filooeduoutrafilo

)LORVR¿DGD(GXFDomRXPDRXWUD¿ORVR¿D"
(GLomRUHYLVWDRXWXEURGH
7DUVR%RQLOKD0D]]RWWL²8)5-)DFXOGDGHGH(GXFDomR
2GHVD¿RGHHQVLQDU¿ORVR¿DGDHGXFDomRSDUHFHLGrQWLFRDRTXHWHPFDUDFWHUL]DGRRHQVLQRGD
¿ORRVR¿DWRXWFRXUW1RHQWDQWRD¿ORVR¿DGDHGXFDomRS}HLPHGLDWDPHQWHRSUREOHPDGHVXD
SHUWLQrQFLDKDYHULDXPD¿ORVR¿DGDHGXFDomR"$¿ORVR¿DGDHGXFDomRVHULDXPD³DSOLFDomR´
GHDOJXPD¿ORVR¿D"3RURXWURODGRVHUiTXHD¿ORVR¿DGDHGXFDomRWHPSRUWDUHIDRHVWDEHOHFL
PHQWRGRVYDORUHVHGXFDWLYRV"
1HVWHWUDEDOKRH[DPLQDUHLDVUHVSRVWDVPDLVFRPXQVDHVWDVTXHVW}HVLQLFLDQGRSHODD¿UPDomR
GHTXHD¿ORVR¿DGDHGXFDomRpXPDDSOLFDomRGHDOJXPD¿ORVR¿D'HSRLVH[DPLQDUHLDQRomR
GH¿ORVR¿DGDHGXFDomRFRPRXPDGLVFLSOLQDTXHGHWHUPLQDGHDOJXPDPDQHLUDRVYDORUHVGD
HGXFDomR)LQDOPHQWHSURFXUDUHLPRVWUDUTXHD¿ORVR¿DGDHGXFDomRWHPSRUWDUHIDHOXFLGDUDV
WHRULDVSHGDJyJLFDVDtLQFOXtGRVRVYDORUHVHGXFDFLRQDLVFRPRREMHWLYRGHFRQWULEXLUSDUDD
HIHWLYDomRGDLQWHUGLVFLSOLQDULGDGHGDSHGDJRJLDFRQGLomRUHÀH[LYDGDSUiWLFDHGXFDWLYD
)LORVR¿DGDHGXFDomRVHULDXPDDSOLFDomRGHDOJXPD¿ORVR¿D"
8PDGDVFDUDFWHUL]Do}HVGD¿ORVR¿DGDHGXFDomRFRQVLGHUDDXPDDSOLFDomRGHDOJXPD¿ORVR¿D
(VWDPDQHLUDGHYHUUHTXHUTXHVHGHWHUPLQHD¿ORVR¿DTXHGHYHVHUDSOLFDGDjHGXFDomRHVFR
OKDTXHSRUVXDYH]H[LJHRH[DPHGHWRGDVDV¿ORVR¿DWHQGRSRUEDVHDOJXPVLVWHPDVXSUDRX
H[WUD¿ORVy¿FRRTXHpXPDLPSRVVLELOLGDGH8PDDOWHUQDWLYDDHVWDLPSRVVLELOLGDGHpD¿UPDU
DVXSHULRULGDGHGHXPDGDGD¿ORVR¿DDLQGDTXHQHQKXPDHVFROKDGHVWHWLSRSRVVDVHUMXVWL¿
FDGDUDFLRQDOPHQWH2UHVXOWDGRpDDU¿UPDomRGRJPiWLFDGDVXSHULRULGDGHGHXPD¿ORVR¿D
SHUGHQGRVHXPDGDVFDUDFWHUtVWLFDVPDLVVDOLHQWHVGRSHQVDPHQWR¿ORVy¿FRDVXDFULWLFLGDGH
2XWUDDOWHUQDWLYDpUHFRQKHFHUTXHWRGDHTXDOTXHU¿ORVR
¿DDSUHVHQWDVHFRPRXPDSHGDJRJLDSRLVWRGD¿ORVR¿D
HVWDEHOHFHXPSHUFXUVRSDUDDHOXFLGDomRGHSUREOHPDV
KXPDQRVHVHS}HFRPRRPRGRDGHTXDGRHFRUUHWRGH
HOHYDUDFRQVFLrQFLDLPHGLDWDjFRQVFLrQFLDPHGLDWD'H
IDWRWRGD¿ORVR¿DH[S}HXPDGHWHUPLQDGDFRQFHSomRGR
SURFHVVRGHHOHYDomRGDFRQVFLrQFLDLPHGLDWDjPHGLDWD
H GHVVH PRGR p XPD WHRULD SHGDJyJLFD (VVD PDQHLUD
GH YHU QRV FRQGX] QRYDPHQWH j FRQGLomR GH HVFROKD GH
XPD ¿ORVR¿D DGHTXDGD D FHUWR PRPHQWR KLVWyULFR 1R
HQWDQWRRVFULWpULRVGHHVFROKDWUD]HPHPVLRVUHFRUWHV
GRPXQGRHGDVXEMHWLYLGDGHUHFRQGX]LQGRDRSUREOHPD
LQLFLDO TXDO ¿ORVR¿D SRGH RULHQWDU FRP VHJXUDQoD D
GHWHUPLQDomRGRVFULWpULRVGHHVFROKD"$WpRQGHVHLQmR
KiWDOSRVVLELOLGDGHDQmRVHUTXHDEDQGRQHPRVGHYH]
TXDOTXHUPHWDItVLFD0DVDRTXHWXGRLQGLFDQmRSRGH
PRVDEDQGRQDUDPHWDItVLFDXPDYH]TXHPXLWRVMXt]RV
VREUH R PXQGR H[SUHVVDP FUHQoDV LQGHPRQVWUiYHLV RX
UDFLRQDPHQWHLQMXVWL¿FiYHLV3RUH[HPSORHXDFUHGLWRTXH
,Q*+,5$/'(//,-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$
HGLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
KiDOJXPDRUGHPQRXQLYHUVRPHVPRQmRSRGHQGRMXVWL¿FDUUDFLRQDOPHQWHHVVDFUHQoD(OD
Vy SRGH VHU MXVWL¿FDGD GH PDQHLUD HOrQWLFD D¿UPDQGR TXH DWp DJRUD HOD VXVWHQWRX FRP r[LWR
DVLQYHVWLJDo}HVGDVFLrQFLDVPRGHUQDVHGDV¿ORVR¿DVUDFLRQDLVORJRVHPHVVDFUHQoDFKHJDUt
DPRVjLPSRVVLELOLGDGHGDFRQVWLWXLomRGHFRQKHFLPHQWRVFRQ¿iYHLV&DVRVHD¿UPHRRSRVWR
RXVHMDTXHQmRKiRUGHPQRXQLYHUVRWDPEpPVHHVWDUiVXVWHQWDQGRXPDFUHQoDLJXDOPHQWH
LQMXVWL¿FiYHO
6HD¿ORVR¿DGDHGXFDomRIRUFRQVLGHUDGDXPDDSOLFDomRGHDOJXPD¿ORVR¿DHQWmRRSUREOHPD
GDHVFROKDGHVVD¿ORVR¿DGHYHUiVHUGHL[DGRDFDGDSURIHVVRUTXHDHQVLQDVHJXQGRDPHWDItVLFD
TXHHOHVXVWHQWH(VVD¿ORVR¿DGHOLYUHHVFROKDGRSURIHVVRUQmRSRGHVHUMXVWL¿FDGDSRUPHLR
GH DOJXP FULWpULR VXSUD LQGLYLGXDO (YHQWXDOPHQWH p SRVVtYHO TXH PXLWRV SURIHVVRUHV DGRWHP
XPDPHVPDSRVLomR¿ORVy¿FDH[SUHVVDQGRGHWHUPLQDGDVFRQGLo}HVKLVWyULFDVHVRFLDLVRTXH
LPSOLFD GL]HU TXH HVVD SRVLomR p VRFLDOPHQWH PDUFDGD H TXH SRGH VHU VXEVWLWXtGD SRU RXWUD
VHJXQGRQRYDVFRQGLo}HVFXOWXUDLV'HIDWRDRVHFRQVLGHUDUTXHXPD¿ORVR¿DpGHSHQGHQWHGD
HVFROKD LQGLYLGXDO VH HVWi D¿UPDQGR D LPSRVVLELOLGDGH GH TXDOTXHU DUJXPHQWDomR ¿ORVy¿FD
FRPRRID]HPRVFpWLFRVUDGLFDLV1RHQWDQWRRFDUiWHUGDDUJXPHQWDomR¿ORVy¿FDpDSUHVHQ
WDUVHFRPRXQLYHUVDOLGDGH3RGHVHGL]HUHQWmRTXHD¿ORVR¿DGDHGXFDomRVySRGHDVHUDSUH
VHQWDGDFRPRWDOFDVRVHDFHLWHDOJXPD¿ORVR¿DUDFLRQDODTXDOKLVWRULFDPHQWHVHDSUHVHQWDQR
ORQJRGHEDWHFHQWUDGRQRHVWDEHOHFLPHQWRGDXQLYHUVDOLGDGH&DVRQmRVHMDDVVLPHQWmRWRGD
¿ORVR¿DVHPRVWUDLQYLiYHOHGHVQHFHVViULD
eQRkPELWRGD¿ORVR¿DUDFLRQDOVHMDHODTXDOIRUTXHD¿ORVR¿DGDHGXFDomRSRGHVHUSRVWD
FRPRXPDGLVFLSOLQDTXHWHPSRUREMHWLYRDHOXFLGDomRGRVFRQKHFLPHQWRVHGXFDFLRQDLVHGDV
WHRULDVSHGDJyJLFDV1HVVHFDVRRREMHWRGD¿ORVR¿DGDHGXFDomRpFRQVWLWXtGRSHORVFRQKHFL
PHQWRVHLQVWUXPHQWRVQHFHVViULRVDRHVFODUHFLPHQWRGHWHUPLQDGRSHODVFDUDFWHUtVWLFDVGDTXH
OHVFRQKHFLPHQWRV
(VVDSRVLomRLPSOLFDDVXSHUDomRGRSUREOHPDGDHVFROKDGD¿ORVR¿DDGHTXDGD"
&HUWDPHQWHQmR&RPRMiGLVVHpXPDHVFROKDGHWHUPLQDGDSHODFUHQoDQDSRVVLELOLGDGHGHVH
FRQKHFHURPXQGRHWDPEpPSHODFUHQoDGHTXHHVVHFRQKHFLPHQWRWHPRULJHPQDVDWLYLGDGHV
RXSUiWLFDVKXPDQDV
(VVD HVFROKD DVVXPH TXH DV SUiWLFDV KXPDQDV DSUHVHQWDP GRLV DVSHFWRV LQGLVVRFLiYHLV R
DVSHFWRHIHWLYRHRLQIHUHQFLDO2DVSHFWRHIHWLYRGDDomRpDYDOLiYHOSHORVXFHVVRRXIUDFDVVR
QD UHDOL]DomR GR GHVHMDGR H R DVSHFWR LQIHUHQFLDO RX DQWHFLSDWyULR DSUHVHQWDVH FRPR XPD
H[SOLFDomRGRUHDOL]DGRRXDVHUUHDOL]DGR(VVHVHJXQGRDVSHFWRGiRULJHPjVUHSUHVHQWDo}HV
LPDJHQVH[SOLFDo}HVGRPXQGRHVHXIXQFLRQDPHQWRRXVHMDHQJHQGUDGHVGHWHRULDVLQJrQXDV
DWpDVWHRULDVFUtWLFDV(VWDVWHRULDVVmRRVFRQKHFLPHQWRVTXHSRUVXDYH]SRGHUVHUREMHWRVGDV
GLYHUVDVFLrQFLDV
$ DQiOLVH GHVVHV FRQKHFLPHQWRV SRGH VHU UHDOL]DGD WDQWR SHOD DQDOtWLFD ²KRMH FRQKHFLGD SRU
µOyJLFD¶²TXDQWRSHODGLDOpWLFDHSHODUHWyULFD7RGDVHVVDVIRUPDVGHDUJXPHQWDomRWrPSRU
EDVH R VLORJLVPR H VXDV ¿JXUDV 2 VLORJLVPR HPSUHJDGR HP FDGD XPD GDTXHODV IRUPDV GH
DUJXPHQWDomR DSUHVHQWD TXDOLGDGHV GLIHUHQWHV VHJXQGR R FDUiWHU GH VXDV SUHPLVVDV $VVLP
DVSUHPLVVDVGRVVLORJLVPRVDQDOtWLFRVGHYHPVHUYHUGDGHLUDVSDUDTXHVXDVFRQFOXV}HVVHMDP
QHFHVVDULDPHQWHYHUGDGHLUDV-iDVSUHPLVVDVGDDUJXPHQWDomRGLDOpWLFDQDDFHSomRDULVWRWp
OLFDVmRKLSRWpWLFDVHDFRQFOXVmRpRPDLVSURYiYHODSUHVHQWDQGRVHFRPRDIRUPDGDµOyJLFD
LQGXWLYD¶1DDUJXPHQWDomRUHWyULFD²HQWLQHPDV²DVSUHPLVVDVGRVLORJLVPRVmRYHURVVtPHLV
DVTXHDDXGLrQFLDFRQVLGHUDYHURVVtPHLVUHVXOWDQGRQXPDFRQFOXVmRSODXVtYHO(VVDVGLYHUVDV
IRUPDVGHDUJXPHQWDomRVmRWDPEpPIRUPDVSHODVTXDLVFRQVWUXtPRVHDQDOLVDPRVRVGLVFXU
VRV(QTXDQWRIRUPDVGHDQiOLVHQmRLPSOLFDPLPHGLDWDPHQWHXPDRSomR¿ORVy¿FDDQmRVHU
TXHVHTXHLUDIXQGDPHQWiODV1HVVHFDVRRSUREOHPDQmRpGHIDWRGRVLQVWUXPHQWRVPDV
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
GRVIXQGDPHQWRVGHVVHLQVWUXPHQWDO3RUFHUWRRH[DPHGRVIXQGDPHQWRVGHVVHLQVWUXPHQWDOp
H[WUHPDPHQWHUHOHYDQWHDRVHXDSHUIHLoRDPHQWRDLQGDTXHQmRVHMDLPSUHVFLQGtYHOjUHDOL]DomR
GRH[DPHGRVDUJXPHQWRVDSUHVHQWDGRVQDVWHRULDV
3RGHUVHLDFRQFOXLUDSUHVVDGDPHQWHTXHHVWRXGHIHQGHQGRDQHXWUDOLGDGH¿ORVy¿FDGRVLQV
WUXPHQWRVGHLQYHVWLJDomR'HPDQHLUDDOJXPD-iD¿UPHLDLPSRVVLELOLGDGHGDQHXWUDOLGDGH
¿ORVy¿FDDRVXVWHQWDUTXHGDVSUiWLFDVKXPDQDVVHFRQVWLWXHPWHRULDVTXHSRGHPVHUDYDOLDGDV
SRULQVWUXPHQWRVKXPDQRVFRQVWLWXtGRVDRORQJRGDKLVWyULDGRSHQVDPHQWRDOyJLFDDGLDOp
WLFDHDUHWyULFD0DVHVVDSRVLomRQmRLPSOLFDFRQVLGHUDUTXHD¿ORVR¿DGH$ULVWyWHOHVQDTXDO
VH EDVHLD HVVD FRQFHSomR WULSDUWLWH GRV LQVWUXPHQWRV GR SHQVDPHQWR VHMD SDUDGLJPiWLFD $R
FRQWUiULWRRORQJRHH[WHQVRGHEDWHGD¿ORVR¿DQmRSHUPLWHTXHDFHLWHPRVLQJHQXDPHQWHWRGDV
DVREVHUYDF}HVGH$ULVWyWHOHVRXGHTXDOTXHURXWUR¿OyVRIRSRUPDLVLPSRUWDQWHTXHVHMD
(PVXPDSDUDPLPD¿ORVR¿DGDHGXFDomRSDUHFHWHUXPDWDUHIDFHQWUDODGHHOXFLGDURFRQKH
FLPHQWR HGXFDFLRQDO SDUWLFXODUPHQWH DV WHRULDV SHGDJyJLFDV SRU PHLR GDV DQiOLVHV OyJLFDV
GLDOpWLFDVHUHWyULFDV(VVDVDQiOLVHVVXVWHQWDPVHQRVLQVWUXPHQWRVFRQVWLWXtGRVSDUDUHDOL]DU
RH[DPHGHHQXQFLDGRVVREUHDYHUGDGHQRFDVRGDOyJLFDSDUDFUtWLFDGRVHQXQFLDGRVKLSR
WpWLFRGHGXWLYRV QR FDVR GD GLDOpWLFD HRX OyJLFD LQGXWLYD H SDUD D DYDOLDomR GRV HQXQFLDGRV
TXHEXVFDPDSHUVXDomRHRSUD]HUQRFDVRGDUHWyULFD(VVDVIRUPDVGHDUJXPHQWDomRHQFRQ
WUDPVHSUHVHQWHVQDVWHRULDVSHGDJyJLFDFRPRHPTXDOTXHUWHRULDVHQGRSUHFLVRH[DPLQiODV
FRPFXLGDGRSDUDYHUL¿FDUVXDSHUWLQrQFLDDGHTXDomRHDOLFLDPHQWRFDVRVHSUHWHQGDFRPSUH
HQGHUHGHVHQYROYHUDTXHODVWHRULDV
([DPLQDUHPRV DJRUD D SURSRVLomR TXH VXVWHQWD TXH D ¿ORVR¿D GD HGXFDomR WHP SRU WDUHID D
GHWHUPLQDomRGRVYDORUHVHGXFDWLYRV
$¿ORVR¿DGDHGXFDomRGHWHUPLQDULDRVYDORUHVHGXFDWLYRV"
3DUDPXLWDVSHVVRDVHQYROYLGDVQDIRUPDomRGHSURIHVVRUHVROXJDUGD¿ORVR¿DGDHGXFDomRpR
GDGHWHUPLQDomRGRVYDORUHVHGXFDWLYRV1yVSURIHVVRUHVGH¿ORVR¿DGDHGXFDomRVRPRVFKD
PDGRVDH[DPLQDURVYDORUHVHGXFDWLYRVDH[SRUDV¿OLDo}HVGHVVHVYDORUHVVHJXQGRDVGLYHUVDV
¿ORVR¿DVHQROLPLWHFRQFLWDPQRVDGHWHUPLQDUTXDLVRVYDORUHVTXHGHYHULDPVHUGHVHQYRO
YLGRVQDVHVFRODV'HVVDPDQHLUDRV¿OyVRIRVGDHGXFDomRVmRFKDPDGRVDVHUHPDJHQWHVGH
SURSRVWDVpWLFDVHRXSROtWLFDV(VVDPDQHULDGHFRQVLGHUDUD¿ORVR¿DGDHGXFDomRpVLPLODUj
SRVLomRGH$ULVWyWHOHVQDTXDODSROtWLFDVHDSUHVHQWDFRPRFRQKHFLPHQWRFLrQFLDDUTXLWHW{QLFD
D~QLFDDTXDORVµKRPHQVOLYUHV¶GHYHPGHGLFDUVHFIeWLFD1LFRPDTXpLD
(VVD FRQFHSomR GH pWLFD FRPR FRQKHFLPHQWR SUySULR GR µKRPHP OLYUH¶ H GH µSROtWLFD¶ FRPR
FLrQFLDDUTXLWHW{QLFDRXDTXHGiRDFDEDPHQWRDRVFRQKHFLPHQWRVSUiWLFRVIRLDEDODGDSHOR
GHVHQYROYLPHQWRGRPRGRGHSURGXomRFDSLWDOLVWDTXHWRUQRXWRGRVRVKRPHQVOLYUHVRXVHMD
H[WLQJXLXDHVFUDYLGmRVHUYLGmRQD(XURSD2FLGHQWDOID]HQGRGHFDGDKRPHPSURSULHWiULRQR
PtQLPRGHVHXSUySULRFRUSR(VVDUHYROXomRVRFLDOFRPDQGDGDSHODFODVVHEXUJXHVDH[LJLX
DUHYLVmRGDFRQFHSomRDQWHULRUGHpWLFDHSROtWLFDDRHVWDEHOHFHUTXHµpWLFD¶HµSROtWLFD¶HQFRQ
WUDPVHH[SUHVVDVQRGLUHLWRFLYLOJDUDQWLGRSHOR(VWDGRODLFRHUHSUHVHQWDWLYR(VVDWUDQVIRUPD
omRFRPRVHVDEHQmRIRLUHDOL]DGDSHORV¿OyVRIRVPDVSRUKRPHQVSUiWLFRVTXHHQJHQGUDUDPD
YLGDVRFLDOPRGHUQDHHVWDEHOHFHUDPQRUPDVHIRUPDVGRGLUHLWRGDVSHVVRDVHGDVLQVWLWXLo}HV
QRLQWHULRUGHOXWDVPDLVRXPHQRVFUXHQWDVFRPRDVTXHRFRUUHUDPQD,QJODWHUUDQRSHUtRGR
GHFI+LOO1HVVDVOXWDVHVWDEHOHFHUDPVHDVOLQKDVIXQGDPHQWDLVGRTXHHP
QRVVRVGLDVGHQRPLQDPRVHVWDGRGHGLUHLWR+HJHOSRUH[HPSORHPVXD¿ORVR¿DGDKLVWyULD
D¿UPDTXHR(VWDGRUDFLRQDORXGHGLUHLWRpGHIDWRXPDLGpLDDVHUHIHWLYDGDQDYLGDFRPXP
1D YLGD FLYLO RX FRPXP HVVD UDFLRQDOLGDGH GHYH VHU DSOLFDGD SDUD TXH VH WRUQH FRQIRUPH j
LGpLD RX UD]mR ([DWDPHQWH SRU LVVR QmR FDEHULD DR ¿OyVRIR D GHWHUPLQDomR GR TXH GHYH VHU
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
UHDOL]DGRSRLVRTXHGHYHVHUWRUQDGRHIHWLYRRXUHDOMipFRQKHFLGRSHORVKRPHQVPRGHUQRV
TXHH[SUHVVDPRHVStULWRGRSRYR¬¿ORVR¿DFDEHULDRWUDEDOKRGHQRWiULDGDKLVWyULDRXVHMDD
WDUHIDGHLQWHUSUHWDURUHDOL]DGRSHODUD]mRRXHVStULWRHPVHXPRYLPHQWRKLVWyULFRXQLYHUVDO
'DtDSHUWLQrQFLDHH[WHQVmRGDPHWiIRUDKHJHOLDQDGD¿ORVR¿DFRPRRµPRFKRGH$WHQDV¶TXH
DOoD VHX Y{R QR HQWDUGHFHU 'H IDWR +HJHO SDUWLOKDYD D QRomR FRUUHQWH HQWUH RV LOXPLQLVWDV
VHJXQGRDTXDODpWLFDpXPFRQKHFLPHQWRFRPXPXPVHQVRFRPXPQmRVHQGRSUHFLVRTXDO
TXHUSUHSDUDomRHVSHFLDOSDUDFRPSUHHQGHURVGLUHLWRVHGHYHUHVXPDYH]TXHDHWLFLGDGHVH
LQVWLWXLQDYLGDSUiWLFDSRUPHLRGHGLVSXWDV
6HDYLGDSUiWLFDHVWDEHOHFHSHUVHDHWLFLGDGHHQWmRQmRKiTXHHQVLQDUpWLFD2TXHVHSRGH
HQVLQDUpRGLUHLWRFLYLOSRLVQHOHVHHQFRQWUDPFRGL¿FDGRVRVGLUHLWRVHGHYHUHVGRVFLGDGmRVRX
VHMDHOHpDIRUPDOL]DomRGDHWLFLGDGH$VVLPVHQGRDIRUPDomRHGXFDomR%LOGXQJVySRGHUVHU
DIRUPDGDFXOWXUDSRLVRFRQWH~GRpWLFRDVXEVWkQFLDGDFXOWXUDHQFRQWUDVHQDYLGDSUiWLFD
FRPXP(LVSRUTXH+HJHOTXDQGRUHLWRUHSURIHVVRUGHHQVLQRVHFXQGiULRLQLFLDYDVHXVDOXQRV
QD¿ORVR¿DSHORHVWXGRGRGLUHLWRFLYLOFI+HJHOSHVHJXLQWHV
1RHQWDQWRSDUDXPSHQVDGRUFRPR.0DU[RGLUHLWRFLYLOpDH[SUHVVmRGRVLQWHUHVVHVGRV
YLWRULRVRVGRVDFRUGRVHQWUHDVSDUWHVPDLVSRGHURVDVGDVRFLHGDGHORJRQmRH[SUHVVDDUDFLR
QDOLGDGH2GLUHLWRFLYLOVHULDDH[SUHVVmRGDLUUDFLRQDOLGDGHTXHVHID]SDUHFHUUDFLRQDOXPD
YH] TXH p D D¿UPDomR GRV GLUHLWRV GDV FODVVHV EXUJXHVDV PDLV RX PHQRV OLYUHV GDV DPDUUDV
IHXGDLVGHL[DQGRGHIRUDRVLQWHUHVVHVGDVFODVVHVGRVWUDEDOKDGRUHVDVVDODULDGRV&XPSULULD
DOWHUDUHVVHHVWDGRGHFRLVDVSHORUHYROXFLRQDPHQWRGDVRFLHGDGHGHPRGRWRUQiODHIHWLYDPHQWH
UDFLRQDO (VVH UHYROXFLRQDPHQWR SRU VXD YH] QmR VHULD REUD GH DOJXP ¿OyVRIR RX ¿ORVR¿D
PDVDGRVQRYRVKRPHQVSUiWLFRVHQJHQGUDGRVSHORFDSLWDOLVPRDFODVVHGRVSUROHWiULRVPRGHU
QRV1HVVHFDVRDpWLFDDVHUDSOLFDGDHGHVHQYROYLGDpDHQJUHQGUDGDSHODVFODVVHVSUROHWiULDV
HPVXDVOXWDVVHQGRTXHVXDIRUPDJHUDOVHH[SUHVVDQDIUDVH³TXHPQmRWUDEDOKDQmRGHYH
FRPHU´TXHVHHQFRQWUDQDVUHVROXo}HVGRVSULPHLURVFRQJUHVVRVGD$VVRFLDomR,QWHUQDFLRQDO
GRV7UDEDOKDGRUHV
1mR FDEH DTXL XP H[DPH PDLV H[WHQVR GHVVDV ¿ORVR¿DV SRLV PHX LQWHUHVVH p LQGLFDU TXH RV
YDORUHVpWLFRVQDPRGHUQLGDGHVmRFRPSUHHQGLGRVFRPRUHVXOWDQWHVGDVOXWDVHQWUHDVFODVVHV
VRFLDLV5HFRUGHVHTXHRVSULQFLSDLV¿OyVRIRVGD,OXVWUDomRWLQKDPEHPFODURTXHRVYDORUHV
VmRGDVFODVVHVVRFLDLVHTXHRGLUHLWRpRUHVXOWDGRGDVOXWDVVRFLDLV²DLQGDTXHPXLWRVEXVFDV
VHPHVWDEHOHFHUDOJXPEDVHH[WUDKXPDQDSDUDRGLUHLWR²VHQGRR(VWDGRRPHLRSHORTXDORV
FRQÀLWRVVmRKDUPRQL]DGRV
1RWHPRVTXHDVSURSRVLo}HVpWLFDVRULJLQDPVHGHXPDSHUFHSomRGHFDUrQFLDQDYLGDVRFLDORX
VHMDWRGDSURSRVLomRpWLFDDSyLDVHHPXPDGDGDYLVmRGHVRFLHGDGHHSUHWHQGHHVWDEHOHFHUXPD
QRYDPDQHLUDGHYLYHUTXHVHULDDXOWUDSDVVDJHPGDVFDUrQFLDVSHUFHELGDV2VMXt]RVpWLFRVVmR
XPDIRUPDGHUDFLRQDOL]DUDYLGDVRFLDOFRQVLGHUDGDLUUDFLRQDOSRUVHXVSURSRVLWRUHVVHPSUH
HQYROYHQGRXPDH[SRVLomRGDFRQGLomRDWXDODTXDOVHVXVWHQWDHPDOJXPDWHRULDVREUHRH[LV
WHQWHFI-HDQ/DGLUqUHS
(VVDVREVHUYDo}HVFRQGX]HPjQHJDomRGD¿ORVR¿DGDHGXFDomRFRPRLQVWkQFLDFDSD]GHGHWHU
PLQDURVYDORUHVpWLFRVGDHGXFDomRTXDQGRPXLWRD¿ORVR¿DGDHGXFDomRpDH[SRVLomRGRV
YDORUHVTXHVHHQFRQWUDPHPFRQÀLWR3RUFHUWRHVVDH[SRVLomRFUtWLFDUHTXHUDH[SOLFLWDomRGH
VHXVFULWpULRVSDUDTXHRVGHPDLVWHQKDPFRPRFRQWHVWDURXDFHLWDUDTXHOHVMXt]RV
$OpPGLVVRKiYDORUHVHGXFDFLRQDLVUDUDPHQWHH[DPLQDGRV3RUH[HPSORHPQRVVDVRFLHGDGH
RGRPtQLRGDVWpFQLFDVGHOHUHHVFUHYHUpFRQVLGHUDGRXPYDORURXVHMDDOJRSHORTXDOGHYH
PRVQRVVDFUL¿FDU1RHQWDQWRDVWpFQLFDVGHOHLWXUDHHVFULWDVyVmRYDORUL]DGDVQDFXOWXUDRFL
GHQWDOPRGHUQDORJRKiXPHQJDQRIXQGDPHQWDOTXDQGRVHD¿UPDTXHQR%UDVLO&RO{QLDSRU
H[HPSORRHQVLQRUHVWULWRGDTXHODVWpFQLFDVGHPRQVWUDRHOLWLVPRVRFLDO'HIDWRRHOLWLVPRQmR
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
SRGHVHUGHGX]LGRGDQmRGLIXVmRGDVWpFQLFDVGHOHUHHVFUHYHUXPDYH]TXHHVWDVQmRHUDP
YDORUL]DGDVPHVPRHQWUHDVHOLWHVSDUDDVTXDLVRTXHYDOLDHUDDFRQTXLVWDGHWHUULWyULRVHR
HQULTXHFLPHQWRHSDUDRVDOFDQoDUQmRHUDSUHFLVRVDEHUOHUHHVFUHYHU2UHFRQKHFLPHQWRGRV
YDORUHV GDV GLYHUVDV FXOWXUDV p IXQGDPHQWDO SDUD D FRPSUHHQVmR GD UHODWLYLGDGH GRV YDORUHV
HGXFDFLRQDLVHGDVUHVLVWrQFLDVTXHDHVFRODSRGHHQFRQWUDUHPGHWHUPLQDGDVVLWXDo}HVEHP
FRPRSDUDHYLWDUTXHVHDYDOLHDQDFURQLFDPHQWHDKLVWyULDGDHVFRODUL]DomR
(VVHUHFRQKHFLPHQWRVHULDXPDWDUHIDGD¿ORVR¿DGDHGXFDomR"
7DOYH] 0DV QHVVH FDVR D ¿ORVR¿D GD HGXFDomR GHYH H[DPLQDU RV FRQKHFLPHQWR SURGX]LGRV
SHODVFLrQFLDVVRFLDLVHKXPDQDVTXHLQYHVWLJDUDPFRQIURQWRGHYDORUHVFXOWXUDLV1DKLSyWHVH
GDDXVrQFLDGHWDLVFRQKHFLPHQWRVVHUiSUHFLVRSURGX]LORVSRUPHLRGHPHWRGRORJLDVHWpFQLFDV
GHLQYHVWLJDomRSUySULDVGDVFLrQFLDVVRFLDLV(VWHpRFDVRSRUH[HPSORGDYDORUL]DomRFRQ
WHPSRUkQHDGDHGXFDomRDPELHQWDOSDUDDPXGDQoDGDVFUHQoDVHDWLWXGHVGDVSHVVRDVIUHQWH
DRPHLRDPELHQWH$FRQGXomRGHSHVTXLVDVVREUHDUHSUHVHQWDomRGHµSUREOHPDVDPELHQWDLV¶
XWLOL]DQGRVH GH XPD PHWRGRORJLD GD SVLFRORJLD VRFLDO SHUPLWLX YHUL¿FDU TXH SURIHVVRUHV H
HVWXGDQWHVGRVHQVLQRVIXQGDPHQWDOHPpGLRFRQVLGHUDPTXHRµPHLR¶pGHVHTXLOLEUDGR~QLFD
HH[FOXVLYDPHQWHSHODDomRKXPDQD(VVDFRQVWDWDomRFRQGX]LXDRH[DPHGRVYDORUHVGLIXQGL
GRVSHORVDPELHQWDOLVWDVRXHFRORJLVWDVUHVXOWDQGRHPXPDFUtWLFDGDpWLFDGHIHQGLGDSRUHOHV
0D]]RWWL7%DE
2TXHSDUHFHSUySULRGD¿ORVR¿DHHPSDUWLFXODUGD¿ORVR¿DGDHGXFDomRpRH[DPHGHTXHVW}HV
UHODWLYDVDRFRQKHFLPHQWRHGXFDFLRQDOHPVHXVHQWLGRDPSORQRTXDOVHLQFOXLRFRQKHFLPHQWR
GRVYDORUHV
)LORVR¿DGDHGXFDomRFUtWLFDGRVFRQKHFLPHQWRVHGXFDFLRQDLV
%UH]LQNDVXVWHQWDTXHRVFRQKHFLPHQWRVHGXFDFLRQDLVSRGHPVHUFODVVL¿FDGRVHPWUrV
QtYHLV D FRQKHFLPHQWRV LPHGLDWRV SURGX]LGRV SHORV HGXFDGRUHV E DV WHRULDV SHGDJyJLFDV
FRQVWLWXtGLRVSRUFRQKHFLPHQWRVFLHQWt¿FRV¿ORVy¿FRVHSUiWLFRVGLGiWLFDSRUH[HPSORHRV
PHWDSHGDJyJLFRVTXHDH[DPLQDPRVDQWHULRUHV3DUHFHPHTXHD¿ORVR¿DGDHGXFDomRFRLQ
FLGHFRPRQtYHOPHWDSHGDJyJLFRFRQVWLWXLQGRVHSHORH[DPHGDVWHRULDVSHGDJyJLFDVeRTXH
SURFXUDUHLDSUHVHQWDUDVHJXLULQLFLDQGRSHODH[SRVLomRVXPiULDGHXPGRVREMHWLYRVGD¿ORVR
¿DGDHGXFDomRHQWHQGLGDFRPRXPDGLVFLSOLQDTXHWHPSRUWDUHIDRHVFODUHFLPHQWRVGDVWHRULDV
SHGDJyJLFDV
(QWUHRVREMHWLYRVGD¿ORVR¿DGDHGXFDomRHVWiRH[DPHGRVSUREOHPDVUHODWLYRVjµHGXFDELOL
GDGH¶ RX VHMD RV TXH GHFRUUHP GD QRomR GH TXH D HGXFDomR p XP SURFHVVR HIHWLYR 'H IDWR
DV WHRULDV SHGDJyJLFDV DVVXPHP R VHJXLQWH SRVWXODGR D SUiWLFD HGXFDWLYD SRGH UHVXOWDU QD
PXGDQoD RULHQWDGD GDV FUHQoDV H YDORUHV GRV HGXFDQGRV (VVH SRVWXODGR PRGDO HQFRQWUDVH
PHVPRHPWHRULDVSHGDJyJLFDVTXHSURFXUDPQHJiORFRPRpRFDVRGDDQWLSHGDJRJLD/DMRQ
TXLqUHXPGRVUHSUHVHQWDQWHVGDFRUUHQWHDQWLSHGDJyJLFDFRQVLGHUDTXHDLQD
FHVVLELOLGDGH GR LQFRQVFLHQWH DIHWLYR H FRJQLWLYR LPSHGH D LQVWLWXLomR GH TXDOTXHU SHGDJRJLD
HQWHQGLGD FRPR FLrQFLD RX WpFQLFD SDGURQL]DGRUD GH SURFHGLPHQWRV HGXFDWLYRV TXH YLVHP
FRQWURODURV SURFHVVRV GH DSUHQGL]DJHPGRV HGXFDQGRV1RHQWDQWRDRID]HUUHFRPHQGDo}HV
SHGDJyJLFDV/DMRQTXLqUHDVVXPHTXHRVHGXFDGRUHVGHYHPGHGLFDUVHjPRQWDJHPGH
VLWXDo}HVTXHPD[LPL]HPRGHVHQYROYHUHVSRQWkQHRHQGyJHQRHLQFRQVFLHQWHGRSURFHVVRGH
HTXLOLEUDomRPDMRUDQWHS
7DOSRVLomRRS}HVHGLDPHWUDOPHQWHDRLGHDOGDSHGDJRJLDPRGHUQDRXVHMDDTXHD¿UPDDSRV
VLELOLGDGHHQHFHVVLGDGHGDHGXFDomRGHPDVVDRXR³HQVLQDUWXGRDWRGRV´XPLGHDOSHUVHJXLGR
GHVGH R VpFXOR ;9,, &RPHQLXV FRQVLGHUDGR XP GRV SULPHLURV VLVWHPDWL]DGRUHV GHVVH LGHDO
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
VXVWHQWDTXHDDomRHGXFDWLYDpFDSD]GHPROGDUGHPDQHLUDLQWHJUDOHFRPSOHWDRHGXFDQGRRX
PHOKRUGL]HQGRGHSURGX]LORLQWHJUDOPHQWH(VVDSRVLomRUHWLUDVHXVHQWLGRGRLPSHUDWLYRpWLFR
GDFRPXQLGDGHGDTXDO&RPHQLXVHUDDWLYRPLOLWDQWHDFRPXQLGDGHGRVIXQGDGRUHVGDVFLrQ
FLDVPRGHUQDV3DUDHOHVDHGXFDomRGHWRGRVHUDDEVROXWDPHQWHQHFHVViULDSRLVVRPHQWHGHVVD
PDQHLUDVHULDPDIDVWDGDVGDYLGDVRFLDOWRGDVDVPLVWL¿FDo}HVHPLVWpULRVSURPRYHQGRVHR
EHPHVWDUVRFLDO
(VVDV SRVLo}HV UDGLFDOPHQWH DSRVWDV SUHVVXS}HP QR HQWDQWR R SRVWXODGR PRGDO GD H¿FiFLD
GD SUiWLFD HGXFDWLYD XPD YH] TXH HP DPEDV D DomR GR HGXFDGRU SRGH PRGL¿FDU GH DOJXPD
PDQHLUDDVFUHQoDVHYDORUHVGRVHGXFDQGRV3RUFHUWRQRFDVRGDDQWLSHGDJRJLDKiXPDIRUWH
UHODWLYL]DomRGDFDSDFLGDGHGRHGXFDGRUPRGL¿FDURHGXFDQGRHQTXDQWRTXHGRSRQWRGHYLVWD
FRPHQLDQRRSURFHVVRSHUPLWHHIHWLYDUDVPRGL¿FDo}HVGHVHMDGDVSHODDSOLFDomRGHGHWHUPLQD
GRVSURFHGLPHQWRV
7HQGRSRUEDVHRSRVWXODGRPRGDOSHGDJyJLFRRXVHMDRGDSRVVLELOLGDGHGDWDUHIDHGXFDWLYDDV
FLrQFLDVTXHWRPDPDHGXFDomRSRUREMHWRWrPIRUPXODGRWHRULDVIUHTXHQWHPHQWHFRQÀLWDQWHV
FDGD XPD LQGLFDQGR FDPLQKRV VXSRVWDPHQWH PDLV H¿FD]HV j FRQGXomR GD SUiWLFD HGXFDWLYD
$FRQVWDWDomRGHVVHFRQÀLWRFRQGX]jQHFHVVLGDGHGHVHHQFRQWUDUDOJXPDIRUPDGHYDOLGDomR
GDVGLIHUHQWHVWHRULDVSHGDJyJLFDV8PDGDVIRUPDVKLVWyULFDVIRLDDQiOLVHHFUtWLFDGHHQXQFLD
GRVRXSURSRVLo}HVSHGDJyJLFDVTXHVHFRQVWLWXLXDSDUWLUGRSURJUDPDGD¿ORVR¿DDQDOtWLFD
1DSHGDJRJLDHVVDFRUUHQWHpUHSUHVHQWDGDSRU%26PLWK,6FKHIÀHU2OLYLHU5HERXOHQWUH
RXWURV 1R %UDVLO XPD WHQWDWLYD QHVVH VHQWLGR IRL R 6LPSyVLR VREUH R GLVFXUVR SHGDJyJLFR
QRWDVVREUHVHXHVWDWXWRUHDOL]DGRHPGXUDQWHDUHXQLmRDQXDOGD6%3&2PDWHULDOGHVVH
VLPSyVLRIRLSXEOLFDGRQDTXHOHPHVPRDQRSRU-RUJH1DJOH1DDSUHVHQWDomRGROLYUR1DJOH
D¿UPDTXHRREMHWLYRGRVLPSyVLRIRL³DQDOLVDUDOLQJXDJHPHPSUHJDGDQRVHVWXGRVVREUHHGX
FDomRSDUDWHQWDUXPH[DPHFUtWLFRGDVUHJUDVXVDGDVQDIRUPXODomRGRVHQXQFLDGRV´S$
UHSHUFXVVmRGHVVHVWUDEDOKRVIRLPXLWRSHTXHQDPHVPRHQWUHRV¿OyVRIRVGDHGXFDomR
$µDQiOLVHGDOLQJXDJHP¶FDUDFWHUtVWLFDGD¿ORVR¿DGDOLQJXDJHPDQJORVD[mRFROLPDHPXPD
DSRULDXPDYH]TXHDOLQJXDJHPSUHFLVDVHUIXQGDPHQWDGD$DGYHUWrQFLDGH&63HLUFHVREUH
DUD]mR²GHTXHHVWDQmRSRGHIXQGDUPHQWDUVHDVLPHVPD²YDOHWDPEpPSDUDRFDVRGDOLQ
JXDJHP 'LDQWH GHVVH LPSDVVH WRUQRXVH QHFHVViULR EXVFDU RXWURV FULWpULRV SDUD D DYDOLDomR
GHWHRULDVHHVWHVDRTXHWXGRLQGLFDYDVySRGHULDPVXUJLUGRH[DPHGDKLVWyULDGDVFLrQFLDV
PRGHUQDV(VWDKLVWyULDSRUpPpDH[SUHVVmRGHUXSWXUDVHSDVVDJHQVTXHLQVWDXUDPQRYRV
PpWRGRVQRYDVOyJLFDVQRYDVJHRPHWULDVQXPDSURIXVmRGHFRUWHVHUHFRUWHV
&RPRFRPSUHHQGHUHQWmRRSURFHVVRSHORTXDOXPDWHRULDpVXVEVWLWXtGDSRURXWUD"
'HQWUHRVDXWRUHVTXHWUDWDPGHVVDTXHVWmR7KRPDV.XKQpVHPG~YLGDDTXHOHFXMDSRVLomR
WHYH PDLRU LPSDFWR QD GLVFXVVmR FRQWHPSRUkQHD &RP EDVH QD DQiOLVH GD KLVWyULD GD ItVLFD
.XKQGHVFUHYHRSURFHVVRGHGHVHQYROYLPHQWRGDVFLrQFLDVFRPRRGHVXEVWLWXLomRGHSDUDGLJ
PDV'RSRQWRGHYLVWDHSLVWHPROyJLFRKDYHULDXPµFRUWH¶HQWUHDµFLrQFLDQRUPDO¶HDµFLrQFLD
H[WUDRUGLQiULD¶RXHQWUHRµSDUDGLJPDYLJHQWHHPGDGRPRPHQWR¶HRµSDUDGLJPDHPHUJHQWH¶
LQH[LVWLQGRFRQWLQXLGDGHRXDFXPXODomR
$SRVLomRGH.XKQHGHRXWURVTXHGHIHGHPDµUXSWXUDHVSLVWHPROyJLFD¶LPSOLFDD¿UPDUDH[LV
WrQFLDGHIURQWHLUDVUtJLGDVHQWUHRVFRQKHFLPHQWRVMiTXHXP²RSDUDGLJPiWLFR²VXEVWLWXL
SXUDHVLPSOHVPHQWHRRXWURVHMDQRFDVRHPTXHRVHQVRFRPXPpVXVEVWLWXtGRSHORFRQKHFL
PHQWRFLHQWt¿FRVHMDQDPXGDQoDGHXPGDGRSDUDGLJPDFLHQWt¿FR(VVDSRVLomRpDOLiVDQi
ORJDjVXEVWLWXLomRGRVLGRODDSUHVHQWDGDSRU)UDQFLV%DFRQ.XKQVXVWHQWDWDPEpPTXHQmRKi
FULWpULRVLQHTXtYRFRVQHPPHVPRYDORUHVDPSODPHQWHSDUWLOKDGRVSHODFRPXQLGDGHFLHQWt¿FD
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
TXHVHMDPFDSD]HVGHRULHQWDUDHVFROKDHQWUHWHRULDVULYDLVDWULEXLQGRLPSRUWkQFLDVLJQL¿FDWLYD
DRVIDWRUHVVXEMHWLYRVHVRFLDLV3DUDRVµUXSWXULVWDV¶HQWmRRSUREOHPDWRUQDVHRGDH[SRVLomR
GDVFRQGLo}HVTXHFRQGX]HPjDGHVmRDHVWHRXDTXHOHSDUDGLJPDGHFLV}HVVXEMHWLYDVUHODo}HV
LQWHUSHVVRDLVHLQVWLWXLFLRQDLV
$RSRVLomRDRUXSWXULVPRSRGHVHUDSUHVHQWDGDSRUPHLRGDUHVLJQL¿FDomRGDVUXSWXUDVFRQ
FHLWXDLVYHUL¿FiYHLVQDKLVWyULDGDVFLrQFLDVHQRGHVHQYROYLPHQWRFRJQLWLYR(PSULPHLUROXJDU
pIDWRTXHDVWHRULDVVXSODQWDPVHSRUPHLRGHUXSWXUDVHVWUXWXUDLVTXHDVWRUQDPPDLVHPDLV
DEUDQJHQWHVHFRPPHQRUQ~PHURGHHQXQFLDGRV(PVHJXQGROXJDUpSUHFLVRUHFRQKHFHUTXH
RIXQFLRQDPHQWRFRJQLWLYRpHVVHQFLDOPHQWHRPHVPRRXVHMDRVµPHFDQLVPRV¶SRVWRVHPDomR
VmRRVPHVPRV$IXQomRFRJQLWLYDpDPHVPDQRFLHQWLVWDHPVXDVWDUHIDVHQDVGHPDLVSHVVRDV
RTXHYDULDpRFRQWH~GRRXDVHVWUXWXUDVFRJQLWLYDVHQYROYLGDV7HPVHHQWmRFRQWLQXLGDGH
IXQFLRQDOHUXSWXUDVHVWUXWXUDLVFRPRPRVWUDDSVLFRORJLDJHQpWLFDHHPODUJDPHGLGDDKLVWy
ULDGDVFLrQFLDV$¿UPDVHDVVLPTXHKiXPDGLDOpWLFDGRSURFHVVRFRJQLWLYRHGHFRQVWLWXLomR
GDVFLrQFLDVTXHSRVVLELOLWDRµGLiORJRKRVWLODPLVWRVR¶TXHDEUHFDPLQKRjXOWUDSDVVDJHPGDV
OLPLWDo}HVSRVWDVHPFDGDWHRULDHVWDEHOHFHQGRVHDLQWHUVXEMHWLYLGDGHRXREMHWLGDGHSRVVtYHO
3RGHVHREMHWDUDSRLDQGRVHHP:LWWJHQVWHLQTXHRVµMRJRVGHOLQJXDJHP¶QmRSHUPLWHPDHIH
WLYDLQWHUVXEMHWLYLGDGHORJRRHVWDEHOHFLPHQWRGHFULWpULRVGHYDOLGDomRGHHQXQFLDGRVFRQ¿iYHLV
pLPSRVVtYHO9HLJD1HWRSRUH[HPSORDRFULWLFDUDVWHRULDVSHGDJyJLFDVTXHWUDWDPGD
LQWHUGLVFLSOLQDULGDGHDSyLDVHHP:LWWJHLQVWHLQSDUDFRUURERUDUVXDVD¿UPDo}HVVREUHRHVWD
WXWRGHTXDOTXHUHQXQFLDGRDVVXPLQGRTXHRV³UHIHUHQWHHVWmRQRPXQGR´S(VWHSRQWR
GH YLVWD IHQRPHQROyJLFR RULJLQiULR GH :LWWJHLQVWHLQ WHP SRU FRUROiULR YLUWXDO R µVROLSVLVPR
PHWRGROyJLFR¶-DDNR+LQWLNNDS&DEHOHPEUDUTXHPXLWRVDXWRUHVWrPVXVWHQWDGR
TXHR:LWWJHLQVWHLQGDV,QYHVWLJDo}HV)LORVy¿FDVpUDGLFDOPHQWHGLIHUHQWHGR:LWWJHLQVWHLQGR
7UDFWDWXVMXVWL¿FDQGRDVVLPDDGHVmRDR³VHJXQGR:LWWHJHLQVWHLQ´1RHQWDQWR+LQWLNNDTXH
H[DPLQRXFXLGDGRVDPHQWHRVFDPLQKRVGHVVH¿OyVRIRPRVWURXTXHHVWHPXGRXVXDOLQJXDJHP
PDV³QmRPXGRXVHXSRQWRGHYLVWDVREUHRPXQGR´+LQWLNNDSSRLVGHVGHR7UDFWD
WXVVHUHIHUHjLPSRVVLELOLGDGHGHVHIDODUVREUHRVREMHWRV²JHQXLQDPHQWHH[LVWHQWHVQRPXQGR
UHDORXQmR²XPDYH]TXHQRVVDOLQJXDJHP³QmRSRGHUHÀHWLUQRVHQWLGRGDGRSRU:LWWJHLQV
WHLQ D IHQRPHQRORJLD JHQXtQD GR PXQGR HUJR QmR Ki WDPSRXFR XPD OyJLFD JHQXtQD H[DWD´
+LQWLNNDS
'HVVDSHUVSHFWLYDDVQRVVDVLGpLDVVmRDH[SUHVVmRGRVµMRJRVGHOLQJXDJHP¶FXMRUHIHUHQWHpRX
LQDFHVVtYHORXXPDFRQYHQomR$VVLPQRFDVRGDSHGDJRJLDDµSUiWLFDHGXFDWLYD¶pXPDH[SUHV
VmRFXMRVLJQL¿FDGRQmRSRGHVHUSDUWLOKDGRXPDYH]TXHGHSHQGHGDVH[SHULrQFLDVSHVVRDLV
$IDOWDGHFULWpULRH[WHUQRRXREMHWLYRSDUDDGHVLJQDomRGDµSUiWLFDVRFLDOHGXFDWLYD¶LPS}HD
GRDomRGHXPVHQWLGRFRQYHQFLRQDOTXHHP~OWLPDLQVWkQFLDSRGHVHUFRQVLGHUDGRXPDVLPSOHV
DGHVmRDDOJXPDSRVLomRVXEMHWLYD3RUHVVDYLDQmRVHSRGHLQVWLWXLUXPFRQKHFLPHQWRFRUUHWR
YDOLGiYHORXREMHWLYRGDSUiWLFDHGXFDWLYDQHPGHVHXVYDORUHV1RPi[LPRVRPRVFDSD]HVGH
HVWDEHOHFHUXPDFRUGRJHQpULFRVREUHRVLJQL¿FDGRGDH[SUHVVmRµSUiWLFDHGXFDWLYD¶PHVPRTXH
HODQDGDGHVLJQHQRPXQGRUHDO
$FRQWURYpUVLDFRQWHPSRUkQHDVREUHRVLJQL¿FDGRRVLJQRHDGHQRWDomRWHYHRULJHPHP)UHJH
TXHSURFXURXPRVWUDUTXHRVHQXQFLDGRVFRPVHQWLGRVmRRVTXHGHQRWDPDOJR3RUH[HPSORD
µHVWUHODGDPDQKm¶DµHVWUHODGDWDUGH¶HRµSODQHWD9HQXV¶VyWrPRPHVPRVLJQL¿FDGRVHHTXDQGR
VHGHPRQVWUDTXHVmRQRPHVGRPHVPRREMHWRDVWURQ{PLFRHSRUWDQWRHVWDXQLYRFLGDGHpXPD
FRQTXLVWDGRSHQVDPHQWR(VVHFULWpULRSRUpPGL¿FLOPHQWHSRGHUVHUDSOLFDGRDRVHQWHVPDWH
PiWLFRVXPDYH]TXHQmRKiSURSULDPHQWHDOJRDVHUGHQRWDGR3RUH[HPSORFRPRHVWDEHOHFHU
TXHKiDOJRDVHUGHQRWDGRSRUµQ~PHURQDWXUDO¶"
1mRpRFDVRDTXLGHH[SRUDSROrPLFDVREUHRVIXQGDPHQWRVGDVPDWHPiWLFDVPDVYDOHDVVL
QDODUTXHXPDVROXomRFRQVLGHUDTXHRµQ~PHUR¶pGHIDWRµHQXPHUDomR¶RXVHMDXPDRSHUDomR
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
RXDomRGHQXPHUDU+HJHOSHVHJXLQWHVSRUH[HPSOR1HVVDSHUVSHFWLYDRQ~PHUR
pH[SUHVVmRGHXPDDWLYLGDGHGRVKRPHQVHQmRRXXPDVLPSOHVFRQYHQomRRXDOJRTXHSUp
H[LVWDQRPXQGRGDVLGpLDVRQGHHVWDULDPRVUHIHUHQWHV&RQFOXLVHTXHVHRQ~PHURGHYHVHU
FRQVLGHUDGRXPDVXFHVVmRRXQFRPRRGH¿QLX3RLQFDUpHQWmRHOHH[SUHVVDDRSHUDomRGH
DGLomRFRPRPRVWURX3LDJHW
$PHQomRDHVVHVGHEDWHVQmRpJUDWXLWD(OHVVmRSHUWLQHQWHVSHORIDWRGHWHUHPGHVORFDGRR
FHQWURGDFRQWURYpUVLDGDLGHQWLGDGHSRVWXODGDSHODHSLVWHPRORJLDFRUUHQWHRXPDLVGLIXQGLGD
HQWUHDUD]mRHDOyJLFDEHPFRPRGRVSURFHVVRVSHORVTXDLVDWULEXtPRVVLJQL¿FDGRHVHQWLGRDR
PXQGRPDWHULDOHKXPDQRSDUDRHVFODUHFLPHQWRGDVDWLYLGDGHVTXHSHUPLWHPDFRQVWLWXLomR
GH FRQKHFLPHQWRV FRQ¿iYHLV (VWDEHOHFHVH HQWmR TXH D UD]mR p KLVWRULFDPHQWH FRQVWLWXtGD
QmRVHFRQIXQGLQGRFRPTXDOTXHUXPGHVHXVLQVWUXPHQWRVHQWUHRVTXDLVVHHQFRQWUDDOyJLFD
(VVDVHSDUDomRHQWUHµUD]mR¶HµOyJLFD¶FRQGX]LX'D&RVWDDVXVWHQWDUTXHKLVWRULFDPHQWH
IRUDPHVWDEHOHFLGRVWUrVSULQFtSLRVSUDJPiWLFRVGDUD]mR
RSULQFtSLRGDVLVWHPDWL]DomR²DUD]mRVHPSUHVHH[SUHVVDSRUPHLRGHXPDOyJLFD
RSULQFtSLRGDXQLFLGDGH²HPFDGDFRQWH[WRDOyJLFDVXEMDFHQWHp~QLFD
RSULQFtSLRGDDGHTXDomR²DOyJLFDVXEMDFHQWHDGDGRFRQWH[WRGHYHVHUDTXHPHOKRUVH
DGDSWHDHOHS
(VWHVSULQFtSLRVSUDJPiWLFRVGDUD]mRDFHQWXDPRFDUiWHULQVWUXPHQWDOGDVOyJLFDVSRGHQGRVH
GL]HUTXHRSURFHVVRGHSURGXomRGHVLJQL¿FDGRVHGHUHVLJQL¿FDomRpIXQGDPHQWDOPHQWHKLV
WyULFRHQRFDVRGDVFLrQFLDVGHWHUPLQDGRSHODFUtWLFDGRVHQXQFLDGRV7DOFUtWLFDLPS}HVHHP
FRQWH[WRVUDFLRQDLVVHHTXDQGRDVH[SOLFDo}HVRXWHRULDVPRVWUDPVHLQDGHTXDGDVRXLPSUy
SULDVSDUDDRUJDQL]DomRHFRQGXomRGDVDo}HV
1RFDVRGDSHGDJRJLDDQHFHVVLGDGHGDFUtWLFDpSRVWDSHODVSUiWLFDVHGXFDWLYDVTXHVHGHPRQV
WUDPLQH¿FD]HVRXSHORPHQRVTXHSDUHFHPVHULQHIHWLYDVIUHQWHDRTXHVHFRQVLGHUDYDOLRVR
7DLVSUiWLFDVLPS}HPDH[SOLFLWDomRGDVGHWHUPLQDo}HVTXHDVHQYROYHPHQHVVHPRYLPHQWR
GRSHQVDPHQWRPRVWUDPTXHRID]HUHGXFDFLRQDOQmRSRGHVHUDSUHHQGLGRDSHQDVSRUHVWDRX
DTXHODFLrQFLDSDUWLFXODU1HVVHPHVPRPRYLPHQWRGRSHQVDUDVSUiWLFDVHGXFDWLYDVDWUDYpV
HSRUPHLRGDVGLYHUVDVFLrQFLDVVXUJHDQHFHVVLGDGHUDFLRQDOGRHVWDEHOHFLPHQWRGHXPSHU
FXUVR GH XP PpWRGR SDUD FRRUGHQDU DV GLYHUVDV FLrQFLDV FKDPDGDV j FHQD SDUD H[SRUHP R
FDUDFWHUtVWLFRGDVSUiWLFDVHGXFDWLYDVHDRPHVPRWHPSRDSUHVHQWDUHPRVPHLRVHRVPRGRVGH
XOWUDSDVVDJHPGDVDWLYLGDGHVLQHIHWLYDV3DUHFHPHTXHHVWDpDWDUHIDSDUDDTXDOD¿ORVR¿DGD
HGXFDomRpFKDPDGDDFRODERUDU
$¿ORVR¿DGDHGXFDomRVHULDXPD¿ORVR¿DGDVF{rQFLDVGDHGXFDomR"
&RQVLGHUDQGRTXHDVWHRULDVSHGDJyJLFDVSURFXUDPFRQVWLWXLUVHDSDUWLUGDVFLrQFLDVTXHH[D
PLQDPRKXPDQRHPVXDP~OWLSODVGLPHQV}HVRXSHUWLQrQFLDVHTXHHVVDVWHRULDVQHFHVVLWDP
VHUYDOLGDGDVGHDOJXPDPDQHLUDSRGHPRVVXVWHQWDUTXHD¿ORVR¿DGDHGXFDomRpXPD¿ORVR¿D
GDVFLrQFLDVGDVHGXFDomR"
3DUHFHPHTXHVLPSRLVDRFRQVLGHUDUTXHXPDSUiWLFDVRFLDOUHTXHURFRQFXUVRGHGLYHUVDV
FLrQFLDV SDUD DSUHHQGHU DV OLQKDV GH IRUoD HQYROYLGDV QD DomR HPHUJH D QHFHVVLGDGH GHVVHV
FRQKHFLPHQWRV VHUHP FRRUGHQDGRV GH DOJXPD PDQHLUD SDUD R VXFHVVR GDTXHOD SUiWLFD FI
HQWUHRXWURV'LDVGH&DUYDOKR3LPHQWD0D]]RWWL7%$SUHVHQWDVHHQWmR
XPGHVD¿RHSLVWHPHROyJLFRSRUPHLRGHTXDOLQVWUXPHQWDOGRSHQVDPHQWRVHUiGHVHQYROYLGDD
FRRUGHQDomRLQWHUGLVFLSOLQDUQDSHGDJRJLD"
3RUFHUWRDUHVSRVWDDHVWDSHUJXQWDGL¿FLOPHQWHVHUiGDGDSHORH[DPHGRREMHWRSRLVHVWHVH
S}HFRPRWDOSDUDHVVDRXDTXHODWHRULD3DUDLVVRpSUHFLVRFRQVLGHUDUTXHDSUiWLFDHGXFDWLYD
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
FRPRTXDOTXHUSUiWLFDKXPDQDFRQVWLWXLVHSRUVXDHIHWLYLGDGHRXUHDOL]DomRGRGHVHMDGRHVWH
FRQVLGHUDGRFRPRXPYDORURXDOJRTXHYDOHDSHQDRVDFULItFLRQHFHVViULRHSHORDVSHFWRDQWH
FLSDWyULRRXLQIHUHQFLDO(VWH~OWLPRDVSHFWRSRGHVHUDYDOLDGRSRUVXDVTXDOLGDGHVOyJLFDVHRX
DUJXPHQWDWLYDVTXHVXVWHQWDPWDQWRXPDGDGDH[SOLFDomRGRSURFHVVRTXDQWRSURFXUDSHUVX
DGLUVREUHRVYDORUHVHGXFDWLYRV2DVSHFWRDQWHFLSDWyULRRXLQIHUHQFLDOGDVSUiWLFDVKXPDQDV
HQJHQGUDFDGHLDVGHUDFLRFtQLRVTXHVHFRRUGHQDPFRPRPDLRURXPHQRUDFXLGDGHQDIRUPD
GHH[SOLFDo}HVRXWHRULDV(QWUHHVWHVFRQKHFLPHQWRVHQFRQWUDPVHRVTXHGHQRPLQDPRVFRP
%UH]LQNDµWHRULDVSHGDJyJLFD¶&RPRVmRWHRULDVGDHVREUHDSUiWLFDHGXFDWLYDHODVVmRWDPEpP
WHRULDVVREUHRVYDORUHVHGXFDWLYRVRXVHMDVREUHRTXHYDOHDSHQDVDFUL¿FDUSDUDVHREWHU
$FUtWLFDGDVWHRULDVSHGDJyJLFDVUHTXHURH[DPHGHVHXVHQXQFLDGRVFRPRREMHWLYRGHDIHULU
VXDVTXDOLGDGHVOyJLFDVHGHDGHTXDomRDRFRQWH[WRSURFXUDQGRUHDOL]DURD¿QDPHQWRGHQRVVR
LQVWUXPHQWDOSDUDRSHQVDPHQWRGHPRGRDIDYRUHFHUDo}HVPDLVH¿FD]HV'DtDLPSRUWkQFLDGH
WUDEDOKRVFRPRRGH%UHV]LQNDTXHVHSURS}HPUHDOL]DUWDODQiOLVH
'HIDWRDTXHOHVWUDEDOKRVUHSUHVHQWDPHVIRUoRVSDUDWRPDURµFRQKHFLPHQWRHGXFDFLRQDO¶SRU
REMHWR SURFXUDQGR GHVYHODU VXDV IRUPDV H UHGHV GH VLJQL¿FDo}HV 3DUD LVVR SRUpP VHPSUH p
QHFHVViULRGHWHUPLQDURLQVWUXPHQWDOHPMRJRRTXHUHTXHUDHVFROKDGDOyJLFDDGHTXDGD(VWD
HVFROKD SRU VXD YH] LPSOLFD TXH VH DV FRQKHoD HP VXD PXOWLSOLFLGDGH SRLV FDVR FRQWUiULR
DFDEDVHSRUXWLOL]DUDOyJLFDGHGXWLYDFOiVVLFD²RTXHRFRUUHFRPPXLWDIUHTrQFLD3RUH[HP
SORSHVTXLVDVVREUHDYLVmRGRVSURIHVVRUHVVREUHµWUDEDOKRLQIDQWLO¶PRVWUDPTXHDTXHOHVFRQ
VLGHUDPTXHDHVFRODQmRFRQWULEXLSDUDXPPHOKRUGHVHPSHQKRQRWUDEDOKRGDVFULDQoDVHDR
PHVPRWHPSRD¿UPDPDLPSRUWkQFLDGDHVFRODSDUDRVXFHVVRGDVSHVVRDVQRWUDEDOKR$OYHV
0D]]RWWL$SDUHQWHPHQWHQRVHQFRQWUDPRVIUHQWHDXPDFRQWUDGLomR'HIDWRRTXHVH
WHPpXPDLQFRPSDWLELOLGDGHSRLVQRµPRPHQWRDWXDO¶DFULDQoDTXHWUDEDOKDQDGDREWpPGH~WLO
HPVXDVDWLYLGDGHVHVFRODUHVPDVQRIXWXURHVVDIRUPDomRVHUiYDOLRVDSDUDVXDµHPSUHJDELOL
GDGH¶6mRGRLVPRPHQWRVTXHVHDSUHVHQWDPQRPHVPRGLVFXUVRHTXHSDUHFHPFRQWUDGLWyULRV
PDVVmRDSHQDVHQXQFLDGRVLQFRPSDWtYHLVXPDYH]TXHUH~QHPQRPHVPRGLVFXUVRPRPHQWRV
GLYHUVRVFRPRDTXHODSHVTXLVDGRUDMiVDOLHQWRX(VVDDYDOLDomRSRGHDSDUHFHUFDVRFRQVLGHUH
PRVDV¿JXUDVGHUHWyULFDTXHVHDSUHVHQWDPQDIRUPDOyJLFDPDVVmRGHIDWRTXDVHOyJLFDV
'Dt D UHOHYkQFLD GR HVWXGR GD WHRULD GD DUJXPHQWDomR SURSRVWD SRU 3HUHOPDQ 2OEUHFWKWV
7\WHFD RX SHOD PHWRGRORJLD GD OHLWXUD DSUHVHQWDGD SRU &RVVXWWD SRU H[HPSOR
$LQGDQHVVDOLQKDGHLQYHVWLJDomRGDVUHGHVGHVLJQL¿FDo}HVGRVFRQKHFLPHQWRVSHGDJyJLFRV
SRGHPRVFRQWDUFRPDOyJLFDHURWpWLFDRXOyJLFDGRTXHVWLRQDPHQWRSURSRVWDSRU+LQWLNNDD
TXDOSHUPLWHWDQWRDDYDOLDomRGDTXHOHVFRQKHFLPHQWRVTXDQWRDSURSRVLomRGHXPDWHRULDGH
HQVLQRFRPRR¿]HUDP0DFPLOODQ*DUULVRQ
2SUREOHPDGDOyJLFDGDDYDOLDomRGHHQXQFLDGRVHQFRQWUDVHQRFHUQHGHWRGDVDVWHQWDWLYDVGH
FRQVWLWXLomRGHWHRULDVTXHEXVFDPDSUHHQGHUGHWHUPLQDGRREMHWR,VVRSRUTXHTXDOTXHUWHRULD
pXPVLVWHPDGHHQXQFLDGRVFRRUGHQDGRVSRURSHUDGRUHVOyJLFRVHRXTXDVHOyJLFRVTXHSRU
VXD YH] GHWHUPLQDP HVWUXWXUDV SUySULDV TXH YDOLGDP DV LQIHUrQFLDV QDTXHOH VLVWHPD FI 'D
&RVWDVXSUDeSUHFLVRVDOLHQWDUTXHDVH[SOLFDo}HVRXWHRULDVSHGDJyJLFDVSURFXUDPH[SRURV
SURFHVVRVHGXFDWLYRVWHQGRSRUKRUL]RQWHRGHVHMiYHORXYDORUHVTXHHPGDGRPRPHQWRVmRFRQ
VLGHUDGRVVRFLDOPHQWHUHOHYDQWHV3RUH[HPSORDLQYHVWLJDomRVREUHRVREVWiFXORVQDDTXLVLomR
GDVWpFQLFDVGHOHUHHVFUHYHUVyWHPVHQWLGRVHHTXDQGRDTXHODVWpFQLFDVVmRFRQVLGHUDGDVXP
EHPRXYDORUXQLYHUVDO3RUFHUWRDVSHVTXLVDVGDVFLrQFLDVGDHGXFDomRSDUWHPGRGHVHMiYHO
GRVYDORUHVFRQVLGHUDGRVFRPXQVPDVUDUDPHQWHRVH[DPLQDPRXMXVWL¿FDP(VVDWDUHIDpGH
IDWRXPDGDVTXHVmRSRVWDVj¿ORVR¿DGDHGXFDomRFRPRMiDQRWHL
&RQFOXVmR
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
$¿ORVR¿DGDHGXFDomRDRVHUFRQVLGHUDGDXPDDSOLFDomRGHXPDGHWHUPLQDGD¿ORVR¿DDRFDPSR
HGXFDFLRQDOQRVFRQGX]DXPSUREOHPDLQVRO~YHOTXDORFULWpULRSDUDDHVFROKDGD¿ORVR¿DDVHU
DSOLFDGD"eXPSUREOHPDVHPVROXomRSRUTXHVHULDSUHFLVRID]HUXPDRSomR¿ORVy¿FDSUpYLDTXH
GHWHUPLQDULDRVFULWpULRVGHHVFROKD$OpPGLVVRFDGD¿ORVR¿DDSUHVHQWDVHFRPRXPDSHGDJR
JLDXPDYH]TXHWRGDVSUHWHQGHPUHDOL]DUDXOWUDSDVVDJHPGDFRQVFLrQFLDLPHGLDWDSDUDUHDOL
]DUDFRQVFLrQFLDPHGLDWDRXFUtWLFDHVWDVHJXQGRRVFULWpULRVHVWDEHOHFLGRVSRUDOJXPD¿ORVR¿D
8PDVROXomRVHULDFRQVLGHUDUTXHD¿ORVR¿DGDHGXFDomRQmRpDDSOLFDomRGHDOJXPD¿ORVR¿D
PDVQHVWHFDVRHVWDUHPRVD¿UPDQGRXPD¿ORVR¿DGDHGXFDomRVHP¿ORVR¿D
3DUHFHPHTXHRPDLVDFHUWDGRpFRQFHQWUDUQRVVDVDWHQo}HVHPDOJRFRPXPDWRGDVD¿ORVR¿DV
UDFLRQDLVDDFHLWDomRGDFUHQoDGHTXHKiXPDRUGHPQRXQLYHUVR3RUFHUWRHVVDFUHQoDpLQGH
PRQVWUiYHO PDV WHP VLGR FRUURERUDGD DWp DJRUD SHOR GHVHQYROYLPHQWR GDV FLrQFLDV PRGHU
QDV
$DFHLWDomRGHVVDFUHQoDQRVFRQGX]DH[DPLQDURVFRQKHFLPHQWRVGHXPDSHUVSHFWLYDSUDJ
PiWLFDRVFRQKHFLPHQWRTXHWHPRVGRPXQGRWrPRULJHPHPQRVVDVSUiWLFDVHHVVHVFRQKH
FLPHQWRVSHUPLWHPTXHDOWHUHPRVQRVVDVSUiWLFDV$OpPGLVVRQRVVDVSUiWLFDVHQYROYHPGRLV
DVSHFWRV LQGLVVRFLiYHLV R HIHWLYR RX R GD UHDOL]DomR GDV PHWDV RX REMHWLYRV H R LQIHUHQFLDO
RXDQWHFLSDWyULRTXHpXPDFDGHLDGHUDFLRFtQLRVTXHSURFXUDH[SOLFDURUHDOL]DGRHRXDUHDOL
]DU1HVVHVHQWLGRRVFRQKHFLPHQWRVHGXFDFLRQDLVVmRFDGHLDVLQIHUHQFLDLVTXHSURFXUDPH[SOL
FDUDSUiWLFDHGXFDWLYD(VVHVFRQKHFLPHQWRVHQFRQWUDPVHHPXPFRQWtQXRTXHYDLGRPDLV
LPHGLDWRSURGX]LGRSHORVSUiWLFRVSURIHVVRUHVHRXWURVDWpRVSURGX]LGRVSHODVFLrQFLDVTXH
H[DPLQDPDVSUiWLFDVHGXFDWLYDVHVHDSUHVHQWDPFRPRWHRULDVSHGDJyJLFDV$VWHRULDVSHGD
JyJLFDVSURGX]LGDVSHODVFLrQFLDVGDHGXFDomRSRUVXDYH]VmRUHFRUWHVSHUWLQrQFLDV7DUG\
TXHHVWDEHOHFHPREMHWRVSUySULRVHUHTXHUHPXPDFRRUGHQDomRLQWHUGLVFLSOLQDUFRPYLVWDV
DUHFRQVWLWXLUDWRWDOLGDGHGDVUHODo}HVSHGDJyJLFDV(VVDFRRUGHQDomRLQWHUGLVFLSOLQDUS}HXP
SUREOHPDHSLVWHPROyJLFRIXQGDPHQWDORGRPpWRGRRXFDPLQKRSDUDVXDUHDOL]DomR(VVDFRRU
GHQDomRGDVFLrQFLDVGDHGXFDomRUHTXHUDXOWUDSDVVDJHPGHFDGDXPDGHODVVHPDVGHVWXLURX
GHVTXDOL¿FDUVHQGRQHFHVViULRXPJUDQGHHVIRUoRFRQFHLWXDOSDUDDLQVWDXUDomRGDLQWHUGLVFL
SOLQDULGDGH1RHQWDQWRDWpDTXLQmRVHORJURXUHDOL]DUHVVHSURFHVVRGHFRRUGHQDomRLQWHUGLV
FLSOLQDUQDSHGDJRJLD¬¿ORVR¿DGDHGXFDomRFDEHULDDWDUHIDGHFRQWULEXLUSDUDDFRQVWLWXLomR
GHVVDFRRUGHQDomRLQWHUGLVFLSOLQDUFRQVLGHUDQGRTXHRVYDORUHVHGXFDWLYRVHQFRQWUDPVHSUH
VHQWHVQDGHWHUPLQDomRPHVPDGRVREMHWRVGHLQYHVWLJDomRGDVGLYHUVDVFLrQFLDVGDHGXFDomR
$FRQWULEXLomRGD¿ORVR¿DGDHGXFDomRVHID]SHORH[DPHGHSUREOHPDVGHRUGHQVGLYHUVDVPDV
WRGRVYLQFXODGRVjFHUWH]DVHQVtYHOGDFDSDFLGDGHTXHWHPRVGHHGXFDUHDLPHQVDG~YLGDWHy
ULFDTXDQWRjH[SOLFDomRGRVSURFHVVRVHYDORUHVHIHWLYDPHQWHHGXFDWLYRV'HIDWRRSRVWXODGR
SHGDJyJLFRGHTXHWHPRVSRVVLELOLGDGHGHPRGL¿FDUDVFUHQoDVHDWLWXGHVGRVHGXFDQGRVpRX
LQH[SOLFiYHOSHODVWHRULDVRXDVH[SOLFDo}HVVmRH[WUHPDPHQWHSUHFiULDVFRPRPRVWUDDSURIX
VmRGHWHRULDVFRQFRUUHQWHV
3RUHVVDVFRQVLGHUDo}HVTXHURVDOLHQWDUTXHRHQVLQRGD¿ORVR¿DGDHGXFDomRUHTXHURUHH[DPH
GRHVWDWXWRGHVVDGLVFLSOLQD3DUHFHPHTXHQHVVDUHYLVmRpQFHVViULRHVWDEHOHFHURLQVWUXPHQDO
DGHTXDGRDRH[DPHGDVWHRULDVSHGDJyJLFDVTXHVHULDFRQVWLWXtGRQRPtQLPRSHODVGLYHUVDV
OyJLFDVHQWUHHODVDOyJLFDHURWpWLFDRXGRTXHVWLRQDPHQWRHSHODµQRYDUHWyULFD¶,VVRVLJQL¿FD
TXHRHQVLQRGD¿ORVR¿DGDHGXFDomRGHYHVHUXPH[HUFtFLRGHDTXLVLomRGRLQVWUXPHQWDOFUtWLFR
FRQVWLWXtGRSHODVOyJLFDVSHODGLDOpWLFDHSHODUHWyULFDWDOFRPRVHWHPGHVHQYROYLGRHPQRVVRV
GLDV
$VWHRULDVSHGDJyJLFDVQRJHUDOWUDWDPGHWHPiWLFDVFRPXQVHDSUHVHQWDPVROXo}HVGLYHUVDV
FRPRpRFDVRMiPHQFLRQDGRGDSRVLomRFRPHQLDQDHGDDQWLSHGDJRJLD(VVDFRQWUDGLomRHQWUH
GXDVH[SOLFDo}HVGRSURFHVVRHGXFDWLYRVHULDDH[SUHVVmRGHYDORUHVVRFLDLVGLYHUVRV"6HULDD
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS
0D]]RWWL7%)LORVR¿DGD(GXFDomRXPDRXWUD)LORVR¿D"
H[SUHVVmRGHIXQGDPHQWRVSVLFROyJLFRVDQWDJ{QLFRV"$VSRVLo}HVGH&RPHQLXVH/DMRQTXLqUH
VHULDPUHDOPHQWHDQWDJ{QLFDV"(VVDVHPXLWDVRXWUDVTXHVW}HVSUHFLVDPVHUIHLWDVFRPYLVWDV
DHVFODUHFHURVHQWLGRGDVWHRULDVSHGDJyJLFDVHQHVVHPRYLPHQWRDX[LOLDURVIXWXURVSURIHVVR
UHVHSHVTXLVDGRUHVHPHGXFDomRQDWDUHIDGHFRPSUHHQGHUHHOXFLGDURHVFRSRHDVOLPLWDo}HV
GDTXHODVWHRULDVHGHVVDPDQHLUDGHVHQYROYHUVHLDRFDUDFWHUtVWLFRGD¿ORVR¿DDFULWLFLGDGH
PHWyGLFDHVLVWHPiWLFDGHWHRULDVRXFRQKHFLPHQWRV
5HIHUrQFLDV
$OYHV0D]]RWWL$OGD-XGLWK9LVmRGRVSURIHVVRUHVVREUHRWUDEDOKRLQIDQWRMXYHQLO6HPDQDGD(GXFDomR5LR
GH-DQHLUR)DFXOGDGHGH(GXFDomR8)5-DGHDEULOGHPLPHR
%UH]LQND:ROIJDQJ3KLORVRSK\RI(GXFDWLRQDO.QRZOHGJH$,QWURGXWLRQWRWKH)RXQGDWLRQVRI6FLHQFH(GX
FDWLRQ3K\ORVRSK\RI(GXFDWLRQDQG3UDFWLFDO3HGDJRJLFV'RUGUHFKW.OXZHU$FDGHPLF3XEOLVKHUV
&RVVVXWD )UpGpULF (OHPHQWRV SDUD D OHLWXUD GH WH[WRV ¿ORVy¿FRV 7UDGXomR ÆQJHOD GH 1RURQKD %HUJQDPL
0LOWRQ$UUXGD&OHPHQFH-RXHW3DVWUpH1HLGH6HWWH5HYLVmRGDWUDGXomRHWH[WR¿QDO3DXOR1HYHV6mR3DXOR
0DUWLQV)RQWHV
'D&RVWD1HZWRQ&$(QVDLRVREUHRV)XQGDPHQWRVGD/yJLFD63DXOR+XFLWHF(GXVSHGLomR
HGLomR
'LDVGH&DUYDOKR$$(SLVWHPRORJLDGDVFLrQFLDVGDHGXFDomR3RUWR$IURQWDPHQWR%LEOLRWHFDGDV
&LrQFLDV+XPDQDV
+HJHO * : ) &LHQFLD GH OD OyJLFD 7UDGXomR $XJXVWD H 5RGROIR 0RQGROIR %XHQRV $LUHV 6RODU+DFKHWWH
+HJHO*:)7H[WHV3pGDJRJLTXHV7UDGXomRHDSUHVHQWDomR%HUQDUG%RXUJHRLV3DULV-9ULQ%LELR
WKpTXHGHVWH[WHVSKLORVRSKLTXHV
+LOO&KULVWRSKHU20XQGRGHSRQWDFDEHoD,GpLDVUDGLFDLVGXUDQWHD5HYROXomR,QJOHVDVGH7UDGXomRH
DSUHVHQWDomR5HQDWR-DQLQH5LEHLUR63DXOR&RPSDQKLDGDV/HWUDV
+LQWLNND-DDNR/XGZLJ:LWWJHQVWHLQ+DOI7UXWKVDQG2QHDQG+DOI7UXWKV,Q+LQWLNND-DDNR6HOHFWHG
3DSHUV,'RUGUHFKHW.OXZHU$FDGHPLF3XEOLVKHUV
/DGULqUH-HDQ/¶pWLTXHHWODG\QDPLTXHGHODUDLVRQ5XH'HVFDUWHV3DULV$OELQ0LFKHO&ROOqJH,QWHUQDWLRQDO
GH3KLORVRSKLHQSMXLQ
/DMRQTXLqUH/HDQGURGH$FHUFDGDLQVWUXPHQWDomRSUiWLFDGRFRQVWUXWLYLVPR$DQWLSHGDJRJLDSLDJHWLDQD
FLrQFLDRXDUWH"&DGHUQRVGH3HVTXLVD63DXOR)XQGDomR&DUORV&KDJDV&RUWH](GLWRUDQSPDLR
GH
/DMRQTXLqUH/HDQGURGH'H3LDJHWD)UHXG$SVLFRSGHGDJRJLDHQWUHRFRQKHFLPHQWRHRVDEHU3HWUySROLV
9R]HV
0DFPLOODQ&-%*DUULVVRQ-DPHV:$/RJLFDO7KHRU\RI7HDFKLQJ(URWHWLFVDQG,QWHQWLRQDOLW\'RUGUH
FKHW.OXZHU$FDGHPLF3XEOLVKHUV
0D]]RWWL7DUVR%RQLOKD(VWDWXWRGHFLHQWL¿FLGDGHGD3HGDJRJLD,Q3LPHQWD6HOPD*DUULGR&RRUGHQDomR
3HGDJRJLDFLrQFLDGDHGXFDomR"63DXOR&RUWH]S
0D]]RWWL7DUVR%RQLOKD8PDFUtWLFDGDµpWLFD¶DPELHQWDOLVWD,Q&KDVVRW$WWLFR2OLYHLUD5HQDWR-RVpGH
&LrQFLDeWLFDH&XOWXUDQD(GXFDomR6/HRSROGR(GLWRUDGD8QLYHUVLGDGHGR9DOHGR5LRGRV6LQRVD
S
0D]]RWWL7DUVR%RQLOKD5HSUHVHQWDomRVRFLDOGHµSUREOHPDDPELHQWDO¶XPDFRQWULEXLomRj(GXFDomR$PELHQ
WDO5HY%UDV(VW3HGDJESS
1DJOH-RUJH2UJ(GXFDomRHOLQJXDJHPSDUDXPHVWXGRGRGLVFXUVRSHGDJyJLFR63DXOR(GDUW
3LDJHW-HDQ3UREOqPHVpSLVWpPRORJLTXHjLQFLGHQFHVORJLTXHVHWSV\FKRORJLTXHV,Q%HWK(:3LDJHW-
eSLVWpPRORJLH0DWKpPDWLTXHHW3V\FKRORJLH(VVDLVXUOHVUHODWLRQVHQWUHODORJLTXHIRUPHOOHHWODSHQVpHUpHOOH
3DULV38)eWXGHVG¶pSLVWpPRORJLHJpQHWLTXHQž;,9S
3LPHQWD6HOPD*DUULGR3DQRUDPDDWXDOGDGLGiWLFDQRTXDGURGDVFLrQFLDVGDHGXFDomR´HGXFDomR3HGDJRJLD
H'LGiWLFD,Q3LPHQWD6HOPD*DUULGR&RRUG3HGDJRJLDFLrQFLDGDHGXFDomR"63DXOR&RUWH]S
7DUG\0LFKHO'HOD3HGDJRJLDDX[6FLHQFHVGHO¶eGXFDWLRQ,Q(QF\FORSpGLH3KLORVRSKLTXH8QLYHUVHOOH
/¶8QLYHUV3KLORVRSKLTXHYROXPH,3DULV38)HGSSDUWLJR
9HLJD1HWR$OIUHGR-RVpGD$RUGHPGDVGLVFLSOLQDV7HVHGHGRXWRUDGR3RUWR$OHJUH8)5*6)DFXOGDGHGH
(GXFDomR
6HSDUDWD*KLUDOGHOOL-U3DXOR2UJ2TXHp)LORVR¿DGD(GXFDomR"5LRGH-DQHLUR'3$(GLomRSS