-($13,$*(7126e&8/2;;,

APLICAES DA TEORIA PIAGETIANA AO ENSINO DA MATEMTICA:

UMA DISCUSSO SOBRE O CASO PARTICULAR DO NMERO

Cllia Maria Ignatius Nogueira

,1,&,$1'2

2V UHVXOWDGRV GDV SHVTXLVDV GH -HDQ 3LDJHW LQXHQFLDUDP SURIXQGDPHQWH

D(GXFDomRQRPXQGRWRGRSDUWLFXODUPHQWHDGRPXQGRRFLGHQWDO$0DWHPiWLFD
WDOYH] WHQKD VLGR R FDPSR GR FRQKHFLPHQWR HP TXH PDLV LQRYDo}HV SHGDJyJLFDV
IRUDPHVWDEHOHFLGDVWHQGRFRPRMXVWLFDWLYDDWHRULDSLDJHWLDQD
6XDDUPDomRGHTXHFRQKHFHUpDJLUVREUHRVREMHWRVSRUH[HPSORIH]
FRPTXHDVDODGHDXODGH0DWHPiWLFDIRVVHLQYDGLGDSRUXPDSURIXVmRGHPDWHULDLV
GLGiWLFRV PDQLSXOiYHLV RV FKDPDGRV PDWHULDLV FRQFUHWRV DOJXQV GH HFLrQFLD
GXYLGRVDPXLWRVRXWURVSRUpPTXHUHDOPHQWHFRQWULEXHPSDUDRDSUHQGL]DGRGD
0DWHPiWLFD$FRQVWDWDomRGHTXHRFRQKHFLPHQWRpFRQVWUXtGRSHODFULDQoDPHGLDQWH
DDomRPRWLYRXXPDEXVFDLQWHQVDSRUHVWUDWpJLDVGHHQVLQRQDVTXDLVDSDUWLFLSDomR
GRDOXQRpPDLVSUHVHQWHSURFXUDQGRWRUQiORVXMHLWRGHVXDDSUHQGL]DJHP
$DUPDomRSLDJHWLDQDTXHPDLVFDXVRXLPSDFWRQRVHVWXGLRVRVIRLDGHTXH
>@ QmR EDVWD GH PRGR DOJXP j FULDQoD SHTXHQD VDEHU FRQWDU YHUEDOPHQWH XP
GRLVWUrVHWFSDUDDFKDUVHGHSRVVHGRQ~PHUR>@3,$*(7SHHP
FRQVHTXrQFLD R DVSHFWR GR HQVLQR GD 0DWHPiWLFD PDLV DQDOLVDGR j OX] GD WHRULD
SLDJHWLDQDIRLRGRQ~PHUR
2 HQWXVLDVPR GH 3LDJHW SHOR HVWUXWXUDOLVPR ERXUEDNLDQR H[SUHVVR HP
GLYHUVRV WUDEDOKRV H R HVWDEHOHFLPHQWR SHOD (SLVWHPRORJLD *HQpWLFD GH XP
LVRPRUVPR HQWUH DV HVWUXWXUDV HOHPHQWDUHV GD 0DWHPiWLFD GHVFULWDV SHOR *UXSR
%RXUEDNL H DV GD LQWHOLJrQFLD DOLDGRV DR IDWR GH TXH R PHVWUH JHQHEULQR EXVFRX
IXQGDU QD OyJLFD D 3VLFRORJLD *HQpWLFD SDUHFHP WHU PRWLYDGR D IDOVD LGHLD GH TXH
RVFXUUtFXORVSURSRVWRVSHOR0RYLPHQWRGD0DWHPiWLFD0RGHUQDUHSURGX]LULDPR
GHVHQYROYLPHQWRGDLQWHOLJrQFLDGHVFULWRSHODWHRULDSLDJHWLDQD


 0 2 1 7 2 < $   $  2  '  HWDO25*

&RQVLGHUDQGRDGHQLomRSLDJHWLDQDGHQ~PHURFRPRDVtQWHVHGDFODVVLFDomR
HGDVHULDomRHDSUR[LPLGDGHGHVVDGHQLomRFRPDVGHQLo}HVSDUDQ~PHURFDUGLQDO
H RUGLQDO HVWDEHOHFLGDV SHOR 0RYLPHQWR GD 0DWHPiWLFD 0RGHUQD SRU XP ORQJR
SHUtRGRDOLQJXDJHPGD7HRULDGRV&RQMXQWRVTXHLQYDGLXRVFXUUtFXORVHVFRODUHV
DSDUWLUGHVVHPRYLPHQWRGRPLQRXWDPEpPDVDXODVGH0DWHPiWLFDQD(GXFDomR
,QIDQWLOHQRV$QRV,QLFLDLVGHHVFRODUL]DomR
$VVLPRQ~PHURSUDWLFDPHQWHVDLGHFHQDVHQGRVXEVWLWXtGRSRUDWLYLGDGHV
GHFODVVLFDomRGHVHULDomRHGHFRUUHVSRQGrQFLDWHUPRDWHUPRFRQVLGHUDGDVSUp
QXPpULFDVHSUHSDUDWyULDVSDUDDFRQVWUXomRGRQ~PHUR(VVDPHWRGRORJLDSDUDR
HQVLQRGRQ~PHURHVWDULDIXQGDPHQWDGDVHJXQGRVHXVGHIHQVRUHVQRVUHVXOWDGRVGH
3LDJHWH6]HPLQVNDGLYXOJDGRVQROLYUR$JrQHVHGRQ~PHURQDFULDQoD
 3RU RXWUR ODGR DV DWXDLV SHVTXLVDV DFHUFD GD FRQVWUXomR GR Q~PHUR YrP
UHVJDWDQGR R SDSHO GHVHPSHQKDGR SHODV DWLYLGDGHV QXPpULFDV HP SDUWLFXODU D
FRQWDJHP QD FRQVWUXomR GR Q~PHUR H DV QRYDV RULHQWDo}HV SDUD R WUDEDOKR FRP
Q~PHURVQD(GXFDomR,QIDQWLOQmRDSUHVHQWDPPDLVSHORPHQRVGHIRUPDH[SOtFLWD
DWLYLGDGHVFRQVLGHUDGDVSUpQXPpULFDVFRPRFODVVLFDomRHVHULDomRHPXLWRPHQRV
GHVHVWLPXODPRXVRGDFRQWDJHPFRPRDFRQWHFLDHPXPSDVVDGRQmRPXLWRUHPRWR
 (VVHV QRYRV UHVXOWDGRV WrP VLGR XWLOL]DGRV SDUD IXQGDPHQWDU FUtWLFDV jV
SHVTXLVDV SLDJHWLDQDV VREUH R Q~PHUR H SULQFLSDOPHQWH TXH HVWDULDP DOpP GH
3LDJHW%5,66,$8'S
1RVVDFRQWULEXLomRQHVWHWUDEDOKRpXWLOL]DQGRFRPRDSRUWHWHyULFRRPHVPR
WH[WR GH 3LDJHW H 6]HPLQVND TXH IRL HP DLQGD p UHVSRQVDELOL]DGR SRU GLYHUVRV
DXWRUHVSHOREDQLPHQWRGRQ~PHURGD(GXFDomR,QIDQWLODQDOLVDUVHRWUDEDOKR
IXQGDPHQWDGRQDVDWLYLGDGHVOyJLFDVFRPRSUHFRQL]DYDDUHIRUPDGHUHHWH
HIHWLYDPHQWHDWHRULDSLDJHWLDQDHPDLVVHDVDWXDLVUHFRPHQGDo}HVGHVHHQIDWL]DUD
FRQWDJHPVHULDPFRQWUiULDVjWHRULDSLDJHWLDQDRXDXOWUDSDVVDULDPGHVWDFDQGRDVVLP
DDWXDOLGDGHGDREUDGH3LDJHW
3DUD LVVR LQLFLDPRV FRP XP EUHYH UHWURVSHFWR KLVWyULFR DFHUFD GR HQVLQR
GR Q~PHUR GHVWDFDQGR D UHIRUPD GH  GLVFXWLPRV D DSUR[LPDomR HQWUH
D WHRULD SLDJHWLDQD H R 0RYLPHQWR GD 0DWHPiWLFD 0RGHUQD GHVWDFDPRV R FDUiWHU
HSLVWHPROyJLFRWDQWRQDIRUPXODomRGDVKLSyWHVHVTXDQWRQDHODERUDomRGDVSURYDV
DSOLFDGDV QD LQYHVWLJDomR UHDOL]DGD SRU 3LDJHW H 6]HPLQVND PRVWUDPRV TXH DV
SURSRVWDVSLDJHWLDQDVTXHDGPLWHPDQHFHVVLGDGHGHDWLYLGDGHVOyJLFDVDQWHFHGHQGR
DVQXPpULFDVQmRFRQVLGHUDPRFDUiWHUVROLGiULRGDFRQVWUXomRHQWUHFODVVHVVpULHVH
Q~PHURLGHQWLFDPRVDOJXPDVUD]}HVSHODVTXDLVDHQXPHUDomRQmRIRLFRQVLGHUDGD
QDLQYHVWLJDomRGH3LDJHWH6]HPLQVNDGLVFXWLPRVVHDVSHVTXLVDVDWXDLVTXHFRQVWDWDP


 -($13,$*(7126e&8/2;;,

DSUHVHQoDGRQ~PHURDQWHVGRVDQRVHUHFRPHQGDPDYROWDGDHQXPHUDomR
QDV DWLYLGDGHV HVFRODUHV LQIDQWLV VHULDP FRQWUiULDV RX XOWUDSDVVDULDP RV UHVXOWDGRV
SLDJHWLDQRVHHVWDEHOHFHPRVRSDSHOGDHQXPHUDomRQDFRQVWUXomRGRQ~PHUR

2(16,12'210(52($5()250$'(
'H DFRUGR FRP 1RJXHLUD H 0RQWR\D  D SUHRFXSDomR FRP XPD
PHWRGRORJLD HVSHFtFD SDUD R WUDEDOKR SHGDJyJLFR FRP R Q~PHUR Vy VH Gi
HIHWLYDPHQWHDSDUWLUGH$QWHVGLVVRRHQVLQRGHQ~PHURVVHSUHQGLDDXPD
UHSHWLomRLQWHQVDGRVDOJDULVPRVFRPIROKDVHIROKDVGHFDGHUQRSUHHQFKLGDVFRP
RDOJDULVPRVHTXrQFLDVLQWHUPLQiYHLVGHHWF$VHTrQFLDQXPpULFDYHUEDOHUD
UHSHWLGDjH[DXVWmRHDFRQWDJHPHVWLPXODGDHH[LJLGDRWHPSRWRGR
2V SURJUDPDV GDV GpFDGDV GH  H  HVWDEHOHFLDP FRPR PHWD R HVWXGR
FRQFUHWRGRVQ~PHURVGHDGHSRLVGHDGHSRLVGHDVHJXLGRSHOD
IRUPDomRHDGHFRPSRVLomRHPXQLGDGHVGH]HQDVHFHQWHQDVQRPHHHVFULWD3DUD
R SULPHLUR DQR SURJUDPDYDVH R HVWXGR GRV Q~PHURV GH  D  GDV GH]HQDV H
G~]LDV&RQWDUGHHPGHHPGHHP([HUFtFLRVHSUREOHPDVGHDGLomR
VXEWUDomRFRPQ~PHURVGHXPDOJDULVPRHGHSRLVGHGRLVDOJDULVPRVPXOWLSOLFDomR
HGLYLVmRSRUHSRU
2 SURIHVVRU DSUHVHQWDYD RV Q~PHURV DRV DOXQRV XP DSyV R RXWUR
SULPHLUDPHQWHDWpRWRPDQGRRFXLGDGRGHID]HUDLGHQWLFDomRHQWUHRVtPEROR
QXPpULFRHDOJXPDFROHomRSRUH[HPSOR R RR RRRHDVVLPSRU
GLDQWH'HSRLVGHPXLWRWUHLQRRFDPLQKRLQYHUVRGHYHULDVHUSHUFRUULGRRQ~PHUR
HUDDSUHVHQWDGRHDFULDQoDGHVHQKDYDDTXDQWLGDGHUHSUHVHQWDGD7UDWDYDVHDVHJXLU
GDHVFULWDFLIUDGDGRQRPHHDGDHVFULWDGRQRPHGRQ~PHURGRVDQWHFHVVRUHVH
VXFHVVRUHVHHWF
2 Q~PHUR HUD WUDQVPLWLGR FRPR XP FRQKHFLPHQWR VRFLDO VH FRPXQLFDYD
XPVDEHUMiFRQVWLWXtGR2Q~PHURVHFRQIXQGLDFRPDFROHomRVHQGRDRPHVPR
WHPSRXPVLJQRXPDSDODYUDXPDFROHomR$FRQWDJHPHUDHQIDWL]DGDPHGLDQWHD
PHPRUL]DomRGDVHTrQFLDQXPpULFD2REMHWLYRHUDHQVLQDURVQ~PHURVPHGLDQWH
VXD DSUHVHQWDomR REMHWRV SUpH[LVWHQWHV GRV TXDLV VH SRGH GHVWDFDU GHWHUPLQDGDV
FDUDFWHUtVWLFDV TXH R DOXQR GHYHULD FRQKHFHU H PHPRUL]DU 1HVVD SHUVSHFWLYD D
DSUHQGL]DJHP HUD FRQVLGHUDGD HIHWLYD TXDQGR R DOXQR IRVVH FDSD] GH UHFRQKHFHU
R Q~PHUR HP VHXV GLIHUHQWHV DVSHFWRV FRQKHFHU VHX QRPH VHX DOJDULVPR VHX
DQWHFHVVRUHVHXVXFHVVRU12*8(,5$
2VLVWHPDGHQXPHUDomRGHFLPDOHUDSRVWRFRPRDOJRLPXWiYHOHSHUHQHHQmR
FRPRXPFRQMXQWRGHUHJUDVHVtPERORVGHFDUiWHUDUELWUiULR


 0 2 1 7 2 < $   $  2  '  HWDO25*

1R%UDVLOSUDWLFDPHQWHLQH[LVWLDPWH[WRVGLGiWLFRVGHHQVLQRGH0DWHPiWLFD
SDUDRVDQRVLQLFLDLVDWpRDGYHQWRGR0RYLPHQWRGD0DWHPiWLFD0RGHUQD$SDUWLU
GDtVXUJLUDPWH[WRVGLGiWLFRVPXLWRPDLVYROWDGRVDDX[LOLDUDDomRGRSURIHVVRUTXDVH
VHPSUHGHVSUHSDUDGRSDUDRWUDWRGD0DWHPiWLFDHVWUXWXUDGDHOLYURVHVSHFtFRVGH
RULHQWDomRSHGDJyJLFD
$SDUWLUGR0RYLPHQWRGD0DWHPiWLFD0RGHUQDRQ~PHURSUDWLFDPHQWHVDLGH
FHQDVHQGRVXEVWLWXtGRSHODVDWLYLGDGHVSUHSDUDWyULDVSDUDDFRQVWUXomRGRFRQFHLWR
GHQ~PHUR
-iQmRVHIDODPDLVHPHQVLQDUQ~PHURHOHMiQmRpPDLVYLVWRFRPRXP
REMHWRSUpH[LVWHQWHPDVVLPFRPRDOJRTXHSDUDVHUFRQVWUXtGRQHFHVVLWDGHSUp
UHTXLVLWRV (VVHV SUpUHTXLVLWRV SDVVDP D GRPLQDU RV SURJUDPDV GDTXHOD pSRFD GH
WDOIRUPDTXHRHGXFDGRUIUDQFrV%ULVVLDXGDUPRXTXHDUHIRUPDGRVDQRV
SURSRVWD>@VREDEDQGHLUDGD0DWHPiWLFD0RGHUQDKDYLDFRQVHJXLGRGHVWHUUDUR
Q~PHURGDHVFRODLQIDQWLOIUDQFHVD'8+$/'(&8%(5(6S
3DUD RV UHIRUPDGRUHV GH  VHJXQGR %ULVVLDXG  S  >@ QmR
VRPHQWH QmR VH GHYHULD HQVLQDU DV UHJUDV GH FiOFXOR QR MDUGLP GH LQIkQFLD PDV D
FULDQoDQmRGHYLDQXQFDFDOFXODU
%XVFDYDVHXPDQRYDFRQFHSomRGHQ~PHURFRPRXPDSURSULHGDGHYLQFXODGD
D FRQMXQWRV $V DWLYLGDGHV UHFRPHQGDGDV HUDP DV GH FODVVLFDomR H VHULDomR H R
HPSUHJRVLVWHPiWLFRGDFRUUHVSRQGrQFLDWHUPRDWHUPR

3,$*(7(0$7(07,&$02'(51$
)LFD GLItFLO QmR FRQFRUGDU FRP %ULVVLDXG VH GH DFRUGR FRP SXEOLFDomR
GR ,QVWLWXW 1DWLRQDO GH 5HFKHUFKH 3pGDJRJLTXH (50(/ GH 3DULV GH  R
SURJUDPDGR&XUVR3UHSDUDWyULR&3GHRHTXLYDOHQWHIUDQFrVGD(GXFDomR
,QIDQWLOEUDVLOHLUDDSUHVHQWDQDGHVFULomRGRVFRQWH~GRVRVWySLFRVDWLYLGDGHVGH
FODVVLFDomRHGHVHULDomR
eDWUDYpVGDVGLYHUVDVPDQLSXODo}HVGHREMHWRVTXHDVFULDQoDVHODERUDPSRXFRD
SRXFRDQRomRGHQ~PHURQDWXUDOeQHFHVViULRFRPSUHHQGHUEHPTXHRQ~PHUR
QDWXUDOQmRpXPREMHWRQHPXPDSURSULHGDGHYLQFXODGDDREMHWRVPDVVLPXPD
SURSULHGDGHYLQFXODGDDFRQMXQWRV
>@ $ QRomR GH Q~PHUR QDWXUDO FRPR SURSULHGDGH GH XP FRQMXQWR DSDUHFHUi
QD PHGLGD HP TXH VH SRGHUi HVWDEHOHFHU FRUUHVSRQGrQFLD WHUPR D WHUPR HQWUH
FRQMXQWRV
>@2HPSUHJRVLVWHPiWLFRGDFRUUHVSRQGrQFLDWHUPRDWHUPRSHUPLWHFODVVLFDURV
FRQMXQWRVHDWULEXLUDFDGDFODVVHXPQ~PHURDVVLPDFODVVHGHWRGRVRVFRQMXQWRV
TXHWrPREMHWRVHPTXDQWLGDGHLJXDODRVGHGRVGDPmRGHQHRQXPHUDOFLQFR


 -($13,$*(7126e&8/2;;,

>@&RQYpPIULVDUDLPSRUWkQFLDSDUDDHODERUDomRGDQRomRGHQ~PHURQDWXUDO
GDVDWLYLGDGHVGHFODVVLFDomRGHVHULDomRGHFRUUHODomRWHUPRDWHUPRUHDOL]DGDV
QDHVFRODPDWHUQDO(50(/S

6HJXQGR%ULVVLDXGGRLVTXDGURVWHyULFRVVHUYLUDPHVVHQFLDOPHQWHGH

UHIHUrQFLDXPIRLDREUDGH3LDJHWH6]HPLQVNDVREUHDJrQHVHGRQ~PHUR
H R RXWUR D WHRULD GRV FRQMXQWRV TXH VH WRUQRX D OLQJXDJHP GD 0DWHPiWLFD H
HUDIRUWHPHQWHYDORUL]DGDSHOR0RYLPHQWRGD0DWHPiWLFD0RGHUQDHVWDEHOHFHQGR
DVVLPXPDDSUR[LPDomRHQWUHDVGXDVWHRULDV
 $ 0DWHPiWLFD 0RGHUQD REMHWLYDYD DSUR[LPDU R VDEHU HQVLQDGR QD HVFROD
GRVDEHUGHVHQYROYLGRSHODFLrQFLD0DWHPiWLFDTXHDGPLWLDDVGHQLo}HVUXVVHOLDQDV
GH Q~PHUR FDUGLQDO H RUGLQDO DOpP GD XWLOL]DomR GH ELMHo}HV SDUD GHWHUPLQDU D
FDUGLQDOLGDGHGHFRQMXQWRV
3LDJHW FRPR HSLVWHPyORJR VH LQVSLURX QDV FRUUHQWHV GH SHQVDPHQWR GD
)LORVRD GD 0DWHPiWLFD SDUD HODERUDU DV VXDV KLSyWHVHV GH LQYHVWLJDomR VREUH D
JrQHVH GR Q~PHUR PDLV HVSHFLFDPHQWH QDV GHQLo}HV GH Q~PHUR FDUGLQDO H
RUGLQDOGH5XVVHOOH:KLWHKHDGFRQVWDQWHVGROLYUR3ULQFLSLD0DWKHPDWLFDH
DVVLPQDGHQLomRSLDJHWLDQDGHQ~PHURHVWDYDPHQYROYLGRVRVPHVPRVHOHPHQWRV
GDGHQLomRPDWHPiWLFDDVFODVVHVHDVVpULHVDOpPGHHQIDWL]DUDFRUUHVSRQGrQFLD
WHUPRDWHUPR
$OpP GLVVR FRPR 3LDJHW HVWDEHOHFHX XP LVRPRUVPR HQWUH DV HVWUXWXUDV
PDWHPiWLFDV H R IXQFLRQDPHQWR GDV HVWUXWXUDV PHQWDLV TXH SURSRUFLRQDP R
GHVHQYROYLPHQWRGDLQWHOLJrQFLDQDFULDQoDHR0RYLPHQWRGD0DWHPiWLFD0RGHUQD
UHFRPHQGDYDTXHDVHVWUXWXUDVPDWHPiWLFDVIRVVHPFRQVLGHUDGDVFRPRFRQWH~GRV
HVFRODUHV GLYHUVRV DXWRUHV HVWDEHOHFHUDP D SRVWHULRUL TXH R HQVLQR GD 0DWHPiWLFD
0RGHUQDWHULDIXQGDPHQWDomRQD(SLVWHPRORJLD*HQpWLFD
1D UHDOLGDGH VH R HGLItFLR GDV PDWHPiWLFDV UHSRXVD VREUH HVWUXWXUDV TXH
FRUUHVSRQGHPSRU RXWURODGRjVHVWUXWXUDVGDLQWHOLJrQFLDpQHFHVViULREDVHDU
JULIRQRVVRDGLGiWLFDPDWHPiWLFDQDRUJDQL]DomRSURJUHVVLYDGHVWDVHVWUXWXUDV
RSHUDWyULDV3,$*(7S

$LQWHQomRGRGHVWDTXHQDFLWDomRDQWHULRUpPRVWUDUTXHEDVHDUQmRVLJQLFD
DEVROXWDPHQWHTXHVHGHYDEXVFDUUHSURGX]LUDUWLFLDOPHQWHRGHVHQYROYLPHQWRGDV
HVWUXWXUDV GD LQWHOLJrQFLD H PHQRV DLQGD TXH DV HVWUXWXUDV PDWHPiWLFDV GHYHVVHP
LQWHJUDU R FXUUtFXOR GD HGXFDomR LQIDQWLO PDV VLP TXH RV FRQWH~GRV PLQLVWUDGRV
GHYHULDPVHUFRPSDWtYHLVFRPHVWHGHVHQYROYLPHQWR
$OJXQV HGXFDGRUHV MXVWLFDP R WUDEDOKR FRP DWLYLGDGHV GH FODVVLFDomR
VHULDomR HWF DV FKDPDGDV DWLYLGDGHV SUpQXPpULFDV FRPR IRUPD GH DFHOHUDU R


 0 2 1 7 2 < $   $  2  '  HWDO25*

GHVHQYROYLPHQWRGDLQWHOLJrQFLD3LDJHWSDVVLPVHSRVLFLRQDIUHQWHDHVVD

TXHVWmR
>@RSUREOHPDDTXLHPSDXWDUHWRUQDjLQGDJDomRVREUHVHH[LVWHRXQmRYDQWDJHP
HPDFHOHUDUDVXFHVVmRGRVHVWiJLRVGRGHVHQYROYLPHQWReFODURTXHWRGDHGXFDomR
FRQVLVWHGHXPDIRUPDRXGHRXWUDHPVHPHOKDQWHDFHOHUDomRPDVDTXHVWmRHVWi
HP HVWDEHOHFHU DWp RQGH HOD p SURYHLWRVD 2UD QmR p VHP PRWLYR TXH D LQIkQFLD
VH SURORQJD PXLWR PDLV QR KRPHP TXH QDV HVSpFLHV DQLPDLV LQIHULRUHV PXLWR
SURYiYHOSRLVTXHVHLPSRQKDSDUDFDGDWLSRGHGHVHQYROYLPHQWRXPDYHORFLGDGH
LQLFLDOVHQGRRH[FHVVRGHUDSLGH]WmRSUHMXGLFLDOTXDQWRDXPDDFHQWXDGDOHQWLGmR

eIDWRTXH3LDJHWHVWDEHOHFHXXPLVRPRUVPRHQWUHRGHVHQYROYLPHQWRGD
LQWHOLJrQFLD H D DTXLVLomR GR SHQVDPHQWR PDWHPiWLFR WDPEpP p IDWR TXH SDUD R
SHVTXLVDGRURHGLItFLRGDPDWHPiWLFDUHSRXVDVREUHHVWUXWXUDVTXHVmRDVGDSUySULD
LQWHOLJrQFLDQmRpYHUGDGHSRUpPTXHD0DWHPiWLFD0RGHUQDHVWLYHVVHIXQGDGDQD
(SLVWHPRORJLD*HQpWLFDGH3LDJHW
$V PXGDQoDV SURSRVWDV SHOR PRYLPHQWR UHQRYDGRU HVWDYDP FHQWUDGDV
QD HVWUXWXUD GRV FRQWH~GRV H QmR QD JrQHVH H KLVWyULD $SHVDU GLVVR VHJXQGR
3DUUDWH7U\SKRQ3,$*(7RVSURPRWRUHVGDUHIRUPDDSRLDYDPVHPXLWR
IUHTHQWHPHQWHHPFLWDo}HVGH3LDJHW
$LQGDKRMHDVSURSRVWDVPHWRGROyJLFDVDSRLDGDVHP3LDJHWDSUHVHQWDPPXLWDV
GDV FDUDFWHUtVWLFDV GD 0DWHPiWLFD 0RGHUQD WURFDQGR FRQWH~GRV H[SOLFLWDPHQWH
DSUHVHQWDGRV FRPR 7HRULD GRV &RQMXQWRV FXMR ~QLFR REMHWLYR HUD LQWURGX]LU R
DSUHQGL]QDOLQJXDJHPIRUPDOGDPDWHPiWLFDSRUDWLYLGDGHVGHFODVVLFDomRLQFOXVmR
GHFODVVHVRXFRUUHVSRQGrQFLDELXQtYRFD$RFRQVLGHUDUWDLVDWLYLGDGHVFRPRHVVHQFLDLV
DRGHVHQYROYLPHQWRGRFRQFHLWRGHQ~PHURRVFRQWH~GRVSURSRVWRVSHOD0DWHPiWLFD
0RGHUQDVmRPDQWLGRVHRTXHPXGDVmRRVREMHWLYRVHDIRUPDGHDSUHVHQWDomR
3DUD3LDJHWSWRGDYLDQmRH[LVWLULDXPDUHDOQHFHVVLGDGHGDVDWLYLGDGHV
GHVFULWDVDFLPDSDUDRGHVHQYROYLPHQWRGRFRQFHLWRGHQ~PHUR
>@2UDVHPHOKDQWHVLWXDomRpWDQWRPDLVVXUSUHHQGHQWHTXDQWRVHRVSURIHVVRUHV
GHPDWHPiWLFDVHGLVSXVHVVHPDWRPDUFRQKHFLPHQWRGDIRUPDomRSVLFRJHQpWLFD
QDWXUDO GDV RSHUDo}HV OyJLFRPDWHPiWLFDV GHVFREULULDP TXH H[LVWH XPD
FRQYHUJrQFLD HQWUH DV SULQFLSDLV RSHUDo}HV XVDGDV HVSRQWDQHDPHQWH SHOD FULDQoD
H DV QRo}HV TXH D HOD VH WHQWD LQFXOFDU SHOD DEVWUDomR $ SDUWLU GRV  DQRV
SRU H[HPSOR DV SHVVRDV GHVFREUHP SRU VL PHVPDV RSHUDo}HV GH UHXQLmR H GH
LQWHUVHFomRGRVFRQMXQWRVDVVLPFRPRSURGXWRVFDUWHVLDQRVHDSDUWLUGRV
DQRVFKHJDPDSDUWLomRGRVFRQMXQWRV

3DUWLFXODUPHQWH DR TXH VH UHIHUH j TXHVWmR QRYRV FRQWH~GRV H PpWRGRV

WUDGLFLRQDLVQD0DWHPiWLFD0RGHUQDDVVLPVHPDQLIHVWRX3LDJHWS


 -($13,$*(7126e&8/2;;,

&RPUHIHUrQFLDSRUH[HPSORDRHQVLQRGD0DWHPiWLFD0RGHUQDTXHFRQVWLWXL
SURJUHVVRYHUGDGHLUDPHQWHH[WUDRUGLQiULRHPUHODomRDRVPpWRGRVWUDGLFLRQDLVD
H[SHULrQFLDpFRPIUHTXrQFLDSUHMXGLFDGDSHORIDWRGHTXHHPERUDVHMDPRGHUQR
R FRQWH~GR HQVLQDGR D PDQHLUD GH R DSUHVHQWDU SHUPDQHFH jV YH]HV DUFDLFD GR
SRQWR GH YLVWD SVLFROyJLFR HQTXDQWR IXQGDPHQWDGD QD VLPSOHV WUDQVPLVVmR GH
FRQKHFLPHQWRVPHVPRTXHVHWHQWHDGRWDUHEDVWDQWHSUHFRFHPHQWHGRSRQWRGH
YLVWDGDPDQHLUDGHUDFLRFLQDUGRVDOXQRVXPDIRUPDD[LRPiWLFD

'R H[SRVWR DFLPD SRGHVH DXIHULU TXH R PHVWUH VXtoR GHPRQVWURX

SUHRFXSDomRFRPDPHWRGRORJLDRXDXVrQFLDGHODXWLOL]DGDTXDQGRGDDSUHVHQWDomR
GRVFRQWH~GRVSURSRVWRVSHOR0RYLPHQWRGD0DWHPiWLFD0RGHUQD(FRQWLQXD
0XLWRVHSRGHHVSHUDUSRUWDQWRGDFRODERUDomRHQWUHSVLFyORJRVHPDWHPiWLFRVSDUD
DHODERUDomRGHXPHQVLQRPRGHUQRHQmRWUDGLFLRQDOGDPDWHPiWLFDGRPHVPR
QRPHHTXHFRQVLVWLULDHPIDODUjFULDQoDQDVXDOLQJXDJHPDQWHVGHOKHLPSRUXPD
RXWUDMiSURQWDHSRUGHPDLVDEVWUDWDHVREUHWXGROHYDUDFULDQoDDUHLQYHQWDUDTXLOR
GHTXHpFDSD]DRLQYpVGHVHOLPLWDUDRXYLUHUHSHWLU3,$*(7S

'HDFRUGRFRP1RJXHLUDHVWHVHRXWURVSRVLFLRQDPHQWRVGRFLHQWLVWD

HP UHODomR j 0DWHPiWLFD 0RGHUQD H D SUHRFXSDomR GH 3LDJHW FRP R HQVLQR GD
0DWHPiWLFDH[SUHVVDHPGLYHUVDVRFDVL}HVHUHJLVWUDGDVHPYiULRVWH[WRVPRWLYDUDP
LQ~PHURV WUDEDOKRV TXH EXVFDYDP H EXVFDP IXQGDPHQWDU QD WHRULD SLDJHWLDQD
XPD'LGiWLFDGD0DWHPiWLFD$OpPGLVVRRIDWRGH3LDJHWFRQFHQWUDUHVIRUoRVQD
3VLFRORJLDDSDUHQWDXPDDSUR[LPDomRGHVXDREUDFRPDGRFrQFLDID]HQGRFRP
TXHSRVVDSDUHFHUQDWXUDODSRVVLELOLGDGHGHWDOIXQGDPHQWDomR
eLQWHUHVVDQWHQRWDUWDPEpPTXHDVSULQFLSDLVREUDVTXHIXQGDPHQWDPHP
3LDJHWD'LGiWLFDGD0DWHPiWLFDGLIHUHQWHPHQWHGRTXHRFRUUHXFRPRVWUDEDOKRV
SURGX]LGRV GXUDQWH R SHUtRGR GD 0DWHPiWLFD 0RGHUQD IRUDP HVFULWDV SRU QmR
PDWHPiWLFRVQDVXDJUDQGHPDLRULDSHGDJRJRVHSVLFyORJRV3RUWDQWRDEDQGRQRXVH
XPH[WUHPRFRPWH[WRVSURGX]LGRVDSHQDVSRUPDWHPiWLFRV0DWHPiWLFD0RGHUQD
DGRWDQGRVHRXWURRGHWH[WRVSURGX]LGRVTXDVHTXHH[FOXVLYDPHQWHSRUSHGDJRJRV
H SVLFyORJRV REUDV IXQGDGDV HP 3,$*(7 QmR VH OHYDQGR HP FRQVLGHUDomR
SRUWDQWRDUHFRPHQGDomRGH3LDJHWTXH>@PXLWRVHSRGHHVSHUDUGDFRODERUDomR
HQWUHSVLFyORJRVHPDWHPiWLFRV>@FLWDGDDQWHULRUPHQWH12*8(,5$
([LVWH PDLV XP SRQWR TXH DIDVWDULD R WUDEDOKR FRP FRQMXQWRV QD
(GXFDomR ,QIDQWLO H D WHRULD SLDJHWLDQD XPD YH] TXH GH DFRUGR FRP HVWD WHRULD
D FULDQoD QmR VHULD FDSD] GH DVVLPLODU FRQFHLWRV VREUH R Q~PHUR DR DEVWUDLU TXH
GLYHUVRVFRQMXQWRVWrPRPHVPRQ~PHURGHHOHPHQWRVSRLVLVWRVHULDRPHVPR
TXHDEVWUDLUDFRURXRFKHLURGHXPREMHWRFRQKHFLPHQWRVGHQDWXUH]DItVLFDRV
TXDLVVmRREWLGRVSUHSRQGHUDQWHPHQWHSRUDEVWUDomRHPStULFD3DUDRFRQKHFLPHQWR


 0 2 1 7 2 < $   $  2  '  HWDO25*

GR Q~PHUR Ki QHFHVVLGDGH GH DEVWUDomR UHH[LYD FDUDFWHUtVWLFD GR FRQKHFLPHQWR
OyJLFRPDWHPiWLFRTXHHQYROYHDFRQVWUXomRGHUHODo}HVHQWUHRVREMHWRV

2&$57(5(3,67(02/*,&2'$6,19(67,*$d(6
'RSRQWRGHYLVWDHSLVWHPROyJLFRRSUREOHPDRTXHpRQ~PHUR"LQWULJRX
OyVRIRVHPDWHPiWLFRVGHVGHD$QWLJXLGDGHHYLGHQFLDQGRDH[LVWrQFLDGHXPIRUWH
FRQWUDVWH HQWUH D FODUH]D LQVWUXPHQWDO GR Q~PHUR H D FRPSOH[LGDGH GDV WHRULDV
FRQVWUXtGDVSDUDH[SOLFiOR
1HQKXPD GDV SULQFLSDLV FRUUHQWHV GR SHQVDPHQWR PDWHPiWLFR FRPR
LQWXLFLRQLVPRRORJLFLVPRHRIRUPDOLVPRDWpRVpFXOR;;FRQVHJXLXXPDUHVSRVWD
VDWLVIDWyULDSDUDH[SOLFDUTXDODRULJHPGRQ~PHUR7DOGHVDRLQWHUHVVRXD3LDJHW
SDUDTXHPVRPHQWHXPDLQYHVWLJDomRJHQpWLFDSRGHULDFRQGX]LUDXPDUHVSRVWDPDLV
FRQFOXVLYD
(VWHFRQWUDVWHHQWUHDHYLGrQFLDLQVWUXPHQWDOGRQ~PHURHDFRQIXVmRGDVWHRULDV
HSLVWHPROyJLFDV SDUD H[SOLFiOR GHL[D FODUR D QHFHVVLGDGH GH XPD LQYHVWLJDomR
JHQpWLFDRGHVFRQKHFLPHQWRGRSHQVDPHQWRHPUHODomRjVHQJUHQDJHQVHVVHQFLDLV
GH VHX SUySULR PHFDQLVPR p FRP HIHLWR R tQGLFH SVLFROyJLFR GH VHX FDUiWHU
HOHPHQWDUHHPFRQVHTrQFLDGDQHFHVVLGDGHGHVHUHPRQWDUDRVSULPyUGLRVGH
VXDIRUPDomRSDUDSRGHUDOFDQoiODV3,$*(7S

$Wp-HDQ3LDJHWMiKDYLDDQDOLVDGRDVIRQWHVSUiWLFDVHVHQVyULRPRWRUDV
GRGHVHQYROYLPHQWRGDFULDQoDHSXEOLFDGRVHXVUHVXOWDGRVHPGXDVREUDVFOiVVLFDV
2QDVFLPHQWRGDLQWHOLJrQFLDQDFULDQoDH$FRQVWUXomRGRUHDOQDFULDQoD7DPEpPMiKDYLD
LQYHVWLJDGRRVDVSHFWRVYHUEDLVHFRQFHLWXDLVGRSHQVDPHQWRLQIDQWLOTXHUHVXOWDUDP
HP$IRUPDomRGRVtPERORQDFULDQoD
3DUD 3LDJHW HUD QHFHVViULR >@ XOWUDSDVVDU HVVDV GXDV HWDSDV SUHOLPLQDUHV H
DWLQJLURVPHFDQLVPRVIRUPDGRUHVGDSUySULDUD]mR>@SDUDFRPSUHHQGHUFRPR
RVHVTXHPDVVHQVyULRPRWRUHVVHRUJDQL]DYDPQRSODQRGRSHQVDPHQWRHPVLVWHPDV
RSHUDWyULRVRTXHSDUDHOHVyVHULDSRVVtYHOPHGLDQWHRHVWXGRGRQ~PHUR3,$*(7
6=(0,16.$S
3LDJHWH6]HPLQVNDWDPEpPHVFODUHFHPTXHRVVXMHLWRVGDSHVTXLVDIRUDP
UHVWULWRV D FULDQoDV GR SHUtRGR LQWXLWLYR QmR SRUTXH QmR H[LVWLVVHP LQGLFDWLYRV GD
SUHVHQoDGRQ~PHURHPFULDQoDVPDLVMRYHQVPDVSRUTXHWRGDDQiOLVHPHWRGROyJLFD
QHFHVVLWD[DUFRPHoRV3DUDQmRFDUHPUHPRQWDQGRLQGHQLGDPHQWHjVRULJHQV
RV SHVTXLVDGRUHV HVWDEHOHFHUDP TXH RV VXMHLWRV GH VXD LQYHVWLJDomR GHYHVVHP VHU
FDSD]HVGHUHDOL]DUWDUHIDVLQHUHQWHVjVSURYDVFRJQLWLYDVSURJUDPDGDVOLPLWDQGRRV
HQWmRDRSHUtRGRLQWXLWLYRRXSUpRSHUDWyULR(VVHIDWRpLPSRUWDQWHSRLVDOJXQV

 -($13,$*(7126e&8/2;;,

SHVTXLVDGRUHVFRPR%ULVVLDXGSRUH[HPSORDUPDPTXHVHJXQGR3LDJHWR

Q~PHURQmRH[LVWLULDSDUDDVFULDQoDVDQWHVGRVVHLVRXVHWHDQRV
3DUDDGHWHUPLQDomRGDVSURYDV3LDJHWH6]HPLQVNDVH[DUDPQDVSULQFLSDLV
TXDOLGDGHVRXQHFHVVLGDGHVGRQ~PHURSDUDH[LVWLUDFRQVHUYDomRGHTXDQWLGDGHV
FRQGLomR GH WRGR H TXDOTXHU FRQKHFLPHQWR D FRUUHVSRQGrQFLD WHUPR D WHUPR
HVVHQFLDO SDUD D FRQWDJHP D GHWHUPLQDomR GD FDUGLQDOLGDGH H GR SULQFtSLR RUGLQDO
DVSHFWRVLQGLVVRFLiYHLVGRQ~PHURHHPWRGDVHODVpSRVVtYHOSHUFHEHUTXHRVDXWRUHV
EXVFDPFRQUPDUDKLSyWHVHQmRFRORFDGDDEHUWDPHQWHGHTXHRQ~PHURpDVtQWHVH
GDFODVVLFDomRHGDVHULDomR2TXHRVWHULDPRWLYDGRDIRUPXODUWDOKLSyWHVH"
6HJXQGR1RJXHLUDSDUDUHVSRQGHUHVWDSHUJXQWDHQWUDHPFHQD
R IRUWH DSHOR HSLVWHPROyJLFR GDV VROXo}HV LQVDWLVIDWyULDV SDUD D TXHVWmR R TXH p
Q~PHUR"SDUWLFXODUPHQWHRORQJRHDQWLJRGHEDWHVHPYHQFHGRUHQWUHORJLFLVWDV
H LQWXLFLRQLVWDV $ HVWH GHEDWH DFUHVFHQWHPVH DV FRQYLFo}HV GH 3LDJHW GH TXH R
FRQKHFLPHQWRQmRHVWiQHPQRVXMHLWRDSULRULVPRLPSOtFLWRQRORJLFLVPRHQHPQR
REMHWRHPSLULVPRSDQRGHIXQGRGRLQWXLFLRQLVPRPDVQDLQWHUDomRHQWUHDPERV
XPDLQWHUDomRSDUWLFXODUTXHDFRQWHFHLQWHUQDPHQWHDRVXMHLWR
3RGHVH LQIHULU DVVLP TXH 3LDJHW SURFXUDYD XPD VROXomR LQWHUPHGLiULD XP
WHUWLXPHQWUH5XVVHOOORJLFLVPRH3RLQFDUpLQWXLFLRQLVPR3DUDHQWHQGHUPHOKRUHVVH
WHUWLXPVmRQHFHVViULDVDOJXPDVFRQVLGHUDo}HVKLVWyULFDVHORVyFDVDFHUFDGRQ~PHUR
3RU TXDVH WRGR R VpFXOR ;,; R PLWR GH (XFOLGHV F  F D& HUD
LQDEDOiYHOWDQWRSDUDRVOyVRIRVFRPRSDUDRVPDWHPiWLFRV$*HRPHWULDHXFOLGLDQD
HUDFRQVLGHUDGDSRUWRGRV>@FRPRRPDLVUPHHFRQiYHOUDPRGRFRQKHFLPHQWR
>@'$9,6+(56+S
$GHVFREHUWDGDVJHRPHWULDVQmRHXFOLGLDQDVFRQWXGRLPSOLFRXQDSHUGDGD
FHUWH]DGDJHRPHWULDDEDODQGRFRQVHTXHQWHPHQWHQmRVyRVDOLFHUFHVGD0DWHPiWLFD
PDV GH WRGR R FRQKHFLPHQWR 2V PDWHPiWLFRV GR VpFXOR ;,; HQIUHQWDUDP R
SUREOHPDHEXVFDUDPRXWUDIRQWHVHJXUDSDUDIXQGDPHQWDUVHXVWUDEDOKRVHOHJHQGR
D$ULWPpWLFDFRPRDQRYDEDVHVyOLGD
$R DOLFHUoDU D 0DWHPiWLFD VREUH D $ULWPpWLFD SRUpP VH HVWDYD HP ~OWLPD
LQVWkQFLDIXQGDPHQWDQGRDVREUHRQ~PHURQDWXUDOHVHYHULFRXHQWmRTXHHVWH
QmRSRVVXtDXPDGHQLomRPDWHPiWLFDIRUPDOL]DGDDSRQWRGRDOHPmR.URQHFNHU
KDYHUGLWRTXH'HXVIH]RVQ~PHURVLQWHLURVWRGRRUHVWRpFULDomRGR
KRPHP(9(6S
(VWDYD GHVHQFDGHDGD D FULVH GRV IXQGDPHQWRV QD 0DWHPiWLFD $ SDUWLU
GDt VXUJLUDP GLYHUVDV FRUUHQWHV EXVFDQGR VROXo}HV SDUD RV SURIXQGRV SUREOHPDV
DSUHVHQWDGRVVROXo}HVHVWDVTXHVHUHVXPLDPHPWRUQDUD0DWHPiWLFDQRYDPHQWH

 0 2 1 7 2 < $   $  2  '  HWDO25*

XPD FLrQFLD FRQiYHO 'HVWDV FRUUHQWHV WUrV VH GHVWDFDUDP R ORJLFLVPR R

LQWXLFLRQLVPRHRIRUPDOLVPR(VWDVWUrVFRUUHQWHVFRQWLQXDPDWpKRMHDGLYLGLURV
PDWHPiWLFRVTXDQWRDRVIXQGDPHQWRVGD0DWHPiWLFD
$WHVHGRORJLFLVPRpTXHD0DWHPiWLFDpXPUDPRGD/yJLFD$VVLPD/yJLFD
HPYH]GHVHUDSHQDVXPLQVWUXPHQWRGD0DWHPiWLFDSDVVDDVHUFRQVLGHUDGDFRPRD
JHUDGRUDGD0DWHPiWLFD7RGRVRVFRQFHLWRVGD0DWHPiWLFDWrPTXHVHUIRUPXODGRV
HP WHUPRV GH FRQFHLWRV OyJLFRV H WRGRV RV WHRUHPDV GD 0DWHPiWLFD WrP TXH VHU
GHVHQYROYLGRVFRPRWHRUHPDVGD/yJLFDDGLVWLQomRHQWUH0DWHPiWLFDH/yJLFDSDVVD
DVHUXPDTXHVWmRGHFRQYHQLrQFLDSUiWLFD(9(6
$ WHVH GR IRUPDOLVPR p TXH D 0DWHPiWLFD p HVVHQFLDOPHQWH R HVWXGR GRV
VLVWHPDV VLPEyOLFRV IRUPDLV &RQVLGHUD D 0DWHPiWLFD FRPR XPD FROHomR GH
GHVHQYROYLPHQWRVDEVWUDWRVHPTXHRVWHUPRVVmRPHURVVtPERORVHDVDUPDo}HV
VmRDSHQDVIyUPXODVHQYROYHQGRHVVHVVtPERORVDEDVHPDLVIXQGDGD0DWHPiWLFD
QmRHVWiSODQWDGDQD/yJLFDPDVDSHQDVQXPDFROHomRGHVLQDLVRXVtPERORVSUp
OyJLFRV H QXP FRQMXQWR GH RSHUDo}HV FRP HVVHV VLQDLV &RPR SRU HVVH SRQWR GH
YLVWD D 0DWHPiWLFD FDUHFH GH FRQWH~GR FRQFUHWR H FRQWpP DSHQDV HOHPHQWRV
VLPEyOLFRV LGHDLVDOpP GLVVR D GHPRQVWUDomR GD FRQVLVWrQFLD GRV YiULRV UDPRV GD
0DWHPiWLFD FRQVWLWXL XPD SDUWH LPSRUWDQWH H QHFHVViULD GR SURJUDPD IRUPDOLVWD
6HP R DFRPSDQKDPHQWR GHVVD GHPRQVWUDomR GH FRQVLVWrQFLD WRGR R HVWXGR
SHUGH IXQGDPHQWDOPHQWH R VHQWLGR 1D WHVH IRUPDOLVWD VH WHP R GHVHQYROYLPHQWR
D[LRPiWLFRGD0DWHPiWLFDOHYDGRDVHXH[WUHPR(9(6
$WHVHGRLQWXLFLRQLVPRpTXHD0DWHPiWLFDWHPGHVHUGHVHQYROYLGDDSHQDV
SRU PpWRGRV FRQVWUXWLYRV QLWRV VREUH D VHTXrQFLD GRV Q~PHURV QDWXUDLV GDGD
LQWXLWLYDPHQWH /RJR SRU HVVD YLVmR D EDVH ~OWLPD GD 0DWHPiWLFD MD] VREUH XPD
LQWXLomRSULPLWLYDDOLDGDVHPG~YLGDDRQRVVRVHQVRWHPSRUDOGHDQWHVHGHSRLV
TXHQRVSHUPLWHFRQFHEHUXPREMHWRGHSRLVPDLVXPGHSRLVRXWURPDLVHDVVLP
SRUGLDQWHLQGHQLGDPHQWH'HVVDPDQHLUDREWrPVHVHTXrQFLDVLQQGiYHLVDPDLV
FRQKHFLGDGDVTXDLVpDGRVQ~PHURVQDWXUDLV
$ WHRULD GH 5XVVHOO H :KLWHKHDG  SDUD R Q~PHUR FRPHoD FRP D
GHVFULomRGRTXHpXPDFODVVHGHFODVVHV2XVHMDGXDVFODVVHVFRQVLGHUDGDVHP
VXDH[WHQVmRGmRRULJHPDXPDPHVPDFODVVHGHFODVVHVVHpSRVVtYHOHVWDEHOHFHUXPD
FRUUHVSRQGrQFLDELXQtYRFDHQWUHVHXVHOHPHQWRV2Q~PHURFDUGLQDOpGHQLGRFRPR
HVWDVFODVVHVGHFODVVHVHDVVLPRQ~PHURpDFODVVHGHWRGDVDVFODVVHVXQLWiULDVR
Q~PHURpDFODVVHGHWRGRVRVSDUHVSRVVtYHLVHWF2Q~PHURRUGLQDOpFRQVWLWXtGR
SRU PHLR GH FODVVHV GH UHODo}HV DVVLPpWULFDV VHPHOKDQWHV H HVWD VHPHOKDQoD p
REWLGDWDPEpPPHGLDQWHXPDFRUUHVSRQGrQFLDELXQtYRFD


 -($13,$*(7126e&8/2;;,

$SHVDUGHVWDVGHQLo}HVWHUHPVLGRDSURYDGDVSRUPXLWRVPDWHPiWLFRVH
TXDVHWRGRVRVOyJLFRVKRXYHPXLWDVREMHo}HVDOHJDQGRDH[LVWrQFLDGHXPFtUFXOR
YLFLRVR H DV TXH SUHFRQL]DP H D H[LVWrQFLD GH GLIHUHQoDV IXQFLRQDLV HQWUH D FODVVH
OyJLFDHRQ~PHUR12*8(,5$
2 PDLRU FUtWLFR DR UHGXFLRQLVPR OyJLFR IRL R IUDQFrV +HQUL 3RLQFDUp (OH
GHQXQFLDYDDH[LVWrQFLDGHXPFtUFXORYLFLRVRSRUTXHRQ~PHURMiHVWDULDSUHVHQWHDR
VHHVWDEHOHFHUDFRUUHVSRQGrQFLDELXQtYRFDHQWUHRVREMHWRVVLQJXODUHVDUJXPHQWDQGR
TXHQDH[SUHVVmRXPKRPHPHWFRREMHWRLQGLYLGXDORXDFODVVHVLQJXODUMiLPSOLFD
QDSUHVHQoDGRQ~PHUR32,1&$5e
3DUD3RLQFDUpRQ~PHURSRVVXLRGXSORFDUiWHUGHFRQFHLWRSXURHGH
IRUPDLQWXLWLYDeFRQFHLWRSXURHQTXDQWRHVTXHPDGRFRQFHLWRGHJUDQGH]DLVWRp
DSDUWHVHPDTXDOQmRVHSRGHSDVVDUGDJUDQGH]DSXUDjVXDLPDJHPQRHVSDoRH
QRWHPSReIRUPDLQWXLWLYDSRUTXHUHSUHVHQWDDVHTXrQFLDDGLWLYDGHXPDXQLGDGHj
RXWUDXQLGDGHHUHDOL]DDVtQWHVHGHXPPHVPRREMHWRQRHVSDoRHQRWHPSR
6HJXQGR1RJXHLUDRQ~PHURWHULDXPFDUiWHUVLQWpWLFRHLUUHGXWtYHO
HQTXDQWRTXHSDUD5XVVHOOH[LVWLULDRQ~PHURFDUGLQDOHRRUGLQDOFRQVWUXtGRVGH
PDQHLUDVHSDUDGD
,VWRUHWUDWDGHPDQHLUDVLPSOLVWDDRSRVLomRH[LVWHQWHHQWUHDVFRUUHQWHVGH
SHQVDPHQWRPDWHPiWLFRORJLFLVPRHLQWXLFLRQLVPRQRTXHVHUHIHUHDRQ~PHUR
3LDJHWDQDOLVRXDVROXomRORJLFLVWDHVWXGDQGRDQDWXUH]DGDFRUUHVSRQGrQFLD
ELXQtYRFD HVWDEHOHFLGD SDUD VH FULDU DV FODVVHV HTXLYDOHQWHV SDUD YHULFDU VH HOD p
SXUDPHQWH OyJLFD TXDOLWDWLYD RX VH Mi LQWURGX] H[SOLFLWDPHQWH R Q~PHUR 1D
FRUUHVSRQGrQFLD ELXQtYRFD OyJLFD RX TXDOLWDWLYD RV HOHPHQWRV VH FRUUHVSRQGHP
XQLYRFDPHQWHHPIXQomRGHVXDVTXDOLGDGHV3RUFRQVLGHUDUHPDSHQDVDVTXDOLGDGHV
DVFRUUHVSRQGrQFLDVTXDOLWDWLYDVLQGHSHQGHPGDTXDQWLFDomR
$FRUUHVSRQGrQFLDELXQtYRFDTXDOTXHURXPDWHPiWLFDQmRpHVWDEHOHFLGDHP
IXQomRGDVVHPHOKDQoDVTXDOLWDWLYDVPDVDVVRFLDQGRXPHOHPHQWRTXDOTXHUGHXP
GRVFRQMXQWRVDXPHOHPHQWRWDPEpPTXDOTXHUGRRXWURFRPD~QLFDFRQGLomRGH
TXHFDGDHOHPHQWRVHMDFRORFDGRHPFRUUHVSRQGrQFLDXPD~QLFDYH]RTXHLPSOLFD
HPXPDTXDQWLFDomRSUHVVXSRQGRDXQLGDGH
3DUD3LDJHWRSUREOHPDGDFRQFHSomRGH5XVVHOOUHVLGLDQRIDWRGHOH
XWLOL]DUDFRUUHVSRQGrQFLDELXQtYRFDPDWHPiWLFDDRHVWDEHOHFHUVXDFODVVHGHFODVVHV
'HVWHPRGRQmRpSXUDPHQWHDFODVVHTXHJHUDRQ~PHURFDUGLQDOPDVXPDFODVVH
MiTXDQWLFDGDSHODFRUUHVSRQGrQFLDTXDOTXHU
$VVLP TXDQGR 5XVVHOO FRQVWUyL R Q~PHUR  H ID] FRUUHVSRQGHU D FDGD XP
GRV DSyVWRORV GH -HVXV XP GRV PDUHFKDLV GH 1DSROHmR R DSyVWROR 3HGUR QmR


 0 2 1 7 2 < $   $  2  '  HWDO25*

FRUUHVSRQGH DR PDUHFKDO 1H\ HP IXQomR GH VXDV TXDOLGDGHV FRPXQV FRPR
TXDQGRXPELyORJRHVWDEHOHFHDFRUUHVSRQGrQFLDHQWUHRVSHORVGRVPDPtIHURVH
DVSHQDVGRVSiVVDURVPDVVLPVLPSOHVPHQWHSRUTXHXPFRQVWLWXLXPDXQLGDGH
TXDOTXHU GR SULPHLUR FRQMXQWR H R RXWUR XPD XQLGDGH WDPEpP TXDOTXHU GR
VHJXQGR3,$*(7S

$GLVFRUGkQFLDGH3LDJHWFRPRVLQWXLFLRQLVWDVVHIXQGDPHQWDYDQRIDWRGH
TXHDLQWXLomRGRQ~PHURSXURQmRpDGHXPQ~PHURHVSHFtFRHVLPGHXPQ~PHUR
TXDOTXHUHVHULDVHJXQGRRSUySULR3RLQFDUpD>@IDFXOGDGHGHFRQFHEHUTXHXPD
XQLGDGHSRGHDJUHJDUVHDXPFRQMXQWRGHXQLGDGHV32,1&$5eS
$VVLPVHJXQGR3LDJHWDRSURFHGHUHPGHXPDLQWXLomRTXHFRQWpP
GHDQWHPmRDQRomRGHXQLGDGHDVRSHUDo}HVQXPpULFDVVHFRORFDULDPHPRSRVLomR
jVRSHUDo}HVOyJLFDV
3LDJHW FRQVLGHURX TXH D LQWXLomR RSHUDWyULD GR Q~PHUR SXUR LUUHGXWtYHO j
OyJLFDFRQFHELGDSRU3RLQFDUpFDUHFLDGHHVSHFLFLGDGHHQTXDQWRTXHDUHGXomRGH
5XVVHOOQmRVHULDRSHUDWyULDRVXFLHQWHHVXDKLSyWHVHHQWmRpDGHTXHKDYHULDD
SRVVLELOLGDGHGHXPWHUWLXPHQWUHDVGXDVSRVLo}HV
3DUD3LDJHWH6]HPLQVNDRQ~PHURWHPSRUIRQWHDOyJLFDSRUpPQmR
GHULYD GH QHQKXPD RSHUDomR HP SDUWLFXODU 2 Q~PHUR p FRQVWUXtGR GDV UHODo}HV
GHFODVVHVTXDQGRRVVXMHLWRVDJUXSDPREMHWRVSRUVXDVVHPHOKDQoDVGDVUHODo}HV
DVVLPpWULFDV TXDQGR HVWDEHOHFHP DV GLIHUHQoDV RUGHQDGDV H GD VtQWHVH TXDQGR RV
VXMHLWRVDJUXSDPRVREMHWRVDRPHVPRWHPSRFRPRHTXLYDOHQWHVHGLVWLQWRVRTXH
pFRQFLOLDWyULRFRPDLUUHGXWLELOLGDGHGH3RLQFDUp

$&216758d262/,'5,$'$&/$66(6e5,((10(52
2OLYUR$JrQHVHGRQ~PHURQDFULDQoDpGLYLGLGRHPWUrVSDUWHVDVVLPLQWLWXODGDV
$FRQVHUYDomRGDVTXDQWLGDGHVHDLQYDULkQFLDGRVFRQMXQWRV$FRUUHVSRQGrQFLD
WHUPRDWHUPRFDUGLQDOHRUGLQDOH$VFRPSRVLo}HVDGLWLYDVHPXOWLSOLFDWLYDV$V
SULQFLSDLVREUDVDFHUFDGDFRQVWUXomRGRFRQFHLWRGHQ~PHURTXHLQXHQFLDUDPR
HQVLQRGH0DWHPiWLFDQR%UDVLOGHL[DPHYLGHQWHVDFRQVHUYDomRGHTXDQWLGDGHV
HDFRUUHVSRQGrQFLDWHUPRDWHUPRSDVVDQGRDRODUJRGDWHUFHLUDSDUWHGROLYUR
TXHWUDWDGDVFRPSRVLo}HVDGLWLYDVHPXOWLSOLFDWLYDVVHQGRTXHDVTXHDOHYDPHP
FRQVLGHUDomRDSHQDVDSOLFDPVHXFRQWH~GRjVRSHUDo}HVSDUWLFXODUPHQWHDGLomRH
VXEWUDomRHjVWDEXDGDVVHPUHWUDWDUVXDLPSRUWkQFLDQDFRQVWUXomRGRQ~PHUR
'HVWD IRUPD WHPVH XPD LGpLD GH FRQVWUXomR VHTXHQFLDO H OLQHDU FRP R
Q~PHURVXUJLQGRQRiSLFHGHXPDFDGHLDGHFRQVWUXo}HVQmRSHUPLWLQGRFRQVWDWDU


 -($13,$*(7126e&8/2;;,

FRP FODUH]D R PRYLPHQWR DV LPEULFDo}HV H D VROLGDULHGDGH GH FRQVWUXomR HQWUH

FODVVHVVpULHVHQ~PHURFRPXPFRQFHLWRGHSHQGHQGRGRRXWURSDUDVHHIHWLYDU
(P YH] GH GHULYDU R Q~PHUR GD FODVVH RX R LQYHUVR RX FRQVLGHUiORV FRPR
UDGLFDOPHQWH LQGHSHQGHQWHV SRGHVH HIHWLYDPHQWH FRQFHErORV FRPR
FRPSOHPHQWDUHV H D VH GHVHQYROYHU VROLGDULDPHQWH HPERUD HP GXDV GLUHo}HV
GLIHUHQWHV3,$*(7S
$FODVVHDUHODomRDVVLPpWULFDHRQ~PHURVmRRVWUrVPDQLIHVWDo}HVFRPSOHPHQWDUHV
GDPHVPDFRQVWUXomRRSHUDWyULDDSOLFDGDVHMDjVHTXLYDOrQFLDVHGLIHUHQoDVUHXQLGDV
&RPHIHLWRpQRPRPHQWRHPTXHDFULDQoDKDYHQGRFRQVHJXLGRWRUQDUPyYHLVDV
DYDOLDo}HVLQWXLWLYDVGRVSULPyUGLRVDWLQJHDVVLPRQtYHOGDRSHUDomRUHYHUVtYHOHODVH
WRUQDVLPXOWDQHDPHQWHFDSD]GHLQFOXLUVHULDUHHQXPHUDU3,$*(7S

&RPR R PRYLPHQWR RULJLQDGR SHOD FRPSOHPHQWDULGDGH H GHVHQYROYLPHQWR

VROLGiULR Vy FD HYLGHQWH QD WHUFHLUD SDUWH GR OLYUR DV REUDV TXH DVVXPHP VHP
PDLRUHV GHWDOKHV TXH R Q~PHUR p D VtQWHVH GD VHULDomR H GD FODVVLFDomR SDUHFHP
EDVHDUVHDSHQDVQDVGXDVSDUWHVLQLFLDVTXHWUDWDPGDFRQVHUYDomRGDVTXDQWLGDGHV
HGDFRUUHVSRQGrQFLDWHUPRDWHUPRFRQIRUPHFRPSURYDPDOJXPDVFRORFDo}HV
2Q~PHURGHDFRUGRFRP3LDJHWpXPDVtQWHVHGHGRLVWLSRVGHUHODo}HVTXHD
FULDQoDHODERUDHQWUHRVREMHWRVSRUDEVWUDomRUHH[LYD8PDpDRUGHPHDRXWUD
pDLQFOXVmRKLHUiUTXLFD.$0,,S
>@$VVLPUHIHULQGRVHD3,$*(7DVVHJXUDYDTXHDVFULDQoDVWrPTXHFRQVWUXLU
DVRSHUDo}HVOyJLFDVGHFODVVLFDomRHVHULDomRFRPRSDVVRSUpYLRDFRQVWUXLUR
Q~PHURHTXHHVWHVHULDDVtQWHVHHQWUHWDLVRSHUDo}HV'8+$/'(&8%(5(6
S
3DUDFRQVROLGDUVHRQ~PHURSUHFLVDGHXPDHVWUXWXUDRSHUDWyULDGHFRQMXQWRH
HVVDHVWUXWXUDPDLVJOREDOpHODERUDGDSHODVtQWHVHGHVVDVHVWUXWXUDVPDLVVLPSOHV
TXHVmRDLQFOXVmRGHFODVVHV>@HDVHULDomR'251(//(6S
$ QRomR GH Q~PHUR SRU H[HPSOR GHFRUUH HVSRQWDQHDPHQWH GR FUX]DPHQWR
GDVFODVVHVFRPDVVpULHV>@%5$6,/S

eHYLGHQWHTXHQXPDDERUGDJHPPDLVVLPSOHVVHPRVULJRUHVIRUPDLVSRGH

VH GL]HU TXH Q~PHUR p D VtQWHVH GD FODVVLFDomR H GD VHULDomR H TXH D GHQLomR GH
Q~PHURQmRYDLLQWHUHVVDUjFULDQoD3RUpPWDOFRPRH[SUHVVDGDQDVFLWDo}HVDFLPDD
GHQLomRDSUHVHQWDRLQFRQYHQLHQWHGHVXJHULUXPDFRQVWUXomROLQHDUGRWLSRSULPHLUR
YHPDFODVVLFDomRHDVHULDomRGHSRLVYHPRQ~PHUR12*8(,5$
2 LQFRQYHQLHQWH GH WDO GHQLomR p D VXJHVWmR GH OLQHDULGDGH GH FRQVWUXomR
KLHUiUTXLFDXPDSULRULOyJLFRFRPRVHDFODVVLFDomRHVHULDomRWLYHVVHPGHHVWDU
FRQFOXtGDVHQTXDQWRHVWUXWXUDVRSHUDWyULDVSDUDHQWmRVXUJLURQ~PHURRTXHQmR
pYHUGDGH
1DVSURYDVGROLYUR$JrQHVHGRQ~PHURQDFULDQoDQmRVHFRQWDpXPIDWRPDV
DV FULDQoDV UHHWHP HVWDEHOHFHP D FRUUHVSRQGrQFLD WHUPR D WHUPR TXDOTXHU H
QmRTXDOLWDWLYDHVLPXOWDQHDPHQWHFODVVLFDPHFRORFDPHPVpULH12*8(,5$
S


 0 2 1 7 2 < $   $  2  '  HWDO25*

'LWRGHPDQHLUDIRUPDOSDUDDWLQJLUHPRVWDWXVGHHVWUXWXUDVRSHUDWyULDVRV
WUrVQ~PHURFODVVLFDomRHVHULDomRVmRFRQVWUXtGRVVROLGDULDPHQWHQXPSURFHVVR
GH LQWHUGHSHQGrQFLD FRQIRUPH 3LDJHW H VHXV FRODERUDGRUHV UHDUPDP QR OLYUR
3UREOqPHVGHODFRQVWUXFWLRQGXQRPEUH
>@RQ~PHURQmRpFRQVWUXtGRDQWHVGDVFODVVHVHGDVUHODo}HVHQHPDSyVHODV
LVWR p DSyV VXD DSDULomR RX DSyV VXD HVWUXWXUDomR HP DJUXSDPHQWR SRUpP
WRGRV RV WUrV VmR FRQVWUXtGRV MXQWRV SRU HWDSDV SURJUHVVLYDV H VXFHGHQGRVH
VLQFURQLFDPHQWHSHODVPHVPDVHWDSDVGHHVWUXWXUDomReDVVLPTXHMiVHHQFRQWUDP
LJXDOL]Do}HVQXPpULFDVPRPHQWkQHDVSRUFRUUHVSRQGrQFLDyWLFDDRQtYHORQGHDV
FODVVLFDo}HV SURFHGHP SRU FROHo}HV JXUDLV H RQGH DV VHULDo}HV DSUHVHQWDP DV
HVWUXWXUDVDQiORJDVHQTXDQWRTXHDVFRUUHVSRQGrQFLDVRSHUDWyULDVVHFRQVWLWXHP
DRPHVPRQtYHOGDVFODVVLFDo}HVHGDVVHULDo}HVRSHUDWyULDVFRPDYDQoRVHUHFXRV
GHXQVHGHRXWURV3,$*(7HWDOS

325 48( $ (180(5$d2 12 e &216,'(5$'$ 1$ ,19(67,*$d2 '( 3,$*(7 (

6=(0,16.$"
3DUDUHVSRQGHUDHVWDTXHVWmRQRYDPHQWHUHFRUUHPRVDRFDUiWHUHSLVWHPROyJLFR
GD LQYHVWLJDomR UHDOL]DGD R TXH LPSOLFD HP FRQVLGHUDU RV DVSHFWRV KLVWyULFRV 'H
PDQHLUDJHUDODVSHVTXLVDVUHDOL]DGDVSRU3LDJHWHVHXVFRODERUDGRUHVTXDVHVHPSUH
HVWDEHOHFHPPHVPRTXHGHPDQHLUDQmRH[SOtFLWDXPSDUDOHORHQWUHDKLVWyULDGRV
FRQKHFLPHQWRV QD VXD JOREDOLGDGH H D HYROXomR GRV FRQKHFLPHQWRV QD FULDQoD H
SRUWDQWRWRGDH[SHULPHQWDomRSLDJHWLDQDDWpSHORPHQRVWHQWDHQFRQWUDUDV
RULJHQVGDQRomRTXHDYDOLD
3DUD HQFRQWUDU D JrQHVH GR Q~PHUR HQWmR QmR p VROLFLWDGR jV FULDQoDV TXH
FRQWHPRXVHVDEHPFRQWDUSRLV3LDJHWH6]HPLQVNDGHDFRUGRFRP&KDORQ%ODQF
 MDPDLV IDULDP HVWD TXHVWmR DRV FULDGRUHV R Q~PHUR $OpP GLVVR R TXH
HOHV WLQKDP HP P HQWH HP IXQomR GH VXD KLSyWHVH HUD D EXVFD SHOD FRQVWUXomR
GD TXDQWLGDGH GLVFUHWD LUUHGXWtYHO j PDQLSXODomR GH XP Q~PHUR DSUHQGLGR RX j
DYDOLDomRWULYLDOGHSHTXHQDVTXDQWLGDGHVFRPRDOJXPDVSHVTXLVDVDWXDLVSURFHGHP
$FRQWDJHPQmRGHVSHUWRXRLQWHUHVVHGH3LDJHWSRUTXHHVVDDWLYLGDGHQmR
OKH SDUHFHX HVVHQFLDO SDUD FRPSUHHQGHU D FRQVWUXomR GR FRQFHLWR GR Q~PHUR
3DUDRVSHVTXLVDGRUHVRTXHVHULDIXQGDPHQWDOHPXPDLQYHVWLJDomRTXHEXVFDDV
RULJHQVGRQ~PHURpLGHQWLFDUHPTXHPRPHQWRDVFULDQoDVSDVVDPGHUDFLRFtQLRV
IXQGDPHQWDGRVDSHQDVQDVTXDOLGDGHVGRVREMHWRVSDUDUDFLRFtQLRVVXVWHQWDGRVQDV
TXDQWLGDGHVTXHHVWDEHOHFHP
6HSRUFRQFHQWUDUHPVHXVHVWXGRVQRGHVHQYROYLPHQWRLQWHOHFWXDOGDVFULDQoDV
SUHVVXSRQGRRSHUDo}HV3LDJHWH6]HPLQVNDQmRGHVHQYROYHUDPPDLRUHVDQiOLVHV


 -($13,$*(7126e&8/2;;,

VREUHDFRQWDJHPSUHVVXSRQGRLQWHUDomRVRFLDOGDVFULDQoDVLVWRQmRpFRQWXGR

VXFLHQWHSDUDVHFRQFOXLUTXHRVDXWRUHVQmRDFRQVLGHUDVVHPLPSRUWDQWH
$R FRQWUiULR EXVFDQGR H[DWDPHQWH FRPSOHPHQWDU RV HVWXGRV GH 3LDJHW
H6]HPLQVND3LHUUH*UqFRSHVTXLVRXQRLQtFLRGDGpFDGDGHVHVVHQWDRSDSHOGD
FRQWDJHPHGDFRUUHVSRQGrQFLDWHUPRDWHUPRQRGHVHQYROYLPHQWRGRQ~PHURHRV
UHVXOWDGRVIRUDPSXEOLFDGRVQRYROXPH;,,,GRVeWXGHVGpSLVWpPRORJLHJpQpWLTXH
GR&HQWUR,QWHUQDFLRQDOGH(SLVWHPRORJLD*HQpWLFDVREDGLUHomRGH-HDQ3LDJHW
LQWLWXODGR6WUXFWXUHV1XPpULTXHVeOpPHQWDLUHVHP
(PERUD FRODERUDGRU SUy[LPR D 3LDJHW 3LHUUH *UqFR QmR KHVLWRX HP
TXHVWLRQDUVHRFRQKHFLPHQWRGDHQXPHUDomRLQXHQFLDRXQmRDFRQVHUYDomRGH
XPDTXDQWLGDGHGLVFUHWD
1RDUWLJR4XDQWLGDGHH4XRWLGDGHQRYDVSHVTXLVDVVREUHDFRUUHVSRQGrQFLD
WHUPRDWHUPRHDFRQVHUYDomRGRVFRQMXQWRV*UqFRHVWDEHOHFHXDSUHFRFLGDGHGD
FRQVHUYDomRGDTXRWLGDGHUHVXOWDGRGDHQXPHUDomRRTXHROHYRXDDWULEXLUXP
LPSRUWDQWH SDSHO WDQWR j FRQWDJHP TXDQWR j FRUUHVSRQGrQFLD WHUPR D WHUPR QD
FRQVWUXomRGRQ~PHUR
1HVVDSHVTXLVDTXHSRGHVHUFRQVLGHUDGDRPDUFRLQLFLDOGRVHVWXGRVSRVWHULRUHV
DFHUFDGDFRQWULEXLomRGDFRQWDJHPQDFRQVWUXomRGRQ~PHUR*UqFRFRQFOXLSHOD
H[LVWrQFLDGHXPDIDVHGHFRQVWUXomRHQWUHD,,GDFRUUHVSRQGrQFLDTXDOLWDWLYDVHP
FRQVHUYDomRHD,,,GDFRUUHVSRQGrQFLDRSHUDWyULD$IDVHHVWDEHOHFLGDSRU*UqFR
pDGDFRQVHUYDomRGDTXRWLGDGHVHPFRQVHUYDomRGDTXDQWLGDGHHpUHFRQKHFLGDSRU
3LDJHWFRQIRUPHFRQVWDGRSUHIiFLRGDWHUFHLUDHGLomRIUDQFHVDGROLYUR$JrQHVHGR
Q~PHURQDFULDQoDSUHIiFLRHVWHGDWDGRGHPDLRGH
>@DVIDVHVVXFHVVLYDVVmRHQWmRDVVHJXLQWHVDFULDQoDFRQVWUyLXPDOHLUDGR
PHVPRFRPSULPHQWRPDVVHPFRUUHVSRQGrQFLDWHUPRDWHUPRHODFRQVHJXH
XPDFRUUHVSRQGrQFLDyWLFDH[DWDPDVVHVHHVSDoDXPSRXFRRVHOHPHQWRVGHXPD
GDVOHLUDVDFULDQoDDFUHGLWDTXHDOHLUDPDLVFRPSULGDDGTXLUHSRUHVWHIDWRXP
Q~PHURVXSHULRUHPYH]GHHWFQDPHVPDVLWXDomRDFULDQoDSHQVDTXH
RQ~PHURVHFRQVHUYDPDVTXHDTXDQWLGDGHDXPHQWDFRQVHUYDomRGDTXRWLGDGH
PDVQmRDLQGDGDTXDQWLGDGHFRPRQRPHQXPpULFRSRLVQmRVHQGRDLQGDPDLV
TXHXPPHLRGHLQGLYLGXDOL]DURVHOHPHQWRVPDVVHPTXHDTXDQWLGDGHWRWDOVHMD
FRQFHELGDFRPRLJXDOjVRPDGDVSDUWHVQDPHVPDVLWXDomRKiGDtSRUGLDQWH
FRQVHUYDomR WDQWR GD TXDQWLGDGH FRPR GD TXRWLGDGH 3,$*(7 6=(0,16.$
S

2 IDWR GH 3LDJHW H 6]HPLQVND QmR WHUHP FRQVLGHUDGR D FRQWDJHP HP VXD
LQYHVWLJDomRSURGX]LUDPTXHVWLRQDPHQWRVjWHRULDSLDJHWLDQDFRPFUtWLFDVFRPRSRU


 0 2 1 7 2 < $   $  2  '  HWDO25*

H[HPSORDGHTXH3LDJHWH6]HPLQVNDUHOHJDUDPDFRQWDJHPDXPVHJXQGRSODQRSRU
GHVSUH]DUHPRVFRQKHFLPHQWRVGHFRUUHQWHVGDLQWHUDomRVRFLDO
6HQGR D FRQWDJHP XP FRQKHFLPHQWR FRP FDUDFWHUtVWLFDV VRFLDLV XP
FRPSRQHQWHYHUEDOGRQ~PHURH[LVWHXPDOJRPDLVHPEXWLGRQDFUtWLFDDRDOHJDGR
GHVSUH]R GLVSHQVDGR SHORV SHVTXLVDGRUHV DR SDSHO GD FRQWDJHP QD FRQVWUXomR GR
Q~PHUR2TXHSDUHFHpTXHVHSUHWHQGHUHWRPDUHPQRYRFHQiULRDDQWLJDFUtWLFD
HQGHUHoDGDj(SLVWHPRORJLD*HQpWLFDVREUHRVXSRVWRGHVFXLGRFRPRIDWRUVRFLDO
QDFRQVWUXomRGRFRQKHFLPHQWR
&RPUHODomRDRIDWRUVRFLDO1RJXHLUDSDOHUWDTXH>@QmRVH
SRGHWDPEpPGHVSUH]DULPSRUWDQWHVFRQVWDWDo}HVTXHHVWmRLPSOtFLWDVQROLYURHP
TXHVWmRHTXHVHUHIHUHPjLQWHUDomRVRFLDOFRPRQRFDVRGDDQiOLVHGDVFRPSRVLo}HV
DGLWLYDV>@HPTXH3LDJHWH6]HPLQVNDFRQFOXHPTXHDVFULDQoDVDSUHVHQWDP
PDLRUIDFLOLGDGHSDUD>@LQFOXLUKLHUDUTXLFDPHQWHHPVLWXDo}HVHPTXHDVFODVVHV
HPMRJRSRGLDPVHUGHVLJQDGDVHGHOLPLWDGDVSRUXPDSDODYUDRXVLVWHPDVGHSDODYUDV
>@GHPRQVWUDQGRTXHRFRQKHFLPHQWRVRFLDOFRODERUDFRPDVFRQVWUXo}HVOyJLFDV

3(648,6$6$78$,63$5$$/e0'(3,$*(7"
6HJXQGR GLYHUVRV DXWRUHV R HVWXGR GD DTXLVLomR GR Q~PHUR PRVWUD TXH DV
FULDQoDVQDVFHPHPXPPXQGRRQGHRVQ~PHURVVmRTXDVHLQHUHQWHVDRVREMHWRV
HDVSHVTXLVDVDWXDLVDSRQWDPDLPSRUWkQFLDWDQWRGRSURFHVVRGHFRQWDJHPSDUDD
FRQVWUXomRGRFRQFHLWRGHQ~PHURFRPRGRFRQKHFLPHQWRGHQ~PHURTXHDFULDQoD
MiWHPDQWHVGHHQWUDUQDHVFROD
3RGHPRVGLYLGLUDVSHVTXLVDVDWXDLVHPGRLVJUXSRVDVDEHUD$VTXHLQYHVWLJDP
DVFDSDFLGDGHVQXPpULFDVSUHFRFHVHE$VTXHHVWXGDPRSDSHOGHVHPSHQKDGRSHOD
HQXPHUDomR
3HVTXLVDV UHDOL]DGDV QRV (VWDGRV 8QLGRV DUPDP QXPD QtWLGD LQWHQomR GH
FRQWUDGL]HU DV SURSRVWDV SHGDJyJLFDV SLDJHWLDQDV TXH R XVR GH PHWRGRORJLDV TXH
VXEHVWLPHPDVFRPSHWrQFLDVQXPpULFDVSUHFRFHVGDFULDQoDSHTXHQDSRGHHQWUDYDU
RGHVHQYROYLPHQWRPDWHPiWLFRIXWXUR'HPDQHLUDJHUDOSRUpPVHJXQGR&KDORQ
%ODQFQRVUHVXOWDGRVDPHULFDQRVSUHYDOHFHDLGpLDGRLQDWLVPRSRLVGHIHQGHP
TXHDFULDQoDFRQWDFRPSULQFtSLRVSUHFRFHVSUpYLRVSDUDDFRQWDJHP
eIDWRTXHPXLWDVSHVTXLVDVIRUDPUHDOL]DGDVHVHXVUHVXOWDGRVFRQUPDUDP
D KLSyWHVH GH TXH DV FULDQoDV GHVGH PXLWR SHTXHQDV WrP QRomR GH Q~PHUR
,QYHVWLJDo}HVUHDOL]DGDVSRU6WDUNH\H&RRSHUFRPSURYDPTXHEHErVSRUYROWDGRV
PHVHVGHLGDGHSRGHPGLVWLQJXLUHQWUHFRQMXQWRVGHXPGRLVRXWUrVHOHPHQWRV
EHPFRPRHQWUHFRQMXQWRVGHWUrVHTXDWURHOHPHQWRV

 -($13,$*(7126e&8/2;;,

2VUHVXOWDGRVGH.DUPLORII6PLWKVHJXQGR&KDORQ%ODQFLQGLFDPTXH

FULDQoDVFRPXPDQRGHLGDGHSRGHPRUGHQDUFRQMXQWRVFRPGLIHUHQWHVTXDQWLGDGHV
GHHOHPHQWRVSRGHQGRGDUFRQWDGHSHTXHQDVPXGDQoDVQXPpULFDVQRFRQMXQWRTXH
HVWiREVHUYDQGRHLJQRUDURXWURVGDGRVSHUFHSWLYHOPHQWHLQWHUHVVDQWHVFRPRFRUH
IRUPD6HULDXPVHQWLGRQXPpULFRLQWXLWLYRPXLWRVHPHOKDQWHDRVHQVRQXPpULFRGR
KRPHPSULPLWLYR
'HDFRUGRFRP*HOPDQH*DOOLVWHODDWLYLGDGHGHFRQWDJHPpGLULJLGD
SRUFLQFRSULQFtSLRVRSULQFtSLRGDRUGHPHVWiYHOVHJXQGRRTXDODVSDODYUDVQ~PHURV
GHYHP FRQVWLWXLU XPD VHTXrQFLD HVWiYHO R SULQFtSLR GD FRUUHVSRQGrQFLD WHUPR D
WHUPRVHJXQGRRTXDODFDGDHOHPHQWRFRQWDGRFRUUHVSRQGHXPDHVyXPDSDODYUD
Q~PHURRSULQFtSLRFDUGLQDOVHJXQGRRTXDOD~OWLPDSDODYUDQ~PHURXWLOL]DGDQXPD
VHTXrQFLDGHFRQWDJHPUHSUHVHQWDRQ~PHURGHHOHPHQWRVGRFRQMXQWRFRQWDGRR
SULQFtSLRGDDEVWUDomRVHJXQGRRTXDORFRQMXQWRHPTXHLQFLGHDFRQWDJHPSRGH
VHUFRQVWLWXtGRSRUHOHPHQWRVKHWHURJrQHRVWRGRVHOHVWRPDGRVFRPRXQLGDGHVHR
SULQFtSLRGDQmRSHUWLQrQFLDGDRUGHPVHJXQGRRTXDODFRQWDJHPGRVHOHPHQWRV
SRGHVHUIHLWDHPTXDOTXHURUGHPGHVGHTXHRVRXWURVSULQFtSLRVVHMDPUHVSHLWDGRV
2VWUrVSULPHLURVSULQFtSLRVGHQHPRSURFHGLPHQWRGHFRQWDJHPRTXDUWR
GHWHUPLQDRWLSRGHFRQMXQWRHPTXHDFRQWDJHPSRGHLQFLGLUHRTXLQWRSHUPLWH
GLVWLQJXLU D FRQWDJHP GD VLPSOHV HWLTXHWDJHP 6HJXQGR *HOPDQ H0HFN  D
FULDQoDPXLWRSHTXHQDSRVVXLULDXPFRQKHFLPHQWRLPSOtFLWRGHVWHVFLQFRSULQFtSLRV
TXHFRQVLVWLULDPFRPSHWrQFLDVSUpIRUPDGDVTXHRULHQWDULDPRVGHVHPSHQKRVGDV
FULDQoDV
'LYHUVRVDXWRUHVDUJXPHQWDPDIDYRUGRVDUJXPHQWRVLQDWLVWDVGH*HOPDQ
QR HQWDQWR QDGD p DFUHVFHQWDGR DRV SULQFtSLRV HP VL PHVPRV RV TXDLV SRGHP
SHUIHLWDPHQWH VHU WUDGX]LGRV SDUD D WHRULD SLDJHWLDQD H WDPEpP QmR GLVFXWHP D
LPSRUWkQFLDGDFRQWDJHPQRGHVHQYROYLPHQWRGRQ~PHUR
6HJXQGR &KDORQ%ODQF  .DUHQ :\QQ LQYHVWLJRX HP  VH DV
RSHUDo}HVFRPQ~PHURVSHTXHQRVVmRLQDWDVHXWLOL]DQGRDWpFQLFDGD[DomRYLVXDO
SURFXURXVDEHUVHEHErVGHPHVHVUHDOL]DPVHPGLFXOGDGHDDGLomR HD
VXEWUDomR 6HXVUHVXOWDGRVVmRSRVLWLYRV3RUpPpLPSRUWDQWHGHVWDFDUTXH
RTXH:\QQFRQVLGHUDFRPRDGLomRHVXEWUDomRQmRSRVVXHPRFDUiWHUGDVRSHUDo}HV
UHYHUVtYHLVGH3LDJHWHVHXVUHVXOWDGRVHVWDULDPGHQWURGDWHRULDSLDJHWLDQDOLJDGRVj
TXHVWmRGRREMHWRSHUPDQHQWH
'HPDQHLUDJHUDODVSHVTXLVDVTXHEXVFDPLGHQWLFDUDVFDSDFLGDGHVQXPpULFDV
SUHFRFHVGHPDQHLUDJHUDOSURFXUDPHVWDEHOHFHUDH[LVWrQFLDGHQ~PHURDQWHVGD
VtQWHVH HQWUH D FODVVLFDomR H D VHULDomR 3LDJHW H 6]HPLQVND DR HVWDEHOHFHUHP RV


 0 2 1 7 2 < $   $  2  '  HWDO25*

VXMHLWRVGDLQYHVWLJDomRTXHUHDOL]DPGHL[DPFODURTXHDHVFROKDGRSHUtRGRLQWXLWLYR
VHSUHQGHDSHQDVjQHFHVVLGDGHGHVH[DUXPFRPHoR
$OpPGLVVRRSUySULRIDWRGDHODERUDomRGHVWDVtQWHVHQmRVHGDUGHIRUPD
OLQHDU PDV VLP VLQFU{QLFD H VROLGDULDPHQWH Mi LQGLFD D SUHVHQoD GH Q~PHURV
SULPLWLYRVTXDQWLFDGRUHVYLUWXDLVRXUHDLVDSDUWLUGRVQtYHLVPDLVHOHPHQWDUHVR
TXHMipUHODWDGRQROLYUR2QDVFLPHQWRGDLQWHOLJrQFLDQDFULDQoD
'H DFRUGR FRP &KDORQ%ODQF  %LGHDXG H -DEORQND LQYHVWLJDUDP DV
FRQWULEXLo}HVGDHQXPHUDomRQRGHVHQYROYLPHQWRGDQRomRGHQ~PHURHPFULDQoDV
FRPDQRVGHLGDGHHFRQFOXtUDPTXHDSyVDX[LOLDUHPVHJXLGDPHQWHGXUDQWHXP
PrVDSyVDDSOLFDomRGHSUpWHVWHDVFULDQoDVDUHDOL]DUHPDFRUUHVSRQGrQFLDWHUPR
D WHUPR HQWUH GXDV FROHo}HV FRQVHJXLUDP UHVXOWDGRV HP SyVWHVWH SRUpP HVVHV
SURJUHVVRVVmRGHSRXFDGXUDomRIDOKDQRSyVWHVWHXPPrVPDLVWDUGHHSRXFR
JHQHUDOL]iYHLV
3DUD D SHVTXLVDGRUD IUDQFHVD &DWKHULQH 6RSKLDQ  3LDJHW H 6]HPLQVND
FRQVLGHUDPTXHDFRQWDJHPGHVHPSHQKDXPSDSHOVHFXQGiULRQRGHVHQYROYLPHQWR
GDVFRQFHLWXDOL]DF}HVQXPpULFDVHQTXDQWRTXHRVWUDEDOKRVUHFHQWHVDFRQVLGHUDP
WDQWRFRPRXPLQGLFDGRUGDULTXH]DGRVFRQKHFLPHQWRVPDWHPiWLFRVGHVGHDSHTXHQD
LQIkQFLD TXDQWR FRPR XP IDWRU SRWHQFLDOPHQWH LPSRUWDQWH GR GHVHQYROYLPHQWR
GDVFRQFHLWXDOL]Do}HVUHODWLYDVDRQ~PHUR
6RSKLDQSHVTXLVRXDUHODomRHQWUHDFDUGLQDOLGDGHHDFRQWDJHPHPFULDQoDV
QmRHVFRODUL]DGDVFRPDLGDGHYDULDQGRGHWUrVDVHWHDQRVHQFRQWUDQGRUHVXOWDGRV
TXH UHYHODP XPD FRPSUHHQVmR SUHFRFH WDQWR GD FRQWDJHP TXDQWR GH DOJXPDV
RSHUDo}HV PDWHPiWLFDV HOHPHQWDUHV %DVHDGD QHVVHV UHVXOWDGRV D SHVTXLVDGRUD
IUDQFHVDUHFRPHQGDDLQFOXVmRGHDWLYLGDGHVTXHSULYLOHJLHPDFRQWDJHPHPHVPR
RSHUDo}HVDULWPpWLFDVDSDUWLUGDVSULPHLUDVDSUHQGL]DJHQVGHVGHTXHLQWHJUDGDVD
XPDSHGDJRJLDFRQWH[WXDOL]DGD
3DUDDDPHULFDQD/HVOLH6WHIIH,Q%,'($8'0(/-$&),6+(53LDJHW
QmRFRQVLGHURXRVVXSRUWHVGDH[SHULrQFLDLQIDQWLOQDTXDODFRQWDJHPVHID]SUHVHQWH
HP GHFRUUrQFLD GH IDWRUHV VRFLDLV $SyV WHU WUDEDOKDGR GXUDQWH GH] DQRV WHQWDQGR
FRPSUHHQGHUFRPRDWHRULDSLDJHWLDQDGRVHVWiJLRVSRGHULDVHUXWLOL]DGDQRHQVLQRGD
PDWHPiWLFD VHQWLX QHFHVVLGDGH GH IRUPXODU XP PRGHOR GD FRQVWUXomR GR Q~PHUR
FRPSDWtYHO FRP R GH 3LDJHW OHYDQGR HP FRQWD SRUpP D H[SHULrQFLD LQIDQWLO 6HXV
HVWXGRVSHUPLWLUDPLVRODUFLQFRHVWiGLRVGHDSUHQGL]DJHPQDFRQVWUXomRGDVHTXrQFLD
GRVQ~PHURVHVTXHPDGHFRQWDJHPSHUFHSWLYDHVTXHPDGHFRQWDJHPJXUDWLYD
DVHTXrQFLDLQLFLDOGRVQ~PHURVDVHTXrQFLDWDFLWDPHQWHHQFDL[DGDGRVQ~PHURV
HDVHTXrQFLDH[SOLFLWDPHQWHHQFDL[DGDGRVQ~PHURV


 -($13,$*(7126e&8/2;;,

3DUD .DUHQ )XVRQ ,Q %,'($8' 0(/-$& ),6+(5 DV SHVTXLVDV
GH 3LDJHW H 6]HPLQVND VXEHVWLPDP WDQWR R SDSHO GD FRQWDJHP QD FRQVWUXomR GR
Q~PHURTXDQWRRGDVHVWUDWpJLDVHPStULFDVGHHPSDUHOKDPHQWRFRUUHVSRQGrQFLD
SDUD D TXDQWLFDomR HVWXGDQGR FRP GHWDOKHV D HYROXomR HQWUH FRQWDJHP H
FDUGLQDOLGDGHHPFULDQoDVGHLGDGHYDULDQGRHQWUHGRLVHRLWRDQRVHVHXVUHVXOWDGRV
GHL[DUDPHYLGHQWHVDLPSRUWkQFLDGRVSURFHGLPHQWRVHPStULFRVSDUDDFRQVWLWXLomR
GDTXDQWLFDomRHGDFRQWDJHPSDUDDFRQVWUXomRGRQ~PHUR
6HJXQGR &KDORQ%ODQF  S )XVRQ HVWDEHOHFH TXH D FRQWDJHP p
XP>@LQVWUXPHQWRFXOWXUDOXWLOL]DGRSHODFULDQoDSDUDFRQVWUXLURVFRQFHLWRVGH
Q~PHURFDUGLQDORUGLQDOHGHQ~PHURPHGLGDTXDQGRVHWUDWDGHFROHo}HVGHPpGLD
GLPHQVmR >@ H GHVFUHYH FRP SUHFLVmR D HYROXomR GD FDGHLD YHUEDO 2 URViULR
TXDQGR DV SDODYUDVQ~PHUR QmR VmR GLIHUHQFLDGDV QR VHLR GD VHTXrQFLD  $ OLVWD
LQGLYLVtYHOTXDQGRDVSDODYUDVQ~PHURVmRGLIHUHQFLDGDVPDVDFRQWDJHPVySRGH
FRPHoDU QR SULQFtSLR GD OLVWD $ FDGHLD GLYLVtYHO TXDQGR D FRQWDJHP SRGH VHU
LQLFLDGDHPTXDOTXHUSRQWRHDVHTXrQFLDGHSDODYUDVQ~PHURFRPHoDDVHUUHFLWDGD
DR FRQWUiULR H $ FDGHLD HQXPHUiYHO TXDQGR DV SDODYUDVQ~PHUR GD VHTXrQFLD
DGTXLUHPVLJQLFDGRFDUGLQDORTXHSHUPLWHiFULDQoDFRQWDUQHOHPHQWRVDPDLVRX
DPHQRVDSDUWLUGHTXDOTXHUQ~PHUR
)XVRQREVHUYDDLQGDTXHPXLWRDQWHVGHFRQVWUXLURQ~PHURGHXPSRQWRGH
YLVWDOyJLFRDFULDQoDHQFRQWUDDVSDODYUDVQ~PHURHPXPDYDULHGDGHGHVLWXDo}HV
HQWUH DV TXDLV YDLV HVWDEHOHFHU OLJDo}HV H LGHQWLFRX VHWH VLWXDo}HV FDUGLQDOLGDGH
GHPHGLGDRUGLQDOLGDGHFRQWDJHPQRVHQWLGRGHHWLTXHWDQXPDFRUUHVSRQGrQFLD
ELXQtYRFDVHTXHQFLDOUHFLWDUDSHQDVDVSDODYUDVQ~PHURVLPEyOLFDDSHQDVDOHLWXUD
GHXPQXPHUDOHFRPRFyGLJRFDQDOGH79&+$/21%/$1&
3DUD R SVLFyORJR H PDWHPiWLFR IUDQFrV 5HPL %ULVVLDXG 3LDJHW H 6]HPLQVND
PHQRVSUH]DPDFRQWDJHPDRFRQVLGHUDUTXHRIDWRUYHUEDOGHVHPSHQKDDSHQDVXP
SDSHOSHTXHQRQRSURJUHVVRGDFRQVWUXomRGRQ~PHUR%5,66,$8'
%ULVVLDXG  DUPD TXH DV FULDQoDV HQFRQWUDP R Q~PHUR SHOD SULPHLUD
YH] DQWHV GD FRQWDJHP PHGLDQWH D XWLOL]DomR GH FRUUHVSRQGrQFLD WHUPRDWHUPR
HPFRQIRUPLGDGHFRPRVKRPHQVSUpKLVWyULFRVHVWDEHOHFLGDHQWUHXPDFROHomR
GHREMHWRVHXPDFROHomRWHVWHPXQKRGHGHGRV$VHJXLUPHGLDQWHDFRPSDUDomR
HQWUHRTXHRDXWRUFRQVLGHUDFRPRGRLVVLVWHPDVGHUHSUHVHQWDomRHWUDWDPHQWRGD
TXDQWLGDGHDVFROHo}HVWHVWHPXQKRGHGHGRVHDFRQWDJHPDFULDQoDWRUQDVHFDSD]
GHSUHFLVDUFHUWRVDVSHFWRVGDVQRo}HVGHTXDQWLGDGHHGHQ~PHUR
'RV HVWXGLRVRV DWXDLV %ULVVLDXG p R PDLV HQIiWLFR HP HVWDEHOHFHU XPD
RSRVLomRHQWUHRVUHVXOWDGRVSLDJHWLDQRVHDFRPSURYDomRSRUGLYHUVDVSHVTXLVDV


 0 2 1 7 2 < $   $  2  '  HWDO25*

WDQWR GR SDSHO HIHWLYR GHVHPSHQKDGR SHOD FRQWDJHP QD FRQVWUXomR GR Q~PHUR
TXDQWRGDSUHVHQoDGRQ~PHURQRSHQVDPHQWRLQIDQWLODQWHVGRDFDEDPHQWRGHVWH
~OWLPRFRPRVtQWHVHGDVFODVVHVHGDVVpULHV
%ULVVLDXG GLYLGH VXD REUD &RPR DV FULDQoDV DSUHQGHP D FDOFXODU  HP WUrV
SDUWHV&RPXQLFDU&DOFXODUH3DUDDOpPGH3LDJHW1HVWD~OWLPDSDUWHHQWUH
RXWUDVFRLVDVSURS}HXPDWHRULDGLGiWLFDSDUDDPDWHPiWLFDLQVSLUDGDQRPpWRGR
LQVWUXPHQWDOGH9\JRWVN\TXHHQIDWL]DRSDSHOGDFRQWDJHPQRGHVHQYROYLPHQWR
GRVFRQFHLWRVQXPpULFRVDUPDQGRTXHVXDVVXJHVW}HVXOWUDSDVVDP3LDJHW
%ULVVLDXG IXQGDPHQWDVH HP *UqFR  SDUD MXVWLFDU VXDV SURSRVWDV
VHJXQGR R DXWRU DOpP GH 3LDJHW HQIDWL]DQGR D FRQWULEXLomR GD FRQWDJHP QR
SURFHVVRGHFRQVWUXomRGRQ~PHURRTXHFDXVDHVWUDQKH]DSRLVRVUHVXOWDGRVGH
*UqFRIRUDPUHIHUHQGDGRVSRU3LDJHWFRQIRUPHDUPDPRVDQWHULRUPHQWH
8PD FRQFOXVmR SRVVtYHO D SDUWLU GDV UHIHUrQFLDV HVFROKLGDV SDUD LOXVWUDU RV
DWXDLVFDPLQKRVGRQ~PHURpTXHRWUDEDOKRGH3LDJHWH6]HPLQVNDFRQWLQXDQD
EDVHGHVWHVHVWXGRVTXHUHVWHVSUHWHQGDPFRQUPiORVFRPSOHPHQWiORVRXFRORFi
ORVHPFKHTXH,VWRGHPRQVWUDEHPVHJXQGRRVWHUPRVGH5pP\'UR]OLQFUR\DEOH
IpFRQGLGLWpKHXULVWLTXHDLQFUtYHOIHFXQGLGDGHKHXUtVWLFDGRWUDEDOKRGH3LDJHWH
6]HPLVND'52=S

$(180(5$d212(16,12'210(52($7(25,$3,$*(7,$1$
2VUHVXOWDGRVGDVSHVTXLVDVDFHUFDGDLQXrQFLDGDHQXPHUDomRQDFRQVWUXomR
GRFRQFHLWRGHQ~PHURGHPDQHLUDJHUDOLQGLFDPTXHFHUWRVDVSHFWRVGRQ~PHUR
VmR VHJXUDPHQWH FXOWXUDLV H TXH DV FULDQoDV FRQVWURHP DV SUpQRo}HV FDUGLQDLV
UHVSRQGHUjTXHVWmRTXDQWRHRUGLQDLVPRVWUDURQpVLPRHOHPHQWRPXLWRDQWHV
GHWHUHPFRQVWUXtGRRVHOHPHQWRVOyJLFRVGRQ~PHUR
e IDWR WDPEpP TXH DV WUDQVPLVV}HV FXOWXUDLV SDODYUDVQ~PHURV FDQo}HV
HQXPHUDomRRXFRQWDJHPDSUHQGL]DJHPUHIRUoDGDVmRLQVXFLHQWHVSDUDUHFRQKHFHU
XPQ~PHURGRTXDOQmRVHXWLOL]DVLVWHPDWLFDPHQWHSRUpPHPFRQWUDSDUWLGDVmR
QHFHVViULDVSDUDFRQVWUXLUDIHUUDPHQWDPDWHPiWLFDDXPDYHORFLGDGHQRUPDO
2XWUR DVSHFWR LPSRUWDQWH D VHU FRQVLGHUDGR p TXH SDUD XPD FULDQoD GR
VpFXOR ;;, D DTXLVLomR GR FRQFHLWR GH Q~PHUR REHGHFH D XPD RUGHP LQYHUVD GD
RUGHPRULJLQDODQDOHODVFRQYLYHPVRFLDOPHQWHFRPDVSDODYUDVQ~PHURDQWHVGH
FRQVWUXtUHPDVHTXrQFLDQXPpULFD


 -($13,$*(7126e&8/2;;,

(VVHFRQKHFLPHQWRVRFLDOTXHDVFULDQoDVDWXDOPHQWHSRVVXHPGDVHTXrQFLD
GDVSDODYUDVQ~PHURGRVQXPHUDLVSHUPLWHTXHFRPSUHHQGDPRVPHOKRUDLQVLVWrQFLD
DFHUFDGDLPSRUWkQFLDGDFRQWDJHPQRGHVHQYROYLPHQWRGRFRQFHLWRGHQ~PHUR
3DUDSRGHUPRVDQDOLVDUDFRPSDWLELOLGDGHGRVUHVXOWDGRVGDVSHVTXLVDVPDLV
UHFHQWHVHRVGDVLQYHVWLJDo}HVSLDJHWLDQDVDFHUFDGDFRQVWUXomRGRQ~PHURpSUHFLVR
FDUFODURRTXHFDGDHVWXGLRVRHQWHQGHSRUQ~PHUR
3DUD3LDJHWXPQ~PHURpXPWRGRTXHVHPDQWpPVHMDTXDOIRUDGLVSRVLomR
GH VXDV SDUWHV H D XWLOL]DomR GDV SDODYUDVQ~PHUR FRUUHWDPHQWH UHDOL]DGD MDPDLV
FRQVWLWXLUiSURYDVVXFLHQWHVGHVVDFRQVHUYDomR
6HFRQVLGHUDUPRVRQ~PHURQDSHUVSHFWLYDHPSLULVWDHQWmRHOHVHUHGX]DXPD
SDODYUDQ~PHUROLGDGLWDHQWHQGLGDGHPDQHLUDDGHTXDGDXPDHQXPHUDomRH[DWD
UHDOL]DGDHPGLIHUHQWHVFRQWH[WRVDRVTXDLVVHYHPMXQWDUDPDQXWHQomRGHXPWRGR
TXHDTXLDWXDFRPRXPDVLPSOHVHWDSDGHXPQ~PHURDSUHQGLGRSURJUHVVLYDPHQWH
e IDWR TXH DV SDODYUDVQ~PHUR H RV DOJDULVPRV DV UHJUDV GR 6LVWHPD GH
1XPHUDomR 'HFLPDO VmR DVSHFWRV TXH QHFHVVLWDP VHU WUDQVPLWLGRV FXOWXUDOPHQWH
WRGDYLD D FRUUHVSRQGrQFLD ELXQtYRFD QmR SRGH VLPSOHVPHQWH VHU WUDQVPLWLGD H p
GLItFLOFRQVLGHUiODDSHQDVFRPRFySLDGHDOJRSUHVHQWHQRPXQGRItVLFR
3RGHPRVHQVLQDUXPDFULDQoDGHDQRVDUHFRQKHFHURDOJDULVPRFRQKHFHU
D SDODYUDQ~PHUR TXH R GHVLJQD D FRQWDU DWp VHWH HWF TXH VmR FRQKHFLPHQWRV
VRFLDOPHQWH WUDQVPLWLGRV SRUpP QmR SRGHPRV HQVLQiOD TXH  p FRQVWLWXtGR SRU
 XQLGDGHV VHMD TXDO IRU D PDQHLUD GH DV GLVSRU H DVVRFLDU 1mR VH HQVLQD FRPR
PHPRUL]DUXPWRGRQmRVHHQVLQDDQHFHVVLGDGHGHVHFRORFDUXPSDUDXPSDUDTXH
GXDVFROHo}HVWHQKDPDPHVPDTXDQWLGDGHGHHOHPHQWRV(VVDVFRQFOXV}HVLPS}HP
VHFRPRXPDQHFHVVLGDGHLQWHUQDeXPFRQKHFLPHQWRFRQVWUXtGRTXHSRGHWRGDYLD
WHU VHX GHVHQYROYLPHQWR DFHOHUDGR SHORV PHLR SHOR LPSDFWR GRV FRQKHFLPHQWRV
WUDQVPLWLGRV&+$/21%/$1&
&RPRDXQLGDGHpXPDSURSULHGDGHTXHpDFUHVFHQWDGDDRVREMHWRVTXDQGR
LJXDOL]DPDVGLIHUHQoDVHODVVmRFRQVWLWXtGDVJUDoDVjVFDSDFLGDGHVGHDEVWUDomR
DQWHVGHVHUHPQRPHDGDVRPHVPRDFRQWHFHQGRFRPDFRUUHVSRQGrQFLDDVFODVVHV
HDRUGHQDomRHQPWRGRVLVWHPDpPDQLSXODGRDQWHVGHVHUHIHWLYDPHQWHQRPHDGR
(UDHVWHVLVWHPDTXH3LDJHWH6]HPLQVNDSURFXUDYDPHOHVEXVFDYDPLQGtFLRV
PDLV FRQiYHLV GH XPD GHGXomR TXH JDUDQWLVVH TXH D TXDQWLGDGH SHUPDQHFLD HP
SRWrQFLDLQGHSHQGHQWHGHWRGDVDVVXDVDSDUrQFLDV
3RURXWURODGRDLQGDVHFRQVLGHUDQGRDDEVWUDomRDVWDUHIDVGHFRQWDJHPRX
DVTXHIDYRUHFHPDFRQVWUXomRGRFRQFHLWRGHQ~PHURVmRIDFLOLWDGDVSHODOLQJXDJHP


 0 2 1 7 2 < $   $  2  '  HWDO25*

>@DOLQJXDJHPDRGHVLJQDUDVUHODo}HVTXHMiH[LVWLDPHQWUHDVXQLGDGHVWUDoDGDV
HVWDELOL]D R VLVWHPD H GiOKH VLPXOWDQHDPHQWH XPD SRVVLELOLGDGH PXLWR UiSLGD GH
HYRFDomRHGHHYROXomR&+$/21%/$1&S
3LDJHWQXQFDDUPRXTXHDIXQomRVLPEyOLFDQmRGHVHPSHQKDYDQHQKXPSDSHO
QDFRQVWUXomRGRQ~PHUR2TXH3LDJHWSUHWHQGLDGHPRQVWUDUHUDDDQWHULRULGDGH
GRVLVWHPDGRVQ~PHURVHPUHODomRjVXDGHVLJQDomRHSDUWLFXODUPHQWHVREUHVXD
GHVLJQDomRFROHWLYDHPWHUPRVGHVLJQRV*UqFRSRUVHXODGRGHPRQVWURXTXHDV
FULDQoDVVmRFDSD]HVGHPDQLSXODUDVSDODYUDVQ~PHURVHPDVFRPSUHHQGHU
3LDJHW GHPRQVWURX TXH HODV FRQVHUYDP TXDQWLGDGHV GLVFUHWDV H SRUWDQWR
PDQLSXODPYHUGDGHLURVQ~PHURVVHPVDEHUHPQRPHiORV
(VVHV GRLV IDWRV HYLGHQFLDP TXH D HQXPHUDomR QmR p XP IDWRU GHFLVLYR QD
FRQVWUXomRGRFRQFHLWRGHQ~PHURVHQGRSRUpPLQGLVSHQViYHOjVXDHYROXomR2
VHXSRGHUHYRFDGRUSHUPLWHDFHVVRDQ~PHURVJUDQGHVHjVRSHUDo}HV
1DFRQVWUXomRGRFRQFHLWRGHQ~PHURRXVHMDDFDSDFLGDGHGHDEVWUDLUXPD
PHVPDTXDQWLGDGHDSDUWLUGHREMHWRVGLIHUHQWHVGHFRQJXUDo}HVHVSDFLDLVGLIHUHQWHV
DFULDQoDSDVVDSRUHWDSDVTXHVmRSDUFLDOPHQWHVHPHOKDQWHVjVGRVLQYHQWRUHVGR
Q~PHUR2VREVWiFXORVDYHQFHUHDVVROXo}HVDHQFRQWUDUVmRVHPSUHRVPHVPRV
6HPFRQVHUYDomRGRWRGRQmRKiTXDQWLGDGHHLVVRpYHUGDGHLURHPFRPRR
HUDHPD&
7RGDYLDGHDFRUGRFRP&KDORQ%ODQFHVVHSURFHVVRH[LJLUiGHFDGD
FULDQoDGHDDQRVHQmRPLOrQLRVDQDORVGLIHUHQWHVFRQWH[WRVQXPpULFRVHP
TXHXPDFULDQoDVHHQFRQWUDPHUJXOKDGDGHVGHRVHXQDVFLPHQWRQmRSRGHPGHL[DU
DVXDFRQVWUXomRLGrQWLFDDGHVHXVSUHGHFHVVRUHV
$V YDULDo}HV GR PHLR PRGLFDP D YHORFLGDGH GDV DTXLVLo}HV PDV QmR D
QDWXUH]DGRVREVWiFXORVDYHQFHUHDVVLPDFRQVWUXomRGDTXDQWLGDGHFRQVHUYDXP
Pi[LPR GH FRHUrQFLD FRP VXDV RULJHQV HPERUD HVWHMD  LPHUVD HP XP FRQMXQWR
LQQLWDPHQWHPDLVYDVWRGRTXHRFRQMXQWRGHRULJHPDTXDOSHUWHQFLD
eHVVDLQFUtYHOUHGXomRGRWHPSRTXHHYLGHQFLDDLPSRUWkQFLDGDWUDQVPLVVmR
GHPDQHLUDLPSOtFLWDQDVDWLYLGDGHVFRWLGLDQDVRXGHPDQHLUDH[SOtFLWDQRFRQWH[WR
HVFRODU GH FRQKHFLPHQWRV SURFHVVXDLV RX GHFODUDWLYRV GLVWLQWRV GDTXHOHV TXH HOD
FRQVWUyLLQGLYLGXDOPHQWH$HQXPHUDomRpRSULQFLSDOGHVVHVFRQKHFLPHQWRV

),1$/,=$1'2
$VFULDQoDVSRGHPVDEHUFRQWDUVHPQDGDWHUFRPSUHHQGLGRVREUHDQRomR
GHTXDQWLGDGHRXRVLJQLFDGRGRQ~PHURRTXHGHPRQVWUDTXHDFRQWDJHPQmR

 -($13,$*(7126e&8/2;;,

p VXFLHQWH SDUD HVWD FRQVWUXomR WRGDYLD HOD p XPD FRQGLomR QHFHVViULD SDUD
D FRQVWUXomR GR FRQFHLWR GH Q~PHUR SRU SHUPLWLU D HYRFDomR TXH p D FRQGLomR
SULPHLUDSDUDDDTXLVLomRGRFRQFHLWRGHQ~PHUR,VVRSRUTXHpQHFHVViULRVHUFDSD]
GH HYRFDomR SDUD UHXQLU REMHWRV TXH SRVVXHP XPD SURSULHGDGH FRPXP H GHSRLV
QRYDPHQWHHYRFDPRVSDUDHVWDEHOHFHUXPDVHULDomRHHWF
'HVVD IRUPD H QRV IXQGDPHQWDQGR DSHQDV QD WHRULD SLDJHWLDQD SRGHPRV
FRQVLGHUDU TXH D FRQWDJHP GHVHPSHQKD XP SDSHO LPSRUWDQWH QD FRQVWUXomR GR
FRQFHLWRGRQ~PHURHDVVLPWDQWRDVDWLYLGDGHVOyJLFDVFRPRDVQXPpULFDVGHYHP
VHUDERUGDGDVHH[SORUDGDVQRHVSDoRHVFRODU
$QDOHPERUDDVGLFXOGDGHVHRVREVWiFXORVSDUDDFRQVWUXomRGRQ~PHUR
GR VLVWHPD GH QXPHUDomR GHFLPDO H GD HVFULWD QXPpULFD VHMDP RV PHVPRV SDUD D
FULDQoDFRPRRVIRUDPSDUDDKXPDQLGDGHH[LVWHPUHFXUVRVTXHRPHLRIRUQHFHSDUD
TXHRSURFHVVRVHMDLQFULYHOPHQWHDFHOHUDGRHDFRQWDJHPpRSULQFLSDOGHOHV

5()(51&,$6
%,'($8'-0(/-$&&),6+(5-3/HV&KHPLQVGXQRPEUH/LOOH3UHVVHV8QLYHUVLWDLUHV

%5$6,/ /$6 $SOLFDo}HV GD WHRULD GH 3LDJHW DR HQVLQR GD PDWHPiWLFD 5LR GH -DQHLUR )RUHQVH
8QLYHUVWiUD
%5,66,$8'5&RPRDVFULDQoDVDSUHQGHPDFDOFXODU/LVERD,QVWLWXWR3LDJHW
&+$/21%/$1& $ ,QYHQWDU FRQWDU H FODVVLFDU GH 3LDJHW DRV GHEDWHV DFWXDLV /LVERD
,QVWLWXWR3LDJHW
'$9,6++(56+5$H[SHULrQFLDPDWHPiWLFD5LRGH-DQHLUR)UDQFLVFR$OYHV
'251(//(6%9(VFULWDHQ~PHURUHODo}HVLQLFLDLV3RUWR$OHJUH$UWHV0pGLFDV
'52=5/HV0XOWLSOHVUDFLQHVGHVQRPEUHVQDWXUHOVHWOHXUVPXOWLSOHVLQWHUSUpWDWLRQV,Q
%,'($8'-0(/-$&&),6+(5-3/HV&KHPLQVGXQRPEUH/LOOH3UHVVHV8QLYHUVLWDLUHV
S
'8+$/'(0(&8%(5(607*(QFRQWURVLQLFLDLVFRPDPDWHPiWLFD3RUWR$OHJUH$UWHV
0pGLFDV
(50(/,QVWLWXW1DFLRQDOGH5pFKHUFKH3pGDJRJLTXH$SSUHQWLVVDJHVQXPpULTXHVHWUpVROXWLRQGHV
SUREOqPHFRXUVSUpSDUDWRLUH3DULV+DWLHU
(9(6+,QWURGXomRjKLVWyULDGDPDWHPiWLFD&DPSLQDV(G8QLFDPS
)8621.5HODWLRQVHQWUHFRPSWDJHHWFDUGLQDOLWqFKH]OrVHQIDQWVGHjDQV,Q%,'($8
- 0(/-$& & ),6+(5 -3 /HV FKHPLQV GX QRPEUH /LOOH 3UHVVHV 8QLYHUVLWDLUHV GH /LOOH
S


 0 2 1 7 2 < $   $  2  '  HWDO25*

*(/0$15*$//,67(/&57KHFKLOGVXQGHUVWDQGLQJRI QXPEHU&DPEULGJH0$+DUYDUG
8QLYHUVLW\3UHVV
*(/0$1 5 0(&. ( 3UHPLHUV SULQFLSHV H FRQFHSWLRQV GX QRPEUH ,Q %,'($8 -
0(/-$&&),6+(5-3/HVFKHPLQVGXQRPEUH/LOOH3UHVVHV8QLYHUVLWDLUHVGH/LOOH
S
*5&23HWDO3UREOqPHVGHODFRQVWUXFWLRQGXQRPEUH3DULV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH
.$0,,&$FULDQoDHRQ~PHURHG&DPSLQDV633DSLUXV
12*8(,5$ & 0 , '21*202172<$ $ 2 'HVHQYROYLPHQWR GDV QRo}HV
PDWHPiWLFDV QD FULDQoD H VHX XVR QR FRQWH[WR HVFRODU XP HVWXGR SVLFRJHQpWLFR ,Q
02172<$$'2UJ3HGDJRJLD&LGDGmFDGHUQRVGHIRUPDomRSVLFRORJLDGDHGXFDomRHG
6mR3DXOR(G81(633UyUHLWRULDGH*UDGXDomRS
12*8(,5$ & 0 , $ GHQLomR GH Q~PHUR XPD KLSyWHVH VREUH D KLSyWHVH GH 3LDJHW
5HYLVWD%UDVLOHLUDGH(VWXGRV3HGDJyJLFRV%UDVtOLD')YQSDJR
12*8(,5$ & 0 , &ODVVLFDomR VHULDomR H FRQWDJHP QR HQVLQR GR Q~PHUR XP HVWXGR GH
HSLVWHPRORJLDJHQpWLFD0DUtOLD2FLQD8QLYHUVLWiULD8QHVS
3,$*(7 - ,QWURGXFWLRQ D OD HSLVWHPRORJLD JHQpWLFD  %XHQRV $LUHV 3$,'26  Y  (O
SHQVDPLHQWRPDWHPiWLFR
3,$*(7-3DUDRQGHYDLDHGXFDomR"HG5LRGH-DQHLUR-RVp2O\PSLR
BBBBBB6REUHDSHGDJRJtD6mR3DXOR&DVDGR3VLFyORJR
3,$*(7-HWDO3UREOqPHVGHODFRQVWUXFWLRQGXQRPEUH3DULV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH
3,$*(7-HWDO/DHQVHxDQ]DGHODVPDWHPDWLFDVHG0DGULG$JXLOODU
3,$*(7-6=(0,16.$$$JrQHVHGRQ~PHURQDFULDQoDHG5LRGH-DQHLUR=DKDU
32,1&$5e+/DVFLHQVHHWOK\SRWKqVH3DULV)ODPPDULRQ
BBBBBB2YDORUGDFLrQFLD5LRGH-DQHLUR&RQWUDSRQWR
5866(// % :+,7(+($' $ 1  3ULQFLSLD PDWKHPDWLFD  HG /RQGRQ &DPEULGJH
8QLYHUVLW\3UHVV
623+,$1&/HQRPEUHHW/DJrQHVHDYDQWOpFROHSULPDLUH&RPPHQWVHPLQVSLUHUSRXU
HQVHLJQHU OrV PDWKpPDWLTXHV ,Q %,'($8 - 0(/-$& & ),6+(5 -3 /HV FKHPLQV GX
QRPEUH/LOOH3UHVVHV8QLYHUVLWDLUHVGH/LOOH
67())( /  6WDGHV GDSSUHQWLVVDJH GDQV /D FRQVWUXFWLRQ GH /D VXtWH GrV QRPEUHV ,Q
%,'($8-0(/-$&&),6+(5-3/HVFKHPLQVGXQRPEUH/LOOH3UHVVHV8QLYHUVLWDLUHV
GH/LOOH