,F{QLFD_0DQXDOGHSULPHLURVVRFRUURVSDUDFRQFHLWRVPXWLODGRV3DUWH,,

0DQXDOGHSULPHLURVVRFRUURVSDUDFRQFHLWRVPXWLODGRV3DUWH
,,
521$/'2
(17/(5

>DJR@

'HSRVLWDPRVVREUHDIRWRJUDILDXPDFRQILDQoDH[DJHUDGD&RPRUHVSRVWDPXLWDVWHRULDV
VHYROWDUDPFRQWUDDQWLJRVFRQFHLWRVTXHSDUHFLDPLPSHGLUXPDYLVmRPDLVFUtWLFDVREUHR
PHLR 0DV DILUPDGD WDO FRQVFLrQFLD VREUH RV OLPLWHV GD IRWRJUDILD p SRVVtYHO ID]HU DV
SD]HVFRPXPYRFDEXOiULRTXHXVDGRGHPRGRPDLVSUHFLVRSRGHQRVVHUQRYDPHQWH
~WHLV 1R SULPHLUR SRVW GHVVD VpULH WHQWDPRV UHVJDWDU DV QRo}HV GH UHDOLGDGH
UHSUHVHQWDomR GD UHDOLGDGH H UHDOLVPR 3DUD RV TXH FKHJDUDP DJRUD ILFD R FRQYLWH
'HVWD YH] UHFRORFDPRV RXWURV TXDWUR FRQFHLWRV DQDORJLD PLPHVLV YHURVVLPLOKDQoD H
REMHWLYLGDGH

'U5RGPDQ&LUXUJLD)LODGHOILD

$QDORJLDDIRWRJUDILDpDQiORJDDRUHDO"$QDORJLDSRGHVHUHQWHQGLGDFRPRVHPHOKDQoD
RXFRPSDUDomR1RFDPSRGHXPD6HPLRORJLDRVWHyULFRVMiEULJDYDPQRVDQRVSDUD
GHFLGLUVHDIRWRJUDILDHRFLQHPDSURGX]LDPRXQmRDQDORJLDFRPDUHDOLGDGH$TXHVWmR
WDPEpP HUD WRPDGD GH PRGR SRODUL]DGR HVVDV LPDJHQV VmR LGrQWLFDV RX WRWDOPHQWH
GLIHUHQWHV GDTXHODV TXH YHPRV FRP RV ROKRV" 2UD TXDQGR VH GL] TXH DOJR p
VHPHOKDQWH LVVR Mi LPSOLFD UHFRQKHFHU DOJXPD GLVWLQomR HQWUH R TXH HVWi VHQGR
FRPSDUDGR 8P GHVVHV VHPLyOJRV &ULVWLDQ 0HW] QXP DUWLJR GH  $OpP GD
GDWDWH[WKWPOFKDUVHW XWI&GLYFODVV'VLQJOHWLWOHVW\OH'ERUGHU$S[%PDUJLQ$S[S[S[%





,F{QLFD_0DQXDOGHSULPHLURVVRFRUURVSDUDFRQFHLWRVPXWLODGRV3DUWH,,

$QDORJLD Mi QRV FRQYLGDYD D UHVROYHU D TXHVWmR HP WHUPRV PDLV VXWLV SHQVDQGR HP
GLIHUHQWHV JUDXV GH DQDORJLD TXH D LPDJHP SRGHULD PDQWHU FRP XP REMHWRV PDV
FRQYLGDQGR D SHUFHEHU RXWUDV IRUPDV GH UHIHUrQFLD TXH QmR SDVVDP DSHQDV SHOD
VHPHOKDQoDPDVTXHFRQYLYHPFRPHODFRQFHLWRVSRUH[HPSORQmRWHPIRUPDItVLFDH
QmRVmRLPLWiYHLVPDVSRGHPVHUUHSUHVHQWDGRVSHODLPDJHP2VDGHSWRVGDVHPLyWLFD
SHLUFHDQD IRUWHV QR %UDVLO WDPEpP GHQXQFLDUDP R FDUiWHU FRQYHQFLRQDO GD IRWRJUDILD
GHVEDQFDQGR VXD SUHWHQVmR DQDOyJLFD +RMH HVWi PDLV GR TXH FODUR TXH HP WHUPRV
SUDJPiWLFRVXPVLJQRSRGHVHULF{QLFRSURGX]LUVHPHOKDQoDFRPRREMHWRLQGLFLDOWHU
FRQH[mRItVLFDFRPRREMHWRHVLPEyOLFRUHODFLRQDGRDRREMHWRSRUXPDFRQYHQomRDR
PHVPR WHPSR ,VVR Mi EDVWDULD SDUD TXH R SUREOHPD IRVVH FRORFDGR FRP PHQRV
UDGLFDOLGDGHV 0DV D TXHVWmR SRGHULD WHU VH UHVROYLGR FRP XP EUHYH ROKDU VREUH RV
FOiVVLFRV $ULVWyWHOHV XVD R WHUPR DQDORJRQ QR VHQWLGR PDWHPiWLFR HXFOLGLDQR FRPR
VLQ{QLPR GH SURSRUomR SDUD H[SOLFDU R IXQFLRQDPHQWR GD PHWiIRUD VH $ HVWi SDUD %
FRPR&HVWiSDUD'$SRGHVHUVXEVWLWXtGRSRU&QXPDVHQWHQoDSRpWLFD1RH[HPSOR
GHOHDWDoDpSDUD'LRQtVLRRTXHRHVFXGRpSDUD$UHVDVVLPRSRHWDGLUiGDWDoDTXH
pRHVFXGRGH'LRQtVLR3RpWLFD;;,2XVHMDGL]HUTXH$pDQiORJRSURSRUFLRQDOD&
p EHP GLIHUHQWH GH GL]HU TXH $ p LJXDO D & $ PHWiIRUD H[LJH VHPHOKDQoD PDV H[LJH
WDPEpP GLIHUHQoD HQWUH DV SDUWHV HQYROYLGDV (OD VLPSOHVPHQWH QmR IXQFLRQD FRP
VLQ{QLPRVDIppXPDURFKDpXPDPHWiIRUDDSHGUDpXPDURFKDMDPDLVVHUi0DV
YROWDQGRDRQRVVRWHUULWyULRp%DUWKHVTXHPGHL[DRVHVStULWRVDUPDGRVTXDQGRGL]TXH
DIRWRJUDILDpXPDQiORJRQSHUIHLWRQXPWH[WRGH'LWRDVVLPILFDGLItFLOGHIHQGHU
3RGHUtDPRV LPDJLQDU TXH VHQGR %DUWKHV XP SURIXQGR FRQKHFHGRU GH $ULVWyWHOHV HOH
TXLVDSHQDVIDODUGHXPDOWRSRGHUPHWDIyULFRGDIRWRJUDILD1mRpSUHFLVRIRUoDUDEDUUD
2 TXH FDEH OHPEUDU HP VXD GHIHVD p TXH HP $ FkPDUD FODUD HOH SHUPDQHFH XP
UHDOLVWDYHUYHUEHWHQRSRVWDQWHULRUQmRDEUHPmRGDIRUoDGHSUHVHQoDGDUHDOLGDGH
PDVFRORFDDTXHVWmRFRPPXLWRPXLWRPDLVFXLGDGRHSRHVLD2XWURDXWRUPDLVMRYHP
HSRXFROLGRHQWUHQyV-HDQ0DULH6FKDHIIHUGH$LPDJHPSUHFiULDWDPEpPYROWDD
GHIHQGHU FRP PXLWD FODUH]D TXH D DQDORJLD DLQGD p HP WHUPRV SUDJPiWLFRV R TXH
PHOKRUGHILQHQRVVDUHODomRFRPDVIRWRJUDILDV&RPRHOHGL]QmRXPDDQDORJLDHQWUHD
IRWRJUDILDHDUHDOLGDGHHPVLTXHpPXLWRPDLVFRPSOH[DPDVHQWUHDIRWRJUDILDHXPD
FHUWDIRUPDGHSHUFHEHUYLVXDOPHQWHHVVDUHDOLGDGH(QILPRTXHYDOHUHVJXDUGDUpTXH
VHUDQiORJRQDGDWHPDYHUFRPVHULGrQWLFR
0LPHVLV  9HURVVLPLOKDQoD D IRWRJUDILD p PLPpWLFD" 0LPHVLV H YHURVVLPLOKDQoD
SUHFLVDPVHUGLVFXWLGDVMXQWDV7UDGX]LQGROLWHUDOPHQWHPLPHVLVTXHUGL]HULPLWDomR-i
TXDQWR j YHURVVLPLOKDQoD ILFDPRV WHQWDGRV D HQWHQGHU FRPR VHPHOKDQoD FRP D
YHUGDGH PDV LVVR p WRWDOPHQWH LQVXILFLHQWH 'H QRYR D 3RpWLFD GH $ULVWyWHOHV 3DUD
HOH DUWH WHFKQp p LPLWDomR PLPHPLV PDV QXP VHQWLGR SHFXOLDU (OH GL] HVWi FODUR
GDWDWH[WKWPOFKDUVHW XWI&GLYFODVV'VLQJOHWLWOHVW\OH'ERUGHU$S[%PDUJLQ$S[S[S[%





,F{QLFD_0DQXDOGHSULPHLURVVRFRUURVSDUDFRQFHLWRVPXWLODGRV3DUWH,,

TXHDREUDGRSRHWDQmRFRQVLVWHHPFRQWDURTXHDFRQWHFHXPDVVLPFRLVDVTXH
SRGHULDPDFRQWHFHUSRVVtYHLVGRSRQWRGHYLVWDGDYHURVVLPLOKDQoDRXGDQHFHVVLGDGH
3RpWLFD ,; ,VVR TXHU GL]HU TXH TXDQGR R SRHWD SURGX] D PLPHVLV QmR UHSHWH XPD
DomRFRQVWUyLXPDDomRSRWHQFLDOUHVSHLWDQGRFHUWDVH[LJrQFLDV9HURVVLPLOKDQoDpXPD
GDVFRQGLo}HVGHH[LVWrQFLDGHVVDLPLWDomRSRpWLFD8PH[HPSORTXDQGRR+XONILFDIRUWH
HYHUGHHVWDPRVGLDQWHGHDOJRYHURVVtPLO"6HDKLVWyULDHVWiEHPFRQWDGDVHPG~YLGD
1mR SRUTXH QD QRVVD QDWXUH]D H[LVWDP SHVVRDV DVVLP PDV SRUTXH HVVD DomR p
FRHUHQWHFRPDQDWXUH]DLQWUtQVHFDjQDUUDWLYD2XVHMDVHDKLVWyULDFULDFRQGLo}HVSDUD
TXH LVVR DFRQWHoD p YHURVVtPLO $OJXQV VDOWRV GRV ILOPHV GH NXQJIX SRGHP QmR VHU
YHURVVtPHLVPDVRYHUGHGR+XONVLP(QWmRYHURVVLPLOKDQoDpXPDTXDOLGDGHGDREUD
LQYHQWLYD TXH VHP UHSHWLU VHP UHSURGX]LU D QDWXUH]D FRWLGLDQD FRQVWUyL XPD RXWUD WmR
FRHUHQWHTXDQWRHOD6HQGRDVVLPYHMDPTXHLQWHUHVVDQWHDPDLVUDGLFDOGDVIRWRJUDILDV
FRQVWUXtGDV SRGH VHU SHUIHLWDPHQWH YHURVVtPLO SRUTXH PRVWUD FRP FRHUrQFLD R PXQGR
TXHLQYHQWD
2EMHWLYLGDGH VH SRU REMHWLYLGDGH HQWHQGHPRV D SRVVLELOLGDGH GH HOLPLQDU GH WRGD
VXEMHWLYLGDGH HQWmR HOD QmR H[LVWH HP QRVVDV UHODo}HV FRP DV FRLVDV 3RUWDQWR QmR
H[LVWH QD IRWRJUDILD $Wp p SRVVtYHO R H[HUFtFLR GH UHVJDWDU VXWLOH]DV 4XDQGR D FLrQFLD
IDOD HP FRQKHFHU DOJR VXS}H H[LVWLU XP VXMHLWR GHVVH FRQKHFLPHQWR HX H XP REMHWR
DTXLOR D TXH R FRQKHFLPHQWR YLVD 2 UHVXOWDGR GHVVH SURFHVVR WHP DOJR GH VXEMHWLYR
SRUTXH HVWi GHWHUPLQDGR SRU SUHGLVSRVLo}HV PLQKDV JRVWRV YDORUHV FXOWXUDLV PRUDLV
HWF 0DV VH DFHLWDPRV R IDWR GH TXH R REMHWR PDQLIHVWD DOJR GH VL VH GHWHUPLQD HP
SDUWH HVVH FRQKHFLPHQWR SRGHUtDPRV EHP IDODU QXP FHUWR JUDX GH REMHWLYLGDGH 1R
PHX'LFLRQiULRGH)LORVRILD1LFROD$EEDJQDQRWDOYH]SDUDHYLWDUSUREOHPDVFRPDWmR
GHVJDVWDGDQRomRGHREMHWLYLGDGHHVVHUHFRQKHFLPHQWRGDH[LVWrQFLDGRREMHWRDSDUHFH
GHQRPLQDGD FRPR REMHWLYLVPR 3HLUFH SRU H[HPSOR UHFRQKHFH SHUIHLWDPHQWH D
SRVVLELOLGDGHGHXPDGHWHUPLQDomRGRREMHWRUHSUHVHQWDGRVREUHRVLJQRVREUHWXGRQmR
DSHQDV PDV QDTXHOH WLSR TXH GHILQH FRPR tQGLFH TXH p ILVLFDPHQWH DIHWDGR SHOR
REMHWR0DVWHPRVTXHDGPLWLUTXHIRLQHFHVViULRERPEDUGHDUDLGHLDGHREMHWLYLGDGHVHMD
SDUD UHLYLQGLFDU PDLRU FRQVFLrQFLD VREUH RV YDORUHV FXOWXUDLV H HVWpWLFRV LPSOLFDGRV HP
WRGDUHSUHVHQWDomRFRPRDIRWRJUDILDVHMDSDUDFRQVWUXLUXPDFUtWLFDjVSUHWHQV}HVGD
FLrQFLDSRVLWLYLVWD2SUREOHPDpTXHSDUDGHUUXEDUDFUHQoDQHVVDREMHWLYLGDGHFDtPRV
jVYH]HVQXPDHVSpFLHGHFXOWRHJRFrQWULFRjVXEMHWLYLGDGHHPTXHDVMXVWLILFDWLYDVSDUD
WRGDVDVFRLVDVVHHVJRWDPQRVXMHLWRDTXHODKLVWyULDGRFDGDXPpFDGDXPFDGDXP
FRP VHX FDGD TXDO YDL GD SHVVRD ,VVR WHP VLGR FKDPDGR GH UHODWLYLVPR H SDUD
DOJXQV ILOyVRIRV / ) 3RQGp p R JUDQGH SUREOHPD GHVWD YLUDGD GH PLOrQLR 4XDQGR
VRPRV FRQYLGDGRV D LQWHUSUHWDU XPD REUD GH DUWH VDEHQGR TXH QmR Ki REMHWLYLGDGH
ILFDPRV VHPSUH WHQWDGRV D GL]HU p VXEMHWLYR (VVD p D PHOKRU IRUPD GH IXJLU GD
GDWDWH[WKWPOFKDUVHW XWI&GLYFODVV'VLQJOHWLWOHVW\OH'ERUGHU$S[%PDUJLQ$S[S[S[%





,F{QLFD_0DQXDOGHSULPHLURVVRFRUURVSDUDFRQFHLWRVPXWLODGRV3DUWH,,

GLVFXVVmRGHQmRGL]HUFRLVDDOJXPD)DODPRVLVVRFRPRVHWRGRVHQWLGRGDREUDYLHVVH
GHGHQWURGHQyVFRPRVHQmRKRXYHVVHXPDXWRUXPDWpFQLFDXPDFXOWXUDIRUDGHQyV
DUWLFXODQGR WDPEpP D PDWpULD H RV VHQWLGRV 6H FDGD XP SXGHVVH YHU R TXH TXLVHVVH
RQGH TXLVHVVH QmR SUHFLVDULDPRV PDLV LU DR PXVHX SRGHUtDPRV ROKDU SDUD D SDUHGH
EUDQFD QRVVR TXDUWR H YHU .OHH &KDJDO 5REHUW )UDQN RX 0DULR &UDYR 1HWR 6H
UHFXVDPRVDLGHLDGHREMHWLYLGDGHPHOKRUVHULDHQWmRYLVDUXPDLQWHUVXEMHWLYLGDGHDOJR
TXHpKXPDQRFXOWXUDOQDGDREMHWLYRPDVTXHQmRLQYLDELOL]DRGLiORJRFRPDOJRIRUDGR
LQGLYtGXR $ILQDO D FRPXQLFDomR H[LVWH SRUTXH WHPRV FRLVDV HP FRPXP SRUTXH RV
VHQWLGRV SURGX]LGRV SRGHP VHU QHJRFLDGRV SRGHP VHU FROHWLYRV (QWmR XPD LPDJHP
QmR GL] XPD PHVPD FRLVD SDUD WRGR PXQGR PDV R TXH GL] SRGH VHU LQWHUSUHWDGR
GHEDWLGR H WUDQVPLWLGR VHQmR FRP FRQVHQVR SHOR PHQRV FRP XPD FRHUrQFLD
FRPSDUWLOKiYHO
1XP SRVW IXWXUR H SDUD HQFHUUDU D VpULH HX DLQGD JRVWDULD GH GLVFXWLU R FRQFHLWR GH
YLUWXDO$RFRQWUiULRGRVTXHIRUDPDSUHVHQWDGRVDWpDTXLHVVHFRQFHLWRWHPVLGRDOYR
GHIRUWHWLHWDJHPRTXHSRGHVHULJXDOPHQWHPXWLODQWH

GDWDWH[WKWPOFKDUVHW XWI&GLYFODVV'VLQJOHWLWOHVW\OH'ERUGHU$S[%PDUJLQ$S[S[S[%