Escolar Documentos
Profissional Documentos
Cultura Documentos
A Cidade Sustentvel
O conceito permite renovar a concepo e a prtica da interveno ?1
Isabel Guerra*
Resumo: Este artigo discute o conceito de cidade sustentvel, interrogando alguns dos
argumentos que o sustentam. A noo de cidade sustentvel algo confusa mas tem, no en
tanto, o mrito de colocar questes centrais, embora restem dvidas se o debate actual permite
renovar a concepo sobre o projecto urbano e se tem dimenses operativas pertinentes. Para
j, cidade sustentvel um conceito dos urbanistas com pouca traduo prtica, pelo menos
em Portugal, e parece que todos concordam que no h um "best way", sendo necessrio
encontrar o equilbrio da forma urbana na histria de vida de cada cidade, construindo agora
uma nova etapa mais ecolgica ambientalmente, mais coesa socialmente, mais competitiva
economicamente. Mas considera-se ainda que s um Estado solidrio com as autarquias,
proactivo, decidido e autnomo de interesses particulares, consegue reforar a estrutura da
cidade como um bem colectivo. De facto, a complexidade desta problemtica exige um trabalho
multidiciplinar, com a presena das cincias sociais, o que permitir a necessria integrao
a que o conceito de cidade sustentvel tanto ambiciona.
No sei bem o que se poder escrever de original Cidade sustentvel: um conceito confuso mas
sobre um tema j to debatido. A ideia de susten bem intencionado
tabilidade no assenta numa lgica acadmica
clarificada, mas numa ideia prtica, razoavelmente H muito que se tenta organizar as cidades
utpica, de defesa de algumas propostas desejadas segundo modelos preestabelecidos, definindo os
sobre a cidade. seus limites, a organizao das suas funes e as
A defesa da cidade sustentvel assume toda responsabilidades dos diversos actores, ambio
a legitimidade na actualidade, mas necessrio essa que originou vrios modelos com mais ou me
repensar os argumentos com que hoje defendida. nos impacto, desde as cidades lineares russas, s
O mais interessante do debate a retoma da reflexo cidades-jardins, passando pela cidades funcionais
sobre as dimenses colectivas do viver em conjunto de Corbusier. Mas hoje, a noo de cidade susten
e a procura de uma maior equidade social e urbana tvel tornou-se um conceito bastante generalizado
luz da crtica s formas de crescimento das cidades e bastante consensual, emergindo como uma crtica
que foi apangio do modelo anterior. Cada poca tem frontal s formas de crescimento extensivas e aos
as suas necessidades e hoje a cidade sustentvel efeitos perversos das aglomeraes urbanas mais
uma necessidade gerada quer pela inviabilidade recentes.
das caractersticas do excessivo crescimento em As diferentes perspectivas sobre a cidade sus
"sprawl", quer pelas dificuldades ecolgicas da tentvel tm vrias origens e intenes oriundas
concentrao urbana sem precedentes, quer ainda dos mais diversos lugares e grupos disciplinares,
pelas evidentes desigualdades sociais geradas pelo desde Jane Jacobs 2 nos anos 1960, que questiona
acentuar da segregao social e espacial. os princpios do urbanismo moderno cristalizados
1 Este texto serviu de referncia comunicao realizada em Junho de 2010 em Barcelona no Colquio Les politiques urbanas a la ciudad compacta:
de la regeneracin a la sostenibililat.
Professora Catedrtica (aposentada) do ISCTE-IUL. Professora Catedrtica Convidada (aposentada) da Universidade Catlica Portuguesa. Inves
tigadora do DINMINCEl imcguerra@gmail.com
2 Ver o famoso livro de Jane Jacobs, 1961, f ofGreal American Citie, Vintage Books, Nova Iorque.
The Death and Lie
QD&DUWDGH$WHQDVDWpDR&OXEHGH5RPDHP ELOLGDGHXUEDQDHGLPLQXHPDHILFLrQFLDHFRQyPLFD
DGHIHVDGRFUHVFLPHQWR]HURDVVXPLQGRKRMHXP GDV FLGDGHV 6HJXQGR DOJXPDV HVWLPDWLYDV HVWHV
OXJDUGHGHVWDTXHFRPDGHIHVDGRFRQFHLWRGHGH HIHLWRVFRPELQDQGRDSROXLomRGRDUREDUXOKRH
VHQYROYLPHQWRVXVWHQWiYHOGR5HODWyULR%UXQGWODQG RVDFLGHQWHVSRGHPGLPLQXLUHQWUHDR
'LIHUHQWHVVHQWLGRVWrPVLGRDVVRFLDGRVDHVWD 3,%GRVSDtVHVLQGXVWULDOL]DGRV(PERUDWpQXHV
QRomRGHVGHTXHR5HODWyULR%UXQWODQGDLQWURGX HPHUJHP WDPEpP UHSDURV j HTXLGDGH WHUULWRULDO
]LXQRGHEDWHS~EOLFRHPGHIHQGHQGRFRPR FRQVLGHUDQGR TXH DV SHULIHULDV WHULDP DLQGD
EDVH GR FRQFHLWR GH VXVWHQWDELOLGDGH D OLPLWDomR HIHLWRV QHJDWLYRV QD VHJUHJDomR VRFLDO DIDVWDQGR
GR FUHVFLPHQWR GD FLGDGH DUWLFXODGD FRP D GH HFRQFHQWUDQGRHPFHUWDV]RQDVDVSRSXODo}HVGH
IHVDGDHILFLrQFLDHUDFLRQDOLGDGHHFRQyPLFDGDV PHQRUHVUHFXUVRV
HFRQRPLDVGHDJORPHUDomR$VVRFLDYDPVHDLQGD 6DEHPRV TXH R r[RGR UXUDO QmR IRL DSHQDV
QRo}HVGHVXVWHQWDELOLGDGHVRFLDOHDPELHQWDOTXH PRWLYDGR SHOD QRVWDOJLD GR DPRU j QDWXUH]D
GDYDPGHVGHORJRDRFRQFHLWRDGLPHQVmRLQWHJUDGD IRL HVVHQFLDOPHQWH R PHLR GH FRQFUHWL]DomR GH
H DXWRVXVWHQWDGD TXH DLQGD KRMH R FDUDFWHUL]D DVSLUDo}HVIDPLOLDUHVPDVWDPEpPGHGpFDGDVGH
0DVUHSDUHVHTXHDGHIHVDGDFLGDGHVXVWHQWiYHO HVSHFXODomR LPRELOLiULD H GH SROtWLFDV S~EOLFDV
VREUHWXGRQDVXDYHUVmRFLGDGHFRPSDFWDpXPD RUJDQL]DGDVSDUDVDWLVID]HUWRGRVHVWHVLQWHUHVVHV
PXGDQoDVLJQLILFDWLYDGHSDUDGLJPDVREUHRFUHV DSRLRDRDFHVVRjSURSULHGDGHHVWHQGHUGDVLQIUD
FLPHQWRGDFLGDGH'HIDFWRHVLWXDQGRQRVDSHQDV HVWUXWXUDVTXHDFRPSDQKDYDPDVJUDQGHVXEXUEDQL
QRVSDtVHVGR&HQWURRFUHVFLPHQWRXUEDQRGHVGH ]Do}HVSHULIpULFDVGHVLQWHUHVVHSHODUHTXDOLILFDomR
RVpFXORSDVVDGRTXHVHID]jFXVWDGDOyJLFDGD GDV]RQDVFHQWUDLVGDVFLGDGHVHWF&DGDSDtVWHP
H[SDQVmRSHULIpULFDHQD(XURSDGHSRLVGD6HJXQ FRPFHUWH]DYDULiYHLVSUySULDVH[SOLFDWLYDVGHVWDV
GD*XHUUD0XQGLDOTXHVHGLVVHPLQDRPRGHORGH IRUPDVGHFUHVFLPHQWRTXHDGYrPHPODUJDPHGL
FUHVFLPHQWRVXEXUEDQRSHVHHPERUDDGLYHUVLGDGH GDGHFRQVHQVRVDODUJDGRVHQWUHYiULRVLQWHUHVVHV
GHVVDVSHULIHULDV 2VSURSULHWiULRVUXUDLVTXHDUUHFDGDYDPPDLVYDOLDV
(VWD SURJUHVVmR HVSHFWDFXODU EHEH GR PHVPR UiSLGDVGDWUDQVIRUPDomRGRXVRGRVVRORVRVHF
PRGHOR IRUGLVWD TXH ID]LD DVVHQWDU R FUHVFLPHQWR WRULPRELOLiULRHQFDQWDGRFRPDHQRUPHH[SDQVmR
HP FRQFHLWRV NH\QHVLDQRV FUHVFLPHQWR GD SUR GDV VXDV KDELWDo}HV DV IDPtOLDV TXH DYLGDPHQWH
GXWLYLGDGH DWUDYpV GD PHFDQL]DomR FUHVFLPHQWR SURFXUDYDP HVSDoR GH TXDOLGDGH H R DFHVVR j
GRV VDOiULRV H GRV FRQVXPRV TXH SRU VXD YH] SURSULHGDGHHWF0DVHUDVHPSUHR(VWDGRTXHRX
IDULD DXPHQWDU D SURGXWLYLGDGH HWF 2 (VWDGR IDFLOLWDYDRXIHFKDYDRVROKRVjGLIXVmRWHUULWRULDO
IUHTXHQWHPHQWH DSHOLGDGR GH SURYLGrQFLD WHYH GRKDELWDWLQGLYLGXDO
XP SDSHO IXQGDPHQWDO QHVWH VLVWHPD HFRQyPLFR 6HULDLQWHUHVVDQWHLQWHUURJDUTXDODRULJHPGHVWD
IRUQHFHQGRDVFRQGLo}HVGHJHUDLVGHSURGXomR V~ELWDGLIXVmRGDLQYHUVmRGHROKDUHVVREUHRFUHV
RQGHVHLQFOXtDPDVFRQGLo}HVGHKDELWDomRHGH FLPHQWRXUEDQRH[WHQVLYRGR~OWLPRPHLRVpFXOR
WUDQVSRUWHVQHFHVViULDVjUHSURGXomRGDIRUoDGH 7KH\VFRQVLGHUDPVHWDPEpPHVSDQWDGRH
WUDEDOKR&RPRHVFUHYH%UDQGmR$OYHVH&RUWHVmR FpSWLFRFRPDPXGDQoDGHDWLWXGHGRVWpFQLFRVH
pLQHYLWiYHOFRQVLGHUDUTXHDRFXSDomR PXLWRSDUWLFXODUPHQWHGRVDPELHQWDOLVWDVGRVDQRV
GLVSHUVDSRVLWLYDRXQHJDWLYDpKRMHXPDIRUPDRX SRLVVmRRVPHVPRVTXHID]LDPRHORJLRGDYLGD
XP PRGHOR GH FUHVFLPHQWR GDV FLGDGHV FRQIRUPH QRFDPSRDSUHJRDQGRRVYDORUHVDQWLXUEDQRVGHXPD
RXWURUDDFLGDGHFRPSDFWDIRLRPRGHORUHSUHVHQ FLGDGHGHSHTXHQRVEDLUURV5HFRQKHFHQRHQWDQWR
WDWLYR GH XPD GHWHUPLQDGD VRFLHGDGH H GDV VXDV TXH VmR RV SULPHLURV GHIHQVRUHV GRV WUDQVSRUWHV
OyJLFDV GH GHVHQYROYLPHQWR D FLGDGH GLVSHUVD p S~EOLFRVGDVFLFORYLDVGDVPHGLGDVGHSRXSDQoD
DFWXDOPHQWHRPRGHORGHUHSUHVHQWDomRGDOyJLFD HQHUJpWLFD H GD iJXD GD DUWLFXODomR GD QDWXUH]D
GHGHVHQYROYLPHQWRGDQRVVDVRFLHGDGH FRP R HVSDoR FRQVWUXtGR HWF $SURIXQGDU HVWDV
$ FUtWLFD j FLGDGH GLVSHUVD YHP VREUHWXGR GD OyJLFDVGHLQWHUHVVHHGHFRQIOLWRHQWUHRVGLYHUVRV
SHUVSHFWLYDHFROyJLFDFRQVLGHUDQGRTXHDVPRELOL DFWRUHVSRGHVHUWDPEpPXPDIRUPDGHLGHQWLILFDU
GDGHVFHQWURSHULIHULDFRORFDPHPULVFRDVXVWHQWD RVSDVVRVTXHQRVOHYDPDRIXWXUR
7UDGLFLRQDOPHQWHDGHQVLGDGHXUEDQDpEHPPDLRUQRVSDtVHVHPGHVHQYROYLPHQWRGHIULFDHVLDGRTXHQDVPHWUySROHVHXURSHLDVHPRWLYDGD
SRURXWUDVTXHVW}HV
$&LGDGH6XVWHQWiYHO
)LJXUD4XHVWLRQDPHQWRVVREUHDFLGDGHVXVWHQWiYHO
&RPRSRGHPDVFLGDGHVFRQWULEXLUSDUDDFRQVWUXomRGHXPQRYRSDUDGLJPDGHGH
VHQYROYLPHQWRTXHFXPSUDRVUHTXLVLWRVGDVXVWHQWDELOLGDGHHFRQyPLFDVRFLDOHDP
ELHQWDO"
4XDORFRQWULEXWRGDVFLGDGHVSDUDRVSUREOHPDVDFWXDLVGDVXVWHQWDELOLGDGHHFRPRGHYH
UmRHODVFRQWULEXLUSDUDVHWRUQDUHPSyORVFHQWUDLVGHGHVHQYROYLPHQWR"
&RPRGHILQLUDFLGDGHVXVWHQWiYHO"6HUiDIRUPDGHWHUPLQDQWHSDUDRVSUREOHPDV
GHVXVWHQWDELOLGDGH"+DYHUiXPPRGHOR~QLFRHJHQHUDOL]DGDPHQWHDSOLFiYHOGHFLGDGH
VXVWHQWiYHORXXPDPXOWLSOLFLGDGHGHFDPLQKRVSRVVtYHLVSDUDXPREMHFWLYR"
&RPRSDVVDUGDSUREOHPiWLFDjRSHUDFLRQDOL]DomR"4XDORSDSHOGRVSRGHUHVS~EOL
FRVHGRVYiULRVQtYHLVGHDGPLQLVWUDomRHHPSDUWLFXODUGRSODQHDPHQWRXUEDQR"
$GLYHUVLGDGHGDVFRUUHQWHV VHULDHVWUXWXUDGDDSDUWLUGHUHGHVGHWHFLGRVXU
GD&LGDGH6XVWHQWiYHO EDQRVRUJDQL]DGRVGHIRUPDFRPSDFWD2SURWyWLSR
FRQKHFLGRGDVDOGHLDVXUEDQDVHQFRQWUDVHHP
$ PLVWXUD WHUPLQROyJLFD HQWUH FLGDGH VXVWHQ 6HDVLGH )ORULGD DLQGD KRMH FRQVLGHUDGD FRPR
WiYHO FLGDGH FRPSDFWD QRYR XUEDQLVPR HWF XP PDQLIHVWR GHVWH SHQVDPHQWR &RQFHELGD QRV
PRVWUD DSHVDU GH WXGR D SUR[LPLGDGH HQWUH RV DQRVDSDUWLUGDVPHPyULDVXUEDQtVWLFDVORFDLV
YiULRV FRQFHLWRV 'H IDFWR QDV ~OWLPDV GpFDGDV UHYLVLWDGDV PDV RQGH D OLQJXDJHP DUTXLWHFWXUDO
DUHDOLGDGHWHPVHWUDGX]LGRSRUXPFUHVFLPHQWR SURFXUDDKDUPRQLDGRFRQMXQWRDDXWHQWLFLGDGH
XUEDQRHPH[WHQVmRHSDUHFHOHJtWLPRFRORFDUHP GDYLGDFROHFWLYDpDVVHJXUDGDSHODDUWLFXODomRGRV
QRPH GD VXVWHQWDELOLGDGH DOJXPDV TXHVW}HV D HVSDoRVS~EOLFRVHSHORVSHUFXUVRVFXLGDGRVDPHQWH
FLGDGHVXVWHQWiYHOVHUiFRPSDFWDLQWUDPXURVH GHVHQKDGRV
HVSDOKDGDHIUDJPHQWDGDQDVSHULIHULDV"'HTXH $FLGDGHFRPSDFWDpDFRUUHQWHPDLVGLIXQGLGD
IDODPRV TXDQGR UHIHULPRV D FLGDGH VXVWHQWiYHO" HSRXFRPDLVpGRTXHXPFRQFHLWRTXHGHIHQGH
2 FRUDomR GHVWH TXHVWLRQDPHQWR DVVHQWD HP XPD FLGDGH GH DOWD GHQVLGDGH TXH HQFRUDMD DV
GLIHUHQWHV UHSUHVHQWDo}HV GD VXVWHQWDELOLGDGH GHVORFDo}HV D Sp SHOR TXH D PLVFHQL]DomR IXQ
FHQWUDQGRVH VHPSUH QR FRQWUROR GR FUHVFLPHQWR FLRQDOpHVVHQFLDOHEDVHDGDVREUHXPVLVWHPDGH
XUEDQRHQRUHDMXVWHGRVVLVWHPDVGHFLGDGHVYLVWRV WUDQVSRUWHV FROHFWLYRV HILFD] $ FLGDGH FRPSDFWD
TXHUGRSRQWRGHYLVWDWpFQLFRTXHUGRSRQWRGH WRUQRXVH TXDVH VLQyQLPR GH FLGDGH VXVWHQWiYHO
YLVWD GRV VLVWHPDV GH JRYHUQDomR UHGHILQLQGRVH QXPDFODUDDVVXPSomRGHTXHDVXVWHQWDELOLGDGH
DVEDVHVGHOHJLWLPDomRGHQRYDVSROtWLFDVXUEDQDV GHFRUUH GD HFRQRPLD GH HVFDOD TXH DGYpP GD
PDLVDGHTXDGDVjVGLQkPLFDVGHPRJUiILFDVVRFLDLV FRQFHQWUDomRXUEDQD2VTXHGHIHQGHPDFLGDGH
HFRQyPLFDVHDPELHQWDLVGHVWHVpFXOR FRPSDFWD LQVLVWHP VREUH D LQWHQVLGDGH GD H[SH
6RSKLH/XINLQVGDWDLGHQWLILFDFRUUHQWHVTXH ULrQFLDXUEDQDIDYRUHFHQGRDGLYHUVLGDGHFXOWXUDO
VHRS}HPDRXUEDQLVPRIXQFLRQDOHTXHVHVRFRUUHP D FULDomR GH UHGHV GH VRFLDELOLGDGH QRV EDLUURV
GRFKDSpXGHFLGDGHVXVWHQWiYHORQRYRXUEDQLVPR DWLWXGHV GH GHIHVD GR DPELHQWH H D SURFXUD GH
DFLGDGHFRPSDFWDHRVHFREDLUURV QRYRV PDWHULDLV H IRUPDV FRQVWUXWLYDV ,QVLVWHP
2QRYRXUEDQLVPRQDVFLGRQRV(8$QRVDQRV DLQGD QD SDUWLFLSDomR DODUJDGD GRV KDELWDQWHV H
GHIHQGH GHVGH ORJR D FLGDGH FRQFHQWUDGD QXPDJHVWmRHILFD]GHSUR[LPLGDGH2SHQVDPHQWR
EDVHDGD HP EDLUURV GH FRQYLYHQFLDOLGDGH UHIRU VREUHDFLGDGHFRPSDFWDFRQWpPHPVLXPFRQMXQWR
oDGDFRPHVSHFLDODWHQomRDRVHVSDoRVS~EOLFRV LQWHJUDGRGHSUHRFXSDo}HVHFROyJLFDVHFRQyPLFDV
&RPYiULDVYHUV}HVRQGHRWUDQVSRUWHS~EOLFRHD VRFLDLVHFXOWXUDLVDJUDGDQGRSRULVVRDXPDJUDQGH
FLUFXODomRSHGRQDOVHPSUHGRPLQDULDPDFLGDGH PXOWLSOLFLGDGHGHWpFQLFRV
1XQFDpGHPDLVOHPEUDUTXHHVWDPRVQXPGLVFXUVRHWQRFrQWULFRFRQVLGHUDQGRVREUHWXGRRVSDtVHVGRFHQWURQmRSRUTXHRIHQyPHQRQmRH[LVWD
HPSDtVHVHPGHVHQYROYLPHQWRPDVDtDVFDUDFWHUtVWLFDVHFDXVDOLGDGHVVmRGLIHUHQWHV
&,'$'(6&RPXQLGDGHVH7HUULWyULRV
2FRQFHLWRGHHFREDLUURHVWiGHDOJXPDIRUPD 2FDOHLGRVFySLRGHVWHFRQFHLWR
FRQWLGR QD GLVFXVVmR GD FLGDGH FRPSDFWD VHQGR HDVVXDVGLPHQV}HV
XPDGLPHQVmRGDVXDFRQFUHWL]DomRHDWpGHUDGL
FDOL]DomRFRPRUHIHUH/XINLQ$SUHRFXSDomRPDLV $SHVDUGRXVRDODUJDGRGHVWHVFRQFHLWRVDFL
UHIRUoDGDpDGDHVWUXWXUDomRGHXPDFLGDGHGH GDGH GLIXVD D FLGDGH pFODWpH D QmR FLGDGH
EDLUURVGHGLPHQVmRHFROyJLFDDWULEXLQGRVHXP WrPVLJQLILFDGRVG~ELRVHH[SUHVV}HVItVLFDVPXLWR
SDSHOIXQGDPHQWDODRVPDWHULDLVDRWUDWDPHQWRGDV GLYHUVLILFDGDVQRVYiULRVSDtVHVHUHJL}HV
iJXDVHOL[RVDRFRQVXPRGHHQHUJLDPDVWDPEpP )DODUVHKRMHGRTXHTXHUTXHVHMDDFHUFDGDGH
jV IRUPDV GH VRFLDELOLGDGH H SDUWLFLSDomR HWF RFXSDomRGLVSHUVDGDXUEDQL]DomRGLIXVDRX
$VXDYLVLELOLGDGHFRPRPDWHULDOL]DomRGRVGHVtJ GHTXDOTXHURXWUDGHVLJQDomRTXHVHUHODFLRQHFRPD
QLRV GD FLGDGH FRPSDFWD WHYH GH DOJXPD IRUPD XUEDQL]DomRH[WHQVLYDDUUDVWDFRQVLJRPXLWDVTXHV
HIHLWRVQRVXUEDQLVWDV&HUWRVEDLUURVGD$OHPDQKD W}HVHMXOJDPHQWRVSUpYLRVTXHFRQYpPWHUHPFRQWD
HQRVSDtVHVHVFDQGLQDYRVPRVWUDUDPDVYDQWDJHQV ,VWRSRUTXHRFRQWH[WRHPTXHQRUPDOPHQWHVHFRORFD
GHWDLVFRQFHLWRVTXDQGRSDVVDGRVjSUiWLFD RWHPDGDXUEDQL]DomRGLIXVDLQGHSHQGHQWHPHQWH
7RGDVHVWDVSHUVSHFWLYDVWrPHPFRPXPDGHIHVD GDIRUPDFRPRVHIXQGDPHQWDLPSOLFDVHPSUHXP
GDVSULQFLSDLVFDUDFWHUtVWLFDVJHUDOPHQWHDWULEXtGDV PDOHVWDURXXPDFRQGHQDomRGDGLWDRFXSDomRGLV
jFLGDGHFRPSDFWD3RQWHVGD6LOYD SHUVDFRPRDOJRGHQDWXUH]DSUHGDWyULRLUUDFLRQDO
GLVIXQFLRQDOHVWHWLFDPHQWHFRQGHQiYHOPRUDOPHQWH
'HQVLGDGHTXHJDUDQWDDYLDELOLGDGHGHWUDQV DOLHQDQWHPRUIRORJLFDPHQWH`LQFRPSUHHQVtYHOIXQ
SRUWHV S~EOLFRV IUHTXHQWHV H DFHVVtYHLV H GH FLRQDOPHQWHDQDFUyQLFDDPELHQWDOPHQWHLQVXVWHQ
VHUYLoRVHFRPpUFLRGHSUR[LPLGDGH WiYHOHWF$XUEDQL]DomRGLVSHUVDWRUQRXVHXPD
&RQWLQXLGDGHFRPXPDHVWUXWXUDPRQRFrQWUL HVSRQMDTXHDEVRUYHUDSLGDPHQWHTXDOTXHUWHPD
FDRXSROLFrQWULFDHPIXQomRGDGLPHQVmRGD TXH VH HVWHMD D GLVFXWLU VHMD DPELHQWH VHMD LQIUD
SRSXODomR HVWUXWXUDVVHMDHVWpWLFDVHMDIRUPDXUEDQDVHMDR
0XOWLIXQFLRQDOLGDGH QR XVR GRV VRORV H GLYHU TXHIRUOYDUR'RPLQJXHVSHS
VLGDGH 7KH\VUHIHULQGRRFRQFHLWRGHGHVHQ
YROYLPHQWRVXVWHQWiYHOFRQVLGHUDTXHRLQWHUHVVH
$GHIHVDGDFLGDGHVXVWHQWiYHOWHPDVVLPYi UHFHQWHSRUHVWHFRQFHLWRVHGHYHDXPDDPELJXL
ULRV PDWL]HV HP IXQomR GDV RULJHQV GLVFLSOLQDUHV GDGHHDXPDFRPELQDomRLQH[SOLFiYHOGHERDV
GRVHXVVHJXLGRUHVRUDPDLVDPELHQWDORUDPDLV H PiV UD]}HV 3RU XP ODGR R FRQFHLWR FRORFD
HFRQRPLFLVWD RUD PDLV VRFLROyJLFD (P WRGRV RV TXHVW}HV IXQGDPHQWDLV WUDQVYHUVDLV j VRFLHGDGH
FDVRVGRSRQWRGHYLVWDFRQFHSWXDOGHIHQGHVHTXH H j FLGDGH GH KRMH WDLV FRPR DV ILQDOLGDGHV GR
DFLGDGHpXPPHWDEROLVPRHFRHQHUJpWLFRHGHYH FUHVFLPHQWRGDVFLGDGHVHDUHODomRFRPSOH[DHQ
HVWDU HVWUXWXUDGD GH IRUPD FRPSDFWD SRLV VHULD WUHRHFRQyPLFRRVRFLDOHRDPELHQWDOEHPFRPR
HFRQRPLFDPHQWHPDLVYLiYHOHFRORJLFDPHQWHPDLV UHVVDOWD D TXHVWmR GR WHPSR H D FRQFRUUrQFLD
VXVWHQWiYHOHPDLVSURGXWRUDGHTXDOLGDGHGHYLGD HQWUH R WHPSR FXUWR H WHPSR ORQJR GRV FLFORV GH
SHODIDFLOLWDomRGHRUJDQL]DomRGHHTXLSDPHQWRVH GHVHQYROYLPHQWREHPFRPRRFRPSURPLVVRIDFHD
GHWUDQVSRUWHV$VXVWHQWDELOLGDGHXUEDQDGHYHUi JHUDo}HVIXWXUDV4XHVWLRQDDLQGDDTXDOLGDGHGH
DLQGDDQFRUDUQDVQRYDVHPDLVHILFLHQWHVIRUPDVGH YLGDXUEDQDDTXHVWmRGDVLGHQWLGDGHVHVSDFLDLV
JHVWmRGDFLGDGHFRPRXPHVSDoRGHUHFRQVWUXomR HDUWLFXODomRSUREOHPiWLFDHQWUHDVOyJLFDVJOREDLV
GHQRYRVSDFWRVSROtWLFRVFRPXPDGLYHUVLGDGHGH HDVOyJLFDVORFDLV
SDUFHLURVHFRPLVVRJDQKDUQRYDVOHJLWLPLGDGHVQD 2 UHVXPR GRV DUJXPHQWRV D IDYRU H FRQWUD D
JHVWmRGDFRLVDS~EOLFD FLGDGH VXVWHQWiYHO VmR DSUHVHQWDGRV SRU +HOHQD
(VWDV GLPHQV}HV GD VXVWHQWDELOLGDGH XUEDQD 0DUWLQVHRXWURVGHVWDIRUPDRVGH
VHQGR SURVSHFWLYDV H LGHROyJLFDV WrP XP ODUJR IHQVRUHV GD FLGDGH FRPSDFWD DUJXPHQWDP TXH D
FRQVHQVR H WUDGX]HPVH HP SULQFtSLRV GH SODQH FRQWHQomRXUEDQDFRPXVRVGRVRORPLVWXUDGRVLUi
DPHQWRXUEDQRKROtVWLFRVDDPELomRpDGHJHUDU UHGX]LUDQHFHVVLGDGHGHGHVORFDo}HVPRWRUL]DGDV
XPDFLGDGHIXQFLRQDOPHQWHLQWHJUDGDVRFLDOPHQWH UHGX]LQGRSRULVVRDVHPLVV}HVGRWUiIHJRHSURPR
MXVWD HILFD]PHQWH JRYHUQDGD H DPELHQWDOPHQWH YHQGRRXVRGRWUDQVSRUWHS~EOLFRDVVLPFRPRDV
VXVWHQWDGD GHVORFDo}HV D Sp H GH ELFLFOHWD 'HQVLGDGHV PDLV
$&LGDGH6XVWHQWiYHO
)LJXUD2TXHGHEDWHRGHEDWHVREUHDFLGDGHVXVWHQWiYHO
&,'$'(6&RPXQLGDGHVH7HUULWyULRV
9HUSRUH[HPSORREROHWLPHGLWDGRSHOR&HQWUHSRXUXQWUDQVSRUWGXUDEOH%XOOHWLQGXWUDQVSRUWGXUDEOHQZZZFVWFWGRUJPDUVRXGD
8(R/LYUR%UDQFR/DSROLWLTXHHXURSpHQQHGHVWUDQVSRUWVjOKRUL]RQ
$&LGDGH6XVWHQWiYHO
$VGLPHQV}HVVRFLDLVGDVXVWHQWDELOLGDGH GRVLQGLYtGXRVWHQGHULDSRLVDHIHFWXDUVHQXPD
YDULHGDGHPDLRUHPDLVLQVWiYHOGHJUXSRVVRFLDLV
5HIHULD *LUDUGW 8PD FLGDGH VXVWHQWiYHO HVWi JHUDQGR XPD PDLRU GLYHUVLILFDomR GDV UHODo}HV
RUJDQL]DGDGHPRGRDTXHWRGRVRVVHXVKDELWDQWHV VRFLDLV
SRVVDPVDWLVID]HUDVQHFHVVLGDGHVEiVLFDVHDXPHQWDU $PHWDSROLVH[SUHVVDQGRHVVDQRYDFRQILJXUDomR
RVHXEHPHVWDUVHPGDQLILFDURPXQGRQDWXUDORX HVSDFLDO GD FLGDGH FRQILJXUD WDPEpP XPD QRYD
S{UHPULVFRDVFRQGLo}HVGHYLGDGHRXWURVDJRUDH RUJDQL]DomRWHPSRUDOGDYLGDXUEDQDHVWUXWXUDGD
QRIXWXURLQ3RQWHVGD6LOYD SRURXWUDVUHODo}HVHVSDoRWHPSRHTXHVHWUDGX]HP
'LJDVH GHVGH Mi TXH DV SHUVSHFWLYDV PDLV WDPEpP QD PDLRU DXWRQRPL]DomR GR VXMHLWR SDUD
VRFLROyJLFDVQmRSUHGRPLQDPQRVGLVFXUVRVVREUH JHULUHVVDDUWLFXODomRTXHSDUDWDOSUHFLVDGDFL
DFLGDGHVXVWHQWiYHORXVREUHDFLGDGHFRPSDFWD GDGHPRGHUQDHLQWHOLJHQWHUHFRUUHQGRjVQRYDV
HTXHDGLPHQVmRKXPDQDHVRFLDOHVWiHPODUJD WHFQRORJLDV2WHPSRHRHVSDoRWRUQDPVHDVVLP
PHGLGDSRUSUHFLVDUHVREUHWXGRSRUDVVXPLUXPD UHFXUVRVOLPLWDGRVTXHpSUHFLVRJHULUJRYHUQDUH
GLPHQVmRSUiWLFDTXHOKHSHUPLWDVHUXPSDUFHLUR HFRQRPL]DU D FLGDGH HVWUXWXUDUVHLD FRPR XPD
SDULWiULRQDVHTXLSDVGHXUEDQLVPR3RGHPHVPR FLGDGHjODFDUWHKRUDVVREUHKRUDV$VKHU
FRQVWDWDUVHTXHDVGLPHQV}HVGHGLVFXVVmRVREUHD SHUPLWLQGR D LQGLYLGXDOL]DomR GR WHPSR
FLGDGHVXVWHQWiYHOQmRIL]HUDPGDHTXLGDGHVRFLDO GHYLGDTXRWLGLDQDHGDVWHPSRUDOLGDGHVGDYLGD
HWHUULWRULDOXPDIRUWHSULRULGDGHWHPHQGRVHPHV 2VVXMHLWRVDSURSULDPVHLQGLYLGXDOPHQWHGRHVSD
PRTXHXPDFHUWDFRQFHSomRGRGHVHQYROYLPHQWR oRHGRWHPSRTXRWLGLDQRRTXHpIDFLOLWDGRSHOD
GXUiYHO TXH SULYLOHJLH DV GLPHQV}HV WpFQLFDV H PRELOL]DomR GH HQXPHUDV WHFQRORJLDV H GLYHUVDV
HFRQyPLFDV UHIRUFH HVVD GLPHQVmR WHFQRFUiWLFD PRGDOLGDGHVGHDGDSWDo}HVVRFLDLVHVEDWHQGRVHDV
$XWRSLDGRPLQDQWHWHPDQFRUDJHPQDGHIHVDGD GLPHQV}HVGHFLGDGDQLDFROHFWLYD2HVSUDLDPHQWR
FRPSHWLWLYLGDGHGRVWHUULWyULRVQDYDORUL]DomRGD XUEDQRLULDDSDUFRPXPSURFHVVRGHDXWRQRPL]D
LPDJHP GDV UHJL}HV H QR DXPHQWR GD TXDOLGDGH omRGRVLQGLYtGXRVGHFRPSOH[LILFDomRGRVRFLDOH
GHYLGDHQWHQGLGDHODWDPEpPHPWHUPRVPpGLRV GDVIRUPDVGHJHVWmRGDFLGDGH
TXHHVFDPRWHLDPDSURIXQGDGHVLJXDOGDGHVRFLDO 8PDVHJXQGDGLPHQVmRVRFLRORJLFDPHQWHPXLWR
GDVFRQGLo}HVGHYLGDXUEDQDV GLVFXWLGDFRQVLGHUDTXHRDODUJDPHQWRGDFLGDGH
'HIDFWRRFRQFHLWRGHGHVHQYROYLPHQWRKXPDQR DFHQWXDDVHJUHJDomRVRFLRXUEDQLVWLFDDRRUJDQL]DU
H VRFLDO WHP GLYHUVDV FRPSRQHQWHV H p GHILQLGR RVOXJDUHVQXPDKLHUDUTXLDVRFLDOGRSRQWRGHYLVWD
GH IRUPD DPSOD FRPR D SURFXUD GH XP QtYHO GH GDRFXSDomRHGDVFRQGLo}HVGHYLGDXUEDQDTXH
GHVHQYROYLPHQWRTXHDVVHJXUHDPHOKRULDGDTXD VmRSRWHQFLDGDV(VVDVHJUHJDomRVHULDHVWUXWXUD
OLGDGHGHYLGDSHVVRDOHGXFDomRVD~GHOLEHUGDGH GD D SDUWLU GH YDULiYHLV FRPR D SUR[LPLGDGH DRV
LQGLYLGXDO H FROHFWLYD FRHVmR VRFLDO LJXDOGDGH HL[RVGHFLUFXODomRHPRELOLGDGHDLQVWDODomRGH
HWF0DVQRFDPSRGDFLGDGHVXVWHQWiYHOFLGDGH HTXLSDPHQWRVVRFLDLVHLQIUDHVWUXWXUDVWpFQLFDVD
FRPSDFWDpSRVVtYHOLGHQWLILFDUDVGXDVSUREOHPi VHJXUDQoDHRFRQIRUWRXUEDQRHWF(VWDSHUVSHFWLYD
WLFDVPDLVGLVFXWLGDVDPEDVOLJDGDVjVIRUPDVGH pPXLWRFUtWLFDHPUHODomRDDOJXPDVH[SHULrQFLDV
YLYHUHPFRQMXQWR GHVXVWHQWDELOLGDGHTXHFRQVLGHUDHOLWLVWDVHFOD
8PDGDVTXHVW}HVUHODFLRQDVHFRPDSHUFHS UDPHQWHUHIRUoDGRUDVGDVGHVLJXDOGDGHVXUEDQDV
omR GH TXH D FLGDGH HVSUDLDGD GLOXL DV UHODo}HV FRPRVmRDOJXQVH[HPSORVDFWXDLVGRVHFREDLUURV
GH VRFLDELOLGDGH SHUPLWLQGR R GHVHQYROYLPHQWR HGDGHIHVDGDFLGDGHHFROyJLFDTXHPRVWURXTXH
GDQmRFLGDGHRTXHWHPFRPRHIHLWRWRUQDUDV DUHDELOLWDomRGRVEDLUURVHGRVFHQWURVGDFLGDGH
PRELOLGDGHVRHL[RHVWUXWXUDGRUGDYLGDTXRWLGLDQD VH ID] j FXVWD GR DIDVWDPHQWR GRV KDELWDQWHV GH
GHVYDQHFHQGRDVGLPHQV}HVGHFRPXQLGDGHHGH PHQRUHVUHFXUVRV(VWHDFHQWXDUGDFLGDGHGXDO
YL]LQKDQoD&RQVLGHUDVHTXHSRXFRDSRXFRRV HIUDJPHQWDGDSHUPLWHDSXOYHUL]DomRGRVOXJDUHV
JUXSRVGHSHUWHQoDVHGLVWHQGHUDPVHGLIHUHQFLD UHIRUoDQGRGLVWkQFLDVJHRJUiILFDVHVRFLDLVHQWUHRV
UDPHVHIUDJLOL]DUDP$VVLPFDGDLQGLYtGXRSDU YiULRVJUXSRVHFODVVHV
WLFLSDKRMHQDPXOWLSOLFLGDGHGHJUXSRVODUJDPHQWH $V$JHQGDV;;,TXHVHGHVHQYROYHUDPHPWRGRR
GLVWLQWRVDWUDYpVGDVVXDVUHODo}HVIDPLOLDUHVGH PXQGRPRVWUDPFRPRDGHIHVDGDVXVWHQWDELOLGDGH
WUDEDOKRFRPSURPLVVRVVRFLDLVSROtWLFRVDVVRFLD HVWiKRMHDQFRUDGDQXPQ~PHURUD]RiYHOGHSHVVRDV
WLYRVGHVSRUWLYRVOD]HUHVHWF $LQVHUomRVRFLDO DVVRFLDo}HVHPSUHVDVWpFQLFRVHGHFLVRUHV0DV
&,'$'(6&RPXQLGDGHVH7HUULWyULRV
QRWHVHTXHDPDLRULDGDVDJHQGDV;;,ORFDLVDGRSWD UHVSRQVDELOLGDGH&RPRUHIHUHXPDGDVUHIHUrQFLDV
GDVSHODVFLGDGHVQmRGmRjTXHVWmRVRFLDOVHQmRXP PDLVVLJQLILFDWLYDVGDSROtWLFDGD8(IDFHjFLGDGH
HVSDoRUHWyULFR$PDLRULDGDVYH]HVDVGLPHQV}HV GLIXVDWRUHFDOOWKDWWKHYHU\FRPSOH[QDWXUHRI
VRFLDLV ILFDP UHGX]LGDV jV TXHVW}HV GR HPSUHJR XUEDQV\VWHPVUHPDLQVWKHSULQFLSDOEDUULHUIRUFXU
&RPRHVFUHYH7KH\2QHVWGRQFHQGURLW UHQWDGPLQLVWUDWLYHDQGSROLWLFDOLQLWLDWLYHVWDFNOLQJ
GHVHGHPDQGHUVLVRXVFRXYHUWGLQWHQWLRQVORXDEOHV WKHSUREOHPRIXUEDQVSUDZO
VHUpIpUDQWDX[JpQpUDWLRQVIXWXUHVXQHpOLWHWHFK 3DUD DOpP GH XP FODUR SURMHFWR XUEDQR D
QRFUDWLTXH DUPpH GXQ GLVFRXUV PRUDOLVDWHXU VXU HIHFWLYLGDGH GH XPD SROtWLFD XUEDQD GHSHQGH GR
OpWDWGHODSODQqWHHWOHVUHVSRQVDELOLWpVGHFKDFXQ DFFLRQDPHQWR DGHTXDGR GDV SROtWLFDV GR WRPDU
QHVWSDVHQWUDLQGLPSRVHUXQHQRXYHOOHYLVLRQGX GHFLV}HVDRQtYHOJHRJUiILFRDGHTXDGRGRDVVHJX
PRQGH XQH QRXYHO pYDQJLOH DXTXHO SHUVRQQH UDUTXHDVYiULDVGHFLV}HVHRVYiULRVQtYHLVHVWmR
QDXUDLWH[SOLFLWHPHQWVRXVFULW1RPEUHGHPHVXUHV FRQFHUWDGRVHWF
SURSRVpHVTXLYLVHQWjPRGLILHUOHVFRPSRUWHPHQWV 0DVDLQGDRVGLVFXUVRVDFWXDLVGDJRYHUQDQoD
TXRWLGLHQVOHVW\SHVGHFRQVRPPDWLRQOHVPRGHVGH QHVWHFRQWH[WRGDFLGDGHVXVWHQWiYHOHQFHUUDPYi
GpSODFHPHQW VDSSXLHQW HQ HIIHW VXU GHV SULQFLSHV ULDVFRQWUDGLo}HV'HIHQGHVHTXHLpPDLVIiFLO
RXGHVQRUPHVGRQWODOpJLWLPLWpQHVWSDVDFTXLVH JHULU D FLGDGH FRPSDFWD LL D SDUWLFLSDomR GRV
HWSDUIRLVVXUGHVYDOHXUVIDXVVHPHQWSDUWDJpHVHQ FLGDGmRVWRUQDDDGPLQLVWUDomRPDLVHILFD]HPDLV
GHKRUVGXQFHUFOHGH[SHUWV UiSLGD"LLL2FUHVFLPHQWRXUEDQRH[LJHDDGHVmRH
$ GHVLJXDOGDGH VRFLRXUEDQLVWLFD p JHRJUiILFD GHFLVmRLQWHJUDGDGHYiULRVQtYHLVGHDGPLQLVWUDomR
PDVpWDPEpPPXOWLGLPHQVLRQDOHFRQyPLFDDP 1RHQWDQWRPXLWRVUHFRQKHFHPTXHDFRQFHQWUD
ELHQWDOFXOWXUDOHWFHWUDGLFLRQDOPHQWHDTXDOLILFD omRGDFLGDGHQmRDOLYLDDVIRUPDVGHJHVWmRDQWHV
omRGDFLGDGHVLJQLILFDIUHTXHQWHPHQWHRDXPHQWR SHORFRQWUiULRJHUDPHFDQLVPRVGHJHVWmRXUEDQD
GHH[FOXVmRGHJUXSRVVRFLDLVVLWXDGRVQRVOLPLWHV GHH[WUHPDFRPSOH[LGDGHQXPFRQWH[WRGHGHVD
LQIHULRUHVGHUHQGLPHQWR GHTXDomRGRVOLPLWHVDGPLQLVWUDWLYRVGHUDULGDGH
GHWpFQLFRVHGHFRPSHWrQFLDVQDiUHD3RURXWUR
*RYHUQDQoDVXVWHQWiYHO" ODGRDGLVFXVVmRVREUHDSDUWLFLSDomRDODUJDGDGRV
DFWRUHVHVWiPLQDGDGHDOJXPDLGHRORJLDSRLVRV
eQHVWHFRQWH[WRFRPSOH[RTXHVHWRUQDLPSRUWDQ SURFHVVRV SDUWLFLSDGRV VmR JHUDOPHQWH FRQVXPL
WHFRORFDUDTXHVWmRGDJRYHUQDQoD7HUXPSURMHFWR GRUHVGHUHFXUVRVHFRQyPLFRVHGHWHPSRHPERUD
XUEDQRFRHVRLQWHJUDGRFODURHDGDSWiYHOVHULDXPD JDQKHPHPDGHTXDomRGDVUHVSRVWDVHVDWLVIDomR
FRQGLomRLQGLVSHQViYHOSDUDDFDSDFLGDGHSROtWLFD SRWHQFLDOGRVXUEDQLVWDV
GHOLGDUFRPDVIRUPDVGDFLGDGH &ODURTXHDUHODomRHQWUHXPDERDJRYHUQDQoD
1R HQWDQWR Ki PXLWDV TXHVW}HV DLQGD SRU UH HDVXVWHQWDELOLGDGHQmRpOLQHDU0XLWRDQWHVGR
VROYHU &RPSDFWD VLP PDV TXH GHQVLGDGH" 4XDO GLVFXUVRGDFLGDGHVXVWHQWiYHOHFRPSDFWDTXHMi
RWDPDQKRHIRUPDVLGHDLVGDFLGDGHGRSRQWRGH VHGLVFXWLDDQHFHVVLGDGHGHWRUQDUPDLVHIHFWLYDD
YLVWDGDJHVWmR" 4XHHTXLOtEULRHQWUHWUDQVSRUWH HILFiFLDGDJRYHUQDomRHDSDUWLFLSDomRGRVFLGD
S~EOLFRHSULYDGR"0LVFHQL]DomRVRFLDODWpRQGH" GmRV0DVUHFRQKHFHVHTXHXPDSDUWHVLJQLILFDWLYD
6mRPXLWDVDVTXHVW}HVHDLQGDSRXFDVDVUHV GRPDXXVRGRVRORHGDPiTXDOLGDGHGDVFLGDGHV
SRVWDVPDLVRSHUDWLYDVTXHGHVFRODPGRGLVFXUVR VHGHYHDXPDDXVrQFLDGDFDSDFLGDGHGRHVWDGR
WHyULFRSDUDDSUiWLFDGRXUEDQLVPRHPVLWXDo}HV HDXWDUTXLDVHPFRQWURODUXPFUHVFLPHQWRXUEDQR
FRQFUHWDVPDVWDPEpPSHUDQWHGLIHUHQWHVHVWUDWp SUHGDGRUGHUHFXUVRVHXPPDXXVRGDQDWXUH]D
JLDVGHDFWRUHV 5HFRQKHFHVH WDPEpP TXH D GLVFXVVmR VREUH R
6H TXDOTXHU LQWHUYHQomR XUEDQtVWLFD LPSOLFD IXWXURGDVFLGDGHVHDIRUPDTXHGHYHPDVVXPLU
JHUDOPHQWH XPD FRRUGHQDomR HQWUH RV GLIHUHQWHV QHVWHSULQFtSLRGHVpFXORpEDVWDQWHUHFHQWHHTXH
QtYHLV GD DGPLQLVWUDomR R GHVHQYROYLPHQWR VXV Ki PXLWDV SHUJXQWDV SRU UHVSRQGHU $ FUtWLFD DRV
WHQWiYHO p SDUWLFXODUPHQWH H[LJHQWH IDFH D HVVD SURFHVVRVGHJHVWmRWUDGLFLRQDOIL]HUDPSULYLOHJLDU
(VWDTXHVWmRpWmRDQWLJDTXHMi3ODWmRGHIHQGLDTXHXPDERDFLGDGHGHYHULDWHUDSRSXODomRGHFLGDGmRVH$ULVWyWHOHVUHIHULDTXHGH]
SHVVRDVQmRFRQVWLWXHPXPDFLGDGHPDVTXHFRPFHPPLOSHVVRDVMiRDJORPHUDGRGHL[DULDGHVHUFLGDGH
(88UEDQVSUDZOLQ(XURSHWKHLJQRUHGFKDOOHQJH(XURSHDQHQYLURQPHQWDODJHQF\S
$&LGDGH6XVWHQWiYHO
(P3RUWXJDOGHFRUUHDJRUDXPHVWXGRVFRQGX]LGRSRU-RUJH&DUYDOKRHRXWURVTXHSUHWHQGHXPDPHWRGRORJLDGHDQiOLVHFRPSDUDWLYDGRVFXV
WRVGHLQIUDHVWUXWXUDVHHTXLSDPHQWRVVRFLDLVHQWUHGHQVLGDGHVXUEDQDVGLIHUHQWHVGHPRGRDSRGHUYLUDLQIOXHQFLDUSROLWLFDVGHRUJDQL]DomR
WHUULWRULDOLQ-RUJH&DUYDOKR&DULQD3DLV$UOLQGR0DWRV/XtV$UURMDLQ6RFLHGDGHH7HUULWyULR2FXSDomRGLVSHUVDSUREOHPiWLFDVFXVWRVH
EHQHItFLRVSS
9HUSRUH[HPSORDH[SOLFDomRGDSHVTXLVDHP3RUWXJDOGH-RUJH&DUYDOKR&XVWRVHEHQHItFLRVjHVFDODORFDOGDRFXSDomRGLVSHUVDLQ
6RFLHGDGHH7HUULWyULRRFXSDomRGLVSHUVDSUREOHPDVFXVWRVHEHQHItFLRVSDRXGH%RUUHJRHRXWURV+RZXUEDQVWUXFWXUHFDQ
DIIHFWFLW\VXVWDLQDELOLW\IURPQDDLUTXDOLW\SHUVSHFWLYH-(QYLURQHPHQWDO0RGHOLQJ 6RIWZDUHZSSFLWDGRSRU+HOHQD0DUWLQV
HRXWURV&XVWRVH[WHUQRVGDPRELOLGDGHLQ6RFLHGDGHH7HUULWyULRRFXSDomRGLVSHUVDSUREOHPDVFXVWRVHEHQHItFLRVSHVHJXLQWHV
&,'$'(6&RPXQLGDGHVH7HUULWyULRV
RVWUDEDOKDGRUHVLUHPDFDVDDRDOPRoRGXSOLFD HVWmRSUHVHQWHVDVPDLRUHVGLILFXOGDGHVGHDFHV
DV GHVORFDo}HV H D XWLOL]DomR GRV WUDQVSRUWHV VRDKDELWDo}HVGHEDL[RSUHoRHPDLRUFRQIRUWR
3RU RXWUR ODGR FRQVLGHUD TXH R PHQRU WHPSR 8P HVWXGR GH %RUUHJR H RXWURV RQGH
GHGHVORFDomRGLiULDGRVXUEDQLWDVpDJUDYDGR VH HVWXGDUDPVH RV LPSDFWRV GDV HPLVV}HV H
FRPPDLRUHVGHVORFDo}HVDRVILQVGHVHPDQD GLVSHUVmR GR R]RQR HP FLGDGHV FRP GHQVLGD
7DPEpP(OLVDEHWK%XUWRQWHQWRXWHVWDU GHVGLVWLQWDVTXHVHFDUDFWHUL]RXFRPRFLGDGH
FLHQWLILFDPHQWHREHPIXQGDGRGDVYDQWDJHQV GLVSHUVD FLGDGH FRUUHGRU H FLGDGH FRPSDFWD
VRFLDLVDWULEXtGDVjVIRUPDVXUEDQDVFRPSDFWDV 0DLVXPDYH]DVFRQFOXV}HVQmRVHDSUHVHQWDP
3URFXURXVREUHWXGRDYHULJXDUGDH[SUHVVmRGDV GHIRUPDOLQHDUDFLGDGHFRUUHGRUDSUHVHQWDDV
GHVLJXDOGDGHV VRFLRXUEDQLVWLFDV HP FLGDGHV PDLRUHVHPLVV}HVSRUiUHDHSHUFDSLWDHQTXDQWR
GHDOWDRXEDL[DGHQVLGDGH2VUHVXOWDGRVQmR DFLGDGHGLVSHUVDDSUHVHQWDDVPHQRUHVHPLV
VmRFRQFOXVLYRVHPODUJDPHGLGDGHYLGRjVGL V}HVSRUiUHDHDFLGDGHFRPSDFWDDVPHQRUHV
ILFXOGDGHVHPPHGLUDVGHVLJXDOGDGHVVRFLDLV HPLVV}HVSHU FDSLWD 2XWURV HVWXGRV IHLWRV HP
3RUWXJDO FRPR SRU H[HPSOR R HVWXGR GH )HU
6HJXQGRRVUHVXOWDGRVVHVHFRPSURYDTXHQD
UHLUDHDOTXHSUHWHQGHYHULILFDURV
FLGDGH FRPSDFWD XP PHOKRU H PDLV SUy[LPR
HIHLWRVGRVSROXHQWHVQDVD~GHKXPDQDFRQFOXL
VHUYLoRGHWUDQVSRUWHVFROHFWLYRVSHUPLWHXPD
TXHVmRPDLVFUtWLFRVRVIHQyPHQRVGHSROXLomR
UHGXomRGDVHJUHJDomRVRFLDOWDPEpPpDtTXH
DWPRVIpULFDQDFLGDGHFRPSDFWD
)LJXUD&RQWUDGLo}HVGHDUJXPHQWDomRHQDGHIHVDGDFLGDGHFRPSDFWD
3UHVHUYDomRGHHVSDoRVQmRXUEDQL]DGRVHFRQWUDDFLGDGHFRPSDFWD
-867,),&$d2 &2175$$5*80(1726
5HODomRLQYHUVDHQWUHFRQVXPRGHHQHUJLDSHUFDSLWDHGHQVLGDGHXUEDQD
-867,),&$d2 &2175$$5*80(1726
5HGXomRGDVGLVWkQFLDVDSHUFRUUHUQ~PHURH $XWLOL]DomRGRDXWRPyYHOGHSHQGHGHP~OWL
IUHTXrQFLDGDVYLDJHQVMXVWLILFDGDSHODSUR[L SORVIDFWRUHV
PLGDGHFDVDWUDEDOKRHDFHVVRDPDLRUQ~PH 0HQRUUHFXUVRDDXWRPyYHODSHQDVSDUDGHV
URGHEHQVHVHUYLoRVQXPPHQRUSHUtPHWUR ORFDo}HVUHJXODUHVFRPXQLFLGDGHGHRULJHP
0DLRU HILFLrQFLD GRV WUDQVSRUWHV FROHFWLYRV HGHVWLQR
0RGHOR XUEDQR GHVLQFHQWLYDGRU GR XVR GR $V HVFROKDV ID]HPVH QD EDVH GDV SUHIHUrQ
DXWRPyYHOSURSLFLDGRUGHVROXo}HVGHPREL FLDV VHQGR D SUR[LPLGDGH DSHQDV XP GRV
OLGDGHPDLVDPLJDVGRDPELHQWH IDFWRUHV
0DLRU ULVFR GH FRQJHVWLRQDPHQWR ORJR GH
PDLRUFRQVXPRGHHQHUJLDHSROXLomR
$ ORFDOL]DomR UHODWLYD UHVLGrQFLDORFDO GH
WUDEDOKR GHSHQGH GH PXLWRV IDFWRUHV FRPR
HVWUXWXUDHWiULDPRGHORVHFRPSRUWDPHQWRV
IDPLOLDUHVHWF
)RQWH*UDoD3RQWHVGD6LOYD
LQVW(QYLURQPHQWDO([SRVXUHDQG+HDOWK&RQIHUHQFH$WODQWD(8$2FWREHU(QYLURQPHQWDO([SRVXUHDQG+HDOWK:,73UHVVSS
FLWDGRSRU+HOHQD0DUWLQVHRXWURV
$&LGDGH6XVWHQWiYHO
,QGHSHQGHQWHPHQWHGRVDUJXPHQWRVDIDYRUGD OLEHUGDGHDGYLQGDGRFRUWHFRPRPXQGRUXUDORQGH
FLGDGHFRPSDFWDXPFRQMXQWRGHFUtWLFDVGLULJHVH D KRPRJHQHLGDGH p D OHL H D LQRYDomR PDO YLVWD
jH[HTXLELOLGDGHGDVSROtWLFDVGHFRPSDFWDomRVR 2GLUHLWRjFLGDGHpRGLUHLWRjFLGDGDQLDWUDGX]LGD
EUHWXGRSRUTXHHVWmRHPFDXVDQmRDSHQDVSROtWLFDV QD OLEHUWDomR GDV DPDUUDV WUDGLFLRQDLV QD HVFR
XUEDQDVPDVWDPEpPXPDJUDQGHGLYHUVLGDGHGH OKDP~OWLSODGHUHODo}HVHQDSURFXUDGHEHQVGH
PRGRVGHYLGDHIRUPDVGHDSURSULDomRTXRWLGLDQD FRQVXPRHWF$SURFXUDGDFLGDGHpDSURFXUDGH
GDFLGDGH H[WHUQDOLGDGHVSRVLWLYDVVySUHVHQWHVQHVWDVIRUPDV
XUEDQDVHPSUHJRHTXLSDPHQWRVGHHVSHFLDOLGDGH
2VSDUDGR[RVGRFUHVFLPHQWRXUEDQR RIHUWDFXOWXUDORIHUWDFLHQWtILFD$FLGDGHFRPREHP
GH FRQVXPR RIHUHFH R Pi[LPR GH SRVVLELOLGDGHV
2GRFXPHQWRHXURSHXGHUHIOH[mRVREUH8UEDQ FRPRPHUFDGRGHWUDEDOKRHFRPRPHUFDGR
6SUDZOQD(XURSHHVFUHYHLOOXVWUDWLYHRIWKLVUHD &ODURTXHQHQKXPDGHVWDVSRVWXUDVpVLPSOLVWD
OLW\LVWKHIDFWWKDWIRUWKHSDVW\HDUVWKHUHKDYH RX GHVFRQKHFH RV ULVFRV GR FUHVFLPHQWR XUEDQR
EHHQIRXUWLPHVPRUHQHZFDUVWKDQQHZEDELHVDQG GHVUHJUDGRHpSRULVVRTXHTXDOTXHUGHODVDVVHQWD
YHKLFOHNLORPHWHUVWUDYHOHGLQXUEDQDUHDVE\URDG QXPDGLVFXVVmRUHODWLYDPHQWHDSURIXQGDGDVREUHDV
DUH SUHGLFWHG WR ULVH E\ EHWZHHQ DQG QHFHVVLGDGHVGHJRYHUQDomRXUEDQD2TXHpFXULR
(VWDGLVFXVVmRHVWiDQFRUDGD VRpTXHDUHMHLomRGHVWHVPRGHORVGHFUHVFLPHQWR
QRUHFRQKHFLPHQWRGRLQH[RUiYHOFUHVFLPHQWRXU GDVFLGDGHVQmRWHPJUDQGHVFUtWLFDVPHVPRTXDQGR
EDQRGDDFWXDOLGDGHUHDOLGDGHMiDQWLJDPDVFXMD HOHVVHWRUQDPPHJDSROLVHVyDJRUDRLPSDFWRGD
DPSOLWXGHQmRFHVVDGHDXPHQWDUHPWRGRVRVFRQ SUREOHPiWLFDGDFLGDGHVXVWHQWiYHODGTXLUHHQYHU
WLQHQWHVHHPWRGRVRVPRGHORVGHGHVHQYROYLPHQWR JDGXUDQRVGLVFXUVRVFLHQWtILFRV
VRFLRSROtWLFRV 3DUHFH XPD SHUJXQWD VLPSOLVWD
PDVGHYHUHPRVVHPSUHLQWHUURJDUSRUTXHFUHVFHP 3RUWXJDORVDOYHVHTXHPSXGHUXUEDQtVWLFR
DVFLGDGHVVHHVVHFUHVFLPHQWRWHPWDQWRVHIHLWRV
SHUYHUVRV" $VGLILFXOGDGHVGHLQWHUYHQomRXUEDQDGRV(VWD
2 FUHVFLPHQWR XUEDQR GHYHVH DQWHV GH PDLV GRVGD(XURSDGRVXOHPXLWRSDUWLFXODUPHQWHGH
D GRLV JUDQGHV SDUDGR[RV 2 SULPHLUR DFHQWXD D 3RUWXJDOQmRWHPDSHQDVDYHUFRPDVGLILFXOGDGHV
GLPHQVmRHFRQyPLFDGDDJORPHUDomRHRVJDQKRV ILQDQFHLUDVS~EOLFDV(VWmRHPFDXVDSURFHVVRVGH
TXH DGYrP GDV HFRQRPLDV GH HVFDOD DWUDYpV GD FRQVWUXomRGDGHPRFUDFLDTXHJHUDPDPELJXLGD
FRQFHQWUDomR GRV EHQV H VHUYLoRV XUEDQRV (VWD GHVIDFHDRXPSDVVDGRRQGHR(VWDGRQmRVHQGR
SHUVSHFWLYDIRLVHPSUHUDFLRQDOPHQWHDVVXPLGDSHOD OHJtWLPRHUDIRUWHHTXHQDVXDHYROXomRSDUDR
HFRQRPLD UHJLRQDO TXH GHIHQGLD H[SUHVVDPHQWH VLVWHPDGHPRFUiWLFRWHPGLILFXOGDGHVHPH[HUFHU
D FULDomR GH SyORV GH GHVHQYROYLPHQWR XUEDQR SRGHUHVGHUHJXODomRTXHSDUHoDPUHSUHVVLYRVSRLV
TXHDWUDYpVGDFRQFHQWUDomRHPHVSDoRVSUy[LPRV DVRFLHGDGHFLYLOHQUDL]DGDHPYDORUHVWUDGLFLRQDLV
WHULDPFRPRHIHLWRRJHUDUQRYDVHPDLVVRILVWLFDGDV LQVLVWHQDVXDHQHUJLDLQGLYLGXDOLVWDHGHVYDORUL]D
DFWLYLGDGHV$LQGDKRMHXPDSDUWHVLJQLILFDWLYDGRV DFRQVWUXomRFROHFWLYDGDVGHPRFUDFLDVPRGHUQDV
HVWXGRVVREUHDFRPSHWLWLYLGDGHXUEDQDSURS}H $ WDUGLD XUEDQL]DomR GD VRFLHGDGH SRUWXJXHVD
FULWpULRVGHGLYHUVLILFDomRHGHHVSHFLDOL]DomRTXH pDFRPSDQKDGDGHVGHPXLWRFHGRSHODH[LVWrQFLD
VyVmRSRVVtYHLVHPDJORPHUDGRVGHJUDQGHHVFDOD GH XP GLVSHUVR FRQMXQWR GH FLGDGHV GH SHTXHQD
3RGHUHPRVSHUJXQWDULQJHQXDPHQWHSRUTXHpTXH GLPHQVmRGHPRJUiILFDGHRQGHVREUHVVDLD/LVERDH
DSURFXUDGHHFRQRPLDVGHFRQFHQWUDomRJHUDGHVH 3RUWRFRPRDVGXDV~QLFDVFLGDGHVFRPFDSDFLGDGH
FRQRPLDVGHHVFDOD6HDSHUJXQWDQmRpLQJpQXDD PHWURSROLWDQD DWUDLQGR GHVGH ORJR RV PLJUDQWHV
UHVSRVWDDLQGDRpPHQRVPDVOiYROWDUHPRV LQWHUQRV H H[WHUQRV $TXL VH FRQFHQWUDP UHVSHF
2VHJXQGRSDUDGR[RpVRFLROyJLFR'HVGHVHPSUH WLYDPHQWH H PLOK}HV KDELWDQWHV
DVRFLRORJLDXUEDQDDSUHVHQWDXPDYHUVmRSRVLWLYD UHSUHVHQWDQGRTXDVHGDSRSXODomRQDFLRQDO
GDFLGDGHTXHOLEHUWDRKRPHPGDQGRGLUHLWR HFRPWHQGrQFLDVSDUDUHIRUoDURVHXSHVRGHPR
jFLGDGHSHUPLWLQGRDH[SUHVVmRGHFDGDXPQD JUiILFR 6H QR FDVR GH /LVERD D GHVLJQDomR GH
(PHUJHPDOJXPDVDOWHUQDWLYDVHUHIOH[}HVOLJDGDVDRQRYRXUEDQLVPRGHRQGHVHGHVWDFDRPRYLPHQWRGDVHGJHFLWLHVPDVIRUDPFRUUHQWHV
VHPSUHPLQRULWiULDV
&,'$'(6&RPXQLGDGHVH7HUULWyULRV
$&LGDGH6XVWHQWiYHO
&,'$'(6&RPXQLGDGHVH7HUULWyULRV
3DUDMiRFRQFHLWRGHFLGDGHVXVWHQWiYHO
pXPDXWRSLDGRVXUEDQLVWDV
)DFHjLPSRUWkQFLDGDWHPiWLFDGDGDDQHFHV
VLGDGH GH UHSHQVDU D FLGDGH H RV PRGRV GH YLGD
XUEDQRVQmRSDUHFHQHJDWLYRDVVXPLUDGLVFXVVmR
HUHFRORFDUDVXVWHQWDELOLGDGHGDYLGDXUEDQDQD
GLVFXVVmR$SHVDUGHQHPVHPSUHFRPFRQVHQVRD
GLVFXVVmRVREUHDFLGDGHVXVWHQWiYHOQmRpDSHQDV
XPDRSRUWXQLGDGHSDUDUHYHUDVSULRULGDGHVSROtWL
)RQWH &($8)$83 3RUWR GRFLQWHUQR IRWRV )LOLSH -RUJH
FHGLGRSRUOYDUR'RPLQJXHV FDVFRPRSRGHUHLQWURGX]LUDWHPiWLFDHVVHQFLDOGD
UHGXomRGHGHVLJXDOGDGHVGHRSRUWXQLGDGHVHQWUH
)LJXUD$HGLILFDomRGD&LGDGH RVYiULRVJUXSRVVRFLDLVQDDSURSULDomRGDFLGDGH
GD(VWUDGDQDUHJLmRGH6HW~EDO 1mR VHQGR XP SURFHVVR IiFLO R HVSDOKDPHQWR
XUEDQR IH]VH FRP XPD FRQLYrQFLD DODUJDGD GH
LQWHUHVVHV PDWHULDLV H FXOWXUDLV TXH HVWmR PXLWR
HQUDL]DGRVQRVYiULRVDFWRUHVVRFLDLV6HVHFRQVH
JXLUHQFRQWUDUFRQVHQVRVSUiWLFRVHVWDUHYLVmRGH
REMHFWLYRVSRGHUiPHVPRDPpGLRSUD]RFRQGX]LU
DXPDUHHVWUXWXUDomRQDRFXSDomRGRVWHUULWyULRVj
SDUWLOKDGDDFomRSXEOLFDDRVYiULRVQtYHLVGHJHVWmR
HQXPDQRYDUHSDUWLomRGHUHVSRQVDELOLGDGHVTXH
QmRHVTXHoDDDFWLYLGDGHSULYDGDQDSURGXomRGD
FLGDGH
&ODURTXHTXDQGRVHWUDWDGRXUEDQLVPRKiYiULRV
PDWUL]HVFRQFHSWXDLVHWpFQLFDVPDVDVVROXo}HV
QmR VmR QXQFD RQH EHVW ZD\ e QRV WHUULWyULRV
FRQFUHWRVFRQVLGHUDQGRDVVXDVKLVWyULDVRVVHXV
UHOHYRV RV VHXV UHFXUVRV HWF TXH DV VROXo}HV
HPHUJHP
$&LGDGH6XVWHQWiYHO
$GHIHVDGHXPDDERUGDJHPVLVWpPLFDXPDPH YROXPHGHWUiIHJRHHVWDFLRQDPHQWRFRQJUXrQ
OKRUFRPSUHHQVmRGRIXQFLRQDPHQWRGRVVLVWHPDV FLDHQWUHHVWUXWXUDXUEDQDHUHGHGHWUDQVSRUWHV
XUEDQRVGDVOyJLFDVGRVDFWRUHVSHUPLWLUiDMXVWDU S~EOLFRV
RVPRGRVGHLQWHUYHQomR0DVpSUHFLVRVREUHWXGR
XP SODQHDPHQWR HVWUDWpJLFR GH ORQJR SUD]R TXH )LJXUD&RPSDFWDomRQtYHLVGHDFWXDomR
DVVHQWHQXPDFODUDGHWHUPLQDomRGRV
SRGHUHVS~EOLFRVHSDUDWRGRVSDUHFH
HYLGHQWH R SDSHO HVWUXWXUDQWH GDV &217(1d2 /LPLWDomRGRSURFHVVRGHH[SDQVmR
PRELOLGDGHV
&RPR VH DSHUFHEH QmR VmR DV
TXHVW}HV WpFQLFDV TXH WrP LPSHGLGR
5(129$d2 3UHHQFKLPHQWRGRVHVSDoRVYD]LRV
XPD PHOKRU HVWUXWXUDomR GDV IRU 0DLRUDWUDFWLYLGDGHGDV]RQDVFRQVWUXtGDV
5(9,7$/,=$d2 9DORUL]DomRHGLQDPL]DomRGRSDWULPyQLR
PDV XUEDQDV 2V XWHQVtOLRV H[LVWHP
PDV WHP IDOWDGR XPD YHUGDGHLUD
0RGHORGHPRELOLGDGHDOWHUQDWLYRDRDXWRPyYHOSDUWLFXODU
YLVmR HVWUDWpJLFD TXH FRQVLGHUH R 75$16)250$d2
&RQWUROHGHYHORFLGDGHYROXPHGHWUiIHJRHHVWDFLRQDPHQWR
&RQJUXrQFLDHQWUHHVWUXWXUDXUEDQDHUHGHGHWUDQVSRUWHV
WHUULWyULRQRVHXFRQMXQWRLQVSLUDQGR '$02%,/,'$'( S~EOLFRV
1DV iUHDV PHWURSROLWDQDV UHGHV GH WUDQVSRUWHV S~EOLFRV
VHQDFpOHEUHDERUGDJHPHPUHGHH FRPEDVHQRFDPLQKRGHIHUURPDVQXPDOyJLFDLQWHUPRGDO
DIDVWDQGRVH GDV YLV}HV WUDGLFLRQDLV )RQWH*UDoD3RQWHVGD6LOYD
GDV KLHUDUTXLDV XUEDQDV FRP XPD
SURIXQGDDWHQomRDRVFRQWH[WRVORFDLVjVRSRUWX 1RFRQKHFLGRUHODWyULRLQJOrV7RZDUGVD6WURQJ
QLGDGHVJOREDLVHVREUHWXGRDWULEXLQGRXPSDSHO 8UEDQ5HQDLVVDQFHSXEOLFDGRHPpDSUH
FHQWUDOjKLVWyULDGRVORFDLVHjVVXDVVLQJXODULGD VHQWDGDXPDDYDOLDomRGRVSURJUHVVRVUHDOL]DGRV
GHV EHP FRPR jV DUWLFXODo}HV TXH RV OLJDP DRV WHQGRHPFRQWDTXHPXLWDVGDVUHFRPHQGDo}HVDQ
HVSDoRVJOREDLV WHULRUHVWLQKDPVLGRHQWUHWDQWRFRQVLGHUDGDV(VVDV
3DUD FRPHoDU GHYH UHIRUoDUVH DV VROXo}HV GH PHGLGDVDVVRFLDGDVDXPSHUtRGRGHFUHVFLPHQWR
FRQWLQXLGDGHVHQWUHHVFDODVGDQGRSULRULGDGHDRV HFRQyPLFRHGHHVWDELOLGDGHWLYHUDPXPIRUWHLP
HVSDoRVGHFR]LPHQWRHGHFRQWLQXLGDGHjVWHUUDV SDFWRQDVFLGDGHVLQJOHVDVVHQGRLGHQWLILFDGDXPD
GHQLQJXpPHQWUHEDLUURVDRVHVSDoRVLQGXVWULDLV PXGDQoDGHDWLWXGHTXHWHPDQFRUDJHPHPERDV
GHVDFWLYDGRVDRVFRUWHVHVWLJPDWL]DQWHVHQWUHWHU SUiWLFDVXUEDQDVFRPUHVXOWDGRVPXLWRYDORUL]DGRV
ULWRULDLVVRFLDOPHQWHGHVFRQWtQXRVjGHQVLILFDomR (VVDDWLWXGHHVWiHVSHOKDGDHPPHGLGDVGHDFomR
GH]RQDVDQWLJDVHWF(VVHQFLDOPHQWHWUDWDVHGH GHRQGHVHGHVWDFDPFRPRPDLVVLJQLILFDWLYDV
FR]HU DV QRYDV RIHUWDV XUEDQDV H KDELWDFLRQDLV 'HVHQYROYLPHQWRGHSODQRVGHORQJRSUD]RFRQ
TXHUVHMDPGHKDELWDomRRXGHHVSDoRVFRPHUFLDLV VLVWHQWHVTXHSURPRYHPRGHVHQYROYLPHQWRD
RXGHVHUYLoRVFRPDFLGDGHH[LVWHQWHFRPXPD VXVWHQWDELOLGDGHHDOLPLWDomRGRDODUJDPHQWR
SUHRFXSDomRGHHTXLGDGHWHUULWRULDOHFRH[LVWrQFLD XUEDQRVXSRUWDGDSRUVLVWHPDVGDPRQLWRUL]DomR
IXQFLRQDO HGHDYDOLDomRSDUDYHULILFDURVUHVXOWDGRV
'H XPD IRUPD SUiWLFD *UDoD 3RQWHV GD 6LOYD 3ROtWLFDVGHUHDELOLWDomRGHORFDLVYHUGHVHDUH
LGHQWLILFDDVGLPHQV}HVGHLQWHUYHQomRQDFLGDGH QRYDomRGRVHVSDoRVS~EOLFRVGHIRUPDDDSRLDU
FRPSDFWDDWUDYpVGD DFRPSDFWDomR
3ROtWLFDVSDUDDRFXSDomRGHYD]LRVXUEDQRVH
&217(1d2OLPLWDQGRDH[SDQVmR SROtWLFDV GH FRQWHQomR GDV EDL[DV GHQVLGDGHV
5(129$d2UHYLWDOL]DomR 3UHHQFKHQGR RV SHULIpULFDV
HVSDoRVYD]LRVPDLRUDWUDFWLYLGDGHGDV]RQDV ,GHQWLILFDomR GRV DFWRUHV FKDYHV LQFOXLQGR RV
FRQVWUXtGDV YDORUL]DomR H GLQDPL]DomR GR DFWRUHVUHJLRQDLVHQDFLRQDLVHVXDPRELOL]DomR
SDWULPyQLR SDUDRSODQHDPHQWRHDDYDOLDomRGDH[HFXomR
75$16)250$d2(02%,/,'$'(PDQ GRVSURMHFWRVXUEDQRV
WHQGRPRGHORVGHPRELOLGDGHDOWHUQDWLYRVDR *HVWmRGDUHODomRXUEDQRUXUDODWUDYpVGDFR
DXWRPyYHOSDUWLFXODUFRQWUROHGHYHORFLGDGH RSHUDomR H GD FRRUGHQDomR HQWUH DXWRULGDGHV
&,'$'(6&RPXQLGDGHVH7HUULWyULRV
$&LGDGH6XVWHQWiYHO
%LEOLRJUDILD
$/)$<$/0XxL]3HG/D&LXGDGGHQXHYRJOREDO7KH )(55(,5$ $0DUWLQV + 0LUDQG$ $O DQG %RUUHJR &
FLW\JOREDODJDLQ&ROH[LR2ILFLDOGH$UTXLWHFWXUDGH*DOLFLD 3RSXODWLRQ([SRVXUHWR$WPRVSKHULF3ROOXWDQWVWKH
6DQWLDJRGH&RPSRVWHOD LQIOXHQFHRI8UEDQ6WUXFWXUH,QVW(QYLURQPHQWDO([SRVXUH
DQG +HDOWK &RQIHUHQFH $WODQWD (8$ 2FWREHU
$552-$2FXSDomRGLVSHUVDSUREOHPiWLFDVFXVWRVH (QYLURQPHQWDO([SRVXUHDQG+HDOWK:,73UHVVSS
EHQHItFLRVLQ6RFLHGDGHH7HUULWyULRSS FLWDGRSRU+HOHQD0DUWLQVHRXWURV
$6&+(5)0pWDSROLVRXODYHQLUGHVYLOOHVeGLWLRQV -81&$/ 0DQXHOD 2FXSDomR GLVSHUVD GR WHUULWyULR
2GLOH-DFRE3DULV XUEDQR5HJXODomRGDRFXSDomRGLVSHUVD&DVRGH9LOD1RYD
GH*DLDLQ6RFLHGDGHH7HUULWyULR2FXSDomRGLVSHUVDSUREOH
$7/$6'(32578*$/ PiWLFDVFXVWRVHEHQHItFLRVSS
%2&+(7%HRXWURVVHPGDWD/DYLOOHGHQVHHWGXUDEOHXP /8).,1 6RSKLH VGDWD 6XVWDLQDELOLW\ VR ZKDW" 5HWRXU
PRGqOHHXURSpHQSRXUODYLOOHLQZZZJHRFRQIOXHQFHVHQVOVK FULWLTXHVXUOHVSURPHVVHVGXGpYHORSSHPHQWXUEDLQGXUDEOHLQ
IUGRFWUDQVY'HY'XU'HY'XU6FLHQWKWP KWWSZZZSDFWHFQUVIU,0*SGIB6XVWDLQDELOLW\B/XINLQSGI
%255(*2HRXWURV+RZXUEDQVWUXFWXUHFDQDIIHFW 0$57,16+HOHQD/RSHV0\ULDP6LOYD-RmR*RPHV3HGUR
FLW\VXVWDLQDELOLW\IURPQDDLUTXDOLW\SHUVSHFWLYH-(QYLUR &XVWRVH[WHUQDOLGDGHVGDPRELOLGDGHLQ6RFLHGDGHH
QHPHQWDO0RGHOLQJ 6RIWZDUHZSSFLWDGRSRU 7HUULWyULR2FXSDomRGLVSHUVDSUREOHPiWLFDVFXVWRVHEHQHItFLRV
+HOHQD 0DUWLQV H RXWURV &XVWRV H[WHUQRV GD PRELOLGDGH LQ SS
6RFLHGDGH H 7HUULWyULRRFXSDomR GLVSHUVDSUREOHPDV FXVWRV H
EHQHItFLRVSHVHJXLQWHV 2188QLWHG1DWLRQV+XPDQ6HWWOHPHQWV3URJUDPPH
81+DELWDW3ODQQLQJVXVWDLQDEOHFLWLHVLQ*/2%$/5(3257
%5$1'2 $/9(6 ) &RUWHVmR -RmR *UDQDGHLUR 21+80$16(77/(0(176
'LVSHUVmRXUEDQD8PDRSRUWXQLGDGHLQ6RFLHGDGHH7HUUL
WyULR2FXSDomRGLVSHUVDSUREOHPiWLFDVFXVWRVHEHQHItFLRV 218:25/'&200,66,21RQ(QYLURQPHQWDQG'HYHOR
SS SPHQW 2XU &RPPRQ )XWXUH 2[IRUG 8QLYHUVLW\ 3UHVV
5HODWyULR%UXQGWODQG
%85721(HGLomR7KH3RWHQWLDORIWKH&RPSDFW
&LW\IRU3URPRWLQJ6RFLDO(TXLW\LQ.DWLH:LOOLDPV(OL]DEHWK 3(5(,5$ 0DUJDULGD &DUUDQFD 0DULD $GHODLGH
%XUWRQ DQG 0LNH -HQNV $FKLHYLQJ 6XVWDLQDEOH 8UEDQ )RUP *RYHUQDQFH LQ WKH /LVERQ 0HWURSROLWDQ $UHD EHWZHHQ WKH
63213UHVV1HZ<RUNSS DPELWLRQUHLQIRUFLQJWKHLQWHUQDWLRQDOUDQNDQGWKHZLOOIRU
GHHSHU LQWHUQDO WHUULWRULDO FRKpVLRQ /LVERD H*HR &HQWUR
&$5025HQDWR0LJXHO&DSLWDOVRFLDOHSROLFHQWULVPR GH(VWXGRVGH*HRJUDILDH3ODQHDPHQWR5pJLRQDO)DFXOGDGH
SDUDXPDDQiOLVHUHIOH[LYDGDVSROtWLFDVS~EOLFDV&ROyTXLR,EHUR GH&LrQFLDV6RFLDLVH+XPDQDV8QLYHUVLGDGH1RYDGH/LVERD
GH(VWXGLRV5XUDLVS
3217(6 '$ 6,/9$ *UDoD $OJXPDV 1RWDV VREUH R
&$59$/+2-RUJH&XVWRVHEHQHItFLRVjHVFDODORFDO 0RGHORGH&LGDGH&RPSDFWDLQ3URVSHFWLYDH3ODQHDPHQWR
GDRFXSDomRGLVSHUVDLQ6RFLHGDGHH7HUULWyULRRFXSDomRGLV 9ROSS
SHUVDSUREOHPDVFXVWRVHEHQHItFLRVSS
7+(<6-DFTXHV6GDWD/DSSURFKHWHUULWRULDOHGXGpYH
&20%<-RVHSK/H[SpULHQFHIUDQoDLVHGHOpWDOHPHQW ORSSHPHQWGXUDEOHFRQGLWLRQGXQHSULVHHQFRPSWHGHVD
XUEDLQLQ6RFLHGDGHH7HUULWyULRRFXSDomRGLVSHUVDSUREOHPDV GLPHQVLRQVRFLDOHLQeFRQRPLHJpRJUDSKLHSROLWLTXHGURLW
FXVWRVHEHQHItFLRVSS VRFLRORJLH'RVVLHU$SSURFKHVWHUULWRULDOHVGX'pYHORSSHPHQW
'XUDEOH3DJHORIKWWSGHYHORSSHPHQWGXUDEOHUHYXHV
'20,1*8(6OYDUR$5XDGD(VWUDGD'DIQH(GL RUJLQGH[OKWPO
WRUD3RUWR
7+(<6-DFTXHV'pYHORSSHPHQWGXUDEOHYLOOHVHWWHU
)(552-RmR0DUTXHV7HUHVD6i6LVWHPD8UEDQR ULWRLUHVLQQRYHUHWGpFORLVRQQHUSRXUDQWHFLSHUOHVUXSWXUHVLQ
1DFLRQDO6tQWHVH/LVERD'LUHFomR*HUDOGR2UGHQDPHQWR KWWSZZZDOTFFDZHEGRFXPHQWWKH\VBSGI
GR7HUULWyULRH'HVHQYROYLPHQWR8UEDQR
52*(565HWDO7RZDUGVD6WURQJ8UEDQ5HQDLVVDQFH
)(552 -RmR +HQULTXHV (GXDUGR % 1HYHV $QWyQLR 2 8UEDQ7DVN)RUFH
5HSHQVDUDVFLGDGHVGHPpGLDGLPHQVmRLQ$QiOLVH
6RFLDOYRO;;,; 8( 8UEDQ 6SUDZO LQ (XURSH WKH LJQRUHG &KDOOHQJH
(XURSHDQ(QYLURQPHQWDO$JHQF\8(