$$78$d2'(-2(/6,/9(,5$1$,035(16$&$5,2&$
$66,6
'$1,/2:(16(6/$8)(55$5,
$$78$d2'(-2(/6,/9(,5$1$,035(16$&$5,2&$
'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH &LrQFLDV H /HWUDV GH $VVLV ± 81(63 ± 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD SDUD D REWHQomR GR WtWXOR GH 0HVWUH HP +LVWyULD ÈUHD GH FRQKHFLPHQWR +LVWyULD H 6RFLHGDGH
2ULHQWDGRUD3URI'U7DQLD5HJLQDGH/XFD
'DGRV,QWHUQDFLRQDLVGH&DWDORJDomRQD3XEOLFDomR&,3 %LEOLRWHFDGD)&/±$VVLV±81(63
)HUUDUL'DQLOR:HQVHVODX
)D$DWXDomRGH-RHO6LOYHLUDQDLPSUHQVDFDULRFD 'DQLOR:HQVHVODX)HUUDUL$VVLV
ILO
'LVVHUWDomRGH0HVWUDGR±)DFXOGDGHGH&LrQFLDVH/HWUDV GH$VVLV±8QLYHUVLGDGH(VWDGXDO3DXOLVWD
2ULHQWDGRU'U7DQLD5HJLQDGH/XFD
6LOYHLUD-RHO3HULyGLFRVEUDVLOHLURV 5HSRUWDJHPHPIRUPDOLWHUiULD%UDVLO±+LVWyULD± (VWDGR
1RYR,7tWXOR
)2/+$'($3529$d2
'DQLOR:HQVHVODX)HUUDUL
'LVVHUWDomRGH0HVWUDGRHP+LVWyULD$DWXDomRGH-RHO6LOYHLUDQDLPSUHQVDFDULRFD
&20,662-8/*$'25$
3UHVLGHQWH2ULHQWDGRU
3URI'U7DQLD5HJLQDGH/XFD
([DPLQDGRU
([DPLQDGRU
$*5$'(&,0(1726
$FRQFOXVmRGHVWHPHVWUDGRHQFHUUDXPFLFORLQLFLDGRQRVDQRVGHJUDGXDomR $OJXPDV SHVVRDV DFRPSDQKDUDPPH H D HODV UHJLVWUR HVWHV DJUDGHFLPHQWRV 6RX LPHQVDPHQWH JUDWR j SURIHVVRUD 7DQLD 5HJLQD GH /XFD RULHQWDGRUD GR WUDEDOKR SHOD RSRUWXQLGDGHTXHPHFRQFHGHXGHSDUWLFLSDUGRVVHXVSURMHWRVGH,QLFLDomR&LHQWtILFD SRVVLELOLWDQGR R VXUJLPHQWR GD SHVTXLVD GH PHVWUDGR $OpP GD RULHQWDomR ULJRURVD DJUDGHoRSHORLQFHQWLYRHHQWXVLDVPRFRPRVTXDLVDFROKHXPLQKDLGpLDGHHVWXGDU-RHO 6LOYHLUD$RVSURIHVVRUHVGDEDQFDGHTXDOLILFDomRÈXUHR%XVHWWRH&pOLR-RVp/RVQDN SHOD OHLWXUD DWHQWD H FXLGDGRVD H SHORV DSRQWDPHQWRV IXQGDPHQWDLV QD ILQDOL]DomR GR WUDEDOKR
$RVPHXVSDLV-RVp5REHUWR)HUUDULH,XQFL:HQVHVODX)HUUDULVLPSOHVPHQWHSRU VHUPLQKDEDVHPDVWDPEpPSRUPHHQVLQDUHPDYDORUL]DUDHGXFDomRFRPRFDPLQKR GHPXGDQoDHDFXULRVLGDGHFRPRPHLRGHFRQKHFHURPXQGR&UHVFLYHQGRPHXSDLOHU VXDV UHYLVWDV VHPDQDLV GH LQIRUPDomR DQWHV GH GRUPLU H PLQKD PmH OHQGR RV MRUQDLV GLiULRVGHQRVVDFLGDGHQRFDIpGDPDQKmHWDOYH]LVWRWHQKDGHVSHUWDGRPHXLQWHUHVVH SRUHVWHVSURGXWRVFXOWXUDLV
$RPHXLUPmR%UXQR:HQVHVODX)HUUDULSHODSUHRFXSDomRFRPPLQKDHVWDGDHP $VVLVHSHORVFRQVHOKRVQRVPRPHQWRVGLItFHLV¬6XHOOHPSRUQRVDFRPSDQKDUHID]HU SDUWHGHQRVVDIDPtOLD¬PLQKDDYy0DULD$SDUHFLGD)HUUDULSHORFDULQKRHSRUWRGRVRV SRWHV GH7RGG\ VDERQHWHV H SDVWDV GH GHQWH TXH FRQVXPL QRV DQRV GH JUDGXDomR H PHVWUDGR$RVWLRV6pUJLRH+LOGHWHSHORLQFHQWLYRHSHOR³VRFRUUR´PDWHULDOTXDQGRIRL QHFHVViULR¬PLQKDDYy,OGDGRV6DQWRV:HQVHVODXHPPHPyULDTXHVHPSUHWRUFHX FRPPXLWRFDULQKRSHORVHXQHWRTXHOKHWHPPXLWDVDXGDGH
$RVDPLJRVTXHFRQKHFLHP$VVLVVHMDSRULQWHUPpGLRGHHVWXGRVHSHVTXLVDV VHMDSHORVFDPLQKRVLQHVSHUDGRVSHORVTXDLVDFRQWHFHPDVDPL]DGHV'DJPDU%X]LTXLD 5HQDWD 6DQWRV 6LOYD-XOLDQD %URPELP 6X]DQD/RSHV &LUR 0RQWHLUR /DULVVD 3RQFH +HOWRQ &RUUrD 3ULVFLOD 0LUD] $OLQH 0DOXI 5REHUWD 3LUHV $OH[DQGUH $QGUDGH )HUQDQGD&RHOKR*LDQH*LDFRQ$QHOL]H9HUJDUD&DPLOD%XHQR6RX]D-RmR$UWKXU )UDQ]ROLP +HOGHU +HOG 3DWUtFLD 7UL]RWWL 'HLYLG &RVWUXED /HRQDUGR 'DOODFTXD :HOOLQJWRQ $PDUDQWH H WRGRV DTXHOHV TXH SRU GHVYHQWXUD SRVVR WHU HVTXHFLGR GH PHQFLRQDU&RPYRFrVRFDPLQKRIRLEHPPDLVSUD]HURVR
$RDPLJR0LJXHO=LROLSHODOHLWXUDHFRUUHomRGRVUDVFXQKRVHSHODVVXJHVW}HV VREUHDUHGDomRHFRQWH~GRGDSHVTXLVD¬SURIHVVRUD%ULJLWWH+HUYRWSHODFRUUHomRGR ³UpVXPp´ H SHOD RSRUWXQLGDGH TXH PH FRQFHGHX GH IUHTHQWDU VXDV DXODV GH /tQJXD )UDQFHVDQR'HSDUWDPHQWRGH/HWUDV0RGHUQDVGD81(63$VVLV
6RX JUDWR DRV IXQFLRQiULRV GD %LEOLRWHFD $FiFLR -RVp 6DQWD 5RVD GD 81(63$VVLV$XUR6DNXUDED$QD3DXODGD6LOYD+HORtVD0LODQLH0LOHQHGH$OPHLGD 5RVD VHPSUH GLVSRVWRV D DWHQGHU GD PHOKRU IRUPD SRVVtYHO H DMXGDU XP HVWXGDQWH FRUUHQGR SDUD FXPSULU VHXV SUD]RV $RV IXQFLRQiULRV GR &HQWUR GH 'RFXPHQWDomR H $SRLRj3HVTXLVD&('$30DUOHQH$SDUHFLGDGH6RX]D*DVTXH,VDEHO0DQR1HPH $QD(OL]D3D]LDPGRV6DQWRVSHODDJLOLGDGHQRDWHQGLPHQWRHFRQILDQoDFRPRVTXDLV PH UHFHEHUDP GLDULDPHQWH SDUD TXH HX PH HQFRQWUDVVH FRP -RHO 6LOYHLUD QRV PLFURILOPHV
¬V IXQFLRQiULDV GR 'HSDUWDPHQWR GH +LVWyULD GD 81(63$VVLV &ODULFH *RQoDOYHV H 5HJLQD 7UXFKODHII SHOR DX[tOLR H SRU PH GHL[DUHP WRPDU VHPSUH XP FDIH]LQKRSUHSDUDGRSHOD=D]iHSHOD&LGDQDVPDQKmVHWDUGHVGHHVWXGRVQDVDOD GR'HSDUWDPHQWR$RVIXQFLRQiULRVGR$UTXLYR3~EOLFRGR(VWDGRGR5LRGH-DQHLUR $3(5-7KDtV(VWUXFH-RKHQQLU-DQRWWLTXHQmRPHGLUDPHVIRUoRVHPPHDMXGDUD HQFRQWUDURTXHSUHFLVDYD
$RPHXVREULQKRRSHTXHQR(GXDUGRDILOKDGRTXHULGRFXMDH[LVWrQFLDVHPSUH PHIH]VRUULUHHVTXHFHUXPSRXFRDVGLILFXOGDGHVGDYLGD
¬ )XQGDomR GH $PSDUR j 3HVTXLVD GR (VWDGR GH 6mR 3DXOR )$3(63 SHOR DSRLRPDWHULDOHILQDQFHLUR
1mRWHQKRMHLWRSDUDID]HUYHUVRV2DVVXQWRYDLDVVLP PHVPRVHP ULPDVHVHPULWPROLEHUWRFRPRDVDVSRLVIRUDPFRPRDVDVTXH RV TXDGURV SDVVDGRV DFXGLUDPPH j PHPyULD ( VH SRU DFDVR HVVDV SiJLQDV PRUUHUHP EUXVFDPHQWH HP PHLR GR FDPLQKR TXH PH SHUGRHP$OHPEUDQoDpPXLWRIXJLGLDHKiPHVPRPRPHQWRVDQWLJRV TXH ILFDUmR PHOKRUHV QR HVTXHFLPHQWR $OpP GLVVR D UHDOLGDGH GD KRUDSUHVHQWHIHUHPXLWR)HUHPXLWRHH[LJHWXGRGHPLP
)(55$5,'DQLOR:HQVHVODX$DWXDomRGH-RHO6LOYHLUDQDLPSUHQVDFDULRFD I'LVVHUWDomR0HVWUDGRHP+LVWyULD)DFXOGDGHGH&LrQFLDVH/HWUDV 8QLYHUVLGDGH(VWDGXDO3DXOLVWD$VVLV
5(6802
$SHVTXLVDFRQVLVWLXHPDQiOLVHGDVFRODERUDo}HVGH-RHO6LOYHLUD SDUDRMRUQDOOLWHUiULR'RP&DVPXUUR5-HSDUDDUHYLVWD'LUHWUL]HV5-HQWUHH 2DXWRUIRLMRUQDOLVWDGHGHVWDTXHQDKLVWyULDGDLPSUHQVDQR%UDVLOHHVFUHYHX XPDVpULHGHREUDVGHFDUiWHUPHPRULDOtVWLFRQDVTXDLVVXDVSUiWLFDVSURILVVLRQDLVGR SHUtRGR HVWXGDGR IRUDP UHOHPEUDGDV RX HVTXHFLGDV GH DFRUGR FRP D LPDJHP TXH GHVHMDYD OHJDU GH VL $ SHVTXLVD WHYH FRPR IRFR RV DQRV LQLFLDV GH VXD FDUUHLUD H SRUWDQWRIRLSRVVtYHODQWHYHUDPDQHLUDFRPRHVWUHRXQRMRUQDOLVPRSRUPHLRGRVIDLWV GLYHUV H GDV SROrPLFDV TXH WUDYRX FRP LPSRUWDQWHV LQWHOHFWXDLV HP XPD pSRFD GH HIHUYHVFrQFLDFXOWXUDO6LOYHLUDFRQVDJURXVHFRPRUHSyUWHUFRPWH[WRVHPTXHPHVFORX UHDOLGDGHHILFomR2MRUQDOLVWDSHUPDQHFHXQRVFDPLQKRVGDUHSRUWDJHPGXUDQWHRUHVWR GH VXD YLGD $OpP GLVVR WUDWRXVH GH YHULILFDU RV SRVLFLRQDPHQWRV DVVXPLGRV SRU 6LOYHLUDDQWHRFRQWXUEDGRSHUtRGRTXHHQYROYHXD6HJXQGD*XHUUD0XQGLDOHDDFLUUDGD FHQVXUD GR (VWDGR 1RYR JRYHUQR DXWRULWiULR GH *HW~OLR 9DUJDV VREUH R WUDEDOKR MRUQDOtVWLFR
3DODYUDVFKDYHV-RHO 6LOYHLUD'RP &DVPXUUR'LUHWUL]HVIDLWV GLYHUV UHSRUWDJHP (VWDGR1RYR
)(55$5,'DQLOR:HQVHVODX/HU{OHGH-RHO6LOYHLUDGDQVODSUHVVHGX5LRGH-DQHLUR S 7KqVH 0DVWHU HQ +LVWRLUH )DFXOGDGH GH &LrQFLDV H /HWUDV 8QLYHUVLGDGH(VWDGXDO3DXOLVWD$VVLV
5e680e
/DUHFKHUFKHFRQVLVWHjDQDO\VHUOHVFROODERUDWLRQVGH-RHO6LOYHLUD DX MRXUQDO'RP &DVPXUURHW j OD UHYXH'LUHWUL]HV HQWUH HW /¶DXWHXU XQ MRXUQDOLVWHFpOqEUHGDQVO¶KLVWRLUHGHODSUHVVHDX%UpVLODpFULWXQHTXDQWLWpVLJQLILFDWLYH GHWH[WHVGDQVOHJHQUHPpPRULDOLVWHGDQVOHVTXHOOHVVHVSUDWLTXHVSURILVVLRQQHOOHVGH OD SpULRGH pWXGLpH RQW pWp UDSSHOpHV RX RXEOLpHV VHORQ O¶LPDJH TXH O¶DXWHXU YRXODLW OpJXHUGHVRL /DUHFKHUFKHVHFRQFHQWUHVXUOHVSUHPLqUHVDQQpHVGHVDFDUULqUHSRXU YpULILHUGHTXHOOHIDoRQLODGpEXWpGDQVOHMRXUQDOLVPHjWUDYHUVOHV³IDLWVGLYHUV´HWOHV SROpPLTXHV TX¶LO D HQJDJpHV DYHF G¶LPSRUWDQWV LQWHOOHFWXHOV j XQH pSRTXH G¶HIIHUYHVFHQFH FXOWXUHOOH 6LOYHLUD HVW GHYHQX XQ FpOqEUH UHSRUWHU JUkFH j GHV WH[WHV GDQVOHVTXHOVLOPDULHODUpDOLWpjODILFWLRQ/HMRXUQDOLVWHDpWpUHSRUWHUSHQGDQWWRXWHVD YLH2XWUHFHODODUHFKHUFKHDHXSRXUEXWGHYpULILHUOHVSRLQWVGHYXHSULVSDU6LOYHLUD IDFHjODSpULRGHWURXEOpHGHOD'HX[LqPH*XHUUH0RQGLDOHHWGHODIpURFHFHQVXUHGH O¶eWDW 1RXYHDX JRXYHUQHPHQW DXWRULWDLUH GH *HW~OLR 9DUJDV VXU OH WUDYDLO MRXUQDOLVWLTXH
0RWV FOpV -RHO 6LOYHLUD'RP &DVPXUUR'LUHWUL]HV ³IDLWV GLYHUV´ UHSRUWDJH eWDW 1RXYHDX
/,67$'(,/8675$d®(6
)LJXUD-RHO6LOYHLUDQRLQtFLRGHVXDFDUUHLUDS
)LJXUD-RHO6LOYHLUDQRV~OWLPRVDQRVGHVXDYLGDS
)LJXUD3ULPHLUDSiJLQDGRH[HPSODUGHHVWUpLDGRMRUQDO'RP&DVPXUURS
)LJXUD5HGDomRGRMRUQDO'RP&DVPXUURS
)LJXUD&DPSDQKDGDVGH]PLODVVLQDWXUDVSDUD'RP&DVPXUURS
)LJXUD([SHGLHQWHGRMRUQDO'RP&DVPXUURS
)LJXUD6HomR$FRQWHFHXQHVWDVHPDQDS
)LJXUD6HomR3RGLDVHUSLRUS
)LJXUD&DULFDWXUDGH-RHO6LOYHLUDSXEOLFDGDHP'RP&DVPXUURS
)LJXUD&DULFDWXUDGH-RHO6LOYHLUDH=pOLD*DWWDLGLVSXWDQGRYDJDQD$%/S
)LJXUD6HomR/HUR/HURS
)LJXUD&DSDHFRQWUDFDSDGRQGDUHYLVWD'LUHWUL]HVS
)LJXUD&DSDGDUHYLVWD'LUHWUL]HVQDIDVHVHPDQDOS
)LJXUD5HSRUWDJHPGH-RHO6LOYHLUDFRPRPDWpULDGHFDSDGH'LUHWUL]HVS
)LJXUD5HSRUWDJHPGH-RHO6LOYHLUDFRPR³ROKRGDPDWpULD´HPGHVWDTXHS
)LJXUD-RHO6LOYHLUDHQWUHYLVWDQGR0DULD/DFHUGDGH0RXUDS
)LJXUD&DSDGH'LUHWUL]HVFRPDUHSRUWDJHP³*UmILQRVHP6mR3DXOR´S
)LJXUD&RQGLomRGHYLGDGDVIDPtOLDVGRVFRQGXWRUHVGH{QLEXVS
)LJXUD'LDJUDPDomRFRPRHVWUDWpJLDSROtWLFDS
/,67$'(7$%(/$6
7DEHODQ2EUDVGH-RHO6LOYHLUDS
7DEHODQ&RODERUDo}HVHP'RP&DVPXUURS
7DEHODQ&RODERUDo}HVHP'LUHWUL]HVS
7DEHODQ$UWLJRVGH-RHO6LOYHLUDHP'RP&DVPXUURS
7DEHODQ3URGXomROLWHUiULDHP'RP&DVPXUURS
7DEHODQ6HomR$FRQWHFHXQHVWDVHPDQDHP'RP&DVPXUURS
7DEHODQ5HSRUWDJHQVHP'RP&DVPXUURS
7DEHODQ2XWURVWH[WRVGH-RHO6LOYHLUDHP'RP&DVPXUURS
7DEHODQ6HomR3RGLDVHUSLRUHP'RP&DVPXUURS
7DEHODQ6HomR/HUR/HURHP'RP&DVPXUURS
7DEHODQ5HSRUWDJHQVHP'LUHWUL]HVS
7DEHODQ6HomR$FRQWHFHXQHVWDVHPDQDHP'LUHWUL]HVS
680È5,2
,1752'8d2
S
&$3Ë78/2-RHO6LOYHLUDELRJUDILDHPHPyULDV
S
8PDELRJUDILDSDUD-RHO6LOYHLUD S
$FRQVWUXomRGHXPDDXWRLPDJHP S
,PDJHQV S
&$3Ë78/21DVFHXPMRUQDOLVWDDH[SHULrQFLDHP'RP&DVPXUUR
S
$WUDMHWyULDGRMRUQDO'RP&DVPXUUR S
(VFUHYHQGRIDLWVGLYHUVDVHomR$FRQWHFHXQHVWDVHPDQD S -RHO6LOYHLUDpSURPRYLGRFUtWLFDOLWHUiULDHP3RGLDVHUSLRU S ,PDJHQV
S
&$3Ë78/21DVFHXPUHSyUWHUDDWXDomRHP'LUHWUL]HV
S
$WUDMHWyULDGDUHYLVWD'LUHWUL]HV S
$FRQVDJUDomRFRPRUHSyUWHU S
8PMRUQDOLVWDQR(VWDGR1RYR S
,PDJHQV
S
&21&/862
S
)217(6 S
$1(;26 S
7DEHODV S
'RFXPHQWRV S
(P DJRVWR GH R MRUQDOLVWD -RHO 6LOYHLUD PRUUHX HQYROWR QXPD DXUD GH KHURtVPR H GH JOyULD 6HX QRPH WUD] j OHPEUDQoD D ILJXUD GR FRUUHVSRQGHQWH TXH DFRPSDQKRXD)RUoD([SHGLFLRQiULD%UDVLOHLUD)(%j,WiOLDQRVPRPHQWRVILQDLVGD 6HJXQGD*XHUUD0XQGLDOHGRUHSyUWHUUHYHUHQFLDGRSRUVHXVSDUHVFRPRSUHFXUVRUGH GHWHUPLQDGDV SUiWLFDV MRUQDOtVWLFDV $GMHWLYRV FRPR ³GURPHGiULR´ H ³GLQRVVDXUR´ DVVRFLDPVH j VXD LPDJHP GH WHVWHPXQKD GH HYHQWRV PDUFDQWHV QD KLVWyULD GR %UDVLO UHSXEOLFDQR
'H IDWR R DXWRU WRUQRXVH UHIHUrQFLD HP VXD SURILVVmR 6LOYHLUD HVFUHYHX XPD VpULH GH OLYURV GH PHPyULDV H FROHWkQHDV GH UHSRUWDJHQV QRV TXDLV UHWRPRX RV DQRV LQLFLDLVGHVXDFDUUHLUD$OpPGLVVRIRLFKDPDGRDWHVWHPXQKDUVREUHHVWHVPRPHQWRV QDVLQ~PHUDVHQWUHYLVWDVTXHFRQFHGHXVHQGRFRQVLGHUDGRSHORVFROHJDVGHRItFLRFRPR H[SRHQWH GR MRUQDOLVPR H GD UHSRUWDJHP 7HPVH D LPSUHVVmR TXH GHVGH R LQtFLR 6LOYHLUD XVXIUXLX D IDPD H R UHFRQKHFLPHQWR 3RUpP QR PRPHQWR HP TXH R DXWRU LQLFLRX VXDV DWLYLGDGHV SURILVVLRQDLV R MRUQDOLVPR QmR HUD D ~QLFD IRUPD GH PDQLIHVWDomRFXOWXUDOGLVSRQtYHO+DYLDXPDHIHUYHVFrQFLDGDVDWLYLGDGHVLQWHOHFWXDLV UHVXOWDGRGRFUHVFLPHQWRGDSURGXomRHGLWRULDOVXUJLPHQWRGDVXQLYHUVLGDGHVDXPHQWR GRVSRVWRVS~EOLFRVRFXSDGRVSRUOHWUDGRVOLYUDULDVDJUHPLDo}HVOLWHUiULDVHYDULHGDGH GHSXEOLFDo}HVSURSRUFLRQDGDSRUXPDJUDQGHLPSUHQVDMiFRQVROLGDGD
6LOYHLUDRSWRXSHORMRUQDOLVPRQXPDpSRFDGHLQWHQVDFHQVXUDVREUHWDORItFLR 'XUDQWHR(VWDGR1RYRJRYHUQRDXWRULWiULRGH*HW~OLR9DUJDVDLPSUHQVD HUD FRQVLGHUDGD SHORV JRYHUQDQWHV FRPR H[WHQVmR GR (VWDGR H VHUYLoR GH XWLOLGDGH S~EOLFD2FRQWH[WRFRQWXUEDGRWDPEpPWUD]LDD6HJXQGD*XHUUD0XQGLDO FRPRSDXWDGRGLDQDVUHGDo}HVGHMRUQDLVHUHYLVWDV2VWHPDVHUDPFDQGHQWHVSDUDXPD LQWHOHFWXDOLGDGH TXH WLQKD HQWUH VHXV FRPSURPLVVRV R HQJDMDPHQWR QDV TXHVW}HV S~EOLFDV 'LDQWH GH WDO TXDGUR H GH WDQWDV SRVVLELOLGDGHV SRU TXH 6LOYHLUD WRUQRXVH MRUQDOLVWD"2MRUQDOLVPRHUDXPPHLRGHFRQVDJUDomRLQWHOHFWXDO"2TXHIH]FRPTXHVH WRUQDVVHXPMRUQDOLVWDFRQVDJUDGR"4XDLVDVFDUDFWHUtVWLFDVGHVXDVFRODERUDo}HVHRV WHPDVQHODVDERUGDGRVTXHOKHYDOHUDPUHFRQKHFLPHQWR"2DXWRUIRLVHPSUHRUHSyUWHU GHGHVWDTXHTXHDV~OWLPDVJHUDo}HVFRQKHFHUDP"
HP'RP&DVPXUURHQWUHHHGHSRLVHP'LUHWUL]HVGHD1HVWDV GXDV SXEOLFDo}HV R HVFULWRU RFXSRX FDUJRV GH GLUHomR FRPR UHGDWRU H VHFUHWiULR 'XUDQWH HVWH LQWHUUHJQR 6LOYHLUD WDPEpP FRODERURX HVSRUDGLFDPHQWH HP RXWURV SHULyGLFRVPDVRSWRXVHSRUDQDOLVDUVXDVFRODERUDo}HVHP'RP&DVPXUURH'LUHWUL]HV SRUFRQWDGDSHUHQLGDGHGHVXDSURGXomRHPWDLVYHtFXORVGRPHVPRJrQHURFXOWXUDOH OLWHUiULRTXHFLUFXODUDPHPWRUQRGRVPDUFRVWHPSRUDLVGR(VWDGR1RYR$OpPGLVVR IRL QHVWHV SHULyGLFRV TXH 6LOYHLUD FRQVDJURXVH FRPR MRUQDOLVWD H H[WHUQRX VHXV SRVLFLRQDPHQWRV GLDQWH GRV GLOHPDV GR SHUtRGR 'RP &DVPXUUR H 'LUHWUL]HV
GHVWLQDYDPVHDRS~EOLFRLQWHOHFWXDOHDSUHVHQWDYDPHVWDVGLVFXVV}HVHPFRQVRQkQFLD FRPDVLQWHQo}HVGHVHXVLGHDOL]DGRUHV
2 MRUQDO'RP &DVPXUURVXUJLX HP PDLR GH IXQGDGR SHORV HVFULWRUHV %UtFLR GH $EUHX H ÈOYDUR 0RUH\UD $ SXEOLFDomR IRL XP LPSRUWDQWH HVSDoR GH VRFLDELOLGDGHLQWHOHFWXDOGR5LRGH-DQHLURQRVDQRVH2MRUQDOIRLIXQGDGR MXVWDPHQWHQRDQRHPTXH6LOYHLUDIRLSDUDDFDSLWDOGDUHS~EOLFD7UDWDYDVHSRUWDQWR GHXPQRYRMRUQDOSDUDXPQRYRMRUQDOLVWD(P'RP&DVPXUURRMRUQDOLVWDSXEOLFRX WH[WRVGHQDWXUH]DGLYHUVDIDLWVGLYHUVFRQWRVFU{QLFDVHUDUDVUHSRUWDJHQV
$UHYLVWD'LUHWUL]HVVXUJLXFRPRSXEOLFDomRPHQVDOHPDEULOGHLGHDOL]DGD SRU $]HYHGR $PDUDO H 6DPXHO :DLQHU 2 SHULyGLFR FLUFXORX DWp PHDGRV GH H UHXQLX QRPHV GRV PDLVFRQVDJUDGRV QD LQWHOHFWXDOLGDGH QDFLRQDO H LQWHUQDFLRQDO -RHO 6LOYHLUDLQWHJURXRH[SHGLHQWHGH'LUHWUL]HVHPGH]HPEURGHTXDQGRDSXEOLFDomR WUDQVILJXURXVHHPVHPDQiULRPXGDQoDTXHFRQILUPRXDLPSRUWkQFLDGDUHYLVWDQDYLGD FXOWXUDOGDpSRFD1RSHULyGLFR-RHO6LOYHLUDILUPRXVHQDHVFULWDGHUHSRUWDJHQV
2HVWXGRGDSURGXomRGHXPDXWRUHPGHWHUPLQDGRSHULyGLFRH[LJHFDUDFWHUL]DU R YHtFXORVXSRUWH 0HVPR TXH HVWDV SXEOLFDo}HV VHMDP IRQWHV GD SHVTXLVD p IXQGDPHQWDODYHULJXDUROXJDUSRUHODVRFXSDGRQDKLVWyULDGDLPSUHQVDHQDWUDMHWyULD GHVHXJrQHURRSURMHWRHVWDEHOHFLGRSRUVHXVGLULJHQWHVHJUXSRTXHVHDJOXWLQDYDHP VHXHQWRUQR1mRVHWUDWDGHDQDOLVDUDFRODERUDomRGHXPHVFULWRUFRPRVHHVWDHVWLYHVVH VHSDUDGDGDVLQWHQo}HVGRJUXSRUHVSRQViYHOSHORSHULyGLFR2XVRLQVWUXPHQWDOHPTXH VHID]LDGDLPSUHQVDFRPRGHSyVLWRGHGDGRVTXHFRPSURYDYDPWHVHVFHGHXHVSDoRSDUD
RVHVWXGRVPDLVUHFHQWHVQRVTXDLVVHDWHQWRXSDUDDFRPSOH[LGDGHGHVWHVYHtFXORVGH FRPXQLFDomR2VSHVTXLVDGRUHVSDVVDUDPDLQTXLULURPDWHULDOHPVHXVPDLVYDULDGRV DVSHFWRV HP HVSHFLDO TXDQWR jV WpFQLFDV GH LPSUHVVmR PDWHULDOLGDGH DXVrQFLDSUHVHQoD GH LOXVWUDo}HV H VXDV IXQo}HV IRQWHV GH UHFHLWD H SDSHO GRV LGHDOL]DGRUHV
1DSDVVDJHPGRVpFXOR;,;SDUDR;;RMRUQDOLVPRFRPHoRXDVHILUPDUFRPR SURILVVmR GHILQLQGR FRQWRUQRV TXH R VHSDUDYDP GD OLWHUDWXUD 1mR VH SRGH SHUGHU GH YLVWD TXH QD pSRFD DV FLrQFLDV WLQKDP FRPR SULQFLSDO FDUDFWHUtVWLFD D EXVFD GD REMHWLYLGDGHHGHVWDPDQHLUDFRQVWUXLXVHDLGHQWLGDGHGRMRUQDOLVPRFRPRRItFLRGR ³SDFWRFRPDUHDOLGDGH´$LPSUHQVDDSUR[LPRXVHGDIDFWXDOLGDGHVHPDIDVWDUVHGH VHXFDUiWHURSLQDWLYR1mRVHDGPLWLDDWUDQVJUHVVmRGHVHXVPpWRGRVHSURFHGLPHQWRV GHDSXUDomRHYHLFXODomRGDVLQIRUPDo}HV7DOYH]DLGHQWLILFDomRGRMRUQDOLVPRFRPR SURGXomR LPSDUFLDO H ILHO j UHDOLGDGH DMXGH D FRPSUHHQGHU DV FDXVDV TXH SRU PXLWR WHPSROHYDUDPRVHVWXGLRVRVDVHYDOHUHPGDLPSUHQVDGHPDQHLUDLQVWUXPHQWDO
1RHQWDQWRKRXYHXPDLQIOH[mRQRVHVWXGRVKLVWyULFRVTXHDOWHURXDFRQFHSomR GHGRFXPHQWRGHVORFDQGRRLQWHUHVVHSHORFRQWH~GRHPVLSDUDDIRUPDFRPRRPHVPR p DSUHVHQWDGR (VWD PXGDQoD DQFRURXVH QD SHUVSHFWLYD GH XPD KLVWyULD FXOWXUDO H WURX[H UHQRYDomR HSLVWHPROyJLFD D GLYHUVDV iUHDV GH LQWHUHVVH GRV KLVWRULDGRUHV $V UHFRPHQGDo}HVPHWRGROyJLFDVUHODWLYDVDRWUDEDOKRFRPHVWHWLSRGHIRQWHDSRQWDPSDUD D LPSRUWkQFLD GRV VXSRUWHV WLSRJUiILFRV LQIRUPDo}HV GH IURQWLVStFLR LOXVWUDo}HV H RUJDQL]DomR GR FRQWH~GR (VWHV DVSHFWRV QDGD WrP GH QDWXUDO H IXQFLRQDP FRPR SURWRFRORVGHOHLWXUDTXHDFUHVFHQWDPVLJQLILFDGRVSURYHQLHQWHVGRWUDEDOKRGHHGLomR 1RFDVRGHVWDSHVTXLVDEXVFRXVHLGHQWLILFDUROXJDURFXSDGRSHORVWH[WRVGH6LOYHLUD QDVSiJLQDVGDVSXEOLFDo}HVHVWXGDGDVDVVLPFRPRDSUHVHQoDDXVrQFLDGHLOXVWUDo}HVH VXDSRVVtYHODXWRULD
'(/8&$7DQLD5HJLQD+LVWyULDGRVQRVHSRUPHLRGRVSHULyGLFRV,13,16.<&DUODRUJ)RQWHV
KLVWyULFDV63&RQWH[WRS3DUWHGDVUHIOH[}HVPHWRGROyJLFDVGHVWDSHVTXLVDHVWiEDVHDGD QHVWHWH[WR
%8/+®(60DUFHOR0DJDOKmHV-RUQDOLVPRHOLWHUDWXUDHPFRQYHUJrQFLD63ÈWLFDS 9HU /( *2)) -DFTXHV 'RFXPHQWR0RQXPHQWR ,1 BBBBBBB+LVWyULD H 0HPyULD &DPSLQDV 63 ('81,&$03S
3DUD DOpP GDV SiJLQDV DQDOLVDGDV PXLWDV TXHVW}HV VREUH R IXQFLRQDPHQWR GRV SHULyGLFRVHDVUHGHVGHVRFLDELOLGDGHHVWDEHOHFLGDVHPVXDVUHGDo}HVHQFRQWUDPVHHP WH[WRV GH FDUiWHU PHPRULDOtVWLFR HVFULWRV SHORV HQYROYLGRV FRP D SXEOLFDomR 1R HQWDQWR WDLV WH[WRV H[LJHP DWHQomR SDUWLFXODU GR SHVTXLVDGRU 7UDWDVH GH REUDV IUHTHQWHPHQWH PRELOL]DGDV FRPR IRQWH RX VXSRUWH ELEOLRJUiILFR VHP D GHYLGD GLVFXVVmRHWUDWDPHQWR FUtWLFR(PXPWH[WRDXWRELRJUiILFRKiXP³SDFWRGHOHLWXUD´ HQWUHDXWRUHLQWHUORFXWRUQRTXDOROHLWRUQmROHYDHPFRQVLGHUDomRDGLVWLQomRHQWUHD SHVVRDGRGLVFXUVRHDTXHOHTXHDVVLQDDREUD2LQWHUORFXWRUFUrQDLGHQWLILFDomRHQWUHR DXWRUHR³HXELRJUiILFR´TXHQDUUDRWH[WRHSRUWDQWRDFUHGLWDHPVXDYHUDFLGDGHFRP SDUWLFXODUrQIDVH
-RHO6LOYHLUDHVFUHYHXXPDTXDQWLGDGHVLJQLILFDWLYDGHOLYURVGHPHPyULDVVREUH RSHUtRGRHVWXGDGR2MRUQDOLVWDWDPEpPFRQFHGHXHQWUHYLVWDVDUHVSHLWRGHVXDDWXDomR QRVDQRVHHLQLFLRXXPSURMHWRDXWRELRJUiILFR1RFRQMXQWRGHVWDREUDR DXWRUFRQVWUXLXXPDLPDJHPGHVLHHODERURXXPDOyJLFDSDUDDVXDDWXDomRHSURGXomR 3DUD LGHQWLILFDU HVWD FRQVWUXomR H HYLWDU R XVR PHUDPHQWH ELEOLRJUiILFR GH VXDV PHPyULDVIRLSUHFLVRVHJXLURVFDPLQKRVPHWRGROyJLFRVSHQVDGRVSHORVHVWXGLRVRVGR WHPD3ULVFLOD)UDL]SRUH[HPSOROHPEURXTXH
3HOD PDQHLUD FRPR R VXMHLWR VH PRVWUD GLDQWH GR RXWUR SRGHPRV SHUFHEHU WRGD D DPELJLGDGH TXH R SUHVLGH DR DWR GR LQGLYtGXR DR WHQWDUUHFRQVWLWXLUVHDVLPHVPRSURFXUDQGRUHFRPSRUXPDXQLGDGH SHUGLGD HQWUH WDQWRV RXWURV HXV GR SDVVDGR $ ³WXUEXOrQFLD´ TXH R DXWRELyJUDIRVHQWHDRHVFUHYHUVREUHRTXHIRLRXGHL[RXGHVHUSRGH VHUPHGLGDSHODGLVWkQFLDWHPSRUDOTXHVHSDUDRDWRGDHQXQFLDomRGRV HYHQWRVHQXQFLDGRV2HXGRHVFULWRUQRSDVVDGRQmRpHQXQFDSRGHUi VHURPHVPRHXGRHVFULWRUQRSUHVHQWH'DtTXHRHVIRUoRTXHRDXWRU ID] SDUD UHFRPSRU R SDVVDGR YLVDQGR D XQLILFDU R SUHVHQWH LPSOLFD HUURV HQJDQRV HVTXHFLPHQWRV GLVWRUo}HV H VHOHo}HV FRQVFLHQWHV RX LQFRQVFLHQWHV
-RUQDLV H UHYLVWDV FRQVWLWXHPVH HP HVSDoRV GH VRFLDELOLGDGH RFXSDGRV SRU JUXSRVLQWHOHFWXDLV1HVWHVPHLRVRVOHWUDGRVWUDYDPSROrPLFDVSRUFRQWDGHSRVLo}HV DVVXPLGDVHPFRQVWDQWHUHRUJDQL]DomRDVVLPFRPRDVGLYHUJrQFLDVHQWUHSURMHWRVTXH FRPSHWHPHQWUHVL2HVWXGRGDSURGXomRGRVLQWHOHFWXDLVFRQWDFRPDUHFRPHQGDomR
/(-(81(3KLOOLSH/HSDFWHDXWRELRJUDSKLTXH3DULVeGLWLRQVGX6HXLOS 1RSULPHLURFDStWXORKiXPDWDEHODQDTXDOFRQVWDPWRGDVDVREUDVHVFULWDVSRU6LOYHLUD
)5$,=3ULVFLOD$'LPHQVmR$XWRELRJUiILFDGRV$UTXLYRV3HVVRDLV2$UTXLYR*XVWDYR&DSDQHPD
(VWXGRV+LVWyULFRV5-QS
PHWRGROyJLFDGHVHDQDOLVDUD³REUD´WHQGRHPYLVWDDGLPHQVmRGLDFU{QLFDDKLVWyULD GR JrQHUR H VLQFU{QLFD RV GLIHUHQWHV DVSHFWRV GR JrQHUR HP XP PHVPR PRPHQWR SDUD DOpP GH XPD DERUGDJHP TXH SULYLOHJLH D DQiOLVH H[WHUQD DFRQWHFLPHQWRV KLVWyULFRV VRFLDLV H SROtWLFRV H LQWHUQD KHUPHQrXWLFD H DQiOLVH GR GLVFXUVR 1HVWD SHVTXLVD SURFXURXVH VHJXLU HVWD RULHQWDomR LGHQWLILFDQGR D KLVWyULD GH FDGD JrQHUR SHOR TXDO R DXWRU LQFXUVLRQRX DVVLP FRPR VXDV SRVVLELOLGDGHV QR FRQWH[WR GH VXD SURGXomR
9DOHGHVWDFDUTXHRHVWXGRGRVLQWHOHFWXDLVH[LJHYHULILFDUVXDVUHODo}HVFRPR SRGHUEHPFRPRRSDSHOSROtWLFRSRUHOHVGHVHPSHQKDGR2LQWHOHFWXDOQHFHVVLWDGDV LQVWkQFLDV GH SRGHU FRPR D LPSUHQVD SDUD HQWUDU HP GHEDWH H LQWHUYLU QR HVSDoR S~EOLFR6REUHRVSRVLFLRQDPHQWRVSDVVtYHLVGHDGRomRQmRVySHORVKRPHQVGHOHWUDV PDV SHORV LQGLYtGXRV HP JHUDO R GHVDILR p R GH DYHULJXDU DV FDXVDV TXH RV OHYDP D DEUDoDUGHWHUPLQDGDVSRVWXUDVGLVSRQtYHLVHPVXDpSRFD1HVWHVHQWLGRID]VHHVVHQFLDO DLGpLDGHFXOWXUDSROtWLFD
1R FDVR GHVWH HVWXGR HVWH FRQFHLWR p HVVHQFLDO SRLV GXUDQWH R (VWDGR 1RYR DOpPGDGLWDGXUDLQWHUQDDGHIODJUDomRGHXPDJXHUUDPXQGLDOSRWHQFLDOL]RXLGHRORJLDV FRQIOLWDQWHVFRPRRFRPXQLVPRTXHRJRYHUQRVHPSUHSHUVHJXLXHRQD]LVPRFRPR TXDOFKHJRXDIOHUWDUDOpPGDGHIHVDGRQDFLRQDOLVPRRXWURFRPSRQHQWHGHGHVWDTXH 2V(VWDGRV8QLGRVDJUDQGHGHPRFUDFLDGRQRUWHH[HUFLDPFRQVLGHUiYHODWUDomRHQWUH XPUROGHLQWHOHFWXDLVTXHDGPLUDYDPVHXPRGHORTXHOHYDYDDFDERDVXDSROtWLFDGH ERDYL]LQKDQoD2 JRYHUQREUDVLOHLURGDpSRFD SRUVHXWXUQRVHQmRSRGLDLJQRUDUD IRUoD GRV QRUWHDPHULFDQRV QD $PpULFD /DWLQD QmR VHJXLD VHX PRGHOR SROtWLFR 1R HQWDQWRDVLWXDomRWRUQRXVHEHPPDLVFRPSOH[DFRPDHQWUDGDGRSDtVQD6HJXQGD *XHUUD0XQGLDODRODGRGRV$OLDGRVRTXHDSURIXQGRXRSURFHVVRGH³DPHULFDQL]DomR´ GDVRFLHGDGHEUDVLOHLUD
$ GLVVHUWDomR HVWi RUJDQL]DGD HP WUrV FDStWXORV 1R SULPHLUR ³-RHO 6LOYHLUD ELRJUDILDHPHPyULDV´SURFXURXVHUHFRQVWLWXLUDKLVWyULDGHYLGDGH-RHO6LOYHLUDFRP rQIDVH QR SHUtRGR HVWXGDGR 7UDWRXVH GH DSUHVHQWDU R DXWRU H VXD WUDMHWyULD FRP R
6,/9$+HOHQLFH5RGULJXHVGD$KLVWyULDLQWHOHFWXDOHPTXHVWmR,1/23(60DUFRV$QWRQLRRUJ
*UDQGHVQRPHVGDKLVWyULDLQWHOHFWXDO63&RQWH[WRS
08+/0$11 *pUDOGLQH 0DU[ R MRUQDOLVPR H R HVSDoR S~EOLFR ,1 129$(6 $GDXWR RUJ2
VLOrQFLR GRV LQWHOHFWXDLV63&RPSDQKLD GDV /HWUDV S 1HVWH FDVR D DXWRUD DQDOLVRX D SURGXomRMRUQDOtVWLFDGH.DUO0DU[FRPRDIRUPDTXHRILOyVRIRHQFRQWURXGHFRPEDWHUDTXLORTXHHOH SUHFRQL]DYDFRPR³LGHRORJLD´DSDUWLUGRGLiORJRFRPDVVXDVIRUPDVGHYHLFXODomR
%(567(,16HUJH$FXOWXUDSROtWLFD,16,5,1(//,-HDQ)UDQoRLV5,28;-HDQ3LHUUHRUJV2S
REMHWLYRGHIXQGDPHQWDUDVDQiOLVHVGHVXDSURGXomRHFRPSUHHQGHUVXDDWXDomR(P VHJXLGDGLVFXWLXVHVXDREUDPHPRULDOtVWLFDFRPRILWRGHDSUHHQGHUDPDQHLUDFRPRR LQWHOHFWXDORUGHQRXVXDH[LVWrQFLDHRVIDWRVGDpSRFDVREUHDTXDOYHUVDHVWDSHVTXLVD $R VH DIDVWDU GDV DWLYLGDGHV SURILVVLRQDLV QRV DQRV ILQDLV GH VXD YLGD 6LOYHLUD WUDQVPXWRXVHHPPHPRULDOLVWDHHVFUHYHXXPDTXDQWLGDGHVLJQLILFDWLYDGHREUDVQHVWH JrQHUR(PWDLVWH[WRVRDXWRUFRQVWUXLXXPDDXWRLPDJHPTXHGHVHMRXOHJDUGHVLQXP HVIRUoRGHDXWRUUHSUHVHQWDomRQRTXDOREWHYHr[LWRSRLVDOHPEUDQoDTXHVHWHPGHOHQR SUHVHQWHSHUSDVVDVXDVPHPyULDV1HVWDVREUDVDOJXPDVGHVXDVSUiWLFDVSURILVVLRQDLV GRSHUtRGRHVWXGDGRIRUDPOHPEUDGDVHQTXDQWRRXWUDVHVTXHFLGDV
1RVHJXQGRFDStWXOR³1DVFHXPMRUQDOLVWDDH[SHULrQFLDHP'RP&DVPXUUR´ SURFXURXVH DQDOLVDU VXDV FRODERUDo}HV HP 'RP &DVPXUUR VXD SULPHLUD JUDQGH RSRUWXQLGDGHQRMRUQDOLVPR1XPSULPHLURPRPHQWRFDUDFWHUL]RXVHDSXEOLFDomRFRP RREMHWLYRGHDSUHHQGHUVXDSURSRVWDHGLWRULDOHROXJDUSRUHODRFXSDGRQDYLGDFXOWXUDO GDpSRFDQDWUDMHWyULDGRVSHULyGLFRVFXOWXUDLVHOLWHUiULRVHQDKLVWyULDGDLPSUHQVD(P VHJXLGD DSUHVHQWRXVH D DQiOLVH GD VHomR$FRQWHFHX QHVWD VHPDQD FROXQD QD TXDO 6LOYHLUDHVFUHYLDIDLWVGLYHUVJrQHURQRTXDOHVWUHRXQRMRUQDOLVPR
7UDWDYDVHGHWH[WRTXHILFDYDDFDUJRGRVLQLFLDQWHVSRLVGHYLGRDRVHXFDUiWHU VHQVDFLRQDOLVWDHUDFRQVLGHUDGRPHQRUQRMRUQDOLVPR3RUpPRDXWRUIRLSURPRYLGRQR MRUQDOHWRUQRXVHFUtWLFROLWHUiULRFRPDVHomR3RGLDVHUSLRUHVWXGDGDQRILQDOGR FDStWXOR1HVWDQRYDFROXQD6LOYHLUDSDVVRXDGLDORJDUFRPDLQWHOHFWXDOLGDGHGHVHX WHPSRGHEDWHQGRFRPQRPHVGRVPDLVUHQRPDGRVGDFXOWXUDQDFLRQDOHQWUHRVTXDLV 0iULRGH$QGUDGHHRXWURV7DLVHPEDWHVHFUtWLFDVIRUDPGHFLVLYRVSDUDRVUXPRVGH VXDFDUUHLUD
1R~OWLPRFDStWXOR³1DVFHXPUHSyUWHUDDWXDomRHP'LUHWUL]HV´SURFXURXVH HVWXGDUDSURGXomRGH6LOYHLUDQDUHYLVWDGH6DPXHO:DLQHU'HLQtFLRUHFRQVWLWXLXVHD WUDMHWyULDGDSXEOLFDomRFRPDILQDOLGDGHGHLGHQWLILFDUVHXHVFRSRHGLWRULDOHRSDSHO SRUHODGHVHPSHQKDGRQDYLGDFXOWXUDOHSROtWLFDGRSHUtRGR$SyVGHL[DURH[SHGLHQWH GH'RP &DVPXUUR -RHO SDVVRX SDUD R WLPH GH'LUHWUL]HV SXEOLFDomR QD TXDO VH FRQVDJURXFRPRUHSyUWHURItFLRTXHH[HUFHXDWpRV~OWLPRVPRPHQWRVGHVXDFDUUHLUD$ DQiOLVHGDVUHSRUWDJHQVSHUPLWLXYHULILFDUFRPRRDXWRUREWHYHUHFRQKHFLPHQWRFRPWDO JrQHURHQTXDQWRRPHLRWUDGLFLRQDOGHFRQVDJUDomRHUDDOLWHUDWXUD
DOJXPDVUHVSRVWDVDHVWDVTXHVW}HV(P'LUHWUL]HV6LOYHLUDWHYHFRPRSULQFLSDOWHPDGH VXDVFRODERUDo}HVRGHEDWHS~EOLFRHPWRUQRGRVSUREOHPDVEUDVLOHLURVHRVGHVWLQRVGR SDtVGLDQWHGR(VWDGR1RYRHGRPXQGRHPIDFHGD6HJXQGD*XHUUD0XQGLDO)RLFRP DV UHSRUWDJHQV HP'LUHWUL]HVTXH 6LOYHLUD FRPHoRX D REWHU GHVWDTXH H XVXIUXLU FHUWR UHFRQKHFLPHQWR(VWHFDPLQKRVHIH]SHODIRUPDRXSHORFRQWH~GRGHVHXVWH[WRV"2X DLQGDSHODFRQMXQomRGHVWHVIDWRUHV"
&$3Ë78/2
-RHO6LOYHLUDELRJUDILDHPHPyULDV
<QRKD\QDGDPiVSHOLJURVRTXHODPHPRULDHVFULWD
1HVWH FDStWXOR HVWUXWXUDGR HP GRLV LWHQV DSUHVHQWDVH XPD ELRJUDILD GH -RHO 6LOYHLUDHDGLVFXVVmRGHVXDREUDPHPRULDOtVWLFD7UDWRXVHGHUHFRQVWLWXLUDWUDMHWyULD GRMRUQDOLVWDWHQGRFRPRIRFRSULQFLSDORSHUtRGRDERUGDGRSHODSHVTXLVD 3DUDUHFXSHUDURFDPLQKRWULOKDGRSRU6LOYHLUDIH]VHQHFHVViULDDEXVFDGHLQIRUPDo}HV D VHX UHVSHLWR QRV H[SHGLHQWHV H QDV SiJLQDV GDV SXEOLFDo}HV QDV TXDLV R MRUQDOLVWD WUDEDOKRX 2XWURV GDGRV SUHVHQWHV HP VHXV OLYURV GH PHPyULD DX[LOLDUDP HVWD UHFRQVWLWXLomR 1R HQWDQWR 6LOYHLUD GHGLFRXVH DV VXDV OHPEUDQoDV HP YiULRV GH VHXV HVFULWRVQRVTXDLVRHVFULWRUFRQVWUXLXXPDLPDJHPGHVLQXPLQYHVWLPHQWRTXHYLVDYD HVWDEHOHFHUDIRUPDFRPRGHYHULDVHUOHPEUDGR$DQiOLVHGHVWDFRQVWUXomRpREMHWRGR VHJXQGRLWHP
8PDELRJUDILDSDUD-RHO6LOYHLUD
(P DJRVWR GH QD RFDVLmR GD PRUWH GH -RHO 6LOYHLUD R MRUQDOLVWD &DUORV +HLWRU&RQ\UHJLVWURXHPFU{QLFDVXDVOHPEUDQoDVVREUHRDPLJR&RQ\OHPEURXVHGH XPDQRLWHQRDSDUWDPHQWRGH-RHOHPTXH HVFXWDUDPP~VLFDVLWDOLDQDVGRWHPSRGD JXHUUDTXH6LOYHLUDFREULX6HJXQGR&RQ\RYHOKRMRUQDOLVWDEHEHXDOJXPDVGRVHVGH XtVTXH HTXLOLEURX R FRSR QD FDEHoD H FRPHoRX D GDQoDU H FDQWDURODU ³6XO¶$UQR G¶DUJHQWR VSHFFKLD ,O ILUPDPHQWR´ 6HX FROHJD QD FREHUWXUD GR FRQIOLWR (J\GLR 6TXHIIKDYLDPRUULGRXPPrVDQWHV6LOYHLUDQRPHLRGDVDOD GDQoDQGRHFDQWDQGR FRPRFRSRQDFDEHoDSHGLDDVXDHVSRVD,UDFHPD³7HOHIRQDSDUDR6TXHIIHOHQmR DSDUHFH PDLV DUUDQMHL XP GLVFR GR µ'RUPH )LUHQ]H GRUPH¶ FRP R $OEHUWR 5DEDJOLDWWLWHOHIRQD,UDFHPDSHGHSDUDHOHYLUGHSUHVVDFKDPDR1iVVDUDWDPEpP HVWRX FRP VDXGDGHV´ &RQ\ GHL[RXR QR VRIi VRQKDQGR FRP RV DPLJRV TXH QmR FKHJDYDPPDLV
$ FREHUWXUD GD 6HJXQGD *XHUUD 0XQGLDO QD ,WiOLD IRL XP GRV HYHQWRV PDLV PDUFDQWHVQDYLGDGH-RHO6LOYHLUD2MRUQDOLVWDILFRXFRQKHFLGRSULQFLSDOPHQWHSRUHVWD DWXDomRHDVVLPIRLOHPEUDGRQRVGLDVGHVXDPRUWH6LOYHLUDQDVFHXHP1mRVH VDEHDRFHUWRRQGHYLVWRTXHDOJXPDVREUDVDSRQWDPDFLGDGHGH/DJDUWR6(HRXWUDV $UDFDM~FDSLWDOVHUJLSDQD)LOKRGDSURIHVVRUDSULPiULD-RYLWD5LEHLURHGRFRPHUFLDQWH ,VPDHO 6LOYHLUD -RHO SHUWHQFLD j FODVVH PpGLD GH 6HUJLSH 'HVGH MRYHP SDUWLFLSDYD
³6REUHR$UQRGHSUDWDHVSHOKDRILUPDPHQWR´
DWLYDPHQWH GH DWLYLGDGHV FXOWXUDLV QRV FROpJLRV HP TXH HVWXGRX H GHVHMDYD WRUQDUVH HVFULWRU2VRQKRLPSXOVLRQRXVXDSDUWLGDSDUDDFDSLWDOGDUHS~EOLFDR5LRGH-DQHLUR HPDRVGH]RLWRDQRVGHLGDGH
$FLGDGHTXHUHFHEHX6LOYHLUDPXLWRGLYHUJLDGDVSDFDWDV/DJDUWRH$UDFDM~HP 6HUJLSH(PR5LRMiHUDXPDPHWUySROHGHPDVVDVHSDVVDYDSRUXPDVpULHGH UHIRUPDV TXH YLVDYDP WRUQiOD XPD FLGDGH PRGHUQD 6HXV TXDVH GRLV PLOK}HV GH KDELWDQWHV WUDIHJDYDP QR LQWHQVR WUkQVLWR GH ERQGHV DXWRPyYHLV H GRV QRYRV WUHQV HOpWULFRV $V PXLWDV VDODV GH FLQHPD HUDP XPDV GDV RSo}HV GH OD]HU SDUD XP MRYHP FRPR 6LOYHLUD H R UiGLR HP VXD HUD GH RXUR GHVSRQWDYD FRPR LPSRUWDQWH PHLR GH FRPXQLFDomR2VDUUDQKDFpXVWRPDYDPFRQWDGDSDLVDJHPHFKDPDYDPDDWHQomRGH -RHOTXHVHLQWHUHVVRXSHORSRUWHQWRVRHGLItFLRGHYLQWHHWUrVDQGDUHVGRMRUQDO$1RLWH QDSUDoD0DXiRQGHFRQVHJXLXRSULPHLURHPSUHJR
2MRYHPHVFULWRUFRODERURXQDVUHYLVWDV9DPRVOHUH&DULRFDSXEOLFDo}HVTXH IL]HUDP SDUWH GR JUXSR GH$ 1RLWH H TXH DWLQJLDP WLUDJHQV GH PDLV GH PLO H[HPSODUHV VHPDQDLV 6LOYHLUD WDPEpP LQLFLRX R FXUVR GH 'LUHLWR DEDQGRQDGR SRU FRQWD GH VXD DWLYLGDGH MRUQDOtVWLFD $LQGD HP FRQVHJXLX HPSUHJR QR UHFpP IXQGDGRMRUQDOOLWHUiULR'RP&DVPXUURGLULJLGRSRU%UtFLRGH$EUHXHÈOYDUR0RUH\UD 2 MRYHP HVFULWRU ILJXURX QDV SiJLQDV GD QRYD SXEOLFDomR D SDUWLU GH VHX WHUFHLUR Q~PHURGHPDLRGH6LOYHLUDFRQVHJXLXWDOFRORFDomRSRUPHLRGHXPDFDUWDGH DSHORHQYLDGDD0RUH\UDUHGDWRUFKHIHGRSHULyGLFR(PSRXFRWHPSRQDSXEOLFDomR 6LOYHLUDRFXSRXRFDUJRGHUHGDWRU(PVHWHPEURGHDGHVLJQDomR GHVHXSRVWR PXGRX SDUD ³VHFUHWiULR GH UHGDomR´ IXQomR TXH RFXSRX DWp GHL[DU R SHULyGLFR HP RXWXEUR GH 1HVWD IDVH R MRUQDOLVWD SXEOLFRX GXDV FROHWkQHDV GH FRQWRV2QGD UDLYRVD(GLWRUD5XPRH5RWHLURGH0DUJDULGD(GLWRUD*XDtUD
2MRUQDOLVWDWDPEpPHVFUHYHXFRQWRVHRXWURVWH[WRVHVSRUDGLFDPHQWHHPRXWUDV SXEOLFDo}HVPDVIRLHP'RP&DVPXUURHSRVWHULRUPHQWHHP'LUHWUL]HVTXH6LOYHLUD WHYHVXDVSULPHLUDVJUDQGHVRSRUWXQLGDGHVQRWUDEDOKRFRPDLPSUHQVDDOpPGHRFXSDU FDUJRVGHGLUHomR(QWUHHFRODERURXQRVXSOHPHQWRFXOWXUDOGRMRUQDOGLiULR
0HLR'LDSHULyGLFRGHRULHQWDomRSUy$OHPDQKDOLGHUDGRSRU-RDTXLP,QRMRVD1HVWH LQWHUUHJQR DV FRQIODJUDo}HV GD 6HJXQGD *UDQGH *XHUUD SHUSDVVDYDP R PXQGR H D $OHPDQKDHQFRQWUDYDVHVRERUHJLPHDXWRULWiULRGH$GROI+LWOHU1RHQWDQWRVHPDQDV
DQWHV GD HFORVmR GR FRQIOLWR RV GLULJHQWHV GR UHIHULGR SDtV H GD 8QLmR 6RYLpWLFD DVVLQDUDPXPWUDWDGRGHQmRDJUHVVmRHQWUHHVWHVGRLV(VWDGRV'HVWDPDQHLUDRUHJLPH DOHPmRDQWHVDOYRGHFUtWLFDGRVFRPXQLVWDVHVLPSDWL]DQWHVGDHVTXHUGDGHYHULDVHU SRXSDGR
2 SDFWR FRQKHFLGR FRPR JHUPDQRVRYLpWLFR LQIOXHQFLRX D LQWHOHFWXDOLGDGH GH HVTXHUGDGHWRGRRPXQGRDID]HUXPDWUpJXDFRPRVDOHPmHV(VWDIRLDMXVWLILFDWLYD DSUHVHQWDGDSRU6LOYHLUDSDUDVXDSDUWLFLSDomRQXPSHULyGLFRGHRULHQWDomRQD]LVWD2 WUDWDGR IRL TXHEUDGR HP MXQKR GH FRP D LQYDVmR GD 8QLmR 6RYLpWLFD (VWH PRPHQWRGDYLGDGRMRUQDOLVWDIRLOHPEUDGRFRPPXLWRLQF{PRGRQXPGHVHXVOLYURVGH PHPyULD'HIDWR6LOYHLUDIRLVLPSDWL]DQWHGDHVTXHUGD1RHQWDQWRVRPHQWHDDQiOLVH VLVWHPiWLFDGHVHXVWH[WRVHVFULWRVQRSHUtRGRWRUQDUiDSUHHQVtYHLVDVSRVWXUDVSROtWLFDV TXHDVVXPLX
(PGH]HPEURGH6LOYHLUDHQWURXSDUDRH[SHGLHQWHGH'LUHWUL]HVUHYLVWD GHPDLRUQRWRULHGDGH'HVGHRVHXSULPHLURPrVQDSXEOLFDomR6LOYHLUD IH]SDUWHGD GLUHomRFRPRUHGDWRU1HVWDUHYLVWDHVFUHYHXUHSRUWDJHQVTXHRWRUQDUDPIDPRVRQR PHLRMRUQDOtVWLFRGDpSRFDFRPR*UmILQRVHP6mR3DXORPDWpULDGHERFKDGDHMRFRVD VREUH D HOLWH SDXOLVWDQD H TXH OKH UHQGHX D DOFXQKD GH YtERUD GDGD SRU $VVLV &KDWHDXEULDQG SURSULHWiULR GRV'LiULRV $VVRFLDGRV 2 HVFULWRU SXEOLFRX SDUWH GHVWDV UHSRUWDJHQVHPVHXWHUFHLUROLYUR2VKRPHQVQmRIDODPGHPDLV$OEDHPFR DXWRULD FRP )UDQFLVFR GH $VVLV %DUERVD VHX FRPSDQKHLUR GH UHGDomR HP'LUHWUL]HV
(PPDLRGHRMRUQDOLVWDWRUQRXVHDVHFUHWiULRGDSXEOLFDomRDRODGRGH6DPXHO :DLQHU SURSULHWiULR GR SHULyGLFR H QHOH SHUPDQHFHX DWp MXOKR GH TXDQGR
'LUHWUL]HVVDLXGHFLUFXODomR
1DpSRFDHPTXH6LOYHLUDFRODERURXHP'RP&DVPXUURH'LUHWUL]HVYLYLDVH QDV SULQFLSDLV FLGDGHV EUDVLOHLUDV XP FOLPD GH HIHUYHVFrQFLD FXOWXUDO 6XUJLDP DV SULPHLUDV XQLYHUVLGDGHV GLYHUVRV SHULyGLFRV OLWHUiULRV JUDQGHV HGLWRUDV DJUHPLDo}HV OLWHUiULDV H DXPHQWDYDP DV RSRUWXQLGDGHV GH WUDEDOKR LQWHOHFWXDO QRV QRYRV SRVWRV S~EOLFRV 1R 5LR GH -DQHLUR RV SULQFLSDLV SRQWRV GH HQFRQWUR GRV OHWUDGRV HUDP DV UHGDo}HVGDVSXEOLFDo}HVFXOWXUDLVD /LYUDULD-RVp2OtPSLR(GLWRUDRVFDIpVEDUHVH LQVWLWXLo}HV S~EOLFDV RFXSDGDV SHORV KRPHQV GH OHWUDV ³2 &DIp $PDUHOLQKR QD &LQHOkQGLD ILFDYD D XPD F{PRGD GLVWkQFLD GDV UHGDo}HV ±'LiULRV $VVRFLDGRV'RP
&DVPXUUR'LUHWUL]HV±HUHSDUWLo}HVS~EOLFDVFRPRR0LQLVWpULRGD(GXFDomRTXHHUD DOLDRODGRQD5XDÈOYDUR$OYLP´
$SyV D H[SHULrQFLD HP'LUHWUL]HV 6LOYHLUD FRQVHJXLX HPSUHJR QRV'LiULRV $VVRFLDGRV 2 MRUQDOLVWD IRL HVFROKLGR SRU $VVLV &KDWHDXEULDQG SDUD DFRPSDQKDU D )RUoD([SHGLFLRQiULD%UDVLOHLUD)(%j,WiOLDGXUDQWHRVPRPHQWRVILQDLVGD6HJXQGD *XHUUD0XQGLDO6REUHHVWDH[SHULrQFLD6LOYHLUDHVFUHYHXXPDTXDQWLGDGHVLJQLILFDWLYD GHOLYURVHWH[WRVFRQIRUPHVHYHUiDGLDQWH'HSRLVGRILPGR(VWDGR1RYRRMRUQDOLVWD SDVVRXSHODVUHGDo}HVGR'LiULRGH1RWtFLDV0DQFKHWH5HYLVWDGD6HPDQD)H]SDUWH GRFRQVHOKRHGLWRULDOGD5HYLVWD1DFLRQDOHIRLUHGDWRUFKHIHGH2PXQGRLOXVWUDGRYHU )LJXUDS
(P IXQGRX FRP 5XEHP %UDJD H 5DIDHO &RUUrD GH 2OLYHLUD R MRUQDO
&RPtFLRGXUDQWHRWXUEXOHQWRVHJXQGRJRYHUQRGH*HW~OLR9DUJDVGHTXHPRVHGLWRUHV GHFODUDUDPVH RSRVLWRUHV (QTXDQWR 6DPXHO :DLQHU GHIHQGLD R SUHVLGHQWH HPÒOWLPD KRUD6LOYHLUDH%UDJDHQJURVVDYDPRFRURGRVLQLPLJRVGH9DUJDV&RPtFLRFLUFXORX SRUXPFXUWRHVSDoRGHWHPSRSHUID]HQGRDSHQDVGH]HVVHWHQ~PHURV$SHVDUGLVVRR MRUQDOFRQWRXFRPDFRODERUDomRGHQRPHVGHMRUQDOLVWDVHHVFULWRUHVTXHGHVSRQWDYDP QRFHQiULRFXOWXUDOEUDVLOHLURWDOTXDO0LOO{U)HUQDQGHV6pUJLR3RUWR6WDQLVODZ3RQWH 3UHWD 3DXOR 0HQGHV &DPSRV 2WWR /DUD 5HVHQGH &DUORV &DVWHOR %UDQFR /~FLR 5DQJHO +pOLR 3HOHJULQR 7KLDJR GH 0HOR )HUQDQGR 6DELQR H D HVFULWRUD &ODULFH /LVSHFWRUTXHDVVLQDYDDFROXQDIHPLQLQD³(QWUHPXOKHUHV´VRERSVHXG{QLPR7HUH]D 4XDGURV
(QWUH H GLULJLX R 6HUYLoR GH 'RFXPHQWDomR GR 0LQLVWpULR GR 7UDEDOKReSURYiYHOTXHRMRUQDOLVWDWHQKDSHUGLGRRSRVWRDSyVRJROSHPLOLWDUGRTXDO IRLRSRVLWRU$SDUWLUGHRHVFULWRUGHGLFRXVHjWUDGXomRGHREUDVGHHVFULWRUHV FRPR*DEULHO*DUFLD0DUTXH]ËWDOR&DOYLQR0DQXHO3XLJHQWUHRXWURV$RORQJRGH VXDFDUUHLUDUHFHEHXXPDVpULHGHSUrPLRVMRUQDOtVWLFRVHOLWHUiULRVWDLVFRPR³0DFKDGR GH $VVLV´ GD $FDGHPLD %UDVLOHLUD GH /HWUDV $%/ ³/tEHUR %DGDUy´ ³3UrPLR (VVR (VSHFLDO´³3UrPLR-DEXWL´H³*ROILQKRGH2XUR´
62$5(6 /XFLOD 5XD GR 2XYLGRU 8PD KLVWyULD GD /LYUDULD -RVp 2O\PSLR 5- -RVp 2O\PSLR)%1S
9HU181(6$SDUHFLGD0DULD&ODULFH/LVSHFWRUMRUQDOLVWD3iJLQDVIHPLQLQDV RXWUDVSiJLQDV63 6(1$&S
&$1(,52 )HUG\ -RHO 6LOYHLUD DPLJR GH JDWRV H GH %HHWKRYHQ 3RVIiFLR GH 6,/9(,5$ -RHO2
-RHO6LOYHLUDWDPEpPFRODERURXQRMRUQDO&RUUHLRGD0DQKmGXUDQWHRDXJHGD GLWDGXUD PLOLWDU EUDVLOHLUD PRPHQWR VREUH R TXDO UHJLVWURX SRVWHULRUPHQWH HP PHPyULDV$SyVDDSRVHQWDGRULDHDIDVWDPHQWRGDVDWLYLGDGHVSURILVVLRQDLVGHGLFRX VHjDWLYLGDGHPHPRULDOtVWLFDPDWHULDOL]DGDHPREUDVTXHVHUYHPFRPRIRQWHHVXSRUWH ELEOLRJUiILFRSDUDDSHVTXLVD1RHQWDQWRHVWHVGDGRVVmRUHRUJDQL]DGRVSHORWUDEDOKR YROXQWiULRRXLQYROXQWiULRGDPHPyULDHSDUDDOpPGHVHXXVRFRPRDSRLRDQDOtWLFR PHUHFHPDGHYLGDGLVFXVVmRHWUDWDPHQWRFUtWLFR$OpPGLVVRQRFRQMXQWRGHVWHVWH[WRV -RHO 6LOYHLUD FRQVWUXLX D LPDJHP TXH GHVHMDYD OHJDU GH VL $ FRPSUHHQVmR GHVWD FRQVWUXomRpIXQGDPHQWDOSDUDDDQiOLVHGHVHXVHVFULWRVQRSHUtRGRHVWXGDGR
$FRQVWUXomRGHXPDDXWRLPDJHP
2 KLVWRULDGRU TXH VH GHGLFD DR HVWXGR GH IRQWHV SHULyGLFDV FRPR MRUQDLV H UHYLVWDV UHFRUUH D WH[WRV GH FDUiWHU PHPRULDOtVWLFR HVFULWRV SHORV SHUVRQDJHQV HQYROYLGRVFRPDVSXEOLFDo}HVLGHDOL]DGRUHVSURSULHWiULRVHMRUQDOLVWDVSDUDPHOKRU IXQGDPHQWDU VXDV DQiOLVHV $ IDOWD GH DUTXLYRV LQIRUPDo}HV H GRFXPHQWRV VREUH GHWHUPLQDGRV SHULyGLFRV WRUQD HVWH XVR XP LPSHUDWLYR (P WDLV WH[WRV UHJLVWUDPVH VLWXDo}HVVREUHRIXQFLRQDPHQWRGRVSHULyGLFRVHVWXGDGRVHVREUHDVUHODo}HVSHVVRDLVH SURILVVLRQDLV GH VHXV DXWRUHV QmR H[SOtFLWDV QDV SiJLQDV GD IRQWH SHVTXLVDGD (VWDV REUDVWDPEpPDX[LOLDPQDUHFRQVWLWXLomRGDWUDMHWyULDGHYLGDGRVLQGLYtGXRVVREUHRV TXDLVYHUVDDSHVTXLVD-RHO6LOYHLUDHVFUHYHXPDLVGHTXDUHQWDOLYURVDPDLRULDVREUH PHPyULDV GH GLYHUVRV PRPHQWRV GH VXD YLGD SURILVVLRQDO 2XWURV OLYURV GH 6LOYHLUD FRQVLVWLUDPHPFROHWkQHDVGHUHSRUWDJHQVHUHODWRVVREUHDFRQWHFLPHQWRVPDUFDQWHVQD KLVWyULDGR%UDVLOYLVWRVDSDUWLUGHVXDSHUVSHFWLYDSHVVRDO1HVWDVREUDVRMRUQDOLVWD SURGX]LX D LPDJHP TXH VH WHP GHOH QR SUHVHQWH H HVWDEHOHFHX XPD OyJLFD SDUD VXD KLVWyULDGHYLGD
$1'5$'( -HIHUVRQ 6,/9(,5$ -RHO8P MRUQDO DVVDVVLQDGR $ ~OWLPD EDWDOKD GR&RUUHLR GD
0DQKm5--RVp2O\PSLR
3DUWH GHVWDV REUDV YHUVD VREUH R SHUtRGR DERUGDGR QHVWD SHVTXLVD 3RUWDQWR FRPSUHHQGHU HVWD FRQVWUXomR p HVVHQFLDO SDUD D DQiOLVH GH VXD SURGXomR MRUQDOtVWLFD QR (VWDGR 1RYR -RHO 6LOYHLUD WRUQRXVH ILJXUD GH GHVWDTXH QD LPSUHQVD EUDVLOHLUD OHPEUDGR SRU VXDV IDPRVDV UHSRUWDJHQV H SULQFLSDOPHQWH SRU VXD DWXDomR FRPRFRUUHVSRQGHQWHGHJXHUUD(VWDpDLPDJHPTXHSUHYDOHFHUHODFLRQDGDDRQRPHGR DXWRU $OpP GH GHVWDFDU HVWHV PRPHQWRV HP VXDV PHPyULDV 6LOYHLUD WDPEpP RV UHFRUGRXQDVHQWUHYLVWDVTXHFRQFHGHXDQRVDSyVWDLVDFRQWHFLPHQWRV$VHGLWRUDVTXH SXEOLFDUDPVXDVREUDVRDSUHVHQWDUDPGHVWDIRUPD³-RUQDOLVWDFRQVDJUDGRFRPPDLVGH FLQTHQWD DQRV GH PLOLWkQFLD QD LPSUHQVD EUDVLOHLUD RQGH RFXSRX RV PDLV GLIHUHQWHV FDUJRVGHUHSyUWHUVHWRULVWDDFRUUHVSRQGHQWHGHJXHUUD´
$SHVDUGDFRQVLGHUiYHOTXDQWLGDGHGHREUDVDXWRUUHIHUHQFLDLVREDODQoRTXHVH WHPGDKLVWyULDGRMRUQDOLVWDpLQYDULiYHOUHSyUWHUKHUyLFRHSROrPLFRHFRUUHVSRQGHQWH GHJXHUUD$YLGDGRMRUQDOLVWDIRLH[SOLFDGDQHVWHVWHUPRV2VUDURVHVWXGRVH[LVWHQWHV DR VHX UHVSHLWR H RV WH[WRV HVFULWRV VREUH R MRUQDOLVWD VHJXLUDP HVWD FRQVWUXomR 2V OLYURVGHPHPyULDVDXWRELRJUDILDVFDUWDVGLiULRVHRXWUDVHVFULWDVGHVLVmRPRELOL]DGDV FRP IUHTrQFLD SDUD IXQGDPHQWDU DQiOLVHV GH SHVTXLVD VHP D GHYLGD GLVFXVVmR H WUDWDPHQWR FUtWLFR e TXDVH LUUHVLVWtYHO XWLOL]DU HVWHV WH[WRV FRPR ³SRUWDGRUHV GD YHUGDGH´RXFRPRIRQWHGHGDGRVSDUDFRPSURYDUDQiOLVHVYLVWRTXHIRUDPHVFULWRVSRU XP ³HX´ TXH WHP VHX QRPH HVWDPSDGR QD FDSD GD REUD H TXH FRQWD VLWXDo}HV H H[SHULrQFLDVSHVVRDLV6HJXQGR3KLOLSSH/HMHXQHKiXPSDFWRHVWDEHOHFLGRHQWUHDXWRU H OHLWRU R ³SDFWR DXWRELRJUiILFR´ QR TXDO R LQWHUORFXWRU DFUHGLWD QR TXH Or SRU UHODFLRQDUDSHVVRDGRGLVFXUVRFRPRDXWRUGROLYUR
8QDXWHXUFHQ¶HVWSDVXQHSHUVRQQH&¶HVWXQHSHUVRQQHTXLpFULWHW TXL SXEOLH « /¶DXWHXU VH GpILQLW FRPPH pWDQW VLPXOWDQpPHQW XQH SHUVRQQH UpHOOH VRFLDOHPHQW UHVSRQVDEOH HW OH SURGXFWHXU G¶XQ GLVFRXUV3RXUOHOHFWHXUTXLQHFRQQDvWSDVODSHUVRQQHUpHOOHWRXWHQ FUR\DQWjVRQH[LVWHQFHO¶DXWHXUVHGpILQLWFRPPHODSHUVRQQHFDSDEOH GH SURGXLUH FH GLVFRXUV HW O¶LPDJLQH GRQF j SDUWLU GH FH TX¶HOOH SURGXLW
$SUHVHQWDomRGRDXWRUIHLWDSHODHGLWRUDHP6,/9(,5$-RHO2SFLWVHPQ~PHURGHSiJLQD 1(*5,$QD&DPLOOD)UDQoDGH0HGLDo}HVSROtWLFDVQDKLVWyULDGDUHSRUWDJHPQR%UDVLODSURGXomR
GH-RHO6LOYHLUD'LVVHUWDomR0HVWUDGRHP&RPXQLFDomR6RFLDO±8QLYHUVLGDGH0HWRGLVWDGH6mR3DXOR 6mR%HUQDUGRGR&DPSR
$RVHLGHQWLILFDURDXWRUFRPRQDUUDGRUDFUHGLWDVHQDDXWHQWLFLGDGHGRWH[WR &RQIRUPHVHSHUFHEHWUDWDVHGHXPD IRQWH FXMDVSDUWLFXODULGDGHVLQGX]HPROHLWRUD DFUHGLWDUHVWDUGLDQWHGHXPGLVFXUVRYHURVVtPLOHQHXWURPDVTXHDRFRQWUiULRFRQWpP HVWUDWpJLDVGHFRQVWUXomRSDUHFLGDVFRPDVGHXPURPDQFH3RUHVWHPRWLYRDFUHQoD QHVWH WLSR GH IRQWH p SDUWLFXODUPHQWH PDLV WHQWDGRUD (VWD WHVH GH /HMHXQH HVWHYH SUHVHQWHHPVHXSULPHLUROLYUR/¶DXWRELRJUDSKLHHQ)UDQFHHFRQVROLGRXVHHP
/H SDFWH DXWRELRJUDSKLTXH $ LGpLD GR SDFWR GH OHLWXUD H GDV FDUDFWHUtVWLFDV ILFFLRQDLVGDDXWRELRJUDILDWRUQRXVHFOiVVLFDQRVHVWXGRVVREUHRJrQHURHDRPHVPR WHPSRUHFHEHXPXLWDVFUtWLFDVSHORFHWLFLVPRGRDXWRUHPUHODomRDRFRPSURPLVVRFRP D UHDOLGDGH SUHVHQWH QHVWH WLSR GH REUD 3RU HVWH PRWLYR 3KLOLSSH /HMHXQH IH] XPD UHOHLWXUDGHVXDWHRULDHQRVDQRVVHJXLQWHVHVFUHYHXWH[WRVEHPPHQRVUDGLFDLVVREUHR GLVFXUVR DXWRELRJUiILFR 2 WHyULFR FRQVLGHURX RV SUREOHPDV GH VHXSDFWR H FKHJRX D DILUPDUTXH
e PHOKRU UHFRQKHFHU PLQKD FXOSD VLP VRX LQJrQXR &UHLR VHU SRVVtYHOVHFRPSURPHWHUDGL]HUDYHUGDGHFUHLRQDWUDQVSDUrQFLDGD OLQJXDJHPHQDH[LVWrQFLDGHXPVXMHLWRSHORTXHVHH[SULPHDWUDYpV GHODFUHLRTXHPHXQRPHSUySULRJDUDQWHPLQKDDXWRQRPLDHPLQKD VLQJXODULGDGHHPERUDMiWHQKDFUX]DGRSHODYLGDFRPYiULRV3KLOLSSH /HMHXQH FUHLR TXH TXDQGR GLJR ³HX´ VRX HX TXHP IDOD FUHLR QR (VStULWR6DQWRGDSULPHLUDSHVVRD(TXHPQmRFUr"
$SHVDUGDVHVWUDWpJLDVGHFRQVWUXomRGHXPDOyJLFDGHVLRVDXWRUHVGRVWH[WRV DXWRELRJUiILFRVWrPXPFRPSURPLVVRFRPVXDSUySULDYHUGDGH$LGHQWLGDGHLQGLYLGXDO SDVVDSHODQDUUDWLYDPDVLVVRQmRVLJQLILFDTXHVHWUDWHGHILFomR$RVHJXLUDVYLDVGD QDUUDWLYD R VXMHLWR p ILHO j VXD YHUGDGH ³7RGRV RV KRPHQV TXH DQGDP QDV UXDV VmR KRPHQVQDUUDWLYDVpSRULVVRTXHFRQVHJXHPSDUDUHPSp1HQKXPDUHODomRFRPR MRJRGHOLEHUDGRGDILFomR´(YLGHQWHPHQWHQDLQWHQomRGH³VHYHUPHOKRU´RDXWRU FULDVHHQJDQDGHIRUPDHVWLOL]DHVLPSOLILFDPDVQmRVHLQYHQWDeHVWDFRQVWUXomRTXH pSUHFLVRFRPSUHHQGHU
1R FDVR GH 6LOYHLUD D TXDQWLGDGH FRQVLGHUiYHO GH REUDV GHVWH JrQHUR GHPRQVWURX TXH D SDUWLU GH GHWHUPLQDGR PRPHQWR GH VXD YLGD HOH GHGLFRXVH VREUHWXGRDHVWDSURGXomR2UHJLVWURGHVXDVPHPyULDVHDFRQVWUXomRGHXPDLPDJHP
/(-(81( 3KLOLSSH2 SDFWR DXWRELRJUiILFR'H 5RXVVHDX j ,QWHUQHW 2UJDQL]DomR GH -RYLWD 0DULD *HUKHLP1RURQKD%HOR+RUL]RQWH(GLWRUD8)0*S
IL[D GH FRUUHVSRQGHQWH GH JXHUUD H UHSyUWHU SROrPLFR TXH FRPEDWHX R (VWDGR 1RYR HVWHYH OLJDGR DRV GLVFXUVRV DXWRUUHIHUHQFLDLV GH RXWURV MRUQDOLVWDV FRQWHPSRUkQHRV D 6LOYHLUDDRFRQWH[WRHPTXHIRUDPSURGX]LGRVHjVLQWHQo}HVGRDXWRUGDVHGLWRUDVTXH SXEOLFDUDPVXDVREUDVHGDTXHOHVTXHRHQWUHYLVWDUDP1mRKiDLQWHQomRGHLGHQWLILFDU RTXHpYHUGDGHLURRXIDOVRPDVVLPDGHDQDOLVDUDOyJLFDTXHRDXWRUHVWDEHOHFHXSDUD VXDKLVWyULDGHYLGDHRVPRWLYRVTXHROHYDUDPDHVWHWUDEDOKR
$SyV FRPSOHWDU VHVVHQWD DQRV GH LGDGH 6LOYHLUD DIDVWRXVH GH VXDV DWLYLGDGHV SURILVVLRQDLVHHPSHQKRXVHHPDGHQVDURUHJLVWURGHVXDVPHPyULDV1RILQDOGRVDQRV RHVFULWRUIRLFKDPDGRDGDUHQWUHYLVWDVVREUHVXDWUDMHWyULDGHYLGDHVHXVOLYURV GHFDUiWHUPHPRULDOtVWLFRDSDUHFHUDPFRPPDLRUIUHTrQFLD$QWHVGLVVRDSHUVSHFWLYD SHVVRDOHPHPRUDWLYDMiDSDUHFLDHPDOJXQVWH[WRVQRVTXDLVRHVFULWRUDUWLFXODYDVXDV H[SHULrQFLDVLQGLYLGXDLVFRPDKLVWyULD$WDEHODDEDL[RUH~QHRVWtWXORVGHWRGDVDVVXDV REUDVRDQRHDHGLWRUDUHVSRQViYHOSHODSULPHLUDSXEOLFDomR3RUPHLRGHODpSRVVtYHO SHUFHEHU TXH D SDUWLU GH R Q~PHUR GH OLYURV SXEOLFDGRV DXPHQWRX FRQVLGHUDYHOPHQWH6HDQWHVGHVWDGDWDRSHUtRGRGHLQWHUYDORHQWUHXPDREUDHRXWUD FKHJDYDDGH]DQRVQRSHUtRGRVHJXLQWHSXEOLFRXVHSUDWLFDPHQWHXPOLYURSRUDQR
2EUD 'DWDGD
HGLomR (GLWRUD
2QGDUDLYRVD 5XPR
5RWHLURGH0DUJDULGD *XDtUD
2VKRPHQVQmRIDODPGHPDLVHPFRDXWRULD
FRP)UDQFLVFRGH$VVLV%DUERVD $OED
*UmILQRVHP6mR3DXORHRXWUDVQRWtFLDVGR
%UDVLO *&6
$OXD 0DUWLQV
+LVWyULDVGH3UDFLQKDV &RPSDQKLDGD/HLWXUD
'HVDSDUHFLPHQWRGD$XURUD 5HYLVWD%UDQFD
2GLDHPTXHROHmRPRUUHX 5HFRUG
2SHWUyOHRQR%UDVLO±WUDLomRHYLWyULDHPFR
DXWRULDFRP/RXULYDO&RXWLQKR &RHOKR%UDQFR
+LVWyULDGHXPDFRQVSLUDomR±%ROtYLD%UDVLOH
3HWUyOHRHPFRDXWRULDFRP/RXULYDO&RXWLQKR &RHOKR%UDQFR
2PDULQKHLURQDYDUDQGD &RHOKR%UDQFR
$OJXQVIDQWDVPDV (GLomRGR$XWRU
$VGXDVJXHUUDVGD)(% ,GDGH1RYD
DXWRULDFRP&DLRGH)UHLWDV0iULR0DUWLQV 5DLPXQGR0DJDOKmHV-~QLRUH=HYL*KLYHOGHU
GLDVGHMXQKR±$JXHUUDQR2ULHQWH0pGLRHP FRDXWRULDFRP$UQDOGR1LVNLHU0XULOR0HOR
)LOKR5DLPXQGR0DJDOKmHV-~QLRUH0iULR 0DUWLQV
%ORFK
0HQLQRV(XYL 7ULEXQDGD,PSUHQVD
8PJXDUGDFKXYDSDUDRFRURQHO %LEOLRWHFD8QLYHUVDO
3RSXODU
/LYURGHFDEHFHLUDGRKRPHPDQRYROXPH HPFRDXWRULDFRP)OiYLR0DFHGR6RDUHV 9LDQQD0RRJ2WWR0DULD&DUSHDX[HRXWURV
&LYLOL]DomR%UDVLOHLUD
KRUDVGHDEULO 6DJD
2%UDVLOQD*XHUUD0XQGLDO (GLRXUR
$WUDSDoD &ROHomR
$VJUDQGHVUHSRUWDJHQVGH-RHO6LOYHLUD &RGHFUL
9DPRVOHU-RHO6LOYHLUD &iWHGUD
0LODJUHHP)ORUHQoD &iWHGUD
$OXWDGRVSUDFLQKDV 5HFRUG
'LDVGHOXWR 5HFRUG
7HPSRGHFRQWDU 5HFRUG
2JHQHUDOtVVLPRHRXWURVLQFLGHQWHV (VSDoRH7HPSR
9RFrQXQFDVHUiXPGHOHV 5HFRUG
+LWOHU6WiOLQ±RSDFWRPDOGLWRHPFRDXWRULD
FRP*HQHWRQGH0RUDHV1HWR 5HFRUG
6HJXQGD*XHUUD0XQGLDO±7RGRVHUUDUDP
LQFOXVLYHD)(% (VSDoRH7HPSR
2SUHVLGHQWHQRMDUGLP 5HFRUG
1mRIRLRTXHYRFrSHGLX" -RVp2O\PSLR
8PMRUQDODVVDVVLQDGR±D~OWLPDEDWDOKDGR
&RUUHLRGD0DQKmHPFRDXWRULDFRP-HIHUVRQ GH$QGUDGH
-RVp2O\PSLR
1LWURJOLFHULQDSXUDHPFRDXWRULDFRP*HQHWRQ
0RUDHV1HWR 5HFRUG
&RQVSLUDomRQDPDGUXJDGD -RVp2O\PSLR
*XHUULOKDQRWXUQD 5HFRUG
*XHUUD±PRPHQWRVFUtWLFRV 0DXDG
9LDJHPFRPRSUHVLGHQWHHOHLWR 0DXDG
2VPHOKRUHVFRQWRVRUJDQL]DomRGH/HGR,YR *OREDO
1DIRJXHLUD 0DXDG
$FDPLVDGRVHQDGRU 0DXDG
$PLOpVLPDVHJXQGDQRLWHGD$YHQLGD3DXOLVWD &RPSDQKLDGDV/HWUDV
$IHLMRDGDTXHGHUUXERXRJRYHUQR &RPSDQKLDGDV/HWUDV
'LiULRGR~OWLPRGLQRVVDXUR 7UDYHVVDGRV(GLWRUHV
2LQYHUQRGDJXHUUD 2EMHWLYD
1R PHVPR SHUtRGR HP TXH 6LOYHLUD GHGLFRXVH j HVFULWD GH VXD REUD PHPRULDOtVWLFDRXWURVMRUQDOLVWDVTXHOKHIRUDP FRQWHPSRUkQHRV HFRPSDUWLOKDUDPDV PHVPDV UHGDo}HV WDPEpP HVFUHYHUDP VHXV WH[WRV DXWRUUHIHUHQFLDLV WDO TXDO &DUORV /DFHUGD6DPXHO:DLQHU5LYDGDYLDGH6RX]DH(GPDU0RUHO$SDUWLUGRVDQRV LQLFLDYDVH XPD SURIXVmR GH UHJLVWURV GH PHPyULDV H H[SHULrQFLDV LQGLYLGXDLV 2 IHQ{PHQROLJDYDVHDRFRQWH[WRRFLGHQWDOHPTXHDQWLJDVWUDGLo}HVGHVDSDUHFLDPFRPR FUHVFLPHQWR GDV FLGDGHV DYDQoR GDV PtGLDV H DFHOHUDPHQWR GD WmR GLVFXWLGD JOREDOL]DomR
'HVWD PDQHLUD R ³OHPEUDU´ H R ³JXDUGDU´ HQWUDUDP SDUD D SDXWD GR GLD (QTXDQWRRVPHLRVWUDGLFLRQDLVGHWUDQVPLVVmRGDPHPyULDGHVDSDUHFLDPVXUJLDXPD VRFLHGDGH iYLGD SRU UHJLVWUDU HP OXJDUHV GH PHPyULD PXVHXV FHQWURV GH GRFXPHQWDomR PHPyULDV ELRJUDILDV H DXWRELRJUDILDV DV OHPEUDQoDV QmR PDLV WUDQVPLWLGDVHQWUHDVJHUDo}HV³$SDVVDJHPGDPHPyULDSDUDDKLVWyULDREULJRXFDGD JUXSRDUHGHILQLUVXDLGHQWLGDGHSHODUHYLWDOL]DomRGHVXDSUySULDKLVWyULD2GHYHUGH PHPyULDID]GHFDGDXPRKLVWRULDGRUGHVLPHVPR´
6HJXQGRÆQJHODGH&DVWUR*RPHVDFKDYHSDUDDFRPSUHHQVmRGHVWDVSUiWLFDV GHHVFULWDVGHVLpDHPHUJrQFLDKLVWyULFDGRLQGLYLGXRPRGHUQRGDV~OWLPDVGpFDGDV $VQRYDVUHODo}HVGHVWHVXMHLWRFRPVHXVGRFXPHQWRVEHPFRPRRLQGLYLGXDOLVPRGD PRGHUQLGDGHHVWmROLJDGRVDRFUHVFLPHQWRGDSURGXomRGHHVFULWDVDXWRUUHIHUHQFLDLV $OpP GLVVR VHJXQGR D DXWRUD R LQWHUHVVH SHODV H[SHULrQFLDV YLYLGDV LQGLYLGXDOPHQWH QDVVRFLHGDGHVPRGHUQDVIRLFRQFRPLWDQWHjGLIXVmRGHSUiWLFDVGH³DGHVWUDPHQWRGHVL´ PHGLWDo}HV H[DPHV GH FRQVFLrQFLD PHPRUL]Do}HV HWF jV TXDLV VH LQFRUSRUDP D
$SDUWLUGRVDQRVPXLWRVRXWURVLQWHOHFWXDLVGHGLFDUDPVHDRUHJLVWURGHVXDV PHPyULDVFRPR 3DXOR'XDUWHeULFR9HUtVVLPR3HGUR1DYD1HOVRQ3DOPD7UDYDVVRV9LYDOGR&RDUDF\$XUHOLDQR/HLWH 0XULOR 0HQGHV &DVVLDQR 5LFDUGR 0HQRWWL 'HO 3LFFKLD &kQGLGR 0RWWD )LOKR )HUQDQGR $]HYHGR 1HOVRQ:HUQHFN6RGUpH*LOEHUWR)UH\UH=,2/,0LJXHO3DXOR'XDUWHXPLQWHOHFWXDOQDV WULQFKHLUDVGDPHPyULD7HVH'RXWRUDGRHP+LVWyULD±)DFXOGDGHGH&LrQFLDVH/HWUDV8QLYHUVLGDGH (VWDGXDO3DXOLVWD$VVLVS
5,28;-HDQ3LHUUH$PHPyULDFROHWLYD,15,28;-HDQ3LHUUH6,5,1(//,-HDQ)UDQoRLVRUJV
2SFLWS
125$3LHUUH(QWUHPHPyULDHKLVWyULD$SUREOHPiWLFDGRVOXJDUHV3URMHWR+LVWyULD63QS GH]
HVFULWDGHVLHDVXDLQWUtQVHFDLQWHQomRGH³HIHLWRGHYHUGDGH´$RPHVPRWHPSRHP TXHVHGLIXQGLDPHVWDVSUiWLFDVFUHVFLDRLQWHUHVVHGRVKLVWRULDGRUHVSRUHVWHVUHJLVWURV
(QWUHWDQWRQmRIRLVHPSUHTXHVHFRQVLGHURXDPHPyULDHQTXDQWRWHVWHPXQKR ILGHGLJQRGRSDVVDGR'LVWLQJXLDVHKLVWyULDHPHPyULDGHPDQHLUDDEVROXWD$SULPHLUD XVXIUXtDRULJRUFLHQWtILFRHDVHJXQGDDEDUFDYDDVH[SHULrQFLDV³IOXWXDQWHV´GRYLYLGR 1R HQWDQWR R FRQWH[WR GDV ~OWLPDV GpFDGDV ODQoRX QRYDV OX]HV j SUREOHPiWLFD GDV H[SHULrQFLDV YLYLGDV R TXH IH] FRP TXH D GHVFRQILDQoD GD KLVWyULD HP UHODomR D PHPyULD GLPLQXtVVH DRV SRXFRV 'HVWD IRUPD D PHPyULD JDQKRX OHJLWLPLGDGH KLVWRULRJUiILFDDSRQWRGHVHUSRVVtYHODUHDOL]DomRGHVXDKLVWyULDVRFLDO2UHJLVWURGDV VLWXDo}HV YLYLGDV LQGLYLGXDOPHQWH VHMD HP ELRJUDILDV RX DXWRELRJUDILDV DFDERX SRU GHVSHUWDURHQWXVLDVPRGRVKLVWRULDGRUHVPDLVUHFHQWHVHDOFDQoDUOXJDUGHFHQWUDOLGDGH QRVHVWXGRVKLVWyULFRVDVVLPFRPRRXWUDVIRQWHV
1RFDVRGH-RHO6LOYHLUDQmRpSRVVtYHOHQWHQGHUVHXHVIRUoRDXWRELRJUiILFRVHP VLWXiOR QHVWD SURIXVmR GH PHPyULDV 6XDV REUDV PHPRUDWLYDV GLDORJDUDP FRP DV GH VHXV FRQJrQHUHV HP GLVSXWD SHOD UHSUHVHQWDomR OHJtWLPD GH XP SDVVDGR HP FRPXP 1XPPRYLPHQWRHPTXHXPDREUDVXUJLDSDUDUHVSRQGHUHFRQWUDSRUVHDRXWUDHVWHV LQWHOHFWXDLV UHSURGX]LUDP DQWLJDV FRQWHQGDV RULJLQDGDV QR SHUtRGR HVWXGDGR PHVPR TXDQGRDOJXQVGHOHVMiHVWDYDPPRUWRV(QWUHRXWURVMRUQDOLVWDVTXHVHHPSHQKDUDPHP UHJLVWUDUVXDVPHPyULDVKRXYHRFDVRGH&DUORV/DFHUGDILJXUDSROrPLFDQDKLVWyULDGD LPSUHQVDEUDVLOHLUD(PPDUoRGHSRXFRDQWHVGHVXDPRUWH/DFHUGDFRQFHGHX XPD VpULH GH HQWUHYLVWDV DR JUXSR UHVSRQViYHO SHOR-RUQDO GD 7DUGH TXH IRUDP SXEOLFDGDVHPOLYURVRERUJDQL]DomRGHVHXVREULQKR&OiXGLR/DFHUGD3DLYD
$QWHV GH RULJLQDU R OLYUR'HSRLPHQWR DV PHPyULDV GH &DUORV /DFHUGD IRUDP SXEOLFDGDV QDV SiJLQDV GR MRUQDO2 (VWDGR GH 6 3DXOR H GR-RUQDO GD 7DUGH 1R
,GHPS
2SULPHLURDGHVWDFDUDVGLIHUHQoDVHQWUHHVWDVIRQWHVGHSDVVDGRIRLRVRFLyORJR0DXULFH+DOEZDFKV QRV DQRV 9HU '266( )UDQoRLV $ RSRVLomR +LVWyULD0HPyULD ,1 BBBBBBB RUJ+LVWyULD H FLrQFLDVVRFLDLV%DXUX63('86&S
/(9,*LRYDQQL2VXVRVGDELRJUDILD,1)(55(,5$0DULHWDGH0RUDHV$0$'2-DQDtQDRUJV
8VRVHDEXVRVGDKLVWyULDRUDO5-)*9S3DUDÆQJHODGH&DVWUR*RPHVDLQGDVmR SRXFRIUHTHQWHVDVSHVTXLVDVKLVWyULFDVTXHH[SORUDPHVWHWLSRGHHVFULWDWHQGRHPYLVWDRVSURILVVLRQDLV GDiUHDGDOLWHUDWXUDHHGXFDomRTXHVHRFXSDPGHVWHJrQHURKiPDLVWHPSR2SFLWS
SUHIiFLR GD REUD 5X\ 0HVTXLWD HQWmR GLUHWRU GR JUXSR2(63 H[SOLFRX TXH DV HQWUHYLVWDVFRPRMRUQDOLVWDID]LDPSDUWHGHXPSURMHWRSDUDPRQWDUXPEDQFRGHGDGRV VREUH³SHUVRQDJHQVGRGUDPDSROtWLFREUDVLOHLUR´HTXHRQRPHGH/DFHUGDHQFDEHoDYDD OLVWD GRV HQWUHYLVWDGRV /LJDGR DR SHQVDPHQWR SROtWLFR GH GLUHLWD QR %UDVLO &DUORV /DFHUGD WHYH PXLWRV GHVDIHWRV 1R HQWDQWR R MRUQDOLVWD Mi LGRVR HQFRQWUDYDVH QR RVWUDFLVPRGDYLGDSROtWLFDHLQWHOHFWXDOHDLQWHQomRGHSXEOLFDUVXDVPHPyULDVSDUWLX GHVHXVHQWUHYLVWDGRUHV1DLQWHQomRGHMXVWLILFDUDSXEOLFDomRGDREUD&OiXGLR/DFHUGD 3DLYDH[SOLFRXTXH'HSRLPHQWRVXUJLX
3DUD PRVWUDU D WRGRV SULQFLSDOPHQWH RV TXH YLHUHP GHSRLV GH QyV TXHPIRLUHDOPHQWHRSROtWLFR&DUORV/DFHUGD/DFHUGDH[SOLFDGRSRU HOH PHVPR H QmR SHORV TXH QmR R HQWHQGHUDP 8P /DFHUGD DSHQDV H[SOLFDGRHQmRMXOJDGRSRUTXHLVVRDJRUDYDLFRPSHWLUVyjKLVWyULD 2XWUD H[SOLFDomR QHFHVViULD p FRPR p R OLYUR (P SULPHLUR OXJDU p SUHFLVRILFDUEHPFODURTXHQmRVHWUDWDGHXPDELRJUDILDRXGHXP OLYUR GH PHPyULDV 7UDWDVH DSHQDV GH XP GHSRLPHQWR MRUQDOtVWLFR IHLWRVHPRXWUDILQDOLGDGHGRTXHDGHGHL[DU/DFHUGDIDODUOLYUHPHQWH GHVXDYLGDSROtWLFDFRQWDURTXHIH]RTXHGHL[RXGHID]HUHGDUVXD LQWHUSUHWDomRSHVVRDOVREUHFDGDXPGHVVHVDFRQWHFLPHQWRV*RVWDULD GH FKDPDU D DWHQomR GR OHLWRU SDUD XPD IUDVH GH /DFHUGD ³'HSRLPHQWR p GHSRLPHQWR TXHP TXLVHU TXH FRQWHVWH H Gr VXD YHUVmR´
$ UHVSRVWD TXH &DUORV /DFHUGD HVSHUDYD YHLR UiSLGD &HUWDPHQWH R MRUQDOLVWD HVSHUDYDDFRQWHVWDomRGH6DPXHO:DLQHUVHXSULQFLSDOGHVDIHWRHDTXHP/DFHUGDVH UHIHULXFRPDJUHVVLYLGDGHHPPXLWDVSDVVDJHQVGH'HSRLPHQWR$VIDPRVDVGLVSXWDV LQWHUPLQiYHLV HQWUH /DFHUGD H :DLQHU WLYHUDP RULJHP HP SRVWXUDV SROtWLFDV PXLWR GLVWLQWDV H LQFRUSRUDUDP RXWURV PRWLYRV DR ORQJR GRV DQRV 9DOH OHPEUDU TXH DV GLYHUJrQFLDVHQWUHDPERVIRUDPUHVXOWDGRGDVUHYLUDYROWDVGHVXDVWUDMHWyULDVSROtWLFDV $PERVIRUDPRSRVLWRUHVGH9DUJDVGXUDQWHDGLWDGXUDGR(VWDGR1RYR1R HQWDQWR/DFHUGDPDQWHYHDRSRVLomRDRH[SUHVLGHQWHHQTXDQWR:DLQHUWRUQRXVHVHX SDUWLGiULRQRJRYHUQRGHPRFUiWLFR
'HDFRUGRFRPDVPHPyULDVGH6DPXHO:DLQHUDDPL]DGHFRP*HW~OLR9DUJDV UHQGHXOKH UHFXUVRV SDUD ILQDQFLDU VHX JUDQGH SURMHWR R MRUQDO ÒOWLPD KRUD 1D SXEOLFDomR:DLQHUGHIHQGLDRJRYHUQRGH9DUJDVHQTXDQWR/DFHUGDRDWDFDYDHPVHX
0(648,7$ 5X\ 3UHIiFLR ,1 /$&(5'$ &DUORV'HSRLPHQWR 2UJDQL]DomR GH &OiXGLR /DFHUGD 3DLYD5-1RYD)URQWHLUDS
3$,9$&OiXGLR/DFHUGD,QWURGXomR,1/$&(5'$&DUORV2SFLWS
MRUQDO7ULEXQD GD ,PSUHQVD 2V IDYRUHFLPHQWRV SROtWLFRV H ILQDQFHLURV TXH :DLQHU REWHYHQDUHDOL]DomRGHÒOWLPDKRUDUHQGHUDPOKHRXWURGHVDIHWR$VVLV&KDWHDXEULDQG SURSULHWiULRGRV'LiULRV$VVRFLDGRV$FUHVFHQWHLPSRUWkQFLDGHÒOWLPDKRUDIH]FRPR TXHRMRUQDOVHWRUQDVVHFRQFRUUHQWHGDVSXEOLFDo}HVGRV$VVRFLDGRVHSRUHVWHPRWLYR &KDWHDXEULDQGXQLXVHD/DFHUGDQDEDWDOKDFRQWUD:DLQHU
1RILQDOGRVDQRVORJRDSyVDPRUWHGH&DUORV/DFHUGDHDSXEOLFDomRGH
'HSRLPHQWR6DPXHO:DLQHUWDPEpPVHGHGLFRXDUHJLVWUDUVXDVPHPyULDV2MRUQDOLVWD FRQFHGHX XPD VpULH GH HQWUHYLVWDV TXH GHX RULJHP DR OLYUR0LQKD UD]mR GH YLYHU ± PHPyULDVGHXPUHSyUWHUVXDDXWRELRJUDILD$LQWHQomRHUDDGHTXHRSUySULR:DLQHU HVFUHYHVVH VXD KLVWyULD D SDUWLU GHVWHV GHSRLPHQWRV (QWUHWDQWR D PRUWH GR DXWRU HP IH]FRPTXHHVWHVSODQRVQmRVHFRQFUHWL]DVVHP$GHFLVmRGHSXEOLFDUDREUD FRXEH D 3LQN\ :DLQHU ILOKD GR LQWHOHFWXDO TXH FRQILRX D RUJDQL]DomR GR OLYUR DR MRUQDOLVWD$XJXVWR1XQHV'HVWDPDQHLUD0LQKDUD]mRGHYLYHUDSDUHFHXSHODSULPHLUD YH]HPSXEOLFDGDSHODHGLWRUD5HFRUG
1R HQWDQWR DOJXQV VHJUHGRV SHUPHDUDP D SXEOLFDomR GD DXWRELRJUDILD GH 6DPXHO:DLQHU2MRUQDOLVWDHUDHVWUDQJHLURHDOHJLVODomREUDVLOHLUDQmRSHUPLWLDTXH HVWUDQJHLURVIRVVHPSURSULHWiULRVGHYHtFXORVGHFRPXQLFDomRQR%UDVLO:DLQHUWHYHGH RFXOWDU VXD QDFLRQDOLGDGH MXGHX GD %HVVDUiELD R TXH JDUDQWLX D SRVVH GD UHYLVWD
'LUHWUL]HVHSRVWHULRUPHQWHGRMRUQDOÒOWLPDKRUD6HJXQGR$XJXVWR1XQHVDQWHVGH PRUUHU P 6DPXHO :DLQHU SHGLX j ILOKD 3LQN\ TXH HVWDV LQIRUPDo}HV VREUH VXD WUDMHWyULDIRVVHPPDQWLGDVHPVLJLORHUHYHODGDVVRPHQWHYLQWHHFLQFRDQRVDSyVDVXD PRUWH TXDQGR ³WRGRV´ HVWLYHVVHP PRUWRV ³6y SRGHULD FRQWDU D YHUGDGH GHSRLV TXH WRGRVHVWLYHVVHPPRUWRV´$OpPGDQDFLRQDOLGDGHHVWUDQJHLUDRHPEDUJRGH:DLQHU WDPEpPHQYROYLDVXDSDUWLFLSDomRQDRUJDQL]DomRGRJROSHSUHYHQWLYRHPDRODGR GH-RmR*RXODUWTXHQmRVHUHDOL]RXHGD&3,&RPLVVmR3DUODPHQWDUGH,QTXpULWRTXH LQYHVWLJRXÒOWLPDKRUDQRVDQRV
'HIDWRHPDSyVYLQWHHFLQFRDQRVGDPRUWHGH:DLQHU0LQKDUD]mRGH YLYHUVXUJLXVRERVLQHWHGHRXWUDHGLWRUDD3ODQHWDGR%UDVLO6HXRUJDQL]DGRUDILUPRX
(VWDVLQILQGiYHLVEDWDOKDVIRUDPDQDOLVDGDVHP/$85(1=$$QD0DULDGH$EUHX/DFHUGD[:DLQHU 2FRUYRHREHVVDUDELDQR636HQDF
6REUH R SURFHVVR GH SURGXomR GDV PHPyULDV GH :DLQHU YHU 528&+28 -RHOOH 6DPXHO :DLQHU PHPyULDVHQWUHMRUQDOLVPRHSROtWLFD,11(9(6/~FLD0DULD%DVWRV3025(/0DUFR)(55(,5$ 7DQLD0DULD%HVVRQHGD&RUJV+LVWyULDHLPSUHQVD 5HSUHVHQWDo}HVFXOWXUDLVHSUiWLFDVGHSRGHU5-'3 $)$3(5-S
TXHVHWUDWDYDGDHGLomRFRPSOHWD7DOFRQWH[WRLQGLFRXFRPRDWDUHIDGHOHPEUDUH WRUQDU S~EOLFD VXDV YHUV}HV IRL GHOLFDGD SDUD HVWHV LQWHOHFWXDLV 2V SUHIiFLRV H LQWURGXo}HV GHVWDV REUDV SyVWXPDV GHPRQVWUDUDP TXH IDPLOLDUHV H SDUWLGiULRV GHVWHV MRUQDOLVWDV OHYDUDP D FDER VXDV GLYHUJrQFLDV H UHSURGX]LUDP DV DQWLJDV GLVSXWDV 1D LQWURGXomR IHLWD SRU $XJXVWR 1XQHV SDUD D ³YHUVmR FRPSOHWD´ GD DXWRELRJUDILD GH :DLQHURRUJDQL]DGRUSURFXURXGHVTXDOLILFDUPHPyULDVDQWHULRUHV3DUD1XQHV:DLQHU WHULDDJLGR
&RPHVSDQWRVDVLQFHULGDGHFRPGHVOXPEUDQWHIUDQTXH]DFRQWRXFDGD FDVRFRPRRFDVRIRL5HXQLGRHPOLYURQRILQDOGHRFRQMXQWR GH GHSRLPHQWRV IH] GH 6DPXHO :DLQHU R IXQGDGRU GD PRGHUQD PHPRULDOtVWLFDEUDVLOHLUD$QWHVGH0LQKDUD]mRGH9LYHUELyJUDIRVH ELRJUDIDGRVPHQWLDPGHVFDUDGDPHQWH'HSRLVILFRXSHORPHQRVPDLV GLItFLO$VDXGiYHOPXGDQoDVHULDFRQVROLGDGDSRUHVFULWRUHVGHFLGLGRV DMDPDLVEULJDUFRPRVIDWRVDEXVFDUDYHUGDGHHPYH]GHDPRQWRDU YHUV}HV
0LQKDUD]mRGHYLYHUWRUQRXVHEHVWVHOOHUHUHIHUrQFLDQRJrQHURUHSXEOLFDGD HPGLYHUVDVRSRUWXQLGDGHV1DREUD:DLQHUUHSURGX]LXDGLVSXWDFRPRDQWLJRULYDO &DUORV/DFHUGD1RHQWDQWRROLYURVXVFLWRXRXWUDVUHDo}HVTXHYLHUDPSRVWHULRUPHQWH HP UHVSRVWD j DXWRELRJUDILD GH 6DPXHO :DLQHU 2 SUySULR -RHO 6LOYHLUD FKHJRX D FRPHQWDUTXH$ELRJUDILDGR6DPXHO:DLQHUHVWiFKHLDGHLQYHUGDGHVPXLWDV(OHIH] D ELRJUDILD TXH HOH TXHULD (OH TXHULD VHU R TXH HOH HVFUHYHX PDV QmR HUD (VWH FRPHQWiULR WDPEpP IRL UHVXOWDGR GH GHVDYHQoDV GH RXWUDV pSRFDV UHSURGX]LGDV QDV GLVSXWDVUHJLVWUDGDVQHVWDVOHPEUDQoDV UHIHUHQWHVDRSDVVDGRTXHWDLVILJXUDVS~EOLFDV WLYHUDP HP FRPXP /RQJH GH VHUHP DSHQDV UDQFRUHV UHPLQLVFHQWHV GH TXHVW}HV SHVVRDLVHVWDVFRQWHQGDVHQYROYHUDPPHPyULDVVREUHIDWRVGDKLVWyULDTXHLPSRUWDYDP j FROHWLYLGDGH H DVVLP VHQGR WRUQDUDPVH GLVSXWDV SHOR SRGHU GH UHSUHVHQWDomR OHJtWLPD'HVWDIRUPD
,GHPS
,GHPS
$SHVDU GH QmR WHU VH YDOLGR GD PHVPD DJUHVVLYLGDGH GH /DFHUGD :DLQHU DVVLP R GHVFUHYHX ³(OH IXQGDUDD7ULEXQDGD,PSUHQVDHPGH]HPEURGHHVHMXQWDUDDRFtUFXORGRVGRQRVGHMRUQDLVVHP JUDQGHVSUREOHPDVEDVLFDPHQWHSRUGXDVUD]}HV3ULPHLURSRUTXHHVWDYDHYLGHQWHGHVGHRLQtFLRTXHD
7ULEXQD GD ,PSUHQVD MDPDLV VHULD XPD JUDQGH SXEOLFDomR 'HSRLV SRUTXH /DFHUGD Ki PXLWRV DQRV GHIHQGLD H FRQWLQXDULD D GHIHQGHU RV LQWHUHVVHV H SRQWRV GH YLVWD GRV EDU}HV GD LPSUHQVD´ :$,1(5
6DPXHO2SFLWS
2 TXH VH SRGH FRQVWDWDU GHVWDV OHLWXUDV p TXH HVVHV DXWRUHV LQGHSHQGHQWHGRHQFDPLQKDPHQWRTXHWHQKDPGDGRjVVXDVYLGDVDR WUDQVPXWDUHPVH HP PHPRULDOLVWDV UDWLILFDP DV SRVLo}HV VRFLDLV FRQTXLVWDGDV QR GHFRUUHU GH VXDV H[LVWrQFLDV H DR LQJUHVVDUHP QR FDPSR VLPEyOLFR GD HVFULWD GD PHPyULD SURFXUDUDP UHSUHVHQWDU DQWLJRVHPEDWHVFRQWUDYHOKRVDGYHUViULRV1HVVHVHQWLGRHVVHVWH[WRV PHPRULDOtVWLFRVQmRGHL[DPGHVHUXPDWHQWDWLYDGHUDWLILFDUDo}HVGR SDVVDGRTXHQmRSRGLDVHUPDLVDOWHUDGR
:DLQHUH6LOYHLUDFRQKHFHUDPVHGXUDQWHR(VWDGR1RYRTXDQGRRSULPHLURHUD SURSULHWiULRGDUHYLVWD'LUHWUL]HVRQGHRVHJXQGRWUDEDOKRXFRPRUHSyUWHUHVHFUHWiULR FDUJR DEDL[R DSHQDV GR GLUHWRU R SUySULR :DLQHU 6LOYHLUD ILJXURX QR H[SHGLHQWH GH
'LUHWUL]HVDWpRPRPHQWRHPTXHDUHYLVWDVDLXGHFLUFXODomRHPPHDGRVGHSRU RUGHPGRVyUJmRVUHSUHVVRUHV:DLQHUH[LORXVHQRH[WHULRUH6LOYHLUDFRQVHJXLXQRYD FRORFDomRQRV'LiULRV$VVRFLDGRVGH&KDWHDXEULDQG6HJXQGRRVOLYURVGHPHPyULDGH 6LOYHLUDRGHVHQWHQGLPHQWRHQWUHHOHH:DLQHUWHULDRFRUULGRTXDQGRRVHJXQGRYROWRX GRH[tOLRHUHDEULX'LUHWUL]HVFRPRMRUQDOGLiULR
$LQGDGHDFRUGRFRPDVPHPyULDVGH6LOYHLUD:DLQHUFRQYLGRXRSDUDDQRYD HPSUHLWDGD H R LQGX]LX D DEDQGRQDU R HPSUHJR QRV$VVRFLDGRV 6LOYHLUD DFHLWRX R FRQYLWHPDVQRTXHFKDPRXGH³5DVWHLUDGR6DPXHO´GHVFUHYHXTXHRMRUQDOLVWDQmR OKH SDJDYD HP GLD WDPSRXFR RV YDORUHV SURPHWLGRV HVTXLYDYDVH TXDQGR SRVVtYHO ³6DPXHOWLUDYDRFRUSRIRUDHGLJDVHGHSDVVDJHPTXHWLUDURFRUSRIRUDHUDFRLVDTXH HOH ID]LD FRP UDUD PDHVWULD´ H YHQGHX R MRUQDO DR WHQHQWH -RmR $OEHUWR /LQV GH %DUURV DQWLJR DOLDGR GH *HW~OLR 9DUJDV VHP DYLViOR 6REUH D H[SHULrQFLD 6LOYHLUD UHJLVWURXTXH
)LTXHLOiDSHQDVGRLVPHVHV)L]XPDVUHSRUWDJHQVVHPJUDoDWHQGR FRPR IRWyJUDIR R ,EUDKLP 6XHG 'D OLVWD GH PDWpULDV TXH KDYLD HQWUHJXH D 6DPXHO ORJR QD SULPHLUD VHPDQD XPDV GXDV IRUDP DSURYDGDV (X VHQWLD TXH R FKmR FRPHoDYD D PH IDOWDU DV FRLVDV FRQWLQXDYDP QHEXORVDV H YL ORJR TXH KDYLD HQWUDGR GH FDUD QXPD DYHQWXUD TXDQGR QR ILQDO GR PrV HP YH] GR VDOiULR FRPELQDGR PHQRV GR TXH HXUHFHELD QRV ³$VVRFLDGRV´ PH GHUDP XP ³YDOH´ FRPSURPHVVDGHSDJDPHQWRGRUHVWRQDSUy[LPDVHPDQDRTXHQmR DFRQWHFHX ( SHUFHEL PDLV TXH 6DPXHO SDVVRX D PH HYLWDU 1XQFD WLQKD WHPSR HVWDYD VHPSUH WLUDQGR H ERWDQGR R SDOHWy RX HQWmR WUDQFDGR QD VXD VDOD HP FRQYHUVD FRP FDYDOKHLURV SDUD PLP GHVFRQKHFLGRVHTXHMRUQDOLVWDVQmRHUDP%HPYHVWLGRVGHPDLVSDUD VHUHPMRUQDOLVWDV
=,2/,0LJXHO2SFLWS
6,/9(,5$-RHO$FDPLVDGRVHQDGRU5-0DXDGS
$DXWRELRJUDILDGH6DPXHO:DLQHUFDVRXWDQWRLQF{PRGRHQWUHDOJXQVMRUQDOLVWDV TXHXPGHOHVSXEOLFRX XPDREUDLQWHLUDPHQWHGHGLFDGD DFRQWUDS{OD(PGRLV DQRV GHSRLV GR ODQoDPHQWR GH0LQKD UD]mR GH YLYHU 5LYDGDYLD GH 6RX]D SXEOLFRX WDPEpP SHOD 5HFRUG%RWDQGR RV SLQJRV QRV LV ± DV LQYHUGDGHV QDV PHPyULDV GD 6DPXHO :DLQHU 2 SUHIiFLR GR OLYUR FRXEH D -RHO 6LOYHLUD TXH SRU VXD YH] QmR TXHVWLRQRX:DLQHUPDVDWHYHVHDHORJLDUDILJXUDHDWUDMHWyULDGH6RX]D2DXWRUGR OLYUR IRL FRPSDQKHLUR GH 6LOYHLUD H :DLQHU GXUDQWH R (VWDGR 1RYR pSRFD HP TXH FRPSDUWLOKDUDP DV PHVPDV UHGDo}HV 3RVWHULRUPHQWH 5LYDGDYLD GH 6RX]D IRL DLQGD DVVHVVRU GH LPSUHQVD GH *HW~OLR 9DUJDV GXUDQWH R VHJXQGR JRYHUQR pSRFD HP TXH FLUFXORX R MRUQDOÒOWLPD KRUD GH :DLQHU 6RX]D WHULD VH UHVVHQWLGR SRLV QmR IRL DR PHQRVPHQFLRQDGRQDDXWRELRJUDILDGH:DLQHUSRUGHVDYHQoDVSHVVRDLV6REUH0LQKD UD]mRGHYLYHU6RX]DYDWLFLQRXTXHDREUDIRL
8UGLGD j VRPEUD GH LQFLGrQFLDV RFXOWDV j FRQWHPSODomR GR JUDQGH S~EOLFR TXH SRXFR RX QDGD SRGHULD VDEHU GD PRYLPHQWDomR GRV FDPDULQVGLVWDQWHVGDERFDGHFHQDWDOYH]WUDQVPLWDDROHLWRUGHERD Ip D LPSUHVVmR GH TXH Vy DJRUD0LQKD UD]mR GH YLYHU FRPHoD D OHYDQWDU R YpX GH DFRQWHFLPHQWRV FXMD UHYHODomR FDEHULD H[FOXVLYDPHQWHD6DPXHOSRUWHUVLGRHOHSHUVRQDJHPFHQWUDOGHIDWRV RFRUULGRVHPVHXGHUUHGRU3XURIULFRWHXPDGDVFDUDFWHUtVWLFDVTXH FRPFDQVDWLYDIUHTrQFLDUHFKHLDPHVVHVSDVWpLVGHIDWXLGDGHVSRGH VHIDFLOPHQWHLGHQWLILFDUSHODDXVrQFLDGHSHVVRDVYLYDVQRVSUHWHQVRV DWRV GHVFULWRV GLiORJRV GLVFXVV}HV RFRUUrQFLDV GHFRUUrQFLDV GLYHUJrQFLDV SHUWLQrQFLDV RX LPSHUWLQrQFLDV LQIHUrQFLDV FRQYHUJrQFLDV LQWHUYHQLrQFLDV FRQIHUrQFLDV FRQYHQLrQFLDV RX LQFRQYHQLrQFLDV H DWp SRVVtYHLV RQLVFLrQFLDV WXGR JLUD HP WRUQR GH QRPHV TXH HVWmR UHFROKLGRV DR UHVSHLWiYHO VLOrQFLR GDV LQVFULo}HV WXPXODUHV
2WRPGROLYURGH6RX]DpDJUHVVLYR2DXWRUVHSURS{VDUHSURGX]LUSDVVDJHQV GR OLYUR GH :DLQHU H UHIXWiODV 6RX]D FKHJRX D GHVLJQDU :DLQHU FRPR ³UHL GRV WUDPELTXHV´1RHQWDQWRDREUDQmRWHYHDPHVPDUHSHUFXVVmRGH0LQKDUD]mRGHYLYHU 'HPDQHLUDPDLVVXWLO(GPDU0RUHOMRUQDOLVWDFRQWHPSRUkQHRDRVMiGHVFULWRVWDPEpP WRPRXSDUWHQDVGLVSXWDVHQWUHPHPyULDV1DDSUHVHQWDomRGHVHXOLYUR+LVWyULDVGHXP UHSyUWHURMRUQDOLVWDDILUPRXTXHWHULDVLGRTXHVWLRQDGRVREUHVXDVPHPyULDVDRTXH HOHUHVSRQGHX³0HPyULDVQXQFDKLVWyULDVVLP´HPDOXVmRDRVXEWtWXORGDREUDGH
628=$5LYDGDYLDGH%RWDQGRRVSLQJRVQRVLV $VLQYHUGDGHVQDVPHPyULDVGH6DPXHO:DLQHU5-5HFRUGS
:DLQHU ³PHPyULDV GH XP UHSyUWHU´ &RQIRUPH VH SHUFHEH QD pSRFD HP TXH -RHO 6LOYHLUDHPSHQKRXVHQRUHJLVWURGHVXDVOHPEUDQoDVDGLVSXWDSHODUHSUHVHQWDomRGR SDVVDGR HVWDYD DFLUUDGD (VWHV MRUQDOLVWDV GLDORJDUDP SRU PHLR GH VXDV PHPyULDV PRELOL]DGDV QR ILP GH VXDV YLGDV FRPR UHFXUVR GR TXDO GLVSXQKDP SDUD LQWHUYLU QR GHEDWH S~EOLFR HP WRUQR GR SDVVDGR H FRPR LQVWUXPHQWR GH SRGHU H DXWRUUHSUHVHQWDomR
1mRpSRVVtYHOFRPSUHHQGHUDREUDPHPRULDOtVWLFDGH-RHO6LOYHLUDWDPSRXFRD FRQVWUXomRGHVXDDXWRLPDJHPVHPHQWHQGHURPRYLPHQWRGHVWDVRXWUDVREUDVFRPDV TXDLV R MRUQDOLVWD GLDORJRX 6LOYHLUD HPSHQKRXVH HP UHJLVWUDU VXDV PHPyULDV MXVWDPHQWH QR PRPHQWR HP TXH VH DIDVWDYD GH VXDV DWLYLGDGHV SURILVVLRQDLV 'HVWD IRUPDWDLVREUDVFRQVLVWLUDPQRUHFXUVRGHTXHRDXWRUGLVSXQKDSDUDVHUHFRORFDUQR GHEDWHLQWHOHFWXDO3RUHVWHPRWLYRRHVFULWRUDOLQKRXVXDWUDMHWyULDLQGLYLGXDOFRPIDWRV TXH LPSRUWDVVHP j FROHWLYLGDGH 'H IDWR 6LOYHLUD IRL ILJXUD S~EOLFD GH GHVWDTXH H WHVWHPXQKRX FRPR UHSyUWHU GLYHUVRV DFRQWHFLPHQWRV PDUFDQWHV QD KLVWyULD GR SDtV $OpPGLVVRRMRUQDOLVWDIRLHQWUHYLVWDGRVREUHGHWHUPLQDGRVDFRQWHFLPHQWRVHSHUtRGRV GRLVTXDLVHOHHUDD~QLFDWHVWHPXQKDYLYD4XDQGR6LOYHLUDMiHVWDYDLGRVRDOJXPDV HGLWRUDV TXH SXEOLFDUDP VXDV REUDV WDPEpP VH DSURSULDUDP GH VXD LPDJHP FRPR UHSUHVHQWDQWHGHGHWHUPLQDGRVHYHQWRVSDUDODQoDUOLYURVTXHVHUHODFLRQDYDPFRPR GHEDWHYHLFXODGRHPWRUQRGRSDVVDGR
(VWHIRLRFDVRGROLYUR+LWOHU6WiOLQ±2SDFWRPDOGLWR$REUDIRLHVFULWDSRU -RHO 6LOYHLUD HP FRDXWRULD FRP R MRUQDOLVWD *HQHWRQ 0RUDHV 1HWR 2 OLYUR YHUVRX VREUH R SDFWR GH QmR DJUHVVmR DVVLQDGR HQWUH RV GLULJHQWHV GD $OHPDQKD H GD 8QLmR 6RYLpWLFDVHPDQDVDQWHVGDHFORVmRGD6HJXQGD*XHUUD0XQGLDO2WUDWDGRFRQKHFLGR FRPR ³SDFWR JHUPDQRVRYLpWLFR´ UHSHUFXWLX QR PXQGR WRGR 2 UHJLPH DOHPmR DQWHV DOYR GRV HVTXHUGLVWDV GHYHULD VHU SRXSDGR GH FUtWLFDV SRU RUGHQV GR .UHPOLQ 'HVWD PDQHLUD6LOYHLUDIRLFRODERUDUQRMRUQDOSUy$OHPDQKD0HLR'LDGH-RDTXLP,QRMRVD
$RDQDOLVDURFDVRGH0RQWHLUR/REDWRHPXPFRQWH[WRPXLWRGLYHUVR7DQLD5HJLQDGH/XFDFRQVWDWRX TXHRHVFULWRUMiQRILPGHVXDYLGDHDIDVWDGRGDVDWLYLGDGHVSURILVVLRQDLVUHXQLXSDUWHGHVXDSURGXomR HSLVWRODUQROLYUR$EDUFDGH*OH\UHFRPR~OWLPRLQVWUXPHQWRGHSRGHUHDXWRUUHSUHVHQWDomRSDUDLQVHULU VHQRVGHEDWHVSROtWLFRVHFXOWXUDLVGHVHXWHPSR'(/8&$7DQLD5HJLQD0RQWHLUR/REDWRHVWUDWpJLDV GHSRGHUHDXWRUHSUHVHQWDomRQ¶$EDUFDGH*OH\UH,1*20(6ÆQJHODGH&DVWURRUJ2SFLW S
*HQHWRQ 0RDUHV 1HWR QDVFHX HP 5HFLIH3( HP 7UDEDOKRX FRPR MRUQDOLVWD QR'LiULR GH
3HUQDPEXFRH QD VXFXUVDO QRUGHVWLQD GH2 (VWDGR GH 6 3DXOR (VWXGRX FLQHPD QD 8QLYHUVLGDGH 6RUERQQH HP 3DULV $WXD QD 5HGH *ORER GH 7HOHYLVmR GHVGH &RP -RHO 6LOYHLUD HVFUHYHX
RQGHPXLWRVLQWHOHFWXDLVHVTXHUGLVWDVWDPEpPFRODERUDUDP$WDUHIDGHWRUQDUS~EOLFDD OHPEUDQoDGHVXDDWXDomRHPXPMRUQDOTXHGHIHQGLDD$OHPDQKDGH+LWOHUIRLEDVWDQWH GHOLFDGDSDUDRMRUQDOLVWD1RHQWDQWRpVLQWRPiWLFRTXHDREUDWHQKDVLGRSXEOLFDGD MXVWDPHQWHHPDQRGDTXHGDGR0XURGH%HUOLPFXMDFRQVWUXomRVLPEROL]DYDD ELSRODUL]DomR GD SROtWLFD PXQGLDO GLYLGLGD HQWUH LQIOXrQFLD FDSLWDOLVWD H VRYLpWLFD 2 PRPHQWR HUD RSRUWXQR SDUD HGLWDU R OLYUR SRLV VH UHPHWLD jV RULJHQV GHVWD GLYLVmR GHEDWHTXHYROWDYDjWRQD
6LWXDomRVHPHOKDQWHDFRQWHFHXFRPR~OWLPROLYURGH-RHO6LOYHLUD2LQYHUQRGD *XHUUD SXEOLFDGR SHOD HGLWRUD 2EMHWLYD HP jV YpVSHUDV GD FRPHPRUDomR GRV VHVVHQWD DQRV GR ILP GD 6HJXQGD *XHUUD 0XQGLDO 7UDWRXVH HP XPD FROHWkQHD GH UHSRUWDJHQV UHDOL]DGDV SHOR DXWRU TXDQGR GH VXD H[SHULrQFLD FRPR FRUUHVSRQGHQWH GH JXHUUDQRV~OWLPRVPHVHVGRFRQIOLWR2XWURVMRUQDOLVWDVVHJXLUDPRPHVPRFDPLQKR WDO TXDO 5XEHP %UDJD SHOR'LiULR &DULRFD (J\GLR 6TXHII SRU2 *ORER H 5DXO %UDQGmRSHOR&RUUHLRGD0DQKm1RHQWDQWR6LOYHLUDHUDGR JUXSRMRUQDOtVWLFRPDLV SRGHURVRQDpSRFDRV$VVRFLDGRVHSRULVWRVHXVWH[WRVVREUHDJXHUUDFKHJDYDPPDLV UiSLGR DR %UDVLO 'HVWD IRUPD R MRUQDOLVWD IRL R FRUUHVSRQGHQWH GH JXHUUD PDLV GHVWDFDGRHDVVLPIRLDFODPDGRTXDQGRUHWRUQRXDR%UDVLO
'H IDWR -RHO 6LOYHLUD ILFRX PDLV FRQKHFLGR SRU VXD DWXDomR FRPR FRUUHVSRQGHQWH GH JXHUUD 3RUpP WDO IDPD WDPEpP WHYH RULJHP QD FRQVWUXomR GD LPDJHPTXHRMRUQDOLVWDTXLVOHJDUGHVLHFRPDTXDOTXLVVHUOHPEUDGR&RQIRUPHVH SHUFHEHDSDUWLUGDWDEHODGDVREUDVGH6LOYHLUDDPDLRULDGHVHXVOLYURVDERUGRXVXD DWXDomRQDJXHUUD'HVGHVHXUHWRUQRGD,WiOLDHP6LOYHLUDLQLFLRXHVWHHVIRUoRGH DXWRUUHSUHVHQWDomRDRSXEOLFDU+LVWyULDVGHSUDFLQKDV(GLWRUD&RPSDQKLDGD/HLWXUD $ REUD UHXQLX VXDV FU{QLFDV GH JXHUUD TXH IRUDP UHRUJDQL]DGDV H UHSXEOLFDGDV j H[DXVWmRGXUDQWHDVGpFDGDVVXEVHTHQWHVWDLVTXDLV$VGXDVJXHUUDVGD)(%,GDGH 1RYD )DWRV H KRPHQV GD 6HJXQGD *XHUUD %ORFK HP FRDXWRULD FRP &DLR GH )UHLWDV 0iULR 0DUWLQV 5DLPXQGR 0DJDOKmHV -~QLRU H =HYL *KLYHOGHU2 %UDVLO QD *XHUUD 0XQGLDO (GLRXUR $ OXWD GRV SUDFLQKDV 5HFRUG 6HJXQGD*XHUUD0XQGLDO±7RGRVHUUDUDPLQFOXVLYHD)(%(VSDoRH7HPSR *XHUUD ± PRPHQWRV FUtWLFRV 0DXDG H ILQDOPHQWH2 LQYHUQR GD JXHUUD 2EMHWLYDVXD~OWLPDREUD
(P RXWURV OLYURV 6LOYHLUD DERUGRX GLIHUHQWHV PRPHQWRV GH VXD YLGD PDV DV OHPEUDQoDVGDpSRFDHPTXHIRLFRUUHVSRQGHQWHGHJXHUUDIL]HUDPVHPXLWRSUHVHQWHV (P9LDJHPFRPRSUHVLGHQWHHOHLWR0DXDGRMRUQDOLVWDGHVFUHYHXDYLDJHPTXH IH]FRP-DQLR4XDGURVUHFpPHOHLWRSUHVLGHQWHGDUHS~EOLFDHP(PGHWHUPLQDGR WUHFKR GR OLYUR 6LOYHLUD ³GHVYLRXVH´ GH VHX WHPD FHQWUDO H UHWRPRX DV PHPyULDV GH FRUUHVSRQGHQWH GH JXHUUD 1R FDStWXOR ³&RQYHUVD GH GURPHGiULR´ R HVFULWRU Mi QRV ~OWLPRVDQRVGHVXDYLGDGHVFUHYHXVXDVLPSUHVV}HVDRYLVLWDUDUHGDomRGHXPMRUQDO PRGHUQR1HVWDRSRUWXQLGDGH6LOYHULDWDPEpPLQFOXLXOHPEUDQoDVVREUHRSHUtRGRTXH SDVVRXQD,WiOLDFRPD)(%2WHPDDLQGDUHQGHXDRMRUQDOLVWDRXWURFDStWXORGHOLYUR ³2%UDVLOQDJXHUUD´
(P HQWUHYLVWD FRQFHGLGD HP VHWHPEUR GH QD RFDVLmR HP TXH FRPSOHWRX VHVVHQWDDQRVGHLGDGHPRPHQWRDSDUWLUGRTXDOLQWHQVLILFRXDSURGXomRGHVHXVWH[WRV DXWRUUHIHUHQFLDLV -RHO 6LOYHLUD IRL TXHVWLRQDGR VREUH D LPSRUWkQFLD GD )(% HP VXD DWXDomRSURILVVLRQDO2MRUQDOLVWDUHVSRQGHXTXHDFREHUWXUDGDJXHUUDIRLDH[SHULrQFLD PDLV PDUFDQWH HP VXD YLGD $OpP GLVVR HP XPD KLHUDUTXLD GH DVVXQWRV 6LOYHLUD GHVWDFRXDJXHUUDHPSULPHLUROXJDUSRLVFRQVLGHUDYDDQRWtFLDPDLVLPSRUWDQWHQDYLGD GHXPMRUQDOLVWD
4XDODLPSRUWkQFLDGD)(%HPVXDYLGDSURILVVLRQDO"
8PMRUQDOLVWDTXHYDLjJXHUUDpIXQGDPHQWDOPHQWHWRFDGRSRULVVR SRUTXHQDYLGDGHXPMRUQDOLVWDHXDFUHGLWRTXHQmRKDMDFRLVDPDLV LPSRUWDQWHQRPXQGRTXHVHUFRUUHVSRQGHQWHGHJXHUUD6RERSRQWR GHYLVWDGHKLHUDUTXLDGHDVVXQWRVXPDJXHUUDHVWiHPSULPHLUROXJDU 4XHQRWtFLDSRGHKDYHUPDLRUTXHXPDJXHUUDHYRFrSDUWLFLSDUGHOD HFRPDQRV"eHYLGHQWHTXHPDUFRXGHPDQHLUDSURIXQGD(XSXGH GL]HUHXYLHQmRHXOL
$ PHPyULD WHP FDUiWHU VHOHWLYR H DV OHPEUDQoDV PDLV UHFRUUHQWHV VmR DTXHODV TXH WrP PDLRU VLJQLILFDGR SDUD R DXWRELRJUDIDGR 1R HQWDQWR HP DOJXQV PRPHQWRV 6LOYHLUDPRELOL]RXVXDWUDMHWyULDFRPRFRUUHVSRQGHQWHGHJXHUUDFRPRLQVWUXPHQWRGH LQWHUYHQomRQRGHEDWHSROtWLFRGRFRQWH[WRHPTXHHVFUHYLD(VWHIRLRFDVRGROLYUR$V
6,/9(,5$-RHO9LDJHPFRPRSUHVLGHQWHHOHLWR5-0DXDGS
6,/9(,5$ -RHO &RQYHUVD GH GURPHGiULR ,1 '$17$6 $XGiOLR RUJ5HSyUWHUHV 63 6(1$& DS$UHIHUrQFLDDRDQLPDOGURPHGiULRUHODFLRQRXVHjLPDJHPGH6LOYHLUDHQTXDQWR ILJXUDOHQGiULDHQWUHRVMRUQDOLVWDV
,1 &$57,(5 5D\PRQG$ VHJXQGD JXHUUD PXQGLDO 9RO 5- /DURXVVH GR %UDVLO 3DULV 3DULV 0DWFKS
%LEOLRWHFD1DFLRQDO5-GXDVJXHUUDVGD)(%,GDGH1RYD$REUDIRLSXEOLFDGDORJRDSyVRJROSHGH 1RWH[WRRMRUQDOLVWDDVVLQDORXTXHRVRILFLDVTXHGHUUXEDUDP-RmR*RXODUWGR JRYHUQRHLQVWDXUDUDPDGLWDGXUDIRUDPRVPHVPRVTXHSDUWLUDPSDUDD,WiOLDHQWUH HSDUDOXWDUFRQWUDRQD]LVPRQDVFRQIODJUDo}HVGD6HJXQGD*XHUUD0XQGLDO3RU HVWHPRWLYRRHVFULWRUOHPEURX³3RUTXHKRMHD)(%HVWiWmRVHQKRUDGR3RGHUFRPR VHQKRUDHVWHYHGH0RQWH&DVWHORHPIHYHUHLURHGH0RQWHVHHPDEULOGH´(VWD WHULD VLGR D VHJXQGD JXHUUD GD )(% D TXDO 6LOYHLUD IH] UHIHUrQFLD QR WtWXOR GR OLYUR $OpP GLVVR FRPHPRUDYDVH YLQWH DQRV GR ILP GR FRQIOLWR PXQGLDO R TXH WDPEpP WRUQDYD RSRUWXQR D SXEOLFDomR GH XPD UHRUJDQL]DomR GH VXDV FU{QLFDV GH JXHUUD YHU
)LJXUDS
9DOHOHPEUDUTXHDSyVRJROSHGHRVLQWHOHFWXDLVGHUURWDGRVSXEOLFDUDP VXDV PHPyULDV H DXWRELRJUDILDV FRPR IRUPD GH UHVLVWrQFLD (VWD DWLYLGDGH PRELOL]RX KRPHQV GH OHWUDV GH GLYHUVDV RULHQWDo}HV LGHROyJLFDV FRPXQLVWDV OLEHUDLV H PHVPR DTXHOHV TXH LQLFLDOPHQWH DSRLDUDP D WRPDGD GR SRGHU SHORV PLOLWDUHV FRPR &DUORV /DFHUGD (P VHX HVWXGR VREUH D REUD PHPRULDOtVWLFD GH 3DXOR 'XDUWH 0LJXHO =LROL FRQVWDWRXTXHRLQWHOHFWXDOSHUVHJXLGRHH[LODGRGXUDQWHD(UD9DUJDVSXEOLFRXOLYURV VREUH HVWD H[SHULrQFLD FRPR RSRVLFLRQLVWD 'XUDQWH D GLWDGXUD LQVWDXUDGD HP D VLWXDomR QmR IRL GLIHUHQWH 3DXOR 'XDUWH TXH FRPSXQKD R FRUSR GRFHQWH GD 8QLYHUVLGDGHGH6mR3DXOR863IRLSHUVHJXLGRHWHYHVXDDSRVHQWDGRULDFRPSXOVyULD HPFRPR$,2SURMHWRPHPRUDWLYRGH'XDUWHLQLFLRXVHDQWHVGDLQWHUUXSomR GHVXDVDWLYLGDGHVSURILVVLRQDLVPDVIRLVREUHWXGRDSyVHVWDGDWDTXDQGRRMRUQDOLVWD SHUGLD HVSDoR QD FHQD SROtWLFD H LQWHOHFWXDO TXH D HVFULWD DXWRUUHIHUHQFLDO WRUQRXVH WDUHIDGHSULPHLUDRUGHP
3RURXWURODGRDLPDJHPGH6LOYHLUDFRPRFRUUHVSRQGHQWHGHJXHUUDWDPEpPIRL DSURSULDGD SRU DTXHOHV TXH R HQWUHYLVWDUDP HP GLYHUVDV RSRUWXQLGDGHV WDOYH] FRPR SURYiYHOUHVXOWDGRGRWUDEDOKRGHDXWRUUHSUHVHQWDomRGH6LOYHLUD4XDQGRRMRUQDOLVWD PRUUHX HP DJRVWR GH $OEHUWR 'LQHV SHUFHEHX TXH IRL HVWD D LPDJHP TXH VH
6,/9(,5$-RHO$VGXDVJXHUUDVGD)(%5-,GDGH1RYDS
$OpPGRMiDOXGLGRFDVRGH2LQYHUQRGDJXHUUDSXEOLFDGRQDFRPHPRUDomRGRVVHVVHQWDDQRVGRILP GRFRQIOLWRKRXYHWDPEpPRFDVRGHJXHUUD±PRPHQWRVFUtWLFRVSXEOLFDGRRSRUWXQDPHQWHSHOD0DXDG HPFLQTHQWDDQRVDSyVRILPGRHYHQWR
=,2/,0LJXHO2SFLWS
FULVWDOL]RXHPUHODomRDRHVFULWRUQRVGLVFXUVRVYHLFXODGRVDRVHXUHVSHLWRQDJUDQGH LPSUHQVD'HIDWR'LQHVWLQKDUD]mRFRQIRUPHVHSHUFHEHSRUPHLRGDQRWD³8PGRV PDLRUHV GHVWDTXHV GH VXD FDUUHLUD >GH -RHO@ IRL D FREHUWXUD TXH UHDOL]RX GD 6HJXQGD *XHUUD 0XQGLDO QD ,WiOLD MXQWR j )(% )RUoD ([SHGLFLRQiULD %UDVLOHLUD FRPR FRUUHVSRQGHQWHGHJXHUUDGRV'LiULRV$VVRFLDGRV´$SHVDUGRLQWHUHVVHSHODDWXDomR GH6LOYHLUDQRFRQIOLWRQmRKiQDVRFLHGDGHEUDVLOHLUDXPDPHPyULDHIHWLYDHPUHODomR jJXHUUDFRQIRUPHFRQVWDWRX5RQH\&\WU\QRZLF]TXHHVWXGRXRFRWLGLDQRQDFLGDGHGH 6mR3DXORHQWUHH
2OXJDUGD6HJXQGD*XHUUD0XQGLDOQDKLVWyULDHQDPHPyULDFROHWLYD GDSRSXODomRGH6mR3DXORHGR%UDVLOWHPVLGRQRHQWDQWRPDUFDGR PXLWR PDLV SHOD DXVrQFLD GR TXH SRU XPD SUHVHQoD HIHWLYD H FRQVLVWHQWH$JXHUUDHSLVyGLRFHQWUDOGDKLVWyULDGRVpFXORQmR HVWiSUHVHQWHQDPHPyULDGDFLGDGHGH6mR3DXORHODQmRpFHOHEUDGD FROHWLYDPHQWHQmRpOHPEUDGD2VVROGDGRVTXHOXWDUDPHRVPRUWRV QmR VmR UHYHUHQFLDGRV D QmR VHU SRU SHTXHQRV JUXSRV GLUHWDPHQWH OLJDGRVDHOHV
1RHQWDQWRQmRIRUDPDSHQDVDVPHPyULDVUHSRUWDJHQVHFU{QLFDVGHJXHUUDTXH -RHO6LOYHLUDSXEOLFRXHPOLYUR&RQIRUPHVHSHUFHEHSRUPHLRGDWDEHODGHVXDVREUDV RMRUQDOLVWDWDPEpPHVFUHYHXREUDVGHKLVWyULDVHOHomRGHGRFXPHQWRVFROHWkQHDVGH FRQWRV H UHSRUWDJHQV TXH YHUVDUDP VREUH RXWURV DVVXQWRV 1HVWHV RXWURV WH[WRV R HVFULWRUGLVFRUUHXVREUHRVDQRVLQLFLDLVGHVXDFDUUHLUDDFKHJDGDDR5LRGH-DQHLURDV UHSRUWDJHQV TXH R WRUQDUDP ILJXUD GH GHVWDTXH QD LPSUHQVD FRPR*UmILQRV HP 6mR 3DXOR SXEOLFDGD QD UHYLVWD'LUHWUL]HV HP H UHSXEOLFDGD HP OLYURV HP GLYHUVDV RSRUWXQLGDGHV 6HJXQGR DV PHPyULDV GR MRUQDOLVWD HVWH WH[WR WHULD OKH DWULEXtGR DGPLUDomR H D DOFXQKD GH ³YtERUD´ GDGD SRU $VVLV &KDWHDXEULDQG (VWDV UHSRUWDJHQV IL]HUDP FRP TXH R MRUQDOLVWD IRVVH DSRQWDGR SRVWHULRUPHQWH FRPR SUpFXUVRU GR
',1(6 $OEHUWR -RHO 6LOYHLUD 1HFUROyJLRV DSUHVVDGRV FDUSLGHLUDV SURILVVLRQDLV 'LVSRQtYHO HP KWWSZZZREVHUYDWRULRGDLPSUHQVDFRPEUDUWLJRVDVS"FRG 0(0 $FHVVR HP 3DUD'LQHV³2WUDEDOKRFRPRFRUUHVSRQGHQWHGHJXHUUDQmRIRLRPDLVLPSRUWDQWHGDVXD>GH -RHO6LOYHLUD@FDUUHLUDGHMRUQDOLVWD2DFRPSDQKDPHQWRGDVDo}HVPLOLWDUHVGXUDQWHD*XHUUD0XQGLDO KRMHVHULDFRQVLGHUDGRµFKDSDEUDQFD¶2VFRUUHVSRQGHQWHVGHJXHUUDXVDYDPXQLIRUPHVVHXVGHVSDFKRV HUDP JHUDOPHQWH FRQWURODGRV SHORV PLOLWDUHV HPERUD SXGHVVHP DFRPSDQKDU DOJXPDV RSHUDo}HV JHUDOPHQWHDVPDLVGHPRUDGDV2VMRUQDOLVWDVUHFUXWDGRVSDUDD)(%HUDPRVPDLVIDPRVRVFDVRGH-RHO H5XEHP6DPXHO:DLQHUWLQKDSUREOHPDVGHVD~GHDLQWHQomRGRJRYHUQRHUDYDORUL]DURHVIRUoRGH JXHUUD FRQWUD R (L[R SDUD XPD SRSXODomR TXH DWp SRXFRV DQRV DQWHV HUD EDVWDQWH VLPSiWLFD DR LQWHJUDOLVPRHDRIDVFLVPR´
-RUQDOLVWDHHVFULWRU-RHO6LOYHLUDPRUUHDRVDQRVQR5LR)ROKDGH63DXORRQOLQHDJR 'LVSRQtYHOHPKWWSZZZIROKDXROFRPEUIROKDLOXVWUDGDXOWXVKWPO