81,9(56,'$'((67$'8$/3$8/,67$
,QVWLWXWRGH*HRFLrQFLDVH&LrQFLDV([DWDV
&kPSXV
GH5LR&ODUR
-8/,$1$*,2/2=$1&+(7$
$(;3(5,Ç1&,$'((&2120,$62/,'È5,$(0
9È5=($3$8/,67$±63$,1&8%$'25$3Ò%/,&$(2
(035((1',0(172&$6$'$%(/(=$
7UDEDOKR GH *UDGXDomR DSUHVHQWDGR DR ,QVWLWXWR GH *HRFLrQFLDV H &LrQFLDV ([DWDV &kPSXV GH 5LR &ODUR GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD -~OLR GH 0HVTXLWD)LOKRSDUDREWHQomRGRJUDXGH %DFKDUHOHP*HRJUDILD
5LR&ODUR63
ϮϬϭϮ
=DQFKHWD-XOLDQD*LROR
$ H[SHULrQFLD GH (FRQRPLD 6ROLGiULD HP 9iU]HD 3DXOLVWD ± 63 $ ,QFXEDGRUD 3~EOLFD H R (PSUHHQGLPHQWR &DVD GD %HOH]D -XOLDQD *LROR =DQFKHWD±5LR&ODUR>VQ@
,OILJVJUiIVIRWVPDSD
7UDEDOKRGHFRQFOXVmRGHFXUVREDFKDUHODGR±*HRJUDILD±8QLYHUVLGDGH (VWDGXDO3DXOLVWD,QVWLWXWRGH*HRFLrQFLDVH&LrQFLDV([DWDV
2ULHQWDGRU$XUR$SDUHFLGR0HQGHV
(FRQRPLD 6ROLGiULD ,QFXEDGRUDV 3~EOLFDV (PSUHHQGLPHQWRV 6ROLGiULRV
$*5$'(&,0(1726
$JUDGHoRDQWHVGHWXGRD'HXVSRUPHVPRHXWHQGRPHDIDVWDGR'HOHQDPDLRUSDUWHGH PLQKDIDFXOGDGH(OHQmRWHUVHDIDVWDGRGHPLP
$JUDGHoRDRVPHXVSDLV-RVpH$SDUHFLGDSRUDEVROXWDPHQWHWXGR&DGDXPGHVHXVDWRV IRLXPDRSRUWXQLGDGHTXHHXWLYHSDUDFUHVFHUHPHWRUQDURTXHVRX¬VPLQKDVLUPmV+HORLVDH 9LWyULDSHORDSRLRHDPRULQFRQGLFLRQDOHTXHIHOL]PHQWHSRVVRGL]HUVHUUHFtSURFR
$JUDGHoRDRVSURIHVVRUHVGR&ROpJLR6DQWD0DULDTXHIL]HUDPGHVHXSURMHWRGHYLGD D HGXFDomRHSHORDPRUHGHGLFDomRTXHWLYHUDPQRRItFLRGHHQVLQDUDWRVTXHPHLQVSLUDPKRMHH VHPSUH
$R 3URIHVVRU $XUR $SDUHFLGR 0HQGHV SHOR WHPSR H SDFLrQFLD D PLP GHGLFDGRV H SHOR HVStULWRFUtWLFRRTXDOHVSHURSHORPHQRVHPSDUWHWHUDGTXLULGR
$WRGRVRVSURIHVVRUHVGRFXUVRGH*HRJUDILDTXHIRUDPWmRLPSRUWDQWHVQDPLQKDYLGD DFDGrPLFDHQRGHVHQYROYLPHQWRGHVWHWUDEDOKRHPHVSHFLDODR3URIHVVRU-RVp*LOEHUWR6RX]D TXHDSHVDUGHWRGRVRVHPEDWHVWUDYDGRVHPVDODGHDXODVHPSUHVHPRVWURXMXVWRHFODURHPVXDV Do}HVHSRULVVRJDQKRXPLQKDDGPLUDomR(D3URIHVVRUD6LOYDQD0DULD3LQWDXGGLTXHPHVPR FRPRSRXFRWHPSRGHFRQYLYrQFLDFRQVHJXLXPHHQVLQDUPDLVGRTXHHXDSUHQGLHPDQRVGH YLGD
$JUDGHoRDWRGRVRVDPLJRVHFROHJDVSHORLQFHQWLYRHSHORDSRLRFRQVWDQWHVHPHVSHFLDO j0DULD/XLVD%UDQFR6RDUHVHj/DULVVD,NHGD3LHGDGHSHVVRDVFRPTXHPGLYLGLWRGDVDVPLQKDV DOHJULDVHDQJ~VWLDVGXUDQWHHVWHVDQRVGHIDFXOGDGH
(QILP DJUDGHoR D WRGD HTXLSH GD (FRQRPLD 6ROLGiULD GR 0XQLFtSLR GH 9iU]HD 3DXOLVWD WRGRV DTXHOHV TXH PH DFROKHUDP FRP PXLWR FDULQKR 5RVH 9DOH 6pUJLR 6HX /XL] /XFLDQH *\DQHDRSUHIHLWR(GXDUGRTXHIRLPXLWRVROtFLWRHSULQFLSDOPHQWHDVPHQLQDVGR*UXSRÒQLFD D%HWKD/LOLDQD-RpVLDHD6LOYDQLUDTXHPHSHUPLWLUDPHQWHQGHUPHOKRUFRPRpDYLGDGHODV
³1mRpQRVLOrQFLRTXHRVKRPHQVVHID]HP PDVQDSDODYUDQRWUDEDOKRQDDomRUHIOH[mR´
5(6802
(VWHWUDEDOKRWHPSRUREMHWLYRDQDOLVDUDH[SHULrQFLDGH(FRQRPLD6ROLGiULDQR0XQLFtSLR GH9iU]HD3DXOLVWD±63HDSDUWLUGDLQFXEDomRGRHPSUHHQGLPHQWRGHHVWpWLFD&DVDGD%HOH]D
$VVLPVHQGRpSUHFLVRWUDoDUXPSDQRUDPDKLVWyULFRGD(FRQRPLD6ROLGiULDQR%UDVLOSDUD HQWHQGHUFRPRHSRUTXHHODVHGHVHQYROYHXHPWHUULWyULRQDFLRQDOFRPRVHWRUQRXSROtWLFDVGH (VWDGRQRFHQiULRQDFLRQDOEHPFRPRQRPXQLFLSDO
$ SHVTXLVD GLVFXWH DLQGD TXDO R SDSHO GR *RYHUQR QR GHVHQYROYLPHQWR GD (FRQRPLD 6ROLGiULD QD SURPRomR GH SROtWLFDV VRFLDLV H GH GHVHQYROYLPHQWR ORFDO WHQGR FRPR JUDQGH TXHVWmRQRUWHDGRUD4XDORSDSHOGR*RYHUQRGH9iU]HD3DXOLVWDQDSURPRomRGHSROtWLFDVVRFLDLV GH(FRQRPLD6ROLGiULD"
3RU ~OWLPR HVWD LQYHVWLJDomR FLHQWtILFD EXVFD FRPSUHHQGHU GH TXH IRUPD D (FRQRPLD 6ROLGiULD SURYRFD PXGDQoDV GDV FRQGLo}HV VRFLDLV GR SRQWR GH YLVWD GDV PXOKHUHV TXH HVWmR LQFXEDGDVSHORHPSUHHQGLPHQWR&DVDGD%HOH]D
3DODYUDVFKDYH(FRQRPLD6ROLGiULD,QFXEDGRUDV3~EOLFDV(PSUHHQGLPHQWRV6ROLGiULRV
$%675$&7
7KLV VWXG\ DLPV WR DQDO\]H WKH H[SHULHQFH RI 6ROLGDULW\ (FRQRP\ LQ WKH &LW\ RI 9iU]HD 3DXOLVWD63DQGIURPWKHLQFXEDWLRQRIWKHHQWHUSULVHRIDHVWKHWLFV&DVDGD%HOH]D
7KHUHIRUHZHQHHGWRSUHVHQWDKLVWRULFDORYHUYLHZRIWKH6ROLGDULW\(FRQRP\LQ%UD]LOWR XQGHUVWDQGKRZDQGZK\LWKDVEHHQGHYHORSLQJLQWKHFRXQWU\DVLWKDVEHFRPH6WDWHSROLFLHVRQ WKHQDWLRQDOVFHQHDVZHOODVRQPXQLFLSDO
7KH UHVHDUFK DOVR GLVFXVVHV ZKDW WKH UROH RI JRYHUQPHQW LQ WKH GHYHORSPHQW RI WKH 6ROLGDULW\(FRQRP\SURPRWLRQRIVRFLDOSROLFLHVDQGORFDOGHYHORSPHQWZLWKWKHELJTXHVWLRQ :KDWLVWKHUROHRIJRYHUQPHQWLQSURPRWLQJ9iU]HD3DXOLVWDVRFLDOSROLFLHV6ROLGDULW\(FRQRP\" )LQDOO\WKLVUHVHDUFKVHHNVWRXQGHUVWDQGKRZWKH6ROLGDULW\(FRQRP\FDXVHVFKDQJHVLQ VRFLDOFRQGLWLRQVIURPWKHSRLQWRIYLHZRIZRPHQZKRDUHYHQWXUHLQFXEDWHGE\&DVDGD%HOH]D
ËQGLFHGHILJXUDV
*UiILFRV
*UiILFR %UDVLO 7D[DV 0pGLDV $QXDLV GH 9DULDomR HQWUH H GRV 6HJPHQWRV2UJDQL]DGRVH1mR2UJDQL]DGRVGR7UDEDOKR8UEDQR
7DEHODV
4XDGUR 5HODomR GDV 8QLYHUVLGDGHV TXH SRVVXHP ,QFXEDGRUDV GH &RRSHUDWLYDV 3RSXODUHV,7&3¶6
)RWRJUDILDV
)RWR±)DFKDGDGR$UPD]pPGD&LGDGDQLD
)RWR±$UPD]pPGD&LGDGDQLD
)RWR±&HQWUR3~EOLFR0XQLFLSDOGD(FRQRPLD6ROLGiULDGH9iU]HD3DXOLVWD±63
)RWR±)DFKDGDGR%DQFR&RPXQLWiULR2UTXtGHDQD9LOD5HDO9iU]HD3DXOLVWD±63
)RWR±0XUDOTXHFRQWDDKLVWyULDGR%DQFRQD&RPXQLGDGHGD9LOD5HDO
)RWR±0RHGD3URJUHVVR
)RWR,QFXEDGRUD3~EOLFDGH(PSUHHQGLPHQWRV&DVDGD%HOH]D9iU]HD3DXOLVWD±63
)RWR±6LOYDQLUDDPDVVDJLVWDUHFHEHQGRVHXFHUWLILFDGRGHSDUWLFLSDomRGRFXUVR
)RWR±%HWKDPDQLFXUHUHFHEHQGRVHXFHUWLILFDGR
)RWR±3UHIHLWR(GXDUGR3HUHLUDHDSDUWLFLSDQWH-RpVLDFDEHOHLUHLUDQD&DVDGD%HOH]D
)RWRVH/LOLDQHPVXDURWLQDFRPRGHVLJQHUGHVREUDQFHOKDHPDQLFXUH
)RWRVH±-RpVLDHPVXDURWLQDFRPRFDEHOHUHLUD
)RWR±7DEHODGH3UHoRVGR6DOmR
680È5,2
,QWURGXomR
8PD%UHYH,QWURGXomRDR&RQFHLWRGH7UDEDOKRQR&DSLWDOLVPR
$5HHVWUXWXUDomR3URGXWLYDHD2UJDQL]DomRGR7UDEDOKRQR%UDVLO
8PDEUHYHKLVWyULDGD(FRQRPLD6ROLGiULDQR%UDVLO
$V,QFXEDGRUDV7HFQROyJLFDVGH&RRSHUDWLYDV3RSXODUHV
$(FRQRPLD6ROLGiULDFRPR3ROtWLFD3~EOLFD
$(FRQRPLD6ROLGiULDQRPXQLFtSLRGH9iU]HD3DXOLVWD
2HPSUHHQGLPHQWRVROLGiULR&DVDGD%HOH]D
&RQVLGHUDo}HV)LQDLV
5HIHUrQFLDV%LEOLRJUiILFDV
,QWURGXomR
(VWD SHVTXLVD IRL UHDOL]DGD QR 0XQLFtSLR GH 9iU]HD 3DXOLVWD 63 ORFDOL]DGR D TXLO{PHWURVGDFDSLWDOGR(VWDGRGH6mR3DXOR$FLGDGHSHUWHQFHj5HJLmRGH-XQGLDtHOLPLWDVH DRVXOFRP&DPSR/LPSR3DXOLVWDHDQRUWHOHVWHHRHVWHFRP-XQGLDt
e D VHJXQGD PDLRU FLGDGH GHVVD UHJLmR GH DFRUGR FRP R VHQVR GH UHDOL]DGR SHOR ,QVWLWXWR%UDVLOHLURGH*HRJUDILD,%*(VXDSRSXODomRpGHKDELWDQWHV
$KLVWyULDGH9iU]HD3DXOLVWDFRPHoDHPTXDQGRRVLQJOHVHVFRQVWUXtUDPDHVWUDGDGH IHUURTXHOLJD6DQWRVD-XQGLDt$HVWUDGDSDVVDYDSRUXPDYiU]HDFDPSHVLQDFRPXPVDOLHQWH DFLGHQWHJHRJUiILFRHDViJXDVFULVWDOLQDVGRULR-XQGLDt
9iU]HD HUD XP GLVWULWR GH -XQGLDt VHX QRPH ID]LD DOXVmR DR WHUUHQR ULEHLULQKR EDL[R H SODQR VLWXDGR jV PDUJHQV GH XP ULR (P PDUoR GH R EDLUUR IRL HOHYDGR D PXQLFtSLR GH 9iU]HD3DXOLVWD23DXOLVWDQRQRPHGDFLGDGHVXUJLXFRPRLGHQWLILFDGRUGHPDLVXPDFRQTXLVWD GRVEDQGHLUDQWHV
$ERDORFDOL]DomRMXQWRjHVWUDGDGHIHUURHRSLRQHLULVPRHFRQ{PLFRUHQGHUDPj9iU]HD 3DXOLVWDXPDVLWXDomRSULYLOHJLDGD HPUHODomR j TXDQWLGDGHGHLQG~VWULDVLQVWDODGDV(OHYDGRj FDWHJRULDGHPXQLFtSLRFRPDGHQRPLQDomRGH9iU]HD3DXOLVWDSHODOHLHVWDGXDOQGH IHYHUHLURGHGHVPHPEUDGRGRPXQLFtSLRGH-XQGLDtFRQVWLWXLQGRVHFRPRGLVWULWRVHGHHP GHPDLRGH$SDUWLUGDHPDQFLSDomRHDWpDSUR[LPDGDPHQWHRFRUUHDRUJDQL]DomR GD HVWUXWXUD DGPLQLVWUDWLYD GD 3UHIHLWXUD UHFpPLQVWDODGD FDGDVWUDQGR DV SURSULHGDGHV LPRELOLiULDVDVIiEULFDVHFDVDVFRPHUFLDLVSDUDRODQoDPHQWRGHLPSRVWRV
7DPEpP WHP LQtFLR R DODUJDPHQWR GH UXDV H DVVHQWDPHQWR GH JXLDV H VDUMHWDV &RP R SDVVDUGRWHPSRFRPHoDRVHUYLoRGHVD~GHHDFRQVWUXomRGRSULPHLURFRQMXQWRKDELWDFLRQDO HGLILFDQGR GH]HQDV GH XQLGDGHV QR EDLUUR GD 3URPHVVD )RUDP WDPEpP DGTXLULGRV DWUDYpV GH GHVDSURSULDomR RV JDOS}HV GR DWXDO 3DoR 0XQLFLSDO &ULDUDPVH PHFDQLVPRV SDUD DXPHQWDU R SDUTXHLQGXVWULDODWUDLQGRDVSULPHLUDVIiEULFDVGD9iU]HD3DXOLVWDHPDQFLSDGD
$WXDOPHQWH 9iU]HD 3DXOLVWD VH GHVWDFD QR kPELWR LQGXVWULDO WHQGR LQVWDODGR GLYHUVDV HPSUHVDVGHRULJHPHVWUDQJHLUDGHQWUHHODVGHVWDFDVHD$OHPm&RQWLQHQWDO7HYHV.6%%RPEDV +LGUiXOLFDVHD(OHNHLUR]SHUWHQFHQWHDRJUXSR,7$86$
SHODFLGDGHVHPFRQWDURVSURGXWRUHVORFDLVHLQGHSHQGHQWHV7RGRVRVDQRVQRPrVGHDJRVWRp UHDOL]DGRD2UTXLYiU]HDXPDGDVPDLRUHVH[SRVLo}HVGH2UTXtGHDVGR%UDVLODWUDLQGRYLVLWDQWHV GHGLYHUVRVORFDLVGRSDtVHH[SRVLWRUHVQDFLRQDLVHLQWHUQDFLRQDLV
$HVFROKDGHVWHPXQLFtSLRDFRQWHFHXDWUDYpVGRFRQWDWRUHDOL]DGRDRORQJRGRDQRGH FRP DV SHVVRDV FRPSURPHWLGDV FRP D (FRQRPLD 6ROLGiULD QR PXQLFtSLR GHQWUH HODV RV IXQFLRQiULRV GR &HQWUR 3~EOLFR D 6HFUHWiULD GR 'HVHQYROYLPHQWR 6RFLDO *LDQ\ 3RYRD D UHVSRQViYHOSHOD8QLGDGHGH(FRQRPLD6ROLGiULD/XFLDQH0RVFDHRSUySULRSUHIHLWRGDFLGDGH (GXDUGR3HUHLUD
$RSomRSHORHPSUHHQGLPHQWRGD&DVDGD%HOH]DVHGHXHPUD]mRGHVWHHPSUHHQGLPHQWR VHURSULPHLURSURMHWRDVHULQFXEDGRQRPXQLFtSLR
$SHVTXLVDIXQGDPHQWRXVHQRPpWRGRPDWHULDOLVWDKLVWyULFRGLDOpWLFRSRLVSDUWHGHGXDV SUHPLVVDV IXQGDPHQWDLV D SULPHLUD p D GH TXH R KRPHP QmR QDVFH LQGLYtGXR PDV VH ID] LQGLYtGXR FRPR VHU H VXMHLWR KLVWyULFR TXH HOH p H D VHJXQGD p GH TXH XP SURFHVVR VyFLR KLVWyULFR QmR VH FRQVWLWXL DOJR DFDEDGR SURQWR LPXWiYHO PDV FRPR DOJR GLQkPLFR PXWiYHO FRPRXPFRQMXQWRGHSURFHVVRV
6REUHHVWHPpWRGRRILOyVRIRWFKHFR.DUHO.RVLNHVFUHYH³pRPpWRGRGDUHSURGXomR HVSLULWXDO H LQWHOHFWXDO GD UHDOLGDGH p R PpWRGR GR GHVHQYROYLPHQWR H GD H[SOLFLWDomR GRV IHQ{PHQRVFXOWXUDLVSDUWLQGRGDDWLYLGDGHSUiWLFDREMHWLYDGRKRPHPKLVWyULFR.26,. S
0DU[ S DUJXPHQWD TXH SDUD OLGDU FRP TXDOTXHU IHQ{PHQR VyFLRKLVWyULFR WHPVH GH OHYDU HP FRQWD DV UHODo}HV HQWUH R WRGR H DV SDUWHV 'HVVH PRGR D FDWHJRULD GD WRWDOLGDGHDVVXPHXPDSRVLomRFHQWUDOQDDERUGDJHPGDGLDOpWLFDPDU[LVWDSDUDRFRQKHFLPHQWR GD WRWDOLGDGH GR SURFHVVR KLVWyULFR $ FRPSUHHQVmR GRV IHQ{PHQRV HP VXD SURFHVVXDOLGDGH H WRWDOLGDGHIXQGDPHQWDVHQDGLDOpWLFDHQWUHSDUWLFXODULGDGHHXQLYHUVDOLGDGH
2ILOyVRIRK~QJDUR*HRUJ/XFNiFVSPRVWUDTXHQRVQH[RVH[LVWHQWHVHQWUHR SDUWLFXODU DV SDUWHV ± XQLYHUVDO R WRGR UHVLGH R IXQGDPHQWR TXH VXVWHQWD XPD DXWrQWLFD H YHUGDGHLUD DSUR[LPDomR H FRPSUHHQVmR GD UHDOLGDGH (P VXD H[SUHVVmR VLQJXODU R IHQ{PHQR UHYHOD R TXH p HP VXD LPHGLDWLFLGDGH VHQGR R SRQWR GH SDUWLGD GR FRQKHFLPHQWR HP VXD H[SUHVVmRXQLYHUVDOUHYHODVXDVFRPSOH[LGDGHVVXDVFRQH[}HVLQWHUQDVDVOHLVGHVHXPRYLPHQWR HHYROXomRHQILPDVXDWRWDOLGDGHKLVWyULFRVRFLDO
&RPR FDWHJRULD GH DQiOLVH GHVWD SHVTXLVD HVWDEHOHFHVH D WRWDOLGDGH FRPR R SURFHVVR KLVWyULFRGD(FRQRPLD6ROLGiULDQR%UDVLOSDUDGHVWDIRUPDSRGHULQYHVWLJDUDPDQLIHVWDomRGHVWH IHQ{PHQR HP VXD VLQJXODULGDGH H[SUHVVD SHOR IHQ{PHQR GD (FRQRPLD 6ROLGiULD HP 9iU]HD 3DXOLVWD±63
'HVWDIRUPDHVVDSHVTXLVDOHYDHPFRQWDDDQiOLVHGHGDGRVVHFXQGiULRVTXHGHVYHODPD XQLYHUVDOLGDGHGRIHQ{PHQRGD(FRQRPLD6ROLGiULDHVHXSURFHVVRKLVWyULFRQR%UDVLOHGHQWUR GHVWHFRQWH[WRRGHVHQYROYLPHQWRGDV,QFXEDGRUDV7HFQROyJLFDV3RSXODUHVSULPHLURGHQWURGDV XQLYHUVLGDGHVHHPVHJXLGDFRPRSROtWLFDS~EOLFDHHVWUDWpJLDGHGHVHQYROYLPHQWRORFDO
-i RV GDGRV SULPiULRV FRPR RV GHSRLPHQWRV GRV DJHQWHV HQYROYLGRV FRP D (FRQRPLD 6ROLGiULDQRPXQLFtSLRHPHVSHFLDOGDVLQWHJUDQWHVGRHPSUHHQGLPHQWRVROLGiULR&DVDGD%HOH]D FDUDFWHUL]DP D VLQJXODULGDGH GR IHQ{PHQR GD (FRQRPLD 6ROLGiULD QR PXQLFtSLR GH 9iU]HD 3DXOLVWD
$ DQiOLVH GLDOpWLFD HQWUH DV XQLYHUVDOLGDGHV H DV SDUWLFXODULGDGHV GHVVH IHQ{PHQR VyFLR KLVWyULFRQRPXQLFtSLRGH9iU]HD3DXOLVWDEXVFDFRPSUHHQGHUDUHODomRGHVWDVPXOKHUHVFRPD (FRQRPLD 6ROLGiULD H D SHUFHSomR GHODV FRP UHODomR D TXHVW}HV FRPR JHUDomR GH UHQGD HPDQFLSDomRHDVUHODo}HVGHWUDEDOKRYLYLGDVFRWLGLDQDPHQWHSRUHODV
3DUD FRPSUHHQGHUPRV HVWH PRYLPHQWR ORFDO p QHFHVViULR HOXFLGDU R PRGR FRPR HVWH PRYLPHQWR VXUJLX QR PXQGR VHX GHVHQYROYLPHQWR QR WHUULWyULR EUDVLOHLUR H VXDV GLYHUVDV PDQLIHVWDo}HVQHVWHHVSDoR
8PD%UHYH,QWURGXomRDR&RQFHLWRGH7UDEDOKRQR&DSLWDOLVPR
1R VpFXOR ;,; R ILOyVRIR DOHPmR .DUO 0DU[ DQDOLVRX D UHODomR &DSLWDO ; 7UDEDOKR VHJXQGR HOH R WUDEDOKR p D WUDQVIRUPDomR GD QDWXUH]D RX VHMD D SDUWLU GH XPD QHFHVVLGDGH REMHWLYDPDWHULDORKRPHPGRPLQDDQDWXUH]DHDWUDQVIRUPDFULDQGRLQVWUXPHQWRVHFRORFDQGRD QDWXUH]DVREVHXVHUYLoRWHQGRDVVLPFRQGLo}HVVREUHYLYHU$LQGDVHJXQGR0DU[WRGRSURFHVVR GHWUDEDOKRpXPSURFHVVRGHWUDQVIRUPDomRGDQDWXUH]DPDVDRWUDQVIRUPiODRKRPHPWDPEpP WUDQVIRUPDDVLPHVPR1(772S
&DGD YH] TXH HOH WUDQVIRUPD D QDWXUH]D QR SURFHVVR GH WUDEDOKR R KRPHP p FDSD] GH DQDOLVDUDVPHOKRUHVIRUPDVGHSURGXomRDOLDQGRTXDOLGDGHjTXDQWLGDGHHGHVHQYROYHQGRQRYDV WHFQRORJLDVSDUDVXSULUVXDVSUySULDVQHFHVVLGDGHVGDtWHPVHDTXLORTXHVHFKDPDGHPRGRGH SURGXomR
2 WUDEDOKR DR ORQJR GD KLVWyULD IRL DSURSULDGR SRU GLIHUHQWHV IRUPDV GH RUJDQL]DomR VRFLHWiULD2PRGRGHRUJDQL]DomRYLJHQWHQDVRFLHGDGHpRPRGRGHSURGXomRFDSLWDOLVWDHVWH VLVWHPD HFRQ{PLFR VXUJH QD TXHGD GR VLVWHPD IHXGDO H FRP FUHVFLPHQWR GR FRPpUFLR SULQFLSDOPHQWHDWUDYpVGDVH[SDQV}HVPDUtWLPDVFUHVFLDPWDPEpPDVURWDVGHFRPpUFLRWHUUHVWUHV H DV IHLUDV GH DUWHVmRV IRUDP VH WUDQVIRUPDQGR HP SHTXHQDV FLGDGHV TXH HUDP FKDPDGDV GH ³EXUJRV´ 1RV EXUJRV FRPHoDUDP D VXUJLU ULFRV FRPHUFLDQWHV TXH HUDP FKDPDGRV GH ³EXUJXHVHV´ HOHV FRQWURODYDP R WUDEDOKR GRV DUWHVmRV H SDVVDUDP D RUJDQL]iORV HP PDQXIDWXUDV TXH VmR JUDQGHV RILFLQDV RQGH RV EXUJXHVHV GLVSRQLELOL]DYDP PDWpULD SULPD LQVWUXPHQWRVGHSURGXomRHRVDUWHVmRVWUDEDOKDYDPHPWURFDGHXPVDOiULR7RGDSURGXomRHUD GHSURSULHGDGHGREXUJXrV1(772S
7HPVH HQWmR GXDV JUDQGHV FDUDFWHUtVWLFDV GR QDVFLPHQWR GR VLVWHPD FDSLWDOLVWD $ DSURSULDomRSULYDGDGRVPRGRVGHSURGXomRHDH[SORUDomRGDIRUoDGHWUDEDOKRDVVDODULDGD1R FDSLWDOLVPR R WUDEDOKDGRU QmR p SURSULHWiULR GH QDGD QHP DV IHUUDPHQWDV QHP R SURGXWR GR WUDEDOKR 7HP DSHQDV D VXD IRUoD GH WUDEDOKR SDUD YHQGHU FRPR PHUFDGRULD HP WURFD GH XP VDOiULR:22'S
2 VXUJLPHQWR GD PiTXLQD D YDSRU QD *Um%UHWDQKD IRL R SDVVR TXH SHUPLWLX D WUDQVIRUPDomRGDPDQXIDWXUDHPLQG~VWULD$FKDPDGD5HYROXomR,QGXVWULDOQRVVpFXORV;9,,,H ;,;IRLRSHUtRGRGHPXLWDVLQYHQo}HVHGHVFREHUWDVDHOHWULFLGDGHDVLGHUXUJLDDIHUURYLDHWF $ SDUWLU GD 5HYROXomR ,QGXVWULDO D FRQWUDGLomR &DSLWDO ; 7UDEDOKR VH WRUQRX PDLV DFLUUDGD TXDQWRPDLVVHSURGX]LDPHQRVFRQGLo}HVKXPDQDVSRVVXtDPRVWUDEDOKDGRUHV:22' S
2FDSLWDOLVPRpXPVLVWHPDHFRQ{PLFRHSROtWLFRTXHGLYLGLXDVRFLHGDGHHPGXDVFODVVHV GLVWLQWDV QDV TXDLV DV UHODo}HV GH SRGHU VH GmR HQWUH DTXHOHV TXH WrP D SURSULHGDGH SULYDGD GRVPHLRVGHSURGXomRFRQKHFLPHQWRPDWpULDSULPDIHUUDPHQWDVIRUoDGHWUDEDOKRHFDSLWDOH DTXHOHVTXHSRVVXHPDSHQDVDIRUoDGHWUDEDOKR'85.+(,0S
3HQVDUDOyJLFDGDHFRQRPLDVLJQLILFDSHQVDUHPXPDVpULHGHIDWRUHVWDQWRGHSURGXomR GLVWULEXLomRTXDQWRGHFRQVXPR0$5;S
2VWUDEDOKDGRUHVYHQGHPVXDIRUoDGHWUDEDOKRSDUDREXUJXrVDVKRUDVGHWUDEDOKRSRUGLD SURGX]LQGR DV PHUFDGRULDV VmR PDWHULDOL]DGDV QR YDORU GR VDOiULR XPD YH] SDJR R VDOiULR GH PHUFDGR SHOR XVR GD IRUoD GH WUDEDOKR R FDSLWDOLVWD SRGH ODQoDU PmR GH GXDV HVWUDWpJLDV SDUD DPSOLDUVXDWD[DGHOXFURHVWHQGHUDGXUDomRGDMRUQDGDGHWUDEDOKRPDQWHQGRRVDOiULRFRQVWDQWH RTXHHOHFKDPDGHPDLVYDOLDDEVROXWDRXDPSOLDUDSURGXWLYLGDGHItVLFDGRWUDEDOKRSHODYLD GDPHFDQL]DomRRTXHHOHFKDPDGHPDLVYDOLDUHODWLYDSDUWHLQWHJUDQWHGROXFURGRFDSLWDOLVWDH UHVSRQViYHOSRUPDQWHUDLQG~VWULDVHPSUHHPFUHVFLPHQWR&RPWDLVOXFURVRVGRQRVGRFDSLWDO PHOKRUDPDVVXDVIiEULFDVDGTXLUHPPiTXLQDVHRXWURVPHLRVGHSURGXomRSDUDH[SORUDUPDLV WUDEDOKDGRUHVSURGX]LUPDLVPHUFDGRULDVHFRQVHJXLUPDLVOXFURV:22'S
&RPRUHVVDOWD+REVEDZQSDRORQJRGRWHPSRDH[SORUDomRFDSLWDOLVWDIRLVH VRILVWLFDQGRFRPRDSULPRUDPHQWRGDVWpFQLFDVGDVIHUUDPHQWDVHRDYDQoRGRFRQKHFLPHQWR FLHQWtILFRSDVVDQGRSHODHUDLQGXVWULDOHFKHJDQGRDRTXHVHGHQRPLQDDWXDOPHQWHGHFDSLWDOLVPR ILQDQFHLURRXSyVPRGHUQR
PDLRU DLQGD GR SUROHWDULDGR DXPHQWDQGR DLQGD PDLV DTXLOR TXH .DUO 0DU[ GHQRPLQRX GH H[pUFLWRGHUHVHUYDDPSOLDQGRRGHVHPSUHJRHDLQIRUPDOLGDGH
$5HHVWUXWXUDomR3URGXWLYDHD2UJDQL]DomRGR7UDEDOKRQR%UDVLO
$OYHV S QRV DSUHVHQWD XP SDQRUDPD GR SURFHVVR GH UHHVWUXWXUDomR SURGXWLYD RFRUULGR QR %UDVLO QD GpFDGD GH TXH R DXWRU GHQRPLQD GH ³FRPSOH[R GH UHHVWUXWXUDomR SURGXWLYD´WHPVXDRULJHPQDFULVHGRVSDtVHVFDSLWDOLVWDVFHQWUDLVRFRUULGDQDGpFDGDGH TXDQGRDORQJDGHSUHVVmRLPSXOVLRQRXDFULDomRGHQRYRVPpWRGRVGHSURGXomRHGHJHVWmRGD IRUoDGHWUDEDOKR
$ FULVH JHURX XPD GHVDFHOHUDomR GR FLFOR GH LQGXVWULDOL]DomR H XPD GHVHVWUXWXUDomR GR PHUFDGR GH WUDEDOKR 2 %UDVLO LQJUHVVRX QD PDLV ORQJD FULVH GH GHVHQYROYLPHQWR TXH VH LQWHQVLILFRXSULQFLSDOPHQWHDSDUWLUGDGpFDGDGHQHVWHSHUtRGRREVHUYRXVHQRPXQGRXPD DFHOHUDomR GDV WUDQVIRUPDo}HV WHFQROyJLFDV H HFRQ{PLFDV DFLRQDGDV SHOR UiSLGR DYDQoR WHFQROyJLFRHSHODJOREDOL]DomRTXHDVVRFLDGRVjSROtWLFDQHROLEHUDO%$5526S
&RQIRUPH%DUURVSDVPXGDQoDVQDRUJDQL]DomRGDSURGXomRFRPDFUHVFHQWH DXWRPDomRHXWLOL]DomRGDVWHFQRORJLDVGHLQIRUPDomRHQRPXQGRGRWUDEDOKRFRPDDGRomRGH RXWURV PRGHORV GH JHVWmR TXH QmR Vy ³WD\ORULVWDIRUGLVWD´ SURGX]LUDP QRYDV QXDQoDV SDUD D RUJDQL]DomR GRV WUDEDOKDGRUHV FRQVDJUDQGR R WR\RWLVPR FRPR XP PRGR GH RUJDQL]DomR GD SURGXomRFXMRVSULQFtSLRVHGLVSRVLWLYRVHVWmRYROWDGRVSDUDDGHTXDUDSURGXomRGHPHUFDGRULDV jVGHWHUPLQDo}HVGRQRYRUHJLPHGHDFXPXODomRGHFDSLWDO
1RGHFRUUHUGDGpFDGDGHREVHUYRXVHQRPXQGRXPDDFHOHUDomRGDVWUDQVIRUPDo}HV WHFQROyJLFDVHHFRQ{PLFDVDFLRQDGDVSHOR UiSLGRDYDQoRWHFQROyJLFR H SHOD JOREDOL]DomRTXH DVVRFLDGRVjSROtWLFDQHROLEHUDOTXHDWHQGHXHFRQWLQXDDWHQGHQGRDWXDOPHQWHFDGDYH]PDLVDRV JUXSRV KHJHP{QLFRV FDSLWDOLVWDV IRUWDOHFHQGR RV QtYHLV GH FRQFHQWUDomR GH FDSLWDO ULTXH]D H UHQGD%$5526S
QHJRFLDomR H EXVFD SHOD PDQXWHQomR GRV HPSUHJRV &RP D GLPLQXLomR H SUHFDUL]DomR GRV HPSUHJRVIRUPDLVWHPVHXPDXPHQWRVLJQLILFDWLYRGDLQIRUPDOLGDGHHGDWHUFHLUL]DomR
³8PD UHOHYDQWH SDUFHOD GD FODVVHTXHYLYHGRWUDEDOKR UHSUHVHQWD KRMH XP ³H[pUFLWR GH GHVHPSUHJDGRV´FRPQRYDVGLPHQV}HVDGLILFXOGDGHGHHQFRQWUDURSULPHLURHPSUHJRWUDEDOKDGRUHV FRPEDL[RQtYHOGHHVFRODULGDGHVmRFRQVLGHUDGRVGHVTXDOLILFDGRVPHVPRRVTXHDGTXLUHPDVPDLV YDULDGDV³TXDOLILFDo}HV´RGHVHPSUHJRDWLQJHWDQWRDVFDPDGDVHPSREUHFLGDVFRPRDVFDPDGDVPpGLD GDVRFLHGDGHDSHUPDQrQFLDGRGHVHPSUHJROHYDJUDQGHSDUWHGDFODVVHTXHYLYHGRWUDEDOKRDEXVFDU GLIHUHQWHVIRUPDVGHVREUHYLYrQFLD´%$5526S
&RQIRUPH 3RFKPDQQ S GHPRQVWUD QRV *UiILFR D VHJXLU QR SHUtRGR HQWUH HHQWUHRSHUtRGRHQWUHKRXYHDHOHYDomRGDSDUWLFLSDomRGDVRFXSDo}HV QRVVHJPHQWRVQmRRUJDQL]DGRVGDHFRQRPLDXUEDQDSULQFLSDOPHQWHQRVHWRUWHUFLiULR
*UiILFR%UDVLO7D[DV0pGLDV$QXDLVGH9DULDomRHQWUHHGRV6HJPHQWRV2UJDQL]DGRV H1mR2UJDQL]DGRVGR7UDEDOKR8UEDQR
)RQWH32&+0$11S
$SDUFHODH[FHGHQWHGDIRUoDGHWUDEDOKRWHYHGHHQFRQWUDUDOJXPDRXWUDIRUPDGHRFXSDomR HJHUDomRGHUHQGDVRPHQWHSRVVtYHOQRkPELWRGRVVHJPHQWRVQmRRUJDQL]DGRVGRWUDEDOKR
'DGRVPDLVUHFHQWHVGH XPDSHVTXLVDVREUH(FRQRPLD ,QIRUPDO8UEDQD (&,1)SDUDR DQR GH UHDOL]DGD SHOR ,%*( HP SDUFHULD FRP R 6(%5$( DSRQWDP TXH D HFRQRPLD LQIRUPDO JHURX QHVWH PHVPR DQR 5 ELOK}HV GH UHFHLWD H RFXSRX XP TXDUWR GRV WUDEDOKDGRUHVQmRDJUtFRODVGR3DtV
$SHVTXLVDDSRQWDTXH GHQWUHDVSHVVRDVRFXSDGDVQDVHPSUHVDVGRVHWRULQIRUPDO HUDP WUDEDOKDGRUHV SRU FRQWD SUySULD HPSUHJDGRUHV HPSUHJDGRV VHP FDUWHLUD DVVLQDGD WUDEDOKDGRUHV FRP FDUWHLUD DVVLQDGD H QmR UHPXQHUDGRV (VVDV SURSRUo}HV SRXFR VH DOWHUDUDP HP UHODomR D 1D PDLRU SDUWH GDV FDWHJRULDV SUHGRPLQDYD R VH[R PDVFXOLQR GR WRWDO GH SHVVRDV RFXSDGDV FRP H[FHomR GH QmR UHPXQHUDGRV RQGH HUDPPXOKHUHV±RTXHFRUUHVSRQGLDDGDSRSXODomRRFXSDGD,%*(
$(FRQRPLD6ROLGiULDQR%UDVLO
1HVWH FHQiULR HFRQ{PLFR EUDVLOHLUR VXUJH R PRYLPHQWR GD (FRQRPLD 6ROLGiULD FRPR UHVSRVWDjSREUH]DHDRGHVHPSUHJRHFRPRXPDSRVVLELOLGDGHHXPDDOWHUQDWLYDDJHUDomRGH UHQGDGHVWHVWUDEDOKDGRUHV
6HJXQGR6LQJHUSD(FRQRPLD6ROLGiULDp
³ XP PRGR GH SURGXomR H GLVWULEXLomR DOWHUQDWLYR DR FDSLWDOLVPR FULDGR H UHFULDGR SHULRGLFDPHQWHSHORVTXHVHHQFRQWUDPRXWHPHPILFDUPDUJLQDOL]DGRVGRPHUFDGRGHWUDEDOKR$ HFRQRPLDVROLGiULDFDVDRSULQFtSLRGDXQLGDGHHQWUHSRVVHHXVRGRVPHLRVGHSURGXomRHGLVWULEXLomR GDSURGXomRVLPSOHVGHPHUFDGRULDVFRPRSULQFtSLRGDVRFLDOL]DomRGHVWHVPHLRVGRFDSLWDOLVPR
6,1*(5S
&RQFHLWXDOPHQWH6LQJHUSFRPSUHHQGHD(FRQRPLD6ROLGiULDFRPRXPFRQMXQWR GH DWLYLGDGHV GH SURGXomR GLVWULEXLomR FRQVXPR H FUpGLWR SDUD JHUDomR GH WUDEDOKR H UHQGD EDVHDGD QR WUDEDOKR FROHWLYR QD FRRSHUDomR QD DXWRJHVWmR H QDV GLYHUVDV IRUPDV GH FRPSDUWLOKDPHQWREXVFDQGRREHQHItFLRVRFLDOHRFXLGDGRFRPRPHLRDPELHQWH
x2UJDQL]Do}HVHJUXSRVGHFUpGLWRVROLGiULR x*UXSRVSURGXWLYRVHRXFXOWXUDLVLQIRUPDLV
x$VVRFLDo}HVFRRSHUDWLYDVGHSURGXomRFRPHUFLDOL]DomRGHWUDEDOKRGHFRQVXPRVROLGiULR RXGHVHUYLoRV
x&RRSHUDWLYDVVRFLDLVSHVVRDVSRUWDGRUDVGHQHFHVVLGDGHVHVSHFLDLV x%DQFRVSRSXODUHVHFRPXQLWiULRV
x)XQGRVURWDWLYRVHFRRSHUDWLYDVGHFUpGLWRV
x5HGHVGHHPSUHHQGLPHQWRVSURGXWRUHVHFRQVXPLGRUHV x*UXSRVHFOXEHVGHWURFD
x(PSUHVDVHLQGXVWULDVIDOLGDVUHFXSHUDGDVSHORVWUDEDOKDGRUHVHDXWRJHVWLRQiULDV
eGLItFLOSUHFLVDUDKLVWyULDGHVWHPRYLPHQWRMiTXHDRORQJRGRWHPSRPXLWRVIDWRVQRYRV IRUDPVXUJLQGRHPGLIHUHQWHVOXJDUHVGRSDtVSDUDIRUWDOHFHURPRYLPHQWRQDFLRQDOGH(FRQRPLD 6ROLGiULD
$OJXQV DXWRUHV FRPR 3DXO 6LQJHU D E H $QWRQLR &DWWDQL /XtV ,QiFLR *DLJHU %RDYHQWXUD GH 6RXVD 6DQWRV 5RVkQJHOD %DUERVD H 'pERUD 1XQHV DOpP GRV GRFXPHQWRV HODERUDGRV SHOD 6HFUHWDULD 1DFLRQDO GH (FRQRPLD 6ROLGiULD 6(1$(6 H GD 5HGH GH *HVWRUHV GH 3ROtWLFDV 3~EOLFDV GH (FRQRPLD 6ROLGiULD DSUHVHQWDP HP VXDV REUDV IUDJPHQWRV H DVSHFWRV GHVWD KLVWyULD TXH IRUDP UHXQLGRV DTXLQHVWHWUDEDOKRGHSHVTXLVD
1R%UDVLOHVWHPRYLPHQWRVXUJHSURYDYHOPHQWHFRPRUHVSRVWDjJUDQGHFULVHGH TXDQGRPXLWDVLQG~VWULDVLQFOXVLYHGHJUDQGHSRUWHHQWUDPHPSURFHVVRGHIDOrQFLDHVHXV HPSUHJDGRV VH XQHP SDUD UHFXSHUiODV $V SULPHLUDV H[SHULrQFLDV VH UHJLVWUDUDP QHVWD pSRFD HQWUHHSULQFLSDOPHQWHDWUDYpVGDDomRGH21*VHGD&iULWDV
$SDUWLUGRVDQRVDVH[SHULrQFLDVVHGDYDPDSHQDVHPkPELWRUHJLRQDOVHPJUDQGHV IRUoDVFRPRXPPRYLPHQWRQDFLRQDO
(PQR(QFRQWUR/DWLQR$PHULFDQRGH&XOWXUDH6RFLRHFRQRPLDV6ROLGiULDVHP3RUWR $OHJUH56HODERURXVHD³&DUWDGH3RUWR$OHJUH´HPTXHVHGHILQLXRHQWHQGLPHQWRGDHFRQRPLD VROLGiULDFRPRXPDDOWHUQDWLYDVRFLDOSDUDDLQWHUQDFLRQDOL]DomRGRFDSLWDOHDSREUH]DGRVSDtVHV SHULIpULFRV
5%6(6 FRP R REMHWLYR GH FRQVWUXLU UHGHV UHJLRQDLV SDUD IRUWDOHFHU GLYXOJDU H DUWLFXODU RV JUXSRVSURGXWRUHVHFRQVXPLGRUHVDILPGHGLQDPL]DUDFDGHLDSURGXWLYDGDHFRQRPLDVROLGiULD
(QWUH H RFRUUHUDP TXDWUR HGLo}HV GR )yUXP 6RFLDO 0XQGLDO WUrV HP 3RUWR $OHJUH56 H XPD QD ËQGLD HP TXH RV GHEDWHVH LQWHUFkPELRV IRUDP FUHVFHQGR H JDQKDQGR DV SULQFLSDLVDWHQo}HVGRHYHQWR
'XUDQWH R )yUXP 6RFLDO 0XQGLDO GH HP 3RUWR $OHJUH IRL LQVWLWXtGR GR *UXSR GH 7UDEDOKR %UDVLOHLUR GH (FRQRPLD 6ROLGiULD IRUPDGR SHODV VHJXLQWHV HQWLGDGHV 5%6(6 $17($*)$6(&iULWDV%UDVLOHLUD,%$6(,7&3V5HGH8QLWUDEDOKR$'6&87$%&5(' &21&5$%6HFUHWDULDVGH(FRQRPLDGR*RYHUQRGR5LR*UDQGHGR6XO2REMHWLYRHUDDUWLFXODU R GHEDWH HQWUH DV HQWLGDGHV LQWHUHVVDGDV QR WHPD HVWDV PHVPDV HQWLGDGHV PDLV WDUGH YLULDP FRPSRUFRPDSDUWLFLSDomRGHPDLVDOJXPDVHQWLGDGHVD&RRUGHQDomR*HUDOGR)yUXP%UDVLOHLUR GH(FRQRPLD6ROLGiULD
(PWDPEpPIRLFULDGDD5HGH*OREDOGH6RFLRHFRQRPLD6ROLGiULDFRPDSDUWLFLSDomR GHSDtVHVREMHWLYDQGRDUWLFXODUHVVDGLVFXVVmRHPHVFDOD0XQGLDO
(P KRXYH D , 3OHQiULD %UDVLOHLUD GH (FRQRPLD 6ROLGiULD TXH GLVFXWLX H GHILQLX D DUWLFXODomRQDFLRQDOHQWUHWUDEDOKDGRUHVHHQWLGDGHVGHDFHVVyULD
2DQRGHVLJQLILFRXXPHQRUPHDYDQoRSDUDRPRYLPHQWRGD(FRQRPLD6ROLGiULDQR SDtV GXUDQWH D ,, 3OHQiULD %UDVLOHLUD GH (FRQRPLD 6ROLGiULD UHDOL]DGD QR ,,, )yUXP 6RFLDO 0XQGLDOR3UHVLGHQWH/XL],QiFLR/XODGD6LOYDUHFpPHPSRVVDGRDVVXPHRFRPSURPLVVRGH IRUWDOHFHU D (FRQRPLD 6ROLGiULD DWUDYpV GD FULDomR GH XPD 6HFUHWDULD GHQWUR GR 0LQLVWpULR GR 7UDEDOKR H GR (PSUHJR FXMR VHFUHWiULR VHULD SRU VXJHVWmR GHVVD DUWLFXODomR QDFLRQDO R (FRQRPLVWD3DXO6LQJHU
$ SDUWLU GH HQWmR D 6HQDHV SDVVRX D LPSOHPHQWDU DV VHJXLQWHV Do}HV SUHYLVWDV QR 3ODQR 3OXULDQXDOGHD
23URJUDPDGH$JHQWHVGH'HVHQYROYLPHQWR6ROLGiULR 2PDSHDPHQWRSDUWLFLSDWLYRGD(6QR%UDVLO
$UHWRPDGDGR3URJUDPD1DFLRQDOGH,QFXEDGRUDVGH&RRSHUDWLYDV3RSXODUHV3URQLQF $SRLR D SURFHVVRV GH UHFXSHUDomR GH HPSUHVDV SRU WUDEDOKDGRUHV RUJDQL]DGRV HP
DXWRJHVWmR
&DPSDQKD1DFLRQDOGH(FRQRPLD6ROLGiULD
3URSRVLomRGHDGHTXDo}HVHPOHJLVODo}HVH[LVWHQWHVHWUkPLWHGHQRYDVOHJLVODo}HV &ULDomRGHXP6LVWHPD1DFLRQDOGH&RPpUFLR-XVWRH6ROLGiULR
3URMHWRGHFULDomRGH&HQWUR3~EOLFRVGH(FRQRPLD6ROLGiULD
'XUDQWH R DQR GH IRUDP UHDOL]DGDV YiULDV 3OHQiULDV 5HJLRQDLV TXH GHVHQFDGHDUDP DOHP GD ,,, 3OHQiULD %UDVLOHLUD GH (FRQRPLD 6ROLGiULD R , )yUXP %UDVLOHLUR GH (FRQRPLD 6ROLGiULD±)%(6HP%UDVtOLDHWDPEpPR)yUXP1DFLRQDOGH*HVWRUHVGH3ROtWLFDV3~EOLFDVGH (FRQRPLD6ROLGiULD
2 )yUXP %UDVLOHLUR SDVVRX D VHU D LQVWkQFLD Pi[LPD GH RUJDQL]DomR GD VRFLHGDGH QHVWD iUHD FRPSRVWR SRU WUDEDOKDGRUHV HPSUHHQGHGRUHV HQWLGDGHV GH DFHVVyULD JHVWRUHV S~EOLFRV H PRYLPHQWRV VRFLDLV DWXDQWHV QHVVH FDPSR RUJDQL]DGRV SUHYLDPHQWH QRV )yUXQV (VWDGXDLV 5HJLRQDLVH/RFDLV
(P DJRVWR GH UHDOL]RXVH R , (FRQWUR 1DFLRQDO GH (PSUHHQGLPHQWRV GH (FRQRPLD 6ROLGiULDFRPUHSUHVHQWDQWHVYLQGRVGHWRGRVRVHVWDGRV
(PMXQKRGHQD,&RQIHUrQFLDGH(FRQRPLD6ROLGiULDDomRHVWDWDOFRRUGHQDGDSHODV 6HQDHVUHXQLXGHOHJDGRVHOHLWRVQDVFRQIHUrQFLDVHVWDGXDLVHPRELOL]RXFHUFDGHPLOSHVVRDV
(PUHDOL]RXVHD,93OHQiULD%UDVLOHLUDGH(FRQRPLD6ROLGiULDHPTXHVHGHILQLUDP QRYDV IRUPDV GH RUJDQL]DomR GD &RRUGHQDomR 1DFLRQDO FRP FULWpULRV GH HQUDL]DPHQWR GH DOJXPDVHQWLGDGHVHPSHORPHQRVVHWHHVWDGRVKDYHQGRHQWmRXPDWHQGrQFLDGHUHHVWUXWXUDomR GR)%(6
&RQFRPLWDQWHPHQWHDWRGDVHVWDVDUWLFXODo}HVQDFLRQDLVVXUJLUDPPRYLPHQWRVHPHVFDODV ORFDLV TXH WRPDUDP SURSRUo}HV QDFLRQDLV p R FDVR SRU H[HPSOR GR R PRYLPHQWR GH %DQFRV 6RFLDLVFRPRSLRQHLULVPRGR%DQFR3DOPDVHTXHVHHVSDOKRXSHOR%UDVLOFRPDHVWLPDWLYDGH H[LVWrQFLD GH FHUFD GH HQWLGDGHV GHVWH JrQHUR WDPEpP PRYLPHQWR GH ,QFXEDGRUDV 7HFQROyJLFDV GH &RRSHUDWLYDV 3RSXODUHV TXH VXUJLX LQLFLDOPHQWH QR 5LR GH -DQHLUR FRP D &233(8)5-HDWXDOPHQWHVHFRQVROLGDQXPD5HGH1DFLRQDOGH,QFXEDGRUDVFRPFHUFDGH PHPEURV%$5%26$S
$V,QFXEDGRUDV7HFQROyJLFDVGH&RRSHUDWLYDV3RSXODUHV
$VSULPHLUDVLQFXEDGRUDVGHFRRSHUDWLYDVHRXWURVHPSUHHQGLPHQWRVHFRQ{PLFRVVROLGiULRV IRUDPFULDGDVHPXQLYHUVLGDGHVRSURMHWRGDV,QFXEDGRUDV7HFQROyJLFDV3RSXODUHV,7&3¶VIRL LQVSLUDGRSHORPRYLPHQWRHPSUROGDFLGDGDQLDFRQWUDDIRPHHDPLVpULDOLGHUDGRSRU%HWLQKR $FRQVFLrQFLDGHTXHDDomRGHGLVWULEXLUDOLPHQWRVWHULDTXHVHUDPSOLDGDFRPLQLFLDWLYDV YLVDQGRJHUDUWUDEDOKRHUHQGDPRWLYRXSURIHVVRUHVGD)XQGDomR2VZDOGR&UX]),2&58=HP SDUFHULD FRP D 8QLYHUVLGDGH GH 6DQWD 0DULD QR 5LR *UDQGH GR 6XO D FULDU XPD FRRSHUDWLYD SRSXODU IRUPDGD SRU PRUDGRUHV GD UHJLmR GD 0DUp ± 5- TXH SXGHVVH SUHVWDU VHUYLoRV SDUD D SUySULD )LRFUX] VXUJLQGR GHVVD IRUPD D &RRSHUDWLYD GH 0DQJXLQKRV $ H[SHULrQFLD EHP VXFHGLGDGHVWDFRRSHUDWLYDIH]FRPTXHSURIHVVRUHVHDOXQRVGDH(QJHQKDULDGD8)5-&233(± &RRUGHQDomR GH 3URJUDPDV GH 3yVJUDGXDomR GD HQJHQKDULD ILQDQFLDGRV SHOD ),1(3 H D )XQGDomR GR %DQFR GR %UDVLO IXQGDVVHP HP D SULPHLUD ,QFXEDGRUD 7HFQROyJLFD GH &RRSHUDWLYDV3RSXODUHVFXMRREMHWLYRLQLFLDOIRLHVWDEHOHFHUXPFRQWDWRFRPFRPXQLGDGHVGDV IDYHODVLQWHUHVVDGDVQDIRUPDomRGHFRRSHUDWLYDVGHWUDEDOKR6$1726S
³8PD YH] UHFRQKHFLGR R VXFHVVR GD ,7&3 GR 5LR GH -DQHLUR DV HQWLGDGHV SDWURFLQDGRUDV ± ),1(3&2(3&RPLWrGH(QWLGDGHV3~EOLFDVQR&RPEDWHj)RPHHSHOD9LGDD)XQGDomR%DQFRGR %UDVLOHD&233(UHVROYHPDPSOLDURQ~PHURGHLQFXEDGRUDVHPXQLYHUVLGDGHVODQoDQGRHPR 3URJUDPD 1DFLRQDO GH ,QFXEDGRUDV GH &RRSHUDWLYDV 3521,1& TXH DSRLRX LQLFLDOPHQWH VHLV GDV SULPHLUDVLQFXEDGRUDVXQLYHUVLWiULDVGHFRRSHUDWLYDVSRSXODUHV1DTXHOHPRPHQWRDOpPGD,7&3GD 8)5- Mi HVWDYD IRUPDGD XPD LQFXEDGRUD QD 8QLYHUVLGDGH )HGHUDO GR &HDUi H TXDWUR QRYDV LQFXEDGRUDVIRUDPFULDGDVQDV8QLYHUVLGDGHV)HGHUDOGH-XL]GH)RUD)HGHUDO5XUDOGH3HUQDPEXFR (VWDGXDOGD%DKLDHGH6mR3DXOR´6$1726S
&RQIRUPH UHODWD R 3URJUDPD (FRQRPLD 6ROLGiULD HP 'HVHQYROYLPHQWR GR 07( GHVGH HQWmRUHIRUPXODo}HVIRUDPIHLWDVSDUDDPSOLDURHVFRSRGRSURJUDPD(PFRPDFULDomRGD 6(1$(607(R3521,1&SDVVRXDVHUFRRUGHQDGRSRUHVWD6HFUHWDULDDDUWLFXODomRFRPR 0(&0'606%%DOpPGRVyUJmRVTXHRULJLQDOPHQWHKDYLDPDSRLDGRRSURJUDPDSHUPLWLX TXHRPHVPRIRVVHUHLQLFLDGR7DPEpPSDUWLFLSDPGR3521,1&UHSUHVHQWDQWHVGDV5HGHVGH ,QFXEDGRUDVHGR)yUXP1DFLRQDOGH3UR5HLWRUHVGH([WHQVmR8QLYHUVLWiULD
GHVHQYROYLPHQWR GD (FRQRPLD 6ROLGiULD $ UHGH VXUJH SDUD LQWHJUDU GH IRUPD GLQkPLFD DV LQFXEDGRUDVHIDYRUHFHUDWUDQVIHUrQFLDGHWHFQRORJLDVHFRQKHFLPHQWRV6$1726S $WXDOPHQWHH[LVWHP,QFXEDGRUDVILOLDGDVD5HGHGH,7&3VSUHVHQWHVQDVLQVWLWXLo}HV LQFXEDGRUDV VH RUJDQL]DP GH DFRUGR FRP DV UHJL}HV DGPLQLVWUDWLYDV GR %UDVLO 6XO 6XGHVWH 1RUGHVWH1RUWH&HQWUR2HVWH
4XDGUR 5HODomR GDV 8QLYHUVLGDGHV TXH SRVVXHP ,QFXEDGRUDV GH &RRSHUDWLYDV 3RSXODUHV,7&3¶6
&HQWUR)HGHUDOGH(GXFDomR7HFQROyJLFD%$&()(7%$
&HQWUR)HGHUDOGH(GXFDomR7HFQROyJLFD&HOVR6XFNRZGD)RQVHFD&()(75-&HQWUR8QLYHUVLWiULR&HUUDGR3DWURFtQLR81,&(53
&HQWUR8QLYHUVLWiULR)HHYDOH)((9$/(
&HQWUR8QLYHUVLWiULR)XQGDomR6DQWR$QGUp)6$ &HQWUR8QLYHUVLWiULR/D6DOOH81,/$6$//( )DFXOGDGH)UDVVLQHWLGR5HFLIH)$),5( )XQGDomR*HW~OLR9DUJDV63)*9
8QLYHUVLGDGH)HGHUDOGH5LR*UDQGH)85* 8QLYHULVGDGH&DWyOLFDGH6DOYDGRU8&6$/ 8QLYHUVLGDGH&DWyOLFDGH3HORWDV8&3(/
8QLYHUVLGDGH&RPXQLWiULD5HJLRQDOGH&KDSHFy812&+$3(&Ï 8QLYHUVLGDGHGH6mR3DXOR863
8QLYHUVLGDGHGR2HVWHGH6DQWD&DWDULQD812(6& 8QLYHUVLGDGHGR9DOHGR,WDMDt81,9$/,
8QLYHUVLGDGHGR9DOHGR5LRGRV6LQRV81,6,126 8QLYHUVLGDGHGR(VWDGRGD%DKLD81(%
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03 8QLYHUVLGDGH(VWDGXDOGH0RQWHV&ODURV81,0217(6 8QLYHUVLGDGH(VWDGXDOGH3RQWD*URVVD8(3*
8QLYHUVLGDGH(VWDGXDOGH6mR3DXOR±81(63±)UDQFD 8QLYHUVLGDGH(VWDGXDOGH6mR3DXOR±81(63±$VVLV
8QLYHUVLGDGH(VWDGXDOGR0DWR*URVVRGR6XO8(06'RXUDGRV 8QLYHUVLGDGH)HGHUDOGD%DKLD8)%$
8QLYHUVLGDGH)HGHUDOGD*UDQGH'RXUDGRV8)*' 8QLYHUVLGDGH)HGHUDOGH,WDMXEi81,)(,
8QLYHUVLGDGH)HGHUDOGH9LoRVD8)9
8QLYHUVLGDGH)HGHUDOGR(VStULWR6DQWR8)(6 8QLYHUVLGDGH)HGHUDOGR0DWR*URVVRGR6XO8)06 8QLYHUVLGDGH)HGHUDOGR3DUDQi8)35
8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR6XO8)5*6 8QLYHUVLGDGH)HGHUDOGR7RFDQWLQV±8)7
8QLYHUVLGDGH)HGHUDOGR&HDUi8)&
8QLYHUVLGDGH)HGHUDO5XUDOGH3HUQDPEXFR8)53H 8QLYHUVLGDGH5HJLRQDOGH%OXPHQDX)85%
8QLYHUVLGDGH5HJLRQDOGR1RUGHVWHGR(VWDGRGR5681,-8, 8QLYHUVLGDGH6DOYDGRU81,)$&6
)RQWH5HGHGH,7&3¶VFRQWLGRHPKWWSZZZLWFSXVSEUGUXSDOQRGH$FHVVRHP
&RPR HVWH PRYLPHQWR VXUJLX GHQWUR GR DPELHQWH XQLYHUVLWiULR GHVGH VXD FULDomR H DR ORQJR GH WRGRV HVVHV DQRV XP GHEDWH HQWUH GLYHUVRV DXWRUHV YHP DFRQWHFHQGR QR VHQWLGR GH GLVFXWLURIHQ{PHQRGDV,QFXEDGRUDVVHXSDSHOGHQWURHIRUDGDXQLYHUVLGDGHDVGLILFXOGDGHVQR SURFHVVRGHLQFXEDomRHWF
$ SULQFtSLR DV ,QFXEDGRUDV GH &RRSHUDWLYDV 3RSXODUHV VXUJLUDP HQTXDQWR HVSDoRV GH VRFLDOL]DomR GRV GLYHUVRV FRQKHFLPHQWRV SURGX]LGRV QHVWDV LQVWLWXLo}HV IDYRUHFHQGR D DUWLFXODomRGRWULSpHQVLQRSHVTXLVDH[WHQVmRHDLQWHJUDomRGDVXQLYHUVLGDGHVFRPFRPXQLGDGHV HVHJPHQWRVH[WHUQRVjFRPXQLGDGHDFDGrPLFD9,&7Ï5,$S
$ H[WHQVmR XQLYHUVLWiULD SHUPLWH FRQILJXUDU XPDSUi[LV TXH SURGX] SURMHWRV DOWHUQDWLYRV LQVSLUDGRV QD VROLGDULHGDGH H QD LQFOXVmR VRFLDO GDQGR VXSRUWH DR HPSRGHUDPHQWR GRV DWRUHV VRFLDLVDWUDYpVGDLQWHUGLVFLSOLQDULGDGH0$,$S$VDWXDLVSROtWLFDVH[WHQVLRQLVWDVQR %UDVLODWHQGHPDRDPSORFRQFHLWRGHUHVSRQVDELOLGDGHVRFLDOGDVXQLYHUVLGDGHVSULQFLSDOPHQWH QRTXHGL]UHVSHLWRjVXQLYHUVLGDGHVS~EOLFDVEXVFDQGRDUHGXomRGDVGHVLJXDOGDGHVVRFLDLVHD FRQVWUXomRGHXPDVRFLHGDGHPDLVMXVWDDWUDYpVGDWURFDHIHWLYDHQWUHRFRQKHFLPHQWRFLHQWtILFRH SRSXODU
HVSHFtILFRVGHIRUPDomRDVVHVVRULDHDVVLVWrQFLDWpFQLFDHPDVSHFWRVDGPLQLVWUDWLYRVSURGXWLYRV H RUJDQL]DWLYRV FRP R REMHWLYR SULQFLSDO GH FRQWULEXLU SDUD VXD DXWRQRPLD H VXVWHQWDELOLGDGH (VVDIRUPDGHVHSURGX]LUDH[WHQVmRQR%UDVLOLQIOXHQFLDGLUHWDPHQWHDFULDomRHDWXDomRGDV ,7&3V0$,$S
$ LPSODQWDomR GH LQFXEDGRUDV VRFLDLV p XPD GDV Do}HV TXH DWHQGHP DR SURSyVLWR GD DWLYLGDGH GH H[WHQVmR GDV XQLYHUVLGDGHV QD PHGLGD HP TXH RIHUHFHP DRV WUDEDOKDGRUHV LQIRUPDLV GHVHPSUHJDGRV XPD RSRUWXQLGDGH GH FRQVWUXomR GH DOWHUQDWLYDV TXH SRVVLELOLWHP R DFHVVRDRPHUFDGRGHWUDEDOKRQDSHUVSHFWLYDGDFRQTXLVWDGHGLUHLWRV
³'HQWURGHVWHVSDUkPHWURVDSURSRVWDGDLQFXEDGRUDHQTXDQWRDomRXQLYHUVLWiULDGHYHDVVXPLU XPD GLPHQVmR pWLFD SROtWLFD H FXOWXUDO DSUHVHQWDQGRVH FRPR XPD SURSRVWD FRQFUHWD GH LQFOXVmR VRFLDOSRU PHLRGRLQFHQWLYR GDVLGHLDVRULJLQDLVGDFRPXQLGDGHORFDO QDTXDOVHLQVHUH1mRSRGH SRUWDQWR VHU FRPSUHHQGLGD FRPR XPD LPSRVLomR GR VDEHU XQLYHUVLWiULR PDV XPD SRVVLELOLGDGH GH YDORUL]DU R SRWHQFLDO TXH H[LVWH QDV FRPXQLGDGHV H GH FULDU DOWHUQDWLYDV FROHWLYDV QD FRQVWUXomR GH HPSUHHQGLPHQWRVVRFLDLVTXHYLDELOL]HPDLQVHUomRQRPHUFDGR´*8,0$5(6HWDOS
$ ,7&3 WHP FRPR PHWD R GHVHQYROYLPHQWR GH JUXSRV GH LQGLYtGXRV VRFLDOPHQWH YXOQHUiYHLVDWUDYpVGRDFHVVRHIHWLYRDRVGLUHLWRVGHFLGDGDQLDHjUHQGD6XDDomREXVFDDX[LOLDU D IRUPDomR H GHVHQYROYLPHQWR GH FRRSHUDWLYDV SRSXODUHV YLVDQGR D PDLRU YDORUL]DomR GRV DVVRFLDGRVQDUHDOL]DomRGHVHXWUDEDOKRHQRH[HUFtFLRGHGLUHLWRVSROtWLFRVHFLGDGmRV
6HJXQGR*KLEDXGLHWDOS
³2WUDEDOKRGHLQFXEDomRFRQVLVWHQDSURGXomRHDSOLFDomRFRQMXQWDVSRUSDUWHGDLQFXEDGRUDH GRV PHPEURV GD FRRSHUDWLYD GR FRQKHFLPHQWR QHFHVViULR SDUD R GHVHQYROYLPHQWR GHVWD HQWHQGLGD QmR Vy FRPR HPSUHHQGLPHQWR HFRQ{PLFR PDV WDPEpP FRPR RUJDQL]DomR VRFLDO H SROtWLFD´ *+,%$8',HWDOS
2 GHEDWH GHQWUR GD XQLYHUVLGDGH IRL VH GHVHQYROYHQGR FRQFRPLWDQWHPHQWH DR GHEDWH QD VRFLHGDGHFLYLOHPVXDVPDLVGLYHUVDVRUJDQL]Do}HVDV,7&3¶VWDPEpPIRUDPWHPDGHGLYHUVRV (QFRQWURV)yUXQVH3OHQiULDVSRUpPDGLVFXVVmRWRPRXQRYDVSURSRUo}HVGLDQWHGHXPFHQiULR UHFHQWHHPFRQVWUXomRQRSDtVQRTXDORSURFHVVRGH,QFXEDomRSDVVRXDDJHQGDS~EOLFDHFXMR PDUFROHJDOIRLR3ODQR3OXULDQXDOGHDHPTXHHVWDYDPSUHYLVWRV3URMHWRVGHFULDomR GH&HQWURV3~EOLFRVQRVPROGHVMiFRQKHFLGRVGHQWURGRVPXURVGDVXQLYHUVLGDGHV
$(FRQRPLD6ROLGiULDFRPR3ROtWLFD3~EOLFD
2V&HQWURV3~EOLFRVRX,QFXEDGRUDV3~EOLFDVID]HPSDUWHGRSURFHVVRGHIRUWDOHFLPHQWR GD (FRQRPLD 6ROLGiULD FRPR 3ROtWLFD 3~EOLFD QDV HVIHUDV )HGHUDLV 5HJLRQDLV H 0XQLFLSDLV 2 GHEDWHHQWmRH[WUDSRODRPRYLPHQWRLQLFLDGRGHQWURGDXQLYHUVLGDGHDEDUFDQGRTXHVW}HVPDLV FRPSOH[DV FRPR R VLJQLILFDGR GRV &HQWURV 3~EOLFRV FRPR 3ROtWLFD 3~EOLFD VHXV SRVVtYHLV GHVGREUDPHQWRV
³3DUD PHOKRU FRPSUHHQVmR H DYDOLDomR GDV SROtWLFDV S~EOLFDV VRFLDLV LPSOHPHQWDGDV SRU XP JRYHUQRpIXQGDPHQWDODFRPSUHHQVmRGDFRQFHSomRGH(VWDGRHGHSROtWLFDVRFLDOTXHVXVWHQWDPWDLV Do}HVHSURJUDPDVGHLQWHUYHQomR´+g)/,1*S
7RUQDVH LPSRUWDQWH DTXL UHVVDOWDU D GLIHUHQFLDomR HQWUH (VWDGR H *RYHUQR FRQVLGHUDU (VWDGR FRPR R FRQMXQWR GH LQVWLWXLo}HV SHUPDQHQWHV ± FRPR yUJmRV OHJLVODWLYRV WULEXQDLV H[pUFLWRHRXWUDVTXHSRVVLELOLWDPDDomRGRJRYHUQRH*RYHUQRFRPRRFRQMXQWRGHSURJUDPDV H SURMHWRV TXH SDUWH GD VRFLHGDGH SROtWLFRV WpFQLFRV RUJDQLVPRV GD VRFLHGDGH FLYLO H RXWURV SURS}HSDUDDVRFLHGDGHFRPRXPWRGRFRQILJXUDQGRVHDRULHQWDomRSROtWLFDGHXPGHWHUPLQDGR JRYHUQRTXHDVIXQo}HVGH(VWDGRSRUXPGHWHUPLQDGRSHUtRGR
3ROtWLFDVS~EOLFDVVmRDTXLHQWHQGLGDVFRPRR³(VWDGRHPDomR´pR(VWDGRLPSODQWDQGR XP SURMHWR GH JRYHUQR DWUDYpV GH SURJUDPDV GH Do}HV YROWDGDV SDUD VHWRUHV HVSHFtILFRV GD VRFLHGDGH$VSROtWLFDVS~EOLFDVVmRDTXLFRPSUHHQGLGDVFRPRDVGHUHVSRQVDELOLGDGHGR(VWDGR ± TXDQWR j LPSOHPHQWDomR H PDQXWHQomR D SDUWLU GH XP SURFHVVR GH WRPDGD GH GHFLV}HV TXH HQYROYHPyUJmRVS~EOLFRVHGLIHUHQWHVRUJDQLVPRVHDJHQWHVGDVRFLHGDGHUHODFLRQDGRVjSROtWLFD LPSOHPHQWDGD+g)/,1*S
( SROtWLFDV VRFLDLV VH UHIHUHP D Do}HV TXH GHWHUPLQDP R SDGUmR GH SURWHomR VRFLDO LPSOHPHQWDGRSHOR(VWDGRYROWDGDV HPSULQFtSLRSDUDDUHGLVWULEXLomR GRVEHQHItFLRVVRFLDLV YLVDQGRGLPLQXLUDVGHVLJXDOGDGHVHVWUXWXUDLVSURGX]LGDVSHORGHVHQYROYLPHQWRVRFLRHFRQ{PLFR 6HJXQGR 2IIH H /HQKDUGW S DV SROtWLFDV VRFLDLV WrP VXDV UDt]HV QRV PRYLPHQWRV SRSXODUHV GR VpFXOR ;,; YROWDGDV DRV FRQIOLWRV VXUJLGRV HQWUH FDSLWDO H WUDEDOKR QR GHVHQYROYLPHQWRGDVSULPHLUDVUHYROXo}HVLQGXVWULDLV
DERUGDGDSRU2IIHH/HQKDUGWS³DSROtWLFDVRFLDOpDIRUPDSHODTXDOR(VWDGR WHQWDUHVROYHURSUREOHPDGDWUDQVIRUPDomRGXUDGRXUDGHWUDEDOKRQmRDVVDODULDGRHPWUDEDOKR DVVDODULDGR´
2(VWDGRFDSLWDOLVWDPRGHUQRFXLGDULDQmRVyGHTXDOLILFDUSHUPDQHQWHPHQWHDPmRGHREUD SDUDRPHUFDGRFRPRWDPEpPDWUDYpVGHWDOSROtWLFDHSURJUDPDVVRFLDLVSURFXUDULDPDQWHUVRE FRQWUROHSDUFHODVGDSRSXODomRQmRLQVHULGDVQRSURFHVVRSURGXWLYR
3RUVHUSROtWLFDGHGHVHQYROYLPHQWRHYROWDUVHSDUDXPS~EOLFRKLVWRULFDPHQWHH[FOXtGRD HFRQRPLDVROLGiULDGHPDQGDQmRVyDo}HVWUDQVYHUVDLVTXHDUWLFXOHPDVPDLVGLYHUVDVHVIHUDVGH JRYHUQDQoD DWUDYpV GH SROtWLFDV GH HGXFDomR VD~GH PHLR DPELHQWH WUDEDOKR KDELWDomR GHVHQYROYLPHQWRHFRQ{PLFRVD~GHWHFQRORJLDFUpGLWRHILQDQFLDPHQWRHQWUHRXWUDVSDUDFULDU XPFRQWH[WRHIHWLYDPHQWHSURSXOVRUGDHPDQFLSDomRHGDVXVWHQWDELOLGDGH
&RPSUHHQGHU D (FRQRPLD 6ROLGiULD FRPR HVWUDWpJLD H SROtWLFD GH GHVHQYROYLPHQWR VROLGiULR SUHVVXS}H FRQFHErOD FRP LQVWUXPHQWRV H IHUUDPHQWDV LQVWLWXtGRV FRPR GLUHLWRV GRV WUDEDOKDGRUHVHWUDEDOKDGRUDVHGHYHUGHXP(VWDGRUHSXEOLFDQRHGHPRFUiWLFR
&RQFHEHU D (FRQRPLD 6ROLGiULD FRPR SROtWLFD S~EOLFD QHVVD SHUVSHFWLYD VLJQLILFD UHFRQKHFHURVWUDEDOKDGRUHVFRPRVXMHLWRVVRFLDLVOHJLWLPDUVHXVGLUHLWRVGHFLGDGDQLDHDGPLWLU QRYDV IRUPDV GH SURGXomR UHSURGXomR H GLVWULEXLomR VRFLDO SURSLFLDQGR DFHVVR DRV EHQV H UHFXUVRVS~EOLFRV
0XLWDV JHVW}HV LQLFLDP D FRQVWUXomR GH SROtWLFDV S~EOLFDV QDV HVIHUDV PXQLFLSDLV H HVWDGXDLV UHJLVWUDQGR R LQWHQVR DXPHQWR QD DSURYDomR GH OHLV LQVWLWXLQGR SROtWLFDV GH DSRLR H IRPHQWRjHFRQRPLDVROLGiULDFRPDFULDomRGHLQVWUXPHQWRVSDUDHIHWLYiODV
1D GLUHomR GD LQVWLWXFLRQDOL]DomR GH XPD SROtWLFD GH HFRQRPLD VROLGiULD GLYHUVDV LQLFLDWLYDVWrPVXUJLGR
x6DQWR $QGUp ± 63 SUHYr D SRVVLELOLGDGH GH HVWDEHOHFLPHQWR GH FRQYrQLRV GD SUHIHLWXUDFRPFRRSHUDWLYDVHPSURFHVVRGHLQFXEDomR
x'LDGHPD ± 63 SUHYr D UHGXomR JUDGDWLYD GR ,PSRVWR 3UHGLDO 7HUULWRULDO 8UEDQR ,378SDUDFRRSHUDWLYDVLQVWDODGDVQRPXQLFtSLR
x2VDVFR±63D/HL*HUDOSUHYrDFULDomRGHHTXLSDPHQWRVS~EOLFRVFRP,QFXEDGRUD 3~EOLFD&HQWUR3~EOLFR&HQWURVGH&RPpUFLR
x5HFLIH±3(FULRXR)XQGR5HFLIH6ROLGiULR
x-RmR 3HVVRD ± 3% FULRX XP IXQGR TXH SRVVLELOLWD D FDSWDomR GH UHFXUVRV HP SHUFHQWXDOVREUHDVFRPSUDVGHEHQVHVHUYLoRVHIHWXDGDVSHODSUHIHLWXUD
&RQIRUPH3UD[pGHVSXPSURFHVVRUHFHQWHQRGHVHQYROYLPHQWRGDVSROtWLFDV S~EOLFDVpDLPSOHPHQWDomRGH,QFXEDGRUDV3~EOLFDVGH(FRQRPLD3RSXODUH6ROLGiULDFULDGDV QR kPELWR GH SUHIHLWXUDV PXQLFLSDLV FRPR 3DXOLVWD ± 3( 6DQWR $QGUp ± 63 2VDVFR ± 63 'LDGHPD±636DQWR$QGUp±639iU]HD3DXOLVWD±630HVTXLWD±5-HDVGR(VWDGRGD%DKLD $ FULDomR GHVVDV LQFXEDGRUDV VXDV HVWUDWpJLDV H PHWRGRORJLDV IRUDP XP JUDQGH GHVDILR H XP JUDQGHDYDQoRQRFDPSRGDVSROtWLFDVS~EOLFDV
$PDLRUSDUWHGDVLQLFLDWLYDVQR%UDVLOHVWiOLJDGDjVXQLYHUVLGDGHVHDR7HUFHLUR6HWRU FRP D IXQomR GH DSRLDU H IRPHQWDU QRYRV PRGHORV YLVDQGR j JHUDomR GH WUDEDOKR H UHQGD GH IRUPDFROHWLYD(VVDVH[SHULrQFLDVGHPRQVWUDUDPDQHFHVVLGDGHGHDo}HVFRQFUHWDVGRSRQWRGH YLVWDGDJHVWmRS~EOLFD
$SULPHLUDHWDSDSDUDDFULDomRGDVLQFXEDGRUDVpDPRELOL]DomRSURPRYLGDFRPRREMHWLYR GHTXHDSRSXODomRHQWHQGDRVHXVLJQLILFDGRSDUDDFLGDGHSDUDDUHJLmRHSDUDFDGDFLGDGmR
1HVWHV HVSDoRV S~EOLFRV VmR UHDOL]DGDV SRU PHLR GH SURFHVVR GH LQFXEDomR DWLYLGDGHV YROWDGDV DR DSRLR j RUJDQL]DomR j FRQVROLGDomR H j VXVWHQWDELOLGDGH GH HPSUHHQGLPHQWRV HFRQ{PLFRVVROLGiULRVSURSLFLDQGRRDFHVVRDRFRQKHFLPHQWRDWHFQRORJLDVVRFLDLVHjJHVWmRGH QHJyFLRVVROLGiULRVDo}HVQHFHVViULDVjYLDELOL]DomRGRVHPSUHHQGLPHQWRV
$HTXLSHGHWpFQLFRVpPXOWLGLVFLSOLQDUFRPSRVWDSRUSURILVVLRQDLVGHGLIHUHQWHViUHDVGR FRQKHFLPHQWR TXH H[HUFHP R SDSHO GH PHGLDGRUHV HQWUH RV SDUWLFLSDQWHV 1D FRPSRVLomR GDV HTXLSHV RV VHUYLGRUHV S~EOLFRV PXQLFLSDLV RX HVWDGXDLV FRQWULEXHP GH IRUPD GHFLVLYD SDUD D LPSODQWDomR GD HFRQRPLD VROLGiULD )LFD H[SOtFLWD D QHFHVVLGDGH GH VH JDUDQWLU SDUD DOpP GR PDQGDWR SROtWLFR GD RFDVLmR D FRQWLQXLGDGH GDV SROtWLFDV S~EOLFDV LPSODQWDGDV 35$;e'(6 S
'LDQWHGHWDQWDVGLPHQV}HVGHVDILRVHQIUHQWDGRVHLGHQWLILFDGRVDVH[SHULrQFLDVWDQWRGD UHGH TXDQWR GD 6HQDHV GHWHFWDUDP D QHFHVVLGDGH GH SURPRYHU DWLYLGDGHV IRUPDWLYDV SDUD RV JHVWRUHVS~EOLFRV
SROtWLFDVS~EOLFDVGHHFRQRPLDVROLGiULDQRVPXQLFtSLRVHHVWDGRVGHWRGDVDVUHJL}HVGRSDtV SURPRYHUDWLYLGDGHVIRUPDWLYDVHPJHVWmRS~EOLFDHHFRQRPLDVROLGiULDSDUDJHVWRUHVS~EOLFRV GHVWDiUHDHPQtYHOEiVLFRHLQWHUPHGLiULRSURPRYHUHHVWUXWXUDUHVSDoRVGHGLVFXVVmRWURFDH VLVWHPDWL]DomRGHH[SHULrQFLDVFRQKHFLPHQWRVDUWLFXODomRGHDo}HV HHODERUDomRGHSURSRVWDV SDUD DV SROtWLFDV S~EOLFDV GH HFRQRPLD VROLGiULD DOpP GH WRUQDU S~EOLFRV RV FRQKHFLPHQWRV VLVWHPDWL]DGRVVREUHDVSROtWLFDVS~EOLFDVQHVWHFDPSR6,1*(5S
(VWD IDVH Gi FRQWLQXLGDGH DR SURFHVVR LQLFLDGR HP DJRVWR GH GHVHQYROYLGR HP SDUFHULDHQWUHD6HQDHV07(5HGHGH*HVWRUHVGH3ROtWLFDV3~EOLFDVGH(FRQRPLD6ROLGiULDHD ,QFXEDGRUD 7HFQROyJLFD GH &RRSHUDWLYDV 3RSXODUHV ,7&3&233(8)5- ± )XQGDomR 8QLYHUVLWiULD -RVp %RQLIiFLR )8-% FRP R DSRLR GD )XQGDomR %DQFR GR %UDVLO 6,1*(5 S
³'HVVD IRUPD WRUQDVH SRVVtYHO DSURIXQGDU R LQWHUFkPELR H WURFD GH H[SHULrQFLDV GH IRUPD PDLV VLVWHPiWLFD HQWUH RV JHVWRUHV GH GLYHUVRV PXQLFtSLRV H HVWDGRV GD IHGHUDomR H GLUHFLRQDU D IRUPDomRSDUDRVLQVWUXPHQWRVGHJHVWmRHPSODQHMDPHQWRPRQLWRUDPHQWRHDYDOLDomRGDVSROtWLFDV S~EOLFDVQHFHVVLGDGHHVWDTXHVXUJHGDVIDVHVDQWHULRUHVGRSURMHWR´6,1*(5S
3UH[pGHV S FRQWD TXH R 3URMHWR GH )RUPDomR GRV *HVWRUHV 3~EOLFRV HP (FRQRPLD 6ROLGiULD WHP SURSLFLDGR D FULDomR GH XP HVSDoR SDUD D WURFD GH H[SHULrQFLDV D UHIOH[mR FROHWLYD GDV Do}HV H[HFXWDGDV SHODV PDLV GLYHUVDV JHVW}HV H SURPRYLGR R DSURIXQGDPHQWRGRGHEDWHVREUHDFRQVWUXomRHDIRUPXODomRGDVSROtWLFDVS~EOLFDVWHQGRFRPR UHIHUrQFLDXPDSROtWLFDGHGLUHLWRVHFRPRSHUVSHFWLYDXPDHVWUDWpJLDGHGHVHQYROYLPHQWRDR PHVPRWHPSRGHGHVDILRVjFRQVWUXomRGHVWDSROtWLFDS~EOLFDGRVTXDLV3UD[pGHVS GHVWDFD
&DGDYH]PDLVDJHVWmRGDSROtWLFDS~EOLFDGHYHRFRUUHUGHIRUPDDSULYLOHJLDUDSDUWLFLSDomRH FRQWUROHVRFLDO*DUDQWLUDSDUWLFLSDomRGRVVXMHLWRVVRFLDLVHSROtWLFRVVHMDQDVXDIRUPXODomR QRGHVHQYROYLPHQWRQRPRQLWRUDPHQWRHQDDYDOLDomRGDVSROtWLFDVYLVDQGRDVXDDPSOLDomR HDSHUIHLoRDPHQWRFRQVWDQWH
e IXQGDPHQWDO D FULDomR GH PHFDQLVPRV PDLV HILFLHQWHV GH UHSDVVH GH UHFXUVRV SDUD RV PXQLFtSLRV2VPHFDQLVPRVH[LVWHQWHVPXLWDVYH]HVFRQWULEXHPSDUDFULDUGHVFRQWLQXLGDGH 3UHFLVDPRVHQFRQWUDUVROXo}HVPDLVHILFLHQWHV
'HILQLomR GH PDUFRV OHJDLV HVSHFtILFRV TXH SRVVLELOLWHP DRV HPSUHHQGLPHQWRV HFRQ{PLFRV VROLGiULRV ((6V IRUQHFHU EHQV H VHUYLoRV DR (VWDGR 8PD GDV Do}HV LQVHULGDV QHVVD HVWUDWpJLDpDQHFHVVLGDGHGHDOWHUDomRGD/HL1DOHLGDVOLFLWDo}HV
$SRLR j RUJDQL]DomR GH QRYDV FDGHLDV SURGXWLYDV H DR IRUWDOHFLPHQWR GDV Mi H[LVWHQWHV GR FDPSRGDHFRQRPLDVROLGiULD
7HFQRORJLD VRFLDO HQTXDQWR LQRYDomR HP GHWHUPLQDGDV SROtWLFDV VHWRULDLV D H[HPSOR GD HGXFDomR FRP PHWRGRORJLD TXH DSUR[LPD RV WUDEDOKDGRUHV H WUDEDOKDGRUDV GD HVFULWD H OHLWXUD H IDFLOLWH D DSURSULDomR GRV LQVWUXPHQWRV EiVLFRV GH JHVWmR QRV SURFHVVRV GH LQFXEDomRGHDXWRJHVWmRGHIRUPDomRFRQWLQXDGD
&RQVWLWXLomRHIRUPDomRFRQWLQXDGDGHHTXLSHVSUySULDVGRTXDGURGRIXQFLRQDOLVPRS~EOLFR SDUDDWXDUQHVWDiUHD
$PSOLDU D LPSOHPHQWDomR GH HTXLSDPHQWRV S~EOLFRV FRPR DV LQFXEDGRUDV S~EOLFDV FHQWURV S~EOLFRV FHQWURV GH FRPpUFLR FRPR IRUPD GH DSRLR DFRPSDQKDPHQWR H FRQWULEXLomR DR SURFHVVRGHVXVWHQWDELOLGDGHGRV((6V
*DUDQWLDGHDFHVVRHSHUPDQrQFLDGHLQYHVWLPHQWRDWUDYpVGHIXQGRVS~EOLFRVSDUDDHFRQRPLD VROLGiULD35$;e'(6S
(QWHQGHVHTXHRIRPHQWRjHFRQRPLDSRSXODUVROLGiULDpXPDSROtWLFDGHGHVHQYROYLPHQWR SRUWDQWRQmRGHYHVHUUHOHJDGDjVSROtWLFDVGHFRUWHDVVLVWHQFLDORXFRPSHQVDWyULR(ODWHPDQWHV SRWHQFLDO WDPEpP SDUD VHU XPD HVWUDWpJLD HPDQFLSDWyULD SDUD RV EHQHILFLiULRV GHVVDV RXWUDV SROtWLFDV
(QWHQGHVH WDPEpP FRPR HVVHQFLDO TXH DV SROtWLFDV GH IRPHQWR j HFRQRPLD SRSXODU VROLGiULDGHYHPUHFRQKHFHUHIRUWDOHFHUDRUJDQL]DomRVRFLDOGRVWUDEDOKDGRUHVHDFRQVWLWXLomRGR VXMHLWRSROtWLFRGHVWHVHJPHQWRHOHPHQWRVIXQGDPHQWDLVSDUDDLQVWLWXFLRQDOL]DomRGRVGLUHLWRVH SDUDRIRUWDOHFLPHQWRGDVHVIHUDVS~EOLFDVGHPRFUiWLFDVQRSDtV
2FDPLQKRSHUFRUULGRDWpDTXLMiGHPRQVWUDRDYDQoRQDFRQVWUXomRGHSROtWLFDVS~EOLFDV TXHSRVVDPFRQWULEXLUSDUDLGHDOL]DUPRVRPRGHORGHGHVHQYROYLPHQWRTXHUHVSHLWDHFRQVLGHUDD FHQWUDOLGDGHGRVHUKXPDQRDVXVWHQWDELOLGDGHDPELHQWDODMXVWLoDVRFLDODFLGDGDQLDHYDORUL]D DVGLYHUVLGDGHVFXOWXUDLVDUWLFXODGDVjVDWLYLGDGHVHFRQ{PLFDV(PRXWUDVSDODYUDVRPLFURGHYH LQWHUDJLU FRP R PDFUR D RUJDQL]DomR VRFLDO GHYH FULDU FRQGLo}HV SROtWLFDV GHPRFUiWLFDV SDUD LQWHUDJLUFRPR(VWDGRLQVWLWXFLRQDOL]DUGLUHLWRVHFRQTXLVWDVHLPSOHPHQWDUSROtWLFDVS~EOLFDV
&RQIRUPH*KLEDXGLSpQHFHVViULR³LQVWLWXFLRQDOL]DUSDUDPXGDU´SDUDRDXWRU VH WUDWDP GH Do}HV TXH SURFXUDP LQVHULUVH VRFLDO H SROLWLFDPHQWH HP VHWRUHV TXH IRUDP KLVWRULFDPHQWHPDUJLQDGRVHQmRVHWUDWDPGHVLPSOHVPHGLGDVDVVLVWHQFLDOLVWDV
6XDFULDomRIRLIHLWDQRVPROGHVGRGHVHQYROYLPHQWRGHXPQRYRLQVWUXPHQWRS~EOLFRGH DomRHVVHPDUFRLQVWLWXFLRQDODSDUHFHFRPRXPSRQWRIXQGDPHQWDOSDUDHQWHQGHURVXFHVVRGD ,QFXEDGRUD3~EOLFD2DXWRUWDPEpPFRQVWDWDTXH
³3DUD D FRPSRVLomR GH VHX TXDGUR WpFQLFR DOpP GH LQFRUSRUDU SDUD VHX SULPHLUR LPSXOVR SURILVVLRQDLVFRPWUDMHWyULDDFDGrPLFDHSROtWLFDUHFRQKHFLGDIRUDGD3UHIHLWXUDD,QFXEDGRUD3~EOLFD FRQVHJXLXLQVHULUIXQFLRQiULRVSHUPDQHQWHVGD3UHIHLWXUDHFRQFXUVDGRV6HQGRSDUWHGRRUJDQRJUDPD GD 3UHIHLWXUD FRP TXDGUR SUySULR H FDSDFLWDGR D ,QFXEDGRUD FRQVHJXLX D HVWDELOLGDGH H UHFRQKHFLPHQWR TXH WRGD DomR SROtWLFD SUHFLVD SDUD GDU FHUWR 'HQWUR GHVVD PHVPD GLUHWUL] D ,QFXEDGRUD3~EOLFDDILUPRXVHQDPHGLGDHPTXHVXDDomRVHGHVHQYROYHXGHIRUPDDUWLFXODGDFRP RXWUDVLQLFLDWLYDVGHJHUDomRWUDEDOKRHGHVHQYROYLPHQWRGD3UHIHLWXUD(QWHQGHQGRRGHVHQYROYLPHQWR VRFLDO FRPR XP SURFHVVR SROtWLFR H FRPSOH[R D ,QFXEDGRUD 3~EOLFD VH IRUWDOHFHX H IRUWDOHFHX DV GLUHWUL]HVGHSROtWLFDGD3UHIHLWXUDHQmRVHFRORFRXFRPRXPDSROtWLFD PDUJLQDOQHP FRQMXQWXUDO´ *+,%$8',S
2 GHVHQYROYLPHQWR WHUULWRULDO D SDUWLU GD SHUVSHFWLYD GD (FRQRPLD 6ROLGiULD SUHVVXS}H XPDDWXDomRQRWHUULWyULRTXHSULYLOHJLHDRUJDQL]DomRFROHWLYDGDFRPXQLGDGHHGRWUDEDOKRD RUJDQL]DomR HP UHGHV D FULDomR GH LQVWkQFLDV SDUWLFLSDWLYDV D LPSOHPHQWDomR GH WHFQRORJLDV VRFLDLVHQWUHRXWUDVHVWUDWpJLDVTXHYLVDPDDSURSULDomRHFULDomRGHLGHQWLGDGHGDSRSXODomRHP VHX WHUULWyULR H R GHVHQYROYLPHQWR GH SURMHWRV H Do}HV TXH HVWLPXODP D VXVWHQWDELOLGDGH HFRQ{PLFDVRFLDOHDPELHQWDODPpGLRHORQJRSUD]R
6HJXQGR 3UD[pGHV S RV FHQWURV VH FRQVWLWXHP HP HVSDoR GH DJUHJDomR GDV GLYHUVDV LQLFLDWLYDV GR FDPSR GD HFRQRPLD VROLGiULD SURSLFLDQGR D SDUWLFLSDomR GH GLYHUVRV DWRUHVSUHVHQWHVQRWHUULWyULReLPSRUWDQWHVXEOLQKDURSDSHOTXHRVFHQWURVFXPSUHPQRIRPHQWR DSURFHVVRVGHGHVHQYROYLPHQWRORFDOQDPHGLGDHPTXHSHUPLWHPDUHDOL]DomRGHDWLYLGDGHVGH DUWLFXODomR IRUPDomR H FDSDFLWDomR DOpP GR SRWHQFLDO GH DWHQGHU D HPSUHHQGLPHQWRV TXH HVWHMDPLQLFLDQGRVXDVDWLYLGDGHV
'HIDWRWUDWDVHGHLPSRUWDQWHIHUUDPHQWDGDHFRQRPLDVROLGiULDXPDYH]TXHHVWDGHYH HVWDUYROWDGDSDUDDHODERUDomRGHHVWUDWpJLDVGHIRUWDOHFLPHQWRGDRUJDQL]DomRVRFLRHFRQ{PLFD ORFDO$OpPGLVVRHVWHVHVSDoRVYrPFRQWULEXLQGRVLJQLILFDWLYDPHQWHSDUDDFRQVWUXomRGHXPD PDLRULGHQWLGDGHHYLVLELOLGDGHGDHFRQRPLDVROLGiULDQRLQWHULRUGRPRYLPHQWRHSDUDRFRQMXQWR GDVRFLHGDGH*+,%$8',S
7HQGR LVVR HP YLVWD DQDOLVDUHPRV R FDVR GR 0XQLFtSLR GH 9iU]HD 3DXOLVWD SDUD FRPSUHHQGHUPRV DV HVWUDWpJLDV XWLOL]DGDV SHOR *RYHUQR GHVWH PXQLFtSLR SDUD IRUWDOHFHU D RUJDQL]DomRVRFLRHFRQ{PLFDORFDOHRPRGRFRPRD(FRQRPLD6ROLGiULDVHGHVHQYROYHXQHVWH WHUULWyULR
$(FRQRPLD6ROLGiULDQRPXQLFtSLRGH9iU]HD3DXOLVWD
1HVWH FRQWH[WR GD KLVWyULD GD (FRQRPLD 6ROLGiULD QR %UDVLO LQVHUHVH R PXQLFtSLR GH 9iU]HD 3DXOLVWD 'HVGH D HFRQRPLD VROLGiULD YHP VHQGR GHEDWLGD GHQWUR GRV &HQWURV GH 5HIHUrQFLDVGH$VVLVWrQFLD6RFLDO±&5$6±RWUDEDOKRGHEDVHIRLUHDOL]DGRFRPVHUYLGRUHVGD 6HFUHWDULDGH'HVHQYROYLPHQWR6RFLDOFRPRREMHWLYRGHDPSOLDUDLQGDPDLVRVHXDWHQGLPHQWRH HYLWDUTXHRVHUYLoRVHUHVWULQMDjVSROtWLFDVDVVLVWHQFLDOLVWDVHLPHGLDWDV
6HJXQGRGHSRLPHQWRGD6HFUHWiULDGH&LGDGDQLDH'HVHQYROYLPHQWR6RFLDO*LDQ\3RYRD ³(VWDPRVGDQGRXPQRYRSDSHOSDUDD$VVLVWrQFLD6RFLDORIHUHFHQGRIHUUDPHQWDVSDUDTXHDV SHVVRDVSRVVDPGHVHQYROYHUVXDVDWLYLGDGHVGHIRUPDLQGHSHQGHQWHVHMDSDUDJHUDUVXDSUySULD UHQGDRXGHILQLUDVPHOKRULDVQHFHVViULDVHPVHXEDLUUR´(VWDQRYDIRUPDGHVHUYLoRRIHUHFLGD DRV FLGDGmRV VREUHWXGR jV IDPtOLDV DVVLVWLGDV EDVHLDVH HP SROtWLFDV GH 'HVHQYROYLPHQWR &RPXQLWiULR H p XP LQFHQWLYR SDUD TXH VH WRUQHP SURWDJRQLVWDV GH VXDV SUySULDV YLGDV H FRPXQLGDGHV
$VVLPVHQGRD3UHIHLWXUDGH9iU]HD3DXOLVWDGHVHQYROYHSRUPHLRGDSROtWLFDGH(FRQRPLD 6ROLGiULDPHLRVSDUDDMXGDUDTXHOHVTXHVHHQFRQWUDYDPHPVLWXDomRGHPDLRUYXOQHUDELOLGDGH VRFLDO D FRQTXLVWDUHP XP HVSDoR QR PHUFDGR GH WUDEDOKR H JHUDUHP VXD SUySULD UHQGD 2V SURMHWRVGHVHQYROYLGRVQRPXQLFtSLRQHVWDiUHDRWRUQDUDPXPDUHIHUrQFLDQDUHJLmRHIL]HUDP FRPTXHHODVHGHVWDFDVVHQHVWHVHWRUHQWUHRVPXQLFtSLRVGD5HJLmRGH&DPSLQDV
8PSRQWRLPSRUWDQWHpTXHDFLGDGHWHPUHSUHVHQWDWLYLGDGHGLUHWDQR)yUXP%UDVLOHLURGH (FRQRPLD6ROLGiULDDLQGLFDGDSHOD5HGHGH*HVWRUHVGH(FRQRPLD6ROLGiULD /XFLDQH0RVFD GLUHWRUDGH(FRQRPLD6ROLGiULDGH9iU]HD3DXOLVWDHODRFXSDXPDGDVFDGHLUDVGR)yUXPTXH QDUHJLmR6XGHVWHVyWHPGRLVUHSUHVHQWDQWHV
/XFLDQH FRQWD ³0LQKD UHSUHVHQWDomR WUD] SDUD 9iU]HD 3DXOLVWD XPD PHOKRU DUWLFXODomR FRP RXWURV (VWDGRV H 0XQLFtSLRV IDFLOLWDQGR D WURFD GH H[SHULrQFLDV R DSURIXQGDPHQWR GH GHEDWHV1DVUHXQL}HVGRIyUXPGLVFXWLPRVDVVXQWRVDPSORVFRPRSROtWLFDGHHVWDGRSURMHWRVH LQWHUYHQo}HVGHQWURGDVSURSRVWDVGRJUXSR´
7URFDVTXDQGRpDSUHVHQWDGDDSULPHLUDPRHGDVRFLDOGRPXQLFtSLR6DEHUHDLQGDDµ)HLUD 5HJLRQDO GH &RPHUFLDOL]DomR HQYROYHQGR D SDUWLFLSDomR GH PXQLFtSLRV H HPSUHHQGLPHQWRVHFRQ{PLFRVVROLGiULRV
2XWUR JUDQGH DYDQoR QD iUHD GR 'HVHQYROYLPHQWR &RPXQLWiULR IRL D VXEVWLWXLomR GD GLVWULEXLomRGHFHVWDVEiVLFDVFRPDLPSODQWDomRGRV$UPD]pQVGD&LGDGDQLDTXHIXQFLRQDP QRV&HQWURVGH5HIHUrQFLD$VVLVWrQFLD6RFLDO&5$6HVmRHVSDoRVVHPHOKDQWHVDXPPHUFDGR 2V $UPD]pQV ID]HP SDUWH GR3URJUDPD GH $TXLVLomR GH $OLPHQWRV 3$$ GD &RPSDQKLD
1DFLRQDO GH $EDVWHFLPHQWR &RQDE GR *RYHUQR )HGHUDO FRP REMHWLYR GH LQFHQWLYDU D
DJULFXOWXUDIDPLOLDUHDWHQGHUIDPtOLDVHPVLWXDomRGHLQVHJXUDQoDDOLPHQWDU
1HOHVVmRRIHUHFLGRVWRGRVRVSURGXWRVGHXPDFHVWDEiVLFDYHUGXUDVHOHJXPHVIUHVFRVGH DVVHQWDPHQWRVGR0RYLPHQWRGRV6HP7HUUD067TXHHQYLDPKRUWLIUXWLVGDpSRFD$FRPSUD pIHLWDGLUHWDPHQWHSHOD&RQDESRUSUHoRFRPSHQVDGRUUHVSHLWDQGRDVSHFXOLDULGDGHVHKiELWRV DOLPHQWDUHVUHJLRQDLVHDVLWXDomRGRPHUFDGRORFDO
3DUDUHDOL]DUWURFDVQDVIHLUDVEHPFRPRDVFRPSUDVQRV$UPD]pQVGD&LGDGDQLDWHPVLGR XWLOL]DGDD0RHGD6RFLDOGRPXQLFtSLRLQVWLWXtGDHPTXHWHPRQRPHGH³6DEHU´$PRHGD VRFLDOVXUJHQDHFRQRPLDVROLGiULDFRPRDOWHUQDWLYDDRHVFDPERHSRVVXLFDUDFWHUtVWLFDVSUySULDV VHQGRFRQVLGHUDGDXPLQVWUXPHQWRGHGHVHQYROYLPHQWRORFDOGHVWLQDGDDEHQHILFLDURPHUFDGR GH WUDEDOKR GRV JUXSRV TXH SDUWLFLSDP GD HFRQRPLD GD ORFDOLGDGH 6HX XVR p UHVWULWR H D VXD FLUFXODomREHQHILFLDDUHGLVWULEXLomRGRVUHFXUVRVQDHVIHUDGDSUySULDFRPXQLGDGH$VIDPtOLDV
)RWR±)DFKDGDGR$UPD]pPGD&LGDGDQLD )RQWH)RWRGH-XOLDQD*LROR=DQFKHWD
2 PXQLFtSLR Mi WHP DOJXPDV FRRSHUDWLYDV FRQVROLGDGDV D $UWHV 9LYD H $UWHV 9iU]HD QD iUHDGHDUWHVDQDWRD&DVDGD%HOH]DQDiUHDHVWpWLFDHRV$PLJRVGD1DWXUH]DTXHGHVHQYROYHP DUHFLFODJHP
1RGLDGHGH]HPEURGHDFRQWHFHXDLQDXJXUDomRGR&HQWUR3~EOLFRGH(FRQRPLD 6ROLGiULD GH 9iU]HD 3DXOLVWD 2 QRYR HTXLSDPHQWR S~EOLFR DEULJD D LQFXEDGRUD GD FLGDGH TXH UH~QH DOpP GR $UPD]pP GD &LGDGDQLD HVSDoRV GH FDSDFLWDomR SDUD D SRSXODomR QDV iUHDV GH FXOLQiULD DUWHVDQDWR LQIRUPiWLFD FRQVWUXomR FLYLO H JHVWmR GRPpVWLFD H p WDPEpP R HVSDoR SHUPDQHQWHGR)yUXPGD&RPLVVmR0XQLFLSDOGH(FRQRPLD3RSXODUH6ROLGiULD
)RWR±&HQWUR3~EOLFR0XQLFLSDOGD(FRQRPLD6ROLGiULDGH9iU]HD3DXOLVWD±63 )RQWH)RWRGH-XOLDQD*LROR=DQFKHWD
3DUDR3UHIHLWR(GXDUGR7DGHX3HUHLUDD(FRQRPLD6ROLGiULD³eXPDIRUPDGHJDUDQWLU DXWRQRPLDDRVFLGDGmRVTXHPDLVSUHFLVDP7HPRVLQYHVWLGRQRSURJUDPDSRUTXHDFUHGLWDPRV TXH HOD p XPD IRQWH GH JHUDomR GH UHQGD H XPD DOWHUQDWLYD DR PRGHOR FDSLWDOLVWD $TXL HP 9iU]HD p SRVVtYHO XPD HFRQRPLD TXH QmR YLVH R OXFUR´ 3DUD HOH D (FRQRPLD 6ROLGiULD p WDPEpP³XPDIRUPDGHSDUWLFLSDomRVRFLDOTXHID]FRPTXHDVSHVVRDVVHVLQWDPFDSD]HVGH ID]HUDUWLFXODUHH[HUFHUFLGDGDQLD´
2 3UHIHLWR DILUPD DLQGD TXH QRV ~OWLPRV DQRV D FLGDGH WHP SDVVDGR SRU LQWHQVDV WUDQVIRUPDo}HV TXH D IL]HUDP FUHVFHU H VDOLHQWRX TXH R PXQLFtSLR WHP GHVHPSHQKDGR XP LPSRUWDQWH WUDEDOKR SDUD JDUDQWLU D LQVHUomR SURGXWLYD H VRFLDO j SRSXODomR SRU PHLR GD (FRQRPLD6ROLGiULD
6HJXQGR (GXDUGR ³(QWUH WRGDV DV PXGDQoDV RFRUULGDV D PDLV LPSRUWDQWH p D PXGDQoD GDV SHVVRDV TXH DFUHGLWDP TXH SRGHP PXGDU D FLGDGH ( WHPRV DTXL HP 9iU]HD 3DXOLVWD R PRGHOR GD (FRQRPLD 6ROLGiULD TXH SURPRYH XPD PXGDQoD QR SDGUmR GH SHQVDPHQWR VREUH HFRQRPLDTXHGL]TXHpSRVVtYHOWRGRVWUDEDOKDUHPHGLYLGLUDUHQGD(VWDPRVPRVWUDQGRTXH DTXLH[LVWHXPMHLWRGHYLYHUGHPDQHLUDVROLGiULD´
1RGLDGHIHYHUHLURGHTXDVHPRUDGRUHVGD9LOD5HDOTXHID]LDPVXDVWURFDVQD IHLUDSDUWLFLSDUDPGRSURFHVVRGHHVFROKDGDPRHGDVRFLDODFRQWHFHXQD9LOD5HDODQRYDPRHGD VRFLDOIRLDGRWDGDQR%DQFR&RPXQLWiULR2UTXtGHDLQDXJXUDGRHPVHWHPEURGH
)RWR±)DFKDGDGR%DQFR&RPXQLWiULR2UTXtGHDQD9LOD5HDO9iU]HD3DXOLVWD±63
)RQWH3UHIHLWXUDGH9iU]HD3DXOLVWDKWWSZZZYDU]HDSDXOLVWDVSJRYEU!$FHVVRHP
)RWR±0XUDOTXHFRQWDDKLVWyULDGR%DQFRQD&RPXQLGDGHGD9LOD5HDO
)RQWH3UHIHLWXUDGH9iU]HD3DXOLVWDKWWSZZZYDU]HDSDXOLVWDVSJRYEU!$FHVVRHP
)RWR±0RHGD3URJUHVVR
)RQWH3UHIHLWXUDGH9iU]HD3DXOLVWDKWWSZZZYDU]HDSDXOLVWDVSJRYEU!$FHVVRHP
1DRFDVLmRGDLQDXJXUDomRR3UHIHLWR(GXDUGR3HUHLUDDYDOLRXTXH³,VVRpRUHVXOWDGRGH XPDFRPXQLGDGHTXHYHPGHVFREULQGRDIRUoDGDRUJDQL]DomRORFDO2QRPHHVFROKLGRUHIOHWHR VHQWLPHQWRGHSURJUHVVRGDSRSXODomRGD9LOD5HDOTXHDJRUDYDLJHULUVHXSUySULREDQFR´H VHXYLFH/XOD5DQLHURUHFRQKHFHXTXH³$VROLGDULHGDGHpRPDUFRPDLRUGHWRGRHVWHSURFHVVR GHWUDQVIRUPDomRTXHYHPDFRQWHFHQGRQD9LOD5HDO$FUHGLWDPRVTXHVHDORFDOLGDGHFUHVFH WRGRVFUHVFHPMXQWRGDtDLPSRUWkQFLDGHWUDEDOKDUHPFRRSHUDomR´
2 %DQFR &RPXQLWiULR p FRQWURODGR SHOR %DQFR &HQWUDO H HVWi LQVHULGR QR SURJUDPD GH GHVHQYROYLPHQWR GD 9LOD 5HDO LQFOXLQGR D UHJXODUL]DomR IXQGLiULD H D XUEDQL]DomR GR EDLUUR ³9LVDQGRjTXDOLILFDomRLQIRUPDODSUHIHLWXUDYDLLQVWDODUXPDLQFXEDGRUDS~EOLFDGHSHTXHQRV HPSUHHQGLPHQWRVVHXWLOL]DQGRGRWUDEDOKRTXHMiKiQDVFDVDVGHPRUDGRUHVGD9LOD5HDO´ LQIRUPD D VHFUHWiULD GH 'HVHQYROYLPHQWR 6RFLDO *LDQ\ 3RYRD HOD DLQGD H[SOLFD TXH ³DV SHVVRDV VH FDSDFLWDP H FRQVHJXHP R GLQKHLUR GHQWUR GR EDQFR FRPXQLWiULR SDUD LQLFLDU VHXV SUySULRVQHJyFLRV´
HVFROKLGRV H FDSDFLWDGRV SHOR 1~FOHR GH (FRQRPLD 6ROLGiULD GD 8QLYHUVLGDGH GH 6mR 3DXOR 1(62/863 TXH YHQFHX D FKDPDGD S~EOLFD GD UHJLmR VXGHVWH GH HFRQRPLD VROLGiULD GR 0LQLVWpULRGH7UDEDOKRH(PSUHJR
6HJXQGR GDGRV GD 3UHIHLWXUD WULQWD PRUDGRUHV GR EDLUUR SDUWLFLSDUDP GR FXUVR GH FDSDFLWDomR MXQWR DR 1(62/863 TXH VHOHFLRQRX VHLV SDUWLFLSDQWHV SDUD ID]HUHP DV SURYDV ILQDLV $V GXDV SHVVRDV DSURYDGDV SDUD H[HUFHUHP D IXQomR GH DJHQWH GH FUpGLWR IRUDP /tGLD 6RX]D6LOYDH0DULD)HUUHLUDGH%ULWRDPEDVPRUDGRUDVDWXDQWHVQDFRPXQLGDGHGD9LOD5HDO
$DWXDomRGREDQFRVHGiGHIRUPDLQWHJUDGDFRPDSURGXomRHRFRQVXPRORFDOSRLVp IRUPXODGRDSDUWLUGHOLQKDVGHPLFURFUpGLWRSURGXWLYRHGHFRQVXPROHYDQGRHPFRQVLGHUDomR FULWpULRVGHDQiOLVHTXHFRQWHPSOHDUHDOLGDGHORFDO³$DSURYDomRGRVPLFURFUpGLWRVVROLFLWDGRV DR EDQFR RFRUUH FRP R DYDO GDV SHVVRDV GD SUySULD FRPXQLGDGH TXH FRQKHFHP TXHP HVWi VROLFLWDQGR R GLQKHLUR $OpP GR GHVHQYROYLPHQWR HFRQ{PLFR GR EDLUUR HVWH SURMHWR UHVJDWD YDORUHV H UDt]HV FRQVFLHQWL]DQGR DV SHVVRDV VREUH D LPSRUWkQFLD GD XQLmR ORFDO´ UHVVDOWD D DJHQWHGHFUpGLWR0DULD)HUUHLUDGH%ULWR
/tGLD 6RX]D 6LOYD D DJHQWH GH FUpGLWR FRPHPRUD ³'HSRLV GH PXLWR WUDEDOKR R EDQFR FRPXQLWiULRVHWRUQRXUHDOLGDGHQD9LOD5HDODJUHJDQGRYDORUjVQRVVDVH[SHFWDWLYDVGHXPD JUDQGHDGHVmRGDSRSXODomRGREDLUUR´
'HQWUR GR PRYLPHQWR GH (FRQRPLD 6ROLGiULD QR PXQLFtSLR GH 9iU]HD 3DXOLVWD R HPSUHHQGLPHQWR&DVDGD%HOH]DPHUHFHXPGHVWDTXHSRLVIRLRSULPHLURSURMHWRDVHULQFXEDGR QR0XQLFtSLRGHSRLVGHOHQRYRVFDPLQKRVIRUDPDEHUWRVSDUDRGHVHQYROYLPHQWRGD(FRQRPLD 6ROLGiULD QR PXQLFtSLR DWXDOPHQWH R SULPHLUR JUXSR D ID]HU SDUWH GR SURMHWR HVWi VHQGR GHVLQFXEDGRHDRILPGHVWDSULPHLUDH[SHULrQFLDpTXHSRGHPRVID]HUXPDDQiOLVHGHFRPRR SURFHVVR GH FRQVWUXomR H GHVHQYROYLPHQWR GHVVH HPSUHHQGLPHQWR VH GHX H SDUD EXVFDU FRPSUHHQGHU GHVWD IRUPD TXDLV IRUDP RV DOFDQFHV H OLPLWDo}HV GHVVD SROtWLFD S~EOLFD QR GHVHQYROYLPHQWRORFDOGRPXQLFtSLR
2HPSUHHQGLPHQWRVROLGiULR&DVDGD%HOH]D
(P DJRVWR GH D 3UHIHLWXUD GH 9iU]HD 3DXOLVWD UHDOL]RX XP 3URMHWR GH FDSDFLWDomR SURILVVLRQDO TXH VHULD RIHUHFLGR DRV PXQtFLSHV GD FLGDGH HP HVSHFLDO DTXHOHV TXH HUDP FRQWHPSODGRVSRUSURJUDPDVVRFLDLVFRPRR%ROVD)DPtOLD5HQGD&LGDGmHRXWURVSURJUDPDVGH WUDQVIHUrQFLDGHUHQGD
3DUD WDQWR D 3UHIHLWXUD FRQWUDWRX D $VVRFLDomR +RUL]RQWHV TXH RIHUHFHX RV FXUVRV GH FDSDFLWDomRSURILVVLRQDOQDiUHDGDHVWpWLFDHGDEHOH]D
(QWUHDJRVWRGHH-XOKRGHVHUHDOL]RXDSULPHLUDIDVHGR3URMHWRTXHFRQWRX FRP D SDUWLFLSDomR GH PXQtFLSHV FDSDFLWDGRV SHORV FXUVRV RIHUHFLGRV SHOD 3UHIHLWXUD QDV iUHDVGHHVWpWLFDHEHOH]D
1RSHUtRGRGH-XOKRGHD-XQKRGHDFRQWHFHXDVHJXQGDIDVHGR3URMHWR&DVDGD %HOH]DHPPHQRUHVSURSRUo}HVWLQKDVHXS~EOLFRDOYRFRPSRVWRSRUGXDVWXUPDVGHDWpYLQWH SHVVRDV$SULPHLUDWXUPDRULXQGDGRVFXUVRVGHTXDOLILFDomRSURILVVLRQDOHPHVWpWLFDHEHOH]D Mi UHDOL]DGRV SHOR PXQLFtSLR GHVGH DJRVWR GH D VHJXQGD XPD WXUPD QRYD RULXQGD GRV FXUVRV GH DSHUIHLoRDPHQWR GH PDQLFXUH FDEHOHLUHLUR PDVVDJHP HVWpWLFD PDTXLDJHP H FRORULPHWULD
2JUXSRWDPEpPIRLFDSDFLWDGRSRUXPDHTXLSHGDSUySULD3UHIHLWXUDHPJHUHQFLDPHQWRH DSUHVHQWDomR GH VHUYLoRV FRQWDELOLGDGH DGPLQLVWUDomR SULQFtSLRV GD HFRQRPLD VROLGiULD H UHODo}HVFROHWLYDV3RUVHUXPHPSUHHQGLPHQWRVROLGiULRDJHVWmRpIHLWDGHPDQHLUDFROHWLYD
&RRUGHQDGRUD GH SURMHWRV GD +RUL]RQWHV 5RVDQD 3DWUtFLR H[SOLFD TXH GH LQtFLR HUD XP JUXSRGHSHVVRDVFXMDPDLRULDDWXDOPHQWHHVWiHPSUHJDGDQRVHJPHQWRGHVHUYLoRVGHEHOH]D $SDUWLUGDUHDOL]DomRGHVWDVHJXQGDHWDSDGHVVDVPXOKHUHVIRUPDUDPXPJUXSRFKDPDGR *UXSRÒQLFDHVWHVHULDRSULPHLURJUXSRGHPXOKHUHVDVHULQFXEDGRQR3URMHWR&DVDGD%HOH]D
)RWR,QFXEDGRUD3~EOLFDGH(PSUHHQGLPHQWRV&DVDGD%HOH]D9iU]HD3DXOLVWD±63 )RQWH)RWRGH-XOLDQD*LROR=DQFKHWD
)RWR±%HWKDPDQLFXUHUHFHEHQGRVHXFHUWLILFDGR )RQWH)RWR(GHU-U
)RWR±3UHIHLWR(GXDUGR3HUHLUDHDSDUWLFLSDQWH-RpVLDFDEHOHLUHLUDQD&DVDGD%HOH]D )RQWH)RWR(GHU-U
/XFLDQH $SDUHFLGD GRV 6DQWRV 0RVFD GLUHWRUD GH SODQHMDPHQWR H JHVWmR GD 6HFUHWDULD 0XQLFLSDO GH 'HVHQYROYLPHQWR 6RFLDO H[SOLFD TXH HVWD p D SULPHLUD FRRSHUDWLYD QD iUHD GH EHOH]DGRPXQLFtSLRHRSULPHLURJUXSRFHUWLILFDGRSHODLQFXEDGRUDS~EOLFD
$RDYDOLDURSURFHVVRGHLQFXEDomRDRORQJRGRSHUtRGRGH-XOKRGHD-XOKRGH /XFLDQH FRQWD TXH ³1R FRPHoR GD H[SHULrQFLD DV PHQLQDV WLQKDP PXLWD GLILFXOGDGH GH VH RUJDQL]DUHPJUXSRWLQKDPXLWDEULJDHQWUHHODVFRLVDVFRPRGHTXHPHUDDUHVSRQVDELOLGDGH SHODPDQXWHQomRGROXJDUHUDDSULQFLSDOFDXVDRXWDPEpPFRPDVILQDQoDVPXLWDVFRLVDVHODV FRPSUDP FROHWLYDPHQWH PDV DV GLILFXOGDGHV GH RUJDQL]DomR FROHWLYD QmR IRJHP GR FRPXP PHVPRHPHPSUHVDVIRUPDLVQHVWHSURFHVVRGHXPDQRDLGHLDGDLQFXEDGRUDVHULDMXVWDPHQWH TXHHODVSXGHVVHPH[HUFHURRItFLRGHODVTXHSXGHVVHPDSUHQGHUDFXLGDUGDVSUySULDVILQDQoDV QR LQtFLR HODV SURFXUDYDP EDVWDQWH D HTXLSH SDUD SRGHU UHVROYHU RV SUREOHPDV TXH VXUJLDP HQWUHHODVPDVQyVSHQViYDPRVTXHRQRVVRSDSHOQmRHUDRGHWXWHODURWUDEDOKRGHODVQmRHUD GHGL]HURTXHID]HUHFRPRID]HUPDVVLPPHGLDUDUHODomRHQWUHHODVSDUDTXHHODVPHVPR GHVFREULVVHPFRPRHODVSRGHULDPOLGDUFRPFDGDVLWXDomR´
/XFLDQHUHVVDOWDDLQGDTXH³(VVDVPXOKHUHVID]HPSDUWHGHXPDSRSXODomRYXOQHUiYHOH DSUHQGHUDP TXH HP FROHWLYLGDGH VmR IRUWHV H FDSD]HV (ODV QmR WLQKDP XPD DXWRHVWLPD HOHYDGD +RMH HODV VH FXLGDP H WrP SUHRFXSDomR GH FXLGDU GRV RXWURV $FRPSDQKDU HVVD PXGDQoDHHVVHSURJUHVVRSDUDQyVpJUDWLILFDQWH´
$RILQDOGRSHUtRGRGHLQFXEDomRHP-XOKRGHRWUDEDOKRGDHTXLSHHVWiMXVWDPHQWH HP UHWRPDU RV YDORUHV GD HFRQRPLD VROLGiULD H GR WUDEDOKR FROHWLYR H WDPEpP DMXGDU HODV D HODERUDUHPXPSODQRGHQHJyFLRVSDUDRIXWXURSDUDTXHHODVDSUHQGDPFRPRPRQWDURSUySULR VDOmR FRPR FRQWURODU RV FXVWRV H FRPR HPEXWLU RV FXVWRV GHODV QR SUHoR GR VHUYLoR GHODV $ GLUHWRUD FRQFOXL GL]HQGR TXH ³1RVVD H[SHFWDWLYD HUD TXH HODV FRQVHJXLVVHP ILFDU MXQWDV PDV QHVWH PRPHQWR HP TXH HODV HVWmR VHQGR GHVLQFXEDGDV H TXH HODV QmRWHUmR PDLV HVWH HVSDoR SDUDWUDEDOKDUDSHUVSHFWLYDpGHTXHHODVWUDEDOKHPLQGRQDFDVDGDVFOLHQWHVTXHHODVIL]HUDP DRORQJRGHVWHWHPSR´
TXDQWRRHVSDoRGD&DVDGD%HOH]DHVWmRRILFLDOL]DGRVDSHQDVSRUGHFUHWRVHQWmRWDQWRR/DE FDIpTXDQWRD&DVDGR$UWHVmRSRGHUmRILFDUDTXLQRFHQWURDWpPDUoRHDFDVDGDEHOH]DDWpR ILQDO GR DQR GHSRLV GLVVR QyV QmR VDEHPRV FRPR VHUi WXGR GHSHQGHUi GR UHVXOWDGR GDV HOHLo}HV´
$SURYHLWDQGRRPRPHQWRGHGHVLQFXEDomRHQWUHYLVWDVIRUDPIHLWDVFRPTXDWURGDVFLQFR LQWHJUDQWHVGRSURMHWR-RpVLDDQRVDFDEHOHLUHLUD6LOYDQLUDDQRVDPDVVDJLVWD%HWK DQRVDPDQLFXUHH/LOLDQDQRVTXHpPDQLFXUHGHSLODGRUDHGHVLJQGHVREUDQFHOKDVSDUD FRQKHFHU XP SRXFR PDLV GD YLGD GHVVDV PXOKHUHV DQWHV GH HQWUDUHP SDUD R SURMHWR HQWHQGHU FRPRIRLDSDVVDJHPGHODVSHORSURMHWRHVDEHURTXHHODVHVSHUDPSDUDRIXWXURGHODV
)RWRVH/LOLDQHPVXDURWLQDFRPRGHVLJQHUGHVREUDQFHOKDHPDQLFXUH
)RWRH±-RpVLDHPVXDURWLQDFRPRFDEHOHUHLUD
)RQWH)RWR-XOLDQD*LROR=DQFKHWD
1HVWDV HQWUHYLVWDV IRL SRVVtYHO FRQVWDWDU TXH WRGDV HODV WrP XP KLVWyULFR GH H[FOXVmR VRFLDO SRLV QmR WLYHUDP DFHVVR j HGXFDomR GXDV GHODV QmR FKHJDUDP D FRPSOHWDU R (QVLQR )XQGDPHQWDO H DV RXWUDV GXDV QmR WHP R (QVLQR 0pGLR &RPSOHWR VHQGR TXH D %HWK HVWi FXUVDQGRRHQVLQRVXSOHWLYRSDUDSRGHUFRPSOHWDUVHXVHVWXGRV
$IDPtOLDGHWRGDVHODVMiUHFHEHXRXDLQGDUHFHEHDOJXPWLSRGHDX[tOLRGRJRYHUQRHP JHUDO HODV HUDP EHQHILFLiULDV GH SURJUDPDV GH WUDQVIHUrQFLD GH UHQGD PtQLPD FRPR R %ROVD )DPtOLDRXR5HQGD&LGDGm
$VLWXDomRGHODVFRPRWUDEDOKDGRUDVQRPHUFDGRIRUPDOHUDGHGHVHPSUHJRRXDRFXSDomR GH SRVWRV TXH QmR H[LJLDP JUDQGH TXDOLILFDomR FRPR HPSUHJDGD GRPpVWLFDV FDL[D GH VXSHUPHUFDGRYHQGHGRUDRXHPSUHJDGDVQR³FKmR´GHIiEULFD
1HQKXPDGHODVKDYLDWUDEDOKDGR FRPD iUHDGHHVWpWLFD DQWHULRUPHQWH HYLUDPQRFXUVR RIHUHFLGR SHOD SUHIHLWXUD XPD RSRUWXQLGDGH GH UHDOL]DUHP VXDV FDUUHLUDV GH IRUPD PDLV LQGHSHQGHQWHVHPDQHFHVVLGDGHGHVHUHPHPSUHJDGDVGHDOJXpPVHQGRSURILVVLRQDLVOLEHUDLV
1HQKXPD GHODV KDYLD WLGR FRQWDWR FRP D (FRQRPLD 6ROLGiULD DQWHULRUPHQWH H QR JHUDO WRGDV SDUWLFLSDUDP GR FXUVR GH IRUPDomR HP (FRQRPLD 6ROLGiULD RIHUHFLGR SHOD HTXLSH GD 3UHIHLWXUDPLUDQGRjRSRUWXQLGDGHGHLQLFLDUDFDUUHLUDGHQWURGHXPSURMHWRHPTXHILQDQFLDULD WRGDDHVWUXWXUDQHFHVViULDDXPVDOmRGHEHOH]D
4XDQGRSHUJXQWDGDVVREUHRTXHHODVHQWHQGLDPSRU(FRQRPLD6ROLGiULDHODVUHVSRQGHUDP ³TXHHFRQRPLDVROLGiULDHUDWUDEDOKDUQRFROHWLYRSRUTXHQRFROHWLYRHUDPDLVIiFLOSUD FRPSUDURSUHoRLDVDLEHPPDLVEDL[RSDUDFDGDXPDSDJDUVyTXHWRGDVLDPVHUGRQDVGR SUySULRQHJyFLR´-RpVLDH³TXHHUDXPDRSRUWXQLGDGHGHDVSHVVRDVSRGHUHPWUDEDOKDUGHWHU
VHXSUySULRHPSUHJR´%HWK
(ODV WDPEpP UHODWDUDP VREUH DV GLIHUHQoDV SHUFHELGDV HQWUH R VDOmR HP TXH HODV WUDEDOKDYDP H DTXHOHV TXH HODV FRQKHFLDP H TXH WUDEDOKDYDP GH IRUPD WUDGLFLRQDO ³2SUHoRTXHDTXLpPXLWRPDLVEDL[RGRTXHQRVRXWURVVDO}HVMXVWDPHQWHSRUTXHDSUHIHLWXUD FHGHX R HVSDoR QyV QmR SDJDPRV DOXJXHO QHP iJXD QHP OX] H WDPEpP SRU VH WUDWDU GH HFRQRPLDVROLGiULD´-RpVLD
³7HPPXLWDGLIHUHQoDSRUTXHDTXLQyVWLYHPRVyWLPRVFXUVRVyWLPRVSURIHVVRUHVTXHQRV HQVLQDUDPFRLVDVWDQWRQDiUHDGDKLJLHQHQDOLPSH]DQRWUDWDPHQWRGDVFOLHQWHVTXHHPRXWURV VDO}HVYRFrYrTXHQmRDFRQWHFHHPPXLWRVDOmRSRUDL´/LOLDQ
)RWR±7DEHODGH3UHoRVGR6DOmR
2XWUR SRQWR LPSRUWDQWH D VHU GHVWDFDGR QR GHSRLPHQWR GH XPD GDV LQWHJUDQWHV p FRP UHODomRDRSUHoRGRVVHUYLoRVRIHUHFLGRVSRUHODVHTXHpFRORFDGRFRPRRSULQFLSDOGLIHUHQFLDO GRWUDEDOKRUHDOL]DGRQRVDOmRVREUHLVVR-RpVLDIDOD³4XDQGRDJHQWHIRUVDLUGDTXLHIRU PRQWDUQRVVRSUySULRVDOmRQyVQmRYDPRVSRGHUFREUDURPHVPRSUHoRTXHDTXLSRUTXHYDL WHUWXGRLVVRDOXJXHOPDWHULDOFRQWDVHWFSDUDSDJDUHQyVYDPRVWHUTXHHPEXWLUQRSUHoR GRQRVVRVHUYLoR´
eSRVVtYHOSHUFHEHUSHORVGHSRLPHQWRVTXHYDORUHVIXQGDPHQWDLVj(FRQRPLD6ROLGiULDQmR IRUDP FRORFDGRV HP SUiWLFD SRU HODV WDLV FRPR VROLGDULHGDGH FRRSHUDomR SDUWLFLSDomR LJXDOGDGH HWF H TXH DSHVDU GD SDUWLFLSDomR QR FXUVR GH IRUPDomR D SUiWLFD H R GLVFXUVR DSUHVHQWDGR SHOR JUXSR LQFXEDGR DSUHVHQWDP DSHQDV DOJXQV GH DVSHFWRV SHUWLQHQWHV j SUiWLFD FRWLGLDQDGD(FRQRPLD6ROLGiULDFRPRRWUDEDOKRHDFRPSUDFROHWLYDRSUHoRPDLVEDL[RHSRU FHUWDVYH]HVDWpPHVPRGHPRQVWUDPXPHVWUDQKDPHQWRFRPDTXHVWmRGRJUXSR
$LQGD PDLV VH WUDWDQGR GD UHODomR HQWUH PXOKHUHV TXH KLVWRULFDPHQWH KDYLDP VLGR LQFRUSRUDGDVQDOyJLFDGHXPPHUFDGRIRUPDOHFRPSHWLWLYRHHVWmRLQVHULGDVHPXPDPELHQWH HPTXHKiXPDDWPRVIHUDFRPSHWLWLYDHPTXHDFRPSDUDomRFRPRWUDEDOKRGDRXWUDpLQHYLWiYHO LVVRIRLFODUDPHQWHSHUFHELGRQDUHODomRHQWUHDVGXDVPDQLFXUHV
$OpP GLVVR FRQVWDWRXVH R IDWR GH WRGDV DV SURILVVLRQDLV SDUWLFLSDQWHV GR SURMHWR GHPRQVWUDUHPDYRQWDGHGHUHWRUQRDRPHUFDGRIRUPDOFRPRSURILVVLRQDLVOLEHUDLVFRPRPRVWUD RGHSRLPHQWRGH/LOLDQ³KRMHHXTXHURWUDEDOKDUVR]LQKDPHOKRUQmRpPDVpPXLWRGLItFLO WUDEDOKDUHPJUXSRSRUTXHYRFrWUDEDOKDQGRHPJUXSRYRFrYDLFRQKHFHQGRXPDDRXWUDH VHPSUHWHPDTXHOHFL~PHVSRUTXHXPDpPHOKRUTXHDRXWUDXPDHVWiWUDEDOKDQGRPDLVWHP PDLVFOLHQWHVpQRUPDOSRUTXHDJHQWHpVHUKXPDQRPDVTXDQGRYRFrWUDEDOKDHPJUXSRYRFr DSUHQGHDWHQWDUOLGDUFRPHVVDVFRLVDVPDVpPXLWRGLItFLO´
$]DPEXMDSHPVHXHVWXGRVREUHRV9DORUHVGD(FRQRPLD6ROLGiULDUHODWDXPD VLWXDomRVLPLODUDTXHIRLSHUFHELGDQDUHODomRHQWUHDVWUDEDOKDGRUDV
RFXSD QD &RRSHUDWLYD LVWR p D UHPXQHUDomR GHYHULD VHU SURSRUFLRQDO D HVVHV PpULWRV LQGLYLGXDLV´ $=$0%8-$S
1HQKXPDGDVLQWHJUDQWHVGRSURMHWRSUHWHQGHWUDEDOKDUHPJUXSRFRPRIRLDH[SHULrQFLD YLYLGD SRU HODV QHVWH SHUtRGR GH LQFXEDomR WRGDV SUHWHQGHP VHJXLU VHXV SUySULRV UXPRV H WUDEDOKDUSRUFRQWDSUySULDDSHVDUGHWRGDVHQWHQGHUHPTXHDH[SHULrQFLDIRLPXLWRSRVLWLYDHGH LQFHQWLYDUHPQRYDVLQLFLDWLYDVFRPHVWDV
eSRVVtYHOSHUFHEHUDLQGDDOJXPDVGDVSDUWLFLSDQWHVPDQWpPRYtQFXORHPSUHJDWtFLRHP HPSUHVDVRXWUDVGHODVDLQGDPDQWpPRHPSUHJRQRVDOmRHDWHQGHPDGRPLFtOLRQRSHUtRGRHP TXHQmRHVWmRQRVDOmRWHQGRDUHQGDJHUDGDSHORSURMHWRFRPRDOJRFRPSOHPHQWDU
6LQJHU D S FRQVLGHUD TXH D FRQVWLWXLomR GH HPSUHHQGLPHQWRV DXWRJHULGRV QmR GHYHULDVHUDSHQDVXPDDOWHUQDWLYDHQFRQWUDGDSHORVWUDEDOKDGRUHVDRDVVDODULDPHQWRHjSREUH]D PDVXPFRQMXQWRGHSUiWLFDVTXHSRGHPWUDQVIRUPDUDFRQVFLrQFLDHRFRPSRUWDPHQWRGRVVHXV SUDWLFDQWHV ID]HQGR FRP TXH HVVHV ~OWLPRV LQFRUSRUHP YDORUHV LGHROyJLFRV SDUWLFLSDomR LJXDOGDGH VROLGDULHGDGH HWF RSRVWRV jTXHOHV TXH IXQGDPHQWDP D OyJLFD LQGLYLGXDO H FRPSHWLWLYDGDVVRFLHGDGHVFDSLWDOLVWDV2DXWRUFRQVWDWDDLQGDTXH2SHULJRGDGHJHQHUDomRGD SUiWLFDDXWRJHVWLRQiULDYHPHPJUDQGHSDUWHGDLQVXILFLHQWHIRUPDomRGHPRFUiWLFDGRVVyFLRV 6,1*(5DS
&RQVWDWDVHWDPEpPSHORVUHODWRVTXHDSHVDUGHWRGRRGLVFXUVRGH(FRQRPLD6ROLGiULDTXH HQYROYH R SURMHWR GHVGH D VXD IRUPDomR ERD SDUWH GHODV QmR LQFRUSRURX GH IDWR RV YDORUHV QHFHVViULRVDRGHVHQYROYLPHQWRGHXPHPSUHHQGLPHQWRDXWRJHVWLRQiULRPDVpLQHJiYHOTXHDV PXOKHUHV SDUWLFLSDQWHV GR SURMHWR PHVPR TXH LQGLYLGXDOPHQWH KRMH VH UHFRQKHFHP FRPR VXMHLWRV DWXDQWHV GRQDV QmR Vy GD VXD SUySULD IRUoD GH WUDEDOKR PDV WDPEpP GRV PHLRV GH SURGXomR(ODVHVWmRQROLPLDUHQWUHRPLFURHPSUHHQGHGRULVPRHRHPSUHHQGLPHQWRVROLGiULR
2IDWRGHHODVVHUHPDSULPHLUDH[SHULrQFLDDVHULQFXEDGDWDPEpPSRGHMXVWLILFDURVUXPRV WRPDGRV SHOR SURMHWR DWXDOPHQWH WDOYH] D HTXLSH GH DVVHVVRUHV WHQKD IDOWDGR FRP R DFRPSDQKDPHQWRQDVTXHVW}HVFRQGL]HQWHVDRVYDORUHVTXHGHYHPVHUFXOWLYDGRVHPXPJUXSR SDUDTXHHOHVHIRUWDOHoDFRPRWDOGHQWURHIRUDGRSURMHWR
1HVWHVHQWLGR6LQJHUDEIDODVREUHRSRWHQFLDOHGXFDWLYRGDH[SHULrQFLDHGDV SUiWLFDVTXHHQYROYHPDGLQkPLFDYLYLGDGHQWURGHXPHPSUHHQGLPHQWRDXWRJHVWLRQiULRSDUDR DXWRU
VHQWLGR GH TXH VXDV Do}HV SDVVDVVHP D VHU SDXWDGDV SRU YDORUHV LGHROyJLFRV TXH QmR DTXHOHV GDV UHODo}HVVRFLDLVFDSLWDOLVWDV´6,1*(5DS
7HQGR HP YLVWD WDO SRWHQFLDO HGXFDWLYR (LG DW DO S DFRQVHOKD TXH D EXVFD GD DXWRJHVWmRGHYHVHUHQWHQGLGDFRPRXPSURFHVVRORQJRHFRPSOH[RTXHDUWLFXODVREUHYLYrQFLD QRPHUFDGRFRPDQHFHVVLGDGHGHDSUHQGL]DJHPHGHVHQYROYLPHQWRSHUPDQHQWH
³eQHVVHVHQWLGRTXHDIRUPDomRGHYHVHUFRQWLQXDGDHLQWHJUDGDQDVGLPHQV}HVDGPLQLVWUDWLYD WpFQLFDHSROtWLFD(VVDIRUPDomRDVVXPHXPSDSHOIXQGDPHQWDOSDUDRVXFHVVRGHVVDHVWUDWpJLD(HVVD IRUPDomR GHYH RFRUUHU IXQGDPHQWDOPHQWH DWUDYpV GH RILFLQDV FRP DSUHQGL]DJHP WHyULFD H SUiWLFD DUWLFXODQGRVH FRQKHFLPHQWRV WpFQLFRV VREUH D DWLYLGDGH ILP GR HPSUHHQGLPHQWR &RP FHUWH]D VDEHPRVTXHVHWUDWDGHXPJUDQGHGHVDILRSDUDRGHVHQYROYLPHQWRGDHFRQRPLDVROLGiULD´(,')HW DOS
(QILPDH[SHULrQFLDGRSULPHLURJUXSRLQFXEDGRWHYHHPVHXSURFHVVRSUREOHPDVQRWyULRV TXDQWRjUHIOH[mRGDSUiWLFDFRWLGLDQDLVVRID]SDUWHGDDomRIRUPDWLYDGRVVXMHLWRVHQYROYLGRV FRPD(FRQRPLD6ROLGiULDQR0XQLFtSLR*UXSR,QFXEDGRH(TXLSHGD,QFXEDGRUDHGHYHVHU FRQWtQXD PDV FRQIRUPH IRL GLWR LQLFLDOPHQWH HVVD H[SHULrQFLD ID] SDUWH GH XP SURFHVVR KLVWyULFR H SRUWDQWR QmR VH FRQVWLWXL DOJR DFDEDGR SURQWR LPXWiYHO DR FRQWUiULR GHYH VHU FRQVWDQWHPHQWHUHSHQVDGDSDUDTXHGHVWDIRUPDD(FRQRPLD6ROLGiULDSRVVDVHIRUWDOHFHUHVH HVWDEHOHFHUGHIDWRFRPRPHLRGHHPDQFLSDomR
&RQVLGHUDo}HV)LQDLV
7DQWRQDHVIHUDIHGHUDOEHPFRPRQDPXQLFLSDOR(VWDGRQmRGHVYLQFXORXVXDLPDJHPGH yUJmRSURYHGRUHPDQWHQHGRUGDVFRQGLo}HVGHUHSURGXomRVRFLDOVHDQWHVR(VWDGRSURYLQKDRV PHLRV GH VREUHYLYrQFLD DWUDYpV GRV SURJUDPDV GH WUDQVIHUrQFLD GH UHQGD KRMH SURYpP DOJXQV PHLRVGHVREUHYLYrQFLDDWUDYpVGRVSURJUDPDVGHJHUDomRGHUHQGDPDVDPERVVmRYLVWRVDRV ROKRVGRVEHQHILFLiULRVFRPRXPDDomRGHEHPTXDVHSDWULDUFDOSURPRYLGDSHOR(VWDGRHTXH WHPGXUDomROLPLWDGDDRVSHUtRGRVHOHLWRUDLV
$(FRQRPLD6ROLGiULDDLQGDHVWiGHQWURGR0LQLVWpULRGR7UDEDOKRH(PSUHJRRXVHMD DLQGD p YLVWD FRPR XPD VROXomR SDUD R SUREOHPD GR WUDEDOKR H QmR FRPR SRVVLELOLGDGH GH HPDQFLSDomR GRV VXMHLWRV WUDEDOKDGRUHV 3RGH VHU FRQVLGHUDGD DWXDOPHQWH FRPR XPD SROtWLFD ³WDSDEXUDFR´HQmRSRGHULDVHUGLIHUHQWHMiTXHQR%UDVLORFRQWH[WRHPTXHRPRYLPHQWRGD (FRQRPLD 6ROLGiULD VXUJLX IRL H[DWDPHQWH R GD FULVH GR WUDEDOKR DOpP GLVVR RV DWRUHV GHVVH SURFHVVR VmR DTXHOHV TXH KLVWRULFDPHQWH IRUDP H[SORUDGRV SHOR VLVWHPD YLJHQWH R VLVWHPD FDSLWDOLVWD
2 PRYLPHQWR GH (FRQRPLD 6ROLGiULD TXDQGR SDVVD SHOR SURFHVVR GH LQVWLWXFLRQDOL]DomR HQFRQWUDHPVLXPDFRQWUDGLomR
$DGHVmRGRVSDUWLFLSDQWHVGRPRYLPHQWRGHYHVHUOLYUHHYROXQWiULDH QmRLQGX]LGDSRU DWRUHV VRFLDLV H[WHUQRV DR JUXSR (VVH SULQFtSLR QmR LPSOLFD QD LQH[LVWrQFLD GH DSRLRV LQWHUFkPELRV SDUFHULDV H FRQYrQLRV FRP RXWURV PRYLPHQWRV VRFLDLV LQVWLWXLo}HV S~EOLFDV HFOHVLDLV H SULYDGDV LQWHUHVVDGRV QD SURSRVWD GH IRUPDomR H GHVHQYROYLPHQWR GH 5HGHV GH &RRSHUDomR GHVGH TXH WRGD D GLQkPLFD GH WUDEDOKR SUHRFXSHVH HP SULPHLUR OXJDU FRP D FRQVWUXomRGDDXWRQRPLDGRJUXSREHQHILFLiULR
$UHODomRHQWUHDHTXLSHGDLQFXEDGRUDHRVJUXSRVDWHQGLGRVWDOYH]VHMDDPDLVFRPSOH[D SRLVpSUHFLVRLQWHUDomRHQWUHXPJUXSRTXHSRVVXLXPFRQKHFLPHQWRLQVWLWXFLRQDOFRPDTXHOH FRQKHFLPHQWRTXHWUD]HPRVWUDEDOKDGRUHVLQGLYLGXDOPHQWHQRLQWHULRUGHFDGDJUXSRSDUDDDomR HP FRRSHUDomR 6HULD LQJrQXR LPDJLQDU TXH D HTXLSH GD LQFXEDGRUD QmR GLVS}H GH XP SRGHU HQRUPHSDUDLQIOXHQFLDURJUXSRDVHULQFXEDGRFRQWXGRpGDPDLRULPSRUWkQFLDEXVFDUFRQVWUXLU DXQLmRHQWUHRVDEHUIRUPDOFRPRVDEHUSRSXODUDUDFLRQDOLGDGHWpFQLFDGHYHHVWDUDVHUYLoRGD UDFLRQDOLGDGH VRFLDO QXPD WHQWDWLYD GH WUDQVIRUPDomR GD SUiWLFD FRWLGLDQD IXQGDPHQWDGD QD FRRSHUDomR
$ HFRQRPLD VROLGiULD SDUWH GH YDORUHV GLVWLQWRV GRV YDORUHV SUHGRPLQDQWHV QD HFRQRPLD FDSLWDOLVWD WDLV TXDLV DXWRQRPLD GHPRFUDFLD IUDWHUQLGDGH LJXDOGDGH H VROLGDULHGDGH H VH QR GLVFXUVRSROtWLFRRVYDORUHVHVWmRPXLWREHPHVFODUHFLGRVQDSUiWLFDHQWUHWDQWRHOHVVXFXPEHP SRLVVREDWXWHODGR(VWDGRRUJDQL]DGRQDIRUPDFRPRFRQKHFHPRVDWXDOPHQWHMDPDLVKDYHUi HPDQFLSDomR
(VWDSHVTXLVDVyFLRDQDOtWLFDQDFRRSHUDWLYDHQDSUySULD ,QFXEDGRUDWHYHRSURSyVLWRGH ID]HU XPD UHIOH[mR GH WRGRV RV DJHQWHV HQYROYLGRV FRP D (FRQRPLD 6ROLGiULD QR PXQLFtSLR 'HVWDIRUPDWDQWRR*UXSR,QFXEDGRTXDQWRD,QFXEDGRUDSXGHVVH³ROKDU´VXDVFRQWUDGLo}HVH VXDV SRWHQFLDOLGDGHV (VVD SHVTXLVD SHUPLWH DLQGD UHSHQVDU VXDV SUiWLFDV VHQGR OtFLWR TXHVWLRQDUTXDOpRSDSHOHGXFDWLYRGD,QFXEDGRUD"&DSDFLWDUSDUDRWUDEDOKRHVSHFtILFRWpFQLFR RXHGXFDUSDUDDHPDQFLSDomR"&RPREXVFDUXPDIRUPDomRKXPDQDLQWHJUDOTXHQmRDIRUPDomR WpFQLFD ³LPHGLDWDPHQWH LQWHUHVVDGD SDUD R WUDEDOKR´" &RPR EXVFDU XPD IRUPDomR KXPDQD LQWHJUDO VH D IRUPDomR SROtWLFD GRV JUXSRV ³DVVHVVRUDGRV´" &RPR H[HUFLWDU D FDSDFLWDomR SURILVVLRQDOHIRUPDomRFRRSHUDWLYLVWDVHPUHSURGX]LUDYHOKDGLFRWRPLD7D\ORULVWDDVHSDUDomR HQWUHRWUDEDOKRLQWHOHFWXDOHRWUDEDOKRPDQXDO"
3RU~OWLPRDFUHGLWDVHTXHFRPDSHVTXLVDUHDOL]DGDHDVLQGDJDo}HVOHYDQWDGDVSRVVDP FRQWULEXLUSDUDRIRUWDOHFLPHQWRGD(FRQRPLD6ROLGiULDQR0XQLFtSLRGH9iU]HD3DXOLVWDHHP RXWURVWHUULWyULRV
5HIHUrQFLDV
x $025,00$025(,5$09& ,3,5$1*$$65$&RQVWUXomRGHXPD
0HWRGRORJLD GH $WXDomR QRV $UUDQMRV 3URGXWLYRV /RFDLV $3/V QR (VWDGR GR &HDUi 8P (QIRTXH QD )RUPDomR H )RUWDOHFLPHQWR GR &DSLWDO 6RFLDO H GD *RYHUQDQoD KWWSZZZXFGEEUFRORTXLRDUTXLYRVPRQLFDSGI ! $FHVVR HP
x $17($*$XWRJHVWmRFRQVWUXLQGRXPDQRYDFXOWXUDQDVUHODo}HVGHWUDEDOKR6mR 3DXOR$QWHDJ
x $5$Ò-2)*%6DEHUVREUHRVKRPHQVVDEHUVREUHDVFRLVDVKLVWyULDHWHPSR
JHRJUDILDHHVSDoRHFRORJLDHQDWXUH]D5LRGH-DQHLUR'3$
x $558'$ 0 6RFLRHFRQRPLD VROLGiULD ,Q &$77$1, $ ' 2UJ $ RXWUD
HFRQRPLD3RUWR$OHJUH9HUD](GLWRUHVDS
x %$5%26$ 5 1 & 2 FRRSHUDWLYLVPR H D TXHVWmR VRFLDO QR FRQWH[WR GD JOREDOL]DomR H[FOXGHQWH 9,,, &RQJUHVVR /XVR$IUR%UDVLOHLUR GH &LrQFLDV 6RFLDLV &RLPEUD8QLYHUVLGDGHGH&RLPEUD&(6
x %$5%26$ 5 1 &(FRQRPLD VROLGiULD HVWUDWpJLDV GH JRYHUQR QR FRQWH[WR GD GHVUHJXODPHQWDomRVRFLDOGRWUDEDOKR,Q6,/9$02H<$=%(.0&3ROtWLFDV S~EOLFDVGHWUDEDOKRHUHQGDQR%UDVLOFRQWHPSRUkQHR6mR3DXOR&RUWH]
x %$5%26$51&$(FRQRPLD6ROLGiULDFRPRSROtWLFD3~EOLFDXPDWHQGrQFLD
GH JHUDomR GH UHQGD H UHVVLJQLILFDomR GR WUDEDOKR QR %UDVLO 6mR 3DXOR &RUWH]
x %(578&&, - GH 2$ (FRQRPLD 6ROLGiULD GR SHQVDPHQWR XWySLFR DR FRQWH[WR DWXDO XP HVWXGR VREUH H[SHULrQFLDV HP %HOR +RUL]RQWH I 'LVVHUWDomR 0HVWUDGR HP &LrQFLDV (FRQ{PLFDV 8QLYHUVLGDGH )HGHUDO GH 0LQDV *HUDLV %HOR +RUL]RQWH
