Escolar Documentos
Profissional Documentos
Cultura Documentos
0RYHOHLUDQR'HVHQYROYLPHQWRGH-RJRV(GXFDWLYRV
8VLQJ WKH ZDVWH RI IXUQLWXUH LQGXVWULHV RQ WKH GHYHORSPHQW RI
HGXFDWLRQDOJDPHV
$XWRU7XUR]L$OH[DQGUH6DQWRVIDVH'HVLJQLQGXVWULDO8QLYHUVLGDGH
GR(VWDGRGH6DQWD&DWDULQD8'(6&RDOH[DQGUHVW#JPDLOFRP
2ULHQWDGRU $QWXQHV 'RXJODV / 0HVWUH HP (QJHQKDULD $PELHQWDO
3URIHVVRUGR'HSDUWDPHQWRGH'HVLJQGD8QLYHUVLGDGHGR(VWDGRGH6DQWD
&DWDULQD8'(6&GRXJODVDQWXQHV#XGHVFEU
5HVXPR
2MRJRFRPRHQWUHWHQLPHQWRRMRJRFRPRDSUHQGL]DGRRMRJRTXHUHFLFOD
LGpLDVHVHUYHFRPRPHLRSDUDLQVWLJDUDFXULRVLGDGHGHFULDQoDVVREUHWHPDV
FRPROL[RHDVXVWHQWDELOLGDGH(VWHDUWLJREXVFDDWUDYpVGHXPHVWXGRGH
FDVRDERUGDUDWHPiWLFDDPELHQWDOUHODFLRQDGDDRVMRJRVLQIDQWLVYLVDQGR
VHQVLELOL]DUDVFULDQoDVGHVGHFHGRFRPUHODomRDRVLPSDFWRVGROL[RQR
PHLRDPELHQWH2DUWLJRLQLFLDFRPUHÀH[}HVVREUHRVFRQFHLWRVGHMRJRV
H EULQTXHGRV $SUHVHQWD R EULQTXHGR TXH IRL GHVHQYROYLGR EXVFDQGR
RULHQWDUDPHWRGRORJLDXWLOL]DGDVHJXQGRRIRFRGDLQWHUGLVFLSOLQDULGDGHH
GRGHVHQYROYLPHQWRGHQRYRVSURGXWRV
3DODYUDV&KDYHMRJRVHGXFDWLYRVHGXFDomRDPELHQWDOGHVHQYROYLPHQWR
GHSURGXWRV
$EVWUDFW
$JDPHDVHQWHUWDLQPHQWDJDPHDVHGXFDWLRQDJDPHWKDWUHF\FOHVLGHDV
DQGLQVWLJDWHVFKLOGUHQVFXULRVLW\RQLVVXHVOLNHZDVWHDQGVXVWDLQDELOLW\
7KURXJK D FDVH VWXG\ WKLV DUWLFOH EURDFKHV WKH HQYLURQPHQW WKHPH
FRQQHFWHGZLWKFKLOGUHQ¶VJDPHVDLPLQJWRWHDFKWKHPWKH¿UVWUXOHVDERXW
WKHZDVWHLPSDFWRQWKHHQYLURQPHQW
NH\ZRUGVHQYLURQPHQWHGXFDWLRQSURGXFWGHVLJQJDPHVHGXFDWLRQV
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
,QWURGXomR
0HWRGRORJLD8WLOL]DGD
,QLFLDOPHQWH IRL IHLWD XPD EXVFD SRU SURGXWRV VLPLODUHV HP WUrV
ORMDV GH EULQTXHGRV SHGDJyJLFRV HP )ORULDQySROLV 1HVWH SULPHLUR
FRQWDWRSHUFHEHXVHTXHPXLWRVEULQTXHGRVPHVPRTXHSURSRQGRXPD
FHUWDIRUPDGHHQWUHWHQLPHQWRWLQKDPXPFRQWDWROLPLWDGRFRPRXVXiULR
RXVHMDDDomRUHDOL]DGDSRVVXtDXPDFXUWDIDVHGHDWLYLGDGH
7HQGR ¿OWUDGR HVVD LQIRUPDomR SDVVRXVH D EXVFDU R
GHVHQYROYLPHQWR GH XP MRJR TXH LQVWLJDVVH D FULDQoD D ¿FDU FXULRVD
VDEHUR³FRPRLVVRDFRQWHFH´EXVFDURPiJLFRDWUDYpVGHGLVSRVLWLYRV
GHPRYLPHQWR
&RPRDIRQWHGHPDWpULDSULPDSULQFLSDOHUDPDVVREUDVGHPyYHLV
IHLWRVHP0')LQLFLDOPHQWHSRUHVWDUHPGLVSRQtYHLVFKHJRXVHjWHPiWLFD
FHQWUDOROL[R
$SyVDOJXPDVDOWHUQDWLYDVJHUDGDVIRLFRQFHLWXDGRRTXHVHULDR
MRJRXPSLQEDOOFRPVLVWHPDGHPLUDVEXUDFRVSDUDWUrVWLSRVGHOL[R
XPUHSUHVHQWDQGRRVSOiVWLFRVQDFRUYHUPHOKDXPRVSDSpLVQDFRUD]XO
HXPRVPHWDLVQDFRUDPDUHODFRQIRUPHD5HVROXomR&21$0$Q
GHGHDEULOGH
2OL[RpVLPEROL]DGRSHODVERODVGHJXGHFRPFRUHVFRUUHVSRQGHQWHV
DRUHVSHFWLYRWLSRGHOL[RWUDEDOKDQGRDVVLPFRPDVLPERORJLDGDVFRUHVH
GHFHUWRPRGRHGXFDQGRVREUHDGLVWLQomRGRVOL[RVSDUDGHSRLVH[SODQDU
DLPSRUWkQFLDGDVHSDUDomRGRVPHVPRV
1R LQtFLR GR GHVHQYROYLPHQWR GR SLQEDOO ¿JXUD IRUDP
IRUPXODGDV DOJXPDV KLSyWHVHV GH SURMHWR FRP EDVH QD WHRULD QR SDSHO
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
PDVORJRVHSHUFHEHXTXHRTXHHVWDYDSDUDVHUIHLWRQmRGDULDSDUDSURMHWDU
IRUDGDPDUFHQDULD(IRLDVVLPQDSUiWLFDTXHVXUJLUDPVROXo}HVVLPSOHV
HIXQFLRQDLV
eUHOHYDQWHGHVFUHYHULVVRSRLVRSURFHVVRGHFRQFHSomRGHDOJXQV
GHWDOKHV GR SURMHWR IRL IXQGDPHQWDO SDUD R IXQFLRQDPHQWR FRQMXQWR
GRV PHFDQLVPRV SURSRVWRV )RL PXLWR LQWHUHVVDQWH SURMHWDU H FRQFHEHU
VROXo}HVFRPLGpLDVGHPHFDQLVPRVPDVVHPIRUPDVGH¿QLGDV'HVHQKRV
TXH WRPDUDP IRUPD SHOD OHL GD JUDYLGDGH SHOD IXQFLRQDOLGDGH SHOD
HUJRQRPLD
-RJRV FRP HVWH SHU¿O SUHFLVDP GH XP FRQFHLWR PXLWR EHP
GH¿QLGRSRLVpIXQGDPHQWDOTXHQDHWDSDGHGHVHQYROYLPHQWRHJHUDomR
GH DOWHUQDWLYDV VH WHQKD XP GLiORJR EHP HVWDEHOHFLGR FRP D SUiWLFD D
IXQFLRQDOLGDGH H D HUJRQRPLD ( QHVWH FDVR HVSHFL¿FDPHQWH WUDWRXVH
GHHVWDEHOHFHUXPGLiORJRLQWHUGLVFLSOLQDUFRPDSVLFRORJLDHPHVSHFLDO
GHQWUHRXWURVTXHSRGHUiVHUYLVWRQRLWHP
&RPWRGRVVLVWHPDVIXQFLRQDQGRFRPDLQFOLQDomRFHUWDTXHQmR
FDXVDYD XPD GHVFLGD EUXVFD GDV ERODV GH JXGH DFLRQDGRU H ³OL[HLUDV´
SRVLFLRQDGRV JDYHWD RULHQWDGD SDVVRXVH D IXQGDPHQWDU D LGpLD
EXVFDQGRSRULQIRUPDo}HVVREUHDFRPSOH[LGDGHGRWHPDOL[RDVIRUPDV
GH VHQVLELOL]DomR j TXHVWmR DPELHQWDO QD FULDQoD SDUD TXH DWUDYpV GD
LQWHUDWLYLGDGHHGDFXULRVLGDGHRMRJRSXGHVVHSDUWLFLSDUGRSURFHVVRGH
DSUHQGL]DJHPGDFULDQoD
3DUD LVVR IRUDP SHVTXLVDGRV OLYURV GH SVLFRORJLD H IRL UHDOL]DGD
WDPEpP XPD HQWUHYLVWD VHPLHVWUXWXUDGD FRP XPD SVLFyORJD ( SDUD
FRPSURYDUDYLDELOLGDGHGRSURMHWRIRLIHLWDRXWUDSHVTXLVDGHFDPSRFRP
YLVLWDVDPDUFHQDULDVTXHWUDEDOKDPFRP0')SDUDPHGLUHIRWRJUDIDUDV
VREUDVGHXPDSHTXHQDPpGLDHJUDQGHHPSUHVD
5HVXOWDGRV2EWLGRV
2-RJRHR%ULQTXHGR
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
HQYROYH SUHRFXSDo}HV FRP HWLPRORJLD VLJQL¿FDGRV H VLJQL¿FDo}HV 1R
HQWDQWR QHVWH EUHYH UHODWR WHQWDVH DSUHVHQWDU HVVHV TXHVWLRQDPHQWRV D
SDUWLUGHDXWRUHVTXHWUDEDOKDPFRPHVWDWHPiWLFDEXVFDQGRPHVPRTXH
VXSHU¿FLDOPHQWH FRPSUHHQGHU PHOKRU HVWHV WHUPRV VHP D LQWHQomR GH
FRQFOXtORV
-RJR EULQTXHGR O~GLFR 3DODYUDV TXH SRVVXHP XPD WrQXH
GLIHUHQFLDomR HWLPROyJLFD GHSHQGHQGR GD OtQJXD 1D (QFLFORSpGLD
/DURXVVH &XOWXUDO S EULQTXHGR p XP ³REMHWR GHVWLQDGR
D GLYHUWLU XPD FULDQoD´ H WHP VXD UDL] HWLPROyJLFD GHVFRQKHFLGD 1R
HVSDQKROMXJXHWHDVVXPHRVLJQL¿FDGRGHEULQTXHGR'HULYDGRGHMXHJR
MRJRRULJLQiULRGRODWLPMRFXVTXHVLJQL¿FDJUDFHMRJUDoDDVVLPH[SOLFD
5RVDPLOKD4XHFRQWLQXD³2WHUPRO~GLFRpH[SUHVVmRSRUWXJXHVD
RULJLQiULDGROXGRVODWLQRVLQ{QLPRGHMRFXV´5RVDPLOKDS
9ROSDWRSXWLOL]DRH[HPSORGROLYUR³2V0HOKRUHV
-RJRV GR 0XQGR´ SDUD H[SOLFDU D RULJHP GRV EULQTXHGRV H FLWD GRLV
H[HPSORVR[DGUH]HDSHUQDGHSDX2UDTXDOpDVHPHOKDQoDHQWUHXPD
SHUQDGHSDXHXPMRJRWmRLQWHOHFWXDOFRPRR[DGUH]"2[DGUH]pXP
MRJRDSHUQDGHSDXXPEULQTXHGR(TXDQGRHVWHEULQTXHGRpXWLOL]DGR
HPSHoDVFrQLFDVRXQRFDUQDYDO"$LQGDpEULQTXHGR"
-RJR QD (QFLFORSpGLD /DURXVVH &XOWXUDO S DVVXPH
FODVVL¿FDo}HV WDLV FRPR ³DomR GH MRJDU EULQFDGHLUD GLYHUWLPHQWR 2
TXHVHUYHSDUDMRJDUH[HUFtFLRRXGLYHUWLPHQWRVXMHLWRDFHUWDVUHJUDV´
2WHUPRMRJRpFDUUHJDGRGHVHQWLGRVWDLVFRPRMRJRVSROtWLFRVMRJRV
GH FDUWDV MRJR GH VHGXomR$ SROLVVHPLD GHVWD SDODYUD DLQGD SHUPLWH D
FRPSUHHQVmRGH³MRJR´FRPRMiIRLYLVWRFRPRDOJRO~GLFR1RHQWDQWR
TXDQGRFRPSDUDGRDEULQTXHGRDSROLVVHPLDGRWHUPRMRJRQRVOHYDD
UHÀH[mR DSUHVHQWDGD GH +HQUL :DOORQ ³ R SUySULR PRGHOR GH MRJR
RXVHMDMRJRLQIDQWLOVypMRJRSRUPHWiIRUD´DSXG*LOOHVS
2XVHMDEULQTXHGRpHQWHQGLGRSRUXPD³UHODomRFRPDLQIkQFLD´HMRJR
DVVXPHXPVHQWLGRPDLVDPSOR
7DOYH]HVWDSROLVVHPLDGRWHUPRRXVXDDPSODJDPDGHVHQWLGRV
VHMDMXVWL¿FDGDSHODFXOWXUDGRVLPXODFURGRIDQWiVWLFRGLVVLPXODGDWmR
IRUWHPHQWHSHORVPHLRVGHLQIRUPDomRTXHDVVLPLODRVYiULRVWLSRVGH
FRPSHWLomRDRMRJR,QWHUHVVDQWHpUHÀHWLUVREUHDVYiULDVIRUPDVTXHD
SDODYUDMRJRpHQWHQGLGDHH[SORUDUDIXQFLRQDOLGDGHGHVVHVXVRV
1D ELEOLRJUD¿D SHVTXLVDGD QRWRXVH TXH H[LVWH XPD FHUWD
FRPSOH[LGDGH QD GH¿QLomR GHVWHV WHUPRV H SRU HQWHQGHU TXH DPERV
FRQVHJXHPFRPXQLFDUDLGpLDSURSRVWDGHMRJREULQTXHGRHGXFDWLYRQR
SUHVHQWHDUWLJRRVWHUPRVEULQTXHGRHMRJRVHUmRWUDWDGRVFRPRVHPHOKDQWHV
6HPRLQWXLWRGHHQFHUUDUHVWDUHÀH[mRTXHSRGHULDJHUDUYiULDVDQiOLVHV
H DSHQDV WHQWDQGR LQVHULU RXWUR ROKDU SDUD HVWHV WHUPRV DSUHVHQWDVH D
VHJXLUDOJXQVPRPHQWRVKLVWyULFRVGDUHODomRMRJREULQTXHGRHFULDQoD
,QLFLDQGR SHORV UHODWRV %tEOLFRV QR OLYUR GH =DFDULDV
HQFRQWUDVHDSDVVDJHPGH-DYpGRVH[pUFLWRV³9HOKRVHYHOKDVDLQGDVH
VHQWDUmRQDVSUDoDVGH-HUXVDOpPWRGRVGHEHQJDODQDPmRSRUFDXVDGD
LGDGH0DVORJRDVSUDoDVGDFLGDGH¿FDUmRFKHLDVGHPHQLQRVHPHQLQDV
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
DEULQFDUSHODVUXDV´
$LQGD DVVLP VHJXQGR 0DVWRQ DSXG 5RVDPLOKD S
R FULVWLDQLVPR WDQWR R SULPLWLYR TXDQWR R SRVWHULRU QD PDLRU SDUWH GD
KLVWyULD FRQGHQRX D GLYHUVmR H DV IRUPDV GH UHFUHDomR 0DVWRQ DLQGD
DFUHVFHQWDXPWUHFKRGRSHQVDPHQWRGHXPHGXFDGRUDOHPmRGRVpFXOR
;9,,,³$UHFUHDomRGHYHVHUSURLELGDHPWRGDVDVVXDVIRUPDV$V
FULDQoDVGHYHUmRDSUHQGHUTXHDUHFUHDomRDIDVWDUiGH'HXVRHWHUQREHP
VHXFRUDomRHPHQWH´
1mRVmRSRXFDVDVFLWDo}HVTXHD¿UPDPDFUHQoDGDPDOGDGHQDWXUDO
GDFULDQoDHGRVSHULJRVGDUHFUHDomRIXQGDPHQWDGDVSULQFLSDOPHQWHSRU
6DQWR$JRVWLQKR
(VVDLGHRORJLDGRMRJRFRQVROLGDVHQDRSRVLomRTXDVHSDUDGR[DO
GDFXOWXUDRFLGHQWDOVREUHRWUDEDOKRHMRJR1HVWDGLFRWRPLDWUDEDOKRp
FRQVLGHUDGR D ³DWLYLGDGH VpULD´ R ODERU R MRJR FRQVLGHUDGR R RSRVWR
&XULRVR p DQDOLVDU RXWUDV FRQGXWDV FRPR D GR ¿OyVRIR FKLQrV &RQI~FLR
$&$& TXH GL]LD ³$FKH XP WUDEDOKR TXH YRFr DGRUD ID]HU H
QXQFD PDLV WUDEDOKDUi XP GLD VHTXHU QD VXD YLGD´ 1R FDVR R WUDEDOKR
DIDVWDVHGRVRIULPHQWRHSDVVDDSURSRUFLRQDUSUD]HU%XVFDQGRDQiOLVHV
PDLVUHFHQWHVSRGHVHFLWDU³2yFLRFULDWLYR´GH'H0DLVTXHYr
RWUDEDOKRQRVGLDVHPFXUVRFDGDYH]PDLVFRPRXPDDWLYLGDGHFULDWLYD
GLVWDQWHGRODERUVRIULPHQWR
1RWDVH R LQLFLR GH XPD PXGDQoD GH SDUDGLJPD HP 5,==, H
+$<'7SQRTXDOpFRPHQWDGRTXHHP&RPHQLXVTXH
HVFUHYHUDD'LGDFWLFD0DJQDUHFRPHQGDUDRMRJRFRPRPHLRHGXFDWLYR
(VWH EUHYH UHODWR HPERUD TXH VXSHU¿FLDO p IHLWR DSHQDV SDUD
FRQYLGDUDXPDUHÀH[mRVREUHRHQVLQRVREUHRVFRQWUDVWHVHQFRQWUDGRV
KiVpFXORVDWUiVHDLQGDYLVWRVKRMH(TXHVHKiVpFXORVRFRPXPHUD
HQFRQWUDU R FDVWLJR DV SXQLo}HV H D GRPLQDomR WRWDO GR DGXOWR VREUH D
FULDQoD R TXH p IHLWR KRMH" 4XDLV VmR QRVVRV SODQRV SDUD DV SUy[LPDV
JHUDo}HV"(TXHIXWXURpDOPHMDGRSDUDHODV"
$,PSRUWkQFLDGRV-RJRVQD)RUPDomRGD&ULDQoD
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
3DUDFRQFOXLUpYiOLGROHPEUDUTXHRMRJRJHUDXPVHQWLPHQWRPXLWR
SUHVHQWHQDFXOWXUDRFLGHQWDOHQDQDWXUH]DKXPDQDTXHpRGHVXSHUDomR
GHDSHUIHLoRDPHQWR4XDQGRFRORFDGDGLDQWHGHXPPHLRVRFLDODFULDQoD
FRPSUHHQGHRVHQWLGRGDFRRSHUDomRHGDFRPSHWLomRDSUHQGHDUHVSHLWDU
HDWpPHVPRVHIUXVWUDFRPDYLRODomRGDVUHJUDV
2V-RJRV(FROyJLFRV
8PDGDVLQWHQo}HVGHVWHDUWLJRpDGHGLYXOJDURFRQFHLWRGHMRJRV
EULQTXHGRV HFROyJLFRV &RPR R SUySULR QRPH Mi GL] VmR REMHWRV TXH
EXVFDP ID]HU FRP TXH DV FULDQoDV HQWUHP HP FRQWDWR FRP D WHPiWLFD
DPELHQWDOHTXHDRPHVPRWHPSRXWLOL]HPPDWHULDLVUHQRYiYHLVUHFLFOiYHLV
RX UHDSURYHLWDGRV $VVLP R 3LQEDOO GD 5HFLFODJHP IRL GHVHQYROYLGR
VHJXQGRDySWLFDDSUHVHQWDGDSRU0DQ]LQLH9H]ROOLS
$WpRPRPHQWRRHQFRQWURHQWUHRGHVLJQLQGXVWULDOHRWHPDDPELHQWDOWHP
IRFDOL]DGR H SUDWLFDGR SULQFLSDOPHQWH RV SULPHLURV QtYHLV GH LQWHUIHUrQFLD
LQLFLDOPHQWH DSRQWDGRV R UHGHVLJQ DPELHQWDO H SURMHWR GH QRYRV SURGXWRV
HPVXEVWLWXLomRDDTXHOHVH[LVWHQWHVVDEHPRVTXHVHXSDSHOLVRODGRQmR
pVX¿FLHQWHSRLVSDUDDWLQJLUDVXVWHQWDELOLGDGHDPELHQWDOQmRpVX¿FLHQWH
PHOKRUDU R TXH DQWHV Mi H[LVWLD PDV VLP SHQVDU HP SURGXWRV VHUYLoRV H
FRPSRUWDPHQWRVGLYHUVRVGRVFRQKHFLGRVDWpKRMH
$OpPGHVHUHID]HUXPREMHWRpSUHFLVRFULDULQRYDUDPELHQWDOPHQWH
$SURSRVWDDTXLDSUHVHQWDGDpSHQVDUVREUHRGHVHQYROYLPHQWRGHMRJRV
TXHXWLOL]HPPDWHULDLVGLWRVDOWHUQDWLYRVSDUDSURPRYHUDVHQVLELOL]DomR
DPELHQWDOHPFULDQoDVGHPRGRHVSRQWkQHRHPRWLYDGRUTXHHODVYHMDP
QRREMHWRRTXHOKHVpHQVLQDGR
2'HVHQYROYLPHQWRGR-RJR±GLiULRGHERUGR
$JUDQGHPRWLYDomRGHVHGHVHQYROYHUR3LQEDOOGD5HFLFODJHP
HVWHYHQRIDWRGHSRGHUSURSRUVROXo}HVHID]HUFRPTXHRVPHFDQLVPRV
GHVHQYROYLGRVIXQFLRQDVVHPHPFRQMXQWRLVVRSDUDHQWUHWHUHPRWLYDUDV
FULDQoDVDXPWLSRGHWHPD
2 VLVWHPD QR TXDO DV ERODV GH JXGH HQWUDP QR DFLRQDGRU IRL
GHVHQYROYLGR SDUD TXH D FULDQoD QmR VH IUXVWUDVVH FRP R HUUR RX VHMD
DV ERODV TXH HOD SHUGH R FRQWUROH YROWDP SDUD R DFLRQDGRU SHUPLWLQGR
XP QRYR ODQoDPHQWR H XP PDLRU WHPSR GH GLYHUVmR R ~QLFR HUUR TXH
SRGHRFRUUHUpRGHHODDFHUWDUXPDERODQROL[RTXHQmRFRUUHVSRQGHj
FRUFHUWD1HVWHFDVRHODSRGHUiDR¿QDOGRMRJRFRQIHULUTXDQWDVERODV
HODDFHUWRXHTXDQWDVHODHUURXSRLVFDGDXPDGHODVHVWDUiQDGLYLVmRGD
JDYHWDFRUUHVSRQGHQWHRTXHVHSRGHYLVXDOL]DUQD¿JXUDDFLPD
2VLVWHPDGHDFLRQDPHQWRRXVHMDDHQWUDGDGDVERODVGHJXGH
QR MRJR IRL LQLFLDOPHQWH WUDEDOKDGR FRP HOiVWLFRV HQWUHWDQWR SHOR
GHVJDVWHGHVWHPDWHULDOIRLQHFHVViULRDXWLOL]DomRGHPRODV3DUDTXHR
MRJR¿FDVVHPDLVLPSUHYLVtYHOQDVODWHUDLVIRUDPFRORFDGRVHOiVWLFRVTXH
SURSRUFLRQDPDLQVWDELOLGDGHGDVERODVGHJXGHPDQWHQGRDH[SHFWDWLYD
DWHQomR H FRQFHQWUDomR GD FULDQoD RX GR XVXiULR$OpP GLVVR D FRU GD
ERODTXHHQWUDHPMRJRVySRGHVHULGHQWL¿FDGDTXDQGRDPHVPDVREHSHOR
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
VLVWHPDSRLVRGLVSDURGHODRFRUUHSHODSDUWHLQIHULRUHWRGDVHODV¿FDP
³HVFRQGLGDV´DWpTXHVHMDPGLVSDUDGDV
)DL[D(WiULD±3~EOLFRGR-RJR
3LDJHW HP ³$ IRUPDomR GR VtPEROR QD FULDQoD´ IDOD D
UHVSHLWR GR GHVHQYROYLPHQWR GD FULDQoD (P VXD DQiOLVH p D SDUWLU GRV
VHWHDQRVTXHDFULDQoDSDVVDDHQWHQGHURMRJRGHUHJUDVHDGLYHUWLUVH
FRPHOH
'HVWH PRGR HP XP SULPHLUR PRPHQWR FRPR FRQWLQXLGDGH GD
SHVTXLVDVHUiIHLWDXPDDQiOLVHGRFRPSRUWDPHQWRGHFULDQoDVGHD
DQRV IUHQWH DR MRJR GHVHQYROYLGR$SyV HVWD HWDSD R PHVPR VHUi IHLWR
FRPFULDQoDVGHDDQRVFRQIRUPHVXJHULGRQRPHVPROLYURGH3LDJHW
$SHVTXLVDVHUiUHDOL]DGDDSHQDVSDUDYHUL¿FDUDFRPSUHHQVmRGR
MRJRHVXDVUHJUDVDVGL¿FXOGDGHVHKDELOLGDGHVDVVLPFRPRDVHJXUDQoDHD
HIHWLYLGDGHGDVHQVLELOL]DomRSDUDDDERUGDJHPGROL[RFRPRSUREOHPD
1mRVHUiIHLWDSHVTXLVDFRPFULDQoDVDEDL[RGHDQRVSHORIDWRGH
RMRJRFRQWHUEROLQKDVGHJXGHTXHSRGHH[SRUDVFULDQoDVDULVFRV
(VWXGRGH&DPSR
(PXPSUpYLRHVWXGRQDFLGDGHGH&DPSR0RXUmR3DUDQiIRL
UHDOL]DGRXPDSHVTXLVDGHFDPSRHPWUrVHPSUHVDV$ SULPHLUD 5K\NV
0yYHLVFRPIXQFLRQiULRVDVHJXQGD0yYHLV'\GLPRFRPIXQFLRQiULRV
HDWHUFHLUD2¿FLQDGRV0yYHLVFRPIXQFLRQiULRV(PVHJXLGDIRLIHLWD
XPDYLVLWDD0DUWLQXFFLYLGH¿JXUDHPSUHVDGHJUDQGHSRUWHFRPPDLV
GHIXQFLRQiULRVTXHWUDEDOKDFRPDJORPHUDGRH0')ORFDOL]DGDHP
6DUDQGL3DUDQi
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
1RWRXVH QHVWD SHVTXLVD TXH UHDOPHQWH PXLWD PDWpULD SULPD
p GHVSHUGLoDGD FRPR QR FDVR GD 0yYHLV '\GLPR TXH PHVPR FRP R
UHDSURYHLWDPHQWR FKHJD D GHVWLQDU FHUFD GH XPD FDoDPED SRU VHPDQD
QR OL[R 3DUD XP MRJR TXH VH SURS}H UHXWLOL]DU DV VREUDV GD LQG~VWULD
PRYHOHLUD HVWDV LQIRUPDo}HV VmR IXQGDPHQWDLV SRLV R TXH SDUD HVWDV
HPSUHVDVpOL[RSDUDRVMRJRVpPDWpULDSULPD
&RPLVVRDWpHQWmRSHVTXLVDGRSRGHVHQRWDUTXHDFRQIHFomRGR
MRJRFRPDXWLOL]DomRGHGHVREUDVWRUQDVHLQYLiYHO1RHQWDQWRR
XVRGDVPHVPDVHPJUDQGHSDUWHGREULQTXHGRpYLiYHOFRQVLGHUDQGRDLQGD
TXHDOJXPDVSHoDVSRGHPVHUSURGX]LGDVDSDUWLUGHFKDSDVLQWHLUDV
$ SDUWH LQWHUQD FRPSRVWD GH SHTXHQDV SHoDV QmR p YLVtYHO
VHQGR DVVLP QmR LPSRUWD D FRU GR 0') H VHX DFDEDPHQWR VRPHQWH D
HVSHVVXUD
2XWUDSURSRVWDpUHDOL]DUXPDSHVTXLVDGHFLGDGHVTXHSRVVXHP
JUDQGHSURGXomRGHPyYHLVHP0')GHVWHPRGRRSURGXWRUGHVWHVMRJRV
VHULDDSHQDVUHVSRQViYHOSHORWUDQVSRUWHHVHOHomRGDPDWpULDSULPD
8PD IRUPD GH XWLOL]DomR TXH YHP VHQGR SUDWLFDGD SRU GLYHUVDV
SHVVRDVpDXWLOL]DomRGDVVREUDVFRPRIRQWHGHHQHUJLDHPVXDVUHVLGrQFLDV
6HJXQGRHPDLOHQYLDGRD0DVLVDFRPUHODomRjTXHLPDGR0')REWHYH
VHDVHJXLQWHUHVSRVWD³1mRTXHLPDPRVHQmRUHFRPHQGDPRVDTXHLPD
GHVREUDVGH0')FUX26%RXGD0HODQLQDHHVWDSUiWLFDp¿VFDOL]DGD
SHORyUJmRDPELHQWDOGHFDGDUHJLmR´
20HUFDGRGH%ULQTXHGRV
3DUD DERUGDU R PHUFDGR GH EULQTXHGRV QR %UDVLO IRL IHLWD XPD
FRQVXOWD QR VLWH GR 0LQLVWpULR GR 'HVHQYROYLPHQWR 2EVHUYRXVH TXH
RV EULQTXHGRV HVWmR FDWHJRUL]DGRV FRPR XP GRV ³SULQFLSDLV VHJPHQWRV
LQGXVWULDLV´ H FRPR PXLWRV RXWURV SURGXWRV HVWHV HQWUDUDP QDV ³$o}HV
6HWRULDLVSDUDR$XPHQWRGD&RPSHWLWLYLGDGHGD,QG~VWULD%UDVLOHLUD´
$LQG~VWULDGHEULQTXHGRVQR%UDVLOpFRQVWLWXtGDSULQFLSDOPHQWH
SRUPpGLDVHSHTXHQDVHPSUHVDV2JRYHUQREUDVLOHLURSUHRFXSDGRFRP
RDOWRtQGLFHGHSURMHWRVH[WHUQRVODQoRXHPR3URJUDPD
%UDVLOHLUR GR 'HVLJQ (VWH 3URJUDPD WHYH UHSHUFXVVmR QR PHUFDGR GH
EULQTXHGRVFRPDHODERUDomRGRPDQXDO³&RPRFULDUQRYRVEULQTXHGRV´
2HPSUHViULR6\QpVLR%DWLVWDGD&RVWDSUHVLGHQWHGD$EULQT$VVRFLDomR
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
%UDVLOHLUDGRV)DEULFDQWHVGH%ULQTXHGRVDSRQWDRFHQiULRGRVEULQTXHGRV
QR%UDVLO
3DUD R HPSUHViULR SUHYr XP FUHVFLPHQWR PpGLR GH (P
D LQG~VWULD GH EULQTXHGRV IDWXURX 5 PLOK}HV HPSUHJRX
WUDEDOKDGRUHVHPVXDVIiEULFDVHPWRGRR3DtV
2VHWRUGHEULQTXHGRVYDLODQoDUGXUDQWHD$%5,1>)HLUD
%UDVLOHLUDGH%ULQTXHGRV@QRYRVEULQTXHGRV
1mRKiSDUDPLPQDGLIHUHQoDHQD³GLVWkQFLD´HQWUHDLQJHQXLGDGH
HDFULWLFLGDGHHQWUHRVDEHUGHSXUDH[SHULrQFLDIHLWRHRTXHUHVXOWD
GRV SURFHGLPHQWRV PHWRGLFDPHQWH ULJRURVRV XPD UXSWXUD PDV
XPD VXSHUDomR$ VXSHUDomR H QmR UXSWXUD VH Gi QD PHGLGD HP TXH
DFXULRVLGDGHLQJrQXDVHPGHL[DUGHVHUFXULRVLGDGHSHORFRQWUiULR
FRQWLQXDQGRDVHUFXULRVLGDGHVHFULWLFL]D$RFULWLFL]DUVHWRUQDQGRVH
HQWmRSHUPLWRPHUHSHWLUFXULRVLGDGHHSLVWHPROyJLFDPHWRGLFDPHQWH
³ULJRUL]DQGRVH´QDVXDDSUR[LPDomRGRREMHWRFRQRWDVHXVDFKDGRV
GHPDLRUH[DWLGmR
$VVLPPXLWDVLQVWLJDo}HVFRPSOHPHQWDUHVjVFXULRVLGDGHVSRGHP
VHUIHLWDV([HPSORGLVVRpDSUHVHQWDUHVWDUHDOLGDGHjVFULDQoDV3HQVDU
TXH WLSR GH UHÀH[mR SRGH JHUDU QXPD FULDQoD GLDQWH GH XP ³OL[mR´ RX
QXPDFHQWUDOGHUHFLFODJHP(FRPRGLVFLSOLQDVFRPRKLVWyULDJHRJUD¿D
ELRORJLDPDWHPiWLFDHWFSRGHULDPXWLOL]DUHVWHWHPDFRPRXPDSURSRVWD
LQWHUGLVFLSOLQDU1DTXDOVHHVWXGDRSHVRGROL[RHVHXYDORUFRPHUFLDO
PDWHPiWLFDRFLFORGRQLWURJrQLRELRORJLD
(VWDV LQIRUPDo}HV EHP FRPR DOJR VLPLODU DR DSUHVHQWDGR QRV
OLYURV%ULQTXHGRV (QJHQKRFDV:(,66H2%ULQTXHGRVXFDWDH
DFULDQoD0$&+$'2HVWDUmRFRQWLGDVQRPDQXDOTXHIDUiSDUWH
LQWHJUDQWHGRMRJR&RQJUHJDQGRDVVLPFRQKHFLPHQWRVHDSOLFDo}HVGR
GHVLJQLQGXVWULDOHJUi¿FRQRGHVHQYROYLPHQWRGHEULQTXHGRVHFROyJLFRV
'HL[DQGRRGHVLJQDVHUYLoRGHSVLFyORJRVHHGXFDGRUHV
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
&RQVLGHUDo}HV)LQDLV
5HIHUrQFLDV%LEOLRJUi¿FDV
$1781(6&HOVR-RJRVSDUDHVWLPXODomRGDVP~OWLSODVLQWHOLJrQFLDV
HG3HWUySROLV5-9R]HVS±
%Ë%/,$3RUWXJXrV%tEOLD6DJUDGD(GLomR3DVWRUDOHG6mR3DXOR
3DXOXV
'(0$6,'RPHQLFR2ÏFLR&ULDWLYRHG5LRGH-DQHLUR6H[WDQWH
',&,21È5,2 GH SVLFRORJLD GD FULDQoD /LVERD 6mR 3DXOR 9HUER
)5(,5( 3 3HGDJRJLD GD $XWRQRPLD 6DEHUHV 1HFHVViULRV j 3UiWLFD
(GXFDWLYD6mR3DXOR(G3D]H7HUUD
*,//(6%URXJqUH-RJRH(GXFDomR3RUWR$OHJUH$UWHV0pGLFDV
S
*UDQGH(QFLFORSpGLD/DURXVVH&XOWXUDO6mR3DXOR
0$&+$'2 0DULQD 0DUFRQGHV 2 EULQTXHGRVXFDWD H D FULDQoD$
LPSRUWkQFLD GR EULQFDU $WLYLGDGHV H PDWHULDLV 6mR 3DXOR /R\ROD
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ
S
0$1=,1,&DUORV9(=2//,&DUORV2'HVHQYROYLPHQWRGH3URGXWRV
6XVWHQWiYHLV6mR3DXOR(GLWRUDGD8QLYHUVLGDGHGH6mR3DXOR
S
3,$*(7-HDQ$)RUPDomRGR6tPERORQD&ULDQoD,PLWDomRMRJRH
VRQKRLPDJHPHUHSUHVHQWDomR5LRGH-DQHLUR=DKDUHGLWRUHV
526$0,/+$ 1HOVRQ 3VLFRORJLD GR MRJR H DSUHQGL]DJHP LQIDQWLO
6mR3DXOR3LRQHLUDS
5,==, /HRQRU +$<'7 5HJLQD &pOLD $WLYLGDGHV /~GLFDV QD
(GXFDomRGD&ULDQoDHGLomR6mR3DXORÈWLFD
92/3$72*LOGR-RJREULQFDGHLUDHEULQTXHGRXVRVHVLJQL¿FDo}HV
QRFRQWH[WRHVFRODUHIDPLOLDU)ORULDQySROLV&LGDGH)XWXUD
:(,66/XLVH%ULQTXHGRV HQJHQKRFDVDWLYLGDGHVO~GLFDVFRPVXFDWD
6mR3DXOR6FLSLRQH
BBBBBB 'HVHQYROYLPHQWR GD 3URGXomR ,Q 0LQLVWpULR GR
'HVHQYROYLPHQWRKWWSZZZGHVHQYROYLPHQWRJRYEUDUTXLYRSXEOLFDFRHV
VGSDFR6HW$XP&RP,QG%UDVLOHLUDDVDFSGI
)RRWQRWHV
$V LQG~VWULDV GH PyYHLV HP 0') FRPXPHQWH WUDEDOKDP FRP HVSHVVXUDV GH FKDSDV GLVWLQWDV
MXVWDPHQWH SHODV QHFHVVLGDGHV GHVVHV PyYHLV 3DUD ¿FDU PDLV FODUR HP IXQGRV GH JDYHWDV VmR
XWLOL]DGRVHVSHVVXUDVPDLV¿QDVHPWDPSRVGHPHVDPDLVJURVVDV
/RJLFDPHQWHHVWDLGDGHQmRpFRPXPDWRGDVDVFULDQoDVSRGHQGRVHUGHVHQYROYLGRDOJXQVDQRV
DQWHVRXGHSRLVGRVVHWHDQRV
KWWSZZZDEULQTFRPEULQGH[FIP"FRQWHXGRBLG
&RQJUHVVRGH3HVTXLVD 'HVHQYROYLPHQWRHP'HVLJQ