)ROKDGH63DXOR5REHUW.

XU]2IDQWDVPDGDDUWH

$66,1(

%$7(3$32

%86&$

(0$,/

6$&

6mR3DXOR'RPLQJRGH$EULOGH

7H[WR$QWHULRU_3Uy[LPR7H[WR_QGLFH
2DUWLVWDYLYHQXPDMDXODGHYLGURDVIRUPDVHVWpWLFDV
QDVFHPPRUWDVGHVWLQDGDVDRPXVHXDDUWHWRUQRXVHHP
~OWLPDDQiOLVHILPHPVLPHVPRFDULFDWXUDLQYROXQWiULDGD
HFRQRPLDGHVHQIUHDGD

2IDQWDVPDGDDUWH
5HSURGXomR

/XFN\/DG\
0XOKHU6RUWXGD
yOHRVREUHWHOD
FP;
FPGRDUWLVWD
SOiVWLFRKLSHU
UHDOLVWD&KDUOHV
%HOOUHDOL]DGRHP


52%(57.85=
HVSHFLDOSDUDD)ROKD

$VHSDUDomRHQWUHYLGDHDUWHpXPYHOKRWUDXPDGDPRGHUQLGDGH
7RGRVRVDUWLVWDVTXHTXHUHPGDUH[SUHVVmRDXPDYHUGDGHHTXH
VHFRQVRPHPHPVXDVFULDo}HVVHPSUHVRIUHUDPFRPWDO
VHSDUDomR3RXFRLPSRUWDVHDDUWHHPVXDVYiULDV
PDQLIHVWDo}HVUHYHODDEHOH]DEHPSURSRUFLRQDGDRXDR
LQYHUVRDHVWpWLFDGRIHLRVHID]FUtWLFDVRFLDORXEXVFD
UHGHVFREULUDULTXH]DGDVIRUPDVQDWXUDLVVHDGRWDXPD
RULHQWDomRUHDOLVWDRXIDQWiVWLFDHODVHPSUHSHUPDQHFHVHSDUDGD
GRFRWLGLDQRGDUHDOLGDGHVRFLDOFRPRTXHSRUXPDSDUHGHGH
YLGURLQWUDQVSRQtYHO
$VFULDo}HVDUWtVWLFDVRXVmRLJQRUDGDVRXWRUQDPVH
PXQGLDOPHQWHIDPRVDVFRPRREMHWRVGHPXVHXMiPRUWRVDQWHV
PHVPRGHQDVFHU2DUWLVWDDVVHPHOKDVHGHVVHPRGRDXPD
ILJXUDGDWUDJpGLDDQWLJDWDOFRPRDiJXDHDVIUXWDVHVTXLYDPVH
DRVHGHQWR7kQWDORDVVLPWDPEpPDYLGDVHHVTXLYDDHOHWDO
FRPRRUHL0LGDVTXHPRUUHXGHIRPHSRUTXHWRGRVRVREMHWRV
HPTXHWRFDYDWUDQVIRUPDYDPVHHPRXURDVVLPWDPEpPR
DUWLVWDFRPRVHUVRFLDOPRUUHUiGHIRPHSRLVWRGRVRVREMHWRV
HPTXHWRFDWUDQVIRUPDPVHHPSXURVREMHWRVGHH[SRVLomRHWDO
KDXROFRPEUIVSPDLVIVKWP

)ROKDGH63DXOR5REHUW.XU]2IDQWDVPDGDDUWH

6+233,1*82/

FRPR6tVLIRHOHVHPSUHHPSXUUDVXDURFKDLQXWLOPHQWHVXDREUD
SHUPDQHFHVHPPHGLDomRFRPRPXQGR
7RGDVDVWHQWDWLYDVGDDUWHSDUDURPSHUVHXJXHWRGHYLGURIRUDP
IUXVWUDGDV(VFXOWXUDVH[SRVWDVHPIiEULFDVHTXDGURVSHQGXUDGRV
QDVSDUHGHVGHHVFULWyULRVSHUPDQHFHUDPFRUSRVHVWUDQKRV
SUHOHo}HVOLWHUiULDVHPLJUHMDVRXHVFRODVQXQFDVXSHUDUDPR
FDUiWHUGHHYHQWRVREULJDWyULRV4XDQGRRVGDGDtVWDVSRU
GHVHVSHURUHFRUUHUDPDRVPHLRVGDSURYRFDomRHWUDQVSXVHUDP
PLFWyULRVRXFDQRVHQIHUUXMDGRVSDUDRViWULRVVDJUDGRVGDDUWHD
ILPGH]RPEDUGDEXUJXHVLDHVVDRIHUWDIRLWRPDGDFRPSURIXQGD
VHULHGDGHHFDWDORJDGDWDOFRPRDVHVFXOWXUDVGH0LFKHODQJHORRX
RVTXDGURVGH3LFDVVR
(LVDGHILQLomRWDXWROyJLFDDUWHpWXGRDTXLORTXHDVRFLHGDGH
SHUFHEHDSULRULQXPHVSDoRVHSDUDGRQXPDiUHDUHVHUYDGD
FKDPDGDDUWHHTXHSRULVVRQHVVDVXDLPSUHJQDGD
REMHWLYLGDGHDUWtVWLFDSRGHVHUFROHFLRQDGDFRPLQGHSHQGrQFLD
GHWRGRFRQWH~GRDH[HPSORGHVHORVRXFROHySWHURV3RXFR
LPSRUWDRTXHDSUySULDDUWHTXHUHFRPRHODRUHSUHVHQWDVHXV
HIHLWRVVmRGHVGHVHPSUHHQWRUSHFHQWHVHLQRIHQVLYRV
6yVHSHUPLWHTXHDDUWHIDoDVHXUHWRUQRjUHDOLGDGHVRFLDOVH
GHVLVWLUGHVLSUySULDHFDSLWXODULQFRQGLFLRQDOPHQWHFRPRGHVLJQ
GHPHUFDGRULDVRXFRPRLQG~VWULDFXOWXUDOSDUDXVRGRPpVWLFRGR
KRPHPFDSLWDOLVWDHODQmRSRGHPDLVVHUDUWHSRLVGHL[DGH
UHSUHVHQWDUXPDUHIOH[mRHVWpWLFDGDVRFLHGDGHHGDUHODomR
KXPDQDFRPRPXQGR3RUTXHGHVLJQHLQG~VWULDFXOWXUDOVmRSRU
VLVyWmRSRXFRUHIOH[LYRVTXDQWRDHFRQRPLDHPSUHVDULDODIRUPD
HVWpWLFDGDPHUFDGRULDQmRVHUHODFLRQDPDLVFRPRFRQMXQWRGD
QDWXUH]DHGDVRFLHGDGHPDVEDVWDDVLPHVPD
0DVTXDQGRDHVWpWLFDGDSURGXomRLVRODGDQmRFRQWpPPDLVXPD
UHIOH[mRVREUHDSRVLomRGRREMHWRQXPFRQWH[WRPDLV
DEUDQJHQWHTXDQGRHODQmRpPDLVSDUWHGHXPFRVPRVHVWpWLFR
pDEVROXWDPHQWHLPSRVVtYHOTXHSUHVHUYHVHXFDUiWHUDUWtVWLFR'H
IDWRDHVVrQFLDGDDUWHFRQVLVWHMXVWDPHQWHQDUHIOH[mRHVWpWLFDGH
XPFRVPRVFXOWXUDOHPTXHRREMHWRDUWtVWLFRLVRODGRGHIRUPD
SHFXOLDUVHPSUHUHIOHWHRWRGR
$VVLPpTXHDDUWHPRGHUQDWHPFRPRDOWHUQDWLYD~QLFDGHL[DUVH
DSUHHQGHUFRPRREMHWRHFRQ{PLFRRUGLQiULRGDLQG~VWULDFXOWXUDO
RXOHYDUXPDH[LVWrQFLDLOXVyULDHOHYDGDDRODGRGDYLGDUHDOQD
FRQGLomRGHFRUSRHVWUDQKRHGHVSLGRGHUHDOLGDGH(ODVHUi
HQWmRVLVWHPDWLFDPHQWHLPSHGLGDGHFXPSULUVXDWDUHIDGH
DSUHHQGHUDUHIOH[mRHVWpWLFDGRWRGRFRPRPRPHQWRLQWHJUDOGR
SURFHVVRVRFLDOGDYLGD(DH[HPSORGRTXHIH]FRPWRGRVRV
VHXVSUREOHPDVHVSHFtILFRVDPRGHUQLGDGHHOHYRXWDPEpPHVVH
GLOHPDGDDUWHDXPSODQRVXSUDKLVWyULFRHXQLYHUVDO
4XDQGRDOJRGiFODURVVLQDLVGHFRUUXSomRQDPDUDYLOKRVD
PRGHUQLGDGHQXQFDVHWUDWDGHXPSUREOHPDKLVWyULFRDVHU
VXSHUDGRSHODFUtWLFDPDVVHPSUHGHXPDFRQGLomRLQFRQWRUQiYHO
GDH[LVWrQFLDjTXDODKXPDQLGDGHODPHQWDYHOPHQWHWHUiGH
UHVLJQDUVH3RUPHLRGHVVDVOHQWHVGHXPDIDOVDRQWRORJL]DomRD
KDXROFRPEUIVSPDLVIVKWP

)ROKDGH63DXOR5REHUW.XU]2IDQWDVPDGDDUWH

PRGHUQLGDGHLQFRUSRUDFRPRXPGDGRRGLOHPDGDVHSDUDomR
HQWUHYLGDHDUWHeFRPRVHQD$QWLJXLGDGHJUHJDRDUWLVWD
WLYHVVHVLGRFRQIRUPHRH[HPSORDWXDOXPYHQGHGRUGHVXDV
SRWHQFLDOLGDGHVFRPRVHRVSUySULRVHJtSFLRVKRXYHVVHP
H[SRVWRDVLPDJHQVGHVHXVtGRORVHPJDOHULDVHPXVHXVRXDV
WLYHVVHPGRWDGRGHHWLTXHWDVFRPSUHoRHPOHLO}HVGHDUWH
1DVFLYLOL]Do}HVDQWLJDVSRUpPQmRKDYLDXPDGLYLVmRVRFLDOHP
VHSDUDGRGHQRPLQDGDDUWHRXFXOWXUDQRVHQWLGRTXHDV
HQWHQGHPRVKRMH,VVRSRUTXHDHVWUXWXUDPRGHUQDGHHVIHUDV
VHSDUDGDVHDXW{QRPDVHQWUHVLTXHWDPEpPGHILQHQRVVD
OLQJXDJHPHQRVVRSHQVDPHQWRHUDDEVROXWDPHQWHHVWUDQKDjV
VRFLHGDGHVSULPLWLYDV4XDLVTXHUTXHIRVVHPVHXVSUREOHPDV
SROtWLFRVHVXDVUHODo}HVGHSRGHUVRFLDOHODVQmRGHFRPSXQKDP
VXDH[LVWrQFLDHPkPELWRVIXQFLRQDLVFRPSDUWLPHQWDGRV8PDWDO
GLYLVmRGDYLGDVRFLDOGHVHQYROYHXVHDSHQDVTXDQGRDFKDPDGD
HFRQRPLDPRGHUQDIRLGHVWDFDGDGRUHVWRGDYLGDXPDDOWHUDomR
HOHPHQWDUTXHQmRSUHFLVDVHUVXEOLQKDGD
$UHFHQWHWHRULDGRVVLVWHPDVFRQVLGHUDLVVRFRPRXP
SURJUHVVRHDVLWXDomRDQWHULRUGDKXPDQLGDGHFRPRXPDIDOWD
GHGLIHUHQFLDomRVXSRQGRDVVLPGHPDQHLUDD[LRPiWLFDXP
FULWpULRGHSULPLWLYLGDGHTXDQWRPDLVLQWHJUDGDXPDVRFLHGDGH
SRUPHLRGHXPFRQWH[WRFXOWXUDODEUDQJHQWHPDLVSULPLWLYRVVmR
RVVHXVIXQGDPHQWRVHDRFRQWUiULRTXDQWRPDLVGLIHUHQFLDGD
XPDVRFLHGDGHTXDQWRPDLVHODVHGLYLGHHPHVIHUDVVHSDUDGDV
SDUWLQGRGDDXWRQRPL]DomRGDHFRQRPLDFDSLWDOLVWDPDLV
GHVHQYROYLGDHODVHUHYHODPDLVRSRUWXQLGDGHVRIHUHFHDVHXV
PHPEURV(VVDLGpLDWRUQRXVHWmRQDWXUDOTXHQmRSDUHFHPDLV
XPDEVXUGRHQ[HUJDUDVPDLRUHVFRQTXLVWDVGDHYROXomRVRFLDO
SUHFLVDPHQWHQRIDWRGHRKRPHPUHGX]LGRDSDSpLVIXQFLRQDLV
UHSUHVHQWDUVRPHQWHXPSRQWRGHLQWHUVHFomRGHHVWUXWXUDV
VLVWHPiWLFDV
1DUHDOLGDGHFRQWXGRDVFLYLOL]Do}HVSUpPRGHUQDVQmRHUDP
SULPLWLYDVPDVDOWDPHQWHGLIHUHQFLDGDVVyTXHHVVHWLSRGH
GLIHUHQFLDomRQmRFRUUHVSRQGHDRFRQFHLWRPRGHUQRKRMHDFHLWR
$VVRFLHGDGHVDQWLJDVHVVHQFLDOPHQWHDJUiULDVQmRWLQKDPXPD
FXOWXUDGRPRGRFRPRVHWHPXPREMHWRH[WHUQRHFDVXDO
DQWHVHUDPXPDFXOWXUD,VVRVHHYLGHQFLDHPQRVVRSUySULR
YRFDEXOiULRFLHQWtILFRHPERUDQDPDLRULDGDVYH]HVGHIRUPD
LQFRQVFLHQWHIDODPRVGDFXOWXUDGRDQWLJR(JLWRGD$QWLJXLGDGH
GD,GDGH0pGLDHWFHYLDGHUHJUDLQGLFDPRVGHVVHPRGRWDQWR
RVDUWHIDWRVHVSHFLDLVHDVUHSUHVHQWDo}HVDUWtVWLFDVGDHVFXOWXUD
GDSLQWXUDRXGDOLWHUDWXUDTXDQWRSRURXWURODGRDUHVSHFWLYD
FLYLOL]DomRDFRPSDQKDGDGHVXDHVWUXWXUDVRFLDOHGHWRGRRVHX
LPDJLQiULR
4XDQGRVHWUDWDGDFXOWXUDPRGHUQDDRFRQWUiULRID]VH
UHIHUrQFLDVRPHQWHjTXHOHDVSHFWRHVSHFtILFRGDVIRUPDVGH
H[SUHVVmRDUWtVWLFDSURVFULWDVHPXPDHVIHUDVHSDUDGDHQXQFDDR
FRQWH[WRVRFLDOFRPRXPWRGR6DEHPRVLQFRQVFLHQWHPHQWH
SRUWDQWRTXHRXWURUDDFXOWXUDHUDXPWRGR~QLFRHQmRXPD
KDXROFRPEUIVSPDLVIVKWP

)ROKDGH63DXOR5REHUW.XU]2IDQWDVPDGDDUWH

HVIHUDIXQFLRQDODSDUWDGDFXMRSURSyVLWRpHGLILFDURKRPHPGH
PHUFDGRHPVHXVSDVVHLRVGRPLQLFDLVDRPXVHX
'HIDWRRWHUPRODWLQRFXOWXVDTXHUHPRQWDQRVVRFRQFHLWRGH
DUWHVLJQLILFDWDQWRFXOWLYRTXDQWRVHUYLoRUHOLJLRVRIRUPDGH
YLGDVRFLDELOLGDGHIRUPDomRHDWpPHVPRPRGDHP
GHWHUPLQDGRVFRQWH[WRV(VVHFRQFHLWRGHP~OWLSODVIDFHVDSRQWD
SDUDRFDUiWHUFXOWXUDOLQWHJUDGRGDVDQWLJDVFLYLOL]Do}HVDJUiULDV
$VIRUPDVHRVFRQWH~GRVGLIHUHQFLDGRVGDWURFDPDWHULDOFRPD
QDWXUH]D0DU[EHPFRPRDVUHODo}HVVRFLDLVHDHVWpWLFDQmR
VHGHFRPSXQKDPHPVXEVLVWHPDVFRPOyJLFDVSUySULDVDQWHV
HUDPVHPSUHDVSHFWRVGLYHUVRVGHXPD~QLFDHPHVPDYLYrQFLD
FXOWXUDOFRHUHQWH(PWHUPRVPRGHUQRVDGHVFULomRGHVVD
H[LVWrQFLDFXOWXUDOPHQWHLQWHJUDGDGHYHVRDUGHVFRQFHUWDQWHD
SURGXomRHUDHVWpWLFDDHVWpWLFDUHOLJLRVDDUHOLJLmRSROtWLFDD
SROtWLFDFXOWXUDOHDFXOWXUDVRFLDO(PRXWUDVSDODYUDVRV
DVSHFWRVVRFLDLVGLVWLQWRVHVWDYDPLPEULFDGRVXQVQRVRXWURV
FDGDHVIHUDGDYLGDHVWDYDGHFHUWDPDQHLUDFRQWLGDHPWRGDVDV
RXWUDV
3RGHPRVWDOYH]VHUWHQWDGRVDIDODUGHXPDFRQVWLWXLomRUHOLJLRVD
GHVVDVFXOWXUDVDJUiULDVSRLVDUHOLJLmRHUDDSDUHQWHPHQWHR
DVSHFWRLQWHJUDGRUPDLVIRUWHGHXPDWDOVRFLHGDGHFRPR
FXOWXUD&RPRVHVDEHQmRDSHQDVWRGDVRUWHGHDUWHIDWR
DUWtVWLFRPDVWDPEpPRWHDWURHDVFRPSHWLo}HVHVSRUWLYDV
RULJLQDUDPVHGHDo}HVGHFXOWRRXPHOKRUHOHVHUDPDo}HV
FXOWXDLVGHGHWHUPLQDGDHVSpFLH0DVWDPEpPWRGRVRVDID]HUHV
KDELWXDLVGRFRWLGLDQRSRVVXtDPXPFDUiWHUGHIXQGRFXOWXDOHD
SUySULDLURQLDHDVSLDGDVHUDPYLQFXODGDVDRFXOWR6HULDFRQWXGR
XPHUURVDOLHQWDUDUHOLJLmRFRPRRDVSHFWRVLVWHPiWLFR
GHWHUPLQDQWHGHWDLVVRFLHGDGHVSRLVFRPLVVRUHFDLUtDPRVHP
QRVVRFRQFHLWRIXQFLRQDOGHHVIHUDVVHSDUDGDV2UDDSUySULD
UHOLJLmRQmRHUDXPDUHOLJLmRQRVHQWLGRPRGHUQRQmRHUDXPD
FUHQoDXPDRFDVLmROLPLWDGDSDUDRSHQVDPHQWRWUDQVFHQGHQWDO
HPXLWRPHQRVXPDVVXQWRSULYDGR
0DVQHPSRULVVRSRGHPRVpFODURLPDJLQDURFDUiWHUUHOLJLRVR
GDVDQWLJDVFXOWXUDVFRPRXPDVLPSOHVFRHUomRLUUDFLRQDOLVVR
YDOHDQWHVSDUDDHFRQRPLDFDSLWDOLVWDGHVHQIUHDGDGD
PRGHUQLGDGH1DVDQWLJDVFLYLOL]Do}HVRDVSHFWRUHOLJLRVRHUDDR
PHVPRWHPSRRDVSHFWRS~EOLFRHDIRUPDGRVGHEDWHVDTXLOR
TXHKRMHFKDPDPRVGHSROtWLFD1mRSRUDFDVRRWHUPRODWLQR
SULYDWXVSRVVXLXPDFRQRWDomRXPWDQWRQHJDWLYDGHSUHFLDWLYD
PHVPRTXHSDUDQyVVHWRUQDDLQGDPDLVFODUDQRFRQFHLWR
FRUUHVSRQGHQWHGD$QWLJXLGDGHJUHJDOiRKRPHPSULYDGRTXH
QmRWRPDSDUWHQDYLGDFRWLGLDQDHQDYLGDS~EOLFDp
VLPSOHVPHQWHRLGLRWD
2IDWRGHRDVSHFWRUHOLJLRVRVHUDRPHVPRWHPSRDIRUPDGD
YLGDS~EOLFDHDEUDQJHUWRGRRFRWLGLDQRQmRFRQVWLWXLSRUpPXP
tQGLFHGDOLPLWDomRGHVVDVRFLHGDGHFRPRDILUPDDLGHRORJLDGD
DXWROHJLWLPDomRPRGHUQD$QWHVVHSRGHGL]HUDRFRQWUiULRTXH
XPDWDOFLYLOL]DomRSRVVXtDPDLVGHEDWHHRSLQLmRS~EOLFDGRTXHR
KDXROFRPEUIVSPDLVIVKWP

)ROKDGH63DXOR5REHUW.XU]2IDQWDVPDGDDUWH

)ROKDGH63DXOR5REHUW.XU]2IDQWDVPDGDDUWH

VLVWHPDPRGHUQRQRTXDOJUDQGHSDUWHGDVRFRUUrQFLDVVRFLDLVp
UHVROYLGDDXWRPDWLFDPHQWHHVHPGLVFXVVmRSHODPHFkQLFDGD
HFRQRPLDGHVHQIUHDGD3RUPDLVTXHQRVHPSHQKHPRVQmR
ORJUDPRVFRPSUHHQGHUDH[LVWrQFLDGHXPDVRFLHGDGH
FXOWXUDOPHQWHLQWHJUDGDDSDUWLUGHQRVVDYLVmRPRGHUQD1mR
SRVVXtPRVXPFRQFHLWRSDUDWDQWR
1XPDVRFLHGDGHFRPRFXOWXUDTXHQmRFRQKHFLDHVIHUDV
IXQFLRQDLVVHSDUDGDVHQWUHVLDDUWHVHPSUHIRLQHFHVVDULDPHQWH
XPDSDUWHLQWHJUDQWHGDYLGDFRWLGLDQDHODHUDWRWDOPHQWH
LPSHQViYHOSRUWDQWRFRPRREMHWRGHH[SRVLomRGHXPDHVIHUD
PRULEXQGDHHVWHULOL]DGDHPVXDUHGRPDGHYLGUR0DV
MXVWDPHQWHSRULVVRHODQmRHUDWDPEpPXPDDUWHFRPRDUWHPDV
DQWHVXPDVSHFWRHVSHFtILFRGHXPFRQWH[WRVRFLDOLQWHJUDGR2
DUWLVWDVySRGLDVHUUHFRQKHFLGRFRPRDUWLVWDQRVHQWLGRGHXPD
FDSDFLGDGHWpFQLFDPDVQmRFRPRUHSUHVHQWDQWHVRFLDOGDDUWH
SDUDDOpPGRFRWLGLDQR
1DPRGHUQLGDGHGHVLQWHJUDGDFXOWXUDOPHQWHSRUXPDHFRQRPLD
DXW{QRPDDHVWpWLFDFLQGLGDDVVXPHXPDIRUPDDEVXUGD(PERUD
WRGRIHQ{PHQRGDYLGDVHPSUHFRPSRUWHXPDVSHFWRHVWpWLFR
SDUDRKRPHPRPXQGRHFRQRPL]DGRGDPRGHUQLGDGH
GHVPHQWLXHVVHIDWRHOHPHQWDU2WUDEDOKRQmRpHVWpWLFRD
HFRQRPLDQmRpHVWpWLFDDSROtWLFDQmRpHVWpWLFDDYLGDHPJHUDO
QmRpHVWpWLFDVRPHQWHDHVWpWLFDpHVWpWLFD$VEHODVDUWHV
WUDQVIRUPDUDPVHQXPIDQWDVPDeFRPRVHDHVWpWLFDGDVFRLVDV
OHYDVVHXPDH[LVWrQFLDDEVWUDWDIDQWDVPDJyULFDDRODGRGDV
FRLVDVGRPHVPRPRGRDOLiVTXHDVRFLDELOLGDGHGRVSURGXWRV
QDIRUPDDEVWUDWDHWDXWROyJLFDGRGLQKHLURTXHVHDOLPHQWDDVL
SUySULROHYDXPDH[LVWrQFLDjSDUWHGHVVHVSUySULRVSURGXWRVHD
OyJLFDDEVWUDWDIRUPDODXWRQRPL]DVHFRPRRGLQKHLURGR
HVStULWR0DU[DRODGRGDOyJLFDFRQFUHWDGRVFRQWH[WRVUHDLV
$SULVmRGHYLGURGRDUWLVWDPRGHUQRFRQVLVWHSUHFLVDPHQWHQHVVD
FLVmRHVWUXWXUDOGRFDPSRHVWpWLFR$DUWHSHUDPEXODGHOiSDUD
FiGHQWURGHVVDMDXODGHVDPSDUDGDHODQmRpPDLVDIRUPD
DUWtVWLFDGHXPFRQWH~GRVRFLDOQmRpPDLVUHIOH[mRHVWpWLFDGR
WRGRPDVIRUPDOLGDGHFLQGLGDIRUPDVHPXPFRQWH~GRFRPXP
VRFLDOPHQWHGHILQLGRHODVHWRUQDHP~OWLPDDQiOLVHXPILPHPVL
PHVPRHFRPRO
DUWSRXUO
DUWQDGDPDLVpGRTXHXPD
FDULFDWXUDLQYROXQWiULDGDHFRQRPLDGHVHQIUHDGD1RFDVRGH
HODWHUVHDSDL[RQDGRSHUGLGDPHQWHSRUVLPHVPDSRUpPDDUWH
FRPHoDDUHFDOFDUVHXGLOHPDDRHVWHWL]DUFRPRWDORVUHEHQWRV
GDFLVmRIXQFLRQDOLVWD
6HDHVWUXWXUDGDPRGHUQLGDGHQmRpFULWLFDGDPDVHVWHWL]DGD
HQWmRFRUSRVGHVWURoDGRVSRUJUDQDGDVPXOKHUHVYLROHQWDGDV
FULDQoDVIDPLQWDVHDVREVFHQLGDGHVGRSRGHUPDQLIHVWDPVH
FRPRVLPSOHVREMHWRVHVWpWLFRV6HPHOKDQWHHVWHWL]DomRGD
SROtWLFDGLYRUFLDGDGDFUtWLFDGRVLVWHPDGDVFLV}HVFRQGX]
GLUHWDPHQWHjEDUEiULH(VVHIRLRVHJUHGRGRIDVFLVPRTXH
HQFHQRXDGHVLQWHJUDomRGDVRFLHGDGHFRPRVDQJUHQWDREUDGH
DUWHWRWDOjPDQHLUDGH1HUR
KDXROFRPEUIVSPDLVIVKWP

3RURXWURODGRWDPEpPDSROLWL]DomRGDHVWpWLFDSURSDODGDSHOD
HVTXHUGDKiPXLWRSURYRXVHUXPEHFRVHPVDtGD4XDQGRDDUWH
DLQGDTXHFRPDVPHOKRUHVLQWHQo}HVSUHVWDVHjDJLWDomRj
DJLWSURSHODFDSLWXODWmRLQFRQGLFLRQDOPHQWHTXDQWRQDVXD
WUDQVIRUPDomRHPGHVLJQHLQG~VWULDFXOWXUDO6HDDUWHQmRTXLVHU
GHILQKDUHFDODUVHSDUDVHPSUHHODWHUiGHID]HUS~EOLFRRVHX
GLOHPDQmRPHGLDQWHXPDDGDSWDomRjSROtWLFDWUDGLFLRQDOPDV
SRUPHLRGHXPDUDGLFDOFUtWLFDHVWpWLFDGDRUGHPH[LVWHQWH6HD
DUWHQmRpPDLVFDSD]GHUHIOHWLUSRVLWLYDPHQWHRWRGRFLQGLGR
TXHRIDoDQHJDWLYDPHQWHDRHOHYDUjFRQVFLrQFLDDSUHFDULHGDGH
HVWpWLFDGRPXQGRHFRQRPLFLVWD
$DUWHGHFHUWDPDQHLUDWHPGHWRUQDUVHPLOLWDQWHFRPRVVHXV
SUySULRVPHLRVHSOHLWHDUDVXEPLVVmRGDHFRQRPLDDXP
FRVPRVFXOWXUDODVHUUHLQYHQWDGRHQmRPDLVKHUGDGR
FXOWXUDOPHQWHID]HQGRWULXQIDUDHVWpWLFDGRWRGRVREUHD
FKDPDGDHILFLrQFLDHPSUHVDULDO6RPHQWHXPDDUWHTXHVHVXSHUH
DVLPHVPDFRPRFUtWLFDGDSUySULDGHVHVWHWL]DomRVRFLDOSRGH
UHQDVFHUSDUDDYLGD

5REHUW.XU]pVRFLyORJRHHQVDtVWDDOHPmRDXWRUHQWUHRXWURVGH2
&RODSVRGD0RGHUQL]DomR(G3D]H7HUUD2VOWLPRV&RPEDWHV(G
9R]HV(OHHVFUHYHPHQVDOPHQWHQDVHomR$XWRUHVGR0DLV
7UDGXomRGH-RVp0DUFRV0DFHGR

7H[WR$QWHULRU$XWRUHV5LFKDUG5RUW\2IXWXURGDXWRSLD
3Uy[LPR7H[WR(VWpWLFD0DUFHOR*XLPDUmHV/LPD$FRPpGLD
GLYLQD
QGLFH
$66,1(

%$7(3$32

%86&$

(0$,/

6$&

6+233,1*82/

\ULJKW(PSUHVD)ROKDGD0DQKm6$7RGRVRVGLUHLWRVUHVHUYDGRVeSURLELGDDUHSURGXomRGRFRQWH~GRGHVWDSiJLQDHPTXDOTX
PHLRGHFRPXQLFDomRHOHWU{QLFRRXLPSUHVVRVHPDXWRUL]DomRHVFULWDGD$JrQFLD)ROKD

KDXROFRPEUIVSPDLVIVKWP