)/È9,2$17Ð1,2$/9(6'$&267$
$,*5(-$35(6%,7(5,$1$&216(59$'25$
'2%5$6,/±80$48(672'2875,1È5,$
'LVVHUWDomR DSUHVHQWDGD j %DQFD ([DPLQDGRUD GD
8QLYHUVLGDGH 3UHVELWHULDQD 0DFNHQ]LH FRPR H[LJrQFLD
SDUFLDOSDUDREWHQomRGRWtWXORGH0HVWUHHP&LrQFLDVGD
5HOLJLmR
6mR3DXOR
)/È9,2$17Ð1,2$/9(6'$&267$
$,*5(-$35(6%,7(5,$1$&216(59$'25$
'2%5$6,/±80$48(672'2875,1È5,$
'LVVHUWDomRDSUHVHQWDGDj%DQFD([DPLQDGRUDGD8QLYHUVLGDGH
3UHVELWHULDQD0DFNHQ]LHFRPRH[LJrQFLDSDUFLDOSDUDREWHQomR
GRWtWXORGH0HVWUHHP&LrQFLDVGD5HOLJLmR
%$1&$(;$0,1$'25$
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URIHVVRU'U$QWRQLR*RXYrD0HQGRQoD 8QLYHUVLGDGH3UHVELWHULDQD0DFNHQ]LH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URIHVVRU'U/tVLDV1RJXHLUD1HJUmR
8QLYHUVLGDGHGH6mR3DXOR
$*5$'(&,0(1726
$R'HXVFULDGRUHVXVWHQWDGRUGRVFpXVHGDWHUUDVHQGR(OHDUD]mRPRUTXHGLULJHRVPHXV SDVVRVHGDTXHOHVTXHHVWmRQHVWDMRUQDGDHTXHQRVUHGLPH
¬PLQKDDPDGDIDPtOLD7kQLD)LOLSH$QD)OiYLDH+HQULTXH¬PLQKDHVSRVDTXHGHSRLVGD VDOYDomRHP&ULVWRpRPHXFRQVRORHHVWtPXORQDVXSHUDomRGRVREVWiFXORVPHXVILOKRVTXH UHSUHVHQWDPHVLPEROL]DPRVQRVVRVVRQKRVHHVSHUDQoDVGHPHOKRUHVGLDV
$RVGRXWRUHVVLDPHVHV'U$QWRQLR*RXYrD0HQGRQoDH'U-RmR%DSWLVWD%RUJHV3HUHLUD± LQGHSHQGHQWHVQRSHQVDPHQWR±DPLQKDJUDWLGmRSHORLQFHQWLYRHSHORHVStULWRIUDWHUQRFRPRV TXDLV FRQGX]LUDP HVWH WUDEDOKR H FRPR SXGH PH UHODFLRQDU FRP YRFrV 2EULJDGR SHODV GLUHWUL]HV VHJXUDV SHORV FRQVHOKRV FRQVWDQWHV H SHOD SDFLrQFLD SDUD FRPLJR 6HP D FRPSHWrQFLDGHDPERVHVWHWUDEDOKRQmRVHULDSRVVtYHOGHVHUFRQFOXtGR
¬ GUD 0iUFLD 0HOOR &RVWD 'H /LEHUDO TXH GHPRQVWURX LQWHUHVVH H DSRLR HP UHODomR j UHDOL]DomRGHVWD'LVVHUWDomR
$R 'RXWRU /tVLDV 1RJXHLUD 1HJUmR SHORV FRPHQWiULRV H VXJHVW}HV RSRUWXQDV DSRQWDGDV QR GHFRUUHUGRH[DPHGHTXDOLILFDomR
¬ +HORtVD $UFKHUR GH $UD~MR SHVTXLVDGRUD H UHVSRQViYHO SHOR DFHUYR GR &HQWUR GH 'RFXPHQWDomR H +LVWyULD ³5HY 9LFHQWH 7KHPXGR /HVVD´ GD 3ULPHLUD ,JUHMD 3UHVELWHULDQD ,QGHSHQGHQWH GH 6mR 3DXOR GH ILQD FXOWXUD H GHOLFDGH]D FRQKHFHGRUD GDV UHPLQLVFrQFLDV ,QGHSHQGHQWH
$R ,QVWLWXWR 3UHVELWHULDQR 0DFNHQ]LH SRU FRQFHGHUPH D EROVD GH HVWXGR YLDELOL]DQGR HVVH PHXVRQKR
$RV GHPDLV LUPmRV QD Ip HVSHFLDOPHQWH QDV ,JUHMDV 3UHVELWHULDQDV &RQVHUYDGRUDV QDV TXDLV H[HUFLRPHXSDVWRUDGRSHODVRUDo}HV
&267$ )OiYLR $QW{QLR $OYHV GD $ ,JUHMD 3UHVELWHULDQD &RQVHUYDGRUD ± 8PD 4XHVWmR 'RXWULQiULD6mR3DXOR8QLYHUVLGDGH3UHVELWHULDQD0DFNHQ]LH
6,1236(
$ LPSODQWDomR GR 3URWHVWDQWLVPR SDUWLFXODUPHQWH GR 3UHVELWHULDQLVPR HP QRVVD3iWULDIRLLQLFLDGDSHORPLVVLRQiULR5HY$VKEHO*UHHQ6LPRQWRQQRDQR GH1RTXDGURH[LVWHQWHGRVpFXOR;,;DLQGDTXHR&DWROLFLVPRURPDQR HVWLYHVVH GHVRUJDQL]DGR H TXDVH QD FRQGLomR GH DEDQGRQR QD 6p 5RPDQD PHVPRDVVLPHUDDPDLRUIRUoDUHOLJLRVD23UHVELWHULDQLVPRGHPLVVmRSDVVDD VHUXPFRQWUDSRQWRGHRSomRSDUDRVSDWUtFLRV
$ WUDMHWyULD GR 3UHVELWHULDQLVPR QR VHX ORQJR SURFHVVR GH LPSODQWDomR GHVHQYROYLPHQWR H HVWUXWXUDomR p PDUFDGD SRU VXFHVVRV H UXSWXUDV LQWHUQDV (P R 3UHVELWHULDQLVPR WRUQDVH DXW{QRPR DGPLQLVWUDWLYDPHQWH GDQGR RULJHP D ,JUHMD 3UHVELWHULDQD GR %UDVLO &RQWXGR R 3UHVELWHULDQLVPR QmR VH PDQWpP FRPR XP PRYLPHQWR SURWHVWDQWH KRPRJrQHR (P RFRUUH R SULPHLUR FLVPD H DVVLP VXUJH QR FHQiULR QDFLRQDO EUDVLOHLUR D ,JUHMD 3UHVELWHULDQD,QGHSHQGHQWHGR%UDVLO
3DVVDGRV DOJXQV DQRV PDLV SUHFLVDPHQWH WULQWD H VHWH DQRV p GHIODJUDGR XP GHEDWHWHROyJLFRGHQWURGDTXHODLJUHMD2VGHEDWHVUHSUHVHQWDPDVWHQGrQFLDVH DVFRUUHQWHVMiH[LVWHQWHVDOL2HOHPHQWRTXHGHVHQFDGHLDDUXSWXUDpDFKDPDGD GRXWULQDGDV³3HQDV(WHUQDV´
3UHVELWHULDQD &RQVHUYDGRUD GR %UDVLO H FRPR HVWD ,JUHMD VH FRQVROLGRX QR FHQiULRGR3URWHVWDQWLVPRQDFLRQDO
3DODYUDVFKDYH +LVWyULD +LVWyULD GD ,JUHMD 3UHVELWHULDQLVPR GH 0LVVmR ,QWHOHFWXDOLVPR &RQIHVVLRQDOLVPR3HQDV(WHUQDV/LEHUDOLVPR7HROyJLFR)XQGDPHQWDOLVPR7HROyJLFR
&267$ )OiYLR $QW{QLR $OYHV GD $ ,JUHMD 3UHVELWHULDQD &RQVHUYDGRUD ± 8PD 4XHVWmR
'RXWULQiULD6mR3DXOR8QLYHUVLGDGH3UHVELWHULDQD0DFNHQ]LH
$%675$&7
7KH LPSODQWDWLRQ RI WKH 3URWHVWDQWLVP SDUWLFXODUO\ RI WKH 3UHVE\WHULDQLVP LQ %UD]LOEHJDQLQZLWKWKHZRUNRIWKH3UHVE\WHULDQPLVVLRQDU\5HY$VKEHO *UHHQ 6LPRQWRQ $W WKDW WLPH HYHQ WKRXJK WKH 5RPDQ &DWKROLFLVP ZDV GLVRUJDQL]HGDQGDOPRVWDEDQGRQHGE\WKH5RPDQ&DWKROLFLVPLWZDVSRZHUIXO 7KH3UHVE\WHULDQ0LVVLRQVWDUWHGWREHDQRSWLRQIRUWKHQDWLYHVLQ%UD]LO
7KH 3UHVE\WHULDQLVP LQ LWV ORQJ LPSODQWDWLRQ SURFHVV GHYHORSPHQW DQG
VWUXFWXULQJ ZDV PDUNHG E\ VXFFHVVHV DQG LQWHUQDO VFKLVPV ,Q WKH 3UHVE\WHULDQLVP EHFDPH DGPLQLVWUDWLYHO\ LQGHSHQGHQW JLYLQJ RULJLQ WR WKH 3UHVE\WHULDQ&KXUFKRI%UD]LO+RZHYHUWKH3UHVE\WHULDQLVPGLGQRWUHPDLQDV D KRPRJHQHRXV 3URWHVWDQW PRYHPHQW ,Q WKH ILUVW VFKLVP DSSHDUV LQ WKH %UD]LOLDQ QDWLRQDO HQYLURQPHQW JLYLQJ ULVH WR WKH ,QGHSHQGHQW 3UHVE\WHULDQ &KXUFKRI%UD]LO
%HVLGHV WKH DERYH HVVHQWLDO LVVXH WKLV SDSHU ZLOO SUHVHQW RWKHU DVSHFWV WKDW LQGLUHFWO\ FRQWULEXWHG IRU WKH RUJDQL]DWLRQ RI WKH &RQVHUYDWLYH 3UHVE\WHULDQ &KXUFK RI %UD]LO DQG DV WKDW &KXUFK FRQVROLGDWHG KHUVHOI LQ WKH QDWLRQDO 3URWHVWDQWLVPHQYLURQPHQW
.H\ZRUGV +LVWRU\ +LVWRU\ RI WKH &KXUFK 3UHVE\WHULDQLVP RI 0LVVLRQ ,QWHOOHFWXDOLVP &RQIHVVLRQDOLVP(QGOHVV3XQLVKPHQW7KHRORJLFDO/LEHUDOLVP7KHRORJLFDO)XQGDPHQWDOLVP
Ë1',&(
,1752'8d2
&$3Ë78/2
%5$6,/'e&$'$'(((68$60$1,)(67$d®(6'(,16$7,6)$d2
$6HPDQDGH$UWH0RGHUQD
2UHIOH[RGD*UDQGHGHSUHVVmRHFRQ{PLFDQRUWHDPHULFDQDQR%UDVLO $VUHSHUFXVV}HVGDFULVHHFRQ{PLFDGHQWURGR3UHVELWHULDQLVPR1DFLRQDO
2(VWDGR1RYR±
&$3Ë78/2
27(;72(2&217(;725(/,*,2(62&,('$'(
$OJXPDVPDQLIHVWDo}HVSROtWLFDV(FOHVLiVWLFDVQD(UD9DUJDV
$&216758d2'(8035(6%,7(5,$1,6021$&,21$/%5$6,/(,52 2SULPyUGLRGR3UHVELWHULDQLVPRQD7HUUD%UDVLOLV
2WHFLGRVRFLDOGHQWURGR3UHVELWHULDQLVPRQDFLRQDOEUDVLOHLUR
$HVWUXWXUDHFOHVLiVWLFDGR3UHVELWHULDQLVPR
&$3Ë78/2
)250$d2($0$'85(&,0(172'$,*5(-$35(6%,7(5,$1$
,1'(3(1'(17('2%5$6,/
$VSHFWRVJHUDLV
±2PRYLPHQWRGHHPDQFLSDomRGHQWURGR3UHVELWHULDQLVPREUDVLOHLUR
2SULPHLUR3UHVELWpULR,QGHSHQGHQWH
&$3Ë78/2
$63(1$6(7(51$6($6(6&2/$67(2/Ï*,&$6±$6&2175Ï9(56,$6 (129$6&,6®(61235(6%,7(5,$1,602
$V9HOKDVH1RYDVOX]HVTXHLQWHUSUHWDPDV'RXWULQDV
$VSHQDVHWHUQDV
&$3Ë78/2
2VDQWHFHGHQWHV
2V&RQFtOLRVHDVGHOLEHUDo}HVRILFLDLV
&$3Ë78/2
$&216758d2'(8035(6%,7(5,$1,602&216(59$'25
6HXVSURSRQHQWHVHIXQGDGRUHV
2GLVFXUVRIXQGDQWHGDQRYD,JUHMD
$RUJDQL]DomRHFOHVLiVWLFD&RQVHUYDGRUD
2VVtPERORVGHXQLGDGHHFOHVLiVWLFD
$FRPXQLFDomRMXQWRjV,JUHMDVHGHPDLVRUJDQL]Do}HVHFOHVLiVWLFDV
³$V3ULPtFLDV´GRPLQLVWpULR&RQVHUYDGRU
2UHVXOWDGRGRSULPHLURSURMHWRGDQRYDGHQRPLQDomR
6XSHUDQGRDOJXPDVIUDJLOLGDGHVGDQRYDGHQRPLQDomR
&21&/862
$1(;26
,1752'8d2
(VWD GLVVHUWDomR SUHWHQGH RIHUHFHU XPD FRQWULEXLomR D WRGRV DTXHOHV TXH GHVHMDP FRQKHFHU XP SRXFR GR 3URWHVWDQWLVPR %UDVLOHLUR PDLV HVSHFLILFDPHQWH R 3UHVELWHULDQLVPR 6HQGR DVVLP WUDWDUHL SDUWLFXODUPHQWH VREUH ³$ ,*5(-$ 35(6%,7(5,$1$ &216(59$'25$'2%5$6,/±80$48(672'2875,1È5,$´
$OJXPDVUD]}HVHHOHPHQWRVFRQWULEXtUDPSDUDTXHDSUHVHQWHSHVTXLVDVHIL]HVVH(P SULPHLUR OXJDU p R IDWR GH TXH SRXFDV SHVVRDV WrP FRQKHFLPHQWR GRV IDWRV KLVWyULFRV RFRUULGRV GHQWUR GR 3URWHVWDQWLVPR QDFLRQDO PDLV HVSHFLILFDPHQWH GHQWUR GD SUySULD ,JUHMD 3UHVELWHULDQD ,QGHSHQGHQWH GR %UDVLO $ JHUDomR DWXDO GH 3UHVELWHULDQRV SUDWLFDPHQWH GHVFRQKHFHRVHXSDVVDGR
(P VHJXQGR OXJDU QmR Ki XPD SHVTXLVD FRQVWUXtGD D SDUWLU GD $FDGHPLD EUDVLOHLUD $VVLPRSUHVHQWHHVIRUoRpUHVXOWDQWHGRDFRPSDQKDPHQWRHRULHQWDo}HVGHDFDGrPLFRVTXH VmRUHFRQKHFLGRVQRVPDLVGLIHUHQWHVUDPRVGRVDEHU
$5HIRUPDGRVpF;9,IRUDDFXVDGDGHOHJLWLPDURVLQ~PHURVPRYLPHQWRVGHGLYLVmR GHQWURGR&ULVWLDQLVPRHGHSHUGHURFRQWUROHVREUHHOHV(VVHPRYLPHQWRUHOLJLRVRWHQGRXP HVSHFWUR PXLWR DPSOR HP VXDV FRQVHTrQFLDV VXUJLX QXP FHQiULR GH GHEDWHV HFOHVLiVWLFRV HQWUH 5RPD H :LWWHQEHUJ QXP SULPHLUR PRPHQWR SRVWHULRUPHQWH HVVHV GHEDWHV RFRUUHUDP LQWHUQDPHQWH
0$1&+(67(5 REVHUYD TXH RV GHEDWHV RFRUULGRV QR VpFXOR ;9, IRUDP IXULRVRV H LQFHVVDQWHVPDVQXQFDVHQVDWRVORJRRSURWHVWDQWLVPRMiQDVFHXGLYLGLGR$V,JUHMDVVXUJLGDV QDTXHOH PRPHQWR /XWHUDQD H 5HIRUPDGD VmR ILOKDV GHVVHV GHEDWHV HQWUH DV LPSRUWDQWHV
ILJXUDV/XWHURGH:LWWHPEHUJ=XtQJOLRGD6XtoD&DOYLQRGH*HQHEUDH.QR[GD(VFyFLD (OHDFUHVFHQWDRVHJXLQWH
QRYDV VHLWDV VH IRUPDUDP FDGD TXDO FRP VXD YLVmR GLVWLQWD GR FXOWR FDGD TXDO WmR LQWROHUDQWH HPUHODomR jVRXWUDVTXDQWR HP UHODomR D5RPD FDGD TXDO WmRUHSUHVVLYD TXDQWRRFDWROLFLVPR6XUJLUDPRVDQDEDWLVWDVRVPHQRQLWDVERrPLRVRVSUHFXUVRUHV GRVEDWLVWDVFRQJUHJDFLRQDOLVWDVSUHVELWHULDQRVHXQLWDULVWDV
$ VLQD GR GHEDWH SHUGXUDUi DR ORQJR GD KLVWyULD GR 3URWHVWDQWLVPR HP WRGRV RV UHFDQWRVRQGHVHLQVWDODUD$,JUHMD3UHVELWHULDQD&RQVHUYDGRUDGR%UDVLOQmRHUDMXVWDPHQWHR FDPLQKDU GH QRYRV JUXSRV TXH TXHVWLRQDYDP D RUGHP HFOHVLiVWLFD HVWDEHOHFLGD H DVVLP H[DPLQDYDPDUHDOLGDGHHFOHVLiVWLFDH[FOXVLYDPHQWHDSDUWLUGHVXDFUHQoDHYDORUHVDGHVSHLWR GDPDLRULD"+DYLDRXQmRQHFHVVLGDGHHOHJLWLPLGDGHQDIRUPDomRGHXPDQRYDHFFOHVLD"(VWD QRYD ,JUHMD QmR WHULD PXWLODGR RX PDQFKDGR R QRPH GR 6HQKRU GD ,JUHMD FRP VXD RUJDQL]DomR" $FKDYD TXH SRUWDQWR QmR HVWDYD SUHSDUDGR 0DV DR ILQDO HVVDV PLQKDV LQTXLHWXGHVIRUDPPXGDGDVHSHUFHELTXHHUDPLQIXQGDGDV
1DSUHVHQWHGLVVHUWDomRXWLOL]DUHLXPDPHWRGRORJLDLQGXWLYD$VVLPSURFXUDUHLLQIHULUH H[WUDLU GRV IDWRVKLVWyULFRV HFOHVLiVWLFRVSDUD FKHJDUD DOJXPDVFRQFOXV}HV5HFRUULDRORQJR GHVWH WUDEDOKR DR XVR GH WH[WRV TXH IRUDP SURGX]LGRV QD GpFDGD GH H FXMRV DXWRUHV HVWDYDP HQYROYLGRV QR FLVPD DFLPD FLWDGR (OHV IRUDP SURItFXRV H ODUJRV QD SURGXomR GRV WH[WRV FRQVLGHUDGRV 3XGH DQDOLVDU MRUQDLV HFOHVLiVWLFRV IL] XVR GH DOJXPDV SHVTXLVDV FRP SHVVRDVTXHGLUHWDPHQWHRXLQGLUHWDPHQWHFRQKHFHUDPRVSDUWLFLSDQWHVGRFLVPDHPTXHVWmR
'RXWULQiULD´ H HVWD SRU VXD YH] HQYROYLD D GRXWULQD GDV 3HQDV (WHUQDV VHUi SUHFLVR HVWDEHOHFHUXPDWHUPLQRORJLDHVSHFtILFDTXDQWRDRDVVXQWRHPTXHVWmR
2FLVPDGRXWULQiULRHPTXHVWmRGHYHVHUWUDWDGRHDQDOLVDGRFRPRXP³IHQ{PHQR´QR FDPSRUHOLJLRVR$LQGDTXHHQYROYDRXWURVHOHPHQWRVKLVWyULFRDQWURSROyJLFRVRFLROyJLFRH SVLFROyJLFR TXH QmR VHMDP µFDWHJRUL]DGRV¶ FRPR QHFHVVDULDPHQWH UHOLJLRVRV DLQGD DVVLP SHUPDQHFHRHOHPHQWRGRFDPSRUHOLJLRVRFRPRVHQGRREMHWRDVHUHVWXGDGR
8PFLVPDHPVLPHVPRQmRJHUDRXRULJLQDXPDQRYDFODVVHRXFDWHJRULDVRFLDO(OH WHP VLP DV VXDV ³UHSUHVHQWDo}HV VRFLDLV´ TXH VmR UHDILUPDGDV GLDQWH GH XPD TXHVWmR D VHU FRQVLGHUDGDHUHVROYLGDSRUXPJUXSR$H[SUHVVmRµUHSUHVHQWDo}HVVRFLDLV¶FRQIRUPHDILUPD *RPHVGHVLJQDWDQWRXPFRQMXQWRGHIHQ{PHQRVVRFLDLVFRPRDWHRULDVRFLROyJLFDFRQVWUXtGD SDUDH[SOLFiORVLGHQWLILFDQGRYDVWRFDPSRGHHVWXGRVVRFLROyJLFRVHSVLFRVVRFLDLVFDSD]HVGH LQFOXLU GHVGH RV FRQKHFLPHQWRV PRELOL]DGRV SHODV SHVVRDV FRPXQV QD FRPXQLFDomR LQIRUPDO GDYLGDFRWLGLDQDDWpDVGLVFLSOLQDVDFDGrPLFDVTXHVHRFXSDPGD3ROtWLFD%LRORJLD0HGLFLQD ,QIRUPiWLFD3VLFRORJLD+LVWyULD,VWRQmRpQRYRSRLVRFLVPDpUHDOLPHQWDGRSHORVHOHPHQWRV UHOLJLRVRV H VXDV UHSUHVHQWDo}HV Mi SUHVHQWHV WDQWR QD LQVWLWXLomR H[LVWHQWH FRPR p YLVWR QD SUySULDKLVWyULDGRSURWHVWDQWLVPRHXURSHXGRVpFXOR;9,H;9,,,VWRpFRQILUPDGRTXDQGR REVHUYDPRV TXH R SHUtRGR DFLPD p PDUFDGR SHODV FKDPDGDV ³*XHUUDV UHOLJLRVDV´ RX SHOD SURGXomRGDV&RQILVV}HVGRXWULQiULDVGHFDGDGHQRPLQDomRGHRULJHPSURWHVWDQWH
2 WHUPR ³IHQ{PHQR´ YHP GR JUHJR ³SKDLQyPHQRQ´ TXH DGYpP GR YHUER JUHJR ³IDLQ{´WHQGRDLGpLDSULQFLSDOGH³DSDUHFHU´RX³VXUJLUjYLVWD´$XUpOLRGHILQHRWHUPRFRPR ³TXDOTXHUPRGLILFDomRRSHUDGDQRVFRUSRVSHODDomRGRVDJHQWHVItVLFRVRXDLQGDµWXGRTXHp SHUFHELGRSHORVVHQWLGRVRXSHODFRQVFLrQFLD´
$R ORQJR GD KLVWyULD GR SHQVDPHQWR KXPDQR R WHUPR DFLPD IRL XVDGR SRU PXLWRV IRUPDGRUHVGHRSLQLmRSHQVDPHQWRHGHQWUHHOHVGHVWDFR*HRUJ:LOKHOP+HJHO FRPR(GPXQG+XVVHUOSDUDGHVFUHYHUXPPpWRGRGHHVWXGR
YiULRV JUDXV GH FRQVFLrQFLD GH VL TXH R (VStULWR SURGX] QR GHVHQYROYLPHQWR KLVWyULFR¶ 021',1 TXH p GD RSLQLmR GH +HJHO SURFXUD HVWDEHOHFHU XPD LQWHUSUHWDomR FLHQWtILFD FRQFHLWXDOHFRQFUHWDGDUHDOLGDGH
(QTXDQWR +XVVHUO SHUWHQFHQWH DRV H[LVWHQFLDOLVWDV GHX XPD LPSRUWDQWH FRQWULEXLomR HP UHODomR j HODERUDomR ULJRURVD H VLVWHPiWLFD GR PpWRGR µIHQRPHQROyJLFR¶ (OD VH RFXSD µGDTXLOR TXH VH PDQLIHVWD¶ RX VHMD HVWXGD R REMHWR FRPR HOH VH PDQLIHVWD QD VXD ULJRURVD UHDOLGDGHDEVROXWDPHQWHSXUDOLYUHGHTXDOTXHUPLVWXUD2PpWRGRGH+XVVHUOIRLGLYLGLGRHP
IDVHVSULQFLSDLV
D QHJDWLYD HSRFKp RX UHGXomR IHQRPHQROyJLFD ± SDUWH GR SUHVVXSRVWR GH TXH SDUD VH FRQKHFHU D YHUGDGHLUD QDWXUH]D GR IHQ{PHQR p QHFHVViULR DSUR[LPDUVH GHOH FRP D FRQVFLrQFLD SXUD DEVWHQGRVH GH SHQVDU GHOH TXDOTXHUFRLVDTXHWHQKDVLGRGLWRSHODKLVWyULDSHODFLrQFLDHWF
E SRVLWLYD ± FRPR VHQGR DTXHOH ROKDU GD LQWHOLJrQFLD TXH VH GLULJH SDUD D SUySULDFRLVDSHQHWUDDHID]FRPTXHHODVHPDQLIHVWHHPWRGDUHDOLGDGH
'LDQWHGRIDWRGHTXHRRFRUULGRGHQWURGD,3,%IRLXPIHQ{PHQRQRFDPSRUHOLJLRVR R PHVPR SUHFLVD VHU µLQYHVWLJDGR PHWRGRORJLFDPHQWH¶ &DEHQGR SRUWDQWR R VHJXLQWH TXHVWLRQDPHQWRRkQJXORGRREVHUYDGRU GRIHQ{PHQRHPTXHVWmRpVRPHQWHWHROyJLFR"2X HOHWHUiTXHDYDOLDUSRURXWURVSULVPDVRXROKDUHVDILPGHFKHJDUDXPDERDDLQGDTXHQmR WRWDOHFRPSOHWDFRPSUHHQVmRHFRQFOXVmR"
$ OLWHUDWXUD EUDVLOHLUD IRUQHFH SDUD QyV XPD LPSRUWDQWH LOXVWUDomR GH FRPR VH GHYH ID]HUXPDDQiOLVHREMHWLYDGHXPIHQ{PHQRQRFDPSRUHOLJLRVReRFDVRGRWH[WRSURGX]LGR SRU(XFOLGHVGD&XQKD 2V6HUW}HV±&DPSDQKDGH&DQXGRVeRSUySULR DXWRUTXHPGHFODUDRVHXSURSyVLWRDRHVFUHYHUDVXDREUDPDJQDFRPRVVHJXLQWHVWHUPRV
eRSUySULR&81+$TXHPGHVFUHYHHDQDOLVDRV³P~OWLSORVIDWRUHV´GDDPELHQWDomRGD UHJLmRGH&DQXGRVHTXHIRLRIRFRGHVXDFREHUWXUDMRUQDOtVWLFD6HXLQWXLWRQmRpVHUDSHQDV LOXVWUDWLYRGHVFULWLYR PDV VHU H[SOLFDWLYR H FRPSDUDWLYR SURFXUDQGR XPD FRPSUHHQVmR GRV HOHPHQWRV TXH FXOPLQDUDP QR VXIRFDPHQWR GR PHVVLDQLVPR TXH VH LQVWDORX QD YLGD GR VHUWDQHMR RX QD WHQWDWLYD GH UHPRYHU GD PHPyULD QDFLRQDO R HVStULWR GR ³VHEDVWLDQLVPR´ 2 JRYHUQR ORFDO PDLV D 5HS~EOLFD UHFpP LQVWLWXtGD YLDP R PRYLPHQWR GR %HDWR &RQVHOKHLUR FRPR XP OHYDQWH RX UHEHOGLD FRQWUD DV QRYDV FRQGLo}HV SROtWLFDV GD pSRFD (PERUD &XQKD WLYHVVHXPDYLGDPXLWREUHYHDQRVHOHGHQXQFLDXPFULPHGHSURSRUo}HVQDFLRQDLVHRID]
GH XPD IRUPD GUDPiWLFD (UD XP OLEHUDO GHPRFUiWLFR H SURJUHVVLVWD (P VXD REUD WUDWD GH DVVXQWRV iULGRV GHQWUR GH XP YDVWR LQWHUHVVH FXOWXUDO SROtWLFD HXURSpLD H DPHULFDQD UHJLRQDOLVPR H[LVWHQWH QR HL[R 1RUGHVWH H 6XGHVWH LQGXVWULDOL]DomR HYROXomR KLVWyULFD QDFLRQDOSUREOHPDVDQWURSROyJLFRVVRFLRHFRQ{PLFRVUDFLVPRSUHFRQFHLWRGRXWULQDVPRUDLV HUHOLJLRVDVHSRU~OWLPRDVSHFWRVWpFQLFRVTXHHQYROYLDPVXDSURILVVmRHQJHQKHLUR2XVHMD &XQKDXVDWRGRVRVPHLRVHFRQKHFLPHQWRVDRVHXDOFDQFHSDUD³LQIRUPDURTXHKDYLDRFRUULGR QRVHUWmR´±S}HHPUHOHYRRXHPHYLGrQFLDDVGLIHUHQoDVHQWUHRV%UDVLVUXUDOHROLWRUkQHR QRUWLVWDHVXOLQR(OHRID]GHPRGRHVPHUDGRHDTXLODWDGR
3(5(,5$ '( 48(,52= ID] D VHJXLQWH DYDOLDomR VRFLROyJLFD QD REUD HXFOLGLDQD D TXDO%DVWLGHFRQKHFHUD(ODDVVLPVHH[SUHVVD
$ UHYROWD GH $QW{QLR &RQVHOKHLUR UHYHODYDOKH TXH D VRFLHGDGH EUDVLOHLUD VH GLYLGLD SURIXQGDPHQWHHQWUHDVJUDQGHVFLGDGHVGROLWRUDOTXHUHFHELDPGLUHWDPHQWHRVLQIOX[RV GRH[WHULRUHRVHUWmRIHFKDGRVREUHVLPHVPRFRQVHUYDQGRDLQGDPDQHLUDVGHVHUHGH SHQVDU GD pSRFD FRORQLDO R VHUWmR VH GHIHQGLD DWUDYpV SRU H[HPSOR GR PRYLPHQWR UHOLJLRVROLGHUDGRSRU$QW{QLR&RQVHOKHLURFRQWUDDVPRGHUQL]Do}HVGLIXQGLGDVDSDUWLU GDVFLGDGHV&RPSOHWDQGRHVWDH[SOLFDomRDFKDYDDLQGDTXHDSRSXODomRRULJLQiULDGH EUDQFR H GH tQGLR GR VHUWmR HPRFLRQDOPHQWH LQVWiYHO GHYLGR j VXD PHVWLoDJHP HUD VLQJXODUPHQWH DSWD D VH GHL[DU LQIOXHQFLDU SRU OtGHUHV GHVHTXLOLEUDGRV TXH GHVHQFDGHDYDPYHUGDGHLUDVHSLGHPLDVGHORXFXUDFROHWLYD
9HMDPRVFRPR&81+$GHVFUHYHRFDUiWHUYDULiYHOGDUHOLJLRVLGDGHGRVHUWDQHMR
(VWHV HVWLJPDV DWiYLFRV WLYHUDP HQWUH QyV IDYRUiYHLV DV UHDo}HV GR PHLR GHWHUPLQDQGRSVLFRORJLDHVSHFLDO
2 KRPHP GRV VHUW}HV ± SHOR TXH HVERoDPRV ± PDLV GR TXH TXDOTXHU RXWUR HVWi HP IXQomR LPHGLDWD GD WHUUD e XPD YDULiYHO GHSHQGHQWH QR MRJDU GRV HOHPHQWRV 'D FRQVFLrQFLDGDIUDTXH]DSUDRVGHEHODUUHVXOWDPDLVIRUWHHVWHDSHODUFRQVWDQWHSDUDR PDUDYLOKRVRHVWDFRQGLomRLQIHULRUGRSXSLORHVW~SLGRGDGLYLQGDGH(PSDUDJHQVPDLV EHQpILFDVDQHFHVVLGDGHGHXPDWXWHODVREUHQDWXUDOQmRVHULDWmRLPSHULRVD$OLSRUpP DV WHQGrQFLDV SHVVRDLV FRPR TXH VH DFROFKHWDP jV YLFLVVLWXGHV H[WHUQDV H GHVWH HQWUHODoDPHQWR UHVXOWD FRSLDQGR R FRQWUDVWH TXH REVHUYDPRV HQWUH D H[DODomR LPSXOVLYD H D DSDWLD HQHUYDGRUD GD DWLYLGDGH D LQGLIHUHQoD IDWDOLVWD SHOR IXWXUR H D H[DOWDomR UHOLJLRVD 2V HQVLQDPHQWRV GRV PLVVLRQiULRV QmR SRGHULDP H[HUFLWDUVH HVWUHPHV GDV WHQGrQFLDV JHUDLV GD VXD pSRFD 3RU LVWR FRPR XP SDOLPSVHVWR D FRQVFLrQFLD LPSHUIHLWD GRV PDWXWRV UHYHOD QDV TXDGUDV DJLWDGDV URPSHQGR GHQWUH RV LGHDLVEHOtVVLPRVGRFDWROLFLVPRLQFRPSUHHQGLGRWRGRVRVHVWLJPDVGHHVWiGLRLQIHULRU e TXH PHVPR HP SHUtRGRV QRUPDLV D VXD UHOLJLmR p LQGHILQLGD H YiULD 'D PHVPD IRUPDTXHRVQHJURV KD~oDVDGDSWDQGRjOLWXUJLDWRGRRULWXDOLRUXEDQKRUHDOL]DPR IDWRDQ{PDORPDVYXOJDUPHVPRQDFDSLWDOGD%DKLDGHVHJXLUHPSDUDDVVROHQLGDGHV GD,JUHMDSRURUGHPGRVIHWLFKHVRVVHUWDQHMRVKHUGHLURVLQIHOL]HVGHYtFLRVVHFXODUHV VDHP GDV PLVVDV FRQVDJUDGDV SDUD RV iJDSHVVHOYDJHQV GRV FDQGRPEOpV DIULFDQRVRX
SRUDFrV GR WXSL 1mR HVSDQWD TXH SDWHQWHLHP QD UHOLJLRVLGDGH LQGHILQLGD DQWLQRPLDV VXUSUHHQGHQWHV
4XHP Yr D IDPtOLD VHUWDQHMD DR FDLU GD QRLWH DQWH R RUDWyULR WRVFR RX UHJLVWR SDXSpUULPRjPHLDOX]GDVFDQGHLDVGHD]HLWHRUDQGRSHODVDOPDVGRVPRUWRVTXHULGRV RXSURFXUDQGRDOHQWRVjYLGDWRUPHQWRVDHQFDQWDVH
2 FXOWR GRV PRUWRV p LPSUHVVLRQDGRU 1RV OXJDUHV UHPRWRV ORQJH GRV SRYRDGRV LQXPDPQRVjEHLUDGDVHVWUDGDVSDUDTXHQmRILTXHPGHWRGRHPDEDQGRQRSDUDTXH RVURGHLHPVHPSUHDVSUHFHVGRVYLDQGDQWHVSDUDTXHQRVkQJXORVGDFUX]GHSRQKDP HVWHV VHPSUH XPD IORU XP UDPR XPD UHFRUGDomR IXJD] PDV UHQRYDGD VHPSUH ( R YDTXHLUR TXH VHJXH DUUHEDWDGDPHQWH HVWDFD SUHVWHV R FDYDOR DQWH R KXPLOGH PRQXPHQWR ± XPD FUX] VREUH SHGUDV DUUXPDGDV ± H D FDEHoD GHVFREHUWD SDVVD YDJDURVRUH]DQGRSHODVDOYDomRGHTXHPHOHQXQFDYLXWDOYH]WDOYH]GHXPLQLPLJR $WHUUDpXPH[tOLRLQVXSRUWiYHORPRUWRXPEHPDYHQWXUDGRVHPSUH
2 IDOHFLPHQWR GH XPD FULDQoD p XP GLD GH IHVWD 5HVVRDP DV YLRODV QD FDEDQD GRV SREUHVSDLVMXELORVRVHQWUHDVOiJULPDVUHIHUYHRVDPEDWXUEXOHQWRYLEUDPQRVDUHV IRUWHV DV FRSODV GRV GHVDILRV HQTXDQWR D XPD EDQGD HQWUH GXDV YHODV GH FDUQD~ED FRURDGRGHIORUHVRDQMLQKRH[SRVWRHVSHOKDQR~OWLPRVRUULVRSDUDOLVDGRDIHOLFLGDGH VXSUHPD GD YROWD SDUD RV FpXV SDUD D IHOLFLGDGH HWHUQD ± TXH p D SUHRFXSDomR GRPLQDGRUDGDTXHODVDOPDVLQJrQXDVHSULPLWLYDV
1R HQWDQWR Ki WUDoRV UHSXOVLYRV QR TXDGUR GHVWD UHOLJLRVLGDGH GH DVSHFWRV WmR LQWHUHVVDQWHVDEHUUDo}HVEUXWDLVTXHDGHUUDQFDPRXPDFXODP
SHODV DOPDV GRV PRUWRV TXHULGRV¶ µDOHQWRV j YLGD WRUPHQWRVD¶ µFXOWR GRV PRUWRV¶ µSUHFHV YLDQGDQWHV¶µFUX]¶µUH]DQGRSHODVDOYDomR¶µRPRUWRXPEHPDYHQWXUDGR¶µHQWUHGXDVYHODV¶ µDQMLQKR¶ µVXSUHPD GD YROWD SDUD RV FpXV¶ µIHOLFLGDGH HWHUQD¶ µDOPDV LQJrQXDV H SULPLWLYDV¶ $VVLP &XQKD Yr TXH R VHU KXPDQR WHP RV VHXV DUTXpWLSRV UHOLJLRVRV H HVWHV VH PDQLIHVWDP FRPRIHQ{PHQRVQRFDPSRUHOLJLRVRWDQWRQRFXOWRFRPRµLQIHULRU¶LQFXOWR
5HVXPLQGRDOLWHUDWXUDSURGX]LGDSRU&XQKDQHVVHDVSHFWR±DVRFLRORJLDSROtWLFDGR SUREOHPDGH&DQXGRV±QmRIRLGHVFXLGDGD(QWUHWDQWRVHSRGHGL]HUGRVHXOLYURTXHDSHVDU
GRVH[DJHURVHSHODVRPLVV}HVGHL[DQGRGHODGRRDVSHFWRHYDORUVRFLROyJLFRGDREUDPHVPR DVVLPHODVHDSUHVHQWDFRPRVLPSOHVREUDSULPDGHMRUQDOLVPROLWHUiULR$YHUGDGHpTXHpXP OLYUR FRPSOH[R QRWiYHO FRPR OLWHUDWXUD H QRWiYHO FRPR FLrQFLD FLrQFLD HFROyJLFD H FLrQFLD DQWURSROyJLFDHDWpVRFLROyJLFD6REUHWXGRREUDOLWHUiULDTXHOHYDHPFRQWDDVPDQLIHVWDo}HV UHOLJLRVDVGDTXHOHSRYRGR6HUWmR
4XHUR DLQGD IXQGDPHQWDU QHVVH WLSR GH PHWRGRORJLD IHQRPHQROyJLFD R XVR GH GLYHUVRVDVSHFWRVFXOWXUDLVVRFLROyJLFRVKLVWyULFRVSVLFROyJLFRVHWFDSDUWLUGDPHWRGRORJLD DSOLFDGD HGHVHQYROYLGDSRU 5RJHU%DVWLGH DTXLQR %UDVLO(OH PDQLIHVWRXHPVHXVWUDEDOKRV XPD SUHRFXSDomR FRP DV GLYHUVDV µIURQWHLUDV¶ HQWUH DV PXOWtSOLFHV GLVFLSOLQDV FLHQWtILFDV IURQWHLUDVHQWUHVDEHUHDUWHIURQWHLUDVHQWUHVDJUDGRHSURIDQRIURQWHLUDVHQWUHJUXSRVpWQLFDH FXOWXUDOPHQWHGHVVHPHOKDQWHV3DUDWDQWRHOHWUDoDXPSDQRUDPDGRSUREOHPDDVHUDYDOLDGRH H[SOLFDGRDSDUWLUGHYiULDVSHUVSHFWLYDVRXVHMDpDLQWHUGLVFLSOLQDULGDGHQRWUDWRREMHWRGR IHQ{PHQRQRFDPSRUHOLJLRVR
%DVWLGHSURFXUDGHWRGDVDVIRUPDVHQWHQGHURTXHRFRUUHQRFDPSRGDVXDDWXDomR 3(5(,5$ '( 48(,52= DILUPD TXH %DVWLGH FKDPRX LVWR GH ³WpFQLFD GRV SURMHWRV FRQYHUJHQWHV´HTXHFRQVWLWXLULDRFHUQHGHVXDVREUDV
UHIOHWRUHV MXQWDPHQWH FRP DV OX]HV WrP SRU REMHWLYR SURPRYHU DRV HVSHFWDGRUHV XPD YLVmR PDLVOtPSLGDHFODUDGRTXHHVWiRFRUUHQGR&RQWXGRFDEHDRVHVSHFWDGRUHVRXDVVLVWHQWHVR SDSHO GH XVDU D WpFQLFD HP TXHVWmR $WUDYpV GHOD RV YDORUHV VRFLDLV H XQLYHUVDLV VHULDP YLVOXPEUDGRVHSHUFHELGRV3DUD%DVWLGHLVWRHUD³FLrQFLD´
$ REUD GH %DVWLGH D SDUWLU GHVVD µWpFQLFD¶ DEULULD H GDULD XPD JUDQGH FRQWULEXLomR j VRFLRORJLD JHUDO RX VHMD DPSOLDULD RV KRUL]RQWHV GDV DQiOLVHV H DODUJDULD D YLVmR GDV FRQVHTrQFLDVGRVIHQ{PHQRVGRFDPSRUHOLJLRVREUDVLOHLUR
7HQGRLVVRHPPHQWHTXHURUHVVDOWDURIDWRGHTXHRIHQ{PHQRQRFDPSRUHOLJLRVRGR
FLVPDGD,3,%WHPTXHVHUDYDOLDGRHPVHXDPELHQWHKLVWyULFRQDWXUDO&DVRLVVRVHMDRPLWLGR
QmRVHIDUiXPDERDOHLWXUDHQHPMXVWLoDjTXHOHHYHQWR
%5$6,/'e&$'$'(((68$60$1,)(67$d®(6'(,16$7,6)$d2
3URFXUDUHLODQoDUPmRGRV³SURMHWRUHV´TXHGDUmRPHOKRUFRPSUHHQVmRGRVHOHPHQWRV TXH j OX] GD FRQWH[WXDOL]DomR FXOPLQDUDP FRP XP FLVPD GRXWULQiULR GHQWUR GD ,3,% 6mR HOHV D 6HPDQD GH $UWH 0RGHUQD GH R UHIOH[R GD *UDQGH 'HSUHVVmR GD (FRQRPLD QRUWHDPHULFDQD QR %UDVLO R %UDVLO QRYR H R *HWXOLVPR R PRYLPHQWR GH HPLJUDomR H UHVSHFWLYDFDSDFLWDomRWHFQROyJLFD
2V HOHPHQWRV DFLPD PDQLIHVWDP QRV PDLV GLIHUHQWHV kPELWRV GD YLGD QDFLRQDO DV GLIHUHQWHVLQVDWLVIDo}HVSUHVHQWHVQDVRFLHGDGHEUDVLOHLUDFRPRXPWRGR
$6HPDQDGH$UWH0RGHUQDGH
FRQWHPSRUkQHD TXH PDQLIHVWDP DV LQVDWLVIDo}HV JHUDLV GRV FLGDGmRV H GDV FODVVHV VRFLDLV EUDVLOHLUDVWDQWRQRkPELWRSROtWLFRFRPRFXOWXUDO
&RPR p VDELGR SRU WRGRV R %UDVLO WHYH GH XP PRGR IRUPDO VXD GHFODUDomR GH ,QGHSHQGrQFLDSURQXQFLDGDSRU3HGUR,QRGLDGH6HWHPEURGH(UDXPDWRVLPEyOLFR TXHPDQLIHVWDYDRGHVHMRGHTXHGRUDYDQWHD&RO{QLDTXHVHVLWXDYDDEDL[RGRVWUySLFRVQmR GHSHQGHULDRXDOLPHQWDULDOHLDVHµHQULTXHFHU¶DTXDOTXHUSUHoRDPHWUySROH±3RUWXJDO(OD QmR PDLV VH VXMHLWDULD jV RUGHQV DGYLQGDV µGH DOpP PDU¶ +LSRWHWLFDPHQWH FDEHULD DRV VHXV
FLGDGmRVQDWLYRVSURMHWDUHGHFLGLUVREUHTXDORPRGHORHFRQ{PLFRVRFLDOSROtWLFRHFXOWXUDO TXHRSWDULDPHDVVLPFRQVWUXLULDPDSDUWLUGHVXDVSUySULDVH[SHULrQFLDVVXDQRYDUHDOLGDGH FRPDXWRQRPLD
3DVVDGRV TXDVH DQRV R %UDVLO GRV ³EUDVLOHLURV´ VH Yr GHQWUR GH XPD GHVRUJDQL]DomR SROtWLFD HFRQ{PLFD H VRFLDO FXPSULQGR XP SDSHO GH PHUR FRQVXPLGRU GD FXOWXUD RUD SURGX]LGD QD (XURSD HVSHFLDOPHQWH D IUDQFHVD RX QRUWHDPHULFDQD FRP R VHX SUDJPDWLVPR GHFRUUHQWH GD 5HYROXomR ,QGXVWULDO GR 6pFXOR ;9,,, QmR GHVHQYROYHQGR XP SDSHO GH SURSRVLomR SURGXWLYD QD TXHVWmR LQWHOHFWXDO DUWtVWLFD H FXOWXUDO 1mR KDYLD XPD HVSpFLHGHYDQJXDUGDFRQVWUXWLYDDSDUWLUGDSUySULDUHDOLGDGHQDFLRQDOEUDVLOHLUD1mRpUDPRV SURSRVLWLYRVQDVROXomRHFRQVWUXomRGDVRFLHGDGHQDTXDOYLYtDPRVHFRQYLYtDPRV
&RXEH DR DQR GH UHVJDWDU WXGR DTXLOR TXH DWp HQWmR QmR IRUD DOFDQoDGR HP WHPSRVSDVVDGRV2DQRGHIRUPXODULDRVSULQFtSLRVGHUHVJDWHQDFLRQDOEUDVLOHLURWDQWR QRSODQRVRFLDOSROtWLFRHFRQ{PLFRHFXOWXUDOSDUDDVIXWXUDVJHUDo}HV6HULDDSDUWLUGHODTXH R%UDVLOSRGHULDHGHYHULDYHUDVLPHVPRFRPRUHDOPHQWHHUDeFRPRVHGLVVpVVHPRVROKDU GH VL PHVPR SDUD VL PHVPR QmR XP ROKDU HXURSHX RX QRUWHDPHULFDQR SDUD QyV PHVPRV VHQGRHOHVRV³QRVVRVyFXORV´$SRQWDQGRSDUDQyVRTXHGHYHUtDPRVYHURXQmR2HGLWRULDO GR MRUQDO )ROKD GH 6mR 3DXOR DILUPD ³D 6HPDQD GH $UWH 0RGHUQD UHSUHVHQWRX XP PDUFRYHUGDGHLURSRQWRGHLQIOH[mRQRPRGRGHYHUR%UDVLO´)RLXPDGDVFRQVWUXWRUDVGD LGHQWLGDGHQDFLRQDO
628=$pGDRSLQLmRTXHR0RGHUQLVPR
OLWHUiULD$IRUoDGRPRGHUQLVPRUHVLGHQDODUJXH]DFRPTXHVHSURS{VDHQFDUDD QRYD VLWXDomR IDFLOLWDQGR R GHVHQYROYLPHQWR DWp HQWmR HPEULRQiULR QD 6RFLRORJLD GD +LVWyULD6RFLDOGD(WQRJUDILDGRIROFORUH$SXG1$*/(
$RXWUDIDFHWDGDLQVDWLVIDomRUHLQDQWHQDTXHOHDQRpDUHDOL]DomRGD6HPDQDGH$UWH 0RGHUQDGH3DUWLOKRGDRSLQLmRGH)È%,2/8&$6TXHDILUPDTXH³$6HPDQDGH$UWH 0RGHUQD UH~QH LQVDWLVIHLWRV GH YDULDGD SURFHGrQFLD>@´ $SXG 0$5,$ '( /285'(6 (/(87e5,2
(OD p R PDUFR GR PRYLPHQWR FKDPDGR GH ³PRGHUQLVPR´ QDFLRQDO EUDVLOHLUR (VVH HYHQWRFXOWXUDODUWtVWLFRLQWHOHFWXDOUHDOL]RXVHQR7HDWUR0XQLFLSDOGH6mR3DXORQDFDSLWDO GR(VWDGRGH6mR3DXORQRVGLDVDGHIHYHUHLURGH6HQGRTXHHPFDGDGLD HFRUUHVSRQGHULDDXPIHVWLYDOSLQWXUDHHVFXOWXUDOLWHUDWXUDHSRHVLDHP~VLFD1$*/( FRQVLGHUD D 6HPDQD GH $UWH FRPR R SRQWR FXOPLQDQWH GDV DWLYLGDGHV GRV PRGHUQLVWDV XPD
HVSpFLH GH IHVWD S~EOLFD H GHPRQVWUDomR GDV UHDOL]Do}HV GHOHV 1D RFDVLmR KDYHULD D SDUWLFLSDomR GH HVFULWRUHV DUWLVWDV H DUTXLWHWRV GH 6mR 3DXOR H 5LR GH -DQHLUR +DYHULD FRQIHUrQFLDVVREUHOLWHUDWXUDSLQWXUDHHVFXOWXUDSHoDVPXVLFDLVGH9LOOD/RERVVRORVGHSLDQR GH*XLRPDU1RYDLVOHLWXUDGHSRHPDVGHDXWRUHVPRGHUQLVWDV
$ 6HPDQD GH $UWH FRPR ILFRX FRQKHFLGD IRL XPD LQLFLDWLYD VHJXQGR R &RUUHLR 3DXOLVWDQRGH*UDoD$UDQKD$ILJXUDGH$UDQKDHUDPXLWRHPEOHPiWLFDQDRFDVLmRHOHHUD XPDHVSpFLHGHDYDOLVWDGDVHULHGDGHHHUDFDSD]GHLPSRUUHVSHLWRDRVVHWRUHVPHQRVDEHUWRVj PRGHUQLGDGH7DOYH]SRULVVRVHXQRPHILTXHHPHYLGrQFLDTXDQWRjRUJDQL]DomRGRHYHQWR
6HULDXPDVHPDQDRUJDQL]DGDSRULQWHOHFWXDLVHTXHSUHWHQGHULDGDUDRS~EOLFRGH6mR 3DXORHGR%UDVLO³DSHUIHLWDGHPRQVWUDomRGRTXHKiHPQRVVRPHLRHPHVFXOWXUDDUTXLWHWXUD P~VLFDHOLWHUDWXUDVRERSRQWRGHYLVWDULJRURVDPHQWHDWXDO´FRQIRUPHpDILUPDGRQR &RUUHLR 3DXOLVWDQR
&RQWXGR R YHUGDGHLUR LQFHQWLYDGRU GR HYHQWR IRL (PLOLDQR $XJXVWR &DYDOFDQWL GH $OEXTXHUTXH0HORDUWLVWLFDPHQWHFRQKHFLGRFRPR'L&DYDOFDQWL$VVLPHP6mR 3DXORVHULDUHDOL]DGRXPHYHQWRDUWtVWLFRVHPHOKDQWHDRVIHVWLYDLVFXOWXUDLVTXHRFRUULDPHP
'HDXYLOOH
$QWHV GH FRQVLGHUDU D 6HPDQD GH $UWH GH SURSULDPHQWH p SUHFLVR TXH VH Gr RV GHYLGRVFUpGLWRVDDOJXQVDFRQWHFLPHQWRVLVRODGRVTXHDQWHFHGHUDPjTXHODVHPDQDFXOWXUDO$ 6HPDQDGH$UWHQmRpDOJRTXHRFRUUHGRQDGDDQWHVpUHVXOWDGRGHDOJXQVH[SHULPHQWRVTXH QmRIRUDPUHFHELGRVQXPGDGRPRPHQWR
3ULPHLUDPHQWH HP R SLQWRU UXVVR /DVDU 6HJDOO UDGLFDGR HP 6mR 3DXOR H[S{V RV VHXV WUDEDOKRV HP 6mR 3DXOR H HP &DPSLQDV (VVDV REUDV PDQLIHVWDYDP DOJXPDV H[SHULrQFLDV WtSLFDV GH DUWH H[SUHVVLRQLVWD DR ODGR GH REUDV GH XP PRGHUQLVPR PRGHUDGR &RQWXGR WDO H[SRVLomR QmR FKHJRX D FDXVDU VHQVDomR QHP WHYH IRUoD SDUD DJOXWLQDUHQWRUQRGRMRYHPSLQWRUQRYDVFRUUHQWHV
8PVHJXQGRHYHQWRHPIRLDH[SRVLomRGH$QLWD&DWDULQD0DOIDWWL QRFHQWURGH6mR3DXORQXPVDOmRGDUXD/tEHUR%DGDUy6XDVREUDVGHLQtFLRHUDPPDUFDGDV SHOR H[SUHVVLRQLVPR GD (VFROD $OHPm H SHOR FXELVPR $VVLP VHXV TXDGURV GLVWRUFLGRV GH FRUHVHVWUDQKDVFRQWUDULDYDPDWUDGLomRGHSLQWXUDEHPFRPSRUWDGDTXHDLQGDLPSHUDYDQR %UDVLO0RQWHLUR/REDWRIXOPLQRX$QLWDHPVHXDUWLJRLQWLWXODGR³3DUDQyLDRX0LVWLILFDomR"´
HP UHODomR j H[SRVLomR DSUHVHQWDGD SHOD DUWLVWD (P GHIHVD GH $QLWD GLYHUVRV LQWHOHFWXDLV H DUWLVWDVVHDJUXSDUDPHPWRUQRGHOD
3DUD DOJXQV D FUtWLFD GH /REDWR IRL WmR FRQWXQGHQWH H iFLGD SDUD FRP 0DOIDWWL TXH SURYRFRX QDTXHOD MRYHP SLQWRUD WLQKD DSHQDV DQRV D SHUGD GD DXWRFRQILDQoD H TXH R LPSHGLULDGHGHVHQYROYHUQRVDQRVVHJXLQWHVDVXDSUySULDOLQJXDJHP
DEUDVLOHLUDPHQWR GD DUWH OLEHUGDGH GH FULDomR H FDSWDomR GDV FRQWUDGLo}HV PRGHUQDV GD PRGHUQDVRFLHGDGHXUEDQDHLQGXVWULDOQmRPDLVUXUDOHH[FOXVLYDPHQWHDJUtFROD
(DVVLPIHUHHOLTXLGDFRPPRUWHRPRYLPHQWRSDUQDVLDQLVPRQDFLRQDOEUDVLOHLUR
3RU~OWLPRHPKRXYHDGHVFREHUWDGRHVFXOWRU9LWRU%UHFKHUHW(OH IRLGHVFREHUWRSRUXPJUXSRGHDUWLVWDVHLQWHOHFWXDLVTXHRFRQFODPDYDP³XPGRVPDLRUHV HVFXOWRUHVQDFLRQDLVGHWRGRVRVWHPSRV´
(VWHVWUrVHYHQWRVDEULUDPHSUHSDUDUDPRFDPLQKRSDUDD6HPDQDGH$UWHGH
8PIDWRTXHSUHFLVDDLQGDVHUFRQVLGHUDGRpRORFDOGRHYHQWRHRJUXSRGDTXHOHVTXH SDWURFLQDUDPD6HPDQDGH%RDSDUWHGRVSDUWLFLSDQWHVGD6HPDQDGH$UWHHUDRULXQGDGRV GRLVSyORVSULQFLSDLVGDVRFLHGDGHQDFLRQDOEUDVLOHLUD5LRGH-DQHLURH6mR3DXOR
(VWDV GXDV FLGDGHV WrP XPD SRVLomR PXLWR LPSRUWDQWH QR GHVHQYROYLPHQWR QD IRPHQWDomRHQDRUJDQL]DomRGDVUHODo}HVVRFLDLVFXOWXUDLVHFRQ{PLFDVHSROtWLFDVQRTXDGUR QDFLRQDOEUDVLOHLUR(ODVVmRRUHIHUHQFLDOSDUDDVGHPDLVORFDOLGDGHVFLGDGHVEUDVLOHLUDV(VVH IHQ{PHQRQmRpH[FOXVLYRGHQRVVDpSRFDVpF;;,PDVSRGHVHUSHUFHELGRQRLQtFLRGRVpF ;;
$ SDUWLU GH TXDQGR R JRYHUQR JHUDO GD FRO{QLD SRUWXJXHVD IRL WUDQVIHULGR GH 6DOYDGRU SDUD R 5LR GH -DQHLUR GHVGH DTXHOH PRPHQWR D ³&LGDGH 0DUDYLOKRVD´ SDVVRX D GHVIUXWDUGHXPVWDWXVGLIHUHQFLDGRTXDQGRFRPSDUDGDjVGHPDLVFLGDGHVEUDVLOHLUDV25LRGH -DQHLURHUDDVHGHGRJRYHUQRORJRHUDXPORFDOGHJUDQGHFRQFHQWUDomRGD&RUWHEHPFRPR GDTXHOHVTXHHUDPIXQFLRQiULRV³GDPiTXLQD´S~EOLFD(UDRFHQWURGDYLGDFXOWXUDOEUDVLOHLUD 2V LPSRVWRV GH WRGR R WHUULWyULR HUDP GHVWLQDGRV SDUD Oi H GHSRLV UHGLVWULEXtGRV ,VWR WXGR FHUWDPHQWHJHUDULDFUHVFLPHQWRSRSXODFLRQDOHHFRQ{PLFRSDUDRVTXHDOLVHIL[DUDP
&RQWXGRDSURYtQFLDGH6mR3DXORSDVVRXDWHUXPDVLWXDomRGLIHUHQFLDGDGDVGHPDLV SURYtQFLDV GR ,PSpULR (VWH ~OWLPR Mi HVWDYD GHVWLQDGR D VHU VXEVWLWXtGR SRU RXWUR PRGHOR SROtWLFRXPDQRYDIRUPDGHJRYHUQR1mRPDLVXP,PSpULRFRPRVHXJRYHUQDQWHPRUVHQGR VHPSUH R PHVPR PDV D IRUPD GH XPD 5HS~EOLFD FXMR JRYHUQDQWH VHULD HOHLWR SHORV VHXV FLGDGmRV,VWRHUDXPSUHVViJLRGHTXH6mR3DXORVHULDSROLWLFDPHQWHPDLVLPSRUWDQWHDSDUWLU GRVXUJLPHQWRHGDLPSOHPHQWDomRLQRYDGRUDGD5HS~EOLFD
$EXUJXHVLDSDXOLVWDFRPHoRXDWHUJUDQGHVJDQKRVHDUHWHUHDLQYHVWLURVHXFDSLWDO JHUDGR D SDUWLU GD FXOWXUD FDIHHLUD QD LQG~VWULD QDFLRQDO (OD VHULD R HOHPHQWR GHWHUPLQDQWH SDUDHOHYDUHFRORFDU6mR3DXORQDYDQJXDUGDSROtWLFDHHFRQ{PLFDQDFLRQDOEUDVLOHLUD
(VVHQRYRSDUDGLJPDSROtWLFRpDILUPDGRSRU/285'(6(/(87e5,2
1D HQWmR &DSLWDO )HGHUDO R PHFHQDWR GH (VWDGR GHILQKDYD Mi TXH HUD R ,PSpULRTXHREDQFDYD(P6mR3DXORWHPRVDOJXPLQYHVWLPHQWRPDVQmRWmR JHQHURVR$EXUJXHVLDFDIHHLUDSDXOLVWDpDILQDQFLDGRUDGD6HPDQDHGHDOJXQV DUWLVWDVHPYLDJHQVGHHVWXGRDRH[WHULRU
8P H[HPSOR D VHU FRQVLGHUDGR FRPR DOJXpP TXH IRUD ILQDQFLDGD SHOD EXUJXHVLD FDIHHLUDSDXOLVWDQDp7DUVLODGR$PDUDO(PERUDHODQmRIL]HVVHSDUWHGRSULPHLUR JUXSR GH SLQWRUHV GD 6HPDQD GH $UWH 0RGHUQD GH 0DOIDWWL D FRQKHFH FRPR FROHJD QDV DXODV GH SLQWXUD QD $FDGHPLD -XOLHQ HP 3DULV H GH UHJUHVVR DR %UDVLO D DSUHVHQWD DRV LQWHJUDQWHV LQWHOHFWXDLV GD 6HPDQD 'HYLGR DR IDWR GD VXD IDPtOLD SHUWHQFHU D FDIHLFXOWRUHV ORJR DEDVWDGD VXDV YLDJHQV H DTXLVLomR GHREUDVIRUDPILQDQFLDGDVSHOD ULTXH]DDGYLQGD GRV FDIHLFXOWRUHV
2EVHUYDQGRRVIDWRVTXHIRUDPDSUHVHQWDGRVORJRDFLPDWDOYH]LQFRUUDPRVQRHUURGH SHQVDUPRVTXHVyVHULDSRVVtYHORFRUUHUHVVHPRYLPHQWRGHUHQRYDomRFXOWXUDOEUDVLOHLURQR HL[RVXOGRSDtV9LVWRTXHHVWHORFDOSRVVXtDPHOKRUHVFRQGLo}HVSDUDRGHVHQYROYLPHQWRGD FXOWXUD QDFLRQDO EUDVLOHLUD 1$*/( p GD RSLQLmR TXH R PRYLPHQWR GH UHQRYDomR FXOWXUDO EUDVLOHLUDQmR HUDXP IHQ{PHQR H[FOXVLYDPHQWH GRHL[R6mR 3DXOR5LR HUDDOJRPDLV DPSOR GHQWUR GR FHQiULR QDFLRQDO (P YH] GH XP ~QLFR SyOR GH LUUDGLDomR GHVVH PRGHUQLVPR
VXDVSHFXOLDULGDGHV2JUXSRGR5HFLIHLQWHJUDVHHWRPDIRUPDDSDUWLUGH6HJXQGRR SURIHVVRU1$*/(KDYLDFUtWLFDVDGYLQGDVGR1RUGHVWHEUDVLOHLURHVSHFLDOPHQWHGHXPJUXSR GHLQWHOHFWXDLVHHVFULWRUHV±VHQGRGHUHQRYDomROLWHUiULDHFXOWXUDOVREDOLGHUDQoDGH*LOEHUWR )UH\UH 6HQGR TXH D PDUFD SHFXOLDU GR JUXSR GH 5HFLIH HUD GH WHQGrQFLD UHJLRQDOLVWD H WUDGLFLRQDOLVWDGR0RGHUQLVPREUDVLOHLUR$VVLPFRPRRJUXSRGH6mR3DXOR5LRRJUXSRGR 5HFLIHFRPEDWLD D IiFLOH VXSHUILFLDO LPLWDomR GH PRGHORV HVWUDQJHLURVH LPSOHPHQWDQGR QDV VXDVSURGXo}HVDDPELrQFLDHDUHDOLGDGHKXPDQDEUDVLOHLUDV
5HWRPDQGR R HYHQWR GD 6HPDQD GH $UWH 0RGHUQD GH HOD UHYHOD D IDFH H D SRVVLELOLGDGHGDFRQVWUXomRGHDOJRSURSULDPHQWHQRVVRDSDUWLUGHQyVPHVPRV1DVSDODYUDV GH %25*(6 3(5(,5$ ³HPHUJH GD SUySULD GLQkPLFD GH QRVVRV TXDGURV LQWHUQRV SRLV VH RULJLQDGHSUHRFXSDo}HVHLGHDLVQDFLRQDOLVWDVTXHHQWmRHQYROYHPGHPDQHLUDDFHQWXDGDWRGDV DVPDQLIHVWDo}HVGDUHDOLGDGHEUDVLOHLUD´$YLVmRYLVOXPEUDGDHVHPHDGDSHOD6HPDQDGH$UWH GHpDGHTXHDSHVDUGHDQRVVDEDVHVRFLROyJLFDVHU³PHVWLoDGD´DDXWRDYDOLDomRGH QyVPHVPRVQmRWHULDPDLVFRPRPRGHORUHIHUrQFLDDVLGpLDVRVYDORUHVDVSUHRFXSDo}HVHRV LQWHUHVVHVGRVGRPLQDQWHVQDVOLQKDVGHSHQVDPHQWRGDFXOWXUDRFLGHQWDO
+DYLD XPD WHQGrQFLD GHQWUR GR HVStULWR QDFLRQDOLVWD TXH HPHUJLD HP QRVVD SiWULD GHQWUR GR SRYR H HP WRGDV DV VXDV UHSUHVHQWDo}HV VRFLDLV SROtWLFDV H FXOWXUDLV GH TXH VmR IRUPDGDV D SDUWLU GH UHDo}HV FRPSHQVDWyULDV ³D VXSHUYDORUL]DomR GH WXGR DTXLOR TXH VH SRGHULD DSRQWDU FRPR VHQGR DXWHQWLFDPHQWH QDFLRQDO H D UHMHLomR GH WXGR R TXH IRVVH FRQVLGHUDGR DOLHQtJHQD´ 'HYLGR DR IDWR GH R HVStULWR QDFLRQDO VHU KHWHURJrQHR HP VXDV IRUPXODo}HV LGHROyJLFDV H VHXV GLVWLQWRV JUXSRV KDYLD D QHFHVVLGDGH GH XPD ³UHJXODPHQWDomR´ RX XPD RULHQWDomRPHVWUD SDUD WXGR LVVR TXH HVWDYD HP HIHUYHVFrQFLD QDTXHOHPRPHQWR%25*(63(5(,5$FRPHQWD
( SRU ~OWLPR QR PRYLPHQWR TXH VH VHJXLX GD 6HPDQD GH $UWH 0RGHUQD Yr VH R UHMXYHQHVFLPHQWR RX PHOKRU GL]HQGR D UHQRYDomR GD REUD DUTXLWHW{QLFD EUDVLOHLUD 2V JUDQGHV H[SRHQWHV VmR VHP VRPEUDV GH G~YLGDV /~FLR &RVWD H R VHX MRYHP DOXQR 2VFDU 1LHPH\HU (PpQRPHDGRGLUHWRUGD(VFROD1DFLRQDOGH%HODV$UWHVQDTXDOLQWURGX] PXGDQoDVQRVLVWHPDGHHQVLQR 7DLVPXGDQoDVJHUDP SROrPLFDVQDPRGHUQL]DomRGRHQVLQR GHDUTXLWHWXUD7DLVUHIRUPDVSURSXQKDPRDIDVWDPHQWRGRQHRFRORQLDOHRDOLQKDPHQWRFRPR PRYLPHQWRPRGHUQR&RPRWLQKDDPSORVSRGHUHV/~FLR&RVWDWURX[HSDUDOHFLRQDUQD(QED HQWUHRXWURVRDUTXLWHWRUXVVR*UHJRUL:DUFKDYFKLN'HSRLVGHXPDEDWDOKDS~EOLFDFRPRV DUTXLWHWRVTXHGHIHQGLDPR1HRFRORQLDOIRLDIDVWDGRGDGLUHomRGDHVFROD$SHVDUGHQmRWHU GDGRFHUWRDUHIRUPDWURX[HUHVXOWDGRVSRVLWLYRV
2 LQVWDQWH PDLV H[SUHVVLYR GHVVD IDVH p D FRQVWUXomR GR HGLItFLRVHGH GR DQWLJR 0LQLVWpULRGD (GXFDomR H 6D~GH HP /~FLR&RVWD RUJDQL]RXR 6DOmRGD (VFROD 1DFLRQDOGH%HODV$UWHVSDUDDRFDVLmRIRUDPFRQYLGDGRVRVDUWLVWDVGHYDQJXDUGD0iULRGH $QGUDGH 5RGULJR 0HOR )UDQFR H 0DQXHO %DQGHLUD H SURYRFDQGR DVVLP UHDo}HV GH HVFDQGDOL]DGD LQGLJQDomR DFDGrPLFD FRPR DILUPD &$1','2 7DLV FRQWDWRV SURSLFLDP D /~FLR&RVWDDVXDFRQVWDQWHUHYLVmRHDWXDOL]DomR
&RVWD H 1LHPH\HU WrP D UHVSRQVDELOLGDGH GR SURMHWR GR HGLItFLR GR 0LQLVWpULR GD (GXFDomR H 6D~GH WHQGR D FRODERUDomR GH 3RUWLQDUL R TXDO SLQWRX VHXV PXUDLV 2 HVWLOR GR
SURMHWRHUDVLPSOHVHIXWXULVWD3RVWHULRUPHQWHWUDEDOKDUDPMXQWRVQDFRQVWUXomRIXWXULVWDGH %UDVtOLDSRURFDVLmRGRJRYHUQRGH-.FRQVDJUDGRVPXQGLDOPHQWHFRPRDUTXLWHWRV
27HQHQWLVPR
QDFLRQDOEUDVLOHLUD'HQWUHRVPLOLWDUHVGHVWDFRDOJXQVH[SRHQWHVGHVVH³LQWHUYHQFLRQLVPR´QD FRQGXomR GDYLGD GRV FLYLV/XtV$OYHV GH /LPDH 6LOYD R GXTXH GH &D[LDV)ORULDQR9LHLUD 3HL[RWR+HUPHV5RGULJXHVGD)RQVHFD
'XUDQWHRSHUtRGRHPTXHID]HQGHLURVSDXOLVWDVHPLQHLURVVHUHYH]DYDPQDSUHVLGrQFLD GD 5HS~EOLFD DV DOWDV SDWHQWHV GR ([pUFLWR EUDVLOHLUR SHUWHQFLDP D RILFLDLV HUXGLWRV TXH VH RFXSDYDPFRPWUDEDOKRVEXURFUiWLFRV(QTXDQWRLVVRQRRXWURODGRGDKLHUDUTXLDPLOLWDURV PLOLWDUHV H RILFLDLV PDLV MRYHQV FXPSULDP FRP DV WDUHIDV GLiULDV GRV TXDUWpLV (VWDYD DVVLP
FDUDFWHUL]DGDDGLFRWRPLDPLOLWDUXPDEXURFUiWLFDGLVWDQFLDGDHDRXWUDDTXDUWHODGDHSUy[LPD j UHDOLGDGH GRV FLYLV (VVH GLVWDQFLDPHQWR GHX RULJHP DR PRYLPHQWR TXH FDXVRX SURIXQGR LPSDFWRQRSDtVRWHQHQWLVPR
&$6752DILUPDTXHHVVHPRYLPHQWR
VXUJLX HP FRP D VHPDQiULR 5HYLVWD 1DFLRQDO ODQoDGD SHORV WHQHQWHV TXH FULWLFDYDP DV FRQGLo}HV SUHFiULDV GDV )RUoDV $UPDGDV (P PHQRV GH XPD GpFDGD D LQVDWLVIDomR FRP RV VXSHULRUHV H FRP D FRUUXSWD SROtWLFD EUDVLOHLUD OHYDULD DTXHOHV MRYHQVDXPDVpULHGHUHEHOL}HV
$VVLP RXWUD IDFHWD GD LQVDWLVIDomR GD GpFDGD GH PDQLIHVWDVH QR FDPSR SROtWLFR FRPRPRYLPHQWRGHQRPLQDGRGH³WHQHQWLVPR´2³WHQHQWLVPR´GHIODJURXXPDWULVWHPDUFKD VXLFLGD HP TXH GH]RLWR WHQHQWHV H PDLV XP FLYLO SRU QRPH GH 2WiYLR &RUUHLD HQIUHQWDUDP VROGDGRV GR *RYHUQR FXMD VHGH HUD R 5LR GH -DQHLUR $R SULPHLUR WLURWHLR RLWR
GHEDQGDUDP GRV GHPDLV QRYH PRUUHUDP H VREUHYLYHQGR DSHQDV GRLV WHQHQWHV 6LTXHLUD &DPSRVH(GXDUGR*RPHVTXHILFDUDPJUDYHPHQWHIHULGRV
$VDUWLFXODo}HVGRVWHQHQWHVFRQWDUDPFRPRDSRLRGHPLOLWDUHVGHSDWHQWHVXSHULRUH GHFLYLVRULXQGRVGDSHTXHQDEXUJXHVLDQDFLRQDOEUDVLOHLUD
2UHIOH[RGD*UDQGHGHSUHVVmRHFRQ{PLFDQRUWHDPHULFDQDQR%UDVLO
$*UDQGH'HSUHVVmRHFRQ{PLFDRFRUULGDQRV(VWDGRV8QLGRVGD$PpULFDpFKDPDGD SRU PXLWRV GH ³&ULVH GH ´ )RL GXUDQWH R JRYHUQR UHSXEOLFDQR GH +HUEHUW +RRYHU $FULVHHFRQ{PLFDSHUGXURXGXUDQWHDGpFDGDGHHWHUPLQRXVRPHQWHFRPD 6HJXQGD *XHUUD 0XQGLDO (OD IRL FRQVLGHUDGD SRU PXLWRV HFRQRPLVWDV FRPR D SLRU H PDLV
ORQJD UHFHVVmR HFRQ{PLFD GR VpF ;; )RL FDUDFWHUL]DGD SRU DOWDV WD[DV GH GHVHPSUHJR TXHGDVGUiVWLFDVGRSURGXWRLQWHUQRGRV(VWDGRV8QLGRVGD$PpULFDHGHPDLVSDtVHVUHGXomR GUiVWLFDQDSURGXomRLQGXVWULDOGHVYDORUL]DomRGDVDo}HVGDVHPSUHVDV
GH2XWXEURGHpFRQKHFLGRFRPRD³4XLQWDIHLUD1HJUD´HIRLRLQtFLRRXGDWD KLVWyULFD GD *UDQGH 'HSUHVVmR &RQWXGR DV WD[DV GD SURGXWLYLGDGH LQGXVWULDO FRPHoDUDP D FDLUHPMXOKRDQWHULRUFXOPLQDQGRFRPDEDQFDUURWDGDVDo}HVYHQGLGDVQD%ROVDGH9DORUHV GH 1RYD ,RUTXH /LWHUDOPHQWH ³GD QRLWH SDUD R GLD´ PLOKDUHV GH DFLRQLVWDV SHUGHUDP JUDQGH SDUWH GH VXDV IRUWXQDV +817 DILUPD TXH WDO ³ IHQ{PHQR TXH DFDERX GHVWUXLQGR WRGD D FRQILDQoDQDHFRQRPLD´
$TXHEUDGD%ROVDSLRURXVHULDPHQWHRVHIHLWRVGDUHFHVVmRTXHMiHVWDYDDFDPLQKR FDXVRXGHIODomRTXHGDQDVWD[DVGHYHQGDGHSURGXWRVDXPHQWRGRVSURGXWRVHVWRFDGRVSHODV HPSUHVDV2VHPSUHViULRVVHYLUDPQDREULJDomRGHSDJDUHPVXDVGtYLGDVFRPDYHQGDGHVXDV Do}HV,VWRIH]FRPTXHRVSUHoRVGDVDo}HVDWLQJLVVHPXPEDL[tVVLPRSDWDPDU,VVRWXGRSRU VXDYH]REULJRXRIHFKDPHQWRGHLQ~PHUDVHPSUHVDVFRPHUFLDLVHLQGXVWULDLV+817DILUPD TXH HQWUH RV DQRV GH D PDLV GH HPSUHVDV IDOLUDP EDQFRV VXVSHQGHUDPVXDVRSHUDo}HVRVYDORUHVGDVDo}HVFDtUDPHPTXDVHRLWHQWDSRUFHQWRRXVHMD R YROXPH GH QHJyFLRV TXH HUD GH ELOK}HV GH GyODUHV FDLX SDUD DSHQDV ELOK}HV &RQVHTHQWHPHQWH R UHVXOWDGR HUD PXLWR OyJLFR R Q~PHUR GH GHVHPSUHJDGRV DXPHQWDULD FRQVLGHUDYHOPHQWH
XP DQR GHSRLV PLOK}HV HP RXWXEUR GH GH D PLOK}HV QRV SULPHLURV PHVHV GH
/RJLFDPHQWH D PDLRULD GD SRSXODomR IRL DWLQJLGD HVSHFLDOPHQWH RV QHJURV (OHV H RXWURVJUXSRVPLQRULWiULRVIRUDPDWLQJLGRV$SURSRUomRGHQHJURVGHVHPSUHJDGRVHUDGHD PDLRUTXHQDSURSRUomRGDSRSXODomRWRWDO(QTXDQWRTXHRVTXHWUDEDOKDYDPWLYHUDP XPDUHGXomRGUiVWLFDGRVVHXVVDOiULRV
+817UHJLVWUDDVFRQGLo}HVDEMHWDVHPTXHRVQRUWHDPHULFDQRVYLYHUDPQDTXHOHVGLDV GLItFHLVPXLWRSDUHFLGRVFRPDTXLORTXH9LFWRU+XJRUHJLVWURXHPVHXOLYUR³2V0LVHUiYHLV´ FRPRVHJXLQWHUHODWR
2GHVHVSHURDEMHWRGHVWHVPLOK}HVGHSHVVRDVHUDGHVFULWRQRWUDEDOKRGHGHVFDUJDGH OL[RQRVGHSyVLWRVGH&KLFDJRµ¬YROWDGRFDPLQKmRTXHHVWDYDMRJDQGRIRUDROL[RH UHVWRV HVWDYDP FHUFD GH KRPHQV PXOKHUHV H FULDQoDV /RJR TXH R FDPLQKmR VH DIDVWRX GR PRQWH GH OL[R WRGRV HOHV FRPHoDUDP D HVFDYDU FRP SDXV DOJXQV FRP DV PmRVSHJDQGRVREUDVGHDOLPHQWRVHOHJXPHV
2 TXDGUR DFLPD GHVFULWR QmR p PXLWR GLIHUHQWH GD UHDOLGDGH YLYLGD QRV SDtVHV HPHUJHQWHVHPQRVVRVGLDVDWXDLVQDTXDODXPHQWDDFDGDGLDRQ~PHURGHGHVHPSUHJDGRV 2EVHUYDPRV QRV IDUyLV GDV FLGDGHV YHQGHGRUHV DPEXODQWHV GHVHPSUHJDGRV H WDPEpP SHGLQWHVHQRVOL[}HVPXLWRVHPEXVFDGHDOJRTXHRVDMXGHDPDWDUDIRPH
$V&DXVDVGD*UDQGH'HSUHVVmR
0XLWRV KLVWRULDGRUHV HFRQRPLVWDV H FLHQWLVWDV SROtWLFRV WrP GLVFXWLGR H FULDGR LQ~PHUDVWHRULDVSDUDGHWHFWDUDVRULJHQVGD*UDQGH'HSUHVVmRVHQGRVXUSUHHQGHQWHRSRXFR FRQVHQVRTXHKiHQWUHHOHV
'HL[DQGRGHODGRDVGLYHUVDVWHRULDVHDQiOLVHVPDFURHFRQ{PLFDPLFURHFRQ{PLFDRX
PDU[LVWDDWHRULDPDLVSUHYDOHFHQWHHQWUHRVHFRQRPLVWDVpDGHTXHHVVDFULVHQmRIRLFDXVDGD RULJLQDOPHQWHSHODTXHEUDGD%ROVDGH1RYD,RUTXHDOHJDQGRTXHGLYHUVRVVLQDLVQDHFRQRPLD QRUWHDPHULFDQDQRVPHVHVHDQRVSUHFHGHUDPjFULVH
$*UDQGH'HSUHVVmRIRLFDXVDGDSRUXPDSROtWLFDPRQHWiULDGHVDVWURVDHPDOSODQHMDGD SHOR%DQFR&HQWUDOQRUWHDPHULFDQR$PDLVLPSRUWDQWHLQVWLWXLomRILQDQFHLUDQRUWHDPHULFDQD DGRWRXXPDSROtWLFDGHUHGXomRGDVUHVHUYDVPRQHWiULDVDWUDYpVGHDOWDVWD[DVGHMXURVRTXH OHYDULD D XPD UHGXomR VXSRVWD GD LQIODomR TXH GH IDWR QmR DMXGRX PXLWR SHOR FRQWUDULR VRPHQWH DJUDYRX R SULQFLSDO SUREOHPD GD HFRQRPLD DPHULFDQD QD pSRFD PDUFDGD SHOD GHIODomR
$4XHEUDGD%ROVDGH9DORUHVGH1RYD,RUTXH
2H[FHVVRGHDo}HVjYHQGDHDIDOWDGHFRPSUDGRUHVIL]HUDPFRPTXHRVSUHoRVGHVVDV Do}HVFDtVVHPHPWRUQRGH&RPLVVRPLOKDUHVGHSHVVRDVSHUGHUDPJUDQGHVVRPDVGH GLQKHLUR2VSUHoRVGHVVDVDo}HVFRQWLQXDULDPDIOXWXDUFDLQGRJUDGDWLYDPHQWHQRVSUy[LPRV WUrV DQRV 0LOKDUHV GH SHVVRDV TXH WLQKDP WRGDV DV VXDV ULTXH]DV QD IRUPD GH Do}HV HYHQWXDOPHQWHSHUGHULDPWXGRRTXHWLQKDP
VHXVSDJDPHQWRV$V~ELWDTXHGDQDVYHQGDVGRVHWRUFRPHUFLDODPHULFDQRHVWHQGHXDUHFHVVmR DRVHWRULQGXVWULDOHFRPHUFLDOGRV(VWDGRV8QLGRV
$V DOWDV WD[DV GH MXURV GRV (VWDGRV 8QLGRV IRUDP XP GRV IDWRUHV TXH HVWHQGHUDP D *UDQGH'HSUHVVmRj(XURSD2VSDtVHVHXURSHXVHVSHFLDOPHQWHD$OHPDQKDTXHWLYHUDDVXD HFRQRPLD GHVWUXtGD QD 3ULPHLUD *XHUUD 0XQGLDO XWLOL]DYDPVH GR SDGUmRRXUR SDUD PDQWHU XP FkPELR IL[R FRP RV (VWDGRV 8QLGRV (VVHV SDtVHV IRUDP REULJDGRV D DXPHQWDU GUDVWLFDPHQWHVXDVSUySULDVWD[DVGHMXURVRTXHOHYRXjUHGXomRGHJDVWRVSRUSDUWHGHVHXV
FRPHUFLDQWHVHKDELWDQWHVWDPEpPRFD[LRQDQGRDTXHGDQDSURGXomRLQGXVWULDO$HFRQRPLD GRV (VWDGRV 8QLGRV GD $PpULFD HQWURX HP XPD IDVH GH JUDQGH UHFHVVmR HFRQ{PLFD TXH SHUGXUDULD DWp $Wp HVVH DQR D HFRQRPLD GRV (VWDGRV 8QLGRV HQWUDULD HP FRODSVR 'XUDQWH HVVH SHUtRGR PLOKDUHV GH HVWDEHOHFLPHQWRV EDQFiULRV ILQDQFHLURV FRPHUFLDLV H LQGXVWULDLVIRUDPIHFKDGRV2XWURVIRUDPREULJDGRVDGHPLWLUSDUWHGHVHXVWUDEDOKDGRUHVHRX DUHGX]LUVDOiULRVHPJHUDO
$5HSHUFXVVmRQR%UDVLO
(P WHUPRV JHUDLV GHYLGR j *UDQGH 'HSUHVVmR R FRPpUFLR LQWHUQDFLRQDO FDLX GUDVWLFDPHQWH,VVRpYLVWRSRUH[HPSORQD$XVWUiOLDTXHGHSHQGLDGDH[SRUWDomRGHWULJRHGR DOJRGmR)RLXPGRVSDtVHVPDLVVHYHUDPHQWHDWLQJLGRVSHOD'HSUHVVmRQR0XQGR2FLGHQWDO $WD[DGHGHVHPSUHJRDOFDQoRXXPUHFRUGHGHHPXPDGDVPDLVDOWDVGRPXQGR DWpRVGLDVDWXDLV
$V H[SRUWDo}HV GH SURGXWRV DJUiULRV H PLQpULRV WDLV FRPR FDIp WULJR H FREUH GH SDtVHVGDVIUDFDVHFRQRPLDVODWLQRDPHULFDQDVFDtUDPGHELOKmRGHGyODUHVHPSDUD PLOK}HVGHGyODUHVHPDXPHQWDQGRVRPHQWHSDUDPLOK}HVGHGyODUHVHP 2VHIHLWRVGDFULVHIL]HUDPFRPTXHHPDOJXQVGHVVHVSDtVHVPXLWRVDJULFXOWRUHVSDVVDVVHPD LQYHVWLUVHXFDSLWDOHPPDQXIDWXUDFDXVDQGRDLQGXVWULDOL]DomRGHVWHVSDtVHVFRPRRFRUUHXQR %UDVLO
GHVGH PHDGRV GR VpF ;,; DWp &RPR R %UDVLO GHWLQKD R FRQWUROH GH JUDQGH SDUWH GD RIHUWD PXQGLDO GHVVH SURGXWR SRGLD IDFLOPHQWH FRQWURODU RV SUHoRV GR FDIp QRV PHUFDGRV LQWHUQDFLRQDLV REWHQGR DVVLP OXFURV HOHYDGRV 6HJXQGR DOJXQV HFRQRPLVWDV R FLFOR FDIHHLUR WUD]LDHPVHXERMRXPSUREOHPDPXLWRVpULRHJUDYHSRLVQHVWHVLVWHPDHFRQ{PLFRYLVWRTXH VHQGRR%UDVLOXPSDtVDEXQGDQWHHPWHUUDVGLVSRQtYHLVSDUDDDJULFXOXUDHXVRGHPmRGHREUD VXEHPSUHJDGDRVOXFURVREWLGRVLQFHQWLYDYDPQRYDVLQYHUV}HVGHFDSLWDLVQRVHWRUHOHYDQGR JUDGXDOPHQWHDRIHUWDGHFDIpDVHUH[SRUWDGR+RXYHXPIRUWHDF~PXORGHFDSLWDOQDVPmRV GRV FKDPDGRV ³%DU}HV GR &DIp´ FRQFHQWUDGRV QR (VWDGR GH 6mR 3DXOR HVSHFLDOPHQWH 3RU
RXWUR ODGR D GHPDQGD PXQGLDO GH FDIp WLQKD D FDUDFWHUtVWLFD GH VHU LQHOiVWLFD HP UHODomR DR SUHoR HjUHQGDGRVFRQVXPLGRUHVLVWR p R VHXFUHVFLPHQWRGHSHQGLDIXQGDPHQWDOPHQWH GR DXPHQWRSRSXODFLRQDOGRVSDtVHVFRQVXPLGRUHV$VVLPKDYLDXPDVLWXDomRGHFUHVFLPHQWRGD RIHUWD GH FDIp PXLWR VXSHULRU DR FUHVFLPHQWR GH VXD GHPDQGD LQGLFDQGR XPD WHQGrQFLD HVWUXWXUDOGHEDL[DGHSUHoRVDORQJRSUD]R
$VSROtWLFDVJRYHUQDPHQWDLVGHYDORUL]DomRGRFDIpLQVWLWXtGDVQR&RQYrQLRGH7DXEDWp HP FRQVLVWLDP EDVLFDPHQWH QD FRPSUD SRU SDUWH GR JRYHUQR IHGHUDO GRV HVWRTXHV H[FHGHQWHV GDSURGXomRGHFDIp SRUPHLR GH HPSUpVWLPRV H[WHUQRVILQDQFLDGRVSRU WULEXWRV FREUDGRVVREUHDSUySULDH[SRUWDomRGHFDIp1RFXUWRSUD]RWDOSROtWLFDDMXGRXDVXVWHQWDURV SUHoRVLQWHUQDFLRQDLVGRSURGXWRVXVWHQWDQGRDUHQGDGRVH[SRUWDGRUHV3RUpPDPpGLRHD ORQJRSUD]RHVVDSROtWLFDSRVVLELOLWRXTXHRFDIpVHGHVWDFDVVHHPUHODFDRDRVGHPDLVSURGXWRV EUDVLOHLURVGHH[SRUWDomR DOpPGHLQIODU DUWLILFLDOPHQWH RV OXFURV GR VHWRU SRLV HVVDSROtWLFD QmR WLQKD QHQKXP LPSDFWR VREUH D GHPDQGD LQWHUQDFLRQDO SHOR SURGXWR R TXH HVWLPXODYD QRYDVLQYHUV}HVGHFDSLWDLVQDSURGXomRSUHVVLRQDQGRDLQGDPDLVDRIHUWDQDFLRQDOGHFDIp
$ FULVH LQWHUQDFLRQDO GH H[HUFHX LPHGLDWDPHQWH XP GXSOR HIHLWR QD HFRQRPLD EUDVLOHLUD D DR PHVPR WHPSR HP TXH UHGX]LX D GHPDQGD LQWHUQDFLRQDO SHOR FDIp EUDVLOHLUR SUHVVLRQDQGR VHXV SUHoRV SDUD EDL[R E LPSRVVLELOLWRX DR JRYHUQR EUDVLOHLUR WRPDU HPSUpVWLPRV H[WHUQRV SDUD DEVRUYHU RV HVWRTXHV H[FHGHQWHV GH FDIp GHYLGR DR FRODSVR GR PHUFDGRILQDQFHLURLQWHUQDFLRQDO
LPSHQViYHOSDUDXPJRYHUQRTXHDLQGDHVWDYDVHFRQVROLGDQGRQRSRGHUFRPRHUDRFDVRGR JRYHUQR GH *HWXOLR 9DUJDV QR LQtFLR GD GpFDGD GH 3RU LVVR D SDUWLU GHVVH SHUtRGRR(VWDGREUDVLOHLURSDVVRXDGHVHPSHQKDUXPSDSHODWLYRQDHFRQRPLDQDFLRQDO
eRPRPHQWRTXDQGRRV³%DU}HVGR&DIp´LQYHVWLULDPVXDVHFRQRPLDVRXDF~PXORGH FDSLWDO QD LQG~VWULD GH PDQXIDWXUD HVSHFLDOPHQWH QR (VWDGR GH 6mR 3DXOR 1D GpFDGD GH RJRYHUQREUDVLOHLURGHVHQYROYHXJUDQGHSDUWHGHVXDLQIUDHVWUXWXUDHPSRXFRWHPSRH DOFDQoRXHOHYDGDVWD[DVGHFUHVFLPHQWRHFRQ{PLFR
e LPSRUWDQWH TXH QRV OHPEUHPRV TXH D VRFLHGDGH QDFLRQDO EUDVLOHLUD HUD HP VXD HVVrQFLD DJUtFROD H UXUDO (OD GHSHQGLD GD SURGXomR GRV VHXV FDPSRV H FRPR RV PHVPRV HVWDYDPHVWDJQDGRVDSDUWLUGHVVHQRYRPRPHQWRHFRQ{PLFRDLQG~VWULDWHULDXPDHIHWLYDH LPSRUWDQWHSDUWLFLSDomRQRFUHVFLPHQWRQDFLRQDO
$VUHSHUFXVV}HVGDFULVHHFRQ{PLFDGHQWURGR3UHVELWHULDQLVPR1DFLRQDO
2V UHIOH[RV HFRQ{PLFRV VmR SUHVHQFLDGRV H VHQWLGRV GHQWUR GD HVWUXWXUD HFOHVLiVWLFD EUDVLOHLUD GLUHWD RX LQGLUHWDPHQWH (P PHLR j HVVD FULVH RV kQLPRV SRGHULDP HVWDU PDLV RX PHQRV DJLWDGRV GHYLGR DR PRGR FRPR D HVWUXWXUD HFOHVLiVWLFD DWHQGLD RX DVVLVWLD DRV VHXV SDVWRUHVRXPLQLVWURVTXHYLYHQFLDYDPQRGLDDGLDDVFRQVHTrQFLDVHFRQ{PLFDV'HSRLVGH WUDWDUPRVGRDFRQWHFLPHQWRKLVWyULFRFKDPDGR³D*UDQGH'HSUHVVmRHFRQ{PLFDGRV(VWDGRV 8QLGRVGD$PpULFD´HPVHXVDVSHFWRVJHUDLVDJRUDFRQVLGHUDUHPRVRFHQiULRPDLVDPSORGD ,JUHMDHFRPRLVVRSRGHULDLQIOXHQFLDURVUHODFLRQDPHQWRVGHVHXVOtGHUHVHSRGHQGRSUHMXGLFDU R³HVStULWRGHSD]´UHLQDQWHQD,JUHMD3UHVELWHULDQDGR%UDVLO
(PWHUPRVJHUDLVQDTXHVWmRGDVF{QJUXDVSDVWRUDLVRVGHRULJHPHVWUDQJHLUDWLQKDP XPVXVWHQWRPDLRUDRSDVVRTXHRVQDFLRQDLVUHFHELDPXPYDORUGHDPHQRVWDOVLWXDomR VHUHSHWLDQDTXHVWmRGDDMXGDGHDOXJXHOHQRYDPHQWHRVQDFLRQDLVHVWDYDPHPGHVYDQWDJHP HOHVUHFHELDPDPHQRVTXDQGRFRPSDUDGRVFRPDDMXGDGHDOXJXHOSDUDRVPLVVLRQiULRV HVWUDQJHLURV1RF{PSXWRJHUDODVUHFHLWDVGRVQDFLRQDLVHUDGHDPHQRVHPUHODomRGR YDORUTXHRVPLVVLRQiULRVHVWUDQJHLURVUHFHELDP
$OpP GR DVSHFWR DFLPD PHQFLRQDGR RXWURV HOHPHQWRV WDLV FRPR D IRUPDomR H
IXQFLRQDPHQWRGHXPDIDFXOGDGHGHWHRORJLDHDLQWHUIHUrQFLDGRVPLVVLRQiULRVHVWUDQJHLURVQD DGPLQLVWUDomR HVSHFLDOPHQWH QD rQIDVH GD FRQVWLWXLomR GH HVFRODV H FROpJLRV GH RULHQWDomR SURWHVWDQWHDJUDYDULDPDVUHODo}HVGRVOtGHUHVGR3UHVELWHULDQLVPR
$VVLP DSURIXQGDUDPVH DV GLIHUHQoDV HQWUH GXDV JUDQGHV OLQKDV DGPLQLVWUDWLYDV GD ,JUHMD3UHVELWHULDQDQR%UDVLO
D XPDGHRULHQWDomRH[WHUQDHHVWUDQJHLUDYLVWRTXHDSROtWLFDHOLQKDV JHUDLVHUDPDGYLQGDVGDVDJrQFLDVPLVVLRQiULDV%RDUG1HZ<RUN± ,JUHMD GR 1RUWH H &RPPLWWHH 1DVKLYLOOH ± ,JUHMD GR 6XO WHQGR FRPRSULQFLSDOOLGHUDQoDR5HYÈOYDUR5HLVSDVWRUGD,JUHMDGR5LR GH-DQHLUR
E RXWUD GH RULHQWDomR LQWHUQD H QDFLRQDO FDSLWDQHDGD SHOR 5HY (GXDUGR&DUORV3HUHLUDSDVWRUGDLJUHMDGH 6mR3DXOR
F DV UHODo}HV SHVVRDLV HQWUH PLVVLRQiULRV HVWUDQJHLURV H SDVWRUHV QDFLRQDLVHDVGHFLV}HVGRV3UHVELWpULRV
D VXVWHQWDomRGHSDVWRUHVORFDLV E VXVWHQWDomRGHHYDQJHOLVWDV
F PDQXWHQomRGRVSURIHVVRUHVHDMXGDDRVHVWXGDQWHVSDUDRPLQLVWpULR RXGHTXDOTXHURXWURWUDEDOKRGHHYDQJHOL]DomR
2PHQWRUGRSODQRGHPLVV}HVQDFLRQDLVHUDR5HY(GXDUGR&DUORV3HUHLUDFRQWXGR HOH SUHFLVDULD GR DSRLR GRV PLVVLRQiULRV HVWUDQJHLURV D ILP GH TXH WDO SODQR IRVVH DSURYDGR SHOR3UHVELWpULR)RLR5HY%ODFNIRUGTXHPRDSUHVHQWRXQR3UHVELWpULRRTXDOIRLDSURYDGR
$SHVDU GR HVStULWR UHQRYDGRU TXH VRSUDYD VREUH D ,JUHMD HVVH PRYLPHQWR SUHOXGLDQGR D LQGHSHQGrQFLD GD ,JUHMD 3UHVELWHULDQD %UDVLOHLUD IRL UHFHELGR FRP PDLV IULH]D SRU SDUWH GH PXLWRVPLQLVWURVGR(YDQJHOKR
2³HVStULWR´GHDXWRQRPLDHQDFLRQDOLVPRQD,JUHMD(YDQJpOLFD1DFLRQDOHVSHFLDOPHQWH QD ,3,% IRL VHPHDGR SHOR R 5HY (GXDUGR &DUORV 3HUHLUD D TXDO QR GHFRUUHU GRV DQRV IUXWLILFRXH[XEHUDQWHPHQWHQRVRORQDFLRQDO&RPRUHDILUPRXUHFHQWHPHQWH6,/9(,5$³$ ,JUHMD ,QGHSHQGHQWH FRPR R SUySULR QRPH VXJHULD DOLQKDYDVH FRP R LGHDO GH XPD LJUHMD QDFLRQDOVREHUDQDTXHVHDXWRVXVWHQWDVVHHVHDXWRDGPLQLVWUDVVH´
3DVVDGR HVVH SULPHLUR PRPHQWR HFORGLX QR VHLR GR 3UHVELWHULDQLVPR 1DFLRQDO XP FLVPD LQHYLWiYHO HP GH MXOKR GH GHSRLV GH TXDUHQWD H VHLV DQRV GD FKHJDGD GH 6LPRQWRQ H TXLQ]H DQRV DSyV D RUJDQL]DomR GR 6tQRGR 1DFLRQDO %UDVLOHLUR 2FRUUHULD D VHSDUDomRGD,3%H,3,%)RLDSUHVHQWDGRQR6tQRGRGHUHDOL]DGRQDUXDGRV%DPEXV QD,JUHMD8QLGDDVHJXLQWH3ODWDIRUPDODUJDPHQWHGHEDWLGDQDTXHODUHXQLmR
D LQGHSHQGrQFLD DEVROXWD RX VREHUDQLD HVSLULWXDO GD ,JUHMD 3UHVELWHULDQD QR %UDVLO
E GHVOLJDPHQWRGRVPLVVLRQiULRVGRV3UHVELWpULRVQDFLRQDLV
F GHFODUDomR RILFLDO GD LQFRPSDWLELOLGDGHGD PDoRQDULDFRP R(YDQJHOKR GH QRVVR6HQKRU-HVXV&ULVWR
G FRQYHUVmR GDV 0LVV}HV 1DFLRQDLV HP 0LVV}HV 3UHVELWHULDLV RX DXWRQRPLD GRV3UHVELWpULRVQDHYDQJHOL]DomRGHVHXVWHUULWyULRV
2VGHEDWHVIRUDPDFDORUDGRVHQWUHDPERVRVJUXSRV1RGLDGHMXOKRGHIRL DSUHVHQWDGDDPRomR*DPPRQGR5HY65*DPPRQFRPRVHJXLQWHWHRU
&RQVLGHUDQGRRJrQLRGR3URWHVWDQWLVPRTXHHVWiEDVHDGRVREUHRGLUHLWRHRGHYHUGR OLYUHH[DPHHDSOHQDOLEHUGDGHGHFRQVFLrQFLD
&RQVLGHUDQGR PDLV DKLVWyULD H DVWUDGLo}HV GR 3UHVELWHULDQLVPR LQVLVWLQGR QDV FRLVDV HVVHQFLDLV GR (YDQJHOKR H GDQGR SOHQD OLEHUGDGH QDV VHFXQGiULDV H FRQVLGHUDQGR ILQDOPHQWHTXHQmRGHYHPRVHVWDEHOHFHULQFRPSDWLELOLGDGHQDYLGDFULVWmTXHD3DODYUD GH'HXVQmRHVWDEHOHFH
5HVROYHVHTXHVHUHFRQVLGHUHDGHOLEHUDomRGHKiWUrVDQRVHTXHVHHPLWDRVHJXLQWH SDUHFHU
26tQRGRMXOJDLQFRQYHQLHQWHOHJLVODUVREUHRDVVXQWR
&RQVLGHUDQGR SRUpP DV FRQWHQGDV DFHUEDV TXH VH WHP OHYDQWDGR VREUH D TXHVWmR R 6tQRGRUHFRPHQGDDRVFUHQWHVGHXPDHRXWUDSDUWHTXHQXWUDPVHQWLPHQWRVGHFDULGDGH FULVWm XQV SDUD FRP RV RXWURV OHPEUDQGRVH GDV SDODYUDV GD (VFULWXUD HP 5P ´
$YRWDomRIRLIDYRUiYHOjPRomR*DPPRQDIDYRUHFRQWUD9LQWHHFLQFRSRU FHQWR GRV PHPEURV YRWDQWHV VH UHWLUDUDP H FRQVWLWXtUDP D ,JUHMD ,QGHSHQGHQWH 6HJXQGR 0(1'21d$DVHSDUDomR³WHYHFRPRFDXVDVVLPXOWkQHDVHSRVVLYHOPHQWHLQWHUOLJDGDVR QDFLRQDOLVPR H D PDoRQDULD´ 1D QRLWH GR GLD GH MXOKR GH QR WHPSOR GD ,JUHMD 3UHVELWHULDQDUH~QHVHRJUXSRGLVVLGHQWHFXMDILQDOLGDGHHUDRUJDQL]DUD,JUHMD3UHVELWHULDQD ,QGHSHQGHQWH%UDVLOHLUDTXHVHULDFDSLWDQHDGDSHOR5HY(GXDUGR&DUORV3HUHLUDHRVVHJXLQWHV VLPSDWL]DQWHV5HY&DHWDQR1RJXHLUD-XQLRUPRGHUDGRUGDQRYDGHQRPLQDomR5HY9LFHQWH GR 5HJR 7KHPXGR /HVVD VHFUHWiULR WHPSRUiULR 5HY %HQWR )HUUD] 5HY $OIUHGR %RUJHV 7HL[HLUD 5HY 2WRQLHO GH &DPSRV 0RWD 5HY (UQHVWR /XL] GH 2OLYHLUD H RV VHJXLQWHV 3UHVEtWHURV H LJUHMDV UHSUHVHQWDGDV $QW{QLR -RVp GH 6RX]D GH 6mR %DUWRORPHX $TXLOLQR 1RJXHLUD &pVDU GH 0DWmR 'HOSKLQR $XJXVWR GH 0RUDHV GH $YDUp 'LQDUWH )HUUHLUD &RXWLQKRGH5LEHLUmRGR9HDGR-RmRGD0DWWD&RHOKRGH&UX]HLUR-RVp$QWRQLRGH/HPRV GH6mR0DQRHO-RmR&HOHVWLQRGH$JXLDUGH/HQoyHV-XOLR2O\QWKRGH&DER9HUGH5HPtJLR &HUTXHLUD /HLWH GH 6mR 3DXOR 6DWXUQLQR %RUJHV 7HL[HLUD GH %RUGD GD 0DWD H 6HEDVWLmR 3LQKHLURGH&DPSLQDV
$ QRYD LJUHMD RUJDQL]DGD ,3,% WLQKD FRPR OHPD VXD DXWRQRPLD DGPLQLVWUDWLYD HFOHVLiVWLFD H ILQDQFHLUD H SDUD WDQWR VH HVIRUoRX DR Pi[LPR SDUD FXPSULU RV VHXV LGHDLV
VXEVLVWLU H DOFDQoDU XP GHVHQYROYLPHQWR FRQVLGHUiYHO´ 1R DQR VHJXLQWH FXPSUH VHX RUoDPHQWR HP DEULX VHX ,QVWLWXWR (YDQJpOLFR FRP H[WHUQDWR H LQWHUQDWR SDUD GDU D IRUPDomR DRV ILOKRV H DRV VHXV SDVWRUHV HP FRQFOXL D FRQVWUXomR GR 6HPLQiULR GH 7HRORJLD$TXHODLJUHMDDXW{QRPDUHDILUPDHPDQLIHVWDVXDGLVSRVLomRGHVHUVXVWHQWDGDSHODIp H FRQWULEXLo}HV GH VHXV PHPEURV FLQFR PHVHV DSyV GH VXD RUJDQL]DomR H HP
&RQWXGRHVSHFLDOPHQWHQDGpFDGDGHDVGLILFXOGDGHVIRUDPHQRUPHVYLVWRTXHHODV
SURFHGHUDPGHXPDFRQMXQWXUDHFRQ{PLFDH[WHUQDHLQWHUQDGRSDtV
$ &RQVROLGDomR )LQDQFHLUD GD ,JUHMD $XW{QRPD H 1DFLRQDO HP IDFH GD *UDQGH 'HSUHVVmR0XQGLDO
(QTXDQWR D HFRQRPLD PXQGLDO QmR VH UHFXSHUDYD D UHFpP IRUPDGD ,JUHMD ,3,% SDVVDYDSRUXPDFULVHILQDQFHLUDPXLWRDJXGD4XDVHIDGDGDjPLVpULDHDRGHVDSDUHFLPHQWR YLVWR TXH D VXVWHQWDomR GH WRGD XPD GHQRPLQDomR GHSHQGLD GDV FRQWULEXLo}HV RIHUWDV H Gt]LPRVGRVVHXVILpLV6yDVVLPVHULDSRVVtYHOPDQWHUHRUJDQL]DUDVLJUHMDVDQWLJDVHQRYDV
(UD PXLWR FRPXP WDQWR QDV UHXQL}HV VLQRGDLV EHP FRPR QRV HGLWRULDV GR MRUQDO 2 (VWDQGDUWHHQFRQWUDUPRVDSHORVILQDQFHLURVSULQFLSDOPHQWHTXDQGRVHDSUR[LPDGDGDWDWmR VLJQLILFDWLYDTXHHUDRGH-XOKRWDLVFRPR
D R 5HY %HQWR ID] UHVHQKD GH D SHUtRGR GH GHVFHQWUDOL]DomR QD REUD JHUDO QmR GHX PXLWR FHUWR DJRUD UHLQLFLDVH D FHQWUDOL]DomR DGPLQLVWUDWLYDGD0HVD$GPLQLVWUDWLYDGHYLGRjFULVHILQDQFHLUDTXHDWUDYHVVD RSDtV
E PHQFLRQD DV FRPLVV}HV SDUD DV TXDLV %HQWR IRL QRPHDGR QRYR SODQR DGPLQLVWUDWLYRILQDQFHLUR
G JUDQGH FULVH ILQDQFHLUD TXH DWLQJH LJUHMD H PLQLVWURV HP GRLV 3UHVELWpULRV RQGH VH GHYH ³ FRQWRV GH UpLV´ $YHULJXDVH TXH RUoDPHQWR HVWi GHILFLWiULR /RJR JUDQGH DSHOR VHUi IHLWR SRU RFDVLmR GH GH MXOKR SUy[LPR
1RDQRGHR5HY)UDQFLVFR$XJXVWR3HUHLUD-USXEOLFDXPDVpULHGHDUWLJRVTXH H[S}HPVXDRSLQLmRQRyUJmRS~EOLFRGD,3,%LQWLWXODGR³8P1RYR5XPR´$WUDYpVGHVVHV DUWLJRV HOH WUDWD GDV PDLV GLIHUHQWHV LQVWLWXLo}HV GD ,JUHMD WDLV FRPR VREUH D GLUHomR GR
SUySULR(VWDQGDUWHHVHXVGLUHLWRVVREUHR2UIDQDWR%HWHOVREUHDV0LVV}HVQDFLRQDLVVREUHR SUySULR0LQLVWpULRVDJUDGR(OHDSRQWDSDUDRIHFKDPHQWRWHPSRUiULRGR6HPLQiULRDVVLPHOH DILUPD³MXOJRTXHDLJUHMDQmRWHPGLUHLWRGHPXOWLSOLFDUWUDEDOKDGRUHVTXDQGRMiOKHIDOHFHR UHFXUVR SDUD R SmR TXRWLGLDQR GRV REUHLURV HP DWLYLGDGHV 0XOWLSOLFiORV FRPR R LPSOLFD R IXQFLRQDPHQWR GR 6HPLQiULR VHULD FRQGHQiORV DQWHFLSDGDPHQWH DR SOHQR FRQKHFLPHQWR GH FDXVDjSHQ~ULDDRGHVFUpGLWRFRPVHXVYH[DPHVGHVFUpGLWRTXHVHUHIOHWHWULVWHPHQWHVREUHD FRUSRUDomRTXHUHSUHVHQWD´
eLQWHUHVVDQWHREVHUYDUTXHDVRSLQL}HVGLYHUJHQWHVHUDPSXEOLFDGDVQRyUJmRRILFLDOGD ,3,%DLQGDTXHFRQWUiULDVDVGHPXLWRVRXWURVOtGHUHVGHQWURGDGHQRPLQDomR7DLVRSLQL}HV IRUDPUHVSRQGLGDVHUHSOLFDGDVSRUGLYHUVRVSDVWRUHVGHQWUHHOHV5HY-RUJH%HUWRODVR6WHOOD 5HY )UDQFLVFR /RWXIR 2XWURV VmR VROLGiULRV DR 5HY )UDQFLVFR $XJXVWR FRPR R 5HY $OIUHGR$OtSLRGR9DOH
e LPSRUWDQWH QRWDU TXH DV TXHVW}HV ILQDQFHLUDV HUDP UHDLV H FDVWLJDYDP D WRGRV RV PLQLVWURV H LJUHMDV FRQWXGR GHQWUH DTXHOHV TXH WLQKDP PHOKRUHV FRQGLo}HV HUD YLVWR XP HVIRUoRSHVVRDOHIDPLOLDUSDUDTXHWDLVSUREOHPDVIRVVHPPLWLJDGRV'HVWDFRDVHJXLQWHFDUWD
,OXVWUtVVLPR H[FHOHQWtVVLPR VHQKRU PRGHUDGRU GD ,JUHMD 3UHVELWHULDQD ,QGHSHQGHQWH 6DXGDo}HV UHVSHLWRVDV 7HQKR D KRQUD GH FRPXQLFDUOKH TXH R &RURQHO )UDQFLVFR $XJXVWR3HUHLUDOHJRXDHVVDHQWLGDGHXPOHJDGRUHSUHVHQWDQGRGH]SRUFHQWRGR UHPDQHVFHQWH GH VHXV EHQV &RPR HVVD LQVWLWXLomR GHYHUi ID]HUVH UHSUHVHQWDU QR SURFHVVRSDUDSDWURFLQDURVGLUHLWRVTXHVHOLJDPjVXDFRQGLomROHJDWiULDFLHQWLILFDR GHVVHIDWRSDUDTXHVHGLJQHRUGHQDUFRPDQHFHVViULDXUJrQFLDDVSURYLGrQFLDVTXHR FDVRGHPDQGD&RPHOHYDGRDSUHoR$WDOLED3HUHLUD9LDQDDGYRJDGR
2 5HY )UDQFLVFR $XJXVWR 3HUHLUD -U ILOKR GR WHVWDGRU IDOHFLGR IH] D VHJXLQWH GHFODUDomR
'HFODURTXHROHJDGRGHPHXSDL)UDQFLVFR3HUHLUDVHJXQGRHOHPHHQFDUUHJDUDHQmR SXGHID]HUHUDSRUVXDYRQWDGHSDUDIRUPDUXPIXQGRTXHSRGHUiVHUDXPHQWDGRFRP OHJDGRV H GRQDWLYRV DWp TXH RV VHXV MXURV VHMDP VXILFLHQWHV SDUD VXVWHQWDU SHUPDQHQWHPHQWHXPPLQLVWUR6mR3DXORGHMDQHLURGH
/RJR D VHJXLU R ³&RQFtOLR UHVROYHX FRQVLJQDU QHVWD DWD D JUDWLGmR GD ,JUHMD 3 ,QGHSHQGHQWHDRIDOHFLGR)UDQFLVFR$XJXVWR3HUHLUD´2XWUDGRDomRLPSRUWDQWHSRURFDVLmR GDTXHOH 6tQRGR IRL D G¶2 (VWDQGDUWH GHSRLV GH PXLWRV GHVHQWHQGLPHQWRV PDQLIHVWDGRV SXEOLFDPHQWHHQWUHRVGLULJHQWHVGC2(VWDQGDUWHHRVGLULJHQWHVGR6HPDQD(YDQJpOLFDFULDGR HPFRPRVHJXH
6U 0RGHUDGRU H PDLV PHPEURV GR 6tQRGR (P YRVVD ~OWLPD UHXQLmR HP %HWHO &DPSLQDV IRL HVWDEHOHFLGR TXH R (VWDQGDUWH ILFDVVH FRPR yUJmR RILFLDO GD ,JUHMD 3UHVELWHULDQD LQGHSHQGHQWH %UDVLOHLUD HPERUD DSURSULHGDGHGR MRUQDO IRVVH UHVHUYDGD DRV VHXV DQWLJRV SURSULHWiULRV +RXYH DWp FHUWD UHOXWkQFLD HP DFHLWDU D FRQGLomR SRU SDUWH GH YiULRV PHPEURV GR FRQFtOLR $JRUD HP QRPH GRV VHXV SURSULHWiULRV H DGPLQLVWUDGRUHVYHQKRHQWUHJDUYRVDSURSULHGDGHHDGPLQLVWUDomRGR(VWDQGDUWHVHP UHVWULomR GH HVSpFLH DOJXPD VH TXLVHUGHV FRQWLQXDU D PDQWrOR FRPR QRVVR yUJmR RILFLDO6mR3DXORGHMDQHLURGHD%HQWR)HUUD]
/e21$5'ID]XPDDSUHVHQWDomRGDFULVHILQDQFHLUDTXHURQGDYDD,3,%PDVFRPR FUHLRHXQXQFDVHULDHVWDDFDXVDGHVXDGLYLVmR
1HOD,3,%WXGRLDPDODSyVSULQFtSLRVWULXQIDQWHV$RVHLQLFLDUFRPRDIDVWDPHQWRH D PRUWH GH &DUORV 3HUHLUD SRU YROWD GH HVVH SHUtRGR GH GHSUHVVmR D GHQRPLQDomRSRVVXtDHPFDL[DXPVDOGRGHFRQWRVGHUpLVHPHQFRQWUDYDVH HPSUHVHQoDGHXPGpILFLWGHFRQWRVHPERUDDVFROHWDVDQXDLVGHGHMXOKRGDWD GDIXQGDomR GDLJUHMD GXUDQWH HVVD GpFDGD WLYHVVHPUHXQLGR XPWRWDO GH (P MDQHLURGHDWHVRXUDULDDLQGDHVWDYDSRUSDJDUDRVSDVWRUHVVHXVYHQFLPHQWRVGR PrVGHRXWXEURSUHFHGHQWHGDtUHVXOWDYDPDVTXHL[DVSURILVV}HVGXSODVDEDQGRQRVGH PLQLVWpULRHPHVPRUHFXUVRVDRVWULEXQDLV
'H IDWR DV SDODYUDV DFLPD GHVFUHYHP R TXDQWR D *UDQGH 'HSUHVVmR HFRQ{PLFD QRUWHDPHULFDQDDIHWRXRGLDDGLDGRVEUDVLOHLURV(ODIRLUHIOHWLGDHPQRVVRV³VHUW}HV´HHP QRVVRV FHQWURV XUEDQRV (OD IRL VHQWLGD H H[SHULPHQWDGD SRU WRGRV RV EUDVLOHLURV GDV PDLV GLIHUHQWHV HVIHUDV VRFLDLV FXOWXUDLV H UHOLJLRVDV H GH XPD IRUPD SRVLWLYD LPSXOVLRQRX RV EUDVLOHLURVDPXGDUHPHWUDQVIRUPDUHPSURIXQGDPHQWHVHXVFRVWXPHVDJUiULRVSDUDLQGXVWULDO UXUDOHPXUEDQRLPSOHPHQWDQGRDRUJDQL]DomRGHQRYDSROtWLFDHFRQ{PLFD
'XUDQWH D OHLWXUD TXH SXGH ID]HU GR (VWDQGDUWH HQWUH RV DQRV GH QmR HQFRQWUHL DV H[SUHVV}HV ³*UDQGH 'HSUHVVmR´ RX ³4XHEUD GD %ROVD GH 9DORUHV GH 1RYD ,RUTXH´
2(67$'21292±
$&RQVWLWXLomRQDFLRQDOEUDVLOHLUDGHQmRFRQVHJXLXPLQLPL]DUDVWHQV}HVVRFLDLV H[LVWHQWHVRXUHVROYrODVFRPSOHWDPHQWHMXQWRDRSRYREUDVLOHLUR&RQWXGRpERPVDOLHQWDUH UHVVDOWDUTXHD&RQVWLWXLomRFRQVHJXLXXPJUDQGHIHLWRHVYD]LRXRPRYLPHQWRWHQHQWLVWDTXH SRUVLVyHQWURXHPGHFOtQLRHRSDtVYROWRXjQRUPDOLGDGHFRQVWLWXFLRQDO
&RQVHTHQWHPHQWH D QmR VXSHUDomR GDV GLILFXOGDGHV HFRQ{PLFDV WHUi XPD VpULD H SHULJRVD FRQWUDSDUWLGD D LQVDWLVIDomR SRSXODU RX GH JUXSRV HVSHFtILFRV GD VRFLHGDGH PDLV RUJDQL]DGD $V IUXVWUDo}HV H[SHULPHQWDGDV SHODV FDPDGDV VRFLDLV PDQLIHVWDYDPVH GH IRUPD PDLVH[DOWDGDHUDGLFDODWUDYpVGHDOJXPDVRUJDQL]Do}HVH[WUHPLVWDVTXHUIRVVHGHGLUHLWDRX GHHVTXHUGDeLPSRUWDQWHTXHVHGLJDTXHWDOIHQ{PHQRQmRHUDH[FOXVLYDPHQWH WXSLQLTXLP PXLWR SHOR FRQWUiULR VH PDQLIHVWDYD FRP GLIHUHQWHV QRPHV HP GLYHUVRV SDtVHV WDLV FRPR ,WiOLD IDVFLVPR $OHPDQKD QD]LVPR HWF 7DLV PRYLPHQWRV QDFLRQDOLVWDV JHUDUmR XP JUDQGH FRQIOLWRPXQGLDOD6HJXQGDFRQIODJUDomRPLOLWDUHQWUHDVSRWrQFLDVPXQGLDLV
(P KDYLD DOJXQV JUXSRV SURSHQVRV DR H[WUHPLVPR SROtWLFR H HFRQ{PLFR 6mR HOHV
D $omR ,QWHJUDOLVWD %UDVLOHLUD RUJDQL]DGD SRU 3OtQLR 6DOJDGR VLPSDWL]DQWH GRIDVFLVPRHXURSHXVHQGRTXHVHXVDGHSWRVXVDYDP³FDPLVDVYHUGHV´H HVWDYDP PXLWR SUy[LPR GRV VHWRUHV PDLV FRQVHUYDGRUHV GD VRFLHGDGH EUDVLOHLUDRSRQGRVHWRWDOPHQWHDRFRPXQLVPRHQRUWHDQGRVXDFDPSDQKD SHOD³GHIHVDGDVRFLHGDGH´
E $omR1DFLRQDO/LEHUWDGRUDTXHHUDIRUPDWDGDSHORVSULQFtSLRVVRFLDOLVWDH FRPXQLVWDWLQKDSRULGHDORDQWLIDVFLVPRHHQWHQGLDTXHD~QLFDIRUPDGH DSRGHUDUVH GR JRYHUQR HUD DWUDYpV GR XVR GD IRUoD (VWD WHQWDWLYD IRL GHIODJUDGDHPDWUDYpVGHLQ~PHURVDWHQWDGRVHOHYDQWHVPLOLWDUHV
1D PHVPD YHORFLGDGH GDTXHOHV GLDV HP TXH R FRQIOLWR PXQGLDO VH WRUQDYD FDGD YH] PDLVUHDORVFKRTXHVHQWUHDH[WUHPDGLUHLWDHDH[WUHPDHVTXHUGDWRUQDUDPVHPDLVYLROHQWRV DVVLP FRPR WDPEpP D UHSUHVVmR SROLFLDO 2 JRYHUQR FRPR HUD VDELGR DFREHUWDYD DV Do}HV GLUHLWLVWDV GD $,% VHQGR TXH HVWD RUJDQL]DomR SRU VXD YH] HUD XPD UHSUHVHQWDomR H EUDoR GLUHLWR GR JRYHUQR 0DV DV UHODo}HV GR JRYHUQR GH 9DUJDV FRP RV ³LQWHJUDOLVWDV´ PXGDUDP UDGLFDOPHQWHDSyVRODQoDPHQWRGDFDQGLGDWXUDGH3OtQLRjSUHVLGrQFLDQDFLRQDO,VWRHPPXLWR PRELOL]RXRV³FDPLVDVYHUGHV´/RJRRFRQWLQXtVPRSROtWLFRGH9DUJDVHVWDYDDPHDoDGR
SDUWLU GDt VHJXLUDPVH RV HVWDGR GH VtWLR H D LQVWDELOLGDGH SROtWLFD TXH OHYDUDP *HW~OLR D LPSODQWDUR(VWDGR1RYR
2*ROSHGH(VWDGRGH
9DUJDV FRQWDYD FRP R DSRLR GD F~SXOD PLOLWDU UHSUHVHQWDGD SHORV JHQHUDLV *yLV 0RQWHLUR H (XULFR 'XWUD H R TXH IDFLOLWRX R SUHVLGHQWH 9DUJDV GDU jV YpVSHUDV GD QRYD HOHLomRSUHVLGHQFLDOHPGHQRYHPEURGHXPJROSHGH(VWDGR
2iOLELXVDGRIRL³DGHVFREHUWDGRFKDPDGR3ODQR&RKHQ´IDOVRHODERUDGRSHORVHWRU GHLPSUHQVDGD$,%(UDXPVXSRVWRSODQRFRPXQLVWDGHWRPDGDGRSRGHU2UHIHULGRSODQR IRL IRUMDGRSRU XPDGHSWRGR,QWHJUDOLVPR FDSLWmR2O\PSLR0RXUmR)LOKRDPHVPD SHVVRD TXHGDULDLQtFLRjUHYROXomRGH
2VIDWRUHVTXHFRQWULEXtUDPSDUDRJROSHGH9DUJDVIRUDPRVVHJXLQWHVDLQVWDELOLGDGH SROtWLFDJHUDGDSHODLQWHQWRQDFRPXQLVWDFRPRUHFHLRGHQRYDVUHYROXo}HVFRPXQLVWDVHRV VHJXLGRVHVWDGRVGHVtWLRV
$VVLPIRLVHPUHVLVWrQFLDTXH9DUJDVGHXXPJROSHGHHVWDGRHLQVWDXURXXPDGLWDGXUD HP GH QRYHPEUR GH TXH GXURX DWp )RL DWUDYpV GH XP SURQXQFLDPHQWR WUDQVPLWLGRSRUUiGLRDWRGRRSDtVTXH9DUJDVDQXQFLDYDD³QRYDRUGHP´HQRYDFRQVWLWXLomR HODERUDGDSHORPLQHLUR)UDQFLVFR&DPSRVH[PLQVWURGD(GXFDomR
2~OWLPRJUDQGHREVWiFXORTXH*HW~OLRHQIUHQWRXSDUDGDURJROSHGH(VWDGRIRLREHP DUPDGRHLPSUHYLVtYHOLQWHUYHQWRUQR5LR*UDQGHGR6XO)ORUHVGD&XQKDPDVHOHQmRUHVLVWLX DRFHUFRGH*HW~OLRHVHUHIXJLRXQR8UXJXDLDQWHVGRJROSHGR(VWDGR1RYR
$,PSODQWDomRGR(VWDGR1RYR
(VVD QRYD &RQVWLWXLomR IRL DSHOLGDGD GH ³3RODFD´ H HODERUDGD SRU )UDQFLVFR GH &DPSRV H[PLQLVWUR GD (GXFDomR FRP EDVH QRV PRGHORV FRQVWLWXFLRQDLV GD 3RO{QLD $OHPDQKD,WiOLDH3RUWXJDO(VVD³&DUWD0DJQD´QDSUiWLFDWLQKDDVVHJXLQWHVSHFXOLDULGDGHV
D FRQFHQWUDYD WRGRV RV SRGHUHV H[HFXWLYRV OHJLVODWLYRV H MXGLFLiULRV QD SHVVRD GR FKHIHGH(VWDGRHFXMRPDQGDWRHUDDPSOLDGRSDUDVHLVDQRV
E DV XQLGDGHV GD )HGHUDomR RV (VWDGRV SHUGLDP VXD DXWRQRPLD VHQGR VXEPHWLGDV DRVLQWHUYHQWRUHVQRPHDGRVSHOR*RYHUQR)HGHUDO
F D³OLEHUGDGHLQGLYLGXDO´IRLVXPDULDPHQWHVXVSHQVD G IRLFULDGDDFHQVXUDSUpYLDHLQVWLWXtGDDSHQDGHPRUWH
7DO &RQVWLWXLomR FRQILJXUDVH SHOD GHIHVD LQWUDQVLJHQWH GR (VWDGR H GR ³LQWHUHVVH QDFLRQDO´HPUD]mRGRVJUDYHVSUREOHPDVSROtWLFRVHHFRQ{PLFRVGRSDtVHDLPLQrQFLDGHXPD QRYDFRQIODJUDomRDUPDGDHQWUHDVQDo}HVHXURSpLDV
$&RQVROLGDomRGR3RGHU
2 ~QLFR SURWHVWR j LQVWDODomR GR (VWDGR 1RYR IRL HP GH PDLR GH 2V LQWHJUDOLVWDV LQVDWLVIHLWRV FRP R IHFKDPHQWR GD $,% LQYDGLUDP R 3DOiFLR *XDQDEDUD QXPD WHQWDWLYDGHGHSRVLomRGH*HW~OLR9DUJDV
(VVHHSLVyGLRILFRXFRQKHFLGRFRPR /HYDQWH,QWHJUDOLVWDH OHYRX*HW~OLR DFULDUXPD JXDUGDSHVVRDODSHOLGDGDGHSRLVGH*XDUGD1HJUD
8PDVpULHGHPHGLGDVIL]HUDPVHQHFHVViULDVSDUDTXH*HW~OLRVHIRUWDOHFHVVHQRSRGHU
D DQRPHDomRGHLQWHUYHQWRUHVGHHVWULWDFRQILDQoDSDUDJRYHUQDUHPRV(VWDGRVQRV TXDLVIRVVHPEHPUHODFLRQDGRV
E D HOLPLQDomR GRV WHQHQWHV GH FRPR IRUoD SROtWLFD UHOHYDQWH H DFLPD GD KLHUDUTXLDPLOLWDU
F DGLVFLSOLQDHSURILVVLRQDOL]DomRGDV)RUoDV$UPDGDV
H RGHVDUPDPHQWRGDVSROtFLDVHVWDGXDLVTXHSDVVDUDPDWHUVRPHQWHDUPDVOHYHV
$VVLP YHPRV TXH WDQWR QDTXHOHV GLDV FRPR QRV QRVVRV D SURSDJDQGD LGHROyJLFD H SROtWLFD VmR LQVWUXPHQWRV LPSRUWDQWtVVLPRV QD PDQXWHQomR H QD SHUSHWXDomR GRV UHVSHFWLYRV PRYLPHQWRV
$0RGHUQL]DomRGR(VWDGRGDV/HLVHDV,QVWLWXLo}HV
'XUDQWHR(VWDGR1RYR*HW~OLR9DUJDVGHXFRQWLQXLGDGHjUHHVWUXWXUDomRGR(VWDGRH j SURILVVLRQDOL]DomR GR VHUYLoR S~EOLFR FULDQGR R '$63 'HSDUWDPHQWR $GPLQLVWUDWLYR GR 6HUYLoR 3~EOLFR H R ,%*( $EROLX RV LPSRVWRV QDV IURQWHLUDV LQWHUHVWDGXDLV H PRGHUQL]RX H DPSOLRX R LPSRVWR GH UHQGD 2ULHQWRXVH FDGD YH] PDLV SDUD D LQWHUYHQomR HVWDWDO QD HFRQRPLD H SDUD R QDFLRQDOLVPR HFRQ{PLFR SURYRFDQGR XP IRUWH LPSXOVR j LQGXVWULDOL]DomR$GRWRXDFHQWUDOL]DomRDGPLQLVWUDWLYDFRPRPDUFDSDUDFULDUXPDEXURFUDFLD HVWDWDODPSOLDGDHSURILVVLRQDOL]DGDDWpHQWmRLQH[LVWHQWH8PH[HPSORGLVWRpTXHRQ~PHUR GHOHLVGHFUHWRVHGHFUHWRVOHLEDL[DGRVSRU*HW~OLR9DUJDVpPXLWRPDLRUTXHRQ~PHURGH WRGRVRVGLSORPDVOHJDLVFULDGRVQD5HS~EOLFD9HOKD
)RUDP FULDGDV DLQGD D &RPSDQKLD 6LGHU~UJLFD 1DFLRQDO &61 D &RPSDQKLD 9DOH GR 5LR 'RFH D &RPSDQKLD +LGUHOpWULFD GR 6mR )UDQFLVFR H D )iEULFD 1DFLRQDO GH 0RWRUHV )10 HQWUH RXWUDV 7DPEpP IRL FULDGD XPD QRYD PRHGD QDFLRQDO R FUX]HLUR
(GLWRXOHLVTXHWUDWDUDPGDVUHODo}HVWUDEDOKLVWDVHGDVHJXULGDGHVRFLDOWDLVFRPRR &yGLJR3HQDOHR&yGLJRGH3URFHVVR3HQDOHD&RQVROLGDomRGDV/HLVGR7UDEDOKR &/7 HP WRGRV DWp KRMH HP YLJRU *H~OLR FULRX D FDUWHLUD GH WUDEDOKR D -XVWLoD GR 7UDEDOKRRVDOiULRPtQLPRLQVWLWXtGRHPUHJXODPHQWDGRHPHIL[DGRRYDORUHP GHPDLRGHDHVWDELOLGDGHGRHPSUHJRGHSRLVGHGH]DQRVGHVHUYLoRUHYRJDGDHP HRGHVFDQVRVHPDQDOUHPXQHUDGR
HPSUHVDV SULYDGDV GH FRORQL]DomR WDPEpP IRUDP FULDGRV WHUULWyULRV IHGHUDLV QDV IURQWHLUDV SDUDRGHVHQYROYLPHQWRGRLQWHULRUGR%UDVLODLQGDSUDWLFDPHQWHGHVSRYRDGR
$6HJXQGD*UDQGH*XHUUD
&RP D HFORVmR GD 6HJXQGD *XHUUD 0XQGLDO HP *HW~OLR 9DUJDV PDQWHYH XP SRVLFLRQDPHQWR QHXWUR DWp 1R LQtFLR GH GXUDQWH D &RQIHUrQFLD GRV SDtVHV VXODPHULFDQRVQR5LRGH-DQHLURHVVHVSDtVHVGHFLGLUDPDFRQWUDJRVWRGH*HW~OLRHVWHXP VLPSDWL]DQWH GDV LGpLDV IDVFLVWDV YLVWR TXH VHX PRGHOR SROtWLFR IRL DPSODPHQWH LQIOXHQFLDGR SRUHVVDGRXWULQDDXWRULWiULDFRQGHQDURVDWDTXHVMDSRQHVHVDRV(VWDGRV8QLGRVGD$PpULFDH URPSHUUHODo}HVGLSORPiWLFDVFRPD$OHPDQKDD,WiOLDHR-DSmR/RJRHPVHJXLGDDLQGDHP VXEPDULQRVDOHPmHVDWDFDUDPQDYLRVEUDVLOHLURVSRQGRXPILPjQHXWUDOLGDGHEUDVLOHLUD $SyV HVVHV DWDTXHV *HW~OLR GHFODURX JXHUUD j $OHPDQKD H j ,WiOLD 2 %UDVLO H RV (VWDGRV 8QLGRVDVVLQDUDPXPDFRUGRSHORTXDORJRYHUQRQRUWHDPHULFDQRVHFRPSURPHWHXDILQDQFLDU DFRQVWUXomRGDSULPHLUDXVLQDVLGHU~UJLFDEUDVLOHLUDHP9ROWD5HGRQGDHPWURFDGDSHUPLVVmR SDUDDLQVWDODomRGHEDVHVPLOLWDUHVHDHURSRUWRVQR1RUGHVWHHHP)HUQDQGRGH1RURQKD
2'HFOtQLRGR(VWDGR1RYR
(P RFRUUH R SULPHLUR SURWHVWR RUJDQL]DGR FRQWUD R (VWDGR 1RYR HP 0LQDV *HUDLV FKDPDGR µ0DQLIHVWR GRV 0LQHLURV¶ UHGLJLGR H DVVLQDGR SRU DGYRJDGRV PLQHLURV PXLWRVGRVTXDLVVHWRUQDULDPLQIOXHQWHVMXULVWDVHSROtWLFRVLPSRUWDQWHVGD8'18PIHUUHQKR RSRVLWRUGR(VWDGR1RYRIRL0RQWHLUR/REDWRTXHFKHJRXDVHUSUHVRHDFXVDYD*HW~OLRGH QmRGHL[DURVEUDVLOHLURVSURFXUDUHPSHWUyOHROLYUHPHQWH
&RPDDSUR[LPDomRGRWpUPLQRGD6HJXQGD*XHUUD0XQGLDOHPDVSUHVV}HVHP SURO GD UHGHPRFUDWL]DomR ILFDP PDLV IRUWHV $ HQWUHYLVWD HP GH -RVp $PpULFR GH $OPHLGDD&DUORV/DFHUGDPDUFDRILPGDFHQVXUDjLPSUHQVDQR(VWDGR1RYR
6XUJH HQWmR OLGHUDGR SHOR HPSUHViULR +XJR %RUJKL R 4XHUHPLVPR FRP RV OHPDV 4XHUHPRV*HW~OLRH&RQVWLWXLQWHFRP*HW~OLRPDVLVWRQmRRFRUUHX
9DUJDVIRLGHSRVWRHPGHRXWXEURGHSRUXPPRYLPHQWRPLOLWDUOLGHUDGRSRU
JHQHUDLV TXH FRPSXQKDP VHX SUySULR PLQLVWpULR UHQXQFLDQGR IRUPDOPHQWH DR FDUJR GH SUHVLGHQWH 2 SUHWH[WR SDUD R JROSH IRL D QRPHDomR GH XP LUPmR GH *HW~OLR SDUD &KHIH GH 3ROtFLDQR5LRGHMDQHLUR
9DUJDV IRL VXEVWLWXtGR SHOR SUHVLGHQWH GR 6XSUHPR 7ULEXQDO )HGHUDO SRUTXH QD &RQVWLWXLomRGHQmRH[LVWLDDILJXUDGRYLFHSUHVLGHQWH(HVVHSUHVLGHQWHLQWHULQR-RVp /LQKDUHVILFRXWUrVPHVHVQRFDUJRDWpSDVVDURSRGHUDRSUHVLGHQWHHOHLWRHPGHGH]HPEUR GH(XULFR*DVSDU'XWUD
23HUILOSVLFROyJLFRGDHUD9DUJDV
4XHURWUDoDUDOJXPDVFDUDFWHUtVWLFDVTXHPDUFDUmRDVRFLHGDGHEUDVLOHLUDHPWRGRVRV VHXV DVSHFWRV FXOWXUDLV HFRQ{PLFRV SROtWLFRV H SRUTXH QmR UHOLJLRVRV GHSRLV GR (VWDGR 1RYR
D 5HVVXUJLPHQWRGRSHUVRQDOLVPR
2 SHUVRQDOLVPR p XPD HVWUDWpJLD GH SURSDJDQGD SROtWLFD H FXOWXUDO H PXLWR FRPXP HQWUHRVUHJLPHVDXWRULWiULRV(VWiEDVHDGRQDH[DOWDomRGDVYLUWXGHVUHDLVRXVXSRVWDVGHXP GHWHUPLQDGR JRYHUQDQWH QmR VH LPSRUWDQGR FRP R WLSR GH UHJLPH SROtWLFR YLYHQFLDGR SHORV JRYHUQDQWHV 7DO IDWR RFXSDVH QD GLYXOJDomR SRVLWLYD ³PDUTXHWHLUD´ H LQYHQWLYD GDV TXDOLGDGHV GH XP SHUVRQDJHP SROtWLFR 7DO HOHPHQWR p YLQFXODGR DWUDYpV GRV PHLRV GH FRPXQLFDo}HV GLVSRQtYHLV FDUWD]HV MRUQDLV GH FLUFXODomR PtGLD HWF (VVH IHQ{PHQR QmR p H[FOXVLYR SDUD QyV EUDVLOHLURV HOH p SUHVHQWH HP RXWURV SDtVHV $OHPDQKD H +LWOHU 6WDOLQ H 8QLmR GDV 5HS~EOLFDV 6RFLDOLVWD 6RYLpWLFDV 1R JHUDO R SHUVRQDOLVPR JHUD XPD SHUVHJXLomR DRV GLVVLGHQWHV HjTXHOHV TXHVHRS}HP DR FXOWR j GHWHUPLQDGD SHUVRQDOLGDGH2JRYHUQDQWH SHUVRQDOLVWDQmRDFHLWDTXHVXDDomRVHMDTXHVWLRQDGDeDQWLGHPRFUiWLFR
GHWHUPLQDGD SHUVRQDOLGDGH DWUDYpV GRV VHJXLQWHV WHUPRV IORULDQLVPR KHUPLVPR JHWXOLVPR DGHPDULVPRMDQLVPREUL]ROLVPRPDOXILVPRHWDQWRRXWURVTXHSRGHPSHUWHQFHUDRVQRVVRV GLDV
9DUJDV HUD XPD ILJXUD SDUWLFXODU H tPSDU SRLV VXD ILJXUD WHYH XP SDSHO VLPEyOLFR H IXQFLRQDOQDLPSOHPHQWDomRHHVWUXWXUDomRGR(VWDGR1RYR$WUDYpVGDILJXUDGH9DUJDVVHULD SRVVtYHO LPSRU XPD SROtWLFD FRQVWUXWLYD 9DUJDV HUD R ³FKHIH GD 1DomR H FKHIH GH (VWDGR´ $VVLP UHSUHVHQWDYD R FRQVHQVR SROtWLFR QDFLRQDO 2X VHMD R FXOWR j SHUVRQDOLGDGH p XP
PRYLPHQWRGHWUDGLomRSROtWLFDGHDJUHJDURXDPDOJDPDUFRUUHQWHVSROtWLFDVPDLVHPWRUQRGH KRPHQVGRTXHGHLGpLDV
E 2QDFLRQDOLVPRSDWULyWLFR
6RPHQWH DWUDYpV GH XPD UHSUHVHQWDomR H OLGHUDQoD PXLWR IRUWH p TXH VHULD SRVVtYHO FRQVWUXLU R QDFLRQDOLVPR SDWULyWLFR 2 QDFLRQDOLVPR LULD FDUDFWHUL]DU WRGRV RV YDORUHV GD VRFLHGDGH7HQGRPHWDVFRPXQVTXHRXWURUDQmRHUDPSRVVtYHLVGHVHUHPLQWURGX]LGDVQHVWH SDtV
2 QDFLRQDOLVPR SDWULyWLFR IH] FRP TXH R %UDVLO VH UHFRQKHFHVVH FRP VHX SUHFiULR HTXLOtEULR HQWUH DV LQVWLWXLo}HV H D UHDOLGDGH VRFLRHFRQ{PLFD /$8(5+$66 p GD RSLQLmR GH TXHRQDFLRQDOLVPR
WRPRX QRYD GLUHomR GXUDQWH R (VWDGR 1RYR WUDQVIHULQGR R VHX IRFR SULPRUGLDO GR SODQRLQWHOHFWXDOSDUDRGDDomRSROtWLFDHPRXWURVHQWLGRDVXDWUDQVIRUPDomRJXLDGD SHORV GLULJHQWHV GR QRYR UHJLPH UHSUHVHQWRX HP JUDQGH SDUWH R DSRJHX GH YiULDV WHQGrQFLDVQDFLRQDOLVWDVSROtWLFDVHLQWHOHFWXDLV DOJXPDV GDV TXDLV YLQKDPVH ID]HQGR VHQWLUKDYLDPXLWRVDQRV
UHSUHVHQWRX XP DPiOJDPD GD YDULHGDGH FHQWURDXWRULWiULD KLVWyULFD PDQLIHVWDGD DQWHVQRIORULDQLVPRKHUPLVPRHWHQHQWLVPRFRPRSUDJPDWLVPRSHVVRDOGH9DUJDV IXVmR PDLV DFHQWXDGD GR QDFLRQDOLVPR SROtWLFR H GR LQWHOHFWXDO GHQWUR GR JRYHUQR TXH SHOD SULPHLUD YH] SDWURFLQRX D H[SDQVmR GR QDFLRQDOLVPR LQWHOHFWXDO HP ODUJD HVFDOD
XPDWHQGrQFLDSDUDDH[DOWDomRGRSDWULRWLVPRIXQGDGDHPDPHDoDVH[WHUQDVUHDLV RX LPDJLQDULDV HD FUHVFHQWH DVSLUDomR GHTXH R %UDVLO DGRWDVVH XPD SROtWLFD H[WHUQD PDLVFRUDMRVDHLQGHSHQGHQWH
(FRQFOXL³2QDFLRQDOLVPRWRUQRXVHHVVHQFLDOPHQWHSROtWLFRHVWLPXODGRSRUXPPDLRU VHQWLPHQWR GH FRQILDQoD FXOWXUDO H GLJQLGDGH H WUDWDQGR SULPRUGLDOPHQWH GH DOFDQoDU R SURJUHVVR HFRQ{PLFR H VRFLDO GHQWUR GH XPD HVWUXWXUD GH IRUWDOHFLPHQWR LQWHUQR H LQGHSHQGrQFLDLQWHUQDFLRQDO´
2QDFLRQDOLVPRGDHUDGH9DUJDVQmRDGPLWLDRUHJLRQDOLVPRPDUFDGDPHQWHGHQWURGD SROtWLFDQDFLRQDOEUDVLOHLUD(OHSURFXURXPLQLPL]DUDIRUoDSROtWLFDGRV(VWDGRVGDIHGHUDomR 'HQWUR GHVVD QRYD SROtWLFD KDYLD LQFRPSDWLELOLGDGH HQWUH XP JRYHUQR DXWRULWiULR H FHQWUDOL]DGRU FRP XP JRYHUQR PDLV GHPRFUiWLFR H GHVFHQWUDOL]DGRU 8P RX RXWUR GHYHULD VXEVLVWLU$WUDYpVGHGRLVIDWRV LPSRUWDQWHV YHUHPRV R IRUWDOHFLPHQWR GRQDFLRQDOLVPR $
QRPHDomR GRV LQWHUYHQWRUHV IHGHUDLV DVVLP RV (VWDGRV IRUDP UHGX]LGRV D PHUDV XQLGDGHV DGPLQLVWUDWLYDV GR JRYHUQR IHGHUDO H RV VHXV FKHIHV JRYHUQDGRUHV IRUDP VXEVWLWXtGRV SHORV ³LQWHUYHQWRUHV´ (OHV VHULDP RV FRRUGHQDGRUHVFKHIHV GRV QHJyFLRV HVWDGXDLV H VHULDP QRPHDGRV GLUHWDPHQWH SHOR SUHVLGHQWH *HVWRV VLPEyOLFRV H SVLFROyJLFRV RULHQWDGRV SHOR SUHVLGHQWH±WUDWDVHGDTXHLPDGDVEDQGHLUDVGRV(VWDGRV$FKHJDGDGH*HW~OLR9DUJDVDR SRGHU RFRUUHX QXP SURFHVVR HP TXH VH EXVFDYD URPSHU DV RULJHQV ROLJiUTXLFDV GR (VWDGR EUDVLOHLUR H SURPRYHU XPD FHQWUDOL]DomR FDSD] GH OKH GDU FRQGLo}HV SDUD DODYDQFDU D LQGXVWULDOL]DomR QDFLRQDO 8P DWR VLPEyOLFR TXH FRQVHJXH GDU D GLPHQVmR GR TXH RV UHYROXFLRQiULRV GH TXHULDP ID]HU H IL]HUDP IRL D TXHLPD GDV EDQGHLUDV GRV HVWDGRV VLJQLILFDQGR R VXUJLPHQWR GH XP YHUGDGHLUR (VWDGR QDFLRQDO $VVLP DWUDYpV GDTXHOH DWR SVLFROyJLFRQmRKDYLDPDLVSHTXHQRVRXJUDQGHVHVWDGRVPDVDSHQDVXPJUDQGH%UDVLO1D (UD 9DUJDV QmR KDYLD HVSDoR SDUD SDUFLDOLGDGH HVWDGXDO RX UHJLRQDO DJRUD HUD SUHFLVR SHUVRQLILFDUDH[DOWDomRGD3iWULDFRPRXPWRGRHVHXVYDORUHV
2 LQWHUYHQFLRQLVPR GD HUD 9DUJDV YLVD SURPRYHU DV ILQDOLGDGHV VRFLDLV GR (VWDGR 1RYR TXH HUD PDLV GHPRFUiWLFR (OH VH Gi QDV PDLV GLIHUHQWHV HVIHUDV GD YLGD QDFLRQDO HFRQRPLDSROtWLFDHWF
$WUDYpV GD SODQLILFDomR HP WRGRV RV kPELWRV VRFLDLV VHULD SRVVtYHO DVVHJXUDU RSRUWXQLGDGHLJXDOjHGXFDomRHDRHQVLQRS~EOLFRJUDWXLWR,VWRHUDXPDJUDQGHQRYLGDGHSDUD PXLWRV &RQWXGR LVWR QmR VLJQLILFDYD TXH QmR KDYHULD XP ³LQWHUYHQFLRQLVPR´ QD JUDGH FXUULFXODUSRUH[HPSORGRUDYDQWHDHGXFDomRHUDXPLQVWUXPHQWRSDUDSURWHJHUHSUHVHUYDUD
&$3Ë78/2
$OJXPDVPDQLIHVWDo}HVSROtWLFDVHFOHVLiVWLFDVQD(UD9DUJDV
8PD GDV FRLVDV TXHSUHFLVDP VHU OHYDGDV HP FRQVLGHUDomR p TXHWRGRHVVH PRPHQWR SROtWLFR GD (UD 9DUJDV QmR SDVVRX GHVSHUFHELGR GHQWUR GDV UHODo}HV HFOHVLiVWLFDV GD ,3,% 6HXVPHPEURVSRGHULDPHVWDUGLUHWDRXLQGLUHWDPHQWHOLJDGRVDHVVHPRYLPHQWRSDUWLGiULR$V PDQLIHVWDo}HVGHDFHLWDomRRXUHSXOVDHPUHODomRDVGHFLV}HVSROtWLFDVWRPDGDVQD(UD9DUJDV SRGHULDPVHUH[SRVWDVRXUHMHLWDGDVHFRQGHQDGDVSHORVPHPEURVSDUWLFLSDQWHVQRVGLIHUHQWHV QtYHLVGRV&RQFtOLRVGD,3,%
$OJXQV GRV PHPEURV FRQFLOLDUHV SRGHULDP HVERoDU H HVSRVDU VXD VLPSDWLD jV Do}HV DUELWUiULDV GH XP JRYHUQR VLPSDWLD j SDUWLGR SROtWLFR DWUDYpV GH JHVWRV GLVFXUVRV SDUWLFLSDomR HP SDODQTXH RX RXWUDV FRLVDV PDLV +i XP UHODWR GH TXH XP PLQLVWUR QD (UD 9DUJDVSDUWLFLSRXGHXPDUHXQLmRSUHVELWHULDOFRPD³IDUGD´GD$omR,QWHJUDOLVWD%UDVLOHLUD± ³XQLIRUPHYHUGH´&HUWDPHQWHTXHWDODWLWXGHIRLEL]DUUDSDUDRVGHPDLVFRQFLOLDUHVHSRGHULD FHUWDPHQWH FULDU XP FOLPD GH LQTXLHWXGH GHQWUR JUXSR SRLV FHUWDPHQWH DV Do}HV GRV LQWHJUDOLVWDVQmRHUDPDFHLWDVSRUWRGRV
eLPSRUWDQWHQRWDUPRVTXHDVDWLWXGHVGRVLQWHJUDOLVWDVEUDVLOHLURVFKDPDYDPHPPXLWR DDWHQomR GHWRGRV GHYLGRjVXD VLPERORJLD H LFRQRJUDILD(VWDVPtVWLFDVDQJDULDYDP PXLWRV DGHSWRVUDSLGDPHQWH(UDXPJUXSRQDFLRQDOLVWDHSDUDWDQWRWLQKDXPXQLIRUPHDRPROGHGRV
IDVFLVWDVHQD]LVWDVGD(XURSD$VFDPLVDVHRVERQpVHUDPYHUGHROLYDDVFDOoDVSRGLDPVHU SUHWDV RX EUDQFDV H DV JUDYDWDV SUHWDV 2 FRPSRUWDPHQWR HUD XP WDQWR EL]DUUR SRLV RV PHPEURVVHVDXGDYDPHPDOWDYR]FRPDH[SUHVVmRGRWXSL³DQDXr´TXHVLJQLILFD³YRFrp PHX LUPmR´ H PDLV DLQGD FRP R EUDoR HVWLFDGR H D PmR HVSDOPDGD $ EDQGHLUD GR SDUWLGR WLQKDXPIXQGRD]XOHDRFHQWURXPFtUFXOREUDQFRHQRPHLRDOHWUDJUHJDPDL~VFXOD³VLJPD´ VLJQLILFDQGRDVRPDGRVYDORUHVeERPOHPEUDUTXHDWUtDGHGRVYDORUHVGRVLQWHJUDOLVWDVHUD ³'HXV3iWULDH)DPtOLD´
