9 - O Jornal de Coruche

Transcrição

5HFRUWHHDSUHVHQWHQDDOWXUDGHSDJDU
9$/(
)XQGDGRU$EHO0DWRV6DQWRV 'LUHFWRU -RVp$QWyQLR0DUWLQV $QR 1~PHUR -DQHLURGH 0HQVDO 3UHoR € 5HJLVWR(5& ,661
'(6&2172
HP UHIHLomR
'HVWDTXHV
$IRQVR -XVWLQR GH 6RXVD DUWHVmR
GD YLOD GH &RUXFKH PRVWUDQRV R
VHX WUDEDOKR QD UXEULFD$UWHVDQDWR
HP&RUXFKH
2*UXSR'HVSRUWLYR2&RUXFKHQVHFRPGtYLGDjVILQDQoDVUHJXODUL]DGD
UHJUHVVDjFRPSHWLomRMiQDSUy[LPDpSRFD
SiJLQDVH
&YDMVTJWP0+PSOBMEF$PSVDIF
3iJLQD
1mRVHVDEHSDUDRQGHVHYDL
SRUTXHQmRVHVDEH
GHRQGHVHYHP
3URJUDPD&DVDVFRP*HQWH FRQ
WHPSODPDLVWUrVIDPtOLDV
3iJLQD
DQLYHUViULRGDWUDQVIHUrQFLD
GD$GPLQLVWUDomR3RUWXJXHVDGH
0DFDX
SiJLQDVH
6XSOHPHQWR7DXURPDTXLD
&RQIHUrQFLDFRPRDUTXLWHFWR
*RQoDOR5LEHLUR7HOOHV
&HQWUDLV
SiJLQD
27
7DOKRG
GR0
0DQHOR
RIHUHFHOOKHY
YLQKR
27DOKRGR0DQHOGiOKHDVERDVYLQGDVD
RIHUHFHQGROKHXPDJDUUDIDGHYLQKR
5HFRUWHRFXSmRGHRIHUWDHWURTXHRQR7DOKRGR0DQHOSRUXPDJDUUDIDGHYLQKR
DRFRPSUDURSURGXWRVHOHFFLRQDGRSDUDDFDPSDQKD
&DPSDQKD´%HPYLQGRDµ
2VDUWLJRVDVVLQDGRVVmRGDLQWHLUD
UHVSRQVDELOLGDGHGRVVHXVDXWRUHV
5HFRUWHRFXSmR
&DPSDQKD
´%HPYLQGRDµ
9$/(
*$55$)$'(91+2
2-RUQDOGH&RUXFKH$QR1~PHUR-DQHLURGH
(',725,$/
2GLVVHLDHP
3RUWXJDO
&RPHoDPRVRDQRFRPRDFDEDPRV
³RV KRPRVVH[XDLV SRGHP RX QmR
FDVDU"´
8QVVmRDIDYRURXWURVQmRHRX
WURVQHPSRULVVRHDLQGDKiRVRXW
URVTXHVHHVWmRPDULPEDQGR
(QTXDQWRVHGLVFXWLUDVVXQWRVGHV
WHJpQHURRXWURVGHPDLRULPSRUWkQ
FLDYmRILFDQGRSDUDWUiV(RSRYRFi
YDLLQGRHRXYLQGRRUDGDTXLRUDGDOL
2 TXH LQWHUHVVD p FKHJDU DR ILP GR
PrVFRPDEURDHPFLPDGDPHVD2
SUREOHPDpTXDQGRDEURDIDOWD(Dt
DVILODVQRVFHQWURVGHHPSUHJRHQD
6HJXUDQoD6RFLDOFRPHoDPDHQJURV
VDU(TXDOpDUHVSRVWDGR*RYHUQRD
HVWDVVLWXDo}HV"3RUUHLURSi$PDQKm
GLVFXWLPRV HQWmR VH DV SHVVRDV GR
PHVPRVH[RWrPRXQmRRUGHPSDUD
FDVDU
$ IDOWDGHPpGLFRVWHPDVVRPEUD
GR R SDtV GH SRQWD D SRQWD QmR VmR
UDUDVDVYH]HVTXHDVVLVWLPRVDQRWt
FLDV GH LGRVRV TXH SDVVDP KRUDV H
KRUDVQDVILODVGHHVSHUDGHXPGHWHU
PLQDGRKRVSLWDORXFHQWURGHVD~GHH
PXLWDV GDV YH]HV QHP XPD FRQVXOWD
FRQVHJXHP
2XWUDV WULVWHV UHDOLGDGHV GRV QRV
VRVKRVSLWDLVVmRDIDOWDGHFDPDVD
IDOWD GH HVSDoR D IDOWD GH PHLRV DV
SHVVRDV j HVSHUD DQRV SDUD VHUHP
RSHUDGDVRXSDUDID]HUXPH[DPH$V
SHVVRDV PRUUHP H GHSRLV VmR FKD
PDGDV SDUD D SULPHLUD FRQVXOWD (
TXDOpDUHVSRVWDGR*RYHUQRDHVWDV
VLWXDo}HV"3RUUHLURSi$PDQKmGLV
FXWLPRVHQWmRVHDVSHVVRDVGRPHV
PR VH[R WrP RX QmR RUGHP SDUD
FDVDU
&RPDFULVHGHVFHUDPDVWD[DVGH
MXURHVVDGHVFLGDDOLYLRXPLOKDUHVGH
SHVVRDV TXH Mi HVWDYDP PDLV TXH
VXIRFDGDV 1R ILQDO GR DQR SDVVDGR
DSHVDU GR %DQFR &HQWUDO (XURSHX
%&( QmR WHU GDGR XPD LQGLFDomR
FODUD GH TXDQGR LUi SURFHGHU D XPD
VXELGDGDVXDWD[DGHMXURGHUHIHUrQ
FLDXPDFRLVDpFHUWDDVWD[DV(XUL
ERUYmRFRPHoDUDVXELUDQWHVRTXH
LPSOLFDUiPDLVFHGRRXPDLVWDUGHXP
DJUDYDPHQWR GRV FXVWRV SDUD DV
IDPtOLDVTXHWrPFUpGLWRjKDELWDomR
&RQFOXVmRGXUDQWHRDQRWUDQVDFWRRV
%DQFRV QmR DWLQJLUDP OXFURV VXIL
FLHQWHV
5HVSRVWD D LVWR" 3RUUHLUR Si
$PDQKmGLVFXWLPRVHQWmRVHDVSHV
VRDV GR PHVPR VH[R WrP RX QmR
RUGHPSDUDFDVDU
3UHSDUHPRQRV HQWmR SDUD XPD
2GLVVHLDHPRQGHSHORVYLVWRV
RVDVVXQWRVTXHUHDOPHQWHLQWHUHVVDP
WHLPDPHPILFDUSDUDWUiV6HUiTXHR
FDVDPHQWR HQWUH SHVVRDV GR PHVPR
VH[RWLUDUi3RUWXJDOGDFULVH"
YHU R H[FHVVR GH ]HOR HP QDGD GLJ
QLILFD D *15 1mR VRX PDLV LQWH
OLJHQWH TXH QLQJXpP QHP SUHWHQGR
HQVLQDUQDGDDQLQJXpP1mRSHUFHER
GH OHL H RUGHP PDV VHL R TXH p
UHVSHLWRHHGXFDomRSRLVHVVHVSULQFt
SLRVIRUDPPHLQFXWLGRVDRORQJRGD
YLGD ( WDPEpP PH HQVLQDUDP D VHU
FRHUHQWHHDQWHVGHDJLUROKDUSULPHL
URSDUDRPHXXPELJR
)LQDOPHQWH YDPRV WHU ³2 &RUX
FKHQVH´GHYROWDSDUDEpQVDR(QJH
QKHLUR 5LFDUGR 6DQWRV H D WRGRV RV
TXH VH HPSHQKDUDP HP GHYROYHU R
FOXEHGDQRVVDWHUUDDRVFRUXFKHQVHV
5HVWDGHVHMDUDWRGRVRVFRODERUD
GRUHV OHLWRUHV DVVLQDQWHV H DQXQ
FLDQWHVGR-RUQDOGH&RUXFKHXPDQR
QRYRGHFKHLRGH3URVSHULGDGHV
&iSRU &RUXFKH
4XDOTXHUGLDD*15GH&RUXFKH
PXOWDQRVSRUUHVSLUDU7XGRWHPTXH
WHUXPDRUGHPpYHUGDGHPDVDPHX
BBBB
-RVp$QWyQLR0DUWLQV
'LUHFWRUGR-RUQDOGH&RUXFKH
3DUFHLURGD
0HPEURGD
3UpPLR6+,3
,PSUHQVD5HJLRQDO
H
(GLomRGH
*OTUBMB¾ÌFTF$POUBDUPT
EP+PSOBMEF$PSVDIF
)XQGDGRU H3URSULHWiULRGR7tWXOR $EHO0DWRV6DQWRVDEHO#RMRUQDOGHFRUXFKHFRP
'LUHFWRU-RVp$QWyQLR0DUWLQVGLUHFFDR#RMRUQDOGHFRUXFKHFRP
5HGDFomR 5XD-~OLR0DULDGH6RXVD±5F&RUXFKH
$JHQGDH1RWtFLDV JHUDO#RMRUQDOGHFRUXFKHFRP)D[ 7OP 5HGDFomR -RVp$QWyQLR0DUWLQV7(3HGUR%RLoDH/DXUD0DFHGR
(GLWRU 3UR6RUUDLD±1,3& 5HJLVWR(5&'HSyVLWR/HJDO ,661 7LUDJHP H[HPSODUHV3HULRGLFLGDGH0HQVDO3DJLQDomRH*UDILVPR 0DQXHO3LQWR
$VVLQDWXUDV3XEOLFLGDGHH&RQWDELOLGDGH SXE#RMRUQDOGHFRUXFKHFRP
,PSUHVVmR (PSUHVDGR'LiULRGR0LQKR/GD%UDJD
&RODERUDUDPQHVWHQ~PHUR $EHO0DWRV6DQWRV$QWyQLR*LO0DOWD%HDWUL]0HVWUH%UDQGmR)HUUHLUD&DUORV%DFDOKDX
&DUORV 3DOPHLUR 'RPLQJRV GD &RVWD ;DYLHU )ORULDQR %DUEDV -RDTXLP 0HVTXLWD -RVp$ODUFmR 7URQL -RVp )UHLUH GD
6LOYD -RUJH 5DQJHO /DXUD 0DFHGR /XtV 'LDV /XtV 5DIDHO &DUORWD 0DUWD &RVWD$OPHLGD 0iULR *RQoDOYHV 0LJXHO
0DWWRV&KDYHV3DXOR)DWHOD3HGUR$JXLDU5LWD2OLYHLUD7HOPD&DL[HLULQKR&iULWDV*,53,&0&&5,&0,&8$E
)RWRV $EHO0DWRV6DQWRV$QWyQLR3HUHLUD&DUORV3DOPHLUR)ORULDQR%DUEDV-RDTXLP0HVTXLWD-RVp$QWyQLR0DUWLQV
-RVp6LOYD/DXUD0DFHGR0DQXHO3LQWR3DXOR)DWHOD3HGUR%RLoD3HGUR$JXLDU&5,&*,53,±&0&
:HE +HQULTXH/LPD
)$d$ $ 68$ $66,1$785$
1DFLRQDO€ 5HVWRGR0XQGR€
3$*8( $ 68$ $66,1$785$ 28 38%/,&,'$'(
1,% 3(/2
ZZZRMRUQDOGHFRUXFKHFRPJHUDO#RMRUQDOGHFRUXFKHFRPWOP
5XD'LUHLWDQ&RUXFKH
7HOHIRQHHID[
7LP
+25È5,2'($7(1',0(1723Ò%/,&2
'HVHJXQGDDVH[WDIHLUD GDVKjVK
HGDVKjVK
6iEDGRV GDVKjVK
BTTJOBUVSBTFQVCMJDJEBEFOP+$
3DUD FRORFDU D VXD SXEOLFLGDGH ID]HUVH DVVLQDQWH RX
SDJDU DV VXDV IDFWXUDV GLULMDVH j 5XD 'LUHLWD Q &RUXFKH 7HO )D[ RX XVH D
QRVVD DJrQFLD QD &HUYHMDULD &XEDWD HP IUHQWH DR
0HUFDGR0XQLFLSDOGH&RUXFKH
3DUDSDJDPHQWRVSRU PXOWLEDQFR
1,%
'tYLGDG
GR&
&RUXFKHQVHUUHJXODUL]DGD
2 *UXSR 'HVSRUWLYR ³2
&RUXFKHQVH´ DQXQFLRX QR
SDVVDGR GLD GH 'H]HPEUR
GH D UHJXODUL]DomR GDV
GtYLGDVDRILVFR
2PRQWDQWHGHPLOHXURV
IRLOLTXLGDGRGHSRLVGHRFOXEH
³WHUSDVVDGRSRUPRPHQWRVGLIt
FHLV FRP DV )LQDQoDV´ UHIHULX
5LFDUGR6DQWRV2DFWXDOSUHVL
GHQWHGRFOXEHVDOLHQWRXDLQGDR
DSRLR GD &kPDUD 0XQLFLSDO GH
&RUXFKH TXH WHYH ³XP SDSHO
SUHSRQGHUDQWHQDUHJXODUL]DomR
GDGtYLGD´
1D&RQIHUrQFLDGH,PSUHQVD
IRWRDFLPDHVWLYHUDPWDPEpP
SUHVHQWHVR3UHVLGHQWHGD$VVR
FLDomRGH)XWHEROGH6DQWDUpP
5XL 0DQKRVR R 3UHVLGHQWH GD
&kPDUD0XQLFLSDOGH&RUXFKH
'LRQtVLR0HQGHVRDQWLJRiUEL
WUR$QWyQLR 5ROD H R WUHLQDGRU
GHIXWHERO-RVp3HVHLUR
2 FRQWHUUkQHR -RVp 3HVHLUR
VXEOLQKRXDLPSRUWkQFLDGRUHD
SDUHFLPHQWR GR *' ³2 &RUX
FKHQVH´XPDYH]TXHVHWUDWDGH
XPFOXEHPXLWRDQWLJRTXHFRQ
WULEXLXSDUDDVXDIRUPDomRSHV
VRDOHSDUDDVVXDVHVFROKDVSUR
ILVVLRQDLV
$ $VVRFLDomR 'HVSRUWLYD ±
$PLJRV GR *UXSR 'HVSRUWLYR
&RUXFKHQVH TXH SDUD DOpP GH
FRQVWLWXLUHVFDO}HVGHIRUPDomR
SDUWLFLSDQD,,'LYLVmR'LVWULWDO
GD $VVRFLDomR GH )XWHERO GH
6DQWDUpP VHUi H[WLQWD DVVLP
TXHDpSRFDGHVSRUWLYDWHUPLQDU
$ VHFomR GH SHVFD GR *'
³2 &RUXFKHQVH´ VHUi UHWRPDGD
MiQRPrVGH)HYHUHLURHQTXDQ
WRTXHDDFWLYLGDGHIXWHEROtVWLFD
WHUi GH HVSHUDU SHOR LQtFLR GD
SUy[LPDpSRFD
BBB
/DXUD0DFHGR
'tYLGDG
GR&
&RUXFKHQVHUUHJXODUL]DGD
5LFDUGR)HUUHLUDGRV6DQWRV
3UHVLGHQWHH5HSUHVHQWDQWHGR&OXEH
3'HYLGRV(IHLWRVF)LQDQoDV
2&RUXFKHQVHLQLFLRXDVXDDFWLYLGDGHPDVVyHPWHYHDGHYLGD
SXEOLFDomRHP'LiULRGR*RYHUQRFRPR*UXSR'HVSRUWLYR³2&258&+(16(´
$RORQJRGRVHXKLVWRULDOFRQWDPVHpSRFDVGH*OyULDQRPHDGDPHQWHHPFRP
RFpOHEUHMRJRFRPR9LWyULDGH*XLPDUmHVQDGLVSXWDGDVXELGDj,'LYLVmR1DFLRQDOEHP
FRPRDRWHUVHVDJUDGRFDPSHmRGD,,,'LYLVmR1DFLRQDOHP1D'LYLVmR'LVWULWDO
GH6DQWDUpPIRLDRORQJRGRVHXKLVWRULDOYiULDVYH]HV&DPSHmR'LVWULWDO
&RPR TXDVH WRGRV RV &OXEHV GH )XWHERO ³2 &258&+(16(´ 3$6628 325
020(1726 3$57,&8/$50(17( ',),&(,6 126 Ò/7,026 $126 &20 $6
),1$1d$6
8PSHTXHQRQ~PHURGHVyFLRVHQWHQGHXDEUDoDUHVWDFDXVDWHQGRFRQWDGRSDUDRHIHLWR
FRPRDSRLRGR3UHVLGHQWHGD&kPDUD0XQLFLSDOGH&RUXFKHEHPFRPRFRPDVXSHULRU
FRPSUHHQVmRGR'LUHFWRU'LVWULWDOGH)LQDQoDV$VVLPIRLSRVVtYHOUHVROYHUHPREHGLrQFLD
jVUHJUDVHjVOHLVGRHVWDGRGHGLUHLWRDGtYLGDGH&OXEHiV)LQDQoDVQRPRQWDQWHGH
PLO(XURV
2*5832'(63257,922&258&+(16(12',$ '('(=(0%52'(
FRQIRUPH&(57,'2HP$1(;2GDV)LQDQoDVGH&RUXFKHWHPDVLWXDomRWULEXWiULDUHJX
ODUL]DGDYLVWRTXHQmRpGHYHGRUSHUDQWHD)D]HQGD3~EOLFD1DFLRQDOGHTXDLVTXHULPSRVWRV
,JUHMDG
GH6
6DQWD/
/X]LDS
SUHFLVDG
GHUUHVWDXUR
1RSDVVDGRGLDGH'H]HPEURGLD
GH6DQWD/X]LDHDRFRQWUiULRGRKDELWXDO
HPFHQWHQDVGHDQRVDQWHULRUHVDPLVVDGH
6DQWD/X]LDQmRIRLUH]DGDQDFDSHODPDV
VLP QD ,JUHMD 0DWUL] H VHJXQGR FRQVWD
SRUTXH D PHVPD SUHFLVD GH REUDV GH
UHVWDXURHVmRQHFHVViULRVFHUFDGHPLO
HXURVSDUDDVREUDV
$ HUPLGDGH6DQWD/X]LDHP&RUXFKH
IRL IXQGDGD SURYDYHOPHQWH SHOR
&RQGHVWiYHO'1XQRÈOYDUHV3HUHLUDQRV
SULQFtSLRVGRVpFXOR;9HPVLQDOGHDJUD
GHFLPHQWRD1RVVD6HQKRUD
3RUHVWDUD]mRHWDPEpPSDUDVHGLV
WLQJXLUGDHUPLGDH[LVWHQWHQR&DVWHORD
&DSHOD IRL SULPHLUR GHVLJQDGD GH 1RVVD
6HQKRUDD1RYD H PDLV WDUGH GH 1RVVD
6HQKRUDGD*UDoDDLQGDKRMHDSDGURHLUD
FXMDIHVWDHUDFHOHEUDGDDGH6HWHPEUR
FKHJDQGRDUHDOL]DUVHFRUULGDVGHWRLURVH
XPFRUWHMRHWQRJUiILFRSRUHVVDRFDVLmR
'HYLGR D XPD WUDQVODGDomR GH LPD
JHQV D LJUHMD SDVVRX D FKDPDUVH 6DQWD
/X]LDWHQGRVHGHVHQYROYLGRRVHXFXOWR
UiSLGDHIHUYRURVDPHQWH
2 WHPSOR FRQKHFHX YiULDV REUDV GH
UHVWDXUR DR ORQJR GRV VpFXORV H RFXSD
KRMHXPDiUHDPDLRUGRTXHDFDSHODFRQ
VWUXtGDLQLFLDOPHQWHQDTXHOHOXJDU
6LWXDVH QXPD HQFRVWD FRP WHUUHQRV
FXOWLYDGRVSHORPHQRVGHVGHRWHPSRGRV
5RPDQRV 7rP VLGR HQFRQWUDGRV PXLWRV
YHVWtJLRVGHXPDYLOD5RPDQDEHPFRPR
UHVWRVGHkQIRUDVHXPVHVWpUFLRGRVpFXOR
,, GD HUD FULVWm FRP R EXVWR GH 0DUFR
$XUpOLR H QR VHX YHUVR 0LQHUYD GH Sp
VHJXUDQGR 9LWyULD H DSRLDQGRVH QXP
HVFXGR
1RVpFXOR;,;IRLLQVWDODGDQDSUR
SULHGDGH MXQWR GD LJUHMD XPD IiEULFD GH
FXUWXPHVGDTXDOUHVWDPRVWDQTXHV(VWD
SURSULHGDGH TXH DWp PHDGRV GRV DQRV
VHVVHQWDVHFKDPRX³+RUWD)DEULFD´SDV
VRXDVHUFRQKHFLGDSRU³+RUWDGH6DQWD
/X]LD´
(VWD TXLQWD p IDPRVD SHOD HUPLGD QD
D]LQKDJDTXHDGLYLGHSHODTXDOLGDGHGD
iJXDSHODVEDJDVVHFDVGDJDODFULVWDTXH
VHJXQGRRSRYROLPSDPDVLPSXUH]DVGD
YLVWD H SHORV UDPLQKRV GH ORXUR TXH RV
FUHQWHVJRVWDPGHOHYDUSDUDFDVDGHSRLV
GDPLVVDHP+RQUDGH6DQWD/X]LD
³&RQVWDQWH QD Ip /X]LD YHQFHX R
LQLPLJR FRP R SUHoR GR 6DQJXH´
3URWHFWRUD GD YLVWD 0iUWLU FULVWm GR VpF
,9
LQ ZZZFRUXFKHSDVVDGRSUHVHQWHEORJVSRWFRP
$QLYHUViULRGD7UDQVIHUrQFLDGD
$GPLQLVWUDomR3RUWXJXHVDGH0DFDX
0RPHQWRVROHQHGDHQWU HJDGDEDQGHLUD3RU WXJXHVDDR~OWLPR*RYHUQDGRU GH0DFDX
*HQHUDO5RFKD 9LHLUDTXHQXPDFWRFKHLRGHVLJQLILFDGRDDSHU WRXQRSHLWR
$FWLYLGDGHVFRPHPRUDWLYDV
1XPD LQLFLDWLYD H RUJDQL]DomR
FRQMXQWDGD)XQGDomR-RUJHÈOYDUHV
,QVWLWXWR GR 2ULHQWH GR ,QVWLWXWR 6X
SHULRUGH&LrQFLDV6RFLDLVH3ROtWLFDV
GD8QLYHUVLGDGH7pFQLFDGH/LVERDH
GD6RFLHGDGHGH*HRJUDILDGH/LVERD
FRP R SDWURFtQLR GD 3UHVLGrQFLD GD
5HS~EOLFDHGR0LQLVWpULRGRV1HJy
FLRV (VWUDQJHLURV WLYHUDP OXJDU QRV
GLDVHGH'H]HPEURXPFRQMXQ
WRGHHYHQWRV GHVWLQDGRVDDVVLQDODUR
DQLYHUViULR GD WUDQVIHUrQFLD GD
$GPLQLVWUDomR 3RUWXJXHVD GH 0DFDX
SDUDD5HS~EOLFD3RSXODUGD&KLQD
2SURJUDPDWHYHLQtFLRQRGLD
QR ,QVWLWXWR GR 2ULHQWH QR 3yOR
8QLYHUVLWiULR GD$MXGD SHODV K
FRPDFRQIHUrQFLDLQWHUQDFLRQDO³8P
3DtV'RLV6LVWHPDV´TXHFRQWRXFRP
D SDUWLFLSDomR GH YiULRV VLQyORJRV H
HVSHFLDOLVWDV QDFLRQDLV H LQWHUQDFLR
QDLVGHUHQRPH
1R GLD GXUDQWH WRGR R GLD R
SURJUDPD SURVVHJXLX QD )XQGDomR
&DORXVWH *XOEHQNLDQ ¬V K WHYH
OXJDU D VHJXQGD SDUWH H D VHVVmR GH
HQFHUUDPHQWRGDFRQIHUrQFLDLQLFLDGD
QDYpVSHUDHGDSDUWHGDWDUGHSHODV
KWHYHOXJDUXPD6HVVmR6ROHQH
SUHVLGLGD SRU 6XD ([FHOrQFLD R 3UH
VLGHQWHGD5HS~EOLFDFRPDSUHVHQoD
GR0LQLVWURGRV1HJyFLRV(VWUDQJHL
URV H GR (PEDL[DGRU GD 5HS~EOLFD
3RSXODUGD&KLQDHPTXHIRLRUDGRUR
3URIHVVRU$GULDQR0RUHLUD6XD([FH
OrQFLDR3UHVLGHQWHGD5HS~EOLFDLQDX
JXURX VHJXLGDPHQWH SHODV K D
H[SRVLomR³0DFDX(QFRQWURGH&XO
WXUDV´RUJDQL]DGDSHOD)XQGDomR-RU
JHÈOYDUHV&DVDGH0DFDXGH/LVERD
&HQWUR 1DFLRQDO GH &XOWXUD )XQGD
omR &DVD GH 0DFDX ,QVWLWXWR ,QWHU
QDFLRQDO GH 0DFDX H 6RFLHGDGH GH
*HRJUDILDGH/LVERD GHTXHp&RPLV
ViULR*HUDO R $UT &DUORV %RQLQD
0RUHQR TXH IRL R UHVSRQViYHO HP
0DFDX SHOD FRQFHSomR GR 0XVHX
0DUtWLPRHGR0XVHXGH0DFDX
$ H[SRVLomRDERUGDGHXPDIRUPD
VLQWpWLFD D KLVWyULD GD SUHVHQoD SRU
WXJXHVD HP 0DFDX H D KDUPRQLRVD
VLPELRVH GH FXOWXUDV TXH D PHVPD
HQFHUUD GHVGH RV SULPyUGLRV GH
0DFDXjVLQVWLWXLo}HVSRUWXJXHVDVTXH
$ ~OWLPDUHXQLmRGDDGPLQLVWUDomR
~OWLPDUHXQLmRGDDGPLQLVWUDomR
SRUWXJXHVDHP0DFDX
SRUWXJXHVDHP0DFDX
VHPDQWrPQD5HJLmR$GPLQLVWUDWLYD
(VSHFLDO GH 0DFDX GR SDWULPyQLR
FXOWXUDO FRP LQIOXrQFLDV GLVWLQWDV j
FRH[LVWrQFLD UHOLJLRVD GR (VWDWXWR
2UJkQLFR GH 0DFDX j RUJDQL]DomR
MXGLFLiULD GD 5$(0 $ H[SRVLomR
HVWDUiSDWHQWHDRS~EOLFRDWpDRGLD
GH-DQHLUR
2SURJUDPDWHUPLQRXSHODVK
FRP XP FRQFHUWR GR GHQRPLQDGR
³3RUWR ,QWHULRU´ SURWDJRQL]DGR SRU
5mR .\DR IODXWD H <DQDQ SLSD H
JX]KHQJFHOHEUDomRPXVLFDOGDFRQ
YLYrQFLDGHYiULRVVpFXORVHQWUH3RU
WXJDOHD&KLQDTXH0DFDXKLVWRULFD
PHQWHWmREHPH[HPSOLILFRX
1R SURJUDPD GHVWH FRQMXQWR GH
LQLFLDWLYDV HVWmR LJXDOPHQWH HQYROYL
GRVR&HQWUR&LHQWtILFRH&XOWXUDOGH
0DFDX D$FDGHPLD ,QWHUQDFLRQDO GH
&XOWXUD 3RUWXJXHVD H R ,QVWLWXWR
&RQI~FLRGD8QLYHUVLGDGHGH/LVERD
$S
SURSyVLWRG
GRG
GpFLPRD
DQLYHUViULR
GDD
DGPLQLVWUDomR
GDWWUDQVIHUrQFLDG
QD
GH0
0DFDXG
GH3
3RUWXJDOS
SDUDD
D&
&KLQ
-RVp$ODUFmR7URQL
6HFUHWiULRDGMXQWRSDUDRV$VVXQWRV6RFLDLVH2UoDPHQWR
&RQKHoRHDPR0DFDXGHVGH
TXDQGRRVHQWmRJRYHUQD
GRUHV *DUFLD /HDQGUR H 0HOOR
(JtGLR WLYHUDP R SHQVDPHQWR
HVWUDWpJLFR GH UHFRQTXLVWDUHP
SDUDHVWDHQWmRLPSRUWDQWHSUDoD
Wr[WLORVVHXVPHUFDGRVWUDGLFLR
QDLV QD ÈIULFD /XVyIRQD 6ROL
FLWDUDPRDSRLRGD&RVHFGHTXH
HUD DGPLQLVWUDGRU SDUD D JHVWmR
GH LPSRUWDQWH OLQKD GH FUpGLWR
DEHUWDSHOR,QVWLWXWR(PLVVRUGH
0DFDX DR %DQFR 1DFLRQDO GH
$QJROD 3DVVHL DVVLP D GHVOR
FDUPH DQXDOPHQWH D 0DFDX
SRGHQGRDSUHFLDUQRWiYHOREUDGH
PRGHUQL]DomR GD$GPLQLVWUDomR
3~EOLFD OHYDGD D FDER SHOR JR
YHUQDGRU$OPHLGDH&RVWDDVVLP
FRPR D SULRULGDGH j 6D~GH ±
XQLYHUVDO H JUDWXLWD ± GR JRYHU
QDGRU3LQWR0DFKDGR
'H ± GDWD LQLFLDO GR
SHUtRGR GH WUDQVLomR ± D DFRPSDQKHL GH SHUWR R FUHVFL
PHQWR GH 0DFDX H D DFomR GRV
VHXV GRLV ~OWLPRV JRYHUQDGRUHV
&DUORV0HODQFLDH9DVFR5RFKD
9LHLUDSRLVQRH[HUFtFLRVXFHVVL
YR GRV FDUJRV GH 6HFUHWiULR GH
(VWDGRGD(GXFDomRHGR(QVLQR
6XSHULRU H GH 3UHVL
GHQWH GRV &RUUHLRV FHOHEUHL UHQRYHL RX DSURIXQGHL
GLYHUVRVSURWRFRORVGHSDUFHULDH
FRRSHUDomR WpFQLFD FXMR DFRP
SDQKDPHQWR SHVVRDO FRQVLGHUHL
GHYHU GH FRQVFLrQFLD H PLVVmR
SDWULyWLFD
3XGH DVVLP WHVWHPXQKDU R
DOWRVHQWLGRHVWUDWpJLFRGDH[WHQ
VDFDUWHLUDGHREUDVODQoDGDSRU
&DUORV0HODQFLDHVSHFLDOPHQWH
R$HURSRUWR,QWHUQDFLRQDO
(P R JHQHUDO 9DVFR
5RFKD9LHLUD KRQURXPH FRP R
FRQYLWH SDUD VHX 6HFUHWiULR$G
MXQWRSDUDRV$VVXQWRV6RFLDLVH
2UoDPHQWR PLVVmR GH (VWDGR
TXH PDUFRX D PLQKD YLGD H PH
OLJRXDIHFWLYDPHQWHDLQGDPDLV
D0DFDXHjVVXDVJHQWHV
$ WUDQVLomRGH0DFDXGHFRU
UHXGRFXPSULPHQWRFRPLQWHLUR
VXFHVVRHHPFOLPDGHERDIpHGH
FRPSUHHQVmRUHFtSURFDVGD'H
FODUDomR &RQMXQWD /XVR&KL
QHVDGHSRUSDUWHGDVGXDV
SRWrQFLDV VLJQDWiULDV &KLQD H
3RUWXJDO
$ 3RUWXJDOFRXEHUHDOL]DUHP
GR]H DQRV XP H[WHQVR FDGHUQR
GHHQFDUJRV±HVVrQFLDGRSHUtR
GRGHWUDQVLomRFXMRVSULQFLSDLV
YHFWRUHV DVVHQWDUDP QDV WUrV
ORFDOL]Do}HV ± /tQJXD /HJLVOD
omR H 4XDGURV ± H HP H[WHQVD
FDUWHLUDGHREUDV
2JUDQGHHVWDGLVWDHPLOLWDU±
JHQHUDO9DVFR5RFKD9LHLUD±HD
VXD HTXLSH GH 6HFUHWiULRV $G
MXQWRV±FRQFUHWL]DUDPFRPLQ
WHLUR VXFHVVR D GHUUDGHLUD PLV
VmR GH 3RUWXJDO FRPR SRWrQFLD
FRORQL]DGRUD
2*RYHUQR3RUWXJXrVGH0D
FDXGHL[RXUHFXSHUDGRRYDVWtVVL
PR SDWULPyQLR KLVWyULFR GD
FLGDGH ± SRUWXJXrV H FKLQrV ±
TXH D &KLQD DSyV R WHUPR GD
DGPLQLVWUDomR GH 3RUWXJDO FDQ
GLGDWRXD3DWULPyQLR&XOWXUDOGD
+XPDQLGDGH 6DOLHQWR WDPEpP
TXHD/HL%iVLFDJDUDQWLXD0D
FDXRHVWDWXWRSROLWLFRGHVHJXQ
GR VLVWHPD GD &KLQD RX VHMD D
HFRQRPLDGHPHUFDGRHRVGLUHL
WRVOLEHUGDGHVHJDUDQWLDVGRVUH
VLGHQWHV GRV TXDLV VH GHVWDFD D
SURLELomRGDSHQDGHPRUWHHGD
SULVmRSHUSpWXD
'HL[RXDLQGDHPGH'H
]HPEUR GH XPD UHVHUYD
ILQDQFHLUD VXILFLHQWH SDUD FREULU
XPDQRGH2UoDPHQWRGD5$(0
VDOLHQWDQGRVH TXH R FXPSUL
PHQWRLQWHJUDOGRFDGHUQRGHHQ
FDUJRVGD'HFODUDomR&RQMXQWD±
LQFOXLQGR DV JUDQGHV REUDV ±
GHFRUUHX GR RUoDPHQWR GH 0D
FDXVHPTXH3RUWXJDOWLYHVVHGH
JDVWDUXPHVFXGR
$ ~OWLPDEDQGHLUDGH3RUWXJDO
TXH IOXWXRX QR 3iODFLR GD 3UDLD
*UDQGHDUULDGDQDWDUGHGHGH
'H]HPEUR GH FRQWLQXD D
DJXDUGDU D HQWUHJD IRUPDO DR
3UHVLGHQWH GD 5HS~EOLFD SHOR
~OWLPR*RYHUQDGRUGH0DFDX
(VSHUR TXH QR GpFLPR DQL
YHUViULR GD WUDQVIHUrQFLD GD DG
PLQLVWUDomR GH 0DFDX VH FXP
SUD HVWH HOHPHQWDU GHYHU SDUD
FRP RV PDLV GH DQRV GD
+LVWyULD GD 1DomR 3RUWXJXHVD
LQLFLDGRVHP&HXWDHP
( TXH R 3UHVLGHQWH GD 5H
S~EOLFDDWULEXDDR*HQHUDO9DVFR
5RFKD 9LHLUD ± TXH FRP WDQWR
SDWULRWLVPRVHQWLGRGH(VWDGRH
GHPLVVmRFXPSULXSUDWLFDPHQ
WHGRLVWHUoRVGRSHUtRGRGHWUDQ
VLomR ± D PHUHFLGtVVLPD 2UGHP
0LOLWDU GD 7RUUH (VSDGD HQFHU
UDQGRVH ILQDOPHQWH FRP JUDQ
GH GLJQLGDGH D ~QLFD GHVFROR
QL]DomR SUHVWLJLDQWH GD ,,, 5H
S~EOLFD
BBB
0DFDXG
GH]D
DQRVG
GHSRLV
-RUJH5DQJHO
6HFUHWiULRDGMXQWRSDUDD$GPLQLVWUDomR(GXFDomRH-XYHQWXGH
$FWXDOPHQWH3UHVLGHQWHGR,QVWLWXWR,QWHUQDFLRQDOGH0DFDX
$ FLGDGHHVWiHPIHVWDHjHV
SHUDQRVSUy[LPRVGLDVGDYLVL
WD GDV PDLV DOWDV HQWLGDGHV GD
5HS~EOLFD 3RSXODU GD &KLQD e
TXH0DFDXFRPSOHWDQRGLD
GH'H]HPEURRVHXRDQLYHU
ViULRFRPRUHJLmRDGPLQLVWUDWLYD
HVSHFLDOGD5HS~EOLFD3RSXODUGD
&KLQD
1RPHVPRGLDWRPDSRVVHGR
FDUJR GH FKHIH GR ([HFXWLYR
VXFHGHQGR D (GPXQG +R +DX
:DK R DWp Ki SRXFRV PHVHV VH
FUHWiULRSDUDRV$VVXQWRV6RFLDLV
H &XOWXUD )HUQDQGR &KXL 6DL
2QFRPHOHLQLFLDQGRVHXPQR
YRFLFORJRYHUQDWLYRPXLWRPDU
FDGR SRUpP SHOD FRQWLQXLGDGH
GHSHVVRDVHGHSROtWLFDV
8P EDODQoR FRUUHFWR GHVWD
SULPHLUD GpFDGD UHYHODUi LQH
TXLYRFDPHQWHRVXFHVVRGDDSOL
FDomRGRSULQFtSLR³XPSDtVGRLV
VLVWHPDV´HDVROLGH]GRWUDEDOKR
UHDOL]DGR SHOD DGPLQLVWUDomR
SRUWXJXHVD QR SHUtRGR GH WUDQ
VLomRTXDQGRVHIH]XPDHQRUPH
DSRVWD QDV LQIUDHVWUXWXUDV QD
DFomRVRFLDOHQDHGXFDomRVRED
HVFODUHFLGD OLGHUDQoD GR JRYHU
QDGRU9DVFR5RFKD9LHLUD
e WDPEpP MXVWR UHFRQKHFHU
TXHRDFRUGRILUPDGRFRP3RUWX
JDOHPIRLUHVSHLWDGRJR
]DQGRDUHJLmRHIHFWLYDPHQWHGH
DPSOD DXWRQRPLD VRE R DFRP
SDQKDPHQWR VHPSUH DWHQWR GDV
DXWRULGDGHVFHQWUDLVFKLQHVDV$V
LQVWLWXLo}HV IXQFLRQDUDP H D
PDQHLUD GH YLYHU GD SRSXODomR
IRL PDQWLGD VHQGR SUHVHUYDGRV
RVGLUHLWRVOLEHUGDGHVHJDUDQWLDV
DVVHJXUDGRV DQWHULRUPHQWH SHOD
&RQVWLWXLomRGD5HS~EOLFD3RUWX
JXHVD H DJRUD LQFRUSRUDGRV QD
/HL%iVLFDGD5HJLmR
2V UHVXOWDGRV VmR SRVLWLYRV
UHJLVWDQGRVHXPLPSUHVVLRQDQWH
GHVHQYROYLPHQWR HFRQyPLFR H
FRQVHTXHQWHPHQWHXPLQYHMiYHO
GHVDIRJRILQDQFHLURSHVHHPER
UD D H[FHVVLYD GHSHQGrQFLD HP
UHODomR jV DEXQGDQWHV UHFHLWDV
JHUDGDVSHORVMRJRVGHIRUWXQDRX
D]DUHQmRREVWDQWHDOJXQVDVVL
QDOiYHLVDFLGHQWHVGHSHUFXUVRH
YLVtYHLV GHVHTXLOtEULRV TXH QmR
IRUDP VXILFLHQWHPHQWH DFDXWHOD
GRV H TXH UHVXOWDUDP HP HVSH
FLDOGRUiSLGRFUHVFLPHQWRYHUL
ILFDGR$ VXDFRUUHFomRFRQVWLWXL
DJRUDDPDLRUSULRULGDGHHWDP
EpP R PDLRU GHVDILR QD DFomR
JRYHUQDWLYD QRV SUy[LPRV DQRV
HVWDQGRDDWHQomRGDSRSXODomR
PDLV H[LJHQWH H LQWHUYHQWRUD
PXLWR LQVLVWHQWHPHQWH YLUDGD
WDPEpPSDUDRUHIRUoRGHPHGL
GDVGHFRPEDWHjFRUUXSomRHj
LOHJDOLGDGHDGPLQLVWUDWLYD
0HUHFHLJXDOPHQWHPHQomR
DLQWHQVLILFDomRGDVUHODo}HVFRP
RV3DtVHVGH/tQJXD3RUWXJXHVD
GHVHMDQGR D &KLQD TXH 0DFDX
IDoD XVR SOHQR GHVWD VXD PDLV
YDOLD TXH p D OLJDomR KLVWyULFD
FXOWXUDO H FRPHUFLDO DR PXQGR
OXVyIRQR FDEHQGR WDPEpP D
3RUWXJDO VDEHU WLUDU PDLRU SUR
YHLWRGHVWHGHVtJQLRSUDJPDWLFD
PHQWHH[SUHVVRHFRQVWDQWHPHQ
WHUHDILUPDGR)RLDOLTXHRJR
YHUQR FKLQrV GHFLGLX ID]HU IXQ
FLRQDU HP SHUPDQrQFLD R )y
UXP SDUD D &RRSHUDomR (FR
QyPLFDH&RPHUFLDOHQWUHD&KL
QD H RV 3DtVHV GH /tQJXD 3RU
WXJXHVDPXOWLSOLFDQGRVHGHVGH
HQWmRDVLQLFLDWLYDVQHVWHFRQWH[
WR HVWHQGLGDV jV PDLV GLYHUVDV
iUHDVLQFOXLQGRDDFDGpPLFDHD
FXOWXUDO
$ FODVVLILFDomRSHOD81(6&2
GR FHQWUR KLVWyULFR GD FLGDGH
FRPR SDWULPyQLR PXQGLDO FRQ
WULEXLX SRU RXWUR ODGR SDUD
JDUDQWLU XPD LQWHUYHQomR PDLV
FRQVHTXHQWHHFRUUHFWDQDSUHVHU
YDomR GR OHJDGR KLVWyULFR H
DUTXLWHFWyQLFR DLQGD PDLV LP
SRUWDQWH DJRUD IDFH jV DPHDoDV
GH GHVFDUDFWHUL]DomR TXH DEXQ
GDQWHVHGHVSURSRUFLRQDGDVFRQV
WUXo}HV OLJDGDV DRV QRYRV RSH
UDGRUHVGRVFDVLQRVHVWmRDSUR
YRFDU
'H DFRUGR FRP XP UHFHQWH
GRFXPHQWR JRYHUQDPHQWDO FHQ
WUDO HVWDEHOHFHQGR GLUHFWLYDV H
PHWDV HFRQyPLFDV DWp SDUD WRGR R YDVWR GHOWD GR 5LR
GDV 3pURODV XPD GDV ]RQDV GH
PDLV HVSHFWDFXODU GHVHQYROYL
PHQWRHPWRGRRPXQGRHRQGH
0DFDXVHLQVHUHSULYLOHJLDPVH
SDUDHVWDUHJLmRHVSHFLDORSDSHO
GH SODWDIRUPD GH FRRSHUDomR
FRP R PXQGR OXVyIRQR H R GH
JUDQGHHGLYHUVLILFDGRFHQWURGH
WXULVPRYDORUL]DGRSHODH[LVWrQ
FLD H[FOXVLYD HP WRGR R WHU
ULWyULR FKLQrV GH PRGDOLGDGHV
GLYHUVDV GH MRJRV GH IRUWXQD RX
D]DUHRULHQWDGRFRPSOHPHQWDU
PHQWH SDUD FRQJUHVVRV H FRQ
YHQo}HV LQFHQWLYRV H JUDQGHV
HVSHFWiFXORV
3DUDYLDELOL]DURFUHVFLPHQWR
GHVHMDGRDFDEDGHVHUDXWRUL]DGR
RDODUJDPHQWRGDiUHDGH0DFDX
HP FHUFD GH $EUHPVH
DVVLP DRV LQWHUHVVDGRV ORFDLV H
GR H[WHULRU UHQRYDGDV H DOL
FLDQWHVRSRUWXQLGDGHVGHSDUWLFL
SDomRHGHLQYHVWLPHQWRQDSUy
[LPD GpFDGD VHQGR GHVHMR GH
WRGRV XPD SDUWLFLSDomR PDLV
HIHFWLYD H FRQVHTXHQWH GH 3RU
WXJDO
BBB
,QWHUYHQomRG
GR3
3UHVLGHQWHG
GD5
5HS~EOLFDQ
QD6
6HVVmR6
6ROHQH
(YRFDWLYDG
GR
$
$QLYHUViULRG
GD7
7UDQVIHUrQFLDG
GD
3RUWXJXHVDG
GH0
0DFDX
$GPLQLVWUDomR3
$JUDGHoR j )XQGDomR -RUJH
ÈOYDUHVDR,QVWLWXWRGR2ULHQWH
GD8QLYHUVLGDGH7pFQLFDGH/LV
ERDHj6RFLHGDGHGH*HRJUDILD
HQWLGDGHVDTXHPILFDPRVDGH
YHUDRUJDQL]DomRGDVFHULPyQLDV
FRP TXH VH DVVLQDODP KRMH RV
GH] DQRV GD WUDQVIHUrQFLD GD
$GPLQLVWUDomR 3RUWXJXHVD GH
0DFDXSDUDD5HS~EOLFD3RSXODU
GD&KLQD
)HOLFLWR DLQGD WRGDV DV RXW
UDV SHUVRQDOLGDGHV H LQVWLWXLo}HV
TXHTXLVHUDPMXQWDUVHQRDSRLR
DHVWDLPSRUWDQWHLQLFLDWLYD
8PDLQLFLDWLYDDTXHHQWHQGL
FRQIHULUR$OWR3DWURFtQLRGD3UH
VLGrQFLD GD 5HS~EOLFD QXP
JHVWRGHUHFRQKHFLPHQWRSHUDQWH
DGLPHQVmRKLVWyULFDGHXPSUR
FHVVR GH WUDQVLomR FXMR VXFHVVR
HQJUDQGHFHX R QRPH GR QRVVR
3DtV
1R GLD GH 'H]HPEUR GH
3RUWXJDO SXQKD WHUPR GH
IRUPD GLJQD HP SD] FRQVLJR H
FRPDVXD+LVWyULDDRFLFORLP
SHULDOTXHSHUGXUDUDSRUPDLVGH
PHWDGH GD VXD YLGD GH 1DomR
PXOWLVVHFXODU 7RGRV VDEHPRV
FRPR HUD LPSRUWDQWH TXH DVVLP
IRVVHDWpSDUDTXHPHOKRUSXGpV
VHPRV UHFRQFLOLDUQRV FRP XP
SHUtRGR TXH WDQWRV WUDXPDV QRV
GHL[DUD
$ $GPLQLVWUDomR 3RUWXJXHVD
GHL[DYD R 7HUULWyULR MXVWLILFDGD
PHQWH RUJXOKRVD GH XP OHJDGR
QRWiYHO DVVHQWH QXPD RUJDQL]D
omR DGPLQLVWUDWLYD FDSD] H UHV
SHLWDGD H QXP FRUSR OHJLVODWLYR
VyOLGR H DEUDQJHQWH HP KDUPR
QLDFRPDVJDUDQWLDVTXHKDYLDP
VLGRGDGDVDRVKDELWDQWHVGH0D
FDX H FRP DV H[SHFWDWLYDV TXH
OKHVKDYLDPVLGRFULDGDV
8POHJDGRTXHLQFOXtDDLQGD
XP FRQMXQWR GH LQIUDHVWUXWXUDV
TXHSHUPLWLDPDR7HUULWyULRROKDU
RIXWXURFRPFRQILDQoD
$ WXGR SUHVLGLUD XPD YLVmR
HVWUDWpJLFDTXHVRXEHUHFRQKHFHU
RSRWHQFLDOGH0DFDXFRPRSOD
WDIRUPD SULYLOHJLDGD QR TXDGUR
GDSROtWLFDGHDEHUWXUDDRPXQGR
TXHD&KLQDKDYLDLQLFLDGRHFR
PRIDFWRUGHDSUR[LPDomRHQWUH
3RUWXJDOHD&KLQD
$ FRQFUHWL]DomRGHVWH~OWLPR
REMHFWLYR ± ID]HU GH 0DFDX XP
IDFWRU GH DSUR[LPDomR HQWUH
3RUWXJDOHD&KLQD±ILFRXDGH
YHUVHQmRDSHQDVDRPRGRFRPR
VHDILUPRXDSUHVHQoDSRUWXJXHVD
HP0DFDXPDVWDPEpPDRFOL
PD GH UHVSHLWR H DPL]DGH TXH
FDUDFWHUL]RXRSURFHVVRQHJRFLDO
IUXWRGHXPDSUHRFXSDomRSDUWL
OKDGD SHORV GRLV (VWDGRV HP
)RWR/XtV&DWDULQR)RWyJUDIRGD3UHVLGrQFLDGD5HS~EOLFD3RUWXJXHVD
)RWR/XtV&DWDULQR)RWyJUDIRGD3UHVLGrQFLDGD5HS~EOLFD3RUWXJXHVD
/LVERD)XQGDomR&DORXVWH*XOEHQNLDQGH'H]HPEURGH
JDUDQWLUDVVROXo}HVTXHDVVHJX
UDVVHP R PHOKRU IXWXUR SDUD R
7HUULWyULRHSDUDDVVXDVJHQWHV
( DVVLP FDVR UDUtVVLPR H
H[HPSODUGRLVSDtVHV3RUWXJDOH
D &KLQD FKDPDGRV D UHVROYHU
XPD TXHVWmR ELODWHUDO FRPSOH[D
H GHOLFDGD GH JUDQGH VHQVLELOL
GDGHSDUDDPERVFRQFOXtUDPQD
PXLWR PDLV SUy[LPRV XP GR
RXWURGRTXHTXDQGROKHKDYLDP
GDGRLQtFLR
8PDSUR[LPLGDGHTXHVHUH
IOHFWLXQXPUHODFLRQDPHQWRFDGD
YH] PDLV DSURIXQGDGR FRPR
EHP DWHVWD R HVWDEHOHFLPHQWR
HPGHXPD3DUFHULD(VWUD
WpJLFDHQWUHRVGRLVSDtVHV
4XHURDHVVHSURSyVLWRVDX
GDU GH IRUPD PXLWR HVSHFLDO D
SUHVHQoDHQWUHQyVGR(PEDL[D
GRU *DR .H[LDQJ H DV SDODYUDV
DPLJDVTXHQRVGLULJLXSHGLQGR
OKHTXHWUDQVPLWDjVVXDV$XWR
ULGDGHVHDR3UHVLGHQWH+X-LQWDR
HP SDUWLFXODU R PHX HPSHQKR
SHVVRDO QR UHIRUoR FRQWLQXDGR
GDVUHODo}HVHQWUHRVQRVVRVGRLV
SRYRVHSDtVHV
0LQKDV 6HQKRUDV H PHXV
6HQKRUHV
4XLVHUDP DV FLUFXQVWkQFLDV
TXHWLYHVVHFDELGRDXP*RYHUQR
DTXHSUHVLGLGDULQtFLRjVQHJR
FLDo}HV TXH FXOPLQDUDP QD 'H
FODUDomR&RQMXQWDVREUH0DFDX
7DO FRPR PH FRXEH VXEVFUHYr
ODHPQRPHGRPHXSDtVHP
GH $EULO GH HP 3HTXLP
SRU RFDVLmR GDTXHOD TXH IRL D
SULPHLUD 9LVLWD 2ILFLDO GH XP
&KHIHGH*RYHUQRGH3RUWXJDOj
5HS~EOLFD3RSXODUGD&KLQD
)RUDP WHPSRV TXH QmR HV
TXHoR 5HFRUGRPH EHP GH WHU
VXEOLQKDGRQRGLVFXUVRTXHSUR
QXQFLHL QHVVD RFDVLmR TXH Ki
PRPHQWRVHPTXHWHPRVDFRQ
VFLrQFLDGHHVWDUDVHUHVFULWDXPD
SiJLQD GD +LVWyULD )RL SUHFLVD
PHQWHLVVRTXHVXFHGHX
&RQWLQXRDSHQVDUQRHQWDQ
WRTXHDPHOKRUIRUPDGHHVWDU
PRV j DOWXUD GR TXH VRXEHPRV
FRQVWUXLUQRSDVVDGRpSURMHFWDQ
GRRQRIXWXUR
1D &RPXQLFDomR TXH IL] DR
3DtV HP 0DUoR GH TXLV
FKDPDUDDWHQomRGRV3RUWXJXH
VHV SDUD R IDFWR GH R$FRUGR D
TXHKDYtDPRVFKHJDGRUHSUHVHQ
WDU³XPJUDQGHFDSLWDOGHHVSHU
DQoD´SHORTXHDEULDGHSHUVSHF
WLYDV ³QR QRVVR UHODFLRQDPHQWR
FRP R 2ULHQWH H HP SDUWLFXODU
FRPD&KLQD´
$VFDUDFWHUtVWLFDVSUySULDVGR
WHUULWyULRGH0DFDXTXHRGLVWLQ
JXHPGRUHVWRGDLPHQVD&KLQDD
TXHSHUWHQFHUHVXOWDPGDPDUFD
TXHDOLGHL[RXDVHFXODUSUHVHQoD
SRUWXJXHVD(VVDVFDUDFWHUtVWLFDV
FRQIHUHPOKHXPDYRFDomRQDWX
UDOSDUDIXQFLRQDUFRPRSODWDIRU
PDQRUHODFLRQDPHQWRGD&KLQD
FRP RV SDtVHV GH OtQJXD RILFLDO
SRUWXJXHVD
$ &KLQDHVWiEHPFLHQWHGHVWD
PDLVYDOLDGH0DFDXHWHPDSRV
WDGRGHFLVLYDHLQWHOLJHQWHPHQWH
QDVXDYDORUL]DomRFRPRLQVWUX
PHQWRGRUHIRUoRGRVVHXVODoRV
FRP RV (VWDGRVPHPEURV GD
&RPXQLGDGHGRV3DtVHVGH/tQ
JXD3RUWXJXHVD
$LQGDUHFHQWHPHQWHPHFKH
JDYDDLQIRUPDomRTXHDPXLWRV
SRGHUiVXUSUHHQGHUGHTXHGHQ
WUH RV FXUVRV GH OtQJXDV HVWUDQ
JHLUDVPLQLVWUDGRVQD&KLQDRGH
OtQJXD SRUWXJXHVD p R ~QLFR D
JDUDQWLU FRORFDomR LPHGLDWD D
TXHPRFRQFOXL3RURXWURODGR
FRPR WLYH D RSRUWXQLGDGH GH
OHPEUDU QXPD LQWHUYHQomR HP
QD$VVRFLDomR &RPHUFLDO
GH0DFDX³3RUWXJDOWHPWXGRD
OXFUDU QR DSURYHLWDPHQWR GH
0DFDXHGRVHXJUDQGHGLQDPLV
PRHFRQyPLFRHFRPHUFLDOSDUD
LQWHQVLILFDU R UHODQoDPHQWR GD
SUHVHQoD SRUWXJXHVD QR 2ULHQ
WH´
8PUHODQoDPHQWRFXMDQHFHV
VLGDGH VH WRUQD FDGD GLD PDLV
SUHPHQWHSHUDQWHDHYLGrQFLDGR
SDSHO TXH D ÈVLD HP JHUDO H D
&KLQDHPSDUWLFXODUVmRHVHUmR
FUHVFHQWHPHQWH FKDPDGDV D GH
VHPSHQKDU QD FHQD LQWHUQDFLR
QDO8PSDSHOTXHDFULVHILQDQ
FHLUDHHFRQyPLFDTXHDEDORXR
PXQGRHFXMRVHIHLWRVDLQGDVR
IUHPRV VH HQFDUUHJRX GH EHP
VXEOLQKDU
1mRPHSDUHFHTXHKDMDG~YL
GDVGHTXHDLQGDWHPRVPXLWRD
ID]HUSDUDTXHSRVVDPRVIDODUGH
XP UHODQoDPHQWR GD SUHVHQoD
SRUWXJXHVD QR 2ULHQWH WLUDQGR
SDUWLGRGDVYDQWDJHQVTXH0DFDX
RIHUHFH
$SRVWDU QHVVD YLD LPSOLFD
LQYHVWLUQRUHIRUoRGDQRVVDSUH
VHQoDHFRQyPLFDQD5HJLmRLQ
FOXLQGRDORFDOL]DomRQRVHXWHU
ULWyULRGHHPSUHVDVTXHGHODID
oDP XPD DODYDQFD SDUD D VXD
SURMHFomRQRXWURVPHUFDGRVQR
PHDGDPHQWHQD&KLQD
,PSOLFD LQYHVWLU LJXDOPHQWH
QXPD UHYLJRUDGD SUHVHQoD FXO
WXUDO GHVGH ORJR SRU YLD GH XP
DSRLR GHWHUPLQDGR jV LQVWLWXL
o}HVTXHSURPRYHPRHQVLQRGD
QRVVD OtQJXD H D GLYXOJDomR GD
QRVVDFXOWXUD
0DVWDPEpPQDSURPRomRGR
LQWHUFkPELR HQWUH LQVWLWXLo}HV
DFDGpPLFDV FXOWXUDLV GHVSRUWL
YDVHGHLQYHVWLJDomR
(DLQGDQRHVWtPXORGRVIOX
[RV WXUtVWLFRV H QR LQFHQWLYR j
FRQVWLWXLomRGHUHGHVGHFRQWDF
WRVHQWUHRVFLGDGmRV
(PWHUiOXJDUD([SR
VLomR 8QLYHUVDO GH ;DQJDL HP
TXH 3RUWXJDO HVWDUi SUHVHQWH H
QRDQRVHJXLQWHDVVLQDODUVHiR
$QR GH 3RUWXJDO QD &KLQD 6mR
GXDV H[FHOHQWHV RSRUWXQLGDGHV
SDUD DILUPDU R UHODQoDPHQWR GD
QRVVD SUHVHQoD QR 2ULHQWH TXH
RVQRVVRVLQWHUHVVHVHVWUDWpJLFRV
WmRYLYDPHQWHUHFRPHQGDP
0LQKDV6HQKRUDVHPHXV6H
QKRUHV
(P$EULOGHSHUDQWHD
$VVHPEOHLD /HJLVODWLYD GH 0D
FDX UHFRUGHL TXH D VROXomR TXH
KDYtDPRV HQFRQWUDGR SDUD 0D
FDXFRPSRUWDUDXPGXSORDOFDQ
FH SRU XP ODGR WtQKDPRV SUH
WHQGLGRJDUDQWLUDHVWDELOLGDGHGH
0DFDX R VHX SURJUHVVR HFRQy
PLFR H VRFLDO H D FRQILDQoD QR
IXWXUR SRU SDUWH GD VXD SRSXOD
omR SRU RXWUR ODGR WtQKDPRV
TXHULGRHQFDUDUQXPDQRYDSHU
VSHFWLYD R GHVHQYROYLPHQWR GDV
UHODo}HVHQWUH3RUWXJDOHD5HS~
EOLFD3RSXODUGD&KLQD
7UDQVFRUULGRVGH]DQRVGHVGH
RGLDGH'H]HPEURGH
MXOJRTXHDVFLUFXQVWkQFLDVYrP
GHPRQVWUDQGRRDFHUWRGHVWDVOL
QKDV GH RULHQWDomR 2 GLQDPLV
PR HFRQyPLFR H R SURJUHVVR
VRFLDO GH 0DFDX VmR HYLGrQFLDV
TXH WRGRV UHFRQKHFHP IUXWR GH
XPFOLPDGHFRQILDQoDQRIXWXUR
TXHPXLWRGHYHjVFRQGLo}HVTXH
RSURFHVVRGHWUDQVLomRSHUPLWLX
FULDU
( R QRVVR UHODFLRQDPHQWR
FRPD&KLQDDSUHVHQWDQRVGLDV
GHKRMHXPDSUR[LPLGDGHPXLWR
VXSHULRUjTXHVHUHJLVWDYDDQWHV
GDWUDQVLomR
7HPRV VHJXUDPHQWH UD]}HV
SDUDFHOHEUDU
0XLWRV JXDUGDUmR WDO FRPR
HXDPHPyULDDLQGDYLYDGDTXH
OHGLDGHVROHIULRHPTXHQXP
JHVWRFRPRYHQWHR*RYHUQDGRU
9DVFR 5RFKD 9LHLUD DSHUWRX DR
SHLWR R VtPEROR PDLRU GH XPD
1DomR UHFRQFLOLDGD FRP D VXD
+LVWyULDHRUJXOKRVDGDVXDREUD
1DTXHOH GLD QDTXHOH PRPHQWR
HOH IRL XP SRXFR GH WRGRV QyV
LUPDQDGRV QD GLJQLGDGH GR VHX
JHVWR
)LFiPRV D GHYHU HVVH PR
PHQWRD0DFDX-DPDLVRHVTXH
FHUHPRV
0XLWRREULJDGR
$VVHPEOHLD0
0XQLFLSDOG
GRG
GLD
G
GH'
'H]HPEURG
GH
3HUtRGRDQWHVGDRUGHPGRGLD
•
$FWDGDSULPHLUDUHXQLmRGH2XWXEURGH $SURYDGDSRUPDLR
ULDFRPYRWRVDIDYRUGR36GD&'8GR0,&HGR36'H
DEVWHQo}HVGR36HGD&'8
•
0RomR³6LWXDomRGD6D~GHQR&RQFHOKRGH&RUXFKH´DSUHVHQWDGDSHOR
*UXSR0XQLFLSDOGR36 $SURYDGDSRUXQDQLPLGDGH
•
0RomR ³5HJLRQDOL]DomR´ DSUHVHQWDGD SHOR *UXSR 0XQLFLSDO GR 36 $SURYDGDSRUPDLRULDFRPYRWRVDIDYRUGR36GD&'8HGR
36'HYRWRVFRQWUDGR0,&
3HUtRGRGDRUGHPGRGLD
•
3RQWR (QWUDGD HP HVSpFLH QD ³/7 6RFLHGDGH GH 5HDELOLWDomR
8UEDQD(0´5HODWyULRGRUHYLVRURILFLDOGHFRQWDVHODERUDGRQRVWHU
PRV GR GLVSRVWR QR DUWLJR GR &yGLJR GDV 6RFLHGDGHV &RPHUFLDLV ±
$SURYDGRSRUXQDQLPLGDGH
•
3RQWR0DSDGHSHVVRDODDSURYDU QRVWHUPRVGRGLVSRVWRQRDUWLJR
GD/HLQ$SDUDRDQRGH DSURYDGRSRUPDLRULDFRP
YRWRVDIDYRUGR36HGR36'HDEVWHQo}HVGD&'8HGR
0,&
•
3RQWR$XWRUL]DomRGD$VVHPEOHLD0XQLFLSDOSDUDDUHSDUWLomRGH
HQFDUJRVHQWUHRVDQRVGDHPSUHLWDGDGHDUUDQMRXUEDQtVWL
FRGDHQWUDGDQDVFHQWHGH&RUXFKH DSURYDGRSRUXQDQLPLGDGH
•
3RQWR )L[DomR GR YDORU GDV LQIUDHVWUXWXUDV XUEDQtVWLFDV SHOD
$VVHPEOHLD0XQLFLSDO ±DSURYDGRSRUXQDQLPLGDGH
•
3RQWR(OHLomRGRUHSUHVHQWDQWHGD$VVHPEOHLD0XQLFLSDOQRFRQ
VHOKRGDFRPXQLGDGHGR$JUXSDPHQWRGH&HQWURVGH6D~GHGD/H]tULD
,, ±IRLHOHLWRFRPYRWRVRGHSXWDGRPXQLFLSDO1HOVRQ)HUQDQGR1XQHV
*DOYmR
•
3RQWR5HFWLILFDo}HVDRVHVWDWXWRVGD³$5ÈJXDVGR5LEDWHMR´ ±
DSURYDGRSRUXQDQLPLGDGH
•
3RQWR)L[DomRGDSDUWLFLSDomRYDULiYHOQR,56DRDEULJRGRDUWLJR
GD/HLQ $SURYDGRSRUXQDQLPLGDGHDWD[DGHSDUWLFLSDomR
YDULiYHOGHGR,56
•
3RQWR $OWHUDomR DRV HVWDWXWRV GD ³$5 ÈJXDV GR 5LEDWHMR´ ±
DSURYDGRSRUPDLRULDFRPYRWRVDIDYRUGR36GR0,&HGR
36'HDEVWHQo}HVGD&'8
•
3RQWR)L[DomR GD WD[D GH GHUUDPD DR DEULJR GR DUWLJR
GD/HLQ $SURYDGRSRUXQDQLPLGDGHDWD[DGHGHUUDPDGH
•
•
3RQWR 7D[DVPXQLFLSDLVSDUDRDQRGH ±DSURYDGRSRUXQDQL
PLGDGH
3RQWR6DtGDGRPXQLFtSLRGD*ROHJmGD³$5ÈJXDVGR5LEDWHMR´
±DSURYDGRSRUPDLRULDFRPYRWRVDIDYRUGR36GR0,&HGR
36'HDEVWHQo}HVGD&'8
•
•
3RQWR$SURYDomRGR2UoDPHQWRGR0XQLFtSLRSDUDRDQRGH DSURYDGRSRUPDLRULDFRPYRWRVDIDYRUGR36HGR36'YRWRV
FRQWUDGD&'8HDEVWHQo}HVGD&'8HGR0,&
3RQWR(QWUDGDGRPXQLFtSLRGH7RUUHV1RYDVQD³$5ÈJXDVGR
5LEDWHMR´ ±DSURYDGRSRUPDLRULDFRPYRWRVDIDYRUGR36GR
0,&HGR36'HDEVWHQo}HVGD&'8
•
3RQWR$FWLYLGDGHHVLWXDomRILQDQFHLUDGR0XQLFtSLR ±LQIRUPDomR
HVFULWD GR SUHVLGHQWH GD &kPDUD 0XQLFLSDO GH &RUXFKH QRV WHUPRV GD
DOtQHDHGRQGRDUWLJRGD/HLQGHGH6HWHPEUR
•
3RQWR$SURYDomRGDV*UDQGHV2So}HVGR3ODQR33,H$05GR
0XQLFtSLRSDUDRDQRGH DSURYDGRSRUPDLRULDFRPYRWRVD
IDYRUGR36HGR36'YRWRVFRQWUDGD&'8HGR0,&H
DEVWHQo}HVGD&'8
20,&QD$VVHPEOHLD0XQLFLSDO
GRGLD
0RomR³5HJLRQDOL]DomR´DSUHVHQWDGDSHOR*UXSR0XQLFLSDOGR
36 $SURYDGDSRUPDLRULDFRPYRWRVDIDYRUGR36GD
&'8HGR36'HYRWRVFRQWUDGR0,&DUWLJRMXQWR
3RQWR )L[DomRGDSDUWLFLSDomRYDULiYHOQR,56DRDEULJRGR
DUWLJRGD/HLQ $SURYDGRSRUXQDQLPLGDGH20,&
HVWUDQKRXRYRWRIDYRUiYHOGD&'8WHQGR$EHO0DWRV6DQWRVVXV
WHQWDGRTXHDGHYROXomRGR,56VHULDXPDPHGLGDPXLWRLPSRUWDQWH
DVHUHTXDFLRQDGDSRLVLULDSHUPLWLUEDL[DUDFDUJDILVFDOVREUHRV
FRQWULEXLQWHV VLQJXODUHV TXH PRUDP QR FRQFHOKR 3RGHQGR D
&kPDUDDEGLFDUGHXPYDORUHQWUHHGR,56OLTXLGDGRRTXH
VH UHYHODULD XPD PHGLGD PXLWR PDLV DEUDQJHQWH HP FRPSDUDomR
FRPR,0,HTXHQmRDIHFWDGHLJXDOPRGRRRUoDPHQWRFDPDUiULR
3RQWR )L[DomRGDWD[DGHGHUUDPDDRDEULJRGRDUWLJR
GD/HLQ $SURYDGRSRUXQDQLPLGDGHWHQGRR0,&
SHODYR]GH*RQoDOR5DPRV)HUUHLUDGHIHQGLGRTXHHPFRQWUDSRQ
WRFRPDIL[DomRGDWD[DGHGHUUDPDQRYDORUPi[LPRSHUPLWLGRSRU
OHL GH VHULD GH WRGR H[HTXtYHO H EHQpILFR H[LVWLU XPD WD[D
LQWHUPpGLDSDUDDVSHTXHQDVHPpGLDVHPSUHVDV30(SRLVD/HL
GDV)LQDQoDV/RFDLVSHUPLWHHVWDVLWXDomRRTXHVyDMXGDULDXPVHF
WRUTXHDFWXDOPHQWHVHHQFRQWUDHPJUDQGHVGLILFXOGDGHV
3RQWR 7D[DVPXQLFLSDLVSDUDRDQRGH DSURYDGRSRU
XQDQLPLGDGH
3RQWR $SURYDomRGR2UoDPHQWRGR0XQLFtSLRSDUDRDQRGH
DSURYDGRSRUPDLRULDFRPYRWRVDIDYRUGR36HGR
36'YRWRVFRQWUDGD&'8HDEVWHQo}HVGD&'8HGR
0,& WHQGR R 0,& DIHULGR GD QHFHVVLGDGH GR UHIRUoDU GRV RUoD
PHQWRVGDV-XQWDVGH)UHJXHVLDGR&RQFHOKR
3RQWR $SURYDomR GDV *UDQGHV 2So}HV GR 3ODQR 33, H
$05GR0XQLFtSLRSDUDRDQRGH DSURYDGRSRUPDLRULD
FRPYRWRVDIDYRUGR36HGR36'YRWRVFRQWUDGD
&'8HGR0,&HDEVWHQo}HVGD&'820,&GLVVHQmRFRP
SUHHQGHUSRUTXHPRWLYRXPDGDVSULQFLSDLVEDQGHLUDVGRH[HFXWLYR
36RSURJUDPD&DVDVFRP*HQWHSRVVXLXPRUoDPHQWRWmRPDJUR
TXHVWLRQDQGRVHpFRPDTXHOHSDUFRRUoDPHQWRTXHVHFRPEDWHR
SUREOHPD GD HPHUJrQFLD KDELWDFLRQDO QR FHQWUR KLVWyULFR GD9LOD
'LVVHWDPEpPQmRHQWHQGHUFRPRQXPDIDVHHPTXHRVUHVXOWDGRV
GHVWHSURJUDPDVmRDLQGDWmRHVFDVVRVQDUHYLWDOL]DomRORFDODTXH
VHSURSXQKDVHSUHWHQGHMiDODUJDUSDUDIRUDGRFHQWURKLVWyULFRHVWH
SURJUDPD20,&GLVVHYRWDUFRQWUDHVWH3ODQR33,SRLVRPHVPR
QmRUHIOHFWHSUHRFXSDo}HVVRFLDLVHGHVFXUDiUHDVIXQGDPHQWDLVSDUD
DTXDOLGDGHGHYLGDGRV&RUXFKHQVHVFRPRDHGXFDomRVHJXUDQoD
VD~GHLGRVRVILQDOL]DomRGD/DUGD/DPDURVDTXHXUJHVHUFRQ
FOXtGR ID]HQGRVH QR HQWDQWR LQYHVWLPHQWRV DYXOWDGRV TXH RV
&RUXFKHQVHVQmRFRQKHFHP
,QIRUPDomRHQYLDGDSHOR0,&
VROLFLWDPRV D WRGRV RV JUXSRV PXQLFLSDLV LQIRUPDomR VREUH DV DVVHPEOHLDV PXQLFLSDLV RX
UHXQL}HVGRH[HFXWLYRSDUDWUDWDPHQWRMRUQDOtVWLFRHSXEOLFDomR
³2-RUQDOGH&RUXFKHQGHGH-DQHLURGH´
127$5,$'2
32578*8Ç6
&DUWyULR1RWDULDO±&RUXFKH
1RWiULD$QD)HUQDQGD&ODURGH$OPHLGD
5XDGRV*XHUUHLURVQHP&RUXFKH
±(;75$&72±
$QD )HUQDQGD &ODUR GH$OPHLGD 1RWiULD FHUWLILFR QDUUDWLYDPHQWH SDUD HIHLWRV GH SXEOLFDomR TXH QR &DUWyULR
1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQQROLYURGHQRWDVSDUDHVFULWXUDVGLYHUVDVQ~PHUR'(=$66(7(
$DIROKDVFHQWRHYLQWHHQRYHHVHJXLQWHVIRLODYUDGDXPDHVFULWXUDGHMXVWLILFDomRQRWDULDOSHODTXDO)(51$1'2
)(/,60,127(2'252HPXOKHU-2$48,1$ '20,1*26&2(/+2FDVDGRVVRERUHJLPHGDFRPXQKmRGH
DGTXLULGRVDPERVQDWXUDLVGDIUHJXHVLDHFRQFHOKRGH&RUXFKHUHVLGHQWHVQR/XJDUGH9iU]HDG
ÈJXDIUHJXHVLDGH(UUD
FRQFHOKRGH&RUXFKHGHFODUDPTXHVmRGRQRVHOHJtWLPRVSRVVXLGRUHVFRPH[FOXVmRGHRXWUHPGRSUpGLRDVHJXLULGHQ
WLILFDGRGDIUHJXHVLDGH(UUDDQWLJDIUHJXHVLDGH&RUXFKHFRQFHOKRGH&RUXFKH
5Ò67,&2VLWRQROXJDUGH9iU]HD'
ÈJXDRX9DJHPGHÈJXDFRPTXDWURPLOHTXLQKHQWRVPHWURVTXDGUDGRV
FRPSRVWRSRUSLQKDOEUDYRFXOWXUDDUYHQVHKRUWHMRHYLQKDDFRQILQDUGRQRUWHFRP-RDTXLP$QWyQLR)HOLVPLQRGHVXO
FRP-DFLQWR3HUSpWXR7HRGRURGHQDVFHQWHFRP-RVp&DUGRVRHGHSRHQWHFRP(VWUDGD0XQLFLSDOLQVFULWRQDPDWUL]
U~VWLFDVRESDUWHGRDUWLJRVHFomR%DLQGDVHPYDORUSDWULPRQLDODWULEXtGRDRTXDODWULEXHPRYDORUGHTXLQKHQWRV
HXURV SDUD HIHLWRV GHVWH DFWR D GHVDQH[DU GR GHVFULWR QD &RQVHUYDWyULD GR 5HJLVWR 3UHGLDO GH &RUXFKH VRE R Q~PHUR
48$752 0,/ 48,1+(1726 ( 6(66(17$ ( 2,72 GD IUHJXHVLD GH &RUXFKH RQGH VH HQFRQWUD UHJLVWDGD D
DTXLVLomR QD SURSRUomR GH PHWDGH D IDYRU GH$QWyQLR )HOLVPLQR -XQLRU H PXOKHU ,OGD 3HUSpWXD 7HRGRUR GH -RmR
*DEULHOGH6RXVDHPXOKHU6LOYLQD3HUSpWXDFDVDGRVVRERUHJLPHGDFRPXQKmRJHUDOGH-DFLQWR3HUSpWXR7HRGRURH
GH9LUJtOLR$QWyQLR%RUGDGHÈJXDHPXOKHU,UHQH3HUSpWXD7HRGRURFDVDGRVVRERUHJLPHGDFRPXQKmRJHUDOSHOD
LQVFULomRUHVXOWDQWHGDDSUHVHQWDomRFLQFRGHGRLVGH6HWHPEURGHPLOQRYHFHQWRVHQRYHQWDHVHWHHQDSURSRUomR
GHXPRLWDYR DIDYRUGH6LOYLQD3HUSpWXDHPDULGR-RmR*DEULHOQDSURSRUomRGHXPRLWDYR DIDYRUGH,OGD3HUSpWXDH
PDULGR$QWyQLR)HOLVPLQRQDSURSRUomRGHXPRLWDYR DIDYRUGH,UHQH3HUSpWXD7HRGRURWRGRVFDVDGRVQRUHJLPHGD
FRPXQKmRJHUDOHQDSURSRUomRGHXPRLWDYR DIDYRUGH-DFLQWR3HUSpWXR7HRGRURVROWHLURPDLRUSHODLQVFULomRUHVXO
WDQWHGDDSUHVHQWDomRFDWRU]HGHRLWRGH0DLRGHPLOQRYHFHQWRVHQRYHQWDHVHLV
4XHRVMXVWLILFDQWHVQmRVmRGHWHQWRUHVGHTXDOTXHUWtWXORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWHSUpGLRRTXDOYHLRj
VXDSRVVHSRUOKHVWHUVLGRGRDGRVREDIRUPDPHUDPHQWHYHUEDOSHORVSDLVGRMXVWLILFDQWHPDULGRWLWXODUHVLQVFULWRVQR
UHJLVWR$QWyQLR)HOLVPLQR-XQLRUHPXOKHU,OGD3HUSpWXD7HRGRURFDVDGRVVRERUHJLPHGDFRPXQKmRJHUDOTXHIRUDP
UHVLGHQWHVQROXJDUGH9iU]HD'
ÈJXDIUHJXHVLDGH(UUDFRQFHOKRGH&RUXFKHRVTXDLVKDYLDPDGTXLULGRSDUWHGRPHQ
FLRQDGRSUpGLRSRUGRDomRWLWXODGDQRDQRGHPLOQRYHFHQWRVHFLQTXHQWDDGTXLULQGRDSDUWHUHVWDQWHSRUFRPSUDIHLWD
SHODIRUPDPHUDPHQWHYHUEDODRVUHVWDQWHVSRVVXLGRUHVSRUYROWDGRDQRGHPLOQRYHFHQWRVHVHWHQWDVHPQXQFDWHUHP
ODYUDGRRFRUUHVSRQGHQWHWtWXORH[LVWLQGRFRPRXQLGDGHSUHGLDODXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWrPRVMXVWLILFDQWHVSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRVQRUPDLVRVHXGLUH
LWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHVmRHOHVRVWLWXODUHVGHWDOLPyYHOSRLVGHOHWrPXVXIUXtGRFXOWLYDQGRD
KRUWDHDYLQKDSODQWDQGRiUYRUHVHIHFWXDQGRDVOLPSH]DVQHFHVViULDVKiPDLVGHYLQWHDQRVLQLQWHUUXSWDPHQWHFRPR
FRQKHFLPHQWRGHWRGDDJHQWHHVHPDPHQRURSRVLomRGHTXHPTXHUTXHVHMDUHVSHLWDQGRDVVXDVGHPDUFDo}HVHVWUHPDV
DJLQGRFRPWRWDOH[FOXVLYLGDGHHLQGHSHQGrQFLDHQXQFDFRPRFRPSURSULHWiULRVFRPRVHGHFRLVDVXDVHWUDWDVVHVHQGR
SRULVVRXPDSRVVHFRQWtQXDS~EOLFDSDFtILFDHGHERDIpSHORTXHRDGTXLULUDPSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHRVMXVWLILFDQWHVDGTXLULUDPRPHQFLRQDGRSUpGLRSRUXVXFDSLmR
WtWXORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRVQRUPDLVLQYRFDQGRSRULVVRHVWDIRUPD
RULJLQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
(67È&21)250(225,*,1$/&RUXFKHDRVGH1RYHPEURGH
$ 1RWiULD
$QD)HUQDQGD&ODURGH$OPHLGD
02Ó25
5(*,21$/,=$Ó2
6REUHD5HJLRQDOL]D¸¶RDSRVL¸¶RGR0,&
$0R¸¶RTXHDVHJXLUVHWUDQVFUHYHIRLDSUHVHQWD
GD SHOR *UXSR 0XQLFLSDO GR 3DUWLGR 6RFLDOLVWD
WHQGR VLGR DSURYDGD SRU PDLRULD FRP YRWRV D
IDYRUGR36GD&'8HGR36'HYRWRV
FRQWUDGR0,&
$V 5HJL}HV $GPLQLVWUDWLYDV HQFRQWUDPVH FRQVDJUDGDV QD
&RQVWLWXLomR GD 5HS~EOLFD 3RUWXJXHVD Ki DQRV 'DV $XWDU
TXLDV /RFDLV FRQVDJUDGDV QD QRVVD OHL IXQGDPHQWDO IRL D ~QLFD
TXHDLQGDQmRIRLLQVWLWXtGD(VWDPRVSHUDQWHXPDFODUDLQFRQVWL
WXFLRQDOLGDGHSRURPLVVmRTXHVHSHUSHWXDQRWHPSR
$ LQVWLWXLomR GDV 5HJL}HV$GPLQLVWUDWLYDV UHSUHVHQWDUi XPD
LPSRUWDQWH PHGLGD GH GHVFHQWUDOL]DomR DGPLQLVWUDWLYD H XP
LPSRUWDQWH LQVWUXPHQWR QR FRPEDWH jV DVVLPHWULDV UHJLRQDLV
(QTXDQWRXPDPLQRULDGRQRVVRWHUULWyULRDWLQJHQtYHLVGHGHVHQ
YROYLPHQWRTXHVHHTXLSDUDDRPHOKRUGD8QLmR(XURSHLDXPD
PDLRULD QRPHDGDPHQWH R LQWHULRU YDLVH DIDVWDQGR GHVVHV tQ
GLFHVeIXQGDPHQWDOHXUJHQWHS{UILPDHVWHDFHQWXDUGHGHVL
JXDOGDGHV
eWHPSRRQ]HDQRVDSyVRDFWRUHIHUHQGiULRVREUHDVUHJL}HV
GH UHWRPDU R SURFHVVR GH LQVWLWXLomR HP FRQFUHWR GDV 5HJL}HV
$GPLQLVWUDWLYDV
$ $VVHPEOHLD0XQLFLSDOGH&RUXFKHUHXQLGDDGH'H
]HPEURPDQLIHVWDRVHXWRWDODSRLRjSRVLomRDVVXPLGDSHOD
$VVRFLDomR1DFLRQDOGH0XQLFtSLRV3RUWXJXHVHVQRVHXFRQ
JUHVVR GH H GH 'H]HPEUR UHDOL]DGR HP 9LVHX HP TXH
UHFODPDDXUJrQFLDGDLQVWLWXLomRHPFRQFUHWRGDV5HJL}HV
$GPLQLVWUDWLYDV
&RUXFKHGH'H]HPEURGH
23UHVLGHQWHGD$VVHPEOHLD0XQLFLSDO
-RVp-RmR+HQULTXHV&RHOKR
(63(&,$/,'$'(6
&R]LQKD7UDGLFLRQDO&DUQHV1DFLRQDLV
3HL[HV)UHVFRV'RFHV5HJLRQDLV
0DULVFRV)UHVFRV
0Ð9(,66255$,$
*UDQGHV6DO}HV
GH([SRVLomR
7HO
%DLUURGD$UHLD²&RUXFKH
6RPRVD
DIIDYRUG
GR0
0XQLFLSDOLVPR
'HVFHQWUDOL]D¸¶R
GD'
GD5
5HJLRQDOL]D¸¶R
Q¶RG
2V REMHFWLYRV GD PDoRQDULD
DLQGD QmR IRUDP WRGRV FXPSUL
GRV)DOWDDUHJLRQDOL]DomR'HV
GHTXHDOJXQVVHFWRUHVGD
VRFLHGDGH EXVFDP D FULDomR GD
5HS~EOLFD)HGHUDOGD,EpULDTXH
$QWyQLR 6DUGLQKD R 3HQVDGRU
LQWHJUDOLVWDMiKDYLDGHQXQFLDGR
HP³1D)HLUDGRV0LWRV´H³$R
5LWPRGD$PSXOKHWD´
$ UHJLRQDOL]DomR UHFXVDGD
SHORV3RUWXJXHVHVQRUHIHUHQGR
GHLPSOLFDSHUGDGRVHQWL
GRGHFRHVmRQDFLRQDOHVYD]LD
PHQWR GDV FRPSHWrQFLDV GDV
DXWDUTXLDV H D FULDomR GH XPD
HVWUXWXUD SROtWLFRDGPLQLVWUDWL
YDTXHLUiDXPHQWDURMiHQRU
PH SHVR GR (VWDGR QD QRVVD
VRFLHGDGH
0LJXHO 7RUJD WDPEpP QmR
FRPSUHHQGLD SRUTXH PRWLYR
HVWDYDRPXQGRDEUDoRVFRPR
GUDPD GDV GLYHUVLGDGHV H QyV
TXH Ki QRYHFHQWRV DQRV WHPRV
XQLGDGHQDOtQJXDQRVFRVWXPHV
H QD UHOLJLmR D TXHUtDPRV GHV
WUXLU GHVPLRODGDPHQWH $Wp R
VRFLDOLVWD0iULR6RDUHVFODVVLIL
FD D UHJLRQDOL]DomR FRPR XP
HUUR FRORVVDO GL]HQGRVH VLP
³DIDYRUGDGHVFHQWUDOL]DomRGH
PXLWRVVHUYLoRVHGDGHVFRQFHQ
WUDomR GH GHFLV}HV´ DILUPDQGR
DLQGDTXH³DUHJLRQDOL]DomRLULD
FULDUXPDQRYDFODVVHGHSROtWL
FRVFRPWHQGrQFLDSDUDUHWLUDU
SRGHUHVjVDXWDUTXLDV´
0DV-RVp6yFUDWHVMiGHFLGLX
TXH R SDtV WHUi FLQFR UHJL}HV
1mR VHUmR TXDWUR RX VHLV RX
TXDOTXHURXWURQ~PHURDGHFLGLU
SHODVSRSXODo}HV1RIXQGRHVWD
PDQREUD WUDWDVH DSHQDV GH
ODQoDUPDLVDUHLDSDUDRVROKRV
GRV 3RUWXJXHVHV FRP R LQWXLWR
GH GHVYLDU D DWHQomR GRV UHDLV
SUREOHPDV GR 3DtV FRPR WHP
VLGRDSDQiJLRGHVGHH[HFXWLYR
2QGHHVWiDGHVFHQWUDOL]DomR
GHVWH36QRFRQWH[WRGD6D~GH
GD(GXFDomR"
3RUTXH TXHUHP GHVWUXLU D
XQLGDGH QDFLRQDO TXH H[LVWH
GHVGHDQRVVDIXQGDomR"
$ SHUGDGRVHQWLGRGHFRHVmR
QDFLRQDO VHUi LQHYLWiYHO 8P
FKHIH GH XP JRYHUQR UHJLRQDO
WHP TXH HVWDU SROLWLFDPHQWH
HPSHQKDGR FRP D VXD UHJLmR
QmR WHP TXH VH SUHRFXSDU FRP
RVSUREOHPDVGDVRXWUDVUHJL}HV
$VVLP D VROLGDULHGDGH GDV UH
JL}HV PDLV ULFDV SDUD FRP DV
PDLV SREUHV TXH WDPEpP GHL
[DULDPGHUHFHEHUDDFomRHTXL
OLEUDGDGRJRYHUQRFHQWUDOVHULD
GHLPHGLDWRDEROLGDSHORVQRYRV
VREDV RULXQGRV GDV GLYHUVDV
PiTXLQDVSDUWLGiULDV
&RPDUHJLRQDOL]DomRR3DtV
VRIUHUi DVVLPHWULDV EHP PDLR
UHV
2VSROtWLFRVWHQGHPDJRVWDU
GD UHJLRQDOL]DomR SRUTXH HOD
FULDPDLVFDUJRVPXLWRDSHWHFL
GRV SRU TXHP YLYH GD SROtWLFD
SURILVVLRQDO 6H DV UHJL}HV YmR
WHU DOJXPD DXWRQRPLD ILQDQ
FHLUD HP YH] GH YLYHUHP SHQ
GXUDGDV QR 2UoDPHQWR GH (V
WDGR WHUmR GH SRGHU HODV SUy
SULDV ODQoDU LPSRVWRV GH PD
QHLUD D H[LVWLU UHVSRQVDELOLGDGH
ILVFDO
2UDODQoDULPSRVWRVUHJLRQ
DLVLPSOLFDWHUXPSHTXHQRSDU
ODPHQWR HP FDGD UHJLmR LVVR
DSHQDV LUi DXPHQWDU RV FXVWRV
GHJHVWmRGR(VWDGRRQ~PHUR
GHFDUJRVSDUDDVPiTXLQDVSDU
WLGiULDVHRQ~PHURGHJXLFKpVD
YLVLWDUTXDQGRVHWHPXPTXDO
TXHU RItFLR HP PmRV$ UHJLR
QDOL]DomR LUi PXOWLSOLFDU RV
REVWiFXORV EXURFUiWLFRV jV SHV
VRDVHjVHPSUHVDVHpGLVVRTXHD
FRUUXSomRWDPEpPVHDOLPHQWD
2 IXQFLRQDOLVPR S~EOLFR
FUHVFHX QDV ~OWLPDV WUrV GpFD
GDV GH SDUD IXQFLRQiULRV 3RUWXJDO QmR VH
SRGHGDUDROX[RGHDOLPHQWDURV
IXQFLRQiULRV SROtWLFRV
TXH H[LVWHP DFWXDOPHQWH H
TXDQWR PDLV DFUHVFHQWDU RV PL
OKDUHV TXH D UHJLRQDOL]DomR YDL
FULDU SDUD QDGD SURGX]LUHP H
VHUHPIDFWRUGHLPRELOLVPR
6RPRV D IDYRU GR 0XQLFL
SDOLVPR DWUDYpV GD DFomR GHV
FHQWUDOL]DGRUDGR(VWDGRDRGDU
DXWRQRPLD jV XQLGDGHV ORFDLV
SDUD JHULUHP RV VHXV UHFXUVRV
DXPHQWDQGR D VXD UHVSRQVDEL
OL]DomR6RPRVDIDYRUGD'HV
FHQWUDOL]DomRHTXLOLEUDGDDWUD
YpV GD DFomR JRYHUQDWLYD FRQ
FLOLDGRUD TXH GHYH VHU R SDSHO
GR(VWDGRDVVHJXUDQGRPHFDQ
LVPRVGHSUHYHQomRHGHFRQWUR
ORGRVFDFLTXLVPRVORFDLV
+i SDtVHV HILFLHQWHV RQGH
QmRH[LVWHPUHJL}HVDGPLQLVWUD
WLYDVQRHQWDQWRSRGHPRVFRQV
WDWDUFLWDQGRRH[HPSORGR%UD
VLOTXHDDGRSomRGRIHGHUDOLV
PRHPQmRFRQWULEXLXSD
UD HTXLOLEUDU DV DVVLPHWULDV GRV
VHXVYiULRV(VWDGRVFRPRDLQGD
RV IH] GLYHUJLU DR QtYHO GR GH
VHQYROYLPHQWR
$FWXDOPHQWH3RUWXJDOpXP
SDtVOLWRUDOL]DGRFRPXPLQWHUL
RUHQWUHJXHDRDEDQGRQRHQWHQ
GHPRVVHUHPHUJHQWHXPDUHRU
JDQL]DomR H XPD YHUGDGHLUD
GHVFHQWUDOL]DomR H GHVFRQFHQ
WUDomR GRV FHQWURV GH GHFLVmR
SRU SDUWH GR SRGHU FHQWUDO TXH
YLVHP HQIUHQWDU RV SUREOHPDV
ORFDLV DWUDYpV GH XPD GHOH
JDomR HIHFWLYD GH SRGHUHV H
FRPSHWrQFLDV
1R HQWDQWR FULDU UHJL}HV j
VHPHOKDQoD GD 0DGHLUD H GRV
$oRUHV DSHQDV PXOWLSOLFDULD DV
GLILFXOGDGHV DV DVVLPHWULDV D
GHVSHVDHRDXPHQWRGDVFRQIOL
WXDOLGDGHV HP GHWULPHQWR GR
WRGR1DFLRQDO
BBB
$EHO0DWRV6DQWRVH*RQoDOR5DPRV)HUUHLUD
'HSXWDGRV0XQLFLSDLVSHOR
0,&0RYLPHQWR,QGHSHQGHQWHGH
&LGDGmRVSRU&RUXFKH
785,602
$(XURSD&XOWXUDO 5HJL}HV &LGDGHV
0DQKmHP%DVLOHLD6XtoDSRU1DJ\$OEHUW
3RQWHVREUHR5HQR%DVLOHLD6XtoDSRU'RXJODV0DF*UHJRU
,JUHMDGH5RXIIDFK)UDQoD
9LODGH%DGHQZHLOHU$OHPDQKD
/DJR7LWLVHH$OHPDQKD
³0DLULH´&0XQLFLSDOGH&ROPDU)UDQoD
$VUHJL}HVGD$OViFLDGH%D
VLOHLDHGH%DGHQ:XHUWWHPEHUJ±
)UDQoD 6XtoD H $OHPDQKD UHV
SHFWLYDPHQWH ± FRQJUHJDP XPD
ULTXH]DFXOWXUDOLPHQVDWUDGX]LGD
QXPDIRUWHDWLWXGHGHFLGDGmRVH
LQVWLWXLo}HV TXH HP FRQMXQWR
JDUDQWHP XPD KRVSLWDOLGDGH TXH
GHL[D RV YLVLWDQWHV OLYUHV SDUD VH
HQDPRUDUHP GDV SDLVDJHQV GH
SDUDUDUHVSLUDomRHGRSDWULPyQLR
tPSDU TXH DV UHJL}HV RIHUHFHP
(PEDUFDUQXPDYLDJHPSHOD(X
URSDFHQWUDOpXPDH[SHULrQFLDGH
YLDJHP VXUSUHHQGHQWH H IDVFL
QDQWH PDV WDPEpP DJUDGDYHO
PHQWH LQHEULDQWH (VWH FRQMXQWR
UHJLRQDO p XP GHVWLQR WXUtVWLFR
LQWHUQDFLRQDO H SHUFHEHVH SRU
TXr SHOD WLSLFLGDGH H H[FOXVLYL
GDGHGDRIHUWD
1HVWD FUyQLFD FRQYLGDPRV R
OHLWRU GH 2 -RUQDO GH &RUXFKH D
YLDMDUSRU&ROPDU%DVLOHLDH)UL
$8720$7,6026
ĞƐĚĞϱϱϬ€ ;ĂƵƚŽŵĂƚŝƐŵŽĐŽƌƌĞƌͿ
;/sDKEd'D^dEZ/E>h1KͿ
EXUJR DV WUrV SULQFLSDLV FLGDGHV
GDVWUrVUHJL}HVYL]LQKDVTXHSDU
WLOKDPLGHQWLGDGHVHSDWULPyQLRV
6mRGRVPHOKRUHVH[HPSORVGR
PHOKRU TXH VH SRGH YLVLWDU QR
FHQWURGD(XURSD
&ROPDU ± )UDQoD ± p XPD
FLGDGH FDORURVD TXH PDQWHYH DR
ORQJR GRV WHPSRV XP WUXQIR
LPSRUWDQWH D VXD GLPHQVmR KX
PDQD([HPSORGLVVRIRLDKRVSL
WDOLGDGHGHPRQVWUDGDSHORVQDWX
*5$1'(
&$03$1+$
$5
&21',&,21$'2
ǁǁǁ͘ĐŽƌƐĂƚ͘ǁĞĞďůǇ͘ĐŽŵ
&RPpUFLRH5HSDUDomRGH
(OHFWURGRPpVWLFRV8QLSHVVRDO/GD
EKs^/E^d>O^
Zh/Z/dEǑϯϰΎKZh,
d>ͬ͘&yϮϰϯϲϭϵϬϭϲΎd>D͘ϵϯϲϳϬϭϮϮϬ
UDLV QR DFROKLPHQWR GH HPLJUDQ
WHVSRUWXJXHVHVDSDUWLUGDGpFDGD
GHVHVVHQWDFRPDSDUWLFXODULGDGH
GHHP&ROPDUVHWHUHVWDEHOHFLGR
SRUYHQWXUD D PDLRU FRPXQLGDGH
HPLJUDQWH SURYHQLHQWH GH &RUX
FKHHPWRGDD)UDQoD(VVHVHPL
JUDQWHV KRMH SHUIHLWDPHQWH LQWH
JUDGRV DMXGDP D PROGDU XPD
FLGDGH UHSOHWD GH KLVWyULD 0DV
QmR p DSHQDV R OHJDGR KLVWyULFR
TXHID]GH&ROPDUXPDMyLDWRGD
D HQYROYHQWH QDWXUDO FRPSRVWD
SRU PtVWLFDV PRQWDQKDV H GLOL
JHQWHVULRVFRPS}HXPFRQMXQWR
GLJQRGHDGPLUDomR
&ROPDU DWUDYpV GR VHX GHVH
QYROYLPHQWR HYRFD R SDVVDGR H
VLPXOWDQHDPHQWH R IXWXUR 8P
GHVHQYROYLPHQWREDVHDGRHPWUrV
SLODUHV KLVWyULD DUWH H FXOWXUD H
QDDEHUWXUDDRPXQGR
$ FLGDGH WHP SUHVHUYDGR
WRGRV RV VHXV WHVRXURV DUTXLWHF
͞dE/^KE͟>^^͟͞
ϵϬϬϬdhǲ^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲϰϬϬ€
ϭϮϬϬϬdhǲ^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲϰϯϮ€
ϮϰϬϬϬdhǲ^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲϳϴϬ€
͞'Z͟>^^͟͞
ϵϬϬϬdhǲ^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϰϲϬ€
ϭϮϬϬϬdhǲ^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϱϬϬ€
ϭϴϬϬϬdhǲ^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϳϬϬ€
ϮϰϬϬϬdhǲ^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϴϵϬ€
͞'Z͟/EsZdZ
ϵϬϬϬdhǲ^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϲϵϬ€
ϭϮϬϬϬdhǲ^Ͳ&Z/Kͬ>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϳϱϬ€
ϭϴϬϬϬdhǲ^Ͳ&Z/K>KZͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲϵϴϬ€
;/sDKEd'D^dEZ/E>h/KͿ
2-RUQDOGH&RUXFKH$QR1~PHUR1RYHPEURGH
)UDQoD&ROPDU
$OHPDQKD)ULEXUJR
6XLoD%DVLOHLD
&DUORV3DOPHLUR
5XDFHQWUDOGH5LTXHZLKU)UDQoD
&HQWURGH&ROPDU)UDQoDSRU-RVp&DQFLR5LRV
9LODGH5LTXHZLKU)UDQoD
)ORUHVWD1HJUD$OHPDQKD
,JUHMDGH6DLQW0DUWLQFHQWURGH&ROPDU
%XKODOGHLUDWtSLFDGD$OViFLD)UDQoD
WyQLFRV GHVGH R VpFXOR DWp j
DFWXDOLGDGH 2 FUHVFLPHQWR XU
EDQR HVWi HP OLQKD FRP D H[
SDQVmRHFRQyPLFDHGHPRJUiILFD
$R FRQWUiULR GD PDLRULD GDV
FLGDGHV KLVWyULFDV HXURSHLDV R
VHX³FRUDomR´PDQWHYHVHROXJDU
FHQWUDO GDV LQVWLWXLo}HV DG
PLQLVWUDWLYDV H GD VHGH GH LQ~
PHURVQHJyFLRV&LGDGHGHDUWHH
FXOWXUD &ROPDU p LQWHUQDFLRQDO
PHQWHFRQKHFLGDSHORUHWiEXORGH
,VHQKHLP XPD REUD GH 0DWKLDV
*UQHZDOGTXHDWUDLDQXDOPHQWH
GX]HQWRVPLOYLVLWDQWHVDRPXVHX
8QWHUOLQGHQ ZZZPXVHHXQWHU
OLQGHQFRP e WDPEpP XPD
FLGDGH GH LQWHUFkPELR VRE R
VLJQRGDDEHUWXUDDRPXQGRIUXWR
GD VXD ORFDOL]DomR QR FHQWUR GD
(XURSDDPHLRFDPLQKRHQWUHDV
LPSRUWDQWHV FLGDGHV GH (VWUDV
EXUJR)UDQoDH%DVLOHLD6XtoD
&ROPDUpKRMHXPDFLGDGHFOD
UDPHQWHYROWDGDSDUDRIXWXURTXH
QmR DEGLFD GRV VHXV DOLFHUFHV
KLVWyULFRV H GDV VXDV WUDGLo}HV
FXOWXUDLV5HFRPHQGDVHDRYLVL
WDU &ROPDU XP GHPRUDGR SDV
VHLR DR ULWPR KDUPRQLRVR GDV
EHODV IDFKDGDV H GD ERD P~VLFD
SHODV LQ~PHUDV ]RQDV SHGRQDLV
3HUFDVH QDV HVSODQDGDV H QDV
ORMDV QDV LPHGLDo}HV GR FROpJLR
GHDPEXOH SHODV PDUJHQV GD
3HTXHQD9HQH]DHYLVLWHDLOKDGRV
&XUWLGRUHV$ FLGDGHpIDFLOPHQWH
DFHVVtYHO H DV iUHDV PDLV DWUDFWL
YDVHVWmRFODUDPHQWHDVVLQDODGDV
1DVLPHGLDo}HVGDFLGDGHSD
UD OHVWH HQFRQWUDUi IORUHVWDV H
SUDGDULDVTXHDEUDQJHPDiUHDGR
5HQRJUDQGHULRTXHPDUFDDSDL
VDJHP3DUDRRHVWHHQFRQWUDUiRV
YLQKHGRV LQ~PHUDV DOGHLDV PH
GLHYDLV H RV PtVWLFRV YDOHV GR
9RVJHV
)ULEXUJR p D ³FLGDGH PDLV
TXHQWH H HQVRODUDGD GD $OHPD
QKD´ e DWUDYHVVDGD SHOR ULR
'UHLVDPHFHUFDGDSHODVPRQWDQ
KDV5RVVNRSIH%URPEHUJDOHVWH
HDRVXOHRHVWHSHODVPRQWDQKDV
6FK|QEHUJ7XQLEHUJHR.DLVHUV
WXKO1HVWDFLGDGHIRLWUDYDGDHP
XPDGDVEDWDOKDVPDLVVDQ
JUHQWDV GD *XHUUD GRV 7ULQWD
$QRV YHQFLGD SHORV PDUHFKDLV
IUDQFHVHV&RQGpH7XUHQQH
!FRQWLQXDQDSiJLQDVHJXLQWH
DQWLJR7ULQLWi
50DQXHO0DUWLQV$OYHV1
HGLItFLRSiWHR
6DQWR(VWrYmR%HQDYHQWH
7HO
23,1,®2
$OOHLG
GD'
'HPRFUDFLDHHD
DK
KRPRVVH[XDOLGDGH
$EHO0DWRV6DQWRV
6yFUDWHV H R 36 WUDQVIRU
PDUDPVHQRVDUDXWRVGDGHV
WUXLomR GD IDPtOLD H GD VRFLH
GDGHSRUWXJXHVDHPSUHJDQGR
WRGDDVXDHQHUJLDHPLPSRU R
PRGR GH YLGD GDV PLQRULDV j
JHQHUDOLGDGHGDVRFLHGDGH
$FWXDOPHQWH HP 3RUWXJDO
3DtVRXWURUDVHJXURHFDOPRYL
YHVH XP FOLPD JHQHUDOL]DGR GH
PHGRHGHVFRQILDQoDFRPDVVD
VVLQDWRV D RFRUUHUHP WRGRV RV
GLDV DVVDOWRV YLROHQWRV DJUHV
V}HVEiUEDUDVHVHPVHQWLGRWXGR
FRQVHQWLGR SHOD OHL GD GHPR
FUDFLDTXHFRQWLQXDDPDQWHURV
FULPLQRVRVQDUXDHPYH]GHRV
PHWHUQDFDGHLD
$ 3ROtFLD SUHQGH RV FULPL
QRVRVPXLWDVYH]HVDUULVFDQGRH
SHUGHQGRDYLGDSDUDGHSRLVRV
MXt]HVGH³PmRVDWDGDV´SHODOHL
GD GHPRFUDFLD GR 36 VHUHP
REULJDGRVDFRORFiORVHPOLEHU
GDGH
e ERP OHPEUDU TXH HVWD WUD
SDOKDGD OHJDO TXH SHUPLWH DRV
FULPLQRVRV FRQWLQXDUHP QD UXD
VHP VHUHP SUHVRV VH GHYH jV
DOWHUDo}HV OHJDLV TXH R JRYHUQR
GR36HIHFWXRXSDUDSHUPLWLUTXH
RVSUHVRVSUHYHQWLYRVGHSHGRILO
LDGD&DVD3LDSXGHVVHPVHUOLE
HUWDGRV
785,602
)ULEXUJR p KRMH XPD FLGDGH
FRPPXLWRSDUDRIHUHFHUFLrQFLD
GHVSRUWRFXOWXUDHVXVWHQWDELOLGD
GH³2IHUHFH´DRYLVLWDQWHXPFOL
PD UHIUHVFDQWH WRGR R DQR XPD
SDLVDJHP tPSDU XPD H[FHOHQWH
KRWHODULDHXPDJDVWURQRPLDULFD
TXH PHVFOD WUDGLomR H PRGHUQL
GDGH 2 VHX FHQWUR KLVWyULFR H D
PXOWLIDFHWDGDRIHUWDFXOWXUDOFRP
PXVHXVWHDWURVHDFWLYLGDGHVWRGR
R DQR ID]HP GH )ULEXUJR SDU
DJHPREULJDWyULD
)ULEXUJR WHP VLGR QD ~OWLPD
GpFDGD HVFROKLGD SHODV LQVWLWX
Lo}HV GH LQRYDomR GHVHQYROYL
PHQWR H LQYHVWLJDomR SDUD LQVWD
ODomR GH XQLGDGHV WRUQDQGR D
FLGDGH XP LPSRUWDQWH SyOR WHF
QROyJLFR $V HPSUHVDV GH WHF
QRORJLD H D H[FHOHQWH XQLYHUVL
GDGHID]HPGDFLGDGHXPH[HPS
ORQRFDPSRGDVHQHUJLDVOLPSDV
1D FLGDGH SRGHP VHU YLVLWDGRV
YiULRV H[HPSORV GH SURMHFWRV
DFWXDLVGHHQHUJLDVRODUHGRDP
ELHQWH
)ULEXUJR p WDPEpP XPD FL
GDGH FKHLD GH HQWXVLDVPR SHOD
YLGDQXPDPLVWXUDGHSLWRUHVFDV
UXDV HVWUHLWDV SHTXHQDV ORMDV
ERXWLTXHV H PHUFDGRV EDVWD WHU
$TXLOR TXH VH FKDPD ³OHL j
PHGLGD´TXHYHLRFRORFDUQDUXD
WRGD XPD KRUGD GH JHQWH RUGL
QiULD VHP FDUiFWHU H FULPLQRVD
TXH GH LPHGLDWR LQYDGLX R 3DtV
WUDQVIRUPDQGRR QR SDUDtVR GD
(XURSDSDUDRFULPH
%DVWD YHU QR ~OWLPR PrV DV
LPDJHQV GR RXULYHV EDOHDGR H
PRUWR D VDQJXH IULR GRV FDVDLV
GH HVWUDQJHLURV HP FDVDV QR
$OJDUYHHVSDQFDGRVHGHL[DGRVD
PRUUHUGRVDWURSHODPHQWRVPRU
WDLV FRP IXJD GR FRQGXWRU GRV
DVVDOWRVLPSXQHVQDYLDS~EOLFD
D EDQFRV HPSUHVDV DXWRFDUURV
GR FDUMDFNLQJ HVWUDQJHLULVPR
EDFRFRSDUDGHILQLUURXERGHYLD
WXUDVQDYLDS~EOLFDFRPRFRQ
GXWRU HQILP XP URO GH FULPHV
LPSHQViYHLVKiDQRVHP3RU
WXJDOSDUDMiQmRIDODUKiRX
DQRV RQGH LVWR VHULD LPSRV
VtYHO
$RPHVPRWHPSRJDVWDPVH
PLOK}HVSRUGLDHP5HQGLPHQWR
6RFLDOGH,QVHUomRJUDQGHSDUWH
SDJRDFULPLQRVRVFRQGHQDGRVH
GH IODJUDQWH GHOLWR HQTXDQWR DV
VXDVYtWLPDVQDGDUHFHEHPHWHP
GH VXSRUWDU DV GLILFXOGDGHV SUy
SULDV GDV WUDJpGLDV TXH YmR YL
YHQGR
2V 3RUWXJXHVHV SHUGHUDP D
FRQILDQoD QDV 3ROLFLDV QD -XV
WLoDQR*RYHUQRHQRVSROtWLFRV
$ ~QLFDFRLVDTXHOKHVUHVWDVmR
HOHVSUySULRVDJUDQGHPDVVDKX
PDQD JHQXtQD TXH p D SRSXOD
omRSRUWXJXHVDeFDVRSDUDGL]HU
TXH HVWDPRV SRU QRVVD FRQWD
6DEHUHPRVGHIHQGHUQRV"
eRTXHQRVUHVWDID]HUVHR
FDPLQKRVRFLDOHSROtWLFRGR3DtV
FRQWLQXDUQDVHQGDGDGHVWUXLomR
GD LQVHJXUDQoD H GR SUHFLStFLR
7HUHPRV GH VHU QyV D WRPDU D
UHVSRQVDELOLGDGHGDSURSULHGDGH
SULYDGD GDV QRVVDV YLGDV H GDV
QRVVDV IDPtOLDV $R TXH HVWH
UHJLPH H HVWH GHVJRYHUQR QRV
OHYRX«
0DV HP FRQWUDSRQWR WHPRV
R3DUODPHQWR1DFLRQDOWUDQVIRU
PDGRQXPDFDVDRQGHVHGHIHQ
GH GH SXQKR FHUUDGR D KRPRV
VH[XDOLGDGHHRFDVDPHQWR*D\
RQGH RV WUDQVVH[XDLV VmR FRQYL
GDGRV GH KRQUD PDQLSXODGRV H
LQVWUXPHQWDOL]DGRV SDUD VHUHP
PRVWUDGRVFRPR³DQLPDLVGHFLU
FR´HH[HPSORVDVHJXLU
2QGH HVWi R UHVSHLWR SHODV
SHVVRDV"6HUiTXHHVWHVSURSDOD
GRVGHIHQVRUHVGDVPLQRULDVQmR
SHUFHEHPTXHDKHWHURDELRXD
KRPRVVH[XDOLGDGH p DOJR GD
GLPHQVmR tQWLPD GH FDGD XP
TXH QmR VH HVFROKH H TXH GHYH
PDQWHUVH QHVVD HVIHUD GD LQWL
PLGDGHHGDUHVHUYD
6HUi TXH QmR SHUFHEHP TXH
RIHQGHPPLOK}HVFRPDLGHLDGR
FDVDPHQWR JD\ SUHMXGLFDQGR D
YLYrQFLDtQWLPDHDSUySULDRULHQ
WDomRVH[XDOKRPRVVH[XDO
,VWRSRUTXHDGHILQLomRGHFD
VDPHQWRLQFOXLREULJDWRULDPHQWH
XPKRPHPHXPDPXOKHU3RU
TXH QmR OHJLVODP QXPD XQLmR
FLYLOFRPLJXDLVGLUHLWRVDRFDVD
PHQWRHPYH]GHWHLPRVDPHQWH
TXHUHUHPLPSRUDQRPHQFODWXUD
FDVDPHQWRTXHYDLDEULUSRUWDVj
DGRSomRHjVWpFQLFDVGHIHUWLOL]D
omR PHGLFDPHQWH DVVLVWLGDV D
HVVHV³FDVDLV´FRORFDQGRQRVQXP
SHULJRVRFDPLQKR
2V KRPRVVH[XDLV RV WUDQV
VH[XDLV WRGRV PHUHFHP R UHV
SHLWRHDUHVHUYDGRVSRUWXJXHVHV
H QmR SRGHP VHU DFKLQFDOKDGRV
GHVWD IRUPD TXDQGR HOHV SUy
SULRV VH HQFRQWUDP GLYLGLGRV H
QmRFRQFRUGDPFRPHVWDVSROtWL
FDVGDHVTXHUGDSRUWXJXHVD
'HVWDIRUPDVHYrTXHDVSUL
RULGDGHV H DV SUHRFXSDo}HV GRV
SROtWLFRV H GRV JRYHUQDQWHV VR
FLDOLVWDV GR SXQKR FHUUDGR
&'8%(36H36'HPQDGD
VH DGHTXDP H FRPSDWLELOL]DP
FRPRVUHDLVSUREOHPDVGR3DtVH
DVQHFHVVLGDGHVGDVSHVVRDV
(QWUDPRV HP FRP D
PDLRU WD[D GH GHVHPSUHJR GH
VHPSUH FRP RV PDLRUHV QtYHLV
GHYLROrQFLDHLQVHJXUDQoDFRP
R3DtVjEHLUDGDFDWiVWURIHVRFLDO
HILQDQFHLUDPDVRQGHDSUHRFX
SDomRpOHJLVODUVREUHDKRPRV
VH[XDOLGDGH VREUH D 5HJLRQDOL
]DomR SDUD VH FULDUHP PDLV ³WD
FKRV´ SDUD DV FOLHQWHODV GRV
3DUWLGRV H DV REUDV IDUDyQLFDV
FRPR R7*9 TXH 3RUWXJDO QmR
SUHFLVDPDVTXHDVJUDQGHVHP
SUHVDVTXHDOLPHQWDPRVSDUWLGRV
QHFHVVLWDP SDUD WRGRV ³HQJRU
GDUHP´PDLVHPDLV
&RPLVWRWXGRDKDELWXDOPHQ
VDJHP GH%RP$QR1RYRVyVH
FRQFUHWL]DULDFRPHVWDJHQWHRV
GHVRQHVWRV H LQFDSD]HV WRGRV
IRUD GRV ORFDLV GH GHFLVmR IRUD
GR JRYHUQR FRP D PRUDOL]DomR
GRVHUYLoRS~EOLFRHIHFWXDGDSRU
TXHPVDEHHPHUHFHRVOXJDUHVH
QmR SRU GHVYDLUDGRV H SHUWXUED
GRVTXHVHPDFDSDFLGDGHGHVH
UHVROYHUHPDVLSUySULRVFRQWLQ
XDPDLQFRPRGDUHDSUHMXGLFDUR
3RYRSRUWXJXrV
PXQGRFRPRD)XQGDomR%H\HOHU
ZZZEH\HOHUFRP RX R 0XVHX
GH%HODV$UWHVZZZNXQVWPXVH
XPEDVHOFK XP WHDWUR PXOWLGLV
FLSOLQDU RXWURV SHTXHQRV
WHDWURV XP WHDWUR SDUD PXVLFDLV
GH SDOFR LQ~PHUDV JDOHULDV GH
DUWHHGLYHUVDVVDODVGHFRQFHUWR
$ $UW%DVHOZZZDUWEDVHOFRP
GHUHQRPHLQWHUQDFLRQDOIRLPHV
PR D SULPHLUD H[SRVLomR GR
PXQGR GHGLFDGD j DUWH FRQWHP
SRUkQHD
%DVLOHLDVHQGRXPDFLGDGHp
WDPEpPXPDUHJLmRVHQGRDPDLV
GLQkPLFDGD6XtoDHXPDGDVPDLV
SURGXWLYDVHLQRYDGRUDVGRPXQ
GR 8P VXFHVVR TXH VH GHYH j
SUHVHQoD QD UHJLmR GH GXDV GDV
FLQFR PDLRUHV HPSUHVDV IDUPD
FrXWLFDVGRPXQGR2XWUDVDFWLYL
GDGHV DWULEXHP XP SRGHULR
HFRQyPLFRHQRUPHD%DVLOHLDVmR
H[HPSORDVLQ~PHUDVHPSUHVDVGH
VHUYLoRV ILQDQFHLURV FRPpUFLR H
ORJtVWLFD LQIRUPiWLFD RUJDQL]D
omRGHH[SRVLo}HVGHVLJQHDUTXL
WHFWXUD2PRGHORGHGHVHQYROYL
PHQWR GD UHJLmR H GD SUySULD
FLGDGH GH %DVLOHLD DVVHQWD QXPD
IRUWH DSRVWD QDV DFWLYLGDGHV GH
LQYHVWLJDomR H IRUPDomR GRV
UHFXUVRVKXPDQRV2FHQWURGDFL
GDGHGH%DVLOHLDpXPDYHUGDGHLUD
MyLD$QWLJREHORHEXFyOLFRFRP
UXDV OLPSDV H VHJXUDV LQ~PHURV
HVSDoRV YHUGHV H R ULR 5HQR
FDOPR D WUHVSDVViOR (QFRQWUDUi
XPD DPSOD HVFROKD GH UHVWDX
UDQWHV H EDUHV ORMDV GH WRGRV RV
WLSRV H LQILQLWDV DFWLYLGDGHV UH
FUHDWLYDV 7RGRV HVWHV IDFWRUHV
FRQWULEXHP SDUD XPD TXDOLGDGH
GH YLGD tPSDU D TXH R YLVLWDQWH
QmRILFDQmRSRGHILFDUDOKHLR
%DVLOHLD HVWi VLWXDGD QXP
WULkQJXORTXHFRPELQDD6XtoDD
)UDQoDHD$OHPDQKDHDSHVDUGH
D6XtoDQmRID]HUSDUWHGD8QLmR
(XURSHLDQmRVHVHQWHDSUHVHQoD
GH IURQWHLUDV $ FLGDGH WUDEDOKD
HP HVWUHLWD FRRSHUDomR FRP RV
VHXV YL]LQKRV QDV PDLV GLYHUVDV
iUHDV FRPR RV WUDQVSRUWHV R
DPELHQWHDHGXFDomRHDFXOWXUD
%DVLOHLDpWDPEpPXPLPSRUWDQWH
FHQWUR GH WUiIHJR LQWHUQDFLRQDO
SRVVXLQGR XP DHURSRUWR LQWHUQD
FLRQDO QDV LPHGLDo}HV XP SRUWR
IOXYLDOXPDHVWDomRIHUURYLiULDH
HVWUDGDV TXH D OLJDP D WRGR R
PXQGR 6HUi FRPR IXL PXLWR
EHPUHFHELGRHP%DVLOHLD
&ROPDU )ULEXUJR H %DVLOHLD
SDUWLOKDP DVVLP R ³FRUDomR´ GD
(XURSD$ FHQWUDOLGDGHHDSUR[L
PLGDGHWUDQVIRUPDPHVWDVWUrVFL
GDGHVQXP~QLFRDOYRDSHWHFtYHO
SDUDRWXULVPRDSUHoRVUD]RiYHLV
VHJXLQGR DOJXPDV GLFDV Mi
DPSODPHQWH UHSHWLGDV HP FUyQL
FDV SXEOLFDGDV DQWHULRUPHQWH $
(DV\MHW YRD GLDULDPHQWH SDUD R
(XUR$LUSRUW DHURSRUWR LQWHUQD
FLRQDO GH %DVHO0XOKRXVH)UHL
EXUJ3DUDRDORMDPHQWRFRQVXOWH
R VHX DJHQWH GH YLDJHQV RX UH
VHUYH HP ZZZERRNLQJFRP$V
GHVORFDo}HV HQWUH DV FLGDGHV SR
GHPIDFLOPHQWHVHUUHDOL]DGDVHP
WUDQVSRUWHVS~EOLFRVUHFRPHQGD
VHRFRPERLR6HSUHWHQGHSDUWLU
jDYHQWXUDDOXJXHXPFDUURHVWDp
D PHOKRU IRUPD GH YLDMDU SHOD
UHJLmRHDFRQKHFHUHPSURIXQGL
GDGH
6HUi GLItFLO TXH DV H[SHFWDWL
YDV GR YLVLWDQWH VDLDP GHIUDX
GDGDVQXPDYLDJHPSHOD³(XURSD
FXOWXUDO´WDORQtYHOGHTXDOLGDGH
HRIHUWDWXUtVWLFDGDUHJLmR
&RQVXOWH UHJXODUPHQWH R EOR
JXH)DFHWXULVZZZIDFHWXULVFRP H
HQFRQWUH PDLV LQIRUPDomR UHOD
FLRQDGDFRPWXULVPR
BBB
BBBB
3VLFyORJR&OtQLFR
HIXQGDGRUGR-RUQDOGH&RUXFKH
!FRQWLQXDomRGDSiJLQDDQWHULRU
YRQWDGH GH FDPLQKDU H GHVIUXWDU
4XDQWRDRSDWULPyQLRHPSDUWLF
XODUpLPHQVRHYDOLRVRROHJDGR
'HVWDFDVH D LPSRQHQWH EDVtOLFD
³VREUHYLYHQWH´ GRV ERPEDUGHD
PHQWRV DpUHRV UHDOL]DGRV SHODV
IRUoDV DOLDGDV GXUDQWH D VHJXQGD
JXHUUD PXQGLDO ,PSUHVVLRQD j
HQWUDGD GD EDVtOLFD XPD DQWLJD
IRWRJUDILD DpUHD TXH PRVWUD D
EDVtOLFD DR FHQWUR LPSRQHQWH H
LQWRFDGD HQTXDQWR WRGD D HQYRO
YHQWH MD] FRPSOHWDPHQWH DUUXL
QDGD9LDMDQGRSDUDOHVWHGH)UL
EXUJR HQFRQWUDUi QR LQWHULRU GD
PtVWLFD IORUHVWD QHJUD R ODJR
7LWLVHH'L]VHTXHWHPRQRPHGR
LPSHUDGRU URPDQR 7LWR e XP
ORFDO PDJQtILFR SDUD GHDPEXODU
FDOPDPHQWH FDPLQKDQGR SHODV
VXDVPDUJHQV1RILQDOGRSDVVHLR
VHQWHVH j PHVD GH XP GRV ERQV
UHVWDXUDQWHV QDV LPHGLDo}HV GR
ODJRHDYHQWXUHVHSHODJDVWURQR
PLDDOHPm$FUHGLWHpQHFHVViULR
WHUXPHVW{PDJRLPHQVR
%DVLOHLD ± 6XtoD ± p XPD
FLGDGHGHGLPHQVmRLQWHUQDFLRQDO
H IUHTXHQWHPHQWH FRQVLGHUDGD
FHQWURFXOWXUDOGD(XURSD1DYHU
GDGH D FLGDGH p VHGH GH PX
VHXVDOJXQVGRVPDLV IDPRVRVGR
23,1,®2
2HH[HPSORG
GD,,UODQGDHHR
R
3RUWXJXrV
´FDVRµ3
&RQIHVVR TXH WHQKR SHOR
SRYRLUODQGrVPXLWDVLPSDWLD
6mR FHOWDV ³SXURV´ FDWyOLFRV
GHYRWRVHVLPSOHVJHQWHVRFLi
YHO H DPLJD WHPSHUDGD SRU
XPFOLPDGLItFLOHDPDOJDPD
GD SRU XPD +LVWyULD DOJR
LQMXVWDRQGHXPFRORQLDOLVPR
LQJOrV PXLWR SRXFR FULVWmR
GHL[RXXPWUDYRDPDUJR
BBB
9HP LVWR D SURSyVLWR GD
³FULVHILQDQFHLUD´±TXHpPXLWR
PDLVPRUDOGRTXHILQDQFHLUD±
TXHDEDODRPXQGRVREUHWXGRR
PXQGR RFLGHQWDO 7DPEpP D
,UODQGD GHSRLV GH VH WHU DOFDQ
GRUDGR D XP GHVHQYROYLPHQWR
UHFHQWHPXLWRHORJLDGRPDVTXH
VH YHULILFD DJRUD WHU VLGR ILFWt
FLRHQWURXHPFULVHSURIXQGD(
WDQWR PDLRU p D FULVH TXDQWR
PDLRUIRLDILFomR
&RQIURQWDGRVFRPRVGHVDWL
QRVTXHHVWmRDS{URV(VWDGRVj
EHLUDGDEDQFDUURWDHDVQDo}HV
QDHVTXLQDGHJUDYHVFRQIURQWRV
SROtWLFRVRFLDLVRDFWXDOJRYHU
QR LUODQGrV WRPRX D GHFLVmR ±
FHUWDPHQWH XPD HQWUH PXLWDV ±
GH FRUWDU RV YHQFLPHQWRV GRV
IXQFLRQiULRVS~EOLFRVHP
eFHUWRTXHRFRPEDWHDHVWD
FULVH GH FRQWRUQRV JOREDLV LP
SOLFD XP FRQMXQWR GH PHGLGDV
FRPSOH[DV H FRPSOHPHQWDUHV
WDQWRGHFDUiFWHUQDFLRQDOFRPR
LQWHUQDFLRQDO 0DV QmR p LVVR
TXH LQWHUHVVD DQDOLVDU DJRUD R
TXH LQWHUHVVD p GLOXFLGDU HVWH
SDUWLFXODU
2 JRYHUQR LUODQGrV QmR VH
OLPLWRXDFRUWDURVDRIXQ
FLRQDOLVPR WDPEpP FRUWRX
DRYHQFLPHQWRGRVPLQLV
WURVHDRGRSULPHLURPLQ
LVWUR ( DVVLP p TXH HVWi FHUWR
+DYHQGR XPD KLHUDUTXLD QR
(VWDGR QD VRFLHGDGH QDV HP
SUHVDV H QDV LQVWLWXLo}HV HWF
TXHP WHP PDLV UHVSRQVDELOL
GDGHVpTXHWHPGHGDURH[HP
SORHDVHJXLUWHPTXHVHUHYHODU
FRPSHWHQWHDUHVROYHURVSUREOH
PDVVHPHVTXHFHUDMXVWLoDVR
FLDOFRPTXHRID]LVWRpDGL
YLVmRHTXLWDWLYDGRHVIRUoRHGD
UHFRPSHQVD
6yDVVLPpTXHDSRSXODomR
SRGHUHYHUVHHDFUHGLWDUQDOLGH
UDQoD TXH WHP ± H QHVWH FDVR
EHPRXPDOHOHJHX±HGDUHP
VH WRGRV DV PmRV SDUD VDtUHP
GDVFULVHVHPTXHDURGDGD
YLGDFLFOLFDPHQWHDVLPHUJH2
TXH DFDER GH HVFUHYHU QmR p
GHPDJRJLDQmRVmRIUDVHVRFDV
QmR VmR ILJXUDV GH UHWyULFD$V
SHVVRDV SHQVDP DVVLP H DV
FRLVDVSDVVDPVHDVVLP
2UDHP3RUWXJDOWXGRFRUUH
DRFRQWUiULRGRTXHGHYLD$OpP
GHHVFRQGHUPHQWLUPLVHUDYHO
PHQWHHGHXPDIRUPDFRQWLQX
DGD DV JUDYHV UHDOLGDGHV TXH
DIHFWDP R (VWDGR H D 1DomR
SDODYUDPDOGLWD«TXDQGRKi
XPDSHUWRTXDOTXHUDTXHMiVH
QmR SRGH IXJLU RX HVFDPRWHDU
RV UHVSRQViYHLV SROtWLFRV TXH
QRV UHJHP DWLUDP FRQVWDQWH
PHQWHRyQXVGDUHVROXomRGRV
SUREOHPDV±GHTXHHOHVVmRRV
SULQFLSDLV UHVSRQViYHLV ± SDUD
FLPD GR GHVJUDoDGR GR FRQ
WULEXLQWHRXSDUDDVFDOHQGDVGD
GtYLGDS~EOLFD
(QXQFDGmRRH[HPSOR3RU
LVVRpTXHD3UHVLGrQFLDGD5H
S~EOLFD FRQWLQXD D FXVWDU PDLV
DRHUiULRS~EOLFRGRTXHD&DVD
5HDO (VSDQKROD R RUoDPHQWR
SDUDD$5QmRSiUDGHDXPHQWDU
RV MXt]HV GR 7ULEXQDO
&RQVWLWXFLRQDO ± TXH p XP WUL
EXQDO GH QRPHDomR SROLWLFD ±
XVXIUXHP GH FDUURV GH OX[R QR
YDORU HVWLPDGR GH FHUFD GH
HXURV TXH DSDUHQWH
PHQWH SRGHP XWLOL]DU SDUD XVR
SHVVRDO±RTXHpH[FHSomRDRV
RXWURV WULEXQDLV D FRQWULEXLomR
S~EOLFD SDUD RV 3DUWLGRV 3ROt
WLFRV±TXHHVWmRDFDPLQKRGH
VHUQmR³SLODUHVHVWUXWXUDQWHVGD
GHPRFUDFLD´ PDV RV VHXV FR
YHLURV ± p XP VRUYHGRXUR TXH
QXQFD QLQJXpP SHUJXQWRX DR
SRYR VH TXHULD SDJDU QD ,GDGH
0pGLD WHULDP TXH VH UHXQLU
&RUWHVSDUDLVVR«RVJHVWRUHV
S~EOLFRV FRQWLQXDP D XVXIUXLU
GH KRQRUiULRV H SUHEHQGDV
SRUQRJUiILFDVHQTXDQWRDPDLR
ULD GDV HPSUHVDV S~EOLFDV DFX
PXODGHILFLWVH[SRQHQFLDLV
$ LQMXVWLoDQRSDJDPHQWRGH
LPSRVWRVpDTXLORTXHVHVDEHH
R ULGtFXOR H IDOWD GH YHUJRQKD
QDFDUDMiWHULDPRUWRRJRYHU
QDGRU GR %DQFR GH 3RUWXJDO
TXDQGR VH HVIDOID D GHIHQGHU D
GLPLQXLomRGRVUpGLWRVGRFLGD
GmR FRPXP TXDQGR HOH JDQKD
PDLV GR TXH R VHX FRQJpQHUH
HVWDGRXQLGHQVH H QHP VHTXHU
FRQVHJXH FRQWURODU ± RX GDU
FRQWD ± GDV YLJDULFHV TXH VH
WrP SDVVDGR QR VLVWHPD ILQDQ
FHLURSRUWXJXrVGHTXHRVFDVRV
PDLV HORTXHQWHV QmR VDLHP GDV
-RmR-RVp%UDQGmR)HUUHLUD
7FRU3LO$YUHI
&RPG/LQKD$pUHD
SiJLQDVGRVMRUQDLV
2V EHQV QDFLRQDLV WrP VLGR
VDTXHDGRV p R WHUPR ( FRPR
QmR Ki DXWRULGDGH QHP ERQV
FRVWXPHVDFRUUXSomRSDVVRXD
FDPSHDU LQIUHQH DPHDoDQGR
VXEYHUWHUR(VWDGRHGHVTXDOLIL
FDQGRQRVHQTXDQWRVRFLHGDGH
3HUDQWH WRGR HVWH FHQiULR
TXH p UHDO H SRU WRGRV LQWXtGR
FRPGLIHUHQWHVJUDXVGHHQWHQGL
PHQWRDOJXpPHVWijHVSHUDTXH
D JHQHUDOLGDGH GD SRSXODomR
DFUHGLWHQRVSROtWLFRVDFHLWHGH
ERDPHQWHRTXHGL]HPHTXHLUD
ID]HU VDFULItFLRV SDUD VDLU GD
FULVH"6yRVWRQWRVPHVPR
$ SRSXODomR HPERUD QmR
LVHQWDGHFXOSDVHVWiHQWUHWLGDD
VREUHYLYHU H D DFXPXODU XPD
UDLYD±TXHDLQGDQmRpGHPRU
WH PDV SDUD Oi FDPLQKD ±
HQRUPHjFODVVHSROtWLFD
7rPSRPSRVDPHQWHFKDPD
GR D HVWH UHJDERIH GH ³'HPR
FUDFLD´FRPDOJXPSmRHPXLWR
FLUFRjPLVWXUD
7HQKDPFXLGDGRSRLVQmRKi
SmRTXHVHPSUHGXUHHFLUFRTXH
QmRVHDFDEH
BBB
SXEOLUHSRUWDJHP
5HTXLQWHH
%RD&R]LQKD
1RGLDGH'H]HPEURIRLLQDXJXUDGRR´35·$/É/ÉSUDWRV
PXVLFDµHP6DQWR(VWrYmR%HQDYHQWH
$QWLJR UHVWDXUDQWH ´7ULQLWiµ VXUJLX DJRUD FRP QRYR YLVXDO H
QRYDJHUrQFLDDVVLPFRPRGHUHPRGHODGDFR]LQKDDJRUDFRP
WHQGrQFLDSDUDDFR]LQKDWUDGLFLRQDOSRUWXJXHVDRQGHRFDEULWR
QRIRUQRREDFDOKDXHDH[FHOrQFLDGDTXDOLGDGHGDFRVWHOHWDGH
QRYLOKRRXGRELIHGHYDFDVmRLQLJXDOiYHLVSDUDDOpPGHRXWURV
SUDWRV $V HQWUDGDV VmR YDULDGtVVLPDV FRP HVSHFLDO GHVWDTXH
SDUDRSUHVXQWRSDWDQHJUDGH%DUUDQFRV$JDUUDIHLUDpHVSHFLDO
HVXJHVWLYD
&RP JHUrQFLD GR )HUQDQGR H GR 9LFWRU GRLV DILFLRQDGRV R
UHVWDXUDQWH 35·$/É/É DSUHVHQWD XP VHUYLoR GH TXDOLGDGH H
UHTXLQWH7DOFRPRRVHXQRPHLQGLFD´SUDWRVP~VLFDµQRGLD
GD LQDXJXUDomR DV YR]HV GH &DUORV 3HJDGR H $QD 6LOYD XPD
FRUXFKHQVHTXHVXUSUHHQGHXFRPXPDYR]H[WUDRUGLQiULDRIDGR
IRLHFRQWLQXDUiDVHUSUHVHQoDPDUFDQWHQR35·$/É/É
$OJXQVViEDGRVVHUmRGHQRLWHVIDGLVWDVFRPDSUHVHQoDGH
QRPHVVRQDQWHVGDFDQomRSRUWXJXHVD
1RH[WHULRUH[LVWHXPHVSDoRTXHQRYHUmRGDUiOXJDUDXPD
H[FHOHQWHHVSODQDGDFRPHFUkJLJDQWHRQGHDVWUDQVPLVV}HVGH
FRUULGDVGHWRLURVHGHMRJRVGHIXWHEROGDUmRRPRWHSDUDXPD
WDUGHEHPSDVVDGDFRPXPSHWLVFREHPUHJDGR
35·$/É/ÉXPQRPHDWHUHPFRQWDXPHVSDoRWtSLFRjVXD
HVSHUDHP6DQWR(VWrYmR
L
7HO
$FRUXFKHQVH$QD6LOYDLQWHUSUHWRXRIDGRFRPVHQWLPHQWR
&5Ð1,&$6'
'26--29(16)
),/Ð62)26
&RRUGHQDomRGH$QWyQLR*LO0DOWD
1DWHUFHLUDHGLomRGHVWDUXEULFD%HDWUL]0HVWUHUHFRUUHDRSRGHUGHH[SUHVVmRHGHVtQWHVHGDSRHVLDSDUDFDUDFWHUL]DURSHQVDPHQWRILORVyILFRHPGHPDQGDSHUPDQHQWHSHOD
YHUGDGHSURFXUDQGRGDUVHQWLGRjQRVVDYLGDHDRPXQGRHLUDRHQFRQWURGDUD]mRtQWLPDGHVHUGHWXGRRTXHH[LVWH
5LWD2OLYHLUDDERUGDRWHPDGDHVVrQFLDGRKRPHPUHIOHFWLQGRHPWRUQRGDVQRVVDVGLIHUHQoDVHGDVQRVVDVVHPHOKDQoDVDILQDODTXLORTXHPHOKRUQRVGHILQHWRGRVGLIH
UHQWHVPDVWRGRVLJXDLV
2S
SHQVDPHQWR
+XPDQRVVVRPRVWWRGRVR
RT
TXHQ
QRV
XQHR
RT
TXHQ
QRVVVHSDUD
/RJRV pDUD]mRDTXHODTXHEXVFDDYHUGDGH
$SDUrQFLDpDTXHODTXHQmRYrDSURIXQGLGDGH
6ypILOyVRIRDTXHOHTXHVHJXH
2VVHXVMXt]RVHUDFLRFtQLRV
2H[WHULRUQmRUHYHODQDGD
'RTXHpUHDOPHQWHRtQWLPR
%HDWUL]0HVWUH
2KRPHPDEUDoDXPPXQGR
(VSHOKDGRSHODDSDUrQFLD
3UHIHUHYLYHUGHLOXV}HV
'RTXHFRQWUDULDUDVVXDVFUHQoDV
5LWD2OLYHLUD
3RXFRVRIL]HUDP
$RVTXDLV)LOyVRIRVFKDPDUDP
$TXHOHVTXHUHYHODUDPFRQVFLrQFLD
(SHOD9HUGDGHOXWDUDP
$ ILORVRILDpDSRHVLD
4XHGHFODPDDFRPSOH[LGDGH
0RVWUDRLQHVSHUDGR
2RFXOWRD9HUGDGH
6RPRV-RYHQV)LOyVRIRV
&RPPXLWRSDUDUHYHODU
7HPRVRPXQGRSHODIUHQWH
(DWLWXGHVSDUDWRPDU
127$5,$'2
32578*8Ç6
±(;75$&72±
$QD)HUQDQGD&ODURGH$OPHLGD1RWiULDFHUWLILFRQDUUDWLYDPHQWHSDUDHIHLWRVGHSXEOLFDomR
TXHQR&DUWyULR1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQQROLYURGHQRWDVSDUDHVFULW
XUDVGLYHUVDVQ~PHUR'(=$66(7($DIROKDVFHQWRHWULQWDHVHLVHVHJXLQWHVIRLODYUDGDXPD
HVFULWXUDGHMXVWLILFDomRQRWDULDOSHODTXDO-22)(/,60,12&/$52HPXOKHU$/,&(/23(6
'$61(9(6&/$52FDVDGRVVRERUHJLPHGDFRPXQKmRGHDGTXLULGRVDPERVQDWXUDLVGD
IUHJXHVLDHFRQFHOKRGH&RUXFKHUHVLGHQWHVQD5XD3ULQFLSDOOXJDUGH)RURVGR)UD]mRIUHJXHVLD
GD(UUDFRQFHOKRGH&RUXFKHGHFODUDUDPTXHRMXVWLILFDQWHPDULGRpGRQRHOHJtWLPRSRVVXLGRUFRP
H[FOXVmRGHRXWUHPGRSUpGLRDVHJXLULGHQWLILFDGRGDIUHJXHVLDGH(UUD FRQFHOKRGH&RUXFKH
5Ò67,&2VLWRQROXJDUGH9DJHPGHÈJXDRX&RXUHODGH9DJHPGH6DQWDUpPFRPSRVWRGH
PRQWDGRGHVREURRXVREUHLUDOFXOWXUDDUYHQVHGHVHTXHLURHSLQKDOEUDYRFRPDiUHDGHTXDWURPLO
RLWRFHQWRVHFDWRU]HPHWURVTXDGUDGRVDFRQILQDUGRQRUWHFRP0DQXHO)HOLVPLQRGHVXOFRP)HUQDQ
GR )HOLVPLQR 7HRGRUR GH QDVFHQWH FRP -RDTXLP (XVpELR H GH SRHQWH FRP -RDTXLP )HOLVPLQR
LQVFULWRQDUHVSHFWLYDPDWUL]VRESDUWHGRDUWLJRVHFomR%DLQGDVHPYDORUSDWULPRQLDODWULEXt
GRDRTXDODWULEXHPRYDORUGHTXLQKHQWRVHXURVSDUDHIHLWRVGHVWHDFWRQmRGHVFULWR QD&RQVHU
YDWyULDGR5HJLVWR3UHGLDOGH&RUXFKHPDVDOLUHODFLRQDGRFRPRSUpGLRGHVFULWRVRERQ~PHURWUrV
PLOTXDWURFHQWRVHVHWHQWDHRLWRDIROKDVWULQWDHVHWHGR/LYUR%2Q]HKDYHQGRGHFODUDGRRVMXV
WLILFDQWHVTXHRSUpGLRREMHFWRGHVWDHVFULWXUDQmRFRUUHVSRQGHDRSUpGLRDOLUHODFLRQDGRQRVWHUPRV
GRGLVSRVWRQRQ~PHURGRDUWLJRGR&yGLJRGR5HJLVWR3UHGLDO
4XHRVMXVWLILFDQWHVQmRVmRGHWHQWRUHVGHTXDOTXHUWtWXORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWH
SUpGLRRTXDOYHLRjVXDSRVVHSRUWHUVLGRGRDGRDRMXVWLILFDQWHPDULGRVREDIRUPDPHUDPHQWHYHU
EDOSRUVHXVSDLV-RVpGRV6DQWRV&ODURHPXOKHU)HOLVPLQD0DULDFDVDGRVVRERUHJLPHGDFRPX
QKmRJHUDOTXHIRUDPUHVLGHQWHVQROXJDUGD
%XLQKHLUD9iU]HD'
ÈJXDIUHJXHVLDGH(UUDFRQFHOKRGH&RUXFKHSRUYROWDGRDQRGHPLOQRYH
FHQWRVHRLWHQWDVHPQXQFDWHUHPODYUDGRRFRUUHVSRQGHQWHWtWXORH[LVWLQGRFRPRXQLGDGHSUHGLDO
DXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWrPRVMXVWLILFDQWHVSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRV
QRUPDLVRVHXGLUHLWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHVmRHOHVRVWLWXODUHVGHWDOLPyYHO
SRLVGHOHWrPXVXIUXtGRSODQWDQGRiUYRUHVHIHFWXDQGRDVOLPSH]DVQHFHVViULDVKiPDLVGHYLQWHDQRV
LQLQWHUUXSWDPHQWHFRPRFRQKHFLPHQWRGHWRGDDJHQWHHVHPDPHQRURSRVLomRGHTXHPTXHUTXH
VHMDUHVSHLWDQGRDVVXDVGHPDUFDo}HVHVWUHPDVDJLQGRFRPWRWDOH[FOXVLYLGDGHHLQGHSHQGrQFLDH
QXQFDFRPRFRPSURSULHWiULRVFRPRVHGHFRLVDVXDVHWUDWDVVHVHQGRSRULVVRXPDSRVVHFRQWtQXD
S~EOLFDSDFtILFDHGHERDIpSHORTXHRDGTXLULUDPSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHRVMXVWLILFDQWHVDGTXLULUDPRPHQFLRQDGR
SUpGLRSRUXVXFDSLmRWtWXORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRV
QRUPDLVLQYRFDQGRSRULVVRHVWDIRUPDRULJLQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
$ 1RWiULD
'HXVIH]RKRPHPVXSHULRUDWRGRVRVRXWURVDQLPDLVHHVSpFLHV)H]
QRVFRPLQWHOLJrQFLDSDUDGRPLQDUD7HUUD'HXQRVRSHQVDPHQWRGHX
QRVRDJLU'HXQRVDUD]mR'HXQRVDIDODSDUDFRPXQLFDUPRVPDV
PXLWDVYH]HVDIDODDUD]mRHDLQWHOLJrQFLDQHPVHPSUHVHSURQXQFLDP
PXWXDPHQWH
2TXHXQHRVVHUHVKXPDQRVVmRDVFDUDFWHUtVWLFDVTXHID]HPSDUWHGR
QRVVRLQVWLQWRLQHUHQWHVjQRVVDHVSpFLH2VVHUHVKXPDQRVVmRXQLGRV
SHORUDFLRFtQLRPXLWDVYH]HVDWHQGHQGRDRVVHXVLQWHUHVVHVSDUWLFXODUHV
6RPRVXQLGRVSHODVFDUDFWHUtVWLFDVItVLFDVPDVRTXHQRVGLIHUHQFLDVmR
DVSVLFROyJLFDV
$ FXOWXUDDKLVWyULDRFRPSRUWDPHQWR7RGDVHVWDVFDUDFWHUtVWLFDVGR
KRPHP SRU YH]HV VmR XVDGDV HUUDGDPHQWH 2UD SDUD ID]HU JXHUUDV H
GHVWUXLURPXQGRRUDSDUDGL]LPDURQRVVRVHPHOKDQWH
([LVWHPGXDVFRLVDVLQILQLWDVQRPXQGRR8QLYHUVRHDWROLFHGRVKRPHQV
(D~QLFDIRUPDGHQRVVHQWLUPRVUHDOPHQWHKXPDQRVpHVWDUPRVHPSD]
FRPRVRXWURVHFRQQRVFRSUySULRV0DVR~QLFRKRPHPTXHHVWiLVHQ
WRGHHUURVpDTXHOHTXHQmRDUULVFDDFHUWDU
1RHQWDQWRDSHVDUGDVGLIHUHQoDVH[LVWHQWHVHQWUHDVGLYHUVDVFXOWXUDV
VRFLDLVWRGDVSRVVXHPFDUDFWHUtVWLFDVVHPHOKDQWHVSRUPDLVTXHVHMDP
UHPRWDV
³3HQVRYH]HVHQDGDGHVFXEURGHL[RGHSHQVDUPHUJXOKRHPSUR
IXQGRQRVLOrQFLRHHLVTXHDYHUGDGHVHPHUHYHOD´
127$5,$'2
32578*8Ç6
±(;75$&72±
$QD)HUQDQGD&ODURGH$OPHLGD1RWiULDFHUWLILFRQDUUDWLYDPHQWHSDUDHIHLWRVGHSXEOLFDomRTXH
QR&DUWyULR1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQQROLYURGHQRWDVSDUDHVFULWXUDVGLYHU
VDVQ~PHUR'(=$66(7($DIROKDVFHQWRHYLQWHHWUrVHVHJXLQWHVIRLODYUDGDXPDHVFULWXUDGHMXV
WLILFDomRQRWDULDOSHODTXDO-2$48,0$17Ï1,2)(/,60,12HPXOKHU$17Ï1,$ &867Ï',$
)(51$1'(6 )(/,60,12 FDVDGRV VRE R UHJLPH GD FRPXQKmR GH DGTXLULGRV QDWXUDLV DPERV GD
IUHJXHVLDHFRQFHOKRGH&RUXFKHRQGHUHVLGHPQD5XD&HQWUDO(OHYDWyULDGHFODUDUDPTXHVmRGRQRVH
OHJtWLPRV SRVVXLGRUHV FRP H[FOXVmR GH RXWUHP GR SUpGLR D VHJXLU LGHQWLILFDGR GD IUHJXHVLD GD GD
IUHJXHVLDGH(UUDDQWLJDIUHJXHVLDGH&RUXFKHFRQFHOKRGH&RUXFKH
5Ò67,&2VLWRQROXJDUGH9DJHPGHÈJXDRX9iU]HDGÈJXDFRPDiUHDGHFLQFRPLOPHWURV
TXDGUDGRVFRPSRVWRGHSLQKDOEUDYRFXOWXUDDUYHQVHKRUWHMRHYLQKDDFRQILQDUGRQRUWHFRP-RmRGH
6RXVD %XFKDGDV GH VXO FRP )HUQDQGR )HOLVPLQR 7HRGRUR GH QDVFHQWH FRP -RVp &DUGRVR H -RmR
5RGULJXHV7D[DHGHSRHQWHFRP(VWUDGD0XQLFLSDOLQVFULWRQDPDWUL]U~VWLFDVRESDUWHGRDUWLJR
VHFomR%DLQGDVHPYDORUSDWULPRQLDODWULEXtGRDRTXDODWULEXHPRYDORUGHTXLQKHQWRVHXURVSDUDHIHLWRV
GHVWHDFWRDGHVDQH[DUGRGHVFULWRQD&RQVHUYDWyULDGR5HJLVWR3UHGLDOGH&RUXFKHVRERQ~PHUR48$
7520,/ 48,1+(1726(6(66(17$ (2,72GDIUHJXHVLDGH&RUXFKHRQGHVHHQFRQWUDUHJLVWDGD
D DTXLVLomR QD SURSRUomR GH PHWDGH D IDYRU GH $QWyQLR )HOLVPLQR -XQLRU H PXOKHU ,OGD 3HUSpWXD
7HRGRURGH-RmR*DEULHOGH6RXVDHPXOKHU6LOYLQD3HUSpWXDFDVDGRVVRERUHJLPHGDFRPXQKmRJHUDO
GH-DFLQWR3HUSpWXR7HRGRURHGH9LUJtOLR$QWyQLR%RUGDGHÈJXDHPXOKHU,UHQH3HUSpWXD7HRGRURFDVD
GRVVRERUHJLPHGDFRPXQKmRJHUDOSHODLQVFULomRUHVXOWDQWHGDDSUHVHQWDomRFLQFRGHGRLVGH6HWHPEUR
GHPLOQRYHFHQWRVHQRYHQWDHVHWHHQDSURSRUomRGHXPRLWDYRDIDYRUGH6LOYLQD3HUSpWXDHPDULGR
-RmR*DEULHOQDSURSRUomRGHXPRLWDYRDIDYRUGH,OGD3HUSpWXDHPDULGR$QWyQLR)HOLVPLQRQDSUR
SRUomRGHXPRLWDYRDIDYRUGH,UHQHSHUSpWXD7HRGRURWRGRVFDVDGRVQRUHJLPHGDFRPXQKmRJHUDOH
QDSURSRUomRGHXPRLWDYRDIDYRUGH-DFLQWR3HUSpWXR7HRGRURVROWHLURPDLRUSHODLQVFULomRUHVXOWDQWH
GDDSUHVHQWDomRFDWRU]HGHRLWRGH0DLRGHPLOQRYHFHQWRVHQRYHQWDHVHLV
4XHRVMXVWLILFDQWHVQmRVmRGHWHQWRUHVGHTXDOTXHUWtWXORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWHSUp
GLRRTXDOYHLRjVXDSRVVHSRUOKHVWHUVLGRGRDGRVREDIRUPDPHUDPHQWHYHUEDOSHORVSDLVGRRXWRU
JDQWHPDULGRWLWXODUHVLQVFULWRVQRUHJLVWR$QWyQLR)HOLVPLQR-XQLRUHPXOKHU,OGD3HUSpWXD7HRGRUR
FDVDGRVVRERUHJLPHGDFRPXQKmRJHUDOTXHIRUDPUHVLGHQWHVQROXJDUGH9iU]HD'
ÈJXDIUHJXHVLDGH
(UUDFRQFHOKRGH&RUXFKHRVTXDLVKDYLDPDGTXLULGRSDUWHGRPHQFLRQDGRSUpGLRSRUGRDomRWLWXODGD
QRDQRGHPLOQRYHFHQWRVHFLQTXHQWDDGTXLULQGRDSDUWHUHVWDQWHSRUFRPSUDIHLWDSHODIRUPDPHUDPHQWH
YHUEDODRVUHVWDQWHVSRVVXLGRUHVSRUYROWDGRDQRGHPLOQRYHFHQWRVHVHWHQWDVHPQXQFDWHUHPODYUDGR
RFRUUHVSRQGHQWHWtWXORH[LVWLQGRFRPRXQLGDGHSUHGLDODXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWrPRVMXVWLILFDQWHVSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRV
QRUPDLVRVHXGLUHLWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHVmRHOHVRVWLWXODUHVGHWDOLPyYHOSRLV
GHOHWrPXVXIUXtGRFXOWLYDQGRDKRUWDHDYLQKDSODQWDQGRiUYRUHVHIHFWXDQGRDVOLPSH]DVQHFHVViULDV
KiPDLVGHYLQWHDQRVLQLQWHUUXSWDPHQWHFRPRFRQKHFLPHQWRGHWRGDDJHQWHHVHPDPHQRURSRVLomR
GHTXHPTXHUTXHVHMDUHVSHLWDQGRDVVXDVGHPDUFDo}HVHVWUHPDVDJLQGRFRPWRWDOH[FOXVLYLGDGHHLQGH
SHQGrQFLDHQXQFDFRPRFRPSURSULHWiULRVFRPRVHGHFRLVDVXDVHWUDWDVVHVHQGRSRULVVRXPDSRVVH
FRQWtQXDS~EOLFDSDFtILFDHGHERDIpSHORTXHRDGTXLULUDPSRUXVXFDSLmR
$ 1RWiULD
23,1,®2
2E
EDODQoRG
GDG
GpFDGDQ
QRQ
QRVVRS
SDtV
'RFKRTXHWHFQROyJLFRjQRYD
PRUDOLGDGH
4XDQGRQRVUHFRUGDPRVTXH
Ki YLQWH DQRV DWUiV R ID[ KRMH
PXLWRPHQRVXWLOL]DGRHUDXPD
QRYLGDGH H TXH IRL Ki SRXFR
PDLVGHGH]DQRVTXHRWHOHPy
YHOVHWRUQRXSRSXODURXTXHQD
PHVPDDOWXUDVHGHXDH[SDQVmR
GRFRPSXWDGRUSHVVRDOIL[RTXH
QRV ~OWLPRV DQRV WHP YLQGR D
GDU OXJDU DR SRUWiWLO ILFDPRV
LPSUHVVLRQDGRV QmR Vy FRP D
UDSLGH]GRSURJUHVVRWHFQROyJL
FRPDVVREUHWXGRFRPRFUHVFL
PHQWR H[SRQHQFLDO GRV XWLOL]D
GRUHV
$ UHYROXomR LQIRUPiWLFD GD
YLUDJHPGRVpFXORDWLQJLXRVHX
H[SRHQWHQD~OWLPDGpFDGDFRP
D ,QWHUQHW D PDLRU IRQWH GH
LQIRUPDomR DWp KRMH LQYHQWDGD
,VWR SDUD QmR IDODU GRV ,SRGV
GDV3OD\VWDWLRQV RXGDVFkPDUDV
GLJLWDLV RXWURV H[HPSORV GH
XPDUHYROXomRWHFQROyJLFDVHP
SUHFHGHQWHV TXH VH WRUQDUDP
HP DSDUHOKRV SHVVRDLV PXLWR
SRSXODUHV VREUHWXGR HQWUH D
MXYHQWXGH
$ LPSRUWkQFLDFUHVFHQWHGDV
QRYDV WHFQRORJLDV WHP VLGR
DVVXPLGDSRUJRYHUQRVHPSUH
VDVHVFRODVHSRUHIHLWRPLPpWL
FR PDV WDPEpP SHODV VXDV
SRWHQFLDOLGDGHVHFDUDFWHUtVWLFDV
TXHIDYRUHFHPRXWLOL]DGRUSHV
VRDOSHODVSUySULDVIDPtOLDV
1RYRVHTXLSDPHQWRVWUD]HP
QRYRV KiELWRV GH YLGD H HVWHV
QRYRV KiELWRV WUD]HP QRYRV
WLSRV GH UHODo}HV VRFLDLV 8P
SRXFRSRUWRGDDSDUWHVXUJLUDP
UHGHV GH XWLOL]DGRUHV QRYRV
WLSRV GH FRQYtYLR VHP VDLU GH
FDVD FRPR SRU H[HPSOR R
0HVVHQJHU R )DFHERRN RX R
7ZLWWHU IHQyPHQR TXH VH WHP
GHVHQYROYLGRDYDVVDODGRUDPHQ
WHHQWUHRVPDLVMRYHQVPDVTXH
FRQWD WDPEpP Mi FRP PXLWRV
DGHSWRV HQWUH XWLOL]DGRUHV GH
RXWUDVJHUDo}HV
6HRVEHQHItFLRVGRSURJUHV
VRWHFQROyJLFRVmRUHFRQKHFLGRV
QDV PDLV GLIHUHQWHV iUHDV FRP
SDUWLFXODUUHOHYRSDUDDFLUFXOD
omRGDLQIRUPDomRDHGXFDomRH
DVD~GHHVHXPDGDVFDUDFWHUtV
WLFDVTXHPHOKRUGHILQHPRKR
PHPpDVXDFDSDFLGDGHGHIDE
ULFDULQVWUXPHQWRVKRPRIDEHU
R YHUWLJLQRVR SURJUHVVR WHFQR
OyJLFRQmRSRGHVHUFRQVLGHUDGR
FRPRXPILPHPVLPHVPRVRE
SHQD GH XPD FUHVFHQWH GHVX
PDQL]DomRGRKRPHPFHQWUDGR
QXP LQGLYLGXDOLVPR IHFKDGR
TXHWRUQDUiGLItFLODUHODomRFRP
RRXWURPDLVXPDGYHUViULRTXH
XP FRPSDQKHLUR PDLV XP
&RQFHUWRG
GH1
1DWDO
GD6
6RFLHGDGHG
GH
&RUXFKHQVH
,QVWUXomR&
1RGLDGH'H]HPEURGH
HX IXL YHU R FRQFHUWR GD PHOKRU
%DQGD GR 3DtV D 6,& QR VDOmR
SDURTXLDOGH&RUXFKH
2 6U &DUORV p R PDHVWUR GD
%DQGD H RUJDQL]RX R FRQFHUWR
(QVDLRXRVP~VLFRVGXUDQWHPXLWR
WHPSRHFRUUHXWXGRPXLWREHP
(XJRVWHLPXLWRGHRXYLUD%DQ
GDTXHMiWHPDQRVDVVLPFRPR
DV RXWUDV SHVVRDV SRLV HVWDYDP
PXLWDV RXWUDV SHVVRDV D RXYLU DV
P~VLFDV (X JRVWHL GH WRGDV HP
HVSHFLDO GD ~OWLPD TXH VH FKDPD
³3RUWXJXrV&DQWDQGR´
$ SUHVLGHQWH GD %DQGD FRQYL
GRXWRGDVDVSHVVRDVDVHUHPVyFLDV
GD %DQGD H HX JRVWDYD TXH UHDO
PHQWHIRVVHPSRUTXHD%DQGDSUH
FLVDHPHUHFH
8PD PHQLQD FKDPDGD /HRQRU
WRFRX SHOD SULPHLUD YH] H TXHUR
GDUOKH RV SDUDEpQV SRUTXH FRUUHX
PXLWREHP
1R FRQFHUWR WDPEpP HVWHYH
SUHVHQWHRPHXFROHJD6pUJLRHQyV
EDWHPRVSDOPDVPXLWRDOWRSRUTXH
JRVWiPRV
*RVWDYD TXH R 6U 3UHVLGHQWH
DMXGDVVH D %DQGD D WHU XPD FDVD
QRYD(j%DQGDGLJRFRQWLQXHPR
ERP WUDEDOKR H WRTXHP P~VLFDV
QRYDV
9tWRUGH6RXVD
$OXQRGR$WHOLHUGH/HLWXUDH(VFULWD
GR&5,&
ǡ
ÙȈȈȈǦ²Ȉ
Ȉ Ȉ
Ȉ×Ù
ȈǡÀǡ

Ȁ͖͚͙͚͖͗͛͘͜ ×͚͖͕͔͗͛͝͝͝Ǧ ̷Ǥ
ȀȂ͖͕͔͔Ǧ͕͙͕
HVWUDQKRTXHXPLUPmR
6LQDLVSUHRFXSDQWHVYrPGDV
QRYDV JHUDo}HV D TXHP QmR VH
FRQVHJXLXHQVLQDUTXHDVQRYDV
WHFQRORJLDV GHYHP VHU XVDGDV
FRP UHJUDV H FRPR XP PHLR
QmR GHYHQGR VHU DGRSWDGDV FR
PR R VtPEROR PDLV SHUIHLWR GD
QRVVD H[LVWrQFLD TXH VH VHQWH
FDSD]GHGHVSUH]DUYDORUHVPLOH
QDUHVRXLJQRUDUXPDFXOWXUDGD
HVSLULWXDOLGDGH
2PRGHORGHYLGDDVVHQWHQD
FXOWXUD FLHQWtILFRWHFQROyJLFD
WURX[HQRV R UHYHUVR GD PHGD
OKDH[SUHVVRQDFULVHDPELHQWDO
TXH YLYHPRV $ FXOWXUD GR HX
GR VXFHVVR VRFLDOPHQWH UHFR
QKHFLGR GR EHPHVWDU PDWHULDO
HGDVDWLVIDomRGHSXOV}HVLQVWLQ
WLYDVJHURXDFULVHGDIDPtOLDD
LQYHUVmR GRV FRVWXPHV H SRU
FRQVHTXrQFLDXPDQRYDPRUDOL
$QWyQLR*LO0DOWD
&RRUGHQDGRUGR3URMHFWR
1LFKRV3HGDJyJLFRV
GDGH 1XPD pSRFD HP TXH VH
FRQIXQGHH[FHOrQFLDFRPIHOLFL
GDGH R SURJUHVVR WHFQROyJLFR
IRL LQFDSD] GH HYLWDU XPD FULVH
ILQDQFHLUD LQWHUQDFLRQDO WDP
EpP HOD FRQVHTXrQFLD GH XPD
FULVHGHYDORUHV
0DLVGRTXHDILUPDUPRVTXH
R PXQGR PHUJXOKRX QXP UHOD
WLYLVPR QmR HVWDUHPRV D FDPL
QKDUSDUDXPDSHULJRVDVXEYHU
VmRGDPRUDO"1mRVHUiHVWHFHU
WDPHQWHRFDPLQKRSDUDDQRVVD
IHOLFLGDGHSDUDDQRVVDUHDOL]D
omRSHVVRDOHFROHFWLYD
1HQKXPD VRFLHGDGH SRGHUi
VXEVLVWLUVHPXPDpWLFDDVVHQWH
QD GLJQLGDGH KXPDQD TXH QRV
SURPRYDHTXHQmRQRVHVFUDYL
]HTXHQRVIDoDSHUFHEHUTXHR
TXH QRV XQH p PXLWR PDLV LP
SRUWDQWHGRTXHDTXLORTXHQRV
VHSDUD
0DLVMMRYHQVQ
QR&
&HQWUR+
+LVWyULFRG
GH&
&RUXFKH
3URJUDPD&DVDVFRP*HQWHFRQWHPSODPDLVWUrVIDPtOLDV
$ &kPDUD 0XQLFLSDO GH &RUXFKH FRQWHPSORX
PDLV WUrV FDQGLGDWRV FRP VXEVtGLRV QR kPELWR GR
3URJUDPD&DVDVFRP*HQWH
)LOLSH)HUUHLUD$QD5LWD5LEHLURH1XQR)UDGH
IRUDPRVFDQGLGDWRVDGPLWLGRVQRFRQFXUVR³&DVDV
FRP *HQWH´ H SDVVDP DVVLP D EHQHILFLDU GH XP
VXEVtGLRPHQVDOQRYDORUGH€RTXHSHUID]
XPYDORUDQXDOGH€
(VWH3URJUDPDFULDGRHPSUHWHQGHLQFHQ
WLYDU D DTXLVLomR RX DUUHQGDPHQWR GH LPyYHLV QR
&HQWUR +LVWyULFR GD 9LOD GH &RUXFKH GH IRUPD D
UHYLWDOL]DUHVWHHVSDoR
2 3URJUDPD WHPVH UHYHODGR XP VXFHVVR
QHVWHV~OWLPRVGRLVDQRV'HVGHMiFRQWHP
SORXFDWRU]HIDPtOLDVRTXHHTXLYDOHDXPLQYHV
WLPHQWRGHFHUFDGHPLOHXURV
&DQWDUDPVHDV-DQHLUDVQD&kPDUDGH&RUXFKH
2V DOXQRV GH VHLV WXUPDV
GD HVFROD (% GH &RUXFKH
VXUSUHHQGHUDP QR GLD RV
3DoRVGR&RQFHOKRFRPDVFH
OHEUDo}HV GR 'LD GH 5HLV$R
WRGRIRUDPFHUFDGHDOX
QRVTXHHQWRDUDPDOHJUHPHQ
WHDV-DQHLUDV QD6DODGH6HV
V}HVGD&kPDUD0XQLFLSDOGH
&RUXFKH
$V -DQHLUDV IRUDP FDQWDGDV
ORJR SHOD PDQKm QD SUHVHQoD
GR3UHVLGHQWH'LRQtVLR0HQGHV
HGDVYHUHDGRUDV)iWLPD*DOKDU
GRH&pOLD5DPDOKR'XUDQWHD
WDUGHPLQXWRVDQWHVGRLQtFLRGD
SULPHLUDUHXQLmRGH&kPDUDGH
IRLDYH]GHWRGRR([H
FXWLYR0XQLFLSDOVHUSUHVHQWHD
GRFRPRVFkQWLFRVQDWDOtFLRV
$V -DQHLUDV IRUDP DVVLP D
IRUPDGHRVDOXQRVGHL[DUHPRV
YRWRVGH%RP$QRQRGLDTXH
HQFHUUD D pSRFD QDWDOtFLD WDO
FRPRPDQGDDWUDGLomR
$OXQRVFRQWHPSODGRVFRP%ROVDVGH(VWXGRSDUDRDQROHFWLYR
%ROVDVG
GH(
(VWXGRHHQWUHJXHV
D
D
DOXQRV
$ &kPDUD0XQLFLSDOGH&RUXFKHDWULEXLX%ROVDVGH(VWXGRD
DOXQRV FRP DSURYHLWDPHQWR HVFRODU TXH LQJUHVVDUDP QR HQVLQR
VXSHULRUQRDQROHFWLYRGH
$ EROVDGH€ PHQVDLVWHPDGXUDELOLGDGHGHGH]PHVHVRX
VHMDRSHUtRGRFRUUHVSRQGHQWHDRDQROHFWLYR(VWDVEROVDVGHHVWX
GRYLVDPUHGX]LURVHIHLWRVGDVGHVLJXDOGDGHVVRFLDLVTXHPXLWDV
YH]HVLPSHGHPRVDOXQRVFRPGLILFXOGDGHVHFRQyPLFDVGHWHUHP
DFHVVRDRHQVLQRVXSHULRU2VFDQGLGDWRVFRQWHPSODGRVFRPEROVD
IRUDPDVVLPRVTXHDSUHVHQWDUDPDVLWXDomRVyFLRHFRQyPLFDPDLV
GHVIDYRUHFLGDHPHOKRUDSURYHLWDPHQWRHVFRODUQRDQROHFWLYRDQWH
ULRU
2V DOXQRV VHOHFFLRQDGRV SDUD HVWH DQR SRGHP FDQGLGDWDUVH
QRYDPHQWHjEROVDGHHVWXGRQRDQROHFWLYRVHJXLQWHHPERUDQmR
WHQKDPTXDLVTXHUEHQHItFLRVHPUHODomRDRXWURVFDQGLGDWRV
&kPDUD0XQLFLSDOGH&RUXFKHSUHWHQGHFRPHVWHDSRLRILQDQ
FHLURLQFHQWLYDURVMRYHQVDFRQWLQXDUHPRVHVWXGRVFRPYLVWDDXP
PDLRUGHVHQYROYLPHQWRHFRQyPLFRHVRFLDOGRFRQFHOKR
23,1,®2
2(VWDGRGD1DomR
0LJXHO0DWWRV&KDYHV
*HVWRUH0HVWUHHP(VWXGRV(XURSHXV
0HXFDUR/HLWRU
&RPRpKiELWRGHKiDQRV
SDUDFiTXHURSDUWLOKDUFRQVLJR
DPLQKDDQiOLVHVREUHR(VWDGR
GD 1DomR 3RUWXJXHVD D TXH
SHUWHQoRFRPRPDLRURUJXOKRH
GHOLYUHYRQWDGH
(QWUHVXFHVVRVHLQVXFHVVRV
HQWUH HPSUHVDV TXH IHFKDP H
RXWUDV TXH VH GHVHQYROYHP
HQWUH RV SURJQyVWLFRV SHVVLPLV
WDV H RSWLPLVWDV VREUH R HVWDGR
GDQRVVD(FRQRPLDH)LQDQoDV
TXHUR SURSRUYRV RXWUD JUHOKD
GH DQiOLVH VREUH D QRVVD VRFLH
GDGHHVREUHRVHXIXWXUR
$VVLP IDUHL KRMH D PLQKD
DQiOLVHVREUHRVLVWHPDSROtWLFR
HVREUHD6RFLHGDGHSRUWXJXHVD
HPJHUDO
$VVLVWLPRV QRV ~OWLPRV GRLV
DQRV QR SODQR SROtWLFR D XPD
JXHUUDDEHUWDHFUHVFHQWHHQWUHDV
F~SXODVGR36HGR36'
'HVWD JXHUUD UHVXOWDUDP YLU
DRGHFLPDDTXLORTXHWRGRVQyV
Mi VXVSHLWiYDPRV DTXLOR TXH
WRGRVQyVIDOiYDPRViERFDSH
TXHQDPDVTXHQLQJXpPWUD]LD
SDUDDGLVFXVVmRS~EOLFD
5HILURPH FRPR Mi SHUFH
EHX j FRUUXSomR UHLQDQWH QDV
F~SXODV GRV GRLV PDLRUHV SDU
WLGRVSRUWXJXHVHV
$VVLP WXGR FRPHoRX SHOR
HVFkQGDOR)UHHSRUWSHORVGLSOR
PDVIDOVRVRXPHQRVDFDGHPL
FDPHQWHVpULRVGR(QJ6yFUD
WHVSHORVSURMHFWRVGHHQJHQKD
ULD TXH R PHVPR DVVLQRX VHP
QXQFDRVWHUYLVWR
(HVWHVHVFkQGDORVDIHFWDUDP
R 36 3DUWLGR 6RFLDOLVWD 'H
SRLV YLHUDP RV HVFkQGDORV GR
%&3%31H%33TXHDIHFWDUDP
DVF~SXODVGR36'3DUWLGR6R
FLDOGHPRFUDWD
'HSRLVHQRPHVPRSURFHV
VRYHULILFRXVHTXHR*RYHUQD
GRU GR %DQFR GH 3RUWXJDO DOWD
ILJXUD GR 36 WLQKD VLGR F~P
SOLFHSDVVLYRGHVWHHVFkQGDOR
'HSRLVYLHUDPRVHVFkQGDORV
GR SURFHVVR )DFH 2FXOWD TXH
DIHFWDUDPQRYDPHQWHDVF~SXODV
GR 36 $JRUD PDLV UHFHQWH
PHQWHYHLRDOXPHRHVFkQGDOR
GRSURFHVVRGRV&77TXHDIHF
WDILJXUDVLPSRUWDQWHVGR36'
3HOR PHLR WHQWDUDP HVWHV
GRLV SDUWLGRV DUUDVWDU R &'6
FRP R IDOVR FDVR GRV VXEPDUL
QRV TXH DFDERX SRU VH YROWDU
FRQWUDDVF~SXODVGR36H36'
SRLV YHULILFRXVH SHOD LQYHVWL
JDomR TXH 3DXOR 3RUWDV WLQKD
IHLWR WXGR GLUHLWLQKR PDV TXH
WLQKDP VLGR DV HPSUHVDV $OH
PmV H 3RUWXJXHVDV GRPLQDGDV
SHODV F~SXODV GR FHQWUmR DV
SRUWXJXHVDV D QmR H[HUFHUHP
FRPRHUDVXDREULJDomRDVVXDV
REULJDo}HV SDUD FRP R (VWDGR
3RUWXJXrV
127$5,$'2
32578*8Ç6
±(;75$&72±
1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQRQROLYURGHQRWDVSDUDHVFULWXUDVGLYHUVDVQ~PHUR'(=$66(7(
$DIROKDVFHQWRHYLQWHHVHLVHVHJXLQWHVIRLODYUDGDXPDHVFULWXUDGHMXVWLILFDomRQRWDULDOSHODTXDO-2$48,0
$17Ï1,2)(/,60,12HPXOKHU$17Ï1,$ &867Ï',$ )(51$1'(6)(/,60,12FDVDGRVVRERUHJLPHGD
FRPXQKmRGHDGTXLULGRVQDWXUDLVDPERVGDIUHJXHVLDHFRQFHOKRGH&RUXFKHRQGHUHVLGHPQD5XD&HQWUDO(OHYDWyULD
GHFODUDUDPTXHVmRGRQRVHOHJtWLPRVSRVVXLGRUHVFRPH[FOXVmRGHRXWUHPGRSUpGLRDVHJXLULGHQWLILFDGRGDIUHJXH
VLDGDIUHJXHVLDGH(UUDDQWLJDIUHJXHVLDGH&RUXFKHFRQFHOKRGH&RUXFKH
5Ò67,&2 VLWR QR OXJDU GH 9DJHP GH ÈJXD FRPSRVWR GH FXOWXUD DUYHQVH GH VHTXHLUR H PRQWDGR GH VREUR RX
VREUHLUDO FRP D iUHD GH FLQFR PLO WUH]HQWRV H RLWHQWD H RLWR PHWURV TXDGUDGRV D FRQILQDU GR QRUWH FRP 0RLVpV GH
$OPHLGD GH VXO FRP$QWyQLR )HQHMD GH QDVFHQWH FRP$QWyQLR 0HLULQKR %RUGD '
ÈJXD H GH SRHQWH FRP )HUQDQGR
)HOLVPLQR7HRGRURLQVFULWR QDUHVSHFWLYDPDWUL]VRESDUWHGRDUWLJRVHFomR%TXHSURYHLRGRDUWLJRSDUWH
DLQGDVHPYDORUSDWULPRQLDODWULEXtGRDRTXDODWULEXHPRYDORUGHTXLQKHQWRVHXURVSDUDHIHLWRVGHVWHDFWRGHVFULWRQD
&RQVHUYDWyULDGR5HJLVWR3UHGLDOGH&RUXFKHVRERQ~PHUR6(7(0,/ (&,148(17$ (48$752GDIUHJXHVLDGH
&RUXFKHHVWDQGRUHJLVWDGDDDTXLVLomRSHODLQVFULomRUHVXOWDQWHGDDSUHVHQWDomRGRLVGHYLQWHHVHWHGH2XWXEURGHPLO
QRYHFHQWRVHFLQTXHQWDHRLWRDIDYRUGH$QWyQLR)HOLVPLQR-XQLRUHPXOKHU,OGD
3HUSpWXD7HRGRURSUHVHQWHPHQWHMiIDOHFLGRVHGHTXHPRV3ULPHLURH7HUFHLURRXWRUJDQWHVPDULGRVVmRRV~QLFRV
KHUGHLURV GH DFRUGR FRP DV HVFULWXUDV GH KDELOLWDomR GH KHUGHLURV ODYUDGDV XPD WUrV GH -XQKR GH PLO QRYHFHQWRV H
QRYHQWD H VHWH D IROKDV QRYHQWD H RLWR YHUVR H VHJXLQWHV GR /LYUR GH QRWDV SDUD HVFULWXUDV GLYHUVDV 4XDWURFHQWRV H
4XDUHQWDH6HWH'HRXWUDHPVHWHGH'H]HPEURGHGRLVPLOHVHWHDIROKDVVHVVHQWDHVHWHHVHJXLQWHVGR/LYURGH
QRWDVSDUDHVFULWXUDVGLYHUVDV4XLQKHQWRVH&LQTXHQWDH7UrV'DPEDVGR&DUWyULR1RWDULDOGH&RUXFKHGHFXMRDFHU
YRVRXILHOGHSRVLWiULDHTXHSRUQmRVHFRQVHJXLUHVWDEHOHFHUFRUUHVSRQGrQFLDHQWUHRDUWLJRSDUWHHRDFWXDODUWL
JRU~VWLFRGDVHFomR%FRPRYHULILTXHLSRUFHUWLGmRHPLWLGDSHOR6HUYLoRGH)LQDQoDVGH&RUXFKHTXHDUTXLYRRV
MXVWLILFDQWHVGHFODUDUDPTXHRDUWLJRSDUWHFRUUHVSRQGHDRDFWXDODUWLJRU~VWLFRGDVHFomR%HHVWHpRDFWX
DODUWLJRPDWULFLDO
4XHRVMXVWLILFDQWHVQmRVmRGHWHQWRUHVGHTXDOTXHUWtWXORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWHSUpGLRRTXDOYHLRj
VXDSRVVHSRUOKHVWHUVLGRGRDGRVREDIRUPDPHUDPHQWHYHUEDOSHORVSDLVGRRXWRUJDQWHPDULGRFDVDGRVVRERUHJLPH
GDFRPXQKmRJHUDOTXHIRUDPUHVLGHQWHVQROXJDUGH9iU]HD'
ÈJXDIUHJXHVLDGH(UUDFRQFHOKRGH&RUXFKHSRUYROWD
GRDQRGHPLOQRYHFHQWRVHVHWHQWDVHPQXQFDWHUHPODYUDGRRFRUUHVSRQGHQWHWtWXORH[LVWLQGRFRPRXQLGDGHSUHGLDO
DXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWrPRVMXVWLILFDQWHVSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRVQRUPDLVRVHXGLUH
LWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHVmRHOHVRVWLWXODUHVGHWDOLPyYHOSRLVGHOHWrPXVXIUXtGRSODQWDQGR
iUYRUHVHIHFWXDQGRDVOLPSH]DVQHFHVViULDVKiPDLVGHYLQWHDQRVLQLQWHUUXSWDPHQWHFRPRFRQKHFLPHQWRGHWRGDD
JHQWHHVHPDPHQRURSRVLomRGHTXHPTXHUTXHVHMDUHVSHLWDQGRDVVXDVGHPDUFDo}HVHVWUHPDVDJLQGRFRPWRWDOH[FOX
VLYLGDGHHLQGHSHQGrQFLDHQXQFDFRPRFRPSURSULHWiULRVFRPRVHGHFRLVDVXDVHWUDWDVVHVHQGRSRULVVRXPDSRVVH
FRQWtQXDS~EOLFDSDFtILFDHGHERDIpSHORTXHRDGTXLULUDPSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHRVMXVWLILFDQWHVDGTXLULUDPRPHQFLRQDGRSUpGLRSRUXVXFDSLmR
WtWXORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRVQRUPDLVLQYRFDQGRSRULVVRHVWDIRUPD
RULJLQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
$ 1RWiULD
(GHUHSHQWHRFDVRPRUUHX
PXLWRSRULQWHUYHQomRGLUHFWDGD
&KDQFHOHU$OHPmTXHDRYHURV
LQWHUHVVHVDOHPmHVHPMRJRODQ
oRX XP DYLVR VpULR DRV JRYHU
QDQWHVSRUWXJXHVHV
'HHVFkQGDORHPHVFkQGDOR
TXH DIHFWD RV RFXSDQWHV SULQFL
SDLV GR 3RGHU Ki DQRV HP
3RUWXJDO RV SRUWXJXHVHV ILFD
UDPDWyQLWRVHH[LJLUDP-XVWLoD
0DVYHULILFDUDPTXHRXSRU
FXPSOLFLGDGHVQHVWHVLVWHPDRX
SRU LQHILFLrQFLD GR PHVPR RX
SRU SXUD LQFRPSHWrQFLD WXGR
WHP ILFDGR VHP SXQLomR 0D
GRUIQRV(8$IRLMXOJDGRHP
PHVHVHVHYHUDPHQWHSXQLGR
0DV SHUJXQWDUVHi LVWR HP
VL PHVPR VmR SUHQ~QFLRV GH
GHFDGrQFLDGD'HPRFUDFLD3RU
WXJXHVD H GD 6RFLHGDGH 3RUWX
JXHVDHPJHUDO"
2X VmR DSHQDV DV SRQWDV GH
XP,FHEHUJPXLWRPDLRU"
9HMDPRV
$ VRFLHGDGH SRUWXJXHVD WR
GRV QyV YLX VHUHP GHVWUXtGRV
SHODVF~SXODVGR36'HGR36
RV VHXV 9DORUHV GH VpFXORV D
KRQUDGH]DVHULHGDGHDRUJDQL
]DomRIDPLOLDUDGHIHVDGDYLGD
DUHOLJLmRDSDODYUDGDGDDQR
omR GR (VWDGR PLVVLRQiULR QR
VHQWLGRGHPLVVmRGHSURPRYHU
VHULDPHQWH R GHVHQYROYLPHQWR
LQWHOHFWXDO GH FDUiFWHU GH EHP
HVWDUFRPXPGHGHIHVDGRVYD
ORUHVSHUHQHVGD1DomR
(HPVHXOXJDUIRUPDLQFXWL
GRVFRPDFXPSOLFLGDGHGDFR
PXQLFDomR VRFLDO RX GH SDUWH
GHVWDRUHODWLYLVPRR³MiQmRVH
XVD´TXDQGRVHIDODGHFRVWXPHV
HGHHGXFDomRRVGLUHLWRVVHP
GHYHUHV DVVRFLDGRV R IDFLOLWLV
PR R OD[LVPR D GHVWUXLomR GD
IDPtOLD H VHXV YDORUHV LQ
WUtQVHFRV D GHVWUXLomR GR YDORU
VXSUHPRGDYLGD
1mR TXHUR PDoDU FRP D
GHVFULomR H[DXVWLYD GRV 'HFUH
WRV/HL *RYHUQDPHQWDLV GDV
/HLV GD $VVHPEOHLD GD 5HS~
EOLFDHGDV'HFODUDo}HV3~EOLFDV
FRQVWDQWHV GDV F~SXODV GHVWHV
GRLVSDUWLGRVSDUDLOXVWUDURTXH
DFDERGHDQDOLVDU0DVWXGRLVWR
IRLIHLWRFRPXPSURSyVLWRFODUR
GHPXGDUDVRFLHGDGHSRUWXJXH
VD2UDQHPVHPSUHDPXGDQoD
pSRVLWLYDHPVLPHVPD6HXPD
SHVVRDSDVVDUGHSHVVRDVpULDD
ODGUmR LVVR QmR p QHFHVVDULD
PHQWH XPD PXGDQoD SRVLWLYD
pWLFDRXPRUDO
( RV SRUWXJXHVHV FDOPRV H
WUDQTXLORV IRUDP DGRSWDQGR RV
QRYRV ³YDORUHV´ WUDQVPLWLGRV
SHORV VHXV HOHLWRV ILFDQGR QD
G~YLGD VH RV VHXV YDORUHV GH
VHPSUH HUDP YiOLGRV RX QmR
IDFH i SURSDJDQGD PDVVLYD GRV
QRYRV ( PXLWRV QmR TXHUHQGR
ILFDU³IRUDGHPRGD´RXVHUHP
FRQVLGHUDGRV ³PHQRV PRGHU
QRV´ DGRSWDUDPQRV QmR SRU
FRQYLFomRPDVSRUWHUHPPHGR
GH HVWDU ³IRUD GH PRGD´ IDFH
DRVVHXVFRQKHFLGRV
(RVSRUWXJXHVHVUHVLOLHQWHV
IRUDP SDFWXDQGR FRP HVVD
³HYROXomR´TXHUYRWDQGRXPDH
RXWUD YH] PDLRULWDULDPHQWH QRV
DXWRUHVGHVWDV³PXGDQoDV´YHQ
GRHDFUHGLWDQGRTXHHUDHVWHR
FDPLQKR GR ³SURJUHVVR´ SRLV
HUD LVVR TXH OKH LDP VHPSUH
GL]HQGRHFRQWLQXDPDGL]HU
( DJRUD ³j ERFD SHTXHQD´
PDLV XPD YH] YmRVH DSHUFH
EHQGR TXH D VRFLHGDGH SRUWX
JXHVD HVWi FRP 72'26 RV
6,1720$6 GH '(&$'Ç1
&,$RVTXDLVGLWDUDPDPRUWH
SRU H[HPSOR GR ,PSpULR 5R
PDQR
,VWR p HVWmRVH D DSHUFHEHU
TXHHVWDPRVQXPDFWRGH'HFD
GrQFLDGD&LYLOL]DomR'LUVHi
H EHP TXH LVWR QmR p WLSLFD
PHQWH SRUWXJXrV e 2FLGHQWDO
9HUGDGH
0DVVHUiTXHWHPRVGHLPL
WDU WXGR R TXH GH PDX YHP GH
IRUDHDGRSWiORFRPRQRVVR"
'RQGHQDPLQKDRSLQLmRR
(VWDGRGD1DomRSDUDWHP
GHPXGDUUDGLFDOPHQWH
2XQyVFLGDGmRVSDVVDPRVD
VHUPHQRVSHUPLVVLYRVQRVFRV
WXPHV 2X QyV FLGDGmRV UHFX
SHUDPRV HQTXDQWR VRFLHGDGH
RVYDORUHVGDKRQUDGH]GDOHDO
GDGHGDVHULHGDGHGDGHIHVDGD
IDPtOLD2XQyVFLGDGmRVUHFX
SHUDPRVRVYDORUHVGRWUDEDOKR
KRQUDGR H GLOLJHQWH FRPR IRU
PDGHFRQWULEXLUSDUDRSURJUHV
VR LQGLYLGXDO H GD 1DomR 2X
QyV FLGDGmRV UHFXSHUDPRV D
QRomRGHTXH3RUWXJDOWHPTXH
GHIHQGHUHPSULPHLUROXJDURV
LQWHUHVVHV GRV VHXV QDFLRQDLV H
Vy GHSRLV RV LQWHUHVVHV GH RX
WURV2XQyVFLGDGmRVUHFXSHU
DPRVDQRomRTXHDFDGD'LUHLWR
FRUUHVSRQGHXP'HYHU(HQWmR
SXQLPRVSHODRSLQLmRSHORYR
WR SHOD DFomR VHYHUDPHQWH RV
HVFkQGDORVHVHXVDXWRUHV(H[L
JLPRV PDLV VHULHGDGH DRV QRV
VRV *RYHUQRV 2X HQWmR 3RUWX
JDO H RV 3RUWXJXHVHV QmR WrP
VROXomR(XDFUHGLWRTXHWHPRV
VROXomR %DVWD OXWDUPRV FDGD
XPHWRGRVSRULVVR
¬6XDFRQVLGHUDomRH5HIOH
[mR
%RP$QRGHSDUDVLH
SDUDWRGDDVXDIDPtOLD
0HOKRHVFXPSULPHQWRV
1mRSRGHVHUYHQGLGRVHSDUDGDPHQWH
VXSOHPHQWR
7DXURPDTXLD
&RRUGHQDomRGH-RDTXLP0HVTXLWD
)XQGDGRU$EHO0DWRV6DQWRV'LUHFWRU -RVp$QWyQLR0DUWLQV
(VWHVXSOHPHQWRpSDUWHGH2-RUQDOGH&RUXFKHQGH-DQHLURGH
6 2%5( 7 2,5 26
)RWRV'&OHPHQWH*XHUUHLUR
-RDTXLP0HVTXLWD
FUtWLFRWDXULQR
2 *UXSR GH )RUFDGRV$PDGRUHV GH &RUXFKH FRPDQGDGR SRU
$PRULP5LEHLUR/RSHVUHDOL]RXRVHXWUDGLFLRQDODOPRoRGHILPGH
WHPSRUDGD QR GLD GH 1RYHPEUR FRP D WUDGLFLRQDO IHLMRDGD QDV
DUFDGDVGDSUDoDGHWRLURVGH&RUXFKHRQGHUHXQLXDFWXDLVHDQWLJRV
HOHPHQWRVIDPLOLDUHVHLQ~PHURVFRQYLGDGRV
8PGLDEHPSDVVDGRQXPDOHJUHHVmRFRQYtYLRRQGHQmRIDOWRXD
WUDGLFLRQDOH[LELomRGHSHJDVSDUDWRGRVRVJRVWRVFRPPDLVQRYRVD
DSURYHLWDU SDUD PRVWUDUHP D HYROXomR GDV VXDV DSWLG}HV PLVWXUDGDV
FRP XPDV YROWDUHWDV 2 GLD WHUPLQRX FRP R WDPEpP Mi WUDGLFLRQDO
SRUFR QR HVSHWR VHPSUH EHP UHJDGR FRP RV ~OWLPRV D DEDQGRQDU D
SUDoDMiQRLWHGHQWUR
8PHQFHUUDPHQWRGHXPDWHPSRUDGDRQGHDTXDOLGDGHVHVREUHS{V
i TXDQWLGDGH GH SUHVHQoDV GRV$PDGRUHV GH &RUXFKH HP SUDoDV GH
3RUWXJDO
$PDGRUHVGGH
(QFHUUDP
&RUXFKH(
7HPSRUDGDHH
1DWDO
)HVWHMDPRR1
1RGLDGH'H]HPEURQRVDOmRGHHYHQWRVGD4XLQWD*UDQ
GHWHYHOXJDURMDQWDUGH1DWDOGR*UXSRGH)RUFDGRV$PDGRUHV
GH&RUXFKHRQGHPDLVXPDYH]RFRQYtYLRHQWUHDQWLJRVHDFWX
DLV HOHPHQWRV H VHXV FRQYLGDGRV PDUFRX D GLIHUHQoD QXP
HVSOrQGLGRMDQWDUTXHWHYHFRPRSRQWRDOWRDWUDGLFLRQDOWURFDGH
SUHQGDVIHFKDQGRDVVLPPDLVXPDSiJLQDGHRLURGRVSXSLORVGH
$PRULP5/RSHV
$RV$PDGRUHVGH&RUXFKH³2-RUQDOGH&RUXFKH´GHVHMDXP
)HOL]$QR1RYRHXPDWHPSRUDGDGHLPSRUWDQWHV7ULXQIRV
(R*UXSRGH&RUXFKHpR0DLRU
/ D Y D J H P $ X W R
$OH[DQGUH)HUUHLUD&DVLPLUR
/DYDJHP GH
HVWRIRV²PRWRUHV
DVSLUDomR
WUDWDPHQWRGHSOiVWLFRV
PXGDQoDGHHVFRYDVOLPSDYLGURV
XP YDVWR VHUYLoR DXWR DR VHX GLVSRU
(VWUDGDGD/DPDURVD
7OP VXSOHPHQWR
7DXURPDTXLD
6XSOHPHQWRGH2-RUQDOGH&RUXFKH$QR1~PHUR-DQHLURGH
,,
6 2%5( 7 2,5 26
+RPHQDJHPRRUJDQL]DGDS
SHOR
´&tUFXORGHDPLJRVWDXULQRVµ
'U'RPLQJRVGD&RVWD;DYLHU
0pGLFRYHWHULQiULRHHVFULEDWDXULQR
1RSUy[LPRGLDGH
-DQHLURHP0RQWHPRU
QRUHVWDXUDQWH3RU GR
6RORFtUFXORGHDPLJRV
WDXULQRVSURPRYHXP
MDQWDU GHKRPHQDJHP
DRFDYDOHLURWDXUR
PiTXLFR/XLV0LJXHO
GD9HLJDDRIRUFDGR
6LPmR&RPHQGDHDR
EDQGDULOKHLUR
)UDQFLVFR)DULQKD
9mRJDQKDQGRYXOWRDV
RUJDQL]Do}HVGHVWDHQWL
GDGHVHQGRFHUWRTXHp
PXLWRLPSRUWDQWHVH
UHVSHLWHRSDVVDGRQD
FHUWH]DGHTXHVyTXHP
RVRXEHU ID]HU WHUi
IXWXUR
9DPRVWRGRVGDU XP
DEUDoRDRVKRPHQDJHD
GRVTXHWRGRVVmR
PHUHFHGRUHVGR
UHVSHLWRGDDILFLyQ
&DPSDQKD
´%HPYLQGRD
µ
'LVWULEXLomRGH&RPEXVWtYHLVH
/XEULILFDQWHV

*DVyOHR$JUtFROD5RGRYLiULR
HGH$TXHFLPHQWR

(QWUHJDPRVDR'RPLFtOLR
TXDOTXHUTXDQWLGDGH
HPTXDOTXHUSRQWRGR3DtV
FRPYLDWXUDVSUySULDV
'LVWULEXLGRU2
2 ILFLDO
)RUQHFHPRVWDQTXHVDpUHRVHVXEWHUUkQHRVSDUDFRPEXVWtYHLV
&217$&726,1)250$d¯(6
7HO )D[JHUDO#VREUDOSQHXVSW
27
7DOKRG
GR0
0DQHO
YLQKR
RIHUHFHOOKHY
27DOKRGR0DQHO
GiOKHDVERDVYLQGDV
DRIHUHFHQGR
OKHXPDJDUUDIDGH
YLQKR
1HVWDHGLomRGR-&
UHFRUWHRFXSmRGH
RIHUWDQDFDSDH
WURTXHRQR7DOKRGR
0DQHOSRUXPDJDUUDID
GHYLQKR
DRFRPSUDURSURGXWR
VHOHFFLRQDGRSDUDD
FDPSDQKD
,,,
6XSOHPHQWRGH2-RUQDOGH&RUXFKH$QR1~PHUR-DQHLURGH
2SLQLmR
7RGRVVVRPRVGGH
&DWDOXQKD«
5H]D D VDEHGRULD SRSXODU TXH ³R
SLRU FHJRpRTXHQmRTXHU YHU´HSRU
DVVLP VHU SRQKDPRV D FHJXHLUD GH
ODGRHYDPRVYHU HSHQVDU XPSRXFRR
RFRUULGRQRSDUODPHQWRFDWDOmR
BBB
5HXQLGRV RV HOHLWRV SDUD YRWDU VLP
RXQmRDRFRQWUiULRGRTXHpFRVWXPH
HPWDOFkPDUDSRUYRWRHOHFWUyQLFRVH
FUHWR RV DEROLFLRQLVWDV OHYDUDP D VXD
DYDQWHFRPXPDYDQWDJHPGHRLWRYRWRV
GH GLIHUHQoD e WULVWH H D PHUD FRQILU
PDomRGHTXHDGHPRFUDFLDpRPHOKRU
GH WRGRV RV VLVWHPDV SRUTXH WRGRV RV
RXWURV SDUHFHP VHU SLRUHV 'LWDP DV
UHJUDV GHPRFUiWLFDV TXH XP YRWR VH
JDQKDHSRUXPYRWRVHSHUGH(XFRQ
IHVVRTXHPHFXVWDPXLWRDDFHLWDUTXH
WmRFXUWDVPDUJHQVSRVVDPGLWDURIXWXUR
GRV SRYRV FDOKDQGR SHOR SURIXQGR
UHVSHLWRTXHWHQKRSHODOLEHUGDGHSDUD
OHODPHQWH DR TXH YRX SHUGHQGR SHOD
SROLWLFDDTXHPMiQR³$QWyQLR0DULD´
5DIDHO %RUGDOOR 3LQKHLUR FDULFDWXUDYD
FRPRDSRUFD7iGLWR
1RFDVRFDWDOmRHVWiHPFDXVDPXLWR
PDLVTXHSURLELUDVFRUULGDVGHWRLURVR
TXH HVWi HP FDXVD p D OLEHUGDGH 7mR
FREDUGHVTXHVmRRVVHSDUDWLVWDVVHTXHU
VH DWUHYHUDP D FRQVHQWLU XP UHIHUHQGR
VREUHRWHPDFRPSHUIHLWDFRQVFLrQFLD
GDOLQKDSURIXQGDTXHRVVHSDUDGRVHX
SRYR
$LQGDFREDUGHPHQWHQmRVHDWUHYHU
DPDSURLELUWDPEpPR³FRUUHERQV´HP
WXGR LGrQWLFR iV QRVVDV ³ODUJDGDV´ RX
³WRLURVQDUXD´TXHFDWLYDPPXOWLG}HV
QmRIRUDWHUHPGHHQIUHQWDUDPSODFRQ
IOLWXDOLGDGH VRFLDO 1mR VRPHQWH VH
)XWHERO
&DOHQGiULR
GHMRJRV
DWUHYHUDP DR DWDTXH VRH] GD WDXURPD
TXLDRUJDQL]DGDQmRIRVVHRGLDERDFRU
GDU«
( WXGR LVWR SRUTXr"7mR Vy SDUD VH
GHPDUFDUHPGRTXHHPWRGDD(VSDQKD
VH GHVLJQD SRU ³ILHVWD QDFLRQDO´ H
ULGtFXORV SHQVDP TXH PDOWUDWDQGR D
IHVWDFRQVHJXHPGHQRYRDOpPGHQDomR
VHUHVWDGR(PDOWXUDVHPTXHSRUFiVH
YROWD D IDODU HP UHJLRQDOL]DomR FRLVD
TXDVHULGtFXODSDUDR³TXLQWDO´TXHFR
PRSDtVVRPRV«pERPTXHVHFRQV
FLHQFLDOL]HP GRV PDOHItFLRV GD FRLVD
(VWmRiYLVWD
(VWmR PXLWR FRQWHQWHV RV HPSUHVi
ULRVIUDQFHVHVGRVXOVDEHQGRGHVDEHU
FHUWR TXH WRGRV RV DILFLRQDGRV GD &D
WDOXQKDYmRHQJURVVDURVLQJUHVVRVQRV
VHXV HYHQWRV 2V SDUODPHQWDUHV IRUDP
GLVWR DYLVDGRV PDV HVWLYHUDPVH QDV
WLQWDV SDUD VDtGD GH GLYLVDV TXDVH DR
HVWLOR GR PDULTXLWDV TXH WHQGR SHUGLGR
XPDDSRVWDFRPDUSXQJHQWHGL]LDSDUD
RRXWUR±JDQKDVWHGHVSHDVFDOoDV
2 PXQGR DFWXDO HVWi D UHYHODUVH
FDGDYH]PHQRVVHGXWRU3RUFiDQGDPD
HQWUHWHURSDJRGHFRRVFDVDPHQWRVGRV
³DOHJUHV´ DSHVDU GR 3UHVLGHQWH GD 5H
SXEOLFD FRQVLGHUDU KDYHU RXWURV DVVXQ
WRVSDUDUHVROYHU3RU&DWDOXQKD³GHPR
FUDWLFDPHQWH´GmRSRQWDSpVQDOLEHUGD
GHWRGRVFKHLRVGHVLPHVPRVSRUTXH
DVUHJUDVTXHHVWDEHOHFHUDPDVVLPGHWHU
PLQDP (QWUHWDQWR FRP WXGR LVWR VH
TXHUFRPPDOGDGHPDVREMHFWLYDPHQWH
HVWRXUHFRUGDQGRTXHWDPEpPIRLQXPD
HOHLomR GHPRFUiWLFD TXH +LWOHU FKHJRX
DRSRGHU(«PDLVQmRGLJR
BBB
'RPLQJRVGD&RVWD;DYLHU
VXSOHPHQWR
7DXURPDTXLD
,,,(
(QFRQWUR
,QWHUQDFLRQDOGGH
7DXULQDV
(VFRODV7
2³,,,(QFRQWUR,QWHUQDFLRQDOGH
(VFRODV7DXULQDV´YDLGHFRUUHU GH
D GH -DQHLUR UHSDUWLGR HQWUH D
$UUXGD GRV 9LQKRV H /LVERD FRP D
SDUWLFLSDomR GH DOXQRV GH HVFRODV GH
3RUWXJDO(VSDQKD)UDQoDH0p[LFR
2 HQFRQWUR FRQVWD GD UHDOL]DomR GH
$XODV3UiWLFDVGH7RXUHLRDTXHVHDVVR
FLDPDVJDQDGDULDV3DOKD&DQDV9LJR
URX[)DOp)LOLSHH6mR7RUFDWRHHQFHU
UD QD 3UDoD GH 7RLURV GR &DPSR 3H
TXHQRQRGLDFRPXPD$XOD3UiWLFD
S~EOLFDjVKRUDVFRPHQWUDGDOLYUH
HP TXH VHUmR OLGDGRV QRYLOKRV GD
JDQDGDULDGH6mR7RUFDWR
1R GLD jV KRUDV QD VHGH GD
7HUW~OLD ³2 3LULTXLWD´ QD $UUXGD GRV
9LQKRVUHDOL]DVHXPDFRQIHUrQFLDVXE
RUGLQDGDDRWHPD³/DULYDOLGG\ODWRUH
UtD´DFDUJRGR&RURQHO-RVp+HQULTXHV
HFRPDSDUWLFLSDomRGRV0DWDGRUHVGH
7RLURV9tWRU0HQGHVH-RVp3HGUR3UD
GRV³(O)XQGL´
1RGLDjVKRUDVQR$XGLWyULR
0XQLFLSDO GH $UUXGD GRV 9LQKRV R
GLUHFWRU GD UHYLVWD ³ 7RURV ´ -RVp
&DUORV$UpYDORSURIHULUiXPDFRQIHUrQ
FLDFRPRWtWXOR³6HUWRUHURHQHOVLJOR
;;,´ TXH FRQWDUi FRP D SDUWLFLSDomR
GRV JDQDGHURV (GXDUGR 0LXUD H -RD
TXLP0XUWHLUD*UDYH
$ DQWHFHGHUD$XOD3UiWLFDQRFDPSR
3HTXHQR jV KRUDV -RVp &DUORV
$UpYDORSURIHULUiXPDFRQIHUrQFLDFRP
RWtWXOR³,QIRUPDomRHIRUPDomRGRS~
EOLFRWDXULQR´QDTXDOSDUWLFLSDUiWDP
EpP R 'LUHFWRU GR MRUQDO ³2Op´ )UDQ
FLVFR0RUJDGR
1R HQFRQWUR SDUWLFLSDP DV HVFRODV
WDXULQDV GH $JXDVFDOLHQWHV 0p[LFR
$UOHV )UDQoD )XQGDFLyQ ³(O -XOL´
0DGULG6HYLOKDHXPDVHOHFomRGHDOX
QRVGHHVFRODVSRUWXJXHVDV
$(
(PSUHVDGGR&
&DPSR
3HTXHQRYYDLJJHULUDD3
3UDoDGGH
$UUXGDGGRV9
9LQKRV
7RLURVGGD$
$ (PSUHVDGR&DPSR3HTXHQRHD
7HUW~OLD ³2 3LULTXLWD´ FRPXQLFDP
TXHFKHJDUDPDXPDFRUGRVHJXQGRR
TXDO D (PSUHVD GR &DPSR 3HTXHQR
WHUi D VHX FDUJR D JHVWmR WDXULQD GD
3UDoD GH 7RLURV GH $UUXGD GRV 9L
QKRVQDVWHPSRUDGDVGHH
$V GXDV HQWLGDGHV LUmR WDPEpP
GHVHQYROYHU FRQMXQWDPHQWH GLYHUVDV
DFWLYLGDGHV OLJDGDV j SURPRomR GH QR
YRVYDORUHVGDWDXURPDTXLDSRUWXJXHVD
1R kPELWR GR DFRUGR FHOHEUDGR D
SULPHLUD LQLFLDWLYD D SURPRYHU FRQMXQ
WDPHQWH SHOD (PSUHVD GR &DPSR
3HTXHQR H SHOD 7HUW~OLD ³2 3LULTXLWD´
VHUi R ³,,, (QFRQWUR ,QWHUQDFLRQDO GH
(VFRODV7DXULQDVDUHDOL]DUQRVSUy[L
PRVGLDVHGH-DQHLUR
BBB
$UWHVDQDWRHH P&
& RUXFKH
´)RUDGH3RUWDVµ
7H[WR3DXOR)DWHOD
)RWRV-RVp7DQJDQKR
2DUWHVmR-RVp7DQJDQKRWHPHVWDGRQXPDURGDYLYDH[SRQGRDVVXDV
SURGXo}HV´SUHVpSLRVµHP7RUUHV1RYDV(VFROD6HFXQGiULD9LODGR&RQGH
2GLYHODV(VSDoR0XQLFLSDO0RQWLMR3RVWRGH7XULVPR*DHLUDVÐELGRVHQD
ORMDGHDUWHVDQDWR´$$UWHGD7HUUDµHP/LVERD
2HPSHQKRGRDUWHVmR -RVp
7DQJDQKRHPWHUPRVLQGLYLGXDLV
WHPVLGRYLVtYHOTXHUDRQtYHOGD
TXDOLGDGHGDVSHoDVTXHUQD
GLYXOJDomRGHVWDVSDUDEpQV
'HVFRQWRGHSDUDUHIRUPDGRV
2IHUWDGHYDOHVGH€ HPFRPSUDVQR
FRPpUFLRWUDGLFLRQDO
9LVLWHR
RQ
QRVVR9
9LGHR&
&OXEHH
HP&
&RUXFKH
!9HMDDVQRYLGDGHV
YHQGDGHMRJRV3&36363
9HQGDGHFRQVRODV
UHSUHVHQWDQWH+DDJDQ'DD]V
JHODGRV
YHQGDGHJRPDVWDEDFDULD
+,67Ð5,$6 '$ +,67Ð5,$
3RUWXJXHVHVQ
QDÌÌQGLD9
9DLGDGHX
XOWUDMDGD
'D ~OWLPD YH] IDOHLYRV GH
FRPRRVPXoXOPDQRVHQWUDUDP
QD 3HQtQVXOD H IL]HUDP UXLU R
UHLQRYLVLJRGRSDUDDVHJXLU GR
PLQDUHP GXUDQWH FHUFD GH DQRV 'HVWD YH] YDPRV ROKDU
SDUD XP SHTXHQR HSLVyGLR TXH
WHP FRPR SURWDJRQLVWDV SRU
WXJXHVHV H PRQJyLV QR 6XO GD
ËQGLD 0DLV SUHFLVDPHQWH RV
SRUWXJXHVHV GH XPD FLGDGH GR
*ROIR GH %HQJDOD TXH VH FRQ
IURQWDP FRP R SRGHU GR *UmR
0RQJRO QR WHUULWyULR H[HUFLGR
SRU XP UHSUHVHQWDQWH GR *R
YHUQDGRU GD SURYtQFLD 'DXG
.KDQ
&RPHIHLWRR,PSpULR0RQJRO
VRER,PSHUDGRU$XUDQJ]HEYHP
RFXSDQGR SURJUHVVLYDPHQWH DR
ORQJR GR VpF ;9,, D SHQtQVXOD
+LQGXVWkQLFDDSDUWLUGRQRUWHGD
ËQGLDVXEPHWHQGRRVUHLQRVWUDGL
FLRQDLVGRVXO
(P3RUWXJDOUHLQD'3HGUR,,
TXH YHP FRQWLQXDQGR D FRQVROL
GDomR GD PRQDUTXLD SRUWXJXHVD
VDtGD GR GRPtQLR HVSDQKRO PHLR
VpFXORDWUiV$ VXVWHQWDomRGRGR
PtQLR SRUWXJXrV QD ËQGLD SDVVD
SHODSDFLILFDomRGDVUHODo}HVFRP
RVKRODQGHVHVRVTXDLVDVVHGLDUDP
H FDSWXUDUDP PXLWDV SRVVHVV}HV
SRUWXJXHVDV SURVVHJXLQGR WDP
EpP ' 3HGUR ,, D SROtWLFD GH
DOLDQoDFRPRVLQJOHVHV SDUDSUR
WHFomR H GHIHVD P~WXD $ VXD
DWHQomRHVWiWDPEpPYROWDGDSDUD
DDGPLQLVWUDomRGR%UDVLOHSDUDD
H[SORUDomR GR RXUR QHVWH YDVWR
WHUULWyULR
1DËQGLDHP*RDp9LFH5HL
&DHWDQRGH0HORH&DVWURHDVHGH
GR SRGHU SRUWXJXrV HVWi D WUDQV
IHULUVH SDUD 0RUPXJmR RQGH VH
FRQVWURHPRSDOiFLRRKRVSLWDOD
DOIkQGHJD FRQYHQWRV H DV &DVDV
GD3yOYRUDHGD0RHGDeXPD
PHGLGD SHUVLVWHQWHPHQWH RUGHQD
GD GH /LVERD SRVWD HP SUiWLFD
FRPUHOXWkQFLDSRUGpFDGDVHYLVD
GHL[DUDV]RQDVLQVDOXEUHVGH*RD
PDV WDPEpP DEDQGRQDU SRVLo}HV
IUHTXHQWHPHQWH DVVHGLDGDV SHOR
UHLQRKLQGX0DKDUDWD
$ FLGDGH FKDPDVH 6 7RPp
PDLV SUHFLVDPHQWH 6 7RPp GH
0HOLDSRUHGHVHQYROYHXVHGHVGH
D FKHJDGD GRV SRUWXJXHVHV GHV
FREHUWRTXHIRLRW~PXORGRDSyV
WROR67RPpQHVWHORFDOGDFRVWD
RULHQWDO GD ËQGLD QD FRVWD GR
&RURPDQGHO2FXSDGDSRUFRPHU
FLDQWHV SRUWXJXHVHV DR ORQJR GH
GRLVVpFXORVIRLVHGHGHHSLVFRSD
GR H WRUQRXVH QXPD GDV PDLV
LQWHUHVVDQWHV FLGDGHV GH PDWUL]
SRUWXJXHVD QD FRVWD GR &RUR
PDQGHO6HQGRHPERUDXPDFLGD
GHIRUDGDDFomRGLUHFWDGDJRYHU
³*HQWHKRQUDGDSRUWXJXHVDGDËQGLD´LQ &yGLFH3RUWXJXrVGD%LEOLRWHFD&DVDQDWHQVHUHSURGX]LGRQD&URQRORJLD*HUDOGDËQGLD3RUWXJXHVDREUDFLWDGDQRWH[WR
QDomRGH*RDYLYLDGRFRPpUFLR
GR JROIR GH %HQJDOD H GR 6LmR H
FKHJRX D WHU XP &DSLWmR*HUDO
QRPHDGRSHOR9LFH5HL
eFRPR&DSLWmR*HUDO1XQR
6LOYHVWUH )UDGH UHFpPQRPHDGR
SRU *RD H UHFpPFKHJDGR D 6
7RPp TXH VH SDVVD HVWD KLVWyULD
&RP HOH H FRP R PRQJRO 0LU
8VPDQ UHSUHVHQWDQWH GH 'DXG
.KDQHP67RPp
1RGLDGH2XWXEURGH
WHP OXJDU D SURFLVVmR GR 6DQWtV
VLPR 5RViULR UHDOL]DGD QR SUL
PHLUR GRPLQJR GH 2XWXEUR HP
WRGDV DV LJUHMDV GD FULVWDQGDGH
RQGHH[LVWDXPDOWDUDR5RViULR$
SURFLVVmR p VHJXLGD SRU PXLWRV
PDRPHWDQRV TXH PRVWUDP DWL
WXGHV SURYRFDWyULDV H GHVUHVSHL
WRVDVSDUDFRPRFXOWRHSDUDFRP
FULVWmRVTXHDLQFRUSRUDP
6HJXQGR XP REVHUYDGRU GD
pSRFD QD FLGDGH 1LFRODR 0DQ
QXFL HVWDV PHVPDV DWLWXGHV
UHSHWLDPVH FRP RXWUDV IHVWDV
FDWyOLFDVTXHDFRPXQLGDGHSUDWL
FDYDHP67RPpHFRPRDVSRU
WDV GDV LJUHMDV HUDP PDQWLGDV
DEHUWDV RV PDRPHWDQRV LDP DR
SRQWR GH HQWUDU H VHQWDUVH QRV
GHJUDXVGRDOWDUIXPDQGRULQGRH
ROKDQGR GHVFDUDGDPHQWH SDUD DV
PXOKHUHVGRVSRUWXJXHVHVGXUDQWH
DPLVVDHRVHUPmR
0LU 8VPDQ QRPHDGR SRU
'DXG.KDQH[HUFLDQHVWDDOWXUDR
*RYHUQR GR WHUULWyULR RQGH D FL
GDGH GH 6 7RPp VH VLWXDYD H
VHJXQGRRUHODWRRQRYR&DSLWmR
*HUDO QRPHDGR SRU *RD GHVGH
TXHFKHJDUDHP6HWHPEURDLQGD
QmRRKDYLDYLVLWDGRHDSUHVHQWDGR
FXPSULPHQWRV$QWHVSHORFRQWUi
ULR ID]LDVH SDVVHDU SHOD FLGDGH
VRE XP JXDUGDVRO DFRPSDQKDGR
GRUXIDUGHWDPERUHVHDUYRUDQGR
XPDUGHVHQKRUHGRQRGDWHUUD
$OpP GLVVR WRPDUD LQLFLDWLYDV
FRPR D GH PDQGDU FRQVWUXLU DU
PD]pQVHFDVDVSDUDRDFRQGLFLR
QDPHQWRGHSyOYRUDWXGRLVWRVHP
GDUDVDWLVIDomRTXHR*RYHUQDGRU
PRQJROVHQWLULDTXHOKHHUDGHYLGD
6HJXQGR1LFRODRDFHUWDDOWX
UD GD SURFLVVmR GHVHQFDGHLDVH
XPFRQIOLWRVHJXLGRGHOXWDHQWUH
SRUWXJXHVHV H PDRPHWDQRV $
]DUDJDWDpWDOTXHOHYDjGLVSHUVmR
GD SURFLVVmR H j LQWHUUXSomR GD
PLVVD TXH VH VHJXLULD 1D VH
TXrQFLD GHVWH LQFLGHQWH 0LU
8VPDQHQFDPLQKDVHSDUDRORFDO
GDUHVLGrQFLDGR&DSLWmR*HUDOR
TXDODRWHUQRWtFLDGHTXHR*R
YHUQDGRU R SURFXUD VH SUHSDUD
SDUD R UHFHEHU &RQWXGR 0LU
8VPDQQXPDDWLWXGHLQHVSHUDGD
VXEPHWH R UHFpPFKHJDGR &DSL
WmRDXPDLQIDPHKXPLOKDomRS~
EOLFD DJDUUDQGRR SHORV FRODUL
QKRVjSRUWDGDVXDFDVDHDWLUDQ
GRRYLROHQWDPHQWHSDUDDVPmRV
GRV VROGDGRV PDRPHWDQRV GH
TXHP VH ID]LD DFRPSDQKDU ( GH
VHJXLGDGHHVSDGDHPSXQKRGi
RUGHPSDUDTXHROHYHPSUHVR
$RDVVLVWLUDRXOWUDMHHjYLR
OrQFLD DVVLP H[HUFLGD VREUH R
&DSLWmR*HUDO XP SRUWXJXrV GH
QRPH -RmR 5HEHOR DFDEDGR GH
FKHJDUD67RPpHSUHVLGHQWHGD
FRQIUDULD GR 5RViULR GLVSDUD XP
PRVTXHWH VREUH R VROGDGR TXH
OHYDYDFRQVLJRR&DSLWmR*HUDOH
PDWDR ,PHGLDWDPHQWH 0LU 8V
PDQOHYDQWDDVXDHVSDGDFRQWUDR
&DSLWmR *HUDO SDUD R PDWDU ORJR
DOLPDVXPFRPHUFLDQWHIUDQFrV
TXH DVVLVWH D WXGR 0RQVLHXU
*XHOO\LQWHUS}HVHHURJDDR*R
YHUQDGRU SDUD TXH YLGD GR &DSL
WmR*HUDOVHMDSRXSDGD
(QTXDQWR LVWR DFRQWHFH RV
PDRPHWDQRVDWLUDPVHD-RmR5H
EHORDFDEDQGRSRUPDWDOR1HVWH
FHQiULRGHOXWDFKHJDPPDLVSRU
WXJXHVHVTXHHQWUDPQDUHIUHJDH
FDXVDP D PRUWH D PDLV PDRPH
WDQRV JHUDQGRVH D FRQIXVmR H
DSURYHLWDQGRR&DSLWmR*HUDOSDUD
VH HVFDSDU HPERUD IHULGR QR VHX
ODGRGLUHLWR3HUDQWHHVWDVLWXDomR
RV PDRPHWDQRV H 0LU 8VPDQ
DFDEDPSRUIXJLUDVVXVWDGRV
'RFRQIOLWRYLROHQWRTXHFDX
VRXYiULDVPRUWHVSDVVRXVHSDUD
RQtYHOGRFRQIURQWRHQWUHRVSR
GHUHV TXH VH HQVDLDP QHVWH WHU
ULWyULR H FLGDGH 'H LPHGLDWR R
&DSLWmR*HUDOpLPSHGLGRGHUHHQ
WUDUQDVXDUHVLGrQFLDHFRQIURQWD
GRFRPXPDSURFODPDomRGR*R
YHUQDGRU PRQJRO TXH DVVLP R
LQWHUGLWD2VSRUWXJXHVHVWUDQFDP
VH QDV VXDV FDVDV H 6HJXQGR
1LFRODRQmRKiHQWmRXPD~QLFD
DOPDQDVUXDVTXHSUHVWHDMXGDDR
&DSLWmR*HUDO DJRUD GDGR FRPR
IRUDJLGR0HVPRRSUySULR%LVSR
VH UHFXVD D DEULUOKH D SRUWD
$SHQDVXPDYL~YDSRUWXJXHVDTXH
PRUDSHUWRRDFDEDSRUUHFHEHUH
GXUDQWHDQRLWHROHYDSDUDDFDVD
GRVHXJHQUR0DWHXV&DUYDOKRGD
6LOYD DQWHULRU GHWHQWRU GR SRVWR
FXMDILOKDR&DSLWmR*HUDOWRPDUD
FRPRHVSRVD
$ SURFODPDomRGH0LU8VPDQ
p VHJXLGD GD FRORFDomR GH VHQ
WLQHODVDRVSRUW}HVGDFLGDGHFRP
RUGHQV GH LPSHGLU D SDVVDJHP H
HQWUDGD GH DEDVWHFLPHQWRV R TXH
FRORFDDSRSXODomRQXPDVLWXDomR
TXHVHSRGHUiWRUQDULQVXVWHQWiYHO
1R GLD VHJXLQWH SRUpP DV VHQ
WLQHODVUHWLUDPVHSRULQWHUYHQomR
GLUHFWD GR SUySULR 1LFRODR MXQWR
GR *RYHUQDGRU PRQJRO $ FUHU
QRVVHXVUHODWRVHVWHSHUVRQDJHP
pHQWmRSHVVRDFRQVLGHUDGDQRWHU
ULWyULRHJR]DGHSURWHFomRGR*R
YHUQDGRULQJOrVGDYL]LQKDFLGDGH
GH0DGUDVSHUWRGDTXDOWHPDVXD
UHVLGrQFLD
'iVH HQWmR D GHEDQGDGD GRV
SRUWXJXHVHV H VXDV IDPtOLDV GX
UDQWH D QRLWH OHYDQGR FRQVLJR R
&DSLWmRIHULGR$OJXQVQRPHDGD
PHQWH FOpULJRV UHIXJLDPVH HP
0DGUDV SHGLQGR DR *RYHUQDGRU
LQJOrV 7KRPDV 3LWW TXH RV DFR
OKD R TXH HVWH ID] FRP WRGD D
DPDELOLGDGH 2XWURV DLQGD UHVRO
YHP ILFDU FRP R %LVSR HP 6
7RPp QRPHDGDPHQWH R SHVVRDO
GD VXD FKDQFHODULD GHWHQWRUHV GH
FDUJRVGDDGPLQLVWUDomRGDFLGDGH
HLGRVRVVHPFRQGLo}HVGHYLDMDU
$ VLWXDomR FULDGD WHP XP
GHVHQYROYLPHQWR FXULRVR 6HJXQ
GR 1LFRODR SDVVDGRV XQV GLDV
0LU8VPDQFRQYLGDRVSRUWXJXH
VHV TXH IRUDP SDUD 0DGUDV D
-XGR&OXEHGH&RUXFKH
7RUQHLRGH1DWDO
-RVp)UHLUHGD6LOYD
$UTXLWHFWR
UHJUHVVDU DVVLQDQGR HOH SUySULR
XP GRFXPHQWR HP TXH VH FRP
SURPHWH D QmR LQWHUIHULU QDV VXDV
YLGDV H D HVTXHFHU R TXH VH SDV
VRX 1R HQWDQWR RV UHIXJLDGRV
QmRDFUHGLWDPQDVVXDVSURPHVVDV
HDSUHVHQWDPXPDTXHL[DD'DXG
.KDQR*RYHUQDGRUGDSURYtQFLD
HVXEGLWRGH$XUDQJ]HER,PSH
UDGRU0RQJRO1HVWDTXHL[DFRQ
WDPOKHRTXHDFRQWHFHUDHSHGHP
MXVWLoD DR PHVPR WHPSR TXH OKH
HQWUHJDPXPSHTXHQRSUHVHQWH
$V QHJRFLDo}HV SRUpP QmR
FKHJDPDERPWHUPRQmRWHQGRRV
SRUWXJXHVHVDFHLWDGRDVJDUDQWLDV
IRUQHFLGDVTXHUSHORSUySULR'DXG
.KDQTXHUSRU0LU8VPDQDSHVDU
GH PXLWDV LQVLVWrQFLDV 0LU 8V
PDQ YHP SRU ILPDDGRSWDUXPD
SRVLomRUDGLFDODPHDoDQGRFRQVL
GHUDUDEDQGRQDGDVDVFDVDVHSUR
SRQGRVHGHVWUXLODVGHLWDUDEDL[R
D FLGDGHOD RQGH HUD KDVWHDGD D
EDQGHLUDSRUWXJXHVDHGHPROLUDV
LJUHMDV
3RVWDVDVFRLVDVQHVWHVWHUPRV
RV SRUWXJXHVHV UHVROYHP HQILP
UHJUHVVDU 2 *RYHUQDGRU GH 0D
GUDVFHGHOKHVXPDHVFROWDGH
VROGDGRV TXH RV DFRPSDQKD DWp
PHWDGHGRSHUFXUVRDFDEDQGRSRU
VHUPXLWREHPDFROKLGRVSRU0LU
8VPDQ TXH RV HVSHUD D PHLR
FDPLQKRHYROWDPDLQVWDODUVHQDV
VXDVFDVDV
(VWHHSLVyGLRVHSRUXPODGR
QRV PRVWUD ORFDOPHQWH D WHQVmR
FRP TXH VH FRQIURQWDYDP GRLV
GRV SRGHUHV RFXSDQWHV GD SHQtQ
VXODKLQGXVWkQLFDR3RUWXJXrVHR
0RQJROFRPHVWH~OWLPRDJDQKDU
DVFHQGHQWHHPWRGDDËQGLDPRV
WUDQRVWDPEpPXPDFDUDFWHUtVWLFD
TXH DRV SRUWXJXHVHV QR 2ULHQWH
WHPVLGRPXLWDVYH]HVDSRQWDGDD
GD YDLGDGH H DUURJkQFLD TXH
DOJXQV SULQFLSDOPHQWH DTXHOHV
TXH UHSUHVHQWDYDP D DGPLQLV
WUDomRSRUWXJXHVDGHPRQVWUDYDP
(VWDIDFHWDGRVHXFRPSRUWDPHQWR
VREUHSXQKDVH PXLWDV YH]HV DR
ERP VHQVR H j FDSDFLGDGH SDUD
FRPSUHHQGHU DV VLWXDo}HV QHJR
FLDUHFRQYLYHUUHFRQKHFHURXWURV
SRGHUHV HP SUHVHQoD VREUHWXGR
VHQmRGLVSXQKDPGDIRUoDSDUDVH
LPSRU &RPR VH GHSUHHQGH GR
UHODWR GR HSLVyGLR D DXWRULGDGH
3RUWXJXHVD QRPHDGD SDUD UHSUH
VHQWDURSRGHUGR9LFH5HLHP6
7RPp QHP VHTXHU GLVSXQKD GH
XPD HVFROWD RX GH JXDUQLomR DU
PDGD TXH GLVVXDGLVVH R PRQJRO
RXRIL]HVVHSHQVDUGXDVYH]HV
8P RXWUR DVSHFWR VXJHUHQRV
RXWUR HQWHQGLPHQWR SRVVtYHO D
FRPXQLGDGHGHSRUWXJXHVHVFRQ
IRUPHVHSRGHGHSUHHQGHUGRUHOD
WR GH 1LFRODR QmR PRVWUD XPD
VROLGDULHGDGH DEHUWD SDUD FRP R
&DSLWmR(DYL~YDDSHQDVPRVWUD
FDULGDGHDRDMXGDUHDRHVFRQGH
OR2&DSLWmRpXPUHFpPFKHJD
GRTXHUHSUHVHQWDRSRGHUFHQWUDO
QHP VHPSUH EHP DFHLWH GHVFR
QKHFHDVSDUWLFXODULGDGHVGXPWHU
ULWyULRHPTXHRSRGHUpSDUWLOKD
GRHQHJRFLDGRHFRPHoDSRUGDU
D]RDTXHWmRJUDYHFRQIOLWRDFRQ
WHoD (VWD PHVPD FRPXQLGDGH
LQWHUYpP DILQDO QD UHIUHJD SDUD
REYLDU R XOWUDMH DR UHSUHVHQWDQWH
GDFRURDDSHVDUGRULVFRGHYLGD
0DV QmR PDLV GR TXH LVVR 2
SUySULR%LVSROKHIHFKDDVSRUWDV
( WXGR LVWR DSHVDU GH R &DSLWmR
*HUDO WHU FDVDGR FRP D ILOKD GH
0DWHXV&DUYDOKRGD6LOYDH[&D
SLWmRHTXHSDUHFHXPLPSRUWDQWH
HOHPHQWR GD FRPXQLGDGH ORFDO
([LVWLULDP SRUWDQWR FRQGLo}HV
SDUD XP FRPSRUWDPHQWR PDLV
DYLVDGR
2 &DSLWmR *HUDO GHSRLV GH
VDUDGRRIHULPHQWRDFDEDSRUHV
FUHYHUDR9LFH5HLGH*RDGHPL
WLQGRVH GR FDUJR H SHGLQGR TXH
VHMDQRPHDGDRXWUDSHVVRDSDUDR
JRYHUQR GD FLGDGH 2 9LFH5HL
&DHWDQRGH0HORQRPHLDR%LVSR
'*DVSDU$IRQVRDSRVWDQGRDJR
UD HP DOJXpP GD FRPXQLGDGH
VHQVtYHO DRV HTXLOtEULRV ORFDLV GH
SRGHU H FRP R SUHVWtJLR TXH OKH
DGYpP GD VXD SRVLomR QD KLHUDU
TXLDUHOLJLRVD
0DVDOLomRQmRIRLDSUHQGLGD
SRGHUHPRV YHU SRUTXr QRXWUD
KLVWyULDTXHSRGHUHLFRQWDU
BBBB
(VWDSROtWLFDGHDSUR[LPDomRDFDUUHWRX
D FHGrQFLD DRV LQJOHVHV GH7DQJHU QR
1RUWHGHÈIULFDHGH%RPEDLPDVXOGR
GRPtQLRSRUWXJXrVQDËQGLDFRPRGRWH
GD LQIDQWD ' &DWDULQD GH %UDJDQoD
GDGD HP FDVDPHQWR D &DUORV ,, GH
,QJODWHUUD GXUDQWH D UHJrQFLD GH '
/XLVDGH*XVPmR1mRVHPDFXVDo}HV
P~WXDVVREUHLQFXPSULPHQWRGRVDFRU
GRVHWUDWDGRV
&URQRORJLD*HUDOGDËQGLD3RUWXJXHVD
&DUORV$OH[DQGUH GH 0RUDLV ,QVWLWXWR
&XOWXUDOGH0DFDX,QVWLWXWR5DLQKD'
/HRQRU
(P 6WRULD GR 0RJRU RU 0RJXO ,QGLD
1LFFRODR 0DQXFFL E\
:LOOLDP ,UYLQH 9ROXPHV , ,, ,,, DQG
,9 2ULHQWDO %RRNV 5HSULQW &RUSR
UDWLRQ1HZ'HOKL5HSULQWHGLQ
)LUVW3XEOLVKHG
6HJXQGR :LOOLDP ,UYLQH TXH WUDGX] D
6WRULDGR0RJRU REUDFLWDGDRVUHJLV
WRV LQJOHVHV FRQILUPDP R HSLVyGLR GD
]DUDJDWD ULRW QD SURFLVVmR H D IXJD
SDUD0DGUDVGDQGRSRUpPDGDWDGH
GH 2XWXEUR H R QRPH GR SRUWXJXrV
PRUWRFRPRVHQGR-RmR5LEHLUR-RKQ
5HEHLUR:KHHOHU 0DGUDV LL DQG3UHVV/LVW1RSHQWU\1R
RI6HSWHPEHU
1RXWUDSDUWHGRUHODWRGH0DQQXFLHVWH
PHVPR FRPHUFLDQWH UHIHULGR WDPEpP
FRPR 0RQVLHXU *HWW\ DFROKH XP
GHWHUPLQDGR UHOLJLRVR QD VXD FDVD HP
67RPp
BBBB
5HDOL]RXVHQRSDVVDGRGLDGH'H]HPEURRWRUQHLRGH1DWDO±+RPHQDJHPD³-RDQD
5DPRV´RQGHRVDWOHWDVGR-XGR&OXEHGH&RUXFKHREWLYHUDPDVVHJXLQWHVFODVVLILFDo}HV
(VFDOmR%HQMDPLQV
5DTXHO%DUEDVOXJDU
$QD/DPDVOXJDU
6DUD1XQHVOXJDU
$IRQVR-RDTXLPOXJDU
5DIDHO)RQVHFDOXJDU
-DLPH6DUDPDJROXJDU
0LJXHO-yLDOXJDU
-RVp5DPDOKROXJDU
(VFDOmR,QIDQWLV
-HVVLFD)LOLSHOXJDU
$QD)RQVHFDOXJDU
(VFDOmR-XYHQLV
0LJXHO3HQHLUHLUROXJDU
'DQLHO)RUWXQDWROXJDU
(VWHDQRIRUDPVXSHUDGDVWRGDVDVH[SHFWDWLYDVXPDYH]TXHSDUWLFLSDUDPQHVWHWRUQHLR
$WOHWDVGH&OXEHVGH-XGRVHQGRPDLVGRGREURGHDWOHWDVHPUHODomRDRVDQRVDQWHULRUHV
WRUQDQGRDVVLPJUDWLILFDQWHWRGRRHVIRUoRGHVHQYROYLGRSRUSDUWHGRV0HVWUHV -RDTXLP)HUQDQGHV
H0DQXHO/REHLURWRGRVRVDWOHWDVGR&OXEHSDLVHIDPLOLDUHVGRVDWOHWDV&kPDUD0XQLFLSDOGH
&RUXFKH &RPSDO GH $OPHLULP &DIpV 'HOWD 5iGLR 9R] GR 6RUUDLD -RUQDO GH &RUXFKH
$UPD]pQV9DOH9HUGH6HPSU
$VVDSDU/GH'RQD=pTXHWRUQDUDPSRVVtYHODUHDOL]DomRGHVWH
HYHQWR
2-XGR&OXEHGH&RUXFKHGHVHMDDVVLPXP%RP
127$5,$'2
32578*8Ç6
±(;75$&72±
1RWDULDOGH&RUXFKHVLWRQD5XDGRV*XHUUHLURVQRQROLYURGHQRWDVSDUDHVFULWXUDVGLYHUVDVQ~PHUR'(=$66(7(
$DIROKDVFHQWRHWULQWDHGRLVHVHJXLQWHVIRLODYUDGDXPDHVFULWXUDGHMXVWLILFDomRQRWDULDOSHODTXDO)(5
1$1'2)(/,60,127(2'252HPXOKHU-2$48,1$ '20,1*26&2(/+2FDVDGRVVRERUHJLPHGDFRPX
QKmRGHDGTXLULGRVDPERVQDWXUDLVGDIUHJXHVLDHFRQFHOKRGH&RUXFKHUHVLGHQWHVQR/XJDUGH9iU]HDG
ÈJXDIUHJXH
VLDGH(UUDFRQFHOKRGH&RUXFKHGHFODUDPTXHVmRGRQRVHOHJtWLPRVSRVVXLGRUHVFRPH[FOXVmRGHRXWUHPGRVSUpGLRV
DVHJXLULGHQWLILFDGRVGDIUHJXHVLDGH(UUDDQWLJDIUHJXHVLDGH&RUXFKHFRQFHOKRGH&RUXFKH
9(5%$ 80±5Ò67,&2VLWRQROXJDUGH9DJHPGHÈJXDDQWLJDIUHJXHVLDGH&RUXFKHFRPSRVWRGHFXOWXUD
DUYHQVHGHVHTXHLURHPRQWDGRGHVREURRXVREUHLUDOFRPDiUHDGHFLQFRPLOFHQWRHGH]DVVHLVPHWURVTXDGUDGRVD
FRQILQDUGRQRUWHFRP0RLVpVGH$OPHLGDGHVXOFRP$QWyQLR)HQHMDGHQDVFHQWHFRP-RDTXLP$QWyQLR)HOLVPLQRH
GHSRHQWHFRP-RDTXLP0LJXHO3LUUDOKRLQVFULWRQDUHVSHFWLYDPDWUL]VRESDUWHGRDUWLJRVHFomR%TXHSURYHLRGR
DUWLJRSDUWHDLQGDVHPYDORUSDWULPRQLDODWULEXtGRDRTXDODWULEXHPRYDORUGHTXLQKHQWRVHXURVSDUDHIHLWRV
GHVWH DFWR D GHVDQH[DU GR GHVFULWR QD &RQVHUYDWyULD GR 5HJLVWR 3UHGLDO GH &RUXFKH VRE R Q~PHUR 6(7( 0,/ (
&,148(17$ (48$752GDIUHJXHVLDGH&RUXFKHHVWDQGRUHJLVWDGDDDTXLVLomRSHODLQVFULomRUHVXOWDQWHGDDSUH
VHQWDomRGRLVGHYLQWHHVHWHGH2XWXEURGHPLOQRYHFHQWRVHFLQTXHQWDHRLWRDIDYRUGH$QWyQLR)HOLVPLQR-XQLRUH
PXOKHU,OGD3HUSpWXD7HRGRURSUHVHQWHPHQWHMiIDOHFLGRVHGHTXHPRV3ULPHLURVH7HUFHLURRXWRUJDQWHVPDULGRVVmR
~QLFRVKHUGHLURVFRQIRUPHDVHVFULWXUDVGHKDELOLWDomRGHKHUGHLURVODYUDGDVXPDWUrVGH-XQKRGHPLOQRYHFHQWRVH
QRYHQWD H VHWH D IROKDV QRYHQWD H VHWH YHUVR H VHJXLQWHV GR /LYUR GH QRWDV SDUD HVFULWXUDV GLYHUVDV 4XDWURFHQWRV H
4XDUHQWDH6HWH'HRXWUDHPVHWHGH'H]HPEURGHGRLVPLOHVHWHDIROKDVVHVVHQWDHVHWHHVHJXLQWHVGR/LYURGH
QRWDVSDUDHVFULWXUDVGLYHUVDV4XLQKHQWRVH&LQTXHQWDH7UrV'DPEDVGR&DUWyULR1RWDULDOGH&RUXFKHGHFXMRDFHU
YRVRXILHOGHSRVLWiULD
9(5%$ '2,6±5Ò67,&2VLWRQROXJDUGH9DJHPGHÈJXDRX&RXUHOD9DJHPGH6DQWDUpPFRPSRVWRGHPRQ
WDGRGHVREURRXVREUHLUDOFXOWXUDDUYHQVHGHVHTXHLURHSLQKDOEUDYRFRPDiUHDGHGH]PLOWUH]HQWRVHQRYHQWDHRLWR
PHWURV TXDGUDGRV D FRQILQDU GR QRUWH H QDVFHQWH FRP -RVp GRV 6DQWRV &ODUR GH VXO FRP (VWUDGD H GH SRHQWH FRP
-RDTXLP)HOLVPLQRLQVFULWRQDUHVSHFWLYDPDWUL]VRESDUWHGRDUWLJRVHFomR%DLQGDVHPYDORUSDWULPRQLDODWULEXt
GR DR TXDO DWULEXHP R YDORU GH TXLQKHQWRV HXURV SDUD HIHLWRV GHVWH DFWR QmR GHVFULWR QD &RQVHUYDWyULD GR 5HJLVWR
3UHGLDOGH&RUXFKHPDVDOLUHODFLRQDGRFRPRSUpGLRGHVFULWRVRERQ~PHURWUrVPLOTXDWURFHQWRVHVHWHQWDHRLWRDIRO
KDVWULQWDHVHWHGR/LYUR%2Q]HKDYHQGRGHFODUDGRRVMXVWLILFDQWHVTXHRSUpGLRREMHFWRGHVWDHVFULWXUDQmRFRUUH
VSRQGHDRSUpGLRDOLUHODFLRQDGRQRVWHUPRVGRGLVSRVWRQRQ~PHURGRDUWLJRGR&yGLJRGR5HJLVWR3UHGLDO
4XHRVMXVWLILFDQWHVQmRVmRGHWHQWRUHVGHTXDOTXHUWtWXORIRUPDOTXHOHJLWLPHRGRPtQLRGHVWHVSUpGLRVRVTXDLVYLHU
DPjVXDSRVVHSRUOKHVWHUHPVLGRGRDGRVVREDIRUPDPHUDPHQWHYHUEDOSHORVUHIHULGRVSDLVGRMXVWLILFDQWHPDULGR
FDVDGRVVRERUHJLPHGDFRPXQKmRJHUDOTXHIRUDPUHVLGHQWHVQROXJDUGH9iU]HD'
ÈJXDIUHJXHVLDGH(UUDFRQFHOKR
GH&RUXFKHSRUYROWDGRDQRGHPLOQRYHFHQWRVHVHWHQWDVHPQXQFDWHUHPODYUDGRRFRUUHVSRQGHQWHWtWXORH[LVWLQGR
FRPRXQLGDGHSUHGLDODXWyQRPDGHVGHHVVDGDWD
4XHGDGRRPRGRGHDTXLVLomRQmRWrPRVMXVWLILFDQWHVSRVVLELOLGDGHVGHFRPSURYDUSHORVPHLRVQRUPDLVRVHX
GLUHLWRGHSURSULHGDGHSHUIHLWDPDVDYHUGDGHpTXHVmRHOHVRVWLWXODUHVGHWDLVLPyYHLVSRLVGHOHVWrPXVXIUXtGRSODQ
WDQGRiUYRUHVHIHFWXDQGRDVOLPSH]DVQHFHVViULDVKiPDLVGHYLQWHDQRVLQLQWHUUXSWDPHQWHFRPRFRQKHFLPHQWRGHWRGD
DJHQWHHVHPDPHQRURSRVLomRGHTXHPTXHUTXHVHMDUHVSHLWDQGRDVVXDVGHPDUFDo}HVHVWUHPDVDJLQGRFRPWRWDO
H[FOXVLYLGDGHHLQGHSHQGrQFLDHQXQFDFRPRFRPSURSULHWiULRVFRPRVHGHFRLVDVXDVHWUDWDVVHVHQGRSRULVVRXPD
SRVVHFRQWtQXDS~EOLFDSDFtILFDHGHERDIpSHORTXHRVDGTXLULUDPSRUXVXFDSLmR
4XHGDGDVDVHQXQFLDGDVFDUDFWHUtVWLFDVGHWDOSRVVHRVMXVWLILFDQWHVDGTXLULUDPRVPHQFLRQDGRVSUpGLRVSRUXVX
FDSLmRWtWXORHVWHTXHSRUQDWXUH]DQmRpVXVFHSWtYHOGHVHUFRPSURYDGRSHORVPHLRVQRUPDLVLQYRFDQGRSRULVVR
HVWDIRUPDRULJLQiULDGHDTXLVLomRSDUDWRGRVRVHIHLWRVOHJDLV
$ 1RWiULD
%¶TKVCU2CTQSWKCNFG%QTWEJG
1HJOLJrQFLD,QIDQWLO
³7RGDVDVFULDQoDVWrPRGLUHLWRGHVHUROKDGDVDFPGHGLVWkQFLD´
3HGUR6WUHFKW
&5,$1d$6(05,6&2
&DGDFULDQoDpXPVHU~QLFRH
LQGLYLGXDO FRP DV VXDV SDUWLFX
ODULGDGHVH[SHFWDWLYDVPRGRVGH
VH H[SULPLU H H[SHULrQFLDV GH
YLGD 1HVVD H[SHULrQFLD QHVVH
PRGRVYLYHQGLHVWiFRQWLGRRVHX
FUHVFLPHQWR D IRUPD FRPR VmR
VDWLVIHLWDV DV VXDV QHFHVVLGDGHV
EiVLFDV D VXD HGXFDomR H D VXD
VRFLDOL]DomR
2 JUXSR IDPLOLDU FRQVWLWXL R
SULPHLUR FRQWH[WR UHVSRQViYHO
SHOD ³VXSHUYLYrQFLD´ GD FULDQoD
DWUDYpVGDVDWLVIDomRGDVQHFHVVL
GDGHVSULPiULDVItVLFDVDOLPHQ
WDomRDEULJRHSURWHFomRFRQWUDR
SHULJR H VyFLRHPRFLRQDLV LQ
WHUDFomRDIHFWRDWHQomRHVWLPX
ODomR DFHLWDomR $FRQWHFH QR
HQWDQWR TXH QHP WRGDV DV FUL
DQoDV VHJXHP HVVH FUHVFLPHQWR
SDGUmRHTXHPXLWDVYH]HVDIRU
PD FRPR H[SHULPHQWDP D VDWLV
IDomR GHVVDV QHFHVVLGDGHV DFDED
SRUVHUGHWXUSDGDSHUDQWHXPVLV
WHPDIDPLOLDUHDPELHQWDOGHVHV
WUXWXUDGR RX GHVHTXLOLEUDGR
(VVDV FULDQoDV HQFRQWUDPVH HP
ULVFRRXSHULJR
&RQVLGHUDVH TXH D FULDQoD
HVWiHPSHULJRTXDQGRVHHQFRQ
WUDQXPDGDVVHJXLQWHVVLWXDo}HV
• (VWi DEDQGRQDGD RX YLYH
HQWUHJXHDVLSUySULD
• 6RIUH PDXV WUDWRV ItVLFRV
RXSVtTXLFRVRXpYtWLPDGHDEX
VRVVH[XDLV
• 1mRUHFHEHRVFXLGDGRVRX
DDIHLomRDGHTXDGRVjVXDLGDGHH
VLWXDomRSHVVRDO
• e REULJDGD D DFWLYLGDGHV
RX WUDEDOKRV H[FHVVLYRV LQDGH
TXDGRV j VXD LGDGH GLJQLGDGH H
VLWXDomRSHVVRDORXSUHMXGLFLDLVj
VXDIRUPDomRHGHVHQYROYLPHQWR
• (VWi VXMHLWD D FRPSRUWD
PHQWRVTXHDIHFWHPJUDYHPHQWH
D VXD VHJXUDQoD RX R VHX HTXL
OtEULRHPRFLRQDO
• $VVXPH FRPSRUWDPHQWRV
RX HQWUHJDVH D DFWLYLGDGHV RX
FRQVXPRV TXH DIHFWHP JUDYH
PHQWH D VXD VD~GH VHJXUDQoD
IRUPDomR HGXFDomR RX GHVHQ
YROYLPHQWR VHP TXH RV SDLV VH
RSRQKDP GH PRGR DGHTXDGR D
UHPRYHUHVVDVLWXDomR
$ 1(*/,*Ç1&,$
6HJXQGRRVGDGRVGD&RPLV
VmR 1DFLRQDO GH 3URWHFomR GH
,UPDQGDGHGH
1RVVD6HQKRUD
GR&DVWHOR
&2192&$7Ð5,$
$VVHPEOHLD*HUDO2UGLQiULD
1RV WHUPRV GD DOtQHD GR $UW GRV (VWDWXWRV
FRQYRFR D $VVHPEOHLD *HUDO 2UGLQiULD GD ,UPDQ
GDGH GH 1RVVD 6HQKRUD GR &DVWHOR SDUD R GLD GH -DQHLUR GH jV KRUDV D UHDOL]DUVH QR
6DOmR 3DURTXLDO FRP D VHJXLQWH RUGHP GH WUDED
OKRV
3RQWR ² $SUHVHQWDomR GR 5HODWyULR H &RQWDV
UHIHUHQWHDRH[HUFtFLRGH
3RQWR²7RPDGDGH3RVVHGRV2UJmRV6RFLDLV
GD,UPDQGDGHSDUDRWULpQLRGH
3RQWR ² 2XWURV DVVXQWRV GH LQWHUHVVH SDUD D
,UPDQGDGH
6HjKRUDPDUFDGDQmRHVWLYHUHPSUHVHQWHVDPDLR
ULDGRV,UPmRVFRQYRFRDRDEULJRGRQGRDUWL
JRXPD$VVHPEOHLDSDUDDVKRUDV
&RUXFKHGH'H]HPEURGH
23UHVLGHQWHGD0HVDGD$VVHPEOHLD*HUDO
$QWyQLR$OEHUWR&XQKDO*RQoDOYHV)HUUHLUD
&ULDQoDV H -RYHQV HP 3RUWXJDO
HQWUHDVVLWXDo}HVGHSHULJRDWUiV
PHQFLRQDGDVDSUREOHPiWLFDTXH
DSUHVHQWDPDLRUWD[DGHLQFLGrQ
FLD p D QHJOLJrQFLD FRP GH VLQDOL]Do}HV D QtYHO QDFLRQDO
GDGRVGH
$ QHJOLJrQFLD ³FRQVWLWXL XP
FRPSRUWDPHQWRUHJXODUGHRPLV
VmR UHODWLYDPHQWH DRV FXLGDGRV
D WHU FRP XP PHQRU QmR OKH
VHQGR SURSRUFLRQDGD D VDWLVID
omR GDV VXDV QHFHVVLGDGHV HP
WHUPRV GH FXLGDGRV EiVLFRV GH
KLJLHQHDOLPHQWDomRVHJXUDQoD
HGXFDomRVD~GHDIHFWRHVWLPX
ODomR H DSRLR QR FRQWH[WR GRV
UHFXUVRVGLVSRQtYHLVSHODIDPtOLD
RX FXLGDGRUHV´ 7 0DJDOKmHV
(QTXDQWRRDEXVRHRPDOWUD
WR ItVLFR VmR IRUPDV GH PDXV
WUDWRVSRUDFomRDJUHVVmRItVLFD
DEXVRVH[XDODEXVRHPRFLRQDO
D QHJOLJrQFLD FDUDFWHUL]DVH SHOD
RPLVVmRRXLQDGHTXDomRHPTXH
DFULDQoDVHHQFRQWUDHPULVFRSRU
QmR OKH WHUHP VLGR SUHVWDGRV RV
FXLGDGRVDGHTXDGRV$ QHJOLJrQ
FLDLQFOXLDIDOWDGHWRGRRWLSRGH
FXLGDGRV QHFHVViULRV DR EHP
HVWDU GD FULDQoD WDLV FRPR DOL
PHQWDomRDGHTXDGDKLJLHQHYHV
WXiULRFXLGDGRVPpGLFRVDIHFWR
DWHQomRYLJLOkQFLDHHGXFDomR
7,326'(1(*/,*Ç1&,$
$ QHJOLJrQFLD DVVXPH GLYHU
VDV IRUPDV VHQGR TXH DOJXQV
DXWRUHVOKHDWULEXHPYiULRVVXEWL
SRV 3RGHPRV FRQVLGHUiOD HP
WUrVGRPtQLRV
1HJOLJrQFLD)tVLFD
,QFOXLDQmRSUHVWDomRGHFXL
GDGRVPpGLFRVEiVLFRVDIDOWDGH
DOLPHQWDomRDGHTXDGDPiKLJLH
QH H XVR GH YHVWXiULR LPSUySULR
DRFOLPDRXHPPDXHVWDGRHDV
VLWXDo}HV HP TXH p DEDQGRQDGD
RXGHL[DGDVHPYLJLOkQFLDSRUSH
UtRGRV ORQJRV FRP DXPHQWR GR
ULVFRGHDFLGHQWHVGRPpVWLFRV
1HJOLJrQFLD(PRFLRQDO
4XDQGR DV QHFHVVLGDGHV HPR
FLRQDLVGDFULDQoDVmRLJQRUDGDV
FRPSULYDomRGRDIHFWRHVXSRUWH
HPRFLRQDO QHFHVViULRV DR VHX
GHVHQYROYLPHQWRSOHQRHKDUPR
QLRVR
1HJOLJrQFLD(GXFDFLRQDO
4XDQGR QmR VmR SURSRUFLRQDGDV
j FULDQoD FRQGLo}HV SDUD D VXD
IRUPDomR LQWHOHFWXDO H PRUDO
FRPRDSULYDomRGDHVFRODULGDGH
EiVLFDRDEVHQWLVPRHVFRODUIUH
TXHQWHHLQMXVWLILFDGRHDSHUPLV
VLYLGDGH SHUDQWH KiELWRV TXH LQ
WHUIHUHPFRPRGHVHQYROYLPHQWR
FRPR R FRQVXPR GH iOFRRO H
RXWUDVGURJDV
,1',&$'25(6'(
1(*/,*Ç1&,$
$ SHUVLVWrQFLD GH DOJXQV VL
QDLVDOWHUDo}HVRUJkQLFDVREMHFWL
YDV H PHQVXUiYHLV H VLQWRPDV
DOWHUDo}HV VXEMHFWLYDV RX LQGL
UHFWDV GHYH ID]HUQRV SHQVDU QD
SRVVLELOLGDGH GH XPD FULDQoD
HVWDU D VRIUHU GH DOJXP WLSR GH
QHJOLJrQFLDWDLVFRPR
9 5RXSD GHVDGHTXDGD DR
FOLPDVXMDHPDOFXLGDGD
9 0DXVKiELWRVGHKLJLHQH
SHVVRDOVXMLGDGHFRUSRUDOFDEHOR
VXMRHGHVSHQWHDGRSLROKRVHSLF
DGDVGHSXOJDVHLQVHFWRV
9 (PDJUHFLPHQWR RX VL
QDLV GH Pi QXWULomR SRU YH]HV
DFRPSDQKDGRV GH DSHWLWH YRUD]
SHUDQWHDFRPLGD
9 $OWHUDo}HVGRFRPSRUWD
PHQWR
9 $WUDVR QDV DTXLVLo}HV
VRFLDLV H HP WRGDV DV iUHDV GD
PDWXULGDGH OLQJXDJHP PRWULFL
GDGHVRFLDOL]DomR
9 3HUWXUEDo}HV GR VRQR
VRQROrQFLDDSDWLDDJLWDELOLGDGH
9 $EVHQWLVPRHVFRODUSHU
VLVWHQWHHLQMXVWLILFDGRRXLQFXP
SULPHQWR GRV KRUiULRV H WDUHIDV
HVFRODUHV
9 $FLGHQWHV GRPpVWLFRV
IUHTXHQWHV
9 )DOWDGHFXLGDGRVPpGL
FRVEiVLFRVSRUH[HPSORYDFLQDV
QmRDFWXDOL]DGDVRXDWUDVRQDFRU
UHFomRGHGLILFXOGDGHVYLVXDLVRX
DXGLWLYDV
9 )DOWDSHUVLVWHQWHGRVFXL
GDGRUHVQRDFRPSDQKDPHQWRGRV
PHQRUHVQDHVFROD
&$86$6(
&216(48Ç1&,$6
&RPRYLPRVDQHJOLJrQFLDp
FDUDFWHUL]DGDSRUGLIHUHQWHVWLSRV
JUDXVGHJUDYLGDGHHGLPHQV}HV
SRUWDQWRSRUGLIHUHQWHVFDXVDVH
FRQVHTXrQFLDV TXDVH WmR GLVWLQ
WDV FRPR R VLVWHPD IDPLOLDU HP
TXHDFULDQoDVHLQVHUH$SHVDUGD
SREUH]D HVWDU DOWDPHQWH DVVRFLD
GDDRVFDVRVGHQHJOLJrQFLDQmR
SRGHPRV DILUPDU TXH p XPD
FDXVD SRLV GH SDLV D YLYHU
HP VLWXDomR GH SREUH]D QmR VmR
QHJOLJHQWHV*DXGLQ
$ QHJOLJrQFLD WHP FRQVH
TXrQFLDV JUDYHV QD FULDQoD LQ
WHUIHULQGR QR VHX QRUPDO GHVHQ
YROYLPHQWR ItVLFR H HPRFLRQDO
FDXVDQGROKH VRIULPHQWR H SR
GHQGRDWpSURYRFDUOKHDPRUWH
126((648(d$ 48(
3527(*(5$ &5,$1d$ e
80'(9(5'(72'26
6H Ki LQGtFLRV IRUWHV GH
TXHXPDFULDQoDpYtWLPDGHQHJ
OLJrQFLDGHYHPRVHQTXDQWRFLGD
GmRV FULDU FRQGLo}HV SDUD TXH
HVVD FULDQoD UHFHED SURWHFomR
$EUDQJHQGR D QHJOLJrQFLD XPD
JDPDPXLWRYDVWDGHVLWXDo}HVH
GLIHUHQWHVQtYHLVGHJUDYLGDGHD
DWLWXGHDWRPDUGHYHGHSHQGHUGR
FRQWH[WRHLQGLYLGXDOLGDGHGHFD
GD FDVR VHQGR VHPSUH SRQGHUD
GD
(PPXLWDVVLWXDo}HVVHUi
VXILFLHQWHGDUDSRLRDRVSDLVSUH
VWDGRUHVGHFXLGDGRVRXUHIHUHQ
FLDU D VLWXDomR D ,QVWLWXLo}HV OR
FDLVFRPRD(VFRODR&HQWURGH
6D~GHR6HUYLoR/RFDOGH6HJX
UDQoD6RFLDOR&$)$3 RXRXWUR
VHUYLoRGHDSRLRVRFLDOSURFXUDQ
GR HQFRQWUDU QD FRPXQLGDGH D
UHGHGHDSRLRTXHLUiSURWHJHUD
FULDQoD
6HRVSDLVUHFXVDPRDSRLR
RX VH D VLWXDomR GH ULVFR Mi
HYROXLX SDUD SHULJR HIHFWLYR
GHYHVHUFRPXQLFDGDj&RPLVVmR
GH 3URWHFomR GH &ULDQoDV H -R
YHQVHP5LVFRGDiUHDRXVHHVWD
QmR H[LVWLU DR &HQWUR 5HJLRQDO
GH 6HJXUDQoD 6RFLDO RX DR 7UL
EXQDOGH0HQRUHV

$ QHJOLJrQFLD LQIDQWLO p
XPDVLWXDomRGHPDXVWUDWRVTXH
SRGHUi FXOPLQDU HP PRUWH QmR
SHOR H[FHVVR GD DFomR QHJDWLYD
DJUHVV}HV DEXVRV PDV SHOD
JUDYLGDGH GDV RPLVV}HV SULYD
o}HVHLQDGHTXDo}HVDTXHDVFUL
DQoDV HVWmR VXMHLWDV H TXH HP
PXLWRFRQGLFLRQDPRVHXGHVHQ
YROYLPHQWR HQTXDQWR VHUHV KX
PDQRVFDSD]HVDFWLYRVHIHOL]HV
1mRSHUFDRSUy[LPRQ~PHUR
FRPRWHPD
³&20(5 %(0&5(6&(5
0(/+25´
(TXLSD7pFQLFD
,VDEHO0LUDQGD
3VLFyORJD&OtQLFD&RRUGHQDGRUD
*RQoDOR$UURPED
3VLFyORJR&OtQLFR
6tOYLD&DUDoD
$VVLVWHQWH6RFLDO
6HTXLVHU IDODU FRQQRVFR
FRQWDFWHQRV
1DVHJXLQWHPRUDGD
&iULWDV3DURTXLDOGH&RUXFKH
&$)$3 ±³(GXFDUSDUDR
)XWXUR´
7UDYHVVDGR)RUQRQ
&RUXFKH
1RVVHJXLQWHVFRQWDFWRV
7HOHIRQH
7HOHPyYHO
)D[
*DEULHO%
%UDVLOHLURHH'
'DQLHO
7ULQGDGHHHPE
ERPS
SODQRQ
QD
6LOYHVWUHG
GH$
$YLV
6mR6
8QLYHUVLGDGH$
$EHUWD
YV
´3UHQGLQKD66ROLGiULDµ
6HQGR D IDVH ILQDO GR DQR SUHHQFKLGD SHODV
WUDGLFLRQDLVFRUULGDVGH6mR6LOYHVWUHGH1RUWHD
6XOGR3DtVR&2$&PDUFRXSUHVHQoDQRSDVVD
GRILPGHVHPDQDHPGRLVGHVVHVHYHQWRV
1R GLD GH 'H]HPEUR$YLV UHFHEHX D
HGLomR GD WUDGLFLRQDO &RUULGD GH 6mR 6LOYHVWUH
HQTXDQWR/LVERDUHFHEHXQRGLDVHJXLQWHD³6mR
6LOYHVWUHGH/LVERD´
1RSDVVDGRGLDGRPrVHPTXHVHFHOHEUDRQDVFLPHQWRGH
-HVXV RV DOXQRV GD 8QLYHUVLGDGH $EHUWD GR &/$ GH &RUXFKH
VHJXLQGRRHVStULWRQmRVyGHVROLGDULHGDGHPDVWDPEpPGHFRQV
FLrQFLDFROHFWLYDRSWDUDPSRUQmRWURFDUSUHQGDVHQWUHVLPDVDQWHV
RIHUHFHUVROLGDULDPHQWHXPDSUHQGD
$VVLPSURFHGHUDPjUHFROKDGHDOLPHQWRVURXSDHDOJXPYDORU
SHFXQLiULRTXHSRVWHULRUPHQWHIRUDPRIHUHFLGRVDLQVWLWXLo}HVGH
VROLGDULHGDGHVRFLDO
)RLQRWyULDDVXDIHOLFLGDGHSRUVHLQWHJUDUHPQXPDDFomRRQGH
DV SHVVRDV FRP FDUrQFLDV IRUDP SHQVDGDV HP SULPHLUR OXJDU
$X[LOLDURSUy[LPRIRLSULRULWiULRSRUVHFRQVLGHUDUTXHRSUy[LPR
VRPRVQyV(LVWRSHQVDUDPRVDOXQRVpYHUGDGHLUDPHQWHRHVStUL
WRTXHSHUSHWXDR1DWDO
BBB
$YLVHHQFKHXVVHG
GHHHPRomRQ
QD
6
6mR6
6LOYHVWUH
285,9(6$5,$(5(/2-2$5,$
$PkQGLR&HFtOLR&D /GD
$JHQWHGDVFRQFHLWXDGDVPDUFDVGH5HOyJLRV
20(*$7,662725,(17&$6,2
6:$7&7,0(;(2875$6
3RVVXtPRVPiTXLQDVGHJUDYDUDOLDQoDVH
FKDSDVSDUDDXWRPyYHLVHPRWRUL]DGDV
7DoDVSDUDGHVSRUWR 6HUYLoRHP3UDWD
/HPEUDQoDVSDUD%HEp
9HQGHPRV9DORUHV6HODGRV
([HFXWDPRVFRQVHUWRV
7HOHI
5XDGH6DQWDUpP²&RUXFKH
7HQGR R 6RO FRPR FRPSDQKHLUR GRV DWOHWDV
$YLV FRQWRX QD WDUGH GH GH 'H]HPEUR FRP
YiULDV FHQWHQDV GH DWOHWDV QD &RUULGD GH 6mR
6LOYHVWUHTXHFRQWDMiFRPHGLo}HV2&2$&
PDUFRX SUHVHQoD QR HYHQWR FRP DWOHWDV GLV
WULEXtGRVSHORVGLYHUVRVHVFDO}HV
'DQGRFRQWLQXLGDGHDRFRQMXQWRGHSUHVWDo}HV
GHERPQtYHOQR$WOHWLVPRGHVGHRLQtFLRGDpSR
FD *DEULHO %UDVLOHLUR HP %HQMDPLQV DSyV XPD
SDUWLGD RQGH SHUGHX DOJXP WHUUHQR SDUD RV HOH
PHQWRV GD IUHQWH UHFXSHURX H REWHYH XP H[FH
OHQWHOXJDUILQDO
$LQGDQHVWHHVFDOmR&DUORV&DUORWDIRLR
FODVVLILFDGR1RHVFDOmRGH6HQLRUHV0DVFXOLQRV
'DQLHO7ULQGDGHREWHYHXPEDVWDQWHSRVLWLYR
OXJDUILQDODSyVRVNPGHSURYD$SyVXPD
SULPHLUDYROWDDRFLUFXLWRGHNPTXHFRORFDYD
RDWOHWDGR&2$&MXQWRGRJUXSRGDIUHQWHXPD
TXHEUDGHULWPROHYRXRDSHUGHUDOJXQVOXJDUHV
PDVDOFDQoDQGRXPUHVXOWDGRH[WUHPDPHQWHSRV
LWLYRWHQGRHPFRQWDDIRUWHFRQFRUUrQFLDSUHVHQWH
HP$YLV
7DPEpP HP 6HQLRUHV 0DVFXOLQRV 9LUJROLQR
&RHOKRREWHYHROXJDUILQDO(P-XYHQLV)H
PLQLQRV 3DWUtFLD $UURPED DSyV XPD SULPHLUD
SDUWHGHSURYDDXPERPULWPRTXHOKHSHUPLWLD
VHJXLUQRJUXSRGDIUHQWHDFDERXSRUQmRFRQFOXLU
DVXDSURYDGHYLGRDXPDOHVmR
1R HQWDQWR ILFD DV ERDV LPSUHVV}HV GHPRQ
VWUDGDVSHODMRYHPGH&RUXFKHTXHVHHVWUHRXHP
$YLVQDpSRFDGH$WOHWLVPR
BBB
6mR6
6LOYHVWUHG
GH/
/LVERDFFRP
S
SDUWLFLSDQWHV
&RPSDUWLGDVHFKHJDGDVQD3UDoDGR5RVVLR
SDUD WRGRV RV HVFDO}HV D 6mR 6LOYHVWUH GH
/LVERDDSUHVHQWRXQDSDUWLGDFHUFDGHSDU
WLFLSDQWHV LQFOXLQGR PXLWRV GRV QRPHV VRQDQWHV
GR$WOHWLVPR1DFLRQDO
¬VKIRLGDGRRWLURGHSDUWLGDSDUDDSURYD
SULQFLSDO TXH OHYRX RV DWOHWDV D SHUFRUUHU NP
SHODV UXDV GH /LVERD 1R HVFDOmR GH -XQLRUHV
0DVFXOLQRV5XEHQ7DGHLDREWHYHROXJDUGH
HQWUH RV LQVFULWRV (P 6HQLRUHV 0DVFXOLQRV
9LUJROLQR &RHOKR IRL R PHOKRU FODVVLILFDGR GR
&2$&WHUPLQDQGRQDSRVLomR
1DFODVVLILFDomRJHUDODVYLWyULDVSHUWHQFHUDP
D-RVp5DPRV0DUDWRQDH'XOFH)pOL[6SRUWLQJ
&OXEHGH%UDJD
$ pSRFDGH$WOHWLVPRSURVVHJXHQRLQtFLRGH
FRPDUHDOL]DomRGD3URYDGR;,&ULWpULR
GH &RUWD 0DWR 3DXOR *XHUUD TXH WHUi OXJDU HP
0RQWHPRUR1RYRQRGLDGH-DQHLUR
BBB
&DPSDQKDGHWURFDGHOkPSDGDV
LQFDQGHVFHQWHVHFRQRPL]DGRUDV
'HFRUUHXQRVSDVVDGRVPHVHVGH1RYHPEURH'H]HPEURDGLYXOJDomR
HSRVWHULRU WURFDGHOkPSDGDVLQFDQGHVFHQWHVHFRQRPL]DGRUDV
(/(&752'20e67,&26
$5 &21',&,21$'2
0(2²6$7(/,7( ²,379
5(3$5$d¯(6
&20387$'25(6 326726 '( 9(1'$
62)7:$5( $66,67È1&,$
5XDGRV%RPEHLURV0XQLFLSDLV 1%
&258&+(
7HOV 2 REMHFWLYR GHVWD FDPSDQKD p VHQVLELOL]DU H
PRWLYDUDFRPXQLGDGHHPJHUDODVXEVWLWXLUOkP
SDGDV LQFDQGHVFHQWHV SRU OkPSDGDV HFRQRPL
]DGRUDVSDUDLQFHQWLYDUjSRXSDQoDGHHQHUJLDSRU
SDUWHGDVIDPtOLDV
$ FDPSDQKDWURFDGHOkPSDGDVDEUDQJHXYi
ULRVHOHPHQWRVGRFRUSRGRFHQWHQRPHDGDPHQWH
SURIHVVRUHVGHFLrQFLDVHItVLFRTXtPLFDQmRGR
FHQWHHDOXQRVGRWHUFHLURFLFORVpWLPRRLWDYRH
QRQRDQRVSRLVVmRSRWHQFLDLVLQFHQWLYDGRUHVGD
PXGDQoDGHKiELWRVSRUSDUWHGDFRPXQLGDGH
(VWD FDPSDQKD WHYH XPD PDLRU DGHVmR SRU
SDUWHGRVDOXQRVGHFLFORVpWLPRRLWDYRHQRQR
DQRV
2 JUXSR HQWUHYLVWRX DOJXQV DOXQRV SDUWLFL
SDQWHVQDWURFDSDUDVDEHUDVXDRSLQLmRTXHQR
JHUDO IRL SRVLWLYD ³2V PHXV SDLV SRXSDP PDLV
GLQKHLUR QR ILQDO GR PrV HP HOHFWULFLGDGH´ DILU
PDYDXPDDOXQDGRRLWDYRDQR2DOXQR-RVp(V
WHYHVGR&PDQLIHVWRXRVHXDJUDGRHVDWLVID
omRHPID]HUDWURFDGDVVXDVOkPSDGDVGHFDVD
$ VREUD GH OkPSDGDV IRL GLVWULEXtGD SDUD D
FRPXQLGDGHLGRVDGHDOJXPDVIUHJXHVLDVGRFRQ
FHOKR QRPHDGDPHQWH &RXoR %LVFDLQKR (UUD
)DMDUGDH/DPDURVD
(QWUHYLVWDPRV WDPEpP DOJXQV GRV LGRVRV D
TXHP HIHFWXiPRV D WURFD H QR JHUDO DV RSLQL}HV
IRUDP SRVLWLYDV ³(VWD WURFD p PXLWR ERD SDUD
PLP « DV UHIRUPDV VmR EDL[DV H LVWR p XPD
PDQHLUDGHSRXSDUDOJXPGLQKHLUR´DILUPDDVH
QKRUD)HOtFLD
526$'2&$7,7$
0RQWDJHQVGH$OXPtQLRV /GD
$OXPtQLRV (VWRUHV 9LGURV
*UDGHDPHQWRV %DQKHLUDV
0RVTXLWHLURV 3RUW}HV $XWRPDWLVPRV
25d$0(1726*5É7,6
&RQWDFWHHYLVLWHQRVHP
7UDYHVVDGRV$JRODGDV²9DOH0DQVRV
&RUXFKH
'HSDUiPRQRVFRPDOJXPDGHVFRQILDQoDSRU
SDUWH GD SRSXODomR DOYR LVWR SURYD TXH H[LVWH
DOJXPDLQVHJXUDQoDHQWUHDVSHVVRDV³(VWDVOkP
SDGDVMiHXDVSDJXHLQDIDFWXUDGDOX]´UHPDWRX
XPLGRVRGD/DPDURVD
(VSHUHPRV TXH WRGRV RV HQYROYLGRV QHVWD
FDPSDQKD SRVVDP PRGLILFDU RV VHXV FRPSRUWD
PHQWRVGHPRGRDSRXSDUDOJXPGLQKHLURHHQHU
JLDHTXHWUDQVPLWDPDLGHLDTXHWHQWiPRVGLYXO
JDUDWRGRVRVVHXVIDPLOLDUHVDPLJRVHFRQKHFL
GRV
BBB
*UXSRGDV(QHUJLDVGHiUHDSURMHFWRGD(VFROD6HFXQGiULD
GH&RUXFKH$
7HO
7OPV
/($/&$7,7$/'$
9HQGDVH
H$
$VVLVWrQFLD
6HPL1RYRV
9:3DVVDW9DULDQW%07',S'LHVHO
2SHO$VWUD(FRIOH[&'7,S'LHVHO
5HQDXOW0HJDQH%UN'LQDP6'&,S'LHVHO
2SHO$VWUD*7&&'7,S'LHVHO
2SHO&RUVD(FR)OH[&'7,S'LHVHO
2SHO&RUVD(QMR\S
6NRGD)DELDYS
6HDW,EL]DY0RG1RYRS
&LWURHQ&975YS
3HXJHRW7UHQG\S
)LDW*UDQGH3XQWRS
5HQDXOW&OLR/X[H'LQDPLTXHYS
5HWRPDV
$XGL$$YDQW6/LQH7',*36S'LHVHO
6NRGD2FWDYLD%UHDN7',S'LHVHO
6NRGD)DELD%UHDNYS
2SHO$VWUD&DUDY(GLWLRQ&'7,S'LHVHO
+\XQGDL*HW]S
0LWVXELVKL&ROW,QYLFWHS
%0:G7RXULQJSFY'LHVHO
6HDW,EL]DYS
)RUG)RFXV67:Y
9:*ROI9S
&RPHUFLDLV
5HQDXOWFOLR'&,9DQ&$&
3HXJHRW+GL9DQ&$&
5HQDXOW.QDJRR'&,9DQ&$&
,VX]R'0D[7'&';&$&
5HQDXOW&OLR'&,9DQ&$&
3HXJHRW3DUWQHU5HIRUFp'9DQ
3HXJHRW+',9DQ&$&
&LWURHQ&6;3DFN+',9DQ&$&
2SHO&RPER&'7,9DQ
1LVVDQ$OPHUD''7,9DQ
+\XQGDL+7'/&$&
9ZGTJ
8[GJU)KSOZsXOU
9ZGTJ
83GXOG+SwROG0UXJpU
5LOIOTGY
8[GJU)KSOZsXOU
9GTZU'TZUTOTU
)UX[INK
:KR
,G^
RKGRIGZOZG&TKZK[XUTKZ
]]]RKGRKIGZOZGIUS
&UpGLWRV
GHD0HVHV
$UWHVDQDWRHH P&
& RUXFKH
)UHJXHVLDGH&RUXFKH
$57( &8/785$
)RWRV3DXOR)DWHOD
3DXOR)DWHOD
$UWHVmR $IRQVR-XVWLQRGH6RXVD
$UWHVDQDWR7UDGLFLRQDO
$IRQVRGH6RXVDIDODGHVL
1DVFLHP&RUXFKHIL]DFODVVHHDSyVDWHUWHUPLQDGRLQLFLHLDFWLYLGDGHGH
ROHLURQDRILFLQDGRPHXSDLTXHWDPEpPHUDROHLURWDOFRPRRPHXDY{HRVPHXV
WLRV
'HVHQYROYLDFWLYLGDGHGHROHLURGRVDRVDQRVGHLGDGH
)RLH[DFWDPHQWHFRPDQRVTXHHPLJUHLSDUD)UDQoD&ROPDUVHQGRTXHDtD
DFWLYLGDGHSURILVVLRQDOQDGDWLQKDDYHUFRPRODULDQRHQWDQWRQRVWHPSRVOLYUHV
SRXFRVVDWLVID]LDDYRQWDGHGHPHWHUDPmRQREDUURHWUDQVIRUPDORHPSHoDV~WHLV
HGHFRUDWLYDV
1HVVHSHUtRGRGDPLQKDYLGDIXLYLVDGRHPGLYHUVRVMRUQDLVGHkPELWRORFDOH
SDUWLFLSHLHPGLYHUVDVH[SRVLo}HVHP&ROPDUQRPHDGDPHQWHQD$67,$VVRFLDomR
GH6ROLGDULHGDGHGRV7UDEDOKDGRUHV,PLJUDQWHV
5HIRUPDGRGLYLGRRWHPSRHQWUH3RUWXJDOH)UDQoDVHQGRTXHWURX[HDURGDGH
ROHLUR SDUD &RUXFKH WUDQVIRUPHL D PLQKD JDUDJHP HP DWHOLHU H p Dt TXH SDVVR
JUDQGHSDUWHGRPHXWHPSRIDEULFDQGRSHoDVHXOWUDSDVVDQGRGLILFXOGDGHVRXVHMD
QmRREVWDQWHVHUIiFLODPDWpULDSULPDFR]HUDVSHoDVVyPHVPRFRPDERDYRQWDGH
GHXPFROHJDROHLUR6U'RPLQJRVGH0XJH
1mRWHQKRFRPHUFLDOL]DGRVmRDSHQDVSDUDRIHUHFHUDRVDPLJRVHIDPLOLDUHV
$ORMD
GRVVHXVILOKRV
7HO
5XDGH63HGURQ²&RUXFKH
(6&2/$ $&$'(0,$ 63257,1*
'(
6$025$ &255(,$
2 PrV GH 'H]HPEUR QD
$FDGHPLD6SRUWLQJGH6DPR
UD&RUUHLDIRLGHIRUWHDJLWD
omR QR ERP VHQWLGR GD SD
ODYUDQmRREVWDQWHRIULRHDV
LQWHPSpULHVTXHVHPDQLIHVWD
UDP HP DOJXPDV VHVV}HV GH
WUHLQR RX DFWLYLGDGHV GHVHQ
YROYLGDV
1R ILPGHVHPDQD GH GH
'H]HPEUR PDQWLYHPRV HP DF
omRWRGRVRVHVFDO}HVHPYiULDV
DFWLYLGDGHV$ (VFROD$FDGHPLD
6SRUWLQJ IRL FRQYLGDGD SDUD
DSDGULQKDUDHVFRODGHIRUPDomR
GR 9DODGD FOXEH ORFDO j EHLUD
7HMRTXHFRPHoRXHVWHDQRDOHF
FLRQDU IXWHERO DRV PHQLQRV GD
UHJLmR 1XPD PDQKm DJUDGiYHO
QmRREVWDQWHDDPHDoDGHFKXYD
HVWLYHUDPHPSUiWLFDFHUFDGH
DOXQRVHQWUHHOHVRVQRVVRVEHQ
MDPLQV6XEHDOJXQV6XE
¬ KRUD GD SDUWLFLSDomR HP
9DODGDWDPEpPjEHLUDGR7HMR
HP $OYHUFD PDUFiYDPRV SUH
VHQoD QD /LJD 8$/' QD
VXD MRUQDGD SDUD RV DOXQRV
QDVFLGRVQRDQR&RQWXGR
LQIHOL]PHQWH HVVD MRUQDGD IRL
DGLDGDSRUIDOWDGHFRPSDUrQFLD
GD HTXLSD TXH GHIURQWDUtDPRV
2V QRVVRV DWOHWDV IL]HUDP XP
WUHLQRHQWUHHOHVHUHJUHVVDUDPD
FDVDFRPSHQDGHQmRWHUMRJDGR
³jVpULD´¬WDUGHQDVLQVWDODo}HV
GD$FDGHPLD6SRUWLQJGD3yYRD
GH6DQWD,ULDWHYHOXJDUDMRU
QDGDGD/LJD($66&6XE$V
QRVVDV HTXLSDV $GULHQ H 3HUHL
ULQKDHVWLYHUDPHPERPQtYHOH
SHUDQWHDV($6GH&RUURLRVHGD
3yYRDGH6DQWD,ULDQmRIRUDP
FRQWXGRDOpPGDGLYLVmRGHSRQ
WRV($66DPRUD&RUUHLD$GULHQ
± ($6 &RUURLRV ($6 6D
PRUD&RUUHLD3HUHLULQKD±($6
3yYRDGH6DQWD,ULD%
'XUDQWH WRGR R PrV GH 'H
]HPEUR TXH GHQRPLQDPRV ³R
PrV GR$PLJR´ RV QRVVRV DOX
QRV FRQYLGDUDP RV VHXV DPLJRV
SDUD SDUWLFLSDUHP QRV WUHLQRV
)RUDP VHVV}HV H[WUHPDPHQWH
SDUWLFLSDGDV H GLYHUWLGDV RQGH
PDLV FULDQoDV WLYHUDP D RSRUWX
QLGDGHGHWUHLQDUFRQQRVFR
1RGLDPDUFiPRVRQRVVR
FRQYtYLRGH1DWDOTXHHQYROYHX
WRGRV RV DOXQRV ($66& H RV
VHXV DPLJRV (P SDUDOHOR FRQ
YLGiPRVRVSDLVSDUDXPDSHODG
LQKDTXHJHURXIRUWHHQWXVLDVPR
HQWUHWRGRVRVSDUWLFLSDQWHV
3DUD R PrV TXH DVVLQDOD R
DUUDQTXH GR QRYR DQR GH WHPRV SUHYLVWDV YiULDV DFWLYL
GDGHV D VDEHU MRUQDGD GD
/LJD($66&6XELGDDR(V
WiGLR-RVp$OYDODGHSDUDDVVLVWLUD
XP MRJR GR 6SRUWLQJ &OXEH GH
3RUWXJDO /LJD 8$/' HHQWUHRXWUDV
%RP$QRGHpRGHVHMR
GD(VFROD$FDGHPLD6SRUWLQJGH
6DPRUD&RUUHLD
&DUORV%DFDOKDX
5XDGH2XWXEUR
&RUXFKH
7HO
)D[
7P
$55$*(67
*DELQHWHGH&RQWDELOLGDGHH*HVWmR
(VFULWyULR
7HOHI)D[
7HOHP
&RPLGDSDUDIRUDH)UDQJRQR&KXUUDVFR
5XDGH'LXQ²&258&+(
7HOPD/HDO&DL[HLULQKR
68*(67¯(6
$QmRSHUGHU
&'
9LUDUD3iJLQDGH $QMRV
2VLUPmRV5RVDGRHVWmRGHYROWD
FRP 9LUDU D 3iJLQD R QRYR
iOEXPGHRULJLQDLV
1pOVRQ H 6pUJLR Mi FRQWDP FRP
DQRV GH FDUUHLUD HQTXDQWR
$QMRV H DR ORQJR GHVWH WHPSR
VHPSUH FRP HQRUPH VXFHVVR
SRLV R S~EOLFR GHVGH FHGR UHFR
QKHFHX R WDOHQWR GHVWHV GRLV
LUPmRV (QWUH HP DR VRP
GRV$QMRV
/,952
.PGH&DGD9H]
GH
*RQoDOR&DGLOKH
0DLVGRTXHXPDSURILVVmRVHUYLD
MDQWH p XPD IRUPD GH YLGD SDUD
*RQoDOR&DGLOKH(PNPGH&DGD
9H]&DGLOKHFRQWDDVVXDVH[SHULrQ
FLDV VHQVDo}HV H GHVFREHUWDV VREUH
RV UHFDQWRV GR VHX PXQGR
(PEDUTXHQHVWDYLDMHP
&,1(0$
2XYLVWH)DODUGRV0RUJDQV"'LG<RX+HDU$ERXWWKH
0RUJDQV"GH 0DUF/DZUHQFH
2 TXH VH SRGH HVSHUDU GD UHXQLmR
HQWUH +XJK *UDQW H 6DUDK -HVVLFD
3DUNHU" &ODUR HVSHUDVH FRPpGLD
PRPHQWRV KLODULDQWHV H« URPDQ
FH"
5HDOPHQWH VmR HVWH RV LQJUHGLHQWHV
EiVLFRVSDUDXPDFRPpGLDURPkQWL
FD QHVWH ILOPH DLQGD VH DFUHVFHQWD
XPD KLVWyULD VREUH XP VXSRVWR
FULPH« FRQIXVR" 3RLV EHP QmR
GHL[HGHLUDRFLQHPDHYHMDFRPRVH
FR]LQKDWXGRLVWRFRPDRULHQWDomR
GR FKHI HVSHFLDOLVWD HP FRPpGLDV
0DUF/DZUHQFH
$ HVWUHLD HVWi PDUFDGD SDUD GLD GHVWHPrV'LYLUWDVH
0HQVDJHP
6RXImLQFRQGLFLRQDOGRV;XWRV3RQWDSpVWDOFRPRDJHQHUDOLGDGHGRV
SRUWXJXHVHV QmR SRVVR GHL[DU GHVHMDU SXEOLFDPHQWH DV PHOKRUDV DR =p
3HGUR
7DOFRPRpGRFRQKHFLPHQWRGHWRGRVRJXLWDUULVWDGDPDLRUEDQGDSRU
WXJXHVDWHYHXPDFRPSOLFDomRGHVD~GHQRILQDOGHRTXHREULJRX
DRVHXLQWHUQDPHQWR=p3HGURDJXDUGDPRVRWHXUHJUHVVRVHPSUHjWXD
PDQHLUD)RUoD
68*(67¯(6
'(/(,785$
3RU
0iULR
*RQoDOYHV
ZZZOLYURVHOHLWXUDVFRP
$FDGHPLDGH9DPSLURV
$ OLWHUDWXUDGHYDPSLURVIDVFLQDRVOHLWRUHVKiFHQWHQDVGHDQRV0XLWRVH
WHPHVFULWRVREUHHOHVHDWpLQYHQWDGRSHUVRQDJHQVTXHQRVHQFDQWDPVHP
SUH TXH GHVFREULPRV PDLV DOJXPD FRLVD VREUH HODV (P $FDGHPLD GH
9DPSLURVXPDREUDGD&RQWUDSRQWRDHVFULWRUD5LFKHOOH0HDGFRQWDQRV
DKLVWyULDGH5RVHH/LVVD$VGXDVSURWDJRQLVWDVVmRDSDQKDGDVHDUUDV
WDGDV GH YROWD j$FDGHPLD 6mR9ODGLPLU HVFRQGLGD QDV SURIXQGH]DV GH
XPDIORUHVWDGH0RQWDQD$PEDVYROWDPDTXHEUDUFRUDo}HVQD$FDGHPLD
1RHQWDQWRpGHQWURGRVSRUW}HVGHIHUURGH6mR9ODGLPLUTXHDVHJXUDQoD
GH/LVVDH5RVHHVWiPDLVDPHDoDGD
&RQYHUVDQ$ &DWHGUDO
$ REUD GD ' 4XL[RWH QmR p SURSULDPHQWH UHFHQWH &RQYHUVD Q$
&DWHGUDO WHP DQRV GDWD GH $ KLVWyULD SDVVDGD QD DOWXUD GR
UHJLPH GH 0DQXHO 2GULD VXUJH GHSRLV GH XP RXWUR EHVW VHOOHU GH 0DULR
9DUJDV /ORVD $ &LGDGH H RV &mHV $SHVDU GH QmR VHU QRYR R
URPDQFHGRHVFULWRUSHUXDQRFRQWLQXDDVHUXPDREUDDFDULQKDGDPXQGLDO
PHQWH$V PDLV GH SiJLQDV VmR XP UHWUDWR GH XP SDtV PHUJXOKDGR
QXPDGLWDGXUDYLYLGDHQWUHH
(GXFDU SDUDDQmRYLROrQFLD
0XLWRVHWHPHVFULWRHGHEDWLGRVREUHSUREOHPiWLFDGDVFRQGXWDVDJUHVVL
YDVQDVHVFRODV(P(GXFDUSDUDDQmRYLROrQFLDXPOLYURGD.(GLWRUD
VmRDSUHVHQWDGDVWpFQLFDVSDUDFRQWURODUDVHPRo}HVDLUDHDDQVLHGDGH
2REMHFWLYRpGHVHQYROYHUFDSDFLGDGHVSDUDUHVROYHUFRQIOLWRVHSUREOHPDV
LQWHUSHVVRDLV3HGDJRJRVSURIHVVRUHVHGXFDGRUHVPDVWDPEpPSDLVHDWp
DOXQRVSRGHPHQFRQWUDUQHVWDREUDGH-RDTXLP*RQ]iOH]3pUH]H0DULD
-RVp&GHO3R]RPXLWDVVROXo}HVSDUDSUREOHPDVTXHPDQFKDPRTXR
WLGLDQRGRVHVWDEHOHFLPHQWRVGHHQVLQR
2&{QVXO'HVREHGLHQWH
(VWHpXPWHVWHPXQKRYLYRGHXPDGDVPLOYLGDVVDOYDVSRU$ULVWLGHV
GH 6RXVD 0HQGHV R F{QVXO SRUWXJXrV TXH GHVREHGHFHX D 6DOD]DU $
KLVWyULD GH$ULVWLGHV GH 6RXVD 0HQGHV GHX DJRUD RULJHP D XP URPDQFH
KLVWyULFR7UDWDVHGHXPOLYURGDDXWRULDGH6yQLD/RXURTXHUHWUDWDRV
PHOKRUHV PRPHQWRV SURWDJRQL]DGRV SRU HVWH HPEDL[DGRU GD SD] H GD
OLEHUGDGH8POLYURGD6DtGDGH(PHUJrQFLDRQGHWXGRVXUJHDWpPHVPR
DOJXQVGRFXPHQWRVTXHVXVWHQWDUDPDWHVH
0DQXDOGH0DVVDJHP
(VWHpXPOLYURSDUDVHWHUHPFDVD1XQFDVHVDEHTXDQGRpTXHVRPRV
FKDPDGRVDID]HUXPDPDVVDJHP$WUDYpVGD$UWHSOXUDOXPDFKDQFHODGD
%HUWUDQGVDLEDFRPRFRQVHJXLUXPERPUHOD[DPHQWRRXXPFRQIRUWiYHO
EHPHVWDU6KLDWVXELRHQHUJpWLFDHXWRQLDRULHQWHVHQRPXQGRGDVPDV
VDJHQVHGRVVHXVEHQHItFLRV2VWUXTXHVQHPVHPSUHVmRVLPSOHV+iSRU
WDQWR TXH FRQKHFHU DV WpFQLFDV EiVLFDV PDLV DGHTXDGDV D FDGD SHVVRD
&RP R 0DQXDO GH 0DVVDJHP H[SHULPHQWH SRU H[HPSOR D SUiWLFD GD
DXWRPDVVDJHPRXIDoDXPDPDVVDJHPDRVHXEHEp
7i[LV3DXO
7i[LFOXJDUHV
7OPV
9LFHFFDPSHmR
UHJLRQDOG
GH
GH
QDWDomRG
GD
IXQGRppG
%~]LRV&
&RUXFKH
'HFRUUHXQRVSDVVDGRVGLDVHGH'H]HP
EURQD3LVFLQD0XQLFLSDOGH7RUUHV1RYDVP
PDLVXPDHGLomRGR7RUQHLR5HJLRQDOGH)XQGR
,1)-89FRPSHWLomRRUJDQL]DGDSHOD$VVRFLDomR
GH1DWDomRGR'LVWULWRGH6DQWDUpPHPSDUDOHOR
FRPPDLVXPDSURYDGHSUHSDUDomRGHFDWHJRULDV
(VWD FRPSHWLomR FRQWRX FRP QDGDGRUHV HP
UHSUHVHQWDomRGH&OXEHV
$ %~]LRV ± &RUXFKH SDUWLFLSRX FRP QDGD
GRUHVRQGHGHVWDFDPRVRHVSHFWDFXODUOXJDUGH
0iULR $PRULP HP -XYHQLO OXJDU GH $QD
0RQWHLUR ,QIDQWLO H OXJDU GH 'LRJR %DOVD
-XYHQLO
'HVWDFDPRV D JUDQGH HYROXomR GH 'LRJR
%DOVDQHVWDHVSHFLDOLGDGHGHIXQGRRQGHUHWLURX
TXDVHPLQXWRVDRVHXWHPSRGRVP/LYUHV
0RQWHLURG
GD%
%~]LRV&
&RUXFKH
$QD0
FKDPDGDj
jVVHOHFomRUUHJLRQDOG
GH
GHQ
QDWDomRLLJXDODR
RVVHX
LQIDQWLVG
UHFRUGH
$QD&DUROLQD0RQWHLURIRLFRQYRFDGDSDUDD
6HOHFomR5HJLRQDOGH,QIDQWLVSDUDSDUWLFLSDUQD
HGLomRGR7RUQHLR,QWHUQDFLRQDOGH1DWDomR³,
0HPRULDO/XtV/RSHVGD&RQFHLomR´TXHGHFRU
UHX QR GLD GH 'H]HPEUR HP &RLPEUD FRP
SHWLomRSDUDVHOHFo}HVLQIDQWLVFRRUJDQL]DGDSHOD
$VVRFLDomR $FDGpPLFD GH &RLPEUD $$& H
$VVRFLDomRGH1DWDomRGH&RLPEUD$1&(VWD
FRPSHWLomR FRQWRX FRP D SUHVHQoD GH QD
GDGRUHV HP UHSUHVHQWDomR GDV 6HOHFo}HV GR 0L
QKR1RUWHGH3RUWXJDO&RLPEUD6DQWDUpP,QWH
ULRU&HQWUR/HLULDH*DOL]D
$QD&DUROLQDSDUWLFLSRXQDHVWDIHWD[P
/LYUHVFRP
LJXDODQGRRVHXUHFRUGHSHV
VRDO
$ VHOHFomR GH 6DQWDUpP ILFRX QR OXJDU
IUXWRGHHVWDUGHVIDOFDGDXPDYH]TXHQRPHVPR
GLD GHFRUUHX R &DPSHRQDWR 1DFLRQDO GH
'LYLVmR
3DUDEpQV%HDWUL])HOL]DUGR
3DUDEpQV%HDWUL]SRUTXHIRVWHDUHYHODomRGR
DQR3DUDEpQVSHODSURMHFomRTXHGHVWHjWXDWHUUD
HDRWHXFRQFHOKRSRUDTXLORTXHPRVWUDVWHTXH
QXPD SHTXHQD FRPXQLGDGH VH p FDSD] GH ID]HU
SHTXHQDHPQ~PHURGHKDELWDQWHVPDVJUDQGHHP
WUDGLomR
3DUDEpQV WDPEpP j WHUUD TXH WH WHP YLVWR
FUHVFHUSRLVTXDQGRXPDPHQLQDFRPRWXFDQWDp
WRGDXPDFRPXQLGDGHTXHFDQWDFRQWLJR3HODWXD
YR]HFRDPVpFXORVGHKLVWyULDGH]HQDVGHJHUD
o}HV GH XPD FXOWXUD 0DLV GR TXH R WHX SUySULR
UHFDQWRSHODWXDYR]FDQWD3RUWXJDO
3DUDEpQVDRVWHXVPHVWUHVTXHHQULTXHFHUDPR
WDOHQWRTXH'HXVWHGHX3DUDEpQVGHXPPRGR
PXLWR HVSHFLDO DRV WHXV SDLV SHOR DPRU LQILQLWR
TXHWrPSRUWL'RIXQGRGRFRUDomRGRPDLVtQWL
PRGRVHXVHUTXDQGRWXFDQWDYDVQDWHOHYLVmRD
WXDPmHFKRUDYDHFDQWDYDFRQWLJRGDQGRWHWRGD
DIRUoDTXHWHSRGLDGDUDFRPSDQKDGDSHORHQOH
YRGRVRUULVRGRWHXSDL
3DUDEpQVSRUWHUHVHVFROKLGRRIDGR±DFDQomR
QDFLRQDO)DGRYHPGRODWLPIDWXPTXHVLJQLILFD
GHVWLQR)RLWHXGHVWLQRVRUULUDRSULPHLURSUpPLR
PDVSRUHVWDYH]HOHVRUULXWHQDRSLQLmRGDPDLR
ULD GRV HQWHQGLGRV H QR FRUDomR GH PXLWRV SRU
WXJXHVHVTXHWXDUUHEDWDVWH
3DUDEpQVSHORWHPDTXHHVFROKHVWHSDUDDILQDO
±³)RL'HXV´OHWUDHP~VLFDGH$OEHUWR-DQHVTXH
DUDLQKDGRIDGR$PiOLD5RGULJXHVLPRUWDOL]RX
6LP%HDWUL]IRL'HXVTXHTXLVTXHWXFDQWDVV
HVIRL'HXVTXHWHGHXHVVDYR]DWL
BBB
$QWyQLR*LO0DOWD
3RVWVFULSWXP %HDWUL] )HOL]DUGR VXSHURX
FLQFR HOLPLQDWyULDV GR SURJUDPD GD 79, ³8PD
FDQomRSDUDWL´WHQGRFRPWRGRRPpULWRFKHJDGR
j ILQDO TXH IRL JDQKD SRU *XLOKHUPH $]HYHGR
DWUDYpV GH YRWDomR GRV WHOHVSHFWDGRUHV SRU WHOH
IRQHHSHOD,QWHUQHW
0DQXHO$JRVWLQKR&RUUHLD
7HO7OP
6DQWR$QWRQLQR&RUXFKH
0)(51$1'(6*20(6/'$
(QFDGHUQDomR
SRUORPEDGDSOiVWLFD
HDUDPH
3ODVWLILFDomR
DWUDYpVGH
EROVDVGH
SOiVWLFRRX
URORVDWp
PP
7HOHI)D[
50DUTXHVGD6LOYD$/LVERD
ZZZPIJSW(PDLOPIJ#QHWFDERSW
+2+):8/)/9:' ';:5
=21$,1'8675,$/²&258&+(
%DWHULDV
7DFyJUDIRV
$U&RQGLFLRQDGR
7HVWHV(OHFWUyQLFRV
PXOWLPDUFDV
7HO
² 7OP
&RUXFKH
0UYs,XGTIOYIUJUY9GTZUY
@s4GSHGOG
2ILFLQD²
5HVLG²
7OP²
-XQWRj(VWDomRGD&3²&RUXFKH
&RUSRG
GH'
'DGRUHV%
%HQpYRORVG
GH6
6DQJXHG
GR
GH&
&RUXFKH
&RQFHOKRG
4XHPSRGHVHU GDGRU GHVDQJXH"
7DOYH]YRFr"4XHDFKD"
6HWHPPDLVGHDQRVSHVDPDLVGHNJHWHPHVWLORGHYLGDVDXGiYHOMiSRV
VXLSDUWHGRVUHTXLVLWRVSDUDVHUGDGRUEHQpYRORGHVDQJXH
2TXHSRGHID]HU RGDGRU"
'HFLGLUVHUGDGRUpTXHUHUDMXGDURSUy[LPRHGLULJLUVHjVYiULDVVHVV}HVGHFR
OKHLWDGHVDQJXHTXHR&'%6&&RUJDQL]DHPWRGDVDVIUHJXHVLDVGR&RQFHOKRGH
&RUXFKH RX QRXWUDV ORFDOLGDGHV RQGH R &HQWUR 5HJLRQDO GH 6DQJXH GH /LVERD VH
GHVORTXHRXDLQGDGH6HJXQGDD6iEDGRGDVjVQR3DUTXHGH6D~GHGH
/LVERDDQWLJR+RVSLWDO-~OLRGH0DWRVSDYLOKmR
&RPRVHSURFHVVDDGiGLYD"
'DUVDQJXHQmRFXVWDTXDVHQDGD0LOK}HVGHSHVVRDVGmRVDQJXHHYROWDPDUHSH
WLUDH[SHULrQFLD
1mR VH DSDQKDP GRHQoDV D GDU VDQJXH QmR VH HPDJUHFH QHP VH HQJRUGD 6H
GHFLGLUVHUGDGRUDTXLWHPSDVVRVSDUDXPDGiGLYD
/HLWXUDGHXPIROKHWRFRPLQIRUPDomRGLYHUVDVREUHDGiGLYDGHVDQJXH
,QVFULomR H UHFROKD GH GDGRV SHVVRDLV QR &56/ H &'%6&& SDUD SRVWHULRU
FRQYLWHVjGiGLYDGHVDQJXH
0HGLomR GRV QtYHLV GH KHPRJORELQD VHJXLGD GH WULDJHP FOtQLFD H LQTXpULWR
FRPHVFODUHFLPHQWRVREUHTXDLVTXHU G~YLGDV
1DVDODGHFROKHLWDRDHQIHUPHLURDSURFHGHjUHFROKDGHPOGHVDQJXH
WRWDODSUR[LPDGDPHQWHHPPLQXWRV
$SyVDFROKHLWDWHPjGLVSRVLomRXPSHTXHQRODQFKHTXHOKHSHUPLWHUHOD[DU
HFRQYLYHU FRPRXWURVGDGRUHV
3RU ~OWLPRGLULJHVHjPHVDGHLQVFULomRHSURFHGHDROHYDQWDPHQWRGRFDUWmR
QDFLRQDOGHGDGRU DFWXDOL]DGR
%RDVRUWHHREULJDGRSRUGDUYLGDjYLGD
0DSDG
GH&
&ROKHLWDV
GH
DFomRYLUWXDO
/XtV5DIDHO&DUORWD
$QDOLVWDGHMRJRVGHFRQVRODHSF
& D O O R I ' X W \ 0 R G H U Q : D U I D U H 3 6 ; % 2 ; $t HVWi R MRJR PDLV YHQGLGR GD KLVWyULD GD 36 H
;%2;XPUHVXOWDGRTXHVXSHURXWRGDVH[SHFWDWLYDV
GD$FWLYLVLRQ%OL]]DUG0RGHUQ:DUIDUHpRWtWXORTXHUHS
UHVHQWD D PXGDQoD GD VpULH &DOO RI 'XW\ GRV FHQiULRV GH
JXHUUD GH SDUD SDUD RV SDOFRV GH JXHUUD GD DFWXDOL
GDGHQRPHGDPHQWH$IHJDQLVWmR5LRGH-DQHLUR5XVVLDH
(VWDGRV 8QLGRV GHSRLV GD PRUWH GH ,PUDQ =DNKDHY HP
0RGHUQ:DUIDUHHVWDFRQWLQXDomRGiQRVXPQRYRVXSHUW
HUURULVWD TXH DPHDoD R SODQHWD GH VHX QRPH :ODGLPLU
0DNDURYTXHpQRPHPDLVVRQDQWHSHUVRQDJHQVFRQKHFL
GRVVXUJHPRWHPSRWRGRMXQWDPHQWHFRPQRYRVSURWDJR
QLVWDVHDDFomRVDOWDHQWUHHOHVHPYiULRVFHQiULRVGHJXHU
UD$ KLVWyULDGHVWDVHTXHODWUDWDVHGDTXHGDGRLPSpULRGRV
(VWDGRV8QLGRV0RGHUQ:DUIDUHpXPMRJRFRPPXLWD
YLROHQFLDHGDtDSURGXWRUD,QILQLW\:DUGDWpGiDRSomRGH
SXODUHVVDIDVH0RGHUHQZDUIDUHpUHDOPHQWHXPDGHOtFLD
GHVHMRJDUGHVGHDIRWRJUDILDjGLUHFomRGHFHQiULRVSDV
VDQGRSHORUHDOLVPRDLQWHOLJHQFLDDUWLILFLDOGRVLQLPLJRVp
EDVWDQWH ERD H D TXDOLGDGH VRQRUD ID] GHVWH MRJR XP GRV
PHOKRUHVVHQmRRPHOKRUGHQWURGRJpQHURPDVFODURQmR
pWXGRSHUIHLWRHRPDLRUGHIHLWRpDGXUDomRGRMRJRQR
PRGRVLQJOHSOD\HUTXHpDSHQDVGHVHWHKRUDV$SHVDUGH
WXGRQRPRGRRQOLQHVmRPDLVGHPDSDVSDUDMRJDUHP
JUXSRVRQOLQH
8PWtWXORFODURSDUDMXQWDUjFROHFomR
3DL1RVVR
$Yp0DULD
3DUyTXLDGH&RUXFKH
'H]HPEURRGGH
0$5,$ -26e'20,1*263,1Ï,$ 6(552
D
)$/(&,0(1726
&ULVWLQD0DULDDQRV
0DULD$QWyQLDDQRV
)UDQFHOLQD&XVWyGLDGD&UX]
0DULD$XJXVWDDQRV
$QWyQLR&DUUHLUD%HUQDUGLQR
)DXVWRGD6LOYD-~QLRUDQRV
,QiFLR6pUJLRDQRV
0DULD-RDTXLQD%DUEyVDQRV
$QDGD6LOYD/RSHVDQRV
)UDQFLVFR3DUGDOGD6LOYDDQRV
-RDTXLP0DULD5DPD&RQVWDQWLQR
-RmR$QWyQLRDQRV
-RDTXLQD0DULDDQRV
$QWyQLR0DQXHO'RPLQJRVDQRV
-RVp0DQXHO6DQWRV&RHOKRDQRV
0DQXHO-RVp3DXORVDQRV
/XFLDQD0DULD0DUTXHVDQRV
)UDQFLVFR5RVDGRDQRV
$QWyQLR%HUQDUGRGRV6DQWRV
&DoDGRUDQRV
0DQXHO-RVp3DXORVDQRV
0DULD9LWyULD&DEHFLQKDVDQRV
0DULD5RVDDQRV
4XHUHPRVDJUDGHFHUDWRGRVRVTXHQRVDSRLDUDPDFRPSDQKDUDPRX
SRUTXDOTXHUPHLRVHDVVRFLDUDPjGRUGDSDUWLGDGHTXHPPXLWRDPDPRV
2QRVVR%HP+DMD
2PDULGRHILOKRV
$JHQFLD)XQHUiULD-DFLQWR/GD7OI7OP
3DL1RVVR
$Yp0DULD
$17Ï1,2%(51$5'2'266$1726&$d$'25
1D)D
6XDHVSRVDILOKRVHQHWRVYrPSRUHVWHPHLRSDUWLFLSDURIDOHFLPHQWRGRVHX
HQWHTXHULGRRFRUULGRQRSDVVDGRGLDQR+RVSLWDOGD&UX]
9HUPHOKD3RUWXJXHVDHP/LVERD(9rPWDPEpPSRUHVWHPHLRDJUDGHFHUD
WRGRVRVTXHGHXPDPDQHLUDRXGHRXWUDOKHVPDQLIHVWDUDPDVXDGRUH
DFRPSDQKDUDPRVHXIXQHUDODRFHPLWpULRGH&RUXFKH
$ WRGRVRQRVVR%HPKDMD
$JrQFLD)XQHUiULD6HEDVWLmR/GD
5XDGR&RXoRQ&RUXFKH7HOHIRQH
$JrQFLD)XQHUiULD-DFLQWR/GD
3DL1RVVR
$Yp0DULD
)XQHUDLV7UDVODGDo}HVH&UHPDo}HV
SDUDWRGRR3DtVH(VWUDQJHLUR

7UDWDGH7RGDD'RFXPHQWDomR

$UWLJRV5HOLJLRVRV
/8&,$1$ 0$5,$ 0$548(6
&KDPDGDVDTXDOTXHU KRUDSDUDR7HOHI
7HOHPyYHO)D[
$JrQFLD
5HVLGrQFLD
5XDGRV%RPEHLURV0XQLFLSDLVUF
&RUXFKH
5XD-RVp0DULD5HERFKR/RWH
6DQWR$QWyQLR±&RUXFKH
)$50É&,$6 '( 6(59,d2
-$1(,52'(
'
4
$
%
&
'
% $
6
& % $ ' &
6
' & % $ '
6
7
4
6HXPDULGRILOKRVQRUDVHQHWRV
FXPSUHPRGRORURVRGHYHUGHSDUWLFLSDURIDOHFLPHQWRGDVXDHQWHTXHULGD
QRSDVVDGRGLD
'
$
%
&
'
&
'
$
%
&
%
&
'
$
%
$
$/0(,'$
5XDGD0LVHULFyUGLD
&RUXFKH
7HO
%
)5$=2
5XD'LUHLWD
&RUXFKH
7HO
&
+,*,(1(
5XDGD0LVHULFyUGLD
&RUXFKH
7HO
3RVWRGD%UDQFD
7HO
'
0,6(5,&Ï5',$
/DUJR63HGUR
&RUXFKH
7HO
$JUDGHFHPDWRGDVDVSHVVRDVTXHDDFRPSDQKDUDPjVXD~OWLPDPRUDGD
HTXHVHLQWHUHVVDUDPSHORVHXHVWDGRGHVD~GHGXUDQWHDVXDGRHQoD
±2/,9(,5$
5XDGR&RPpUFLR
&RXoR
7HO
±6-26e
5XD-~OLR'LQLV1%
/DPDURVD
7HO
$VIDUPiFLDVGR&RXoRH/DPDURVDHVWmRVHPSUHGHVHUYLoRSRU VHUHPDV~QLFDV
9HQGHVH
&DVD
QR&HQWURGH&RUXFKH
%RP1HJyFLR
&RQWDFWR
'XDUWH1XQR
&DGDYH]
0pGLFR(VSHFLDOLVWD
2UWRSHGLDH)UDFWXUDV
$OELQD*RQoDOYHV
0pGLFDGH
&OtQLFD*HUDO
&HQWURGH6D~GHGH&RUXFKH
8UJrQFLD6$3 KRUDVGLD
(VWUDGDGD/DPDURVD
&RUXFKH
7HOHI
)D[
([WHQVmRGH6D~GH&RXoR
5XD6DFDGXUD&DEUDO
&RXoR
%LVFDtQKR
/DPDURVD
+RVSLWDO'LVWULWDOGH6DQWDUpP
$Y%HUQDUGR6DQWDUHQR
6DQWDUpP
7HO
)D[
ZZZKGVPLQVDXGHSW
0DLOKGVFD#KGVPLQVDXGHSW
7HO
/LQKD$]XO
7HO
'U&RQFHLomR
'U0HQGRQoD
'U)HUQDQGD
6LOYD1XQHV
0e',&26
0e',&$'(17,67$
0DUFDo}HVSHOR
7HO
7OP
7HO
7HO
&OtQLFD0pGLFD6RUUDLD ²&258&+(
5XDGD&DOoDGLQKD ²&258&+(
7HO
5XDGH6DQWDUpP
&258&+(
5XD%RPEHLURV0XQLFLSDLV1
²'W &258&+(
&RUXFKHUUHFHEHX
)UHL+
+HUPDQRG
GD
&kPDUD
',5(,726 '2 &21680,'25
3UHoRVVVRIUHP
QRYDUUHGXomR
$ FULVH YLYLGD QR SDtV H D
TXHEUD GH YHQGDV YLYLGD SHORV
FRPHUFLDQWHV DQWHFLSDUDP DV
SURPRo}HV SRUpP D pSRFD GH
VDOGRV Vy WHYH LQtFLR HP GH
'H]HPEUR H GHFRUUHUi DWp DR
ILQDOGH)HYHUHLUR
eSRVVtYHOSRXSDUPXLWRGL
QKHLURFRPDVUHGXo}HVGHSUH
oRVPDVRVVDOGRVVmRVREUHWX
GRLQWHUHVVDQWHVSDUDRVFRPHU
FLDQWHV SRLV SHUPLWHP HVFRDU
UDSLGDPHQWH RV DUWLJRV GD HVWD
omR TXH HVWi D WHUPLQDU SDUD
LQYHVWLUQDQRYDFROHFomR$OpP
GLVVR SRXSDP QR DUPD]HQD
PHQWRGRVSURGXWRVTXHUDSLGD
PHQWHSDVVDPGHPRGD
3DUD WHU D FHUWH]D GH TXH R
QHJyFLRpYDQWDMRVRFRPSDUHR
FXVWR7RGRVRVSURGXWRVGHYHP
H[LELU GH IRUPD OHJtYHO H LQH
TXtYRFDRSUHoRDFWXDOHRDQWLJR
RXDSHUFHQWDJHPGHGHVFRQWR
7DOFRPRHPTXDOTXHURXWUD
pSRFDRFRPHUFLDQWHQmRpREUL
JDGR D WURFDU RV DUWLJRV YHQGL
GRVDSHVDUGHPXLWRVRID]HUHP
SRU FRUWHVLD QD ySWLFD GH ILGH
OL]DomR GRV FOLHQWHV 3RUpP
TXDQGR R SURGXWR YHQGLGR WHP
XPGHIHLWRHQmRKiDLQGLFDomR
H[SUHVVD GH TXH D UHGXomR GH
SUHoR VH GHYH D HVVH IDFWR R
FRQVXPLGRUSRGHH[LJLUDWURFD
GR SURGXWR RX R UHHPEROVR GR
YDORUTXHSDJRX
3DUD R H[HUFtFLR GRV VHXV
GLUHLWRV p LQGLVSHQViYHO D DSUH
VHQWDomR GR WDOmR GH FRPSUD
SHORTXHGHYHUiH[LJLUHJXDUGDU
R UHFLER FRP R SUHoR H D GLV
FULPLQDomRGRVDUWLJRVFRPSUD
GRV
1R TXH WRFD DRV PHLRV GH
SDJDPHQWR GLVSRQtYHLV QHVWD
7DHNZRQGR
)RLQRSDVVDGRGLDGH'H]HPEURTXHR0RYLPHQWRGRV
&XUVLOKRVGH&ULVWDQGDGHGR1~FOHRGD3DUyTXLDGH&RUXFKH
UHDOL]RXXPFRQFHUWRFRP)UHL+HUPDQRGD&kPDUDQD,JUHMD
0DWUL]GH&RUXFKH
(VWHFRQFHUWRWHYHFRPRREMHFWLYRDDQJDULDomRGHIXQGRV
SDUDDDTXLVLomRGHXPDFDGHLUDGHURGDVSDUDXPDFULDQoDGR
%LVFDLQKRSRUWDGRUDGHGHILFLrQFLDPHQWDOHPRWRUD
2 )UHL FDQWRU DSHVDU GRV VHXV DQRV DSUHVHQWRX XPD
FRQGLomRLQYHMiYHOHPWHUPRVYRFDLVTXHOKHSHUPLWLXEULOKDUH
SURSRUFLRQDUXPHVSHFWiFXOROLQGtVVLPR
$ YR]GH)UHL+HUPDQRGD&kPDUDIRLDFRPSDQKDGDSHODV
JXLWDUUDVHYLRODVGH-RVp/XtV*RPHV-RVp/XtV1REUH&RVWD
&DUORV *RQoDOYHV H -RHO 3LQD JXLWDUULVWD GH$PiOLD 5RGUL
JXHV
7HO
)D[
7OPV
@UTG/TJ[YZXOGR3UTZKJG(GXIG2UZK
)UX[INK
0DUWD&RVWD$OPHLGD
-XULVWDQD'(&2
'HOHJDomR5HJLRQDOGH6DQWDUpP
pSRFDDVORMDVWrPGHDFHLWDURV
PHVPRV TXH VmR KDELWXDOPHQWH
XWLOL]DGRVDQWHVGHVDOGRVHQmR
SRGHP DOWHUDU R SUHoR HP IXQ
omRGDTXHOHTXHpXWLOL]DGR
)LQDOPHQWH H SDUD HYLWDU
GHUUDSDJHQV QR VHX RUoDPHQWR
DOHUWDPRV SDUD D LPSRUWkQFLD
SRQGHUDU D QHFHVVLGDGH GDV
FRPSUDU TXH UHDOL]D HYLWDQGR
DGTXLULU SRU LPSXOVR H DSHQDV
SRUTXHHVWiDXPERPSUHoR
6HXPFRPHUFLDQWHQmRUHV
SHLWDU RV VHXV GLUHLWRV SRU
H[HPSOR UHFXVDQGR D WURFD GH
XPDSHoDGHURXSDFRPGHIHLWR
UHFODPH 3DUD LVVR XVH R OLYUR
GH UHFODPDo}HV GD ORMD RX GH
QXQFLH D VLWXDomR j$XWRULGDGH
GH6HJXUDQoD$OLPHQWDUH(FR
QyPLFD
)DoDYDOHURVVHXVGLUHLWRV
BBB
9LFHFFDPSHmQ
QDFLRQDOG
GH
MXQLRUHVppG
GR$
$&%
%LVFDtQKR
5HDOL]RXVHQRSDVVDGRGLDGH'H]HP
EURHP%UDJDPDLVXPDSURYDGRFDPSHRQD
WRQDFLRQDOGHMXQLRUHVGH7DHNZRQGR2$&
%LVFDtQKR SDUWLFLSRX FRP GXDV DWOHWDV $QD
3HUHLUD H$OH[DQGUD )DULD7HQGR D SULPHLUD
FRQTXLVWDGRRVHJXQGROXJDUQDFDWHJRULDGH
PpGLRVHDVHJXQGDRWHUFHLUROXJDUQDFDWH
JRULDGHPHLRSHVDGRV
-RVp6LOYDGR$&%LVFDtQKRQmRHVFRQGHX
DVXDIHOLFLGDGHDVQRVVDVDWOHWDVVXSHUDUDP
DV H[SHFWDWLYDV QRPHDGDPHQWH D $QD
3HUHLUD TXH VH VDJURXVH YLFLH FDPSHm
QDFLRQDOHDDWOHWD$OH[DQGUD)DULDILFRXQR
OXJDUQDFDWHJRULDGHPHLRSHVDGRV
1?=?CN;M>?"B?@@
!&KHII
3HGUR$JXLDU
3HUXGH1DWDO5HFKHDGR
&RQIHFomR
&RPHFHSRUGHPROKDUR3HU~HPiJXDFRPURGHODVGHODUDQMDHOLPmRHXPSRXFRGHDJXDUGHQWHGXUDQWHXPGLDDQWHV
GHRFRQIHFFLRQDU3DUDRWHPSHURFRORTXHXPDFHERODGHQWHVGHDOKRVDOVDFUDYLQKRILRGHD]HLWHFRORUDXSLPHQWD
SUHWDHVDOQRSDVVHYLWHHWULWXUH8QWHEHPR3HU~FRPDPLVWXUDSRUGHQWURHSRUIRUDHUHVHUYH
3DUDRUHFKHLR
)DoDXPUHIRJDGRQXPWDFKRFRPXPSRXFRGHD]HLWHFHERODHGRLVGHQWHVGHDOKREHPSLFDGLQKRV-XQWHRVPL~GRV
GR3HU~WDPEpPSLFDGRVDVD]HLWRQDVGHVFDURoDGDVHSLFDGDVHGHL[HIULWDUXPSRXFR5HIUHVTXHFRPXPSRXFRGHYLQKR
EUDQFRHXPFiOLFHGHDJXDUGHQWH(PVHJXLGDDFUHVFHQWHRPLRORGHFDVWDQKDVMiFR]LGDVHGHVIHLWDVRPLRORGHQR]SUH
YLDPHQWHSLFDGRHDOJXPDVVXOWDQDV3DUDILQDOL]DUGHPROKHRPLRORGHWUrVFDUFDoDVDPROHFLGDVQXPSRXFRGHOHLWHHiJXD
PRUQDPLVWXUHWXGRPXLWREHPHVHQHFHVViULRDFUHVFHQWHXPSRXFRPDLVGHYLQKR5HWLUHRH[FHVVRGHWHPSHURGRLQWH
ULRUGRSHUXHSUHHQFKDRPHVPRFRPRUHFKHLR1mRHVTXHFHUTXHWDQWRDFDYLGDGHWRUiFLFDFRPRRSDSRGHYHVHUUHF
KHDGDV7DSHDDEHUWXUDFRPXPSHGDoRGHF{GHDGHSmRHFR]DDPHVPDFRPILRGR1RUWH&XEUDR3HUXFRPXPDVWLUDV
GHWRXFLQKRJRUGR/HYHRSHUXDRIRUQRDJUDXVVHQHFHVViULRGHVoDDWHPSHUDWXUDGRIRUQRSDUDTXHFR]DSRUGHQ
WURVHPTXHLPDUSRUIRUDHQRILQDOHOHYHDSDUDTXHILTXHEHPFRUDGR9LUHR3HUXXPDRXGXDVYH]HVGXUDQWHDDVVDGXUD
4XDQGRDVVDGRUHWLUHRSHUXGRWDEXOHLURHFRORTXHRWDEXOHLURDROXPHFRPXPSRXFRGHYLQKREUDQFR3DVVHHVWHVXFR
SRUXPSDVVDGRUGLUHFWDPHQWHSDUDXPWDFKRIHUYDHVHQHFHVViULROLJXHRPROKRFRPXPSRXFRGHIDULQKDPDL]HQD$VVH
DVEDWDWDVGRFHVODPLQHDVHVLUYDFRPRSHUXRUHFKHLRHRPROKR
,QJUHGLHQWHVSSD[
3HU~DSUR[NJ
0L~GRVGR3HU~
FDEHoDGHDOKR
JU'HPLRORGHFDVWDQKD
FHERODV
JUPLRORGHQR]
PROKRGHVDOVD
FDUFDoDV
JUmRVGHFUDYLQKR
$]HLWHTE
FFKiGHFRORUDX
OHLWHTE
JUGHD]HLWRQDVSUHWDV
$JXDUGHQWHTE
6DOHSLPHQWDTE
WLUDVILQDVGHWRXFLQKR
NJGHEDWDWDVGRFH
RVHXEDQFRHP&RUXFKH
WHOHIVID[
'(/(*$d®212%,6&$Ì1+2
WHOHIV ID[
HPIDPtOLDQD)HVWDGH1DWDO
³'L]PHHHXHVTXHFHUHL(QVLQDPHHHXOHPEUDUPHHL(QYROYHPHHHXDSUHQGHUHL´
&HQWURGH5HDELOLWDomRH,QWHJUDomRGH&RUXFKH
SURYpUELR&KLQrV
1R SDVVDGR GLD GH 'H
]HPEURR&5,&UHDOL]RXD
WUDGLFLRQDO)HVWDGH1DWDOQR
6DOmR 3DURTXLDO GH &RUXFKH
0DLV TXH XPD RSRUWXQLGDGH
GHMXQWDU DVIDPtOLDVHDPLJRV
GHVWD ,QVWLWXLomR HVWD IHVWD
FRPSURYRX TXH D GLIHUHQoD p
XPYDORUGHVYHODQGRRJUDQGH
WDOHQWR DUWtVWLFR GH WRGRV
TXDQWRVQHODSDUWLFLSDUDP
'HIDFWRRVHQVDLRVOHYDGRV
D FDER SDUD R HIHLWR H WRGR R
HQYROYLPHQWR TXH FDUDFWHUL]D
HVWD ,QVWLWXLomR WUDGX]LUDPVH
QXPD )HVWD GH 1DWDO GLIHUHQWH
GDV KDELWXDLV XWHQWHV WUDED
OKDGRUHV H IDPtOLDV MXQWRV SDU
WLFLSDQWHV H HQYROYHQGR FDGD
MRYHPHPVLWXDomRGHGHILFLrQ
FLD PRVWUDQGR TXH DSHVDU GD
DSDUHQWH GLIHUHQoD FRQVHJXHP
VmRHVSHFLDLVSRUTXHDVXDVHQVL
ELOLGDGH H SRWHQFLDOLGDGHV FRQ
VWURHP PRPHQWRV WmR ~QLFRV
FRPR RV GHVWD IHVWD 7RUQDVH
HQWmR GLItFLO WUDQVPLWLU HP SD
ODYUDVHVWHPRPHQWRGHSDUWLOKD
RQGHRVVHQWLPHQWRVHVHQVLELOL
GDGHGHFDGDXPGRVSUHVHQWHVR
WUDGX]LULDPGHIRUPDPDLVFRQ
FUHWD
2 HVSHFWiFXOR LQLFLRX FRP
XPD SHoD GH WHDWUR LQWLWXODGD
³$XWRGH1DWDO´RQGHR&5,&
SURFXURXWUDQVPLWLUDYHUGDGHLUD
PHQVDJHP GH 1DWDO TXH -HVXV
QDVFHX SREUH H KXPLOGH SRU
FDGDXPGHQyV(VWDPHQVDJHP
LPSOtFLWDQRGHFRUUHUGDVFHQDV
HPTXHD0DULD-RVpHPHQLQR
VH MXQWDP RV SDVWRUHV UHLV PD
JRVHSRUILPDVFULDQoDVWRUQD
VHFDGDYH]PDLVFRQFUHWDTXDQ
GR RV VRUULVRV GRV DFWRUHV TXH
LQWHUSUHWDPDVFULDQoDVGHPRQV
WUDPTXHVyRDPRUHVLPSOLFL
GDGHSRGHULDPDTXHFHURPHQL
QR -HVXV $SyV DV PHUHFLGDV
SDOPDV H HQTXDQWR R RXWUR
)HLUD8
8UEDQDGGH$
$UWHVDQDWR
JUXSR GR $WHOLHU GH 7HDWUR VH
SUHSDUDYD SDUD QRYD SHoD
DOJXQV MRYHQV LQWHUSUHWDUDP
XPDP~VLFDGH1DWDO³$ WRGRV
XP %RP 1DWDO´ FRP UHFXUVR D
LQVWUXPHQWRVPXVLFDLVFRQVWUXt
GRVSHORVSUySULRVFRPPDWHUL
DLVGHGHVSHUGtFLR2VRORGHVWD
FDQomRIRLHIHFWXDGRSHODMRYHP
$QGUHLD TXH HQFDQWRX WRGD D
SODWHLD
2 VHJXQGR PRPHQWR WHDWUDO
WURX[H XPD YHUVmR TXRWLGLDQD
GR1DWDOFRPHVSHUDLPSDFLHQ
WHGDVSUHQGDVMXQWRjiUYRUHGH
1DWDODWpTXHGHUHSHQWHWRGDD
VDOD GR 6DOmR 3DURTXLDO UL HP
XQtVVRQRFRPDFKHJDGDGR3DL
1DWDOHGDVUHQDVLQWHUSUHWDGDV
SRU WUrV MRYHQV TXH EULOKDQWH
PHQWHGHUDPYLGDDHVWDSHoD
6HJXLUDPVHDOJXQVPRPHQ
WRV GH GDQoD XPD GDV TXDLV
DSUHVHQWDGD SRU XP JUXSR GH
WUDEDOKDGRUDVGD,QVWLWXLomRTXH
WHYH FRPR JUDQGH REMHFWLYR
FULDUXPPRPHQWRGHPDLRUSDU
WLOKD HQWUH XWHQWHV H IXQFLRQi
ULRV (VWD IHVWD FRQWLQXRX FRP
XP DOPRoR SDUWLOKDGR PXLWR
DQLPDGRFRPGLYHUVDVFDQo}HV
j PLVWXUD GDQoDV H LQFOXVLYH
FDQo}HVDRGHVDILR
'LVWULEXtGDV DV SUHQGDV
HQWUHXP³DGHXV´WHPSRUiULRGH
IpULDVILFRXRVHQWLPHQWRTXHGH
IDFWR HVWD LQLFLDWLYD PHUHFH VHU
GLYXOJDGD SDUD TXH HP H
QRV DQRV VHJXLQWHV FDGD YH]
PDLV SHVVRDV SRVVDP VHQWLU R
PHVPR TXH VHQWLPRV HVWHV MR
YHQV WrP LPHQVDV SRWHQFLDOL
GDGHV (VWDV DSWLG}HV PHUHFHP
VHU GLYXOJDGDV H HVWH SHTXHQR
DUWLJRSUHWHQGHWmRVRPHQWHYDO
LGDU R HVIRUoR H WUDEDOKR iUGXR
TXH RV MRYHQV GR &5,&
GHVHQYROYHP DR ORQJR GR DQR
3UHWHQGHPRVLJXDOPHQWHUHIRU
oDU TXH DV QRVVDV SRUWDV HVWmR
DEHUWDVHTXHGHFHUWRILFDUHPRV
IHOL]HV FRP D YRVVD YLVLWD H
SURFXUDUHPRV PRVWUDU R WUDED
OKRTXHGHVHQYROYHPRV
8PH[FHOHQWHDQRGH
&5,&
7H[WR3DXOR)DWHOD
)RWRV6DQGUD9HOH]
/DUJR-RmR)HOtFLR²&RUXFKH
9LVLWHLDSXEOLFLWDGD³)HLUD8UEDQDGH
$UWHVDQDWR´ QR SDVVDGR GLD GH 'H
]HPEUR/DUJR-RmR)HOtFLRHP&RUXFKH
(PFRQYHUVDFRP6DQGUD9HOH]XPD
GDVUHVSRQViYHLVSHODLQLFLDWLYDUHIHULXR
VHXHQWXVLDVPRUHODWLYDPHQWHDRSURMHF
WR WLQKD FRPR REMHFWLYR UHWRPDU XPD
DFWLYLGDGHHPWHPSRVGHVHQYROYLGDSHOD
&25$57 ±$VVRFLDomRGH$UWHVDQDWRGH
&RUXFKH)(,5$ '2/$5*2IHLUDGH
DUWHVDQDWRYHOKDULDVJDVWURQRPLDMRJRV
WUDGLFLRQDLV DQLPDomR H[SRVLo}HV TXH
DFRQWHFLDQR/DUJR-RmR)HOtFLR
6DQGUD 9HOH] DFUHVFHQWRX TXH IH]
EDVWDQWHVFRQWDFWRVFRPDUWHVmRVH[WHULR
UHVDRQRVVRFRQFHOKRWHQGRDVVLPWLGR
DOJXPDV SUHVHQoDV LQGLFRX WDPEpP
TXH -RVp 7DQJDQKR IrOR D QtYHO GRV
DUWHVmRVGH&RUXFKH
&RQVWDWHLTXHRVSRXFRVSDUWLFLSDQ
WHV HUDP SHVVRDV GH $UWHV 'HFRUDWLYDV
DSHQDV XP HOHPHQWR GH &RUXFKH WDP
EpPGHVVDiUHD$QDEHOD&RXWRDVVRFLD
GD GD &25$57 ±$VVRFLDomR GH$UWH
VDQDWRGH&RUXFKH1DVLQVWDODo}HVFHGL
GDVSHOD&kPDUD0XQLFLSDOGH&RUXFKHj
&RUXFKH HVWDYD HP GHVWDTXH R DUWHVmR
-RVp 7DQJDQKR YLVDGR QR PrV GH 1R
YHPEURQDQUXEULFDGHDUWHVDQDWR
5HJLVWHL WDPEpP D SDUWLFLSDomR GD
$VVRFLDomR GH 6ROLGDULHGDGH ³(1&26
7$7$0,0´FRODERURXFRPXPDYHQGD
GHSHoDVGHFRUDWLYDV
&RPR VH GL] QD JtULD R ³WHPSR QmR
DMXGRXÍRLXPGLDFRPDOJXPDFKXYDH
PXLWRIULRFRPRqVXSRVWRQHVWHPrVGH
'H]HPEUR6HUiTXHIRLSHODVFRQGLo}HV
PHWHRUROyJLFDV TXH RV DUWHVmRV GH &R
UXFKHDVVRFLDGRVRXQmRGD&25$57 ±
$VVRFLDomR GH $UWHVDQDWR GH &RUXFKH
QmR SDUWLFLSDUDP QD ³)HLUD 8UEDQD GH
$UWHVDQDWR´"
&RORFDGDDTXHVWmRGDGHVLJQDomRGD
LQLFLDWLYD ³)HLUD 8UEDQD GH$UWHVDQDWR´
6DQGUD9HOH]GLVVHTXHVHGHYHDRIDFWR
GD IHLUD DFRQWHFHU HP HVSDoR XUEDQR H
QmRFRPRFRQFHLWRGHDUWHVDQDWRXUEDQR
2 SDL QDWDO DSDUHFHX H RV ³0HQLQRV
GR%DLUUR´DSUHVHQWDUDPDSHoDGHWHDWUR
SUHYLVWD
2 FLQ]HQWR LPSHURX QR GLD
QR /DUJR -RmR )HOtFLR HP
&RUXFKHQRHQWDQWR6DQGUD9HOH]GL]VHU
VXD LQWHQomR GH SURPRYHU D SDUWLU GH
0DUoR PDLV LQLFLDWLYDV QHVWD SHUVSHFWL
YDWHQWDQGRLQWURGX]LUGLQkPLFDDILUPD
HVWDUEDVWDQWHPRWLYDGDFRQVLGHUDQGRR
FXUVR GH $UWHV 'HFRUDWLYDV TXH HVWi D
DFRQWHFHUQDVLQVWDODo}HVGD&25$57 ±
GRTXDOpIRUPDGRUD
9LVLWHLDSXEOLFLWDGD³)HLUD8UEDQDGH
$UWHVDQDWR´ QR SDVVDGR GLD GH 'H
]HPEUR/DUJR-RmR)HOtFLRHP&RUXFKH
(PFRQYHUVDFRP6DQGUD9HOH]XPD
GDVUHVSRQViYHLVSHODLQLFLDWLYDUHIHULXR
VHXHQWXVLDVPRUHODWLYDPHQWHDRSURMHF
WR WLQKD FRPR REMHFWLYR UHWRPDU XPD
DFWLYLGDGHHPWHPSRVGHVHQYROYLGDSHOD
&RUXFKH³)(,5$ '2/$5*2ÍHLUDGH
DUWHVDQDWRYHOKDULDVJDVWURQRPLDMRJRV
WUDGLFLRQDLV DQLPDomR H[SRVLo}HV TXH
DFRQWHFLDQR/DUJR-RmR)HOtFLR
6DQGUD 9HOH] DFUHVFHQWRX TXH IH]
EDVWDQWHVFRQWDFWRVFRPDUWHVmRVH[WHUL
RUHV DR QRVVR FRQFHOKR WHQGR DVVLP
WLGR DOJXPDV SUHVHQoDV LQGLFRX WDP
EpP TXH -RVp 7DQJDQKR IrOR D QtYHO
GRVDUWHVmRVGH&RUXFKH
&RQVWDWHLTXHRVSRXFRVSDUWLFLSDQ
WHV HUDP SHVVRDV GH$UWHV 'HFRUDWLYDV
DSHQDV XP HOHPHQWR GH &RUXFKH WDP
EpPGHVVDiUHD$QDEHOD&RXWRDVVRFLD
GD GD &25$57 ±$VVRFLDomR GH$UWH
VDQDWRGH&RUXFKH1DVLQVWDODo}HVFHGL
GDVSHOD&kPDUD0XQLFLSDOGH&RUXFKHj
&RUXFKH HVWDYD HP GHVWDTXH R DUWHVmR
-RVp 7DQJDQKR YLVDGR QR PrV GH 1R
YHPEURQDQUXEULFDGHDUWHVDQDWR
5HJLVWHL WDPEpP D SDUWLFLSDomR GD
$VVRFLDomR GH 6ROLGDULHGDGH ³(1&26
7$7$0,0´FRODERURXFRPXPDYHQGD
GHSHoDVGHFRUDWLYDV
&RPR VH GL] QD JtULD R ³WHPSR QmR
DMXGRXÍRLXPGLDFRPDOJXPDFKXYDH
PXLWRIULRFRPRqVXSRVWRQHVWHPrVGH
'H]HPEUR6HUiTXHIRLSHODVFRQGLo}HV
PHWHRUROyJLFDV TXH RV DUWHVmRV GH &R
UXFKHDVVRFLDGRVRXQmRGD&25$57 $VVRFLDomR GH $UWHVDQDWR GH &RUXFKH
QmR SDUWLFLSDUDP QD ³)HLUD 8UEDQD GH
$UWHVDQDWR´"
&RORFDGDDTXHVWmRGDGHVLJQDomRGD
LQLFLDWLYD ³)HLUD 8UEDQD GH$UWHVDQDWR´
6DQGUD9HOH]GLVVHTXHVHGHYHDRIDFWR
GD IHLUD DFRQWHFHU HP HVSDoR XUEDQR H
QmRFRPRFRQFHLWRGHDUWHVDQDWRXUEDQR
2 SDL QDWDO DSDUHFHX H RV ³0HQLQRV
GR%DLUUR´DSUHVHQWDUDPDSHoDGHWHDWUR
SUHYLVWD
2 FLQ]HQWR LPSHURX QR GLD
QR /DUJR -RmR )HOtFLR HP
&RUXFKHQRHQWDQWR6DQGUD9HOH]GL]VHU
VXD LQWHQomR GH SURPRYHU D SDUWLU GH
0DUoR PDLV LQLFLDWLYDV QHVWD SHUVSHFWL
YDWHQWDQGRLQWURGX]LUGLQkPLFDDILUPD
HVWDUEDVWDQWHPRWLYDGDFRQVLGHUDQGRR
FXUVR GH $UWHV 'HFRUDWLYDV TXH HVWi D
DFRQWHFHUQDVLQVWDODo}HVGD&25$57 ±
GRTXDOpIRUPDGRUD
*RQoDOR5
5LEHLUR7
7HOOHVHHP&
&RUXFKH
³1mRVHVDEHSDUDRQGHVHYDLSRUTXHQmRVHVDEHGHRQGHVHYHP´
2VGHSXWDGRVPXQLFLSDLVGR0,&*RQoDOR
5DPRV)HUUHLUDH$EHO0DWRV6DQWRVQD
PHVDFRPR$UT*RQoDOR5LEHLUR7HOOHV
)RL DVVLP TXH R $UTXLWHFWR
3DLVDJLVWD*RQoDOR5LEHLUR7HOOHV
LQLFLRXDVXDFRQIHUrQFLDLQWLWXOD
GD ³&RUXFKH QD SHUVSHFWLYD GH
3RUWXJDO´QRSDVVDGRGLDGH
'H]HPEUR QR DXGLWyULR GR 0X
VHX 0XQLFLSDO GH &RUXFKH HP
LQLFLDWLYDGR0,&±0RYLPHQWR
,QGHSHQGHQWH GH &LGDGmRV SRU
&RUXFKH
1XPDH[WUDRUGLQiULDSDOHVWUD
TXHGXURXFHUFDGHGXDVKRUDVR
$UT 5LEHLUR 7HOHV FRQWLQXD D
PRVWUDU XPD YLWDOLGDGH IRUD GR
FRPXPHXPSHQVDPHQWRDFXWL
ODQWH H HVFODUHFLGR SUHRFXSDGR
HVVHQFLDOPHQWHFRPRIXWXURQR
PHDGDPHQWHFRPDIRUPDFRPR
DFWXDPRV VREUH R WHUULWyULR H DV
FRQVHTXrQFLDV TXH LVVR WHP QD
YLGDGDVSRSXODo}HV
5LEHLUR7HOOHVIH]XPHQTXD
GUDPHQWR JOREDO H QDFLRQDO GD
SUREOHPiWLFDGRVHVSDoRVSDUDVH
UHIHULU D &RUXFKH H DR FRUUHGRU
TXH HQTXDGUD RV FRQFHOKRV GH
%HQDYHQWH &RUXFKH 0RUD H
3RQWHGH6{UFRPRVHQGRGHYLWDO
LPSRUWkQFLDSDUDRDEDVWHFLPHQWR
DOLPHQWDU GD UHJLmR GD JUDQGH
/LVERD
$SRQWRXDVUHYLV}HVGRV3OD
QRV'LUHFWRUHV0XQLFLSDLV3'0
FRPRIXQGDPHQWDLVSDUDVHFRUUL
JLUHP HUURV GR SDVVDGR PDV
UHIHULXTXHHVWHV³HVWmRDVHUIHL
WRVSRUSHVVRDVVHPTXDOLILFDomR
H D SRVVLELOLGDGH GH WXGR ILFDU
SLRUDLQGDpEHPUHDOLVWRVHQmR
VH WLYHU HP FRQWD D HVWUXWXUD
HFROyJLFD PXQLFLSDO H DV UHVHU
YDVQDWXUDLVHDJUtFRODV´GLVVH
'HILQLX WDPEpP D LPSRUWkQ
FLD GH ³QDWXUDOL]DU´ RV HVSDoRV
YHUGHVHDVPDUJHQVGRVULRVGH
RQGH VDOLHQWRX R 5LR 6RUUDLD
UHIHULQGR TXH ³R TXH Oi VH IH] p
XP GHVDVWUH´ VHQGR QHFHVViULR
DJRUD ³VH TXLVHUHP FRUULJLU R
HUURQmRpSUHFLVRGHVWUXLURTXH
VH IH] PDV FRPSOHPHQWDU FRP
YHJHWDomRDGHTXDGDjVPDUJHQV
GRV ULRV DUEXVWLYD H iUYRUHV GH
SHTXHQR SRUWH SDUD VH FULDUHP
PDUJHQV HOiVWLFDV TXH DPRUWH
oDP DV IRUoDV GDV FRUUHQWHV H
FULHP HVSDoR GH YLGD SDUD RV
SHL[HVVHGHVHQYROYHUHPHDYLGD
VHHVWDEHOHFHU´
(VWDRUJDQL]DomRGR0,&SRU
LQLFLDWLYDGRVHXJUXSRDXWiUTXL
FR QD$VVHPEOHLD 0XQLFLSDO GH
&RUXFKHIRLDSULPHLUDGHRXWUDV
TXHVHSUHWHQGHPUHDOL]DUVHQGR
TXH ³VH ODPHQWD TXH WRGDV DV
IRUoDV SROLWLFDV H yUJmRV DXWiU
TXLFRVWHQKDPVLGRIRUPDOPHQWH
FRQYLGDGRV H QHQKXP WHQKD
FRPSDUHFLGR RX VH WHQKD IHLWR
UHSUHVHQWDU R TXH VHULD LQGLV
SHQViYHOSDUDVHSRGHUDSUHQGHU
FRP TXHP VDEH SDUD DMXGDU D
GHVHQYROYHU &RUXFKH H D UHJLmR
GHIRUPDLQWHJUDGDÚHIHULX$EHO
0DWRV6DQWRVGR0,&
BBB
(QWUHDDVVLVWrQFLD
HVWLYHUDPR0HVWUH
'DYLG5LEHLUR7HOOHV
HVHXILOKR$QWyQLR