81,9(56,'$'((67$'8$/3$8/,67$ ³-Ò/,2'(0(648,7$),/+2´
,167,7872'(%,2&,Ç1&,$65,2&/$52
5HQDWD6RUUHQWL7RVL
$VFRQWULEXLo}HVGRSHULyGLFR(GXFDomR
6RFLHGDGHPHGLDQWHUHIOH[}HVDFHUFDGD
)RUPDomRGHSURIHVVRUHV
5LR&ODUR $QR
5HQDWD6RUUHQWL7RVL
$VFRQWULEXLo}HVGRSHULyGLFR(GXFDomR 6RFLHGDGHPHGLDQWH
UHIOH[}HVDFHUFDGD)RUPDomRGHSURIHVVRUHV
2ULHQWDGRU3URI'U6DPXHOGH6RX]D1HWR
7UDEDOKRGH&RQFOXVmRGH&XUVRDSUHVHQWDGR DR ,QVWLWXWR GH %LRFLrQFLDV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-~OLR GH 0HVTXLWD )LOKR´ &kPSXVGH5LR&ODURSDUDREWHQomRGRJUDX GH/LFHQFLDWXUD3OHQDHP3HGDJRJLD
Tosi, Renata Sorrenti
As contribuições do periódico Educação & Sociedade mediante reflexões acerca da formação de professores / Renata Sorrenti Tosi. - Rio Claro : [s.n.], 2010
100 f. : il.
Trabalho de conclusão de curso (licenciatura Pedagogia) -Universidade Estadual Paulista, Instituto de Biociências de Rio Claro Orientador: Samuel de Souza Neto
1. Professores - Formação. 2. Docente. 3. Profissionalidade. 4. História. I. Título.
370.71 T713c
$JUDGHFLPHQWRV
9HQKR DTXL DJUDGHFHU D DOJXPDV SRXFDV SHVVRDV TXH WRUQDUDP SRVVtYHO D UHDOL]DomRGHVWHIHLWRSHVVRDOTXHUHIOHWLUiQXPDDPSOLWXGHGRFDPSRSURILVVLRQDOTXH VXFXPELUiHPPLQKDYLGDFRPRXPWRGR
3ULPHLUDPHQWH TXHUR DJUDGHFHU D PLQKD IDPtOLD IRUPDGD SHOD PLQKD LUPm 0{QLFDTXHVHPSUHVHPDQWHYHDPHXODGRPHDSRLDQGRHDX[LOLDQGRTXDQGRGHODHX QHFHVVLWDYDHHPHVSHFLDOPLQKDPmH/HFDTXHVHPSUHWHYHFRPRIRFRDHGXFDomR HP PLQKD YLGD SULRUL]DQGRD H OXWDQGR SDUD R VRQKR GH XP HQVLQR VXSHULRU GH TXDOLGDGH IRVVH FRQVHJXLGR H GHL[DQGR HVWH FRPR VHX OHJDGR H KHUDQoD PDLV LPSRUWDQWHSDUDPLP
$OpP GD IDPtOLD XPD RXWUD SHVVRD IRL GH VXPD LPSRUWkQFLD SDUD TXH PHX FDPLQKR GHQWUR GD XQLYHUVLGDGH IRVVH PHQRV iUGXR 0DULQD *LDQH] XPD DPLJD HVSHWDFXODUTXHVHIH]SUHVHQWHGXUDQWHWRGRRFXUVRHQDUHDOL]DomRGHVWHVRQKRQmR PHGHL[DQGRHVPRUHFHUHGHVLVWLUGRVRQKRGDIRUPDomRHPQtYHOVXSHULRUHODTXHP PH IH] DEULU RV ROKRV H YHU TXH R ILP HVWDYD SUy[LPR H TXH DSyV WDQWD OXWD EDVWD HQ[HUJDURIXWXURTXHVHDEULDDPLQKDIUHQWH0XLWRREULJDPLQKDDPLJD
5HVXPR(VWH HVWXGR WHYH SRU REMHWLYRV FRQVWLWXLU R FLFOR GH YLGD GD 5HYLVWD (GXFDomR 6RFLHGDGHHDSUHVHQWDUXPDGLVFXVVmRVREUHDWHPiWLFD)RUPDomRGH3URIHVVRUHVQRLQWHULRU GHVVH SHULyGLFR 2SWRXVH PHWRGRORJLFDPHQWH SHOD SHVTXLVD ELEOLRJUiILFD HPEDVDGD QD OHLWXUDDQiOLVHHLQWHUSUHWDomRGHDUWLJRVSUHVHQWHVQRSHULyGLFR(GXFDomR 6RFLHGDGHDVVLP FRPR GH RXWURV DXWRUHV TXH WLYHUDP VHXV WUDEDOKRV YROWDGRV SDUD D IRUPDomR GRFHQWH 2 WUDEDOKRGHLQYHVWLJDomRIRLIHLWRQD%LEOLRWHFDGR,QVWLWXWRGH%LRFLrQFLDVGD81(63±&DPSXV GH5LR&ODUR1HVWHSURFHVVRLGHQWLILFDUDPVHSHULyGLFRVVHQGRTXHGHQWUHHOHVHVFROKHX VHD5HYLVWD('8&$d2 62&,('$'(SHUtRGRGHDSRUVHUFRQVLGHUDGDXPD UHYLVWDTXDGULPHVWUDOUHFRQKHFLGDFRPRXPSHULyGLFRGHQtYHOLQWHUQDFLRQDOWHQGRXP IRUWHFRUSRHGLWRULDOQDFLRQDOHLQWHUQDFLRQDOSXEOLFDQGRWH[WRVHPSRUWXJXrVLQJOrVIUDQFrV DOHPmR H HVSDQKRO UHODFLRQDGRV D iUHD GH &LrQFLD GD (GXFDomR GLYXOJDQGR WUDEDOKRV TXH LQFHQWLYDPDSHVTXLVDDFDGrPLFDHRGHEDWHDPSORVREUHDHGXFDomRQRVGLYHUVRVSULVPDVGH VXD UHODomR FRP D VRFLHGDGH 6REUH R FLFOR GH YLGD GR SHULyGLFR REVHUYRXVH TXH HVWH IRL SXEOLFDGRLQLFLDOPHQWHSHOD(GLWRUD81,9(56,'$'((67$'8$/'(&$03,1$6HPFRQYrQLR FRPD(GLWRUD&257(= 025$(6GHSRLVGHUHVSRQVDELOLGDGHGR&HQWURGH(VWXGRV (GXFDomR H 6RFLHGDGH &('(6 SXEOLFDGD H FRPHUFLDOL]DGD SHOD (GLWRUD &RUWH] 0RUDHV H SXEOLFDGD H FRPHUFLDOL]DGD SHOD &257(= (',725$ H $8725(6 $662&,$'26 SXEOLFDGD H FRPHUFLDOL]DGD SHOR &257(= (',725$ HGLWDGD H SXEOLFDGDSHOD(',725$5(9,67$'26&('(675,%81$,6/WGDVHQGRTXHD SDUWLUGHSDVVRXDVHUSXEOLFDGRYLDRQOLQHHILQDQFLDGDFRPUHFXUVRGH3URJUDPDGH $SRLR D 3XEOLFDo}HV &LHQWtILFDV 0&7 &13T H ),1(3 FRP UHVSRQVDELOLGDGH HGLWRULDO GH SXEOLFDomRHYHQGDVSHODV&('(6SHUGXUDQGRDWpRSUHVHQWH1RVHXSULPHLURDQRGHYLGD R SHULyGLFR WLQKD VXD SXEOLFDomR VREUH UHVSRQVDELOLGDGH GD (GLWRUD 81,9(56,'$'( (67$'8$/ '( &$03,1$6 HP FRQYrQLR FRP D (GLWRUD &257(= 025$(6 QR DQR VHJXLQWH VXD HGLomR HUD GH UHVSRQVDELOLGDGH GR &HQWUR GH (VWXGRV (GXFDomR H 6RFLHGDGH &('(6 SXEOLFDGD H FRPHUFLDOL]DGD SHOD (GLWRUD &RUWH] 0RUDHV GXUDQWH RV GRLVDQRVVHJXLQWHVVXDHGLomRSHUPDQHFHXGHUHVSRQVDELOLGDGHGR&('(6PDV SDVVRXDVHUSXEOLFDGDHFRPHUFLDOL]DGDSHOD&257(=(',725$H$8725(6$662&,$'26 PDQWHYHVH VREUH UHVSRQVDELOLGDGH GR &('(6 H VXD SXEOLFDomR H FRPHUFLDOL]DomR QR DQR DWp ILFRX SRU FRQWD GD &257(= (',725$ e D SDUWLU GH TXH D UHYLVWD (GXFDomR 6RFLHGDGH SDVVD D HGLWDGD H SXEOLFDGD SHOD (',725$ 5(9,67$ '26 &('(6 75,%81$,6 /WGD QR DQR VHJXLQWH DWp VXD HGLomR UHWRUQD DR &HQWUR GH (VWXGRV (GXFDomR H 6RFLHGDGH FRP SXEOLFDomR H FRPHUFLDOL]DomR GD 3DSLUXV (P D UHYLVWD (GXFDomR 6RFLHGDGH SDVVD D VHU ILQDQFLDGD FRP UHFXUVR GH 3URJUDPD GH $SRLR D 3XEOLFDo}HV&LHQWtILFDV0&7&13TH),1(3FRPUHVSRQVDELOLGDGHHGLWRULDOGHSXEOLFDomRH YHQGDV SHODV &('(6 TXH SHUGXUD DWp RV GLDV GH KRMH &RP UHODomR D IRUPDomR GH SURIHVVRUHV WRUQRXVH SLRQHLUD SRU YDORUL]DU HQWUH RV WHPDV WUDWDGRV 3URILVVmR 6DEHUHV 'RFHQWHV ,GHQWLGDGH GR 3URIHVVRU 3UiWLFD 3HGDJyJLFD 3URSRVWD &XUULFXODU H &XUUtFXOR 5HODomR7HRULDH3UiWLFD$YDOLDomR)RUPDomR,QLFLDOH&RQWLQXDGD'HVWHSURFHVVRGHOHLWXUD H DQiOLVH HPHUJLX D TXHVWmR GD WUDMHWyULD GRFHQWH GHVGH VHX LQJUHVVR QD XQLYHUVLGDGH GHVWDFDQGRDVGLILFXOGDGHVHQFRQWUDGDVVHMDIRFDQGRDHVWUXWXUDXQLYHUVLWiULDRXFRORFDQGRD JUDGHFXUULFXODUHPFKHTXHDOpPGHID]HUXPDDQiOLVHFRQWLQXDGDGHFRPRHVWHHGXFDGRUYDL HVWDU VH GHVHQYROYHQGR SRQGR HP SUiWLFD VHXV FRQKHFLPHQWRV DGTXLULGRV DR ORQJR GH VXD YLGD DFDGrPLFD 1R JHUDO FRQFOXLVH TXH DSHVDU GDV FRQTXLVWDV H DYDQoRV QR FDPSR GD IRUPDomRDLQGDKiPXLWRSDUDVHUIHLWRPDVTXHRVHVWXGRVFRPSHULyGLFRVSRGHPFRQWULEXLU HP PXLWR QD PHGLGD TXH VH WRUQDP D PHPyULD GH XP SHUtRGR RX GH FRQFHSo}HV H SURSRVLo}HV
3DODYUDVFKDYHV(GXFDomRH6RFLHGDGH+LVWyULDGDV3XEOLFDo}HV&LFORGH9LGD)RUPDomR GH3URIHVVRUHV
680È5,2
3iJLQD
,1752'8d2 $)250$d2'(352)(66625(612%5$6,/($5(9,67$('8&$d2(62&,('$'( &,&/2'(9,'$'$5(9,67$('8&$d2 62&,('$'( $)250$d2'(352)(6625(61$5(9,67$('8&$d2 62&,('$'( 5(9,67$('8&$d2 62&,('$'(3523267$'(6(192/9,0(172(3(563(&7,9$ ',0(16®(662%5($)250$d2'(352)(6625(6123(5,Ï',&2('8&$d2 62&,('$'(
&216,'(5$d®(6),1$,6 5()(5Ç1&,$6%,%/,2*5È),&$6 $1(;26
5HVXPRV±(GXFDomR 6RFLHGDGH
ϭ
,1752'8d2
4XDQGR IRFDPRV XPD GLVFXVVmR VREUH HGXFDomR D IRUPDomR GRFHQWH p XP DVVXQWR EDVWDQWH SHUWLQHQWH R TXDO SHUPHLD SHVTXLVDV H WHVHV DFHUFD GD WHPiWLFD (VWDSUHRFXSDomR WHP VLGR YHLFXODGDHVSHFLDOPHQWH HP UHODomR DIRUPDomR LQLFLDO H FRQWLQXDGD GH SURIHVVRUHV TXH WHP VLGR H[DXVWLYDPHQWH DFODPDGD H IRFDGD HVSHFLDOPHQWHQDDWXDOLGDGH
(VWH ROKDU YROWDGR D IRUPDomR DFDERX UHVXOWDQGR HP XPD EXVFD PDLRU SHOD YDORUL]DomR GH XP HQVLQR GH TXDOLGDGH SDUD RV IXWXURV HGXFDGRUHV SRU PHLR GH SHVTXLVDVH[WHQVLYDVTXHYLVOXPEUDVVHPDVYiULDVGLPHQV}HVHVFRODUHVDILPGHTXH DVVLPHQWmRKRXYHVVHXPDHGXFDomRVDWLVIDWyULDFDSD]GHVXVFLWDUHPXPDSUiWLFD SHGDJyJLFDFRQGL]HQWHFRPDVQHFHVVLGDGHVGHQRVVDVFULDQoDVHDGROHVFHQWHV
3HUDQWH HVVD UHDOLGDGH ID]VH QHFHVViULR TXH R IXWXUR GRFHQWH WHQKD FRQKHFLPHQWR GD KLVWyULD TXH SHUPHRX R QDVFLPHQWR GH VXD FODVVH VXDV WUDQVIRUPDo}HV UHDOL]Do}HV H FRQTXLVWDV VHPSUH EXVFDQGR SHOR UHFRQKHFLPHQWRGR WUDEDOKRDVHUGHVHPSHQKDGRHGHVHXSRWHQFLDOFRPRSURILVVLRQDO
1R kPELWR GHVVH SURFHVVR DOJXPDV SURSRVWDV EXVFDUDP LQFHQWLYDU HVWXGRV YROWDGRV SDUD D SURGXomR GD SURILVVmR GRFHQWH H GD HVFROD EHP FRP R GD SUySULD KLVWyULDGDSURILVVmRGRFHQWH1Ï92$DHDKLVWyULDGDVSXEOLFDo}HV
Ϯ
H[WHQV}HV SyV XQLYHUVLWiULDV SRLV QD SURILVVmR GRFHQWH R HVWXGR SHUPDQHQWH H D DWXDOL]DomRFRQVWDQWHSURILVVLRQDOGRSURIHVVRUWDPEpPVmRGHH[WUHPDLPSRUWkQFLD SDUDTXHVHMDDOFDQoDGRRWmRDOPHMDGRHQVLQRGHTXDOLGDGH
(QWUHWDQWRFDEHVDOLHQWDUTXHHVWDSURSRVWDGHHGXFDomRFRQWLQXDGDGHYHVHU UHYLVWDHSHQVDGDGHIRUPDGHVYLQFXODGDDRWUHLQDPHQWRHGHFXUVRVGHFDSDFLWDomR RVTXDLVWLYHUDPVHXiSLFHGHDGHVmRQDGpFDGDGH
)D]VHQHFHVViULRTXHDTXDOLILFDomRGRFHQWHWHQKDFRPRIRFRDFULDomRHRX UHFRQVWUXomR GD LGHQWLGDGH GRFHQWH SURSLFLDQGR R VXUJLPHQWR GH XPD FXOWXUD SURILVVLRQDO GHQWUR GR SURIHVVRUDGR DOLFHUoDGD HP XPD SUiWLFD SHGDJyJLFD FRQWXQGHQWH GH FXQKR HPDQFLSDWyULR FRP YLVWDV D LQWHUYHQomR H PXGDQoDV VRFLDLV RQGHDVXDSUiWLFDRFRUUH
$ KLVWyULD QDFLRQDO PRVWURX FRPR D DWXDomR H D IRUPDomR GRFHQWH IRL VH WUDQVIRUPDQGRDRORQJRGRVDQRVRTXDOVHUiH[SRVWRQHVWHHVWXGRSRUPHLRGHXP EUHYHHQIRTXHVREUHRFRQWH[WRKLVWyULFRHPTXHVHGiDIRUPDomRGRFHQWHQR%UDVLO WHQGRFRPRSHUVSHFWLYDRUHFRUWHGHXPSHULyGLFR3RUWDQWRHVWHVHUiRSULQFLSDOSRQWR IRFDGRQHVWHHVWXGRDWUDYpVGRHQFRQWURFRPRVSHULyGLFRVSUHVHQWHVQDELEOLRWHFDGD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD81(63 5LR &ODUR VHOHFLRQDQGRVH XP HP SDUWLFXODU SDUDHVWDLQYHVWLJDomR
$25,*(0'$48(672'((678'2
1RDQRGHSRURFDVLmRGHWHUVLGRFRQWHPSODGDFRPDEROVDGHDSRLRDR HVWXGDQWH%$$(HVFROKLYLQFXODUDPLQKDDWLYLGDGHUHODWLYDDR%$$(QRSURMHWRGH SHVTXLVDGHQRPLQDGR³)RUPDomRGH3URIHVVRUHV´FRRUGHQDGRSHOR3URI'U6DPXHO GH6RX]D1HWR'HSDUWDPHQWRGH(GXFDomR
ϯ
SURSRVWDGH&DVSDUG.DU\GLV3&KDPERQ$)UDLVVH*H3RLQGURQ'VREUH R5HSHUWyULR$QDOtWLFRGHSHULyGLFRV&RORFDVHHVWDSHUVSHFWLYDSRLVHPIXQomRGRV HVWXGRV UHDOL]DGRV UHVROYL WUDQVIRUPDU HVWH SHUFXUVR GH HVWXGR QXP WUDEDOKR GH PRQRJUDILD
3RGHVHGL]HUTXHDSULPHLUDHWDSDGHVVHWUDEDOKRFRUUHVSRQGHQWHDRSULPHLUR VHPHVWUHGHIRLHIHWXDGDWHQGRFRPRSHUVSHFWLYDDOHLWXUDGHWH[WRVGLUHFLRQDQGR HH[HPSOLILFDQGRDSHVTXLVDTXHHVWDYDSRUYLUEHPFRPRIRLIHLWRXPOHYDQWDPHQWRGH SHULyGLFRV UHODFLRQDGRV j iUHDGD HGXFDomR HQFRQWUDGRV QD ELEOLRWHFD GD 8QHVS5& FROHWDGHGDGRV3RUWDQWRIRLIHLWDXPDSHVTXLVDELEOLRJUiILFDFRPSRVWHULRUDQiOLVH GRFXPHQWDO
8PDYH]HIHWXDGRHVWHWUDEDOKRDVHJXQGDHWDSDFRUUHVSRQGHXDHVFROKDGR SHULyGLFR(GXFDomR 6RFLHGDGHSDUDDSURIXQGDPHQWRGHHVWXGRSRUFRQVLGHUiORXP PDUFRQRTXHVHUHIHUHDRWHPD³IRUPDomRGHSURIHVVRUHV´XWLOL]DQGRFRPRLWLQHUiULR PHWRGROyJLFRRUHSHUWyULRDQDOtWLFR
$48(672'((678'2($68$,03257Æ1&,$
2 HVWXGR GH FRPR RFRUUH j IRUPDomR GRFHQWH FRP rQIDVH HP VXD SUiWLFD FRWLGLDQD H VDEHUHV GRFHQWHV HQJORED GLIHUHQWHV ROKDUHV TXH SHUSDVVDP GHVGH DV GLILFXOGDGHV HQFRQWUDGDV HP VDOD GH DXOD PHWRGRORJLDV GH HQVLQR FRQFHSomR GH SURIHVVRU EHP FRPR DV IUXVWUDo}HV GHFRUUHQWHV GD IRUPDomR LQLFLDO DR FRQKHFHU D UHDOLGDGHHGXFDFLRQDORXDVOXWDVSHODPHOKRUDQDHGXFDomRHQDIRUPDomR
(VWD SUREOHPDWL]DomR H TXHVWLRQDPHQWR DFHUFD GD UHDOLGDGH GRFHQWH VH PDWHULDOL]DP GH PRGR ~QLFR QD YLGD GRV SHULyGLFRV 1DV UHYLVWDV RX HP LPSUHQVD SHGDJyJLFD VmR DSUHVHQWDGDV DV UHIOH[}HV HQVDLRV UHODWRV DUWLJRV SHVTXLVDV YLVDQGR DSUHVHQWDU FDPLQKRV RX GHQXQFLDU FRQFHSo}HV HTXLYRFDGDV SHUWLQHQWHV D UHDOLGDGHHGXFDFLRQDO
ϰ
³$LPSUHQVD p SURYDYHOPHQWH RORFDO TXH IDFLOLWD XP PHOKRU
FRQKHFLPHQWR GDV UHDOLGDGHV HGXFDWLYDV XPD YH] TXH DTXL VH
PDQLIHVWDPGHXPRXGHRXWURPRGRRFRQMXQWRGRVSUREOHPDV
GHVWDiUHDeGLItFLOLPDJLQDUXPPHLRPDLV~WLOSDUDFRPSUHHQGHUDV
UHODo}HV HQWUH WHRULD H SUiWLFD HQWUH RV SURMHFWRV H DV
UHDOLGDGHVHQWUHDWUDGLomRHDLQRYDomR6mRDVFDUDFWHUtVWLFDV
SUySULDVGDLPSUHQVDDSUR[LPLGDGHHPUHODomRDRDFRQWHFLPHQWRR FDUiWHUIXJD]HSROrPLFRDYRQWDGHGHLQWHUYLUQDUHDOLGDGHTXH OKHFRQIHUHPHVWHHVWDWXWR~QLFRHLQVXEVWLWXtYHOFRPRIRQWHSDUDR HVWXGRKLVWyULFRHVRFLROyJLFRGDHGXFDomRHGDSHGDJRJLD´
'HQWURGHVVDYLVmRYDLFRORFDUDLQGDTXH
³DLPSUHQVDpRPHOKRUPHLRSDUDDSUHQGHUDPXOWLSOLFLGDGHGR
FDPSRHGXFDWLYR'HIDFWRDLPSUHQVDUHYHODDVP~OWLSODVIDFHWDV
GRV SURFHVVRV HGXFDWLYRV QXPD SHUVSHFWLYD LQWHUQD DR VLVWHPD GH HQVLQRFXUVRVSURJUDPDVFXUUtFXORVHWFPDVWDPEpPQRTXHGL] UHVSHLWR DR SDSHO GHVHPSHQKDGR SHODV IDPtOLDV H SHODV GLYHUVDV LQVWkQFLDV GH VRFLDOL]DomR GDV FULDQoDV H MRYHQV´ S ± JULIR QRVVR
&RPSOHWDQGRHVWHUDFLRFtQLRQmRGHL[DUiGHFKDPDUDDWHQomRSDUDRIDWRGHTXH
³$ LPSUHQVD p WDOYH] R PHOKRU PHLR SDUD FRPSUHHQGHU DV
GLILFXOGDGHVGDDUWLFXODomRHQWUHWHRULDHSUiWLFDRVHQVRFRPXP
TXHSHUSDVVDDVSiJLQDVGRVMRUQDLVHGDVUHYLVWDVLOXVWUDXPDGDV TXDOLGDGHV SULQFLSDLV GH XP GLVFXUVR HGXFDWLYR TXH VH FRQVWUyL D SDUWLU GRV GLYHUVRV DFWRUHV HP SUHVHQoD SURIHVVRUHV DOXQRV SDLV DVVRFLDo}HVLQVWLWXLo}HVHWF´S±JULIRQRVVR
(PERUD KDMD HVWD FRPSUHHQVmR R DXWRU QmR GHL[DUi GH HYLGHQFLDU TXH HVWH HVSDoR VRFLDO GH PDWHULDOL]DomR WDPEpP p R ORFDO GH DILUPDomR GH XP JUXSR TXH GHPDUFD VHX WHUULWyULR SRU PHLR GH XP MRJR SROtWLFR QRV UHYHODQGR XP XQLYHUVR VLPEyOLFRHGHOXWDV
³DLPSUHQVDpROXJDUGHXPDDILUPDomRHPJUXSRHGHXPD
SHUPDQHQWHUHJXODomRFROHWLYDQDPHGLGDHPTXHµFDGDFULDGRU
HVWi VHPSUH D VHU MXOJDGR VHMD SHOR S~EOLFR VHMD SRU RXWUDV
UHYLVWDVVHMDSHORVVHXVSUySULRVFRPSDQKHLURVGHJHUDomR¶'H
IDFWR D IHLWXUD GH XP SHULyGLFR DSHOD VHPSUH D GHEDWHV H
GLVFXVV}HV DSROrPLFDV HFRQIOLWRV PHVPR TXDQGR p IUXWR GH
ϱ
SRGHUHVS~EOLFRVRXQRVHGLWRULDLVGHDEHUWXUD´1Ï92$HWDO S±JULIRQRVVR
%DVWRVS±JULIRQRVVRYDLFRUURERUDUFRPDQRVVDFRPSUHHQVmR H[SOLFLWDQGR GH IRUPD PLDV DPSOD R TXH VH HQWHQGH SRU LPSUHQVD SHGDJyJLFD DR FRORFDUTXH
³$LPSUHQVD SHGDJyJLFD ± MRUQDLV EROHWLQV UHYLVWDV PDJD]LQHV
IHLWD SRU SURIHVVRUHV IHLWD SDUD DOXQRV SRU VHXV SDUHV RX SURIHVVRUHVIHLWDSHORHVWDGRRXRXWUDVLQVWLWXLo}HVFRPRVLQGLFDWRV SDUWLGRVSROtWLFRVDVVRFLDo}HVGHFODVVH,JUHMD±FRQWpPHRIHUHFH PXLWDVSHUVSHFWLYDVSDUDDFRPSUHHQVmRGDKLVWyULDGDHGXFDomRH GR HQVLQR 6XD DQiOLVH SRVVLELOLWD DYDOLDU D SROtWLFD GDV RUJDQL]Do}HV DV SUHRFXSDo}HV VRFLDLV RV DQWDJRQLVPRV H
ILOLDo}HVLGHROyJLFDVDVSUiWLFDVHGXFDWLYDV2UJQLHU UHIHUHVH j
LPSUHQVD SHGDJyJLFD FRP XP FRUSXV GRFXPHQWDO GH YDVWDV
GLPHQV}HV FRQVWLWXLQGR XP WHVWHPXQKR YLYR GRV PpWRGRV H FRQFHSo}HV SHGDJyJLFDV GH XPD pSRFD H GD LGHRORJLD PRUDO
SROtWLFDHVRFLDOGHXPJUXSRSURILVVLRQDOVHQGRDVVLPXP
H[FHOHQWH µREVHUYDWyULR¶ XPD µIRWRJUDILD¶ GD LGHRORJLD TXH
SUHVLGH´
&RPRMXVWLILFDWLYDSDUDVHID]HUHVWXGRVGHVVDQDWXUH]DVHUiFRORFDGRTXH
³DR HVWXGDU DV LQLFLDWLYDV GRV SURIHVVRUHV QD SURGXomR H
FLUFXODomR GH LQIRUPDo}HV VREUH R HQVLQR DILUPD TXH RV
SHULyGLFRVSHGDJyJLFRVRIHUHFHPµIDUWRPDWHULDODFHUFDGDVSUiWLFDV HVFRODUHV H GR HQVLQR HVSHFtILFRV GH GLVFLSOLQDV R TXH SHUPLWH HVWDEHOHFHU XP GRV HORV GD KLVWyULD GDV SUiWLFDV H GLVFLSOLQDV HVFRODUHV $OpP GLVVR SRGH WUD]HU HOHPHQWRV IpUWHLV SDUD D FRPSUHHQVmR KLVWyULFD GR VLVWHPD GH HQVLQR H FRORFDU QRYDV TXHVW}HVDFHUFDGDFXOWXUDHVFRODUEUDVLOHLUD¶´
ϲ
H[LVWHQWHVQD%LEOLRWHFDGR,QVWLWXRGH%LRFLrQFLDVHVFROKHQGRSDUDHVWXGRRSHULyGLFR (GXFDomR 6RFLHGDGH
2%-(7,926
)DFHDRTXHIRLDUURODGRHVWHHVWXGRWHUiFRPRREMHWLYRV
DFRQVWLWXLURFLFORGHYLGDGD5HYLVWD(GXFDomR 6RFLHGDGHH
EDSUHVHQWDUXPDGLVFXVVmRVREUHDWHPiWLFD)RUPDomRGH3URIHVVRUHVQR LQWHULRUGHVVHSHULyGLFR
23d20(72'2/Ï*,&$
1HVWH HVWXGR HP IXQomR GRV REMHWLYRV DSUHVHQWDGRV RSWRXVH SHOD SHVTXLVD ELEOLRJUiILFD HPEDVDGD QD OHLWXUD DQiOLVH H LQWHUSUHWDomR GH DUWLJRV SUHVHQWHV QR SHULyGLFR (GXFDomR 6RFLHGDGH DVVLP FRPR GH RXWURV DXWRUHV TXH WLYHUDP VHXV WUDEDOKRVYROWDGRVSDUDDIRUPDomRGHSURIHVVRUHV
3DUD 5XL] S D SHVTXLVD ELEOLRJUiILFD FRQVLVWH QR H[DPH GD ELEOLRJUDILD QD DQiOLVH GR FRQMXQWR GH OLYURV HVFULWRV VREUH GHWHUPLQDGR DVVXQWR RX DUWLJRVSRUDXWRUHVFRQKHFLGRVHLGHQWLILFDGRVRXDQ{QLPRVSHUWHQFHQWHVDFRUUHQWHV GH SHQVDPHQWR GLYHUVDV HQWUH VL DR ORQJR GD HYROXomR GD +XPDQLGDGH SDUD OHYDQWDPHQWR H DQiOLVH GR TXH Mi VH SURGX]LX VREUH GHWHUPLQDGR DVVXQWR TXH DVVXPLPRV FRPR WHPD GH SHVTXLVD FLHQWtILFD 3RUWDQWR EXVFRXVH DSUHVHQWDU XP TXDGUR VREUH D DERUGDJHP GD IRUPDomR GH SURIHVVRUHV QD UHYLVWD (GXFDomR 6RFLHGDGH FRP YLVWDV D HQWHQGHU PHOKRU RV WUDEDOKRV YHLFXODGRV QR kPELWR GHVVD WHPiWLFD
ϳ
GH XP WUDEDOKR GH FDPSR HP TXH VH EXVFDULD OHYDQWDU GDGRV VREUH GHWHUPLQDGR SHULyGLFRFRQVLGHUDQGRRVVHJXLQWHVDVSHFWRV
WtWXOR
DQRVHPTXHRSHULyGLFRIRLSXEOLFDGR
VRFLHGDGHRXDVVRFLDomRUHVSRQViYHOSHODHGLomRGRSHULyGLFR
ILOLDomRDVFHQGHQWHRXGHVFHQGHQWH±OLJDo}HVFRPRXWUDVUHYLVWDV
DFRPSRVLomRGDFRPLVVmRGHGLUHomRRXUHGDomR
SHULRGLFLGDGHHIRUPD
SUHoR
WLUDJHP
FRQGLo}HVGHGLIXVmR
REMHWLYRV
S~EOLFRDOYR
SULQFLSDLVFRODERUDGRUHV
VHVV}HV
IDVHVGDUHYLVWD
ϴ
DEVWUDomRSDUDHVWDEHOHFHUFRQH[}HVHUHODo}HVTXHSRVVLELOLWDVVHPDSURSRVLomRGH QRYDVH[SOLFDo}HVHLQWHUSUHWDo}HV
1RkPELWRGHVVHSURFHVVRRSULPHLURSDVVRWDOFRPRIRLUHODWDGRFRQVLVWLXGH XPD OHLWXUD GH GDGRV SUHOLPLQDUHV OHYDQWDPHQWR LQLFLDO GH LQYHVWLJDomR VREUH DV SRWHQFLDOLGDGHVGD%LEOLRWHFDGR,QVWLWXWRGH%LRFLrQFLDV ±81(63±&DPSXVGH5LR &ODURSRUVHUFRQVLGHUDGDPRGHUQDHLQIRUPDWL]DGDHFRPERPDFHUYR1RWUDEDOKRGH OHYDQWDPHQWR LGHQWLILFDPRV SHULyGLFRV FRPR SRGHUi VHU YLVWR QR TXDGUR , GD SUy[LPDSiJLQD'HQWUHRVSHULyGLFRVDUURODGRVHVFROKHXVHD5HYLVWD('8&$d2 62&,('$'(SHUtRGR GHD FXMD SULPHLUDHGLomR RFRUUHX QR DQR GH FRP R WtWXOR ³2 HGXFDGRU SUHFLVD VHU HGXFDGR´ DEDUFDQGR DUWLJRV TXH GLVFXWLDP D HGXFDomR H R HGXFDGRU HVWH TXH IRUD HVFROKLGR SRU QyV WHYH FRPR PRWLYDomR SDUD WDQWR VHU DTXHOH GH PDLRU QRWRULHGDGH GHQWUH RV TXDLV SRGHP VHU HQFRQWUDGRV QR UHFLQWRVHQGRHVWDXPDGDVUHYLVWDVPDLVLPSRUWDQWHVQRkPELWRHGXFDFLRQDO$VHJXLU WDPEpPpDSUHVHQWDGRRTXDGUR,,DEDUFDQGRDIRUPDomRGRVSURIHVVRUHVQRFRQWH[WR GRSHULyGLFR
1R kPELWR GHVWH HQIRTXH EXVFRXVH FRQVWLWXLU R FLFOR GH YLGD GD UHYLVWD VHOHFLRQDUDUWLJRVUHIHUHQWHDIRUPDomRGHSURIHVVRUHVHRVHOHQFDPRVHPWHPiWLFDV FRQWXQGHQWHV TXH SHUPHDULDP HVWH WUDEDOKR SURILVVmR VDEHUHVGRFHQWHV LGHQWLGDGH GR SURIHVVRU SUiWLFD SHGDJyJLFD SURSRVWD FXUULFXODU H FXUUtFXOR UHODomR WHRULD H SUiWLFDDYDOLDomRHIRUPDomRLQLFLDOHFRQWLQXDGD
3HULRGLFLGDGHPHQVDO DQXDO 3HULyGLFRV
3HUtRGR 0HQVDO 6HPHVWUDO 7ULPHVWUDO3XEOLFDomR$QXDO 4XDGULPHVWUDO
6DODGH$XOD ;
5HYLVWDGH(GXFDomR&LrQFLDH
&XOWXUD ;
5HYLVWD6FKRRO/LIH ;
6RFLRORJ\RIHGXFDWLRQ ;
7HDFKHUV&ROOHJH5HFRUG ;
([SUHVVmR ;
&ULDQoDH(VFROD ;
(GXFDomR ;
ϵ
)yUXP(GXFDFLRQDO ;
,QWHUIDFH&RPXQLFDomR6D~GH
H(GXFDomR ;
(GXFDomRH)LORVRILD ;
(GXFDomRH5HDOLGDGH ;
(GXFDomRH3HVTXLVD ;
(GXFDomR+RMH ;
(GXFDomR8QLVLQRV ;
(GXFDomRHP5HYLVWD ;
(GXFDomRH3HVTXLVD ;
$0$((GXFDQGR ;
$PHULFDQ(GXFDWLRQ ;
&LrQFLDH(GXFDomR ;
(GXFDWLYD8P&DWyOLFDGH
*RLiV ;
(GXFDomRH0XGDQoD ;
(GXFDomR%UDVLOHLUD ;
(GXFDomRH6RFLHGDGH ;
$(GXFDomR0DWHPiWLFDHP
UHYLVWD ;
(GXFDomR7HRULDH3UiWLFD ;
/D(GXFDFLRQ ;
(GXFDomRH&LrQFLDV6RFLDLV ;
(GXFDomR0DWHPiWLFDHP
UHYLVWD ;
&RQMHFWXUD ;
(GXFDomRHVHOHomR ;
(GXFDFLRQ ;
4XDGUR,±%LEOLRWHFDGR,QVWLWXWRGH%LRFLrQFLDV3HULyGLFRVGDÈUHDGD(GXFDomR
25*$1,=$d2'2(678'2
ϭϬ
62&,('$'(DEDUFDQGRXPDGLVFXVVmRVREUHHVWHWHPDSDUWLUGDUHYLVWDFRPRVVHXV DUWLJRV)LQDOL]DQGRRHVWXGRVmRDSUHVHQWDGDVDV&216,'(5$d®(6),1$,6
)D]HPSDUWHGRFRUSRGRWH[WRDV5()(5Ç1&,$6HRV$1(;26YLQFXODGRVDRV UHVXPRVGRVDUWLJRVVHOHFLRQDGRV
ϭϭ
&DStWXOR
$ )250$d2 '( 352)(6625(6 12 %5$6,/ ( $ 5(9,67$ ('8&$d2 62&,('$'(
(VWH FDStWXOR IRL RUJDQL]DGR EXVFDQGR DSUHVHQWDU FRPR RFRUUHX D IRUPDomR GRFHQWH HP WHUULWyULR EUDVLOHLUR YLVDQGR FRQWH[WXDOL]DU D LQVHUomR GR SHULyGLFR (GXFDomR 6RFLHGDGHQHVVDWUDMHWyULD8PDYH]TXHHVWHFHQiULRpDSUHVHQWDGRQD UHYLVWD SRU PHLR GH VHXV DUWLJRV SXEOLFDGRV RV TXDLV DSUHVHQWDP FRPR RFRUUHX D IRUPDomRGHSURIHVVRUHVQR%UDVLO
1R LQWXLWRGH VLWXDU RHVWXGR H[SRVWR DSUHVHQWRXVH XP SRXFR GD KLVWyULDGDV LQVWLWXLo}HV IRUPDGRUDV GRV GRFHQWHV QR SDtV D TXDO IRL LQLFLDGD FRP D LQVWUXomR MHVXtWLFD H TXH KRMH GLVS}H GRV PROGHV XQLYHUVLWiULRV SDUD IRUPDomR GRV IXWXURV SURIHVVRUHV
&RPR SULPHLUR PRGHOR GH FXUVRV GH IRUPDomR GH SURIHVVRUHV DSUHVHQWDVH R FRORQLDOLVWD TXH WHYH D VXD RULJHP YLQFXODGD jV H[SHULrQFLDV GH HVFRODUL]DomR GHVHQYROYLGDHP3RUWXJDOQRVpFXOR;9,,,PRPHQWRHPTXHRVSURIHVVRUHVQmRHUDP WUHLQDGRVIRUPDOPHQWHHVLPVHOHFLRQDGRVSRUPHLRGHH[DPHVSDUDGHVHPSHQKDUHP DVVLP VXDV IXQo}HV DWULEXtGDV H WDPEpP HUD SDUWH GR FRUSR GRFHQWH RV MHVXtWDV LQFXPELGRVGHXPHQVLQRDULVWRFUiWLFRDWUHODGRDFDWHTXHVHV
ϭϮ
(QWUHWDQWR QR VpFXOR ;,; R %UDVLO GHL[D GH VHU FRO{QLD H R PRGHOR GH VLVWHPD HGXFDWLYRGHL[DGHVHUSURYHQLHQWHGH3RUWXJDOSDVVDQGRDVHURIUDQFrV
3RUWDQWR SURSRVWDV H PROGHV IUDQFHVHV SDVVDUDP D FDUDFWHUL]DU D HGXFDomR EUDVLOHLUDPRPHQWRHVVHHPTXHpSURSRVWDXPDSROtWLFDHGXFDFLRQDOFRPLQIOXrQFLD LOXPLQLVWDQDHGXFDomRSULPiULDDTXDOGHYHULDHVWDUYROWDGDDWRGRVFRQIRUPHSUHYrD SULPHLUD &RQVWLWXLomR EUDVLOHLUD RXWRUJDGD HP 5RGULJXHV H 6REULQKR H HVSHFLILFDGDQR$UWGHVWD/HL0DJQDGL]LDTXHDLQVWUXomRSULPiULDHJUDWXLWDSDUD WRGRVRVFLGDGmRV
&RQIRUPHFRQVWDWD7DQXULDSHVDUGHVVHIDWRDSURILVVmRDLQGDSRVVXtD SRXFRSUHVWtJLRHHUDPDOUHPXQHUDGDIDWRTXHSRGHUHODFLRQDUVHDRQ~PHUREDL[RGH SURIHVVRUHVSDUDRH[HUFtFLRGDIXQomRH[HUFLGDTXDVHTXHH[FOXVLYDPHQWHPDVFXOLQD SDVVDQGRDVHUDGHULGDSHODVPXOKHUHVDSDUWLUGRILQDOGRVpFXOR;,;
&RP R ILQDO GR ,PSpULR H LQLFLDGR R SHUtRGR GR %UDVLO 5HS~EOLFD WHPRV HP kPELWR HGXFDFLRQDO D LQIOXrQFLD SRVLWLYLVWD QD RUJDQL]DomR HVFRODU RFRUUHQGR XPD UHIRUPXODomR GR FRQWH~GR FXUULFXODU H PRGLILFDo}HV QD HVWUXWXUD GRV FXUUtFXORV GRV FXUVRV GH IRUPDomR GH SURIHVVRUHV R TXDO SDVVD D WHU GXUDomR GH WUrV DQRV WHQGR FRPRGLVFLSOLQDVGRSULPHLURDQRJUDPiWLFDHOtQJXDQDFLRQDODULWPpWLFDJUDPiWLFDH OtQJXD IUDQFHVD H SULQFtSLRV FULVWmRV QR VHJXQGR DQR JUDPiWLFD H OtQJXD QDFLRQDO JHRPHWULDHJUDPiWLFDHOtQJXDIUDQFHVDHQRWHUFHLURH~OWLPRDQRJHRJUDILDKLVWyULD TXtPLFDHGLGiWLFDHPHWRGRORJLD
1RV WULQWD DQRV VHJXLQWHV QmR KRXYH PRGLILFDo}HV VLJQLILFDWLYDV DSHQDV GXDV LQRYDo}HVDLQWURGXomRGRHQVLQRGHFLrQFLDVQRFXUUtFXORGRVFXUVRVGHPDJLVWpULRH D LPSODQWDomR GH GLVFLSOLQDV GLULJLGDV DR SURILVVLRQDO TXH EXVFDYD R PDJLVWpULR H[HPSORPpWRGRVGHREVHUYDomRHPpWRGRVGHDSUHQGL]DJHP
1R DQR GH RFRUUH D /HL GD 5HIRUPD HGXFDFLRQDO TXH SURSXQKD XP VLVWHPD GH WUHLQDPHQWR GLYHUVLILFDGR SDUD SURIHVVRUHV VHQGR XP GHVWLQDGR DR WUHLQDPHQWRGHSURIHVVRUHVSULPiULRVHPHVFRODVFRPSOHPHQWDUHVHRXWURVGHVWLQDGRD SURIHVVRUHV SDUD RV JLQiVLRV H HVFRODV QRUPDLV TXH VH ORFDOL]DYDP HP QtYHLV PDLV HOHYDGRV7$185,
ϭϯ
VROXFLRQDUVH DWUDYpV GH XPD RULHQWDomR GLGiWLFD SUiWLFD GRV DOXQRVPHVWUHV HP (VFRODV0RGHORDQH[DVDRV&XUVRV1RUPDLV
-i D GpFDGD GH YLQWH QR TXH VH UHIHUH j HGXFDomR IRL PDUFDGD SRU GLYHUVDV UHIRUPDVGHDEUDQJrQFLDHVWDGXDOFRPRDGH/RXUHQoR)LOKRQR&HDUiHPDGH $QtVLR7HL[HLUDQD%DKLDHPDGH)UDQFLVFR&DPSRVH0DULR&DVDVVDQWDHP 0LQDVHPDGH)HUQDQGRGH$]HYHGRQR'LVWULWR)HGHUDODWXDO5LRGH-DQHLUR HPHDGH&DUQHLUR/HmRHP3HUQDPEXFRHP
2ILQDOGDGpFDGDDFDEDSRUFXOPLQDUFRPXPDFULVHHFRQ{PLFDPXQGLDO HDUHYROXomRTXHDFDERXSRUFRORFDUGHILQLWLYDPHQWHR%UDVLOQRPXQGRFDSLWDOLVWD PRPHQWRHVWHTXHVHFRPHoDDH[LJLUXPDPmRGHREUDHVSHFLDOL]DGDHSDUDWDQWRHUD SUHFLVRLQYHVWLPHQWRVQDiUHDGDHGXFDomR
6HQGRDVVLPQHVVHPHVPRDQRIRLFULDGRR0LQLVWpULRGD(GXFDomRH6D~GH 3~EOLFD H HP R JRYHUQR SURYLVyULR VDQFLRQD GHFUHWRV RUJDQL]DQGR R HQVLQR VHFXQGiULRHDVXQLYHUVLGDGHVEUDVLOHLUDVDLQGDLQH[LVWHQWHV
1RDQRGHWHPRVR'HFUHWRTXHFULWLFDR(QVLQR1RUPDOGHFDUiWHU GXDOLVWDRQGHRFRUUHDGLIHUHQFLDomRHQWUHFXOWXUDJHUDOHFXOWXUDSURILVVLRQDOSHUtRGR WDPEpPTXHVXUJHXPPRYLPHQWRH[SHULPHQWDOGH(VFRODGH3URIHVVRUHVTXHH[LJH SDUDVHXLQJUHVVRDFRQFOXVmRGRHQVLQRQRUPDOFRQIRUPHGHVWDFRX%U]H]LQVNL
(PDQRYD&RQVWLWXLomR)HGHUDOGLVS}HTXHDHGXFDomRpGH GLUHLWRVGH WRGRV TXH GHYH VHU PLQLVWUDGD SHOD IDPtOLD H SHOR SRGHU S~EOLFR QR PHVPR DQR p FULDGD D 8QLYHUVLGDGH GH 6mR 3DXOR H QR DQR VHJXLQWH D 8QLYHUVLGDGH GR 'LVWULWR )HGHUDO
7DPEpPIRLDSDUWLUGDGpFDGDGHTXHR%UDVLOSDVVDDDGRWDURPRGHOR WUrV DQRV GH FXUVR UHJXODU PDLV XP DQR GH GHWHUPLQDGD PDWpULD SHGDJyJLFD D VHU HVFROKLGDSHORHVWXGDQWHDLQGDRFRUUHXR0RYLPHQWRGD(VFROD1RYD0RYLPHQWRGRV 3LRQHLURV GD (GXFDomR FRP GLYHUVRV VHPLQiULRV VREUH HGXFDomR LQVSLUDGRV QRV SHQVDPHQWRVGRDPHULFDQR-RKQ'HZH\&XU\/LPD0HQGHV
ϭϰ
GD 8QLYHUVLGDGH GH 6mR 3DXOR 863 H QD XQLYHUVLGDGH GR %UDVLO 9,/(//$ 7$185,
(PPHLRDLQVWDELOLGDGHTXHDVHVFRODV1RUPDLVDSUHVHQWDYDPVXUJHHP R&XUVRGH3HGDJRJLDLPSODQWDGRQD)DFXOGDGH1DFLRQDOGH)LORVRILDGD8QLYHUVLGDGH GR%UDVLODWUDYpVGR'HFUHWR/HLQTXHVHJXQGR%U]HQ]LQVNLWLQKDMiD ILQDOLGDGH GH SUHSDUDU RV FKDPDGRV WpFQLFRV HP HGXFDomR H IRUPDU RV DWXDQWHV GR PDJLVWpULR DVVLP FRPR GHVHQYROYHU SHVTXLVDV H DSUHVHQWDQGR DVVLP D PXOWLIXQFLRQDOLGDGHXQLYHUVLWiULD
1D GpFDGD GH R HQVLQR SDVVRX D VHU FRPSRVWR SRU FLQFR DQRV GH FXUVR SULPiULRTXDWURGHFXUVRJLQDVLDOHWUrVGHFROHJLDOSRGHQGRVHUFOiVVLFRRXFLHQWtILFR YROWDGR SDUD D IRUPDomR JHUDO GHVYLQFXODQGRVH GR FDUiWHU SURSHGrXWLFR HGXFDFLRQDO
&RP R ILP GR (VWDGR 1RYR DGRWRXVH XPD QRYD &RQVWLWXLomR HVWD GH FXQKR OLEHUDOHGHPRFUiWLFRDTXDOQDiUHDGD(GXFDomRGHWHUPLQRXDREULJDWRULHGDGHGHVH FXPSULURHQVLQRSULPiULRHGDYDFRPSHWrQFLDj8QLmRSDUDOHJLVODUVREUHGLUHWUL]HVH EDVHV GD HGXFDomR QDFLRQDO $OpP GLVVR UHWRPRX R SUHFHLWR GH TXHDHGXFDomR p GLUHLWR GH WRGRV LQVSLUDGD QRV SULQFtSLRV GR0DQLIHVWR GRV 3LRQHLURV GD (GXFDomR 1RYD
1D GpFDGD GH DSyV DQRV GH GLVFXVV}HV DFHUFD GR DQWHSURMHWR DSUHVHQWDGRpSURPXOJDGDD/HL/HLGH'LUHWUL]HVH%DVHVVHPDSUHVHQWDU VLJQLILFDWLYDVPXGDQoDVDRHQVLQRQRUPDOSDVVDQGRDH[LJLUXPFXUUtFXORPtQLPRSDUD DWHQGHU D IRUPDomR FXOWXUDO H SURILVVLRQDO 628=$ 1(72 HVVD OHL WUD] XPD WUDQVIRUPDomRVLJQLILFDWLYDSDUDDIRUPDomRGHSURIHVVRUHVQRSDtVSRLVDSDUWLUGHODp ILQGDGRRVLVWHPDGXDOGHIRUPDomRGRFHQWHHRVSURIHVVRUHVSULPiULRVDQRVLQLFLDLV GH HQVLQR SDVVDP D VHU WUHLQDGRV HP HVFRODV QRUPDLV VLWXDGDV HP QtYHO PpGLR DWUDYpVGR3DUHFHU&)(6,/9$
ϭϱ
(GXFDomRH GR3URJUDPD 1DFLRQDO GH $OIDEHWL]DomR XPD LQLFLDWLYD GR0LQLVWpULR GD (GXFDomRH&XOWXUDLQVSLUDGRQR0pWRGR3DXOR)UHLUH
1DGpFDGDGHVXUJHRSHULyGLFR(GXFDomR 6RFLHGDGHIRFRGHVWHHVWXGR WHPVXDVDWLYLGDGHVLQLFLDGDVPRPHQWRPDLVFUXHOGDGLWDGXUDPLOLWDUHPTXHTXDOTXHU H[SUHVVmRSRSXODUFRQWUiULDDRVLQWHUHVVHVGRJRYHUQRHUDDEDIDGDPXLWDVYH]HVSHOD YLROrQFLDItVLFD
$OpPGRVXUJLPHQWRGD7HRULDGR&DSLWDO+XPDQRFRPRUHIHUHQFLDOWHyULFRHD /HL p LQVWLWXtGD /HL GH 'LUHWUL]HV H %DVHV GD (GXFDomR 1DFLRQDO FXMD FDUDFWHUtVWLFD PDLV PDUFDQWH HUD WHQWDU GDU D IRUPDomR HGXFDFLRQDO XP FXQKR SURILVVLRQDOL]DQWH IRFDQGR SRU XPD IRUPDomR UiSLGD H HFRQ{PLFD FHQWUDGD QR WUHLQDPHQWR SDUD VHUYLU D IRUoD GH WUDEDOKR H TXH IRL SDVVLYD GH PXLWDV FUtWLFDV FRORFDQGR R PDJLVWpULR FRPR PDLV XPD KDELOLWDomR SURILVVLRQDOL]DQWH QD HVFROD GH QtYHOPpGLRHQTXDQWRTXHDIRUPDomRGHSURIHVVRUHVGDDVpULHRFRUULDHPQtYHO VXSHULRU HP XPD OLFHQFLDWXUD FXUWD FRP GXUDomR Pi[LPD GH GRLV DQRV 7$185,
,PEHUQyQSUHWUDWDRGLVFXUVRDPEtJXRSUHVHQWHDFHUFDGDIRUPDomR GRFHQWHHGDUHDOFRQGLomRTXHHVWDHVWDYDVXEPHWLGD
³2 VLVWHPD (GXFDFLRQDO VHPSUH VLWXRX D IRUPDomR GR SURILVVLRQDO GDHGXFDomRRXVHMDDSURILVVLRQDOL]DomRGRFHQWHQRFRQWH[WRGH XPGLVFXUVRDPELYDOHQWHSDUDGR[DORXVLPSOHVPHQWHFRQWUDGLWyULR GHXPODGRDUHWyULFDKLVWyULFDGDLPSRUWkQFLDGHVVDIRUPDomRGH RXWURDUHDOLGDGHGDPLVpULDVRFLDOHDFDGrPLFDTXHOKHFRQFHGHX´
1DV GpFDGDV VHJXLQWHV H QRV GHSDUDPRV FRP XP GHEDWH FRQWHPSRUkQHR FRRUGHQDGRV SHOR 0RYLPHQWR 1DFLRQDO SDUD D 5HIRUPXODomR GRV &XUVRVGH)RUPDomRGH3URIHVVRUHVMiTXHRFXUVRHUDDOYRGHPXLWDVFUtWLFDVGHQWUH HVVHV FUtWLFRV GHVWDFDVH R &RQVHOKHLUR 9DOQLU &KDJDV TXH FKHJRX D SHGLU SHOD H[WLQomRGRFXUVR
ϭϲ
HQJOREDP D HGXFDomR EiVLFD D TXDO DEUDQJH D HGXFDomR LQIDQWLO FUHFKHV H SUp HVFRODVHRHQVLQRIXQGDPHQWDO
(VWDOHLDLQGDSUHYrDIRUPDomRGHSURIHVVRUHVHPQtYHOVXSHULRUGHOLFHQFLDWXUD SOHQD SDUD R H[HUFtFLR GR PDJLVWpULR QD HGXFDomR EiVLFD D DEROLomR GRV FXUVRV QRUPDLV DWp R DQR GH H TXH DWp R DQR GH WRGRV RV SURIHVVRUHV WHQKDP IRUPDomRHPQtYHOVXSHULRU$JXLDU
3DUD WDQWR QD SUySULD /'% p FULDGD D IRUPDomR HP VHUYLoR YROWDGD DRV GRFHQWHV GD UHGH TXH QmR SRVVXtDP QtYHO VXSHULRU SRU LVVR HP p FULDGR R 3URJUDPD(VSHFLDOGH)RUPDomR3HGDJyJLFD6XSHULRUXPDDOLDQoDHQWUHD6HFUHWDULD (VWDGXDOGH(GXFDomRFRP8QLYHUVLGDGHGH6mR3DXOR863D8QLYHUVLGDGH(VWDGXDO 3DXOLVWD 81(63 H 8QLYHUVLGDGH 3RQWLItFLD GH 6mR 3DXOR 38&63 GHVGH TXH RV FXUVRV WLYHVVHP VXD HVWUXWXUD H FRQWH~GR FXUULFXODU VHJXLVVHP DV GLUHWUL]HV GR &RQVHOKR1DFLRQDOGH(GXFDomRHGRV&RQVHOKRV(VWDGXDLVGH(GXFDomR
2 *RYHUQR )HGHUDO DOLDGR DR 0LQLVWpULR GD (GXFDomR 0(& H DR &RQVHOKR QDFLRQDO GH (GXFDomR &1( WURX[H QRYDV SURSRVWDV DSUHVHQWDGDV DWUDYpV GDV 5HVROXo}HV&1(&3H&1(&3RQGHHUDSUHYLVWDTXHDIRUPDomRGR GRFHQWH YROWDGR D HGXFDomR EiVLFD WLYHVVH rQIDVH D YDORUL]DomR GD SHVTXLVD DQRV GHSRLVDWUDYpVGR3DUHFHU&1(&3IRUDPLQVWLWXtGDVGLUHWUL]HVSDUDRFXUVRGH 3HGDJRJLD2TXDOSUHYLDHPVHX$UWTXH
³2 FXUVR GH /LFHQFLDWXUD HP 3HGDJRJLD GHVWLQDVH jIRUPDomR GH SURIHVVRUHV SDUD H[HUFHU IXQo}HV GH PDJLVWpULR QD (GXFDomR ,QIDQWLO H QRV DQRV LQLFLDLV GR (QVLQR )XQGDPHQWDO QRV FXUVRV GH (QVLQR 0pGLR H GH (GXFDomR 3URILVVLRQDO QD iUHD GH VHUYLoRV H DSRLR HVFRODU H HP RXWUDV iUHDV QDV TXDLV VHMDP SUHYLVWRV FRQKHFLPHQWRVSHGDJyJLFRV´%5$6,/
$UHDOLGDGHVREUHDIRUPDomRGRFHQWHQR%UDVLOpTXHHVWDpIUXWRGRGHVFDVR TXH FXOPLQD FRPD SUHFDULHGDGHHP TXHDWp KRMH VH HQFRQWUD HVVH ODPHQWiYHOIDWR YLQFXODVHDVHXVSULPyUGLRVGHFRORQL]DomRTXHDFXOWXURXRLQGtJHQDQDWLYRHHPXP VHJXQGR PRPHQWR GLYLGLX D HGXFDomR HQWUH LQWHOHFWXDO H EUDoDO YROWDGD j IRUoD GH WUDEDOKR
ϭϳ
IDPtOLDUHDOSDUDR%UDVLOHPROGDUVHDSDUWLUGHTXDQGRpLPSODQWDGDD/HL*HUDO GR(QVLQRD~QLFDOHLJHUDOUHODWLYDDRHQVLQRHOHPHQWDUDWpTXHEXVFRXSRUXPD RUJDQL]DomRGRFHQWHQR%UDVLO
(QTXDQWRDIRUPDomRGRSURIHVVRUYHLRWHULQtFLRQRDQRGHFRPDFULDomR GD SULPHLUD HVFROD QRUPDO FRPR XP PHLR GH FRQWUROH H GRPLQDomR VRFLDO RFRUULGD DWUDYpVGHXPDLQVWUXomRSRSXODFLRQDOPDUFDGDSHODDXVrQFLDGRSHQVDPHQWRSUySULR 1RHQWDQWRHVWDIRUPDomRHP(VFRODV1RUPDLVVyYHLRDVHUH[WLQWDQRGHDWUDYpV GDQRYD/HLGH'LUHWUL]HVH%DVHVSDUDD(GXFDomR1DFLRQDO
$RDQDOLVDUPRVD(VFROD1RUPDOTXHSHUGXURXQR%UDVLOSRUPDLVGHXPVpFXOR SRGHPRVREVHUYDUTXHDIRUPDomRGRVSURILVVLRQDLVGDHGXFDomRVHPSUHHVWHYHHP VHJXQGR SODQR QDV SROtWLFDV S~EOLFDV GH HGXFDomR DV TXDLV VmR YLQFXODGDV DRV LQWHUHVVHV H[WHUQRV j HGXFDomR H TXH SRU LVVR QmR IRUPDP DGHTXDGDPHQWH RV GRFHQWHVHTXHVHXFXUUtFXORpH[FHVVLYDPHQWHWpFQLFRVHSDUDQGRWHRULDHSUiWLFDQD YLGDGRFHQWHHPVXPDDSUySULDIRUPDomRHPQtYHOPpGLRQmRSUHSDUDHDGpTXDR IXWXURSURIHVVRUDUHDOLGDGHTXHOKHHVSHUDHPXPDVDODGHDXOD
3DUDEXVFDUSRUXPDIRUPDomRPDLVDGHTXDGDHSURIXQGDD/'%GHYDL LQVWLWXLU IRUPDomR HP QtYHO VXSHULRU SDUD RV SURIHVVRUHV GR SULPHLUR JUDX HQVLQR IXQGDPHQWDO , H HGXFDomR LQIDQWLO H SDUD IDFLOLWDU R DFHVVR DR HQVLQR VXSHULRU QD EXVFD GD FHUWLILFDomR HP GHWULPHQWR j TXDOLGDGH GH HQVLQR R (VWDGR DPSOLD DV LQVWLWXLo}HV GH HQVLQR VXSHULRU DEULQGR DVVLP PXLWDV SRVVLELOLGDGHV GH IRUPDomR VXSHULRUGHQWUHHHODVRV,QVWLWXWRV6XSHULRUHVGH(GXFDomR
ϭϴ
&DStWXOR
&,&/2'(9,'$'$5(9,67$('8&$d2 62&,('$'(
$5HYLVWD(GXFDomR 6RFLHGDGHWHYHVXDVDWLYLGDGHVLQLFLDGDVQRDQRGH FRPRWtWXORGH³2HGXFDGRUSUHFLVDVHUHGXFDGR´HWUD]LDHPVHXLQWHULRUWUrVDUWLJRV IRFDGRVQDIRUPDomRGHSURIHVVRUHV³$DOIDEHWL]DomRGHDGXOWRVpHODXPTXHID]HU QHXWUR"´ GD DXWRULD GH 3DXOR )UHLUH H XP RXWUR LQWLWXODGR ³1RVVD SRVLomR VREUH D HGXFDomR SUpHVFRODU´ GH /HR .HVVHO RV TXDLV DERUGDYDP D TXHVWmR GD SUiWLFD SHGDJyJLFD (VWH Q~PHUR DLQGD FRQWLQKD R DUWLJR ³5HYLVmR FUtWLFD GR SDSHO GR SHGDJRJR QD DWXDO VRFLHGDGH EUDVLOHLUD´ GH DXWRULD GH 0RDFLU *DGRWWL GLVFXWLQGR D UHODomRWHRULDHSUiWLFD1RVDQRVVHJXLQWHVDUHYLVWDFRQWLQXRXDERUGDQGRDIRUPDomR GH SURIHVVRUHV DOpP GH RXWURV WHPDV UHOHYDQWHV QD HGXFDomR JHUDO HP kPELWR QDFLRQDOHLQWHUQDFLRQDO
1R VHX SULPHLUR DQR GH YLGD R SHULyGLFR WLQKD VXD SXEOLFDomR VREUH UHVSRQVDELOLGDGHGD(GLWRUD81,9(56,'$'((67$'8$/'(&$03,1$6HPFRQYrQLR FRP D (GLWRUD &257(= 025$(6 QR DQR VHJXLQWH VXD HGLomR HUD GH UHVSRQVDELOLGDGHGR&HQWURGH(VWXGRV(GXFDomRH6RFLHGDGH&('(6SXEOLFDGDH FRPHUFLDOL]DGD SHOD (GLWRUD &RUWH] 0RUDHV GXUDQWH RV GRLV DQRV VHJXLQWHV VXDHGLomRSHUPDQHFHXGHUHVSRQVDELOLGDGHGR&('(6PDVSDVVRXDVHU SXEOLFDGD H FRPHUFLDOL]DGD SHOD &257(= (',725$ H $8725(6 $662&,$'26 PDQWHYHVHVREUHUHVSRQVDELOLGDGHGR&('(6HVXDSXEOLFDomRHFRPHUFLDOL]DomRQR DQRDWpILFRXSRUFRQWDGD&257(=(',725$
ϭϵ
0&7&13TH),1(3FRPUHVSRQVDELOLGDGHHGLWRULDOGHSXEOLFDomRHYHQGDVSHODV &('(6TXHSHUGXUDDWpRVGLDVGHKRMH
(GXFDomR 6RFLHGDGHIRLSODQHMDGDFRPRLQVWUXPHQWRGHLQFHQWLYRjSHVTXLVD DFDGrPLFD H DR DPSOR GHEDWH VREUH R HQVLQR QRV VHXV GLYHUVRV SULVPDV D UHYLVWD DFHLWDFRODERUDo}HVGHDUWLJRVHUHVHQKDVQDiUHDGH&LrQFLDGD(GXFDomRGHVWLQDVH j GLYXOJDomR GH WUDEDOKRV TXH LQFHQWLYHP D SHVTXLVD DFDGrPLFD H R GHEDWH DPSOR VREUHDHGXFDomRQRVGLYHUVRVSULVPDVGHVXDUHODomRFRPDVRFLHGDGH2VWUDEDOKRV HQFDPLQKDGRV SDUD SXEOLFDomR GHYHP VHU LQpGLWRV HP PHLRV LPSUHVVRV RX HOHWU{QLFRV QmR VHQGR SHUPLWLGD D VXD DSUHVHQWDomR VLPXOWkQHD SDUD DYDOLDomR HP RXWUR SHULyGLFR $ UHYLVWD UHFHEHUi SDUD SXEOLFDomR DUWLJRV UHGLJLGRV HP SRUWXJXrV HVSDQKROIUDQFrVLQJOrVHDOHPmR2VDUWLJRVHPLQJOrVIUDQFrVHDOHPmRDSyVDVXD DSURYDomRVHUmRWUDGX]LGRVSDUDRSRUWXJXrVHUHYLVWRVSHORVDXWRUHVQDSXEOLFDomR HOHWU{QLFD RV WH[WRV HVWUDQJHLURV FRP H[FHomR GR HVSDQKRO VHUmR GLVSRQLELOL]DGRV WDPEpP HP VHXV LGLRPDV GH RULJHP (VWHV DUWLJRV VmR GHVWLQDGRV D FLHQWLVWDV H HGXFDGRUHVTXHDWXDPQDViUHDVGDVFLrQFLDVKXPDQDVHHPRXWURVFDPSRVGRVDEHU VHQGRSXEOLFDGDLQLFLDOPHQWHGHIRUPDTXDGULPHVWUDOHDSDUWLUGHXPQ~PHUR HVSHFLDO WHPiWLFR WHP VLGR RUJDQL]DGR D FDGD DQR R TXH WRUQRX D 5HYLVWD XPD SXEOLFDomRWULPHVWUDO
(GXFDomR 6RFLHGDGH WHP VXDV VHVV}HV GLYLGLDV HP DUWLJRV GHEDWHV UHVHQKDV HGLWRULDO UHVXPRV MRUQDO GD HGXFDomR DQiOLVH GD SUiWLFD SHGDJyJLFD FU{QLFDGRFRWLGLDQRHVFRODUSHVTXLVDQR&('(6GRVVLrIRUPDomRGHSURILVVLRQDLVGD HGXFDomRHDQiOLVHQRHQWDQWRHVVDVVHVV}HVQmRVmRIL[DVHPWRGRVRVH[HPSODUHV GDUHYLVWDYDULDQGRDVTXDLVVmRDSUHVHQWDGDVHPFDGDQ~PHURGRSHULyGLFRVHQGR SHUPDQHQWHVRVDUWLJRVFXMRVTXDLVYDULDPDWHPiWLFDHGXFDFLRQDODERUGDGDSRUFDGD DXWRU
$R ORQJR GH VXD KLVWyULD D UHYLVWD (GXFDomR 6RFLHGDGH FRQWRX FRP YiULRV FRODERUDGRUHV PDLV FDEH GHVWDFDUPRV DTXL DOJXQV DXWRUHV TXH VmR FRODERUDGRUHV SHUPDQHQWHV
$12 &216(/+2'(
&2/$%25$'25(6 81,9(56,'$'(
ϮϬ
'HPHUYDO6DYLDQL 81,&$03
/XL]$QW{QLR&XQKD
0LOWRQ-RVpGH$OPHLGD 81,&$03
0LULDQ-RUJH:DUGH 38&63
:DOWHU(VWHYHV*DUFLD ,167,78723$8/2)5,5(
&DUORV5RGULJXHV%UDQGmR 81,&$03
&DUORV5REHUWR-DPLO&XU\ 38&0*
(ORtVDGH0DWWRV+|IOLQJ 81,&$03
(YDOGR$PDUR9LHLUD 863
$QJHO3LQR 81,&$0381,9$/(
-RDTXLP%UDVLO)RQWHV-U 81,&$03
5HJLQDOGR&RUUrDGH0RUDHV 81,&$03
$QWRQLR0XQL]GH5H]HQGH 81,&$03
1HZWRQ%U\DQ 81,&$03
0DUFLDGH3DXOD/HLWH 81,&$03
+HOHQD&RVWD/RSHVGH)UHLWDV 81,&$03
$OpP GHVVHV FRODERUDGRUHV TXH WRUQDUDP SRVVtYHO D KLVWyULD GH (GXFDomR 6RFLHGDGHFDEHVDOLHQWDUPRVDTXLWDPEpPRVPHPEURVTXHFRPSXVHUDPDFRPLVVmR GDGLUHomRHGDUHGDomRGRSHULyGLFRFRQWULEXLQGRSDUDRFUHVFLPHQWRGDUHYLVWD
$QRGH
LQJUHVVR &20,662'(',5(d2 5('$d2'23(5,Ï',&2
0RDFLU*DGRWWL
$QWRQLR0XQL]GH5H]HQGH
(OL]DEHWK6LOYDUHV3RPSrRGH&DPDUJR
0DXUtFLR7UDJWHQEHUJ
,YDQ\5RGULJXHV3LQR
9DQLOGD3DLYD
Ϯϭ
0LOWRQ-RVpGH$OPHLGD
2OJD5RGULJXHVGH09RQ6LQVRQ
5HQDWR'DJHQLQR
5HJLQDOGR&DUPHOR&GH0RUDHV
3DWUtFLD3LR]]L
6LOYLD00DQIUHGL
5REHUWR5RPDQR
$TXLWUDUHPRVRXWUDVSHVVRDVTXHWRUQDUDPHID]HPGDUHYLVWDXPDDVVXPLGDGH QRFDPSRHGXFDFLRQDOFRPRDHGLWRUDFRRUGHQDGRUD,YDQ\5RGULJXHV3LQR&('(6±%UDVLO R HGLWRU WpFQLFR 9DOGLU *RPHV &('(6 ± %UDVLO H R FRPLWr HGLWRULDO TXH UHSUHVHQWDGR QR TXDGURDVHJXLU
$12 &20,7Ç(',725,$/ 81,9(56,'$'(
3HGUR*RHUJHQ 81,62±%UDVLO
&HOVR-RmR)HUUHWWL 81,62±%UDVLO
$OPHULQGR-DQHOD$IRQVR 8QLYHUVLGDGHGR0LQKR3RUWXJDO
3DWUtFLD3LR]]L 81,&$03±%UDVLO
$QWRQLR$OYDUR6RDUHV=XLQ 8)6&$5±%UDVLO
-RVp0DUFHOLQRGH5H]HQGH3LQWR 81,&$03±%UDVLO
7KHUHVD$GULmR 81(63±%UDVLO
2&RQVHOKR(GLWRULDO1DFLRQDOGH(GXFDomR VRFLHGDGHpFRPSRVWRFRQIRUPH LQGLFDRTXDGURDEDL[R
$12 &216(/+2(',725,$/1$&,21$/ 81,9(56,'$'(
6HUJLR+DGGDG $omR(GXFDWLYD
$JXHGD%HUQDGHWH%LWWHQFRXUW 81,&$03±%UDVLO
$IUkQLR0HQGHV&DWDQL 863±%UDVLO
*DXGrQFLR)ULJRWWR
6RQLD.UDPHU
ϮϮ
$GDLU0HQGHV1DFDUDWR 863
$GULDQD/LD)ULV]PDQ/DSODQH 81,&$03
&ULVWLQD%UX]]R 81,&$03
(QHLGD2WR6KLURPD 8)6&
,ULD%U]H]LQVNL 8&*
-DFTXHV9HOORVR 81%
-DQHWH0DULD/LQVGH$]HYHGR 8)3)
-~OLR(PtOLR'LQL]3HUHLUD 8)0*
0DULD0DOWD&DPSRV )&&
1HOVRQ'H/XFD3UHWWR 8)%$
6LONH:HEHU 8(3(
9DQL0RUHLUD.HQVNL 863H6,7(('8&$&,21$/
(OLVD$QJRWWL.RVVRYLWFK 81,&$03
+HUPHQJDUGD$OYHV/GNH 38&5,2
9DOGHPDU6JXLVVDUGL 81,0(3
$OIUHGR0DFHGR*RPHV 8(3(
-RUJH$EUDKmRGH&DVWUR ,3($
-RVp'LDV6REULQKR 81,62
/XFLROD/LFLQR6DQWRV 8)0*
0DJGD%HFNHU6RDUHV 8)0*
1DXUD6\ULD&DUDSHWR)HUUHLUD 873
0DULD$OLFH1RJXHLUD 8)0*
-RVp0DUFHOLQRGH5H]HQGH3LQWR 863
-RVp:LOOLQJWRQ*HUPDQR 8)51
0DULD+HOHQDGH6RX]D3DWWR 863
$OIUHGR-RVp9HLJD1HWR 8)*6
/LVHWH5HJLQD*RPHV$UHODUR 863
/XL])HUQDQGHV'RXUDGR 8)*
0iUFLD$QJHODGD6LOYD$JXLDU 8)3(
Ϯϯ
9HUD0DULD)HUUmR&DQGDX 38&5,2
5HJLQD/HLWH*DUFLD 8))
$FDFLD=HQHLGD.XHQ]HU 8)35
$QD/~FLD*RXODUWGH)DULD 81,&$03
$QWRQLR)OiYLR%DUERVD0RUHLUD 8&3
-RVp5REHUWR+HORDQL 81,&$03
1HZWRQ5DPRVGH2OLYHLUD 81(63
,VDXUD%HOORQL 8QLYHUVLGDGHGH%UDVtOLD
=DLD%UDQGmR 38&5,2
0DUWD0DULD&KDJDV&DUYDOKR 81,62
9LWRU+HQULTXH3DUR 863
-RmR5HLV6LOYD-U 8)6&$5
1LOGD*XLPDUmHV$OYHV
5RPXDOGR3RUWHOD2OLYHLUD 863
-~OLR5RPHUR)HUUHLUD &('(6
/XtV&DUORV)UHLWDV 81,&$03
:HQFHVODR0DFKDGR2OLYHLUD-U 81,&$03
6DQGUD0DULD=iNLD/LDQ6RXVD 863
1DGMD0DUD+HUPDQ 38&56
$QD/XL]D%XVWDPDQWH6PROND 81,&$03
-XFLUHPD4XLQWHLUR 8)6&
-RVp/XtV6DQIHOLFH 81,&$03
&OiXGLR$OPLU'DOERVFR 83)
'RULV$FFLRO\H6LOYD 863
5DTXHO*RXODUW%DUUHWR
1LFKRODV'DYLHV 8))
0DULD&LDYDWWD 8))
/~FLD(PtOLD%UXQR 863
/OLDQ/RSHV0DUWLQGD6LOYD 81,&$03
Ϯϰ
$OYDUR0RUHLUD+\SROLWR 8)3(/
$QD0DULD)RQVHFD$OPHLGD 81,&$03
$SDUHFLGD1HULGH6RX]D 81,&$03
&DUWROD%RWR 863
'DOLOD$QGUDGH2OLYHLUD 8)0*
0DULD&HFtOLD5DIDHO*yHV 81,0(3
6LOYLR*DOOR 81,&$03
(QTXDQWR TXH R FRQVHOKR HGLWRULDO LQWHUQDFLRQDO HVWi FRPSRVWR VHJXQGR D WDEHODDVHJXLU
EK KE^>,K/dKZ/> /EdZE/KE>
hE/sZ^/
5RJHU'DOH %ULVWRO8QLYHUVLW\*Um%UHWDQKD
$QWyQLR7HRGRUR 8QLYHUVLGDGH/XVyIRQDGH+XPDQLGDGHVH
7HFQRORJLDV3RUWXJDO
&KULVWRSK:XOI )UHLH8QLYHUVLWlW%HUOLQ$OHPDQKD
&OHPHQWLQD0DUTXHV&DUGRVR 8QLYHUVLGDGHGH/RQGUHV*Um%UHWDQKD &HFLFOLD0DULD)HUUHLUD%RUJHV 8QLYHUVLGDGHGH0RQWUHDO&DQDGi
0DULDQR)HUQiQGHV(QJXLWD 8QLYHUVLGDGGH6DODPDQFD±(VSDQKD
0\ULDP,QpV)HOGIHEHU 8QLYHUVLGDGGH%XHQRV$LUHV±$UJHQWLQD
0DXULFH7DUGLI 8QLYHUVLGDGHGH0RQWUHDO±&DQDGi
*XDGDOXSH%HUWXVVL 8QLYHUVLGDGH3HGDJyJLFD1DFLRQDOGR0p[LFR 0p[LFR
-RmR%DUURVR 8QLYHUVLGDGHGH/LVERD3RUWXJDO
;DYLHU%RQDO 8QLYHUVLWDGH$XWRQRPDGH%DUFHORQD(VSDQKD
5RJHU'DOH %ULVWRO8QLYHUVLW\*Um%UHWDQKD
%HUQDUG/DKLUH (FROHRUPDOH6XSHULHXUH/HWWHUHVHW6FLHQFHV +XPDQLHV)UDQoD
5XL9LHLUDGH&DVWUR 8QLYHUVLGDGHGR0LQKR3RUWXJDO
(ULF3ODLVDQFH 8QLYHUVLWp3DULV'HVFDUWHV)UDQoD
Ϯϱ
DQR GH D UHYLVWD SDVVRX D VHU WDPEpP SXEOLFDGD YLD LQWHUQHW DWUDYpV GR VLWH 6FLHOR 2XWUR PpULWR GHVWH SHULyGLFR HVWi DVVRFLDGR DR IDWR GHVWH WHU VHXV WUDEDOKRV DEHUWR D SDtVHV GD $PpULFD /DWLQD H (XURSD DWUDYpV GH FRQWULEXLo}HV GH DXWRUHV LQWHUQDFLRQDLVQRQ~FOHRGDUHYLVWDVHQGRLQGH[DGDSRU%%(%LEOLRJUDILD%UDVLOHLUDGH (GXFDomR,1(3±%UDVtOLD&RQWHQWV3DJHVLQ(GXFDWLRQ&DUID[3XEOLVKLQJ&RPSDQ\ 5HLQR8QLGR/LQJXLVWLFV /DQJXDJH%HKDYLRXU$EVWUDFWV6RFLDO6HUYLFHV$EVWUDFWV H6RFLRORJLFDO$EVWUDFWV
Ϯϲ
&DStWXOR
$)RUPDomRGH3URIHVVRUHVQD5HYLVWD(GXFDomR 6RFLHGDGH
'HQWURGRVDUWLJRVTXHWURX[HUDPDWHPiWLFDGDIRUPDomRGRFHQWHFRPRIRFR WUDWDPRV GH RV FODVVLILFDUPRV HP HL[RV WHPiWLFRV DFHUFD GR DVVXQWR DERUGDGR HP 3URILVVmR6DEHUHV'RFHQWHV,GHQWLGDGHGR3URIHVVRU3UiWLFD3HGDJyJLFD3URSRVWD &XUULFXODU H &XUUtFXOR 5HODomR 7HRULD H 3UiWLFD $YDOLDomR H )RUPDomR ,QLFLDO H &RQWLQXDGDSRUDFUHGLWDUPRVTXHHVWHVHQTXDGUDULDPHHPEDVDULDPVDWLVIDWRULDPHQWH QRVVDSDXWDDVHUWUDEDOKDGD
,QLFLDUHPRVWUD]HQGRRVDUWLJRVTXHGHQWURGRWHPD³IRUPDomRGHSURIHVVRUHV´ GHVPHPEUDUDPVHQDGLVFXVVmRVREUHDSUiWLFDSHGDJyJLFDGRFHQWHHVWHDVVXQWRIRL UHWUDWDGR QRV DQRVGH SRU 3DXOR )UHLUH *XLRPDU 1DPRGH 0HOOR 0DULD1LOGH0DVFHOODQLH:DOWHU(VWHYHV*DUFLD0DULVD5DPRV%DUELHUL=LODPD 0 5DPRV GH 2OLYHLUD H 0DULD -~OLD *LOEHUWL 6pUJLR +DGGDG 7L]XNR 0RUFKLGD.LVKLPRWRTXHGHEDWHPFRPRHVWDSUiWLFDRFRUUHQDVRFLHGDGHHDPDQHLUD TXHGHYHULDVHUGHVHPSHQKDGDSHORVSURILVVLRQDLVGRPDJLVWpULR
Ϯϳ
DSUHQGL]DJHPVLJQLILFDWLYDFRPRVDOLHQWRXRDXWRU0LJXHOGH/D3XHQWHHPVHX DUWLJR
$LQGDDERUGDQGRD3UiWLFD3HGDJyJLFD6pUJLR+DGGDGWUD]XPDFUtWLFD DR HQVLQR VXSOHWLYR YLJHQWH QR SDtV H VXJHUH Do}HV TXH FRQWULEXDP SDUD PXGDQoDV VLJQLILFDWLYDVSDUDHVVHWLSRHQVLQRHQTXDQWR1HOPD%DOGLQGLVFXWLFRPRRFRUUH D IRUPDomR GR GRFHQWH QR FXUVR GH +LVWyULD D SRVWXUD H D SUiWLFD SHGDJyJLFD TXH HGXFDGRU DVVXPLUi QR H[HUFtFLR GH VXD IXQomR H 7L]XNR 0RUFKLGD .LVKLPRWR GHVFUHYH D H[SHULrQFLD GR SULPHLUR MDUGLPGHLQIkQFLD QR HVWDGR GH 6mR 3DXOR YLQFXODGRDSUiWLFDSHGDJyJLFDIURHEHOLDQD
0HVPR TXH WUD]HQGR FRPR IRFR GD GLVFXVVmR GLIHUHQWHV HWDSDV GR HQVLQR HGXFDFLRQDOEUDVLOHLURRVDXWRUHVWHPFRPRIRFRRDSHORFUtWLFRSHODIRUPDomRGHXP HGXFDGRU FDSD] GH HQVLQDU SRU SUiWLFDV SHGDJyJLFDV TXH FRQWHPSOHP R LQGLYtGXR FRPR WRGR XP VHU SHQVDQWH FDSD] GH UHIOHWLU FULDU H ID]HU XPD DOLDQoD HQWUH VXD EDJDJHPFXOWXUDOHRVFRQWH~GRVSURYHQLHQWHVGDHGXFDomRHVFRODUUHJXODU
2XWURHL[RDERUGDGRSRUDXWRUHVHP(GXFDomR 6RFLHGDGHGHQWURGDWHPiWLFD ³IRUPDomR GH SURIHVVRUHV´ WHPRV D TXHVWmR GD 5HODomR 7HRULD H 3UiWLFD DERUGDGD SHORV DXWRUHV 0RDFLU *DGRWWL TXH TXHVWLRQD D IDOWD GH WUDQVIRUPDomR QD IRUPDomRHQDSRVWXUDGRSHGDJRJRDWXDQWHH3HGUR/*RHUJHQTXHGLVFXWLDV LQVWLWXLo}HV GH HQVLQR VXSHULRU GR SDtV WHQGR FRPR QRUWH VXD HVWUXWXUD H REMHWLYRV JHUDLVFRPRIXQomRHGXFDFLRQDOGRIXWXURHGXFDGRU
Ϯϴ
XP HTXLYRFR GH FRPSUHHQVmR QD YLGD DFDGrPLFD SRGH DFDEDU SRU GLILFXOWDQGR HVVH HQIRTXHGHWUDEDOKRYLQFXODQGRRDXPLGHDOGHHVFRODUL]DomR
1D DERUGDJHP GRV FXUUtFXORV UHIHUHQWHV D IRUPDomR GR HGXFDGRU WLYHPRV VHOHFLRQDGRV WUrV DUWLJRV DFHUFD GR DVVXQWR LQLFLDOPHQWH HP ,UHQH GH $UUXGD 5LEHLUR &DUGRVR FRQFODPD XPD SRVVtYHO UHIRUPD XQLYHUVLWiULD UHDOL]DGD DWUDYpV GH GHEDWHVHQIDWL]DQGRD8QLYHUVLGDGHGH6mR3DXORWHQGRFRPRHQFDOoRRHVWDWXWRGH DSyV GH]RLWR DQRV 6{QLD .UDPHU VRE D OX] GD /'% TXHVWLRQD D HODERUDomRLPSOHPHQWDomRHOHJLVODomRGRFXUUtFXORHPTXHUHIHUHVHQDIRUPDomRGR PDJLVWUDGR DOpP GH DSRQWDU IDOKDV QD PHWRGRORJLD DGRWDGD SHORV 3DUkPHWURV &XUULFXODUHVDVVLPFRPRIDOWDGHSDUWLFLSDomRGDVRFLHGDGHHPJHUDOSDUDREWHUXPD UHDOWUDQVIRUPDomRGDVSURSRVWDVFXUULFXODUHVYLJHQWHV&RPRH[HPSORHDOWHUQDWLYDGH SURSRVWD FXUULFXODU SDUD D HGXFDomR LQIDQWLO WHPRV R WH[WR GH 7L]XNR 0RUFKLGD .LVKLPRWR TXH XWLOL]D GD H[SHULrQFLD DGRWD SHOR -DSmR SDUD VXJHULU XP QRYR FXUUtFXOR QDFLRQDO SDXWDGR QDV UHODo}HV KXPDQDV TXH YLVDP IRUPDU QR SHTXHQR LQGLYLGXRDFULDWLYLGDGHFDUiWHULQGLYLGXDOLQGHSHQGrQFLDUHVSRQVDELOLGDGHSHVVRDOH DXWRGLVFLSOLQDQXPDEXVFDSRUDGHTXDUDILORVRILDMDSRQHVDDUHDOLGDGHGDHGXFDomR LQIDQWLOGRSDtV
Ϯϵ
/XL] &DUORV )UHLWDV WURX[H QR LQWHULRU GH VHX DUWLJR D GLVFXVVmR VREUH LGHQWLGDGH GR SURILVVLRQDO GD HGXFDomR DOLFHUoDGR D SURILVVLRQDOLGDGH GR PHVPR TXHVWLRQDQGRVHXVGHVHPSHQKRVHQTXDQWRHGXFDGRUQDTXHVWmRLGHQWLGDGHDDXWRUD &pOLD)UD]mR6RDUHV/LQKDUHVHQIRFDDTXHVWmRGRSHGDJRJRQDIUDJPHQWDomR GH VXD IRUPDomR H GHVHPSHQKR GH IXQo}HV TXH OKH FDEH R TXH SRGH DFDUUHWDU QD WHFQLILFDomRGRSURFHVVRHGXFDFLRQDO1HVVDOLQKDGHUDFLRFtQLRVHJXH$FiFLD=HQOLGD .XHQ]HU UHWUDWDQGR DV DOWHUDo}HV QD VRFLHGDGH H QRPXQGR GR WUDEDOKR TXH DFDEDP SRU UHIOHWLU QD IRUPDomR GD LGHQWLGDGH GRFHQWH TXH p DOYR WDPEpP GD FDSDFLWDomRSRUSDUWHVGHHVWXGRWRUQDQGRRSURILVVLRQDOFDGDYH]PDLVVHJPHQWDGRH TXHFRQVHTXHQWHPHQWHDFDEDWRUQDQGRRPHQRVTXDOLILFDGRSDUDRH[HUFtFLRGRFHQWH
)UHQWHDWRGDVDVDOWHUDo}HVTXHIRUPDomRGRSURIHVVRUVRIUHXGXUDQWHRVDQRV RDXWRU/XL]&DUORV)UHLWDVWUD]QRDQRGHXPDUWLJRID]HQGRXPDDYDOLDomRVREUH WUDQVIRUPDo}HV RFRUULGDV GXUDQWH RV DQRV GHVGH HFRQRPLD PXQGLDO DV UHODo}HV VRFLDLVGHWUDEDOKRHFRPRHVWHDJORPHUDGRGHRVFLODo}HVDFDERXSRULQIOXHQFLDVD HGXFDomRHPJHUDODEDUFDQGRVXDPHWRGRORJLDGHWUDEDOKRHDDYDOLDomRGRWUDEDOKR SUHVWDGRSDUDDVRFLHGDGHQDIRUPDFRQKHFLGDHFDPXIODGDGH³HGXFDomRSDUDWRGRV´ PRPHQWR QR TXDO SURFHGLPHQWRV GHPHGLUD TXDOLGDGHGD HGXFDomR RIHUHFLGDIRUDP DGRWDGRVSHORJRYHUQRDVVLPFRPRQDGLVSXWDGHFRPSHWrQFLDVHQWUHRVSURIHVVRUHV DFDEDQGRSRUGLVVHPLQDUDSURSRVWDGHXPWUDEDOKRFROHWLYRGHVHQYROYLGRSHORFRUSR GRFHQWH
ϯϬ
IRUPDomRGRVSURIHVVRUHVDVTXDLVSRGHPVHUUHWUDWDGDVDWUDYpVGHXPDXPHQWRGRV FXUVRV RIHUHFLGRV SRU ,QVWLWXWRV GH (GXFDomR 6XSHULRU FXMD TXDOLGDGH p EDVWDQWH TXHVWLRQiYHO
(QTXDQWR TXH &HOVR -RmR )HUUHWWWL WUDoD HVVH SDQRUDPD GH PXGDQoDV RFRUULGDV HP HVSHFLDO QRV DQRV TXH DFDERX SRU FXOPLQDU FRP XPERRP GD HGXFDomR SURILVVLRQDOL]DQWH QR LQWXLWR GH VXSULU DV QHFHVVLGDGHV GD QRYD SROtWLFD HFRQ{PLFDWHFQLFLVWDIRFDGDQDTXDOLILFDomRGRLQGLYLGXRSDUDREWHQomRGHXPDPDLRU SURGXWLYLGDGH HP FXUWR SUD]R DWHQGHQGR DVVLP DV GHPDQGDV SRU WUDEDOKDGRUHV HP HPSUHVDV SRU WRGR R SDtV HVWH ODSVR TXH RFRUUH HQWUH HGXFDomR FRPR IRQWH GH FRQKHFLPHQWR H SUHSDUDomR LPHGLDWD DR PHUFDGR GH WUDEDOKR IRL DOYR GH FUtWLFD GRV DXWRUHV0HQJD/GNH$QW{QLR)OiYLR%DUERVD0RUHLUDH0DULD,VDEHOGD&XQKD ID]HPXPDFRUUHODomRGHVWHIDWRFRPDQiOLVHVGDVSURSRVWDVHGXFDFLRQDLVGR%DQFR 0XQGLDOTXHSUHYrXPDDSUR[LPDomRHQWUHHVFRODHHPSUHVDHXWLOL]DDVH[SHULrQFLDV RFRUULGDVMiQD(XURSDDVTXDLVHQIDWL]DPDFDSDFLWDomRHPVHUYLoRHPGHWULPHQWRGH XPD IRUPDomR LQLFLDO XPD YH] TXH R %UDVLO VRIUHX JUDQGH LQIOXHQFLD GR FRQWLQHQWH HVSHFLDOPHQWH GD )UDQoD FRPR UHODWD 0DULD 0DOWD &DPSRV DWUDYpV GH XP SDUDOHORWUDoDGRHQWUHRVGRLVSDtVHV
1DOLQKDGDVDOWHUDo}HVQRFDPSRHGXFDFLRQDO0LJXHO*$UUR\RWUD]XPD GLVFXVVmRVREUHDLQIOXrQFLDHGLYLVmRGRVFLFORVGHQWURGDVHVFRODVHDPDQHLUDTXH VHJUHJDomRDFDEDLQIOXHQFLDQGRQDIRUPDomRGHSURIHVVRUHVGHVWLQDQGRDRVGRFHQWHV XPD IRUPDomR HP FHQWURV GH WUHLQDPHQWR H GH FDSDFLWDomR H HVWHV GDQGR FRPR UHWRUQRXPDHGXFDomREDVHDGDQDWUDQVPLVVmRGHFRQKHFLPHQWRSUDVHXVDOXQRVR DXWRU FRPSOHPHQWD DLQGD QmR YHQGR RV FLFORV FRPR EHQHILFLR QD SURSRVWD GH IRUPDomRGRFHQWHHDDYDOLDFRPRUHWURFHVVRD/HLSURSRQGRXPDOHLWXUDH HQWHQGLPHQWRSRVWHULRUGRTXHSUHYrD/'%
ϯϭ
FRPR HVWi RFRUUH D IRUPDomR QDV XQLYHUVLGDGHV H QRV ,QVWLWXWRV 6XSHULRUHV GH (GXFDomR VXJHULQGR TXH DPERV VHJXLVVHP DV GLUHWUL]HV FXUULFXODUHV QDFLRQDO QR LQWXLWR GH REWHU DVVLP XPD IRUPDomR EDVH SDGUmR DVVLP FRPR Mi DVVLQDODUDP HP VHXVDUWLJRV0DULD0DOWD&DPSRVH&DUORV$OEHUWR0DUTXHVH-~OLR(PtOLR'LQL] 3HUHLUD
(VWHSDQRUDPDGDUHDOLGDGHHGXFDFLRQDOIRLIRFRGHFUtWLFDDVVtGXDGHGLYHUVRV DXWRUHV SHOD SHUGD GD HVSHFLILFLGDGH GR SURIHVVRU FDXVDGR SHOD IRUPDomR SRU FDSDFLWDomR FRPR H[S{V &HFtOLD $]HYHGR /LPD &ROODURV 0DULD $SDUHFLGD $IIRQVR 0R\VpV-RmR:DQGHUOH\*HUDOGL1RLQWXLWRGHFRPSUHHQGHUDUHDOLGDGHHQD EXVFDSRUVROXo}HV/HGD6FKHLEHH0iUFLDÆQJHOD$JXLDUWUD]HPXPKLVWyULFR VREUH R VXUJLPHQWR FRQTXLVWDV H UHWURFHVVRV QR FXUVR GH 3HGDJRJLD GR SDtV TXH LQIOXHQFLDUDPQDIRUPDomRGRVSURIHVVRUHVDLQGDWHPRV-RVp&DUORV/LEkQHRH6HOPD *DUULGR3LPHQWDTXHDQDOLVDPSDUWLFXODUPHQWHD/HLGH'LUHWUL]HVH%DVHVGH IRFDQGR QR 7tWXOR 9, TXH YDL GLVFXWLU D IRUPDomR GRFHQWH D RUJDQL]DomR GDV XQLYHUVLGDGHVHRVLQVWLWXWRVGHHQVLQRVXSHULRUTXHIRUPDUmRRSHGDJRJR
1D OLQKD GRV DYDQoRV H WHQWDWLYDV GH PHOKRU D IRUPDomR GRV SURIHVVRUHV H D HGXFDomRJHUDOGRSDtVDVDXWRUDV0DULD7HUHVD/HLWmRGH0HORH+HOHQD&RVWD )UHLWDVHPVHXVUHFHSWLYRVDUWLJRVWUD]HPIDWRUHVGHLQIOXHQFLDQDEXVFDSRU PHOKRULD QD HVFROD EiVLFD H QD IRUPDomR GRFHQWH FRPR D FULDomR GD $QIRSH H GR &RQDUFI TXH EXVFRX SHOD UHIRUPXODomR GRV FXUVRV VXSHULRUHV GH IRUPDomR D &RQIHUHQFLD UHDOL]DGD QR 0p[LFR H HP -RQWLHQ SDUD GLVFXVVmR GRV SUREOHPDV HGXFDFLRQDLVDFULDomRGR3ODQR'HFHQDOD/'%HR3ODQR1DFLRQDOGH(GXFDomRQR %UDVLOHDGLVFXVVmRGD(GXFDomRSDUDWRGRV´QD$PpULFD/DWLQDSDUD0DULD7HUHVD /HLWmRGH0HORpQHFHVViULDXPDFRQVFLHQWL]DomRDFHUFDGDGLPHQVmRVRFLDO GRWUDEDOKRGRFHQWHYDORUL]DQGRDIRUPDomRGHTXDOLGDGHGRGRFHQWH
ϯϮ
(VWDWXWR GR 3URIHVVRUHV DVVLP FRPR WHU XP SHUILO SUpGHILQLGR GR SURIHVVRU TXH VH SUHWHQGH IRUPDU FULDQGR HVWUDWpJLDV GH DSUHQGL]DJHP H DUWLFXODomR HQWUH WHRULD H SUiWLFDFRPSOHPHQWD-XOLHWD%HDWUL]5DPRV'HVDXOQLHUV
'HQWURGHXPDKLVWyULDFRQILJXUDGDSRUOXWDVHFRQTXLVWDV,ULD%U]HQ]LQVNL WUDoDXPSDQRUDPDKLVWyULFRGHVGHRVpFXOR;,;DERUGDQGRDVOHLVHRVGHFUHWRVH FRPRHVWHVLQWHUYLHUDPQDIRUPDomRGRVSURIHVVRUHVHGHXPDPDQHLUDQHPVHPSUH SRVLWLYD FRPR p R FDVR GD IRUPDomR TXH VH HVSHUD GR SURIHVVRUHV GH (GXFDomR ,QIDQWLO FRPR FRPSOHPHQWD D DXWRUD 7L]XNR 0RUFKLGD .LVKLPRWR EDVHDGD QD &RQVWLWXLomRGHQR(VWDWXWRGD&ULDQoDHGR$GROHVFHQWHQD/HLGH'LUHWUL]HVH %DVHV H GD /HL 2UJkQLFD GH $VVLVWrQFLD 6RFLDO GLVFXWL D IRUPDomR GR SURILVVLRQDOGD(GXFDFLRQDO,QIDQWLOXPDYH]TXHHVWDVOHLVJDUDQWHPDHGXFDomRSDUD FULDQoDV GH ]HUR D VHLV DQRV GH LGDGH JDUDQWLGRV SHOR JRYHUQR ID]HQGR XPD SRQWH FRPDGHILFLrQFLDQDIRUPDomRGRVSURILVVLRQDLVTXHDWXDPQDiUHDHID]XPUHWUDWR KLVWyULFR GR FXUVR GH SHGDJRJLD QR SDtV H FRPSOHWD FRP D FULDomR FRQWtQXD GRV ,QVWLWXWRV6XSHULRUGH(GXFDomR
1R HQWDQWR D (GXFDomR ,QIDQWLO QmR p ~QLFD TXH SHFD QD IRUPDomR GH VHXV SURILVVLRQDLVDDXWRUD9HUD0DVDJmR5LEHLURUHODWDDIDOWDGHSHVTXLVDVHDV IDOKDV FRQWLGDV QD IRUPDomR GRV SURIHVVRUHV GD (GXFDomR GH -RYHQV H $GXOWRV H DERUGDDQHFHVVLGDGHGHHVSHFLDOL]DURSURILVVLRQDOGDiUHD
ϯϯ
1D WHQWDWLYD GH VXSULU HVVD GHIDVDJHP QD IRUPDomR GRV SURILVVLRQDLV HP HGXFDomRpSURSRVWDXPDIRUPDomRFRQWLQXDGDFRPRPHLRGRVSURIHVVRUHVPDQWHUHP VHHPFRQVWDQWHDWXDOL]DomRGHFRQKHFLPHQWRVDSHVDUGHVWHLGHDOHPUHODomRDFODVVH PDJLVWUDGDRDXWRU'pFLR6DHVWUD]XPDTXHVWmREDVWDQWHSHUWLQHQWHSRUPHLR GHXPDyWLPDFUtWLFDTXDQGRRDVVXQWRpRLQJUHVVRGHSURIHVVRUHVHPFXUVRVGHSyV JUDGXDomRTXHVWLRQDQGRVXDUHDOLQWHQomRVHHVWHpXPPHLRGHDVFHQVmRVRFLDORX XPD IRUPD GH DTXLVLomR GH QRYRV FRQKHFLPHQWRV (QTXDQWR TXH $FiFLD =HQHLGD .XHQ]HUH0DULD&pOLD0DUFRQGHVGH0RUDHVTXHID]HPXPGHEDWHVREUHRV FXUVRV GH SyVJUDGXDomR QR SDtV EXVFDQGR DEUDQJHU D HODERUDomR GDV SULRULGDGHV HGXFDWLYDV GHVWH D RUJDQL]DomR LQVWLWXFLRQDO HP TXH HVWi LQVHULGD VXD HODERUDomR FXUULFXODUHDGHILQLomRGHVHXVSDUkPHWURVSDUDTXHDVVLPDVQHFHVVLGDGHVGRFHQWHV VHMDP FRPSOHPHQWDGDV VXSULGDV QHVWHV FXUVRV DOpP GD H[WHQVmR XQLYHUVLWiULD VHJXQGR'HPHUYDO6DYLDQLWHQKDLQFRUSRUDGRHPVXDHVSHFLILFLGDGHWDPEpPD IXQomRVRFLDOQDTXDORGRFHQWHHVWiLQVHULGRTXHUHIHUHVHDGLIXVmRHVRFLDOL]DomR GHVWH FRQKHFLPHQWR DOL GHVHQYROYLGR WUD]HQGR GHVWD PDQHLUD XP UHWRUQR SDUD D VRFLHGDGH TXH FRQWULEXL SDUD D VXVWHQWDomR GDV XQLYHUVLGDGHV VH PDQWHUHP YLYDV H RSHUDQWHV
$DSUHVHQWDomRGRVDUWLJRVSUHVHQWHVQRSHULyGLFR(GXFDomR 6RFLHGDGHHVWi UHSUHVHQWDGRQRTXDGURDTXLDSUHVHQWDGR
19RO $QR 0rV 7HPiWLFD $UWLJR
6HW (GXFDGRUSUHFLVDVHUHGXFDGR ;
-DQ $GPLQLVWUDomRSRGHUHWUDEDOKR ;
0DL 3HGDJRJLD GR RSULPLGR (GXFDomR GR
FRORQL]DGRU ;
6HW ,OXVmRSROtWLFDHGHVLOXVmRSHGDJyJLFD 6REUHYLROrQFLD
-DQ (GXFDGRU 7UDEDOKDGRU &81+$/$4XHPHGXFDRVHGXFDGRUHVS
-XQ 5HVLVWrQFLD6XEPLVVmR ;
6HW (GXFDomRH,PSHULDOLVPR 1DGDHPHVSHFLILFR
0DU (GXFDomR,QVWUXPHQWRGHOXWD 1DGDHPHVSHFLILFR
0DL /XWD SHOD RUJDQL]DomR GRV
HGXFDGRUHV :$&+2:,&=/$$IRUPDomRGRHGXFDGRU
6HW 'LPHQVmR3ROtWLFDGDDomRHGXFDWLYD ;
-DQ /XWDSHODDXWRQRPLD ;
6HW $YDQoRQDOXWD 6REUHSUiWLFDVOLEHUWiULDV
'H] $SyVDVHOHLo}HVRGHEDWHFRQWLQXD 6$1726 ),/+2 - & 'LUHWUL]HV FXUULFXODUHV SDUD D
IRUPDomRLQLFLDOGRSURIHVVRUGHHVFRODGHHJUDXS
$EU &UtWLFDHDSUiWLFDGDHGXFDomR ;
$JR 3HQVDU D HGXFDomR H SHQVDU D
VRFLHGDGH ;
'H] 3HQVDU D HGXFDomR H SHQVDU D
ϯϰ
$EU (GXFDUpSUHFLVR (GXFDomRHVLQGLFDOLVPR
$JR (GXFDomR(GXFDU6DEHU ;
'H] (GXFDomRHPUHYLVWD ;
-DQDEU 0XGDQoDRX7UDQVIRUPDomR ;
0DLDJR ,,,&RQIHUrQFLD%UDVLOHLUDGH(GXFDomR ;
6HWGH] (GXFDGRUQRIURQW )5(,7$6/&1RWDVVREUHDHVSHFLILFLGDGHGRSHGDJRJR
H VXDV UHVSRQVDELOLGDGHV QR HVWXGR GD WHRULD H SUiWLFD SHGDJyJLFDS
$EU ;
$JR ;
'H] ,9FRQIHUrQFLDEUDVLOHLUDGHHGXFDomR %$',1 1 )RUPDomR WHyULFD H SUiWLFD SHGDJyJLFD GR
SURIHVVRUGH+LVWyULD
6(5%,1259HWDO(QVLQDUSHVTXLVDUDSUHQGHU8PD H[SHULrQFLDGHIRUPDomRGHSURIHVVRUHV
&81+$ 0 , 5HIOH[}HV VREUH D HGXFDomR GH SURIHVVRUHVFRPRDSUiWLFDGHVXSHUYLVmRSHGDJyJLFD
$EU 6REUHOtQJXDV ,, (QFRQWUR 1DFLRQDO GD &RPLVVmR 1DFLRQDO GRV FXUVRV
GH)RUPDomRGR(GXFDGRU'RFXPHQWR)LQDO
6HW ;
'H] 5HIRUPDHGXFDFLRQDO $OJXQV DUWLJRV VREUH SUiWLFD SHGDJyJLFD QR HQVLQR
VXSHULRU
-XO 'LVFXUVRGHVHUYLGmRYROXQWiULD 0$5,1, 7 $V GLVFLSOLQDV KXPDQDV QR FXUUtFXORV GH
IRUPDomRGHSURILVVLRQDLVGDiUHDGDVD~GH
$JR 1RYD/HLGD(GXFDomR ;
'H] 9&RQIHUrQFLD%UDVLOHLUDGH(GXFDomR &$/$=$16 0 - & )RUPDomR GR SODQHMDGRU (GXFDomR DUWLFXODQGRSUiWLFDWHyULFD
$EU ;
$JR ;
'H] %$(7+*( 0 1RYDV WHFQRORJLDV SHUVSHFWLYDV
SURILVVLRQDLV H DXWRFRPSUHHQVmR FXOWXUDO 'HVDILRV j IRUPDomR
$EU ;
$JR 1RYDVIRUPDVGHWUDEDOKR %(51$5'2 09& HW DO 3HQVDQGR D HGXFDomR ±
(QVDLRV VREUH D IRUPDomR GR SURIHVVRU H D SROtWLFD HGXFDFLRQDO
'H] /(1+$5'7*$IRUPDomRFRPRILQDOLGDGHGDHVFROD
$EU ;
$JR (GXFDomRHEHPHVWDU ;
'H] *UDPVFLHGXFDGRU" ;
$EU ;
$JR /8'.(04XHVW}HVHVWUDWpJLFDVGDHGXFDomRUHFXUVRV
DXWRQRPLDHTXDOLGDGHGHHQVLQRHSHVTXLVDS
'H] ;
$EU ;
$JR 6REUHTXDOLILFDomR
'H] 6REUHTXDOLGDGHVHVDEHUHV
$EU 1DGDHPHVSHFtILFR
$JR 1DGDHPHVSHFtILFR
'H] 1DGDHPHVSHFtILFR
$EU 1DGDHPHVSHFtILFR
$JR 1DGDHPHVSHFtILFR
'H] 1DGDHPHVSHFtILFR
(VS (GXFDomR'HPRFUDFLD$XWRULWDULVP
R 1DGDHPHVSHFtILFR
$EU 3UREOHPDVGRVHWRUS~EOLFR 1DGDHPHVSHFtILFR
$JR 2/,9(,5$ 5 - $ HGXFDomR SOXUDOLVWD H D TXHVWmR GR
VDEHUSHUVSHFWLYDVSDUDRVpF;;,S
'H] $*8,$5 0 $ 3DUkPHWURV &XUULFXODUHV 1DFLRQDLV H
IRUPDomR GH HGXFDGRU D UHIRUPD HGXFDFLRQDO EUDVLOHLUD HPPDUFKDS
(VS 7HRULDV &UtWLFDV H OLEHUDOLVPR
&RQWUDVWHVHFRQIURQWRV /,%$1(2 -& 3HGDJRJLD SHGDJRJRV H IRUPDomR GHSURIHVVRUHVEXVFDHPRYLPHQWRS
$EU 1DGDHPHVSHFtILFR
$JR )(55(77, & - )RUPDomR GH SURILVVLRQDO H UHIRUPD GH
HQVLQRWpFQLFRQR%UDVLODQRV3
'H] '(6$8/1,(56 -% 5 )RUPDomR FRPSHWrQFLD H
FLGDGDQLDS
0$1)5('( 60 %$6726 6 ([SHULrQFLDV H SURMHWRV GH IRUPDomR GH SURILVVLRQDO HQWUH WUDEDOKDGRUHV
EUDVLOHLURV3
(VS 7HFQRORJLD7UDEDOKRH(GXFDomR 1DGDHPHVSHFtILFR
$EU 1DGDHPHVSHFtILFR
$JR 'RVVLr 8QLYHUVLGDGH HP WHPSRV
ϯϱ
(VS &RPSHWrQFLD TXDOLILFDomR H
WUDEDOKR 1DGDHPHVSHFtILFR
'H] %(//21, 0 / 7HFQRORJLD H IRUPDomR GH SURIHVVRUHV
UXPRDXPDSHGDJRJLDSyVPRGHUQD"S
$EU 1DGDHPHVSHFtILFR
$JR 7$1*8< / 'R VLVWHPD HGXFDWLYR DR HPSUHJR
)RUPDomRXPEHPXQLYHUVDOS
(VS )RUPDomR GH 3URILVVLRQDLV GD
(GXFDomR3ROtWLFDVHWHQGrQFLDV DUWLJRVVREUHIRUPDomR
'H] 0DVTXHUD]mR" 1DGDHPHVSHFtILFR
$EU 'RVVLr(QVLQR0pGLR :(%(56&RPRHRQGHIRUPDUSURIHVVRUHVHVSDoRHP
FRQIURQWRS
DUWLJRVVREUH GLUHWUL]HV HFRQFHSo}HVGH HQVLQRPpGLR TXHWUDWDPGDIRUPDomRS
-XO 9LJRWVN\2PDQXVFULWRGH )DODGHIRUPDomRGRLQGLYtGXR
$JR 6,/9$ $ 0 & )RUPDomR FRQWLQXDGD GH SURIHVVRUHV
XPD UHIOH[mR VREUH DV SUiWLFDV H DV SUiWLFDV GH UHIOH[mR HPIRUPDomRS
'H] 'RVVLr 3ROtWLFDV FXUULFXODUHV H
GHFLV}HVHSLVWHPROyJLFDV 7$5',) 0 5$<021' ' 6DEHUHV WHPSR HDSUHQGL]DJHPGRWUDEDOKRQRPDJLVWpULRS DUWLJRVVREUHFXUUtFXOR
$EU 2V VDEHUHV GRFHQWHV H VXD
IRUPDomR 181(6&0)6DEHUHVGRFHQWHVHIRUPDomRGHSURIHVVRUHV8PEUHYHSDQRUDPDGDSHVTXLVDEUDVLOHLUD /(//,6,$'RHQVLQRGHFRQWH~GRVDRVVDEHUHVGR SURIHVVRU0XGDQoDGHLGLRPDSHGDJyJLFR" %25*(6&6DEHUHVGRFHQWHV'LIHUHQWHVWLSRORJLDVH FODVVLILFDo}HVGHXPFDPSRGHSHVTXLVD /8'.(02SURIHVVRUVHXVDEHUHVXDSHVTXLVD 48(,52=*53&3URFHVVRVGHIRUPDomRGH SURIHVVRUHVDUWLVWDVUHIOH[LYRVGH)tVLFD
0217(,52 $0)& 3URIHVVRUHV (QWUH VDEHUHV H SUiWLFDV
7+(55,(1-/2,2/$)([SHULrQFLDHFRPSHWrQFLDQR HQVLQR 3LVWDV GH UHIOH[}HV VREUH D QDWXUH]D GR VDEHU HQVLQDUQDSHUVSHFWLYDGDHUJRQRPLDGRWUDEDOKRGRFHQWH
$JR 3ROtWLFDV(GXFDFLRQDLV 1DGDHPHVSHFtILFR
(VS eWLFDHGXFDomRHVRFLHGDGH 7RGRVVREUHpWLFD
'H] &$1(1 $ 8QLYHUVRV FXOWXUDLV H UHSUHVHQWDo}HV
GRFHQWHVVXEVtGLRVSDUDDIRUPDomR GHSURIHVVRUHVSDUD DGLYHUVLGDGHFXOWXUDOS
$EU (QVDLRVVREUH3LHUUH%RXUGLHX 0$548(6 & $ 3(5(,5$ - ' )yUXQV GDV
OLFHQFLDWXUDV HP XQLYHUVLGDGHV EUDVLOHLUDV FRQVWLWXLQGR DOWHUQDWLYDVSDUDDIRUPDomRLQLFLDOGHSURIHVVRUHVS
$JR 'LIHUHQoDV &XUUtFXORHFRPSHWrQFLDV
(VS 3ROtWLFDVS~EOLFDVSDUDDHGXFDomR
ROKDUHVGLYHUVRVVREUHRSHUtRGRGH
1DGDHPHVSHFtILFR
'H] /HWUDPHQWR 1DGDHPHVSHFtILFR
$EU 3ROtWLFDV HGXFDWLYDV HP 3RUWXJDO H
QR%UDVLO $OJXQVDUWLJRVVREUHIRUPDomRSURILVVLRQDOJHUDO
$JR $GRUQRHHGXFDomR 1DGDHPHVSHFtILFR
(VS (GXFDomRGHGLUHLWRGHFLGDGDQLDD
PHUFDGRULD QRYDV OHLWXUDV VREUH R S~EOLFRHRSULYDGRPHUFDQWLO
1DGDHPHVSHFtILFR
'H] )5(,7$6 + & / &HUWLILFDomR GRFHQWH H IRUPDomR GR
HGXFDGRUUHJXODomRHGHVSURILVVLRQDOL]DomRS :(%(5 6 3URILVVLRQDOL]DomR GRFHQWH H SROtWLFDV S~EOLFDVQR%UDVLOS
',$65(/23(6$&&RPSHWrQFLDVQDIRUPDomRGH SURIHVVRUHV QR %UDVLO R TXH QmR Ki GH QRYR S
$1'5$'( / ' $ HVFULWD GRV SURIHVVRUHV WH[WRV HP IRUPDomR SURIHVVRUHV HP IRUPDomR IRUPDomR HP IRUPDomRS
-DQDEU ,PDJHP H SHVTXLVD HP HGXFDomR
FXUUtFXORHFRWLGLDQRHVFRODU 1DGDHPHVSHFtILFR
0DLDJR *OREDOL]DomR H HGXFDomR
SUHFDUL]DomRGRWUDEDOKRGRFHQWH 0(//2:., 0 *$87+8(5 & 2 SURIHVVRU H VHXPDQGDWRGHPHGLDGRUKHUGHLURLQWpUSUHWHHFULWLFR3
(VS 8QLYHUVLGDGH UHIRUPD HRX
UHQGLomRDRPHUFDGR 1DGDHPHVSHFtILFR
6HWGH] SDUWH GR 'RVVLr *OREDOL]DomR H
HGXFDomRSUHFDUL]DomRGRWUDEDOKR GRFHQWH
6$1726 //&3 )RUPDomR GH SURIHVVRUHV QD FXOWXUD GRGHVHPSHQKR
/8'.(0 %2,1* /$ &DPLQKRV GD SURILVVmR H GD SURILVVLRQDOLGDGHGRFHQWH
2/,9(,5$ ' $ $ UHHVWUXWXUDomR GR WUDEDOKR GRFHQWH SUHFDUL]DomRHIOH[LELOL]DomR
ϯϲ
IRUPDomRGRFHQWH
6$03$,2 0 0 ) 0$5,1 $ , 3UHFDUL]DomR GR WUDEDOKR GRFHQWH H VHXV HIHLWRV VREUH DV SUiWLFDV FXUULFXODUHV
-DQDEU 5HYLVWDGD&LrQFLDGD(GXFDomR 6,02$0&$(7$12$3)/25(60$
&RQWH[WRVHSURFHVVRVGHPXGDQoDGRVSURIHVVRUHVXPD SURSRVWDGHPRGHOR
4XDGUR,,±$)RUPDomRGR3URIHVVRUQR&RQWH[WRGD5HYLVWD(GXFDomR 6RFLHGDGH
$SDUWLUGHVVHVGDGRVRUJDQL]RXVHDDSUHVHQWDomRGRVUHVXOWDGRVHDVXD GLVFXVVmRSURFXUDQGRH[SORUDUDSURSRVWDGDUHYLVWDVHXFLFORGHYLGDDVVLPFRPR RVHL[RVWHPiWLFRVYLQFXODGRVDIRUPDomRGHSURIHVVRUHV
ϯϳ
&DSLWXOR
5HYLVWD(GXFDomR 6RFLHGDGH3URSRVWD'HVHQYROYLPHQWRH3HUVSHFWLYD
(GXFDomR 6RFLHGDGH LQLFLRX VXDV DWLYLGDGHV HP FRP R SURSyVLWR GH VHUYLU FRPR LQFHQWLYR j SHVTXLVD DFDGrPLFD H WUD]HQGR GHEDWHV DFHUFD GR XQLYHUVR HGXFDFLRQDODOpPGHGLVFXWLUDVVXDVUHODo}HVFRPDVRFLHGDGHDSUHVHQWDQGRVHPSUH WH[WRV LQpGLWRV HVFULWRV SRU DXWRUHV QDFLRQDLV VHQGR TXH DWp HQWmR VXD FLUFXODomR RFRUULDVRPHQWHSRUPHLRGHLPSUHVVRV
$SyVDOFDQoDUr[LWRVGXUDQWHRVDQRVGHVXDVSXEOLFDo}HVLQLFLDLVRSHULyGLFR HP TXHVWmR REWHYH VXFHVVR H UHFRQKHFLPHQWR LQWHUQDFLRQDO IDWR FRQVWDGR SHOD FRQWULEXLomRGHWH[WRVHVFULWRVSRUDXWRUHVLQWHUQDFLRQDLVRVTXDLVVmRWUDGX]LGRVSDUD R SRUWXJXrV SDUD SRVWHULRUPHQWH VHUHP SXEOLFDGRV 2V HVFULWRV QDFLRQDLV H LQWHUQDFLRQDLVGHVWLQDPVHDSHVTXLVDGRUHVHHGXFDGRUHVTXHWUDEDOKDPFRPFLrQFLDV KXPDQDVHRXWURVFDPSRVGRVDEHU
2XWURIDWRUTXHGHPRQVWUDRFUHVFLPHQWRGDUHYLVWDHVWiUHODFLRQDGRDRIDWRGH TXHQDGpFDGDGHVXDVSXEOLFDo}HVWDPEpPSDVVDUDPDVHUSXEOLFDGDVYLDLQWHUQHW DWUDYpVGRVLWHGR6FLHORTXHIDFLOLWRXHSRSXODUL]RXRDFHVVRDSXEOLFDomRXPDYH] TXHR6FLHORpFODVVLILFDGRFRPRXPDELEOLRWHFDHOHWU{QLFDDTXDOIRLGHVHQYROYLGDSHOD )$3(63)XQGDomRGH$PSDURj3HVTXLVDGH6mR3DXORHPSDUFHULDFRPD%LUHPH &HQWURODWLQRDPHULFDQRHGR&DULEHGH,QIRUPDomRHP&LrQFLDVGD6D~GHTXHEXVFD DUPD]HQDUHGLVVHPLQDUSURGXo}HVFLHQWtILFDVHPIRUPDWRHOHWU{QLFR
ϯϴ
GHPRQVWUDGR SHORV PHPEURV SUHVHQWHV QR FRQVHOKR HGLWRULDO LQWHUQDFLRQDO HVSHFLDOPHQWHGD$PpULFD/DWLQDH(XURSD
5HYLVWD(GXFDomR 6RFLHGDGH3URSRVWD,QLFLDO
(PVXUJHQRFHQiULRQDFLRQDOXPDUHYLVWDTXHHVWDYDIRFDGDHREMHWLYDYD LQFHQWLYDUDSHVTXLVDDFDGrPLFDGLVFXWLQGRDUHDOLGDGHHGXFDFLRQDOHDEDUFDQGRDQD VRFLHGDGH HP TXH HVWDYD LQVHULGD HVWD p D GDWD GR QDVFLPHQWR GH (GXFDomR 6RFLHGDGH (QTXDQWR VDLD GR IRUQR R SULPHLUR Q~PHUR GH VXD HGLomR R SDtV HVWDYD VREUHRUHJLPHGDGLWDGXUDVXUJLDD7HRULDGR&DSLWDO+XPDQRHHUDLQVWLWXtGDD/HLGH 'LUHWUL]HV H %DVHV GD (GXFDomR /'% Q TXH SULYLOHJLD XPD HGXFDomR SURILVVLRQDOGHFXUWDGXUDomRHYROWDGDDDWHQGHUDVGHPDQGDVGRPHUFDGR
3RU FRQVHJXLQWH QD GpFDGD GH IRL SURPXOJDGD D QRYD &RQVWLWXLomR %UDVLOHLUD QD TXDO GLVFXWLVH D UHIRUPXODomR GRV FXUVRV GHVWLQDGRV D IRUPDomR GH SURIHVVRUHVUHHVWUXWXUDomRGRFXUVRGHSHGDJRJLDHpHQFDPLQKDGRD&kPDUD)HGHUDO RSURMHWRGHOHLGDQRYD/'%TXHVHULDVDQFLRQDGDHP
7RGDVHVVDVTXHVW}HVTXHDIHWDUDPDVRFLHGDGHHDHGXFDomRQDFLRQDOIRUDP UHODWDGDV H GLVFXWLGDV LQFDQVDYHOPHQWH QR SHULyGLFR DWUDYpV GH DXWRUHV TXH FRORFDYDP HP GHEDWH DV DOWHUDo}HV VyFLRHGXFDFLRQDLV TXH RFRUULDP QR FHQiULR PXQGLDO
ϯϵ
(PWHUPRVGHHGXFDomRDUHYLVWDGLVFXWLXDHGXFDomRVXSHULRUGHVGHVHXLQtFLR QR SDtV VHX VXUJLPHQWR H DSHUIHLoRDPHQWR FRP R SDVVDU GRV DQRV WURX[H WH[WRV GHEDWHQGR DV OHLVHGXFDFLRQDLVQDFLRQDLVDV DOWHUDo}HVQDHFRQRPLDPXQGLDOH VHX UHIOH[RHGXFDFLRQDOHPVXPDSURS{VVHHOXFLGDUHFULWLFDUDVRFLHGDGHYLJHQWHHVHXV WHQWiFXORVQDYLGDHGXFDFLRQDOGHVHPSHQKDQGRDFRPGHVWUH]D
5HYLVWD (GXFDomR 6RFLHGDGH 'HVHQYROYLPHQWR GD UHYLVWD GXUDQWH RV DQRV
4XDQGR (GXFDomR 6RFLHGDGH WHYH VXDV DWLYLGDGHV LQLFLDGDV FRP VXD SXEOLFDomR LQLFLDO GH UHVSRQVDELOLGDGH GD (GLWRUD 81,9(56,'$'( (67$'8$/ '( &$03,1$6HPFRQYrQLRFRPD(GLWRUD&RUWH]H0RUDHVHPFRQIRUPHRVDQRV FRUULDP VXD UHVSRQVDELOLGDGH HGLWRULDO H GH YLQFXODomR PXGRX EDVWDQWH HVVD UHVSRQVDELOLGDGH IRL GR &('(6 &257(= (',725$ ( $8725(6 $662&,$'26 &257(= (',725$ (',725$ 5(9,67$ '26 &('(6 75,%81$,6 /WGD &HQWUR GH (VWXGRV (GXFDomR H 6RFLHGDGH H 3DSLUXV D SDUWLU GH R SHULyGLFR SDVVD D VHU ILQDQFLDGR SHOR FRP UHFXUVR GR 3URJUDPD GH $SRLR D 3XEOLFDo}HV &LHQWtILFDV 0&7 &13T H ),1(3 H FRP VXD HGLomR SXEOLFDomR H YHQGDV VREUH UHVSRQVDELOLGDGH GR &('(6RTXHpYLJHQWHDWpRVGLDVGHKRMH
$ SXEOLFDomR H YLQFXODomR GR SHULyGLFR GXUDQWH D RFRUULDP XQLFDPHQWHSRULPSUHVVRVPDLVFRPR(GXFDomR 6RFLHGDGHSDVVRXDVHUEDVWDQWH UHFRQKHFLGD SRU VXD LPSRUWkQFLD QR PHLR HGXFDFLRQDO H VRFLDO D UHYLVWD D SDUWLU GH SDVVRXDVHUSXEOLFDGDYLDLQWHUQHWDWUDYpVGRVLWH6FLHORQRTXDOHQFRQWUDPRV DVUHYLVWDVHVHXVDUWLJRVSDUDOHLWXUDHSHVTXLVD
ϰϬ
DERUGDYDPLQFHVVDQWHPHQWHDQHFHVVLGDGHGHIRFDUHYDORUL]DUDIRUPDomRGRFHQWH WDQWRVXDLQLFLDOFRPRDFRQWLQXDGD
$UHYLVWDFRPVHXVDQRVGHVXFHVVRQRSDtVQDDERUGDJHPVyFLRHGXFDFLRQDO DFDED REWHQGR r[LWR LQWHUQDFLRQDO HVSHFLDOPHQWH QD (XURSD H $PpULFD /DWLQD IDWR FRPSURYDGRSHODFRODERUDomRGHDXWRUHVLQWHUQDFLRQDLVFRPWH[WRVHQDFRPSRVLomR HGLWRULDOGHVWHVHP(GXFDomR 6RFLHGDGH
5HYLVWD(GXFDomR 6RFLHGDGH3HUVSHFWLYDV±D
6HX LQtFLR WtPLGR QR VHLR GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV WRPRX SURSRUo}HV JLJDQWHVFDV DSyV GH]HQRYH DQRV GH H[LVWrQFLD R SHULyGLFR SDVVRX D FRQWDU FRP R ILQDQFLDPHQWR GH VHX WUDEDOKR SHOR 3URJUDPD GH $SRLR D 3XEOLFDo}HV &LHQWtILFDV 0&7 &13T H ),1(3 VXDV SXEOLFDo}HV TXH LQLFLDOPHQWH FRQWDYDP FRP WUDEDOKRV GHVHQYROYLGRV SRU DXWRUHV QDFLRQDLV PDV SDVVRX D WHU FRQWULEXLo}HV LQWHUQDFLRQDLV HP VHX LQWHULRU IDWR GHFRUUHQWH GH UHFRQKHFLPHQWR TXH FXOPLQRX HP FRODERUDomRLQWHUQDFLRQDLVHVSHFLDOPHQWHGD$PpULFD/DWLQDH(XURSD
$OpP GHVVDV FRQTXLVWDV (GXFDomR 6RFLHGDGH D SDUWLU GH GHL[D GH WHU VXD FLUFXODomR VRPHQWH SRU LPSUHVVRV H HQWUD QD HUD GLJLWDO VXD H[LVWrQFLD GHVGH HQWmR RFRUUH YLD LQWHUQHW H LPSUHVVRV QD LQWHUQHW HVWD VH HQFRQWUD QR VLWH 6FLHOR DFHVVtYHOSDUDHVWXGRVHOHLWXUDLQWHOLJHQWH
ϰϭ
&RP WDQWDV FRQTXLVWDV DGTXLULGDV SHOR SHULyGLFR p LQTXHVWLRQiYHO R PpULWR GH (GXFDomR 6RFLHGDGH ILFD DLQGD D G~YLGD GH TXDLV VHUmR DV SUy[LPDV PHWDV TXH VHUmR DWLQJLGDV SHOR SUyVSHUR SHULyGLFR TXH HP SRXFR PDLV GH WULQWD DQRV REWHYH GLYHUVDVUHDOL]Do}HVHPkPELWRLQWHUQDFLRQDOHQDFLRQDOFRPSOHQRUHFRQKHFLPHQWRH REMHWLYRVVXSHUDGRVLQGRDOpPGRHVSHUDGRTXDQGRIXQGDGD
ϰϮ
&DStWXOR
'LPHQV}HV VREUH D )RUPDomR GH 3URIHVVRUHV QR SHULyGLFR (GXFDomR 6RFLHGDGH
$SyVFRQILJXUDUPRVDHVFROKDGRSHULyGLFR(GXFDomR 6RFLHGDGHFRPRREMHWR GH HVWXGR GHVWH WUDEDOKR EXVFDPRV WUDEDOKDU FRP DUWLJRV TXH WURX[HVVHP HP VHX LQWHULRU D WHPiWLFD IRUPDomR GH SURIHVVRUHV H HP VHJXLGD HOHQFDPRV RV DVVXQWRV TXH SHUPHDULDP QRVVD GLVFXVVmR SURSRVWD HP UHODomR WHRULD H SUiWLFD VDEHUHV GRFHQWHV FXUUtFXOR DYDOLDomR SURILVVLRQDOLGDGH LGHQWLGDGH H IRUPDomR LQLFLDO H FRQWLQXDGD
(VVDVDERUGDJHQVIRUDPWUDQVIRUPDGDVHPVXEGLPHQV}HVFRQWHQGRLGHLDVGRV DXWRUHVUHVXPLGDPHQWHDJOXWLQDGDVQHVWHVWySLFRVTXHVHJXHPDEDL[RDSUHVHQWDQGR RHQIRTXHTXHHVWHVDVVXQWRVUHFHEHUDPQDUHYLVWD
$UHODomRWHRULDHSUiWLFDHVHXVWHQWiFXORVQDSUiWLFDSHGDJyJLFD
$IRUPDomRGRFHQWHGHYHWUD]HUHPVXDWHRULDIXQGDPHQWRVTXHDERUGHPXPD SUiWLFD SHGDJyJLFD TXH YLVOXPEUH SHODIRUPDomR GH XP SURILVVLRQDO TXH WHQKD FRPR IXQGDPHQWRVHGXFDFLRQDLVXPDSHUVSHFWLYDIRFDGDQDSHGDJRJLDHPDQFLSDWyULDFDSD] GHIRUPDUFLGDGmRVFUtWLFRVHSHQVDQWHVQXPDDERUGDJHPFUtWLFDUHIOH[LYD
ϰϯ
SDUDDGLVFXVVmRGRWHPD³SHGDJRJLDHDQWLSHGDJRJLD´GH&HOVR%HLVLHJHOH 5HYLVmRFUtWLFDGRSDSHOGRSHGDJRJRQDDWXDOVRFLHGDGHEUDVLOHLUDLQWURGXomRDXPD SHGDJRJLD GR FRQIOLWR GH 0RDFLU *DGRWWL SUHVHQWHV QR SHULyGLFR TXH FRORFDUDP HP FKHTXH FRPR HVWDYD RFRUUHQGR D IRUPDomR WHyULFD GRFHQWH SDUD TXHVWLRQDUVXDSUiWLFDDLQGDDOLHQDGDQRVEDQFRVHVFRODUHV
2VDXWRUHVTXHDERUGDUDPHVVHVWHPDVWUD]LDPFRQWULEXLo}HVHLGpLDVFRQWUiULDV DHGXFDomRVHJUHJDWLYDTXHDVVRODDVHVFRODVDLQGDGHL[DQGRDYLYrQFLDHDEDJDJHP FXOWXUDO LQGLYLGXDO FRPR VDEHU GHVQHFHVViULR H GHVYDORUL]DGR SULRUL]DQGR R HQVLQR FRQWHXGLVWDSUHVHQWHQDVVDODVGHDXODFRPDXVrQFLDGROLYUHSHQVDUID]HQGRGRDOXQR DSHQDVUHFHSWRUGRFRQKHFLPHQWRSUDJPiWLFR
(VWDPHWRGRORJLDGHHQVLQRIRFDGDQDDXVrQFLDGHLQWHUDomRHSDUWLFLSDomRGR DOXQRHPVXDDSUHQGL]DJHPIRLEDVWDQWHFULWLFDGDSRU6FKRQTXHFODVVLILFDYD HVWD SUiWLFD FRPR XPD IRUPD ³GH HVWUXWXUDV FDyWLFDV H LQGHWHUPLQDGDV´ S QDV TXDLV ³HVVDV ]RQDV LQGHWHUPLQDGDV GD SUiWLFD D LQFHUWH]D D VLQJXODULGDGH H RV FRQIOLWRVGHYDORUHVHVFDSDPDRVFkQRQHVGDUDFLRQDOLGDGHWpFQLFD´S
$JOXWLQDU D SUiWLFD GH HQVLQR FRP D UHDOLGDGH VRFLDO p XP SDVVR EDVWDQWH LPSRUWDQWH SDUD TXH VH WHQKD XPD SUiWLFD SHGDJyJLFD FRQGL]HQWH FRP DV QHFHVVLGDGHV GH HQVLQR GD FULDQoD DGROHVFHQWH RX DGXOWR QR HQWDQWR SDUD TXH R SURIHVVRU VHMD FDSD] GH UHDOL]iOD p SULPRUGLDO TXH KDMD FRPSUHHQVmR SRU SDUWH GR SURIHVVRU HP VXD IRUPDomR DFDGrPLFD GH FRPR RFRUUH R SURFHVVR GH HQVLQR DSUHQGL]DJHP GLVFXWLQGR VXD LPSRUWkQFLD QR DWR GH HQVLQDU SDUD TXH VXD DWXDomR FRPRHGXFDGRUQmRHVWHMDIRFDGDQDWUDQVPLVVmRUHFHSomRGHFRQKHFLPHQWRVHHVWH HGXFDGRUVHMDFDSD]GHH[HUFHUVXDIXQomRFRPGHVWUH]D
2VVDEHUHVGRFHQWHVQDIRUPDomRGHSURIHVVRUHV