Você está na página 1de 23



$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

$PpULFD/DWLQD
DQRVGHRSUHVVmR
H
XWRSLDUHYROXFLRQiULD
/XL])HUQDQGR%%HODWWR
OXL]EHODWWR#NOHSVLGUDQHW
$QR+LVWyULD863H$QR
-RUQDOLVPR38&63
DPHULFDGRF.%

,QWURGXomR
1HVWDYLUDGDGHVpFXORHGHPLOrQLRID]VHLQWHUHVVDQWHGLVFXWLUPXLWRVSRQWRVTXH
PDUFDUDPDKLVWyULDGD+XPDQLGDGHFRPRXPDIRUPDGHUHIOHWLUVREUHFDPLQKRVDVHUHP
DGRWDGRVQRIXWXUR1RFDVRGD$PpULFD/DWLQDHVVDGLVFXVVmRpDLQGDPDLVLPSRUWDQWHV
$ILQDORFRQWLQHQWHSDVVDSRUXPDVpULHGHPXGDQoDVFRPSOH[DVTXHQRHQWDQWRDLQGD
FRQYLYHPFRPPDUFDVGHXPSDVVDGRRSUHVVRUTXHID]TXHVWmRGHPDQWHUVHYLYR3RU
H[HPSORDRPHVPRWHPSRHPTXH%UDVLO$UJHQWLQD3DUDJXDLH8UXJXDLQXPDWRKLVWyULFR
IHFKDPXPDFRDOL]mRHPWRUQRGHVHXEORFRFRPHUFLDOR0HUFRVXOFRQWUDDH[WUHPD
LQJHUrQFLDGDIXWXUD$OFD $OLDQoDGH&RPpUFLRGD$PpULFD EDQFDGDSHORV(8$HPVXDV
HFRQRPLDVDLQGDGHSHQGHPGHPHUFDGRVFRPRRQRUWHDPHULFDQRSDUDHVFRDUVXD
SURGXomRLQWHUPHGLDGDSHODVPXOWLQDFLRQDLVHDEDL[RVSUHoRVJHUDQGROXFURSDUDDPDWUL]
HSREUH]DQRPHUFDGRLQWHUQR$OpPGLVVRDRPHVPRWHPSRHPTXHHVVHVSDtVHV
DQXQFLDPLQYHVWLPHQWRVQDLQWHJUDomRHFRQ{PLFDGHQWURGRFRQWLQHQWHHPVHXVSUySULRV
WHUULWyULRVYrHPDXPHQWDUDPLVpULDGDPDLRUSDUWHGHVXDSRSXODomRDGHVLQWHJUDomRHQWUH
DVUHJL}HVSURGXWLYDVHXPDVpULHGHSURWHVWRVFRQWUDDGHVLJXDOGDGHVRFLDO4XDQGRDV
GLIHUHQoDVQmRVmRHQWUHSDtVHVWRUQDPVHHYLGHQWHVQRWHUULWyULRLQWHUQRQD$UJHQWLQDSRU
H[HPSORVHSDUDGDHQWUH%XHQRV$LUHVHUHJLmRYLVWDSRUPXLWRVFRPRRSDtVHDUHJLmR
LQWHULRUPLVHUiYHOHGHVJUDoDGD1HVVHTXDGURGHGLIHUHQoDVVRFLDLVKiGHVHVRPDU
WDPEpPDVFULVHVSROtWLFDVRQGHDGLWDGXUDSRSXOLVWDYHQH]XHODQDHRLQVWiYHOJRYHUQR
SHUXDQRGmRPRVWUDVGHTXHDGHPRFUDFLDQDUHJLmRDLQGDHVWiORQJHGHVHWRUQDU
UHDOLGDGH
$VFRQWUDGLo}HVVmRYLVtYHLVQDVRFLHGDGHODWLQRDPHULFDQDHHODVSRGHPVHUXVDGDVFRPR
H[SOLFDomRSDUDPXLWRVGRVSUREOHPDVHGHVDILRVTXHRFRQWLQHQWHHQIUHQWDQHVWHQRYR
WHPSRTXHVHDEUH2TXHRFRUUHXGHHUUDGR"4XDLVRVSRQWRVTXHSUHFLVDPVHU
PHOKRUDGRVQRIXWXUR"6mRSHUJXQWDVTXHQmRVHFDODPIDFLOPHQWH(pQHVWHDVSHFWRTXH
HVWHSHTXHQRHQVDLRVHHQFDL[D$QWHVGHIRUQHFHUUHVSRVWDVGHILQLWLYDVHOHSUHWHQGHjOX]
GDGLVFXVVmRKLVWyULFDHGDQDUUDWLYDSURSRUWySLFRVHLQWHUSUHWDo}HVTXHVLUYDPFRPRXP
SULPHLURHVERoRSDUDDGLVFXVVmRGDUHDOLGDGHFRQWLQHQWDO$VVLPHVWiGLYLGLGRHPWUrV
SDUWHVDSULPHLUDPDLVJHUDODERUGDUDSLGDPHQWHDHVVrQFLDGDKLVWyULDGDUHJLmRFRP
GHVWDTXHSDUDDH[SORUDomRFRPHUFLDODGRPLQDomRSROtWLFDHDDWXDOLGDGH$EDVHGHVVD
SDUWHpROLYUR$VYHLDVDEHUWDVGD$PpULFD/DWLQDGRHVFULWRUXUXJXDLR(GXDUGR*DOHDQR$
VHJXQGDPDLVKLVWyULFDPRVWUDRVPRYLPHQWRVVRFLDLVTXHWHQWDUDPSURSRUYLDVKLVWyULFDV
RSRVWDVjVPRVWUDGDVQDSULPHLUDSDUWH3DUDHQFHUUDURWUDEDOKRTXHVHUiFRPSOHWDGRHP
HQVDLRVSRVWHULRUHVXPDUiSLGDDSUHVHQWDomRGHKRPHQVTXHEHPRXPDOIL]HUDPD
KLVWyULDGD$PpULFD/DWLQDDWXDQGRQRFDPSRSROtWLFR1RILQDOpRIHUHFLGDXPDELEOLRJUDILD
GHUHIHUrQFLDSDUDRLQWHUHVVDGRQRWHPDWHUDRSRUWXQLGDGHGHSHVTXLVDUSRUVXDFRQWD
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

(VWHWH[WRFRQIRUPHMiGLWRQmRVHSUHWHQGHFRPSOHWR3HORFRQWUiULRKiSRQWRVTXH
PHUHFHULDPPDLRUDSURIXQGDPHQWRRTXHQmRVHID]SHORSRXFRHVSDoRGLVSRQtYHOHSHOD
SURSRVWDGHDSHQDVSURSRUWySLFRVSDUDLQLFLDUDGLVFXVVmR(VSHUDVHSRUWDQWRTXHRV
OHLWRUHVGH.OHSVLGUDSDUWLFLSHPHQYLDQGRVXDVPHQVDJHQVHFRPHQWiULRVDUHVSHLWRGR
WH[WRSDUDTXHDKLVWyULDGD$PpULFD/DWLQDVDLDGDREVFXULGDGHHVHMDGHFRQKHFLPHQWR
S~EOLFR,QLFLDVHDTXLSRLVHVVDYLDJHPKLVWyULFD

8PDUiSLGDDERUGDJHPGRVFRQFHLWRV
1mRVmRSRXFRVRVHVWXGRVH[LVWHQWHVVREUHDKLVWyULDGD$PpULFD/DWLQD1RHQWDQWRHP
VXDPDLRULDVmRHVSHFLDOL]DGRVHPGHWHUPLQDGRVWHPDVSROtWLFDFXOWXUDHFRQRPLDUHODWRV
GHYLGDGHSRYRVHWFEHPFRPRHVFULWRVFRPD~QLFDSUHRFXSDomRGHVHFRQWDUDKLVWyULD
VHPDQDOLViODHPVHXVGHWDOKHVHUHODFLRQDQGRDFRPRXWURVIDWRVHFRQMXQWXUDV3RXFRV
VmRRVKLVWRULDGRUHVTXHVHSURSXVHUDPDHVFUHYHUVREUHDWUDMHWyULDGHQRVVRFRQWLQHQWH
VHPRPHGRGHSURSRUDQiOLVHVSDUDRVSUREOHPDVHQIUHQWDGRVSHORWHUULWyULRSREUH]D
FU{QLFDGDSRSXODomRHFRQRPLDDJUiULDVXEGHVHQYROYLPHQWRLQVWDELOLGDGHVRFLDOHWF
&RXEHHQWmRDXPMRUQDOLVWDXUXJXDLRVHPDVURXSDJHQVDFDGrPLFDVFRPRVH
DXWRGHILQHHVFUHYHUXPDKLVWyULDGHVHXFRQWLQHQWHEDVHDGDQDVHOHomRHLQWHUSUHWDomRGH
IDWRVTXHFRQVLGHUDFRPRHVVHQFLDLVSDUDRHQWHQGLPHQWRGDUHDOLGDGHODWLQRDPHULFDQD


(GXDUGR*DOHDQRDXWRUGH$V
YHLDVDEHUWDVGD$PpULFD/DWLQD
SURS{VXPLQYHQWiULRGRV
DQRVGDKLVWyULDGRFRQWLQHQWH
UHWUDWDQGRDVVXDVSULQFLSDLV
EDVHVDHFRQRPLDDJUtFRODH
PLQHUDGRUDGRPLQDGDSHOR
PHUFDGRLQWHUQDFLRQDOFRPR
REMHWLYRGHJHUDUOXFURVSDUDD
SRWrQFLDGRPLQDGRUDDSREUH]D
VRFLDOFRPRUHVXOWDGRGHXP
VLVWHPDHFRQ{PLFRH[WHUQRH
(GXDUGR*DOHDQRpRDXWRUGH$VYHLDVDEHUWDVGD$PpULFD/DWLQD
H[FOXGHQWHTXHSULYLOHJLDXPD
PLQRULDILQDQFHLUDPHQWHFDSD]GH
LQWHJUDUVHDRVSDGU}HVGH
FRQVXPRDRSUHVVmRGHJRYHUQRV
FHQWUDOL]DGRUHVFRQWUDDV
PLQRULDVSURGX]LQGRJHQRFtGLRVH
RFDRVVRFLDODH[SORUDomRGR
WUDEDOKRHDVSpVVLPDVFRQGLo}HV
GHVREUHYLYrQFLDSDUDDJUDQGH
PDLRULDGHVXDSRSXODomR

KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

1XPUHODWRLQIRUPDOFXMRREMHWLYRpPRVWUDUXPDRSLQLmRSDUDHQWHQGHUDKLVWyULDHDDWXDO
VLWXDomRGD$PpULFD/DWLQD*DOHDQRQDUUDRVIDWRVIRUDGHXPDVHTrQFLDFURQROyJLFD
ID]HQGRFRPTXHSDVVDGRHSUHVHQWHFRQYHUVHPHQWUHVLQDPHVPDREUDGHWHUPLQDQGRR
SRQWRGHYLVWDGRDXWRURFRQWLQHQWHIRLHpSHoDLPSRUWDQWHQRHQULTXHFLPHQWRGHSRXFDV
QDo}HVHRSUHoRTXHSDJDSRULVVRpRVHXVXEGHVHQYROYLPHQWRFU{QLFRVXDVHWHUQDV
FULVHVVRFLDLVHVHXVWDWXVGHFRO{QLD$ULTXH]DGDVSRWrQFLDVpDSREUH]DGD$PpULFD
/DWLQDGL]*DOHDQRHPFHUWDSDVVDJHPGROLYUR
2DXWRUGLYLGLXROLYURHPWUrVSDUWHV1DSULPHLUDPRVWUDFRPRRVHVSDQKyLVHSRUWXJXHVHV
FKHJDUDPjTXHODVWHUUDVYLUJHQVQRVpFXOR;9HVHDSURYHLWDUDPGDVULTXH]DVTXHR
FRQWLQHQWHSRVVXtD2VSULPHLURVIL[DGRVGHVGHRSODQDOWRPH[LFDQRDWpRV$QGHVWLYHUDP
VRUWHHHQFRQWUDUDPRXURHSUDWDQDVSULPHLUDVDQGDQoDV2VOXVLWDQRVRFXSDQGRDIDL[D
OLWRUkQHDGR2FHDQR$WOkQWLFRWLYHUDPGHFRQVWUXLUXPLPSpULRFRORQLDOjEDVHGDFDQDGH
Do~FDUHQTXDQWRQmRHQFRQWUDYDPRVPHWDLV(PERUDHPiUHDVGLIHUHQWHVDW{QLFDGD
H[SORUDomRIRLDPHVPDWUDEDOKRIRUoDGRDJUHVVmRItVLFDHQULTXHFLPHQWRRSUHVVmR
FRORQLDO2VHVSDQKyLVHQFRQWUDUDPGRLVH[pUFLWRVGHPmRGHREUDGLVSRQtYHLVRVtQGLRV
DVWHFDVQR0p[LFRHRVLQFDVQR3HUX(VWDVFLYLOL]Do}HVSDUD*DOHDQRUHWUDWDPRFDUiWHU
GRGRPtQLRFRORQLDOVRFLDOPHQWHHPLOLWDUPHQWHHYROXtGDVIRUDPGHVWUXtGDVQDVPLQDVH
FRPRWUDEDOKRIRUoDGRQDVPLWDVHHQFRPLHQGDV-iRVSRUWXJXHVHVGHSRLVGHWHQWDUD
H[SORUDomRGRVtQGLRVQRVHQJHQKRVGHDo~FDUHQmRREWHUVXFHVVRWUDQVIRUPDUDPVHQR
PDLRUWUDILFDQWHGHQHJURVPXQGLDO9LQGRVGDIULFDRVQHJURVGHL[DYDPjIRUoDVHXV
UHLQRVSDUDHPWHUUDVEUDVLOHLUDVVHUHVFUDYRVHPRWRUGDSURGXomRDoXFDUHLUD
$SyVQDUUDUDJOyULDGHVVHVFHQWURVSURGXWLYRVGHULTXH]DFRORQLDO TXHFRPRID]TXHVWmR
GHUHVVDOWDUQmRILFDYDQD(VSDQKDH3RUWXJDOGHVWLQDYDVHDSDJDUDVGtYLGDVTXHHVWHV
SDtVHVWLQKDPFRPDSRWrQFLDTXHOKHVURXEDULDRGRPtQLRHFRQ{PLFRGD$PpULFDD
,QJODWHUUD *DOHDQRWUD]DH[SORUDomRSDUDRSUHVHQWHHIDODGDGHFDGrQFLDGHVVDVUHJL}HV
6mRFODURVH[HPSORVGDWHVHGHTXHDUHJLmRULFDGRSDVVDGRpPDUFDGDSHODSREUH]DQR
SUHVHQWHDVPLQDVGH3RWRVtQD%ROtYLD UHJLmRGDYDWRGRRRXURHSUDWDTXHRVHVSDQKyLV
QHFHVVLWDYDPHRQGHVHIRUPRXXPDHOLWHORFDOTXHHQULTXHFLDjEDVHGDHVFUDYLGmR
LQGtJHQD1RVpFXOR;9,,TXDQGRRVPHWDLVHVFDVVHDUDPRVRQKRGHULTXH]DDFDERXHD
SREUH]DVHHQUDL]RX+RMH3RWRVtpRGLVWULWRPDLVSREUHGD%ROtYLDKDELWDGRVRPHQWHSRU
GHVFHQGHQWHVGHtQGLRVHGHVHXSDVVDGRJORULRVRJXDUGDDSHQDVDOHPEUDQoD R
1RUGHVWHEUDVLOHLURTXHYLYHXVHXDXJHFRPDSURGXomRGHDo~FDUQRVVpFXOR;9,H;9,,
PDVQmRHVFDSRXGDGHFDGrQFLDTXDQGRVHXSURGXWRSDVVRXDVRIUHUFRQFRUUrQFLDGDV
$QWLOKDV+RODQGHVDVQRVpFXOR;9,,,HDUHJLmRGH2XUR3UHWRTXDQGRDHIrPHUD
H[SORUDomRDXUtIHUDDFDERXQDHQWUDGDGRVpFXOR;,;2VWUrVFDVRVUHIOHWHPDIRUPDomR
FRORQLDOGD$PpULFD/DWLQDRFRQWLQHQWHQDVFHXSDUDIRUQHFHUDVULTXH]DVTXHD(XURSD
QHFHVVLWDYD1DPHGLGDHPTXHDVWHUUDVMiQmRDWHQGLDPDHVVDGHPDQGDIRUDP
DEDQGRQDGDVILFDQGRFRPRPDUFDGRSDVVDGRDVJHUDo}HVVHJXLQWHVGDSRSXODomR
KLVWRULFDPHQWHH[SORUDGDSREUHHVHPSHUVSHFWLYDV&LWDQGRDWHRULDPDU[LVWDGDGLYLVmRGR
WUDEDOKRHQWUHRSHUiULRHSDWUmR*DOHDQRDILUPDTXHHQTXDQWRD(XURSDHUDRFDYDOHLUR
TXHOHYDYDDVJOyULDVD$PpULFDHUDRFDYDORTXHID]LDWRGRRVHUYLoR
'RVPHWDLVVHJXLXVHDH[SORUDomRDJUtFRODHSHFXiULDDSDUWLUSULQFLSDOPHQWHGRVVpFXORV
;9,,,H;,;SRUPHLRGDTXDOFDGDSDtVQXPDHQJUHQDJHPSHUIHLWDFRPRVLVWHPD
HFRQ{PLFRLQWHUQDFLRQDOVHLGHQWLILFRXHDLQGDVHLGHQWLILFDFRPXPGHWHUPLQDGRSURGXWRQD
HVFDODFRPHUFLDO$$PpULFD&HQWUDOVHHVSHFLDOL]RXQRIRUQHFLPHQWRGHIUXWDVWURSLFDLVR
(TXDGRUEDQDQDV%UDVLOH&RO{PELDFDIp&XEDH&DULEHDo~FDU9HQH]XHODFDFDX
$UJHQWLQDH8UXJXDLFDUQHHOmD%ROtYLDWRUQRXVHSDtVIRUQHFHGRUGHHVWDQKRHR3HUXGH
SHL[H(PERUDFRPSURGXo}HVGLIHUHQWHVRVLVWHPDSHUPDQHFHFRPPHFDQLVPRVLGrQWLFRV
HPWRGRVRVFDVRVSRUVHWUDWDUGHPHUFDGRULDVSULPiULDVFRPEDL[RVSUHoRVRVSDtVHV
SRXFROXFUDPFRPRDYHQGDDJUtFROD3RULVVRWrPGHSURGX]LUFDGDYH]PDLVHFRP
PpWRGRVEDUDWRVSDUDID]HUPDLVGLYLVDVHDWHQGHUjQHFHVVLGDGHVGRVSDtVHVFRPSUDGRUHV
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

SDUDQmRSHUGHUPHUFDGRV&RPLVVRDXPHQWDVHDH[SORUDomRGRWUDEDOKRHDIRUPDomR
GRVODWLI~QGLRVLPSHGLQGRRDFHVVRGDVFODVVHVSRSXODUHVjWHUUD(VWHSURFHVVRGH
GRPLQDomRSHUVRQLILFRXVHSULQFLSDOPHQWHQD$PpULFD&HQWUDO1HVWHWHUULWyULRDLQG~VWULD
QDFLRQDOQmRH[LVWHRXpSULPiULDRVJUDQGHVFRQJORPHUDGRVSHUWHQFHPDSDtVHV
HVWUDQJHLURVDWXDQGRH[DWDPHQWHQDLQGXVWULDOL]DomRGHDOLPHQWRV2VSDtVHVYHQGLDPQR
VpFXOR;,;VXDSURGXomRDJUtFRODDRVLQJOHVHVVXEVWLWXtGRVXPVpFXORGHSRLVSHORV(8$
SRWrQFLDTXHGRPLQDDiUHDHGLWDRVUXPRVGDSROtWLFDORFDOGHDFRUGRFRPVHXV
LQWHUHVVHV$DQWLJDHPSUHVDQRUWHDPHULFDQD8QLWHG)UXLW&RPSDQ\HUDRYHUGDGHLUR
SRGHUQD$PpULFD&HQWUDOFRPDQGDQGRDiUHDDGHVSHLWRGDVYRQWDGHVHDQVHLRVGHVXD
SRSXODomRHLQFOXVLYHSURPRYHQGRJROSHVPLOLWDUHVHLQVWDODQGRJRYHUQDQWHVGHFRQILDQoD
SDUDJDUDQWLUVHXVGLUHLWRV FRPRQD*XDWHPDODHPQXPDLQWHUYHQomRPLOLWDURV(8$
GHUUXEDUDP-DFRER$UEHQ]VRFLDOLVWDHOHLWRGHPRFUDWLFDPHQWH $VOXWDVGHJXHUULOKDTXH
FDUDFWHUL]DPDWpKRMHDUHJLmRVmRGHFRUUHQWHVGHVVDGRPLQDomRJUXSRVSDUDPLOLWDUHV
OXWDPFRQWUDJRYHUQRVFRUUXSWRVTXHGHIHQGHPRVLQWHUHVVHVQRUWHDPHULFDQRVSDUDFKHJDU
DRSRGHU0DLVXPDYH]DYtWLPDpVHPSUHDSRSXODomRTXHVHQmRPRUUHH[SORUDGDQRV
ODWLI~QGLRVWHPVXDYLGDHQFXUWDGDQDVEDWDOKDVGDJXHUUDFLYLO
6RFLHGDGHVQDVFLGDVSDUDIRUDLVWRpSDUDIRUQHFHUSURGXWRVHFRQGLo}HVHFRQ{PLFDVGH
GHVHQYROYLPHQWRjVSRWrQFLDVPXQGLDLVDVQDo}HVODWLQRDPHULFDQDVQXQFDVH
HVTXHFHUDPGHVXDWUiJLFDFRQGLomR(QHPRVPRYLPHQWRVGHLQGHSHQGrQFLDVQDFLRQDLV
GDVGXDVSULPHLUDVGpFDGDVGRVpFXOR;,;OLEHUWDUDPRVQRYRVSDtVHVGDGRPLQDomR
FRORQLDOSRLVDHVWUXWXUDSHUPDQHFHXLGrQWLFDDHFRQRPLDDJUiULRH[SRUWDGRUDGRPLQDGD
SRUHOLWHVORFDLVOLJDGDVDRVPHUFDGRVFRPSUDGRUHVSULQFLSDOPHQWHD,QJODWHUUD$
IUDJPHQWDomRTXHRWHUULWyULRODWLQRDPHULFDQRVRIUHXDSyVRPRYLPHQWROLEHUWDGRUGH6LPyQ
%ROtYDUUHSUHVHQWDDLPSRVVLELOLGDGHGHIRUPDUXPDXQLGDGHQDFLRQDOFDGDHOLWHLGHQWLILFRX
VHFRPXPSHGDoRGRWHUULWyULRHQHODIRUPRXVHXSDtVGHDFRUGRFRPVHXSDSHOQR
FRPpUFLRLQWHUQDFLRQDO&RPRGL]*DOHDQRFDGDQRYRSDtVLGHQWLILFRXVHFRPVHXSRUWR
H[SRUWDGRUDFLPDGHTXDOTXHULGHDOLVPR2LPSHULDOLVPREULWkQLFRVXEVWLWXLXRGRPtQLR
LEpULFRQRVpFXOR;,;IRPHQWDQGRVHXSUySULRGHVHQYROYLPHQWRjVFXVWDVGDSURGXomRGRV
QRYRVSDtVHVHH[WHUPLQDQGRWRGDHTXDOTXHUWHQWDWLYDGHGHVHQYROYLPHQWRDXW{QRPR$
*XHUUDGR3DUDJXDLGHDpRH[HPSORPDLVFODURGHVVHDUJXPHQWR
FDSLWDQHDGRVSHORVLQWHUHVVHVFRPHUFLDLVEULWkQLFRV%UDVLOH$UJHQWLQDSURPRYHUDPXP
FRQIOLWREpOLFRFRQWUDDQDomRJXDUDQLjpSRFDDPDLVLQGXVWULDOL]DGDHFRPHUFLDOPHQWH
LQGHSHQGHQWHGRFRQWLQHQWH2UHVXOWDGRIRLRPDLRUJHQRFtGLRGDKLVWyULDODWLQRDPHULFDQD
PLOKmRGHPRUWRVQXPDSRSXODomRGHPLOKmR HRHQIUDTXHFLPHQWRGR3DUDJXDL
TXHDWpKRMHQmRGHL[RXGHVHUXPSURWHWRUDGRVREDLQJHUrQFLDGRLPSHULDOLVPREUDVLOHLURH
DUJHQWLQR
1RVpFXOR;;FRPDGHFDGrQFLDLQJOHVDVXUJHQRFHQiULRRV(8$FRPRQRYDSRWrQFLD
JHVWRUDGD$PpULFD/DWLQD1mRpjWRDTXHMiHPRVQRUWHDPHULFDQRVSURPXOJDUDP
DIDPRVD'RXWULQD0RQURH$$PpULFDSDUDRVDPHULFDQRV2TXHVLJQLILFDYDGL]HURV
(8$HVWHQGHULDPVHXVLQWHUHVVHVVREUHVHXFRQWLQHQWHLUPmRHFRQWLQXDULDPDH[SORUDomR
LQLFLDGDTXDWURVpFXORVDQWHVSRUPHLRGRFRQWUROHHFRQ{PLFRHSROtWLFR2LQtFLRGDORQJDH
GXUDGRXUDLQWHUYHQomRQRUWHDPHULFDQDQRFRQWLQHQWHGDWDGHTXDQGRRV(8$
GHUURWDUDPD(VSDQKDQDEDWDOKDGHLQGHSHQGrQFLDGH&XEDHVHDSRVVDUDPGRVGLUHLWRV
SROtWLFRVHHFRQ{PLFRVVREUHDLOKDRVTXDLVPDQWLYHUDPDWpTXDQGR)LGHO&DVWURH
VHXVJXHUULOKHLURVGHUUXEDUDPRJRYHUQRGH)XOJHQFLR%DWLVWDHWRPDUDPRSRGHU1R
HQWDQWRPHVPRORQJHGH&XEDpVDELGRTXHRVLQWHUHVVHVQRUWHDPHULFDQRVFULDUDP
UDPLILFDo}HVHPRXWURVSDtVHVGRFRQWLQHQWHFRPGHVWDTXHSDUDDMiFLWDGD$PpULFD
&HQWUDOHR0p[LFR
0HVPRRVSDtVHVFRPFHUWRGHVHQYROYLPHQWRLQGXVWULDO%UDVLO$UJHQWLQDH0p[LFRQmR
HVFDSDPGHVVDGRPLQDomRHFRQ{PLFDLPSRVWDSHODVSRWrQFLDVLQWHUQDFLRQDLV%DVWDXPD
DQiOLVHPDLVGHWDOKDGDQRVtQGLFHVHFRQ{PLFRVGHVVDVQDo}HVSDUDVHFRPSURYDUR
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

DUJXPHQWR*UDQGHSDUWHGDVUHFHLWDVFRPHUFLDLVGHVVDVQDo}HVDLQGDYrPGDH[SRUWDomR
GHPDWpULDVDJUtFRODVSHFXiULDV GHVWDFDGDPHQWHRFDVRDUJHQWLQR RXPLQHUDLV2FDPSR
DDJULFXOWXUDHDVLQG~VWULDVSULPiULDVDLQGDVmRPDUFRVGRVWHPSRVFRORQLDLV1DYHUGDGH
DVLQG~VWULDVGHVVHVSDtVHVWrPIRUoDORFDORXVHMDHQFRQWUDPPHUFDGRDSHQDVHPSDtVHV
VXEGHVHQYROYLGRVTXHQmRSURGX]HPWDLVPHUFDGRULDV3HUDQWHDVSRWrQFLDVQmRSDVVDP
GHDSrQGLFHGDVPXOWLQDFLRQDLVFRPRREMHWLYRGHIRUQHFHUOXFURVjPDWUL]HQmRHP
GHVHQYROYHUXPIRUWHPHUFDGRLQWHUQR$LQGXVWULDOL]DomRODWLQRDPHULFDQDQmRQDVFHXGRV
DQVHLRVGHGHVHQYROYLPHQWRVyFLRSURGXWLYRPDVGDLPSRVVLELOLGDGHGHLPSRUWDUSURGXWRV
PDQXIDWXUDGRVGXUDQWHDUHFHVVmRHFRQ{PLFDPXQGLDOGRVDQRV)RUPRXVHXPD
LQG~VWULDEDVHDGDQDVXEVWLWXLomRGHLPSRUWDo}HVUHIRUoDGDGXUDQWHRVDQRVHFRP
RDGYHQWRGDVPXOWLQDFLRQDLVHSROtWLFDVLQWHUQDVGHFUHVFLPHQWR1RHQWDQWRD
LQGXVWULDOL]DomRODWLQRDPHULFDQDQXQFDGHL[RXGHHVWDUOLJDGDDRVLQWHUHVVHVHVWUDQJHLURV
DRIRUQHFHUSURGXWRVTXHWDLVPHUFDGRVQHFHVVLWDYDPHLPSRUWDUWHFQRORJLDVTXHHPYH]
GHLQFUHPHQWDURGHVHQYROYLPHQWRVyDXPHQWDYDPDGHSHQGrQFLD$GHPDQGDLQWHUQDHR
FUHVFLPHQWRGRPHUFDGRFRQVXPLGRUQmRIRLDWHQGLGD$VVLPHQWHQGHVHTXHRPRYLPHQWR
LQGXVWULDOGRFRQWLQHQWHIRLPDLVXPDHWDSDGRFRORQLDOLVPRSHUDQWHDVSRWrQFLDVPXQGLDLV
IRUQHFHVHSURGXWRVEDUDWRVEDVHDGRVQREDL[RYDORUGDPmRGHREUDHQDH[SORUDomRGR
DVVDODULDGRSDUDVHHQFDL[DUQRPHUFDGRLQWHUQDFLRQDOHREWHUWpFQLFDVTXHDLQG~VWULD
ORFDOpLQFDSD]GHSURGX]LU0XGDPRVWHPSRVHRVPpWRGRVPDQWpPVHDH[SORUDomRR
VXEGHVHQYROYLPHQWRHDLQYLDELOLGDGHGHXPFUHVFLPHQWRDXW{QRPRHSULQFLSDOPHQWH
YROWDGRjVFODVVHVPDLVLQMXVWLoDGDVGRVLVWHPD
$LQLFLDWLYDGHXPPHUFDGRGHFRRSHUDomRHFRQ{PLFDTXHYLVDUHGX]LUHVVDGRPLQDomR
FRPRR0HUFRVXOWHPHIHWLYLGDGHDSHQDVHPQtYHOORFDORXVHMDSHUDQWHRVGHPDLVSDtVHV
GRFRQWLQHQWHTXHQmRGLVS}HPGDVPHVPDVWHFQRORJLDVHFRQGLo}HVSDUDSURGX]LUDV
PHUFDGRULDVTXHREORFRFRPHUFLDOL]D20HUFRVXOQmRWHPIRUoDVSDUDFRPSHWLURXID]HU
DIURQWDVjIXWXUD$OFDSRUH[HPSORRXj8QLmR(XURSpLDHVWHVEORFRVDOpPGHSRGHURVRV
HFRQRPLFDPHQWHSURGX]HPPHUFDGRULDVPDLVEDUDWDVHGHPHOKRUTXDOLGDGHTXHREORFR
ODWLQRDPHULFDQRRTXHOKHVDEUHPDVSRUWDVSDUDFRQTXLVWDURVPHUFDGRVRQGHR0HUFRVXO
DWXDKRMH$WHQWDWLYDQRUWHDPHULFDQDGHHQIUDTXHFHUREORFRUHIOHWHTXHDVFRQGLo}HV
PXGDPPDVDHVVrQFLDpDPHVPDDSRWrQFLDPXQGLDOGLWDDVUHJUDVHH[LJHR
FXPSULPHQWRGDVFRO{QLDV(PERUDGLJDTXHDLQGDpPXLWRFHGRSDUDVHSHQVDUQD$OFDR
0HUFRVXOYLYHVRERWHPRUGDIRUPDomRGHVVHQRYREORFRTXHOKHIDULDFRQFRUUrQFLDGLUHWD
DRHQJOREDUWRGRVRVPHUFDGRVDPHULFDQRVUHVWDQWHVHOLPLWDUVXDiUHDGHDWXDomR7UDWDU
VHLDGHXPSDFWRFRORQLDOPRGHUQRDVFRO{QLDVVHJXHPDRULHQWDomRVXSHULRUPHVPRFRP
FRQWHVWDomRSRUVDEHUTXHVHQmRRIL]HUHPDVFRQVHTrQFLDVHUHWDOLDo}HVVHUmRPXLWR
SLRUHV
0DVQmRpDSHQDVLVVR20HUFRVXOpHQIUDTXHFLGRHPIXQomRGDVGLIHUHQoDVVRFLDLVH
HFRQ{PLFDVHQWUHVHXVPHPEURVTXHUHIRUoDGDVDRORQJRGRVVpFXORVID]HPFRPTXHR
EORFRWHQKDDWULWRVLQWHUQRVeLQHJiYHOTXHR%UDVLOpRJUDQGHPRWRUHFRQ{PLFRGRDFRUGR
DRSRVVXLUHFRQRPLDHSURGXomRGLYHUVLILFDGRVHTXHJR]DPGHFHUWDHVWDELOLGDGH
ILQDQFHLUD4XHPOKHSRGHULDID]HUFRQFRUUrQFLDD$UJHQWLQDYLYHXPDFULVHHFRQ{PLFDGH
JUDYHLQWHQVLGDGHTXHHVWDJQRXVHXVLVWHPDSURGXWLYRR8UXJXDLRVFLODVHXDSRLRDRVGRLV
SDtVHVSRLVQHFHVVLWDPXLWRGRVSURGXWRVTXHHOHVSURGX]HPMiTXHVXDHFRQRPLDp
EDVLFDPHQWHSHFXiULDQDPHVPDVLWXDomRVHHQFRQWUDR3DUDJXDLSDtVPDLVSREUHH
GHSHQGHQWHGREORFR1HQKXPDGHFLVmRSRGHVHUWRPDGDVHPDSDUWLFLSDomRGDVTXDWUR
QDo}HVHRVGHVQtYHLVGHGHVHQYROYLPHQWRGHFDGDXPDGHODVEHPFRPRWUDGLFLRQDLVUL[DV
SROtWLFDVDWUDSDOKDPDWRPDGDGHSROtWLFDVFRQMXQWDV7RPHVHFRPRH[HPSORRUHFHQWH
DFRUGRDXWRPRWLYRHQWUH%UDVLOH$UJHQWLQDSDUDDFRQVWUXomRFRQMXQWDGHFDUURV2V
DUJHQWLQRVYHWDUDPDVSULPHLUDVYHUV}HVGRDFRUGRDFXVDQGRR%UDVLOGHTXHUHUPDQLSXODU
R0HUFRVXOSDUDIDYRUHFHUDVXDSURGXomRGHSHoDVSDUDFDUURVHPGHWULPHQWRGRVRXWURV
PHPEURV2TXHHVWDYDLPSOtFLWRQDUHFODPDomRDUJHQWLQDHUDDFULVHGDHFRQRPLDORFDOHR
LQIODFLRQDPHQWRGDSURGXomRDVSHoDVORFDLVVDLDPPDLVFDUDVTXHDVEUDVLOHLUDVRTXH
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

HQFDUHFHULDRSURGXWRILQDO1RILQDOXPDFRUGRGHILQLWLYRIRLDVVLQDGRGLYLGLQGRDSURGXomR
GDVSHoDVHRVFXVWRVGHPRQWDJHPGRVFDUURV3DUDFRPSHQVDUDFULVHDUJHQWLQDTXHP
SHUGHXIRLR%UDVLOTXHDUFDUiFRPRVSUHoRVPDLVFDURVGRSDUFHLURHFRQVHTHQWHPHQWH
HQFDUHFHUiDPHUFDGRULD(VWDQDFRQFRUUrQFLDFRPRXWURVPHUFDGRVVDLUiHP
GHVYDQWDJHP
$$PpULFD/DWLQDQDVFHXSDUDSRXFRVGHVIUXWDUHPGDULTXH]DGDWHUUDHGRWUDEDOKRGH
PXLWRV2VDQJXHGDVYHLDVDEHUWDVGRFRQWLQHQWHpXPPDQMDUTXHDOLPHQWDR
FUHVFLPHQWRGDVSRWrQFLDVHGDVHOLWHVORFDLVPDVWDPEpPID]VHYHQHQRTXHPDWDD
SRSXODomRGHVXDWHUUD1RHQWDQWRFRPRYHUHPRVQRSUy[LPRWySLFRHVVHFRQWLQHQWH
PHVPRSURWDJRQL]DQGRXPDKLVWyULDWUiJLFDHSHUPHDGDGDH[SORUDomRHOLWHVGHLQWHUHVVHV
OLPLWDGRVHJRYHUQRVUHSUHVVRUHVQXQFDGHL[RXGHWHUHVSHUDQoDVGHPXGDU$ILQDOD
$PpULFD/DWLQDWDPEpPSURWDJRQL]RXDFRQWHFLPHQWRVTXHWHQWDUDPGHVYLDURUXPRGD
KLVWyULDHVRDPDWpKRMHFRPRHVSHUDQoDVGHWUDQVIRUPDomR6mRFDVRVFRPRD5HYROXomR
&XEDQDRFRUULGDKiDQRVHDDWXDOJXHUULOKD]DSDWLVWDQR0p[LFRTXHDLQGDSHUPLWHPR
VRQKRHPXPDWHUUDPHOKRU&RPRGLVVH0DU[DUHVSHLWRGRSURFHVVRKLVWyULFRVmRRV
KRPHQVTXHID]HPDKLVWyULDQDVXDOXWDGLiULDSHODVREUHYLYrQFLDHSHOREHPHVWDU$VVLP
VRPHQWHDOXWDGRSRYRODWLQRDPHULFDQRDSyVVpFXORVGHH[SORUDomRHSREUH]DSRGHUi
OLEHUWDURFRQWLQHQWHGDVDPDUUDVTXHRRSULPHPGHVHQYROYrORHPVXDVSRWHQFLDOLGDGHVH
SULQFLSDOPHQWHGDUOKHXPDFDUDODWLQRDPHULFDQDRXVHMDYROWDGDjVQHFHVVLGDGHVGHVHX
SRYR(SDUDLQFLWDUHVVDUHIOH[mRDSUHVHQWDVHDJRUDDOJXQVGRVPRYLPHQWRVTXH
WHQWDUDPPXGDUDRUGHPGDVFRLVDVQRFRQWLQHQWH

2VSURFHVVRVUHYROXFLRQiULRV
*XHUUDVPRUWHVGLWDGXUDVPLOLWDUHVH[SORUDomRVRFLDOHFRQRPLDGHSHQGHQWH(VWDV
SDODYUDVHH[SUHVV}HVVmRPXLWREHPXVDGDVSDUDVHH[SUHVVDURDQGDPHQWRGDKLVWyULD
ODWLQRDPHULFDQDQHVWHVpFXOR([LVWHPSHQVDGRUHVTXHGHIRUPDFpWLFDFRQVLGHUDPTXHD
WUDMHWyULDGRFRQWLQHQWHQRV~OWLPRVDQRVIRLPDUFDGDH[FOXVLYDPHQWHSHODVXEPLVVmR
GDVPDVVDVDUHJLPHVSROtWLFRVDXWRULWiULRVHDXPVLVWHPDSURGXWLYREDVHDGRQD
H[SRUWDomR1mRKDYHULDQDRSLQLmRGHVVHVLQWHOHFWXDLVQHQKXPIDWRTXHLQGLFDVVHXPD
WHQWDWLYDGHWUDQVIRUPDomRGDVHVWUXWXUDVVRFLDLVRXPXGDQoDGRUXPRKLVWyULFRVHJXLGR
(VVDRSLQLmRPXLWRGLIXQGLGDHQWUHDTXHOHVTXHYrHPD$PpULFDFRPRRTXLQWDOGRV
(VWDGR8QLGRVHGHVFUHYHPVXDSRSXODomRFRPRDOLHQDGDHH[SORUDGDVHPFDSDFLGDGHGH
OXWDUSRUXPDYLGDPHOKRUpIDOVD$VFRUUHQWHVKLVWRULRJUiILFDVPDLVPRGHUQDVJXLDGDVSRU
XPDOLQKDLQWHUSUHWDWLYDPHQRVJHQHUDOL]DGRUDHPDLVLQYHVWLJDWLYDGRVGHWDOKHVGRVIDWRV
KLVWyULFRVFRQVLGHUDPTXHHPGHWHUPLQDGRVPRPHQWRVDPDVVDSRSXODUHPDOJXQV
SDtVHVVHUHEHORXHSURFXURXPRGLILFDUDHVWUXWXUDVRFLDOHPTXHVHHQFDL[DYD0HVPR
TXDQGRQmRRFRUUHXRDXWrQWLFROHYDQWHSRSXODUDOJXQVOtGHUHVEXVFDUDPVHJXLURLGHDOGH
WUDQVIRUPDomRSDUDFRQVWUXLUXPDQRYDQDomRHDSDUWLUGDtXPDQRYDKLVWyULD
2VKLVWRULDGRUHVGHILQLUDPQDKLVWyULDFRQWHPSRUkQHDGD$PpULFD/DWLQDTXDWURHYHQWRV
TXHSRGHPVHUDQDOLVDGRVFRPRWHQWDWLYDVGHTXHEUDGRGRPtQLRLPSHULDOLVWDGDVJUDQGHV
SRWrQFLDVPXQGLDLVEXVFDQGRXPDSROtWLFDPDLVQDFLRQDOLVWD$OJXQVGHIRUPDOLPLWDGD
RXWURVGHPDQHLUDPDLVGLUHWDWRGRVSRVVXtUDPDOJXPDVFDUDFWHUtVWLFDVHPFRPXP
FULWLFDUDPRGRPtQLRLQWHUQDFLRQDOHPVHXVWHUULWyULRVHSURFXUDUDPLQWURGX]LUPXGDQoDV
VRFLDLVSDUDEHQHILFLDUDSRSXODomR$WpKRMHVmRUHIHUrQFLDVQDOXWDGHPRYLPHQWRVVRFLDLV
QRFRQWLQHQWHFRPRXPDHVSHUDQoDGHTXHDKLVWyULDODWLQRDPHULFDQDSRUPHLRGD
PRELOL]DomRSRGHWRPDURXWURVUXPRV(ODVVmRGHVFULWDVDTXLHPVHXVSRQWRVSULQFLSDLVH
QmRHPXPDDQiOLVHPDLVGHWDOKDGDSHODIDOWDGHHVSDoR



KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

5HYROXomR0H[LFDQD2DFRQWHFLPHQWRPH[LFDQRpGHVFULWRFRPR
DSULPHLUDJUDQGHPRELOL]DomRVRFLDOGD$PpULFD/DWLQDQRVpFXOR
;;2SURFHVVRFRPHoRXFRPRXPDDXWrQWLFDUHYROXomRLVWRpFRP
RREMHWLYRGHSURPRYHUXPDWUDQVIRUPDomRHVWUXWXUDOQDVRFLHGDGH
SDUDGHSRLVQRUPDOL]DUVHHJDUDQWLUDOJXPDVPXGDQoDVTXHQmR
UHSUHVHQWDPXPSURFHVVRFRPSOHWRGHPRGLILFDomR7DQWRpYHUGDGH
TXHDWpKRMHH[LVWHPPRYLPHQWRVVRFLDLVTXHEXVFDPUHWRPDUR
LGHDOGD5HYROXomR0H[LFDQDSDUDFRPSOHWiODHWUDQVIRUPDUD
HVWUXWXUDVRFLDOHSURGXWLYDGDVRFLHGDGHGRSDtV$JXHUULOKDQR
(VWDGRGH&KLDSDVDRPHVPRWHPSRTXHSURWHVWDFRQWUDR
LPSHULDOLVPRQRUWHDPHULFDQRHFRQWUDDSREUH]DGDUHJLmROXWDSRU
XPDUHIRUPDDJUiULDMXVWDHSHODPHPyULDGH(PLOLDQR=DSDWDOtGHU
2UHYROXFLRQiULR=DSDWD GDUHYROXomRGRFRPHoRGRVpFXORTXHHFRDQR0p[LFRDWpKRMH
$UHYROXomRWHYHLQtFLRHP/LGHUDGRVSRU=DSDWDRVFDPSRQHVHVGRHVWDGRGH
0RUHORVOHYDQWDUDPVHFRQWUDRVODWLIXQGLiULRVGDUHJLmRHWRGDDH[SORUDomRTXHHVWHV
UHSUHVHQWDYDP/RJRRH[pUFLWRGRSDtVIRLFKDPDGRSDUDFRQWHUDUHYROWDTXHQmR
GHPRURXDHVSDOKDUVHSDUDWRGRRWHUULWyULRPH[LFDQR(PFRPEDWHVVDQJUHQWRVFRP
GLYHUVDVPRUWHVHPDPERVRVODGRVRH[pUFLWRGHFDPSRQHVHVFRPDQGDGRSRU=DSDWDH
VHXDOLDGR3DQFKR9LOODIRLFRQTXLVWDQGRDVSULQFLSDLVWHUUDVPLQDQGRRSRGHUDJUtFROD
PH[LFDQRHDSUySULDIRUoDSROtWLFDGRGLWDGRU3RUILULR'tD]1RILQDOGH'tD]IRL
GHUUXEDGRSDUDDVXELGDGH)UDQFLVFR0DGHURDRSRGHU(VWHDSHVDUGHWHUDFRQILDQoDGH
=DSDWDUHSUHVHQWDYDRVLQWHUHVVHVGDQDVFHQWHEXUJXHVLDPH[LFDQDSRXFROKHLPSRUWDYD
WRFDUQDHVWUXWXUDDJUiULDGRSDtVHFULDULPSDVVHVFRPRVODWLIXQGLiULRV$UHIRUPDDJUiULD
TXHHVWDYDQDSURPHVVDUHYROXFLRQiULDQmRVHUHDOL]RXH=DSDWDYROWRXDRFRPEDWH
5HXQLXRVFDPSRQHVHVWRPRXSDUDVLPHVPRRJRYHUQRGR0p[LFRHPHLQLFLRXXP
JUDGXDOSURFHVVRGHGLYLVmRDJUiULDHUHRUJDQL]DomRGDSURGXomRDJUtFRODHPSHTXHQDV
SURSULHGDGHV,QFOXVLYHFRQYRFRXXPD$VVHPEOpLD&RQVWLWXLQWHHPQDTXDOIRL
DSURYDGDD/HLGD5HIRUPD$JUiULD1RHQWDQWRDEXURFUDFLDGRJRYHUQRDWUDSDOKDYDD
H[HFXomRGDOHLHDUHSDUWLomRGHWHUUDVQmRHUDH[HFXWDGDGDIRUPDPDLVDGHTXDGD$
DVFHQVmRGHJRYHUQRVEXUJXHVHVTXHEXVFDYDPDLQGXVWULDOL]DomRGR(VWDGRHDPRUWHGH
=DSDWDQXPDHPERVFDGDHPHDGH3DQFKR9LOODTXDWURDQRVGHSRLVFRQJHODUDPR
SURFHVVRHDUHYROWDFDPSRQHVD
$UHIRUPDDJUiULDIRLUHWRPDGDQRSHUtRGRQRJRYHUQRGH/i]DUR&iUGHQDV
3UHVLGHQWHFRPWUDoRVSRSXOLVWDV&iUGHQDVDSOLFRXGHIRUPDVpULDDOHLGH
GLVWULEXLQGRPLOK}HVGHKHFWDUHVDPLOFDPSRQHVHVQXPDWRSUHGRPLQDQWHPHQWHGH
RSRVLomRDRVODWLIXQGLiULRV%RQGDGHGRJRYHUQDQWH"8PDDQiOLVHPDLVSURIXQGDGDV
WUDQVIRUPDo}HVTXHDVRFLHGDGHSDVVDYDSRGHH[SOLFDURVPRWLYRVGHWDOGLVWULEXLomR1R
PDQGDWRGH&iUGHQDVDLQG~VWULDMiGHVSRQWDYDFRPRDEDVHGDHFRQRPLDPH[LFDQDFRP
RFRQVHTHQWHGHFOtQLRGRODWLI~QGLRDJUiULRH[SRUWDGRU$OpPGLVVRDGLVWULEXLomRDFDOPDYD
RVtPSHWRVUHYROXFLRQiULRVGRVFDPSRQHVHVHOKHVGDYDXPSHGDoRGHWHUUDSDUD
GHVHQYROYHUXPDSHTXHQDDJULFXOWXUDVXEVWDQFLDOVHPLQFRPRGDURJUDQGHODWLI~QGLR
$ILQDORSUHVLGHQWHQmRPH[HXHPWRGDDHVWUXWXUDGHFRQFHQWUDomRGHWHUUDVHPR
FHQVRUHJLVWURXSRXFRPDLVGHSURSULHGDGHVGHPDLVGHPLOKHFWDUHVRVODWLI~QGLRV
DLQGDRFXSDYDPXPDH[WHQVmRGHPDLVGHPLOK}HVGHKHFWDUHV$VWHUUDVH[SURSULDGDV
IRUDPHPVXDPDLRULDDVLPSURGXWLYDVRXSHUWHQFHQWHVDJUDQGHVHPSUHVDV
$5HYROXomR0H[LFDQDDVVLPSURPRYHXXPDDOWHUDomRVXEVWDQFLDOQDVRFLHGDGH
PH[LFDQDDRHVWLPXODUDUHIRUPDDJUiULDHDGLVWULEXLomRGHWHUUDVSDUDRVFDPSRQHVHV
(PERUDDHVWUXWXUDVRFLDOQmRWHQKDVRIULGRPRGLILFDo}HVUDGLFDLVFRPRSRGHUHFRQ{PLFR
VHFRQFHQWUDQGRQDVPmRVGDQRYDEXUJXHVLDLQGXVWULDOHPXLWRVGRVQRYRVSURSULHWiULRV
VHPLQFHQWLYRRXFDSDFLGDGHSDUDGHVHQYROYHUDDJULFXOWXUDHPVXDWHUUDQmRWHQKD
ODUJDGRVHXHVWDGRGHSREUH]DWUDWRXVHGHXPSURFHVVRFRPLPSRUWkQFLDDRVHUR
SULPHLURJUDQGHPRYLPHQWRGHPDVVDVGD$PpULFD/DWLQDFRQWHPSRUkQHDSURYRFDQGR
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

UHIOH[RVQRFRQWLQHQWHDWpKRMHHYRFDGDSRUPRYLPHQWRVQDFLRQDOLVWDVTXHEXVFDPMXVWLoD
VRFLDOHUHIRUPDDJUiULD
5HYROXomR%ROLYLDQD3URFHVVRLQVSLUDGRQD5HYROXomR0H[LFDQDHTXHDOFDQoRXJUDQGH
DPSOLWXGHFRPDVFODVVHVSRSXODUHVLQFOXVLYHWRPDQGRRSRGHUHRVPHLRVGHSURGXomR
HFRQ{PLFD1RHQWDQWRDLQFDSDFLGDGHSDUDPDQWHUHVVHFRQWUROHDIDOWDGHIRUoDSROtWLFDH
DVSUHVV}HVGHVHWRUHVPDLVIRUWHVLQFOXLQGRRLPSHULDOLVPRQRUWHDPHULFDQRDFDEDUDPSRU
PLQDUDVEDVHVGDUHYROXomRHVHXSRWHQFLDOUHQRYDGRUTXHSUHWHQGLDWUDQVIRUPDUD
H[SORUDGRUDHPLVHUiYHOHVWUXWXUDVRFLDOEROLYLDQDQXPDVRFLHGDGHPDLVMXVWDHLJXDOLWiULD
2OHYDQWHRFRUUHXQRGLDGHDEULOGH,QFLWDGRVSHOR015 0RYLPHQWR1DFLRQDO
5HYROXFLRQiULR SDUWLGRGHFHQWURHVTXHUGDIRUPDGRSRUSHTXHQRVEXUJXHVHVTXHIRUD
DOLMDGRGRSRGHUXPDQRDQWHVSRUXPJROSHPLOLWDURVPLQHLURVGRSDtVLQLFLDUDPXPDJUHYH
SRUPHOKRUHVFRQGLo}HVGHYLGDHVDOiULRV$RPHVPRWHPSRH[SORGLDDUHYROWDQDV
JUDQGHVID]HQGDVFRPRVtQGLRVHFDPSRQHVHVWRPDQGRDVWHUUDVHQDFDSLWDO/D3D]
RQGHDSRSXODomRPDLVSREUHVHRUJDQL]RXFRPDDMXGDGR015HPPLOtFLDVDUPDGDVTXH
LQYDGLUDPTXDUWpLVHQXPDLQFUtYHOJXHUULOKDXUEDQDYHQFHUDPR([pUFLWRPDQGDGRjVUXDV
SDUDFRPEDWrODV2SRYREROLYLDQRRSULPLGRDRORQJRGHVpFXORVWRPDUDRSRGHUHPWRGR
RSDtVHR015SDUHFLDVHUVHXUHSUHVHQWDQWHOHJtWLPRSDUDRFXSiOR$TXLHQWUHWDQWR
FRPHoDPDVIDOKDVGRSURFHVVRUHYROXFLRQiULRGRSDtV2SDUWLGRPDLVSUHRFXSDGRHP
UHWRPDURJRYHUQRSHUGLGRXPDQRDQWHVHIRUPDGRSRUHOHPHQWRVGHFODVVHPpGLDQmR
VRXEHDWHQGHUjVUHLYLQGLFDo}HVEiVLFDVGDSRSXODomR3HORFRQWUiULRDRVSRXFRVPLQRXDV
FRQTXLVWDVGRVWUDEDOKDGRUHVHDEULXHVSDoRSDUDDLQWHQVLILFDomRGDSHQHWUDomRGR
FDSLWDOLVPRQRUWHDPHULFDQRQDHFRQRPLDGRSDtV
'RLVPDUFRVGD5HYROXomR%ROLYLDQDHTXHDID]HPFDUUHJDUHVVHWtWXORVmRDVSURYDV
PDLVHYLGHQWHVGHFRPRR015DSHQDVVHDSRLRXQDUHYROWDSRSXODUSDUDWRPDURSRGHUH
QmRSDUDSURPRYHUPXGDQoDVHVWUXWXUDLVQDVRFLHGDGH2SULPHLURGHOHVIRLDOHLGH
5HIRUPD$JUiULDSURPXOJDGDHPDJRVWRGHHGHVWLQDGDDRUJDQL]DUDGHVRUGHP
LQVWDODGDFRPDWRPDGDGHID]HQGDVSHORVFDPSRQHVHVXPDQRDQWHVGXUDQWHRSURFHVVR
UHYROXFLRQiULR$/HLHYLWRXFULDUSROrPLFDVFRPRVODWLIXQGLiULRVGHWHUPLQDQGRTXHRV
FDPSRQHVHVGHYHULDPGHYROYHUSDUWHGDVWHUUDVRFXSDGDVDRVSURSULHWiULRVDLQGDYLYRV
)LFDYDFRPXPDSHTXHQDIDL[DGHWHUUHQRJHUDOPHQWHLPSURGXWLYDDQWLHFRQ{PLFDHSHOD
TXDODLQGDWLQKDGHSDJDULQGHQL]DomRSHODSRVVH$VVLPRFDPSHVLQDWRTXHHP
RFXSDUDDPDLRUSDUWHGDVWHUUDVGRSDtVIL]HUDXPDGLYLVmRUD]RDYHOPHQWHLJXDOLWiULDH
HOLPLQDUDHVWUXWXUDVIHXGDLVGHH[SORUDomRGHPmRGHREUDFRPRRVHUYLOLVPRVRIULDXP
SURFHVVRGHUHJUHVVmR6HPLQFHQWLYRILVFDOHJUDQGHHVSDoRQRVPHUFDGRVFRQVXPLGRUHV
RSHTXHQRSURSULHWiULRHPVXDPDLRULDYLQKDDSHUGHUVXDWHUUDSDUDRODWLIXQGLiULR
YROWDQGRDVHUVHXHPSUHJDGRHPRUDQGRHPVXDVGHSHQGrQFLDVSRUFDULGDGHHHPWURFD
GHWUDEDOKRSHVDGRQDODYRXUD2VLVWHPDGHH[SORUDomRFDPSHVWUHYROWDUDDVHURPHVPR
JUDQGHSURSULHGDGHPRQRFXOWXUDWUDEDOKRVHUYLO$GLIHUHQoDpTXHIRUDLQWURGX]LGRQR
FDPSRIRUPDVFDSLWDOLVWDVGHH[SORUDomRFRPHUFLDODSURGXomRHPODUJDHVFDODSDUDYHQGD
HPPHQRUWHPSRHPDLVEDUDWD0DVDJUDQGHFRQTXLVWDFDPSRQHVDDVWHUUDVIRUDP
SHUGLGDVHPVXDPDLRUSDUWHJUDoDVjOHLGH5HIRUPD$JUiULDIHLWDjVSUHVVDVSHORJRYHUQR
GR015HTXHUHYHODYDDLQFDSDFLGDGHGRSDUWLGRGHVHGHVYHQFLOKDUGRVJUXSRV
HFRQRPLFDPHQWHPDLVIRUWHVGRSDtVSDUDSURPRYHUXPDPXGDQoDUDGLFDOQDVRFLHGDGH
2VHJXQGRPDUFRGDUHYROXomRHQJDQDSRUVXDGHPDJRJLD(PRXWXEURGHRJRYHUQR
QDFLRQDOL]RXDVPLQDVGHHVWDQKRVXSRVWDPHQWHURPSHQGRFRPXPGRPtQLRVHFXODUGD
SULQFLSDOIRQWHGHGLYLVDVGRSDtVSRUSDUWHGDIDPtOLD3DWLxRGRQDGDVPLQDVHUHILQDULDV2
DWRSRGHULDVLPEROL]DUXPGHVHMRGHDXWRQRPLDQDFLRQDOLVWDQDH[SORUDomRGRPLQpULRVH
QmRHVFRQGHVVHFHUWDVFRQMXQWXUDVTXHVHUYLUDPSDUDUHGX]LUDLQGDPDLVRSDSHOHD
LPSRUWkQFLDGDUHYROXomR4XDQGRQDFLRQDOL]DGDVDVPLQDVGHHVWDQKRMiWLQKDP
UHQGLPHQWROLPLWDGRWmRH[SORUDGDVTXHIRUDPSHORV3DWLxR$VVLPD%ROtYLDQmRWHULDPXLWR
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

PLQpULRSDUDH[SRUWDUHID]HUGLYLVDVQRPHUFDGRLQWHUQDFLRQDO$OpPGLVVRRHVWDQKREUXWR
WHPYDORUUHGX]LGRQRPHUFDGRWHQGRGHVHUWUDWDGRHPIXQGLo}HVHRSDtVQmRSRVVXtD
QHQKXPDjpSRFD2SDtVVHDFRVWXPDUDDUHFHEHUSRXFRSHORHVWDQKRUHWLUDGRGDVPLQDV
SHODVHPSUHVDVGRV3DWLxRHOHYDGRSDUDVHUIXQGLGRQRH[WHULRU&RPDQDFLRQDOL]DomRR
SURFHVVRQmRVHLQYHUWHX$%ROtYLDFRQWLQXRXDUHFHEHUSRXFRSHODVWRQHODGDVGHPLQpULR
SRUH[SRUWiOREUXWRHYLDHPVHJXLGDDVJUDQGHVSRWrQFLDVSDJDUFDURSHORSURGXWR
UHILQDGR$QDFLRQDOL]DomRGDVPLQDVQmRWURX[HDXWRQRPLDHFRQ{PLFDj%ROtYLDQHP
PHOKRURXDYLGDGRVPLQHLURVPDVWURX[HXPSUREOHPDWHYHGHKHUGDUPLQDVGHFDGHQWHVH
GHEDL[DSURGXWLYLGDGHOLYUDQGRRVDQWLJRVSURSULHWiULRVGHPDLRUHVSUHMXt]RV&RPRVHQmR
EDVWDVVHHVWHVUHFHEHUDPLQGHQL]Do}HVSHODH[SURSULDomRQXPWRWDOGHPLOK}HVGH
GyODUHV9HQGHQGRPXLWRHUHFHEHQGRSRXFRRJRYHUQRGR015DLQGDWHQWRXUHDWLYDUD
H[SORUDomRGRHVWDQKRIXQGDQGRXPDHPSUHVDHVWDWDOD&20,%2/SDUDGHVFREULU
QRYDVMD]LGDV$LQLFLDWLYDQRHQWDQWRVyWURX[HPDLVSUHMXt]RVHTXDVHQHQKXPHVWDQKR$
VROXomRIRLUHFRUUHUDHPSUpVWLPRVMXQWRDRV(8$HPWURFDGRIRUQHFLPHQWRDEDL[RV
SUHoRVGHPLQpULRVHRXWURVSURGXWRVFRPRRSHWUyOHRHRJiVQDWXUDO
2SURFHVVRGHQDFLRQDOL]DomRGDVPLQDVVHWUDQVIRUPRXUDSLGDPHQWHQXPDFRQWLQXDomRGR
UHWURFHVVRREVHUYDGRQDUHIRUPDDJUiULDDVFRQTXLVWDVGRVPLQHLURVVmRJUDGXDOPHQWH
SHUGLGDVSHOROtGHUHVSROtWLFRVTXHSHUWHQFHQWHVjFODVVHPpGLDHDRSRGHUHFRQ{PLFRQmR
SRGHPQHJDUVXDVRULJHQV2VSUHVLGHQWHVGR015TXHJRYHUQDUDPD%ROtYLDGHD
WHQWDUDPPXGDUDVRFLHGDGHEROLYLDQDHVXDHVWUXWXUDSRUPHLRGHGHFUHWRVHQXQFD
GHIRUPDHIHWLYD$SRSXODomRQmRUHFHEHXRVEHQHItFLRVGDUHYROXomRSHORFRQWUiULRIRL
GRPLQDGDDLQGDPDLVSHODPLVpULDHWHYHVXDIRUoDSROtWLFDUHSULPLGDTXDQGRDVPLOtFLDV
XUEDQDVDUPDGDVIRUDPVXVSHQVDVSDUDDUHFRQVWLWXLomRGR([pUFLWRQRILQDOGRVDQRV
1RHQWDQWRDUHYROXomREROLYLDQDDSHVDUGHIUXVWUDGDHPVHXVSODQRVVHUYLXFRPR
H[HPSORSDUDPRYLPHQWRVVRFLDLVSRVWHULRUHVGHFRPRDPRELOL]DomRSRSXODUSRGH
SURYRFDUDEDORVQDRUGHPHVWDEHOHFLGDHPEXVFDGHPHOKRULDVHPVXDYLGD)RL
GHQRPLQDGDDVVLPSRUVHUXPFDVRHPTXHRSRYRIRLjVUXDVHEDWDOKRXSRUVXDFRQWDSRU
VHXVREMHWLYRVDFLPDGHLGHRORJLDVSDUWLGiULDV7DOYH]DDXVrQFLDGHXPDXWrQWLFROtGHUTXH
FDQDOL]DVVHVXDVDVSLUDo}HVUHIRUPLVWDVHYLWDQGRR015HVHXRSRUWXQLVPRSHTXHQR
EXUJXrVWHQKDVLGRRSULQFLSDOPRWLYRGDGHUURWDGDVPDVVDVQRSURFHVVRUHYROXFLRQiULR
0HVPRVHPDOWHUDUDVHVWUXWXUDVVRFLDLVHSURGXWLYDVGRSDtVDUHYROXomRGHL[RXKHUDQoDV
FRPRDPRGHUQL]DomRGDVUHODo}HVQRFDPSR DSHVDUGDH[SORUDomRSURVVHJXLU D
SROLWL]DomRGDVRFLHGDGHEROLYLDQDHDIXQGDomRGD&2% &HQWUDO2EUHUD%ROLYLDQD 
VLQGLFDWRXUEDQRGHWUDEDOKDGRUHVTXHWHYHSDSHOIXQGDPHQWDOQRFRPEDWHjVGLWDGXUDVQRV
DQRVH


5HYROXomR&XEDQD2SURFHVVR
OLGHUDGRSRU)LGHO&DVWURp
GHVFULWRDWpKRMHFRPRDPDLV
UDGLFDOPXGDQoDSROtWLFDQR
FHQiULRODWLQRDPHULFDQR$ILQDO
&XEDWRUQRXVHDSDUWLUGH
RSULPHLURSDtVVRFLDOLVWDGR
PXQGRRFLGHQWDOHR~QLFRHPTXH
WDOUHJLPHVREUHYLYHXTXHEUDQGR
DKHJHPRQLDQRUWHDPHULFDQDQR
FRQWLQHQWHHRDQWLFRPXQLVPR
TXHHVVHGRPtQLRSUHJDYDH
FRPEDWLDRJROSHPLOLWDUGH
FRQWUDRSUHVLGHQWH-DFRER
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

$UEHQ]GHWHQGrQFLDVVRFLDOLVWDV
QD*XDWHPDODH[SUHVVDEHP
LVVR+RMHPHVPRFRPDTXHGD
GRPXQGRVRYLpWLFRRSDtVLQVLVWH
HPVHGHQRPLQDUVRFLDOLVWDH
UHVLVWHDXPDWRWDODEHUWXUD
HFRQ{PLFDJXLDGDSHORV
RUJDQLVPRVLQWHUQDFLRQDLVFRPR
)0,H%LUG

)LGHO&DVWUROtGHUGD5HYROXomR&XEDQD

$&XEDPRGHUQDVHJXQGRRVRFLyORJR(PLU6DGHULQFRPRGDRVRXWURVSDtVHVSRUVHUIUXWR
GHXPDUHYROXomRTXHQHJDQGRRV(8$GHXFHUWRHPXGRXDHVWUXWXUDVRFLDODSHVDUGRV
SUREOHPDVHFRQ{PLFRVHSROtWLFRVTXHHQIUHQWDQDDWXDOLGDGH
6DGHUFRQVLGHUDTXHXPDUHYROXomRLPSOLFDQXPDWRWDOWUDQVIRUPDomRGRVLVWHPDVyFLR
SURGXWLYRGDQDomRLQVWDODQGRXPQRYRVLVWHPDHGDQGRjVRFLHGDGHQRYDVFRQGLo}HVGH
VREUHYLYrQFLD3DUDHOHDJXHUULOKDGH)LGHO&DVWURDRWRPDURSRGHUWLQKDHPPHQWHD
QHFHVVLGDGHGHPRGLILFDUDHVWUXWXUDFXEDQDSDUDFRQVHJXLURDSRLRGDSRSXODomRH
DXWRQRPLDLQWHUQDFLRQDOeIXQGDPHQWDOHQWHQGHUFRPRHUDWDOHVWUXWXUDDQWHVGH)LGHO
DVVXPLURFRPDQGRSROtWLFRGH&XED,QFHQWLYDGDSHODFRORQL]DomRHVSDQKRODDLOKDVH
WRUQRXJUDQGHSURGXWRUDGHDo~FDUFXMDYHQGDQD(XURSDHQULTXHFLDRVVHQKRUHVORFDLVH
DWLoDYDVHXVGHVHMRVGHLQGHSHQGrQFLDSDUDVHOLEHUWDUGRVLPSRVWRVFRORQLDLV2SURFHVVR
GHOLEHUWDomRGRGRPtQLRHVSDQKROVHFRQVXPRXHPPDVRQRYRSDtVORFDOL]DGRD
SRXFRVTXLO{PHWURVGRV(VWDGRV8QLGRVQmRHVFDSRXGDLQJHUrQFLDHFRQ{PLFDHSROtWLFD
GHVWDQDomR'HVGHRLQtFLRGRVpFXORRVQRUWHDPHULFDQRVVHLQVWDODUDPHP&XED
FRQWURODQGRRFRPpUFLRGHDo~FDUHWRGRVRVGHPDLVVHWRUHVGDHFRQRPLDDJUiULD2V
ODWLI~QGLRVGRPLQDYDPDPDLRUSDUWHGRWHUULWyULRUHLQDQGRDH[SORUDomRGRVFDPSRQHVHVH
DRSUHVVmRSROtWLFDQRVFHQWURVXUEDQRV2V(8$ID]LDPHGHVID]LDPSUHVLGHQWHVjVXD
YRQWDGHDWpTXHRVDUJHQWR)XOJHQFLR%DWLVWDDSDUWLUGRVDQRVGRPLQRXDFHQDSROtWLFD
FXEDQDHDFDOPRXjEDVHGDUHSUHVVmRDVGLYHUVDVPDQLIHVWDo}HVTXHHFORGLDPQRSDtV
FRQWUDDUHFHVVLYDSROtWLFDHFRQ{PLFDHRVSULYLOpJLRVQRUWHDPHULFDQRV8PGRVOHYDQWHV
TXHFRQWHYHIRLHPQRDVVDOWRDRTXDUWHO0RQFDGDOLGHUDGRSRUXPMRYHPDGYRJDGR
FKDPDGR)LGHO&DVWUR([WUDGLWDGRGH&XEDFRPRXWURVFRODERUDGRUHV)LGHOIRLYLYHUQR
0p[LFRSDUDWUrVDQRVGHSRLVUHWRUQDUHSURPRYHUDSDUWLUGDVVLHUUDVHFRPRDSRLR
FDPSRQrVDJXHUULOKDFRQWUDDGLWDGXUDGH%DWLVWD0HVPRFRPSDUFRVUHFXUVRVHSRXFDV
DUPDVRH[pUFLWRJXHUULOKHLURFUHVFHXHGHUURWRXDPDLRUSDUWHGDVIRUoDVGH%DWLVWD
DVVXPLQGRJUDGXDOPHQWHRFRQWUROHGRVSULQFLSDLVGLVWULWRVGRSDtV4XDQGRFKHJRXj
FDSLWDO+DYDQDHPGHMDQHLURGH%DWLVWDMiIXJLUDSDUDD5HS~EOLFD'RPLQLFDQDH
)LGHOIRLSURFODPDGRSUHVLGHQWHHSULPHLURPLQLVWUR
$SyVDVVXPLURSRGHURVUHYROXFLRQiULRVWLYHUDPGHFDUDGHHQIUHQWDURJRYHUQRQRUWH
DPHULFDQRTXHRUGHQRXDVDtGDGHWRGDVDVHPSUHVDVQDFLRQDLVGRWHUULWyULRFXEDQRH
GHFUHWRXRHPEDUJRHFRQ{PLFRFRQWUDRSDtVDSyVDIUDFDVVDGDLQYDVmRGD%DtDGRV
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

3RUFRVHP$PHGLGDQRUWHDPHULFDQDIRLVHJXLGDSHODPDLRUSDUWHGRVSDtVHVGR
FRQWLQHQWHTXHURPSHUDPDVUHODo}HVFRPHUFLDLVFRP&XEDHLQFOXVLYHYRWDUDPSRUVXD
H[FOXVmRGD2UJDQL]DomRGRV(VWDGRV$PHULFDQRV 2($ 'HXPDKRUDSDUDRXWUD&XED
WHULDGHEXVFDUQRYRVSDUFHLURVSDUDVREUHYLYHUHSULQFLSDOPHQWHFXPSULUVHXVREMHWLYRVGH
WUDQVIRUPDomRVRFLDO3DUDWDQWRRSWRXHPFRQWUDSDUWLGDDRFDSLWDOLVPRSHORVRFLDOLVPRH
SRUDFRUGRVFRPRVSDtVHVGREORFROLGHUDGRSHOD8QLmR6RYLpWLFD9HQGHQGRDo~FDUH
QtTXHODHVVDVQDo}HV&XEDUHFHELDHPWURFDPDTXLQDULDSHVDGDHSHWUyOHRSDUD
GHVHQYROYHULQG~VWULDVGHEHQVGHFRQVXPRHJHUDUFRPDGLYHUVLILFDomRGDVH[SRUWDo}HV
GLYLVDVTXHSHUPLWLDPDPDQXWHQomRGHVHUYLoRVS~EOLFRVJUDWXLWRVjSRSXODomR$VD~GHH
DHGXFDomRHQWUHRXWURVGHL[DUDPGHVHUSULYLOpJLRGDTXHOHVTXHSRGHULDPSDJDUSRLVVH
WRUQDUDPVHUYLoRVHVWDWL]DGRV$OpPGLVVRRJRYHUQRSDVVRXDPDQGDUDQXDOPHQWHRV
XQLYHUVLWiULRVDRFDPSRSDUDHQVLQDURVFDPSRQHVHVDOHUHHVFUHYHU2UHVXOWDGRGHVVH
SURFHVVRFRQWtQXRpYLVtYHODWpKRMH&XEDpRSDtVFRPPDLRUtQGLFHGHDOIDEHWL]DomRQR
FRQWLQHQWHFRP2WUDWDPHQWRGHVD~GHpPDQWLGRSHOR(VWDGRHRVHTXLSDPHQWRV
VmRHORJLDGRVDRUHGRUGRPXQGRSHODTXDOLGDGHHWHFQRORJLD
$SUySULDHVWUXWXUDSURGXWLYDRFDPSRIRLWUDQVIRUPDGD2SULPHLURDWRGRJRYHUQR
UHYROXFLRQiULRIRLSURPXOJDUXPD/HLGH5HIRUPD$JUiULDTXHGHWHUPLQDYDDQDFLRQDOL]DomR
GHWHUUDVLPSURGXWLYDVSHUWHQFHQWHVDHPSUHVDVQRUWHDPHULFDQDVHODWLIXQGLiULRV$OpP
GLVVRRJRYHUQRWRPRXSDUDVLWHUUDVTXHIRUDPDEDQGRQDGDVSHORVGRQRVTXHIXJLUDP
FRPDYLWyULDJXHUULOKHLUD$RVFDPSRQHVHVIRUDPRIHUHFLGDVGXDVDOWHUQDWLYDVD
RUJDQL]DomRHPFRRSHUDWLYDVRXDSRVVHLQGLYLGXDOGDWHUUD2(VWDGRLPSRUWRXPDTXLQDULD
DJUtFRODWUHLQRXWpFQLFRVSDUDHQVLQDURVQRYRVSURSULHWiULRVFRPRJHULUDWHUUDHXVDURV
QRYRVPHFDQLVPRVGHSURGXomRLQFHQWLYRXDSURGXomRFRPDSRLRILQDQFHLURHVXEVtGLRV
$VVDIUDVGHDo~FDUFUHVFHUDPHQRYDVFXOWXUDVIRUDPGHVHQYROYLGDVFRPRRWDEDFRH
IUXWDVFtWULFDV2tQGLFHGHGHVHPSUHJDGRVHHPSUHJDGRVVD]RQDLV GXUDQWHDVVDIUDV
GLPLQXLXFRPDSRVVHHIHWLYDGDWHUUD1DVFLGDGHVRFUHVFLPHQWRLQGXVWULDOHQRYRV
VHUYLoRVFRPRRWXULVPRWDPEpPRIHUHFHXRSRUWXQLGDGHVjSRSXODomR
&RPRILPGD8QLmR6RYLpWLFDHPHFRQVHTXHQWHPHQWHGHVHXSULQFLSDOPHUFDGRGH
Do~FDU&XEDHQIUHQWRXXPDVpULDFULVHLQWHUQDFRPGLPLQXLomRGDSURGXomRLQGXVWULDOH
UHGXomRGRDEDVWHFLPHQWRGHHQHUJLD0HVPRDVVLPRSDtVVREUHYLYHDRUHDWDUVXDV
UHODo}HVFRPRVSDtVHVODWLQRDPHULFDQRVHHXURSHXVHYLVXDOL]DUDLQGDTXHGLVWDQWHXP
SULQFtSLRGHDEHUWXUDSRUSDUWHGRV(8$$FULVHFXEDQDOHYDQWRXVpULDVG~YLGDVTXDQWRj
YDOLGDGHGRUHJLPHGH)LGHOHDVFRQTXLVWDVGRSDtVGXUDQWHVHXJRYHUQR

eFODURTXHQRVHQWLGRPDLVOLEHUDORJRYHUQRGH)LGHOQmRp
GHPRFUiWLFRDRQHJDURGLUHLWRjVHOHLo}HVHSHUSHWXDUVHQR
SRGHU1RHQWDQWRVREVHXFRPDQGR&XEDFRQVHJXLXDWmR
SURFXUDGDUHYROXomRGHXPSDtVDJUiULRH[SRUWDGRUH
FRQVWLWXtGRGHXPDSRSXODomRSUHGRPLQDQWHPHQWHUXUDOH
H[SORUDGDWRUQRXVHXPDQDomRFRPHFRQRPLDGLYHUVLILFDGDH
TXHRIHUHFHDVHXVKDELWDQWHVFRQGLo}HVGHYLGDPDLVGLJQDV
GRTXHPXLWRVSDtVHVODWLQRDPHULFDQRV2H[HPSORFXEDQR
VRRXQRFRQWLQHQWHGXUDQWHRVDQRVFRPRXPPRGHORGH
OLEHUWDomRGRLPSHULDOLVPRQRUWHDPHULFDQRHDWpKRMHDWUDL
PXLWRVPRYLPHQWRVVRFLDLVHJXHUULOKHLURVjVXDFDXVD3RU
PDLVFRQWHVWDGRTXHVHMDRH[HPSORGH&XEDPRVWUDTXHD
WUDQVIRUPDomRUDGLFDOGDVRFLHGDGHpSRVVtYHOVHKRXYHU
LQWHUHVVHHPRELOL]DomRSRSXODU

)LGHO&DVWURQRVGLDVDWXDLV

5HYROXomR3HUXDQD2FDVRSHUXDQRIRLDWtSLFRHPWRGRVRVVHQWLGRVHJHUDGLIHUHQWHV
LQWHUSUHWDo}HVDWpKRMHQDKLVWRULRJUDILDGRSDtV(PRXWXEURGHXPDMXQWDPLOLWDU
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

OLGHUDGDSHORJHQHUDO-XDQ9HODVFR$OYDUDGRGHUUXERXRSUHVLGHQWH%HOD~QGH7HUU\H
LQVWDORXVHQRSRGHU6HXOHPDH[SUHVVRQR(VWDWXWRGR*RYHUQR5HYROXFLRQiULRVH
UHVXPLDDWUrVSRQWRVWRUQDUDHVWUXWXUDGR(VWDGRPDLVGLQkPLFDSDUDPRGHUQL]DURSDtV
GDUQtYHLVGHYLGDVXSHULRUHVjSRSXODomRGHVDVVLVWLGDHGHVHQYROYHUQRSRYRHQD
HFRQRPLDXPDPHQWDOLGDGHQDFLRQDOLVWDHLQGHSHQGHQWHSHUDQWHDVSRWrQFLDVHVWUDQJHLUDV
4XHPOrWDLVWySLFRVSRGHHVWUDQKDUFRPRXPJUXSRGHPLOLWDUHVWUDGLFLRQDOPHQWH
FRQVHUYDGRUHVOLPLWDGRVjIRUoDEpOLFDHGHSRXFDLQVWUXomRSRGHULDVHSUHRFXSDUFRP
DVVXQWRVWmRFRPSOH[RV$H[SOLFDomRpVLPSOHV'HVGHRVDQRVLQIOXHQFLDGRVSHOD
IRUoDGHPRQVWUDGDSHORH[pUFLWRQRUWHDPHULFDQRQD6HJXQGD*XHUUDRVPLOLWDUHVSHUXDQRV
FRPHoDUDPDLQWHUIHULUQDSROtWLFDQDFLRQDOFKHJDQGRDRSRGHUHPFRPXPJROSH
OLGHUDGRSHORJHQHUDO0DQXHO2GUtD(VWHSURPRYHXXPJUDGXDOSURFHVVRGHDEHUWXUDDWp
TXDQGRIRUDPUHDOL]DGDVHOHLo}HVOLYUHV1RHQWDQWRRVPLOLWDUHVFRQWLQXDUDPD
UHSUHVHQWDUXPDHPLQrQFLDSDUGDQDSUHVLGrQFLDLQWHUIHULQGRQDVGHFLV}HVSUHVLGHQFLDLV
HQRDQGDPHQWRGRSURFHVVRSROtWLFR
(PR([pUFLWRIXQGRXR&HQWURGH$OWRV(VWXGRV0LOLWDUHV &$(0 GHVWLQDGRD
IRUPDUPLOLWDUHVFRPFRQVFLrQFLDFUtWLFDVREUHRVSUREOHPDVVRFLDLVGRSDtV2&$(0
UHSUHVHQWDYDDH[WUHPDSROLWL]DomRGDVIRUoDVDUPDGDVSHUXDQDVHVHXGHVHMRPDLVGRTXH
H[SOtFLWRGHFKHJDUDRSRGHUQDSULPHLUDRSRUWXQLGDGH'RLVDQRVGHSRLVHVVDFKDQFH
DSDUHFHX9tFWRU+D\DGHOD7RUUHFDQGLGDWRGD$SUD SDUWLGRSRSXODUGHFDUiWHUSRSXOLVWD 
YHQFHXDVHOHLo}HVSUHVLGHQFLDLVPDVQmRFKHJRXDWRPDUSRVVHSRLVRVPLOLWDUHVR
GHUUXEDUDPDFXVDQGRRGHOLGHUDUXPOHYDQWHFRPXQLVWD(VVHJRYHUQRPLOLWDU
FDUDFWHUL]RXVHSRULQLFLDUXPDUHIRUPDVRFLDOFRQWURODGDWHQWRXXPDUHIRUPDDJUiULDHP
WHUUDVLPSURGXWLYDVVHPIHULURVLQWHUHVVHVGRVODWLIXQGLiULRVDRPHVPRWHPSRTXHUHSULPLD
HSUHQGLDOtGHUHVVLQGLFDLVTXHFODPDYDPSRUPDLVHVSDoRSROtWLFR(PSUHVVLRQDGRV
SHODRSLQLmRS~EOLFDHSHORV(8$RVPLOLWDUHVSURPRYHUDPQRYDVHOHLo}HVFRPDYLWyULDGH
%HOD~QGH7HUU\(VWHDSHVDUGHGHIHQGHUHPFDPSDQKDXPGLVFXUVRGHPDJyJLFR
SURPHWHQGRLQFOXVLYHDQDFLRQDOL]DomRGRSHWUyOHR1mRFXPSULXRSURPHWLGRFRPR
FRQFHGHXQRYRVGLUHLWRVGHH[SORUDomRGRVFDPSRVSHWUROtIHURVSHUXDQRVDHPSUHVDV
QRUWHDPHULFDQDVDEDL[RVSUHoRVHLPSRVWRV)RLHVVHDWRDOLDGRDRDXPHQWRGDSREUH]D
GDPDLRUSDUWHGDSRSXODomRHGDFUHVFHQWHYLROrQFLDUXUDOSHODUHIRUPDDJUiULDTXH
HVWLPXODUDPRJROSHGH9HODVFR$OYDUDGRWDPEpPIRUPDGRQR&$(0
2SULPHLURDWRGH9HODVFRMiIRLFHUFDGRGHSROrPLFD1DSULPHLUDVHPDQDGHJRYHUQRHOH
QDFLRQDOL]RXDHPSUHVDQRUWHDPHULFDQD,QWHUQDWLRQDO3HWUROHXP&RPSDQ\TXHGHWLQKD
DVSULQFLSDLVFRQFHVV}HVGHH[SORUDomRGRyOHRQRSDtV(PVHJXLGDQXPDFODUD
SURYRFDomRDRV(8$DQXQFLRXTXHQmRSDJDULDLQGHQL]DomRjHPSUHVDHQTXDQWRHODQmR
SDJDVVHXPDGtYLGDGHPLOK}HVGHGyODUHVGHLPSRVWRVQmRSDJRV2DWRFHUFDYDVH
GHXPGLVFXUVRQDFLRQDOLVWDHGHLQGHSHQGrQFLDSHUDQWHRVQHJyFLRVLQWHUQDFLRQDLVPDVIRL
GHVPLVWLILFDGRSHORSUySULRSUHVLGHQWH3DUDWUDQTLOL]DURVLQYHVWLGRUHVHVWUDQJHLURV
9HODVFRIRLjWHOHYLVmRGL]HUTXHVRPHQWHQDFLRQDOL]DULDRXWUDVILUPDVLQWHUQDFLRQDLVVH
HVWDVQmRFXPSULVVHPDVOHLVGRSDtVHQmRSDJDVVHPRVLPSRVWRVGHYLGDPHQWH&RPLVVR
JDUDQWLDVHDVLQYHUV}HVHVWUDQJHLUDVQR3HUXHDPDQXWHQomRGRVPHUFDGRVSDUDRQGH
H[SRUWDYDVXDSURGXomR$HVWUXWXUDHFRQ{PLFDHVWDYDDVVHJXUDGD$QDFLRQDOL]DomRGD
,QWHUQDWLRQDO&RPSDQ\UHSUHVHQWRXPDLVXPDWRGHPDJyJLFRGHVWLQDGRDPRVWUDUj
SRSXODomRDIRUoDGRQRYRUHJLPHHVXDSUHRFXSDomRFRPSULQFtSLRVQDFLRQDOLVWDVGRTXH
XPDHIHWLYDGHPRQVWUDomRGHLQGHSHQGrQFLDSHUDQWHDVSRWrQFLDVHYRQWDGHGHFRQVWUXLU
XPDQRYDVRFLHGDGH(VVDGHPDJRJLDpFRPSURYDGDSHODLPSRUWkQFLDGRyOHRQDHFRQRPLD
GRSDtVQDpSRFDRSHWUyOHRUHSUHVHQWDYDDSHQDVGDVH[SRUWDo}HVSHUXDQDV$
LQG~VWULDSHVTXHLUDHDJUtFRODGRPLQDGDSRUFRQVyUFLRVQRUWHDPHULFDQRVILFRXLQWRFDGD
$SHVDUGHEUDPDUFRQWUDRFDSLWDOHVWUDQJHLURHQDFLRQDOL]DUVHWRUHVPHQRVLPSRUWDQWHVR
UHJLPHQmRGLPLQXLXDGHSHQGrQFLDSHUXDQDSHUDQWHDVSRWrQFLDV
0DVRJRYHUQRGR3HUXHQWURXSDUDDKLVWyULDGD$PpULFD/DWLQDSRUVHUDSULPHLUDGLWDGXUD
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

PLOLWDUQRFRQWLQHQWHDSURPRYHUXPDFRQVLGHUiYHOUHIRUPDDJUiULD1RILQDOGH
9HODVFR$OYDUDGRGHFUHWRXDGLYLVmRGDVWHUUDVGRVODWLI~QGLRVLPSURGXWLYRVHP
FRRSHUDWLYDVDGPLQLVWUDGDVSHORVFDPSRQHVHV)LFRXIDPRVDQDH[SURSULDomRGDSULPHLUD
ID]HQGDDIUDVHSURQXQFLDGDSRU$OYDUDGR&DPSRQrVRSDWUmRQmRFRPHUiPDLVGHWXD
SREUH]D7DOH[SUHVVmRIRUDGLWDGX]HQWRVDQRVDQWHVSRU7XSDF$PDUXtQGLRTXHVH
UHEHODUDFRQWUDDH[SORUDomRHVSDQKRODHDFDERXPRUWRDRVHUGHUURWDGR$LQLFLDWLYDIRL
ERDPDVVHJXLQGRRH[HPSORGDVQDFLRQDOL]Do}HVGDVHPSUHVDVPDLVGHPDJyJLFDGR
TXHHIHWLYD$SHVDUGHJUDQGHTXDQWLGDGHGHWHUUDVVHUGLYLGLGDQXPDUHIRUPDDJUiULD
UDGLFDORJRYHUQRQmRIRUQHFHXPHLRVWpFQLFRVRXTXDOTXHUWLSRGHDMXGDSDUDTXHRV
FDPSRQHVHVTXHKiSRXFRWHPSRHUDPVHUYRVGHSRGHURVRVVHQKRUHVGHWHUUDVVH
WRUQDVVHPDGPLQLVWUDGRUHV$SURGXWLYLGDGHGDVFRRSHUDWLYDVQmRUHQGHXRHVSHUDGRH
FRPRHQIUDTXHFLPHQWRGRUHJLPHQRVDQRVPXLWRVH[SURSULHWiULRVHQWUDUDPQDMXVWLoD
SDUDUHDYHUDVWHUUDVDOHJDQGRGHVDSURSULDomRLQGHYLGD$RVSRXFRVDHVWUXWXUD
ODWLIXQGLiULDQRUPDOL]RXRXVHMDRVFDPSRQHVHVDPHDoDGRVSHODIDOrQFLDGDV
FRRSHUDWLYDVHSUHVVLRQDGRVSHODMXVWLoDYROWDUDPDVHUVHUYRVQDVJUDQGHVSURSULHGDGHV
$OJXQVQRHQWDQWRFRQVHJXLUDPPDQWHUXPSHGDoRGHWHUUDSURPRYHQGRXPUHJLPHGH
SHTXHQDSURSULHGDGH
3UHVVLRQDGDSHORVLQWHUHVVHVHFRQ{PLFRVLQWHUQDFLRQDLVHPHUJXOKDGDHPVXDVSUySULDV
FRQWUDGLo}HVDWDFDURFDSLWDOHVWUDQJHLURHQTXDQWRQmRGHWLQKDVXDSHQHWUDomRQD
HFRQRPLDSURPRYHUXPDUHIRUPDDJUiULDVHPGDUDGHYLGDHVWUXWXUDDRVFDPSRQHVHVH
SUHJDUXPGLVFXUVRQDFLRQDOLVWDDRPHVPRWHPSRHPTXHFDODYDDLPSUHQVDHVXVSHQGLD
HOHLo}HVHSDUWLGRVSROtWLFRVDGLWDGXUDSHUXDQDSHUGHXIRUoDDRORQJRGRVDQRV
9HODVFR$OYDUDGRIRLGHUUXEDGRSRUVHWRUHVPLOLWDUHVPDLVFRQVHUYDGRUHVHP
DVVXPLQGRRSRGHURWDPEpPJHQHUDO)UDQFLVFR%HUP~GH](VWHSUHSDURXRWHUUHQRSDUDD
QRUPDOL]DomRGHPRFUiWLFDGRSDtVSURPRYHQGRHOHLo}HVHP
2UHJLPHSHUXDQRHQWURXQDKLVWyULDFRPRXPDUHYROXomRSRUVHURSULPHLURJRYHUQR
PLOLWDUTXHOLYUDQGRVHGDDXUDFRQVHUYDGRUDWRPRXFRQVFLrQFLDGRVSUREOHPDVVRFLDLVGH
VHXSDtVHSURPRYHXDOJXPDVUHIRUPDVHVWUXWXUDLVGHSHVRQDVRFLHGDGH

0HVPRQmRPRGLILFDQGRDHVWUXWXUDEiVLFDDGLWDGXUD
SHUXDQDPRVWURXTXHRVPLOLWDUHVWDPEpPSRGHULDPVHU
HQWHQGLGRVQDUHDOLGDGHVRFLDOHWHULGpLDVSDUDPRGLILFiOD
2UHJLPHGH9HODVFR$OYDUDGRUHIRUoRXRSDSHOPLOLWDUQD
SROtWLFDSHUXDQDHRJUDQGHPHGRGH$OEHUWR)XMLPRUL
TXDQGRDLQGDHUDRSUHVLGHQWHGHVHUGHUUXEDGRGRSRGHU
SHOR([pUFLWRUHIOHWHDSROLWL]DomRGDV)RUoDV$UPDGDV
SHUXDQDVVHDFRUUXSomRHGHVPRUDOL]DomRGRSRGHU
S~EOLFRKRXYHVVHVHWRUQDGRPDLVFU{QLFDVRVPLOLWDUHV
SRGHULDPLQWHUYLUFRPRXPDIRUPDGHOLPSDUDSROtWLFD
QDFLRQDOHSURPRYHUDVPHOKRULDVEXVFDGDVSHORSRYR2X
VHMDVHJXLUDOLomRLQLFLDGDSRU-XDQ9HODVFR$OYDUDGR0DV
DUHQ~QFLDHIXJDGH)XMLPRULVHJXLGDVSHODDSDUHQWH
QRUPDOL]DomRGHPRFUiWLFDWUDQTLOL]DUDPDV)RUoDV
$UPDGDVSHORPHQRVDWpRPRPHQWR

2H[SUHVLGHQWH$OEHUWR)XMLPRUL


2RXWURODGRDLQGDYLYH
0HVPRTXHRVWHPSRVGHWRUPHQWDGRVUHJLPHVPLOLWDUHVVHMDPXPSDVVDGRGLVWDQWHRV
SDtVHVGD$PpULFDGR6XOQmRSRGHPGL]HUTXHVmRSDUDtVRVGHPRFUiWLFRV3RUPDLVTXH
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

H[LVWDXPSURFHVVRHOHLWRUDOUHJXODUHRYRWRVHMDXPGLUHLWRXQLYHUVDODVDWLWXGHVGHFHUWRV
JRYHUQDQWHVEHPFRPRVXDWUDMHWyULDSROtWLFDFRORFDPHP[HTXHDIDFKDGDGHPRFUiWLFD
GHVWDVWHUUDVHID]HPSHQVDUVHQmRVHULDPGLWDGXUDVHQFREHUWDV
7UrVFDVRVH[HPSOLILFDPRVDUJXPHQWRVDFLPD1R3HUX$OEHUWR)XMLPRULVHSHUSHWXRXQR
SRGHUGXUDQWHDQRVjEDVHGHHPHQGDVFRQVWLWXFLRQDLVTXHJDUDQWLUDPVXDUHHOHLomRHP
HOHLo}HVPDUFDGDVSHODIUDXGH$OpPGLVVRQmRKHVLWRXHPXVDUR([pUFLWRRPHVPRTXH
QDDWXDOLGDGHOKHIH]RSRVLomRSDUDIHFKDUR&RQJUHVVRHPHGHFUHWDUVHR~QLFR
UHVSRQViYHOSHORJRYHUQRGRSDtV1D%ROtYLDDWpRSUy[LPRDQRRSRGHUHVWiQDVPmRVGR
JHQHUDO+XJR%iQ]HUHOHLWRHP3DUDTXHPQmROHPEUDHOHJRYHUQRXRSDtVGH
DQXPDGDVGLWDGXUDVPLOLWDUHVPDLVGHQXQFLDGDVFRPRDEXVLYDVHDUELWUiULDVSHOD
2UJDQL]DomRGRV'LUHLWRV+XPDQRV3DUDYROWDUDRJRYHUQR%iQ]HUWHYHGHSURPRYHUXPD
QRYDLPDJHPSHVVRDORPLOLWDUGHUHVSHLWRTXHFRPEDWHRWUiILFRGHGURJDV$SRLDGRSHODV
IRUoDVDUPDGDVHREFHFDGRSHORSRGHU%iQ]HUWHPIRUoDVVXILFLHQWHVSDUDGDUFRQWLQXLGDGH
jWUiJLFDKLVWyULDEROLYLDQDTXDQGRXPSUHVLGHQWHQmRDSURYDVHXVXFHVVRUGiXPJROSHGH
(VWDGRHPDQWpPQRSRGHU&RQKHFHQGRDSHUVRQDOLGDGHGRYHOKRJHQHUDOHVVDKLSyWHVH
QmRpLPSURYiYHO
2WHUFHLURFDVRWDPEpPHQYROYHXPPLOLWDU+XJR&KiYH]QD9HQH]XHODJRYHUQDFRP
SRGHUHVDEVROXWRV'HSRLVGHVHHOHJHUSUHVLGHQWHFRPPDLVGHGRVYRWRV&KiYH]
IRUPRXPDLRULDQR&RQJUHVVRHS{GHDSURYDUSURMHWRVTXHFHQWUDOL]DPWRGRRSRGHUHP
VXDVPmRV5HFHQWHPHQWHFRQVHJXLXDDSURYDomRGHXPDOHLSHUPLWLQGRTXHHOHJRYHUQH
SRUGHFUHWRVHPVXEPHWHUVHXVSODQRVDRSDUODPHQWR3RUPDLVTXHVHXSRGHUHPDQHGR
SRYRTXHRHOHJHX&KiYH]RFHQWUDOL]RXGHWDOIRUPDTXHFRQVWLWXLXXPDSHTXHQDGLWDGXUD
DEVROXWLVWDVHPHVSDoRVSDUDFRQWHVWDomR

2VJUDQGHVOtGHUHV
7DPEpPpSRVVtYHOQDUUDUHHQWHQGHUDKLVWyULDGRFRQWLQHQWHSRUPHLRGHDOJXQVGRV
OtGHUHVTXHPDUFDUDPVXDKLVWyULDDRORQJRGHVWHVpFXOR(OHVHQWUDUDPSHODIUHQWHRX
SHORVIXQGRVSDUDDKLVWyULDGRFRQWLQHQWH,QVFUHYHUDPVHXVQRPHVQDWUDMHWyULDGHVHXV
SDtVHVDWpKRMHHLQIOXHQFLDUDPGLUHWDPHQWHDYLGDGDVSRSXODo}HVFRPDVTXDLV
FRQYLYHUDP6HULDLPSRVVtYHOGHVVDIRUPDQmRIDODUGHDOJXQVGRVPDLVLPSRUWDQWHV
OtGHUHVTXHD$PpULFD/DWLQDFRQKHFHX2VKRPHQVDTXLFLWDGRVVmRDSHQDVH[HPSORVSRLV
PXLWRVRXWURVSRGHULDPILJXUDUDRODGRGHOHVRXVXEVWLWXLORVQHVWDVDSUHVHQWDo}HV
3ULYLOHJLRXVHRFULWpULRWpFQLFRDLPSRUWkQFLDGRHVFROKLGRHPVHXSDtVHSRUVXDYH]D
SURSRVWDHPDERUGDUDVSHFWRVHVSHFtILFRVGHDOJXPDVGHVVDVPDLVLPSRUWDQWHVQDo}HV
3RLVWUDWDUGHVHXVSHUVRQDJHQVpXPDPDQHLUDGHVHID]HULVVRHFRQVWLWXLUXPDLGpLDPDLV
FRPSOHWDVREUHRFRQWLQHQWHFRPRXPWRGR)RUDPGHILQLGDVWUrVFDWHJRULDVFRPGRLV
H[HPSORVHPFDGD

2V/LEHUWDGRUHV
6LPyQ%ROtYDU 
$SHVDUGHID]HUSDUWHGRVpFXOR;,;pLPSRVVtYHOIDODUGH$PpULFD/DWLQDVHPVHIDODUGH
6LPyQ%ROtYDU&RQKHFLGRFRPR(O*UDQ/LEHUWDGRU%ROtYDUIRLRSULPHLUROtGHUDGHIHQGHUH
EXVFDUXPDXQLGDGHODWLQRDPHULFDQD)LOKRGHFRPHUFLDQWHVTXHUHVLGLDPQDDWXDO
9HQH]XHOD%ROtYDUWHYHXPDYLGDFHUFDGDGHOX[RVHFRQIRUWR$LQGDMRYHPIRLHQYLDGRj
(XURSDSDUDHVWXGDUWRPRXFRQWDWRFRPRVLGHDLVOLEHUWiULRVGD5HYROXomR)UDQFHVDHHP
YROWRXj9HQH]XHODGLVSRVWRDRUJDQL]DUEDWDOK}HVPLOLWDUHVSDUDSURPRYHUD
LQGHSHQGrQFLDGDFRO{QLD$SyVFRPEDWHVGHGRLVDQRVIDYRUHFLGRVSHODIUDTXH]DGR
H[pUFLWRHVSDQKROFXMDPDLRULDIRUDHQYLDGDSDUDOXWDUFRQWUDDLQYDVmRQDSROH{QLFDQD
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

(VSDQKD%ROtYDUOLEHUWRXD9HQH]XHODHP6HXVRQKRDJRUDHUDH[SDQGLUDOLEHUGDGH
SDUDWRGRRFRQWLQHQWH3DUDWDQWRIRUPRXQRYRVH[pUFLWRVHDOLRXVHDPLOLWDUHVTXHMi
SURPRYLDPPRYLPHQWRVGHOLEHUWDomRHPRXWUDVFRPDUFDVFRPRRXUXJXDLR-RVp$UWLJDVH
RDUJHQWLQR-RVpGH6DQ0DUWtQ5HFUXWDQGRSRSXODUHVFRPRVROGDGRVHGLYLGLQGRDViUHDV
GHDWXDomRRVWUrVJHQHUDLVJUDGXDOPHQWHSURFODPDUDPDLQGHSHQGrQFLDGRVWHUULWyULRVDWp
DH[SXOVmRGHILQLWLYDGRVHVSDQKyLV
1RHQWDQWRRVHVIRUoRVGH%ROtYDUWHUPLQDUDPQHVVDVOXWDVGHOLEHUWDomR&RQVFLHQWHGH
TXHVRPHQWHXPD$PpULFDXQLGDSRGHULDID]HUIUHQWHjVJUDQGHVSRWrQFLDVHXURSpLDVHDRV
(8$RJHQHUDOWHQWRXXQLILFDUWRGRVRVWHUULWyULRVOLEHUWDGRV0DVRVLQWHUHVVHVGDVHOLWHV
FULROODVGHFDGDFRPDUFDIDODUDPPDLVDOWRHDIUDJPHQWDomRGD$PpULFDVHWRUQRX
LQHYLWiYHO&DGDROLJDUTXLDQmRTXLVSHUGHUDiUHDRQGHGHVHQYROYLDVXDULTXH]DSDUDXP
SURFHVVRGHXQLILFDomRSRLVLVVRUHSUHVHQWDULDDSHUGDGHVHXSRGHUSROtWLFRHHFRQ{PLFR
2H[HPSORPDLVFODURGDPRUWHGRLGHDOGH%ROtYDURFRUUHXQDDQWLJD*Um&RO{PELD
OLEHUWDGDHJRYHUQDGDSHORJHQHUDOYHQH]XHODQR2VROLJDUFDVGDUHJLmRQmRDFHLWDUDPD
GHFLVmRGH%ROtYDUGHPDQWHUDUHJLmRXQLILFDGDQXP~QLFRSDtVSURPRYHQGRXPDJXHUUD
SDUDWLUiORGRSRGHUHP$SyVDYLWyULDH[LODUDPRPLOLWDUHGLYLGLUDPRWHUULWyULRHP
WUrVQRYRVSDtVHV9HQH]XHOD&RO{PELDH(TXDGRU
%ROtYDUPRUUHXHPDFRPHWLGRSHODWXEHUFXORVH5HFRQKHFHUDTXHFDGDHOLWHODWLQR
DPHULFDQDVHLGHQWLILFRXFRPVXDOXWDDSHQDVSDUDVHOLEHUWDUGDWXWHODSROtWLFDHVSDQKROD
PDVQmRSDUDIRUPDUXPQRYRSDtV'HVLOXGLGRSURIHWL]RXRTXHDKLVWyULDGRFRQWLQHQWH
PDUFDGDSRUGLWDGRUHVPRUWHVHVXEPLVVmRHFRQ{PLFDFRPSURYRX$$PpULFDFDLUi
LQIDOLYHOPHQWHQDVPmRVGHXPEDQGRGHVHQIUHDGRGHWLUDQRVPHVTXLQKRVGHWRGDVDV
UDoDVHFRUHVTXHQmRPHUHFHPFRQVLGHUDomR



$XJXVWR&pVDU6DQGLQR 

6DQGLQR

([FRUWDGRUGHFDQDHPHFkQLFRIRLWUDEDOKDQGRQDVPLQDVGHRXUR
HSUDWDTXH6DQGLQRFRQKHFHXDUHDOLGDGHGDSRSXODomRPDLVSREUH
GD1LFDUiJXDEHPFRPRSHUFHEHXTXHDHFRQRPLDHDSROtWLFDGH
VHXVSDtVHUDPGRPLQDGDVSHORV(8$SRUPHLRGHHPSUHVDVH
JRYHUQRVWDPS}HV$GXUDYLGDQDVPLQDVHDUHSUHVVmRGRH[pUFLWR
FRQWUDDVUHYROWDVGRVPLQHLURVIRUDPJHUDQGRDFRQVFLrQFLD
UHYROXFLRQiULDHRSRVLWRUDDRVQRUWHDPHULFDQRVQRMRYHP6DQGLQR
DWpTXHHPHOHLQLFLRXXPPRYLPHQWRJXHUULOKHLURQDUHJLmR
PLQHUDGRUDDRQRUWHGRSDtV'HSRLVGHXPDVpULHGHGHUURWDVRV
JXHUULOKHLURVFRQVHJXLUDPVHUHFXSHUDUHYHQFHUDVIRUoDVPLOLWDUHV
HQYLDGDVSHORJRYHUQRDYDQoDQGRHPGLUHomRDRFHQWUR$RPHVPR
WHPSRRVFDPSRQHVHVGRVODWLI~QGLRVGHFDIpGDUHJLmRVXOHRV
WUDEDOKDGRUHVGDFDSLWDO0DQiJXDVHOHYDQWDUDPHPDSRLRD
6DQGLQR2VOHPDVUHYROXFLRQiULRVHUDPH[SXOVDURVQRUWH
DPHULFDQRVGD1LFDUiJXDHPHOKRUDUDVFRQGLo}HVGHYLGDGD
SRSXODomR
'LDQWHGDLQWHQVDPRYLPHQWDomRHGDDPHDoDGHSHUGHUVHX

KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

GRPtQLRRV(8$LQWHQVLILFDUDPDUHSUHVVmRFRQWUDD1LFDUiJXD
H[LJLQGRTXHRJRYHUQRHOLPLQDVVHRVIRFRVJXHUULOKHLURVDRPHVPR
WHPSRTXHHQYLDYDWURSDVSDUDFRPEDWrORV'HWmRGXUDHYLROHQWD
DDomRQRUWHDPHULFDQDSURYRFRXSURWHVWRVQDSUySULDRSLQLmR
S~EOLFDGRSDtVOHYDQGRRV(8$DSURPRYHUXPDUHWLUDGDHVWUDWpJLFD
GRSDtV1RHQWDQWRGHL[DUDPFRPRKHUDQoDD*XDUGD1DFLRQDOXP
FRUSRPLOLWDUTXHJDUDQWLDRSRGHU\DQNHHHPWHUULWyULRQLFDUDJHQVH
FRPDQGDGDjpSRFDSRU$QDVWDFLR6RPR]D

(VWHDSRLDGRSHORVQRUWHDPHULFDQRVHFRPJDQDVGHFKHJDUDRSRGHULQLFLRXQRYR
OHYDQWHFRQWUDDVWURSDVGH6DQGLQRHVHXVDOLDGRV)RLQXPDGHVVDVSHTXHQDVEDWDOKDV
TXH6RPR]DVHTHVWURXROtGHUJXHUULOKHLURHPHRDVVDVVLQRX(PVHJXLGD
LQWHQVLILFRXDUHSUHVVmRFRQWUDDVSRSXODo}HVTXHDSRLDYDP6DQGLQRHGRLVDQRVGHSRLV
DVVXPLXRSRGHUSRUPHLRGHXPJROSHGHHVWDGR
1RHQWDQWR6RPR]DHVXDIDPtOLDTXHILFDUDPQRSRGHUGXUDQWHDQRVQmRIRUDP
FDSD]HVGHPDWDUDKHUDQoDUHYROXFLRQiULDVDQGLQLVWD1RVDQRVVXUJLXD)UHQWH
6DQGLQLVWDGH/LEHUWDomR1DFLRQDO )61/ TXHFDQDOL]DQGRDUHYROWDSRSXODUHGDVFODVVHV
PpGLDVFRQWUDDRSUHVVRUDGLWDGXUDGHUUXERXRUHJLPHHPHDVVXPLXRJRYHUQRFRP
RLQWXLWRGHSURPRYHUDVUHIRUPDVHVWUXWXUDLVGHIHQGLGDVSRU6DQGLQRHPVXDOXWD6XD
WHQWDWLYDHPRQ]HDQRVGHPDQGDWRIRLLQIHOL]SRLVDQWHVGHGHVHQYROYHUDHFRQRPLDH
WUDQVIRUPDUDVRFLHGDGHRVOtGHUHVVDQGLQLVWDVWLYHUDPGHOXWDUSHODPDQXWHQomRGHVHX
UHJLPHFRQWUDDVWURSDVILQDQFLDGDVSHORV(8$GHQRPLQDGDVFRQWUDUHYROXFLRQiULRV
'HVJDVWDGRSHODJXHUULOKDHPRFDQGLGDWRVDQGLQLVWD'DQLHO1RULHJDSHUGHXDV
HOHLo}HVSUHVLGHQFLDLVSDUD9LROHWD&KDPRUURDSRLDGDSHORVYL]LQKRVQRUWHDPHULFDQRV

2V3RSXOLVWDV
2%6(VWDFDWHJRULDpSURYDYHOPHQWHDPDLVSROrPLFDSRLVPXLWRVRXWURVSROtWLFRVFRPR
*HW~OLR9DUJDVQR%UDVLOH3D](VWHQVVRURQD%ROtYLDSRGHULDHQWUDUQHOD0DVSULYLOHJLRX
VHRFULWpULRGHPRVWUDUSUHIHUHQFLDOPHQWHDKLVWyULDGRVSDtVHVTXHQRVFHUFDPQR
FRQWLQHQWHSDUDGHVHQYROYHUXPDYLVmRPDLVJOREDO1XPSUy[LPRHQVDLRRWHPDGR
3RSXOLVPRVHUiDERUGDGRGHPDQHLUDPDLVDEUDQJHQWHHQYROYHQGRWRGDVDVVXDV
YDULDQWHV1RPRPHQWRILTXHPRVFRPGXDVGHVXDVPDLVLPSRUWDQWHVYDULDQWHV


-XDQ'RPLQJR3HUyQ 
1DVFLGRHP9LOODGH/RERVQRLQWHULRUGD$UJHQWLQD3HUyQWHYH
XPDLQIkQFLDSREUH4XDQGRMRYHPPXGRXVHSDUD%XHQRV$LUHV
SDUDHVWXGDUPHGLFLQDPDVORJRIRLDWUDtGRSHODFDUUHLUDPLOLWDUH
LQJUHVVRXQD$FDGHPLD0LOLWDU1DFLRQDO3URPRYLGR
FRQVWDQWHPHQWHQDKLHUDUTXLDQDGpFDGDGHWRUQRXVH
JHQHUDOHFRPHoRXDVHHQYROYHUFRPDSROtWLFDGRSDtV
3DUWLFLSRXHPGHXPJROSHGHHVWDGRTXHGHUUXERXR
UHJLPHPLOLWDUOLGHUDGRSHORJHQHUDO5DPyQ&DVWLOOR3HUyQIRL
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

QRPHDGRSDUDR0LQLVWpULRGD*XHUUDHSDUDR'HSDUWDPHQWR
1DFLRQDOGR7UDEDOKRQRTXDOLQLFLRXVXDDVFHQVmRSROtWLFD&RP
RREMHWLYRGHJDQKDURDSRLRGRVWUDEDOKDGRUHV3HUyQGXUDQWH
VHXPDQGDWRFRORFRXHPSUiWLFDXPDVpULHGHOHLVTXHYLVDYDP
PHOKRUDURHVWDGRGHYLGDGRSUROHWDULDGRXUEDQRFRPRD
LQVWLWXLomRGRVDOiULRSUHYLGrQFLDVRFLDOHEHQHItFLRVHPFDVR
GHGHPLVVmR$RPHVPRWHPSRHOLPLQDYDHGHVSROLWL]DYDRV
VLQGLFDWRVLQGHSHQGHQWHVDJUXSDQGRRVWUDEDOKDGRUHVHPWRUQR
GR'HSDUWDPHQWR1DFLRQDO

3HUyQ

&RPHVVHVDWRV3HUyQFDQDOL]DYDRDSRLRGRVRSHUiULRVSDUDVXDSHVVRDHFULDYDXPD
HQRUPHEDVHSRSXODUHPWRUQRGHVXDSHUVRQDOLGDGHFDWLYDQWH1mRGHPRURXPXLWRHVXDV
PHGLGDVRGHVJDVWDUDPSHUDQWHRVLQGXVWULDLVHDFODVVHPpGLDTXHQmRDFHLWDYDPR
HVSDoRHGLUHLWRVGDGRVjFODVVHWUDEDOKDGRUD(PGHRXWXEURGH3HUyQIRLGHPLWLGR
GHVHXVFDUJRVSHORVPLOLWDUHVHSUHVR1RHQWDQWRQRYHGLDVGHSRLVXPDPXOWLGmRGLULJLX
VHjIUHQWHGD&DVD5RVDGDVHGHGRJRYHUQRHSHGLXVXDOLEHUWDomRQXPPRYLPHQWRGH
PDVVDVMDPDLVYLVWRQRSDtV6ROWR3HUyQDSDUHFHXQDVDFDGDHGLVFXUVRXSDUDRSRYR
HXIyULFR(QFHUUDYDVHQHVVHDWRVLPEyOLFRRUHJLPHPLOLWDUDRPHVPRWHPSRTXHRJHQHUDO
ODQoDYDVXDFDQGLGDWXUDjSUHVLGrQFLD
(OHLWRHPSHOR3DUWLGR/DERUDOLVWD PDLVWDUGHFRQYHUWLGRSDUD3HURQLVWDHGHSRLV
-XVWLFLDOLVWDTXHH[LVWHDWpKRMH 3HUyQOHYRXDGLDQWHVHXVSODQRVGHLQGXVWULDOL]DomRGD
HFRQRPLDHFRQFHVV}HVDRVWUDEDOKDGRUHV1DFLRQDOL]RXHPSUHVDVHVWUDQJHLUDVFRPDOWRV
FXVWRVSDUDRVFRIUHVGRJRYHUQRHH[HUFHXIRUWHFHQVXUDFRQWUDDLPSUHQVD&RPDOWRV
tQGLFHVGHSRSXODULGDGH3HUyQHVXDHVSRVD(YLWDUHSUHVHQWDYDPXPD$UJHQWLQD
PRGHUQDHLQGHSHQGHQWHTXHFUHVFLDHQmRHQIUHQWDYDFULVHV1RHQWDQWRHVWDV
FRPHoDUDPDVXUJLUDSyVDUHHOHLomRGH3HUyQHP$VQDFLRQDOL]Do}HVGHHPSUHVDV
PDQXWHQomRGRVVLQGLFDWRVHFRQFHVV}HVDRVWUDEDOKDGRUHVFRQVXPLUDPDVUHVHUYDV
ILQDQFHLUDVQDFLRQDLVJHUDQGRUHGXomRQDSURGXWLYLGDGHHDXPHQWRGDLQIODomR$OpPGLVVR
RSUHVLGHQWHSDVVRXDHQIUHQWDUDRSRVLomRGHVHWRUHVTXHLDPFRQWUDVXDSROtWLFDFRPRRV
LQGXVWULDLVPLOLWDUHVFRQVHUYDGRUHVHD,JUHMD$HFRQRPLDGD$UJHQWLQDHVWDJQRXH
SHTXHQRVOHYDQWHVFRQWUD3HUyQWRUQDUDPVHFRPXQVHP%XHQRV$LUHV3UHVVLRQDGRSHOD
0DULQKDH$HURQiXWLFDHOHUHQXQFLRXHPHH[LORXVHQR3DUDJXDLH(VSDQKD1R
HQWDQWRSHUPDQHFHXFRPRUHIHUrQFLDSROtWLFDSDUDRVDQRVVHJXLQWHVTXDQGRRSDtV
HQIUHQWRXXPUHFUXGHVFLPHQWRSROtWLFRHPIXQomRGHUHJLPHVPLOLWDUHVRSUHVVRUHV
&RPDFULVHGRVJRYHUQRVPLOLWDUHVQRLQtFLRGRVDQRVHPIXQomRGHYiULRVIDWRUHVFRPR
JUDYHFULVHHFRQ{PLFDLQVWDELOLGDGHVRFLDOHUHYROWDSRSXODUDVGLYHUVDVIRUoDVSROtWLFDV
DUJHQWLQDVXQLUDPVHHPWRUQRGRQRPHGH3HUyQSDUDYROWDDRSRGHUHWUDQTLOL]DUD
VLWXDomRLQFOXVLYHDTXHODVTXHVHRSXVHUDPDHOHQRVDQRV(VVHIDWRGHPRQVWUDR
SRGHUGR3HURQLVPRGHFRQJUHJDUWHQGrQFLDVSROtWLFDVGLIHUHQWHVHPWRUQRGHVHXGLVFXUVR
WUDEDOKLVWDGHIHQGHQGRMXVWLoDSDUDRVRSHUiULRVHLQGHSHQGrQFLDSHUDQWHRFDSLWDO
HVWUDQJHLUR2YHOKRJHQHUDOYROWRXHPHORJRHPVHJXLGDIRLHOHLWRSUHVLGHQWH1R
HQWDQWRFRPDVD~GHGHELOLWDGD3HUyQPRUUHXXPDQRGHSRLVVHPPHOKRUDUDVLWXDomRGH
VHXSDtVTXHYHULDDSDUWLUGHDWpRSHUtRGRPDLVQHJURGHVXDKLVWyULDFRPD
LQVWDODomRGHXPDQRYDGLWDGXUDPLOLWDUQRSRGHUTXHQmRWHYHSXGRUHVHPPDWDUH
GHVDSDUHFHUFRPWRGRVDTXHOHVTXHOKHID]LDPRSRVLomR
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

3HUyQIRLXPOtGHUWLSLFDPHQWHSRSXOLVWDHQFDUQDQGRDDPELJLGDGHGHVVDILORVRILDSROtWLFD
HPVHXVDWRV'HIHQGLDHPVHXVGLVFXUVRVXPDSRVWXUDQDFLRQDOLVWDGHIHQGHQGRD
VREHUDQLDQDFLRQDOQDFLRQDOL]DQGRILUPDVHVWUDQJHLUDVHSUHJDQGRRVDFULItFLRGRSRYRSHOR
SDtV1RHQWDQWRDRPHVPRWHPSRRIHUHFLDFRQFHVV}HVDRFDSLWDOLQWHUQDFLRQDOSDUD
SURPRYHUDLQGXVWULDOL]DomRHQmRPH[LDQDTXHVWmRGDWHUUDSDUDQmRSURPRYHUDWULWRV
FRPRVSRGHURVRVODWLIXQGLiULRVHHVWDQFLHURVH[SRUWDGRUHVGHFDUQH&RQFHQWUDYDVHX
SRGHUQRDSRLRGRVWUDEDOKDGRUHVjVVXDVPHGLGDVODERUDLVPDVHOLPLQDYDVLQGLFDWRV
DXW{QRPRVHUHVWULQJLDRGLUHLWRjVOHLVWUDEDOKLVWDVDSHQDVDTXHOHVTXHVHILOLDVVHPDR
'HSDUWDPHQWRGH7UDEDOKRGRJRYHUQR&RPLVVR3HUyQDWUHORXRVVLQGLFDWRVHDSROtWLFD
WUDEDOKLVWDDR(VWDGROLPLWDQGRDDomRLQGHSHQGHQWHGRVWUDEDOKDGRUHVHVXDV
UHLYLQGLFDo}HV0HVPRFRPHVVDVFRQWUDGLo}HVHDYRQWDGHGDVHOLWHVDUJHQWLQDVRPLWRGH
3HUyQQmRPRUUHXSHUDQWHDSRSXODomR$ILQDOHOHIRLRSULPHLUROtGHUGRSDtVDWUDQVIRUPDU
DVPDVVDVWUDEDOKDGRUDVHPREMHWRGHGLVFXUVRHPHOKRULDVRFLDOGDQGROKHVGLUHLWRVH
XPDH[LVWrQFLDPDLVGLJQD
$WpKRMHR3HURQLVPRVREDIRUPDGR3DUWLGR-XVWLFLDOLVWDHVWiYLYR6XDLGHRORJLDpD
GHIHVDGRVGLUHLWRVGRWUDEDOKDGRUHVHDLQGXVWULDOL]DomRGDHFRQRPLD1RHQWDQWRDSyV
ILFDUTXDVHGH]DQRVQRSRGHUFRP&DUORV0HQHPIRLGHUURWDGRQDV~OWLPDVHOHLo}HVSDUDD
SUHVLGrQFLDGD5HS~EOLFDSDUD)HUQDQGRGH/D5~DFDQGLGDWRGD8QLmR&tYLFD5DGLFDO


/i]DUR&iUGHQDV 

&iUGHQDV

&iUGHQDVFKHJRXDRSRGHUHPFRPRREMHWLYRGH
UHFXSHUDUR0p[LFRGRGHVDVWUHHFRQ{PLFRHVRFLDOLQVWDODGR
FRPDFULVHPXQGLDOGH6XDSROtWLFDYROWDYDVHD
H[HPSORGH3HUyQSDUDRVWUDEDOKDGRUHV$GLIHUHQoDpTXH
HQTXDQWRRDUJHQWLQRGHVWLQRXVXDVDWHQo}HVSDUDDPDVVD
GHWUDEDOKDGRUHVXUEDQRV&iUGHQDVFHQWURXVXDDWXDomRQR
FDPSRRQGHHVWDYDDPDLRUSDUWHGDPDVVDWUDEDOKDGRUDGR
SDtV(PVHXSULPHLURDWRGHWHUPLQRXRFXPSULPHQWRGDOHLGD
5HIRUPD$JUiULDSURPXOJDGDHP1DFLRQDOL]DQGRWHUUDV
SHUWHQFHQWHVDHPSUHVDVHVWUDQJHLUDVHH[SURSULDQGR
ID]HQGDVLPSURGXWLYDVRJRYHUQRGLVWULEXLXHPVHLVDQRVXP
WRWDOGHPLOK}HVGHKHFWDUHVDPLOFDPSRQHVHV
(PERUDPXLWRVGRVQRYRVSURSULHWiULRVVHPDGHYLGD
RULHQWDomRHDSRLRSDUDPDQWHUDWHUUDHLQFHQWLYDUD
SURGXomRDWHQKDSHUGLGRSDUDRXWURVODWLI~QGLRVDUHIRUPD
IRLXPDGDVPDLRUHVMiIHLWDVQD$PpULFD/DWLQDHFXPSULXVHX
REMHWLYRSROtWLFRDWUDLURDSRLRFDPSRQrVSDUDRJRYHUQRH
FDQDOL]iORHPVLQGLFDWRVFRQWURODGRVHJHULGRVSHOR(VWDGRH
HPVHJXLGDSHORSDUWLGRGRPLQDQWH

$VVLP&iUGHQDVODQoRXDVEDVHVSDUDRDSDUHFLPHQWRGR35,HPFRPRXPD
DJUHPLDomRSROtWLFDTXHGHWLQKDRFRQWUROHHDSRLRGRVVLQGLFDWRVUXUDLV HPDLVWDUGHGRV
XUEDQRV YHQFHQGRFRPIDFLOLGDGHDVHOHLo}HV&RQIRUPHGL]HPDOJXQVDXWRUHVR35,
WRUQRXVHXPSDUWLGRFRUSRUDWL]DGR
0DV&iUGHQDVQmRSDURXSRUDt'LVSRVWRDWUDQVIRUPDURVWUDEDOKDGRUHVHPXPDPDVVD
DWLYDTXHFRODERUDVVHFRPR(VWDGRHPVHXSURFHVVRGHPRGHUQL]DomRRSUHVLGHQWH
PRGHUQL]RXDVOHLVRSHUiULDVHGHWHUPLQRXVHXFXPSULPHQWRDSHVDUGDVFUtWLFDVGD
EXUJXHVLDLQGXVWULDO$OpPGLVVRGHILQLQGRRVRSHUiULRVFRPRSDUWHIXQGDPHQWDOGD
VRFLHGDGHPH[LFDQDGHFUHWRXFRQVWLWXFLRQDORGLUHLWRjVJUHYHV3DUDFRPSOHWDUVHX
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

SURFHVVRGHPRGHUQL]DomRGR0p[LFR&iUGHQDVHPGRLVDQRVDQWHVGRILQDOGHVHX
PDQGDWRQDFLRQDOL]RXRVSRoRVGHSHWUyOHRHQWmRSHUWHQFHQWHVDHPSUHVDVQRUWH
DPHULFDQDVVRESDJDPHQWRGHLQGHQL]Do}HV(PVHJXLGDIXQGRXD3HPH[HPSUHVD
HVWDWDOGHVWLQDGDjH[SORUDomRHFRPHUFLDOL]DomRGRyOHR(VWHIRLRSULQFLSDOLQYHVWLPHQWR
HVWDWDOQDLQG~VWULDGRSDtV1RVRXWURVVHWRUHVFRPREHQVGHFRQVXPRHPDTXLQDULDOHYH
RFDSLWDOHVWUDQJHLURGRPLQRX
2JRYHUQRGH&iUGHQDVSURFXURXLQVHULUR0p[LFRQXPDQRYDRUGHPVRFLDOHHFRQ{PLFDDR
PHVPRWHPSRTXHEXVFRXDQRUPDOL]DomRGRVDQVHLRVGDSRSXODomR HVSHFLDOPHQWHD
UXUDO SDUDSURPRYHURGHVHQYROYLPHQWRHDFRQVROLGDomRGRSRGHUQDVPmRVGDEXUJXHVLD
7DQWRpYHUGDGHTXHDSHVDUGDVFUtWLFDVVRIULGDVSRUFRQFHGHUPXLWRVGLUHLWRVDRV
WUDEDOKDGRUHVIRLGXUDQWHVHXJRYHUQRTXHDLQG~VWULDPH[LFDQDFRQKHFHXVHXSULPHLUR
JUDQGHLPSXOVRUXPRDRFUHVFLPHQWR(PERUDFRPRXPERPOtGHUSRSXOLVWDFULWLFDVVHR
FDSLWDOHVWUDQJHLURHDH[SORUDomRTXHHOHDFDUUHWDYD&iUGHQDVLQFHQWLYRXVXDSDUWLFLSDomR
HPVHWRUHVLPSRUWDQWHVGDHFRQRPLD$OpPGLVVRFRPR3HUyQDWUHORXRVWUDEDOKDGRUHVDR
(VWDGRFHQWUDOL]DQGRRSRGHUHDVFODVVHVVRFLDLVQHVWDLQVWLWXLomRPDLRU0DVVXDJUDQGH
UHDOL]DomRIRLQRFDPSR&RQFHGHQGRWHUUDVDRVFDPSRQHVHVQXPDDPSODUHIRUPDDJUiULD
&iUGHQDVDWHQGHXRVDQVHLRVGHSURSULHGDGHTXHHFRDYDPGHVGHD5HYROXomR0H[LFDQD
HPDRPHVPRWHPSRTXHQmRPH[HXQRVODWLI~QGLRVTXHIRUPDYDPDEDVHGD
DJULFXOWXUDGRSDtV(POHYDQWDPHQWRIHLWRQRILQDOGHVHXJRYHUQRHP
SURSULHGDGHVFRQWURODYDPPLOK}HVGHKHFWDUHVGHWHUUDVRTXHPRVWUDTXHDUHIRUPD
QmRIRLFRPSOHWDHSDUWHGRFDPSHVLQDWRPH[LFDQRVHJXLXHPVHXHVWDGRGHSREUH]D
0HVPRVHPDOWHUDUDVHVWUXWXUDVEiVLFDVGDVRFLHGDGHFRQFHQWUDQGRRSRGHUQR35,H
GHILQLQGRDGRPLQDomREXUJXHVD&iUGHQDVSDVVRXjKLVWyULDFRPRRSULPHLUROtGHUGRSDtV
DSHQVDUHHVWLPXODUDSDUWLFLSDomRGRVWUDEDOKDGRUHVQDHFRQRPLDQDFLRQDO

2V'LWDGRUHV


$OIUHGR6WURHVVQHU 

6WURHVVQHU

8PGRVPLOLWDUHVPDLVGHVWDFDGRVGR3DUDJXDLQRVDQRV
HLQtFLRGRVTXDQGRVHWRUQRXFKHIHVXSUHPRGDV)RUoDV
$UPDGDV$OIUHGR6WURHVVQHUVHPSUHWHYHYHQHUDomRSHOR
SRGHUHSHODH[DOWDomRGHVXDSHVVRD3DUDREWrORQmR
PHGLXHVIRUoRVHHPFRPDQGRXXPJROSHPLOLWDUTXH
DSRLDGRSHORODWLIXQGLiULRVFODVVHGRPLQDQWHGRSDtVYHLRD
FRORFiORQRJRYHUQRHLQVWDODUDSULPHLUDGLWDGXUDPLOLWDUGH
XPDVpULHTXHGRPLQDULDRFRQWLQHQWHQRVDQRVH
$OpPGHUHIRUoDURFDUiWHUDJUtFRODGDHFRQRPLDSDUDJXDLD
IDYRUHFHQGRDFODVVHTXHROHYRXDRSRGHU6WURHVVQHU
WUDQVIRUPRXRSDtVQRSDUDtVRPXQGLDOGRFRQWUDEDQGR
FHQWUDOL]DGRHP&LXGDGGHO(VWHQDIURQWHLUDFRPR%UDVLO

$OLiVRGLWDGRUSDUDJXDLRVHPSUHWHYHQRVJRYHUQRVPLOLWDUHVEUDVLOHLURVXPDIRQWHGH
DSRLRDVHXJRYHUQRDPDLRUSURYDGHVVDVERDVUHDo}HVpDFRQVWUXomRFRQMXQWDGDXVLQD
GH,WDLSXLQDXJXUDGDHPHTXHDEDVWHFHRVGRLVSDtVHV1RSODQRLQWHUQRRGLWDGRU
VHPSUHFRPRUHIRUoRGR([pUFLWRHGR3DUWLGR&RORUDGRTXHFRQWURODDWpKRMHDFHQD
SROtWLFDSDUDJXDLDSURFXURXFDODUDVRSRVLo}HVHVTXHUGLVWDVVHMDSRUPHLRGRH[tOLRGDV
SULV}HVHGDPRUWH2VVLQGLFDWRVVHWRUQDUDPLOHJDLVHDVPDQLIHVWDo}HVGHUXDSURLELGDV
VREDPHDoDGHSULVmR
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

1RHQWDQWRRUHJLPHGH6WURHVVQHUFRPHoRXDVHHQIUDTXHFHUQRILQDOGRVDQRVMXQWR
FRPWRGDVDVGLWDGXUDVODWLQRDPHULFDQDVTXDQGRRV(8$TXHDWpHQWmRHUDPRSULQFLSDO
VXVWHQWiFXORGHVVHVJRYHUQRVSDVVDUDPDFULWLFDUVXDVSROtWLFDVUHSUHVVLYDVHRVDEXVRV
FRQWUDRVGLUHLWRVKXPDQRV$RVSRXFRVDVRSRVLo}HVVHUHDFHQGHUDPQR3DUDJXDL
DVVRFLDGDVDSURWHVWRVSRSXODUHVFRQWUDDSREUH]DRGHVHPSUHJRHSRUHOHLo}HVOLYUHV2
JRYHUQRWHYHGHFHGHUHHPDDQLVWLDIRLFRQFHGLGDDRVH[LODGRVSROtWLFRV'LDQWHGD
LQVWDELOLGDGHGDVLWXDomRDDODPDLVPRGHUDGDGRVPLOLWDUHVUHWLURXVHXDSRLRD6WURHVVQHU
HKRXYHXPUDFKDQR3DUWLGR&RORUDGRQDVIDFo}HVPRGHUDGDTXHGHIHQGLDD
FRQWLQXLGDGHGRGLWDGRUQRFRPDQGRHWUDGLFLRQDOLVWDGHIHQVRUDGHXPDSHTXHQD
DEHUWXUDSDUDJDUDQWLURSRGHUSHODYLDHOHLWRUDO3HUVRQDOLVWD6WURHVVQHUQmRDFHLWRXGHL[DU
RJRYHUQRHSDUDPRVWUDUTXHDLQGDWLQKDIRUoDFRORFRXQDUHVHUYDRJHQHUDO$QGUpV
5RGUtJXH]RVHJXQGRKRPHPIRUWHQRSDtV(VVHDWRRFRUULGRHPMDQHLURGHS{VXP
SRQWRILQDOjGLWDGXUD$IDFomRWUDGLFLRQDOLVWDDOLDGDGH5RGUtJXH]REWHYHRDSRLRGDV
WURSDVGHFDYDODULDGR([pUFLWRHLQYDGLXR3DOiFLR3UHVLGHQFLDOQRPrVVHJXLQWHREULJDQGR
6WURHVVQHUDUHQXQFLDUHVHH[LODUQRJUDQGHDOLDGRGHVHPSUHR%UDVLO+RMHPRUDQGRHP
%UDVtOLD6WURHVVQHUYLYHDSHVDUGRVSUREOHPDVGHVD~GHWUDQTLODPHQWHHQDLPSXQLGDGH
+iRLWRDQRVIRLFRQGHQDGRjSULVmRSHODMXVWLoDSDUDJXDLDSRUSDUWLFLSDomRHP
DVVDVVLQDWRVPDVFRPRpWUDGLFLRQDOQD$PpULFD/DWLQDQDGDRFRUUHXDHOH


-RUJH5DIDHO9LGHOD 

9LGHOD

0LOLWDUGHIRUPDomRWUDGLFLRQDOHDQWLFRPXQLVWD9LGHODIRL
XPGHVWDFDGRDOXQRGR(VFROD1DFLRQDOGDV)RUoDV
$UPDGDV6XDOHDOGDGHDRVFRPDQGDQWHVHFRUDJHPQD
UHSUHVVmRjVPDQLIHVWDo}HVGHHVWXGDQWHVGXUDQWHD
GLWDGXUDPLOLWDUQRVDQRVOKHUHQGHUDPDQRPHDomRSDUD
DVFKHILDVGR([pUFLWRDUJHQWLQRHPHGDV)RUoDV
$UPDGDVHP8PDQRGHSRLVGLDQWHGDJUDYHFULVH
HFRQ{PLFDGRSDtVHGDLQVWDELOLGDGHSROtWLFDDLQGD
SURYRFDGDSHODPRUWHGH3HUyQ9LGHODOLGHURXXPJROSH
PLOLWDUTXHGHUUXERXDSUHVLGHQWH,VDEHOLWD3HUyQ1RSRGHU
RJHQHUDOWUDWRXGHHOLPLQDUDWRGRFXVWRRWHUURULVPRHDV
RSRVLo}HVDVHXUHJLPHSRUPHLRGRH[tOLRHSULQFLSDOPHQWH
GRVGHVDSDUHFLPHQWRVHPRUWHV

6HXJRYHUQRGHDpYLVWRSHOD2UJDQL]DomRGH'HIHVDGRV'LUHLWRV+XPDQRV
FRPRRTXHPDLVLQFHQWLYRXDSHUVHJXLomRFRQWUDSHVVRDVIRVVHPFRQWUDRUHJLPHRXQmR
8PUHODWyULRGHGD&RPLVVmR,QWHU$PHULFDQDGRV'LUHLWRV+XPDQRVDILUPDTXHQRV
TXDWURSULPHLURVDQRVGRPDQGDWRGH9LGHODPDLVGHDUJHQWLQRVKDYLDP
GHVDSDUHFLGRVRPHQWHQRSDtV0DLVWDUGHGHVFREULXVHTXHRJHQHUDOPDQWLQKDXPDUHGH
GHFRQH[}HVGHHVSLRQDJHPFRPD-XQWD0LOLWDUEROLYLDQDSHODTXDODPERVRVJRYHUQRV
GHQXQFLDYDPDVDWLYLGDGHVGHOtGHUHVRSRVLFLRQLVWDVTXHDWXDYDPQRVGRLVSDtVHV)RUDP
HVVDVSHUVHJXLo}HVHDVVDVVLQDWRVHPPDVVDTXHFULDUDPRPRYLPHQWRGDVPmHVGD3OD]D
GH0D\RTXHVHUH~QHPWRGDVDVTXLQWDVIHLUDVSDUDSURWHVWDUDWpKRMHSHORVXPLoRGH
VHXVILOKRV
0DV9LGHODQmRPRVWURXHILFLrQFLDDSHQDVQRFRPEDWHDVXSRVWRVRSRVLFLRQLVWDVHQDV
WiWLFDVSDUDVHPHDURPHGRQDSRSXODomR1RFDPSRHFRQ{PLFRHOHLQWHQVLILFRXDFULVHMi
H[LVWHQWHGHVRUJDQL]DQGRDSURGXomRLQGXVWULDOFRPDIDOWDGHLQYHVWLPHQWRVHVWDWDLVHD
SHUGDGHFDSLWDLVLQWHUQDFLRQDLVTXHQmRREWLQKDPJDUDQWLDGHUHWRUQRHPXPFOLPDSROtWLFR
WmRLQVWiYHO3DUDFRPEDWHUDLQIODomRDUURFKRXRVVDOiULRVJHUDQGRLQVDWLVIDomRQRV
WUDEDOKDGRUHVXUEDQRVFXMDVPDQLIHVWDo}HVIRUDPUHSULPLGDVSHOR([pUFLWR$WRWDO
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

DXVrQFLDGHOLEHUGDGHGHH[SUHVVmRHVHJXUDQoDIRUDPVHQGRGLYXOJDGRVDRUHGRUGR
PXQGRHDWUDLQGRRSURWHVWRGHYiULRVSDtVHVDRPHVPRWHPSRHPTXHDFULVHLQWHUQD
WRQDYDLQFRQWUROiYHODUHYROWDSRSXODU$VDtGDGRVPLOLWDUHVIRLVDFDU9LGHODGRSRGHUH
FRORFDUXPSUHVLGHQWHWDPSmR/HRSROGR*DOWLHULTXHDOpPGHLQYDGLUDVLOKDV0DOYLQDVHP
FRQYRFRXHOHLo}HVOLYUHVXPDQRGHSRLV
9LGHODDSULQFtSLRSDJRXSRUVHXVFULPHV2SUHVLGHQWHHOHLWR5DXO$OIRQVtQROHYRXD
MXOJDPHQWRQRTXDOIRLFRQGHQDGRjSULVmR1RHQWDQWRPLOLWDUHVGHVFRQWHQWHVFRPD
PHGLGDSUHVVLRQDUDPRJRYHUQRH[LJLQGRDDQLVWLDSDUDRJHQHUDO)RLOKHFRQFHGLGDD
SULVmRGRPLFLOLDUHP2VSURWHVWRVPLOLWDUHVFRQWLQXDUDPHDDPHDoDGHXPQRYR
JROSHFDVR9LGHODQmRIRVVHOLEHUWDGRWDPEpP4XDWURDQRVPDLVWDUGHRQRYRSUHVLGHQWH
&DUORV0HQHQFRQFHGHXDQLVWLDWRWDODRH[GLWDGRUHYLWDQGRSUREOHPDVFRPDF~SXODPLOLWDU
SDUDUHDOL]DUXPJRYHUQRWUDQTLOR1RHQWDQWRDPRUWHQmRODUJDDYLGDGH9LGHOD(P
XPMXL]IHGHUDORUGHQRXQRYDPHQWHVXDSULVmRSRUSDUWLFLSDomRQRVHTHVWURH
GHVDSDUHFLPHQWRGHFULDQoDVGXUDQWHVHXJRYHUQR
0RUWHVPHGRHGHVDSDUHFLPHQWRVFRPRHL[RGHJRYHUQR6HUHOHPEUDVVHVHXSDVVDGR
9LGHODSRGHULDPRVWUDUDRPXQGRTXHHOHMiSUHYLUDDXWLOL]DomRGHVVHWULSpFDVRIRVVHR
JRYHUQDQWHGD$UJHQWLQD$ILQDOHPQD;,&RQIHUrQFLDGRV([pUFLWRV$PHULFDQRVHP
0RQWHYLGpXHOHGLVVHSURIHWLFDPHQWH6HIRUSUHFLVRQD$UJHQWLQDGHYHUmRPRUUHUWRGDVDV
SHVVRDVQHFHVViULDVSDUDORJUDDVHJXUDQoDGRSDtV

8PDFRQFOXVmR

&RPRVHYrDKLVWyULDGD$PpULFD/DWLQDpGLYHUVD0DV
VHJXHXPDOLQKDFODUDDGDRSUHVVmRLQLFLDGDTXDQGR
&RORPERHVXDVQDXVSLVDUDPQDVWHUUDVGR&DULEH
RSUHVVmRTXHGL]LPRXDVSRSXODo}HVLQGtJHQDVHLQVWLWXLXR
FDUiWHUHFRQ{PLFRHH[SRUWDGRUGDVVRFLHGDGHVODWLQR
DPHULFDQDVRTXDOHODVDLQGDQmRSHUGHUDP$WpKRMHDV
GHVLJXDOGDGHVVRFLDLVTXHVHPXOWLSOLFDPQHVVHVSDtVHV
DOLDGDVDPRYLPHQWRVGHJXHUULOKDFLYLOFULVHVHFRQ{PLFDV
FtFOLFDVHGHSHQGrQFLDGRVPHUFDGRVLQWHUQDFLRQDLV
FDUDFWHUL]DPDIRUPDomRVRFLDOGHVWDVWHUUDVHVmRRJUDQGH
GHVDILRDVHUHQIUHQWDGRQRVpFXOR;;,DSURSRVWDGHURPSHU
FRPRGHVHQYROYLPHQWRUHJXODGRRXDVXEPLVVmRH[WUHPD
SDUDVHFRQVWUXLUXPFUHVFLPHQWRDXW{QRPRHLQWHJUDGRHQWUH
WRGDVDVQDo}HVFRQWLQHQWDLVRPHVPRVRQKRGH6LPyQ
%ROtYDUTXDQGRKiTXDVHGRLVVpFXORVDWUiVLQLFLRXRV
PRYLPHQWRVGHOLEHUWDomRTXHUHVXOWDUDPQRVDWXDLVSDtVHV
TXHFRPS}HPD$PpULFD/DWLQD

&KH*XHYDUD

$XWRSLDUHYROXFLRQiULDQmRPRUUHXQDV
UHYROXo}HVFLWDGDVDRORQJRGHVWHWH[WR
HODSURVVHJXHQDOXWDGRV]DSDWLVWDVQR
0p[LFRDSHVDUGDYLROHQWDRSUHVVmRGR
JRYHUQRPH[LFDQRHQRUHWRUQRGRV
VDQGLQLVWDVDRSRGHUQD1LFDUiJXD
FRQTXLVWDQGRDVSULQFLSDLVSUHIHLWXUDVGR
SDtVQDVUHFHQWHVHOHLo}HV$KLVWyULD
PRVWUDTXHQmRKiFDPLQKRV
LQDOWHUiYHLV3HORFRQWUiULRDUHVLVWrQFLD
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

FRQWUDDVGLILFXOGDGHVHRGHVHMRGRV
KRPHQVHPPXGDUVXDWUDMHWyULDID]FRP
TXHSRXFRDSRXFRRTXDGURVRFLDO
PXGH2LQIHUQRHFRQ{PLFRDUJHQWLQRR
DXPHQWRGDSREUH]DQR%UDVLOHD
FRPSOLFDGDFRQMXQWXUDSROtWLFDSHUXDQD
HQWUHRXWURVIDWRVDSHQDVFRPSURYDP
TXHRFRQWLQHQWHWHPTXHUHIOHWLUVREUHR
TXHHVWiHUUDGRQHVWDWUDMHWyULD

=DSDWLVWDVPH[LFDQRV

'LVFXWLUDOJXQVGHVVHVWySLFRVIRLRSURSyVLWRGHVWHWH[WRDILQDOFRPRGL]LD
RKLVWRULDGRUIUDQFrV/XFLpQ*ROGPDQQpROKDQGRRSDVVDGRTXHSRGHPRV
PHOKRUDURSUHVHQWHHRIXWXUR1RFDVRRRSUHVVRUSDVVDGRODWLQR
DPHULFDQRPDUFDGRSHORLPSHULDOLVPRHXURSHXHQRUWHDPHULFDQRHSHOD
GHVLJXDOGDGHVRFLDOSRGHVHUYLUFRPREDVHSDUDXPDWUDQVIRUPDomR
JHQHUDOL]DGDQRFRQWLQHQWH$UHYROXomRYLUiGDUHYROWDGDVFODVVHV
KLVWRULFDPHQWHRSULPLGDV$$PpULFDQmRVHOLEHUWDUiGHVXDDJRQLDSRUPHLR
GHKHUyLVSHUVRQDOLVWDVHGHPDJyJLFRVPDVVLPFRPDPRELOL]DomRGDV
PDLRULDVLQFHQWLYDGDSHODGLVFXVVmRGDUHDOLGDGHFRQWLQHQWDOSRGHUi
6XEFRPDQGDQWH SURYRFDUWDLVPXGDQoDVKiPXLWRWHQWDGDV2REMHWLYRGHVWDUHYLVWDp
0DUFRVOtGHU IRPHQWDUWDOGLVFXVVmRHUHIOHWLUVREUHHVWDWHUUDTXHFRPRGLVVH(GXDUGR
*DOHDQRQmRQDVFHXDPDOGLoRDGDHVLPFRQYHUWLGDjPDOGLomRFDEHDQyV
]DSDWLVWD
ODWLQRDPHULFDQRVLQYHUWHURTXDGUR
%LEOLRJUDILDUHFRPHQGDGD
*$/($12(GXDUGR$VYHLDVDEHUWDVGD$PpULFD/DWLQD6mR3DXOR(GLWRUD3D]H7HUUD

:$66(50$1&ODXGLD FRRUGHQDomR +LVWyULDGD$PpULFD/DWLQD&LQFR6pFXORV3RUWR
$OHJUH(GLWRUDGD8QLYHUVLGDGH
%20),00DQXHO$PpULFD/DWLQDPDOHVGHRULJHP6mR3DXOR(GLWRUD3D]H7HUUD
&+,$9(1$72-~OLR-RVp%ROtYLDFRPDSyOYRUDQDERFD6mR3DXOR(GLWRUD%UDVLOLHQVH

),/+22PDUGH%DUURV%ROtYLDYRFDomRHGHVWLQR6mR3DXOR(GLWRUD9HUVXV
6$'(5(PLU$5HYROXomR&XEDQD6mR3DXOR(GLWRUD%UDVLO8UJHQWH
6$'(5(PLU&XED&KLOH1LFDUiJXDVRFLDOLVPRQD$PpULFD/DWLQD6mR3DXOR$WXDO
(GLWRUD
35$'20DULD/tJLD23RSXOLVPRQD$PpULFD/DWLQD6mR3DXOR(GLWRUD%UDVLOLHQVH
&ROHomR7XGRp+LVWyULD
5266,&OyYLV0LOLWDULVPRQD$PpULFD/DWLQD6mR3DXOR(GLWRUD%UDVLOLHQVH
KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO





$PpULFD/DWLQDDQRVGHRSUHVVmRHXWRSLDUHYROXFLRQiULD

&ROHomR7XGRp+LVWyULD
%5,*12/,+pFWRU3pUH]$PpULFD&HQWUDOGDFRO{QLDjFULVHDWXDO6mR3DXOR(GLWRUD
%UDVLOLHQVH&ROHomR7XGRp+LVWyULD
'H&+$1&,(-RKQ3HUyQ6mR3DXOR(GLWRUD1RYD&XOWXUDO&ROHomR2V*UDQGHV
/tGHUHV

KWWSZZZNOHSVLGUDQHWNOHSVLGUDDPHULFDKWPO



Você também pode gostar