• Nenhum resultado encontrado

(Des)concerto: o realismo maravilhoso em Concierto Barroco

N/A
N/A
Protected

Academic year: 2017

Share "(Des)concerto: o realismo maravilhoso em Concierto Barroco"

Copied!
107
0
0

Texto

(1)

XQHVS

81,9(56,'$'((67$'8$/3$8/,67$

³-Ò/,2'(0(648,7$),/+2´ )DFXOGDGHGH&LrQFLDVH/HWUDV

&DPSXVGH$UDUDTXDUD63

7+,$*20,*8(/$1'5(8

'(6&21&(572

RUHDOLVPRPDUDYLOKRVRHP

&RQFLHUWREDUURFR

(2)

7+,$*20,*8(/$1'5(8

'(6&21&(572

RUHDOLVPRPDUDYLOKRVRHP

&RQFLHUWREDUURFR

'LVVHUWDomR GH 0HVWUDGR DSUHVHQWDGD DR 3URJUDPD GH 3yV*UDGXDomR GD )DFXOGDGH GH &LrQFLDV H /HWUDV ± 81(63$UDUDTXDUD FRPR UHTXLVLWR SDUD REWHQomR GR WtWXORGH0HVWUHHP(VWXGRV/LWHUiULRV

/LQKD GH SHVTXLVD (VWXGRV /LWHUiULRV ± 7HRULDV H&UtWLFDGD1DUUDWLYD

2ULHQWDGRUD$QD/XL]D6LOYD&DPDUDQL

%ROVD&$3(6

(3)

$QGUHX7KLDJR0LJXHO

'HVFRQFHUWRRUHDOLVPRPDUDYLOKRVRHP&RQFLHUWREDUURFR 7KLDJR0LJXHO$QGUHX±

IFP

'LVVHUWDomR0HVWUDGRHP(VWXGRV/LWHUiULRV±8QLYHUVLGDGH (VWDGXDO3DXOLVWD)DFXOGDGHGH&LrQFLDVH/HWUDV&DPSXVGH $UDUDTXDUD

2ULHQWDGRU$QD/XL]D6LOYD&DPDUDQL

(4)

7+,$*20,*8(/$1'5(8

'(6&21&(572

RUHDOLVPRPDUDYLOKRVRHP

&RQFLHUWREDUURFR

'LVVHUWDomRGH0HVWUDGRDSUHVHQWDGDDR3URJUDPDGH 3yV*UDGXDomR GD )DFXOGDGH GH &LrQFLDV H /HWUDV ± 81(63$UDUDTXDUDFRPRUHTXLVLWRSDUDREWHQomRGR WtWXORGH0HVWUHHP(VWXGRV/LWHUiULRV

/LQKDGHSHVTXLVD(VWXGRV/LWHUiULRV±7HRULDV H&UtWLFDGD1DUUDWLYD

2ULHQWDGRUD$QD/XL]D6LOYD&DPDUDQL %ROVD&$3(6

'DWDGDGHIHVD

0(0%526&20321(17(6'$%$1&$(;$0,1$'25$

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3UHVLGHQWHH2ULHQWDGRU

3URI'U$1$/8,=$6,/9$&$0$5$1, 8QLYHUVLGDGH(VWDGXDO3DXOLVWD±)&/$581(63

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0HPEUR7LWXODU

3URI'U0$5Ë$'2/25(6$<%$55$0Ë5(= 8QLYHUVLGDGH(VWDGXDO3DXOLVWD±)&/$581(63

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0HPEUR7LWXODU

3URI'U$17Ð1,252%(572(67(9(6 8QLYHUVLGDGH(VWDGXDO3DXOLVWD±)&/$66,6

/RFDO8QLYHUVLGDGH(VWDGXDO3DXOLVWD )DFXOGDGHGH&LrQFLDVH/HWUDV 81(63±&DPSXVGH$UDUDTXDUD

(5)

(6)

$*5$'(&,0(1726

$'HXV

$RVPHXVSDLV

7kQLD0DUD6HUDILP$QGUHXH0LJXHO$QGUHX)LOKR

SHODEUDYDOXWDVHPSUHDRPHXODGRHSHORDPRULQFRQGLFLRQDO

$RFRPSDQKHLUR

&DUORV5RGULJR&DPDUJR7HL[HLUD SHORFDULQKRHDWHQomR

$RVDPLJRV

/LOLDQ%DUERVDH(XJrQLR&pVDU&RUGHLUR SDUFHLURVGHVWHHGHRXWURVWHPSRV

¬SURIHVVRUDHRULHQWDGRUD $QD/XL]D6LOYD&DPDUDQL

SHODGHGLFDomRSHODRULHQWDomRHILFD]HFXLGDGRVDSHODSDFLrQFLDHFRQILDQoDHPPLP

$RVSURIHVVRUHV

$QW{QLR5REHUWR(VWHYHVH0DUtD'RORUHV$\EDU5DPtUH]

SHODVYDOLRVDVFRQWULEXLo}HVSDUDRSURMHWRHSDUDDYLVmRGHPXQGR

0DULD&pOLDGH0RUDHV/HRQHO$GDOEHUWR/XLV9LFHQWHH*LVpOH0DQJDQHOOL)HUQDQGHV SHORVHVWXGRVTXHDX[LOLDUDPRGHVHQYROYLPHQWRGRWUDEDOKR

+HORtVD&RVWD0LOWRQ

SHORLQFHQWLYRHSHODYDORUL]DomRGHXPVRQKR

¬&RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6 SHORILQDQFLDPHQWRGRSURMHWR

(7)

$V DILUPDo}HV ILFFLRQDLV VmR YHUGDGHLUDV GHQWUR GD HVWUXWXUD GR PXQGR SRVVtYHO GH GHWHUPLQDGD KLVWyULD >@ (VWDPRV VHJXURV GH TXH QRVVD QRomR GH YHUGDGH QRPXQGRUHDOpLJXDOPHQWHVyOLGDHSUHFLVD"

8PEHUWR(FRS

(8)

5(6802

2GLVFXUVRUHDOLVWDPDUDYLOKRVRSRUQmRDSUHVHQWDUGLVMXQomRHQWUHQDWXUDOHVREUHQDWXUDOWRUQD VHXPHVSDoRGHFRQYHUJrQFLDHGHEDWHGRVIDWRVGHTXHVHWHPFRQKHFLPHQWRVREUHD$PpULFD GDQGR PDUJHP SDUD D WUDQVJUHVVmR GR UHDO VHP UXSWXUD 2 ~QLFR HQIUHQWDPHQWR VHULD FRP D SUySULDKLVWyULDWLGDDWpRPRPHQWRFRPRKHJHP{QLFDFDUDFWHUtVWLFDTXHHQFRQWUDQDGLHJHVH FRQGLo}HV SDUD SUROLIHUDU D LGHRORJLD DPHULFDQLVWD UHODFLRQDGD j IRUPDomR GD LGHQWLGDGH QR GLVFXUVROLWHUiULRKLVSDQRDPHULFDQRTXHHVWiQRFHUQHGDVGLVFXVV}HVDUHVSHLWRGRVXEJrQHUR$ SDUWLUGDFRQVWDWDomRGHWDLVPHFDQLVPRVQDUUDWLYRVWtSLFRVGRUHDOLVPRPDUDYLOKRVRSURSRPRV DYDQoDUSDUDRFDPSRDQDOtWLFRSUDJPiWLFRHIHQRPHQROyJLFRWHQGRFRPRUHIHUHQFLDOWHyULFRHP HVSHFLDO RV SRVWXODGRV GH ,UOHPDU &KLDPSL $OHMR &DUSHQWLHU :LOOLDP6SLQGOHU H 'DYLG 5RDV DSOLFDGRV QD HVWUXWXUD GD QDUUDWLYD GR URPDQFH FDUSHQWLHULDQR

&RQFLHUWREDUURFRGH3DUDQRVVDSHVTXLVDWHPRVFRPRREMHWLYRDQDOLVDUTXDLVVHULDPRV PHFDQLVPRVWH[WXDLVTXHLQVWDXUDPRVXEJrQHURUHDOLVPRPDUDYLOKRVRQDQDUUDWLYDGRURPDQFH VXSUDFLWDGR RV TXDLV SRVVLYHOPHQWH VH DUWLFXODP HP XP VHJXQGR PRPHQWR FRP FRQFHLWRV FRPR D KLVWyULD H D LGHRORJLD (VWUXWXUDPRV R SULPHLUR FDStWXOR GD GLVVHUWDomR FRPR XPD DYHULJXDomR WHyULFD GR VXEJrQHUR SHUSDVVDQGR TXHVW}HV FRPR R UHDOLVPR PDUDYLOKRVR H D PLPHVHOLWHUiULDVXDVFRUUHODo}HVFRPRVXUUHDOLVPRHFRPRPiJLFRVXLJHQHULVFRPRWDPEpP VXDVIHLo}HVOLQJXtVWLFDSUDJPiWLFDHLGHROyJLFD,VWRIHLWRDYDQoDPRVSDUDDDQiOLVHGRURPDQFH GHWHQGRQRVHPFLQFRDVSHFWRVEiVLFRVGHHVWUXWXUDomR±IDEULFDomRGHHIHLWRGHHQFDQWDPHQWRQD QDUUDWLYD &+,$03, DXVrQFLD GH KHVLWDomR FURQRORJLD H HVSDoR GLHJpWLFRV QmROLQHDUHV H[SUHVVmROLQJXtVWLFDGRVXEJrQHURHKLVWyULDFRPRDUWLFXODGRUWH[WXDO

3DODYUDVFKDYH /LWHUDWXUD KLVSkQLFD 1DUUDWLYD &RQFHUWR EDUURFR 5HDOLVPR PDUDYLOKRVR

$OHMR&DUSHQWLHU

(9)

5(680(1

(OGLVFXUVRUHDOLVWDPDUDYLOORVRSRUQRSUHVHQWDUODGLV\XQFLyQHQWUHORQDWXUDO\ORVREUHQDWXUDO VH FRQYLHUWH HQ XQ HVSDFLR GH FRQYHUJHQFLD \ GLVFXVLyQ GH ORV KHFKRV TXH FRQRFHPRV VREUH $PpULFDGDQGROXJDUDODWUDQVJUHVLyQGHORUHDOVLQLUUXSFLyQ/DFRQIURQWDFLyQVyORVHKDFHFRQ OD KLVWRULD KHJHPyQLFD XQD FDUDFWHUtVWLFD TXH HQFXHQWUD HQ OD GLpJHVLV FRQGLFLRQHV SDUD SUROLIHUDU OD LGHRORJtD DPHULFDQD UHODFLRQDGD FRQ OD IRUPDFLyQ GH OD LGHQWLGDG HQ HO GLVFXUVR OLWHUDULRKLVSDQRDPHULFDQRTXHHVWiHQHOFHQWURGHORVGHEDWHVVREUHHOVXEJpQHUR%DVDGRVHQOD REVHUYDFLyQGHHVWRVPHFDQLVPRVWtSLFRVGHOUHDOLVPRPDUDYLOORVRQRVSURSRQHPRVDDYDQ]DUDO FDPSR DQDOtWLFR SUDJPiWLFR \ IHQRPHQROyJLFR HQ SDUWLFXODU FRQ ORV HVWXGLRV GH ,UOHPDU &KLDPSL $OHMR &DUSHQWLHU :LOOLDP 6SLQGOHU \ 'DYLG 5RDV DSOLFiQGRORVHQODQDUUDWLYDGHODQRYHODFDUSHQWLHULDQD&RQFLHUWREDUURFRGH3DUDQXHVWUD LQYHVWLJDFLyQ SURSRQHPRV FRPR REMHWLYR DQDOL]DU FXiOHV VRQ ORV PHFDQLVPRV WH[WXDOHV TXH HVWDEOHFHQHOVXEJpQHURUHDOLVPRPDUDYLOORVRHQODQDUUDWLYDGHGLFKDQRYHODTXHSRVLEOHPHQWH VHUHODFLRQDQDORVFRQFHSWRVGHKLVWRULDHLGHRORJtDDPHULFDQD(VWUXFWXUDPRVHOSULPHUFDStWXOR GHODGLVHUWDFLyQFRPRXQDLQYHVWLJDFLyQWHyULFDVREUHHOVXEJpQHURORVWHPDVTXHDEDUFDFRPR HOUHDOLVPR\ODPLPHVLVOLWHUDULDVXFRUUHODFLyQFRQHOVXUUHDOLVPR\ORPiJLFRVXLJHQHULVDVt FRPRVXVFDUDFWHUtVWLFDVOLQJtVWLFDVHLGHROyJLFDV3DVDPRVHQVHJXLGDDODQiOLVLVGH&RQFLHUWR EDUURFR FHQWUDOL]DGR HQ FLQFR DVSHFWRV EiVLFRV GH OD HVWUXFWXUD HO HIHFWR GH HQFDQWDPLHQWR QDUUDWLYR &+,$03, OD DXVHQFLD GH KHVLWDFLyQ SRU SDUWH GHO QDUUDGRU \ GH ORV SHUVRQDMHV OD FURQRORJtD\HOHVSDFLRGLHJpWLFRVQROLQHDOHVODH[SUHVLyQOLQJtVWLFDGHOVXEJpQHUR\ODKLVWRULD FRPRDUWLFXODGRUWH[WXDO

3DODEUDVFODYH/LWHUDWXUDKLVSiQLFD1DUUDWLYD&RQFLHUWREDUURFR5HDOLVPRPDUDYLOORVR$OHMR

&DUSHQWLHU

(10)

680È5,2

,1752'8d­2

',6&87,1'22&21&(,72'(5($/,6020$5$9,/+262

'DPLPHVHOLWHUiULD

2UHDOLVPRPDUDYLOKRVRHVXDVUDt]HVPiJLFDV

'DVLPSOLFDo}HVLGHROyJLFDVHGRQHREDUURFR

$KLVWyULDFRPRSODQRGHDUWLFXODomRGRVXEJrQHUR

$63(&726'25($/,6020$5$9,/+262(0&21&,(572%$552&2

'DVUDQKXUDVQRSODQRUHDOHGRHIHLWRGHHQFDQWDPHQWR

2QHREDUURFROLQJXDJHPGHDUWLFXODomRGRVXEJrQHUR

7HPSRHVSDoRGDQDUUDWLYDRPtWLFR

$KLVWyULDHPIXQomRGRGLVFXUVR

&216,'(5$d®(6),1$,6

(11)

,1752'8d­2

1D YHUGDGH VH HQWUDP QD YHUGDGHLUD $UDFDWDFD >@ FRPSURYDUmR TXH VRPRV ULTXtVVLPRV >@ 1R QRVVR XQLYHUVR QmR H[LVWH LPSRVVtYHO WXGR SRGH DFRQWHFHU 6DLURVROjQRLWHDOXDGXUDQWHRGLDVHLQWHUURPSHUD OHL GD JUDYLGDGH SDUD TXH DV SHVVRDV SRVVDP GDU XP SDVVHLRQDVQXYHQV9$5*$6//26$S

0DWpULDLQGHILQLGDHWUDQVLWyULDpDUHDOLGDGH6HXVFRQWRUQRVVmRERUUDGRVHSRGHPVHU VRQGDGRVFRPSRXFDVROLGH]HVHJXUDQoDSRLVIDWRpTXHTXDQGRWDOIDoDQKDVHFRQFUHWL]DR UHDOVHGHVORFDHVHUHHVWUXWXUDQXPFRQWLQXXPLQFHVVDQWHLOXGLQGRQRV3RUYHQWXUDQHVVHFDUiWHU HVWHMD ILQFDGR R SRGHU GH IDVFtQLR TXH HOD H[HUoD VREUH D OLWHUDWXUD QD PHGLGD HP TXH R GHVHPSHQKR GHVWD YLJHX PXLWR PHQRV QXPD WHQWDWLYD GH FRQFHLWXDU R UHDO TXH GLVFXWLOR H SUREOHPDWL]iOR2VHVWXGRVOLWHUiULRVWLYHUDPTXHFRQWDUDSHQDVFRPYHVWtJLRVGHUHDOLGDGHH DGPLWLUVXDLPSRVVLELOLGDGHGHDJDUUDUHVVHREMHWRSRUGHPDLVIOXLGR&RPRUHIOH[RGHXPDOHYH IUXVWUDomRQHVVHWRFDQWHHOHVIRUDPVHWUDQVIRUPDQGRQXPORFXVGHGLVFXVVmRGHWDOXUGLGXUDTXH DYDQoDDWpRVGLDVGHKRMH

1HVVDOLQKDGHUDFLRFtQLRHQJHQGUDVHRFRQFHLWRGHUHDOPDUDYLOKRVRSURSRVWRSRU$OHMR &DUSHQWLHUHP6RERSUHWH[WRGHTXHDUHDOLGDGHDPHULFDQDVHULDQDWXUDOPHQWHPiJLFDR TXHRDXWRUIH]IRLTXHVWLRQDURVOLPLWHVVRQGiYHLVQmRVRPHQWHGRPXQGRDPHULFDQRPDVGD UHDOLGDGH HP VHQWLGR PDLV DEUDQJHQWH KDMD YLVWD D QRomR GH TXH SRUWHQWRV H[XEHUkQFLD H PLODJUHVQmRVmRFDWHJRULDVH[FOXVLYDVGD$PpULFD+LVSkQLFDPDVVLPVHVXERUGLQDPDRPXQGR FRPRXPWRGR,VWRHTXLYDOHULDjVXSRVLomRGHTXH³>@PDJLFDODQGP\WKLFDO:HOWDQVFKDXXQJ ZKLFKFRH[LVWVZLWKWKHUDWLRQDOPHQWDOLW\JHQHUDWHGE\PRGHUQLW\LVQRWDQH[FOXVLYHO\6SDQLVK $PHULFDQSKHQRPHQRQ´63,1'/(5SLQGLFDQGRDLQGDTXHDkQVLDGHVHDWLQJLUD DPHULFDQLGDGHGHVHQYROYLGDSHORDXWRUFXEDQR UHVYDORXFHUWRQDFLRQDOLVPRHRXUHJLRQDOLVPR

³:HOWDQVFKDXXQJ´ D FRVPRYLVmR PiJLFD H PtWLFD TXH FRH[LVWH FRP D PHQWDOLGDGH UDFLRQDO JHUDGD SHOD

PRGHUQLGDGHQmRpXPIHQ{PHQRH[FOXVLYDPHQWHKLVSDQRDPHULFDQR>WUDGXomRQRVVD@

7RPDPRVDDPHULFDQLGDGHFRPRVHQGRHTXLYDOHQWHDR³SHUFXUVRKLVSDQRDPHULFDQR´GRFRQFHLWR%(51'

(12)

URPkQWLFRFRPRWDPEpPTXHSRVVLYHOPHQWHDJrQHVHGHVVHFRQFHLWRWHQKDFRPHoDGRDDIORUDU TXDQGR R DXWRU HVWLYHUD HP FRQWDWR FRP RV VXUUHDOLVWDV XPD YH] TXH HVWHV VH YROWDYDP SDUD LQGDJDo}HVDQiORJDVFRPRLQYHVWLJDURVOLPLWHVGRFRQVFLHQWHHGRLQFRQVFLHQWHGRVRQKRHGD UHDOLGDGHWHVWDQGRHUHFRQILJXUDQGRDPLPHVHSRUPHLRGHFULDo}HVDUWtVWLFDV

'HQRPLQDQGRRFRQMXQWRGHQDUUDWLYDVGRUHDOLVPRPiJLFRGRVpFXOR;;QD+LVSDQR $PpULFDFRPRPDFRQGLVPRRHVWXGLRVR(PLO9ROHNDILUPDTXHRLQtFLRGHVVHSHUtRGR DRTXDOSHUWHQFH&DUSHQWLHUHVWDULDQRVHQWLPHQWRXWySLFRQDFLRQDOLVWDLQVWDXUDGRQDOLWHUDWXUD SHORHVFULWRUGH1XHVWUD$PpULFD-RVp0DUWt$YDQoDQGRXPSRXFRPDLV9ROHNFULWLFDR HIHLWR GH WDLV QDUUDWLYDV SDUD D $PpULFD H[SRQGR R IDWR GH HODV WHUHP RIXVFDGR RV SUREOHPDV UHDLVH[LVWHQWHVHPSHUUDQGRRGHVHQYROYLPHQWRGHVWDUHJLmRFRPRWDPEpPDYDOLDDUHWyULFDGH 0DUWtHRFRQFHLWRGHUHDOPDUDYLOKRVRGDVHJXLQWHIRUPD

/DUHWyULFDLQIDQWLOLVWDGH0DUWtWUDVYDVDGDDODSROtWLFDHVSRUVXSXHVWRRWUR WHPD SRU UDVWUHDU FRQ GHWDOOH HQ VX REUD 6L ORV DPHULFDQRV HUDQ QLxRV SDUD +HJHO \ ORV ODWLQRDPHULFDQRV VHJXtDQ VLpQGROR SDUD VXV VHJXLGRUHV R HUDQ EXHQRVFRQHMRVGH,QGLDVSDUDDOJXQRVSyVPRGHUQRVFRPR)UHGULF-DPHVRQ SDUHFHTXHWDPELpQORHUDQSDUDHOPiUWLUFXEDQR/RUHDOPDUDYLOORVRLQIDQWLO SUpPRGHUQRHVRWUDFDUDGH0DFRQGR92/(.S

$UHWRPDGDGHYDORUHVURPkQWLFRVGH1XHVWUD$PpULFDSRU&DUSHQWLHUpYLVtYHO&RQWXGR FODURHVWiTXHDWUDGLomRUHVJDWDGDSRU&DUSHQWLHUVHMDQRURPDQWLVPRVHMDQRVXUUHDOLVPRQmR VXEWUDLXVHXYDORUFRPRILOyVRIRGHVHXWHPSRDRFRQWUiULRLPSXOVLRQRXDVLGHLDVLQILOWUDGDVHP VHX SUyORJR DR URPDQFH(O UHLQR GH HVWH PXQGR HULJLQGRR FRPR XP GRV PDWHULDLV WHyULFRVSDUDRVHVWXGRVKLVSDQRDPHULFDQRV'HVWDPDQHLUDDOLWHUDWXUDQDTXHOHPRPHQWRVH SURQWLILFRXDDWXDUQHVVDWUDMHWyULDHDVGLVFXVV}HVVREUHDLGHQWLGDGHQRFRQWLQHQWHHVWLYHUDPQR HL[RGDVFRQVWUXo}HVQDUUDWLYDV

$SRpWLFDGH&DUSHQWLHUpPDUFDGDSHODKLVWyULDHSRUFHUWDLGHRORJLDDPHULFDQLVWDRTXH UDWLILFDVXDREVHVVmRSHODUHDOLGDGHWUDQVSRVWDDRWH[WR2DXWRUSXEOLFDVHXSULPHLURURPDQFH

eFXp<DPEDÏHPHPTXHMiSHORWtWXORSRGHPRVFDSWDURGLiORJRHVWDEHOHFLGRFRPD FXOWXUDQHJUD2OLYURIRUDHVFULWRGXUDQWHRVDQRVGHSULVmRGH&DUSHQWLHUGHYLGRjDVVLQDWXUDGH

(13)

XP PDQLIHVWR FRQWUD D GLWDGXUD GH *HUDUGR 0DFKDGR IDWR TXH QmR SDVVDULD HP EUDQFR QD

FRQVWLWXLomR GH VXD QDUUDWLYD FXMR IRFR UHSRXVDYD VREUH GRLV FRQFHLWRV IXQGDPHQWDLV ± D QHJULWXGHHRQDFLRQDOLVPR±SUHQXQFLDQGRVXDOLQKDGHSURGXomR1HVVDIDVH&DUSHQWLHUHVWDULD HPSHQKDGRHPGHQXQFLDUDVFRQGLo}HVDTXHHUDPVXEPHWLGRVRVQHJURVQRVHQJHQKRVGHDo~FDU QRVSULPyUGLRVGRVpFXORDOpPGHTXHMiGHL[DYDHQWUHYHURJpUPHQTXHWUDULDjWRQDRVHXUHDO PDUDYLOKRVRDPHULFDQRDRLQVHULUDPDJLDRPLWRHRXWUDVWH[WXDOLGDGHVDRWH[WRSULQFLSDOFRPR IRWRJUDILDV H H[SUHVV}HV GD SRHVLD DIURFXEDQD QR GLVFXUVR R TXH SRVVLYHOPHQWH WHQKD VH PDQLIHVWDGRD SRVWHULRUL HP IRUPD GH LQVHUomR PHWDWH[WXDO HP VXDV QDUUDWLYDV GR UHDOLVPR PDUDYLOKRVR

1DGpFDGDVHJXLQWHUHYHODULDFHUWDSUHRFXSDomRFRPTXHVW}HVUHODFLRQDGDVDRWHPSRH HP ³9LDMH D OD VHPLOOD´ FRQWR GH DSUHVHQWD DRV OHLWRUHV XPD SURSRVWD GH FURQRORJLD UHYHUVLYD DVVXQWR TXH WDPEpP VHUi GLVFXWLGR HP QRVVR WUDEDOKR e MXVWDPHQWH QR ILQDO GHVVH SHUtRGR TXH R HVFULWRU DWLQJH VHX DSRJHX FRP R VXSUDFLWDGR(O UHLQR GH HVWH PXQGR FXMR SUyORJRQmRSRUFRLQFLGrQFLDIRUDPDLVFRPHQWDGRHFRQWLQXDVHQGRTXHRSUySULRURPDQFH

1RVDQRVHRDXWRUSXEOLFD/RVSDVRVSHUGLGRVRVFRQWRV*XHUUDGHO7LHPSR

REUHYHURPDQFH(ODFRVR(OVLJORGHODVOXFHV(OFDPLQRGH6DQWLDJR´

3RUILPHPVHXURPDQFH&RQFLHUWREDUURFRWH[WRTXHFRQVWLWXLQRVVRFRUSXVGH DQiOLVH Ki XPD HVSpFLH GH LQFKDPHQWR GD QDUUDWLYD SRU H[FHVVR GH UHFXUVRV QR SODQR GD H[SUHVVmRRTXHSRUWDQWRMiLOXVWUDULDVHXWtWXORREDUURTXLVPRGRVVLJQRVDVLQVHUo}HVWH[WXDLV H D HVWUXWXUD GR VXEJrQHUR UHDOLVPR PDUDYLOKRVR VH GHVWDFDP QD QDUUDWLYD 2 GLVFXUVR p FRQVWUXtGR VRE XP XQLYHUVR GLHJpWLFR HQWUHFUX]DGR SRU DVSHFWRV H SHUVRQDJHQV UHWLUDGRV GD KLVWyULD±VmRUHIHUrQFLDVSDJmVHFDWyOLFDVTXHVHDUWLFXODPHPXPDHVSpFLHGHIHVWDRUJtDFDH VLQFUpWLFDGHHOHPHQWRVTXHVHPHVFODPHPXPFRQFHUWRTXHWRPDGLPHQV}HVWtSLFDVGRUHDOLVPR PDUDYLOKRVRDUWLFXODQGRRVH[FHVVRVHDWUDQVJUHVVmRGR UHDOVHPTXH KDMDDFRQVWDWDomRGDV SHUVRQDJHQVTXHWDOIDWRRFRUUH

$GLWDGXUDGH*HUDUGR0DFKDGRWHYHVHXILPFRPDHQWUDGDGHXPQHJURQRSRGHURVDUJHQWR)XOJHQFLR%DWLVWD

(14)

7UDWDVHGHXPDYLDJHPSURWDJRQL]DGDSRUXPULFRPH[LFDQRDSUHVHQWDGRFRPR$PRH VHXFULDGRQHJUR)LORPHQRTXHVDHPGD$PpULFDUXPRDR&DUQDYDOGH9HQH]DSDVVDQGRSRU XPXQLYHUVRFXOWXUDOIRUPDGRSRURULJHQVDIULFDQDVHXURSHLDVHDPHULFDQDVTXHDWXDPHPXP GLVFXUVRHODERUDGRHPVHXVDVSHFWRVHVWUXWXUDLVHWHPiWLFRVRTXHSRUYHQWXUDDVVHJXUDVHXYDORU OLWHUiULR

1RPHVPRDQRGHSXEOLFDomRGR&RQFLHUWR&DUSHQWLHUSURGX](OUHFXUVRGHOPpWRGRH QRILPGDGpFDGDGHVHXV~OWLPRVURPDQFHV/DFRQVDJUDFLyQGHODSULPDYHUDH(OKDUSD\OD VRPEUDTXHPDUFDPWDPEpPVXDIDVHPDGXUDGHSURGXomROLWHUiULD$OpPGDVQDUUDWLYDVTXH GHVWDFDPRV GHPRQVWURX WDOHQWR HP VHXV HQVDLRV FXMD SURGXomR VH QRWDELOL]D SRU UHIOH[}HV UHODFLRQDGDV j OLWHUDWXUD j P~VLFD H j KLVWyULD 5HIHULPRQRV D WUDEDOKRV FRPR/D P~VLFD HQ &XED7LHQWRV \ GLIHUHQFLDV/LWHUDWXUD\FRQFLHQFLDHQ$PpULFD/DWLQD

5D]yQGHVHUH(OP~VLFRTXHOOHYRGHQWUR

7HQGR FRPR UHIHUrQFLD R VXUJLPHQWR GR UHDO PDUDYLOKRVR DPHULFDQR QRVVD SHVTXLVD SURS}H FRPR REMHWLYR D DQiOLVH GR URPDQFH &RQFLHUWR EDUURFR D SDUWLU GR FRQFHLWR GH VXEJrQHURUHDOLVPRPDUDYLOKRVRGRSUySULRDXWRU$GHPDLVSUHWHQGHPRVGLVFXWLUDVROLGH]GH

WDOFRQFHSomRYLVWRTXHDSURSRVWDGH&DUSHQWLHUIRUDDWDFDGDSRUQmRDSUHVHQWDURVHOHPHQWRV TXH FRPS}HP WDO HVWUXWXUD UHOHJDQGRR DSHQDV DR SODQR GR FRQWH~GR SHUSDVVDQGR QRo}HV GD VRFLRORJLDGDKLVWyULDHGDDUWH2TXHQRVSUHRFXSDVREUHWXGRpTXHDWHRULDGRDXWRUFXEDQR SRGH HYHQWXDOPHQWH VH UHYHODU ³>@ ERQLWD SRUpP IDOVD FRPR GHPRQVWUD VHX PDUDYLOKRVR URPDQFH >@´ 9$5*$6 //26$ S RX TXH ³>@ UHVXOWH QmR GH XPD GHVFULomR REMHWLYDGDKLVWyULDKDLWLDQDPDVGDFRQVXPDGDVDEHGRULDGDVDUWLPDQKDVOLWHUiULDVTXHRHVFULWRU FXEDQRHPSUHJDYDQDKRUDGHHVFUHYHUVHXVURPDQFHV´9$5*$6//26$S

$LQGD QRV TXHVWLRQDPHQWRV VXVFLWDGRV SHOD DSOLFDELOLGDGH H SUHFLVmR GRV HVWXGRV GH &DUSHQWLHU6H\PRXU0HQWRQDVVHYHUDTXH

(VFODUHFHPRV TXH HPERUD RV WHyULFRV DWXDOPHQWH XWLOL]HP D WHUPLQRORJLD JrQHUR SDUD UHDOLVPR PDUDYLOKRVR

(15)

>@&DUSHQWLHUFRPSOLFyD~QPiVHODVXQWRGLVWLQJXLHQGRHQWUHORVVXUUHDOLVWDV HXURSHRV TXH WHQtDQ TXH LQYHQWDU VLWXDFLRQHV H[WUDxDV LQXVLWDGDV \ KDVWD LPSRVLEOHV \ ORV ODWLQRDPHULFDQRV TXH SUDFWLFDEDQ OR UHDO PDUDYLOORVR EDViQGRVH HQ ORV HOHPHQWRV PDUDYLOORVRV TXH HUDQ XQD SDUWH tQWHJUD GH VX FXOWXUD0(1721S

$YDQoDQGR XP SRXFR PDLV DR WUDWDU GR URPDQFH(O UHLQR GH HVWH PXQGR 0HQWRQ FRQVLGHUD TXH ³>@D SHVDU GH ODV GHFODUDFLRQHV WHyULFDV GH &DUSHQWLHU HQ HO SUyORJR HQ OD QRYHODPLVPDHOQDUUDGRURPQLVFLHQWHHUXGLWR\HXURFpQWULFRQRFRPSDUWHFRQHOSURWDJRQLVWD 7L 1RHO OD IH HQ OD PDJLD \ OD OLFDQWURStD´ 0(1721 S HPERUD UHFRQKHoD WDPEpPTXH³>@SDUDDSUHFLDUWRWDOPHQWHHOFRQFHSWRGHORUHDOPDUDYLOORVRFRPRORFRQFLEH &DUSHQWLHUQRKD\TXHOLPLWDUVHDOHVWXGLRGHOIDPRVRSUyORJR>@´0(1721S HOXFLGDQGRDFRQWULEXLomRGRVHQVDLRVSRVWHULRUHVGRDXWRUFXEDQRSDUDRDVVXQWR

'HVVDV SHUWLQHQWHV FRORFDo}HV GH 9DUJDV /ORVD H GH 6H\PRXU 0HQWRQ EURWRX FHUWD LQTXLHWDomR TXDQWR DR UXPR GH QRVVR WUDEDOKR LVWR p VH RV SRVWXODGRV GH &DUSHQWLHU QmR DOFDQoDUDP XPD WHRULD SDUD R VXEJrQHUR VHX HPSUHJR QD DQiOLVH GR URPDQFH GHYHULD VHU SRUWDQWRSRQGHUDGRQDPHGLGDHPTXHIRVVHPSHUWLQHQWHVDOpPGDQHFHVVLGDGHGHFRQWDUFRPR GLiORJR FRP RXWURV SHQVDGRUHV VREUH R DVVXQWR FRPR ,UOHPDU &KLDPSL 0D[LPLOLHQ /DURXFKHH'DYLG5RDVSRUH[HPSORV'HVVDTXHVWmRVHGHVGREURXQRVVDKLSyWHVH GH WUDEDOKR TXH VHULD GHVHQYROYHU D SHVTXLVD D SDUWLU GH SRQWXDo}HV WHyULFDV VREUH UHDOLVPR PDUDYLOKRVRTXHSULYLOHJLDVVHPDHVWUXWXUDQDUUDWLYDDUWLFXODQGRRVSUHFHLWRVFDUSHQWLHULDQRVHP XPVHJXQGRPRPHQWRHQmRRVWRPDQGRFRPRHL[RSULQFLSDO3RUWDQWRFRPRUHIHUHQFLDOWHyULFR RSWDPRV SRU FRQVLGHUDU FRPR VH Gi R GHVHQYROYLPHQWR GR VXEJrQHUR HP VHXV DVSHFWRV OLQJXtVWLFRVSDUDDSRVWHULRULUHODFLRQDUWDLVPHFDQLVPRVFRPRDUVHQDOH[WUDWH[WXDOGHTXHQRV IDODRDXWRUGR&RQFLHUWR

(16)

VXEJrQHURHDLGHRORJLDDPHULFDQLVWDEHPFRPRFRPDKLVWyULDHVWXGRHPTXHDVSRQGHUDo}HV GH&DUSHQWLHUIRUDPDUWLFXODGDV

,VWRIHLWRDYDQoDPRVSDUDDDQiOLVHGRURPDQFHGHWHQGRQRVHPFLQFRDVSHFWRVEiVLFRV GH HVWUXWXUDomR ± D IDEULFDomR GH HIHLWR GH HQFDQWDPHQWR QD QDUUDWLYD SRU PHLR GH PHFDQLVPRV OLQJXtVWLFRV HVSHFtILFRVDV UDQKXUDV QR SODQR GR UHDO TXH VH GmR DWUHODGDV j DXVrQFLD GH KHVLWDomRSRU SDUWH GR QDUUDGRU H GDV SHUVRQDJHQV D LQVWDXUDomRQD QDUUDWLYDGH

FURQRORJLD H HVSDoR GLHJpWLFRV QmROLQHDUHV R HPSUHJR GR QHREDUURFR FRPRXPD GDV

PDQLIHVWDo}HV OLQJXtVWLFDV GR VXEJrQHUR H D KLVWyULD FRPR DUWLFXODGRU FRQWH[WXDO GR

UHDOLVPR PDUDYLOKRVR $WUDYpV GHVWH HVWXGR SRGHPRV FRQVWDWDU QD SRpWLFD GH &RQFLHUWR

EDUURFR RV WUDoRV TXH FRPS}HP R PRVDLFR FRQFHLWXDO TXH Gi YLGD DR VXEJrQHUR GLVFXWLGR SHUID]HQGR XP WUDMHWR DQDOtWLFR SUHRFXSDGR FRP RV SURFHGLPHQWRV VHP QHJOLJHQFLDU DV HVSHFLILFLGDGHVGD$PpULFD

(17)

',6&87,1'22&21&(,72'(5($/,6020$5$9,/+262

'DPLPHVHOLWHUiULD

2 UHDOLVPR PDUDYLOKRVR FRPHoD D VrOR GH PDQHLUD LQHTXtYRFDTXDQGRVXUJHGHXPDLQHVSHUDGDDOWHUDomR GDUHDOLGDGHRPLODJUHGHXPDUHYHODomRSULYLOHJLDGD GDUHDOLGDGH>@SHUFHELGDVFRPHVSHFLDOLQWHQVLGDGH HPYLUWXGHGHXPDH[DOWDomRGRHVStULWRTXHRFRQGX] DXPPRGRGH³HVWDGROLPLWH´&$53(17,(5

S

8PDGDVDVVHUWLYDVSURGX]LGDVSHORVHVWXGRVTXHPROGDUDPDVUHIOH[}HVVREUHDPLPHVH OLWHUiULDIRLDGHTXHRSURFHVVRGHWHQWDWLYDGHUHSUHVHQWDomRGRVHOHPHQWRVTXHFRPS}HPRTXH QRPHDPRVFRPRUHDOLGDGHFRODERUDQRGHVHQYROYLPHQWRGHFRQVWUXomRQDUUDWLYD(PERUDKRMH WHQKDPRVDQRomRGHTXHQmRKDMDXPSURFHGLPHQWROLQJXtVWLFRFDSD]GHWUDQVSRUWDUXPIDWRRX XPREMHWRSDUDDOLWHUDWXUDDQDUUDomRVHULDXPDQRomRYDJDVHVHTXHUDGPLWtVVHPRVDH[LVWrQFLD GHXPSRQWRGHFRQH[mRHQWUHHODHRPXQGR6DOYRDSRQGHUDomRGHTXHDPDWHULDOLGDGHGHXP REMHWRQRUHDOHRHPSUHJRGHVWHPHVPRREMHWRQRWH[WRQmRVHMDPLGrQWLFRVRPHFDQLVPRGH OLQJXDJHP HOHLWR SHOR DXWRU QHVWH LQWHQWR DVVHJXUD D FRQH[mR HQWUH R SODQR WH[WXDO H R SODQR FRQFUHWR,VWRSRVWRDLQGDDVVLPWDODPSOLWXGHGRWHUPRUHDOHVHXVFRJQDWRVQmRRFXSDULDPXPD SRVLomRF{PRGDSDUDDSHVTXLVDHSRVVLYHOPHQWHRTXHREWLYHPRVFRPHVWXGRVQHVVDiUHDVmR FRQMHWXUDVGHVXDFRQFHLWXDomRHQmRRVHXFRQFHLWRHPVLGDGDVXDLPSRVVLELOLGDGHGHPDUFDWyULD HVHXFDUiWHUWUDQVLFLRQDO

3HUFRUUHQGR RV SRVWXODGRV GLUHFLRQDGRV DR DVVXQWR WHPVH TXH $ULVWyWHOHV VXS{V D OLWHUDWXUDFRPRUHSUHVHQWDomRGRUHIHUHQWHSRULQWHUPpGLRGDVDo}HVKXPDQDVRTXHQRUWHRXSRU GHWHUPLQDGR WHPSR D SHVTXLVD OLWHUiULD H DWp FHUWR SRQWR QmR SHUGHX VXD OHJLWLPLGDGH SURGX]LQGR HIHLWRV GH JUDQGH YDOLD HP DQiOLVHV GH REUDV FODVVLILFDGDV FRPR UHDOLVWDV RX QDWXUDOLVWDV VREUHWXGR QHJDQGR SDUFLDOPHQWH VHX SUHFHLWR QR TXH GL] UHVSHLWR j TXHEUD GRV QtYHLVMiTXHHVVDVGXDVHVFRODVOLWHUiULDVWUDULDPSDUDRHL[RGDVUHSUHVHQWDo}HVSUREOHPiWLFDV

$8(5%$&+ (ULFK0LPHVLVD UHSUHVHQWDomR GD UHDOLGDGH QD FXOWXUD RFLGHQWDO HP TXHVH GLVFXWH D

(18)

HQYROYHQGRRVLQGLYtGXRVGDVFDPDGDVLQIHULRUHVGDVRFLHGDGHPDQWHQGRFHUWRJUDXGHVHULHGDGH QRWUDWDPHQWROLWHUiULR7DOIDWRFDXVRXFHUWRLQF{PRGRPDVDWLQJLXDFHLWDELOLGDGHQRGHFRUUHUGR WHPSR1HVVDOLQKDJHPWHyULFDDOLWHUDWXUDVHULDSRLVXPD³LGHDOL]DomRGDUHDOLGDGH´63,1$ SGHOHJDQGRDRWH[WRXPDSURSULHGDGHHVSDFLDODQiORJDDRXQLYHUVRGRUHDO

%XVFDQGRGHILQLURFRQFHLWR3ODWmRSRURXWURODGRDRWUDWDUGDPLPHVHWRPDYDDFRPR

XPD PDQLIHVWDomR GH ³WHQWDWLYDGH DSUR[LPDomRGD HVVrQFLD GR REMHWR´ 63,1$ S JULIRQRVVRGLVWDQFLDQGRVHGDQRomRDULVWRWpOLFDGHUHSUHVHQWDomRHPERUDHVWDVHMDSRVWHULRU DRV HVWXGRV SODW{QLFRV 'HVWH PRGR ³>@HO DUWLVWDQR VH DSURSLD GH OD UHDOLGDG GH IRUPD GLUHFWD>@VXDSUR[LPDFLyQHVLQGLUHFWDFRPRVLXVDUDXPHVSHMRUHFUHDQGRXQDLOXVLyQXQD PHUD FRSLD GH OR YHUGDGHUDPHQWH UHDO>@´ 48,17(52 S ,QFOXVLYH QR TXH SRQWXDP RV GRLV WHyULFRV TXDQWR DR SUD]HU HVWpWLFR D GLVFRUGkQFLD p QRWyULD XPD YH] TXH HQTXDQWRRDXWRUGD3RpWLFDFRQFHQWUDWDOIDWRUQRSURFHVVRGHHVWLOL]DomRGDUHDOLGDGHLVWRpQD FRQIDEXODomRPLPpWLFDRSUHFHLWRSODW{QLFRYLQFXODRDRSUySULRREMHWRH[SDQGLQGRRHL[RGH GLVFXVVmRVREUHRFRQFHLWR

$ GLYHUJrQFLD HQWUH HOHV HVWi QDV SUHPLVVDV GH ³LGHDOL]DomR´ LQFXWLGD QR PRGHOR DULVWRWpOLFRYHUVXV³WHQWDWLYDGHDSUR[LPDomR´GRUHIHUHQFLDOTXHQRUWHLDDFRQFHSomRSODW{QLFD 7DOFRQVWDWDomRFRUURERUDDSRVVLELOLGDGHGHVHVXSRUQRSURFHVVRDQDOtWLFRFHUWRGLVWDQFLDPHQWR GDVROLGH]GHXPWHUPRTXDQGRGHVORFDGRSDUD XPWH[WROLWHUiULRSRLVDLQGDQmRKDYHULDXP FRQVHQVRVREUHRDVVXQWRDWpHQWmR

'H IDWR VH DYHULJXDUPRV KLSRWHWLFDPHQWH RV QRPHV VXEVWDQWLYRV ³iJXD´ H ³DPRU´ KDYHPRV GH FRQVLGHUDU R VHJXLQWH VDEHPRV TXH R SULPHLUR HOHPHQWR p FODVVLILFDGR SHORV HVWXGLRVRV GH JUDPiWLFD FRPR FRQFUHWR DR SDVVR TXH R VHJXQGR SHUWHQFH j FDWHJRULD GRV DEVWUDWRVHQWUHWDQWRFRPRVHULDSHUWLQHQWHDILUPDUPRVTXHQRWH[WRDPERVSHUPDQHFHPFRP HVWHGHVHPSHQKR"$LQGDDVVLPPHVPRTXHKDMDXPDUHVSRVWDDILUPDWLYDDHVVHTXHVWLRQDPHQWR pYiOLGROHPEUDUTXHRVVXEVWDQWLYRVTXHQmRSRVVXHPGHILQLomRFDWHJyULFDFRPRDVHPRo}HVH RV HVWDGRV GH HVStULWR TXDQGR PDWHULDOL]DGRV HP SDODYUDV GR GLVFXUVR SHUGHP VXD SDUWH FRQFUHWDRXDRPHQRVVHUHPRGHODPDFDGDOHLWXUDUHODWLYL]DQGRQRYDPHQWHRGHEDWHVREUHD PLPHVH

$LQGDTXHFURQRORJLFDPHQWH3ODWmRVHMDDQWHULRUD$ULVWyWHOHVRSWDPRVSRULQLFLDUDGLVFXVVmRFRPRDXWRUGH$

(19)

¬VHPHOKDQoDDDQiOLVHGRVHIHLWRVGHHVWLOL]DomRGRGLVFXUVRTXDQGRWRPDGRVFRPRXP ³DUWLItFLR´GDOLQJXDJHPDSRQWDSDUDDSHUFHSomRGHTXHHVWHVDVVHJXUDPFHUWDSDUWLFLSDomRDWLYD QRSURFHVVRGHRIXVFDPHQWRGRUHDORTXHS}HHP[HTXHDOHJLWLPLGDGHGDLPLWDomRFRQFUHWDGR REMHWRQRWH[WRKDMDYLVWDDVGHVFULo}HVH[SUHVVLRQLVWDVTXHUHVYDODPQRJURWHVFRHQDFDULFDWXUD TXHFRPWDOSHUIRUPDQFHQHPVHPSUHFRLQFLGHPFRPRUHIHUHQWHGHVFULWRSRUVHWUDWDUGHXP UHFXUVR GH WRQDOLGDGHV PXLWR PDLV LQVWLQWLYDV TXH REMHWLYDV DR WUDQVSRU GDGR REMHWR SDUD D UHDOLGDGHWH[WXDO

3URVVHJXLQGRHVVHWUDMHWRGHGLVFXVVmRVREUHDPLPHVHWHPVHDDILUPDomRMiQRFDPSR GRV HVWXGRV GD PRGHUQLGDGH GH TXH ³>@ R GLVFXUVR PLPpWLFR p R GLVFXUVR GR VLJQLILFDQWH D EXVFDGHXPVLJQLILFDGRTXHOKHpHPSUHVWDGRWDQWRSHORDXWRUTXDQWRHSULQFLSDOPHQWHSHOR UHFHSWRU>@´/,0$SHDLQGDDQRomRGHTXH³>@DUHDOLGDGHpPXLWDVYH]HV IHLDPDVRIHLRQDDUWHVHJXHRXWUDVFRRUGHQDGDV>@´HVHQGRDVVLP³>@GDtUHVXOWDTXHR SULYLOpJLRGDLPDJHPQmRVHFRQIXQGHFRPDSUHVHQoDGDLPDJHPQRPXQGR´/,0$S FRUURERUDQGRDSUREOHPiWLFDQRomRGHPLPHVHFRPRWDPEpPGHOHJDQGRDRLQGLYtGXRTXH GHFRGLILFDRGLVFXUVRDWDUHIDGHIRUPDWDURVHOHPHQWRVWH[WXDLVHPXPDHVFDODGHUHSUHVHQWDomR SRXFRVyOLGD

3URMHWDQGR DV SRQWXDo}HV IHLWDV DWp DTXL SDUD R FDPSR UHSUHVHQWDFLRQDO GR UHDOLVPR PDUDYLOKRVR Ki GH VH DYHULJXDU DOJXPDV TXHVW}HV FRPR SRU H[HPSORV R TXH YHP D VHU R UHIHUHQWH"2TXHXPOLEDQrVGL]VHU³DUHDOLGDGH´pRPHVPRTXHXPKLVSDQRDPHULFDQRWRPDSRU UHDO" 2X HQWmR D UHDOLGDGH GR VpFXOR ;9,,, p VHPHOKDQWH j GR VpFXOR ;;" 7DLV LQGDJDo}HV SRGHP LOXGLU SRU VXD VLPSOLFLGDGH HQWUHWDQWR FRQVWLWXHP R FHUQH GH XP FRQFHLWR FKDYH SDUD LQLFLDUPRV QRVVR WUDEDOKR R FDUiWHU GH LQFRQVLVWrQFLD WHPSRUDO HVSDFLDO H FXOWXUDO GR FRQFHLWRGHUHDOLGDGH±FDUDFWHUtVWLFDSHUWLQHQWHDRGHVHQYROYLPHQWRGHQDUUDWLYDVSHUWHQFHQWHV DRVXEJrQHUR9HMDPRVWDOFRQMHWXUDVRERXWURSRQWRGHYLVWD

3DUD XQ SDWDJyQ KXELHUD VLGR WDQ H[WUDxD \ QR PHQRV FUXHO SRU FLHUWR OD OOHJDGD GH ORV D]WHFDV SXHEOR GRPLQDGRU SRU H[FHOHQFLD TXH OD GH XQ SRUWXJXpVRFRPRHQUHDOLGDGRFXUULyODGHXQHVSDxRO7DQH[WUDxRVOHVHUDQ &ULVWRFRPR4XHW]DOFRDWO>@/RVOLEURVLQYHQWDQUHDOLGDGHVODVUHDOLGDGHVVH IXQGHQRUHFWLILFDQUHIXWDQ\FRQILUPDQORVPXQGRVLPDJLQDULRVORVGHYDQHRV GHODUD]yQ\ODVUHYHODFLRQHVGHODSRHVtD0$/3$57,'$S

(20)

UHDOLGDGHDPHULFDQDKDYHQGRHQWmRDQHFHVVLGDGHGHDODUJiODSDUDDSUR[LPiODGDVVXSRVLo}HV H MXVWDSRVLo}HV TXH R FDPSR QDUUDWLYR YLQKD SURSRUFLRQDQGR LVWR p DV REUDV FRPHoDYDP D PRYLPHQWDURVHVWXGRVGDPLPHVHOLWHUiULDHQmRRFRQWUiULR

(VVHSURFHVVRWHULDMXVWLILFDWLYDVQDVREVHUYDo}HVTXH$OHMR&DUSHQWLHUREWLYHUDDUHVSHLWR GRXQLYHUVRUHDODPHULFDQRTXHSRVWHULRUPHQWHIRUDPGRFXPHQWDGRVHPVHXVSRVWXODGRVVREUHR UHDOPDUDYLOKRVR2FRWLGLDQRDPHULFDQRQDWXUDOPHQWHLQVyOLWRDYLUJLQGDGHGDVSDLVDJHQVDV PHVWLoDJHQV D FRH[LVWrQFLD GH SRYRV GLYHUVRV XPD PLWRORJLD FDXGDORVD H VXD KLVWyULD FRP FXULRVDVFRLQFLGrQFLDVSDUWLFLSDUDPGDQRomRGRDXWRUFXEDQRVREUHDQRYDDFHSomRGHUHDOLGDGH $VVLP R DXWRU GH(O UHLQR GH HVWH PXQGR QRV ODQoD D VHJXLQWH SHUJXQWD TXH QRV SURSRUFLRQDRSRQWRGHSDUWLGDSDUDDGLVFXVVmR¢3HURTXpHVODKLVWRULDGH$PpULFDWRGDVLQR XQDFUyQLFDGHORUHDOPDUDYLOORVR"&$53(17,(5S(PEXWLGDQHVVDLQWHUURJDWLYD RDXWRUDILUPDULDVHXSRVLFLRQDPHQWRLGHROyJLFRTXDQWRjVSHFXOLDULGDGHVGD$PpULFDHDQRYD RULHQWDomRPLPpWLFDOHJLWLPDQGRDUHOHYkQFLDGHVHXVWUDWDGRVWHyULFRHQVDtVWLFRV

-iQRFDPSRGRVHVWXGRVGDQRomRFDUSHQWLHULDQDGLUHFLRQDGRVjWHRULDDGLIHUHQoDGHVVH QRYRUHDOLVPRVHUiFRQVWDWDGDHSRVWHULRUPHQWHGLVFXWLGDSRU,UOHPDU&KLDPSLDRTXHVWLRQDUD YDOLGDGHGRHPSUHJRFODVVLILFDWyULR³UHDOLVPRPiJLFR´SDUDRVURPDQFHVKLVSDQRDPHULFDQRVGH IRUPDLQGLVFULPLQDGDRXVXSHUILFLDOGHL[DQGRHPHYLGrQFLDTXHDQRPHQFODWXUD³>@YHLRDVHU XP DFKDGR FUtWLFRLQWHUSUHWDWLYR TXH FREULD GH XP JROSH D FRPSOH[LGDGH WHPiWLFD >@ H D QHFHVVLGDGHGHH[SOLFDUDSDVVDJHPGDHVWpWLFDUHDOLVWDQDWXUDOLVWDSDUDDQRYDYLVmRPiJLFDGD UHDOLGDGH´S

(21)

7HPVHTXHDOLWHUDWXUDKLVSDQRDPHULFDQDGDSULPHLUDPHWDGHGRVpFXOR;,;VHRULHQWDYD SRUFHUWDSUHRFXSDomRTXDQWRDRGHWDOKDPHQWRGDUHDOLGDGHQRVVHXVDVSHFWRVPDLVtQWLPRVSRLV VDEHPRVTXHHVVDIRUDDpSRFDGDVLQGHSHQGrQFLDVGRVSDtVHVTXHYLYLDPVREWXWHODHVSDQKROD EHPFRPRGHLQDXJXUDomRGDVUHS~EOLFDVFRPH[FHomRGH&XED3DQDPiH3RUWR5LFRFXMRV SURFHVVRV GH LQGHSHQGrQFLD H LQFRUSRUDomR GH VLVWHPD HFRQ{PLFR RFRUUHUDP PDLV WDUGH H GH IRUPDHVSHFLDO3RUFRQVHTXrQFLDGHWDLVWUDQVIRUPDo}HVDJrQHVHGHXPDVRFLHGDGHTXHWHULDGH EXVFDU D VL PHVPD D SDUWLU GH HQWmR WRUQDUVHLD XP GRV HL[RV ILORVyILFRV GRV SHQVDGRUHV KLVSDQRDPHULFDQRV H FRPR H[WHQVmR SURGX]LULD UHIOH[RV HP VXD OLWHUDWXUD SURFHVVR TXH PRYLPHQWDYDDSURGXomROLWHUiULDHVXDFUtWLFD

(P XPD UiSLGD DQiOLVH GR FRQWR ³(O PDWDGHUR´ GR DUJHQWLQR (VWHEDQ (FKHYHUUtD

EXVFDQGRRGHVHQYROYLPHQWRQDUUDWLYRVHJXQGRVHXFRQFHLWRGHPLPHVHWHPRVTXHDWHQWDUSDUD RVHJXLQWHIDWRDVPHWiIRUDVHPSUHJDGDVQRGHFRUUHUGRHQUHGRSURYDYHOPHQWHFRQVWLWXHPXPD DOWHUQDWLYDOLWHUiULDHOHLWDSHORHVFULWRUSDUDDXPDVyYH]HVFDSDUGDIRUWHFHQVXUDGDpSRFDVHP GHL[DU GH FULWLFDU H H[SRU R VLVWHPD GLWDWRULDO HP TXH HVWDYDP LQVHULGRV RV DUJHQWLQRV 'HVWD IRUPDpVyOLGDDKLSyWHVHGHH[LVWrQFLDGHFRQH[}HVHVWDEHOHFLGDVHQWUHRUHDOHRWH[WRHPERUD HVFDPRWHDGDVSHODLPSRVLomRPHWDIyULFD

2URPDQWLVPRFRQWLGRHP³(OPDWDGHUR´QmRHVFRQGHDVXDLQWHQFLRQDOLGDGHPLPpWLFR

QDUUDWLYD H YDOH UHVVDOWDU TXH VHX LGHiULR VHUi UHWRPDGR SRU -RVp 0iUPRO SRVWHULRUPHQWH HP

$PDOLD OLYUR HVFULWR GXUDQWH R H[tOLR GR HVFULWRU HP 0RQWHYLGpX FRP EDVHV EDVWDQWH DQiORJDVD(FKHYHUUtD2DSHORjUHIHUHQFLDOLGDGHMipYLVtYHOQDVSULPHLUDVSiJLQDVGDQDUUDWLYD GH 0iUPRO HP TXH Ki D GHPDUFDomR SRQWXDO GR HVSDoR H GR WHPSR GD KLVWyULD D VHU GHVHQYROYLGD³(OGHPD\RGHDODVGLH]\PHGLDGHODQRFKHVHLVKRPEUHVDWUDYHVDEDQ HO SDWLR GH XQD SHTXHxD FDVD GH OD FDOOH GH %HOJUDQR HQ OD FLXGDG GH %XHQRV $LUHV >@´ 0È502/SOHJLWLPDQGRDUHODomRHQWUHRPXQGRWH[WXDOHRPXQGRUHDO

(P)DFXQGRFLYLOL]DFLyQ\EDUEDULHGH'RPLQJR)DXVWLQR6DUPLHQWRGHIRUPD VHPHOKDQWH DVPD]HODV GRFRQWH[WRKLVWyULFRH VRFLDOVmR HODERUDGDVQRGHFRUUHUGDQDUUDWLYD

7H[WROLWHUiULRFODVVLILFDGRFRPRXPFRQWRURPkQWLFRHVFULWRSURYDYHOPHQWHHQWUHRVDQRVGHH9DOH

VDOLHQWDUTXHSDUWHGDFUtWLFDRFRQVLGHUDRSULPHLURFRQWRUHDOLVWDGH5tRGHOD3ODWDPXLWRHPERUDKDMDGLVFRUGkQFLD VREUHHVVHSRVLFLRQDPHQWR2WH[WRWHYHVXDSXEOLFDomRHPQD5HYLVWDGHO5tRGHOD3ODWDVHQGRFRQVLGHUDGR XP H[SRHQWH GD OLWHUDWXUD KLVSDQRDPHULFDQD SRU SULQFLSDOPHQWH DWUDYpV GH PHWiIRUDV H[SRU DV PD]HODV VyFLR SROtWLFDVGRSHUtRGR

$$UJHQWLQDQHVVHSHUtRGRYLYLDVRERSRGHUSROtWLFRGLWDWRULDOGH-XDQ0DQXHOGH5RVDV

(PERUD R WH[WR VHMD FODVVLILFDGR FRPR H[SRHQWH GR URPDQWLVPR KLVSDQRDPHULFDQR RSWDPRV SRU YDVFXOKDU VXD

(22)

&RP R HVFULWRU D OLWHUDWXUD RFXSDULD R PHVPR SDWDPDU TXH D DomR SROtWLFD 6HQGR DVVLP D SHUVHJXLomRSRU5RVDVIRUDLQHYLWiYHOHVRPHQWHQR&KLOHRDXWRUFRQVHJXLULDSXEOLFDUVXDREUD 1RWHVHLPSRUWDQWHFRPHQWiULRIHLWRSRU6DUPLHQWR³/DKLVWRULDHPSLH]DDVHUUHYLVDGDQRSDUD FRUUHJLU VXV HUURUHV VLQR SDUD UHVWDEOHFHU ORV KHFKRV DO FRORU GH OD UHDOLGDG TXH QR DGPLWH DOLxR´6$50,(172SUHYHODQGRRSDFWRHQWUHDFUtWLFDHDSURGXomROLWHUiULD

7DO WH[WR QRV FKDPD D DWHQomR DLQGD SHOR IDWR GH TXH DR LQVWDXUDU FRPR FkQRQH D RSRVLomR FLYLOL]DomRYHUVXV EDUEiULH HOH WHQKD GHVORFDGR R SRQWR GH YLVWD GD UHSUHVHQWDomR PLPpWLFDSDUDRFRQFHLWRTXHRVSRVLWLYLVWDVGRVpFXOR;,;WLQKDPGHUHDOLGDGHFRPRWDPEpP WHQKDGHOLPLWDGRDVYLV}HVHXURSHLDHDPHULFDQDHPVHXWH[WR

(OKRPEUHGHODFLXGDGYLVWHHOWUDMHHXURSHRYLYHODYLGDFLYLOL]DGDWDOFRPROD FRQRFHPRV HQ WRGDV SDUWHV DOOt HVWiQ ODV OH\HV ODV LGHDV GH SURJUHVR ORV PHGLRVGHLQVWUXFFLyQDOJXQDRUJDQL]DFLyQPXQLFLSDOHOJRELHUQRUHJXODUHWF 6DOLHQGRGHOUHFLQWRGHODFLXGDGWRGRFDPELDGHDVSHFWRHOKRPEUHGHFDPSR OOHYDRWURWUDMHTXHOODPDUpDPHULFDQRSRUVHUFRP~QDWRGRVORVSXHEORVVXV KiELWRVGHYLGDVRQGLYHUVRVVXVQHFHVLGDGHVSHFXOLDUHV\OLPLWDGDVSDUHFHQ GRV VRFLHGDGHV GLVWLQWDV GRV SXHEORV H[WUDxRV XQR GH RWUR 6$50,(172 S

eYiOLGRGL]HUTXHRFRQFHLWRGHPiJLFRVHPSUHH[LVWLXQDOLWHUDWXUDHQWUHWDQWRRPRGHOR FDQRQL]DGRQHVWHPRPHQWRIRLRUHDOLVWDGHL[DQGRHQWUHYHUTXHDPDJLDQmRWLQKDPHVPRSHVR HP WHUPRV GH YDORUDomR OLWHUiULD TXH R UHDOLVPR OLWHUiULR DWp HQWmR H SRUWDQWR VRPHQWHD SRVWHULRUL HVWD ~OWLPD WHULD VHX YDORU DVVHJXUDGR $VVLP D REUD TXH WUD] D GLDOpWLFD HQWUH D FLYLOL]DomRHXURSHtVPRHDEDUEiULHDPHULFDQLVPRVHHVWDEHOHFHULDFRPRFHUWRHVERoRGRTXH DVQDUUDWLYDVGRVpFXOR;;IDULDPLVWRpKDYHULDXPROKDUHXURSHXSDUDRDPHULFDQRFRQWXGR QHVWDVGLIHUHQWHPHQWHGH)DFXQGRVHGHVHQYROYHULDDYDORUL]DomRGHVWHVHJXQGRHOHPHQWRSRU TXHVW}HVTXHWUDWDUHPRVDGLDQWH

(23)

SDtVFRPSURIXQGLGDGHDQDOtWLFDRTXHQRYDPHQWHUHFDLHPXPWRPQDUUDWLYRGHH[SRVLomRGDV FRQGLo}HVH[WUDOLWHUiULDV

2VH[HPSORVGHVVDOLQKDJHPOLWHUiULDVmRPXLWRVRTXHPDLVFKDPDDDWHQomRHPQRVVR HVWXGR p R SURFHVVR GH WUDQVLomR TXH RFRUUH D SDUWLU GR VpFXOR ;; 2SWDPRV SRUWDQWR SRU DJUHJDU GXDV FRORFDo}HV UHOHYDQWHV TXDQWR j GLQkPLFD QDUUDWLYD GHVVH FRQWH[WR TXH HPERUD HVERFHP WUDoRV GLVWLQWRV VREUH R WHPD TXH GHEDWHPRV VH HQFRQWUDP QR TXH GL] UHVSHLWR DR VXUJLPHQWRGRUHDOLVPRPDUDYLOKRVRFRPRXPDDOWHUQDWLYDSDUDDVREUDVOLWHUiULDVMiVXIRFDGDV SHORIRFRQDUUDWLYRSDXWDGRQRUHDOLVPRHPStULFR

1D VHJXQGD PHWDGH GR VpFXOR ;,; SUHQXQFLDVH XPD FULVH QDV FRQYLFo}HV HVFROiVWLFDVUHLQDQWHVDWpHQWmR±SDUDDTXHFRQWULEXtUDPRSRVLWLYLVPRQDVXD YHUVmRVSHQFHULDQD H QRPHV FRPR 1LHW]FKH 6WLUQHU 6FKRSHQKDXHU *X\DQ H 5HQDQ FDUDFWHUL]DQGR D YLGD FXOWXUDO KLVSDQRDPHULFDQD (VVDV GRXWULQDV IXQGDPHQWDPVH QD VROXomR GRV SUREOHPDV KXPDQRV SHOR PpWRGR FLHQWtILFR 8PDYH]PDLVGHYHPRVUHIHULUQRVjFRH[LVWrQFLDGHRULHQWDo}HVPXLWDVYH]HV DQWDJ{QLFDV (QTXDQWR SHUVLVWH D WRQDOLGDGH URPkQWLFD QRV VHQWLPHQWRV QD LGHRORJLDKLVWyULFDHSROtWLFDDRODGRGRWUDGLFLRQDOLVPRQRVFRVWXPHVVXUJHPR SRVLWLYLVPR H VXDV GHULYDo}HV ± TXH LJQRUDUDP R SVtTXLFR H GHVSUH]DUDP R PHWDItVLFR HP VHX GHWHUPLQLVPR ± H R FDXVDOLVPR WUD]LGR SHOD EXUJXHVLD WULXQIDQWH-26()S

(DLQGD

1RQRVSDUHFHGLVFXWLEOHTXHODQDUUDWLYDTXHQRVRFXSDUHSUHVHQWDXQRGHORV PRPHQWRV QR SRU PiV WDUGtRV PHQRV EULOODQWHV GH HVH IDVFLQDQWH SURFHVR OLWHUDULR FRQVLVWHQWH HQ OD UHQRYDFLyQ GH OD SRpWLFD QRYHOtVWLFD D SDUWLU GHO UHDOLVPR \ HO QDWXUDOLVPR GHFLPRQyQLFRV \ HQ HVH VHQWLGR FRQWULEX\H GHVGH +LVSDQRDPpULFDDODFRQVWUXFFLyQGH³XQDQXHYDQRYHOD´>@3HURWDPSRFR FDEHHQQXHVWURFULWHULRLJQRUDUODVSHFXOLDULGDGHVGHGLFKDFRQWULEXFLyQHQ JUDQPHGLGDUHVXPLEOHVHQXQDDFXxDFLyQWHyULFDFUtWLFDHKLVWyULFDDODYH] FRPRODGHO³UHDOLVPRPiJLFR´±R³PDUDYLOORVR´±UDVJRVHVSHFtILFRVTXHQRV H[SOLFDUiQDODYH]HQFRQWUDVWHFRQORVUHSUHVHQWDGRVSRUOD³QXHYDQRYHOD´ HXURSHD \ QRUWHDPHULFDQD HO p[LWR TXH OD SURGXFLGD HQ HVSDxRO \ GHVGH $PpULFDDOFDQ]yXQLYHUVDOPHQWHDSDUWLUGHORVDxRVVHVHQWDKDVWDHOSUHVHQWH

9,//$18(9$9,f$/,67(S

(24)

pSRFDLQHYLWiYHOIRLVHXGHFOtQLRHSRUFRQVHJXLQWHRVXUJLPHQWRGHXPDQDUUDWLYDTXHQmRRV GHVFRQVLGHUDVVH PDV TXH RV UHPRGHODVVH FRQVWLWXLX XPD GDV DOWHUQDWLYDV OLWHUiULDV ,VWR p R VXUJLPHQWR GH XPD FRQFHSomR GLIHUHQFLDGD GD UHDOLGDGH WH[WXDO HP QHQKXP PRPHQWR GHVFRQVLGHUDULDDWUDGLomRILQFDGDQRUHDOLVPRDQWHULRU¬PHGLGDTXHRFRQFHLWRGHPLPHVHIRL VHQGRUHRUJDQL]DGRQD$PpULFD/DWLQDD³QXHYDQRYHOD´FRPRGHYLGRUHVSDOGRGRLGHiULRGH UHDOLVPRPDUDYLOKRVRWRPRXIRUoDVTXHH[WUDSRODUDPVHXVOLPLWHVWHUULWRULDLV

2SHTXHQRUHFRUWHIHLWRDTXLQRVSURSRUFLRQDDEDVHSDUDFRPSUHHQGHUPRVRVXUJLPHQWR GR VXEJrQHUR QD SURGXomR OLWHUiULD KLVSDQRDPHULFDQD HP WHUPRV GH FRQVLVWrQFLD GR FRQFHLWR PLPpWLFRSRLVpSRVVtYHOSHUFHEHUPRVTXHDRULHQWDomRGHPLPHVHTXHSHUPHRXERDSDUWHGDV QDUUDWLYDVGRVpFXOR;,;HUDFRQVWLWXtGDSRUXPDWHQWDWLYDGHH[SRVLomRGRVREMHWRVHGRVIDWRV SHUWHQFHQWHVDRSODQRUHDOHPERUDPXLWDVYH]HVHQYLHVDGDSRUHVWLOL]DomRGRGLVFXUVRMiTXH FRPRIRLH[SRVWRRSHUtRGRIRUDPDUFDGRSRULQWHQVDUHSUHVVmR$VVLPRUHGLPHQVLRQDPHQWRGH WDOFRQFHLWXDomRDSDUWLUGDVSULPHLUDVGpFDGDVGRVpFXORVXEVHTXHQWHVREUHWXGRHPVXDVHJXQGD PHWDGHWRUQRXVHXPDFRQGLomRSDUDTXHDSURGXomRVHUHQRYDVVH

1R SODQR GDV H[SUHVV}HV DUWtVWLFDV QmR SRU DFDVR D pSRFD IRUD PDUFDGD DLQGD SHOR GHVHQYROYLPHQWRGDVYDQJXDUGDVODWLQRDPHULFDQDVRTXDOHVWDULDOLJDGRDHVVDQRYDDVVXQomRGH SRVWXUDTXHVWLRQDGRUDGRVPHFDQLVPRVHSURFHVVRGHUHSUHVHQWDomRGRUHDOQRSODQRWH[WXDO7DO FRQH[mR HQWUH R UHDOLVPR PDUDYLOKRVR H DV YDQJXDUGDV p UDWLILFDGD SHOD LQGDJDomR GH RQGH HVWDULDPRVHOHPHQWRVPiJLFRVGDUHDOLGDGHHFRPRUHSUHVHQWiORV±SHUJXQWDTXHDVGXDVHVIHUDV OLWHUiULDVFRPSDUWLOKDUDP6HULDHQWmRDpSRFDGHVRQGDURVOLPLWHVGHVVDUHDOLGDGH±WmRPDFLoD XPDWHQWDWLYDHPSHQKDGDHP³>@UHSUHVHQWDUDVFRLVDVFRQFUHWDVHSDOSiYHLVSDUDWRUQDUYLVtYHO RPLVWpULRTXHRFXOWDP>@´&+,$03,SjVHPHOKDQoDGRTXHIL]HUD)UDQ]5RK DQWHULRUPHQWH EXVFDQGR ³>@ R FDUiWHU UHDOLVWD PiJLFR QD SURGXomR SLFWyULFD GR SyV H[SUHVVLRQLVPR DOHPmR´ &+,$03, S DVVHJXUDQGR TXH DV UDt]HV GR VXEJrQHUR HVWDULDPUHODFLRQDGDVjFRQFHSomRGRPiJLFRHXURSHX

3RGHPRV SHUFHEHU WDPEpP TXH WDLV QDUUDWLYDV HQFRQWUDULDP HP -RVp 0DUWt XP SDUDGLJPD SDUD SURVVHJXLU D YLVmR PiJLFD H SRUWHQWRVD GD $PpULFD SURPXOJDGD HP1XHVWUD $PpULFDQRTXHGL]UHVSHLWRDRFDUiWHUURPkQWLFRLQFXWLGRQDFRQFHSomRGDUHDOLGDGHDPHULFDQD

(25)

URPiQWLFDV GHO FRQWLQHQWH \ SRU ODV LVODV GRORURVDV GHO PDU OD VHPLOOD GH OD $PpULFDQXHYD0$57ËS

2SURFHVVRGHH[SDQVmRGRUHDOSDUDDEDUFDURVDVSHFWRVPDLVHVSHFtILFRVGRFRQWLQHQWH FRQVWLWXLX R HVSDoR GLHJpWLFR GDV QDUUDWLYDV FRPR XPD FRQVWUXomR TXH VXSRUWDVVH DF~PXOR GH HOHPHQWRV TXH QHP VHPSUH SDVVDULDP SRU QRUPDLVUHDLV VH IRVVH FRQVLGHUDGD D QRomR GH UHDOLGDGHVXLJHQHULV)DWRTXHUDWLILFRXHVVDSRVWXUDIRLFRPRYLPRVRVXUJLPHQWRHPJUDQGH HVFDODGHQDUUDWLYDVSHUSDVVDGDVSHORUHDOLVPRPiJLFRRXPDUDYLOKRVRQRFRQWH[WRGHSURGXomR

OLWHUiULDKLVSDQRDPHULFDQRGRVpFXORSDVVDGR

+LVWRULFDPHQWHpSRVVtYHODILUPDUTXHHVVHQRYRSUHFHLWRWHULDVXDJrQHVHQDHVWDGDGH $OHMR &DUSHQWLHU QD )UDQoD FRPR WDPEpP HP VXD SDUWLFLSDomR QRV SULPHLURV JUXSRV VXUUHDOLVWDV SRLV FRPR VH VDEH RV PHQWRUHV GHVVH PRYLPHQWR Mi HVWDYDP LPEXtGRV QR

SURSyVLWR GH UHGLPHQVLRQDPHQWR GD QRomR GH PLPHVH OLWHUiULD H UHDOPHQWH VXDV FRQTXLVWDV IRUDPQRWyULDVSDUDRFDPSRGHHVWXGRVFUtWLFROLWHUiULRVGDiUHD2DSUHoRDRORFDODRUHJLRQDO RTXHVHULDRHVSDoROLWHUiULRH[SORUDGRDWpHQWmRQDVSURGXo}HVODWLQRDPHULFDQDVQRUHDOLVPR PDUDYLOKRVR WRPDULD IHLo}HV PtWLFDV H[SRQGR D UHDOLGDGH PDV HQWUHFRUWDGD SRU EDVHV GLIHUHQFLDGDVGLVWDQFLDQGRVHHPDOJXQVDVSHFWRVGDSRVWXUDIDQWiVWLFDHXURSHLD

2 VXEJrQHUR VH FRQVWLWXLULD QDV UHODWLYL]Do}HV GLVFXUVLYDV UHODFLRQDGDV j FXOWXUD j KLVWyULDHjSROtWLFDFRPRYHUHPRVPDLVDGLDQWH

2UHDOPDUDYLOKRVRGHPRQVWUDXPDFDUDFWHUL]DomRWHOHROyJLFDQDSURSRUomRHP TXH HQTXDQWR SURSRVWD HVWpWLFD RIHUHFH VXSRUWH j GLVFXVVmR QDV REVFXUDV FRQWUDGLo}HVTXHSRUYH]HVUHYHVWHPRYLYHUODWLQRDPHULFDQR'HVVDIRUPDRV DVSHFWRVHQXQFLDWLYRVQmRSRGHPVHUYLVWRVGHPDQHLUDLVRODGD +iHOHPHQWRV GLIHUHQFLDGRUHV GH RXWUDV RUGHQV HP UHODomR DR IDQWiVWLFR 1R UHDOLVPR PDUDYLOKRVR D RSHUDFLRQDOL]DomR GH DSHOR ORFDOLVWD DVVHQWDGD VRE EDVHV GH

&+,$03,,UOHPDU2UHDOLVPRPDUDYLOKRVRIRUPDHLGHRORJLDQRURPDQFHKLVSDQRDPHULFDQR&KLDPSL

RSWDSHORHPSUHJRHDQiOLVHGRWHUPRUHDOLVPRPDUDYLOKRVRSDUDDVQDUUDWLYDVGD+LVSDQR$PpULFDSURGX]LGDVQR VpFXOR;;DRLQYpVGH³UHDOLVPRPiJLFR´6HJXQGRHODHVWH~OWLPRQmRVHULDWmRDGHTXDGRGHYLGRjSUHVHQoDGR DGMHWLYR³PiJLFR´SHUWHQFHQWHjRXWUDFRQFHSomRDPDJLDDRSDVVRTXH³PDUDYLOKRVR´MiDSUHVHQWDYDVXDGHYLGD FXQKDJHP QR FDPSR GD SURGXomR FLHQWtILFROLWHUiULD $ DXWRUD FULWLFD DLQGD D DSOLFDomR GHVPHGLGD GD FODVVH ³UHDOLVPRPiJLFR´QDVDQiOLVHVQD$PpULFDKLVSkQLFDFKHJDQGRDGHVJDVWiOR(PERUDDDILUPDomRGDWHyULFDVHMD LPSRUWDQWHHQWHQGHPRVTXH RUHDOLVPR PDUDYLOKRVRHVWHMDFRQHFWDGRjFRQFHSomRGH UHDOLVPR PiJLFR1R QRVVR FDVR HQWHQGHPRV DLQGD TXH R UHDOLVPR PiJLFR DQWURSROyJLFR VHMD D FDWHJRULD HVWXGDGD SRU &KLDPSL HP VHXV SRVWXODGRVWUDWDGDFRPRXWUDWHUPLQRORJLDTXHUVHMDRUHDOLVPRPDUDYLOKRVR

$VFRQYHUJrQFLDVHQWUHRVXEJrQHURUHDOLVPRPDUDYLOKRVRHRVXUUHDOLVPRVHUmRSRUPHQRUL]DGDVQRGHFRUUHUGH

(26)

H[WUDomRFXOWXUDOKLVWyULFDHSROtWLFDpPXLWRPDLVDSXUDGDGRTXHQRIDQWiVWLFR JrQHURGHRULJHPHXURSpLD3(5(,5$S

'HVWHPRGRSDUWHGDOLWHUDWXUDKLVSDQRDPHULFDQDDSDUWLUGHHQWmRHVWDULDSUHRFXSDGD FRPDFDSDFLGDGHGHUHSUHVHQWDURUHDOWDPEpPHPVHXVDVSHFWRVPiJLFRVSRLVRPLODJUHDIpH DPDJLDVHJXQGRRPHQWRUGRUHDOPDUDYLOKRVRDPHULFDQRVHPSUHVHUHYHODUDPFRPRFRQGLomR UHYHUEHUDQWHGRFRQWLQHQWHFRQVWLWXLQGRLQFOXVLYHRVHXSRUWHQWR

1HVVH WUDMHWR QmR SRGHUtDPRV GHVFRQVLGHUDU D WUDGLomR TXH D OLWHUDWXUD PDQWpP H TXH LPSXOVLRQDRVQRYRVKRUL]RQWHVWHyULFRVLVWRpRTXHFRQVWLWXLRVXEJrQHURUHDOLVPRPDUDYLOKRVR QmR VXUJLX GH XPD LGHLD GHVDSHJDGD GH SRVWXODGRV DQWHULRUHV ± R TXH QRV OHYD D SHUFHEHU D LPSRUWkQFLDGDVUDt]HVHXURSHLDVILQFDGDVQRVHXGHVHQYROYLPHQWRMiTXH³>@D$PpULFD/DWLQD pFULDGDFXOWXUDHXURSpLDHHPYH]GHUHMHLWDUHVVDILOLDomRGHYHUHLYLQGLFiOD>@´3(5521( 02,6e6SDOpPGHTXH³RUHDODPHULFDQRVypPDUDYLOKRVRVHRFRQVLGHUDUPRVGR SRQWRGHYLVWDQmRDPHULFDQRSDUDRVDPHULFDQRVpDSHQDVRUHDO´3(5521(02,6e6 S

'HVWDIRUPDVDOLHQWDPRVTXHSDUDVHFKHJDUDXPDWHRULDVREUHRUHIHUHQFLDOPLPpWLFR LQFXWLGRQDFRQFHSomRGRVXEJrQHURID]VHPLVWHUXPDFRPSUHHQVmRGHVXDVFRQH[}HVFRPR IDQWiVWLFRFRPRPDUDYLOKRVRHWDPEpPFRPRVXUUHDOLVPRSRLVIDWRpTXHHPERUDDOLWHUDWXUD KLVSDQRDPHULFDQD GHVVH SHUtRGR WHQKD DSUHVHQWDGR FHUWD LQRYDomR HOD HQYHUHGRX SDUD RV UHFXUVRVQDUUDWLYRVGHFXQKDJHPPiJLFDTXHMiDSDUHFLDPHPXPDSRVWXUDHXURSHLD±DVVXQWR TXHWUDWDUHPRVDVHJXLU

(27)

2UHDOLVPRPDUDYLOKRVRHVXDVUDt]HVPiJLFDV

3ODQRV TXH GLDORJDP QXP PHVPR H[WHULRU TXH VH UHVSRQGHPHFRPSOHWDPTXHVHH[DOWDPHGHILQHPXP DR RXWUR HVVD LQWHUDomR GH WH[WXUDV OLQJtVWLFDV GH GLVFXUVRV HVVD GDQoD HVVD SDUyGLD p D HVFULWXUD 6$5'8<S

3DUD HQWHQGHUPRV R GHVHQYROYLPHQWR GR UHDOLVPR PDUDYLOKRVR FRQVLGHUHPRV DQWHV GH TXDOTXHUFRLVDGRLVFDPSRVHVSDFLDLVQRSURFHVVRGHSURGXomRGRWH[WRRGRSODQRUHDOHRGR SODQR VREUHQDWXUDO (PERUD VDLEDPRV TXH VHULD XWySLFR WHUPRV HVVHV GRLV DVSHFWRV EHP GHOLPLWDGRV SDUWLPRV GH XPD VXSRVLomR GH WDO H[LVWrQFLD RX VHMD KDYHULD XP FRQMXQWR GH FyGLJRV H GH SURFHGLPHQWRV FRPXQV j UHDOLGDGH HPStULFD TXH SRGHULDP VHU WRPDGRV HP XPD SHUVSHFWLYDSRQGHUDGDGRUHDO

e YiOLGR SDUD FRPSUHHQGHUPRV PHOKRU R VXEJrQHUR WHUPRV HP PHQWH WDPEpP R SUHVVXSRVWRGHUHDELOLWDomRPLPpWLFDMiTXHQHVWDGLUHomRFKHJDPRVDXPSRQWRGHLQIHUrQFLD TXHQmRLVRODDREUDGH VHXFRQWH[WR(VFODUHFHPRVWRGDYLDTXHQmRDERUGDPRVRSDUDGLJPD ³OLWHUDWXUD FRPR UHSUHVHQWDomR ILGHGLJQD GR UHIHUHQWH´ H VLP ODQoDPRV PmR GD PLPHVH QD PHGLGDHPTXHHODQRVSURSRUFLRQHRSRWHQFLDOQHFHVViULRjGHOLPLWDomRGRFRQFHLWRGHUHDOLVPR PDUDYLOKRVR(VWDSRVWXUDOLJDUVHLDDRIDWRGHDQRPHQFODWXUDGRVXEJrQHURQRVDSUHVHQWDUXP ELQ{PLRXPVXEVWDQWLYRSUHWHQVLRVDPHQWHFRQFUHWRUHDOLVPRTXHUHFHEHFDUDFWHUL]DomRGHXP DGMHWLYRDEVWUDWRPDUDYLOKRVRTXHID]FRPTXHHOHVHMD³>@DSDUHQWHPHQWHSDUDGR[DOSRUTXH

UHDOLVPR SUHVVXS}H XPD UHODomR GH YHURVVLPLOKDQoD FRP R UHIHUHQWH H PDUDYLOKRVR GH LQYHURVVLPLOKDQoD >@´ 52'5,*8(6 S 7DO FRQVWDWDomR QRV REULJD SRUWDQWR D DYHULJXDUGXDVTXHVW}HVRPRPHQWRHRSURFHVVRGHFRQH[mRHQWUHHOHV

(28)

TXHPDUFDPDKLVWyULDGHVVHFRQWLQHQWHHDH[XEHUkQFLDGRDPELHQWHHPFRQWDWRFRPDIpHR PLODJUHFRQVWLWXLULDPRSRWHQFLDOTXHGHPDUFDVHXFRQFHLWR

/R UHDO PDUDYLOORVR HQ FDPELR TXH \R GHILHQGR \ HV OR UHDO PDUDYLOORVR QXHVWURHVHOTXHHQFRQWUDPRVDOHVWDGREUXWRODWHQWHRPQLSUHVHQWHHQWRGROR ODWLQRDPHULFDQR$TXtORLQVyOLWRHVFRWLGLDQRVLHPSUHIXHFRWLGLDQR/RVOLEURV GHFDEDOOHUtDVHHVFULELHURQHQ(XURSDSHURVHYLYLHURQHQ$PpULFDSRUTXHVL ELHQ VH HVFULELHURQ ODV DYHQWXUDV GH $PDGtV GH *DXOD HQ (XURSD HV %HUQDO 'tD]GHO&DVWLOORTXLHQQRVSUHVHQWDFRQVX+LVWRULDGHODFRQTXLVWDGHOD1XHYD (VSDxDHOSULPHUOLEURGHFDEDOOHUtDDXWpQWLFR&$53(17,(5S

6HDWHQWDUPRVSDUDDFRQVWLWXLomRGRVLQWDJPD³UHDOLVPRPDUDYLOKRVR´WHPRVDLPSUHVVmR GHTXHDUHDOLGDGHLQFUXVWDGDQDH[SUHVVmRQmRGHL[DGHVrODWDOFRPRpSHORFRQWUiULRWUDWDVH GH XPD DGLomR GH GHWHUPLQDGD FDUDFWHUtVWLFD TXH SRGHULD VHU GH RXWUD RULJHP LQFOXVLYH (VVH PHFDQLVPR FRQVWLWXL DVVLP XPD RSHUDomR FRPXP DR FRQWH[WR OLWHUiULR XPD YH] TXH SRU DQDORJLDRFRUUHFRPRUHDOLVPRYROWDGRjVTXHVW}HVUHJLRQDLV±RUHDOLVPRUHJLRQDOLVWDRXFRPR UHDOLVPRYROWDGRjVSUHRFXSDo}HVVRFLDLV±RUHDOLVPRVRFLDOLVWD,VWRpRTXHSRGHPRVDILUPDU FRPHVVDFRQVWDWDomRpTXHRWHUPRPDUDYLOKRVRYHPDFRPSOHPHQWDUDQRomRGHUHDOLVPRHQmR DQXOiODRXWUDQVJUHGLODRTXHUDWLILFDVXDVRULJHQVDRPHVPRWHPSRHPTXHQmRQHJDDVRXWUDV FRQFHSo}HV GH UHDOLVPR 3RUWDQWR WDO SRVLFLRQDPHQWR YDL GH HQFRQWUR FRP D FRORFDomR GH 0D[LPLOLHQ/DURFKHWUDWDQGRGRUHDOLVPRPDUDYLOKRVRHVSHFLILFDPHQWHQR+DLWLDRSRQGHUDU TXHSDUDVHHQWHQGHUDFRPELQDomRIHLWDHQWUHUHDOLVPRHPDUDYLOKRVRQRVLQWDJPD³>@RQGRLW \YRLUXQHPpWRQ\PLVDWLRQSDUODTXHOOHOHPRWPHUYHLOOHX[VHVXEVWLWXHjVRFLDOLVWHQRQSDV SRXU OH UHPSODFHU PDLV SRXU OH FRPSOpWHU OH SUpFLVHU HW OLGHQWLILHU j OD VRUWH GH UpDOLVPH SUDWLTXpHHQ+DLWL´/$52&+(S

'HVWDIRUPDVHDFRQFHLWXDomR FDUSHQWLHULDQDD UHVSHLWRGRVXEJrQHURHVWiGLUHFLRQDGD SDUDVXDHVWUXWXUDIHQRPHQROyJLFDFRPRWDPEpPOHYDQWDVHFRPRXPDHVSpFLHGHGHEDWHFRP DV WHRULDV HXURSHLDV DFHUFD GR DVVXQWR p SRVVtYHO SHUFHEHUPRV TXH KDMD D SDUWLU GHVVH SRVLFLRQDPHQWRUDt]HVFRQWH[WXDLVLQFXWLGDVQDH[SUHVVmR

$VVLPFKHJDUtDPRVDXPDDQFRUDJHPWH[WXDOTXHIXQFLRQDULDFRPRXPDDEHUWXUDSDUD SRGHUPRVGLUHFLRQDUQRVVRWUDEDOKRDXPDYHUWHQWHSUDJPiWLFDFRQVLGHUDQGRRSODQRUHDOFRPRR

>@GHYHPRVYHUXPD³PHWRQLPL]DomR´HPTXHDSDODYUDµPDUDYLOKRVR¶pSRVWDQROXJDUGHµVRFLDOLVWD¶1mRSDUD

(29)

GLVFXUVR KHJHP{QLFR GD KLVWyULD GR FRQWLQHQWH DPHULFDQR TXH VH HQFRQWUD GH PDQHLUD KDUP{QLFDFRPRGLVFXUVRPtWLFRGHVVDPHVPDKLVWyULD

2V HOHPHQWRV GHVVH VXEJrQHUR WRPDULDP IHLomR ³UHDOLVWD´ H DR PHVPR WHPSR QmR GHVFDUWDULDP VXD FDUDFWHUL]DomR FRPR ³PDUDYLOKRVR´ QR GLVFXUVR QDUUDWLYR H GHVWD PDQHLUD HQFRQWUDUtDPRV QD GLHJHVH DV LPSOLFDo}HV GH WDO PHFDQLVPR GLVFXUVLYR Mi TXH QHOD VH SRVLFLRQDPKLVWyULDVIiEXODVPLWRVFUHQGLFHVQXPIOX[RHQWUHRQDWXUDOHRVREUHQDWXUDO

$ Ip UHOLJLRVD H DV FUHQGLFHV SRSXODUHV TXH VH DOWHUQDP FRP D UDFLRQDOLGDGH SHUPLWHP D FRQYLYrQFLD HQWUH RV DFRQWHFLPHQWRV UHDLV H RV VREUHQDWXUDLV GR WH[WRLVWRpWRUQDPSRVVtYHODLQFRUSRUDomRGRLQVyOLWRDRFRWLGLDQRDREDQDO DVVLQDODQGR XP SURFHGLPHQWR FDUDFWHUtVWLFR GR UHDOLVPR PiJLFR DQWURSROyJLFR&$0$5$1,S

(P FRQWUDSDUWLGD QRV WH[WRV FRQVLGHUDGRV SHOD FUtWLFD FRPR H[SRHQWHV GD OLWHUDWXUD IDQWiVWLFD RFRUUH XPD UXSWXUD FRP D OyJLFD ³UHDOtVWLFD´ FRQVLGHUDQGRVH R SODQR GR UHDO GRV IDWRV FUtYHLV GHVHQYROYLGRV FRP QDWXUDOLGDGH QD QDUUDWLYD VHQGR HVVD PDUFD XPD FRQGLomR SULRULWiULD SDUD R VXEJrQHUR H SRVVtYHO GH VHU QRWDGD D SDUWLU GD SRVLomR GR QDUUDGRU H GDV SHUVRQDJHQVDFHUFDGHGHWHUPLQDGDVLWXDomRQDUUDGD2FRUUHQHVWHFDVRRHQIUHQWDPHQWRHQWUHDV LQVWkQFLDVQDWXUDOHVREUHQDWXUDODFHQGHQGRG~YLGDVHTXHVWLRQDPHQWRVQRGHFRUUHUGDQDUUDWLYD 7HPVH DLQGD QR OHLWRU XPD HVSpFLH GH VLQDOL]DGRU GD RFRUUrQFLD GH XPD SRVVtYHO UXSWXUD FDXVDQGR R HIHLWR GH KHVLWDomR 72'2529 S 1HVWH VHQWLGR R PXQGR H[WUDWH[WXDOSDVVDULDDVHUXPUHIHUHQWHLGHDOHSDUDGLJPiWLFRSDUDDYDOLDomRGRVIHQ{PHQRVTXH RFRUUHPQRWH[WRFRPRWDPEpPWDOPRGHORGLVFXUVLYRVHULDDFLRQDGRSHORLQGLYtGXRQRDWRGD OHLWXUDFRPRXPDHVSpFLHGHFULYRGRTXHVHULDQDWXUDOHGRTXHQmRRVHULDQRGLVFXUVR7DLV SRVLFLRQDPHQWRV WHyULFRV QRV FRQGX]HP D GXDV FRQFOXV}HV LPSRUWDQWHV H TXH FRQVWLWXHP R GHJUDXLQLFLDOSDUDFRPSUHHQGHUPRVRUHDOLVPRPDUDYLOKRVR

1D OLWHUDWXUD IDQWiVWLFD p QRWyULR R FKRTXH HQWUH HVVDV GXDV LQVWkQFLDV QDWXUDOHVREUHQDWXUDO

2QDUUDGRUDVSHUVRQDJHQVHROHLWRUVmRSHoDVFKDYHSDUDUHYHODUDDSDULomRRXQmR GRUHIHULGRURPSLPHQWR

1mRDSURIXQGDUHPRVQDSUREOHPiWLFDTXHHVWHGLUHFLRQDPHQWRLPSOLFDMiTXHHPQRVVRWUDEDOKRWHPRVFRPR

(30)

$ GHILQLomR GH 7RGRURY VREUH R IDQWiVWLFR HP,QWURGXFFLyQ D OD OLWHUDWXUD IDQWiVWLFD FRPRYLPRVQRVHVFODUHFHVREUHXPDFHUWD³>@YDFLODFLyQH[SHULPHQWDGDSRUXQVHU TXH QR FRQRFH PiV TXH ODV OH\HV QDWXUDOHV IUHQWH D XQ DFRQWHFLPLHQWR DSDUHQWHPHQWH VREUHQDWXUDO>@´ S TXH HPERUD VHMD XPD DILUPDomR UHODWLYDPHQWH DEVWUDWD SRLV WHUtDPRV TXH VDEHU WRGRV RV HYHQWRV TXH SHUWHQFHULDP DR UHDO SDUD D SDUWLU GDt SRGHUPRV SHUFHEHURLQVyOLWRQRVLQGLFDRSURFHGLPHQWRFHQWUDOGDQDUUDWLYDIDQWiVWLFD

$LQGDQDWHQWDWLYDGHVHGHILQLURFRQFHLWRWHPVHTXH³>@QHOHVHHQFHQDRVXUJLPHQWR GRVREUHQDWXUDOPDVHVWHpVHPSUHGHOLPLWDGRQXPDPELHQWHTXRWLGLDQRHIDPLOLDUSRUP~OWLSORV WHPDVFRPXQVjOLWHUDWXUDHPJHUDOTXHHPQDGDFRQWUDGL]HPDVOHLVGDQDWXUH]DFRQKHFLGD>@´ )857$'2 S /RJR D DWXDomR GHVVH VXEJrQHUR VHULD SRVLFLRQDGD QHVVHV GRLV DVSHFWRVSULQFLSDLV±DKHVLWDomRSURGX]LGDSHODDPELJXLGDGHQDQDUUDWLYDHXPDDPELHQWDomR TXHDSRQWDULDSDUDRPXQGRGRVVHUHVKXPDQRVHQmRSDUDRXWUDLQVWkQFLD

&RQVLGHUDPRVDGHTXDGDHPQRVVRWUDEDOKRDKDELOLWDomRGRLQGLYtGXRTXHOrHGHFRGLILFD RVIDWRVQDUUDGRVSHORPRWLYRGHTXHDRSDUWLUPRVSDUDRFDPSRFRQFHLWXDOGRUHDOPDUDYLOKRVR DPHULFDQR UHFRQKHFHPRV D LPSRUWkQFLD GH DEULUPRV DV LQWHUSUHWDo}HV SDUD XP KRUL]RQWH SUDJPiWLFR VLQWRQL]DQGRDV FRP R WH[WR GD SURIHVVRUD ,UOHPDU &KLDPSL 2 UHDOLVPR PDUDYLOKRVR IRUPD H LGHRORJLD QR URPDQFH KLVSDQRDPHULFDQR TXH SDUHFHQRV XP HVWXGRSUHRFXSDGRFRPDHVWUXWXUDGRVXEJrQHUR

(QFRQWUDPRVWDPEpPQRTXH'DYLG5RDVGL]DUHVSHLWRGRDVVXQWRHP³/DDPHQD]D GH OR IDQWiVWLFR´ XPD IRUPXODomR TXH UDWLILFD R GLUHFLRQDPHQWR GDGR D QRVVR HVWXGR GHVPDQFKDQGRDOJXPDVG~YLGDVQRWRFDQWHjGLIHUHQFLDomRHQWUHDOLWHUDWXUDIDQWiVWLFDRUHDOLVPR PDUDYLOKRVRHDOLWHUDWXUDPDUDYLOKRVD

(O ³UHDOLVPR PDUDYLOORVR´ GHVFDQVD VREUH XQD HVWUDWHJLD IXQGDPHQWDO GHVQDWXUDOL]DUORLQVyOLWRHVGHFLULQWHJUDUORRUGLQDULR\ORH[WUDRUGLQDULRHQ XQD~QLFDUHSUHVHQWDFLyQGHOPXQGR$VtORVKHFKRVVRQSUHVHQWDGRVDOOHFWRU FRPRVLIXHUDQDOJRFRUULHQWH\HOOHFWRUFRQWDJLDGRSRUHOWRQRIDPLOLDUGHO QDUUDGRU\ODIDOWDGHDVRPEURGHpVWH\GHORVSHUVRQDMHVDFDEDDFHSWDQGROR QDUUDGRFRPRDOJRQDWXUDO52$6S

5HIHULPRQRV DTXL DR WH[WR ³/D DPHQD]D GH OR IDQWiVWLFR´ TXH VH HQFRQWUD QR OLYUR RUJDQL]DGR SHOR SUySULR

(31)

3DUD R DXWRU R VXEJrQHUR WRPD IHLo}HV GLVWLQJXLQGRVH GD OLWHUDWXUD IDQWiVWLFD SRUTXH ³>«@QRSURGXFHHQIUHQWDPLHQWRHQWUHORUHDO\ORVREUHQDWXUDO>«@´SHSRURXWURODGRVH DIDVWDGDOLWHUDWXUDPDUDYLOKRVDSRU³>«@DPELHQWDUODVKLVWRULDVHQXQPXQGRFRWLGLDQRKDVWD HQVXVPiVSHTXHxRVGHWDOOHV>«@´S5RDVDYDQoDFRQFOXLQGRTXHRUHDOLVPRPDUDYLOKRVR VHULD ³>@XQD IRUPD KtEULGD HQWUH ORIDQWiVWLFR \ OR PDUDYLOORVR>@´ S 5HDOPHQWH QR UHDOLVPR PDUDYLOKRVR WHPRV D QmRUXSWXUD HQWUH RV SODQRV Mi TXH HOHV HVWDULDP QLYHODGRV H SHUWHQFHULDP D XPD PHVPD LQVWkQFLD GR WH[WR $ QDUUDomR PXLWDV YH]HV REMHWLYD QHVWH VXEJrQHURRYHURVVtPLORHQWUHOXJDUHQWUHDKLVWyULDHRVPLWRVR³RXWURVHQWLGR´SRUPHLRGD ³QmRGLVMXQomR´HVHQGRDVVLPRWH[WRVHWRUQDHPDOJXQVPRPHQWRVPHWiIRUDGDKLVWyULD

VREUHWXGRGDKLVWyULDGHGHVHQYROYLPHQWRGRFRQWLQHQWHDPHULFDQR

2GLVFXUVRUHDOLVWDPDUDYLOKRVRSRUQmRDSUHVHQWDUHVVDGLVMXQomRVHULDFRQVWUXtGRFRPR XPORFDOSOXUDOGHFRQYHUJrQFLDHGHEDWHGRVIDWRVTXHVHWHPFRQKHFLPHQWRVREUHD$PpULFD GDQGR PDUJHP SDUD D WUDQVJUHVVmR GR UHDO VHP UXSWXUD 2 HQIUHQWDPHQWR VHULD FRP D SUySULD KLVWyULD WLGD DWp R PRPHQWR FRPR KHJHP{QLFD FDUDFWHUtVWLFD TXH WHULD QD GLHJHVH FRQGLo}HV SDUDSUROLIHUDUDLGHRORJLDDPHULFDQLVWDTXHHVWiQRFHUQHGDVGLVFXVV}HVDUHVSHLWRGRVXEJrQHUR ( SRU H[WHQVmR QmR VHULD GLItFLO VH VXSRU TXH WDO IDoDQKD DJUHJDULD FHUWR SURFHGLPHQWR GH HPDQFLSDomR QD PHGLGD HP TXH ³>@ R GHVHMR GH FDSWXUDU DV HVVrQFLDV PiJLFDV GD $PpULFD FRQOHYD>ULD@XPDIXQomRGHVDOLHQDQWHGLDQWHGDVXSUHPDFLDHXURSpLD´&+,$03,S

1RTXHGL]UHVSHLWRDRVXMHLWRTXHQDUUDRVIDWRVQDOLWHUDWXUDIDQWiVWLFDpYiOLGRQRWDU TXH Ki XPD LPSRUWDQWH FRLQFLGrQFLD FRP R VXEJrQHUR UHDOLVPR PDUDYLOKRVR SRLV R QDUUDGRU FRORFDVHJHUDOPHQWH³>@SUHVHQWHQDKLVWyULDFRPRXPDSHUVRQDJHPSULQFLSDOGDQDUUDWLYD´ )857$'2SRTXHGHOHJDFHUWDDXWRQRPLDDRFRQVWUXFWRQDUUDWLYRGDQGROKHR DYDOSDUDDWULEXLUYHURVVLPLOKDQoDDRFRQWH~GRQDUUDGR

$LQGD p YiOLGR GL]HU TXH TXDQGR HVWH QDUUDGRU p XP DJHQWH REVHUYDGRU GRV IDWRV TXH QDUUD LVWR p VH ORFDOL]D IRUD GRV IDWRV QDUUDGRV VXD SUHVHQoD p GHPDUFDGD SHOD LQVHUomR GH PHWDWH[WRV QD QDUUDWLYD FRPR YHUHPRV QR QRVVRFRUSXV GH DQiOLVH 7DO TXHVWmR FRQVWLWXL XP VHJXQGR HQFRQWUR HQWUH R IDQWiVWLFR H R UHDOLVPR PDUDYLOKRVR Mi TXH R QDUUDGRU DVVXPH XPD SRVWXUD³>@TXHSRGHYDULDUGHWH[WRSDUDWH[WRH[SULPLQGRVHQDSULPHLUDSHVVRDHUHFRUUHQGR SRUYH]HVDXPDQDUUDomREDVHDGDHPRXFRQVWDQWHGHGLYHUVRVWLSRVGHGRFXPHQWRVILFWtFLRV FRPRDVPHPyULDVRGLiULRtQWLPRDVFDUWDV H RXWURV´)857$'2S&RQWXGR

(32)

YDOHUHVVDOWDUTXHDLQVHUomRGHWDLVWH[WRVLQVWLJDQRUHDOLVPRPDUDYLOKRVRDSUREOHPDWL]DomRGD UHDOLGDGH H GD OyJLFD PDV VHP WUDQVJUHVVmR D SURSRVWD HVWi YLQFXODGD DR FDUiWHU VRFLDO RX FXOWXUDO TXH HVVD HVWUDWpJLD RIHUHFH DR SDVVR TXH QD OLWHUDWXUD IDQWiVWLFD WDO PHFDQLVPR ³>@ UHVWULQJHVH SUHGRPLQDQWHPHQWH D UHIOH[}HV VREUH D tQGROH GD IHQRPHQRORJLD PHWDHPStULFD´ )857$'2 S RX VHMD QHVWD ~OWLPD R QDUUDGRU HVWDULD SUHRFXSDGR FRP D OHJLWLPLGDGHGRVIDWRVQDUUDGRVSDUDLQVWDXUiORQRSRVVtYHOQRPXQGRGRVKRPHQV

'H IDWR R VXEJrQHUR UHDOLVPR PDUDYLOKRVR VH PDQLIHVWD FRPR XPD WUDQVJUHVVmR SRQGHUDGD GR IRFR HXURSHX TXH LQFLGH QR FRQFHLWR GH KLVWyULD SRU PHLR GH LQVHUomR GH GRFXPHQWRVFRPSURPHWHGRUHVTXDQWRjYHUDFLGDGHGRGLVFXUVRKHJHP{QLFRDOpPGLVVRWHPRV GH FRQVLGHUDU QHVVD SUREOHPiWLFD TXH HVVH VXEJrQHUR FRQFLOLD R GLVFXUVR Mi GLWR FRP R TXH KDYHULDGHVHUGLWRSURGX]LQGRXPXQLYHUVRPtWLFRGHFXQKDJHPLGHROyJLFDSRUPHLRGDYR] QDUUDWLYD

,QWKLVW\SHRI0DJLF5HDOLVPWKHQDUUDWRUXVXDOO\KDV³WZRYRLFHV´6RPHWLPHV KHVKH GHSLFWV HYHQWV IURP D UDWLRQDOSRLQW RIYLHZ WKH ³UHDOLVW´ FRPSRQHQW DQG VRPHWLPHV IURP WKDW RI D EHOLHYHU LQ PDJLF WKH ³PDJLFDO´ HOHPHQW

63,1'/(5S

'HVWD IRUPD SHUFHEHPRV TXH D QRomR GH PLPHVH QD QDUUDWLYD GR VXEJrQHUR UHDOLVPR PDUDYLOKRVR p SHUPHDGD SHOR SRQWR GH YLVWD GRQDUUDGRU RX QDUUDGRUHV QD PHGLGD HP TXH RV HOHPHQWRVPiJLFRVVmRLQWHJUDGRVjGLHJHVHFRPRSDUWHVQmRGLVMXQWLYDVGHVWDUHDOLGDGHWH[WXDO LVWR p WDO FRQVWUXomR RFRUUH TXDQGR Ki XP PRYLPHQWR GXSOR HQWUH R SHQVDPHQWR UDFLRQDO RX OyJLFRHRSHQVDPHQWRPiJLFR(VVDFRH[LVWrQFLDJHUDULDRGHVSUHQGLPHQWRGRLQVyOLWRGHXPD HVIHUDQmRUHDOSDUDLQFRUSRUiORjUHDOLGDGHQRSODQRGDYHURVVLPLOKDQoDWH[WXDO

$LQGD QR SULVPD GDV UDt]HV HXURSHLDV GH LQWHUVHFomR FRP R UHDOLVPR PDUDYLOKRVR DV FRQH[}HVHQWUHRVXEJrQHURHDWUDGLomRSHUSDVVDPDFRQFHSomRVXUUHDOLVWDGHSURGXomROLWHUiULD HVHDYHULJXDUPRVDOJXQVDVSHFWRVGDQRomRFDUSHQWLHULDQDHPVXDWHRULDSRGHPRVSHUFHEHUTXH RDXWRUDSUHVHQWDYtQFXORWDPEpPFRPRVSRVWXODGRVEUHWRQLDQRVHPERUDQHVVHPRPHQWRQHJXH FRPYLJRURPRGHORVXUUHDOLVWDTXHVWmRTXHWDPEpPQRVSURSRUFLRQDLQWHUHVVHDQDOtWLFR

1HVWHWLSRGHUHDOLVPRPiJLFRRQDUUDGRUJHUDOPHQWHWHP³GXDVYR]HV´¬VYH]HVHOHHODGHVFUHYHRVHYHQWRVGH

(33)

$R SHUFRUUHUPRV R SUyORJR GH &DUSHQWLHU DR VHX URPDQFH(O UHLQR GH HVWH PXQGR QRWDPRV TXH R DXWRU FXEDQR UHLWHUD R GLVFXUVR EUHWRQLDQR QR SURFHVVR GH FRQVWUXomR GH VHX LGHiULR VREUH R UHDOLVPR PDUDYLOKRVR $EULPRV QRVVD GLVFXVVmR FRP GXDV SDVVDJHQV GRV

0DQLIHVWRV VXUUHDOLVWDV TXH DSUR[LPDP HP DOJXQV DVSHFWRV R UHDO PDUDYLOKRVR FDUSHQWLHULDQRGDVLGHLDVGHVHQYROYLGDVSRU%UHWRQDQWHULRUPHQWH

7XGRLQGLFDDH[LVWrQFLDGHXPFHUWRSRQWRGRHVStULWRRQGHYLGDHPRUWHUHDOH LPDJLQiULRSDVVDGRHIXWXURRFRPXQLFiYHOHRLQFRPXQLFiYHORDOWRHREDL[R FHVVDP GH VHU SHUFHELGRV FRPR FRQWUDGLWyULRV 2UD HP YmR VH SURFXUDULD QD DWLYLGDGHVXUUHDOLVWDRXWURPyYHOTXHQmRDHVSHUDQoDGHGHWHUPLQDUHVVHSRQWR %5(721S

(DLQGD

6HSHORVXUUHDOLVPRUHMHLWDPRVVHPKHVLWDomRDLGpLDGD~QLFDSRVVLELOLGDGHGDV FRLVDV TXH ³VmR´ H VH GHFODUDPRV QyV TXH SRU XP FDPLQKR TXH ³p´ TXH SRGHPRVPRVWUDUHDMXGDUDVHJXLUWHPRVDFHVVRDRTXHVHSUHWHQGLDTXH³QmR HUD´ VH QmR HQFRQWUDPRV SDODYUDV EDVWDQWHV SDUD HVWLJPDWL]DU D EDL[H]D GR SHQVDPHQWR RFLGHQWDO VH QmR UHFHDPRV QRV LQVXUJLU FRQWUD D OyJLFD VH QmR SRGHPRVMXUDUTXHXPDWRUHDOL]DGRQRVRQKRWHPPHQRVVHQWLGRTXHXPDWRTXH UHDOL]DPRVDFRUGDGRVVHQmRWHPRVVHTXHUFHUWH]DTXHQmRVHYDLDFDEDUFRPR WHPSR YHOKD IDUVD VLQLVWUD WUHP SHUSHWXDPHQWH VDLQGR GRV WULOKRV >@ %5(721S

1R SULPHLUR IUDJPHQWR GHVWDFDPRV QR GLVFXUVR XPD EXVFD SHOR TXH RV VXUUHDOLVWDV QRPHDYDP FRPR ³VXSUDUHDO´ RX R TXH HVWDULD DOpP GRV OLPLWHV UHDLV 2V VXUUHDOLVWDV

DILUPDYDP TXH VHULD HVVH ³SRQWR GR HVStULWR´ GH FRPXQLFDomR HQWUH GRLV SyORV RSRVWRV RX GLVWDQWHVFRPRD³YLGD´HD³PRUWH´RXR³FRPXQLFiYHO´HR³LQFRPXQLFiYHO´DUDL]GHVHXV SRVWXODGRV7DLVSyORVVHULDPFRQYHUJHQWHVHSRUFRQVHTXrQFLDGLVVR³>@FHVVD>ULD@PGHVHU SHUFHELGRV FRPR FRQWUDGLWyULRV >@´ %5(721 S 2UD R UHDOLVPR PDUDYLOKRVR FDUSHQWLHULDQR SURSXQKD GH PDQHLUD VHPHOKDQWH XPD YLVmR GH $PpULFD FXMR HOHPHQWR IXQGDPHQWDOVHULDRPDUDYLOKRVR6DEHPRVTXHWDOHOHPHQWRFRORFDUVHLDHPXPDHVIHUDGHQmR FRQWUDGLomRIUHQWHjUHDOLGDGHFRPDMXVWLILFDWLYDGHVHUSUySULRGRFRQWLQHQWHDPHULFDQRHSRU LVVRSRUPHLRGDIpHGRPLODJUHDHOHYDomRGRUHDOGDUVHLDQDWXUDOPHQWH

1mRKDYLDSRUSDUWHGRVVXUUHDOLVWDVXPDLQWHQomRGHQHJDUDUHDOLGDGHHPStULFDHVLPDODUJiODFRQVHJXLQGR

(34)

,JXDOPHQWHDQDUUDWLYDFDUSHQWLHULDQDGHVHQYROYHFHUWDFRPSRVLomRHVTXHPDWL]DGDFRPR WHPSR GLHJpWLFR WUDQVJUHGLQGR VXD OLQHDULGDGH (VVH DVSHFWR SURGX] XP HIHLWR HVWLOtVWLFR GH DQXODomRGRVOLPLWHVHQWUHSUHVHQWHSDVVDGRHIXWXURQDQDUUDWLYD2HVFULWRUFXEDQRDSUHVHQWDYD WDO SRVWXUD VHQGR ³>«@FDGD YH] PiV REVHVLRQDGR SRU ODV SHUVSHFWLYDV WHPSRUDOHV GH OD H[SHULHQFLD KXPDQD >«@´ 52'5Ë*8(= 021(*$/ S EXVFDQGR DWUDYpV GH ³LPDJLQDFLyQ´ ³>«@H[SORUDU VLPEyOLFDPHQWH OD DYHQWXUD GHO VHU DPHULFDQR HQ ODV YDULDV GLPHQVLRQHVGHOWLHPSR\HOHVSDFLR>«@´52'5Ë*8(=021(*$/S&DUSHQWLHU WRUQRXVH SRUWDQWR XP ³>«@ QDUUDGRU GH JUDQ DPELFLyQ HVWLOtVWLFD VXWLO GHVFULSWRU TXH GHVDUUROOD SDXVDGDPHQWH HQ VXV QRYHODV XQD LQYHVWLJDFLyQ SHUVRQDO VREUH OD H[LVWHQFLD GHO WLHPSRVREUHVXUHYHUVLELOLGDGVREUHVXQDWXUDOH]DFtFOLFD´52'5Ë*8(=021(*$/ S

$TXHVWmRTXHHQYROYHDWHPSRUDOLGDGHpUHLWHUDGDQDVHJXQGDSDVVDJHPHPTXH%UHWRQ VDOLHQWDVHURWHPSRXPD³>@YHOKDIDUVDVLQLVWUD>@´%5(721SXP³>@WUHP SHUSHWXDPHQWHVDLQGRGRVWULOKRV>@´%5(721SPHWDIRUL]DQGRVHXFDUiWHUGH LQVWDELOLGDGH $ LQVLVWrQFLD GR DXWRU GRV0DQLIHVWRV HP DWLQJLU R TXH HVWi HVFDPRWHDGR FRPR H[SRVWRHP³>@WHPRVDFHVVRDRTXHVHSUHWHQGLDTXH³QmRHUD´>@´%5(721S FRPRWDPEpPVXDSRVWXUDDOWLYDHFRQWUiULDDWXGRRTXHHVWLYHVVHHVWDJQDGRSUHVHQWHHP³>@ UHMHLWDPRV VHP KHVLWDomR D LGpLD GD ~QLFD SRVVLELOLGDGH GDV FRLVDV TXH ³VmR´ >@´ %5(721 SVmRHOHPHQWRVTXHUHYHUEHUDPQRGLVFXUVRFDUSHQWLHULDQRVREUHRUHDOPDUDYLOKRVR $VHYLGrQFLDVDSRQWDGDVDWpDTXLID]HPSDUWHGHXPDVpULHGHDSUR[LPDo}HVTXHSRGHP VHU IHLWDV HQWUH %UHWRQ H &DUSHQWLHU $ RULJHP GHVVD FDUDFWHUtVWLFD SRVVLYHOPHQWH HVWDULD UHODFLRQDGDDRIDWRGHRDXWRUFXEDQRWHUSDUWLFLSDGRGR JUXSRVXUUHDOLVWDFRODERUDQGRSDUD D UHYLVWD/D UpYROXWLRQ VXUUpDOLVWH H SRVWHULRUPHQWH FRPR VH VDEH SURWDJRQL]DGR XP DWDTXH

LGHROyJLFRFRQWUDRVXUUHDOLVPRFRQKHFLGRFRPRD³4XHUHODGH´WHQGRFRPRWH[WR³8Q FDGDYUH´GLUHFLRQDGRHXIHPLFDPHQWHD%UHWRQQDILJXUDGH/DXWUpDPRQW

+i XPD FHUWD DPELJLGDGH QD DWLWXGH TXH PRVWUD &DUSHQWLHU FRP UHVSHLWR DR VXUUHDOLVPR HP 1HVVHV DQRV R HVFULWRU FXEDQR PDV GH SDLV HXURSHXV SDUHFHHVWDUPXLWRHPSHQKDGRDLQGDHPUHDOoDUVXDVUDt]HVDPHULFDQDV'DtVHX

5HYLVWDODQoDGDHPHPFRQFRPLWkQFLDFRPRLQWHUHVVHGRVVXUUHDOLVWDVSRUTXHVW}HVSROtWLFDVHILORVyILFDV

UHODFLRQDGDVDR0DU[LVPRHDR3DUWLGR&RPXQLVWD

7H[WRGHHVFULWRSHORVGLVVLGHQWHVGRVXUUHDOLVPR$OpPGH$OHMR&DUSHQWLHUWDODWDTXHWHYHDSDUWLFLSDomR

(35)

UHFKDoRDRLQVWUXPHQWDOPDUDYLOKRVRTXHKHUGDRVXUUHDOLVPRHTXH>@GDtVHXV DWDTXHV D /DXWUpDPRQW TXH PDVFDUDP DWDTXHV D %UHWRQ ,VWR WXGR SHUPLWHOKH VHSDUDUVHQLWLGDPHQWHGHXPPRYLPHQWRTXHDILQDOGHFRQWDVpHXURSHXHP VXDVRULJHQV52'5Ë*8(=021(*$/S

$ SUHWHQVmR FDUSHQWLHULDQD GH ORJUDU XPD HPDQFLSDomR DPHULFDQD SRU PHLR GH XP HVIDFHODPHQWR GR LGHiULR HXURSHX FRPR WDPEpP GHVID]HQGRVH GRV SRVWXODGRV VXUUHDOLVWDV p FODUD$WpFHUWRSRQWRRDXWRUFRQVHJXLXDYDQoDUUHLYLQGLFDQGRXPDWHRULDTXHIRVVHSHUSDVVDGD SHORLGHDOGHDPHULFDQLGDGHHQWUHWDQWRLQHJiYHOpDLQIOXrQFLDGRV0DQLIHVWRVHPVHXVHVWXGRV DFHUFD GR UHDO PDUDYLOKRVR $ ULJRU HPERUD FRQVLGHUHPRV R GLVFXUVR GH FRPR XPD LGHRORJLD TXH UHFODPDULD R JHQXtQR DPHULFDQR OLEHUWDQGRR GRV SDUDGLJPDV HXURSHXV QmR SRGHPRVQHJDUD³DPELJXLGDGH´VLQDOL]DGDSHORFUtWLFRXUXJXDLRDUHVSHLWRGHVVHDVVXQWRMiTXH &DUSHQWLHU DR SURPXOJDU VHX UHDO PDUDYLOKRVR SHUSDVVD DV WHVVLWXUDV VXUUHDOLVWDV DR PHVPR WHPSR HP TXH WHQWD QHJiODV SURFHVVR TXH GH FHUWD IRUPD VHULD VHPHOKDQWH DR PRYLPHQWR DQWURSRIiJLFREUDVLOHLURHPUHODomRjVSURGXo}HVHXURSHLDV

7DPEpPQHVVHVHQWLGRGHDSUR[LPDo}HVHQWUHHVVDVGXDVYHUWHQWHVOLWHUiULDVpQHFHVViULR HQIDWL]DU TXH ³>@ QmR p GLItFLO LGHQWLILFDU QRV PHDQGURV >@´ &+,$03, S GD GHILQLomR GH UHDOLVPR PDUDYLOKRVR ³>@ DTXHOD YHUGDGH HVVHQFLDO TXH RV VXUUHDOLVWDV ID]LDP FRLQFLGLU FRP R PDUDYLOKRVR R µPHUYHLOOHX[¶´ &+,$03, S UDWLILFDQGR DV LQIOXrQFLDV GH %UHWRQ QD FRQFHSomR GH &DUSHQWLHU VREUH R VXEJrQHUR 6HOHFLRQDPRV D VHJXLU GRLVSRQWRVGHFRQIOXrQFLDHQWUHDVGXDVFRQFHSo}HVGHRULHQWDomROLWHUiULD±DOLQJXDJHPHR HPSUHJRGHPHWDWH[WRQDHVWUXWXUDGRREMHWROLWHUiULR

$OLQJXDJHPHVWLOtVWLFDEDUURFDpDSRQWDGDSRUSDUWHGDFUtWLFDKLVSDQRDPHULFDQDFRPR XPD GDV PDQLIHVWDo}HV GR VXEJrQHUR UHDOLVPR PDUDYLOKRVR PDUFDQGR QmR VRPHQWH D REUD GR DXWRU TXH R SURS}H FRPR WDPEpP VH HVWHQGHQGR j GH RXWURV HVFULWRUHV FRPR /H]DPD /LPD 6HYHUR6DUGX\H5HLQDOGR$UHQDVSDUDFLWDUDOJXQV&DUSHQWLHUMiQRVDQWHFLSDHPVHXWH[WR³/R EDUURFR \ OR UHDO PDUDYLOORVR´ XPD FRQVLGHUDomR DFHUFD GR HVWLOR FRPR XPD PDQLIHVWDomR

OLQJXtVWLFDWLSLFDPHQWHDPHULFDQD7HQGRLVVRFRPRSUHFHLWRHVWpWLFRRDXWRUEXVFDULDDSDODYUD SUySULD GR 1RYR &RQWLQHQWH TXH QmR IRVVH FRQWDPLQDGD SHOD OtQJXD GR FRORQL]DGRU H SRU

9HU5D]yQGH6HUGH$OHMR&DUSHQWLHU&ROHWkQHDGHHQVDLRVSXEOLFDGDHP&XEDSHODSULPHLUDYH]HP2

(36)

FRQVHJXLQWH TXH QmR GHVFRQVLGHUDVVH RV HOHPHQWRV TXH FRPS}HP VXD FXOWXUD QR SURFHVVR GH FRQVWUXomRGRGLVFXUVR

2 FDUiWHU TXH VH GHYH VDOLHQWDU QHVVH SURFHVVR HVWLOtVWLFR XWLOL]DGR SRU &DUSHQWLHU p R GH DSUHVHQWDUFHUWRJUDXGHOLEHUGDGHQDFRQVWUXomRGDOLQJXDJHPWH[WXDOMiTXHpSRUPHLRGHODTXHVH SURS}HRPRGRDPHULFDQRGHVHYHUHFDUDFWHUL]DURVREMHWRVHDVDo}HVQDQDUUDWLYD1HVVHSRQWR $OHMR&DUSHQWLHUH%UHWRQVHHQFRQWUDPDLQGDTXHPDQWHQKDPIRFRVGLVWLQWRV6HSRUXPODGRR DXWRUFXEDQRUHFODPDYDXPDOtQJXDSUySULDSDUDH[SUHVVDUDDPHULFDQLGDGHSRURXWURRDXWRUGRV

0DQLIHVWRVMiKDYLDSURSRVWRXPUHIHUHQFLDOOLQJXtVWLFRSDUDDOFDQoDUDH[SUHVVmRGRVRQKRQRFDVR DHVFULWDDXWRPiWLFDFRPRWDPEpPRHPSUHJRGRSURFHVVRGHPRQyORJRLQWHULRUGLVFXUVLYRXPDYH] TXH³>@RVRQKRGDIXVmRGHUHDOLGDGHVGLVWLQWDVHQWUHVLOHYDUiRVVXUUHDOLVWDVDDFUHGLWDUQDSHUIHLWD LQWHJUDomRGRSHQVDPHQWRHGHVXDH[SUHVVmRRTXHUHVXOWDUiQDFKDPDGD³HVFULWDDXWRPiWLFD´RXR ³SHQVDPHQWRIDODGR´GHDFRUGRFRP%UHWRQ´*20(6S

$VVLQDODPRV HVVD FDUDFWHUtVWLFD GH FXQKR OLEHUWiULR SHOR IDWR GH TXH DPERV RV DXWRUHV VH SURSXQKDPDHVIDFHODURTXHVHWLQKDFRPRSUpGHWHUPLQDGRRXHVWDJQDGRQRVPRGHORVGDOLWHUDWXUD LVWRp³>«@HOVXUUHDOLVPRQRSUHWHQGHRWUDFRVDHVXQSRQHUHQUDGLFDOHQWUHGLFKRDORTXHKDVWD DKRUDKDVLGRFRQVLGHUDGRLQPXWDEOHSRUQXHVWUDVRFLHGDGWDQWRFRPRXQDGHVHVSHUDGDWHQWDWLYD SRUHQFRQWUDUODYtDGHVDOLGD>«@´3$=S2XDLQGDQDVSDODYUDVGRSUySULR%UHWRQ

'H TXDOTXHU PRGR VHUi PRWLYR GH RUJXOKR SDUD QyV WHUPRV FRQWULEXtGR SDUD HVWDEHOHFHUDLQDQLGDGHHVFDQGDORVDGRTXHDLQGDjQRVVDFKHJDGDVHSHQVDYD H SRU WHUPRV VXVWHQWDGR ± EDVWD LVVR ± TXH HUD QHFHVViULR R SHQVDPHQWR VXFXPELUDILQDOVRERSHQViYHO%5(721S

7HQGR HP FRQWD TXH RV VXUUHDOLVWDV XWLOL]DYDP XPD OLQJXDJHP SUySULD HVFULWXUD DXWRPiWLFDSDUDH[SUHVVDUHPXPREMHWRVRQKRGHIRUPDDQiORJD&DUSHQWLHUDWUDYpVGHVHX EDUURTXLVPROLQJXtVWLFRYLVDYDjH[SUHVVmRGRWHUPRDPHULFDQLGDGHHPVHXVSRVWXODGRV&RP HIHLWR R REMHWLYR GH HVFDSDU GRV PRGHORV Mi FRQFHELGRV PDUFD IRUWHPHQWH R GLVFXUVR FDUSHQWLHULDQR DR HODERUDU R FRQFHLWR GH UHDO PDUDYLOKRVR DPHULFDQR H QR UHFXUVR HVWpWLFR OLQJXtVWLFRQHREDUURFRWRPDIHLo}HVGHOLEHUGDGHHSURWHVWR

(37)

LQWHQVLGDGGHVXSRGHUIXQGDQWHVHHYLGHQFLDHQSDUWLFXODULGDGHVWH[WXDOHVODV HVFHQDVORVFXDGURV\ORVHSLVRGLRVDGTXLHUHQ\SXHGHQGLVIUXWDUDLVODGDPHQWH \VREUHWRGRHQVXHQWUDPDGRTXHRUJiQLFDPHQWHFRQIRUPDQXQDWRWDOLGDGD SXQWR GH PHWDPRUIRVHDUVH FRPR HQ HO %DUURFR ),*8(52$ 6È1&+(= S

1R SULVPD GD OLQJXDJHP EDUURTXL]DQWH SHUFHEHVH TXH RV DVSHFWRV TXH HVWUXWXUDP R GLVFXUVRHVWLOtVWLFRFDUSHQWLHULDQRDYDQoDPSDUDDFRQFHSomRLGHROyJLFDVREUHD$PpULFDDEULQGR PDUJHPSDUDXPDFRQFHSomROLQJXtVWLFDLQWHJUDGDjUHSUHVHQWDomRPLPpWLFDGHVXDFXOWXUDFRPR YHUHPRV PDLV DGLDQWH$ SULRUL DR VHOHFLRQDUPRV D FUtWLFD H D SURGXomR OLWHUiULD KLVSDQR DPHULFDQDV GR VpFXOR SDVVDGR QmR IRL GLItFLO HQFRQWUDU DV LQWHUVHFo}HV HQWUH R QHREDUURFR H R VXEJrQHURDLQGDTXHPXLWRSRXFRH[SORUDGDVGHPDQHLUDTXHVHFKHJDVVHDXPFRQVHQVRRXXPD WHRULDVREUHRDVVXQWR)HLWDDUHVVDOYDQRVVRWUDEDOKRWRPDRQHREDUURFRFRPRXPDOLQJXDJHP DWUHODGDDRSURFHVVRGHLQVWDXUDomRGRVXEJrQHURQDQDUUDWLYDRTXHGHFHUWDIRUPDpWDPEpP XPDDILUPDWLYDGH&DUSHQWLHUHPVHXVSRVWXODGRV

1R TXH GL] UHVSHLWR DR SURFHVVR GH LQVHUomR GH RXWURV WH[WRV QD QDUUDWLYD FRQVLGHUHPRV XPDTXHVWmROHYDQWDGDSRU&KLDPSL

2IHQ{PHQRGR³GHVPDVFDUDPHQWRGRQDUUDGRU´DEULQGRXPSURFHVVRDQiORJRj SURGXomRGRHIHLWRGHHQFDQWDPHQWRQROHLWRURTXHVWLRQDPHQWRGRDWRSURGXWRU GDILFomRLQYROXFUDDUHYLVmRGDFRQYHQomRURPDQHVFDGRUHDO$VXSHUDomRGDV WpFQLFDV GH RFXOWDPHQWR GR QDUUDGRU VH FDUDFWHUL]D SHOD DXWRUHIHUHQFLDOLGDGH GRV PHFDQLVPRV GD HQXQFLDomR H SHOD H[SOLFLWDomR GR ³PHWDWH[WR´ FRPR SURFHVVRVTXHDVVHJXUDPXPDQRYDFRQFHSomRGRUHDODWUDYpVGRGHVORFDPHQWR GRLQWHUHVVHGROHLWRUGDKLVWyULDSDUDRVXMHLWRGDHQXQFLDomR&+,$03, S

(38)

FRQYHQFLRQDOR³PHWDWH[WR´VHULDXPDIRUPDGH³>@DVVHJXUDUDQRYDFRQFHSomRGRUHDO>@´

&+,$03,SHQHVVHVHQWLGRPDUFDULDDFRQVWUXomRGRVXEJrQHUR

(VSHFLILFDPHQWH QR FDVR GR UHDOLVPR PDUDYLOKRVR D QDUUDWLYD HQWUHFRUWDGD SHOD LQWURPLVVmR GH RXWURV WH[WRV GHVHPSHQKD XP SDSHO IXQGDPHQWDO QD FRQVWUXomR GR GLVFXUVR DPHULFDQLVWDSRLVRVGLVFXUVRVVHDOLQKDPHPXPDFDGHLDHPTXHVHDUWLFXODPDVSRQGHUDo}HV SHUWLQHQWHVjTXHODWHPiWLFD$GLHJHVHGHVWDIRUPDpFRVWXUDGDSHORVPHWDWH[WRVUHYHODQGRXPD YR]QDUUDWLYDSUHRFXSDGDFRPDFRQVWUXomRGLVFXUVLYD(VWDYR]VHDILUPDULDFRPRXPSURGXWRU DWXDQWHSRUWUiVGRTXH VHQDUUDR ³GHVPDVFDUDPHQWR´QmR DWXDULDVLPSOHVPHQWHQRVDVSHFWRV LQWUDWH[WXDLV GH FHUWD QDUUDWLYD PDV H[WUDSRODULDP SDUD R FDPSR GD LQWHUDomR LGHROyJLFD H FXOWXUDO LQFUXVWDGD QR GLVFXUVR TXH VH HODERUD DEDQGRQDQGR HP SDUWHV R VXUUHDOLVPR FRPR YHUHPRVDVHJXLU

2PHWDWH[WRUHFXUVRHPSUHJDGRFRPFHUWDIUHTXrQFLDQRVURPDQFHVFDUSHQWLHULDQRVFRPRWDPEpPRHVWXGRVREUH

(39)

'DVLPSOLFDo}HVLGHROyJLFDVHGRQHREDUURFR

(VWHYtQFXORRULJLQiULRHQWUHDFRQVFLrQFLDOLQJtVWLFDH D PtWLFRUHOLJLRVD H[SUHVVDVH VREUHWXGR QR IDWR GH TXH WRGDV DV IRUPDo}HV YHUEDLV DSDUHFHP RXWURVVLP FRPR HQWLGDGHV PtWLFDV SURYLGDV GH GHWHUPLQDGRV SRGHUHVPtWLFRVHGHTXHD3DODYUDVHFRQYHUWHQXPD HVSpFLHGHDUTXLSRWrQFLDRQGHUDGLFDWRGRRVHUHWRGR DFRQWHFHU&$66,5(5S

3DUDWUDWDUGDVTXHVW}HV LGHROyJLFDVTXHHQYROYHPDFRQFHSomRGRVXEJrQHURVDEHPRV TXH HOH VXUJH QR VpFXOR SDVVDGR FRP &DUSHQWLHU FRORFDGR FRPR XPD QRYD RULHQWDomR GH UHIHUHQFLDOLGDGH SDUD D OLWHUDWXUD KLVSDQRDPHULFDQD H TXH WDO QRUWHDPHQWR IRUD GHPDUFDGR QR SUyORJRGHVHXVHJXQGRURPDQFH(OUHLQRGHHVWHPXQGRHPTXHVHHQFRQWUDPDLQGD VXDVFRQVLGHUDo}HVHWHQWDWLYDGHGLPHQVLRQDPHQWRVREUHRFRQFHLWR

$YHULJXDUDDSDULomRGRWHUPRHPVXDVROLGH]WHyULFROLWHUiULDUHYHODTXHRHVFULWRUHVWHYH EHPPDLVSUHRFXSDGRFRPUDt]HVKLVWyULFRFXOWXUDLVVRFLDLVRXLGHROyJLFDVTXHFRPRULJRUGH HVWDEHOHFHUXPDGHILQLomRSDUDDOLWHUDWXUDGHVHXSRVWXODGRVREUHRDVVXQWR6HDWHQWDUPRVSDUD VHX WH[WR QRWDUHPRV TXH HOH p SHUSDVVDGR SRU XPD JDPD GH YRFiEXORV TXH GHQXQFLDP HVVD SRVWXUD DUUDLJDGD HP RXWURV HVWXGRV RX GRXWULQDV WDLV FRPR ³IH´ ³IRONORUH´ ³KLVWRULD´ ³$PpULFD´³PLODJUR´³FRORQLD´³UH\´DFLWDUDOJXQV

2FRQFHLWRGHUHDOPDUDYLOKRVRFDUSHQWLHULDQRHPHUJHSRUWDQWRFRPRXPGHVDILRSDUDRV SHVTXLVDGRUHVTXHSULPDPSHODHVWUXWXUDDRSDVVRTXHVHGHOHLWDPRVTXHWULOKDPVXDVDQiOLVHV GLUHFLRQDGRV SDUD D KLVWyULD D ILORVRILD RX D VRFLRORJLD XPD YH] TXH HVWDV WUDQVERUGDP QR FRQWH[WRGDVREUDVKLVSDQRDPHULFDQDVHH[SDQGHPDGLVFXVVmRSDUDXPDGLPHQVmRH[WUDOLWHUiULD 7DO FRQVWDWDomR ID] GRV HVWXGRV OLWHUiULRV QHVWD iUHD XP WUDEDOKR SUREOHPiWLFR SRLV VH FRQVLGHUDUPRVDQRomRGRDXWRUFXEDQRFRPRWHRULDQRVFKRFDPRVFRPRVDUJXPHQWRVGHTXH VXD FRQFHLWXDomR TXDQWR DR UHDO PDUDYLOKRVR QmR DEUDQJH TXHVW}HV HOHPHQWDUHV GD OLWHUDWXUD DSURIXQGDPHQWRQDILJXUDGRQDUUDGRUDQiOLVHGDGLQkPLFDGDVSHUVRQDJHQVHGRGHVHPSHQKR QDUUDWLYR HVSDoRWHPSRUDO GR VXEJrQHUR SRU H[HPSORV H GHVWD IRUPD QmR VHULD DSOLFiYHO REMHWLYDPHQWHFRPRXP~QLFRUHIHUHQFLDOWHyULFR

1RWHVH QR SUyORJR GR URPDQFH(O UHLQR GH HVWH PXQGR &$53(17,(5 $OHMR$OHMR &DUSHQWLHU 2EUDV

(40)

2XWUR SRQWR LPSRUWDQWH TXH GHYH VHU DVVLQDODGR QHVVD TXHVWmR HVWi UHODFLRQDGR DR SRVLFLRQDPHQWR GD SHVTXLVD TXH VH GLUHFLRQD j OLWHUDWXUD KLVSDQRDPHULFDQD SRLV D ULJRU SHUFHEHPRV QHVWD ~OWLPD VHX SRWHQFLDO LPDQHQWH QR H[WUDWH[WR FRPR SRVVtYHO PHFDQLVPR DUWLFXODGRU GR GLVFXUVR QDUUDWLYR VREUHWXGR QR TXH GL] UHVSHLWR j GLHJHVH FRPR H[SXVHPRV DQWHV &DUSHQWLHU HP7LHQWRV \ GLIHUHQFLDVQRV FKDPD D DWHQomR SDUD R IDWR GH R FRQWLQHQWHDPHULFDQRDSUHVHQWDULPSRUWDQWHVHOHPHQWRVHPVXDFRQVWLWXLomRTXHUHFODPDPXPD HPDQFLSDomR LGHROyJLFD 2 GLVFXUVR FDUSHQWLHULDQR VREUHOHYD HVVD YHUWHQWH GHVHQYROYHQGR R LGHiULR VREUH R UHDO PDUDYLOKRVR TXH VH FRORFD SDXWDGR HP FRQFHLWRV TXH SHUSDVVDP D ³YLUJLQLGDGGHOSDLVDMH´HRV³IHFXQGRVPHVWL]DMHV´S2DXWRUVDOLHQWDDLQGDTXH HVWD UHJLmR HVWDULD ³>@PX\ OHMRV GH HVJRWDU VX FDXGDO GH PLWRORJtDV>@´ S H ILQDOL]DDLGHLDODQoDQGRQRVDIDPRVDTXHVWmR³¢3HURTXpHVODKLVWRULDGH$PpULFDWRGDVLQR

XQDFUyQLFDGHORUHDOPDUDYLOORVR"´S

1HVVHFDPLQKRDVSHUJXQWDVTXHGHYHPVHUIHLWDVDTXLVmRDVVHJXLQWHVDSURSRVWDGR DXWRU p UHDOPHQWH VLVWHPiWLFD QR TXH GL] UHVSHLWR j DEVRUomR GH VXDV FRQMHWXUDV SHOD WHRULD OLWHUiULD"2XRUHIHULGRWH[WRVHSURS}HFRPRXPDDEHUWXUDSDUDHVWXGRVDFHUFDGRPDUDYLOKRVR HPWHUPRVSURSULDPHQWHOLWHUiULRV FRPRYmRDWXDUHVWXGLRVRV FRPR7RGRURY&KLDPSL'DYLG 5RDV 6H\PRXU 0HQWRQ :LOOLDP 6SLQGOHU H RXWURV TXH WHRUL]DUDP D UHVSHLWR GR WHPD" 6HULD DGHTXDGD XPD DQiOLVH TXH WRPDVVH RV SUHFHLWRV FDUSHQWLHULDQRV FRPR UHIHUHQFLDO WHyULFRD SULRUL"7DOYH]HVVDVTXHVW}HVVHMDPUHVROYLGDVVHPWDQWRVWUDXPDVVHDOHLWXUDGRSUyORJRHGH RXWUDV SURSRVLo}HV GR HVFULWRU FXEDQR VREUH R DVVXQWR HVWHMD HQJOREDGD QD WHRULD YLVDQGR j H[WHQVmR GR WUDEDOKR FUtWLFR H QmR FRPSDUDGDV D HOD 'HVWD IRUPD RV HQVDLRV FDUSHQWLHULDQRV RFXSDULDP XPD LPSRUWDQWH IXQomR QR WRGR DQDOtWLFR QD PHGLGD HP TXH IRVVHP DUWLFXODGRVD SRVWHULRULGLVVROYHQGRRHVWLJPDGHTXHQmRVHMDUHFRPHQGiYHOFRQVLGHUDURHVFULWRUFXEDQRXP WHyULFR

(41)

EXVFDQGR R SRWHQFLDO VHPkQWLFRLGHROyJLFR VXEMDFHQWH QD QDUUDWLYD FRPR WDPEpP LGHQWLILFDU TXDLVVHULDPRVSURFHVVRVGHXQLmRHQWUHHOHV

$PLWRORJLDDFLRQDGDQDFRQFHSomRGRGLVFXUVRUHDOLVWDPDUDYLOKRVRFRPRWDPEpPVXDV FRQVWUXo}HVGHPHVWLoDJHQVFXOWXUDLVQRVSDUHFHPSHUWLQHQWHVQHVVHPRPHQWRSRLVpYiOLGRTXH RPLWREURWHFRPR³>@XPDIRUPDFRPXQLFDWLYDGHFRQVHUYDUHGHVLJQLILFDUXPYDORUDWUDYpVGH XPVtPERORRXPHWDVtPERORTXHH[SUHVVDDPSOLDDQWHFLSDIL[DHVFODUHFHRFXOWDRXH[DOWDR YDORU GR VLJQLILFDGR´ 7È92/$ S FRPR WDPEpP p YiOLGD D QRomR GH TXH D PHVWLoDJHP FXOWXUDO DEUDQJH WDQWR RV HQFRQWURV TXDQWR RV GHVHQFRQWURV HQWUH DV DOWHULGDGHV SURGX]LQGR XP KRUL]RQWH GHPDVLDGR IHFXQGR SULQFLSDOPHQWH VH SHQVDUPRV HP QtYHO GH IRUPDomRGHLGHRORJLDVHPWHUUHQRDPHULFDQR6&$1121(S(VVDVGXDVHVIHUDV TXHUHJHPRHVSHFWURDPHULFDQRDGHPDLVGHVHPSHQKDPXPDFRQVWDQWHHLQRYDGRUDIRQWHSDUDD FRQVWLWXLomRGRGLVFXUVRDPHULFDQLVWDSRLVSRUPXLWRPHQRVTXHLQWHQFLRQDUHPDDQXODomRGDV DILUPDWLYDVKLVWyULFDVRXPtWLFDVUHYHODPVXDUHDYDOLDomRHUHFRQFHSomR

2PLWRPH[LFDQRVREUHDDQXQFLDomRGHXP4XLQWR6ROTXHYHPDFRQVWLWXLUODOH\HQGD GH ORV &LQFR 6ROHV )8(17(6 S SDUHFHQRV XPD LPSRUWDQWH UHWRPDGD SDUD D

FRPSUHHQVmRGRXQLYHUVRPtWLFRTXHUHJHRGLWRHVSHFWURDPHULFDQRXPDYH]TXHFRLQFLGHHP XPSRQWRFRPDKLVWyULDKLVSDQRDPHULFDQDDGHUURFDGDGRSRYRDVWHFDFDXVDGDSHODFKHJDGD GRV HVSDQKyLV QR FDVR FRQFHELGRV FRPR GHXVHV HQYLDGRV 7DPEpP GH DVSHFWR PXLWR VHPHOKDQWH D VLQFURQLD HQWUH D HVIHUD LPDJLQiULRPtWLFD H D KLVWyULD VH ILQFRX HP WHUUHQR DPHULFDQR TXDQGR R KRPHP EUDQFR GHSDURXVH QD $PpULFD FRP YLV}HV TXH MXVWLILFDYDP D H[LVWrQFLD GH XP 'HXV FULDGRU GH XP SDUDtVR SRYRDGR SRU FULDWXUDV SXUDV UHSOHWR GH DEXQGkQFLDV QDWXUDLV H GH XPD H[XEHUkQFLD LQGHVFULWtYHO HUD VHP G~YLGD DTXHOH PRPHQWR D UDWLILFDomRGDYHUDFLGDGHGROLYURQRUWHDGRUGDIpHXURSHLD0,/721S

$ FRQTXLVWD GRV SRYRV LQGtJHQDV GHVWD IRUPD WRUQRXVH HVSDoR GH XPD LQVWLJDQWH SHUPXWD PtWLFD H LPDJLQiULD SURGX]LQGR GLVFXVV}HV VREUH R DVVXQWR TXH WLYHUDP VHX iSLFH QD XUGLGXUDGRVURPDQFHVGRVpFXORSDVVDGR2IHQ{PHQR³>@VLJQLILFRXXPDUXSWXUDGUiVWLFDSRLV GHVHQFDGHRX XPD FULVH QD KLVWRULRJUDILD YLJHQWH DR WUD]HU RQRYR H RGHVFRQKHFLGR SDUD XP PXQGRTXHDSDUHQWHPHQWHMiHVWDYDPDLVRXPHQRVFRQFHLWXDGRHGHOLPLWDGR>@0,/721 S$SRWHQFLDOLGDGHPtWLFDHPVRORDPHULFDQRIRUDGHPDUFDGDFRPRXPSRQWRGH

2V DVWHFDV DFUHGLWDYDP TXH FRP D FKHJDGD GR4XLQWR 6RO KDYHULD PXLWD IRPH GHVJUDoD H PRUWH H

Referências

Documentos relacionados

niloticus por meio de Ensaio Cometa e Teste de Micronúcleo, além de analisar a qualidade da água por meio de parâmetros físico-químico.. 1.1.2

Como cada aluno do Colégio Shalom pode ser um agente multiplicador do que aprendeu sobre ecologia e suas ações podem ser inspiradoras de outras ações de outras pessoas, natural

In our survival analysis, higher COA-NLR score showed a negative impact on OS, independent of pathological stage and age, two well-knows prognostic factors on

(2013), parasitism involves growth of the biocontrol agent towards the host as well as attachment, coiling, and the final attack and dissolution of cell wall by the activity

O resultado das negociações - escolha do dólar americano como moeda padrão para transações internacionais; indexação da taxa de câmbio entre o dólar e as demais

O estudo também trata do instrumento econômico do Pagamento por Serviços Ambientais (PSA), que remunera aqueles que conservam recursos naturais, com o objetivo de demonstrar

Neste sentido, os fatores considerados por este estudo – disclosure da remuneração do dirigente e influência social exercida pela empresa solidária apoiadora da OSFL pelo

Machado et al (2010) utilizou ensaios de espectroscopia acústica para determinar o módulo de elasticidade dinâmico em madeira limpa da espécie Pinus pinaster e