Uma Arquibancada Eletrônica: Reflexões sobre futebol, mídia e

Transcrição

Uma Arquibancada Eletrônica: Reflexões sobre futebol, mídia e
8PD$UTXLEDQFDGD(OHWU{QLFD5HIOH[}HVVREUH
IXWHEROPtGLDHVRFLDELOLGDGHQR%UDVLO
`ˆÃœ˜Ê>ÃÌ>`œ &HUWDQRLWHVDtGD8QLYHUVLGDGHDSyVXPDDXOD1RFDPLQKRGHFDVDHPXPSRQWR
1˜ˆÃˆ˜œÃ QRUPDOPHQWHFDOPRGRWUDMHWRYLXPDJUDQGHTXDQWLGDGHGHSHVVRDVDJORPHUDGDV
HPXPDHVTXLQDHPWRUQRGHXPEDUSDUDGDVQDUXDRROKDUIL[RHPDOJRRFRUUHQGR
OiGHQWUR5HGX]LDYHORFLGDGH²SDUWHGDVSHVVRDVHVWDYDPQDSLVWD²HDRSDVVDU
HPIUHQWHYLDOX]D]XODGDGHXPWHOmRFLQWLODQGRXPDSDUWLGDGHIXWHEROGHFLVLYD
SDUDXPGRVWLPHVORFDLVQDSODWpLDRROKDUWHQVRHDEVRUWRGRVWRUFHGRUHV/LJXHL
RUiGLRGRFDUURQXPDHPLVVRUD$0SDUDRXYLURILQDOGRMRJRHVHJXLPHXFDPLQKR
LQWULJDGR
6HJXQGR5REHUWRGD0DWWDRIXWHEROQR%UDVLOpXPDHVSpFLHGH´GUDPD
GDYLGDVRFLDOµRQGHVHFRORFDPHPFHQDTXHVW}HVHVWUXWXUDLVHKLHUiUTXLFDVGD
VRFLHGDGH EUDVLOHLUD DVVLP FRPR HP RXWURV PRPHQWRV LJXDOPHQWH ULWXDOL]DGRV
FRPR R FDUQDYDO H DV FKDPDGDV ´UHOLJL}HV DIUREUDVLOHLUDVµ (VWHV WUrV HOHPHQWRV
WrPVLGRREMHWRGHDSURSULDo}HVLGHROyJLFDVGLYHUVDVQRVHQWLGRGHFRPSRUXPD
´LGHQWLGDGHQDFLRQDOµQDTXDORIXWHEROGHVHPSHQKDXPLPSRUWDQWHSDSHOFRPR
SULQFtSLRDJOXWLQDGRUGR´SRYREUDVLOHLURµQDVXDFRQVWLWXLomRFRPRQDomRYHUQHVVH
VHQWLGR2UWL]H*XHGHV
1R%UDVLORIXWHEROpXPIHQ{PHQRFXOWXUDOTXHVXSHUDODUJDPHQWHDVHVWULWDV
OLQKDV GR FDPSR GH MRJR ULWXDOL]DQGR TXHVW}HV VLPEyOLFDV SURIXQGDV DFHUFD GD
QRVVDVRFLHGDGHWHPDWL]DGDVHPHVWXGRVDFDGrPLFRVQRVPDLVGLIHUHQWHVDVSHFWRV
FRPRUHODo}HVGHUDoD5LDO*DVWDOGRJrQHUR*XHGHVHFODVVH
VRFLDO'DPR1RFDVRHVSHFtILFRGR5LR*UDQGHGR6XORIXWHEROpWDPEpP
XP HPEOHPD GH LGHQWLGDGH UHJLRQDO VHQGR IUHTHQWH QR GLVFXUVR GD LPSUHQVD
HVSRUWLYDDWHQVmRHQWUHRFKDPDGR´IXWHEROJD~FKRµ²DTXH*XD]]HOOLFKDPD
LURQLFDPHQWHGH´SURYtQFLDGHFKXWHLUDVµ²HR´IXWHEROEUDVLOHLURµYHUVmRHVSRUWLYD
GRDWiYLFRFRQIOLWRFHQWURSHULIHULDTXHDWUDYHVVDDVUHODo}HVHQWUHHVWH(VWDGRHR
´FHQWURGRSDtVµSDUDXPDGLVFXVVmRGDDSURSULDomRGHFRQIOLWRVUHJLRQDLVPHGLDGRV
&DPSRV SHORIXWHEROQRFRQWH[WRGDLPSUHQVDHVSRUWLYDYHU*DVWDOGR&RQVLGHUDQGR
eGLVRQ*DVWDOGR
RSDSHOHPLQHQWHPHQWHPLGLiWLFRGRIXWHEROFRQWHPSRUkQHRHDGLPHQVmRHVVHQFLDOPHQWHVRFLDOGRFRQWH[WRGH
VXDUHFHSomRDFUHGLWRVHULPSRUWDQWHLQYHVWLJDUDGLPHQVmRGHVRFLDELOLGDGHHQYROYLGDQRFRQVXPRGHVWHSURGXWR
PLGLiWLFRRMRJRGHIXWHERO3DUDWDQWRSURSRQKRQHVWHWH[WRDOJXPDVDSUR[LPDo}HVWHyULFDVDFHUFDGDFRPSOH[D
UHODomRHQWUHIXWHEROPtGLDHVRFLDELOLGDGHQR%UDVLO
$57,*26
$ 0 , ' , $7 , = $ d ® 2 ' 2 ( 6 3 2 5 7 (
2FDUiWHU´HVSHWDFXODUµGRIHQ{PHQRHVSRUWLYRSDUHFHHVWDUSUHVHQWHGHVGHVXDVRULJHQVPDLVUHPRWDV$SUHVHQoD
GR´S~EOLFRµQDVFRPSHWLo}HVIRLSDUWHLQH[WULFiYHOGRV-RJRV2OtPSLFRVGD$QWLJXLGDGHHPHVPRFRPSHWLo}HV
ULWXDLVHPVRFLHGDGHGLWDV´SULPLWLYDVµFRPRDFRUULGDGHWRUDVSUDWLFDGDHQWUHJUXSRVLQGtJHQDVEUDVLOHLURV'D
0DWWDWDPEpPVmRHYHQWRVS~EOLFRVHPTXHRV´PHOKRUHVµGHFDGDJUXSRFOmRXWULER´UHSUHVHQWDPµR
JUXSRQDFRPSHWLomRTXHDVVLVWHHLQFHQWLYDVHXGHVHPSHQKR+RMHHPGLDpLQFRQFHEtYHOSHQVDURXQLYHUVRGR
HVSRUWHHVSHWiFXORVHPDVXDDSURSULDomRPLGLiWLFD1DJrQHVHKLVWyULFDGRPXQGRFRQWHPSRUkQHRpLQWHUHVVDQWH
QRWDURVXUJLPHQWRTXDVHFRQFRPLWDQWHGRHVSRUWHPRGHUQRHGRVPHLRVGHFRPXQLFDomRGHPDVVDHPILQVGR
VpFXOR;,;3RUH[HPSORDSULPHLUD2OLPStDGDGDHUD0RGHUQDIRLUHDOL]DGDQRDQRVHJXLQWHjSULPHLUDVHVVmR
S~EOLFDGHFLQHPDD&RSDGR0XQGRGHHQVHMRXDSULPHLUDWUDQVPLVVmRGHUiGLRLQWHUFRQWLQHQWDO
HQTXDQWRD&RSDGHIRLWDPEpPDRFDVLmRGDSULPHLUDWUDQVPLVVmRLQWHUQDFLRQDOGHWHOHYLVmRGHDOWDGHILQLomR
+'79(VSRUWHHPtGLDGRLVILOKRVGLOHWRVGD0RGHUQLGDGH
&RQWHPSRUDQHDPHQWHDPLGLDWL]DomRGHHYHQWRVHVSRUWLYRVpUHVSRQViYHOSRUVXFHVVLYRVIHQ{PHQRVGH
DXGLrQFLD$DXGLrQFLDJOREDOGDILQDOGD&RSDGR0XQGRGHSRUH[HPSORIRLHVWLPDGDHPPDLVGHXPELOKmR
GHSHVVRDVIRQWHUHYLVWD9HMD1R%UDVLODDXGLrQFLDPpGLDGHMRJRVGDVHOHomREUDVLOHLUDHP&RSDVGR0XQGR
VXSHUDODUJDPHQWHRVPLOK}HVGHHVSHFWDGRUHV²PHVPRHPXPMRJRTXHRFRUUHXjVKRUDVGDPDGUXJDGD
FRPR%UDVLO[,QJODWHUUDHPIRQWH,ERSH2XHPXPH[HPSORPDLVSURVDLFRDWUDQVPLVVmRUDGLRI{QLFDGH
SDUWLGDVGHIXWHEROGHYiU]HDHP*RLkQLDSHODHTXLSHGHHVWXGDQWHVGHMRUQDOLVPR´2V'RXWRUHVGD%RODµOLJDGRV
j8QLYHUVLGDGH)HGHUDOGH*RLiVFRQVHJXHRSLFRGHDXGLrQFLDGDHPLVVRUDXQLYHUVLWiULDHDVHJXQGDDXGLrQFLDGD
FDSLWDODFDGDWDUGHGHViEDGR5RFKDHWDO$DSURSULDomRPLGLiWLFDGRVIDWRVHVSRUWLYRVSHUSDVVDPHVPR
DH[SHULrQFLD´GLUHWDµGHDVVLVWLUDXPMRJRGHIXWHEROQRSUySULRHVWiGLRRQGHPXLWRVWRUFHGRUHVDFRPSDQKDPD
SDUWLGDFRPRVROKRVQRJUDPDGRHFRPXPUDGLQKRGHSLOKDFRODGRDRRXYLGRDFUHVFHQWDQGRjSUySULDH[SHULrQFLD
DDXWRULGDGHGRGLVFXUVRGRORFXWRUHGRVFRPHQWDULVWDVGL]HQGRRTXHDILQDOGHFRQWDVRHVSHFWDGRUHVWiYHQGR
RXVHMDGHILQLQGRD´UHDOLGDGHµGRVIDWRVGRMRJR
$WUDQVPLVVmRGHXPMRJRGHIXWHEROSHODWHOHYLVmR´PLPHWL]DµHVWDH[SHULrQFLDGHHVWDUQRHVWiGLRFRPXP
UDGLQKRGHSLOKDDRRXYLGR$VGLIHUHQWHVFkPDUDVDFRPSDQKDPDVMRJDGDVRXRXWURVODQFHVHQTXDQWRDYR]HPRII
GRORFXWRUGHILQHRTXHHVWiDFRQWHFHQGReHYLGHQWHTXHDVGXDVH[SHULrQFLDVVmRGLIHUHQWHVQRHVWiGLRRWRUFHGRU
H[SHULPHQWDRFRPSDUWLOKDUGHXPPHVPRHYHQWRFRPPLOKDUHVGHRXWUDVSHVVRDVWRUQDVHPDVVDGLVVROYHVHQD
´WRUFLGDµGHVHXWLPHHQTXDQWRHPVXDFDVDDVVLVWLQGRjWHOHYLVmRWDOIHQ{PHQRVRFLDOFROHWLYRSUDWLFDPHQWHQmR
RFRUUHVDOYRHPFLUFXQVWkQFLDVPXLWRHVSHFLDLVFRPRQRPRPHQWRGHXPJROLPSRUWDQWHSRUH[HPSOR
8PD$UTXLEDQFDGD(OHWU{QLFD5HIOH[}HVVREUHIXWHEROPtGLDHVRFLDELOLGDGHQR%UDVLO
2ULJLQDOPHQWHXPDDWLYLGDGHSDUDVHU´SUDWLFDGDµRHVSRUWHWRUQRXVHFRPRVXUJLPHQWRHRFUHVFLPHQWRGD
FRPXQLFDomRGHPDVVDFDGDYH]PDLVXP´HVSHWiFXORµSDUDVHU´DVVLVWLGRµYLVDQGRDXPFRQVXPRPDVVLILFDGR
(VVD LQFRUSRUDomR GR HVSRUWH SHOD LQG~VWULD FXOWXUDO JHUD XP GLYyUFLR HQWUH SUiWLFD H FRQVXPR Mi TXH QmR p
QHFHVViULRWHUSUDWLFDGRXPHVSRUWHSDUDDVVLVWLORSHODWHOHYLVmRHQXPDHVSpFLHGH´JUDX]HURGDFRPSHWrQFLD
HVSRUWLYDµ HPRFLRQDUVH FRP D DQVLHGDGH SHOR UHVXOWDGR $ YHLFXODomR GRV HYHQWRV HVSRUWLYRV QRV TXDLV RV
MRJDGRUHVVmRHPJHUDOSURILVVLRQDLVJHUDXPDXPHQWRQRQ~PHURGH´OHLJRVµTXHQHFHVVLWDP´FRPSUHHQGHUµ
RTXHKiSDUDVHUYLVWRFULDQGRDVVLPXPDGHPDQGDSRU´FRPHQWDULVWDVµPXLWRIUHTHQWHPHQWHH[MRJDGRUHV
TXHFRPVXDFRPSHWrQFLDHVSHFtILFDQRDVVXQWR´WUDGX]HPµRVODQFHVGRMRJRHPWHUPRVWpFQLFRVHWiWLFRV
UHIRUoDQGRSHODRSRVLomRDRV´OHLJRVµRSULPDGRGRSURILVVLRQDOLVPR
(VVD UHGXomR GRV ´QmR LQLFLDGRVµ DR SDSHO GH PHURV FRQVXPLGRUHV GRV HYHQWRV HVSRUWLYRV SRVVXL XP
DVSHFWRSROtWLFRLPSRUWDQWHFRQIRUPHUHVVDOWD%RXUGLHX
$DERUGDJHPGRVGLIHUHQWHVHVSRUWHVSHODPtGLDpSDUDGLJPiWLFDGDQRomRGHPtGLDFRPRSURPRWRUDGH
XPDFHVVRPHGLDGRj´UHDOLGDGHµ&RPRUHVVDOWD8PEHUWR(FRH[LVWHPYiULRVQtYHLVGHDSURSULDomRGD
DWLYLGDGHHVSRUWLYDRHVSRUWHHPVL´MRJDGRHPSULPHLUDSHVVRDµGLIHUHQWHGHXPHVSRUWH´HOHYDGRDRTXDGUDGRµ
TXHpRHVSHWiFXORHVSRUWLYR2HVSRUWHWRUQDGRHVSHWiFXORHQJHQGUDXPHVSRUWH´HOHYDGRDRFXERµTXHpR
GLVFXUVRVREUHRHVSRUWHDVVLVWLGRRGLVFXUVRGDLPSUHQVDHVSRUWLYD(FRDLQGDIDODGHXPHVSRUWHHOHYDGR´j
HQpVLPDSRWrQFLDµTXHpRGLVFXUVRVREUHDLPSUHQVDHVSRUWLYDFRPRQRFDVRGRV´FRPHQWDULVWDVµGDVSiJLQDV
HVSRUWLYDVGRVMRUQDLV0HGLDo}HVVXFHVVLYDVLQWHUSUHWDo}HVVREUHSRVWDVPHWDGLVFXUVRVDPtGLDVHDSURSULDGRV
HYHQWRVHPHGLDOHJLWLPDRDFHVVRDRDFRQWHFLGR
(GLOHX]D6RDUHVFRQWDXPDKLVWyULDTXHFDUDFWHUL]DSDUWLFXODUPHQWHHVWDDSURSULDomRFRQVWUXomRGR
´IDWRHVSRUWLYRµSHODPtGLD1RLQtFLRGRVDQRVTXDQGRDVHOHomREUDVLOHLUDGLVSXWRXXPDSDUWLGDQD$UJpOLD
XPUDGLDOLVWDGHVWDFDGRSDUDQDUUDURHYHQWRQmRGLVSXQKDGHILRVXILFLHQWHSDUDFKHJDUFRPVHXPLFURIRQHDWp
RFDPSRQmRSRGHQGRYHURMRJRTXHWHULDGHQDUUDU,QYHQWRXHQWmRXPHVWUDWDJHPDRH[MRJDGRU/H{QLGDV
HQWmRFRPHQWDULVWDGHVXDHPLVVRUDILFDYDjEHLUDGRJUDPDGRHFRUULDDWpRORFDORQGHHVWDYDRORFXWRUSDUD
DYLVDUTXDQGRDFRQWHFLDXPJROHTXHPIRUDRDUWLOKHLUR(QTXDQWRLVVRRORFXWRUQDUUDYDSDUDRVEUDVLOHLURVGR
RXWURODGRGR$WOkQWLFRXPDSDUWLGDLPDJLQiULDQDTXDOLQVHULDVXELWDPHQWHDVMRJDGDVTXHFRQGX]LDPDRVJROV
DQXQFLDGRVSHORFROHJD
2SLWRUHVFRH[HPSORHYLGHQFLDXPDFDUDFWHUtVWLFDGRVHYHQWRVYHLFXODGRVQDPtGLDRHYHQWRSDVVDSRU²H
VHDVVXPHFRPR²´RUHDOµPDVpXPDFRQVWUXomRGRHQXQFLDGRUXPDUHSUHVHQWDomR(YLGHQWHPHQWHDYHLFXODomR
SUHWHQGHVHUHVHDILUPD´ILHODRVIDWRVµPDVPHVPRXPDWUDQVPLVVmRGHWHOHYLVmRDRYLYRDFRUHVYLDVDWpOLWH
pHPVLXPDUHSUHVHQWDomR&RPRUHVVDOWD0DXUR%HWWLVRERSRQWRGHYLVWDGDWHOHYLVmRRMRJRDFRQWHFH
VRPHQWHRQGHHVWiDEROD1DWUDQVPLVVmRGH79QLQJXpPWHPDYLVmRJOREDOGRHVSDoRGHMRJRTXHRHVSHFWDGRU
SUHVHQWHDRHVWiGLRWHP1RLQtFLRGDVWUDQVPLVV}HVGHMRJRVGHIXWHEROSHODWHOHYLVmRXPD~QLFDFkPDUDIL[D
$57,*26
´QmRpDSHQDVQRGRPtQLRGRHVSRUWHTXHRVKRPHQVFRPXQVVmRUHGX]LGRVDRSDSHOGHWRUFHGRUHVOLPLWHV
FDULFDWXUDLVGRPLOLWDQWHGHGLFDGRVDXPDSDUWLFLSDomRLPDJLQiULDTXHQmRpPDLVGRTXHDFRPSUHHQVmRLOXVyULD
GDGHVSRVVHVVmRHPEHQHItFLRGRVH[SHUWVµ
eGLVRQ*DVWDOGR
DFRPSDQKDYDGHORQJHDVMRJDGDV$WXDOPHQWHPHVPRFRPDVGH]HQDVGHGLIHUHQWHVFkPDUDVIL[DVHPyYHLV
HVSDOKDGDVSHORFDPSRVDOLHQWDQGRGLYHUVRVDVSHFWRVGRMRJRDLQGDFRQWLQXDDH[LVWLUHVWDFRQVWUXomRQDUUDWLYD
HVWDPHWDUHSUHVHQWDomRGRHYHQWRHVSRUWLYR$VLPDJHQVTXHYmRDRDUVmRHVFROKLGDVFRQIRUPHXPDFRGLILFDomR
SUySULDGRYHtFXORSRUH[HPSORUHSOD\VGHXPJROVREGLYHUVRVkQJXORV8PRXWURH[HPSORHPTXHHVWDHP
JHUDOHILFD]´LOXVmRGHUHDOLGDGHµIRLSRVWDHPHYLGrQFLDRFRUUHXQD&RSDGHHPTXHRMRJDGRUEUDVLOHLUR
-~QLRU%DLDQRFRPHWHXSrQDOWLQRDWDFDQWHQRUXHJXrV7RUH)ORQRMRJR%UDVLO[1RUXHJDTXDQGRRMRJRHQWmR
HPSDWDGRFKHJDYDDVHXILQDO$VFkPDUDVPRVWUDYDPFRPRGHSUD[HDERODHPMRJRTXDQGRRiUELWURDSLWRX
HFRUUHXSDUDDPDUFDGRSrQDOWL1HQKXPDGDVGH]HQDVGHFkPDUDVGH79DFHVVtYHLVjWHOHYLVmREUDVLOHLUDFDSWRX
DIDOWDGHQWURGDiUHD5HNGDOFREURXHIH]RJROGDYLWyULDGD1RUXHJDTXHVHFODVVLILFRXSDUDDVRLWDYDVGHILQDO
HQTXDQWRRVORFXWRUHVHFRPHQWDULVWDVEUDVLOHLURVEUDGDYDPXQDQLPHPHQWHFRQWUDR´URXERµSUDWLFDGRSHORiUELWUR
1RGLDVHJXLQWHDOJXQVMRJDGRUHVGDVHOHomRMiDGPLWLDPDOJRHPEDUDoDGRVWHUKDYLGRDIDOWDHPERUDYiULRV
DUWLFXOLVWDVDLQGDLQVLVWLVVHPQRHUURGRiUELWUR'RLVGLDVGHSRLVXPDLPDJHPREWLGDGHXPDFkPDUDH[FOXVLYDGD
WHOHYLVmRQRUXHJXHVDPRVWUDYDFODUDPHQWHRSX[mRQDFDPLVHWDVRIULGRSHORMRJDGRUQRUXHJXrV$PtGLDEUDVLOHLUD
DSURYHLWRXDLPDJHPH[FOXVLYDSDUDID]HUGHVHXPHDFXOSDFROHWLYRPDLVXPDQRWtFLDHQWUHRXWUDV
6HFRPUHIHUrQFLDjLPDJHPDRYLYRMiRFRUUHHVWHSURFHVVRGHDUWLFXODomRGHVLJQLILFDGRHOHDLQGDpPDLV
HYLGHQWHTXDQGRVHOHYDPHPFRQWDDQDUUDomRHRVFRPHQWiULRVDFHUFDGRMRJRWDQWRQDWUDQVPLVVmRGH79H
UiGLRTXDQWRQRVMRUQDLVGRGLDVHJXLQWHeHYLGHQWHTXHQmRp´SULYLOpJLRµGRIXWHEROWHUVLJQLILFDGRVFRQVWUXtGRV
SHODPtGLD(ODRSHUDHVWDPHGLDomRFRPRUHJUDFRQVWUXLQGRXPD´QRomRGHUHDOLGDGHµSUySULDTXHHYLGHQFLD
GHWHUPLQDGRVIDWRVVREGHWHUPLQDGRVHQIRTXHVHPGHWULPHQWRGHRXWURV2LQWHUHVVHVRFLDOSHORIXWHEROQR%UDVLO
GXUDQWHD&RSDpDSURSULDGRSHODPtGLDTXHHPSULQFtSLRDWHQGHDXPD´GHPDQGDVRFLDOµSUpH[LVWHQWHSURGX]LQGR
SHoDVGHFRPXQLFDomRHFULDQGRXPFLUFXLWRGHSURGXomRHFRQVXPRPRWLYDGRSHORHYHQWRHPFXUVRQRTXDOVH
LQVHUHPDOpPGDFREHUWXUDGRVMRJRVFDGHUQRVHVSHFLDLVQRVMRUQDLVHUHYLVWDVORQJDVPDWpULDVQRVWHOHMRUQDLV
SURJUDPDVGLYHUVRVFRPDWHPiWLFDGD&RSDDQ~QFLRVSXEOLFLWiULRVHWFFRODERUDQGRGHPRGRDWLYRSDUDGHILQLU
DUHDOLGDGHQRVWHUPRVLGHROyJLFRVGR%UDVLOFRPR´RSDtVGRIXWHEROµ
$57,*26
6 2 % 5 ( 2 ) 8 7 ( % 2 / 1 $ & 8 /7 8 5 $ % 5 $ 6 , / ( , 5 $
(PERUDDPtWLFDGR´SDtVGRIXWHEROµVHMDUHVXOWDGRGHXPSURFHVVRKLVWyULFRHVRFLDOTXHWHPSRXFRPDLVGH
DQRVRXSURYDYHOPHQWHSRUFDXVDGLVVRHVWHHVSRUWHpKRMHXPGRVSULQFLSDLVHPEOHPDVGD´LGHQWLGDGHEUDVLOHLUDµ
MXQWDPHQWHFRPRVDPEDHDVFKDPDGDV´UHOLJL}HVDIUREUDVLOHLUDVµ$RIXWHEROMRJDGRQR%UDVLOVmRDWULEXtGDV
FDUDFWHUtVWLFDVFRQVWLWXLQWHVGRTXHVHULDXPD´LGHQWLGDGHEUDVLOHLUDµFRPRDPRGDOLGDGHGHFRQGXWDFRQKHFLGD
FRPR´PDODQGUDJHPµ(VWDQGRKLVWRULFDPHQWHGDWDGRVGRLQtFLRGRSURFHVVRGHLQGXVWULDOL]DomRGDVRFLHGDGH
EUDVLOHLUDQRVDQRVHRVWHPSRVGD´PDODQGUDJHPµFRQVWLWXHPXPDHVSpFLHGH´SDVVDGRPtWLFRµGDFXOWXUD
EUDVLOHLUDVHQGRDILJXUDGRPDODQGURXPDHVSpFLHGH´KHUyLSRSXODUµEUDVLOHLUR2OLYHQFRQVLGHUDD
PDODQGUDJHPXPD´HVWUDWpJLDGHVREUHYLYrQFLDHFRQFHSomRGHPXQGRµDWUDYpVGHXPDUHFXVDGDGLVFLSOLQDH
GDH[SORUDomRGRWUDEDOKRDVVDODULDGR(PERUDRFRQWH[WRKLVWyULFRHVRFLDOFRQWHPSRUkQHRWHQKDUHOHJDGRR
´PDODQGURµGHQDYDOKDWHUQREUDQFRHOHQoRGHVHGDQRSHVFRoRDRSDVVDGRVXDILJXUDHPEOHPiWLFDFRQWLQXD
SUHVHQWHQRLPDJLQiULRGDVRFLHGDGHEUDVLOHLUD8PGRVFDPSRVRQGHD´PDODQGUDJHPµpYLVWDHVVHQFLDOPHQWH
FRPRXPYDORUQR%UDVLOpMXVWDPHQWHRFDPSRGHIXWHEROSDOFRGHULWXDOL]Do}HVGHGLYHUVRVHOHPHQWRVGDFXOWXUD
EUDVLOHLUD
$KRPRJHQHL]DomRSURPRYLGDSRUXPDGHILQLomRXQLWiULDHLQWHJUDGRUDGR´VHUEUDVLOHLURµRFXOWDFRQIOLWRV
GHFRUUHQWHVGHSDUWLFXODULGDGHVVRFLDLVpWQLFDVHUHJLRQDLV&RPRUHVVDOWD2UWL]DHOHLomRTXDVH´RILFLDOµGH
VtPERORVGDFXOWXUDEUDVLOHLUDGXUDQWHRSULPHLURJRYHUQRGH9DUJDVHOHYRXHOHPHQWRVUHODFLRQDGRV
jFXOWXUDQHJUD²FRPRRVDPEDDVUHOLJL}HVDIUREUDVLOHLUDVHGHPRGRFUHVFHQWHDSyVRVDQRVRIXWHERO²j
FRQGLomRGHHPEOHPDVGD´FXOWXUDEUDVLOHLUDµHPSUHMXt]RGRVJUXSRVQHJURVTXHYLUDP´VXDVµPDQLIHVWDo}HV
FXOWXUDLVVHWRUQDUHPPDQLIHVWDo}HVFXOWXUDLV´GR%UDVLOµ1RFDVRGRIXWHEROpQRWiYHOROLYURKRMHFOiVVLFRGH
0iULR5RGULJXHV)LOKR21HJURQR)XWHERO%UDVLOHLURFXMDSULPHLUDHGLomRIRLSXEOLFDGDHPHQDTXDO
DSDUWLUGHXPDLQVSLUDomRQLWLGDPHQWHIUH\UHDQD²*LOEHUWR)UH\UHDSURSyVLWRDVVLQDRSUHIiFLR²pDSUHVHQWDGD
XPDYHUVmR´KHUyLFDµGDSDUWLFLSDomRGRVMRJDGRUHVGHIXWHEROQHJURVFRQWUDVHXV´LQLPLJRVµRVMRJDGRUHVGD
HOLWHEUDQFDHUDFLVWDQRIXWHEROEUDVLOHLUR$WHVHGH0iULR)LOKRpDGHTXHDRDEULUVXDVSRUWDVjSDUWLFLSDomR
GRVQHJURVRIXWHEROMRJDGRQR%UDVLOVHWRUQRXR´IXWHEROEUDVLOHLURµIXQGDQGRXP´HVWLOREUDVLOHLURµ²TXHVHULD
FKDPDGRDQRVPDLVWDUGHGH´IXWHERODUWHµ²GHULYDGRGLUHWRGD´GHPRFUDFLDUDFLDOµSUHFRQL]DGDSRU)UH\UH2
OLYURGH0iULR)LOKRDVVLPFRPR&DVD*UDQGH6HQ]DODYHLRDVHWRUQDUSDUWHGHXPGLVFXUVRGRPLQDQWHVREUHR
IXWHEROQR%UDVLOHPERUDQmRVHMDLVHQWRGHTXHVWLRQDPHQWRVQRFDPSRDFDGrPLFRYHUQHVWHVHQWLGRRGHEDWH
HQWUH6RDUHV*RUGRQH+HODOHDWUpSOLFDGH6RDUHVD
5REHUWR'D0DWWDFRQVLGHUDTXHXPDPHVPDDWLYLGDGHSRGHVHUDSURSULDGDGHIRUPDVGLIHUHQWHVSRU
GLIHUHQWHVVRFLHGDGHVFRPRpRFDVRGRIXWHEROQR%UDVLOGLIHUHQWHGRIXWHEROSUDWLFDGRQRVSDtVHVHXURSHXVSRU
H[HPSOR(OHUHVVDOWDTXHQR%UDVLORIXWHEROpVHPSUHFKDPDGR´MRJRµRPHVPRWHUPRTXHFODVVLILFDRVFKDPDGRV
´MRJRVGHD]DUµFRPRRWDPEpPEUDVLOHLUR´MRJRGRELFKRµ1D,QJODWHUUDHPFRPSDUDomRH[LVWHXPDGLVWLQomR
FODUDHQWUHVSRUWHJDPEOHLQGLFDQGRDVHSDUDomRHQWUHRVGRPtQLRVGRDJ{QHGDDOHDRVMRJRVGHFRPSHWLomR
HRVMRJRVGHD]DUQDFODVVLILFDomRGH&DLOORLVOLPLWHVTXHQR%UDVLOVmRPXLWRPDLVWrQXHV
1RUPDOPHQWH R LQWHUHVVH GRV EUDVLOHLURV SHOR IXWHERO HQFRQWUDVH GLYLGLGR HP WRUQR GD UHJLRQDOLGDGH
GHFRUUHQWH GD WRUFLGD D GLIHUHQWHV FOXEHV 2V FOXEHV GH IXWHERO VLPEROL]DP XP SHUWHQFLPHQWR VRFLDO FRP
FDUDFWHUtVWLFDV HVSHFtILFDV GHPDQGDQGR GRV WRUFHGRUHV XPD OHDOGDGH SRU WRGD D YLGD ´8PD YH] )ODPHQJR
)ODPHQJRDWpPRUUHUµ0XLWDVYH]HVRVORFXWRUHVHVSRUWLYRVVHUHIHUHPjWRUFLGDGHXPFOXEHFRPR´QDomRµ
´QDomR FRORUDGDµ ´QDomR UXEURQHJUDµ HWF GH DFRUGR FRP DV FRUHV GR FOXEH UHVVDOWDQGR HVWH VHQWLGR GH
´FRPXQLGDGHUHXQLGDµHPWRUQRGRSHUWHQFLPHQWRDIHWLYRDXPJUXSRDXPVHQWLPHQWRFROHWLYRFRPSDUWLOKDGR
QRFDVRPHGLDGRSHOR´WLPHGRFRUDomRµ&DEHUHVVDOWDUTXHDSHQDVXPDtQILPDSDUWHGDWRUFLGDGHXP´WLPHµ
$57,*26
8PD$UTXLEDQFDGD(OHWU{QLFD5HIOH[}HVVREUHIXWHEROPtGLDHVRFLDELOLGDGHQR%UDVLO
eGLVRQ*DVWDOGR
WHPXPYtQFXORIRUPDOFRPR´FOXEHµQDTXDOLGDGHGH´VyFLRµ2SHUWHQFLPHQWRDXPDWRUFLGDpPXLWRPDLVXPD
TXHVWmRDIHWLYDIUHTHQWHPHQWHPHGLDGDQDLQIkQFLDSRUUHODo}HVIDPLOLDUHVGRTXHXPDUHODomRLQVWLWXFLRQDO
HQWUHXPFOXEHHVHXVVyFLRVYHUQHVWHVHQWLGR'DPR
)87(%2/(62&,$%,/,'$'(
$QRomRGHVRFLDELOLGDGHGHULYDGDREUDGRVRFLyORJRHILOyVRIRDOHPmR*HRUJ6LPPHOTXHDGHILQLXFRPR´D
IRUPDO~GLFDGDVRFLDomRµ3DUD6LPPHODVRFLDELOLGDGHpXPIHQ{PHQRVRFLDOXPDIRUPDGHLQWHUDomR
QDTXDORVSDUWLFLSDQWHVDXWRQRPL]DPVXDVDWXDo}HVQRVHQWLGRGHHYLWDUTXDOTXHUGHPRQVWUDomRGHXPLQWHUHVVH
REMHWLYRQRVDVVXQWRVWUDWDGRV²RWLSRGHFRQYHUVDRFRUUHQWHHPIHVWDVVHULDWDOYH]XPERPH[HPSOR1HVWHVHQWLGR
SRGHVHFRWHMDUDQRomRGHVRFLDELOLGDGHGH6LPPHOjGHILQLomRGH´MRJRµDSUHVHQWDGDSRU+XL]LQJD
$57,*26
´RMRJRpXPDDWLYLGDGHRXRFXSDomRYROXQWiULDH[HUFLGDGHQWURGHFHUWRVHGHWHUPLQDGRVOLPLWHVGHWHPSR
HGHHVSDoRVHJXQGRUHJUDVOLYUHPHQWHFRQVHQWLGDVPDVDEVROXWDPHQWHREULJDWyULDVGRWDGRGHXPILPHPVL
PHVPRDFRPSDQKDGRGHXPVHQWLPHQWRGHWHQVmRHGHDOHJULDHGHXPDFRQVFLrQFLDGHVHUGLIHUHQWHGD¶YLGD
FRWLGLDQD·µ
(YLGHQWHPHQWH DV GXDV QRo}HV QmR VH HTXLYDOHP QRV PtQLPRV GHWDOKHV TXHP VHULD SRU H[HPSOR R
´JDQKDGRUµHPXPDIHVWD"PDVJXDUGDGDVDVGLIHUHQoDVRSDUDOHOLVPRHQWUHHODVSHUPLWHSHQVDUDVRFLDELOLGDGH
FRPRXPDHVSpFLHGH´MRJRGDYLGDVRFLDOµXPPRPHQWRO~GLFRpERPOHPEUDUDHWLPRORJLDGHVWHWHUPRGHULYDGR
GRODWLPOXGXV´MRJRµGHSUD]HUGLVWLQWRGDVFRLVDV´VpULDVµGDYLGDFRWLGLDQDHVWHIUiJLOUHI~JLRGDVDJUXUDVGR
PXQGRGRWUDEDOKRGDHFRQRPLDHGDSROtWLFD1mRSUHWHQGRDTXLGLVFXWLUVHDVRFLDELOLGDGHpVXEVXPLGDjQRomR
GHMRJRRXRFRQWUiULR,PSRUWDpGHVWDFDUHVWHVIHQ{PHQRVQRHQTXDGUHVLPLODUTXHHVWDEHOHFHPQDYLGDFRWLGLDQD
QR´FDPSRILQLWRGHVLJQLILFDomRµ%HUJHUH/XFNPDQQTXHHVWLSXODP2IHQ{PHQRHVSHFtILFRTXHSUHWHQGR
GLVFXWLUUHIHUHVHDXPDFRPELQDomRFRPSOH[DHQWUHPtGLDMRJRHVRFLDELOLGDGHDVRFLDELOLGDGHHVWDEHOHFLGDHP
WRUQRGDUHFHSomRGHSDUWLGDVGHIXWHEROPLGLDWL]DGDVHDWHPDWL]DomRGRVIDWRVGRMRJRQDVLQWHUDo}HVVRFLDLV
FRWLGLDQDV
3HODV FDUDFWHUtVWLFDV GHVWD PRGDOLGDGH GH LQWHUDomR ² SHOR PHQRV QR FDVR EUDVLOHLUR ² XP QRYR WHUPR
SRGHVHUDGVFULWRDHVWDSUREOHPiWLFDRSDSHOGHJrQHURPDVFXOLQR(PERUDWHQKDKDYLGRQRV~OWLPRVDQRVXP
H[SUHVVLYRFUHVFLPHQWRGDSDUWLFLSDomRIHPLQLQDQRXQLYHUVRIXWHEROtVWLFRPDQLIHVWRQmRVyQDDXGLrQFLDPDV
PHVPRGHQWURGHFDPSRFRPRQRVXFHVVRLQWHUQDFLRQDOFRQTXLVWDGRSHODVHOHomREUDVLOHLUDGHIXWHEROIHPLQLQR
RPXQGRGRIXWHEROFRQWLQXDDVHUKHJHPRQLFDPHQWHXPWHUULWyULRPDVFXOLQR
$VVLP HVWD VRFLDELOLGDGH PDUFDGDPHQWH PDVFXOLQD OLGD FRP R TXH &DUPHQ 5LDO FRPXQLFDomR SHVVRDO
GHQRPLQRX´KRPRVVRFLDELOLGDGHµIRUPDO~GLFDGHLQWHUDomRHQWUHSDUWLFLSDQWHVGHXPPHVPRVH[R
QRFDVRGHKRPHQV$VRFLDELOLGDGHHQWUHKRPHQVSRGHSRUYH]HVGHULYDUSDUDIRUPDVEDVWDQWHDJUHVVLYDVGH
8PD$UTXLEDQFDGD(OHWU{QLFD5HIOH[}HVVREUHIXWHEROPtGLDHVRFLDELOLGDGHQR%UDVLO
LQWHUDomR²TXHWUDIHJDPQRHVWUHLWROLPLWHGRTXHSRVVDVHUFKDPDGRGH´EULQFDGHLUDµQDPRGDOLGDGHGHLQWHUDomR
DTXH5DGFOLIIH%URZQGHQRPLQRX´UHODo}HVMRFRVDVµGHILQLGDVFRPR
$LQWHUDomRSDXWDGDSHODPHGLDomRGHXPHYHQWRHVSRUWLYRVHSUHVWDGHPRGRQRWiYHOSDUDHVWDIRUPD
GHVRFLDELOLGDGHFRPSHWLWLYD²GHTXHD´IODXWDµ´JR]HLUDµRX´VDFDQDJHPµLQWHUPLQiYHOGHSDUWHDSDUWHHQWUH
JUHPLVWDVHFRORUDGRVFUX]HLUHQVHVHDWOHWLFDQRVIODPHQJXLVWDVSyVGHDUUR]HYDVFDtQRVpXPERPH[HPSOR
1HVWHVHQWLGR$UDQJXUHQDILUPDTXH´KRMHHPQRVVDFLYLOL]DomRRHVSRUWHSULPDFRPRRH[HUFtFLRSRU
H[FHOrQFLDGDFRPSHWLWLYLGDGHDJRQDOµ$VVLPDVGLIHUHQWHVSUiWLFDVHVSRUWLYDVIRUQHFHPHPQRVVDVRFLHGDGH
ORFDO D RSRUWXQLGDGH SDUD FRORFDU HP DomR HVWDV IRUPDV FRPSHWLWLYDV GH VRFLDELOLGDGH &HUWDPHQWH R HVSRUWH
QmRpD~QLFDYLDGHPDQLIHVWDomRGDFRPSHWLWLYLGDGHHPERUDHOHFRQWHQKDHPVXDQDWXUH]DWRGRVRVHOHPHQWRV
QHFHVViULRVSDUDTXHVHSRQKDPVRFLDOPHQWHHPGLVSXWDRVTXHVLWRVPDLVGLYHUVRV
(P WHUPRV LQWHUDFLRQDLV D VRFLDELOLGDGH PDVFXOLQD EUDVLOHLUD WHP QD WHPDWL]DomR GR HVSRUWH XP SRUWR
VHJXUR%DVWDSHUJXQWDUDXPKRPHPTXDOTXHUTXDORVHXWLPHSDUDFRPHoDUXPDFRQYHUVDTXHSRGHVHDORQJDU
LQGHILQLGDPHQWHVHPTXHHPTXDOTXHUPRPHQWRVHFRUUDRULVFRGHXPDLQGLVFULomRRXFRQVWUDQJLPHQWRXPD
YH]TXH²SRUSDVVLRQDLVTXHVHMDPRVWRUFHGRUHV²QDGDTXHDIHWHRVHOIHVWiHPTXHVWmR$OLHVHDHVVHWHPD
HQYROYHQWHVHPVHUFRPSURPHWHGRURFRQVWDQWHIOX[RGHLQIRUPDo}HVGHFRUUHQWHGDWHPDWL]DomRMRUQDOtVWLFDGDV
HGLWRULDVGHHVSRUWHVHWHPRVRDVVXQWRSHUIHLWRSDUDDVRFLDELOLGDGHPDVFXOLQDQR%UDVLO&RPRXPH[HPSOREDVWD
SHQVDUQDVYHUGDGHLUDV´QRYHODVµHQYROYHQGRRVERDWRVGHFRPSUDHYHQGDGHMRJDGRUHVHHVSHFXODo}HVVREUH
UHVXOWDGRVTXHVmRYHLFXODGDVGLDULDPHQWHHPMRUQDLVGHWRGRRSDtVDWDO´IDODomRHVSRUWLYDµFRQWUDDTXDO(FR
EUDGDYDHPYmRpDPDWpULDSULPDGHLQWHUDo}HVGHVRFLDELOLGDGHPDVFXOLQDSRUWRGRRSDtV
eFODURTXHDHVWDGHPDQGDVRFLDOFRUUHVSRQGHXPDRIHUWDGHSURGXWRVPLGLiWLFRVQXPDUHODomRGHPHUFDGR
TXHQmRWHPQDGDGHHVSRQWkQHR2OXFURGHXPSURGXWRGHPtGLDHVWiHPUD]mRGLUHWDFRPVHXtQGLFHGHDXGLrQFLD
$SDUGDLPSRUWkQFLDVRFLDOGRIXWHEROSDUDRVEUDVLOHLURVH[LVWHDDSURSULDomRGHVWHHVSRUWHSHODPtGLDHPHVSHFLDO
SHORMRUQDOLVPRTXHVHQmR´LQYHQWDµHVWHLQWHUHVVHVRFLDOSHORPHQRVR´DXPHQWDµFRPWRGRVRVPHLRVGHTXH
GLVS}H,VVRILFDPXLWRHYLGHQWHQRFDVRGD&RSDGR0XQGRSRUH[HPSORQR-RUQDO1DFLRQDOGRGLDGDSDUWLGD
%UDVLO[+RODQGDHPGRWHPSRWRWDOGDVPDWpULDVGRFpOHEUHWHOHMRUQDOIRUDPGHGLFDGRVjFREHUWXUD
GRMRJR*DVWDOGR2XVHMDDRVROKRVGR-RUQDO1DFLRQDOQHVVHGLDQDGDPDLVDFRQWHFHXGHLPSRUWDQWHQR
PXQGRGRTXHDYLWyULDEUDVLOHLUDQRVSrQDOWLV&RPDJHQGDPHQWRVGHVVDRUGHPVHVXVWHQWDQmRDSHQDVDPtWLFD
GR´SDtVGRIXWHEROµPDVWDPEpPXPDDXGLrQFLDSURMHWDGDHPWRUQRGHPLOK}HVGHSHVVRDV
$57,*26
´XPDSHFXOLDUFRPELQDomRGHDPL]DGHHDQWDJRQLVPR2FRPSRUWDPHQWRpWDOTXHHPTXDOTXHURXWURFRQWH[WR
VRFLDOHOHH[SUHVVDULDHJHUDULDKRVWLOLGDGHPDVWDODWLWXGHQmRpDVpULRHQmRGHYHVHUOHYDGDDVpULR+iXPD
SUHWHQVmRGHKRVWLOLGDGHHXPDUHDODPL]DGH3RVWRGHRXWURPRGRpXPDUHODomRGHGHVUHVSHLWRFRQVHQWLGRµ
eGLVRQ*DVWDOGR
3$ 5 $ ) , 1 $ / , = $ 5
$57,*26
%XVTXHLFRPHVWHWUDEDOKRXPDGLVFXVVmRGDVOyJLFDVUHODFLRQDGDVDHVWHSURGXWRPLGLiWLFRWmRHVSHFLDOR
MRJRGHIXWHEROFRQVLGHUDQGRDSDUWLUGDVFRQVHTrQFLDVGDPLGLDWL]DomRGRVIDWRVHVSRUWLYRVDVXDGLPHQVmRGH
IDWRVRFLDO²SURGX]LQGRHUHSURGX]LQGRLPDJLQiULRVVLPEyOLFRVQDVRFLHGDGHEUDVLOHLUD²EHPFRPRDGLPHQVmR
LQWHUDFLRQDOGH´VRFLDELOLGDGHPDVFXOLQDµSURPRYLGDSHORDFHVVRFRPSDUWLOKDGRDRIXWHEROPLGLDWL]DGR$RILP
GHVWHDLQGDLQLFLDOSHUFXUVRFRQIHVVRWHUPDLVSHUJXQWDVGRTXHUHVSRVWDV(QWUHWDQWRDFUHGLWRTXHDOJXQVSRQWRV
LQLFLDLVSDUDXPSURJUDPDGHHVWXGRVSRVVDPVHUHVWDEHOHFLGRV(PSULPHLUROXJDUpLPSRUWDQWHGHVWDFDUTXH
R IXWHERO QR %UDVLO p XP IDWR VRFLDO GH H[WUHPD LPSRUWkQFLD VLPEyOLFD H HVWi LQGLVVRFLDYHOPHQWH OLJDGR j VXD
PLGLDWL]DomRjVXDFRQGLomRGHSURGXWRPLGLiWLFRRTXHFRQGLFLRQDVXDYHLFXODomRjVUHJUDVGRFDPSRGDVPtGLDV
3HQVDQGRRIXWHEROFRPRSURGXWRPLGLiWLFRRFRQVXPRVRFLDOGHVWHSURGXWRHVWiUHODFLRQDGRDXPDGLPHQVmR
GHVRFLDELOLGDGHGHFRPSDUWLOKDPHQWRGDUHFHSomRHQWUHSDUHV²VHMDPSDUFHLURVRXDGYHUViULRV²HTXHQHVWD
VRFLDELOLGDGHVHQHJRFLDPDSURSULDo}HVFXOWXUDLVGRVIDWRVGRMRJRSHORVWRUFHGRUHV3RUILPHXGHVWDFDULDRXVR
FRWLGLDQRGDWHPDWL]DomRGRIXWHEROFRPRPRWHGHVRFLDELOLGDGHPDVFXOLQDSDUH[FHOOHQFHQR%UDVLO$FUHGLWRTXH
LQYHVWLJDQGRPDLVSURIXQGDPHQWHHVWDUHODomRSRVVDPRVWHUDFHVVRjFXOWXUDEUDVLOHLUDSRUXPRXWURSRQWRGH
YLVWDDFXOWXUDGRPXQGRGDYLGDHPVXDGLPHQVmRFRPXQLFDFLRQDOFRWLGLDQDDFXOWXUDTXHYLYHPRV1XPEDU
QXPDHVTXLQDRXGHQWURGHXPFDUURLQGRSDUDFDVD
`ˆÃœ˜Ê>ÃÌ>`œÊjÊ`œÕ̜ÀÊi“ÊՏ̈“iˆœÃÊ«i>Ê1˜ˆV>“«Ê
iÊ«ÀœviÃÜÀÊ`œÊ*Àœ}À>“>Ê`iÊ*Ã‡À>`Õ>XKœÊi“Ê
ˆk˜Vˆ>ÃÊ
-œVˆ>ˆÃÊ«ˆV>`>ÃÊ`>Ê1˜ˆÃˆ˜œÃÊ­-KœÊiœ«œ`œ]Ê,-®°
8PD$UTXLEDQFDGD(OHWU{QLFD5HIOH[}HVVREUHIXWHEROPtGLDHVRFLDELOLGDGHQR%UDVLO
1 2 7$ 6
6REUHDVRULJHQVKLVWyULFDVGRHVSRUWHYHU(OLDVH'XQQLQJH3LYDWR
3DUDXPDDQiOLVHFXLGDGRVDGDUHWyULFDWHOHYLVLYDFRQFHUQHQWHjPHGLDWL]DomRGRIXWHEROYHU5LDO
5()(5È1&,$6%,%/,2*5É),&$6
$5$1*85(1-/´&RQGXFWDeWLFD&RPSHWLWLYLGDG\'HVSRUWHµ,Q0RUDOGHOD9LGD&RWLGLDQD3HUVRQDO\5HOLJLRVD
0DGULG7HFQRV
%(5*(53H7/XFNPDQQ$&RQVWUXomR6RFLDOGD5HDOLGDGH3HWUySROLV9R]HV
%(77, 0 9LROrQFLD HP &DPSR ² GLQKHLUR PtGLD H WUDQVJUHVVmR jV UHJUDV QR IXWHERO HVSHWiFXOR ,MXt (GLWRUD
8QLMXt
%285',(83´e3RVVtYHO6HU(VSRUWLYR"µ,Q4XHVW}HVGH6RFLRORJLD5LRGH-DQHLUR0DUFR=HUR
&$,//2,652V-RJRVHRV+RPHQV/LVERD(GLo}HV&RWRYLD
'$0$77$58P0XQGR'LYLGLGR$(VWUXWXUD6RFLDOGRVÌQGLRV$SLQD\p3HWUySROLV9R]HV
BBBBB´(VSRUWHQD6RFLHGDGHXPHQVDLRVREUHRIXWHEROEUDVLOHLURµ,Q5'D0DWWDRUJ8QLYHUVRGR)XWHERO
5LRGH-DQHLUR3LQDNRWKHNH
'$02$6)XWHEROH,GHQWLGDGH6RFLDO²XPDOHLWXUDDQWURSROyJLFDGDVULYDOLGDGHVHQWUHWRUFHGRUHVHFOXEHV
3RUWR$OHJUH(G8)5*6
(&28´$)DODomR(VSRUWLYDµ,Q9LDJHPQD,UUHDOLGDGH&RWLGLDQD5LRGH-DQHLUR1RYD)URQWHLUD
(/,$61H'811,1*($%XVFDGD([FLWDomR/LVERD',)(/
*$67$/'2 e 3iWULD &KXWHLUDV H 3URSDJDQGD ² R EUDVLOHLUR QD SXEOLFLGDGH GD &RSD GR 0XQGR 6mR 3DXOR
$QQD%OXPH6mR/HRSROGR8QLVLQRV
BBBBB´$3iWULDQD¶,PSUHQVDGH&KXWHLUDV·IXWHEROPtGLDHLGHQWLGDGHVEUDVLOHLUDVµ&RPXQLFDomRDSUHVHQWDGD
QR*7´(VSRUWH3ROtWLFDH&XOWXUDµQD;;9,,5HXQLmR$QXDOGD$132&6&D[DPEXRXWXEURGH
*25'21&H+(/$/5´6RFLRORJLD+LVWyULDH5RPDQFHQD&RQVWUXomRGD,GHQWLGDGH1DFLRQDODWUDYpVGR)XWHEROµ
(VWXGRV+LVWyULFRV5LRGH-DQHLUR)*9
*8('(66/´23RYR%UDVLOHLURQR&DPSRGH)XWHEROµ,Q2%UDVLOQR&DPSRGH)XWHEROHVWXGRVDQWURSROyJLFRV
VREUHRVVLJQLILFDGRVGRIXWHEROEUDVLOHLUR5LRGH-DQHLUR('8))
+8,=,1*$-+RPR/XGHQV2-RJR&RPR(OHPHQWRGD&XOWXUD6mR3DXOR3HUVSHFWLYD
2/,9(15*´$0DODQGUDJHPQD0~VLFD3RSXODU%UDVLOHLUDµ,Q9LROrQFLDH&XOWXUDQR%UDVLO3HWUySROLV9R]HV
$57,*26
*8$==(//,&$´$QRVGH%UDVLO$QRVGH)XWHERO*D~FKRFRQVWUXomRGD¶SURYtQFLDGHFKXWHLUDV·µ9HUVR
H5HYHUVR;9,6mR/HRSROGR8QLVLQRV
eGLVRQ*DVWDOGR
3,9$726WHIDQR/HV(QMHX[GX6SRUW)LUHQ]H&DVWHUPDQ*LXQWL
257,=5&XOWXUD%UDVLOHLUD,GHQWLGDGH1DFLRQDO6mR3DXOR%UDVLOLHQVH
5$'&/,))(%52:1$56WUXFWXUHDQG)XQFWLRQLQ3ULPLWLYH6RFLHW\/RQGRQ&RKHQDQG:HVW
5,$/&´)XWHEROH0tGLDDUHWyULFDWHOHYLVLYDHVXDVLPSOLFDo}HVQDLGHQWLGDGHQDFLRQDOGHJrQHURHUHOLJLRVDµ
$QWURSROtWLFD5HYLVWD&RQWHPSRUkQHDGH$QWURSRORJLDH&LrQFLD3ROtWLFD1LWHUyL8))
BBBBB´-DSRQrVHVWiSDUD79FRPR0XODWRSDUD&HUYHMDLPDJHQVGDSXEOLFLGDGHQR%UDVLOµ,Q&(FNHUWH3
0RQWH0yURUJV,PDJHPHP)RFRQRYDVSHUVSHFWLYDVHP$QWURSRORJLD3RUWR$OHJUH(G8)5*6
52&+$ 1 HW DOLL ´2 *RO R -RUQDOLVPR H RV 3UHFHLWRV GD $FDGHPLD XP FDVDPHQWR UHJLGR SHOD HPRomR H R
LQFRPSUHHQVtYHOµ&RPXQLFDomRDSUHVHQWDGDQR13´0tGLD(VSRUWLYDµQR;;,9,QWHUFRP&DPSR*UDQGH81,'(53
52'5,*8(6),/+2021HJURQR)XWHERO%UDVLOHLUR6mR3DXOR&LYLOL]DomR%UDVLOHLUD
62$5(6$-´+LVWyULDH,QYHQomRGH7UDGLo}HVQR)XWHEROµ(VWXGRV+LVWyULFRV5LRGH-DQHLUR)*9
$57,*26
BBBBBD´$0RGRGH5HVSRVWDµ(VWXGRV+LVWyULFRV5LRGH-DQHLUR)*9
8PD$UTXLEDQFDGD(OHWU{QLFD5HIOH[}HVVREUHIXWHEROPtGLDHVRFLDELOLGDGHQR%UDVLO
8PD$UTXLEDQFDGD(OHWU{QLFD5HIOH[}HVVREUHIXWHEROPtGLDHVRFLDELOLGDGHQR%UDVLO
5(6802
%XVFRFRPHVWHWUDEDOKRFRORFDUHPGLVFXVVmRDFRPSOH[DUHODomRHQWUHIXWHEROPtGLDHVRFLDELOLGDGHQDVRFLHGDGH
EUDVLOHLUD$SDUWLUGHXPDUHIOH[mRVREUHDPHGLDWL]DomRGRHVSRUWHGLVFXWRDOJXPDVGHVXDVFRQVHTrQFLDVSDUD
RHVSRUWHSDUDDPtGLDHSDUDRFDPSRVRFLDO$SyVDOJXPDVFRQVLGHUDo}HVVREUHDSUHVHQoDPDUFDQWHGRIXWHERO
QDFXOWXUDEUDVLOHLUDFRQWHPSRUkQHDUHODFLRQRRXVRVRFLDOGRIXWHERODRFRQWH[WRGHVRFLDELOLGDGHPDVFXOLQDQR
%UDVLOGHYLGRDVXDSHFXOLDUFRPELQDomRGHFRPSHWLWLYLGDGHMRFRVLGDGHHGLVWkQFLDVHJXUDGHDPHDoDVDRVHOI
TXH WRUQDP D WHPDWL]DomR FRWLGLDQD GHVWH HVSRUWH XP PRWH SRU H[FHOrQFLD SDUD D VRFLDELOLGDGH PDVFXOLQD QD
VRFLHGDGHEUDVLOHLUD
3$/$95$6&+$9(IXWHERO²PtGLD²VRFLDELOLGDGHPDVFXOLQD
$Q(OHWURQLF6WDGLXP6HDW5HIOHFWLRQVRQVRFFHUPHGLDDQGVRFLDELOLW\LQ%UD]LO
$%675$&7
$57,*26
,DLPLQWKLVSDSHUWRGLVFXVVWKHFRPSOH[UHODWLRQEHWZHHQVRFFHUPHGLDDQGVRFLDELOLW\LQ%UD]LOLDQVRFLHW\6WDUWLQJ
IURPDUHIOHFWLRQRQVSRUWV·´PHGLDWL]DWLRQµ,GLVFXVVVRPHRILWVFRQVHTXHQFHVIRUWKHVSRUWVWKHPHGLDDQGWKH
VRFLDOILHOG$IWHUDIHZUHPDUNVRQWKHUHPDUNDEOHSUHVHQFHRIVRFFHULQFRQWHPSRUDU\%UD]LOLDQFXOWXUH,UHODWHWKH
VRFLDOXVHRIVRFFHUWRWKHFRQWH[WRIPDVFXOLQHVRFLDELOLW\LQ%UD]LOJLYHQLWVSHFXOLDUFRPELQDWLRQRIFRPSHWLWLRQ
MRNLQJDQGVDIHGLVWDQFHRIWKUHDWVWRWKHVHOIZKLFKPDNHWKLVVSRUWDQHYHU\GD\WKHPHDQGDWRSLFSDUH[FHOOHQFH
RIPDVFXOLQHVRFLDELOLW\LQ%UD]LOLDQVRFLHW\
.(<:25'6VRFFHU²PHGLD²PDVFXOLQHVRFLDELOLW\

Documentos relacionados

Sortes de Cão - Sítio do Livro

Sortes de Cão - Sítio do Livro ~OWLPR DQLYHUViULR H TXH DSyV GRLV PHVHV GH DOHJUH FRQYtYLR FRP D IDPtOLD PRUUHUD VHP UD]mR DSDUHQWH 2 GHVJRVWRPHUJXOKDUDDPHQLQDQXPDWDODSDWLDTXHRVSDLV SUHRFXSDGRVFR...

Leia mais

COSMOPOLES

COSMOPOLES G~YLGDHVSLULWXDOFRPRVHDILQDOSDUDWXGRKRXYHVVHGXDVYHUGDGHVH GXDVFHUWH]DVSRUTXHQRVHXFRUDomRQmRH[LVWHOXJDUSDUDDPHQWLUD QHPSDUDDQHJDomR2PXQGRpFRPRDSUySULDYLGDXPHVS...

Leia mais

Untitled

Untitled XWLOL]Do}HV FRPR YHUiV PDLV j IUHQWH 3RUWXJDO p XP GRV SDtVHV GD (XURSD FRP PDLRU Q~PHUR GH KRUDV GH 6RO 7HPRV SRULVVRXPUHFXUVRGHHQHUJLDUHQRYiYHO PXLWRLPSRUWDQWHj...

Leia mais