLX GR (635,72 TXH SDUWLFLSRX GH XPD H[SHULrQFLDGHGHQVLILFDomRGDHQHUJLD H
DEDL[DPHQWR GH IUHTXrQFLD VDEHQGR TXH SDUD TXH HVVD H[SHULrQFLD UHVXOWDVVH KDYLDV GH HVTXHFHU D WXD
YHUGDGHLUDQDWXUH]DFRPR(635,72"

,PDJLQD TXH HUDV LPHQVDPHQWH ULFR YLYHQGR QXPD PDQVmR JUDQGH H EHOD LPDJLQD TXH HP GDGR
PRPHQWRWHSDVVDYDSHODFDEHoDVDEHURTXHVHVHQWHSRUH[HPSORTXDQGRVHYLYHFRPRXPtQGLRDPD]{QLFR
e FODUR TXH SRGLDV OLPLWDUWH D SDUWLFLSDU QXPD YLDJHP GH FDPSR H YLYHU XQV WHPSRV FRP XPD WULER
SHUPDQHFHQGR VHPSUH FRQVFLHQWH GH TXH HVWDYDV DSHQDV D H[SHULPHQWDU VHU XP tQGLR DPD]{QLFR 7RGDYLD VH
RSWDVVHVSRUWHVXEPHWHUjKLSQRVHHWURFDVVHVDVWXDVPHPyULDVFRPDVGHXPPHPEURGDWULERSRGHULDVYLYHU
XPUHDOLVPR FRPSOHWRGHL[DQGRGHHVWDUFRQVFLHQWHGHWLPHVPRSDVVDULDVDYLYHUH[FOXVLYDPHQWHGHDFRUGR
FRP R SDGUmR GH YLEUDomR GHVVH tQGLR ,PDJLQD DJRUD TXH RSWDV SRU HVWD VHJXQGD RSomR H DQRV GHSRLV XPD
HTXLSD GH VRFLyORJRV UHVJDWDWH GD $PD]{QLD GHYROYHWH D WXD PHPyULD RULJLQDO H UHHQYLDWH SDUD WXD EHOD
PDQVmR
)RLDSHQDVXPDH[SHULrQFLDPDVDJRUDWXVDEHVRTXHpYLYHUQDVHOYD&RPHVWHEHEHVWHFDVDVWH
H YLYHVWH FRP D WULER 7DOYH] DWp WHQKDV SURFULDGR FULDQGR UpSOLFDV GD WXD IRUPD ItVLFD (QTXDQWR HVWDYDV QD
VHOYD WDOYH]WHQKDVWLGR PHPyULDVLQGHILQLGDVGHHVWDUYLYHQGRQXPDPDQVmR JUDQGH HEHOD GHXPHVWLOR GH
YLGDRQGHDUUDQMDUFRPLGD QmRLPSOLFDPDWDURXVHUPRUWRHQILPPHPyULDVLQGHILQLGDVGHXPDIRUPDGHYLYHU
XPSRXFRPDLVFLYLOL]DGDRQGHDVREUHYLYrQFLDItVLFDMiWLYHVVHVLGRWUDQVFHQGLGD
$VVLP JUDoDV DR WHX HXHJR H[WHUQR WX HQTXDQWR HXHVStULWR Mi VDEHV  UHDOPHQWH  R TXH VH
VHQWHTXDQGRVHYLYHQRSODQRItVLFR
$EULQFDGHLUDSRUpPGHL[RXGHID]HUVHQWLGR

6HHVWiVDUHFHEHUPHPyULDVLQGHILQLGDVDFHUFDGHRXWURPRGRGHYLYHURXVHVLPSOHVPHQWHWHQVR
SUHVVHQWLPHQWR GH TXH D YLGD p PDLV GR TXH LVVR VH VHQWHV TXH HVWiV D SHUGHU HVVH RXWUR PRGR GH YLYHU
HPERUD QmR SHUFHEDV PXLWR EHP GR TXH VH WUDWD  HQWmR p SRUTXH HVWiV D GHVSHUWDU SDUD R IDWR GH TXH DR
ORQJR GH WRGRV HVWHV DQRV WHQV HVWDGR QR SODQR ItVLFR GD VHOYD KLSQRWL]DGR SHOR VHX FHQiULR
VXUSUHHQGHQWHPHQWHUHDOLVWDHSRUWXGRRTXHQHOHRFRUUH
2 ILOPH 7RWDO 5HFDOO DSUHVHQWD XP H[FHOHQWH H[HPSOR GHVWH SURFHVVR QHVVH DUJXPHQWR XPD
FLYLOL]DomR GR IXWXUR XWLOL]D D WHFQRORJLD SDUD LPSODQWDU XP FRQMXQWR FRPSOHWR GDV PHPyULDV GH XPDV IpULDV  



$SyV R LPSODQWH D SHUVRQDJHP ILFD SHUIHLWDPHQWH VHJXUD GH TXH WXGR VH SDVVRX VLPSOHVPHQWH SRUTXH
FRQVHJXHOHPEUDUVH
/HPEUDWHGDV~OWLPDVIpULDVSDUDDOpPGREURQ]HDGRHGDVIRWRJUDILDV TXHEHPSRGHULDPWHUVLGR
XPDVLPXODomRpFODUR HODVH[LVWHPVRPHQWHQDWXDPHPyULD6HUiSRVVtYHOTXHVyWHQKDVHVWDGRXPDVKRUDV
VRE XPD OkPSDGD GH OX] VRODU H WHQKDP LPSODQWDGR QR WHX FpUHEUR D PHPyULD GHVVHV GLDV" 1mR e FODUR TXH DV
IpULDVIRUDPUHDLV"2XQmRIRUDP"
$JRUD

FRPR

p

TXH

WRGD

HVWD

LQIRUPDomR

SRGH

DMXGDUWH

D

WUDQVFHQGHU

HPRFLRQDO

H

LQWHOHFWXDOPHQWH  D UHIXWDomR e FODUR TXH IXL GH IpULDV 2UD HVVD RX VHMD FRPR p TXH WRGD HVWD
LQIRUPDomRSRGHDMXGDUWHDUHDEULURVFDPSRVHQHUJpWLFRVSDUDTXHYROWHVDUHFRQKHFHUR(635,72FRPRDWXD
RULJHPHDUHLQWHJUDUHVWH1HOH"
$ UHVSRVWDV D HVWDV SHUJXQWDV FRQGX]HPQRV DR MRJR TXH VXEVWLWXL R MRJR GR NDUPD D H[SUHVVmR
GLYLQDFRPRIRLFKDPDGD




$FRUUHQWHPHQWRPDJQpWLFD



([LVWHP GXDV IRUPDV GH FXUD R FXUDU FRP R FpUHEUR H R FXUDU
FRPRFRUDomR
&XUDU FRP R FpUHEUR p D PRGLILFDomR ELRPHFkQLFD GRV VLVWHPDV
RUJkQLFRV DWUDYpV GH WHQWDWLYDV GLUHWDV GH DMXVWDU FRUULJLU H
UHVWDXUDU XP VLVWHPD PHFkQLFR j VXD YHUVmR GH IXQFLRQDPHQWR
QRUPDO
&XUDU FRP R FRUDomR QmR p WHQWDU FXUDU PDV SHUPLWLU TXH D
QDWXUDO HQHUJLD VDQDWLYD GR FRUDomR H WRGDV DV PHPyULDV GH FXUDV
TXH Mi RFRUUHUDP UHVVRHP GHQWUR GD SHVVRD p SHUPDQHFHUVHUHQR
H FDODGR H LUUHIOHWLGR R VXILFLHQWH SDUD SHUPLWLU DR FRUDomR TXH
HVWDEHOHoD FRP RV RXWURV FRUDo}HV XPD FRHUrQFLD FRPSDUWLOKDGD
QD IRUPD GH SUHFH VROLGiULD TXH WUDQVFHQGH RV OLPLWHV GDV
SDODYUDV
([WUDtGRGR/LYUR
0HPyULDGDV&pOXODV$6DEHGRULDHRSRGHUGD
(QHUJLDGR&RUDomRGH3DXO3HUVDOO(G0HUFXU\R




4XHULGRV DPLJRV VH UHWLUDUPRV GH XP RUJDQLVPR XPD ~QLFD FpOXOD FDUGtDFD HVWD FRQWLQXDUi D
YLEUDU H EDWHU QD PHVPD LQWHQVLGDGH TXH DV GHPDLV FpOXODV TXH ILFDUDP GHQWUR GR RUJDQLVPR 6H R FRUDomR
RULJLQDO PXGD VHXV EDWLPHQWRV DTXHOD FpOXOD IRUD GR FRUSR WDPEpP DOWHUDUi VHXV EDWLPHQWRV 2 TXH RFRUUH
HQWmR"
(VWiDRFRUUHUQHVWHFDVRRTXHFKDPDPRVGH5(66211&,$
$ JURVVR PRGR UHVVRQkQFLD p XP HOR GH OLJDomR HQWUH FRLVDV GH PHVPD QDWXUH]D RX GH PHVPD
IDL[DGHHQHUJLD






&RUUHQWH PHQWRPDJQpWLFD p XPD 683(50(17( FULDGD SHOD XQLmR GH WRGDV DV PHQWHV YLEUDo}HV H
SHQVDPHQWRV GDV HQWLGDGHV HQFDUQDGDV RX GHVHQFDUQDGDV DV TXDLV TXDQGR GLULJLGDV HP FRQMXQWR H
GHYLGDPHQWHIRFDOL]DGDVVmRSRWHQFLDOL]DGDVGDQGRRULJHPDXPVHUFROHWLYRTXHVHUiRQLSRWHQWHRQLVFLHQWHH
RQLSUHVHQWHFXMDHQHUJLDVHUiLQILQLWDPHQWHPDLRUTXHDHQHUJLDLQGLYLGXDOGHXPWHUDSHXWD
$ PHOKRU IRUPD GH VH H[SOLFDU FRPR IXQFLRQD D FRUUHQWH PHQWRPDJQpWLFD p GDQGR XP H[HPSOR
DQiORJR TXDO VHMD D FRUUHQWH HOpWULFD &RPR GHYH VDEHU R OHLWRU DLQGD TXH WHQKDPRV XP PLOKmR GH SLOKDV GH
 YROW HVWDV FRQWLQXDUmR D SURGX]LU XP UHVXOWDGR ILQDO GH  YROW VH QmR IRUHP XQLGDV HQWUH VL H OLJDGDV HP
VHTXrQFLD 0DV VH FRORFDUPRV DV PHVPDV SLOKDV HP VHTrQFLD LQWHUOLJDQGRDV HQWUH VL OLJDQGR R SyOR QHJDWLYR
GH XPD QR SRVLWLYR GH RXWUD  D YROWDJHP ILQDO SURGX]LGD VHUi PXLWR PDLRU H GLYHUVD GDTXHOD FRQWLGD HP XPD
~QLFDSLOKD
e DVVLP TXH IXQFLRQD D FRUUHQWH PHQWRPDJQpWLFD $ PHQWH GH YiULDV HQWLGDGHV HQFDUQDGDV H
GHVHQFDUQDGDVOLJDGDVHVRPDGDVHQWUHVLSURGX]LQGRXPRXWUR6HU&ROHWLYRPXLWRPDLRUHGLYHUVRFRPHQHUJLD
SUySULD FRP PXLWR PDLV SRGHU TXH D HQHUJLD LQGLYLGXDO GH TXDLVTXHU GDV HQWLGDGHV SUHVHQWHV HQFDUQDGDV RX
GHVHQFDUQDGDV  $OLiV HVWH RXWUR 6HU IRUPDGR SHOD FRUUHQWH PHQWRPDJQpWLFD TXH VHUi D XQLmR GH LQILQGiYHLV
(XV 6RX H (XV 6XSHULRUHV VHUi DLQGD SRWHQFLDOL]DGR YDULDQGR GH DFRUGR FRP R JUDX GH HQHUJLD GRV
SUHVHQWHV
$SHQDV SDUD TXH R OHLWRU WHQKD LGpLD GR SRGHU GD FRUUHQWH PHQWRPDJQpWLFD H GR SRGHU GR 6HU
&ULDGRSHOD XQLmRGRVLQGLYtGXRVSUHVHQWHVIDUHPRVXPDDQDORJLDPDWHPiWLFDSDUDPHOKRUDUDFRPSUHHQVmRGR
32'(5GDDSRPHWULD
0DWHPDWLFDPHQWH D HQHUJLD GD FRUUHQWH PHQWRPDJQpWLFD VHUi D HQHUJLD GH WRGDV DV HQWLGDGHV
HQFDUQDGDV H GHVHQFDUQDGDV VRPDGDV FXMR UHVXOWDGR TXH QmR p SHTXHQR  VHUi HOHYDGR j TXLQWD SRWrQFLD QR
PtQLPRSRUVHWUDWDUGHXQLmRGHHQHUJLDGHTXLQWDGLPHQVmRRXVXSHULRU 
/HYDQGR HP FRQVLGHUDomR TXH FDGD SHVVRD HQFDUQDGD WHP SHOR PHQRV GRLV JXLDV RX DQMRV GD
JXDUGD  H TXH FDGD WUDEDOKR DSRPpWULFR FRQWDUi WDPEpP FRP XP PHQWRU HVSLULWXDO D KDUPRQL]DU RV
WUDEDOKRVWHPRVRVHJXLQWHFiOFXORGHFRPSDUDomRHQHUJpWLFDGRH[HPSORDFLPDVHJXQGRDWDEHODDEDL[R




 3RU H[HPSOR DR VH WRFDU XPD GHWHUPLQDGD QRWD QXP YLROmR FDVR HVWD HVWHMH D YLEUDU XPD QRWD LGrQWLFD j QRWD GH RXWUD FRUGD HVWD

RXWUD FRUGD SDVVDUi D YLEUDU LQGHSHQGHQWHPHQWH GH DOJXpP WRFiOD (VWH IHQ{PHQR p XP H[HPSOR GH UHVVRQkQFLD PXVLFDO $V GHPDLV
HVSpFLHVGHUHVVRQkQFLDWrPRPHVPRSULQFtSLR





1JXLDV SDUDFDGD

0tQLPRGH(QWLGDGHV

4XDQWLGDGHGH

HQFDUQDGR PDLV

SUHVHQWHV

HOHPHQWRVHOHYDGDD

1HQFDUQDGRV

0HQWRUGLULJHQWH

Q~PHURGH

SRWrQFLD

HQFDUQDGRVHGH
GHVHQFDUQDGRV 

















































































2VQ~PHURVDFLPDVmRDSHQDVSDUDTXHRWHUDSHXWDWHQKDXPDUHIHUrQFLDPtQLPD,VWRPHVPR(VWD
UHIHUrQFLD p PtQLPD SRUTXH H[LVWHP GXDV YDULDQWHV D SULPHLUD p R JUDX GH YLEUDomR GR WHUDSHXWD VH D
YLEUDomR IRU VXSHULRU j  GLPHQVmR RV YDORUHV VHUmR EHP PDLRUHV DLQGD R HVStULWR REVHVVRU GH KRMH DSyV
WUDWDGR VHUi XP DOLDGR GR WHUDSHXWD DPDQKm SRLV QmR UDUR HVVDV HQWLGDGHV FRPSDUHFHP DRV WUDEDOKRV SDUD
DX[LOLDUHP RXWURV LUPmRV TXH SDVVDP SHOR PHVPR SURFHVVR TXH DQWHULRUPHQWH HVWHV SDVVDUDP VHQGR
YHUGDGHLURVDPSDUDGRUHVHPHQWRUHVDVWUDLVGHSHQGHQGRGRFDVR
)D]HQGRXPD FRPSDUDomRDR FRUSRKXPDQRRWHUDSHXWDTXHJHUHQFLDUiRVWUDEDOKRVHTXLYDOHUiDR
FpUHEUR GR QRYR 6HU FULDGR FRP D IXQomR GH FRRUGHQDU H IRFDOL]DU D HQHUJLD GRV WUDEDOKRV GH DFRUGR FRP VXD
LQWXLomR RV GHPDLV WHUDSHXWDV H HQWLGDGHV HTXLYDOHUmR DRV GHPDLV yUJmRV GR FRUSR GDQGR VXSRUWH DR QRYR
6HU
&DUR OHLWRU DFDVR VHX HVW{PDJR VHQWH FL~PH GH VHX FpUHEUR SRUTXH HOH FRRUGHQD DV Do}HV GH VHX
FRUSR"$FDVRLVWRRFRUUHFRPTXDOTXHURXWUDSDUWHGHVHXFRUSR"&ODURTXHQmR(VHUiTXHVHXFpUHEURVHQWHVH
VXSHULRU DSHQDV SRUTXH FRRUGHQD" &ODUR TXH QmRSRUTXHHOHWDPEpPGHSHQGHGRFRQMXQWR6HHVWiGXYLGDQGR
DUUDQTXHVHXFRUDomRRXSXOP}HVHYHMDTXDQWRWHPSRVHXFpUHEURYLYHUiVHPHOHV
8PD FRLVD D VH WHU HP PHQWH p TXH R WUDEDOKR DSRPpWULFR p GHVHQYROYLGR SRU HQFDUQDGRV H
GHVHQFDUQDGRV H QmR DSHQDV SRU TXHP JHUHQFLD 1RWH TXH QmR Ki FRPSHWLomR HQWUH RV yUJmRV GH VHX FRUSR H
HOHV QXQFD LUmR FRPSHWLU SRUTXH WrP D FLrQFLD GH TXH VRPHQWH D XQLmR H KDUPRQLD GH WRGRV HOHV SURGX]LUmR R
PHLR DGHTXDGR SDUD VXD PDQLIHVWDomR SHVVRDO GH FRQVFLrQFLD $VVLP WHQKD HP PHQWH TXH TXDLVTXHU GRV
WHUDSHXWDV SUHVHQWHV DRV WUDEDOKRV LQFOXLQGR R JHUHQFLDGRU  VHUmR SDUWH GH XPD XQLGDGH PDLRU 6LQWDVH XP
yUJmR GHVWH FRUSR H GXUDQWH R WUDEDOKR HVPHUHVH DR Pi[LPR SDUD GDU VXSRUWH DR QRYR 6HU GR TXDO YRFr VHUi
SDUWH
$QWHDVOLPLWDo}HVGHLPDJLQDomRGDPHQWHFRQVFLHQWHRPHLRPDLVIiFLOHSULPLWLYRGHVHSURGX]LU
D FRUUHQWH PHQWRPDJQpWLFD p RV HQFDUQDGRV GDUHPVH DV PmRV HP IRUPD GH FtUFXOR FRORFDQGR R SDFLHQWH QR
FHQWUR
(VWH PpWRGR DSHVDU GH DOWDPHQWH HILFD] WHP XP SUREOHPD JHUDOPHQWH RV HQFDUQDGRV QmR
YLVXDOL]DP TXH D FRUUHQWHPHQWRPDJQpWLFDWDPEpPp FRPSRVWDSRUHQWLGDGHVGHVHQFDUQDGDV SURGX]LQGRXPD
HQHUJLD ILQDO DSHQDV FRPSRVWD SHORV HQFDUQDGRV H VHXV FRUSRV PXOWLGLPHQVLRQDLV R TXH GLPLQXLUi R Q~PHUR GH
HQWLGDGHVLQWHUOLJDGDVjFRUUHQWHHFRQVHTHQWHPHQWHDIRUoDILQDOGRQRYR6HUFULDGR
&RPRHYLWDUTXHHVWHGHVSHUGtFLRHQHUJpWLFRRFRUUD"
3RGHVHLPDJLQDUHVWDXQLmRGHYiULDVIRUPDVGHSHQVDPHQWRFRPRUDLRVGHOX]VDLQGRGRVFRUDo}HV
GH FDGD XP GRV SUHVHQWHV H XQLQGRVH D WRGRV RV GHPDLV VHUHV GD VDOD HQFDUQDGRV RX GHVHQFDUQDGRV  HWF
([LVWHPLQILQGiYHLVWpFQLFDVDVTXDLVVHUmRH[SOLFDGDVPDLVjIUHQWH
2 PDLV LPSRUWDQWH TXH VH GHYH WHU HP PHQWH p TXH WRGRV RV WHUDSHXWDV HVWDUmR GDQGR VXSRUWH DR
QRYR 6HU SRU HOHV FULDGR &DGD XP GHOHV VHUi XP yUJmR VLPLODU DRV SXOP}HV FRUDomR FpUHEUR HWF GHVVH QRYR
6HU FRP YLEUDo}HV GLYHUVDV PDV TXH TXDQGR XQLGDV FULDP XP 6HU FRP SRGHUHV IDQWiVWLFRV TXH WHUi D
SRVVLELOLGDGHGHDWXDUHPWRGDVDVGLPHQV}HVHVSLULWXDLVGHFXUD
2 OHLWRU SRGH VH SHUJXQWDU SRU TXr DV HQWLGDGHV DVWUDLV WrP QHFHVVLGDGH GH SUHVHQoD GH
HQFDUQDGRVQHVWHSURFHVVRGHFXUD"(OHVQmRSRGHPDJLUVR]LQKRV"
6H DV HQWLGDGHV DVWUDLV DJLVVHP VLPSOHVPHQWH SRU YRQWDGH SUySULD QDGD FRQVHJXLULDP ([SOLFDVH
TXDQGR FRORFDPRV DU TXHQWH QXP EDOmR HOH VREH H ILFDUi Oi HP FLPDDWpTXHR DUVHHVIULH 'HLJXDO PRGRVH


YiULDV HQWLGDGHV GH XP SODQR VXWLO VH XQLVVHP HP XPD FRUUHQWH PHQWRPDJQpWLFD D HQHUJLD SURGX]LGD SHOD
XQLmR GDV PHVPDV VHULD WDPDQKD H WmR PDLV VXWLO TXH WHQGHULD D VXELU DLQGD PDLV DRV PXQGRV GDV GLPHQV}HV
VXSHULRUHV WRUQDQGR LPSRVVtYHO D GHVFLGD GH WRGD HVVD HQHUJLD DRV PXQGRV LQIHULRUHV LQFOXLQGR R SODQR ItVLFR
/RJR DLQGD TXH HVVDV HQWLGDGHV DQJHOLFDLV WHQWDVVHP IRFDOL]DU D HQHUJLD SDUD EDL[R LVWR VHULD SUDWLFDPHQWH
LPSRVVtYHO GH VH FRQVHJXLU VHP R DX[tOLR GH TXHP Mi HVWLYHVVH HPEDL[R RX GH DOJXpP TXH IDoD R DQFRUDPHQWR
GHVVDHQHUJLDWRGD
$VVLPRTXH VHSUHWHQGHGHPRQVWUDUDTXL pD UHDOQHFHVVLGDGH GDSUHVHQoDGHXPHQFDUQDGRVHP
R TXDO QHQKXPD REUD SRGH VHU SURGX]LGD SHOD FRUUHQWH DVWUDO QRWH D VXD LPSRUWkQFLD QHVWH SURFHVVR GH FXUD
HQTXDQWRHQFDUQDGR 
0DV FRPR VH H[SOLFD D RFRUUrQFLD GH PLODJUHV UHOLJLRVRV" 1HVWH FDVR R FDQDO GD FRUUHQWH PHQWR
PDJQpWLFDpRSUySULRGRHQWHRXXPSDUHQWHPXLWRSUy[LPRDHOHTXHVLUYDGHFDQDOSDUDDVHQWLGDGHVDVWUDLV
&ODURTXHDTXHOHTXHREWpPRPLODJUHDFKDTXHWDOIDWRGHYHVHDDOJXP6DQWRSRUTXHPXLWRGLItFLO
D DOJXpP DFHLWDU TXH XP VHU LPSHUIHLWR SRVVD VHU SDUWH LQWHJUDQWH GHVVH PLODJUH $GHPDLV PXLWRV QXQFD
DFUHGLWDULDPTXHRPLODJUHpLPSRVVtYHOVHPDSUySULDSHVVRDVHSHUPLWLUDFXUD
9ROWDQGR DR WHPD SULQFLSDO GHVWH &DStWXOR DR VH FULDU XP 6(5 $320e75,&2 FRUUHQWH PHQWR
PDJQpWLFD  FXMD HQHUJLD GR PHVPR VHUi VXSHULRU j TXLQWD GLPHQVmR PDV FRP DomR D SDUWLU GD  GLPHQVmR
WRGRV RV PXQGRV DFLPD GD WHUFHLUD GLPHQVmR SRGHUmR VHU WUDEDOKDGRV H WUDWDGRV HQHUJHWLFDPHQWH SHODV
HQWLGDGHVHQFDUQDGDVHGHVHQFDUQDGDV
1DSUiWLFDR Q~PHURGHHQFDUQDGRVQmRLPSRUWDEDVWDQGRKDYHUQRPtQLPRXPHQFDUQDGRDGDU
FDQDOHVXSRUWHjVHQWLGDGHVTXHIRUPDUmRRQRYR6(5$320e75,&2
,PSRUWDQWH GL]HU TXH R WHUDSHXWD SRGHUi WDPEpP XWLOL]DUVH GH LQVWUXPHQWRV H VtPERORV TXH
DXPHQWHP DVXDIpHFRQILDQoDSHVVRDOWDLVFRPR DTXHOHVIRUQHFLGRVSHODFDEDODUHLNLPHOFKL]HGHFNPHWKRG
HWFGHVGHTXHWHQKDIpHPWDLVVtPERORVRXSURFHGLPHQWRV
2 QRYR 6HU p FRPDQGDGR SRU DOJXpP TXH IDUi jV YH]HV GH FpUHEUR TXH GHYHUi GDU FRPDQGRV
PHQWDLV YHUEDOL]DGRV SRU GXDV UD]}HV D  FODUH]D GD YRQWDGH GH TXDO HQHUJLD GHYHUi VHU WUDEDOKDGD SHOR
FRQMXQWR H VXD IRFDOL]DomR DR PHVPR WHPSR SHODV PHQWHV SUHVHQWHV E  FRPR D IDOD p HQHUJHWLFDPHQWH PDLV
GHQVD TXH R SHQVDPHQWR DLQGD TXH R JHUHQFLDGRU GRV WUDEDOKRV WHQKD SHQVDPHQWRV GLYHUVRV DR IDODU R
FRPDQGR D HQHUJLD LQLFLDO IDOD  VHUi LQIHULRU jTXHOD GH VHX SUySULR VHU SHQVDPHQWR  GDQGR PDUJHP DRV
PpGLFRVDVWUDLVGHWDPEpPRWUDWDUHP FpUHEUR 
$VVLP FDGD JHUHQFLDGRU SRGHUi WUDEDOKDU GD IRUPD TXH PHOKRU OKH FRQYLHU XVDQGR WRGD VXD
H[SHULrQFLDSHVVRDOHLQWXLomRDGDSWDQGRDDFDGDSDFLHQWH
)LQDOPHQWH R WUDEDOKR DSRPpWULFR WHP DSHQDV GRLV SRQWRV HVVHQFLDLV D  DFULDomRGRQRYR6HUE 
GHL[DUVHSHUPLWLUTXHDFRUUHQWHPHQWRPDJQpWLFDIOXDHIDoDRTXHWHPGHVHUIHLWRQDTXHOHPRPHQWR
7RGRRGHVHQYROYLPHQWRSRVWHULRUVHUiOLYUHHEDVHDGRQDLQWXLomRHPDHVWULDGRWHUDSHXWD




8PDLQWURGXomRDRVLPSODQWHVHGLVSRVLWLYRV


7RGRVRVLPSODQWHVVmRIRUPDVGHOLPLWDomRGRHVStULWR3RGHPVHUQDWXUDLVRXDUWLILFLDLV
(QWUH RV QDWXUDLV WrPVH DTXHOHV HVVHQFLDLV DR SURFHVVR GH HQFDUQDomR ID]HQGR FRP TXH D DOPD
XPDYH]UHVWULQJLGDSRVVDVHQWLURTXHYHPDVHURSODQRItVLFRWHUDVHQVDomRGRVVHQWLGRVItVLFRVHWF QRWH
TXH VHULD LPSRVVtYHO DXPDDOPDWHUD QRomRGR TXH VHULDRWDWRVHPTXHKRXYHVVH XPLPSODQWH TXH HIHWXDVVH
DOXGLGDUHVWULomR 
(QWUH RV DUWLILFLDLV WHPRV DTXHOHV TXH QRV IRUDP FRORFDGRV SRU HQWLGDGHV GLYHUVDV GD QRVVD
PHGLDQWH FRQWUDWRV RX PHUHFLPHQWRV 7DLV LPSODQWHV DUWLILFLDLV SRGHP OLPLWDU Do}HV SRVLWLYDV RX QHJDWLYDV GH
QRVVD SDUWH DVVXPLQGR SRVWXUDV WDLV FRPR LPSODQWHV EHQpILFRV RX PDOpILFRV DX[LOLDGRUHV RX SUHMXGLFLDLV 
GHSHQGHQGRGRQtYHOHQHUJpWLFRGDHQWLGDGHDTXDOLQVHULXDOXGLGRLPSODQWHHPQRVVRFRUSRDVWUDO
2 SURFHVVR REVHVVLYRFRPR LQIRUPDGRDQWHULRUPHQWHSRGH VHGDUGHIRUPDP~OWLSOD *HUDOPHQWH
TXDQGR LVVR RFRUUH XPD HQWLGDGH FRP PDLRUHV SRGHUHV PDJR QHJUR RX H[WUDWHUUHVWUH PDOLJQR  HQ[HUWD QR
FRUSRDVWUDOGDYtWLPDXPLPSODQWHQHJDWLYRTXHpXPLQVWUXPHQWRGHDOWDWHFQRORJLDHVSLULWXDOYROWDGDDRPDO
TXH SRGHUi VHU XP FKLS XP YHUPH RX LQVHWR DVWUDO FRP R ILP GH YDPSLUL]DU D YtWLPD FHGHQGR HP WURFD
DOJXQVGHVHMRVItVLFRV GLQKHLURVH[RHWF 


2FKLSQHJDWLYR

$ IXQomR GR FKLS QHJDWLYR p YDPSLUL]DU XPD GHWHUPLQDGD HQHUJLD GD YtWLPD QXPD HVFDOD
YLEUDWyULD HVFROKLGD SRU TXHP LPSODQWRX R FKLS $VVLP TXDQGR D YtWLPD DWLQJLU DTXHOD GHWHUPLQDGD IDL[D
YLEUDWyULD SUHYLDPHQWH SURJUDPDGD HVWD HQHUJLD SDVVDUi D VHU GUHQDGD H SRVWHULRUPHQWH UHSDVVDGD DR PDJR
QHJURRTXDODUHFHEHUiGHIRUPDWRWDOPHQWHSXUD
2 FKLS DVWUDO IXQFLRQD FRPR XP PHLR GH YDPSLUL]DomR j GLVWkQFLD YH] TXH R YDPSLUR UHFHEH D
HQHUJLDFRPRTXHSRUFRUUHVSRQGrQFLDRXHPDLODVWUDOVHPVHTXHUVHGDURWUDEDOKRGHVDLUGHVHXOXJDU
)XQFLRQD WDPEpP FRPR FDWDOLVDGRU GH HQHUJLD PDOLJQD GHSUHVVmR yGLR HWF  WRUQDQGR PXLWR
GLItFLO j YtWLPD OLYUDUVH GH VXD LQIOXrQFLD H HOHYDU VXD YLEUDomR D QtYHLV VXWLV WXGR FRP R ILP GH DXPHQWDU D
SRVVLELOLGDGHGHYDPSLUL]DomRSHUPDQHQWHGDYtWLPDDTXDOHVWDUiIDGDGDDXPORQJRFLFORGHYDPSLUL]DomR
2V FKLSV VmR XWLOL]DGRV SRUTXH FRP HOHV SRGHVH YDPSLUL]DU YiULDV SHVVRDV DR PHVPR WHPSR
SRWHQFLDOL]DQGR R IOX[R GH HQHUJLD URXEDGD VHP VHTXHU VDLU GR OXJDU VHQGR XP LQVWUXPHQWR F{PRGR H GH DOWD
WHFQRORJLDDRYDPSLUR
3DUDJDUDQWLUTXHHVWH DSDUHOKR FRQWLQXHQROXJDURQGHIRLLPSODQWDGR QDYtWLPDRPDJRQHJUR
RX H[WUDWHUUHVWUH QHJDWLYR RUGHQD D DOJXQV GH VHXV HVFUDYRV SDUD YLJLDUHP R FKLS SURWHJHQGRR H
LQIRUPDQGRFDVRRFRUUDTXDOTXHUGLVW~UELRRXULVFRGHVXDUHWLUDGD


,QVHWRVHSDUDVLWDV

6HSRUXPODGRRVPDJRVQHJURVRUGHQDPDHVFUDYRVSDUDYLJLDUHPRFKLSHVVHVHVFUDYRVWDPEpP
SUHFLVDPVHUDOLPHQWDGRVQRFXPSULPHQWRGHVHXVGHYHUHV
(QWmR R PDJR RX H[WUDWHUUHVWUH QHJUR WDPEpP LQVHUH REMHWRV DVWUDLV FRUWDQWHV QRV FRUSRV DVWUDLV
GDV YtWLPDV SDUD TXH HVWDV VDQJUHP HQHUJLD TXH VHUYLUi GH DOLPHQWR DRV HVFUDYRV &RPR H[HPSOR SRGHUi R
PDJR QHJUR FRORFDU IDFDV QRV RPEURV GD YtWLPD R TXH RFDVLRQDUi HP XPD VLJQLILFDWLYD SHUGD HQHUJpWLFD QHVWD
iUHD FXMR YD]DPHQWR HQHUJpWLFR VHUYLUi GH DOLPHQWR DRV HVFUDYRV  3RU REYLR D YtWLPD VHQWLUi IRUWHV GRUHV
QHVWDiUHD
(VWD SUiWLFD p PXLWR FRPXP R FKHIH QHJUR LPSODQWD XP FKLS QXPD YtWLPD LQVHULQGR REMHWRV
FRUWDQWHVQRVFRUSRViXULFRVSDUDTXHRVHVFUDYRVWDPEpPSRVVDPVHDOLPHQWDUHWRGRVILFDUHPIHOL]HV
$VVLQDOHVH TXH HVWH WLSR GH PDWHULDO REMHWRV FRUWDQWHV H YHUPHV  WDPEpP p XWLOL]DGR SRU
HQWLGDGHV FRP PHQRU SRGH QHJDWLYR DV TXDLV SRUQmRWHUHPDFHVVRj WHFQRORJLD GRFKLSQHJURXWLOL]DPVH GH
PpWRGRVPDLVUXGLPHQWDUHVGHYDPSLUL]DomR
([LVWHP RXWURV WLSRV GH REMHWRV TXH SRGHP VHU HQFRQWUDGRV QDV YtWLPDV ([LVWHP RV FKDPDGRV
LQYDVRUHV RX HQWUDQWHV TXH QDGD PDLV VmR TXH LQVHWRV H YHUPHV DVWUDLV EDUDWDV PLQKRFDV HWF  RV TXDLV
SURGX]LUmR XP URPER HQHUJpWLFR SRU GHQWUR GRV FRUSRV VXWLV GD YtWLPD (OHV WDPEpP SRWHQFLDOL]DP GRHQoDV H
HVWDGRVYLEUDWyULRVEDL[RV
4XDQGR VH GHVORFDP SHOR FRUSR DVWUDO GD YtWLPD FDXVDP VHQVDo}HV GH LQVHWRV DQGDQGR SHOR FRUSR
DR GRUPLU YHUPHV HWF RV TXDLV VmR UHDLV QR SODQR HVSLULWXDO H SDVVDUmR D VH DOLPHQWDU GD HQHUJLD GD YtWLPD
PLQDQGRHVXMDQGRVHXFDPSRiXULFR



&RPRVHDGTXLUHXPLPSODQWHQHJDWLYR

4XDOTXHU HQFDUQDGR TXH DEDL[H VXD IUHTrQFLD YLEUDWyULD H DWLQMD QtYHLV EDL[RV HP UD]mR GH yGLR
UDQFRUHWFTXDVHTXHLQVWDQWDQHDPHQWHVHUiFKLSDGRIXUDGRHLQIHFWDGRSRUSDUWHGHRXWUDVHQWLGDGHV
PDOLJQDVDVTXDLVDSURYHLWDUmRDYLVLWDPHQWDOGDYtWLPDDRUHLQRGDEDL[DHQHUJLDSDUDHVFUDYL]iODHWHQWDU
ID]HU FRP TXH QXQFD PDLV VDLD GDOL SDUD TXH VHMD XPD IRQWH GH DOLPHQWR HQHUJpWLFR D RXWURV VHUHV GH EDL[D
YLEUDomR
*HUDOPHQWH SHVVRDV TXH XVDP DOJXP WLSR GH GURJD WrP LQILQGiYHLV FKLSV QD FROXQD YHUWHEUDO
JUDQGH PDLRULD GDV YpUWHEUDV  DOpP GH RXWURV HVSDOKDGRV SHOR FRUSR FRP R ILP GH WRUQiOD WRWDOPHQWH
GHSHQGHQWHGDGURJDQmRDSHQDVILVLFDPHQWHPDVHVSLULWXDOPHQWHHHVFUDYL]iOD
2XWUD VLWXDomR PXLWR FRPXP p R FKLS RX REMHWR VHU XP UHVTXtFLR FiUPLFR GH YLGD SDVVDGD
SDVVDQGR GH UHHQFDUQDomR HP UHHQFDUQDomR &RPR H[HPSOR XPD SHVVRD TXH WLQKD XP FKLS QmR UHWLUDGR QXPD
YLGDDRUHHQFDUQDUFRQWLQXDUiDWrORQRPHVPRORFDORQGHHVWDYD$LQGD QRFDVRGHREMHWRFRUWDQWH SRGHUi
HQFDUQDU FRP R PHVPR REMHWR TXH GHX FDXVD D VXD PRUWH H[ XPD HVSDGD  REMHWR HVWH R TXDO FRQWLQXDUi D
ID]rOD VDQJUDU HQHUJLD QDTXHOH PHVPR SRQWR SDVVDQGR DOXGLGD SHVVRD D WHU SUREOHPDV GH VD~GH RX GRUHV
ItVLFDV QDTXHOH H[DWR SRQWR DOpP GH H[HUFHU XP IRUWH DWUDWLYR D YDPSLURV TXH HQFRQWUH HP VHX FDPLQKR SRLV
HVWHVVHQWLUmRRFKHLURGRDOLPHQWRQRDU


&KLSVQHJDWLYRVTXHQmRSRGHPVHUUHWLUDGRV

([LVWHP DOJXQV FKLSV TXH QXQFD SRGHUmR VHU UHWLUDGRV GLUHWDPHQWH SHOR DSRPHWULVWD *HUDOPHQWH
HVWHVFKLSV LQWRFiYHLVVmRFRORFDGRVQRSRQWR GHHQFRQWURGD SDUWHGHWUiVGDFDEHoDFRPDHVSLQKDGRUVDOH
WHPDOJXPDVOX]HVSHUFHSWtYHLVDRVYLGHQWHV YHUGHHRXYHUPHOKDVmRDVPDLVFRPXQV 
4XDQGR R DSRPHWULVWD VH GHSDUDU FRP XP FKLS QHVWD ORFDOLGDGH SDUWH GD QXFD QR OLPLDU GD
HVSLQKD GRUVDO  GHYHUi GHL[DU HVWH SRUTXH H[LVWHP FDVRV GH RFRUUHU PRUWH ItVLFD GR SDFLHQWH TXDQGR GD
UHWLUDGD
$VVLQDOHVH TXH QHP DV HQWLGDGHV PpGLFDV UHWLUDP WDLV FKLSV TXDQGR GRV WUDEDOKRV DSRPpWULFRV
SRUTXH WrP FLrQFLD GHVWH SUREOHPD 2 ~QLFR VHU TXH SRGH UHWLUDU HVWH FKLS p TXHP R FRORFRX RX VHMD R PDJR
QHJUR RX R H[WUDWHUUHVWUH QHJDWLYR 'Dt D LPSRUWkQFLD GH VH RUGHQDU R FRPSDUHFLPHQWR GHVVDV HQWLGDGHV DRV
WUDEDOKRV SDUD TXH PHGLDQWH HVWtPXOR HQHUJpWLFR VH REULJXH TXH SURFHGDP DV UHWLUDGDV GRV FKLSV TXH
FRORFDUDPHPVXDVYtWLPDV
$LQGD TXH QmR KDMD QHQKXP WUDEDOKR DSRPpWULFR HVWH FKLS LQWRFiYHO p GHVPDWHULDOL]DGR VH D
YtWLPDPDQWHUVHXHVWDGRGHKXPRUHOHYDGRGXUDQWHKRUDV


2VFKLSVEHQpILFRV

([LVWHPYiULRVWLSRVGHFKLSVEHQpILFRVSRGHQGRFDVRDFDVRUHVWULQJLUDDomRGRHJRDXPHQWDUR
SRGHU GH FDQDOL]DomR DWLYDU R DPRU LQFRQGLFLRQDO HOLPLQDU FRPSOHWDPHQWH R FDUPD SHVVRDO FRQFHGHU DR
LQGLYtGXRRWtWXORGHPHVWUHRXGHJUDGXDGRGHQWUHRXWURV
1D UHDOLGDGH VmR FDWDOLVDGRUHV H VHP IRUPD SRLV QDGD PDLV VmR TXH XPD IRUPD GH HQHUJLD
EHQpILFD TXH FLUFXQGD R VHU (P GHVHQKRV GH 0HVWUHV $VFHQFLRQDGRV SRGHP VHU UHSUHVHQWDGRV SRU FULVWDLV QR
FRUDomRRXQDWHVWDGHWDLVHQWLGDGHVVHPVLJQLILFDUTXHSRVVXDPWDOIRUPDQRFDPSRDVWUDO




'LVSRVLWLYRVGH/LPLWDomRHVSLULWXDO

7H[WRGHDXWRULDGH$6+7$56+(5$1FDQDOL]DGRSRU*UHJ0L]H 



7pFQLFDVGHDXWRFXUDHDXWRSHUGmR

9DPRV GLDORJDU VREUH D KLVWyULD HVTXHFLGD GRV H[SHULPHQWRV JHQpWLFRV TXH QRV OHYDUDP j QRVVD
VLWXDomR DWXDO TXDQGR DQWHV GD TXHGD GH $WOkQWLGD QRV VHSDUDUDP R FRUSR GR HVStULWR PHGLDQWH D
PDQLSXODomRGHQRVVR'1$GLPLQXtUDPQRVVDVFDSDFLGDGHVSDUDQRVFRQHFWDUPRVFRPD'HXVD'HXV7XGRRTXH
e
1R SURFHVVR GH QRVVD DXWRFXUD H DXWRSHUGmR GHYHPRV WDPEpP SHUGRDU jV UDoDV PHVWUDV GH
JHQHWLFLVWDV GD JDOi[LD TXH VmR RV UHSWyLGHV FXMRV ~OWLPRV UHGXWRV HVFXURV HP QRVVR SODQHWD HVWmR DMXVWDGRV
SHODV HOLWHV VHFUHWDV TXH UHDOPHQWH RV JRYHUQDP PDLV DOpP GH QDo}HV RX FRUSRUDo}HV PXOWLQDFLRQDLV RV
,OOXPLQDWL HVVDV FRQIUDULDV FODQGHVWLQDV DXWiUTXLFDV SDWULDUFDLV H YHUWLFDLV TXH GHVGH D TXDUWD GLPHQVmR WXGR
FRQWURODP HP DVVRFLDomR FRP VHXV SDUHV QD WHUFHLUD GLPHQVmR e KRUD GH UHFXSHUDU RV SRGHUHV TXH WHPRV
GHL[DGRKiPXLWRVPLOrQLRV2VWHPSRVVmRFKHJDGRV

4XHD/X]R$PRUHR3RGHUUHVWDEHOHoDPR3ODQR'LYLQRQD7HUUD
6HODPDW-D 6HMDPHPM~ELORLGLRPDVLULDQR 

(VWD LQIRUPDomR IRL SUHSDUDGD HVSHFLDOPHQWH SDUD YRFr 7UDEDOKDGRU GD /X] QR FDPLQKR GD
DVFHQVmR 9RFr IRL GLYLQDPHQWH JXLDGR D HVWH PDWHULDO $ H[SHULrQFLD GH OLEHUDomR GH LPSODQWHV p XP JUDQGH
SDVVRHPVHXUHWRUQRSDUDVHXYHUGDGHLURSRGHU
$ OLEHUDomR GRV LPSODQWHV H GLVSRVLWLYRV FRQGX]LUi VXD YLGD D XP QRYR QtYHO GH HVFODUHFLPHQWR H
SURSyVLWR5HSUHVHQWDXPDOLEHUDomRFROHWLYDGHPXLWRVQtYHLVGHFDUPDDRPHVPRWHPSR3DUDWHUHVWHWLSRGH
LPSDFWR p QHFHVViULR OLEHUDU RV YRWRV H DFRUGRV TXH PDQWpP RV GLVSRVLWLYRV HP VHX OXJDU DVVLP FRPR WHU R
SRGHUHVSLULWXDOSDUDUHDOPHQWHGLVVROYHURVSUySULRVLPSODQWHV
9RFr VHUi JXLDGR DWUDYpV GD OLEHUDomR GHVVHV YRWRV H DFRUGRV SDUD WRGRV RV SHUtRGRV GH WHPSR
GLPHQV}HVHORFDOL]Do}HV'HSRLVGHUHFLWDUDUHYRJDomRGHYRWRVpSRVVtYHOTXHYRFrHQWUHHPHVWDGRVRQROHQWR
GH FRQVFLrQFLD DOWHUDGR $SHQDV UHOD[H H GHVIUXWH 7RFDU P~VLFD WUDQTLOL]DQWH DMXGD JHUDOPHQWH D DFDOPDU D
SVLTXrQHVWHSURFHVVR


2 TXH YRFr SUHFLVD VDEHU VREUH RV LPSODQWHV H GLVSRVLWLYRV GH OLPLWDomR
HVSLULWXDOQHJDWLYRV

2VLPSODQWHVHGLVSRVLWLYRVGHOLPLWDomRHVSLULWXDOVmREDUUHLUDVYLEUDWyULDVQRFDPLQKRGDDVFHQVmR
TXH EORTXHLDP VHX SURJUHVVR SDUD D SOHQD DXWRUHDOL]DomR (OHV EORTXHLDP VHX FDPLQKR FRORFDQGR YHQGDV H
FULDQGR IDOVDV UHDOLGDGHV HP VXD FRQVFLrQFLDH SRUWDQWR OLPLWDQGRRVHXDFHVVRSDUDVHX(X6XSHULRU(VWHV VmR
PHFDQLVPRV GH FRQWUROH H[WHUQR GDV )RUoDV (VFXUDV TXH PDQWpP YRFr QXPD UHDOLGDGH GXDO $LQGD TXH KDMD
PXLWRV WLSRV SURSyVLWRV H FDXVDV WRGRV DWXDP FRPR FDQDLV LQFRQVFLHQWHV GH HQHUJLD QHJDWLYD HP VXD YLGD H
UHSUHVHQWDPODoRVFiUPLFDVHDVVRFLDo}HVQHFHVVLWDPVHUFXUDGDVHUHWLILFDGDV


'HRQGHSURYrPRVLPSODQWHVQHJDWLYRV"

2V LPSODQWHV UHSUHVHQWDP SDGU}HV FiUPLFRV DOJXQV FROHWLYRV H RXWURV LQGLYLGXDLV TXH WrP VLGR
LPSRVWRVH[WHUQDPHQWHSHODV)RUoDV(VFXUDVQXPHVIRUoRSRUFRQWURODURSHQVDPHQWRHDVUHVSRVWDVHPRFLRQDLV
GD KXPDQLGDGH $WUDYpV GD KLVWyULD GHVWH VHWRU GR 8QLYHUVR DV UHDOLGDGHV GXDLV EHP H PDO  WrP VLGR PXLWDV
1yV FRPR 7UDEDOKDGRUHV GD /X]  WHPRV HVWDGR HP PXLWDV GHVVDV GLIHUHQWHV UHDOLGDGHV 1yV HVWDPRV QRV
DFHUFDQGR DJRUD GR WHPSR GH FXPSULPHQWR H DVFHQVmR SDUD HVWH SODQHWD H SRU LVVR Ki QHFHVVLGDGH GH VHUPRV
OLYUHV QRYDPHQWH SDUD UHJUHVVDU D QRVVR HVWDGR FRPSOHWDPHQWH VHP LOXV}HV OHYDQGR R SODQHWD H D VHXV
KDELWDQWHV FRQRVFR &DGD YH] TXH HQWUDPRV QXP QRYR VLVWHPD SODQHWiULR SDUD VDOYiOR GDV )RUoDV (VFXUDV p
QHFHVViULR TXH QRV DVVRFLHPRV FRP D H[SHULrQFLD GH YLGD GHVWH SODQHWD SDUD TXH SRVVDPRVPXGiORGHVGHVHX
LQWHULRUeXPDWRVDJUDGRRHQFDUQDUQXPDUHDOLGDGHGXDODSURSULDUVHGHVXDVGLVIXQo}HVHOHYDUVHVREUHLVVR
HUHJUHVVDUD'HXV


4XHPVmRDVIRUoDVHVFXUDV"



$V IRUoDV HVFXUDV VmR VHUHV TXH QmR KRQUDP D 'HXV  3DL  0mH FRPR &ULDGRU)RQWH (OHV EXVFDP
WRPDUHQHUJLDHSRGHUGHRXWURVVHUHVHPOXJDUGHUHFHErORVGH'HXV0HVPRWHQGRVLGRFULDGRVSRU'HXVHOHV
DWUDYpV GH VHX SUySULR OLYUH DUEtWULR  WrP SDUWLFLSDGR GD LOXVmR GD VHSDUDomR GH 'HXV H WHP VH RSRVWR jV VXDV
&ULDo}HVQRQtYHOGHGXDOLGDGH(PVXDGRUHOHVEXVFDPFRQWURODUDRVRXWURV8PDIRUPDSHODTXDOID]HPLVWRp
DWUDYpVGH LPSODQWHV 2VJUXSRVSULQFLSDLVFRPRVTXDLVQRVGHIURQWDPRVDTXLVmRRV*UD\VRV5HSWyLGHVHRV
'UDFRV
2V 5HSWyLGHV VmR XPD UDoD GH VHUHV TXH GHSUHGDP D KXPDQLGDGH H GH IDWR EXVFDUDP FXOWLYDU D
KXPDQLGDGH FRPR XPD UDoD HVFUDYD SDUD VHXV SURSyVLWRV (P FRQVHTrQFLD HOHV VH YrHP D VL PHVPRV FRPR
SDUWLFLSDQWHVQDFULDomRGDUDoDKXPDQDHSRUWDQWRFUrHPTXHWHPRGLUHLWRGHLQWHUIHULUQRGHVHQYROYLPHQWR
KXPDQR,VWRVLJQLILFDTXHFUrHPTXHSRGHPFRQWURODUDKXPDQLGDGHDWUDYpVGHTXDOTXHUPHLRQHFHVViULR$/HL
8QLYHUVDO TXH p FRQVWDQWH p D QmR LQWHUIHUrQFLD QR OLYUH DUEtWULR GH RXWUR VHU 2V 5HSWyLGHV YLRODP HVWDOHL
XQLYHUVDO
'HQWUR GHVWH 8QLYHUVR H[LVWHP PXLWRV VHUHV H FLYLOL]Do}HV GH /X] TXH  WHP EXVFDGR LQWHUFHGHU H
DSRLDU D /HL 8QLYHUVDO H R GLUHLWR GR KRPHP GH HYROXLUOLYUHPHQWH &RPRUHVXOWDGRWHPKDYLGRPXLWDVEDWDOKDV
GH GXDOLGDGH HQWUH DV )RUoDV 6DJUDGDV GD /X] H $PRU GH 'HXV  H DV SURIDQDV DXWRSUHVHUYDomR H SDUDVLWLVPR 
2V UHSWyLGHV WrP VLGR ODQoDGRV IRUD GH XP VLVWHPD SODQHWiULR DWUiV GH RXWUR H HVWmRVHQGRDIDVWDGRVSDUDIRUD
GD7HUUDHQTXDQWRHODDVFHQGHSDUDDUHDOLGDGHGHTXLQWDGLPHQVmR
7DPEpP VmR FRQKHFLGRV FRPR DV /DJDUWL[DV SRUTXH WHP XPD VHPHOKDQoD FRP HVWHV UpSWHLV (OHV
DPDP PDVFDUDUVH FRPR D /X] H VmR D IRQWH GH PXLWD GHVLQIRUPDomR DVVLP FRPR GH VLVWHPDV GH HQHUJLD TXH
SRGHPVHUFRQIXQGLGRVFRPVLVWHPDVFXUDWLYRV(OHVPLVWXUDPVyDVXILFLHQWHYHUGDGHFRPVXDVPHQWLUDVSDUD
FRQIXQGLU RV GHVRULHQWDGRV H VmR GH IDWR D IRQWH GH PXLWR PDWHULDO FDQDOL]DGR 6HPSUH SHUJXQWHP (VWD
LQIRUPDomR YHP HP QRPH GD YLEUDomR GH &ULVWR" ,QVLVWDP HP VXD SUySULD FRQILUPDomR LQWHUQD H TXH OKHV VHMD
PRVWUDGDDYHUGDGH 7HQKDPHP PHQWH TXH HQTXDQWRWHQKDPLPSODQWHVSRGHVHUGLItFLOID]HUDGLVWLQomRHQWUH
DV WUDQVPLVV}HV GH YLEUDomR GH &ULVWR H RXWUDV LQIHULRUHV +i WDPEpP UDoDV UHSWyLGHV ERDV H PXLWDV GDV
SHUWHQFHQWHVDQWLJDPHQWHjHVFXULGmRWHPSDVVDGRj)HGHUDomR*DOiFWLFDGH/X] 
2V GUDFRV VmR RV VRILVWLFDGRV HQJHQKHLURV PDOLJQRV GR FRQWUROH GH PDVVDV QHVWH SODQHWD (OHV
HVWmR SRU WUiV GR FRQWUROH H OLPLWDomR GH UHFXUVRV QHVWH PXQGR (OHV VmR RULJLQiULRV GR SODQHWD 'UDFRQLV QR
6HWRUGHULRQHIRUDPDVRSRVLo}HVQR&RQIOLWRRULJLQDOGHULRQ
2VGUDFRVHRVUHSWyLGHVLQYDGLUDPHVWHSODQHWDHPVXDSUHPDWXUDKLVWyULDHWHPHVWDGRDTXLGHVGH
HQWmR $LQGD TXH RV GUDFRV HVWHMDP SRU WUiV GH WRGR R VDWkQLFR H PDJLD QHJUD HVVHV VHUHV QHP VHPSUH
SDUHFHP PDOLJQRV $ HQHUJLD GUDFR SRGH VHU HQJDQRVD 3RGHP SDUHFHU PXLWR IRUPRVRV HRX GRFHV H
HQFDQWDGRUHV6H SXGHUHPSHUFHEHU SRUWUiVGDIDFKDGD SRGHUmRYHUXPDVXSHUILFLDOLGDGHHIULH]DSRUWUiVGD
PiVFDUD+iQHOHVWDPEpPXPDTXDOLGDGHYDPSLUHVFD1RYDPHQWHVHPSUHSHUJXQWHPVHXPVHURXLQIRUPDomR
pGDYLEUDomRGH&ULVWRHLQVLVWDPQDFRQILUPDomR
2V *UD\V VmR DTXHOHV TXH D PDLRULD GDV SHVVRDV YLVXDOL]D TXDQGR VH WUDWD GH IRUoDV HVFXUDV
VHTHVWUDQGR H FRORFDQGR LPSODQWHV QDV SHVVRDV  (VWHV VHUHV VmR PXLWR PHQWDLV 6mR DYDQoDGRV
WHFQRORJLFDPHQWH PDV FRPR UDoD HOHV SHUGHUDP VHXV SUySULRV FRUSRV HPRFLRQDLV DWUDYpV GD PDQLSXODomR
JHQpWLFD GH VXD SUySULD HVSpFLH FRP D LGpLD GH VXSULPLU R FRPSRUWDPHQWR YLROHQWR H FULPLQDO
'HVDIRUWXQDGDPHQWHVHXVH[SHULPHQWRVJHQpWLFRVRVGHL[DUDPLQFDSD]HVGHVHQWLUQmRVHQWHPQHPDPRU
QHP FRPSDL[mR QHP HPSDWLD ,VVR p R TXH HOHV EXVFDP DJRUD GRV VHUHV KXPDQRV (OHV EXVFDP D HQHUJLD
HPRFLRQDOTXHRVKXPDQRVSRVVXHPHGHIDWRVHDOLPHQWDPGHVWDFRPRXPDGURJD2TXHHOHVEXVFDPFULDUp
XPD UDoD KtEULGD GH *UD\V H +XPDQRV TXH RV DMXGH D UHFXSHUDU VHXV SUySULRV FRUSRV HPRFLRQDLV $ IRQWH GH
PXLWD LQIRUPDomR H[WUDWHUUHVWUH FDQDOL]DGD p HP UHDOLGDGH SURSDJDQGD JUD\ WUDWDQGR GH FRQYHQFHU jV
SHVVRDV GH TXH HOHV QRV HVWmR DMXGDQGR QXPD FDXVD GLJQD (OHV WHP PHQWLGR H HQJDQDGR D PXLWRV GH VHXV
FRQWDWRV VHTHVWUDGRV SDUD REWHU VHX VXSRVWRFRQVHQWLPHQWR6DLEDP DYHUGDGH4XDOTXHUYLRODomR HPVHXVHU
HVWiFRQWUDD/HL&yVPLFD
4XDOTXHU DFRUGR IHLWR VRE FRDomR HQJDQR RX PDQLSXODomR p LQYiOLGR SHOD /HL &yVPLFD FRPR p
DTXLSRUOHLFRPXP


&RPRREWLYHPRVRVLPSODQWHVQHJDWLYRV"

2V LPSODQWHV VmR UHFHELGRV GH GLIHUHQWHV PDQHLUDV HP PXLWDV pSRFDV GLIHUHQWHV GH WHPSR H HP
GLIHUHQWHV ORFDOL]Do}HV H VLWXDo}HV +i PXLWRV WLSRV GLIHUHQWHV GH LPSODQWHV H SURSyVLWRV $OJXQV WLSRV VmR
SURGXWR GD KLVWyULD GD LQWHUDomR FRP DV IRUoDV HVFXUDV GXUDQWH QRVVDV QXPHURVDV EDWDOKDV GH GXDOLGDGH HP
GLYHUVRV VLVWHPDV SODQHWiULRV FRPHoDQGR FRP D %DWDOKD GH ULRQ 7HPRV VLGR FDSWXUDGRV PXLWDV YH]HV QHVWD
RX QRXWUDV YLGDV H WHPRV VLGR REMHWRV GH LPSODQWDomR GH XP WLSR RX RXWUR (VVHV LPSODQWHV VmR FDUPD GH DOPD



TXHFDUUHJDPRVGHXPDHQFDUQDomRDRXWUD8PDYH]TXHHQFDUQDPRVQHVWHSODQHWDFRQWLQXDUmRDVEDWDOKDVGH
GXDOLGDGH
2V GUDFRV H RV UHSWyLGHV LQYDGLUDP HVWH SODQHWD GXUDQWH R SHUtRGR GD /HP~ULD H WHP HVWDGR QR
FRQWUROH GHVWH HQWmR 'HSRLV GD TXHGD RULJLQDO GH /HP~ULD D $WOkQWLGD ILQDOPHQWH WDPEpP FDLX )RL GXUDQWH D
TXHGD GH $WOkQWLGD TXH D LPSODQWDomR VH GLVSHUVRX QHVWH SODQHWD 2 JRYHUQR SUHVFUHYHX R XVR GRV SRGHUHV
PiJLFRHVSLULWXDLV GH YRFrV (OHV XVDUDP LPSODQWHV SDUD GDU IRUoD D VHX FRQWUROH $OJXPDV YH]HV RV SURFHVVRV
GH LPSODQWDomR PDWDYDP R FRUSR H YRFr Vy GHVSHUWDYD QXPD SUy[LPD HQFDUQDomR VHP SRGHU H VHP PHPyULD
,VWRRFRUUHQGRGXUDQWHDOJXPDVYLGDVSDUDPXLWRVUHVXOWDQRKRPHPPRGHUQRFRPPXLWRSRXFDFRQVFLrQFLDGH
VHXYHUGDGHLURSRGHUHVSLULWXDO
8PD GDV IRUPDV SHODV TXDLV VH WHP UHFHELGR RV LPSODQWHV p DWUDYpV GH DVVRFLDo}HV FRP
GLIHUHQWHV RUJDQL]Do}HV HVSLULWXDLV GH QDWXUH]DQHJDWLYD,VWR LQFOXLTXDOTXHU UHOLJLmR RXVHLWDTXH XWLOL]HR
FRQWUROHPHQWDOHRPHGRSDUDUHIRUoDURFRQWUROHGHVHXVPHPEURV
,VWR LQFOXL DV VRFLHGDGHV GH PDJLD QHJUD TXH WHP XVDGR YRWRV DFRUGRV H PHFDQLVPRV GH FRQWUROH
UHODFLRQDGRV SDUD H[HUFHU FRQWUROH VREUH VHXV PHPEURV H j YH]HV WDPEpP RFRUUH HP JUDQGHV LQVWLWXLo}HV
UHOLJLRVDV(VVHVYRWRVGHILGHOLGDGHSHUPDQHFHPDWpVHUHPUHYRJDGRV(VWDHQHUJLDQHFHVVLWDVHUWUDQVPXWDGD
2V LPSODQWHV VmR UHFHELGRV DWUDYpV GRV FRUSRV VXWLV H FRQWURODP QRVVR DFHVVR jV IUHTrQFLDV
VXSHULRUHV 4XDQGR QRVVDV YLEUDo}HV FDHP DR QtYHO GH GXDOLGDGH H QyV FUHPRV QD LOXVmR GD VHSDUDomR GH 'HXV
QRVWRUQDPRVVXVFHSWtYHLV-iTXHDPDLRUSDUWHGDKXPDQLGDGHYLYHQXPDUHDOLGDGHGXDOHFRPSURXDLOXVmRGD
VHSDUDomR GH 'HXV TXDVH WRGRV HVWDPRV YLYHQGR VRE D LQIOXrQFLD GH DOJXP WLSR GH LPSODQWH RX GLVSRVLWLYR GH
OLPLWDomR HVSLULWXDO ( HOHV ILFDUmR DWp TXH VHMDP OLPSRV 5HFRUGHP RV TXH QRV LPSODQWDUDP TXHUHP QRV
FRQWURODUHID]HUFUHUTXHQmRVRPRVXPFRPQRVVR&ULDGRU6HQyVFUHPRVQLVVRQRVFRQYHUWHPRVQXPDDPHDoD
SDUDHOHV


&RPRVHLVHHXWHQKRLPSODQWHVQHJDWLYRV"

-i TXH QyV FRPR 7UDEDOKDGRUHV GD /X] WHPRV HVWDGR DWLYDPHQWH FRPSURPHWLGRV HP PXLWDV
EDWDOKDV GH GXDOLGDGH HP GLIHUHQWHV VLVWHPDV SODQHWiULRV WHPRV VLGR FDSWXUDGRV PXLWDV YH]HV H WHPRV VLGR
VXMHLWDGRV D LPSODQWHV GH XPD RX RXWUD IRUPD $ SHUJXQWD QmR p (X WHQKR LPSODQWHV" PDV 4XDLV LPSODQWHV
WHQKRHFRPRPHGHVIDoRGHOHV"
6H YRFr HVWi QR SODQHWD H QmR IRLOLPSR VHJXUDPHQWHYRFrRVWHP (DLQGDVHIRLOLPSRSRU RXWURV
PpWRGRV GH XP RX GRLV GLVSRVLWLYRV Ki SRVVLELOLGDGHV GH TXH QmR KDMDP UHPRYLGR RX LQDWLYDGR WRGRV +i
PLOK}HVGHOHV(VWHSURFHVVRYDLOLPSDUWRGDV DVYDULHGDGHVFRQKHFLGDVHGHVFRQKHFLGDVSDUDWRGRVRVSHUtRGRV
GH WHPSR GLPHQV}HV H ORFDOL]Do}HV VLPXOWDQHDPHQWH 7DPEpP H[LVWH XPD SURWHomR TXH VH FRQVWUyL FRP HVWH
SURFHVVR TXDQGR YRFr UHFHEH D OLEHUDomR DWUDYpV GH XPD WUDQVPLVVmR SHVVRDO  SDUD HYLWDU TXDOTXHU LQWHQWR GH
TXDOTXHUVHUTXHTXHLUDFRORFDULPSODQWHVHPYRFrQRYDPHQWH


3RUTXHHXGHYROLPSDURVPHXVLPSODQWHVDJRUD"

2V LPSODQWHV MRJDUDP XPD SDUWH SULPRUGLDO QR FDUPD TXH QHFHVVLWD VHU UHVROYLGR GH XPD YLGD D
RXWUD 4XDQGR VH HVWi LPSODQWDGR p UHTXHULGR TXH VH UHJUHVVH QD URGD GD UHHQFDUQDomR XPD H RXWUD YH] SDUD
UHVROYHURFDUPDHVHUFRQWURODGRSHODVIRUoDVHVFXUDVRXWUDYH]XPDPDQHLUDPXLWRLQWHOLJHQWHSDUDJDUDQWLUR
HVWDGR GR SODQHWD SDUD VHPSUH LVWR p DWp DJRUD $R DVFHQGHU XPD DOPD GH UHJUHVVR j VXD 3UHVHQoD (8 628
WRGR R FDUPD GHYH VHU EDODQFHDGR WRGRV RV LPSODQWHV UHPRYLGRV $LQGD TXH KDMD LQGLYtGXRV TXH DVFHQGHUDP
GHVGH R WHPSR GH -HVXV LVWR WHP VLGR XP VXFHVVR UDUR DWp DJRUD 2 SODQHWD PHVPR WRPRX D GHFLVmR GH
DVFHQGHU  SDUD XPD UHDOLGDGH GH TXLQWD GLPHQVmR $ *UDoD VH HVWHQGHX SDUD DEVROYHU  WRGR R FDUPD SDUD
DTXHOHVTXHHOHMDPDDVFHQVmRFRPHOH3DUWHGD*UDoDpDOLEHUDomRGRVLPSODQWHV


2TXHpTXHHVWHSURFHVVROLPSD"

(VWH  SURFHVVR  OLPSD  WRGRV RV LPSODQWHV H GLVSRVLWLYRV GH OLPLWDomR HVSLULWXDO FRQKHFLGRV H
GHVFRQKHFLGRV DUPDV HVSLULWXDLV SDUDVLWDV PHQWDLV H GR FRUSR HPRFLRQDO HQWLGDGHV JUXGDGDV IRUPDV
SHQVDPHQWRGHWRGRVRVWLSRV LQFOXLQGRPDOGLo}HVHQFDQWDPHQWRVHIHLWLoRV HRVYRWRVHDFRUGRVTXHPDQWpP
RVGLVSRVLWLYRVGHQWURGHYRFr


4XDLVVmRRVGLIHUHQWHVWLSRVGHLPSODQWHVHGLVSRVLWLYRVGHOLPLWDomRHVSLULWXDO"

2V LPSODQWHV GH EDWDOKDV GH GXDOLGDGH VH QRPHDUDP FRP EDVH QDV JXHUUDV QDV TXH VH GHUDP
WDLVFRPRULRQ 6tULXV0DOGHN $UWXUXV 3OrLDGHV2VLPSODQWHVGDKLVWyULDGD7HUUDIRUDPQRPHDGRVFRP


EDVH QRV SHUtRGRV GH WHPSR RX VRFLHGDGHV FRPR RV OHPXULDQRV H RV DWODQWHV(VWHV WDPEpPLQFOXHP WRGDV
DV IRUPDV GH OLPLWDo}HV DXWRLPSRVWDV LPSHGLPHQWRV PiJLFRV LPSODQWHV GH FULVWDLV WULGLPHQVLRQDLV H RV
FyGLJRVGHOLPLWDomR
2V LPSODQWHV YLYRV H[LVWHP QRV FRUSRV PHQWDLV H HPRFLRQDLV GH VXDV YtWLPDV H VmR FKDPDGRV
SDUDVLWDVGRFRUSRPHQWDORXHPRFLRQDO(OHVSRGHPVHUDFDXVDHVSLULWXDOGHPXLWDVHQIHUPLGDGHVItVLFDV
$V DUPDV HVSLULWXDLV VmR XP WLSR GH DUPDPHQWR SVtTXLFR TXH VH PDQLIHVWD QR FDPSR HQHUJpWLFR
FRPR XPD HVSpFLH GH DUPD DOJXPDV GDV TXDLV VmR PXLWR H[yWLFDV  (VWHV GLVSRVLWLYRV SRGHP UHSUHVHQWDU
WUDXPDV GH YLGDV SDVVDGDV H PHPyULDV FRUSRUDLVGHKDYHU VLGRDVVDVVLQDGR FRP DDUPDRXGLVSRVLWLYR TXHOKHp
LPSODQWDGR 3RGHP UHSUHVHQWDU YLEUDo}HV QHJDWLYDV DWXDLV HQYLDGDV SRU RXWUD SHVVRD DWp YRFr 3RGHP VHU DV
FDXVDVGHGRUFU{QLFDQRFRUSR
$V HQWLGDGHV VmR TXDOTXHU HVStULWR GHVHQFDUQDGR FRP TXDOTXHU ODoR FRQHFWDGR FRP YRFr (VVDV
HQWLGDGHVSRGHPVHUGHVXDYLGDDWXDORXSDVVDGD
)RUPDVGHSHQVDPHQWRXVDGDVQHVWHFRQWH[WRVmRTXDLVTXHUSHQVDPHQWRVQHJDWLYRVHQYLDGRVDYRFr
QDIRUPDGHQHJDWLYLGDGHPDOGLo}HVIHLWLoRVFRQVSLUDo}HVHWF
,PSODQWHV *UD\V5HSWyLGHV'UDFRV VmR DV IRUoDV H[WUDWHUUHVWUHV TXH VHJXHP DWLYDV QD 7HUUD H
VHJXHPLPSODQWDQGRSHVVRDVQDIRUPDGHDWDTXHSVtTXLFR3RGHPVHUVHQWLGRVFRPRGRUHVGHFDEHoDJROSHVGH
HQHUJLDQHJDWLYDRXHPRo}HVGHEDL[DYLEUDomRPRYHQGRVHDWUDYpVGHYRFr
2V HQFREULPHQWRV VmR GLVSRVLWLYRV GH OLPLWDomR HVSLULWXDO TXH FRQVLVWHP HP YRWRV HRX FRQWUDWRV
FRP LUPDQGDGHV HVSLULWXDLV QHJDWLYDV DOLDQoDV SURIDQDV RX DVVRFLDo}HV IHLWRV TXDQGR YRFr HVWHYHVHP JXLD RX
VHSDUDGR GH 'HXV (VWHV YRWRV H DFRUGRV YmR DIHWDOR DWp TXHVHMDP UHQXQFLDGRVSRUTXH RGHL[DPDEHUWRD
H[LJrQFLDVGHVHUHV GHVWDVRUJDQL]Do}HV(OHVWrPDFHVVR DYRFr QRHVWDGRGHVRQKRRXQRVSODQRVLQWHUQRV
H VmR DV FDXVDV SULQFLSDLV GH LQWHUIHUrQFLD HVSLULWXDO HP VXD YLGD QRV QtYHLV ItVLFR H SVtTXLFR (VVHV YRWRV
SRGHPWDPEpPLQFOXLUYRWRVGHSREUH]DFDVWLGDGHREHGLrQFLDHWF
2V DFRUGRV RX FRQWUDWRV GH LPSODQWHV VmR RV TXH VXVWHQWDP RV LPSODQWHV HP VHX OXJDU HVmR RV
TXHRVID]UHJUHVVDUjWHUFHLUDGLPHQVmRVHQmRIRUDPFRPSOHWDPHQWHUHQXQFLDGRV(VWDpDUD]mRSULQFLSDO
GH DOJXPDV WpFQLFDV GH OLEHUDomR QmR WHUHP r[LWR 7DPEpP SRU LVVR p QHFHVViULR WHU SDUWLFLSDomR
FRQVFLHQWHQRSURFHVVRGHOLEHUDomR
2V ODoRV FiUPLFRV VmR DVVRFLDo}HV GH YLGDV SDVVDGDV FRP FHUWRV LQGLYtGXRV RX OXJDUHV TXH
LQIOXHQFLDPVXDVUHODo}HVSUHVHQWHVHDVDIHWDPGHIRUPDQHJDWLYD



4XDQGRHVWLYHUSURQWRSDUDUHPRYHULPSODQWHVIDoDRVHJXLQWH

 8VH GXDV KRUDV SDUD HVWH SURFHVVR RX LQLFLH R SURFHVVR XPD KRUD DQWHV GH VXD KRUD QRUPDO GH
GRUPLU'HVFRQHFWHRWHOHIRQHHIDoDRQHFHVViULRSDUDVHDVVHJXUDUGHTXHYRFrQmRVHUiSHUWXUEDGR
 5HFROKDVH HP VHX HVSDoR SULYDGR 6H YRFr GRUPH FRP DOJXpP IDoDPQR MXQWRV RX Yi GRUPLU
DQWHV FRPRLQGLFDGRDFLPD (VWDVHVVmRUHTXHUFRQVHQWLPHQWRFRQVFLHQWHSDUDTXHIXQFLRQH
 2V SULPHLURV  PLQXWRV GD VHVVmR FRQVLVWHP HP HVFXWDU RX OHU  H UHSHWLU D UHQ~QFLD GH YRWRV
,VWRp PXLWRLPSRUWDQWHHUHTXHUGHYRFrSDUWLFLSDomR FRQVFLHQWH$ UHYRJDomRGHYRWRVpXPSURFHVVRVDJUDGR
HVHUiGDGDSHVVRDOPHQWHDYRFrPDVVHUiLPSUHVVRDRILQDOGHVWHGRFXPHQWRSDUDUHIHUrQFLD
3HUPLWDVHHVWDUQXPHVWDGRGHFRQFHVVmRHUHQGLomR


2TXHHVSHUDUGXUDQWHRSURFHVVR

 6HQVDo}HV H PRYLPHQWR GH HQHUJLD GHQWUR H DR UHGRU GH VHX FRUSR VmR QRUPDLV 6H HP DOJXP
PRPHQWR GXUDQWH R SURFHVVR YRFr H[SHULPHQWDU  WHQVmR HP TXDOTXHU SDUWH GR FRUSR UHOD[H UHVSLUH H SHQVD
/,%(5$
 3RGHP VXUJLU FRQYHUVDo}HV PHQWDLV LQTXLHWDomR HPRo}HV IRUWHV H DLQGD QiXVHDV RX FkLPEUDV
HVWRPDFDLV6mRQRUPDLV5HOD[HUHVSLUHHSHQVH/,%(5$
9RFrSRGHUiWHUYLV}HVGHGLYHUVDVFRUHVJLUDQGRSDUWLFXODUPHQWHYLROHWDHD]XO
'HSRLVGHKDYHUWHUPLQDGRFRPDUHYRJDomRGHYRWRVHKDYHUDFHLWDGRDOLEHUDomRGHLPSODQWHV
SRGH RFRUUHU XP HVWDGR VRQROHQWR DOWHUDGR 'XUDQWH HVWH WHPSR RV 0HVWUHV H FLUXUJL}HV HWpUHRV HVWmR
WUDEDOKDQGRFRPYRFrIRUDGRFRUSR
1mRHVSHUHQDGD2TXHTXHUTXHYRFrH[SHULPHQWHpDSURSULDGRSDUDYRFrMiTXHHVWHSURFHVVR
p SURIXQGDPHQWH SHVVRDO H GLIHUHQWH SDUD WRGRV FDGD XP WHP GLIHUHQWHV H[SHULrQFLDV ,VWR HVWi EHP H QmR
VLJQLILFDTXHYRFrHVWHMDID]HQGRDOJRHUUDGR
%HPSURQWR"&RPHFHPRV6HXFRPSURPLVVRSDUDVHXFUHVFLPHQWRHFDPLQKRGHVHUYLoRDRPXQGRp
ORXYiYHO5HFLWHHPYR]DOWDDUHYRJDomRGHYRWRVTXHVHJXH


2SURFHVVRGHFXUDHUHYRJDomR

(X DSHOR DR &ULVWR SDUD DFDOPDU PHXV PHGRV H SDUD DSDJDU WRGR PHFDQLVPR GH FRQWUROH H[WHUQR
TXH SRVVD LQWHUIHULU FRP HVWD FXUD (X SHoR D PHX  (X 6XSHULRU TXH IHFKH PLQKD DXUD H HVWDEHOHoD XP FDQDO
&UtVWLFRSDUDRVSURSyVLWRVGHPLQKDFXUDSDUDTXHVyDVHQHUJLDV&UtVWLFDVSRVVDPIOXLUDWpPLP1mRVHSRGHUi
ID]HURXWURXVRGHVWHFDQDOTXHQmRVHMDSDUDRIOX[RGHHQHUJLDV&UtVWLFDV

,PDJLQH XPD URWDomR QR VHQWLGR KRUiULR GH XPD HQHUJLD YLROHWD DR UHGRU GH VHX FRUSR H GH WXGR
DR VHX UHGRU LPHGLDWR (VWD HQHUJLDURWDWyULDFRQWLQXDUi SRU WRGD XPD KRUDHPHLD RX DWUDYpVGDQRLWHVH YRFr
XWLOL]DUHVWHSURFHGLPHQWRDQWHVGHGRUPLU 
$JRUD DSHOR DR $UFDQMR 0LJXHO GD GpFLPD WHUFHLUD 'LPHQVmR SDUD TXH VHOH H SURWHMD
FRPSOHWDPHQWH HVWD VDJUDGD H[SHULrQFLD $JRUD DSHOR DR &tUFXOR GH 6HJXUDQoD GD GpFLPD WHUFHLUD GLPHQVmR
SDUD TXH VHOH SURWHMD H DXPHQWH FRPSOHWDPHQWH R HVFXGR GH 0LJXHO DVVLP FRPR SDUD TXH UHPRYD TXDOTXHU
FRLVD TXH QmR VHMD GH QDWXUH]D &UtVWLFD H TXH H[LVWD  DWXDOPHQWH GHQWUR GHVWH FDPSR $JRUD DSHOR DRV 0HVWUHV
$VFHQVLRQDGRVHDQRVVRVDVVLVWHQWHV&UtVWLFRVSDUDTXHUHPRYDPHGLVVROYDPFRPSOHWDPHQWHWRGRVHFDGDXP
GRV LPSODQWHV H VXDV HQHUJLDV VHPHDGDV SDUDVLWDV DUPDV HVSLULWXDLV H GLVSRVLWLYRV GH OLPLWDomR DXWRLPSRVWRV
WDQWR FRQKHFLGRV FRPR GHVFRQKHFLGRV 8PD YH] FRPSOHWDGR LVVR DSHOR SHOD FRPSOHWD UHVWDXUDomRHUHSDUDomR
GRFDPSRGHHQHUJLDRULJLQDOLQIXQGLGRFRPDHQHUJLDGRXUDGDGH&ULVWR

5HSLWDVHWHYH]HVRVHJXLQWH(8628OLYUH

3DUD TXH HVWD FXUD VHMD SHUPDQHQWH GHYHPRV IHFKDU DV SRUWDV TXH D SHUPLWLUDP HP SULPHLUR
OXJDU 
5HSLWDRVHJXLQWH
(XRVHUFRQKHFLGRFRPR GHFODUHVHXQRPH QHVWDHQFDUQDomRSDUWLFXODUSRUHVWHPHLRUHYRJRH
UHQXQFLRDWRGRVHFDGDXPGRVFRPSURPLVVRVGHILGHOLGDGHYRWRVDFRUGRVHRXFRQWUDWRVGHDVVRFLDomRTXHMi
QmR VHUYHP D PHX EHP PDLV HOHYDGR QHVWD YLGD YLGDV SDVVDGDV YLGDV VLPXOWkQHDV HP WRGDV DV GLPHQV}HV
SHUtRGRVGHWHPSRHORFDOL]Do}HV(XDJRUDRUGHQRDWRGDVDVHQWLGDGHV TXHHVWmROLJDGDVFRPHVVHVFRQWUDWRV
RUJDQL]Do}HV H DVVRFLDo}HV jV TXH DJRUD UHQXQFLR  TXH FHVVHP H GHVLVWDP H TXH DEDQGRQHP PHX FDPSR GH
HQHUJLD DJRUD H SDUD VHPSUH H HP IRUPD UHWURDWLYD OHYDQGR VHXV DUWHIDWRV GLVSRVLWLYRV H HQHUJLDV VHPHDGDV
3DUD DVVHJXUDU LVWR (X DJRUD DSHOR DR 6DJUDGR (VStULWR 6KHNLQDK SDUD TXH VHMD WHVWHPXQKD GD GLVVROXomR GH
WRGRV RV FRQWUDWRV GLVSRVLWLYRV H HQHUJLDV VHPHDGDV TXH QmR KRQUDP D 'HXV  3DL  0mH ,VWR LQFOXL WRGDV DV
DOLDQoDV H VHUHV TXH QmR KRQUDP D 'HXV  3DL  0mH  FRPR 6XSUHPR $GHPDLV (X SHoR TXH R (VStULWR 6DQWR
WHVWHPXQKH HVVD  OLEHUDomR FRPSOHWD GH WXGR TXH LQIULQJH D YRQWDGH GH 'HXV  3DL  0mH (X GHFODUR LVWR
DGLDQWHHUHWURDWLYDPHQWH(DVVLPVHMD
(X DJRUD YROWR D JDUDQWLU PLQKD DOLDQoD FRP 'HXV  3DL  0mH DWUDYpV GR GRPtQLR GR &ULVWR H D
GHGLFDU PHX VHU LQWHLUR PHX VHU ItVLFR PHQWDO HPRFLRQDO H HVSLULWXDO j YLEUDomR GH &ULVWR GHVGH HVWH
PRPHQWR HP GLDQWH H HP UHWURDWLYR 0DLV DLQGD GHGLFR PLQKD YLGD PHX WUDEDOKR WXGR R TXH SHQVR GLJR H
IDoR H WRGDV DV FRLVDV HP PHX DPELHQWH TXH DLQGD PH VHUYHP j YLEUDomR GH &ULVWR WDPEpP $GHPDLV GHGLFR
PHXVHUjPLQKDSUySULDPDHVWULDHDRFDPLQKRGDDVFHQVmRWDQWRGRSODQHWDFRPRRPHX+DYHQGRGHFODUDGR
WXGR LVWR (X DJRUD DXWRUL]R DR &ULVWR H DR PHX SUySULR (X 6XSHULRU SDUD TXH IDoDP PXGDQoDV HP PLQKD YLGD
SDUDDFRPRGDUHVWDQRYDGHGLFDomRHSHoRDR(VStULWR6DQWRTXHWHVWHPXQKHLVWRWDPEpP
(XDJRUDGHFODURLVWRD'HXV3DL0mH4XHVHMDHVFULWRQR/LYURGD9LGD4XHDVVLPVHMD*UDoDVD
'HXV
$JRUDSHUPLWDQRVFXUDUHSHUGRDUFROHWLYDPHQWHWRGRVHVVHVVHXVDVSHFWRVTXHIL]HUDPRVDFRUGRV
H D WRGRV RV TXH SDUWLFLSDUDP HP VXD OLPLWDomR GH TXDOTXHU IRUPD 3RU IDYRU LQFOXD QHVWD RUDomR GH SHUGmR D
TXHPTXHUTXHYRFrQHFHVVLWHSHUGRDUFRQVFLHQWHPHQWHDVVLPFRPRDTXHOHVGHVFRQKHFLGRVGHYRFr
5HSLWDRVHJXLQWH
$R 8QLYHUVR H j 0HQWH GH 'HXV LQWHLUD H D FDGD VHU 1HOD FRQWLGR D WRGRV RV OXJDUHV RQGH WHQKD
HVWDGR H[SHULrQFLDV GDV TXDLV WHQKD SDUWLFLSDGR H D WRGRV RV VHUHV TXH QHFHVVLWDP GHVWD FXUD VHMDP
FRQKHFLGRV RX GHVFRQKHFLGRV GH PLP TXDOTXHU FRLVD TXH VH PDQWHQKD  HQWUH QyV (X DJRUD FXUR H SHUGRR (X
DJRUD DSHOR DR 6DQWR (VStULWR 6KHNLQDK DR 6HQKRU 0HWDWURQ DR 6HQKRU 0DLWUH\D H D 6DLQW *HUPDLQ SDUD TXH
DMXGHP H WHVWHPXQKHP HVWD FXUD 4XHULGRV (X RV SHUG{R SRU WXGR R TXH QHFHVVLWHVHUSHUGRDGRHQWUHYRFrVH
HX(XOKHVSHoRTXHPHSHUGRHPSRUWXGRRTXHQHFHVVLWHVHUSHUGRDGRHQWUHYRFrVHHX2PDLVLPSRUWDQWH
(X PH SHUG{R D PLP PHVPR SRU WXGR R TXH QHFHVVLWH VHU SHUGRDGR HQWUH PLQKDV HQFDUQDo}HV SDVVDGDVHPHX
(X6XSHULRU



(VWDPRV DJRUD FROHWLYDPHQWH FXUDGRV H SHUGRDGRV FXUDGRV H SHUGRDGRV FXUDGRV H SHUGRDGRV


7RGRV HVWDPRV DJRUD HOHYDGRV D QRVVRV VHUHV &UtVWLFRV 1yV HVWDPRV SOHQRV H URGHDGRV FRP R DPRU GRXUDGR GH
&ULVWR 1yV HVWDPRV SOHQRV H URGHDGRV GD GRXUDGD /X] GH &ULVWR 1yV VRPRV OLYUHV GH WRGDV D YLEUDo}HV GH
WHUFHLUDHTXDUWDGLPHQV}HVGHPHGRGRUHLUD
7RGRVRV FRUG}HV HODoRVSVtTXLFRVXQLGRVD HVVDVHQWLGDGHVGLVSRVLWLYRV LPSODQWDGRVFRQWUDWRVRX
HQHUJLDV VHPHDGDV HVWmR DJRUD OLEHUDGRV H FXUDGRV (X DJRUD DSHOR D 6DLQW *HUPDLQ SDUD TXH WUDQVPXWH H
UHWLILTXHFRPD&KDPD9LROHWDWRGDVDVPLQKDVHQHUJLDVTXHPHIRUDPWLUDGDVHDVUHWRUQHDPLPDJRUDHPVHX
HVWDGRSXULILFDGR
8PD YH] TXH HVWDV HQHUJLDV UHJUHVVDUDP D PLP (X SHoR TXH HVVHV FDQDLV DWUDYpV GRV TXDLV VH
GUHQDYD PLQKD HQHUJLD VHMDP GLVVROYLGRV FRPSOHWDPHQWH (X SHoR DR 6HQKRU 0HWDWURQ TXH QRV OLEHUH GDV
FDGHLDV GD GXDOLGDGH (X SHoR TXH R VHOR GR 'RPtQLR GR &ULVWR VHMD FRORFDGR VREUH PLP (X SHoR DR (VStULWR
6DQWRTXHWHVWHPXQKHTXHLVWRVHFXPSUD(DVVLPp
(X DJRUD SHoR DR &ULVWR TXH HVWHMD FRPLJR H FXUH PLQKDV IHULGDV H FLFDWUL]HV (X WDPEpP SHoR DR
$UFDQMR 0LJXHO TXH PH PDUTXH FRP VHX  VHOR TXH (X VHMD SURWHJLGR SDUD VHPSUH GDV LQIOXrQFLDV TXH PH
LPSHGHPGHID]HUDYRQWDGHGHQRVVR&ULDGRU
( DVVLP VHMD (X GRX JUDoDV D 'HXV DRV 0HVWUHV $VFHQVLRQDGRV DR &RPDQGR $VKWDU DRV $QMRV H
$UFDQMRV H D WRGRV RV GHPDLV TXH WHP SDUWLFLSDGR QHVWD FXUD H HOHYDomR FRQWtQXD GH PHX VHU 6HODK 6DQWR
6DQWR6DQWRpR6HQKRU'HXVGR8QLYHUVR.RGRLVK.RGRLVK.RGRLVK$GRQDL7VHEDLRWK

)LTXH HP UHSRXVR SRU XPD KRUD H PHLD 'HVFDQVH QRV EUDoRV GR 5DGLDQWH HQTXDQWR RV
&LUXUJL}HV (WpUHRV GR &RPDQGR $VKWDU FRPHoDP D WUDWDU GH YRFr 9RFr SRGH GHVHMDU
GRUPLUGHVFDQVDVHJXURGHTXHYRFrHVWiQRFDPLQKRGD$VFHQVmR 


'HSRLVGD6HVVmR

(VWD FXUD GLVSDUD XP FLFOR GH OLPSH]D GH  GLDV TXH WUDUi QRYDV DEHUWXUDV j VXD YLGD GH PXLWDV
IRUPDV1DSULPHLUDRXVHJXQGDVHPDQDSRGHPRFRUUHUVRQKRVHVWUDQKRV7DPEpPSRGHVHUTXHYRFrQmRWHQKD
VRQKRVID]HQGRXPWUDEDOKRGHSURFHVVDPHQWRPXLWRSURIXQGR(PTXDOTXHUFDVRQmRVHSUHRFXSHDPERVVmR
QRUPDLV&RORTXHSDUWLFXODUDWHQomRQDIRUPDTXHVXDVSUySULDVSHUFHSo}HVGRPXQGRSRVVDPPXGDU
&HUWRVEHQHItFLRVGHVWHSURFHVVRLQFOXHP

6HQWLPHQWRVGHFDOPDLQWHUQDHFODULGDGH
$FRQYHUVDomRPHQWDOLQWHUQDHVWiPDLVWUDQTLOD
$WHQVmRLQWHUQDVHIRL
6HJDQKDRXVHPHOKRUDDKDELOLGDGHGHFDQDOL]DU
8PVHQWLPHQWRGHXPQRYRVHQWLGRGHSURSyVLWRHVLJQLILFDGRQDYLGD
6HQWLPHQWRVGHDPRUSD]HM~ELOR
$YLGDPHOKRUDHPWRGDVDViUHDV
6HQWLGRGH8QLGDGHFRQVFLrQFLDHVSLULWXDOHOHYDGD
'LVVROXomRGHUHODo}HVQmRSURGXWLYDV

+i SURWHomR FRQVWUXtGD FRQWUD XPD QRYD LPSODQWDomR HP SDUWH SRUTXH XPD YH] TXH VH ID] D
UHYRJDomR GH YRWRV FRPSOHWDPHQWH VHX OLYUH DUEtWULR H GHVHMR GH SHUPDQHFHU OLYUH GH LPSODQWHV H GLVSRVLWLYRV
GH OLPLWDomR HVSLULWXDO R LPSHGLUmR GH VHU LPSODQWDGR QRYDPHQWH 7DPEpP YRFr VHUi DJUHJDGR j UHGH GH
SURWHomR GR &RPDQGR $VKWDU (WHUHDPHQWH KDYHUi FRPR XP FLQWXUmR GRXUDGR DPSOR TXH VH PRYH
GHIHQVLYDPHQWHDRUHGRUGHVHXFDPSRGHHQHUJLDTXDQGRRQHFHVVLWHV
7RGDYLD ROLYUHDUEtWULRFRQVFLHQWHHDUHVLVWrQFLDVXEFRQVFLHQWHSRGHPDQXODUDOLEHUDomRGHWRGRV
RVYRWRV$VVHJXUHVHGHTXHVXDLQWHQomRVHMDOLEHUDU72'26RVYRWRVHDFRUGRV6HYRFrQmRHVWiVHJXURUHSLWD
D UHYRJDomR GH YRWRV 6H YRFr QmR VHVHQWHDEVROXWDPHQWHOLPSRH FRP WXGR WHUPLQDGRGHSRLVUHSLWDDVHVVmR
LQWHLUD


6HYRFrMiHUDXPFDQDORXXPFXUDGRU

&RPR FDQDO HVWH SURFHVVR VHUi GH SDUWLFXODU LPSRUWkQFLD 2V LPSODQWHV EORTXHLDP VXD FODUH]D H
DWXDPFRPRGLVFyUGLDDWUDYpVGHVHXFDQDOHFRQH[mRFRPVHX(X6XSHULRU
(QTXDQWR WLYHU LPSODQWHV H FRQWUDWRV XQLGRV D HOHV YRFr HVWi VXMHLWR D UHFHEHU FRPXQLFDo}HV
PLVWXUDGDV ,QVLVWD Vy HP FRPXQLFDo}HV GH 9LEUDomR &UtVWLFD 9RFr WHP XPD UHVSRQVDELOLGDGH SDUD FRQVLJR
PHVPRHSDUDFRPDTXHOHVTXHRHVFXWDPGHWUD]HUDLQIRUPDomRPDLVHOHYDGDSRVVtYHO


'HYLGR DR IDWR GH RV LPSODQWHV WHUHP HVWDGR FRP YRFr SRU WDQWR WHPSR  RV VHUHV TXH RV
WUDQVPLWLUDPVHVHQWHPIDPLOLDUHV
6H YRFr VH HQFRQWUD QXPD VLWXDomR HP TXH XP RX PDLVGHVHXV JXLDV VHWHQKD LGRVDLEDTXHJXLDV
GH YLEUDomR VXSHULRU YLUmR VXEVWLWXtORV 0HVPR FDQDLV IDPRVRVHH[SHULPHQWDGRVSRGHPVHU HQJDQDGRV6HUXP
FDQDOQmRJDUDQWHTXDOLGDGH


3DUDFXUDGRUHV

4XDQGRYRFrHVWLYHUDWXDQGRFRPRFDQDOGHHQHUJLDRXFXUDVHXSUySULRFDPSRGHHQHUJLDGHYHVHU
WmR FODUR TXDQWR SRVVtYHO e SRVVtYHO WUDQVPLWLU LPSODQWHV VHP VDErOR GH XPD SHVVRD D RXWUD &RPR FXUDGRU
YRFr SURYDYHOPHQWH WHP VLGR JROSHDGR SHOD QHJDWLYLGDGH GH VHXV SDFLHQWHV GH YH] HP TXDQGR 9RFr SRGHUi
VHQWLUFRPRXPJROSHQHJDWLYRGRUGHFDEHoDRXHPRo}HVGHEDL[DYLEUDomRPRYHQGRVHDWUDYpVGHYRFr
3DUD SURWHJHUVH H D VHXV SDFLHQWHV IDoD HVWH SURFHGLPHQWR GH UHYRJDomR GH LPSODQWHV HP VL
PHVPR H HQWmR TXDQGR HVWLYHU SURQWR DMXGH VHXV SDFLHQWHV RX HQVLQDRV FRPR UHPRYHU HOHV PHVPRV VHXV
LPSODQWHV$OLEHUDomRGHLPSODQWHVGHYHVHUSDUWHGHTXDOTXHUSUiWLFDGHFXUD


8WLOL]DQGRHVWHSURFHVVRQROXJDUGHDOJXpPLQFDSDFLWDGRGHID]rOR

9RFrSRGHDX[LOLDUXPDSHVVRDFULDQoDRXDGXOWRLQFDSDFLWDGRRXHQIHUPR6HIRUDGXOWDDSHVVRD
GHYH GDU VHX FRQVHQWLPHQWR 1mR SRGH VHU IHLWR SDUD SHVVRDV HP FRPD LQFRQVFLHQWHV RX FRP RXWUD
LQFDSDFLGDGHTXHLPSHoDPDSHUPLVVmR7HQKDHPPHQWHDOHL8QLYHUVDOGROLYUHDUEtWULRTXHGHFODUDTXHYRFr
QmRSRGHLQWHUIHULUFRPDHOHYDomRGHRXWURDPHQRVTXHHOHVRSHUPLWD


6REUHRFRPDQGR$VKWDU

2 &RPDQGR $VKWDU p D GLYLVmR DpUHD GD *UDQGH )UDWHUQLGDGH %UDQFD GH /X] VRE D GLUHomR GR
&RPDQGDQWH$VKWDUH0HVWUD/DG\$WKHQD&RPSRVWRGHPLOK}HVGHQDYHVHSHVVRDOGHPXLWDVFLYLOL]Do}HVQyV
VRPRVRV3DGU}HV&pXTXHVHUYLPRVDRUDGLDQWH &ULVWR HPVXDPLVVmRGHDPRU1yVWUDEDOKDPRVHPFRQMXQomR
FRP RV0HVWUHV$VFHQVLRQDGRVDV/HJL}HV $QJpOLFDVGH0LJXHO5DIDHO8ULHO-RILHO*DEULHOHDV,UPDQGDGHV
GH/X]TXHDGPLQLVWUDPR3ODQR'LYLQR
2&RPDQGR $VKWDU HVWiDTXLSDUDDMXGDUD7HUUDH D+XPDQLGDGHDWUDYpV GR FLFORDWXDOGHOLPSH]D
SODQHWiULDHUHDOLQKDPHQWRSRODU1yVWUD]HPRVDXQLGDGHKDUPRQLDHDFRH[LVWrQFLDSDFtILFD$FKDYHGRXUDGD
GDVDOYDomRHVSLULWXDOpRDPRU




(VSpFLHVGHREVHVVmRHVSLULWXDO





1mR VH DFRQVHOKD D OHLWXUD GHVWH WUHFKR VHP D OHLWXUD GR H[SRVWR QRV &DStWXORV DQWHULRUHV DLQGD
TXHROHLWRUVHDFKHERPHQWHQGHGRUGHNDUPD
9DOH UHVVDOWDU TXH XPD REVHVVmR SRGH GDU RULJHP j RXWUD SDVVDQGR D H[LVWLUHP YDULDGRV WLSRV GH
REVHVVmRDRPHVPRWHPSRSHODPHVPDVLWXDomRSDWROyJLFD$VVLPXPDGHWHUPLQDGDVLWXDomRSRGHGDUFDXVDD
RXWUDDVTXDLVHVWDUmROLJDGDVSHORIDWRRXPRWLYR
$LQGD D REVHVVmR SRGH VHU LQGLYLGXDO RX FROHWLYD LQFOXLQGR YiULDV HQWLGDGHV HQFDUQDGDV RX
GHVHQFDUQDGDV GHQWURGRTXHDTXLVHUiH[SRVWR
)HLWR HVWH SHTXHQR FRPHQWiULR GLYHUVDPHQWH GR TXH R OHLWRU SRVVD LPDJLQDU QXP SULPHLUR
PRPHQWRH[LVWHPQRYHHVSpFLHVPDLVFRPXQVGHREVHVVmRDVDEHU


 2EVHVVmRGHGHVHQFDUQDGRSDUDHQFDUQDGR

(VWDIRUPDGHREVHVVmRpDPDLVFRQKHFLGDHVHGLYLGHHPGRLVWLSRV
D RVREVHVVRUHVTXHGHVHMDPRPDOGRHQFDUQDGR
E GRHQoDHPXPGRVFRUSRVDVWUDLVGRREVHVVRUTXHDFDUUHWDUiHPYDPSLUL]DomRGRHQFDUQDGR
2 SULPHLUR FDVR REVHVVRU TXH WHP yGLR GR HQFDUQDGR  QmR GHL[D GH VHU XPD GRHQoD HVSLULWR
SVLFROyJLFDeDPDLVHVWXGDGDGRVWLSRVGHREVHVVmRPDVHVWiORQJHGHVHUDIRUPDGHREVHVVmRPDLVFRPXP
1HVWH WLSR GH REVHVVmR R REVHVVRU TXHU R PDO GR HQFDUQDGR  R HVStULWR WHP D FLrQFLD GH HVWDU
GHVHQFDUQDGRHSUDWLFDDWRVGHVDERWDJHPFRQWUDRHQFDUQDGRGHIRUPDWRWDOPHQWHFRQVFLHQWHPDVSRUyEYLR
QmR WHP D FLrQFLD UHDO GR TXH YHP D VHU FDUPD LOXVmR [ DSUHQGL]DJHP  H DFUHGLWD TXH 'HXV HVWi D FRPHWHU
LQMXVWLoDVSUHWHQGHQGRDVVLPID]HUMXVWLoDFRPDVSUySULDVPmRV
,PSRUWDQWHGL]HUTXHQHVWHFDVRRYtQFXORDVWUDOTXHXQHWDQWRRREVHVVRUFRPRRHQFDUQDGRGXUD
YiULDV H[LVWrQFLDV H DPERV GHL[DP GH WHU FLrQFLD TXH R PXQGR ItVLFR p VLPLODU D XPD PDWUL[ SDUD TXH KDMD
GHSXUDomRGDHQHUJLDDVWUDO
1DVHJXQGDKLSyWHVH GRHQoDQRFRUSRDVWUDOGRREVHVVRU pDTXHVHGiQDPDLRULDGRVFDVRV1HVVH
FDVR R HVStULWR REVHVVRU p XP LUPmR HVSLULWXDO R TXDO SRU HVWDU HVSLULWXDOPHQWH RX PHQWDOPHQWH GRHQWH QmR
FRQVHJXLX DWUDYHVVDU RV SRUWDLV GD  GLPHQVmR $VVLP SDUD OLYUDUVH GH VXDV GRUHV FRPSDUWLOKD HVWDV FRP XP
LUPmR HQFDUQDGR VLPSOHVPHQWH SRUTXH QmR WHP DOWHUQDWLYD SDUD VH OLYUDU GDV SHUWXUEDGRUDV GRUHV TXH OKH
DIOLJHPDVTXDLVRPHVPRDFUHGLWDHPDQDUHPGHVHXDQWLJRFRUSRItVLFR
'HQWUH HVVD KLSyWHVH HQFRQWUDPVH HVStULWRV TXH WLYHUDP PRUWHV WUiJLFDV GRHQoDV SURIXQGDV
TXDQGRDLQGDYLYRVYLFLDGRVHWF
&RPRH[HPSORLPDJLQHXPYLFLDGRHPFRFDtQDMiGHVHQFDUQDGRVHPSRGHUWHUDFHVVRjGURJD6HX
HVStULWRSDVVDUiDWHUGRUHVSURYRFDGDVSRUFULVHVGHDEVWLQrQFLDHSRUFHUWRSDVVDUiDDFRPSDQKDUXPYLFLDGR
QD PHVPD GURJD DLQGD HQFDUQDGR SDUD TXH PHGLDQWH YDPSLUL]DomR HQHUJpWLFD HOH GHVHQFDUQDGR  SRVVD
DFHVVDUDHQHUJLDGDGURJDDOLYLDQGRVXDVFULVHVGHDEVWLQrQFLD
2XWUR H[HPSOR VHULD XP HVStULWR TXH PRUUHX FRP XP WLUR QD FDEHoD H DLQGD FRP IRUWHV GRUHV
SURYRFDGDV SRU VXD PRUWH YLROHQWD WUDQVIHUH SDUWH GDV PHVPDV DR HQFDUQDGR R TXDO SDVVDUi D VRIUHU GH
YHUWLJHQVGRUHVQDFDEHoD]XPELGRVHWF
1mR SHQVH YRFr TXH WDLV HQWLGDGHV GHL[DP GH WHU FLrQFLD GH HVWDUHP GHVHQFDUQDGRV FRPR SHQVDP
LQ~PHURV HVStULWDV NDUGHFLVWDV 1D UHDOLGDGH RV TXH GHVFRQKHFHP HVWDUHP GHVHQFDUQDGRV VmR UHODWLYDPHQWH
SRXFRV H D JUDQGH PDLRULD VDEH HVWDU GHVHQFDUQDGR H SHUPDQHFH QHVWD WULVWH VLWXDomR SRUTXH GHVFRQKHFHP
FRPR VH OLYUDU GRV PDOHItFLRV GRV YtFLRV GDV GRUHV GR TXDGUR SDWROyJLFR GH VD~GH HVSLULWXDO HWF $VVLP
GHVFRQKHFHP FRPR VDLU GR HVWiJLR GH DSUHQGL]DGR H GR FLFOR GD  GLPHQVmR QR TXDO VH HQFRQWUDP DJLQGR R
DSRPHWULVWDFRPRYHUGDGHLURUHGHQWRUGHVVDVDOPDV
&RPR VH SRGH QRWDU HP DPEDV DV KLSyWHVHV OHWUDV D H E  PXLWR GLYHUVR GH VHUHP WDLV
HQWLGDGHV GHP{QLRV  FRPR SHQVDP DOJXQV VmR PHURV LUPmRV GRHQWHV RV TXDLV QHFHVVLWDP H SUHFLVDP GH
DMXGDPpGLFDHVSLULWXDO
$LQGDTXHVHXHJRIDOHPDLVDOWRGLJDVHTXHH[LVWHPFDVRVTXHWDLVHVStULWRVREVHVVRUHVUHWRUQDPj
VHVVmR DSRPpWULFD DSyV HVWDUHP FRPSOHWDPHQWH FXUDGRV H QmR UDUR DSDUHFHP FRPR DX[LOLDGRUHV H
DPSDUDGRUHVHVSLULWXDLVSDVVDQGRDLQWHJUDUDFRUUHQWHPpGLFDDVWUDOSRURSomRSUySULDYLVDQGRDX[LOLDURXWURV
HVStULWRVTXHHVWmRQDTXHODVLWXDomRDTXDOVHHQFRQWUDYDPDQWHVGRWUDWDPHQWR




 2EVHVVmRGHHQFDUQDGRSDUDGHVHQFDUQDGR

(VWDIRUPDGHREVHVVmRQLQJXpPJRVWDGHIDODUPDVWDPEpPpEHPPDLVFRPXPGRTXHSDUHFH
,PDJLQH XP ILOKR TXH QXP GHWHUPLQDGR PRPHQWR FUXFLDO GH VXD YLGD SHUGHX VHX SDL H
GLXWXUQDPHQWH ILFD D FKDPDU R SDL DLQGD TXH LQFRQVFLHQWHPHQWH GL]HQGR 2K SDSDL VH YRFr HVWLYHVVH DTXL
PLQKDYLGDQmRHVWDULDDVVLP3RUTXH'HXVIRLWmRLQMXVWRFRPLJRSRUWHUPHWLUDGRYRFrMXVWRDJRUDHWF
1R FDVR GR H[HPSOR DFLPD TXHP VHULD R REVHVVRU" 2 ILOKR TXH DLQGD HVWDULD HQFDUQDGR RX R SDL"
3RUyEYLRTXHR ILOKRSRLVVHULDPXLWRGLItFLO DR SDLVHOLEHUWDUWRWDOPHQWHGRYtQFXORGDGLPHQVmRYHQGRVHX
ILOKRQRSODQRItVLFRIDODQGRWDLVFRLVDV
1HVWH FDVR SRGHUi R FRRUGHQDGRU GD FRUUHQWH PHQWRPDJQpWLFD URPSHU RV HORV GH OLJDomR HQWUH
HQFDUQDGRHGHVHQFDUQDGRDIDVWDQGRRVHDX[LOLDQGRRVPXWXDPHQWH


 2EVHVVmRGHHQFDUQDGRSDUDHQFDUQDGR

7DPEpP p PXLWR PDLV FRPXP GR TXH VH LPDJLQD &RPR H[HPSOR H[LVWHP FDVDPHQWRV RX RXWURV
WLSRV GH UHODomR RQGH XPD GDV SHVVRDV OLWHUDOPHQWH YDPSLUL]D D RXWUD GH WDO IRUPD D SRGiOD GH VXD HQHUJLD
YLWDO
1HVVHV FDVRVp PXLWRIiFLOYHUVH TXHPpR YDPSLUL]DGR HR YDPSLUR*HUDOPHQWHXPGRVFDVDLVp
QRYRYLWDODOHJUHHQmRUDURIDODPXLWRHTXDQGRIDODDVSHVVRDVjVXDYROWDVHQWHPGRUGHFDEHoD HVWHpR
YDPSLUR  RRXWURDSDUHQWD WHUDQRV DPDLVGRTXHWHP pWULVWH VHPHQHUJLDYLYHDGRHQWDGRHWF HVWHpR
YDPSLUL]DGR 
1RWH TXH DPERV HVWmR GRHQWHV 2 TXH ID] R SDSHO GH YDPSLUR VHMD SRU SUHJXLoD RX RXWUR PRWLYR
EDQDO GHL[D GH TXHUHU SURGX]LU GHWHUPLQDGD HQHUJLD DFKDQGR PHOKRU URXEiOD GH RXWUHP R RXWUR
YDPSLUL]DGR DFHLWD SDVVLYDPHQWH HVVH URXER HQHUJpWLFR QHFHVVLWDQGR TXH VXD PRUDO H DXWRHVWLPD VHMDP
UHVJDWDGDV
(VWH WLSR GH REVHVVmR QmR RFRUUH DSHQDV HP FDVDPHQWRV 3RGH RFRUUHU HP UHODo}HV GH PmH SDUD
ILOKRHQWUHDPLJRVGHFKHIHSDUDIXQFLRQiULRHWF
2 WHUDSHXWD TXH IDUi XVR GD DSRPHWULD GHYHUi QHVWHV FDVRV SHGLU DRV PpGLFRV DVWUDLV SDUD TXH
URPSDP R HOR HQHUJpWLFRHVSLULWXDO HQWUH DPERV RV HQFDUQDGRV SDUD UHVWDEHOHFHU D RUGHP DOpP GH FXUiORV
PXWXDPHQWHSRUTXHDPERVVmRHHVWmRGRHQWHV


 2EVHVVmRGHGHVHQFDUQDGRSDUDGHVHQFDUQDGR

2V DWRUHV YLGH &DStWXOR ,9 DFLPD  'HVPLVWLILFDQGR R &DUPD  FRQWLQXDP D UHSUHVHQWDU RV
PHVPRVSDSHLVGDSHoDWHDWUDOWULGLPHQVLRQDOHPGLPHQVmRSRUTXHGHVFRQHFWDGRVFRPDXQLGDGH
$VVLP YDPSLUR H YDPSLUL]DGR FRQWLQXDP D UHSUHVHQWDU QR kPELWR DVWUDO RV DWRV TXH ID]LDP DLQGD
HP YLGD RX DLQGD R REVHVVRU TXH WUDQVPLWLX DV GRUHV TXH VHQWLD DR HQFDUQDGR TXDQGR GR GHVHQFDUQH GHVWH
FRQWLQXDUiDWUDQVPLWLUWDLVGRUHVPHVPRSRUTXHDTXHOHTXHHVWDYDHQFDUQDGRDFKDUiQDWXUDOWDLVGRUHVHWF
*HUDOPHQWH D FRQWLQXLGDGH GR WHDWUR VH Gi SRUTXH DPEDV DV HQWLGDGHV VHQWLUDP DWUDomR
HQHUJpWLFD XPD SHOD RXWUD H SRU SLRU TXH VHMD D HQHUJLD SDUD TXHP HVWi GH IRUD DPEDV JRVWDP GH HVWDUHP
QDTXHODVLWXDomRSRUVHQWLUHPSUD]HUVLPLODUDRTXHRFRUUHDRVPDVRTXLVWDV
&RQWXGR FDVR VH WUDWH GH IDPLOLDUHV RX FRQKHFLGRV GHVHQFDUQDGRV XPD VLPSOHV HOHYDomR GH
SHQVDPHQWRV DR ILQDO GRV WUDEDOKRV SRGHUi DX[LOLDU H PXLWR WDLV HQWLGDGHV 'HYHVH SHGLU SDUD TXH VHMDP
OHYDGDVDKRVSLWDLVDVWUDLVGHWUDWDPHQWR


 2EVHVVmRSRU$XWR6DERWDJHPRX$XWR)ODJHOR

([LVWHP SHVVRDV TXH SHGHP SDUD VHUHP REVHGLDGDV *HUDOPHQWH WDLV SHVVRDV QXPD HQFDUQDomR
SDVVDGDIL]HUDPPXLWRPDOHDJRUDDUUHSHQGLGDVTXHUHPVHSXQLUGHWRGDVDVIRUPDV DXWRIODJHORFRQVFLHQWH
RX LQFRQVFLHQWH  1HVWH FDVR R (X ,QWHULRU GHVVDV SHVVRDV DQXQFLDP DRV EHUURV DRV REVHVVRUHV GDTXHOD UHJLmR
SRURQGHSDVVDPSDUDDVREVHGLDUGHWRGDVDVIRUPDVSRVVtYHLVSRUTXHDFUHGLWDPTXHPHUHFHPVRIUHUHWHUXPD
SHQDWHUUtYHODQWHDWRVTXHHIHWXDUDP H[PDWDUHVWXSUDUSUDWLFDULQFHVWRHWF 
1DUHDOLGDGHRPDLRUREVHVVRUQHVWHFDVRpDSUySULDSHVVRDDTXDOSHGHHURJDSDUDVRIUHUHSDUD
VHU REVHGLDGD 4XDQWR DR REVHVVRU PXLWDV YH]HV DSURYHLWD D VLWXDomR SDUD VHP TXDOTXHU GRU QD FRQVFLrQFLD
FRPSDUWLOKDUVXDGRURXYtFLRWDOTXDOLQIRUPDGRQRLWHPVHJXQGDKLSyWHVH
7HQWDQGR GDU XP H[HPSOR SDXSiYHO SDUD D  GLPHQVmR YHMD TXH D YLWLPRORJLD UDPR GDPHGLFLQD
OHJDO  HVWXGD SHVVRDV TXH SHGHP SDUD WHUHP GHWHUPLQDGRV SUREOHPDV VHMD SRU H[HUFHUHP DWLYLGDGHV GH ULVFR
SURVWLWXLomRHWF VHMDSRUVHQWLUHPSUD]HUHPDWLWXGHVSUREOHPiWLFDV$VVLPDWtWXORGHH[HPSORLPDJLQHXP


PDVRTXLVWD TXH DGRUH DSDQKDU (OH SURYRFDUi DOJXpP DWp TXH DSDQKH ( HP VHQGR DVVLP TXHP VHULD R PDLRU
FXOSDGR kPELWRSVLFROyJLFR RPDVRTXLVWDRXTXHPEDWHX"3RUyEYLRTXHRSUySULRPDVRTXLVWDSRUTXHDSHVVRD
TXH EDWHX IRL LUUHOHYDQWH SDUD R SUD]HU TXH HOH VHQWH $VVLP LQGHSHQGHQWHPHQWH GD SHVVRD TXH EDWD R
SUySULRPDVRTXLVWDSHJDUiRXWUDSRUTXHTXHUDSDQKDU
1HVWHFDVRWDPEpPH[LVWHRFDVRGD6tQGURPHGHPHGLXQLGDGHUHSULPLGD(VWDVtQGURPHpFDXVDGD
SRUSHVVRDVTXHDFUHGLWDPTXHGHYLDPGDUYD]mRDRODGRPHGL~QLFRFDVRFRQWUiULRWXGRGDUiHUUDGRQDYLGDGDV
PHVPDV 7UDWDVH GH RXWUD IRUPD GH DOJR HTXLYRFDGR SRLV VH XPD HQWLGDGH SRVLWLYD H HYROXtGD QmR IRU
DJUDFLDGDQHVWDYLGDSHORFXPSULPHQWRGHXPFRQWUDWRPHGL~QLFRFRPRHQFDUQDGRSRUFHUWRQmRILFDUiWULVWH
UDQFRURVD QHP GHVWUXLUi D YLGD GR PpGLXP (VWHV HIHLWRV QHJDWLYRV VHUmR GR SUySULR PpGLXP SDUD FRP HOH
PHVPRSHODYLDGDDXWRVDERWDJHPDTXDOSRGHGDUYD]mRDREVHVVRUHVGHWRGRVRVWLSRV


 6LPELRVHRXYDPSLUL]DomRP~WXD

([LVWHPFDVRVRQGHDPEDVDVHQWLGDGHV HQFDUQDGDVRXGHVHQFDUQDGDV YDPSLUL]DPVHPXWXDPHQWH
FRPR VH HVWLYHVVHP HP XPD YHUGDGHLUD VLPELRVH 1HVWH FDVR XPD GDV HQWLGDGHV  YDPSLUL]D XPD GHWHUPLQDGD
HQHUJLDHDRXWUDHQWLGDGHYDPSLUL]DRXWUDHQHUJLDGDTXHOHTXHHVWiDYDPSLUL]iOR
*HUDOPHQWH p XPD IRUPD GH YDPSLUL]DomR YLROHQWD RQGH DPEDV DV HQWLGDGHV SUHWHQGHP VH
GHVWUXLUSRGHQGRVHUSUHFHGLGDGHXPDSURIXQGDSDL[mRTXHGyLQDDOPDRXXPFL~PHLQMXVWLILFDGR LQFOXVLYH
HPDPL]DGHVHWF 
$FKDPDGDVLPELRVHpDIRUPDEUDQGDGHVVDPRGDOLGDGHGHYDPSLUL]DomR
*HUDOPHQWH RFRUUH VLPELRVH HP OHLWXUD GH VRUWH HP RUiFXORV  4XDQGR VH WUDWD GH XPD VLPSOHV
UHODomR GH FDUWRPDQWH RX RXWUR PpWRGR GH OHLWXUD GD VRUWH SRU yEYLR QmR FKHJD D VHU SURSULDPHQWH XPD
REVHVVmR PDV GH WUDEDOKR DVWUDO &RQWXGR TXDQGR R SDFLHQWH SHUGH D DXWRFRQILDQoD QmR FRQVHJXLQGR PDLV
JHULURVHXOLYUHDUEtWULRVHPHIHWXDUFRQVXOWDVDRRUiFXORSDUDWXGRDTXLORTXHIDoDWHPVHDXPDYDPSLUL]DomR
PtQLPD HP IRUPD GH VLPELRVH HQWUH R FRQVXOHQWH H R OHLWRU RX HQWUH R FRQVXOHQWH H DV HQWLGDGHV TXH
UHSUHVHQWDPRRUiFXOR


 2EVHVVmRSURYRFDGDSRU0DJR1HJUR

([LVWHPHVStULWRVTXHIRUDPLQLFLDGRVHPPDJLDEUDQFDRXQHJUDHPYLGDVSDVVDGDVHTXHVHMDSRU
GLYHUJrQFLDILORVyILFDRXSRUHVWDUHPFRPyGLRSURIXQGRGH'HXVTXHUHPGHVWUXLUDWXGRHDWRGRV
7DLV HQWLGDGHV SRU WHUHP SHUGLGR FRQWDWR Ki PXLWDV HQFDUQDo}HV FRP VHX (X 6RX QmR SRVVXHP
PDLVDFHVVRjOX]HQHUJpWLFDGHIRUPDSXUDYLQGDGRIXQGRGHVXDVDOPDV
$VVLP WDO TXDO RFRUUH FRP DOJXpP TXH GHL[D GH EHEHU iJXD FRPHoDP D SHUGHU D FDSDFLGDGH GH
PDQWHU VHXV HVWDGRV YLWDLV HVSLULWXDLV HQTXDQWR DOPD SHOD IDOWD GD HQHUJLD GLYLQD &RQWXGR FRPR IRUDP
LQLFLDGRV WrP R SHUIHLWR FRQKHFLPHQWR GH FRPR YDPSLUL]DUHP SHVVRDV FRP R ILP GH WHU DFHVVR j DOXGLGD
HQHUJLDHPDQWHUHPRVHXSRGHU
6mR H[WUHPDPHQWHGLItFHLVGHVHUHP GHWHFWDGRVSHOR DSRPHWULVWDVHQGR JHUDOPHQWH RV~OWLPRVD
VHUHP DX[LOLDGRV QR ODGR PpGLFR HVSLULWXDO GDGRDVXDUHVLVWrQFLD (LVWRSRUTXHWrP FRQKHFLPHQWRVSURIXQGRV
DFHUFD GH WRGRV RV FRQKHFLPHQWRV TXH VH SRGH LPDJLQDU FRPR FDEDOD EtEOLDHQHUJLDHWFVDEHQGRLQFOXVLYH
FRPRDQXOiORVTXDQGRVHYrHPDWLQJLGRVSHORVPHVPRV
6mR YHUGDGHLURV PHVWUHV PDV GR ODGR QHJUR H SRVVXHP YHUGDGHLURV HVFUDYRV HVSLULWXDLV TXH
ID]HPWXGRRTXHHOHVTXHUHPLQFOXVLYHDWRUPHQWDUDYLGDGRDSRPHWULVWDVHQHFHVViULR
3RGHP FHGHU EHQV PDWHULDLV HWF D DOJXP HQFDUQDGR DOpP GH RXWUDV FRLVDV DSHQDV SDUD TXH D
HQWLGDGH HQFDUQDGD ILUPH FRQWUDWRV FRP HOHV H VH WRUQHP VHXV HVFUDYRV DSyV R GHVHQFDUQH SHUPLWLQGR VHUHP
YDPSLUL]DGDV
7DLV HQWLGDGHV PDJRV QHJURV  JHUDOPHQWH VHPSUH PDQWrP XP HOR PXLWR JUDQGH FRP WRGRV RV
HQFDUQDGRVTXHGHVHMDPDVVXPLUDVXDPDHVWULD,VWRPHVPR$OLiVWRGRVRVTXHHVWmRQRFDPLQKRGDPDHVWULD
SHVVRDO WHP QR PtQLPR XP GHOHV JUXGDGRV HP VL FRPR XPD YHUGDGHLUD FROD SRU GXDV UD]}HV EiVLFDV D  WDLV
HQWLGDGHV TXHUHP VHPSUH DSUHQGHU PDLV SDUD SRGHU QHXWUDOL]DU QRYRV PpWRGRV GH DWDTXH E  SDUD VXJDU D
HQHUJLD GR HQFDUQDGR TXH EXVFD D PDHVWULD SHVVRDO FXMD HQHUJLD p EHP VXSHULRU j GH RXWURV HQFDUQDGRV QmR
EXVFDGRUHV
1mR UDUR TXDQGRVHWHPXPPDJR QHJURFRODGR RLQLFLDGRSDVVDSRUSUREOHPDVILQDQFHLURVSRU
PDLVTXHIDoDWpFQLFDV GHDEXQGkQFLDSRUTXHHOH VHPSUH TXHU TXHYRFrVHUHQGDDRPXQGRItVLFRHYROWHDVHU
HVFUDYRGHOHSHORFRQWUDWRTXHXPGLDFRQFRUGRXHPDVVLQDUHILUPDUFRPHOH
0DV QmR Ki TXH VH WHU PHGR GHOHV 9RFr GHYH VHPSUH DMXGiORV SRUTXH GHYH DVVXPLUVHX SRVWRGH
PpGLFRFRODERUDGRU GRV PpGLFRV DVWUDLV 7HQKD HP PHQWH R VHJXLQWH PpGLFR QHQKXP GHYHU WHU PHGR GH



GRHQWH $MXGHR $SyV DMXGiOR QRWH TXH HOH VH WRUQDUi XP YHUGDGHLUR PHVWUH GR EHP SDVVDQGROKH
FRQKHFLPHQWRVTXHYRFrVHTXHULPDJLQD
$R VH OLYUDU GHVVH ~OWLPR VHU REVHVVRU SRU FHUWR D DEXQGkQFLD YROWDUi QDWXUDOPHQWH j YLGD GR
LQLFLDGRTXHWHQKDSUREOHPDVILQDQFHLURV(PTXDLVTXHUFDVRVRWHUDSHXWDDWLQJLUiUDSLGDPHQWHDPDHVWULDSRU
HVWDU OLYUH H WHU OLPSDGR WRGRV RV GHJUDXV GD VXD MRUQDGD WRGRV RV FRUSRV DVWUDLV HVWDUmR OLPSRV H OLYUHV
IDFLOLWDQGRDMRUQDGDDVHUVHJXLGD 
$HQHUJLDPDLVHILFD]SDUDFRPEDWHUHVVDVHQWLGDGHVpRDPRUXQLYHUVDOVHQGRTXHQHQKXPDRXWUD
SRVVXLHILFiFLDSOHQDFRQWUDHODV


 2EVHVVmRSURYRFDGDSRUHQWLGDGHVH[WUDWHUUHVWUHVQHJDWLYDV

$VVLPFRPRH[LVWHPHQWLGDGHVH[WUDWHUUHVWUHVPXLWRERDVHTXHQRVDX[LOLDPLQFOXVLYHQDDSRPHWULD
H[HPSOR R FRPDQGR HVWHODU RX FRPDQGR $VKWDU DV TXDLV FKHJDP D GLULJLU DV FRUUHQWHV PpGLFDV  H[LVWHP
HQWLGDGHV GD  GLPHQVmR TXH QmR FRQVHJXHP PDLV HQFDUQDU SRU PDQLSXODomR JHQpWLFD D TXDO RV IH] SHUGHU
WDQWRR'1$GDGLPHQVmRFRPRRFRUSRLQWHUPHGLiULR GXSORHWpULRRQGHILFDPRVFKDFUDV 
7DLV HQWLGDGHV WDO TXDO RV PDJRV QHJURV QmR WrP DFHVVR j OX] Ki PXLWR WHPSR H SRU HVWD UD]mR
YLYHPGHVHDOLPHQWDUGDHQHUJLDDOKHLD2VPDLVFRPXQVVmRRVODJDUWRVRVFLQ]D JUD\ HRVGUDFRV HVWHVDTXL
VmRVLPLODUHVDPDJRVQHJURVHWrPSRGHUHVDWpVXSHULRUHVDHVWHV 
'LYHUVDPHQWH GRV PDJRV QHJURV RV TXDLV ILFDP QD FRQWUDPmR SRU RSomR SUySULD RV JUD\V H RV
ODJDUWRV JHUDOPHQWH VHP RSomR GH HQFDUQDU SRUTXH SHUGHUDP SDUWH GH VHX '1$ XWLOL]DPVH GH FRQWUDWRV SDUD
DFHVVDUDHQHUJLDGLYLQDDTXDODFDERXSRUOKHVVHUSRGDGD
2V FRQWUDWRV EDVLFDPHQWH VmR QR VHQWLGR GH TXH DV SHVVRDV FHGDP jV VXDV YRQWDGHV DFHLWDQGR
VHUHPYDPSLUL]DGDVHPYLGDHSRVWHULRUPHQWHQRSyVYLGD3DUDWDQWRWDOTXDORVPDJRVQHJURVHOHVGmREHQV
PDWHULDLVGHQWUHRXWURVDVVXQWRVGHPHQRUYDOLDVHPSUHOLJDGRVDRLOXVyULRPXQGRWULGLPHQVLRQDO
$DSRPHWULDHQVLQDFRPRTXHEUDUHVVHVFRQWUDWRVILUPDGRV
2 DX[LOLR PpGLFRHVSLULWXDO D HVVHV VHUHV p PXLWR GLItFLO DQWH RV PHVPRV QmR SRGHUHP PDLV
HQFDUQDU &RQWXGR WDO DX[tOLR p SRVVtYHO H SHOR OLYUH DUEtWULR SRGHPRV RX QmR DX[LOLiORV QHVWH PRPHQWR GH
HYROXomR
(VVDV HQWLGDGHV VmR PHQRV SHULJRVDV TXH XP PDJR QHJUR SRUTXH QmR GHWrP RV FRQKHFLPHQWRV GH
PDJLDEUDQFDHQHJUDVHQGRYXOQHUiYHLVjFDEDODDR=RKDUHWF
8PD YH] TXHEUDGR R FRQWUDWR R LQGLYtGXR ILFDUi OLYUH GRV PHVPRV GHL[DQGR GH VHU HVFUDYL]DGR
FRPRVHRFRQWUDWRQXQFDWHQKDH[LVWLGR


 2EVHVVmRRFDVLRQDGDSRULPDQWDomR

6mRUHVTXtFLRVGHFDUPDRXPDOGLo}HVGHYLGDVSDVVDGDVPDVDWXDQGRDLQGDQRSUHVHQWHGDTXDOR
SDFLHQWHpYLWLPD
)UHTHQWHPHQWH RV HQIHUPRV DSUHVHQWDP TXDGURV HVWUDQKRV VHP FDXVD PpGLFD FRQKHFLGD VHP
OHVmR HYLGHQWH 4XHL[DPVH GH FHIDOpLDV IDOWDGHDUVHPVHUHPDVPiWLFRVVHQVDomRGH DEDIDPHQWRLPSUHVVmR
GH HVWDUHP DPDUUDGRV FKHJDQGR D VHQWLU DV FRUGDV RX FRUUHQWHV 2XWURV VH VHQWHP PDO HP DOJXPDV pSRFDV GR
DQRRXHPVLWXDo}HVHVSHFLDLV
([LVWHPWUrVWLSRVGHLPDQWDomRD SURYHQLHQWHGHVLWXDo}HVRULXQGDVGDPRUWHGRSDFLHQWHVHQGR
DVVLP UHVTXtFLRV FiUPLFRV GH GRU H PHGR E  LPDQWDGRV SRU SHVVRDV SUy[LPDV RX DILQV DR SDFLHQWH WDO TXDO D
PmH D URJDUOKH SUDJD D TXDO JHUDOPHQWH SHJD RX JUXGD  HWF F  SDUWLFLSDomR GH VHLWDV HVWUDQKDV RX
PDOGLo}HVULWXDOtVWLFDVQXPDUHHQFDUQDomRSDVVDGD
(VVH ~OWLPR FDVR OHWUD F  GHYH VHU PDLV EHP H[SOLFDGR YH] TXH RV RXWURV VmR GH IiFLO
FRPSUHHQVmRHVROXomR
1HVWHFDVR OHWUDF RVSDFLHQWHVIRUDPVDFHUGRWHVGHFXOWRVHVWUDQKRVUHSUHVHQWDQGRHQWLGDGHV
VDWkQLFDV H PXLWDV YH]HV VHODGRV FRP VDQJXH IRUPDQGR GHVVD IRUPD LQWHQVD LPDQWDomR TXH DLQGD QmR IRUDP
GHVIHLWDV
2XWURV QR DQWLJR (JLWR HP $WOkQWLGD HWF VRIUHUDP SURFHVVRV GH PXPLILFDomR SXQLWLYD FRP
PDOGLo}HV GH WRGRV RV WLSRV DSUHVHQWDQGR DLQGD HP VHX FRUSR DVWUDO IDL[DV GH FRQVHUYDomR FDGDYpULFD H RV
DPXOHWRV PDJQHWL]DGRV RV TXDLV FRQWLQXDP D DWXDU DWp KRMH GHYDVWDQGR D YLGD ILQDQFHLUD DPRURVD HWF GR
SDFLHQWHDWpTXHDDOPDWHQKDVHXGHVSHUWDU
2DSRPHWULVWDSRGHHGHYHID]HUHVWHSURFHVVRGHOLPSH]DGHYLGDVSDVVDGDVHPVHXVSDFLHQWHV
2V GHPDLV FDVRV GH LPDQWDomR VmR EHP PDLV VLPSOHV 2 SULPHLUR WUDWDVH GH UHVTXtFLRV GH YLGDV
SDVVDGDV WDO TXDO PHGR GH DOWXUD PHGR GH FmHV HWF 2 VHJXQGR JHUDOPHQWH p SURGX]LGR QD PHVPD YLGD RX
QmR DTXDOWHPFDXVDHPXPDSUDJDURJDGDSRUXPDPmHLUPmRDPLJRHWFLPDQWDQGRRSDFLHQWH


$ LPDQWDomR QDGD PDLV p TXH XP DXWRIODJHOR HVSLULWXDO LQFRQVFLHQWH R TXDO UHIOHWH QDV FpOXODV
ItVLFDVGH'1$HQRVFRUSRVDVWUDLVGRSDFLHQWHTXHFRQFRUGDFRPDTXHOHSURFHVVRSXQLWLYRSDVVDQGRFUHUVHUR
~QLFRFDPLQKRGHOLEHUWDomRHVSLULWXDO OLEHUWDomRSHORVRIULPHQWR 



$V/HLV$SRPpWULFDV




$ VHJXLU DSUHVHQWDVH DV OHLV DSRPpWULFDV GH DFRUGR FRP R VLVWHPD GH DSRPHWULD WUDGLFLRQDO
$FRQVHOKDVH D OHLWXUD GD WpFQLFD LPSXOVRWHUDSLD FRQVWDQWH QR &DStWXOR ;,,, WpFQLFD Q  SDUD TXH VH
HQWHQGDRFRQWH~GRGRWH[WRGHVWHFDStWXOR
6HPSUH TXH R WH[WR UHIHULUVH D SXOVRV FRQWDJHP FRPDQGR HWF HVWDUi UHIHULQGRVH j
DSOLFDELOLGDGHGHUHIHULGDWpFQLFDQRGHFRUUHUGRVWUDEDOKRVDSRPpWULFRV


 /(,'2'(6'2%5$0(172(63,5,78$/ /HLEiVLFDGD$SRPHWULD 

7RGD YH] TXH HP VLWXDomR H[SHULPHQWDO RX QRUPDO GHUPRV XPD RUGHP GH FRPDQGR D TXDOTXHU
FULDWXUD KXPDQD YLVDQGR D VHSDUDomR GH VHX FRUSR HVSLULWXDO FRUSR DVWUDO  GH VHX FRUSR ItVLFR H DR PHVPR
WHPSR SURMHWDUPRV VREUH HOD SXOVRV HQHUJpWLFRV DWUDYpV GH XPD FRQWDJHP OHQWD GDUVHi R GHVGREUDPHQWR
FRPSOHWRGHVVDFULDWXUDFRQVHUYDQGRHODVXDFRQVFLrQFLD

 /(,'2$&23/$0(172)6,&2

7RGD YH] TXH VH GHU XP FRPDQGR SDUD TXH VH UHLQWHJUH QR FRUSR ItVLFR R HVStULWR GH XPD SHVVRD
GHVGREUDGD RFRPDQGRVHDFRPSDQKDGHFRQWDJHPSURJUHVVLYD GDUVHiLPHGLDWRHFRPSOHWRDFRSODPHQWRQR
FRUSRItVLFR 

 /(,'$$d2',671&,$3(/2(635,72'(6'2%5$'2 /HLGDVYLDJHQVDVWUDLV 

7RGD YH] TXH VH RUGHQDU DR HVStULWR GHVGREUDGR GR PpGLXP XPD YLVLWD D OXJDU GLVWDQWH ID]HQGR
FRP TXH HVVH FRPDQGR VH DFRPSDQKH GH SXOVRV HQHUJpWLFRV DWUDYpV GH FRQWDJHP SDXVDGD R HVStULWR
GHVGREUDGR REHGHFHUi j RUGHP FRQVHUYDQGR VXD FRQVFLrQFLD H WHQGR SHUFHSomR FODUD H FRPSOHWD GR DPELHQWH
HVSLULWXDORXQmR SDUDRQGHIRLHQYLDGR

 /(,'$)250$d2'26&$0326'()25d$

7RGDV DV YH]HV TXH PHQWDOL]DUPRV D IRUPDomR GH XPD EDUUHLUD PDJQpWLFD SRU PHLR GH SXOVRV
HQHUJpWLFRV DWUDYpV GH FRQWDJHP IRUPDUVHmR FDPSRVGHIRUoD GH QDWXUH]D PDJQpWLFD FLUFXQVFUHYHQGR D
UHJLmRHVSDFLDOYLVDGDQDIRUPDTXHRRSHUDGRULPDJLQRX

 /(,'$5(9,7$/,=$d2'260e',816

7RGDYH]TXHWRFDUPRVRFRUSRGRPpGLXP FDEHoDPmRV PHQWDOL]DQGRDWUDQVIHUrQFLDGHQRVVD
IRUoDYLWDODFRPSDQKDGRDGHFRQWDJHPGHSXOVRVHVVDHQHUJLDVHUiWUDQVIHULGD2PpGLXPFRPHoDUiDUHFHEr
ODVHQWLQGRVHUHYLWDOL]DGR

  /(, '2 $-867$0(172 '( 6,1721,$ 9,%5$75,$ '26 (635,726 '(6(1&$51$'26 &20 2
0e',80 28 &20 287526 (635,726 '(6(1&$51$'26 28 '( $-867$0(172 '$ 6,1721,$
'(67(6&202$0%,(17(3$5$21'(020(17$1($0(17()25(0(19,$'26

3RGHVH ID]HU D OLJDomR YLEUDWyULD GH HVStULWRV GHVHQFDUQDGRV FRP PpGLXQV RX HQWUH HVStULWRV
GHVHQFDUQDGRV EHP FRPR VLQWRQL]DU HVVHV HVStULWRV FRP R PHLR RQGH IRUHP FRORFDGRV SDUD TXH SHUFHEDP H
VLQWDPQLWLGDPHQWHDVLWXDomRYLEUDWyULDGHVVHVDPELHQWHV

  /(,

'$

$d2

'26

(635,726

'(6(1&$51$'26

62&255,67$6

62%5(

26

3$&,(17(6

'(6'2%5$'26

(VStULWRV VRFRUULVWDV DJHP FRP PXLWR PDLV IDFLOLGDGH VREUH RV HQIHUPRV VH HVWHV HVWLYHUHP
GHVGREUDGRVSRLVTXHXQVHRXWURVGHVVDIRUPDVHHQFRQWUDPQDPHVPDGLPHQVmRHVSDFLDO



 

/(, '$ &21'8d2 '2 (635,72 '(6'2%5$'2 '( 3$&,(17( (1&$51$'2 3$5$ 26 3/$126
0$,6$/726(0+263,7$,6'2$675$/


(VStULWRVGHVGREUDGRVGH SDFLHQWHVHQFDUQDGRVVRPHQWH SRGHUmRVXELUDSODQRVVXSHULRUHVGRDVWUDO
VHHVWLYHUHPOLYUHVGHSHLDVPDJQpWLFDV

 /(,'2'(6/2&$0(172'(80(635,7212(63$d2(127(032

6HRUGHQDUPRVDXPHVStULWRLQFRUSRUDGRDYROWDDGHWHUPLQDGDpSRFDGRSDVVDGRDFRPSDQKDQGRD
GHHPLVVmRGHSXOVRVHQHUJpWLFRVDWUDYpVGHFRQWDJHPRHVStULWRUHWRUQDQRWHPSRjpSRFDGRSDVVDGRTXHOKH
IRLGHWHUPLQDGD

 /(,'$',662&,$d2'2(63$d27(032

6HSRUDFHOHUDomRGRIDWRUWHPSRFRORFDUPRVQR)XWXURXPHVStULWRLQFRUSRUDGRVREFRPDQGRGH
SXOVRVHQHUJpWLFRVHOHVRIUHXPVDOWRTXkQWLFRFDLQGRHPUHJLmRDVWUDOFRPSDWtYHOFRPVHXFDPSRYLEUDWyULRH
SHVR HVSHFtILFR NiUPLFR .P  QHJDWLYR  ILFDQGR LPHGLDWDPHQWH VRE D DomR GH WRGD D HQHUJLD .P GH TXH p
SRUWDGRU

  /(,'$$d27(/5,&$62%5(26(635,726'(6(1&$51$'2648((9,7$0$5((1&$51$d2

7RGDYH]TXHXPHVStULWRGHVHQFDUQDGRSRVVXLGRUGHPHQWHHLQWHOLJrQFLDEDVWDQWHIRUWHVFRQVHJXH
UHVLVWLU j /HL GD 5HHQFDUQDomR VXVWDQGR D DSOLFDomR GHVWD QHOH SUySULR SRU ODUJRV SHUtRGRV GH WHPSR SDUD
DWHQGHUDLQWHUHVVHVPHVTXLQKRVGHSRGHUHGRPtQLRGHVHUHVGHVHQFDUQDGRVHHQFDUQDGRV FRPHoDUiDVRIUHUD
DWUDomR GD PDVVD PDJQpWLFD SODQHWiULD VLQWRQL]DQGRVH HP SURFHVVR OHQWR PDV SURJUHVVLYR FRP R 3ODQHWD
6RIUHUi DSRXFDPHQWR GR SDGUmR YLEUDWyULR SRUTXH R SODQHWD H[HUFHUi VREUH HOH XPD DomR GHVWUXWLYD
GHIRUPDQWHTXHLUDGHWHULRUDUDIRUPDGRHVStULWRHGHWXGRRTXHRFHUFDHPGHJUDGDomROHQWDHLQH[RUiYHO

 /(,'2&+248('27(032

7RGDYH]TXHOHYDUPRVDRSDVVDGRHVStULWRGHVHQFDUQDGRHLQFRUSRUDGRHPPpGLXPILFDHOHVXMHLWR
D RXWUD HTXDomR GH WHPSR 1HVVD VLWXDomR FHVVD R GHVHQURODU GD VHTrQFLD GR WHPSR WDO FRPR R FRQKHFHPRV
ILFDQGRRIHQ{PHQRWHPSRUDODWXDO SUHVHQWH VREUHSRVWRDRSDVVDGR

  /(, '$ ,1)/81&,$ '26 (635,726 '(6(1&$51$'26 (0 62)5,0(172 9,9(1'2 $,1'$ 12
3$66$'262%5(235(6(17('26'2(17(62%6,',$'26

(QTXDQWR KRXYHU HVStULWRV HPVRIULPHQWRQRSDVVDGR GHXPREVLGLDGRWUDWDPHQWRVGHGHVREVHVVmR
QmRDOFDQoDUmRSOHQRr[LWRFRQWLQXDQGRRHQIHUPRHVFDUQDGRFRPSHUtRGRVGHPHOKRUDVHJXLGRVSRURXWURVGH
SURIXQGDGHSUHVVmRRXGHDJLWDomRSVLFRPRWRUD




7pFQLFDVDSRPpWULFDVHGHDSRPHWULDFyVPLFD



2%6(67(&$378/2)2,2&8/7$'23$5$),16'('2:1/2$'69,$,17(51(7
7e&1,&$6 '( $320(75,$ &60,&$ 7$,6 &202 68%,5 $2 081'2 '285$'2 ( (1&2175$5 2 (8
',9,12 3(662$/ 3$5$  5203(5 (/26 &50,&26 6(1+25(6 (6&5$926 ( &',*26 '( +215$  $3(1$6
6(52',98/*$'2612&8562






 0DWHULDOH7pFQLFDVGHLQWHUHVVH



&RPRSHGLUDQHXWUDOL]DomRGR&DUPD


([WUDtGRGRDSrQGLFHGROLYURGHNU\RQGLVSRQtYHOHPZZZYHODWURSDFRP 

$QWHV GH PDLV QDGD FXPSUH VHU GLWR TXH p SRVVtYHO SHGLU D QHXWUDOL]DomR GH FDUPD WDPEpP
FKDPDGRGHLPSODQWHQHXWURDR&RQVHOKR&iUPLFR
6HJXQGR.U\RQ TXDOTXHUXP SRGHSHGLU HVWD QHXWUDOL]DomR GHVGHTXHIDoDDOXGLGRSHGLGRGXUDQWH
XPFLFORFRPSOHWRGDOXDSDUDTXHVHXSHGLGRVHMDRXYLGRSRUWRGDVDVHQWLGDGHVDVWUDLV7DOSHGLGRGHYHVHU
LQLFLDGR SUHIHUHQFLDOPHQWH QmR p XPD UHJUD  QR SULPHLUR GLD GH OXD QRYD VHJXLQGRVH SHOR FLFOR OXQDU
FRPSOHWR


$QWHVGHSHGLURLPSODQWHQHXWUDOL]DGRUGHFDUPD

$ QHXWUDOL]DomR WHP DOJXQV SUREOHPDV TXH GHYHP VHU REVHUYDGRV SHOD HQWLGDGH D TXDO D SHGH
FRQIRUPHVHH[SOLFDDVHJXLU
$RVHID]HUHVWHSHGLGRYRFrVHUiSURPRYLGRDRJUDXGHPHVWUHHSRUyEYLRWHUiVHXVJXLDVDVWUDLV
HTXLYDOHQWHV D DQMRV GD JXDUGD  WURFDGRV SRU RXWURV 4XDQGR LVWR RFRUUHU SRGHP RFRUUHU XPD SURIXQGD
GHSUHVVmR XP VHQWLPHQWR GH DEDQGRQR HWF SHOR ODSVR GH  GLDV SRLV YRFr SHUGHUi FRQWDWR FRP TXDOTXHU
IRUPDGHHQHUJLDGHVHXVJXLDVGXUDQWHHVWHODSVRWHPSRUDOSDUDTXHVHX(XVHDGDSWHjHVVDQRYDVLWXDomR
1mR UDUR DOJXPDV SHVVRDV VHQWHP XP IRUWH GHVHMR GH OLEHUWDUHPVH FRPSOHWDPHQWH GR YtQFXOR
SODQHWiULR H PRUUHP VHMD SRU GRHQoDV VHMD SRU VXLFtGLR 0DV VH LVWR RFRUUHU HVWDV DOPDV FRQWLQXDUmR PHVWUHV
DVWUDLVPHVPRSRUTXHSRGHPFRQWLQXDUQD7HUUDVHTXLVHUHPQmRVHQGRXPDREULJDomR DPDLRULDFRQWLQXDSRU
DPRUDRSODQHWDHDRVGHPDLVLUPmRVDILQV 
0DV HVWH SURFHVVR WHUUtYHO p FHUWR GH DFRQWHFHU" 1mR $OJXPDV SHVVRDV PDLV SUHSDUDGDV SDUD
DWLQJLUHP R SRVWR GH PHVWUHV VHTXHU VHQWLUmR HVVDV VHQVDo}HV DOJXPDV HQIUHQWDUmR DSHQDV DOJXPDV KRUDV GH
IHEUHRXXPIRUWHUHVIULDGRHWF 
$VVLPRVHIHLWRVGRSHGLGRSRGHPYDULDUFDVRDFDVRVHMDGHKRUDVDWpDGLDV
/HPEUHVH TXH R SHGLGR GH LPSODQWH QHXWUDOL]DGRU GH FDUPD p XP SURFHVVR LUUHYHUVtYHO SRGHQGR
FDXVDUXPDUHYLUDYROWDWRWDOHPVXDYLGDWDOFRPRSHUGDGHDPLJRVVHSDUDomRFRQMXJDOPXGDQoDGHHQGHUHoR
H GH SURILVVmR HWF SRUTXH '(86 LUi FRQGX]LU VXD YLGD SDUD RFHDQRV H PDUHV RQGH (OH TXHU TXH R VHX )DURO GH
0HVWUHLOXPLQH
$VVLP DQWHV GH SHGLU HVWH LPSODQWH WHQKD D H[DWD FHUWH]D GR TXH HVWi ID]HQGR QmR SRGHQGR VHU
IHLWDDSHQDVXPDVLPSOHVH[SHULrQFLD
$FRQVHOKR

D

OHLWXUD

GR

OLYUR



GH

.U\RQ

2V

WHPSRV

KWWSZZZYHODWURSDFRPYLDBWHRULFDNU\RQGHVFDUUHJDPHQWRBOLYURVKWP

FRP

)LQDLV 
R

ILP

GH

GLVSRQtYHO
GDU

D

HP

GHYLGD

OLEHUGDGH GH HVFROKD DR LQGLYtGXR LQWHUHVVDGR QHVWD REWHQomR 3DUWLFXODUPHQWHDFRQVHOKRRV DQmRWHUPHGR
9RFrVVmR8126FRPR(635,727HQKDPFHUWH]DTXHVHMDOiRTXHYHQKDDRFRUUHUVHUiRPHOKRUSDUDYRFrV
$GHPDLVFRPRMiGL]LD-HVXVQHQKXPSDLGiVHUSHQWHVDVHXVILOKRV
$ VHJXLU DOJXQV WH[WRV GRV 0HVWUHV $VFHQVRV 0$,75(<$ H .:$1 <,1 DFHUFD GR WHPD FRQWLGRV QR
DSrQGLFHGROLYURDFLPDLQGLFDGR


0(16$*(0'(0$,75(<$'(-$1(,52'(

9RFrVIRUDPGHVSHUWDGRVSRUTXHRQRVVRDPDGRSODQHWD7HUUD*DLDHVWiDSDVVDUDWXDOPHQWHSRU
XPD IDVH PXLWR HVSHFLDO $ YRVVD DMXGD QHVWH SURFHVVR p IXQGDPHQWDO .ZDQ <LQ TXH FRPR VDEHP VHUYH DR
&RQVHOKR &iUPLFR VHQGR WDPEpP FRQKHFLGD SRU 'HXVD GD &RPSDL[mR HVWi DTXLSRUTXHTXHUTXHHXOKHVSDVVH
XPD PHQVDJHP PXLWR HVSHFLDO UHODFLRQDGD FRP D OLEHUWDomR GR FDUPD 1mR HVWDPRV D IDODU GR YRVVR FDUPD



SHVVRDO SRUTXH LVVR Mi IRL FODULILFDGR

 PDV GR FDUPD GH PXLWRV RXWURV TXH GLYLGHP R SODQHWD FRQYRVFR 3DUD

DFHOHUDU R SURFHVVR GH $VFHQVmR GD 7HUUD p QHFHVViULR TXH R FDUPD VHMD OLEHUWDGR PDLV UDSLGDPHQWH 1HVWH
VHQWLGR XP 'HFUHWR &iUPLFR 'LYLQR HVSHFLDO GH SURSRUo}HV pSLFDV IRL HPLWLGR R TXDO WRUQD SRVVtYHO TXH XPD
JUDQGHTXDQWLGDGHGHFDUPDVHMD FODULILFDGRH DQXODGReDJRUDQHVWHWHPSRGHWUDQVIRUPDomRTXHVHWRUQD



$HQWLGDGHUHIHUHVHDRV7UDEDOKDGRUHVGD/X]


SRVVtYHO DQXODU RX OLEHUWDU GtYLGDV FiUPLFDV QXPD HVFDOD PDFLoD HVSHFLILFDPHQWH DRV LQGLYtGXRV TXH R
VROLFLWHP 'HL[RX GH KDYHU WHPSR SDUD TXH RV 6HUHV +XPDQRV WUDEDOKHP H[FOXVLYDPHQWH DWUDYpV GR VHX
FDUPDWDOFRPRWrPYLQGRDID]HUKiPLOKDUHVGHDQRV
&RPR WXGR VH DFHOHURX H D 7HUUD HVWi ID]HQGR LQHJDYHOPHQWH DVXD$VFHQVmRLVWRWRUQDVH DJRUD
SRVVtYHO H FHUWDPHQWH PXLWR QHFHVViULR TXHU SDUD DTXHODV H[WHQV}HVGH DOPD



TXHDLQGDHVWmR RFXSDGDVFRP

GtYLGDV FiUPLFDV TXHU SDUD DV TXH HVFROKDP ID]rOR SDUD DFHOHUDU RV VHXV SURFHVVRV GH DVFHQVmR e DTXL TXH D
YRVVD DMXGD p QHFHVViULD 'XUDQWH DV YRVVDV YLDJHQV LQWHUQDV QDV YRVVDV YLVXDOL]Do}HV p XUJHQWH TXH LQYRTXHP
XPD  DFHOHUDomR GR SURFHVVR GH OLPSH]D FiUPLFD GHVWH SODQHWD  )DoDPQR HP  QRPH GDTXHODV H[WHQV}HV GH
DOPD TXH Mi HVWmR SURQWDV SDUD GHL[DU SDUWLU DV VXDV GtYLGDV FiUPLFDV PDLRUHV H SHoDP SDUD TXH WDO VHMD IHLWR
LPHGLDWDPHQWH ,VWR DFHOHUDUi WUHPHQGDPHQWH R YRVVR SURFHVVR GH $VFHQVmR H FRPR UHVXOWDGR WDPEpP D
$VFHQVmR GD 0mH 7HUUD VHUi DFHOHUDGD 4XDQGR LQYRFDUHP HVWD OLEHUWDomR H DQXODomR FiUPLFD RQGH VHMD
QHFHVViULD IDoDPQR PLVWXUDQGR DV HQHUJLDV GD &RPSDL[mR GD *UDoD H GR $PRU GHSRLV YLVXDOL]HP
TXDOTXHUHQHUJLDQHJDWLYDVHQGRUHWLUDGDHVHQGRWUDQVPXWDGDQD/X]GR$PRU'LYLQR
(VWD p D PHQVDJHP TXH .ZDQ <LQ PH SHGLX SDUD YRV WUDQVPLWLU HVWD QRLWH )D] SDUWH GD VXD WDUHID
VROLFLWDU D OLEHUWDomR GR FDUPD SHQGHQWH HP EHQHItFLR GDTXHOHV TXH HVWmR SURQWRV SDUD VH GHVFDUWDUHP GHOH
$OJXQV QmR HVWDUmR DLQGD SURQWRV PDV WDO HVFROKD QmR p GD YRVVD UHVSRQVDELOLGDGH 3HGLPRV D WRGRV TXH R
IDoDPHTXHRIDoDPLPHGLDWDPHQWH

0DLWUH\D
          

0(16$*(0'(.:$1<,1'(-$1(,52'(

(VWD FRQFHVVmR HVSHFLDO GH OLEHUWDomR GR FDUPD TXH IRL DXWRUL]DGD QXQFD RFRUUHX DQWHV QD KLVWyULD
GRYRVVRSODQHWD 7HUUD7UDWDVH GHDOJRFRPSOHWDPHQWH QRYR(GDGRTXHpSRVVtYHOTXHRV6HUHV+XPDQRVGR
SODQHWDQmRFRQVLJDPHQWHQGHUFRPRWDOpSRVVtYHOLPSRUWDHVFODUHFHUFHUWRVSRQWRV
$ LQWHQomR QmR p SURPRYHU XPD OLPSH]D FiUPLFD SDUD WRGD D +XPDQLGDGH GHVWH SODQHWD 7DO
QmR p SRVVtYHO QHP GHVHMiYHO 1mR SUHWHQGHPRV TXH WDO RFRUUD SRUTXH XPD SHUFHQWDJHP HOHYDGD GD
+XPDQLGDGH FRQWLQXD HQYROYLGD FRP R VHX SURFHVVR GH FUHVFLPHQWR HVSLULWXDO H DLQGD WHP JUDQGHV OLo}HV
SDUD DSUHQGHU DQWHV GH FKHJDU HYHQWXDOPHQWH DR SRQWR GH HVWDUDRVHUYLoR(VWD GLVSHQVDIRLDXWRUL]DGD
SDUDDTXHOHVTXHMiIRUDPFDSD]HVGHUHFRQKHFHUTXHHVWmRDTXLSDUDVHUYLUHQmRPDLVSDUDDSUHQGHU
1R HQWDQWR PXLWRV GRV TXH FRPHoDUDP D GHVSHUWDU MXOJDP HUUDGDPHQWH TXH DLQGD SUHFLVDP GH
FODULILFDURVHXFDUPD(VWDLQIRUPDomRHVFULWDSRUPXLWRVFKHJRXDWpYyVDWUDYpVGRVPHXVFROHJDV'MZDO.KXO
9\ZDPXV HRXWURV 'LVVHUDPTXHTXHPHVWiQRSODQRItVLFRQXPFRUSRKXPDQRHPH[WHQV}HVItVLFDVGDDOPD
SUHFLVDYD GH FODULILFDU SHOR PHQRV  GR VHX FDUPD DQWHV TXH OKH IRVVH SRVVtYHO SDVVDU SHOR SURFHVVR D TXH
SRGHP FKDPDU $VFHQVmR 4XDQGR UHFHEHUDP HVWD LQIRUPDomR HOD HVWDYD FRUUHWD 3RUpP D FRQVFLrQFLD PXGRX
WmR UDSLGDPHQWH GH Ki XQV SRXFRV DQRV SDUD Fi TXH LVVR IRL DOWHUDGR 1R HQWDQWR PXLWRV GH YyV  H HVWD
PHQVDJHP p SDUD WRGRV RV 7UDEDOKDGRUHVGH/X]FRQWLQXDPD MXOJDUTXHSUHFLVDPGHFODULILFDUGRFDUPD
DQWHVGHSRGHUHPDVFHQGHU2UDpDTXLTXHDJUDQGHPXGDQoDHVWiDRFRUUHU
$ GHFODUDomR GH /RUGH 0DLWUH\D QR TXH WRFD j FODULILFDomR GR FDUPD UHODFLRQDVH FRP HVWH
WHPD HVSHFtILFR 1mR p QHFHVViULR TXH WUDEDOKHP SDUD FODULILFDU  GR YRVVR FDUPD SDUD LVVR EDVWD TXH
SHoDPDR&RQVHOKR&iUPLFRTXHHOLPLQHRFDUPDSHQGHQWHTXHRVPDQWpPSUHVRVDRSDVVDGR





2 TXH YRV VROLFLWDPRV p TXH SHoDP jTXHOHV GH QyV TXH LQWHJUDP R &RQVHOKR &iUPLFR SDUD
HOLPLQDUDVGtYLGDVFiUPLFDVSHQGHQWHVGHWRGRVDTXHOHVTXHHVWmRSURQWRVSDUDHQWUDUDRVHUYLoRLVWRSDUD
HYLWDU TXH HOHV VHMDP EORTXHDGRV SRU SHQVDPHQWRV UHVLGXDLV GR HJR TXH WHQWDP FRQYHQFrORV TXH DLQGD
QmRHVWmRTXDOLILFDGRVSDUDVHFRORFDUHPDRVHUYLoRGRSODQHWD1mRpSUHFLVRHVSHUDUTXHHVWHMDPSURQWRV
(VWHpRPRPHQWR$PHQVDJHPTXHSUHFLVDGHVHUHQYLDGDSDUDRVRXWURV7UDEDOKDGRUHVGH/X]QRSODQHWD
HTXHHOHVSUHFLVDPGHRXYLUpHVWD
1mRHVSHUHPDWpOKHVSDUHFHUTXHHVWmRSURQWRV)DoDPQRMi&RPHFHPFRPRYRVVRVHUYLoR
( DTXHOHV TXH Mi HVWmR HQYROYLGRV FRP R VHUYLoR UHQRYHP RV VHXV HVIRUoRV VDLEDP TXH D YRVVD
DMXGD p GH YLWDO LPSRUWkQFLD SDUD R SURFHVVR GH WUDQVIRUPDomR H SDUD GH $VFHQVmR TXH HVWi D RFRUUHU QR
SODQHWD$MXGHPVHXQVDRVRXWURVSHGLQGRDHOLPLQDomRGHWRGRHTXDOTXHUFDUPD
1D VXD PHQVDJHP /RUGH 0DLWUH\D XVRX R WHUPR DQXODomR GH FDUPD *RVWDUtDPRV GH HVFODUHFHU
HVWD GHILQLomR 2 TXH QyV HQWHQGHPRV SRU DQXODomR GR SRQWR GH YLVWD GD YRVVD OLQJXDJHP WHUUHVWUH p TXH
DOJRLQGHVHMDGRp LQYDOLGDGRDQXODGR7RGDYLDHQTXDQWR HVWLYHUHP QXPFRUSRKXPDQRpLPSRVVtYHOQmRJHUDU
FDUPD SRLV D WRGR R PRPHQWR VH GHSDUDP FRP DFRQWHFLPHQWRV TXH GHVHQFDGHLDP SHTXHQDV VLWXDo}HV



'HSUHHQGHVHTXHXPDH[WHQVmRGDDOPDVHUiXP6HU+XPDQRHQFDUQDGR



(VWHSHGLGRpDTXLORTXH.U\RQFKDPDGHLPSODQWHQHXWURRXLPSODQWHQHXWUDOL]DGRUGHFDUPDHPVHXVOLYURV


FiUPLFDV SRUTXH p QHFHVViULR TXH SDVVHP SRU HODV 4XDQGR LVWR RFRUUHU SHoDP LPHGLDWDPHQWH TXH WDO VHMD
HOLPLQDGR3RUWDQWRSRUTXHRWHUPRDQXODomRWDOYH]QmRVHMDDPDLVFRQYHQLHQWHJRVWDUtDPRVGHDVXEVWLWXLU
SRU FODULILFDomR &ODULILFDU DV JUDQGHV GtYLGDV FiUPLFDV SHQGHQWHV 7DO IRL D LQWHQomR GHVWD 'LVSHQVDomR
HVSHFLDO &iUPLFD $ VXD GLPHQVmR pSLFD QXQFD VH YHULILFRX QD KLVWyULD GR SODQHWD 3RU LVVR p WmR VLJQLILFDWLYD
DJRUD(IRLFRQFHGLGDSHORQRVVRDPDGR3ULQFtSLRRQRVVR0mH3DL'(8678'2248(e
)RLGHFLGLGRDFHOHUDURSURFHVVRGHDVFHQVmRHHVWDpXPDIRUPDGHRID]HU$VFHQVmRQmRVySDUD
RSODQHWD7HUUDD0mH7HUUD*DLDFRPRYRFrVOKHFKDPDPPDVSDUDWRGRRVHUYLYHQWHGHQWURHIRUDGDVXD
VXSHUItFLH
4XHRSURFHVVRVHMDDFHOHUDGRDWUDYpVGDFODULILFDomRGHTXDOTXHUJUDQGHGtYLGDFiUPLFDSHQGHQWH
$V PDUDYLOKRVDV HQHUJLDV GD &RPSDL[mR H GD *UDoD IRUDP GHVSHUWDGDV URPSHQGR DWUDYpV H j YROWD GHVWH
SODQHWDDFRPSDQKDGDVSHOR$PRU,QFRQGLFLRQDO
9RFrV SUHRFXSDPVH FRP HVVDV DOPDV VHSDUDGDV DTXHODV TXH DLQGD VmR UHVSRQViYHLV SRU PXLWRV
DWRV TXH LQMHWDP PHGR QRV FRUDo}HV GH PXLWRV 6HUHV +XPDQRV 1XP GHWHUPLQDGR VHQWLGR D YRVVD SHUFHSomR
HVWi FRUUHWD 0DV p SUHFLVR DFHQGrORV HQYROYrORV FRP D &RPSDL[mR GR 3HUGmR GD *UDoD H GR$PRU (LVRTXH
SUHFLVDP ID]HU VLPSOHVPHQWH HQYLDU WXGR LVWR FRPR VH IRVVHP UDLRV GH ODVHU SDUD DTXHOHV TXH DLQGD QmR
GHVSHUWDUDP
'R HQYLR GDV HQHUJLDV GD &RPSDL[mR GD *UDoD H GR $PRU HVVD &KDPD 7ULSOD SRGHUi UHVXOWDU XP
HYHQWXDO GHVSHUWDU SDUD WRGRV HOHV $ FRLVD PDLV LPSRUWDQWH TXH DFRQWHFHUi TXDQGR IL]HUHP LVVR p WHUHP TXH
VH FRQIURQWDU FRP D HQHUJLD QHJDWLYD JHUDGD SHORV VHXV SHQVDPHQWRV QHJDWLYRV TXDQGR SODQHLDP DWRV GH
YLROrQFLD WHUURULVPR H FULPH $ LQWHQomR SRUpP p QHXWUDOL]DU D HQHUJLD GHVVDV IRUPDVSHQVDPHQWR QHJDWLYDV
SHGLQGRTXHVHMDPWUDQVPXWDGDV
9RFrV SRGHP WHU XP SDSHO IXQGDPHQWDO QD UHGXomR GDTXLOR D TXH FKDPDP WHUURULVPR H FULPH QR
YRVVR SODQHWD R TXH Vy SRU VL FRQWULEXLUi GHFLVLYDPHQWH QD DFHOHUDomR GR SURFHVVR GH $VFHQVmR GR SODQHWD
7HUUDHGRVVHXVKDELWDQWHV(VWRXFHUWDGHTXHHQWHQGHPRTXDQWRDYRVVDDMXGDSRGHVHUYDOLRVD

.ZDQ<LQ
          


7pFQLFDGR&KDFUD8QLILFDGRHQVLQDGDSRU$ULHOH.XDQ<LQ


([WUDtGRGROLYUR8PPDQXDOSDUDD$VFHQVmRGH6HUDSKLV%D\ 

4XDQGRDHVSpFLHKXPDQDHQTXDQWR(635,72HVWDYDDLQGDQDIDVHGHGHQVLILFDomRHQHUJpWLFDHD
FULDURVLVWHPDSULQFLSDOGHFKDNUDVOHYDQWRXXPDEDUUHLUDGHHQHUJLDSDUDVHSDUDURFRUDomRRTXDUWRFKDNUD
 GRV RXWURV FHQWURV HQHUJpWLFRV ,VWR HUD QHFHVViULR SDUD DVVHJXUDU TXH R MRJR GR NDUPD IXQFLRQDVVH
HILFLHQWHPHQWH 'HVWD IRUPD RV WUrV FKDNUDV LQIHULRUHV SRGHULDP DFWXDU FRPR URGDV VROWDV GDGR TXH R HIHLWR
PRGHUDGRU GR FKDNUD GR FRUDomR VREUH HOHV VH WRUQDUD PtQLPR RX QXOR 'HVWD IRUPD R FKDNUD GR FRUDomR QmR
LQWHUIHULDQDLQWHUDFomRHQWUHRVFDPSRVGDHQHUJLDEiVLFD&RPRUHVXOWDGRDVSULQFLSDLVUHVSRVWDVjVVLWXDo}HV
GDYLGDHVWDYDPIDGDGDVQHFHVVDULDPHQWHDRGHVHTXLOtEULRHjGHVDUPRQLD

RVH[WRFKDNUDIRUQHFLDUHVSRVWDVLQWHOHFWXDLV
RTXLQWRFKDNUDSURSRUFLRQDYDIRUPDVGHFRPXQLFDomRYD]LDVHFKHLDVGHMXOJDPHQWR
RTXDUWRFKDNUDSRUSULQFtSLRQmRLQWHUIHULD 
RWHUFHLURFKDNUDLQFHQWLYDYDDVUHVSRVWDVGRHXHJREDVHDGDVQRSRGHU
RVHJXQGRFKDNUDLQGX]LDLPSXOVRVVH[XDLVGHVFRPSDVVDGRV
RSULPHLURFKDNUDFRQYLGDYDDXPFRPSRUWDPHQWREDVHDGRQDVREUHYLYrQFLDHQRPHGR

(YLGHQWHPHQWH HVWDV UHVSRVWDV HUDP SHUIHLWDV SDUD JHUDU NDUPD GDGR TXH DV VROXo}HV PDLV
HTXLOLEUDGDVGRTXDUWRFKDNUDEDVHDGDVQRDPRUHQDFRPSDL[mRHVWDYDPLQDFHVVtYHLV
$JRUD SRUpP DR WUDEDOKDUHV FRP R &KDNUD 8QLILFDGR UH~QHV RV FKDNUDV PDLV HOHYDGRV DFLPD GD
FDEHoD  FRP RV VHWH WUDGLFLRQDLV FRQVHJXLQGR TXH WRGRV SDVVHP D IXQFLRQDU GH DFRUGR FRP D IUHTXrQFLD GD
HQHUJLDTXHIOXLDWUDYpVGRFKDNUDGRFRUDomR,VWRWDPEpPVLJQLILFDTXHRVWUrVFDPSRVPDLVGHQVRVSRGHPVHU
DOLQKDGRVWURFDUHQHUJLDHUHVVRDUHQWUHVLWHQGRRDPRUFRPRDFRPSRQHQWHSULQFLSDOGHVVDVLQWHUDFo}HV
([SDQGLQGR R &KDNUD 8QLILFDGR SDUD IRUD GR FRUSR ItVLFR VHQWLORiV FRPR XPD RQGD HVWDFLRQiULD
FDUQDOH[SDQGLQGRRSDUDGHQWURVHQWLORiVFRPRXPFRPSOH[RFDPSRGHHQHUJLDRQGHVyXPDSDUWHpYLVtYHO
2V FDPSRV HPRFLRQDO H PHQWDO WDPEpP VmR HQHUJLD HYLGHQWHPHQWH HPERUDPHQRVYLVtYHLVSDUD DPDLRULD GDV
SHVVRDV



$VVLP ILQDOPHQWH WRGRV RV WUrV FDPSRV VH SRGHP DOLQKDU QXP Vy FDPSR XQLILFDGR SRUTXH
HQFRQWUDUDPXPDJDPDGHIUHTXrQFLDVGRDPRUDTXDOWRGRVSRGHPDEVRUYHU'HVWDIRUPDR&KDNUD8QLILFDGR
HOLPLQD FRPSOHWDPHQWH R SURFHVVDPHQWR HPRFLRQDO D TXH HVWiV WmR KDELWXDGR SHUPLWLQGR XP DOLQKDPHQWR
UiSLGRHIiFLOGRVFRUSRVHDXQLILFDomRGRVFDPSRVGHHQHUJLD
2XWUD JUDQGH YDQWDJHP GD XWLOL]DomR GR &KDNUD8QLILFDGRpTXHSRGHUiVWUD]HUPXLWRPDLVHQHUJLD
SDUD R WHX FDPSR XQLILFDGR (VWDYDV DFRVWXPDGR D XVDU RV VHWH FKDNUDV VHSDUDGRV SDUD FDQDOL]DU H DEVRUYHU
HQHUJLD SDUD R LQWHULRU GRV FDPSRV WDPEpP VHSDUDGRV GLJDPRV TXH GH DOJXPD IRUPD GDYDV XP DVSHFWR
LQWHOHFWXDO RX GH SRGHU j HQHUJLD DVVLP FDQDOL]DGD $JRUD SRUpP SRGHUiV LQWHJUDU XP HVSHFWUR HQHUJpWLFR
PXLWRPDLVDPSORHVSHFLDOPHQWHRTXHpIXQGDPHQWDGRQRDPRUFXMDIUHTXrQFLDpPDLVHOHYDGD
4XDQGRFDQDOL]DYDVRXUHDOL]DYDVWUDEDOKRVGHDXWRFXUDWDOYH]WHQKDVRXYLGR]XPELGRVVHPSUHTXH
DHQHUJLDGHSDUDYDFRPSRQWRVGHUHVLVWrQFLDQRVWHXVFDPSRV1mRYROWDUiVDVHQWLULVVRSRUTXHRVFDPSRVHRV
FKDNUDVXQLILFDGRVGHL[DUmRGHRIHUHFHUUHVLVWrQFLDjHQHUJLD
,VWR WDPEpP VLJQLILFD TXH LUiV DFWXDU FRP SURSULHGDGH HP WRGDV DV FLUFXQVWkQFLDV XPD YH] TXH
DXWRPiWLFD H QDWXUDOPHQWH VHUiV FDSD] GH PRELOL]DU D TXDQWLGDGH H[DFWD GHGLJDPRVDPRUHHQHUJLDVH[XDO
DPRUHHQHUJLDGHSRGHUHWFQHFHVViULDDFDGDVLWXDomR
&RP XP &KDNUD 8QLILFDGR Mi QmR SUHFLVDUiV GH WH SUHRFXSDU VH HVWiV D VHU RX D ID]HU R TXH p
PDLVDSURSULDGRVDEHUiVTXHVLP
)LQDOPHQWH  H LVWR p R PDLV LPSRUWDQWH  R &KDNUD 8QLILFDGR SHUPLWH TXH YiV LQFRUSRUDQGR
JUDGXDOPHQWH R WHX HXHVStULWR SRLV R FDPSR PHQWDO GHL[DUi GH ILOWUDU D HQHUJLD GR DPRU H RV FDPSRV
HPRFLRQDLV GHL[DUmR GH RSRU UHVLVWrQFLD j WXD PDLV HOHYDGD VDEHGRULD 2 &KDNUD 8QLILFDGR SURYHUi WXGR R TXH
QHFHVVLWDVHIDUiFRPTXHLVVRFKHJXHDRLQWHULRUGRFDPSRXQLILFDGRQRPRPHQWRHQDVSURSRUo}HVH[DFWDV

275$%$/+2&202&+$.5$81,),&$'2

%DVLFDPHQWH

R

SURFHVVR

LPSOLFD

HVWDU

QXPD

SRVLomR

FyPRGD

H

GHVFDQVDGD

UHVSLUDQGR

SURIXQGDPHQWH DEVRUYHQGR /X] SDUD GHQWUR GR FKDNUD GR FRUDomR (P FDGD H[SLUDomR YLVXDOL]D R FKDNUD GR
FRUDomR D H[SDQGLUVH HP WRGDV DV GLUHFo}HV FRPR VH IRVVH XPD HVIHUD  PHGLGD TXH LQVSLUDV H H[SLUDV
H[SDQGHRSRUIRUPDDTXHYiDEDUFDQGRVXFHVVLYDPHQWHRVSDUHVGHFKDNUDV

RWHUFHLURFRPRTXLQWR
RVHJXQGRFRPRVH[WR
RSULPHLURFRPRVpWLPR

RyPHJDFRPRDOID
RRLWDYRFRPRVMRHOKRV
RQRQRFRPRVWRUQR]HORV
RGpFLPRFRPRVSpV

2V FKDNUDV DOID H yPHJD WrP HVWDGR ODWHQWHV DWp DJRUD PDV DFDEDP GH VHU UHDFWLYDGRV 2 FKDNUD
yPHJDDFHUFDGHFPDEDL[RGDEDVHGDFROXQDYHUWHEUDOOLJDWHjFRQVFLrQFLDSODQHWiULD$VVLPDOLJDomRj
WHUUD TXH UHDOL]DYDV DWUDYpV GR FKDNUD UDL] GHYH SDVVDU D VHU IHLWD DWUDYpV GR FKDNUD yPHJD SRU VXD YH] R
FKDNUD DOID D FHUFD GH  FP DFLPD GD FDEHoD IDYRUHFH R FRQWDFWR FRP R WHX &RUSR GH /X] GD  GLPHQVmR
$VVLP R WHX &KDNUD 8QLILFDGR SDVVDUi D VHU XPD HVIHUD GH OX] GRXUDGD GH  D  PHWURV GH GLkPHWUR D TXDO
VHUiRFHQWURGRWHXFDPSRXQLILFDGRTXHSRGHUiYLUDDWLQJLUYiULRVTXLOyPHWURVGHGLkPHWUR
'DGRTXHRFDPSRHVSLULWXDOFRH[LVWHFRPHVWHFDPSRXQLILFDGRRSDVVRVHJXLQWHpSHGLUHVDRQtYHO
DSURSULDGRGRWHXHXHVStULWRTXHIXQGDDVXDHQHUJLDFRPDGRFDPSRXQLILFDGRDSDUWLUGRFKDNUDGRFRUDomR
'HSRLV GLVWR SRGHV FRQWLQXDU H H[SHULPHQWDUWH D WL PHVPR FRPR XP VHU YHUGDGHLUDPHQWH
PXOWLGLPHQVLRQDOH[SDQGLQGRDHVIHUDGR&KDNUD8QLILFDGRDWpTXHHOHDEUDQMD

RFKDNUDRQ]HRQtYHOGDWXDDOPDJUXSDO
RFKDNUDGR]HRQtYHOFUtVWLFRHGRWHXHXHVStULWR
RFKDNUDWUH]HDSUHVHQoDGR(8628
RFKDNUDFDWRU]HD)RQWH

2 &KDNUD 8QLILFDGR HYLWD R WUDGLFLRQDO VLVWHPD GH FKDNUDV VHSDUDGRV TXH OLGDYD FRP D HQHUJLD
VHOHFWLYDPHQWH $TXLTXDQGRUHFHELDV HQHUJLDVGHLUDRXSRGHUGRH[WHULRUUHVSRQGLDVLQFRQVFLHQWHPHQWH SRU
H[HPSORFRPRSULPHLURFKDNUD PHGR RXFRPRWHUFHLUR FRQWUDSRVLomRGHSRGHU LVWRpRXGHVDWDYDVDIXJLU
RXIRUWLILFDYDVWHSDUDGHIHQGHURWHXWHUULWyULR



$JRUD SRUpP FRP R &KDNUD 8QLILFDGR VXUJH XP SDGUmR FRPSOHWDPHQWH QRYR UHVSRQGHUiV FRP R
WHX VHU FRPSOHWR LQFOXLQGR R (635,72 GH WDO IRUPD TXH SRGHUiV DJUHJDU XPD SRGHURVD GRVH GH DPRU DR WHX
HVSHFWUR HQHUJpWLFR $R QtYHO GR HXHJR SRGHV FRQWLQXDU D ID]HU FRPR ID]LDV DQWHV Vy TXH DJRUD RV FDPSRV
GDVRXWUDVSHVVRDVSDVVDUmRDUHFHEHUGHWLHQHUJLDGHDPRUHPERUDQRLQtFLRLVVRDVSRVVDGHL[DUXPSRXFR
FRQIXQGLGDVSRUQmRHVWDUHPKDELWXDGDV
3RUWDQWR FRPR GLVS}HV GD HQHUJLD GH DPRU QRV WHXV FDPSRV FRQWLQXDUiV D VHQWLU D FDOLGH] GHOD
GHQWUR GH WL PHVPR VH DOJXpP WH DWDFDU (P DOJXP PRPHQWR GHVVH HSLVyGLR RX WX RX R DWDFDQWH RX
DPERVFRPHoDUmRDVRUULUHGHUHSHQWHDWHQVmRGHVDSDUHFHUi
eSRULVVRTXHR&KDNUD8QLILFDGRpDSDQDFHLDSHUIHLWDSDUDWXGRRTXHWHDSRTXHQWD
5HFRPHQGDVH D XQLILFDomR GRV FKDNUDV YiULDVYH]HVDRGLD&RPXP SRXFR GHSUiWLFDVHUiVFDSD]
GH GHFUHWDU SDUD WL PHVPR XQLILTXHPVH H LQVWDQWDQHDPHQWH FRQYHUWHUiV WRGRV RV FKDNUDV HP XP Vy
XQLILFDGR
(TXHWDOVHXVDUHVHVWHUHPpGLRFRPILQVFRQVWUXWLYRVHPYH]GHSDUDGHVWUXLU"
$SHVDU GD HQHUJLD GR (635,72 VHU GH DOWD IUHTXrQFLD HOD JHUD RQGDV HVWDFLRQiULDV FXMDV
IUHTXrQFLDVDVVXEKDUPyQLFDVGHODPHVPDHPSDWL]DPSHUIHLWDPHQWHFRPDVEDQGDVGHIUHTXrQFLDGRVWHXV
FDPSRVItVLFRHPRFLRQDOHPHQWDO4XDQGRWUDEDOKDYDVFRPRVLVWHPDGHFKDNUDVVHSDUDGRVHVWDYDVKDELWXDGR
D TXH SRU H[HPSOR R WHUFHLUR FKDNUD PDQHMDVVH DV IUHTXrQFLDV GR SRGHU R TXLQWR H R VH[WR OLGDVVH FRP DV
IRUPDVGHSHQVDPHQWRHWFPDVQHQKXPGHOHVDGPLQLVWUDYDWXGRVLPXOWDQHDPHQWHPDLVVRPHQWHRVFKDNUDV
DEHUWRVSHUPLWLDPTXHFHUWDVIDFHWDVGRWHXHXHVStULWRFKHJDVVHPDRVFDPSRVPDLVEDL[RV2&KDNUD8QLILFDGR
SRUpPSHUPLWHDDUWLFXODomRFRPSOHWDGHWRGRVRVDVSHFWRVGRVHU
$V WXDV UHVSRVWDV SDVVDP D SURFHGHU LQWHJUDOPHQWH GR HXHVStULWR R TXH VLJQLILFD TXH SDVVDUiV D
HVWDU DFWLYR HP YH] GH UHDFWLYR D YLYHU DQFRUDGR QR DPRU H QmR QR PHGR VHUiV WUDQVSHVVRDO HP YH] GH
HVWDUHVDQFRUDGRQDSHUVRQDOLGDGH
6HUiHQWmRTXHWHDSHUFHEHUiVGHTXHDWpDUDLYDpXPDHQHUJLDGLYLQD

 0HGLWDomR GH GHVOLJDPHQWR GR (X(JR H OLJDomR FRP R (X


(VStULWRHQVLQDGDSRU6HUDSKLV%D\




2FXOWDGDSDUDILQVGH,QWHUQHW 


0HGLWDomRSDUDDFDEDUFRPDFXOSDHQVLQDGDSRU6HUDSKLV%D\



2FXOWDGDSDUDILQVGH,QWHUQHW 



 7pFQLFDGH/LEHUWDomRGRV$QFHVWUDLVHQVLQDGDSRU6HUDSKLV
%D\




2FXOWDGDSDUDILQVGHLQWHUQHW 




 5HDOLQKDPHQWR SHVVRDO FRP R (635,72 HQVLQDGR SRU


6HUDSKLV%D\



2FXOWDGDSDUDILQVGH,QWHUQHW 


(QWUDQGRHPFRQWDWRFRPR(635,72SRU0HUOLQ





2FXOWDGDSDUDILQVGH,QWHUQHW 


6HJXLQGRDYRQWDGHGR(VStULWRHQVLQDGDSRU$ULHO



2FXOWDGDSDUDILQVGH,QWHUQHW 

$SUHQGHQGRDPDQLSXODUR7HPSRHQVLQDGDSRU6HUDSKLV%D\



2FXOWDGDSDUDILQVGH,QWHUQHW 



7pFQLFDGH6LQWRQLDFRPD8QLFLGDGHHQVLQDGDSRU6DQDQGD




2FXOWDGDSDUDILQVGH,QWHUQHW 



 7pFQLFD SDUD DEULUWH D WXGR R TXH pV HQVLQDGD SRU


6HUDSKLV%D\




2FXOWDGDSDUDILQVGH,QWHUQHW 



 7pFQLFD SDUD DEULUWH SDUD D $VFHQVmR  GLPHQVmR H


DOpP HQVLQDGDSRU6HUDSKLV%D\



2FXOWDGDSDUDILQVGH,QWHUQHW 


,QYRFDomRj/X]HQVLQDGDSRU$UFDQMR$ULHO



2FXOWDGDSDUDILQVGH,QWHUQHW 


 (QWUDQGRHPFRQWDWRFRPVHXV 0HVWUHV*XLDVHQVLQDGDSRU


.U\RQ



&RP RV  ROKRV IHFKDGRV LPDJLQHVH GH  Sp VREUH XPD FROLQDGRQGHVHYrRPDU1mR KiTXDOTXHU
UXtGR H[FHWR R GDV RQGDV H GR YHQWR )LTXH Dt DWp HVYD]LDU D VXD PHQWH GH WXGR R TXH VHMD WHUUHQR 6H OKH
SDUHFHU TXH VRQV RX P~VLFD SRGHP DMXGDU FDQWH DOJR SDUD VL PHVPR PHQWDOPHQWH SHUPLWLQGR DVVLP R
VXUJLPHQWRGHSHQVDPHQWRVSDFtILFRV/HQWDPHQWHLPDJLQHTXHRYpXVHDSUR[LPDGHVLHVHGHWpPDXPPHWUR
DSUR[LPDGDPHQWH 6H QmR FRQVHJXLU LPDJLQDU HVVD FRUWLQD FKDPHD TXH HOD UHVSRQGHUi SRLV WHP GH DFXGLU
TXDQGRpFKDPDGD
$JRUDHVWHQGDDPEDVDVPmRVFRPRVHGHVVHDVERDVYLQGDVDRVVHXVJXLDVVLWXDGRVGRRXWURODGR
GR YpX 3RGH HVWHQGHU DV PmRV GH IDWR RX Vy QD VXD LPDJLQDomR 6HMD FRPR IRU PDQWHQKDDV HVWHQGLGDV H
HVSHUH $R FDER GH SRXFRV PRPHQWRV VHQWLUi TXH DV PmRV DTXHFHP RX TXH IRUPLJDP OLJHLUDPHQWH 4XHU LVVR
GL]HU TXH QD YHUGDGH HVWmR D SHJDU QHODV $OpP GLVVR WHUi FRQVFLrQFLD GH XPD VHQVDomR DUUHEDWDGR UD TXH
WDOYH] R IDoD FKRUDU (VVD VHQVDomR p GH DOHJULD H SD] 2 8QLYHUVR HVWi UHDOPHQWH DOL H R 8QLYHUVR LPSRUWDVH



FRQVLJR 3RGHUi HVWHQGHUVH DWUDYpV GR YpX H WRFDU QRV VHXV JXLDV (OHV VmR DV (QWLGDGHV GH VHUYLoR TXH VH
HQFRQWUDPPDLVSUy[LPDVGHVLHDPDPQRWHUQDPHQWH(VWmRDtHPVHUYLoRGHDPRUVmRWRWDOPHQWHUHFHSWLYDV
HVHQWLUVHmRPXLWRFRQWHQWHVSRUSRGHUHPFRPXQLFDUVHFRPRUHVWRGHVLSHODSULPHLUDYH]5HJLVWUHRTXH
HVWLYHU D VHQWLU 1RWH TXH RV UHVSHLWD R VXILFLHQWH SDUD VH HVWHQGHU DWp HOHV SRLV GR SRQWR GH YLVWD GHOHV
YRFrpRH[DOWDGR3RULVVRHVWmRDtSDUDRVHUYLU
3DUH H GHVIUXWH GD VHQVDomR GH TXH RV JXLDV WRPDP DV VXDV PmRV Mi TXH DWUDYpV GD VXD
LPDJLQDomR HVWi D FULDU UHDOPHQWHHQHUJLD GH SHQVDPHQWR TXHSHUPLWHXPDQRYDFRPXQLFDomR8PD YH]TXH
RVSHQVDPHQWRVVmRYHUGDGHLUDHQHUJLDDTXLORTXHH[SHULPHQWDUVHUiPXLWRUHDOHQmRVRPHQWHXPDLPSUHVVmR
SHUFHELGD SHOD VXD PHQWH (QTXDQWR VH  HQFRQWUD QHVWH ODGR GH DOHJULD VHQWLUi GHVYDQHFHUVH TXDOTXHU PHGR
TXHSRVVDVHQWLUHPUHODomRDTXDOTXHUFRLVDWHUUHQD7RPDUiXPEDQKRGHDPRUTXHOKHSURSRUFLRQDUiDSD]
H D VDEHGRULD SDUD SDVVDU SHORV DFRQWHFLPHQWRV TXH WHP GH DIURQWDU GXUDQWH D VXD H[SUHVVmR QR SODQHWD
,QFOXVLYDPHQWHSRGHUiFKHJDUDVHQWLUTXHVHHOHYDDFLPDGD7HUUD
1mR SHUPLWD TXH HVWH FRQWDFWR GXUH PDLV GR TXH XQV WUrV PLQXWRV SRLV PDQWrOR SRU PDLV WHPSR
FDQVDUi D VXD DOPD GRQGH UHVXOWDUi WHQVmR PHQWDO QR GLD VHJXLQWH $FUHGLWH TXH SHUPDQHFHUi FRQVFLHQWH GR
FRQWDFWRGXUDQWHKRUDV2EULOKRFRQWLQXDUiFRQVLJR0DVQmRIDoDLVWRPDLVGRTXHXPDYH]SRUGLDSRLVQmRVH
WUDWD GH XP H[HUFtFLR PHQWDO FXMR SURSyVLWR IRVVH GHVSHUWDU XP VHQWLPHQWR SRVLWLYR 2 TXH HVWi D ID]HU VHUi
DOJRWmRUHDOFRPRTXDOTXHURXWUDFRLVDTXHIDoDGXUDQWHRGLD

 2V GH] GHFUHWRV GR $UFDQMR 0LJXHO FDQDOL]DGR SRU 5RQQD
+HUPDQ



5HQXQFLRDTXDLVTXHUH[SHFWDWLYDVjPLQKDHYROXomRHSURJUHVVRHVSLULWXDO9LYRQRPRPHQWRHP
FDGD GLD FRQFHQWUDQGRPH QR REMHWLYR GH UHVWDEHOHFHU D KDUPRQLD H R HTXLOtEULR GR PHX FRUSR GR PHX
HVStULWRGDVPLQKDVHPRo}HVHGRWRGRFRPRPHX(X6XSHULRU
 $QXOR WRGRV RV DFRUGRV IHLWRV FRP D PLQKD PmR SDL ILOKRV HQWHDGRV PXOKHU RX PDULGR  H[
PXOKHU RXH[PDULGR RXTXDLVTXHURXWUDVSHVVRDVTXHPHSRVVDPUHWHUQDWHUFHLUDGLPHQVmR
 5HQXQFLR D WRGRV RV FRQFHLWRV LQYiOLGRV VREUH R PHX YDORU D PLQKD SHUFHSomR GR DPRU GD
DOHJULD GD SD] GD VHJXUDQoD GD KDUPRQLD GD DEXQGkQFLD GD FULDWLYLGDGH GD YLWDOLGDGH GD MXYHQWXGH GD
VD~GHHGREHPHVWDUGDYHOKLFHHGDPRUWH
5HQXQFLRjQHFHVVLGDGHGHTXHUHUVDOYDURPXQGRRXTXDOTXHUVHUKXPDQRTXHQHOHVHHQFRQWUD
7HQKR FRQVFLrQFLD GH TXH D PLQKD PLVVmR p DFHLWDU D PLQKD PDHVWULD H YLYHU VHQGR XP H[HPSOR GH YLGD H GH
DPRUVHPHVSHUDUQDGDHPWURFDGHQLQJXpP
/LEHUWRPHGHWRGRVRVSUHFRQFHLWRVHPHPyULDVFHOXODUHVTXDQWRDRPHXFRUSRItVLFR5HLYLQGLFR
RPHXGLUHLWRGLYLQRjEHOH]DYLWDOLGDGHVD~GHHEHPHVWDUFRQVFLHQWHGHTXHVmRRPHXHVWDGRQDWXUDOHTXH
EDVWDVHJXLURVLPSXOVRVGRHVStULWRSDUDTXHHVVDSHUIHLomRVHPDQLIHVWH
 5HQXQFLR D TXDLVTXHU H[SHFWDWLYDV TXDQWR j PLQKD FULDWLYLGDGH H DR PHX WUDEDOKR 7UDEDOKR H
FULR SRU SUD]HU FLHQWH TXH D DEXQGkQFLD H RV UHFXUVRV SURYrP GR (VStULWR H GD PLQKD DXWRFRQILDQoD H QmR
DSHQDVGRPHXHVIRUoR
5HQXQFLRDTXDLVTXHUFRQGLo}HVGDWHUFHLUDGLPHQVmRTXHDVLQVWLWXLo}HVJRYHUQDPHQWDLVRXDILQV
PHTXHLUDPLPSRU1mRSRGHUmRFRQWURODUDPLQKDSHVVRDQHPDPLQKDDEXQGkQFLDRXVHJXUDQoD7HQKRSOHQRV
SRGHUHVSDUDPDQLIHVWDUDVHJXUDQoDVHULQGHSHQGHQWHHFRPDQGDURPHXSUySULRGHVWLQR
/LEHUWRPHGHWRGRVRVUHVtGXRVHGtYLGDVFiUPLFDVEHPFRPRGDVHQHUJLDVLPSUySULDVH[LVWHQWHV
HP PLP H QR PHX FRUSR ItVLFR HPRFLRQDO H DVWUDO 5HVROYR WRGRV RV FRQGLFLRQDPHQWRV FRP DJUDGR H
GHVHPEDUDoRSDUDH[SDQGLUDOX]HPHXQLUDRVFRFULDGRUHVGRSDUDtVRQD7HUUD
/LEHUWRPHGHWRGDVDVFRQFHSo}HVIDOVDVVREUHDPLQKDFDSDFLGDGHGHDOFDQoDURFRQKHFLPHQWR
D VDEHGRULD H DV LQIRUPDo}HV SHUWLQHQWHV SURYHQLHQWHV GR (VStULWR H GDV GLPHQV}HV VXSHULRUHV 2EWHQKRDVVLP
QRYRVFRQKHFLPHQWRVFRQFHLWRVHVDEHGRULDTXHPHSHUPLWHPDSUHQGHUFUHVFHUHVHUYLUGHH[HPSORYLYR
 5HQXQFLR D TXDOTXHU MXt]R LGpLD SUpFRQFHELGD RX H[SHFWDWLYD UHODWLYDPHQWH D RXWURV VHUHV
VDEHQGR TXH HVWHV VH HQFRQWUDP QR VHX SHUIHLWR OXJDU H HYROXomR 7UDQVPLWROKHV $PRU H HQFRUDMDPHQWR H
OLPLWRPH D RIHUHFHUOKHV LQIRUPDo}HV TXDQGR PH SHGLUHP WHQGR R FXLGDGR GH OHPEUDUOKHV TXH D PLQKD
YHUGDGHSRGHQmRVHUDGHOHV

 (QVLQDPHQWR GH 7KRWK FDQDOL]DGR SRU 5RVHOLVH 3LVFLRWWR 6mR


3DXOR63



2FXOWDGDSDUDILQVGH,QWHUQHW 



 0HGLWDomR 5XPR DR 7HPSOR &UtVWLFR ,QWHUQR HQVLQDGD SRU


0HWDWURQ



2FXOWDGDSDUDILQVGH,QWHUQHW 

 5HFRGLILFDomR GR '1$ PXOWLGLPHQVLRQDO SHVVRDO HQVLQDGD SRU


0HWDWURQ



2FXOWDGDSDUDILQVGH,QWHUQHW 





2EV  DOJXPDV RXWUDV WpFQLFDV H PHGLWDo}HV WDPEpP IRUDP RFXOWDGDV SDUD ILQV GH GLYXOJDomR QD
,QWHUQHW 



 $SRPHWULD&yVPLFD$YDQoDGD




(VWH WUHFKR IRL FRPSOHWDPHQWH RFXOWDGR SDUD ILQV GH GLYXOJDomR QD
,QWHUQHW
1HVWD SDUWH HQVLQDPRV FDEDOD MXGDLFD H WUD]HPRV RV PHVPRV SDUD D
QRYDHQHUJLDFRPHQVLQDPHQWRVGH.U\RQHRXWURVVHUHVGHOX]
'HQWUHHVWHVHQVLQDPHQWRVLQIRUPDPRVFRPRDEULURVSRUWDLVSDUD
UHFRQVWUXLU RV FRUSRV DVWUDLV GLUHWDPHQWH QR PXQGR GRXUDGR GHQWUH
RXWURV





2EV$SDUWLUGHVWHWUHFKRRXWURVFDStWXORVIRUDPVXSULPLGRV
9DOHDSHQDGDUXPDOLGDQRPDWHULDOGHDSrQGLFHTXHGLVSRQLELOL]HL
SDUDD,QWHUQHW
)LTXHPQDOX]FUtVWLFDGHVHXVFRUDo}HV

$OH[DQGUH&KDJDV





$31',&(&DQDOL]DomR GR &RQVHOKR (VWHODU RFRUULGD HP





&DQDO$OH[DQGUH'RPLQJXHV&KDJDV/LPD


$ FDQDOL]DomR D VHJXLU IRL HIHWXDGD DQWHV GRV HQVLQDPHQWRV GH DSRPHWULD FyVPLFD HVWDUHP

WRWDOPHQWHFRPSOHWRVQmRVHUHIHULQGRDVVLPDRTXHHVWiVHQGRUHSDVVDGRQHVWDDSRVWLODRXDRTXHpHQVLQDGR
QRVFXUVRVSRUPLPPLQLVWUDGRVGHDSRPHWULDFyVPLFD


e PXLWR LPSRUWDQWH TXH R WHUDSHXWD OHLD RV HQVLQDPHQWRV TXH IRUDP UHSDVVDGRV DQWHV GH WHQWDU

DSOLFDUDWpFQLFDTXHOKHFRQYpPGHDX[tOLRHKDUPRQL]DomR


$WXDOPHQWH FRQWLQXR UHFHEHQGR RULHQWDo}HV GR &RQVHOKR (VWHODU HP PHXV WUDEDOKRV FRP R ILP GH

SRWHQFLDOL]iORVDLQGDPDLVHPSUROGRDX[tOLRDRSUy[LPR


6H 'HXV DVVLP PH SHUPLWLU HP PXLWR EUHYH LUHL GLVSRQLELOL]DU RXWUR PDWHULDO DLQGD PDLV SURIXQGR

DFHUFDGHVWDWpFQLFDRTXDOVHUiXPYHUGDGHLURVDOWRTXkQWLFRVHFRPSDUDGRFRPHVWHPDWHULDODTXLFRQWLGR


$V SHUJXQWDV VmR GH $OH[DQGUH 5HVSRQGLGDV YLD FDQDOL]DomR SHOR *UXSR GH $SRLR D +LODULRQ  &RPDQGR
(VWHODU


 ([LVWHDOJRHUUDGRQRSURFHVVRGHDSRPHWULDFRPXP"


1RSUHVHQWHPRPHQWRH[LVWHHYRFrMiWHYHXPDEUHYHQRomRGRHTXtYRFR

1mR DSHQDV QD DSRPHWULD PDV HP WRGR H TXDOTXHU SURFHVVR TXH HQYROYD D GHVREVHVVmR HVSLULWXDO

QHQKXP GRV IDFLOLWDGRUHV UHVSHLWD D YRQWDGH GR DVWUDO GHL[DQGR VHX SUySULR HJR FRQGX]LU R SURFHVVR FRPR VH
HOH IDFLOLWDGRU IRVVH R ~QLFR GRQR GD YHUGDGH 6XSUHPD DJLQGR RUD FRPR FDUUDVFR RUD FRPR MXOJDGRU
FRQGHQDQGR SURFHVVRV TXH DFUHGLWD FRQWUiULRV j YRQWDGH TXH DFKD VHU GH 'HXV SUDWLFDQGR EDUEiULHV VLPLODUHV
jTXHODV RFRUULGDV QDV FUX]DGDV RX QD LQTXLVLomR TXDQGR DQDORJDPHQWH FRPSDUDGDV DR SODQR DVWUDO 4XDQGR VH
GHL[DRSUySULRHJRFRQGX]LURSURFHVVRGHGHVREVHVVmRLQYDGHVHRGLUHLWRTXHDVDOPDVWrPDROLYUHDUEtWULRH
DRSURFHVVRGH DSUHQGL]DJHP$VVLP DTXHOHTXHGHYHULDIDFLOLWDUDFDEDSUHMXGLFDQGRDVLSUySULRDRSDFLHQWH
HDRDVWUDOWXGRSRUTXHDFUHGLWRXVHURGHWHQWRUGHXPDYHUGDGHSHVVRDODTXDOFUrVHUERDDWRGRV

 (QWmRSHORTXHYRFrDFDERXGHGL]HURSURFHVVRGHGHVREVHVVmRQXQFDGHYHVHUXWLOL]DGR(VWRXFHUWR"


1mR p LVVR R TXH GLVVHPRV 2 TXH p SUHMXGLFLDO p D GHVREVHVVmR HJRtVWD VHP VH OHYDU HP FRQWD R

OLYUH DUEtWULR H R SURFHVVR GH DSUHQGL]DJHP GRV VHUHV HQYROYLGRV VHMD HQFDUQDGRV VHMD GHVHQFDUQDGRV SRUTXH
DRDJLUDVVLPDTXHOHTXHGHYHULDIDFLOLWDUDWUDSDOKDHPXLWRRDVWUDO

 &RPRDVVLPDWUDSDOKD"(VWRXFRQIXVRSRGHULDPHH[SOLFDUPHOKRU"


7HQWDUHPRVH[SOLFDUGHQWURGRSRVVtYHO

2 SURFHVVR GH DSUHQGL]DJHP HVSLULWXDO p DOWDPHQWH FRPSOH[R PXLWR PDLV GR TXH DTXLOR VRQKDGR

QHVWDVXDGLPHQVmRGHSHQVDPHQWR


$SHQDV GDQGR XPD SHTXHQD DPRVWUD GHVVD FRPSOH[LGDGH TXDQGR YRFr HQFDUQRX DVVLP R IH]

HVFROKHQGR VXD SUySULD FDUJD JHQpWLFD VHX JUXSR GH IDPLOLDUHV H SURYDo}HV PDWHULDLV PHQWDLV H HVSLULWXDLV
$FUHGLWH WXGR LVWRDLQGDGHYHUiHVWDUHP KDUPRQLDFRPRDSUHQGL]DGRGHVXDIDPtOLDHWDPEpPORFDOLGDGHV
LQFOXLQGR

EDLUURV

FLGDGHV

(VWDGRV

SDtVHV

H

R

SODQHWD

QXPD

FRUHODomR

GH

WHPSR

H

GLPHQV}HV

PXOWLGLPHQVLRQDLV(LVWRpDSHQDVXPDSHTXHQDIDJXOKDGRSURFHVVRLQWHLUR


$VVLP TXDQGR Ki LQWHUIHUrQFLD QHVWH SHUIHLWR HTXLOtEULR GH DSUHQGL]DGR HVWD GHYH VHU HIHWXDGD GH

IRUPD D QmR GHVHTXLOLEUDU WRGR R VLVWHPD H RV FRQWUDWRV GH HQHUJLD LQGLYLGXDLV H FROHWLYRV SODQHWiULRV H
PXOWLGLPHQVLRQDLV


7HQWDUHPRVGDUXPH[HPSORPDLVFRPSUHHQVtYHO$OJXPDVDOPDVQHFHVVLWDPREVHGLDUSDUDDFHVVDUD

HQHUJLDRXWUDVQHFHVVLWDPGHVHUHPWHVWDGDVHGHDOJXpPTXHOKHVFRORTXHjSURYDHDVVLPSRUGLDQWH


3RUTXH QmR XQLU WRGDV HVVDV DOPDV HP XP PHVPR SURFHVVR GH DSUHQGL]DGR PHGLDQWH XP LPHQVR

FRQWUDWRHQHUJpWLFROLJDGRDFRQWUDWRVPHQRUHV"


$QDORJDPHQWH LVWR Mi p IHLWR HP VHX PXQGR GH SHQVDPHQWR EDVWDQGR TXH SHUFHED R FLFOR GD YLGD

SODQHWiULD RQGH XP VHU YLYR GHSHQGH GH RXWUR LQFOXLQGR PLFURRUJDQLVPRV PDFURRUJDQLVPRV HWF 9RFr DFKD
TXH HVWH SURFHVVR GH XQLmR FROHWLYD RFRUUH DSHQDV QR VHX PXQGR GH SHQVDPHQWR" 1XQFD LPDJLQRX TXH WDPEpP
RFRUUHQRDVWUDO"(QWmRFRPHFHDSHQVDUQLVWR


,PDJLQH R TXH DFRQWHFHULD VH WRGRV RV PLFURRUJDQLVPRVIRVVHP UHWLUDGRV GR VHXSODQHWD3RUFHUWR

QmRKDYHULDGHFRPSRVLomRWDPSRXFRFLFORHDYLGDGHL[DULDGHH[LVWLU



'H IRUPD DQiORJD TXDQGR VH LQWHUIHUH QR SURFHVVR GH DSUHQGL]DGR HVSLULWXDO LQFOXLQGR RXWURV

SODQRVGHH[LVWrQFLDSRGHRFRUUHUXPGHVHTXLOtEULRVHRDQWtGRWRQmRIRUPLQLVWUDGRDRPHVPRWHPSR


1RWH TXH VH DV iUYRUHV IRUHP DUUDQFDGDV GH XP JUDQGH WHUULWyULR FDVR QmR VH UHSRQKD GH DOJXPD

IRUPD DTXHOD HQHUJLD VREUHYrP XP GHVHTXLOtEULR TXH SRGH WHU GLPHQVmR ORFDO RX SODQHWiULD GHSHQGHQGR GR
FDVR(QHVWD~OWLPDKLSyWHVHWRGRRSODQHWDHVWDULDHPULVFR


,JXDOPHQWH TXDQGR VH LQWHUIHUH QR SURFHVVR GH DSUHQGL]DJHP HVSLULWXDO VH R DWR GH LQWHUYHQomR

QmRHVWLYHUGHFRQIRUPLGDGHFRPRVDQVHLRVGDVDOPDVHQYROYLGDVRFRUUHWDPEpPXPGHVHTXLOtEULRTXHSRGHUi
WHUGLPHQV}HVSHTXHQDVRXLPHQVDV


( SDUD TXH D RUGHP VHMD UHVWDEHOHFLGD DOJXpP WHP GH VXSRUWDU WRGD HVVD QHJDWLYLGDGH TXH QR

FDVRVHUiVHPSUHTXHPDSURYRFRX


3RU LVVR GLVVHPRV DQWHULRUPHQWH TXH D GHVREVHVVmR HJRtVWD SRGH FDXVDU SUHMXt]R DR SUySULR

IDFLOLWDGRU DR SDFLHQWH H D WRGRV RV GHPDLV HQYROYLGRV 2 IDFLOLWDGRU TXH WHUi GH DUFDU VR]LQKR FRP D
QHJDWLYLGDGH RULXQGD GR GHVHTXLOtEULR SRU HOH SURYRFDGR H DRV GHPDLV TXH WHUmR GH HQFRQWUDU XP QRYR
SURFHVVRKDUP{QLFRSDUDYROWDUHPDWHURGLUHLWRGHDSUHQGHU

  3HUGRHPH SRLV QRYDPHQWH ILTXHL FRQIXVR (VWRX DFKDQGR TXH DSyV RV VHXV FRPHQWiULRV DV ILJXUDV GRV
WHUDSHXWDV HWF  IDULDP PDLV PDO TXH EHP 3RGHULD PH H[SOLFDU HQWmR SRUTXH p QHFHVViULD D H[LVWrQFLD
GHVVDVSHVVRDVQHVWHSURFHVVR"


&RQIRUPH Mi H[SOLFDPRV R SURFHVVR GH DSUHQGL]DGR p DOWDPHQWH FRPSOH[R 7RGR DTXHOH TXH

HVFROKHXDiUGXDWDUHIDGHVHUXPIDFLOLWDGRUDVVLPRIH]SRUYiULRVPRWLYRV


$VHJXLUWHQWDUHPRVH[SOLFDUDOJXQVGHOHV

2 IDFLOLWDGRU IXQFLRQD FRPR XP YHUGDGHLUR FDWDOLVDGRU GH HQHUJLD HP VL SUySULR H HP RXWUDV

HQWLGDGHV $VVLP DR PHVPR WHPSR TXHSRWHQFLDOL]DHHTXLOLEUDD HQHUJLDDOKHLDWDPEpPDSUHQGHD PDQLSXODU


HVWD HQHUJLD HP VL PHOKRUDQGR VXD SUySULDFDQDOL]DomR GH/X]RTXHR SRVVLELOLWDUi PHOKRUDU HH[SDQGLUD VXD
FDQDOL]DomRHDVVLPFXLGDUGHHQWLGDGHVHPQ~PHURFDGDYH]PDLRU


( GHVWD IRUPD R IDFLOLWDGRU WDPEpP FDWDOLVD R VHX SUySULR FDUPD SRLV SDVVD D DX[LOLDU HQWLGDGHV

HQFDUQDGDV H GHVHQFDUQDGDV FRP DV TXDLV XP GLD WHULD GH FRQYLYHU QHVWH PXQGR GH SHQVDPHQWR RX HP RXWURV
SXODQGRHVWDHWDSDSHODYLDGRDX[tOLRHVSLULWXDOTXHHVFROKHX


3RU RXWUR ODGR TXDQGR XPD DOPD HVFROKH VHU XP IDFLOLWDGRU WHUi XPD LPHQVD UHVSRQVDELOLGDGH HLV

TXH LQ~PHUDV HQWLGDGHV SDVVDP D GHSHQGHU GH VXD LQWHUYHQomR FRUUHWD SDUD SRWHQFLDOL]DU R SURFHVVR GH
DSUHQGL]DGRQDTXHODH[LVWrQFLDPHGLDQWHRTXHFRQWUDWDUDPSUHYLDPHQWH(TXDQGRHVWHSURFHVVRGHFRQILDQoD
p EHP VXFHGLGR D OLEHUDomR FiUPLFD YDL PXLWR DOpP GD UHODomR HQWUH IDFLOLWDGRU H SDFLHQWH DEUDQJHQGR
WDPEpPRVREVHVVRUHVHQYROYLGRVQRSURFHVVR1HVWHFDVRDLQWHUYHQomRVHUiXPDLPHQVDErQomRSDUDWRGRV


&RQWXGRVHRIDFLOLWDGRUpGHUURWDGRSRUVHXSUySULRHJRVHMDLQLFLDQGRTXHPQmRGHYDVHULQLFLDGR

SRUPRWLYRVSXHULVVHMDLQLFLDQGRDQWHVGRPRPHQWRDGHTXDGRRTXHpPXLWRFRPXPHPUHODo}HVIDPLOLDUHV
VHMD ID]HQGR D GHVREVHVVmR GH IRUPD HJRtVWD PXLWRV SHUGHP H PDLV DLQGD R SUySULR IDFLOLWDGRU QmR DSHQDV
SRUTXH DWUDLX SDUD VL XPD QHJDWLYLGDGH H[WUD PDV SULQFLSDOPHQWH SRUTXH SHUGHX D FKDQFH GH HTXLOLEUDU
LQ~PHURVLUPmRVFRPRVTXDLVSUHYLDPHQWHFRQWUDWRXHPRXWUDVGLPHQV}HV


)LQDOPHQWH H[LVWHP WDPEpP IDFLOLWDGRUHV VHP FDUPD PDV HVWHV HVWmR HQYROYLGRV QR SURFHVVR GH

DSUHQGL]DGR SRU SXUR DPRU j KXPDQLGDGH $OJXQV HQVLQDP H DPDP D WRGRV YLQGR FRP XP SURSyVLWR EHP
GHILQLGR 2XWURV FRP SURSyVLWR PDLV JHQpULFR QDVFHP FRP VpULRV SUREOHPDV ItVLFRV H PHQWDLV R TXH RV
SRVVLELOLWD D PDQLSXODUHP H FDQDOL]DUHP D HQHUJLD GH IRUPD PDLV SXUD FDWDOLVDQGR D HQHUJLD GHQWUR GH VHX
SUySULRFDPSRHQHUJpWLFRH[SDQGLGR(VSHUDPRVWHUQRVIHLWRFRPSUHHQVtYHLV

 &RPRHIHWXDUDGHVREVHVVmRVHPLQWHUIHULUQROLYUHDUEtWULR"


$QWHV GH LQLFLDU D WpFQLFD TXH PHOKRU OKH DWUDL WHQKD HP PHQWH TXH H[LVWHP YiULDV HQWLGDGHV

HQYROYLGDVQDTXHOHPRPHQWRHTXHPXLWDVHVWDUmRVREVXDUHVSRQVDELOLGDGHGLUHWD


&KDPH SDUD FRODERUDU FRP RV WUDEDOKRV R VHU PXOWLGLPHQVLRQDO GR SDFLHQWH H WDPEpP GRV

REVHVVRUHV GHVWH 'LJD PHQWDOPHQWH TXH QDGD VHUi IHLWR VHPD DQXrQFLDGHWRGRVRVHQYROYLGRV3HoDSDUDTXH
RV DUFDQMRV PHVWUHV GH /X] GHQWUH RXWURV FRRUGHQHP WRGR R SURFHVVR SDUD TXH HVWH HVWHMD GH FRQIRUPLGDGH
FRP D KDUPRQLD GH WRGRV RV XQLYHUVRV PXOWLGLPHQVLRQDLV 3HoD WDPEpP SDUD WDLV HQWLGDGHV GH /X]
SURPRYHUHP HQVLQDPHQWRV H SDOHVWUDV GH DX[tOLR QDTXHOH PRPHQWR GDQGROKHV OLEHUGDGH GH RULHQWDU FDGD XP
GRVVHUHVPXOWLGLPHQVLRQDLVHQYROYLGRV


9LEUH FRP D HQHUJLD GH $PRU 8QLYHUVDO H GHL[HD DEUDQJHU WRGR R DPELHQWH$RV TXH VDEHP XQLURV

FKDFUDV FRQIRUPH HQVLQRX .ZDQ <LQ H $ULHO DVVLP R IDoDP SRUTXH p XP PpWRGR DOWDPHQWH HILFD]  RXWURV
PpWRGRV VHUmR HQVLQDGRV TXDQGR KRXYHU SUHSDUR $RV GHPDLV LPDJLQHPVH OLJDGRV DRV VHUHV GH /X] PHGLDQWH
XPUDLRGHOX]GRXUDGDSURYLQGRGHVHXVFRUDo}HV



'HL[H GH ODGR RV VHQWLPHQWRV HJRtVWDV H OLEHUH D HQHUJLD GH $PRU GR DPELHQWH SDUD TXH VH IDoD R

TXHWHPGHVHUIHLWRQDTXHOHPRPHQWRHQmRPDLVGRTXHLVWR


6H TXLVHU VH XWLOL]DU GH XP PpWRGR H[SDQVLYR GH /X] DOKHLD WDO TXDO 5HLNL .DUXQD RUDo}HV

FDQDOL]DGRUDV WpFQLFDV PHQWDLV HWF YRFr R SRGHUi ID]HU HP FRQMXQWR FRP R SURFHVVR GH GHVREVHVVmR PDV
OHPEUHVH GD QHFHVVLGDGH GH DYLVDU PHQWDOPHQWH DRV TXH UHFHEHUmR HVWD HQHUJLD EHP FRPR DRV PHVWUHV GH
/X] SDUD TXH DSHQDV D HQHUJLD QHFHVViULD j KDUPRQLD H DR HTXLOtEULR VHMD HQFDPLQKDGD 1HP PDLV QHP
PHQRV


&DVR YHMD DOJXP LPSODQWH OLPLWDGRU GH HQHUJLD WDPEpP SHoD SHUPLVVmR SDUD UHWLUiOR 1XQFD R

UHWLUH VHP HVWD DXWRUL]DomR SRUTXH HOH SRGH WHU XP RXWUR PRWLYR PDLRU SDUD HVWDU DOL R TXDO YRFr SRGH
GHVFRQKHFHU


7RPDQGR HVWHV FXLGDGRV R UHVWR QmR SDVVDUi GH FUHQoDV PDV VLJD D VXD SUySULD WpFQLFD GH

GHVREVHVVmR SDUD TXH WHQKD D VHJXUDQoD PHQWDO DSURSULDGD DR TXH SUHFLVD VHU IHLWR QDTXHOH PRPHQWR
HVSHFtILFR


7HQKD HP PHQWH TXH DSyV D GHVREVHVVmR SRGHP RFRUUHU LQLFLDo}HV H UHLQLFLDo}HV GRV VHUHV

PXOWLGLPHQVLRQDLVGRVSDFLHQWHVHGHRXWURVVHUHVGHVHQFDUQDGRVDOLSUHVHQWHV,VWRSRGHUiRFRUUHUFRPRILPGH
DXPHQWDUOKHVGHQWURGRTXHIRUSHUPLWLGRDYLEUDomRSHVVRDOFDWDOLVDQGRDLQGDPDLVRSURFHVVRGHFXUD


$FHLWH VHUYLU GH FDQDO SDUD WDLV LQLFLDo}HV VHP TXDOTXHU PHGR RX UHFHLR SRUTXH HVWH DXPHQWR GH

IOX[RHQHUJpWLFRHVWDUiHPFRQIRUPLGDGHFRPRTXHGHVHMDRDVWUDOPHVPRSRUTXHDVHQWLGDGHVGH/X]HVWDUmR
FRQGX]LQGRRSURFHVVR


6H SUDWLFDUHP D GHVREVHVVmR HP JUXSR QmR FRQYHUVHP GLVFXWDP RX WHQWHP LPSRU VHXV HJRV QR

PRPHQWR GR DWHQGLPHQWR DR SDFLHQWH 3UHIHUHQFLDOPHQWH GHL[HP DSHQDV XP HQFDUQDGR QD FRQGXomR GRV
WUDEDOKRV SRUTXH RV GHPDLV SRGHUmR WHU H[SOLFDo}HV H LQIRUPDo}HV ~WHLV DFHUFD GR SURFHVVR DOpP GH GDUHP
VXSRUWH HQHUJpWLFR DR PHVPR (QFHUUDGR FDGD XP GRV DWHQGLPHQWRV FRPSDUWLOKHP R TXH VHQWLUDP HQWUH VL H
FRP R SDFLHQWH  7HUPLQHP RV WUDEDOKRV FRQIRUPH LQWXLomR SHVVRDO RX JUXSDO WRPDQGR FXLGDGR SDUD QmR
LQWHUYLUHP QR OLYUH DUEtWUHR WHQGR FHUWH]D TXH WRGRV JDQKDUDP FRP HVWH PDUDYLOKRVR SURFHVVR GH FXUD H GH
GHVREVHVVmR

  $JUDGHoRDVXDOLQGDH[SOLFDomR&RQWXGRILTXHLUHFHRVRFRPRTXHMiIRLGHVHQYROYLGRQRVWUDEDOKRVGH
DSRPHWULD FyVPLFD ([LVWH UHVTXtFLR FiUPLFR HLV TXH SDUWH GR TXH DFDED VHU HQVLQDGR QmR IRL IHLWR
DQWHULRUPHQWH"


7XGRRTXHIRLIHLWRVHUYLXGHDSUHQGL]DGRHMiKDYLDVLGRSUpFRQWUDWDGRSRUWRGRVRVPHVWUHVGHVVH

PXQGRGHSHQVDPHQWR


(VSHFLDOPHQWH HP  XP LPHQVR JUXSR GH VHUHV PXOWLGLPHQVLRQDLV IRL WUDWDGR H D JUDQGH

PDLRULD GHVWHV Mi OKHV VmR JUDWRV SRUTXH ERD SDUWH Mi UHVWDEHOHFHX DOJXQV FRUSRV DVWUDLV TXH WLQKDP SHUGLGR
TXHEUDQGRVHDPDOGLomRTXHDLQGDVHULDPXLWRORQJDDRVPHVPRV


1RWH TXH QHVVD GDWD DSHQDV RIHUWDPRV SUHVHQWHV GDGD D PDJQLWXGH GR HYHQWR QR DVWUDO H R

GHVSUHSDUR GH DOJXQV SDUD VHU GDGR LQtFLR DR SURFHVVR GH UHLQLFLDomR H LQLFLDomR R TXH SRGHULD JHUDU XP
SURIXQGRVHQWLPHQWRHJRtVWDTXHQmRVHULDEHQpILFRDQLQJXpP


(PRXWUDVRFDVL}HVMiQRVIRLSHUPLWLGRUHLQLFLDUHLQLFLDUDOJXQVGRVSLODUHVGH/X]QHVVHPXQGRGH

SHQVDPHQWRDLQGDTXHDOJXQVQmRVHVLQWDPSUHSDUDGRVHWHQKDPXPDOLJHLUDLQVHJXUDQoD


)RL FRUUHWR R SURFHGLPHQWR GH XQLmR FRP R DVWUDO &RPR QRV SHUPLWLPRV XQLU D YRFrV WRGDV DV

HQWLGDGHVGH/X]SUHVHQWHVDRSURFHVVRLPSHGLUDPTXHDOJRGHVVHHUUDGRPHVPRSRUTXHGRFRQWUiULRWDPEpP
VHUtDPRVUHVSRQViYHLVSHORFDUPDDGTXLULGR


$ ~QLFD H[FHomR QD TXDO UHDOPHQWH TXDVH RFRUUHX XP VpULR SUREOHPD IRL QD ~OWLPD UHXQLmR RQGH

DOJRHVWDYDVDLQGRIRUDGHQRVVRFRQWUROHIDFHDH[SDQVmRHFKRTXHVGHHJRVHFUHQoDVGRVIDFLOLWDGRUHV1HVWD
GDWDDOJXQVDFKDUDPHVWUDQKDDIRUPDGHWHUPLQDUPRVRVWUDEDOKRVDRSHGLUPRVTXHRHVWDGRRULJLQDOIRVVHUH
HVWDEHOHFLGR GH IRUPD JHQpWLFD 0DV LVWR VH GHX SDUD HYLWDUPRV XP SUREOHPD PDLRU SDUD WRGRV ,QIHOL]PHQWH
HVWD UHXQLmR IRL FDQFHODGD H UHYHUWLGD DR ILQDO QmR WHQGR DWLQJLGR VHXV EHQHItFLRV PDV WDPEpP QmR GHL[RX
UHVTXtFLRV DQWH D UHYHUVmR HIHWXDGD HP WHPSR KiELO $SHQDV DTXLOR TXH QmR SUHMXGLFRX R SURFHVVR IRL SRU QyV
PDQWLGRRTXHIRLPXLWRDTXpPGRTXHIRLIHLWR


&RP R HQVLQDPHQWR GH KRMH RXWURV PHVWUHV GHVVH PXQGR GH SHQVDPHQWR VHUmR FKDPDGRV PDV

DLQGD IDOWDUi XP ~OWLPR HQVLQDPHQWR R TXDO YLUi QR PRPHQWR RSRUWXQR H VHUi FDQDOL]DGR SRU RXWUD SHVVRD GR
JUXSRRULJLQDO0DVSDUDTXHLVWRRFRUUDSDUWHGRHJRGHVVDSHVVRDGHYHVHUFRQWURODGRSRUHODSUySULD


2XWURVSLODUHVGH/X]LUmRVHXQLUDYRFrVQRIXWXURPDVWXGRRFRUUHUiQRPRPHQWRDGHTXDGR

)LQDOPHQWH LQIRUPDPRV TXH DSHQDV DTXHOHV TXH SUHFLVDYDP GH DOJXPD IRUPD VHUHP WUDWDGRV

XUJHQWHPHQWH R IRUDP HVSHFLDOPHQWH RV TXH WLQKDP D PHVPD FDUJD JHQpWLFD TXH DOJXQV SLODUHV GH /X] GHVVH
PXQGR GH SHQVDPHQWR RX TXH WLQKDP LPHQVR FRQWUDWR HQHUJpWLFR SDUD FRP RV IDFLOLWDGRUHV SUHVHQWHV DR



SURFHVVR ( HVVH DWHQGLPHQWR DSHQDV IRL DXWRUL]DGR HP QtYHO DPEXODWRULDO DSHQDV SDUD HYLWDU TXH DOJR IRVVH
IHLWRDQWHVGRPRPHQWRDGHTXDGRRTXHSRGHULDWDPEpPJHUDUQHJDWLYLGDGH


$SHVDUGHVVHSURFHVVRWDPEpPHQYROYHUXPDFRPSOH[LGDGHTXHHVWiDOpPGHVXDFRPSUHHQVmRLVVR

p WXGR R TXH QRV p SHUPLWLGR H[SOLFDU QHVWH PRPHQWR PDV DFUHGLWH TXH HVWDPRV SUHVHQWHV D FDGD XP GRV
SLODUHVGH/X]GHVVHPXQGRGHSHQVDPHQWRDX[LOLDQGRRVDFDGDGLDHDFDGDQRLWH

 1RWHLTXHDQWHULRUPHQWHIRLGLWRDOJRSDUDTXHQmRUHWLUiVVHPRVRVLPSODQWHVVHPDGHYLGDDXWRUL]DomR
DLQGD TXHR WHQKDPRVYLVWRV 6HPSUHDFKHLTXH VHHXHVWRX YHQGRXPLPSODQWH HUDSRUTXHDUHWLUDGDWHULD
VLGRDXWRUL]DGD9RFrSRGHPHGDUPDLRUHVH[SOLFDo}HVVREUHHVWHWHPD"


&RPR Mi R GLVVHPRV R SURFHVVR p PXLWR PDLV FRPSOH[R TXH YRFr H ERD SDUWH GRV IDFLOLWDGRUHV

LPDJLQD7HQWDUHPRVGDUXPH[HPSORFRPSUHHQVtYHOQDGLPHQVmRGHVHXSHQVDPHQWR


8P GHQWLVWD PXLWDV YH]HV XWLOL]DVH GH DSDUHOKRV HP VHXV SDFLHQWHV FRP R ILP GH FRUULJLU XPD

IDOKD RGRQWROyJLFD 7DO DSDUHOKR PXLWDV YH]HV FDXVD GRU QR SDFLHQWH PDV UHIHULGR DSDUHOKR QmR HVWi DOL SDUD
SUHMXGLFiOR H VLP SDUD FRUULJLU DOJR DLQGD TXH QR IXWXUR 'H LJXDO IRUPD DLQGD TXH VH YLVXDOL]H XP FKLS
HVWH SRGH HVWDU DOL SDUD FRUULJLU XP SURFHVVR GH QHJDWLYLGDGH PDLRU DLQGD REVFXUR DR IDFLOLWDGRU TXH SDUD VHU
FRUULJLGRGHSHQGHGLUHWDPHQWHGDTXHOHFKLSHVWDUDOLQDTXHOHORFDOHQDTXHOHHVSDoRWHPSR


(VSHURTXHWHQKDHQWHQGLGRGRSRUTXHVHUQHFHVViULRRFRQVHQWLPHQWR


  3HUGRHPH PDV HVVD VXD H[SOLFDomR PH SDUHFH HTXLYRFDGD $FKR LQDFHLWiYHO TXH WDLV FKLSV QHJDWLYRV
SRVVDP WUD]HU XP EHP ILQDO DR SDFLHQWH GHSHQGHQGR GR FDVR 6H WDLV FKLSV HVWmR FRPR SURGXWR GH
YDPSLUL]DomRFRPRHQWHQGHUTXHHPDOJXQVFDVRVHOHVWrPHIHLWRILQDOSRVLWLYR"


1RWHEHPRTXHpFHUWRSDUDYRFrSRGHVHUGLYHUVRSDUDRXWUDSHVVRDDLQGDTXHQmRVHVDLDGDVXD

GLPHQVmRGHSHQVDPHQWR


0XLWDV YH]HV SRU RSomR D HQWLGDGH SUHIHUH SHUPDQHFHU FRP DTXHOH FKLS SRUTXH QmR WHP D

VHJXUDQoD

GHYLGD

SDUD

WUDEDOKDU

FRP

DTXHOD

HQHUJLD

RSWDQGR

SRU

VHU

UHVWULQJLGD

SDUFLDOPHQWH

H

WHPSRUDULDPHQWHDWpTXHVHDFRVWXPHDPDQLSXODUHVVDVXDQRYDHQHUJLD


1HVWH FDVR R FKLS DSHQDV VHUi YLVtYHO DR IDFLOLWDGRU SRUTXH HOH HVWi DXWRUL]DGR D SHUPDQHFHU DOL

WHPSRUDULDPHQWH SHOD SUySULD HQWLGDGH PDV GHYH SHUPDQHFHU DOL DWp R PRPHQWR DGHTXDGR GH VXD UHWLUDGD
IXWXUD


5HWLUDURFKLSDQWHVGRPRPHQWRDGHTXDGRSRGHFDXVDUXPDLQVHJXUDQoDHPHGRjHQWLGDGHTXH

SRGHUiSUHMXGLFDUXPSURFHVVRGHFDQDOL]DomRPDLRUSHODPHVPD


([LVWHP RXWURV PRWLYRV SDUD HVVH IDWR GH VH VROLFLWDU D UHWLUDGD PDV HVWHV VHULDP GHPDVLDGDPHQWH

LQFRPSUHHQVtYHLVHPVXDGLPHQVmRGHSHQVDPHQWR


4XDQGR VH SHGH SHUPLVVmR SDUD D UHWLUDGD HP KDYHQGR DXWRUL]DomR LVWR RFRUUHUi QDWXUDOPHQWH H

GHIRUPDLQVWDQWkQHD6HQmRRFRUUHUGHIRUPDQDWXUDOWHQKDDFHUWH]DTXHQmRIRLDXWRUL]DGRHGHL[HRFKLS
QRORFDORQGHRPHVPRVHHQFRQWUD


7XGR D VHX WHPSR /HPEUHVH GH UHVSHLWDU DFLPD GH WXGR R OLYUH DUEtWULR H R PpWRGR GH

DSUHQGL]DGRHVFROKLGRSRUFDGDXP


1DUHDOLGDGHYHURFKLSQmRLPSRUWDPHVPRSRUTXHLVWRWDPEpPpUHODWLYR

(P DOJXPDV RFDVL}HV SRGHP RFRUUHU GH YRFr QmR YHU R FKLS QmR PHQVXUiOR FRP DSDUHOKRV PDV

HOHHVWDUOi(VDEHSRUTXHLVWRRFRUUH"3HORVLPSOHVIDWRGHTXHHOHWHPGHSHUPDQHFHUDOLSRLVVHWUDWDGHXPD
HQHUJLD TXH DLQGD WHP GH VHU DSULPRUDGD DR SRQWR GD SUySULD HQWLGDGH WRUQiOR YLVtYHO H H[SXOViOR GH VHX
FDPSRHQHUJpWLFR


4XDQGRDOJXpPFRQFOXLHTXLYRFDGDPHQWHTXHRXWUDSHVVRDQmRWHPFKLSHQWHQGDTXHHVWDSHVVRD

QmRWHPQHQKXPFKLSQmRDXWRUL]DGR(LVWRpEHPGLIHUHQWHGHQmRWHUFKLSRXRXWUDIRUPDGHUHVWULomR


$VVLPRIDFLOLWDGRUVRPHQWHYHUiRVFKLSVQmRDXWRUL]DGRVHRVTXHHVWmRDOLHPFDUiWHUWHPSRUiULR

(pSRUHVWDUD]mRTXHDOJXQVGHYRFrVLQLFLDPXPSURFHVVRGHFXUDKROtVWLFDHDOJXPWHPSRGHSRLV

YHULILFDP D H[LVWrQFLD GH XP FKLS QRYR 2 TXH DFRQWHFH p TXH QmR UDUR DTXHOH FKLS p YHOKR $SHQDV D
YLVXDOL]DomR GR PHVPR p QRYD SRLV R SDFLHQWH HOHYRX R VHX QtYHO HQHUJpWLFR GH /X] D XP SRQWR RQGH HVWD /X]
SHQHWUD HP XP ORFDO DWp HQWmR REVFXUR ( HVWD /X] DR SHQHWUDU QHVWH QRYR PXQGR REVFXUR SDVVD D GDU
FRQGLo}HVDRIDFLOLWDGRUGHYLVXDOL]iORHUHWLUiORGHVGHTXHWHQKDDXWRUL]DomRSDUDWDQWR

 7HPDOJXPDFRLVDTXHQHFHVVLWHVHUDLQGDH[SOLFDGRQDGDWDGHKRMH"


$SHQDVXPSHTXHQRSRQWRTXHDLQGDQmRDERUGDPRVPDVTXHHVWiHPVLQWRQLDFRPRMiHQVLQDPRV

$FRQVHOKDPRV DRV IDFLOLWDGRUHV TXH PLQLVWUDP FXUVRV TXH QXQFD IHFKHP XPD SRUWD GH DFHVVR

jTXHOHVVHPUHFXUVRVILQDQFHLURVMiTXHSRGHUiVHWUDWDUGHXPFKDPDGRGRDVWUDOSDUDXPDRXPDLVHQWLGDGHV
HQYROYLGDVQDTXHOHSURFHVVR



1mR p HUUDGR FREUDU SHORV HQVLQDPHQWRV DOLiV p QHFHVViULR SDUD HYLWDU TXH GHWHUPLQDGDV

LQIRUPDo}HV FKHJXHP D SHVVRDV QmR DXWRUL]DGDV RX DLQGD QmR SUHSDUDGDV R TXH SHOR TXH IRL LQIRUPDGR SRGH
SUHMXGLFDURIDFLOLWDGRUHjVSUySULDVHQWLGDGHVQmRSUHSDUDGDVTXHWLYHUDPDFHVVRDHVWHFRQKHFLPHQWR


1mRIRLjWRDTXH-HVXVGLVVHSDUDQmRGDUPRVSpURODVDRVSRUFRVMiTXHDOpPGHVHUXPDWRLQ~WLO

SRGHPDWDURSRUFRSRULQGLJHVWmR


$FREUDQoDWDPEpPpQHFHVViULDSDUDLVHQWDURIDFLOLWDGRUGDUHVSRQVDELOLGDGHGRFRPSDUWLOKDPHQWR

GHVHXVHQVLQDPHQWRVSRLVPXLWDVYH]HVQmRVHSRGHWHUDFHVVRDtQGROHGRVLQLFLDGRV


3RU WXGR R TXH HQVLQDPRV QD GDWD GH KRMH QXQFD IHFKHP DV SRUWDV DR FKDPDGR GR DVWUDO

UHVHUYDQGR XP GpFLPR GDV FDGHLUDV jTXHOHV VHP UHFXUVRV ILQDQFHLURV &RPHFHP FRP XPD FDGHLUDUHVHUYDGD DR
FKDPDGRDVWUDOGHSRLVDXPHQWHPDWpDWLQJLUXPGpFLPRSRGHQGRUHVHUYDUPDLVFDGHLUDVVHDSURVSHULGDGHMi
OKHVWLYHUEDWLGRjSRUWDHLVWRQmROKHVIRUSUHMXGLFLDO


&RQWXGR DLQGD TXH VH WHQKD DSHQDV XPD FDGHLUD H XP ~QLFR LQWHUHVVDGR GHVSURYLGR GH UHFXUVRV

ILQDQFHLURV IDoD XP VRUWHLR SRUTXH DVVLP DJLQGR VHUi R DVWUDO TXHP GHFLGLUi VH DTXHOD SHVVRD p PHUHFHGRUD
GH ID]HU R FXUVR GH IRUPD JUDWXLWD RX QmR H  VH HVWH p R PRPHQWR DGHTXDGR 3URPRYD HVVH VRUWHLR HP GDWDV
DQWHULRUHVDRFXUVRLQIRUPDQGRRSUrPLRDRVLQWHUHVVDGRVGHIRUPDDSRVVLELOLWDUDVHSURJUDPDUHPGLJQDPHQWH
SDUDRFKDPDGRGRDVWUDO


$JLQGRDVVLPQXQFDWHUmRSUREOHPDVFRPGHVHTXLOtEULRVHVHPSUHDSURVSHULGDGHDXPHQWDUiDFDGD

GLDSRUTXHKiUHVSHLWRHVLPLODULGDGHFRPRDVWUDO


3RURXWURODGRVHRIDFLOLWDGRUIRUUHSURYDGRQRWHVWHGHL[DQGRGHLQLFLDUTXHPGHYHULDLQLFLDUSRU

PRWLYR HJRtVWD H ILQDQFHLUR LQIHOL]PHQWH FHGR RX WDUGH WHUi GH DUFDU FRP R GHVHTXLOtEULR TXH
FRQVFLHQWHPHQWHSURYRFRX


6RPRVHWHUQDPHQWHJUDWRVSRUHVWHFRQWDWR




*UXSRGH$SRLRD+LODULRQ&RPDQGR(VWHODU






'(&5(72'(/,%(57$d2
&DQDOL]DGRSRU$OH[DQGUH'RPLQJXHV&KDJDV/LPD6mR3DXOR%UDVLO
(X DSHOR j PLQKD FHQWHOKD GLYLQD H WRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV SDUD TXH

FRPSUHHQGDP TXH WRGRV RV PXQGRV H XQLYHUVRV PXOWLGLPHQVLRQDLV VmR PHFDQLVPRV GH LOXVmR FULDGRV
SDUDOLEHUWDUDQHJDWLYLGDGHTXHXPGLDOKHVIRLLQWHUQD
(X DSHOR j PLQKD FHQWHOKD GLYLQD H WRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV SDUD TXH
FRPSUHHQGDPTXHWRGDIRUPDGHDXWRSXQLomRFDUPDHMXOJDPHQWRWDPEpPVmRLOXV}HVSHORVLPSOHV
IDWRGHWHUHPQDVFLGRGRPXQGRGDVLOXV}HV
(X DSHOR j PLQKD FHQWHOKD GLYLQD H WRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV SDUD TXH
FRPSUHHQGDP TXH D LOXVmR TXH HODV FULDUDP p D ~QLFD FRLVD TXH QRV LPSHGH GH UHWRUQDU j *UDQGH
0RUDGDGH'HXV
(X DSHOR j PLQKD FHQWHOKD GLYLQD H WRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV SDUD TXH
FRPSUHHQGDP TXH R GHVHMR GH FXPSULU R FDUPD WDPEpP p LOXVyULR SRUTXH DR VH FXPSULU XP FDUPD
DQWLJR VHPSUH QDVFHUi XP FDUPD QRYR R TXH DFDUUHWD QXP FLFOR LQILQLWR H HWHUQR HTXLYRFDGR H
FKHLRGHLOXV}HV
(X DSHOR j PLQKD FHQWHOKD GLYLQD H WRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV SDUD TXH
FRPSUHHQGDP TXH QmR VH SRGH VHUYLU D GRLV 6HQKRUHV RX VH VHUYH j LOXVmR HVH DIDVWD GD 0RUDGDGH
'HXVRXVHVHUYHD'HXVHVHDEDQGRQDDLOXVmRGRVPXQGRVGDLOXVmR
(X DSHOR j PLQKD FHQWHOKD GLYLQD H WRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV SDUD TXH
HQWHQGDP H DFHLWHP TXH WDO TXDO QD SDUiEROD GR )LOKR 3UyGLJR R QRVVR  LPHGLDWR UHWRUQR j *UDQGH
0RUDGD GH 'HXV VHUi DSODXGLGR H IHVWHMDGR LQGHSHQGHQWHPHQWH GH VHQWLPHQWRV GH DXWRSXQLomR
SRUTXH 'HXV VH UHJR]LMDUi HP VDEHU TXH PLQKD FHQWHOKD GLYLQD H WRGDV DV PDQLIHVWDo}HV GHVWD VH
DEULUDPj9HUGDGHHDEDQGRQDUDPRFLFORGRVPXQGRVGDVLOXV}HV
3RU WXGR LVVR HP PHX QRPH HP QRPH GH PLQKD FHQWHOKD GLYLQD H HP QRPH GH WRGDV
PLQKDVPDQLIHVWDo}HVGLYLQDVQRWHPSRHVSDoRHQRVXQLYHUVRVPXOWLGLPHQVLRQDLVFRQKHFLGRVRXQmR
HP QRPH GR PHX (X6RX&ROHWLYR (8 '(&5(72 TXH R GLD GH UHWRUQR j 0RUDGD GH 'HXV FKHJRX H p
+2-(H$*25$ GL]HUYH]HV 
(SRUHVWDUD]mRHHPQRPHGRPHX(X&ROHWLYR0XOWLGLPHQVLRQDO
(X LQYRFR D WRGRV RV 6HUHV GH /X] TXH FRQKHFHUDP D 9HUGDGH SDUD TXH D PLQKD FHQWHOKD
GLYLQDHWRGDVDVPLQKDVPDQLIHVWDo}HVGLYLQDVWDPEpPDWLQMDPHDOFDQFHPD9HUGDGH
(XLQYRFRR(VStULWR6DQWRSDUDTXHPHUHFHEDHP6XD0RUDGD
(XLQYRFR-HVXVSDUDTXHPHFRQGX]DDR5HLQRGH'HXVLQWHUQRHH[WHUQR
(X LQYRFR R &RQVHOKR GR &DUPD SDUD TXH PH OLEHUWH FRPSOHWDPHQWH QR SDVVDGR QR QR
IXWXURHQRHWHUQRSUHVHQWHLQFOXVLYHHPWRGDVDVGLPHQV}HVGLYLQDV
(XLQYRFRPLQKDTXHULGD0mH&yVPLFDSDUDTXHJHUHHPPLPXPQRYR&ULVWRDEULQGRHP
PLPR&DPLQKRD9HUGDGHHD9LGD
(HXLQYRFRWRGRVRV*UDQGHV0HVWUHVGH/X]'LYLQDSDUDPHDX[LOLDUHPQHVWHSURFHVVRGH
FXUDHOLEHUWDomR
+XPLOGHPHQWH URJR D WRGRV RV *UDQGHV 6HUHV GH /X] TXH FRQYHQoDP H[SOLTXHP H
SURYHP j PLQKD FHQWHOKD GLYLQD H D WRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV TXH SHOD /HL GR /LYUH
$UEtWULR p SRVVtYHO DEDQGRQDU D LOXVmR D TXDOTXHU PRPHQWR H UHWRUQDU j 0RUDGD GH 'HXV TXH VH
GHVHMDU

(X $3(/2 DR $UFDQMR 0LJXHO H D VHX H[pUFLWR GH DQMRV SDUD TXH UHVJDWH KDUPRQL]H H
SURWHMD D PLQKD FHQWHOKD GLYLQD HWRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV GXUDQWH WRGR R WHPSRTXH
GXUDUHVWDVDJUDGDH[SHULrQFLD
(X $3(/2 DRV DUFDQMRV 0LJXHO 5DIDHO H *DEULHO SDUD QHXWUDOL]DUHPPHXV PHGRV H WRGR H
TXDOTXHU PHFDQLVPR GH FRQWUROH H[WHUQR RX LQWHUQR TXH SRVVD LQWHUIHULU QHVWH SURFHVVR GH FXUD GH
OLEHUWDomRHGHUHWRUQRj8QLGDGH'LYLQD



(X '(&5(72 H 25'(12 j PLQKD FHQWHOKD GLYLQD H WRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV
SDUD IHFKDUHP H VHODUHP WRGRV RV PHXV FDPSRV DVWUDLV D WRGD H TXDOTXHU HQHUJLD PDOLJQD 7DPEpP
SHoRDR$UFDQMR0LJXHOHDWRGRVRVVHXVDQMRVDVWUDLVSDUDTXHDX[LOLHPQHVWHSURFHVVRGHVHODJHPH
SURWHomR
(X DSHOR DR &tUFXOR GH 6HJXUDQoD 'LYLQD SDUD TXH VHOH SURWHMD H DXPHQWH R HVFXGR GR
$UFDQMR 0LJXHO DVVLP FRPR SDUDTXHUHPRYDTXDOTXHUFRLVDTXHQmRVHMDGHQDWXUH]D&UtVWLFDGHVWH
DPELHQWHHTXHSRVVDDLQGDH[LVWLUGHQWURGRPHXFDPSRHQHUJpWLFRPXOWLGLPHQVLRQDO
1HVWH PRPHQWR VDJUDGR HVWRX VHODGR H SURWHJLGR 6RPHQWH D LQWHQVD /X] 'LYLQD SRGH
HQWUDUHPWRGRVRVPHXVFRUSRVDVWUDLVHItVLFR
(X 6RX (X 'HVHMR H (X 2UGHQR TXH WRGDV DV PLQKDV PDQLIHVWDo}HV GLYLQDV TXH VH
WUDQVIRUPHPQHVWHPRPHQWRQXPJUDQGHFDQDOGLYLQRGDPDLVSXUD/X]'LYLQD LPDJLQDUVHVHQGRXP
LPHQVRWXERGH/X]FKHLRGH/X]'LYLQD 
)RFDOL]H VXD DWHQomR HP VHX FRUDomR H IDoD FRP TXH VHXV VHQWLPHQWRV IDOHP HP
WRGDVDVGLPHQV}HVGHWHPSRHVSDoRRSHGLGRTXHYRFrIDUiDEDL[R 
2KPHX4XHULGR'HXV,QWHUQRH'HXV([WHUQRFRPRSUHWHQGRVHUOLYUHHUHWRUQDUDVHUXP
LQVWUXPHQWR GH 6XD /X] 'LYLQD H UHWRUQDU j 6XD 0RUDGD SHoR TXH DWLYH HP PLP LPHGLDWDPHQWH R
&DPLQKRD9HUGDGHHD9LGD
3RU LVVR HX DSHOR DR (VStULWR 6DQWR SDUD TXH OLEHUWH WRGRV RV VHUHV H FRLVDV TXH
HYHQWXDOPHQWH XP GLD IRUDP HVFUDYL]DGRV SRU PLQKD FHQWHOKD GLYLQD RX SRU PLQKDV PDQLIHVWDo}HV
PXOWLGLPHQVLRQDLV /LEHUWHP WRGRV RV VHUHV H FRLVDV TXH HVWLYHUDP OLJDGRV D PHX (X 6RX SRU
VHQWLPHQWRVLOXVyULRVQRVXQLYHUVRVGDVLOXV}HV

(X'(&5(72H25'(12jPLQKDFHQWHOKDGLYLQDHDWRGDVDVPLQKDVPDQLIHVWDo}HVGLYLQDV
TXH OLEHUWHP WRGDV DV HQWLGDGHV RX FRLVDV TXH DLQGD SRVVDP PDQWHU SULVLRQHLUDV H TXH TXHEUHP
WRGRV RV FRQWUDWRV PDOLJQRV PDOGLo}HV H RXWUDV HQHUJLDV PDOLJQDV TXH DLQGD SRVVDP DSULVLRQDU WDLV
HQWLGDGHVHFRLVDV$PDGRVLUPmRVHPDQLIHVWDo}HVGH'HXVQHVWHPRPHQWRHXYRVOLEHUWR
9RFrVVmROLYUHV GL]HUYH]HV 

8PD YH] TXH OLEHUWHL D WXGR H D WRGRV WDPEpP SHoR TXH QHVWH PRPHQWR D PLQKD
FHQWHOKDGLYLQDHWRGDVDVVXDVPDQLIHVWDo}HVGLYLQDVWDPEpPVHMDPOLEHUWDGDV
(SRUHVWDUD]mRHX$3(/2DR(VStULWR6DQWRSDUDTXHTXHEUHWRGRVRVFRQWUDWRVPDOLJQRV
PDOGLo}HVHGHPDLVHQHUJLDVPDOLJQDVTXHDLQGDSRVVDPHVWDUHVFUDYL]DQGRWRGDVDVPDQLIHVWDo}HVGH
PHX(X6RX'LYLQR
3RULVVRHX'(&5(72H25'(12jPLQKDFHQWHOKDGLYLQDHWRGDVDVPLQKDVPDQLIHVWDo}HV
GLYLQDV TXH SHOD /HL GR /LYUH $UEtWULR VHMDP OLYUHV H VH OLEHUWHP GH WRGRV RV FRQWUDWRV PDOLJQRV
PDOGLo}HV YRWRV GH ILGHOLGDGH H GHPDLV HQHUJLDV PDOLJQDV TXH SRVVDP DLQGD HVWDU YLQFXODGDV
HQHUJHWLFDPHQWH SHOD YLD GLUHWD RX LQGLUHWD ( HX $3(/2 DR $UFDQMR 0LJXHO SDUD TXH SURPRYD HVWD
OLEHUWDomR1HVWHPRPHQWRHXPHOLEHUWRGHWXGRHWRGRV
(XVRXOLYUH GL]HUYH]HV 

(VWDQGR PLQKD FHQWHOKD GLYLQD H PLQKDV PDQLIHVWDo}HV GLYLQDV OLEHUWDGDV IDOWD DLQGD D
PDLRUOLEHUWDomRDTXDOpLQWHUQDDRPHXUHFLSLHQWHGLYLQRPXOWLGLPHQVLRQDO
$VVLP HX $3(/2 DR (VStULWR 6DQWR SDUD UHWLUDU GH PLQKD FHQWHOKD GLYLQD H PLQKDV
PDQLIHVWDo}HV GLYLQDV WRGD HQHUJLD QHJDWLYD TXH HX SUySULR SODVPHL RX SHUPLWL VHUHP SODVPDGDV
GLUHWDRXLQGLUHWDPHQWHSHODYLDGDDXWRSXQLomR
(XPHSHUG{R GL]HUYH]HV 

(X $3(/2 DR (VStULWR 6DQWR SDUD TXH UHVWDXUH OLPSH H UHSDUHP R PHX UHFLSLHQWH GH
HQHUJLD GLYLQD PXOWLGLPHQVLRQDO WUDQVIRUPDQGR PLQKD FHQWHOKD GLYLQD H PLQKDV PDQLIHVWDo}HV
GLYLQDVQDHQHUJLDEUDQFRGRXUDGDGH&ULVWR
(X'(&5(72H25'(12jPLQKDFHQWHOKDGLYLQDHDWRGDVDVPLQKDVPDQLIHVWDo}HVGLYLQDV
TXH VH OLEHUWHP GH WRGDV DV HQHUJLDV FRQWUiULDV j PDLV SXUD IRQWH GH /X] 'LYLQD H VH OLPSHP
FRPSOHWDPHQWHHOLPSHPPHXUHFLSLHQWHGH/X]GLYLQDSDUDRUHFHELPHQWRGR(VStULWR6DQWR


( ILQDOPHQWH SDUD TXH HX VHMD LQFOXtGR QR OLYUR GD 9HUGDGH H GD 9LGD GH WRGDV DV
GLPHQV}HVPXOWLGLPHQVLRQDLVHX$3(/2$2(VStULWR6DQWRSDUDTXHUHPRYDGDPLQKDFHQWHOKDGLYLQD
H GH PLQKDV PDQLIHVWDo}HV GLYLQDV WRGRV RV ODoRV H VHQWLPHQWRV LOXVyULRV GRV PXQGRV H XQLYHUVRV
PXOWLGLPHQVLRQDLVGHLOXVmR
$VVLPHX'(&5(72H25'(12TXHPLQKDFHQWHOKDGLYLQDHVXDVPDQLIHVWDo}HVVHOLEHUWHP
GH WRGD IRUPD GH DXWROLPLWDomR H DXWRSXQLomR FULDGD HP TXDLVTXHU GRV XQLYHUVRV GDV LOXV}HV H
WDPEpP VH OLEHUWHP GH TXDLVTXHU HQHUJLDV SODVPDGDV RX QmR TXH GHL[HP GH YLEUDU QD HQHUJLD GR
(VStULWR6DQWRHGH'HXV(XPHOLEHUWRGHPHXVMXOJDPHQWRV
(XPHOLEHUWR GL]HUYH]HV 

1HVWH PRPHQWR VDJUDGR HX '(&5(72 H 25'(12 TXH PLQKD FHQWHOKD GLYLQD H VXDV
PDQLIHVWDo}HVTXHVHDEUDPDR(VStULWR6DQWRHSHUPLWDPVHUFRPSOHWDPHQWHOLEHUWDGDVDX[LOLDGDVH
FRQGX]LGDVj*UDQGH0RUDGDGH'HXV

)LTXH HP UHSRXVR SRU XPD KRUD H PHLD 'HVFDQVH QRV EUDoRV GH 'HXV HQTXDQWR RV
&LUXUJL}HV (WpUHRV GR &RPDQGR (VWHODU  H RV *UDQGHV 6HUHV GH /X] WUDWDP VXD
FHQWHOKD GLYLQD H WRGRV RV VHXV FRUSRV PXOWLGLPHQVLRQDLV 6H TXLVHU GRUPLU GXUPD
WUDQTLOR SRLV 9RFr HVWi QR FDPLQKR GD $VFHQVmR GD /LEHUWDomR H GH 5HWRUQR j
0RUDGDGH'HXV 



Você também pode gostar