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FLFOR GH YLGD GR SURMHWR

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(1)

ϭ

)RUDPXWLOL]DGDVWUDQVSDUrQFLDV

GH0LOHQH6LOYHLUD 38&56

$YDOLDomRGH,QWHUIDFHV

,+& )DELDQD&RVWD*XHGHV ϮϮϲ

$YDOLDomRHP,+&

,+& )DELDQD&RVWD*XHGHV ϮϮϳ

$YDOLDomRHP,+&

„eXPDHWDSDHVVHQFLDOGRSURFHVVRGHGHVLJQSRU PHLRGDTXDOREWHPRVLQGLFDo}HVGRJUDXGHVXFHVVR

GRSURGXWR „3DUDTXHDYDOLDU"

{FRPSUHHQGHURPXQGRUHDO {FRPSDUDUDOWHUQDWLYDVGHGHVLJQ {DOFDQoDUREMHWLYRV

{YHULILFDUFRQIRUPLGDGHFRPXPSDGUmR

,+& )DELDQD&RVWD*XHGHV ϮϮϴ ,+& )DELDQD&RVWD*XHGHV ϮϮϵ

$YDOLDomRGH,QWHUIDFHV

„

$DYDOLDomRGHYHVHUIHLWDGXUDQWHWRGRR

FLFORGHYLGDGRSURMHWR

„

6HXUHVXOWDGRpDPHOKRULDFRQWtQXDGD

LQWHUIDFH

„

'LIHUHQWHVWLSRVGHDYDOLDomRVmR

QHFHVViULRVHPGLIHUHQWHVHVWiJLRVGRGHVLJQ

,+& )DELDQD&RVWD*XHGHV ϮϯϬ

$YDOLDomRGH,QWHUIDFHV

„

1RVHVWiJLRVLQLFLDLV

{$VLGpLDVHVWmRVHQGRH[SORUDGDVHWHQWDGDV {0XLWDVYH]HVWHVWHVEDVWDQWHLQIRUPDLVVmR

VXILFLHQWHV

„

1RVHVWiJLRVPDLVDYDQoDGRV

{$YDOLDo}HVPDLVIRUPDLVGHYHPVHU

SODQHMDGDV

,+& )DELDQD&RVWD*XHGHV Ϯϯϭ

$YDOLDomRGH,QWHUIDFHV

„

$DYDOLDomRGHLQWHUIDFHpXPDGDVHWDSDV

PDLVUHOHYDQWHVGXUDQWHRSURFHVVRGHGHVLJQ

„

eSRUPHLRGHODTXHpSRVVtYHOHVWLPDUDV

FKDQFHVGHVXFHVVRRXLQVXFHVVR

(2)

Ϯ

,+& )DELDQD&RVWD*XHGHV ϮϯϮ

$YDOLDomRGH,QWHUIDFHV

„

([LVWHPGRLVWLSRVGHDYDOLDomR

{)RUPDWLYDV

{6RPDWLYDV

7LSRVGH$YDOLDomR± )RUPDWLYD

RX&RQVWUXWLYD

„4XDQGR"

{5HDOL]DGDDRORQJRGRSURFHVVRGHGHVLJQ

„3DUDTXH"

{SUHYHUDXVDELOLGDGHGHDOJXQVDVSHFWRVGRSURGXWR

{YHULILFDUDFRPSUHHQVmRGDHTXLSHGHSURMHWRVREUHRVUHTXLVLWRVGRV

XVXiULRVH[DPLQDQGRFRPRXPVLVWHPDH[LVWHQWHHVWiVHQGRXWLOL]DGR

{WHVWDULGpLDVGHIRUPDUiSLGDHLQIRUPDO

„2TXHXVD"

{FHQiULRV {VWRU\ERDUGV

{PRGHODJHPFRQFHLWXDOGDLQWHUDomR {SURWyWLSRV

,+& )DELDQD&RVWD*XHGHV Ϯϯϯ

7LSRVGH$YDOLDomR± 6RPDWLYD

RX&RQFOXVLYD

„4XDQGR"

{5HDOL]DGDQDVHWDSDVILQDLVGRGHVHQYROYLPHQWRTXDQGRR SURGXWRHVWiTXDVHSURQWR

„3DUDTXH"

{LGHQWLILFDUSUREOHPDVGHLQWHUDomRHGHLQWHUIDFH

{SURSRUDOWHUDo}HVSDUDDXPHQWDUDTXDOLGDGHGHXVRGH XPVLVWHPDLQWHUDWLYR

{FRQIRUPLGDGHFRPSDGU}HV

„2TXHXVD" {SURGXWR

,+& )DELDQD&RVWD*XHGHV Ϯϯϰ

7pFQLFDVGH&ROHWDGH'DGRV

„

FROHWDGDRSLQLmRGHXVXiULRV

„

REVHUYDomRGHXVXiULRV

„

UHJLVWURGHXVR

„

FROHWDGDRSLQLmRGHHVSHFLDOLVWDV

„

&RPRHVFROKHUXPD"

{GLVSRQLELOLGDGHGHUHFXUVRV

{REMHWLYRVGDDYDOLDomR

,+& )DELDQD&RVWD*XHGHV Ϯϯϱ

7LSRVGH'DGRV&ROHWDGRV

GXUDQWHD$YDOLDomR

„

'DGRV2EMHWLYRVRXVXEMHWLYRV

{'DGRV2EMHWLYRV0HGLGDVREVHUYDGDV

GLUHWDPHQWHWLSLFDPHQWHFRPUHODomRDR GHVHPSHQKRGRXVXiULRDRXWLOL]DUDDSOLFDomR

{'DGRV6XEMHWLYRV5HSUHVHQWDPDRSLQLmR

JHUDOPHQWHGRVXVXiULRVFRPUHODomRj TXDOLGDGHGHXVRGDLQWHUIDFH

,+& )DELDQD&RVWD*XHGHV Ϯϯϲ

7LSRVGH'DGRV&ROHWDGRV

GXUDQWHD$YDOLDomR

„

'DGRV4XDQWLWDWLYRVRX4XDOLWDWLYRV

{'DGRV4XDQWLWDWLYRV6mRDTXHOHVTXH

SRGHPVHUUHSUHVHQWDGRVQXPHULFDPHQWH TXDQWLGDGHGHHUURVJUDXGHVDWLVIDomRGR XVXiULRHWF

{'DGRV4XDOLWDWLYRV6mRUHVXOWDGRVQmR

QXPpULFRVWDLVFRPROLVWDVGHSUREOHPDV HQFRQWUDGRVHVXJHVW}HVSDUDPHOKRUDUR SURMHWRGHLQWHUDomR

(3)

ϯ

0pWRGRVGH$YDOLDomR

„

&ODVVLILFDomR

{DXWRPiWLFRDVPHGLGDVVmRFRPSXWDGDV DXWRPDWLFDPHQWH

{IRUPDOXVRGHPRGHORVHIyUPXODV

{LQIRUPDOEDVHHPUHJUDVHQREDFNJURXQG GRVDYDOLDGRUHV

{HPStULFRWHVWHVFRPXVXiULRVUHDLV

,+& )DELDQD&RVWD*XHGHV Ϯϯϴ

0pWRGRVGH$YDOLDomR± &RPR

HVFROKHURTXHFRQVLGHUDU"

„

SUD]R

„

FXVWR

„

Q~PHURQHFHVViULRGHHVSHFLDOLVWDV

„

Q~PHURQHFHVViULRGHXVXiULRV

„

FRQILJXUDomRGRDPELHQWHItVLFR

„

HTXLSDPHQWRV

,+& )DELDQD&RVWD*XHGHV Ϯϯϵ

0pWRGRV,QIRUPDLVH(PStULFRV±

$YDOLDomR)RUPDWLYD

„

HQWUHYLVWDVHTXHVWLRQiULRVSDUDFDSWXUD

GDRSLQLmRGRVXVXiULRV

{DYDOLDomRGDDWLWXGHGRVXVXiULRVFRP UHODomRDFHUWDVSUiWLFDVGHWUDEDOKR

{DFHLWDomRSHORXVXiULRGHXPVLVWHPD

{DSUHFLDomRGDHILFLrQFLDGHXPVLVWHPDQR DPELHQWHGHWUDEDOKR

,+& )DELDQD&RVWD*XHGHV ϮϰϬ

0pWRGRV,QIRUPDLVH(PStULFRV±

$YDOLDomR)RUPDWLYD

„DYDOLDomRLQWHUSUHWDWLYD

{FRPSUHHQGHUPHOKRUFRPRRVXVXiULRVXWLOL]DP VLVWHPDVHPVHXDPELHQWHQDWXUDO

{FRPRRXVRGHVWHVVLVWHPDVVHLQWHJUDFRPVXDV RXWUDVDWLYLGDGHV

„DYDOLDomRSUHGLWLYDRXSRULQVSHomR

{SUHYHUSUREOHPDVTXHRVXVXiULRVWtSLFRVGR

VLVWHPDSURYDYHOPHQWHWHUmRXVRGHHVSHFLILFDo}HV PDTXHWHVRXSURWyWLSRV

,+& )DELDQD&RVWD*XHGHV Ϯϰϭ

0pWRGRV,QIRUPDLVH(PStULFRV±

$YDOLDomR6RPDWLYD

„REVHUYDomRHPRQLWRUDPHQWRGHXVR

{FRPSUHHQGHUFRPRRVXVXiULRVLQWHUDJHP FRPWHFQRORJLDVHPXPDPELHQWHQDWXUDORX HPXPODERUDWyULRGHDYDOLDomR

„H[SHULPHQWRVHWHVWHGHGHVHPSHQKR

{WHVWHGHKLSyWHVHVHPODERUDWyULR H[SHULPHQWRFRQWURODGR

,+& )DELDQD&RVWD*XHGHV ϮϰϮ

&XVWRVGH(WDSDVGH$YDOLDomR

SDUDR3URMHWR

„(VWXGRVGHPRQVWUDPTXHRUHWRUQRGHLQYHVWLPHQWRGHVWHWLSRGH

DYDOLDomRpDOWR0DXUR1HZ0HGLDHQWUHRXWURVIDWRUHV

{0XLWRPDLVFDURGRTXHRGLQKHLURJDVWRSDUDDWUDLUXPFOLHQWHp RFXVWRGHFRQYHQFrORDYROWDUSRUFDXVDGHEDL[DXVDELOLGDGHRX VHUYLoRUXLPDRFOLHQWHHPXPDUD]mRGH

{*DVWRVFRPDPHOKRULDGRGHVLJQJUiILFRGHXPVLVWHPDWUD]HP EDL[tVVLPRUHWRUQRGHLQYHVWLPHQWR(QWUHWDQWRDPHOKRULDGR FRPSRUWDPHQWRLQWHUDWLYRSULQFLSDOPHQWHQRTXHGL]UHVSHLWRj EXVFDHDRIRUQHFLPHQWRGHLQIRUPDomRWUD]XPUHWRUQRGH LQYHVWLPHQWRGDRUGHPGHRXDWpPHVPR

(4)

ϰ

&XVWRVGH(WDSDVGH$YDOLDomR

SDUDR3URMHWR

„(VWXGRVGHPRQVWUDPTXHRUHWRUQRGHLQYHVWLPHQWRGHVWH WLSRGHDYDOLDomRpDOWR0DXUR1HZ0HGLDHQWUH RXWURVIDWRUHV

{$FRPSOH[LGDGHHFRQVHTHQWHPHQWHRFXVWRGR

GHVHQYROYLPHQWRGHXPVLVWHPDpUHGX]LGRTXDQGRSUREOHPDV FUtWLFRVGHTXDOLGDGHGHXVRVmRGHVFREHUWRVHVROXFLRQDGRVQR LQtFLRGRSURFHVVRGHGHVHQYROYLPHQWRHPXPDUD]mRGH {$TXDOLGDGHGHXVRGHXPVLVWHPDGHWHUPLQDRYROXPHGH FKDPDGDVjFHQWUDOGHVXSRUWHFXMRFXVWRRSHUDFLRQDOpPXLWR DOWR

,+& )DELDQD&RVWD*XHGHV Ϯϰϰ

)RUDPXWLOL]DGDVWUDQVSDUrQFLDV

GH0LOHQH6LOYHLUD 38&56

$YDOLDomRSRU,QVSHomR

,+& )DELDQD&RVWD*XHGHV Ϯϰϱ

$YDOLDomRSRU,QVSHomRRX

3UHGLWLYD

„$YDOLDUSRULQVSHomRVLJQLILFDXWLOL]DUXPDVpULHGHPpWRGRVGH DYDOLDomRSRUPHLRGRVTXDLVRVDYDOLDGRUHVLQVSHFLRQDPRX H[DPLQDPDVSHFWRVGHXPDLQWHUIDFHGHXVXiULRUHODFLRQDGRVD XVDELOLGDGH

„3DUDTXHVHUYH"

{3DUDEXVFDUSUREOHPDVGHXVDELOLGDGHHPXPSURMHWR GHLQWHUIDFHH[LVWHQWHHDQDOLVDUHVWHVSUREOHPDVFRP YLVWDVDID]HUUHFRPHQGDo}HVSDUDFRQVHUWiORVHPHOKRUDU DXVDELOLGDGHGRSURMHWR

{LGHQWLILFDURVSUREOHPDV

{VHOHFLRQDURVSUREOHPDVDFRUULJLU

,+& )DELDQD&RVWD*XHGHV Ϯϰϲ

([HPSORVGH0pWRGRVGH

$YDOLDomR

„

DYDOLDomRKHXUtVWLFD

„

LQVSHomRVHPLyWLFD

„

SHUFXUVR

ZDONWKURXJKFRJQLWLYR

„

SHUFXUVR

ZDONWKURXJKSOXUDOLVWD

„

YHULILFDomRGHGLUHWUL]HV

„

LQVSHo}HVGHFRQVLVWrQFLDGHFDUDFWHUtVWLFDV

RXIRUPDLV

,+& )DELDQD&RVWD*XHGHV Ϯϰϳ

4XHP$YDOLD"

„

HVSHFLDOLVWDVHPXVDELOLGDGH

„

FRQVXOWRUHVGHGHVHQYROYLPHQWRGH

VRIWZDUHHVSHFLDOL]DGRVHPXPGHWHUPLQDGR

HVWLORGHLQWHUIDFH

„

XVXiULRVILQDLVFRQKHFHGRUHVGRGRPtQLRH

GDWDUHID

,+& )DELDQD&RVWD*XHGHV Ϯϰϴ

)RUDPXWLOL]DGDVWUDQVSDUrQFLDV

GH0LOHQH6LOYHLUD 38&56

$YDOLDomRSRU,QVSHomR

$YDOLDomR+HXUtVWLFD

(5)

ϱ

$YDOLDomR+HXUtVWLFD

„

(VWHPpWRGRIRLFULDGRFRPRXPD

DOWHUQDWLYDUiSLGDHGHEDL[RFXVWRSDUD

HQFRQWUDU

SUREOHPDVGHXVDELOLGDGHHPXP

SURMHWRGHLQWHUIDFH

,+& )DELDQD&RVWD*XHGHV ϮϱϬ

$YDOLDomR+HXUtVWLFD

„

4XHP$YDOLD"

{DDYDOLDGRUHV

{SRGHVHUQHFHVViULRXPHVSHFLDOLVWDQR GRPtQLRSDUDHVFODUHFHUHYHQWXDLVG~YLGDVGRV DYDOLDGRUHVFHQiULRVGHXVRWtSLFRVOLVWDQGR SDVVRVTXHXPXVXiULRGHYHVHJXLUSDUD UHDOL]DUXPDDPRVWUDUHDOLVWDGHWDUHIDV WDPEpPSRGHPDMXGDU

,+& )DELDQD&RVWD*XHGHV Ϯϱϭ

$YDOLDomR+HXUtVWLFD

„

4XDQGR"'XUDQWHTXDQWRWHPSR"

{QDVHWDSDVLQLFLDLVGRFLFORGHSURMHWRH GHVHQYROYLPHQWRXVRGHPDTXHWHV

{XPDVHVVmRGHYHGXUDUGHXPDDGXDVKRUDV

&DVRDLQWHUIDFHVHMDPXLWRFRPSOH[DSRGHVH UHDOL]DUPDLVGHXPDVHVVmR

,+& )DELDQD&RVWD*XHGHV ϮϱϮ

$YDOLDomR+HXUtVWLFD

„&RPR"

{FDGDDYDOLDGRUGHYHH[DPLQDUDLQWHUIDFHLQGLYLGXDOPHQWHDYDOLDo}HV LQGHSHQGHQWHVHOLYUHVGHWHQGrQFLDVHJHUDUXPUHODWyULRSRUHVFULWRGHVXDV GHVFREHUWDVHFRPHQWiULRV

{RDYDOLDGRUSHUFRUUHDLQWHUIDFHGLYHUVDVYH]HVSHORPHQRVGXDVXPD SDUDJDQKDUXPDYLVmRGHFRQMXQWRHRXWUDSDUDH[DPLQDUFXLGDGRVDPHQWH FDGDHOHPHQWRLQVSHFLRQDGRRVGLYHUVRVHOHPHQWRVGHLQWHUIDFHH

FRPSDUDQGRRVFRPDOLVWDGHSULQFtSLRV³KHXUtVWLFDV´GHXVDELOLGDGH

{GHSRLVGDVDYDOLDo}HVWHUHPVLGRIHLWDVRVDYDOLDGRUHVGHYHPVHUHXQLUH JHUDUXPUHODWyULRGHVXDVGHVFREHUWDVFRPELQDGDV(VWHUHODWyULRLUiFRQWHU

XPDOLVWDGRVSUREOHPDVHQFRQWUDGRVSDUDFDGDHOHPHQWRGHLQWHUIDFH

FDGDSUREOHPDHQFRQWUDGRGHYHVHUGHWDOKDGRHMXVWLILFDGRID]HQGRDOXVmR jVKHXUtVWLFDVTXHIRUDPYLRODGDVHWHUVXDVHYHULGDGHDYDOLDGD

,+& )DELDQD&RVWD*XHGHV Ϯϱϯ

+HXUtVWLFDV%iVLFDV

„YLVLELOLGDGHGRHVWDGRGRVLVWHPD

„FRUUHVSRQGrQFLDHQWUHRVLVWHPDHRPXQGRUHDO „FRQWUROHHOLEHUGDGHGRXVXiULR

„FRQVLVWrQFLDHSDGURQL]DomR „SUHYHQomRGHHUURV

„UHFRQKHFLPHQWRHPYH]GHOHPEUDQoD

„IOH[LELOLGDGHHHILFLrQFLDGHXVR „SURMHWRHVWpWLFRHPLQLPDOLVWD

„DX[LOLDRVXVXiULRVDUHFRQKHFHUHPGLDJQRVWLFDUHPHVH UHFXSHUDUHPGHHUURV

„DMXGDHGRFXPHQWDomR

,+& )DELDQD&RVWD*XHGHV Ϯϱϰ

+HXUtVWLFDV%iVLFDVLWHPDLWHP

„

YLVLELOLGDGHGRHVWDGRGRVLVWHPD

{2VLVWHPDGHYHVHPSUHPDQWHURVXVXiULRV LQIRUPDGRVVREUHRTXHHVWiDFRQWHFHQGRSRU PHLRGHIHHGEDFNDGHTXDGRHQRWHPSRFHUWR

(6)

ϲ

+HXUtVWLFDV%iVLFDVLWHPDLWHP

„

FRUUHVSRQGrQFLDHQWUHRVLVWHPDHR

PXQGRUHDO

{2VLVWHPDGHYHIDODUDOtQJXDGRXVXiULRFRP SDODYUDVH[SUHVV}HVHFRQFHLWRVTXHOKHVmR IDPLOLDUHVHPYH]GHXWLOL]DUWHUPRVRULHQWDGRV DRVLVWHPD2SURMHWLVWDGHYHVHJXLUDV FRQYHQo}HVGRPXQGRUHDOID]HQGRFRPTXH DLQIRUPDomRDSDUHoDHPXPDRUGHPQDWXUDOH OyJLFD

,+& )DELDQD&RVWD*XHGHV Ϯϱϲ

+HXUtVWLFDV%iVLFDVLWHPDLWHP

„

FRQWUROHHOLEHUGDGHGRXVXiULR

{2VXVXiULRVIUHTHQWHPHQWHHVFROKHP IXQo}HVGRVLVWHPDSRUHQJDQRHSUHFLVDPGH XPD³VDtGDGHHPHUJrQFLD´FODUDPHQWH PDUFDGDSDUDVDLUGRHVWDGRLQGHVHMDGRVHP WHUTXHSHUFRUUHUXPGLiORJRH[WHQVR$ LQWHUIDFHGHYHSHUPLWLUTXHRXVXiULRGHVIDoD RXUHIDoDVXDVDo}HV

,+& )DELDQD&RVWD*XHGHV Ϯϱϳ

+HXUtVWLFDV%iVLFDVLWHPDLWHP

„

FRQVLVWrQFLDHSDGURQL]DomR

„

2VXVXiULRVQmRGHYHPWHUTXHVHSHUJXQWDU

VHSDODYUDVVLWXDo}HVRXDo}HVGLIHUHQWHV

VLJQLILFDPDPHVPDFRLVD2SURMHWLVWDGHYH

VHJXLUDVFRQYHQo}HVGDSODWDIRUPDRX

DPELHQWH

,+& )DELDQD&RVWD*XHGHV Ϯϱϴ

+HXUtVWLFDV%iVLFDVLWHPDLWHP

„SUHYHQomRGHHUURV

{0HOKRUGRTXHXPDERDPHQVDJHPGHHUURpXP

SURMHWRFXLGDGRVRTXHHYLWHTXHXPSUREOHPDRFRUUD

„UHFRQKHFLPHQWRHPYH]GHOHPEUDQoD

{2SURMHWLVWDGHYHWRUQDURVREMHWRVDo}HVHRSo}HV

YLVtYHLV2XVXiULRQmRGHYHWHUTXHVHOHPEUDUGH LQIRUPDomRGHXPDSDUWHGRGLiORJRSDUDXPDRXWUD $VLQVWUXo}HVGHXVRGRVLVWHPDGHYHPHVWDUYLVtYHLV RXIDFLOPHQWHDFHVVtYHLVVHPSUHTXHQHFHVViULR

,+& )DELDQD&RVWD*XHGHV Ϯϱϵ

+HXUtVWLFDV%iVLFDVLWHPDLWHP

„

IOH[LELOLGDGHHHILFLrQFLDGHXVR

{$FHOHUDGRUHV² LPSHUFHSWtYHLVDRVXVXiULRV QRYDWRV² SRGHPWRUQDUDLQWHUDomRGR XVXiULRPDLVUiSLGDHHILFLHQWHSHUPLWLQGRTXH RVLVWHPDFRQVLJDVHUYLULJXDOPHQWHEHPRV XVXiULRVH[SHULHQWHVHLQH[SHULHQWHV2 SURMHWLVWDSRGHSURYHUPHFDQLVPRVDVHUHP XWLOL]DGRVSHORVXVXiULRVSDUDFXVWRPL]DU Do}HVIUHTHQWHV

,+& )DELDQD&RVWD*XHGHV ϮϲϬ

+HXUtVWLFDV%iVLFDVLWHPDLWHP

„

SURMHWRHVWpWLFRHPLQLPDOLVWD

{2VGLiORJRVQmRGHYHPFRQWHULQIRUPDomR TXHVHMDLUUHOHYDQWHRXUDUDPHQWHQHFHVViULD &DGDXQLGDGHH[WUDGHLQIRUPDomRHPXP GLiORJRFRPSHWHFRPDVXQLGDGHVUHOHYDQWHV GHLQIRUPDomRHUHGX]VXDYLVLELOLGDGHUHODWLYD

(7)

ϳ

+HXUtVWLFDV%iVLFDVLWHPDLWHP

„

DX[LOLDRVXVXiULRVDUHFRQKHFHUHP

GLDJQRVWLFDUHPHVHUHFXSHUDUHPGHHUURV

{$VPHQVDJHQVGHHUURGHYHPVHUH[SUHVVDV HPOLQJXDJHPVLPSOHVVHPFyGLJRVLQGLFDU SUHFLVDPHQWHRSUREOHPDHVXJHULUXPD VROXomRGHIRUPDFRQVWUXWLYD

,+& )DELDQD&RVWD*XHGHV ϮϲϮ

+HXUtVWLFDV%iVLFDVLWHPDLWHP

„

DMXGDHGRFXPHQWDomR

{2VLVWHPDGHYHSURYHUDMXGDH

GRFXPHQWDomR(VWHWLSRGHLQIRUPDomRGHYH VHUIiFLOGHVHUHQFRQWUDGDIRFDGRQDWDUHIDGR XVXiULRHQXPHUDUSDVVRVFRQFUHWRVDVHUHP UHDOL]DGRVHQmRVHUPXLWRJUDQGH

,+& )DELDQD&RVWD*XHGHV Ϯϲϯ

6HYHULGDGHGHXP3UREOHPDGH

8VDELOLGDGH

„&RPELQDomRGHWUrVIDWRUHV

{DIUHTrQFLDFRPTXHRSUREOHPDRFRUUHeXP SUREOHPDFRPXPRXUDUR"

{RLPSDFWRGRSUREOHPDVHRFRUUHU6HUiIiFLORX GLItFLOSDUDRVXVXiULRVVXSHUDUHPRSUREOHPD"

{DSHUVLVWrQFLDGRSUREOHPDeXPSUREOHPDTXH RFRUUHDSHQDVXPDYH]HTXHRVXVXiULRV FRQVHJXHPVXSHUDUIDFLOPHQWHRXRVXVXiULRVVHUmR LQFRPRGDGRVSHORSUREOHPDUHSHWLGDVYH]HV"

,+& )DELDQD&RVWD*XHGHV Ϯϲϰ

6HYHULGDGHGHXP3UREOHPDGH

8VDELOLGDGH

„

4XDQGRDYDOLDUDVHYHULGDGH"

{$SyVDVVHVV}HVFDGDDYDOLDGRUUHVSRQGHD XPTXHVWLRQiULRFRQWHQGRDOLVWDFRPSOHWDGRV SUREOHPDVHQFRQWUDGRVSRUWRGRVRV

DYDOLDGRUHVRVSUREOHPDVGHYHPHVWDU GHWDOKDGRVVHSRVVtYHOFRPXVRGHLOXVWUDo}HV HFDSWXUDVGHWHODV

,+& )DELDQD&RVWD*XHGHV Ϯϲϱ

6HYHULGDGHGHXP3UREOHPDGH

8VDELOLGDGH

„(VFDODVGH6HYHULGDGH

{1mRFRQFRUGRTXHLVWRVHMDXPSUREOHPD

{&RVPpWLFR QmRSUHFLVDVHUFRQVHUWDGRD PHQRVTXHKDMDWHPSRH[WUD

{3HTXHQR RFRQVHUWRGHYHUHFHEHUEDL[D SULRULGDGH

{*UDQGH± LPSRUWDQWHGHVHUFRQVHUWDGRGHYH UHFHEHUDOWDSULRULGDGH

{&DWDVWUyILFR± pLPSHUDWLYRFRQVHUWDUDQWHVGH VHODQoDURSURGXWR

,+& )DELDQD&RVWD*XHGHV Ϯϲϲ

([HPSORGH)RUPXOiULRSDUD

,QVSHomRGH8VDELOLGDGH

(8)

ϴ

)RUDPXWLOL]DGDVWUDQVSDUrQFLDV

GH0LOHQH6LOYHLUD 38&56

$YDOLDomRSRU,QVSHomR

:DONWKRXJK&RJQLWLYR

,+& )DELDQD&RVWD*XHGHV Ϯϲϴ

:DONWKRXJK&RJQLWLYR

„3DUDTXH"

{GHWHFWDUSUREOHPDVEDVWDQWHFHGRQR SURFHVVRGHGHVLJQDWHPSRTXHHOHVSRVVDP VHUUHPRYLGRV

„4XHPDYDOLD"

{8PRXPDLVDYDOLDGRUHV

,+& )DELDQD&RVWD*XHGHV Ϯϲϵ

:DONWKRXJK&RJQLWLYR

„&RPR"

{HVSHFLDOLVWDVGHWHUPLQDPDWDUHIDH[DWDTXHVHUi

H[HFXWDGDRFRQWH[WRQRTXDOHODVHUiUHDOL]DGDHVXDV VXSRVLo}HVVREUHDSRSXODomRGHXVXiULRV

{IHLWRLVWRHOHV³SDVVHLDP´SHODWDUHIDUHYHQGRDVDo}HV

TXHVmRQHFHVViULDVSDUDDWLYiODHWHQWDQGRSUHYHUFRPR DSRSXODomRGHXVXiULRVVHFRPSRUWDULDHRVSUREOHPDV TXHHQFRQWUDULDPMXVWLILFDURVSDVVRVGDLQVSHomR

{UHTXHUXPDSUHGLomREDVWDQWHGHWDOKDGDGR

FRPSRUWDPHQWRGRXVXiULR

,+& )DELDQD&RVWD*XHGHV ϮϳϬ

&KHFNOLVWSDUDID]HUXP:&

)RUPXOiULR

,+& )DELDQD&RVWD*XHGHV Ϯϳϭ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

,+& )DELDQD&RVWD*XHGHV ϮϳϮ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

(9)

ϵ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,2EMHWLYRVFRUUHWRV

{(VWDEHOHoDDHVWUXWXUDGHREMHWLYRVDSURSULDGDSDUD HVFROKDGDSUy[LPDDomR

{1DHVWUXWXUD³DSURSULDGD´RXVXiULRWLSLFDPHQWHWHPXP REMHWLYRTXHFDVDFRPRHIHLWRGDSUy[LPDDomR3RGH WDPEpPH[LVWLUXPREMHWLYRPDLVHVSHFtILFRTXHGHVFUHYDD SUySULDDomR

{([HPSORDSUy[LPDDomRpµ&OLTXHQRERWmR GHQRPLQDGR³&RUUHWRU2UWRJUiILFR´¶8PREMHWLYRGHEDL[R QtYHODSURSULDGRSRGHULDVHUµLQLFLHDFRUUHomRRUWRJUiILFD¶

,+& )DELDQD&RVWD*XHGHV Ϯϳϰ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,,3UREOHPDVQDIRUPDomRGRVREMHWLYRVFRUUHWRV

{&RPSDUHDHVWUXWXUDGHREMHWLYRVTXHYRFrIH]FRPD GRVREMHWLYRVFRUUHWRV3DUDFDGDXPDGDVTXHVW}HV QHVWDSDUWHGRIRUPXOiULRFRQVLGHUH

„RHVWDGRFRUUHQWHGRVLVWHPD

„DUHVSRVWDGRVLVWHPDSDUDDDomRDQWHULRU „RVREMHWLYRVHH[SHFWDWLYDVGRXVXiULRQDH[HFXomR GDDomRDQWHULRU

,+& )DELDQD&RVWD*XHGHV Ϯϳϱ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,,3UREOHPDVQDIRUPDomRGRVREMHWLYRVFRUUHWRV

{$)DOKDSDUDDGLFLRQDUREMHWLYRV

„6HDQRYDHVWUXWXUDFRQWpPQRYRVREMHWLYRVH[LVWHXPD FODUDLQGLFDomRDRXVXiULRTXHHVWHVREMHWLYRVGHYHPVHU DGLFLRQDGRV"4XHSHUFHQWDJHPGHXVXiULRVIDOKDULDPHP DGLFLRQDUHVWHVREMHWLYRV"

„([HPSORRXVXiULRQHFHVVLWDDGLFLRQDURREMHWLYR µFDUUHJDURGLFLRQiULRRUWRJUiILFRORFDO¶PDVQmRH[LVWH QHQKXPDLQGLFDomRQDLQWHUIDFHGHTXHHVWHSDVVRp QHFHVViULRDQWHVGRFRUUHWRUVHUXWLOL]DGR

,+& )DELDQD&RVWD*XHGHV Ϯϳϲ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,,3UREOHPDVQDIRUPDomRGRVREMHWLYRVFRUUHWRV

{%)DOKDSDUDDEDQGRQDUREMHWLYRV

„6HDHVWUXWXUDDQWLJDFRQWpPREMHWLYRVTXHGHYDPVHU DEDQGRQDGRVH[LVWHXPDFODUDLQGLFDomRGLVWRDRXVXiULR"4XH SHUFHQWDJHPGHXVXiULRVIDOKDULDPHPDEDQGRQDUHVWHV REMHWLYRV"

„([HPSORXPXVXiULRFXLGDGRVRWHPRVREMHWLYRVGH

FDUUHJDUVHXDUTXLYRID]HUXPDFySLDGHVHJXUDQoDHGLWDUR

DUTXLYRVDOYiORHGHSRLVDSDJDUDFySLD2SURFHVVDGRUMiID] LVWRPDVGHVGHTXHQmRKiLQGLFDomRGHVWDDWLYLGDGHQDLQWHUIDFH RXVXiULRQmRWHPFRPRVDEHUTXHSRGHDEDQGRQDUHVWHV REMHWLYRV

,+& )DELDQD&RVWD*XHGHV Ϯϳϳ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,,3UREOHPDVQDIRUPDomRGRVREMHWLYRVFRUUHWRV

{&$GLomRGHREMHWLYRVHVS~ULRV

„$DSOLFDomRVXJHUHDOJXPREMHWLYRH[WUDRXLQFRUUHWRDR XVXiULR"4XDLVVmRHOHVHTXHSHUFHQWDJHPGHXVXiULRVRV DGRWDULDP"

„([HPSORRXVXiULRWHQWDVDOYDUXPDUTXLYRFRUULJLGRH DDSOLFDomRDSUHVHQWDXPGLiORJRGHµ6DYHDV¶2 XVXiULRSRGHDGLFLRQDURREMHWLYRGHHQWUDUFRPRQRPHGR DUTXLYRHPERUDDSUy[LPDDomRFRUUHWDVHMDFOLFDUµ2N¶TXH VDOYDRDUTXLYRFRPRPHVPRQRPH

,+& )DELDQD&RVWD*XHGHV Ϯϳϴ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,,3UREOHPDVQDIRUPDomRGRVREMHWLYRVFRUUHWRV

{&,PSDVVHGHQmRSURJUHVVmR

„$DSOLFDomRLQGLFDTXHKRXYHDOJXPSURJUHVVRHPUHODomRDRREMHWLYR"6H

QmRTXHSHUFHQWDJHPGHXVXiULRVDGRWDULDPXPREMHWLYRGHGHVID]HUVDLU FRQILUPDURXUHSHWLUD~OWLPDDomR"

„([HPSORQHQKXPDUHVSRVWDRXVXiULRGLJLWDµUPPHXDUTXLYR¶SDUD

DSDJDUXPDUTXLYRHRVLVWHPDUHVSRQGHFRPRSURPSW2XVXiULRSRGH DGLFLRQDURREMHWLYRGHFRQILUPDUTXHRDUTXLYRIRLDSDJDGR+iSURJUHVVRQR REMHWLYRGHGLJLWDUµUPPHXDUTXLYR¶PDVQmRQRGHDSDJDURDUTXLYR

„([HPSORUHVSRVWDLQDSURSULDGDRXVXiULRGiXPFRPDQGRGHµRSHQ

PHXDUTXLYR¶HPXPSURFHVVDGRUGHWH[WRFRPREMHWLYRGHFDUUHJDURDUTXLYR HPTXHVWmR2VLVWHPDRFDUUHJDHSRVLFLRQDRFXUVRUQDSUy[LPDSiJLQDHP EUDQFR1mRYHQGRQDGDRXVXiULRSRGHGHFLGLUTXHQmRFRQVHJXLX

(10)

ϭϬ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,,3UREOHPDVQDIRUPDomRGRVREMHWLYRVFRUUHWRV

{'3HUGDSUHPDWXUDGHREMHWLYRV

„$DSOLFDomRVXJHUHTXHTXDOTXHUREMHWLYRGHYDVHUUHWLUDGRTXDQGRRVPHVPRVDLQGDVmR QHFHVViULRV"4XDLVHTXHSHUFHQWDJHPGHXVXiULRVRVUHWLUDULDP"

„([HPSORRREMHWLYR GRXVXiULRpHQYLDUXPGRFXPHQWRSDUDXPDLPSUHVVRUDHPRXWUDVDOD (OHDEUHRGRFXPHQWRDEUHRPHQXµ)LOH¶ HVHOHFLRQDDRSomRµ3ULQW¶2PHQXGHVDSDUHFHHR XVXiULRYDLSDUDDRXWUDVDODEXVFDURGRFXPHQWR'HSRLVGHXPWHPSRXPGLiORJRDSDUHFH SHUJXQWDQGRVHRGRFXPHQWRGHYHVHULPSUHVVRHPTXDOLGDGHFDUWDRXUDVFXQKR2WHPSRDWp PRVWUDURGLiORJRID]RXVXiULRSHQVDUTXHMiWLQKDDWLQJLGRVHXREMHWLYR

„2EMHWLYRFHQWUDOHVXEREMHWLYRVVLPLODUHV([LVWHXPVXEREMHWLYRTXHpVLPLODUDRREMHWLYRFHQWUDO" 6HIRUTXHREMHWLYRFHQWUDOHTXHSHUFHQWDJHPGHXVXiULRVPDUFDULDPSUHPDWXUDPHQWHRREMHWLYR FHQWUDOFRPRFRPSOHWRVHPSDVVDUSHORVVXEREMHWLYRV"

„([HPSORDHVWUXWXUDGHREMHWLYR pWHUXPDFySLDLPSUHVVDGHµPHXDUTXLYR¶ORJDUQDDSOLFDomR LPSULPLUµPHXDUTXLYR¶QDLPSUHVVRUDORFDOGHVORJDUGDDSOLFDomR2XVXiULRSRGHORJDULPSULPLU DFKDUTXHHVWiRNHHVTXHFHUGHGHVORJDU

,+& )DELDQD&RVWD*XHGHV ϮϴϬ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„

,,,3UREOHPDVQDLGHQWLILFDomRGDDomR

{&RPSDUHRVREMHWLYRVTXHYRFrOLVWRXHP,

FRPWRGDVDVDo}HVGLVSRQtYHLV

,+& )DELDQD&RVWD*XHGHV Ϯϴϭ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,,,3UREOHPDVQDLGHQWLILFDomRGDDomR

{$$omRFRUUHWDQmRIHFKDFRPRREMHWLYR

„([LVWHXPSUREOHPDHPFDVDURREMHWLYRFRUUHQWHDDomR FRUUHQWH"4XDODSHUFHQWDJHPGHXVXiULRVTXHIDOKDULDPHP ID]HUHVWHFDVDPHQWRHQmRHVWDULDPVHJXURVGDDomRFRUUHWD"

„([HPSORRXVXiULRWUDEDOKDQGRHPXPSURFHVVDGRUGH

WH[WRVVHOHFLRQRXDSULPHLUDFROXQDGHXPDWDEHODHWHPR

REMHWLYRGHµID]HUDFROXQDVHOHFLRQDGDGDWDEHODILFDUPDLRU¶$ DomRFRUUHWDpVHOHFLRQDURLWHPGHPHQXµ&HOOV¶PDVHVWHpXP SREUHFDVDPHQWRHQWUHRREMHWLYRGRXVXiULRTXHpIRUPXODGRHP WHUPRVGHµFROXQDV¶GHXPDµWDEHOD¶

,+& )DELDQD&RVWD*XHGHV ϮϴϮ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,,,3UREOHPDVQDLGHQWLILFDomRGDDomR

{%$omRLQFRUUHWDIHFKDFRPRREMHWLYR

„([LVWHPGLVSRQtYHLVDo}HVLQFRUUHWDVTXHFDVHPFRPRV REMHWLYRVDWLYRVGRVXVXiULRV"4XDLVVmRHODVTXHREMHWLYRV HODVFDVDPHTXHSHUFHQWDJHPGHXVXiULRVSRGHP VHOHFLRQDUHVWDVDo}HVQROXJDUGDDomRFRUUHWD" „([HPSORRXVXiULRTXHUWURFDUXPDVHomRGHWH[WR SDUDQHJULWR([LVWHPLWHQVGHDOWRQtYHOGHPHQXV LQWLWXODGRVµ)RUPDW¶µ)RQW¶Hµ6W\OH¶$DomRFRUUHWDpDWUDYpV GRPHQXµ6W\OH¶PDVTXDOTXHUXPGRVRXWURVWDPEpP IXQFLRQD

,+& )DELDQD&RVWD*XHGHV Ϯϴϯ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,93UREOHPDVQDH[HFXomRGDDomR

{$'LILFXOGDGHVItVLFDV

„([LVWHPGLILFXOGDGHVQDH[HFXomRGDDomRWDLVFRPRSUHVVLRQDU P~OWLSODVWHFODVVLPXOWDQHDPHQWHRXHQFRQWUDUXPFRQWUROH HVFRQGLGR"4XDLVVmRHODVHTXHSHUFHQWDJHPGHXVXiULRV WHULDPHVWDVGLILFXOGDGHV"

„([HPSORRFRPDQGRGHFXUVRUSDUDHVTXHUGDHPXP

SURFHVVDGRUGHWH[WRp&WUO%(PXPWHFODGRFRPXPD~QLFD

WHFODGHFRQWUROHQRILQDOGRODGRHVTXHUGRXPXVXiULRFRPPmRV SHTXHQDVSRGHWHUGLILFXOGDGHVHPSUHVVLRQDUDPEDVGDGRTXHR GHGRPtQLPRHVWDUiQR&WUOHRLQGLFDGRUGHYHUiVHHVWLFDUDWpR %

,+& )DELDQD&RVWD*XHGHV Ϯϴϰ

&KHFNOLVWSDUDID]HUXP:&

([SOLFDomR)RUPXOiULR

„,93UREOHPDVQDH[HFXomRGDDomR

{%(VJRWDPHQWRGHWHPSRWLPHRXWV

„6HDDSOLFDomRWHPWLPHRXWVTXHSHUFHQWDJHPGHXVXiULRV SRGHPWHUGLILFXOGDGHVGHFLGLQGRHQWUHDDomRHDH[HFXomR GHVWDDQWHVGHXPWLPHRXW"

„([HPSORRWHPSRGHUHVSRVWDGRXVXiULRSRGHYDULDU

HQRUPHPHQWHHDWpXPXVXiULRPDLVH[SHULHQWHSRGHVHU

LQWHUURPSLGRHQTXDQWRHVWiH[HFXWDQGRXPDWDUHID$OpPGH VDEHUTXDQGRRVWLPHRXWVSRGHPRFRUUHUp~WLOWDPEpP FRQVLGHUDUTXDQGRH[LVWHXPDPDQHLUDGHVHUHFXSHUDUGHXP

(11)

ϭϭ

:DONWKRXJK&RJQLWLYR ([HPSOR

„

0RVWUDU([HPSOR:RUGGH0LOHQH6LOYHLUD

38&56

,+& )DELDQD&RVWD*XHGHV Ϯϴϲ

)RUDPXWLOL]DGDVWUDQVSDUrQFLDV

GH0LOHQH6LOYHLUD 38&56

$YDOLDomRSRU,QVSHomR

'LUHWUL]HV&KHFNOLVW

,+& )DELDQD&RVWD*XHGHV Ϯϴϳ

&KHFNOLVWV± 5HYLVmRGH

'LUHWUL]HV

„1HVWHPpWRGRGHDYDOLDomRDLQWHUIDFHpLQVSHFLRQDGDDILPGHYHULILFDU

VHDPHVPDHVWiGHDFRUGRFRPXPDVpULHGHGLUHWUL]HVJXLGHOLQHV

EDVWDQWHHVSHFtILFDV

„(VWDVGLUHWUL]HVFRVWXPDPHVWDUGLVSRVWDVHPOLVWDVGH³FKHFDJHP´

FKHFNOLVWVQDVTXDLVRDYDOLDGRULQGLFDVHGHWHUPLQDGRLWHPHVWi

FRQIRUPHRXQmRDGDGDGLUHWUL]

„$VOLVWDVGHGLUHWUL]HVFKHFNOLVWVFRVWXPDPWHUFHQWHQDVGHLWHQVR TXHGHSHQGHQGRGRWDPDQKRGDDSOLFDomRDVHUYHULILFDGDSRGHOHYDU GLDVRXVHPDQDVSDUDHIHWXDUXPDDYDOLDomRFRPSOHWD

„,03257$17(

{JUDXGHDEVWUDomRGDVGLUHWUL]HVH[KHXUtVWLFDV {TXDOLGDGHGHWDOKDPHQWRGDGLUHWUL]YVH[SHULrQFLDGR

DYDOLDGRU

,+& )DELDQD&RVWD*XHGHV Ϯϴϴ

7UDEDOKR6LWH

„

6LWH

{KWWSZZZODELXWLOLQIXIVFEUHUJROLVWLQGH[KW

PO

„2SURMHWR(UJR/LVW WHPSRUREMHWLYRFRQFHEHUSURMHWDU GHVHQYROYHUHGLVSRQLELOL]DUYLD:HE,QWHUQHWXPD IHUUDPHQWDSDUDDDYDOLDomRDXW{QRPDGDIDFLOLGDGHGHXVR GHGLVSRVLWLYRVGHVRIWZDUHLQWHUDWLYR

„2XWUDUHIHUrQFLD

{KWWSZZZZRUJ75:$,:(%&217(17JOSURYLGH HTXLYDOHQWV

,+& )DELDQD&RVWD*XHGHV Ϯϴϵ

)RUDPXWLOL]DGDVWUDQVSDUrQFLDV

GH0LOHQH6LOYHLUD 38&56

7HVWHFRP8VXiULRV

,+& )DELDQD&RVWD*XHGHV ϮϵϬ ,+& )DELDQD&RVWD*XHGHV Ϯϵϭ

$YDOLDomRGH,QWHUIDFHV

(12)

ϭϮ

,+& )DELDQD&RVWD*XHGHV ϮϵϮ

$YDOLDomRGH,QWHUIDFHV 7LSRV

„

2EVHUYDomR HPRQLWRUDomR GHXVXiULRV

{UHDOL]DGD GHPDQHLUD LQIRUPDORX QR DPELHQWH GHWUDEDOKR GRXVXiULR RX HP XP ODERUDWyULR

{2V GDGRVVmR FROHWDGRV SRU PHLR GHQRWDV GR REVHUYDGRU RX DOJXP WLSR GHJUDYDomR

,+& )DELDQD&RVWD*XHGHV Ϯϵϯ

$YDOLDomRGH,QWHUIDFHV 7LSRV

„

&ROHWDGHRSLQLmRGRXVXiULR

{7mRLPSRUWDQWHTXDQWRDYDOLDURVHX GHVHPSHQKR

{6HRVXVXiULRVQmRJRVWDUHPGDDSOLFDomR SRUTXDOTXHUUD]mRHOHVQmRDXWLOL]DUmR

,+& )DELDQD&RVWD*XHGHV Ϯϵϰ

$YDOLDomRGH,QWHUIDFHV 7LSRV

„

$SOLFDomRGHH[SHULPHQWRVHWHVWHVGH

EHQFKPDUN

{$GRWDXPDSHUVSHFWLYDVHPLFLHQWtILFDHP FRPSDUDomRFRPRTXHQRUPDOPHQWHp DVVRFLDGRDHOHV

{$VYDULiYHLVDVHUHPPHGLGDVHQYROYHP LQWHUDo}HVFRPSOH[DVFRPVHUHVKXPDQRVHR YDORUREWLGRPXLWDVYH]HVSRGHVHU

TXHVWLRQDGR

,+& )DELDQD&RVWD*XHGHV Ϯϵϱ

$YDOLDomRGH,QWHUIDFHV 7LSRV

„

$SOLFDomRGHH[SHULPHQWRVHWHVWHVGH

EHQFKPDUN

{(VVHWLSRGHDYDOLDomRVHUHIHUHDWpFQLFDV PDLVULJRURVDPHQWHFRQWURODGDVGRTXHHP REVHUYDomRHPRQLWRUDomRGHXVXiULRV

,+& )DELDQD&RVWD*XHGHV Ϯϵϲ

$YDOLDomRGH,QWHUIDFHV 7LSRV

„0HWRGRVLQWHUSUHWDWLYRV

{2REMHWLYRpSHUPLWLUTXHRGHVLJQHUHQWHQGDPHOKRU

FRPRXVXiULRVXVDPRVLVWHPDHPVHXDPELHQWH QDWXUDOHFRPRHVVHVVLVWHPDVLQWHJUDPFRPRXWUDV DWLYLGDGHV

{'DGRVVmRFROHWDGRVLQIRUPDOPHQWHHGHSRLV

LQWHUSUHWDGRVSHORVGHVLJQHUV

{0XLWDVYH]HVRVXVXiULRVSDUWLFLSDPGDFROHWD

DQiOLVHRXLQWHUSUHWDomRGRVGDGRV

,+& )DELDQD&RVWD*XHGHV Ϯϵϳ

$YDOLDomRGH,QWHUIDFHV 7LSRV

„0pWRGRVGHSUHGLomR

{%XVFDPSUHYHURVWLSRVGHSUREOHPDVTXHRV

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{(VVHVPpWRGRVHQYROYHPWpFQLFDVGHPRGHODJHP

(13)

ϭϯ

7HVWHVFRP8VXiULRV 2EMHWLYRV

„

FULDUXPUHJLVWURKLVWyULFRGHPpWULFDVSDUD

YHUV}HVIXWXUDV

„

PLQLPL]DURFXVWRGHFKDPDGDVDRVXSRUWH

WpFQLFR

„

DXPHQWDUDVYHQGDVHDSUREDELOLGDGHGH

ILGHOLGDGHGRFOLHQWH

„

DGTXLULUXPDYDQWDJHPFRPSHWLWLYD

„

PLQLPL]DUULVFRV

,+& )DELDQD&RVWD*XHGHV Ϯϵϴ

7HVWHVFRP8VXiULRV /LPLWDo}HV

„

VLWXDo}HVDUWLILFLDLV

„

UHVXOWDGRVSRVLWLYRVQmRSURYDPTXHXP

SURGXWRIXQFLRQD

„

RVSDUWLFLSDQWHVUDUDPHQWHVmR

UHSUHVHQWDWLYRVGDSRSXODomRDOYR

„

QHPVHPSUHRVWHVWHVVmRDPHOKRUWpFQLFDD

VHUXWLOL]DGD

,+& )DELDQD&RVWD*XHGHV Ϯϵϵ

(OHPHQWRVEiVLFRVGHVWHV

0pWRGRV

„)RUPXODomRGHKLSyWHVHVVREUHRVSUREOHPDVRXREMHWLYRVGRWHVWH „8VRGHXPDDPRVWUDUHSUHVHQWDWLYDGHXVXiULRVILQDLVTXHSRGHPVHU

HVFROKLGRVDOHDWRULDPHQWHRXQmR

„5HSUHVHQWDomRGRDPELHQWHUHDOGHWUDEDOKRLQFOXLQGRRSURGXWRTXHVH

GHVHMDWHVWDU

„2EVHUYDomRGRVXVXiULRVILQDLVTXHXWLOL]DPRXUHYLVDPXPD

UHSUHVHQWDomRGHVWHSURGXWR4XHVWLRQDPHQWRVFRQWURODGRVHSRUYH]HV H[WHQVLYRVSRGHPVHUUHDOL]DGRVSHORPRQLWRUGRWHVWH

„&DSWXUDGHPHGLGDVTXDQWLWDWLYDVHTXDOLWDWLYDVGHGHVHPSHQKRH

SUHIHUrQFLDV

„5HFRPHQGDomRGHPHOKRULDVDRGHVLJQGRSURGXWR

,+& )DELDQD&RVWD*XHGHV ϯϬϬ

7LSRVGH7HVWHV

„7HVWHH[SORUDWyULR

{IHLWRQDIDVHGHDQiOLVHGRSUREOHPD

{REMHWLYRH[DPLQDUHH[SORUDUDTXDOLGDGHGRVFRQFHLWRV SUHOLPLQDUHVGHGHVLJQ

{IRFRSRUTXHRXVXiULRID]RTXHID]

„7HVWHGHDSUHFLDomR

{IHLWRHPHWDSDVLQWHUPHGLiULDVGRFLFORGHGHVHQYROYLPHQWR {REMHWLYRDYDOLDUDXVDELOLGDGHGHRSHUDo}HVHDVSHFWRVPDLV FRQFUHWRVGRSURGXWR

{IRFRDYDOLDUFRPTXHJUDXGHVXFHVVRRXVXiULRSRGHUHDOL]DU WDUHIDVUHDLVHLGHQWLILFDUGHILFLrQFLDVGHLQWHUDomRHVSHFtILFDV

,+& )DELDQD&RVWD*XHGHV ϯϬϭ

7LSRVGH7HVWHV

„7HVWHGH9DOLGDomR

{IHLWRQDVHWDSDVILQDLV

{REMHWLYRYHULILFDUDVDWLVIDomRGHFULWpULRVHVWDEHOHFLGRVQR

LQtFLRGRSURMHWRHRVXFHVVRGDLQWHJUDomRGRSURGXWRFRP VXDGRFXPHQWDomR

{IRFRFDSWXUDUGDGRVTXDQWLWDWLYRVGHGHVHPSHQKR „7HVWHFRPSDUDWLYR

{SRGHVHUIHLWRHPGLYHUVRVSRQWRVGRFLFORGH

GHVHQYROYLPHQWR

{REMHWLYRFRPSDUDUGLYHUVRVHVWLORVGHLQWHUIDFH

,+& )DELDQD&RVWD*XHGHV ϯϬϮ

3ODQHMDPHQWRUHDOL]DomRHDQiOLVH

GDVWDUHIDV

„

(WDSDV

{GHVHQYROYHURH[SHULPHQWR {RULHQWDUDVVHVV}HVGHDYDOLDomR {FROHWDURVGDGRV

{DQDOLVDURVGDGRV {WLUDUFRQFOXV}HV

{UHSURMHWDUHLPSOHPHQWDUDLQWHUIDFHUHYLVDGD

(14)

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'HVHQYROYHQGRR([SHULPHQWR±

3ODQRGH7HVWH

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2REMHWLYRGRWHVWH2TXHVHGHVHMDREWHU"

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4XDODGXUDomRSUHYLVWDGHFDGDVHVVmRGH

WHVWH"

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4XDORVXSRUWHFRPSXWDFLRQDOQHFHVViULR"

,+& )DELDQD&RVWD*XHGHV ϯϬϰ

'HVHQYROYHQGRR([SHULPHQWR±

3ODQRGH7HVWH

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4XDOVRIWZDUHSUHFLVDHVWDUDGLVSRVLomR"

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4XDOGHYHUiVHURHVWDGRGRVLVWHPDQR

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4XDOGHYHVHURWHPSRGHUHVSRVWDFDUJDGR

VLVWHPDUHGH"

„

4XHPVHUmRRVH[SHULPHQWDGRUHV"

,+& )DELDQD&RVWD*XHGHV ϯϬϱ

'HVHQYROYHQGRR([SHULPHQWR±

3ODQRGH7HVWH

„

4XHPVHUmRRVXVXiULRVHFRPRVHUmR

FRQVHJXLGRV"

„

4XDQWRVXVXiULRVVmRQHFHVViULRV"

„

4XDLVDVWDUHIDVTXHVHUmRVROLFLWDGDVDRV

XVXiULRV"

„

4XDOFULWpULRVHUiXWLOL]DGRSDUDGHILQLUTXH

RVXVXiULRVWHUPLQDUDPFDGDWDUHID

FRUUHWDPHQWH"

,+& )DELDQD&RVWD*XHGHV ϯϬϲ

'HVHQYROYHQGRR([SHULPHQWR±

3ODQRGH7HVWH

„2TXDQWRRH[SHULPHQWDGRUSRGHUiDMXGDUR

XVXiULRGXUDQWHRWHVWH"

„4XDLVGDGRVVHUmRFROHWDGRVHFRPRVHUmR

DQDOLVDGRVXPDYH]TXHWHQKDPVLGRFROHWDGRV"

„4XDORFULWpULRSDUDGHWHUPLQDUTXHDLQWHUIDFHp

XPVXFHVVR"SH[QHQKXPSUREOHPDGH XVDELOLGDGHQRYRFRPVHYHULGDGHPDLRURXLJXDOD

„SODQHMDUXPSLORWRGRWHVWH

,+& )DELDQD&RVWD*XHGHV ϯϬϳ

'HVHQYROYHQGRRH[SHULPHQWR

2UoDPHQWR

„(VSHFLDOLVWDVHPXVDELOLGDGHSDUDSODQHMDUH[HFXWDUH

DQDOLVDURWHVWH

„$VVLVWHQWHVDGPLQLVWUDWLYRVSDUDDJHQGDUVHVV}HVGHWHVWH

FROHWDUGDGRVHWF

„'HVHQYROYHGRUHVGRVRIWZDUHSDUDPRGLILFDUFyGLJR

„7HPSRGRVXVXiULRV

„&RPSXWDGRUHVXVDGRVGXUDQWHRWHVWHHGXUDQWHDDQiOLVH

„9LGHRWDSHVHRXWURVUHFXUVRV

,+& )DELDQD&RVWD*XHGHV ϯϬϴ

'HVHQYROYHQGRR([SHULPHQWR±

(VFROKHQGRRV8VXiULRV

„GHYHPVHUUHSUHVHQWDWLYRV

„XVXiULRVQRYDWRV;XVXiULRVH[SHUWV

„FRQVLGHUDUDQHFHVVLGDGHGHXPWUHLQDPHQWRLQLFLDOGRV

XVXiULRVSH[QRXVRGRPRXVHQRXVRGHMDQHODV P~OWLSODVHWF

„SDUDFRPSDUDUDXVDELOLGDGHGHGRLVRXPDLVVLVWHPDV

{FDGDXVXiULRWHVWDXP~QLFRVLVWHPD;FDGD

XVXiULRWHVWDWRGRVRVVLVWHPDV

(15)

ϭϱ

'HVHQYROYHQGRR([SHULPHQWR±

(VFROKHQGRRV$YDOLDGRUHV

„GHYHPWHUFRQKHFLPHQWRH[WHQVRVREUHDDSOLFDomRHD

UHVSHFWLYDLQWHUIDFHGHXVXiULR

{QmRSUHFLVDVDEHUFRPRRVLVWHPDIRL

LPSOHPHQWDGRPDVGHYHVDEHUFRPROLGDUFRP SUREOHPDVTXHOHYHPRVLVWHPDDFDLU

{SRGHPVHURVGHVLJQHUV

„SUREOHPDV

{DMXGDUPXLWRRVXVXiULRV

{DQWHFLSDUH[SOLFDo}HVVREUHRVHUURV

,+& )DELDQD&RVWD*XHGHV ϯϭϬ

'HVHQYROYHQGRR([SHULPHQWR±

$VSHFWRVeWLFRV

„XVXiULRVVmRKXPDQRV

{SURIXQGRUHVSHLWRDVVXDVHPRo}HVHEHPHVWDU

„JHUDOPHQWHVHVHQWHPVREPXLWDSUHVVmRQDVLWXDomRGH

WHVWH

{DSUHQGHPPDLVOHQWDPHQWH {ID]HPPDLVHUURV

„VHVHQWHPHVW~SLGRVTXDQGRH[SHULPHQWDPHVVDV

GLILFXOGDGHV

„OHPEUDUVHPSUHRVLVWHPDpTXHHVWiVHQGRWHVWDGRHQmRR

XVXiULR

,+& )DELDQD&RVWD*XHGHV ϯϭϭ

'HVHQYROYHQGRR([SHULPHQWR±

(VFROKDGDV7DUHIDV

„UHSUHVHQWDWLYDV

{FREHUWXUDUD]RiYHOGDVSDUWHVPDLVVLJQLILFDWLYDVGDLQWHUIDFH

„GHYHPSRGHUVHUFRPSOHWDGDVQRWHPSRGHILQLGRSDUDXPDVHVVmRGHWHVWH

„GHYHPVHUGHVFULWDVSRUHVFULWR

„WDUHIDVQmRGHYHPVHURIHQVLYDVRXMRFRVDV

{GHYHPVHUWmRUHDOLVWDVTXDQWRSRVVtYHOHLQVHULGDVHPXPFHQiULR

„GHYHPWHUJUDXGHGLILFXOGDGHJUDGDWLYDSDUDGDUPDLVFRQILDQoDDRXVXiULR

{SODQHMDGDVSDUDTXHSRVVDPVHULQWHUURPSLGDVDTXDOTXHUWHPSR

„IRUQHFHUXPDWDUHIDGHFDGDYH]

,+& )DELDQD&RVWD*XHGHV ϯϭϮ

2ULHQWDUDV6HVV}HVGH$YDOLDomR

3UHSDUDomR

„

WXGRGHYHHVWDUSURQWRDQWHVGRXVXiULR

FKHJDU

„

FXLGDGRHP³OLPSDU´RFRPSXWDGRUGH

UHVXOWDGRVGHRXWURVWHVWHVDODUPHVHWF

,+& )DELDQD&RVWD*XHGHV ϯϭϯ

2ULHQWDUDVVHVV}HVGHDYDOLDomR

,QWURGXomR

„

2SURSyVLWRGRWHVWHpDYDOLDURVLVWHPDH

QmRRXVXiULR

„

2VXVXiULRVQmRGHYHPVHSUHRFXSDUHP

IHULUVHQWLPHQWRVGRVH[SHULPHQWDGRUHV

GHVLJQHUVFRPVXDVREVHUYDo}HV

„

2VUHVXOWDGRVGRWHVWHVHUYLUmRSDUD

PHOKRUDUDLQWHUIDFHGRXVXiULR

,+& )DELDQD&RVWD*XHGHV ϯϭϰ

2ULHQWDUDVVHVV}HVGHDYDOLDomR

,QWURGXomR

„

5HOHPEUDUTXHRVLVWHPDpFRQILGHQFLDOH

QmRGHYHVHUFRPHQWDGRFRPRXWURVTXH

LQFOXVLYHSRGHPYLUDVHUIXWXURXVXiULRVGH

WHVWH

„

$SDUWLFLSDomRQRWHVWHpYROXQWiULDHRV

XVXiULRVSRGHPSDUDUDTXDOTXHUWHPSR

(16)

ϭϲ

2ULHQWDUDVVHVV}HVGHDYDOLDomR

,QWURGXomR

„

2VUHVXOWDGRVGRWHVWHQmRVHUmRFRORFDGRV

SXEOLFDPHQWHHRDQRQLPDWRGRXVXiULRHVWDUi

JDUDQWLGR

„

([SOLFDUVREUHRXVRGHJUDYDo}HVGHYtGHR

RXiXGLRTXHHVWHMDPVHQGRIHLWDVRLGHDOp

QmRJUDYDUDIDFHGRXVXiULR

,+& )DELDQD&RVWD*XHGHV ϯϭϲ

2ULHQWDUDVVHVV}HVGHDYDOLDomR

,QWURGXomR

„([SOLFDUTXHRXVXiULRSRGHID]HUTXDOTXHU

SHUJXQWDGXUDQWHRWHVWHPDVTXHQHPVHPSUHR H[SHULPHQWDGRULUiDMXGiORVRXUHVSRQGHUVXDV TXHVW}HV

„,QVWUXo}HVHVSHFtILFDVVREUHDIRUPDGRWHVWH

SH[IDODUHPYR]DOWDRXID]HUDVDWLYLGDGHV RPDLVUiSLGRTXHSXGHUHWF

,+& )DELDQD&RVWD*XHGHV ϯϭϳ

2ULHQWDUDVVHVV}HVGHDYDOLDomR±

R7HVWH

„HYLWDUTXDOTXHUWLSRGHFRPHQWiULRRX

H[SUHVV}HVVREUHDSHUIRUPDQFHRXREVHUYDo}HV GRXVXiULR

„HYLWDUDMXGDURXVXiULRDQmRVHUTXHHOHHVWHMD

UHDOPHQWHHPGLILFXOGDGHVPXLWRVHYHUDV

„VHH[LVWLUPDLVGHXPH[SHULPHQWDGRUVRPHQWH

XPIDODSDUDQmRJHUDUFRQIXVmR

,+& )DELDQD&RVWD*XHGHV ϯϭϴ

2ULHQWDUDVVHVV}HVGHDYDOLDomR±

SyVWHVWH

„

SUHHQFKHUTXHVWLRQiULRVGHVDWLVIDomR

VXEMHWLYD

„

GHL[DURVXVXiULRVOLYUHVSDUDID]HUHP

TXDLVTXHUVXJHVW}HVREVHUYDo}HVFUtWLFDV

,+& )DELDQD&RVWD*XHGHV ϯϭϵ

&ROHWDURVGDGRV

„2EVHUYDomR'LUHWD

{DVVLVWLUDRXVXiULRHPVHXWUDEDOKR«

„REVHUYDomRLQGLUHWD

{JUDYDo}HVHPYtGHRRXSRUVRIWZDUH

„iXGLR WKLQNLQJDORXG

{XVXiULRYHUEDOL]DVHXVSHQVDPHQWRV

{PRVWUDVXDLQWHUSUHWDomRMiGL]SRUTXHHVWiID]HQGRDOJR« {QmRpDGHTXDGRTXDQGRVHTXHUPHGLUSHUIRUPDQFH {SUREOHPDXVXiULRVWrPVXDVWHRULDVSUySULDV

{WHVWHPDLVGLItFLOGHUHDOL]DUXVXiULRWHPTXHID]HUGXDVFRLVDVDR PHVPRWHPSR

{REVHUYDGRUWHPTXHOHYDURXVXiULRDIDODUVHPLQWHUIHULUQRXVRGR VLVWHPDSHORXVXiULR

,+& )DELDQD&RVWD*XHGHV ϯϮϬ

$QDOLVDURVGDGRV

„

DQ

i

OLVHEDVHDGDHPWDUHIDV

„

DQ

i

OLVHEDVHDGDHPGHVHPSHQKR

(17)

ϭϳ

/DERUDWyULRVGH8VDELOLGDGH

,+& )DELDQD&RVWD*XHGHV ϯϮϮ

/DERUDWyULRVGH8VDELOLGDGH

,+& )DELDQD&RVWD*XHGHV ϯϮϯ

/DERUDWyULRVGH8VDELOLGDGH

,+& )DELDQD&RVWD*XHGHV ϯϮϰ

/DERUDWyULRVGHXVDELOLGDGH

,+& )DELDQD&RVWD*XHGHV ϯϮϱ

/DERUDWyULRGH8VDELOLGDGH

,+& )DELDQD&RVWD*XHGHV ϯϮϲ

)RUDPXWLOL]DGDVWUDQVSDUrQFLDV

GH0LOHQH6LOYHLUD 38&56

7HVWHGH8VDELOLGDGH

(18)

ϭϴ

7HVWHVGH8VDELOLGDGH

„HVWHFRQFHLWRSHUPLWHDYDOLDUDTXDOLGDGHGHXPVLVWHPDFRPUHODomRD

IDWRUHVTXHRVSURMHWLVWDVGHILQHPFRPRVHQGRSULRULWiULRVDRVLVWHPD $OJXQVIDWRUHVWtSLFRV

{)DFLOLGDGHGHDSUHQGL]DGR

{)DFLOLGDGHGHXVR {(ILFLrQFLDGHXVR

{3URGXWLYLGDGH

{6DWLVIDomRGRXVXiULR

{)OH[LELOLGDGH

{8WLOLGDGH

{6HJXUDQoDQRXVR

,+& )DELDQD&RVWD*XHGHV ϯϮϴ ,+& )DELDQD&RVWD*XHGHV ϯϮϵ

7HVWHVGH8VDELOLGDGH

„9LVDPPHGLUHPWHUPRVTXDQWLWDWLYRVRYDORUTXHR

VLVWHPDDWLQJHSDUDIDWRUHVGHXVDELOLGDGHGH LQWHUHVVH

„8VXiULRVVmRDYDOLDGRVQDSUiWLFDHVmRPHGLGRVRV YDORUHVGHFDGDXPGRVIDWRUHVGHXVDELOLGDGH „2GHVLJQHUSRGHDYDOLDUVHRVYDORUHVREWLGRV VDWLVID]HPRXQmRVXDVH[SHFWDWLYDV

,+& )DELDQD&RVWD*XHGHV ϯϯϬ

7HVWHVGH8VDELOLGDGH

„

3HUPLWHDDSOLFDomRGHWHVWHVVLVWHPiWLFRVGH

XVDELOLGDGHGHXPSURGXWRDRORQJRGHVHX

SURMHWRHGHILQHRVYDORUHVGHVHMDGRVSDUDFDGD

XPGHOHV

„

2GHVLJQHUGHYHVDEHUSUHYLDPHQWHRXPHGLU

RVYDORUHVGRVIDWRUHVGHXVDELOLGDGHTXDQGR

QRLQtFLRGRSURMHWR

,+& )DELDQD&RVWD*XHGHV ϯϯϭ

7HVWHVGH8VDELOLGDGH

„

$RORQJRGRGHVLJQHUGRSURMHWRPHGHPVHH

XVDPVHWDLVYDORUHVSDUDDYDOLDUR

FXPSULPHQWRRXQmRFXPSULPHQWRGDVPHWDV

HVWDEHOHFLGDV

„

2VYDORUHVIULVDGRVGHYHPVHUUHDOLVWDVSRLV

FDVRFRQWUiULRDWDUHIDGHDWLQJLORVSRGHVH

WRUQDULPSRVVtYHORXSRGHWRUQDURVEHQHItFLRV

FRQVHJXLGRVPXLWRPHQRUHVGRTXHRVFXVWRV

HQYROYLGRVQRSURFHVVRHPTXHVWmR

7HVWHGH8VDELOLGDGH± &RPRH

4XDQGRUHDOL]DU"

„QRLQtFLRGRGHVHQYROYLPHQWRGHXPSURMHWR

FHQWUDGRQRXVXiULRHVWDEHOHFHPVHTXDLVVmRRV IDWRUHVGHXVDELOLGDGHSULRULWiULRVDRGHVLJQGHTXH IRUPDHOHVSRGHPVHUPHGLGRVHTXDLVRVYDORUHV GHVHMiYHLVSDUDFDGDFULWpULR

„GLYHUVRVWHVWHVSRGHPVHUUHDOL]DGRVDRORQJRGR GHVHQYROYLPHQWRIRUPDQGRXPFLFORGHVLJQ DYDOLDomRUHGHVLJQDYDOLDomR

,+& )DELDQD&RVWD*XHGHV ϯϯϮ

7HVWHGH8VDELOLGDGH± (GHSRLV"

„GHDFRUGRFRPRVUHVXOWDGRVGHFDGDWHVWHRV

SURMHWLVWDVGHYHPGHFLGLUTXDLVDVPHOKRULDVTXH SRGHPRXGHYHPVHUIHLWDVSDUDREWHURVPHOKRUHV UHVXOWDGRVQRSUy[LPRWHVWH

„RVWHVWHVGHXVDELOLGDGHQmRQHFHVVDULDPHQWH IRUQHFHPLQGLFDo}HVVREUHRQGHRFRUUHUDPRV SUREOHPDVRXRTXHID]HUSDUDUHPHGLiORV

(19)

ϭϵ

)RUDPXWLOL]DGDVWUDQVSDUrQFLDV

GH0LOHQH6LOYHLUD 38&56

7HVWHGH&RPXQLFDELOLGDGH

,+& )DELDQD&RVWD*XHGHV ϯϯϰ ,+& )DELDQD&RVWD*XHGHV ϯϯϱ

7HVWHVGH&RPXQLFDELOLGDGH

„

%DVHDGRQD(QJHQKDULD6HPLyWLFD

„

'HYHYLVDUDDYDOLDomRGDVXDLQWHUIDFH

TXDQWRjSRVVLELOLGDGHTXHHODWHPGH

³FRQYHUVDU´FRPRXVXiULR

„

3URS}HPXPFRQMXQWRGHLQWHUMHLo}HVD

VHUHPXWLOL]DGDVSHORXVXiULRHPXPD

VLWXDomRGHUXSWXUDGHVXDFRPXQLFDomRFRP

RVLVWHPD

7HVWHGH&RPXQLFDELOLGDGH±

2EMHWLYRVGR7HVWH

„

DYDOLDUDTXDOLGDGHGDFRPXQLFDomRGR

GHVLJQHUSDUDRVXVXiULRV

„

XPDUXSWXUDGHFRPXQLFDomRRFRUUHTXDQGR

RXVXiULRSUHFLVDVHGHVYLDUGDLQWHUDomR

UXPRDRREMHWLYRDVHUDOFDQoDGRSDUDEXVFDU

RHQWHQGLPHQWRGDSUySULDLQWHUDomR

,+& )DELDQD&RVWD*XHGHV ϯϯϲ

3DVVRVGR7HVWHGH

&RPXQLFDELOLGDGH

„SODQHMDPHQWRGRWHVWH

{SODQHMDPHQWRGRVTXHVWLRQiULRVSUp HSyVWHVWH

{FHQiULRVFRPDVWDUHIDV

„UHDOL]DomRGRWHVWH

{REVHUYDomR

{ILOPDJHPGDLQWHUDomR

{TXHVWLRQiULRV

„HWLTXHWDJHPGDVUXSWXUDVGHFRPXQLFDomR

{XVRGDVH[SUHVV}HVGHFRPXQLFDELOLGDGH

„LQWHUSUHWDomRGRVUHVXOWDGRV

,+& )DELDQD&RVWD*XHGHV ϯϯϳ

,+& )DELDQD&RVWD*XHGHV ϯϯϴ

7HVWHVGH&RPXQLFDELOLGDGH

„

'HYHVHUDSOLFDGRUHVSHLWDQGRGXDVDo}HV

HOHPHQWDUHV

{&ROHWD

{$QiOLVHGHGDGRV

,+& )DELDQD&RVWD*XHGHV ϯϯϵ

7HVWHVGH&RPXQLFDELOLGDGH

„

3DVVRVSDUDFROHWDGHGDGRV

{6ROLFLWDUDRXVXiULRDH[HFXomRGHXPDWDUHID

SUHGHWHUPLQDGDQDDSOLFDomR

{*UDYDUDLQWHUDomRGRXVXiULRFRPD

(20)

ϮϬ

,+& )DELDQD&RVWD*XHGHV ϯϰϬ

7HVWHVGH&RPXQLFDELOLGDGH

„

3DVVRVSDUDFROHWDGHGDGRV

{(QWUHYLVWDURXVXiULRRSFLRQDOHSHVTXLVDU

VREUHDVXDLQWHUDomRFRPDDSOLFDomR

{8PDYH]FROHWDGRVRVGDGRVSDVVDVHSDUD

VXDDQiOLVH

{9HUJUDYDo}HVGDLQWHUDomRDDWULEXLUD

LQWHUMHLomRDSURSULDGDQRVPRPHQWRVGHVXD UXSWXUD

,+& )DELDQD&RVWD*XHGHV ϯϰϭ

7HVWHVGH&RPXQLFDELOLGDGH

„

3DVVRVSDUDFROHWDGHGDGRV

{7DEXODUDLQIRUPDomRREWLGDRXVHMDDV

LQWHUMHLo}HVREWLGDV

{,QWHUSUHWDUDWDEHODGHDFRUGRFRPDV

LQWHUMHLo}HVHRVSUREOHPDVGHXVDELOLGDGH DVVRFLDGRVDHODVREWHQGRHQWmRXPPDSD GRVSRQWRVFUtWLFRVGDLQWHUDomRHXPSHUILOGH VXDDSOLFDomR

,+& )DELDQD&RVWD*XHGHV ϯϰϮ

7HVWHVGH&RPXQLFDELOLGDGH

„$VLQWHUMHLo}HVIRUDPHVFROKLGDVDILPGHUHXQLU XPFRQMXQWRGHODVFDSD]GHDSRQWDUUXSWXUDVGH LQWHUDomRRFRUULGDVDRORQJRGRXVRGHXPD DSOLFDomR

„$VLQWHUMHLo}HVGHYHPID]HUSDUWHGRGLDDGLDGR

XVXiULR

„6mRXVDGDVHPVLWXDo}HVFUtWLFDVFRPRHP

UXSWXUDVGHFRPXQLFDomR

,+& )DELDQD&RVWD*XHGHV ϯϰϯ

7HVWHVGH&RPXQLFDELOLGDGH

,QWHUMHLo}HV

„

&DGr"(DJRUD"

{2XVXiULRSURFXUDHPPHQXVHWRROEDUVSRU

XPDIXQomRHVSHFtILFDTXHHOHGHVHMD

H[HFXWDU1RFDVRGR³(DJRUD"´RXVXiULRQmR VDEHRTXHID]HUHWHQWDGHVFREULUTXDORVHX SUy[LPRSDVVR

{6LQWRPDVRXVXiULRLQVSHFLRQDPHQXV

VXEPHQXVHWRROWLSVGLFDVVHPH[HFXWDU QHQKXPDDomR

,+& )DELDQD&RVWD*XHGHV ϯϰϰ

7HVWHVGH&RPXQLFDELOLGDGH

,QWHUMHLo}HV

„

4XHpLVVR"

{2XVXiULRWHQWDGHVFREULURTXHVLJQLILFDXP

REMHWRRXDomRGDLQWHUIDFH

{6LQWRPDV2XVXiULRFRORFDRFXUVRUVREUH

DOJXPVtPERORGDLQWHUIDFHHVSHUDQGRXP WRROWLSRXSURFXUDRKHOSGDTXHOHVtPERORRX DLQGDKHVLWDHQWUHGXDVRSo}HVTXHOKH SDUHoDPHTXLYDOHQWHV

,+& )DELDQD&RVWD*XHGHV ϯϰϱ

7HVWHVGH&RPXQLFDELOLGDGH

,QWHUMHLo}HV

„(SD2QGHHVWRX"

(21)

Ϯϭ

7HVWHVGH&RPXQLFDELOLGDGH

,QWHUMHLo}HV

„

$VVLPQmRGi

{2XVXiULRHIHWXRXXPDVHTrQFLDORQJDGH

RSHUDo}HVDQWHVGHSHUFHEHUTXHHVWDYD VHJXLQGRXPFDPLQKRLPSURGXWLYR

{2VVLQWRPDVLQFOXHPRDFLRQDPHQWRGH8QGR

UHSHWLGDVYH]HVRXRFDQFHODPHQWRGHXPRX PDLVTXDGURVGHGLiORJRVDEHUWRV

LQGHYLGDPHQWH

,+& )DELDQD&RVWD*XHGHV ϯϰϲ ,+& )DELDQD&RVWD*XHGHV ϯϰϳ

7HVWHVGH&RPXQLFDELOLGDGH

,QWHUMHLo}HV

„3RUTXHQmRIXQFLRQD"8pRTXHKRXYH" {$DomRH[HFXWDGDQmRREWpPRUHVXOWDGRHVSHUDGR QRHQWHQWRRXVXiULRQmRHQWHQGHSRUTXHHVVH UHVXOWDGRQmRIRLDOFDQoDGR$VVLPHOHLQVLVWH DFUHGLWDQGRTXHWHQKDFRPHWLGRDOJXPHUURQD H[HFXomRGDDomR1RFDVRGH³8pRTXHKRXYH"´R XVXiULRQmRWHPIHHGEDFNGRVLVWHPDHQmRFRQVHJXH HQWHQGHURUHVXOWDGRGDDomR

{6LQWRPDV2XVXiULRH[HFXWDXPDDomRHQmR SHUFHEHHQWHQGHRXDFHLWDRUHVXOWDGR(OH HQWmRUHSHWHRVPHVPRVSDVVRVSDUDFRQIHULUR UHVXOWDGR

,+& )DELDQD&RVWD*XHGHV ϯϰϴ

7HVWHVGH&RPXQLFDELOLGDGH

,QWHUMHLo}HV

„

3DUDPLPHVWiERP«

{2XVXiULRREWpPXPUHVXOWDGRTXHHOH

DFUHGLWDVHURGHVHMDGRPDVTXHQmRRp

{6LQWRPDV2XVXiULRGiDWDUHIDSRU

WHUPLQDGDVHPQRHQWDQWRSHUFHEHUTXHQmR DOFDQoRXRUHVXOWDGRGHVHMDGR

,+& )DELDQD&RVWD*XHGHV ϯϰϵ

7HVWHVGH&RPXQLFDELOLGDGH

,QWHUMHLo}HV

„

1mRGi

{2XVXiULRQmRpFDSD]GHDOFDQoDURREMHWLYR

SURSRVWRRXSRUTXHRVUHFXUVRVWHPSR SDFLrQFLDLQIRUPDomRGHVHMDGDHWFQmR HVWDYDPGLVSRQtYHLVRXSRUTXHHOHQmRVDELD FRPR

{6LQWRPDV2XVXiULRDEDQGRQDDWDUHIDVHP

WHUFRQVHJXLGRDWLQJLUVHXREMHWLYR

,+& )DELDQD&RVWD*XHGHV ϯϱϬ

7HVWHVGH&RPXQLFDELOLGDGH

,QWHUMHLo}HV

„'HL[DSUDOi«1mRREULJDGR

{2XVXiULRQmRHQWHQGHDVVROXo}HVGHLQWHUDomR SULPiULDVRIHUHFLGDVSHORGHVLJQHUHUHVROYHVHX SUREOHPDGHDOJXPDRXWUDIRUPD1RFDVRGR³1mR REULJDGR´HOHHQWHQGHDVROXomRPDVSUHIHUHRXWUDV IRUPDVGHLQWHUDomR

{6LQWRPDV2XVXiULRQmRHQFRQWUDDIRUPDGH LQWHUDomRSULQFLSDORIHUHFLGDSDUDVHH[HFXWDUXPD DomRRXHQWmRGHFLGHQmRXViOD1RWHVHTXHHVVH FDVRWLSLFDPHQWHVHJXHXPDLQWHUMHLomRGH³2QGH HVWi"´

,+& )DELDQD&RVWD*XHGHV ϯϱϭ

7HVWHVGH&RPXQLFDELOLGDGH

,QWHUMHLo}HV

„

6RFRUUR

{

2XVXiULRQmRFRQVHJXHUHDOL]DUVXD

WDUHIDDWUDYpVGDH[SORUDomRGD

LQWHUIDFH

{

2VLQWRPDpUHFRUUHUjGRFXPHQWDomR

(22)

ϮϮ

,+& )DELDQD&RVWD*XHGHV ϯϱϮ

7HVWHVGH&RPXQLFDELOLGDGH

„1DVHOHomRGHXPDWDUHIDSDUDXPWHVWHGH

FRPXQLFDELOLGDGHRVVHJXLQWHVFULWpULRVGHYHPVHU OHYDGRVHPFRQWD

{2VSRQWRVRQGHRGHVLJQHUHVWiFLHQWHRXDFUHGLWD TXHSRVVDKDYHUUXSWXUDGHFRPXQLFDomR$OJXQV GHVVHVSRQWRVSRGHPVXUJLUGHYLGRDRGLOHPDGH FRPXQLFDELOLGDGH

{3RQWRVFUtWLFRVGDDSOLFDomRRXVHMDRQGHRXVXiULR QmRSRGHHUUDU

,+& )DELDQD&RVWD*XHGHV ϯϱϯ

7HVWHVGH8VDELOLGDGH;7HVWHVGH

&RPXQLFDELOLGDGH

„

7HVWHVGH8VDELOLGDGH± DYDOLDRSURGXWRHP

WHUPRVTXDQWLWDWLYRVRTXHQmRUHVXOWDHP

PHGLGDVSUiWLFDVGHDOWHUDomR

„

7HVWHVGH&RPXQLFDELOLGDGH± DYDOLD

Referências

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