,SHDN,QVWLWXWRGH3HVTXLVDV(VStULWDV$OODQ.DUGHF

Kardeceintegridade

.DUGHFHLQWHJULGDGH

1DGDpPDLVVDJUDGRGRTXHDLQWHJULGDGHGHQRVVRSUySULRHVStULWR
5DOSK:DOGR(PHUVRQ

,QWHJULGDGHpTXDOLGDGHGRTXHptQWHJURGHXPDSURELGDGHDEVROXWDKRQHVWRLQFRUUXSWtYHOLPSDUFLDO
2KRPHPtQWHJURQmRHVWiGLYLGLGRHPVLPHVPRHQmRKiQHOHQHQKXPDGLVWkQFLDHQWUHRSHQVDURVHQWLUHRDJLU
SRUTXH HOH p XQR 2 KRPHP tQWHJUR QmR GLVSXWD SRLV D VXD SDUWH PDLV LPSRUWDQWH TXH p R HVStULWR FRPDQGD DV
SDL[}HVHDVVXEPHWHjUD]mRHDRERPVHQVRHOHQmRVHDJDVWDFRPDVSURYRFDo}HVTXHOKHFKHJDPGRH[WHULRU
SRUTXHpJXLDGRSHODSUySULDFRQVFLrQFLDVHPSUHUHWD
$PDQVXHWXGHTXHFDUDFWHUL]DRYLYHUGHXPKRPHPtQWHJURpSRGHURVDIRUoDGHDWUDomRGHFRQYHQFLPHQWR)RLD
LQWHJULGDGHGH$OODQ.DUGHFTXHIH]DFUHGLWDGDVDVVXDVREUDV
3DUDUHVVDOWDURFDUiWHUGDTXHOHTXHOHJRXDRPXQGRD&LrQFLD(VStULWDHSDUDTXHDTXHOHVTXHDGPLUDPVXDVREUDV
SRVVDPWDPEpPFRQKHFHURFDUiWHUGRKRPHPQyVWUDQVFUHYHPRVDTXLXPDQRWDGHDOJXpPTXHIUHTXHQWRXVHXODU
HVWHYHDREVHUYiORGHPXLWRSHUWRHTXHKRMHQRVSRVVLELOLWDFRQKHFHUXPSRXFRPDLVRVHUKXPDQRTXHIRL$OODQ
.DUGHF
(LVRTXHGL]R'U*UDQGDQWLJRYLFHF{QVXOGD)UDQoDHPXPDQRWDVREUHR/LYURGRV(VStULWRVHPVXDEURFKXUD
LQWLWXODGD&DUWDGHXP&DWyOLFRVREUHR(VSLULWLVPR>@
/HQGR HVWD REUD VHQWHVH TXH R DXWRU IDOD QmR DSHQDV FRPR KRPHP FRQYLFWR PDV FRPR KRPHP GH H[SHULrQFLD
TXH D WXGR REVHUYRX FRP XPD SHUIHLWD LQGHSHQGrQFLD GH LGHLDV 7XGR DOL p GLVFXWLGR IULDPHQWH VHP H[DJHUDomR
7RGDVDVFRQVHTXrQFLDVDOLVmRGHGX]LGDVGHDUJXPHQWRVWmRMXVWRVTXHVHSRGHULDGL]HUTXHDILORVRILDDOLpWUDWDGD
PDWHPDWLFDPHQWH 4XDQGR PDLV WDUGH WLYH D RFDVLmR GH YHU R 6U $OODQ .DUGHF H GH OHU VHXV RXWURV HVFULWRV
UHFRQKHFL TXH HVWDYD DOL R IXQGR GH VHX FDUiWHU H R SUySULR GH VHX HVStULWR e XP KRPHP HVVHQFLDOPHQWH SRVLWLYR
TXH QmR VH HPRFLRQD FRP QDGD H GLVFXWH RV IHQ{PHQRV PDLV H[WUDRUGLQiULRV FRP WDQWR VDQJXH IULR FRPR VH VH
WUDWDVVH GH XPD H[SHULrQFLD FRPXP 3DUD VH DSUHFLDU GH PDQHLUD FRUUHWD DV FRLVDV GLVVH HOH p SUHFLVR REVHUYDU
VHPHQWXVLDVPRSRLVRHQWXVLDVPRpIRQWHGDLOXVmRHGHPXLWRVHUURV(OHGLVFRUUHVREUHDVFRLVDVGRRXWURPXQGR
FRPRVHDVWLYHVVHVRERVROKRVHQRHQWDQWRHOHQmRIDODGHODVFRPRLQVSLUDGRPDVFRPRGDTXLORTXHH[LVWHGH
PDLV QDWXUDO QR PXQGR (OH QRODV WRUQD SRU DVVLP GL]HU SDOSiYHLV SRLV SRVVXL VREUHWXGR D DUWH GH ID]HU
FRPSUHHQGHU DV FRLVDV PDLV DEVWUDWDV p SHOR PHQRV D LPSUHVVmR TXH VHQWL DR RXYLOR IDODU H TXH PXLWDV RXWUDV
KWWSZZZLSHDNQHWVLWHFRQWHXGRBMDQHODBLPSULPLUBSDJLQDSKS"VHFDR FRQWHXGR LG  LGLRPD 





,SHDN,QVWLWXWRGH3HVTXLVDV(VStULWDV$OODQ.DUGHF

SHVVRDV FRPR HX WDPEpP VHQWLUDP 2 FDUiWHU GRPLQDQWH GH VHXV HVFULWRV p D FODULGDGH H R PpWRGR VH D LVWR
DMXQWDUPRV XP HVWLOR TXH SHUPLWH OrORV VHP IDGLJD DR FRQWUiULR GD PDLRULD GDV REUDV GH ILORVRILD TXH H[LJHP
SHQRVRVHVIRUoRVSDUDVHUHPFRPSUHHQGLGDVQmRVHILFDULDDGPLUDGRSHODLQIOXrQFLDTXHVHXHVWLORH[HUFHXVREUHD
SURSDJDomRGD'RXWULQD(VStULWD
$HVWDH[SOLFDomRTXHHPSRXFDVSDODYUDVMXOJXHLLPSRUWDQWHGDUDFUHVFHQWDUHLXPDVLPSOHVREVHUYDomRVREUHXPD
GDV FDXVDV TXH QD PLQKD RSLQLmR FRQWULEXtUDP SRGHURVDPHQWH SDUD GDU R FUpGLWR GH TXH JR]DP DV REUDV GR 6U
$OODQ.DUGHFpDDXVrQFLDGHWRGRVHQWLPHQWRGHDVSHUH]DSDUDFRPVHXVDGYHUViULRV8PKRPHPQmRVHFRORFD
HP HYLGrQFLD FRPR HOH R IH] VHP VXVFLWDU PXLWRV FL~PHV PXLWD DQLPRVLGDGH HQWUHWDQWR HP QHQKXPD SDUWH VH
HQFRQWUD R PtQLPR WUDoR GH UDQFRU RX GH PDOHYROrQFLD D PtQLPD UHFULPLQDomR HQGHUHoDGD jTXHOHV GRV TXDLV HOH
SRGHULD VH TXHL[DU 'HVGH D PLQKD LQLFLDomR QR (VSLULWLVPR WHQKR IUHTXHQWHPHQWH WLGR D RFDVLmR GH YrOR QD
LQWLPLGDGH H SRVVR GL]HU TXH MDPDLV R YL VH SUHRFXSDU FRP VHXV GHWUDWRUHV p FRPR VH HOHV QmR H[LVWLVVHP 2UD
FRQIHVVRTXHRFDUiWHUGRKRPHPQmRFRQWULEXLXSRXFRSDUDFRUURERUDUDRSLQLmRTXHHXWLQKDFRQFHELGRHPIDYRU
GD'RXWULQDTXDQGROLVHXVHVFULWRVeHYLGHQWHTXHVHHXWLYHVVHUHFRQKHFLGRQHOHXPKRPHPDPELFLRVRLQWULJDQWH
FLXPHQWR H YLQJDWLYR WHULD GLWR TXH HOH PHQWLD DRV SULQFtSLRV TXH SURIHVVD H GHVGH HQWmR PLQKD FRQILDQoD QD
YHUGDGHGHVVD'RXWULQDWHULDVLGRDEDODGD
(VVDVUHIOH[}HVHPIRUPDGHSDUrQWHVHVPHSDUHFHUDP~WHLVSDUDPRWLYDUXPDGDVFDXVDVTXHPDLVIRUWHPHQWHPH
OHYDUDPDSURVVHJXLUFRPFRPSURPHWLPHQWRPHXVHVWXGRVHVStULWDV
8PD RXWUD FLUFXQVWkQFLD QmR PHQRV SUHSRQGHUDQWH YHP VH MXQWDU jV GHPDLV H PH H[SOLFDU DR PHVPR WHPSR D
SURIXQGD LQGLIHUHQoD GR DXWRU SDUD FRP DV GLDWULEHV GH VHXV  DQWDJRQLVWDV (X HVWDYD XP GLD QD FDVD GHOH QR
PRPHQWRHPTXHHOHUHFHELDVXDFRUUHVSRQGrQFLDPXLWRQXPHURVDFRPRGHKiELWR(QFRQWUDYDVHDOLXPMRUQDOHP
TXH QRWDGDPHQWH R (VSLULWLVPR H HOH SUySULR HUDP DPSODPHQWH HVFDUQHFLGRV +DYLD WDPEpP PXLWDV FDUWDV TXH HOH
OHXLJXDOPHQWHSDUDPLPGL]HQGR,UHLVDJRUDYHUDFRQWUDSDUWLGDHSRGHUHLVMXOJDURTXHpR(VSLULWLVPR(QWUHDV
FDUWDVDOJXPDVHUDPSHGLGRVGHFRQVHOKRVVREUHRVDWRVPDLVtQWLPRVHIUHTXHQWHPHQWHRVPDLVGHOLFDGRVGDYLGD
SULYDGD $ PDLRULD FRQWLQKD D H[SUHVVmR GH LQGL]tYHO IHOLFLGDGH GR UHFRQKHFLPHQWR PDLV WRFDQWH SHODV FRQVRODo}HV
TXH VH KDYLD HQFRQWUDGR QD 'RXWULQD SHOD FDOPD TXH HOD KDYLD SURSRUFLRQDGR SHOD IRUoD TXH HOD KDYLD GDGR QDV
FLUFXQVWkQFLDV PDLV DIOLJHQWHV SHODV ERDV UHVROXo}HV TXH KDYLD IHLWR WRPDU 2 TXH YHGHV DTXL PH GLVVH HOH VH
UHQRYDTXDVHGLDULDPHQWH2VDXWRUHVGHVVDVFDUWDVPHVmRQDVXDPDLRULDGHVFRQKHFLGRVPDVHLVDTXLXPHHX
FRQKHoRPXLWRVTXHHVWmRQDPHVPDVLWXDomRTXHVHPR(VSLULWLVPRVHWHULDPVXLFLGDGR
$FUHGLWDLV TXH D VDWLVIDomR GH WHU DUUDQFDGR KRPHQV DR GHVHVSHUR WHU WUD]LGR D SD] D XPD IDPtOLD IHLWR SHVVRDV
IHOL]HVQmRPHFRPSHQVDODUJDPHQWHSRUDOJXPDVSHTXHQDVHWRODVFUtWLFDVGDSDUWHGHSHVVRDVTXHIDODPGHXPD
FRLVD VHP D FRQKHFHU" $FUHGLWDLV TXH XPD Vy GHVVDV FDUWDV QmR FRPSHQVDP GH VREUD DOJXPDV PDOGDGHV GDV
TXDLVIXLDOYR"$OLiVWHULDHXWHPSRGHPHRFXSDUFRPDTXHOHVTXH]RPEDP"(XSUHILUREHPPDLVGDUPHXWHPSR
jTXHOHVDTXHPHXSRVVRVHUXWLO1mRWHQKRVRPHQWHSDUDPLPDFRQVFLrQFLDGHPLQKDVERDVLQWHQo}HV'HXVHP
VXDERQGDGHUHVHUYRXPHXPJR]REHPPDLRUTXHpRGHVHUWHVWHPXQKDGREHPTXHD'RXWULQD(VStULWDSURGX]H
HXMXOJRSHORTXHYHMRVREUHDLQIOXrQFLDTXHHODH[HUFHUiTXDQGRHVWLYHUJHQHUDOL]DGD1mRVHWUDWDGHXPDXWRSLD
SRLVHODpHVVHQFLDOPHQWHPRUDOL]DGRUDYHGHSRUYyVPHVPRDUHIRUPDTXHHODRSHUDVREUHRVLQGLYtGXRVLVRODGRVR
TXHHODID]VREUHDOJXQVRIDUiVREUHFHPVREUHPLOVREUHXPPLOKmRSRXFRDSRXFRFRPSUHHQGHVH
KWWSZZZLSHDNQHWVLWHFRQWHXGRBMDQHODBLPSULPLUBSDJLQDSKS"VHFDR FRQWHXGR LG  LGLRPD 





,SHDN,QVWLWXWRGH3HVTXLVDV(VStULWDV$OODQ.DUGHF

2UDVXSRQGHVXPDVRFLHGDGHSHQHWUDGDGRVVHQWLPHQWRVGRGHYHUTXHYHGHVH[SUHVVRVQHVVDVFDUWDVFUHGHVTXH
HOD QmR H[WUDtVVH GDt HOHPHQWRV GH RUGHP H GH VHJXUDQoD" $V FDUWDV TXH YLQGHV GH RXYLU VmR WRGDV GH SHVVRDV
HVFODUHFLGDV PDV YHGH HVWD p GH XP VLPSOHV RSHUiULR RXWURUD LPEXtGR GDV LGHLDV VRFLDLV PDLV VXEYHUVLYDV (OH
ILJXURXGHPDQHLUDODPHQWiYHOHPQRVVDVOXWDVFLYLVHKDYLDGHGLFDGRXPyGLRLPSODFiYHODRVTXHHOHDFUHGLWDYD
VHUHP IDYRUHFLGRV jV VXDV H[SHQVDV H VRQKDYD FRLVDV LPSRVVtYHLV $JRUD TXH GLIHUHQoD GH OLQJXDJHP +RMH HOH
FRPSUHHQGHTXHDSDVVDJHPSHOD7HUUDpXPDSURYDHEXVFDQGRXPEHPHVWDUPXLWRQDWXUDOQmRSHGHQDGDjV
H[SHQVDVGDMXVWLoD(OHQmRLQYHMDDIHOLFLGDGHDSDUHQWHGRULFRSRUTXHVDEHTXHKiXPDMXVWLoDGLYLQDHTXHHVVD
IHOLFLGDGHVHHOHQmRDPHUHFHXDTXLQD7HUUDWHUiWHUUtYHLVUHYHVHVQXPDRXWUDYLGD(SRUTXHSHQVDHOHDVVLP"
3RUTXH OKH GLVVHPRV" 1mR PDV SRUTXH HOH DGTXLULX SHOR (VSLULWLVPR D FHUWH]D GHVVD YLGD IXWXUD QD TXDO QmR
DFUHGLWDYDHTXHS{GHFRQYHQFHUVHSRUVLPHVPRSHODVLWXDomRGDTXHOHVTXHQHODVHHQFRQWUDPHSRUTXHVHXSDL
TXH R HQWUHWLQKD QHVVDV LOXV}HV YHLR HOH PHVPR OKH GDU FRQVHOKRV SOHQRV GH VDEHGRULD (OH EODVIHPDYD FRQWUD
'HXV TXH DFKDYD LQMXVWR SRU KDYHU IDYRUHFLGR DOJXPDV GH VXDV FULDWXUDV KRMH HOH FRPSUHHQGH TXH HVVH PHVPR
IDYRU p XPD SURYD H TXH VXD MXVWLoD VH HVWHQGH VREUH R ULFR FRPR VREUH R SREUH (LV R TXH R WRUQD VXEPLVVR j
YRQWDGHGH'HXVERPHLQGXOJHQWHSDUDVHXVVHPHOKDQWHVIHOL]HPVHXPRGHVWRWUDEDOKR&UHGHVTXHR(VSLULWLVPR
QmROKHSUHVWRXPDLRUHVVHUYLoRVGRTXHDTXHOHVTXHVHHVIRUoDPSDUDOKHSURYDUTXHQmRKiQDGDDSyVHVWDYLGD
SULQFtSLRTXHWHPSRUFRQVHTXrQFLDTXHVHGHYHEXVFDUDTXLVXDIHOLFLGDGHDTXDOTXHUSUHoR"(LV6HQKRURTXHpR
(VSLULWLVPR $TXHOHV TXH R FRPEDWHP p SRUTXH QmR R FRQKHFHP 4XDQGR HOH IRU FRPSUHHQGLGR QHOH VH YHUi XPD
GDVPDLVVyOLGDVJDUDQWLDVGHIHOLFLGDGHHGHVHJXUDQoDSDUDDVRFLHGDGHSRLVQmRVHUmRRVVHXVDGHSWRVVLQFHURV
TXHDSHUWXUEDUmR
(XFRQIHVVRTXHMDPDLVKDYLDHQFDUDGRR(VSLULWLVPRVREHVVHSRQWRGHYLVWD$JRUDHXOKHFRPSUHHQGRRDOFDQFHH
ODPHQWR DTXHOHV TXH DLQGD YHHP QHOH DSHQDV XP IHQ{PHQR FXULRVR GH PHVDV JLUDQWHV (X PH SHUJXQWDYD VH D
GRXWULQD GRV GLDERV H GRV GHP{QLRV GR 6U GH 0LUYLOOH>@ SRGHULD GDU VHPHOKDQWHV FRQVRODo}HV VH HOD VHULD GH
QDWXUH]DDFRQGX]LURVKRPHQVDREHPHjIpUHOLJLRVDHVHQmRWHULDFRQWULEXtGRDRFRQWUiULRPDLVSDUDRVGHVYLDU
LQVSLUDQGROKHVPDLVPHGRGRTXHDPRUPDLVFXULRVLGDGHGRTXHVHQWLPHQWRVERQVHKXPDQRV

>@2DXWRUID]UHIHUrQFLDDR/LYURGRV(VStULWRVHPXPDQRWDWUDGX]LGDSHODHTXLSHGR,3($.LQVHULGDHPVXD&DUWD
GHXPFDWyOLFRVREUHR(VSLULWLVPR.DUGHFUHFRPHQGDHVVDEURFKXUDQD5HYLVWD(VStULWDGHQRYHPEURGHHP
%LEOLRJUDILD
$ EURFKXUD GR 'U *UDQG WDPEpP FRQVWD QD UHODomR GH REUDV TXHLPDGDV QR $XWR GH Ip GH %DUFHORQD YHU 5HYLVWD
(VStULWDGHQRYHPEURGHHHVWiGLVSRQtYHOHPIUDQFrVQRVLWHZZZLSHDNQHWQROLQN
KWWSZZZLSHDNQHWVLWHXSORDGPLGLDSGIOHWWUHBGBXQBFDWKROLTXHBVXUBOHBVSLULWLVPHBSHVTLVDYHOSGI
>@ 2 'U *UDQG VH UHIHUH DR OLYUR GR 6U GH 0LUYLOOH LQWLWXODGR 4XHVW}HV GRV (VStULWRV SXEOLFDGR HP  H TXH
.DUGHFUHFRPHQGDHPVHX&DWiORJR5DFLRQDOQDVHomR2EUDVGLYHUVDVVREUHR(VSLULWLVPR17

KWWSZZZLSHDNQHWVLWHFRQWHXGRBMDQHODBLPSULPLUBSDJLQDSKS"VHFDR FRQWHXGR LG  LGLRPD