Você está na página 1de 9



(19(/+(&,0(1726$8'9(/

5(9,67$'$8)*7HPD0(/+25,'$'(
UJmRGHGLYXOJDomRGD8QLYHUVLGDGH)HGHUDOGH*RLiV$QR91RGH]HPEURGH

=$1,1,&52(QYHOKHFLPHQWRVDXGiYHORFDQWDUHDJHURQWRORJLDVRFLDO5HYLVWDGD8)*9RO1R
GH]RQOLQH ZZZSURHFXIJEU

(19(/+(&,0(1726$8'9(/2&$17$5($*(52172/2*,$
62&,$/
&ODXGLD5HJLQDGH2OLYHLUD=DQLQL


5(6802,QWURGX]VHXPQRYRFRQFHLWR&RUR7HUDSrXWLFRFRQGX]LGRSRUXPPXVLFRWHUDSHXWD$SUHVHQWDPVH
DOJXQVGDGRVGHXPDSHVTXLVDTXDOLWDWLYDHQYROYHQGR0XVLFRWHUDSLDH*HURQWRORJLD$FROHWDGHGDGRVEDVHRX
VHHPILFKDVPXVLFRWHUiSLFDVUHODWyULRVJUDYDo}HVILOPDJHQVGHSRLPHQWRVSRUHVFULWRHHQWUHYLVWDVILOPDGDV
WRGRV GHYLGDPHQWH DXWRUL]DGRV $ DQiOLVH GRV GDGRV EDVHRXVH QR SDUDGLJPD IHQRPHQROyJLFR &RQFOXLXVH
DSyVDQiOLVHGRIHQ{PHQRSHVTXLVDGRTXHWUrVHVVrQFLDVVHUHYHODUDPGHSUHHQGLGDVGRIHQ{PHQRSHVTXLVDGR
RFDQWDUpPHLRSDUDDXWRH[SUHVVmRHDXWRUHDOL]DomRDVFDQo}HVUHYHODPDVXEMHWLYLGDGHH[LVWHQFLDOLGDGH
LQWHUQD GR VHU H D DXWRFRQILDQoD GR VHU SDUWLFLSDQWH GR &RUR 7HUDSrXWLFR ID] FRP TXH HOH WHQKD
H[SHFWDWLYDVSDUDRIXWXUR)LQDOPHQWHFRQVLGHURXVHTXHRPXVLFRWHUDSHXWDSDUDDWXDUHP*HURQWRORJLDGHYH
UHSHQVDUVXDUHODomRFRPDVP~OWLSODVIDFHVGRWHPSR
3$/$95$6&+$9(&RUR7HUDSrXWLFR0XVLFRWHUDSLD*HURQWRORJLDH)HQRPHQRORJLD

,1752'8d2
4XHP QmR VH OHPEUD GH UHFHEHU DJUDGRV GH VHXV DYyV" 4XHP  SRGH DILUPDU TXH QXQFD
LPDJLQRX DFRPSDQKDU R SURFHVVR GH HQYHOKHFLPHQWR GH VHXV SDLV"  4XHP Mi REVHUYRX
VXDV PXGDQoDV FRUSRUDLV DWUDYpV GRV DQRV H VH LPDJLQRX FRP RV FDEHORV SUDWHDGRV"
$TXHOHVTXHUHVSRQGHPQHJDWLYDPHQWHDHVWDVTXHVW}HVSURYDYHOPHQWHGHYHPVHSUHSDUDU
SDUDRSURFHVVRLQHYLWiYHOTXHpRDPDGXUHFLPHQWRGRVHUKXPDQRRHQYHOKHFLPHQWRDV
SHUGDV ItVLFDV RV JDQKRV GH H[SHULrQFLDV D VDEHGRULD H PXLWDV RXWUDV FDUDFWHUtVWLFDV
SRVLWLYDVHRXQHJDWLYDV
(VWHV FRQKHFLPHQWRV HVWD H[SHULrQFLD GH YLGD SUHFLVD VHU YDORUL]DGD $ YHOKLFH GHYH VHU
HQWHQGLGDFRPRXPDHWDSDGDYLGDGDPHVPDIRUPDTXHWHPRVDLQIkQFLDDDGROHVFrQFLD
HDPDWXULGDGH6mRIDVHVHWDSDVGDYLGDQDVTXDLVDFRQWHFHPPRGLILFDo}HVTXHDIHWDPD
UHODomRGRLQGLYtGXRFRPRPHLRFRPRRXWURHFRPHOHPHVPRGHQWURGHXPGHWHUPLQDGR
RXJHUDOPHQWHLQGHWHUPLQDGRWHPSR3RUTXHLQGHWHUPLQDGR"1DYHUGDGHTXDLVVmRHVVHV
WHPSRV"([LVWHPP~OWLSODVGLPHQV}HVGRWHPSRSDUDWRGRVHUKXPDQRHDUHODomRGHFDGD
LQGLYtGXR FRP HVWDV GLPHQV}HV OHYD D KLVWyULDV GLIHUHQFLDGDV GH YLGD 3RGHVH LQGDJDU
&RPR XP LQGLYtGXR FKHJD j YHOKLFH D XPD LGDGH PDLV DYDQoDGD" 4XDLV DV VXDV
FDUDFWHUtVWLFDV SHVVRDLV" +i DOJXPD SDWRORJLD LQVWDODGD" 7HP XPD YLGD VRFLDO DWLYD"
$OJXPDKDELOLGDGHIRLSHUGLGDRX HVWi HP SURFHVVR GH GHJHQHUDomR" ( D PHPyULD FRPR
HVWi"eXPDYHOKLFHEHPVXFHGLGD"
6HJXQGR1HUL  S   YHOKLFH EHPVXFHGLGD p XPD FRQGLomR LQGLYLGXDO HJUXSDOGH
EHPHVWDUItVLFRHVRFLDOUHIHUHQFLDGDDRVLGHDLVGDVRFLHGDGHjVFRQGLo}HVHDRVYDORUHV
H[LVWHQWHV QR DPELHQWH HP TXH R LQGLYtGXR HQYHOKHFH HjV FLUFXQVWkQFLDVGH VXDKLVWyULD
SHVVRDOHGHVHXJUXSRHWiULR
1D EXVFD SRU DOJXPDV GHVWDV UHVSRVWDV DFLPD H SULRUL]DQGR D PHOKRULD GD TXDOLGDGH GH
YLGD GR LGRVR IUHQWH DR PHLR HP TXH YLYH H DRV GHVDILRV TXH HQFRQWUD QD VRFLHGDGH
EUDVLOHLUD FULRXVH R &RUR 7HUDSrXWLFR XPD DWLYLGDGH TXH YHP VHQGR GHVHQYROYLGD Ki
KWWSZZZSURHFXIJEUUHYLVWDBXIJLGRVRVDXGDYHOKWPO





(19(/+(&,0(1726$8'9(/

FHUFDGHRLWRDQRVVHQGRFRQGX]LGDSRUXPDPXVLFRWHUDSHXWDDXWRUDGHVWHWUDEDOKR
$iUHD GR (QYHOKHFLPHQWR H 6D~GH 0HQWDO p XP GRV FDPSRV GH HVWXGRV H GHEDWHV PDLV
UHOHYDQWHV QR FDPSR GD (SLGHPLRORJLD QHOD D 6tQGURPH &HUHEUDO 2UJkQLFD 6&2  H D
GHSUHVVmR VmR GRLV GRV PDLV LPSRUWDQWHV GLVW~UELRV REVHUYDGRV QD FRPXQLGDGH HQWUH RV
LQGLYtGXRVGD7HUFHLUD,GDGH
9HUDV   DOHUWD SDUD R IDWR GH TXH HVWDV GRHQoDV UHSHUFXWHP QmR Vy QR FDPSR GD
VD~GHPDVWrPLPSRUWDQWHVFRQVHTrQFLDVGHRUGHPVRFLDOQXPVHQWLGRDPSOR7DPEpP
UHSHUFXWHP QD YLGD GH FDGD LQGLYtGXR H GH VXD  IDPtOLD 2 DXWRU H[SOLFD&RPSUHHQGHVH
SRU 6&2 R FRPSURPHWLPHQWR GDV IXQo}HV FRUWLFDLV LQFOXLQGR PHPyULD GD FDSDFLGDGH GH
VROXFLRQDUSUREOHPDVFRWLGLDQRVGDKDELOLGDGHPRWRUD GD OLQJXDJHP H FRPXQLFDomR H GR
FRQWUROHGDVUHDo}HV HPRFLRQDLV1mRKi WXUYDomR GD FRQVFLrQFLD >@ $ GHSUHVVmR LQFOXL
DVFDWHJRULDVQRVROyJLFDVGHSUHVVmRPDLRUHGLVWLPLD S
2EVHUYDVH XPD FUHVFHQWH QHFHVVLGDGH GH DWHQomR D HVWD IDL[D HWiULD 1HVWH kPELWR WrP
VXUJLGR Do}HV QXPD SHUVSHFWLYD GH FULDU FRQGLo}HV SDUD R UHVJDWH GD FLGDGDQLD (VWD
FRH[LVWrQFLD YROXQWiULD Mi p IXQGDPHQWDGD SRU $XJUDV TXH HP  DILUPDYD TXH R
PXQGRKXPDQRpHVVHQFLDOPHQWHGHFRH[LVWrQFLD2KRPHPGHILQHVHFRPRVHUVRFLDOHR
FUHVFLPHQWRLQGLYLGXDOGHSHQGHHPWRGRVRVDVSHFWRVGRHQFRQWURFRPRVGHPDLV S
7DPEpP=DQLQL S UHVVDOWDTXHRFDQWDUQD7HUFHLUD,GDGHSRGHSURSRUFLRQDUD
GHVFREHUWDGHQRYDVSRVVLELOLGDGHVSDUDRLQGLYtGXRSRLVH[LVWHPDWLYLGDGHVTXHGHL[DPRV
GHYLYHQFLDUQRGHFRUUHUGHQRVVDVYLGDVSRUIDOWDGHWHPSRSHORDF~PXORGHVWUHVVDOLDGR
jQHFHVVLGDGHGHVREUHYLYrQFLDHDWpPHVPRSRUQmRWHUPRVDFHVVRRXRSRUWXQLGDGH
2&RUR7HUDSrXWLFRpSRUWDQWRXPDQRYDDWLYLGDGHTXHVHSURS}HEDVHDGDQXPFRQFHLWR
QRYR GH FRUR 'i DR FRUR  DWLYLGDGH TXH FRP R SDVVDU GRV VpFXORV  WHP WLGR IXQo}HV
GLIHUHQFLDGDV DUWtVWLFD HGXFDFLRQDO HPSUHVDULDO   XPD IXQomR WHUDSrXWLFD FRP REMHWLYRV
WHUDSrXWLFRV(QYROYHXPDSURPLVVRUDiUHDGHDWXDomRSURILVVLRQDOSDUDRPXVLFRWHUDSHXWD
3HQVDQGRQD XWLOL]DomR GD P~VLFD FRP REMHWLYRV WHUDSrXWLFRV R WHPD HP HVWXGR HQYROYH
XP DVVXQWR QDV ~OWLPDV GpFDGDV EDVWDQWH DERUGDGR R HQYHOKHFLPHQWR GD SRSXODomR
PXQGLDOSULQFLSDOPHQWHHPQRVVRSDtVTXHVHJXQGRGHFODUDo}HVGD2UJDQL]DomR0XQGLDO
GH6D~GHWHUiQDVHJXQGDGpFDGDGHVWHPLOrQLRDVH[WDSRSXODomRPDLVLGRVDGRPXQGR
HDPDLRUGD$PpULFD/DWLQD (VWH GDGR GHFRUUH GR DXPHQWR QD H[SHFWDWLYD GH YLGD SRLV
FRP RV JUDQGHV DYDQoRV QDV iUHDV GD VD~GH R VHU KXPDQR SDVVD D WHU FDGD YH] PDLV
SRVVLELOLGDGHGHHVWHQGHUVXDORQJHYLGDGH
0RUHQR   FLWDGR SRU 5RGULJXHV  S  DILUPD HP FRQVRQkQFLD DRV WUDEDOKRV
UHDOL]DGRV FRP JUXSRV GH LGRVRV TXH D  FULDWLYLGDGH H SURGXWLYLGDGH FUHVFHP FRP PDLV
LQWHQVLGDGHHPJUXSRVEDVHDGRVHPDX[tOLRP~WXRGRTXHHPJUXSRVUHXQLGRVSRUDFDVR
RX HP JUXSRV FXMRV PHPEURV VmR PXWXDPHQWH KRVWLV 1R XQLYHUVR VRFLDO Ki XPD
SURGXWLYLGDGHDXWrQWLFD
$WXDOPHQWH VDEHVH TXH TXDQWR PDLV XPD SHVVRD H[HUFLWD VXD PHQWH PDLRUHV
SRVVLELOLGDGHV WHUi GH PDQWrOD iJLO H UHFHSWLYD SRUWDQWR DLQGD VXVFHWtYHO DR
GHVHQYROYLPHQWR

KWWSZZZSURHFXIJEUUHYLVWDBXIJLGRVRVDXGDYHOKWPO





(19(/+(&,0(1726$8'9(/

,GRVRVWRFDQGRQD6%3&*RLkQLD


*(52172/2*,$62&,$/80$5($(0(;3$162
$SDODYUD*HURQWRORJLDYHPGRJUHJRJHURQTXHVLJQLILFDYHOKRYHOKLFH)UDLPDQ 
S DILUPDTXH*HURQWRORJLDpXPDPDFURFLrQFLDTXHHVWXGDRHQYHOKHFLPHQWRQRVVHXV
P~OWLSORVDVSHFWRVELRSVLFRVVRFLDLVHQIRFDQGRWDQWRRVJUXSRVGHLGDGHVTXDQWRDVIDVHV
RXFLFORVGRGHVHQYROYLPHQWRKXPDQR(ODDFUHGLWDTXHHVWDpXPDSURSRVLomREHPPDLV
DEUDQJHQWHHLQWHJUDGRUDSRLVFRQYHUJHPSDUDD*HURQWRORJLDHVWXGLRVRVGHYiULDViUHDV
TXHVHLQWHUUHODFLRQDPQHFHVVDULDPHQWH
0DUWLQV'H6i S UHIHUHVHjFULDomRGD*HURQWRORJLDUHVVDOWDQGR
4XDQGR PHUJXOKDPRV QD GLPHQVmR KLVWyULFRVRFLDO GHVVD FLrQFLD RULJLQiULD GR LQtFLR GR
VpFXOR ;; FRP GHVHQYROYLPHQWR FUHVFHQWH QR SyVJXHUUD YHULILFDPRV GH PDQHLUD PDLV
FODUD VXD ILQDOLGDGH YROWDGD SDUD R DOFDQFH GD ORQJHYLGDGH H GD TXDOLGDGH GH YLGD QR
SHUtRGR GHQRPLQDGR GH YHOKLFH (VVD TXDOLGDGH p WUDGX]LGD SRU VD~GH LQGHSHQGrQFLD
FRQGLo}HVGHYLGDGRLGRVRGRSRQWRGHYLVWDItVLFRSVLFROyJLFRVRFLDOFXOWXUDO
6HJXQGR1HUL S WDPEpPFRPHQWDQGRDRULJHPGDJHURQWRORJLD
QD SULPHLUD GpFDGD GR VpFXOR ;; GRLV FLHQWLVWDV SURSXVHUDP D FULDomR GH GLVFLSOLQDV
YROWDGDV SDUD R HVWXGR GR HQYHOKHFLPHQWR (P  0HWFKQLFRII GHIHQGHX D LGpLD GD
QHFHVVLGDGHGHXPDQRYDGLVFLSOLQDFLHQWtILFDDJHURQWRORJLDQRPHFXQKDGRFRPEDVHHP
JHUR YHOKR HORJLD HVWXGRRXFRQKHFLPHQWR (PRPpGLFR1DVFKHULQWURGX]LXQD
OLWHUDWXUD R WHUPR JHULDWULD QHRORJLVPR FXQKDGR SDUD GHQRWDU R HVWXGR FOtQLFR GD YHOKLFH
DVVLPFRPRSHGLDWULDVLJQLILFDRHVWXGRFOtQLFRGDLQIkQFLD
$V TXHVW}HV ELRSVLFRVRFLDLV WrP VLGR SRQWRV GH FRQVWDQWHV HVWXGRV QD iUHD GD
JHURQWRORJLD SRLV WrP UHIOH[R GLUHWR QD YLYrQFLD GH FDGD VHU KXPDQR 3DUD &DUVWHQVHQ
$SXG 1(5,   WUrV WHRULDV H[SOLFDP D  UHGXomR GDV LQWHUDo}HV VRFLDLV QD YHOKLFH D
WHRULDGRDIDVWDPHQWRDWHRULDGDDWLYLGDGHHDGHWURFDVVRFLDLV$SULPHLUDVXVWHQWDTXHD
UHGXomRGRFRQWDWRVRFLDOUHSUHVHQWDXPPHFDQLVPRDGDSWDWLYRSRUPHLRGRTXDODSHVVRD
GLVVRFLDVH GD VRFLHGDGH H D VRFLHGDGH GLVVRFLDVH GD SHVVRD R DIDVWDPHQWR VRFLDO p
KWWSZZZSURHFXIJEUUHYLVWDBXIJLGRVRVDXGDYHOKWPO





(19(/+(&,0(1726$8'9(/

P~WXR H DGDSWDWLYR GR TXDO ID] SDUWH R GLVWDQFLDPHQWR HPRFLRQDO $ VHJXQGD WHRULD GD
DWLYLGDGHFRQWUDVWDFRPDSULPHLUDSRLVSUHVXPHTXHRVLGRVRVGHVHMDPPDQWHUFRQWDWRV
VRFLDLVPDVTXHVmRSUHMXGLFDGRVSHODVEDUUHLUDVItVLFDVHVRFLDLVLPSRVWDVSHODLGDGH$
WHRULD GDV WURFDV VRFLDLV  VXVWHQWD TXH RV OLPLWDGRV UHFXUVRV GD YHOKLFH FDXVDP XPD
GLPLQXLomRQDDPSOLWXGHGDVUHODo}HVVRFLDLV
&RPUHODomRjVWHRULDVSVLFROyJLFDVFOiVVLFDVGHHVWiJLRV1HUL  DVVLQDODTXHQmRKi
OXJDU SDUD XPD FRQFHSomR HYROXWLYD VREUH D YHOKLFH SRLV HVWmR LPEULFDGDV FRP DV
FRQFHSo}HVWUDGLFLRQDLVGDJHURQWRORJLDVHJXQGRDVTXDLVDYHOKLFHpVLQ{QLPRGHGRHQoD
LQFDSDFLGDGHHSHUGDV
&RUUrD   HYLGHQFLD XP SURFHVVR GH HQYHOKHFLPHQWR LQWHJUDGR HP TXH RV IDWRUHV
ELROyJLFRV VH VRPDP DRV DPELHQWDLV H DRV SVLFROyJLFRV QXPD YLVmR ELRSVLFRVVRFLDO GR
HQYHOKHFLPHQWR
$FUHGLWDVH TXH QmR Ki DSHQDV XPD PDV YiULDV GLPHQV}HV  GD LGDGH D VHUHP
FRQVLGHUDGDVSRUWRGRLQGLYtGXRSRLVGHDFRUGRFRPDPDQHLUDFRPTXHFDGDLQGLYtGXRVH
VLWXDIUHQWHjVGLPHQV}HVGRWHPSRHOHFRQGX]LUiRVHXYLYHU)UDLPDQ  FRPHQWDD
LGDGHFURQROyJLFDDELROyJLFDDVRFLDOHDH[LVWHQFLDO
(PFRQFRUGkQFLD FRP D DXWRUD FRQVLGHUDVH TXH D LGDGH FURQROyJLFD VRPHQWH QDGD QRV
UHYHOD VREUH D H[LVWrQFLD D SHUVRQDOLGDGH D LQWHOHFWXDOLGDGH D SURGXWLYLGDGH H D HQHUJLD
YLWDO$SHVVRDpPXLWRPDLVGRTXHDVLPSOHVH[SUHVVmRGHVXDVDWXDLVFRQGLo}HVItVLFDVH
GHVD~GHXPDYH]TXHDGLPHQVmRPHQWDOHH[SHULHQFLDOWDPEpPDJHPHVHPRGLILFDPD
FDGDLQVWDQWH )5$,0$1S
3DUD 5RGULJXHV  S   8UJHP PDLRUHV HVWXGRV TXH DQDOLVHP D YLYrQFLD GD
VXEMHWLYLGDGH QD YHOKLFH HVWLPXODQGR XP TXHVWLRQDPHQWR SURIXQGR TXH VH H[SUHVVH QDV
UHODo}HVHQWUHDVSHVVRDVHQRVSURJUDPDVJRYHUQDPHQWDLV
2&$17$52&2527(5$387,&2(2(19(/+(&,0(1726$8'9(/
                  2 DWR GH FDQWDU FRQWULEXL SDUD D HVWUXWXUDomR GR VHU KXPDQR FRODERUD QD
FRQVWUXomRFXOWXUDOHGHVHQYROYHKDELOLGDGHVDSUHQGLGDV3DUDFDQWDUDVD~GHHRHTXLOtEULR
SVLFROyJLFRVmRIXQGDPHQWDLV2H[HUFtFLRGRFDQWRpDSUiWLFDGDH[SUHVVmRGDPHPyULDH
HVWHVHQWUHRXWURVOHYDPjHVSRQWDQHLGDGH)HFKDQGRHVWHFtUFXORGHDUJXPHQWDo}HVYr
VHTXHRFDQWRpWHUDSrXWLFRSRLVQLQJXpPFDQWDDRDFDVR&RPRRVHUKXPDQRXVDDYR]"
3RU TXH R ID]" 2 TXH DFRQWHFH FRP R VHU KXPDQR DR XWLOL]DU VHX SUySULR LQVWUXPHQWR 
DSDUHOKRIRQDGRU"
&DQWDUpHQWUHDVDWLYLGDGHVDVHUHPGHVHQYROYLGDVQRVHWWLQJPXVLFRWHUiSLFRFRQVLGHUDGD
SRU PXLWRV SURILVVLRQDLV FRPR ULFD IRQWH SDUD SRVVLELOLWDU R GHVHQYROYLPHQWR GDV PDLV
GLYHUVDVKDELOLGDGHVKXPDQDV1ROLYURe3UHFLVR&DQWDU0LOOHFFR)LOKR%UDQGmR(0LOOHFFR
  YrP FRPSDUWLOKDU VXDV LPSRUWDQWHV H[SHULrQFLDV QD XWLOL]DomR GH FDQo}HV HP
0XVLFRWHUDSLD$ILUPDP
2 FDQWR p XP HOHPHQWR HVWUXWXUDQWH SDUD R VHU KXPDQR >@ 2 KRPHP YHP HQWmR
H[SUHVVDQGRVH PXVLFDOPHQWH DWUDYpV GD YR] QRV FDQWRV GH WUDEDOKR QRV FkQWLFRV
JXHUUHLURV QRV FDQWRV UHOLJLRVRV RX VDFURV QRV DFDODQWRV GH PmHV RX SDLV HPEDODQGR
ILOKRVQDVIHVWDVQRVMRJRVQDFU{QLFDVRFLDOGHpSRFDQDVySHUDVDVVRFLDQGRGUDPDVH
PLWRV DR FDQWR QDV FDQo}HV SRSXODUHV (QILP HP VXDV DWLYLGDGHV WDOYH] DV PDLV
VLJQLILFDWLYDVRVHUKXPDQRODQoDPmRGRFDQWDU S
3DUDTXHRPXVLFRWHUDSHXWDWUDEDOKHFRPDYR]FRPRFDQWDUDOpPGHSURFXUDUSHVTXLVDU
DV VLJQLILFDo}HV GHVWD H[SUHVVmR YRFDO QR SURFHVVR PXVLFRWHUiSLFR FRQVLGHUDVH
KWWSZZZSURHFXIJEUUHYLVWDBXIJLGRVRVDXGDYHOKWPO





(19(/+(&,0(1726$8'9(/

LPSUHVFLQGtYHOTXHREWHQKDPDLRUHVFRQKHFLPHQWRVDUHVSHLWRGHVWHLQVWUXPHQWRQDWXUDOGR
DSDUHOKR IRQDGRU H GR UHVSLUDWyULR SDUD TXH VHMD SRVVtYHO HYLWDU PDLRUHV HVIRUoRV H VH
QHFHVViULR GHYHUi VXJHULU DR SDFLHQWHFOLHQWH D EXVFD GH XP RXWUR SURILVVLRQDO
HVSHFLDOL]DGR VHMD QD ILVLRORJLD RX QR IXQFLRQDPHQWR XP RWRUULQRODULQJRORJLVWD HRX
IRQRDXGLyORJR
%UDFN  S   DILUPD TXH FDQWDU p GLIHUHQWH GH IDODU H FRPHQWD D FRPHoDU SHOR
FpUHEUR FXMDV FDPDGDV FRUWLFDLV VmR GLIHUHQFLDGDV QDV GXDV IXQo}HV $ IDOD H WXGR PDLV
TXH p DXWRPDWL]DGR HVWi DUPD]HQDGR HP FDPDGDV PDLV SURIXQGDV GR FyUWH[ FHUHEUDO 2
TXH p PDLV HODERUDGR FRPR WRFDU SLDQR H FDQWDU SRU H[HPSOR HVWi DUPD]HQDGR QDV
FDPDGDVPDLVVXSHUILFLDLV&RHOKR S GHVWDFDTXHDYR]pRUHVXOWDGRVRQRUR
GHXPLQVWUXPHQWRTXHH[LJHFXLGDGRV$QWHVGHWXGRXPDYR]VypERDVHSURYpPGHXP
RUJDQLVPRVDGLR>@7DPEpPDVD~GHHRHTXLOtEULRSVLFROyJLFRVmRIXQGDPHQWDLV
6HJXQGR &HUTXHLUD    R FRUSR H D YR] VmR LQVWUXPHQWRV GRV VHUHV KXPDQRV H
DVVLPFRPRRVLQVWUXPHQWRVPXVLFDLVHOHVSUHFLVDPVHUDILQDGRVSDUDWUDQVPLWLUDRPXQGR
WXGRRTXHWHPDH[SUHVVDU$DXWRUDSURS}HRWHUPRDILQDomRJOREDOGRVHUXPWUDEDOKR
DSRLDGR HP WpFQLFDV YRFDLV H FRUSRUDLV FRPR PHLR GH TXHEUDU UHVLVWrQFLDV RUJkQLFDV H
HPRFLRQDLVSDUDIDFLOLWDUDHQWUDGDHFXOPLQDUQRPXVLFRWHUDSrXWLFRLQGRDRHQFRQWURGDV
QHFHVVLGDGHVREMHWLYDVHVXEMHWLYDVGHFUHVFLPHQWRGRVHUKXPDQR
'LQYLOOH  DFUHGLWDTXHDYR]HDSHUVRQDOLGDGHHVWmRHVWUHLWDPHQWHUHODFLRQDGDVH
VmR LQVHSDUiYHLV SRLV  WUDGX]HP R VHU KXPDQR QD VXD WRWDOLGDGH (QWUH R FRUSR H D YR]
H[LVWH XPD tQWLPD UHODomR e FRP HOHV TXH R FDQWRU H[WHULRUL]D VXD DIHWLYLGDGH H
GHVHPSHQKDRSDSHOLQWHUPHGLiULRHQWUHRS~EOLFRHDREUDPXVLFDO
$YR]FRPRLPSRUWDQWHHOHPHQWRGDFRPXQLFDomRKXPDQDHUHIOH[RGRHVWDGRSVtTXLFRH
HPRFLRQDOWHPVLGRXWLOL]DGDQRVHWWLQJPXVLFRWHUiSLFRHP YiULDV WpFQLFDV GHVHQYROYLGDV
SRU GLYHUVRV PXVLFRWHUDSHXWDV QR DWHQGLPHQWR D iUHDV GH DWXDomR SURILVVLRQDO
GLIHUHQFLDGDV %UXVFLD    FRPHQWDQGR DV SRVVLELOLGDGHV GH DXWRH[SUHVVmR QR
SURFHVVR PXVLFRWHUiSLFR DILUPD TXH DR FDQWDUPRV RX WRFDUPRV LQVWUXPHQWRV OLEHUDPRV
QRVVD HQHUJLD LQWHUQD SDUDRPXQGRH[WHUQRID]HPRVQRVVRFRUSRVRDUGDPRVIRUPDVD
QRVVRV LPSXOVRV YRFDOL]DPRV R QmRGL]tYHO RX DV LGpLDV QmR SURQXQFLiYHLV H GHVWLODPRV
QRVVDVHPRo}HVHPIRUPDVVRQRUDVGHVFULWLYDV
$SyV HYLGHQFLDUPRV D LPSRUWkQFLD GR FDQWDU GDV FDQo}HV H GD XWLOL]DomR GD YR]
FRQVLGHUDPRV VHU RSRUWXQR GLVFXWLU DV UHODo}HV HQWUH HVWH LPSRUWDQWH LQVWUXPHQWR GH
FRPXQLFDomR H R SDSHO GR WHPSR RX VHMD DV WUDQVIRUPDo}HV GHFRUUHQWHV GR SDVVDU GRV
DQRV
%UDFN  S   DILUPD TXH $ YR] WDPEpP HQYHOKHFH SRUpP VH D SHVVRD WUDWRXD
FRP DWHQomR D TXDOLGDGH YRFDO SHUPDQHFHUi SRU PDLV WHPSR 'LQYLOOH  S   ID]
UHIHUrQFLDV DR DSDUHOKR UHVSLUDWyULR H jV PXGDQoDV QR DSDUHOKR IRQDGRU  RV HVIRUoRV
LPSRVWRV DRV yUJmRV GD UHVSLUDomR RX GD IRQDomR SRGHP FRP R SDVVDU GR WHPSR RX
EUXVFDPHQWHRFDVLRQDUSUREOHPDVRUJkQLFRV
&RVWDH6LOYD S FRPHQWDPTXHYiULRVIDWRUHVLQIOXHQFLDPQRHQYHOKHFLPHQWRGD
YR] +i RV SVLFROyJLFRV H QHXUROyJLFRV FRPR TXHGD GH PRWLYDomR VXUJLPHQWRGHQRYRV
PHGRV H GLILFXOGDGH GH FRQWUROH QHXUDO H HQGRFULQROyJLFRV DVVRFLDGRV j GLPLQXLomR GH
SURGXomRGHKRUP{QLRVPRGLILFDo}HVQDTXDOLGDGHGRHSLWpOLRGHUHYHVWLPHQWRGDODULQJHH
TXHGD GD FDSDFLGDGH SXOPRQDU 3DUD %HKODX H 3RQWHV   R LQtFLR H R JUDX GD
GHWHULRUDomRGHSHQGHPSDUWLFXODUPHQWHGHFDGDLQGLYtGXRGHVXDKLVWyULDGHYLGDDOpPGH
IDWRUHVFRQVWLWXFLRQDLVUDFLDLVKHUHGLWiULRVVRFLDLVHDPELHQWDLV4XDQGRDYR]pXWLOL]DGD
QDUHODomRWHUDSrXWLFDRFRQWDWRFRPRSDFLHQWHVHLQWHQVLILFDSRUJHUDUPDLRUSUR[LPLGDGH
HQWUHDPERV
KWWSZZZSURHFXIJEUUHYLVWDBXIJLGRVRVDXGDYHOKWPO





(19(/+(&,0(1726$8'9(/

&DEHUHVVDOWDUTXHTXDQGRKiDSRVVLELOLGDGHGHXQLURVWUrVWHPSRVSDVVDGRSUHVHQWHH
IXWXURDOFDQoDVHDLQWHJUDOL]DomRGRVHU(VWDXQLmRSRGHVHUSURSRUFLRQDGDSURSLFLDGDH
IDFLOLWDGDSHODP~VLFDOHYDQGRRPXVLFRWHUDSHXWDDYHUQmRRVHUTXHpYHOKRPDVRVHU
TXHpDVXDHVVrQFLD7HPVHDOpPGLVVRDFRQVFLrQFLDGHTXHTXDQWRPDLVXPDSHVVRD
H[HUFLWDVXDPHQWHPDLRUHVSRVVLELOLGDGHVWHUiGHPDQWrODiJLOHUHFHSWLYDSRUWDQWRDLQGD
VXVFHWtYHODRGHVHQYROYLPHQWRRTXHSRGHVHUREMHWLYDGRSHORSURILVVLRQDOHPTXHVWmRDR
WUDEDOKDUFRPRLGRVR
(PVHWUDWDQGRGRFDQWDUHPJUXSRREVHUYDVHTXHKiXPVLJQLILFDGRPXLWRHVSHFLDOSDUDD
PDLRULD GRV LGRVRV SRLV D SRVVLELOLGDGH GH UHFRQKHFHU VXDV SRWHQFLDOLGDGHV ID]FRPTXH
HVWHFDQWRWUDJDDDXWRH[SUHVVmRRDXWRFRQKHFLPHQWRHDDXWRUHDOL]DomRSRQWRVTXH
SDVVDPDVHUIRUWDOHFLGRVSHODVUHODo}HVLQWHUSHVVRDLVHVWDEHOHFLGDVQR&RUR7HUDSrXWLFR
3RGHVHHQXPHUDUDo}HVFRPRH[HUFtFLRVYRFiOLFRVFDQWDUP~VLFDVHVFROKLGDVSHORJUXSR
H[HUFtFLRV SDUD UHOD[DPHQWR H GH UHVSLUDomR MRJRV GH PHPyULD  H RXWUDV TXH VmR
GHVHQYROYLGDV QHVWH WUDEDOKR  &RUR 7HUDSrXWLFR REMHWLYDQGR RV VHJXLQWHV SRQWRV
YDORUL]DomR GD LGHQWLGDGH  YDORUL]DomR GD DXWRH[SUHVVmR HVWtPXOR DR FRQKHFLPHQWR GR
FRUSR SRU PHLR GRV H[HUFtFLRV  GH UHOD[DPHQWR H GH UHVSLUDomR  UHODomR FRUSR  YR]
HPRomRPHOKRUDGDVUHODo}HVLQWUDHLQWHUSHVVRDLVDPSOLILFDomRGDYR]UHYLJRUL]DomRGR
DSDUHOKR IRQDGRU H SUHYHQomR GH SUREOHPDV GH VD~GH PHQWDO GHPrQFLDV H SHUGDV GH
PHPyULD
4XDQWRjSRVWXUDXWLOL]DGDGHWHUDSHXWDKXPDQLVWDREVHUYDVHRUHVSHLWRTXHVHGHYHWHU
DR WHPSR GH FDGD SDUWLFLSDQWH FRQVLGHUDQGR  DV GLPHQV}HV GD LGDGH FURQROyJLFD GD
ELROyJLFD GD H[LVWHQFLDO H DV GHPDLV $V H[SHULrQFLDV YLYLGDV H R PRGR GH YHU R PXQGR
WUD]HPVXEMHWLYLGDGHHFRPSOH[LGDGHDRVHUKXPDQR2VHXFDQWDUpXPUHIOH[RGHVWHWRGR
H[LVWHQFLDO 1D FRQGXomR GR JUXSR D PXVLFRWHUDSHXWD SURS}H LGpLDV MRJRV DWLYLGDGHV 
RXYHRSLQL}HV FRPRVHYHVWLUSDUDDDSUHVHQWDomRFRPRVXELUDRSDOFRRTXHDFKDUDPGR
HQFRQWURDXOD GR GLD  DFDWD LGpLDV VXJHVWmR GH UHSHUWyULR P~VLFDV D UHFRUGDU  H Gi
RSLQL}HV  FRPHQWD SRU H[HPSOR D LPSRUWkQFLD GH FDQWDU HP JUXSR   0XVLFRWHUDSHXWD
FRQGXWRUD GD DWLYLGDGH  H JUXSR SDUWLFLSDQWHV GR &RUR  WUDoDP REMHWLYRV FRPXQV H
SODQHMDP PRPHQWRV IXWXURV D SDUWLU GD UHDOLGDGH SUHVHQWH 2EVHUYDVH GXUDQWH WRGR R
SURFHVVR FRQILDQoD H UHVSHLWR SHOR JUXSR FRP UHODomR j WRPDGD GH GHFLV}HV VREUH R
PHVPR SRUH[HPSORDRGHFLGLUDFHLWDURXQmRXPFRQYLWHSDUDDSUHVHQWDomR 
3DUD 5LEHLUR  S   R HQFRQWUR FOLHQWHWHUDSHXWD VHUi VHPSUH XP HQFRQWUR GH
SHVVRDV 2 WHUDSHXWD GHYH VHQWLU DIHWLYD H HPRFLRQDOPHQWH R FOLHQWH SHUFHEHQGRR FRPR
XPWRGRLQWHJUDGR$UHODomRpVHPSUHXPHQFRQWURGHWRWDOLGDGH
(VWHHQFRQWURHVWDFRPSUHHQVmRQR&RUR7HUDSrXWLFRVmRYLDELOL]DGRVSULQFLSDOPHQWHQD
HVFXWD GD PXVLFRWHUDSHXWDFRQGXWRUD DR YDORUL]DU DV GLIHUHQWHV IRUPDV GH H[SUHVVmR R
FDQWDU DV PHQVDJHQV RV WH[WRV GH DXWRULD SUySULD IDWRV GR FRWLGLDQR TXHL[DV SLDGDV
PHPyULDV H RSLQL}HV   WUD]LGDV SHORV SDUWLFLSDQWHV GR JUXSR $SUHVHQWDVH D VHJXLU
UHFRUWHVGHHQWUHYLVWDVHGHSRLPHQWRVGHLGRVRVWUDQVFULWRVQRGHFRUUHUGHXPDSHVTXLVD
IHQRPHQROyJLFDVREUHR&RUR7HUDSrXWLFR
0LQKDYR]SDUHFHTXHPHOKRURXPHOKRURXDPLQKDPHQWHWXGRHX DFKR TXH PHOKRURX
FRPD2ILFLQDDPHPyULDDGLFomRPHOKRURXPXLWR $ 6HQmRWLYHVVHTXHYLUILFDYDHP
FDVD TXLHWD $VVLP YRFr p REULJDGD D DJLU VH DSURQWDU WRPDU R FDUUR H VHJXLU QmR p"
$9 HPFDVDHXPHUHVHUYRPXLWRPDVDTXLPHUHDOL]ReWHUDSLDSRUTXHDTXHOHpR
PRPHQWRHVSHUDGRSRUPLPDTXHOHpRPRPHQWRTXHHXPHUHDOL]R , 2FRUDOpXPD
FRLVDPDUDYLOKRVDSDUDDWHUFHLUDLGDGHSHORPHQRVQDPLQKDFRQFHSomRePDUDYLOKRVR
HEHORFDQWDUSDUHFHTXHQRVWUDQVSRUWDPRVSDUDRLQILQLWR $ 7RGRRVHQWLPHQWRTXHR
VHUKXPDQRFDUUHJDHPVLSULQFLSDOPHQWHQyVGDLGDGHTXHMiSDVVDPRVSRUWRGRVRV
VHQWLPHQWRV H DJRUD GHVFREULPRV FRP D H[SHULrQFLD TXH R PDLV YDOLRVR QD YLGD p
KWWSZZZSURHFXIJEUUHYLVWDBXIJLGRVRVDXGDYHOKWPO





(19(/+(&,0(1726$8'9(/

UHDOPHQWHRVHQWLPHQWR>@QRVFRQGX]LXDPRPHQWRVPXLWRDOHJUHVHSRULQFUtYHOTXH
SDUHoDQRVIH]FDQWDU(DFUHGLWDPRVQDQRVVDSRVVLELOLGDGH(DFUHGLWDPRVHPQyV(
WUDQVERUGDPRV GH DOHJULD DR WUD]HU GR SDVVDGR P~VLFDV DWp HVTXHFLGDV PDV FKHLDV GH
SRHVLDHEHOH]D(UHMXYHQHVFHPRV +
&216,'(5$d(6),1$,6
$OJXQV HOHPHQWRV REVHUYDGRV QR GHFRUUHU GR SURFHVVR WHUDSrXWLFR FRP R JUXSR &RUR
7HUDSrXWLFR  IRUDP D VRFLDOL]DomR D VROLGDULHGDGH HQWUH RV SDUWLFLSDQWHV D
UHVSHLWDELOLGDGHTXHIRUWDOHFHXDXQLmRGRJUXSRHDVHQVDomRGHDXWRUHDOL]DFmRDGYLQGD
GDFRQVWUXomRFRQMXQWDHPWRUQRGHXPLGHDOFRPXPDWRGRVTXHpDH[SUHVVmRDWUDYpVGR
FDQWDU
$FUHGLWDVH TXH DV UHODo}HV VRFLDLV TXH VH HVWDEHOHFHUDP QR JUXSR VmR DVSHFWRV
UHOHYDQWHV SDUD D VXEMHWLYLGDGH GR VHU KXPDQR R PXQGR LQWHUQR TXH SRVVXL H VXDV
H[SUHVV}HV 2 KRPHP p XP VHU VRFLDO H FRPR XP VHU  GH UHODo}HV VRFLDLV HVWi HP
SHUPDQHQWHPRYLPHQWR
6HJXQGR%RFN)XUWDGRH7HL[HLUD  D3VLFRORJLD6RFLDOFRPRiUHDGHFRQKHFLPHQWR
SDVVD D HVWXGDU R SVLTXLVPR KXPDQR EXVFDQGR FRPSUHHQGHU FRPR VH Gi D FRQVWUXomR
GHVVH PXQGR LQWHUQR D SDUWLU GDV UHODo}HV VRFLDLV YLYLGDV SHOR KRPHP 2 PXQGR REMHWLYR
SDVVD D VHU YLVWR QmR FRPR IDWRU GH LQIOXrQFLD SDUD R GHVHQYROYLPHQWR GD VXEMHWLYLGDGH
PDVFRPRIDWRUFRQVWLWXWLYR S
(VWH IDWRU FRQVWLWXWLYR HVWi UHODFLRQDGR DR FDQWDU FRPR PHLR SDUD D DXWRH[SUHVVmR H D
DXWRUHDOL]DomR  R TXH LPSOLFD  QR ID]HU QD DWLYLGDGH H QD UHDOL]DomR GR KRPHP $
DWLYLGDGHKXPDQDpDEDVHGRFRQKHFLPHQWRHGRSHQVDPHQWRGRKRPHPTXH FRQVWUyL R
VHXPXQGRLQWHUQRQDPHGLGDHPTXHDWXDHWUDQVIRUPDRPXQGRH[WHUQR
2XWUR SRQWR GHSUHHQGLGR GDV IDODV GRV SDUWLFLSDQWHV p TXH  DV FDQo}HV UHYHODP D
VXEMHWLYLGDGHH[LVWHQFLDOLGDGH LQWHUQD GR VHU (VWH VH UHODFLRQD j FRQVFLrQFLD DR SHQVDU
KXPDQR $ FRQVFLrQFLD QmR VH OLPLWD DR VDEHU OyJLFR LQFOXLQGR WDPEpP R VDEHU GDV
HPRo}HV H VHQWLPHQWRV GR KRPHP R VDEHU GRV GHVHMRV H R VDEHU GR LQFRQVFLHQWH 2
SHQVDUWUDQVSDUHFHXQDVFDQo}HVHQRVFRQWH~GRVGHVWDVTXHWURX[HUDPRVVHQWLPHQWRV
DVXEMHWLYLGDGHHRXQLYHUVRDIHWLYRGRVSDUWLFLSDQWHV
5RGULJXHV   DFUHGLWD TXH p IXQGDPHQWDO SDUD R LGRVR XWLOL]DU VXDV PHPyULDV VXDV
ULFDV OHPEUDQoDV H DSUHQGL]DGRV PDV TXH p LPSUHVFLQGtYHO TXH DGLFLRQHP QRYRV
FRQKHFLPHQWRVTXHVypSRVVtYHOSDUDTXHPVHDEUHDRHWHUQRDSUHQGHU
)LQDOPHQWH REVHUYRXVH QRV GHSRLPHQWRV H HQWUHYLVWDV TXH D DXWRFRQILDQoD GR VHU
SDUWLFLSDQWH GR &RUR 7HUDSrXWLFR ID] FRP TXH HOH WHQKD H[SHFWDWLYDV SDUD R IXWXUR
5HVVDOWDVH DVVLP D LGHQWLGDGH %RFN )XUWDGR H 7HL[HLUD   FRPHQWDP TXH D
LGHQWLGDGHpDVtQWHVHSHVVRDOVREUHVLPHVPRpDGHQRPLQDomRGDGDjVUHSUHVHQWDo}HVH
VHQWLPHQWRV TXH R LQGLYtGXR GHVHQYROYH D UHVSHLWR GH VL SUySULR D SDUWLU GR FRQMXQWR GH
VXDVYLYrQFLDV
2EMHWLYRXVHFRPR&RUR7HUDSrXWLFRSDUDD7HUFHLUD,GDGHSURSRUFLRQDUDRVSDUWLFLSDQWHV
GRJUXSRDDXWRUHDOL]DomRDPRWLYDomRSDUDRYLYHUDVDWLVIDomRSUD]HUDSUHYHQomRGD
6D~GH0HQWDODPHOKRULDGDTXDOLGDGHGHYLGDPHOKRUDUDVUHODo}HVLQWUDHLQWHUSHVVRDLV
H D LQWHUDomR VRFLDO HVWLPXODU R UHVJDWH GH PHPyULD H YDORUL]DU D GLJQLGDGH GH WRGD H
TXDOTXHUOHPEUDQoDDSHUFHSomRGRRXWURHGRXQLYHUVRVRQRURGRRXWURHDFRPSUHHQVmR
GDVXEMHWLYLGDGHGDH[LVWHQFLDOLGDGHLQWHUQDGHFDGDXP
&DEHUHVVDOWDUTXHRQRYRFRQFHLWRGH&RUR7HUDSrXWLFRFRQVLVWHQXPJUXSRFRQGX]LGR
KWWSZZZSURHFXIJEUUHYLVWDBXIJLGRVRVDXGDYHOKWPO





(19(/+(&,0(1726$8'9(/

SRUXPPXVLFRWHUDSHXWDFRPREMHWLYRVWHUDSrXWLFRVHPTXHDYR]pXWLOL]DGDFRPRUHFXUVR
SDUDDFRPXQLFDomRH[SUHVVmRVDWLVIDomRHLQWHUDomRVRFLDO2VSDUWLFLSDQWHVDWUDYpVGR
FDQWDUYHLFXODPVXDVXEMHWLYLGDGHH[WHUQDQGRVXDH[LVWHQFLDOLGDGHLQWHUQD
$FUHGLWDVHTXHpSRVVtYHOSURSRUFLRQDUDRLGRVRXPDVHQVDomRGLIHUHQWHGDTXHODHPTXHp
VRPHQWHXPVREUHYLYHQWHSDUDVHUWDPEpPXPDJHQWHFDSD]GHLQ~PHUDVDo}HVUHODo}HV
VRFLDLVHHPRFLRQDLV$FRQVWUXomRGRVHUpXPSURFHVVRFRQWtQXRTXHVHGiHPWRGDVDV
HWDSDVGDYLGD(VWDUFRQVFLHQWHGHVWHSURFHVVRGHVWDFRQWLQXLGDGHSRGHVHUXPJUDQGH
GLIHUHQFLDOSDUDDTXDOLGDGHGHYLGDGHWRGRHTXDOTXHULQGLYtGXR
5()(51&,$6%,%/,2*5),&$6
$8*5$6 0 2 VHU GD FRPSUHHQVmR IHQRPHQRORJLD GD VLWXDomR GH SVLFRGLDJQyVWLFR HG 5LR GH -DQHLUR
3HWUySROLV

%(+/$8 0 3217(6 3 $YDOLDomR H WUDWDPHQWR GDV GLVIRQLDV 6mR 3DXOR (G /RYLVH
S
%2&.$%)857$'227(,;(,5$073VLFRORJLDVXPD LQWURGXomRDRHVWXGRGH
SVLFRORJLDHG6mR3DXOR6DUDLYDS
%5$&. 5 0 2 FDQWRU H VXD SUHFLRVD YR] ,Q 0$57,1(= ( HW DO 5HJrQFLD FRUDO 
SULQFtSLRVEiVLFRV&XULWLED'RP%RVFRS
%586&,$ . ( 'HILQLQGR 0XVLFRWHUDSLD 7UDGXomR SRU 0DUL]D 9 ) &RQGH HG5LR GH
-DQHLUR(QHOLYURV
&(548(,5$&0$ILQDomRJOREDOFRUSRYR]HHPRomRXPDSURSRVWDPXVLFRWHUiSLFD
0RQRJUDILD DSUHVHQWDGD DR &XUVR GH (VSHFLDOL]DomR HP 0XVLFRWHUDSLD &RQVHUYDWyULR
%UDVLOHLURGH0XVLFRWHUDSLD5LRGH-DQHLURS
&2(/+2+GH61:7pFQLFDYRFDOSDUDFRURVHG6mR/HRSROGR566LQRGDO
S
&255$$&GH2(QYHOKHFLPHQWRGHSUHVVmRHGRHQoDGH$O]KHLPHU%HOR+RUL]RQWH
+HDOWKS
&267$ + 2 6,/9$ 0 GH $ 9R] FDQWDGD  HYROXomR DYDOLDomR H WHUDSLD
IRQRDXGLROyJLFD6mR3DXOR(G/RYLVHS
',19,//(&$WpFQLFDGDYR]FDQWDGDHG7UDGXomRSRU0DUMRULH%&+DVVRQ5LRGH
-DQHLUR(QHOLYURVS
)5$,0$1$3&RLVDVGDLGDGH6mR3DXOR*HQWHS
0$57,16'(6-/*HURQWRORJLDHLQWHUGLVFLSOLQDULGDGHIXQGDPHQWRV HSLVWHPROyJLFRV
,Q1(5,$/'(%(57* RUJV 9HOKLFHHVRFLHGDGH&DPSLQDV633DSLUXVS

0,//(&&2 ),/+2 / $ %5$1'2 0 5 0,//(&&2 5 3 e SUHFLVR FDQWDU 5LR GH
-DQHLUR(QHOLYURVS
1(5,$ RUJ 3VLFRORJLDGRHQYHOKHFLPHQWR&DPSLQDV633DSLUXVS
5,%(,52-37HRULDVHWpFQLFDVSVLFRWHUiSLFDVHG3HWUySROLV9R]HV
KWWSZZZSURHFXIJEUUHYLVWDBXIJLGRVRVDXGDYHOKWPO





(19(/+(&,0(1726$8'9(/

52'5,*8(6$GH0&RQVWUXLQGRRHQYHOKHFLPHQWRHG3HORWDV(GXFDWS
9(5$65 RUJ 7HUFHLUDLGDGHGHVDILRVSDUDRWHUFHLURPLOrQLR5LRGH-DQHLUR5HOXPH
'XPDUi8Q$7,8(5-S
=$1,1,&5GH22FDQWDUHDWHUFHLUDLGDGH1RYD*HUDomR*RLkQLD$QR,,,QS
MXOKR
BBBBBBBBBBBBBBBBBBB&RUR7HUDSrXWLFRXPROKDUGRPXVLFRWHUDSHXWDSDUDRLGRVRQR
QRYR PLOrQLR 'LVVHUWDomR DSUHVHQWDGD DR 0HVWUDGR HP 0~VLFD 8QLYHUVLGDGH )HGHUDO GH
*RLiV*RLkQLDS

3URI0V(VFRODGH0~VLFDH$UWHV&rQLFDVGD8)*

KWWSZZZSURHFXIJEUUHYLVWDBXIJLGRVRVDXGDYHOKWPO



Você também pode gostar