1

(QWUHYLVWDHPSURIXQGLGDGH
-RUJH'XDUWH

(QWUHYLVWDpXPDGDVPDLVFRPXQVHSRGHURVDVPDQHLUDVTXHXWLOL]DPRVSDUDWHQWDUFRPSUHHQGHU
QRVVDFRQGLomRKXPDQDGL]HP)RQWDQD )UH\S(ODWRUQRXVHWpFQLFDFOiVVLFDGHREWHQomR
GH LQIRUPDo}HV QDV FLrQFLDV VRFLDLV FRP ODUJD DGRomR HP iUHDV FRPR VRFLRORJLD FRPXQLFDomR
DQWURSRORJLD DGPLQLVWUDomR HGXFDomR H SVLFRORJLD (PERUD DQWHV XWLOL]DGD HP MRUQDOLVPR HWQRJUDILD
SVLFRORJLD H SHVTXLVDV GH PHUFDGR H GH RSLQLmR VHX VXUJLPHQWR FRPR WHPD PHWRGROyJLFR SRGH VHU
LGHQWLILFDGR QD GpFDGD GH  QR kPELWR GDV SXEOLFDo}HV GH DVVLVWrQFLD VRFLDO DPHULFDQD UHFHEHQGR
JUDQGH FRQWULEXLomR QD GpFDGD GH  QRV HVWXGRV GH &DUL 5RJHUV VREUH SVLFRWHUDSLD RULHQWDGD SDUD R
SDFLHQWH 6&+(8&+  S$ SDUWLU GD 6HJXQGD *XHUUD 0XQGLDO DV HQWUHYLVWDV SDVVDP D
SRVVXLURULHQWDo}HVPHWRGROyJLFDVSUySULDV

(VWH WH[WR OLPLWDGR SHOR HVSDoR GLVSRQtYHO H REMHWLYR WUDWD GD HQWUHYLVWD LQGLYLGXDO HP
SURIXQGLGDGHWpFQLFDTXDOLWDWLYDTXHH[SORUDXPDVVXQWRDSDUWLUGDEXVFDGHLQIRUPDo}HVSHUFHSo}HVH
H[SHULrQFLDV GH LQIRUPDQWHV SDUD DQDOLViODV H DSUHVHQWiODV GH IRUPD HVWUXWXUDGD (QWUH DV SULQFLSDLV
TXDOLGDGHVGHVVDDERUGDJHPHVWiDIOH[LELOLGDGHGHSHUPLWLUDRLQIRUPDQWHGHILQLURVWHUPRVGDUHVSRVWDH
DRHQWUHYLVWDGRUDMXVWDUOLYUHPHQWHDVSHUJXQWDV(VWHWLSRGHHQWUHYLVWDSURFXUDLQWHQVLGDGHQDVUHVSRVWDV
QmRTXDQWLILFDomRRXUHSUHVHQWDomRHVWDWtVWLFD

$ HQWUHYLVWD HP SURIXQGLGDGH p XP UHFXUVR PHWRGROyJLFR TXH EXVFD FRP EDVH HP WHRULDV H
SUHVVXSRVWRVGHILQLGRVSHLRLQYHVWLJDGRUUHFROKHUUHVSRVWDVDSDUWLUGDH[SHULrQFLDVXEMHWLYDGHXPDIRQWH
VHOHFLRQDGDSRUGHWHULQIRUPDo}HVTXHVHGHVHMDFRQKHFHU'HVWDPDQHLUDFRPRQDDQiOLVHGH'HPR
SVREUHSHVTXLVDTXDOLWDWLYDRVGDGRVQmRVmRDSHQDVFROKLGRVPDVWDPEpPUHVXOWDGRGHLQWHUSUHWDomR
H UHFRQVWUXomR SHOR SHVTXLVDGRU HP GLiORJR LQWHOLJHQWH H FUtWLFR FRP D UHDOLGDGH 1HVVH SHUFXUVR GH
GHVFREHUWDV DV SHUJXQWDV SHUPLWHP H[SORUDU XP DVVXQWR RX DSURIXQGiOR GHVFUHYHU SURFHVVRV H IOX[RV
FRPSUHHQGHU RSDVVDGR DQDOLVDUGLVFXWLU H ID]HUSURVSHFWLYDV3RVVLELOLWDPDLQGD LGHQWLILFDUSUREOHPDV
PLFURLQWHUDo}HVSDGU}HVHGHWDOKHV REWHU MXt]RVGHYDORU H LQWHUSUHWDo}HVFDUDFWHUL]DUDULTXH]DGHXP
WHPDHH[SOLFDUIHQ{PHQRVGHDEUDQJrQFLDOLPLWDGD

2 XVR GH HQWUHYLVWDV SHUPLWH LGHQWLILFDU DV GLIHUHQWHV PDQHLUDV GH SHUFHEHU H GHVFUHYHU RV
IHQ{PHQRV $ HQWUHYLVWD HVWi SUHVHQWH HP SHVTXLVDV GH FRPXQLFDomR LQWHUQD &859(//2 
FRPSRUWDPHQWRRUJDQL]DFLRQDO6&+,5$72OHYDQWDPHQWRVKLVWyULFRVHELRJUiILFRV0$548(6
'(0(/2H'8$57(SURFHVVRVMRUQDOtVWLFRV3(5(,5$-5HHPYiULRVRXWURVWLSRVGH
HVWXGRXVDGDFRPREDVHRXFRQMXJDGDFRPGLIHUHQWHVWpFQLFDVFRPRREVHUYDomRGLVFXVVmRHPJUXSRH
DQiOLVHGRFXPHQWDO2HVWXGRGHUHFHSomRGHXPWHOHMRUQDOHQWUHWUDEDOKDGRUHVGH&DUORV(GXDUGR/LQVGD
6LOYDpFOiVVLFR QDDUWLFXODomRGHWpFQLFDV DOpPGHVHUGLGiWLFR QDGHVFULomRGRVSURFHGLPHQWRV
PHWRGROyJLFRVHPSUHJDGRV2XWURH[HPSORGRSRWHQFLDOGRXVRGHHQWUHYLVWDFRPRVXSRUWHSDUDYLJRURVDV
DQiOLVHVpGDGRSRU.RYDFKH5RVHQVWLHOSXEOLFDomRUHFHQWH PDV Mi IXQGDPHQWDOSDUDGLVFXWLU R
MRUQDOLVPR

$HQWUHYLVWDHPSURIXQGLGDGHQmRSHUPLWHWHVWDUKLSyWHVHVGDUWUDWDPHQWRHVWDWtVWLFRjVLQIRUPDo}HV
GHILQLUDDPSOLWXGHRXTXDQWLGDGHGHXPIHQ{PHQR1mRVHEXVFDSRUH[HPSORVDEHUTXDQWDVRXTXDOD
SURSRUomRGHSHVVRDVTXHLGHQWLILFDGHWHUPLQDGRDWULEXWRQDHPSUHVD$2EMHWLYDVHVDEHUFRPRHODp
SHUFHELGDSHORFRQMXQWRGHHQWUHYLVWDGRV6HXREMHWLYRHVWiUHODFLRQDGRDRIRUQHFLPHQWRGHHOHPHQWRVSDUD
FRPSUHHQVmRGHXPDVLWXDomRRXHVWUXWXUDGHXPSUREOHPD'HVWHPRGRFRPRQRVHVWXGRVTXDOLWDWLYRVHP
JHUDORREMHWLYRPXLWDVYH]HVHVWiPDLVUHODFLRQDGRjDSUHQGL]DJHPSRUPHLRGDLGHQWLILFDomRGDULTXH]D
H GLYHUVLGDGH SHOD LQWHJUDomR GDV LQIRUPDo}HV H VtQWHVH GDV GHVFREHUWDV GR TXH DR HVWDEHOHFLPHQWR GH
FRQFOXV}HV SUHFLVDV H GHILQLWLYDV 3RU LVVR D QRomR GH KLSyWHVH WtSLFD GD SHVTXLVD H[SHULPHQWDO H
WUDGLFLRQDO WHQGH DVHUVXEVWLWXtGDUHORXVRGHSUHVVXSRVWRVXPFRQMXQWRGH FRQMHWXUDVDQWHFLSDGDVTXH
RULHQWD R WUDEDOKR GH FDPSR (VWDEHOHFLGDV OLPLWDo}HV H FRQGLo}HV GH UHDOL]DomR D HQWUHYLVWD SRGH VHU
IHUUDPHQWD EDVWDQWH ~WLO SDUD OLGDU FRP SUREOHPDV FRPSOH[RV DR SHUPLWLU XPD FRQVWUXomR EDVHDGD HP
UHODWRVGDLQWHUSUHWDomRHH[SHULrQFLDVDVVXPLQGRVHTXHQmRVHUiREWLGDXPDYLVmRREMHWLYDGRWHPDGH
SHVTXLVD
 2
3RU PHLR GD HQWUHYLVWD HP SURIXQGLGDGH p SRVVtYHO SRU H[HPSOR HQWHQGHU FRPR SURGXWRV GH
FRPXQLFDomRHVWmRVHQGRSHUFHELGRVSRUIXQFLRQiULRVH[SOLFDUDSURGXomRGDQRWtFLDHPXPYHtFXORGH
FRPXQLFDomR LGHQWLILFDU PRWLYDo}HV SDUD XVR GH GHWHUPLQDGR VHUYLoR FRQKHFHU DV FRQGLo}HV SDUD XPD
DVVHVVRULD GH LPSUHQVD VHU FRQVLGHUDGD HILFLHQWH LGHQWLILFDU DV SULQFLSDLV IRQWHV GH LQIRUPDomR GH
MRUQDOLVWDVTXHFREUHPHFRQRPLD3HUPLWLULDVDEHURVPRWLYRVSHORVTXDLVGHWHUPLQDGDVIRQWHVMRUQDOtVWLFDV
VmRDVPDLVRXPHQRVXWLOL]DGDVFRPRVmRDFHVVDGDVGLILFXOGDGHVSUREOHPDVYDQWDJHQVGHVYDQWDJHQV
6DEHUFRPRHSRUTXHDVFRLVDVDFRQWHFHPpPXLWDVYH]HVPDLV~WLOGRTXHREWHUSUHFLVmRVREUHRTXHHVWi
RFRUUHQGR

$ HQWUHYLVWD HP SURIXQGLGDGH p XPD WpFQLFD GLQkPLFD H IOH[tYHO ~WLO SDUD DSUHHQVmR GH XPD
UHDOLGDGH WDQWR SDUD WUDWDU GH TXHVW}HV UHODFLRQDGDV DR tQWLPR GR HQWUHYLVWDGR FRPR SDUD GHVFULomR GH
SURFHVVRVFRPSOH[RVQRVTXDLVHVWiRXHVWHYHHQYROYLGReXPDSVHXGRFRQYHUVDUHDOL]DGDDSDUWLUGHXP
TXDGUR FRQFHLWXDO SUHYLDPHQWH FDUDFWHUL]DGR TXH JXDUGD VLPLODULGDGH PDV WDPEpP GLIHUHQoDV FRP D
HQWUHYLVWDMRUQDOtVWLFD6mRSUy[LPDVQRREMHWLYRGHEXVFDULQIRUPDo}HVSHVVRDLVHGLUHWDVSRUPHLRGHXPD
FRQYHUVDomR RULHQWDGD QR FXLGDGR ULJRU H REMHWLYR GH FRPSUHHQVmR VREUH HQWUHYLVWD MRUQDOtVWLFD YHU
0HGLQD  H 7DOHVH  H QD QRomR GH TXH Ki H[SOLFLWDPHQWH XP SDUWLFLSDQWH LQWHUHVVDGR HP
DSUHHQGHU R TXH R RXWUR WHP SDUD RIHUHFHU VREUH R DVVXQWR $ HQWUHYLVWD FRPR WpFQLFD GH SHVTXLVD
HQWUHWDQWR H[LJH HODERUDomR H H[SOLFLWDomR GH SURFHGLPHQWRV PHWRGROyJLFRV HVSHFtILFRV R PDUFR
FRQFHLWXDOQRTXDOVHRULJLQDRVFULWpULRVGHVHOHomRGDVIRQWHVRVDVSHFWRVGHUHDOL]DomRHRXVRDGHTXDGR
GDVLQIRUPDo}HVVmRHVVHQFLDLVSDUDGDUYDOLGDGHHHVWDEHOHFHUDVOLPLWDo}HVTXHRVUHVXOWDGRVSRVVXLUmR

1 7LSRVGHHQWUHYLVWD

$SDUWLUGDGLYLVmRSURSRVWDSRU6HOOWL]HWDODHQWUHYLVWDHPSURIXQGLGDGHpH[WUHPDPHQWH

~WLOSDUDHVWXGRVGRWLSRH[SORUDWyULRTXHWUDWDPGHFRQFHLWRVSHUFHSo}HVRXYLV}HVSDUDDPSOLDUFRQFHLWRV
VREUHDVLWXDomRDQDOLVDGD3RGHVHUHPSUHJDGDSDUDRWLSRGHVFULWLYRHPTXHRSHVTXLVDGRUEXVFDPDSHDU
XPDVLWXDomRRXFDPSRGHDQiOLVHGHVFUHYHUHIRFDUGHWHUPLQDGRFRQWH[WR1mRpDGHTXDGDHQWUHWDQWR
SDUDRVHVWXGRVGRWLSRFDXVDOTXHEXVFDPHVWDEHOHFHUFRUUHODo}HVGHFDXVDHHIHLWR

$V HQWUHYLVWDV HP SURIXQGLGDGH VmR JHUDOPHQWH LQGLYLGXDLV HPERUD VHMD SRVVtYHO SRU H[HPSOR
HQWUHYLVWDUGXDVIRQWHVHPFRQMXQWR$VHQWUHYLVWDVVmRFODVVLILFDGDVFRPJUDQGHYDULHGDGHGHWLSRORJLDV
JHUDOPHQWHFDUDFWHUL]DGDVFRPRDEHUWDVVHPLDEHUWDVHIHFKDGDVRULJLQiULDVUHVSHFWLYDPHQWHGHTXHVW}HV
QmRHVWUXWXUDGDVVHPLHVWUXWXUDGDVHHVWUXWXUDGDVYHMDSURSRVWDGHWLSRORJLDQRTXDGUR$VDEHUWDVHVHPL
DEHUWDV VmR GR WLSR HP SURIXQGLGDGH TXH VH FDUDFWHUL]DP SHOD IOH[LELOLGDGH H SRU H[SORUDU DR Pi[LPR
GHWHUPLQDGRWHPDH[LJLQGRGDIRQWHVXERUGLQDomRGLQkPLFDDRHQWUHYLVWDGR$GLIHUHQoDHQWUHDEHUWDVH
VHPLDEHUWDVpTXHDVSULPHLUDVVmRUHDOL]DGDVDSDUWLUGHXPWHPDFHQWUDOXPDHQWUHYLVWDVHPLWLQHUiULR
HQTXDQWRDVVHPLDEHUWDVSDUWHPGHXPURWHLUREDVH$XWRUHVFRPR$QGHU(JJSH6HOOWL]HWDO
 S LGHQWLILFDP XP WLSR HVSHFLDO GH HQWUHYLVWD HP SURIXQGLGDGH D FOtQLFD UHODFLRQDGD D
PRWLYDo}HV DWLWXGHV FUHQoDV HVSHFtILFDV GR UHVSRQGHQWH FRP EDVH HP VXD H[SHULrQFLD GH YLGD$SHVDU
GHVVDGLVWLQomRDHQWUHYLVWDFOtQLFDpGRWLSRDEHUWDDSHQDVFRPREMHWLYRUHODFLRQDGRjSHUVRQDOLGDGHHDRV
VHQWLPHQWRVGHXPD~QLFDSHVVRDEXVFDQGREHQHILFLiODLQGLYLGXDOPHQWH-iDHQWUHYLVWDIHFKDGDpXWLOL]DGD
SULQFLSDOPHQWH HP SHVTXLVDV TXDQWLWDWLYDV TXDQGR SRU H[HPSOR VH GHVHMD REWHU LQIRUPDo}HV
UHSUHVHQWDWLYDV GH XP FRQMXQWR GH XPD SRSXODomR *XEHU  DYDOLD TXH DV HQWUHYLVWDV IHFKDGDV
LPSOLFDP D SDUWLFLSDomR GR LQIRUPDQWH QRV WHUPRV GR SHVTXLVDGRU HQTXDQWR DV DEHUWDV SUHVVXS}HP D
SDUWLFLSDomR GR SHVTXLVDGRU QRV WHUPRV GR LQIRUPDQWH (P PXLWDV RFDVL}HV p SRVVtYHO UHXQLU HP XPD
PHVPDSHVTXLVDRXDWpQDPHVPDHQWUHYLVWDTXHVW}HVGHQDWXUH]DTXDOLWDWLYDHTXDQWLWDWLYD

0RGHORGHWLSRORJLDHPHQWUHYLVWD
 3
3HVTXLVD 4XHVW}HV (QWUHYLVWD 0RGHOR $ERUGDJHP 5HVSRVWDV
4XHVWmR
1mRHVWUXWXUDGDV $EHUWD
FHQWUDO
4XDOLWDWLYD (P3URIXQGLGDGH ,QGHWHUPLQDGDV
6HPLHVWUXWXUDGDV 6HPLDEHUWD 5RWHLUR

4XDQWLWDWLYD (VWUXWXUDGDV )HFKDGD 4XHVWLRQiULR /LQHDU 3UHYLVWDV

1.1 (QWUHYLVWDDEHUWD

e HVVHQFLDOPHQWH H[SORUDWyULD H IOH[tYHO QmR KDYHQGR VHTrQFLD SUHGHWHUPLQDGD GH TXHVW}HV RX
SDUkPHWURVGHUHVSRVWDV7HPFRPRSRQWRGHSDUWLGDXPWHPDRXTXHVWmRDPSODHIOXLOLYUHPHQWHVHQGR
DSURIXQGDGDHPGHWHUPLQDGRUXPRGHDFRUGRFRPDVSHFWRVVLJQLILFDWLYRVLGHQWLILFDGRVSHORHQWUHYLVWDGRU
HQTXDQWR RHQWUHYLVWDGRGHILQHDUHVSRVWDVHJXQGR VHXVSUySULRVWHUPRVXWLOL]DQGR FRPRUHIHUrQFLDVHX
FRQKHFLPHQWR SHUFHSomR OLQJXDJHP UHDOLGDGH H[SHULrQFLD 'HVWD PDQHLUD D UHVSRVWD D XPD TXHVWmR
RULJLQDDSHUJXQWDVHJXLQWHHXPDHQWUHYLVWDDMXGDDGLUHFLRQDUDVXEVHTHQWH$FDSDFLGDGHGHDSURIXQGDU
DV TXHVW}HV D SDUWLU GDV UHVSRVWDV WRUQD HVWH WLSR GH HQWUHYLVWD PXLWR ULFR HP GHVFREHUWDV 8PD GDV
GLILFXOGDGHV p TXH R SHVTXLVDGRU GHYH WHU DILDGD FDSDFLGDGH GH PDQWHU R IRFR H JDUDQWLU D IOXrQFLD H D
QDWXUDOLGDGH )OH[tYHO H SHUPLVVLYD H[LJH KDELOLGDGH SDUD QmR SHUGHUVH QR LUUHOHYDQWH RX WRUQiOD XPD
FRQYHUVD DJUDGiYHO PDV LPSURGXWLYD 0XLWDV YH]HV p UHDOL]DGD FRPR VRQGDJHP SDUD D HODERUDomR GH
URWHLURVVHPLHVWUXWXUDGRVRXTXHVWLRQiULRVHVWUXWXUDGRV

1.2 (QWUHYLVWDVHPLDEHUWD

0RGHORGHHQWUHYLVWDTXHWHPRULJHPHPXPDPDWUL]XPURWHLURGHTXHVW}HVJXLDTXHGmRFREHUWXUD
DRLQWHUHVVHGHSHVTXLVD(ODSDUWHGHFHUWRVTXHVWLRQDPHQWRVEiVLFRVDSRLDGRVHPWHRULDVHKLSyWHVHVTXH
LQWHUHVVDPjSHVTXLVDHTXHHPVHJXLGDRIHUHFHPDPSORFDPSRGHLQWHUURJDWLYDVIUXWRGHQRYDVKLSyWHVHV
TXHYmRVXUJLQGRjPHGLGDTXHVHUHFHEHPDVUHVSRVWDVGRLQIRUPDQWH75,9,126S

$OLVWDGHTXHVW}HVGHVVHPRGHORWHPRULJHPQRSUREOHPDGHSHVTXLVDHEXVFDWUDWDUGDDPSOLWXGH
GRWHPDDSUHVHQWDQGRFDGDSHUJXQWDGDIRUPDPDLVDEHUWDSRVVtYHO(ODFRQMXJDDIOH[LELOLGDGHGDTXHVWmR
QmRHVWUXWXUDGDFRPXPURWHLURGHFRQWUROH$VTXHVW}HVVXDRUGHPSURIXQGLGDGHIRUPDGHDSUHVHQWDomR
GHSHQGHPGRHQWUHYLVWDGRUPDVDSDUWLUGRFRQKHFLPHQWRHGLVSRVLomRGRHQWUHYLVWDGRGDTXDOLGDGHGDV
UHVSRVWDVGDVFLUFXQVWkQFLDVGDHQWUHYLVWD8PDHQWUHYLVWDVHPLDEHUWDJHUDOPHQWHWHPDOJRHQWUHTXDWURH
VHWHTXHVW}HVWUDWDGDVLQGLYLGXDOPHQWHFRPRSHUJXQWDVDEHUWDV2SHVTXLVDGRUID]DSULPHLUDSHUJXQWDH
H[SORUDDRPi[LPRFDGDUHVSRVWDDWpHVJRWDUDTXHVWmR6RPHQWHHQWmRSDVVDSDUDDVHJXQGDSHUJXQWD&DGD
TXHVWmRpDSURIXQGDGDDSDUWLUGDUHVSRVWDGRHQWUHYLVWDGRFRPRXPIXQLOQRTXDOSHUJXQWDVJHUDLVYmR
GDQGR RULJHP D HVSHFtILFDV 2 URWHLUR H[LJH SRXFDV TXHVW}HV PDV VXILFLHQWHPHQWH DPSODV SDUD VHUHP
GLVFXWLGDV HP SURIXQGLGDGH VHP TXH KDMD LQWHUIHUrQFLDV HQWUH HODV RX UHGXQGkQFLDV $ HQWUHYLVWD p
FRQGX]LGDHPJUDQGHPHGLGDSHORHQWUHYLVWDGRYDORUL]DQGRVHXFRQKHFLPHQWRPDVDMXVWDGDDRURWHLUR
GRSHVTXLVDGRU

$OLVWDGHTXHVW}HVFKDYHVSRGHVHUDGDSWDGDHDOWHUDGDQRGHFRUUHUGDVHQWUHYLVWDV8PDTXHVWmR
SRGHVHUGLYLGLGDHPGXDVHRXWUDVGXDVSRGHPVHUUHXQLGDVHPXPDVySRUH[HPSOR3RULVVRpQDWXUDOR
SHVTXLVDGRUFRPHoDUFRPXPURWHLURHWHUPLQDUFRPRXWURXPSRXFRGLIHUHQWH

9DPRVH[HPSOLILFDU6XSRQGRTXHXPSHVTXLVDGRUHQWUHYLVWDUiHGLWRUHVGHMRUQDLVRQOLQHFRPXPD
OLVWDGHVHLVTXHVW}HVFHQWUDLVVREUHDVFDUDFWHUtVWLFDVGHVWHWLSRGHYHtFXORFRPRpHVWUXWXUDGDDGLYLVmR
GHWUDEDOKR"FRPRVmRDVURWLQDVSURGXWLYDV"TXDLVRVFULWpULRVGHUHOHYkQFLDXWLOL]DGRVQDVHOHomR
GRVDFRQWHFLPHQWRV"FRPRpIHLWDDDYDOLDomRGRWUDEDOKR"TXDLVDVWUDQVIRUPDo}HVQDSURGXomR
GDQRWtFLDRQOLQHQRV~OWLPRVGRLVDQRV"TXHPXGDQoDVVmRSUHYLVWDV"1RSULPHLURLWHPRHQWUHYLVWDGRU
ID] D SHUJXQWD REWpP XPD UHVSRVWD H QmR SDVVD SDUD D SHUJXQWD GRLV PDV D DSURIXQGD HP EXVFD GH
H[HPSORVGHWDOKHVHVSHFLILFDo}HVID]HQGRWDOYH]PDLVGHXPDGH]HQDGHQRYDVSHUJXQWDVDQWHVGHSDVVDU
 4
SDUDDVHJXLQWH$VVLPDTXHVWmRSRGHLQFOXLUVDEHUVREUHDVIRQWHVGHLQIRUPDomRDFRQILDQoDQHVVDV
IRQWHV D DWXDomR GD HTXLSH QD EXVFD GH LQIRUPDomR D IDFLOLGDGH GH DFHVVR D YHORFLGDGH H[LJLGD QD
DSXUDomR &DGD TXHVWmR WRUQDVH FRPR TXH XP WHPD GH SHVTXLVD TXH H[LJH XP TXDGUR GH UHIHUrQFLD H
FRQKHFLPHQWRDQWHULRUTXHSHUPLWDDSURIXQGDURWySLFR

8PD YDQWDJHP GHVVH PRGHOR p SHUPLWLU FULDU XPD HVWUXWXUD SDUD FRPSDUDomR GH UHVSRVWDV H
DUWLFXODomR GH UHVXOWDGRV DX[LOLDQGR QD VLVWHPDWL]DomR GDV LQIRUPDo}HV IRUQHFLGDV SRU GLIHUHQWHV
LQIRUPDQWHV2URWHLURGHTXHVW}HVFKDYHVVHUYHHQWmRFRPREDVHSDUDDGHVFULomRHDQiOLVHHPFDWHJRULDV
FRPRVHYHUiDGLDQWH

$OWHUQDWLYD~WLOpID]HUGXUDQWHDSUHSDUDomRGRURWHLURJXLDXPDUHODomRFRPWySLFRVUHOHYDQWHV
UHODFLRQDGRVDFDGDTXHVWmR'HSRLV ±H DSHQDVGHSRLV±GHH[SORUDUFDGDSHUJXQWD RULJLQDODR Pi[LPR
MXQWR DR HQWUHYLVWDGR R SHVTXLVDGRU FRQIHUH D UHODomR SDUD VDEHU VH WRGRV RV WySLFRV SRVVtYHLV IRUDP
DERUGDGRV7DOHVWUDWpJLDPDQWpPDQDWXUDOLGDGHHDVYDQWDJHQVGDHQWUHYLVWDVHPLHVWUXWXUDGDHHYLWDTXH
DOJXPDTXHVWmRUHOHYDQWHQmRVHMDDERUGDGD3RGHVHUSDUWLFXODUPHQWH~WLOSDUDTXHGLIHUHQWHVSHVTXLVDGRUHV
UHWRUQHPFRPDPHVPDHVWUXWXUDGHUHVSRVWDV

1.3 (QWUHYLVWDIHFKDGD

eUHDOL]DGDDSDUWLUGHTXHVWLRQiULRVHVWUXWXUDGRVFRPSHUJXQWDVLJXDLVSDUDWRGRVRVHQWUHYLVWDGRV
GHPRGRTXHVHMDSRVVtYHOHVWDEHOHFHUXQLIRUPLGDGHHFRPSDUDomRHQWUHUHVSRVWDV$VSHVTXLVDVGHRSLQLmR
VmRH[HPSORWtSLFR([LJHPGLVWDQFLDPHQWRGRHQWUHYLVWDGRUTXHFXPSUHDIXQomRGHREWHUUHVSRVWDVSDUD
DVTXHVW}HVSURSRVWDVVHPGLVFXVVmRVREUHHODV2TXHVWLRQiULRHVWUXWXUDGRpSUiWLFRSDUDJUDQGHQ~PHUR
GHUHVSRQGHQWHVHSRGHVHUDXWRDSOLFiYHO&RPHOHpSRVVtYHO ID]HUDQiOLVHVUDSLGDPHQWHUHSOLFDU FRP
IDFLOLGDGH OLPLWDU DV SRVVLELOLGDGHV GH LQWHUSUHWDomR H GH HUUR GR HQWUHYLVWDGR H FRPSDUDU FRP RXWUDV
HQWUHYLVWDVVLPLODUHV(PERUDVXJLUDVLPSOLFLGDGHVXDHODERUDomRH[LJHSURIXQGRFRQKHFLPHQWRSUpYLRGR
DVVXQWR

2TXHVWLRQiULRHVWUXWXUDGRPXLWDVYH]HVpXWLOL]DGRSDUDGDUVXEVtGLRLQLFLDORXSDUDDSURIXQGDU
UHVXOWDGRVREWLGRVHPHQWUHYLVWDVHPSURIXQGLGDGH3RGHVHUHPSUHJDGRFRPRLWHPFRPSOHPHQWDUGHXPD
HQWUHYLVWD VHPLHVWUXWXUDGD SRU H[HPSOR EXVFDQGR WUDoDU R SHUILO GRV UHVSRQGHQWHV9HMD PDLV VREUH R
DVVXQWRQR&DStWXOR

2 9DOLGDGHHFRQILDELOLGDGH

1mRVHEXVFDJHQHUDOL]DURXSURYDUDOJRFRPHQWUHYLVWDVHPSURIXQGLGDGHPDVVHXFDUiWHUVXEMHWLYR
H[LJH DGHTXDGD IRUPXODomR GRV SURFHGLPHQWRV PHWRGROyJLFRV H FRQILDQoD QRV UHVXOWDGRV REWLGRV $
TXHVWmRpUHOHYDQWHSRLVQmREDVWDRXYLUIRQWHVHID]HUXPUHODWRSDUDFRQVLGHUDUUHDOL]DGDXPDSHVTXLVD
YiOLGDHFRQILiYHO

$V FRQGLo}HV GH YDOLGDGH GL]HP UHVSHLWR j FDSDFLGDGH GH RV LQVWUXPHQWRV H D XWLOL]DomR DGHTXDGD
IRUQHFHUHPRVUHVXOWDGRVTXHRSHVTXLVDGRUVHSURS{VREWHU2MXOJDPHQWRGDYDOLGDGHGHXPDLQYHVWLJDomR
FLHQWtILFD SRGH VHU REWLGR SHOD FRQVWUXomR PHWRGROyJLFD GR WUDEDOKR DR UHODFLRQDU IRUPXODomR WHyULFD
TXHVWmRGHSHVTXLVDSHUJXQWDVFULWpULRVGHVHOHomRGRVHQWUHYLVWDGRV±RXVHMDpLGHQWLILFDGDMiQRH[DPH
GR SURMHWR $ WULDQJXODomR GH GDGRV FRP R DFUpVFLPR GH IRQWHV GLYHUVLILFDGDV GH HYLGrQFLDV FRPR
GRFXPHQWRVREVHUYDomRHOLWHUDWXUDHVHXHQFDGHDPHQWRFRQVLVWHQWHQDHWDSDGHDQiOLVHDMXGDDJDUDQWLUD
YDOLGDGHGRVUHVXOWDGRVVXSRUWDGRVSRUHQWUHYLVWDVHPSURIXQGLGDGH

$FRQILDELOLGDGHGL]UHVSHLWRDRULJRUPHWRGROyJLFRTXHJDUDQWHTXHUHSHWLGRVRVSURFHGLPHQWRV
RV UHVXOWDGRV VHUmR RV PHVPRV ,VWR H[LJH WDQWR D FRQILUPDomR GDV LQIRUPDo}HV REWLGDV QD SHVTXLVD GH
FDPSRTXDQWRDDUWLFXODomRDGHTXDGDGHVWDVLQIRUPDo}HVQDGHVFULomRDFRHUrQFLDGDDQiOLVHFRPRTXDGUR
GHUHIOH[mRSURSRVWRHFRQFOXV}HVFRQVLVWHQWHVFRPRVSDVVRVDQWHULRUHV$REWHQomRGHFRQILDELOLGDGHp
EDVHDGD QD GHVFULomR SRUPHQRUL]DGD GRV SURFHGLPHQWRV GH RSHUDFLRQDOL]DomR GDV HQWUHYLVWDV H XVR
IXQGDPHQWDGRHFRQVLVWHQWHGDVUHVSRVWDVREWLGDV9DOLGDGHHFRQILDELOLGDGHQRXVRGDWpFQLFDGHHQWUHYLVWDV
 5
HPSURIXQGLGDGHGL]HPUHVSHLWRSDUWLFXODUPHQWHDWUrVTXHVW}HV

1. VHOHomRGHLQIRUPDQWHVFDSD]HVGHUHVSRQGHUjTXHVWmRGHSHVTXLVD
2. XVRGHSURFHGLPHQWRVTXHJDUDQWDPDREWHQomRGHUHVSRVWDVFRQILiYHLV
3. GHVFULomR GRV UHVXOWDGRV TXH DUWLFXOH FRQVLVWHQWHPHQWH DV LQIRUPDo}HV REWLGDV FRP R
FRQKHFLPHQWRWHyULFRGLVSRQtYHO

3 6HOHo}HVGRVLQIRUPDQWHV

8PDERDSHVTXLVDH[LJHIRQWHVTXHVHMDPFDSD]HVGHDMXGDUDUHVSRQGHUVREUHRSUREOHPDSURSRVWR
(ODVGHYHUmRWHUHQYROYLPHQWRFRPRDVVXQWRGLVSRQLELOLGDGHHGLVSRVLomRHPIDODU

1RV HVWXGRV TXDOLWDWLYRV VmR SUHIHUtYHLV SRXFDV IRQWHV PDV GH TXDOLGDGH D PXLWDV VHP UHOHYR
'HVVHPRGRHQROLPLWHXPD~QLFDHQWUHYLVWDSRGHVHUPDLVDGHTXDGDSDUDHVFODUHFHUGHWHUPLQDGDTXHVWmR
GRTXHXPFHQVRQDFLRQDO3RULVVRpLPSRUWDQWHFRQVLGHUDUTXHXPDSHVVRDVRPHQWHGHYHVHUHQWUHYLVWDGD
VHUHDOPHQWHSRGHFRQWULEXLUSDUDDMXGDUDUHVSRQGHUjTXHVWmRGHSHVTXLVD

$ DPRVWUD HP HQWUHYLVWDV HP SURIXQGLGDGH QmR WHP VHX VLJQLILFDGR PDLV XVXDO R GH
UHSUHVHQWDWLYLGDGHHVWDWtVWLFDGHGHWHUPLQDGRXQLYHUVR(VWiPDLVOLJDGDjVLJQLILFDomRHjFDSDFLGDGHTXH
DVIRQWHVWrPGHGDULQIRUPDo}HVFRQILiYHLVHUHOHYDQWHVVREUHRWHPDGHSHVTXLVD%RDSDUWHGDYDOLGDGH
GDSHVTXLVDHVWiDVVRFLDGDjVHOHomReSRVVtYHOHQWUHYLVWDQGRSHTXHQRQ~PHURGHSHVVRDVDGHTXDGDPHQWH
VHOHFLRQDGDVID]HUXPUHODWREDVWDQWHFRQVLVWHQWHVREUHXPWHPDEHPGHILQLGR5HOHYDQWHQHVWHFDVRp
TXHDVIRQWHVVHMDPFRQVLGHUDGDVQmRDSHQDVYiOLGDVPDVWDPEpPVXILFLHQWHVSDUDUHVSRQGHUjTXHVWmRGH
SHVTXLVD R TXH WRUQD QRUPDLV GXUDQWH D SHVTXLVD GH FDPSR QRYDV LQGLFDo}HV GH SHVVRDV TXH SRVVDP
FRQWULEXLUFRPRWUDEDOKRHSRUWDQWRVHUDFUHVFHQWDGDVjOLVWDGHHQWUHYLVWDGRV

e LPSRUWDQWH REWHU LQIRUPDo}HVTXHSRVVDPGDU YLV}HVHUHODWRVGLYHUVLILFDGRVVREUH RVPHVPRV

IDWRV3HVVRDVHPSDSpLVVRFLDLVGLIHUHQWHVUHFpPFKHJDGDVRXTXHWHQKDPGHL[DGRDIXQomRUHFHQWHPHQWH
SRGHPGDUSHUVSHFWLYDVHLQIRUPDo}HVEDVWDQWH~WHLV$UHOHYkQFLDGDIRQWHHVWiUHODFLRQDGDFRPDFRQWUL-
EXLomRTXHSRGHGDUSDUDDWLQJLURVREMHWLYRVGHSHVTXLVD3RUH[HPSORQHPVHPSUHRFDUJRGHWHUPLQDD
TXDOLGDGHGDIRQWH1mRpLQFRPXPXPSHVTXLVDGRUVHHQWXVLDVPDUFRPDSRVVLELOLGDGHGHHQWUHYLVWDUXPD
DXWRULGDGHRXGLULJHQWHHREWHUFRPRUHVXOWDGROXJDUHVFRPXQVHDILUPDo}HVLUUHOHYDQWHV'HSHQGHQGRGR
REMHWLYR GR WUDEDOKR SRGHVH REWHU PHOKRU UHVXOWDGR HQWUHYLVWDQGR XP IXQFLRQiULR GR TXH R JHUHQWH R
UHSyUWHUGRTXHRHGLWRUFKHIHDVSHVVRDVTXHFRQKHFHPXPSHUVRQDJHPGRTXHRSUySULRSHUVRQDJHP$R
PHVPRWHPSRSHVVRDVTXHWHQKDPSDUWLFLSDomRPHQRUSRGHPFRQWUDGL]HUDSUHVHQWDUSHUVSHFWLYDLQXVLWDGD
DXPHQWDUDFRQILDQoDRXHVFODUHFHUPDLVGHWDOKDGDPHQWHDVSHFWRVUHOHYDQWHV'HVWHPRGRDFRUUHWDVHOHomR
GDVIRQWHVSDUDHQWUHYLVWDV HPSURIXQGLGDGHH D LQWHUSUHWDomRSRQGHUDGDGDVUHVSRVWDVSHUPLWH OLPLWDU D
LQIOXrQFLD GDV IRQWHV SROLWLFDPHQWH PDLV UHOHYDQWHV ,VVR RFRUUH SRUTXH GHVFULo}HV H DQiOLVHV PDLV
FRQVLVWHQWHVHLPSDUFLDLVVmRIUHTXHQWHPHQWHREWLGDVSRUWpFQLFRVHSHVVRDVHQYROYLGDVQRSURFHVVRVHP
LQWHUHVVHVRXWURVTXHQmRRGHFRODERUDUFRPRHQWUHYLVWDGRU$GHVFULomRGRVDFKDGRVpDVVLPGHILQLGD
SHODVLQIRUPDo}HVREWLGDVHQmRSHORSRGHUSROtWLFRGDIRQWH

$ VHOHomR GRV HQWUHYLVWDGRV HP HVWXGRV TXDOLWDWLYRV WHQGH D VHU QmR SUREDELOtVWLFD RX VHMD VXD
GHILQLomRGHSHQGHGRMXOJDPHQWRGRSHVTXLVDGRUHQmRGHVRUWHLRDSDUWLUGRXQLYHUVRTXHJDUDQWHLJXDO
FKDQFHD WRGRVFDUDFWHUtVWLFDGDVDPRVWUDVSUREDELOtVWLFDV ([LVWHPGRLVWLSRVEiVLFRVGHDPRVWUDV QmR
SUREDELOtVWLFDVSDUDXVRHPHQWUHYLVWDVTXDOLWDWLYDVSRUFRQYHQLrQFLDRXLQWHQFLRQDO

$VHOHomRSRUFRQYHQLrQFLDWDPEpPFKDPDGDDFLGHQWDOpEDVHDGDQDYLDELOLGDGH2FRUUHTXDQGR

DVIRQWHVVmRVHOHFLRQDGDVSRUSUR[LPLGDGHRXGLVSRQLELOLGDGH3RUH[HPSORHVFROKHPRVDOJXQVDOXQRVGH
MRUQDOLVPRGLVSRQtYHLVQRLQWHUYDORHQWUHDVDXODVSDUDVDEHUVREUHDSHUFHSomRGDTXHOHJUXSRHVWXGDQWHV
GHMRUQDOLVPRGDLQVWLWXLomRDUHVSHLWRGDTXDOLGDGHGRMRUQDOODERUDWyULR
$VHOHomRpLQWHQFLRQDOTXDQGRRSHVTXLVDGRUID]DVHOHomRSRUMXt]RSDUWLFXODUFRPRFRQKHFLPHQWR
GR WHPD RX UHSUHVHQWDWLYLGDGH VXEMHWLYD 1HVWH FDVR HOH SRGH VHOHFLRQDU FRQKHFHGRUHV HVSHFtILFRV GR
DVVXQWRFRPRHGLWRUHUHSyUWHUHVGRMRUQDOODERUDWyULRSRUH[HPSORSDUDWUDWDUGDSURGXomRRXXPDOXQR
 6
HXPDDOXQDGHFDGDVHPHVWUHOHLWRUHVGRMRUQDOSDUDID]HUXPDDYDOLDomRGRSURGXWRILQDO

4XLY\H&DPSHQKRXGWSSURS}HPWUrVFDWHJRULDVEDVWDQWHDEUDQJHQWHVGHLQWHUORFXWRUHV

HPHQWUHYLVWDVDGRFHQWHVLQYHVWLJDGRUHVHVSHFLDOL]DGRVHSHULWRVEWHVWHPXQKDVSULYLOHJLDGDVHFR
S~EOLFRDTXHRHVWXGRGL]UHVSHLWR&RPEDVHQHVVDFODVVLILFDomRHQDH[SHULrQFLDGHFDPSRHVWDEHOHFHPRV
FLQFRWLSRVGHLQIRUPDQWHVSDUDHQWUHYLVWDVHPSURIXQGLGDGH$FODVVLILFDomRHPFDGDFDVRVHUiVHPSUH
GDGDSHORSHVTXLVDGRUDSDUWLUGHFULWpULRVVXEMHWLYRVUHODFLRQDGRVDRREMHWLYRGDSHVTXLVD

a) HVSHFLDOLVWDJHUDOPHQWHSHVTXLVDGRUDFDGrPLFRRXSHVVRDGHJUDQGHH[SHULrQFLDFRQKHFLPHQWRQR
DVVXQWRPDVQmRGLUHWDPHQWHHQYROYLGDFRPRSUREOHPDGHSHVTXLVD
b) LQIRUPDQWHFKDYH IRQWHV GH LQIRUPDomR FRQVLGHUDGDV IXQGDPHQWDLV SRU HVWDUHP SURIXQGD H
GLUHWDPHQWH HQYROYLGDV FRP RV DVSHFWRV FHQWUDLV GD TXHVWmR R TXH ID] FRP TXH QmR VHUHP
HQWUHYLVWDGDVSRVVDVLJQLILFDUJUDQGHSHUGD(PXPDSHVTXLVDTXDOLWDWLYDVREUHFRPXQLFDomRLQWHU-
QD R FKHIH GR VHWRU GH UHFXUVRV KXPDQRV R SUHVLGHQWH GR VLQGLFDWR R JHUHQWH GH FRPXQLFDomR
SRGHULDPVHULQFOXtGRVQHVWDFDWHJRULD
c) LQIRUPDQWHSDGUmRIRQWHHQYROYLGDFRPRWHPDGHSHVTXLVDPDVTXHSRGHVHUVXEVWLWXtGDSRURXWUD
VHPTXHVHHVSHUHSUHMXt]RQDTXDOLGDGHGDVLQIRUPDo}HVREWLGDV
d) LQIRUPDQWHFRPSOHPHQWDUIRQWHVGHRSRUWXQLGDGHVXUJLGDVQRGHFRUUHUGDSHVTXLVD0XLWDVYH]HV
QmRpFLWDGRFRPRIRQWHQRUHODWyULRSRUQmRVHMXOJDUTXHWHQKDKDYLGRHQWUHYLVWDQDIRUPDSUHYLVWD
QRV SURFHGLPHQWRV PHWRGROyJLFRV $SHVDU GD SDUWLFLSDomR VHFXQGiULD SRGH FRQWULEXLU FRP
LQIRUPDo}HVFLUFXQVWDQFLDLVGLFDVRXGHWDOKHVSDUDFRQILUPDomRGHDVSHFWRVHVSHFtILFRVGDTXHVWmR
GHSHVTXLVD
e) LQIRUPDQWHH[WUHPLVWD DTXHOH FXMD SHUFHSomR FRQWUDULD DV SULQFLSDLV IRQWHV SRU PRWLYRV
LGHROyJLFRVSROtWLFRVSHVVRDLVRXSRUSRVVXLUYLVmRPXLWRSDUWLFXODUGRWHPD0HVPRTXHRIHUHoD
LQWHUSUHWDomRWHQGHQFLRVDSRGHIRUQHFHULQVLJKWVLQIRUPDo}HVHYLVmRFUtWLFDEDVWDQWHLPSRUWDQWH
SDUDFRPSRVLomRGRTXDGURGHSHVTXLVD

4 $WRGDHQWUHYLVWD

6FKHXFKFLWDWUrVPRGHORVGHHQWUHYLVWDRIUDFRHVWLORSHUPLVVLYRHPTXHRHQWUHYLVWDGRUp

UHFHSWiFXORSDVVLYRGDVLQIRUPDo}HVRIHUHFLGDVSHODIRQWH(OHVHULDFRPSDWtYHOFRPDVHQWUHYLVWDVLQHUHQWHV
jSVLTXLDWULDSRUH[HPSOR1RRXWURH[WUHPRRPRGHORGHHQWUHYLVWDIRUWHHPTXHH[LVWHSRVLomRDJUHVVLYD
RXDXWRULWiULDPHVPRVXEMDFHQWH QDSHUVSHFWLYDGHTXHRHQWUHYLVWDGRHVWiSURSHQVRDGDU LQIRUPDo}HV
IDOVDV RX TXHVWLRQiYHLV (OH SRGH VHU HQFRQWUDGR HP HQWUHYLVWDV GR WLSR LQWHUURJDWyULR H HP DOJXPDV
MRUQDOtVWLFDV 2 PRGHOR QHXWUR ID] GR HQWUHYLVWDGRU XP WUDQVPLVVRU GH HVWtPXORV SRVLWLYRV EXVFDQGR
LPSHVVRDOLGDGHHHTXLOtEULRQDUHODomReRPDLVDSUR[LPDGRGRGHVHMiYHOQDVHQWUHYLVWDVHPFRPXQLFDomR
HRTXHEXVFDPRVWUDWDUQHVWHWH[WR,VWRQmRLPSHGHTXHKDMDWUDQVLomRGHXPPRGHORSDUDRXWURDRORQJR
GDFRQYHUVDomRQRWDGDPHQWHGRPRGHORIUDFREDVWDQWH~WLOSRUH[HPSORQRLQtFLRGHHQWUHYLVWDVSDUDR
QHXWUR

.DQGHO  S OHPEUD TXH D HQWUHYLVWD HP SHVTXLVD QmR p VLPSOHVPHQWH XP WUDEDOKR GH
FROHWD GH LQIRUPDo}HV PDV VHPSUH XPD VLWXDomR GH LQWHUDomR RX PHVPR GH LQIOXrQFLD HQWUH GRLV
LQGLYtGXRVHTXHDVLQIRUPDo}HVGDGDVSHORVXMHLWRRPDWHULDOTXHHOHIRUQHFHSRGHPVHUSURIXQGDPHQWH
DIHWDGDVSHODQDWXUH]DGHVXDVUHODo}HVFRPRHQWUHYLVWDGRU

$VVLPWHPRVGLVWRUo}HVSURGX]LGDVSHORSHVTXLVDGRUSHORFRQWH[WRHSHOD IRQWHHPLQLPL]DU RV

ULVFRVpWDUHIDH[FOXVLYDGRSULPHLUR$DUWHGDHQWUHYLVWDHP~OWLPDLQVWkQFLDFRQVLVWHHPREWHUUHVSRVWDV
YiOLGDVGL]$QGHU(JJOS

$ VHJXLU VLQWHWL]DPRV RULHQWDo}HV EiVLFDV UHIHULGDV QD OLWHUDWXUD HVSHFLDOL]DGD H D SDUWLU GD
H[SHULrQFLDGHUHDOL]DUHRULHQWDUSHVTXLVDVFRPRXVRGDWpFQLFDGHHQWUHYLVWD

4.1 $QWHV
 7
x R SHVTXLVDGRU SRGH VH VXUSUHHQGHU FRPR HQWUHYLVWDV HP SURIXQGLGDGH GHVSHUWDP LQWHUHVVH$V
SHVVRDV UDUDPHQWH WrP RSRUWXQLGDGH GH IDODU DEHUWDPHQWH H GH PDQHLUD VLVWHPDWL]DGD VREUH VXDV
H[SHULrQFLDVRSLQL}HVHSHUFHSo}HVHWHQGHPDVHUFRRSHUDWLYDVFRPHQWUHYLVWDGRUHVLQIRUPDGRVH
SHUVSLFD]HV VH SHUFHEHP TXH DV SHUJXQWDV VmR EHP IXQGDPHQWDGDV GHVDILDGRUDV LQWHOLJHQWHV H
RIHUHFHPDSRVVLELOLGDGHGHUHIOHWLUVREUHRDVVXQWR-iIRQWHVGRWLSRHVSHFLDOLVWDVSRGHPQmRJRVWDU
GH UHVSRQGHU D TXHVW}HV yEYLDV LUUHOHYDQWHV WUDWDGDV QD OLWHUDWXUD RX HP RXWUDV HQWUHYLVWDV (P
DPERV RV FDVRV p IXQGDPHQWDO OHU FRP DQWHFHGrQFLD WRGR PDWHULDO GLVSRQtYHO SUHSDUDQGRVH DR
Pi[LPRSDUDFDGDHQWUHYLVWDMiTXHXPDHQWUHYLVWDPDOVXFHGLGDGLILFLOPHQWHSRGHVHUUHIHLWD
x RLQIRUPDQWHGHYHVHUHVWLPXODGRDHVFROKHURORFDOHRKRUiULReVHPSUHSRVVtYHOQHJRFLDUPDVp
IXQGDPHQWDODWHQGHUjVFRQGLo}HVGRHQWUHYLVWDGR
x RDPELHQWHGHWUDEDOKRGRLQIRUPDQWHSRGHVHUDGHTXDGRVHDMXGiORDVHVHQWLUFRQIRUWiYHOPDV
QmRGHYHKDYHURXYLQWHVHLQWHUUXSo}HV
x SURFXUHVDEHUDQWHVGHLQLFLDUSHVTXLVDTXHGHSHQGDHPGHPDVLDGHSRXFRVLQIRUPDQWHVVHHVWDUmR
GLVSRVWRVHHPFRQGLo}HVGHFRODERUDU
x SODQHMHDVHTrQFLDGDVHQWUHYLVWDVH[DPLQHGHWLGDPHQWHRURWHLURGHSHUJXQWDVIDoDXPDSODQLOKD
FRPQRPHVGDWDVORFDLVHKRUiULRVGDVHQWUHYLVWDV
x VHH[LVWLUH IRU YLiYHOHVFROKDXPD IRQWHFRQKHFLGDSDUDUHDOL]DU DSULPHLUDHQWUHYLVWD(ODSRGH
DMXGDUDWHVWDURURWHLURHDSHUIHLoRDUDFRQGXomRGDHQWUHYLVWD
x VHKiJDUDQWLDGHTXHSHUPDQHFHUmRDFHVVtYHLVRVLQIRUPDQWHVSULQFLSDLVSRGHPVHUGHL[DGRVPDLV
DRILQDOTXDQGRRYROXPHGHLQIRUPDomRGLVSRQtYHOSHUPLWHDSURIXQGDUTXHVW}HVPDLVFRPSOH[DV
x pXPULVFRVHPSUHSUHVHQWHRSHVTXLVDGRULQIOXHQFLDURHQWUHYLVWDGRLQYROXQWDULDPHQWHSURYRFDQGR
GLVWRUo}HVQDVUHVSRVWDV$LQVWLWXLomRDTXHHVWiOLJDGRDIRUPDGHYHVWLURWLSRGHDERUGDJHPD
SHUVRQDOLGDGH D OLQJXDJHP D GLIHUHQoD GH UHDOLGDGHV FXOWXUDLV R WHPD GR TXHVWLRQiULR SRGHP
LQGX]LURHQWUHYLVWDGRDWHQWDUUHVSRQGHUGHIRUPDGLIHUHQWHGRTXHSHQVDRXGRTXHIDULDHPRXWUD
RFDVLmReIXQGDPHQWDOLGHQWLILFDUHPLQLPL]DUIDWRUHVTXHSRVVDPFDXVDUGLVWRUo}HVQDVUHVSRVWDV

4.2 ,QtFLR

x FRPHFHDHQWUHYLVWDSHUJXQWDQGRVREUHRVGDGRVEiVLFRVGRHQWUHYLVWDGRVHQmRSRVVXtORVQRPH
IXQomR WHPSR GH H[SHULrQFLD LGDGH IRUPDomR GHVFULomR GDV DWLYLGDGHV RX GR SDSHO TXH
GHVHPSHQKD 6mR LQIRUPDo}HV ~WHLV SDUD FRQWH[WXDOL]DU DV LQIRUPDo}HV H SDUD UHODFLRQDU RV
HQWUHYLVWDGRVQRUHODWyULR
x EXVTXHRHVWDEHOHFLPHQWRGHXPDPELHQWHGHQDWXUDOLGDGHFRQILDQoDP~WXDHLQWHUHVVHRFKDPDGR
UDSSRUW
x IDoDXPDDSUHVHQWDomRLQIRUPDOHFXUWDVREUHVHXWUDEDOKRHREMHWLYR,QIRUPHRWHPSRTXHGHYHUi
GXUDUHVHVHUiJUDYDGD
x D SULPHLUD SHUJXQWD PHVPR HP XP URWHLUR VHPLHVWUXWXUDGR FRVWXPD VHU D PDLV DEUDQJHQWH
LQGLFDQGRRWHPDJHUDO

4.3 3HUJXQWDV

x GHL[HRLQIRUPDQWHjYRQWDGH(OHGHYHVHUHVWLPXODGRDID]HURUHODWRGHFRPRSHUFHEHRDVVXQWR
D IDODU IUDQFD H OLYUHPHQWH 6HMD FRUGLDO PRGHVWR SRVLWLYR EXVTXH HPSDWLD WHQKD H GHPRQVWUH
LQWHUHVVHSHORTXHHOHVDEHHSHQVD(VWLPXOHDH[SUHVVmRHVHMDSHUPLVVLYRGHVGHTXHLVWRIDFLOLWHD
REWHQomR GH LQIRUPDo}HV $VVXPD R SDSHO GH RXYLQWH FXULRVR H R HVWLPXOH D DERUGDU FRP
QDWXUDOLGDGHFDGDTXHVWmR
x UHVSHLWHRHQWUHYLVWDGRHGHVSHUWHVXDFRQILDQoDPHVPRTXHQmRFRQFRUGHFRPHOH1mRWHQWHVHU
DVWXWR QHP FRQYHQFHU LQGX]LU RULHQWDU RX VXJHULU TXH HVWi HUUDGR 2 HQWUHYLVWDGRU GHYH REWHU
LQIRUPDo}HV H QmR GLVFXWLU FRQVFLHQWL]DU RX HVFODUHFHU R HQWUHYLVWDGR 2 LGHDO p TXH R
HQWUHYLVWDGRSHUFHEDVHXLQWHUHVVHQmRVXDRSLQLmR
x R HQWUHYLVWDGRU SRGH DSUHVHQWDU TXHVWLRQDPHQWRV H YLV}HV GLVWLQWDV FRPR PRGR GH HVWLPXODU D
UHIOH[mRGHWDOKDPHQWRRXH[SORUDUDVFRQWUDGLo}HVGRSUySULRHQWUHYLVWDGR3DUDLVVRIUDVHVFRPR
+i SHVVRDV TXH DILUPDP TXH  R TXH YRFr DFKD" GmR RSRUWXQLGDGH GH H[SRU H GLVFXWLU R
 8
FRQWUDGLWyULRVHPFRQIURQWiOR
x OHPEUHVHGHTXHQHPVHPSUHRHQWUHYLVWDGRVDEHUHVSRQGHUGHPDQHLUDSUHFLVD0XLWDVYH]HVWHP
TXH ID]HU XPD DYDOLDomR SHQVD SHOD SULPHLUD YH] QR DVVXQWR 'r R WHPSR QHFHVViULR H DMXGH D
UHIOHWLU
x SHUVRQDOL]HDVSHUJXQWDV&DGDHQWUHYLVWDGRp~QLFRHH[LJHFRPSUHHQVmRSDFLrQFLDHIOH[LELOLGDGH
x H[SOLTXHHSHUJXQWHVREUHFRQFHLWRVHYRFiEXORVFDVRSRVVDKDYHUG~YLGD0XLWDVYH]HVDVSDODYUDV
XWLOL]DGDVSHORHQWUHYLVWDGRSRVVXHPVLJQLILFDGRGLIHUHQWHSDUDRLQIRUPDQWHJHUDQGRLQWHUSUHWDo}HV
HTXLYRFDGDV
x VH R HQWUHYLVWDGR IXJLU GR DVVXQWR RX GLYDJDU SURFXUH ID]HU FRP TXH YROWH DR WHPD9RFr SRGH
LQWHUURPSrORVXWLOPHQWHFRPXPDQRYDSHUJXQWDTXDQGRDRSRUWXQLGDGHVXUJLU
x IDoDDSHQDVXPDSHUJXQWDGHFDGDYH]HHYLWHDVORQJDVRXFRPSOH[DVTXHSRVVDPFRQIXQGLU
x RIDWRGHRHQWUHYLVWDGRQmRVDEHUUHVSRQGHUMipXPDUHVSRVWD7DPEpPGHL[HFODURDRLQIRUPDQWH
TXH QmR Ki SUREOHPD VH QmR VRXEHU DOJR ID]HQGR SHUJXQWDV TXH QmR H[LMDP DILUPDomR GH
FRQKHFLPHQWR(PYH]GHSHUJXQWDUTXDODDYDOLDomRVREUHDHVWUDWpJLDGHFRPXQLFDomRGDHPSUHVD
SHUJXQWH SULPHLUR VH DOJXPD YH] IRL LQIRUPDGR GHOD 2X VHMD QmR GHYH ILFDU VXEWHQGLGR TXH R
HQWUHYLVWDGRSRVVDVHUUHVSRQViYHOSRUQmRVDEHUDOJR
x QmR WHQKD SUHVVD 6LJD R WHPSR GD IRQWH 6LOrQFLRV H SDXVDV SRGHP VHU SURYHLWRVRV SDUD R
HQWUHYLVWDGR UHIOHWLU RX UHFRUGDU HYLWH SHUJXQWDV LQGXWRUDV GH UHVSRVWD DPEtJXDV RX TXH JHUHP
UHVSRVWDV GR WLSR VLPQmR 8WLOL]H j IDUWD SHUJXQWDV FRPR 3RU TXH RFRUUH"´ &RPR YRFr
SHUFHEH"´eSRVVtYHOGHWDOKDU"´9RFrWHPXPH[HPSOR"´³1mRVHLVHHQWHQGLGLUHLWR2
TXHYRFrTXHUGL]HUTXDQGRIDODTXH´&RPRDVVLP"´9RFrSRGHULDGHWDOKDU´,VVRpPXLWR
LQWHUHVVDQWH&RPRRFRUUH"´,VWRDFRQWHFHVHPSUH"´
x QmR DSURIXQGH TXHVW}HV TXH YRFr SHUFHEH TXH R HQWUHYLVWDGR QmR GRPLQD ILFD FRQVWUDQJLGR RX
LQFRPRGDGR7DOYH]VHMDSRVVtYHOWUDWDUGRDVVXQWRGHRXWURMHLWRPDLVDRILQDOGDHQWUHYLVWD
x VH WLYHU G~YLGDV VH IRL VXILFLHQWHPHQWH FRPSUHHQGLGR UHSLWD D SHUJXQWD HP RXWURV WHUPRV 'R
PHVPR PRGR VH D UHVSRVWD QmR IRU HYLGHQWH SHoD HVFODUHFLPHQWRV 0XLWDV YH]HV DV SHVVRDV
UHVSRQGHPFRPFRQYLFomRVREUH DVVXQWRVTXH QmR FRQKHFHP RX RIHUHFHPUHVSRVWDVVRFLDOPHQWH
GHVHMiYHLV8PDGDVYDQWDJHQVGDVSHUJXQWDVHPSURIXQGLGDGHpTXHpSRVVtYHOYROWDUDXPDVVXQWR
FDVR KDMD WHPRU GH TXH R HQWUHYLVWDGR QmR WHQKD FRPSUHHQGLGR EHP RX KDMD G~YLGDV VREUH XPD
LQIRUPDomR
x SDUDPXGDUGHDVVXQWRXVHIUDVHVIRUWHVGHOLJDomRFRPRDJRUDJRVWDULDGHWUDWDUGHXPDRXWUD
TXHVWmR´
x SURFXUHREWHUH[HPSORVUHODWRVGHIDWRVHLQFLGHQWHVFUtWLFRVTXHDMXGHPDTXDOLILFDURUHODWR
x RWHPSRHVFRQGHPXLWDVLQIRUPDo}HVGDPHPyULD8VHDVSRVVLELOLGDGHVGLVSRQtYHLVSDUDREWHUDV
UHVSRVWDV PDLV FRQILiYHLV 5HFXUVRV FRPR PRVWUDU OLYURV JUDYDo}HV GRFXPHQWRV IRWRV ID]HU D
HQWUHYLVWDHPXPOXJDUTXHSURSLFLHOHPEUDQoDVjIRQWHSRGHPVHU~WHLV
x QmRVHSHUFDHPGHWDOKHVDSHQDVFXULRVRVQHPFHGDjWHQWDomRGHSHUJXQWDVFDURQDLQWHUHVVDQWHV
PDV LUUHOHYDQWHV j TXHVWmR GH SHVTXLVD $ HQWUHYLVWD p XPD yWLPD VLWXDomR GH LQWHUDomR SDUD
DSUHQGL]DJHPP~WXDPDVH[LJHULJRUQDFRQGXomR

4.4 $OpPGDVUHVSRVWDV

x REVHUYHRDPELHQWHRQGHVHGiDHQWUHYLVWDDUHODomRTXHVHHVWDEHOHFHHQWUHDVSHVVRDVDIRUPD
FRPRRHQWUHYLVWDGRVHFRPSRUWDVHXVPRYLPHQWRVrQIDVHVVLOrQFLRVSDXVDVJHVWRV2VDVSHFWRV
UHODFLRQDGRVDRFRPSRUWDPHQWRGRHQWUHYLVWDGRHRFRQWH[WRGDHQWUHYLVWDDMXGDPDFRPSOHPHQWDU
D LQIRUPDomR VHPkQWLFD DTXLOR TXH VH WRUQD H[SOtFLWR YHUEDOPHQWH$V FLUFXQVWkQFLDV SRGHP VHU
PXLWR~WHLVSDUDDMXGDURSHVTXLVDGRUDGHVFUHYHUHDQDOLVDUVHXREMHWRGHSHVTXLVD
x FUX]H WRGDV DV LQIRUPDo}HV GH PDQHLUD D VHU FRQYLFWR HP VHX UHODWR GH SHVTXLVD 9HULILTXH D
FRQVLVWrQFLDGDDUJXPHQWDomRHGDVLQIRUPDo}HVGDVIRQWHVGXUDQWHDSUySULDHQWUHYLVWDHEXVTXH
VXDFRLQFLGrQFLDHDUWLFXODomRFRPRXWURVUHODWRVHGRFXPHQWRVQRPRPHQWRGDUHGDFmR
x OHPEUHVH GR PDUFR WHyULFR GH VHX WUDEDOKR GXUDQWH D HQWUHYLVWD 1R UHODWyULR VHUi LPSRUWDQWH
UHODFLRQDURVUHVXOWDGRVREWLGRVFRPRVFRQFHLWRVHLQIRUPDo}HVDSUHVHQWDGDVSHORVGLYHUVRVDXWRUHV
TXHYRFrFRQVXOWRX
 9
x DFRPSDQKHGLVFUHWDPHQWHDILWDSDUDFRQIHULUVHHVWiJUDYDQGR3URFXUHYLUiODVHPLQWHUURPSHUD
FRQYHUVD
x LGHQWLILTXHHUHJLVWUHLPHGLDWDPHQWHIRQWHVFLWDGDVTXHSRVVDVHU~WLOHQWUHYLVWDU
x HYLWH D WHQWDomR GH EXVFDU H YDORUL]DU DSHQDV LQIRUPDo}HV TXH FRQILUPHP VHXV SUHVVXSRVWRV 1D
UHDOLGDGHRPHOKRUpWHVWiORVTXHVWLRQiORVYHULILFDUVHHVWmRFRUUHWRV

4.5 $RILQDO

x SURFXUHGHL[DUSDUDRILPDVSHUJXQWDVPDLVVHQVtYHLVRXFRPSOH[DV0DVHYLWHFRUUHURULVFRGHTXH
RHQWUHYLVWDGRFDQVHRXDHQWUHYLVWDVHMDLQWHUURPSLGDDQWHV
x XPDHQWUHYLVWDHPSURIXQGLGDGHSRGHGXUDUPDLVGHPLQXWRVVHPDERUUHFHURHQWUHYLVWDGR&ODUR
TXHGLIHUHQWHVYDULiYHLVSRGHPDOWHUDUHVWHLQGLFDGRU
x QmRFRQFOXDDEUXSWDPHQWHDHQWUHYLVWD$QWHVGHDJUDGHFHUGrLQGLFDo}HVGHTXHHVWiWHUPLQDQGR
9RFr WDPEpP SRGH SHUJXQWDU VH R HQWUHYLVWDGR JRVWDULD GH FRPSOHPHQWDU DOJXPD TXHVWmR RX
DFUHVFHQWDUDOJRSRUH[HPSOR

4.6 'HSRLV

x VH QHFHVViULR UHDOL]H GXDV RX PDLV HQWUHYLVWDV FRP D PHVPD IRQWH 0XLWDV YH]HV p SUHFLVR
FRPSOHPHQWDUDSURIXQGDURXGLVFXWLUQRYDVTXHVW}HV2VHQWUHYLVWDGRVWHQGHPDVHUJHQHURVRVVH
DFUHGLWDPTXHHVWmRDMXGDQGRDUHVROYHUXPSUREOHPD
x R FDQWR GD IDFLOLGDGH QmR GHYH VHQVLELOL]DU 2XYLU SRXFDV SHVVRDV H LPDJLQDU TXH Mi WHP RV
UHVXOWDGRVDLQGDTXHHPWUDEDOKRVLPSOHVpFRUUHUVpULRULVFRGHILFDUQROXJDUFRPXP&UX]DUDV
LQIRUPDo}HVFRPDOLWHUDWXUDH[HUFLWDUDGHVFRQILDQoDDUHIOH[mRHDFUtWLFDSURFXUDUHRXYLUYR]HV
GLVFRUGDQWHV EXVFDU GHWDOKHV DGLFLRQDLV H H[HPSORV SRGH ID]HU WRGD D GLIHUHQoD (QWUHYLVWH R
Pi[LPRGHIRQWHVTXHSRVVDPGDULQIRUPDo}HVGLYHUVLILFDGDVHUHOHYDQWHVDVTXHSRUVXDSRVLomR
HQYROYLPHQWRH[SHULrQFLDDomRRXUHVSRQVDELOLGDGHVVHMDPFRQKHFHGRUDVGRDVVXQWRRXSDUWHGHOH
2 SHVTXLVDGRU SRGH DFRPSDQKDU XP GLD GH WUDEDOKR QD UHGDomR H RXYLU IRWyJUDIRV VHFUHWiULDV
DWHQGHQWHVFLQHJUDILVWDVPRWRULVWDVHQmRDSHQDVHQWUHYLVWDUUHSyUWHUHVHHGLWRUHVSDUDVDEHUVREUH
RPRGRGHSURGXomRGDQRWtFLDHPGHWHUPLQDGRYHtFXOR
x QXPHUH DV ILWDV H UHJLVWUH HP IRUPXOiULR SUySULR R WHOHIRQH QRPH FRPSOHWR H FRUUHWR GR
HQWUHYLVWDGR IXQomR GDWD KRUiULR ORFDO GH UHDOL]DomR SDUD UHJLVWUR H WHOHIRQH SDUD HYHQWXDO
FRQILUPDomRRXFRPSOHPHQWR
x p QRUPDO TXH DSyV DOJXPDV HQWUHYLVWDV GLPLQXDP DV QRYLGDGHV SDVVDQGR D KDYHU UHSHWLomR GH
LQIRUPDo}HV ,VWR VLJQLILFD TXH Mi H[LVWH XPD FRHUrQFLD LQWHUSUHWDWLYD QDV UHVSRVWDV &RPR D
YDULDELOLGDGHVHUHGX]RSHVTXLVDGRUSRGHDSURYHLWDUSDUDREWHUGHWDOKHVH[HPSORVDILUPDo}HVTXH
DMXGHPDVXVWHQWDUHDUWLFXODUDVLQIRUPDo}HVHDQWHFLSDUDUHGDomRGRUHODWyULR
x HYLWHDWHQWDomRGHUHVXPLUD WUDQVFULomRGDVHQWUHYLVWDV4XDQWRPDLVGHWDOKDGDPDLV FKDQFHGH
DVSHFWRVUHOHYDQWHVVHUHPLGHQWLILFDGRVHPXPDOHLWXUDSRVWHULRU¬VYH]HVXPDIUDVHRXH[HPSOR
pVXILFLHQWHSDUDDGHVFREHUWDGHSRQWRVIXQGDPHQWDLVQRWHPDHPTXHVWmR

5 ,QVWUXPHQWRVGHFROHWD

5.1 $QRWDo}HV

3HUPLWHPUHJLVWUDUFRPSRUWDPHQWRDPELHQWHPDVOLPLWDPRGHWDOKDPHQWRHSRGHPLQWHUURPSHUD
IOXrQFLD H GLVWUDLU R HQWUHYLVWDGR 6mR ~WHLV QDV HQWUHYLVWDV DEHUWDV VH R WHPD DLQGD HVWi VHQGR VRQGDGR
EXVFDQGRHVWDEHOHFHUPHOKRURIRFRRXQHFHVViULDVTXDQGRRHQWUHYLVWDGRUHFXVDVHDJUDYDURTXHpUDUR
$QRWDo}HVVREUHTXHVW}HVFHQWUDLVG~YLGDVDVSHFWRVUHOHYDQWHVGHWDOKHVTXHQmRWHQKDPVLGRYHUEDOL]DGRV
RXPHVPRLGpLDVTXHVXUMDPHSRVVDPVHUHVTXHFLGDVGHYHPVHUIHLWRVLQFOXVLYHTXDQGRKiJUDYDomRe
LPSRUWDQWHWUDQVFUHYHULPHGLDWDPHQWHDVDQRWDo}HVUHJLVWUDUFRPHQWiULRVREVHUYDo}HVGHPDQHLUDDQmR
HVTXHFHUSRQWRVHVVHQFLDLV RXSHUGHU RVUHJLVWURV$QRWDo}HVFRPR LQVWUXPHQWREiVLFRGHFROHWDH[LJHP
DLQGDPDLRUKDELOLGDGHHGRPtQLRSUpYLRVREUHRWHPDSRUSDUWHGRHQWUHYLVWDGRU
 10

5.2 *UDYDomR

$JUDYDomRSRVVLELOLWDRUHJLVWUROLWHUDOHLQWHJUDO$SHVDUGHFHUWDGLVFXVVmRDH[SHULrQFLDLQGLFD
TXHQmRDIHWDRUHVXOWDGRHRIHUHFHPDLRUVHJXUDQoDjIRQWHeLPSRUWDQWHGHPRQVWUDUTXHLUiXVDURJUDYDGRU
HYHULILFDUVHRHQWUHYLVWDGRQmRVHVHQWHGHVFRQIRUWiYHO(PERUDSRVVDHYHQWXDOPHQWHOHYDUjGHVFRQILDQoD
RX VHU LQLELGRU QDV SULPHLUDV SHUJXQWDV HP JHUDO D IRQWH UDSLGDPHQWH UHVSRQGH FRP QDWXUDOLGDGH e
LQWHUHVVDQWHGHL[iORHPORFDOYLVtYHOPDVGLVFUHWRDRROKDU2JUDYDGRUSRVVXLDYDQWDJHPGHHYLWDUSHUGDV
GHLQIRUPDomRPLQLPL]DUGLVWRUo}HVIDFLOLWDUDFRQGXomRGDHQWUHYLVWDSHUPLWLQGRID]HUDQRWDo}HVVREUH
DVSHFWRVQmRYHUEDOL]DGRV

&RQYpPWUDQVFUHYHUFRPUDSLGH]SDUDDSURYHLWDUPHOKRURFRQWH~GRSRLVRDPELHQWHHDVUHVSRVWDV
HVWmRPDLVYLYRVQDPHPyULDHDVLQIHUrQFLDVFRQWH[WXDOL]DomRHDQiOLVHVmRLPHGLDWDV2XYLUDWUDQVFULomR
DMXGD R HQWUHYLVWDGRU D SHUFHEHU QXDQFHV GHWDOKHV H TXHVW}HV TXH R DMXGDUmR QDV QRYDV HQWUHYLVWDV DWp
PHVPRQDFRUUHomRGHVHXVSUySULRVHUURVGHFRQGXomR6HSRVVtYHORSUySULRSHVTXLVDGRUGHYHID]HUD
WUDQVFULomReXPDRSRUWXQLGDGHGHDSUHQGHUFRPDSUySULDHQWUHYLVWDLGHQWLILFDUDVSHFWRVTXHQmRILFDUDP
UHJLVWUDGRVFRPHoDUDHVWUXWXUDURWUDEDOKR

2LGHDOpPDQWHUDJUDYDomRDWpSHORPHQRVDOJXPWHPSRDSyVDSXEOLFDomRGRWUDEDOKR3HTXHQRV
GHWDOKHVJUDQGHVSUREOHPDVQXPHUDUDVILWDVHID]HUXPDOLVWDUHJLVWUDQGRFDGDIRQWHDRODGRGRQ~PHUR
GHILQLUDSULRULFRPRVHUmRWUDQVFULWDVHSRUTXHPXWLOL]DUXPDILWDRXXPODGRGHFDGDXPDSRUHQWUHYLV-
WDGRWHVWDUDVILWDVHRHTXLSDPHQWRXWLOL]DUSLOKDVQRYDVHWHUVREUHVVDOHQWHVHVHSRVVtYHORXWURJUDYDGRU

5.3 7HOHIRQH

$HQWUHYLVWDSRUWHOHIRQHWHPDYDQWDJHPGDDJLOLGDGHHGHSHUPLWLURDFHVVRDSHVVRDV GLVWDQWHV
3RGHVHUJUDYDGDLQWHUURPSLGDRXUHWRPDGDFRQIRUPHDFRQYHQLrQFLDe~WLOSDUDFRPSOHPHQWDUTXHVW}HV
SHQGHQWHVWLUDUG~YLGDVRXREWHULQIRUPDo}HVVLPSOHVTXHDMXGHPDFRPSOHWDURTXDGURHPDQiOLVH$SHVDU
GLVVRLPSHGHGHSHUFHEHUDVUHDo}HVGRHQWUHYLVWDGRFULDUSUR[LPLGDGHREWHUDUHODomRGHFXPSOLFLGDGH
TXHDHQWUHYLVWDIDFHDIDFHRIHUHFHeLPSRUWDQWHFRPELQDUXPKRUiULRHWHPSRGHGXUDomRSHUPLWLQGRTXH
DIRQWHHVWHMDWUDQTXLODHSUHSDUDGD1RFDVRGHJUDQGHQ~PHURRXORQJDVHQWUHYLVWDVSRGHVHDGTXLULUXP
KHDGVHWDSDUHOKRXWLOL]DGRSRUWHOHIRQLVWDVSDUDGDUPDLVFRQIRUWRSULQFLSDOPHQWHDROLEHUDUDVPmRV

5.4 ,QWHUQHW

eDIRUPDPDLVIiFLOGHSHUJXQWDUHPDLVGLItFLOGHREWHUERDVUHVSRVWDV3HVTXLVDGRUHVLQLFLDQWHV
WHQGHPDLPDJLQDUTXHpXPDPDQHLUDSUiWLFDPDVUDSLGDPHQWHVHGHFHSFLRQDPFRPRVUHVXOWDGRV3RGH
VHUSDUWLFXODUPHQWH~WLOSDUDLQIRUPDo}HVREMHWLYDVDVVLPFRPRSDUDLQWURGXomRRXFRPSOHPHQWRGHXPD
HQWUHYLVWDIDFHDIDFH7DPEpPpXWLOL]DGDSDUDREWHULQIRUPDo}HVGHSHVVRDVLPSRUWDQWHVSRURXWURVPHLRV
LQDFHVVtYHLV (OD JHUDOPHQWH QmR SHUPLWH D GLVFXVVmR R DSURIXQGDPHQWR QDWXUDO D GLVFXVVmR GR
FRQWUDGLWyULRHVVHQFLDLVQDHQWUHYLVWDHPSURIXQGLGDGH8PDDOWHUQDWLYDLQWHUHVVDQWHDRHQYLRGHXPDOLVWD
GHSHUJXQWDVpRFRQWDWRVLPXOWkQHRGHHQWUHYLVWDGRUHHQWUHYLVWDGRYLDLQWHUQHWSHORXVRGHFKDWVRXEORJV
(QWUHYLVWDGRUHIRQWHWDPEpPSRGHPFRPELQDUXPKRUiULRGHWHUPLQDGRSDUDFRQH[mRHWUDYDURHQYLRHR
UHFHELPHQWRFRQWtQXRGHPHQVDJHQVGHPDQHLUDDJDUDQWLUPDLVSURIXQGLGDGHHQDWXUDOLGDGHQDVUHVSRVWDV

6 'HVFULomRHDQiOLVHGRVUHVXOWDGRV

1D UHGDomR GD GHVFULomR H DQiOLVH R SHVTXLVDGRU DVVXPH D SRVVH GDV LQIRUPDo}HV FROKLGDV QDV
HQWUHYLVWDVHDVDUWLFXODFRPRREMHWLYRGHFRQGX]LUROHLWRU1DSUiWLFDHQWUHWDQWRRLQYHVWLJDGRUWHPSRU
SULPHLURREMHWLYRRUJDQL]DUVXDVSUySULDVUHIOH[}HVGLDORJDQGRFRPRSDSHOHDYDQoDQGRQDHVWUXWXUDomR
FRQVLVWHQWH GR WUDEDOKR$ UHGDomR GHYH VHU HQIUHQWDGD FRP GHWHUPLQDomR H UDSLGH] HP TXH SHVHP D
HYHQWXDOLQH[SHULrQFLDHRPHGRGHH[SORUDUDVSUySULDVLGpLDVHGHVFREHUWDV

8PGHVDILRDGLFLRQDOpOHPEUDGRSRU%HUJHUSTXDQGRDOHUWDTXHSRGHVHUPXLWRGLItFLO

 11
OLGDU FRP D HQRUPH TXDQWLGDGH GH PDWHULDO TXH DV HQWUHYLVWDV HP SURIXQGLGDGH JHUDP 3RU LVVR R
SHVTXLVDGRUVHUiPDLVEHPVXFHGLGRVHFRPHoDUDHVFUHYHUHDVLVWHPDWL]DURVUHVXOWDGRVDVVLPTXHKRXYHU
LQIRUPDo}HV PtQLPDV SDUD ID]rOR GLJDPRV DSXUDGR XP TXDUWR GDV HQWUHYLVWDV SUHYLVWDV ,VWR SHUPLWH
JDQKDU WHPSR H DMXGD QR H[DPH GR HQFDPLQKDPHQWR GD SHVTXLVD H QR VXUJLPHQWR GH LGpLDV GHWDOKHV
TXHVW}HVTXHSRVVDPVHU~WHLVQDVSUy[LPDVHQWUHYLVWDV1ROLPLWHTXDQGRDVLQIRUPDo}HVFRPHoDPDVH
WRUQDUUHGXQGDQWHVHKiHVWDELOLGDGHQDVUHVSRVWDVQmRpPDLVSRVVtYHODGLDU

$QDOLVDULPSOLFDVHSDUDURWRGRHPSDUWHVHH[DPLQDUDQDWXUH]DIXQo}HVHUHODo}HVGHFDGDXPD
*HUDOPHQWH D RSomR PDLV IiFLO H PHQRV ~WLO SDUD D UHGDomR GR UHODWyULR p RUJDQL]DU RV UHVXOWDGRV SHOD
DSUHVHQWDomRGHFDGDXQLGDGH2XVHMDVHRREMHWLYRIRUPRVWUDUDLPSODQWDomRGHSROtWLFDVGHFRPXQLFDomR
HPHPSUHVDVS~EOLFDVDWHQWDomRLQLFLDOpFRQWDUFRPRIRLRSURFHVVRHPFDGDHPSUHVD6HIRULGHQWLILFDU
D SHUFHSomR GRV HGLWRUHV VREUH D DWXDomR GH DVVHVVRULDV GH LPSUHQVD WRUQDVH PDLV IiFLO ID]HU R UHODWR
LQGLYLGXDO GH FDGD XP (VWD HVWUDWpJLD WHP RULJHP QD HVWUXWXUD GH REWHQomR GH LQIRUPDo}HV Mi TXH D
WUDQVFULomRGDVHQWUHYLVWDVJHUDOPHQWHpDSUHVHQWDGDSRULQIRUPDQWH

7DLVRSo}HVHQWUHWDQWRUHFXVDPDRUJDQL]DomRGRTXHLPSRUWDRVFRQFHLWRVHDVSHFWRVFRPRVTXDLV
HVWDPRV OLGDQGR$VVLP QR H[HPSOR GRV HGLWRUHV SRGHUtDPRV GLYLGLU R UHODWyULR HP FDWHJRULDV FRPR
TXDOLGDGHGRVUHOHDVHV DWHQGLPHQWR SUHSDURGDVIRQWHV SULQFLSDLVGLILFXOGDGHV2SHVTXLVDGRU
VHP SHUGHU GH YLVWD RV REMHWLYRV GR WUDEDOKR FODVVLILFD DV LQIRUPDo}HV D SDUWLU GH GHWHUPLQDGR FULWpULR
HVWDEHOHFHQGRHRUJDQL]DQGRJUXSRVGHWHPDVFRPXQVFRPRTXHDVDJUXSDQGRHPFDL[DVVHSDUDGDVSDUD
VH GHGLFDU LQGLYLGXDO H SURIXQGDPHQWH D FDGD XPD (VWD HVWUXWXUD JHUDO DVVXPH D IRUPD GH HVTXHPD GH
DQiOLVHHFDGDFRQMXQWRFDL[DpFKDPDGRFDWHJRULDXPDXQLGDGHGHDQiOLVHFRPSOHWDH~QLFDHPVLPHVPD

6.1 &DWHJRULDV

&DWHJRULDV VmR HVWUXWXUDV DQDOtWLFDV FRQVWUXtGDV SHOR SHVTXLVDGRU TXH UH~QHP H RUJDQL]DP R
FRQMXQWRGH LQIRUPDo}HVREWLGDV DSDUWLUGR IUDFLRQDPHQWRHGDFODVVLILFDomRHPWHPDVDXW{QRPRVPDV
LQWHUUHODFLRQDGRV (P FDGD FDWHJRULD R SHVTXLVDGRU DERUGD GHWHUPLQDGR FRQMXQWR GH UHVSRVWDV GRV
HQWUHYLVWDGRVGHVFUHYHQGRDQDOLVDQGRUHIHULQGRjWHRULDFLWDQGRIUDVHVFROKLGDVGXUDQWHDVHQWUHYLVWDVH
DWRUQDQGRXPFRQMXQWRDRPHVPRWHPSRDXW{QRPRHDUWLFXODGR

2FULWpULRSULQFLSDOQDFRQVWUXomRGHFDGDFDWHJRULDpTXHWHQKDFRHUrQFLDLQWHUQDPDVpSRVVtYHO
HVWDEHOHFHUDOJXQVSULQFtSLRVJHUDLV6HOOWL]HWDOSGL]HPTXHXPFRQMXQWRGHFDWHJRULDV
GHYH D VHU GHULYDGR GH XP ~QLFR SULQFtSLR GH FODVVLILFDomR E VHU H[DXVWLYR VHQGR SRVVtYHO FRORFDU
TXDOTXHUUHVSRVWDHPXPDGDVFDWHJRULDVFDVFDWHJRULDVGHYHPVHUPXWXDPHQWHH[FOXVLYDVQmRGHYHVHU
SRVVtYHOFRORFDUGHWHUPLQDGDUHVSRVWDHPPDLVGHXPDFDWHJRULD5LFKDUGVRQSDVVLQDODTXHDV
FDWHJRULDVGHYHPDVHUH[DXVWLYDVSHUPLWLQGRDLQFOXVmRGHWRGRVRVHOHPHQWRVGHGHWHUPLQDGRWHPDE
VHUH[FOXVLYDVSRLVQHQKXPHOHPHQWRSRGHVHUFODVVLILFDGRHPPDLVGHXPDFDWHJRULDFWHUFRQFUHWXGH
QD PHGLGD HP TXH HYLWDP D FRPSOH[LGDGH GH FODVVLILFDU WHUPRV DEVWUDWRV G VHU KRPRJrQHDV FRP
FDWHJRULDV VHQGR FRQVWUXtGDV D SDUWLU GR PHVPR SULQFtSLR GH FODVVLILFDomR H H REMHWLYDV H ILpLV FRP D
GHILQLomRGHYDULiYHLVHLQGLFDGRUHVTXHGHWHUPLQDPDFODVVLILFDomRHPFDGDFDWHJRULD

$VFDWHJRULDVQRFDVRGHHQWUHYLVWDVDEHUWDVVmRLGHQWLILFDGDVDRORQJRGDSHVTXLVD1DVHQWUHYLVWDV
VHPLDEHUWDVDVFDWHJRULDVWrPRULJHPQRPDUFRWHyULFRHVmRFRQVROLGDGDVQRURWHLURGHSHUJXQWDVVHPL
HVWUXWXUDGDV(ODVQmRSRGHPHQWUHWDQWRVHUHQWHQGLGDVFRPRFDPLVDVGHIRUFD1RUHODWyULRILQDOWDQWRp
SRVVtYHODJUXSDUHPXPDFDWHJRULDRREWLGRFRPGXDVSHUJXQWDVVHPLHVWUXWXUDGDVTXDQWRVHSDUDUHPGXDV
FDWHJRULDVRVUHVXOWDGRVREWLGRVFRPXPDSHUJXQWD

3DUDDMXGDU QDUHGDomRH QDFRPSUHHQVmRSRGHVHU ~WLO ID]HUXPD LQWURGXomRHP FDGDFDWHJRULD

GHILQLQGRHH[SOLFDQGRRTXHVHUiWUDWDGRHDRILQDOID]HUXPIHFKRFRQFOXVLYR(VWD~OWLPDRSomRHYLWDD
QHFHVVLGDGHGHUHWRPDUDGLVFXVVmRVREUHFDGDFDWHJRULDQD&RQFOXVmRTXHWHQGHUiDILFDUPDLVVLQWpWLFDH
DEUDQJHQWH

6.2 7UDQVSRQGRDVLQIRUPDo}HV
 12

x 'HVFUHYHU p ~WLO OHPEUDU VLJQLILFD H[SRU PLQXFLRVDPHQWH $ GHVFULomR LQWHUSUHWDWLYD GHYH VHU
VXSRUWDGDSRUDUJXPHQWRVHHYLGrQFLDVEDVHDGDVQDVGLYHUVDVIRQWHVGHLQIRUPDomRFRQVXOWDGDVSHOR
SHVTXLVDGRU FRPR H[DPH GH GRFXPHQWRV UHYLVmR ELEOLRJUiILFD REVHUYDomR H FRQWH[WR GDV
HQWUHYLVWDV 1HVWH ~OWLPR DVSHFWR SRGH VHU FRQVLGHUDGR OLPLWDGRU EDVHDUVH H[FOXVLYDPHQWH QDV
JUDYDo}HVHID]HUXPDDQiOLVHGRFRQWH~GRPDQLIHVWRGDVWUDQVFULo}HVFRQVLGHUDQGRRVUHODWRVYHU-
EDLV VXILFLHQWHV 2 SHVTXLVDGRU GHYH GHL[DUVH LQIOXHQFLDU SHOR FRQWH~GR ODWHQWH R FRQWH[WR
VLJQLILFDGRV LPSOtFLWRV GLVFXUVRV H UHODo}HV QmR YHUEDOL]DGDV GRV LQIRUPDQWHV YHU 0,&+(/$7
 $R PHVPR WHPSR GHYH ID]HU SHUPDQHQWH DUWLFXODomR FRP D WHRULD TXH GHX VXSRUWH j
SHVTXLVD DSRLDQGRVH QHOD RX PHVPR D TXHVWLRQDQGR 2 SHVTXLVDGRU GH FDPSR GHSHQGH
LQWHLUDPHQWHGDLQVSLUDomRTXHOKHRIHUHFHPRVHVWXGRVWHyULFRVUHJLVWUD0DOLQRZVNLS
QDLQWURGXomRGHVHXHVWXGRFOiVVLFRGDHWQRJUDILDUHDOL]DGRQDGpFDGDGH
x 9HULILTXH D FRQVLVWrQFLD GD DUJXPHQWDomR H GDV LQIRUPDo}HV GR LQIRUPDQWH GXUDQWH D SUySULD
HQWUHYLVWDHEXVTXHVXDFRLQFLGrQFLDHDUWLFXODomRFRP RXWURVUHODWRVQRPRPHQWRGDUHGDomR$
H[SHULrQFLD LQGLFD TXH PXLWR UDUDPHQWH XP HQWUHYLVWDGR WHQWD HQJDQDU FRQVFLHQWHPHQWH PDV
GLVWRUo}HVSHUFHSWLYDVSUHFRQFHLWRVGLILFXOGDGHVGHDUWLFXODomRGDVLGpLDVIDOKDGHPHPyULDHUURV
GH DYDOLDomR H[DJHURV RFRUUHP 2 LQIRUPDQWH SRGH HVWDU HTXLYRFDGR SRGH WHU HQWHQGLGR PDO D
SHUJXQWDWHUVLGRLQGX]LGRDHUURRXPHVPRGDUXPDUHVSRVWDVRFLDOPHQWHGHVHMiYHO$VUHVSRVWDV
GHYHPVHUFRQWH[WXDOL]DGDVDYDOLDGDVHFRPSDUDGDV(VWDpXPDGDVYDQWDJHQVGHVWDWpFQLFDHUURV
SRGHPVHULGHQWLILFDGRVHFRUULJLGRVQDSUySULDHQWUHYLVWDQRFUX]DPHQWRFRPRXWUDVIRQWHVRXSHOD
UHIOH[mR GR SHVTXLVDGRU 6H YRFr WHP PRWLYRV SDUD GHVFRQILDU GDV UHVSRVWDV GH XPD IRQWH H QmR
FRQVHJXHRXWUDVHYLGrQFLDVUHODWLYL]HDVLQIRUPDo}HVQRUHODWyULR
x 3URFXUH PLQLPL]DU D FKDQFH GH RFRUUHU RV HUURV FRPXQV DSRQWDGRV SRU 5XPPHO  S
UHFRQKHFLPHQWRTXDQGRRSHVTXLVDGRUPLQLPL]DRXQmRSHUFHEHLQIRUPDo}HVLPSRUWDQWHVRPLVVmR
VHLJQRUDHDGLomRVHDFUHVFHQWDRXH[DJHUDQRUHODWRGDVREVHUYDo}HVGRUHVSRQGHQWHVXEVWLWXLomR
VH DSUHVHQWD VHQWLGR FRQRWDWLYR GLIHUHQWH GR H[SRVWR SHOD IRQWH H WUDQVSRVLomR TXDQGR HUUD QD
VHTrQFLDRXQDUHODomRHQWUHIDWRV
x $HQWUHYLVWDpVHPSUHXPDGLVFXVVmRVXEMHWLYDPDVpLPSRUWDQWHWHQWDUVHSDUDULQIRUPDomRREMHWLYD
GHLQWHUSUHWDomRHDQiOLVH
x e LQWHUHVVDQWH XWLOL]DU WUHFKRV GDV HQWUHYLVWDV GHVWDFDQGR WUHFKRV OLWHUDLV SRU YHUEDWLP TXH
UHIRUFHPHVFODUHoDPGrHPVXSRUWHH[HPSOLILTXHPRWUHFKRHPTXHVWmR
x 1mRpQHFHVViULRLGHQWLILFDUDVIRQWHVQDGHVFULomRHDQiOLVHHPERUDVHMDFRQYHQLHQWHID]HUDUHODomR
QRDQH[RRXQRFDStWXORGHSURFHGLPHQWRVPHWRGROyJLFRV1HVWDUHODomRSRGHPVHULQIRUPDGRVR
QRPH D IXQomR RX GHVFULomR TXH MXVWLILTXH R PRWLYR GH WHU VLGR HVFROKLGR D GDWD H R ORFDO GD
HQWUHYLVWD 1R FDVR GH DQRQLPDWR D DXWRULD GH FLWDomR SRGH VHU DWULEXtGD D (QWUHYLVWDGR 
5HSyUWHUGH-RUQDORXDOJXPDRXWUDLQGLFDomR
x (PHQWUHYLVWDVHPSURIXQGLGDGHDULTXH]DDKHWHURJHQHLGDGHGDVUHVSRVWDVpQmRDSHQDVHVSHUDGD
FRPR WDPEpP GHVHMiYHO &DGD UHVSRQGHQWH DSUHVHQWD VXD YLVmR TXH SRGH WHU FRORULGR
LQWHUSUHWDo}HVYHUV}HVGLIHUHQWHVÊSDSHOGRSHVTXLVDGRURUJDQL]iODVFRHUHQWHPHQWHHPIRUPDWR
FRPSUHHQVtYHO H DUWLFXODGR 2 UHVXOWDGR HP JHUDO p PDLV GHVFULWLYR DQDOtWLFR UHIOH[LYR GR TXH
FRQFOXVLYR3RULVVRRXVRGHSHUFHQWXDLVQmRpDGPLWLGRHPGHVFULo}HVFRPEDVHHPHQWUHYLVWDV
TXDOLWDWLYDV 6H IRU R FDVR p SRVVtYHO XWLOL]DU SDODYUDV FRPR WRGRV RV HQWUHYLVWDGRV QHQKXP D
PDLRULDDOJXQVQHQKXPSDUDGHL[DUFODURDUHODWLYLGDGHGDVLQIRUPDo}HV'RPHVPRPRGRGHYHP
VHUHQIDWL]DGDDVOLPLWDo}HV³&RPEDVHQDVHQWUHYLVWDVpFRQFHEtYHODILUPDUGHGX]LULQIHULU´³$
SDUWLU GD DQiOLVH GRV GHSRLPHQWRV p SRVVtYHO LGHQWLILFDU´ ³$ PDLRULD GRV HQWUHYLVWDGRV VXJHUH
TXH´³3UREOHPDDSRQWDGRSRUDOJXQVGRVHQWUHYLVWDGRVLQGLFD´
x 2SHVTXLVDGRUSRGHGHSRLVGDWUDQVFULomRGDILWDPRVWUDURUHVXOWDGRDRHQWUHYLVWDGR*HUDOPHQWH
QHVWDV RSRUWXQLGDGHV p SRVVtYHO REWHU XPD FRUUHomR GHWDOKHV DGLFLRQDLV RXWURV H[HPSORV WLUDU
G~YLGDV7DPEpPQmRGHYHVHLQLELUHDSUHVHQWDUXPHVERoRGRUHODWyULRDSHVVRDVFRQKHFHGRUDVGR
DVVXQWR 'HYH WHU FHUWH]D HQWUHWDQWR GH TXH KDYHUi DSHQDV OHLWXUD FUtWLFD H QmR WHQWDWLYD GH
LQIOXHQFLDURUHVXOWDGR

3DUDFRQFOXLU
 13

3HVTXLVDVGHVHQYROYLGDVFRPRXVRGDWpFQLFDGHHQWUHYLVWDHPSURIXQGLGDGHSHUPLWHPDRDQDOLVWD
JHUDUVXJHVW}HVHFUtWLFDVVREUHRWHPDGHHVWXGR1HVWHVFDVRVp~WLOTXHRDXWRUDSUHVHQWHDRILQDOXP
FDStWXORWUHFKRWDOYH]DQH[RFRPXPFRQMXQWRGHUHFRPHQGDo}HVGHILQLGDVFRPEDVHQRFRQKHFLPHQWR
WHyULFR GLVSRQtYHO QD SHVTXLVD GH FDPSR H HP VXDV UHIOH[}HV e XPD RSRUWXQLGDGH SDUD QmR DSHQDV
GHVFUHYHUHUHIOHWLUVREUHRVUHVXOWDGRVREWLGRVPDVWDPEpPSURSRUDYDQoRVHVROXo}HV$VUHFRPHQGDo}HV
VHUmRFRQWULEXLomRQDDSOLFDomRGRVUHVXOWDGRVHXPSUrPLRDRHVIRUoRHFRODERUDomRGRVHQWUHYLVWDGRV

0DLVGRTXHXPDWpFQLFDGHFROHWDGHLQIRUPDo}HVLQWHUDWLYDEDVHDGDQDFRQVXOWDGLUHWDDLQIRUPDQWHVD
HQWUHYLVWDHPSURIXQGLGDGHSRGHVHUXPULFRSURFHVVRGHDSUHQGL]DJHPHPTXHDH[SHULrQFLDYLVmRGH
PXQGR H SHUVSLFiFLD GR HQWUHYLVWDGRU DIORUDP H FRORFDPVH j GLVSRVLomR GDV UHIOH[}HV FRQKHFLPHQWR H
SHUFHSo}HVGRHQWUHYLVWDGR(FRPRSURS}H7KLROOHQWRXVRGHHQWUHYLVWDVSRGHVHULPDJLQDWLYRH
FUtWLFRVHPTXHVHSHUFDRULJRUPHWRGROyJLFR

5HIHUrQFLDVELEOLRJUiILFDV

$1'(5(**(]HTXLHO,QWURGXFFLyQD,DVWpFQLFDVGHLQYHVWLJDFLyQVRFLDOSDUDWUDEDOKDGRUHVVRFLDOHV
HG%XHQRV$LUHV+XPDQLVWDV

%(5*(5$UWKXU0HGLDUHVHDUFKWHFKQLTXHVHG7KRXVDQG2DNV6DJH

&859(//2-RmR-RVp$]HYHGR &RPXQLFDomR LQWHUQDHFXOWXUDRUJDQL]DFLRQDO6mR3DXOR6FRUWHFFL



'(023HGUR3HVTXLVDHLQIRUPDomRTXDOLWDWLYDDSRUWHVPHWRGROyJLFRV&DPSLQDV3DSLUXV

'58&.(5 3HWHU ) 7HFQRORJLD JHUrQFLD H VRFLHGDGH DV WUDQVIRUPDo}HV GD HPSUHVD QD VRFLHGDGH
WHFQROyJLFDHG3HWUySROLV9R]HV

)217$1$ $QGUHD )5(< -DPHV + ,QWHUYLHZLQJ WKH DUW RI VFLHQFH ,Q '(1=Í1 1RUPDQ .
/,1&2/1<YRQQD6+DQGERRNRITXDOLWDWLYHUHVHDUFK7KRXVDQG2DNV6DJH

*8%(55RVDQD/DHWQRJUDILDPpWRGRFDPSR\UHIOH[LYLGDG%XHQRV$LUHV1RUPD

.$1'(//LOLDQH5HIOH[}HVVREUHRXVRGDHQWUHYLVWDHVSHFLDOPHQWHDQmRGLUHWLYDHVREUHDVSHVTXLVDV
GHRSLQLmR,Q7+,2//(170LFKHO-0&UtWLFDPHWRGROyJLFDLQYHVWLJDomRVRFLDOHHQTXHWHRSHUiULD
HG6mR3DXOR3ROLVS&ROHomR7HRULDH+LVWyULD

.29$&+%wOO526(167,(/7RP2VHOHPHQWRVGRMRUQDOLVPRRTXHRVMRUQDOLVWDVGHYHPVDEHUHR
S~EOLFRH[LJLU6mR3DXOR*HUDomR(GLWRULDO

/,16'$6,/9$&DUORV(GXDUGR0XLWRDOpPGRMDUGLPERWkQLFRXPHVWXGRVREUHDDXGLrQFLDGR-RUQDO
1DFLRQDOGD*ORERHQWUHWUDEDOKDGRUHV6mR3DXOR6XPPXV^1RYDVEXVFDVHPFRPXQLFDomR

0$/,12:6.,%URQLVODZ$UJRQDXWDVGR3DFtILFRRFLGHQWDOXPUHODWRGRHPSUHHQGLPHQWRHGDDYHQWXUD
GRV QDWLYRV QRV DUTXLSpODJRV GD 1RYD *XLQp 0HODQpVLD 6mR 3DXOR$EULO &XOWXUDO  &ROHomR 2V
3HQVDGRUHV

0$548(6'(0(/2-RVp'8$57(-RUJH2UJ0HPyULDGDVFLrQFLDVGDFRPXQLFDomRQR%UDVLO

RVJUXSRVGR&HQWUR2HVWH%UDVtOLD8QL&(8%

0(',1$&UHPLOGDGH$(QWUHYLVWDRGLiORJRSRVVtYHO6mR3DXORÈWLFD
 14
0,&+(/$7*X\6REUHDXWLOL]DomRGDHQWUHYLVWDQmRGLUHWLYDHPVRFLRORJLD,Q7+,2//(170LFKHO
-0&UtWLFDPHWRGROyJLFDLQYHVWLJDomRVRFLDOHHQTXHWHRSHUiULDHG6mR3DXOR3ROLVS
&ROHomR7HRULDH+LVWyULD

3(5(,5$ -5 $OIUHGR (XULFR 9L]HX 'HFLGLQGR R TXH p QRWtFLD RV EDVWLGRUHV GR WHOHMRPDOLVPR
3RUWR$OHJUH(GLSXF56&ROHFmR&RPXQLFDomR

48,9; 5D\PRQG &$03(1+28'7 /XF YDQ 0DQXDO GH LQYHVWLJDomR HP FLrQFLDV VRFLDLV /LVERD
*UDGLYD

5,&+$5'6215REHUWR-DUU\3HVTXLVDVRFLDOPpWRGRVHWpFQLFDVHG6mR3DXOR$WODV
52*(56&DUO5$SHVVRDFRPRFHQWUR6mR3DXOR(38(GXVS

5800(/-)UDQFLV,QWURGXomRDRVSURFHGLPHQWRVGHSHVTXLVDHPHGXFDomRHG3RUWR$OHJUH*ORER


6&+(8&+(UZLQ./DHQWUHYLVWDHPODLQYHVWLJDFLyQVRFLDO ,Q.g1,*5HQp7UDWDGRGHVRFLRORJLD
HPStULFD0DGUL7HFQRVYOS

6&+,5$720DULD$SDUHFLGD5KHLQ2IHLWLoRGDVRUJDQL]Do}HVVLVWHPDVLPDJLQiULRV6mR3DXOR$WODV


6(//7,= &ODLUH:+5,*+760$1 /DZUHQFH 6 &22. 6WXDUW:HOOIRUG 0pWRGRV GH SHVTXLVDV QDV
UHODo}HVVRFLDLV6mR3DXOR(38

7$/(6(*D\&RPRQmRHQWUHYLVWDU)UDQN6LQDWUD,Q)DPDH$QRQLPDWRHG6mR3DXOR&RPSDQKLD
GDV/HWUDVS

7+,2//(17 0LFKHO &UtWLFD PHWRGROyJLFD LQYHVWLJDomR VRFLDO H HQTXHWH RSHUiULD  HG 6mR 3DXOR
3ROLV

75,9,126$XJXVWR1LEDOGR6LOYD,QWURGXomRjSHVTXLVDHPFLrQFLDVVRFLDLVDSHVTXLVDTXDOLWDWLYDHP
HGXFDomR6mR3DXOR$WODV