&RQVHTXrQFLDVGRGLYyUFLRQDVFULDQoDV_3DUD6HPSUH

&RQVHTXrQFLDVGRGLYyUFLRQDVFULDQoDV
$V
PRGHUQDV
OHLVGR
GLYyUFLR
SURFXUDP
TXH
QHQKXP
GRV
F{QMXJHV
DSDUHoD
FRPR

UHVSRQViYHOSHODUXSWXUD
8PGLYyUFLRFLYLOL]DGRpXPGLYyUFLRVHPFXOSDGRV
2TXHQmRVHSRGHHYLWDUpTXHKDMDVHPSUHLQRFHQWHVTXHVRIUHPRVILOKRV
3DUDDYDOLDUDDPSOLWXGHVRFLDOGRGLYyUFLREDVWDUHIHULUTXHQXPDQRKRXYHQRV(VWDGRV
8QLGRVGLYyUFLRVRTXHHPWHUPRVUHODWLYRVHTXLYDOHDXPGLYyUFLRSRUFDGDGRLVQRYRV
FDVDPHQWRV'XUDQWHHVWHPHVPRSHUtRGRPLOK}HVGHFULDQoDVMXQWDUDPVHDVVLPDRV
PLOK}HVGHPHQRUHVGHDQRVTXHYLYHPFRPXPVyGRVSDLV$OpPGLVVRDGXUDomRPpGLDGR
FDVDPHQWRGRVTXHVHGLYRUFLDPpDFWXDOPHQWHGHDQRVRTXHLPSOLFDTXHPXLWDVGHVWDV
FULDQoDVVmRGHWHQUDLGDGHHHVSHFLDOPHQWHYXOQHUiYHLVDRFKRTXHGRGLYyUFLR
$VUHDFo}HVGDVFULDQoDV
3DUDH[SOLFDUDVUHDFo}HVGRVILOKRVGRVGLYRUFLDGRVDOJXQVSVLTXLDWUDVWrPHPFRQWDWDQWRDVXD
H[SHULrQFLDFOtQLFDFRPRRVHVWXGRVDQWHULRUPHQWHSXEOLFDGRV
$VFULDQoDVHPLGDGHSUpHVFRODUVmRSDUWLFXODUPHQWHYXOQHUiYHLVXPDYH]TXHQmRSRGHP
HQWHQGHUVLWXDo}HVFRPSOH[DVHILFDPFRQIXVRVSHUDQWHRTXHDFRQWHFHQDIDPtOLD
(PRFLRQDOPHQWHDFRQVFLrQFLDGHVDEURFKDHWHQGHPDFXOSDUVHSHODUXSWXUDIDPLOLDUIXLPDXVH
PHWLYHVVHSRUWDGREHPRSDLQmRWHULDVDtGRGHFDVD$VLQYHVWLJDo}HVIHLWDVFRPFULDQoDV
KWWSIDPLOLDDDOGHLDQHWFRQVHTXHQFLDVGRGLYRUFLRQDVFULDQFDV





&RQVHTXrQFLDVGRGLYyUFLRQDVFULDQoDV_3DUD6HPSUH

GHVWDVLGDGHVPRVWUDPTXHVHWRUQDPLUDVFtYHLVHPXLWRPDLVGHSHQGHQWHVGRVVHXVSDLV
4XDQWRjVFULDQoDVMiHPLGDGHHVFRODUWrPUHDFo}HVPDLVFRPSOH[DVHLQGLUHFWDV*HUDOPHQWH
VHQWHPVHVyVHFDUHQFLDGRVGHDMXGDTXHSRGHPDQLIHVWDUVHHPGHSUHVV}HVWUDQVWRUQRV
SVLFRVVRPiWLFRVSUREOHPDVQRUHODFLRQDPHQWRFRPRVFROHJDVHGLILFXOGDGHVQDSUySULDHVFROD
1XPHVWXGRVREUHILOKRVGHGLYRUFLDGRVTXHFDUHFHUDPGHDVVLVWrQFLDSVLTXLiWULFD.DOWHU
FRQVWDWRXXPDOWRtQGLFHGHDJUHVVLYLGDGHHPFULDQoDVGRVDRVDQRV0DQLIHVWDPDLQGD
IUHTXHQWHPHQWHDLGHLDGHIXJLUGHFDVDFRPRILPGHH[SHULPHQWDUFRPRVHULDDYLGDFRPRXWURSDL
HSRVVLYHOPHQWHFRPDHVSHUDQoDGHYROWDUDXQLUDIDPtOLD
2SURFHVVRGHGHVHQYROYLPHQWRGR
DGROHVFHQWHSDUDDGTXLULUXPDSHUVRQDOLGDGH
SUySULDpWDPEpPDIHFWDGRSHORGLYyUFLRGRV
VHXVSDLV8PDUHDFomRIUHTXHQWHGHIHQVLYD
HPILOKRVGHDQRVpDGHDSDUHQWDUHP
XPDPDWXULGDGHVXSHULRUjTXHQDUHDOLGDGH
WrP2DGROHVFHQWHSVHXGRPDWXURDGRSWD
XPDDWLWXGHUHVHUYDGDHGLVWDQWHFRPR
FRQWURORH[FHVVLYRGHVLPHVPR$VXD
LQWHQomRpRFXOWDUVHQWLPHQWRVGHYHUJRQKD
QHXWUDOL]DUDDQVLHGDGHHVRQGDURVOLPLWHVGD
QRYDVLWXDomRIDPLOLDUSRGHQGRDLQGDOHYiORD
H[SHULPHQWDUDVGURJDVHRiOFRRO2XWURV
HVWXGRVUHYHODPHQWUHRVDGROHVFHQWHVXPDFHUWDSUHFRFLGDGHQRFRPSRUWDPHQWRVH[XDOFRPR
PHLRGHHQFRQWUDUHPXPDFRPSDQKLD
'HVJRVWRH+RVWLOLGDGH
2XWUDVREVHUYDo}HVFOtQLFDVDSRQWDPSDUDTXHGHSRLVGRFKRTXHLQLFLDOHGRHVIRUoRSDUDQmR
DFHLWDUDVHSDUDomRPXLWDVFULDQoDVFRPHoDPDDWRUPHQWDUVH8PGRVSULQFLSDLVVLQWRPDVGH
PXLWDVFULDQoDVFXMRVSDLVVHHVWmRDVHSDUDUpVLPXOWDQHDPHQWHGHGHVJRVWRHKRVWLOLGDGH&RP
IUHTXrQFLDDDJUHVVLYLGDGHSDUWHGRF{QMXJHFRPRTXDOYLYHPSRUH[HPSORDFULDQoDFXOSDDPmH
SRUQmRWHUVLGRFDSD]GHPDQWHUXQLGDDIDPtOLDHSRUILPWHPGLILFXOGDGHVHPDFHLWDUXPSDGUDVWR
1DVYLVLWDVSHULyGLFDVDRSDLQmRVHDWUHYHDPDQLIHVWDURVHXGHVJRVWRSRUWHUUHFHLRGHDFDEDU
FRPXPDUHODomRMiGHVLLQVHJXUD8PDGLPLQXLomRGDVYLVLWDVDXPHQWDDVSUHRFXSDo}HVGD
FULDQoD'RLVPHVHVGHSRLVGHVHQWHQFLDGRRGLYyUFLRPHQRVGHPHWDGHGRVSDLVYrHPRVVHXV
ILOKRVXPDYH]SRUVHPDQD3DVVDGRVWUrVDQRVDPHWDGHUHIHULGDMiQHPRVYLVLWD
2GLYyUFLRSRGHWDPEpPDIHFWDUDFDSDFLGDGHGDFULDQoDSDUDVHUHODFLRQDUFRPRXWUDVSHVVRDV2
KWWSIDPLOLDDDOGHLDQHWFRQVHTXHQFLDVGRGLYRUFLRQDVFULDQFDV





&RQVHTXrQFLDVGRGLYyUFLRQDVFULDQoDV_3DUD6HPSUH

VHXVHQWLPHQWRGHVHJXUDQoDGHSHQGHWDQWRGDXQLGDGHIDPLOLDUTXHSRGHILFDUGHVWUXtGRSHOR
SURFHVVRGHGLYyUFLR(PFRQVHTXrQFLDGLVWRRVVHXVVHQWLPHQWRVGHDJUHVVLYLGDGHSURYRFDP
SUREOHPDVGHUHODFLRQDPHQWRFRPFRPSDQKHLURVHDVXDIDOWDGHVHJXUDQoDWRUQDRPDLVFDXWHORVR
DRID]HUQRYDVDPL]DGHV
&RQIOLWRVIDPLOLDUHV
2SHULJRGHGHVHTXLOtEULRVSVLFROyJLFRVSRU
FDXVDGRGLYyUFLRDXPHQWDTXDQGRDFULDQoD
WHPSUHGLVSRVLomRSDUDVHUYXOQHUiYHOSRU
DQWHFHGHQWHVIDPLOLDUHVGHGHSUHVVmRSHODV
VXDVFDUDFWHUtVWLFDVWHPSHUDPHQWDLVRX
SRUTXHRSURFHVVRGHGLYyUFLRSRGHUHDYLYDUD
UHFRUGDomRGDSHUGDGHRXWURPHPEURGD
IDPtOLD
1RUPDOPHQWHRGLYyUFLRQmRVLJQLILFDSRQWR
ILQDOQRFRQIURQWRDSHQDVRGHVYLDSDUDQRYDV
VLWXDo}HVFRQIOLWXRVDVDFXVWyGLDGRVILOKRV
DVYLVLWDVDFRQFLOLDomRILQDQFHLUD
'XUDQWHRSURFHVVRGRGLYyUFLRDVWHQV}HVIDPLOLDUHVSRGHPDXPHQWDUDLQGDPDLVSRUTXHRVSDLV
GHVFREUHPIRUPDVGHVHGHVDFUHGLWDUPXWXDPHQWHSRUTXHRVILOKRVWRPDPRSDUWLGRGHXPRXGH
RXWURRXSRUTXHRXWURVSDUHQWHVLQIOXHQFLDPRVDVVXQWRVIDPLOLDUHV
&ULDQoDVLQIHOL]HV
2LPSDFWRGRGLYyUFLRQDFULDQoDGHSHQGHWDPEpPGDHVWDELOLGDGHHPRFLRQDOGRF{QMXJHTXHVH
RFXSDGDVXDFXVWyGLD$UHODomRWHQVDTXHUHVXOWDGRSURFHVVRGHFRQFLOLDomRGHSRLVGRGLYyUFLR
GLPLQXLDFDSDFLGDGHGRSDLRXPmHSDUDFXPSULUDVXDREULJDomR$VVLPQDDOWXUDHPTXHD
FULDQoDSUHFLVDGHHVSHFLDODSRLRSRGHDFRQWHFHUTXHRSDLRXDPmHVHHQFRQWUHPTXDVHVHPSUH
LQFDSDFLWDGRVSDUDDWHQGHUHPHVVDVQHFHVVLGDGHVDIHFWLYDV$FULDQoDVRIUHTXDQGRpXWLOL]DGD
FRPRLQVWUXPHQWRGHQHJRFLDomRHQWUHRVSDLVRXTXDQGRXPSDLGHSULPLGRWHQGHDDEVRUYrODHP
EXVFDGHDSRLRHFRPSDQKLD
,Q&DGHUQRV(GXFDomRH)DPtOLD$QR,,Q

KWWSIDPLOLDDDOGHLDQHWFRQVHTXHQFLDVGRGLYRUFLRQDVFULDQFDV