• Nenhum resultado encontrado

Atividade do jogo e desenvolvimento infantil: implicações sociais para a construção da consciência da criança na escola

N/A
N/A
Protected

Academic year: 2017

Share "Atividade do jogo e desenvolvimento infantil: implicações sociais para a construção da consciência da criança na escola"

Copied!
150
0
0

Texto

(1)

81,9(56,'$'((67$'8$/3$8/,67$³-8/,2'(0(648,7$),/+2´

&$0386'(35(6,'(17(358'(17(

352*5$0$'(3Ï6*5$'8$d­2(0('8&$d­2

52'5,*2/,0$181(6

$7,9,'$'('2-2*2('(6(192/9,0(172,1)$17,/

,03/,&$d®(662&,$,63$5$$&216758d­2'$

&216&,Ç1&,$'$&5,$1d$1$(6&2/$

(2)

52'5,*2/,0$181(6

$7,9,'$'('2-2*2('(6(192/9,0(172,1)$17,/

,03/,&$d®(662&,$,63$5$$&216758d­2'$

&216&,Ç1&,$'$&5,$1d$1$(6&2/$

'LVVHUWDomRGH0HVWUDGRDSUHVHQWDGDDR3URJUDPD GH 3yVJUDGXDomR HP (GXFDomR GD )DFXOGDGH GH &LrQFLDV H 7HFQRORJLD 81(63&DPSXV GH 3UHVLGHQWH3UXGHQWHFRPRH[LJrQFLDSDUFLDOSDUD REWHQomRGRWtWXORGH0HVWUHHP(GXFDomR

2ULHQWDGRU 3URIž 'Už ,ULQHX $OLSUDQGR 7XLP 9LRWWR)LOKR

/LQKDGH3HVTXLVD,QIkQFLDH(GXFDomR

(3)

),&+$&$7$/2*5È),&$

1XQHV5RGULJR/LPD

1D $WLYLGDGHGRMRJRHGHVHQYROYLPHQWRLQIDQWLOLPSOLFDo}HVVRFLDLVSDUDD FRQVWUXomRGDFRQVFLrQFLDGDFULDQoDQDHVFROD5RGULJR/LPD1XQHV 3UHVLGHQWH3UXGHQWH>VQ@

I

2ULHQWDGRU,ULQHX$OLSUDQGR7XLP9LRWWR)LOKR

'LVVHUWDomR0HVWUDGRHP(GXFDomR8QLYHUVLGDGH(VWDGXDO3DXOLVWD )DFXOGDGHGH&LrQFLDVH7HFQRORJLD

,QFOXLELEOLRJUDILD

-RJR&RQVFLrQFLD$OLHQDomR,9LRWWR)LOKR,ULQHX$OLSUDQGR 7XLP,,8QLYHUVLGDGH(VWDGXDO3DXOLVWD)DFXOGDGHGH&LrQFLDVH

7HFQRORJLD,,,$WLYLGDGHGRMRJRHGHVHQYROYLPHQWRLQIDQWLOLPSOLFDo}HV VRFLDLVSDUDDFRQVWUXomRGDFRQVFLrQFLDGDFULDQoDQDHVFROD

(4)
(5)

(6)

$*5$'(&,0(1726

$JUDGHoR SULPHLUDPHQWH j PLQKD IDPtOLD SHOD EDVH H SRU WRGR R DSRLR IUHQWH DV PLQKDV HVFROKDV

$R*(,3((JUXSRGHIXQGDPHQWDOLPSRUWkQFLDSDUDRPHXSURFHVVRGHIRUPDomRGRTXDO PHRUJXOKRLPHQVDPHQWHGHID]HUSDUWH

$R3URIHVVRU7XLPTXHDOpPGDRULHQWDomRHFRQWULEXLo}HVH[HPSODUHVVHPSUHPHDSRLRXH DMXGRXDUHVROYHURVYiULRVFRQIOLWRVVXUJLGRVHPPLQKDYLGD

$RV DPLJRV 7DWLDQH 7DWL $QGHUVRQ $ULDQD .LND 5DIDHO H 5RVLDQH SHOD LPHQVD FRQWULEXLomRWHyULFDHVREUHWXGRSHODDPL]DGHTXHKiTXDOTXHUPRPHQWRSRGHULDSRUPLP VHUXVXIUXtGD

$WRGRVDTXHOHVTXHGHDOJXPDIRUPDIL]HUDPSDUWHGRSURFHVVRGHHODERUDomRGHVVHWUDEDOKR H GD PLQKD YLGD (P HVSHFLDO j )UDQFLQL SHOR DSRLR H SHODV LQWHUPLQiYHLV H DFDORUDGDV GLVFXVV}HVQRLWHDGHQWUR

$JUDGHoRDRV3URIHVVRUHV6XHOL7HUH]LQKD)HUUHLUD0DUWLQV3DXOR&HVDUGH$OPHLGD5DERQL H$UPDQGR0DULQR)LOKRPHPEURVGDEDQFDGHTXDOLILFDomRHGHIHVDGHVWHWUDEDOKRSHODV EULOKDQWHVFRQWULEXLo}HVHRULHQWDo}HV

¬(VFRODHDRVSURIHVVRUHVSHODGLVSRQLELOLGDGHHSHORWmRJUDFLRVRDSRLRGHVSHQGLGR

$WRGRVRVDPLJRVSDUHQWHVHQILPDWRGRVDTXHOHVTXHIL]HUDPSDUWHGDPLQKDYLGDHTXH SRUHVTXHFLPHQWRRXGHVFXLGRQmRIRUDPDTXLFLWDGRV3HoROKHVGHVFXOSDVFRQWXGRWHQKDP DFHUWH]DTXHHPPLQKDFRQVFLrQFLDWRGRVYRFrVHVWmRFRQWHPSODGRV

¬)$3(63SHORDSRLRILQDQFHLUR

(7)

2%LFKR

9LRQWHPXPELFKR 1DLPXQGtFLHGRSiWLR &DWDQGRFRPLGDHQWUHRVGHWULWRV

4XDQGRDFKDYDDOJXPDFRLVD 1mRH[DPLQDYDQHPFKHLUDYD (QJROLDFRPYRUDFLGDGH

2ELFKRQmRHUDXPFmR 1mRHUDXPJDWR 1mRHUDXPUDWR

2ELFKRPHX'HXVHUDXPKRPHP

(8)

181(6 5 /$WLYLGDGH GR MRJR H GHVHQYROYLPHQWR LQIDQWLO,PSOLFDo}HV VRFLDLV SDUD D FRQVWUXomRGDFRQVFLrQFLDGDFULDQoDQDHVFROD'LVVHUWDomR0HVWUDGRHP(GXFDomR± )DFXOGDGHGH&LrQFLDVH7HFQRORJLD8QLYHUVLGDGH(VWDGXDO3DXOLVWD3UHVLGHQWH3UXGHQWH63

5(6802

(VWHWUDEDOKRFRQVWLWXLXVHFRPRSHVTXLVDLQWHUYHQomRFXMRREMHWLYRHUDLQYHVWLJDUHVWXGDQWHV HP DWLYLGDGH GH MRJR QD HVFROD H FRPSUHHQGHU R SURFHVVR GH GHVHQYROYLPHQWR GH VXD FRQVFLrQFLDFRQVLGHUDQGRVXDVDo}HVPDQLIHVWDo}HVHH[SUHVV}HVGXUDQWHVXDDWLYLGDGHHD SUHVHQoDGRIHQ{PHQRVRFLDOGDDOLHQDomRQHVVHSURFHVVR$SHVTXLVDDFRQWHFHXQXPDHVFROD S~EOLFDPXQLFLSDOGH(QVLQR)XQGDPHQWDO,GDFLGDGHGH3UHVLGHQWH3UXGHQWH63HRVVXMHLWRV IRUDPDOXQRVGHDQRVGHLGDGHSHUWHQFHQWHVDXPDVDODGHDXODGRžDQRGDUHIHULGD LQVWLWXLomR ,QLFLDOPHQWH IRUDP UHJLVWUDGRV RV FRPSRUWDPHQWRV H IDODV GRV VXMHLWRV HP DWLYLGDGHVJHUDLVQDHVFRODWDQWRHPVDODGHDXODFRPRQRVLQWHUYDORVHPRPHQWRVGHHQWUDGD HVDtGDGDHVFROD3RVWHULRUPHQWHIRUDPREVHUYDGDVDVDWLYLGDGHVGHMRJRGHVHQYROYLGDVSHORV PHPEURVGR*(,3((WKF*UXSRGH(VWXGRV,QWHUYHQomRH3HVTXLVDHP(GXFDomR(VFRODUH 7HRULD KLVWyULFRFXOWXUDO JUXSR GR TXDO R SHVTXLVDGRU ID] SDUWH TXH UHDOL]D SURMHWR GH LQWHUYHQomRQDHVFRODREMHWRGDSHVTXLVD$OpPGDVREVHUYDo}HVIRUDPUHDOL]DGDVFRQYHUVDV FRPRVSURIHVVRUHVGDHVFRODGXUDQWHDVUHXQL}HVSHGDJyJLFDVHUHXQL}HVHVSHFtILFDVFRPRV JHVWRUHV &RPSUHHQGHPRV TXH R MRJR HQWHQGLGR HQTXDQWR FRQVWUXomR KLVWyULFD KXPDQR JHQpULFD VH Gi D SDUWLU GD UHFRQVWUXomR SHODV FULDQoDV GDV UHODo}HV VRFLDLV SUHVHQWHV QD VRFLHGDGH DSUHVHQWDQGRVH FRPR DWLYLGDGH SULQFLSDO QR SURFHVVR GH FRQVWUXomR H WUDQVIRUPDomR GRV HOHPHQWRV SVLFROyJLFRV FRQVWLWXLQWHV GD FRQVFLrQFLD QD LQIkQFLD 1R HQWDQWRYLYHPRVHPXPDVRFLHGDGHSHUPHDGDSRUUHODo}HVGHDOLHQDomRIUDJPHQWDGDSHOD GLYLVmRVRFLDOGRWUDEDOKRHSURSULHGDGHSULYDGDVHQGRTXHVHQRMRJRDFULDQoDUHFRQVWUyLDV UHODo}HV VRFLDLV R PDLV SURYiYHO VHUi TXH HVVHV WUDoRV DOLHQDGRV H DOLHQDQWHV WDPEpP VH DSUHVHQWHP QR VHX FRQWH~GR KLSyWHVH TXH OHYDQWDPRV DR SHQVDUPRV D SHVTXLVD $SRLDPR QRV SRUWDQWR QD 7HRULD +LVWyULFR&XOWXUDO H QR 0DWHULDOLVPR +LVWyULFR 'LDOpWLFR SDUD D UHDOL]DomRGHVVDSHVTXLVDWHQGRFRPRSDUWLFXODULGDGHGHDQiOLVHDVUHODo}HVVRFLDLVPDQWLGDV GXUDQWHDUHDOL]DomRGRMRJRGHQWURGDHVFRODHRSDSHOGRSURIHVVRUHQTXDQWRPHGLDGRUGHVVD DWLYLGDGH 2EWLYHPRV FRPR UHVXOWDGRV TXH UHDOPHQWH VH ID]HP SUHVHQWHV QD DomR H PDQLIHVWDomRGDVFULDQoDVGXUDQWHDUHDOL]DomRGRMRJRDVSHFWRVDOLHQDGRVHDOLHQDQWHVVHQGR TXHWDOIDWRFRQWULEXLSDUDDFRQVWUXomRGHFRQVFLrQFLDVIUDJPHQWDGDVHHVWDVPDQLIHVWDo}HV UHSURGX]HP PXLWDV YH]HV UHODo}HV GH GRPLQDomR LQGLYLGXDOLVPR SUHFRQFHLWRV YLROrQFLD HWFUHODo}HVTXHVHFRQVWLWXHPFRPRUHVXOWDGRGRSURFHVVRDOLHQDGRHDOLHQDQWHH[LVWHQWHQD VRFLHGDGHDWXDO&RQWXGRDSDUWLUGHXPDSUiWLFDHGXFDWLYDHFUtWLFDGRSURIHVVRUQDHVFROD SRGHP VHU FRQVWUXtGDV SRVVLELOLGDGHV GLIHUHQFLDGDV GH GHVHQYROYLPHQWR KXPDQR H QXPD GLUHomR KXPDQL]DGRUD WHQGR HP YLVWD D FRQVWUXomR GH FRQVFLrQFLDV GRV DOXQRV TXH FDPLQKHP QD GLUHomR GD EXVFD SHOD VXSHUDomR GD DOLHQDomR LPSUHJQDGD j VRFLHGDGH FDSLWDOLVWDHTXHVHUHSURGX]QDHVFROD

3DODYUDVFKDYH-RJR&RQVFLrQFLD$OLHQDomR7HRULDKLVWyULFRFXOWXUDO

(9)

181(6 5 /$FWLYLW\ RI SOD\ DQG FKLOG GHYHORSPHQW6RFLDO LPSOLFDWLRQV IRU WKH FKLOG FRQVFLRXVQHVVFRQVWUXFWLRQLQVLGHWKHVFKRRO'LVVHUWDWLRQ0$LQ(GXFDWLRQ)DFXOW\ RI6FLHQFHDQG7HFKQRORJ\8QLYHUVLGDGH(VWDGXDO3DXOLVWD3UHVLGHQWH3UXGHQWH63

$%675$&7

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¶EHKDYLRUDQGVSHHFKLQJHQHUDODFWLYLWLHVDW VFKRROERWKLQ FODVVURRPLQWKHLQWHUYDOVDQG PRPHQWVZKLFKWKH\ LQ DQGRXWWKHVFKRRO /DWHU ZHUH REVHUYHG WKH SOD\ DFWLYLWLHV XQGHUWDNHQ E\ PHPEHUV RI *(,3((WKF 6WXG\ ,QWHUYHQWLRQDQG5HVHDUFK*URXSRI6FKRRO(GXFDWLRQDQGFXOWXUDOKLVWRULFDOWKHRU\JURXS ZKLFKWKHUHVHDUFKHULVSDUWDQGZKLFKSHUIRUPVWKHLQWHUYHQWLRQSURMHFWLQVFKRROUHVHDUFK¶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¶ ZKLFKZDONLQWKHGLUHFWLRQWRWKHVHDUFKIRURYHUFRPLQJRIDOLHQDWLRQLPSUHJQDWHGRQWKH FDSLWDOLVWVRFLHW\WKDWUHSURGXFHVLQVFKRRO

.H\ZRUGV3OD\&RQVFLRXVQHVV$OLHQDWLRQ+LVWRULFFXOWXUDOWKHRU\

(10)

680È5,2

,1752'8d­2

-2*2('(6(192/9,0(172'$&216&,Ç1&,$,1)$17,/80$9,6­2

+,67Ï5,&2&8/785$/

$/,(1$d­2 62&,$/ &$3,7$/,67$ (6&2/$ ( 352&(662 '(

)250$d­2 '26 ,1',9Ë'826 $3217$0(1726 $&(5&$ '2

'(6(192/9,0(172'$&216&,Ç1&,$

$ &216&,Ç1&,$+80$1$'( $&25'2 &20$7(25,$+,67Ï5,&2

&8/785$/($6,03/,&$d®(662&,$,63$5$$68$&2167,78,d­2 6XUJLPHQWRGDDWLYLGDGHFRQVFLHQWH͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ 2SURFHVVRGHFRPSOH[LILFDomRGDFRQVFLrQFLD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϰ 2WHUPRFRQVFLrQFLDHDHVSHFLILFLGDGHGRVHXSURFHVVRGHFRQVWLWXLomRQDVFULDQoDV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϲ 2GHVHQYROYLPHQWRGDFRQVFLrQFLDKXPDQDDSDUWLUGDVUHODo}HVDOLHQDGDV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϴ

$3(648,6$

2SUREOHPD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ 2VREMHWLYRV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ 0HWRGRORJLD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ

7LSRGHSHVTXLVD

3URFHGLPHQWRVGHSHVTXLVD

$35(6(17$d­2($1È/,6('26'$'26

$DOLHQDomRSUHVHQWHQDVUHODo}HVVRFLDLVHVFRODUHVRVGDGRVGDVREVHUYDo}HVJHUDLVGD UHDOLGDGHHVFRODU͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ 2SURFHVVRGHLQWHUYHQomRGR*(,3((WKF&DUDFWHUL]DomRHSRVVLELOLGDGHVGHVXSHUDomR GDDOLHQDomRUHSURGX]LGDQDVUHODo}HVVRFLDLVHQRMRJRGXUDQWHDVDXODVGHHGXFDomRItVLFDQD HVFROD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϱ

&216,'(5$d®(6),1$,6

5()(5Ç1&,$6

$1(;26

(11)

ϭϬ

,1752'8d­2

&RQVLGHUDQGR R SURFHVVR KLVWyULFR GHVVD SHVTXLVD EHP FRPR VXD FRQWH[WXDOL]DomR LQLFLDUHPRVHVVHWUDEDOKRFRPXPDEUHYHH[SODQDomRDFHUFDGRVFDPLQKRVWULOKDGRVGHVGHD JUDGXDomRDWpRSUHVHQWHPRPHQWRGRPHVWUDGRWHQGRHPYLVWDHOXFLGDUPRVFRPRTXHVHGHX DFRQVWLWXLomRGRWHPDDTXHQRVSURSXVHPRVLQYHVWLJDU

'HVGHRSULPHLURSURMHWRGHSHVTXLVDTXHYLVDYDHVWXGDURVMRJRVGHSDSpLVVRFLDLVH DVUHSUHVHQWDo}HVDOLHQDGDVUHDOL]DGRDLQGDGXUDQWHRSHUtRGRHPTXHFXUVDYD/LFHQFLDWXUD HP(GXFDomR)tVLFDIRUDPHQJHQGUDGRVDSDUWLUGRVWUDEDOKRVUHDOL]DGRVSHOR*(,3((WKF *UXSRGH(VWXGRV,QWHUYHQomRH3HVTXLVDHP(GXFDomR(VFRODUH7HRULD+LVWyULFR&XOWXUDO &RPRSRGHPRVREVHUYDUR*(,3((WKFFRQWDFRPWUDEDOKRVUHIHUHQWHVDHVWXGRVLQWHUYHQomR HSHVTXLVDVHQGRTXHHVWHVWUrVSLODUHVWLYHUDPJUDQGHFRODERUDomRSDUDDIRUPDomRGRWHPD GHVWD SHVTXLVD e LPSRUWDQWH VDOLHQWDU TXH VHPSUH EXVFDPRV UHDOL]DU QRVVRV WUDEDOKRV GLUHWDPHQWHQDUHDOLGDGHHVFRODUVREUHWXGRSRUFRQVLGHUDUPRVDLPSRUWkQFLDGDSDUWLFLSDomRH HIHWLYDomRGRVWUDEDOKRVHPSDUFHULDFRPDHVFRODS~EOLFDWHQGRHPYLVWDXPDWUDQVIRUPDomR TXDOLWDWLYDGHVVDUHDOLGDGH

2 3URMHWR GH ,QWHUYHQomR GHVHQYROYLGR SHOR *(,3(( p UHDOL]DGR HP XPD (VFROD (VWDGXDO GH (QVLQR )XQGDPHQWDO TXH WHP VHX IXQFLRQDPHQWR QRV PROGHV GD ³(VFROD HP 7HPSR ,QWHJUDO´ (VWD HVFROD VLWXDVH QD UHJLmR SHULIpULFD GH 3UHVLGHQWH 3UXGHQWH H DWHQGH HVWXGDQWHV RULXQGRV GH GLYHUVRV EDLUURV GD FLGDGH FRQVLGHUDGRV iUHDV FRP LQGLFDGRUHV GH H[FOXVmRVRFLDOHSREUH]D*8,0$5­(6

2 SURMHWR GH H[WHQVmR GHVHQYROYLGR QD HVFROD GLULJHVH DRV DOXQRV SURIHVVRUHV GLUHomR H FRRUGHQDomR SHGDJyJLFD WHQGR FRPR REMHWLYR FHQWUDO WUDEDOKDU MXQWR DRV DOXQRV REMHWR GH QRVVD SUHRFXSDomR QHVVD SHVTXLVD DWLYLGDGHV TXH SRVVLELOLWHP D FRQVWUXomR GH IRUPDVGHFRQVFLrQFLDHFRPSUHHQVmRGDUHDOLGDGHPDLVFRHUHQWHVHHODERUDGDVYLVDQGRDR GHVHQYROYLPHQWR GD VXEMHWLYLGDGH GHVWHV HVWXGDQWHV QXPD GLUHomR KXPDQRJHQpULFD SUHWHQGHQGRGHVWHPRGRFRQWULEXLUSDUDDVXSHUDomRGDUHSURGXomRGRIHQ{PHQRYLROrQFLD QRLQWHULRUGDHVFROD2DWHQGLPHQWRGHWDLVREMHWLYRVpDVSLUDGRSHOR*(,3((WKFDSDUWLUGD UHDOL]DomR GH DWLYLGDGHV OXGRSHGDJyJLFDV GH FDUiWHU SUiWLFRWHyULFDV HP TXH VmR

ϭdƌĂƚĂͲƐĞĚŽƉƌŽũĞƚŽEƷĐůĞŽĚĞŶƐŝŶŽ͕͞ƐĂƵůĂƐĚĞĚƵĐĂĕĆŽ&şƐŝĐĂĞƐĐŽůĂƌĐŽŵŽŵĞĚŝĂĚŽƌĂŶĂƚƌĂŶƐĨŽƌŵĂĕĆŽ

ĚĂƐƵďũĞƚŝǀŝĚĂĚĞŚƵŵĂŶĂ͗ƉŽƐƐŝďŝůŝĚĂĚĞƐƉƌĄƚŝĐĂƐĚĞƐƵƉĞƌĂĕĆŽĚĂĞdžĐůƵƐĆŽĞĚĂǀŝŽůġŶĐŝĂƉƌĞƐĞŶƚĞƐŶĂĞƐĐŽůĂ͕͟ ĐŽŽƌĚĞŶĂĚŽƉĞůŽƉƌŽĨĞƐƐŽƌƌ͘/ƌŝŶĞƵůŝƉƌĂŶĚŽdƵŝŵsŝŽƚƚŽ&ŝůŚŽ͕ƋƵĞƐĞĞŶĐŽŶƚƌĂĞŵĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĞƚĞǀĞ ŝŶşĐŝŽĞŵϮϬϬϵ͘KƉƌŽũĞƚŽĐŽŶƚĂĐŽŵĂƉŽŝŽĨŝŶĂŶĐĞŝƌŽĚĂWƌſͲZĞŝƚŽƌŝĂĚĞdžƚĞŶƐĆŽĚĂhE^W͘

(12)

ϭϭ

GHVHQYROYLGRV FRQWH~GRVDo}HV OXGRSHGDJyJLFDV MRJRV EULQFDGHLUDV GLQkPLFDV ILOPHV HWF PHGLDGRV SHORV SURIHVVRUHV PHPEURV GR *(,3((WKF SRVVLELOLWDQGR DSyV R GHVHQYROYLPHQWR GRV FRQWH~GRV PRPHQWRV GH UHIOH[mR DFHUFD GDV VLWXDo}HV FRQFUHWDV GHFRUUHQWHVHYLYHQFLDGDVDSDUWLUGRVWHPDVDERUGDGRVGXUDQWHDVLQWHUYHQo}HV

1R GHVHQYROYLPHQWR GH WDLV DWLYLGDGHV DVVLP FRPR HP GLYHUVDV RXWUDV TXH VH DSUHVHQWDP QR FRWLGLDQR HVFRODU SRGHPRV LGHQWLILFDU D UHSURGXomR GH GLYHUVDV IRUPDV GH YLROrQFLDH[FOXVmRSUHFRQFHLWRVHVWHUHyWLSRVHVWLJPDVGHQWUHRXWUDVFRQWUDGLo}HVGHRULJHP VyFLRHFRQ{PLFDVSROtWLFDVHFXOWXUDLV7DLVFRQWUDGLo}HVVHID]HPSUHVHQWHVHPSUDWLFDPHQWH WRGR R WHPSR GH LQWHUYHQomR PHVPR VH FRQVLGHUDUPRV D HVSHFLILFLGDGH FRODERUDWLYD GDV DWLYLGDGHVDSOLFDGDVSHOR*(,3((WKFEHPFRPRGDVXDDWXDomRQRVHQWLGRGHVXSHUDUWDLV FRQWUDGLo}HVIDWRTXHFRUURERURXSDUDFRPDFRQVWLWXLomRGRSUREOHPDDVHUHVWXGDGR

6DEHPRVTXHQDPDLRULDGRVFDVRVRVSURIHVVRUHVQmRDERUGDPWDLVTXHVW}HVGHPRGR VDWLVIDWyULR VHMD SRU IDOWD GH FRQGLo}HV HIHWLYDV SDUD WDO GHFRUUHQWHV GR GHVSUHSDUR H Pi IRUPDomR GRFHQWH VHMD SRU FRQWD GDV SpVVLPDV FRQGLo}HV GH WUDEDOKR FRPR VDODV VXSHUORWDGDV VDOiULRV YHUJRQKRVRV TXH REULJDP RV SURIHVVRUHV D XPD MRUQDGD H[WHQXDQWH HVFDVVRV UHFXUVRV GLGiWLFRV H[FHVVR GH EXURFUDFLD H FREUDQoDV TXDQWR j WUDQVPLVVmR GH GHWHUPLQDGRV FRQWH~GRV H RX PXLWRV RXWURV FRPSOLFDGRUHV GR WUDEDOKR HGXFDWLYR TXH SRGHUtDPRVFLWDUDTXLRXDLQGDHPDOJXQVFDVRVSRUYLV}HVOLPLWDGDVDFHUFDGDUHDOLGDGH

1R VHQWLGR FRQWUiULR j OyJLFD GD RPLVVmR R *(,3((WKF EXVFD DERUGDU H SUREOHPDWL]DU MXQWR DRV DOXQRV WRGDV DV TXHVW}HV UHODFLRQDGDV j YLROrQFLD j H[FOXVmR D SUHFRQFHLWRVDHVWHUHyWLSRVDHVWLJPDVHWFEXVFDQGRFRPRIRLDSUHVHQWDGRFRQWULEXLUSDUD DFRQVWUXomRGHFRQVFLrQFLDVHVXEMHWLYLGDGHVTXHTXHVWLRQHPHVWDVIRUPDVGHYLRODomRGH PRGRDYDORUL]DURUHVSHLWRDRVHUKXPDQRHjFRQVWUXomRGHXPDVRFLHGDGHVHPLQMXVWLoDV H[FOXVmRFODVVHVRSUHVVmRHYLROrQFLD

eFODURQmRSRGHPRVGHL[DUGHFRQVLGHUDUTXHPHVPRDSDUWLUGHWDOSHUVSHFWLYDGH WUDEDOKR WDPEpP QRV FRQVWLWXtPRV D SDUWLU GDV FRQWUDGLo}HV SUHVHQWHV QD VRFLHGDGH GH FODVVHVLVWRpID]HPRVHYLYHPRVDSDUWLUGHVVDUHDOLGDGHVHQGRDVVLPWDPEpPHQ[HUJDPRV H³WURSHoDPRV´QRVOLPLWHVDRVTXDLVHVWDPRVLPEULFDGRVWDQWRQRTXHFRQFHUQHPTXHVW}HV LQVWLWXFLRQDLV EHP FRPR HVWUXWXUDLV H IXQFLRQDLV &RQWXGR QyV GR *(,3((WKF EXVFDPRV VHPSUHVXSHUDUWDLVOLPLWHVDSDUWLUGHXPDYLVmRGDWRWDOLGDGHEXVFDQGRHIHWLYDUDSDUWLUGD SUi[LVHGRGLiORJRDVUHODo}HVPDQWLGDVHHQJHQGUDGDVQDVLQWHUYHQo}HV

(13)

ϭϮ

DOLHQDQWHV YLYHQFLDGDV SHODV FULDQoDV FRWLGLDQDPHQWH SDUD WDQWR SDUWLPRV GDV VHJXLQWHV TXHVW}HV³$VUHODo}HVDOLHQDGDVHVWmRSUHVHQWHVQRVMRJRVLQIDQWLV"´FDVRVLP³'HTXHIRUPD VHGHVHQYROYHDFRQVFLrQFLDGRVLQGLYtGXRVDSDUWLUGHWDLVUHODo}HV"´HDOpPGLVVR³([LVWHD SRVVLELOLGDGH GH XPD EXVFD SHOD VXSHUDomR GD DOLHQDomR TXH SRVVDP HVWDU SUHVHQWHV QHVVD DWLYLGDGH"´

6HQGRDVVLPWDOSURSRVWDDSUHVHQWDFRPRREMHWLYRSULQFLSDOLGHQWLILFDUHUHJLVWUDUD SDUWLUGRVFRPSRUWDPHQWRVHIDODVGRVHVWXGDQWHVGHXPDVDODGHžDQRGDLQVWLWXLomRFLWDGD DQWHULRUPHQWH GXUDQWH D SDUWLFLSDomR HP MRJRV EULQFDGHLUDV QD HVFROD RV SURFHVVRV GH DOLHQDomR H VXDV LPSOLFDo}HV QR GHVHQYROYLPHQWR GD FRQVFLrQFLD GHVVHV VXMHLWRV 1HVVH VHQWLGR DR FRQVLGHUDUPRV TXH YLYHPRV HP XPD VRFLHGDGH SHUPHDGD SRU UHODo}HV GH DOLHQDomR UHODo}HV HVVDV FRQFHELGDV HQTXDQWR IRQWH GR GHVHQYROYLPHQWR GRV LQGLYtGXRV SRQGHUDPRVTXHDFULDQoDDREULQFDUDRMRJDUFRQVLGHUDQGRDLPSRUWkQFLDGHVVDDWLYLGDGH SDUDRGHVHQYROYLPHQWRLQIDQWLOHVXDUHODomRFRPDUHSUHVHQWDomRUHFRQVWUXomRGDVUHODo}HV VRFLDLVWHPVXDVFRQVFLrQFLDVHQJHQGUDGDVGHVGHDPDLVWHQUDLGDGHDSDUWLUGHVVHVDVSHFWRV DOLHQDGRVHDOLHQDQWHV

3DUDUHDOL]DUHVVDGLVFXVVmRSRUWDQWRRSUHVHQWHWUDEDOKRIRLHVWUXWXUDGRGDVHJXLQWH IRUPD QRV WUrV SULPHLURV FDStWXORV WUD]HPRV D GLVFXVVmR WHyULFD TXH D QRVVR YHU VH DSUHVHQWDPHQTXDQWRSLODUHVSDUDUHVSDOGDUHDWHQGHUjVH[LJrQFLDVGRWHPDDTXLSURSRVWRHP VHJXLGDDSUHVHQWDUHPRVRVREMHWLYRVGRWUDEDOKRDVVLPFRPRVXDPHWRGRORJLDGHSHVTXLVDH SRVWHULRUPHQWHDDSUHVHQWDomRHDQiOLVHGRVGDGRVGDSHVTXLVDFRQVLGHUDQGRWRGRRSURFHVVR KLVWyULFRYLYHQFLDGRGLUHWDPHQWHQDUHDOLGDGHHVFRODU

2 SULPHLUR FDStWXOR WHyULFR FRUUHVSRQGHQWH DR VHJXQGR GHVVH WUDEDOKR LQWLWXODGR ³-RJRHGHVHQYROYLPHQWRGDFRQVFLrQFLDLQIDQWLOXPDYLVmRKLVWyULFRFXOWXUDO´EXVFDGLVFXWLU WRGRRSURFHVVRUHODFLRQDGRFRPDDWLYLGDGHGRMRJRWUD]HQGRVXDVRULJHQVLPSRUWkQFLDSDUD DFRQVWLWXLomRGDFRQVFLrQFLDGDFULDQoDFDUDFWHUtVWLFDVGHQWUHRXWURVDVSHFWRVTXHWDQJHPR GHVHQYROYLPHQWRGRVLQGLYtGXRV

1R VHJXQGR FDStWXOR WHyULFR TXH FRUUHVSRQGH DR WHUFHLUR ³$OLHQDomR VRFLDO FDSLWDOLVWD HVFROD H SURFHVVR GH IRUPDomR GRV LQGLYtGXRV DSRQWDPHQWRV DFHUFD GR GHVHQYROYLPHQWR GD FRQVFLrQFLD´ SURFXUDPRV GLVFXWLU D DOLHQDomR SUHVHQWH QD VRFLHGDGH FDSLWDOLVWDWUD]HQGRVHXVDVSHFWRVPDFURVRFLDLVVXDUHODomRFRPDHVFRODEHPFRPRRVHX SDSHO SDUD FRP R GHVHQYROYLPHQWR GRV LQGLYtGXRV FRQVLGHUDQGR HVVH SURFHVVR HQTXDQWR HQJHQGUDGRUHPDQWHQHGRUGRVWDWXVTXR

(14)

ϭϯ

FRQVWLWXLomR´ DSUHVHQWDPRV D RULJHP HVWUXWXUD H IXQFLRQDPHQWR GD FRQVFLrQFLD KXPDQD WDQWRQRkPELWRJHUDOEHPFRPRGDVXDUHODomRFRPDDOLHQDomRHWDPEpPFRPRVHGiVXD FRQVWLWXLomR QDV FULDQoDV WHQGR HP YLVWD D DWLYLGDGH GR MRJR HQTXDQWR DWLYLGDGH SULQFLSDO QHVVDVLWXDomRKLVWyULFDGHGHVHQYROYLPHQWR

3RVWHULRUPHQWH QR TXLQWR FDStWXOR GHVVD GLVVHUWDomR DSUHVHQWDPRV R SURFHVVR GH SHVTXLVDFDUDFWHUL]DQGRRWLSRGHWUDEDOKRDGRWDGRRVSURFHGLPHQWRVVHJXLGRVHWDPEpP FRPR VH GHX R SURFHVVR GH REVHUYDomR H DQiOLVH GRV GDGRV FROHWDGRV D SDUWLU GD UHDOLGDGH HVFRODU

3RUILPQRVH[WRFDStWXORREMHWLYDPRVDSUHVHQWDURVGDGRVFROHWDGRVEHPFRPRVXD UHVSHFWLYDDQiOLVHFRQVLGHUDQGRDVREVHUYDo}HVJHUDLVUHDOL]DGDVQRHVSDoRHVFRODUHWDPEpP RVGDGRVHVSHFtILFRVFROHWDGRVDSDUWLUGDVLQWHUYHQo}HVDSOLFDGDVSHOR*(,3((WKF$FKDPRV LPSRUWDQWHVDOLHQWDUTXHEXVFDPRVUHDOL]DUXPDDQiOLVHUHVSHLWDQGRRSURFHVVRKLVWyULFRGD SHVTXLVD WHQGR HP YLVWD QmR SHUGHUPRV D KLVWyULD EHP FRPR DV P~OWLSODV GHWHUPLQDo}HV VXUJLGDVHDSUHFLDGDVDSDUWLUGDUHDOLGDGHLQYHVWLJDGD

(15)

ϭϰ

-2*2('(6(192/9,0(172'$&216&,Ç1&,$,1)$17,/80$9,6­2

+,67Ï5,&2&8/785$/

3DUDFRPSUHHQGHUDDWLYLGDGHGRMRJRHVXDVLPSOLFDo}HVQDIRUPDomRGDFRQVFLrQFLD GD FULDQoD H FRQVLGHUDQGR RV DVSHFWRV DOLHQDGRV H DOLHQDQWHV LQWUtQVHFRV D VRFLHGDGH FDSLWDOLVWD EXVFDVH QD WHRULD KLVWyULFRFXOWXUDO H QR PDWHULDOLVPR KLVWyULFR GLDOpWLFR R HPEDVDPHQWR WHyULFRPHWRGROyJLFR SDUD HVVH HVWXGR SRLV FRQIRUPH HVVH UHIHUHQFLDO SRGHPRV FRPSUHHQGHU TXH D FULDQoD QD HVFROD RULHQWDGD SHOR SURIHVVRU H WDPEpP SRU FRPSDQKHLURVPDLVH[SHULHQWHVWHPFRQGLo}HVGHVHGHVHQYROYHUDRVHDSURSULDUGDVDo}HV SRVWDV QD DWLYLGDGH GR EULQFDU H GR MRJDU FROHWLYDPHQWH FRQWXGR D SDUWLU GDV FRQWUDGLo}HV SRVWDVQDVRFLHGDGHFDSLWDOLVWDWDOGHVHQYROYLPHQWRSRGHDFDEDUPXLWDVYH]HVDSUHVHQWDQGR DVSHFWRV HVSHFtILFRV D HVVD HVWUXWXUD VRFLDO LVWR p WDO GHVHQYROYLPHQWR SRGH VH HIHWLYDU D SDUWLUGDDOLHQDomR

%XVFDQGRDEDUFDUDWRWDOLGDGHGHVVHHVWXGRUHDOL]DUHPRVSULPHLUDPHQWHXPDGLVFXVVmR DFHUFD GR SDSHO GR MRJR HQTXDQWR DWLYLGDGH SULQFLSDO SDUD R GHVHQYROYLPHQWR LQIDQWLO FRQVLGHUDQGRWRGRVRVDVSHFWRVHQYROYLGRVGXUDQWHDVXDUHDOL]DomRSHODFULDQoDVHXFRQFHLWR GH DFRUGR FRP D 7HRULD +LVWyULFRFXOWXUDO EHP FRPR XPD EUHYH GLVFXVVmR DFHUFD GH VXD JrQHVHHKLVWyULDHSRVWHULRUPHQWHVXDUHODomRGLUHWDFRPRSURFHVVRGHGHVHQYROYLPHQWRGRV LQGLYtGXRV

6HQGRDVVLP/HRQWLHYDDILUPDTXHpDSDUWLUGDDWLYLGDGHGRMRJRFRQVLGHUDGD DDWLYLGDGHSULQFLSDOGDFULDQoDTXHHODHQFRQWUDUiDVFRQGLo}HVSDUDDSURSULDomRGDVUHODo}HV HREMHWRVFXOWXUDLVjVXDYROWDHPGLUHomRjVXDKXPDQL]DomR,VVRLPSOLFDFRQVLGHUDUTXHD DWLYLGDGH GR MRJR QD HGXFDomR GH FULDQoDV WRUQDVH HOHPHQWR IXQGDPHQWDO WHQGR HP YLVWD WUDWDUVHGHXPDDWLYLGDGHVRFLDOHVVHQFLDODRGHVHQYROYLPHQWRLQIDQWLO

eLPSRUWDQWHVDOLHQWDUTXHDHQWUDGDGDFULDQoDQDHVFRODUHSUHVHQWDXPDSDVVDJHP

UHSOHWDGHPXGDQoDVQRTXHVHUHIHUHDRVHXSURFHVVRGHDOIDEHWL]DomRVXDVUHODo}HVVRFLDLVH VXDV UHVSRQVDELOLGDGHV RX VHMD SRGHPRV FRQVLGHUDU TXH HVVH PRPHQWR GH PXGDQoDV GDV FRQGLo}HVREMHWLYDVQDYLGDGDVFULDQoDVDEUHHVSDoRSDUDRXWUDVDWLYLGDGHV

'HDFRUGRFRP9LJRWVNLS

(16)

ϭϱ

1DFULDQoDHPLGDGHHVFRODUDEULQFDGHLUDFRPHoDDH[LVWLUHPIRUPDOLPLWDGDGH DWLYLGDGHVSUHGRPLQDQWHPHQWHFRPRMRJRVHVSRUWLYRVTXHGHVHPSHQKDPXPSDSHO FRQKHFLGR QR GHVHQYROYLPHQWR JHUDO GHVVD FULDQoD >@ 1D LGDGH HVFRODU D EULQFDGHLUD QmR PRUUH PDV SHQHWUD QD UHODomR FRP D UHDOLGDGH (OD SRVVXL VXD FRQWLQXDomR LQWHUQD GXUDQWH D LQVWUXomR HVFRODU H RV DID]HUHV FRWLGLDQRV XPD DWLYLGDGHREULJDWRULDPHQWHFRPUHJUDV

&RQWXGRQRTXHWDQJHjHVSHFLILFLGDGHGHVVHWUDEDOKRQRVDWHQWDUHPRVDGLVFXVVmR DFHUFDGDDWLYLGDGHGRMRJRHQTXDQWRDWLYLGDGHSULQFLSDOSDUDRSURFHVVRGHGHVHQYROYLPHQWR LQIDQWLO&RQVLGHUDQGRDYLVmRGH0DU[TXH³DDQDWRPLDGRKRPHPHDFKDYHSDUDDDQDWRPLD GR PDFDFR´ H WHQGR HP YLVWD R SURFHVVR GH DQiOLVH GD DWLYLGDGH GR EULQFDU QD UHDOLGDGH HVFRODUDFRPSDQKDUHPRVHVSHFLILFDPHQWHXPDVDODGHVHJXQGRDQRDFUHGLWDQGRTXHQHVVD VLWXDomR KLVWyULFD GH GHVHQYROYLPHQWR RV DOXQRV HVWmR SDVVDQGR SRU XP SURFHVVR GH WUDQVLomRFULVHLQtFLRGRSURFHVVRGHHVFRODUL]DomRHVREUHWXGRRMRJRHQFRQWUDVHQXP HVWiJLR PDLV DYDQoDGR GH GHVHQYROYLPHQWR IDWR TXH D QRVVR YHU JDUDQWLUi XPD DQiOLVH ILGHGLJQDGRIHQ{PHQRRTXDOQRVSURSRPRVHVWXGDU

,QLFLDOPHQWHDRFRQVLGHUDUDVSDODYUDVGH0DU[QRVHQWLGRGHVXSHUDUPRVDV YLV}HVSRVLWLYLVWDVHELRORJL]DQWHVDFHUFDGRSURFHVVRGHIRUPDomRKXPDQDVDOLHQWDPRVTXHR GHVHQYROYLPHQWRGRVKRPHQVVHGiDSDUWLUGDVUHODo}HVVRFLDLVHGHVHXWUDEDOKRYLWDOVHQGR TXHpQRGHFRUUHUGDVDWLYLGDGHVUHDOL]DGDVHFRQFUHWL]DGDVQRGHVHQURODUGDVXDYLGDPDWHULDO HREMHWLYDTXHRVHUKXPDQRVH DSURSULDGDQDWXUH]DHDPRGLILFD FULDQGRLQVWUXPHQWRVH PHLRV GH SURGXomR GHVWHV FRP REMHWLYR GH VXSULU VXDV QHFHVVLGDGHV FRQVWUXLU OLQJXDJHP FRPSRUWDPHQWRVSHQVDPHQWRVVHQWLPHQWRVHIRUPDVGHDJLUHVHGHVHQYROYHUQDVRFLHGDGH

$ILUPDPRVSRUWDQWRTXHpGXUDQWHDDWLYLGDGHYLWDOGRWUDEDOKRTXHWRUQDVHSRVVtYHO JDUDQWLURSURFHVVRGHGHVHQYROYLPHQWRPXOWLODWHUDOGRVVHUHVKXPDQRVHTXDQGRSHQVDPRV QRGHVHQYROYLPHQWRGDVFULDQoDVGHIHQGHPRVTXHDDWLYLGDGHGRMRJDUFRPRRXWURHFRPRV RXWURVpDWLYLGDGHFRQVWLWXLQWHGDPDQHLUDGHVHUSHQVDUVHQWLUHDJLUGHVVHVVXMHLWRV

6HJXQGR/HRQWLHYEH(ONRQLQFDGDIDVHGRGHVHQYROYLPHQWRKXPDQR VHFDUDFWHUL]DSRUXPDGHWHUPLQDGDDWLYLGDGHDTXDOpUHVSRQViYHOSRUQRUWHDURSURFHVVRGH IRUPDomRGRVLQGLYtGXRV1HVVHVHQWLGRDVVXPHVHTXHQDLQIkQFLDRMRJRHQWHQGLGRFRPR DWLYLGDGH GR EULQFDU QXPD SHUVSHFWLYD O~GLFD H FROHWLYD VH FRQVWLWXL HQTXDQWR DWLYLGDGH LPSUHVFLQGtYHOSDUDRSURFHVVRGHGHVHQYROYLPHQWRPXOWLODWHUDOGDFULDQoD

(17)

ϭϲ

LPSRUWkQFLD FRPR FRQWH~GR LPSRUWDQWH QD HVFROD SULQFLSDOPHQWH QD (GXFDomR ,QIDQWLO H VpULHVLQLFLDLVGR(QVLQR)XQGDPHQWDOFRQVLGHUDQGRTXHHQFRQWUDPRVFULDQoDVFRPVHLVHVHWH DQRVDGHQWUDQGRQRHQVLQRIXQGDPHQWDOQDUHDOLGDGHEUDVLOHLUD

3RUWDQWR DR DWXDU QD EULQFDGHLUD H QD HVFROD HVVD DWLYLGDGH GD FULDQoD SUHFLVD VHU GHYLGDPHQWHSHVTXLVDGDHRULHQWDGDSHGDJRJLFDPHQWHSRLVpMXVWDPHQWHDWUDYpVGDDWLYLGDGH GREULQFDUTXHDFULDQoDVHDSURSULDGRPXQGRGRVREMHWRVHGDFXOWXUDKXPDQDUHSURGX]LQGR H UHFRQVWUXLQGR DV Do}HV UHDOL]DGDV SHORV DGXOWRV FRP WDLV REMHWRV DSUHQGHQGR QRYDV KDELOLGDGHV FDSDFLGDGHV H IRUPDV GH DJLU QD VRFLHGDGH 1HVVH SURFHVVR GH DSURSULDomR H REMHWLYDomRVHGHVHQYROYHGHIRUPDPXOWLODWHUDOFRQVWUXLQGRVXDKXPDQLGDGH/(217,(9 E(/.21,1

$ SDUWLU GHVVD GLVFXVVmR /HRQWLHY E S H[SOLFLWD TXH DDWLYLGDGH RX

DWLYLGDGH SULQFLSDO ³p HQWmR D DWLYLGDGH FXMR GHVHQYROYLPHQWR JRYHUQD DV PXGDQoDV PDLV LPSRUWDQWHVQRVSURFHVVRVSVtTXLFRVHQRVWUDoRVSVLFROyJLFRVGDSHUVRQDOLGDGHGDFULDQoDHP FHUWRHVWiJLRGHVHXGHVHQYROYLPHQWR´3DUDRDXWRUQRTXHFRQFHUQHDRVWUDoRVSVLFROyJLFRV GDFULDQoDDDWLYLGDGHWRUQDVHHVVHQFLDOHpHQJHQGUDGDSRUPRWLYRVVRFLDLVFDUDFWHUL]DGRV SRUDTXLORDTXHRSURFHVVRFRPRXPWRGRVHGLULJHVHXREMHWRFRLQFLGLQGRVHPSUHFRPR REMHWLYRTXHHVWLPXODRVXMHLWRDH[HFXWDUDDWLYLGDGH

$ SDUWLU GHVVD FRPSUHHQVmR H FRQVLGHUDQGR RV SUHVVXSRVWRV GD 7HRULD +LVWyULFR FXOWXUDOGHGHVHQYROYLPHQWRKXPDQRSRGHVHDILUPDUTXHDDWLYLGDGHFXMRPRWLYRFRLQFLGH FRPRVHXREMHWLYRLVWRpFXMRPRWLYRHVWiQRSUySULRSURFHVVRGHUHDOL]DomRGDDWLYLGDGH FRPRDFRQWHFHQDDWLYLGDGHGREULQFDUpTXHFULDDVFRQGLo}HVHVVHQFLDLVGHGHVHQYROYLPHQWR SDUD D FULDQoD SRLV SDUD /HRQWLHY E D DWLYLGDGH GR EULQFDU FRQWpP WRGDV HVVDV SRVVLELOLGDGHV

$VVLPVHQGRDRVHFRQVLGHUDURGHVHQYROYLPHQWRLQIDQWLOVHGLULJLQGRQXPDGLUHomR SOHQD H PXOWLODWHUDO Ki TXH VH HQIDWL]DU D DWLYLGDGH GR MRJR FRPR DWLYLGDGH SULQFLSDO VREUHWXGRSRUTXHHVVDDWLYLGDGHWRUQDVHUHVSRQViYHOSHODVPXGDQoDVPDLVVLJQLILFDWLYDVQD IRUPDomRGDVFULDQoDVTXHVHHQFRQWUDPQHVVDVLWXDomRKLVWyULFDGHGHVHQYROYLPHQWRDSDUWLU GDV UHODo}HV PDQWLGDV FRP RXWURV LQGLYtGXRV LVWR p DWUDYpV GH PHGLDo}HV 3RUWDQWR D IRUPDomRSVtTXLFDGDFULDQoDVHGiWDPEpPHSULQFLSDOPHQWHQDDomRGHQWURGDDWLYLGDGHGR EULQFDU SRLV FRPR DILUPD 0HOOR S ³>@ QD EDVH GR DJLU KXPDQR LVWR p GR WUDEDOKRHQFRQWUDVHD FRQVFLrQFLD FRPRXPDGDVFRQGLo}HVHVVHQFLDLVSDUDTXHRKRPHP SRVVDFRQVWLWXLUVHFRPRXPHOHPHQWRGRJrQHURKXPDQR´

(18)

ϭϳ

3DUDDFULDQoDQHVWHQtYHOGHGHVHQYROYLPHQWRItVLFRQmRKiDLQGDDWLYLGDGHWHyULFD DEVWUDWDHDFRQVFLrQFLDGDV FRLVDVSRUFRQVHJXLQWHHPHUJH QHODSULPHLUDPHQWH VREIRUPDGHDomR8PDFULDQoDTXHGRPLQDRPXQGRTXHDFHUFDpDFULDQoDTXHVH HVIRUoDSDUDDJLUQHVWHPXQGR/(217,(9DS

6HQGRDVVLPDFRQVFLrQFLDGHYHVHUHQWHQGLGDHQTXDQWRXPDGDVFRQGLo}HVHVVHQFLDLV SDUDRGHVHQYROYLPHQWRJHQpULFRGRKRPHPSRLVFRPRDILUPD'HODUL-XQLRUS DTXDO

>@VySRGHHPHUJLUGDYLGDHTXHQmRH[LVWHIRUDGDYLGDQHPIRUDGRPXQGRDLQGD TXH R PXQGR H D YLGD H[LVWDP LQGHSHQGHQWHPHQWH GHOD HVWi WDPEpP LQGLVVRFLDYHOPHQWH LPSOLFDGD QD FRQVWLWXLomR GD YLGD SURSULDPHQWH KXPDQD $ FRQVFLrQFLDpRKXPDQRYLYRHUHDOFRQVFLHQWH0DVRKXPDQRYLYRHUHDOVySRGHVH UHFRQKHFHUHVHSURGX]LUHQTXDQWRWDOQDPHGLGDHPTXHVXDYLGDYDLVHWRUQDQGR FRQVFLHQWH 1mR VH WUDWD GH XP SURFHVVR TXH VH Gr QXP SDVVH GH PiJLFD QXP LQVWDQWH FDSWXUiYHO PHQVXUiYHO TXH VH SRVVD IRWRJUDIDU SDUDOLVDU GLVVHFDU PDV WDPEpP QmR p DOJR TXH WHQKD VHPSUH H[LVWLGR TXH VHMD SUHVVXSRVWR RX DUTXpWLSR SDUD D KXPDQLGDGH p XP PRYLPHQWR TXH YDL VH GDQGR QR FXUVR GD KLVWyULD GDV VRFLHGDGHV PDV WDPEpP H LQGLVVRFLDYHOPHQWH QR FXUVR GD KLVWyULD GH FDGD VHU KXPDQRVLQJXODU'(/$5,-81,25S

$SRLDQGRQRV QHVVD GLVFXVVmR DFUHGLWDPRV VHU QHFHVViULR HQIDWL]DU TXH HVVH IHQ{PHQR p FRQVWUXtGR SURFHVVXDOPHQWH D SDUWLU GD DSURSULDomR H REMHWLYDomR GRV REMHWRV PDWHULDLVHVLPEyOLFRVFRQVWUXtGRVSHORVKRPHQVHPVRFLHGDGHRTXHSUHVVXS}HGLIHUHQWHV QtYHLVGHFRQVFLrQFLDVHQGRTXHHVVHSURFHVVRVRPHQWHVHHIHWLYDSHODVUHODo}HVFRQVWUXtGDV HPVRFLHGDGH

3RUWDQWR DR VH FRQVLGHUDU TXH DV FRQGLo}HV H SRVVLELOLGDGHV GRV LQGLYtGXRV GH VH DSURSULDUHVHREMHWLYDUGDFXOWXUDKXPDQDVHHIHWLYDGLIHUHQWHPHQWHHPFDGDVXMHLWRVRFLDOD SDUWLU GH FDGD SDUWLFXODULGDGH H KLVWyULD HQYROYLGDV HP WDO UHODomR FDGD LQGLYLGXDOLGDGH VH GHVHQYROYHUi GH DFRUGR FRP DV SRVVLELOLGDGHV FRQFUHWDV HQFRQWUDGDV H YLYLGDV HP VXDV FRQGLo}HVREMHWLYDVGHYLGD

1HVWH WUDEDOKR GHIHQGHPRV R MRJR FRPR LPSRUWDQWH FRQVWUXomR FXOWXUDO REMHWR GD FXOWXUD FRUSRUDO HVVHQFLDO DR SURFHVVR GH GHVHQYROYLPHQWR KXPDQR H QD EXVFD GH XPD FRPSUHHQVmR KLVWyULFRFXOWXUDO SDUD R MRJR QRV UHPHWHPRV DRV HVWXGRV UHDOL]DGRV SRU (ONRQLQQRVHQWLGRGHHQWHQGHUPRVWRGRVRVSURFHVVRVHQYROYLGRVQHVVDDWLYLGDGHR VHX SDSHO SDUD WDO GHVHQYROYLPHQWR H RV GLIHUHQWHV FRQFHLWRV FRQVWUXtGRV D SDUWLU GR GHVHQYROYLPHQWR KLVWyULFR GD KXPDQLGDGH $ SDUWLU GDV GLVFXVV}HV GR DXWRU SRGHPRV YHULILFDU D H[LVWrQFLD GH YiULDV DFHSo}HV DFHUFD GR YRFiEXOR MRJR QDV TXDLV PXLWDV YH]HV HVWUDWLILFDPHJHQHUDOL]DPVREUHPDQHLUDHVVHFRQFHLWR

(19)

ϭϴ

2FRQFHLWRGHµMRJR¶DSUHVHQWDDOJXPDVGLIHUHQoDVHQWUHRVGLYHUVRVSRYRV$VVLP SDUDRVDQWLJRVJUHJRVDORFXomRµMRJR¶VLJQLILFDYDDVDo}HVSUySULDVGDVFULDQoDVH H[SUHVVDYDRTXHHQWUHQyVVHGHQRPLQDKRMHµID]HUWUDTXLQLFHV¶(QWUHRVMXGHXVD SDODYUDµMRJR¶FRUUHVSRQGLDDRFRQFHLWRGHJUDFHMRHULVR3DUDRV5RPDQRVµOXGR¶ VLJQLILFDYDDOHJULDUHJR]LMRIHVWDEXOLoRVD(PVkQVFULWR µNOLDGD¶HUDEULQFDGHLUD DOHJULD(QWUHRVJHUPDQRVDSDODYUDDUFDLFDµVSLODQ¶GHILQLDXPPRYLPHQWROLJHLUR HVXDYHFRPRRSrQGXORTXHSURGX]LDXPJUDQGHSUD]HU3RVWHULRUPHQWHDSDODYUD µMRJR¶ FRPHoRX D VLJQLILFDU HP WRGDV HVVDV OtQJXDV XP JUXSR QXPHURVR GH Do}HV KXPDQDV TXH QmR UHTXHUHP WUDEDOKR iUGXR H SURSRUFLRQDP DOHJULD H VDWLVIDomR $VVLP QHVVH DPSOR FtUFXOR DGHTXDGR DRV FRQFHLWRV PRGHUQRV FRPHoRX D HQWUDU WXGRGHVGHRMRJRSXHULOFRPVROGDGLQKRVGHFKXPERDWpDUHSUHVHQWDomRWUiJLFDQR SDOFRGRVWHDWURVGHVGHRMRJRLQIDQWLOFRPERODVGHJXGHDWpRMRJRGD%ROVDSDUD JDQKDUGLQKHLURHWF

$VVLP VHQGR R FRQFHLWR GR TXH YHP D VHU MRJR YDL VH DOWHUDQGR GH DFRUGR FRP D FXOWXUDHPRPHQWRKLVWyULFRHPTXHRPHVPRHVWiLQVHULGRVHQGRGLItFLODFKDUXPSRQWRGH FRQFRUGkQFLD HQWUH WRGDV DV WHRULDV SRU HP VXD PDLRULD VH UHVSDOGDUHP PXLWDV YH]HV HP VLWXDo}HV TXH QmR FRQVLGHUDP DV TXHVW}HV KLVWyULFDV H VRFLDLV GHVVD DWLYLGDGH GHVFRQVLGHUDQGRD FRPR SURGXWR GD FXOWXUD HQJHQGUDGD VRFLDOPHQWH SHOR FRQMXQWR GRV KRPHQV

'HDFRUGRFRP/HRQWLHYEH%RURQDWJUDQGHSDUWHGRVHVWXGLRVRVGDiUHD FRPSUHHQGH R MRJR FRPR DOJR SUySULR GD PDWXUDomR ELROyJLFD GR VHU KXPDQR FRPR XPD FDUDFWHUtVWLFDQDWXUDOLQDWDTXHVHPDQLIHVWDDSDUWLUGRGHVHQYROYLPHQWRELROyJLFRSHORTXDO SDVVD D FULDQoD DR ORQJR GH VXD YLGD &RQWXGR FRPR Mi IRL DSUHVHQWDGR DQWHULRUPHQWH EXVFDPRVFRPSUHHQGHURMRJRDSDUWLUGHXPDYLVmRKLVWyULFRFXOWXUDOWHQWDQGRVXSHUDUWDLV YLV}HV QDWXUDOL]DQWHV H UHFRQKHFHUPRV R MRJR FRPR SURGXWR GD UHODomR GR KRPHP FRP D QDWXUH]DHFRPRVRXWURVKRPHQVRXVHMDEXVFDPRVFRPSUHHQGHURMRJRQRVHXPRYLPHQWR KLVWyULFRVRFLDO

/RJR DILUPDPRV TXH R MRJR GHYH VHU FRQVLGHUDGR XPD DWLYLGDGH HVSHFLILFDPHQWH KXPDQDUHSOHWDGHLQWHQFLRQDOLGDGHVTXHVHFRQVWLWXLHVHGHVHQYROYHDSDUWLUGDUHODomRLQWHU H LQWUDSHVVRDO GRV KRPHQV VHQGR TXH WDO UHODomR FRQILUPD D LPSRUWkQFLD GRV SURFHVVRV GH DSUHQGL]DJHPSDUDRGHVHQYROYLPHQWRKXPDQR

(20)

ϭϵ

,VVR LPSOLFD DILUPDU TXH R MRJR p DSUHQGLGR SHODV FULDQoDV D SDUWLU GD YLYrQFLD UHSUHVHQWDomR H UHFRQVWUXomR GDV UHODo}HV VRFLDLV HVWDEHOHFLGDV HP VXD YLGD FRWLGLDQD FRP RXWUDVFULDQoDVHFRPRVDGXOWRVDVXDYROWDSULQFLSDOPHQWHVHXVIDPLOLDUHVYL]LQKRVDPLJRV GDHVFRODSURIHVVRUHVGHQWUHRXWURVJUXSRVVRFLDLVFRPRVTXDLVVHUHODFLRQDHPVRFLHGDGHe QHVVD DWLYLGDGH GH MRJDU TXH WRGRV HVVHV SURFHVVRV FXOWXUDLV PDWHULDLV H VLPEyOLFRV UHODFLRQDLV UHSOHWR GH PDQLIHVWDo}HV H H[SUHVV}HV KXPDQDV VmR LQWHULRUL]DGRV H H[WHULRUL]DGRVQXPPRYLPHQWRGLDOpWLFRTXHJDUDQWHDVSRVVLELOLGDGHVSDUDDFRQVWUXomRGD FRQVFLrQFLDGDFULDQoD

$VVLPVHQGRUHVSDOGDGRVHP/HRQWLHYDSVXSHUDPRVDFRPSUHHQVmRGR MRJR HQTXDQWR DWLYLGDGH LQDWD H QDWXUDO GRV VHUHV KXPDQRV SRLV SDUD R DXWRU ³>@ D EULQFDGHLUDGDFULDQoDQmRpLQVWLQWLYDPDVSUHFLVDPHQWHKXPDQDREMHWLYDTXHSRUFRQVWLWXLU DEDVHGDSHUFHSomRTXHDFULDQoDWHPGRPXQGRGRVREMHWRVKXPDQRVGHWHUPLQDRFRQWH~GR GH VXDV EULQFDGHLUDV´ LVWR p R MRJR p XPD DWLYLGDGH HQJHQGUDGD D SDUWLU GD DWLYLGDGH HVSHFLILFDPHQWH KXPDQD GH VXD DomR QD QDWXUH]D WUDEDOKR H GHFRUUHQWH GDV UHODo}HV SUHVHQWHVQDYLGDHPVRFLHGDGH

(ONRQLQSFRPDLQWHQomRGHGDUDDWLYLGDGHGREULQFDUXPDYLVmRKLVWyULFD H FXOWXUDO ODQoD XPD KLSyWHVH GH FRPR IRL D SURYiYHO JrQHVH GR MRJR FRQVLGHUDQGR R SURFHVVRGHGHVHQYROYLPHQWRGRVKRPHQVHVXDUHODomRFRPDQDWXUH]D6HJXQGRRDXWRU

3RGHPRVLPDJLQDUTXHXPJUXSRGHFDoDGRUHVUHJUHVVRXGHXPDFDoDGDLQIUXWtIHUD 2IUDFDVVRIRLGHYLGRjGLVFRUGkQFLDQDVDo}HVFROHWLYDV3DUDJDUDQWLURr[LWRID]VH QHFHVViULRXPHQVDLRSUpYLRXPDRULHQWDomRVREUHDVFRQGLo}HVHDRUJDQL]DomRGD SUy[LPD H[SHGLomR 2 KRPHP DLQGD QmR HVWi FDSDFLWDGR SDUD UHDOL]DU XP HQVDLR PHQWDO H HVTXHPiWLFR RV SDUWLFLSDQWHV GD SURMHWDGD FDoDGD UHFRQVWLWXHP GH PRGR SUiWLFRHFRQFUHWRDVLWXDomRHDRUJDQL]DomRGDIXWXUDH[SHGLomR8PGRVFDoDGRUHV UHSUHVHQWD R DVWXWR DQLPDO H LPLWDOKH RV JHVWRV RV GHPDLV R SURFHVVR GH RUJDQL]DomRGDFDoD7UDWDVHGHXPDHVSpFLHGH³PDQREUD´HPTXHVHUHFRQVWURHP DV PLVV}HV IXQGDPHQWDLV GH FDGD XP GRV SDUWLFLSDQWHV GDV Do}HV FRQMXQWDV (VVH HQVDLR JHUDO GD SUy[LPD FDoDGD QmR SRVVXL GHWHUPLQDGDV FDUDFWHUtVWLFDV GD FDoDGD SURSULDPHQWHGLWDVREUHWXGRQRDVSHFWRWpFQLFRRSHUDWLYRGRSURFHVVRDXWrQWLFR

3DUD R DXWRU MXVWDPHQWH SRU VH WUDWDU GH XP ³HQVDLR GD FDoDGD´ H QmR D FDoDGD SURSULDPHQWHGLWDWDODWLYLGDGHUHDOL]DGDSHORVFDoDGRUHVDVVXPHFDUDFWHUtVWLFDVGHXPMRJR SRU UHSURGX]LU DOJXQV DVSHFWRV GD UHDOLGDGH DXWrQWLFD LGHDOL]DGD SHORV SDUWLFLSDQWHV (/.21,1

(21)

ϮϬ

(VVDGLIHUHQFLDomRGRSURFHVVR JHUDOGHWUDEDOKRDFDEDSRUVHWRUQDUUHSUHVHQWDWLYD VHQGR HQWmR UHFRQVWUXtGD H GHPRQVWUDGD SHORV KRPHQV DRV JUXSRV GRV TXDLV ID]HP SDUWH WUDQVIRUPDQGRVHFRQVHTXHQWHPHQWHHP³ULWRVPiJLFRV´(VVDVIRUPDVGHUHSUHVHQWDomRDR VH UHODFLRQDUHP FRP RXWUDV IRUPDV GH YLGD H GH FXOWXUD ³DGTXLUHP XPD OyJLFD GH GHVHQYROYLPHQWR SUySULD´ DFDUUHWDQGR DVVLP HP XP SURFHVVR FRQWtQXR GH GHPRQVWUDomRHQFHQDomRGHWDODWLYLGDGH(/.21,1S

(ONRQLQ S GHILQH R MRJR SRUWDQWR HP ³>@ XPD DWLYLGDGH HP TXH VH UHFRQVWURHPVHPILQVXWLOLWiULRVGLUHWRVDVUHODo}HVVRFLDLV´RTXHRFDUDFWHUL]DFRPRXPD DWLYLGDGH VRFLDO R TXDO DR VHU UHDOL]DGR VREUHWXGR SHODV FULDQoDV SRVVLELOLWD XP PRGR GLIHUHQFLDGRGHVHYLYHQFLDUVLWXDo}HVSUySULDVGRFRWLGLDQRDSUHHQGLGRHPVRFLHGDGH

&RQVLGHUDQGRDVVLPRSURFHVVRGHFRQVWLWXLomRHHYROXomRGRMRJRHPFDGDLQGLYtGXR VLQJXODU

>@QDLGDGHSUpHVFRODUVXUJHPQHFHVVLGDGHVHVSHFtILFDVLPSXOVRVHVSHFtILFRVTXH VmR PXLWR LPSRUWDQWHV SDUD R GHVHQYROYLPHQWR GD FULDQoD H TXH FRQGX]HP GLUHWDPHQWHjEULQFDGHLUD,VVRRFRUUHSRUTXHQDFULDQoDGHVVDLGDGHHPHUJHXPD VpULH GH WHQGrQFLDV LUUHDOL]iYHLV GH GHVHMRV QmRUHDOL]iYHLV LPHGLDWDPHQWH 9,*276.,S

3DUD9LJRWVNLSSRUWDQWR

e GLVVR TXH VXUJH D EULQFDGHLUD TXH GHYH VHU HQWHQGLGD FRPR XPD UHDOL]DomR LPDJLQiULDHLOXVyULDGHGHVHMRVLUUHDOL]iYHLVGLDQWHGDSHUJXQWD³SRUTXHDFULDQoD EULQFD"´ $ LPDJLQDomR p R QRYR TXH HVWi DXVHQWH QD FRQVFLrQFLD GD FULDQoD QD SULPHLUD LQIkQFLD DEVROXWDPHQWH DXVHQWH QRV DQLPDLV H UHSUHVHQWD XPD IRUPD HVSHFLILFDPHQWHKXPDQDGHDWLYLGDGHGDFRQVFLrQFLDHFRPRWRGDVDVIXQo}HVGD FRQVFLrQFLD IRUPDVH RULJLQDOPHQWH QD DomR $ YHOKD IyUPXOD VHJXQGR D TXDO D EULQFDGHLUDGHFULDQoDpLPDJLQDomRHPDomRSRGHVHULQYHUWLGDDILUPDQGRVHTXHD LPDJLQDomRQRVDGROHVFHQWHVHHVFRODUHVpDEULQFDGHLUDVHPDomR

&RQVLGHUDQGR HVVD SHUVSHFWLYD WHyULFD DILUPDVH SRUWDQWR TXH R MRJR WHP VXD SUHPLVVDQDVUHODo}HVVRFLDLVLVWRpQDUHFRQVWUXomRVLWXDomRLPDJLQiULDSHODVFULDQoDVGDV DWLYLGDGHV YLYHQFLDGDV H REVHUYDGDV QD UHDOLGDGH VRFLDO GD TXDO ID]HP SDUWH SRVVXLQGR LQWULQVHFDPHQWHHPVHX FRQWH~GRUHSUHVHQWDWLYRWDUHIDV HQRUPDVSUHVHQWHVQDFRQVWLWXLomR GRVSDSpLVSHUWHQFHQWHVjVRFLHGDGHGDTXDORVLQGLYtGXRVID]HPSDUWHVHQGRTXHpGDtTXHVH UHWLUDDEDVHPDWHULDOGHWDODWLYLGDGH

(22)

Ϯϭ

2IDWRSRUWDQWRGDSUHVHQoDGDVUHJUDVHGDVLWXDomRLPDJLQiULDQRVMRJRVQmRVHID] FDVXDO QD LQIkQFLD HOD VH DVVHQWD MXVWDPHQWH QD HPDQFLSDomR HP UHODomR DRV GHVHMRV LUUHDOL]iYHLV

2 SULPHLUR SDUDGR[R GD EULQFDGHLUD p TXH D FULDQoD RSHUD FRP R VLJQLILFDGR VHSDUDGDPHQWH PDV QXPD VLWXDomR UHDO 2 VHJXQGR p TXH D FULDQoD DJH QD EULQFDGHLUDSHODOLQKDGHPHQRVUHVLVWrQFLDRXVHMDHODID]RTXHPDLVGHVHMDSRLVD EULQFDGHLUDHVWiOLJDGDjVDWLVIDomR$RPHVPRWHPSRDSUHQGHDDJLUSHODOLQKDGH PDLRUUHVLVWrQFLDVXEPHWHQGRVHjVUHJUDVDVFULDQoDVUHFXVDPDTXLORTXHGHVHMDP SRLVDVXEPLVVmRjVUHJUDVHDUHFXVDjDomRLPSXOVLYDLPHGLDWDQDEULQFDGHLUDpR

FDPLQKRSDUDDVDWLVIDomRPi[LPD9,*276.,S

3DUWLQGRGHXPDDQiOLVHKLVWyULFDHQWHQGHVHTXHGXUDQWHDLQIkQFLDRVMRJRVVXSHUDP D PDQLSXODomR VHQVyULRPRWRUD GH REMHWRV FRQGX]LQGR D FULDQoD DR GHVHQYROYLPHQWR GH FDSDFLGDGHV PDLV FRPSOH[DV FRPR LPDJLQDomR DWHQomR H PHPyULD ID]HQGRD DYDQoDU VREUHPDQHLUD DR GHVHQYROYLPHQWR DQWHULRU TXH VH OLPLWDYD HVVHQFLDOPHQWH jV VHQVDo}HV H SHUFHSo}HV GRV REMHWRV j VXD YROWD H GDV UHODo}HV GLUHWDV H PRPHQWkQHDV VHQVRULDLV SHUFHSWLYDVHPRWRUDVQDUHODomRHVWDEHOHFLGDFRPRVDGXOWRV

/HRQWLHYDH(ONRQLQDILUPDPTXHDDWLYLGDGHGRMRJRpHVVHQFLDOSDUDR GHVHQYROYLPHQWRTXDOLWDWLYRHGLDOpWLFRGHIRUPDomRHFRQVWUXomRKXPDQDGDVFULDQoDVpD SRVVLELOLGDGH RIHUHFLGD SHOD DWLYLGDGH GR MRJR TXH ODQoD HVVHV VXMHLWRV QR PXQGR DGXOWR SRVVLELOLWDQGROKHV UHSURGX]LU DVVXPLU H UHFRQVWUXLU SDSpLV VRFLDLV SUHVHQWHV QD FXOWXUD FRQVWUXtGDSHODKXPDQLGDGH

.LVKLPRWRSLQGLFDTXHQRMRJRDLQWHUSUHWDomRGRSDSHOGRDGXOWRSHOD FULDQoD DSUHVHQWDVH FRPR XPD IRUPD GH VLPEROL]DomR GD UHDOLGDGH YLYLGD LVVR SRUTXH D FULDQoD³>@SDVVDGREULQTXHGRTXHUHSURGX]DDWLYLGDGHGRVDGXOWRVFRPRVREMHWRVSDUDD EULQFDGHLUDFXMRFRQWH~GREiVLFRWRUQDVHDUHSURGXomRGDVUHODo}HVGRVDGXOWRVHQWUHVLRX FRPFULDQoDV´(VVHIDWRFRPSURYDRSDSHOGHFLVLYRGDVUHODo}HVH[LVWHQWHVQDVRFLHGDGHH UHSURGX]LGDVSHODVFULDQoDVGXUDQWHDSDUWLFLSDomRHPDWLYLGDGHVGHMRJRQDHVFROD

&RQFRPLWDQWHPHQWHRVMRJRVRIHUHFHPRUHVSDOGRQHFHVViULRSDUDRVVXMHLWRVDJLUHP HP ³>@ GLIHUHQWHV VLWXDo}HV VHP WHU GH FRQVWUXLU VHX FRPSRUWDPHQWR D FDGD VLWXDomR´ '8$57( S $VVLP D DWLYLGDGH GR EULQFDU HVWi OLJDGD DRV FRQKHFLPHQWRV HPStULFRV DSURSULDGRV H REMHWLYDGRV TXH RULHQWDP R VXMHLWR HP VXDV Do}HV QD VRFLHGDGH GLDQWHGHWDQWDVVLWXDo}HVGLVWLQWDVTXHVXUJHPQRGHFRUUHUGHVXDYLGD

(23)

ϮϮ

UHSUHVHQWDo}HV HVSHFtILFDV GD VLWXDomR O~GLFD PDQLSXODU VXEVWLWXWRV GH REMHWRV FRQIHULQGR OKHV RXWURV VLJQLILFDGRV GLDORJDU FRP VHXV SDUHV H DJLU FRPR VH IRVVHP RXWUDV SHVVRDV 'LDQWH GLVVR SRGHVH FRPSUHHQGHU TXH RV MRJRV LQIOXHQFLDP GLUHWDPHQWH D FRQVWUXomR GRV DVSHFWRVFRJQLWLYRVDIHWLYRVPRWRUHVHVRFLDLVGDVFULDQoDV

2XWUDTXHVWmRLPSRUWDQWHDFHUFDGRVMRJRVUHODFLRQDVHjUHSURGXomRHjUHFRQVWUXomR GRVSDSpLVVRFLDLVDWLYLGDGHHVVDEDVWDQWHSUHVHQWHHHVVHQFLDOSDUDDFULDQoDHTXHWDPEpP HVWiOLJDGDDVLWXDomRLPDJLQiULD'DGDDUHODomRLQWUtQVHFDHQWUHRVMRJRVHRVSDSpLVVRFLDLV H[HUFLGRVSHODVSHVVRDVQDVRFLHGDGHID]VHQHFHVViULRH[SOLFLWDUVHJXQGR'XDUWHS TXH RV SDSpLV VRFLDLV ³>@ VmR XPD VtQWHVH GH DWLWXGHV SURFHGLPHQWRV YDORUHV FRQKHFLPHQWRV H UHJUDV GH FRPSRUWDPHQWR´ UHVSRQViYHLV SRU WRGR R SURFHVVR GH ³>@ PHGLDomR HQWUH R LQGLYtGXR H DV GHPDLV SHVVRDV HP GHWHUPLQDGDV FLUFXQVWkQFLDV VRFLDLV´ SRGHQGR UHODFLRQDUVH FRP DWLYLGDGHV SURILVVLRQDLV IDPLOLDUHV GH FODVVH VRFLDO JrQHUR GHQWUHRXWUDVDSUHVHQWDQGRDVVLPXPFDUiWHUGLVWLQWRHGLYHUVRHTXHSRGHVHUUHSURGX]LGRQDV UHODo}HVVRFLDLV

6HQGRDVVLP

2SDSHOTXHDFULDQoDLQWHUSUHWDHDVXDUHODomRFRPRREMHWRFDVRHVWHWHQKDVHX VLJQLILFDGRPRGLILFDGRVHPSUHGHFRUUHPGDVUHJUDVRXVHMDDVLWXDomRLPDJLQiULD HP VL PHVPD VHPSUH FRQWpP UHJUDV 1D EULQFDGHLUD D FULDQoD p OLYUH 0DV HVVD OLEHUGDGHpLOXVyULD9,*276.,S

2MRJRSRUWDQWRVHWRUQDLPSRUWDQWHLQVWUXPHQWRGHIRUPDomRHGHVHQYROYLPHQWRGD FULDQoD H SRU LVVR VREUHWXGR QR SURFHVVR HGXFDWLYR SUHFLVD VHU PDLV EHP FRQKHFLGR H GHYLGDPHQWH H[SORUDGR WHQGR HP YLVWD VXDV LPSRUWDQWHV SRVVLELOLGDGHV QR SURFHVVR GH FRQVWUXomRGDFRQVFLrQFLDHSHUVRQDOLGDGHGDFULDQoD

&RPRDILUPD'XDUWHRSURFHVVRGHIRUPDomRGDLQGLYLGXDOLGDGHKXPDQDSDVVD SRUGLIHUHQWHVHVWiJLRVVRFLDLVHKLVWyULFRVVHQGRTXHPXLWRVGHVVHVHVWiJLRVVHFRQVROLGDP QDVDWLYLGDGHVHGXFDWLYDVDSURSULDGDVHREMHWLYDGDVSHORVLQGLYtGXRVRTXHWRUQDQHFHVViULRD HIHWLYD XWLOL]DomR H UHDOL]DomR GH DWLYLGDGHV TXH FRQWULEXDP SDUD FRP R GHVHQYROYLPHQWR TXDOLWDWLYR GRV VHUHV KXPDQRV H QR FDVR GDV FULDQoDV RV MRJRV SDVVDP D VHU DWLYLGDGHV IXQGDPHQWDLVWHQGRHPYLVWDRPRPHQWRKLVWyULFRSHORTXDORVLQGLYtGXRVHVWmRSDVVDQGR SDUDDVVLPEHQHILFLiORVFRPXPDIRUPDomRTXHEXVTXHVXDHIHWLYDKXPDQL]DomR

(24)

Ϯϯ

LQGLVSHQViYHLV SDUD R GHVHQYROYLPHQWR GD LQGLYLGXDOLGDGH KXPDQD 1HVVD GLUHomR 'XDUWH SH[SOLFDTXH

$V FDUDFWHUtVWLFDV GR JrQHUR KXPDQR QmR VmR WUDQVPLWLGDV SHOD KHUDQoD JHQpWLFD SRUTXHQmRVHDFXPXODPQRRUJDQLVPRKXPDQR$VFDUDFWHUtVWLFDVIRUDPFULDGDVH GHVHQYROYLGDVDRORQJRGRSURFHVVRKLVWyULFRDWUDYpVGRSURFHVVRGHREMHWLYDomR JHUDGR D SDUWLU GD DSURSULDomR GD QDWXUH]D SHOR KRPHP $ DWLYLGDGH KXPDQD DR ORQJR GD KLVWyULD YDL FRQVWUXLQGR DV REMHWLYDo}HV GHVGH RV REMHWRVVWULFWR VHQVX EHPFRPRDOLQJXDJHPHDVUHODo}HVHQWUHRVKRPHQVDWpDVIRUPDVPDLVHOHYDGDV GH REMHWLYDo}HV JHQpULFDV FRPR D DUWH D ILORVRILD H D FLrQFLD &DGD LQGLYtGXR SUHFLVD VH DSURSULDU GH XP PtQLPR GHVVHV UHVXOWDGRV GD DWLYLGDGH VRFLDO H[LJLGR SHODVXDYLGDQRFRQWH[WRVRFLDOGRTXDOID]SDUWH

eLPSRUWDQWHHQIDWL]DUTXHpQDDDWLYLGDGHGREULQFDUTXHVHDSUHVHQWDPDVSULQFLSDLV FRQGLo}HVSDUDTXHDFULDQoDVHDSURSULHGRVREMHWRVFRQVWUXtGRVKLVWRULFDPHQWHSHORFRQMXQWR GRV KRPHQV R TXH WRUQD HVVHQFLDO D SUHVHQoD GHVVDV DWLYLGDGHV GHVGH TXH GHYLGDPHQWH PHGLDGDVQDYLGDGHVVHVLQGLYtGXRVVREUHWXGRGHQWURGRHVSDoRHVFRODU$RVHFRQVLGHUDUR SDSHOGDHVFRODHQTXDQWRLQVWLWXLomRUHVSRQViYHOSHODDSUHQGL]DJHPHGHVHQYROYLPHQWRGRV VHUHV KXPDQRV D PHVPD SRUWDQWR GHYH SRVVLELOLWDU DRV VXMHLWRV HVFRODUHV DV Pi[LPDV FRQGLo}HVGHGHVHQYROYLPHQWRKXPDQRDSDUWLUGDDSURSULDomRGDFXOWXUDFRQVWUXtGDKLVWyULFD HVRFLDOPHQWH

&RPRDILUPD%DNKWLQDDWLYLGDGHPHQWDOGRVVHUHVKXPDQRVpGHWHUPLQDGDQmR SRU TXHVW}HV RUJkQLFDV RX LQWHULRUHV DRV LQGLYtGXRV H VLP SHODV VLJQLILFDo}HV H VHQWLGRV YLYHQFLDGRVHDSUHHQGLGRVDSDUWLUGRVVLJQRVFXOWXUDLVSUHVHQWHVQRFRWLGLDQR$SDUWLUGHVVD FRQVLGHUDomR GR DXWRU SRGHPRV FRPSUHHQGHU TXH DV H[SUHVV}HV DSUHVHQWDGDV SHOD FULDQoD GXUDQWHRVMRJRVQmRVmRRUJDQL]DGDVSHORVHXPHLRLQWHULRUPDVVLPSHORPHLRVRFLDODTXDO SHUWHQFHPHIHWLYDQGRDVVLPDVFRQGLo}HVSDUDGHVHQYROYHUHPVHXVSURFHVVRVLQWHULRUHV

5HIRUoDQGR D HVVHQFLDOLGDGH GHVVDV DWLYLGDGHV O~GLFDV SDUD D IRUPDomR KXPDQL]DGD GDVFULDQoDV$UFHH'XDUWHSDILUPDPTXHRVMRJRVLQIOXHQFLDPGHFLVLYDPHQWHR GHVHQYROYLPHQWR GD FULDQoD $R EULQFDU D FULDQoD DSUHQGH D VHU H D DJLU QR PXQGR LQWHUDJLQGR FRP DV FRLVDV H FRP DV SHVVRDV SRLV p D SDUWLU GDV Do}HV REMHWLYDV SUiWLFDV UHDOL]DGDV TXH HOD HVWUXWXUD H DPSOLD VHXV SURFHVVRV LQWHUQRV RULHQWDQGR RXWUDV Do}HV SUiWLFDVPDLVDXW{QRPDVHFRPSOH[DVIDWRHVVHTXHDFRQWHFHGHIRUPDFRQWtQXDHSURFHVVXDO SURYRFDQGRPXGDQoDVTXDOLWDWLYDVQDIRUPDomRGHVXDFRQVFLrQFLDHSHUVRQDOLGDGH

'HDFRUGRFRP9LJRWVNLS

(25)

Ϯϰ

UHDOL]Do}HVGDFULDQoDTXHDPDQKmVHWUDQVIRUPDUmRHPVHXQtYHOPpGLRUHDOHP VXDPRUDO

1mRSRGHPRVGHL[DUGHFRQVLGHUDUQRHQWDQWRXPDTXHVWmRHVVHQFLDOSDUDRSURFHVVR GHGHVHQYROYLPHQWRGDVEULQFDGHLUDVSDUDTXHSRVVDPRVHQWHQGHUVXDHVVrQFLDLVWRp³3RU TXHDVFULDQoDVEULQFDP"´

$HVVrQFLDGDEULQFDGHLUDpTXHHODpDUHDOL]DomRGHGHVHMRVPDVQmRGHGHVHMRV LVRODGRV H VLP GH DIHWRV JHQHUDOL]DGRV 1D LGDGH SUpHVFRODU D FULDQoD WHP FRQVFLrQFLD GH VXDV UHODo}HV FRP RV DGXOWRV UHDJH D HOHV FRP DIHWR PDV GLIHUHQWHPHQWH GR TXH DFRQWHFH QD SULPHLUD LQIkQFLD JHQHUDOL]D HVVDV UHDo}HV DIHWLYDVDDXWRULGDGHGRVDGXOWRVLPS}HOKHUHVSHLWRHWF$SUHVHQoDGHWDLVDIHWRV JHQHUDOL]DGRV QD EULQFDGHLUD QmR VLJQLILFD TXH D FULDQoD HQWHQGD SRU VL PHVPD RV PRWLYRV SHORV TXDLV D EULQFDGHLUD p LQYHQWDGD H WDPEpP QmR TXHU GL]HUTXH HOD R IDoD FRQVFLHQWHPHQWH 3RUWDQWR HOD EULQFD VHP WHU D FRQVFLrQFLD GRV PRWLYRV GD DWLYLGDGH GD EULQFDGHLUD e LVVR TXH HVVHQFLDOPHQWH GLVWLQJXH D EULQFDGHLUD GH RXWURVWLSRVGHDWLYLGDGHVFRPRRWUDEDOKR(PJHUDOGHYHVHGL]HUTXHDHVIHUDGH PRWLYRV Do}HV LPSXOVRV HVWi UHODFLRQDGD jTXHODV HVIHUDV PHQRV FRQVFLHQWHV H VH WRUQDSOHQDPHQWHDFHVVtYHOjFRQVFLrQFLDDSHQDVQDLGDGHGHWUDQVLomR6RPHQWHR DGROHVFHQWHFRQVHJXHUHVSRQGHUSRUTXHHOHID]LVVRRXDTXLOR9,*276., S

(QWmRDHVVrQFLDGDEULQFDGHLUDUHVLGHQRIDWRGHTXHQHODDFULDQoDFRQVHJXHVXSHUDU GHVHMRV LUUHDOL]iYHLV FRQVLGHUDQGR TXH D SDUWLU GH WRGRV RV DVSHFWRV UHODFLRQDGRV j VXD VLWXDomR KLVWyULFD GH GHVHQYROYLPHQWR DOJXPDV DWLYLGDGHV VH WRUQDP LPSRVVtYHLV GH VHUHP UHDOL]DGDVQRSODQRUHDOFRQFUHWR7DOIDWRQRVPRVWUDRTXDQWRDEULQFDGHLUDFRQWULEXLSDUD TXHDFULDQoDVHVLQWDSDUWHGRPXQGRTXHDURGHLD

$FUHGLWDPRVVHUQHFHVViULRH[SODQDUTXHHVVDSDVVDJHPGDFULDQoDGDSUpHVFRODSDUD HVFROD VH FRQILJXUD HQTXDQWR XP SHUtRGR WUDQVLWyULR LPSRUWDQWtVVLPR SDUD DV FRQGLo}HV GH GHVHQYROYLPHQWRGDYLGDSVtTXLFDLQIDQWLO&RPRDILUPD/HRQWLHYS

1mRSRGHUHPRVGHL[DUGHQmRGDUDPDLRULPSRUWkQFLDDHVWHDFRQWHFLPHQWRQDYLGD GDFULDQoD7RGRRVLVWHPDGDVVXDVUHODo}HVYLWDLVVHRUJDQL]D2HVVHQFLDOQmRp HYLGHQWHPHQWH R IDWR GH HOD VHU REULJDGD D ID]HU TXDOTXHU FRLVD HOD Mi WLQKD REULJDo}HV DQWHV GH HQWUDU SDUD D HVFROD 2 HVVHQFLDO p TXH GRUDYDQWH DV VXDV REULJDo}HV QmR VmR DSHQDV SDUD FRP RV SDLV H R HGXFDGRU VmR REMHWLYDPHQWH REULJDo}HVUHODWLYDVjVRFLHGDGH'DVXDUHDOL]DomRGHSHQGHUmRRVHXOXJDUQDYLGDD VXDIXQomRHRVHXSDSHOVRFLDOHSRUWDQWRFRPRFRQVHTXrQFLDWRGRRFRQWH~GRGD VXDYLGDIXWXUD

(26)

Ϯϱ

VRFLDLVQDVTXDLVHVWmRGHWHUPLQDGRVRVSDSpLVVRFLDLVDVUHODo}HVVRFLDLVRWUDEDOKRGHQWUH RXWURV DVSHFWRV UHODFLRQDGRV j YLGD GH FDGD VHU KXPDQR H VXD SHUWHQoD HQTXDQWR SDUWH H WRWDOLGDGHGDVRFLHGDGHVREUHWXGRWHQGRHPYLVWDDFRQWUDULHGDGHTXHSRGHVHDSUHVHQWDUQD EULQFDGHLUD VH FRQVLGHUDUPRV TXH YLYHPRV HP XPD VRFLHGDGH TXH DOLHQD RV LQGLYtGXRV RV TXDLVDFRQVWLWXL

$VVLPVHQGRWUDUHPRVQRSUy[LPRFDStWXORDGLVFXVVmRDFHUFDGHVVHVDVSHFWRVFLWDGRV DQWHULRUPHQWHFRQVLGHUDQGRDVLQIOXrQFLDVHFDUDFWHUtVWLFDVSUHVHQWHVQDVRFLHGDGHFDSLWDOLVWD VRFLHGDGHHVVDUHVSRQViYHOHPHIHWLYDUHUHSURGX]LUGHIRUPDLGHROyJLFDHWDPEpPSUiWLFD DVUHODo}HVVRFLDLVSUHVHQWHVHPVXDUHDOLGDGHFRQVLGHUDQGRTXHDTXHVWmRGDGLYLVmRVRFLDO GRV SDSpLV HIHWLYDVH j PHGLGD TXH YLYHPRV QR LQWHULRU GH XPD VRFLHGDGH KLHUDUTXL]DGD H GLYLGLGDHPFODVVHVDTXDOVHWRUQDIUDJPHQWDGDSHODGLYLVmRVRFLDOGRWUDEDOKRGDVUHODo}HV HFRQ{PLFDV H VRFLDLV TXH QD PDLRULD GDV YH]HV VmR PHGLDGDV SRU SURFHVVRV DOLHQDGRV H DOLHQDQWHVFRPRDILUPDP0DU[H(QJHOV'LDQWHGHVVDFRQGLomRSUySULDGDVRFLHGDGH FDSLWDOLVWD SRGHPRV DILUPDU TXH WDPEpP RV MRJRV SRGHP DSUHVHQWDU DVSHFWRV GH FDUiWHU DOLHQDGR H DOLHQDQWH IDWR TXH SUHFLVD VHU LQYHVWLJDGR H VH DSUHVHQWD HQTXDQWR GLVFXVVmR FHQWUDOGHVVDSHVTXLVD

(27)

Ϯϲ

$/,(1$d­2 62&,$/ &$3,7$/,67$ (6&2/$ ( 352&(662 '(

)250$d­2 '26 ,1',9Ë'826 $3217$0(1726 $&(5&$ '2

'(6(192/9,0(172'$&216&,Ç1&,$

>@ 2 WUDEDOKR SURGX] PDUDYLOKDV SDUD RV ULFRV PDV SURGX] SULYDomR SDUD R WUDEDOKDGRU3URGX]SDOiFLRVPDVFDYHUQDVSDUDRWUDEDOKDGRU3URGX]EHOH]DPDV GHIRUPDomRSDUDRWUDEDOKDGRU6XEVWLWXLRWUDEDOKRSRUPiTXLQDV PDVODQoD XPD SDUWHGRVWUDEDOKDGRUHVGHYROWDDXPWUDEDOKREiUEDURHID]GDRXWUDSDUWHPiTXLQDV 3URGX] HVStULWR PDV SURGX] LPEHFLOLGDGH FUHWLQLVPR SDUD R WUDEDOKDGRU 0$5; S

&RPHoDPRVHVVHFDStWXORFRPXPDFLWDomRGH0DU[VREUHWXGRSHODULTXH]D FRPTXHWUDWDRWHPDGDDOLHQDomRHVXDVHVSHFLILFLGDGHVQDVRFLHGDGHFDSLWDOLVWDWUDQVSRQGR DV PD]HODV SUHVHQWHV QDV UHODo}HV VRFLDLV H GH WUDEDOKR QR FDSLWDOLVPR EHP FRPR DV FRQVHTXrQFLDVSDUDDIRUPDomRGDLQGLYLGXDOLGDGHKXPDQD

6HQGR DVVLP FRPR ILFRX HYLGHQFLDGR QHVVD SULPHLUD FLWDomR EXVFDUHPRV UHDOL]DU QHVVHFDStWXORXPDGLVFXVVmRDFHUFDGDDOLHQDomRSUHVHQWHQDVRFLHGDGHFDSLWDOLVWDEHPFRPR VXDSUHVHQoDLQDOLHQiYHOGHQWURGDVHVFRODVREYLDPHQWHSRUVHUHVWDXPDLQVWLWXLomRTXHVH ID] SUHVHQWH H VH PDQWrP D SDUWLU GHVVD UHDOLGDGH H VREUHWXGR FRQVLGHUDQGR R VHX SDSHO HQTXDQWRIRUPDGRUDGHLQGLYtGXRVDVXDUHODomRHLPSRUWkQFLDHPSHUSHWXDUWDLVFRQGLo}HV DOLHQDGDV

&RQVLGHUDQGRTXHpQDLQIkQFLDTXHDFULDQoDUHSURGX]UHFRQVWUyLDVUHODo}HVVRFLDLV YLYHQFLDGDVHPVHXFRWLGLDQRDSDUWLUGRVMRJRVQRVHQWLGRGH³YLYHU´H[SHULrQFLDVGRPXQGR DGXOWRHPVXDVDWLYLGDGHVSDUDVHVHQWLUSDUWLFLSDQGRUHDOPHQWHGRSURFHVVRGHYLGDDGXOWDH GHVWDIRUPDHQFRQWUDUDVFRQGLo}HVSDUDDPSOLDUVXDVDo}HVGHVHQYROYHUVXDFULDWLYLGDGHH LPDJLQDomR QD FRQVWUXomR GD VXD LQGLYLGXDOLGDGH H FRQTXLVWDQGR XPD UHODWLYD DXWRQRPLD /(217,(9 E GHIHQGHPRV TXH R SURIHVVRU DR WUDEDOKDU FRP FULDQoDV DVVXPH D LPSRUWDQWHWDUHIDQDFULDomRGHSRVVLELOLGDGHVHIHWLYDVGHGHVHQYROYLPHQWRKXPDQRQDHVFROD WHQGRFRPRREMHWLYRRSURFHVVRGHVRFLDOL]DomRGDVFULDQoDVSDUDTXHHVWDVSRVVDPDYDQoDU DFDGDGLDQRVHXSURFHVVRGHGHVHQYROYLPHQWRHKXPDQL]DomR0(//2

(28)

Ϯϳ

LVWRpKLHUDUTXLDHUHODo}HVGHGRPLQDomRHVWDEHOHFLGDVHQWUHVHXVSDSpLVUHSUHVHQWDWLYRVTXH OHYDPjGRPLQDomRSDUDILQVSDUWLFXODUHVQDVIRUPDVGHUHODo}HVVRFLDLVPDQWLGDVHQWUHRV LQGLYtGXRVHPVHXLQWHULRU

$ SDUWLU GH WDO REVHUYDomR ILFD HYLGHQWH R TXDQWR DV UHODo}HV VRFLDLV DOLHQDGDV SUHVHQWHV WDQWR HP kPELWR PDLV JHUDO TXDQWR GHQWUR GR HVSDoR HVFRODU FRQVWLWXHP LPSRUWDQWHVHQHFHVViULRVHOHPHQWRVGHDQiOLVHSDUDHQWHQGHUPRVRSURFHVVRGHIRUPDomRGD FRQVFLrQFLD LQIDQWLO TXH VH HIHWLYD QD UHSUHVHQWDomRUHFRQVWUXomR GH WDLV UHODo}HV VRFLDLV GHQWURGDDWLYLGDGHGRMRJR

'HDFRUGRFRP0DU[DSXG0(//2S

p D DOLHQDomR TXH SURPRYH D UXSWXUD H R GLVWDQFLDPHQWR HQWUH D SRVVLELOLGDGH GD DWLYLGDGH KXPDQD FDGD YH] PDLV P~OWLSOD H XQLYHUVDO H D REMHWLYDomR HIHWLYD GR KRPHP VLQJXODU TXH VH Gi GH IRUPD FDGD YH] PDLV XQLODWHUDO SRVVtYHO SHOD DSURSULDomRFDGDYH]PDLVULFDGDUHDOLGDGHTXHSHUPLWHDREMHWLYDomRWDPEpPFDGD YH]PDLVULFDHXQLYHUVDOGRVHUKXPDQR6REDDOLHQDomRSUySULDGDGLYLVmRVRFLDO GRWUDEDOKRDDWLYLGDGHKXPDQL]DGRUDGRJrQHURKXPDQRWHPVHHIHWLYDGRjFXVWDGD PDLRULD GRV KRPHQV R TXH VLJQLILFD TXH HVVD JUDQGH PDLRULD FRQWULEXL SDUD R GHVHQYROYLPHQWRGRJrQHURKXPDQRPDVDDSURSULDomRGHVWDJHQHULFLGDGHLVWRp GDV SRVVLELOLGDGHV WLSLFDPHQWH KXPDQDV SHOD PDLRULD WHP VLGR FDGD YH] PDLV tQILPD

$ SDUWLU GLVVR HQWHQGHPRV TXH D VRFLHGDGH FDSLWDOLVWD DR PHVPR WHPSR HP TXH SURGX] DV Pi[LPDV SRVVLELOLGDGHV GH GHVHQYROYLPHQWR GR JrQHUR KXPDQR HP WRGRV RV kPELWRVFRQVLGHUDQGRRVDOFDQFHVWHFQROyJLFRVHSURGXo}HVFXOWXUDLVPDWHULDLVHLPDWHULDLV LPSHGH TXH WRGRV HVVHV EHQHItFLRV H SRVVLELOLGDGHV GH GHVHQYROYLPHQWR KXPDQL]DGR VHMDP DSURSULDGRVHREMHWLYDGRVSHODPDLRULDGDVSHVVRDVHVWDQGRDRDOFDQFHGHDSHQDVXPDtQILPD SDUFHOD GD SRSXODomR SULQFLSDOPHQWH GLVSRQtYHO DRV PHPEURV GDV FODVVHV GRPLQDQWHV H GHWHQWRUHVGRFDSLWDO

$VVLP VHQGR D DOLHQDomR GH DFRUGR FRP 0DUNXV S DSXG 0(//2 Sp

>@ HVVD GLVFUHSkQFLD QD TXDO D HYROXomR KLVWyULFD GD KXPDQLGDGH GLVFUHSD GD HYROXomR GRV LQGLYtGXRV H R HIHLWR DXWRFRQILJXUDGRU GR LQGLYtGXR IDWRU GH DXWR GHVHQYROYLPHQWRGDDWLYLGDGHKXPDQDVyDSDUHFHQRSODQRVRFLDOJOREDOHQmRFRPR FRQILJXUDGRU GR LQGLYtGXR H HOHPHQWR GH GHVHQYROYLPHQWR GD SHUVRQDOLGDGH QD DWLYLGDGHGRSUySULRLQGLYtGXR

(29)

Ϯϴ

YHQGHUVXDIRUoDGHWUDEDOKR³2WUDEDOKDGRUVHWRUQDXPDPHUFDGRULDWmRPDLVEDUDWDTXDQWR PDLVPHUFDGRULDVFULD´3RUWDQWRVDOLHQWDRDXWRUDRPHVPRWHPSRHPTXHVHYDORUL]DHVH DSULPRUDR³PXQGRGDVFRLVDV´DSDUWLUGDSURGXomRGRVKRPHQVVHGHVYDORUL]DRVSUySULRV KRPHQV UHVSRQViYHLV SRU HVVD SURGXomR LVWR p RV WUDEDOKDGRUHV HVWmR LPSHGLGRV GH VH DSURSULDUHPGRVSUySULRVSURGXWRVTXHSURGX]HP

2 WUDEDOKR DOLHQDGR HQWHQGLGR HQTXDQWR DWLYLGDGH DOLHQDGD SRUWDQWR ³QmR SURGX] VRPHQWH PHUFDGRULDV HOH SURGX] D VL PHVPR H DR WUDEDOKDGRU FRPR XPD PHUFDGRULD´ 0$5; S LVWR p RV KRPHQV DOpP GH QmR VH DSURSULDUHP GRV SURGXWRV GH VHX WUDEDOKR GH VXD DWLYLGDGH QD QDWXUH]D WDPEpP VHX WUDEDOKR VXD DWLYLGDGH TXH VHULD UHVSRQViYHOSHORVHXGHVHQYROYLPHQWRTXDOLWDWLYRWRUQDVHDOLHQDGDGHVYLQFXODGDGDYLGDGRV VXMHLWRVGHL[DGHVHUDWLYLGDGHYLWDOUHVSRQViYHOSRUVHXGHVHQYROYLPHQWRKXPDQL]DGR

&RQWXGR QD PHGLGD HP TXH D DOLHQDomR HVWUDQKD R KRPHP GR VHX SURGXWR LVWR p LPSHGHTXHRPHVPRVHDSURSULHGRSUySULRSURGXWRGRVHXWUDEDOKRHDOLHQDRKRPHPGR SUySULR DWR GH SURGXomR GR SURFHVVR GH SURGXomR WDPEpP DOLHQD R KRPHP GH VHX VHU JHQpULFRSRLVVHJXQGR0DU[

)D]OKHGDYLGDJHQpULFDDSHQDVXPPHLRGDYLGDLQGLYLGXDO3ULPHLURHVWUDQKDD YLGD JHQpULFD DVVLP FRPR D YLGD LQGLYLGXDO 6HJXQGR ID] GD ~OWLPD HP VXD DEVWUDomRXPILPGDSULPHLUDLJXDOPHQWHHPVXDIRUPDDEVWUDWDHHVWUDQKDGD3RLV SULPHLUDPHQWH R WUDEDOKR DDWLYLGDGH YLWDODYLGD SURGXWLYDPHVPD DSDUHFH DR KRPHPDSHQDVFRPRXPPHLRSDUDDVDWLVIDomRGHXPDFDUrQFLDDQHFHVVLGDGHGH PDQXWHQomRGDH[LVWrQFLDItVLFD>@$YLGDPHVPDDSDUHFHVyFRPRPHLRGHYLGD

S

2XWURDVSHFWRTXHVXUJHDSDUWLUGRWUDEDOKRDOLHQDGRLVWRp

>@GHRKRPHPHVWDUHVWUDQKDGRGRSURGXWRGRVHXWUDEDOKRGHVXDDWLYLGDGHYLWDOH GHVHXVHUJHQpULFRpRHVWUDQKDPHQWRGRKRPHPSHOR>SUySULR@KRPHP4XDQGRR KRPHPHVWiIUHQWHDVLPHVPRGHIURQWDVHFRPHOHRRXWURKRPHP2TXHpSURGXWR GDUHODomRGRKRPHPFRPRVHXWUDEDOKRSURGXWRGHVHXWUDEDOKRHFRQVLJRPHVPR YDOH FRPR UHODomR GR KRPHP FRP RXWUR KRPHP FRPR R WUDEDOKR H R REMHWR GR WUDEDOKRGHRXWURKRPHP0$5;S

$VVLP VHQGR DWUDYpV GR WUDEDOKR DOLHQDGR RX ³HVWUDQKDGR H[WHULRUL]DGR´ FRPR DILUPD0DU[S³RWUDEDOKDGRUHQJHQGUDSRUWDQWRDUHODomRGHDOJXpPHVWUDQKR DRWUDEDOKRGRKRPHPVLWXDGRIRUDGHOHFRPHVWHWUDEDOKR$UHODomRGRWUDEDOKDGRUFRPR WUDEDOKR HQJHQGUD D UHODomR GR FDSLWDOLVWD FRP R WUDEDOKR´ FRQVHTrQFLD GLVVR VH Gi QD SURSULHGDGH SULYDGD TXH p ³SRUWDQWR R SURGXWR R UHVXOWDGR D FRQVHTXrQFLD QHFHVViULD GR

(30)

Ϯϵ

FRQVLJRPHVPR´

&RPRFRQVHTrQFLDGHVVHSURFHVVRGHHVWUDQKDPHQWRQRSODQRSVLFROyJLFRSRUPHLR GDVFRQGLo}HVDOLHQDGDVSUHVHQWHVQDDWLYLGDGHDIRUPDomRGDFRQVFLrQFLDVHGiGHXPDIRUPD IUDJPHQWDGD IDWR TXH VHUi GLVFXWLGR PDLV SURIXQGDPHQWH QR SUy[LPR FDStWXOR DFHUFD GR GHVHQYROYLPHQWRGDFRQVFLrQFLDDSDUWLUGDVUHODo}HVGHDOLHQDomR

&RQVHTXHQWHPHQWHWXGRRTXHpSURGX]LGRSHORFRQMXQWRGRVKRPHQVILFDOLPLWDGRH pXVXIUXtGRDSHQDVSRUXPDSHTXHQDSDUFHODGDVRFLHGDGHLVWRpDTXHOHVTXHGHWrPRFDSLWDO VmRGRQRVGDVIRUoDVGHWUDEDOKR7RGRHVVHSURFHVVRDSUHVHQWDFRPRIUXWRGHVXDVPD]HODVj GHVXPDQL]DomRVRFLDOVREUHWXGRSHODIRUPDFRPRHVWiVHQGRHQJHQGUDGDDFRQVFLrQFLDGRV VHUHVKXPDQRVDSDUWLUGHVVDVUHODo}HVGHDOLHQDomRTXHVmRLQWUtQVHFDVDPiTXLQDFDSLWDOLVWD HIHWLYDQGRDVVLPDDWXDOEDUEiULHVRFLDO0e6=È526

6HJXQGR 0pV]iURV FRQVLGHUDQGR D GLVFXVVmR UHDOL]DGD DWp R SUHVHQWH PRPHQWR D DOLHQDomR p FDUDFWHUL]DGD SHOD XQLYHUVDOL]DomR GR PHUFDGR HP TXH WXGR p WUDQVIRUPDGRHPPHUFDGRULDWXGRSDVVDDWHUYDORUGHWURFDHLVVROHYDWDPEpPjFRQYHUVmR GRVVHUHVKXPDQRVHPREMHWRVDVHUHPFRPSUDGRVHFRPHUFLDOL]DGRVHSHODIUDJPHQWDomRGR VRFLDOHPLQGLYLGXDOLVPRVHJRtVWDVQRTXHWDQJHDIUDJPHQWDomRGHVXDFRQVFLrQFLDDSDUWDGD GDQHFHVVLGDGHHGDLPSRUWkQFLDGRFROHWLYRSDUDVHXSUySULRGHVHQYROYLPHQWRDVVLPRTXH YDOHpRVHULVRODGRGHWRGDDVRFLHGDGHVXDVSDUWLFXODULGDGHVID]HQGRGHVVHHJRtVPRXPVHU PHWDItVLFRTXHJDUDQWHDPDQXWHQomRGRVHX³FXOWRiSULYDFLGDGH´

2WUDEDOKRGHYHULDVHUSDUDRWUDEDOKDGRUDPDQLIHVWDomRGHVXDSUySULDYLGDPDVHOH YHQGH HVVD IRUoD GH WUDEDOKR HVVD DWLYLGDGH SDUD FRQVHJXLU VREUHYLYHU JDUDQWLQGR VHXV DVSHFWRVELROyJLFRV3RUWDQWRRWUDEDOKRpSDUDRWUDEDOKDGRUDSHQDVXPPHLRGHH[LVWrQFLD /RJRWUDEDOKRWRUQRXVHXPDPHUFDGRULDTXHHOHYHQGHDRXWUDSHVVRDHSRULVVRRSUySULR REMHWRSURGX]LGRQmROKHpXPDVDWLVIDomRHVLPRVDOiULRREWLGRFRPDSURGXomR$VVLPD YLGDGHVVHVVXMHLWRVQmRpHQ[HUJDGDQRWUDEDOKRHODVyVHLQLFLDIRUDGHOHQRVPRPHQWRVGH ³OD]HU´GH³RFLRVLGDGH´GH³VRQR´ID]HQGRFRPTXHHVVDVSHVVRDVVHDOLHQHPEUXWDOPHQWH HPUHODomRjVXDHPDQFLSDomRKXPDQDHDFRQVWUXomRGHXPGHVHQYROYLPHQWRKXPDQL]DGRU 0e6=È526

(VWHPHVPRDXWRUDSDUWLUGHHVWXGRVGDVREUDVGH0DU[VREUHWXGRGRV0DQXVFULWRV (FRQ{PLFRILORVyILFRV0$5;EXVFDFRQILJXUDUXPDUHODomRHQWUHWDLVDVSHFWRVGD REUD PDU[LDQD DSUR[LPDQGRDV GH XPD LQWHUSUHWDomR SDXWDGD HP TXHVW}HV HFRQ{PLFDV SROtWLFDVRQWROyJLFDVPRUDLVHHVWpWLFDVVHQGRTXHWDOLQWHUSUHWDomRVHUiDJRUDDSUHVHQWDGD QRLQWXLWRGHIRUWDOHFHUDLGHLDDWpDTXLSURSRVWD

(31)

ϯϬ

FRQFHLWRVGDWHRULDPDU[LDQDHQJHQGUDGRVDSDUWLUGR³WUDEDOKRHVWUDQKDGR´HPTXHRKRPHP QmRVHHQ[HUJDHPVHXWUDEDOKRHQHPQRSURGXWRFRQVWUXtGRSRUHOHLVWRp³RWUDEDOKRQmR SURGX]VRPHQWHPHUFDGRULDVHOHSURGX]DVLPHVPRHDRWUDEDOKDGRUFRPRXPDPHUFDGRULD´ 0$5;1HVVHDVSHFWRWDPEpPVHID]SUHVHQWHDGLVFXVVmRHPUHODomRj³SURSULHGDGH SULYDGD´TXHVHJXQGR0DU[XPDSURGXomRPDWHULDOXPREMHWRVypQRVVRTXDQGR SRVVXtGRV HP IRUPD GH FDSLWDO TXDQGR p GLUHWDPHQWH FRQVXPLGR XPD SURSULHGDGH SULYDGDPHQWHPDQWLGDSRUQyVSRUWDQWRTXDQGRHVWHREMHWRpXWLOL]DGRGHDOJXPDPDQHLUD SRUQyV

2XWUDTXHVWmRLPSRUWDQWHDVHUGLVFXWLGDpD³GLYLVmRVRFLDOGRWUDEDOKR´QDTXDODLQGD VHJXQGR0DU[RVWUDEDOKDGRUHVSRVVXLGRUHVVRPHQWHGHVXD³PmRGHREUD´UHDOL]DP DWLYLGDGHVFDGDYH]PDLVIUDJPHQWDGDVID]HQGRFRPTXHRVPHVPRVQmRVHHQ[HUJXHPQR SURGXWR ILQDO GH VHX WUDEDOKR R TXH ID] FRP TXH RV DWRV GH SURGXomR WDPEpP VH WRUQHP DOLHQDGRV OHYDQGR D GLYLVmR D XP SDWDPDU PDLV HOHYDGR R GD GLYLVmR GDV DWLYLGDGHV PDWHULDLVFRQWUDDGLYLVmRLQWHOHFWXDOGRWUDEDOKRHPTXHDPDLRULDGDSRSXODomRVRPHQWH WHPDRIHUHFHUVXDIRUoDGHWUDEDOKRHDPLQRULDSRVVXLWRGRVRVPHLRVGHSURGXomRHDVVLP WRUQDPVH³GRQRV´WDPEpPGDIRUoDGHWUDEDOKRVHQGRTXHWDLVSRVVLELOLGDGHVHQFDPLQKDPR SURFHVVR GH FRQVWUXomR GD FRQVFLrQFLD KXPDQD H SRU LVVR SUHFLVDPRV FRPSUHHQGHU DV YLFLVVLWXGHVGDVUHODo}HVDOLHQDGDVQDVRFLHGDGHFDSLWDOLVWDHVXDVLPSOLFDo}HVQDFRQVFLrQFLD KXPDQD

2XWURDVSHFWRDVHUGLVFXWLGRGL]UHVSHLWRjTXHVWmRSROtWLFDTXHVHFRQILJXUDGHQWUR GD UHDOLGDGH FDSLWDOLVWD FRPR XP RUJDQLVPR HVSHFLDO GH UHSUHVVmR D IDYRU GDV FODVVHV GRPLQDQWHVEXVFDQGRGDURPtQLPRGHFRQGLo}HVGHYLGDSDUDTXHRVWUDEDOKDGRUHVFRQVLJDP UHDOL]DUVHXWUDEDOKRGHIRUPDDGHTXDGDFRQWULEXLQGRSDUDDPDQXWHQomRGROXFURGDPLQRULD HGLVSRQLELOL]DQGRXPVDOiULRPtQLPRSDUDDJUDQGHPDLRULDGDVRFLHGDGHVDOiULRHVVHTXH PXLWDVYH]HVQmRJDUDQWHQHPRQHFHVViULRSDUDVXSULUQHFHVVLGDGHVELROyJLFDVGRVLQGLYtGXRV DOLHQDGRV0e6=È526

&RQVHTXHQWHPHQWH RXWUD GLVFXVVmR D VHU DSUHVHQWDGD VH FRQILJXUD QRV DVSHFWRV RQWROyJLFRVHPRUDLVGHSURGXomRGRVHUKXPDQRDOLHQDGRFDUDFWHUL]DQGRVHSHODDOLHQDomR GR KRPHP HP UHODomR DR VHX VHU JHQpULFR LVWR p R VHX DVSHFWR RQWROyJLFR (VVD UHODomR GLFRW{PLFD DSUHVHQWD FRPR UHVXOWDGR DSDUHQWH D QmR KLVWRULFLGDGH GRV SURFHVVRV GH FRQVWLWXLomRGDVRFLHGDGHHFRQVHTXHQWHPHQWHGRVKRPHQVQDWXUDOL]DQGRRLQGLYLGXDOLVPR GH WDO IRUPD TXH HVWH DSDUHQWHPHQWH VH ID] HQTXDQWR DOJR SUHVHQWH QD QDWXUH]D ELROyJLFD KXPDQD

(32)

ϯϭ

TXDO HVVH PDWHULDO SURGX]LGR KLVWRULFDPHQWH SHOR FRQMXQWR GRV KRPHQV QD PHGLGD HP TXH SRVVXLR³SRGHU´GHWXGRFRPSUDUJDQKDIRUoDVPHWDItVLFDVRQLSUHVHQoDWRUQDVHREMHWRGH SRVVHVVmR H GHVHMR DWULEXLQGR DVVLP D HVVH PDWHULDO KLVWyULFR R SDSHO GH IRUQHFLPHQWR GH ³OLEHUGDGHDEVROXWD´SDUDRVHUKXPDQR

2~OWLPRDVSHFWRDSUHVHQWDGRSRU0pV]iURVHVWUXWXUDVHDSDUWLUGHXPDUHODomR HQWUHDOLHQDomRHHVWpWLFDHPTXHRKRPHPpDYDOLDGRVRPHQWHSHODVXDIRUPDDSDUHQWHLVWR pRKRPHPVHDOLHQDGRSUySULRKRPHPGHL[DQGRGHODGRVXDHVVrQFLDLQFOXLQGRWRGRVRV SURFHVVRV GH FRQVWUXomR GH VXD LQGLYLGXDOLGDGH R TXH DFDED SRU GHVFRQILJXUDU VXDV FDUDFWHUtVWLFDVHVVHQFLDOPHQWHKXPDQDV

'HQWURGHVVDGLVFXVVmRID]VHLPSRUWDQWHH[SOLFLWDUDDOLHQDomRHDUHODomRFRPDDUWH (VVDSRWHQFLDOLGDGHILFDIDGDGDVLPSOHVPHQWHDRPHUFDGRRQGHDVREUDVDUWtVWLFDVSHUGHPVHX FDUiWHUGH³OLEHUGDGHKXPDQD´HWRUQDPVHPHUFDGRULDVFRPYDORUHVWLPDGRGHWURFD6HQGR DVVLP WRGDV DV SURGXo}HV GHVVD QDWXUH]D ILFDP OLPLWDGDV DR DFHVVR GDTXHOHV TXH SRVVXHP FDSLWDO LVWR p VRPHQWH D FODVVH GRPLQDQWH WHP DFHVVR D HVVHV EHQV FXOWXUDLV H FRQVHTXHQWHPHQWHDRGHVHQYROYLPHQWRGDVIDFXOGDGHVHVSHFLILFDPHQWHKXPDQDVGHFRUUHQWHV GDDSURSULDomRGHVVHVEHQVHQTXDQWRDPDLRULDGDSRSXODomRSRVVXLDFHVVROLPLWDGRDXP WLSRGHDUWHPDLVHPSREUHFLGDVHPFDUiWHUFUtWLFRPXLWRPHQRVHPDQFLSDGRU0e6=È526

(QILP VmR HVWHV DVSHFWRV GLVFXWLGRV TXH VHUYLUmR GH EDVH SDUD D UHDOL]DomR GHVWD LQYHVWLJDomR DFHUFD GD DWLYLGDGH GR EULQFDU QD VRFLHGDGH DOLHQDGD H VXDV LQIOXrQFLDV QR SURFHVVRGHGHVHQYROYLPHQWRKXPDQRHVSHFLILFDPHQWHGDFRQVFLrQFLDKXPDQDSRLVDSDUWLU GH WDLV DVSHFWRV HQFRQWUDGRV QD VRFLHGDGH H UHSURGX]LGRV QD HVFROD VHUmR REVHUYDGDV DV SRVVtYHLVFDUDFWHUtVWLFDVGDDOLHQDomRTXHSRVVDPVXUJLUGXUDQWHRGHVHQYROYLPHQWRGRMRJR WHQGRFRPRREMHWLYRGLVFXWLUFULWLFDPHQWHHVVDTXHVWmRHPVLWXDo}HVHVFRODUHV

3DUD5RVVOHUSRSURFHVVRGHDOLHQDomRHIHWLYDVH

>@TXDQGRDHVWUXWXUDGDYLGDFRWLGLDQDVHKLSHUWURILDWRUQDQGRVHD~QLFDIRUPDGH YLGDGRLQGLYtGXRTXDQGRVXDYLGDVHUHVXPHQXPFRQMXQWRGHDWLYLGDGHVYROWDGDV HVVHQFLDOPHQWH SDUD D VXD UHSURGXomR SDUD D UHSURGXomR GH VXD SDUWLFXODULGDGH DSUHVHQWDQGRDVVLPPRGRVUtJLGRVGHSHQVDUVHQWLUHDJLULVWRpGHWHUPLQDQGRXP PRGRGHIXQFLRQDPHQWRSVtTXLFRLQWHOHFWXDOHDIHWLYRFULVWDOL]DGRTXHQmRSRGH VHUURPSLGRPHVPRQDVVLWXDo}HVTXHRH[LJHPQHVVHVFDVRVHVWDPRVGLDQWHGHXP IHQ{PHQRGHDOLHQDomR7UDWDVHSRUWDQWRGHXPDHVWUXWXUDVRFLDODOLHQDGDGHXP FRWLGLDQRDOLHQDGRHFRQVHTHQWHPHQWHGHXPSVLTXLVPRFRWLGLDQRDOLHQDGR

(33)

ϯϮ

RULJLQDP D SDUWLU GD GLYLVmR VRFLDO GR WUDEDOKR e QD GLYLVmR HQWUH TXHP p GRQR GD ³SURSULHGDGHGRFDSLWDO´HTXHPGHWpPD³IRUoDGHWUDEDOKR´HQWUHTXHPUHDOL]DRWUDEDOKR LQWHOHFWXDOHTXHPUHDOL]DRWUDEDOKRPDQXDO HQILPDDOLHQDomR HVWiSRVWDQDVUHODo}HVGH GRPLQDomR H FRQILJXUDVH QDV UHODo}HV VRFLDLV D SDUWLU GD VHSDUDomR HQWUH DTXHOHV TXH WUDEDOKDPHSURGX]HPHDTXHOHVTXH³GHWpPDSURSULHGDGHSULYDGDGRVPHLRVGHSURGXomR´ HVWDEHOHFHQGR DV GLFRWRPLDV HQWUH FDSLWDOWUDEDOKR WUDEDOKR LQWHOHFWXDOPDQXDO H[SORUDGRU H[SORUDGRGHQWUHRXWUDV

'LDQWHGHWDQWDVFRQWUDGLo}HVSUHVHQWHVQHVVDVRFLHGDGHGHFRUUHQWHVGRSURFHVVRGH DOLHQDomR LPSRVWRV SHOD UHODomR GLFRW{PLFD HQWUH FDSLWDOWUDEDOKR DWLYLGDGHSURSULHGDGH SULYDGD VRFLHGDGHLQGLYtGXR H HWF FRPSUHHQGHPRV TXH D SDUWLU GR PRPHQWR HP TXH XP WUDEDOKDGRUpIRUoDGRDVHSUHRFXSDUVRPHQWHFRPRVHXVDOiULRQRILQDOGRPrVSDUDJDUDQWLU VXD VREUHYLYrQFLD ItVLFD VHQGR H[FOXtGR GH PXLWDV SRVVLELOLGDGHV GH GHVHQYROYLPHQWR KXPDQR H VRFLDO HOH DFDED UHSURGX]LQGR R SDSHO GH PDQXWHQomR GD SUySULD VRFLHGDGH DOLHQDGD H GH FHUWD IRUPD DOLPHQWDQGR R WUDEDOKR DOLHQDGR FRPSURPHWHQGR DV VXDV SRVVLELOLGDGHV GH FRQVFLHQWL]DomR H GH GHVHQYROYLPHQWR QXPD GLUHomR KXPDQL]DGRUD 0$5;

6HJXQGR0pV]iURVpDDOLHQDomRDWUDYpVGDXQLYHUVDOL]DomRGRPHUFDGRRQGH WXGRpWUDQVIRUPDGRHPSURGXWRWXGRSDVVDDWHUYDORUGHWURFDTXHOHYDjFRQYHUVmRGRV VHUHVKXPDQRVHPREMHWRVDVHUHPFRPSUDGRVHFRPHUFLDOL]DGRV6HQGRDVVLPQDIRUPDomR GD LQGLYLGXDOLGDGH GH FDGD VHU KXPDQR VH ID] SUHVHQWH D IUDJPHQWDomR GR VRFLDO HP LQGLYLGXDOLVPRVHJRtVWDVSURFHVVRHVVHUHVSRQViYHOHPHIHWLYDUDYDORUL]DomRXQLFDPHQWHGH FDGDLQGLYtGXRHGHVYDORUL]DURVHXSDSHOHQTXDQWRSHUWHQFHQWHDXPDVRFLHGDGHPDQWHQGR FDGDXPDOLPHQWDQGRXQLFDPHQWHVXDVYRQWDGHVPHVTXLQKDV(VVHHJRtVPRSRUWDQWRWRUQDVH XPVHUPHWDItVLFRUHVSRQViYHOHPMXVWLILFDUHJDUDQWLUDPDQXWHQomRGR³FXOWRjSULYDFLGDGH´ GHFDGDLQGLYtGXRHFRQVHTXHQWHPHQWHHIHWLYDURSURFHVVRGHGHVXPDQL]DomRVRFLDO

(34)

ϯϯ

8PD IRUPD GH VRFLHGDGH UHVSDOGDGD QHVVHV LGHDLV TXH REVWDFXOL]DP R SURFHVVR GH KXPDQL]DomRGRVLQGLYtGXRVLQGXELWDYHOPHQWHDFDEDSRUWUDQVIRUPDURVHVSDoRVHGXFDFLRQDLV HP ³VKRSSLQJ FHQWHUV´ RQGH D OyJLFD TXH VH LQVWDXUD p D GH PHUFDGR LVWR p FRQVXPR H[DFHUEDGROXFURHUHSURGXomRLGHROyJLFD0e6=È526S

)LFD FODUR SRUWDQWR R TXDQWR D VRFLHGDGH FDSLWDOLVWD UHSURGX] D DOLHQDomR QDV VXDV UHODo}HVVRFLDLVHLQVWLWXFLRQDLVHDHVFRODSRUVXDYH]HLQIHOL]PHQWHWDPEpPVHLQVHUHQHVVH PRYLPHQWR,GHQWLILFDPRVVREUHWXGRDSDUWLUGDVREVHUYDo}HVJHUDLVUHDOL]DGDVQRLQWHULRUGD UHDOLGDGHHVFRODUTXHPXLWDVSUiWLFDVSHGDJyJLFDVUHODo}HVHQWUHDOXQRVDOXQRVSURIHVVRUHV DOXQRV H FRRUGHQDomRGLUHWRULDDOXQR HVWmR UHSURGX]LQGR SUHFRQFHLWRV H[FOXVmR LQGLYLGXDOLVPR YLROrQFLD ItVLFD H VLPEyOLFD LVWR p DVSHFWRV TXH SRGHP HVWDU UHODFLRQDGRV FRPDVUHODo}HVDOLHQDGDVHDOLHQDQWHVLQWUtQVHFDVDVRFLHGDGHFDSLWDOLVWD

&RPLVVRD³HVSHFLILFLGDGHGDHGXFDomR´TXHSDUD6DYLDQLSGHYHULDHVWDU SDXWDGD HP ³FRQKHFLPHQWRV LGHLDV YDORUHV FRQFHLWRV DWLWXGHV KiELWRV VtPERORV´ LVWR p HPEDVDGD HP DVSHFWRV HVVHQFLDLV j IRUPDomR ³GRV LQGLYtGXRV VLQJXODUHV´ GH IRUPD KXPDQL]DGDLQWHQFLRQDOHFRQVFLHQWHHVWiQDYHUGDGHSDXWDGDDSDUWLUGDUHDOLGDGHEXUJXHVD LQVWDXUDGD LVWR p UHVSDOGDGD HP XPD HGXFDomR FRUUHVSRQGHQWH H PDQWHQHGRUD GD OyJLFD FDSLWDOLVWD

6HJXQGR 0pV]iURV D LQVWLWXLomR HVFROD QRV ~OWLPRV DQRV VHUYLX GLUHWDPHQWHDRVLQWHUHVVHVGDVRFLHGDGHFDSLWDOLVWD(VVHSURSyVLWRHVWDPDUFDGRWDQWRSHOR SDSHO GD HVFROD HP IRUQHFHU FRQKHFLPHQWR H PmRGHREUD QHFHVViULD SDUD PRYLPHQWDU D PiTXLQDFDSLWDOLVWDFRPRWDPEpPHQJHQGUDUHWUDQVPLWLUYDORUHVTXHOHJLWLPHPRVLQWHUHVVHV GDFODVVHGRPLQDQWHTXHQmRGmRRSRUWXQLGDGHRXRXWUDSRVVLELOLGDGHjJHVWmRGHXPDQRYD VRFLHGDGHVHMDQDIRUPDGHGRPLQDomRGRVSURFHVVRVGHHQVLQRDSUHQGL]DJHPRXDSDUWLUGH XPDGRPLQDomRHVWUXWXUDOKLHUDUTXL]DGDHIRUoDGD

2V SHQVDGRUHV GD FODVVH GRPLQDQWH VXEMXOJDYDP D FODVVH WUDEDOKDGRUD EXVFDQGR FXOSDELOL]iOD SRU VHX SUySULR HPSREUHFLPHQWR (VVD SREUH]D SDUD HOHV UHSUHVHQWDYD QDGD PDLVTXHRUHOD[DPHQWRGLVFLSOLQDUHDGHWXUSDomRGRVKiELWRVGDVSHVVRDVVHQGRTXHWRGRV TXHSDVVDPSRUHVVDVLWXDomRVyDLVHPDQWrPSHORIDWRGHQmRJRVWDUHPGHWUDEDOKDUHVLP GHVIUXWDUHPVRPHQWHGRVYtFLRVHGDRFLRVLGDGHPXQGDQDHSDUDTXHHOHVWUDEDOKDVVHPVHULD QHFHVViULDDFULDomRGHOHLVHVWLSXODGDVFRQWUDHVVDVSHVVRDV0e6=È526

(35)

ϯϰ

FDUDFWHUL]DGDVSHODGRPLQDomRLPSRVWDVGHIRUPDEUXWDOHYLROHQWDQRLQtFLRGDVRFLHGDGH FDSLWDOLVWD

2V LQWHUHVVHV GD FODVVH GRPLQDQWH VHPSUH SHUPDQHFLDP LQWDFWRV H PHVPR DV PDLV ³QREUHV XWRSLDV HGXFDFLRQDLV´ FRPR DILUPD 0pV]iURV HUDP IRUPXODGDV D IDYRU GD PDQXWHQomR H SHUSHWXDomR GR GRPtQLR FDSLWDOLVWD FRPR ~QLFD SRVVLELOLGDGH GH FRQVWUXomR VRFLDOHFRQVHTXHQWHPHQWHGHVHQYROYLPHQWRGRVVHUHVKXPDQRV

3RUWDQWRDRVHDOFDQoDURQtYHOPDLVGHVHQYROYLGRGHVVDVRFLHGDGHLVWRpTXDQWRPDLV DYDQoDGDjVRFLHGDGHGHFODVVHVGHDFRUGRFRP0pV]iURVS

>@ PDLV XQLODWHUDOPHQWH FHQWUDGD QD SURGXomR GH ULTXH]D UHLILFDGD FRPR XP ILP HP VL PHVPR H QD H[SORUDomR GDV LQVWLWXLo}HV HGXFDFLRQDLV HP WRGRV RV QtYHLV GHVGH DV HVFRODV SUHSDUDWyULDV DWp DV XQLYHUVLGDGHV ± WDPEpP QD IRUPD GH ³SULYDWL]DomR´ SURPRYLGD FRP VXSRVWR ]HOR LGHROyJLFR SHOR (VWDGR ± SDUD D SHUSHWXDomRGDVRFLHGDGHGHPHUFDGRULDV

(QILP REVHUYDVH TXH GH WRGDV DV IRUPDV LQFOXVLYH QD HGXFDomR HVFRODU R (VWDGR &DSLWDOLVWD EXVFD PDQWHU D DWXDO HVWUXWXUD VRFLDO FRPR ~QLFD SRVVtYHO VHP SRVVLELOLGDGHV DFHUFDGHPXGDQoDVPDQWHQGRDPDLRULDGDSRSXODomRDOLHQDGDGHWRGDDFXOWXUDFRQVWUXtGD KLVWRULFDPHQWH SHORV KRPHQV H PDQWHQGR D GRPLQDomR QDV PmRV GH XPD tQILPD SDUFHOD D TXDOSHUWHQFHRSRGHUGHWXGRFRQWURODUHSRVVXLUFRPRREMHWLYRGDREWHQomRGH³OXFUR´H PDQWHUDSRVVLELOLGDGHGHH[SORUDomRGDIRUoDGHWUDEDOKRGDJUDQGHPDVVD

'LDQWH GDV TXHVW}HV OHYDQWDGDV DFLPD H DFUHGLWDQGR QD LPSRUWkQFLD GD EXVFD SHOD VXSHUDomRGDVUHODo}HVDOLHQDGDVHDOLHQDQWHVGHQWURGDVRFLHGDGHHHQIDWL]DQGRRTXDQWRD HVFRODSRGHFRQWULEXLUQHVVHSURFHVVRFRQVLGHUDQGRFRPRIXQGDPHQWDOFRQVWUXLUHVRFLDOL]DU MXQWR DRV VXMHLWRV HVFRODUHV RV REMHWRV FXOWXUDLVFRQVWUXtGRV SHOD KXPDQLGDGH RV TXDLV VmR LPSUHVFLQGtYHLV SDUD VHX SURFHVVR GH KXPDQL]DomR FRORFDPRV SULQFLSDOPHQWH DRV HGXFDGRUHV FRPSURPHWLGRV FRP XPD SURSRVWD WUDQVIRUPDGRUD EHP FRPR DRV GLULJHQWHV HVFRODUHV D QHFHVVLGDGH GH SURSRUFLRQDU DV FRQGLo}HV REMHWLYDV SDUD TXH RV HVWXGDQWHV GH PDQHLUD DWLYDHFRQVFLHQWHSRVVDPVHDSURSULDUGRVREMHWRVGD FXOWXUD PDWHULDOHLPDWHULDO FRQKHFLPHQWR SDUD DVVLP GHVHQYROYHUHP DV YiULDV KDELOLGDGHVFDSDFLGDGHV LPSUHJQDGDV QHVVHVREMHWRVHDPSOLDUHPFDGDYH]PDLVRVHXGHVHQYROYLPHQWR

(36)

ϯϱ

p RQGH WRGRV RV LQGLYtGXRV WHQKDP D SRVVLELOLGDGH GH VH DSURSULDU H VH REMHWLYDU GDV FRQVWUXo}HVJHQpULFDVKXPDQDVVHQGRTXHDHVFRODWHULDXPLPSRUWDQWHSDSHOQHVVHSURFHVVR VHFRQVLGHUDUPRVD³HVSHFLILFLGDGHGDHGXFDomR´WDOFRPRGHPRQVWUDGDSRU6DYLDQL FRQVLGHUDQGRWDOWUDQVIRUPDomR

3RUWDQWR QR TXH FRQFHUQH D WHPiWLFD GHVVH WUDEDOKR D SDUWLU GDV GLVFXVV}HV TXH DSUHVHQWDPRV DSUHHQGHPRV TXH D DOLHQDomR GD VRFLHGDGH FDSLWDOLVWD HP WRGRV RV VHXV DVSHFWRV SRGH HVWDU FRQWULEXLQGR SDUD FRP D FRQVWLWXLomR DOLHQDGD GD FRQVFLrQFLD KXPDQD GHVGHDLQIkQFLDVREUHWXGRDRVHFRQVLGHUDUDFDUDFWHUtVWLFDHVVHQFLDOSUHVHQWHQRMRJRTXHVH GiQDVUHODo}HVVRFLDLVYLYHQFLDGDVSHODVFULDQoDVHPVHXFRWLGLDQRIDWRTXHVHUiREMHWRGH HVWXGRQRSUy[LPRFDStWXOR

(37)

ϯϲ

$ &216&,Ç1&,$+80$1$'( $&25'2 &20$7(25,$+,67Ï5,&2

&8/785$/($6,03/,&$d®(662&,$,63$5$$68$&2167,78,d­2

'LVFXWLPRV DWp R SUHVHQWH PRPHQWR TXH R MRJR GHYH VHU HQWHQGLGR FRPR XPD DWLYLGDGHHVSHFLILFDPHQWHKXPDQDTXHVHGHVHQYROYHQRERMRGDVFRQVWUXo}HVHFRQWUDGLo}HV KLVWyULFDV H VRFLDLV SHODV TXDLV D KXPDQLGDGH VH FRQVWLWXL H TXH HP VHX FRQWH~GR UHSUHVHQWDWLYR LVWR p QD UHFRQVWUXomR SHODV FULDQoDV GRV SDSpLV VRFLDLV VH FRQILJXUDP RV VLJQLILFDGRV DWULEXtGRV SHODV FULDQoDV jV UHODo}HV VRFLDLV H[LVWHQWHV QD VRFLHGDGH D TXDO VH UHDOL]D

$SUHVHQWDPRV WDPEpP TXH DV UHODo}HV VRFLDLV H[LVWHQWHV QD VRFLHGDGH HP TXH YLYHPRVHQRVFRQVWLWXtPRVVmRUHODo}HVSDXWDGDVSHODDOLHQDomRGRVLQGLYtGXRVQRVHQWLGR GHUHVSRQGHUDPHREHGHFHUHPjVFRQYLFo}HVSHUPHDGDVSHODLGHRORJLDGRPLQDQWH

6HQGRDVVLPQHVVHFDStWXORGLVFXWLUHPRVRSURFHVVRGHFRQVWLWXLomRGDFRQVFLrQFLD KXPDQD H VXD UHODomR FRP DV FRQGLo}HV REMHWLYDV H[LVWHQWHV VRFLDOPHQWH WDQWR HP kPELWR PDLV JHUDO TXDQWR HP kPELWR PDLV SDUWLFXODU LVWR p R GHVHQYROYLPHQWR GD FRQVFLrQFLD D SDUWLUGDVUHSUHVHQWDo}HVGHQWURGDDWLYLGDGHGREULQFDUFRQVLGHUDQGRDVUHODo}HVDOLHQDGDVH DOLHQDQWHVH[LVWHQWHVQDVRFLHGDGHFDSLWDOLVWD

6XUJLPHQWRGDDWLYLGDGHFRQVFLHQWH

6LDQDOL]DPRVODFRQVFLHQFLDGHOQLxRHQWHQGLGDFRPRVXUHODFLyQFRPHOPHGLR\OD FRQVLGHUDPRV SURGXFWR GH ORV FkPELRV ItVLFRV \ VRFLDOHV GHO LQGLYLGXR FRPR OD H[SUHVLyQ LQWHJUDO GH ODV SHFXOLDULGDGHV VXSHULRUHV \ PiV LPSRUWDQWHV GH OD HVWUXFWXUD GH OD SHUVRQDOLGDG YHUHPRV TXH HP OD WUDQVLFLyQ GH XPD HGDG D RXWUD FUHFHQ\VHGHVDUUROODQQRWDQWRORVDVSHFWRVSDUFLDOHVDLVODGRVGHODFRQFLHQFLDR DOJXQDVIXQFLRQHV\PRGRVGHVXDFWLYLGDGFXDQWRHPSULPHUOXJDUVHPRGLILFDOD HVWUXFWXUDJHQHUDOGHODFRQFLHQFLDTXHHPFDGDHGDGVHGLVWLQJXHSRUXPVLVWHPD GHWHUPLQDGR GH UHODFLRQHV \ GHSHQGrQFLDV HQWUH VXV DVSHFWRV DLVODGRV HQWUH OmV GLVWLQWDVIRUPDVGHVXDFWLYLGDG9<*276.,S

ϯ

(38)

ϯϳ

$SDUWLUGDFLWDomRGH9LJRWVNLEXVFDUHPRVGLVFXWLUQHVVHPRPHQWRRSURFHVVRGH IRUPDomR GD FRQVFLrQFLD KXPDQD FRQVLGHUDQGR VHXV DVSHFWRV JHUDLV EHP FRPR VHX VXUJLPHQWR H SULQFLSDLV DVSHFWRV GH VXD HVWUXWXUD GLVFXWLUHPRV R VHX GHVHQYROYLPHQWR FRQVLGHUDQGRDVUHODo}HVVRFLDLVFDSLWDOLVWDVHRVHXSURFHVVRGHIRUPDomRHPFULDQoDVFXMD DWLYLGDGHSULQFLSDOVHUHDOL]DQDDWLYLGDGHGRMRJRGHQDWXUH]DOXGRSHGDJyJLFDGHVHQYROYLGD QRLQWHULRUHVFRODU

'H DFRUGR FRP /XULD S GHYHPRV FRQVLGHUDU GRLV IDWRUHV FRPR IXQGDPHQWDLVHUHVSRQViYHLVSHODWUDQVLomRGD³KLVWyULDQDWXUDOGRVDQLPDLVjKLVWyULDVRFLDO GR KRPHP´ 6HQGR DVVLP R SULPHLUR GHVVHV IDWRUHV p R ³WUDEDOKR VRFLDO H R HPSUHJR GRV LQVWUXPHQWRVGHWUDEDOKR´FRQVLGHUDQGRVHXIDEULFREHPFRPRVXDIXQomRHXWLOL]DomRHR RXWURIDWRUFRQVLVWHQRVXUJLPHQWRGDOLQJXDJHP

&RQVLGHUDPRVSRUWDQWRRWUDEDOKRGHDFRUGRFRP/HRQWLHYSFRPRXPD DWLYLGDGHTXHGHVGHVXDRULJHPVHGiVRFLDOPHQWHFRQILJXUDQGRVHDSDUWLUGHXPDGLYLVmR SUiWLFDHFRRSHUDWLYDHQWUHYiULRVLQGLYtGXRVWUDQVIRUPDQGRDQDWXUH]DFRPRLQWXLWRGHVXSULU DVQHFHVVLGDGHVKXPDQDVVHQGRDVVLP³RWUDEDOKRpXPDDomRVREUHDQDWXUH]DOLJDQGRHQWUH VLRVSDUWLFLSDQWHVPHGLDWL]DQGRDVXD>QHFHVVLGDGH@FRPXQLFDomR´

&RQVHTXHQWHPHQWH Vy SRGHPRV FDUDFWHUL]DU HVVD DWLYLGDGH HQTXDQWR DWLYLGDGH HVSHFLILFDPHQWH KXPDQD VH D FRQVLGHUDUPRV HQTXDQWR DWLYLGDGH VRFLDO H PRWLYDGD SHOD VDWLVIDomRGHXPDQHFHVVLGDGHLVWRpUHDOL]DGDHPFROHWLYLGDGH3RUWDQWR

>@ 4XDQGR XP PHPEUR GD FROHWLYLGDGH UHDOL]D D DWLYLGDGH GH WUDEDOKR UHDOL]DD WDPEpPFRPRILPGHVDWLVID]HUXPDQHFHVVLGDGHVXD$VVLPDDWLYLGDGHGREDWHGRU TXH SDUWLFLSD QD FDoDGD FROHWLYD SULPLWLYD p HVWLPXODGD SHOD QHFHVVLGDGH GH VH DOLPHQWDURXWDOYH]GHVHYHVWLUFRPDSHOHGRDQLPDO0DVSDUDTXHHVWiGLUHWDPHQWH RULHQWDGD D VXD DWLYLGDGH" 3RGH VHU SRU H[HPSOR DVVXVWDU D FDoD H RULHQWiOD QD GLUHomRGHRXWURVFDoDGRUHVTXHHVWmRjHVSUHLWDeSURSULDPHQWHLVVRTXHGHYHVHUR UHVXOWDGRGDDWLYLGDGHGRFDoDGRU(ODSiUDDtRVRXWURVFDoDGRUHVID]HPRUHVWRe HYLGHQWHTXHHVWHUHVXOWDGRDVVXVWDUDFDoDQmRDFDUUHWDSRUVLPHVPRHQmRSRGHULD DFDUUHWDUDVDWLVIDomRGDQHFHVVLGDGHGHDOLPHQWRGH YHVWXiULRHWFTXHREDWHGRU VHQWH $VVLPDTXLORSDUDTXHHVWmRRULHQWDGRVRVVHXVSURFHVVRVGHDWLYLGDGHQmR FRLQFLGHFRPRVHXPRWLYRRVGRLVVmRVHSDUDGRV&KDPDUHPRVDo}HVDRVSURFHVVRV HP TXH R REMHWR H R PRWLYR QmR FRLQFLGHP 3RGHPRV GL]HU SRU H[HPSOR TXH D FDoDGD p D DWLYLGDGH GR EDWHGRU H R IDWR GH OHYDQWDU D FDoD p D VXD DomR /(217,(9S

(39)

ϯϴ

3DUD /XULD S R IDWR GH VHSDUDUVH XPD ³DomR TXH QmR p GLULJLGD LPHGLDWDPHQWHSRUPRWLYRELROyJLFR´GDDWLYLGDGH JHUDOVy DGTXLULQGR VHQWLGRSDUDDTXHOH TXH D H[HFXWD HP UHODomR FRP R ³HPSUHJR SRVWHULRU GRV VHXV UHVXOWDGRV´ VH FRQVWLWXL HQTXDQWRD³PXGDQoDPDLVLPSRUWDQWHGDHVWUXWXUDJHUDOGRFRPSRUWDPHQWR´KXPDQR

$LQGDGHDFRUGRFRPRPHVPRDXWRUILFDHYLGHQWHTXHQDPHGLGDHPTXHDVRFLHGDGH H RV PRGRV GH SURGXomR YmR VH FRPSOH[LILFDQGR HVVDV Do}HV TXH QmR VmR PRWLYDGRV ELRORJLFDPHQWHFRPHoDPD³RFXSDUSRVLomRFDGDYH]PDLVPDUFDQWHQDDWLYLGDGHFRQVFLHQWH GRKRPHP´/85,$S

6HQGRDVVLPFRQVLGHUDQGRDLQGDDDWLYLGDGHGHFDoDSDUDTXHXPLQGLYtGXRDVVXPD GHWHUPLQDGDIXQomRGHQWURGHVVDDWLYLGDGHpQHFHVViULRTXHRPHVPRWHQKDFRQVFLrQFLDGR VHQWLGRTXHSRVVXLVXDDomRSDUDDVDWLVIDomRGDQHFHVVLGDGHGDIRPHGDWULER

>@3DUDTXHXPKRPHPVHHQFDUUHJXHGDVXDIXQomRGHEDWHGRUpQHFHVViULRTXHDV VXDV Do}HV HVWHMDP QXPD FRUUHODomR SDUD TXH HOD ³H[LVWD SDUD HOH´ HP RXWURV WHUPRVpSUHFLVRTXHRVHQWLGRGDVVXDVDo}HVVHGHVFXEUDTXHHOHWHQKDFRQVFLrQFLD GHOH$FRQVFLrQFLDGRVLJQLILFDGRGHXPDDomRUHDOL]DVHVREDIRUPDGHUHIOH[RGR VHXREMHWRHQTXDQWRILPFRQVFLHQWH/(217,(9S

&RQVHTXHQWHPHQWHDSDUWLUGHXPDDWLYLGDGHFROHWLYDID]VHSUHVHQWHDRLQGLYtGXRD OLJDomR HQWUH R ³REMHWR GH XPD DomR R VHX ILP H R JHUDGRU GD DWLYLGDGH R VHX PRWLYR´ FRPRDILUPD/HRQWLHYS6HQGRDVVLPVHHVVDDWLYLGDGHDSUHVHQWDVVHDRLQGLYtGXR TXHDUHDOL]DHQWHQGDVHDSUHVHQWDVVHSDUDVXDFRQVFLrQFLD³QmRMiHPIXVmRVXEMHWLYDFRPR REMHWRPDVFRPRUHODomRSUiWLFRREMHWLYDGRVXMHLWRSDUDR REMHWR´LVWRp FRQVLGHUDQGR D OLJDomRDTXLORTXHRPRWLYRDJLUDSUiWLFDHRILPTXHVHEXVFDDOFDQoDU

'HVGH D VXD RULJHP D DWLYLGDGH UHDOL]DGD SHORV KRPHQV VH Gi D SDUWLU GH UHODo}HV VRFLDLVVHQGRTXHHVWDpD³FDXVDLPHGLDWD´TXHRULJLQDD³IRUPDHVSHFLILFDPHQWHKXPDQDGR UHIOH[RGDUHDOLGDGHDFRQVFLrQFLDKXPDQD´/(217,(9S

$OpP p FODUR GD SUySULD DWLYLGDGH GH WUDEDOKR UHDOL]DGD HP FROHWLYR R IDEULFR GRV LQVWUXPHQWRVGHWUDEDOKRHDVXDUHODomRFRPDDWLYLGDGHDVHUGHVHQYROYLGDGHDFRUGRFRP /XULD SRGHP VHU FRQVLGHUDGDV WDPEpP FRPR FDXVD LPHGLDWD GR VXUJLPHQWR GD FRQVFLrQFLDQRKRPHPLVWRp

Referências

Documentos relacionados

1RV DQRV GH SHVTXLVDGRUHV GD HVFROD GH 8SSVDOD QD 6XpFLD ODQoDUDP PmR GH XPD SHVTXLVD QR TXDO GLUHFLRQDUDP VHXV LQWHUHVVHV SDUD R SURFHVVR GH LQWHUQDFLRQDOL]DomR GH HPSUHVDV

Entre las exclusiones más significativas en este respecto cabe mencionar no sólo industrias como la del juguete, el automóvil, el vestido y la comida rápida, cuyo

Tendo como pano de fundo as estratégias de intervenção e o contexto político-institucional de quatro instituições de microfinanças (IMF) em Santo Antão, Cabo Verde (Organização

Product markets refers to the mechanisms in place that facilitate interaction between buyers and sellers. Currently, a large portion of the Indian population lacks

$ SHVTXLVD YHUVD VREUH R IHQ{PHQR GD H[LVWrQFLD HP WHPSR UHDO H GH VXD GHWHUPLQDomR D SDUWLU GR FRQWH[WR JORFDO QHP JOREDO QHP ORFDO DSUHHQGHQGR DV SRVVLELOLGDGHV GH FRPSUHHQVmR GH

Através da SFE assistida por ultrassom, obteve-se óleo de semente de maracujá, nas diferentes condições do planejamento experimental. Não foi possível quantificar polifenóis

Considering the absence of information for northeastern Brazil, this study was conducted aiming at analysing the population structure (sex ratio, length distribution and size

Head: Bilateral gynandromoph, left side male-like and right side female; integument mostly black; labrum and clypeus yellow on left side as male, and black on right side as