Ϭ
81,9(56,'$'((67$'8$/3$8/,67$³-Ò/,2'(0(648,7$),/+2´ )$&8/'$'('(&,Ç1&,$6+80$1$6(62&,$,6
-229,&725&$(7$12$/9(6
$6&(162(48('$'2*$%,1(7('(
'(129(0%52'(
)5$1&$
ϭϮ
-229,&725&$(7$12$/9(6
$6&(162(48('$'2*$%,1(7('(
'(129(0%52'(
7HVH DSUHVHQWDGD j )DFXOGDGH GH &LrQFLDV +XPDQDV H 6RFLDLV 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-~OLR GH 0HVTXLWD )LOKR´ FRPR SUp UHTXLVLWR SDUD D REWHQomR GR 7tWXOR GH 'RXWRU HP +LVWyULD ÈUHD GH FRQFHQWUDomR +LVWyULD H &XOWXUD3ROtWLFD
2ULHQWDGRUD3URI'U0DULVD6DHQ]/HPH
)5$1&$
ϭϯ
$OYHV-RmR9LFWRU&DHWDQR
$VFHQVmRHTXHGDGR*DELQHWHGHGHQRYHPEURGH -RmR9LFWRU&DHWDQR$OYHV±)UDQFD>VQ@
I
7HVH'RXWRUDGRHP+LVWyULD8QLYHUVLGDGH(VWDGXDO3DXOLVWD )DFXOGDGHGH&LrQFLDV+XPDQDVH6RFLDLV
2ULHQWDGRU0DULVD6DHQ]/HPH
%UDVLO±+LVWyULD±,5HLQDGR±5HWyULFD±
$VSHFWRVSROtWLFRV&RQVWDQW%HQMDPLQ±3RGHU H[HFXWLYR3RGHUOHJLVODWLYR,7tWXOR
&''±
ϭϰ
-229,&725&$(7$12$/9(6
$6&(162(48('$'2*$%,1(7('(
'(129(0%52'(
7HVH DSUHVHQWDGD j )DFXOGDGH GH &LrQFLDV +XPDQDV H 6RFLDLV 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´FRPRUHTXLVLWRSDUDDREWHQomRGR7tWXORGH'RXWRU HP+LVWyULDÈUHDGHFRQFHQWUDomR+LVWyULDH&XOWXUD3ROtWLFD
%$1&$(;$0,1$'25$
3UHVLGHQWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U0DULVD6DHQ]/HPH
([DPLQDGRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
([DPLQDGRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
([DPLQDGRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
([DPLQDGRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )UDQFDBBBBGHBBBBBBBBBBBBBBBBBGH
ϭϱ
3DUD9kQLDH-RmR DPLQKDHWHUQDJUDWLGmR
ϭϲ
$*5$'(&,0(1726
$IHLWXUDGHXPDWHVHpWUDEDOKREDVWDQWHVROLWiULR1RHQWDQWRHODFHUWDPHQWHQmR H[LVWLULD VHP R DX[tOLR GH DOJXPDV SHVVRDV TXH FRQWULEXtUDP SDUD D VXD SURGXomR $VVLP SUHVWRPHXVVLQFHURVDJUDGHFLPHQWRVj3URI'U0DULVD6DHQ]/HPHTXHDFHLWRXRULHQWiOD H TXH IRUQHFHX WRGRV RV VXEVtGLRV QmR VRPHQWH LQWHOHFWXDLV FRPR DIHWLYRV SDUD TXH HVVHV DQRVGHWUDEDOKRSXGHVVHPVHWUDQVFRUUHUFRPWUDQTXLOLGDGH$RVSURIHVVRUHVGR3URJUDPDGH 3yV*UDGXDomRHP+LVWyULDGD81(63)UDQFDHPHVSHFLDORVQRPHVGH0iUFLD3HUHLUDGD 6LOYDH0DUFRV$OYHVGH6RX]DTXHIRUQHFHUDPYDOLRVDVFRQWULEXLo}HVTXDQGRGDRFDVLmRGR ([DPH *HUDO GH 4XDOLILFDomR 'HYR SUHVWDU PHXV DJUDGHFLPHQWRV WDPEpP D WRGRV RV IXQFLRQiULRV GR 3URJUDPD GH 3yV*UDGXDomR EHP FRPR GD ELEOLRWHFD GR FDPSXV GD IDFXOGDGHVHPSUHJHQWLVHVROtFLWRVSDUDFRPDVTXHVW}HVEXURFUiWLFDV$RVIXQFLRQiULRVGD %LEOLRWHFD1DFLRQDO%1HGR,QVWLWXWR+LVWyULFRH*HRJUiILFR%UDVLOHLUR,+*%QR5LRGH -DQHLUR SHOD SUHVWH]D FRP TXH DWHQGLDP PLQKDV UHTXLVLo}HV ¬ &$3(6 TXH SUHVWRX XP LPSUHVFLQGtYHOVXSRUWHILQDQFHLURSDUDTXHHVVHWUDEDOKRSXGHVVHVHYLDELOL]DU$RVPHXVSDLV TXHJDUDQWLUDPPLQKDHVWDELOLGDGHHPRFLRQDOQHVVDHPSUHLWDGD(SRUILPD(O]D0HUFLHU TXHPHDFROKHXQR5LRGH-DQHLURQDUHDOL]DomRGHVVDSHVTXLVD
ϭϳ
:LWKZRUGVZHJRYHUQPHQ %HQMDPLQ'LVUDHOL
ϭϴ
$/9(6-RmR9LFWRU&DHWDQR$VFHQVmRHTXHGDGR*DELQHWHGHGHQRYHPEURGH I 7HVH 'RXWRUDGR HP +LVWyULD ± )DFXOGDGH GH &LrQFLDV +XPDQDV H 6RFLDLV 8QLYHUVLGDGH(VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´)UDQFD
5(6802
(PQRYHPEURGHR,PSHUDGRU'RP3HGUR,QRPHRXGHPRGRLQpGLWRWUrVLPSRUWDQWHV PHPEURVGD&kPDUDGRV'HSXWDGRVSDUDDRFXSDomRGHSRVWRVFKDYHQRSRGHU([HFXWLYRGR ,PSpULR $Wp DTXHOH PRPHQWR QHQKXP GHSXWDGR HVWLYHUD QD FRPSRVLomR GRV JDELQHWHV PLQLVWHULDLV(VVHH[SHULPHQWRSROtWLFR±HPERUDWHQKDWLGRXPDGXUDomRGHDSHQDVGRLVDQRV ± HPSUHHQGHX PXGDQoDV VXEVWDQFLDLV QDV UHODo}HV HQWUH R ([HFXWLYR H R /HJLVODWLYR QR 3ULPHLUR5HLQDGRHVSHFLDOPHQWHFRPD&kPDUDGRV'HSXWDGRVTXHWLYHUDPSRUFDWDOLVDGRUD QHFHVVLGDGH GD&RURDGH SRVVXLU ³JODGLDGRUHV´ UHWyULFRV QD &kPDUD FRP R REMHWLYR GH DUUHEDWDUYLWyULDVQDVYRWDo}HVGR/HJLVODWLYR$KLVWyULDQDUUDGDQHVWDWHVHpDGDDVFHQVmRGR *DELQHWHGHQRYHPEURGHHGRVWRUQHLRVUHWyULFRVGRVTXDLVVHXVPHPEURVSDUWLFLSDUDP SDUDGHIHQGHUDVSROtWLFDVGH'RP3HGUR,HVHXVDSRLDGRUHV
3DODYUDVFKDYHSRGHUH[HFXWLYRSRGHUOHJLVODWLYRUHWyULFD
ϭϵ
$/9(6-RmR9LFWRU&DHWDQR5LVHDQGIDOORIWKH2IILFHRI1RYHPEHUWKS 7KHVLV 'RFWRU LQ +LVWRU\ ± )DFXOGDGH GH &LrQFLDV +XPDQDV H 6RFLDLV 8QLYHUVLGDGH (VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´)UDQFD
$%675$&7
,Q 1RYHPEHU HPSHURU 'RP 3HGUR , QDPHG DV LW KDG QHYHU EHHQ GRQH EHIRUH WKUHH LPSRUWDQW PHPEHUV RI WKH &KDPEHU RI 'HSXWLHV WR RFFXS\ NH\ SRVLWLRQV LQ WKH ([HFXWLYH SRZHURIWKH(PSLUH8SWRWKDWPRPHQWQRRWKHUGHSXW\KDGEHHQSDUWRIPLQLVWHULDORIILFHV (YHQWKRXJKWKLVSROLWLFDOH[SHULPHQWODVWHGRQO\WZR\HDUVLWHVWDEOLVKHGVXEVWDQWLDOFKDQJHV LQUHODWLRQVKLSVEHWZHHQWKH([HFXWLYHDQG/HJLVODWLYHSRZHUVLQWKH)LUVW5HLJQHVSHFLDOO\ ZLWKWKH&KDPEHURI'HSXWLHVZKRVHFKDQJHVKDGDVDQLQFHQWLYHWKH&URZQ¶VQHHGVWRKDYH UKHWRULFDO³JODGLDWRUV´LQWKH&KDPEHUDLPLQJ DWZLQQLQJWKH /HJLVODWLYHSRZHU¶VYRWHV ,Q WKLV SDSHU ZH QDUUDWH WKH VWRU\ RI WKH DVFHQVLRQ RI WKH 2IILFH RI 1RYHPEHU DQG WKH UKHWRULFDOGLVSXWHVLWWRRNSDUWLQRUGHUWRGHIHQG'RP3HGUR,DQGKLVVXSSRUWHUV¶SROLFLHV
.H\ZRUGVH[HFXWLYHSRZHUOHJLVODWLYHSRZHUUKHWRULF
ϮϬ
$/9(6-RmR9LFWRU&DHWDQR/DVFHQVLRQHWODFKXWHGX&DELQHWHQ1RYHPEUH I7KqVH'RFWRUDWHQ+LVWRLUH)DFXOGDGHGH&LrQFLDV+XPDQDVH6RFLDLV8QLYHUVLGDGH (VWDGXDO3DXOLVWD-~OLRGH0HVTXLWD)LOKR)UDQFD
5e680e
(Q 1RYHPEUH O(PSHUHXU 'RP 3HGUR , D QRPPp GXQH IDoRQ VDQV SUpFpGHQW WURLV PHPEUHV LPSRUWDQWV GH OD &KDPEUH GHV 'pSXWpV j RFFXSHU GHV SRVWHV FOpV GX SRXYRLU ([pFXWLI GH O(PSLUH -XVTXj FH PRPHQWOj DXFXQ DXWUH GpSXWp DYDLW IDLW SDUWLH GH OD FRPSRVLWLRQGHVFDELQHWVPLQLVWpULHOV&HWWHH[SpULHQFHSROLWLTXHPrPHVLHOOHQDGXUpTXH GHX[DQVDFUppGHVFKDQJHPHQWVVXEVWDQWLHOVGDQVOHVUHODWLRQVHQWUHOHVSRXYRLUVH[pFXWLIHW OpJLVODWLI GDQV OH 3UHPLHU 5qJQH HQ SDUWLFXOLHU DYHF OD &KDPEUH GHV 'pSXWpV GRQW OHV FKDQJHPHQWV RQW HX FRPPH XQH LQFLWDWLRQ QpFHVVDLUH GH OD&RXURQQH G¶DYRLU JODGLDWHXUV UKpWRULTXHV GDQV OD &KDPEUH YLVDQW j REWHQLU OD YLFWRLUH GDQV OHV pOHFWLRQV GX SRXYRLU OpJLVODWLYH /KLVWRLUH UDFRQWpH GDQV FHWWH WKqVH HVW GH ODVFHQVLRQ GX &DELQHW HQ 1RYHPEUH HWGHVFRQIOLWVUKpWRULTXHVLODSULVSDUWSRXUGpIHQGUHOHVSROLWLTXHVGH'RP3HGUR,HW VHVSDUWLVDQV
0RWVFOpVSRXYRLUH[pFXWLISRXYRLUOpJLVODWLIUKpWRULTXH
Ϯϭ
680È5,2
,1752'8d2
$DVFHQVmRGRJDELQHWHGHQRYHPEURGH
&DXVDVGDDVFHQVmRGRQRYRPLQLVWpULR
.LQJLQSDUOLDPHQWHUHWyULFD
&$3Ë78/2202'(/2,1*/Ç6*$%,1(7('('(387$'26(0$,25,$ 3$5/$0(17$5
$FRQVWUXomRGHXPDLPDJHPGDSROtWLFDGD,QJODWHUUD
2HQFRQWURHQWUHD,QJODWHUUDGH&RQVWDQWHDHOLWHSROtWLFDEUDVLOHLUD
$WURFDGHPLQLVWURVHPQRYHPEURGH
$LPDJHPLQJOHVDQDHVIHUDS~EOLFD
$UHFHSomRGRQRYRPLQLVWpULRQD&kPDUDGRV'HSXWDGRV
&$3Ë78/27251(,265(7Ï5,&26,2(67$'220(5&$'2(2%$1&2 '2%5$6,/
$FRQYRFDomRH[WUDRUGLQiULDGR/HJLVODWLYRSHOD&RURD
&DOPRQHRDQ~QFLRGDSURSRVWDGR([HFXWLYRSDUDRVGHSXWDGRV
&OHPHQWH3HUHLUDHDGHIHVDGD)DODGR7URQR
&DOPRQHDGHIHVDGDH[LVWrQFLDGR%DQFRGR%UDVLO
&DOPRQHD³QDWXUH]D´GDVDWLYLGDGHVGR%DQFRGR%UDVLO
&DOPRQH&OHPHQWH3HUHLUDHRHPSUpVWLPRHPPRHGDPHWiOLFD
&$3Ë78/27251(,265(7Ï5,&26,,$&2167,78,d2(68$
6863(162
ϮϮ
$VXVSHQVmRGDFRQVWLWXLomRHP3HUQDPEXFRHVHXVUHIOH[RVQR$XURUD)OXPLQHQVHH QD&kPDUDGRV'HSXWDGRV &OHPHQWH3HUHLUDDGHIHVDGRPLQLVWURGD-XVWLoDHDVQRo}HVGHUHEHOLmRHSHULJR
LPLQHQWH
,QWHUO~GLRDGHIHVDGRPLQLVWURGD*XHUUDSDUDRVGHSXWDGRVRSDUHFHUIDYRUiYHO
GDFRPLVVmRHVHXVUHIOH[RVQDFRPLVVmR
3HUHLUD&DOPRQH*RXYHLDHRDUJXPHQWRGRSUHFHGHQWH
&216,'(5$d®(6),1$,6
$TXHGDGR*DELQHWH
5()(5Ç1&,$6
Ϯϯ
,1752'8d2
$ &kPDUD H D LPSUHQVD p TXH IRUDP DV SHUVRQDJHQV PDLV LPSRUWDQWHV GRV ~OWLPRV DQRV GR 5HLQDGR 6REUH HODV GHYH LQFLGLUDDWHQomRTXHSUHWHQGDGHVYHODUDILQDORVHQWLGRGHVWD pSRFDHGR6HWHGH$EULO>@
ϭϮ
$DVFHQVmRGR*DELQHWHGHGHQRYHPEURGH
2FXUWRUHLQDGRGHPHQRVGHQRYHDQRVGH'RP3HGUR,FDUDFWHUL]RXVH SHORV LQ~PHURV FRQIOLWRV HQWUH VXDV LQVWLWXLo}HV SROtWLFDV GHQWUH RV TXDLV VH UHVVDOWDUDP DV SpVVLPDV UHODo}HV GR ,PSHUDGRU FRP R /HJLVODWLYR HVSHFLDOPHQWH FRP D &kPDUD GRV 'HSXWDGRV$VPRWLYDo}HVSHODVTXDLVRVKLVWRULDGRUHVH[SOLFDPHVVDFRQILJXUDomRDVVXPLGD SHODUHODomR,PSHUDGRU&kPDUDUHVLGHPTXDVHVHPSUHQR³DEVROXWLVPR´GH'RP3HGUR,QD VXD VHGH GH PDQGR H QD GHVFRQVLGHUDomR TXH QXWULD SRU FRQFHLWRV FHQWUDLV GD QDVFHQWH LGHRORJLD OLEHUDO FRPR RV GH ³FRQVWLWXLomR´ H ³GLYLVmR GH SRGHUHV´ 6HJXQGR DQiOLVHV FRQVDJUDGDV D SDUWLU GR PRPHQWR HP TXH R /HJLVODWLYR LQLFLRX VHXV WUDEDOKRV QR DQR GH DWpDTXHGDGR,PSHUDGRUHPDEULOGH±TXDQGRDEGLFRXGHVHXWURQRHPIDYRUGR ILOKRGHDSHQDVFLQFRDQRVGHLGDGH±DKLVWyULDGR3ULPHLUR5HLQDGRIRLDKLVWyULDGHXPD VpULH GH FRQIURQWDo}HV HQWUH R GHVSyWLFR ,PSHUDGRU H D OLEHUDO RSRVLomR GD &kPDUD GRV 'HSXWDGRV
1RHQWDQWRXPIDWRSROtWLFRDFRQWHFLGRHPPHDGRVGHVVDTXHVHSRGHGHQRPLQDUGH VHJXQGD IDVH GR 3ULPHLUR 5HLQDGR ± SRXFR HYLGHQFLDGR SHORV HVWXGRV UHFHQWHV VREUH R SHUtRGR ± WRUQD PDLV FRPSOH[D HVVD LPDJHP WmR VREHMDPHQWH FULVWDOL]DGD (P GH QRYHPEURGH'RP3HGUR,SURFHGHXDXPDLQpGLWDUHIRUPDPLQLVWHULDOFRPRLQWXLWRGH PHOKRUDUDVUHODo}HVHQWUHD&RURDHD&kPDUDGRV'HSXWDGRV2 ,PSHUDGRUFKDPRXSHOD SULPHLUDYH]WUrVPHPEURVGHVVDLQVWLWXLomRSDUDGLULJLUHPSRVWRVFKDYHQRSRGHU([HFXWLYR 2V GHSXWDGRV $UD~MR /LPD 0LJXHO &DOPRQ H 7HL[HLUD GH *RXYHLD ± QRPHV EDVWDQWH LPSRUWDQWHV GD &kPDUD ± SDVVDUDP D RFXSDU UHVSHFWLYDPHQWH DV SDVWDV GR ,PSpULR GD )D]HQGDHGD-XVWLoD
$QRPHDomRLQpGLWDGHPHPEURVGD&kPDUDGRV'HSXWDGRVSDUDRFDUJRGHPLQLVWURV GH(VWDGRWLQKDFRPRUHIHUHQFLDOPDLRUDVSUD[HVSROtWLFDVFUHGLWDGDVDRPRGHORLQJOrV3DUD RVEUDVLOHLURVD,QJODWHUUDHUDXPDQDomRRQGHGHVGHPHDGRVGRVpFXOR;9,,,([HFXWLYRH /HJLVODWLYR REWLQKDP XP UHODFLRQDPHQWR KDUPRQLRVR HP YLUWXGH GD DORFDomR GH GHSXWDGRV QDV FDGHLUDV GRV PLQLVWpULRV (VVD ³LQYHQomR´ GRV LQJOHVHV WHULD SRU UHVXOWDGR XP DEUDQGDPHQWRGDGLYLVmRHQWUHHVVHVGRLVSRGHUHVHWRUQDULDSRVVtYHORHVWDEHOHFLPHQWRGH XPFDQDOGHFRPXQLFDomRPDLViJLOHQWUHVHXVPHPEURVXPDYH]TXHGHSXWDGRVHPLQLVWURV FRPSDUWLOKDYDPDPHVPDRULJHPLQVWLWXFLRQDO
ϭϯ
FRQVHFXWLYRVQRSRGHUWHQGRRFRUULGRVXDTXHGDQRILQDOGRDQRGH(QWUHPHQWHVVRIUHX UHPRGHODo}HV TXH QmR DOWHUDUDP VHX FDUiWHU SULQFLSDO GH XP PLQLVWpULR GH GHSXWDGRV 6XD DVFHQVmR FRQVWLWXLX D SULPHLUD UHPRGHODomR GH SHVR TXH R ([HFXWLYR VRIUHX QD KLVWyULD SROtWLFDGRSHUtRGRLPSHULDOIDWRTXHIH]HPHUJLUFRPIRUoDDLPDJHPTXHDHOLWHEUDVLOHLUD ID]LD GR PRGHOR SROtWLFR LQJOrV $ QRPHDomR GHVVHV PLQLVWURV UHSUHVHQWRX DLQGD XPD LPSRUWDQWHDomRGH'RP3HGUR,HPSUROGDGLPLQXLomRGRVFRQIOLWRVSROtWLFRVTXHFHUFDYDP VXDUHODomRFRPD&kPDUDDRPHVPRWHPSRHPTXHID]LDIUHQWHDGHSXWDGRVRSRVLFLRQLVWDV TXHVXELDPDWULEXQDGR3DUODPHQWRSDUDDWDFDUDVSROtWLFDVGHVHXJRYHUQR
&DXVDVGDDVFHQVmRGRQRYRPLQLVWpULR
$R ORQJR GD SHVTXLVD IRUDP LGHQWLILFDGRV QRYH WtWXORV TXH ODQoDUDP DOJXPD LQWHUSUHWDomRVREUHDVFDXVDVGDDVFHQVmRGR*DELQHWHGHGHQRYHPEURGH'HPRGR JHUDOHPWRGDVHVVDVREUDVKiRHQWHQGLPHQWRGHTXHQHVWHIDWRSROtWLFRORFDOL]DVHDRULJHP GH XP PRGR SDUODPHQWDU GH JRYHUQR QR 3ULPHLUR 5HLQDGR 2 SULPHLUR D HVWDEHOHFHU HVVD LQWHUSUHWDomRIRLRFRPHUFLDQWHLQJOrV-RKQ$UPLWDJHXPFRQWHPSRUkQHRGRVDFRQWHFLPHQWRV GRSHUtRGR$UPLWDJHFKHJRX DR5LRGH-DQHLURQRLQtFLRGHTXDQGRRPLQLVWpULRGH QRYHPEURGHDFDEDUDGHVHUQRPHDGRHDLQGDQHPKDYLDWUDEDOKDGRFRPR/HJLVODWLYR HPIXQFLRQDPHQWRXPDYH]TXHHVWHLQLFLDYDVHXVWUDEDOKRVVRPHQWHHPPDLR(PERUDWHQKD HGLWDGRVXD+LVWyULDGR%UDVLODQRVPDLVWDUGHHPHVVHYLDMDQWHHFRPHUFLDQWHLQJOrV IRL XP H[SHFWDGRU SULYLOHJLDGR GRV DFRQWHFLPHQWRV SROtWLFRV GDTXHOH PRPHQWR 1DUURX D DVFHQVmRGRJDELQHWHGDVHJXLQWHIRUPD
&RQFHEHXVHDHVSHUDQoDGHTXHRPLQLVWpULRQRPHDGRQRPrVGHQRYHPEUR GHREWLYHVVHSHODSULPHLUDYH]XPDPDLRULDQD&kPDUDGRV'HSXWDGRV KDYLDHOHVLGRWLUDGRGRVHLRGDOHJLVODWXUDHDUHSXWDomRGHSURELGDGHGHTXH JR]DYD3HGURGH$UDXMR/LPDPLQLVWURGR,PSpULRUHXQLGDDRWDWRHDSWLGmR TXHVHDWULEXtDPD&DOPRQPLQLVWURGD)D]HQGDFRQFLOLRXSRUDOJXPWHPSR D FRQILDQoD GH WRGRV RV SDUWLGRV &DOPRQ QDWXUDO GD %DKLD KDYLD VLGR HGXFDGRHPXPDXQLYHUVLGDGHLQJOHVDHGL]LDVHTXHJR]DUDGDLQWLPLGDGH SHVVRDOGH0U&DQQLQJHDLQGDTXHVXDHORTrQFLDIRVVHIULDHDUWLILFLRVD HUDFRQWXGRXPGRVPDLVDJXGRVRUDGRUHVGDFkPDUD
ϭϰ
e LPSRUWDQWH QRWDU TXH D HVFULWD GH $UPLWDJH GHPRQVWUD R HQWHQGLPHQWR GH TXH D H[LVWrQFLDGHXPDUHODomRKDUP{QLFDHQWUH([HFXWLYRH/HJLVODWLYRSDVVDYDSHODREWHQomRGH ³XPDPDLRULDQD&kPDUDGRV'HSXWDGRV´1DLQWHUSUHWDomRGRHVFULWRULQJOrVDHVFROKDGH GHSXWDGRV SDUD FRPSRU R PLQLVWpULR GH GH QRYHPEUR GH IRL IHLWD FRP EDVH QD DFHLWDomRGHVVHVQRPHVHQWUHVHXVLJXDLV7DODFHLWDomRSRUVHXWXUQRFDOFDYDVHQDVYLUWXGHV TXHFDGDXPGHOHVSDUHFLDSRVVXLUDRVROKRVGRVRXWURVGHSXWDGRVD³UHSXWDomRGHSURELGDGH´ YLQFXODGD D $UD~MR /LPD H R ³WDWR´ H D ³DSWLGmR´ YLQFXODGRV D &DOPRQ 6RPDGD D HVVDV YLUWXGHV HVWDYD D DUWLFXODomR UHWyULFD TXH HVVHV KRPHQV SRVVXtDP R TXH VH FRQILUPD SHOD DILUPDomRGHTXH&DOPRQHUD³XPGRVPDLVDJXGRVRUDGRUHVGDFkPDUD´
(VVD LQWHUSUHWDomR VREUH D DVFHQVmR GHVVH PLQLVWpULR ODQoDGD SHOR YLDMDQWH LQJOrV IRL FULVWDOL]DGDDRORQJRGRWHPSRSHORVHVWXGRVGRVKLVWRULDGRUHVTXHVHGHGLFDUDPDR3ULPHLUR 5HLQDGR8PJUDQGHQRPHGR,QVWLWXWR+LVWyULFRH*HRJUiILFR%UDVLOHLUR,+*%-RVp0DQXHO 3HUHLUD GD 6LOYD HVFUHYHX HP XPD REUD VREUH D VHJXQGD PHWDGH GR UHLQDGR GH 'RP 3HGUR , LQWLWXODGD6HJXQGR SHUtRGR GR UHLQDGR GH 'RP 3HGUR , QR %UD]LO FRPSUHHQGHQGR MXVWDPHQWHRSHUtRGRTXHUHFREUHRVDFRQWHFLPHQWRVSROtWLFRVGHVGHDDEHUWXUDGD$VVHPEOHLD /HJLVODWLYD HPDWpDTXHGDGR ,PSHUDGRUHP$VVLPFRPR$UPLWDJHHOHYLX D DVFHQVmR GR PLQLVWpULR FRPR XPD QHFHVVLGDGH GR ,PSHUDGRU GH PHOKRUDU DV UHODo}HV FRP R /HJLVODWLYR
3DUD 3HUHLUD GD 6LOYD HP ILQV GH R ,PSHUDGRU 'RP 3HGUR , SUHFLVDYD ³UREXVWHFHU´VHXJRYHUQR6XDSRSXODULGDGHHVWDYDGHFOLQDQGRRSUHVWtJLRGRJRYHUQRMiQmR HUD R PHVPR H D RSLQLmR S~EOLFD UHDJLD QHJDWLYDPHQWH jV VXDV Do}HV 1HVVH VHQWLGR ³UHVROYHXVHR,PSHUDGRUDH[SHULPHQWDUQRYRVPLQLVWURVVHPFRQWXGRDEDQGRQDUGHWRGRDV LQWHQo}HV GH FRQVHUYDU LQWDFWD D VXD DXWRULGDGH´ 6HJXQGR R DXWRU R ,PSHUDGRU FRQYRFRX SDUD DV WUrV SULQFLSDLV SDVWDV GR JRYHUQR ± ,PSpULR )D]HQGD H -XVWLoD ± GHSXWDGRV TXH YLQKDPVHGHVWDFDQGRQRFHQiULRSROtWLFRGR3ULPHLUR5HLQDGR
1mR VH SRGH FRQWHVWDU TXH R QRYR PLQLVWpULR VH UHYHVWLD GH WRGDV DV TXDOLGDGHVGHSDUODPHQWDUHIRLRSULPHLURGHVWDIHLomRRUJDQL]DGRSRU' 3HGUR $UDXMR /LPD DJUDGDYD JHUDOPHQWH SHOR VHX FDUiWHU VLVXGR H JUDYH VHXV VHQWLPHQWRV GH PRGHUDomR H DR PHVPR WHPSR GH OLEHUDOLVPR H VHXV WDOHQWRVRUDWyULRVGHYLGDPHQWHDSUHFLDGRVGHVGHD&RQVWLWXLQWHSRUWXJXHVD GH0LJXHO&DOPRQQmRLQVSLUDYDLJXDOFRQILDQoDSRUVHOKHSHUFHEHUMi D YROXELOLGDGH GR JrQLR TXH GHPRQVWUDYD YROXELOLGDGH GH RSLQL}HV PDV JR]DYDGHFUpGLWRVGHRUDGRUIOXHQWHHDEXQGDQWHHVHKDYLDVHQWDGRGHVGH
6,/9$-RmR0DQXHO3HUHLUDGD6HJXQGRSHUtRGRGRUHLQDGRGH'RP3HGUR,QR%UD]LOQDUUDWLYDKLVWyULFD
ϭϱ
TXHDSDUHFHUDQRSDUODPHQWRQRVEDQFRVGDRSRVLomR7HL[HLUDGH*RXYHLD SDVVDYDSRULQWHJpUULPRHPDJLVWUDGRLQWHOLJHQWHHOLEHUDOGHFLGLGR
$OHLWXUDDWHQWDGRWUHFKRGDREUDGH3HUHLUDGD6LOYDLQGLFDTXHGRPHVPRPRGRTXH $UPLWDJH SDUD HVWH DXWRU D KDELOLGDGH UHWyULFD IRL XP LPSRUWDQWH FULWpULR SHOR TXDO R ,PSHUDGRU VH JXLRX QR FRQYLWH TXH IH] DRV WUrV GHSXWDGRV SDUD DVVXPLUHP SRVWRV QR ([HFXWLYR $ FRQYRFDomR GHVVHV QRPHV SDUD R PLQLVWpULR ORJURX VHU EHP UHFHELGD SHORV OLEHUDLVGD&kPDUDGRV'HSXWDGRVFRPRWDPEpPSHODRSLQLmRS~EOLFD6HJXQGR3HUHLUDGD 6LOYDRVGHSXWDGRVTXHVHVLWXDYDPQDRSRVLomRD'RP3HGUR,SHGLUDPVRPHQWHSDUDTXHR PLQLVWpULRUHVLVWLVVHjVLQIOXrQFLDVH[WHUQDVHSUDWLFDVVHDVVXDVSUySULDVLGHLDV$DILUPDomR UHYHOD XP HQWHQGLPHQWR GH VHSDUDomR HQWUH R ([HFXWLYR H D ILJXUD GR ,PSHUDGRU PXLWR SUySULDGDVLGHLDVSDUODPHQWDULVWDVTXHYLHUDPDWHUOXJDUQDVHJXQGDPHWDGHGRVpFXOR;,; $LQWHUSUHWDomRTXH-RKQ$UPLWDJHH-RVp0DQXHO3HUHLUDGD6LOYDIL]HUDPGDVFDXVDV GDDVFHQVmRGR*DELQHWHGHGHQRYHPEURGH±TXHLPSXWDYDjUHWyULFDXPDGHVXDV GHWHUPLQDo}HVVHQmRDSULQFLSDO ±QmRHQFRQWURXUHVLVWrQFLDQDVLQWHUSUHWDo}HVSRVWHULRUHV QHPIRUDPDOYRGHGLYHUJrQFLDVTXHDSXGHVVHPGHVTXDOLILFDU$TXLFDEHXPDFRORFDomRD UHVSHLWRGROXJDUGHRQGHDPERVIDODYDP(QTXDQWRHVWHYHQR%UDVLO$UPLWDJHPDQWHYHODoRV HVWUHLWRV FRP RSRVLWRUHV GH 'RP 3HGUR , SDUWLFLSDQGR LQFOXVLYH GH XP JUXSR SROtWLFR RSRVLWRU$OpPGLVVRSURYLQKDGD,QJODWHUUDSDtVQRTXDORPRGRSDUODPHQWDUGHJRYHUQR YLQKDVHGHVHQKDQGRGHVGHRVpFXOR;9,,RQGHD&kPDUDGRV&RPXQVMiHUDRHSLFHQWURGR FHQiULRSROtWLFR-RVp0DQXHO3HUHLUDGD6LOYDSRUVHXWXUQRYLQFXODYDVHDXPDLQVWLWXLomR RILFLDO GR (VWDGR R ,+*% TXH WLQKD XPD GLUHWUL] FODUD QR 6HJXQGR 5HLQDGR GH HQDOWHFLPHQWRGDSiWULDGRVHX,PSHUDGRU'RP3HGUR,,HHP~OWLPDLQVWkQFLDGRVLVWHPD SDUODPHQWDULVWDGHJRYHUQR
$V REUDV HVFULWDV QR VpFXOR ;; QmR WLYHUDP R PHVPR HPSHQKR HP LQWHUSUHWDU GH PRGRPDLVDSURIXQGDGRDV FDXVDVGDDVFHQVmR GRQRYR JDELQHWHOLPLWDQGRVHDOHPEUDU D QHFHVVLGDGHTXHRJRYHUQRSRVVXtDGHFRQTXLVWDUSRSXODULGDGHHYRWRV1RLQtFLRGRVpFXOR
,ELGS
$LQIRUPDomRHVWiQXPHVWXGRVREUHRDXWRU³'HVXDDPL]DGHFRP(YDULVWRGD9HLJDLPSRUWDQWHSXEOLFLVWDH ILJXUDLQIOXHQWHQDOXWDSROtWLFDTXHOHYRXjDEGLFDomRGH'RP3HGUR,VXUJLXDRSRUWXQLGDGHGHSDUWLFLSDUGD GLUHWRULDGD6RFLHGDGH'HIHQVRUDGD/LEHUGDGHHGD,QGHSHQGrQFLD1DFLRQDO´9$5(//$)OiYLD )ORUHQWLQR 5HSHQVDQGR D +LVWyULD GR %UDVLO DSRQWDPHQWRV VREUH -RKQ $UPLWDJH H VXD REUD$OPDQDFN %UD]LOLHQVH6mR3DXORQSQRY
ϭϲ
;; SRU H[HPSOR R KLVWRULDGRU -RVp )UDQFLVFR GD 5RFKD 3RPER HVFUHYHX XPD YROXPRVD FROHomRVREUHD+LVWyULDGR%UDVLOHPFXMRYROXPHGHGLFDGRj,QGHSHQGrQFLDHDR3ULPHLUR 5HLQDGRODQoRXXPROKDUVREUHRDFRQWHFLPHQWRSROtWLFRGHILQVGH3DUDHVVHDXWRUR
OHLWPRWLY GR FKDPDPHQWR GH WUrV GHSXWDGRV SDUD RFXSDU SRVWRV QR ([HFXWLYR GHYHXVH
H[FOXVLYDPHQWHjQHFHVVLGDGHTXH'RP3HGUR,WLQKDGHDXPHQWDUVXDSRSXODULGDGH
$UUDVWDGRSRUDTXHODREVHVVmRGHSRSXODULGDGHTXHIRLDVXDJUDQGHGRHQoD SURFXURXG3HGURFKDPDUDVLRVPDLVGLVFUHWRVGDTXHOHVHVStULWRVTXHQD &kPDUDVHKDYLDPGLVWLQJXLGRSHODVVXDVWHQGrQFLDVOLEHUDLV7mRSURIXQGD QRHQWDQWRHUDDLQFUHGXOLGDGHFRPTXHVHYLDPDTXHODVGLVSRVLo}HV±TXHR SUySULR &RVWD &DUYDOKR UHSUHVHQWDQWH GD FRUUHQWH OLEHUDO PRGHUDGD QD &kPDUD QmR DFHGHX DR FRQYLWH TXH OKH IH] R LPSHUDGRU SDUD D SDVWD GR LPSpULR1mRREVWDQWHGHOLEHUDGRDWLUDUWRGRRSDUWLGRSRVVtYHOGRVHXEHOR JHVWR LQVLVWLX G 3HGUR HP IRUPDU XP QRYR JDELQHWH FRP JHQWH QRYD H HVFROKLGD HQWUH RV KRPHQV TXH SDUHFLDP WHU PDLV VLPSDWLD H SUHVWtJLR QD RSLQLmR S~EOLFD &RQVHJXLX DILQDO FRP R FRQFXUVR GH $UDXMR /LPD RUJDQL]DURJDELQHWHGHGHQRYHPEURQRTXDOILJXUDUDPWDPEpP0LJXHO &DOPRQH7HL[HLUDGH*RXYHLDKRPHQVTXHVHLPSXQKDPjFRQILDQoDJHUDO QDTXHOH PRPHQWR )RL R QRYR PLQLVWpULR EHP UHFHELGR SHOD LPSUHQVD H DSURYHLWRX G 3HGUR DTXHOH HQVHMR GH UHID]HU D DQWLJD SRSXODULGDGH FRP RXWURVDWRVTXHRUHFRPHQGDVVHPjHVWLPDGHWRGRV
'XDV GpFDGDV PDLV WDUGH QRV DQRV GH R KLVWRULDGRU 3HGUR &DOPRQ WDPEpP GHVSHQGHXOLQKDVQDLQWHUSUHWDomRGHVVDDomRGR,PSHUDGRU1HODVDEXVFDGHSRSXODULGDGH SRU'RP3HGUR,WDPEpPIRLUHSXWDGDFRPRDFDXVDSULQFLSDOGRDFRQWHFLPHQWR&RQWXGRHP WUHFKR LQWLWXODGR ³3DUODPHQWDULVPR´ &DOPRQ H[S{V GH PDQHLUD YHODGD D LPSRUWkQFLD GR FULWpULRGDUHWyULFDSDUDDPXGDQoDGHPLQLVWpULRVDRDILUPDUTXHR,PSHUDGRUSUHFLVDYDGH TXHPRGHIHQGHVVHQD&kPDUDGRV'HSXWDGRV
>@ $PLXGDUDPVH DV FUtWLFDV &HQVXUDV iVSHUDV GLDWULEHV H DFXVDo}HV DWLQJLUDPRVPLQLVWURVHR,PSHUDGRUSDUDUHFREUDUDVJUDoDV GDRSLQLmR DFKRXPHOKRUDSHJDUVHDRSUySULRSDUODPHQWRUHQXQFLDQGRDRDUEtWULRGH QRPHiORVOLYUHPHQWH>@3UHFLVDYDR,PSHUDGRUGHTXHPVHGHIHQGHVVHHR GHIHQGHVVH1DWXUDOPHQWHQmRGHYLDSURFXUDUORQJHGD&kPDUDTXHUHXQLD RVYDORUHVPDLVHPHYLGHQFLDGRUHJLPH(PGHQRYHPEURRUJDQL]RXR VHX SULPHLUR PLQLVWpULR FRP GRLV GHSXWDGRV 0LJXHO &DOPRQ QD SDVWD GD ID]HQGDH3HGURGH$UDXMR/LPDQDGR,PSpULR
$ELRJUDILDHVFULWDSRU 7DUTXtQLRGH6RXVDVREUH'RP3HGUR ,QDGpFDGDGH WDPEpP GHGLFRX DOJXPDV OLQKDV SDUD D QDUUDomR GHVVH IDWR SROtWLFR $VVLP FRPR 5RFKD 3RPER 7DUTXtQLR GH 6RX]D PHQFLRQD DSHQDV D QHFHVVLGDGH GR JRYHUQR GH UHYHUWHU VXD
ϭϳ
LPSRSXODULGDGH2DXWRUPHQFLRQRXDSHQDVDJXHUUDQRULRGD3UDWDFRPRSRVVtYHOFDWDOLVDGRU SDUD D IRUPDomR GH QRYR JDELQHWH &RPR D JXHUUD GD &LVSODWLQD IRL XP FRQIOLWR EDVWDQWH LPSRSXODU p SRVVtYHO LQIHULU TXH 6RXVD FRQFRUGDYD FRP D DQiOLVH IHLWD SRU RXWURV KLVWRULDGRUHVGHTXHR,PSHUDGRUSURFXUDYDUHVJDWDUVXDSRSXODULGDGHFRPRQRYRJDELQHWH
6HPUHVLJQDUVHDFRPSRUPLQLVWpULRVVDtGRVGDPDLRULDSDUODPHQWDU±HHVWD VHUHVVHQWLDGDIDOWDGHFRHVmRTXHVyRVSDUWLGRVRUJDQL]DGRVSURSRUFLRQDP ±SHQVRX'3HGURHPHQVDLDUDGHQRYHPEURGHXPJDELQHWHFRP DSRLRQD&kPDUDWDOYH]SRUFDXVDGDH[SHFWDWLYDGDWHUPLQDomRGDJXHUUDQR 3UDWD >@ 'HQWUH RV QRYRV PLQLVWURV FKDPDGRV DR SRGHU HP ILQV GH KDYLDWUrVGHSXWDGRVHXPVHQDGRU±$UD~MR/LPD0LJXHO&DOPRQ/~FLRGH *RXYHLD H R PDUTXrV GH$UDFDWL RV GRLV SULPHLURVFRP XP ODUJR GHVWLQR SROtWLFRQR%UDVLO
'RVWUrVGHSXWDGRVQRPHDGRVPLQLVWURVDGHQRYHPEURGHR~QLFRDUHFHEHU XP HVWXGR ELRJUiILFR IRL 3HGUR GH $UD~MR /LPD QRV DQRV GH (P VXD ELRJUDILD R KLVWRULDGRU&RVWD3RUWRGHGLFRXDOJXPDVOLQKDVDDQDOLVDUDDVFHQVmRGHVVHJDELQHWH$TXLD UHWyULFDWDPEpPQmRIRLH[SUHVVDPHQWHDSRQWDGDFRPRDFDXVDGDPXGDQoDQR([HFXWLYR2 DXWRUIRLHQIiWLFRDRDILUPDUTXHDQRPHDomRGHVVHQRYRPLQLVWpULRUHSUHVHQWRXXPGLYLVRUGH iJXDVQDVUHODo}HVHQWUH&RURDH&kPDUDQRUHLQDGRGH'RP3HGUR,
7DOYH] VHQWLQGR TXH µQmR VXSRUWDULDP R GHEDWH YHOKRV PDJLVWUDGRV RX YDOLGRV DOKHLRV DRV HVWLORV SDUODPHQWDUHV VHQmR SRU HOHV LQWLPLGDGRV¶ ' 3HGUR QHVWD QRYD OLQKD DEDQGRQD DV SUD[HV D TXH VH YLQKD DWHQGR H GLVSHQVDQGRR0LQLVWpULRGH6mR/HRSROGRRUJDQL]DRGHGHQRYHPEUR GH FRP HOHPHQWRV WLUDGRV GR 3DUODPHQWR >@ (VWH PLQLVWpULR VHUi DFROKLGRFRPRVLQDOGHPXGDQoDSDUDPHOKRUDSRUWDDEHUWDSDUDDUHWRPDGD GHHQWHQGLPHQWRVGD&RURDFRPR&RQJUHVVRHFRPDRSLQLmR
+LVWRULDGRUHV EUDVLOLDQLVWDV FRPSOHWDP D OLVWD GDTXHOHV TXH ODQoDUDP DOJXPD LQWHUSUHWDomR VREUH R DFRQWHFLPHQWR (P HP PDLV XPD ELRJUDILD VREUH R SULPHLUR ,PSHUDGRUEUDVLOHLURRKLVWRULDGRU1HLOO0DFDXOD\DILUPRXTXHRVWUrVGHSXWDGRVQRPHDGRV HUDP³DFHVVtYHLVDVHXVFROHJDVOHJLVODGRUHV´1RHQWDQWRRWH[WRGH0DFDXOD\QmRSHUPLWH LPSXWDUDUHWyULFDFRPRRYtQFXORFDXVDOGDQRPHDomRGHVVHVSROtWLFRVSDUDR([HFXWLYR
6286$2FWiYLR7DUTXtQLRGH+LVWyULDGRVIXQGDGRUHVGR,PSpULRGR%UDVLODYLGDGHG3HGUR,5LRGH
-DQHLUR-RVp2O\PSLRWS
32572&RVWD2PDUTXrVGH2OLQGDHRVHXWHPSR%HOR+RUL]RQWH,WDWLDLD6mR3DXOR('863S 0$&$8/$<1HLOO'RP3HGUR,DOXWDSHODOLEHUGDGHQR%UDVLOHHP3RUWXJDO7UDGXomRGH
ϭϴ
)RL Mi QR ILP GD JXHUUD TXH ' 3HGUR GHFLGLX FXOWLYDU D ERD YRQWDGH GD &kPDUDGH'HSXWDGRV>@'RP3HGURQRPHRXXPQRYRJDELQHWHDGH QRYHPEURGHQRTXDORPLQLVWURGD*XHUUDSHODSULPHLUDYH]GHVGHR LQtFLR GR FRQIOLWR HUD XP EUDVLOHLUR QDWR DV SDVWDV GR ,QWHULRU -XVWLoD H )LQDQoDV WDPEpP SHOD SULPHLUD YH] ILFDUDP HP PmRV GH PHPEURV GD &kPDUDGRV'HSXWDGRVWRGRVQDWLYRVGRSDtVRVPLQLVWURVGD0DULQKDHGR ([WHULRU HUDP GH QDWXUDOLGDGH SRUWXJXHVD 3RU XPD FXULRVD GLVSRVLomR FRQVWLWXFLRQDORVGHSXWDGRVQRPHDGRVSDUDRJDELQHWHSUHFLVDYDPUHHOHJHU VHSDUDFRQWLQXDUDWXDQGRQD&kPDUD7RGRVIRUDPUHHOHLWRVGHPRGRTXH TXDQGR D $VVHPEOHLD *HUDO UHWRPRX VHXV WUDEDOKRV WUrV PHPEURV GR JRYHUQRWLQKDPDVVHQWRQDFkPDUDDFHVVtYHLVDVHXVFROHJDVOHJLVODGRUHVH FRPSURPHWLGRV FRP D LPSOHPHQWDomR GD OHL GH UHVSRQVDELOLGDGH PLQLVWHULDO
(P 5RGHULFN %DUPDQ RXWUR EUDVLOLDQLVWD ODQoRX XPD LQWHUSUHWDomR HP VHX
%UD]LOWKHIRUJLQJRIDQDWLRQ3DUD%DUPDQRIDWRSROtWLFRGRILQDOGRDQRGHLDFRQWUD
XP GRV PDLV HVWLPDGRV SULQFtSLRV GR ,PSHUDGRU R GH GHFLGLU VR]LQKR VREUH TXHVW}HV SROtWLFDV3RUOHYDUD&kPDUDGRV'HSXWDGRVHPFRQVLGHUDomRQDIRUPDomRGHXPJDELQHWH PLQLVWHULDO 'RP 3HGUR , UHFRQKHFLD TXH D OHWUD GD &RQVWLWXLomR TXH R SHUPLWLD DGPLWLU H GHPLWLUPLQLVWURVFRPREHPHQWHQGHVVHQmRHUDWmRDEVROXWD
(PQRYHPEURGHR,PSHUDGRUIRLIRUoDGRDID]HUXPDFRQFHVVmRTXH IRLFRQWUiULDDVHXPDLVHVWLPDGRSULQFtSLR(OHQRPHRXXPQRYRJDELQHWH TXH SHOD SULPHLUD YH] LQFOXLX PLQLVWURV TXH HUDP GHSXWDGRV 'RLV GH WUrV GHSXWDGRVSHUWHQFLDPDREORFRFRLPEUmR3RUHVVDVQRPHDo}HVRLPSHUDGRU LPSOLFLWDPHQWH UHFRQKHFHX TXH VHX GLUHLWR FRQVWLWXFLRQDO GH HVFROKHU H GHPLWLUOLYUHPHQWHRVPLQLVWURVQmRHUDDEVROXWRHVLPDIHWRjVQHFHVVLGDGHV GHDVVHJXUDUDFRQILDQoDGD&kPDUDGRV'HSXWDGRV
)RL Vy UHFHQWHPHQWH TXH KRXYH XPD UHFXSHUDomR GD WUDGLomR GRV KLVWRULDGRUHV GR VpFXOR;,;HPUHSXWDUDFDXVDGDDVFHQVmRGRJDELQHWHGHQRYHPEURGHH[SOLFLWDPHQWH jUHWyULFD:DQWXLO3HUHLUDHPWHVHGHGRXWRUDGRGHIHQGLGDQR3URJUDPDGHSyVJUDGXDomR HP +LVWyULD GD 8QLYHUVLGDGH )HGHUDO )OXPLQHQVH DERUGRX DV UHODo}HV HQWUH RV SRGHUHV QR 3ULPHLUR5HLQDGR1HODRKLVWRULDGRUDILUPRXTXHDPRWLYDomREiVLFDGRDFRQWHFLPHQWRGR ILQDOGRDQRGHWHULDVLGRDQHFHVVLGDGHGRJRYHUQRGHSRVVXLU³YR]HV´QD&kPDUDGRV
0$&$8/$<1HLOO'RP3HGUR,DOXWDSHODOLEHUGDGHQR%UDVLOHHP3RUWXJDO7UDGXomRGH
$QGUp9LOODORERV5LRGH-DQHLUR5HFRUGS
³,Q 1RYHPEHU WKH HPSHURU ZDV IRUFHG WR PDNH D FRQFHVVLRQ ZKLFK ZHQW DJDLQVW KLV PRVW FKHULVKHG
ϭϵ
'HSXWDGRVTXHGHIHQGHVVHPRJRYHUQR1DUHGDomRGH:DQWXLO3HUHLUDDUHWyULFDWDPEpP SDVVRXSDUDRSULPHLURSODQRGDVH[SOLFDo}HV
$VFUtWLFDVQRLQWHULRUGD&kPDUDHUDPWmRGXUDVTXHQHPRVGHIHQVRUHVGR JRYHUQR PRVWUDYDP DV VXDV SRVLo}HV $Wp DTXHOH PRPHQWR HUD TXDVH XP FRQVHQVR GH TXH R JRYHUQR WLQKD TXH SURPRYHU PXGDQoDV QR PLQLVWpULR HQWmR IRUPDGR DSHQDV SRU VHQDGRUHV 6HJXQGR VH SRGH GHVSUHQGHU D DXVrQFLD GH YR]HV QD &kPDUD GRV 'HSXWDGRV ± TXH SXGHVVHP VXVWHQWDU D SRVLomR GR JRYHUQR H ID]HU IUHQWH DR tPSHWR GH %HUQDUGR 3HUHLUD GH 9DVFRQFHORVH/LQR&RXWLQKR±IRLXPGRVPRWLYRVSDUDRVHYHURDWDTXHH DFRVVDPHQWR SHOR TXDO SDVVDYD R JRYHUQR $VVLP HP ILQDLV GH R JRYHUQR SURPRYHX XPD UHIRUPD QR PLQLVWpULR (TXLOLEUDYD R SHVR GR 6HQDGR H GD &kPDUD GRV 'HSXWDGRV DGHQWUDQGR WUrV GHSXWDGRV GH SHVR H FRPYR]DWXDQWHQRLQWHULRUGD&kPDUD%DL[D3HGURGH$UDXMR/LPD/~FLR 7HL[HLUDGH*RXYHDH0LJXHO&DOPRQGX3LQH$OPHLGD
'HVVD IRUPD R H[SHULPHQWR SROtWLFR TXH WHYH OXJDU HP ILQV GH VH UHVVHQWH GH HVWXGRVTXHDQDOLVHPFRPPDLVSURIXQGLGDGHVHXGHVHQYROYLPHQWREHPFRPRDFDXVDOLGDGH UHWyULFD TXH DOJXQV GH VHXV LQWpUSUHWHV HYRFDUDP (VVD SHVTXLVD WHP SRU KLSyWHVH TXH D DVFHQVmRGR*DELQHWHGHQRYHPEURGH±FRPSRVWRGHPRGRLQpGLWRSRUWUrVGHSXWDGRV ± IRL RFDVLRQDGD SHOD QHFHVVLGDGH TXH R ,PSHUDGRU H VHXV DX[LOLDUHV VHQWLUDP GH SRVVXLU PHPEURV GR JRYHUQR QR HVSDoR GD &kPDUD TXH GHIHQGHVVHP DV PDWpULDV GH LQWHUHVVH GR JRYHUQRQDWULEXQDGDTXHODLQVWLWXLomR'HFRUULGRVGRLVDQRVGHWUDEDOKRVOHJLVODWLYRV'RP 3HGUR , YLX TXH VRPHQWH FRP ³JODGLDGRUHV UHWyULFRV´ VHULD SRVVtYHO ID]HU IUHQWH jV DUJXPHQWDo}HVTXHOLGHUDQoDVRSRVLFLRQLVWDVGHSHVRODQoDYDPWRGRVRVGLDVQDWULEXQD
.LQJLQSDUOLDPHQWHUHWyULFD
$KDELOLGDGHUHWyULFDGRVGHSXWDGRVQRPHDGRVSDUDRFDUJRGHPLQLVWURVHPQRYHPEUR GH IRL UHSXWDGD FRPR XPD GDV FDXVDV SULQFLSDLV GH VXD DVFHQVmR DR PLQLVWpULR SHORV SULPHLURVKLVWRULDGRUHV5HFHQWHPHQWHDKLSyWHVHIRLUHWRPDGDHPWHVHGHGRXWRUDPHQWR'RV QRYH WtWXORV TXH ODQoDUDP DOJXPD LQWHUSUHWDomR VREUH R DFRQWHFLPHQWR TXDWUR FRPSDUWLOKDUDP H[SOLFLWDPHQWH GHVVD DYDOLDomR 2V RXWURV DXWRUHV HPERUD QmR D PHQFLRQHPWDPEpPQmRDQHJDP$LQYHVWLJDomRGHVVDKLSyWHVHGHPDQGDDYLQFXODomRGH GRLVFRQFHLWRVLPSRUWDQWHVNLQJLQSDUOLDPHQWHUHWyULFD
3(5(,5$9DQWXLO³$RVREHUDQR&RQJUHVVR´SHWLo}HVUHTXHULPHQWRVUHSUHVHQWDQWHVHTXHL[DVj&kPDUD
ϮϬ
$ H[SUHVVmRNLQJLQSDUOLDPHQW GHVLJQD XPD ³LQYHQomR´ GR VLVWHPD SROtWLFR LQJOrV FXMR QDVFLPHQWR HP JHUDO p ORFDOL]DGR QR VpFXOR ;9,,, &RQVLVWH QD DUWLFXODomR HQWUH DV Do}HV GR ([HFXWLYR H GR /HJLVODWLYR PHGLDQWH D RFXSDomR GH SRVWRV GDTXHOH SRGHU SRU PHPEURV GHVWH (VVH H[SHGLHQWH GR PRGHOR SROtWLFR LQJOrV p H[SOLFDGR FRPR VHQGR R UHVXOWDGRGHXPOHQWRSURFHVVRGHSHUGDGRSRGHUGRUHLHDFRQVHTXHQWHDVFHQVmRGD&kPDUD GRV&RPXQVTXHVRXEHID]HUYDOHUVXDDXWRULGDGHQRPRPHQWRHPTXHRUHLIRUPDYDVHXV PLQLVWpULRV 1mR Ki QHFHVVDULDPHQWH XPD DVVRFLDomR HQWUH R PHFDQLVPR H D UHWyULFD (VVD YLQFXODomR QD YHUGDGH IRL GHVHQYROYLGD SHOR SROtWLFR IUDQFRVXtoR %HQMDPLQ &RQVWDQW (PERUDQmRXWLOL]HDH[SUHVVmRNLQJLQSDUOLDPHQWHPQHQKXPPRPHQWRDIyUPXODIRLREMHWR GH DWHQomR GHVVH DXWRU HP VXD REUD5HIOH[}HV VREUH DV &RQVWLWXLo}HV H DV JDUDQWLDV UHGLJLGDHSXEOLFDGDQRDQRGHQD)UDQoD /LEHORSROtWLFRSHORTXDOVHXDXWRUWHQWRX SDUWLFLSDU H LQIOXLU QRV GHVWLQRV SROtWLFRV GH VHX SDtV D REUD REMHWLYRX GHWDOKDU DV UHODo}HV HQWUH RV GLYHUVRV SRGHUHV HP XPD PRQDUTXLD SDUODPHQWDU H GHIHQGHX D WHVH GH TXH R PHFDQLVPR GRNLQJLQSDUOLDPHQW ± D QRPHDomR GH PLQLVWURV RULJLQDGD QDV KRVWHV GRV PHPEURV GR /HJLVODWLYR ± IRL XPD LQYHQomR GD SROtWLFD LQJOHVD FXMR HIHLWR VDOXWDU VHULD R DSULPRUDPHQWRGRVGHEDWHVQRSDUODPHQWRRXVHMDRGHVHQYROYLPHQWRGDUHWyULFD3RUWDQWR SDUD%HQMDPLQ&RQVWDQWKiXPDYLQFXODomRH[SOtFLWDPHGLDGDSRUXPDUHODomRGHFDXVDH FRQVHTXrQFLDHQWUHRVFRQFHLWRVGHNLQJLQSDUOLDPHQWHUHWyULFD
'HILQLGD SRU $ULVWyWHOHV FRPR ³>@ D IDFXOGDGH GH REVHUYDU RV PHLRV GH SHUVXDVmR GLVSRQtYHLVHPTXDOTXHUFDVRGDGR´DUHWyULFDpXPDDUWHFXMRQDVFLPHQWRpFRPXPHQWH UHSXWDGRDXPDTXHUHODKDYLGDQD6LFtOLDJUHJDHQWUHFLGDGmRVGHVSRMDGRVGHVHXVEHQVSRU WLUDQRV&UrVHTXHDSyVWHUHPFRQVHJXLGRDH[SXOVmRGRVWLUDQRVGHVXDVWHUUDVRVFLGDGmRV VLFLOLDQRVUHFODPDUDPVHXVSHUWHQFHVGHYROWD1HVVDRFDVLmRFHUWRKRPHPFKDPDGR&yUD[ GLVFtSXOR GR ILOyVRIR (PSpGRFOHV H VHX SXSLOR GH QRPH 7tVLDV SXEOLFDUDP XPD DUWH TXH FRQWLQKD XPD VpULH GH DUJXPHQWRV GD TXDO RV JUHJRV GHVSRMDGRV SRGHULDP VH VHUYLU SDUD UHDYHUVHXVEHQV'HDFRUGRFRPHVVDRULJHPDJrQHVHGDUHWyULFDWHULDVLGRSRUWDQWRGH RUGHPMXGLFLiULD
&2167$17%HQMDPLQ5pIOH[LRQVVXUOHV&RQVWLWXWLRQVHOHV*DUDQWLHVDYHFXQH(VTXLVVHGH&RQVWLWXWLRQ
,QBBBBBB&RXUVGHSROLWLTXHFRQVWLWXWLRQQHOOH3DULV/LEUDLULHGH*XLOODXPLQ
ϭϱ
$5,67Ï7(/(65HWyULFD7UDGXomRGH0DUFHOR6LOYDQR0DGHLUD6mR3DXOR5LGHHOS
5(%28/2OLYLHU,QWURGXomRjUHWyULFDHG6mR3DXOR0DUWLQV)RQWHV
$LGHLDGHTXHDUHWyULFDWHYHRULJHPQDHODERUDomRGHVVHPDQXDOGH7tVLDVH&RUi[QmRpXQkQLPH7KRPDVH
Ϯϭ
1R %UDVLO FRPR EHP PRVWURX R KLVWRULDGRU -RVp 0XULOR GH &DUYDOKR HP WH[WR LQWLWXODGR+LVWyULDLQWHOHFWXDOQR%UDVLODUHWyULFDFRPRFKDYHGHOHLWXUDDUHWyULFDVHPSUH IRLXPLQVWUXPHQWRIXQGDPHQWDOGHSDUWLFLSDomRQDVRFLHGDGHSROtWLFD1RHQWDQWRHVVHIDWRUp EDVWDQWHQHJOLJHQFLDGRQRVUHIHUHQFLDLVWHyULFRPHWRGROyJLFRVTXHSDXWDPDDQiOLVHGHIRQWHV KLVWyULFDVGD+LVWyULDGR%UDVLO&DUYDOKRH[S{VDLPSRUWkQFLDGHVHSHQVDURVDFRQWHFLPHQWRV GD KLVWyULD SROtWLFD GR SDtV SRU LQWHUPpGLR GD DQiOLVH UHWyULFD GDGR TXH R SUHVWtJLR TXH D UHWyULFD GHVIUXWRX KLVWRULFDPHQWH HQWUH VXDV HOLWHV p VHJXQGR HOH XP GRV DVSHFWRV PDLV GHILQLGRUHVGDLGHQWLGDGHGDVRFLHGDGHEUDVLOHLUD3DUDRKLVWRULDGRUDLQWHUSUHWDomRGHIRQWHV SULPiULDV ± SULQFLSDOPHQWH GR VpFXOR ;,; ± SHOR YLpV GD UHWyULFD SRGHULD VHU EDVWDQWH SURItFXDQDGHFLIUDomRGRVFRPSRQHQWHVTXHPRYLDPDSROtWLFDGRSHUtRGRLPSHULDO
(P VHX WH[WR R KLVWRULDGRU -RVp 0XULOR GH &DUYDOKR PHQFLRQD R QRPH GH &KDwP 3HUHOPDQ ILOyVRIR QDVFLGR QD %pOJLFD H PDLRU HVWXGLRVR GD UHWyULFD QR VpFXOR ;; 6HXV WUDEDOKRVUHVJDWDUDPRSUHVWtJLRGDUHWyULFDQDILORVRILDRFLGHQWDODomRUHDOL]DGDPHGLDQWHD UHFXSHUDomR GH VXDV RULJHQV QD DQWLJXLGDGH JUHJD TXDQGR ILOyVRIRV FRPR $ULVWyWHOHV OKH IRUQHFHUDPRHVWDWXWRGHXPDWpFQLFDGHHODERUDomRGHLGHLDVQRHVSDoRS~EOLFR(PVXDREUD GHPDLRUGHVWDTXH7UDWDGRGD$UJXPHQWDomR&KDwP3HUHOPDQFRQVWUyLGHWDOKDGDPHQWH WLSRV GH DUJXPHQWRV TXH VmR XWLOL]DGRV SDUD D GHIHVD GRV SRQWRV GH YLVWD GDTXHOHV TXH HQIUHQWDPXPDEDWDOKDUHWyULFD
9LVWDGHVGHRVWHPSRVUHPRWRVGHVXDRULJHPRUDFRPRDDUWHGHHVFODUHFHURS~EOLFR PHGLDQWH D XWLOL]DomR GD IDOD RUD FRPR D DUWH GR HQJRGR H GD PLVWLILFDomR SDUD RXYLQWHV LJQDURV D UHWyULFD VHJXQGR 3HUHOPDQ IRL UHOHJDGD DR HVTXHFLPHQWR TXDQGR D ILORVRILD GH 'HVFDUWHV QR VpFXOR ;9, UHOHJRX WXGR DTXLOR TXH QmR FRQVHJXLD VHU PDWHPDWLFDPHQWH SURYiYHO DR OLPER GDV FRLVDV LQFHUWDV H VHFXQGiULDV 1HVVH VHQWLGR D UHWyULFD SDVVRX D VHU DOYR GH GLDWULEHV GDV PDLV YDULDGDV FRUUHQWHV GR SHQVDPHQWR ILORVyILFR TXH HFRDQGR R GLVFXUVR FDUWHVLDQR WRUQDYDR R GLVFXUVR SUHGRPLQDQWH GD PRGHUQLGDGH 0DV FRPR D FXOWXUDOXVREUDVLOHLUDWHYHKLVWRULFDPHQWHQDYDORUL]DomRGDUHWyULFDXPDGHVXDVPDWUL]HV
HVVHQWLDOWRUKHWRULF7KURXJKRXWDQWLTXLW\DQGHYHQLQWRWKHPRGHUQDJHUKHWRULFZDVGHILQHGLQ3ODWRQLFDQG $ULVWRWHOLDQWHUPVGHWHUPLQLQJWKHSUHUHTXLVLWHVIRULWVYHU\H[LVWHQFH´7+20$6&DURO*:(%%(GZDUG .HQW)URPRUDOLW\WRUKHWRULFDQLQWHOOHFWXDOWUDQVIRUPDWLRQ,Q:257+,1*721,DQ3HUVXDVLRQ*UHHN UKHWRULFLQDFWLRQ/RQGRQ5RXWOHGJHS
&$59$/+2-RVp0XULORGH+LVWyULDLQWHOHFWXDOQR%UDVLODUHWyULFDFRPRFKDYHGHOHLWXUD7RSRL5HYLVWD
GH+LVWyULD5LRGH-DQHLURQSMDQGH]
3(5(/0$1 &KDwP 2/%5(&+767<7(&$ /XFLH7UDWDGR GD DUJXPHQWDomR D QRYD UHWyULFD HG
6mR3DXOR0DUWLQV)RQWHV
ϮϮ
PDLV IRUWHV HVVD FDUDFWHUL]DomR SRGHVH GL]HU QmR p SHUWLQHQWH SDUD D FRPSUHHQVmR GD +LVWyULDGR%UDVLO
2V FRQFHLWRV FHQWUDLV GH NLQJLQSDUOLDPHQW H UHWyULFD SRU VHX WXUQR IRUDP WUDEDOKDGRV D SDUWLU GH GRLV PpWRGRV $ SHVTXLVD ODQoRX PmR GRV UHIHUHQFLDLV GD KLVWyULFD LQWHOHFWXDO SRLV HVVH FDPSR GD KLVWyULD SHUPLWLX WUDoDU R HVWXGR GD REUD GH %HQMDPLQ &RQVWDQW FRPR HOD GHYH VHU UHDOL]DGD QHVVD SHVTXLVD FRPR IRQWH SULPiULD H QmR VLPSOHVPHQWHFRPRWH[WRGHWHRULDSROtWLFD1HVVHVHQWLGRDSHVTXLVDQmRVHDWHYHVRPHQWHj KHUPHQrXWLFD GDV LGHLDV FRQWLGDV QR WH[WR GD UHIHULGD REUD PDV DQDOLVRX VREUHWXGR DV LQWHQo}HVGRDXWRUDRSURGX]LODEHPFRPRDVSRVVtYHLVUHFHSo}HVHUHOHLWXUDVTXHHODVRIUHX QR PRPHQWR HP TXH IRL OLGD QRV WUySLFRV 3RU ILP D DQiOLVH UHWyULFD p R PpWRGR TXH SHUSDVVDDPDLRUSDUWHGDDQiOLVHGRFXPHQWDODQDOLVDGDQDSHVTXLVDFRQVWLWXLQGRVHRIXOFUR GD WHVH 3RU VHX LQWHUPpGLR IRL UHDOL]DGD XPD WHQWDWLYD H[DXVWLYD GH FRPSUHHQVmR GRV GLVFXUVRVGRVGHSXWDGRVWRUQDGRVPLQLVWURVQD&kPDUDGRV'HSXWDGRVQDWHQWDWLYDGHYHULILFDU DKLSyWHVHODQoDGDSHORVSULPHLURVKLVWRULDGRUHVVREUHRDFRQWHFLPHQWRSROtWLFRHPTXHVWmR
'LDQWH GD WDUHID GH HPSUHHQGHU XP HVWXGR EDVHDGR QD KLSyWHVH GH TXH RV SROtWLFRV EUDVLOHLURV IL]HUDP XPD OHLWXUD HVSHFtILFD GR PRGHOR SROtWLFR LQJOrV TXH XQLD LQGLVVROXYHOPHQWHDVFDWHJRULDVGHNLQJLQSDUOLDPHQWHUHWyULFDHVWHWUDEDOKRHVWUXWXURXVH GDPDQHLUDVHJXLQWH23ULPHLURFDStWXOR±2PRGHORLQJOrVJDELQHWHGHGHSXWDGRVHPDLRULD SDUODPHQWDU±SUHRFXSDVHHPPRVWUDUFRPRIRLIRUMDGDDIyUPXODGRNLQJLQSDUOLDPHQWQD ,QJODWHUUDGRVpFXOR;9,,,HFRPRHODIRLOLGDSHORVSROtWLFRVGD&RURDQR3ULPHLUR5HLQDGR SRU LQWHUPpGLR GH REUD HVSHFtILFD GR SROtWLFR IUDQFrV %HQMDPLQ &RQVWDQW (VVH FDStWXOR WDPEpPPRVWUDFRPRDXQLmRHQWUHHVVDVGXDVFDWHJRULDVH[SOLFDDDVFHQVmRGRJDELQHWHGH QRYHPEUR GH H VH SUHRFXSD HP DQDOLVDU FRPR IRL D UHFHSomR GRV QRPHV TXH R FRPSXQKDPWDQWRQDHVIHUDS~EOLFDFRPRQRSUySULRUHFLQWRGD&kPDUDGRV'HSXWDGRV
&$59$/+2-RVp0XULORGH+LVWyULDLQWHOHFWXDOQR%UDVLODUHWyULFDFRPRFKDYHGHOHLWXUD7RSRL5HYLVWD
GH+LVWyULD5LRGH-DQHLURQSMDQGH]
$/7$0,5$12&DUORV,GHLDVSDUDXPSURJUDPDGHKLVWRULDLQWHOHFWXDO7HPSR6RFLDO6mR3DXORYQ
S 7UDGXomR GH 1RUEHUWR *XDULQHOOR /23(6 0DUFR $QWRQLR 2UJ*UDQGHV QRPHV GD +LVWyULDLQWHOHFWXDO6mR3DXOR&RQWH[WR/$&(5'$6RQLD.,56&+1(57HUH]D&ULVWLQD7UDGLomR LQWHOHFWXDOHHVSDoRKLVWRULRJUiILFRRXSRUTXHGDUDWHQomRDRVWH[WRVFOiVVLFRV,Q/23(60DUFR$QWRQLR 2UJ*UDQGHVQRPHVGDKLVWyULDLQWHOHFWXDO6mR3DXOR&RQWH[WRS
3(5(/0$1&KDwP2/%5(&+767<7(&$/XFLH7UDWDGRGDDUJXPHQWDomRDQRYDUHWyULFDHG6mR
Ϯϯ
3RU LQWHUPpGLR GD DQiOLVH GD GRFXPHQWDomR SULPiULD IRL SRVVtYHO LGHQWLILFDU GXDV JUDQGHVTXHVW}HVGHLQWHUHVVHGD&RURDQDVTXDLVRPLQLVWpULRGHQRYHPEURGHWHYHGH GHIHQGHUDVSRVLo}HVJRYHUQLVWDVQDWULEXQDGD&kPDUDGRV'HSXWDGRVDSULPHLUDHUDUHODWLYD DXPSURMHWRGHOHLHPDQDGRGR0LQLVWpULRGD)D]HQGDTXHWHQWDYDSRUILPDRGHVFDODEUR ILQDQFHLURSRUTXHSDVVDYDR,PSpULRHVHX%DQFRGR%UDVLO-iDVHJXQGDTXHVWmRHUDDIHWDj GHIHVD GH PHGLGDV WRPDGDV SHOR JRYHUQR QD SURYtQFLD GH 3HUQDPEXFR SRU LQWHUPpGLR GRV PLQLVWpULRV GD -XVWLoD H GD *XHUUD TXH WLYHUDP R LQWXLWR GH VXIRFDU XPD UHYROWD FRQWUD R ,PSHUDGRU 'RP 3HGUR , H D PRQDUTXLD FRQVWLWXFLRQDO TXH HOH UHSUHVHQWDYD (VVDV GXDV PHGLGDVGD&RURDDPEDVQRDQRGHIRUMDUDPRVGRLVJUDQGHVWRUQHLRVUHWyULFRVTXHR *DELQHWHGHQRYHPEURGHHQIUHQWRXHPVXDH[LVWrQFLD
'HVVH PRGR R 6HJXQGR FDStWXOR ± 7RUQHLRV UHWyULFRV , R (VWDGR R PHUFDGR H R %DQFRGR%UDVLO±GHVWLQDVHDPRVWUDURVFRQIURQWRVUHWyULFRVTXHWLYHUDPOXJDUHPYLUWXGH GRGHVHMRGD&RURDGHOHJLVODUVREUHDVILQDQoDVGR,PSpULR$GHIHVDGHVVHSURMHWRGHOHL SHORV PLQLVWURV QD WULEXQD GD &kPDUD IRL HP UHDOL]DGD HP GLYHUVDV VHVV}HV GD LQVWLWXLomR HQWUHRVPHVHVGHDEULOHPDLR1HVVHHVSDoRIRLXWLOL]DGDDREUDGH3LHUUH5RVDQYDOORQR
/LEHUDOLVPR HFRQ{PLFR KLVWyULD GD LGHLD GH PHUFDGR SDUD FRPSUHHQGHU R SRVVtYHO
HQWHQGLPHQWRTXHVHWLQKDj pSRFDGRVFRQFHLWRVGHHVWDGR HPHUFDGR TXHEDOL]DPWRGD D GLVFXVVmRSURFHVVDGDHQWUHRVGHSXWDGRVGDRSRVLomRHRVPHPEURVGRPLQLVWpULR
-i R 7HUFHLUR FDStWXOR ± 7RUQHLRV UHWyULFRV ,, D FRQVWLWXLomR H D VXD VXVSHQVmR ± DQDOLVDDGHIHVDIHLWDSHORVPLQLVWURVGDPHGLGDGR,PSHUDGRU'RP3HGUR,TXHVXVSHQGHX WHPSRUDULDPHQWHD&RQVWLWXLomRQDSURYtQFLDGH3HUQDPEXFRHFULRXXPWULEXQDOGHH[FHomR QDTXHODORFDOLGDGHSDUDSXQLURVUHYROWRVRV1HVVDSDUWHHVSHFtILFDGDWHVHIRLXWLOL]DGDDREUD GH*LRUJLR$JDPEHQ(VWDGRGHH[FHomRSDUDSHQVDURGLVSRVLWLYRMXUtGLFRGHVXVSHQVmRGD FRQVWLWXLomRLQVFULWRHPDUWLJRHVSHFtILFRGRWH[WRGD&RQVWLWXLomRGR,PSpULRGHGR TXDOR,PSHUDGRUVHVHUYLXSDUDVXIRFDUXPDUHEHOLmRQDSURYtQFLDGRQRUWH$RFDERGHVVHV WUrVFDStWXORVKiDVFRQVLGHUDo}HVILQDLVVREUHDDWXDomRGRPLQLVWpULRGHQRYHPEURGH RVLJQLILFDGRGHVXDH[LVWrQFLDSDUDDSROtWLFDGR3ULPHLUR5HLQDGRHVXDTXHGDHPGH]HPEUR GH
Ϯϰ
&$3Ë78/2 2 02'(/2 ,1*/Ç6 *$%,1(7( '( '(387$'26 ( 0$,25,$ 3$5/$0(17$5
4XHUHP TXH QRVVDV DVVHPEOpLDV UHSUHVHQWDWLYDV VHMDP VHQVDWDV" ,PSRQKDP DRV KRPHQV TXH QHOD TXHUHP EULOKDU D QHFHVVLGDGHGHWHUWDOHQWR
5HIOH[}HVVREUHDVFRQVWLWXLo}HVHDVJDUDQWLDV %HQMDPLQ&RQVWDQW
Ϯϱ
$FRQVWUXomRGHXPDLPDJHPGDSROtWLFDGD,QJODWHUUD
$VUDt]HVGDDVFHQVmRGRJDELQHWHGHQRYHPEURGHSRGHPVHUHQFRQWUDGDVFLQFR DQRV DQWHV QR SURFHVVR GH FRQVWLWXFLRQDOL]DomR GR %UDVLO XPD YH] TXH R GLVSRVLWLYR MXUtGLFR TXH SHUPLWLX D RFRUUrQFLD GHVVH IDWR SROtWLFR HVWDYD ORFDOL]DGR QR DUWLJR GD &RQVWLWXLomRGR,PSpULR
2VVHQDGRUHVHGHSXWDGRVSRGHUmRVHUQRPHDGRVSDUDRFDUJRGHPLQLVWURGH (VWDGR RX FRQVHOKHLUR GH (VWDGR FRP D GLIHUHQoD GH TXH RV VHQDGRUHV FRQWLQXDPDWHUDVVHQWRQR6HQDGRHRGHSXWDGRGHL[DYDJRRVHXOXJDUQD &kPDUDHVHSURFHGHDQRYDHOHLomRQDTXDOSRGHVHUUHHOHLWRHDFXPXODUDV GXDVIXQo}HV
(VVHDUWLJRIRLLQVHULGRQRWH[WRGRSURMHWRGH&RQVWLWXLomRHQWUHQRYHPEURGHH PDUoRGHTXDQGRKRPHQVGHFRQILDQoDGR,PSHUDGRU'RP3HGUR,VHFRQVWLWXtUDPHP &RQVHOKR GH (VWDGR H[FOXVLYDPHQWH FRP R REMHWLYR GH UHGLJLOR (PERUD R GHFUHWR GR ,PSHUDGRU WHQKD RFXSDGR GH] KRPHQV QD WDUHID GH SURGX]LU R WH[WR FRQVWLWXFLRQDO QmR p SRVVtYHOSUHFLVDURJUDXGHSDUWLFLSDomRGHFDGDXPGHOHVQRSURMHWRIHLWRGXUDQWHDVUHXQL}HV GR JUXSR 1R HQWDQWR p SURYiYHO TXH -RVp -RDTXLP &DUQHLUR GH &DPSRV WHQKD WLGR XPD SDUWLFLSDomRGHPDLRUUHOHYRQDHPSUHLWDGD)RUPDGRHP'LUHLWRHP&RLPEUD&DPSRVHUD ³>@ FRPSHWHQWtVVLPR HP GLUHLWR S~EOLFR GLUHLWR FRQVWLWXFLRQDO DGPLQLVWUDWLYR H JUDQGH FRQKHFHGRUGDVFRUUHQWHVGRXWULQiULDVGRSHQVDPHQWRSROtWLFR´
$ERUGDJHQVJHUDLVGRSURFHVVRGHFRQVWLWXFLRQDOL]DomRGR,PSpULRSRGHPVHUHQFRQWUDGDVQDVVHJXLQWHVQDV
REUDV /($/ $XUHOLQR+LVWRULD &RQVWLWXFLRQDO GR %UD]LO %UDVtOLD ') 0LQLVWpULR GD -XVWLoD &81+$3HGUR2FWiYLR&DUQHLURGD$IXQGDomRGHXPLPSpULROLEHUDO,Q+2/$1'$6pUJLR%XDUTXHGH(G
2%UDVLO PRQiUTXLFR5LRGH-DQHLUR%HUWUDQG%UDVLOWY+*&%S /,5$ 0DULD GH /RXUGHV9LDQD2,PSpULRHPFRQVWUXomR3ULPHLUR5HLQDGRH5HJrQFLDV6mR3DXOR$WXDO
%5$=,/&RQVWLWXLomR3ROtWLFDGR,PSpULRGR%UD]LOSURPXOJDGDHPGHPDUoRGH,Q%$55(72
&DUORV(GXDUGR2UJ&RQVWLWXLo}HVGR%UDVLO6mR3DXOR6DUDLYDYS
1RGHFUHWRSHORTXDOFULRXR&RQVHOKRGH(VWDGRHPQRYHPEURGH'RP3HGUR,IRLH[SOtFLWRDRDILUPDU
TXH R FULDYD FRP R REMHWLYR GH HODERUDU XP SURMHWR GH &RQVWLWXLomR ³>@ H FRPR SDUD ID]HU VHPHOKDQWH SURMHWRFRPVDEHGRULDHDSURSULDomRjVOX]HVFLYLOL]DomRHORFDOLGDGHVGR,PSpULRVHID]LQGLVSHQViYHOTXH HXFRQYRTXHKRPHQVSURERVHDPDQWHVGDGLJQLGDGHLPSHULDOHGDOLEHUGDGHGRVSRYRVKHLSRUEHPFULDUXP &RQVHOKR GH (VWDGR >@´ %5$=,/ 'HFUHWR GH GH QRYHPEUR GH &ULD XP &RQVHOKR GH (VWDGR H QRPHLDRVUHVSHFWLYRVPHPEURV&ROOHFomRGDV/HLVGR,PSpULRGR%UD]LOGH5LRGH-DQHLUR
'LVSRQtYHOHPKWWSZZZFDPDUDJRYEUOHJLVODFDR!$FHVVRHPMXQ
-RVp-RDTXLP&DUQHLURGH&DPSRVQDVFHXQD%DKLDHP)RUPRXVHHP'LUHLWRSHOD8QLYHUVLGDGHGH
&RLPEUD HP 2FXSRX YiULDV SDVWDV PLQLVWHULDLV DR ORQJR GR 3ULPHLUR 5HLQDGR H IRL PHPEUR GR &RQVHOKR GH (VWDGR GHVGH D VXD FULDomR )RL HOHLWR SDUD R 6HQDGR HP VHQGR XP GRV SROtWLFRV PDLV PDUFDQWHVGRUHLQDGRGH'3HGUR,1HVVHPHVPRDQRDGTXLULXRWtWXORGHPDUTXrVGH&DUDYHODV
%5$6,/$WDVGR&RQVHOKRGH(VWDGR,QWURGXomRGH-RVp+RQyULR5RGULJXHV%UDVtOLD')&HQWUR*UiILFR
6REDOLGHUDQoDGH 'RP3HGUR,HPGHPD VREUHRWHRUGRWH[WRTXH (VWDGREUDVLOHLUR±FDVRGD %UDVLO±&DUDYHODVHRVS
SURMHWRIRLUDWLILFDGRFRPR )LJXUD2VPHPEURVGD &DUDYHODV%DHS 3DUDQDJXi6DED )RQWHVLWHKWWSJHRFLWLHV\DKR /\QFKUHDOL]RXXPEUHYHHVWXG DOpPGDKLVWRULRJUDILD /X]LD UHSUHVHQWDWLYR 0 'LiORJRVHQWUHGLUHLWRHKLVWy 1HVVHVHQWLGRYHU0(//2(Y (G 6REUHRFRQFHLWRORFNHDQRGH FLGDGDQLDD&RQVWLWXLomRGH &DUDYHODVD&RQVWLWXLomRIRLIHLWDFHOHUHP
DUoRGH$LQGDTXHWHQKDKDYLGRFRQ
RVFRQVHOKHLURVSURGX]LUDPDOJXPDVGHODV D&RQIHGHUDomRGR(TXDGRUQDSURYtQFLDGH SROtWLFRVTXHFLUFXQGDYDPR,PSHUDGRUORJUDU
RSDFWRTXHGHXRULJHPjVRFLHGDGHSROtWLFD
D&RURDR,PSHUDGRUHVHXVGH]FRQVHOKHLU
SHQGL6$PDUR4XHOX] 'RP3HGUR, DUi0DULFi&DFKRHLUD RRFRPEUNDMDIUHLWDV1RE$=KWP$FHVVRHP GRVREUHDVLGHLDVGH&DUDYHODV3DUDWDQWRYHU/<1& RGHEDWHSROtWLFRFRQVWLWXFLRQDOGR3ULPHLUR5HLQDGR 0285$ )iWLPD 1(9(6 (GVRQ $OYLVL H 5,%(,5 yULDFLGDGDQLDHMXVWLoD1LWHUyL('8))
YDOGR&DEUDO$RXWUDLQGHSHQGrQFLDRIHGHUDOLVPR
VRFLHGDGHSROtWLFDYHU2/,9(,5$&HFtOLD+HOHQD/R HVXDVLPSOLFDo}HVSROtWLFDV+RUL]RQWHV%UDJDQ
Ϯϲ PHQWHHRXWRUJDGDSRU QWHVWDo}HVLPSRUWDQWHV VXIRFDGDVjEDODSHOR 3HUQDPEXFRQRUWHGR UDPVDLUYLWRULRVRVHR GR,PSpULR URV ,QKDPEXSH 1D]DUp &+&KULVWLDQ(&\ULO3DUD RHRFRQFHLWRGHJRYHUQR 52 *ODG\V 6DELQR 2UJ
SHUQDPEXFDQR6mR3DXOR
RUHQ]LQLGH6DOOHV1DomRH QoD3DXOLVWDYS
Ϯϳ
(PERUD WHQKD VLGR SURGX]LGD QR kPELWR GH XP &RQVHOKR GH (VWDGR ± LQVWLWXLomR DQWLTXtVVLPDQDKLVWyULDLQVWLWXFLRQDOSRUWXJXHVDEDVWDQWHUHSUHVHQWDWLYDGR$QWLJR5HJLPH
± H WHQKD YLQGR j OX] GH XPD IRUPD H[SOLFLWDPHQWH DXWRULWiULD D REUD FRQVWLWXFLRQDO HUD SHUIHLWDPHQWH DGHTXDGD DR VHX WHPSR 6HXV DUWLJRV FRQWLQKDP DV LGHLDV DYDQoDGDV GR
OLEHUDOLVPR SROtWLFR HP QRPH GDV TXDLV D (XURSD H D $PpULFD SDVVDYDP QDTXHOHV DQRV
LQLFLDLVGRVpFXOR;,;SRUXPDYDJDGHUHYROXo}HVVHPSUHFHGHQWHV'HWRGRVRVSULQFtSLRV
OLEHUDLV WDOYH] R PDLV GLIXQGLGR QRV SURFHVVRV UHYROXFLRQiULRV GRV DQRV VHWHFHQWRV H RLWRFHQWRVWHQKDVLGRRGDGLYLVmRGRSRGHUGHPRGRTXHQmRILFDVVHFRQFHQWUDGRHPXPDVy ILJXUD RX LQVWkQFLD SROtWLFD 1R HQWDQWR HPERUD HVVH IRVVH XP D[LRPD GR TXDO QHQKXPD
QDomR PRGHUQD SRGHULD VH IXUWDU YiULDV IRUDP DV PDQHLUDV GH VH SUDWLFDU HVVD SURSDODGD GLYLVmRGRSRGHUDVVLPFRPRYiULDVIRUDPDVIRUPDVGHVHHVWDEHOHFHUDVUHODo}HVHQWUHHP
VHXVGLYHUVRVFDPSRV
&RPR WRGDV DV FRQVWLWXLo}HV GR SHUtRGR R WH[WR GH UDWLILFDYD D GLYLVmR H LQGHSHQGrQFLD GRV SRGHUHV &RQWXGR R GRFXPHQWR HODERUDGR SHORV FRQVWLWXFLRQDOLVWDV GR ,PSpULRFRQWLQKDDHVSHFLILFLGDGHGHDSUHVHQWDUDGLYLVmRGHSRGHUHVHPQ~PHURGHTXDWUR DGLFLRQDQGRDLQVWkQFLDGRSRGHU0RGHUDGRUjWUDGLFLRQDOGRXWULQDTXHGLYLGLDRVSRGHUHVSRU
IXQomRHP([HFXWLYR/HJLVODWLYRH-XGLFLiULR(PTXHSHVHHVVDSHFXOLDULGDGHRDUWLJR
GD&RQVWLWXLomRSULQFtSLRFRQVHUYDGRUGRVGLUHLWRVGRVFLGDGmRVHRPDLVVHJXURPHLRGHID]HU HIHWLYDVDVDILUPDYDFDWHJRULFDPHQWHTXH³>@DGLYLVmRHKDUPRQLDGRVSRGHUHVSROtWLFRV´ HUD ³>@ R JDUDQWLDV TXH D FRQVWLWXLomR RIHUHFH´ DVVHUWLYD TXH UHFRQKHFLD R YDORU IXQGDPHQWDO GHVVH SULQFtSLR SDUD D HIHWLYDomR GR ,PSpULR FRPR XP (VWDGR PRGHUQR 3DUD WDQWR FDStWXORV LQWHLURV GR GRFXPHQWR FRQVWLWXFLRQDO GLVFULPLQDUDP D HVWUXWXUD H
7255(65X\G¶$EUHX&RQVHOKRGH(VWDGR,Q6(552-RHO'LFLRQiULRGHKLVWyULDGH3RUWXJDO/LVERD
,QLFLDWLYDV YS *5,1%(5* .HLOD &RQVHOKR GH (VWDGR ,Q 9$,1)$6 5RQDOGR 'LU 'LFLRQiULRGR%UDVLOLPSHULDO5LRGH-DQHLUR2EMHWLYDS
2/,9(,5$&HFtOLD+HOHQD/RUHQ]LQLGH6DOOHV1DomRHFLGDGDQLDD&RQVWLWXLomRGHHVXDVLPSOLFDo}HV
SROtWLFDV+RUL]RQWHV%UDJDQoD3DXOLVWDYS
+2%6%$:0(ULF-$HUDGDVUHYROXo}HV(XURSDHG6mR3DXOR3D]H7HUUD
2FRQFHLWRGHDEVROXWLVPRGDIRUPDFRPRRFRQKHFHPRVXPDFRQFHQWUDomRWRWDOGHSRGHUHVQDVPmRVGHXP
UHL QDVFH MXVWDPHQWH QHVVH PRPHQWR 6&+,(5$ 3LHUDQJHOR $EVROXWLVPR ,Q %2%%,2 1RUEHUWR 0$77(8&&, 1LFROD 3$648,12 *LDQIUDQFR 2UJ'LFLRQiULR GH SROtWLFD %UDVtOLD ') (G 8Q%
SHWVHT
0$77(8&&, 1LFROD &RQVWLWXFLRQDOLVPR ,Q %2%%,2 1RUEHUWR 0$77(8&&, 1LFROD 3$648,12
*LDQIUDQFR2UJ'LFLRQiULRGHSROtWLFD%UDVtOLD')(G8Q%S
$ GLIXVmR GD WHRULD GD GLYLVmR WULSDUWLWH GR SRGHU FRXEH j OHLWXUD IHLWD GD REUD ³2 HVStULWR GDV OHLV´ GH
0RQWHVTXLHXDTXHPR2FLGHQWHDUURJRXVXDLQYHQomR1RHQWDQWRKiDXWRUHVTXHFUHGLWDPD-RKQ/RFNHMi QRVpFXOR;9,,DLQYHQomR GHVVHSULQFtSLR1HVVHVHQWLGRYHU*28*+-RKQ:LHGKRIIW $VHSDUDomRGRV SRGHUHVHDVREHUDQLD,Q48,5,12&pOLD*DOYmR6$'(.0DULD7HUHVD2SHQVDPHQWRSROtWLFRFOiVVLFR 0DTXLDYHO +REEHV /RFNH 0RQWHVTXLHX 5RXVVHDX HG 6mR 3DXOR 0DUWLQV )RQWHV %LEOLRWHFD
XQLYHUVDOS
%5$=,/&RQVWLWXLomR3ROtWLFDGR,PSpULRGR%UD]LOSURPXOJDGDHPGHPDUoRGH,Q%$55(72
Ϯϴ
FDUDFWHUtVWLFDGHFDGDXPGRVSRGHUHV2SRGHU0RGHUDGRUSHUWHQFHULDVRPHQWHDR,PSHUDGRU PDVQDVRFDVL}HVHPTXHIRVVHXWLOL]iORD&RQVWLWXLomRPDUFDYDDSRVVLELOLGDGHGRGHEDWH FRPVHXVFRQVHOKHLURV2([HFXWLYRVHULDFKHILDGRSHOR,PSHUDGRUPDVFRPDQGDGRGHIDWR SRU VHXV PLQLVWURV 2 /HJLVODWLYR VHULD ELFDPHUDO GLYLGLGR HP &kPDUD GRV 'HSXWDGRV H 6HQDGR -i R -XGLFLiULR WHULD XPD LQVWLWXLomR FHQWUDOL]DGD QD FRUWH GHQRPLQDGD 6XSUHPR 7ULEXQDOGH-XVWLoD
7RGRV HVVHV SRGHUHV HUDP GLVWLQJXLGRV XQV GRV RXWURV H j H[FHomR GR 0RGHUDGRU
WRGRVFXPSULDPIXQo}HVWtSLFDV1HVVHVHQWLGRFDELDDR/HJLVODWLYRDHODERUDomRGDVOHLV
DR ([HFXWLYR VXD LPSOHPHQWDomR H DR -XGLFLiULR R MXOJDPHQWR GRV FRQIOLWRV $R SRGHU 0RGHUDGRU FDELD D IXQomR GH µWHPSHUDU¶ RV RXWURV WUrV HP WRGDV DV RFDVL}HV HP TXH VHX GHWHQWRUKRXYHVVHSRUEHPID]rOR6HXDFLRQDPHQWRGDUVHLDVRPHQWHSDUDVHLPLVFXLUQDV
IXQo}HVGDVRXWUDVLQVWkQFLDVUHDOL]DQGRVHPSUHXPDIXQomRDWtSLFD3RGHULDLQWHUYLUSRU
H[HPSORQR/HJLVODWLYRVHMDSRULQWHUPpGLRGDFRQYRFDomRRXSURUURJDomRH[WUDRUGLQiULDGH VHXVWUDEDOKRVVHMDGLVVROYHQGRD&kPDUDGRV'HSXWDGRVRXDLQGDHVFROKHQGRRVPHPEURV SDUDR6HQDGR3RGHULDLQWHUYLUQR([HFXWLYRQRPHDQGRRXGHPLWLQGRRVPLQLVWURVGH(VWDGR ( SRU ILP SRGHULD VH LPLVFXLU QD HVIHUD SUySULD GR -XGLFLiULR PXGDQGR VXDV VHQWHQoDV H
FRQFHGHQGRDQLVWLDDRVUpXVFRQGHQDGRV
(PERUDGLVSXVHVVHDLQGHSHQGrQFLDGRVSRGHUHVFRPRYDORUIXQGDPHQWDORDUWLJR GD &RQVWLWXLomR HQVHMDYD R DEUDQGDPHQWR GD UtJLGD VHSDUDomR H[LVWHQWH HQWUH GRLV GHOHV R ([HFXWLYR H R /HJLVODWLYR 6XD OHWUD WRUQDYD OtFLWD D RFXSDomR VLPXOWkQHD GH FDGHLUDV QRV PLQLVWpULRV H QDV FDVDV OHJLVODWLYDV IDWR TXH VLJQLILFDYD QmR DSHQDV D SRVVLELOLGDGH GD SUHVHQoD GH XP PHVPR SROtWLFR HP GRLV SRGHUHV PDV VREUHWXGR TXH DV GLVFXVV}HV OHJLVODWLYDV H DV Do}HV GR ([HFXWLYR SRGHULDP VHU SUDWLFDGDV SHOR PHVPR LQGLYtGXR (VVH DUWLJRIRLH[SOtFLWDHDPSODPHQWHEDVHDGRQDVLGHLDVGHVHQYROYLGDVSHORSROtWLFRHSHQVDGRU IUDQFrV%HQMDPLQ&RQVWDQWFRPRGHUHVWRWRGDDWHRULDGDGLYLVmRGHSRGHUHVSUHVHQWHQD
%5$=,/&RQVWLWXLomR3ROtWLFDGR,PSpULRGR%UD]LOSURPXOJDGDHPGHPDUoRGH,Q%$55(72
&DUORV(GXDUGR2UJ&RQVWLWXLo}HVGR%UDVLO6mR3DXOR6DUDLYDYSHWVHT
6REUH IXQo}HV WtSLFDV H DWtSLFDV GRV SRGHUHV YHU 6,/9$ -RVp $IRQVR GD&XUVR GH GLUHLWR FRQVWLWXFLRQDO
SRVLWLYRHG6mR3DXOR0DOKHLURVSHWVHT
$ IXQomR DWtSLFD GH XP SRGHU SRGH VHU GHQRPLQDGD HP RXWUDV SDODYUDV SHOD IDPRVD H[SUHVVmR ³IUHLRV H
FRQWUDSHVRV´6XDFRQVWUXomRSULPHLUDGHXVHGLXWXUQDPHQWHQD,QJODWHUUDiPHGLGDHPTXHSDUODPHQWRHUHL IRUDPVHUHODFLRQDQGRGHVGHDVUHYROXo}HVTXHSXVHUDPILPDRDEVROXWLVPRLQJOrV&RPRDILUPD6DOGDQKD ³1DWHQGrQFLDLQJOHVD>@DWHRULDGHXIRUPXODomRjH[SHULrQFLDDWUDYpVGDLPDJHPFRQFHLWXDOGRVFKHNVDQG EDODQFHVFXMDVXWLOHWiFLWDIyUPXODIRLWLGDGXUDQWHRVVpFXORV;9,,,H;,;FRPRXPDHVSpFLHGH³VHJUHGRGD &RQVWLWXLomR EULWkQLFD´ 6$/'$1+$ 1HOVRQ2 HVWDGR PRGHUQR H D VHSDUDomR GH SRGHUHV 6mR 3DXOR
6DUDLYDS
Ϯϵ
&RQVWLWXLomRGH$XWRUH[WUHPDPHQWHOLGRQRFHQiULRSROtWLFRGR,PSpULRGRLQtFLRGRV
DQRVGHRVHVFULWRVGH&RQVWDQWHUDPEDVWDQWHUHFHQWHVQRPRPHQWRHPTXHRVKRPHQV TXH OLGHUDUDP D LQGHSHQGrQFLD GR %UDVLO HVWLYHUDP RFXSDGRV QD WDUHID GH UHGLJLU D
&RQVWLWXLomRSDUDRQRYRSDtV6HXVOLYURVORJR IRUDPREMHWRGHWUDGXomRHPMRUQDLVTXH
FLUFXODYDPQDFDSLWDOGR,PSpULRHHUDPYHQGLGRVDSUHoRVFRQYLGDWLYRVHPOLYUDULDVTXH
ILFDYDP D SRXFRV PHWURV GRV ORFDLV RQGH RV SROtWLFRV VH UHXQLDP SDUD UHDOL]DU D WDUHID GD
FRQVWLWXFLRQDOL]DomR$OpPGLVVRRSUySULR,PSHUDGRU'RP3HGUR,PDQWLQKDFRQWDWRFRP
HVVHSROtWLFRIUDQFrVFRPTXHPFKHJRXDWURFDUFRUUHVSRQGrQFLDV
+HQUL%HQMDPLQ &RQVWDQW GH /D 5HEHFTXH IRL XP SHQVDGRU OLEHUDO TXH YLYHX QD FRQYXOVLRQDGD(XURSDGDVHJXQGDPHWDGHGRVpFXOR;9,,,HGDVSULPHLUDVGpFDGDVGRVpFXOR ;,;1DVFHXHP/DXVHDQQHQD6XtoDHPPDVWHYHXPDIRUPDomRFRVPRSROLWDTXHR OHYRXDYLYHUHPYiULRVSDtVHVGRFRQWLQHQWHHXURSHX1RHQWDQWRWRGDDVXDFDUUHLUDSROtWLFD DFRQWHFHX QD )UDQoD WHQGR IDOHFLGR HP 3DULV HP 2 SHUtRGR GH YLGD GH &RQVWDQW FRLQFLGH FRP R WHPSR HP TXH RFRUUHUDP PXGDQoDV HVWUXWXUDLV SURIXQGDV QD SROtWLFD H VRFLHGDGH IUDQFHVDV PDUFDGDV SHOD 5HYROXomR GH ± TXH OHYRX j TXHGD GR $QWLJR 5HJLPH ± SHOD DVFHQVmR GH 1DSROHmR %RQDSDUWH FRPR ,PSHUDGRU GRV IUDQFHVHV H SHOD UHVWDXUDomR DR WURQR GD PRQDUTXLD GHFDtGD HP (VVH ~OWLPR HYHQWR TXH WURX[H
$OHWUDGRDUWLJRGD&RQVWLWXLomRpUHWLUDGDGRSHQVDPHQWRGH&RQVWDQWTXHFKHJDDDILUPDU³$FUHVFHQWHL
WDPEpP D QHFHVVLGDGH GH UHHOHLomR SDUD WRGR GHSXWDGR TXH DFHLWH GR JRYHUQR IXQo}HV DPRYtYHLV 8P GHSXWDGRTXHDFHLWDXPFDUJRSRVWHULRUPHQWHjVXDQRPHDomRPXGDGHSRVLomRSHVVRDO1mRpPDLVRKRPHP TXH D QDomR HOHJHX e MXVWR TXH D QDomR GLJD VH WHP FRQILDQoD QR QRYR KRPHP´³-¶DL DMRXWp DXVVL OD QHFHVVLWH GH OD UHpOHFWLRQ SRXU WRXW GpSXWp TXL DFFHSWHUDLW GX JRXYHUQHPHQW GHV IRQFWLRQV DPRYLEOHV 8Q GpSXWpTXLDFFHSWHXQHSODFHSRVWpULHXUHPHQWjVDQRPLQDWLRQFKDQJHGHSRVLWLRQSHUVRQQHOOH,OQ¶HVWSOXV O¶KRPPH TXH OD QDWLRQ DYDLW pOX ,O HVW MXVWH TXH OD QDWLRQ GLVH VL HOOH D FRQILDQFH GDQV O¶KRPPH QRXYHDX´$GLFLRQDGRDHVVDVHQWHQoD&RQVWDQWDLQGDID]XVRGHXPDQRWDGHURGDSpQDTXDOVHSRGHOHU³(UD DVVLP VRE R JRYHUQR FRQVWLWXFLRQDO (UD R XVR QD ,QJODWHUUD H HP WRGRV RV SDtVHV OLYUHV TXH DGPLWHP IXQFLRQiULRVHPVXDVDVVHPEOHLDVOHJLVODWLYDV´³,OHQpWDLWDLQVLVRXVOHJRXYHUQHPHQWFRQVWLWXWLRQQHOF¶HVW O¶XVDJH GH O¶$QJOHWHUUH HW GH WRXV OHV SD\V OLEUHV TXL DGPHWWHQW GHV IRQFWLRQQDLUHV GDQV OHXUV DVVHPEOpHV OpJLVODWLYHV´&2167$17%HQMDPLQ5pIOH[LRQVVXUOHV&RQVWLWXWLRQVHOHV*DUDQWLHVDYHFXQH(VTXLVVHGH &RQVWLWXWLRQ,QBBBBBB&RXUVGHSROLWLTXHFRQVWLWXWLRQQHOOH3DULV/LEUDLULHGH*XLOODXPLQS +iTXHPGHIHQGDTXHQmRVRPHQWHRSULQFtSLRGDGLYLVmRGHSRGHUHVPDVWDPEpPWRGDDSDUWHUHIHUHQWHDRV
GLUHLWRVSROtWLFRVGRVFLGDGmRVGR,PSpULRWHYHHP%HQMDPLQ&RQVWDQWVXDLQVSLUDomRPi[LPD1HVVHVHQWLGR YHU '8$57( /HLOD 0HQH]HV 'LUHLWRV SROtWLFRV QD IRUPDomR GR (VWDGR EUDVLOHLUR D LQIOXrQFLD GR SHQVDPHQWRGH%HQMDPLQ&RQVWDQWQD&RQVWLWXLomRGH,Q(1&217525(*,21$/'(+,67Ï5,$
$138+5LRGH-DQHLUR$QDLV5LRGH-DQHLUR(G8))&'520
2OLYHLUDPRVWUDTXHRSHULyGLFR³25HJXODGRUEUDVLOHLUR´WURX[HXPDWUDGXomRGRVHVFULWRVGH&RQVWDQWQR
DQRGH9HU2/,9(,5$ &HFtOLD+HOHQD /RUHQ]LQL GH6DOOHV7HRULDSROtWLFDHSUiWLFDGHJRYHUQDUR GHOLQHDPHQWR GR (VWDGR LPSHULDO QDV SULPHLUDV GpFDGDV GR VpFXOR ;,; ,Q 35$'2 0DULD /tJLD &RHOKR -$1277,0DULDGH/RXUGHV0{QDFR&HFtOLD+HOHQD/RUHQ]LQLGH6DOOHV2UJ$KLVWyULDQDSROtWLFDD SROtWLFDQDKLVWyULD6mR3DXOR$ODPHGDSHWVHT
0RUHOIRUQHFHDLQIRUPDomRGHTXHR&RXUVGHSROLWLTXHFRQVWLWXWLRQQHOOHGH%HQMDPLQ&RQVWDQWHUDYHQGLGR
QD/LYUDULD3ODQFKHUVLWXDGDQD5XDGR2XYLGRUQRFHQWURGDFRUWHGR5LRGH-DQHLURSUy[LPRDR3DoRGD &LGDGHVHGHGR([HFXWLYRHDRVSUpGLRVGR6HQDGRHGD&kPDUDFDVDVGR/HJLVODWLYR9HU025(/0DUFR $V WUDQVIRUPDo}HV GRV HVSDoRV S~EOLFRV LPSUHQVD DWRUHV SROtWLFRV H VRFLDELOLGDGHV QD &LGDGH ,PSHULDO
6mR3DXOR+XFLWHFSHWVHT
ϯϬ
QRYDPHQWH D GLQDVWLD GRV %RXUERQ DR SRGHU FRUUHVSRQGH DR PRPHQWR HP TXH &RQVWDQW UHGLJLX D REUD 5HIOH[}HV VREUH DV &RQVWLWXLo}HV H DV *DUDQWLDV 5pIOH[LRQV VXU OHV
&RQVWLWXWLRQV HW OHV *DUDQWLHV GH RQGH RV FRQVWLWXFLRQDOLVWDV EUDVLOHLURV UHWLUDUDP YiULRV
DUWLJRVSDUDVXD&RQVWLWXLomRGHQWUHHOHVRGHQ~PHUR
(GLWDGD QD )UDQoD HP PDLR GH H FRORFDGD FRPR REUD SULQFLSDO HP XPD FROHWkQHDGHWH[WRVGRDXWRULPSUHVVDTXDWURDQRVGHSRLVHPFRPRWtWXORGH³&XUVRGH SROtWLFDFRQVWLWXFLRQDO´DV5HIOH[}HVVREUHDV&RQVWLWXLo}HVHDV*DUDQWLDVGH&RQVWDQW
IRUPDYDP XPD REUD GH FXQKR SROtWLFR SHOD TXDO VHX DXWRU WHQWRX DEHUWDPHQWH LQIOXLU H SDUWLFLSDUGRSURFHVVRGHUHVWDXUDomRGDPRQDUTXLDIUDQFHVDQRPRPHQWRHVSHFtILFRGHVXD SXEOLFDomR(PGHPDUoRGH1DSROHmR%RQDSDUWHIRUDGHSRVWRGHSRLVGHXPORQJR SHUtRGR FRPR ,PSHUDGRU GD )UDQoD &RQVWDQW QHVVH PRPHQWR HQFRQWUDYDVH QR H[tOLR QR UHLQRGH+DQQRYHUQD (XURSD&HQWUDOTXHPDQWLQKDXPYtQFXORGHXQLmRGLQiVWLFDFRPD ,QJODWHUUD 9ROWRX UDSLGDPHQWH j )UDQoD TXDQGR VRXEH GD TXHGD GR ,PSHUDGRU D TXHP SDVVDUDRV~OWLPRVDQRVID]HQGRRSRVLomR1DTXHOHPRPHQWRGHYiFXRGHSRGHUDLQVWLWXLomR GR 6HQDGR IUDQFrV IRL LQFXPELGD GD UHDOL]DomR GH XPD QRYD FRQVWLWXLomR SDUD R SDtV
([DWDPHQWH QHVVDV FLUFXQVWkQFLDV &RQVWDQW WHQWDYD VH LQVHULU QR SURFHVVR GH FRQVWLWXFLRQDOL]DomRGD)UDQoDHGHUHVWDXUDomRGRWURQRIUDQFrV
e H[HPSODU QR LQtFLR GH DSyV D TXHGD GH 1DSROHmR DQWHV TXH DV WURSDVDOLDGDVHQWUDVVHPHP3DULVHTXH/XtV;9,,,IRVVHSURFODPDGRUHLR GHVHVSHURGH&RQVWDQWSDUDHQFRQWUDUXPOXJDUSDUDVLHVXDVLGHLDVQRQRYR
JRYHUQR6HXVFRPHQWiULRVQRV-RXUQDX[LQWLPHVVREUHTXHDWLWXGHSROtWLFD
WRPDU GHQXQFLDYDP D HQRUPH SUHRFXSDomR HP FRQVHJXLU XP FDUJR RX TXHP VDEH SDUWLFLSDU GD FRQIHFomR GD IXWXUD &RQVWLWXLomR &RPR VH HVWLYHVVH HP XPD FDPSDQKD SROtWLFD WHQWDYD YiULRV FDPLQKRV DR PHVPR WHPSR(PMDQHLURGHKDYLDWHUPLQDGRHSXEOLFDGRjVSUHVVDVVXDEHOD
REUD'HO¶HVSULWGHFRQTXrWHHWGHO¶XVXUSDWLRQ'RHVStULWRGHFRQTXLVWDH
GD XVXUSDomR HYLGHQWHPHQWH FRQWUD R GHVSRWLVPR GH 1DSROHmR $Wp D GHFLVmRILQDOVREUHTXHPLULDJRYHUQDUD)UDQoDSURFXUDYDVHDSUR[LPDUGH %HUQDGRWWHHSXEOLFDYDPHPRULDLVHORJLRVRVDRSUtQFLSHVXHFRFRWDGRSDUD DVVXPLURUHLQRIUDQFrV$SyVDHVFROKDGH/XtV;9,,,HIHLWDD'HFODUDomR
GH6DLQW2XHQHPGHPDLRSXEOLFRXUDSLGDPHQWHDV5HIOH[}HVVREUHDV
&RQVWLWXLo}HVHDVJDUDQWLDVHPXPDPRQDUTXLDFRQVWLWXFLRQDO6HPG~YLGD
6REUHDVFRQGLo}HVGHVVDSXEOLFDomRDVHVFROKDVGRSUySULR&RQVWDQWHRSHUFXUVRHGLWRULDOTXHHVVDREUDWHYH
DRORQJRGRVpFXOR;,;QD)UDQoDYHUD,QWURGXomRTXH&pOLD*DOYmR4XLULQRID]DRVHVFULWRVGH&RQVWDQW &2167$17%HQMDPLQ(VFULWRVGHSROtWLFD7UDGXomRGH(GXDUGR%UDQGmRHHGLomRLQWURGXomRHQRWDVGH &pOLD*DOYmR4XLULQR6mR3DXOR0DUWLQV)RQWHVS;/,;/9,
2V SURFHVVRV GH UHVWDXUDomR GD PRQDUTXLD IUDQFHVD H GH UHDOL]DomR GD &DUWD GH HVWmR QRV SULPHLURV
FDStWXORVGDREUDGH526$19$//213LHUUH/DPRQDUFKLHLPSRVVLEOHOHVFKDUWHVGHHWGH
ϯϭ
HOH TXHULD PXLWR VHU UHFRQKHFLGR SHODV VXDV LGHLDV PDV TXHULD PXLWR
WDPEpPREWHUXPFDUJRXPDSRVLomRQRQRYRJRYHUQR
(PDEULOGHTXDQGR&RQVWDQWYROWDYDSDUDD)UDQoDR6HQDGRIUDQFrVFRQYRFRX /XtV ;9,,, GD GLQDVWLD %RXUERQ SDUD VHU R QRYR UHL GD QDomR ,UPmR GH /XtV ;9, TXH PRUUHUDQDJXLOKRWLQDHPQRDXJHGRSHUtRGRGR7HUURUGD5HYROXomR)UDQFHVD/XtV ;9,,,HVWDYDQRH[tOLRQD,QJODWHUUDTXDQGRIRLFKDPDGRDUHLQDUHP3DULV2QRYRUHLQmR DFHLWRX R SURMHWR GH &RQVWLWXLomR TXH R 6HQDGR HODERUDUD H QR LQtFLR GH PDLR SURPHWHX WUDEDOKDU HP XP QRYR SURMHWR FRQVWLWXFLRQDO 3DVVDGRV SRXFR PDLV GH YLQWH GLDV DSyV HVVH DFRQWHFLPHQWRSROtWLFR&RQVWDQWSXEOLFRXVXDREUD6HPURGHLRVRVLQWHUHVVHVGRDXWRUIRUDP H[SOLFLWDGRVQRSUHkPEXOR
(X EHP VDELD TXH SXEOLFDQGR HVWD REUD H[SXQKDPH D VHU DFXVDGR GH SUHVXQomR 'HOHJDGRV GR WURQR yUJmRV GR SRYR YmR GHOLEHUDU VREUH RV LQWHUHVVHVGD)UDQoDHVREUHD&RQVWLWXLomRTXHpSUHFLVROKHGDUFDEHDXP LQGLYtGXRVHPPLVVmRDWXDOMXQWDUVXDYR]DHVVDVYR]HVLPSRQHQWHV"&UHLR TXHVLP(DVFLUFXQVWkQFLDVPHHQFRUDMDPDVLQWHQo}HVVmRSXUDVRSRGHU HVFODUHFLGRHEHQHYROHQWHDQDomRLQVWUXtGDSRUDQRVGHH[SHULrQFLD± UDURV IDYRUHV GR FpX TXH QmR VH GHYHULD GHVWD YH] GHLWDU D SHUGHU H TXH FDGDTXDOGHYHVHFXQGDUFRPRTXHSRGHSRVVXLUGHOX]HV)RUoDGRDUHGLJLU PHX WUDEDOKR FRP PXLWD UDSLGH] DGRWHL XP SURMHWR SHOR TXDO HX SUySULR WLQKD FHUWD UHSXJQkQFLD RGH DSUHVHQWDU XP HVERoRGH &RQVWLWXLomR 6HQWL TXHFRPLVVRHXHVWLPXODYDXPDFUtWLFDWDQWRPDLVLQF{PRGDSRUVHSUHVWDU D FHUWR ULGtFXOR SRGHUmR GL]HU TXH WLYH D SUHWHQVmR GH RIHUHFHU XPD &RQVWLWXLomRSDUDD)UDQoD
48,5,12&pOLD*DOYmR,QWURGXomR,Q&2167$17%HQMDPLQ(VFULWRVGHSROtWLFD7UDGXomRGH(GXDUGR
%UDQGmRHHGLomRLQWURGXomRHQRWDVGH&pOLD*DOYmR4XLULQR6mR3DXOR0DUWLQV)RQWHVS;;;9 ³-H QH PH VXLV SRLQW GpJXLVp TX¶HQ SXEOLDQW FHW RXYUDJHMH P¶H[SRVDLV j rWUH DFFXVpGH SUpVRPSWLRQ 'HV
GpOpJXpVGXWU{QHGHVRUJDQHVGXSHXSOHYRQWGpOLEpUHUVXUOHVLQWpUrWVGHOD)UDQFHHWVXUODFRQVWLWXWLRQ TX¶LO IDXW OXL GRQQHU DSSDUWLHQWLO j XQ LQGLYLGX VDQV PLVVLRQ DFWXHOOH GH PrOHU VD YRL[ j FHV YRL[ LPSRVDQWHV"-HOHSHQVHHWOHVFLUFRQVWDQFHVP¶HQFRXUDJHQWOHVLQWHQWLRQVVRQWSXUHVODSXLVVDQFHpFODLUpH HWELHQYHLOODQWHODQDWLRQDYHUWLHSDUYLQJWFLQTDQVG¶H[SpULHQFHUDUHVIDYHXUVGXFLHOTX¶LOIDXGUDLWFHWWH IRLVQHSDVODLVVHUSHUGUHHWTXHFKDFXQGRLWVHFRQGHUGHFHTX¶LOSHXWDYRLUGHOXPLqUHV)RUFpGHUpGLJHU PRQWUDYDLODYHFDVVH]GHUDSLGLWpM¶DLDGRSWpXQSODQSRXUOHTXHOM¶DYDLVPRLPrPHTXHOTXHUpSXJQDQFH FHOXLGHSUpVHQWHUXQHHVTXLVVHGHFRQVWLWXWLRQ-¶DLELHQVHQWLTXHSDUOjM¶HQFRXUDLVXQUHSURFKHG¶DXWDQW SOXV IkFKHX[ TX¶LO SUrWH j XQ FHUWDLQ ULGLFXOH RQ SRXUUD GLUH TXH M¶DL HX OD SUpWHQWLRQ G¶RIIULU XQH FRQVWLWXWLRQSRXUOD)UDQFHª&2167$17%HQMDPLQ5pIOH[LRQVVXUOHV&RQVWLWXWLRQVHOHV*DUDQWLHVDYHF XQH (VTXLVVH GH &RQVWLWXWLRQ ,Q BBBBBB &RXUV GH SROLWLTXH FRQVWLWXWLRQQHOOH 3DULV /LEUDLULH GH
ϯϮ
)LJXUD%HQMDPLQ&RQVWDQWGLYXOJDGRUGHXPD,QJODWHUUDLGHDOL]DGD
)RQWH $FWRQ ,QVWLWXWH KWWSZZZDFWRQRUJSXEUHOLJLRQOLEHUW\YROXPHQXPEHUEHQMDPLQFRQVWDQW $FHVVRHP
%HQMDPLQ&RQVWDQWSRUWDQWRWLQKDXPLQWHUHVVHPXLWRH[SOtFLWRDRHVFUHYHUVXDREUD HYLGHQFLDGRWDPEpPSHODSUySULDHVWUXWXUDGRWH[WR$V5HIOH[}HVFRQWLQKDPQRYHFDStWXORV GH IiFLO OHLWXUD TXH JXDUGDYDP XPD VHPHOKDQoD PXLWR JUDQGH FRP XP GRFXPHQWR FRQVWLWXFLRQDO1RVFLQFRSULPHLURVFDStWXORV&RQVWDQWSRUH[HPSORGHGLFRXVHDDQDOLVDU GHWDOKDGDPHQWHFDGDXPGRVSRGHUHVGDQDomRHRVPHFDQLVPRVTXHFHUFDYDPVXDVUHODo}HV 2 DSXUR H R FXLGDGR FRP TXH R SHQVDGRU IUDQFrV SHQVDYD RV FDPSRV HVSHFtILFRV GR ([HFXWLYR GR /HJLVODWLYR GR -XGLFLiULR H GR SRGHU QHXWUR GR UHL ± FRP WRGDV DV VXDV FRQH[}HVFRQFHUQHQWHVDXP(VWDGROLEHUDO±HUDPQRWiYHLVPDVRDVSHFWRPDLVQRWyULRGHVVD REUDUHYHODVHQDVLQ~PHUDVUHIHUrQFLDVSRVLWLYDVTXH&RQVWDQWIH]j,QJODWHUUD7RPDGRSRU HOHFRPRRPDLVEHPDFDEDGRPRGHORGHGLYLVmRGHSRGHUHVH[LVWHQWHQRPXQGRRVLVWHPD SROtWLFR LQJOrV HUD FKDPDGR D VHUYLU FRPR H[HPSOR SDUD D )UDQoD HP YiULDV SDVVDJHQV GD REUD 6HJXQGR R SHQVDGRU HVVD HUD XPD WHUUD HP TXH D SROtWLFD VH FDUDFWHUL]DULD SHOD KDUPRQLDHSUXGrQFLDHQDTXDOSUHYDOHFHULDDVDEHGRULDTXHID]LDFHVVDUDVGLVSXWDVSROtWLFDV HDX[LOLDYDQDSUHVHUYDomRGDHVWDELOLGDGHGRUHJLPHFRQVWLWXFLRQDO
$R ID]HU LQ~PHUDV UHIHUrQFLDV SRVLWLYDV DR PRGHOR LQJOrV HP VHX WH[WR &RQVWDQW FRPSDUWLOKDYDFRPVHXVOHLWRUHVXPDLPDJHPEDVWDQWHGLIXQGLGDQD)UDQoDGDTXHOHSHUtRGR
0RUDHV2OLYHLUDDGYHUWHSDUDDDWHQomRTXHVHGHYHGDUjVLQWHQo}HVGRDXWRUGHXPDREUDHVSHFLDOPHQWH
ϯϯ
5RVDQYDOORQPRVWUDTXHQRWHPSRGDUHVWDXUDomRGRV%RXUERQDRWURQRHGDIHLWXUDGD&DUWD
GHKDYLDXPDLPDJHPTXHFKDPRXGH³RQLSUHVHQWH´RPQLSUpVHQWHHEDVWDQWHSRVLWLYD
VREUH R TXH VHULD R PRGR GH IXQFLRQDPHQWR GR VLVWHPD SROtWLFR LQJOrV 'HOH HPDQDYDP FDUDFWHUtVWLFDV TXH HUDP YLVWDV FRPR YLUWXGHV LQHJiYHLV SRU SHUVRQDJHQV SRVLFLRQDGRV HP GLVWLQWRVHVSHFWURVSROtWLFRVQD)UDQoD3DUDRVOLEHUDLVIUDQFHVHVD,QJODWHUUDHUDXPDWHUUDGH OLEHUGDGHSROtWLFDHSDUDRVPRQDUTXLVWDVXPDWHUUDRQGHKDYLDXPDVyOLGDPRQDUTXLDIDWR
TXH IRUQHFLD XP ³F{PRGR FRQVHQVR´ FRQVHQVXV FRPPRGH VREUH R UHJLPH LQJOrV 1R
HQWDQWR HVVD LPDJHP GLIXQGLGD HQWUH RV IUDQFHVHV VREUH D ,QJODWHUUD QmR HUD IUXWR GH XPD UHIOH[mR DSURIXQGDGD VREUH R VLVWHPD SROtWLFR GD LOKD QHP VREUH R IXQFLRQDPHQWR GH VXDV LQVWLWXLo}HV³eD,QJODWHUUDXPSRXFRYDJDHXPSRXFRLGHDOL]DGDGH'HOROPHRXGH9ROWDLUH
TXHVHUHIOHWHVHPVHLPSRUWDUHPHQWUDUQRVGHWDOKHVGRVPHFDQLVPRVFRQVWLWXFLRQDLV´
$ EHP GD YHUGDGH &RQVWDQW GLYHUJLD XP SRXFR GHVVD DVVHUWLYD $ LPDJHP TXH HOH FRQVWUXLX GD ,QJODWHUUD HUD EDVHDGD HP VXD SUySULD H[SHULrQFLD XPD YH] TXH GXUDQWH VXD PRFLGDGHYLYHUDSRUDOJXQVDQRVQHVVHSDtV6HJXQGR*DOYmR4XLULQRHVVDIRLDH[SHULrQFLD PDLVPDUFDQWHGHVXDYLGD1D,QJODWHUUD&RQVWDQWWHULDIRUMDGRERDSDUWHGHVHXSHQVDPHQWR SROtWLFRHUHIOHWLGRVREUHRVPHOKRUHVPHLRVGHWRUQDUDVUHODo}HVHQWUHRVSRGHUHVSROtWLFRV PDLVDPLVWRVDVHFRQJUXHQWHVFRPDLGHRORJLDOLEHUDOGDTXDOHUDXPHQWXVLDVWDGHSULPHLUD KRUD
(PWRGRHVVHSHUtRGRGHIRUPDomRRPXQGRGH&RQVWDQWQmRHUDRIUDQFrV WDPSRXFR WLQKD FRPR UHDOLGDGH PDLV SUy[LPD D )UDQoD Mi j EHLUD GD H[SORVmR UHYROXFLRQiULD 6HX PXQGR UHDO QHVVH SHUtRGR GH MXYHQWXGH IRL YLYLGRQD(VFyFLDHQD,QJODWHUUDQRPHLRGDDSDUHQWHWUDQTLODRUJDQL]DGD HSUyVSHUDVRFLHGDGHLQJOHVDGHVVHPRPHQWR>@HVVHPXQGRUHDOFRQFUHWR GDVH[SHULrQFLDVGHVXDH[LVWrQFLDMXYHQLOGHL[RXOKHXPDPDUFDSURIXQGD GHDGPLUDomRSHODRUJDQL]DomRSROtWLFDLQJOHVD>@&RPROHLWRUHDGPLUDGRU GH 0RQWHVTXLHX TXH SRU VXD YH] HUD WDPEpP HQFDQWDGR FRP R VLVWHPD SROtWLFR LQJOrV &RQVWDQW SDUHFH WHU WLGR VHPSUH FRPR SRQWR GH SDUWLGD RV DFRQWHFLPHQWRV QD )UDQoD PDV FRPR LQVSLUDomR D ,QJODWHUUD 7HRUL]DYD VREUH D ,QJODWHUUD FULWLFDYD R UHJLPH LQJOrV PDV SHQVDYD QD UHDOLGDGH IUDQFHVD
3RUWHUYLYLGRQD ,QJODWHUUD&RQVWDQWQmRVHFRQWHQWRXHPFRPSDUWLOKDUGDLPDJHP XPWDQWRHWpUHDTXHRPRGHORSROtWLFRLQJOrVSRVVXtDQD)UDQoD'DVSRXFDVSXEOLFDo}HVVREUH
³&¶HVWGRQFjO¶$QJOHWHUUHXQSHXYDJXHHWXQSHXLGpDOLVpHGH'HOROPHRXGH9ROWDLUHTXHO¶RQVRQJHVDQVVH
VRXFLHUG¶HQWUHUGDQVOHGpWDLOGHVPpFDQLVPHVFRQVWLWXWLRQQHOV´526$19$//213LHUUH/DPRQDUFKLH LPSRVVLEOHOHVFKDUWHVGHHWGH3DULV)D\DUGS
9HUDLQWURGXomRGH48,5,12&pOLD*DOYmR,QWURGXomR,Q&2167$17%HQMDPLQ(VFULWRVGHSROtWLFD
7UDGXomR GH (GXDUGR %UDQGmR H HGLomR LQWURGXomR H QRWDV GH &pOLD *DOYmR 4XLULQR 6mR 3DXOR 0DUWLQV
ϯϰ
RSURFHVVRGHFRQVWLWXFLRQDOL]DomRGHDGH&RQVWDQWHUDDPDLVFRPSOHWD³6y%HQMDPLQ &RQVWDQWYDLPDLVORQJH4XDQGRHOHSXEOLFDHPGHPDLRVXDV5HIOH[}HVHOHpXPGRV UDURV D SURSRU XPD YHUtGLFD WHRULD GR QRYR VLVWHPD D VHU FRQVWUXtGR´ 1R HQWDQWR
5RVDQYDOORQQRWD³(OHLJXDOPHQWHUHLYLQGLFDRPRGHORLQJOrV´'HIDWR&RQVWDQWFXPSULX
QDTXHOH PRPHQWR HVSHFtILFR HP TXH UHGLJLX VXD REUD D GXSOD WDUHID GD WHRUL]DomR GD ,QJODWHUUDFRPYLVWDVQDUHDOLGDGHIUDQFHVD
&RQVWDQWLQIRUPDYDHPVHXWH[WRTXHQDLOKDGRQRUWHHXURSHXHOHSUHVHQFLDUDXPD VLWXDomR GH VHUHQLGDGH QD SROtWLFD SURSRUFLRQDGD VREUHWXGR SHOR SDSHO SROtWLFR TXH R UHL LQJOrVSRVVXtDQDGLYLVmRGHSRGHUHV±DGHXPVHUDSDUWDGRGRVSRGHUHVGDQDomRTXHVH PRVWUDYDDWLYRVRPHQWHTXDQGRDV³PRODV´GRVRXWURVSRGHUHVVHPRVWUDVVHPGHVDUUDQMDGDV &RQILJXURXRFRPRXPSRGHUQHXWURPDVTXHH[HUFLDXPSDSHOFUXFLDO$SDUWLUGHVVHSRGHU WRGRRVLVWHPDSROtWLFRLQJOrVHUDDSUHVHQWDGRFRPRH[WUHPDPHQWHVHGXWRUH[HPSORSDUDXP SDtV TXH YDJDYD VHP UXPR QD PRGHUQLGDGH SROtWLFD FRPR D )UDQoD SyVQDSROH{QLFD &RQVWDQW WLQKD R GHVHMR GH YHU D PRQDUTXLD FRQVWLWXFLRQDO GH /XtV ;9,,, ± TXH VXELUD DR SRGHU GLDV DQWHV GD SXEOLFDomR GH VHX OLYUR ± ORQJH GH WXGR R TXH SXGHVVH OHPEUDU R DEVROXWLVPR2WHPRUTXHQXWULDSHODYROWDGRGHVSRWLVPRQD)UDQoDIH]FRPTXH&RQVWDQW DSUHVHQWDVVHD,QJODWHUUDFRPRXPDWHUUDRQGHKDYLDXPUHLSURIXQGDPHQWHFRQWLGRGHQWUR GH VHXV OLPLWHV JUDQGH ILDGRU HP ~OWLPD LQVWkQFLD GH XP VLVWHPD SROtWLFR FXMR IXQFLRQDPHQWREHLUDYDDSHUIHLomR&RQVWDQWSRUWDQWRPHVPRFRQKHFHQGREHPD,QJODWHUUDH VHXVLVWHPDSROtWLFRQmRGLYHUJLXHPQHQKXPPRPHQWRGDFULVWDOL]DGDLPDJHPSRVLWLYDTXH DPERVSRVVXtDPQD)UDQoDGRLQtFLRGRVpFXOR;,;
$LPDJHPGD,QJODWHUUDH[HPSODUVHUYLDPXLWREHPDXPGHVHMREDVWDQWHSDUWLFXODUGH &RQVWDQW TXH HUD R GH FRQWHU TXDOTXHU SUHWHQVmR DEVROXWLVWD GD GLQDVWLD TXH VH VHQWDYD QR WURQR IUDQFrV DSyV WDQWRV DQRV QR H[tOLR ³&RQVWDQW QmR WLQKD H MDPDLV WHUi TXDOTXHU
HQWXVLDVPRSHORV%RXUERQVQmRRVDSRLDSHORFRQWUiULRORJRVHHQFRQWUDUiQDRSRVLomR´
(VVD,QJODWHUUDFXMRUHLVDELDH[DWDPHQWHRVHXOXJDUWLQKDSRUFRUROiULRRIDWRGHFRQILDUR SRGHU([HFXWLYRDRVVHXVPLQLVWURV(UDPRVPLQLVWURVTXHSURPRYHULDPRDQGDPHQWRGRV QHJyFLRV LQWHUQRV H H[WHUQRV GD SROtWLFD LQJOHVD VRE D REVHUYkQFLD ORQJtQTXD GR UHL &RP YLVWDV D KDUPRQL]DU D SROtWLFD GR ([HFXWLYR FRP DV GLVFXVV}HV GR /HJLVODWLYR &RQVWDQW
³6HXO %HQMDPLQ &RQVWDQW YD SOXV ORLQ /RUGTX¶LO SXEOLH OH PDL VHV5pIOH[LRQV VXU OHV &RQVWLWXLRQV OD
GLVWULEXWLRQ GHV SRXYRLUV HW OHV JDUDQWLHV GDQV XQH PRQDUFKLH FRQVWLWXWLRQQHOOH LO HVW O¶XQ GHV UDUHV j SURSRVHU XQH YpULWDEOH WKpRULH GX QRXYHDX V\VWqPH j HGLILHU´ 526$19$//21 3LHUUH/D PRQDUFKLH LPSRVVLEOHOHVFKDUWHVGHHWGH3DULV)D\DUGSWUDGXomRQRVVD
,ELG³/XLDXVVLVHUpFODPHGXPRGqOHDQJODLV´WUDGXomRQRVVD
48,5,12&pOLD*DOYmR,QWURGXomR,Q&2167$17%HQMDPLQ(VFULWRVGHSROtWLFD7UDGXomRGH(GXDUGR
ϯϱ
WURX[H QR FDStWXOR TXDUWR GDV5HIOH[}HV LQWLWXODGR ³'R SRGHU UHSUHVHQWDWLYR´ 'X SRXYRLU
UHSUHVHQWDWLYHDLGHLDGHDEUDQGDUDVHSDUDomRH[LVWHQWHHQWUHHOHV(VVHDEUDQGDPHQWRGD
VHSDUDomR HQWUH RV GRLV SRGHUHV IDUVHLD SRU LQWHUPpGLR GR PHFDQLVPR GD DORFDomR GH PHPEURVGDVFDVDVOHJLVODWLYDVQDVSDVWDVPLQLVWHULDLV
*UDQGHV YDQWDJHQV UHVXOWDP GD DGPLVVmR GRV UHSUHVHQWDQWHV GR SRYR DRV HPSUHJRVGRPLQLVWpULR(VVDDGPLVVmRWDOYH]VHMDRTXHIRLFRQVHUYDGRGD &RQVWLWXLomRLQJOHVD(PERUDDVIXQo}HVUHSUHVHQWDWLYDVVHMDPDVSULPHLUDV HPGLJQLGDGHUHDOHDVPDLVFRQYHQLHQWHVDRVFDUDFWHUHVHOHYDGRVRVFDUJRV GRPLQLVWpULRVHQGRQXPJUDQGHLPSpULRXPFDPLQKRPDLVVHJXURDRSRGHU HjVULTXH]DVVHPSUHVHUmRPDLVGHVHMDGRVSHODVDPELo}HVYXOJDUHV6HRV PHPEURVGDVDVVHPEOpLDVQmRSXGHUHPSDUWLFLSDUQXQFDGRJRYHUQRFRPR PLQLVWURVpGHVHWHPHUTXHHOHVFRQVLGHUHPRJRYHUQRFRPRVHXLQLPLJR QDWXUDO 6H DR FRQWUiULR RV PLQLVWURV SXGHUHP VHU HVFROKLGRV HQWUH RV OHJLVODGRUHV RV DPELFLRVRV GLULJLUmR VHXV HVIRUoRV XQLFDPHQWH FRQWUD RV KRPHQVHUHVSHLWDUmRDLQVWLWXLomR
3DUD %HQMDPLQ &RQVWDQW R SULPHLUR UHVXOWDGR SURItFXR TXH D LQWHUVHFomR GRV GRLV SRGHUHV SURYRFDULD VHULD D PLQLPL]DomR GRV FRQIOLWRV SROtWLFRV XPD YH] TXH WRGRV RV GHSXWDGRVYHULDPQR([HFXWLYRXPHVSDoRGHSRGHUTXHOKHVHVWDYDDRDOFDQFH0DVHVVD QmRHUDDSULQFLSDOFRQVHTXrQFLDGHVVHH[SHGLHQWHQHPDPDLVYDOLRVD3DUDRIUDQFrVHVVD FULDomRGDSROtWLFDLQJOHVDSRVVXtDVREUHWXGRDYLUWXGHGHHOHYDURQtYHOGDGLVFXVVmRTXH VHWUDYDYDQRSDUODPHQWR2VPLQLVWURVWHULDPSRVVHGHLQIRUPDo}HVSUHFLRVDVSDUDRERP DQGDPHQWR GRV GHEDWHV H VRPHQWH VXD SDUWLFLSDomR VHULD FDSD] GH IRUQHFrODV DRV GHSXWDGRV
$ SUHVHQoD GRV PLQLVWURV QDV DVVHPEOpLDV WDPEpP p YDQWDMRVD VRE RXWURV DVSHFWRV 2V SUySULRV PLQLVWURV GLVFXWLUmR RV GHFUHWRV QHFHVViULRV j DGPLQLVWUDomRHOHVWUDUmRFRQKHFLPHQWRVGHIDWRTXHVRPHQWHRH[HUFtFLRGR JRYHUQR SRGH SURSRUFLRQDU $ RSRVLomR QmR SDUHFHUi XPD KRVWLOLGDGH D SHUVLVWrQFLDQmRGHJHQHUDUiHPREVWLQDomR&HGHQGRjVREMHo}HVUD]RiYHLV R JRYHUQR HPHQGDUi DV SURSRVLo}HV VDQFLRQDGDV H[SOLFDUi DV UHGDo}HV
³'HJUDQGVDYDQWDJHVUpVXOWHQWGHO¶DGPLVVLRQGHVUHSUpVHQWDQWVGXSHXSOHDX[HPSORLVGXPLQLVWqUH&HWWH
DGPLVVLRQHVWSHXWrWUHFHTXLDFRQVHUYpODFRQVWLWXWLRQDQJODLVH%LHQTXHOHVIRQFWLRQVUHSUpVHQWDWLYHVVRLHQW OHVSUHPLqUHVHQGLJQLWpUpHOOHHWOHVSOXVFRQYHQDEOHVDX[FDUDFWqUHVpOHYpVOHVSODFHVGXPLQLVWqUHpWDQW GDQVXQJUDQGHPSLUHXQHURXWHSOXVVUHYHUVOHSRXYRLUHWYHUVOHVULFKHVVHVVHURQWWRXMRXUVSOXVGpVLUpHV SDUOHVDPELWLRQVYXOJDLUHV6LOHVPHPEUHVGHVDVVHPEOpHVQHSHXYHQWMDPDLVSDUWLFLSHUDXJRXYHUQHPHQW FRPPH PLQLVWUHV LO HVW j FUDLQGUH TX¶LOV QH UHJDUGHQW OH JRXYHUQHPHQW FRPPH OHXU HQHPL QDWXUHO 6L DX FRQWUDLUHOHVPLQLVWUHVSHXYHQWrWUHSULVSDUPLOHVOpJLVODWHXUVOHVDPELWLHX[QHGLULJHURQWOHXUVHIIRUWVTXH FRQWUHOHVKRPPHVHWUHVSHFWHURQWO¶LQVWLWXWLRQ´&2167$17%HQMDPLQ5pIOH[LRQVVXUOHV&RQVWLWXWLRQVHOHV *DUDQWLHV DYHF XQH (VTXLVVH GH &RQVWLWXWLRQ ,Q BBBBBB&RXUV GH SROLWLTXH FRQVWLWXWLRQQHOOH 3DULV
