EROHWLPWpFQLFR

3$72/2*,$'$6&216758d(6
125%(572%/,&+7(167(,1
0HVWUHHP(QJHQKDULD(3863

3$72/2*,$'$6&216758d(6
352&(',0(1723$5$',$*1267,&2(5(&83(5$d2
1RUEHUWR%OXPHQIHOG/LFKWHQVWHLQ 

3$/$95$6&+$9(
&RQVWUXomRFLYLOSDWRORJLDGDVFRQVWUXo}HVUHFXSHUDomR

5(6802
'LVFXWHVH D TXHVWmR GRV HGLItFLRV TXH HP QmR DOFDQoDQGR XP GHVHPSHQKR PtQLPR
SUpHVWDEHOHFLGR QmR DWHQGHP jV H[LJrQFLDV GRV VHXV XVXiULRV /HYDQWDVH D QHFHVVLGDGH  GD
GHOLPLWDomR GH WRGR XP FDPSR GD HQJHQKDULD D 3DWRORJLD GDV &RQVWUXo}HV  SDUD R HVWXGR GDV
IDOKDVGRVHGLItFLRV
3DUDRFDVRGRVHGLItFLRVTXHDSUHVHQWDPSUREOHPDVSDWROyJLFRVHSURSRVWRXPSURFHGLPHQWRGH
DWXDomR(VWHSURFHGLPHQWRFRQVLVWHEDVLFDPHQWHHPOHYDQWDPHQWRGRPDLRUQ~PHURSRVVtYHOGH
VXEVtGLRVSDUDRHQWHQGLPHQWRGRSUREOHPDDWUDYpVGHYLVWRULDGRORFDOGRKLVWyULFRGRHGLItFLRHGR
UHVXOWDGR GH H[DPHV FRPSOHPHQWDUHV GLDJQyVWLFR GD VLWXDomR RX VHMD HQWHQGLPHQWR FRPSOHWR
GRVIHQ{PHQRVRFRUULGRVGHILQLomRGDFRQGXWDDSDUWLUGDHVFROKDGDDOWHUQDWLYDGHLQWHUYHQomR
PDLV FRQYHQLHQWHeDSUHVHQWDGDDDSOLFDomRUHDOGD PHWRGRORJLD SURSRVWD HP GLIHUHQWHV FDVRV
WUDWDGRVSRUGLIHUHQWHVWpFQLFRVWRGRVHOHVFRPVXFHVVR

  1RUEHUWR %OXPHQIHOG /LFKWHQVWHLQ 0HVWUH HP (QJHQKDULD 3URIHVVRU GR 'HSDUWDPHQWR GH

(QJHQKDULDGH&RQVWUXomR&LYLOGD(VFROD3ROLWpFQLFDGD8QLYHUVLGDGHGH6mR3DXOR

3$72/2*,$'$6&216758d(6
352&(',0(1723$5$',$*1267,&2(5(&83(5$d2
,1752'8d2
2  GHVHQYROYLPHQWRGDWHFQRORJLD GD FRQVWUXomR VH GHX GHVGH RV SULPyUGLRV GD FLYLOL]DomR HP
GLYHUVDV GLUHo}HV FRQFRPLWDQWHPHQWH FULDQGRVH XP DFHUYR GH FRQKHFLPHQWR TXH SHUPLWLX DR
KRPHPGHQWURGHFHUWRVOLPLWHVFRQVWUXLUHGLItFLRVDGDSWDGRVjVVXDVQHFHVVLGDGHVHPHTXLOtEULR
FRPRPHLRDPELHQWH
$R PHVPR WHPSR HQWUHWDQWR HP WRGDV DV pSRFDV HP PDLRU RX PHQRU JUDX XPD SDUWH GRV
HGLItFLRVFRQVWUXtGRVQmRWHPDSUHVHQWDGRXPGHVHPSHQKRVDWLVIDWyULR$SUHRFXSDomRFRPHVWHV
HGLItFLRVFRPVHXVSUREOHPDVpPXLWRDQWLJDHSRGHVHGL]HUTXHQDVFHXFRPRSUySULRDWRGH
FRQVWUXLU(VWDSUHRFXSDomRFRQWXGRQmRVHUHYHVWLDDQWLJDPHQWHGHFDUiWHUVLVWHPiWLFRHVWDQGR
UHVWULWDDRHVWXGRGHDOJXQVSUREOHPDVPDLVFRPXQVJHUDOPHQWHDTXHOHVTXHSURYRFDYDPDOJXPD
IDOWDGHVHJXUDQoDHVWUXWXUDO
0RGHUQDPHQWH FRP D DSOLFDomR QD (QJHQKDULD &LYLO GR FRQFHLWR GH GHVHPSHQKR RV HGLItFLRV
FRPHoDP D VHU DQDOLVDGRV FRPR XP WRGR &RQVHTHQWHPHQWH RV SUREOHPDV GH GHVHPSHQKR
LQVDWLVIDWyULR WDPEpP FRPHoDP D VHU HQWHQGLGRV GHQWUR GH XP FRQWH[WR JOREDO H QmR GH IRUPD
HVWDQTXHSRUGHIHLWRFRPRDQWHULRUPHQWH
3HUFHEHQGR D QHFHVVLGDGH GH FRQVROLGDU RUJDQL]DU H DPSOLDU RV FRQKHFLPHQWRV QHVWD iUHD RV
RUJDQLVPRVLQWHUQDFLRQDLVGHSHVTXLVDWrPSURFXUDGRDWXDUVREUHHVWDTXHVWmR2SULPHLURSDVVR
TXHHVWiVHQGRGDGRpQRVHQWLGRGHOHYDQWDUDVLWXDomRGRVHGLItFLRVHPXVR'LYHUVDVHQTXHWHV
FRPFROHWDVRUJDQL]DGRVGHLQIRUPDo}HVLQORFRWrPVLGRIHLWDVFRPRREMHWLYRGHUHFHQVHDUDV
IDOKDVGRVHGLItFLRVH[LVWHQWHV2VSULPHLURVUHVXOWDGRVPRVWUDUDPXPQ~PHURHQRUPHGHHGLItFLRV
FRP EDL[R GHVHPSHQKR PHVPR QRV SDtVHV FRP ORQJD WUDGLomR GH FRQVWUXLU EHP &RP HVWHV
OHYDQWDPHQWRV HVWi VH WRPDQGR FRQKHFLPHQWR GD JUDYLGDGH GD VLWXDomR H VH IRUPDQGR D
FRQVFLrQFLDGDQHFHVVLGDGHGHUHVROYLODGHIRUPDJOREDO
'HQWUHDVSHVTXLVDVUHDOL]DGDVDOJXPDVPHUHFHPGHVWDTXH'HYHPVHUUHVVDOWDGRVRVHVIRUoRV
GR&67&&HQWUH6FLHQWLILTXHHW7HFKQLTXHGHOD&RQVWUXFWLRQQD%pOJLFD>@GR%5(%XLOGLQJ
5HVHDUFK(VWDEOLVKPHQWQD,QJODWHUUD>@HGi(3(%$7$VVRFLDWLRQ3RXU/
pWXGHGHOD3DWKRORJLH
HWGH/
HQWUHWLHQGX%kWLPHQWQD)UDQoD>@HQWUHRXWURV
1R%UDVLOMiHPORVKLPRWRHPWUDEDOKRUHDOL]DGRSHOR,37SHVTXLVRXDRFRUUrQFLDGHDOJXQV
SUREOHPDVSDWROyJLFRVHPFRQMXQWRVKDELWDFLRQDLVYLVLWDQGRXPWRWDOGHTXDVHKDELWDo}HV
>@
$ SDWRORJLD GDV FRQVWUXo}HV HVWLR GDQGR SRUWDQWR VHXV SULPHLURV SDVVRV SHOR OHYDQWDPHQWR GD
VLWXDomRH[LVWHQWH2FDPLQKRDVHJXLUpORQJRHFRPHoDSRUXPDKRPRJHQHL]DomRGHFRQFHLWRVH
PpWRGRV
(VWHWUDEDOKRGHKRPRJHQHL]DomRFRPHoDDVHUIHLWRFRPDFULDomRSHOR&,%&RQVHLO,QWHUQDWLRQDO
'X%kWLPHQWGHXPDQRYDFRPLVVmRGHWUDEDOKRD:3DWRORJLDGDV&RQVWUXo}HV
$V SURSRVWDVLQLFLDLVGHWUDEDOKRVmRDVVHJXLQWHV>@

'HVHQYROYLPHQWRGHHVWUXWXUDVGHLQYHVWLJDomRHGLYXOJDomRGDVIDOKDV$VSULPHLUDVHVWUXWXUDV
VHUmRSURGX]LGDVSDUDDLQILOWUDomRGHDUHiJXDSHODVMDQHODVILVVXUDomRGHSDUHGHVLQWHUQDVGH
DOYHQDULDUHVLVWHQWHHXPLGDGHDVVRFLDGDFRPFREHUWXUDVSODQDV
 ,GHQWLILFDomR GRV WLSRV PDLV FRPXQV GH IDOKDV GDV &RQVWUXo}HV H DV PHGLGDV WHUDSrXWLFDV
DSOLFDGDVDHODV
'HILQLomRGRFDPSRGD3DWRORJLDGDV&RQVWUXo}HV
2SUHVHQWHWUDEDOKRWDPEpPVHLQVHUHQHVWHFRQWH[WRGDSURFXUDGRGHVHQYROYLPHQWRSDWRORJLDGDV
FRQVWUXo}HVHQIRFDQGRQmRRVIHQ{PHQRItVLFRVHTXtPLFRVGyVSUREOHPDVSDWROyJLFRVPDV VLP
IRUPDOL]DQGRXPSURFHGLPHQWRDSOLFiYHOSDUDDUHVROXomRGHVWHVSUREOHPDV
$3523267$'(80$0(72'2/2*,$('(80352&(',0(17235$7,&2
$QHFHVVLGDGHGRPpWRGRHVXDUHODomRFRPDH[SHULrQFLDGRWpFQLFR
8PD HQRUPH TXDQWLGDGH GH HGLItFLRV HP WRGR R PXQGR WHP KRMH SUREOHPDV UHODFLRQDGRV D XP
GHVHPSHQKR LQVDWLVIDWyULR VHMD HP WHUPRV JOREDLV VHMD HP WHUPRV GH VXDV SDUWHV 8PD JUDQGH
SDUWH GHVWHV SUREOHPDV GHVGH TXH PHUHoD XPD DQiOLVH PHWyGLFRV LQGLYLGXDOL]DGD SRGHUi VHU
UHVROYLGD
$ SUiWLFD SURILVVLRQDO GD DQiOLVH GHVVHV SUREOHPDV QR HQWDQWR  WHP VLGR PXLWDV YH]HV
FDUDFWHUL]DGD SHOD IDOWD GH XPD PHWRGRORJLD XQLYHUVDOPHQWH DFHLWD 6mR DV LQWXLo}HV SHVVRDLV
IXQGDPHQWDGDV QD H[SHULrQFLD TXH SUHYDOHFHP H QmR SRGHP VHU WUDQVPLWLGDV 0XLWDV YH]HV p D
KDELOLGDGHTXHSUHYDOHFHQROXJDUGyPpWRGR$KDELOLGDGHHDDUWHQD3DWRORJLDGDV&RQVWUXo}HV
QmRSRGHPVHUH[SUHVVDVHVLPQRPi[LPRWUDQVPLWLGDVDSHVVRDVUHFHSWLYDVQRWUDWRSHVVRDO
2 PXQGR GD KDELOLGDGH H R PXQGR GD FLrQFLD VmR PXQGRV GLIHUHQWHV FXMD IURQWHLUD QmR H
VXILFLHQWHPHQWHGHILQLGD$RFRQWUiULRDVIURQWHLUDVGDFLrQFLDVHPSUHPDLVLQYDGHPRWHUUHQRGD
KDELOLGDGH&RPLVVRQRHQWDQWRDKDELOLGDGHQmRpVXSULPLGDDSHQDVDGTXLUHQRYRVKRUL]RQWHV
6HPSUH TXH SXGHU VHU VXEVWLWXtGD SHOR PpWRGR GHYH VHU GHL[DGD GH ODGR D KDELOLGDGH SHVVRDO
LQWXLWLYDTXHQDWXUDOPHQWHVHHQJDQDPXLWDVYH]HV
$FLrQFLDUHTXHUXPSHQVDPHQWRFRQFHLWXDOSDVVtYHOGHFRPXQLFDomR6RPHQWHQDPHGLGDHPTXH
VHWHQKDUHVROYLGRXPSHQVDPHQWRGHVWHWLSRpTXHVHSRGHDOPHMDUHVWDEHOHFHUXPDPHWRGRORJLD
DSOLFiYHOSDUDDUHVROXomRGRVSUREOHPDVSDWROyJLFRV
$LQGD TXH D 3DWRORJLD QmR GHYD VH EDVHDU VRPHQWH QDV LQWXLo}HV SHVVRDLV D HILFLrQFLD QD
UHVROXomR GRV SUREOHPDV H IXQomR GD YLYrQFLD GR WpFQLFR HQYROYLGR 8P SDWRORJLVWD QmR VH
FDUDFWHUL]DSRUWHUXPLQWHOHFWRTXHFRPRXPUHFHSWiFXORYD]LRVRPHQWHUHFROKHGDH[SHULrQFLD
DOKHLD WXGR TXH SRVVD FROKHU 2 VXFHVVR QD UHVROXomR GRV SUREOHPDV GHSHQGH GR DOFDQFH GD
DEHUWXUDHSOHQLWXGHGDFDSDFLGDGHGRWpFQLFRGHSHUFHEHUHYLYHQFLDUDSUySULDH[SHULrQFLD
$VSHVVRDVVHJXQGR5D\JDHUWV>@TXHHVWLYHUHPHVWUHLWDPHQWHOLJDGDVDRSURFHVVRGDFRQVWUXomR
TXHWLYHUHPXPDERDEDJDJHPGHFRQKHFLPHQWRVREUHDItVLFDHDTXtPLFDDSOLFDGDDRVPDWHULDLV
GH FRQVWUXomR H TXH IRUHP SRVVXLGRUDV GH XPD ODUJD H[SHULrQFLD YLYHQFLDGD QHVWH FDPSR WrP
FRQGLo}HVGHUHVROYHUDJUDQGHPDLRULDGRVSUREOHPDVSDWROyJLFRV

6RPHQWHRVFDVRVPDLVFRPSOH[RVTXHHQYROYHPFRQKHFLPHQWRHVSHFtILFRVH[LJHPHVSHFLDOLVWDV
HP3DWRORJLDGDV&RQVWUXo}HVRXDLQGDHVSHFLDOLVWDVHPDOJXPWLSRGHSUREOHPDSDWROyJLFR
4XHP TXHU TXH VHMD R UHVSRQViYHO SHOD UHVROXomR GH XP SUREOHPD GHYHUi SRVVXLU XPD
FRQFHLWXDomRILUPHGRPpWRGRDVHUHPSUHJDGRHGHFDGDXPDGHVXDVHWDSDV
$HVWUXWXUDJHQpULFDGRPpWRGRQD3DWRORJLD
$HVWUXWXUDGRPpWRGRJHQpULFRSURSRVWRpIRUPDGREDVLFDPHQWHSRUWUrVSDUWHVGLVWLQWDVWLQWDV
3DUWH/HYDQWDPHQWRGHVXEVtGLRV
/HYDQWDUVXEVtGLRVUHSUHVHQWDDFXPXODUHRUJDQL]DUDVLQIRUPDo}HVQHFHVViULDVHVXILFLHQWHVSDUD
RHQWHQGLPHQWRFRPSOHWRGRVIHQ{PHQRV$VLQIRUPDo}HVSRGHPVHUREWLGDVDWUDYpVGHWUrVIRQWHV
EiVLFDV TXDLV VHMDP D YLVWRULD GR ORFDO R OHYDQWDPHQWR GD KLVWyULD GR SUREOHPD H GR HGLItFLR
DQDPQHVHGRFDVRHRUHVXOWDGRGHDQiOLVHVHHQVDLRVFRPSOHPHQWDUHV
3DUWH'LDJQyVWLFRGDVLWXDomR
2 GLDJQyVWLFR GD VLWXDomR p R HQWHQGLPHQWR GRV IHQ{PHQRV HP WHUPRV GD LGHQWLILFDGDV FLR GDV
P~OWLSODVUHODo}HVGHFDXVDHHIHLWRTXHQRUPDOPHQWHFDUDFWHUL]DPXPSUREOHPDSDWROyJLFR  (P
RXWUDV SDODYUDV R REMHWLYR GR GLDJQyVWLFR L HQWHQGHU RV SRUTXHV H RV FRPRV D SDUWLU GH GDGRV
FRQKHFLGRV
3DUWH'HILQLomRGHFRQGXWD
2 REMHWLYR JHQpULFR GD GHILQLomR GD FR FRQGXWD p SUHVFUHYHU R WUDEDOKR D VHU H[HFXWDGR SDUD
UHVROYHU R SUREOHPD QLVWR LQFOXLQGRVH D GHILQLomR VREUH RV PHLRV PD WHULD@ PLR GH REUD H
HTXLSDPHQWRV H D SUHYLVmR GDV FRQVHTrQFLDV HP WHUPRV GR GHVHPSHQKR ILQDO 3DUD GHILQLU D
FRQGXWD LQLFLDOPHQWH p IHLWR R SURJQyVWLFR GD VLWXDomR RX VHMD VmR OHYDQWDGDV KLSyWHVHV GD
WHQGrQFLD GH HYROXomR IXWXUD GR SUREOHPD H DV DOWHUQDWLYDV GH LQWHUYHQomR DFRPSDQKDGDV GRV
UHVSHFWLYRVSURJQyVWLFRV
2SURFHGLPHQWRSUiWLFRHDSURSRVWDGHXPIOX[RJUDPDGHDWXDomR
2PpWRGRJHQpULFRSURSRVWRGiRULJHPHPWHUPRVGHDSOLFDomRSUiWLFDDXPSURFHGLPHQWRSDUD
UHVROXomRGHSUREOHPDV
(VWH SURFHGLPHQWR SRGH VHU XWLOL]DGR LQGHSHQGHQWH GR QtYHO GH H[SHULrQFLD GR WpFQLFR H GD
FRPSOH[LGDGHGRSUREOHPD
1R JHUDO R SULPHLUR SDVVR GHQWUR GD IDVH GH OHYDQWDPHQWR GH VXEVtGLRV p D YLVWRULD GR ORFDO
%DVHDGR QD PDQLIHVWDomR GR SUREOHPD R WpFQLFR GLUHFLRQD D UHDOL]DomR GR H[DPH XWLOL]DQGR RV
VHXVVHQWLGRVHGHWHUPLQDGRVLQVWUXPHQWRVHVSHFtILFRV1HVWHSULPHLURSDVVRDLQGDVmRUHDOL]DGRV
RVHQVDLRVUiSLGRVGHFDPSRTXHVHIL]HUHPQHFHVViULRV'HSHQGHQGRGRSUREOHPDHGRWpFQLFR
HQYROYLGRHSRVVtYHOTXHMiDSyVRH[DPHLQLFLDOVHSRVVDHQWHQGHURIHQ{PHQRRFRUULGRHPVXD
WRWDOLGDGH(PRXWUDVSDODYUDVHPDOJXPDVVLWXDo}HVMiVHSRGHID]HUGLDJQyVWLFRFRPRUHVXOWDGR
GRH[DPHLQLFLDO

1RVFDVRVHPTXHRVVXEVtGLRVREWLGRVQmRVHPRVWUDUHPVXILFLHQWHVRVHJXQGRSDVVRQDSURFXUD
GH LQIRUPDo}HV HVWi UHODFLRQDGR FRP R OHYDQWDPHQWR GD KLVWyULD GR HGLItFLR H GD KLVWyULD GR
SUREOHPD)D]VHSRUWDQWRDDQDPQHVHGDVLWXDomR(VWDVLQIRUPDo}HVSRGHPVHUFRQVHJXLGDV
YHUEDOPHQWHDWUDYpVGHHQTXHWHVFRPWHVWHPXQKDVRXSRGHPHVWDUIRUPDOL]DGDVHPGRFXPHQWRV
FRPRRSURMHWRRGLiULRGHREUDQRWDVILVFDLVGHPDWHULDLVHFRPSRQHQWHVHDVVLPSRUGLDQWH
0DLV XPD YH] GH SRVVH GHVWHV QRYRV VXEVtGLRV R WpFQLFR GHYH GHILQLU VH HVWi SUHSDUDGR SDUD
HVWDEHOHFHURGLDJQyVWLFRGRSUREOHPD8PDYH]TXHQmRVHMDPVXILFLHQWHVDVLQIRUPDo}HVREWLGDV
ID]VHQHFHVViULDDXWLOL]DomRGHDQiOLVHHHQVDLRVFRPSOHPHQWDUHV$HVSHFLILFDomRGRVWLSRVGH
HQVDLRV p IXQomR GD QDWXUH]D GR SUREOHPD H QRUPDOPHQWH HVWHV HQVDLRV VmR GLUHFLRQDGRV QR
VHQWLGRGHGLULPLUDOJXPDG~YLGDHVSHFtILFDGRWpFQLFR
8PDYH]TXHD3DWRORJLDGDV&RQVWUXo}HVDLQGDQmRVHFRQVROLGRXLQWHLUDPHQWHHQTXDQWRFLrQFLD
H[LVWLUmRFDVRVHPTXHPHVPRVHQGRVXILFLHQWHPHQWHFDSD]HWHQGRSHUFRUULGRWRGRVRVSDVVRV
SUHVFULWRVSDUDROHYDQWDPHQWRGHVXEVtGLRVRWpFQLFRQmRFRQVHJXHGLDJQRVWLFDU1RVFDVRVHP
TXHVHWUDWDUGHOLPLWDo}HVQRFRQKHFLPHQWRGRWpFQLFRID]VHQHFHVViULDXPDSURIXQGDSHVTXLVD
ELEOLRJUiILFD3RURXWURODGRQRVFDVRVGHIURQWHLUDGRFRQKHFLPHQWRFROHWLYRD~QLFDDOWHUQDWLYDp
DSHVTXLVDWHFQROyJLFDRXFLHQWtILFD
1D JUDQGH PDLRULD GRV FDVRV FRQWXGR DV LQIRUPDo}HV OHYDQWDGDV VmR VXILFLHQWHV SDUD TXH VH
FRQVLJDGLDJQRVWLFDUDVLWXDomR$WUDYpVGRGLDJQyVWLFRVmRLGHQWLILFDGDVDVRULJHQVGRSUREOHPD
VXDVFDXVDVSUHFLVDVRVIHQ{PHQRVLQWHUYHQLHQWHVHVHXVPHFDQLVPRVGHRFRUUrQFLD
(QWHQGLGDDVLWXDomRRWpFQLFRHVWiFDSDFLWDGRDGHILQLUDFRQGXWDDVHUVHJXLGDFRPUHODomRDR
SUREOHPD (VWD IDVH GH GHILQLomR GHYH VHU FRQGX]LGD LQLFLDOPHQWH SHOR OHYDQWDPHQWR GDV
DOWHUQDWLYDV GH HYROXomR IXWXUD GRV IHQ{PHQRV &RP R SURJQyVWLFR HVWDEHOHFLGR R WpFQLFR VH
GHILQH SRU XPD GDV DOWHUQDWLYDV HVWXGDGDV VHPSUH EDVHDGR QD UHODomR FXVWREHQHItFLR GH FDGD
XPDGHODV
$DOWHUQDWLYDGHILQLGDSRGHUHTXHUHUDOJXPWLSRGHLQWHUYHQomRRXQmR1RUPDOPHQWHWHDGHFLVmR
SRUQmRLQWHUYLUVLJQLILFDDDFHLWDomRGHXPGHVHPSHQKRLQVDWLVIDWyULRULRHPYLVWDGRFXVWRGHXPD
HYHQWXDOWHUDSLD
$LQWHUYHQomRRXDWHUDSLDUHTXHULGDQRUPD@PHQWHWLQLWHFQRORJLDGRPLQDGDSRGHQGRSRUWDQWRVHU
DSOLFDGDQRFDVR([LVWHPVLWXDo}HVQRHQWDQWRHPTXHQmRVHGLVS}HGDWHFQRORJLDQHFHVViULD
UHVWDQGRDQHFHVVLGDGHGHSHVTXLViODHGHVHQYROYrOD
2 SURFHVVR VH HQFHUUD FRP D H[HFXomR GRV VHUYLoRV SUHVFULWRV TXDQGR QHFHVViULR  H FRP R
UHJLVWURGRFDVR(VWHUHJLVWUR(IHLWRFRPDILQDOLGDGHGHPDQWHUIRUPDOL]DGD D KLVWyULD GD REUD
SDUDSRVVtYHLVQRYDVLQWHUYHQo}HVHSULQFLSDOPHQWHSDUDDGLYXOJDomRGRFRQKHFLPHQWRDGTXLULGR
QDUHVROXomRGRSUREOHPD
$ILJXUDUHSUHVHQWDXPDSURSRVWDGHIOX[RJUDPDGHDWXDomREDVHDGDQDSURSRVWDSRU+HOHQH>
HTXHFRQWHPSODRSURFHGLPHQWRGHVFULWR
&DGDXPGRVSDVVRVFLWDGRVGRSURFHGLPHQWRSURSRVWRGHYHVHUUHDOL]DGRVHJXQGRGHWHUPLQDGRV
SDUkPHWURVHDWHQGHQGRDGHWHUPLQDGRVFXLGDGRVSDUDFRQVHJXLUDWLQJLUVHXVREMHWLYRV3DVVDPRV
DVHJXLUDRHVWXGRGHFDGDXPGHVWHVSDVVRVHPSDUWLFXODU

2/(9$17$0(172'(68%6',263$5$2(17(1',0(172'2352%/(0$
$PDQLIHVWDomRGRBSUREOHPDDTXHL[DGRXVXiULRHDLQVSHomRSHULyGLFD
&RQIRUPHDQDOLVDGRDQWHULRUPHQWHWRGRVHGLItFLRVWrPGHWHUPLQDGDVFDUDFWHUtVWLFDVTXHRVID]HP
UHDJLULQGLYLGXDOPHQWHDVFRQGLo}HVGHH[SRVLomRDTXHHVWLRVXEPHWLGRV(TXLYDOHGL]HUTXH R
FRQMXQWRGHDJHQWHVDJUHVVLYRVTXHDWXDPVREUHFDGDHGLILFLRLQWHUDJH FRP HVWH SURGX]LQGR XP
OHTXH GH IHQ{PHQRV ItVLFRV TXtPLFRV H ELROyJLFRV $OJXQV IHQ{PHQRV TXH RFRUUHP QR HGLItFLR
SRGHPSURYRFDUXPDTXHGDGRVHXGHVHPSHQKRFRQILJXUDQGRVHRVSUREOHPDVSDWROyJLFRV
7RGRSUREOHPDSDWROyJLFRHVWDQGRUHODFLRQDGRSRUGHILQLomRFRPXPDTXHGDGHGHVHPSHQKRVH
PDQLIHVWD GH DOJXPD IRUPD &RQFHLWXDPRV VLQWRPD GR SUREOHPD SDWROyJLFR FRPR HVWD
PDQLIHVWDomRGDTXHGDGRGHVHPSHQKR3RUVLQWRPDWRORJLDVHHQWHQGHRTXDGURJHUDOGHVLQWRPDV
SUHVHQWHVHPGHWHUPLQDGDIDVHGRSUREOHPD
2SUREOHPDSDWROyJLFRQmRPHUHFHDQiOLVHVRPHQWHTXDQGRRGHVHPSHQKRMiHVWLYHULQVDWLVIDWyULR
RX HP RXWUDV SDODYUDV TXDQGR H[LVWLU XPD VLQWRPDWRORJLD FDUDFWHUtVWLFDV 6H LPDJLQDUPRV XP
HGLItFLRFRPXPGHVHPSHQKRVDWLVIDWyULRDLQGDDVVLPQmRSRGHPRVVDEHUVHHPDOJXPPDWHULDO
RXFRPSRQHQWH Mi QmR H[LVWDP DOWHUDo}HV HQTXDGUiYHLV QR TXH VH FKDPD GH SHUtRGR
SUpSDWRJrQLFRGRSUREOHPD
1R SHUtRGR SUpSDWRJrQLFR RFRUUHP LQWHUDo}HV GRV DJHQWHV DJUHVVLYRV GR PHLR DPELHQWH FRP R
HGLItFLRVHPTXHVXUMDPPDQLIHVWDo}HVSHUFHSWtYHLVSHORXVXiULRRXPHVPRSHORSURILVVLRQDO
2 SHUtRGR SDWRJrQLFR p FDUDFWHUL]DGR QR LQLFLR SHOR DSDUHFLPHQWR GDV SULPHLUDV PDQLIHVWDo}HV
SHUFHSWtYHLV RV VLQWRPDV TXH LUmR HYROXLU GH DFRUGR FRP R WLSR GH DJUHVVmR FRP DV
FDUDFWHUtVWLFDVGRHGLItFLRHFRPGLYHUVRVRXWURVIDWRUHV
e HYLGHQWH TXH VHULD GHVHMiYHO LGHQWLILFDU R SUREOHPD HP VHX SHUtRGR SUpSDWRJrQLFR TXDQGR D
SRVVLELOLGDGH GH UHVROXomR p VHPSUH PXLWR JUDQGH 2FRUUH QR HQWDQWR TXH SHOD DXVrQFLD GH
PDQLIHVWDo}HVSHUFHSWtYHLVLVWRVHWRUQDQDSUiWLFDPXLWRGLItFLO
&RQVHTXHQWHPHQWH  D PHOKRU RSRUWXQLGDGH GH GHWHFomR H UHVROXomR GH XP SUREOHPD j D IDVH
LQLFLDO GR SHUtRGR SDWRJrQLFR  RQGH Mi H[LVWHP PDQLIHVWDo}HV SHUFHSWtYHLV GDV DOWHUDo}HV GH
GHVHPSHQKRSRUpPQRUPDOPHQWHGHFDUiWHUVXSHUILFLDOHUHYHUVtYHO
2VVLQWRPDVGRVSUREOHPDVSDWROyJLFRVSRGHPVHUOHYDQWDGRVSHORSUySULRXVXiULRRXSRUWpFQLFRV
HVSHFLDOPHQWHHQFDUUHJDGRVGDLQVSHomRSHULyGLFDGDVFRQVWUXo}HV
1RUPDOPHQWH DV REVHUYDo}HV GR XVXiULR SRU QmR WHUHP ULJRU WpFQLFR QmR VmR LQGLFDGRUHV
FRQFOXVLYRV GD H[LVWrQFLD H GD H[WHQVmR GR SUREOHPD SDWROyJLFR SDUD HIHLWRV WpFQLFRV DV
REVHUYDo}HVGRXVXiULRVLJQLILFDPDRFRUUrQFLDGHIHQ{PHQRVWtSLFRVHFRORFDPDFRQVWUXomRVRE
VXVSHLWDGHGHVHPSHQKRLQVDWLVIDWyULR
2SUREOHPDSRGHVHUPDLVSUHFLVDPHQWHOHYDQWDGRGXUDQWHXPDLQVSHomRSHULyGLFDQXPFRQWH[WR
GDPDQXWHQomRURWLQHLUDGRHGLItFLR(VWDLQFOXVLYHpXPDGDVUD]}HVGHVWDVLQVSHo}HVSHULyGLFDV
VHUHP DOWDPHQWH UHFRPHQGiYHLV >@ 1HVWHV FDVRV QRUPDOPHQWH D H[LVWrQFLD GR SUREOHPD
SDWROyJLFR p FRQVWDWDGD LPHGLDWDPHQWH SDVVDQGRVH SDUD D IDVH VHJXLQWH GR SURFHGLPHQWR
JHQpULFRTXHpDGHOHYDQWDPHQWRGHVXEVtGLRVSDUDDUHVROXomRGRSUREOHPD

$YLVWRULDGRORFDODXWLOL]DomRGHLQVWUXPHQWRVHDRUJDQL]DomRGRVUHVXOWDGRV
8P GHWHUPLQDGR XVXiULR HVWDQGR LQVDWLVIHLWR FRP R GHVHPSHQKR GR VHX HGLILFLR SURFXUD XP
SURILVVLRQDOFRPRLQWXLWRGHWHQWDUUHVROYHURSUREOHPD(PRXWUDKLSyWHVHGHQWURGHXPSURJUDPD
GH PDQXWHQomR URWLQHLUD FRQVWDWDVH D H[LVWrQFLD GR SUREOHPD SDWROyJLFR HP XPD LQVSHomR
UHDOL]DGDSRUXPWpFQLFR
$ SDUWLU GD TXHL[D GR XVXiULR  RX GDV LQGLFDo}HV GR WpFQLFR UHVSRQViYHO SHOD LQVSHomR  R
SURILVVLRQDO LQLFLD R SURFHVVR GH HOLPLQDomR GR SUREOHPD 2 SURFHGLPHQWR JHUDO FRQIRUPH
VDOLHQWDGR DQWHULRUPHQWH VH LQLFLD SHOD IDVH GH OHYDQWDPHQWR GR PDLRU Q~PHUR SRVVtYHO GH
LQIRUPDo}HVTXHSRVVDPVHPRVWUDU~WHLVSDUDRGLDJQyVWLFRGDVLWXDomRHSRVWHULRUUHVROXomRGR
SUREOHPD
'HQWURGDIDVHGHOHYDQWDPHQWRGH68%6',26FRQFHLWXDPRVDYLVWRULDGRORFDOFRPRRSURFHVVR
HPTXHRSURILVVLRQDOVHDSUR[LPDILVLFDPHQWHGRHGLILFLRHHPSDUWLFXODUGRGHIHLWRHVSHFLILFRH
SURFXUDDWUDYpVGHH[DPHPLQXFLRVRSHVTXLVDURPDLRUQ~PHURSRVVtYHOGHLQIRUPDo}HVDSDUWLU
GHVWDSRVVLELOLGDGHGHFRQWDWRItVLFR>@
2SURFHGLPHQWREiVLFRSDUDDUHDOL]DomRGDYLVWRULDGRORFDOTXHVHUiDQDOLVDGRQRSUHVHQWHLWHP
SUHVVXS}H XQLD PHWRGRORJLD REMHWLYD H JHQpULFD TXH GLUHFLRQH R OHYDQWDPHQWR GH GDGRV (VWH
GLUHFLRQDPHQWRQRHQWDQWRQmRSRGHVHUDGRWDGRFRDRXPDUHJUDLPXWiYHOVHQGRUHFRPHQGiYHO
XPDSRVWXUDGHFRQWLQXDDGDSWDomRjLQGLYLGXDOLGDGHGHFDGDFDVR
$OJXQV SDVVRV SRGHP VHU FLWDGRV SRU FRQVWLWXtUHP HVTXHOHWR EiVLFR SDUD D YLVWRULD GR SUREOHPD
SDWROyJLFR

'HWHUPLQDomRGDH[LVWrQFLDHGDJUDYLGDGHGRSUREOHPDSDWROyJLFR

'HILQLomRGDH[WHQVmRHGRDOFDQFHGRH[DPH

&DUDFWHUL]DomRGRVPDWHULDLVHGDSDWRORJLD

8WLOL]DomRGRVVHQWLGRVKXPDQRV
8WLOL]DomRGHLQVWUXPHQWRV

5HJLVWURGRVUHVXOWDGRV

'HWHUPLQDomRGDH[LVWrQFLDHGDJUDYLGDGHGRSUREOHPDSDWROyJLFR

$GHWHUPLQDomRGDH[LVWrQFLDGRSUREOHPDSDWROyJLFRpIHLWDaSHODFRPSDUDomRTXDOLWDWLYDQRFDVR
JHUDOHQWUHRGHVHPSHQKRH[LJtYHOGRHGLILFLRRXGHSDUWHHRGHVHPSHQKRHQFRQWUDGR$PDLRULD
GRV SUREOHPDV SDWROyJLFRV DSUHVHQWD XPD VLQWRPDWRORJLD TXH WRUQD LPHGLDWD D FRQVWDWDomR GD
H[LVWrQFLDGRSUREOHPD
([LVWHPVLWXDo}HVQRHQWDQWRHPTXHDFRPSURYDomRGDH[LVWrQFLDGRSUREOHPDSDWROyJLFRQmRp
LPHGLDWD (VWDV VLWXDo}HV QRUPDOPHQWH HVWLR UHODFLRQDGDV FRP SUREOHPDV SDWROyJLFRV TXH QmR
SURYRFDPDOWHUDo}HVQRVPDWHULDLV(VWHpRFDVRSRUH[HPSORGDIDOWDGHFRQIRUWRKLJURPrWULFR
RQGHDOJXPDVYH]HVRFDPLQKRSRGHWHUGHVHUDXWLOL]DomRGHPRGHORVItVLFRVHPDWHPiWLFRVGR
GHVHPSHQKRGRHGLItFLRDSDUWLUGDVSURSULHGDGHVGRVPDWHULDLVHFRPSRQHQWHVFRQVWLWXLQWHV>@

'HILQLGD D H[LVWrQFLD GR SUREOHPD SDVVDVH j DYDOLDomR GH VXD JUDYLGDGH 2 OHYDQWDPHQWR GD
JUDYLGDGH GD VLWXDomR OHYD HP FRQWD EDVLFDPHQWH D H[LVWrQFLD GH ULVFR TXDQWR j VHJXUDQoD GR
XVXiULR 4XDQGR KRXYHU SRUH[HPSOR R ULVFR GH FRODSVRGD HVWUXWXUD SRGHVH DSHODU SDUD XP
HVFRUDPHQWRDGHTXDGR
2HVFRUDPHQWRRXTXDOTXHURXWUDPHGLGDGHSURWHomRGRXVXiULRDOpPGDIXQomRyEYLDGHHYLWDU
ULVFRV SURSRUFLRQD R WHPSR VXILFLHQWH SDUD TXH D YLVWRULD SRVVD VHU H[HFXWDGD FRP RV GHYLGRV
FXLGDGRV

'HILQLomRGDH[WHQVmRHGRDOFDQFHGRH[DPH

$ GHWHUPLQDomR GD H[WHQVmR H GR DOFDQFH GR H[DPH WHP FRPR FRQGLFLRQDQWH EiVLFR R JUDX GH
HVSUDLDPHQWR GRV VLQWRPDV QR HGLItFLR 8P SUREOHPD SDWROyJLFR TXH DSUHVHQWH VLQWRPDV
HVSUDLDGRVSRUWRGRRHGLItFLRVLJQLILFDDQHFHVVLGDGHGRH[DPHPLQXFLRVRGHWRGRRHGLItFLR3RU
RXWUR ODGR QRV FDVRV GH VLQWRPDV ORFDOL]DGRV p QR SURFHVVR GH YLVWRULD TXH VH GHILQH D
DEUDQJrQFLD GR H[DPH 2 FULWpULR SDUD HVWD GHFLVmR H[DPH GD SDUWH [ H[DPH GR WRGR HVWi
UHODFLRQDGRGLUHWDPHQWHFRPDVXILFLrQFLDGDVLQIRUPDo}HVSDUDDHODERUDomRGRGLDJQyVWLFR
1RV FDVRV HP TXH VH PRVWUDU UHFRPHQGiYHO R H[DPH PLQXFLRVR GH WRGR R HGLItFLR R URWHLUR GH
YLVWRULD p SUHYLDPHQWH HVWDEHOHFLGR D SDUWLU GH DOJXPD PHWRGRORJLD EiVLFD $ WtWXOR GH H[HPSOR
SRGHPRVFLWDUDPHWRGRORJLDSURSRVWDSRU0HOYLOOH*RUGRQ>@
2H[DPHFRPHoDQRSLVRVXSHULRUGRHGLItFLRFDGDF{PRGRVHQGRYLVLWDGRREHGHFHQGRVH XP
VHQWLGRGHFDPLQKDPHQWRSUHYLDPHQWHHVWDEHOHFLGRKRUiULRRXDQWLKRUiULR5HSHWHVHRPHVPR
SURFHVVRHPWRGRVRVDQGDUHVDWpTXHVHFKHJXHDRSLVRLQIHULRU&RQFOXLGDDLQVSHomRGRLQWHULRU
GRHGLItFLRRWpFQLFRFRPHoDRH[DPHGRVHXH[WHULRUWRPDQGRFDGDHOHYDomRFRPDUHVSHFWLYD
iJXDGRWHOKDGRQRPHVPRVHQWLGRGHFDPLQKDPHQWRGRH[DPHLQWHUQR
e SRVVtYHO TXH PHVPR WHQGR VLGR H[DPLQDGR WRGR R HGLItFLR RV VXEVtGLRV FROHWDGRV QmR VH
PRVWUHPVXILFLHQWHV1HVWHVFDVRVSRGHVHUQHFHVViULRRH[DPHGDVFLUFXQYL]LQKDQoDV3RGHVHU
SURGXWLYD SRU H[HPSOR D DQDOLVH GH FDVDV YL]LQKDV VHPHOKDQWHV SDUD YHULILFDU D H[LVWrQFLD GRV
PHVPRVSUREOHPDVSRVVLYHOPHQWHHPGLIHUHQWHVHVWiJLRVGHHYROXomR$OpPGLVVRSRGHP VHU
QHFHVViULRVGDGRVVREUHDWRSRJUDILDGDiUHDVXDYHJHWDomRRSRVLFLRQDPHQWRGROHQoROIUHiWLFR
DVFDUDFWHUtVWLFDVGRVRORDH[LVWrQFLDGHDWHUURVHDVVLPSRUGLDQWH

&DUDFWHUL]DomRGRV0DWHULDLVHGD3DWRORJLD

7HUPLQDGDDIDVHTXHSRGHVHUGHQRPLQDGDGHGHOLPLWDomRHSODQHMDPHQWRGDYLVWRULDSDVVDVHDR
OHYDQWDPHQWR GH VXEVtGLRV SURSULDPHQWH GLWR $ WpFQLFD SDVVtYHO GH VHU XWLOL]DGD p IXQomR GRV
LQVWUXPHQWRVGLVSRQtYHLV
2VLQVWUXPHQWRVHVVHQFLDLVHPWRGRVRVFDVRVVmRRVFLQFRVHQWLGRVKXPDQRV3RUPDLRUTXHVHMD
D KDELOLGDGH QD XWLOL]DomR GH HTXLSDPHQWRV RV VHQWLGRV KXPDQRV DSUHVHQWDP SDUD R WpFQLFR D
UHDOLGDGH VHP LQWHUPHGLDomR $OpP GD YLVmR H GD DXGLomR TXH REYLDPHQWH QHFHVViULDV PXLWDV
YH]HVRWDWRRROIDWRHPHVPRRSDODGDUVmRLPSUHVFLQGtYHLV
2VHTXLSDPHQWRVVHUYHPGHFRPSOHPHQWRDYHUVDWLELOLGDGHKXPDQDTXDQWLILFDQGRDVLPSUHVV}HV
8P HTXLSDPHQWR TXDQGR EHP XWLOL]DGR p XPD HVSpFLH GH SURORQJDPHQWR GD FDSDFLGDGH GR
WpFQLFR GH DSUHHQGHU D UHDOLGDGH 2V VHQWLGRV KXPDQRV H RV HTXLSDPHQWRV WrP RV VHXV
UHVSHFWLYRVFDPSRVGHDWXDomRHOLPLWDo}HVVHQGRUHFRPHQGiYHODKDUPRQL]DomRGHVHXXVR

2 &67& &HQWUH 6FLHQWLILTXH HW 7HFKQLTXH GH OD &RQVWUXFWLRQ SURS{V XPD UHODomR GH DSDUHOKRV
TXH VHJXQGR 5H\JDHUWV >@ VmR VXILFLHQWHV SDUD H[DPLQDU D JUDQGH PDLRULD GRV SUREOHPDV
SDWROyJLFR6mRHOHV

1tYHOG
iJXD

)LRGHSUXPR

5pJXDHPHWURSUHFLVRV

+LGU{PHWURHOpWULFR

3VLFU{PHWURGRWLSRWHUP{PHWUR~PLGRHVHFR

7HUP{PHWURGHFRQWDWR

3DF{PHWUR

3DSHOLQGLFDGRGH3+

'LODW{PHWUR

7HVWHPXQKDVGHPHWDORXYLGUR

(QGRVFySLR

/XSDJUDGXDGD

$OpP GHVVHV LQVWUXPHQWRV  RXWURV LJXDOPHQWH VLPSOHV H GH SHTXHQDV GLPHQV}HV SRGH ULDP VHU
DFUHVFHQWDGRV 0DLV GR TXH D UHODomR HVSHFtILFD GH DSDUHOKRV p LQWHUHVVDQWH D LGpLD GH MXQWDU
WRGRVQXPVyFRQMXQWRTXHSRGHVHUOHYDGRHPXPDPDOHWDHpVXILFLHQWHSDUDDJUDQGHPDLRULD
GRVSUREOHPDV

5HJLVWURGRVUHVXOWDGRV

$ WpFQLFD H D PHWRGRORJLD GH UHJLVWUR H RUJDQL]DomR GRV VXEVtGLRV FROHWDGRV p GH IXQGDPHQWDO
LPSRUWkQFLD SDUD VXD XWLOL]DomR QD IRUPXODomR GR GLDJQyVWLFR (V WH UHJLVWUR SRGH VHU IHLWR
PDQXDOPHQWHDWUDYpVGHFURTXLVHRXLQGLFDo}HVQDVSODQWDVHHOHYDo}HVRXSRGHVHUIHLWRDWUDYpV
GHUHJLVWURVSHUPDQHQWHVFRPRILWDVFDVVHWHVRXIRWRJUDILDV
$DQDPQHVHGRFDVRDVLQIRUPDo}HVIRUPDOL]DGDVHDVLQIRUPDo}HVRUDLV
'DGR TXH H[LVWD R SUREOHPD SDWROyJLFR H GDGR TXH R SURILVVLRQDO RX JUXSR GH SURILVVLRQDLV QmR
WHQKD FRQVHJXLGR GLDJQRVWLFiOR DSHQDV DWUDYpV GD YLVWRULD GR ORFDO SDVVDVH L IDVH GH
OHYDQWDPHQWRGH68%6',26SDUDRHQWHQGLPHQWRGDKLVWyULDGRSUREOHPD1mRDSHQDVDKLVWyULD
GRSUREOHPDDWXDOPDVDSUySULDKLVWyULDGRHGLILFLR
2 WHUPR DQDPQHVH WHP RULJHP JUHJD H VLJQLILFD UHFRUGDU e HQWHQGLGD FRPR D DWLYLGDGH GH
OHYDQWDPHQWRGDKLVWyULDHYROXWLYDGRSUREOHPDGHVGHVXDVPDQLIHVWDo}HVLQLFLDLVRXSUHFXUVRUDV
DWpRHVWiJLRGHHYROXomRGRPRPHQWRGRH[DPH6mRLQFOXtGDVDOpPGDVLQIRUPDo}HVDUHVSHLWR

GDHYROXomRGRSUREOHPDDTXHODVUHIHUHQWHVjGHVFULomRGDYLGDGRHGLItFLRRXVHMDRTXDGURJHUDO
GRVHXGHVHPSHQKRDRORQJRGRWHPSR4XDQGRIRURFDVRSRGHPVHUQHFHVViULDVDVLQIRUPDo}HV
UHIHUHQWHVjYDULDomRGDVFRQGLo}HVGHH[SRVLomRDTXHHVWHYHVXEPHWLGRRHGLItFLR
$VLQIRUPDo}HVSRGHPVHUREWLGDVDWUDYpVGHGXDVIRQWHVEiVLFDV

,QYHVWLJDomRFRPSHVVRDVHQYROYLGDVFRPDFRQVWUXomR

$QiOLVHGHGRFXPHQWRVIRUPDOL]DGRV

,QYHVWLJDomRFRPSHVVRDVHQYROYLGDVFRPDFRQVWUXomR

'XUDQWHDSUySULDYLVWRULDLQLFLDOGRHGLItFLRGLYHUVDVLQIRUPDo}HVRUDLVSRGHPVHUREWLGDVMXQWRDR
XVXiULR$OpPGHVWHHGHSHQGHQGRGDQHFHVVLGDGHSRGHPVHUSURFXUDGRVRVYL]LQKRVRSURPRWRU
GRHPSUHHQGLPHQWRRSURMHWLVWDRFRQVWUXWRURVIDEULFDQWHVGHPDWHULDLVHDVVLPSRUGLDQWH
$ QHFHVVLGDGH GH HQWUHYLVWDU SHVVRDV FRP HQYROYLPHQWRV GLIHUHQWHV FRP D FRQVWUXomR H FRP
FRQKHFLPHQWRV WpFQLFRV RV PDLV GLVSDUHV SURYRFD D QHFHVVLGDGH GR GHVHQYROYLPHQWR GH XPD
FHUWDWpFQLFDGHLQWHUURJDWyULR3DFLrQFLDFODUH]DHKDELOLGDGHVmRVHPSUHQHFHVViULRV
$ HQWUHYLVWD SRGH QmR VHU D PHVPD TXDOTXHU TXH VHMD R LQWHUORFXWRU  PDV DOJXPDV SHUJXQWDV
SRGHPVHUHSHWLU5D\JDHUWV>@SURS}HDVVHJXLQWHVLQGDJDo}HVEiVLFDV

4XDQGRIRUDPFRQVWDWDGRVRVVLQWRPDVSHODSULPHLUDYH]HGHTXHIRUPD"

(OHVMiIRUDPREMHWRGHLQWHUYHQo}HVVHVLPTXDLVHFRPTXHUHVXOWDGRV"

1RGHFRUUHUGDFRQVWUXomRIRUDPIHLWDVPRGLILFDo}HVQRSURMHWRQDH[HFXomRRXQDHVFROKD
GRVPDWHULDLV"

)RUDPWRPDGDVDVPHGLGDVQHFHVViULDVTXDQWRjPDQXWHQomRHOLPSH]D"

$OpPGHVWDVLQGDJDo}HVEiVLFDVRXWUDVTXHVW}HVWDPEpPVmRLPSRUWDQWHVHSRGHPVHUIHLWDVDR
XVXiULRGRHGLItFLR

4XDQGRRXVXiULRQRWRXSHODSULPHLUDYH]RSUREOHPDHTXDQGRHOHUHVROYHXLQWHUYLU"

RXVXiULRVHUHFRUGDGHDOJXPIDWRTXHSRVVDHVWDUOLJDGRDRDSDUHFLPHQWRGRSUREOHPD"

2FRUUHPHSLVyGLRVGHH[DFHUEDomRRXUHPLVVmRGRVVLQWRPDV"

&RPRHUDPDVFRQGLo}HVFOLPiWLFRVTXDQGRRSUREOHPDIRLQRWDGRHTXDQGRRXVXiULRUHVROYHX
LQWHUYLU"
6mRHVWHVDSHQDVDOJXQVH[HPSORVGHSHUJXQWDVEDVWDQWHFRPXQVSRUpPFDGDFDVRGHWHUPLQDD
FRQGXomRGRLQWHUURJDWyULRFRQIRUPHVXDVFDUDFWHUtVWLFDVSUySULDV
(P TXDOTXHU FDVR D YHORUL]DomR GH WRGDV DV LQIRUPDo}HV RUDLV REWLGDV p EDVWDQWH SUREOHPiWLFD
>@(PSULPHLUROXJDUDVSHVVRDVVRPHQWHSRGHPVHUHSRUWDUDSULPHLUDYH]TXHQRWDUDPRV
VLQWRPDV R TXH HYHQWXDOPHQWH SRGH QmR FRLQFLGLU FRP R VHX VXUJLPHQWR 3RU RXWUR ODGR
LQIRUPDo}HVRUDLVLPSRUWDQWHVSRGHPVHURPLWLGDVRXPHVPRGLVWRUFLGDVSULQFLSDOPHQWHQRVFDVRV

HP TXH KRXYHU GLVSXWD H R LQIRUPDQWH HVWLYHU GHIHQGHQGR VHXV LQWHUHVVHV 2 FRQVWUXWRU SRU
H[HPSOR TXH XWLOL]RX PDWHULDO GH TXDOLGDGH LQIHULRU DR HVSHFLILFDGR QR SURMHWR SRGH WHPHQGR
UHDo}HV WHQWDU RFXOWDU WDO IDWR 8PD YH] TXH GHWHUPLQDGDV  LQIRUPDo}HV VH PRVWUDUHP
VLJQLILFDWLYDVVXDFRQILUPDomRDWUDYpVGHRXWUDVIRQWHVSRGHVHUUHFRPHQGiYHO

$QiOLVHGHGRFXPHQWRVIRUPDOL]DGRV

$V LQIRUPDo}HV REWLGDV RUDOPHQWH QmR IRUQHFHP QD JUDQGH PDLRULD GRV FDVR V XP TXDGUR
VXILFLHQWHPHQWHDPSORHFRQILiYHOSDUDRHVWDEHOHFLPHQWRGDDQDPQHVHGRFDVR1RUPDOPHQWHp
QHFHVViULD D XWLOL]DomR GH IRQWHV GRFXPHQWDGDV FXMD YHUDFLGDGH SRVVD VHU FRORFDGD IRUD GH
TXHVWmR 'HQWUH HVWDV IRQWHV GLWDV IRUPDOL]DGDV D IRQWH SULQFLSDO GH LQIRUPDo}HV H DTXHOD TXH
DFRPSDQKDRWpFQLFRGXUDQWHWRGRRSURFHVVRGRGLDJQyVWLFRpRSURMHWR2SURMHWRHQWHQGLGRQmR
VRPHQWHFRPRDVSODQWDVGHFRQFHSomRPDVWDPEpPRSURMHWRH[HFXWLYRRPHPRULDORVFDGHUQRV
GH HQFDUJRV DV HVSHFLILFDo}HV GH PDWHULDLV RV PDQXDLV GH H[HFXomR H 862 (QILP WRGDV DV
LQGLFDo}HV TXH R UHVSRQViYHO SHOD H[HFXomR S{GH FRQWDU SDUD D &RQVWUXomR GD REUD H TXH R
XVXiULRS{GHFRQWDUSDUDRSHUDUVXDSURSULHGDGH
8PDGLVWLQomRPXLWRLPSRUWDQWHGHYHVHUIHLWDHQWUHRSURMHWRFRPRSURMHWDGRHRSURMHWRFRPR
FRQVWUXtGR 0XLWDV YH]HV DFRQWHFHP GXUDQWH D H[HFXomR YDULDo}HV HP UHODomR DR SURMHWR
YDULDo}HVHVWDVQmRUHJLVWUDGDV
2VGRFXPHQWRVSRUVHXWXUQRSURGX]LGRVGXUDQWHDSUySULDH[HFXomRGDREUDWDPEpPVmRIRQWHV
EDVWDQWH LPSRUWDQWHV $ UHDOLGDGH WHP PRVWUDGR TXH MXVWDPHQWH RV HGLItFLRV FRP PDLRUHV
SUREOHPDV SDWROyJLFRV VmR RV TXH SRVVXHP PHQRU TXDQWLGDGH H TXDOLGDGH GH GRFXPHQWRV TXH
SRVVDPVHUDIRQWHSDUDRHVWXGRGHVVHVSUREOHPDVSDWROyJLFRV ,VVR p FRPSUHHQVtYHO XPD YH]
TXHDSUHRFXSDomRFRPDGRFXPHQWDomRGDVGHFLV}HVHGRGLDDGLDUHYHODXPDSUHRFXSDomRFRP
DRUJDQL]DomRTXHQRUPDOPHQWHVHUHIOHWHQXPDFRQVWUXomRGHPHOKRUTXDOLGDGH
$OJXQV GRFXPHQWRV QR HQWDQWR VmR HQFRQWUDGRV HP PXLWDV
 REUDV VHQGR IRQWHV LPSRUWDQWHV
3RGHPRVFLWDU

'LiULRGHREUD

(QVDLRVSDUDUHFHELPHQWRGHPDWHULDLVHFRPSRQHQWHV

1RWDVILVFDLVGHPDWHULDLVHFRPSRQHQWHV

&RQWUDWRVSDUDH[HFXomRGHVHUYLoRV

&URQRJUDPDItVLFRILQDQFHLURSUHYLVWRHH[HFXWDGR

$ KLVWyULD GR XVR QRUPDOPHQWH WHP QD SUiWLFD GRFXPHQWDomR EDVWDQWH PDLV HVSRUiGLFD 1RV
HGLILFLRVTXHVmRFRQVHUYDGRUDWUDYpVGHSURJUDPDVGHPDQXWHQomRURWLQHLUDSRGHVHFRQVXOWDURV
UHJLVWURV GDV LQWHUYHQo}HV UHDOL]DGDV 2FRUUH TXH DLQGD QmR VH GLVVHPLQRX DPSODPHQWH D
DSOLFDomRGHVWHVSURJUDPDVHRTXHVHREWpPQRUPDOPHQWHVmRGRFXPHQWRVDUHVSHLWRGRXVRDR
ORQJR GR WHPSR GDV PDTXLQDV H HTXLSDPHQWRV GR HGLILFLR FRPR RV HOHYDGRUHV R VLVWHPD GH
DTXHFLPHQWRHRXWURV
)LQDOPHQWH DOpP GDV LQIRUPDo}HV RUDLV H IRUPDOL]DGDV D UHVSHLWR GD KLVWyULD GR HGLILFLR H GR
SUREOHPDSRGHVHUQHFHVViULRROHYDQWDPHQWRGDKLVWyULDGDVFRQGLo}HVGHH[SRVLomRDTXHILFRX
VXEPHWLGR R HGLILFLR 4XHVW}HV FRPR DV YDULDo}HV FOLPiWLFDV  GH YL]LQKDQoD HVFDYDo}HV

YLEUDo}HV H[FHVVLYDV UHEDL[DPHQWR GR OHQoRO IUHiWLFR SRGHP VHU UHVSRQGLGDV DWUDYpV GH
LQYHVWLJDo}HV PLQXFLRVDV FXMD PHWRGRORJLD p SDUWLFXODU SDUD FDGD FDVR GDGD D YDULHGDGH GH
DOWHUDo}HV H GH DJHQWHV SRVVtYHLV &RPR H[HPSOR GH SUREOHPD FDXVDGR SHOD YDULDomR GDV
FRQGLo}HVGHH[SRVLomRSRGHVHUFLWDGRRDSRGUHFLPHQWRGHHVWDFDVGHHXFDOtSWLFRGHIXQGDomR
FDXVDGRSRUXPUHEDL[DPHQWRJHUDOGROHQoROIUHiWLFRGDUHJLmRRQGHVHHQFRQWUDDREUD
2V([DPHV&RPSOHPHQWDUHVSDUDD)RUPXODomRGR'LDJQyVWLFR
8PSUREOHPDSDWROyJLFRVHUHYHODVREDIRUPDGHVLQWRPDV(VWHVVLQWRPDV6mROHYDQWDGRVSHOR
SURILVVLRQDODWUDYpVGHVHXVVHQWLGRVQDWXUDLVDWUDYpVGHLQWHUURJDWyULRGRVHQYROYLGRVHDWUDYpVGD
DQiOLVHGRVGRFXPHQWRVSHUWLQHQWHV
2SRGHUGHUHVROXomRGDYLVWRULDGRORFDOLVWRpDSRVVLELOLGDGHGHSHUPLWLUDHODERUDomRGH XP
GLDJQyVWLFRILQDOHVWiUHODFLRQDGDFRPDPDQLIHVWDomRGRSUREOHPDHFRPDSRVVLELOLGDGHGHVXD
LGHQWLILFDomRHYDORUL]DomRSHORSURILVVLRQDO$YLVWRULDQRUPDOPHQWHpOLPLWDGDSHORVUHFXUVRVGRV
VHQWLGRVKXPDQRVHSHUPLWHDSHQDVDREVHUYDomRPDFURVFySLFDGHXPSUREOHPD
8P FRQVLGHUiYHO Q~PHUR GH SUREOHPDV DSUHVHQWD VLQWRPDWRORJLD EDVWDQWHV FDUDFWHUtVWLFD
SHUPLWLQGR D IRUPXODomR LPHGLDWD GR GLDJQyVWLFR ILQDO ([LVWHP FDVRV QR HQWDQWR HP TXH VmR
QHFHVViULRV H[DPHV FRPSOHPHQWDUHV QRV TXDLV FRQFHLWXDOPHQWH VmR DPSOLDGRV RV VHQWLGRV
QDWXUDLVGRSURILVVLRQDODWUDYpVGHPHLRVItVLFRVTXtPLFRVHDWpELROyJLFRV
2VGDGRVREWLGRVGRH[DPHHGDDQDPQHVHGRHGLILFLRGLUHFLRQDPDUHDOL]DomRRXVROLFLWDomRGH
FHUWRH[DPHFRPSOHPHQWDU&DGDH[DPHWHPDVVRFLDGRXPFHUWRSRGHUGHUHVROXomRLVWRpXPD
FDSDFLGDGH GH LQGLFDU D SUHVHQoD GH DOWHUDomR KLSRWpWLFD H XPD SRVVLELOLGDGH GH IRUQHFHU IDOVRV
UHVXOWDGRVSRVLWLYRVHQHJDWLYRV
&RQKHFHU R SRGHU GH UHVROXomR H DV OLPLWDo}HV GH FDGD H[DPH FRPSOHPHQWDU SURYRFD D QmR
UHDOL]DomR HP FDGD FDVR GH XPD VpULH GH H[DPHV GLVSHQGLRVRV GHPRUDGRV H IUHTHQWHPHQWH
LQ~WHLV3RURXWURODGRGHVFRQKHFHUDSRVVLELOLGDGHGRH[DPHSUHVFULWRIRUQHFHUUHVXOWDGRVIDOVRV
HPGHWHUPLQDGDVVLWXDo}HVSRGHSURYRFDUXPGLDJQyVWLFRHTXLYRFDGRRTXHSHUPLWHDHYROXomR
GRSUREOHPDHUHGX]DVVXDVSRVVLELOLGDGHVGHUHVROXomR
1RUPDOPHQWHRVH[DPHVFRPSOHPHQWDUHVVmRQHFHVViULRVTXDQGRRVGDGRVREWLGRVQDYLVWRULDGR
ORFDOHQDDQDPQHVHVHPRVWUDUHPLQVXILFLHQWHVSDUDDHODERUDomRGRGLDJQyVWLFR([LVWHPFDVRV
QRHQWDQWRHPTXHRVH[DPHVFRPSOHPHQWDUHV6mRSUHVFULWRVPHVPRTXDQGRRGLDJQyVWLFRHVWi
IRUPXODGR  FRP R LQWXLWR GH JDUDQWLU D VXD FRUUHomR (VWDV VLWXDo}HV SRGHP RFRUUHU TXDQGR VH
PRVWUDUHPFDWDVWUyILFDVDVFRQVHTrQFLDVGHXPGLDJQyVWLFRLQFRUUHWR
2VH[DPHVFRPSOHPHQWDUHVSRGHPVHUFODVVLILFDGRVHP

$QiOLVHVHHQVDLRVHPODERUDWyULR

(QVDLRVLQORFR

$QiOLVHVHHQVDLRVHPODERUDWyULRV

$V DQiOLVH H HQVDLRV HP ODERUDWyULR SRGHP VHU GH FDUDFWHUL]DomR GH DPRVWUDV FROHWDGDV RX GH
DYDOLDomRGHGHVHPSHQKRDSDUWLUGHPDWHULDLVHFRPSRQHQWHVVLPLODUHVDRVXVDGRVQDREUD

$QDOLVDUHHQVDLDURPDWHULDOVLJQLILFDGHWHUPLQDURVYDORUHVGHSURSULHGDGHVTXHVHMDPUHOHYDQWHV
SDUDRVHXXVR$VSURSULHGDGHVUHOHYDQWHVSRGHPVHUGHQDWXUH]DItVLFDTXtPLFDRXELROyJLFD
$OJXPDV SURSULHGDGHV ItVLFDV VmR LQHUHQWHV DR PDWHULDO RX VHMD LQGHSHQGHP GH VXD IRUPD
JHRPpWULFD(VWHWLSRGHHQVDLRLFRQVLGHUDGRFRPRGHFDUDFWHUL]DomRGRPDWHULDO6mRH[HPSORVD
GHWHUPLQDomR GD GHQVLGDGH GD FRQGXWLELOLGDGH WpUPLFD H HOpWULFD GR FRHILFLHQWH GH GLODWDomR GR
tQGLFHGHUHGXomRDF~VWLFDHRXWUDV3RURXWURODGRGHWHUPLQDGDVSURSULHGDGHVItVLFDVHVWLROLJDGDV
LIRUPDJHRPpWULFDGRPDWHULDOVmRDVSURSULHGDGHVPHFkQLFDV
$ FDUDFWHUL]DomR TXtPLFD GR PDWHULDO SRGH VHU D LGHQWLILFDomR TXDOLWDWLYD H TXDQWLWDWLYD GRV
HOHPHQWRVHFRPSRVWRVTXtPLFRVSUHVHQWHVQDDPRVWUDHGHFDUDFWHUL]DomRGDPLFURHVWUXWXUDGR
PDWHULDO
1RVFDVRVHPTXHRPDWHULDODVHUDQDOLVDGRVRIUHRDWDTXHGHRUJDQLVPRVYLYRVFRPRIXQJRVSRU
H[HPSORDDQiOLVHSRGHVHUIHLWDSRUPHLRGHSURFHVVRVELROyJLFRV1RFDVRGDPDGHLUDDWDFDGD
SRU IXQJRV XP GRV SURFHVVRV GH H[DPH p D UHWLUDGD GH DPRVWUD H VXD LQWURGXomR HP PHLR GH
FXOWXUDULFDHPQXWULHQWHV>@
$ FDUDFWHUL]DomR GH DPRVWUD FROHWDGD p XP GRV FDPLQKRV GLVSR QtYHLV GRV H[DPHV
FRPSOHPHQWDUHVQHFHVViULRVSDUDDIRUPXODomRGRGLDJQyVWLFRGHXPSUREOHPDSDWROyJLFRFR GH
XP SUREOHPD SDWROyJLFR 2 RXWUR FDPLQKR HP ODERUDWyULR H D UHDOL]DomR GH HQVDLRV TXH
SURSRUFLRQHPDDYDOLDomRGRGHVHPSHQKRGRHGLItFLRRXGHFDGDXPDGHVXDVSDUWHV
1RVHQVDLRVGHGHVHPSHQKRUHDOL]DGRVHPODERUDWyULRSURFXUDVHUHSURGX]LUGHXPODGRDSDUWH
GR HGLItFLR HP HVWXGR XWLOL]DQGRVH PDWHULDLV H FRPSRQHQWHV VLPLODUHV DRV XVDGRV QD REUD H GH
RXWURDVFRQGLo}HVGHH[SRVLomRDTXHHVWDSDUWHHVWiVXEPHWLGDQRHGLItFLR

(QVDLRV,QORFR

(VWHVHQVDLRVLQORFRVHFDUDFWHUL]DPSHODXWLOL]DomRHDSOLFDomRGHHTXLSDPHQWRHVSHFtILFR QR
SUySULRORFDOGDREUDPHGLQGRVHHRXDYDOLDQGRVHGHWHUPLQDGDVFDUDFWHUtVWLFDVGRHGLILFLRRXGH
XPD GH VXDV SDUWHV (VWHV HQVDLRV FRPSOHPHQWDUHV UHDOL]DGRV LQ ORFR VH GLVWLQJXHP GDTXHOHV
TXHSRGHPVHUUHDOL]DGRVQDYLVWRULDLQLFLDOEDVLFDPHQWHSHODFRPSOH[LGDGHSDUWLFXODULGDGHHHP
DOJXQVFDVRVFRPRGHGRVHTXLSDPHQWRVQHFHVViULRV DVXDUHDOL]DomR2XWURSRQWRGHGLVWLQomR
HQWUHRVH[DPHVFRPSOHPHQWDUHVLQORFRHDYLVWRULDGRORFDOpDQHFHVVLGDGHTXHDOJXQVH[DPHV
FRPSOHPHQWDUHVWrPGHVHUHVSUDLDGRVQRWHPSR
$WDEHODUHSUHVHQWDXPDUHODomRGHH[DPHVFRPSOHPHQWDUHVTXHVmRQRUPDOPHQWHXWLOL]DGRVQD
3DWRORJLD GDV &RQVWUXo}HV 1D WDEHOD  VmR DSUHVHQWDGRV DOJXQV GRV SULQFLSDLV H[DPHV
FRPSOHPHQWDUHVSURFXUDQGRVHVXFLQWDPHQWHHVFODUHFHURVSULQFtSLRVHFRQFHLWRVTXHJRYHUQDP
DVXDDSOLFDomR
2V H[DPHV FRPSOHPHQWDUHV GH XPD IRUPD JHUDO VmR PXLWR ~WHLV H HP DOJXQV FDVRV VmR
LPSUHVFLQGtFHLV  $LQGD TXH D WHFQRORJLD GLVSRQtYHO SDUD VXD UHDOL]DomR HVWH Mi HP FRQVWDQWH
HYROXomR QmR SRGHP VHU SHQVDGRV FRPR XPD IRUPD GH VXEVWLWXLU D YLVWRULD ORFDO UHDOL]DGD SRU
SURILVVLRQDOFRPSHWHQWH2VH[DPHVFRPSOHPHQWDUHVTXDQGRQHFHVViULRVVmRULHQWDGRVDSDUWLU
GDYLVWRULDGRORFDOQRVHQWLGRGHREMHWLYRVHVSHFtILFRVHPUD]mRGHXPDIRUPDJHUDO
GRVHXDOWR
FXVWRHPXOWDVYH]HVGHVXDJUDQGHGHPRUD

 2 ',$*1267,&2 '$ 6,78$d2 2 (17(1',0(172 &202 5(48,6,72 3$5$ $

,17(59(1d2
&RQFHLWRVEiVLFRVSDUDDIRUPXODomRGRGLDJQyVWLFR
2 SURGXWR HGLItFLR VXEPHWLGR D GHWHUPLQDGDV FRQGLo}HV GH H[SRVLomR  WHQGH D XP HTXLOtEULR
GLQkPLFRFRPRVHXHQWRUQR'DLQWHUDomRHQWUHDVDo}HVH[WHUQDVHDFDSDFLGDGHGRHGLItFLRGH
UHDJLUpTXHUHVXOWDRGHVHPSHQKRFRPRTXDORHGLItFLRFXPSUHVXDVIXQo}HV1DPHGLGDHPTXH
VHTXHLUDUHVROYHUXPSUREOHPDSDWROyJLFRGRHGLItFLRRHQWHQGLPHQWRLQWHJUDOGHVWHSURFHVVRGH
LQWHUDomR ( LQGLVSHQViYHO $ HVWH HQWHQGLPHQWR TXH H[SOLFD FLHQWLILFDPHQWH RV IHQ{PHQRV
RFRUULGRVHVHXGHVHQYROYLPHQWRGDPRVRQRPHGHGLDJQyVWLFRGHSUREOHPDSDWROyJLFR
2V SUREOHPDV SDWROyJLFRV QRUPDOPHQWH VmR SURYRFDGRV SHOD DomR GH DJHQWHV DJUHVVLYRV DRV
TXDLVRHGLItFLRQmRpFDSD]GHVHDGDSWDUGHSURQWRQRPRPHQWRRSRUWXQR5DUDPHQWHDDomRGy
DJHQWHDJUHVVLYRWHPYDORUDEVROXWR(QWUHYiULRVHGLItFLRVH[SRVWRVjDomRGDVPHVPDVFRQGLo}HV
GHH[SRVLomRDOJXQVSDVVDPDDSUHVHQWDUSUREOHPDVSDWROyJLFRVHRXWURVQmRHDOpPGLVVRHQWUH
DTXHOHVTXHRVDSUHVHQWDPXQVDSUHVHQWDPXPTXDGURJUDYHHQTXDQWRTXHRXWURVRDSUHVHQWDP
DWHQXDGR
&DGDHGLItFLRSRVVXLXPDUHVLVWrQFLDFDUDFWHUtVWLFDDDomRGHFDGDXPGRVDJHQWHVDJUHVVLYRV2
HGLItFLRSRGHVHULPXQHDGHWHUPLQDGDVLQWHQVLGDGHVGHDWXDomRGHGHWHUPLQDGRVDJHQWHVHQmRR
VHU SDUD LQWHQVLGDGHV PDLRUHV 3RU RXWUR OD Gy SRGH DFRQWHFHU GDV FDUDFWHUtVWLFDV GRV HGLItFLRV
IDYRUHFHPDDomRGHXPDJHQWHDJUHVVLYR'HQRPLQDVHSUHGLVSRVLomRLHVSHFLDOWHQGrQFLDGHXP
HGLILFLR L VRIUHU XPD TXHGD GH GHVHPSHQKR VRE D DomR GH GHWHUPLQDGRV DJHQWHV DJUHVVLYRV $
SUHGLVSRVLomRGRHGLItFLRRXGHXPDGHVXDVSDUWHVSDUDDSUHVHQWDUSUREOHPDVSDWROyJLFRVSRGH
VHU RULJLQDGD GXUDQWH D IDVH GH FRQVWUXomR RX VHU DGTXLULGD QD IDVHGH XVR (QWUH HVWHV GRLV
H[WUHPRV LPXQLGDGH H SUHGLVSRVLomR RV HGLItFLRV SRGHP DSUHVHQWDU WRGD D JDPD GH
FDUDFWHUtVWLFDVLQWHUPHGLiULDVHPUHODomRDFDGDXPGRVDJHQWHVDJUHVVLYRVLQGLFDGRVQDWDEHOD
$DWXDomRGHDJHQWHVDJUHVVLYRVFRPLQWHQVLGDGHPDLRUTXHDUHVLVWrQFLDGRHGLItFLRRXVXDSDUWH
FDXVDRSUREOHPDSDWROyJLFR1DPHGLGDHPTXHWRGRVHGLItFLRVWrPFDUDFWHUtVWLFDVFRPSOH[DVHQR
FDVR JHUDO QmR HVWLR VXMHLWRV j DWXDomR GH VRPHQWH XP DJHQWH DJUHVVLYR PDV VLP GH XP
FRQMXQWRGH DJHQWHV DJUHVVLYRV QRUPDOPHQWH XP SUREOHPD SDWROyJLFR HVWi OLJDGR D XP TXDGUR
JHUDOGHFDXVDVHQmRDXPDFDXVD~QLFD3DUDFDGDFDVRSRGHPRVFODVVLILFiODVHP

FDXVDVHILFLHQWHVRXRSHUDQWHV

FDXVDVFRDGMXYDQWHVRXSUHGLVSRQHQWHV

$VFDXVDVHILFLHQWHVVmRDVFDXVDVSULQFLSDLVDVUHVSRQViYHLVDSHQDVSHORSUREOHPDQRUPDOPHQWH
SURYRFDQGRDOWHUDomRQRVPDWHULDLVHFRPSRQHQWHV*HUDOPHQWHHVWmROLJDGDVjDomRGHDJHQWHV
ItVLFRVHELROyJLFRV$VFDXVDVSUHGLVSRQHQWHVSRGHPHVWDUUHODFLRQDGDVFRPDLGDGHGRHGLItFLR
FRPDIDOWDGHFRQVHUYDomRHOLPSH]DHDVVLPSRUGLDQWH
1RTXHGL]UHVSHLWRjH[WHQVmRGRVSUREOHPDVQRHGLItFLRGHYHPVHUGLIHUHQFLDGRVRVSUREOHPDV
JHUDLV GRV ORFDLV 2V SUREOHPDV ORFDLV DIHWDP XPD SDUWH OLPLWDGD GR HGLItFLR HQTXDQWR RV JHUDLV
DIHWDP R HGLItFLR FRPR XP WRGR $LQGD TXH RUJLQDULDPHQWH XP SUREOHPD SRVVD DIHWDU R HGLItFLR
ORFDOL]DGDPHQWH PXLWDV YH]HV RXWURV PDWHULDLV H FRPSRQHQWHV DFDEDP SRU VHU DIHWDGRV (VWDV
PDQLIHVWDo}HV VHFXQGiULDV TXH FRQVWLWXHP RV SUREOHPDV SDWROyJLFRV GH VHJXQGD RUGHP SRGHP
SRUVXDYH]GDUOXJDUDPDQLIHVWDo}HVGHWHUFHLUDRUGHPHDVVLPSRUGLDQWHGH PRGRDFRPSOLFDU

FDGDYH]PDLVRTXDGURJHUDO2SURFHVVRGHVWHGHVHQYROYLPHQWRGRSUREOHPDSDWROyJLFRSRGHVH
GDUOHQWDPHQWHGHIRUPDFU{QLFDRXSRGHVHUUiSLGRDWLQJLQGRPDQLIHVWDo}HVLQWHQVDVHPSRXFR
WHPSR
2V SUREOHPDV SDWROyJLFRV VmR SRUWDQWR SURFHVVRV GLQkPLFRV 1XPD IDVH GR SURFHVVR DV
PDQLIHVWDo}HV SDWROyJLFDV SRGHP DSUHVHQWDU XP DVSHFWR FRPSOHWDPHQWH GLIHUHQWH GR TXH VH
REVHUYDYDHPIDVHDQWHULRUHVWDQGRHPFRQVWDQWHHYROXomRRTXDGURJHUDO(PFRQVHTXrQFLDR
SURFHVVR GH GLDJQyVWLFR GHYH VHU GLQkPLFR WHQGRTXH DOFDQoDU R HQWHQGLPHQWR GH WRGR R
GHVHQYROYLPHQWRGRSUREOHPDSDWROyJLFRHQmRVLPSOHVPHQWHGDVLWXDomRLQVWDQWkQHD
2SURFHVVRGRGLDJQyVWLFR
2 GLDJQyVWLFR WHQGR FRPR REMHWLYR ILQDO R HQWHQGLPHQWR GH XP TXDGUR JHUDO GH IHQ{PHQRV H
PDQLIHVWDo}HV GLQkPLFDV  SUHVVXS}H XP SURFHVVR FRPSOH[R H LQWULQFDGR GH HODERUDomR PHQWDO
(VWH SURFHVVR GH HQWHQGLPHQWR GD VLWXDomR H GH HODERUDomR PHQWDO VH LQLFLD FRQIRUPH
5HQRQG6DOLV >@ DVVLP TXH R SUREOHPD SDWROyJLFR FRPHoD D VHU HVWXGDGR  SURFHVVR GR
GLDJQyVWLFRQmRVHLQLFLDVRPHQWHDSyVOHYDQWDGRRTXDGURVLQWRPDWROyJLFR
2 OHYDQWDPHQWR GD KLVWyULD GR HGLItFLR H GD SDWRORJLD RV H[DPHV H HQVDLRV GH FDPSR H HP
ODERUDWyULR VmR IHLWRV QmR QR VHQWLGR GH VLPSOHVPHQWH OHYDQWDU IDWRV VHTXHQFLDGRV
FURQRORJLFDPHQWHRXTXDQWLILFDUVLQWRPDVLVRODGDPHQWH&DGDVXEVtGLRREWLGRQDYLVWRULDGRORFDO
QD DQDPQHVH RX QRV H[DPHV FRPSOHPHQWDUHV GHYH VHU ,QWHUSUHWDGR QR VHQWLGR GH FRPSRU
SURJUHVVLYDPHQWHXPTXDGURGHHQWHQGLPHQWRGHFRPRWUDEDOKDRHGLItFLRFRPRUHDJHjDomRGRV
DJHQWHV DJUHVVLYRV SRUTXH VXUJLX H FRPR VH GHVHQYROYHX R SUREOHPD SDWROyJLFR H DVVLP SRU
GLDQWH &DGD UHVXOWDGR GD IDVH GH OHYDQWDPHQWR GH 68%6',26 Vy WHP VHQWLGR VH FRUUHWDPHQWH
LQWHUSUHWDGR H LQVHULGR QXP TXDGUR JHUDO GH HQWHQGLPHQWR (VWD LQWHUSUHWDomR GH FDGD VXEVtGLR
REWLGRHDFRUUHVSRQGHQWHKLSyWHVHGHDYDOLDomRGDVLWXDomRRULHQWDDSURFXUDGHQRYRVGDGRVR
TXH FDUDFWHUL]D D LQWHUDomR LQFOXVLYH WHPSRUDO HQWUH D IDVH GH OHYDQWDPHQWR GH VXEVtGLRV H R
SURFHVVRGRGLDJQyVWLFR
6LPSOLILFDGDPHQWHRSURFHVVRGHHQWHQGLPHQWRGHXPSUREOHPDSDWROyJLFRSRGHVHUGHVFULWRFRPR
RGHJHUDomRGHKLSyWHVHVRXPRGHORVHRVHXUHVSHFWLYRWHVWH(PRXWUDVSDODYUDVDSDUWLUGH
GHWHUPLQDGRVGDGRVIXQGDPHQWDLVRWpFQLFRHODERUDKLSyWHVHVGHDYDOLDomRGDVLWXDomRHFRPSDUD
HVWHVPRGHORVDRTXDGURVLQWRPDWROyJLFRJHUDOHDRFRQKHFLPHQWRTXHWHPGD3DWRORJLD3DUDD
HODERUDomRGDVKLSyWHVHVHRVHXWHVWHHPFDGDSDVVRGDIDVHOHYDQWDPHQWRGHVXEVtGLRVHGR
GLDJQyVWLFRpIHLWDXPDDQiOLVHHVtQWHVHGRTXDGURLQVWDQWkQHRLQIRUPDo}HVHKLSyWHVHV$DQiOLVH
GHFRPSRVLomRGRTXDGURHHVWXGRLVRODGRGRVVLQWRPDVHDVtQWHVHHQWHQGLPHQWRGDLQWHUDomR
HQWUHRVVLQWRPDVHGRTXDGURGHVLQWRPDVFRPRHGLItFLRSRGHPVHUUHDOL]DGDVFRQVFLHQWHPHQWH
FRP YDJDU RX LQVWDQWDQHDPHQWH PRELOL]DQGR UHSHQWLQD H DXWRPDWLFDPHQWH LQIRUPDo}HV
DFXPXODGDVSHORWpFQLFRDRORQJRGRWHPSRQXPSURFHVVRVXEOLPLQDUQRTXDODFRQVFLrQFLDQmR
VHGiFRQWD
2 SURFHVVR GR GLDJQyVWLFR FRQVWLWXL D FRQWtQXD UHGXomR GD LQFHUWH]D LQLFLDO SHOR SURJUHVVLYR
OHYDQWDPHQWRGHGDGRV(VWDSURJUHVVLYDUHGXomRGDLQFHUWH]DpDFRPSDQKDGDSRUXPDUHGXomR
SDUDOHOD GR Q~PHUR GH SRVVtYHLV PRGHORV RX KLSyWHVHV DWp TXH VH FKHJXH D XPD FRUUHODomR
VDWLVIDWyULD HQWUH R SUREOHPD REVHUYDGR H XP PRGHOR GHVWH SUREOHPD R GLDJQyVWLFR 1HVWH
HVWiJLRDUHSUHVHQWDomRGRSUREOHPDQmRSRGHPDLVVHUHQULTXHFLGD'HQWURGHVWDYLVmRDPSODGR
SURFHVVR GR GLDJQyVWLFR  D IDVH GH OHYDQWDPHQWR GH VXEVtGLRV p LQWHUURPSLGD TXDQGR R WpFQLFR
DYDOLDTXHD,QYHVWLJDomRDGLFLRQDOWHPSRXFDRXQHQKXPDSUREDELOLGDGHGHDOWHUDURGLDJQyVWLFR
QmRMXVWLILFDQGRVHXFXVWR

1RV FDVRV PDLV VLPSOHV GH GLDJQyVWLFR HYLGHQWH D HODERUDomR PHQWDO SRGH VHU DPSODPHQWH
VLPSOLILFDGDSHODXWLOL]DomRGHHVTXHPDVGHGLDJQyVWLFR1HVWHVHVTXHPDVDWUDYpVGRTXDGURGH
VLQWRPDV VmR OHYDQWDGDV DV FDXVDV D RULJHQV H DV SRVVLELOLGDGHV GH UHSDUDomR GRV SUREOHPDV
SDWROyJLFRV2HVTXHPDGLDJQyVWLFRLGHDOGHYHDWHQGHUDRVVHJXLQWHVUHTXLVLWRV

&DGDTXDGURGHVLQWRPDVVySRGHVHUFODVVLILFDGRQXPOXJDU

4XDOTXHUTXDGURGHVLQWRPDVHQFRQWUDXPOXJDU

2EVHUYDGRUHVGLIHUHQWHVVHPSUHFRQFOXHPSHODPHVPDFODVVLILFDomR

2FRUUHQRHQWDQWRTXHHPERUDVHMDPFRQKHFLGRVFHUWRVIHQ{PHQRVUHODo}HVFDXVDLVFRQH[}HV
VLJQLILFDWLYDVQmRSRGHPRVDOPHMDUFODVVLILFDUWRGRVRVSUREOHPDVSDWROyJLFRVWmRULJRURVDPHQWH$
WHQWDWLYD GH HVTXHPDWL]DomR QmR VH GHIURQWD VRPHQWH FRP XP GHILFLHQWH JUDX GH FRQKHFLPHQWR
WpFQLFRHFLHQWtILFR0XLWDVYH]HVSUREOHPDVSDWROyJLFRVGLIHUHQWHVRFRUUHPGHIRUPDFRPELQDGD
RX DSUHVHQWDP PDQLIHVWDo}HV VHPHOKDQWHV GLILFXOWDQGR RX LPSRVVLELOLWDQGR D XWLOL]DomR GH
HVTXHPDVGHGLDJQyVWLFR
&RQILUPDQGR DV GLILFXOGDGHV HQXPHUDGDV H[LVWHP FDVRV HP TXH PHVPR HVJRWDQGRVH WRGDV DV
IRQWHV SDUD R OHYDQWDPHQWR GH GDGRV QmR VH FRQVHJXH HODERUDU R GLDJQyVWLFR 1HVWHV FDVRV
FUDTXHVXEVLVWHPDOJXPDVKLSyWHVHVSRVVtYHLVRGLDJQyVWLFRGHILQLWLYRSRGHVHUHODERUDGRDSDUWLU
GDVUHVSRVWDVGRHGLItFLRDDOJXPWLSRGHLQWHUYHQomRGHFLGLGRHPIXQomRGHXPGLDJQyVWLFRDLQGD
SURYLVyULR
2 SULPHLUR FRQWH[WR FLWDGR RQGH SRGHP VHU XWLOL]DGR HVTXHPDV GH GLDJQyVWLFR GH FHUWH]D RV
IHQ{PHQRVVmRDPSODPHQWHFRQKHFLGRVHDRWLPL]DomRGRVUHVXOWDGRVpXPDVLPSOHVTXHVWmRGH
DSOLFDomRGRVFRQKHFLPHQWRV2VHJXQGRFRQWH[WRRQGHVHODQoDPmRGRVWHVWHVGHLQWHUYHQomR
H R GD LQFHUWH]D SRLV DSHVDU GH XWLOL]DGDV WRGDV DV WpFQLFDV GH OHYDQWDPHQWR GH VXEVtGLRV
SHUPDQHFHDG~YLGD
(QWUH GRLV H[WUHPRV SRGH VHU HQFRQWUDGD XPD HQRUPH JDPD GH FDVRV FRP YDULDGRV JUDXV GH
FHUWH]D QD IRUPXODomR GR GLDJQyVWLFR ,VWR QRV OHYD D DVVRFLDU D FDGD GLDJQyVWLFR IRUPXODGR D
QRomRGHTXHH[LVWHXPDSUREDELOLGDGHGHVXDFRUUHomRRXHPRXWUDVSDODYUDVDQRomRGHTXH
WRGRGLDJQyVWLFRHQYROYHXPULVFRGHLQFRUUHomR
$SDUWLUGHVWDFRQVWDWDomRRREMHWLYRILQDOGRSURFHVVRGHL[DGHVHUHQWHQGLGRFRPRDFHUWH]DGR
GLDJQyVWLFRPDVVLPXPGLDJQyVWLFRPXLWRSURYiYHO
$'(),1,d2'$&21'87$$6(56(*8,'$
$VKLSyWHVHVGHHYROXomRIXWXUDHDVDOWHUQDWLYDVGHLQWHUYHQomR
(VWDEHOHFLGRRGLDJQyVWLFRGRSUREOHPDSDWROyJLFRRWpFQLFRHVWDGHSRVVHGRFRQKHFLPHQWRJHUDO
GRSURFHVVRHSRUWDQWRGHYHSUHSDUDUVXDLQWHUYHQomR
$QWHV GD GHILQLomR GD FRQGXWD SURSULDPHQWH GLWD D VHU WRPDGD D SDUWLU GR GLDJQyVWLFR VmR
OHYDQWDGDVDVKLSyWHVHVGHHYROXomRIXWXUDGRSUREOHPD$HVVHFRQMXQWRGHKLSyWHVHVGDPRV R
QRPH GH SURJQyVWLFR $WUDYpV GR SURJQyVWLFR QmR VH SUHWHQGH FKHJDU D XPD ~QLFD SUHYLVmR GR
IXWXUR PDV VLP LV DOWHUQDWLYDV SRVVtYHLV GH GHVHQYROYLPHQWR GR SUREOHPD 3HUFHEHVH TXH p

LPSRVVtYHO SUHYHU IHQ{PHQRV TXH DLQGD HVWLR SRU RFRUUHU VHP WHU FODUR TXH HVWD VH WUDWDQGR GH
SRVVLELOLGDGHVHQmRGHFHUWH]DV
(QTXDQWRRGLDJQyVWLFRpXPDDWLYLGDGHXQLWHPSRUDOGHDYDOLDomRGHXPDVLWXDomRYHULILFDGDHP
GHWHUPLQDGRLQVWDQWHGRSURFHVVRRSURJQyVWLFRpPXOWLWHPSRUDOGHYHQGRRWpFQLFRYDWLFLQDUFRP
EDVHHPGHWHUPLQDGRSDUkPHWURVDHYROXomRGRFDVRDRORQJRGRWHPSR
2 SURJQyVWLFR p EDVHDGR HP GDGRV IRUQHFLGRV SHOR WLSR GH SUREOHPD SHOR VHX HVWiJLR GH
GHVHQYROYLPHQWRSHODVFDUDFWHUtVWLFDVJHUDLVGRHGLILFLRHSHODVFRQGLo}HVGHH[SRVLomRDTXHHVWi
VXEPHWLGR (QWUDP HP FRQVLGHUDomR SRUWDQWR R TXDGUR GH HYROXomR QDWXUDO GR SUREOHPD DV
FLUFXQVWkQFLDV HP TXH HOH SRUYHQWXUD VH DSUHVHQWH R WHUUHQR VREUH R TXDO VH GHVHQYROYH H RV
FXLGDGRVHFRQGLo}HVTXHURGHLDPRHGLItFLR
$ HODERUDomR PHQWDO TXH FRQGX] j IRUPXODomR GR SURJQyVWLFR SUHVVXS}H D VLQWHWL]DomR GRV
SDUkPHWURV FLWDGRV GHQWUR GH XP TXDGUR JHUDO D FRPSDUDomR GHVWH TXDGUR FRP FDVRV
VHPHOKDQWHV SHUPLWH GHOLPLWDU R FDPSR GRV SRVVtYHLV FXUVRV GR SUREOHPD SDWROyJLFR (VWD
FRPSDUDomR H RV FRQKHFLPHQWRV TXH R WpFQLFR SRVVXL GD IHQRPHQRORJLD GRV SUREOHPDV
SDWROyJLFRV VHXV SURFHVVRV ItVLFRV H TXtPLFRV GH HYROXomR  SRGHP SHUPLWLU D LQIHULomR GR VHX
GHVHQYROYLPHQWRHPIXQomRGDVYDULiYHLVGLQkPLFDVLQWHUYHQLHQWHV
2LQWHUHVVHSHODSUHYLVmRGRGHVHQYROYLPHQWRGRVDSUREOHPDVSDWROyJLFRVH[LVWHSDUDRVFDVRV
VLPSOHVGHGLDJQyVWLFRHUHSDURHYLGHQWHVPDVHVWHLQWHUHVVH(DLQGDPDLRUSDUDRVSUREOHPDV
PDLV FRPSOH[RV FRP HVSHFLDO rQIDVH SDUD DTXHOHV FXMD SRVVLELOLGDGH GH UHVROXomR FRPSOHWD H
UHPRWD $ DYDOLDomR GR IXWXUR GHVHQYROYLPHQWR GR SUREOHPD SDWROyJLFR TXDQGR FRUUHWDPHQWH
H[HFXWDGDSRGHJUDGXDUDSRVVLELOLGDGHTXHVHDOFDQFHRREMHWLYRLQLFLDOGRSURFHVVRTXHSRGH
VHUVLPSOHVFRPRpHYHQWXDOPHQWHRGHVDSDUHFLPHQWRGHXPVLQWRPDRXPDLVFRPSOH[RFRPRpD
UHHVWUXWXUDomR UDGLFDO GR PRGR FRPR WUDEDOKD R HGLILFLR ([LVWHP FDVRV GHSHQGHQGR GDV
FDUDFWHUtVWLFDVGRHGLItFLRGRWLSRGHSUREOHPDHGRVHXHVWiJLR GH HYROXomR TXH SRGHP H[LJLU D
UHIRUPXODomRGRREMHWLYRLQLFLDOQRVHQWLGRGHTXHRSUREOHPDVLPSOHVPHQWHWHQKDVXDSURJUHVVmR
FRQWURODGD(PDOJXQVFDVRVHFRQIRUPHRSURJQyVWLFRRTXHVHSRGHDOPHMDUpTXHDVLWXDomRQmR
SLRUH
([LVWHPSUREOHPDVSDWROyJLFRVSRURXWURODGRTXHSUDWLFDPHQWHQmRSHUPLWHPTXDOTXHUWLSR GH
LQWHUYHQomRFRQGX]LQGRRHGLILFLRQXPPDLRURXPHQRUSUD]RQRVHQWLGRGRILPGH VXD YLGD ~WLO
1HVWHV FDVRV GH SURJQyVWLFR SHVVLPLVWD TXDQWR j HYROXomR GH SUREOHPD XPD GLVWLQomR
WHUPLQROyJLFD GHYH VHU IHLWD TXDQWR D H[SUHVVmR SURJQyVWLFR UXLP 0XOWDV YH]HV p XWLOL]DGD D
H[SUHVVmRSURJQyVWLFRUXLPTXDQGRXPDHYROXomRGHVIDYRUiYHOpSUHYLVWD1HVWHVFDVRVVHIRU
LQHYLWiYHODSHUGDGRHGLILFLRRSURJQyVWLFRHVWDYDFRUUHWRHSRUWDQWRVHJXQGR&KDVWDQJ>@HUD
ERP H QmR UXLP $LQGD VHJXQGR &KDVWDQJ VHU HYLWDGD D FRQIXVmR HQWUH R DWR GH SUHYHU H R
UHVXOWDGRGDSUHYLVmR
)RUPXODGRRGLDJQyVWLFRFRHRSURJQyVWLFRGHXPGDGRSUREOHPDSDVVDVHjIDVHGHHODERUDomR
GDVDOWHUQDWLYDVGHLQWHUYHQomRSRVVtYHLV
1DIDVHGHOHYDQWDPHQWRGHVXEVtGLRVpDWpFQLFDGHREVHUYDomRHXWLOL]DomRGRVLQVWUXPHQWRVTXH
FRQGLFLRQDDHILFLrQFLD3DUDRGLDJQyVWLFRpDVHQVLELOLGDGHSDUDDLQWHUSUHWDomRHDFDSDFLGDGHGH
DQiOLVH H HQWHQGLPHQWR GRV IHQ{PHQRV TXH VmR LPSUHVFLQGtYHLV $ IDVH GH OHYDQWDPHQWR GDV
DOWHUQDWLYDV GH LQWHUYHQomR SRVVtYHLV H[LJH GR WpFQLFR DOpP GR FRQKHFLPHQWR GD WHFQRORJLD GH
LQWHUYHQomRGLVSRQtYHOQtYHOXPDJUDQGHSDUFHODGHFULDWLYLGDGHeDWUDYpVGHVWDFULDWLYLGDGHTXHp
WpFQLFRDSDUWLUGHGHWHUPLQDGRVSDUkPHWURVHDSDUWLUGRVHXFRQKHFLPHQWRLPDJLQDHIRUPDOL]D

DOWHUQDWLYDVGHFRQGXWDRXPDLVSDUWLFXODUPHQWHGHLQWHUYHQomRTXHVmRSRVWHULRUPHQWHMXOJDGDVH
KLHUDUTXL]DGDV
$GHFLVmRGRTXHID]HU
,QLFLDOPHQWH SDUD TXH SDVVD KDYHU XPD GHFLVmR GHYH H[LVWLU XP DOYR RX VHMD XPD VLWXDomR
GHVHMiYHOHPUHODomRDTXDORSUREOHPDHVXDH[WHQVmRpGHILQLGR1RGLDJQyVWLFRGDVLWXDomRp
HVWDEHOHFLGD D GLIHUHQoD HQWUH D VLWXDomR REVHUYDGD H D VLWXDomR GHVHMDGD D GLIHUHQoD HQWUH R
GHVHPSHQKR UHDO H R UHTXHULGR HP VXPD HQWUH XP REMHWR H R VHX PRGHOR 1R GLDJQyVWLFR
LGHQWLILFDVH R GHVYLR HP VHJXL GD OHYDQWDPVH DV DOWHUQDWLYDV GH LQWHUYHQomR SRVVtYHLV H
ILQDOPHQWHGHQWUHDVDo}HVSRVVtYHLVpHVFROKLGDDTXHODPDLVDGHTXDGDSDUDUHGX]LURXHOLPLQDUR
GHVYLRSHUFHELGR
2 GLDJQyVWLFR GD VLWXDomR p JXLDGR HVVHQFLDOPHQWH SHOR GHVHPSHQKR UHTXHULGR SHOR PRGHOR
HVWLSXODGR$IDVHGHGHILQLomRGDFRQGXWDQRHQWDQWRWHPFRQGLFLRQDQWHVPDLVDPSORVVHQGRR
GHVHPSHQKRLGHDOUHTXHULGRDSHQDVXPQRUWHJHQpULFR1DIDVHGHDYDOLDomRHHVFROKDDVDo}HV
LPDJLQDGDV VmR KLHUDUTXL]DGDV SHOR MXOJDPHQWR GH VXDV SRVVtYHLV FRQVHTrQFLDV $ HVFROKD
UDFLRQDOUHFDLQDDomRRXQDVHULHGHDo}HVTXHHPYLVWDGDLQFHUWH]DHGRVULVFRVSUHHQFKDGD
PHOKRU IRUPD RV FULWpULRV HVWDEHOHFLGRV $ GHFLVmR ILQDO p JXLDGD SHOD SURFXUD GR PHOKRU
GHVHPSHQKR SRVVtYHO GHQWUR GR PHQRU FXVWR DOFDQoiYHO 5HVXPLQGR D GHFLVmR p EDVHDGD QD
UHODomRFXVWREHQHItFLRGHFDGDXPDGDVDOWHUQDWLYDVREHGHFHQGRXPGHVHPSHQKRILQDO PtQLPR
UHTXHULGR (VWDEHOHFHU XP GHVHPSHQKR PtQLPR DFHLWiYHO VLJQLILFD TXH QR FDVR GH QHQKXPD
VROXomRVDWLVIDWyULDVHUHQFRQWUDGDDGHFLVmRSyGHVHUDGHUHWRUQDUjIDVHGHGLDJQyVWLFR QD
EXVFDGHVROXo}HVPHOKRUHV
$ GHILQLomR GD FRQGXWD HQYROYH GD PHVPD IRUPD TXH R GLDJQyVWLFR XP SURFHVVR ULFR GH
HODERUDomR PHQWDO TXH FXOPLQD QXPD GHFLVmR TXH WHP DVVRFLDGD QHFHVVDULDPHQWH DOJXPD
LQFHUWH]D VREUH RV HIHLWRV GD DomR HVFROKLGD $ HVVrQFLD GH XPD GHFLVmR p D GH TXH p WRPDGD
GHQWUR GH XP XQLYHUVR SUREDELOtVWLFR H SRUWDQWR HQ YROYH XP ULVFR UHODWLYR j LQFHUWH]D (VWD
LQFHUWH]D SRGH VHU GHELWDGD DR SUySULR DWR GH HODERUDomR PHQWDO H WDPEpP DR JUDX GH
FRQKHFLPHQWRHFHUWH]DTXHHVWDDVVRFLDGDDFDGDDOWHUQDWLYDHPWHUPRVGRVVHXVHIHLWRV
$GHILQLomRGDFRQGXWDpIHLWDOHYDQGRVHHPFRQWDWUrVSDUkPHWURVEiVLFRVTXHVmRDVVRFLDGRVD
FDGDDOWHUQDWLYDGHLQWHUYHQomR

*UDXGHLQFHUWH]DVREUHRVHIHLWRV

5HODomRFXVWREHQHItFLR

'LVSRQLELOLGDGHGHWHFQRORJLDSDUDH[HFXomRGRVVHUYLoRV

*UDXGHLQFHUWH]DVREUHRVHIHLWRV

7RGD DOWHUQDWLYDWHPDVVRFLDGRXPJUDXGHLQFHUWH]DTXDQWR D VHXV HIHLWRV &RQVHTHQWHPHQWH

SRGHPRVDVVRFLDUDFDVDXPDGDVSRVVtYHLVLQWHUYHQo}HVXPDSUREDELOLGDGHTXDQWRDHILFLrQFLDGR
UHVXOWDGR (VWD SUREDELOLGDGH HVWi GLUHWDPHQWH UHODFLRQDGD FRP D LQFHUWH]D GH FRUUHomR GR
GLDJQyVWLFR H FRP D HILFLrQFLD GHPRQVWUDGD SHOR WLSR HVSHFLILFR GH LQWHUYHQomR HP FDVRV
VHPHOKDQWHV

&DEH UHVVDOWDUSRUWDQWR D LPSRUWkQFLD GD UHWURDOLPHQWDomR GR VLVWHPD D SDUWLU GD GLYXOJDomR GH
FDVRV UHDLV TXH VHUi DQDOLVDGD QR LWHP  QR VHQWLGR GH SURSLFLDU XPD EDVH PDLV VHJXUD GH
GHFLVmRSHODFRQGXWDPDLVDGHTXDGDHPFDGDQRYDVLWXDomR

5HODomRFXVWREHQHItFLR

2 HVWXGR GRV FXVWRV GDV DOWHUQDWLYDV GH LQWHUYHQomR SDUWH GH XPD FRQVWDWDomR LPSRUWDQWH
4XDOTXHUTXHVHMDDRULJHPRXDQDWXUH]DGRSUREOHPDSDWROyJLFRRFXVWRGDWDUHIDGHUHVROYHUR
SUREOHPDVRPDGRDRFXVWRGDFRQVWUXomRIDOKDRULJLQDOpVHPSUHPDLRUGRTXHVHULDRFXVWRGH
XPDFRQVWUXomRTXHWLYHVVHXPGHVHPSHQKRVDWLVIDWyULR
$V DOWHUQDWLYDV GH LQWHUYHQomR GHYHP VHU FRPSDUDGDV WDQWR HP WHUPRV GRV FXVWRV HQYROYLGRV
FRPRHPWHUPRVGRGHVHPSHQKRGRHGLILFLRDRORQJRGRWHPSRTXHFDGDDOWHUQDWLYDSURSLFLD(P
RXWUDVSDODYUDVpQHFHVViULRRFRQIURQWRGRVEHQHItFLRVTXHSRVVDPVHUDXIHULGRVWDQWRHPWHUPRV
LQVWDQWkQHRVFRPRQRGHFRUUHUGRUHVWDQWHGDYLGD~WLOGRHGLItFLR

'LVSRQLELOLGDGHGHWHFQRORJLDSDUDH[HFXomRGRVVHUYLoRV

(VWLPDGR R JUDX GH LQFHUWH]D H D UHODomR FXVWREHQHItFLR GH FDGD XPD GDV DOWHUQDWLYDV GH
LQWHUYHQomRpQHFHVViULRROHYDQWDPHQWRGRVUHFXUVRVWHFQROyJLFRVHQYROYLGRVQDH[HFXomR GRV
VHUYLoRV SURSRVWRV HP FDGD XPD GDV DOWHUQDWLYDV 6mR HQJOREDGRV QR FRQFHLWR GH UHFXUVRV
WHFQROyJLFRVDWpFQLFDUHTXHULGDGRVUHVSRQViYHLVSHODH[HFXomRHRVPDWHULDLVHHTXLSDPHQWRV
QHFHVViULRV
7RGDVDVGLILFXOGDGHVSDUDDFRUUHWDH[HFXomRGDVREUDVGHHQJHQKDULDWDPEpPVmRYiOLGDVSDUD
RV VHUYLoRV QHFHVViULRV j UHVROXomR GH XP SUREOHPD 3DWROyJLFR FRP R DJUDYDQWH GH TXH D
RFRUUrQFLDGHIDOKDVQDH[HFXomRGHVWHVVHUYLoRVSRGHJHUDUQRYDVDJUHVV}HVTXHHYHQWXDOPHQWH
FRPSOLFDPH[DUFHEDPRXPHVPRHWHUQL]DPRSUREOHPDRULJLQDO
(PFRQVHTrQFLDGRTXHIRLH[SRVWRDGHILQLomRGDFRQGXWDDVHUVHJXLGDGHYHOHYDUHPFRQWD
DOpP GR JUDX GH LQFHUWH]D TXDQWR j HILFLrQFLD H D UHODomR FXVWREHQHItFLR GH FDGD XPD GDV
DOWHUQDWLYDVRFRQIURQWRHQWUHDWHFQRORJLDUHTXHULGDHDGLVSRQtYHOSDUDDH[HFXomRGRVVHUYLoRV
2QtYHOQHFHVViULRGHTXDOLILFDomRGDPmRGHREUDHVRILVWLFDomRGRVPDWHULDLVHHTXLSDPHQWRVp
XP IDWRU GH KLHUDUTXL]DomR GDV DOWHUQDWLYDV GH LQWHUYHQomR HP YLVWD GDV FDUrQFLDV GD ,QG~VWULD
%UDVLOHLUDGD&RQVWUXomR
 $ 5(752$/,0(17$d2 '2 352&(662 ( $ &2175,%8,&2 '2 &$62 3$57,&8/$5
3$5$2'(6(192/9,0(172'$3$72/2*,$'$6&216758d(6
(TXDFLRQDQGR R SUREOHPD SDWROyJLFR DGRWDGD D FRQGXWD SDVVDVH j DomR SURSULDPHQWH GLWD
4XDOTXHU LQWHUYHQomR H[HFXWDGD QR HGLItFLR SURGX] HIHLWRV TXDQWR DR VHX GHVHPSHQKR 2
DFRPSDQKDPHQWRGRHGLILFLRDSyVDLQWHUYHQomRDFRQIURQWDomRHQWUHRVHIHLWRVSURYRFDGRVHRV
HVSHUDGRVpIRQWHGHQRYDVLQIRUPDo}HVTXHUHWURDOLPHQWDPRSURFHVVR
2 SURFHVVRGHUHVROXomRGHXPSUREOHPDSDWROyJLFRSRGHSRUWDQWRVHUUHSUHVHQWD GR VRE XPD
IRUPDFLUFXODU
(VWH PRGHOR GR SURFHVVR EDVHDGR QXP FLUFXOR GH LQIRUPDomRGHFLVmRDomRLQIRUPDomRGHFLVmR
WRUQD SRVVtYHO R HQWHQGLPHQWR GDV SURSULHGDGHV GH DXWRDSUHQGL]DJHP GR SURFHVVR H
FRQVHTHQWHPHQWHGDVSRVVLELOLGDGHVPHWRGROyJLFDVGHDSHUIHLoRDPHQWRGDVGHFLV}HV

$WUDYpVGRVLVWHPDGHDYDOLDomRHFKHFDJHPGRVHIHLWRVGDVGHFLV}HVHPWHUPRVGRGHVHPSHQKR
GRHGLILFLRpSRVVtYHOGLULPLUDVLQFHUWH]DVLQHUHQWHVjIRUPXODomRGRGLDJQyVWLFRHjGHILQLomRGD
FRQGXWD H HYHQWXDOPHQWH FRUULJLU HUURV FRPHWLGRV QR SURFHVVR GR WUDWDPHQWR RWLPL]DQGRVH R
GHVHPSHQKRILQDOREWLGR
(VWH FRQWLQXR SURFHVVR GH DYDOLDomR H FKHFDJHP SDVVD QR PRPHQWR HP TXH VH DYDOLD TXH R
GHVHPSHQKRREWLGRMiHVWHMDRWLPL]DGRDQmRID]HUSDUWHGRSURFHVVRGHUHVROXomRGRSUREOHPD
SDWROyJLFRWUDQVIRUPDQGRVHGXUDQWHRUHVWDQWHGDYLGD~WLOGRHGLILFLRHPLQVSHo}HVSHULyGLFDVQR
FRQWH[WRGDPDQXWHQomRGHVWHHGLItFLR
5HVROYLGR R FDVR LQGLYLGXDO  R SURFHGLPHQWR JHQpULFR DLQGD QmR HVWi FRQFOXtGR SRLV R
FRQKHFLPHQWRDGTXLULGRGHYHVHUGLUHFLRQDGRQRVHQWLGR GR GHVHQYROYLPHQWR JOREDO GD 3DWRORJLD
GDV &RQVWUXo}HV $ 3DWRORJLD GDV &RQVWUXo}HV SRGH VH GHVHQYROYHU EDVLFDPHQWH D SDUWLU GR
FRQKHFLPHQWR WHyULFR FDGD YH] PDLRU GRV IHQ{PHQRV QDWXUDLV H D SDUWLU GD GLYXOJDomR GRV
FRQKHFLPHQWRVSUiWLFRVREWLGRVQRWUDWDPHQWRGHFDGDWLSRGHSUREOHPDSDWROyJLFR
&RQILJXUDGDDQHFHVVLGDGHGHTXHRFRQKHFLPHQWRWpFQLFRHFLHQWtILFRQmRVHUHVWULQMDDRWpFQLFR
HQYROYLGRDVXDGLYXOJDomRSUHVVXS}HDIRUPDOL]DomRSRUHVFULWRGDKLVWyULDGRSUREOHPDHGHVXD
VROXomR3UHWHQGHVHFRPHVWHUHJLVWURQmRDQDUUDomROLWHUiULDGHIDWRVHIHQ{PHQRVItVLFRVPDVD
VtQWHVHGRFRQKHFLPHQWRWpFQLFRHFLHQWtILFRHPSUHJDGRHSULQFLSDOPHQWHDGTXLULGRQRSURFHVVRGH
UHVROXomRGRSUREOHPD
(VWH UHJLVWUR VH FRQVWLWXL QD IRQWH PDLV VHJXUD SDUD D REWHQomR GH GDGRV HVWDWtVWLFRV VREUH DV
PDQLIHVWDo}HVHLQFLGrQFLDGRVSUREOHPDVSDWROyJLFRVDVVLPFRPRGDHILFLrQFLDGRVGLYHUVRVWLSRV
GH WUDWDPHQWR (VWHV GDGRV FRQIRUPH VDOLHQWDGR DQWHULRUPHQWH QR LWHP  VmR VXEVtGLRV
HVVHQFLDLVSDUDRGLDJQyVWLFRGHFDVRVVHPHOKDQWHVHSDUDDGHILQLomRQHVWHVFDVRVGDFRQGXWD
WHUDSrXWLFDPDLVHILFLHQWH
'DDQiOLVHIHLWDSRGHPRVFRQFOXLUTXHVHWRGRVRVSURFHVVRVGHWUDWDPHQWRGHHGLItFLRVIRVVHP
LQGHSHQGHQWH GR JUDX GH r[LWR UHJLVWUDGDV H GLYXOJDGRV R FRQKHFLPHQWR GD 3DWRORJLD H D
FDSDFLGDGH JHUDO GH UHVROXomR GRV SUREOHPDV VHULD HQRUPHPHQWH DPSOLDGD 2FRUUH QR HQWDQWR
TXHGHXPODGRXPDJUDQGHSDUWHGRVHGLItFLRVFRPSUREOHPDVQmRVmRUHJLVWUDGRVVHJXQGRXPD
PHWRGRORJLD FLHQWtILFD H LQGLYLGXDOL]DGD SDVVtYHO GH UHJLVWUR H GH RXWUR XPD SDUWH GRV HGLItFLRV
WUDWDGRV FRUUHWDPHQWH QmR WHP D KLVWyULD GR WUDWDPHQWR GLYXOJDGD (P FRQVHTrQFLD GLVVR VmR
tQILPRVDRPHQRVQR%UDVLORVGDGRVHVWDWtVWLFRVDUHVSHLWRGRVSUREOHPDVSDWROyJLFRVHVREUHR
VHXWUDWDPHQWR
$3/,&$d2'$0(72'2/2*,$&$626
$ PHWRGRORJLD DSUHVHQWDGD QmR p HVSHFtILFD H QHP UHVWULWD D DOJXP WLSR SDUWLFXODU GH SUREOHPD
SDWROyJLFR$RLQYHUVRHVWDPHWRGRORJLDSRGHHPVXDVOLQKDVEiVLFDVVHUHVWHQGLGDjUHVROXomR
GHTXDOTXHUVLWXDomRHPTXHRVHGLItFLRVQmRHVWHMDPDSUHVHQWDQGRGHVHPSHQKRVDWLVIDWyULR
6mR DSUHVHQWDGRV D VHJXLU GLYHUVRV SUREOHPDV SDWROyJLFRV DFRQWHFLGRV QD UHDOLGDGH H FXMR
SURFHVVRGHUHVROXomRIRLUHODWDGRSHORVGLIHUHQWHVWpFQLFRVHQYROYLGRVVHJXQGRFULWpULRVFLHQWtILFRV
HVHJXLQGRDPHWRGRORJLDSURSRVWD
&$62 'HVFRODPHQWRGHSDVWLOKDVGDIDFKDGDGHXPJUDQGH6KRSSLQJ&HQWHUHP 6mR 3DXOR
>@

2SURFHVVRDVHJXLUDSUHVHQWDGRGHUHFXSHUDomRGH6KRSSLQJ&HQWHUFXMDVSDVWLOKDVGDIDFKDGD
VHHQFRQWUDYDPHPSURFHVVRGHGHVFRODPHQWRpRUHVXPRGHSDUHFHUWpFQLFRHODERUDGRDSDUWLU
GH VROLFLWDomR GR SURSULHWiULR SUHPLGR SHOR ULVFR TXH HVWH GHVORFDPHQWR UHSUHVHQWDYD SDUD D
VHJXUDQoDGRVXVXiULRV
9LVWRULD

3DVWLOKDVFHUkPLFDVTXHFRPS}HPDIDFKDGDVHGHVFRODPHP JUDQGHV SODFDV DPHDoDQGR D

VHJXUDQoDGHWUDQVHXQWHVHDXWRPyYHLV

UHDVRQGHDFRQWHFHUDPRVGHVFRODPHQWRVVLWXDPVHQDVIDFKDGDVRQGHRFRUUHDDomRPDLV
LQWHQVDGDLQVRODomRGLUHWDRXQDVUHJL}HVFRQWtJXDVLVMXQWDVGHGLODWDomR

$OpPGDViUHDVRQGHRFRUUHXRGHVFRODPHQWRRXWUDVDSUHVHQWDYDPVRPFDYRjSHUFXVVmR

3URFHVVRGHDVVHQWDPHQWRGDVSDVWLOKDVFRPSDSHOSHUIXUDGRFRODGRjIDFHLQWHUQDGDSDVWLOKD

8WLOL]DomRGHDUJDPDVVDDGHVLYDFRPWRQDOLGDGHHVSHFLDO

$QDPQHVH

)RL HVWXGDGR PDSD Mi HODERUDGR RQGH HUDP LQGLFDGDV iV DUHDV DIHWDGDV H DV iUHDV GH
GHVFRODPHQWRSRWHQFLDOSRUDSUHVHQWDUHPVRPFDYRjSHUFXVVmR

HGLItFLRIRLFRQVWUXtGRDSUR[LPDGDPHQWHGH]DQRVDQWHVGDYLVWRULD+iDSUR[LPDGDPHQWHVHLV
PHVHVWRGRRUHYHVWLPHQWRGDIDFKDGDIRLUHIHLWRVHQGRTXHKiXPPrVFRPHoDUDPDRFRUUHU
RVGHVFRODPHQWRV

&RQWDWR FRP RV IDEULFDQWHV GD SDVWLOKD H GD DUJDPDVVD DGHVLYD LQGLFRX TXH D DUJDPDVVD
DGHVLYDXWLOL]DGDIRLIHLWDVREHQFRPHQGDGHYLGRLWRQDOLGDGHHVSHFLDO

PDQXDO GR IDEULFDQWH GH SDVWLOKDV LQGLFD D UHFRPHQGDomR GR XVR GH DUJDPDVVD DGHVLYD
TXDQGRDEDVHpHPHPERoRGHVHPSHQDGR

([DPHV&RPSOHPHQWDUHV

,Q/RFR(QVDLRVGHDUUDQFDPHQWRGDVSDVWLOKDVHPGLYHUVRVORFDLVPRVWUDUDPTXHPHVPR
QRVORFDLVTXHDSUHVHQWDYDPVRPFDYRDIRUoDGHDUUDQFDPHQWRQHFHVViULDpUHODWLYDPHQWH
JUDQGHGHYLGRDRIHQ{PHQRGRHQFXQKDPHQWRGDVMXQWDV

(P/DERUDWyULR

$FDUDFWHUL]DomRGHDPRVWUDVGHDUJDPDVVDDGHVLYDVLPLODUHVjVXVDGDVQDREUDPRVWURX
UHVXOWDGRVVDWLVIDWyULRVGHUHVLVWrQFLDGHDGHUrQFLD

$FDUDFWHUL]DomRGDVSDVWLOKDVFHUkPLFDVXVDGDVGHPRQVWURXVHUHPHODVGHERDTXDOLGDGH
2FRUUHTXHHVWDVDSUHVHQWDUDPXPDSHOtFXODGHFRODGHDPLGRVREUHDVXSHUItFLHGRVIXURV

)RUDPIHLWRVHQVDLRVGHVLPXODomRGHGHVHPSHQKRD SDUWLU GH PDWHULDLV FRPSRQHQWHV H

WpFQLFD GH DVVHQWDPHQWR VLPLODUHV DRV XVDGRV QD REUD )RUDP UHDOL]DGRV RV VHJXLQWHV
HQVDLRVGHDGHUrQFLDXWLOL]DQGRVHDPHVPDEDVH

3DVWLOKDFRPSDSHOSHUIXUDGRQRYHUVRDUJDPDVVDDGHVLYDVLPLODULXVDGDQDREUD

3DVWLOKDVHPSDSHOSHUIXUDGRQRYHUVRHVHPDSHOtFXODGHFRODGHDPLGRDUJDPDVVD
DGHVLYDVLPLODULXVDGDQDREUD

3DVWLOKDVFRPSDSHOSHUIXUDGRQRYHUVRDUJDPDVVDDGHVLYDUHFRQKHFLGDPHQWHHILFLHQWH

3DVWLOKDVHPSDSHOSHUIXUDGRQRYHUVRHVHPDSHOtFXODGHFRODGHDPLGRDUJDPDVVD
DGHVLYDUHFRQKHFLGDPHQWHHILFLHQWH

2UHVXOWDGRGHVWHVHQVDLRVPRVWURXQmRKDYHUGLIHUHQoDQDDGHUrQFLDTXDQWRjDUJDPDVVDDGHVLYD
HPSUHJDGD2PHVPRQmRSRGHVHUGLWRTXDQWRjH[LVWrQFLDGRSDSHOSHUIXUDGRHQWUHDSDVWLOKDHD
DUJDPDVVD RFRUUHQGR QR FDVR GD H[LVWrQFLD GR SDSHO SHUIXUDGR H GD SHOtFXOD GD FROD GH DPLGR
XPDVHQVtYHOGLPLQXLomRGDDGHUrQFLD
'LDJQyVWLFR
2GHVFRODPHQWRGDVSDVWLOKDVRFRUUHXQRVORFDLVHPTXHFRQFRPLWDQWHPHQWHH[LVWLDXPDDGHUrQFLD
GHILFLHQWHHHVIRUoRVVROLFLWDQWHVGHPDLRULQWHQVLGDGH2VHVIRUoRVVROLFLWDQWHVPDLRUHVRFRUUHP
QDV IDFKDGDV VXEPHWLGDV j LQVRODomR GLUHWD H QDV iUHDV FRQWtJXDV DV MXQWDV GH GLODWDomR GD
HVWUXWXUD $ DGHUrQFLD GHILFLHQWH SRGH VHU GHELWDGD j SUySULD WHFQRORJLD GH SURGXomR H
DVVHQWDPHQWRGDVSDVWLOKDV'RLVIDWRUHVSRGHPVHUUHVVDOWDGRVFRPREiVLFRV

'LPLQXLomRGDiUHDPi[LPDGHFRQWDWRSDUDGDiUHDSRVVtYHOVHQmRKRXYHVVHRSDSHO
SHUIXUDGR

([LVWrQFLDGHXPDSHOtFXODGHFRODGHDPLGRVREUHDSDVWLOKDQDUHJLmRGRVIXURVSHOtFXOD
HVWDTXHGLILFXOWDDDGHUrQFLD
&RQGXWD5HFRPHQGDGD
5HFXSHUDomR GD IDFKDGD SHOR UHDVVHQWDPHQWR GDV SDVWLOKDV WDQWR QDV iUHD HP TXH KRXYH R
GHVFRODPHQWRGDVSDVWLOKDVFRPRQDViUHDVRQGHDWUDYpVGRUHVXOWDGRGHHQVDLRVGHSHUFXVVmR
VHFRQFOXLXSHODH[LVWrQFLDGHXPJUDQGHSRWHQFLDOGHGHVFRODPHQWR
'HVFDUWRXVH D QHFHVVLGDGH GR UHDVVHQWDPHQWR GDV SDVWLOKDV GH WRGDV DV IDFKDGDV DSHVDU GD
SRVVtYHO DGHUrQFLD LQDGHTXDGD SHOD H[LVWrQFLD GR HIHLWR GR HQFXQKDPHQWR GDV SDVWLOKDV TXH
GLILFXOWDRVHXGHVFRODPHQWR
1RSURFHVVRGHUHDVVHQWDPHQWRGDVSDVWLOKDVIRLSURLELGDDXWLOL]DomRGHSDSHOSHUIXUDGRQDIDFH
GHDGHUrQFLDFRPUHVXOWDGRVH[FHOHQWHV
&$62   )LVVXUDomR HP SDUHGHV GH DOYHQDULD GH EORFR VtOLFRFDOFiULR HP HGLItFLRV GH FRQMXQWR
KDELWDFLRQDOGD&LGDGHGH&DPSLQDV>@
2 SURFHVVR  D VHJXLU DSUHVHQWDGR GH UHFXSHUDomR GH FRQMXQWR KDELWDFLRQDO FXMRV HGLILFLRV
DSUHVHQWDYDPJUDQGHLQFLGrQFLDGHILVVXUDVQDVMXQWDVGDDOYHQDULDpRUHVXPRGHSDUHFHUWpFQLFR
HODERUDGRDSDUWLUGHVROLFLWDomRGDFRQVWUXWRUDTXHSRUVXDYH]DWHQGLDjTXHL[DGRVXVXiULRVH
LQWLPDomRGRVSRGHUHVS~EOLFRV

9LVWRULD

&DUDFWHUtVWLFDVHSRVLFLRQDPHQWRGDVILVVXUDVFRQVWDQWHVQRVGLYHUVRVHGLItFLRV

)LVVXUDVHPPDLRULQFLGrQFLDQDVIDFKDGDVPDLVFRPSURPHWLGDVSHORVDJHQWHVDWPRVIpULFRV

$EHUWXUDGDVILVVXUDVGDRUGHPGHDPP

'HWHUPLQDGRVHGLItFLRVDSUHVHQWDYDPXPDLQFLGrQFLDPXLWRPDLRUTXHRXWURV

)LVVXUDV QmR DSUHVHQWDYDP DV FDUDFWHUtVWLFDV WtSLFDV GDTXHODV UHODFLRQDGDV FRP DV FDXVDV
PDLV FRPXQV UHFDOTXH GH IXQGDomR GHIRUPDomR HVWUXWXUDO H[FHVVLYD H ILVVXUDV GH RULJHP
WpUPLFD

5HSDURVHVWDYDPVHQGRH[HFXWDGRVXWLOL]DQGRHODVW{PHURVVLQWpWLFRV

$QDPQHVH

&RQWDWR FRP FRQVWUXWRUD GHPRQVWURX TXH D WHFQRORJLD XWLOL]DGD QmR KDYLD VLGR DGDSWDGD LV
FRQGLo}HVEUDVLOHLUDV

&RQWDWR FRP R GHWHQWRU GD WHFQRORJLD GR SURFHVVR FRQVWUXWLYR WDPEpP GHPRQVWURX TXH HVWD
QmRHVWDYDFRPSOHWDPHQWHGRPLQDGD

/HYDQWDPHQWR GDV FRQGLo}HV FOLPiWLFDV GXUDQWH D FRQVWUXomR GH FDGD XP GRV HGLItFLRV
GHPRQVWURXXPDFRUUHODomRPDUFDQWHHQWUHDDJUHVVLYLGDGHGRPHLRQDpSRFDGDFRQVWUXomRH
XPDPDLRULQFLGrQFLDGDVILVVXUDVGRHGLItFLRFRQVWUXtGR

OHYDQWDPHQWRGDLQFLGrQFLDGRVSUREOHPDVIRLIHLWRSHODFRQVWUXWRUDHEDVHDGRHPUHFODPDo}HV
GRVXVXiULRVTXDQWRjSHUGDGDHVWDQTXHLGDGH(VWHWLSRGHPHWRGRORJLDIRLHPSUHJDGRGHYLGR
DGLILFXOGDGHQDYLVXDOL]DomRGDVILVVXUDVTXHWLQKDPSHTXHQDDEHUWXUD

SUREOHPD-iWLQKDVLGRREMHWRGHGLDJQyVWLFRLQFRUUHWR$FDXVDDSRQWDGDKDYLDVLGRDUHWUDomR
GD DUJDPDVVD (VWD FDXVD QmR IRL FRQVLGHUDGD SURFHGHQWH XQLD YH] TXH D XWLOL]DomR GH
DUJDPDVVD VHPHOKDQWH QD PHVPD UHJLmR HP REUDV XWLOL]DQGR RXWURV WLSRV GH EORFRV QmR
DSUHVHQWRXSUREOHPDV

([DPHV&RPSOHPHQWDUHV
1mRIRUDPUHDOL]DGRVSRUVHFRQVLGHUDUTXHDWHFQRORJLDQmRHUDVXILFLHQWHPHQWHGRPLQDGDRTXH
SURYRFDYDDQHFHVVLGDGHGHSHVTXLVDELEOLRJUiILFDHWHFQROyJLFD
3HVTXLVD
$WUDYpVGHSHVTXLVDGHELEOLRJUDILDHVWUDQJHLUDYHULILFRXVHTXHDWHFQRORJLDFRQVWUXWLYDGHYH VHU
DGDSWDGDjVFDUDFWHUtVWLFDVFOLPiWLFDVORFDLVHjFDUDFWHUtVWLFDGRVHGLItFLRV
5HDOL]RXVH SHVTXLVD H[SHULPHQWDO GD FDUDFWHUL]DomR GD DUJDPDVVD HPSUHJDGD H GR EORFR
VtOLFRFDOFDULRH[LVWHQWHQRPHUFDGR

5HDOL]RXVH SHVTXLVD GH DYDOLDomR GH GHVHPSHQKR GD LQWHUDomR GR EORFR FRP GLYHUVRV WLSRV GH
DUJDPDVVD
'LDJQRVWLFR

)RLFRQVLGHUDGRFRPRFDXVDGRUEiVLFRGDILVVXUDomRRIHQ{PHQRGDUHWUDomRQDVHFDJHPGH
DOYHQDULD(VWHIHQ{PHQRIRLPD[LPL]DGRSHODFRQMXJDomRGHGLYHUVRVIDWRUHVHQWUHRVTXDLV

&RPSRVLomR LQDGHTXDGD GD DUJDPDVVD DOWR PyGXOR GH HODVWLFLGDGH H EDL[D FDSDFLGDGH GH
UHWHQomRGHiJXD

8WLOL]DomRGHEORFRVSUHYLDPHQWHXPHGHFLGRV

&RQGLo}HVDPELHQWDLVDGYHUVDVQDpSRFDGDFRQVWUXomRpSRFDH[FHVVLYDPHQWHTXHQWHHFRP
DOWRtQGLFHSOXYLRPpWULFR

&RQGXWD5HFRPHQGDGD

5HFREULPHQWRGHWRGRRSDQRGDVSDUHGHVFRPXPDWLQWDGHFDUDFWHUtVWLFDVHOiVWLFDV

1RVORFDLVRQGHDVILVVXUDVWHPDEHUWXUDVXSHULRUDFDSDFLGDGHGDWLQWDGHUHFREUtODVGHYHVH
UHWLUDU SRU UDVSDJHP XPD FDPDGD GH  FP GD DUJDPDVVD H VXEVWLWXtOD SRU RXWUD
VXILFLHQWHPHQWHHOiVWLFD

8WLOL]DomRGHHODVW{PHURVVLQWpWLFRVVRPHQWHHPILVVXUDVGHJUDQGHDEHUWXUD

&$62&RUURVmRGDVDUPDGXUDVGRVEULVHVGDIDFKDGDGHHGLItFLRHP5HFLIH>@
2SURFHVVRDVHJXLUDSUHVHQWDGRGHUHFXSHUDomRGHHGLItFLRS~EOLFRFXMRVEULVHVGDVIDFKDGDVVH
DSUHVHQWDYDPJHQHUDOL]DGDPHQWHILVVXUDGRVHFRPPDQFKDVIHUUXJLQRVDVHRUHVXPRGHSDUHFHU
WpFQLFRHODERUDGRDSDUWLUGHVROLFLWDomRGRyUJmRS~EOLFRSURSULHWiULRGRHGLItFLR
9LVWRULD

Q~PHUR WRWDO GH EULVHV p GH DSUR[LPDGDPHQWH TXDWUR PLO YDULDQGR HP VXDV IRUPDV VHWH
IRUPDWRVHYDULDQGRDLQGDHPVXDVGLPHQV}HV

%DVLFDPHQWHDHVWUXWXUDGRVEULVHVpFRQVWLWXtGDGH

8PDSDUWHH[WHUQDPROGDGDH[HFXWDGDHPFRQFUHWRDUPDGRFRQYHQFLRQDO

8PDSDUWHFHQWUDOH[HFXWDGDHPFRQFUHWRFHOXODUWDPEpPFRPDUPDGXUDGHVXVWHQWDomR

)RLYHULILFDGDDSUHVHQoDGHPDQFKDVIHUUXJLQRVDVGLVWULEXtGDVHPWRGRVRVEULVHV

0DLRULQFLGrQFLDGHPDQFKDVQRVEULVHVORFDOL]DGRVHPiUHDVGHPHQRULQVRODomRHSHTXHQD
YHQWLODomR

(PERUDRVEULVHVIRVVHPGHIRUPDVJHRPpWULFDVGLVWLQWDVDVPDQFKDVVHDSUHVHQWDYDPFRP
DVSHFWRHORFDOL]DomRVHPHOKDQWHV

$V PDQFKDV DSUHVHQWDYDPVH SRQWXDLV RX HVFRUULGDV QD GLUHomR YHUWLFDO VLWXDQGRVH GH
SUHIHUrQFLDQDPROGXUDHMXQomRGRFRQFUHWRFHOXODU

SUREOHPDIRLWDPEpPFRQVWDWDGRHPEULVHVJXDUGDGRVQRGHSyVLWR

$QDPQHVH

2VEULVHVIRUDPIDEULFDGRVHP6mR3DXORHWUDQVSRUWDGRVYLDURGRYLiULDSDUD5HFLIH

$FRORFDomRGRVEULVHVHPDOJXPDVSDUWHVGRHGLILFLRIRLIHLWDFRQFRPLWDQWHPHQWHjH[HFXomR
GRUHYHVWLPHQWRGHSDVWLOKDV(VWHIDWRDFDUUHWRXTXHREDQKRGHVROXomRGHiFLGRPXULiWLFRD
XWLOL]DGRQDVSDVWLOKDVDWLQJLVH XPDSDUWHGRVEULVHV(PRXWUDVSDUWHVGRHGLItFLRR IDWR
RFRUUHX HP PHQRU HVFDOD RFRUUHQGR VLWXDo}HV HP TXH RV EULVHV IRUDP PRQWDGRV GHSRLV GD
H[HFXomRGRUHYHVWLPHQWRHPSDVWLOKDV(PWRGRVRVFDVRVQRHQWDQWRWHYHVHGHID]HU RV
DUUHPDWHV ILQDLV GR DFDEDPHQWR QDV SDUHGHV RQGH RV EULVHV VmR PRQWDGRV QD HVWUXWXUD
TXDQGRQRYDPHQWHIRLXWLOL]DGDDVROXomRGHiFLGRPXULiWLFR

7RGRV RV EULVHV UHFHEHUDP QR ORFDO XP UHYHVWLPHQWR GH DUJDPDVVD GH FLPHQWR FRPR
DFDEDPHQWRH[WHUQR

IHQ{PHQRGRDSDUHFLPHQWRGDIHUUXJHPIRLREVHUYDGRFRPDFKHJDGDGDVFKXYDV

$XPLGDGHUHODWLYDGRDUQRORFDOGRHGLILFLRL
EDVLFDPHQWHDOWDDVVLPFRPRDWHPSHUDWXUD

([DPHV&RPSOHPHQWDUHV

)RLFROHWDGRXPEULVHSDUDH[DPHVFRPSOHPHQWDUHVHPODERUDWyULR

5HVLVWrQFLDjFRPSUHVVmRGHDPRVWUDFROHWDGDGHFRQFUHWRFHOXODUDSUHVHQWRXRYDORUPpGLR
GHIFM 03D

&RQFUHWRFHOXODUYROXPHGHYD]LRVPDVVDHVSHFLILFDNJOGP
FRQFUHWRQRUPDOYROXPHGHYD]LRVPDVVDHVSHFLILFDNJOGP

FRQFUHWR FHOXODU DSUHVHQWRX XPD UHVLVWLYLGDGH LQIHULRU j GR FRQFUHWR FRPXP QDV FRQGLo}HV
LQLFLDLVGRHQVDLR$RILQDOGRTXDUWRGLDGHH[SRVLomRDXPDPELHQWHGHEDL[DXPLGDGHUHODWLYD
DDUHVLVWLYLGDGHSUDWLFDPHQWHTXLQWXSOLFRXRVHXYDORUHWRUQRXVHTXDVHGXDVYH]HV
PDLRUGRTXHDGRFRQFUHWR&2080

FREULPHQWRGDVDUPDGXUDVWDQWRQDVSDUWHVGHFRQFUHWRQRUPDOTXDQWRQRFRQFUHWRFHOXODUp
EDVLFDPHQWHLUUHJXODUYDULDQGRGHFPDFP

S+SRWHQFLRPpWULFRGRFRQFUHWRFHOXODUHUDGDRUGHPGHHGRFRQFUHWRQRUPDOGH D


7RGDV EDUUDV GH DUPDGXUDV DSUHVHQWDYDP FRUURVmR VXSHUILFLDO H DOWD UHVLVWrQFLD j WUDomR
VXSHULRUHVDRDoR&$

)RLFRQVWDWDGDDSUHVHQoDGHVXOIHWRVQDDPRVWUDGHFRQFUHWRFHOXODU

'LDJQyVWLFR
$ RFRUUrQFLD GD FRUURVmR GDV DUPDGXUDV GRV EULVHV GHYH VHU DWULEXtGD jV FDUDFWHUtVWLFDV GR
FRQFUHWR FHOXODU (VWH QmR p FDSD] GH RIHUHFHU XPD SURWHomR DR DoR GR PHVPR WLSR TXH XP
FRQFUHWR QRUPDO RIHUHFH TXDQGR H[SRVWR jV FRQGLo}HV DWPRVIpULFDV DJUHVVLYDV REVHUYDGDV QR
ORFDO
$FRUURVmRQDVSDUWHVH[HFXWDGDVHPFRQFUHWRFRPXPGHYHVHUDWULEXtGDjHVSHVVXUDLQVXILFLHQWH
GRFREULPHQWRGRFRQFUHWRQRUPDOPHQWHLQIHULRUDFP
2V FRPSRVWRV DJUHVVLYRV GHFRUUHQWHV GD ODYDJHP GH SDVWLOKDV FRP iFLGR PXULiWLFR SRGHP WHU
DFHOHUDGR R SURFHVVR GH FRUURVmR SRUHP D QmR XWLOL]DomR GHVVH iFLGR QmR LPSOLFD HP TXH D
FRUURVmRQmRYLHVVHDFRUUHU
&RQGXWD5HFRPHQGDGD

6XEVWLWXLomR GRV EULVHV DWXDLV SRU EULVH

V GH RXWUR PDWHULDO TXH QmR R FRQFUHWR FHOXODU
UHVLVWHQWHDRDPELHQWHRX

6XEVWLWXLomRGRVEULVHVSRURXWURVLQWHJUDOPHQWHFRQVWLWXtGRVGHFRQFUHWRFHOXODUSRUpP FRP
DUPDGXUDVQmRVXVFHSWtYHLVDFRUURVmR

&$62&RUURVmRGDVLQVWDODo}HVGHiJXDIULDHTXHQWHGHHGLItFLRGDFLGDGHGH6mR3DXOR>@
2 SURFHVVR D VHJXLU DSUHVHQWDGR GH UHFXSHUDomR GH HGLItFLR FXMDVLQVWDODomHV GH iJXD IULD H
TXHQWHDSUHVHQWDYDPWUHFKRVGHFRUURVmRHYD]DPHQWRHRUHVXPRGHSDUHFHUWpFQLFRHODERUDGRD
SDUWLUGHVROLFLWDomRGRFRQGRPtQLRGRHGLILFLR
9LVWRULD

(GLILFLR WHP RQ]H DQGDUHV WLSR FRP GRLV DSDUWDPHQWRV SRU DQGDU &DGD DSDUWDPHQWR H
FRPSRVWR SRU VDOD WUrV GRUPLWyULRV GRLV EDQKHLURV FRSDFR]LQKD iUHD GH VHUYLoR TXDUWR H
EDQKHLURGHHPSUHJDGD
VLVWHPDGHDTXHFLPHQWRGDiJXDpFHQWUDOL]DGRHPFDOGHLUDVORFDOL]DGDVQRVXEVROR
$WXEXODomRGHiJXDIULDpGHDoRJDOYDQL]DGRHDGHiJXDTXHQWHGHFREUHDPEDVHPEXWLGDV
HPSDUHGHGHDOYHQDULDGHWLMRORUHYHVWLGDFRPSODFDVGHUHVLQDPHODPtQLFDIyUPLFD(VWHWLSR
GH UHYHVWLPHQWR GLILFXOWD D UiSLGD SHUFHSomR GR SUREOHPD (P JHUDO TXDQGR VH SHUFHEH R
SUREOHPDDWXEXODomRMiDSUHVHQWDSUREOHPDGHYD]DPHQWRVLJQLILFDWLYR
2VYD]DPHQWRVQDWXEXODomRGHJXDVHPDQLIHVWDPSRUHVFRUULPHQWRQRSpGDSDUHGHHSHOD
GHIRUPDomRHGHVFRODPHQWRGRUHYHVWLPHQWRGHIyUPLFD
$ WXEXODomR GH FREUH HVWDYD HOHWULFDPHQWH FRQHFWDGD j WXEXODomR GH DoR JDOYDQL]DGR QRV
SRQWRVGHPLVWXUDGDiJXDSDUDRVFKXYHLURVEDQKHLURVHELGrV
$ FRUURVmR QRV WXERV GH DoR JDOYDQL]DGR PDQLIHVWDYDVH HP SRQWRV DOHDWyULRV DR ORQJR GD
WXEXODomR$OJXPDVGDVUHJL}HVFRUURtGDVHVWDYDPSUy[LPDV jV UHJL}HV GH FRQH[}HV RXWUDV
HVWDYDPPDLVSUy[LPDVjVWXEXODo}HVGHFREUH
$SDUHGHHUDKHWHURJrQHDGRSRQWRGHYLVWDGRVPDWHULDLVFRQVWLWXLQWHVH[LVWLQGRWUHFKRVHP
WLMRORV DVVHQWDGRV FRPDUJDPDVVD H WUHFKRV GH FRQFUHWR $ WXEXODoLR DWUDYHVVDYD HVVDV
UHJL}HVHDFRUURVmRVHPDQLIHVWDYDSUHIHUHQFLDOPHQWHQDVXSHUItFLHHPFRQWDWRFRPRVWLMRORV

$QDPQHVH
)RUDPFROHWDGDVDVVHJXLQWHVLQIRUPDo}HVSUHVWDGDVSRUPRUDGRUHVGRHGLItFLR

$OJXQV SURSULHWiULRV LQGHSHQGHQWHPHQWH GD UHIRUPD JHUDO GR SUpGLR VXEVWLWXLUDP DV

WXEXODo}HVGRVUDPDLVTXHHUDPGHDoRJDOYDQL]DGRSRUFREUH
2FRUUHXDWURFDGHSDUWHGDWXEXODomRGDSUXPDGDGRVEDQKHLURV$WXEXODomRTXHHUDGHDoR
JDOYDQL]DGR IRL VXEVWLWXtGD SRU FREUH QXP WUHFKR GH DSUR[LPDGD PHQWH FLQFR PHWURV (VWD
VXEVWLWXLomRRFRUUHXHQWUHRVHDQGDUHV

'LDJQyVWLFR
$WXEXODomRGHDoRJDOYDQL]DGRGRHGLItFLRDSUHVHQWDYDFRUURVmRQDVXDVXSHUItFLHH[WHUQDGHYLGR
EDVLFDPHQWHDWUrVIDWRUHV
3UHVHQoDGHXPLGDGHGHYLGRDPLFURYD]DPHQWRQDVMXQWDV
&RQWDWRGRVWXERVFRPPHLRKHWHURJrQHR

$FHOHUDomR GR SURFHVVR GHYLGR DR FRQWDWR HOpWULFR GR WXER GH DoR JDOYDQL]DGR FRP WXER GH
FREUH
&RQGXWD5HFRPHQGDGD
'XDVDOWHUQDWLYDVGHFRQGXWDVmRSRVVtLYHLV
 5HFXSHUDomR GD WXEXODomR GH DoR JDOYDQL]DGR H[LVWHQWH LPSOLFDQGR QD GHVPRQWDJHP
OLPSH]D VXEVWLWXLomR GRV WXERV FRUURtGRV H QRYD PRQWDJHP REVHUYDQGRVH RV VHJXLQWHV
FXLGDGRV
$VVHJXUDU SHUIHLWD YHGDomR GDV MXQWDV GDV FRQH[}HV H UHDOL]DU HQVDLR GH YHULILFDomR GD
HVWDQTXHLGDGH GD WXEXODomR DSOLFDQGR DQWHV GHOD VHU FREHUWD FRP DUJDPDVVD SUHVVmR
KLGURVWtWLFDGHYDORULJXDODYH]HVDPDLRUDOWXUDPDQRPpWULFDYHULILFDGDSRUSUXPDGD
1R FDVR GDV SDUHGHV FRQVWLWXtGDV GH PDWHULDLV GLIHUHQWHV DUJDPDVVD WLMRORV EORFRV GH
FRQFUHWR FREULU D VXSHUItFLH VREUH j TXDO VHUi DVVHQWDGD D WXEXODomR FRP DUJDPDVVD
LJXDODTXHODTXHVHUiGHSRLVXWLOL]DGDSDUDHPEXWLODGHPRGRTXHDWXEXODomRILTXHHP
FRQWDWRFRPDSHQDVXPWLSRGHPDWHULDO

$VVHJXUDUDLVRODomRHOpWULFDHQWUHRVWXERVGHDoRJDOYDQL]DGRHRVWXERVGHFREUH
 6XEVWLWXLomRLQWHJUDOGDWXEXODomRH[LVWHQWHSRURXWUDDSDUWLUGHXPQRYRSURMHWRGHDFRUGR
FRPDVSUHVFULo}HVGDQRUPD1%5LQVWDODo}HVSUHGLDLVGHiJXDIULD$QRYDWXEXODomR
SRGHVHUFRQVWLWXtGDSRU

0DWHULDLVQmRPHWiOLFRVWXERVGH39&

0DWHULDLVQmRIHUURVRVWXERVGHFREUH
&$62   0DQLIHVWDo}HV GH XPLGDGH iJXD FRUUHQWH ERORU H UHWRUQR GH HVSXPD HP DPELHQWHV
VDQLWiULRVGHHGLItFLRUHVLGHQFLDOGH6mR3DXOR>@
2 SURFHVVR D VHJXLU DSUHVHQWDGR GH UHFXSHUDomR GH HGLItFLR GH DOWR SDGUmR FXMRV DPELHQWHV
VDQLWiULRV DSUHVHQWDYDP LQ~PHUDV PDQLIHVWDo}HV SDWROyJLFDV p R UHVXPR GH SDUHFHU WpFQLFR
HODERUDGRDSDUWLUGHVROLFLWDomRGRFRQGRPtQLRGRHGLItFLR
9LVWRULD

(VFRUULPHQWRGHiJXDQRWXERGHYHQWLODomRGHDOJXQVEDQKHLURVQREUHVGRHGLItFLR

)RUPDomRGHERORUQRIRUURIDOVRGHVWHVEDQKHLURV
)XURVQRIRUURIDOVRHPDOJXQVDSDUWDPHQWR
'LYHUVLGDGHGHPDWHULDLVHPSUHJDGRVQDUHGHGHHVJRWRV
7XERGHYHQWLODomR39&
5DPDLVIHUURJDOYDQL]DGR
&DL[DVLIRQDGDFREUH
7XERGHTXHGDIHUURIXQGLGR
)RL YHULILFDGR TXH R UHMXQWDPHQWR GR UDOR FRP DV SODFDV GR SLVR TXH VmR GH JUDQGHV
GLPHQV}HVIRLPDOH[HFXWDGR
2 SUREOHPDV VXUJLUDP HP GRLV EDQKHLURV FRQWtJXRV GH FDGD DSDUWDPHQWR XP GRV TXDLV IRL
SURMHWDGR SUHYHQGRVH DSHQDV XPD YHQWLODomR LQGLUHWD VREUH R WHWR GR EDQKHLUR D SDUWLU GD
IDFKDGD1DYLVWRULDYHULILFRXVHDLQH[LVWrQFLDGHVWDDEHUWXUDQDIDFKDGD

$QDPQHVH

$SDUWLUGRSURMHWRIRUDPHODERUDGRVRVFURTXLVGRVDPELHQWHVVDQLWiULRVRULHQWDQGRDYLVWRULD
9HULILFRXVHTXHDFRQVWUXWRUDOTXHWLQKDXPJUDQGHSRUWHHHUDEHPFRQFHLWXDGDDpSRFDGD
H[HFXomRGRHGLItFLRVHHQFRQWUDYDHPHVWDGRSUpLQVROYrQFLD
9HULILFRXVH TXH QRV DSDUWDPHQWRV HP TXH QmR KDYLD D XWLOL]DomR GR EDQKHLUR GH YHQWLODomR
LQGLUHWDRVSUREOHPDVQmRVHPDQLIHVWDYDP
$VLWXDomRKDYLDVLGRREMHWRGHLQWHUYHQo}HVTXHSURFXUDYDPDWXDUQDVWXEXODo}HVGHHVJRWRH
iJXDIULDVHPVXFHVVR
$WUDYpVGHFRQVXOWDDRVXVXiULRVGRVDSDUWDPHQWRVGRSULPHLURDQGDUYHULILFRXVHVHUFRPXP
RIHQ{PHQRGRUHWRUQRGDHVSXPDQDVLQVWDODo}HVQDiUHDGHVHUYLoRHFR]LQKD

'LDTQyVWLFR

$ TXHVWmR GDV PDQLIHVWDo}HV RFRUULGDV QRV IRUURV IDOVRV GRV EDQKHLURV SRGH VHU GHELWDGD j
GHILFLrQFLD GH YHQWLODomR 2 YDSRU OLEHUWDGR QD XWLOL]DomR GR FKXYHLUR DR SHUFRUUHU R WHWR GR
EDQKHLUR FRQWtJXR HQWUD HP FRQWDWR FRP HOHPHQWRV FRP PHQRU WHPSHUDWXUD R WXER GH
YHQWLODomR DV FDL[DV GH OX] H VH FRQGHQVD (VWH SUREOHPD p VHQVLYHOPHQWH DJUDYDGR SHOD
LQH[LVWrQFLDGHDEHUWXUDQDIDFKDGDSDUDDVDOGDGRYDSRU

$ XWLOL]DGRGHPDWHULDLVGLIHUHQWHVQDUHGHGHHVJRWRSURYRFDRVXUJLPHQWRGHGLIHUHQoDV GH
SRWHQFLDO SULQFLSDOPHQWH HQWUH R IHUUR JDOYDQL]DGR H R FREUH (V WH IHQ{PHQR TXH WHQGH D
SURYRFDU D FRUURVmR DLQGD VH HQFRQWUD HP HVWiJLR LQLFLDO GH GHVHQYROYLPHQWR GXUDQWH D
YLVWRULD
2UHWRUQRGHHVSXPDQRSULPHLURSDYLPHQWRSRGHVHUGHELWDGRjIDOKDGHSURMHWRGHLQVWDODo}HV
SRUQmRSDUWLFXODUL]DURVLVWHPDGHHVJRWRVGHVWHSDYLPHQWROHYDQGRHPFRQWDRIHQ{PHQRGD
VREUHSUHVVmRSRVLWLYD

&RQGXWD5HFRPHQGDGD

&ULDomRGHXP6+$)7GHYHQWLODomRGRVEDQKHLURVGLPHQVLRQDQGRSDUDUHWLUDURYDSRUJHUDGR
HYLWDQGRVHDVVLPRIHQ{PHQRGDFRQGHQVDomR
7URFDGRVFRPSRQHQWHVGRVLVWHPDGHHVJRWRSDUD39&DPHQRVGRVWXERVGHTXHGDTXHVH
HQFRQWUDYDPHPERPHVWDGR
5HSURMHWDUHUHFRQVWUXLURVLVWHPDGHHVJRWRGRSULPHLURSDYLPHQWR

5()(51&,$6%,%/,2*5),&$6
>@5(<*$(576-* *$63(50% '8725'2,5&3UREOHPV&67&5HYXH
%UX[HOOHVVHSW
>@

HWDOLI&RPPHQWHYLWHUOHVGpJDWV&67&5HYXH%UX[HOOHVVHSW

>@%216+255%+$55,621+:4XDOLW\LQWUDGLWLRQDOKRXVLQJDQLQYHVWLJDWLRQLQWRIDXOWVDQG
WKHLUDYRLGDQFH/RQGRQ+HU0DMHVWU\
V6WDWLRQHU\RIILFHY%XLOGLQJZHVHDUFK
(VWDEOLVKPHQW5HSRUW
>@ $662&,$7,21 3285 /e78'( '( /$ 3$7+2/2*,( (7 '( /
(175(7,(1 '8 %7,0(17
(3(%$7/
pWDWGHVDQWpGHVEkWLPHQWV&DKtHUVGX&HQWUH6FLHQILILTXHHW7HFKQLTXHGX
%DWLPHQW3DULV5VHSW
>@,167,7872'(3(648,6$67(&12/2*,&$6'2(67$'2'(623$8/2,373DWRORJLD
QD &RQVWUXomR SURJUDPD GH FROHWD GH LQIRUPDo}HV 6mR 3DXOR  5HODWyULR QR

>@%8,/',1*SDWKRORJ\&,%,QIRUPDWLRQ5RWWHUGDP
>@ 5(<*$(576 - 'LDJQRVWLF GHV FDV GH SDWKRORJLH GX EkWLPHQW &67& 5HYXH %UX[HOOHV
GHF
>@ +(/(1( 35/3DWRORJLD GR &RQFUHWR 6mR 3DXOR  3DOHVWUD SURIHULGD QR FXUVR
'LDJQyVWLFRGH)DOKDVGDV(GLILFDo}HV
>@&20,7e(852,17(51$&,21$/'8%(721&(%'XUDELOLW\RI&RQFUHWH6WUXFWXUHVVWDWHRI
WKHDUWUHSRUW3DULV%XOOHWLQGLQIRUPDWLRQQ
>@(/'5,'*(+-&RPPRQGHIHFWVLQEXLOGLQJV/RQGRQ+HU0DMHVWU\
V6WDWLRQHU\2IILFH
>@ $.8768 0  /23(6 ' 6LPXODomR GR GHVHPSHQKR WpUPLFR GDV HGLILFDo}HV &RQVWUXomR
6mR3DXOR6mR3DXOR7HFQRORJLDGH(GLILFDo}HV
>@0(/9,//(,$ *25'21,$7KHUHSDLUDQGPDLQWHQDQFHRIKRXVHV/RQGR7KH(VWDWHV
*D]HWWH
>@&$9$/&$17(06'HWHULRUDomRELROyJLFDHSUHVHUYDomRGHPDGHLUDV6mR3DXOR,37
>@ 5(1$8'6$/,6 -/ 7KH GHFLVLRQ  PDNLQJ V\VWHPV DQG SURFHVV %XOO &kQFHU 3DULV 

>@ &+$67$1*& $848,(5 $ *5(0<)3URJQRVWLFNQRZOHGJHLQWHUHVWDQG PHWKRGV
%XOO&kQFHU3DULV
>@6$%%$7,1,)+3DUHFHUWpFQLFRjHPSUHVDSULYDGD6mR3DXOR

>@

$UHWUDomRQDVHFDJHPGHSDUHGHVGHDOYHQDULDFRQVWUXtGDVFRPVtOLFRFDOFDULRV6mR
3DXOR  6HPLQiULR GH iUHD DSUHVHQWDGR D (VFROD 3ROLWpFQLFD GD 8QLYHUVLGDGH GH
6mR3DXOR

>@+(/(1(35/&RPXQLFDomRYHUEDO6mR3DXOR
>@,26+,0272(&RPXQLFDomRYHUEDO6mR3DXOR
>@*5$d$0($ *21d$/9(6203DUHFHUWpFQLFRjHPSUHVDSULYDGD6mR3DXOR

%2/(7,07e&1,&2WH[WRVSXEOLFDGRV
%7

$omRGRLQFrQGLRVREUHDVHVWUXWXUDV
GHFRQFUHWRDUPDGR

35$1&,6&25/$1',

%7

$UJDPDVVDVGH$VVHQWDPHQWRSDUDSDUHGHV
GHDOYHQDULDUHVLVWHQWH

)(51$1'2+6$%%$7,1,

%7

&RQWUROHGHTXDOLGDGHGRFRQFUHWR

3$8/25/+(/(1(

%7

)LEUDVYHJHWDLVSDUDFRQVWUXomRFLYLO
ILEUDGHFRFR

+2/0(56$9$67$12-5

%7

$VREUDVS~EOLFDVGHHQJHQKDULDH
VXDIXQomRQDHVWUXWXUDomRGDFLGDGH
GH6mR3DXOR
3DWRORJLDGDVFRQVWUXo}HV3URFHGLPHQWRV

%7

SDUDGLDJQyVWLFRpUHFXSHUDomR

:,72/'=0,752:,&=
125%(572%/,&+7(167(,1