KWWSJURXSVJRRJOHFRPJURXSGLJLWDOVRXUFH
 7RP&RQQHOODQ





1RVEDVWLGRUHVGD

'LVQH\
(GLomR

2VVHJUHGRVGR
VXFHVVRGDPDLV
SRGHURVDHPSUHVD
GHGLYHUV}HV
GRPXQGR




 7tWXORRULJLQDO,QVLGHWKHPDJLFNLQJGRP

‹E\7KRPDV.&RQQHOODQ3K'
‹E\(GLWRUD)XWXUDWUDGXomR
&RRUGHQDomR5RJHU7ULPHU
3UHSDUDomR5RVD%XFFLQR
'LDJUDPDomR$OHVVDQGUD0XVVDWR
&DSD6RUDLD.DMLZDUD
5HYLVmR0DXUtFLR6HOOPDQQH&OiXGLD$PRULP
,PSUHVVmRHDFDEDPHQWR6mR3DXOR


'DGRV,QWHUQDFLRQDLVGH&DWDORJDomRQD3XEOLFDomR&,3&kPDUD
%UDVLOHLUDGR/LYUR63%UDVLO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RQQHOODQ7KRPDV.
1RV EDVWLGRUHV GD 'LVQH\ RV VHJUHGRV GR VXFHVVR GD PDLV SRGHURVD
HPSUHVD GH GLYHUV}HVGR PXQGR  7RP &RQQHOODQ WUDGXomR0DUFHOOR
%RUJHV³6mR3DXOR)XWXUD

,6%1

:DOW'LVQH\&RPSDQ\:DOW'LVQH\&RPSDQ\³
$GPLQLVWUDomR,7tWXOR
&''
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ÌQGLFHVSDUDFDWDORJRVLVWHPiWLFR

:DOW'LVQH\&RPSDQ\(PSUHVDVGHGLYHUV}HV
$GPLQLVWUDomR



DUHLPSUHVVmRVHWHPEURGH
3URLELGDDUHSURGXomRWRWDORXSDUFLDO
2VLQIUDWRUHVVHUmRSURFHVVDGRVQDIRUPDGDOHL
'LUHLWRVH[FOXVLYRVSDUDDOtQJXDSRUWXJXHVD
FHGLGRVj6LFLOLDQR6$
(',725$)8785$
$Y5DLPXQGR3HUHLUDGH0DJDOKmHV
&(3³6mR3DXOR³%UDVLO
HPDLOHGIXWXUD#HGIXWXUDFRPEU

 
2UHOKDVGR/LYUR

$'LVQH\ZRUOGpUHFRQKHFLGDHDGPLUDGDHPWRGRRPXQGR
2 QRWiYHO VXFHVVR GD HPSUHVD HVWi HP VXD FDSDFLGDGH GH ID]HU
FRP TXH VHXV FOLHQWHV VHPSUH UHWRUQHP 4XDVH  SRU FHQWR GRV
IUHTHQWDGRUHVGR5HLQR(QFDQWDGRMiRYLVLWDUDPDQWHV
(PXPHVWLORGLYHUWLGRHGHIiFLOOHLWXUDHVWHOLYURUHYHODRV
SULQFtSLRV TXH RULHQWDP D FXOWXUD H R VXFHVVR GR JUXSR 'LVQH\
(OHUHYHODRVVHWHVHJUHGRVTXHSRGHPVHUDSOLFDGRVSRUTXDOTXHU
RXWUD HPSUHVD H IRUQHFH XPD VpULH GH H[HPSORV TXH DMXGDUmR
SURILVVLRQDLV GH TXDOTXHU QtYHO RUJDQL]DFLRQDO D YROWDUHP VXD
DWHQomR SDUD RV FOLHQWHV 9RFr HQWHQGHUi FRPR D 'LVQH\ FULD H
PDQWpPXPDGDVPDLVSRGHURVDVFXOWXUDVHPSUHVDULDLVHVDEHUi
TXDOpRYHUGDGHLURFRQFRUUHQWHGD'LVQH\³HGHVXDHPSUHVD
$SOLFDQGRDVHVWUDWpJLDVHVSHFLDOPHQWHFULDGDVSHOD'LVQH\
SDUD ID]HU FRP TXH VHXV PHPEURV DSUHQGDP D WUDEDOKDU HP
HTXLSH YRFr IDUi FRP TXH WRGRV RV VHXV IXQFLRQiULRV
FRPSUHHQGDPDLPSRUWkQFLDGHVHXVSDSpLVHDFUHGLWHPQHOHV
$OpPGHGHVYHQGDURVVHJUHGRVGRVXFHVVRGD'LVQH\HVWH
OLYURIDUiFRPTXHFDGDOHLWRUVHWRUQHXPKHUyLSDUDVHXVILOKRV
RXDWpXPGLYHUWLGRJXLDWXUtVWLFRGXUDQWHTXDOTXHUXPDGHVXDV
SUy[LPDVYLVLWDVDR5HLQR(QFDQWDGR


$OJXPDVGDVOLo}HVGHVXFHVVRGD'LVQH\

‡    &RPR DYDOLDU D VDWLVIDomR GRV FOLHQWHV REWHQGR GDGRV
FRQFUHWRVFRPUDSLGH]
‡&RPRXVDUPpWRGRVSRGHURVRVFRPR RVFDUW}HV*XHVW
6HUYLFH )DQDWLF H 6SLULW RI 'LVQH\ $ZDUG SDUD UHFRQKHFHU
FHOHEUDUHUHFRPSHQVDURWUDEDOKRHILFLHQWH
‡    &RPR UHVSRQGHU D SHUJXQWDV GR WLSR $ TXH KRUDV
FRPHoDRGHVILOHGDVWUrVGDWDUGH"
‡    &RPR DGHTXDU R UHFUXWDPHQWRHR WUHLQDPHQWR GH VXD
HPSUHVD EDVHDQGRVH HP SURJUDPDV EHPVXFHGLGRV FRPR
7UDGLWLRQV :LVK XSRQ D 6WDUH :H
YH &RPH D /RQJ :D\
0LFNH\
‡&RPRSURGX]LUHPVHXVYHQGHGRUHVH[WHUQRVDVHQVDomR
GH SDUFHULD ID]HQGR FRP TXH VH WRUQHP SDUWH GH VXD
HTXLSH
 








3DUD:DOW'LVQH\


2H[HPSORPDLVEHPDFDEDGRGH
DOJXpPTXHRXVRXVRQKDU
 6XPiULR


6REUHHVWH   

3Uy[LPDSDUDGD2UODQGR  
$*DQJXHGRV&LQFR   
&RPRLGHQWLILFDUDFRQFRUUrQFLD  
&RPRDVSHTXHQDVFRLVDVID]HPXPDJUDQGHGLIHUHQoD  
0LFKDHO(LVQHUHVFODUHFH  
$LPSRUWkQFLDGDTXLORTXHQmRHQ[HUJDPRV   
2XYLQGRRVFOLHQWHV   
0DQWHQGRDPDJLDHPDomR   
1RVEDVWLGRUHV   
&RPRGHUUXEDUSDUHGHVFRPIDFLOLGDGH   
&RPRD'LVQH\HVFROKHDVSHVVRDVFHUWDV   
0DQWHQGRRVPHOKRUHVFOLHQWHV   
&RQVWUXLQGRIRUWHVSDUFHULDVFRPHUFLDLV   
$OJXpPGRWDGRGHSDL[mR   

)HUUDPHQWDVGROtGHU   

1RWDV  

$JUDGHFLPHQWRV   
 6REUHHVWHOLYUR


(VWH OLYUR PRVWUD FRPR ID]HU FRP TXH RV JUDQGHV OtGHUHV H
VXD HTXLSH VXSHUHP DV H[SHFWDWLYDV GH VHXV FOLHQWHV
VDWLVID]HQGRRVSOHQDPHQWH8PGRVPHOKRUHVFDPLQKRVSDUDLVVR
pDFRPSDQKDUXPPRGHORHILFLHQWH(D'LVQH\pXPGRVPHOKRUHV
H[LVWHQWHVHVSHFLDOPHQWHR0DJLF.LQJGRP
2 SDSHO GD 'LVQH\ZRUOG H GR 0DJLF .LQJGRP QHVWH OLYUR p
DRPHVPRWHPSRHVVHQFLDOHQXOR
e HVVHQFLDO SRUTXH R HOHQFR GD 'LVQH\ ID] GH WXGR SDUD
HQFDQWDU H PDQWHU VHXV FRQYLGDGRV ³ FRPR VmR FKDPDGRV
FDULQKRVDPHQWH VHXV YLVLWDQWHV 2EWLYH PXLWRV H[HPSORV VREUH R
IXQFLRQDPHQWR GD 'LVQH\ SRU PHLR GH ORQJDV HQWUHYLVWDV FRP
DQWLJRV H DWXDLV PHPEURV GHVVH HOHQFR ³ GHVGH RV YLFH
SUHVLGHQWHV VrQLRUHV SDVVDQGR SHORV SHUVRQDJHQV SLWRUHVFRV TXH

SHUDPEXODP
SRUVHXVSDUTXHVWHPiWLFRVDWpDTXHOHVTXHDWXDP
QRV EDVWLGRUHV H TXHQXQFD VmR YLVWRV 0XLWRV RXWURV H[HPSORV
VXUJLUDP GH XP VHPLQiULR RUJDQL]DGR SHOD 'LVQH\ DR TXDO
FRPSDUHFL SURFXUH GHWDOKHV VREUH HVVH VHPLQiULR H VREUH RXWURV
SURJUDPDV RIHUHFLGRV SHOD 'LVQH\ QD VHomR 1RWDV RXWURV VmR
UHVXOWDGRGHXPDSHVTXLVDELEOLRJUiILFDVREUHD'LVQH\
3HOR TXH VHL WRGRV RV H[HPSORV HVSHFtILFRV GHVWH OLYUR VmR
UHDLV 2 FDVR GRV EULQFRV GH 0DU\ ³ H[HPSOLILFDGR SRU GRLV
LQVWUXWRUHV GD 'LVQH\ $ KLVWyULD GD FRQVWUXomR GR (SFRW ³
UHODWDGDSRUXPLQGLYtGXRTXHSDUWLFLSRXGHOD2FDVRGDJDLYRWDH
GRVRUYHWH³SURWDJRQL]DGRSRUXPDDPLJDHFROHJDGHSURILVVmR
'LJR TXH R SDSHO GD 'LVQH\ H GR 0DJLF .LQJGRP p QXOR
SRUTXH HOHV QmR DSURYDUDP QHP UHSURYDUDP QmR LQFHQWLYDUDP
QHP GHVHVWLPXODUDP HVWH OLYUR 0RUW H D *DQJXH GRV &LQFR QmR
UHSUHVHQWDP SHVVRDV UHDLV YLYDV RX PRUWDV 2V LQFLGHQWHV DV
Do}HV H DV SDODYUDV DWULEXtGDV D 0LFKDHO (LVQHU WDPEpP VmR
ILFWtFLRV VmR PLQKD LQWHUSUHWDomR GR FRPSURPLVVR GHOH FRP RV
PHPEURV GR HOHQFR H RV FRQYLGDGRV QmR GHVFUHYHQGRHYHQWRV RX
IUDVHVUHDLV2VVHWHVHJUHGRVGRVXFHVVRGD'LVQH\VmRGHPLQKD
DXWRULD H FRQVLVWHP HP DQiOLVHV H FRQFOXV}HV UHWLUDGDV GRV
IDWRUHV TXH RULHQWDP DV HVWUDWpJLDV DSOLFDGDV SHOD HPSUHVD
$VVLP FDVR KDMD TXDOTXHU GLVFRUGkQFLD D UHVSHLWR GH DOJXPD
GHODV QLQJXpP HVWDUi GLVFRUGDQGR GD RSLQLmR H[SUHVVD SHOD
'LVQH\ RX GH DOJXPD GH VXDV SROtWLFDV RUJDQL]DFLRQDLV HVWDUi
GLVFRUGDQGRGHPLQKDVSUySULDVREVHUYDo}HV
(VSHUR TXH WRGRV JRVWHP GHVWH OLYUR H TXH DSUHQGDP FRP
HOH
 

3Uy[LPDSDUDGD2UODQGR

%LOO *UHHQILHOG SDURX QD EDQFD GH UHYLVWDV HP IUHQWH DVHX
SUpGLR H SHGLX XP H[HPSODU GH %ODFN (QWHUSULVH 3HQVRX QD
GXUDomR GR Y{R SDUD 2UODQGR H GHFLGLX FRPSUDU WDPEpP XP
H[HPSODUGD)RUEHVHRXWURGD)RUWXQH(OHUHFHEHULDHVWDV~OWLPDV
QRHVFULWyULRPDVHODVQmRFKHJDULDPDQWHVTXHWLYHVVHYLDMDGR³
H%LOOQmRTXHULDHVSHUDUTXDWURGLDVSDUDOrODV
2 VHJXUDQoD OHYDQWRX D FDEHoD TXDQGR %LOO HQWURX QR
VDJXmR
³%RPGLDVU*UHHQILHOG³GLVVH³&KHJDQGRFHGRKRMH
QmRpPHVPR"
³ 9LDMR GDTXL D SRXFR ³ H[SOLFRX %LOO ³ 0LQKD PXOKHU
YHLRGLULJLQGRHPHGHL[RXDTXLHRWi[LFKHJDHPXQVPLQXWRV
'rPHXPDO{TXDQGRRYLUSRUIDYRU
(OH VDLX GR HOHYDGRU FDPLQKRX SHOR FRUUHGRU TXH OHYD DWp
VHX HVFULWyULR H HQWURX $FUHVFHQWRX $PHULFDQ %DQNHU j SLOKD GH
PDWHULDOGHOHLWXUDHGHSRLVGHL[RXXPDVpULHGHPHQVDJHQVGHYR]
H GH HPDLO SDUD VHXV FROHJDV &RPHoRX RV PHPRUDQGRV FRP
&RPRYRFrVDEHQmRHVWDUHLQRHVFULWyULRQRVSUy[LPRVWUrVGLDV
H
5HFOLQRXVHHPVXDSROWURQDHVRUULX(VWDYDYLDMDQGRSDUD
YLVLWDU D 'LVQH\ZRUOGPDV VHXV PHPRUDQGRV WLQKDP XP DU GH
VHULHGDGH
 7UDWDYDVHGHXPDYLDJHPGHQHJyFLRVDOJRTXHSRGHULDVHU
PHOKRU GHVFULWR FRPR XPD FXULRVD FRPELQDomR GH SURJUDPDV GH
WUHLQDPHQWR GH EHQFKPDUNLQJ H GH DSHUIHLoRDPHQWR 7UrV GLDV
GHVFREULQGRFRPRD'LVQH\ID]SDUDPDQWHUXPJUDXGHILGHOLGDGH
WmR HOHYDGR SRU SDUWH GH VHXV FRQYLGDGRV ( TXDOTXHUFRLVD TXH
SXGHVVH DMXGDU R VHX EDQFR D DXPHQWDU D VXD SUySULD ILGHOLGDGH
VRDYD FRPR XPD PHORGLD DJUDGiYHO DRV RXYLGRV GHOH &RP D
LQGHILQLomR GR VHWRU EDQFiULR GH FRUUHWDJHP H GH HPSUHVDV
VHJXUDGRUDV RV OtGHUHV ILQDQFHLURV SDVVDUDP D WURFDU
HVWUDWHJLFDPHQWH D FRQTXLVWD GH QRYRV FOLHQWHV SHOD PDQXWHQomR
GRV FOLHQWHV DWXDLV %LOO H RV GHPDLV VDELDP TXH UHWHU D FOLHQWHOD
HUDYLWDOHPXPXQLYHUVRFDGDYH]PDLVFRPSHWLWLYR
1HVVH FRQWH[WR R VHWRU GH HQWUHWHQLPHQWR HUD FRQVLGHUDGR
XPQHJyFLRUHQWiYHO(D'LVQH\WLQKDDIDPDGHVHUXPDHPSUHVD
XP SRXFR H[LJHQWH HP VXDV UHODo}HV FRPHUFLDLV 2 SHVVRDO GD
'LVQH\ HUD WLGR FRPR IRUPDGR SRU QHJRFLDGRUHV LUUHGXWtYHLV H
FRQFRUUHQWHVLPSHWXRVRVVHPSUHGHIHQGHQGRREVWLQDGDPHQWHVHX
SRQWRGHYLVWD
&RQWXGR HVVDV FDUDFWHUtVWLFDV FRQWUDVWDYDP FRP R
WUDWDPHQWR RIHUHFLGR D VHXV FRQYLGDGRV $V SHVVRDV DGRUDYDP RV
SDUTXHV RV ILOPHV H D SDUDIHUQiOLD &XULRVDPHQWH D FRPELQDomR
GH LPSHWXRVLGDGH FRPHUFLDO H JHQHURVLGDGH SDUD FRP RV VHXV
FOLHQWHVSDUHFLDWUD]HUGLYLGHQGRVQRPHUFDGR%LOOWLQKDFRPSUDGR
Do}HV GD 'LVQH\ SHUWR GD EDL[D GH  H VDELD TXH HODV
DXPHQWDUDP TXDVH  YH]HV GHVGH DTXHOD pSRFD 5HIOHWLX VREUH
LVVRHRXWUDVFRLVDVTXHWLQKDPGDGRFHUWRHPVXDYLGD(GXFDomR
VyOLGD HP +RZDUG %RD IDPtOLD 9LFHSUHVLGHQWH GH XP EDQFR
LPSRUWDQWH)LUPHSURJUHVVRQDFDUUHLUD
2WRTXHGRWHOHIRQHLQWHUURPSHXVHXVGHYDQHLRV
(UDRVHJXUDQoD
 ³2Wi[LFKHJRX


'LYLUWDVHPDPmH
³eGLYLUWDVH
&DUPHQ %LYHUD PDQGRX EHLMRV SDUD VXDV ILOKDV DVVLP TXH
FRPSULPLUDP VHXV URVWRV FRQWUD DV MDQHODV GR {QLEXV HVFRODU
2EVHUYRX R {QLEXV VH GLVWDQFLDU 'HSRLV HQWURX QRYDPHQWH HP
VHXFDUURHIRLSDUDRHVFULWyULR(QTXDQWRHVWDFLRQDYDYLX0DUJH
XPDGHVXDVUHSUHVHQWDQWHVGHYHQGDVWHQWDQGRDEULUXPDSRUWD
HTXLOLEUDQGRDEROVDDSDVWDHGLYHUVRVFDWiORJRVGHSURGXWRV
³-iYRXDMXGiOD0DUJH³0HGrXQVVHJXQGRV
³ 3HQVHL TXH YRFr WLQKD LGR YLVLWDU D 'LVQH\ZRUOG ³ GLVVH
0DUJH
³2DYLmRGHFRODHPGXDVKRUDV³UHVSRQGHX&DUPHQ
³3DUHFHGLYHUWLGR
³%HPTXHHXJRVWDULD
(OD HVWDYD YLDMDQGR SDUD DSUHQGHU D PHWRGRORJLD XWLOL]DGD
SHOD 'LVQH\ QR DWHQGLPHQWR DRV FOLHQWHV DOJR TXH VXD HPSUHVD
UHDOPHQWH SUHFLVDYD FRQKHFHU PHOKRU 7RGD D LQG~VWULD GH
SURGXWRV GH VD~GH SDVVDYD SRU LPSRUWDQWHV PXGDQoDV H DV
RSRUWXQLGDGHV SDUD DV HPSUHVDV FRP SURGXWRV H VHUYLoRV GH
TXDOLGDGHVXSHULRU³FRPRRVRIHUHFLGRVSHODHPSUHVDGH&DUPHQ
³ HUDP HQRUPHV &DUPHQ VDELD TXH TXDOTXHU PXGDQoD
LPSRUWDQWHFULDULDRSRUWXQLGDGHVSDUDDTXHOHVTXHWLUDPSURYHLWR
GLVVR H TXHULDID]HU GD YLVLWD j'LVQH\ XPWUDPSROLPH[DWDPHQWH
SDUDDSOLFDUSURMHWRVHILFLHQWHVHPVXDHPSUHVD
(OD DLQGD HVWDYD LQWULJDGD FRP R TXH D VXD HTXLSH GH
YHQGDV H RV RXWURV PHPEURV GD JHUrQFLD HVWDULDP SHQVDQGR
5HXQLXVH IRUPDOPHQWH FRP DPERV RV JUXSRV QR GLD DQWHULRU j
VXDYLDJHPPDVDJXDUGDYDXPDUHDomRPDLVHVSRQWkQHD
³0DUJH³GLVVH³)LTXHDTXLFRPLJRXPSRXFR*RVWDULD
GHVXDRSLQLmRDUHVSHLWRGHXPDFRLVD


'HVXDSROWURQD'RQ-HQNLQVFRQWHPSODYDDSRQWDGDDVD
H D SLVWD DOpP GHOD 'HWHVWDYD DWUDVRV QRV Y{RV 3HQVDQGR EHP
GHWHVWDYDWXGRRTXHVHUHODFLRQDYDFRPDTXHODYLDJHPXPDWRWDO
SHUGDGHWHPSRHPVXDRSLQLmR
2 TXH SRGHULD DSUHQGHU FRP 0LFNH\ 0RXVH H R 3DWHWD"
7LURX GR EROVR DV LQIRUPDo}HV VREUH R KRWHO H R PDSD GD
'LVQH\ZRUOG0LFNH\VRUULDSDUDHOHQDFDSDGRIROKHWR
³ 3X[D 'LVQH\ZRUOG ³ H[FODPRX D FRPLVViULD GH ERUGR
³eDSULPHLUDYH]TXHYRFrYLDMDSDUDOi"
(OHROKRXSDUDHODHIUDQ]LXDWHVWD
³3ULPHLUD³GLVVH³(~OWLPD


-XG\ &UDZIRUG SDVVRX D PmR SHORV FDEHORV REVHUYDQGR R
PDSDPHWHRUROyJLFRQRPRQLWRU
³ $K QmR ODPHQWRX 1mR VHL FRPR YRX VDLU GDTXL FRP
WRGDHVVDFRQIXVmR
(VWDYD IDODQGR GD WHPSHVWDGH TXH GHYDVWDUD D 5HJLmR
6XGHVWH GRV (VWDGRV 8QLGRV DOJXPDV KRUDV DQWHV GHUUXEDQGR D
UHGH GH HQHUJLD HOpWULFD ORFDO 1D YHUGDGH DV FHQWUDLV WHOHI{QLFDV
GH-XG\QmRSDUDYDPGHWRFDUKiKRUDV
³3RGHPRVFXLGDUGLVVR-XG\³GLVVHOKHVXDDVVLVWHQWH
³ 1mR p YHUGDGH" ³ SHUJXQWRX jV RXWUDV SHVVRDV GD VDOD TXH
HPERUD HVWLYHVVHP RFXSDGDV FRP R DWHQGLPHQWR WHOHI{QLFR
ROKDUDPHVLQDOL]DUDPSRVLWLYDPHQWHFRPRSROHJDU
 -XG\ VRUULX(ODWUHLQDUDVXDHTXLSHFRUUHWDPHQWHHWRGRV
WUDEDOKDYDP PXLWR EHP 1R HQWDQWR VHUi TXH QmR GHYHULD ILFDU
FRPHOHVHPXPDVLWXDomRFRPRDTXHODHPYH]GHYLVLWDUR5HLQR
(QFDQWDGR" %HP p OyJLFR TXH HOD
HVWDYD DEVROXWDPHQWH
HQFDQWDGD GLDQWH GHVVD QRYD RSRUWXQLGDGH GH YLVLWDU D 'LVQH\
0XLWDV YH]HV GHVHMRX ID]HU HVVD YLVLWD ( QmR VHULD EHP DOHJULD H
GLYHUVmR SRLV R SURJUDPD GH WUHLQDPHQWR SURPHWLD GDUOKH XPD
YLVmRLQWHUQDGRPRGRFRPRD'LVQH\RIHUHFLDVHXVH[WUDRUGLQiULRV
VHUYLoRV
$ILQDO -XG\ WDPEpP HUD SUHVWDGRUD GH VHUYLoRV QmR p
PHVPR"
)H] PHQomR GH DWHQGHU R WHOHIRQH PDV VHX DVVLVWHQWH
FKHJRX SULPHLUR )DORX VXDYHPHQWH DR DSDUHOKR GHSRLV FREULX R
ERFDOHOKHGLVVHXPD~QLFDSDODYUD
³9i


$ODQ =LPPHUPDQ ROKRX SDUD R HVSHOKR H DJUDGHFHX DR
EDUEHLUR SHOR FRUWH UiSLGR 1mR TXH WLYHVVH VLGR LQGLVSHQViYHO
PDV WLQKD XPD UHXQLmR QD 6DQG +LOO 5RDG DVVLP TXH UHWRUQDVVH
GHYLDJHPHTXHULDHVWDUSUHSDUDGRSDUDHOD$ODQSDJRXDFRQWDH
VHGLULJLXDRWHUPLQDOGRDHURSRUWRSDUDYHUVHRKRUiULRGHVDtGD
WLQKDVLGRDOWHUDGR
(OH SDUHFLD PDLV MRYHP GR TXH VHXV  DQRV DOJR TXH
HVSHUDYD SRGHULD VH WUDQVIRUPDU HP XPD YDQWDJHP TXDQGR
WLYHVVH1DTXHOHH[DWRPRPHQWRHUDSULQFLSDOPHQWHXPPRWLYR
GH SURYRFDo}HV EHPKXPRUDGDV GH VHXV FROHJDV QD <RXQJ
3UHVLGHQWV 2UJDQL]DWLRQ $VVRFLDomR GH -RYHQV 3UHVLGHQWHV (OH
PDQWLQKD XPD UHODomR FDORURVD FRP RV RXWURV PHPEURV GH VXD
ILOLDO 1D YHUGDGH IRL XP GHOHV TXHP OKH IDORX GHVVD KLVWyULD GD
'LVQH\
1RLQtFLR$ODQQHPDFUHGLWRX'LVQH\"6DELDTXHD'LVQH\
KDYLD VXELGR UDSLGDPHQWH QD OLVWD GDV  PDLRUHV HPSUHVDV GD
UHYLVWD )RUWXQH H TXH OLGHUDYD D UHODomR GDV HPSUHVDV PDLV
DGPLUDGDV VHJXQGR SHVTXLVDV GD PHVPD UHYLVWD 2 TXH SRGHULD
DSUHQGHU QD 'LVQH\ TXH VHULD DSOLFiYHO j VXD HPSUHVD GH
VRIWZDUH"2DPLJRTXHOKHGHXDLGpLDIRUDEDVWDQWHFRQYLQFHQWH
PRVWUDQGR TXH HP HPSUHVDV GH VRIWZDUH XP DXPHQWR GH  SRU
FHQWRQRtQGLFHGHUHWHQomRGHFOLHQWHVVLJQLILFDULDXPDXPHQWRGH
SRUFHQWRQRVOXFURV&RQYHQFLGRSRUHVVHVQ~PHURVHSHORIDWR
GH TXH  SRU FHQWR GRV YLVLWDQWHV GD 'LVQH\ZRUOG VHPSUH
UHWRUQDP$ODQFRQFRUGRXHPYLDMDUDWpOi
 



$  * D Q J X H  G R V & LQ F R 


'LDKjVKRUDV


&DUPHQ 5LYHUD REVHUYRX DV SHVVRDV TXH SDVVDYDP GLDQWH
GR&LW\+DOOSURFXUDQGRGHVFREULUDTXHOHVTXHSRUWDYDPFUDFKiV
GHLGHQWLILFDomRFRPRRVHX$PXOWLGmRIOXtDGLDQWHGHOD&DUPHQ
RXYLUDGL]HUTXHFHUFDGHPLOK}HVGHSHVVRDVYLVLWDYDPRVWUrV
SDUTXHV WHPiWLFRV GD 'LVQH\ QD )OyULGD DQXDOPHQWH ( SDUHFLD
TXHWRGRVHVWDYDPDOLQDTXHOHGLD
3DUD D PDLRULD D 'LVQH\ZRUOG HUD DSHQDV XP SDUTXH GH
GLYHUV}HV PDV SDUD &DUPHQ VLJQLILFDYD XP QHJyFLR UHQWiYHO
$ILQDO WUDWDYDVH GR PDLRU SDUTXH WHPiWLFR GR KHPLVIpULR (VVD
YLFHSUHVLGHQWH GH YHQGDV GH XPD LPSRUWDQWH GLVWULEXLGRUD GH
SURGXWRV HVSHFLDOPHQWH YROWDGRV SDUD D iUHD GD VD~GH HVWDYD
FXULRVDHPGHVFREULUFRPRD'LVQH\WUDWDYDVHXVFRQYLGDGRV)RL
SRU LQWHUPpGLR GH XPD DPLJD QD ,QWHUQHW TXH &DUPHQ HVWDYD
YLVLWDQGR D 'LVQH\ZRUOG WHQGR FRPR JXLD 0RUW 9DQGHOHXU ³
DQWLJRPHPEURGDHTXLSHGD'LVQH\OkQGLDHGD'LVQH\ZRUOGHTXH
QD RFDVLmR WDPEpP DMXGDYD RXWUDV HPSUHVDV D DXPHQWDU R IRFR
VREUH VHXV FOLHQWHV $OpP GLVVR D 'LVQH\ZRUOG HUD XP OXJDU TXH
HODMiKDYLDYLVLWDGRDQWHVHTXHGHVHMDYDYLVLWDUQRYDPHQWH
&DUPHP RUJXOKDYDVH GRV UHVXOWDGRV SRVLWLYRV GH VXD
HPSUHVDSURYHQLHQWHVGHVXDILUPHFRQFHQWUDomRHGHWHUPLQDomR
$ HPSUHVD RQGH WUDEDOKDYD HUD FRQVLGHUDGD SHORV FRQFRUUHQWHV
XPDUHIHUrQFLDTXDQGRIDODYDPGH
PHOKRUHVSUiWLFDV
3DUDVHWHU
XPD LGpLD D HPSUHVDHVWDYD UHJLVWUDQGR XP FUHVFLPHQWR GH GRLV
GtJLWRV (OD H VXD HTXLSH GH WUDEDOKR RUJXOKDYDPVH GDTXLOR TXH
FULDUDP PDV &DUPHQ QXQFD VDWLVIHLWD FRP PHQRV GR TXH D
SHUIHLomR VHFUHWDPHQWH VH GHWHUPLQDUD D HQFRQWUDU PDQHLUDV GH
DXPHQWDU D ILGHOLGDGH GRV FOLHQWHV &DUPHQ HUD EHPVXFHGLGD
JUDoDV j VXD IDFLOLGDGH SDUD IRUMDU ERDV UHODo}HV FRP D FOLHQWHOD
7LQKDXPWLQRFRPHUFLDODILQDGRTXHDOLDGRDVHXPRGRMXVWRGH
OLGDUFRPRSHVVRDOGHYHQGDVIL]HUDGHODXPDGDVJHUHQWHVPDLV
UHVSHLWDGDV GD HPSUHVD $R PHVPR WHPSR HOD DXPHQWRX D
OXFUDWLYLGDGH ³ FRPR QD RFDVLmR HP TXH FRQVHJXLX VXJHULU
PXGDQoDVQRVSURFHGLPHQWRVGDUHFHSomRGHSHGLGRVGHFRPSUD
UHGX]LQGRRFLFORGHFRPSUDVHPVHLVKRUDVHFRUWDQGRHPXPGLD
RQ~PHURGHSHGLGRVSHQGHQWHVGDHPSUHVD
0RUWWLQKDWHOHIRQDGRSDUDVDXGiODQDWDUGHDQWHULRUORJR
DSyV VXD FKHJDGD DR KRWHO (OD ILFDUD LPSUHVVLRQDGD FRP VHX
HQWXVLDVPRFRPVXDYRQWDGHDSDUHQWHPHQWHVLQFHUDGHFRQKHFr
OD
³9DPRVQRVHQFRQWUDUjVGH]KRUDVEHPHPIUHQWHDR&LW\
+DOO ³ GLVVH ³ )LFD j HVTXHUGD DSyV D HQWUDGD GR 0DJLF
.LQJGRP ( VH YRFr HQFRQWUDU RXWUDV TXDWUR SHVVRDV PHLR
SHUGLGDVSRUWDQGRFUDFKiVDSUHVHQWHVH6mRRVRXWURVPHPEURV
GHQRVVDSHTXHQDJDQJXH
$YR]GH0RUWHUDDJUDGiYHOHDPLVWRVD(OHFKHJRXDID]HU
FRPTXHHODVRUULVVHSHORPRGRFRPRXVRXDSDODYUD
JDQJXH



$ SRXFRV SDVVRV GDOL %LOO *UHHQILHOG YLX &DUPHQ HP Sp H
VR]LQKD0HVPRDGLVWkQFLDS{GHQRWDUTXHHODQmRHVWDYDDOLVy
SDUDVHGLYHUWLU(VWDYDREVHUYDQGRILUPHPHQWHDVILVLRQRPLDVGDV
SHVVRDV TXH HVWDYDP VH UHXQLQGR FRPR TXH OHQGR RV VHXV
SHQVDPHQWRV
4XDQGR &DUPHQ YLURXVH SDUD HOH %LOO QRWRX TXH HOD
FDUUHJDYD R PHVPR FUDFKi TXH R VHX &DPLQKRX UDSLGDPHQWH
DSRQWDQGRSDUDVHXSUySULRFUDFKiDRVHDSUR[LPDU
&DUPHQ YLX R FUDFKi GHOH H VRUULX VHXV ROKRV FDVWDQKR
HVFXURVEULOKDUDP
³ 2Oi %LOO ³ GLVVH ³ 9HMR TXH YRFr WDPEpP HVWi DTXL
SDUDDVHVVmRGH0RUW
%LOO QRWRX TXH HOD YHVWLD FDOoDV FRPSULGDV FDPLVHWD
FRORULGDHXPSDUGHWrQLV1RPHVPRLQVWDQWHDUUHSHQGHXVHGH
HVWDU GH WHUQR (UD XP KiELWR DUUDLJDGR DVVLP FRPR D GLVFULomR
QDWXUDOHDGLJQLGDGHDXVWHUDFXOWLYDGDVDRORQJRGDFDUUHLUD
(OD p SHOR PHQRV  DQRV PDLV QRYD GR TXH HX SHQVRX
SURFXUDQGR HQFRQWUDU XPD GHVFXOSD SDUD VXD IRUPDOLGDGH +RMH
HP GLD DV SHVVRDV VH YHVWHP LQIRUPDOPHQWH 0DV GHSRLV HOH VH
OHPEURX GR TXH VXD PXOKHU GLVVH HQTXDQWR DUUXPDYD DV PDODV
SDUD YLDMDU e D 'LVQH\ZRUOG %LOO /HYH DOJXPDV FDPLVDV SyOR H
DOJXPDVFDOoDVLQIRUPDLV
$SHVDUGHVHXVDQRVGHLGDGHHOHDLQGDHVWDYDHPIRUPD
HFKDPDYDDLQGDPDLVDWHQomRSHODVXDDOWXUDGHPHWUR(UD
RUHVSRQViYHOSHORVHPSUpVWLPRVDSHVVRDVMXUtGLFDVGHXPEDQFR
QR QRURHVWH GRV (VWDGRV 8QLGRV (VWDYD WUDEDOKDQGR FRP XPD
HTXLSH HVSHFLDO HQFDUUHJDGD GH DQDOLVDU D IRUPD FRPR RXWUDV
HPSUHVDVPDQWLQKDPXPIRFRFRQVWDQWHVREUHVHXVFOLHQWHV
(PERUDWLYHVVHG~YLGDVVREUHDVHULHGDGHGRWHPSRTXHLULD
SDVVDU DOL HVWDYD GHFLGLGR D DSUHQGHU R Pi[LPR TXH SXGHVVH ³
DILQDO R GHVHPSHQKR GDV Do}HV GD 'LVQH\ H VHX VXFHVVR
ILQDQFHLURQmRDSHQDVHUDPFRQKHFLGRVFRPRSURYRFDYDPLQYHMDD
TXDOTXHUHPSUHVD
2 EDQFR RQGH %LOO WUDEDOKDYD WLQKD QRomR GR HIHLWR GD
ILGHOLGDGH GH VHXV FOLHQWHV VREUH D OXFUDWLYLGDGH ³ WLQKDP
DFDEDGR GH FRQFOXLU XP HVWXGR VREUH D UHODomR HQWUH D
PDQXWHQomR GH VHXV FOLHQWHV DWXDLV H RV OXFURV PRVWUDQGR TXH
FDGDSRQWRSHUFHQWXDOREWLGRSRUPHLRGHVVHSURJUDPDVLJQLILFDYD
XPDXPHQWRGHPLOKmRGHGyODUHVQRVOXFURV%LOOOHUDHVWXGRV
VHPHOKDQWHVPRVWUDQGRTXHPHOKRULDVFRPRHVVDRFRUUHUDPQmR
DSHQDV HP HPSUHVDV GR PHUFDGR ILQDQFHLUR FRPR QDV GH RXWURV
VHWRUHVFRPHUFLDLV
1mRPHQRVLPSRUWDQWHHUDRIDWRGHHVWDUSRXFRjYRQWDGH
FRP D LGpLD GH TXH Vy WUDEDOKR H QHQKXPD GLYHUVmR SRGHULDP
DFDEDUID]HQGRGHOHXPVXMHLWRFKDWRTXHIRLFRPRVXDPXOKHUVH
UHIHULXEULQFDQGRFRPHOHGXUDQWHDYLVLWDPDLVUHFHQWHGRVQHWRV
9RFrSUHFLVDGDUOKHVGLYHUVmR
%HP WDOYH] IRVVH HVVD D OLomR TXH DSUHQGHULD DOL RQGH D
GLYHUVmRHUDRQHJyFLR
&DUPHQRFXPSULPHQWRX
³&UHLRTXHKiRXWURVWUrVFRPRQyVDOpPGH0RUWFODUR
³GLVVHHOD³(VWRXSURQWDSDUDDFDPLQKDGDHYRFr"
(OD ROKRX QRYDPHQWH SDUD D PXOWLGmR FRPR VH HVWLYHVVH
SURFXUDQGRDOJXpP
³)LFRLPDJLQDQGRFRPR0RUWGHYHVHU
³(OHPHGLVVHTXHHVWDULDXVDQGRXPDFDPLVDDPDUHOD³
GLVVH%LOO
³6LPPDVHXILFRHVSHUDQGRDOJXpPFRPOXYDVEUDQFDVH
FDOo}HVYHUPHOKRVFRPJUDQGHVERW}HVDPDUHORV³VRUULXHOD
³(RUHOK}HV"³GLVVH%LOOUHWULEXLQGRRVRUULVR
³([DWDPHQWH
 ³&UHLRWrORYLVWRHPDOJXQVILOPHV³HOHGLVVHGHVWDYH]
JDUJDOKDQGR


³2Oi³GLVVHXPDYR]DQLPDGDDWUiVGHOHV³9RFrVGRLV
HVWmRSURFXUDQGRR0RUW"
9ROWDUDPVH H YLUDP XPD MRYHP SDUHFLGD FRP XP GXHQGH
GH FDEHORV UXLYRV H FXUWRV TXH SRGHULD WHU DFDEDGR GH VDLU GR
FROHJLDO
³6RX-XG\³GLVVH
'HSRLV LQGLFRX XP KRPHP PDJUR H EURQ]HDGR GH XQV 
DQRVTXHHVWDYDDWUiVGHOD³(HVWHp$ODQ$ODQHVWHQGHXDPmR
³&UHLRTXHHVWDPRVDTXLSHORPHVPRPRWLYR³GLVVH
³ 6RPRV SDUWH GD FRPR p TXH 0RUW QRV FKDPD" 6XD
SHTXHQDJDQJXH³GLVVH-XG\
³$*DQJXHGRV&LQFR³VXJHULX&DUPHQ
³(QWmRDLQGDIDOWDXP³REVHUYRX%LOO
³(0RUWWDPEpPQmRHVWiDTXL³OHPEURX-XG\
&RPVHXVDQRV-XG\&UDZIRUGHUDXPDGDVPDLVMRYHQV
OtGHUHVGHHTXLSHHPVXDHPSUHVD³XPDIRUQHFHGRUDGHHQHUJLD
HOpWULFD VHGLDGD QD &DUROLQD GR 1RUWH 6HPSUH DOHJUH IRUD D OtGHU
QDWXUDO GD HTXLSH GH UHODo}HV FRP FOLHQWHV GHVGH R GLD HP TXH
FRPHoRX D WUDEDOKDU QD HPSUHVD WUrV DQRV DQWHV 2 SRVLWLYLVPR
FRPTXHHQFDUDYDVXDYLGDHUDVXDPDUFDUHJLVWUDGD2VPHPEURV
GHVXDHTXLSHDWHVWDYDPFRQWLQXDPHQWHRUDSRUEULQFDGHLUDRUD
VHP TXHUHU PDV QXQFD D YLUDP ]DQJDGD 4XDQGR VXUJLDP DV
WHPSHVWDGHV GH SULPDYHUD H RV FRQVWDQWHV UHOkPSDJRV FHQWHQDV
GH FOLHQWHV OLJDYDP SDUD UHFODPDU GD IDOWD GH HQHUJLD HOD
FRQVHJXLD UHYHUWHU D VLWXDomR ID]HQGR FRP TXH D DJUDGHFHVVHP
SHOD HTXLSH TXH HP SRXFR WHPSR FKHJDULD SDUD UHVWDEHOHFHU R
IRUQHFLPHQWRGHHQHUJLDHOpWULFD
4XDQGRVXUJLXDRSRUWXQLGDGHGHFRQKHFHUQRYDVWpFQLFDV
FRPR DV GD 'LVQH\ -XG\ VH LQWHUHVVRX GH LPHGLDWR 6HQWLD TXH
VHULD XP ERP PRGR GH ID]HU FRP TXH VHX GHSDUWDPHQWR
DSULPRUDVVH DLQGD PDLV R WUDWDPHQWR GLVSHQVDGR DRV FOLHQWHV
6DELD GLVVR SRUTXH Mi KDYLD YLVLWDGR D 'LVQH\ZRUOG WUrV YH]HV
TXDQGRHUDXPDFROHJLDOGXUDQWHVXDOXDGHPHOHXPDRXWUDYH]
DFRPSDQKDGD GH VHX PDULGR H VXD ILOKD GH TXDWUR DQRV 4XHP
SRGHULD VHU PHOKRU QR WUDWR FRP RV FOLHQWHV GR TXH XPD
RUJDQL]DomR IUHTHQWDGD SRU  D  PLO SHVVRDV GLDULDPHQWH D
PDLRULDVDLQGRGHOiIHOL]"
-XG\KDYLDHQFRQWUDGR$ODQ=LPPHUPDQQRUHVWDXUDQWHGR
KRWHO HP TXH VH KRVSHGDUD QDTXHOD PDQKm $ODQ HUD XP VXMHLWR
H[WURYHUWLGR H YLJRURVR TXH MRJRX EHLVHERO QD IDFXOGDGH H
JHUHQFLRX XPD SHTXHQD HPSUHVD GH SDLVDJLVPR SDUD SDJDU VHXV
HVWXGRV XQLYHUVLWiULRV 6DELD GR JUDQGH VXFHVVR GD 'LVQH\ FRPR
SUHVWDGRUD GH VHUYLoRV FRP TXDOLGDGHH GHFLGLX TXH DTXHOD VHULD
XPD yWLPD RSRUWXQLGDGH SDUD GHVFREULU QRYDV IRUPDV GH
DXPHQWDU D ILGHOLGDGH GH VHXV FOLHQWHV SDUD FRP VXD HPSUHVD
FDOLIRUQLDQDGHVRIWZDUHTXHFUHVFLDUDSLGDPHQWH
1mR TXH VXD HPSUHVD QmR HVWLYHVVH VH VDLQGR EHP (OH
ILFDYD UDGLDQWH FRP RV HORJLRV FRP D OHLWXUD GRV FRPHQWiULRV
VREUHVHXr[LWRQDVSXEOLFDo}HVHVSHFLDOL]DGDVFRPDVHQWUHYLVWDV
SDUD RV MRUQDLV ORFDLV 8P GLD SRUpP OHX XPD FLWDomR GH :DOW
'LVQH\(OHDSDUDIUDVHRXHDJRUDDOHYDYDHVFULWDQRYHUVRGHXP
FDUWmR GH YLVLWDV HP VXD FDUWHLUD 9RFr VH WRUQD PDLV YXOQHUiYHO
MXVWDPHQWH TXDQGR WRGRV IDODP GH VXD JUDQGLRVLGDGH :DOW

1
9RFr VH WRUQD PDLV YXOQHUiYHO MXVWDPHQWH TXDQGR
WRGRVIDODPGHVXDJUDQGLRVLGDGH
FKDPRX DTXHOD VLWXDomR GH =RQD 9HUPHOKD 5HG =RQH $ODQ
SHUFHEHXTXHHVWDYDHQWUDQGRQHVVDVLWXDomRHVHGLVS{VDHYLWDU
RVSHULJRVTXHLVVRSRGHULDRFDVLRQDU
(OHQmRWLQKDLPDJLQDGRSRUpPTXHWHULDDH[SHULrQFLDGH
H[SORUDU R 5HLQR (QFDQWDGR QD SUiWLFD 6HQWLXVH XP WDQWR
FXOSDGR&RPRLULDH[SOLFDULVVRDVHXVGRLVJDURWRV"&RPFHUWH]D
WHULD GH FRPSHQViORV FRP XPD RXWUD YLDJHP SDUD Fi GHVWD YH]
FRPHOHV1mRKDYHULDRXWUDPDQHLUD
$SRQWRXSDUDR&DVWHORGD&LQGHUHODDGLVWkQFLD
³1DYHUGDGHQmRGiSDUDGL]HUTXHYDPRVWUDEDOKDUGi"


1HVVH PRPHQWR XP KRPHP PDJUR H DOWR GH FDEHORV H
ELJRGHV JULVDOKRV YHVWLQGR XPD FDPLVD GH PDQJDV FXUWDV GH
PDOKDDPDUHODYHLRHPGLUHomRDRJUXSRHDQXQFLRX
³2OiVRXR0RUW
'HPRQVWUDYD FRQILDQoD HYLGHQFLDYD HVWDU DFRVWXPDGR DR
FRQWDWRFRPHVWUDQKRVGHL[DQGRRVjYRQWDGH
³ &RQWHL TXDWUR GH PRGR TXH IDOWD XP 6HUi TXH QRVVR
TXLQWR FRPSDQKHLUR ILFRX SHUGLGR SRU Dt" ³ SHUJXQWRXHQTXDQWR
RVFXPSULPHQWDYD
³ (VWRX DTXL ³ GLVVH XP KRPHP GH FDEHORV HVFXURV
TXDUHQWmR DQJXORVR DSDUrQFLD DEDWLGD XVDQGR FDOoDV FLQ]HQWDV
H XPD FDPLVD HVSRUWH EUDQFD FRP R FRODULQKR DEHUWR (VWDYD GH
FRVWDV SDUD R JUXSR H SRU LVVR SDVVDUD GHVSHUFHELGR DR VH
DJDFKDUSDUDOLPSDURVDSDWRFRPXPJXDUGDQDSRGHSDSHO³6y
XPPLQXWR3LVHLQRFKLFOHWHGHDOJXPJDURWRDFUHVFHQWRX
'RQ -HQNLQV QmR HVWDYD FRQWHQWH FRP D YLVLWD &RPR
HQJHQKHLUR H JHUHQWH GH IiEULFD GH XPD JUDQGH IRUQHFHGRUD GH
SHoDV SDUD D LQG~VWULD DXWRPRWLYD DFKDYD TXH GHYHULD HPSUHJDU
VHX WHPSR HP RXWURV SURMHWRV H GLVVH LVVR DR YLFHSUHVLGHQWH GH
VXDGLYLVmR/HPEURXTXHVXDLQLFLDWLYDSDUD
HQ[XJDU
RSURFHVVR
GHIDEULFDomRUHGX]LUDRVQtYHLVGRHVWRTXHHRFLFORGHSURGXomR
DXPHQWDQGRDSURGXWLYLGDGH³HWLQKDQ~PHURVTXHRSURYDYDP
2 FKHIH GLVVH TXH VDELD TXH 'RQ HUD KiELO FRP XP OiSLV TXH
HVWDYD ID]HQGR XP yWLPR WUDEDOKR PDV TXH TXHULD TXH IL]HVVH D
YLDJHPGHTXDOTXHUPDQHLUDSDUDGHVFREULUXPPRGRGHHOHYDUD
VDWLVIDomRGRVFOLHQWHVGHVXDHPSUHVD
$VVLP'RQUHVROYHXYLDMDUGH&KLFDJRD2UODQGR³HPXP
Y{R FXMD SDUWLGD FRQIRUPH QRWRX GHXVH FRP PDLV GH GH]
PLQXWRVGHDWUDVRHFXMDFKHJDGDDWUDVRXPDLVGHPLQXWRV³
H VH SUHSDURX SDUD GHVSHUGLoDU YiULRV GLDV ID]HQGR DPL]DGH FRP
0LFNH\ 0RXVH 3DWHWD H RV 6HWH $Q}HV 0HVPR DVVLP HVWDYD
GHWHUPLQDGR D DSURYHLWDU R WHPSR DR Pi[LPR (VWDYD QR VH[WR
WHOHIRQHPD GH VHX FHOXODU TXDQGR SLVRX QR FKLFOHWH GH DOJXP
JDURWR
&RPR GH KiELWR FRQIHULX DV KRUDV H QHP FXPSULPHQWRX
&DUPHQ-XG\$ODQH%LOO


³  2 SODQR p HVWH ³ GLVVH 0RUW ³ 4XHUR UHYHODUOKHV RV
VHWH VHJUHGRV GR VXFHVVR GD 'LVQH\ LGHQWLILFDGRV SRU PLP 1RV
SUy[LPRV WUrV GLDV YDPRV FDPLQKDU FRQYHUVDU H REVHUYDU R TXH
DFRQWHFH DTXL $VVLP YRFrV HVWDUmR DSUHQGHQGR VHWH OLo}HV
DSOLFiYHLV jV VXDV HPSUHVDV WRUQDQGRDV WmR EHPVXFHGLGDV
TXDQWRD'LVQH\
9DPRVFRPHoDUSHORFDIpGDPDQKmQDFRQIHLWDULDGD0DLQ
6WUHHW$OJXPGHYRFrVDLQGDQmRFRPHX"
&DUPHQHUJXHXDPmR
³  %HP YRFr WHP VRUWH &DUPHQ 1RVVD SULPHLUD SDUDGD
VHUi SDUD FRPHU 9DPRV VHQWDU H WRPDU XP FDIp RX XP VXFR GH
ODUDQMDQRVFRQKHFHUPHOKRUHIDODUVREUHDSURJUDPDomRGRGLD
$QWHV GH VDERUHDUPRV HVVH FDIp GD PDQKm WDUGLR DOJXpP WHP
DOJXPDG~YLGDTXHH[LMDUHVSRVWDLPHGLDWD"
1LQJXpPIDORXQDGD
'RQ ILFRX DFRPSDQKDQGR XP MDWR GHFRODQGR D GLVWkQFLD
UXPR DR QRUWH 0RUW HUD SUHVWDWLYR GHPDLV H HOH Mi HVWDYD VH
LUULWDQGRFRPLVVR
³  0XLWR EHP ³ GLVVH 0RUW ³ 6HL GH DOJR TXH YRFrV
SRGHP HVWDU VH SHUJXQWDQGR 4XDLV VmR RV FRQFRUUHQWHV GD
'LVQH\"&RPTXHPDVSHVVRDVFRPSDUDPD'LVQH\ZRUOG"eXPD
SHUJXQWDTXHSRXFDVSHVVRDVPHID]HPSRUTXHDUHVSRVWDSDUHFH
yEYLDGHPDLV
(OHQDUHDOLGDGHHVWDYDWHVWDQGRRJUXSR
³3HQVHPQLVVRHQTXDQWRYDPRVDWpDFRQIHLWDULD
 



& R P R L G H Q W LI LF D U  D F R Q F R U U r Q F LD 


'LDjVKRUDV


(QTXDQWR WRPDYDP FDIp FRP URVTXLQKDV H SmHV -XG\ H
$ODQ IDODYDP GH VHXV ILOKRV H %LOO H &DUPHQ FRPSDUDYDP VXDV
H[SHULrQFLDV SURILVVLRQDLV 'RQ ILFRX VHQWDGR QD H[WUHPLGDGH
RSRVWDGDPHVDFRQWHPSODQGRVXDDJHQGDFRPRVHIRVVHDFRLVD
PDLVLQWHUHVVDQWHGDTXHOHOXJDU
&DUPHQGLULJLXVHD0RUW
³  1mR DGLDQWD GHVLVWR 4XHP VmR RV FRQFRUUHQWHV GD
'LVQH\ZRUOG" 2XWURV SDUTXHV WHPiWLFRV RX GH GLYHUVmR
QDWXUDOPHQWH PDV LVVR VHULD yEYLR $OpP GLVVR QmR VHL VH YRFr
SRGH FKDPiORV GH FRQFRUUHQWHV $V SHVVRDV YLVLWDP RXWURV
SDUTXHVFRPRR8QLYHUVDO6WXGLRVRX R6L[)ODJVPDVFUHLRTXH
HVVDV YLVLWDV Vy DXPHQWDP R LQWHUHVVH GHOHV e FRPR FLQHPD
DVVLVWLUDXPILOPHQmRRLPSHGHGHDVVLVWLUDRXWURV
³ 3DUD IDODU D YHUGDGH TXDOTXHU XP TXH TXHLUD OXFUDU
VHPSUH SRGH VHU FRQVLGHUDGR XP FRQFRUUHQWH 1HVVD OLVWD
SRGHPRV LQFOXLU ILOPHV HYHQWRV HVSRUWLYRV H FRLVDV GR JrQHUR ³
GLVVH$ODQ
 0RUWVRUULX
³ 1D YHUGDGH YDL PXLWR DOpP GLVVR )DODQGR GH PRGR
SUiWLFR D 'LVQH\ WHP FHQWHQDV GH FRQFRUUHQWHV 5HDOPHQWH
PLOKDUHV $ UHGH // %HDQ UHYHQGHGRUD GH URXSDV HVSRUWLYDV D
)HG([HPSUHVD GHHQWUHJDVHUHPHVVDVH D *HQHUDO (OHFWULF VmR
DOJXQVGHOHV
2V TXDWUR HVWDYDP FXULRVRV H ROKDYDP DWHQWDPHQWH SDUD
0RUW'RQIUDQ]LXDWHVWDHROKRXSDUDDMDQHOD
³  %HP DFKR TXH QmR FRPSUHHQGL R TXH YRFr TXLV GL]HU
FRPFRQFRUUHQWH³GLVVH&DUPHQ³1HQKXPDGHVVDVHPSUHVDVp
XPSDUTXHWHPiWLFRQHPVHDSUR[LPDPGLVVR
³ 9RX PDLV ORQJH ³ GLVVH 0RUW ³ $ 'LVQH\ FRQVLGHUD
HVVDVWUrVHPSUHVDVFRQFRUUrQFLDHYRFrVWDPEpPGHYHULDPID]HU
RPHVPR
$ODQILFRXDLQGDPDLVLQWULJDGR
³1mRHQWHQGLRTXHYRFrTXHUGL]HU6RPRVXPDHPSUHVD
GH VRIWZDUH 1HQKXPD GDV HPSUHVDV TXH YRFr PHQFLRQRX FULD
SURJUDPDV³QmRTXHHXVDLED
0RUW GLULJLXVH j &DUPHQ SHUJXQWDQGR ³ ( YRFr"
&RQVLGHUDDOJXPDGHVVDVHPSUHVDVVXDFRQFRUUHQWH"
&DUPHQKHVLWRX
³ %HP YHQGHPRV DOJXQV PRQLWRUHV DYDQoDGRV GH
DFRPSDQKDPHQWRGHIXQo}HVELROyJLFDVYLWDLVXVDGRVHPVDODVGH
RSHUDo}HVHHP Y{RV HVSDFLDLV H SRU LVVR DFKR TXH D*( SRGHULD
VHUFRQVLGHUDGDXPFRQFRUUHQWH
%LOO H -XG\ HVWDYDP TXLHWRV H H[SUHVVDYDP FXULRVLGDGH
&RPR r TXH DOJXPD GHVVDV HPSUHVDV SRGH VHU FRQFRUUHQWH GH XP
EDQFR"UHIOHWLX%LOO
&DUPHQ TXHVWLRQDYDVH VREUH R IDWR GH HODV SRVVXtUHP
DOJXPDVXEVLGLiULDTXHGHVFRQKHFLD
 ³$FKRTXHHQWHQGLDRQGHYRFrTXHUFKHJDU³GLVVH-XG\


'RQUHPH[HXVHQDFDGHLUDDSRLRXRTXHL[RQRVSXQKRVH
ILFRX ROKDQGR SHOD MDQHOD /i YDPRV QyV GH QRYR SHQVRX 2XWUD
GHVVDVQRYDVWHRULDVHPSUHVDULDLV0DLVLQIRUPDo}HVVREUHDQRYD
HUD H D QRYD RUGHP PXQGLDO H VREUH FRQFRUUrQFLD JOREDO 1RYDV
PDQHLUDVGHGHVSHUGLoDUWHPSRSURGXWLYR(OHFRPHoRXDEDWXFDU
QDPHVDFRPRVGHGRV
0HLD KRUD GH FRQYHUVD H D DOHJULD LQFHVVDQWH GR OXJDU Mi R
LUULWDYDP2VJDUoRQVRVFDL[DVRSHVVRDOGDPDQXWHQomR³VHUi
TXH QLQJXpP DFRUGDYD
]DQJDGR
 QDTXHOH PXQGR" 6RUULX
LURQLFDPHQWHFRPVHXWURFDGLOKRVREUHRV6HWH$Q}HV'RQHVWDYD
DEVRUYHQGR DOJXPD FRLVD GDTXHOH OXJDU PDV QmR GD PDQHLUD
FRPRVHXFKHIHHVSHUDYD
7DOYH] RV RXWURV HQWHQGHVVHP R REMHWLYR GDTXHOH H[HUFtFLR
LQ~WLO PDV QmR HOH $ILQDO LPSRUWDQWHV HUDP RV Q~PHURV 6H
DOJXPD FRLVD H[LVWLD H[LVWLD HP TXDQWLGDGH 6H H[LVWLD HP
TXDQWLGDGH KDYLD UHJLVWURV QXPpULFRV SDUD FRPSURYiOD 6H
DOJXPDFRLVDQmRWLQKDHVVHVUHJLVWURVQmRH[LVWLD
3DUDYHQFHUDFRQFRUUrQFLDEDVWDYDDSUHVHQWDUSURGXWRVGH
TXDOLGDGH,GHDOL]HPpWRGRVGHSURGXomRjSURYDGHHUURVSRQKD
RV FXLGDGRVDPHQWH HP SUiWLFD DFRPSDQKH FDGD SURFHVVR
FXLGDGRVDPHQWHHDSHUIHLoRHFRQWLQXDPHQWHRVPpWRGRV
3RU TXH R FKHIH GH 'RQ TXHULD WDQWR TXH HOH YLVLWDVVH D
'LVQH\" 3DUHFLD XPD LGpLD DEVXUGD $ IRUPDomR GHOH WDPEpP p
YROWDGD DRV Q~PHURV PDV XOWLPDPHQWH YLQKD IDODQGR GH FOLHQWHV
LQVDWLVIHLWRV 'RQ QmR HVWDYD SUHRFXSDGR XP ERP SURGXWR
VHPSUHWHPFRQGLo}HVGHVHYHQGHUVR]LQKR2VUHVSRQViYHLVSHOR
PDUNHWLQJpTXHWrPGHVHSUHRFXSDUFRPDILGHOLGDGHGDFOLHQWHOD
 'R ODGR GH IRUD GD MDQHOD YLX XPD JDURWLQKD GH FDEHORV
UXLYRV H HQFDUDFRODGRV XVDQGR yFXORV GR 0LFNH\ H XP FKDSpX
HQRUPHGR3DWHWD6XDVPmRVHVWDYDPVXMDVGHFKRFRODWHSRHLUDH
OiJULPDVHHODHVWDYDWULVWHFRPDOJXPDFRLVD$PmHGHODWHQWDYD
FRQVROiOD
$K1HPWRGRVHVWmRVDWLVIHLWRVSRUDTXLSHQVRX'RQ


&DUPHQ WDPEpP DVVLVWLX j FHQD ,QFOLQRXVH
LQVWLQWLYDPHQWH QD GLUHomR GD MDQHOD FRPR VH IRVVH FRQVRODU D
PHQLQD
0RUW REVHUYDYD DV UHDo}HV GHOHV HP VLOrQFLR 7DPEpP
REVHUYRX DOJR TXH HOHV QmR QRWDUDP 2 SDL GD PHQLQD HVWDYD
FRQYHUVDQGR FRP XP IXQFLRQiULR GD 'LVQH\ TXH SRUWDYD R
GLVWLQWLYRGDHPSUHVD(OHVRUULX 7DOYH]SXGHVVHXVDU DVLWXDomR
PDLVWDUGHTXDQGRIDODVVHGDDWHQomRDRVGHWDOKHV
0RUW JRVWDYD GH GHWDOKHV FROHFLRQDYDRV FRPR VHORV
FRORULGRV (VWXGDUD DV LQIRUPDo}HV TXH HVVHV FLQFR SURILVVLRQDLV
OKH HQYLDUDP D UHVSHLWR GH VXDV H[SHULrQFLDV GH VXD HGXFDomR H
GH VXDV HPSUHVDV ³ WXGR DTXLOR TXH DFKDYDP TXH SRGHULDP
SDUWLOKDUFRPHOH(OHVDELDHPTXDLViUHDVDWXDYDP³VRIWZDUH
VD~GH SHoDV DXWRPRWLYDV VHUYLoRV S~EOLFRV EDQFR ³ H MXOJRX
SRGHUDGLYLQKDUFRPTXHPFDGDXPDFKDYDTXHFRPSHWLD
9ROWRXVHSDUD-XG\
³'LJDPHHQWmRSRUTXH//%HDQpVXDFRQFRUUHQWH"
³%RPDUHODomRH[LVWHQWHpFRPDTXHODDQWLJDHHILFLHQWH
HVWUDWpJLDGHVDWLVID]HURVFOLHQWHVQmRpPHVPR"
³ ([DWDPHQWH ³ GLVVH 0RUW ³ 4XDQGR D FRQFRUUrQFLD
SURYDUVHUPDLVHILFLHQWHVXDHPSUHVDSRGHUiVRIUHUSUHMXt]RV
7RGRVFRQFRUGDUDP([FHWR'RQpFODUR
 ³ 8PD GDV PDQHLUDV GH FRQKHFHU D 'LVQH\ p SRU PHLR GR
VHUYLoRGHDWHQGLPHQWRWHOHI{QLFR³SURVVHJXLX0RUW³7RGRVRV
GLDV D 'LVQH\ UHFHEH PLOKDUHV GH OLJDo}HV 0XLWDV VmR GDV
PHVPDV SHVVRDV TXH WDPEpP WHOHIRQDP SDUD D )HG([ H TXH
FRQWDP FRP VXD SUHVWH]D H FRQILDELOLGDGH 3RGH VHU TXH OLJXHP
XP SRXFR DQWHV RX XP SRXFR GHSRLV RX PHVPR XPD VHPDQD
DQWHVRXGHSRLV0DVOLJDP
'HSRLVjQRLWHYmRSDUDFDVDHSHGHPDOJRGD//%HDQ
RX SRGHP VHU XPD GDV FHQWHQDV GH PLOKDUHV GH SHVVRDV TXH
WHOHIRQDP D FDGD DQR SDUD R FHQWUR GH DWHQGLPHQWR GD *( (OHV
FRPSDUDP HVVHV WHOHIRQHPDV" 3RGH DSRVWDU &RQVFLHQWH RX
LQFRQVFLHQWHPHQWHDVSHVVRDVFRPSDUDPFDGDXPGHOHV
&DUPHQ SUHVXPR TXH VHXV SURGXWRV VHMDP HQWUHJXHV D
VHXV FOLHQWHV (VWRX GL]HQGR TXH VHXV FOLHQWHV FRPSDUDP D
FRQILDELOLGDGHGHVXDVHQWUHJDVFRPDGD)HG([EHPFRPRFRPD
GHTXDOTXHUHPSUHVDGHHQWUHJDVTXHXWLOL]HP
3HUFHED TXH DV SHVVRDV MXOJDP QmR DSHQDV WRGD D VXD
H[SHULrQFLD FRPR WDPEpP DTXLOR TXH DFRQWHFH D FDGD WUDQVDomR
&RPSDUDPWHOHIRQHPDVSHGLGRVHPEDUTXHVHHQWUHJDV
0RUW DSUR[LPRXVH DR JUXSR H IDORX HP YR] EDL[D PDV
ILUPH
³ ( HVWH VLPSOHV IDWR HVWi SURYRFDQGR XPD PXGDQoD
IXQGDPHQWDO QR PRGR FRPR DV HPSUHVDV DGPLQLVWUDP D
FRQFRUUrQFLD 8P FRQFRUUHQWH QmR p VRPHQWH R EDQFR GR RXWUR
ODGRGDFLGDGHRXDGLVWULEXLGRUDGHYHtFXORVQDPHVPDUXDRXQR
PXQLFtSLRYL]LQKR(OHpOLWHUDOPHQWHTXDOTXHUXPTXHPRFOLHQWH
WUDYHFRQWDWRHWHQWHFRPSDUDUFRPDVXDHPSUHVD$VVLPRTXH
-XG\ GLVVH HVWi FRUUHWR 7RGRV HVWmR FRPSHWLQGR QD iUHD GH
VDWLVIDomRGDFOLHQWHOD6XVSHLWRTXHHODVDLEDGLVVRSRUTXHMiWHYH
GHDWHQGHUPLOKDUHVGHFOLHQWHVDRWHOHIRQH
 ³(LVVRPHVPR³GLVVH-XG\VHXVROKRVEULOKDQGRDRVH
OHPEUDU GH DOJXQV GHVVHV FDVRV (OD SRGHULD FRQWDU D 0RUW XQV
FDVRVEHPLQWHUHVVDQWHV
0DV $ODQ SHQVDQGR HP VXD HPSUHVD GH VRIWZDUH IDORX
SULPHLUR
³ 0RUW ³ SHUJXQWRX ³ YRFr HVWi GL]HQGR TXH D
'LVQH\ZRUOGHDPLQKDHPSUHVDVmRQDYHUGDGHFRQFRUUHQWHV"
0RUWVRUULXMiHVSHUDQGRXPDUHDomRFRPRDTXHOD
³ 1mR VHL ³ UHVSRQGHX ³ 9RFr Mi IH] QHJyFLRV FRP
SHVVRDVTXHYLVLWDUDPHVWHSDUTXH"
³'LULDTXHPHWDGHRXPDLVGRVFOLHQWHVGHPLQKDHPSUHVD
HVWLYHUDPDTXL³GLVVH$ODQ³7DOYH]SRUFHQWR
³  %HP SDUD HVVHV  SRU FHQWR VRPRV XPD HVSpFLH GH
FRQFRUUHQWH
³(SDUDRVRXWURVSRUFHQWR"
³ 6y VH HOHV FRQYHUVDUDP FRP DOJXpP TXH Mi HVWHYH DTXL
$ODQULX
³  7HPLD TXH YRFr GLVVHVVH LVVR 0HQHRX D FDEHoD ³
7RGRV7RGRVVmRQRVVRVFRQFRUUHQWHV
³ 3DUHFH TXH FDGD GHWDOKH SRGH PXGDU QRVVR FRQFHLWR
VREUH GHWHUPLQDGRV DVVXQWRV QmR p PHVPR" ³ SHUJXQWRX 0RUW
VRUULQGR
³&RPFHUWH]D³GLVVH$ODQ³)D]FRPTXHYRFrUHSHQVH
DPDQHLUDFRPRDGPLQLVWUDRVVHXVQHJyFLRV
2VGHPDLV³WRGRVH[FHWR'RQ³FRQFRUGDUDPLQWULJDGRV
FRPHVVDQRYDLGpLDVREUHVHXVFOLHQWHV
³  ( R TXH GL]HU GH FOLHQWHV LQWHUQRV" ³ SHUJXQWRX -XG\
³,VVRVHDSOLFDDQRVVRVFRQWDWRVFRPHOHV"


 4XDQGR D FRQFRUUrQFLD IRU PDLV HILFLHQWH HOHYDQGR D
VDWLVIDomR GRV FOLHQWHV PHOKRU GR TXH VXD HPSUHVD YRFr
SRGHUiVRIUHUSUHMXt]RVFRPHVVDFRPSHWLomR
 ³ e FODUR ³ GLVVH 0RUW ³ &OLHQWHV LQWHUQRV SURFXUDP R
PHVPRTXHH[WHUQRV4XDQGRXPFOLHQWHLQWHUQRWHOHIRQDSDUDVXD
HPSUHVDFRPSDUDRVHXDWHQGLPHQWRFRPRGD//%HDQHFRPR
GD )HG([ 0XLWR EHP WRGRV WHUPLQDUDP" 9DPRV FDPLQKDU SHOD
0DLQ 6WUHHW 0DV TXHUR OHPEUDU TXH OKHV UHYHODUHL RV VHWH
VHJUHGRVGRVXFHVVRGD'LVQH\FRPRVHIRVVHPOLo}HVHVFRODUHV
(OH GHX D FDGD XP GHOHV XP SHTXHQR FDUWmR FRQWHQGR D
VHJXLQWHPHQVDJHP


/,d®2

&RQFRUUHQWHpTXDOTXHU
HPSUHVDFRPDTXDOR
FOLHQWHRFRPSDUD



$R VDtUHP GD FRQIHLWDULD 'RQ OHX D IUHQWH H R YHUVR GR
FDUWmR GHX GH RPEURV H R JXDUGRX QR EROVR 3RGH VHU TXH HOH
WHQKDUD]mRSHQVRX0DVDOJXQVWHOHIRQHPDVQmRGLIHUHQFLDPXPD
HPSUHVDGDRXWUDeSUHFLVRPXLWRPDLVGRTXHLVVR


2VVHLVFDPLQKDUDPSHOD0DLQ6WUHHWFRP%LOOH&DUPHQj
IUHQWH'RQQRILQDO-XG\H0RUWFRQYHUVDYDPGHVFRQWUDLGDPHQWH
FRP$ODQ%LOOREVHUYDYDRVFRQYLGDGRVGD'LVQH\ZRUOGHQWUDQGRH
VDLQGR IHOL]HV GH ORMD HP ORMD GH XP ODGR SDUD RXWUR GD UXD
GLULJLQGRVH SDUD DV DWUDo}HV GH RXWURV VHWRUHV GR SDUTXH 9LX
IXQFLRQiULRVGRSDUTXH³PHPEURVGRHOHQFRFRPRRVFKDPDYD
³ RFXSDGRV QR SDSHO GH SURSULHWiULRV GDV ORMDV PXGDQGR H
OLPSDQGR PyYHLV YDUUHQGR D FDOoDGD RSHUDQGR FDUULQKRV GH
DOJRGmRGRFH FDFKRUURTXHQWH HWF DSDUHQWHPHQWH WmR VDWLVIHLWRV
FRPDH[SHULrQFLDTXDQWRDVSHVVRDVDTXHPHVWDYDPVHUYLQGR2
TXH RV GHL[DYD WmR IHOL]HV" ( IHOLFLGDGH VHULD D PHVPD FRLVD TXH
GHGLFDomR"1HVVHLQVWDQWH&DUPHQFXWXFRX%LOO
³7DOYH]VHMDHVVHRPRWLYRSHORTXDOWXGRDTXLpWmROLPSR
³ GLVVH HOD ³ (VWi YHQGR DTXHOH VXMHLWR" 1mR SDUHFH VHU XP
ID[LQHLUR PDV DFDED GH VH GHVYLDU GH VHX FDPLQKR SDUD UHFROKHU
XP SHGDoR GH SDSHO GR FKmR H FRORFiOR HP XPD FHVWD GH OL[R
9RFrDFKDTXHLVVRVLJQLILFDTXHD'LVQH\HFRQRPL]DQDOLPSH]D"
0RUW RXYLX D FRQYHUVD H VXJHULX TXH SHUJXQWDVVHP DR
ID[LQHLUR
³)DUHLLVVR³GLVVH%LOO
(OH VH DSUR[LPRX GR KRPHP TXH WLQKD SDUDGR SDUD
FRQYHUVDU FRP RXWUR PHPEUR GR HOHQFR ³ 'HVFXOSH VHQKRU ³
FRPHoRX%LOO2KRPHPVHYLURXHROKRXSDUD%LOOFRPVHXVROKRV
D]XLV
³2VHQKRUID]SDUWHGDHTXLSHGHOLPSH]D"
8P JUXSR EDUXOKHQWR GH FRQYLGDGRV SUDWLFDPHQWH RV
FHUFDYDGLILFXOWDQGRDFRPXQLFDomR
³ 6LP IDoR ³ GLVVH y KRPHP DFLPD GDV  ULVDGDV GR
JUXSR(OHH0RUWWURFDUDPXPUiSLGRROKDU
³  ,QWHUHVVDQWH 2EULJDGR H GHVFXOSHPH SRU LQWHUURPSHU
VHX WUDEDOKR ³ GLVVH %LOO (OH YLURXVH H UHWRUQRX 1D PHWDGH GR
FDPLQKR SRUpP SDURX H SHUJXQWRX ³ 4XDQWDV SHVVRDV Ki QD
HTXLSHGHOLPSH]D"
2 KRPHP WHQWRX JULWDU SDUD VXSHUDU R UXtGR GD PXOWLGmR
%LOO SHQVRX WHU RXYLGR
 PLO
 PDV QmR VHULD SRVVtYHO %LOO LD

3
´ &OLHQWHV LQWHUQRV SURFXUDP DV PHVPDV FRLVDV TXH RV
H[WHUQRV(OHVFRPSDUDPVHXSDGUmRGHDWHQGLPHQWRFRPRGD
//%HDQHFRPRGD)HG([´
SHUJXQWDUQRYDPHQWHPDVRKRPHPMiHVWDYDORQJH
4XDQGR %LOO UHXQLXVH QRYDPHQWH FRP R JUXSR GLVVH j
&DUPHQTXHRVXMHLWRDSDUHQWDYDVHUXPID[LQHLURHTXHVHWLQKD
RXYLGREHPDHTXLSHHUDIRUPDGDSRUTXDWURDFLQFRPLOSHVVRDV
³(PXLWDJHQWH³GLVVH&DUPHQ
³ e PXLWD JHQWH GHL[DQGR FDLU JRPDV GH PDVFDU
GHUUDPDQGRVRUYHWHFRLVDVDVVLP³GLVVH'RQ
%LOOH&DUPHQVRUULUDPHGXFDGDPHQWH
$ODQH[HUFLWDQGR XPSRXFRGHDULWPpWLFDPHQWDOWDPEpP
DFKRX TXH XPD HTXLSH GH OLPSH]D FRPSRVWD SRU TXDWUR D FLQFR
PLOIXQFLRQiULRVHUDXPH[DJHUR
-XG\SRUVXDYH]HVWDYDHQFDQWDGD
³ 1mR p j WRD TXH D 'LVQH\ HVWi VHPSUH WmR OLPSD H
RUJDQL]DGD 0RUW REVHUYDYD R GHVHQURODU GD KLVWyULD HP VLOrQFLR
6HUiTXHGHYHULDHVFODUHFHUDVFRLVDV"0HOKRUHVSHUDURPRPHQWR
PDLV DGHTXDGR 'HL[DU TXH D VLWXDomR VH VROXFLRQDVVH SRU VL
PHVPD7DOYH]HOHDWpSXGHVVHDMXGDUXPSRXFR
 

& R P R  D V  S H T X H Q D V  F R LV D V ID ] H P X P D 
J UD Q G H G LIH U H Q o D 


'LDKjVKRUDV


0DLVWDUGHDSyVXPSDVVHLRUiSLGRSHOD)URQWLHUODQGSHOD
$GYHQWXUHODQG H /LEHUW\ 6TXDUH D *DQJXH GRV &LQFR H 0RUW
YROWDUDPj0DLQ6WUHHW0RUWUHXQLXRJUXSRjVXDYROWDHDSRLRX
VHHPXPGRVSRVWHVSDUDDPDUUDUFDYDORVTXHDGRUQDYDPDUXD
³%RQLWRVQmR"³SHUJXQWRX0RUW
7RGRV ROKDUDP SDUD RV SRVWHV H DFKDUDP TXH HUDP
LQWHUHVVDQWHV EHP SURMHWDGRV H DFDEDGRV OLPSRV EULOKDQWHV H
DGHTXDGRVSDUDROXJDU³WXGRRTXHXPSRVWHGDTXHOHVGHYHULD
VHU HP XPD UpSOLFD ILHO H HOHJDQWH GR WUDGLFLRQDO FHQWUR GH XPD
DQWLJDFLGDGH]LQKDQRUWHDPHULFDQD(RTXHPDLV"
$VVLP FRQWHPSODUDP RV SRVWHV ROKDUDP SDUD 0RUW H
VRUULUDPVHPPXLWDFRQYLFomR
³(VWHVSRVWHVVmRPXLWRERQLWRV³FRQFRUGDUDPHILFDUDP
FDODGRVHVSHUDQGRDUHDomRGH0RUW
$ODQURPSHXREUHYHVLOrQFLR
³&UHLRTXHGHYHUtDPRVSHUJXQWDUDOJRVREUHHVVHVSRVWHV
QmRp"
 0RUWVRUULX
³(VWiEHP4XDODLPSRUWkQFLDGHVVHVSRVWHV"

(VWDYD HVSHUDQGR HVVD SHUJXQWD 7HP UHODomR FRP R
VHJXQGR VHJUHGR TXH GHVHMR OKHV UHYHODU (OH GHX D WRGRV XP
VHJXQGRFDUWmRFRPDVHJXLQWHPHQVDJHP


/,d®2

)DQWiVWLFDDWHQomR
DRVGHWDOKHV



³ 6DEHP DV SRQWDV PDLV JDVWDV GHVVHV SRVWHV SDUD
DPDUUDUFDYDORVVmRUHWLUDGDVHUHWRFDGDVWRGDVDVQRLWHV
7RGRVVHHQWUHROKDUDP
³  &DGD XP GHVVHV SRVWHV WRGDV DV QRLWHV" ³ SHUJXQWRX
-XG\
³ 6H IRU SUHFLVR VLP ³ GLVVH 0RUW ³ 0DV QHP VHPSUH
LVVR VH ID] QHFHVViULR $ PHWD F ID]HU FRP TXH R SDUTXH SDUHoD
QRYRWRGDVDVPDQKmV+iSRVWHVFRPRHVWHDTXL(OHVQmRVH
GHVJDVWDP GD PHVPD IRUPD PDV DV SRQWDV PDLV JDVWDV VmR
UHWRFDGDVWRGDVDVQRLWHV
%LOOHUJXHXXPDVREUDQFHOKD-XG\VRUULXSDUD0RUW
³9DPRV0RUWYRFrQmRHVWiEULQFDQGRFRQRVFRHVWi"³
SHUJXQWRX
0RUWIH]TXHQmRFRPDFDEHoD'RQSDUHFLDLUULWDGR
³ 6DEH ³ GLVVH ³ SUHRFXSRPH FRP RV GHWDOKHV WDQWR
TXDQWRTXDOTXHUSHVVRD1DYHUGDGHVRXFRQVLGHUDGRXPIDQiWLFR
SRUGHWDOKHVHPPLQKDHPSUHVD0DVUHWRFDURXUHID]HUDSLQWXUD
GHVVHV SRVWHV WRGDV DV QRLWHV PH SDUHFH XP GHVSHUGtFLR GH
UHFXUVRV 3RU TXH QmR DSOLFDU YHUED H HPSHQKR RQGH Ki
QHFHVVLGDGH" ( VH IRU SUHFLVR PDQWHU XP HVTXHPD UHJXODU SRU
TXHQmRUHWRFiORVXPDYH]SRUVHPDQDRXUHID]HUDSLQWXUDXPD
YH] SRU PrV" e SRVVtYHO H[HFXWDU XPD ERD PDQXWHQomR PHVPR
XPD YH] D FDGD WUrV RX TXDWUR PHVHV 6HXV FOLHQWHV WrP RXWUDV
SUHRFXSDo}HV 4XDQWRV GHOHV LUmR QRWDU D GLIHUHQoD" (OH ROKRX
SDUDRVRXWURV


³eSLRUGRTXHYRFrSHQVD'RQ³GLVVH0RUW³1mRVy
RV SRVWHV VmR UHWRFDGRV WRGDV DV QRLWHV FRPR R KRUiULR GH LQtFLR
GDWDUHIDGHSHQGHGDWHPSHUDWXUDHGDXPLGDGHSDUDTXHDWLQWD
Mi HVWHMD VHFD QR KRUiULR GH DEHUWXUD GR SDUTXH QD PDQKm
VHJXLQWH
-XG\ DVVRELRX H 'RQ PHQHRX D FDEHoD 0RUW FRQWLQXRX
HQIDWL]DQGR
³ 8PD HPSUHVD TXH VH SUHRFXSD FRP XP SRVWH SUHVWDUi
HVVD PHVPD DWHQomR D TXDOTXHU FRLVD TXH HQYROYD VHXV
FRQYLGDGRV SRLV D DWHQomR DRV GHWDOKHV ID] SDUWH GD FXOWXUD GD
HPSUHVD $JRUD JRVWDULD TXH YRFrV UHVSRQGHVVHP D XPD
SHUJXQWD
2OKRXSDUDFDGDXPGHOHVDQWHVGHFRQWLQXDU
³ $ DWHQomR DRV GHWDOKHV ID] SDUWH GD FXOWXUD GH VXD
HPSUHVD"
7RGRV VLOHQFLDUDP %LOO OHPEURX GD RFDVLmR HP TXH XP
FOLHQWH R GHWHYH QR VDJXmR SDUD SHGLU XPD JXLD GH GHSyVLWR
1DTXHOH PRPHQWR QmR KDYLD PDLV QHQKXPD QR EDOFmR GH
DWHQGLPHQWR H QHQKXP IXQFLRQiULR VDELD GH TXHP VHULD D
UHVSRQVDELOLGDGH SRU VXD UHSRVLomR 8P SHTXHQR GHWDOKH PDV
TXDQWDV YH]HV QmR WHULD IHLWR FRP TXH RV FOLHQWHV SHQVDVVHP TXH
HVVD GLVWUDomR SRGHULD ID]HU SDUWH GH RXWUDV RSHUDo}HV GR EDQFR
DWp PHVPR GDTXHODV UHODFLRQDGDV FRP D FRQWDELOLGDGH H D
VHJXUDQoD"
2XWURVWLYHUDPSHQVDPHQWRVVHPHOKDQWHV
$ODQSDVVRXDPmRVREUHXPGRVSRVWHV
³  6H WUDGX]R LVVR SDUD R PRGR FRPR WUDWDPRV QRVVRV
FOLHQWHV³GLVVH³VXUSUHHQGRPHFRPDOJXPDVGDVFRLVDVTXHMi
DFRQWHFHUDP(PPLQKDHPSUHVDVHPSUHHQIDWL]HLDQHFHVVLGDGH
GH VDWLVID]HU RV FOLHQWHV PDV FHUWD YH] %HP YRX GL]HU R
VHJXLQWHVRPRVERQVPDVQmRWmRERQVDVVLP
&DUPHQVDELDTXHDDWHQomRDRVGHWDOKHVHUDIXQGDPHQWDO
QR SURFHVVR GH IDEULFDomR GRV SURGXWRV GH VD~GH GH DOWD
TXDOLGDGHUHYHQGLGRVSRUHODHVXDHTXLSH7DPEpPVDELDTXHHUD
YLWDO SDUD VXD GLVWULEXLomR H YHQGD EHP FRPR QD YHULILFDomR GH
VXD FRUUHWD XWLOL]DomR 1DTXHOH WUDEDOKR D DWHQomR DRV GHWDOKHV
QmR HUD DSHQDV XPD TXHVWmR GH JHUDU H PDQWHU FOLHQWHV SRGHULD
VLJQLILFDUDGLIHUHQoDHQWUHDYLGDHDPRUWH(ODUHFRUGRXTXDQGR
LQVLVWLX SDUD TXH PXGDVVHP R WH[WR GH XP GRV IROKHWRV
SURPRFLRQDLV DWp FRUULJLU TXDLVTXHU SUREOHPDV GH LQWHUSUHWDomR
0DV D HTXLSH GH GHVLJQ UHFODPRX WDQWR 3HOR TXH PH FRQVWD
SHQVRXDLQGDWHPRVXPORQJRFDPLQKRSHODIUHQWH
³$SRVWRTXHQLQJXpPID]FRPRD'LVQH\³GLVVH-XG\³
0DVYRFrSRGHULDGDURXWURVH[HPSORV"
³ e FODUR ³ GLVVH 0RUW ³ 2 OXJDU HVWi UHSOHWR GHOHV
6LJDPPH


 2&DVWHORGH&LQGHUHODVXUJLDLPSRQHQWHGLDQWHGHOHV0RUW
FRQGX]LX R JUXSR DWp D HQWUDGD SULQFLSDO /i GHQWUR GLULJLXVH
UDSLGDPHQWHSDUDXPJUDQGHPXUDOQDSDUHGH
³9HMDPLVWR³GLVVH0RUWDFHQDQGRFRPREUDoR$WXUPD
YLURX H ROKRX (QFRQWUDUDP j VXD GLUHLWD XP LPHQVR PXUDO
LOXVWUDQGRFHQDVGH&LQGHUHOD
0RUWFRPHQWRX
³%RQLWRQmR"
³/LQGR³GLVVH-XG\%LOOH$ODQDVVHQWLUDP
³3RUGLYHUVRVPRWLYRVHVWHpXPERPH[HPSORGHDWHQomR
DGHWDOKHV³GLVVH0RUW³0DVQHPWRGRVVmRyEYLRVjSULPHLUD
YLVWD9HMDPVHFRQVHJXHPGHVFREULUDOJXP
$QDOLVDUDPRPXUDOHPVLOrQFLR(QWmR&DUPHQGLVVH
³ $FKR TXH HQFRQWUHL XP -i ID] WHPSR GHVGH TXH OL
&LQGHUHOD PDV OHPEUR TXH XPD GDV ILOKDV GD PDGUDVWD HVWDYD

YHUGH GH LQYHMD

 H D RXWUD
YHUPHOKD GH UDLYD
 ( DTXL HVWmR )RL
H[DWDPHQWHDVVLPTXHRDUWLVWDDVSLQWRX2URVWRGHXPDYHUGH
GHLQYHMDHRGDRXWUDYHUPHOKRGHUDLYD
³1RVVD³GLVVH-XG\7HPUD]mR-iHVWLYHDTXLXPDVPLO
YH]HVFRPFHUWH]DWUrVFQXQFDWLQKDSHUFHELGRLVVR
³ $ PDLRULD GDV SHVVRDV QmR SHUFHEH ³ GLVVH 0RUW ³ 2
LPSRUWDQWH p TXH YRFr SHUFHEHX $OJXPDV SHVVRDV QRWDP HVVHV
GHWDOKHVGHLPHGLDWR2XWUDVRVREVHUYDPDSyVGLYHUVDVYLVLWDVH
LVVR WRUQDUi VXD YLVLWD DLQGD PDLV DJUDGiYHO $V SHVVRDV YrP DWp
DTXL SRU PXLWDV UD]}HV JRVWDP GH GHWHUPLQDGDV DWUDo}HV
DSUHFLDP R DPELHQWH GHVHMDP UHYLYHU D LQIkQFLD HWF 6H KRXYHU
DOJR QRYR SDUD VH GHVFREULU WRGDV DV YH]HV HP TXH YLVLWDP R
SDUTXHHVWDUmRDLQGDPDLVSURSHQVDVDUHWRUQDU
3DUD DOJXQV p XP QRYR WUHQ]LQKR RX DWUDomR PDV SDUD
PXLWRVRXWURVpXPGHWDOKHTXHQXQFDKDYLDPQRWDGR$VSHVVRDV
GD HTXLSH GD 'LVQH\ZRUOG DFKDP TXH LVVR p LPSRUWDQWH H p SRU
LVVRTXHDWHQWDPSDUDRVPHQRUHVGHWDOKHV
2XWUR H[HPSOR GH FRPR p LPSRUWDQWH D DWHQomR DRV
GHWDOKHVHVWiQDIRUPDFRPRR&DVWHORGH&LQGHUHODIRLFRQVWUXtGR
$VSHGUDVSUy[LPDVDRVRORVmRPDLRUHVGRTXHDVGRDOWR,VVRID]
FRPTXHRFDVWHORSDUHoDPDLRUPDVVHPWRUQiORRSUHVVLYR
$ PHVPD WpFQLFD IRL HPSUHJDGD HP RXWUDV SDUWHV GR
SDUTXH 1D +DXQWHG 0DQVLRQ SRU H[HPSOR 1D 0DLQ 6WUHHW VH
YRFrFRPSDUDURVDQGDUHVGRVSUpGLRVYHUiTXHRVHJXQGRDQGDU
p VHPSUH PHQRU TXH R SULPHLUR ( R WHUFHLUR PHQRU GR TXH R
VHJXQGR 2 H[HPSOR PDLV QtWLGR GLVVR HVWi QD ORMD &U\VWDO $UWV
SRLV DV MDQHODV GR WHUFHLUR DQGDU HVWmR DOLQKDGDV H[DWDPHQWH
VREUH DV GR VHJXQGR DQGDU ( DSHVDU GH VHU XP SUpGLR GH WUrV
SLVRVpDSHQDVXPSRXFRPDLVDOWRGRTXHRSUpGLRGHGRLVSLVRV
DVHXODGR
%HP VHL TXH DOJXQV GH YRFrV DLQGD WHUmR G~YLGDV D
UHVSHLWR GHVVH DVVXQWR 7DOYH] WHQKDP YLVWR TXH p EDVWDQWH
OXFUDWLYR DWp HVVHQFLDO HVWDEHOHFHU SULRULGDGHV RX UDFLRQDU VHXV
UHFXUVRV $ 'LVQH\ ID] D PHVPD FRLVD 1LQJXpP GLVS}H GH
UHFXUVRV LOLPLWDGRV 0DV D 'LVQH\ LQMHWD UHFXUVRV HP TXDOTXHU
FRLVD TXH DIHWH D H[SHULrQFLD GH VHXV FRQYLGDGRV WDQWR D FXUWR
FRPRDORQJRSUD]R
(VWH p R 5HLQR (QFDQWDGR ( VH p SDUD FRQWLQXDU PiJLFR
WHPRVGHSUHVWDUPXLWDDWHQomRHPWRGRVRVGHWDOKHV
0LQKD SHUJXQWD p VH YRFrV VRXEHVVHP TXH XPD PDLRU
DWHQomR D DOJXQV GHWDOKHV DXPHQWDULD D ILGHOLGDGH GRV FOLHQWHV
FRPRDSOLFDULDPHVVHSURJUDPDHPVXDHPSUHVD"

4
3HUJXQWHDVLPHVPRDDWHQomRDRVGHWDOKHVWDOFRPR
QD'LVQH\ID]SDUWHGDFXOWXUDGHVXDHPSUHVD"
 (QTXDQWRFDPLQKDYDPGHYROWDSHOD0DLQ6WUHHW%LOOIDORX
³ (VWRX FXULRVR SDUD VDEHU TXHP FXLGD GH WRGRV HVVHV
GHWDOKHV 3DUHFH XPD WDUHID LPHQVD FRPR GHFLGHP TXDLV VmR RV
GHWDOKHVGLJQRVGHWDQWDDWHQomR"
³ &RPHoD FRP R SURJUDPD ,PDJLQHHULQJ ,PDJHQKDULD ³
GLVVH 0RUW ³ OHYDGR D FDER SRU SHVVRDV TXH VmR FKDPDGDV GH
,PDJLQHHUV ,PDJHQKHLURV (OHV LQLFLDP HVVH SURJUDPD FRP
VHVV}HVFKDPDGDVGH2&pXpR/LPLWH
³ )LFR LPDJLQDQGR XP FXUVR SDUD WUHLQDU HVVHV
SURILVVLRQDLV³EULQFRX-XG\
0RUWHRVRXWURVVRUULUDPPDVHOHSURVVHJXLX
³ 2V ,PDJHQKHLURV FRPHoDP FRP XPD GHFLVmR DFHUFD GH
XP JUDQGH FRQFHLWR (OHV SRGHP GHFLGLU &HUWR YDPRV FRQVWUXLU
XPSDUTXHDTXiWLFR(QWmRID]HPXPEUDLQVWRUPLQJEDVHDGRQR
FRQFHLWRHJHUDPWRGDVDVSRVVLELOLGDGHVVREUHHOH6HLTXHTXDQGR
HVWDYDP WUDEDOKDQGR QD LGpLD GH XP SDUTXH DTXiWLFR HP FHUWR
PRPHQWR SHQVDUDP HP FRQVWUXLU XP DFDPSDPHQWR PLOLWDU TXH
IRL GHVFDUWDGR SRVWHULRUPHQWH 0DV GH WRGDV DV LGpLDV JHUDGDV D
PHOKRU IRL D GH XP WXImR )RL DVVLP TXH FKHJDUDP j 7\SKRRQ
/DJRRQ /DJRD GR 7XImR 0DV D PDLRULD GDV FRLVDV FRPHoD QD
,PDJHQKDULD
³ (QWmR HOHV DQDOLVDP DV SRVVLELOLGDGHV HVFROKHP D
PHOKRUGHVHQYROYHPXPSURMHWRHLQLFLDPVXDLPSOHPHQWDomR"
³(PVtQWHVH%LOOpDVVLPTXHDFRQWHFH³0RUWH[SOLFRX
³ 0DV D DWHQomR IDQiWLFD DRV GHWDOKHV HVWi SUHVHQWH GHVGH R
LQtFLR GR SURFHVVR GH SODQHMDPHQWR $QWHV GH VH FRQVWUXLU
TXDOTXHUFRLVDSRUH[HPSORHOHVSODQHMDPDVFRUHV
³&RUHV"³SHUJXQWRX'RQ
³ &RUHV -RKQ +HQFK SUHSDUD WRGDV DV FRUHV (OH IRL XP
GRVQRYHDUWLVWDVRULJLQDLV(VWiKRMHFRPPDLVGHDQRVPDVp
TXHP FXLGD GDV FRUHV SDUD WRGRV RV ORFDLV 3DULV 7yTXLR (SFRW
(HOHTXHPGHILQHDVFRUHVGHFDGDKRWHO
(OH FKHJD D GHILQLU DV FRUHV SDUD DV FDOoDGDV OHYDQGR HP
FRQWD GHWDOKHV FRPR R DQJXOR GH LQFLGrQFLD GRV UDLRV VRODUHV HP
GLIHUHQWHVpSRFDVGRDQR(OHSURMHWRXDLOXPLQDomRQRWXUQDGD
JUDQGH HVIHUD GR (SFRW SDUD PDQWHU D WRQDOLGDGH GH S~USXUD
DGHTXDGD$DWHQomRDRVGHWDOKHVSHUPHLDWRGR
³(QWmRQmRpVyR0DJLF.LQJGRPPDVR(SFRWWDPEpP"
³SHUJXQWRX-XG\
³ &DGD DWUDomR KRWHO ORMD UHFHEH WRGRV RV FXLGDGRV QD
IDVHGHGHVHQYROYLPHQWR
0RUWGHWHYHVHSRUXPLQVWDQWHSDUDSHQVDU
³ 9RFrV HVWmR KRVSHGDGRV QR KRWHO 3RO\QHVLDQ QmR" 9RX
OKHV H[HPSOLILFDU VREUH R TXH HVWRX IDODQGR 9DPRV SHJDU R
PRQRWULOKRSDUDXPDUiSLGDYLDJHPDRKRWHO


-iQR3RO\QHVLDQ0RUWHD*DQJXHGRV&LQFRDWUDYHVVDUDP
D UHFHSomR H IRUDP FDPLQKDQGR SHOD SUDLD 0RUW GHVFUHYHX XP
FtUFXOR FRPSOHWR FRP D PmR DEUDQJHQGR D 6HYHQ 6HDV /DJRRQ
XPDDODGRKRWHODSLVFLQDHYROWDQGRj/DJRRQ
³ $JRUD OHPEUDQGR VHPSUH TXH HVWDPRV 7DODQGR VREUH
DWHQomRDGHWDOKHVRTXHYRFrVHQFRQWUDPDTXLSDUDLOXVWUDUHVVH
SULQFtSLR"
7RGRV FRQWHPSODUDP R FHQiULR HP VLOrQFLR GXUDQWH DOJXQV
PLQXWRV

5
´6HYRFrVVRXEHVVHPTXHXPDPDLRUDWHQomRDDOJXQV
GHWDOKHV DXPHQWDULD D ILGHOLGDGH GRV FOLHQWHV FRPR
DSOLFDULDPHVVHSURJUDPDHPVXDHPSUHVD"´
 $ODQGLVVH
³  3DJXHL PHXV HVWXGRV ID]HQGR SDLVDJLVPR H SUHVWHL
SDUWH GH PHX VHUYLoR PLOLWDU QRV 0DUHV GR 6XO 'XDV FRLVDV
ILFDUDPHYLGHQWHVSDUDPLP
3ULPHLUR D YHJHWDomR DTXL H QHVVDV LOKDV SDUHFH VHU D GD
SUySULD 3ROLQpVLD 1mR SRVVR JDUDQWLU TXH WRGD D YHJHWDomR VHMD
QDWXUDOGHOiPDVjSULPHLUDYLVWDpRTXHSDUHFH
6HJXQGR WHQKR D LPSUHVVmR GH TXH R FHQiULR IRL
FXLGDGRVDPHQWH SODQHMDGR 3DUHFH DOHDWyULR PDV D ~QLFD FRLVD
TXH FRQVLJR YHU VmR DV SRQWDV GH WUrV HVWUXWXUDV GR 0DJLF
.LQJGRP H QDGD PDLV DR ROKDU QD GLUHomR GR KRWHO ,VVR VXJHUH
TXH D DOWXUD D GHQVLGDGH D ORFDOL]DomR H R WLSR GH YHJHWDomR
IRUDPPXLWREHPLGHDOL]DGRV0XLWRPHVPR
³ 9RFr HVWi GXSODPHQWH FHUWR ³ GLVVH 0RUW FRP DU GH
DSURYDomR ³ $ YHJHWDomR p XPD PLVWXUD GH SODQWDV SROLQpVLDV H
YHJHWDomRQDWLYDTXHOHPEUDEDVWDQWHDSDLVDJHPRULJLQDO
³ 1mR p Vy QR 3RO\QHVLDQ ³ GLVVH &DUPHQ ³ 1R DQR
SDVVDGR PLQKD IDPtOLD H HX QRV KRVSHGDPRV QR :LOGHUQHVV
/RGJHGRFRPSOH[RGD'LVQH\ZRUOG7LYHDLPSUHVVmRGHHVWDUQDV
0RQWDQKDV5RFKRVDV(OHVHVFRQGHUDPRKRWHOOiQDSRQWDORQJH
GHWXGR3DUHFHVHUIHLWRGHWURQFRVGHiUYRUH+iSHJDGDVGHDOFHV
HGHXUVRVSRUWRGDDSDUWH+iPHQRVOX]VRODUGLUHWDDOLGRTXH
HP TXDOTXHU RXWUR SRQWR GR SDUTXH 'i D VHQVDomR GH IUHVFRU
FRPRVHYRFrHVWLYHVVHQRPHLRGDIORUHVWD9RFrFKHJDDDFUHGLWDU
TXH HVWi HP DOJXPD SDUWH GR LQWHULRU 2 PHVPR DFRQWHFH FRP D
YHJHWDomR(VWRXFHUWDGHTXHHODQmRpQDWLYDGD)OyULGDHPERUD
SDUHoDSHUIHLWDPHQWHQDWXUDOQDTXHOHOXJDU
(ODVRUULXUHFRUGDQGRFRPSUD]HUDYLVLWDHSURVVHJXLX
³ +i QHOH XPD JUDQGH ODUHLUD GH SHGUD GH VHWH RX RLWR
DQGDUHV GH DOWXUD 4XDQGR SHGL D DOJXpP SDUD PH IDODU GHOD
VRXEHTXHHODHVWDYDEDVHDGDQDVFDPDGDVGHURFKDHQFRQWUDGDV
QR *UDQG &DQ\RQ &RPR HUD GH VH HVSHUDU DR YLVLWDUPRV FDGD
DQGDU HQFRQWUDPRV WH[WRV UHIHUHQWHV DR SHUtRGR JHROyJLFR
UHSUHVHQWDGR SRU DTXHOD FDPDGD 1mR Vy QRV GHX D LGpLD GH
SUHFLVmR FRPR IRL HGXFDWLYR 0HXV ILOKRV ILFDUDP IDVFLQDGRV
4XDQGR YROWDPRV SDUD FDVD HOHV IRUDP DWp D ELEOLRWHFD H
HVWXGDUDPRVOLYURVGHJHRORJLD
7XGR p FRHUHQWH FRP R MHLWR U~VWLFR GR OXJDU DWp RV
Q~PHURV QDV SRUWDV GRV TXDUWRV 2V GHFRUDGRUHV SHVTXLVDUDP
XQVKRWpLVGR 2HVWH8PGHOHVILFDYDHPXPDFLGDGHSUy[LPD
DR *UDQG &DQ\RQ ³ FKDPDYDVH 7KXQGHUELUG (OHV JRVWDUDP GR
PRGR FRPR R 7KXQGHUELUG QXPHURX DV SRUWDV H DGDSWDUDP R
SURMHWRTXDQGRIL]HUDPR:LOGHUQHVV/RGJH
( WHP PDLV SURVVHJXLX 4XDQGR FDPLQKHL QD SDUWH GH
WUiVGR/RGJHVyFRQVHJXLDYHUD'LVFRYHU\,VODQG6HLTXHDiUHD
FRQWHPSRUkQHD ILFD SRU DOL PDV QmR Gi SDUD HQ[HUJiOD 1mR VH
FRQVHJXHYHUQDGDTXHQmRVHMD
VHOYDJHP

2 PHVPR DFRQWHFH DTXL QR 3RO\QHVLDQ 4XDQGR YRFr HVWi
DTXLHVWiQD3ROLQpVLDHQmRHPRXWUROXJDU/iYRFrHVWiHPXP
KRWHO GH DOJXP SDUTXH QDFLRQDO FRPR R 2OG )DLWKIXO ,QQ HP
<HOORZVWRQH
([FHWR SRU XPD FRLVD DFUHVFHQWRX 2X WDOYH] 'R]H
LWHQVTXHQmRWrPQDGDDYHUFRPDYLGDVHOYDJHPRXFRPQRVVRV
SDUTXHV QDFLRQDLV 'R]H LWHQV TXH PHXV ILOKRV GHVFREULUDP
HVFRQGLGRVPDVjPRVWUDSRUDVVLPGL]HU
0RUWDLQWHUURPSHXFRPXPDVVRELRDJXGR
&DUPHQFDORXVHHHODHRVGHPDLVILWDUDP0RUWFXULRVRV
(OH S{V XP GHGR VREUH RV OiELRV ³ 6HJXUH HVVH SHQVDPHQWR

2 2OG )DLWKIXO 9HOKR )LHO p XP JrLVHU TXH H[SHOH MDWRV GH iJXD HP LQWHUYDORV
UHJXODUHVORFDOL]DGRQR3DUTXH1DFLRQDOGH<HOORZVWRQHQRV(8$1GR7
&DUPHQ³GLVVH'HSRLVVRUULX³9HMRRVDPDQKmGHPDQKmjV
QRYHKRUDVHPIUHQWHDR&LW\+DOO
'RQ WLURX VHX EORFR GH DQRWDo}HV GR EROVR H HVFUHYHX
DOJXPD FRLVD QHOH HQTXDQWR RV RXWURV DW{QLWRV REVHUYDYDP D
SDUWLGDGH0RUW


 

0LFKDHO(LVQHUHVFODUHFH


'LDKjVK


0RUW JRVWDYD GH FKHJDU FHGR SDUD YHU R SDUTXH DEULU DV
SRUWDVSDUDVHXVFRQYLGDGRV$SDUHQWHPHQWHSRUpPRXWUDSHVVRD
WHYH D PHVPD LGpLD $R FKHJDU QR &LW\ +DOO jV GH] SDUD DV QRYH
HQFRQWURX -XG\ Mi DOL FRQYHUVDQGR FRP XP PHPEUR GR HOHQFR
$ODQ %LOO H &DUPHQ FKHJDUDP SRXFR GHSRLV VHJXLGRV SRU XP
LQH[SUHVVLYR 'RQ TXH DSDUHFHX VRPHQWH jV QRYH FRP XP DU
SUHPHGLWDGDPHQWHLQIRUPDOHVHPQDGDGL]HU
'XUDQWH R UiSLGR FDIp GD PDQKm D *DQJXH GRV &LQFR
UHYLVRX DV OLo}HV GR GLD DQWHULRU (QTXDQWR FRQYHUVDYDP 0RUW
ROKRXSHODMDQHODHYLXXPDIDPtOLDIROKHDQGRXPPDSDWHQWDQGR
ORFDOL]DU DOJXPDV GDV DWUDo}HV GR SDUTXH FRP XPD FHUWD
GLILFXOGDGH 3HGLQGR OLFHQoD DR JUXSR HOH VDLX H S{VVH D
FRQYHUVDU FRP HOHV (P XP GDGR PRPHQWR LQFOLQRXVH H GLVVH
DOJR SDUD XPD GDV FULDQoDV $ PHQLQD TXH DSDUHQWDYD XQV GH]
DQRV GH LGDGH GHX XP JUDQGH VRUULVR 0RUW DSRQWRX SDUD FHUWD
GLUHomR³H'RQHVWUDQKRXTXHHOHRIL]HVVHFRPGRLVGHGRV³HD
IDPtOLD ROKRX SDUD DTXHOH ODGR FRP JHVWRV GH DVVHQWDPHQWR H
DSDUHQWHJUDWLGmRSHODDMXGD
 ³ 2 TXH HVWDYD DFRQWHFHQGR Oi IRUD" ³ SHUJXQWRX $ODQ
TXDQGR0RUWYROWRX
³ (VWDYD VHQGR
DJUHVVLYDPHQWH JHQWLO
 ³ H[SOLFRX 0RUL
7RGRVRVPHPEURVGRHOHQFR'LVQH\UHFHEHPRULHQWDomRGHSDUDU
LPHGLDWDPHQWH R TXH HVWLYHUHP ID]HQGR VH IRU SRVVtYHO SDUD
RIHUHFHU DMXGD VHPSUH TXH YLUHP DOJXP FRQYLGDGR SUHFLVDQGR
GHOD (VVHp R WHUPR RILFLDO FRP TXHD 'LVQH\ WUDWD XP YLVLWDQWH
XP FRQYLGDGR 4XDQGR HOHV HVWLYHUHP FRQIXVRV FRP XP PDSD
SRUH[HPSORRVPHPEURVGRHOHQFRRIHUHFHPDMXGDRPDLVUiSLGR
SRVVtYHO 6H DOJXpP HVWLYHU WHQWDQGR WLUDU D IRWR GH VHX JUXSR
WDPEpPVHRIHUHFHPSDUDWLUiODSDUDTXHWRGRVSRVVDPDSDUHFHU
QHOD
6HU
DJUHVVLYDPHQWH JHQWLO
 p SRU DFDVR XP ERP H[HPSOR
GRDVVXQWRGHVWDPDQKm
0RUWGHXDWRGRVXPFDUWmRFRPDVHJXLQWHIUDVH


/,d®2

7RGRVPRVWUDP
HQWXVLDVPR



'RQOHXRVHXFDUWmRHUHYLURXRVROKRVHQILDQGRRSDSHOQR
EROVR
%LOO OHX D PHQVDJHP GXUDQWH XP PLQXWR H GHSRLV
SHUJXQWRX
³ 6H YRFr IRVVH XP IXQFLRQiULR GHVFXOSH PHPEUR GR
HOHQFR HQWmR DTXLOR TXH YRFr DFDED GH ID]HU VHULD SDUWH GH VHX
WUDEDOKR6HUiLVVRTXHPRVWUDUHQWXVLDVPRTXHUGL]HU"([HFXWDU
VXDVWDUHIDV"
³ 1mR ³ GLVVH 0RUW ³ (VVD OLomR GL] UHVSHLWR DR PRGR
FRPRYRFrH[HFXWDDVWDUHIDVHPVHXWUDEDOKR 2 0DJLF.LQJGRP
OLGD FRP GLYHUVmR H PDJLD 4XDQGR YRFr HQWUD QR PRQRWULOKR R
ORFXWRU GL] 9RFr HVWi SUHVWHV D FKHJDU DR OXJDU PDLV PiJLFR GR
SODQHWD 7RGRV RV PHPEURV GR HOHQFR TXHUHP SUHVHUYDU HVVD
H[SHULrQFLDPiJLFD&DGDXPGHOHVGHVHMDDMXGDURVFRQYLGDGRVD
GHVIUXWDU DR Pi[LPR D VXD YLVLWD 1mR TXHUHP DSHQDV IDODU GHOD
(OHV PRVWUDP HQWXVLDVPR 2V FRQYLGDGRV WrP HP PpGLD 
RSRUWXQLGDGHV GH FRQWDWR SRQWRV QRV TXDLV HQWUDP HP FRQWDWR
FRPXPPHPEURGRHOHQFR$'LVQH\TXHUWRUQDUFDGDXPGHVVHV
PRPHQWRV DOJR PiJLFR (VVH HOHQFR EXVFD DWLYDPHQWH
RSRUWXQLGDGHVSDUDFULDUXPGHVVHVPRPHQWRVPiJLFRV
$VVLP TXDQGR VXUJH D RSRUWXQLGDGH FDGD XP DMXGD
DWLYDPHQWHRFRQYLGDGR$MXGHLDTXHODIDPtOLDGDQGROKHVDOJXPDV
RULHQWDo}HVSRLVHUDGLVVRTXHSUHFLVDYDPSDUDDSURYHLWDUPHOKRU
DYLVLWDHFDVXDOPHQWHIXLRSULPHLURDFRQVWDWDUVXDQHFHVVLGDGH
GH DMXGD 3RGHULD PXLWR EHP WHU VLGR XP ID[LQHLUR RX TXDOTXHU
RXWUD SHVVRD SRLV FDGD XP GH QyV SURFXUD VHU
DJUHVVLYDPHQWH
JHQWLO

3RUWDQWRTXDQGRDFXOWXUDGL]
$MXGHRFRQYLGDGR
LVVRVH
DSOLFD D WRGRV &DGD SHVVRD PRVWUD HQWXVLDVPR &RQWDGRUHV
HQJHQKHLURVPHFkQLFRVVXSHUYLVRUHVSRUH[HPSOR
³4XDOpRVLJQLILFDGRGHFXOWXUD"³SHUJXQWRX'RQ
³ e D PDQHLUD SHOD TXDO D 'LVQH\ZRUOG IXQFLRQD ³ GLVVH
0RUW³$TXLHVWHpRVLJQLILFDGRGDSDODYUD
FXOWXUD



³6DEH³GLVVH-XG\SHQVDWLYD³jVYH]HVYRFrGL]QyV
jVYH]HVYRFrGL]HOHV&RPRpLVVR"6HUiTXHYRFrQDYHUGDGHID]
SDUWHGRHOHQFR0RUWRXDSHQDVVHVHQWHDVVLP"
³1DYHUGDGHpLVVRVLQWRPHPHPEURGRHOHQFR³VRUULX
0RUW³-iQmRWUDEDOKRSDUDD'LVQH\KiPXLWRWHPSR$FRQWHFH
TXH DFKR TXH HOHV ID]HP XP ERP WUDEDOKR H JRVWR GH PRVWUDU D
JUXSRVFRPRRGHYRFrVFRPRpSRVVtYHOHOHYDUVHXVQHJyFLRVDXP
HVWiJLRVXSHULRUDSUHQGHQGRFRPRVPHOKRUHVHD'LVQH\FFRP
FHUWH]DOtGHUQRDWHQGLPHQWRDRFOLHQWH
³ (QWmR QyV FLQFR FRPR FRQYLGDGRV RX VHMD Oi R TXH
IRUPRV WDPEpP SRGHUtDPRV PRVWUDU HQWXVLDVPR QmR" ³
SHUJXQWRX-XG\EULQFDQGR
³ 1DGD RV LPSHGH ³ GLVVH 0RUW ³ 3DUD IDODU D YHUGDGH
VDEHPRVTXHVRPRVHVWLPXODGRVDDMXGDUHQRWDPRVRTXDQWRLVVR
HQWXVLDVPD RV FRQYLGDGRV $V SHVVRDV ³ FRQYLGDGRV H WRGR
PXQGR ³ SDUHFHP PDLV DPiYHLV PDLV VROLGiULDV DTXL GR TXH
TXDQGRHVWmRGRODGRGHIRUDGRSDUTXH(VWRXFHUWRGHTXHSDUWH
GLVVRVHGHYHDRIDWRGHHVWDUHPVHGLYHUWLQGRQD'LVQH\PDVDR
PHVPR WHPSR QmR FRQVLJR GHL[DU GH VHQWLU TXH PXLWR VH GHYH j
DWLWXGHGRVPHPEURVGRHOHQFR
-iYLFRQYLGDGRVSDUDUHPGHID]HUDOJRSDUDDMXGDUDOJXpP
TXH HVWi WHQGR GLILFXOGDGHV FRP VXD FDGHLUD GH URGDV 9L JHQWH
FRQVRODQGR FULDQoDV SHUGLGDV HQTXDQWR RXWURV YmR DR *XHVW
5HODWLRQV R GHSDUWDPHQWR GH DWHQGLPHQWR DR FRQYLGDGR SDUD
SHGLUDMXGDQDORFDOL]DomRGRVSDUHQWHVRXDPLJRVeOyJLFRTXHDV
SHVVRDVID]HPFRLVDVDVVLPOiIRUDPDVDLPSUHVVmRTXHVHWHPp
GHTXHDTXLLVVRpXPDUHJUDQmRDH[FHomRePXLWRLQVSLUDGRU
PHVPRGHSRLVGHWDQWRVDQRVHVWXGDQGRHVWHOXJDU
3HQVHPHPVXDVHPSUHVDV7RGDYH]TXHXPFOLHQWHHQWUD
HP FRQWDWR FRP HOD YRFr WHP D FKDQFH GH FULDU DOJR YDOLRVR
$SURYHLWH EHP HVVD RSRUWXQLGDGH H JDQKDUi &DVR D GHVSHUGLFH
SHUGHUi VHPSUH e PXLWR VLPSOHV UDFLRFLQDUPRV VREUH HVVH
DVVXQWR
0RUWYLXDVKRUDV
³ %HP VH YRFrV Mi WRPDUDP R FDIp JRVWDULD TXH
DVVLVWLVVHP D XPD DSUHVHQWDomR HVSHFLDO D XQV FLQFR PLQXWRV
GDTXL &RP IUDQTXH]D HP YLUWXGH GH DOJR TXH SUHVHQFLDPRV
RQWHP DFKR TXH YRFrV LUmR JRVWDU *RVWDULD GH SRGHU UHFHEHU R
FUpGLWR SRU LVVR PDV QmR VHULD FDSD] GH RUJDQL]DU XP H[HPSOR
PHOKRU D UHVSHLWR GR TXH DFDEDPRV GH IDODU -i HVWmR WRGRV
EDVWDQWHLQWULJDGRV"1HVVHFDVRVLJDPPH


(PSRXFRWHPSRD*DQJXHGRV&LQFRVHYLXGHQWURGHXPD
VDOD GH DXODV RQGH RXWUDV  SHVVRDV DSUR[LPDGDPHQWH Mi
HVWDYDP DFRPRGDGDV 0RUW VHQWRXVHHP XPD SROWURQD QD SRQWD
GDILODGDIUHQWHRVRXWURVVHQWDUDPVHDOLSHUWR
0RUWYLURXVHSDUDRVGHPDLVHGLVVH
³  &UHLR TXH YRFrV JRVWDUmR GLVWR 0LFKDHO (LVQHU GLUHWRU
SUHVLGHQWH H SUHVLGHQWH GR &RQVHOKR GD :DOW 'LVQH\ &RPSDQ\
HVWi KRMH QR SDUTXH (OH YDL SDUDU XP SRXFR SRU DTXL SDUD FRP
SDUWLOKDU DOJXQV SHQVDPHQWRV H UHVSRQGHU jV VXDV SHUJXQWDV $t
YHPHOH
7RGRV RV ROKDUHV VH GLULJLUDP SDUD XPD SRUWD ODWHUDO SHOD
TXDOXPKRPHPYLJRURVRXVDQGRFDPLVDSyORHRUHOKDVGH0LFNH\
SDVVRX VDXGDQGR RXWURV PHPEURV GR HOHQFR FRP WDSDV QRV
RPEURV
6HXVROKRVHUDPGHXPD]XOIRUWH
³%LOO³VXVVXUURX&DUPHQ³1mRHUDHOH"
³  2 ID[LQHLUR TXH YLPRV RQWHP" $TXHOH FRP TXHP
FRQYHUVHL"3DUHFHPXLWRFRPHOH
 ³eHOH
³ 6LP ³ GLVVH 0RUW ³ 4XDQGR R YL %LOO FRQYHUVDQGR
RQWHP FRP HOH WLYH D HVSHUDQoD GH FRQVHJXLU KRMH HVWD SHTXHQD
VXUSUHVD SDUD YRFrV 6XUSUHVD &DVR WHQKDP SHUJXQWDV SDUD DV
TXDLVGHVHMDUHPUHVSRVWDVDJRUDpDPHOKRURFDVLmRSDUDID]rODV
$V RXWUDV SHVVRDV QD VDOD HVWDYDP HP Sp DSODXGLQGR
(LVQHUHQTXDQWRHOHFDPLQKDYDDWpRPLFURIRQH
³2OiSDUDWRGRVeyWLPRSRGHUSDVVDUDOJXPWHPSRFRP
YRFrV(VWmRFRPRSyPiJLFRGD6LQLQKRjPmR"
³6LP³UHVSRQGHUDPULQGR
(LVQHUGLULJLXVHSDUDD*DQJXHGRV&LQFR
³ 2L 0RUW ³ GLVVH ³ e ERP YrOR QRYDPHQWH 3HOR TXH
YHMRWURX[HVXDWXUPDGHDOXQRV%HPYLQGRVDPLJRV
3RU TXH XP ILJXUmR FRPR (LVQHU GHVSHUGLoDULD VHX WHPSR
FRP XPD DXOD GH WUHLQDPHQWR GR 0LFNH\ 0RXVH" SHQVRX 'RQ 2X
PHVPR DTXHOHV GRLV VHJXQGRV SDUD UHVSRQGHU j SHUJXQWD GH %LOO
RQWHP"
(LVQHUIDORXXPSRXFRHGHSRLVRIHUHFHXVHSDUDUHVSRQGHU
DVSHUJXQWDV$RFRQFOXLUVHXVFRPHQWiULRVGLVVH
³  1LQJXpP JRVWD GH ID]HU D SULPHLUD SHUJXQWD DVVLP
TXHPJRVWDULDGHID]HUDVHJXQGD"
$SyV XPD EUHYH RQGD GH ULVRV D VDOD IRL LQXQGDGD SRU
SHUJXQWDV
4XHPDQHLUDLQWHOLJHQWHGHGDULQLFLRjVHVVmRGHSHUJXQWDV
SHQVRX $ODQ (P VHX HVFULWyULR TXDQGR FRQYRFDYD IXQFLRQiULRV
SDUD DOJXPD UHXQLmR HUD VHPSUH GLItFLO ID]HU FRP TXH VH
DEULVVHP $ WpFQLFD GH (LVQHU SRU VXD YH] GHL[DYD DV SHVVRDV j

7
´ 7RGDDYH]TXHXPFOLHQWHHQWUDHPFRQWDWRFRPVXD
HPSUHVDYRFrWHPDRSRUWXQLGDGHGHFULDUYDORU´
YRQWDGHQDPHVPDKRUD3URPHWHXVHOHPEUDUGLVVR
&DUPHQ SHUJXQWRX VREUH R TXH D LQFRPRGDYD GHVGH R GLD
DQWHULRU
³6U(LVQHU³FRPHoRX³RQWHPOKHSHUJXQWDPRVRX
D DOJXpP PXLWR SDUHFLGR ³ VREUH R Q~PHUR GH ID[LQHLURV GD
'LVQH\ (QWHQGHPRV TXH GLVVH TXDWUR RX FLQFR PLO 7HQKR GXDV
SHUJXQWDV 3ULPHLUR HUD UHDOPHQWH R VHQKRU" 6HJXQGR D
LPSUHVVmRTXHWHPRVpTXHHVVHQ~PHURpPXLWRJUDQGHSDUDXPD
HTXLSH GH OLPSH]D HPERUD WHQKD GH DGPLWLU TXH HVWH p R OXJDU
PDLVOLPSRTXHMiYL
8PPXUP~ULRGHDSURYDomRVHHUJXHXQDVDOD
³  (UD HX H SRU IDYRU WUDWHPH SRU 0LFKDHO &UHLR WHU
VLGRHVWHFDYDOKHLUR³DSRQWRXSDUD%LOO³TXHPHIH]DSHUJXQWD
VREUHDHTXLSHGHOLPSH]D&UHLRTXHQmRPHIL]FRPSUHHQGHUHP
YLUWXGHGRUXtGR1mRGLVVHTXDWURRXFLQFRPLO
'RQ SHQVRX $K (QWmR PHOKRURX 6DELD TXH QmR HUDP
WDQWRV
³2Q~PHURHUDPLO³SURVVHJXLX0LFKDHO
&DUPHQVRUULXVXUSUHVD'RQSDUHFHXWHUVLGRDWLQJLGRSRU
XP UDLR $ODQ YHUEDOL]RX DTXLOR TXH &DUPHQ H RV RXWURV
SHUFHEHUDPVXELWDPHQWH
³(QWmRWRGRVID]HPSDUWHGDHTXLSHGHOLPSH]D"
³ 6LP H[DWDPHQWH $ OLPSH]D GR SDUTXH p FUXFLDO )D]
SDUWHGDTXLORTXHWRUQDHVWHOXJDUYHUGDGHLUDPHQWHPiJLFR(WmR
LPSRUWDQWHSDUDQyVTXHWRGRVVHFRQVLGHUDPSDUWHGDHTXLSHGH
OLPSH]D
%LOOSHUJXQWRXVHLVVRIDULDSDUWHGRFRQMXQWRGHSROtWLFDVH
SURFHGLPHQWRV GD HPSUHVD (VWDYD FODUR TXH D OLPSH]D HUD XP
YDORU DXWRPiWLFR DWp LQVWLQWLYR GR SDUTXH PDV R TXH R ID]LD
IXQFLRQDU" 2 EDQFR WLQKD HVWDEHOHFLGR UHJUDV SDUD R VHUYLoR DRV
FOLHQWHVPDVDREHGLrQFLDjPDLRUSDUWHGHODVSDUHFLDVHUIUDFD
³ ,VVR ID] SDUWH GH DOJXPD SROtWLFD LQVWLWXtGD" ³
SHUJXQWRX&DVRIDoDFRPRYRFrVID]HPSDUDSUDWLFiOD"
³ 1mR p XPD UHJUD ³ IRL D UHVSRVWD ³ PDV D OLPSH]D GR
SDUTXHID]SDUWHGHQRVVDFXOWXUD&UHLRTXHXPDGDVUD]}HVSDUD
LVVRpDLQLFLDWLYDTXHRVPHPEURVGRHOHQFRH[LEHPHPWRGRVRV
QtYHLV
2KQmRSHQVRX'RQ$JRUDYDPRVHQWUDUQDTXHODODGDLQKD
VREUHOLGHUDQoD
³ 2 TXH LVVR TXHU GL]HU QD SUiWLFD" ³ SHUJXQWRX HP YR]
DOWD


0RUW VH OHYDQWRX H YROWRXVH SDUD R JUXSR IDODQGR HP YR]
DOWDRVXILFLHQWHSDUDTXHWRGRVRVSUHVHQWHVRHVFXWDVVHP
³$FKRTXHSRVVRDMXGDU2QWHPYLPRV0LFKDHOFROKHUXP
SHGDoRGHSDSHOHMRJiORHPXPFHVWRGHOL[R7RGDVDVYH]HVHP
TXH LVVR DFRQWHFH RX VHMD VHPSUH TXH 0LFKDHO Yr DOJXP GHWULWR
QRSDUTXHDLPSRUWkQFLDGDOLPSH]DpHQIDWL]DGDGHPDQHLUDPDLV
HORTHQWH GR TXH TXDOTXHU SROtWLFD RX UHJUD GH SURFHGLPHQWR
MDPDLVHVFULWD
³ 2EULJDGR 0RUW ³ GLVVH 0LFKDHO ³ 7mR LPSRUWDQWH RX
DWpPDLVpRIDWRGHWRGRVRVVXSHUYLVRUHVID]HUHPRPHVPR'LFN
1XQLVH-XGVRQ *UHHQUHVSHFWLYDPHQWHSUHVLGHQWHGR FRQVHOKR F
SUHVLGHQWH GD :DOW 'LVQH\ $WWUDFWLRQV UHFROKHP GHWULWRV FRPR WR
GRVRVGHPDLV$VVLPHVVHFRPSURPLVVRFRPDOLPSH]DHVWiJUDYD
GRQDPHQWHGHWRGRPXQGR
2 FRPSURPLVVR SRGH VHU ORFDOL]DGR QR SUySULR :DOW
'LVQH\ (OH FRVWXPDYD OHYDU VXD ILOKD D RXWURV SDUTXHV GH
GLYHUVmR H QmR FRQVHJXLD DFUHGLWDU QD VXMHLUD GHVVHV OXJDUHV
,GHDOL]RXDOJRVHPHVVDDWPRVIHUDRWLSRGHOXJDUSDUDRTXDOXP
SDLQmRKHVLWDULDHPOHYDUVHXVILOKRV
6HXVHPEODQWHILFRXVpULR
³  4XHUHPRV TXH D PHVPD SRVWXUD LQWHULRU VHMD LQVWLJDGD
HP FDGD QRYR PHPEUR GR HOHQFR $VVLP GXUDQWH R 7UDGLWLRQV
7UDGLo}HV TXH p R SULPHLUR FXUVR GH WUHLQDPHQWR D TXH WRGRV
FRPSDUHFHP RV QRYRV PHPEURV GR HOHQFR FRQWHPSODP GXDV
LPDJHQVXPDUXDGRODGRGHIRUDGRSDUTXHHD0DLQ6WUHHWDTXL
QRSDUTXH&RPSDUDGDjGRSDUTXHDUXDGHIRUDpRSUySULRFDRV
2V SUpGLRV WrP HVWLORV H LGDGHV GLIHUHQWHV H DOJXQV H[LJHP
UHSDURV +i SDSpLV H OL[R SHOD UXD 1DGD VH HQFDL[D 3RU RXWUR
ODGRD0DLQ6WUHHWHVWiVHPSUHLPSHFDYHOPHQWHOLPSDHWRGRVRV
SUpGLRV H DGRUQRV VmR ILpLV DR SHUtRGR $V SHVVRDV ROKDP SDUD
XPD IRWR H SDUD D RXWUD H HQWmR WRGRV FRPHoDP D
FRPSUHHQGHUDLPSRUWkQFLDGHVHPDQWHURSDUTXHOLPSR
³ ( HQWmR FRPR YRFr PDQWpP HVVH HVStULWR YLYR" ³
SHUJXQWRX%LOOYROWDQGRjVXDSHUJXQWDRULJLQDO
³ 'HYR GL]HU TXH p XPD GHVVDV FRLVDV TXH VLPSOHVPHQWH
DFRQWHFHP ³ GLVVH 0LFKDHO ³ 1LQJXpP IDOD VREUH LVVR PDV
QLQJXpP SHQVD HP ID]HU DV FRLVDV GH RXWUR PRGR (VWDYD
FRQYHUVDQGR FRP XP PHPEUR GR HOHQFR QD VHPDQD SDVVDGD
)D]LDXPPrVTXHHODHQWUDUDSDUDRHOHQFR3HUJXQWHLOKHVREUHR
TXH D WHULD LPSUHVVLRQDGR GH PRGR PDLV PDUFDQWH QR 0DJLF
.LQJGRP
(OD PH GLVVH TXH TXDQGR R VHX JHUHQWH D DFRPSDQKRX
SDUD OKH PRVWUDU VHX SRVWR ³ HOD WUDEDOKD QD 0DLQ 6WUHHW ³
ILFDUDP FRQYHUVDQGR H WRGDV DV YH]HV TXH HOH YLD XP SHGDoR GH
SDSHOQRFKmRRXDOJRDVVLPDEDL[DYDVHHRUHFROKLD6mRFRLVDV
DVVLP TXH GmR R WRP H DMXGDP D PDQWHU WRGR PXQGR
FRPSURPHWLGRFRPRHQWXVLDVPR
 8PDGDVYDQWDJHQVGHTXHGLVSRPRVDJRUDpTXHSRGHPRV
WUDQVSRUWDUHVVHFRPSURPLVVR4XDQGRLQDXJXUDPRVR:LOGHUQHVV
/RGJH SRU H[HPSOR  SRU FHQWR GRV PHPEURV GR HOHQFR Mi
KDYLDPWUDEDOKDGRHPRXWUDViUHDVGD'LVQH\ZRUOG,VVRUHVSRQGH
jVXDSHUJXQWD"0LFKDHOSHUJXQWRXD%LOO
³  6LP PDV WHQKR RXWUD 3RU TXH YRFr XVD R 7UDGLo}HV
FRPRFXUVRLQDXJXUDOSDUDRWUHLQDPHQWRGHQRYRVIXQFLRQiULRV"
³ 1mR WHPRV IXQFLRQiULRV ³ 0LFKDHO OHPEURX R JUXSR ³
WHPRV PHPEURV GR HOHQFR (VVD p XPD GLIHUHQoD LPSRUWDQWH FP
QRVVD FXOWXUD &RP LVVR QmR QRV YHPRV FRPR
RULHQWDGRUHV
 GRV
PHPEURVGRHOHQFRPDVFRPRWUDQVPLVVRUHVGHWUDGLo}HV6HYRFr
p XP QRYR PHPEUR GR HOHQFR GD 'LVQH\ZRUOG DFDEDUi SDVVDQGR
SRUHVVHFXUVR
,QWHUURPSHXVHHFRPXPJHVWRDEUDQJHQWHLQGLFRXDVDOD
³ ,QFOXVLYH HX (PERUD WHQKD DVVLVWLGR DR 7UDGLo}HV QD
'LVQH\OkQGLDIRLHPXPDVDODTXDVHLGrQWLFDDHVWD
$R RXYLU LVVR %LOO SHQVRX QR SURJUDPD GH VHUYLoRV D
FOLHQWHV GH VHX EDQFR (OH QXQFD WLQKD SDUWLFLSDGR GH XP FXUVR
VLPLODU D HVVH HP VXD HPSUHVD SRLV HUDP UHVHUYDGRV DRV
IXQFLRQiULRV GD iUHD GH DWHQGLPHQWR DR FOLHQWH 'XYLGRX TXH D
SUHVLGHQWHGREDQFRWLYHVVHDVVLVWLGRWDPEpPDXPGHVVHVFXUVRV
PDVHODVHPSUHOHPEUDYDTXHFULDUHPDQWHUFOLHQWHVFTXHID]LDR
EDQFR IXQFLRQDU 6H RV FOLHQWHV IRVVHP WmR LPSRUWDQWHV SHQVRX
DJRUDSRUTXHQmRRIHUHFHUHVVHFXUVRSDUDWRGRV
"&RPFHUWH]DR
TXHIDOWDYDDREDQFRHUDPRVWUDUHQWXVLDVPR
³0DV0LFKDHO³GLVVH&DUPHQ³VHWRGRVID]HPSDUWH
GH WXGR D HTXLSH GH OLPSH]D R SHVVRDO GR 7UDGLo}HV H WXGR R
PDLVVHUiTXHGHYH]HPTXDQGRDVOLQKDVKLHUiUTXLFDVQmRILFDP
FRQIXVDV"9RFrMiILFRXVHSHUJXQWDQGRTXHPpTXHPDQGD"
0LFKDHOVRUULX
 ³ %HP R FRQYLGDGR p TXHP PDQGD 0DV jV YH]HV DV
OLQKDVKLHUiUTXLFDVILFDPERUUDGDV2XWURGLDHVWDYDFDPLQKDQGR
SHOR SDUTXH FRP GLYHUVRV H[HFXWLYRV GD HPSUHVD 8P GRV
PHPEURVGRHOHQFRVHDSUR[LPRXHPHPRVWURXTXHHXQmRHVWDYD
XVDQGR FUDFKi H TXH WRGRV GHYHULDP XViOR )LFDUDP EULQFDQGR
FRPLJRRGLDWRGRSRUFDXVDGHVVDKLVWyULD
$R PHVPR WHPSR TXDQGR FDGD SHVVRD VH HQFDUUHJD GDV
FRLVDV PHVPR HP XPD VLWXDomR WHPSRUiULD RX ORFDOL]DGD HVVD
SHVVRDOHYDDVpULRDVVXDVUHVSRQVDELOLGDGHV(ODp
GRQD
GHVHX
HPSUHJR GLXUQD SDUWH GR SDUTXH RX GH XPD VLWXDomR ( LVVR ID]
FRP TXH FXLGH GD FRLVD H FRQVLGHUH R EHPHVWDU GRV FRQYLGDGRV
XPD TXHVWmR SHVVRDO e H[DWDPHQWH DVVLP TXH QyV PHPEURV GR
HOHQFRQRVVHQWLPRV3RULVVRTXDQGRPHOHPEUDUDPGRFUDFKi
DJUDGHFL D SUHRFXSDomR GDTXHOH PHPEUR GR HOHQFR FRP D
SUHVHUYDomRGHQRVVDVWUDGLo}HVHORJRHQFRQWUHLRPHXFUDFKiHR
FRORTXHL0LFKDHOSURVVHJXLX
³ (VVD p XPD GDV OLo}HV TXH 0RUW HVWHYH SDVVDQGR SDUD
VHX JUXSR FUHLR 0RVWUDU HQWXVLDVPR ( SURYDYHOPHQWH YRFrV
WDPEpP HVWLYHUDP RXYLQGR DOJXPD FRLVD D UHVSHLWR GD DWHQomR D
GHWDOKHV FHUWR" %HP R TXH DTXHOH PHPEUR GR HOHQFR IH] LOXVWUD
DPERVRVWHPDV(OHHVWDYDSUHVWDQGRDWHQomRHPGHWDOKHVRXVR
XQLYHUVDO GH FUDFKiV GH LGHQWLILFDomR H PDQWHQGR D WUDGLomR
VHJXQGR D TXDO WRGRV PRVWUDP HQWXVLDVPR 6mR FRLVDV GLVWLQWDV
PDV LQWHUOLJDGDV 8PD Gi VXVWHQWDomR j RXWUD 1HQKXPD GH
QRVVDVWUDGLo}HVVHPDQWpPLVRODGDPHQWH
0RUWOHYDQWRXHGLVVH
³3RVVRGDUPXLWRV RXWURVH[HPSORV'LFN1XQLVFRVWXPD
ID]HU R TXH FKDPDPRV GH XP
LQVSHomR VHYHUD
 GH XP WLSR
HVSHFtILFRGHGHWDOKHWLQWDGHVFDVFDGDSRUH[HPSOR6HPSUHTXH
ID]LVVRHVWiPRVWUDQGRHQWXVLDVPRSHODDWHQomRDRVGHWDOKHV
 ³&RPRYRFrHQVLQDDVSHVVRDVDPRVWUDUHQWXVLDVPRRXD
SUHVWDUWDQWDDWHQomRQRVGHWDOKHV"³SHUJXQWRX&DUPHQ
³ (VVDV FRLVDV QmR VmR SURSULDPHQWH
HQVLQDGDV
 QR
VHQWLGRIRUPDOGDSDODYUDSRLVVmRDSUHQGLGDVSHORHOHQFRGHXPD
VpULHGHPDQHLUDV³UHVSRQGHX0RUW
³$FKRTXHQmRSHUFHELDGLIHUHQoD0RUWH[SOLFRX
³ 6HPSUH TXH 'LFN 1XQLV SURFXUD DOJXPD SLQWXUD
GHVFDVFDGD PHPEURV GR HOHQFR LQFOXVLYH 'LFN 1XQLV H 0LFKDHO
(LVQHUDSUHQGHPVREUHDLPSRUWkQFLDGDDWHQomRDRVGHWDOKHVRX
VmROHPEUDGRVGLVVR(PXLWRPDLVIiFLODSUHQGHUDVVLPGRTXHVH
LVVRHVWLYHVVHHPXPUHJXODPHQWRRXVHIRVVHXPFDUWmRSUHJDGR
QRTXDGURGHDYLVRVDOHUWDQGReLPSRUWDQWHSUHVWDUDWHQomRQRV
GHWDOKHV
0LFKDHOLQWHUURPSHX
³5DOSK:DOGR(PHUVRQH[SUHVVRXDLGpLDFRPPXLWRPDLV
HORTrQFLD GR TXH 0RUW RX HX (OH GLVVH $TXLOR TXH YRFr ID]
UHVVRD WmR IRUWH VREUH VXD FDEHoD TXH QmR FRQVLJR RXYLU DV
SDODYUDVTXHYRFrSURQXQFLD
³7HPVHDLPSUHVVmRGHTXHHVVDDERUGDJHPID]EDVWDQWH
GLIHUHQoD QR PRGR FRPR DV SHVVRDV OLGDP FRP VHX WUDEDOKR ³
FRPHQWRX&DUPHQ
³(SHUPDQHFH"4XDQWRWHPSRGXUDRHQWXVLDVPR"
³0XLWRPDLVGRTXHYRFrLPDJLQD³GLVVH0LFKDHO
0DV WHP XPD SHVVRD DTXL QD VDOD TXH SRGH OKH UHVSRQGHU
PHOKRUGRTXHHX
(OHHUJXHXRROKDUHIH]XPJHVWRSDUDDOJXpPQRIXQGRGD

8
´ (PHUVRQ GLVVH FRP PXLWD HORTrQFLD
$TXLOR TXH
YRFr ID] UHVVRD WmR IRUWH VREUH VXD FDEHoD TXH QmR FRQVLJR
RXYLUDVSDODYUDVTXHYRFrSURQXQFLDµ
VDOD
³  0DUYLQ VHUi TXH YRFr SRGHULD VXELU DTXL H QRV FRQWDU
VXDKLVWyULD"
0DUYLQPDJURDOWRFDEHORVFDVWDQKRVPDLVRXPHQRV
DQRV OHYDQWRXVH 5HFHEHX TXDVH WDQWRV DSODXVRV TXDQWR
0LFKDHODOpPGHXPJULWRGHXPMRYHPGRRXWURODGRGDVDODTXH
GLVVHeLVVRDtFDUD

2EYLDPHQWH0DUYLQHUDPXLWRFRQKHFLGRHTXHULGR
³ %RP p LQWHUHVVDQWH ³ FRPHoRX 0DUYLQ WLPLGDPHQWH
FRPR VH QmR HVWLYHVVH DFRVWXPDGR D IDODU HP S~EOLFR ³ 6Dt GD
'LVQH\ZRUOG HP  SRUTXH WLYH D FKDQFH GH JDQKDU PDLV
WUDEDOKDQGRHPXPSDUTXHGHGLYHUV}HVQRQRUWHGD)OyULGD
)LTXHL Oi XQV WUrV DQRV H QmR WLQKD D LQWHQomR GH VDLU
(QWmRHPXPILPGHVHPDQDHVWDYDID]HQGRSODQWmRQDJHUrQFLD
TXDQGR UHFHEL XP WHOHIRQHPD GH XP KyVSHGH TXH HVWDYD FRP
SUREOHPDV FP VHX DSDUWDPHQWR 1D YHUGDGH R FDVDO Mi KDYLD
UHFODPDGRGLYHUVDVYH]HVQRV~OWLPRVGLDVHQLQJXpPUHVROYLDRV
VHXVSUREOHPDVQHPPHVPRRVHVFXWDYD$VVLPWLQKDQDVPmRV
GRLVKyVSHGHVPDLV]DQJDGRVTXHYHVSDV
(QTXDQWR R RXYLD -XG\ DVVHQWLD HQIDWLFDPHQWH (OD
FRQKHFLDPXLWREHPFOLHQWHV]DQJDGRV
³ )XL DWp R DSDUWDPHQWR H PH VHQWHL SDUD GLVFXWLU R
SUREOHPD ³ FRQWLQXRX 0DUYLQ VRUULQGR SDUD -XG\ ³ 'HSRLV GH
XQV  PLQXWRV R KyVSHGH PH LQWHUURPSHX H GLVVH 9RFr QmR p
GDTXLp"1mRQmRVRXGDTXLGLVVHOKH0DVWUDEDOKRDTXLKi
TXDVHWUrVDQRV(QWmRHOHPHSHUJXQWRX9RFrMiWUDEDOKRXQD
RUJDQL]DomR'LVQH\"6LPUHVSRQGL7UDEDOKHLOiXQVDQRV
%HPHOHGLVVHGiSDUDSHUFHEHU9LTXHYRFrHVWDYDGLVSRVWRD
QRV DMXGDU 4XH YRFr WHYH HPSDWLD SRU QRVVD VLWXDomR 0LQKD
PXOKHU H HX WUDEDOKDPRV QD 'LVQH\OkQGLD TXDQGR HVWiYDPRV QD
IDFXOGDGH H OHPEUR FRPR HUD ERP ID]HU SDUWH GDTXHOD HTXLSH
SDUDURTXHHVWDYDID]HQGRSDUDVHU~WLO
(QJUDoDGR GLVVH 0DUYLQ 3HQVHL 3RU TXH HVWRX
WUDEDOKDQGRDTXLTXDQGRSRGHULDHVWDUWUDEDOKDQGRSDUDDQ~PHUR
XP"(DVVLPHXYROWHL
8P PXUP~ULR GH FRPSUHHQVmR H DSODXVRV HQFKHX D VDOD
0DUYLQHUJXHXXPGHGRHDSODWpLDVLOHQFLRXQRYDPHQWH
³  &UHLR TXH LVVR VH DSOLFD j PDLRULD GRV PHPEURV GR
HOHQFR&HUWDVFRLVDVILFDPDUUDLJDGDVQDJHQWHeDPDQHLUDFRPR
ID]HPRVDVFRLVDV)XLHVRXXPJUDQGHImHPHVPRVHDFDEDVVH
QRYDPHQWH ID]HQGR DOJXPD FRLVD HP RXWUR OXJDU DLQGD VHULD XP
JUDQGHIm(VWRXFREHUWRSHORSyPiJLFRGH6LQLQKR³FRQIHVVRX
³ -i RXYL IDODU GHVVH Sy PiJLFR ³ GLVVH -XG\ ³ 9RFr
SRGHULDH[SOLFDURTXHpLVVR"
³  ( XP VHQWLPHQWR HVSHFLDO FRP UHODomR D HVWH OXJDU ³
GLVVH0DUYLQ³$VSHVVRDVODYDPSUDWRVHVHUYHPUHIHLo}HVFRPR
HP PXLWRV RXWURV UHVWDXUDQWHV WUDEDOKDP HP ORMDV H YDUUHP DV
UXDV WDO FRPR ID]HP HP WRGDV DV FLGDGHV GR PXQGR 0DV D
GHGLFDomRpGLIHUHQWH
(HVVDGHGLFDomRjTXDOLGDGHRDFRPSDQKDRQGHTXHUTXH
YRFr HVWHMD 9RFr SRGH WLUDU R 0DUYLQ GD 'LVQH\ PDV QmR SRGH
WLUDUD'LVQH\GR0DUYLQ
,VVR UHQGHX D 0DUYLQ PDLV DSODXVRV H DOJXQV DVVRELRV
HVWULGHQWHVHQTXDQWRHOHVHVHQWDYD


0DLV WDUGH 0RUW 'RQ %LOO $ODQ H -XG\ UHXQLUDPVH DR
UHGRUGHXPDPHVDQDFDOoDGDHPXPGRVFDIpVGRSDUTXH8PD
FDGHLUDILFRXYD]LDUHVHUYDGDSDUD&DUPHQ
³,VVRpRTXHFKDPRGHJUXSRPRWLYDGR³H[SOLFRX-XG\
³(VWDRUJDQL]DomRVDEHWUDQVPLWLUHQHUJLDjVSHVVRDVQmR"
³ 6H YRFr WLYHVVH PH IDODGR VREUH HQWXVLDVPR RQWHP   ³
GLVVH$ODQ³WHULDGLWR
/yJLFRFODURRPDQWHQKRRWHPSRWRGR+RMHQmRWHQKR
WDQWD FHUWH]D $FKR TXH :DOW 'LVQH\ VXSHURX DV H[SHFWDWLYDV
FRPR0LFKDHO0DUYLQHWDQWDVSHVVRDVTXHFRQKHFHPRV7HUHLGH
SHQVDU QLVVR GXUDQWH DOJXP WHPSR PDV HVWRX FRPHoDQGR D WHU
DOJXPDV LGpLDV VREUH PXGDQoDV TXH SRVVR SUDWLFDU HP PLQKD
HPSUHVD
³%HPpDOJRSDUDVHUDQDOLVDGR ³ GLVVH0RUW³0XLWRV
JHUHQWHV ILFDULDP HVSDQWDGRV VH GHVFREULVVHP FRPR VHXV
IXQFLRQiULRVGHVFRQILDPGRHQWXVLDVPRGDJHUrQFLD1mRTXHQmR
HVWHMDPVHHVIRUoDQGReTXHQmRVHHVIRUoDPWRWDOPHQWH(LVVRp
FUtWLFR
0RUWYROWRXVHSDUD'RQ
³'RQYRFrHVWiDFKDQGRWXGRLVWR~WLO"
³  &ODUR ,QWHUHVVDQWH ³ UHVSRQGHX 'RQ PDV VHX WRP GH
YR]GL]LD(VWiEHP2.
0RUW HUJXHX DV VRPEUDQFHOKDV OHYHPHQWH (OH HVWDYD
FRPHoDQGRDFRQVLGHUDU'RQXPFDVRGLItFLO
³(VWLYHSHQVDQGR³GLVVH%LOO³QRTXHLULDDFRQWHFHUVH
DOJXpP DERUGDVVH D SUHVLGHQWH GH QRVVR EDQFR SDUD OKH IDODU
VREUH DOJR SDUHFLGR FRPR D IDOWD GH XP FUDFKi 3DUD GL]HU D
YHUGDGH DFKR TXH HOD OLGDULD EHP FRP R FDVR PDV QmR VHL VH
SRVVR GL]HU R PHVPR GRV YLFHSUHVLGHQWHV ³ H PH LQFOXR Dt 1R
HQWDQWRDTXLDWp'LFN1XQLVVDLjSURFXUDGHWLQWDGHVFDVFDGD$
DGPLUDomRQDYR]GH%LOOHUDSDWHQWH

9
´$GHGLFDomRjTXDOLGDGHRDFRPSDQKDRQGHTXHU
TXHYRFrHVWHMD´
 ³ (VVD KLVWyULD GH WRGRV RV PHPEURV GR HOHQFR
SDUWLFLSDUHP GR 7UDGLo}HV PH LPSUHVVLRQRX PXLWR ³ SURVVHJXLX
³ 6DELD TXH WRGRV HUDP FKDPDGRV GH PHPEURV GR HOHQFR PDV
SHQVHL TXH LVVR VH DSOLFDYD DRV IXQFLRQiULRV QmR j F~SXOD
DGPLQLVWUDWLYD 0DV R 7UDGLo}HV IH] PXLWR PDLV VHQWLGR TXDQGR
SHUFHEL TXH
WRGRV
 VLJQLILFDYD H[DWDPHQWH LVVR ³ WRGRV VmR
PHPEURV GR HOHQFR (P RXWURV OXJDUHV R FXUVR 7UDGLo}HV VHULD
LQWHUSUHWDGRFRPR)DoDRTXHGL]HPRVQmRRTXHID]HPRV$TXL
p(VWDPRVWRGRVMXQWRVQLVWR
1HVVHPRPHQWR&DUPHQUHXQLXVHQRYDPHQWHDRJUXSR
³9RFrSHUGHXRPHXGLVFXUVR³EULQFRX%LOO
³(VWDYDVHQGR
DJUHVVLYDPHQWHJHQWLO
³GLVVH&DUPHQ³
9LXPDIDPtOLDWLUDQGRIRWRVHPHRIHUHFLSDUDWLUDUXPUHWUDWRGR
JUXSR³(ODVRUULXSDUD0RUW³6HUiTXHLVVRPHWRUQDPHPEUR
GRHOHQFR"
³ /yJLFR ³ VRUULX 0RUW ³ 7HQKR ILFKDV GHLQVFULomR SDUD
WRGRVYRFrV4XHPTXHUDVVLQDU"
³ 2UD 0RUW ³ GLVVH -XG\ ³ (VVH p R ~QLFR PRWLYR SHOR
TXDOYLPDWpDTXLQmRVDELD"
³  &DUPHQ HVWiYDPRV IDODQGR GH QRVVD VHVVmR FRP
0LFKDHOH0DUYLQ³GLVVH$ODQ
³)RLLQWHUHVVDQWHQmRpPHVPR")LTXHLSHQVDQGRQLVVR
(QTXDQWRRXYLD0LFKDHOIXLFRQFOXLQGRTXHHOHHVWDYDIDODQGRGH
ERPVHQVR0DVWDPEpPSHUFHELTXHHPVXDPDLRULDDVHPSUHVDV
QmR VmR VHQVDWDV 2 VHJUHGR HVWi HP WUDQVIRUPDU ERP VHQVR HP
ERD SUiWLFD *RVWHL SDUWLFXODUPHQWH GH VXD UHVSRVWD j PLQKD
SHUJXQWD VREUH R Q~PHUR GH PHPEURV GD HTXLSH GH OLPSH]D 1R

10
´$ PDJLD FRQVLVWH HP WUDQVIRUPDU R ERP VHQVR QXPD
SUiWLFDFRPXPµ
WRWDO PLQKD HPSUHVD WHP  IXQFLRQiULRV %HP QmR VH SRGH
FKDPiORV GH PHPEURV GR HOHQFR QHP JRVWDULD GH ID]rOR 0DV
HVWLYH SHQVDQGR QHVVD TXHVWmR GR HQWXVLDVPR 6H SXGpVVHPRV
FULDU XP SDGUmR FRPR R GDTXL WHUtDPRV  IXQFLRQiULRV QD
OLPSH]D  HP YHQGDV  QR DWHQGLPHQWR DR FOLHQWH H DVVLP
SRU GLDQWH 7XGR ILFDULD PDLV OLPSR FRUUHULD PHOKRU H DWHQGHULD
PHOKRUjVQHFHVVLGDGHVGRVFOLHQWHV
2V RXWURV VRUULUDP H FRQFRUGDUDP REYLDPHQWH SHQVDQGR
QDV PDQHLUDV GH VH FRORFDU HVVDV LGpLDV HP SUiWLFD HP VHXV
SUySULRV ORFDLV GH WUDEDOKR 'RQ QmR DVVHQWLX PDV SDUHFLD
SHQVDWLYR
³ 9RFr HVWi DEVROXWDPHQWH FHUWD ³ GLVVH 0RUW ³ 2
LPSRUWDQWH QmR p R IDWR GH 0LFKDHO (LVQHU FDWDU SDSHO 2
LPSRUWDQWH p TXH WRGRV WHQKDP HQWXVLDVPR $JRUD YDPRV DWp R
+DOORI3UHVLGHQWVHYHUVHSRGHPRVDSUHQGHUDOJXPDFRLVDSRUOi

 



$  LP S R U W k Q F L D G D T X LO R T X H Q m R 
HQ[HUJDPRV


'LDKjVK


0DLV WDUGH D *DQJXH GRV  &LQFR HQWURX  QR +DOO RI
3UHVLGHQWV H HQFRQWURX YiULDV UHSURGXo}HV GH SHUVRQDOLGDGHV
IDPRVDV HQWUH HODV DV GRV TXDWUR H[SUHVLGHQWHV QRUWH
DPHULFDQRV *HRUJH :DVKLQJWRQ 7KRPDV -HIIHUVRQ $EUDKDP
/LQFROQ H 7KHRGRUH 5RRVHYHOW ³ RV IDPRVRV URVWRV GR 0RQWH
5XVKPRUF ORFDOL]DGR QR (VWDGR GH 'DNRWD GR 6XO (VWDGRV
8QLGRV $ *DQJXH GRV &LQFR QmR VH LPSUHVVLRQDYD FRP
DXWRULGDGHVDLQGDPDLVFRPUHSURGXo}HVPDVWRGRV³LQFOXLQGR
'RQ TXH WDPEpP SDUHFLD PXLWR LPSUHVVLRQDGR ³ UHYHUHQFLDUDP
D ILJXUD GDTXHOHV JLJDQWHV WRGRV DGPLUDYHOPHQWH UHDOLVWDV SRLV
PRYLDP VH  VRUULDP  H  DWp  IDODYDP  FRPR  VH  IRVVHP  RV
SUySULRVH[SUHVLGHQWHVUHVVXVFLWDGRVGD+LVWyULD
³9HMD%LOO³VXVVXUURX-XG\TXDQGRFKHJDUDPjSDUWH
GD H[LELomR TXH LQFOXtD RV SUHVLGHQWHV PRGHUQRV ³ &OLQWRQ HVWi
XVDQGRRVHXUHOyJLRPRGHOR,URQ0DQ
%LOOVRUULX
³(HOHHVWiPDUFDQGRDKRUDFHUWD³GLVVH
 2 LQWHUHVVH GH &DUPHQ VH YROWRX SDUD DV URXSDV XVDGDV
SHORV SUHVLGHQWHV 5RXSDV DQWLJDV HUDP XPD GH VXDV SDL[}HV H
HODUDSLGDPHQWHREVHUYRXTXHRVHVWLORVGRVWUDMHVSDUHFLDPILpLVD
FDGD SHUtRGR 2EYLDPHQWH PDLV XP H[HPSOR GH DWHQomR DRV
GHWDOKHV
³ 0RUW HVVDV URXSDV SDUHFHP DXWrQWLFDV ³ GLVVH ³ 6mR
PHVPRDQWLJDVRXVmRUHSURGXo}HV"
³ 6mR UHSURGXo}HV 0DV IRUDP FRQIHFFLRQDGDV FRP
PDWHULDLV GLVSRQtYHLV QD pSRFD TXH UHWUDWDP 9RFr p PXLWR
REVHUYDGRUD &DUPHQ (VWXGD HVWLORV H PRGHORV DQWLJRV GH
YHVWXiULR"
(QTXDQWR IDODYD HOH VH OHPEURX GR WHFLGR YLYDPHQWH
FRORULGRGDFDPLVHWDTXHHODXVDUDQRGLDDQWHULRU+RMHRWHFLGR
LQFRPXPHQWH IULVDGR GH VHX YHVWLGR WDPEpP OKH FKDPDUD D
DWHQomR(UDyEYLRTXHHODYDORUL]DYDEDVWDQWHHVWLORHWpFQLFD
³6LP³GLVVH&DUPHQ³PDVQmRVDEHULDGL]HUTXHHUDP
UpSOLFDV 6y TXH D PDLRULD GDV SHoDV DXWrQWLFDV TXH Mi YL HP
PXVHXVQmRWrPXPDDSDUrQFLDWmRERD(GLItFLOSUHVHUYDUWHFLGRV
DQWLJRV
³ +i RXWUD FRLVD QHVVDV URXSDV TXH WDOYH] YRFr WHQKD
QRWDGR ³ GLVVH 0RUW ³$QDOLVH GH SHUWR DV FRVWXUDV
HVSHFLDOPHQWHQDVFDPLVDVGH:DVKLQJWRQHGH-HIIHUVRQ
³eSHUFHEL6mRPHVPRFRVWXUDGDVjPmR"
³ 6mR ( YRX OKH FRQWDU PDLV XPD FRLVD 2V WHFLGRV QmR
DSHQDVVmRIDEULFDGRVXVDQGRVHYHOKRVPpWRGRVFRPRRVSRQWRV
XVDGRV SDUD FRVWXUiORV VmR H[DWDPHQWH RV PHVPRV GR SHUtRGR
UHWUDWDGR
&DUPHQVRUULX
³ $FKHL TXH HUDP UHDLV PDV PHVPR GHVWD GLVWkQFLD QmR
KiFRPRSHUFHEHUDGLIHUHQoD(GHRQGHDVSHVVRDVILFDPDSRVWR
TXH QHP XP FRQYLGDGR HP XP PLOKmR VHTXHU SHUFHEHULD DV
FRVWXUDV PXLWR PHQRV GLULD TXH VmR DXWrQWLFDV (X VHL TXH D
DWHQomR SDUD FRP RV GHWDOKHV p LPSRUWDQWH QD FXOWXUD 'LVQH\
PDVLVVRMiQmRVHULDXPH[DJHUR"
$PpPSHQVRX'RQ
³ 7DOYH] ³ UHVSRQGHX 0RUW ³ VH LVWR IRVVH DSHQDV XP
H[HPSOR GH DWHQomR IDQiWLFD SDUD FRP GHWDOKHV H DFKR TXH
HVWDPRVGHDFRUGRDRGL]HUTXHLVVRXOWUDSDVVDRIDQDWLVPR
0DV LVVR QmR p R PDLV LPSRUWDQWH e YHUGDGH TXH RV
FRQYLGDGRV QmR SHUFHEHUmR HVVH WLSR GH GHWDOKH 1mR p DOJR TXH
FRQWULEXLUi SDUD VXD H[SHULrQFLD DTXL ³ SHOR PHQRV QmR
GLUHWDPHQWH2VFRQYLGDGRVQXQFDLUmRQRWDUDGLIHUHQoD
0DVRVPHPEURVGRHOHQFRLUmR,VVRpTXHpLPSRUWDQWH(
DHVVrQFLDGHQRVVDSUy[LPDOLomR
(OHHQWUHJRXDWRGRVRSUy[LPRFDUWmR


/,d®2

7XGRPRVWUD
HQWXVLDVPR



³ 3HUFHEDP TXH QmR DSHQDV WRGRV GHYHP PRVWUDU
HQWXVLDVPR $V FRLVDV WDPEpP ( HPERUD  SRU FHQWR GRV
FRQYLGDGRV QXQFD VDLEDP VREUH HVVD FRVWXUD HVSHFLDO F HPERUD
PXLWRV PHPEURV GR HOHQFR VHTXHU WHQKDP YLVWR D FRVWXUD WRGRV
HOHVFRQKHFHPHVVDKLVWyULD7XGRDTXLPRVWUDHQWXVLDVPRHHVWH
pDSHQDVXPH[HPSOR
 
7RGRVILFDUDPROKDQGRSDUD0RUWQDHVSHUDQoDGHTXHHOH
UHYHODVVH PDLV DOJXQV VHJUHGRV GD 'LVQH\ (OH QmR RV
GHFHSFLRQRX
³2XWURH[HPSORpDWLQWDXVDGDQRFDUURVVHO&DGDSDUWH
TXH GHYHULD VHU GRXUDGD IRL SLQWDGD FRP WLQWD j EDVH GH Sy GH
RXUR GH  N 1mR p WLQWD GRXUDGD p WLQWD GH RXUR  N 'XYLGR
TXHJDURWRVFRQVLJDPSHUFHEHUDGLIHUHQoDHQWUHWLQWDGRXUDGDH
WLQWD GH RXUR 7DPSRXFR VHXV SDLV 7DPSRXFR D PDLRULD GRV
PHPEURVGRHOHQFR(XFRPFHUWH]DQmRFRQVLJR
0DV HQIDWL]RX WRGRV RV PHPEURV GR HOHQFR VDEHP TXH
VHWUDWDGHWLQWDGHSyGHRXURN(LVVRpLPSRUWDQWHSDUDHOHV
e DSHQDV XPD GDV PDQHLUDV GH ID]HU FRP TXH VDLEDP TXH
TXDQGR VH WUDWD GH QRVVRV FRQYLGDGRV QmR LPSRPRV OLPLWHV
QDTXLORTXHID]HPRV
³ ( SRU TXH D WLQWD SUHFLVD VHU GH RXUR" ³ SHUJXQWRX
-XG\
³ $ WLQWD GH RXUR p XP OHPEUHWH SDUD RV PHPEURV GR
HOHQFR /HPEUDQRV GH TXH QRVVRV FRQYLGDGRV VmR R TXH Ki GH
PDLV LPSRUWDQWH ­V YH]HV OLPSDU R FDUURVVHO QmR p XPD WDUHID
DJUDGiYHO H SUHFLVDPRV VHU OHPEUDGRV GR PRWLYR SHOR TXDO R
ID]HPRVSHODVFULDQoDVHSHORVFRQYLGDGRV$WLQWDGHRXURpXP
VtPEROR PXLWR LPSRUWDQWH 6DEHP VHULD IiFLO GHL[DU D FRLVD SHOD
PHWDGH H GDU DOJXPD
 GHVFXOSD FRPR 'H TXH DGLDQWD SUHVWDU
DWHQomR IDQiWLFD DRV GHWDOKHV GH DOJXPD FRLVD VH RV FRQYLGDGRV
QHPLUmRSHUFHEHU"
'RQ GHX GH RPEURV SHQVDQGR QD JRPD GH PDVFDU GR
JDURWR QR GLD DQWHULRU 0RUW SURVVHJXLX VHP VH DEDODU SHOD
H[SUHVVmRGH'RQ
³  2 RXUR OHPEUD TXH FXLGDPRV GRV HTXLSDPHQWRV GDV
LQVWDODo}HV GRV ORFDLV IUHTHQWDGRV SRU QRVVRV FRQYLGDGRV
SRUTXH HVWHV VmR R QRVVR YHUGDGHLUR RXUR D UD]mR SHOD TXDO
SHUWHQFHPRVDXPDHPSUHVDEHPVXFHGLGD6HQmRIRVVHSRUHOHV
QmRH[LVWLUtDPRV6HPFRQYLGDGRVVHPQDGD
*RVWRGHVVDILORVRILD³GLVVH$ODQ³(OyJLFRTXHWHQWDPRV
PDQWHURFOLHQWHjIUHQWHVHMDTXDOIRURQRVVRQHJyFLR­VYH]HV
SRUpP QmR ID]HPRV WXGR TXH SRGHUtDPRV 9RX PH OHPEUDU GD
WLQWDGHRXURTXDQGRYROWDUHYHUVHFRQVLJRDSOLFDUHVVHFRQFHLWR
HPPLQKDHPSUHVD
-XG\RLQWHUURPSHX³(VSHUHXPSRXFR$ODQ&RQWHOKHV
DTXLORTXHYRFrPHFRQWRXVREUHRVFDUW}HVGHYLVLWD
³ $K p ³ GLVVH $ODQ ³ +i DOJXQV DQRV FRPHoDPRV D
SHUFHEHUTXHQRVVRVIXQFLRQiULRVKDYLDPFRQFOXtGRFRPEDVHHP
H[SHULrQFLDV DQWHULRUHV RX HP QRVVD HPSUHVD TXH Vy RV
SURILVVLRQDLV GH GHVWDTXH SRVVXtDP FDUW}HV GH YLVLWD $VVLP
GHFLGLPRVGDUFDUW}HVGHYLVLWDSDUDRVGHPDLVIXQFLRQiULRV
$tWLYHPRVGHGHFLGLURTXHLUtDPRVFRORFDUQRVFDUW}HV1R
LQtFLR tDPRV XVDU DSHQDV R QRPH GD SHVVRD RX WtWXORV FRPR
*HUHQWH GH 9HQGDV $VVLVWHQWH $GPLQLVWUDWLYR HWF 0DV XPD GDV
SHVVRDV TXH GLWDP FyGLJRV GLVVH TXH FRPR R SUHVLGHQWH GD
HPSUHVD JRVWDYD GH IDODU GD LPSRUWkQFLD GH QRVVRV FOLHQWHV SRU
TXH QmR FRORFDU *HUHQWH GH $WHQGLPHQWR DR &OLHQWH QR FDUWmR GH
WRGRV"


$LGpLDGHRXYLUDVRSLQL}HVGDTXHOHTXHQRIXQGRHUDXP
WUDEDOKDGRU EUDoDO QD YHUVmR GH XPD HPSUHVD GH VRIWZDUH HP
XPDUHXQLmRGHJHUrQFLDHUDGHPDLVSDUD'RQ³SDUDQmRIDODU
QDLGpLDGHGDUFDUW}HVGHYLVLWDDFDGDIXQFLRQiULR
³6HRFDUWmRGHWRGRVGL]DPHVPDFRLVD³DUJXPHQWRX
³TXDODYDQWDJHPGHWrORV"(TXDQWRLVVRFXVWD"
³%HPHXDFKRTXHpXPDyWLPDLGpLD³GLVVH-XG\
³ $OJXQV GH QRVVRV SUySULRV IXQFLRQiULRV WDPEpP
DFKDUDP WROLFH WHU FDUW}HV 2XWURV DFKDUDP yWLPR H R UHVWR GHX
GH RPEURV 1R ILQDO DTXLOR TXH YDL LPSUHVVR QRV FDUW}HV GH
QRVVRV IXQFLRQiULRV p R WtWXOR RULJLQDO H WDPEpP $VVLVWHQWH GH
$WHQGLPHQWRDR&OLHQWH³GLVVH$ODQD'RQ
0DVRLPSRUWDQWHGLVVRpTXHXPDDWLWXGHVLPSOHVHEDUDWD
³HIRLEDUDWD'RQ³SURYRFRXXPDJUDQGHPXGDQoDQDPDQHLUD
FRPRQRVVRSHVVRDOWUDEDOKD(VVHFDUWmRGHYLVLWDVpXPOHPEUHWH
FRQVWDQWH GH TXH WRGRV SUHFLVDP VH FRQFHQWUDU FP RIHUHFHU DR
FOLHQWHDTXLORGHTXHHVWHSUHFLVDDWpPHVPRRVIXQFLRQiULRVTXH
QXQFDHQWUDPHPFRQWDWRGLUHWRFRPFOLHQWHV
1D YHUGDGH DFKDPRV TXH R FOLHQWH p WmR LPSRUWDQWH TXH
TXDQGRPHHQFRQWURFRPFDGDXPGRVQRYRVIXQFLRQiULRVHPVXD
SULPHLUD VHPDQD GH WUDEDOKR SDUD H[SOLFDU D LPSRUWkQFLD GRV
FOLHQWHV DOJR TXH IDoR GHVGH TXH D HPSUHVD IRL IXQGDGD GRX D
FDGDXPGHOHVXPDFDL[DFRPVHXVFDUW}HVGHYLVLWDSDUDTXHHVVH
IRFRVREUHRFOLHQWHYiVHIRUPDQGRGHVGHRSULPHLURGLD
³(RTXHGL]RVHXFDUWmR$ODQ"³SHUJXQWRX%LOO
$ODQ SHJRX XP GH VHXV FDUW}HV H R HQWUHJRX D %LOO TXH R
OHX HP YR] DOWD $ODQ ( =LPPHUPDQ 3UHVLGHQWH H $VVLVWHQWH GH
$WHQGLPHQWRDR&OLHQWH
³ 0XLWR ERP ³ GLVVH %LOO GHYROYHQGR R FDUWmR ³ ,VVR p
PRVWUDUHQWXVLDVPR
³  &RQFRUGR ³ GLVVH 0RUW ³ $OpP GLVVR $ODQ TXDQWR
PDLV FRLVDV FRPR HVVD YRFr FRQVHJXLU HPEXWLU HP VHX DPELHQWH
GH WUDEDOKR PDLV FDGD IXQFLRQiULR VH VHQWLUi SDUWH GD HTXLSH H
PDLVIRUWHVHUiDFXOWXUDGDHPSUHVD
³ 1HVVH FDVR 0RUW ³ GLVVH -XG\ ³ H DV FRLVDV TXH QmR
PRVWUDP HQWXVLDVPR" 6HUi TXH WHQGHP D HQIUDTXHFHU D FXOWXUD"
&RPRLPSHGLUTXHVXUMDP"
0RUWVRUULX
³ %RD SHUJXQWD -XG\ 2V SURMHWLVWDV GDTXL WrP XPD
SDODYUDSDUDDOJXPDFRLVDTXHQmRPRVWUDHQWXVLDVPRFKDPDP
QDGHLQWUXVD4XDQGRLGHDOL]DPXPWHPDHFRPHoDPDSURMHWiOR
SURFXUDPLQWUXVRVSRWHQFLDLV³FRLVDVTXHQmRVHHQFDL[DP
$OJXPDV VmR EDVWDQWH yEYLDV (QTXDQWR FDPLQKDPRV
REVHUYHPRVFDUULQKRVGHDOLPHQWDomRGHFDGDiUHD7RGRVIRUDP
SURMHWDGRV SDUD VH DGHTXDU DR WHPD ORFDO (OHV QmR SDVVDP GH
XPD iUHD SDUD RXWUD 2 FDUULQKR GH SLSRFDV GD /LEHUW\ 6TXDUH
HVWi GHFRUDGR GH PRGR D DFRPSDQKDU VRPHQWH D VXD iUHD H
QHQKXPRXWUROXJDU
-i UHSDUDUDP TXH YRFrV QXQFD YrHP XP PHPEUR GR
HOHQFR FRP URXSDV GD )URQWLHUODQG FDPLQKDQGR SHOD
)DQWDV\ODQG"
$ *DQJXH GRV &LQFR DVVHQWLX HP VLOrQFLR 0RUW VRUULX H
DFHQRX SDUD TXH R VHJXLVVHP HQTXDQWR DEULD XPD SRUWD F
FRPHoDYDDGHVFHUXPODQFHGHHVFDGDV


7ULQWD PLQXWRV GHSRLV VDtUDP GH XP DPSOR DQGDU
VXEWHUUkQHR $ 'LVQH\ZRUOG TXH R FRQYLGDGR Yr FRQIRUPH
GHVFREULUDPpDSHQDVRVHJXQGRDQGDU$EDL[RGHOHKiXPW~QHO
LPHQVRTXHQmRVySRVVLELOLWDDRVPHPEURVGRHOHQFRVDtUHPGRV
YHVWLiULRV H FKHJDUHP D VHXV SRVWRV VHP VHUHP YLVWRV FRPR p

11
´7RGRVSUHFLVDPVHFRQFHQWUDUHPRIHUHFHUDRFOLHQWH
DTXLORGHTXHHVWHSUHFLVD³DWp PHVPRRVIXQFLRQiULRVTXH
QXQFDHQWUDPHPFRQWDWRGLUHWRFRPFOLHQWHVµ
WDPEpP XP PRGR GH GLVWULEXLU DOLPHQWRV H PHUFDGRULDV H GH WHU
DFHVVR D WRGDV DV LQVWDODo}HV 9LUDP Oi R YHVWLiULR FHQWUDO XPD
ODQFKRQHWHVDODVGHGHVFDQVREDUEHDULDHHVFDGDVFRPDFHVVRD
WRGDVDViUHDVGR0DJLF.LQJGRP$Wp'RQILFRXLPSUHVVLRQDGR
³eJUDQGH³GLVVH0RUW³2XWUDVFRLVDVQmRVmRJUDQGHV
DVVLP PDV LJXDOPHQWH LPSRUWDQWHVFRPR DV ODWDV GH OL[R 9RFrV
YmR SHUFHEHU GH LPHGLDWR TXH PXLWDV GHODV UHFHEHUDP SLQWXUD H
GHFRUDomR HVSHFLDLV DGHTXDGDV D XPD iUHD HVSHFtILFD ­V YH]HV
SRUpPRVSURMHWLVWDVXOWUDSDVVDPDPHUDSLQWXUDFGHFRUDomR
3DUD FLWDU XP H[HPSOR FRPR p XP OXJDU U~VWLFR R )RUW
:LOGHUQHVV JHUD PDLV GHWULWRV GLUHWRV GRV FRQYLGDGRV GR TXH XP
KRWHO GLJDPRV 2UD QLQJXpP TXHU HQFRQWUDU VDFRV GH OL[R QD
FDOoDGD H SRU LVVR RV SURMHWLVWDV FULDUDP ODWDV GH OL[R PROGDGDV
HP ILEUD GH YLGUR TXH IRUDP SLQWDGDV H HQYHOKHFLGDV SDUD TXH VH
SDUHFHVVHP FRP WRFRV GH iUYRUH $ ILEUD GH YLGUR QmR HUD
UHVLVWHQWH R EDVWDQWH SDUD VHU IL[DGD QR FKmR H HOHV PXGDUDP
SDUDFRQFUHWR
1mRVHLGL]HUTXDQWRLVVRFXVWRXPDVXPDYH]DOJXpPPH
GLVVHTXH D 'LVQH\ WHP ODWDV GH OL[R EHP FDUDV 2 LPSRUWDQWH
SRUpP p TXH DV ODWDV GH OL[R VmR DSHQDV XPD RXWUD PDQHLUD GH
GL]HUTXHWXGRPRVWUDHQWXVLDVPR
2XWUR H[HPSOR VHULD D 7\SKRRQ /DJRRQ $ LGpLD SRU WUiV
GHODpDGHTXHXPWXImRWHULDDWLQJLGRFHUWDiUHDFRPYHQWRVWmR
IRUWHVTXHLQGRIRLYDUULGRSDUDDWHUUDRQGHDJRUDHVWi3RU LVVR
Ki XP UHERFDGRU HQFDOKDGR QR DOWR GH XP PRUUR FRP iJXD
VDLQGRGDLOXPLQHDFDGDKRUDFDSLWRVTXHPDUFDPRKRUiULR
7RGRV HVVHV HOHPHQWRV VH FRPELQDP SDUD PRVWUDU
HQWXVLDVPR 2 UHERFDGRU IRL YDUULGR SDUD R DOWR  GHVVH PRUUR R
TXHPRVWUDDIRUoDGRVYHQWRVHDiJXDTXHVDLGHOHPRVWUDTXHR
WXImR SDVVRX SRU DOL ID] SRXFR WHPSR 0XLWD HQHUJLD WHPSR H
GLQKHLUR IRUDP JDVWRV SDUD VH FKHJDU D XP FRQFHLWR TXH IRVVH
GLIHUHQWHGHTXDOTXHUFRLVDQRPXQGR6HWXGRQmROHYDVVHQHVVD
GLUHomRERDSDUWHGHVVHVHVIRUoRVVHULDPGHVSHUGLoDGRV
-RKQ +HQFK R VXMHLWR D TXHP PH UHIHUL TXDQGR IDOHL GDV
FRUHV FRQWRXPH XPD KLVWyULD TXH SRGH DMXGDU D FRORFDU HP
SHUVSHFWLYDLVVRWXGR4XDQGRRVSURMHWLVWDVHVWDYDPPRQWDQGRD
/LEHUW\ 7UHH 7DYHUQ :DOW OKHV GLVVH TXH XP FRQFHLWR VHULD
HVVHQFLDO 4XHUR TXH DV SHVVRDV HQWUHP HP XP SUpGLR GH FLQFR
PLOK}HV GH GyODUHV SDUD FRPSUDU XP KDPE~UJXHU GH FLQFR
FHQWDYRV 2 SUHoR GR KDPE~UJXHU VXELX GHVGH D pSRFD GH :DOW
PDV D SUHPLVVD GH YDORUL]iORV FRQWLQXD 1mR p SRVVtYHO VHU
IDQiWLFR D UHVSHLWR GH XP KDPE~UJXHU DILQDO XP KDPE~UJXHU p
DSHQDV XP ODQFKH PDV YRFr SRGH RIHUHFHU XP OXJDU IDQWiVWLFR
SDUDVDERUHiOR
8VDU D SDODYUD
7UDGLo}HV
 HP YH] GH
RULHQWDomR
 p RXWUR
PRGRSHORTXDOWRGDVDVFRLVDVPRVWUDPHQWXVLDVPR1DYHUGDGH
pPDLVSURIXQGRGRTXHLVVRWXGRDTXLORTXHGL]UHVSHLWRjQRVVD
KLVWyULD PRVWUD HQWXVLDVPR 2V SDUWLFLSDQWHV GHVVH FXUVR ILFDP
VHQWDGRV DR UHGRU GH PHVDV UHGRQGDV 8VDPRV PHVDV SRU XP
PRWLYR HVWLPXODU R FRQFHLWR GH HTXLSHV 2V QRYRV PHPEURV GR
HOHQFR DSUHQGHP D WUDEDOKDU HP HTXLSH QmR DSHQDV HVFXWDQGR
DOJXpPH[SOLFDUVREUHRIXQFLRQDPHQWRGHVVHWUDEDOKR


³'HL[HPHYHUVHFRPSUHHQGL³GLVVH%LOO³4XDQGRYRFr
IDOD HP DWHQomR DRV GHWDOKHV YRFr TXHU GL]HU GHWDOKHV TXH
DIHWDP GLUHWDPHQWH D H[SHULrQFLD GRV YLVLWDQWHV QR SDUTXH PDV
TXDQGR GL] WXGR PRVWUD HQWXVLDVPR HVWi IDODQGR GH DOJXPD
FRLVDTXHDIHWDDH[SHULrQFLDGHPRGRLQGLUHWR
³ &HUWR ³ GLVVH 0RUW ³ 3HQVH HP WXGR PRVWUD
HQWXVLDVPRHPWHUPRVGHDOLQKDPHQWRRXFRQJUXrQFLDFRPRVHX
SURSyVLWR 6H YRFr YDL IDODU GH WUDEDOKR HP HTXLSH SRU TXH QmR
ID]HU FRP TXH DV SHVVRDV WUDEDOKHP HP HTXLSHV" 4XDQGR DV
SHVVRDV FRPHoDP PHVPR D PRVWUDU HQWXVLDVPR ILFD IiFLO
SHUFHEHU TXH DV FRLVDV WDPEpP SUHFLVDP PRVWUDU HQWXVLDVPR
$VVLP WRGRV TXHU GL]HU GH (LVQHU D 1XQLV GRV ELOKHWHLURV DRV
RSHUDGRUHV GH HTXLSDPHQWR WRGRV RV PHPEURV GR HOHQFR 7XGR
VmR DV PHVDV GDV VDODV GH WUHLQDPHQWR R EROHWLP LQWHUQR R
SURFHVVRGHUHFUXWDPHQWR7XGRLVVRHVWiFRHUHQWHFRPDILORVRILD
HRFDUiWHUGD'LVQH\
1DWXUDOPHQWH R IDWR GH WXGR PRVWUDU HQWXVLDVPR DIHWD D
H[SHULrQFLD GRV FRQYLGDGRV PDV GH PDQHLUD TXH HOH VHTXHU
FRVWXPD SHUFHEHU ( p DVVLP TXH GHYHULD VHU $V FRLVDV TXH
PRVWUDP HQWXVLDVPR GHYHP PHVPR VHU LQYLVtYHLV SDUD RV
FRQYLGDGRV
&LWDQGRXPH[HPSORWDOYH]DOJXQVGHYRFrVVDLEDPTXHD
'LVQH\ZRUOG GLVS}H GH XP VLVWHPD SUySULR GH JHUDomR GH HQHUJLD
HOpWULFDHVHXSUySULRFRUSRGHERPEHLURV6mRVLVWHPDVGHDSRLR
JDUDQWHPXPIXQFLRQDPHQWRWUDQTLORDR0DJLF.LQJGRP0XLWDV
HPSUHVDVGHSRUWHWrPDPHVPDFRLVD2HQWXVLDVPRGRFRUSRGH
ERPEHLURVGD'LVQH\UHVLGHQRIDWRGHVHXSUpGLRHVWDUSLQWDGRGH
DFRUGR FRP R WHPD GH  'iOPDWDV 'D SUy[LPD YH] HP TXH
SDVVDUHP SRU Oi GrHP XPD ROKDGD QD ODWHUDO GR SUpGLR
,PSRVVtYHO QmR SHUFHEHU TXH HOH p EUDQFR FRP PDQFKDV SUHWDV
0XLWRVPHPEURVGRHOHQFRSDVVDPSRUHOHQRFDPLQKRGHLGDRX
GH YROWD WRGRV RV GLDV ( XP OHPEUHWH FRQVWDQWH GR VHQWLGR GR
0DJLF.LQJGRP
( R EROHWLP LQWHUQR ³ FKDPDVH (\HV DQG (DUV ,VVR QmR
GHYH VXUSUHHQGHU 1D YHUGDGH VHULD VXUSUHHQGHQWH VH WLYHVVH
RXWUR QRPH $ PDLRULD GDV HPSUHVDV ID] DOJR VLPLODU FRP RV
EROHWLQV LQWHUQRV ³ R QRPH JHUDOPHQWH GL] UHVSHLWR jTXLOR TXH D
HPSUHVD ID] $ GLIHUHQoD TXH REVHUYHL p TXH QD PDLRULD GDV
HPSUHVDVSRXFDVFRLVDVPRVWUDPHQWXVLDVPR$TXLHHPRXWUDV
HPSUHVDVGHFDWHJRULDPXQGLDOWXGRPRVWUDHQWXVLDVPR
8P ~OWLPR H[HPSOR 4XDQGR RV FRQYLGDGRV FKHJDP SHOD
PDQKm RXYHP P~VLFD DQLPDGD RV PHPEURV GR HOHQFR UHFHEHP
RV FRQYLGDGRV FRP YLWDOLGDGH $ QRLWH SRUpP D P~VLFD p VXDYH
RVPHPEURVGRHOHQFRDJHPFRPWUDQTLOLGDGH
(VVDGLIHUHQoDpSODQHMDGDHSURSRVLWDO$LGpLDpHQWUDUHP
VLQWRQLDFRPRKXPRUGRVFRQYLGDGRV
&DGDXPGHOHVHQWUDSHORSRUWmRSULQFLSDOHVDLSHORSRUWmR
SULQFLSDO$VVLPFDGDFRQYLGDGRTXHSHUPDQHFHDTXLGXUDQWHERD
SDUWH GR GLD YLYrQFLD LVVR $ P~VLFD UHDOoD D H[SHULrQFLD
DFUHVFHQWD DOJR j VHQVDomR GH VDWLVIDomR H GH EHPHVWDU GR
FRQYLGDGRID]FRPTXHHOHVHOHPEUHFRPSUD]HUGDYLVLWDHGHVHMH
YROWDU0DVQHPXPHPFDGDPLOWHPFRQVFLrQFLDGHVVDGLIHUHQoD
PXVLFDO
)DULD GLIHUHQoD VH RV FRQYLGDGRV SHUFHEHVVHP"
3URYDYHOPHQWH QmR 3URYDYHOPHQWH JRVWDULDP GH VDEHU $ILQDO
TXHP TXHU HQWUDU WRGR HQWXVLDVPDGR QR 0DJLF .LQJGRP H VHU
UHFHELGRSRUXPPHPEURGRHOHQFRWRGRUHOD[DGRSDFDWR"(TXHP
TXHU WHUPLQDU XP ORQJR GLD QR 0DJLF .LQJGRP UXPDQGR SDUD R
SRUWmR SULQFLSDO FDQVDGR PDV IHOL] WHQGR GH DJHQWDU PHPEURV
GRHOHQFRSXODQGRGHOiSDUDFi"
-XG\ ULX XP SRXFR QHUYRVD $ LGpLD IH] FRP TXH VH
FRQWURODVVH 7LQKD D WHQGrQFLD GH VHU XPD DQLPDGRUD VHPSUH
OLJDGD VHPSUH HQWXVLDVPDGD 7DOYH] LVVR QmR IRVVH QHFHVViULR
7DOYH]GHYH]HPTXDQGRDVSHVVRDVSUHIHULVVHPTXHHODILFDVVH
XP SRXFR PDLV WUDQTLOD HVSHFLDOPHQWH QRV PRPHQWRV HP TXH
HUD GLItFLO PDQWHUVH HQWXVLDVPDGD H HP TXH VH HVIRUoDYD SDUD
LVVR$QRLWHHODLULDSUHVWDUDWHQomRQRVDQILWUL}HVHFRQIHULU
&DUPHQ SHQVRX QD IUHTrQFLD FRP TXH HVFROKLD XPD
GHWHUPLQDGDURXSDSDUDFDXVDUXPDLPSUHVVmRHVSHFtILFDHPVXD
HTXLSHRXHPVHXVFOLHQWHV(DJRUDSHUJXQWRXVHFRPRSRGHULD
DSOLFDU R FRQFHLWR WXGR PRVWUD HQWXVLDVPR GH PDQHLUD
VLJQLILFDWLYDHPVHXVQHJyFLRV"
$Wp'RQSDUHFLDSHQVDWLYRFRPRVHDFKDVVHTXHHVVDLGpLD
SRGHULDDILQDOIXQFLRQDUHPVXDSUySULDHPSUHVD
 



2 X Y L Q G R R V F OL H Q W H V 


'LDKRUDVjVK


(OHV HVWDYDP SDVVDQGR SHOD HQWUDGD SDUD D )URQWLHUODQG
$OJXQV SDVVRV DGLDQWH GH 0RUW &DUPHQHVWDYD UHIOHWLQGR VREUH R
TXH HVWDYD DSUHQGHQGR LPSUHVVLRQDGD SHOD SURIXQGLGDGH FRP
TXH RV SURMHWRV H H[HFXo}HV GH FDGD DomR H GH FDGD GHWDOKH GD
'LVQH\ HUDP FRQGX]LGRV VHPSUH PDQWHQGR FXLGDGRVDPHQWH HP
YLVWD VHX HIHLWR ILQDO VREUH VHXV FRQYLGDGRV ,VVR D GHL[DUD
LQWULJDGD &RPR p TXH ILFDYDP VDEHQGR GH VHX GHVHPSHQKR"
&RPRDYDOLDYDPDVDWLVIDomRGRVFOLHQWHV"
(ODDQGRXPDLVGHYDJDUSDUDTXH0RUWDDOFDQoDVVH
³ 6DEH ³ GLVVH ³ VHL TXH WRGD HPSUHVD SUHFLVD VH
FRQFHQWUDUQDVDWLVIDomRGRFOLHQWHPDVSRXFDVHPSUHVDVWrPXP
FRQWDWRWmRGLUHWRFRPWDQWRVFOLHQWHVTXDQWRHVWD2VQHJyFLRVGD
'LVQH\ZRUOG SDUHFHP WHU OXJDU SULQFLSDOPHQWH HQWUH XP PHPEUR
GRHOHQFRHXPFRQYLGDGR$VVLPGHYRSUHVXPLUTXHRVPHPEURV
GR HOHQFR WrP PDQHLUDV GH REWHU IHHGEDFN GH VHXV YLVLWDQWHV D
UHVSHLWRGHVHXVXFHVVRRXIUDFDVVR
&RQWXGRVHRVVHXVFRQYLGDGRVIRUHPFRPRWRGRVKRMHFP
GLD HVWmR FDQVDGRV GH UHVSRQGHU D HQWUHYLVWDV 7HPRV XPD
SHVTXLVD GH VDWLVIDomR GR FOLHQWH H SUHVXPR TXH D PDLRULD GDV
HPSUHVDV WHP D VXD ( D 'LVQH\" &RPR ID] SDUD DQDOLVDU VHX
VXFHVVR JOREDO" &RPR GHVFREUH DTXLOR GH TXH FDGD XP GRV
FRQYLGDGRVJRVWDRXQmRVREUHVXDH[SHULrQFLDHFRPRLVVRDIHWD
RVSODQRVHSROtWLFDVGDHPSUHVD"
³ +i PXLWDV H PXLWDV FRLVDV HQYROYLGDV QHVVH SURFHVVR
&DUPHQ³UHVSRQGHX0RUW³(RPRWLYRSHORTXDOGLJRLVVRHVWi
UHODFLRQDGRFRPQRVVDSUy[LPDOLomR
'RQ FDPLQKDQGR SHUWR R VXILFLHQWH SDUD HQWUHRXYLU HVVD
FRQYHUVD WHYH VXD FXULRVLGDGH DJXoDGD $SUR[LPRXVH PDLV GH
0RUWVXSRQGRTXHSRGHULDFROKHUDOJXPDLQIRUPDomR~WLO'HWRGD
D
FRQYHUVD
 IDQWiVWLFD H PDUDYLOKRVD TXH Mi RXYLUD D UHVSHLWR GH
DWHQomRDGHWDOKHVHDPRVWUDUHQWXVLDVPROHPEURXVHGHWHUOLGR
DOJRVREUHRVPpWRGRVGHSHVTXLVDGD'LVQH\
³0RUW³SHUJXQWRX³RXYLGL]HUTXHYRFrVXVDPODSWRSV
SDUDHQWUHYLVWDUFRQYLGDGRVQRPHLRGRSDUTXH,VVRpYHUGDGH"
1DFDEHoDGH'RQRXVRGHFRPSXWDGRUHVHUDSHORPHQRV
XPD tQILPD LQGLFDomR GH TXH DOJXPD FRLVD VpULD HVWDYD
DFRQWHFHQGRDOJREDVHDGRHPGDGRVHWHFQRORJLD
³ e ³ UHVSRQGHX 0RUW ³ 3HUFHEHPRV TXH RV
FRPSXWDGRUHV HUDP PXLWR ~WHLV QR UHJLVWUR LQVWDQWkQHR GDV
LPSUHVV}HV GRV FRQYLGDGRV ³ RX VHMD HQTXDQWR DV FRLVDV HVWmR
IUHVFDVHPVXDVPHPyULDV2VPHPEURVGRHOHQFRTXHID]HPLVVR
VmR FKDPDGRV GH 6XSHU *UHHWHUV 6XSHUDQILWUL}HV 6HX SULQFLSDO
SDSHO FRQVLVWH HP FDPLQKDU SRU Dt R GLD LQWHLUR JDUDQWLQGR D
VDWLVIDomR GRV FRQYLGDGRV (OHV XVDP FDPLVDV HVSHFLDLV TXH RV
LGHQWLILFDPFRPR6XSHUDQILWUL}HVGR:DOW'LVQH\:RUOG
&DGD DQILWULmR OHYD FRQVLJR XP SDJHU H UHVSRQGH
LPHGLDWDPHQWH D XPD FKDPDGD 6H XPD DWUDomR WLYHU GH VHU
LQWHUURPSLGDRVPHPEURVGRHOHQFRTXHDOLHVWLYHUHPWUDEDOKDQGR
FKDPDP HVVHV DQILWUL}HV TXH LPHGLDWDPHQWH DMXGDP RV
FRQYLGDGRVTXHVHVHQWLUDPLQFRPRGDGRVeXPDGDVSDUWHVPDLV
LPSRUWDQWHVGHVVHWUDEDOKR
0DV RXWUD LPSRUWDQWH UHVSRQVDELOLGDGH FRQVLVWH HP
HQWUHYLVWDLRV FRQYLGDGRV (OHV XVDP ODSWRSV H GLJLWDP DV
UHVSRVWDVLPHGLDWDPHQWH$RWRGR RV6XSHUDQILWUL}HVHQWUHYLVWDP
 D  FRQYLGDGRV VHPDQDOPHQWH 2V UHVXOWDGRV VmR
VRPDGRV H UHSDVVDGRV VHPDQDOPHQWH DR HOHQFR (VVH IHHGEDFN p
PXLWRLPSRUWDQWH'L]QRVTXmRSUy[LPRVHVWDPRVGHDWLQJLUFHP
SRUFHQWRGDVDWLVIDomRGRVFRQYLGDGRV
³ 9RFrV QmR UHFHLDP DERUUHFHU VHXV FRQYLGDGRV" ³
SHUJXQWRX&DUPHQ³6HLTXHDOJXPDVGDVSHVTXLVDVTXHUHFHER
VmRPDoDQWHV3DUDGL]HUDYHUGDGHDPDLRULD
³ %HP SHQVH XP SRXFR QLVVR ³ GLVVH 0RUW ³ 6H YRFr
IRVVH XP PHPEUR GR HOHQFR GD 'LVQH\ FRPR UHVROYHULD R
SUREOHPD"/HPEUHVHGRVSRQWRVGHTXHMiWUDWDPRV
³  %HP ³ &DUPHQ IUDQ]LX RV OiELRV HQTXDQWR SHQVDYD
'HSRLVGLVVH³$FKRTXHSUHVWDULDPXLWDDWHQomRQRVGHWDOKHVH
PH OHPEUDULD GH TXH WXGR PRVWUD HQWXVLDVPR $VVLP WHQGR LVVR
HPPHQWH
)H]XPDSDXVD
³3URFXUDULDXPPRGRGHID]HUGDHQWUHYLVWDXPDSDUWHGD
H[SHULrQFLDFRPRXPWRGR7HQWDULDWRUQiODGLYHUWLGD
³ &ODUR ³ GLVVH -XG\ ³ 9RFr SRGHULD SHGLU SDUD TXH
6LQLQKR OKH HQWUHYLVWDVVH 3X[D PDV YRFr Mi GLVVH TXH RV
6XSHUDQILWUL}HVpTXHID]HPLVVRQmRpPHVPR"
³ 1D YHUGDGH YRFr HVWi GXSODPHQWH FHUWD ³ GLVVH 0RUW
VRUULQGR³(OHVpTXHGLJLWDPDVLQIRUPDo}HVPDVGHPRGREHP
SUiWLFR 6LQLQKR p TXHP ID] D HQWUHYLVWD 2 SURJUDPD GH
FRPSXWDGRU XVD 6LQLQKR H RXWURV SHUVRQDJHQV 'LVQH\ SDUD
DQLPDU R SURFHVVR (VWmR SURJUDPDGRV SDUD HQWUHYLVWDU RV
FRQYLGDGRVTXHSRUVLQDOJRVWDPPXLWRGLVVR
$ODQ MiHVWDYD LPDJLQDQGR FRPR SRGHULD LPSOHPHQWDUHVVD
LGpLDHPVXDHPSUHVD6HXQHJyFLRQmRHVWDYDUHODFLRQDGRFRPD
'LVQH\WDPSRXFRFRPGLYHUVmRPDVLVVRQmRLPSOLFDULDQmRSRGHU
HPSUHJDUWRTXHVGLYHUWLGRVHPVXDVWpFQLFDVGHSHVTXLVD0XLWRV
GH VHXV IXQFLRQiULRV WLQKDP XP DQLPDGR VHQVR GH KXPRU TXH
QmRHUDGHVXUSUHHQGHUHPXPJUXSRGHSURJUDPDGRUHVLQWHQVRV
FULDWLYRV H VXSHULQWHOLJHQWHV &RP FHUWH]D HVVD FULDWLYLGDGH
SRGHULD VHU SRVWD HP SUiWLFD QD UHYLVmR GRV IRUPXOiULRV GH
SHVTXLVDGDHPSUHVD
³ &RPR SRGH YHU ³ SURVVHJXLX 0RUW ³ R PRGR FRPR D
SHVTXLVD p IHLWD p XP H[HPSOR GH TXH WXGR PRVWUD HQWXVLDVPR
1mRpDSHQDVXPGHWDOKHTXHHVWiDOLSDUDPHOKRUDUDH[SHULrQFLD
GR FRQYLGDGR p D LQWHJUDomR GH WHPDV 'LVQH\ HP WRGRV RV
DVSHFWRV GD H[SHULrQFLD 2V FRQYLGDGRV VDEHP TXH HVWmR VHQGR
HQWUHYLVWDGRV FRPR VH 6LQLQKR IRUPXODVVH DV SHUJXQWDV PDV QD
YHUGDGH LVVR p XP PHUR SDQR GH IXQGR SDUD TXH HOHV VH
FRQFHQWUHP SDUD UHVSRQGHU jV QRVVDV SHUJXQWDV (VVD SHVTXLVD
H[HPSOLILFDRTXLQWRVHJUHGRSDUDRVXFHVVRGD'LVQH\
$VVLP 0RUW GHX D WRGRV R TXLQWR FDUWmR FRQWHQGR XPD
QRYDOLomRTXHGL]LD

/,d®2

0~OWLSORVSRVWRV
GHHVFXWD




(OH HVSHURX HQTXDQWR FDGD XP OLD R VHX FDUWmR 4XDQGR
WRGRVROKDUDPQRYDPHQWHSDUDHOH0RUWSURVVHJXLX
³ ,VWR VLJQLILFD ³ GLVVH ³ TXH ID]HU FRP TXH RV
6XSHUDQILWUL}HV HQWUHYLVWHP RV FRQYLGDGRV p DSHQDV XPD GDV
PDQHLUDV GH TXH GLVSRPRV SDUD VDEHU FRPR HVWDPRV QRV VDLQGR
e PXLWR LPSRUWDQWH PDV QmR p D ~QLFD PDQHLUD 6H IRVVH Vy
HVWDUtDPRV RXYLQGR XPD IRQWH SRU PHLR GH XP ~QLFR YHtFXOR
$FKDPRV TXH p FUXFLDO HQWUHYLVWDU RV FRQYLGDGRV PDV p
LJXDOPHQWH LPSRUWDQWH XVDU RXWUDV IHUUDPHQWDV H VRQGDU RXWUDV
IRQWHV GH LQIRUPDomR SDUD VDEHU VREUH QRVVR GHVHPSHQKR
$OJXPDVGHVVDVIHUUDPHQWDVVmRIRUPDLVWDOFRPRDSHVTXLVDYLD
ODSWRS ³ H QHVVH LQVWDQWH GHX XPD ROKDGD SDUD 'RQ ³ (
DOJXPDVEDVWDQWHLQIRUPDLV
3RU H[HPSOR XP UHVWDXUDQWH SRGH WHU  PHPEURV GR
HOHQFR WUDEDOKDQGR FRPR JDUoRQV HP GLYHUVRV WXUQRV e GLItFLO
UHXQLORV DR PHVPR WHPSR SDUD IDODU GH PHOKRULDV QR
DWHQGLPHQWR6mR(PYH]GLVVRWRGRVRVPHPEURVGRHOHQFRGH
XP PHVPR  WXUQR SDVVDP DOJXQV PLQXWRV    DYDOLDQGR R GLD HP
XPDHVFDODGH]HURDGH]
3RGH VHU TXH GrHP XP VHWH 3RU TXH VHWH" 2 TXH GHYH
VHUPXGDGRSDUDID]HUQRWDXPGH]"(OHVORFDOL]DPRVSUREOHPDV
H SURFXUDP VROXFLRQiOR 1D UHXQLmR VHJXLQWH FDGD SUREOHPD p
DQDOLVDGRWRGRVDYDOLDPVHRFRUUHUDPPHOKRULDVHDVUHDo}HVGRV
FRQYLGDGRV
%HP HVVDV GLVFXVV}HV SRGHP ID]HU SDUWH GH XP SURFHVVR
IRUPDO PDV QRUPDOPHQWH VmR XPD FRLVD TXH DFRQWHFH SXUD H
VLPSOHVPHQWH )D] SDUWH GD FXOWXUD e R PRGR FRPR DV FRLVDV

12
´ $V SHVTXLVDV VmR FUXFLDLV PDV p LJXDOPHQWH
LPSRUWDQWH XVDU RXWUDV IRQWHV TXH WDPEpP OKH GLJDP FRPR
YRFrHVWiVHVDLQGR´
DFRQWHFHP
2XWUR H[HPSOR Ki PXLWRV DQRV D F~SXOD GD HPSUHVD
GHFLGLX TXH R FDUGiSLR GR UHVWDXUDQWH GD 'LVQH\ GHYHULD VHU
PXGDGR R DQWLJR HVWDYD XOWUDSDVVDGR %HP D HTXLSH GH
DWHQGLPHQWR VH UHXQLX F GHFLGLX TXH R SRQWR GH YLVWD GD F~SXOD
HVWDYDHUUDGR$VVLPSURFXUDUDP'LFN1XQLVHOKHGLVVHUDPTXH
RFDUGiSLRHUDPXLWRERP
1D YHUGDGH RV FRQYLGDGRV TXH FRPLDP Oi DGRUDYDP R
FDUGiSLR 6y TXH RV H[HFXWLYRV KDYLDP VH FDQVDGR GHOH 2V
PHPEURVGDHTXLSHLQVLVWLUDPHPDILUPDUTXHRFDUGiSLRGHYHULD
VHUPDQWLGRHIRLRTXHDFRQWHFHX
³ ,VVR WDPEpP DFRQWHFHX HP PLQKD HPSUHVD ³ GLVVH
$ODQ 7tQKDPRV DOJXQV PDWHULDLV SURPRFLRQDLV TXH HVWiYDPRV
XWLOL]DQGRKiPDLVGHXPDQRHSHQVHLTXHGHYHUtDPRVPRGLILFi
ORV(VWDYDFDQVDGRGHOHV$WpRSHVVRDOGHYHQGDVHGHPDUNHWLQJ
DFKRXTXHVHULDLQWHUHVVDQWHLQRYDU0DVDYHUGDGHpTXHWDQWRRV
UHSUHVHQWDQWHV GH YHQGDV FRPR QRVVRV FOLHQWHV DGRUDYDP DTXHOH
PDWHULDO)XQFLRQDYD
³ $R PHVPR WHPSR OHPEURPH GH GLYHUVDV RFDVL}HV HP
TXH QRVVD HPSUHVD VH DSHJRX SRU WHPSR GHPDLV D DOJXPD FRLVD
&RPR YRFr VDEH TXDQGR GHYH PXGDU H TXDQGR QmR GHYH" ³
SHUJXQWRX-XG\
&DUPHQUHVSRQGHX
³ $FKR TXH R SUREOHPD FRQVLVWH HP VDEHU VH D FRLVD HP
TXHVWmRWUD]DOJXPYDORUSDUDRFOLHQWH
³%HPOHPEUDGR³GLVVH0RUW³4XDQGRLQDXJXUDPRVR
(SFRWSRUH[HPSORYRFrQXQFDYLD0LFNH\3DWHWDRX0LQQLHSRU
Oi$FKiYDPRVTXHRVFRQYLGDGRVSHQVDULDPTXHHOHVHVWDYDPIRUD
GHOXJDU1DYHUGDGHHUDRFRQWUiULR2VFRQYLGDGRVUHFODPDUDP
SRU QmR HQFRQWUiORV DOL $VVLP PXGDPRV D DJHQGD GH YLVLWDV H
DJRUDDOJXQVSHUVRQDJHQVWDPEpPYLVLWDPR(SFRW
³ 3DUHFH TXH DOJXQV GH VHXV P~OWLSORV SRVWRV GH HVFXWD
VmR DSHQDV PHPEURV GR HOHQFR RXYLQGR GLUHWDPHQWH RV
FRQYLGDGRV³GLVVH%LOO
³1RIXQGRWRGRVRVQRVVRVSRVWRVGHHVFXWDVmRPHPEURV
GR HOHQFR RXYLQGR RV FRQYLGDGRV HP YH] GH RXYLUHP XQV DRV
RXWURV RX D VL PHVPRV 2V H[HFXWLYRV TXH TXHULDP PXGDU R
FDUGiSLR HVWDYDP VH RXYLQGR D HTXLSH GR UHVWDXUDQWH HVWDYD
RXYLQGRRVFRQYLGDGRV


³  ( DJRUD HLV TXH VH DSUR[LPD XP GH QRVVRV PHOKRUHV
SRVWRV GH HVFXWD 1LFROH SRGHULD YLU DWp DTXL H PH DMXGDU D GDU
PLQKDDXOD"
8PD PXOKHU VRUULGHQWH VH UHXQLX DR JUXSR 0RUW D
DSUHVHQWRXSDUDD*DQJXHGRV&LQFR
³1LFROHHVWiDTXLKiDQRV³GLVVH1LFROHFDOiYDPRV
DFDEDQGRGHIDODUQDVGLIHUHQWHVPDQHLUDVGHTXHD'LVQH\GLVS}H
SDUDRXYLUVHXVFRQYLGDGRV3RGHULDGDUQRVXPH[HPSORSHVVRDO"
³  &ODUR ³ UHVSRQGHX ³ 9DPRV YHU TXH WDO HVWH" +i
YiULRV DQRV HUD JHUHQWH GH DOLPHQWDomR H GH EHELGDV QR KRWHO
3RO\QHVLDQ (UD TXDWUR GH MXOKR XPD QRLWH PXLWR DJLWDGD 1D
YHUGDGH HVWDYD WmR DJLWDGD TXH XVDPRV XP VDOmR GH EDQTXHWHV
QRUPDOPHQWH UHVHUYDGR SDUD FRQYHQo}HV H R WUDQVIRUPDPRV HP
XP UHVWDXUDQWH SDUD DTXHOD QRLWH H PHVPR DVVLP DV SHVVRDV
WLYHUDPGHHVSHUDUDWpXPDKRUDSRUXPDPHVD
(VWDYD FDVXDOPHQWHHP Sp QR VDJXmR TXDQGR XP KRPHP
IRL SHUJXQWDU j UHFHSFLRQLVWD TXDQWR WHPSR OHYDULD DWp VXD PHVD
HVWDU SURQWD 7ULQWD PLQXWRV GLVVH HOD (OH YROWRX DR OXJDU RQGH
HVWDYD VXD PXOKHU DPERV HP Sp (X LD SHOD PHVPD GLUHomR
4XDQGR SDVVHL SRU HOHV HQWUHRXYL DV GHVFXOSDV TXH HOH SHGLD j
PXOKHU$RTXHSDUHFHXHUDRGpFLPRDQLYHUViULRGHFDVDPHQWRH
HOHKDYLDHVTXHFLGRGHID]HUXPDUHVHUYD
1HVVH PRPHQWR WLQKD GXDV RSo}HV &RQWLQXDU QR PHX
FDPLQKR RX ID]HU DOJXPD FRLVD D UHVSHLWR GD VLWXDomR 9ROWHL j
UHFHSFLRQLVWD H VXJHUL TXH HOD GHVVH DR FDVDO D SULPHLUD PHVD
GLVSRQtYHOHTXHFRQWiVVHPRVDRJDUoRPTXHRVDWHQGHULDTXHVH
WUDWDYD GR GpFLPR DQLYHUViULR GH FDVDPHQWR GHOHV )RL R TXH HOD
IH]HDFDEDPRVGDQGREULOKRjVXDYLVLWD
³ e FODUR ³ GLVVH 'RQ ³ 0DV DV SHVVRDV TXHHVWDYDP j
IUHQWHGRFDVDOQmRVHLUULWDUDP"
³1mRGHIDWRQmR³GLVVH1LFROH³$VVLPTXHRFDVDOIRL
SDUD D PHVD D UHFHSFLRQLVWD FRQWRX jV RXWUDV SHVVRDV R PRWLYR
SDUD R FDVDO OHU UHFHELGR PHVD DQWHV GRV GHPDLV 7RGRV ILFDUDP
FRQWHQWHV FP OD]HU SDUWH GR HVTXHPD /HPEUHVH HX GLVVH TXH D
DWLWXGH SRVLWLYD GRV PHPEURV GR HOHQFR FRVWXPD SDVVDU SDUD RV
FRQYLGDGRV
³3yPiJLFRGD6LQLQKR³GLVVH-XG\
³3yPiJLFRGD6LQLQKR³ULXVH0RUW
³,VVRpLQFRPXP"³SHUJXQWRX%LOO2XHVVHWLSRGH
FRLVDDFRQWHFHRWHPSRWRGR"
³ $FRQWHFH PXLWR   FRQWLQXRX ³ 1LFROH 8P  PHPEUR GR
HOHQFRXPDUHFHSFLRQLVWDRIHUHFHXVHSDUDWLUDUXPDIRWRGHXP
FDVDO(OHVGLVVHUDP3X[DVHUiEiUEDURSRUTXHHVWDPRVHPOXD
GHPHO'LVVHUDPDLQGDTXHHVWDYDPLQGRMDQWDUQR&DIp&KHIVGH
)UDQFH QR (SFRW 'LWR LVVR HOH SURFXURX VHX VXSHUYLVRU H OKH
GLVVHTXHHUDXPFDVDOVLPSiWLFRHTXHHVWDYDPHPOXDGHPHOH
TXHHOHJRVWDULDGHSUHSDUDUDOJRHVSHFLDOSDUDHOHV
2 VXSHUYLVRU GLVVH
&ODUR R TXH YRFr MXOJDU DSURSULDGR

%HPWHPRVXPDIORULFXOWXUDTXHGLVS}HGHIORUHVUHFpPFROKLGDV
2PHPEURGRHOHQFRIRLDWpOiSHJRXXPEHORPDoRGHIORUHVHR
HQWUHJRX DR FDVDO QR UHVWDXUDQWH FRUWHVLD GH WRGR R HOHQFR GD
'LVQH\ZRUOG
6HDUHFHSFLRQLVWDQmRWLYHVVHVLGRWmRSUHVWDWLYD³pDTXLOR
D TXH FKDPDPRV GH VHU 
DJUHVVLYDPHQWH JHQWLO
 GH TXH 0RUW
SURYDYHOPHQWH Mi OKHV IDORX ³ QmR WHULD WLGR D RSRUWXQLGDGH GH
FRQYHUVDU FRP HOHV ( VH QmR WLYHVVH WLGR D RSRUWXQLGDGH GH
FRQYHUVDU FRP HOHV QmR WHULD VLGR FDSD] GH DJLU FRPR SRVWR GH
HVFXWD
,VVR DFRQWHFH GH PXLWDV RXWUDV PDQHLUDV $OJXpP GH XP
KRWHO RXYH IDODU HP XP DQLYHUViULR H DYLVD R UHVWDXUDQWH XP
JDUoRP ILFD VDEHQGR GH XPD FRPHPRUDomR LPSRUWDQWH H
SURYLGHQFLD XPD VREUHPHVD HVSHFLDO 2V PHPEURV GR HOHQFR
VDEHP TXH FDGD XP SRGH ID]HU DOJR SDUD WRUQDU HVSHFLDO XPD
YLVLWD
3HQVHPQLVVRGDVHJXLQWHIRUPDGLVVH1LFROH7HPRVXQV
 PLO PHPEURV QR HOHQFR ,VVR QRV Gi  PLO RXYLGRV 3HQVHP
QHVVD FROHomR GH RXYLGRV FRPR XP JLJDQWHVFR SRVWR GH HVFXWD
FRP YLGD SUySULD VHP PHVPR FRQWDUPRV WRGRV RV RXWURV PRGRV
SHORVTXDLVSRGHPRV³HRID]HPRV³RXYLURVFRQYLGDGRV
³$VVLPQDYHUGDGHGXDVVmRDVPDQHLUDVSHODVTXDLVRV
PHPEURV GR HOHQFR SRGHP DJLU FRPR SRVWRV GH HVFXWD ³ GLVVH
$ODQ³)RUPDOPHQWHFRPRHPSHVTXLVDVSDUDDFROHWDGHGDGRV
DUHVSHLWRGDVDWLVIDomRGRVFRQYLGDGRVHLQIRUPDOPHQWHTXHOLGD
FRPDOJXPDFRLVDHPGDGRPRPHQWR
³  %HP Ki PXLWDV RXWUDV PDQHLUDV DOpP GHVVDV GXDV ³
GLVVH1LFROH³$OJXPDVVmRPXLWRVLPSOHVPDVPXLWRSRGHURVDV
QDPHOKRULDGDVDWLVIDomRGRVFRQYLGDGRV

´2VSRVWRVGHHVFXWDVmRDHPSUHVDRXYLQGRRVFOLHQWHVHP]
13

GHRXYLUHPXQVDRVRXWURVRXHOHVSUySULRVµ
 
'LJDPRV SRU H[HPSOR TXH DOJXpP YDL FRPSUDU SLSRFDV H
SHGH XP PDSD DR PHPEUR GR HOHQFR PDV QmR Ki QHQKXP
GLVSRQtYHO 1LQJXpP SHQVRX HP ID]HU XP HVWRTXH 2 PHPEUR GR
HOHQFRDQRWDRSHGLGR7RGDYH]HPTXHLVVRRFRUUHUQRYDPHQWHR
PHPEUR GR HOHQFR UHJLVWUD R IDWR HP XP EORFR &DVR DFRQWHoD
PDLVGRTXHXPDYH]SURYDYHOPHQWHKDYHUiPDSDVQRFDUULQKRGH
SLSRFDV RX SHUWR GHOH SRLV RV GDGRV SURYDP TXH RV FRQYLGDGRV
SUHFLVDPGHPDSDVQDTXHODiUHDHVSHFtILFD
­V YH]HV DV PHOKRUHV IHUUDPHQWDV VmR DV PDLV VLPSOHV
4XHU GL]HU XVDPRV JUXSRV GH IRFR H RXWUDV IHUUDPHQWDV GH
PDUNHWLQJFRPRTXDOTXHUHPSUHVDPDVVHGHL[DUPRVGH
ODGRDV
LQIRUPDo}HV GRV PHPEURV GR HOHQFR HVWDUHPRV PHQRVSUH]DQGR
DTXHODTXHpSURYDYHOPHQWHDPDLVYDOLRVDIRQWHGHLQIRUPDo}HV
GH TXH GLVSRPRV SHVVRDV TXH WrP FHQWHQDV GH PLOKDUHV GH
FRQWDWRV FRP QRVVRV FRQYLGDGRV WRGRV RV GLDV ( p LVVR GH TXH
WUDWDD'LVQH\FRQYLGDGRV
(UDLVVR0RUW"
³ 2EULJDGR 1LFROH ³ GLVVH 0RUW ³ 6XD DMXGD IRL PXLWR
YDOLRVD$JRUDHOHVVDEHPTXHQmRHVWRXLQYHQWDQGRWXGRLVVR


&DUPHQSHQVRXQDTXLORTXH1LFROHDFDEDUDGHOKHVFRQWDU
6XD HPSUHVD ID]LD SHVTXLVDV VREUH D VDWLVIDomR GH FOLHQWHV
IRUPDYDJUXSRVGHIRFRHGLVFXVV}HVLQGLYLGXDLVFRPFOLHQWHVPDV
QLQJXpP QD HPSUHVD WLQKD D KDELOLGDGH TXH RV PHPEURV GR
HOHQFRGD'LVQH\PRVWUDYDPSDUDDJLU$LGpLDGHWRWDOL]DUSHGLGRV
HUD LQWHUHVVDQWH VXD HPSUHVD WLQKD XP VLVWHPD TXH OKHV
LQIRUPDYD TXDQGR DOJXP FOLHQWH SHGLD DOJR TXH HVWDYD
WHPSRUDULDPHQWH HVJRWDGR PDV QDGD TXH LQGLFDVVH TXDQGR RV
FOLHQWHVSHGLDPDOJXPSURGXWRIRUDGDOLQKDGDHPSUHVD&DUPHQ
DQRWRXDLGpLDHPVHXEORFRGHDQRWDo}HV
(ODRXYLX0RUWH%LOOULQGR4XDQGRROKRXQDGLUHomRGHOHV
YLX -XG\ VRUULQGR VHJXUDQGR XP SDU GH RUHOKDV JUDQGHV
UHGRQGDVHSUHWDVVREUHVXDFDEHoD
³*RVWRXGRPHXQRYRFKDSpX"³SHUJXQWRX-XG\
³2QGHYRFrFRQVHJXLXLVVR"³SHUJXQWRX%LOO
³ (VWDYD HP PLQKD EROVD GHVGH TXH FKHJXHL 'i SDUD
QRWDUWHPDPDUFDGRVGHQWHVGDPLQKDILOKD5HFHELSHORFRUUHLR
DOJXPDV VHPDQDV GHSRLV GH PLQKD VHJXQGD YLVLWD (VWi YHQGR"
7HP XP SHTXHQR TXHVWLRQiULR QR ODGR GH WUiV 'HFLGL PDQWHU DV
RUHOKDV H SRU LVVR IL] XPD FySLD GR TXHVWLRQiULR UHVSRQGL H
PDQGHL SDUD HOHV 1mR p R TXHVWLRQiULR PDLV FULDWLYR TXH YRFr Mi
YLX"(WDPEpPpXPERPH[HPSORGDPXOWLSOLFLGDGHGHSRVWRV
GHHVFXWD
$ODQWHYHXPLQVLJKWUHSHQWLQR6XDHPSUHVDWLQKDDFDEDGR
GH ODQoDU XP SDFRWH GH VRIWZDUHV SDUD FRPSXWDGRU H HVWDYD
PDQGDQGRXPTXHVWLRQiULRSDUDFDGDFRPSUDGRU
0DV RV tQGLFHV GHUHWRUQR HUDP EDL[RV WRUQDQGR RV GDGRV
YLUWXDOPHQWHLQ~WHLV2TXHDFRQWHFHULDSHQVRXVHLQFOXtVVHPRVR
TXHVWLRQiULR HP XP GRV SURJUDPDV GH LPSUHVVRUD ³ XPD SiJLQD
GHWHVWHVSRUH[HPSOR"2XVHIL]pVVHPRVRTXHVWLRQiULRQRIRUPDWR
GH XP GLVTXHWH" 6HUi TXH HVVDV LGpLDV DXPHQWDULDP R tQGLFH GH
UHWRUQR" (OH HVFUHYHX XP OHPEUHWH SDUD FKHFDU DTXHODV
SRVVLELOLGDGHV
³ (QTXDQWR YRFrV HVWmR ID]HQGR VXDV DQRWDo}HV ³ GLVVH
0RUW ³ GHL[HPPH UHVXPLU RV EHQHItFLRV GH VH WHU P~OWLSORV
SRVWRVGHHVFXWD

14
´ 6H GHL[DPRV GH ODGR DV LQIRUPDo}HV FROHWDGDV SHORV
IXQFLRQiULRV HVWDUHPRV PHQRVSUH]DQGR D IRQWH GH
LQIRUPDomRPDLVYDOLRVDGHTXHGLVSRPRV´ 
 $OJXQV SRVWRV GH HVFXWD SRVVLELOLWDP Do}HV LPHGLDWDV D
SDUWLU GH XPD LQIRUPDomR ERORV GH DQLYHUViULR SUHSDUDGRV SHODV
DUUXPDGHLUDVXPDUHIHLomRHVSHFLDOIORUHVSDUDXPFDVDOHPOXD
GHPHO8PPHPEURGRHOHQFRRXYHDOJXPDFRLVDHDJH6HKRXYH
XP SUREOHPD VH QmR FRUUHVSRQGHPRV jV H[SHFWDWLYDV GH XP
FRQYLGDGR HQWmR WHQWDPRV FKHJDU j FDXVD GHVVH SUREOHPD SDUD
JDUDQWLUTXHHOHQmRWRUQDUiDRFRUUHU
2XWURV SRVWRV GH HVFXWD UHJLVWUDP DV QHFHVVLGDGHV GRV
FRQYLGDGRV H VHXV tQGLFHV GH VDWLVIDomR ³ DV DQRWDo}HV H
WRWDOL]Do}HV GRV PHPEURV GR HOHQFR TXHVWLRQiULRV SyVYLVLWD
FRPR R TXH -XG\ UHFHEHXH RV 6XSHUDQILWUL}HV FRP VHXV ODSWRSV
VmRERQVH[HPSORV+iRXWURVTXHQmRPHQFLRQDPRV$SHVTXLVD
WHOHI{QLFDpXPWLSRGHSRVWRGHHVFXWDPDLVIRUPDO3HORWHOHIRQH
SRGHPRV GHVFREULU FRLVDV TXH D HVFULWD QmR SHUPLWH ³ R WRP GH
XPDYR]GL]PXLWRHYRFrSRGHLUDWUiVGHRXWUDVLQIRUPDo}HV
2XWUR H[HPSOR GL] UHVSHLWR D PHPEURV GR HOHQFR TXH VmR
VXSHUYLVRUHV 8PD GH VXDV UHVSRQVDELOLGDGHV SURILVVLRQDLV
FRQVLVWH HP FDPLQKDU SRU Dt H FRQYHUVDU FRP RV FRQYLGDGRV
(QTXDQWR HVWmR FRQYHUVDQGR WDPEpP HVWmR ID]HQGR SHUJXQWDV
SDUDVDEHUFRPRHVWmR LQGRDV FRLVDV³WRPDQGRDWHPSHUDWXUD
SRUDVVLPGL]HU
1mR Ki XPD IRQWH ~QLFD TXH SRVVD QRV RIHUHFHU WXGR
DTXLOR GH TXH QHFHVVLWDPRV &DGD SRVWR GH HVFXWD SURSRUFLRQD
XPD YLVmR OHYHPHQWH GLIHUHQWH GDV FRLVDV ( FRPR D KLVWyULD GRV
VHWHViELRVFHJRVFRPRHOHIDQWHSDUDXPRHOHIDQWHpXPDFRUGD
SDUD RXWUR XPD iUYRUH 4XDQGR XVDPRV P~OWLSORV SRVWRV GH
HVFXWD REWHPRV XPD YLVmR HTXLOLEUDGD GDV GLIHUHQWHV IRUPDV
SHODV TXDLV QRVVRV FRQYLGDGRV YLYHQFLDP D 'LVQH\ZRUOG H
REWHPRVGHWDOKHVJUDoDVDHVVHVSRQWRVGHYLVWDHVSHFtILFRV

 
&DUPHQ HVWDYD VH SHUJXQWDQGR VH D 'LVQH\ZRUOG UHFHELD
FRUUHVSRQGrQFLDGRVFRQYLGDGRVVDWLVIHLWRVRXQmR
 9LVLWHL R SDUTXH FRP PLQKD IDPtOLD Ki DOJXQV DQRV ³
GLVVHDRJUXSR³HXPPHPEURGRHOHQFRVDLXGHVHXSRVWRSDUD
QRV DMXGDU (VFUHYL XPD FDUWD j 'LVQH\ZRUOG GHVFUHYHQGR R TXH
HODIH](VVDFDUWDVHULDXPH[HPSORGHSRVWRGHHVFXWD0RUW"
³6HPG~YLGD$VFDUWDVVmRXPDMDQHODSDUDRPRGRFRPR
RV PHPEURV GR HOHQFR WUDWDP RV FRQYLGDGRV 1HVVH VHQWLGR VXD
FDUWD IH] SDUWH GH XP SRVWR GH HVFXWD )RL D REVHUYDomR GH XP
FRQYLGDGR DFHUFD GH XP LQFLGHQWH HQYROYHQGR XP PHPEUR GR
HOHQFR
6HUi TXH R IDWR GH WHU VLGR XP FRQYLGDGR XP LQFLGHQWHH
XP PHPEUR GR HOHQFR VLJQLILFD TXH D FDUWD QmR IRL LPSRUWDQWH"
3HORFRQWUiULR&DGDFRQYLGDGRpLPSRUWDQWHHFDUWDVFRPRDVXD
GHPRQVWUDPDLPSRUWkQFLDGHFDGDLQWHUDomRFRPRVFRQYLGDGRV
 

0DQWHQGRDPDJLDHPDomR



'LDKjVK

³ &RP FHUWH]D VXD FDUWD IRL SDUDU HP XP GHSDUWDPHQWR
FKDPDGR *XHVW /HWWHUV FRUUHVSRQGrQFLDV GRV FRQYLGDGRV ³
SURVVHJXLX 0RUW ³ 'HSRLV FKHJRX jV PmRV GR VXSHUYLVRU
GDTXHOH PHPEUR GR HOHQFR TXH SURYDYHOPHQWH D PRVWURX DRV
GHPDLV PHPEURV ,VVR QmR IRL PXLWR PDLV GR TXH XPD JHQWLOH]D
)RL XP ERP H[HPSOR SDUD RV GHPDLV e DVVLP TXH VH WUDWD XP
FRQYLGDGR
2 IDWR GH VXD FDUWD WHU VLGR OLGD H FRPSDUWLOKDGD FRP
PHPEURVGRHOHQFRHVXSHUYLVRUHVpXPH[HPSORGRXVRHILFLHQWH
GHXPSRVWRGHHVFXWDQDWXUDOPHQWH0DVRPRGRFRPRVXDFDUWD
HORJLRVDIRLWUDWDGDHXVDGDpXPRXWURVHJUHGRSDUDRVXFHVVRGD
'LVQH\HXPDPDQHLUDGHGHPRQVWUDUDVH[WDOLomR
(OHGHXXPQRYRFDUWmRSDUDFDGDXPTXHGL]LD



 /,d®2

 5HFRPSHQVD
 UHFRQKHFLPHQWRH
 FRPHPRUDomR
 ³  4XDQGR UHFHEHPRV FDUWDV FRPR D VXD WHPRV XPD
JUDQGH RSRUWXQLGDGH SDUD PRVWUDU UHFRQKHFLPHQWR H FRPHPRUDU
$FKRPHOKRUH[HPSOLILFDUHVVHDVVXQWR&DUPHQTXDOHUDRQRPH
GRPHPEURGRHOHQFR"
³ 1XQFD PH HVTXHFHUHL 6HX QRPH HUD 0XUSK\ ³ GLVVH
&DUPHQ
³ 0XLWR EHP ³ SURVVHJXLX 0RUW ³ $OJXPD YH] YRFr
VHQWLX D QHFHVVLGDGH GH VH WRUQDU XPD DWUL]" 1mR" 1mR ID] PDO
YRFr YDL ILFDU yWLPD VH FRPSDUDGD FRPLJR 9DPRV UHSUHVHQWDU
SDSpLV9RXGDUXPDLGpLDGHFRPRWHULDVLGRHVVDVLWXDomR
&DUPHQVRUULXHVHQWRXVHSHUWRGH0RUW
³ 6HUHPRV R PHVPR SHUVRQDJHP ³ GLVVH 0RUW ³ 2
VXSHUYLVRUGH0XUSK\7XGRRTXHWHPDID]HUpUHSHWLUDTXLORTXH
YRFrGLVVHHPVXDFDUWD&HUWR"
&DUPHQVRUULX³1mRPHOHPEURGDVSDODYUDVH[DWDVPDV

SRVVRFKHJDUSHUWR
ÐWLPR³GLVVH0RUW³$ODQILTXHDPHXODGRFRPR2VFDU
SRUIDYRU-XG\SUHSDUHRDYLVRGHDSODXVRV%HPSULPHLURWHPRV
R VXSHUYLVRU GLDQWH GH XP JUXSR GH PHPEURV GR HOHQFR (OH GL]
5HFHEHPRVXPDFDUWDGHXPDIDPtOLDTXHYHLRGH1RYD<RUNSDUD
QRV YLVLWDU 0XUSK\ WUDQVIRUPRX XPD SHTXHQD GLILFXOGDGH HP
DOJRYHUGDGHLUDPHQWHPiJLFRSDUDHOHVHDPmHQRVPDQGRXHVWD
FDUWDTXHJRVWDULDGHUHSDUWLUFRPYRFrV
'LWRLVVR0RUWILFRXVHJXUDQGRXPDFDUWDLPDJLQiULDHIH]
XPVLQDOSDUD&DUPHQTXHGLVVH

&DUD'LVQH\

5HFHQWHPHQWH PLQKD IDPtOLD GHVIUXWRX GH IpULDV PDJQtILFDV QR
0DJLF .LQJGRP 0DV XP DFRQWHFLPHQWR WRUQRX QRVVD YLVLWD UHDOPHQWH
PiJLFD
 &KHJDPRV QR FRPHoR GD ILOD GD 6SDFH 0RXQWDLQ H Vy Oi IRPRV
LQIRUPDGRV GH TXH QRVVD ILOKLQKD *ORULD QmR SRGLD WRPDU VRUYHWH QR
SDVVHLR&HUWRGHYtDPRVWHULPDJLQDGRLVVRGHVGHRLQtFLRPDVHUDWmR
JUDQGHDH[FLWDomRSRUHVWDUPRVOiTXHVHTXHUSHQViYDPRV
*OyULDS{VVHDFKRUDUHILFDPRVVHPVDEHUFRPRDJLU)RLHQWmR
TXH XP GRV PHPEURV GR HOHQFR ³ 0XUSK\ ³ FKHJRX VH DJDFKRX H
GLVVH j *ORULD TXH HOD LULD WRPDU FRQWD GH VHX VRUYHWH GHYROYHQGRR
TXDQGR DFDEDVVH R SDVVHLR *ORULD GLVVH 3URPHWH" (QWmR GHX D
0XUSK\RVRUYHWHHGLYHUWLXVHQRSDVVHLR
1D VDtGD D QRYD DPLJD GH *ORULD HVWDYD Oi FRP XP VRUYHWH
6DEHPRV PXLWR EHP R TXH DFRQWHFHX SRLV XP VRUYHWH QmR GXUD 
PLQXWRVHPXPDWDUGHGHYHUmRQD)OyULGD0XUSK\VDELDRKRUiULRGH
QRVVD VDtGD IRL DWp R FDUULQKR PDLV SUy[LPR H FRPSURX RXWUR VRUYHWH
 VHJXQGRV DQWHV GH FDPLQKDUPRV SHOD VDtGD *ORULD GLVVH
2EULJDGD PDV FUHLR TXH FRPR WRGD FULDQoD LPDJLQRX TXH IRVVH D
PHVPDFDVTXLQKDGHVRUYHWH
6DEHPRV TXH HOD VDLX GD URWLQD SDUD WRUQDU HVSHFLDO D QRVVD
YLVLWD0XLWRREULJDGDSRUWHUIHLWRDOJRDFLPDHDOpPGRQRUPDO

6XDIm
&DUPHQ5LYHUD


$LQGDQRSDSHOGHVXSHUYLVRU0RUWDEDL[RXDVXDFySLDGD
FDUWDILFWtFLDHGLULJLXVHDRJUXSRFRPRVHIRVVHPWRGRVPHPEURV
GRHOHQFR
³ (VWH p XP JUDQGH H[HPSOR GH XP H[FHSFLRQDO VHUYLoR
SUHVWDGR DRV FRQYLGDGRV 0XUSK\ QRWRX R SUREOHPD H WHYH XPD
VROXomR FULDWLYD 3HVVRDV FRPR &DUPHQ HFRQRPL]DP GXUDQWH
YiULRV PHVHV SDUDYLVLWDU D 'LVQH\ FRP VXDV IDPtOLDV H FDGD XP
GH QyV WHP XP SDSHO LPSRUWDQWH WRUQDU HVVD YLVLWD
XPDªH[SHULrQFLDPiJLFD4XHURDJUDGHFHU0XUSK\SRULVVR
 0RUWGHL[RXGHGHVHPSHQKDURSDSHOGHVXSHUYLVRU
³ 'HSRLV R VXSHUYLVRU DIL[DULD DTXHOD FDUWD QR TXDGUR GH
DYLVRVSDUDTXHRVPHPEURVGRHOHQFR SXGHVVHPYHUH[DWDPHQWH
FRPR XP GH VHXV FROHJDV WRUQRX D YLVLWD GH XPD IDPtOLD GH
FRQYLGDGRVDJUDGiYHO
³  ,VVR VHULD UHFRPSHQVD UHFRQKHFLPHQWR RX
FRPHPRUDomR"³SHUJXQWRX%LOO
³ 1HVVH FDVR XPD FRPELQDomR GH UHFRQKHFLPHQWR H
FRPHPRUDomR³GLVVH0RUW³3ULQFLSDOPHQWHUHFRQKHFLPHQWR2
UHFRQKHFLPHQWR GL] UHVSHLWR D DJUDGHFHU D PRVWUDU TXH VH HVWi
FRQVFLHQWH GR IDWR GH TXH DOJXpP IH] DOJR HVSHFLDO &RP FHUWH]D
0XUSK\ IH] DOJR HVSHFLDO QDTXHOD VLWXDomR H SRU LVVR IRL
UHFRQKHFLGD
2 GHVHMR GH VHU TXHULGR p XP GRV DQVHLRV KXPDQRV PDLV
SURIXQGRV ( 0XUSK\ VDWLVIH] j ULVFD HVVD QHFHVVLGDGH 2
UHFRQKHFLPHQWR DGLFLRQDO GLDQWH GH RXWURV PHPEURV GR HOHQFR
WDPEpP PRVWURX TXH WHPRV FRQVFLrQFLD GR SDSHO YDOLRVR GH
0XUSK\ GHQWUR GD HTXLSH 0XLWDV HPSUHVDV SURFXUDP PRVWUDU
UHFRQKHFLPHQWR SHODV SHVVRDV PDV SRXFDV ID]HP GLVVR SDUWH GH
XPVLVWHPD³R~QLFRPRGRGHJDUDQWLUTXHLVVRDFRQWHFHUi


&DUPHQHVWDYDWHQWDQGRUHYHUWHUWXGRLVVRDVHXIDYRU
³ 0LQKD HPSUHVD WHP GLYHUVRV SUrPLRV SDUD R
GHSDUWDPHQWR GH YHQGDV ³ &OXEH GD 3UHVLGrQFLD &OXEH GD
'LUHWRULD FRLVDV DVVLP $LQGD QmR LQWURGX]LX QHQKXP WLSR GH
SUHPLDomR SDUD IXQFLRQiULRV TXH QmR WUDEDOKDP HP YHQGDV
4XDQWR PDLV SHQVR QLVVR FRQFOXR TXH WDPEpP GHYHUtDPRV ID]HU
DOJRSHORVRXWURV
³ 7HP UD]mR ³ GLVVH 0RUW ³ 9RX OKHV FRQWDU PDLV D
UHVSHLWR GDV FRLVDV TXH DFRQWHFHP SRU DTXL H GHSRLV YHUHPRV R
TXHYRFrDFKD
8PD GDV IHUUDPHQWDV TXH XWLOL]DPRV p R FDUWmR *XHVW
6HUYLFH)DQDWLF)DQiWLFRSHOR6HUYLoRDR&RQYLGDGRTXHFRQWpP
D VHJXLQWH PHQVDJHP
9RFr IRL UHFRQKHFLGR FRPR XP )DQiWLFR
SHOR6HUYLoRDR&RQYLGDGRSRUBBBBBBBB
2V JHUHQWHVDQGDPSRU
DtFRPHVVHVFDUW}HVHQWUHJDQGRRVDRXWURVPHPEURVGRHOHQFRH
DJUDGHFHQGR SRU VXDV ERDV Do}HV (OHV WDPEpP GHSRVLWDP HVVHV
FDUW}HVHPXPDFDL[D1RILQDOGHFDGDPrVKiXPVRUWHLRHFLQFR
RX VHLV PHPEURV FXMDV ERDV Do}HV OKHV GHUDP FKDQFHV GH
GLVSXWDU ³ TXDQWR PDLV ERDV Do}HV PDLRUHV DV FKDQFHV ³
JDQKDP SUrPLRV (VVH VRUWHLR p XP JUDQGH HYHQWR FRP XPD
FHULP{QLD HVSHFLDO H IRJRV GH DUWLItFLR H GDQoDULQRV 0LFNH\ RX R
YLFHSUHVLGHQWHGRSDUTXHpTXHPVRUWHLDRVQRPHV
³4XDLVVmRRVFULWpULRVXVDGRVSDUDDGLVWULEXLomRGHVVHV
FDUW}HV"³SHUJXQWRX%LOO
³'HSHQGHGRJUDXGHUHVSRQVDELOLGDGHHGRSULQFtSLRTXH
HVWi VHQGR REVHUYDGR 6mR PXLWDV iUHDV GLIHUHQWHV PDV YDPRV
DQDOLVDUGXDVGHTXHMiIDODPRVVHUYLoRVHWUDEDOKRHPHTXLSH
)DODUHPRV SULPHLUDPHQWH GH VHUYLoRV +i FLQFR SDGU}HV
(OHHUJXHXXPGHGR
³ 3ULPHLUR SDGUmR HVWDEHOHFHU FRQWDWRV GLUHWRV H VRUULU
'HSRLVHOHHUJXHXGRLVGHGRV
³6HJXQGRSDGUmRVXSHUHDVH[SHFWDWLYDV GRVFRQYLGDGRV
HEXVTXHFRQWDWRFRPHOHV
7HUFHLUR IDoD FRP TXH D TXDOLGDGH GH VHXV VHUYLoRV VHMD
VHPSUH H[FHOHQWH 4XDUWR Gr DV ERDV YLQGDV D WRGR F TXDOTXHU
FRQYLGDGR4XLQWRPDQWHQKDXPSDGUmRSHVVRDOGHTXDOLGDGHHP
VHXWUDEDOKR
1HVVH PRPHQWR VHXV FLQFR GHGRV HVWDYDP HUJXLGRV (OH
DEDL[RXDPmRHFRPHoRXQRYDPHQWH
³+iTXDWURSDUkPHWURVSDUDRWUDEDOKRHPHTXLSH
3ULPHLUR VXSHUH R PHUR FXPSULPHQWR GR GHYHU 6HJXQGR
GHPRQVWUH IRUWH LQLFLDWLYD GH HTXLSH 7HUFHLUR FRPXQLTXHVH
DJUHVVLYDPHQWH FRP RV FRQYLGDGRV H FRP RV GHPDLV PHPEURV GR
HOHQFR4XDUWRSUHVHUYHDH[SHULrQFLDPiJLFDGRFRQYLGDGR
³ 3DUHFHPH XPD OLVWD EHP H[SOtFLWD GH SDUkPHWURV ³
GLVVH%LOO³6HUiTXHLVVRGHPDQWHUFRQWDWRVGLUHWRVHVRUULUQmR
OHYDDFRPSRUWDPHQWRVDXWRPiWLFRV"
³(PWHRULDVLP³GLVVH0RUW³HSURYDYHOPHQWHWRGRVMi
SDVVDPRVSRULVVR0DVYRFrGHYHPHQWDOL]DUFHUWDVFRLVDV$QWHV
GHPDLVQDGDQmRpXPDOLVWDGHUHJUDVHVLPGHSDUkPHWURVTXH
FHUFDPQRVVRVSDGU}HVGHVHUYLoR)RUQHFHXPDIHUUDPHQWDHXP
LPSXOVR j JHUrQFLD SDUD PRVWUDU UHFRQKHFLPHQWR SHORV
FRPSRUWDPHQWRV TXH FRPR VDEHPRV DMXGDP D WRUQDU HVVD
H[SHULrQFLDPiJLFD
0DLV LPSRUWDQWH DLQGD p R IDWR GH HVVHV SDUkPHWURV QmR
DJLUHP QR YD]LR &DGD VXSHUYLVRU GR SDUTXH PROGD HVVHV
FRPSRUWDPHQWRV &DGD PHPEUR GR HOHQFR SDVVRX SHOR FXUVR
7UDGLo}HV &DGD PHPEUR GR HOHQFR VDEH FRPR p PDQWLGD D WLQWD
GRXUDGDGRFDUURVVHO
2XWUDHPSUHVDSRGHULDYLUDTXLHFRSLDUHVVHVSDUkPHWURV
SDODYUDSRUSDODYUD³HLULDVHGDUPDOSRLVRUHVWRQmRHVWDULDQR
OXJDU
%LOOFRQFRUGRX/HPEURXVHGHWRGDVDVWHQWDWLYDVLVRODGDV
IHLWDV SRU VHX EDQFR SDUD DXPHQWDU D ILGHOLGDGH GRV FOLHQWHV 2V
UHVXOWDGRV QXQFD GXUDYDP PXLWR 7DOYH] LVVR VH GHYHVVH DR IDWR
GHQXQFDWHUHPSURFXUDGRHPEXWLULVVRQRVLVWHPD


 ³$LQGDQmRVHLVHHQWHQGLGRTXHHVWDPRVIDODQGR³GLVVH
&DUPHQ³eUHFRPSHQVDUHFRQKHFLPHQWRRXFRPHPRUDomR"
³ 6LP VLP H VLP ³ GLVVH 0RUW VRUULQGR ³ 6LP p
UHFRPSHQVD SRUTXH DV SHVVRDV SRGHP JDQKDU DSDUHOKRV GH 79
FRQMXQWRV GD 3RFDKRQWDV FRLVDV DVVLP 6LP p UHFRQKHFLPHQWR
SRUTXH RV FDUW}HV LGHQWLILFDP PHPEURV GR HOHQFR H
FRPSRUWDPHQWRV GLJQRV GH QRWD ( VLP p XPD FHULP{QLD GH
FRPHPRUDomR FRP IRJRV GH DUWLItFLR GDQoDULQRV H WXGR R PDLV
(VVDVFRLVDVQmRVHH[FOXHPPXWXDPHQWH
³3DUHFHPXLWROHJDO³GLVVH-XG\
³ 0DV YRFr DFKD MXVWR TXH D JHUrQFLD Gr WRGRV RV FDUW}HV
GHUHFRQKHFLPHQWR"³SHUJXQWRX%LOO
³&ODURTXHQmR³GLVVH0RUW³0DVWDOYH]VHMDSRULVVR
TXH H[LVWH RXWUD IRUPD GH UHFRQKHFLPHQWR HVWD GHPRQVWUDGD
SHORVRXWURVPHPEURVGRHOHQFR&KDPDVH6SLULWRI'LVQH\$ZDUG
3UrPLR (VStULWR 'LVQH\ 8P RXWUR PHPEUR GR HOHQFR R LQGLFD
SDUDRSUrPLR9RFrJDQKDXPFUDFKiGHSUDWDSRULVVR
³$KJRVWHLGLVVR³GLVVH-XG\
³ 9RX GDU XP H[HPSOR ³ GLVVH 0RUW ³ &RQKHoR XP
PHPEUR GR HOHQFR TXH YLX XPD PXOKHU VHQWDGD HP XP EDQFR
VR]LQKD QD FKXYD H IRL IDODU FRP HOD $ PXOKHU GLVVH TXH WLQKD
DFDEDGR GH WRUFHU R WRUQR]HOR H QmR SRGLD DQGDU 2 PHPEUR GR
HOHQFR ³ VHX QRPH HUD 'RW ³ FRQVHJXLX XP JXDUGDFKXYD SDUD
HOD H GHSRLV XPD FDGHLUD GH URGDV SDUD TXH HOD SXGHVVH VDLU GD
FKXYD 'RW FKDPRX XPD HQIHUPHLUD H GHSRLV SHGLX TXH DOJXpP
DFRPSDQKDVVHDFRQYLGDGDDVHXKRWHO
0DLV WDUGH QHVVH PHVPR GLD RXWUR PHPEUR GR HOHQFR
TXH SUHVHQFLRX WRGD D KLVWyULD LQGLFRX 'RW SDUD XP 3UrPLR
(VStULWR'LVQH\
$ODQ SHQVRX QR WLSR GH UHFRQKHFLPHQWR TXH DV SHVVRDV
UHFHELDP HP VXD HPSUHVD 1D PDLRULD GDV YH]HV HUD XPD
UHSUHHQVmR ³ QmR R WLSR GH UHFRQKHFLPHQWR TXH DV SHVVRDV
EXVFDP
³2IHHGEDFNDTXLpVHPSUHSRVLWLYR"³SHUJXQWRX
³  1HP VHPSUH ³ GLVVH 0RUW ³ 'HSRLV GD SDUDGD RV
VXSHUYLVRUHV DIL[DP DYLVRV QR TXDGUR 6H XP PHPEUR GR HOHQFR
VH VDLX EHP VRUULQGR GDQoDQGR H DQLPDQGR RV FRQYLGDGRV R
DYLVRGL]DOJXPDFRLVDFRPR%RPWUDEDOKR7RQ\(DVVLPTXHVH
ID] 3RU RXWUR ODGR VH XP PHPEUR GR HOHQFR ID] XP WUDEDOKR
DEDL[R GR SDGUmR LVVR WDPEpP ILFD UHJLVWUDGR 6H R GHVHPSHQKR
IRLQRUPDOQmRVHGLYXOJDXPDYLVR
³  (OHV SURFXUDP RIHUHFHU PDLV IHHGEDFN SRVLWLYR GR TXH
QHJDWLYR"³SHUJXQWRX-XG\
³ 1mR p DOJR IRUoDGR VLPSOHVPHQWH DFDED VHQGR DVVLP $
PDLRULDGRVPHPEURVGRHOHQFRDFHUWDPDLVGRTXHHUUD$'LVQH\
DSHQDVUHIOHWHDTXLORTXHHVWiDFRQWHFHQGR


0RUWVLOHQFLRXSRUXPLQVWDQWH'HSRLVSURVVHJXLX
³ 7HQKR D RSRUWXQLGDGH GH FRQKHFHU RV EDVWLGRUHV GH
PXLWDV RXWUDV HPSUHVDV DOpP GD 'LVQH\ H FRPR IRUDVWHLUR HP
WRGDV HODV WHQKR XPD ERD LGpLD GDTXLOR TXH UHDOPHQWH DFRQWHFH
0XLWDVHPSUHVDVPDVQHPWRGDVSDVVDPPDLVWHPSRDSRQWDQGR
SDUD RV HUURV GR TXH SDUD DV UHDOL]Do}HV PHVPR TXDQGR RV
IXQFLRQiULRV DFHUWDP PDLV GR TXH HUUDP 8P tQGLFH GH IHHGEDFN
GHXPSRVLWLYRSDUDWUrVQHJDWLYRVQmRDMXGDPXLWRRPRUDO
3RU RXWUR ODGR XP tQGLFH GH WUrV SRVLWLYRV SDUD XP
QHJDWLYR DMXGD D PDQWHU HOHYDGRV D PRWLYDomR H R HVStULWR GH
HTXLSH (P PHX HQWHQGHU HVVH p XP PRWLYR SHOR TXDO R 3UrPLR
(VStULWR'LVQH\IXQFLRQDWmREHP³HVWLPXODRWUDEDOKRGHHTXLSH
H DMXGD D PDQWHU R tQGLFH GH WUrV SRVLWLYRV SDUD XP QHJDWLYR 6H
XPPHPEURGRHOHQFRDMXGDRXWURRVHJXQGRSRGHLQGLFDUDTXHOH
SDUDUHFHEHUXP3UrPLR(VStULWR'LVQH\
3HQVH QR TXH DFRQWHFH HP VXDV HPSUHVDV 6XD
FRQWDELOLGDGH DFHUWRX FHP YH]HV H HUURX QD FHQWpVLPDSULPHLUD
YH]'HTXDOYmRRXYLUIDODU"
³  2EYLDPHQWH GR HUUR ³ GLVVH &DUPHQ ³ 0DV QmR
RXYHPQDGDVREUHDVRXWUDVFHP
³1HVVHVFDVRVRTXHDFRQWHFH"
³1DGD
³ ( H[DWDPHQWH DRQGH HX TXHULD FKHJDU ³ GLVVH 0RUW ³
2XYHP EHUURV TXDQGR HUUDP PDV QDGD DFRQWHFH TXDQGR
DFHUWDP2VSVLFyORJRVH[SUHVVDPRTXHDFRQWHFHTXDQGRQmRKi
IHHGEDFNGL]HQGRH[WLQomR5HIRUoRpRIHHGEDFNSRVLWLYR3XQLomR
p R QHJDWLYR ([WLQomR p D DXVrQFLD GH IHHGEDFN ,QIHOL]PHQWH D
IDOWDGHIHHGEDFNpDUHDomRPDLVFRPXPDERQVGHVHPSHQKRV
$ PDLRULD GDV HPSUHVDV WHP FRQVFLrQFLD GD LPSRUWkQFLD
GR IHHGEDFN SRVLWLYR PDV QmR VmR WmR EHPVXFHGLGDV TXDQWR
SRGHULDP 7DOYH] SRU QmR FRPSUHHQGHUHP R LPSDFWR GD GLIHUHQoD
HQWUH RV WUrV WLSRV GH IHHGEDFN 'LJDPRV TXH YRFr VH GLVWUDLX H
HVPDJRXRFDQWHLURGHIORUHVGRYL]LQKRFRPRVHXFDUUR2YL]LQKR
VDLGHFDVDHJULWDFRPYRFr4XHWLSRGHIHHGEDFNpHVVH"
³1HJDWLYR³GLVVH$ODQ
³ &HUWR ( YRFr HVSHUD DOJR DVVLP QmR p PHVPR" $JRUD
HVTXHoD R FDQWHLUR 9RFr QmR SDVVRX HP FLPD GHOH H HVWi WXGR
EHP 6XSRQKD HP YH] GLVVR TXH YRFr ILTXH VDEHQGR TXH VHX
YL]LQKRHVWiGRHQWHHUHVROYDDSDUDURJUDPDGRGDFDVDGHOHVHP
TXH QLQJXpP OKH SHoD 0DLV WDUGH R YL]LQKR YDL DWp D VXD FDVD
FRPXPJUDQGHERORGHFKRFRODWHHDJUDGHFHDVXDDMXGD2TXHp
LVVR"
 ³   5HIRUoR ³ GLVVHUDP $ODQ &DUPHQ H -XG\ HP
XQtVVRQR
³  ([DWDPHQWH ( WRGRV SUHIHUHP XP IHHGEDFN SRVLWLYR
%HP VXSRQKD TXH YRFr DSDUH D JUDPD GHVVH YL]LQKR TXH HVWi
GRHQWH H QDGD DFRQWHoD 8PD VHPDQD GHSRLV YRFr D DSDUD
QRYDPHQWH 2XWUD YH] QDGD DFRQWHFH 9RFr Yr R VHX YL]LQKR
HQWUDQGRQRFDUURSDUDLUWUDEDOKDU(OHDFHQDGLVWUDtGRHQTXDQWR
SDVVDGLDQWHGHYRFr&RPRYRFrVHVHQWH"
³3pVVLPR³GLVVH$ODQ
³([WLQWR³GLVVH%LOO-XG\H0RUWULUDP
³(QWmRYRFrVHQWHQGHUDPRTXHTXLVGL]HU³GLVVH0RUW
$ PDLRULD GDV SHVVRDV FRPSUHHQGH R IHHGEDFN SRVLWLYR
PHVPR TXH QmR R SUDWLTXH R VXILFLHQWH ( D PDLRULD GDV SHVVRDV
FRPSUHHQGH R LPSDFWR QHJDWLYR GH XP IHHGEDFN QHJDWLYR 0DV D
PDLRULD GDV SHVVRDV QmR FRQVHJXH HQWHQGHU D WHUUtYHO VHQVDomR
GHL[DGD SHOD DXVrQFLD GH IHHGEDFN ([WLQomR ³ D DXVrQFLD GH
IHHGEDFN ³ ID] FRP TXH DV SHVVRDV GHL[HP GH ODGR VHX
FRPSURPHWLPHQWR
1mR UHFHEHU IHHGEDFN SRGH VHU WmR GHYDVWDGRU TXDQWR XP
IHHGEDFN QHJDWLYR 7RGD YH] TXH YRFr Yr XP IXQFLRQiULR RX VyFLR
H[HFXWDQGR DOJXPD WDUHID UHODFLRQDGD DR WUDEDOKR HP HTXLSH
PRVWUDQGR HQWXVLDVPR DWHQWR DRV GHWDOKHV RXYLQGR D RSLQLmR
GRVFOLHQWHVRXTXDOTXHUFRLVDTXHDMXGHDVHXVFOLHQWHVHDID]HU
FRP TXH YROWHP VHPSUH H YRFr QmR UHFRQKHFH DTXHOHV
FRPSRUWDPHQWRV PXLWR SURYDYHOPHQWH HVVD SHVVRD LUi VH VHQWLU
GR MHLWR TXH YRFr VH VHQWLULD VH R VHX YL]LQKR QmR DJUDGHFHVVH D
VXDDMXGD

15
´ $ PDLRULD GDV SHVVRDV QmR FRQVHJXH HQWHQGHU D
WHUUtYHOVHQVDomRGHL[DGDSHODDXVrQFLDGHIHHGEDFNµ
 $VVLP TXHUR TXH YRFrV PDQWHQKDP D VHQVDomR GD
DXVrQFLD GH IHHGEDFN GLDQWH GH VXD PHQWH ( TXHUR TXH YRFrV
PRVWUHP UHFRQKHFLPHQWR D FDGD SHVVRD SHOD FRQWULEXLomR GHOD
3RGHVHUDOJXpPTXHWUDEDOKDSDUDYRFrVSRGHVHUXPIXQFLRQiULR
GHRXWURGHSDUWDPHQWRSRGHVHUXPIRUQHFHGRUSRGHDWpVHUXP
FOLHQWH TXH RV DMXGD D PHOKRUDU DTXLOR TXH HOH GHVHMD 3RGH VHU
TXDOTXHU SHVVRD TXH FRQWULEXD SDUD D PHWD PDV R LPSRUWDQWH p
TXHYRFrVPRVWUHPUHFRQKHFLPHQWRSHODFRQWULEXLomRGDSHVVRD
1mR DSHQDV p R FRUUHWR FRPR DMXGD D DXPHQWDU D
VDWLVIDomR GR FOLHQWH $V SHVVRDV WUDWDP RV FOLHQWHV WDO FRPR
GHVHMDPVHUWUDWDGDV+iFRUUHODo}HVPXLWREHPGHILQLGDVHQWUHD
VDWLVIDomRGRVIXQFLRQiULRVHDVDWLVIDomRGRVFOLHQWHV


$ODQSDUHFLDSRXFRjYRQWDGH
³ 3UHFLVR FRQIHVVDU XPD FRLVD ³ GLVVH ³ $FKR TXH PHX
tQGLFHSRVLWLYRQHJDWLYRHVWiPDLVSUy[LPRGRXPSDUDWUrVGRTXH
GRWUrVSDUDXP'LWRRFRPSDVVRHPPLQKDHPSUHVDHDFKRTXH
jV YH]HV VRX XP SRXFR GXUR FRP DV SHVVRDV TXH FRPHWHP HUURV
RX QHJOLJHQFLDP H JHUDOPHQWH QHP ILFR VDEHQGR VH DOJXpP IH]
DOJRUHDOPHQWHEHP
³ &UHLR TXH WDPEpP VRX DVVLP $ODQ ³ GLVVH &DUPHQ ³
1RVVRUHODFLRQDPHQWRFRPRGHSDUWDPHQWRGHFRQWDELOLGDGHYDULD
HQWUH ERPH VRIUtYHO $ PDLRULD GDV FRLVDV TXHID]HPpEHPIHLWD
8PGLDSRUpPDWUDVDUDPXPUHODWyULRHQyVRVHVIRODPRV(QmR
p Vy R PHX GHSDUWDPHQWR p WRGD D HPSUHVD ,VVR SURYDYHOPHQWH
H[SOLFD R IRUWHHIHLWR GH LVRODPHQWR TXH Mi REVHUYHL RPRGR FRPR
DVSHVVRDVSDUHFHPSUHRFXSDGDVDSHQDVFRPVHXGHSDUWDPHQWRH
QmRFRPDHPSUHVDFRPRXPWRGR2EYLDPHQWHSUHFLVRUHSHQVDU
RPRGRFRPRHVWRXOLGDQGRFRPRPHXSHVVRDOHWHQWDUID]HUFRP
TXHRVRXWURVGHSDUWDPHQWRVRIDoDP
³eRTXHWDPEpPSUHFLVRID]HU³GLVVH$ODQ³0DVQmR
HVWRX PXLWR VHJXUR TXDQWR j DERUGDJHP 5HFHLR TXH HVVH XP
SDUDWUrV WHQKD VH WRUQDGR XP KiELWR H GDTXHOHV GLItFHLV GH VH
DEDQGRQDU
(OHROKRXSDUD0RUW
³ 9RFrV WrP VRUWH ³ GLVVHOKHV 0RUW ³ 7HQKR XP
H[HUFtFLRVLPSOHVHSUiWLFRTXHSRGHDMXGiORV/HPEUHPVHQmRp
DOJRFRPRWHUTXHDUUDQMDUWUrVFRQWLQXHDVVLPWRGDYH]TXHYRFr
GHUXPHVWDKRUUtYHO$LGpLDpFKHJDUjPpGLDGHSHORPHQRVWUrV
SRVLWLYRVSDUDXPQHJDWLYRDRORQJRGRWHPSR³XPDVHPDQDRX
XPPrVSRUH[HPSOR 

(LV R TXH YRFrV GHYHP ID]HU QR FRPHoR GR GLD SRQKDP
GH] PRHGDV GH GH] FHQWDYRV QR EROVR RX HP XP OXJDU GH IiFLO
DFHVVR
7RGD YH] TXH YLUHP DOJXpP ID]HQGR EHP DOJXPD FRLVD ³
SUHVWDQGR DWHQomR D GHWDOKHV HVFXWDQGR FOLHQWHV TXDOTXHU FRLVD
TXH DMXGH D VDWLVID]HU RV FOLHQWHV ³ TXHUR TXH PRVWUHP
UHFRQKHFLPHQWRDHVVDSHVVRDSRUVXDFRQWULEXLomR
)HLWR LVVR SDVVHP XPD PRHGD SDUD RXWUR EROVR 1D
SUy[LPD YH] HP TXH PRVWUDUHP UHFRQKHFLPHQWR SDVVHP RXWUD
PRHGD
6XDPHWDpSDVVDUWRGDVDVPRHGDVGHGH]FHQWDYRVDWpR
ILQDO GR GLD )DoDPQR GXUDQWH  GLDV H YHUmR FRPR DV FRLVDV
PXGDP$FKRTXHWHUmRXPDDJUDGiYHOVXUSUHVD
³3RUTXHGLDV"³SHUJXQWRX%LOO
³$PDLRULDGDVSHVVRDVOHYDGLDVSDUDIRUPDUXPQRYR

16
´([WLQomR³DDXVrQFLDGHIHHGEDFN³SRGHID]HUFRP
TXHDVSHVVRDVGHL[HPGHODGRVHXFRPSURPHWLPHQWRµ
KiELWR ³ GLVVH 0RUW ³ 6y DFUHVFHQWHL XPD SHTXHQD PDUJHP GH
JDUDQWLDSDUDWHUFHUWH]DGHTXHHOHUHDOPHQWHYDL
SHJDU

-XG\FRQFOXLXVXDVDQRWDo}HV
³,VVRpUHDOPHQWH~WLO³GLVVH³6HHQWHQGLGLUHLWRYRFr
QmR HVWi GL]HQGR SDUD UHFRQKHFHU TXDOTXHU FRLVD PDV FHUWDV
FRLVDV³VyDVFRLVDVTXHDMXGDPDVDWLVID]HURVQRVVRVFOLHQWHV
$FKR TXH WHQKR VLGR ERD QLVVR GH GDU IHHGEDFN SRVLWLYR PDV
DJRUD SHQVDQGR PHOKRU SHUFHER TXH R WHQKR GDGR SRU TXDOTXHU
PRWLYR 7DOYH] GHYD VHU PDLV FXLGDGRVD H REVHUYDGRUD DFHUFD GR
TXHHVWRXUHFRQKHFHQGR
³([DWDPHQWHLVVRpYLWDO³GLVVH0RUW³2LPSRUWDQWHp
ID]HUIHHGEDFNSRVLWLYRLPHGLDWDPHQWHHGHPRGRHVSHFtILFR
'RQRXYLDDWXGRVHPID]HUTXDOTXHUFRPHQWiULRFDGDYH]
PDLV LQTXLHWR H LQVDWLVIHLWR FRP HVVD FRQYHUVD GH IHHGEDFN
SRVLWLYRHQHJDWLYR
³  1mR VHL VH FRQFRUGR FRP LVVR ³ GLVVH ³ 3DJR DV
SHVVRDV SDUD TXH IDoDP XP ERP WUDEDOKR 3RU TXH GHYHULD GDU
OKHV UHFRQKHFLPHQWR HVSHFLDO SRU WHUHP IHLWR DTXLOR SHOR TXDO Mi
VmRSDJDV"
³%HPYHMDPRV³GLVVH0RUW³(VWRXRXYLQGRYRFrGL]HU
TXH SDJD DV SHVVRDV SDUD VHUHP FXLGDGRVDV QD IDEULFDomR GH
SURGXWRVHTXHSRULVVRHODVGHYHPVHUFXLGDGRVDVQDIDEULFDomR
GHSURGXWRV
³eH[DWDPHQWHLVVRTXHHVWRXGL]HQGR
³ 6XD HPSUHVD WHP SHVVRDV TXH QmR VmR FXLGDGRVDV QD
IDEULFDomRGHSURGXWRV"³SHUJXQWRX0RUW
³1DWXUDOPHQWH
³(ODVVmRSDJDV"
³6LPVmR
³$VVLPQDYHUGDGHYRFrDVHVWiSDJDQGRSDUDQmRVHUHP
FXLGDGRVDV QD IDEULFDomR GH SURGXWRV SRUTXH HODV QmR VmR
FXLGDGRVDVHYRFrDFDEDSDJDQGRRVDOiULRGHTXDOTXHUMHLWR
'RQIUDQ]LXDWHVWDPDVQmRUHVSRQGHX2DUJXPHQWRIRUD
FRQYLQFHQWH/HPEURXVHGRRUJXOKRTXHVHQWLUDFRPRVQ~PHURV
UHFRUGH GD IiEULFD QR VHPHVWUH DQWHULRU H FRPR VH VHQWLX
PDJRDGRHPVHJUHGRTXDQGRVHXFKHIHVHTXHUPHQFLRQRXRIHLWR
%LOOVRUULX6LPSOHVPDVSRGHURVRSHQVRX
³ (LV RXWUD PDQHLUD GH OLGDU FRP UHFRPSHQVD H
UHFRQKHFLPHQWR SRQKDVH QR OXJDU GR IXQFLRQiULR (OH SUHFLVD
JDQKDU D YLGD (VVD p D UHQGD HFRQ{PLFD VDOiULR E{QXV
EHQHItFLRV DGLFLRQDLV GHVFRQWRV H DVVLP SRU GLDQWH 'HSRLV Ki D
UHQGD SVLFROyJLFD TXH LQFOXL HORJLRV FDUWDV GH UHFRPHQGDomR
FHULP{QLDV GH UHFRQKHFLPHQWR FRPHPRUDo}HV OHVWDV H FRLVDV GR
JrQHUR$VSHVVRDVSUHFLVDPGDVGXDVIRUPDVGHUHQGD
³eXPDIRUPDLQWHUHVVDQWHGHDQDOLVDUDTXHVWmR³GLVVH
&DUPHQ ³ ( TXDO YRFr DFKD D PDLV LPSRUWDQWH D UHQGD
HFRQ{PLFDRXDSVLFROyJLFD"
³&UHLRTXHVHULDPHOKRUGHL[DUTXHRXWUDSHVVRDWLUHVXD
G~YLGD ³ GLVVH 0RUW (OH FRPHoRX D FDPLQKDU ³ 9DPRV
HQFRQWUDUXPPHPEURGRHOHQFRHSHUJXQWDU


$OJXQV PLQXWRV GHSRLV FKHJDUDP D XPD iUHD GRV
EDVWLGRUHV QD TXDO GLYHUVRV PHPEURV GR HOHQFR ID]LDP XPD
SDXVD
0RUWRVVDXGRX³7HQKRDTXLDOJXPDVSHVVRDVTXHID]HP
SDUWHGHXPJUXSRGHHVWXGRVSDUDGHVFREULUFRPRYRFrVPDQWrP
R Sy PiJLFR GD 6LQLQKR HVSDOKDGR SHOR 0DJLF .LQJGRP
(VWiYDPRV IDODQGR GH UHFRPSHQVD UHFRQKHFLPHQWR H
FRPHPRUDomR 8PD GDV G~YLGDV HUD VREUH R TXH VHULD PDLV
LPSRUWDQWHUHFRPSHQVDRXUHFRQKHFLPHQWR2TXHYRFrVDFKDP"
³  4XDO D GLIHUHQoD HQWUH RV GRLV" ³ SHUJXQWRX XP GRV
PHPEURVGRHOHQFR
³,PDJLQHDUHFRPSHQVDFRPRRUHQGLPHQWRHFRQ{PLFRH
RUHFRQKHFLPHQWRFRPRRUHQGLPHQWRSVLFROyJLFR³GLVVH0RUW
³ $FKR TXH SRVVR UHVSRQGHU ³ GLVVH RXWUR PHPEUR GR
HOHQFR³2L0RUW/HPEUDVHGHPLP"6RXR'DYLG$MXGHLRQR
DQR SDVVDGR TXDQGR XP GRV PHPEURV GH VHX JUXSR SUHFLVRX GH
XPD FDGHLUD GH URGDV ³ (OH HVWHQGHX D PmR H 0RUW R
FXPSULPHQWRX
³ 6LP 'DYLG FODUR TXH PH OHPEUR 9RFr HVWXGD QD
8QLYHUVLGDGH GH 0DVVDFKXVHWWV H WUDEDOKD DTXL QR YHUmR QmR p
PHVPR"
³ ,VVR ³ GLVVH 'DYLG REYLDPHQWH VDWLVIHLWR ³ %HPSDUD
PLPHVVDTXHVWmRpSDUHFLGDFRPRXWUDVHRPDLVLPSRUWDQWHpD
iJXD RX D FRPLGD $ UHVSRVWD p DPEDV VmR LPSRUWDQWHV 6HP
iJXD YRFr PRUUH HP SRXFR WHPSR WDOYH] HP DOJXQV GLDV 6HP
FRPLGD"9RFrWDPEpPPRUUH6yOHYDXPSRXFRPDLVGHWHPSR
2 PHVPR VH Gi FRP R VDOiULR H R UHFRQKHFLPHQWR 2
VDOiULR p FRPR D iJXD QmR Gi SDUD SDVVDU VHP HOH 0DV VHP
UHFRQKHFLPHQWRDYLGDVHDSDJDULD(VWDULDDOLILVLFDPHQWHPDVR
PHXFRUDomRQmR
9rDTXLOR"$SRQWRXSDUDXPTXDGURGHDYLVRVFREHUWRGH
FDUWDV H IRWRV 6mR FDUWDV H FDUW}HV GH FRQYLGDGRV GL]HQGR TXH
WRUQDPRVPXLWRDJUDGiYHLVDVVXDVIpULDV
2XWUR PHPEUR GR HOHQFR HP FXMR FUDFKi VH OLD R QRPH
$QQLHGLVVH
³&HUWDYH]UHFHELXPDFDUWDTXHpRH[HPSORDFDEDGRGD
LPSRUWkQFLDGRUHFRQKHFLPHQWR(UDGHXPJDURWLQKRSRUWDGRUGH
XPDGRHQoDWHUPLQDO'XUDQWHVXDYLVLWDDTXLHOHFROHFLRQRXXP
PRQWH GH DXWyJUDIRV $t SHUGHX R OLYUR GH DXWyJUDIRV (X HVWDYD
FXLGDQGR GD FHQWUDO GH LQIRUPDo}HV QDTXHOH GLD H VXD PmH QRV
WHOHIRQRX (OD HVWDYD DUUDVDGD H pUDPRV D ~QLFD HVSHUDQoD TXH
WLQKDGHHQFRQWUDUROLYURGHDXWyJUDIRV
&RPHFHLDWHOHIRQDUSDUDWRGRPXQGRWHQWDQGRORFDOL]iOR
/LJXHL SDUD WRGRV RV OXJDUHV RQGH HOH SRGHULD HVWDU $FKDGRV H
SHUGLGRVRHVWDFLRQDPHQWRWXGR(QDGD$VVLPWHOHIRQHLSDUDD
PmHGRJDURWRHOKHGLVVHTXHQmRFRQVHJXLPRVHQFRQWUDUROLYUR
7DPEpP SHUJXQWHL TXDQGR LULDP YROWDU SDUD FDVD 7LQKDP PDLV
GRLVGLDVSRUDTXL3HUJXQWHLOKHTXDLVDXWyJUDIRVKDYLDQROLYURH
FRPR HOH VH SDUHFLD 'LVVHOKH SDUD YLU DWp R 'HSDUWDPHQWR GH
$WHQGLPHQWR DR &RQYLGDGR HP GRLV GLDV H TXH WHUtDPRV XP OLYUR
SDUDHOD
( UHXQLPRV WXGR 8P QRYR OLYUR FRP WRGRV RV DXWyJUDIRV
'RLV GLDV GHSRLV R SDL GR PHQLQR SDVVRX SRU Oi H OHYRX R OLYUR
)LFDUDP UDGLDQWHV FRP RV DXWyJUDIRV H HX ILTXHL UDGLDQWH SRU
SRGHUDMXGiORV
1XQFD FKHJXHL D YrOR 8P PrV GHSRLV SRUpP UHFHEL XP
FDUWmR GH DJUDGHFLPHQWR FRP XPD IRWR GR JDURWLQKR (OH PRUUHX
XPD VHPDQD GHSRLV GH UHFHEHU R OLYUR &RQWXGR DSURYHLWRX RV
VHXV DXWyJUDIRV H VH OHPEURX GRV ERQV PRPHQWRV TXH WHYH DTXL
$LQGD JXDUGR D IRWR H R FDUWmR )LFDUDP SUHJDGRV QR TXDGUR SRU
DOJXP WHPSR PDV DJRUD HX RV PDQWHQKR HP FDVD $LQGD ILFR
FRPRYLGDTXDQGRRVYHMR
6RX FRPR 'DYLG 3UHFLVR UHFHEHU PHX VDOiULR 0DV VmR
FRLVDV FRPR HVVH FDUWmR TXH ID]HP FRP TXH HX GHVHMH S{U PHX
FRUDomRHPWRGRVRVFRQWDWRVTXHPDQWHQKRFRPFDGDFRQYLGDGR
³HVSHFLDOPHQWHQDTXHOHVGLDVHPTXHQmRDFRUGRFRPRPHOKRU
GRVKXPRUHV

 
'HSRLV GH GHL[DUHP RV PHPEURV GR HOHQFR VHQWDUDPVH D
XPDPHVDSHUWRGD0DLQ6WUHHWLQFRPXPHQWHTXLHWD)LQDOPHQWH
$ODQIDORX
³0RUWWHQKR XPDSHUJXQWD1HPWXGRTXHD'LVQH\ID]
Gi FHUWR &RPR p SRU H[HPSOR TXH D 'LVQH\OkQGLD GH 3DULV VH
HQFDL[D QR HVTXHPD" 6DEHPRV TXH HOD QmR HVWi VHQGR EHP
VXFHGLGD
³ %HP Ki DOJXPDV FRLVDV TXH GHYHPRV WHU HP PHQWH
3ULPHLUR XPD HPSUHVD TXH QmR GHUUDSD GH YH] HP TXDQGR
SURYDYHOPHQWH QmR H[SHULPHQWD QDGD GH QRYR $ PDQHLUD PDLV
JDUDQWLGDGHHYLWDUHUURVpHVVDQXQFDWHQWDUFRLVDVQRYDV$VVLP
SRGHPRVTXHD'LVQH\HVWDYDH[SHULPHQWDQGRDOJXPDFRLVDQRYD
8PDVHJXQGDSRVVLELOLGDGHpDUHDOLGDGHGDVLWXDomR
2 FRQYLGDGR PpGLR SDVVD TXDWUR QRLWHV H FLQFR GLDV QD
'LVQH\ZRUOG 2 FRQYLGDGR PpGLR YDL j 'LVQH\OkQGLD GH 3DULV H
SDVVD XPD QRLWH H GRLV GLDV $V GLVWkQFLDV VmR PDLV FXUWDV QD
(XURSDHDHFRQRPLDpGLIHUHQWH
$WHUFHLUDpDOJRTXHMiREVHUYHLHPPXLWDVRUJDQL]Do}HVGH
VXFHVVR 2V GRLV VXESURGXWRV PDLV FRPXQV GH XP VXFHVVR
IHQRPHQDO VmR D DUURJkQFLD H D FRPSODFrQFLD 1mR VHL DWp TXH
SRQWR HVWHV FRQWULEXtUDP SDUD RV UHVXOWDGRV GD 'LVQH\OkQGLD
IUDQFHVD
&RP FHUWH]D QHQKXPD HPSUHVD RX SHVVRD p SHUIHLWD

7RGRV FRPHWHP HUURV 2 VXFHVVR D ORQJR SUD]R QmR YHP DSHQDV

SRU VH HYLWDU HUURV 9HP TXDQGR YRFr RV FRUULJH R PDLV GHSUHVVD
SRVVtYHO

17
´$VSHVVRDVWUDWDPRVFOLHQWHVGRPHVPRPRGRFRPR
VmRWUDWDGDVµ
 ³ ( R TXH GL]HU GR SDUTXH WHPiWLFR HP 9LUJtQLD TXH QHP
FKHJRXDDEULU"³SHUJXQWRX$ODQ
³ 3HVVRDOPHQWH DFKHL XPD JUDQGH LGpLD ³ GLVVH 0RUW ³
PDVREYLDPHQWHD'LVQH\HVFROKHXROXJDUHUUDGR6XEHVWLPDUDP
QmR DSHQDV R Q~PHUR GH SHVVRDV TXH LULDP VH RSRU D HOH FRPR
WDPEpP VXD LQWHQVLGDGH H WHQDFLGDGH )RL XP HQJDQR" &ODUR
0DV FRPR GLVVH VH YRFr HVWi H[SHULPHQWDQGR DOJR GH QRYR YDL
FRPHWHUDOJXQVHUURV8PDFRLVDDQGDMXQWRFRPDRXWUD
³$OJXpPWHPPDLVDOJXPDSHUJXQWD"
&RPRQmRKDYLDQHQKXPD0RUWGHXRGLDSRUHQFHUUDGR
³(VSHURTXHYRFrVQmRWHQKDPSODQHMDGRGRUPLUGHPDLV
9DPRVQRVHQFRQWUDUGRODGRGHIRUDGRSRUWmRSULQFLSDOjVK
(FDOFHPVDSDWRVFRQIRUWiYHLV
 

1 R V E D V W LG R U H V 


'LDKjVK


1D PDQKm VHJXLQWH WRGRV HVWDYDP GLDQWH GR SRUWmR
SULQFLSDO SRU YROWD GDV K $ODQ H &DUPHQ GLVFXWLDP
DQLPDGDPHQWH VREUH SDUWLFLSDomR GH PHUFDGR %LOO HVFXWDYD
DWHQWDPHQWHDGLFLRQDQGR XPFRPHQWiULRRX XPDTXHVWmRGHYH]
HP TXDQGR -XG\ HVWDYD UHYLVDQGR DV SiJLQDV GH VXD DJHQGD (
'RQREVHUYDYDRSDUTXHFRPXPDSDUHQWHDUGHLQWHUHVVH
0RUW HVWDYD SHQVDQGR QD PHOKRU PDQHLUD GH UHYHODU R
~OWLPR VHJUHGR SRLV HUD D SDUWLU GHOH TXH RV RXWURV VHJUHGRV
SRGHULDPIXQFLRQDURXQmR(OHGHFLGLXFRPHoDUVXDSUy[LPDDXOD
IRUPXODQGRXPDSHUJXQWD
³ %LOO EDVHDGR HP VXD H[SHULrQFLD DWp DTXL TXDO R
PHPEURGRHOHQFRTXHYRFrMXOJDULDRPDLVLPSRUWDQWHDTXHOHTXH
DMXGD D VXELU QR -XQJOH &UXLVH DTXHOH TXH SUHSDUD R VHX
KDPE~UJXHU DTXHOH TXH FRQVHUWD DV URXSDV DTXHOH TXH HVYD]LD
DV ODWDV GH OL[R RX DTXHOH TXH DWHQGH DRV WHOHIRQHPDV HP VHX
KRWHO"
³  %HP D UHVSRVWD p TXH WRGRV VmR LPSRUWDQWHV ³
UHVSRQGHX %LOO ³ 2 OXJDU QmR IXQFLRQDULD VHP TXDOTXHU XP
GHOHV
³(QRVHXEDQFR"
³$PHVPDFRLVD7RGRVWrPXPDIXQomR
³&DUPHQ"
³ &RQFRUGR $ SHVVRD TXH DQRWD RV SHGLGRV p WmR
LPSRUWDQWH TXDQWR D TXH UHFHEH WHOHIRQHPDV QD UHFHSomR TXH p
WmRLPSRUWDQWHTXDQWRDTXHOLGDFRPDIiEULFD7RGRVVmRSHoDV
FKDYH1DWXUDOPHQWHQHPVHPSUHVHVHQWHPLPSRUWDQWHV
7RGRVFRQFRUGDUDPLQFOXVLYH'RQ
³ 7HQKR YLVWR HVVD UHDomR HP PXLWDV HPSUHVDV (LV D
PLQKDRSLQLmRDUHVSHLWRGHVVHDVVXQWR³GLVVH0RUWHQWUHJDQGR
D FDGD XP PDLV XP FDUWmR TXH GHVVD YH] WUD]LD XPDPHQVDJHP
FLIUDGD

/,d®2

7RGDVDVS[VVRDVVmR
LPSRUWDQW[V



,QWULJDGR FRP D HVWUDQKD JUDILD $ODQ YLURX R FDUWmR 1R
YHUVROHXRVHJXLQWH
­V Y[][V ILFR S[QVDQGR TX[ DTXLOR TX[ IDoR QmR [
LPSRUWDQW[ PDV [QWmR O[PEURP[ G[ PLQKD Y[OKD PiTXLQD G[
[VFU[Y[U $ PDLRULD GDV W[FODV J[UDOP[QW[ IXQFLRQDYD E[P 8P
GLD FRQWXGR XPD GDV W[FODV SDURX G[ IXQFLRQDU [ LVVR IRL XP
SUREO[PD [ WDQWR 3RU LVVR TXDQGR P[ VLQWR W[QWDGR D GL][U TX[
QmRID]GLI[U[QoDV[[XIL][UDOJXPDFRLVDGLU[LWRRXQmRSRUTX[
VRX DS[QDV XPD S[VVRD O[PEURP[ G[ PLQKD Y[OKD PiTXLQD G[
[VFU[Y[U ; GLJR SDUD PLP P[VPR 6RX Q[F[VViULR [ DV S[VVRDV
SU[FLVDPG[PLP

3X[D JRVWHL GLVVR SHQVRX $ODQ e D OLomR PDLV VLPSOHV GH
WRGDVWDOYH]DPDLVSRGHURVD
0RUWHVSHURXDWpTXHRJUXSRWHUPLQDVVHGHOHU
³*HUDOPHQWHH[HPSOLILFRHLOXVWURFDGDXPGRVVHJUHGRV
HP IRUPD GH OLomR ³ GLVVH ³ PDV SHUFHEL TXH HVVD GLVSHQVD
H[HPSORV(ODMiGL]WXGR
6HULD ~WLO SRUpP TXH FDGD PHPEUR GR JUXSR VXJHULVVH
PDQHLUDV GHHPSUHJiODHP VXD SUySULDHPSUHVD &RPR HOD SRGH
VHU DSOLFDGD SDUD DSULPRUDU R IRFR VREUH VHXV FOLHQWHV" $OJXPD
LGpLD"3RLVQmR&DUPHQ"
³3ULPHLURJRVWDULDGHVDEHUVHSRVVRXVDURWH[WR4XHUR
GiOR D FDGD PHPEUR GD PLQKD HTXLSH 1D YHUGDGH JRVWDULD GH
DGDSWiOR XP SRXFR LPSULPLU DOJXQV FDUW}HV H GDU XP D FDGD
IXQFLRQiULRGDHPSUHVD
³(VWHMDjYRQWDGHSDUDID]rOR6yOKHSHoRSDUDLQGLFDUD
IRQWH %DVWD LPSULPLU $GDSWDGR GR OLYUR 1RV EDVWLGRUHV GD
'LVQH\H8VDGRFRPDSHUPLVVmRGRHGLWRUQDSDUWHGHEDL[RGR
FDUWmR3DUDPLPpXPHORJLR
$JRUDSRGHULDQRVGL]HUFRPRHVSHUDTXHHVVDOLomRDMXGH
VXDHPSUHVD"
&DUPHQVRUULX
³(VWRXSHQVDQGRSDUWLFXODUPHQWHQDVSHVVRDVTXHID]HP
DV HPEDODJHQV RX TXH UHPHWHP IDWXUDV QR SHVVRDO
DGPLQLVWUDWLYR (VWRX SHQVDQGR HP PLQKD HTXLSH GH YHQGDV
(QILP HP WRGRV RV IXQFLRQiULRV 3DUD GL]HU D YHUGDGH YRX OHYDU
XP FRPLJR +i GLDV HP TXH R PXQGR SDUHFH HVWDU FRQVSLUDQGR
FRQWUD PLP ­V YH]HV VLQWRPH FRPR DTXHOH VXMHLWR FRPR p R
QRPH"6tVLIR"2TXHILFDYDHPSXUUDQGRDSHGUDPRQWDQKDDFLPD
H TXDQGR FKHJDYD QR FXPH YLD D SHGUD URODU QRYDPHQWH
PRQWDQKDDEDL[R4XDQGRLVVRDFRQWHFHVLQWRPHFRPRVHDTXLOR
TXHIDoRQmRWLYHVVHYDORUHPERUDQRIXQGRVDLEDTXHWHP
3RU LVVR HX VRX D DSOLFDomR PDLV LPHGLDWD GD OLomR 0DV
DFKRTXHHODVHULDERDSDUDWRGRV
³0XLWRERP³GLVVH0RUW(OHDQDOLVRXDH[SUHVVmRGRV
RXWURV


$ODQIDORXDVHJXLU
³  9RX LQFOXLU XPD YHUVmR GHVVH WH[WR FRPR SDUWH GH
PLQKDVFRQYHUVDVFRPQRYRVIXQFLRQiULRV$QWHVSRUpPYRXGDU
XPD FySLD SDUD FDGD XP GH QRVVRV DWXDLV IXQFLRQiULRV H YHU VH
SRVVRGHUUXEDUDOJXPDVSDUHGHV$OJXPDLGpLD0RUW"
³ 0LQKD LGpLD LQLFLDO ³ GLVVH 0RUW ³ VHULD ID]rOR HP
JUXSRV GH WUDEDOKR QDWXUDLV PDV DJRUD HVWRX DFKDQGR TXH SRGH
IXQFLRQDU DWp PHOKRU VH YRFr UHXQLU JUXSRV GH SHVVRDV TXH
QRUPDOPHQWH QmR WUDEDOKDP MXQWDV 7DOYH] VHMD XPD
RSRUWXQLGDGHSDUDUHIRUoDUHTXLSHVHGHUUXEDUSDUHGHVDRPHVPR
WHPSR 3RGH OHYDU PDLV WHPSR PDV VH YRFr WHP SUREOHPDV FRP
WUDEDOKRV HP HTXLSH HQWUH GHSDUWDPHQWRV HVVD WpFQLFD SRGH
VLJQLILFDUXPWHPSREHPLQYHVWLGR
³)LFRRXYLQGRYRFrVIDODQGRHPSDUHGHV³VRUULX-XG\
³$ODQYRFrOLGD FRPVRIWZDUHVQmRFRPFRQVWUXomR FLYLO 'LJD
PHRTXHYRFrTXHUGL]HUFRPSDUHGH"
³7HPUD]mR-XG\0HXQHJyFLRQmRpFRQVWUXomR³ULXVH

18
´3DUDREWHUXPERPWUDEDOKRGHHTXLSHHLQFUHPHQWDU
DILGHOLGDGHGRVFOLHQWHVpSUHFLVRGHUUXEDUSDUHGHVµ
$ODQ³PDVSURYDYHOPHQWHXVDPRVSDUHGHQRPHVPRVHQWLGRTXH
YRFr  e  XPD H[SUHVVmR SDUD IDODU GH PHPEURV GH XP
GHSDUWDPHQWRTXHVySHQVDPHPVXDVSUySULDVIXQo}HV3HQVDPH
DJHP YHUWLFDOPHQWH H UDUDPHQWH R ID]HP GHQWUR GD
RUJDQL]DomR 3DUD FLWDU XP H[HPSOR VH D FRQWDELOLGDGH LGHDOL]D
VHXV VLVWHPDV GH PRGR D IDFLOLWDU VHX WUDEDOKR PDV LJQRUD R
LPSDFWRVREUHRFOLHQWHRXVREUHDSURGXomRDFRQWDELOLGDGHHVWi
DJLQGRDWUiVGHXPDSDUHGHGHXPDPXUDOKD3DUDREWHUXPERP
WUDEDOKR GH HTXLSH H LQFUHPHQWDU D ILGHOLGDGH GRV FOLHQWHV p
SUHFLVRGHUUXEDUHVVDVSDUHGHV-XG\DVVHQWLX
³8VDPRVDSDODYUDWLDPHVPDPDQHLUD'HYHKDYHURX
 SDUHGHV HP QRVVD HPSUHVD H EHP TXH JRVWDUtDPRV GH QRV
OLYUDU GHODV 0DV QmR p DVVLP TXH YRX XVDU R PHX FDUWmR 0RUW
9RX XViOR FRP WRGRV RV PHPEURV GH PLQKD HTXLSH ( GHSRLV
GDUHLXPSDUDFDGDSHVVRDGDHPSUHVDTXHID]DPDQXWHQomRGH
QRVVRV HTXLSDPHQWRV 2 WUDEDOKR GHOHV p yWLPR H QmR WHPRV R
KiELWR GH OKHV GL]HU LVVR e HVVD KLVWyULD GR UHFRQKHFLPHQWR GH
TXHYRFrIDORXRQWHP(YRXSHQVDUHPPXLWRVRXWURVXVRVDQWHV
GHFKHJDUHPFDVD
³ 7HQKR FHUWH]D GLVVR -XG\ ³ GLVVH 0RUW ³ 3RLV QmR
%LOO"
³$GRUDULDVHUDSHVVRDTXHYDLGLVWULEXLUHVVHFDUWmRSHOR
EDQFR³GLVVH%LOO³PDVQmRYRXID]rOR,VVRGLOXLULDVHXSRGHU
9RX GDU D LGpLD j SUHVLGHQWH (OD DSyLD WRWDOPHQWH HVVH FRQFHLWR
1D YHUGDGH QmR FRQVLJR LPDJLQDU XPD ~QLFD SHVVRD HP SRVLomR
GH OLGHUDQoD TXH QmR DFUHGLWH QHOH0DV R IDWR GH VDLU GHODH QmR
GHPLPDXPHQWDLPHQVXUDYHOPHQWHRVHXYDORU
&UHLRTXHHOHSRGHQRVDMXGDUGHGXDVPDQHLUDV3ULPHLUR
pXPPRGRGHS{UHPWHUPRVPXLWRSUiWLFRVXPGHQRVVRVYDORUHV
FRUSRUDWLYRV D LPSRUWkQFLD GD FRQWULEXLomR GH FDGD IXQFLRQiULR
0DLVLPSRUWDQWHSRUpPpTXHDOJXPDVSHVVRDVGREDQFRH[S}HP
HVVDLGpLDPDVQmRID]HPPXLWRSDUDSUDWLFiOD,VVRSRGHDMXGi
ODVDPHOKRUDUVXDGHPRQVWUDomRGHHQWXVLDVPRFRPRYRFrGL]GH
IRUPDWmRSUiWLFD
³0XLWRERP(YRFr'RQ"
³  6HPSUH TXH WHQKR RSRUWXQLGDGH GLJR jV SHVVRDV FRPR
HODV VmR LPSRUWDQWHV 0DV DFKR TXHLVVR SRGH QRV DMXGDU D ID]HU
FRP TXH VH FRQVFLHQWL]HP GH PDQHLUD GLIHUHQWH $LQGD QmR VHL
GLUHLWRFRPRYRXXViORPDVYRXSHQVDUQLVVR
³7RGDVVmRyWLPDVLGpLDV³GLVVH0RUW³$JRUDYDPRVj
QRVVD JUDQGH H[SHULrQFLD GH ODERUDWyULR 7RGRV WURX[HUDP VHXV
yFXORVGHSURWHomR"
-XG\OHYDQWRXVXDVRUHOKDVGH0LFNH\SURYRFDQGRULVRVHP
&DUPHQH$ODQ

0DLVXPDYH]HVWDYDPGLDQWHGR&LW\+DOO
³ -i FRQKHFHPRV RV VHWH VHJUHGRV GR VXFHVVR GD 'LVQH\
FRQFRUUHQWH p TXDOTXHU HPSUHVD FRP D TXDO R FOLHQWH R FRPSDUD
IDQWiVWLFDDWHQomRDRVGHWDOKHVWRGRVPRVWUDPHQWXVLDVPRWXGR
PRVWUD HQWXVLDVPR P~OWLSORV SRVWRV GH HVFXWD UHFRPSHQVD
UHFRQKHFLPHQWR H FRPHPRUDomR H WRGDV DV SHVVRDV VmR
LPSRUWDQWHV³GLVVH0RUW
7HQWHLWUDQVPLWLUDYLVmRGHFRPRD'LVQH\S}HHVVDVLGpLDV
HP SUiWLFD 9RFrV SURYDYHOPHQWH SHQVDUDP HP PRGRV GH DSOLFi
ODV HP VXDV HPSUHVDV H VH IRUHP FRPR D PDLRULD GDV SHVVRDV
DOJXPDVGHVVDVLGpLDVID]HPPDLVVHQWLGRGRTXHRXWUDV
$JRUD TXHUR TXH IDoDP WUrV FRLVDV 3ULPHLUR ILTXHP
VHQWDGRV GXUDQWH GH] RX  PLQXWRV H PDQWHQKDP XPD
FRQYHUVDomR LPDJLQiULD FRP YRFrV PHVPRV 'HFLGDP TXDO R
VHJUHGR TXH QmR IRL PXLWR EHP FRPSUHHQGLGR RX FRP R TXDO
VHQWHP PDLRU GLILFXOGDGH SDUD OLGDU 'DPRV D LVVR R QRPH GH

HVWUDWpJLDLQH[SORUDGD

'HSRLVJRVWDULDTXHFDGDXPGHYRFrVH[SORUDVVHR0DJLF
.LQJGRP SRU FRQWD SUySULD FRQFHQWUDQGRVH QRV H[HPSORV GHVVH
RX GHVVHV VHJUHGRV 1mR PHQRVSUH]HP RV GHPDLV PDV
FRQFHQWUHPVH QD
HVWUDWpJLD LQH[SORUDGD
 6H HQFRQWUDUHP
H[HPSORVLQWHUHVVDQWHVSDUDRUHVWDQWHGRJUXSRPHOKRUDLQGD
)LQDOPHQWHTXHURTXHGHVHQYROYDPXPDOLVWDGHPHGLGDV
HVSHFtILFDV D VHUHP WRPDGDV HP IXQomR GR WHPSR TXH SDVVDUDP
DTXL (VVDV PHGLGDV SRGHP VHU DOJR TXH YRFrV Mi PHQFLRQDUDP
FRPR XPD SRVVLELOLGDGH DOJR TXH DOJXpP GR JUXSR VXJHULX RX
DOJRTXHVXUMDFRPRUHVXOWDGRGHVXDEXVFD
3DUD DMXGiORV HP VXD URWD SHOR 0DJLF .LQJGRP WHQKR
DTXL XP FUDFKi HVSHFLDO H XPD FDUWD GH DSUHVHQWDomR SDUD FDGD
XPGHYRFrVTXHIDFLOLWDUmRRUHODFLRQDPHQWRFRPRVPHPEURVGR
HOHQFRHRVFRQYLGDGRV
0RUWGLVWULEXLXRVFUDFKiVHDVFDUWDV
³$JRUDVmRK³GLVVH³,VVROKHVGiPDLVRXPHQRV
XPD KRUD SDUD FRQYHUVDU FRP PHPEURV GR HOHQFR H YHU R TXH
DFRQWHFH DQWHV GH R SDUTXH DEULU 'HSRLV GLVVR SDVVHP FLQFR
KRUDV REVHUYDQGR R SDUTXH HP IXQFLRQDPHQWR 9LVLWHP DWUDo}HV
REVHUYHPRFRQWDWRHQWUHPHPEURVGRHOHQFRHFRQYLGDGRVRTXH
TXLVHUHP %DVWD TXH VH FRQFHQWUHP REVHUYHP EHP GH SHUWR H
IDoDPPXLWDVDQRWDo}HV
'HSRLV YDPRV QRV UHXQLU DTXL jV  KRUDV SDUD
FRQYHUVDUPRV H FRPSDUDUPRV QRVVDV DQRWDo}HV $OJXPD
SHUJXQWD"
³ 1mR VHL VH YRX SUHFLVDU GH XP WRWDO GH VHLV KRUDV SDUD
FDPLQKDUSRUDtHDFDEDUGHID]HUDQRWDo}HV³GLVVH%LOO
³3URYDYHOPHQWHDPDLRULDGHYRFrVSUHFLVDUiGHVVHWHPSR
WRGR ³ FRQFRUGRX 0RUW ³ PDV TXHUR TXH YRFrV IDoDP PDLV GR
TXH VLPSOHVPHQWH REVHUYDU R TXH HVWi DFRQWHFHQGR QR 0DJLF
.LQJGRP 4XHUR TXH REVHUYHP WDPEpP R TXH HVWLYHU RFRUUHQGR
FRP YRFrV 4XHUR TXH YLYHQFLHP D H[SHULrQFLD &RPR HVWmR
UHDJLQGR" 'R TXH JRVWDP H SRU TXr" 4XDLV VmR RV FRPSRQHQWHV
HPRFLRQDLVHFRPRHOHVVHDMXVWDPDRTXDGURJHUDO"
³ 3DUHFH UD]RiYHO ³ GLVVH %LOO ³ PDV H VH GRLV GH QyV
ILFDUPRVREVHUYDQGRDPHVPDFRLVD"
³  ÐWLPR ³ UHVSRQGHX 0RUW ³ 7HUHPRV GXDV PDQHLUDV
GLIHUHQWHVGHDQDOLVDUDPHVPDFRLVD2HOHPHQWREiVLFRpID]HUR
TXH p LPSRUWDQWH SDUD FDGD XP 7RGRV DSUHQGHP DOJR GLIHUHQWH
/HPEUDVHGRYHOKRGLWDGR4XDQGRRDOXQRHVWiSURQWRRPHVWUH
DSDUHFH" e TXDVH D PHVPD FRLVD 6y TXH TXDQGR R DOXQR HVWi
SURQWRDOLomRDSDUHFH
$VVLP FDVR GRLV GH YRFrV ILTXHP REVHUYDQGR D PHVPD
FRLVDFDSUHQGDPRPHVPRFRPHODpLVVRTXHGHYLDPDSUHQGHU
9RFrV WDPEpP SRGHP REVHUYDU D PHVPD FRLVD H DSUHQGHU GH
PDQHLUDVGLIHUHQWHVPDVLJXDOPHQWHYDOLRVDV2XSRGHPREVHUYDU
GRLV LWHQV GLIHUHQWHV H DSUHQGHU H[DWDPHQWH D PHVPD FRLVD
&RQFHQWUHPVH QDTXLOR TXH HVWLYHUHP DSUHQGHQGR H QmR ILTXHP
SUHRFXSDGRVVHHVWmRID]HQGRGLUHLWRRXQmR
$ODQVHPDQLIHVWRX
³3UHFLVDPRVQRVOLPLWDUDR0DJLF.LQJGRP"³SHUJXQWRX
³)RFDOL]DPRVDPDLRUSDUWHGHQRVVDDWHQomRDTXLPDVWDPEpP
YLPRVDOJXQVGRVKRWpLV
³(VHHVWDEHOHFHUPRVTXHYRFrVLUmRVHOLPLWDUDTXDOTXHU
FRLVD GH TXH IDODPRV RX TXH YLVLWDPRV ILVLFDPHQWH RX TXH RV
FRQYLGDGRV RX PHPEURV GR HOHQFR PHQFLRQHP TXDQGR YRFrV
HVWLYHUHPFRQYHUVDQGRFRPHOHV"
$*DQJXHGRV&LQFRFRQFRUGRX
 ³ÐWLPR9DPRVSODQHMDUXPUHHQFRQWURDTXLjVKRUDV
%RDFDoDGD


(QTXDQWR -XG\ FDPLQKDYD VR]LQKD PHGLWRX VREUH R
SDUDGR[RTXHHUDR0DJLF.LQJGRP&ODURD'LVQH\ZRUOGHUDSXUD
PDJLD (OD SRGLD VHQWLU HVVH FOLPD SRU WRGD D SDUWH 2 WRP GDV
YR]HV GRV PHPEURV GR HOHQFR H GRV FRQYLGDGRV HUD GRVDGR GH
DFRUGRFRPDLQWHQVLGDGHGHVVDPDJLD
$SDUHQWHPHQWH SRUpP LVVR QmR DFRQWHFLD SRU DFDVR 1mR
HUD FRPR VH DOJXpP EUDQGLVVH XPD YDULQKD GH FRQGmR H GH
UHSHQWHVXUJLVVHWXGRDTXLOR
(ODUHYLVRXRVFDUW}HVTXH0RUWKDYLDOKHGDGR


/,d®2

&RQFRUUHQWHpTXDOTXHU
HPSUHVDFRPDTXDOR
FOLHQWHRFRPSDUD



$SULPHLUDOLomRHUDXPFRQFHLWRQRYRSDUD-XG\PDVWLQKD
OyJLFD $V SHVVRDV UHDOPHQWH OLJDYDP SDUD D )HG([ SDUD VXD
HPSUHVDHSDUDD//%HDQeFODURTXHFRPSDUDYDPWRGDVHVVDV
OLJDo}HV ( DV SHVVRDV WDPEpP OLJDYDP SDUD D 'LVQH\ -XG\ QmR
JRVWDYD GH SHQVDU QD 'LVQH\ZRUOG FRPR XP FRQFRUUHQWH 0DV R
SDUTXHID]LDWDQWDVFRLVDVWmR EHPTXHRVFRQYLGDGRV HVSHUDYDP
TXHRXWUDVHPSUHVDV³LQFOXVLYHDVXD³DWLQJLVVHPRVPHVPRV
SDGU}HVHOHYDGRV
 7RGR PXQGR HP VXD HPSUHVD GL]LD TXH RV QHJyFLRV HUDP
FRPSHWLWLYRV PDV QLQJXpP VDELD H[DWDPHQWH R SRUTXr -XG\
SHUFHEHX TXH QLQJXpP KDYLD SHQVDGR QD SULPHLUD OLomR GH 0RUW
(ODUHVROYHXTXHLULDWUDQVPLWLODjVXDHTXLSHHDVHXVFROHJDV
'HSRLV-XG\WLURXRVHJXQGRFDUWmRTXH0RUWGHUDDWRGRV


/,d®2

)DQWiVWLFDDWHQomR
DRVGHWDOKHV



(VVD IRL D OLomR TXH PDLV D GHL[RX LQWULJDGD ³ WRGR HVVH
SODQHMDPHQWRHDWHQomRDRVGHWDOKHV2VPHPEURVGR HOHQFRQmR
PHGLDP HVIRUoRV SDUD WRUQDU D H[SHULrQFLD GH FDGD FRQYLGDGR
UHDOPHQWH PiJLFD 2 GLUHWRU GH PDUNHWLQJ DR TXDO VH UHSRUWDYD
YLYLD IDODQGR HP
H[HFXomR
 7HPRV GH H[HFXWDU H[HFXWDU
H[HFXWDUHUDDVXDIUDVHIDYRULWDVHJXLGDSRU2SHULJRHVWiQRV
GHWDOKHV
-XG\ FRPSUHHQGHX D OLomR PHQWDOPHQWH PDV VHX FRUDomR
QmR D UHFHEHX SRU LQWHLUR 7DOYH] HOD QmR WLYHVVH SHUFHELGR R
UHVWDQWHGDFRQH[mR$VVLPSDVVRXDRWHUFHLURFDUWmR


/,d®2

7RGRVPRVWUDP
HQWXVLDVPR
 -XG\ JRVWDYD PXLWR GHVVD OLomR $FUHGLWDYD QHOD GH LRGR R
FRUDomR 1DWXUDOPHQWH R SUHVLGHQWH GH VXD HPSUHVD QmR HUD WmR
HQWXVLDVPDGR9LYLDIDODQGRVREUHDLPSRUWkQFLDGRVFOLHQWHVPDV
QmR ID]LD PXLWR SDUD SUDWLFiOD 3DUD GL]HU D YHUGDGH R TXH HOH
GL]LDHRTXHID]LDHUDPjVYH]HVFRLVDVEHPGLIHUHQWHV*RVWDULD
GHOHYiORSDUDRXYLURTXH0RUWWLQKDDGL]HUDUHVSHLWRGHWRGRV
PRVWUDUHPHQWXVLDVPR
7DPEpPGHVHMRXTXHRSUHVLGHQWHSXGHVVHRXYLU0RUWIDODU
VREUHDOLomRVHJXLQWH


/,d®2

7XGRPRVWUD
HQWXVLDVPR



0XLWD FRLVD HP VXD HPSUHVD QmR PRVWUDYD HQWXVLDVPR
1mR TXH HVSHUDVVH WLQWD GRXUDGD RX FRLVDV DVVLP 0DV PXLWD
FRLVD SRGHULD VHU IHLWD JDVWDQGRVH SRXFR RX QHQKXP GLQKHLUR
SDUDTXHDVFRLVDVIXQFLRQDVVHPPHOKRU
4XDQWR jV GXDV SUy[LPDV OLo}HV -XG\ JRVWDYD GH DPEDV
&RQWHPSORXRFDUWmRHPVXDPmRHVTXHUGD


/,d®2

0~OWLSORVSRVWRV
GHHVFXWD
 4XHJUDQGHLGpLD­VYH]HVHODDGLDYDTXHHODHVXDHTXLSH
HUDP DV ~QLFDV SHVVRDV GD HPSUHVD UHVSRQViYHLV SHOD ILGHOLGDGH
GRV FOLHQWHV 0HX 'HXV 7RGRV GHYHULDP VHU UHVSRQViYHLV SHOD
PDQXWHQomRGHVVDILGHOLGDGH9HQGDVFRQWDELOLGDGHH[SHGLomR³
WRGRV &RP FHUWH]D HOD H VXD HTXLSH HUDP UHVSRQViYHLV SRU ERD
SDUWHGRFRQWDWRFRPRVFOLHQWHVPDVPXLWRVRXWURVIXQFLRQiULRV
ILFDYDPVDEHQGRGHFRLVDVTXHVH-XG\HVXDHTXLSHVRXEHVVHP
SRGHULDP PHOKRUDU HP PXLWR R VHUYLoR DRV FOLHQWHV (VVHV
IXQFLRQiULRVGHYHULDPDSUHQGHUHVVDOLomR
'HSRLV-XG\OHXRFDUWmRHPVXDPmRGLUHLWD


/,d®2

5HFRPSHQVD
UHFRQKHFLPHQWR
HFRPHPRUDomR



'H WRGDV DV OLo}HV HVVD HUD D TXH -XG\ PDLV JRVWDYD
SURYDYHOPHQWH SRUTXH VDELD PXLWR PRVWUDU UHFRQKHFLPHQWR H
FRPHPRUDU $V UHXQL}HV FRP VXD HTXLSH HUDP yWLPDV
DSUR[LPDYDPDVSHVVRDV0DUNXPDGDVSHVVRDVFRPTXHPPDLV
VH SUHRFXSDUD TXDQGR DVVXPLX R DWHQGLPHQWR DRV FOLHQWHV WLURX
GHVXDJDYHWDXPGLDXPDSLOKDGHELOKHWLQKRVUHGLJLGRVSRUHOD
GL]HQGR PXLWRERP H GLVVH D HOD FRPR HOHV DMXGDUDPQR D
HQIUHQWDURVGLDVPDLVGLItFHLV
(DSHVTXLVDDQXDOGHRSLQLmRVHPSUHDFODVVLILFDYDPXLWR
EHP QHVVD iUHD $ PDLRULD GDV SHVVRDV PHQFLRQDYD
HVSHFLILFDPHQWH R TXDGUR GH DYLVRV FKDPDGR GH 2 TXH GL] R
FOLHQWH QRVVR SDWUmR LGHDOL]DGR SDUD JHUDU PRWLYDomR (UD SRU
HVVH PRWLYR TXH HOD FRQFRUGDYD WRWDOPHQWH FRP 0RUW (VVD HUD
VXDOLomRIDYRULWD
([FHWRSRUpPSHOD~OWLPDOLomR


/,d®2

7RGDVDVS[VVRDVVmR
LPSRUWDQW[V



2TXHSRGHULDVHUPHOKRUGRTXHLVVR"
$JRUDHODHVWDYDPDLVFRQIXVDGRTXHQXQFD2QGHSRGHULD
WHVWDUVXDVDSWLG}HV"'HWRGDVHVVDVOLo}HVTXDOUHSUHVHQWDULDVHX
WDOHQWR PHQRV GHVHQYROYLGR" (OD FRPSUHHQGLD D PDLRULD JRVWDYD
PDLV GH DOJXPDV GR TXH GH RXWUDV PDV DFKDYD TXH WLQKD DOJR
SDUD DSUHQGHU FRP WRGDV HODV 7DOYH] D OLomR VREUH DWHQomR DRV
GHWDOKHVIRVVHDTXHODHPTXHGHYHVVHVHFRQFHQWUDU
3RUDOJXPPRWLYRSRUpPHODQmRFRQVHJXLDVHHQWXVLDVPDU
PXLWR FRP HVVD OLomR ORJR HOD TXH HUD VHPSUH HQWXVLDVPDGD
$GRUDYD D 'LVQH\ZRUOG 4XHULD YLVLWDU QRYDPHQWH WRGR R OXJDU
YDJDUSRUHOHHGHVIUXWDUGHVXDPDJLDWDOFRPRIL]HUDDQWHVFRP
VXD IDPtOLD 7DO FRPR IL]HUD TXDQGR VRQKRX SHOD SULPHLUD YH]
FRP
6XELWDPHQWH7XG\SHUFHEHXRTXHLULDID]HU


'RQFDPLQKDYDWUDQTLODPHQWHSHOD0DLQ6WUHHWXPSRXFR
DOLYLDGR SRU HVWDU ORQJH GH 0RUW H GRV GHPDLV 3HVVRDV TXH QmR
GLUHFLRQDYDP VXDV HQHUJLDV R FDQVDYDP 0RUW R FDQVDYD &ODUR
PXLWRGRTXHGL]LDID]LDVHQWLGRPDVERDSDUWHVHDFHLWDYDDSHQDV
SRUERDYRQWDGH
7XGR DTXLOR HUD LUUDFLRQDO GHPDLV 1mR HUD SRVVtYHO
WHQVLRQDU XP QHUYR GR FRUDomR QmR HUD SRVVtYHO FDOLEUDU
VHQWLPHQWRV 2EVHVVmR IDQiWLFD SRU GHWDOKHV LQVLJQLILFDQWHV
SHQVRX3yPiJLFRGD6LQLQKRH[FODPRX
-i RXYLUD OXGR LVVR HP VXD HPSUHVD 6RPRV XPD JUDQGH
IDPtOLD IHOL] (PSRZHUPHQW (VStULWR GH HTXLSH 7RGDV HVVDV
SUiWLFDVDFDEDYDPFDLQGRQROXJDUFRPXP
9DPRVWHQWDU DQDOLVDU DVFRLVDVUDFLRQDOPHQWHSHQVRX(OH
FDPLQKRXDWpXPEDQFRXPSRXFRGLVWDQWHGRIOX[RGHYLVLWDQWHV
HVHVHQWRX7RGDDTXHODFRQIXVDKLVWyULDFRQFHLWXDL(VWDYDDOLH
QmRHVWDYDDOL(VWDYDSUHVHQWHQDEDVHPDVQmRQDVXSHUItFLH
(UDXPDPELHQWHIDPLOLDUHWDPEpPHUDERP0DVQLQJXpP
SURFODPDYD LVVR 2 OXJDU HUD GLYHUWLGR H
PiJLFR
 ³ DWp SDUD HOH
0DV QDGD GH FDPLVHWDV FRP IUDVHV ( HVVD KLVWyULD GH
HPSRZHUPHQW 1LQJXpP PHQFLRQDUD D SDODYUD PDV RV
IXQFLRQiULRV GD 'LVQH\³ Yi Oi PHPEURV GR HOHQFR ³ DJLDP
H[DWDPHQWHFRPRRJXUXIDYRULWR³GHVFXOSHRFRQVXOWRU³GHVHX
SDWUmRGL]LDTXHDVSHVVRDVTXHUHFHEHPSRGHUGHYHULDPDJLU
8P FRQFHLWR LUUDFLRQDO 2 TXH PHX GLUHWRUSUHVLGHQWH IDULD
VHDOJXPRSHUiULRRDERUGDVVHHGLVVHVVH'HVFXOSHPDVYRFrHVWi
VHP R VHX FUDFKi" 3HQVDQGR QLVVR FRPR HX UHDJLULD 7DOYH] R
FKHIHQmR HVWLYHVVH PRVWUDQGR HQWXVLDVPR7DOYH]HX WDPEpPQmR
HVWHMDSHQVRX
(VStULWR GH HTXLSH QHVVH FDVR" ,PDJLQH )XQFLRQiULRV
JULWDQGR9DPRVWXUPDYDPRV"1HPSHQVDU*UDQGHVFDUWD]HV
SURFODPDQGR R DPRU SHORV FOLHQWHV ³ RX PHOKRU FRQYLGDGRV"
1mR
$OJXPD FRLVD ID] FRP TXH HVWH OXJDU IXQFLRQH SHQVRX 2V
PHPEURV GR HOHQFR SDUHFHP UHDOPHQWH SUHRFXSDGRV FRP RV
FRQYLGDGRV)D]HPQRVHPFDUWD]HVRXVORJDQV)D]HPQRHPWURFD
GH XPD FDUWD H GH XPD IRWR QR TXDGUR GH DYLVRV 3HQVRX
QRYDPHQWH QR FDVR GR ~OWLPR WULPHVWUH 'H FRPR HVSHUDYD R
UHFRQKHFLPHQWR GH VHX FKHIH ( HQWmR QDGD 8P PHUR HORJLR QmR
LULDPDWiORSHQVRX'RQ(QWmRHOHYROWRXDVL
&KHJDGHVVHV DEVXUGRVSHQVRX$JRUDFRPRSRVVRSDVVDU
DVSUy[LPDVVHLVKRUDVDJUDGDYHOPHQWH"
&RPHoRXDYHURVURVWRVDOHJUHVjVXDYROWD
%HP SRGHULD ID]HU R KDELWXDO GH TXDQGR HUD SHTXHQRILFDU
VHQWDGR FRP XP EORFR GH DQRWDo}HV H FRQWDU DV FRLVDV TXH YHMR
&DUULQKRVGHVRUYHWH2UHOKDVGH0LFNH\%H[LJDV4XDOGHVVDV"
'H UHSHQWH OHPEURXVH GH DOJR TXH &DUPHQ WLQKD GLWR D
UHVSHLWR GR Q~PHUR  3URFXURX UDSLGDPHQWH VXDV DQRWDo}HV
$K(OHLULDVHGLYHUWLUHDRPHVPRWHPSR
 

& R P R G H U U X E D U S D U H G H V  F R P I D F LOL G D G H 


'LDKjVK


&LQFR PLQXWRV DQWHV GD KRUD PDUFDGD D *DQJXH GRV
&LQFR PHQRV 'RQ HVWDYD GLDQWH GR &LW\ +DOO WURFDQGR KLVWyULDV
PLUDERODQWHV
³$OPRFHLQD)UDQoDFRPR3DWR'RQDOG³GLVVH$ODQ
³4XH)UDQoDTXHQDGD&RPLQR-DSmRFRPR3DWHWDHD
0LQQLH³DODUGHRX-XG\
(OHVVHYLUDUDPQDGLUHomRGH0RUWTXHFKHJDYD-XG\OKH
SHUJXQWRX
³2QGHYRFrDOPRoRX0RUW"
³ $K SRU WRGD D SDUWH ³ GLVVH PRVWUDQGR R UHVWR GH XP
VDQGXtFKHGHTXHLMR³2QGHHVWiR'RQ"
³  3RU SHUWR FUHLR ³ GLVVH &DUPHQ ³ (X R YL DJDFKDGR
FRQYHUVDQGR FRP XPD JDURWLQKD ³ (OD HVSHURX DQWHV GH
DFUHVFHQWDU
³3HORPHQRVVHSDUHFLDFRPR'RQ-XG\ULX
³9DPRV&DUPHQVHMDERD]LQKD

2V SHUVRQDJHQV UHIHUHPVH ILJXUDWLYDPHQWH DRV SDYLOK}HV ORFDOL]DGRV QR

19

:RUOG6KRZFDVHGR(SFRW&HQWHU1GR7
 ³$tYHPHOH³VXVVXUURX$ODQ
'RQ FKHJRX DSUHVVDGR jV K XP SRXFR VHP I{OHJR
OiSLVFPXPDGDVPmRVEORFRQDRXWUD
³'HVFXOSHPPHRDWUDVRGLVVHHOH
³&KHJRXEHPQDKRUD³GLVVH0RUW³&HUWRSHVVRDOVHL
TXHYRFrVWHUPLQDUDPXPDWDUHIDGLItFLO$JRUDpTXHYHPDSDUWH
GLYHUWLGD9DPRVHQFRQWUDUXPDVRPEUDHWURFDUKLVWyULDV


0RUWFRQWHPSORXRJUXSRVHQWDGRjVXDYROWD
³  (VWD p D SDUWH HP TXH ILFDPRV HP Sp H IDODPRV GH
QRVVDV REVHUYDo}HV H SHUFHSo}HV SDUD RV RXWURV LQWHJUDQWHV GD
*DQJXH&RPRVHPG~YLGDYRFrVSDVVDUDPDV~OWLPDVVHLVKRUDV
HP Sp SRGHP SHUPDQHFHU VHQWDGRV VH DVVLP GHVHMDUHP 8VHP
FLQFR GH]  PLQXWRV TXDQWR SUHFLVDUHP 2V RXWURV ILFDUmR j
YRQWDGHSDUDIRUPXODUSHUJXQWDV
%HPVHLTXHWRGRVHVWmRDQVLRVRVSDUDFRPHoDUHDVVLP
SDUD HYLWDU RIHQGHU DOJXpP LGHDOL]HL D RUGHP PDLV OyJLFD $
SULPHLUD SHVVRD D IDODU VHUi DTXHOD FRP R PHQRU EORFR GH
DQRWDo}HV
&DGD XP GRV PHPEURV GD *DQJXH GRV &LQFR ROKRX SDUD
VHXV EORFRV GH DQRWDo}HV GHSRLV SDUD RV GH VHXV FROHJDV PDLV
SUy[LPRV 7RGRV RV ROKRV ILWDYDP 'RQ TXH DSyV XPD SDXVD
IHFKRXVXDSHTXHQDDJHQGDGHFRXURHGLVVH
³3UHIHULULDVHUR~OWLPR
³ %HP ³ GLVVH 0RUW XPD GDV VREUDQFHOKDV HUJXLGDV ³
LVVR QmR QRV RIHUHFH VDtGD SRLV R SUy[LPR GD OLVWD p DTXHOH TXH
IDODSULPHLUR
³(XIDOR³GLVVH%LOO
 ³2SDODQTXHpVHX³GLVVH0RUW
³1mRWLYHWHPSRGHRUJDQL]DULVWR³FRPHoRX%LOO³HSRU
LVVR H[SOLFDUHL RV LWHQV GH PLQKD OLVWD HP RUGHP GH DQRWDo}HV
(VSHURTXHQRILPWXGRIDoDVHQWLGR
(OHPDQXVHRXGLYHUVDVSiJLQDV
³3DUDIDODUDYHUGDGHDSULPHLUDFRLVDpDOJRTXHREVHUYHL
HQTXDQWRHVWDYDSHQVDQGRQRTXHLULDSURFXUDU
(VWDYD VHQWDGR HP XP EDQFR H SUy[LPR GDOL KDYLD XP
SRVWH HP IRUPD GH 7 (P FDGD XP GRV EUDoRV GR 7 KDYLD XPD
SODQWD SHQGXUDGD (VWDYD DGPLUDQGR D EHOH]D H D DSDUrQFLD
VDXGiYHOGDTXHODVSODQWDVTXDQGRGHUHSHQWHHODVFRPHoDUDPD
VHU UHJDGDV 9L TXH FDGD EUDoR GR 7 DEULJDYD XP SHTXHQR
LUULJDGRU 7XGR QDTXHOD HVWUXWXUD IRUD LPDJLQDGR DQWHULRUPHQWH
DWp RV PHQRUHV GHWDOKHV FRPR D IRUPD VLPpWULFD D HFRQRPLD
JHUDGDSHORXVRGHLUULJDGRUHVDXWRPiWLFRVHDVVLPSRUGLDQWH
0DVHVVHHUDDSHQDVXPSRQWRLQWHUHVVDQWH'HSRLVTXHR
LUULJDGRUSDURXPLQXWRVGHSRLVFURQRPHWUHLSRUFXULRVLGDGH
GHFLGL TXH TXHULD DYDOLDU D FRQWULEXLomR GH DOJXQV PHPEURV GR
HOHQFR4XHULDYHUDLPSRUWkQFLDGRSDSHOGHFDGDXP
3DUHLXPPHPEURGRHOHQFRTXHHVWDYDSDVVDQGRPRVWUHL
OKH PLQKD FDUWD H SHUJXQWHLOKH VREUH D SRVVLELOLGDGH GH
GHGLFDUPRV DOJXQV PLQXWRV D XPD FRQYHUVD
&ODUR
 GLVVH HOD
3HUJXQWHL VH HOD FRQVLGHUDYD LPSRUWDQWH R VHX SDSHO H VHQWLDVH
VHJXUDDRGHVHPSHQKiOR3URPHWLTXHQmRUHYHODULDRVHXQRPH
(ODPHGLVVHTXHQDVHPDQDDQWHULRUWLQKDUHQRYDGRVXD
FDUWHLUDGHPRWRULVWDHIHLWRXPWHVWHGHPDPRJUDILD³EHPDTXL
QD 'LVQH\ZRUOG (OD WDPEpP GLVVH TXH VHULD SRVVtYHO FRPSUDU
VHORVDUUXPDURXFRUWDURVFDEHORVHPTXDOTXHUXPGRVGLYHUVRV
VDO}HV RX EDUEHDULDV H DWp FRPSUDU VDSDWRV QD ORMD GH FDOoDGRV
DPEXODQWH'LVVHWDPEpPTXHHPERUDHVVHVVHUYLoRVQmRSDUHoDP
LPSRUWDQWHV SDUD PXLWD JHQWH VLJQLILFDYDP PXLWR SDUD HOD
(FRQRPL]DYDP PXLWR WHPSR H IDFLOLWDYDP R FXPSULPHQWR GH
GHWHUPLQDGDVWDUHIDVGLiULDV(TXHHVVDVFRLVDVDID]LDPVHVHQWLU
LPSRUWDQWH
'HSRLV HOD WLURX GR EROVR R TXH FKDPRX GH FDUWmR GH
LGHQWLGDGH GR 3DWR 'RQDOG 2V PHPEURV GR HOHQFR SRGHP XViOR
SDUDREWHUGHVFRQWRVHPUHVWDXUDQWHVFLQHPDVFRQFHUWRVGHURFN
H HYHQWRV HVSRUWLYRV H DWp HP LQJUHVVRV SDUD HYHQWRV HVSHFLDLV
TXHGHRXWURPRGRVHULDLPSRVVtYHOREWHU
0DV VHJXQGR HOD R PHOKRU p R DSRLR TXH UHFHEH GRV
RXWURV PHPEURV GR HOHQFR (OD PH IDORX VREUH VXD DPL]DGH FRP
3DW PHPEUR GR HOHQFR H FROHJD GH HTXLSH $V YH]HV TXDQGR DV
FRLVDV VDHP GLUHLWLQKR GLVVH HOD H 3DW VmR XQkQLPHV HP GL]HU

1mR Ki OXJDU FRPR HVWH

 (OD UHDOPHQWH DGPLUD HVVH HVStULWR GH
XQLmR
³  (VWRX FXULRVD SDUD VDEHU TXDQWR WHPSR HOD WUDEDOKRX
DTXLDQWHVGHFRPHoDUDVHVHQWLUVDWLVIHLWD³GLVVH-XG\
³$FKRTXHQmRID]PXLWRWHPSR(ODWUDEDOKDDTXLKiVHWH
DQRV FUHLR TXH IRL LVVR R TXH HOD PH GLVVH WDQWR p TXH DLQGD VH
UHFRUGD GH VXDV SULPHLUDV VHVV}HV GR WUHLQDPHQWR 7UDGLo}HV DV
KLVWyULDV VREUH :DOW H RXWUDV SHVVRDV GD 'LVQH\ H DLQGD WHP D
VHQVDomR GH HVWDU FRPHoDQGR D WUDEDOKDU DTXL VHQWHVH FRPR
SDUWH GH XPD HTXLSH QmR DSHQDV XPD HQJUHQDJHP HP XPD
PiTXLQDVHJXQGRH[SOLFRX
( HOD PH FDXVRX D LPSUHVVmR GH TXH VHX FRQFHLWR GH
WUDEDOKR FP HTXLSH LQFOXtD OLGDU FRP PHPEURV GR HOHQFR QRV
KRWpLVHVSDOKDGRVSHOD'LVQH\
(VWDSDUWHpFKDPDGDGH3DUTXHVQmRp0RUW"
(OD QmR PH FDXVRX D LPSUHVVmR GH TXH VH FRQVLGHUDVVH
PDLV GR TXH TXDOTXHU RXWUR GH VHXV FRPSDQKHLURV GR HOHQFR
DTXHOD YHOKD GLYLVmR
QyV YHUVXV HOHV
 FRPXPHQWH HPSUHJDGD HP
RXWURVDPELHQWHVGHWUDEDOKRFRPRQREDQFRHPTXHWUDEDOKR
,VVR PH UHFRUGD DOJR TXH DFRQWHFHX QR HVFULWyULR QD
VHPDQD SDVVDGD (VWDYD FRQYHUVDQGR FRP XPD GH QRVVDV
FOLHQWHV XPD HPSUHViULD IDQiWLFD SRU VHUYLoRV DRV FOLHQWHV
'XUDQWH QRVVD FRQYHUVD HOD RFDVLRQDOPHQWH FRQIHVVRX QmR VH
VHQWLU FRPR XPD FOLHQWH GR EDQFR 6HQWLDVH FRPR XPD
FRUUHQWLVWD RX FRPR LQYHVWLGRUD ILQDQFHLUD &RPSOHWRX GL]HQGR
TXH QmR KDYLD DOJXpP TXH IXQFLRQDVVH FRPR R SRUWDYR] GR
EDQFR ( TXH TXDQGR HUD QHFHVViULD D FRPXQLFDomR HQWUH RV
GHSDUWDPHQWRV RV IXQFLRQiULRV QmR VDELDP DWHQGHU VHQWLQGRVH
SHUGLGRV $LQGD WUDFHL XP SODQR SDUD VROXFLRQDU HVVD VLWXDomR
PDV YRX WUDWDU GLVVR DVVLP TXH UHWRUQDU 1RVVRV FOLHQWHV GHYHP
VHU VDWLVIHLWRV (OHV GHYHP VHQWLU TXH R WUDWR FRP QRVVR EDQFR
GHYHVHUXPDH[SHULrQFLDDEVROXWDPHQWHJUDWLILFDQWH
³  2 HIHLWR
SDUHGH
 DWDFD QRYDPHQWH ³ GLVVH -XG\ $ODQ
DVVHQWLX
%LOOSURVVHJXLX
³%HPRSDUTXHHVWDYDTXDVHDEULQGRHXPGRVPHPEURV
GRHOHQFRHVWDYDRFXSDGRSRULVVRGHFLGLVDLUHHQWUDUQRYDPHQWH
QD 'LVQH\ Vy SDUD PH VHQWLU FRPR D PDLRULD GRV FRQYLGDGRV
)LTXHL VDWLVIHLWR FRP LVVR SRLV SXGH QRWDU TXH DWp XPD VLPSOHV
ELOKHWHLUD FRQVHJXH DQLPDU XP FRQYLGDGR GHVGH R LQtFLR GH VXD
YLVLWDDRSDUTXH


³ (VWDYD QD ILOD DWUiV GH XP JUXSR GH TXDWUR PXOKHUHV
TXDQGR D ELOKHWHLUD DSDQKRX R LQJUHVVR GH XPD GDV PXOKHUHV H
GLVVH
%HPYLQGD GHYROWD0DU\
(ODH[LELXXPJUDQGHVRUULVRH
HQWURX
 3UHIHULILFDUDWUiVGRJUXSRGXUDQWHFHUFDGHXPPLQXWRF
HVFXWDURVFRPHQWiULRV0DU\HVWDYDDRPHVPRWHPSRHVSDQWDGDH
VDWLVIHLWD SHOR IDWR GH D ELOKHWHLUD WHU OHPEUDGR GH VHX QRPH
3HUJXQWDYDVH FRPR LVVR HUD SRVVtYHO FRP WDQWRV YLVLWDQWHV
HQWUDQGRDWRGRRLQVWDQWH
$V DPLJDV GH 0DU\ OHPEUDUDP TXH HOD HVWDYD XVDQGR
EULQFRVFRPRVHXQRPH
$KpYHUGDGH
FRQILUPRXHOD0DVFRPR
DTXHOD PRoD VDELD TXH Mi KDYLD YLVLWDGR D 'LVQH\ DQWHULRUPHQWH"
-iID]LDXPDQRGHVGHVXD~OWLPDYLVLWD
'HLPHLDYROWDHSHUJXQWHLjELOKHWHLUD6LPSOHVGLVVHHOD
(ODKDYLDQRWDGRRVEULQFRVHWDPEpPVDELDTXHSRUFHQWRGRV
FRQYLGDGRV UHWRUQDP DXPHQWDQGR DV FKDQFHV GH TXH 0DU\
WDPEpP R IL]HVVH 0DV R TXH UHDOPHQWH IH] D GLIHUHQoD IRL D
LQWXLomR³XPDVHQVDomRHXPSDOSLWHGHTXH0DU\WLQKDYLVLWDGR
RSDUTXHDQWHV
)LTXHLHVSDQWDGR (VVD MRYHP VRXEH XVDU XPD VRILVWLFDGD
FRPELQDomR GH DWHQomR DRV GHWDOKHV LQIRUPDo}HV SUpYLDV
LQWXLomRFDTXLORTXHSRGHVHUFKDPDGRGH
FRUGLDOLGDGHDJUHVVLYD

H HP XPD IUDomR GH VHJXQGR LOXPLQRX R GLD GH XP FOLHQWH
*RVWDULD GH SRGHUPDQGDU WRGR R QRVVR SHVVRDO SDUD Fi D ILP GH
SRGHUREVHUYiODFPVHXWUDEDOKR(VSHFLDOPHQWHQRVVRVFDL[DV
³(OHVWHUmRGHSHUPDQHFHUHPILODDWUiVGDPLQKDHTXLSH
GHVXSRUWHWpFQLFR³GLVVH&DUPHQ
³ ( GD PLQKD VRJUD ³ GLVVH -XG\ 7RGRV ULUDP %LOO
SURVVHJXLX
³  'HL[HPPH FRQWDU R FDVR GR RXWUR PHPEUR GR HOHQFR
TXH FRQKHFL (VWDYD FRQYHUVDQGR FRP HOH TXDQGR XP FDVDO FRP
WUrV ILOKRV DSDUHFHX H SHUJXQWRX D TXH KRUDV FRPHoDYD D SDUDGD
GDV  KRUDV )LTXHL SHQVDQGR 6HUi TXH H[LVWH SHUJXQWD PDLV
LGLRWD"
 $ UHDomR GR PHPEUR GR HOHQFR PH VXUSUHHQGHX ( WHQKR
GHDGPLWLUPHKXPLOKRX(OHVRUULXSDUDRSHVVRDOHGLVVH
%HP
D SDUDGD FRPHoD SRQWXDOPHQWH H YRFrV GHYHP FKHJDU SRU YROWD
GDV K SDUD FRQVHJXLU XP ERP OXJDU
 2 FDVDO DJUDGHFHX H
VDLXFDPLQKDQGR
$RSHQVDUQRFDVRSHUFHELTXHHOHQmRFKHJRXDUHVSRQGHU
D SHUJXQWD TXH IL]HUDP )H] DOJR DLQGD PHOKRU 5HVSRQGHX j
SHUJXQWD TXH QmR   IRUD  IRUPXODGD ³ DTXLOR TXH UHDOPHQWH
TXHULDP VDEHU  e XPD KDELOLGDGH HVSHFLDO ( p XPD DWLWXGH
SRVLWLYD DFUHGLWDU TXH DV SHVVRDV VmR PDLV LQWHOLJHQWHV GR TXH
SDUHFHPHVDEHUTXHRFDVLRQDOPHQWHHODVWrPGLILFXOGDGHSDUDVH
H[SUHVVDU FRP FODUH]D *RVWDULD TXH XP Q~PHUR PDLRU GH
IXQFLRQiULRVGREDQFRWLYHVVHHVVDDWLWXGH
³3X[D%LOO³H[FODPRX-XG\³VDEHTXHPHVVHPHPEUR
GR HOHQFR PH OHPEUD" -i DVVLVWLX DR ILOPH RX DR VHULDGR GH 79
0 $ 6 + " /HPEUDVH GR 5DGDU 25HLOO\" (OH FRQVHJXLD RXYLU RV
KHOLFySWHURV DQWHV GH TXDOTXHU XP ( VDELD VHPSUH R TXH R
FRURQHO%ODNHTXHULDPHVPRDQWHVGHRSUySULRFRURQHOVDEHU
&UHLR TXH TXDQGR YROWDU YRX FULDU XP 3UrPLR 5DGDU
25HLOO\SDUDSHVVRDVTXHVHPRVWUDPKiEHLVQD DQWHFLSDomR GDV
QHFHVVLGDGHVGRVFOLHQWHVVHMDPH[WHUQRVRXLQWHUQRV
³1mRpPiLGpLD³GLVVH%LOO³3RGHPRVPXLWREHPXVDU
XPDLGpLDFRPRHVVDQREDQFR,ULDQRVDMXGDUQDPDQXWHQomRGH
FOLHQWHVDOJRTXHTXHUHPRVPXLWR9RFrSRGHHPSUHVWiOD"
³ &ODUR %DVWD GL]HU 8VDGD FRP D SHUPLVVmR GH -XG\
&UDZIRUG GR GHSDUWDPHQWR GH DWHQGLPHQWR DR FOLHQWH H IDQiWLFD
SRUYHOKRVVHULDGRVGH79

´5HVSRQGHUDXPDSHUJXQWDQmRIRUPXODGD³DTXLORTXH

DV SHVVRDV UHDOPHQWH TXHUHP VDEHU ³ p XPD KDELOLGDGH

HVSHFLDOµ
 'HSRLV -XG\ SHUFHEHX TXH WRGRV HVWDYDP DQRWDQGR VXD
UHFHLWDHPVHXVEORFRV³LQFOXVLYH0RUW
³0RUW³GLVVHHOD³9RFrHVWiDQRWDQGRRTXHHXHVWRX
GL]HQGR"
³(LWDPEpPSUHFLVRDSUHQGHU³GLVVH0RUW³eSRULVVR
TXH JRVWR GHVWDV DXODV 7RGD YH] TXH DV RUJDQL]R WHQKR QRYDV
LGpLDV SDUD FRPSDUWLOKDU FRP RV SUy[LPRV JUXSRV 9HMDPRV
8VDGDFRPDSHUPLVVmRGH)RLLVVRTXHYRFrGLVVH"
³ &HUWR HVWRX DVVXPLQGR D DXOD ³ GLVVH HOD ³ 4XHUR
RXYLUVH%LOOWHPDOJRPDLVDGL]HU


%LOOULX
³  6DEH ³ GLVVH HOH ³ VH QRV GLYHUWtVVHPRV DVVLP QR
EDQFR PHWDGH GH QRVVRV SUREOHPDV FRP FOLHQWHV VHULD UHVROYLGD
GR GLD SDUD D QRLWH (VVDp RXWUD GDV FRLVDV TXH SHUFHEL GXUDQWH
PHX SDVVHLR 6HL TXH XPD GH PLQKDV GHILFLrQFLDV SURILVVLRQDLV
WHPDYHUFRPDGLYHUVmR0LQKDWHQGrQFLDpVHUXPWDQWRVyEULR
QRWUDEDOKR(PSDUWHLVVRVHGHYHjSUySULDHVWUXWXUDEDQFiULD
SRLV RV EDQTXHLURV SHQVDP TXH RV FOLHQWHV SRGHP QmR FRQILDU
QHOHVFDVRSDUHoDPPXLWREULQFDOK}HV
(VVD WDPEpP p XPD FDUDFWHUtVWLFD PLQKD 7DOYH] HX QmR
VDLDFPHGLYLUWDWDQWRTXDQWRGHYHULD­VYH]HVSHQVRTXHPHXV
QHWRVWrPPHGRGHPLP3DVVRPXLWRWHPSROLGDQGRFRPDVVXQWRV
VpULRV7RGRVRVDQRVGHVGHTXHPHIRUPHLWHQKRVLGRPHQWRUGH
XP UHFpPJUDGXDGR GH PLQKD IDFXOGDGH /HYR LVVR H D PDLRULD
GDTXLORTXHIDoRPXLWRDVpULR
3RULVVRQHVWDPDQKmGHFLGLTXHLULDSURFXUDUPHGLYHUWLU
1mR IDODPRV GLVVR PDV DTXL HVWDPRV FHUFDGRV GH VLWXDo}HV
IDYRUiYHLV $FKHL TXH GHYHULD PH LPDJLQDU FRPR XPD FULDQoD
ID]HQGR WXGR DTXLOR TXH XPD FULDQoD JRVWDULD GH ID]HU ( R TXH
SRGHULD VHU PDLV GLYHUWLGR SDUD XPD FULDQoD GR TXH YLVLWDU D
DWUDomR,W
VD6PDOO:RUOGQD)DQWDV\ODQG"
(IRLRTXHIL](PERUDQmRVHMDPDLVFULDQoDJRVWHLPXLWR
)LTXHL R WHPSR WRGR GHVHMDQGR TXH PHXV QHWRV HVWLYHVVHP DTXL
PDVSURPHWLDPLPPHVPRWUD]rORVHPEUHYH
&RPR VDEHP HVVD DWUDomR HVWi UHSOHWD GH ERQHFDV GR
PXQGR LQWHLUR 'HVFREUL DOJR EDVWDQWH LQWHUHVVDQWH VREUH HOD ³
DOJRTXHXPPHPEURGRHOHQFRPHFRQILGHQFLRXKiDSHQDVGXDV
ERQHFDVGRV(VWDGRV8QLGRV
2UD VRX WmR SDWULRWD TXDQWR TXDOTXHU XP PDV JRVWHL
GLVVR'HYH]HPTXDQGRQRVVDFXOWXUDFRQYHQFLRQDOID]FRPTXH
XVHPRV YLVHLUDV ID]HQGRQRV FUHU TXH Vy H[LVWHP RV (VWDGRV
8QLGRV 3URYDYHOPHQWH SRU VHU DIURDPHULFDQR WHQKR PDLV
FRQVFLrQFLDGLVVRTXHDPDLRULD
6Dt GH Oi VHQWLQGRPH EHP (VWDYD FRP IRPH H SRU LVVR
GHFLGLDOPRoDUQR3DYLOKmRGR0DUURFRVQR(SFRW&HQWHU
1D ILOD DFDEHL ILFDQGR QD IUHQWH GH XP H[PHPEUR GR
HOHQFRHFRQYLGHLRSDUDDOPRoDUFRPLJR$FRPLGDHVWDYDyWLPD
DVVLP FRPR D FRQYHUVD )LTXHL VDEHQGR TXH HPERUD R SURMHWR
EiVLFR GR 3DYLOKmR GR 0DUURFRV WHQKD VLGR IHLWR SHORV
,PDJHQKHLURV D GHFRUDomR H RV WUDEDOKRV DUWtVWLFRV IRUDP
FRQIHFFLRQDGRV j PmR SRU  DUWHVmRV GR SUySULR 0DUURFRV (P
VHLV PHVHV FULDUDP DV IRQWHV RV HQWDOKHV H PXLWRV RXWURV EHORV
REMHWRV6XDREUDIRLXPSUHVHQWHSDUDD'LVQH\
2V D]XOHMRV VmR RV PHVPRV XVDGRV QD GHFRUDomR GH
SDOiFLRV PDUURTXLQRV 2V HQWDOKHV QmR VH YDOHP GH LPDJHQV GH
SODQWDVDQLPDLVRXVHUHVKXPDQRV2,VOmSURtEHDUHSUHVHQWDomR
DUWtVWLFDGHFRLVDVYLYDVSRULVVRWRGRVRVGHVHQKRVVmRGHILJXUDV
JHRPpWULFDV 7DPEpP ILTXHL VDEHQGR TXH R SURMHWR IRL LQVSLUDGR
HPWUrVFLGDGHV)H]&DVDEODQFDH0DUUDNHFK$VVLPQmRDSHQDV
RV D]XOHMRV FRPR WRGR R OXJDU PRVWUD R HQWXVLDVPR GHVVDV WUrV
FLGDGHV ( WDO FRPR D PDLRULD GDV FLGDGHV PDUURTXLQDV R
SDYLOKmR p GLYLGLGR HP GXDV VHo}HV D 9LOOD 1RXYHOLH RX FLGDGH
QRYDHD0HGLQDFLGDGHYHOKD


³0LQKD~OWLPDDQRWDomRWUDWDGHDOJXQVGHVVHVSHTXHQRV
GHWDOKHV TXH FKDPDP D VXD DWHQomR H VLPSOHVPHQWH ID]HP FRP
TXH YRFr VH VLQWD EHP ³ FRQWLQXRX %LOO ³ $LQGD WLQKD DOJXP
WHPSRGHVREUDHDVVLPYROWDQGRSDUDFiSHUDPEXOHLSHOD0DLQ
6WUHHW 3RU DFDVR ROKHL SDUD FLPD H YL XP EDQKR WXUFR 8PD
SODFD LQGLFDYD TXH R VXSHUYLVRU HUD 'LFN 1XQLV 1XQLV" $K VLP
OHPEUHL TXH HOH HUD R SUHVLGHQWH GR FRQVHOKR GD 'LVQH\
$WWUDFWLRQV 7DPEpP Ki XPD DFDGHPLD GH JLQiVWLFD FRP R VHX
QRPH
'Dt FRPHFHL D ROKDU SDUD RV QRPHV GDV ORMDV $OJXQV
GHVVHV QRPHV QmR PH GL]LDP QDGD H SRU LVVR SHGL TXH XP
PHPEURGRHOHQFRRVH[SOLFDVVH(LVDOJXQVTXHHQFRQWUHL
07 /RWW 5HDO (VWDWH ,QYHVWPHQWV ( XP ERP WURFDGLOKR
OyJLFRPDVDVVXEVLGLiULDVUHODFLRQDGDVDEDL[R³/DWLQ$PHULFDQ
'HYHORSPHQW 7RPDKDZN 3URSHUWLHV $\HIRXU &RUSRUDWLRQ &RP
SDVV (DVW &RUSRUDWLRQ 5HHG\ &UHHN 5DQFK H %D\ /DNH
3URSHUWLHV³VmRDVHPSUHVDVILFWtFLDVFULDGDVSDUDDDTXLVLomRGR
WHUUHQR GD 'LVQH\ZRUOG DQWHV GH D iUHD GR SDUTXH VH WRUQDU
S~EOLFD
'HSRLV Ki 5R\ ( 'LVQH\ IDEULFDQWH GH YHODV H LQVWUXWRU
GH QDYHJDomR )LFD DFLPD GD ORMD &U\VWDO $UWV 5R\ ( p VREULQKR
GH:DOW6HXSDL5R\2'LVQH\IRLRVXSHUYLVRUGDFRQVWUXomRGD
'LVQH\ZRUOGGHSRLVGDPRUWHGH:DOW'HSRLVWHPRV3DWW\'LVQH\
PXOKHU GH 5R\ ( QD FRPSDQKLD GRV RXWURV EHP FRPR TXDWUR
QRPHV TXH SUHVXPR VmR GH VHXV ILOKRV ³ 6XVDQ 7LPRWK\ 5R\
3DWULFNH$ELJDLO
2 HVFULWyULR GR /D]\ 0 &DWWOH &RPSDQ\ HP :\RPLQJ GH
5RQH'LDQH0LOOHUILFDVREUHDSDGDULDRQGHWRPDPRVFDIpWRGDV
DV PDQKmV 5RQ p XP DQWLJR SUHVLGHQWH GR FRQVHOKR GD :DOW
'LVQH\ &RPSDQ\ H 'LDQH p XPD GDV ILOKDV GH :DOW 6HXV ILOKRV
HVWmRUHODFLRQDGRVFRPRVyFLRVGHVVDHPSUHVD
3DUD PLP SRUpP R PHOKRU IRL R ,FH &UHDP &RUQHU GH
:DOWHU('LVQH\(:DOWFODURPDVGHWRGRVRVQRPHVRGH:DOW
pR~QLFRTXHILFDGHIUHQWHSDUDR&DVWHORGD&LQGHUHOD$FKRTXH
LVVRpHVSHFLDODVVLPFRPRDWLQWDGHRXURGRFDUURVVHOpHVSHFLDO
6mR FRLVDV TXH QD PDLRULD Vy XP PHPEUR GR HOHQFR
VDEHULD RX LGHQWLILFDULD 3RGHP VHU SHTXHQDV EULQFDGHLUDV
LQWHUQDV DSDUHQWHPHQWH LQFRQVHTHQWHV PDV UHXQLGDV VH
WRUQDP LPSRUWDQWHV 2 PHVPR SRGH DFRQWHFHU QR EDQFR RQGH
WUDEDOKR 6H UHXQLU GLYHUVDV FRLVDV DSDUHQWHPHQWH
LQFRQVHTHQWHVHODVVHWRUQDUmRVLJQLILFDWLYDV
$JRUD 0RUW YRFr WDPEpP GLVVH SDUD SUHVWDUPRV DWHQomR
QDTXLOR TXH HVWLYHVVH DFRQWHFHQGR GHQWUR GH QyV $ FRLVD PDLV
LPSRUWDQWHTXHSHUFHELIRLDGLYHUVmR'LVQH\pXPOXJDUGLYHUWLGR
³ GLYHUVmR SDUD FULDQoDV GH WRGDV DV LGDGHV 3DUD PHPEURV GR
HOHQFR3DUDWRGRV$WpSDUDEDQTXHLURV
­VYH]HVFRQIXQGRDVHULHGDGHQDTXLORTXHIDoRFRPOHYDU
PHPXLWRDVpULR3RULVVRYRXWHQWDUPHGLYHUWLUPDLVFRPDTXLOR
TXH IDoR QR EDQFR PDV QmR j FXVWD GH VHU PHQRV VpULR FRP
PLQKDVUHVSRQVDELOLGDGHV


³0DUDYLOKRVR³GLVVH0RUW³*RVWHLGHVHXVH[HPSORV
GHDWHQomRDRVGHWDOKHVHPRVWUDUHQWXVLDVPRHYRFrIRLEDVWDQWH
VLQFHUR QR TXH WDQJH jV GHILFLrQFLDV SURILVVLRQDLV GH FDGD XP GH
QyV PDV D MXOJDU SRU DTXLOR TXH YHMR FUHLR TXH YRFr VH
VXEHVWLPD $JRUD YRFr WHYH LGpLDV HVSHFtILFDV SDUD D DSOLFDomR
GHVVDVFRQVWDWDo}HVHPVHXEDQFR"
³%HPFRPRMiGLVVHSULPHLURYRXXVDUDLGpLDGH-XG\R
3UrPLR5DGDU2
5HLOO\
'HSRLV YRX YLVLWDU QRYDPHQWH D FOLHQWH TXH QmR VH VHQWLD
FRPR FOLHQWH GR EDQFR 9RX OKH SHGLU TXH SDUWLFLSH GH XPD
UHXQLmR FRP DOJXQV GH QRVVRV H[HFXWLYRV LQFOXVLYH
UHSUHVHQWDQWHVGDViUHDVFRPTXHHODWUDWDePXLWRYDOLRVRRXYLU
FHUWDVFRLVDVGLUHWDPHQWHGRFOLHQWH9RXSHGLUTXHVHMDVLQFHUDH
SHUJXQWDUHL
2 TXH IRL TXH DFRQWHFHX" 2 TXH WHULD LPSHGLGR R
SUREOHPD GH DFRQWHFHU" &RPR GHYHUtDPRV ID]HU QR IXWXUR"

'HSRLV YRX S{U HP SUiWLFD DTXLOR TXH HOD VXJHULU 7HPRV
SHVTXLVDV VREUH VDWLVIDomR GH FOLHQWHV HP PXLWDV iUHDV PDV
SHVVRDVFRPRHVVDPXOKHUVmRXPSRVWRGHHVFXWDQHJOLJHQFLDGR
TXHGHYHUtDPRVH[SORUDU(YDPRVH[SORUiOD9RXSURFXUDURXWURV
FOLHQWHV FRPR HOD 4XDQWR PDLV SRVWRV GH HVFXWD PHOKRU 0HQRV
SHVTXLVDVHPDLVHVFXWD
7DPEpPPHVHQWLLQVSLUDGRSHODLPSRUWkQFLDGR7UDGLo}HV
H SHORV QRPHV GDV ORMDV QD 0DLQ 6WUHHW $ PDLRULD GH QRVVRV
IXQFLRQiULRV QmR SHQVD HP WUDGLomR VHTXHU WHP FRQVFLrQFLD GH
QRVVDV UDt]HV 4XHUR HQFRQWUDU XP PRGR GH HPEXWLU PDLV
WUDGLo}HV QR WUHLQDPHQWR TXH GDPRV DRV IXQFLRQiULRV ³ VH
SRVVtYHO FRP XP WRTXH GH KXPRU e DQWLJD QRVVD KLVWyULD QD
FRPXQLGDGH Mi YHP GD GpFDGD GH  ( HPERUD WHQKDPRV
H[FHOHQWHV IRWRJUDILDV GHVVHV SULPHLURV WHPSRV HVWmR WRGDV QD
VDODGHUHXQL}HVGRFRQVHOKRHDVSHVVRDVTXHUHDOPHQWHGHYHULDP
YrODV UDUDPHQWH R ID]HP 3RGHUtDPRV PRQWDU XPD LQWHUHVVDQWH
H[SRVLomRS~EOLFDFRPHODV6ySHODIDUUDSRGHUtDPRVFRPHPRUDU
R 'LD GD )XQGDomR QR DQLYHUViULR GR EDQFR FRP DV SHVVRDV
WUDMDQGR URXSDV GD pSRFD H GDQGR FHUWLILFDGRV GH FRPSUD GH
KDPE~UJXHUHV SRU FLQFR FHQWDYRV RX RXWUDV FRLVDV D SUHoRV GH
DQWLJDPHQWH
7DPEpP YRX SURFXUDU HQIDWL]DU D DWHQomR DRV GHWDOKHV
1mR HP TXHVW}HV ILQDQFHLUDV SRLV Mi DWHQWDPRV SDUD LVVR DWp
GHPDLV1RVVDIUDTXH]DHVWiQRVGHWDOKHVGRIRFRVREUHRFOLHQWH
3DUWH GH FDGD VHVVmR GH WUHLQDPHQWR GHYHULD WUDWDU GD VDWLVIDomR
GRV FOLHQWHV H GH VXD UHWHQomR 1mR DSHQDV R WUHLQDPHQWR GR
SHVVRDOGHDWHQGLPHQWRDRVFOLHQWHVPDVRGRSHVVRDOGHFUpGLWR
GHLQIRUPiWLFDHGHWRGDVDViUHDV
3RU ILP YRX WLUDU D PLQKD FRQWD GH QRVVD PDWUL] 9RX
WUDQVIHULOD SDUD DOJXPD ILOLDO 7XGR p IiFLO GHPDLV SDUD PLP
HVSHFLDOPHQWH QD PDWUL] PDV LVVR WDOYH] QmR VH DSOLTXH D RXWURV
FOLHQWHV 6H SXGHU OLGDU FRP R EDQFR FRPR QRVVRV FOLHQWHV R
ID]HPHVVDQRYD SHUVSHFWLYDYDLPHDMXGDUDHQWHQGHUFRPRHOHV
SHQVDP


&RPLVVR%LOOIHFKRXVHXEORFRGHDQRWDo}HV
³0XLWREHP³GLVVH0RUW
9RFr QRV GHX H[DWDPHQWH R WLSR GH UHODWyULR TXH HX KDYLD
SHGLGR $SRVWR TXH QmR p IiFLO DFRPSDQKiOR QDV UHXQL}HV GD
GLUHWRULD
³7DPEpPQmRpIiFLODFRPSDQKiORDTXL³GLVVH&DUPHQ
³&RQWXGRVHHOHHVWiXVDQGRDLGpLDGH-XG\FUHLRTXHWHQKRR
GLUHLWR GH XVDU DV GHOH (OH PH SURSRUFLRQRX GXDV SiJLQDV GH
DQRWDo}HV(QmRVRXD~QLFD

21
´ePXLWRYDOLRVRRXYLUDRSLQLmRGLUHWDPHQWHGRFOLHQWH´
 ³ e GLVVR TXH HVWDPRV WUDWDQGR ³ GLVVH 0RUW ³ 6H YRFr
TXHUHOHYDU R QtYHO GH VHX QHJyFLR QmR SRGH ID]rOR VR]LQKR 1mR
LPSRUWD TXHP WHYH DV LGpLDV H GH RQGH VH RULJLQDUDP 2
LPSRUWDQWHpTXHVHMDPXVDGDV9DPRVDWUiVGLVVR
 



& R P R  D ' LV Q H \  H V F R O K H D V  
S H VVR D VF H UWD V


'LDKjVK


9HMDPRV ³ GLVVH 0RUW UHYLVDQGR VHX EORFR GH DQRWDo}HV
³ 2 SUy[LPR D IDODU VHUi D SHVVRD TXH WHP DV PDLRUHV RUHOKDV
&DGDXPROKRXDGRVRXWURV
³$KVLP³GLVVH-XG\(ODYDVFXOKRXVXDEROVDHS{VDV
JUDQGHVRUHOKDVUHGRQGDVHPVXDFDEHoD
³9RFrPHGHL[RXSUHRFXSDGR³GLVVH$ODQ³$LQGDQmR
HVWDYDSURQWR
2VRXWURVULUDPHQTXDQWR-XG\DEULDVXDDJHQGD
³  &HUWR ³ GLVVH ³ $QWHV GH PDLV QDGD QmR p VHJUHGR
TXH SDUD PLP D 'LVQH\ZRUOG p XP OXJDU IDQWiVWLFR 3DVVHL
VHPDQDVHQWXVLDVPDGDFRPDSHUVSHFWLYDGHVWDYLVLWD
0DVRTXHQXQFDFRQWHLSDUDQLQJXpPpTXHXPGHPHXV
VRQKRV VHPSUH IRL PH WRUQDU PHPEUR GR HOHQFR (VWLYH DTXL WUrV
YH]HV DQWHV H HP WRGDV HODV QXWUL R GHVHMR VHFUHWR GH PH
FDQGLGDWDU
$VVLP GHFLGL ID]rOR QHVWD PDQKm 4XH PRPHQWR VHULD
PHOKRUSDUDYHUVHPHXVVRQKRVSRGHULDPVHWRUQDUUHDOLGDGH")RL
RTXHIL]
³ %HP LVVR p TXH p PRVWUDU HQWXVLDVPR ³ H[FODPRX
$ODQ
³9RFrSHGLXHPSUHJRDTXL"³SHUJXQWRX0RUW
³/yJLFR6yPHVHQWLXPSRXFRFXOSDGDSRUTXHVDELDTXH
QXQFDLULDWUDEDOKDUGHIDWRDTXL$ILQDOWHQKRXPyWLPRHPSUHJR
H QmR LULD SHGLU D PLQKD IDPtOLD TXH GHL[DVVH VXDV UDt]HV H VH
PXGDVVH SDUD Fi 0DV VHPSUH WLYH FXULRVLGDGH GH VDEHU VH LULD
FRQVHJXLU6DEHFRPRp
³6LPFUHLRTXHVHL³GLVVH0RUW³(RTXHDFRQWHFHX"
³ %HP IXL DWp XP PHPEUR GR HOHQFR H SHUJXQWHL D HOD
RQGH SRGHULD REWHU LQIRUPDo}HV D UHVSHLWR GH HPSUHJRV QR 0DJLF
.LQJGRP (OD PH RULHQWRX H TXDQGR DSRQWRX R FDPLQKR TXH
GHYHULD WRPDU SHUFHEL TXH R IH] FRP GRLV GHGRV HP YH] GH XP
$VVLP³(ODHUJXHXREUDoRHPRVWURXFRPRHUDRJHVWR³2UD
YL TXH YRFr IH] LVVR RXWUR GLD 0RUW H HPERUD WLYHVVH DFKDGR
HVWUDQKR QmR SHQVHL PXLWR QR FDVR DWp YHU HVVD SHVVRD ID]rOR
WDPEpP
3RU LVVR SHUJXQWHLOKH R PRWLYR SDUD RV GRLV GHGRV (OD
H[SOLFRX TXH KDYLD GXDV UD]}HV 3ULPHLUR p PDLV IiFLO PDQWHU R
EUDoR UHWR FRP GRLV GHGRV R TXH IDFLOLWD D RULHQWDomR
([SHULPHQWHP
7RGRVH[SHULPHQWDUDPDSRQWDUFRPXPHFRPGRLVGHGRVH
FRQFRUGDUDPTXHFRPGRLVHUDPHOKRU
³ $ RXWUD UD]mR ³ GLVVH -XG\ ³ p TXH HP DOJXPDV
FXOWXUDVQmRpHGXFDGRDSRQWDUFRPXPGHGRFKHJDQGRPHVPRD
VHU FRQVLGHUDGR XP LQVXOWR e DSHQDV XP SHTXHQR GHWDOKH PDV
LPSRUWDQWH
%HPFKHJXHLQD&HQWUDO&DVWLQJDFHQWUDOGHHVFDODomRGR
HOHQFR $OL ( R PRWLYR SHOR TXDO XP IXQFLRQiULR p FKDPDGR GH
PHPEURGRHOHQFRpSRUTXHHOHQmRpFRQWUDWDGRPDVHQWUDSDUD
SDUWLFLSDU GH XP HOHQFR HP VHX SDSHO UHVSHFWLYR 2XWUR H[HPSOR
GH FRPR WXGR PRVWUD HQWXVLDVPR $ SULPHLUD FRLVD TXH QRWHL IRL
XPD PDoDQHWD GH ODWmR QD IRUPD GH XPD FDEHoD GH WDWXUDQD
UHWLUDGD GH $OLFH QR 3DtV GDV 0DUDYLOKDV 7LYH D PHVPD VHQVDomR
GH TXDQGR HUD JDURWLQKD H DVVLVWL DR GHVHQKR DQLPDGR SHOD
SULPHLUDYH]


/HPEURPH GH YRFr WHU GLWR TXH WXGR PRVWUD HQWXVLDVPR
0RUW (VVD PDoDQHWD p XP ERP H[HPSOR 3RXFRV FRQYLGDGRV
FKHJDUmR D YrOD QmR p H[DWDPHQWH SDUD TXH HOHV QRWHP TXH D
PDoDQHWD HVWi QDTXHOH OXJDU e SDUD SURYiYHLV PHPEURV GR
HOHQFR 3HUJXQWRPH TXDQWRV GHOHV Mi SHUFHEHUDP D PDoDQHWD
OHPEUDUDP GR ILOPH H VHQWLUDP D PHVPD RQGD GH VDXGDGHV TXH
HX$SRVWRTXHLVVRpXPERPFRPSRQHQWHGDPDJLDGHWUDEDOKDU
DTXL
&RPHFHLHQWmRDFRPSUHHQGHUFRPRHVVDVFRLVLQKDVYmRVH
DFXPXODQGR 6DEH 0RUWHX DFKDYD TXH FRPSUHHQGLD R TXH YRFr
HVWDYD GL]HQGR DQWHV PDV GHSRLV TXH YL D PDoDQHWD GH $OLFH QR
3DtV GDV 0DUDYLOKDV UHDOPHQWH FRPHFHL D FRPSUHHQGHU 'HSRLV
XP GRV PHPEURV GR HOHQFR PH GLVVH TXH D PDoDQHWD IRUD
FRORFDGDDOLSDUDGHL[DURVFDQGLGDWRVjYRQWDGHPRVWUDQGROKHV
TXH WXGR PRVWUD HQWXVLDVPR $VVLP DFKR TXH HOD FRQVHJXLX
DWLQJLUH[DWDPHQWHRVHXLQWHQWR&RPLJRIXQFLRQRXPHVPR
'HFLGL TXH VHULD PHOKRU WLUDU PHX FUDFKi SDUD TXH DV
SHVVRDVQmRILFDVVHPSHUJXQWDQGRSRUTXHXPFRQYLGDGRHVSHFLDO
HVWDULD VH FDQGLGDWDQGR D WUDEDOKDU DTXL 'HSRLV IXL HP IUHQWH
3DVVHL SRU XP FRUUHGRU H FKHJXHL D XPD VDOD FLUFXODU UHSOHWD GH
HVWiWXDV GH SHUVRQDJHQV 'LVQH\ 3HUFHEL TXH WRGRV HVWDYDP
SLQWDGRV GH RXUR ³ WDO FRPR R FDUURVVHO GH TXH YRFr QRV IDORX
1mRVDEHULDDGLIHUHQoDHSRULVVRSUHVXPRTXHVHWUDWDYDGHWLQWD
GH RXUR  N 'HYR GL]HU 0RUW TXH VXDV FRQYHUVDV FRQRVFR
UHDOPHQWH PH DMXGDUDP D SHUFHEHU WRGRV HVVHV GHWDOKHV 6H QmR
IRVVHPHODVSURYDYHOPHQWHQmRRVWHULDQRWDGR
'HSRLV IXL DWp D UHFHSFLRQLVWD H GLVVH TXH TXHULD PH
FDQGLGDWDU 1mR VDELD R TXH HVSHUDU PDV Mi KDYLD PXLWRV
FDQGLGDWRVSRUDOLHHPSRXFRWHPSROHYDUDPQRVSDUDXPDVDOD
RQGH DSUHVHQWDUDP XP YtGHR GH DOJXQV PLQXWRV )DODYD WXGR
VREUHDVFRQGLo}HVEiVLFDVGHHPSUHJRHFRLVDVDVVLP
)RLEHPREMHWLYRTXDQWRDRVHOHYDGRVSDGU}HVTXHD'LVQH\
HVSHUD GRV PHPEURV GR HOHQFR $ SHVVRD TXH HVWDYD QRV
DFRPSDQKDQGR GLVVH TXH GHSRLV GH DVVLVWLUPRV DR YtGHR
SURYDYHOPHQWH LUtDPRV DFKDU TXH VHU XP PHPEUR GR HOHQFR GD
'LVQH\ZRUOG HUD WXGR R TXH TXHUtDPRV RX HQWmR TXH QmR VHULD
DOJR SDUD QyV 'LVVH TXH  VH QmR QRV VHQWtVVHPRV HQFDL[DGRV
QLQJXpPLULDILFDURIHQGLGRVHQmRSURVVHJXtVVHPRV
6DEH R TXH DFRQWHFHX" 'DV  SHVVRDV TXH HVWDYDP QD
VDODTXDWURVHOHYDQWDUDPHVDtUDPORJRDSyVRYtGHR$SULQFtSLR
ILTXHL HVSDQWDGD PDV GHSRLV SHUFHEL TXH HUD DSHQDV ERP VHQVR
(VWH QmR p XP OXJDU SDUD WRGRV 9RFr SRGH VHU PXLWR WDOHQWRVR
SRGH VHU XP JrQLR PDV VH YRFr SUHFLVD VH HVIRUoDU SDUD PDQWHU
XP VRUULVR QR URVWR YDL DFDEDU ILFDQGR PDOXFR DTXL 2 YtGHR
DMXGRX DOJXPDV SHVVRDV D VH VHOHFLRQDUHP DQWHV TXH SHUGHVVHP
PDLVWHPSRHGHVSHUGLoDVVHPRGD'LVQH\FRPHQWUHYLVWDV
)LTXHL H FP SRXFR WHPSR IXL FKDPDGD SDUD XPD
HQWUHYLVWDTXHGXURXXQVPLQXWRV
-XG\ILFRXTXLHWD2VRXWURVILFDUDPROKDQGRSDUDHOD
³(HQWmR"³SHUJXQWRX&DUPHQ-XG\VRUULX
³&RQVHJXL
 ³2IHUHFHUDPOKHHPSUHJR"³SHUJXQWRX%LOO
³&RPFHUWH]D


³0XLWREHP-XG\0DVYRFrLDGL]HQGR³GLVVH0RUW
³ 6LP p FODUR TXH QmR SRGHULD DFHLWDU 0RUW &RQWHLOKHV
TXH HVWDYD PH VHQWLQGR XP SRXFR FXOSDGD SRU GHVSHUGLoDU R
WHPSRGHOHVHSRULVVRDVVLPTXHPHRIHUHFHUDPHPSUHJRGLVVH
ORJR TXH QmR SRGHULD DFHLWDU SRLV HVWDYD DSHQDV SHVTXLVDQGR
0RVWUHLOKHV D FDUWD H R FUDFKi 'LVVH RQGH WUDEDOKDYD H R TXH
ID]LD 7DPEpP GLVVH TXH JRVWDULD GH FRQKHFHU PHOKRU VHXV
PpWRGRVGHVHOHomRHFRQWUDWDomR
'LVVH TXH PH VHQWLD KRQUDGD SRU WHU UHFHELGR D SURSRVWD
HVSHFLDOPHQWHGHSRLVGHWHUDSUHQGLGRWDQWRQRV~OWLPRVWUrVGLDV
VREUH R VLJQLILFDGR GH VHU XP ERP PHPEUR GR HOHQFR (OHV QmR
ILFDUDPQHPXPSRXFRDERUUHFLGRVHGLVVHUDPTXHWHULDPSUD]HU
HP SHUPLWLU TXH HX FRQWLQXDVVH R SURFHVVR 3DUHFLDP DWp
FRQWHQWHV FRP PHX LQWHUHVVH QR PRGR FRPR ID]LDP DV FRLVDV
)L]HUDPFRPTXHPHVHQWLVVHPHOKRU
2SDVVRVHJXLQWHIRLXPDDSUHVHQWDomRVREUHEHQHItFLRV2
HQWUHYLVWDGRU HVWDYD SUHVWHV D ID]HU XPD SDXVD H SRU LVVR VH
RIHUHFHX SDUD ILFDU FRPLJR H[SOLFDQGR R SURFHVVR (LV R TXH HOH
PHFRQWRX
1R ILQDO GD HQWUHYLVWD SRGH DFRQWHFHU XPD GHVWDV WUrV
FRLVDV 8PD YRFr UHFHEH XPD RIHUWD 'XDV GL]HPOKH TXH YRFr
QmR p XP FDQGLGDWR PXLWR IRUWH QR PRPHQWR H UHODFLRQDP RV
PRWLYRV7UrVGL]HPOKHTXHYRFrpXPFDQGLGDWREHPIRUWHPDV
TXHQmRKiFDUJRVHPDEHUWRQRPRPHQWRHTXHSRGHPFKDPiOR
QRIXWXUR
2VHQWUHYLVWDGRUHVID]HPURGt]LRHPXPSHUtRGRTXHYDULD
GH QRYH D GR]H PHVHV H MXQWRV HQWUHYLVWDP  PLO SHVVRDV SRU
DQR
'HSRLV YHP R WUHLQDPHQWR 2 SULPHLUR p R 7UDGLo}HV TXH
WRGRV QyV FRQKHFHPRV 0DV LVVR p DSHQDV R FRPHoR 'HSRLV
GHOHRWUHLQDPHQWRTXHYRFrUHFHEHGHSHQGHGDiUHDSDUDDTXDO
YRFr YDL VH GH KRWpLV SDUTXHV HWF e XP WUHLQDPHQWR PDLV
HVSHFLDOL]DGR
'HSRLV RV QRYRV PHPEURV GR HOHQFR UHFHEHP GH WUrV D
FLQFRGLDVGHWUHLQDPHQWRLQGLYLGXDODSyVRTXHSDVVDPSRUXPD
YHULILFDomR ILQDO 1HVVH SRQWR R WUHLQDGRU GHFLGH VH
R QRYR PHPEUR GR HOHQFR QHFHVVLWD RX QmR GH PDLV WUHLQDPHQWR
DQWHVGHLUSDUD
RSDOFR
$~OWLPDFRLVDTXHTXHUHPpDOJXpPQR
SDOFRDQWHVGDKRUD
³ e XP WUHLQDPHQWR H[WHQVR ³ GLVVH %LOO ROKDQGR SDUD
0RUW
³  ( YHUGDGH ³ DGPLWLX 0RUW ³ PDV WDPEpP p FUtWLFR
3DUD FDGD FHP GyODUHV GH UHPXQHUDomR DV HPSUHVDV GH QtYHO
LQWHUQDFLRQDO LQYHVWHP FLQFR RX VHLV GyODUHV HP WUHLQDPHQWR
6HJXQGR WHQKR YLVWR HPSUHVDV TXH LQFHQWLYDP R FUHVFLPHQWR GH
VHXV IXQFLRQiULRV WrP PDLRUHV OXFURV (PSUHVDV TXH
GHVHVWLPXODPVHXVIXQFLRQiULRVUHGX]HPVXDVFKDQFHVGHOXFURV
$VVLP DQDOLVH R LQYHVWLPHQWR TXH VXD HPSUHVD HVWi ID]HQGR QDV
SHVVRDVSDUDYHUVHpVXILFLHQWH
³ $LQGD Ki PDLV ³ GLVVH -XG\ IROKHDQGR VHX EORFR GH
DQRWDo}HV ³ %LOO OHPEUDVH GDTXHOD ELOKHWHLUD" 9RFr YDL JRVWDU
GHVWD7LFNHW7DNLQJDQG6HOOLQJ5HFHSomRH9HQGDGH,QJUHVVRVp
XP FXUVR GH GXDV VHPDQDV 'XDV VHPDQDV 1mR HUD j WRD TXH

22
´(PSUHVDV TXH LQFHQWLYDP R FUHVFLPHQWR GH VHXV
IXQFLRQiULRVWrPPDLRUHVOXFURV(PSUHVDVTXHGHVHVWLPXODP
VHXVIXQFLRQiULRVUHGX]HPVXDVFKDQFHVGHOXFUR´ 
DTXHOHPHPEURGRHOHQFRVDELDGL]HU%HPYLQGDGHYROWD0DU\
$JRUD HVFXWHP HVWD 2 PHPEUR GR HOHQFR FRP TXHP HX
HVWDYD FRQYHUVDQGR WUDEDOKDYD QR $WHQGLPHQWR DR &RQYLGDGR 2
FXUVR GH $WHQGLPHQWR DR &RQYLGDGR WDPEpP OHYD GXDV VHPDQDV
0DV R PHOKRU YHP DJRUD (OH GLVVH TXH R H[DPH SDUD HVVH FXUVR
GHGXDVVHPDQDVOHYDGHTXDWURDVHLVKRUDVHIRLPDLVGLItFLOTXH
DVSURYDVGHGLUHLWRFRQVWLWXFLRQDOTXHHOHIH]QDIDFXOGDGH'LItFLO
pLVVR
2V PHPEURV PDLV H[SHULHQWHV GR HOHQFR WDPEpP UHFHEHP
RXWURV WUHLQDPHQWRV 'XUDQWH D &DUHHU (QKDQFHPHQW :HHN
6HPDQDGH$SHUIHLoRDPHQWRGD&DUUHLUDYRFrSRGHWHUXPDDXOD
FKDPDGD )XWXUDV &DUUHLUDV QD TXDO ILFD FRQKHFHQGR QRYDV
RSRUWXQLGDGHV TXH HVWmR VXUJLQGR QD 'LVQH\ZRUOG H FRPR VH
SUHSDUDUSDUDHODV
-XG\ IROKHRX SiJLQD DSyV SiJLQD GH VHX EORFR GH
DQRWDo}HV
³ +i FXUVRV TXH HQVLQDP D SDUWLFLSDU GH HQWUHYLVWDV
PRQWDU XP ERP FXUUtFXOR D XVDU VHX FXUUtFXOR SDUD VXD
DXWRSURPRomR HQWUHYLVWDU R HQWUHYLVWDGRU +i XP FXUVR VREUH
WUDQVIHUrQFLDVVREUHFRPRIDODUFRPVHXVXSHUYLVRUDUHVSHLWRGH
VXELUGHQWURGDRUJDQL]DomR
'HSRLV Ki XP FXUVR FKDPDGR :LVK XSRQ D 6WDU 3HoD D
XPD (VWUHOD XPD HVSpFLH GH DXOD VREUH PRWLYDomR $OL VmR
RIHUHFLGDV PDLRUHV LQIRUPDo}HV VREUH D KLVWyULD GH :DOW 'LVQH\
6REUHVHXVVRQKRV(FRPRVHXVVRQKRVVmRLPSRUWDQWHV0RVWUD
WDPEpPFRPRYRFrID]GLIHUHQoD$MXGDFDGDPHPEURGRHOHQFRD
FRPSUHHQGHUTXHHOHRXHODID]SDUWHGDSURGXomRGRHVSHWiFXOR
0DV R SURJUDPD GH WUHLQDPHQWR GH TXH PDLV JRVWHL IRL R
:H
YH &RPH D /RQJ :D\ 0LFNH\ )RL /RQJR R &DPLQKR 0LFNH\
)RL IHLWR SDUD SHVVRDV TXH Mi VmR PHPEURV GR HOHQFR Ki PXLWR
WHPSRHDLQGDQmRWLYHUDPXPDERDRSRUWXQLGDGHSDUDVDLUHYHU
FRPR DV FRLVDV PXGDUDP 3RGHP WHU DFUHVFHQWDGR GRLV KRWpLV
FLQFRUHVWDXUDQWHVHWUrVDWUDo}HVGHVGHTXHYRFrIH]R7UDGLo}HV
9RFr VH DIDVWD GH VXDV DWLYLGDGHV H WHP WUrV GLDV GH DXOD ERD
SDUWH GRV TXDLV YRFr SDVVD SHUFRUUHQGR R SDUTXH SDUD YHU R TXH
Ki GH QRYR GH GLIHUHQWH ( HGXFDWLYR PDV WDPEpP p XPD
RSRUWXQLGDGH GH UHYLWDOL]DomR GH HYLWDU D PRQRWRQLD H D IDOWD GH
PRWLYDomR
7UHLQDPHQWR WUHLQDPHQWR (VWRX VHQGR XP SRXFR
UHSHWLWLYD QmR" 0DV R TXH HVWRX TXHUHQGR GL]HU p TXH WLYH D
FKDQFHGHUHDOL]DUPHXVRQKR GHPHWRUQDUPHPEURGRHOHQFR F
DSUHQGLPXLWRVREUHDTXDQWLGDGHGHWUHLQDPHQWRQHFHVViULDSDUD
VHUXPERPPHPEURGRHOHQFR)RLPXLWRLQWHUHVVDQWH
4XDQGR FKHJXHL DTXL VLPSOHVPHQWH SUHVXPLD TXH DV
SHVVRDV HUDP FRQWUDWDGDV H UHFHELDP XP RX GRLV GLDV GH
RULHQWDomR H GHSRLV HUDP GHVLJQDGDV D HVWD RX DTXHOD YDJD
GLVSRQtYHO6DEHFRPRpFRQWUDWHXPERPSHVVRDOHGHL[HRVID]HU
R TXH SUHFLVDP 0DV GHVFREUL TXH ID]HU FRP TXH R FRQYLGDGR VH
GLYLUWDH[LJHPXLWRSODQHMDPHQWRWUHLQDPHQWRHHVIRUoR

6H WLYHVVH GH UHVXPLU LVVR WXGR ³ H QyV GR 6XO GRV
(VWDGRV 8QLGRV QmR VRPRV FRQKHFLGRV SRU LVVR ³ GLULD TXH
FRQYLGDGRVIHOL]HVQmRVmRIUXWRGHDFDVRVIHOL]HV
)UHQpWLFRV $ODQ H &DUPHQ ID]LDP DQRWDo}HV WHQWDQGR
DFRPSDQKDURTXHHODGL]LD
³9RXGL]HURTXHGLULDjPLQKDHPSUHVDFOLHQWHVILpLVQmR
VmR IUXWR GH DFDVRV IHOL]HV 6mR IUXWR GH SODQHMDPHQWR GHWDOKDGR
WUDEDOKRLPSHFiYHOGHHTXLSHHH[HFXomRDWRGDSURYD4XHWDO"



23
´&OLHQWHVILpLVQmRVmRIUXWRGHDFDVRVIHOL]HVµ
 ³ÐWLPR-XG\³GLVVH0RUW³$JRUDSRGHULDGL]HUFRPR
SODQHMDWUDQVIRUPDULVVRWXGRHPDomR"
³  %HP HVWLYH EDVWDQWH RFXSDGD RXYLQGR H DSUHQGHQGR
PDVVLPSHQVHLHPDOJXPDVFRLVDV
6HPSUH DQDOLVHL D SDUWH SHVVRDO GDV HTXDo}HV TXDVH
QXQFDHVWXGHLRVVLVWHPDV,PDJLQDYDTXHSXGpVVHPRVPRWLYDUDV
SHVVRDV D ID]HU TXDOTXHU FRLVD $JRUD SRUpP YHMR TXH p SUHFLVR
FRQWDUFRPVLVWHPDVSDUDGDUDSRLRjVSHVVRDVGHVGHRSULQFtSLR
$VVLP D SULPHLUD FRLVD TXH IDUHL VHUi UHGHILQLU R PRGR
FRPRFRQWUDWDPRVQRVVRVIXQFLRQiULRVGHDWHQGLPHQWRDRFOLHQWH
6HPSUH IL] HVVDV FRQWUDWDo}HV SRU PHLR GH HQWUHYLVWDV SHVVRDLV
FDUD D FDUD +RMH HQTXDQWR FDPLQKDYD SHUFHEL TXH QRVVRV
FOLHQWHVQXQFDVHGHIURQWDYDPFRPHVVHVIXQFLRQiULRV2FRQWDWR
FRP HOHV GiVH SRU WHOHIRQH %HP Ki SHVVRDV TXH FDXVDP ERD
LPSUHVVmR TXDQGR VmR YLVWDV PDV QHP WDQWR TXDQGR IDODP DR
WHOHIRQH 3RUWDQWR GH KRMH HP GLDQWH PLQKD SULPHLUD HQWUHYLVWD
FRP WRGRV HOHV VHUi WHOHI{QLFD 'HVVH PRGR SRVVR WHU FRP R
FDQGLGDWRRPHVPRWLSRGHFRQWDWRTXHRFOLHQWHWHP
e FODUR TXH DLQGD LUHL HQWUHYLVWiORV FDUD D FDUD SRLV Ki
FRLVDVTXHVHGHVFREUHPHPHQWUHYLVWDVSHVVRDLVTXHQXQFDVHUmR
GHVFREHUWDVDRWHOHIRQH0DVYRXXVDUDHQWUHYLVWDWHOHI{QLFDFRPR
HWDSDLQLFLDO
7DPEpPWHQWHLSHQVDUHPDOJXPDVSHUJXQWDVTXHSRGHULD
ID]HU SDUD WHU XPD LGpLD PHOKRU GR PRGR FRPR DV SHVVRDV
UHDOPHQWH VH FRPSRUWDP 7HQKR IHLWR SHUJXQWDV SDGURQL]DGDV H
UHFHELGR UHVSRVWDV SUpIDEULFDGDV (LV DOJXPDV GDV QRYDV
SHUJXQWDVTXHLGHDOL]HL
-XG\ SLJDUUHRX SDUD OLPSDU D JDUJDQWD H OHX DV SHUJXQWDV
SDUDRJUXSR

 +RXYH DOJXPD RFDVLmR HP TXH XP FOLHQWH SHGLX DOJR SRXFR
UD]RiYHO"&RPRYRFrUHVROYHXRSUREOHPD"

6HL TXH RFDVLRQDOPHQWH ILFR DERUUHFLGD TXDQGR WHQKR GH OLGDU
FRPXPFOLHQWH]DQJDGR9RFrMiWHYHH[SHULrQFLDVFRPFOLHQWHVGLItFHLV
&RPROLGRXFRPHOHV"

)DOHPHGHXPDRFDVLmRHPTXHYRFrIH]PDLVGRTXHRQRUPDO
SDUDDWHQGHUXPFOLHQWH

$RFKHJDUDTXLKRMHRTXHGDTXLORTXHID]HPRVQRDWHQGLPHQWR
DRFOLHQWHDFKRXUHDOPHQWHEHPIHLWR"(PTXHSUHFLVDPRVPHOKRUDU"

'HTXHPDLVJRVWDQRWUDEDOKRGHFRQWDWRFRPRFOLHQWH"

'HTXHPHQRVJRVWDQRWUDEDOKRGHFRQWDWRFRPRFOLHQWH"

(ODROKRXSDUDVHXVDPLJRVHSURVVHJXLX

³(VWDpDPHOKRUGHWRGDV

'H YH] HP TXDQGR WRGRV VH FDQVDP GD SUHVVmR FDXVDGD SHOR
FRQWDWRFRPRS~EOLFR2TXHYRFrID]SDUDVHPDQWHUDOHUWDWUDQTLORH
HQWXVLDVPDGR"&RPROLGDFRPRHVWUHVVHGRFRQWDWRFRPDFOLHQWHOD"

-XG\FREULXREORFRGHDQRWDo}HVFRPDPmRGLVVHLPDJLQDU
TXHQmRKDYLDUHVSRVWDVSURQWDVSDUDHVVDVSHUJXQWDV
$VSHVVRDVSUHFLVDPPHGDUUHVSRVWDVYHUtGLFDVDVLWXDo}HV
YHUtGLFDV TXH LUmR HQIUHQWDU HP VHX WUDEDOKR $SRVWR TXH FRPR
HVVDVKiFHQWHQDVGHERDVSHUJXQWDVTXHHXSRGHULDID]HUPDVMi
pXPFRPHoR
³eXPyWLPRFRPHoR³H[FODPRX&DUPHQ³3RVVRWLUDU
XPDFySLDGHVVDOLVWD"
³&ODURYRXGDWLORJUDIiODTXDQGRYROWDUSDUDRHVFULWyULRH
OKH PDQGDUHL XPD FySLD ³ (OD ROKRX SDUD RV RXWURV ³ $OJXpP
PDLVJRVWDULDGHXPDFySLD"
&LQFRSHVVRDVGLVVHUDPTXHVLPLQFOXVLYH0RUWH'RQ
³  3RGHP GHL[DU ³ GLVVH -XG\ ³ 3RU IDODU QLVVR DLQGD
QmR UHFHEL RV FDUW}HV GH YLVLWD GH WRGRV 2 PHX HVWi DTXL ³ (OD
GHXXPFDUWmRSDUDFDGDXP
2XWUDFRLVDTXHYRXFRPHoDUDID]HUpRSUpUHFUXWDPHQWR
7HQKR XP DPLJR TXH VHPSUH OHYD PXLWRV FDUW}HV GH YLVLWD RQGH
TXHUTXHYi4XDQGRDOJXpPOKHSUHVWDXPERPVHUYLoRVHMDHP
XPUHVWDXUDQWHXPVXSHUPHUFDGRRXXPDODYDQGHULDPHXDPLJR
Gi j SHVVRD XP FDUWmR GL] TXH HVWi VHPSUH SURFXUDQGR SHVVRDV
GH YDORU H DYLVD TXH VH XP GLD D SHVVRD HVWLYHU j SURFXUD GH
HPSUHJRGHYHWHOHIRQDUSDUDHOH(OHGL]TXHFRQVHJXLXDOJXQVGH
VHXV PHOKRUHV IXQFLRQiULRV GHVVD PDQHLUD 9RX WHQWDU ID]HU R
PHVPR


³ $VVLP p LVVR TXH YRX ID]HU HP IXQomR GR TXH DSUHQGL
VREUHRPRGRFRPRD'LVQH\FRQWUDWDVHXSHVVRDOeFODURTXHQmR
YRXID]HUH[DWDPHQWHRTXHD'LVQH\ID]SRLVQRVVDVQHFHVVLGDGHV
QmR VmR DV PHVPDV 0DV YRX HPEXWLU R FRQFHLWR GH VLVWHPDV QR
PRGRFRPRID]HPRVFRQWUDWDo}HV
( ILTXHL UHDOPHQWH LPSUHVVLRQDGD FRP D TXDQWLGDGH GH
WUHLQDPHQWRV GDGRV DTXL 2IHUHFHPRV DOJXQV FXUVRV H LVVR
IXQFLRQD PDV SRGHUtDPRV ID]HU PXLWR PDLV 3RU LVVR YRX
GHVHQYROYHU DOJXPDV LGpLDV SDUD LQFUHPHQWDU R WUHLQDPHQWR
$OJXQVVHUmRWUHLQDPHQWRVQRUPDLVHRXWURVLQIRUPDLV
3RVVR SRU H[HPSOR FKDPDU XPD HTXLSH GH RLWR D GH]
IXQFLRQiULRV GH DWHQGLPHQWR DR FOLHQWH XPD YH] SRU VHPDQD H
SHGLUOKHV TXH IDOHP GR PRGR FRPR OLGDUDP FRP RV SLRUHV
WHOHIRQHPDV(OHVIRUPDPDOLQKDGHIUHQWHGRFRQWDWRGLiULRFRP
RV FOLHQWHV VHL TXH HQIUHQWDP VLWXDo}HV GLItFHLV H VHL TXH
FRQVHJXHP UHVROYrODV 0DV QXQFD UHSDUWLPRV HVVHV
FRQKHFLPHQWRVQHPRVLQFOXtPRVHPQRVVRPRGRGHWUDEDOKDU$
IRUPD FRPR QRVVR PHOKRU SHVVRDO OLGD FRP VLWXDo}HV GLItFHLV
QXQFDpSDVVDGDSDUDRSDSHO9DPRVFRPHoDUDID]HULVVR
´ $ VHJXLU YRX FRPHoDU D HVWXGDU RXWURV VLVWHPDV 6H D
'LVQH\ SRGH XVDU FRPSXWDGRUHV SRUWiWHLV SDUD HQWUHYLVWDU DV
SHVVRDV HQWmR GHYH KDYHU PDQHLUDV GH VH XWLOL]DU PHOKRU D
WHFQRORJLD 2 SHVVRDO TXH OLGD FRP VLVWHPDV GH LQIRUPDo}HV WHP
PHIDODGRPXLWRGHDOJRDTXHFKDPDPGHPLGGOHZDUH1XQFDPH
HVIRUFHLSDUDFRPSUHHQGHULVVR0DVKHLGHID]rOR
³ 0LGGOHZDUH p ³ FRPHoRX $ODQ PDV -XG\ VHTXHU
UHGX]LXDYHORFLGDGH
³ 7DPEpP YRX HQIDWL]DU EDVWDQWH DTXHOD OLomR VREUH
FRQFRUUHQWHV &RPR WRGRV VDEHP DV HPSUHVDV FRQFHVVLRQiULDV
HVWmR WHQGR GRUHV GH FDEHoD FRP WDQWDV SULYDWL]Do}HV H FRP DV
QRYDV IRUPDV GH FRQFRUUrQFLD )LFDPRV IDODQGR VREUH D
LPSRUWkQFLD GR VHUYLoR DR FOLHQWH SRUTXH p D ~QLFD FRLVD TXH
UHDOPHQWH QRV GLIHUHQFLD GH RX WUiV HPSUHVDV 0DV QXQFD PH
RFRUUHX TXH R SDGUmR p HVWDEHOHFLGR SRU HPSUHVDV IRUD GH QRVVR
VHWRU7HQKRGHWUDQVPLWLUHVVDPHQVDJHPDWRGRV
(ODHVSHURXSDUDYHUDUHDomRGRJUXSRPDVWRGRVILFDUDP
FPVLOrQFLR
³%HPFUHLRTXHHUDLVVR³ULX³$K4XDVHPHHVTXHFL
'HFLGLTXHYRXUHJLVWUDUDLGpLDGR3UrPLR5DGDU2
5HLOO\
 

0DQWHQGRRVPHOKRUHVFOLHQWHV


'LDKjVK


³ 2EULJDGR -XG\ ³ GLVVH 0RUW ³ %HP PHXV DPLJRV
DFKRTXHSHUGLPHXEORFRGHDQRWDo}HVHQmRFRQVLJRPHOHPEUDU
GH TXHP VHUi R SUy[LPR RUDGRU 6HUi D SHVVRD PDLV DOWD GH
EULQFRVRXDPDLVEDL[DGHFDUWROD
&DUPHQHQUXEHVFHXWRFRXDRUHOKDHVRUULX
³  %HP LVWR SRGH SDUHFHUHVWUDQKR PDV JRVWHL GR +DOO RI
3UHVLGHQWV H DLQGD HVWDYD SHQVDQGR QDTXHOH ORFDO SRU LVVR
UHWRUQHLGHSRLVTXHQRVVHSDUDPRV
3URFXUHLXPSRXFRHQFRQWUHLYLPPHPEURGRHOHQFRHPH
DSUHVHQWHL 0RVWUHLOKH PLQKD FDUWD H FRQWHL R TXH HVWiYDPRV
ID]HQGR 1mR WLQKD QHQKXPD SHUJXQWD HVSHFtILFD SDUD OKH
IRUPXODU Vy TXHULD FRQKHFHU PHOKRU R OXJDU (OD GLVVH TXH WHULD
PXLWRSUD]HUHPPHDMXGDU
(LVDOJXPDVGDVFRLVDVTXHGHVFREUL
3ULPHLUR R SHVVRDO GD ,PDJHQKDULD SDVVRX PDLV GH 
DQRVGHEUXoDGRVREUHRFRQFHLWRRSURMHWRHDH[HFXomRGR+DOORI
3UHVLGHQWV'RLVELEOLRWHFiULRVIL]HUDPSHVTXLVDVLQWHQVDVGXUDQWH
 PHVHVHHQFRQWUDUDPPDLV GH  OLYURV  UHYLVWDVH FLQFR
PLOIRWRJUDILDVSDUDXVRFRPRPDWHULDOGHUHIHUrQFLD
4XDQGRYLVLWDPRVRORFDODQWHVILTXHLLPSUHVVLRQDGDFRP
DTXLORTXHYRFrPHIDORXDUHVSHLWRGDFRVWXUDGDVURXSDV0RUW
0DVLVVRpDSHQDVXPDJRWDQRRFHDQRTXDQGRYHPRVRUHVWDQWH
$FDGHLUDGH*HRUJH:DVKLQJWRQSRUH[HPSOReXPDUHSURGXomR
H[DWD GD FDGHLUD QD TXDO HOH VH VHQWRX GXUDQWH D &RQYHQomR
&RQVWLWXFLRQDOHP
0DLVGRTXHGLVVRSRUHPJRVWHLGH)UDQNOLQ'5RRVHYHOW
$FKR TXH WRGRV VDEHP TXH HOH WHYH SDUDOLVLD H XVDYD DSDUHOKRV
QDVSHUQDVPDVPXLWDJHQWHQmRFRVWXPDSHQVDUQLVVR1DTXHOD
DWUDomRHOHHVWiVHQWDGRHPXPDFDGHLUD6HYRFrOHYDQWDUDEDUUD
GD FDOoD YHUi TXH HOH HVWi XVDQGR XP DSDUHOKR FRPSOHWR %HP
SRGHULDP WHU GHL[DGR GH ODGR HVVH GHWDOKH H QHQKXP FRQYLGDGR
LULD SHUFHEHU 3DUD PLP SRUpP LVVR UHDILUPRX GXDV OLo}HV ³
DWHQomRDRVGHWDOKHVFWXGRPRVWUDHQWXVLDVPR
'HSRLV OHPEUHLPH GH QRVVD YLVLWD DR &DVWHOR GH
&LQGHUHOD R TXH VXVFLWRX PDLV SHUJXQWDV HP PLQKD PHQWH 3RU
LVVR YROWHL DR OXJDU H SURFXUHL QRYRV H[HPSORV GH DWHQomR DRV
GHWDOKHV'HVFREULFDUDFWHUtVWLFDVPXLWRLQWHUHVVDQWHV2PXUDOGH
PRVDLFRVSRUH[HPSORWRPRXGRLVDQRVGHVHLVSHVVRDVSDUDVHU
FRQFOXtGR+iFHQWHQDVGHPLOKDUHVGHFDFRVGHYLGURQHOH$OJXQV
HVWmRIXQGLGRVFRPSHGDoRVGHSUDWDHGHRXURN
2PHOKRUGHWXGRSRUpPIRLDOJRSDUHFLGRFRPDKLVWyULD
GRV QRPHV GRV HVWDEHOHFLPHQWRV GD 0DLQ 6WUHHW ³ D $FDGHPLD
1XQLV H FRLVDV DVVLP 1R &DVWHOR Ki EUDV}HV UHSUHVHQWDQGR DV
IDPtOLDVGDVSHVVRDVTXHHIHWLYDPHQWHDX[LOLDUDP:DOW'LVQH\+i
REUDVmRGDIDPtOLD1XQLVGDIDPtOLD/XQG³6KDURQ'LVQH\/XQG
p XPD GDV ILOKDV GH :DOW +i DLQGD D IDPtOLD 5HGPRQG 'RUWKHD
5HGPRQGSURMHWRXRPRVDLFR
0H GLYHUWL GHVFREULQGR D LPSRUWkQFLD GHVVHV GHWDOKHV
&RQWHL DR PHPEUR GR HOHQFR ³ VHX QRPH HUD 7LP ³ VREUH RV
RXWURVGHWDOKHVRFXOWRVGHTXHKDYtDPRVIDODGRHSHUJXQWHLOKHVH
KDYHULDDLQGDRXWUDVFRLVDVHQJUDoDGDVQD'LVQH\ZRUOGTXHWDOYH]
RFRQYLGDGRPpGLRQmRILFDVVHFRQKHFHQGR


³   2V ROKRV GH 7LP SLVFDUDP TXDQGR HOH UHVSRQGHX j
PLQKD SHUJXQWD
3RVVR PRVWUDU DOJXPDV FRLVDV LQWHUHVVDQWHV QD
+DXQWHG0DQVLRQ
GLVVHRIHUHFHQGRVHSDUDPHDFRPSDQKDU1R
FDPLQKR LQIRUPRXPH VREUH RV EDVWLGRUHV GDTXHOD DWUDomR :DOW
TXHULD XPD FDVD DVVRPEUDGD PDV QmR XPD FRQVWUXomR TXH
SDUHFHVVH DEDQGR QDGD 3DUD FRQVHJXLU D DSDUrQFLD LGHDO
HVFROKHX XPD PDQVmR GR VXO GRV (VWDGRV 8QLGRV 'LVVH
9DPRV
PDQWHU XPD ERD DSDUrQFLD H[WHULRU H RV IDQWDVPDV FXLGDP GR
LQWHULRU

3DUD DMXGDU RV IDQWDVPDV D PDQWHU D DSDUrQFLD
DEDQGRQDGD GR LQWHULRU GD +DXQWHG 0DQVLRQ D 'LVQH\ZRUOG
FRPSUD XP
Sy
 HVSHFLDO D JUDQHO H R HVSDOKD FRP XP IXPLJDGRU
DJUtFROD 'HVGH TXH IRL LQDXJXUDGD HVSDOKDUDP WDQWD SRHLUD TXH
GDULDSDUDFREULUWRGDDPDQVmR
4XDQGR FKHJDPRV j PDQVmR 7LP PH PRVWURX RV SRQWRV
HP TXH RV SURMHWLVWDV VH GLYHUWLUDP FRP RV GHWDOKHV $V OiSLGHV
SRUH[HPSORGRODGRGHIRUDGDPDQVmR2VQRPHVJUDYDGRVQHODV
VmRRVGRV,PDJHQKHLURVTXHDMXGDUDPDFULDUDTXHODDWUDomR(X
RVDQRWHL
&DUPHQFRPHoRXDOHUVHXEORFRGHDQRWDo}HV
³9RY{0DUFp0DUF'DYLV)RLRGLUHWRUDUWtVWLFRTXHIH]
DPDLRUSDUWHGRSURMHWRFRQFHLWXDOGHVVDDWUDomR

8P +RPHP &KDPDGR 0DUWLQ
 p %XG 0DUWLQ DQWLJR FKHIH
GRGHSDUWDPHQWRGHHIHLWRVHVSHFLDLV
 
,UPmR'DYH
p'DYH%XUNKDUWGLUHWRUDUWtVWLFRTXHDMXGRX
DFRQVWUXLUPRGHORVGD+DXQWHG0DQVLRQ

:DWKHO %HQGHU
 p QD YHUGDGH :DWKHO 5RJHUV (OH p
FRQKHFLGR DTXL FRPR R DY{ GD iXGLRDQLPDWU{QLFD D WHFQRORJLD
TXH ID] FRP TXH REMHWRV LQDQLPDGRV VH PRYDP FRPR VH IRVVHP
YLYRVeRTXHID]/LQFROQVHPH[HUHIDODU
%HP GHSRLV GH WHU SHUDPEXODGR H UHXQLGR WRGRV HVVHV
GHWDOKHV LQWHUHVVDQWHV SHUFHEL TXH VHTXHU KDYLD SHQVDGR HP
PHXV WDOHQWRV VXEGHVHQYROYLGRV 3RUWDQWR HX QmR HVWDYD
DFRPSDQKDQGR R HVStULWR GD WDUHID TXH YRFr QRV GHX 0RUW 1mR
HVWDYD VHQGR RUJDQL]DGD R TXH PH VXUSUHHQGHX TXDQGR PH GHL
FRQWDGLVVRSRLVQRUPDOPHQWHVRXPXLWRHVWUXWXUDGD
( R TXH HX HVWDYD ID]HQGR" (VWDYD DSHQDV YDJDQGR
SURFXUDQGRFRLVDVTXHPHLQWHUHVVDYDP(VWDYDjYRQWDGH(VWDYD
PHGLYHUWLQGR(VWDYDDSUHQGHQGRXPPRQWHGHFRLVDV
)RL Dt TXH SHUFHEL ³ PHX WDOHQWR LQH[SORUDGR e EHP
DTXLORTXHYRFrIDORX%LOO1mRQRVGLYHUWLPRVHPPLQKDHPSUHVD
&RPHFHL D QRWDU TXH HPEXWLU XP SRXFR GH GLYHUVmR QR
WUDEDOKRpXPPRGRGHID]HURWUDEDOKRILFDUPDLVDPHQRGHID]HU
DVSHVVRDVLQWHUDJLUHPPHOKRUWHUHPXPHVWDGRGHHVStULWRPDLV
WUDQTLOR SDUD TXH SRVVDP DSUHQGHU DV FRLVDV PDLV IDFLOPHQWH
-XVWDPHQWHRTXHHXHVWDYDID]HQGR
3DUHFH VHU H[DWDPHQWH LVVR R TXH DFRQWHFH DTXL 7RGR
PHPEURGRHOHQFRFRPTXHPFRQYHUVHLSDUHFHOHYDUVHXWUDEDOKR
PXLWR D VpULR 0DV FDGD XP GHOHV WDPEpP SDUHFH HVWDU VH
GLYHUWLQGRPXLWR
( FRLVLQKDV FRPR RV QRPHV QD 0DLQ 6WUHHW RV EUDV}HV GR
&DVWHORRXDVOiSLGHVGD+DXQWHG0DQVLRQDMXGDPPXLWR(p
HVWD D PHQVDJHP TXH TXHUR OHYDU SDUD PLQKD HPSUHVD 6RPRV
PXLWR VpULRV QR TXH ID]HPRV H p DVVLP TXH GHYHUtDPRV VHU ,VVR
DMXGRX PXLWR QD IRUPDomR GH QRVVD IDPD GH H[FHSFLRQDO
GHVHPSHQKR QD SUHVWDomR GH VHUYLoRV 0DV DFKR TXH Mi HVWDPRV
QRVOHYDQGRGHPDVLDGDPHQWHDVpULR
'LVWULEXLomR p XPD DWLYLGDGH GLItFLO 3RU LVVR DV SHVVRDV
DFKDP TXH WHPRV GH VHU VpULRV 0DV SRGHPRV VHU VpULRV VHP
VHUPRVVROHQHV4XHURTXHDVSHVVRDVJRVWHPGHLUWUDEDOKDUTXH
DQVHLHP SRU LVVR 4XDQGR WRFDPRV XP GHVVHV SRQWRV VHQVtYHLV
SUHFLVDPRVGRVHQVRGHKXPRUSDUDFRQWUDEDODQoDU
(ODSHUFHEHXTXHWRGRVFRQFRUGDUDPFRPHOD
³ $OpP GLVVR WDQWR HP VHUYLoRV GH VD~GH FRPR GH
GLVWULEXLomRGHSURGXWRVDFRQVROLGDomRWHPDXPHQWDGRGLDDGLD
)XV}HVDTXLVLo}HVWXGR­VYH]HVDFRQFRUUrQFLDHDVPXGDQoDV
SRGHPVHUDVVXVWDGRUDVPDVQmRTXHURTXHILTXHPRVSDUDOLVDGRV
GHPHGR4XHURTXHRFDPLQKRVHMDGLYHUWLGR
3URYDYHOPHQWH FDGD XP GH QyV DFKD TXH VHX QHJyFLR p
~QLFR ( p YHUGDGH %LOO R VHX EDQFR RX $ODQ VXD HPSUHVD GH
VRIWZDUH 0DV HQIUHQWDPRV RV PHVPRV SUREOHPDV (VVD p RXWUD
PHQVDJHPTXHYRXGLIXQGLUHPDOWRHERPVRP
³&HUWtVVLPR³GLVVH-XG\
³0DVVDEHGHXPDFRLVD"³GLVVH&DUPHQ³GHWXGRTXH
HVWRXDSUHQGHQGRFUHLRTXHPHXSULPHLURSDVVRTXDQGRUHWRUQDU
DR HVFULWyULR VHUi LQVHULU DOJXPDV GDV DWLYLGDGHV GLYHUWLGDV TXH
FRVWXPiYDPRVID]HUTXDQGRpUDPRVPHQRUHV6HUiFRPSOLFDGRp
FODUR ( SUHFLVR JRVWDU GR WUDEDOKR PDV WDPEpP GHYHPRV QRV
FHUWLILFDUGHTXHQmRGHL[DPRVGHVHUVpULRVTXDQWRDRVUHVXOWDGRV
FRPRTXDOLGDGHHVHUYLoRDRFOLHQWH&UHLRTXHRPHOKRUDVHID]HU
pFRQWDUDHOHVRTXHDSUHQGLDTXLHRTXHSODQHMRID]HUDUHVSHLWR
³$FKRTXHpXPDLGpLDTXHPHUHFHVHUGLVFXWLGD³GLVVH

24
´ePDLVLPSRUWDQWHFRQTXLVWDURVFOLHQWHVTXHFRQWDPGR
TXHFRQWDURVFOLHQWHVTXHYRFrFRQTXLVWRXµ
0RUW
³7RGRVYRFrVWrPIXQFLRQiULRVTXHQHVWHH[DWRPRPHQWR
HVWDUmR LPDJLQDQGR R TXH YRFrV HVWmR DSUHQGHQGR DTXL H FRPR
HVVDV OLo}HV VHUmR SRVWDV HP SUiWLFD 1R PtQLPR LVVR RV GHL[D
QHUYRVRV³DWpUHFHRVRV$PDQHLUDPDLVIiFLOGHOLGDUFRPLVVRp
D IUDQTXH]D 'LJDPOKHV R TXH DSUHQGHUDP DTXL 0RVWUHPOKHV
VXDV LGpLDV ( SHoDP IHHGEDFN VREUH R PRGR GH ID]HU FRP TXH
HVVDVLGpLDVIXQFLRQHP,VVRDMXGDUiDTXHEUDURJHORHVXSHUDUD
LQpUFLD


&DUPHQDQDOLVRXVXDVDQRWDo}HVDQWHVGHSURVVHJXLU
³ 4XDVH QD KRUD GR DOPRoR GHFLGL TXH TXHULD SURYDU D
DXWrQWLFDFXOLQiULDIUDQFHVDHQWmRIXLGHPRQRWULOKRDWpR(SFRWH
YLVLWHLR3DYLOKmRGD)UDQoD
'HSRLV GH WHU SHGLGR R DOPRoR FRPHFHL D FRQYHUVDU FRP
XPMRYHPFDVDOTXHHVWDYDQDPHVDDRODGR$SUHQGLGXDVFRLVDV
FRP HOHV 3ULPHLUR TXH HVWDYDP VH GLYHUWLQGR PXLWR ([SOLFDUDP
TXH HUD FRPR GDU D YROWD DR PXQGR 'LVVHOKHV TXH SDUHFLD
GLYHUWLGRPDVSUHFLVRFRQIHVVDUTXHQRtQWLPRHVWDYDSHQVDQGR
VHLVHL
)RLDtTXHDPRoDPHGLVVH
1mRSRGHPRVLUj)UDQoDRXj
,WiOLD SHOR PHQRV SRU HQTXDQWR 0DV SRGHPRV YLU DWp DTXL
 (
FRPSUHHQGL D PDJLD TXH HVVH OXJDU UHSUHVHQWD $TXHOHV GRLV QmR
HVWDYDPVHHQJDQDQGRSHQVDQGRTXHDTXLORVHDSUR[LPDGROXJDU
YHUGDGHLUR 6HX RUoDPHQWR p OLPLWDGR H XP GLD HOHV
SURYDYHOPHQWH LUmR j (XURSD PDV SRU RUD D LOXVmR p VXILFLHQWH
$ILQDOpXPDLOXVmRPXLWRERDQmR"
7DPSRXFRHUDPLQJrQXRV7LQKDPIHLWRVXDOLomRGHFDVD
2 PDULGR PH SHUJXQWRX VH HX HVWDYD JRVWDQGR GD FRPLGD H HX
GLVVH TXH HUD PXLWR ERD (OH FRQFRUGRX FRPHQWDQGR TXH RV
FRJXPHORV HVWDYDP EHP IUHVFRV H GLVVH TXH R SDYLOKmR GH FDGD
SDtV SUHSDUD H VHUYH VXD SUySULD H DXWrQWLFD FXOLQiULD $OL QR
3DYLOKmR GD )UDQoD HVWiYDPRV DOPRoDQGR HP XP UHVWDXUDQWH
FKDPDGR /HV &KHIV GH )UDQFH 2V UHVSRQViYHLV SRU HOH VmR WUrV
IDPRVRV FR]LQKHLURV IUDQFHVHV &DUPHQ FRQVXOWRX VHX EORFR GH
DQRWDo}HV 3DXO %RFXVH 5RJHU 9HUJp H *DVWRQ /H1{WUH 6H LVVR
QmRpWXGRHWRGRVPRVWUDQGRHQWXVLDVPRQmRVHLRTXHSRGHVHU
$FRQYHUVDGRDOPRoRDEULXPHXVROKRVXPSRXFRPDLVH
GHSRLV IXL FDPLQKDQGR SRU DOL H REVHUYDQGR DV FRLVDV VRE XPD
QRYD yWLFD 2 3DYLOKmR GD )UDQoD IRL SURMHWDGR HP HVWLOR %HOOH
eSRTXH H FRPHFHL D DFUHGLWDU TXH D YLGD QDTXHOD pSRFD GHYHULD
VHU EHP SDUHFLGD FRP DTXLOR DR PHQRV SDUD DOJXQV IUDQFHVHV
PDLVDERQDGRV
/HPEUHLPH GH DOJR TXH PHX SURIHVVRU GH KLVWyULD GLVVH

'LJDPH H PH HVTXHoR 0RVWUHPH H PH OHPEUR (QYROYDPH H

FRPSUHHQGR
 ( PH VHQWL QR 3DYLOKmR GD )UDQoD HQYROYLGD 3DUHL
GH DFKDU TXH HUD DSHQDV XP OXJDU SDUD DOPRoDU H FRPHFHL D
DSURYHLWDU R PRPHQWR ³ DOJR TXH SUHFLVR OD]HU FRP PDLV
IUHTrQFLD
2XWUD FRLVD TXH GHVFREUL FRP R MRYHP FDVDO IRL R KRWHO
RQGH HVWDYDP KRVSHGDGRV R 3RUW 2UOHDQV 2 WHPD p R EDLUUR
IUDQFrV GH 1RYD 2UOHDQV 'LVVHUDP TXH WHP ERQV UHVWDXUDQWHV H
XPDOLQGDSLVFLQDFRQVWUXtGDDRUHGRUGHXPDVHUSHQWHPDULQKD
0DVJRVWHLPHVPRGRTXHPHIDODUDPFRPUHODomRDRVTXDUWRV
7RGR TXDUWR WHP IRWRJUDILDV H UHWUDWRV HPROGXUDGRV QDV
SDUHGHV R TXH OKHV Gi XP DU FDVHLUR (OHV GLVVHUDP j
DUUXPDGHLUD TXH JRVWDUDP PXLWR GDV IRWRV $ DUUXPDGHLUD
UHVSRQGHX $K (VWHV VmR RV PHXV SDLV H HVWH p PHX PDULGR H
HVWD p PLQKD ILOKD )RL DVVLP TXH ILFDUDP VDEHQGR TXH RV
PHPEURVGRHOHQFRXVDPRVUHWUDWRVGHVXDVSUySULDVIDPtOLDVQRV
TXDUWRV
,VVR PH IH] VHQWLU EHP 3HQVHL TXH WRTXH KXPDQR ( TXH
VHQVR GH SURSULHGDGH 1mR HUD PDLV XP TXDUWR GH KRWHO HUD XP
TXDUWRTXHWLQKDIRWRV GHXPDIDPtOLDGHYHUGDGH2VTXDUWRVGR
KRWHOHQYROYHPRVPHPEURVGRHOHQFRGHIRUPDEDVWDQWHGLUHWD
$JRUD SHUFHEL TXH FRP R FUHVFLPHQWR GH QRVVD HPSUHVD
SHUGHPRV XP SRXFR GHVVH VHQVR GHHQYROYLPHQWR 9RX UHFXSHUi
OR 1mR VHL EHP FRPR SRUTXH DLQGD QmR HQWHQGL FRPR HOH IRL
SHUGLGR0DVVHLTXHYRXUHFXSHUiOR(VVDSRUWDQWRpDVHJXQGD
FRLVDTXHYRXID]HU


³ 7DPEpP HVWRX SHUFHEHQGR PHOKRU FRPR RV GHWDOKHV
DIHWDPQRVVRUHODFLRQDPHQWRFRPRVFOLHQWHV0XLWRVGHWDOKHVVmR
SHTXHQRV PXLWRV SDVVDP TXDVH GHVSHUFHELGRV PDV MXQWRV HOHV
FDXVDPXPJUDQGHHIHLWR(VWLYHPRVQRVODQoDQGRjIUHQWHVHQGR
EDVWDQWH FRPSHWLWLYRV FRQTXLVWDQGR FOLHQWHV 0DV GHSRLV TXH RV
FRQTXLVWDPRV GHL[DPRV XP SRXFR GH ODGR RV GHWDOKHV H HP
SRXFRWHPSRHOHVVmRFRPRRVFOLHQWHVGHTXDOTXHURXWUDHPSUHVD
7HPRV GH PHOKRUDU R WUDWDPHQWR GLVSHQVDGR DRV FOLHQWHV GH SRLV
TXHRVFRQTXLVWDPRV
3UHFLVR FRQIHVVDU TXH R GHSDUWDPHQWR GH YHQGDV ³ DR
PHQRVRGHQRVVDHPSUHVD³WHPXPDPHQWDOLGDGHYROWDGDPDLV
SDUD D FRQTXLVWD GH FOLHQWHV GR TXH SDUD VXD PDQXWHQomR e
SUHFLVR GDU DWHQomR DRV GHWDOKHV TXH PDQWrP RV FOLHQWHV TXH Mi
WHPRV&RPRDSUHQGHPRVFRP%LOOGRLVWHUoRVGRVFRQYLGDGRVGD
'LVQH\ZRUOG UHWRUQDP SDUD XPD QRYD YLVLWD (P SDUWH RV
GHWDOKHVpTXHRVWUD]HPGHYROWD$FKRTXHGHGLFDUPDLVWHPSRj
PDQXWHQomRGRVFOLHQWHVDMXGDULDDDXPHQWDURVOXFURV
 %HP LVVR QmR VLJQLILFD TXH YDPRV LJQRUDU D FRQTXLVWD GH
QRYRV FOLHQWHV DOJR PXLWR LPSRUWDQWH 0DV YRX ID]HU FRP TXH
PLQKD HTXLSH VH FRQFHQWUH PDLV QD PDQXWHQomR GRV TXH Mi
H[LVWHP REWHQGR PDLRUHV YROXPHV GH FDGD FRQWD H SHQVDQGR HP
WHUPRV GH SDUWLFLSDomR GHQWUR GD FOLHQWHOD HP YH] GH DSHQDV HP
SDUWLFLSDomRGHPHUFDGR
2XWUD FRLVD TXH PH RFRUUHX SUHVWDU PDLV DWHQomR QRV
FOLHQWHV TXH UHDOPHQWH FRQTXLVWDPRV &RPR D PDLRULD GDV
HPSUHVDV SDVVDPRV WHPSR GHPDLV FRQWDQGR QRYRV FOLHQWHV
3UHFLVDPRV PXGDU LVVR (LV XPD DQRWDomR TXH IL] SDUD PLP
PHVPD e PDLV LPSRUWDQWH FRQTXLVWDU RV FOLHQWHV TXH FRQWDP GR
TXHFRQWDURVFOLHQWHVTXHVHFRQTXLVWD(pH[DWDPHQWHLVVRRTXH
YDPRVID]HU9DPRVWUDWDUGHREWHURVFOLHQWHVFHUWRV
-XG\ WDPEpP YRX XVDU VXDV LGpLDV VREUH UHFUXWDPHQWR H
WUHLQDPHQWR0DVQmRYRXSDUDUSRUDt*RVWRGDLGpLDGHHPEXWLU
RIRFRVREUHRFOLHQWHHPWXGR³WRGRVPRVWUDPHQWXVLDVPR³H
SRULVVRYRXHQGRVVDUDLGpLDGH$ODQVREUHGDUDFDGDIXQFLRQiULR
GH PLQKD HPSUHVD FDUW}HV GH YLVLWD FRP R WtWXOR $WHQGLPHQWR DR
&OLHQWH6HVRXXPDERDYHQGHGRUDGHYRFRQVHJXLUGHPRQVWUDUR
YDORUGHVVDLGpLDDPHXFKHIH
7HQKR FHUWH]D GH TXH VXUJLUmR PDLV LGpLDV GHSRLV TXH HX
YROWDU DR HVFULWyULR 3RU KRUD FUHLR TXH LVVR p WXGR $K 6y PDLV
XPD FRLVD 0RUW SRVVR IDODU VREUH DTXHODV  FRLVDV TXH PHXV
ILOKRVHQFRQWUDUDPQD:LOGHUQHVV/RGJH"
³ %HP FUHLR TXH ³ FRPHoRX 0RUW LQWHUURPSLGR SRU XP
DVVRYLREUHYHHDJXGR
7RGRVVHYLUDUDPHROKDUDPSDUD'RQTXHHVWDYDFRPXP
GHGR VREUH RV OiELRV (OH SLVFRX 0RUW SDUHFHX VDWLVIHLWR ³
'HVFXOSHPH&DUPHQ³GLVVH³'RQSHGLXSDUDHVSHUDU
 

& R Q V W U X LQ G R I R U W H V S D U F H U LD V  F R P H U F L D LV 


'LDKjVKRUDV


0RUWYROWRXVHOHQWDPHQWHSDUD$ODQ
³ &HUWR ³ GLVVH ³ $JRUD p D YH] GDTXHOH TXH HVWi VHP
FDUWROD$ODQVRUULXHILFRXGLDQWHGRJUXSR
³%HPHVWDYDHVSHUDQGRXPFRQIHUHQFLVWDFRQYLGDGRPDV
FRPR HOH DLQGD DLQGD QmR FKHJRX YRX FRQWDU SULPHLUR XPD
KLVWyULDSHVVRDOHGHSRLVXPDREVHUYDomRTXHIL]
$OJXQV DQRV DWUiV PHX VREULQKR WHYH DXODV EiVLFDV GH
FRPSXWDomR QD IDFXOGDGH 2 SURIHVVRU GLYLGLX D WXUPD GH 
DOXQRVHPTXDWURHTXLSHVGHFLQFR
&DGD HTXLSH WLQKD GH UHXQLU GDGRV GH IRQWHV ORFDLV FULDU
XP EDQFR GH GDGRV H JHUDU SODQLOKDV JUiILFRV H RXWUDV FRLVDV 2
SURMHWR ILQDO FRQVLVWLD HP DSUHVHQWDU R WUDEDOKR QD IRUPD GH XP
FDGHUQRGHDQRWDo}HV5HSUHVHQWDULDSRUFHQWRGDQRWDILQDOGH
FDGDHTXLSH
0HX VREULQKR TXH QRUPDOPHQWH p XP DOXQR PHLR
GLVSOLFHQWH VRIUHX XPD WUDQVIRUPDomR 1mR FRQVLJR PH OHPEUDU
GH RXWUD RFDVLmR HP TXH WHQKD GHGLFDGR WDQWR WHPSR HQHUJLD RX
HVIRUoR FRPR IH] FRP DTXHODV DXODV 'HSRLV SHUFHEL TXH ILFRX
PDLVIiFLOFRPXQLFDUPHFRPHOHHTXHVXDSDUWLFLSDomRQR WLPH
GHEDVTXHWHPHOKRURX
(OHGHVHQYROYHXHVVDVWpFQLFDV³WpFQLFDVKXPDQDV³FP
WHPSR UHDO HQTXDQWR HVWDYD HQYROYLGR FRP XP SURMHWR VHP
UHODomRDSDUHQWHFRPWDLVKDELOLGDGHV)LTXHLFXULRVRSRUFRQKHFHU
VHX SURIHVVRU )L] DOJXPDV SHUJXQWDV H GHVFREUL TXH HOH Mi GDYD
DTXHODV DXODV Ki PXLWR WHPSR $V HPSUHVDV GD UHJLmR EULJDYDP
SDUD FRQWUDWDU VHXV DOXQRV WDQWR SHOD FDSDFLGDGH GH WUDEDOKDU
HP HTXLSH FRPR SRU RXWURV WDOHQWRV $V PHVDV UHGRQGDV XVDGDV
QR FXUVR 7UDGLo}HV SDUD SURPRYHU R HVStULWR GH HTXLSH p TXH PH
IL]HUDP OHPEUDU GLVVR 1D FODVVH GH PHX VREULQKR ERD SDUWH GD
QRWD GH FDGD DOXQR GHSHQGLD GD ERD FRPXQLFDomR FRP RV RXWURV
DOXQRV(HVVDpPLQKDSULPHLUDOLomR
8PD GDV FRLVDV TXH YRX ID]HU TXDQGR YROWDU p SURPRYHU
XP SRXFR GHVVH DSUHQGL]DGR HP WHPSR UHDO VREUH WUDEDOKR HP
HTXLSH (P QRVVRV FXUVRV GH WUHLQDPHQWR GH YHQGDV YDPRV
FRORFDU DV SHVVRDV VHQWDGDV HP FtUFXORV 4XDQGR MXQWDUPRV R
SHVVRDOGHYHQGDVLQWHUQDVFRPRGHFDPSRYDPRVID]HUFRPTXH
IRUPHPHTXLSHVHOLGHPFRPWDUHIDVUHDLV*RVWHLWDQWRGDLGpLDGH
PHVDV UHGRQGDV TXH YRX FRPSUDU XPD SDUD D QRYD VDOD GH
UHXQL}HVRQGHUHFHEHPRVIRUQHFHGRUHVHFOLHQWHV
$RXWUDFRLVDpDSHQDVXPDUiSLGDREVHUYDomRVREUHRTXH
FRQVHJXLPRV DTXL 5HSUHVHQWDPRV GHVGH HPSUHVDV SHTXHQDV DWp
DVJUDQGHV0DVDTXLORTXHHVWDPRVFRQVHJXLQGRDTXLVHDSOLFDD
TXDOTXHU HPSUHVD 8P ERP H[HPSOR p D PLQKD PXOKHU (OD HVWi
SUHVWHV D ODUJDU VHX HPSUHJR SDUD PRQWDU VHX SUySULR QHJyFLR
2UDXPDGDVFRLVDVTXHDSUHQGHPRVHPQRVVRSULPHLURGLDDTXL
IRLTXHDRVROKRVGHXPFOLHQWHXPDPLFURHPSUHVDpMXOJDGDWDO
FRPR D 'LVQH\ D )HG([ H D // %HDQ (VVD SULPHLUD OLomR VH
DSOLFD WDQWR j PLQKD PXOKHU FRPR D TXDOTXHU XP GH QyV 1D
YHUGDGH SHUFHER TXH VH DSOLFD DWp D PHX VREULQKR (OH HVWi HP
XPD LPRELOLiULD H VHXV FOLHQWHV VH YDOHP GR WHOHIRQH WDO FRPR
DQDOLVDPRV DQWHV (OH QmR ILFDUi PXLWR FRQWHQWH TXDQGR HX OKH
GLVVHU TXDLV VmR RV VHXV FRQFRUUHQWHV PDV HOH GHYHULD
FRPSUHHQGHU TXH VXD FRQFRUUrQFLD p PDLV SHVDGD GR TXH HOH
LPDJLQD
$OL YHMR TXH PHX FRQIHUHQFLVWD FRQYLGDGR FKHJRX &RP
OLFHQoD$ODQOHYDQWRXVHHFDPLQKRXDWpXPKRPHPTXHHVWDYD
DQGDQGR SRU DOL FRPR VH HVWLYHVVH SURFXUDQGR DOJXpP (UD XP
KRPHPIRUWHPRUHQRXVDQGRFDOoDVHVFXUDVHXPDFDPLVDSyOR
³$FKHLTXHHOHHVWDYDEULQFDQGR³GLVVH-XG\


³(VWHp5DQG\'HQW³GLVVH$ODQ7RGRVVHOHYDQWDUDPF
VHDSUHVHQWDUDPD5DQG\GL]HQGRTXHHVWDYDPFRQWHQWHVSRUHOH
SRGHU UHXQLUVH DR JUXSR $ODQ DEULX XP HVSDoR QR EDQFR SDUD
TXH5DQG\VHVHQWDVVHDVHXODGR
³ 3ULPHLUR DOJXPDV LQIRUPDo}HV GH EDVWLGRUHV ³ GLVVH
$ODQDRJUXSR
(VWDYD FDPLQKDQGR SHOD 0DLQ 6WUHHW  VHP SHUFHEHU RV
QRPHV TXH %LOO REVHUYRX QRV HVWDEHOHFLPHQWRV GH VHJXQGR DQGDU
GRVSUpGLRV7DPSRXFRSHUFHELRVLUULJDGRUHVHPIRUPDGH70DV
QRWHLXPDFRLVDHPXPORFDOSRURQGHKDYLDSDVVDGRYiULDVYH]HV
DQWHVHQXQFDWLQKDPHGDGRFRQWD³D+LVWyULDGH:DOW'LVQH\
(VVDDWUDomRIDODGDYLGDGH:DOWHGHVXDVUHDOL]Do}HV³
VHXV ILOPHV VHXV 2VFDUV IRWRV WLUDGDV FRP R *RUGR H R 0DJUR H
FRP RXWURV DPLJRV ( DOJR TXH TXHUR TXH PHXV ILOKRV YHMDP ³
FRPRRVRQKRGHXPKRPHPUHVXOWRXHPWXGRLVWR

25
´6RERSRQWRGHYLVWDGHXPFOLHQWHXPDPLFURHPSUHVDp
MXOJDGDWDOFRPRD'LVQH\D)HG(;HD//%HDQµ
 'HSRLV GH VDLU GH Oi VHQWHLPH HP XP EDQFR H ILTXHL
SHQVDQGRQDWDUHID0RUWPDVQmRGHPRURXSDUDTXHFRPHoDVVH
D FRQYHUVDU FRP HVWH VXMHLWR VHQWDGR D PHX ODGR (P SRXFR
WHPSR HOH GLVVH
9RFr QmR p XP FRQYLGDGR FRPXP QmR p
PHVPR"
(XGLVVHTXHQmRHH[SOLTXHLRTXHHVWiYDPRVID]HQGR
(OH SDVVRX D PH FRQWDU XPD KLVWyULD )RL XPD KLVWyULD
PXLWR LQWHUHVVDQWH H WUDWRX GH YiULDV DVVXQWRV VREUH RV TXDLV
FRQYHUVDPRV3RULVVR FRQYLGHLRSDUDYLUDTXLFRQWDUOKHVRTXH
PHFRQWRX
$QWHV GH PDLV QDGD YRFrV GHYHP VDEHU TXH 5DQG\
WDPEpPQmRpXPFRQYLGDGRFRPXP(XPH[PHPEURGRHOHQFR
TXH YROWRX SDUD ID]HU XPD YLVLWD (OH IH] SDUWH GD HTXLSH GH
FRPXQLFDo}HVGD'LVQH\GXUDQWHDFRQVWUXomRGR(SFRW
5DQG\ SRGHULD IDODU D PHXV DPLJRV DTXLOR TXH PH
FRQWRX"
5DQG\FRPHoRX
³  %RP ILTXHL OLVRQMHDGR SRU $ODQ DFKDU TXH PLQKD
KLVWyULDVHULDLQWHUHVVDQWHRVXILFLHQWHSDUDFRPSDUWLOKDUFRPXPD
FODVVH
JLQDVLDO·
7RGRVULUDP
³(YRXWHQWDUPHOHPEUDUH[DWDPHQWHGRTXHGLVVHDHOH
7XGR DFRQWHFHX SRU VHU D 'LVQH\ XPD GDV SRXFDV RUJDQL]Do}HV
GRPXQGRDHVFROKHUXPDGDWDHVSHFtILFDYiULRVDQRVDQWHVHGL]HU
TXHYDLID]HUXPDLQDXJXUDomRQDTXHODGDWD
1RGLDGHRXWXEUR
GH  YDPRV LQDXJXUDU D :DOW 'LVQH\ZRUOG

1R GLD  GH
RXWXEURGHYDPRVLQDXJXUDUR(SFRW
(OHVDQXQFLDPLVVRH
FXPSUHPRSURPHWLGR
1DpSRFDR(SFRWIRLRPDLRUSURMHWRGHFRQVWUXomRFLYLOGR
PXQGR 'HVGH HQWmR PXLWRV RXWURV SURMHWRV R VXSHUDUDP PDV
QDTXHOH WHPSR HUD DOJR LPHQVR $ PDLRULD GDV SHVVRDV TXH
WUDEDOKRX QHOH QmR HUD FRQWUDWDGD GD 'LVQH\ WUDEDOKDYD SDUD
HPSUHLWHLUDV H VXEHPSUHLWHLUDV 2V RSHUiULRV GD FRQVWUXomR FLYLO
QmRWrPGHGLFDomRH[FOXVLYDDQHQKXPSURMHWRHVSHFtILFR(PXP
GDGRPrVSRGHPHVWDUWUDEDOKDQGRHPXPDUUDQKDFpXHP1RYD
<RUN QR RXWUR HP XPD UHSUHVD QR 8WDK H GHSRLV YmR SDUD R
(SFRW
2TXHD'LVQH\GHFLGLXHLVWRpDOJRTXHD'LVQH\ID]FRPR
SRXFRV IRL ID]HU HVVHV RSHUiULRV VH VHQWLUHP SDUWH GD IDPtOLD
'LVQH\ ³ ID]HU FRP TXH VH LGHQWLILFDVVHP FRP R (SFRW &HQWHU
PHVPR QmR ID]HQGR HIHWLYDPHQWH SDUWH GD RUJDQL]DomR 'LVQH\
,VVRQXQFDKDYLDVLGRIHLWRDQWHV


³(LVRTXHIL]HUDP'XUDQWHPDLVGHXPDQRIHFKDUDP
R ORFDO GD REUD XP GRPLQJR SRU PrV %HP QmR VH HVTXHoDP GH
TXHHVWHHUDRPDLRUSURMHWRGHFRQVWUXomRFLYLOGRPXQGRGHTXH
WLQKDP j IUHQWH XPD LQH[RUiYHO GDWD GH LQDXJXUDomR H SRU LVVR
SDUDUDREUDXPGLDSRUPrVHUDDOJRVLJQLILFDWLYR
$ 'LVQH\ WUD]LD GLYHUVDV GHVVDV ORQDV GH FLUFR HQRUPHV H
DV PRQWDYD RQGH PDLV WDUGH VHULD R HVWDFLRQDPHQWR GR (SFRW
,QVWDODYDP D FR]LQKD HP XPD GDV WHQGDV 3UHSDUiYDPRV
FDFKRUURTXHQWH H KDPE~UJXHU H VHUYtDPRV &RFD&ROD EDWDWDV
IULWDV H FRLVDV DVVLP (P RXWUDV SDODYUDV ID]tDPRV XP
SLTXHQLTXH
(P RXWUD WHQGD FULDPRV XPD PLQLDWXUD GR (SFRW
7URX[HPRV SURMHWLVWDV R GHSDUWDPHQWR DUWtVWLFR RV
SDWURFLQDGRUHVGRSDYLOKmR(VFXOSLPRVRFKmRSDUDPRVWUDURQGH
ILFDULDP D WHUUD H D iJXD ([LELPRV IRWRV GR SURJUHVVR GD REUD
7URX[HPRV SLQWXUDV IHLWDV SRU DUWLVWDV PRVWUDQGR FRPR VHULD D
REUDTXDQGRWHUPLQDVVHHGHL[DPRVDOJXpPDOLSDUDH[SOLFDUFDGD
XP GRV SDYLOK}HV 0DQWLYHPRV WXGR QR SUD]R &RPSDFWDPRV D
HVWUDGD TXH FLUFXODYD R FHQWUR GR (SFRW SDUD TXH RV {QLEXV
SXGHVVHPFKHJDUDWpDOL
1HVVH GRPLQJR PHQVDO SDUiYDPRV D REUD H WRGRV RV
RSHUiULRV WUD]LDP VXDV IDPtOLDV RIHUHFtDPRV XP SLTXHQLTXH H
WRGRV FDPLQKDYDP SHOR ORFDO $SURYHLWDYDP D FRPLGD H DQGDYDP
SHODV WHQGDV H WRGD D IDPtOLD SRGLD YHU R TXH R SDSDL RX HP
DOJXQVFDVRVDPDPmHHVWDYDID]HQGR
(XILFDYDREVHUYDQGRWXGRDTXLOR1mRHVWRXEULQFDQGR³
DOJXQV GHVVHV RSHUiULRV PH DVVXVWDYDP PHVPR $OJXQV HUDP RV
VXMHLWRV PDLV PDOHQFDUDGRV TXH Mi YL 0DV HVVHV GHP{QLRV
PRWRTXHLURV H GXU}HV WUD]LDP DV QDPRUDGDV RX DV HVSRVDV H RV
ILOKRVTXHFRUULDPSRUDtJULWDQGR
eDTXLTXHRSDSDLWUDEDOKD
HVWH p R SUpGLR GR SDSDL
 'HSRLV GH SDVVHDUHP SHORV SDYLOK}HV
HQWUDYDP QRV {QLEXV H SHUFRUULDP D REUD ( VHL TXH HVWDYDP
FULDQGRRUJXOKRHVHQVRGHSURSULHGDGHSHORSURMHWR
)L]HPRV LVVR WRGRV RV PHVHV SDUD TXH DV IDPtOLDV
SXGHVVHPYHUDREUDFUHVFHUHRVRSHUiULRVSXGHVVHPREVHUYDUR
TXH HVWDYDP FULDQGR ³ QmR DSHQDV D LPDJHP JOREDO PDV RQGH
VXDFRQWULEXLomRHQWUDYDQHVVDLPDJHPJOREDO
2XWUD FRLVD FULDPRV R MRUQDO VHPDQDO (SFRW &HQWHU
&RQVWUXFWLRQ1HZV2QGHTXHUTXHHXIRVVHOHYDYDGXDVFkPHUDV
H XPD VDFROD GH ILOPHV $SUR[LPDYDPH GH XP JUXSR GH KRPHQV
WUDEDOKDQGR HP DOJXPD FRLVD H WLUDYD XPD IRWR GR JUXSR
DQRWDQGR VHXV QRPHV H FLGDGHV QDWDLV 3XEOLFDPRV HVVH MRUQDO
WRGDVDVVHPDQDVFRPSRQWXDOLGDGHEULWkQLFDGXUDQWHXPDQRH
PHLR7LQKDPXLWDVPXLWDVIRWRV(UDPRXSRUHGLomRPDLV
RXPHQRVRXSHVVRDVSRUPrV
(X WDPEpP YLVLWDYD XP SDYLOKmR GLIHUHQWH D FDGD YH] H
HQWUHYLVWDYDRFDSDWD]SDUDVDEHUVREUHRDQGDPHQWRGDREUD1mR
ILFiYDPRV Vy QR SDOFR 9LVLWiYDPRV RV EDVWLGRUHV H HVFUHYtDPRV
PDWpULDVVREUHDVHPSUHVDVUHVSRQViYHLVSHODSDUWHHOpWULFDSHOD
ILDomR VXEWHUUkQHD SHOR VLVWHPD GH HVJRWRV FRLVDV DVVLP 8P
UHSRUWDJHP IRL VREUH R PRQRWULOKR 9LVLWHL D IiEULFD RQGH
PROGDUDPRVWULOKRVGHSRLVPRVWUHLRVWULOKRVVHQGRSRVWRVVREUH
FDPLQK}HVHWUDQVSRUWDGRVDWpDREUD
,VVR IRL IHLWR GXUDQWH WRGR R FLFOR GH FRQVWUXomR DWp D
LQDXJXUDomR GR (SFRW 2 SURMHWR IRL FRQFOXtGR QR SUD]R H GHQWUR
GRRUoDPHQWRFRPSRXFDVH[FHo}HV7XGRLVVRVyIRLSRVVtYHOHP
SDUWHGHYLGRjFRODERUDomRGHPLOKDUHVGHSHVVRDVTXHQmRHUDP
PHPEURV GR HOHQFR 1mR pUDPRV UHVSRQViYHLV SRU VHXV VDOiULRV
1mR OKHV GiYDPRV EHQHItFLRV 1mR SRGtDPRV ID]HU SRU HODV DV
FRLVDV TXH WUDGLFLRQDOPHQWH ID]HPRV SDUD GHL[DU RV IXQFLRQiULRV
FRQWHQWHV
( DVVLP R TXH SRGtDPRV ID]HU" 1yV RV WUDWDPRV FRPR VH
IRVVHPPHPEURVGRHOHQFR)RLRTXHIL]HPRV(IXQFLRQRX$LQGD
PH OHPEUR GR GLD GD LQDXJXUDomR GR (SFRW D JUDQGH IHVWD GH
LQDXJXUDomR )RL XP JUDQGH HYHQWR ( SUDWLFDPHQWH WRGDV DV
SHVVRDV TXH WUDEDOKDUDP QR SURMHWR HVWDYDP Oi FRP VXDV
IDPtOLDV


³)DOHGR/DQG3DYLOLRQ³GLVVH$ODQ
³&ODUR8PGLD'LFN1XQLVHHXHVWiYDPRVGLULJLQGRXP
FDUUR GH JROIH SRU Dt SDUD DFRPSDQKDU DV REUDV FHUFD GH VHLV
PHVHV DQWHV GR GLD GD LQDXJXUDomR 'LULJLPRQRV DWp R /DQG
3DYLOLRQTXHWHPXPJUDQGHiWULRFRPXPUHVWDXUDQWHQRIXQGR
+i QHVVH iWULR GLYHUVRV PyELOHV EHP JUDQGHV TXH VREHP H
GHVFHP OHQWDPHQWH HP FDERV SHQGXUDGRV QR WHWR 5HSUHVHQWDP
VLWXDo}HV UHODFLRQDGDV FRP D WHUUD ³ D pSRFD GD FROKHLWD GR
SODQWLRHWF
2 SURMHWLVWD HVWDYD LQVDWLVIHLWR $V SDUWHV GR PRELOH
GHYHULDP ILFDU VHPSUH RULHQWDGDV QD PHVPD GLUHomR PDV FRP R
PRYLPHQWR GH VREHHGHVFH RV FDERV VH HQURODYDP H DV SDUWHV
ILFDYDP JLUDQGR OHQWDPHQWH 9iULRV HQJHQKHLURV HVWDYDP
LQWULJDGRV 1LQJXpP FRQVHJXLD HQFRQWUDU XP PRGR GH LPSHGLU
HVVHUHWRUFLPHQWRGRVFDERV
+DYLD XP RSHUiULR SRU DOL YDUUHQGR VHUUDJHP (OH DSRLRX
VH HP VXD YDVVRXUD H GLVVH
7UDEDOKHL HP XPD WRUUH GH
SHUIXUDomRGHyOHR2VFDERVTXHXViYDPRVQmRUHWRUFLDP7LQKD
DOJRDYHUFRPDWUDPDGRFDER

1XQLV H WRGRV HVVHV HQJHQKHLURV ILFDUDP LPyYHLV VHP
GL]HU SDODYUD 1XQLV YLURXVH SDUD R FKHIH H GLVVH
9HMD VH
IXQFLRQD
 2 VXMHLWR UDELVFRX XP PRQWH GH FRLVDV H VDLX 1XQLV
YROWRXVHSDUDRFDPDUDGDFRPDYDVVRXUDSHUJXQWRXVHXQRPH
DJUDGHFHXDVXJHVWmRHSURPHWHXTXHLULDH[SHULPHQWDU
)RL DVVLP TXH UHVROYHUDP R SUREOHPD (UD DSHQDV XP
ID[LQHLUR PDV D RUJDQL]DomR 'LVQH\ HVFXWD TXDOTXHU SHVVRD TXH
WHQKD XPD LGpLD FULDWLYD 1XQLV HVWi VHPSUH SURFXUDQGR QRYDV
PDQHLUDVGHID]HUDVFRLVDVVROXo}HVFULDWLYDVSDUDRVSUREOHPDV
H p SRU LVVR TXH HOH WHP VLGR WmR ERP SDUD D 'LVQH\ 0XLWRV
H[HFXWLYRVGHL[DPVHXVHJRVLQWHUIHULUHPVHXWUDEDOKR6HQmRIRL
LGpLD GHOHV QmR p ERD 1XQLV QmR HVWi SUHRFXSDGR FRP D RULJHP
GH LGpLDV FRPR PHPEUR GR HOHQFR FRQYLGDGR YLFHSUHVLGHQWH
ID[LQHLUR6HIRUERDHOHDDSURYHLWDHGiRGHYLGRFUpGLWR


³%HP$ODQHUDLVVRTXHYRFrTXHULDTXHHXFRQWDVVH"
³([DWDPHQWH5DQG\0XLWRREULJDGR$ODQYROWRXVHSDUD
RVGHPDLV
 ³,PDJLQHLTXHVH1XQLVSRGHXVDUDVLGpLDVGRVRXWURVH
VH D /LJD $PHULFDQD GH %HLVHERO SRGH XVDU XP UHEDWHGRU
HVSHFtILFR HX WDPEpP SRGHULD $VVLP HVFDOHL 5DQG\ FRPR PHX
UHEDWHGRUeMXVWRQmRp0RUW"
³6HYRFrFRQVHJXHXPDKLVWyULDFRPRHVVDSRUTXHQmR"
³UHVSRQGHX0RUW
³ 6HMD FRPR IRU ³ GLVVH $ODQ ³ SDVVHL R UHVWR GR PHX
WHPSR FDPLQKDQGR H SHQVDQGR 3HQVHL HP PLQKD HPSUHVD H QR
PRGR FRPR WUDEDOKDPRV QR PRGR FRPR FRPHUFLDOL]DPRV H
GLVWULEXtPRVQRVVRVSURGXWRV
6RPRV XPD HPSUHVD GH VRIWZDUH PXLWR ERD SRU VLQDO
0DV WHPRV D WHQGrQFLD GH SHQVDU HP TXDOLGDGH FRPR DOJR
UHODFLRQDGR FRP  R DVSHFWR PDWHULDO 7HPRV DOLDQoDV H SDUFHULDV
HVWUDWpJLFDV(IL]HPRVXPERPWUDEDOKRQDHVWUXWXUDomRGDSDUWH
UHIHUHQWHDR
ODGRPDWHULDO
QHVVHVUHODFLRQDPHQWRV
7HPRV DFRUGRV QRVVRV FRPSXWDGRUHV FRQYHUVDP XQV FRP
RV RXWURV WHPRV UHXQL}HV FRP QRVVRV SDUFHLURV )D]HPRV DTXLOR
TXH D PDLRULD GRV HVSHFLDOLVWDV HP TXDOLGDGH GL] TXH YRFr GHYH
ID]HU
$WpDJRUDSRUpPQXQFDKDYLDQRVRFRUULGROLGDUFRPXPD
PHWDGDPDQHLUDFRPRD'LVQH\IH]FRPR(SFRW6HDSOLFiVVHPRV
HVVH PHVPR WLSR GH SHQVDPHQWR D QRVVRV UHODFLRQDPHQWRV
H[WHUQRVHOHVVHULDPEHPPDLVIRUWHVGRTXHMiVmRHMiVmRPXLWR
ERQV
(LV HP VXPD R TXH DSUHQGL 4XDOLGDGH QmR GL] UHVSHLWR
DSHQDV D SRVVLELOLGDGHV OLPLWDGDV 4XDOLGDGH VH HVWHQGH D
SRVVLELOLGDGHV LOLPLWDGDV 6H YRFr FRPHoD D SHQVDU HP TXDOLGDGH
HP WHUPRV GH SRVVLELOLGDGHV LOLPLWDGDV LVVR PXGD VHX PRGR GH

26
´4XDOLGDGH QmR GL] UHVSHLWR DSHQDV D SRVVLELOLGDGHV
OLPLWDGDV4XDOLGDGHVHHVWHQGHDSRVVLELOLGDGHVLOLPLWDGDV´
SHQVDU3RULVVRXPDGDVFRLVDVTXHIDUHLHPPLQKDHPSUHVDVHUi
LQVLVWLUSDUDTXHWRGRVFRPHFHPDSHQVDUGHVVDPDQHLUD(SDUD
JDUDQWLUTXHWRGRVFRPSUHHQGHUmRR VLJQLILFDGRGLVVRYRXFRQWDU
DWRGRVDTXLORTXH5DQG\QRVFRQWRX
4XHPVDEHDRQGHLVVRSRGHQRVOHYDU"6yVHLTXHSRGHPRV
HOHYDU D TXDOLGDGH D XP SDWDPDU PXLWR PDLV DOWR TXH R TXH Mi
FRQVHJXLPRV
 



$OJXpPGRWDGRGHSDL[mR


'LDKRUDVjVK


³ &HUWR 'RQ SDUHFH TXH FKHJRX D VXD YH] ³ GLVVH 0RUW
'RQWLWXEHRX
³ $QWHV GH PDLVQDGD WHQKR GHID]HU XPD FRQILVVmR 1mR
VHL VH YRFrV SHUFHEHUDP PDV QmR ILTXHL PXLWR FRQWHQWH FRP LVWR
WXGR 9DORUL]R PXLWR R PHX WHPSR H QmR JRVWR GH GHVSHUGLoiOR
7LYH GH GHL[DU SDUD WUiV XPD SLOKD GH WUDEDOKR SDUD ID]HU HVWD
YLDJHP0DVRSDWUmRLQVLVWLX
2UD QmR SRVVR GL]HU TXH QmR JRVWHL RX TXH QmR DSUHQGL
DOJXPDVFRLVDVPDVQHVWDPDQKmDLQGDHVWDYDDFKDQGRTXHWXGR
HUDXPGHVSHUGtFLRGHWHPSR3RULVVRGHFLGLFRQIHULUXPDFRLVDH
GHSRLVWHQWDUHQFDL[DURXWUDV
4XLV FRQIHULU DTXLOR TXH &DUPHQ HVWDYD WHQWDQGR GL]HU
VREUHR:LOGHUQHVV/RGJHHTXH0RUWQmRTXHULDTXHHODFRQWDVVH
(SRUTXH0RUWQmRTXHULDTXHHODQRVFRQWDVVH"3RUTXr0RUW"
0RUWVRUULX
³ 3RUTXH HVWDYD HVSHUDQGR TXH DOJXpP IRVVH FXULRVR R
VXILFLHQWHSDUDSHVTXLVDUSRUFRQWDSUySULD³DGPLWLX0RUW
 ³%HPIXQFLRQRX'HFLGLTXHIRVVHPTXDLVIRVVHPHVVDV
FRLVDVHXDVHQFRQWUDULD
)XL DWp R KRWHO H FRPHFHL D SHUJXQWDU 3HUJXQWHL D GRLV
PHPEURV GR HOHQFR VHHOHV VDELDP GHDOJR TXH GHVWRDYD GR WHPD
GR :LOGHUQHVV /RGJH &RFDUDP DV FDEHoDV H GLVVHUDP TXH QmR
FRQVHJXLDP LPDJLQDU R TXH SRGHULD VHU ³ TXH WRGRV RV WHPDV
HVWDYDPGHDFRUGRFRPRVSDUTXHVQDFLRQDLVGRRHVWHGRV(VWDGRV
8QLGRV
'HSRLV RXWURV GRLV PHPEURV GR HOHQFR VH MXQWDUDP DR
JUXSRQRVDJXmRHQmRWDUGRXSDUDTXHWLYpVVHPRVXPDFDORUDGR
GHEDWH ,QVLVWL HP TXH GHYHULD KDYHU DOJR DOL TXH QmR VH DMXVWDYD
DR WHPD H TXHULD VDEHU R TXH HUD 7RGRV DILUPDYDP TXH WXGR VH
HQFDL[DYDQRWHPD
)LQDOPHQWH GLVVH D HOHV
2OKD QmR LPSRUWD 9RFrV QmR
WrP WHPSR PHVPR SDUD ILFDU DTXL UHVSRQGHQGR D XP PRQWH GH
SHUJXQWDVGH0LFNH\

%DVWRX GL]HU LVVR SDUD XPD GDV PRoDV JULWDU
0LFNH\
 (
RVRXWURVWUrVGLVVHUDP
6LPpLVVR

(XGLVVH
2TXHpLVVR"


0LFNH\
GLVVHXPGHOHV
+iPDLVRXPHQRVXPDG~]LDGH
LPDJHQV GR 0LFNH\ HVFRQGLGDV QRV GHWDOKHV 6mR FKDPDGRV GH
0LFNH\V RFXOWRV 9HQKD YRX OKH PRVWUDU
 H DSRQWRX SDUD D
HQRUPH ODUHLUD GH SHGUD (X DLQGD QmR HVWDYD SHUFHEHQGR QDGD
(OD GLVVH
2OKH SDUD D IRUPD GDV SHGUDV j GLUHLWD QDTXHOD
FDPDGDDYHUPHOKDGDXQVVHLVPHWURVDFLPDGRFKmR
(OiHVWDYD
VH YRFr SUHVWDU DWHQomR SRGH YHU R FRQWRUQR GD FDEHoD H GDV
RUHOKDVGR0LFNH\
$t WRGRV FRPHoDUDP D WDJDUHODU
4XDQGR IRU j 7RFD GR
8UVLQKR ROKH SDUD D HVTXHUGD GD WHQGD QD SDUHGH GR IXQGR

&RPHFHL D DQRWDU RV OXJDUHV RQGH GLVVHUDP TXH KDYHULD 0LFNH\V
HVFRQGLGRV H ³ QDWXUDOPHQWH ³ HQWUH HOHV RV  GHQWUR H DR
UHGRU GR KRWHO $FRQWHFH TXH WRGD DWUDomR KRWHO H ORMD WHP SHOR
PHQRVXP0LFNH\RFXOWR


³ 6HJXQGR RV PHPEURV GR HOHQFR HVVHV 0LFNH\V RFXOWRV
FRPHoDUDP FRPR XPD SLDGD LQWHUQD HQWUH RV ,PDJHQKHLURV (P
VHXV SURMHWRV H HGLILFDo}HV HOHV HVFRQGHUDP 0LFNH\V HP OXJDUHV
TXH SRGHULDP VHU YLVWRV TXDVH TXH GLDQWH GR QDUL] GHVGH TXH
VRXEHVVHPRVSURFXUDU
0DVQLQJXpPPDQWHYHXPUHJLVWURFRPSOHWRGHOHV(FRPR
DVDWUDo}HVPXGDPDRORQJRGRVDQRVDOJXQVVHSHUGHPHRXWURV
VmR DFUHVFHQWDGRV (OHV FRPSHWHP SDUD YHU TXHP FRQVHJXH
GHVFREULURPDLRUQ~PHURGH0LFNH\VRFXOWRV/HPEUDPPHHVVHV
REVHUYDGRUHVGHSiVVDURVTXHYLDMDPSHORPXQGRID]HQGROLVWDVH
UHXQLQGRVHSDUDFRQWDUYDQWDJHPHFRPSDUDUDQRWDo}HV
³  9RFr HVWi GL]HQGR TXH Ki RXWURV DOpP GRV RFXOWRV QR
:LOGHUQHVV/RGJH"³SHUJXQWRX$ODQ
³9RFrMRJDJROIH"³SHUJXQWRX'RQ
³ 7HP JHQWH TXH GL] TXH HX QmR MRJR ³ EULQFRX $ODQ ³
4XHUGLVSXWDUXPDSDUWLGDGHSRLVTXHVDLUPRVGDTXL"
³ &ODUR ³ GLVVH 'RQ ³ ( VH IRUPRV DR FDPSR 0DJQROLD
OHPEUHPH GH FRQIHULU D DUPDGLOKD QR VH[WR EXUDFR RQGH Ki XP
0LFNH\RFXOWR2XQRJUDPDGRVHIRUPRVDRFDPSR2VSUH\5LGJH
(VHYRFrVYROWDUHPDR,W
VD6PDOO:RUOG³FRLVDTXHQmRWHQKRD
LQWHQomRGHID]HUDPHQRVTXHVREDPHDoDItVLFD³REVHUYHPDV
VRPEUDV ODQoDGDV SHODV RUHOKDV GR EHEr FDQJXUX )RUPDP XP
0LFNH\ 9HMDP RV DQWROKRV GRV FDYDORV QD 0DLQ 6WUHHW $ 6SODVOL
0RXQWDLQ QR ILQDO WHP XPD QXYHP QD IRUPD GH 0LFNH\ 9DPRV
YHU ³ (OH VH HVIRUoRX SDUD OHU VXDV DQRWDo}HV ³ 1mR FRQVLJR
HQWHQGHUPHXVUDELVFRV
$KVLP*RVWHLGHVWH1R(SFRWQR3DYLOKmRGD1RUXHJD
Ki XP PXUDO FRP D KLVWyULD GR SDtV 8P GRV KRPHQV
UHSUHVHQWDGRVQRPXUDOpR,PDJHQKHLURTXHSURMHWRXRSDYLOKmR
2VXMHLWRQmRVyVpFRORFRXQRPXUDOFRPRHVWiXVDQGRXPUHOyJLR
GR0LFNH\8PGRVYLNLQJVXVDRUHOKDVGH0LFNH\
4XHP Mi OHYRX RV ILOKRV SDUD YHU  2 5HL /HmR" SHUJXQWRX
-XG\ H &DUPHQ IL]HUDP TXH VLP ³ 4XDQGR DOXJDUHP D ILWD
REVHUYHPEHPTXDQGRDVIRUPLJDVPDUFKDUHPSHORWHOHYLVRU8PD
GHODVXVDRUHOKDV
³(L'RQ³GLVVH&DUPHQ³9RFrPHGiXQLDOLVWDGRV
0LFNH\VTXHGHVFREULX"4XHURLPSUHVVLRQDUPHXVILOKRV
³ 9RFr QmR YDL FRQVHJXLU HQWHQGHU D PLQKD OHWUD 1D
YHUGDGH QHP HX HVWRX FRQVHJXLQGR HQWHQGHU DOJXPDV GHVVDV
DQRWDo}HV 9RX GDWLORJUDIDU D OLVWD H PDQGRD GHSRLV SRU ID[
FHUWR"
%HP VDt GD :LOGHUQHVV /RGJH FRP GLYHUVDV SiJLQDV GH
DQRWDo}HV D UHVSHLWR GH 0LFNH\V RFXOWRV PDV SRXFD FRLVD PDLV
)RLLQWHUHVVDQWHPDVQmRFRQVHJXLHQFRQWUDUDOJRGHVLJQLILFDWLYR
QLVVR6HLTXHYRFrIDORXGDDWHQomRDRVGHWDOKHV0RUWPDVHVWRX
DFRVWXPDGR D SHQVDU HP WHUPRV GH SULRULGDGHV ­V YH]HV DV
FRLVDVDFRQWHFHPWmRGHSUHVVDHPQRVVDVHPSUHVDVTXHWHPRVGH
ID]HU XPD HVSpFLH GH WULDJHP FXLGDU SULPHLUR GDV HPHUJrQFLDV H
GHL[DUTXHRVGHWDOKHVDJXDUGHP
3RU LVVR YROWHL SDUD Fi H ILTXHL YDJDQGR PDLV XP SRXFR
SHUFRUUL PDLV GXDV DWUDo}HV FRPSUHL XP FDFKRUURTXHQWH H
VHQWHLPH HP XP EDQFR REVHUYDQGR WRGD HVVD JHQWH
H[DJHUDGDPHQWHIHOL]SDVVDU
(QWmRHQTXDQWRHVWDYDVHQWDGRYLHVVDPHQLQDUXLYDTXH
SDUHFLD HVWDU VH GLYHUWLQGR PXLWR ( PH OHPEUHL GH WrOD YLVWR
DQWHV HP QRVVR SULPHLUR GLD DTXL ³ QmR GDYD SDUD QmR QRWiOD
FRP yFXORV GH 0LFNH\ H R HQRUPH FKDSpX GH 3DWHWD FRP RUHOKDV
FDtGDV4XDQGRHVWiYDPRVQRUHVWDXUDQWHWRPDQGRFDIpYLDSHOD
MDQHOD(ODHVWDYDEHPWULVWHOHPEUDP"
0RVWUDQGR PHX FUDFKi H PLQKD FDUWD IXL FRQYHUVDU FRP
HVVD IDPtOLD H GLVVHOKHV R TXH HVWDYD ID]HQGR DTXL &RQWHL TXH
YLUD VXD ILOKLQKD ³ VHX QRPH p 1DQF\ ³ FKRUDQGR SRU DOJXP
PRWLYR XQV GRLV GLDV DWUiV H TXH DJRUD HVWDYD IHOL] SRU YHU TXH
WXGRLDEHP


'RQIH]XPDSDXVDSDUDREVHUYDUDUHDomRGRJUXSR
³  (LV R TXH PH FRQWDUDP 1DQF\ HVWDYD QD ILOD SDUD
FRQVHJXLU XP DXWyJUDIR GR &DSLWmR *DQFKR 4XDQGR FKHJRX VXD
YH]R&DSLWmR*DQFKRVXPLXVHPPDLVQHPPHQRV,VVRDGHL[RX
WULVWH QD PHVPD KRUD H 1DQF\ S{VVH D FKRUDU 1LQJXpP
FRQVHJXLDFRQVROiOD$VVLPVDtUDPGDTXHODDWUDomR
2 SDL IRL UHFODPDU GR FRPSRUWDPHQWR GR &DSLWmR *DQFKR
FRP XP PHPEUR GR HOHQFR (VWH SHGLX GHVFXOSDV H GLVVH TXH
TXDQGR WHUPLQD R WXUQR GH XP &DSLWmR *DQFKR RXWUR &DSLWmR
*DQFKR WRPD VHX OXJDU 7HULD KDYLGR XP GHVHQFRQWUR H R QRYR
*DQFKR QmR WRPRX VHX OXJDU WmR UiSLGR TXDQWR GHYHULD 2
PHPEURGRHOHQFRSHUJXQWRXRQGHDIDPtOLDHVWDYDDORMDGDHGLVVH
TXHWHQWDULDUHVROYHUDVFRLVDVSDUD1DQF\
4XDQGR 1DQF\ HQWURX HP VHX TXDUWR HQFRQWURX XP
ERQHFR GR 3HWHU 3DQ H XP ELOKHWH HP VXD FDPD 'L]LD D QRWD

4XHULGD1DQF\ILTXHLWULVWHSRUVDEHUTXHKRMHR&DSLWmR*DQFKR
IRLPDOYDGRFRPYRFr­VYH]HVHOHpPDOYDGRFRPLJRWDPEpP3RU
IDYRUYROWHHYLVLWHQRVDVVLPTXHSXGHU6HXDPLJR3HWHU3DQ

(ODILFRXPXLWR FRQWHQWH3HWHU3DQWLQKD YRDGRDWpRVHX
TXDUWRHGHL[DGRXPELOKHWHHPVXDFDPD
)LTXHL PXLWR LPSUHVVLRQDGR FRP D HILFLrQFLD GD RSHUDomR
1R EUHYH SHUtRGR HQWUH D YROWD DR &RQWHPSRUDU\ +RWHO SDUD
DOPRoDUHSDUDRGHVFDQVRGH1DQF\PXLWDVFRLVDVDFRQWHFHUDP
2PHPEURGRHOHQFRFRPTXHPUHFODPDUDPWHOHIRQRXSDUDRKRWHO
H SHGLX D DOJXpP SDUD HVFUHYHU XP ELOKHWH (VVH DOJXpP
FRQVHJXLXXPERQHFRHSHGLXDXPDDUUXPDGHLUDTXHGHL[DVVHR
ERQHFRHRELOKHWHQDTXHOHTXDUWR
%HP DQWHV HX YL RXWUD FRLVD (VWDYD HP DOJXP OXJDU GR
)DQWDV\ODQG RX SHUWR GHOH 8PD PXOKHU HVWDYD FRP XP VRUYHWH
GH FDVTXLQKD QD PmR (VWDYD FRQYHUVDQGR FRP VXD DPLJD 8PD
JDLYRWDSDVVRXYRDQGREDL[RHGHUUXERXRVRUYHWHQRFKmRHXP
PRQWHGHJDLYRWDVVDtUDPGRQDGDHSRXVDUDPVREUHHOH
8P PHPEUR GR HOHQFR YLX D FHQD ,PHGLDWDPHQWH
DFRPSDQKRXDPXOKHUDWpDIUHQWHGDILODGRVRUYHWHHFRQVHJXLX
XPQRYRVRUYHWHGHFDVTXLQKD
'HWLYHDPXOKHUFRPRVRUYHWHHSHUJXQWHLFRPRIRLRFDVR
'HLQtFLRHODSHQVRXTXHHXIRVVHXPUHSyUWHU0HVPRGHSRLVGH
H[SOLFDURTXHHVWDYDID]HQGRHTXHD~QLFDUHSRUWDJHPTXHIDULD
VHULDSDUDXQVSRXFRVFRPRHXHODLQVLVWLXHPPHGDUVHXQRPHF
WHOHIRQH FDVR HX TXLVHVVH WLUDU XPD IRWR GHOD SDUD PLQKD

PDWpULD
 1DV GXDV VLWXDo}HV XP SUREOHPD IRL FRUULJLGR HP XP
GHOHV XP PHPEUR GR HOHQFR FRPHWHX XP HUUR H QR RXWUR XPD
JDLYRWD FDXVRX XP SUREOHPD ( DPERV IRUDP FRUULJLGRV FRP
UDSLGH]HHILFLrQFLD&RPRHOHVID]HPLVVR0RUW"
³(XPSURFHVVRFKDPDGR6HUYLFH5HFRYHU\UHFXSHUDomR
GH VHUYLoR ³ GLVVH 0RUW ³ 4XDQGR DOJXPD FRLVD QmR VDL GD
PDQHLUDFRPRDOJXpPHVSHUDzHOHQFRVHGHVGREUDSDUDFRQVHUWDU
D VLWXDomR (OHV QmR TXHUHP TXH QLQJXpP VDLD GDTXL
GHVHQFDQWDGR H SRU LVVR p XP SRQWR GH KRQUD UHFXSHUDU R
HTXLOtEULR GDV FRLVDV $FKR TXH LVVR p YLWDO SDUD PDQWHU D
ILGHOLGDGH GRV FRQYLGDGRV 7DPEpP DMXGD D PDQWHU D GHGLFDomR
GRVPHPEURVGRHOHQFRSRLVOKHVGiDRSRUWXQLGDGHGHFRQVHUWDU
DVFRLVDVQDKRUDSDUDDTXHOHFRQYLGDGR&RPRHPWXGRRTXHID]
D 'LVQH\ GHGLFD PXLWR WHPSR H HQHUJLD D XPD ERD UHFXSHUDomR
PDVYDOHDSHQD
0DV JRVWDULD GH RXYLU PDLV VREUH R VHX SDVVHLR 4XH
FRQFOXVmR YRFr WLURX GDTXLOR TXH YLX" ( FRPR LVVR DIHWDUi R TXH
YRFrID]HPVXDHPSUHVD"
'RQ ILFRX RUJDQL]DQGR VHXV SHQVDPHQWRV HP VLOrQFLR
GXUDQWH DOJXQV LQVWDQWHV 4XDQGR ROKRX SDUD FLPD HUD FRPR VH
WRGD D WHQVmR GRV ~OWLPRV GLDV WLYHVVH VDtGR GHOH $Wp GHX XP
VRUULVRDQWHVGHFRPHoDUDIDODU
2V RXWURV HVSRQWDQHDPHQWH VRUULUDP WDPEpP H
DJXDUGDUDP
³ %HP FRPR GLVVH HVWDYD WHQGR GLILFXOGDGHV SDUD YHU D
LPSRUWkQFLDGHVVDVFRLVDVHPPHXWUDEDOKRHQDPLQKDHPSUHVD
4XHU GL]HU DOJXPDV FRLVDV IRUDP EDVWDQWH LQWHUHVVDQWHV p
YHUGDGH PDV SDUD PLP YDPRV GLUHWR DR SRQWR EDVLFDPHQWH IRL
DSHQDV XPD JLQFDQD j SURFXUD GH IDWRV LVRODGRV H FRVWXPHV
HVWUDQKRV(HQWmRDFRQWHFHXXPDFRLVD


³ (VWDYD VHQWDGR HP XP EDQFR TXDVH YLQGR SDUD Fi
TXDQGR XP FDVDO VH VHQWRX D PHX ODGR SDUD TXH D PXOKHU
SXGHVVH DPDUUDU RV FDGDUoRV GRV VDSDWRV 2 VXMHLWR FRPHQWRX
FRP HOD DOJXPD FRLVD D UHVSHLWR GD OLPSH]D GR OXJDU (OD
FRQFRUGRX H DPERV FRPHoDUDP D LPDJLQDU TXDQWRV ID[LQHLURV
KDYHULD SRU DOL (OD GLVVH  (OH GLVVH TXH GHYLDP VHU  RX
1HVVHPRPHQWRQmRUHVLVWL
 'LVVHOKHV
 PLO
 1DWXUDOPHQWH ILFDUDP HVSDQWDGRV
'HL[HL TXH ILFDVVHP XP SRXFR HVSDQWDGRV SRU DOJXP WHPSR
'HSRLVH[SOLTXHLRPRWLYRHRPRGRSHORTXDOVDELDGLVVR
$t ILFDUDP PDLV HVSDQWDGRV DLQGD
6DEH GH XPD FRLVD

GLVVH R VXMHLWR
VH PDLV SHVVRDV HP PDLV HPSUHVDV WLYHVVHP D
PHVPD GHGLFDomR D VHXV FOLHQWHV VXDV HPSUHVDV VHULDP PDLV
OXFUDWLYDV VHXV HPSUHJRV HVWDULDP PDLV VHJXURV H HX VHULD XP
FOLHQWH PDLV VDWLVIHLWR 1mR TXH WRGRV WHQKDP R PHVPR JUDX GH
SDL[mR SRU DJUDGDU DR Pi[LPR VHXV FOLHQWHV
 'L]HQGR LVVR
OHYDQWDUDPVHGHVSHGLUDPVHHIRUDPHPERUD
$FRQWHFH TXH R VXMHLWR GLVVH
SDL[mR
 ( TXDQGR HOH GLVVH
LVVR WLYH PLQKD FXULRVLGDGH GHVSHUWDGD /HPEUHLPH GH DOJR TXH
PHXWpFQLFRGHIXWHERODPHULFDQRGRJLQiVLRGLVVHFHUWDYH]
(XQmRHUDRMRJDGRUPDLVWDOHQWRVRQHPRPDLVKiELOGR
WLPH PDV VHPSUH MRJXHL FRP FRUDomR 1R SULPHLUR DQR WLYH GH
UHSDUWLU PLQKD SRVLomR FRP RXWUR MRJDGRU (OH JHUDOPHQWH
FRPHoDYDDSDUWLGDHHXILFDYDERDSDUWHGRWHPSRQREDQFRGH
UHVHUYDV 0DV HX VHPSUH GHL R Pi[LPR GH PLP PHVPR QRV
WUHLQRV HHPERUD UDUDPHQWH FRPHoDVVH D SDUWLGD TXDVH VHPSUH
MRJDYD
8P GLD GXUDQWH XP WUHLQR DV FRLVDV QmR HVWDYDP LQGR
PXLWR EHP 7RGRV HVWDYDP MRJDQGR DXWRPDWLFDPHQWH (X HVWDYD
GDQGR GXUR PDV SHQVDQGR HP UHOD[DU )RL Dt TXH R WpFQLFR
PDQGRXTXHWRGRVVDtVVHPGRFDPSRSDUDFRQYHUVDUFRQRVFR
$LQGDPHOHPEURGHOHGHSpVREUHREDQFRHDLQGDSRVVR
RXYLUVXDYR](OHGLVVH
4XDQWRVGHYRFrVTXHUHPJDQKDURMRJR

27
 6H PDLV SHVVRDV HP PDLV HPSUHVDV WLYHVVHP
GHGLFDomR UHDO D VHXV FOLHQWHV VXDV HPSUHVDV VHULDP PDLV
OXFUDWLYDVHVHXVHPSUHJRVHVWDULDPPDLVVHJXURV
GDVH[WDjQRLWH"

4XDUHQWDHXPDPmRVVHHUJXHUDP

%HP WHQKR PiV QRWtFLDV SDUD YRFrV
 GLVVH HOH
(VWDU
LQWHUHVVDGRQmREDVWD0XLWDJHQWHHVWiLQWHUHVVDGDHPXPPRQWH
GH FRLVDV (VWRX LQWHUHVVDGR HP YHQFHU D 0DUDWRQD GH %RVWRQ
0DV VDEHP GH XPD FRLVD" 1XQFD YRX YHQFHU D 0DUDWRQD GH
%RVWRQ 1mR PH GHGLFR D HOD 1mR HVWRX VXILFLHQWHPHQWH
DSDL[RQDGR SRU HOD ( Vy GLVVR TXH SUHFLVDPRV SDL[mR H
GHGLFDomR(YRFrVHVWmRORQJHGHPRVWUDUSDL[mRHGHGLFDomR1D
YHUGDGH Vy YHMR XP MRJDGRU DSDL[RQDGR SHOR MRJR TXH p R
-HQNLQV 0DV YRX OKHV GL]HU XPD FRLVD
 SURVVHJXLX
(VWRX
DSDL[RQDGR SHOR MRJR GH VH[WD j QRLWH (VWRX WmR DSDL[RQDGR SRU
HOH TXH YRX OKHV SURPHWHU XPD FRLVD 7RGRV TXH HQWUDUHP HP
FDPSRQDVH[WDjQRLWHWHUmRSDL[mRHGHGLFDomR$JRUDVyWHQKR
XPDSHVVRDSDUDLQLFLDUDSDUWLGD8PDeR-HQNLQV1mRYRXS{U
HPFDPSRQLQJXpPTXHQmRWHQKDSDL[mRSHODYLWyULD6H-HQNLQV
IRUR~QLFRMRJDGRUHPFDPSRWXGREHPePHOKRUXPGRWDGRGH
SDL[mRGRTXHPHUDPHQWHLQWHUHVVDGRV

'L]HQGRLVVRHOHVDLXGRFDPSRHRDVVLVWHQWHGHOHGLULJLX
RUHVWRGRWUHLQR
%HPFRPHFHLDSDUWLGDQDTXHODVH[WDHIRLXPGHQRVVRV
PHOKRUHV MRJRV GR FDPSHRQDWR *DQKDPRV SRU  D  &RPHFHL
WRGDV DV RXWUDV SDUWLGDV GHSRLV GDTXHOD *DQKHL SUrPLRV GR
FRPHoRDRILPGRFXUVR
3HUFHEL LPHGLDWDPHQWH SRU TXH HVWDYD SHQVDQGR QR
WUHLQDGRU 9LUD D PHVPD SDL[mR QRV PHPEURV GR HOHQFR TXH
HVWDYDP PH DMXGDQGR D GHVFREULU RV 0LFNH\V RFXOWRV 0HVPR
HQTXDQWR QmR FRQVHJXLDP HQWHQGHU GR TXH HX HVWDULD IDODQGR
PRVWUDYDP HQWXVLDVPR H GHGLFDomR 7RGRV PRVWUDUDP SDL[mR
DMXGDQGRPHDGHVFREULURTXHTXHUTXHIRVVHPHVPRVHPHXWHU
GDGRXPDSLVWD
7DPEpP SHUFHEL TXH YLUD LVVR QR PHPEUR GR HOHQFR TXH
IDORX GDV FDUWDV SHQGXUDGDV QR TXDGUR GH DYLVRV ( HP 0LFKDHO
(LVQHUHHPFDGDXPGHYRFrV
(OHIH]XPDSDXVD
³&RQWLQXH³GLVVH0RUW³'LJDQRVFRPRYRFrDSOLFDUi
WXGRLVVRHPVHXWUDEDOKR



'RQSHQVRXXPSRXFR
³ %HP DFKR TXH WHPRV QRV VDtGR PXLWR EHP QR FRQWUROH
GH TXDOLGDGH GRV SURGXWRV GH PLQKD HPSUHVD 2EVHUYDPRV RV
Q~PHURV GLDULDPHQWH 6RPRV DSDL[RQDGRV SRU HVVDV FRLVDV 0DV
LVVR QmR p R PHVPR TXH VHUPRV DSDL[RQDGRV SHORV FOLHQWHV 7HU
SDL[mR SHOD TXDOLGDGH p DSHQDV XPD SDUWH GD SDL[mR SHORV
FOLHQWHV
e LVVR R TXH DFRQWHFH DTXL $V SHVVRDV VmR DSDL[RQDGDV
SHODH[SHULrQFLDGRFRQYLGDGR2VYHtFXORVSDUDWRUQiODXPDSHOD
JUDQGH H[SHULrQFLD VmR WRGDV HVVDV FRLVDV GH TXH HVWLYHPRV
IDODQGR1mRVHLFRPRWLQWDDRXURXPPXUDORFXUVR7UDGLo}HV
RX FRLVDV DVVLP SRGHULDP ID]HU DOJXPD GLIHUHQoD  SDUD D PLQKD
HTXLSH$YHUGDGHpTXHQmRID]HP³SDUDPLP
0DVHODVID]HPGLIHUHQoDDTXL(VVDVFRLVDVGL]HPUHVSHLWR
j DOHJULD H j PDJLD H p LVVR TXH HVVH OXJDU VLJQLILFD DOHJULD H
PDJLD
7XGR FRQWULEXL SDUD D H[SHULrQFLD JOREDO H p LVVR TXH
LPSRUWD 9DPRV HQFDUDU RV IDWRV QmR p R OXJDU PDLV EDUDWR GR

28
´7HU SDL[mR SHOD TXDOLGDGH p DSHQDV XPD SDUWH GD SDL[mR
SHORVFOLHQWHV´
PXQGRSDUDVHYLVLWDU
4XDQWR D PLP SHVVRDOPHQWH QXQFD ILFDULD WmR
HQWXVLDVPDGR FRPHOHTXDQWRYRFr-XG\ 0DVTXDQGRFKHJDPRV
DR IXQGR GD TXHVWmR WHPRV GH DGPLWLU TXH R SHVVRDO GD 'LVQH\
UHDOPHQWHRIHUHFHTXDOLGDGH
e LVVR TXH WRGDV DV HPSUHVDV SUHFLVDP ID]HU $ 'LVQH\
SUHFLVD RIHUHFHU TXDOLGDGH H QyV WDPEpP e WmR HQJDQRVDPHQWH
VLPSOHVTXHQHPSHUFHELLVVRDQWHV
7XGR LVVR p XP URGHLR SDUD GL]HU TXH PHX SODQR GH DomR
WHPDSHQDVXP~QLFRSDVVR9RXWUDQVIRUPDUDSDL[mRTXHWHQKR
SHOD TXDOLGDGH HP XPD SDL[mR SHOD H[SHULrQFLD WRWDO GH FDGD
FOLHQWH e XPD SHTXHQD PXGDQoD GHSDODYUDV PDV FDXVDUi XPD
JUDQGH PXGDQoD QR PRGR FRPR ID]HPRV DV FRLVDV H QR PRGR
FRPRQRVVRVFOLHQWHVQRVYrHP6yLVVRMiWHULDYDOLGRDYLDJHP
( REULJDGR SRU WHUHP PH DJHQWDGR (VSHUR TXH WHQKD
YDOLGRDSHQD
-XG\VRUULXHDSHUWRXDPmRGH'RQ
³6DELDTXHYRFrFRQVHJXLULDGLVVHHOD


(QTXDQWR R UHVWR GD *DQJXH GRV &LQFR WDJDUHODYD H VH
SUHSDUDYDSDUDVHJXLUVHXVGLIHUHQWHVFDPLQKRV&DUPHQIH]XPD
~OWLPDDQRWDomRHPVHXEORFR
8PD SHVVRD GRWDGD GH SDL[mR p PHOKRU GR TXH 
PHUDPHQWHLQWHUHVVDGDV
(ODVRUULXSHQVDQGRHP'RQ
 )HUUDPHQWDVGROtGHU

&RPRFRORFDUHPSUiWLFDRVVHWHVHJUHGRVGRVXFHVVRGD
'LVQH\HPVXDHPSUHVD

$V SHVVRDV TXH OHUDP HVWH OLYUR DQWHV TXH HOH IRVVH
SUHSDUDGR H LPSUHVVR WUDEDOKDP HP HPSUHVDV GH GLIHUHQWHV
WDPDQKRV F VHWRUHV 8PD HUD GH XPD SHTXHQD RUJDQL]DomR GH
SUHVWDomRGHVHUYLoRVRXWUDGHXPDDJrQFLDGHSURSDJDQGD'XDV
HUDP SUHVLGHQWHV GH HPSUHVDV GH SHTXHQR D PpGLR SRUWHV H
TXDWUR HUDP GLUHWRUHV GH WUHLQDPHQWR GH JUDQGHV HPSUHVDV 0DV
HODV ³ H RXWURV RLWR OHLWRUHV HVFROKLGRV DOHDWRULDPHQWH ³ WLQKDP
XP SHGLGR FRPXP XP YHtFXOR SDUD XVDU FRP RXWUDV SHVVRDV GH
VXDHTXLSHDILPGHVDLUQDIUHQWHGDFRQFRUUrQFLDQDVSDODYUDV
GHXPDGHODV
(VWDV IHUUDPHQWDV SRGHP DMXGiOR D WRUQDU R IRFR VREUH R
FOLHQWH SDUWH LQWHJUDQWH GH VHX WUDEDOKR H GH VXDV QHJRFLDo}HV
FRPR DFRQWHFH QD 'LVQH\ $V SHVVRDV FRP DV TXDLV DV WHVWDPRV
DFKDUDP TXH HODV DMXGDUDP D IRUPDU R HVStULWR GH HTXLSH D
DJXoDURIRFRVREUHRFOLHQWHHDPHOKRUDUVHXVVLVWHPDV
9RFr SRGH XVDU HVWDV IHUUDPHQWDV FRPR SDUWH GH XP
SURJUDPD GH WUHLQDPHQWR FRPR SDUWH GH XP SURJUDPD GR WLSR
DOPRFH H DSUHQGD RX SDUD H[DPLQDU FRPR YRFr QHJRFLD FRP
FOLHQWHVLQWHUQRVRXH[WHUQRV
(P VXPD HVWDV IHUUDPHQWDV FRQVLVWHP HP XP PHLR SDUD
YRFrFULDUVHXSUySULRSURJUDPDGHWUHLQDPHQWRGHIXQFLRQiULRVH
VXDVHVWUDWpJLDVGHWUDEDOKR5H~QDXPJUXSRGHIXQFLRQiULRVGH
GLIHUHQWHV GHSDUWDPHQWRV RX GH VHX VHWRU H VXD HTXLSH
DGPLQLVWUDWLYD6HYRFrWHPXPDHPSUHVDLQGLYLGXDOUHIOLWDVREUH
RSUREOHPDFRQVLJRPHVPR³RXFRPXPJUXSRGHTXDWURDVHWH
SHVVRDV QD PHVPD SRVLomR 1R FDVR GH YRFr VH UHXQLU FRP XP
JUXSR GH HVWXGRV XWLOL]H HVWH YHtFXOR SDUD H[DPLQDUHP
DOWHUQDWLYDV &DGD XP WHP XP PRGR GLIHUHQWH GH H[SHULPHQWDU
HVWH PDWHULDO 'XUDQWH XPD GLVFXVVmR YRFr SRGH HVWLPXODU D
FRPSDUDomR GH SHUFHSo}HV GLYHUJHQWHV LQFHQWLYDU D VROXomR
FULDWLYDGHSUREOHPDVHDXPHQWDUDUHFHSWLYLGDGHDQRYDVLGpLDV


3UHSDUDQGRVHSDUDDGLVFXVVmR

'LVFXVV}HV IXQFLRQDP PHOKRU HP JUXSRV GH FLQFR RX VHLV
LQGLYtGXRV 6H YRFr HVWLYHU WUDEDOKDQGR FRP XP S~EOLFR PDLRU
SHoD jV SHVVRDV SDUD VH GLYLGLUHP HP SHTXHQRV JUXSRV
GLVFXWLUHP H UHJLVWUDUHP VXDV LGpLDV H YROWDUHP SDUD WURFDU
FRQFOXV}HV $VVHQWRV GLVSRVWRV HP IRUPD FLUFXODU DMXGDP D
LQWHUDomR
3UHSDUHXPDOLVWDGDVTXHVW}HVDVHUHPGLVFXWLGDV(VFUHYD
GXDV RX WUrV TXHVW}HV HP XP IOLSFKDUW SDUD TXH WRGRV DV YHMDP
GXUDQWHDGLVFXVVmR8WLOL]HSHUJXQWDVGDOLVWDRXLQYHQWHDVVXDV
(VFUHYDFRPOHWUDVJUDQGHV2SURSyVLWRGHH[LELUDVSHUJXQWDVp
PDQWHU R IRFR GR JUXSR WDO FRPR YRFr IDULD FRP XPD SDXWD GH
UHXQLmR
$SUHVHQWH DV TXHVW}HV DRV SDUWLFLSDQWHV DQWHV GD
GLVFXVVmR,VVROKHVGDUiWHPSRSDUDUHIOHWLUHSDUDTXHFRQVXOWHP
VHo}HV HVSHFtILFDV GR OLYUR 9RFr SRGH DWp SHGLU TXH DFUHVFHQWHP
RXWUDVTXHVW}HVjOLVWD
 &RQGX]LQGRDGLVFXVVmR

3RQKDDVTXHVW}HVEHPjYLVWDGHWRGRVRVSDUWLFLSDQWHV
)RUPXOHXPDSHUJXQWDGHFDGDYH]'HSRLVTXHDFRQYHUVD
HVWLYHU HP DQGDPHQWR WHQWH ILFDU GH ORQJH REVHUYDQGR 'r DR
JUXSR R FRQWUROH GD GLVFXVVmR (YLWH UHSHWLU D TXHVWmR D PHQRV
TXH R JUXSR VDLD GR WHPD FDVR HP TXH YRFr GHYH SHGLU TXH VH
OHPEUHP GD TXrV WmR DSUHVHQWDGD 6H DOJXPDV SHVVRDV GHUHP D
LPSUHVVmR GH HVWDU UHWUDtGDV WUDJDDV j GLVFXVVmR FRP XPD
SHUJXQWD 2 TXH YRFr DFKD GLVWR" 5HJLVWUH WRGDV DV LGpLDV
VXJHULGDV
5HVXPD $QWHV GH SDVVDU j SHUJXQWD VHJXLQWH IDoD XP
EUHYHUHVXPRGRVSULQFLSDLVSRQWRVTXHYRFrVGLVFXWLUDP5HILUD
VHDRVSRQWRVTXHYRFrUHJLVWURX


3HUJXQWDV


/,d®2

&RQFRUUHQWH p TXDOTXHU HPSUHVD FRP D TXDO R FOLHQWH R
FRPSDUD

ʄ   /HPEUHVH GH DOJXPD VLWXDomR HP TXH YRFr ILFRX
LPSUHVVLRQDGR FRP R QtYHO GR VHUYLoR TXH UHFHEHX &RPR LVVR
HOHYRXVXDH[SHFWDWLYDFRPUHODomRDRXWUDVHPSUHVDV"

ʄ   (P FRPSDUDomR FRP DV GHPDLV FRPR WrP VLGR RV
VHUYLoRVSUHVWDGRVSRUQRVVDHPSUHVD"
 
ʄ4XHPVmRQRVVRVFRQFRUUHQWHVGLUHWRV"

ʄ&RPTXHPPDLVQRVVRVFOLHQWHVSRGHPQRVFRPSDUDU"

ʄ   2 TXH LVVR VXJHUH TXDQWR jV PXGDQoDV TXH WHPRV GH
ID]HUQDQRVVDPDQHLUDGHWUDEDOKDU"


/,d®2

)DQWiVWLFDDWHQomRDRVGHWDOKHV

ʄ4XHGHWDOKHVID]HPFRPTXHQRVVRVFOLHQWHVQRVYHMDP
FRPRXPDHPSUHVDGLItFLOFRPDTXDOQHJRFLDU"

ʄ4XHGHWDOKHVSRGHULDPVHUDSULPRUDGRVSDUDID]HUFRP
TXHRVFOLHQWHVYROWHPVHPSUH"

ʄ   4XH GHWDOKHV QR DPELHQWH GH WUDEDOKR SRGHULDP WHU R
PHVPR FXLGDGR TXH RV SRVWHV DGRUQDGRV SDUD DPDUUDU FDYDORV
FRPRQD0DLQ6WUHHWGD'LVQH\"


/,d®2

7RGRVPRVWUDPHQWXVLDVPR

ʄ   3HQVH QR PRGR FRPR DV SHVVRDV WUDEDOKDP DTXL 6HUi
TXH SRGHUtDPRV DGDSWDU R FRQFHLWR GH
DJUHVVLYDPHQWH JHQWLO
 DR
DPELHQWHGHQRVVDHPSUHVD"

ʄ   &RPR SRGHUtDPRV H[SDQGLU R DWHQGLPHQWR DR FOLHQWH
WUDQVIRUPDQGRXPGHSDUWDPHQWRHPXPDWUDGLomR"

ʄ&RPRFDGDXPSRGHULDPRVWUDUHQWXVLDVPRDLQGDPDLRU
GRTXHDWXDOPHQWH"

ʄ2TXHPRVWUDUHQWXVLDVPRVLJQLILFDDTXL"

ʄ   &RPR D H[SHULrQFLD FRP XP FOLHQWH SRGHULD PXGDU VH
WRGRVDTXLPRVWUDVVHPHQWXVLDVPR"


/,d®2

7XGRPRVWUDHQWXVLDVPR

ʄ/HPEUHVHGDWLQWDGRXUDGDQRFDUURVVHOGD'LVQH\4XH
PHQVDJHQV HVWmR VHQGR HQYLDGDV D QRVVRV DVVRFLDGRV H
IXQFLRQiULRVTXDQWRDRYDORUGRFOLHQWH"

ʄ   7HQGR HP PHQWH R YDORU GDV FRLVDV LQYLVtYHLV GH TXH
PDQHLUDV SRGHUtDPRV OHPEUDU RV IXQFLRQiULRV GH TXH RV FOLHQWHV
YDOHPRXUR"

ʄ,PDJLQHTXHWXGRHPQRVVDHPSUHVDPRVWUDHQWXVLDVPR
&RPRHODVHULD"

ʄ3HQVHHPXPDFRLVDTXHSRGHVHUPXGDGDSDUDTXHVDLD
PHOKRUQDGHPRQVWUDomRGHHQWXVLDVPR


/,d®2

0~OWLSORVSRVWRVGHHVFXWD

ʄ   &RPR SRGHPRV XVDU QRVVRV RXYLGRV SDUD GHWHFWDU D
VDWLVIDomRGRVFOLHQWHV"

ʄ&RPRSRGHPRVWRUQDURSURFHVVRGHFROHWDGHIHHGEDFN
PDLVFULDWLYRHGLYHUWLGR"

ʄ/HPEUHVHGRLPSDFWRFDXVDGRSRUXPDDomRLPHGLDWD
&RPRSRGHPRVPHOKRUDUQRVVRWHPSRGHUHDomR"

ʄ   ,GHQWLILTXH H UHODFLRQH DVSHFWRV GH QRVVRV WUDEDOKRV
TXH HQYROYDP FRQWDWR FRP R FOLHQWH 0HOKRU VH DSOLFDGD HP XP
JUXSRGHGLVFXVVmRKRPRJrQHR

ʄ   4XH QRYRV SRVWRV GH HVFXWD IRUPDLV RX LQIRUPDLV
SRGHUtDPRVHPSUHJDU"

ʄ   &RPR SRGHUtDPRV QRV WRUQDU PDLV iJHLV QDV UHVSRVWDV
jVQHFHVVLGDGHVGRFOLHQWH"


/,d®2

5HFRPSHQVDUHFRQKHFLPHQWRHFRPHPRUDomR
 ʄ   &RP TXH IUHTrQFLD XP ERP GHVHPSHQKR SDVVD VHP
UHFRQKHFLPHQWR"

ʄ   'H XP PRGR JHUDO TXDO D SURSRUomR GH IHHGEDFN
SRVLWLYRQHJDWLYRHPQRVVDHPSUHVDIiEULFDGHSDUWDPHQWRHWF"

ʄ&RPRSRGHUtDPRVPHOKRUDUHVVDSURSRUomR"

ʄ4XDOpDVXDSURSRUomRLQGLYLGXDOGHIHHGEDFNSRVLWLYR
QHJDWLYR"


/,d®2

7RGDVDVS[VVRDVVmRLPSRUWDQW[V
ʄ3HQVDQGRQDPiTXLQDGHHVFUHYHUFRPDWHFODTXHEUDGD
FRPRQRVVDHPSUHVDSRGHULDDSOLFDUHVVDOLomR"

ʄ'HTXHIRUPDVWHPRVH[SHULPHQWDGRSHVVRDOPHQWHHVVD
OLomR"

ʄ &RPR SRGHPRV WUDQVPLWLU HVVD FUHQoD DRV RXWURV
IXQFLRQiULRVGDHPSUHVD"


3HUJXQWDVJHQpULFDV



ʄ4XDOpDSULQFLSDOPHQVDJHPGHVWHOLYUR"
 ʄ4XHLQVLJKWVYRFrWHYHDROHUHVWHOLYUR"

ʄ&LWHDOJRTXHYRFrSDVVDUiDID]HUGHPDQHLUDGLIHUHQWH
FRPHoDQGRKRMHPHVPR



(QFHUUDQGRDGLVFXVVmR

(P XPD RX GXDV IUDVHV GHFODUH DTXLOR TXH YRFr UHDOL]RX
FRPUHODomRjVTXHVW}HVLQLFLDOPHQWHIRUPXODGDV6HDPHWDILQDO
GH VXD GLVFXVVmR p DSOLFDomR SUiWLFD FULH XP SODQR GH DomR TXH
LQFOXDTXHPRTXrHTXDQGR
 1RWDV


&DVR YRFr WHQKD OLGR D VHomR 6REUH HVWH OLYUR
SURYDYHOPHQWH SHUFHEHX TXH 0RUW H VXD *DQJXH GRV &LQFR VmR
FULDo}HVGDPLQKDLPDJLQDomR4XDOTXHUVHPHOKDQoDHQWUHHOHVH
DOJXpPTXHYRFrFRQKHoDpPHUDFRLQFLGrQFLD0RUWSRUH[HPSOR
IRLDPDQHLUDTXHHQFRQWUHLSDUDGHVFUHYHUDTXLORTXHDFRQWHFHQD
'LVQH\ DFUHVFHQWDQGR VHXV PHXV FRPHQWiULRV 1XQFD WUDEDOKHL
QD'LVQH\HPQHQKXPDSRVLomRRXFDUJR
&RPWUrVH[FHo}HV³0LFKDHO(LVQHU'LFN1XQLVH-XGVRQ
*UHHQ ³ WRGRV RV PHPEURV GR HOHQFR GD 'LVQH\ WDPEpP VmR
ILFWtFLRV 7RGRV RV IDWRV H DV VHWH OLo}HV VmR UHDLV PDV VmR
UHVXOWDGRV GH PLQKD YHUVmR GD UHDOLGDGH &DGD OLomR p IUXWR GH
PLQKDREVHUYDomRVREUHRPRGRFRPRD'LVQH\HRXWUDVHPSUHVDV
TXH WrP VHX IRFR YROWDGR SDUD RV FOLHQWHV GLULJHP VHXV QHJyFLRV
3HORTXHVHLSRUH[HPSORD'LVQH\QmRGLVWULEXLFDUW}HVRQGHVH
Or7RGDVDVS[VVRDVVmRLPSRUWDQW[VeDSHQDVRPHXPRGRGH
GHVFUHYHU D LPSRUWkQFLD TXH DWULEXHP D FDGD PHPEUR GR HOHQFR
EHPFRPRDLPSRUWkQFLDTXHYRFrGHYHULDDWULEXLUDFDGDPHPEUR
GHVXDHTXLSH
&RPR YRFr S{GH QRWDU D 'LVQH\ p XPD RUJDQL]DomR
IDVFLQDQWH SDUD VHU REVHUYDGD $TXHOHV TXH TXLVHUHP FRQKHFHU
PHOKRUDPDQHLUDFRPRD'LVQH\WUDWDOLGHUDQoDDGPLQLVWUDomRGH
SHVVRDO RX TXDOLGDGH GH VHUYLoRV SRGHP HQWUDU HP FRQWDWR FRP
'LVQH\ 8QLYHUVLW\ 6HPLQDUV 32 %R[  /DNH %XHQD 9LVWD
)/7HOHIRQH
 $JUDGHFLPHQWRV

e PXLWR FRPXP RV DXWRUHV GHGLFDUHP HVWD VHomR SDUD
GL]HU1mRWHULDFRQVHJXLGRID]HUHVWHOLYUR VHPDFRODERUDomRGH
YiULRVSURILVVLRQDLV
,VVRpVHPSUHYHUGDGH(VSHFLDOPHQWHQRFDVRGHVWHOLYUR
3ULPHLUR XP LPHQVR PXLWR REULJDGR DRV DWXDLV H DQWLJRV
PHPEURV GR HOHQFR TXH UHSDUWLUDP VHX WHPSR H PH SHUPLWLUDP
HQWUHYLVWiORV 6HXV FDUJRV HUDP YDULDGRV ³ LQFOXLQGR RV YLFH
SUHVLGHQWHVGHSDUTXHVHKRWpLVRHGLWRUGRMRUQDO(\HVDQG(DUV
QXPHURVRV SHUVRQDJHQV R PRWRULVWD GRV FDOKDPEHTXHV H RV HQ
FDUUHJDGRV GH DWHQGLPHQWR DR FOLHQWH 'HVWDFR SDUWLFXODUPHQWH
&RUH\ &ROLHQ 0LNH 7XUQHU .HLWK *RVVHWW .HUU\ 3ULFH 7HUUL
&RRNVH\ H $QL &RVWD 8P DJUDGHFLPHQWR HVSHFLDO D 'UHZ 7XUQHU
TXHHPERUDQmRVHMDPHPEURGRHOHQFRIRLGHLQHVWLPiYHODMXGD
QDUHDOL]DomRGHPLQKDSHVTXLVD
2 FUpGLWR SHODV )HUUDPHQWDV GR /tGHU YDL SDUD 'HE
:RXGHQEHUJ 'RXJ .HUIRRW 'DQ +RXVWRQ %LOO 6WLPHU H .ULVWL
+H\ERHU
$ HTXLSH GD %DUG 3UHVV IRL VREHUED 6HP HOHV RV OHLWRUHV
QmRWHULDPDSRVVLELOLGDGHGHXPGLDWHUHVWHOLYURHPPmRV5D\
%DUG 6FRWW %DUG 1DQF\ 7KRPDV H .DUHQ .REH IRUDP
H[FHSFLRQDLV HTXLSH GH HGLomR SURMHWR H SURGXomR IRUPDGD SRU
-HII0RUULV/HVOLH6WHSKHQ&DURO\Q%DQNV6X]DQQH3XVWHMRYVN\
'HERUDK &RVWHQEDGHU 'RUHHQ 3LDQR H 6KHUU\ 6SUDJXH IDFLOLWRX D
FRQFUHWL]DomRGDVLGpLDV
5REHUW %ODKD &OD\ &DUH\ &DU\Q &ROJDQ 6KHU\O +RUWRQ
6WDFH\ &URZOH\ -RKQ 0XUSK\ &KHULVH 3HUVRQ (G 3RSH 6DUD
6FKURHGHU .D\ 6FRWW $ODQ 6XOWDQ %XGG\ 7XQH H 0LNH 7XUQHU
UHVHUYDUDP XP WHPSR SUHFLRVR SDUD OHU R PDQXVFULWR H GDU
YDOLRVDV RSLQL}HV H VXJHVW}HV $OpP GLVVR REULJDGR D WDQWDV
SHVVRDV TXH RIHUHFHUDP IHHGEDFN VREUH GLYHUVDV FRPELQDo}HV GH
WtWXORVHVXEWtWXORV
0HXVWUrVVyFLRV.ULVWLQ$QGHUVRQ&KLS%HOOH5RQ=HPNH
WDPEpPOHUDPRPDQXVFULWR³QmRXPDYHUVmRPDVWUrVYHUV}HV
GLIHUHQWHV6HXVFRPHQWiULRVEDVWDQWHGLUHWRVHSHUVSLFD]HVIRUDP
QHFHVViULRV H EHP UHFHELGRV 1XQFD VHL FRPR HOHV FRQVHJXHP
WHPSR SDUD GDU WDQWR DSRLR FRP WXGR R TXH Mi WrP D ID]HU PDV
VHPSUH FRQVHJXHP H DPRRV SRU LVVR -LOO $SSOHJDWH H .DUHQ
5HYLOO WDPEpP FRQVHJXLUDP PDQWHU QyV TXDWUR QD GLUHomR FHUWD
2EULJDGRSRUVHX DSRLR FRQVWDQWH$JUDGHFHPRVWDPEpPDQRVVD
HTXLSH GH DSRLR FRPSOHPHQWDU 3HSS\ H .LSS\ FXMD SHUPDQHQWH
DWHQomRDFDGDGHWDOKHGHVWHSURMHWRIRLLQHVWLPiYHO
( TXHP ILFRX GH IRUD" 3DP SRU H[HPSOR PLQKD DGRUiYHO
HVSRVDTXHQmRVyVXSRUWRXRGHVSHUWDGRUWRGRVRVGLDVjVK
FRPRWDPEpPWUrVYLDJHQVFRQVHFXWLYDVDR,W
VD6PDOO:RUOGSDUD
FRQIHULU WRGRV RV GHWDOKHV ( PLQKD ILOKD $YLV TXH PH GHX VHX
IHHGEDFN VREUH YiULDV FRLVDV LPSRUWDQWHV $OpP GLVVR RV GRLV
ILOKRVGH3DP6FRWWH'RXJ


2EULJDGRDWRGRV




 7RP &RQQHOODQ p XP GRV PDLRUHV HVSHFLDOLVWDV QRUWH
DPHULFDQRV HP ILGHOLGDGH GH FOLHQWHV &RQKHFLGR SRU VHX HVWLOR
FDWLYDQWHHLQIRUPDWLYRFRPRHVFULWRUHFRQIHUHQFLVWDWHPDMXGDGR
FHQWHQDV GH HPSUHVDV D OLGDU FRP VLWXDo}HV GH PXGDQoD D
DXPHQWDU R GHVHPSHQKR GRV IXQFLRQiULRV H GDV SUySULDV
RUJDQL]Do}HVHDIRUWDOHFHUVHXVYtQFXORVFRPRVFOLHQWHV



(VWD REUD IRL GLJLWDOL]DGD H UHYLVDGD SHOR JUXSR 'LJLWDO 6RXUFHSDUDSURSRUFLRQDU
GHPDQHLUDWRWDOPHQWHJUDWXLWDREHQHItFLRGHVXDOHLWXUDjTXHOHVTXHQmRSRGHP
FRPSUiODRXjTXHOHVTXHQHFHVVLWDPGHPHLRVHOHWU{QLFRVSDUDOHU'HVVDIRUPDD
YHQGD GHVWH HERRN RX DWp PHVPR D VXD WURFD SRU TXDOTXHU FRQWUDSUHVWDomR p
WRWDOPHQWHFRQGHQiYHOHPTXDOTXHUFLUFXQVWkQFLD$JHQHURVLGDGHHDKXPLOGDGHp
DPDUFDGDGLVWULEXLomRSRUWDQWRGLVWULEXDHVWHOLYUROLYUHPHQWH
$SyV VXD OHLWXUD FRQVLGHUH VHULDPHQWH D SRVVLELOLGDGH GH DGTXLULU R RULJLQDO SRLV
DVVLPYRFrHVWDUiLQFHQWLYDQGRRDXWRUHDSXEOLFDomRGHQRYDVREUDV
6HTXLVHURXWURVWtWXORVQRVSURFXUH

KWWSJURXSVJRRJOHFRPJURXS9LFLDGRVBHPB/LYURV VHUi XP SUD]HU UHFHErOR
HPQRVVRJUXSR




KWWSJURXSVJRRJOHFRPJURXS9LFLDGRVBHPB/LYURV
KWWSJURXSVJRRJOHFRPJURXSGLJLWDOVRXUFH