81,9(56,'$'((67$'8$/3$8/,67$ ³-Ò/,2'(0(648,7$),/+2´
&DPSXVGH3UHVLGHQWH3UXGHQWH
+(/(1$%5801(72
267(55,7Ï5,26'$,0,*5$d2$/(0(,7$/,$1$'2
5,2*5$1'('268/
3UHVLGHQWH3UXGHQWH
+(/(1$%5801(72
267(55,7Ï5,26'$,0,*5$d2$/(0(,7$/,$1$'2
5,2*5$1'('268/
7HVH GH 'RXWRUDGR DSUHVHQWDGD DR 3URJUDPD GH3yV*UDGXDomRHP*HRJUDILDGD)DFXOGDGH GH &LrQFLDV H 7HFQRORJLD GH 3UHVLGHQWH 3UXGHQWH GD 81(63 FRPR UHTXLVLWR SDUFLDO SDUD D REWHQomR GR 7tWXOR GH 'RXWRU HP *HRJUDILD
ÈUHD GH FRQFHQWUDomR 3URGXomR GR (VSDoR *HRJUiILFR
2ULHQWDGRU3URI'U0DUFRV$XUpOLR6DTXHW
3UHVLGHQWH3UXGHQWH
),&+$&$7$/2*5È),&$
%UXP1HWR+HOHQD
%W 2VWHUULWyULRVGDLPLJUDomRDOHPmHLWDOLDQDQR5LR*UDQGHGR 6XO+HOHQD%UXP1HWR3UHVLGHQWH3UXGHQWH>VQ@
[[ILO
2ULHQWDGRU0DUFRV$XUpOLR6DTXHW
7HVHGRXWRUDGR8QLYHUVLGDGH(VWDGXDO3DXOLVWD)DFXOGDGH GH&LrQFLDVH7HFQRORJLD
,QFOXLELEOLRJUDILD
7HUULWyULR&XOWXUD,GHQWLGDGHWHUULWRULDO*HRJUDILD, 6DTXHW0DUFRV$XUpOLR,,8QLYHUVLGDGH(VWDGXDO3DXOLVWD
)DFXOGDGHGH&LrQFLDVH7HFQRORJLD,,,7tWXOR
)LFKD FDWDORJUiILFD HODERUDGD SHOD 6HomR 7pFQLFD GH $TXLVLomR H 7UDWDPHQWR GD ,QIRUPDomR ± 6HUYLoR 7pFQLFR GH %LEOLRWHFD H
'RFXPHQWDomR 81(63 &kPSXV GH 3UHVLGHQWH 3UXGHQWH
FODXGLD#IFWXQHVSEU
+(/(1$%5801(72
267(55,7Ï5,26'$,0,*5$d2$/(0(,7$/,$1$'2
5,2*5$1'('268/
7HVHDSURYDGDFRPRUHTXLVLWRSDUFLDOSDUDDREWHQomRGRJUDXGH'RXWRUHP *HRJUDILDGD8QLYHUVLGDGH(VWDGXDO3DXOLVWD-~OLRGH0HVTXLWD)LOKRSHODVHJXLQWH
EDQFDH[DPLQDGRUD
2ULHQWDGRU3URI'U0DUFRV$XUpOLR6DTXHW 'HSDUWDPHQWRGH*HRJUDILD81(63
3URI'U0HUL/RXUGHV%H]]L
'HSDUWDPHQWRGH*HRFLrQFLDV8)60
3URI'U(OLVHX6DYpULR6SRVLWR 'HSDUWDPHQWRGH*HRJUDILD81(63
3URI'U$QWRQLR1LYDOGR+HVSDQKRO 'HSDUWDPHQWRGH*HRJUDILD81(63
3URI'U5RVVHYHOW-RVp6DQWRV 'HSDUWDPHQWRGH*HRJUDILD8)8
3UHVLGHQWH3UXGHQWH
'HGLFR HVWH HVWXGR j PLQKD PmH 0DUOHQH %UXP LQPHPRULDPSHORVLQFHQWLYRVTXHPHGHVWHVSDUD VHJXLURFDPLQKRDFDGrPLFRHSHORVHQVLQDPHQWRV TXH FRQVWUXtUDP DPLQKD KLVWyULD(VSHFLDOPHQWH SHOR DPRU LQFRQGLFLRQDO H DPL]DGH TXH QmR VH SHUGHUDPFRPDDXVrQFLDItVLFD
$*5$'(&,0(1726
2 YDORU GDV FRLVDV QmR HVWi QR WHPSR TXH HODV GXUDP PDV QD LQWHQVLGDGH FRP TXH DFRQWHFHP 3RU LVVR H[LVWHP PRPHQWRV LQHVTXHFtYHLV FRLVDV LQH[SOLFiYHLVHSHVVRDVLQFRPSDUiYHLV
)HUQDQGR6DELQR
$ ILQDOL]DomR GH XPD HWDSD FRPR R GRXWRUDPHQWR LPSOLFD HP DOJXPDV UHIOH[}HV VREUH D VXD WUDMHWyULD +i YtQFXORV SHVVRDLV H SURILVVLRQDLV TXH FRQWULEXtUDP GLUHWDPHQWH SDUD LQFHQWLYDU D FDPLQKDGD H WDPEpP SDUD PLQLPL]DU D VROLGmR D GLVWkQFLD H DV DGYHUVLGDGHV TXH DFRPSDQKDUDP HVWD WUDMHWyULD 1HVVH VHQWLGRSURFXUHLH[SUHVVDUPHXVVLQFHURVDJUDGHFLPHQWRVDWRGRVTXHGHDOJXPD IRUPDFRQWULEXtUDPSDUDDFRQVWUXomRGDSHVTXLVD
¬'HXVSHODYLGDHQHVWDWHURSRUWXQLGDGHGHSURJUHGLU
¬ &RRUGHQDomR GR 3URJUDPD GH 3yV*UDGXDomR HP *HRJUDILD GD )&781(63 H DRV SURIHVVRUHV GR &XUVR GH 3yV *UDGXDomR HP *HRJUDILD GD 81(633UHVLGHQWH3UXGHQWHSHODVFRQWULEXLo}HVWHyULFDVHSUiWLFDVFRQVWUXtGDVQR GHFRUUHUGDVGLVFLSOLQDVFXUVDGDVHVSHFLDOPHQWHDR(OLVHX6SRVLWR0DUFRV6DTXHW 1LYDOGR +HVSDQKRO 0DULD $SDUHFLGD GH 0RUDHV 6LOYD 0DUFLR 5RJpULR 6LOYHLUD 'HVWDFR D LPSRUWkQFLD GDV GLVFLSOLQDV FXUVDGDV PHGLDQWH D QHFHVVLGDGH GH VH UHSHQVDU TXHVW}HV OLJDGDV jV WHRULDV H DRV PpWRGRV XWLOL]DGRV j UHODomR HVSDoR WHPSR H jV GLIHUHQWHV YLV}HV H SUiWLFDV GD *HRJUDILD EUDVLOHLUD SRVVLELOLWDGD SHOR FRQWDWR FRP SURIHVVRUHV GH GLYHUVDV ,QVWLWXLo}HV GH 1tYHO 6XSHULRU TXH IUHTXHQWHPHQWHSDUWLFLSDP GH DWLYLGDGHV QD 81(633UHVLGHQWH 3UXGHQWH VHMD HP EDQFDV SDOHVWUDV RX GLVFLSOLQDV FRQFHQWUDGDV FRPR +HUYp 7KpU\ $QJHOR 6HUSD 5RJpULR6RX]D0DUWLQH*XLEHUWH-DQ%LWRXQ
$R&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T SHOR SHUtRGR GH FRQFHVVmR GD EROVD GH GRXWRUDGR FXMRV UHFXUVRV ILQDQFHLURV SHUPLWLUDPDUHDOL]DomRGDVHWDSDVGHVWDSHVTXLVD
8PHVSHFLDODJUDGHFLPHQWRj3URIHVVRUD0HUL/RXUGHV%H]]LFRRUGHQDGRUD GR1~FOHRGH(VWXGRV5HJLRQDLVH$JUiULRV1(5$8)60SHODLQLFLDomRFLHQWtILFD SHORLQFHQWLYRHSHORVXSRUWHVHPRTXDOFRPFHUWH]DQmRWHULDFKHJDGRDWpDTXL 0DLV GR TXH DV RULHQWDo}HV H DV VXJHVW}HV SHUWLQHQWHV j PLQKD IRUPDomR JHRJUiILFDDJUDGHoRVLQFHUDPHQWHSHODDPL]DGHHFRQILDQoD
$RV FROHJDV GR 1(5$8)60 SULQFLSDOPHQWH j DPLJD (OL]DQGUD 9RLJW SHOD FRPSUHHQVmRHGLVSRQLELOLGDGHQDEXVFDGHFRPSUHHQVmRGDWHPiWLFDFXOWXUDO
¬ PLQKD JUDQGH DPLJD $OLQH GH /LPD 5RGULJXHV TXH PHVPR GLVWDQWH WHUULWRULDOPHQWHVHPSUHIRLXPDSUHVHQoDFRQVWDQWH$JUDGHoRSHORLQFHQWLYRHSHODV VXJHVW}HVRSRUWXQDVTXHSHUSDVVDUDPRVFXUVRVGHJUDGXDomRPHVWUDGRHDJRUD R GRXWRUDGR 3HODV FRQYHUVDV QDV URGDV GH FKLPDUUmR QRV ~OWLPRV TXDWUR DQRV YLUWXDOPHQWH HP TXH FRPSDUWLOKDPRV GHQWUH RXWURV DVVXQWRV DV LQGDJDo}HV DV SHVTXLVDVDVGHVFREHUWDVHRVWHPDVUHIHUHQWHVj*HRJUDILD
¬ 5HQDWD 'LDV FROHJD GH ORQJD GDWD SHOD DPL]DGH VLQFHUD TXH QmR VH SHUGHXFRPRWHPSRHFRPDGLVWkQFLD
$R PHX FRPSDQKHLUR H JUDQGH LQFHQWLYDGRU 6pUJLR 9DUJDV SHOD GLVSRQLELOLGDGH HP SHUFRUUHU RV FDPLQKRV QHFHVViULRV SDUD D FRPSUHHQVmR GR REMHWRGHHVWXGRGHVWDWHVH$JUDGHoRSRUWRGDVDVYH]HVTXHEXVFRXVROXo}HVSDUD RVSUREOHPDVQRLQWXLWRGHVXSHUDUDVGLILFXOGDGHV
¬PLQKDLUPm0DUWDSRUVHPSUHWHUDFUHGLWDGRHPPLP
¬ PLQKD IDPtOLD ³HPSUHVWDGD´ PLQKD VRJUD ' -DQGLUD PLQKD FXQKDGD $OHVVDQGUDHHVSHFLDOPHQWHDRPHXFXQKDGR5RJpULR9DUJDVSHORDSRLRDRLQtFLR GHVWDFDPLQKDGD2EULJDGRSHODGLVSRQLELOLGDGHHFRODERUDomRFRQVWDQWHV
$RVFROHJDVGRFXUVRGHGRXWRUDGRTXHRULXQGRVGHGLYHUVDVSDUWHVGR%UDVLO H GR H[WHULRU SHUPLWLUDP YLYHQFLDU D GLIHUHQoD H D GLYHUVLGDGH HVWDEHOHFHQGR XP LQWHUFkPELRGHLGHLDVGHWHRULDVHQILPGRVGLVWLQWRVPRGRVGHID]HU*HRJUDILD$ GLYHUVLGDGH D TXH QRV UHIHULPRV p WHUULWRULDO WHyULFD H PHWRGROyJLFD -XVWLILFDPRV HVVD DILUPDomR SRU WHUPRV FRQWDWR FRP FROHJDV GD %ROtYLD GR 0DUDQKmR GR $PDSi GR 0DWR *URVVR GR 6XO GH 6mR 3DXOR GR 5LR GH -DQHLUR GR &HDUi GR 3DUDQiGHQWUHRXWURVRVTXDLVGHPRQVWUDPHPVXDVIDODVDVGLVWLQo}HVWHyULFDV PHWRGROyJLFDV H FXOWXUDLV EHP FRPR DV H[SHULrQFLDV SUiWLFDV FXQKDGDV SHOD YLYrQFLDHPStULFDHPVHXVWHUULWyULRVGH³RULJHP´
$RVIXQFLRQiULRVGD6HomRGH3yV*UDGXDomRHP*HRJUDILDGD)&781(63 ,YRQHWH $QGUp 0iUFLD (U\QDW H &LQWKLD SHOD FRPSDQKLD H HILFLrQFLD HP DWHQGHU DRVDQVHLRVHTXHVWLRQDPHQWRVGHFRUUHQWHVGRGRXWRUDPHQWR
$RV FRPSRQHQWHV GD EDQFD GH TXDOLILFDomR GH GRXWRUDGR 3URIHVVRUD 0HUL %H]]L H 3URIHVVRU (OLVHX 6SRVLWR SHORV GLiORJRV TXHVWLRQDPHQWRV H HQFDPLQKDPHQWRVVXJHULGRVjSHVTXLVD
$R ,QVWLWXWR )HGHUDO )DUURXSLOKD HVSHFLDOPHQWH jV GLUHo}HV GRV FDPSL GH 3DQDPEL $GULDQR $UULHO 6DTXHW H 6mR 9LFHQWH GR 6XO /XLV )HUQDQGR 5RVD GD &RVWDSHORLQFHQWLYRHFRQWULEXLomRSDUDRWpUPLQRGHVWHWUDEDOKRHVSHFLDOPHQWH SHOD FRPSUHHQVmR TXDQWR jV OLEHUDo}HV SDUD UHDOL]DomR GH WUDEDOKR GH FDPSR SDUWLFLSDomR HP HYHQWRV FDUJD KRUiULD GHQWUH RXWURV DVSHFWRV TXH FRQWULEXtUDP SDUDDUHDOL]DomRGHVWDWHVH
¬ 0iUFLD H /DUD 0D]]D LJXDOPHQWH SHOD DFROKLGD VXSRUWH H SHOD PRUDGLD SHODVFRQYHUVDVHSHORVERQVPRPHQWRVTXHSDVVDPRVHP3UXGHQWH
(QILPDJUDGHoRDWRGDVDVSHVVRDVTXHGHDOJXPDIRUPDFRQWULEXtUDPSDUD DUHDOL]DomRGHVWDSHVTXLVDHDRVyUJmRVFRQVXOWDGRVQRV0XQLFtSLRVYLVLWDGRVQR GHFRUUHU GDV LQFXUV}HV D FDPSR SHOD GLVSRQLELOLGDGH GRV GDGRV SHUPLWLQGR D FRQFUHWL]DomRGDWHVH
+HOHQD%UXP1HWR
3URGXWRU H SURGXWR GH LGHQWLGDGH R WHUULWyULRQmRpDSHQDVXP´WHUµPHGLDGRUGH UHODo}HV GH SRGHU RQGH R GRPtQLR VREUH SDUFHODVFRQFUHWDVGRHVSDoRpVXDGLPHQVmR PDLV YLVtYHO 2 WHUULWyULR FRPS}H WDPEpP R ´VHUµ GH FDGD JUXSR VRFLDO SRU PDLV TXH VXD FDUWRJUDILD VHMD UHWLFXODGD VREUHSRVWD HRX GHVFRQWtQXD $R PHVPR WHPSR SULVmR H OLEHUGDGHOXJDUHUHGHIURQWHLUDH´FRUDomRµ RWHUULWyULRGHLGHQWLGDGHSRGHVHUXPDSULVmR TXH HVFRQGH H RSULPH RX XPD UHGH TXH VH DEUH H FRQHFWD H XP ´FRUDomRµ TXH HPDQD SRHVLDHQRYRVVLJQLILFDGRV%211(0$,621 H&$0%5(=<
267(55,7Ï5,26'$,0,*5$d2$/(0(,7$/,$1$'25,2*5$1'('2 68/
5(68027HUULWyULR FXOWXUD H WHPSR VmR UHIHUrQFLDV EDVLODUHV SDUD HQWHQGHU D GLYHUVLGDGH WHUULWRULDO TXH VH PDQLIHVWD QR *ORER QRV WHUULWyULRV QDFLRQDLV QDV UHJL}HV H PHVPR QRV OXJDUHV FRQVLGHUDQGR D EDVH HVSDFLDO WUDQVIRUPDGD SHOR KRPHP FRPR XP VHU VRFLDO 1HVWH VHQWLGR p QHFHVViULR ³UHFRQWDU´ UHVJDWDU D KLVWyULDGRWHUULWyULRHGRVKRPHQVTXHRFULDUDPSDUDHQWHQGHUDGLQkPLFDDWXDOD RUJDQL]DomR H DV SRVVLELOLGDGHV GH GHVHQYROYLPHQWR IXWXUR 1HVWD SHUVSHFWLYD FRQVWUXtPRV XPD EDVH WHyULFD SDUD FRPSUHHQGHU R WHUULWyULR QXPD SHUVSHFWLYD PXOWLGLPHQVLRQDO GHVWDFDQGR RV SURFHVVRV FXOWXUDLV H HFRQ{PLFRV YLQFXODGRV j FRORQL]DomR DOHPm H LWDOLDQD QR 5LR *UDQGH GR 6XO 7UDWDPRV GD FRQVWUXomR KLVWyULFD GR WHUULWyULR LGHQWLILFDQGR H H[SOLFDQGR HOHPHQWRV VLPEyOLFRV H PDWHULDLV LVWR p DWLYLGDGHV HFRQ{PLFDV H SROtWLFDV GHVHQYROYLGDV SHOD VRFLHGDGH TXH R FRQVWUyL GRWDQGRR GH VLJQLILFDGRV $ LPDWHULDOLGDGH GR WHUULWyULR VH UHIOHWH QD RUJDQL]DomRGDVRFLHGDGHHPUHODomRDRVVHXVVHPHOKDQWHVHjVGLIHUHQoDVQXP PRYLPHQWR SURFHVVXDO GH FRQVWDQWH UHFULDomR UHFRQVWUXomR LVWR p GH WHUULWRULDOL]DomR GHVWHUULWRULDOL]DomR H UHWHUULWRULDOL]DomR 7'5 1R LQWXLWR GH FRPSUHHQGHU D UHODomR WHUULWyULRSRGHUDSURSULDomR VLPEyOLFD UHDOL]DPRV SHVTXLVD ELEOLRJUiILFD H HPStULFD TXH SURSRUFLRQRX LQWHUSUHWDU H DQDOLVDU D WHUULWRULDOL]DomR GRVLPLJUDQWHVDOHPmHVHLWDOLDQRVQR5LR*UDQGHGR6XOHDFRQVHTXHQWHIRUPDomR GRV WHUULWyULRV GD LPLJUDomR 2 WHUULWyULR FRPR XPD FRQVWUXomR KLVWyULFD FRP PXGDQoDVHSHUPDQrQFLDVDJUHJDDLPDWHULDOLGDGHRXVHMDDVIRUPDVRVYiULRV HOHPHQWRVVXEMHWLYRVYDORUHVHFUHQoDVTXHRULHQWDPFRQGXWDVHVmRUHVSRQViYHLV SHOD DSURSULDomR H RUJDQL]DomR WHUULWRULDO 1HVWH FDVR R WHUULWyULR p GRWDGR GH VLPERORJLDV VLJQRV FyGLJRV FRPR DSRUWHV FXOWXUDLV IXQGDPHQWDLV QD WHUULWRULDOL]DomRGHFDGDJUXSRVRFLDO
3DODYUDVFKDYH7HUULWyULR7HUULWRULDOLGDGH&XOWXUD,GHQWLGDGH5LR*UDQGHGR6XO
7+(7(55,725,(62)7+(*(50$1$1',7$/,$1,00,*5$7,21,15,2 *5$1'('268/
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
.H\ZRUGV7HUULWRU\7HUULWRULDOLW\&XOWXUH,GHQWLW\5LR*UDQGHGR6XO
/,67$'(),*85$6
)LJXUD'HVHQKRHPDOWR5HOHYRGDUHGXomRGH6mR0LJXHO )LJXUD5LVFRDTXDUHODGRGH6mR0LJXHOIHLWRSRUPHPEURVGD&RPLVVmR
3RUWXJXHVDGH'HPDUFDomRGR7UDWDGRGH0DGUL )LJXUD$VSULPHLUDVIRUPDVGHKDELWDomRGDVFRO{QLDVDOHPmV )LJXUD(WDSDVFRQVWUXWLYDVGDVSULPHLUDVKDELWDo}HV )LJXUDÈUHDPpGLDGDVSURSULHGDGHVUXUDLVGHVWLQDGDVDRFXOWLYRGHIXPR
/,67$'(0$3$6
0DSD/RFDOL]DomRGDV9DFDULDVHFDPLQKRVGHLQFXUVmRQR56 0DSD3ULPHLUDGLYLVmRPXQLFLSDOGR5LR*UDQGHGR6XO± 0DSD/RFDOL]DomRGDVFRO{QLDVDOHPmVQR5LR*UDQGHGR6XO 0DSD±([SDQVmRGDVFRO{QLDVDOHPmVQR5LR*UDQGHGR6XO 0DSD±/RFDOL]DomRGDVFRO{QLDVLWDOLDQDVQR5LR*UDQGHGR6XO 0DSD'LYLVmR0XQLFLSDOGR5LR*UDQGHGR6XO 0DSD /RFDOL]DomR GRV WHUULWyULRV GD LPLJUDomR DOHPm H LWDOLDQD QR 5LR
*UDQGHGR6XO 0DSD /RFDOL]DomR GRV WHUULWyULRV GD LPLJUDomR DOHPm QR 5LR *UDQGH GR 6XO
0DSD/RFDOL]DomRGRVWHUULWyULRVGDLPLJUDomRLWDOLDQDQR5LR*UDQGHGR 6XO
/,67$'()272*5$),$6
)RWRJUDILD$VSHFWRVPDWHULDLVGH6mR0LJXHOGDV0LVV}HV )RWRJUDILD ± 0RVDLFR IRWRJUiILFR GDV HVFRODV FRORQLDLV DOHPmV QR 5LR
*UDQGHGR6XO )RWRJUDILD$EULJRGRVSULPHLURVLPLJUDQWHVDRFKHJDUHP6mR/HRSROGR )RWRJUDILD±8WLOL]DomRGDVYLDVIOXYLDLVHP6mR/HRSROGR )RWRJUDILD±&RQVWUXomRGDSRQWHGHIHUURHP6mR/HRSROGR )RWRJUDILD±0RVDLFRIRWRJUiILFRGDVSULPHLUDVKDELWDo}HVFRQVWUXtGDVQDV
FRO{QLDVDOHPm )RWRJUDILD'HWDOKHVGRWHOKDGRHPPDGHLUDVFKLQGHOQQRPXQLFtSLRGH 7XSDQGL
)RWRJUDILD&DVDHQ[DLPHOFRPWHOKDGRGHWDEXLQKDVHP7XSDQGL )RWRJUDILD±0RVDLFRIRWRJUiILFRGHPRQVWUDWLYRGRXVRGDWpFQLFDHQ[DLPHO
QDVFRO{QLDVDOHPmVGR5LR*UDQGHGR6XO )RWRJUDILD &DVD FRQVWUXtGD SDUD DEULJDU D FDSDWD]LD H R DUPD]pP QD FRO{QLDGR0XQGR1RYR
)RWRJUDILD,QVWUXPHQWRVPXVLFDLVXWLOL]DGRVSHORVLPLJUDQWHVDOHPmHV )RWRJUDILD,QVWUXPHQWRVPXVLFDLVXWLOL]DGRVSHORVLPLJUDQWHVDOHPmHV )RWRJUDILD ± 0RVDLFR IRWRJUiILFR UHSUHVHQWDWLYR GRV DVSHFWRV GD SDLVDJHPGDVFRO{QLDVDOHPmVGR5LR*UDQGHGR6XO
)RWRJUDILD ± 0RVDLFR IRWRJUiILFR UHSUHVHQWDWLYR GDV FDVDV WtSLFDV GD FRORQL]DomRLWDOLDQDGR5LR*UDQGHGR6XO
0DULD )RWRJUDILD±7~PXORVGDVIDPtOLDVGHLPLJUDQWHVLWDOLDQRVQRFHPLWpULRGH
$UURLR*UDQGH±6DQWD0DULD )RWRJUDILD -D]LJR IDPLOLDU QR FHPLWpULR 6mR 0DUFRV $UURLR *UDQGH ± 6DQWD0DULD
)RWRJUDILD±*UXWDGH1RVVD6HQKRUDGH/RXUGHV±9DOH9rQHWR
)RWRJUDILD±&DSLWHOGHGLFDGRD6DQWR$QWRQLR±%HQWR*RQoDOYHV )RWRJUDILD±8PROKDUVREUHDVFRO{QLDVLWDOLDQDVGR5LR*UDQGHGR6XO )RWRJUDILD±0RVDLFRIRWRJUiILFR$OGHLDGR,PLJUDQWH±1RYD3HWUySROLV )RWRJUDILD ± 0RVDLFR IRWRJUiILFR GDV WHUULWRULDOLGDGHV LWDOLDQDV HP
*UDPDGR )RWRJUDILD 0RVDLFR IRWRJUiILFR UHSUHVHQWDWLYR GDV PDQLIHVWDo}HV UHOLJLRVDVQRVWHUULWyULRVGDLPLJUDomRDOHPm
)RWRJUDILD±0RVDLFRIRWRJUiILFRUHSUHVHQWDWLYRGDSDLVDJHPQDWXUDOGRV WHUULWyULRVGDLPLJUDomRLWDOLDQDGR5LR*UDQGHGR6XO
)RWRJUDILD0XVHX$PELrQFLD&DVDGH3HGUD±&D[LDVGR6XO )RWRJUDILD$VSHFWRVGRLQWHULRUGD&DVDGH3HGUD±&D[LDVGR6XO )RWRJUDILD ± 0RVDLFR IRWRJUiILFR UHSUHVHQWDWLYR GDV PDQLIHVWDo}HV
UHOLJLRVDVQRVWHUULWyULRVGDLPLJUDomRLWDOLDQDQR5LR*UDQGHGR6XO )RWRJUDILD 0RQXPHQWR DR LPLJUDQWH QR ORFDO GH FKHJDGD GRV LWDOLDQRVHP6LOYHLUD0DUWLQV
)RWRJUDILD(VFXOWXUDQR0RQXPHQWRDRLPLJUDQWHHP6LOYHLUD0DUWLQV )RWRJUDILD±7iEXDGHIULRV±5HVWDXUDQWH9DOGH%XLD±6LOYHLUD0DUWLQV )RWRJUDILD3URGXWRVFRORQLDLVWtSLFRVGRVWHUULWyULRVGDLPLJUDomRLWDOLDQD QR5LR*UDQGHGR6XO )RWRJUDILD±&DQWLQDHP6LOYHLUD0DUWLQV
)RWRJUDILD $VSHFWRV GDV YLQtFRODV GH %HQWR *RQoDOYHV H GR 9DOH GRV 9LQKHGRV
)RWRJUDILD'HVILOHGHWUDWRUQDVSULPHLUDVHGLo}HVGDIHVWDGRDUUR]HP 6mR-RmRGR3ROrVLQH
)RWRJUDILD'LVFXUVRGRSiURFRQDIHVWDGRDUUR] )RWRJUDILD'HVILOHQDVSULPHLUDVHGLo}HVGDIHVWDGRDUUR]
/,67$'(7$%(/$6
7DEHOD1~PHURGHLPLJUDQWHVDOHPmHVLQVHULGRVQR5LR*UDQGHGR6XO
7DEHOD1~PHURGHLPLJUDQWHVLWDOLDQRVQR%UDVLOGHDFRUGRFRPDUHJLmR GHRULJHP
7DEHOD 3ULQFLSDLV PXQLFtSLRV SURGXWRUHV GH IXPR QRV WHUULWyULRV GD LPLJUDomRDOHPmGR5LR*UDQGHGR6XO
7DEHOD'DQRVRFRUULGRVQDSURGXomRGHIXPRGHDQ~PHUR GHRFRUUrQFLDV
7DEHOD 3URGXomR GH PLOKR QRV WHUULWyULRV GD LPLJUDomR DOHPm GR 5LR *UDQGHGR6XO
7DEHOD 3ULQFLSDLV PXQLFtSLRV SURGXWRUHV GH XYD GRV WHUULWyULRV GD LPLJUDomRLWDOLDQDQR5LR*UDQGHGR6XO
7DEHOD 3ULQFLSDLV PXQLFtSLRV SURGXWRUHV GH PDom GRV WHUULWyULRV GD LPLJUDomRLWDOLDQDGR5LR*UDQGHGR6XO±D
7DEHOD 3ULQFLSDLV PXQLFtSLRV SURGXWRUHV GH SrVVHJR GRV WHUULWyULRV GD LPLJUDomRLWDOLDQDGR5LR*UDQGHGR6XO±D
7DEHOD 3URGXomR GH EDWDWDLQJOHVD QD 4XDUWD &RO{QLD GH ,PLJUDomR ,WDOLDQDGR56GHD
7DEHOD3URGXomRGHDUUR]QD4XDUWD&RO{QLDGH,PLJUDomR,WDOLDQDGR 56GHD
7DEHOD3URGXomRGHIHLMmRQD4XDUWD&RO{QLDGH,PLJUDomR,WDOLDQDGR 56GHD
/,67$'(48$'526
4XDGUR)DVHVGDFRORQL]DomRVHJXQGR-HDQ5RFKH
4XDGUR2IDODUGRDOHPmRJD~FKR
/,67$'($3Ç1',&(6
$3Ç1',&($±5RWHLURSDUDHQWUHYLVWD $3Ç1',&(%±/RFDLVGHHQWUHYLVWDV $3Ç1',&(&9LQtFRODVSUHVHQWHVQR9DOHGRV9LQKHGRV $3Ç1',&('9LQtFRODVVLWXDGDVQDSRUomRFHQWUDOGR5LR*UDQGHGR6XO $3Ç1',&((3URGXomRGHVRMDQD4XDUWD&RO{QLDGH,PLJUDomR,WDOLDQDGR
56GH$ $3Ç1',&( ) 3ULQFLSDLVPXQLFtSLRVSURGXWRUHVGHPLOKR GRV WHUULWyULRVGD LPLJUDomRLWDOLDQDQR5LR*UDQGHGR6XO
$3Ç1',&(*3URGXomRGHIXPRQD4XDUWD&RO{QLDGH,PLJUDomR,WDOLDQD GR56GHD
/,67$'($1(;26
$1(;2$±'DVJD~FKRGHXWVFK
/,67$'(6,*/$6
$*$320, $VVRFLDomR*D~FKDGRV3URGXWRUHVGH0Dom
$3529$/( $VVRFLDomRGRV3URGXWRUHVGH9LQKRV)LQRVGR9DOHGRV9LQKHGRV (3&1 (FRQRPLD3ROtWLFD&XOWXUD1DWXUH]D
)$0856 )HGHUDomRGDV$VVRFLDo}HVGH0XQLFtSLRVGR5LR*UDQGHGR6XO )(( )XQGDomRGH(FRQRPLDH(VWDWtVWLFD
,%*( ,QVWLWXWR%UDVLOHLURGH*HRJUDILDH(VWDWtVWLFD
27$1 2UJDQL]DomRGR7UDWDGRGR$WOkQWLFR1RUWH
5&, 5HJLmR&XOWXUDO,WDOLDQD
7'5 7HUULWRULDOLGDGH'HVWHUULWRULDOLGDGH5HWHUULWRULDOLGDGH
680È5,2
,1752'8d2
&$3Ë78/27(55,7Ï5,2(7(55,725,$/,'$'(
2WHUULWyULRQDSHUVSHFWLYDPXOWLGLPHQVLRQDO 7HUULWyULRVHPUHFRQVWUXomRDPRELOLGDGHPHGLDGDSHODWHUULWRULDOLGDGH
&$3Ë78/2$,'(17,'$'(7(55,725,$/0,*5$d26,0%2/2*,$( 5(35(6(17$d®(662&,$,61$25*$1,=$d2'27(55,7Ï5,2
$FXOWXUDHRVSURFHVVRVGHLGHQWLILFDomRWHUULWRULDO
$ PLJUDomR FRPR IDWRU GH GLIXVmR FXOWXUDO WHUULWRULDOLGDGHV HP PRYLPHQWR
2VFyGLJRVFXOWXUDLVFRPRH[SUHVVmRGDLPDWHULDOLGDGHGRWHUULWyULR
$FRPXQLFDomRRUDOHHVFULWD
$LPDWHULDOLGDGHGDFXOWXUDYDORUHVFUHQoDVLGHRORJLDVHFRQYHQo}HV
(VWLORGDVHGLILFDo}HV
0~VLFDHIHVWLYLGDGHVHOHPHQWRVSDUDDQDOLVDUDFRHVmRVRFLDO
5HOLJLRVLGDGH
&$3Ë78/2 5,2 *5$1'( '2 68/ 7(55,7Ï5,26 (
7(55,725,$/,'$'(6
3ULPHLUDWHPSRUDOLGDGH5HFRQVWUXLQGRDGLQkPLFDVyFLRFXOWXUDO GR 5LR *UDQGHGR6XOSUHVVXSRVWRVKLVWyULFRVSDUDDDQiOLVHWHUULWRULDO
6HJXQGDWHPSRUDOLGDGH2VDoRULDQRVQR5LR*UDQGHGR6XOHDLQWHQomR GHFRORQL]DU
,PLJUDomR H FRORQL]DomR SUHVVXSRVWRV SROtWLFRV SDUD D IRUPDomR GDV FRO{QLDVDOHPmVHLWDOLDQDVQR5LR*UDQGHGR6XO
&$3Ë78/2 $ 3$,6$*(0 &202 5(35(6(17$d2 1$ $1È/,6(
7(55,725,$/
7HUULWyULR H SDLVDJHP XPD SURSRVWD KtEULGD SDUD D FRPSUHHQVmR GD UHDOLGDGHPDWHULDOHGDUHSUHVHQWDomRGRVFyGLJRVFXOWXUDLV
7HUFHLUDWHPSRUDOLGDGHDJrQHVHFRORQLDOHDFRQVWUXomRGRVWHUULWyULRVGD LPLJUDomRDOHPmQR5LR*UDQGHGR6XO
4XDUWDWHPSRUDOLGDGHDFRQVWUXomRGRVWHUULWyULRVGDLPLJUDomRLWDOLDQDQR 5LR*UDQGHGR6XO
&$3Ë78/2267(55,725,26'$,0,*5$d2 $/(0(,7$/,$1$12
5,2*5$1'('268/
$GHOLPLWDomRWHUULWRULDOWHUULWyULRWHUULWyULRVHIURQWHLUDV 2VWHUULWyULRVGDLPLJUDomRDOHPmQR5LR*UDQGHGR6XO 2VWHUULWyULRVGDLPLJUDomRLWDOLDQDQR5LR*UDQGHGR6XO
&216,'(5$d®(6 5()(5Ç1&,$6 $3Ç1',&(6 $1(;26
,1752'8d2
7HP VLGR GLItFLO FRQVWUXLU XPD UHODomR HQWUH FXOWXUD H WHUULWyULR SRUTXH R DUVHQDO PHWRGROyJLFRGHVHQYROYLGRSHODFLrQFLDJHRJUiILFDDLQGDpUHVWULWRHH[SHULPHQWDOSDUD DERUGDU FRP PDLRU SUHFLVmR WDLV SUREOHPDV $ WUDGLomR GH GHVFULomR H GH REMHWLYLGDGH GD JHRJUDILD GLILFXOWDP DR SURILVVLRQDO OLGDU FRP D UHODWLYLGDGH GDV TXHVW}HV TXH VH FRORFDP TXDQGR VH GHIURQWD FRP D GLYHUVLGDGH FXOWXUDO 3ULPHLUR SRUTXHRFRQKHFLPHQWRGHXPDFXOWXUDH[LJHTXHRSHVTXLVDGRUVHHQYROYDQRVFyGLJRV TXHGHWHUPLQDPDVUHODo}HVFXOWXUDLVHHPVHJXQGROXJDUSRUTXHpQHFHVViULRDFHLWDU D H[SHULrQFLD GH YLGD H[SUHVVD QR GLVFXUVR GRV LQGLYtGXRV HYLWDQGR HQTXDGUiOD D SDUWLU GD UHDOLGDGH REMHWLYD GR SHVTXLVDGRU R TXDO GHYH DGPLWLU DV GLIHUHQWHV UHDOLGDGHV TXH FRUUHVSRQGHP D GLIHUHQWHV DSUHHQV}HV LQGLYLGXDLV RX JUXSDLV GH VHX PXQGR >@ 1HVWH VHQWLGR D DQiOLVH GDV FDWHJRULDV JHRJUiILFDV TXH GHSHQGHP GH SDGU}HV FXOWXUDLV SRGHULD VHU UHILQDGD DWUDYpV GH XP GLiORJR FRQWtQXR FRP DV FLrQFLDVVRFLDLVTXHOLGDPKiPDLVWHPSRFRPHVWDVTXHVW}HVFRPRDDQWURSRORJLDD VRFLRORJLDGRFRQKHFLPHQWRHDKLVWyULD6,/9$
$ *HRJUDILD FRPR FLrQFLD YLYH GD UHQRYDomR GH VHXV FRQFHLWRV SRLV p DWUDYpV GD VXSHUDomR TXH D PHVPD UHSHQVD FRQVWDQWHPHQWH VXD PDWUL] WHyULFD LQVHULQGR QRYDV LGHLDV WHRULDV H UHIOH[}HV SHODV TXDLV VH UHFXSHUD D SUySULD XQLGDGH JHRJUiILFD 1HVVH FRQWH[WR GHYHVH HQWHQGHU TXH RV FRQFHLWRV SRGHP DWUDYHVVDUDVpSRFDVFRPRYRFiEXORVLPXWiYHLVPDVRVHXFRQWH~GRHVWiVHPSUH VXMHLWR j OHL GD PXGDQoD D SULPHLUD OHL VRFLDO e DWUDYpV GD VXSHUDomR GR VHX FRQWH~GRHGHQRYDVLQWHUSUHWDo}HVTXHVHLPSHGHDIRVVLOL]DomRGRVFRQFHLWRVH HYLWDVHLQWHUSUHWDUGHIRUPDHUU{QHDDUHDOLGDGH6$1726
$V WUDQVIRUPDo}HV QDV EDVHV WHyULFRPHWRGROyJLFDV GD FLrQFLD JHRJUiILFD DFDUUHWDPUHIOH[}HVVREUHVHXREMHWRGHHVWXGRHRVPpWRGRVFLHQWtILFRVXWLOL]DGRV RXVHMDQDVGLVWLQWDVIRUPDVGHLQWHUSUHWDUDLQWHUIDFHVRFLHGDGHQDWXUH]D7UDWDVH GH XPD EXVFD SRU QRYDV SHUVSHFWLYDV FRP D ILQDOLGDGH GH IRUQHFHU UHVSRVWDV DGHTXDGDV j UHDOLGDGH FDGD YH] PDLV GLQkPLFD H TXH FRQVHTXHQWHPHQWH UHTXHUHPGDFLrQFLDQRYRVDSRUWHVWHyULFRV7RUQDVHQHFHVViULRHQWmRXPHVIRUoR HSLVWHPROyJLFRGHUHOHLWXUDGD*HRJUDILDHGHVXDVFDWHJRULDVDQDOtWLFDV
SHVTXLVDELEOLRJUiILFDXPDSHVTXLVDHPStULFDVLVWHPiWLFDTXHSURSRUFLRQRXGDGRV SDUD LQWHUSUHWDU H DQDOLVDU D WHUULWRULDOL]DomR H DV WHPSRUDOLGDGHV GRV LPLJUDQWHV DOHPmHVHLWDOLDQRVQR5LR*UDQGHGR6XOHDFRQVHTXHQWHIRUPDomRGRVWHUULWyULRV GDLPLJUDomR
'H PRGR PDLV HVSHFtILFR SURS{VVH FRP HVWH WUDEDOKR D 5HVJDWDU RV FRQFHLWRV GH WHUULWyULR H GH FXOWXUD WHQGR FRPR ILR FRQGXWRU D HYROXomR GR SHQVDPHQWR JHRJUiILFR FRP rQIDVH SDUD R SHUtRGR GH EXVFDQGR DSUHHQGHUDGLQkPLFDGHVVHVFRQFHLWRVHDVXDHYROXomRE$QDOLVDURVDVSHFWRV LQHUHQWHV j VLPERORJLD GD FXOWXUD FRQFHEHQGRD DWUDYpV GH XP VLVWHPD GH FRGLILFDomR YLD FyGLJRV FXOWXUDLV PDWHULDLV H LPDWHULDLV F (VWDEHOHFHU D UHODomR HQWUHFXOWXUDLGHQWLGDGHHFyGLJRVFXOWXUDLVFRQVLGHUDQGRVXDH[SUHVVLYLGDGHSDUD D PDQXWHQomR GRV JUXSRV VRFLDLV H SDUD DV VXDV P~OWLSODV WHUULWRULDOLGDGHV H G $QDOLVDUDWHUULWRULDOL]DomRGDVFXOWXUDVDOHPmHLWDOLDQDQR5LR*UDQGHGR6XOQR LQWXLWR GH FRPSUHHQGHU DV GLVWLQWDV IRUPDV GH RUJDQL]DomR WHUULWRULDO TXH VH PDQLIHVWDPQR(VWDGR
&RPEDVHQRUHIHUHQFLDOWHyULFRUHDOL]RXVHXPDUHIOH[mRVREUHRVFRQFHLWRV GH WHUULWyULR H FXOWXUD 'HVVH PRGR HVWH HVWXGR FRQVLVWH QD UHIOH[mR VREUH R FRQFHLWR GH WHUULWyULR D ILP GH FRPSUHHQGHU DV GLVWLQWDV IRUPDV GH ³SHQVDU´ R WHUULWyULRQRkPELWRJHRJUiILFRVHPPLQLPL]DUQRHQWDQWRDVRXWUDVSHUVSHFWLYDVGH HVWXGRGHVVDFDWHJRULDDQDOtWLFD3HORFRQWUiULRIH]VHQHFHVViULRUHVJDWiODVSDUD TXHVHSRVVDFRPSUHHQGrORHPVXDWRWDOLGDGH
-XVWLILFDVHDHVFROKDGDWHPiWLFDWHUULWRULDOHFXOWXUDOPHGLDQWHDUHDILUPDomR HDSUHVHQoDGHVLQJXODULGDGHVHPGHWULPHQWRGDKRPRJHQHL]DomRGRVFRVWXPHV DWUHODGD DR ³PRGHOR JOREDO´ 1HVVH VHQWLGR D FXOWXUD IRL DQDOLVDGD QD SUHVHQWH SHVTXLVDFRPRDGLPHQVmRUHVSRQViYHOSHODLGHQWLILFDomRHSHODGLIHUHQFLDomRGRV JUXSRVVRFLDLVQDVXDUHODomRFRPRWHUULWyULR'LDQWHGDVP~OWLSODVSRVVLELOLGDGHV LQWHUSUHWDWLYDVFRQVLGHUDVHDFXOWXUDFRPRXPSURGXWRVRFLDOGRTXDOHPDQDPH RULHQWDPVH SDUkPHWURV GH FRPSRUWDPHQWR FRPXQV DRV PHPEURV GH XPDPHVPD FRPXQLGDGH pWQLFD 7UDWDVH SRUWDQWR GH XP HVWXGR TXH DERUGD D DSURSULDomR VLPEyOLFD GR WHUULWyULR DWUDYpV GDV PDQLIHVWDo}HV FXOWXUDLV HVSHFLILFDPHQWH GD PDWHULDOL]DomRGRVFyGLJRVFXOWXUDLV
HRXWUDVFLrQFLDVSULQFLSDOPHQWHDV&LrQFLDV6RFLDLV'HVVDIRUPDEXVFRXVHHP FLrQFLDVDILQVRHPEDVDPHQWRWHyULFRUHODWLYRDRVFRQFHLWRVHPHVWXGRYLVDQGRj VXDFRPSUHHQVmRDSDUWLUGHSHUVSHFWLYDVPDLVDPSODV
$RSURSRUHVVDSHVTXLVDFRQVLGHURXVHDSUHRFXSDomRTXHRJHyJUDIRGHYH WHUFRPDDERUGDJHPWHyULFDUHVJDWDQGRDHFRQWULEXLQGRFRPRHQWHQGLPHQWRGR REMHWRGHHVWXGRHYLWDQGRDDSURSULDomRLQGHYLGDHDFRQVHTXHQWHEDQDOL]DomRGRV FRQFHLWRV3DUDWDQWRIRUDPUHDOL]DGRVHVWXGRVVREUHDTXHVWmRFRQFHLWXDOQmRVy HP kPELWR JHRJUiILFR FRPR WDPEpP GLDORJDQGR FRP DV RXWUDV iUHDV GR FRQKHFLPHQWR
$ SDUWLU GRV VXEVtGLRV WHyULFRV SDUWLXVH SDUD D DQiOLVH GR WHUULWyULR FRPR UHVXOWDGRGDDSURSULDomRGRHVSDoRSRUXPJUXSRVRFLDORULJLQDQGRSURFHVVRVGH WHUULWRULDOL]DomR H GH LGHQWLILFDomR TXHR WRUQDP VLQJXODU GHYLGRjV FDUDFWHUtVWLFDV TXH D FXOWXUD OKH FRQIHUH 1HVVH VHQWLGR SURFXURXVH GHPRQVWUDU H H[SOLFLWDU HPSLULFDPHQWHDWHRULDSURSRVWD$WHRULDGHVVDIRUPDVHUYLXFRPRRULHQWDomRSDUD DDQiOLVHHLQWHUSUHWDomRGRREMHWRGHHVWXGR3DUDWDQWRIRUDPHOHJLGRVFRPRIRFR GDSHVTXLVDRVWHUULWyULRVGDLPLJUDomRDOHPmHLWDOLDQDGR5LR*UDQGHGR6XOWHQGR HP YLVWD VXD RULJHP H WUDQVIRUPDomR SRU JUXSRV FXOWXUDLV VLQJXODUHV H UHSUHVHQWDWLYRVQDFRQVWUXomRGRWHUULWyULRULRJUDQGHQVH(PWHUPRVGHLPLJUDomR WDLVJUXSRVVRFLDLVVHGHVWDFDPHPYLUWXGHGRH[SUHVVLYRFRQWLQJHQWHSRSXODFLRQDO TXHVHUHWHUULWRULDOL]RXQR5LR*UDQGHGR6XO
$ RSomR SHOR (VWDGR GR 5LR *UDQGH GR 6XO FRPR UHFRUWH HVSDFLDO SDUD DQiOLVH GHYHVH SULQFLSDOPHQWH DR FRQKHFLPHQWR HPStULFR GD TXHVWmR FXOWXUDO FRQVWUXtGR QR GHFRUUHU GD UHDOL]DomR GR &XUVR GH 0HVWUDGR HP *HRJUDILD TXH FRQWHPSORX D WHPiWLFD FXOWXUDO DWUDYpV GH XPD SURSRVWD GH UHJLRQDOL]DomR FRQVLGHUDQGRRVDVSHFWRVFXOWXUDLV$OpPGLVVRGHVWDFDVHDUHOHYkQFLDGDDQiOLVH GDVHWQLDVIRUPDGRUDVGR5LR*UDQGHGR6XOUHVSRQViYHLVSHODPDWHULDOL]DomRGDV FDUDFWHUtVWLFDV FXOWXUDLV HFRQ{PLFDV H SROtWLFDV IXQGDPHQWDLV QD RUJDQL]DomR WHUULWRULDOGR5LR*UDQGHGR6XOSRUPHLRGHGLVWLQWDVWHUULWRULDOLGDGHVPROGDGDVHP SDLVDJHQVGLYHUVLILFDGDV
GHVWDFDVHTXHSDUWHGDGHVFHQGrQFLDYROWDGDjVRULJHQVFXOWXUDLVDOHPmVSHUPLWLX R VXUJLPHQWR GDV LQWHUURJDo}HV VREUH RV SURFHVVRV GH LGHQWLILFDomR H GH GLIHUHQFLDomRVRFLDO$YLYrQFLDHDDILQLGDGHSHORVFyGLJRVTXHFRPS}HPDFXOWXUD VH VDOLHQWDP QDV SUHIHUrQFLDV H RULJLQDP LQGDJDo}HV SHUWLQHQWHV DRV WHPDV GH SHVTXLVDGD*HRJUDILDRXVHMDFRPSUHHQGHUDIRUPDomRWHUULWRULDOPHGLDGDSHORV JUXSRVVRFLDLVHVXDVFRQVWDQWHVGHVUHWHUULWRULDOL]Do}HVHGLIHUHQFLDo}HV
6DOLHQWDVH TXH FRQFRPLWDQWHPHQWH DR UHVJDWH GDV WHRULDV UHDOL]RXVH WDPEpP D FROHWD GH GDGRV UHODWLYRV j LQVHUomR FXOWXUDO QR HVSDoR JD~FKR 3DUD WDQWRHVWDEHOHFHXVHXPDFURQRORJLDEiVLFDSDUDJXLDUDFRQVWUXomRGHXPEDQFR GHGDGRVGHDFRUGRFRPDLQVHUomRGHHWQLDVQR5LR*UDQGHGR6XOHDVXDDWXDO FRQILJXUDomRVRFLRFXOWXUDOWHQGRFRPREDVHDV8QLGDGHV7HUULWRULDLV(VVHVGDGRV IRUDPFROHWDGRVMXQWRDyUJmRVHVSHFtILFRVGHWHQWRUHVGHWDLVLQIRUPDo}HVFRPRD )XQGDomR GH (FRQRPLD H (VWDWtVWLFD GR 5LR *UDQGH GR 6XO )(( FRP GDGRV UHODWLYRV j HYROXomR SRSXODFLRQDO GR (VWDGR GLQkPLFD HVSDFLDO FULDomR H OLPLWHV PXQLFLSDLV DOpP GRV GDGRV UHIHUHQWHV j HWQLD TXH IXQGRX FDGD PXQLFtSLR D )HGHUDomR GDV $VVRFLDo}HV GRV 0XQLFtSLRV GR 5LR *UDQGH GR 6XO )$0856 H MXQWRjV3UHIHLWXUDV0XQLFLSDLVQDV6HFUHWDULDVGH&XOWXUDWUDEDOKRGHFDPSR
$SDUWLUGHVVHVGDGRVUHDOL]RXVHXPDUHJLRQDOL]DomRFXOWXUDOGR5LR*UDQGH GR6XOSDUDVHLGHQWLILFDURQGHHVWmRORFDOL]DGDVDVFXOWXUDVDOHPmHLWDOLDQDEHP FRPRVIOX[RVSRSXODFLRQDLVHPGLUHomRDRXWUDVSRUo}HVGRHVSDoRLQWUDUUHJLRQDOH LQWHUUHJLRQDO QD PHGLGD HP TXH D EXVFD SRU QRYDV ³IUHQWHV SLRQHLUDV´ VH IH] QHFHVViULD3DUDWDQWRIRLXWLOL]DGRRVRIWZDUH$UF 9LHZ*,6PHGLDQWHDLQVHUomR GRV GDGRV UHIHUHQWHV j UHODomR PXQLFtSLRHWQLD SUHGRPLQDQWH 3DUD UHDOL]DU HVVD HWDSDGDSHVTXLVDXWLOL]RXVHFRPRFULWpULRDFXOWXUDLVWRpDSUHVHQoDGHXPJUXSR FRPRIXQGDGRUGRPXQLFtSLRRXJUXSRPDMRULWiULRFRQVLGHUDQGRDFRPSRVLomRpWQLFD
VXSHULRU D GD SRSXODomR WRWDO $ LQGLYLGXDOL]DomR GH ³WHUULWyULRV FXOWXUDLV´ LQWHUQRVDRWHUULWyULRULRJUDQGHQVHWHYHFRPREDVHRVOLPLWHVPXQLFLSDLVSRLVIRUDP FRQVLGHUDGDV DV XQLGDGHV WHUULWRULDLV TXH FRPS}H R 5LR *UDQGH GR 6XO SDUD LQGLYLGXDOL]DURVUHFRUWHVHVSDFLDLV
$3Ç1',&( $ &RP LVVR HYLGHQFLRXVH RQGH VH ORFDOL]DP DV iUHDV PDLV H[SUHVVLYDV GDV UHIHULGDV LPLJUDo}HV EHP FRPRTXDQGR HFRPR RV SURFHVVRV DFRQWHFHUDPLGHQWLILFDQGR³PDUFDVWHUULWRULDLV´H[SUHVVDVQDSDLVDJHPDWUDYpVGDV FDUDFWHUtVWLFDVGDVHWQLDVVHOHFLRQDGDVRXVHMDRQGHHFRPRDVFXOWXUDVHPHVWXGR VH WHUULWRULDOL]DUDP (VVD LGHQWLILFDomR UHDOL]RXVH PHGLDQWH D FDUDFWHUL]DomR GH FDGDDVSHFWRTXHFRPS}HDRUJDQL]DomRGRWHUULWyULRSHORJUXSRVRFLDOHPHVWXGR WDLVFRPR
&yGLJRV FXOWXUDLV PDWHULDLV D FRPXQLFDomR HVFULWD E JDVWURQRPLD F YHVWXiULR WtSLFR JUXSRV IROFOyULFRV G P~VLFDV IHVWDV H MRJRV H DUWH H PRQXPHQWRVIHVWLORGDFDVDHJUHOLJLRVLGDGH
&yGLJRV LPDWHULDLV D YDORUHV H LGHRORJLDV WUDEDOKR H IDPtOLD F FRQYHQo}HVUHJUDVFRPSRUWDPHQWDLVHGFRPXQLFDomRRUDOGLDOHWRV
$GHPDLV SURFXURXVH LGHQWLILFDU RV DVSHFWRV HFRQ{PLFRV OLJDGRV j DJULFXOWXUD iUHD SODQWDGD H TXDQWLGDGH SURGX]LGD H j SHFXiULD Q~PHUR GH FDEHoDV SRU FRQVLVWLUHP HP DWLYLGDGHV FHQWUDLV QRV WHUULWyULRV HP HVWXGR ( WDPEpPEXVFDUDPVHDOJXQVDVSHFWRVUHOHYDQWHVGDSURGXomRLQGXVWULDOGHDOJXQV PXQLFtSLRVRQGHHVVHVHWRUGHGHVWDFDSDUDGHPRQVWUDUVXDUHSUHVHQWDWLYLGDGHQD RUJDQL]DomRWHUULWRULDO(VVHVGDGRVIRUDPFROHWDGRVMXQWRj)((Hj)$0856
5HVVDOWDVHTXHRVFyGLJRVFXOWXUDLVHRVGDGRVHFRQ{PLFRVVmRHVVHQFLDLV SDUD D LGHQWLILFDomR GDV SULQFLSDLV FDUDFWHUtVWLFDV GD WHUULWRULDOL]DomR GRV DOHPmHV LWDOLDQRV H GH VHXV GHVFHQGHQWHV &RP R REMHWLYR GH YLDELOL]DU D SHVTXLVD HP FDPSR WHQGR HP YLVWD R H[SUHVVLYR Q~PHUR GHPXQLFtSLRV TXHFRPS}H R UHFRUWH HVSDFLDO GR WUDEDOKR IRUDP WUDoDGRV DOJXQV FULWpULRV SDUD VXD UHDOL]DomR SULQFLSDOPHQWHQDVHOHomRGDVXQLGDGHVWHUULWRULDLVDVHUHPHVWXGDGDV
)RUDPWRPDGRVFRPREDVHRVPXQLFtSLRVTXHVHGHVWDFDPHVHUYHPFRPR UHIHUrQFLD GD LPLJUDomR DOHPm H LWDOLDQD QR 5LR *UDQGH GR 6XO &RQVLGHUDUDPVH FRPR UHIHUrQFLDV RV PXQLFtSLRV TXH WrP VXD RULJHP H VHX GHVHQYROYLPHQWR DWUHODGRV j FRORQL]DomR FRP DV UHIHULGDV HWQLDV QR 5LR *UDQGH GR 6XO HVSHFLILFDPHQWHH[FRO{QLDVLPSODQWDGDVSHORV*RYHUQRV,PSHULDO3URYLQFLDOHSRU (PSUHVDV GH FRORQL]DomR DV TXDLV IRUDP LGHQWLILFDGDV PHGLDQWH SHVTXLVD ELEOLRJUiILFDSUHYLDPHQWHUHDOL]DGD
LQIUDHVWUXWXUDHPUHODomRjFRPSLODomRGHGDGRVRXVHMDPXQLFtSLRVTXHSRVVXHP FHQWURVFXOWXUDLVGHSHVTXLVDHWQRJUiILFDJHQHDOyJLFDHPXVHXVVREUHDLPLJUDomR DOHPm H LWDOLDQD 6DOLHQWDVH TXH HVWD HWDSD WHYH FDUiWHU FHQWUDO SDUD D SHVTXLVD SRLVSHUPLWLXDLGHQWLILFDomRDFDUDFWHUL]DomRHDFRPSUHHQVmRGDVFDUDFWHUtVWLFDV GDWHUULWRULDOL]DomRGDVFXOWXUDVHPHVWXGR2XWURVVLPDFROHWDGHGDGRVHPFDPSR HPEDVRX D JHUDomR GRV PDSDV WHPiWLFRV TXH LQGLYLGXDOL]DUDP RV WHUULWyULRV GD LPLJUDomRDOHPmHLWDOLDQD
'HVVHPRGRDVDWLYLGDGHVSDXWDUDPVHQDFROHWDGHGDGRVHQWUHYLVWDVFRP LQIRUPDQWHVTXDOLILFDGRVRVTXDLVGHWrPDVLQIRUPDo}HVUHIHUHQWHVDHVVDWHPiWLFD FRPR&HQWURV&XOWXUDLV0XVHXVH6HFUHWDULDVGH&XOWXUDQRVPXQLFtSLRVVHGHGD LPSODQWDomRGDVFRO{QLDVDSDUWLUGRVTXDLVVHRULJLQDUDPRVGHPDLVPXQLFtSLRV
5HVVDOWDVHTXHHVVHVPXQLFtSLRVVHFRQVWLWXHPFRPRDEDVHGDFRORQL]DomR DOHPmHLWDOLDQDHVHUYLUDPGHUHIHUrQFLDSDUDDUHDOL]DomRGHVWDHWDSDGRWUDEDOKR GHFDPSR&RPRGHFRUUHUGDSHVTXLVDIRUDPDUURODGDVRXWUDVXQLGDGHVWHUULWRULDLV FRQIRUPH D QHFHVVLGDGH GD FROHWD GH GDGRV 2V PXVHXV H RV FHQWURV FXOWXUDLV IRUDPVHOHFLRQDGRVPHGLDQWHXPOHYDQWDPHQWRSUpYLRVREUHDHVWUXWXUDGHGDGRVGH FDGDyUJmRPXQLFLSDO$3Ç1',&(%
&RQVLGHUDQGR RV GDGRV FROHWDGRV QR GHFRUUHU GR WUDEDOKR GH FDPSR UHDOL]RXVHDDQiOLVHGRVPHVPRVSDUDFRPSUHHQGHUDWHUULWRULDOLGDGHGDVFXOWXUDV DOHPmHLWDOLDQDQR5LR*UDQGHGR6XOEHPFRPRVXDVPDQLIHVWDo}HVQDSDLVDJHP 1HVVH FRQWH[WR RV UHVXOWDGRV REWLGRV QD SHVTXLVD HVWmR RUJDQL]DGRV HP FLQFR FDStWXORV 2FDStWXOR DSUHVHQWD RV FRQFHLWRV GH WHUULWyULR H WHUULWRULDOLGDGH FRQVLGHUDQGR D SHUVSHFWLYD PXOWLGLPHQVLRQDO RX VHMD R WHUULWyULR p FRQFHELGR DWUDYpVGDVGLPHQV}HVHFRQ{PLFDSROtWLFDFXOWXUDOHQDWXUDO(3&17UDWDVHGH XPD DERUGDJHP SDXWDGD QR WHUULWyULR FRPR XP SURGXWR VRFLDO GH DSURSULDomR VLPEyOLFDGHWHUULWRULDOL]DomRHFRQ{PLFDHFXOWXUDOHGHLGHQWLILFDomR
$ GHQRPLQDomRFyGLJRV FXOWXUDLV p DERUGDGD SRU DXWRUHV FRPR3DXO &ODYDO H 'HQLV &RVJURYH SDUD GHPRQVWUDU D FULDomR GR VLVWHPD GH UHSUHVHQWDomRHPDWHULDOL]DomRGDFXOWXUDQRHVSDoR'HFRGLILFDUHVVHVFyGLJRVIRL IXQGDPHQWDO SDUD D SHVTXLVD UHDOL]DGD IDFLOLWDQGR D FRPSUHHQVmR GDV SUiWLFDV HFRQ{PLFDVSROtWLFDVHFXOWXUDLVPHGLDQWHRVSURFHVVRVGHWHUULWRULDOL]DomR
7RUQDVH IXQGDPHQWDO VDOLHQWDU DLQGD TXH D PDWUL] WHyULFD DOXVLYD j PDWHULDOLGDGH GD FXOWXUD QR HVSDoR HQFRQWUDVH HP IDVH GH FRQVWUXomR SULQFLSDOPHQWH QD *HRJUDILD 7DO IDWR MXVWLILFDVH SHOD HVFDVVH] GH DERUGDJHQV FRQFHLWXDLV QR TXH GL] UHVSHLWR DRV WLSRV GH FyGLJRV VXD FRQFHLWXDOL]DomR H DV UHODo}HV FRP D FXOWXUD 'HVVH PRGR UHDOL]DUDPVH DOJXPDV UHIOH[}HV VREUH RV FyGLJRVFXOWXUDLVQRkPELWRWHyULFRDOpPGHDERUGDUVXDUHODomRFRPDFXOWXUDHD LQIOXrQFLD QD SUiWLFD LGHQWLILFDQGR FRPR VH PDWHULDOL]DUDP QRV WHUULWyULRV GD LPLJUDomR DOHPm H LWDOLDQD 7DO IDWR GHYHVH j QHFHVVLGDGH GH VH GHFRGLILFDU R VLVWHPDVLPEyOLFRTXHSHUPHLDRVJUXSRVVRFLDLVHPHVWXGRFRPRXPSUHVVXSRVWR SDUDFRPSUHHQGHUDYDULHGDGHGHFRQILJXUDo}HVWHUULWRULDLV
$V UHIOH[}HV VREUH DUHODomR FXOWXUD LGHQWLGDGH H FyGLJRV FXOWXUDLV REMHWLYD LGHQWLILFDUDVLPSOLFDo}HVQDSURGXomRHQDRUJDQL]DomRGRVWHUULWyULRVHPHVWXGR &RQVLGHUDVH D H[SUHVVLYLGDGH GD FXOWXUD SDUD D PDQXWHQomR GRV JUXSRV VRFLDLV VXDVWHUULWRULDOLGDGHVHWHPSRUDOLGDGHV
1RFDStWXORDQDOLVRXVHDIRUPDomRWHUULWRULDOGR5LR*UDQGHGR6XO3DUWLX VHGRSUHVVXSRVWRGHTXHpHVVHQFLDODFRPSUHHQVmRGDGLQkPLFDGRSRYRDPHQWR GR (VWDGR SDUD VH LQLFLDU D DQiOLVH GRV WHUULWyULRV GD LPLJUDomR 7RUQRXVH IXQGDPHQWDO R UHVJDWH GDV IDVHVHWDSDV GH LQVHUomR FXOWXUDO H GH RUJDQL]DomR WHUULWRULDOULRJUDQGHQVHSDUDVHDQDOLVDUDRULJHPHRGHVHQYROYLPHQWRGRVWHUULWyULRV GDLPLJUDomRDOHPmHLWDOLDQDEHPFRPRSDUDVHHVWDEHOHFHUHPDVGLIHUHQFLDo}HVH DVVLPLODULGDGHVDVUHODo}HVFXOWXUDLVHHFRQ{PLFDV
$ SDLVDJHP FRPR XP HOHPHQWR SDUD DQiOLVH GRV WHUULWyULRV p DERUGDGD QR
WHUULWyULRV GD LPLJUDomR DOHPm H LWDOLDQD QR 5LR *UDQGH GR 6XO H DV SULPHLUDV WUDQVIRUPDo}HVQDSDLVDJHPDWUDYpVGDRUJDQL]DomRWHUULWRULDOGDVFRO{QLDV
$ DQiOLVH GRV WHUULWyULRV GD LPLJUDomR QD DWXDOLGDGH PDWHULDOL]RXVH QR
FDSLWXOR QR TXDO VH H[SOLFLWDP DV SULQFLSDLV GLQkPLFDV WHUULWRULDLV FXOWXUDLV H HFRQ{PLFDV YLVDQGR D UHODFLRQDU WHRULD H SUiWLFD 3DUD WDQWR HQIDWL]DPVH DV SULQFLSDLVWHUULWRULDOLGDGHVDWXDLVTXHFRQWULEXHPSDUDRVSURFHVVRVGHLGHQWLILFDomR H GLIHUHQFLDomR GRV WHUULWyULRV FULDQGR ³PDUFDV´ TXH VHUYHP SDUD SURPRYHU GLQkPLFDVHFRQ{PLFDVDSURYHLWDQGRVHGDTXHVWmRFXOWXUDO
5HVVDOWDVHDLQGDTXHUHODFLRQDURVFRQFHLWRVGHWHUULWyULRHFXOWXUDFRQVWLWXLX VHHPXPGHVDILRWHyULFRPHWRGROyJLFRGHVWDSURSRVWDGHSHVTXLVD7DOIDWRGHYHVH j DPSOLWXGH GDV UHIOH[}HV DFHUFD GR WHUULWyULR H j FRPSOH[LGDGH GDV DERUGDJHQV FRQVWUXtGDV QD FLrQFLD JHRJUiILFD TXH SHUPLWLUDP DSUHHQGrOR D SDUWLU GH SHUVSHFWLYDVPXOWLGLPHQVLRQDLV$VVLPRWHUULWyULRpDRPHVPRWHPSRHFRQ{PLFR SROtWLFRFXOWXUDOHQDWXUDO1DSHUVSHFWLYDTXHDGRWDHVWHWUDEDOKRSHUSDVVDUDPVH WRGDV HVVDV GLPHQV}HV SDUD TXH VH FRPSUHHQGHVVH D SURGXomR GRV WHUULWyULRV FRQVWUXtGRVSHORVLPLJUDQWHVDOHPmHVHLWDOLDQRVQR5LR*UDQGHGR6XO2VWHUULWyULRV GHVVH(VWDGRVmRGHOLPLWDGRVVREDyWLFDFXOWXUDOPDVDVGHPDLVGLPHQV}HVHVWmR LPSOtFLWDVQHOHVGHIRUPDSURFHVVXDO
7(55,7Ï5,2(7(55,725,$/,'$'(
2WHUULWyULRVLJQLILFDQDWXUH]DHVRFLHGDGHHFRQRPLDSROtWLFDHFXOWXUDLGHLDH
PDWpULDLGHQWLGDGHVHUHSUHVHQWDo}HVDSURSULDomRGRPLQDomRHFRQWUROHGHV FRQWLQXLGDGHVFRQH[mRHUHGHVGRPtQLRHVXERUGLQDomRGHJUDGDomRHSURWHomR DPELHQWDO WHUUD IRUPDV HVSDFLDLV H UHODo}HV GH SRGHU GLYHUVLGDGH H XQLGDGH FXMDVLQWHUDo}HVVHWHUULWRULDOL]DP>@FHQWUDGDVQDFRQMXJDomRSDUDGR[DO GH GHVFRQWLQXLGDGHV GH GHVLJXDOGDGHV GLIHUHQoDV H WUDoRV FRPXQV &DGD FRPELQDomR HVSHFtILFD GH FDGD UHODomR HVSDoRWHPSR p SURGXWR DFRPSDQKD H FRQGLFLRQDRVSURFHVVRVWHUULWRULDLV6$48(7S
2WHUULWyULRQDSHUVSHFWLYDPXOWLGLPHQVLRQDO
$OpPGRHVSDoRJHRJUiILFRGDUHJLmRGDSDLVDJHPHGROXJDURWHUULWyULRp XP FRQFHLWR IXQGDPHQWDO QR GHEDWH LQWHUQR GD FLrQFLD JHRJUiILFD 7RGDV HOHV VH FRQVWLWXHP HP FRQFHLWRVFKDYH H EDOL]DGRUHV SDUD R HQWHQGLPHQWR GDV TXHVW}HV HVSDFLDLV 'HVGH D VXD JrQHVH H HVWUXWXUDomR D *HRJUDILD FRQVLGHUD FUXFLDO R UHSHQVDU WHyULFR XPD YH] TXH D GLQkPLFD GD FLrQFLD H[LJH FRQVWDQWHPHQWH R ³UHYHU´GHVXDVFRQFHSo}HVOHYDQGRHPFRQWDDVRULHQWDo}HVWHyULFRPHWRGROyJLFDV TXH PDUFDUDP FDGD pSRFD $ VXSHUDomR GHVVDV ³YHUGDGHV´ QRUWHDGRUDV SHUPLWLX TXHHVVDFLrQFLDUHGHILQLVVHVHXVPpWRGRVREMHWRVHFRQFHLWRV&RQVHTXHQWHPHQWH EXVFDUDPVH QRYDV DERUGDJHQV HVSHFLDOPHQWH D SDUWLU GRV DQRV GH QR LQWXLWRGHPHOKRUH[SOLFDUDUHDOLGDGHDTXHVHUHIHUHP
1HVVH VHQWLGR R UHFRUWH WHPSRUDO SDUD D UHIOH[mR GR FRQFHLWR GH WHUULWyULR SDUWH GR SHUtRGR GH UHQRYDomR GD *HRJUDILD UHVJDWDQGR DV SULQFLSDLV LGHLDVSURSRVWDVSRUDOJXQVSLRQHLURVQDGLVFXVVmRUHQRYDGDDWpRVDXWRUHVTXHVH GHGLFDP j WHPiWLFD QD DWXDOLGDGH $WUDYpV GHVVH UHVJDWH UHDOL]DUDPVH DOJXPDV UHIOH[}HVDFHUFDGRFRQFHLWRGHWHUULWyULRHVXDFHQWUDOLGDGHQD*HRJUDILDQRLQWXLWR GHUHSHQVDUDVFRQFHSo}HVWHyULFDVVREUHHVVDTXHVWmR
(PVXDREUD$ERUGDJHQVHFRQFHSo}HVGHWHUULWyULR6DTXHWLQGDJD VH 'H TXH WHUULWyULR IDODPRV" 2 DXWRU LQVWLJD D UHIOH[mR QD PHGLGD HP TXH QD DWXDOLGDGHHVVHFRQFHLWRHVWiHPHYLGrQFLDQmRVyQRVHVWXGRVJHRJUiILFRVPDV WDPEpPHPRXWUDVFLrQFLDVTXHWUDEDOKDPFRPTXHVW}HVHVSDFLDLVFRPGHVWDTXH SDUD DV WHRULDV H VXD DSOLFDomR QD SUiWLFD SULQFLSDOPHQWH TXDQGR VH SULRUL]D R SODQHMDPHQWRHRGHVHQYROYLPHQWRWHUULWRULDO
eQHVVDSURIXVmRGHHVWXGRVTXHRWHUULWyULRHQTXDQWRFRQFHLWRPXOWLSOLFDVH H GLIXQGHVH QD *HRJUDILD EUDVLOHLUD H LQWHUQDFLRQDO ,QVHULQGRVH QHVVDV SUHRFXSDo}HVHVWDSHVTXLVDSUHWHQGHFRQWULEXLUSDUDRSHQVDPHQWRJHRJUiILFRFRP TXHVWLRQDPHQWRVHUHIOH[}HVVREUHRWHUULWyULRPXOWLGLPHQVLRQDOHVFDODUHWHPSRUDO
(PERUD VH WHQKD RSWDGR SRU UHDOL]DU XP UHFRUWH WHyULFRPHWRGROyJLFR FHQWUDQGR R HVWXGR QD DERUGDJHP FUtWLFD GR WHUULWyULR QmR VH SRGH HVTXHFHU TXH HVVH FRQFHLWR WHP VXD JrQHVH DWUHODGD j HVFROD 7UDGLFLRQDO RX &OiVVLFD GD *HRJUDILD e QHOD TXH RV FRQFHLWRV HVSDFLDLV LQLFLDUDP VXD WUDMHWyULD QR kPELWR JHRJUiILFR H DV WHRULDV IXQGDPHQWDLV VH HVWUXWXUDUDP SHUPLWLQGR j *HRJUDILD R
VWDWXVGHFLrQFLD$VVLPGHYHVHFRQVLGHUDUDH[LVWrQFLDGHDERUGDJHQVDQWHULRUHV FRPFRQFHSo}HVHIXQGDPHQWDo}HVHVVHQFLDLVSDUDRGHVHQYROYLPHQWRGDFLrQFLD VHMD SDUD UHDILUPiODV RX SDUD FRQWUDS{ODV 'HVWDFDVH TXH RV PpWRGRV H RV FRQFHLWRV UHIOHWHP R PRPHQWR KLVWyULFR D VRFLHGDGH TXH RV FRQVWUyL H D VXD GLPHQVmRHVSDFLDOUHVVDOWDQGRRTXHpVLJQLILFDWLYRQRWHPSRHQRHVSDoR
&RQVLGHUDQGRHVVDVSUHRFXSDo}HVUHVJDWRXVHDRULJHPGDSDODYUDWHUULWyULR HP 0DFKDGR S TXDQGR D DXWRUD DILUPD TXH R PHVPR GHULYD GR ODWLP
WHUULWRULXPHTXH
>@VHFRQVWUyLSHODDGLomRDµWHUUD¶GRVXIL[RµWRULXP¶TXHGHVLJQDROXJDU GHXPVXEVWDQWLYRTXDOTXHUGRUPLWyULROXJDUGHGRUPLUWHUULWyULROXJDUGD WHUUD kPELWR WHUULWRULDO ORFDOL]DGR 2 TXH VH HQIDWL]D FRP R VXIL[R p R VHQWLGR GH ORFDOL]DomR GR WHUPR RULJLQDO H D ORFDOL]DomR GH XPD GHWHUPLQDGDSRUomRGRHVSDoRVXSHUItFLHIRUPDVHOLPLWHV
1D*HRJUDILDSDUWLFXODUPHQWHMiDWUHODGRjVUHODo}HVGHSRGHUHDR(VWDGR 1DomRRFRQFHLWRGHWHUULWyULRSDVVRXSRUWUDQVIRUPDo}HVQRVVHXVVLJQLILFDGRVQD EXVFDSRUUHVSRVWDVSHUWLQHQWHVjVSUREOHPiWLFDVTXHVHPDWHULDOL]DUDPQRGHFRUUHU GD IRUPDomR KLVWyULFD GDV VRFLHGDGHV 1R DWXDO HVWiJLR HYROXWLYR PDUFDGR SHOD WHFQLILFDomRIOX[RVGHLQIRUPDomRGHSHVVRDVHGHFDSLWDODUHODomRHVSDoRWHPSR SDVVRX SRU PXGDQoDV VLJQLILFDWLYDV GHYLGR j UDSLGH] GDV WUDQVIRUPDo}HV GRV DFRQWHFLPHQWRV H GR FRQKHFLPHQWR LQVWDQWkQHR VREUH DV PHVPDV 7DO IDWR H[LJLX PXGDQoDV QDV EDVHV WHyULFDV GDV FLrQFLDV HP JHUDO H VREUHWXGR GD *HRJUDILD SDUDTXHSXGHVVHVHDGHTXDUjUHDOLGDGH
([LVWHPDXWRUHVTXHFRQWULEXtUDPSDUDDVFRQFHSo}HVUHQRYDGDVGHVGHXPD FRQFHSomR QDWXUDOLVWD GH WHUULWyULR GHVHQYROYLGD SRU )ULHGULFK 5DW]HO GXUDQWH D HVWUXWXUDomRGD*HRJUDILDFRPRFLrQFLDFXMDSRVVHHGRPLQDomRGRHVSDoRHUDP HVVHQFLDLV SDUD D VREUHYLYrQFLD GH XP SRYR DWp DV FRQFHSo}HV DWXDLV TXH SHUPLWHPDQDOLVDURWHUULWyULRHPP~OWLSODVHVFDODVHDERUGDJHQV1HVVDSHUVSHFWLYD GHVWDFDPVH DV UHIOH[}HV UHDOL]DGDV SRU &ODXGH 5DIIHVWLQ -HDQ *RWWPDQQ 0LOWRQ 6DQWRVH0DQXHO&RUUHDGH$QGUDGH$OpPGHVVHVDXWRUHVPDLVUHFHQWHPHQWHQR %UDVLO RXWURV WrP VH GHGLFDGR D XPD GLVFXVVmR FUtWLFD QR FHUQH GR SHQVDPHQWR JHRJUiILFR FRPR 5RJpULR +DHVEDHUW 0DUFRV $XUpOLR 6DTXHW H 0DUFHOR /RSHV GH 6RX]DGHQWUHRXWURV
$HVFROKDGRVUHIHULGRVDXWRUHVGHYHVHDRGHVHQYROYLPHQWRGHVXDVWHRULDV VREUH R WHUULWyULR VHMD HQIRFDQGR HVVH FRQFHLWR GH IRUPD FHQWUDO RX PHVPR VHFXQGDULDPHQWH1RFRQWH[WRGDVWHRUL]Do}HVHQFRQWUDPVHVXEVtGLRVHUHIOH[}HV SDUDFRQVWUXLUDVUHODo}HVPXOWLGLPHQVLRQDLVVREUHDWHPiWLFDWHUULWRULDO6DOLHQWDVH TXHQmRVHSUHWHQGHHVJRWDUDVWHRUL]Do}HVFRPRVVXEVtGLRVEXVFDGRVDWpPHVPR SRUTXHLVVRVHULDXPDWDUHIDGLItFLOPHGLDQWHDPXOWLSOLFLGDGHGHHVWXGRVGHGLFDGRV DRWHUULWyULR$SHQDVVLQWHWL]DUDPVHDOJXPDVLGHLDVHVVHQFLDLVSDUDDWHPiWLFDHP HVWXGRQRLQWXLWRGHHPEDVDUDVUHIOH[}HVDVSHVTXLVDVHPStULFDVHDLQWHUSUHWDomR GRREMHWRGHHVWXGR
FLrQFLDV IRUDP LQVWLJDGDV D UHVJDWDUDP DV SUHRFXSDo}HV VRFLDLV LQVHULQGRRV QR ERMRGRVVHXVREMHWRVGHHVWXGR
(VVD UHGHVFREHUWD DFDUUHWRX WUDQVIRUPDo}HV QRV FRQFHLWRV JHRJUiILFRV D SDUWLU GH GHEDWHV UHDOL]DGRV HP GLIHUHQWHV SDtVHV FRPR D $OHPDQKD H D )UDQoD FRQVLGHUDGRV SUHFXUVRUHV GR FLHQWLILFLVPR GR SHQVDPHQWR JHRJUiILFR H GDV LQRYDo}HV GH FDGD SHUtRGR 3RUpP GHVWDFDVH TXH WDPEpP VXUJLUDP LGHLDV UHQRYDGDVHPRXWURVSDtVHVFRPRQRV(VWDGRV8QLGRVHQD,WiOLD5HIHULQGRVHjV FRQWULEXLo}HVGRVSHQVDGRUHVLWDOLDQRV6DTXHWSDUJXPHQWDTXH
RIDWRpTXHKiXPFRQMXQWRLPSRUWDQWHGHSHVTXLVDGRUHVTXHUHFRQVWURHP RFRQFHLWRGHWHUULWyULRHDDERUGDJHPWHUULWRULDOHYLGHQFLDQGRDRPHVPR WHPSRFDUDFWHUtVWLFDVGDYLGDGHLQGLYtGXRVHDVVLPDHVVHQFLDOLGDGHGD GLQkPLFDVRFLDOQDFRQVWLWXLomRGRWHUULWyULR
1HVVHFRQWH[WRD*HRJUDILDFRORFDRWHUULWyULRQR FHUQHGDVVXDVSHVTXLVDV EXVFDQGRVXSHUDUDERUGDJHQVGHIDVDGDVTXHQmRUHVSRQGHPPDLVjLQWHUSUHWDomR HjDQiOLVHGDVSUREOHPiWLFDVDWXDLV&HQWUDGDVQDVGLPHQV}HVHFRQ{PLFDSROtWLFD FXOWXUDOHQDWXUDOWDLVSUREOHPiWLFDVH[LJHPWHRULDVPDLVDEUDQJHQWHVHLQRYDGRUDV TXHWHQWHPDEUDQJHUDVXDFRPSOH[LGDGH
'HVVD IRUPD S{VVH HP GHEDWH R FRQFHLWR DV WHRULDV DV DERUGDJHQV H DV SHUVSHFWLYDV WHUULWRULDLV 5HHODERUDUDPVH DV GLVFXVV}HV VREUH D RULJHP R GHVHQYROYLPHQWR D PDQXWHQomR RX PHVPR R GHVDSDUHFLPHQWR GRV WHUULWyULRV PHGLDQWHDGLQkPLFDGRVIHQ{PHQRVVRFLDLV(YLGHQFLDUDPVHDVTXHVW}HVVRFLDLV QDWXUDLV LGHQWLWiULDV FRQIOLWXDLV EHP FRPR GH DXWRQRPLD HVFDOD WHPSRUDOLGDGH IURQWHLUDVUHGHVSRGHUGHQWUHRXWUDVeQHVVHFRQWH[WRGHSURIXVmRGHIDWRVHGH IHQ{PHQRVTXHQD*HRJUDILDSURS}HVHDUHFRQVWUXLUHUHHODERUDURFRQFHLWRGH WHUULWyULR
8PGRVPDUFRVWHyULFRVSDUDUHIOHWLUVREUHRFRQFHLWRGHWHUULWyULRp&ODXGH 5DIIHVWLQFRPVXDREUD3RUXPD*HRJUDILDGR3RGHU>@(QIDWL]DQGRR SRGHU R WHUULWyULR D SRSXODomR H RV UHFXUVRV R DXWRU WHFH XPD DERUGDJHP UHODFLRQDO2SRGHUQmRpXPDFDWHJRULDHVSDFLDORXWHPSRUDO³PDVHVWiSUHVHQWH HP WRGD SURGXomR TXH VH DSRLD QR HVSDoR H QR WHPSR >@ QmR p IiFLO GH VHU UHSUHVHQWDGRPDVpFRQWXGRGHFLIUiYHO´5$))(67,1>@S
SRGHQGRVHU³FRQVXPLGR´HYLYHQFLDGR3RUPHLRGRVUHFXUVRVFRQWLGRVQRWHUULWyULR VXUJHP DV SUiWLFDV H DV HVWUDWpJLDV SRWHQFLDOL]DQGR D GLQDPL]DQGR DV UHODo}HV WHUULWRULDLV
&RPHVVDVUHIOH[}HVLQLFLDLVDFHUFDGDREUDGH5DIIHVWLQSURFXURXVHLQLFLDUR FDPLQKRDVHUWULOKDGRSDUDFRPSUHHQGHURWHUULWyULR$OJXPDVTXHVW}HVDSRQWDGDV SHOR UHIHULGR DXWRU HVWDUmR H[SOLFLWDGDV QR FDStWXOR TXDQGR VHUi DERUGDGD D LGHQWLGDGHWHUULWRULDODFXOWXUDHRVFyGLJRVFXOWXUDLVSULQFLSDOPHQWHUHODFLRQDQGR DV j OLQJXDJHP DR SRGHU j UHOLJLRVLGDGH H j HWQLD GHQWUH RXWURV HOHPHQWRV LPSRUWDQWHVTXHVHGHVWDFDPSUREOHPiWLFDGHVWDSHVTXLVD
8PDREVHUYDomRLPSRUWDQWHVREUHDELEOLRJUDILDWHUULWRULDOUHVLGHQRIDWRGRV DXWRUHV HYLGHQFLDUHP D GLVWLQomR HQWUH RV FRQFHLWRV HVVHQFLDLV SDUD D *HRJUDILD SULQFLSDOPHQWHHQWUHHVSDoRHWHUULWyULR$QHFHVVLGDGHGHXWLOL]DUGHIRUPDFRUUHWD RV FRQFHLWRV p FHQWUDO QD MXVWLILFDWLYD GHVVHV DXWRUHV (QWUHWDQWR Ki GLVWLQo}HV TXDQWR j DERUGDJHP H jV FRQFHSo}HV GH HVSDoR FRPR IRL SRVVtYHO REVHUYDU LQLFLDOPHQWHFRP5DIIHVWLQHSRVWHULRUPHQWHFRPRVGHPDLVDXWRUHVDERUGDGRV
$RGLVWLQJXLUHVSDoRGHWHUULWyULR5DIIHVWLQ>@SHQIDWL]D DLPSRUWkQFLDGRXVRFRUUHWRGRVFRQFHLWRVSDUDTXHQmRKDMDDQiOLVHVHTXLYRFDGDV SRLVVHJXQGRRDXWRU
p HVVHQFLDO FRPSUHHQGHU EHP TXH R HVSDoR p DQWHULRU DR WHUULWyULR 2 WHUULWyULRVHIRUPDDSDUWLUGRHVSDoRpRUHVXOWDGRGHXPDDomRFRQGX]LGD SRUXPDWRUVLQWDJPiWLFRDWRUTXHUHDOL]DXPSURJUDPDHPTXDOTXHUQtYHO $R VH DSURSULDU GH XP HVSDoR FRQFUHWD RX DEVWUDWDPHQWH SRU H[HPSOR SHOD UHSUHVHQWDomR R DWRU ³WHUULWRULDOL]D´ R HVSDoR >@ 2 HVSDoR p SRUWDQWR DQWHULRU SUHH[LVWHQWH D TXDOTXHU DomR >@ p GH FHUWD IRUPD ³GDGR´ FRPR VH IRVVH XPD PDWpULDSULPD 3UHH[LVWH D TXDOTXHU DomR ³/RFDO´ GH SRVVLELOLGDGHV p D UHDOLGDGH PDWHULDO SUHH[LVWHQWH D TXDOTXHU FRQKHFLPHQWR H D TXDOTXHU SUiWLFD GRV TXDLV VHUi R REMHWR D SDUWLU GR PRPHQWR HP TXH XP DWRU PDQLIHVWH D LQWHQomR GH GHOH VH DSRGHUDU (YLGHQWHPHQWH R WHUULWyULR VH DSRLD QR HVSDoR PDV QmR p R HVSDoR e XPDSURGXomRDSDUWLUGRHVSDoR2UDDSURGXomRSRUFDXVDGHWRGDVDV UHODo}HV TXH HQYROYHP VH LQVFUHYH QXP FDPSR GH SRGHU 3URGX]LU XPD UHSUHVHQWDomR GR HVSDoR Mi p XPD DSURSULDomR XPD HPSUHVD XP FRQWUROH SRUWDQWR PHVPR VH LVVR SHUPDQHFH QRV OLPLWHV GH XP FRQKHFLPHQWR 4XDOTXHU SURMHWR QR HVSDoR TXH p H[SUHVVR SRU XPD UHSUHVHQWDomRUHYHODDLPDJHPGHVHMDGDGHXPWHUULWyULRGHXPORFDOGH UHODo}HV
3RGHVHGL]HUHQWmRTXHRWHUULWyULRpXPSURGXWRVRFLDOFRQVWUXtGRDWUDYpV GR WUDEDOKR GRV KRPHQV VREUH R HVSDoR 3RU FRQVHJXLQWH DV ³PDUFDV´ GHVVH
(VVHVHOHPHQWRVGHVWDFDGRVSRU5DIIHVWLQVmRHVVHQFLDLVSDUDRHQWHQGLPHQWRGDUHODomRFXOWXUD
WUDEDOKR LPSULPHP LGHQWLGDGH QR WHUULWyULR FRPR FDUDFWHUtVWLFDV GD DSURSULDomR H GDV UHODo}HV VRFLDLV 1R PRPHQWR HP TXH VH IDOD GH WHUULWyULR FRQVWUXtGR SHOR WUDEDOKRGHYHVHFRQVLGHUDURVDWRUHVTXHRUHDOL]DPLVWRpRVVHXVDJHQWHVTXH SHUWHQFHPHPJHUDODXPVLVWHPDFXOWXUDO3RULVVRRWHUULWyULRRXDOJXPDVSRUo}HV GHOH H[SUHVVD DV UHIHULGDV ³PDUFDV´ VtPERORV HQILP LGHQWLGDGHV SOXUDLV DR VH FRQVLGHUDU VXD KHWHURJHQHLGDGH (VVH SHQVDPHQWR p FRPSDUWLOKDGR SRU -HDQ *RWWPDQQDWUDYpVGDLFRQRJUDILD
$VUHODo}HVGHSRGHUVmRH[HUFLGDV³GR(VWDGRDRLQGLYtGXRSDVVDQGRSRU WRGDVDVRUJDQL]Do}HVSHTXHQDVRXJUDQGHV>@(PJUDXVGLYHUVRVHPPRPHQWRV GLIHUHQWHVHHPOXJDUHVYDULDGRVVRPRVWRGRVDWRUHVVLQWDJPiWLFRVTXHSURGX]HP WHUULWyULRV´ 5$))(67,1 >@ S $ UHODomR HQWUH WHUULWyULR H SRGHU HPEDVRXLQWHUSUHWDo}HVHQRYDVFRQVWUXo}HVWHyULFDVVREUHDWHPiWLFDHPHVWXGR TXHVHHYLGHQFLRXQDVDQiOLVHVGDVREUDVSRVWHULRUHVD5DIIHVWLQ>@2 SRGHUQDVGLYHUVDVHVFDODVWRUQRXVHXPDFDUDFWHUtVWLFDHVVHQFLDOQDUHGHVFREHUWD GRWHUULWyULRJHUDQGRXPDSHUVSHFWLYDGHDQiOLVHPXOWLHVFDODU
$ LQVHUomR GRV DVSHFWRV VRFLDLV QR FRQFHLWR GH WHUULWyULR SHUPLWLX XP VDOWR TXDOLWDWLYR QDV DERUGDJHQV DWUDYpV GD PXOWLSOLFLGDGH GH IDWRV H IHQ{PHQRV TXH SRGHPVHUDQDOLVDGRVDSDUWLUGDSHUVSHFWLYDUHQRYDGD7UDWDVHGHXPQRYRROKDU JHRJUiILFRVREUHRWHUULWyULRGLVWLQWRGDTXHOHUHDOL]DGRQD*HRJUDILD7UDGLFLRQDOFXMD FRPSUHHQVmR FHQWUDYDVH QD QDWXUH]D H QR (VWDGR UHVJDWDQGRR GR ³DEDQGRQR´ FRP R VXUJLPHQWR GD *HRJUDILD 4XDQWLWDWLYD 'HVVH PRGR R WHUULWyULR WRUQRXVH GLQkPLFR H UHSOHWR GH UHODo}HV GLYHUVLILFDGDV QR WHPSR H QR HVSDoR VHMDP HODV HFRQ{PLFDVSROtWLFDVRXFXOWXUDLVHPFRQVWDQWHLQWHUDomRFRPDQDWXUH]D
&RPR XP GRV PDUFRV FRQFHLWXDLV GRV GHEDWHV VREUH R WHUULWyULR UHQRYDGR 5DIIHVWLQ FRQVWUXLX XP OHJDGR WHyULFR TXH SHUPLWLX UHWRPDU R FRQFHLWR D SDUWLU GH QRYDVDERUGDJHQVSULYLOHJLDQGRDVSHFWRVUHOHJDGRVDWpHQWmRWRUQDQGRDVWHRULDV PDLVFRPSOH[DV'HPDQHLUDJHUDOUHHODERURXRVHOHPHQWRVEDVLODUHVGRWHUULWyULRH DV UHODo}HV TXH R FRPS}HP GH PRGR TXH VXDV REUDV VHUYHP FRPR EDVH SDUD FRQVWUXo}HVHUHIOH[}HVVREUHDWHPiWLFDWHUULWRULDO
FRP XP FRUSXV WHyULFR FXMDV LGHLDV HVWDYDP j IUHQWH GH VHX WHPSR H GR SHQVDPHQWRJHRJUiILFRGDTXHOHSHUtRGR'HPDQHLUDJHUDOSHODVOHLWXUDVUHDOL]DGDV HP VXD REUD H HP DQiOLVHV GHVWD SRU RXWURV DXWRUHV FRPR 0DUFRV 6DTXHW /XFD 0XVFDUj H *HRUJH 3UHYHODNLV SRGHVH GL]HU TXH *RWWPDQQ FRQVWUXLX XPD DERUGDJHP PXOWLGLPHQVLRQDO GR WHUULWyULR FRP HOHPHQWRV HFRQ{PLFRV SROtWLFRV H FXOWXUDLV $ VXD UHOHYkQFLD SDUD R SURFHVVR GH UHQRYDomR GD *HRJUDILD SHUPLWH GHVWDFiORFRPRXPDILJXUDFHQWUDOQDUHGHVFREHUWDGRFRQFHLWRGHWHUULWyULR3DUD H[SOLFLWDU D LPSRUWkQFLD GH VXDV FRQWULEXLo}HV 6DTXHW S DVVLQDOD TXH
D REUD GH -HDQ *RWWPDQQ H[SUHVVD PXLWR EHP R PRYLPHQWR GR SHQVDPHQWRGDYLGDGHOHPHVPRHGHVXDIDPtOLDFRPRVXMHLWRH[FOXtGRH FRQGLFLRQDGRDPLJUDUHFRPRSHVTXLVDGRUTXHHODERUDXPDDERUGDJHP KtEULGD FRQVWUXtGD GXUDQWH VHXV DQRV GH SURGXomR LQWHOHFWXDO HVSHFLDOPHQWH QD )UDQoD H QRV (8$ e SRXFR FRQKHFLGR QR %UDVLO SURYDYHOPHQWHSHODQmRWUDGXomRGHVHXVWH[WRVSDUDDOtQJXDSRUWXJXHVD -HDQ *RWWPDQQ p XP GRV DXWRUHV UHVSRQViYHLV SRU XPVDOWRTXDOLWDWLYR UHIHUHQWHjVFRQFHSo}HVUHQRYDGDVGHWHUULWyULRHGDSUySULDJHRJUDILDD SDUWLUGHVXDIRUPDomREDVLODUQDHVFRODIUDQFHVDGHGHULYDomRYLGDOLDQD DWUDYpV GH (PPDQXHO GH 0DUWRQQH -HDQ %UXQKHV $OEHUW 'HPDQJHRQ 5DXO%ODQFKDUG&DPLOOH9DOODX[H-XOLHQ6LRQ
3URFXUDQGR HQWHQGHU R TXH PRWLYRX *RWWPDQQ D UHDOL]DU VXDV UHIOH[}HV H GHVHQYROYHU DV LGHLDV DSUHVHQWDGDV GHYHVH REVHUYDU R VHX FRQWH[WR GH YLGD 'HVWDFDVH TXH R FRQWDWR FRP DV GLIHUHQWHV VRFLHGDGHV H FRP D QHFHVVLGDGH GH LQWHJUDomR HPGLVWLQWRV FRQWH[WRV UHJLRQDLV H QDFLRQDLVIH] FRPTXH HODERUDVVHD LGHLDGHWHUULWyULRFRPRXPGLVSRVLWLYRSVLFRVVRPiWLFR086&$5¬
(P/DSROLWLTXHGrVeWDWV(WOHXU*pRJUDSKLH*RWWPDQQH[SOLFLWDVXDV FRQWULEXLo}HV DRV HVWXGRV WHUULWRULDLV H DR FRQFHLWR GH WHUULWyULR SDUD DOpP GR (VWDGR1DomR2DXWRUFRQFHEHRWHUULWyULRFRPRXPOXJDUGHSURWHomRVHJXUDQoDH RSRUWXQLGDGH SURGXWR GH UHODo}HV HFRQ{PLFDV SROtWLFDV H FXOWXUDLV KLVWRULFDPHQWH GHWHUPLQDGDV ,JXDOPHQWH UHDOL]D DOJXPDV FRQVLGHUDo}HV LPSRUWDQWHV VREUH HVSDoRUHSDUWLomRHWHUULWyULR1DDQiOLVHGH3UHYHODNLVVREUHDREUDGH*RWWPDQQ WRUQDVH HYLGHQWH D SUHRFXSDomR HP GLIHUHQFLDU HVSDoR H WHUULWyULR 3UHYHODNLV SDSRQWDTXH
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
'HVVDIRUPDKirQIDVHSDUDDVOLPLWDo}HVGRHVSDoRPHGLDQWHDWpFQLFDTXH SRUVXDYH]WDPEpPSRGHDPSOLiORFRPRVHXDYDQoR2KRPHPDWUDYpVGHVHXV LQVWUXPHQWRV WpFQLFRV YLDELOL]D D DOWHUDomR GR HVSDoR DXPHQWDQGR VHX SRGHU GH DSURSULDomR FULDQGR WHUULWyULRV GLYHUVLILFDGRV 6DOLHQWDVH HQWmR R FDUiWHU WUDQVIRUPDGRU GD WpFQLFD QD SURGXomR WHUULWRULDO 2V GLIHUHQWHV QtYHLV WHFQROyJLFRV GDVVRFLHGDGHVIRUPDPWHUULWyULRVGHVLJXDLVTXDQWRDRGHVHQYROYLPHQWRHFRQ{PLFR HTXDQWRDVXDFRQILJXUDomRWHUULWRULDO$VWHPiWLFDVTXH*RWWPDQQWUDEDOKDWDPEpP VHUmRFHQWUDLVSDUDRXWURVDXWRUHVQD*HRJUDILDSULQFLSDOPHQWHQRTXHVHUHIHUHj SUHRFXSDomR FRP D WpFQLFD H VXD UHODomR FRP R HVSDoR &RPR H[HPSOR GHVVHV DXWRUHVFLWDVH0LOWRQ6DQWRV
2 WHUULWyULR HP *RWWPDQQ S p YLVWR FRPR XPD VXEGLYLVmR GR HVSDoR
LOWHUULWRULRqXQDSRU]LRQHGLVSD]LRJHRJUDILFRFKHFRLQFLGHFRQLFRQILQLGL XQDJLXULVGL]LRQHVWDWDOHÊLOVXSSRUWRILVLFRDGXQDUHDSROLWLFDRUJDQL]]DWD FRQ XQD VWUXWWXUD JRYHUQDWLYD 'HVFULYH OD SODWHD VSD]LDOH GHO VLVWHPD SROLWLFRGLXQRVWDWRQDFLRQDOHRGLXQDSDUWHGRWDOHVWDWRFKHJRGHGLXQD FHUWDDXWRQRPLD6HUYHDQFKHSHUGHVFUHYHUHODSRU]LRQHQHOORVSD]LRGHL YDUL HOHPHQWL FKH SDUWHFLSDQR DG XQ TXDOVLDVL VLVWHPD GL UHOD]LRQL LQWHUQD]LRQDOL 3RVVLDPR TXLQGL FRQVLGHUDUH LO WHUULWRULR FRPH XQ OHJDPH LGHDOH WUD VSD]LR H SROLWLFD 3RLFKp OD GLVWULEX]LRQH WHUULWRULDOH GHOOH YDULH IRUPHGLSRWHULSROLWLFLqVWDWDLQFRQVWDQWHHYROX]LRQHDWWUDYHUVRODVWRULD
ϮHVSDoRJHRJUiILFRpRHVSDoRRFXSDGRSHODKXPDQLGDGHRHF~PHQRGRV$QWLJRVeOLPLWDGRXPD YH] TXH QmR SRGH LU DOpP GDV FDSDFLGDGHV WHFQROyJLFDV GR +RPHP HQWUHWDQWR FRPR HVVDV FDSDFLGDGHVVHGHVHQYROYHPRHVSDoRJHRJUiILFRHVWiFRQVWDQWHPHQWHHVWHQGHQGRRVVHXVOLPLWHV 2FRQFHLWRGHHVSDoRJHRJUiILRHVWiSUy[LPRGDTXHOHGRHVSDoRSROtWLFRDPERVVmRH[WUHPDPHQWH FRPSOH[RVHVLQWpWLFRV7RGRVRVDVSHFWRVGDYLGDKXPDQDHVWmRLQWHJUDGRVQHOHVItVLFRHFXOWXUDO HFRQ{PLFRHVRFLDOPLOLWDUHGLSORPiWLFR2HVSDoRJHRJUiILFRpVXEGLYLGLGRHPWHUULWyULRVRFXSDGRV RUJDQL]DGRVHGRPLQDGRVSRUGLIHUHQWHVJUXSRVTXHIRUPDPVLPSOHVRXPDLVHODERUDGDVVRFLHGDGHV SROtWLFDV$GLYLVmRGRHVSDoRJHRJUiILFRpXPDUHDOLGDGHIXQGDPHQWDOGRQRVVRPXQGR8PDGDV UHSUHVHQWDo}HVVLPEyOLFDVLPSRUWDQWHVGD+XPDQLGDGHpRPDSDSROtWLFRGRPXQGRXPDLPDJHPGH IUDJPHQWDomR2SDUWLFLRQDPHQWRpXPFRQFHLWRDOWDPHQWHJHRJUiILFReWDPEpPXPFRQFHLWRSROtWLFR IXQGDPHQWDO DSHVDU GD &LrQFLD 3ROtWLFD DLQGD QmR WrOR DGRWDGR D XP JUDX VXILFLHQWH $ IRUPD GH FRPSDUWLPHQWDomR GHILQH RV OLPLWHV GRV VLVWHPDV SROtWLFRV GLIHUHQWHV $OWHUiOR WUD] UHVXOWDGRV GH HQRUPHVFRQVHTrQFLDVSROtWLFDVDVPDLRULDVVHWRUQDPPLQRULDVHYLFHYHUVDRHTXLOtEULRUHJLRQDO GHSRGHUpDOWHUDGRHWF3RULVVRWDQWRVDQJXHIRLGHUUDPDGRSRUGLVSXWDVWHUULWRULDLV35(9(/$.,6
HVVD FL SXz DQFKH GDUH GHOOH LQGLFD]LRQL VXL UDSSRUWL WUD LO WHPSR H OD SROLWLFD
'HVVDIRUPDHQWHQGHVHRWHUULWyULRFRPRXPDSRUomRGRHVSDoRJHRJUiILFR iUHD RUJDQL]DGD SROLWLFDPHQWH RX WDPEpP FRPR ³XQ¶DUHD GHOOR VSD]LR JHRJUiILFR FLRq GL XQR VSD]LR FRQFUHWR HG DFFHVVLELOH DOO¶XRPR ,Q TXDQWR WDOH OR VSD]LR JHRJUiILFR q FRQWLQXR DQFKH VH GLYLVR H OLPLWDWR DQFKH VH LQ HVSDQVLRQH´ *2770$11S5HFRQKHFHDDomRGRKRPHPHDHQIDWL]DHPUHODomR DRWHUULWyULRIUXWRGDUHSDUWLomRGLYLVmRGRHVSDoR$OpPGLVVR*RWWPDQQS UHVVDOWDDDFHVVLELOLGDGHHDQHFHVVLGDGHGHFRQWUROHGRWHUULWyULRTXDQGR GL]TXH
LOWHUULWyULRqLOIUXWWRGHOODGLYLVLRQHHGHOODRUJDQL]]D]LRQHLQWHRULDODVXD H[WHQVLRQH GRYUHEEH HVVHUH OLPLWDWD DQFKH VH OD VXD FRQILJXUD]LRQH SXz HVVHUHPRGLILFDWDGDOODHVSDQVLRQHGDOUHVWULQJLPHQWRHGDOODGLYLVLRQHÊ LPSRUWDQWH FKH VLD DFFHVVLELOH SRLFKp O¶DFFHVVLELOLWj DO WHUULWyULR YROXWR GDOO¶XRPR H GD OXL FRQWUROODWR q XPD GHOOH PRWLYD]LRQL IRQGDPHQWDOL SHU O¶LQWHUYHQWRSROtWLFRDOILQHGLUHJRODUHLOGLULWWRGLDFFHVVRDOWHUULWyULRGHOOH YDULHFDWHJRULHGLSHUVRQH
(YLGHQFLDVH D OLJDomR HQWUH HVSDoR H SROtWLFD XPD YH] TXH QD REUD GH *RWWPDQQ R FDUiWHU SROtWLFR H FXOWXUDO p UHSUHVHQWDWLYR &RQVLGHUD WDPEpP TXH R FRQFHLWR GH WHUULWyULR HVWi ³LQ FRQVWDQWH HYROX]LRQH QHOOR VSD]LR H QHO WHPSR >@ H TXHVWDHYROX]LRQHYLHQHDQFKHGHWHUPLQDWDGDOOHQXRYHFRQTXLVWHWHFQRORJLFKHGLFXL GLVSRQHODVRFLHWjLQGXVWULDOH´*2770$11S
2XWUDVQRo}HVLPSRUWDQWHVSDUDRVHVWXGRVJHRJUiILFRVVmRLQWURGX]LGRVSRU *RWWPDQQFRPRHQIDWL]D6DTXHWSDRH[SOLFLWDUTXH
>@DVIUHQWHVGHFRORQL]DomRRXIUDQMDVSLRQHLUDVLQLFLDOPHQWHHODERUDGD SRU,VDLDK%RZPDQHDVGHFLUFXODomRHIOXLGH]JDULPSDGDVHPHVWXGRV
RWHUULWyULRpXPDSRUomRGRHVSDoRJHRJUiILFRTXHFRLQFLGHFRPRVOLPLWHVGDMXULVGLomRHVWDWDOeR
VXSRUWHItVLFRSDUDXPDiUHDSROtWLFDRUJDQL]DGDFRPXPDHVWUXWXUDGHJRYHUQR'HVFUHYHRHVSDoR S~EOLFR GR VLVWHPD SROtWLFR GH XP (VWDGR 1DFLRQDO RX GH SDUWH GR HVWDGR TXH JR]D GH XPD FHUWD DXWRQRPLD 6HUYH WDPEpP SDUD GHVFUHYHU RV YiULRV FRPSRQHQWHV GH XPD SRUomR QR HVSDoR HQYROYLGRV HP TXDOTXHU VLVWHPD GH UHODo}HV LQWHUQDFLRQDLV 3RGHPRV HQWmR FRQVLGHUDU R WHUULWyULR FRPRXPHORLGHDOHQWUHRHVSDoRHDSROtWLFD8PDYH]TXHDGLVWULEXLomRHVSDFLDOGHYiULDVIRUPDV GHSRGHUSROtWLFRWHPYLQGRDHYROXLUFRQVWDQWHPHQWHDRORQJRGDKLVWyULDHOHWDPEpPSRGHQRVGDU LQIRUPDo}HVVREUHDVUHODo}HVHQWUHWHPSRHSROtWLFD
XPD iUHD GR HVSDoR JHRJUiILFR XP HVSDoR TXH p SUiWLFR H DFHVVtYHO DR KRPHP &RPR WDO R
HVSDoRJHRJUiILFRpFRQWtQXRPHVPRTXDQGRGLYLGLGRVHOLPLWDGRPHVPRVHHPH[SDQVmR
ϱŽWHUULWyULRpRUHVXOWDGRGDGLYLVmRHRUJDQL]DomRHPWHRULDVXDH[WHQVmRGHYHVHUOLPLWDGDPHVPR VHDVXDFRQILJXUDomRSXGHUVHUDOWHUDGDSHODH[SDQVmRHQFROKLPHQWRHSHODGLYLVmReLPSRUWDQWH TXH VHMD DFHVVtYHO SRLV D DFHVVLELOLGDGH DR WHUULWyULR FRQWURODGR SHOR KRPHP VmR DV PRWLYDo}HV IXQGDPHQWDLVSDUDDLQWHUYHQomRSROtWLFDDILPGHUHJXODPHQWDURGLUHLWRGHDFHVVRDRWHUULWyULRGDV YiULDVFDWHJRULDVGHSHVVRDV
(PFRQVWDQWHHYROXomRQRHVSDoRHQRWHPSR>@HHVWDHYROXomRpGHWHUPLQDGDWDPEpPSHORV
GH HFRQRPLD *RWWPDQQ FRPELQD WDLV QRo}HV FRP DV GH SRYRDPHQWR H KDELWDW TXH Mi WLQKDP FHUWD WUDGLomR GH XVR QD JHRJUDILD>@ )OXLGH] H FLUFXODomR GH SHVVRDV H PHUFDGRULDV VmR QRo}HV H SURFHVVRV IXQGDPHQWDLV TXH HVWmR QD EDVH GD GLYLVmR H RUJDQL]DomR HVSDFLDO VXEVWDQWLYDQGR WHUULWyULRV D SDUWLU GD GRPLQDomR HFRQ{PLFD H SROtWLFD $ IOXLGH] H D FLUFXODomR IDYRUHFHP R IRUWDOHFLPHQWR GRV PHUFDGRV D FRQFRUUrQFLDRVFRQWDWRVHDVWUDQVIRUPDo}HVDFLUUDQGRFRQIOLWRVHQWUHRV DJHQWHV HFRQ{PLFRV H R (VWDGR e D SDUWLU GHVVD FRPSOH[D UHODomR TXH -HDQ *RWWPDQQ FULDWLYDPHQWH FRPELQD SURWHomR H VHJXUDQoD FRP RSRUWXQLGDGHVHSRVVLELOLGDGHVHOHPHQWRVTXHRLQGX]HPDHODERUDUPDLV DGLDQWH D QRomR GH LFRQRJUDILD FRPR XP PHFDQLVPR SDUD SURWHomR H VHJXUDQoD GLDQWH GRV DYDQoRV GD FLUFXODomR H FRQVHTXHQWH GHVHVWDELOL]DomR
8P WHUPR SRXFR XVXDO DWXDOPHQWH PDV TXH WHYH FHQWUDOLGDGH QD REUD GH *RWWPDQQ UHIHUHVH j LFRQRJUDILD TXH SRGH VHU VXEVWLWXtGR KRMH SHOD LGHQWLGDGH FXOWXUDO $ LFRQRJUDILD p VREUHWXGR D UHDILUPDomR H D UHVLVWrQFLD PHGLDQWH DV WUDQVIRUPDo}HVHPXGDQoDVVRFLDLV³4XDQGRXPDFRPXQLGDGHVHVHQWHDPHDoDGD SRU FRQVWDQWHV PXGDQoDV HOD SRGH UHFRUUHU D VXD LFRQRJUDILD D VXD LGHQWLGDGH FRPRIRUPDGHUHVLVWrQFLDHGHUHIRUoRGDFRHVmRLQWHUQDDWUDYpVGHXPVLVWHPDGH VtPERORV´ *2770$11 DSXG 6$48(7 S $ LFRQRJUDILD SRGH FRQWHUXPDFRPELQDomRGHHOHPHQWRVFXOWXUDLVHFRQ{PLFRVHSROtWLFRVFRQVWLWXtGRV KLVWRULFDPHQWHSHORVJUXSRVVRFLDLVUHVXOWDQGRHPFRPELQDo}HV~QLFDV
³,FRQRJUDSK\ LV GHVFULEHG E\ -HDQ *RWWPDQQ DV WKH JOXH ZKLFK ELQGV LQGLYLGXDOVWRJHWKHULQRUGHUWRIRUPSROLWLFDOVRFLHWLHV,WDOVRUHODWHVWKHPWRDSRUWLRQ RIVSDFH´35(9$/(.,6S3RGHVHGL]HUTXHDVVLPVXUJHDXQLGDGH GRWHUULWyULRRXVHMDDUHODomRTXHDLFRQRJUDILDUHDOL]DHQWUHHVSDoRHVRFLHGDGH$ FRQFHSomR LFRQRJUiILFD GH *RWWPDQQ DOFDQoD XP FDUiWHU LPDWHULDO DR FRQVLGHUDU DVSHFWRV REMHWLYRV H VXEMHWLYRV FRPR QDV FUHQoDV UHOLJLRVDV 'H DFRUGR FRP 3UHYHODNLVS
LFRQRJUDSKLHV DUH QRW PDGH XS RQO\ RI WHUULWRULDO UHSUHVHQWDWLRQV HYHQ LI PRVWRIWKHLUHOHPHQWVKDYHDUHODWLRQVKLSZLWKWHUULWRULDOLW\UHDOLPDJLQHG RU GUHDPHG 5HOLJLRQ ODQJXDJH KLVWRU\ WDERRV DOO WKHVH HOHPHQWV DUH LQWHJUDWHG DQG PRELOLVHG LQ WKH FRQVWLWXWLRQ RI DQ ,FRQRJUDSK\ ,FRQRJUDSKLHV DUH PDGH XS RI FXOWXUDO HOHPHQWV >«@ +RZHYHU WKH XVH RI WKRVHTXLWHYDJXHWHUPVFXOWXUHFLYLOLVDWLRQIRUODFNRIEHWWHURQHVVKRXOG QRW OHDGWR DQ LPDJHRILFRQRJUDSKLHVPDGHXS RIWKLQJVLPPDWHULDO7KH HOHPHQWVRILFRQRJUDSKLHVFDQEHYHU\PDWHULDOLQGHHGWKHODQGVFDSHVRI RXUKRPHODQGVZLWKWKHLUVHDVRQDOSHUIXPHVRURXUUHOLJLRXVULWXDOVZLWK WKH WDVWHV RI WKH SUHVFULEHG IRRGV DUH SDUWV RI RXU LFRQRJUDSKLHV 6XFK LFRQRJUDSKLFHOHPHQWVDUHYHU\UHVLVWDQWEHFDXVHWKH\DUHGHHSO\URRWHG IDU EH\RQG RXU FRQVFLRXV PLQG 7KURXJK WKH FRQFHSW RI ,FRQRJUDSK\
,FRQRJUDILDpGHVFULWRSRU-HDQ*RWWPDQQFRPRDFRODTXHXQHRVLQGLYtGXRVHPFRQMXQWRSDUD
*RWWPDQQ LQWURGXFHG WKH $QWKURSRORJLFDO GLPHQVLRQ LQ WKH GHEDWH DERXW LGHQWLW\
$RLQWURGX]LUDGLPHQVmRDQWURSROyJLFD*RWWPDQQVHDSUR[LPDGRVGHEDWHV VREUH FXOWXUD H LGHQWLGDGH UHIHUHQFLDGRV QDV &LrQFLDV 6RFLDLV $ DPSOLWXGH GD LGHQWLGDGH p PXLWDV YH]HV DWUHODGD DR WHUULWyULR QDFLRQDO FRPR XP IDWRU GH XQLILFDomR3RGHVHIDODUGHLGHQWLGDGHRXGHLGHQWLGDGHVGHSHQGHQGRGDHVFDODGH DQiOLVHDGRWDGDQDSHVTXLVD
2%UDVLOFRPRXPSDtVIRUPDGRSRUGLYHUVRVIOX[RVPLJUDWyULRVFRPHWQLDV GLYHUVLILFDGDVLQVHUHVHQRFRQWH[WRGDVLGHQWLGDGHVSOXUDLV,GHQWLILFDUREUDVLOHLUR DWUDYpV GH VDPED FDUQDYDO H IXWHERO FRPR FRPXPHQWH p YHLFXODGR QD PtGLD p VLQWHWL]iOR DWUDYpV GH XPD YLVmR UHGXFLRQLVWD VLPSOyULD TXH QHJD VpFXORV GD KLVWyULDGRWUDEDOKRGRVJUXSRVVRFLDLVTXHVHUHWHUULWRULDOL]DUDPDTXLHFRQVWUXtUDP XP(VWDGR1DomRKtEULGRFXOWXUDOPHQWH'DPHVPDIRUPDFRQVLGHUDVHDIRUPDomR WHUULWRULDOHLGHQWLWiULDGR5LR*UDQGHGR6XOeQHVVHVHQWLGRTXH*RWWPDQQ
DSXG35(9(/$.,6DILUPDTXHDVLFRQRJUDILDVVHPDQLIHVWDPHPGLIHUHQWHV HVFDODV
+iTXHVHGHVWDFDUTXHQDGDpLQHUWHQHVWDFRQFHSomRSRLVDWUDQVIRUPDomRp FRQVWDQWHQRSURFHVVRGHDGDSWDomRjUHDOLGDGHHDRVGHVDILRVTXHVHHIHWLYDPQD SUiWLFD3RUpPDLGHLDGHLFRQRJUDILDQmRpD~QLFDH[SOLFDomRGDUHDOLGDGHTXHVH SRGHWHUSRLVKiRXWURVHOHPHQWRVLPSRUWDQWHVFRPRDHFRQRPLDDWHFQRORJLDDV PLJUDo}HVHDFLUFXODomR$FLUFXODomRSDUD*RWWPDQQDSXG6DTXHWS
>@SHUPLWH RUJDQL]DU R HVSDoR H p QR GHFRUUHU GHVWH SURFHVVR TXH R HVSDoR VH GLIHUHQFLD 2V PHFDQLVPRV GHVWH SURFHVVR VH GHVPRQWDP IDFLOPHQWH VHJXLQGR DV JUDQGHV YLDV GH FLUFXODomR H IRUPDQGR FUX]DPHQWRVRQGHHVWDVYLDVVHHQFRQWUDP$FLUFXODomRGRVKRPHQVHGH VHXV SURGXWRV p D JUDQGH GLQkPLFD KXPDQD TXH WRUQD DSDL[RQDQWHV RV HVWXGRVVREUHSRSXODomRHTXHUHQRYDFRQVWDQWHPHQWHDJHRJUDILD
6LQWHWLFDPHQWH QR SHQVDPHQWR GH *RWWPDQQ DV LFRQRJUDILDV VmR UHVSRQViYHLV SHOR VXUJLPHQWR GRV UHJLRQDOLVPRV H SRVVLYHOPHQWH GDV QRYDV QDo}HV(QTXDQWRLVVRDFLUFXODomRHVWiDWUHODGDjGLQkPLFDjWUDQVIRUPDomRHDRV IOX[RVRVTXDLVVmRGHWHUPLQDQWHVQDRUJDQL]DomRGRHVSDoRIRUPDQGRUHGHVTXH LQWHUOLJDPRVGLYHUVRVOXJDUHV6XDVPDLRUHVFRQWULEXLo}HVUHIHUHPVHjFHQWUDOLGDGH XUEDQD D LPSRUWkQFLD GH XPD *HRJUDILD GH FLUFXODomR jV LFRQRJUDILDV UHJLRQDLV DRVVLJQLILFDGRVGHWHUULWyULRHjVGLiVSRUDVGHQWUHRXWUDVWHPiWLFDV6$48(7 H
3RGHVH GHVWDFDU D DPSOLWXGH GDV LGHLDV GH *RWWPDQQ QR SHQVDPHQWR JHRJUiILFR DWUDYpV GH XPD DERUGDJHP UHODFLRQDO DWUHODQGR YiULRV DVSHFWRV TXH FRPS}HP R WHUULWyULR LQFOXVLYH R QDWXUDO 9HULILFDVH HQWmR D SUHVHQoD GD PXOWLGLPHQVLRQDOLGDGHHPVXDREUD2DXWRULQVHULXDUJXPHQWDo}HVLPSRUWDQWHVQR GHEDWH JHRJUiILFR SRU PHLR GRV DVSHFWRV VLPEyOLFRV H GD GLQkPLFD GH UHGHV GH FLUFXODomRFRQVLGHUDGRVIDWRUHVHVVHQFLDLVQDFRQILJXUDomRWHUULWRULDO
$VVLP FRPR &ODXGH 5DIIHVWLQ H -HDQ *RWWPDQQ RXWURV DXWRUHV GHUDP FRQWLQXLGDGH j DERUGDJHP UHQRYDGD FRPSOHPHQWDQGRD H GRWDQGRD GH QRYDV VLJQLILFDo}HV GH DFRUGR FRP VHXV REMHWRV GH HVWXGR H YHUWHQWHV WHyULFDV 0LOWRQ 6DQWRVHODERURXHGHVHQYROYHXXPSHQVDPHQWRFUtWLFRFRPXPDREUDDEUDQJHQWHH GHFDUiWHUHSLVWHPROyJLFRWUDWDQGRGHYiULRVWHPDVOLJDGRVj*HRJUDILDGHQWUHRV TXDLVRWHUULWyULR(VVHSHQVDPHQWRGHYHFRQWHUXPDFUtWLFDDQDOtWLFDHQmRDSHQDV GLVFXUVLYDSURSRQGRDOJRSDUDFRQWULEXLUFRPRDYDQoRGRFRQKHFLPHQWR
(P VXDV SUHRFXSDo}HV HSLVWHPROyJLFDV 6DQWRV H 6LOYHLUD WDPEpP GLVFHUQH R HVSDoR GR WHUULWyULR DJUHJDQGR QRYRV HOHPHQWRV D HVVDV FRQFHSo}HV 1HVVHVHQWLGRGL]TXH³DOLQJXDJHPFRWLGLDQDIUHTXHQWHPHQWHFRQIXQGHWHUULWyULRH HVSDoR´ 6$1726 H 6,/9(,5$ S 6DQWRV S HQWHQGH R HVSDoR FRQFHLWR DR TXDO GHGLFRX ERD SDUWH GH VXD REUD FRPR XP VLVWHPD GH REMHWRVHGHDo}HV
>@QmRFRQVLGHUDGRVLVRODGDPHQWHPDVFRPRXPTXDGUR~QLFRQDTXDOD KLVWyULDVHGi1RFRPHoRHUDDQDWXUH]DVHOYDJHPIRUPDGDSRUREMHWRV QDWXUDLV TXH DR ORQJR GD KLVWyULD YmR VHQGR VXEVWLWXtGRV SRU REMHWRV IDEULFDGRV REMHWRV WpFQLFRV PHFDQL]DGRV H GHSRLV FLEHUQpWLFRV ID]HQGR FRPTXHDQDWXUH]DDUWLILFLDOWHQGDDIXQFLRQDUFRPRXPDPiTXLQD
3RUpP R DXWRU QmR IH] DSHQDV GLVWLQo}HV PDV WDPEpP UHODo}HV HQWUH RV FRQFHLWRV$WHRULDHODERUDGDSRU6DQWRVIH]DSUR[LPDo}HVHQWUHHVSDoRJHRJUiILFR H WHUULWyULR ³XVDGR´ 1D DQiOLVH GH 6RX]D HVVD UHODomR QD REUD GH 0LOWRQ 6DQWRVLQGLFDXPFRQFHLWRLQGLVSHQViYHOSDUDVHFRPSUHHQGHURIXQFLRQDPHQWRGR PXQGRHGDUHDOLGDGHSULQFLSDOPHQWHPHGLDQWHRSURFHVVRGHJOREDOL]DomR
$RIDODUVREUHRUHWRUQRGRWHUULWyULR6DQWRVXWLOL]DRWHUPR³WHUULWyULR XVDGR´FRPRXPDDOXVmRDRHVSDoRKDELWDGR'HVVHPRGR6DQWRVH6LOYHLUD S VDOLHQWDP TXH R WHUULWyULR QmR GHYH VHU D FDWHJRULD GH DQiOLVH PDV VLP R WHUULWyULRXWLOL]DGR
DSDUWLUGHVWHSRQWRGHYLVWDTXDQGRTXLVHUPRVGHILQLUTXDOTXHUSHGDoRGR WHUULWyULRGHYHPRVOHYDUHPFRQWDDLQWHUGHSHQGrQFLDHDLQVHSDUDELOLGDGH HQWUHDPDWHULDOLGDGHTXHLQFOXLDQDWXUH]DHRVHXXVRTXHLQFOXLDDomR KXPDQDLVWRpRWUDEDOKRHDSROtWLFD'HVVDIRUPDQRVGHIURQWDPRVFRP RWHUULWyULRYLYRYLYHQGR1HOHGHYHPRVFRQVLGHUDURVIL[RV>@HRVIOX[RV
(VVDSRVLomRVHUHIHUHHQWmRjGLQkPLFDjDOWHUDomRHjHYROXomR2XVR VRFLDO UHTXHU HVWD PHWDPRUIRVH GR HVSDoR WRUQDQGRR WHUULWyULR XVDGR KDELWDGR YLYLGR 1HVVH FDVR R WHUPR ³XVR´ HVWi LPSOtFLWR QD WUDQVIRUPDomR GR QDWXUDO HP DUWLILFLDO PHGLDGD SHOR HVWiJLR WpFQLFR GDV VRFLHGDGHV TXH UHYHOD FRPR HVVH WHUULWyULRHVWiVHQGRDSURYHLWDGRSHORKRPHPQRkPELWRHFRQ{PLFRSROtWLFRFXOWXUDO H QDWXUDO FRQVLGHUDQGR HVWDV GLPHQV}HV HP HVWUHLWD LQWHUUHODomR QR SURFHVVR GH SURGXomRGRHVSDoRQRWHPSR1DFRQFHSomRGH6DQWRV6LOYHLUDS
2 XVR GR WHUULWyULR SRGH VHU GHILQLGR SHOD LPSODQWDomR GH LQIUDHVWUXWXUDV SDUDDV TXDLVHVWDPRVLJXDOPHQWHXWLOL]DQGRDGHQRPLQDomRVLVWHPDVGH HQJHQKDULD PDV WDPEpP SHOR GLQDPLVPR GD HFRQRPLD H GD VRFLHGDGH 6mRRVPRYLPHQWRVGDSRSXODomRDGLVWULEXLomRGDDJULFXOWXUDGDLQG~VWULD HGRVVHUYLoRVRDUFDERXoRQRUPDWLYRLQFOXtGDVDOHJLVODomRFLYLOILVFDOH ILQDQFHLUD TXH MXQWDPHQWH FRP R DOFDQFH H D H[WHQVmR GD FLGDGDQLD FRQILJXUDPDVIXQo}HVGRQRYRHVSDoRJHRJUiILFR
$YLVmRGHWHUULWyULRXVDGRGH0LOWRQ6DQWRVFRQVLGHUDDVUHODo}HVGHSRGHU VXDSURGXomRHWUDQVIRUPDomRDWUDYpVGRWUDEDOKRHQIDWL]DQGRDOpPGRVDVSHFWRV PDWHULDOL]DGRV QR WHUULWyULR RV DVSHFWRV VXEMHWLYRV FRPR RV VLPEyOLFRFXOWXUDLV 5HLWHUDQGRHVVDLGHLD6DQWRVSDILUPDTXH
WHUULWyULR XVDGR TXH p XPD FDWHJRULD GH DQiOLVH $OLiV D SUySULD LGpLD GH QDomR H GHSRLV D LGHLD GH (VWDGR 1DFLRQDO GHFRUUHP GHVVD UHODomR WRUQDGDSURIXQGDSRUTXHXPID]RRXWURjPDQHLUDGDTXHODFpOHEUHIUDVH GH :LQVWRQ &KXUFKLOO ³SULPHLUR ID]HPRV QRVVDV FDVDV GHSRLV QRVVDV FDVDVQRVID]HP´$VVLPpRWHUULWyULRTXHDMXGDDIDEULFDUDQDomRSDUD TXHDQDomRGHSRLVRDIHLoRH
2 WHUULWyULR XVDGR DWUHODVH jV GLPHQV}HV GR HVSDoR TXH VRPDGDV jV WpFQLFDV DWXDP QD SURGXomR WHUULWRULDO GHVGH D PHQRU DWp D PDLRU HVFDOD SHUSDVVDQGROXJDUHVUHJL}HVHSDLVDJHQV3RULVVRpLPSRUWDQWHVDOLHQWDUQmRVyD LPSRUWkQFLD GD GHILQLomR GRV FRQFHLWRV PDV WDPEpP GD UHDOL]DomR GDV VXDV UHODo}HV SRLV HVWHV QmR VmR PXWXDPHQWH H[FOXGHQWHV QXPD DQiOLVH WHUULWRULDO $VVLP HQIRFDVH R WHUULWyULR H VXDV UHODo}HV FRP D SDLVDJHP H D UHJLmR SRU H[HPSOR
'HVWDFDVHTXHRWHUPR³WHUULWyULRYLYLGR´FRPRXPDDOXVmRDRHVSDoRYLYLGR p HPSUHJDGR SDUD UHIHUHQFLDU R XVR SHODV GLYHUVDV DWLYLGDGHV FRWLGLDQDV GR LQGLYtGXRHWDPEpPSHODVDWLYLGDGHVSROtWLFDVHDGPLQLVWUDWLYDVQRkPELWRHVWDWDO
1D LGHLD GHXVR R OXJDU VH GHVWDFD SRLV R XVR GRV WHUULWyULRV RFRUUH SHOD GLQkPLFDGROXJDUWLGRFRPRRHVSDoRGRDFRQWHFHUVROLGiULR$VVROLGDULHGDGHVSRU VXD YH] GHILQHP XVRV H JHUDP YDORUHV GH QDWXUH]DV GLVWLQWDV FRPR DV FXOWXUDLV DQWURSROyJLFDVHFRQ{PLFDVVRFLDLVILQDQFHLUDVGHQWHRXWUDV(YLGHQFLDVHHQWmR XPD UHODomR FRQFHLWXDO HQWUH WHUULWyULR OXJDU H HVSDoR JHRJUiILFR 628=$ 1HVVHVHQWLGR6RX]DHVFODUHFHDLQGDTXHRUHWRUQRGRWHUULWyULRHPHUJHGDV UHIOH[}HVGH0LOWRQ6DQWRVVREUHRWHUULWyULRXVDGRHROXJDU 2WHUULWyULRSRGHVHU IRUPDGRSRUOXJDUHVFRQWtJXRVHOXJDUHVHPUHGH
(P UHODomR j DERUGDJHP GH 6DQWRV +DHVEDHUW E WHFH DOJXPDV FRQVLGHUDo}HV 3DUD WDQWR FRQVLGHUD D H[SUHVVmR ³WHUULWyULR XVDGR´ FRPR ³FRQWURYHUWLGD´ SRU VHU XP FRUUHODWR GLUHWR DR HVSDoR JHRJUiILFR $ rQIDVH j DERUGDJHPGDWpFQLFDHjIXQFLRQDOLGDGHGRVWHUULWyULRVLQFRUSRUDDDERUGDJHPGH 6DQWRV QXPD SHUVSHFWLYD HFRQ{PLFD SRLV RV DVSHFWRV VXEMHWLYRV DSDUHFHPQHVWD GHIRUPDVXWLO
1D DQiOLVH GH 6DTXHW D REUD GH 6DQWRV DSUHVHQWD XP FDUiWHU HSLVWHPROyJLFR FRQWHQGR DVSHFWRV VRFLDLV H UHFRQKHFHQGR D QDWXUH]D FRPR XP HOHPHQWR GR WHUULWyULR 0DV WDPEpP HQIDWL]D TXH Ki GHVWDTXH SDUD D GLPHQVmR HFRQ{PLFDHPDWHULDOGRWHUULWyULR
$ FHQWUDOLGDGH GR WHUULWyULR VH HYLGHQFLD PHGLDQWH RV HVWXGRV TXH R WRUQDP SDOFR GDVWHUULWRULDOLGDGHVFRQWHPSRUkQHDV'HVVHPRGR6DQWRVSDILUPDTXH
D *HRJUDILD DOFDQoD QHVWH ILP GH VpFXOR D VXD HUD GH RXUR SRUTXH D JHRJUDILFLGDGHVHLPS}HFRPRFRQGLomRKLVWyULFDQDPHGLGDHPTXHQDGD FRQVLGHUDGR HVVHQFLDO KRMH VH ID] QR PXQGR TXH QmR VHMD D SDUWLU GR FRQKHFLPHQWR GR TXH p 7HUULWyULR 2 7HUULWyULR p R OXJDU HP TXH VH GHVHPERFDPWRGDVDVDo}HVWRGDVDVSDL[}HVWRGRVRVSRGHUHVWRGDVDV IRUoDVWRGDVDVIUDTXH]DVLVWRpRQGHDKLVWyULDGRKRPHPSOHQDPHQWHVH UHDOL]DDSDUWLUGDVPDQLIHVWDo}HVGDVXDH[LVWrQFLD
1HVVH VHQWLGR GHVWDFDVH D FHQWUDOLGDGH GR WHUULWyULR QDV SHVTXLVDV JHRJUiILFDV UHDOL]DGDV QDV ~OWLPDV GpFDGDV VREUHWXGR QD HVIHUD QDFLRQDO $OJXQV SHVTXLVDGRUHVGHGLFDUDPVHjVXDYHUWHQWHWHyULFDSURFXUDQGRWHFHUFRQVLGHUDo}HV SHUWLQHQWHVQRFDPSRFRQFHLWXDO3RUpPVmRSRXFRVRVDXWRUHVTXHVHGHGLFDPDRV HVWXGRV GH FDUiWHU HSLVWHPROyJLFRV (QTXDQWR LVVR DV SHVTXLVDV SUiWLFDV UHFHEHUDP PDLRU DWHQomR 6DOLHQWDPRV D LPSRUWkQFLD GH DWUHODU WHRULD H SUiWLFD HPStULFRSDUDFRPSUHHQGHUDGLYHUVLGDGHGHIRUPDo}HVWHUULWRULDLV
$ LQIOXrQFLD GD IRUPDomR VyFLRHVSDFLDO H GD SHULRGL]DomR GD KLVWyULD p HVVHQFLDO SDUD R HQWHQGLPHQWR GD RUJDQL]DomR GR WHUULWyULR $ LPSRUWkQFLD GD SHULRGL]DomR UHPHWH jV QRo}HV GH UHJLPH H GH UXSWXUD 2 UHJLPH VH UHIHUH DR IXQFLRQDPHQWRGDVYDULiYHLVSRUXPGHWHUPLQDGRSHUtRGRGHWHPSRFXMDHYROXomR QmRSRGHVHUFRQVLGHUDGDKRPRJrQHD3UHVVXS}HXPDRUJDQL]DomRTXHSHUPDQHFH GXUDQWHFHUWRWHPSRSRUpPQRPRPHQWRHPTXHHVWDGHL[DGHVHUHILFD]VXUJHPjV UXSWXUDV DVVLQDODQGR SHUtRGRV GH FULVH H GH SDVVDJHP SDUD RXWUR SHUtRGR 6$1726
2 WHUULWyULR p PDUFDGR SRU SHULRGL]Do}HV QR GHFRUUHU GD VXD IRUPDomR KLVWyULFD TXH PDUFDP DV WUDQVIRUPDo}HV QD VXD IRUPDomR e XP PRYLPHQWR FRQVWDQWH GH UHQRYDomR UHFRQVWUXomR H UHDMXVWHV QD UHODomR VRFLHGDGHQDWXUH]D PHGLDGDVREUHWXGRSHODHYROXomRGDWpFQLFDDTXDOH[HUFHXPSDSHOHVVHQFLDOQR WHUULWyULR
$RIDODUVREUHRSHUtRGRWpFQLFRHRWHUULWyULR6DQWRVSDVVLQDOD TXH
&RPLVVRSRGHVHGL]HUTXHDWpFQLFDHVWiVREUHRHQRWHUULWyULRFRPRDOJR LQGLVVRFLiYHOjDWLYLGDGHKXPDQDSRLVpDWUDYpVGHVWDTXHDVDo}HVDVHGLILFDo}HV HWRGDDLQIUDHVWUXWXUDWHUULWRULDOVHHIHWLYDHVHPDWHULDOL]DSRVVLELOLWDQGRFRQGLo}HV GHKDELWDomRHGHDOWHUDomRGDQDWXUH]D4XDQGRVHIDODHPWpFQLFDQmRVHSRGH HVTXHFHU TXH HOD QmR p DOJR H[WHUQR j VRFLHGDGH H TXH VLPSOHVPHQWH VXUJH QR WHUULWyULRSRLVpXPLQVWUXPHQWRFULDGRSHORKRPHPHPGLVWLQWDVIDVHVGHHYROXomR DVTXDLVFRUUHVSRQGHPWDPEpPjVGLVWLQWDVIDVHVGHGHVHQYROYLPHQWRWHUULWRULDO2V VDOWRV TXDOLWDWLYRV H TXDQWLWDWLYRV QD KLVWyULD GD VRFLHGDGH H GRV WHUULWyULRV HVWmR OLJDGRVjHYROXomRGDWpFQLFDDTXDOSRVVXLXPFDUiWHUWUDQVIRUPDGRUHLQRYDGRUQD IRUPDomRWHUULWRULDO
$LQVHUomRGDWpFQLFDQDWHPiWLFDJHRJUiILFDSDUDHQWHQGHUDSURGXomRGR HVSDoR HVWi DWUHODGD D WHPDV FRPR D JOREDOL]DomR TXH SRVVLELOLWRX D VXD GLVVHPLQDomRDVVLPFRPRGDFRPXQLFDomRHGDLQIRUPDomRLQWHUOLJDQGRWHUULWyULRV H DOWHUDQGR DV UHODo}HV WHUULWRULDLV 7HPDV FRPR IURQWHLUDV FXOWXUD IUDJPHQWDomR DXWRQRPLD(VWDGRHLGHQWLGDGHWrPVLGRHQIRFDGRVQDPHGLGDHPTXHFRORFDP³D SURYD´VXDVGHILQLo}HVHPXGDQoDVQRkPELWRGRVWHUULWyULRVQDFLRQDLVPHGLDQWHD JOREDOL]DomR $ SUySULD GHILQLomR GH WHUULWyULR SDVVD SRU DOJXPDV UHIOH[}HV SHUPLWLQGRDERUGDJHQVPDLVSUy[LPDVGDVRFLHGDGHGDFXOWXUDHGROXJDU9DORUL]D VHRXVRGRVHVSDoRVHGRVWHUULWyULRVSHODVVRFLHGDGHVDILUPDQGRRFDUiWHUVRFLDO GHVVHVFRQFHLWRV
$VREUDVGH6DQWRVWrPXPFDUiWHUHSLVWHPROyJLFRFRPUHIOH[}HVWHyULFDVH PHWRGROyJLFDV TXH QRV ID]HP UHSHQVDU RV VLJQLILFDGRV GRV FRQFHLWRV H VXD DSOLFDomR QD *HRJUDILD 'H PRGR JHUDO R DXWRU EXVFRX HQWHQGHU VREUHWXGR D TXHVWmRGRPpWRGR GR WHPSR GR HVSDoRGR WHUULWyULR GRSDSHO GDV WpFQLFDVHP UHODomRDRVFRQFHLWRVHVSDFLDLVHDRVHXFDUiWHUWUDQVIRUPDGRU$OpPGLVVRWURX[H HOHPHQWRV HVVHQFLDLV SDUD R GHEDWH JHRJUiILFR FRPR D PRELOLGDGH DV PHWDPRUIRVHVGRHVSDoRHRVHXXVRSHORVKRPHQVRULJLQDQGRRHVSDoRJHRJUiILFR H R WHUULWyULR XVDGR 2 SURFHVVR GH JOREDOL]DomR H VXDV LPEULFDo}HV PHUHFHUDP HVSHFLDO DWHQomR GHVWDFDQGR DVSHFWRV OLJDGRV j KRPRJHQHL]DomR RX j GLIHUHQFLDomRGRVOXJDUHV
UHVJDWDUDVFRQWULEXLo}HVGHRXWURVDXWRUHVHSURPRYHUXP³GHEDWH´HQWUHHVVDVH DVQRVVDVLGHLDVVREUHRFRQFHLWRGHWHUULWyULR
1RFRQWH[WRGDVLGHLDVDSUHVHQWDGDVDWpDTXLSRGHVHGL]HUTXHKiGLVWLQWDV IRUPDV GH DQiOLVH H GH GLIXVmR GRV FRQFHLWRV FHQWUDLV GD *HRJUDILD FRP R VHX SURFHVVR GH UHQRYDomR ³'HOLPLWDU´ RV FRQFHLWRV GH IRUPD UtJLGD H FODVVLILFDWyULD VHPFRQVLGHUDUVXDVUHODo}HVpDQWHVGHWXGR³IRVVLOL]iORV´HHVWDEHOHFHUPHUDV FODVVLILFDo}HV VHP QD UHDOLGDGH DOFDQoDU D DPSOLWXGH GDV WHRULDV H VXD DSOLFDELOLGDGHLVWRpVHPHQWHQGHUDGLYHUVLGDGHTXHVHHIHWLYDQDLPDWHULDOLGDGH GDRUJDQL]DomRHVSDFLDO
1HVVH VHQWLGR GHVWDFDPRV TXH HVWDEHOHFHU UHODo}HV HQWUH RV FRQFHLWRV p XPD WDUHID GLItFLO H SRXFR HIHWLYDGD QR kPELWR GD FLrQFLD JHRJUiILFD 3RUpP FRQVWLWXLVHGHXPH[HUFtFLRLPSRUWDQWHSDUDDUJXPHQWDUPRVVREUHDVWHRULDVHDV VXDVUHODo}HVDVGLIHUHQoDVDVVLPLODULGDGHVHDVSRVVLELOLGDGHVGHUHDOL]DUXPD DQiOLVHLQWHJUDGDGRHQRHVSDoR$VVLPSURS{VVHGHPRQVWUDUTXHRWHUULWyULRQmR HVWi VHSDUDGR VR]LQKR H[FOXtGR GRV GHPDLV FRQFHLWRV HVSDFLDLV RX PHVPR VH UHIHUHDSHQDVDXPDGLPHQVmR
(VWD SHUVSHFWLYD GH LQWHJUDomR WHyULFRFRQFHLWXDO p HIHWLYDGD WDPEpP SRU +DHVEDHUW>@HSRU6DTXHW>@HPDOJXQVPRPHQWRVGHVXDV REUDV DLQGD TXH GH IRUPD VXFLQWD (P2 ILP GRV WHUULWyULRV GDV UHJL}HV H GRV OXJDUHV" +DHVEDHUW S DUJXPHQWD TXH RV GLVFXUVRV SDXWDGRV QD ³JOREDOL]DomR WHULDP IHLWR LPSHUDU XP PXQGR GHVHQUDL]DGR´ 0HGLDQWH HVVDV SUREOHPiWLFDV +DHVEDHUW SURS}HP XPD UHDYDOLDomR GRV FRQFHLWRV GH WHUULWyULR UHJLmR SDLVDJHP H OXJDU GHVWDFDQGR VHXV DVSHFWRV GLVWLQWLYRV H VXDV SRVVLELOLGDGHV DVVRFLDWLYDV RX VHMD GLVFXWLU FRQFHLWRV KtEULGRV 'H DFRUGR FRP +DHVEDHUWS
PHWDIyULFD RX OLWHUDOPHQWH QXQFD VH IDORX WDQWR HP ³WHUULWyULR´ ³UHJLmR´ ³OXJDU´ >@ 2 HVSDoR HVWi QD RUGHP GR GLD 8P H[HUFtFLR FRPR R TXH HQFHUUD HVWDV GLJUHVV}HV WHQWDQGR VLVWHPDWL]DU GLGDWLFDPHQWH GLVWLQWRV FRQFHLWRV FHQWUDLV GR GLVFXUVR JHRJUiILFR DMXGD D HOXFLGDU XP SRXFR R HPDUDQKDGR GH G~YLGDV PDV VREUHWXGR HVWLPXOD D VHJXLU R GHEDWH HP WRUQRGRVFUX]DPHQWRVHQWUHDVFDWHJRULDVHRXFRQFHLWRVSUHWHQVDPHQWH ³SXURV´ GH TXH GLVSRPRV SDUD HQWHQGHU D GLYHUVLGDGH HVSDFLDO GD VRFLHGDGH