352-(72'(3(648,6$'(',66(57$d2
2'(6,*1*5È),&2&202)(55$0(17$3$5$327(1&,$/,=$5 $(6758785$(',725,$/'(80-251$/3238/$5
'LVVHUWDomR DSUHVHQWDGD FRPR UHTXLVLWR SDUD REWHQomRGRJUDXGH0HVWUHSHOR3URJUDPDGH3yV JUDGXDomR HP &RPXQLFDomR 6RFLDO GD 3RQWLItFLD 8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO
2ULHQWDGRUD3URIHVVRUD'RXWRUD&ULVWLDQH)LQJHU&RVWD
352-(72'(3(648,6$'(',66(57$d2
2'(6,*1*5È),&2&202)(55$0(17$3$5$327(1&,$/,=$5 $(6758785$(',725,$/'(80-251$/3238/$5
'LVVHUWDomR DSUHVHQWDGD FRPR UHTXLVLWR SDUD REWHQomRGRJUDXGH0HVWUHSHOR3URJUDPDGH 3yVJUDGXDomR HP &RPXQLFDomR 6RFLDO GD 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GR 5LR *UDQGHGR6XO
$SURYDGRHPBBBGHBBBBBBBBBBBBBBGH
%$1&$(;$0,1$'25$
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'UD&ULVWLDQH)LQJHU&RVWDRULHQWDGRUD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U-XUHPLU0DFKDGRGD6LOYD
'DGRV,QWHUQDFLRQDLVGH&DWDORJDomRQD3XEOLFDomR&,3
7G7KLHU)iELDQ&KHONDQRII
2GHVLJQJUiILFRFRPRIHUUDPHQWDSDUDSRWHQFLDOL]DU DHVWUXWXUDHGLWRULDOGHXPMRUQDOSRSXODU)iELDQ &KHONDQRII7KLHU±3RUWR$OHJUH
I
'LVVHUWDomR0HVWUDGRHP&RPXQLFDomR6RFLDO± )DFXOGDGHGH&RPXQLFDomR6RFLDO38&56
2ULHQWDomR3URID'UD&ULVWLDQH)LQJHU&RVWD
-RUQDOLVPR3RSXODU'LiULR*D~FKR 3ODQHMDPHQWR*UiILFR'HVLJQ(GLWRULDO ,&RVWD&ULVWLDQH)LQJHU,,7tWXOR
&''
)LFKDHODERUDGDSHODELEOLRWHFiULD&tQWLD%RUJHV*UHII&5%
(VWHWUDEDOKRHXGHGLFRSDUDPLQKDDPDGD0iUFLD TXHPHGHXRVGRLVPDLRUHVSUHVHQWHVTXHXPDSHVVRDSRGHWHURDPRUHXPILOKR /LQGRDPDGRHHVSHUDGRR0XULOORpRPRWLYRGHWXGRTXHHXIDoR
$*5$'(&,0(1726
3DUD0iUFLDPLQKDYLGDSRUWRGDDSDFLrQFLDHFRPSUHHQVmR3RUWRGDVDV KRUDVHPTXHDGHL[HLVR]LQKDSDUDHQFDUDURVSULPHLURVGLDVGRQRVVRILOKmR
$R0XULOORPHXILOKmRTXHDRVTXDWURPHVHVVHFRPSDGHFHXFRPLJRFRP PHXGUDPDHFRPHoRXDGRUPLUDQRLWHWRGDVHPDFRUGDUPHGDQGRKRUDVSUHFLRVDVGHVRQR
¬ PLQKD IDPtOLD SHOD IRUoD PLQKD PmH SHODV RUDo}HV PHX LUPmR SHOD WRUFLGDPHXVVRJURVSHORDSRLRVHJXUDQGRDEDUUDGR0XULOOmRTXDQGRDEDUUDSHVDYDHHX SUHFLVDYDHVFUHYHU
¬WXUPDGR'LiULR*D~FKRFROHJDVHDPLJRVTXHPHDEULUDPRVROKRVSDUD XP QRYR WLSR GH MRUQDOLVPR (VSHFLDOPHQWH DR $QGUp )HOWHV DOHPmR ILJXUDoD GH TXHP PH RUJXOKRVHUDPLJRXPGRVPDLRUHVIRWyJUDIRVGRPHUFDGRTXHPHVXSRUWRXSHGLQGRWRGRR PDWHULDOSRVVtYHOHLPSRVVtYHOSDUDVHJXLURWUDEDOKR
$RPHXJUDQGHDPLJRFRPPXLWRRUJXOKRHFROHJD9LWRU1HFFKLTXHFRP WRGRRMHLWRPHVRXEHGL]HUTXHHVWDYDQDKRUDGHVHQWDUHHVFUHYHUDOpPGRDSRLRWRWDOQR GLDDGLDQDIRUPDHFRQWH~GR
¬)DPHFRVQRQRPHGD3URIHVVRUD0iJGD&XQKDQRVVDGLUHWRUDTXHVRXEH DSRLDUHPHGDUOLEHUGDGHSDUDIXJLUHVXPLUDOJXQVGLDVSDUDTXHHXSXGHVVHSURGX]LU
¬PLQKDRULHQWDGRUDSURIHVVRUD'UD&ULVWLDQH)LQJHUSRUWRGDDFRQGXomR SDFLrQFLDKDUPRQLDHVDEHGRULD(ODVDEHRTXDQWRLVVRIRLFRPSOLFDGR
¬ GRQD &DUPHP &DQDULP 6HOOPHU TXH PH VDOYRX ID]HQGR D UHYLVmR H FRORFDQGRQDVQRUPDVGD$%17HPWHPSRUHFRUGH
5(6802
7KHQHZVSDSHU'LiULR*D~FKRWKDWLVWDUJHWWRWKHORZLQFRPHSRSXODWLRQKHOSHGWR LQFUHDVHWKHQXPEHURIRYHUDOOUHDGHUVLQ3RUWR$OHJUHPHWURSROLWDQDUHD7KLVZRUNLVEDVHG PDLQO\RQWKHKHUPHQHXWLFFRQFHSWVRI-RKQ7KRPSVRQ7KLVGLVVHUWDWLRQWULHVWRGLVFRYHULI WKHJUDSKLFDOGHVLJQKHOSWRLQFUHDVHWKHVHOOLQJQXPEHUVLQWKLVNLQGRISXEOLFDWLRQ
,1752'8d2
80328&2'(+,67Ï5,$
-251$/,6023238/$5
(QWUHWHQLPHQWRHLQIRUPDomR
6HUYLoR
(GXFDomR
([HPSORVGHMRUQDOLVPRSRSXODUQR%UDVLO
0tGLD,PSUHVVD
2'LD
([WUD
$JRUD6mR3DXOR
0HLD+RUD
([SUHVVRGD,QIRUPDomR
6XSHU1RWtFLD
0tGLD(OHWU{QLFD79
&DGHLD
$TXL$JRUD
3URJUDPDGR5DWLQKR
%UDVLO8UJHQWH
/LQKD'LUHWD
2',È5,2*$Ò&+2
23URMHWR(GLWRULDOGR-RUQDO'LiULR*D~FKR
)DFLOLGDGH
,GHQWLILFDomR
(PRomR
8WLOLGDGH
(QWUHWHQLPHQWR
,QWHUDWLYLGDGH
4XDLVVmRHFRPRVHGLVWULEXHPDVHGLWRULDVGR'LiULR*D~FKR
*HUDOGLDDGLD
(VSRUWHV
2SLQLmR
9DULHGDGHV
3ROtFLD
&RQWUDFDSD
&DSD
'(6,*1*5È),&2
8PSRXFRGHKLVWyULDGR'HEVLJQ*UiILFR
0RGHUQLVPR
3yV0RGHUQLVPR
$/LEHUGDGHHP)RUPDGH&RPSXWDGRU
2TXHpGHVLJQJUiILFR"
4XHPpRGHVLJQHUJUiILFR"
$GHILQLomRGRSURMHWRJUiILFRGR'LiULR*D~FKR
$VHVFROKDVGRSURMHWRJUiILFRGR'LiULR*D~FKR
$HVFROKDGDVFRUHV $RSomRSHODXWLOL]DomRGHPDWpULDVFHUFDGDVSRUILRVER[HVHWtWXORV
VXEOLQKDGRV
$HVFROKDSRUIRWRVUHFRUWDGDV
$RSomRSRUVHWHFROXQDVHGLWRULDLVFRPWH[WRDOLQKDGRjHVTXHUGDVHP VHSDUDomR
(675$7e*,$60(72'2/Ï*,&$6
eWLFD
&yGLJRGHeWLFDGR-RUQDOLVPR%UDVLOHLUR
,GHRORJLD
7HRULD6RFLDO&UtWLFD
,QVWUXPHQWRGHFROHWDGHGDGRV
$1È/,6('$6(',d®(63(5),/'2',È5,2*$Ò&+2
&RU
)RQWHV
)RWRVLOXVWUDo}HVER[HVHWtWXORV
75$7$0(172'265(68/7$'26
,17(535(7$d25(,17(535(7$d2
8QLILFDomR
'LVVLPXODomR
5HLILFDomR
/HJLWLPDomR
&216,'(5$d®(6),1$,6
5()(5Ç1&,$6%,%/,2*5È),&$6
$1(;26
2MRUQDOLVPRLPSUHVVRGHKRMHPHVPRFRPRVDYDQoRVWHFQROyJLFRVDLQGDFDUUHJD
PDUFDVGRTXHHUDSUDWLFDGRQRVpFXOR;,;2EVHUYDQGRSXEOLFDo}HVFRQWHPSRUkQHDVTXHVH
GHILQHPFRPRSRSXODUHVYiULDVWUD]HPDVPDUFDVGRMRUQDOLVPRPDLVDQWLJR(QWUHHODVHVWiD
RUJDQL]DomRGRWH[WRHVWUXWXUDGDDWUDYpVGRVGLVSRVLWLYRVGHFRPSRVLomRWLSRJUiILFD0DUWLQ
%DUEHUR OHPEUD GLVSRVLWLYRV GH RXWUD QDWXUH]D VREUHWXGR R IROKHWLP FXMD
HVVHQFLDOLGDGH UHPHWH DR XQLYHUVR FXOWXUDO GR SRSXODU IUDJPHQWDomR GD OHLWXUD QDUUDWLYD
FRQWDGDHPHSLVyGLRVIUDVHVHSDUiJUDIRVFXUWRVHGLYLVmRGRVDVVXQWRVHPSDUWHVFRPWtWXORH
VXEWtWXORGHVHGXomRHSLVyGLRVHFRPHVWUXWXUDDEHUWDHGHUHFRQKHFLPHQWRTXHSURGX]
D LGHQWLILFDomR GR PXQGR QDUUDGR FRP R PXQGR GR OHLWRU SRSXODU ± QD LGHQWLILFDomR GH
SHUVRQDJHQV%$5%(52S
&RP R SDVVDU GRV DQRV R MRUQDO IRL VH VHJPHQWDQGR VH HVSHFLDOL]DQGR LQYDGLQGR
QRYDViUHDVHDTXHOHVFODVVLILFDGRVFRPRSRSXODUHVSDVVDUDPDFDWLYDUPDLVHPDLVOHLWRUHV
9HPRVKRMHQRVpFXOR;;,XPDJUDQGHSUHVHQoDGHMRUQDLVFRQVLGHUDGRVSRSXODUHVPXLWDV
YH]HV WDFKDGRV GH VHQVDFLRQDOLVWDV LQYDGLUHP D YLGD GH PLOKDUHV GH SHVVRDV 6HJXQGR R
LQVWLWXWR YHULILFDGRU GH FLUFXODomR HP DJRVWR GH R MRUQDO PDLV YHQGLGR GR SDtV HUD R
VXSHUQRWtFLDMRUQDOSRSXODUGHPLQDVJHUDLVFRPPLOH[HPSODUHVYHQGLGRVSRUGLD
³PXLWDVYH]HVXWLOL]DVHDSDODYUDVHQVDFLRQDOLVWDTXDQGRVHTXHUFRQGHQDUXPDSXEOLFDomR
4XDQGRHVVDGHQRPLQDomRUHIHUHVHDXPYHtFXORJHUDOPHQWHpSDUD FRORFiOR jPDUJHP H
DIDVWiOR GRV PtGLDV µVpULRV¶´ $1*5,0$1, S -i 0DUFRQGHV )LOKR
FDUDFWHUL]D R VHQVDFLRQDOLVPR FRPR R JUDX PDLV UDGLFDO GD PHUFDQWLOL]DomR GD LQIRUPDomR
WXGRRTXHVHYHQGHpDSDUrQFLDHQDYHUGDGHYHQGHVHDTXLORTXHDLQIRUPDomRLQWHUQDQmR
LUi GHVHQYROYHU PHOKRU GR TXH D PDQFKHWH 2 MRUQDOLVPR VHQVDFLRQDOLVWD H[WUDL GR IDWR GD
QRWtFLDDVXDFDUJDHPRWLYDHDSHODWLYDHDHQDOWHFH)DEULFDXPDQRYDQRWtFLDTXHDSDUWLUGDt
SDVVDDVHYHQGHUSRUVLPHVPD0$5&21'(6),/+2
1R PrV GH DEULO GR DQR D HQWUDGD GR 'LiULR *D~FKR '* QD UHJLmR
PHWURSROLWDQD GH 3RUWR $OHJUH YHLR VHJXQGR R JUXSR 5%6 GHWHQWRU GH RXWURV YHtFXORV GH
FRPXQLFDomRHQWUHHOHVMRUQDLVUiGLRVHWHYrVDWLQJLUXPS~EOLFRTXHDWpHQWmRQmRFRQVXPLD
RX FRQVXPLD SRXFR LQIRUPDo}HV LPSUHVVDV $ SUHWHQVmR GR SHULyGLFR HUD DWLQJLU
SULQFLSDOPHQWHRVS~EOLFRVGDFODVVH&'H(6HUYLoRHQWUHWHQLPHQWRSROtFLDHIXWHEROVmR
RVVHXVSLODUHVHGLWRULDLV
$ UD]mR SHOD TXDO R WHPD IRL HVFROKLGR p D SRVVLELOLGDGH GH HVWXGDU R MRUQDOLVPR
VHQVDFLRQDOLVWDHHVWHQRYRMRUQDOLVPRSRSXODU$OpPGLVVRREMHWLYDVHEXVFDUUHVSRVWDVSDUD
XPDSHUJXQWDVHR'*pXPMRUQDOSRSXODUTXHDXPHQWRXVHQVLYHOPHQWHRtQGLFHGHOHLWXUD
QD UHJLmR PHWURSROLWDQD GH 3RUWR $OHJUH FRPR PRVWUDUHPRV QR GHFRUUHU GR WUDEDOKR TXH
SRVVXLXPFRQWH~GREDVHDGRQRVHUYLoRVHPDXWLOL]DomRGHJtULDVSDODYU}HVRX³FDVFDWDV´
FDUDFWHUtVWLFDV GR MRUQDOLVPR VHQVDFLRQDOLVWD FRPR R VHX SURMHWR JUiILFR LPSDFWDQWH
SRWHQFLDOL]DRMRUQDOLVPRSRSXODUHDMXGDDDODYDQFDUVXDWLUDJHP"
(PIXQomRGDVH[LJrQFLDVPHWRGROyJLFDVHGRVREMHWLYRVGHVWDSHVTXLVDRWHPDVHUi
GHOLPLWDGRDRSURMHWRJUiILFRGHWUrVMRUQDLV'LiULR*D~FKRH=HUR+RUDGRJUXSR5%6QR
5LR*UDQGHGR6XOH([WUDGR5LRGH-DQHLUR
2'*VHUYLXGHREMHWRSDUDHVWXGDURSRSXODUHVXDVGLIHUHQWHVFRQFHSo}HVDOpPGD
VXD UHODomR FRP R VHQVDFLRQDOLVPR WHPDV TXH VHUYLUmR GH VXSRUWH SDUD R HVWXGR 2 MRUQDO
=HUR+RUDQHVWHFDVRIRLXWLOL]DGRFRPRPRGHORWUDGLFLRQDOGHMRUQDOLVPRSDUDPRVWUDUDV
GLIHUHQoDV FRP RGHVLJQ SRSXODU -i R MRUQDO([WUD SRU VHU XP GRV SULQFLSDLV H[HPSORV GH
MRUQDOLVPRSRSXODUGRPXQGRVHUiXVDGRFRPRPRGHORTXHHYLGHQFLDFDUDFWHUtVWLFDVJUiILFDV
GHVWHWLSRGHSHULyGLFR
/RJR QR LQtFLR GR WUDEDOKR VHUmR WUD]LGDV GHILQLo}HV VREUH MRUQDOLVPR SRSXODU H R
VHQVDFLRQDOLVPR6HUiIHLWDXPDEUHYHUHFRQVWUXomRKLVWyULFDGRMRUQDOLVPRSRSXODUQRPXQGR
H GHSRLV GH TXH IRUPD HOH FKHJRX DR %UDVLO $LQGD QHVWH FDStWXOR VHUi DSUHVHQWDGR R '*
REMHWRGHVWHHVWXGR
0DLVDGLDQWHVHUiIHLWDDGHILQLomRGHGHVLJQJUiILFRHWRGDVDVVXDVYDULDo}HV6HUi
DSUHVHQWDGR R SURMHWR HVSHFLDOPHQWH FULDGR SDUD R '* H PRVWUDGDV WRGDV DV VXDV HVFROKDV
0HWRGRORJLFDPHQWHSRUPHLRGDDQiOLVHKHUPHQrXWLFDSUHWHQGHVHYHULILFDUTXDLVRV
HOHPHQWRVTXHSRWHQFLDOL]DPRMRUQDOLVPRSRSXODUQR'*EHPFRPRHQWHQGHUGHTXHIRUPD
LVVRDMXGDQDEXVFDHILGHOL]DomRGRVOHLWRUHV-XQWRFRPLVVRVHUiXVDGDDWpFQLFDGHDQiOLVH
GHFRQWH~GRSDUDTXHVHSRVVDH[WUDLUGRVWUrVMRUQDLVRVHOHPHQWRVTXHOHYDUmRSDUDDDQiOLVH
&ULDGRHPQD$QWXpUSLDRMRUQDOWRPRXFRUSRPHQRVGHDQRVGHSRLVQD
(XURSD&RPVHXVXUJLPHQWRYHLRDUHERTXHjFHQVXUD$UHYROXomRIUDQFHVDHQFDUUHJRXVH
GHGDURVPRWLYRVSDUDRVFDVRVPDLVVpULRV
2V SULPHLURV MRUQDLV VXUJLUDP QR ILQDO GR VpFXOR ;9 (VVDV IROKDV VROWDV
QRWLFLDYDP DOJXP DFRQWHFLPHQWR ORFDO LPSRUWDQWH H HVVD SUiWLFD IRL VH HVSDOKDQGR SHOR
PXQGR JUDoDV jV SRSXODo}HV TXH VH DOIDEHWL]DUDP H DR FUHVFLPHQWR XUEDQR 2V SDVTXLQV
IRUDP RXWURV WLSRV GH MRUQDLV TXH DERUGDYDP DFRQWHFLPHQWRV H[WUDRUGLQiULRV ± FULPHV H
FDWiVWURIHV
0HVPRDQWHVGHVHUHPFKDPDGRVGHMRUQDLVSURSULDPHQWHGLWRVDV*D]]HWHV
H QD )UDQoD RVRFFDVLRQQHOV EURFKXUDV RQGH VH SUHGRPLQDYDP R H[DJHUR H RV
FDQDUGV MRUQDLV SRSXODUHV GH DSHQDV XPD SiJLQD TXH R WHUPR VLJQLILFDYD ³DEVXUGR´ RX
³IDWRQmRYHUtGLFR´MiID]LDPRTXHKRMHVHFRQKHFHSRUMRUQDOLVPR3RUVLQDORVSULPHLURV
MRUQDLVIUDQFHVHVRJD]]HWHGHIUDQFHHRQRXYHOOHVRUGLQDLUHVHUDPVHPHOKDQWHVDRVMRUQDLV
VHQVDFLRQDOLVWDV DWXDLV $0$5$/ (QWUHWDQWR VRPHQWH QR ILQDO GR VpFXOR ;,;
$1*5,0$1, VXUJHP GRLV MRUQDLV TXH PROGDULDP R JrQHUR VHQVDFLRQDOLVWD
FDUDFWHUtVWLFDTXHDWpKRMHVmRXWLOL]DGDV:RUOGH-RXUQDOGRV(VWDGRV8QLGRV$WULEXLVH
DRQRUWHDPHULFDQR-RVHSK3XOLW]HUXPGRVLQRYDGRUHVGRMRUQDOLVPRLPSUHVVRDSULPHLUD
SXEOLFDomR HP FRUHV D XWLOL]DomR GHROKRVH D GHVFREHUWD GR ILOmR TXH UHSUHVHQWDYDP DV
UHSRUWDJHQVHPWRPVHQVDFLRQDOFRPDSHOR³SRSXODU´&RQVLGHUDVHTXHR:RUOGVHUYLXGH
PRGHORSDUDRXWURVMRUQDLV
(P JHUDO R VHQVDFLRQDOLVPR HVWi UHODFLRQDGR GLUHWDPHQWH FRP R H[DJHUR FRP D
YDORUL]DomR GD HPRomR H GRV FRQWH~GRV GHVFRQWH[WXDOL]DGRV FRP D H[SORUDomR GR
H[WUDRUGLQiULRFRPDWURFDGRTXHpHVVHQFLDOSHORVXSpUIOXRFRPDLQYHUVmRGRFRQWH~GR
SHODIRUPD$0$5$/
1RVGRLVSULPHLURVWHUoRVGRVpFXOR;,;DLPSUHQVDIH]SURJUHVVRVFRQVLGHUiYHLV
RVMRUQDLVVHGLYHUVLILFDUDPHPXOWLSOLFDUDP$VWLUDJHQVDXPHQWDUDP3URGXWRUDURHFDUR
QRLQtFLRGRVpFXOR;,;OLPLWDGRjUHGX]LGDHOLWHGHSULYLOHJLDGRVGDFXOWXUDHGDIRUWXQDR
MRUQDO WHYH VHX FRQVXPR HVWHQGLGR SDUD QRYDV FDPDGDV VRFLDLV QR kPELWR GD SHTXHQD
EXUJXHVLDHHPVHJXLGDGRSRYRGDVFLGDGHV$SULQFLSDOFDXVDGHVVHDXPHQWRGDFOLHQWHOD
IRLDEDL[DGRSUHoRGHYHQGD3DUDDWUDLUQRYRVOHLWRUHVGHSUHIHUrQFLD TXHVHWRUQDVVHP
ILpLVFRPSUDGRUHVRVMRUQDLVLQWURGX]LUDPRVURPDQFHVIROKHWLQVGDQGRRULJHPDRURPDQFH
HPFDStWXORV$JUHJDUDPVHQHVVDpSRFDDVQRo}HVGHDQ~QFLRHDGHILQLomRGHXPS~EOLFR
HVSHFtILFRRIDLWGLYHUVVXUJLXSDUDFRQFRUUHUFRPRURPDQFHIROKHWLP
2SULPHLURMRUQDOQD(XURSDDDWLQJLUDVFODVVHVSRSXODUHVIRLROHSHWLWMRXUQDOHP
(UDRPDLVEDUDWRGHWRGRVRVMRUQDLVGRPXQGR6HXVXFHVVRYHLRGDVLPSOLFLGDGHGH
HVWLOR 1HOH HUDP SXEOLFDGRV RV URPDQFHV IROKHWLQV H[WUDYDJDQWHV %XVFRX VDWLVID]HU DRV
JRVWRVHFXULRVLGDGHVGHXPS~EOLFRGHFXOWXUDPXLWRSULPiULD$OFDQoRXXPDWLUDJHPGH
PLO HP 1R ILQDO GR VpFXOR ;,; H LQtFLR GR VpFXOR ;; R MRUQDO WRUQRXVH XP
SURGXWR GH FRQVXPR FRUUHQWH FKHJDQGR D PLOKmR GH H[HPSODUHV SRU GLD $50(17,$
$VFDXVDVIXQGDPHQWDLVIRUDPJHQHUDOL]DomRGDLQVWUXomRGHPRFUDWL]DomRGDYLGD
SROtWLFD XUEDQL]DomR FUHVFHQWH GHVHQYROYLPHQWR GRV WUDQVSRUWHV H GRV PHLRV GH
FRPXQLFDomRHFRPRFRQVHTrQFLDGLUHWDDPSOLDomRGRFDPSRGDLQIRUPDomRGRVMRUQDLVH
GD FXULRVLGDGH GH VHXV OHLWRUHV PDV WDPEpP UHGXomR GR SUHoR GDV YHQGDV SHOR
DOLQKDPHQWRFRPRGDVIROKDVSRSXODUHVSHODOHQWDHOHYDomRGRQtYHOPpGLRGDVPDVVDV
8PGRVHIHLWRVGDUHYROXomRLQGXVWULDOQDVHJXQGDPHWDGHGRVpFXOR;,;IRLSRU
XP ODGR D FUHVFHQWH GLIHUHQFLDomR GRV WLSRV GH GLiULRV MRUQDLV SRSXODUHV H GH TXDOLGDGH
MRUQDLV GH DVVLQDQWHV FDGD YH] PHQRV QXPHURVRV H RV YHQGLGRV SRU XQLGDGH MRUQDLV
HVSHFLDOL]DGRV3RURXWURWHYHRGHVHQYROYLPHQWRGDLPSUHQVDSHULyGLFDFRPRDVUHYLVWDV
)DWRV GHVFRQHFWDGRV GH KLVWRULFLGDGH MRUQDOtVWLFD 5HIHUHPVH DSHQDV DR VHX FDUiWHU LQWHUQR H VHX LQWHUHVVH
FRPRIDWRLQXVLWDGRSLWRUHVFR6mRWHPDVFXULRVRVQmRPXLWRVpULRV
'HFHUWRPRGRDVKLVWyULDVHPTXDGULQKRVGHVHPSHQKDUDPRSDSHOGRVDQWLJRVURPDQFHV
IROKHWLQVSDUDDVVHJXUDUDILGHOLGDGHGDFRPSUDGROHLWRUFXULRVRSHODFRQWLQXDomR
$SDUWLUGHDLPSUHQVDSDVVRXSRUSURIXQGDVWUDQVIRUPDo}HVHVXDHYROXomR
SURVVHJXLX,VVRDSDUHFHFRPRXPTXHVWLRQDPHQWRGHVXDVIXQo}HVHGHVXDVHVWUXWXUDVQXP
PXQGR RQGH RV PHLRV DXGLRYLVXDLV FRQWHVWDP RV DQWLJRV SULYLOpJLRV GD HVFULWD H RQGH DV
UHYLUDYROWDV GRV PRGRV GH YLGD WUDQVIRUPDP DV SUiWLFDV GR MRUQDOLVPR $ VHJXQGD JXHUUD
IDYRUHFHUDRSURJUHVVRGDUiGLRRSyVJXHUUDYLXDWHOHYLVmRFRQTXLVWDUXPHVSDoRFDGDYH]
PDLRUQDYLGDGRVOHLWRUHVGDLPSUHQVD'RUDYDQWHDLPSUHQVDWLQKDSHUGLGRRPRQRSyOLRGD
LQIRUPDomRFROHWLYDTXHH[HUFHUDGXUDQWHWUrVVpFXORV2MRUQDOLVPRHVFULWRTXHVHWRUQRX
XPFRPSOHPHQWRGRMRUQDOLVPRIDODGRHWHOHYLVDGRRULHQWRXVHRXSDUD RFRPHQWiULRGRV
IDWRVGHDWXDOLGDGHRTXHH[SOLFDHPERDSDUWHRSURJUHVVRGDLPSUHQVDGHTXDOLGDGHRX
SDUD D DSUHVHQWDomR GH QRWtFLDV ORFDLV H GRV IDWRV GR GLD TXH RV PHLRV DXGLRYLVXDLV QmR
SRGLDPFREULUGHIRUPDUHJXODU
2V KiELWRV GH OHLWXUD GDV SRSXODo}HV SURIXQGDPHQWH PRGLILFDGRV SHOR VHX PRGR
GHYLGDHSHODWHOHYLVmRLPS}HPjLPSUHQVDXPDWUDQVIRUPDomRFRQWtQXDGHVXDVFDWHJRULDV
H GH VHXV FRQWH~GRV &RP R SDVVDU GR WHPSR RV MRUQDLV DPSOLDUDP VXD WLUDJHP H
WUDQVIRUPDUDPVHHPJUDQGHVHPSUHVDV3DUDFRQTXLVWDUOHLWRUHVEDL[DUDPRSUHoRGHFDSD
HFRPHoDUDPDGLIHUHQFLDUVHXQVGRVRXWURV
$ QRomR GH VHQVDFLRQDOLVPR TXH SRU DQRV SDLURX FRPR H[SOLFDomR GD HVWUDWpJLD
GRVSURGXWRVSRSXODUHVHVWiDJRUDXOWUDSDVVDGD2VQRYRVMRUQDLVDPSOLDGRUHVGRVtQGLFHV
GHOHLWXUDHPVHJPHQWRVSRSXODUHVVmRIXQGDGRVHPGLYHUVDVFDUDFWHUtVWLFDVTXHGHYHPVHU
DERUGDGDVGHPDQHLUDQmRJHQHUDOLVWD$0$5$/
2 VHQVDFLRQDOLVPR ILFRX UHODFLRQDGR DR MRUQDOLVPR TXH SULYLOHJLDYD D
VXSHUH[SRVLomRGDYLROrQFLDSRULQWHUPpGLRGD FREHUWXUDSROLFLDOHGDSXEOLFDomRGH IRWRV
FKRFDQWHV GH GLVWRUo}HV GH PHQWLUDV H GD XWLOL]DomR GH XPD OLQJXDJHP FRPSRVWD SRU
SDODYUDVFKXODVJtULDVHSDODYU}HV&DUDFWHUL]DUXPMRUQDOFRPRVHQVDFLRQDOLVWDpDILUPDU
1R%UDVLORVMRUQDLVSRSXODUHVVXUJLUDPQRLQtFLRGRVpFXOR;;DFRPSDQKDQGRDV
WUDQVIRUPDo}HVXUEDQDVHHFRQ{PLFDVGRSDtV'RPRGHORLPSHULDOHHVFUDYRFUDWDGRILQDO
GR VpFXOR ;,; R SDtV VH WUDQVIRUPRX HP HP UHS~EOLFD 3RVWHULRUPHQWH QR SHUtRGR
JHWXOLVWD FKHJRXVH DR SURFHVVR GH LQGXVWULDOL]DomR 2&RUUHLR 3DXOLVWDQR IRL XP GRV
MRUQDLVTXHDERUGDYDRIDLWGLYHUV(QWUHWDQWRDLPSUHQVDSRSXODUEUDVLOHLUDREWHYHVXFHVVR QRSDtVFRPRSRSXOLVPRGH*HW~OLR9DUJDV2MRUQDOÒOWLPD+RUDTXHVXUJLXHPIRL
XPGRVTXHVHDOLQKRXFRPDSROtWLFDQDFLRQDOLVWDGH*HW~OLR2MRUQDO1RWtFLDV3RSXODUHV
VXUJLXSDUDFRPSHWLUFRPRÒOWLPD+RUDHP6mR3DXOR2IHUHFLDDRVOHLWRUHVQRWtFLDVVREUH
VH[RFULPHVHVHFRQVWLWXLXHPXPDYHUGDGHLUDWULEXQDSDUDRVWUDEDOKDGRUHVUHFODPDUHPGR
JRYHUQRIDODQGRRPtQLPRGHSROtWLFD2VGRLVMRUQDLVDFDEDYDPGLVSXWDQGRDYHUDFLGDGH
GDV LQIRUPDo}HV 1R 5LR GH -DQHLUR HP VXUJLX MRUQDO2 'LD FRP R REMHWLYR GH
FRQTXLVWDUDSRSXODomRGHEDL[DUHQGD&RPSURPHWLDVHHPVHURSRUWDYR]GROHLWRU'HSRLV
GHDQRVHPRMRUQDO([WUDpFULDGRSDUDGLVSXWDURPHUFDGRFDULRFDFRP2'LD
RIHUHFHQGRDROHLWRUPDWpULDVGHSROtFLDVHUYLoRHVSRUWHHWHOHYLVmRSULRULWDULDPHQWHFRP
XPDOLQJXDJHPVLPSOHVDOpPGHSUHoREDL[RSRUH[HPSODUH³SURPRo}HVDJUHJDGDV´
6HJXQGRRGLUHWRUJHUDOGR,QVWLWXWR9HULILFDGRUGH&LUFXODomRHQWLGDGHTXHDIHUHD
YHQGDGRVMRUQDLVQR%UDVLO5LFDUGR&RVWDRFUHVFLPHQWRGRPHUFDGRGHMRUQDLVSRSXODUHV
FRPHoRX FRP DFRQTXLVWDGHQRYRVOHLWRUHVSDUD2 'LDHFRPRODQoDPHQWRGR([WUD$
SDUWLUGR([WUDSULQFLSDOPHQWHXPDVpULHGHQRYRVSURGXWRVSRSXODUHVIRUDPODQoDGRVSRU
HPSUHVDVGHFRPXQLFDomR
3DUD&RVWDRtQGLFHDOWRGHOHLWXUDSULPHLURQRHVWDGRGR5LRGH-DQHLURGHYHVH DR IDWR GH TXH DV HPSUHVDV GH FRPXQLFDomR ORFDLV HVWXGDUDP PHOKRU R PHUFDGR SRSXODU2VMRUQDLVGR5LRGH-DQHLURSULQFLSDOPHQWHRVGRVVHJPHQWRVSRSXODUHV WLYHUDP XP KLVWyULFR PXLWR DWLYR FRP Do}HV SURPRFLRQDLV FRPR FDUWHODV GH MRJRV HQFDUWDGRV QRV MRUQDLV FXSRQV SDUD UHWLUDGDV GH OLYURV JUiWLV HQWUH RXWUDV HVWUDWpJLDVRTXHFRQWULEXLXSDUDRFUHVFLPHQWRGDVFLUFXODo}HV3DUDWHUPRVXPD LGpLDR0HLD+RUDODQoDGRWDPEpPQR5LRGH-DQHLURHPHPQRYHPEURGR PHVPR DQR Mi WLQKD WLUDJHP GH PDLV GH PLO H[HPSODUHV QRV GLDV ~WHLV $0$5$/S
$WURFDGHVHORVUHFRUWDGRVQRVMRUQDLVSRUSURGXWRVSUHYLDPHQWHDQXQFLDGRVFRPRSDQHODVMRJRVGHFRSRV
$RV SRXFRV RV FyGLJRV MRUQDOtVWLFRV YmR VH WUDQVIRUPDQGR +RMH p SRVVtYHO
LGHQWLILFDU DSHQDV FRP XP ROKDU TXDQGR VH WUDWD GH MRUQDOLVPR SRSXODU $OpP GH D
OLQJXDJHP YHUEDO VHU GLIHUHQFLDGD GRV GHPDLV MRUQDLV GH UHIHUrQFLD D OLQJXDJHP JUiILFD
WHP DOWR SRGHU H[SUHVVLYR SRVVXLQGR VXD HVSHFLILFLGDGH (PERUD H[LVWD XP FyGLJR
MRUQDOtVWLFR FRPXP D WRGRV RV MRUQDLV RV SRSXODUHV SRVVXHP XPD FDUDFWHUtVWLFD SUySULD
$OpP GR DSDUDWR YHUEDO R HOHPHQWR JUiILFR p XP GRV SULQFLSDLV WUDoRV FDUDFWHUtVWLFRV GR
SRSXODUTXDQGRVHWUDWDGHPtGLDLPSUHVVD
e LQHJiYHO TXH QRV ~OWLPRV DQRV KRXYH XP FUHVFLPHQWR QR Q~PHUR GH MRUQDLV
FRQVLGHUDGRVSRSXODUHV2VQ~PHURVPRVWUDPLVVR(QWUHHQR%UDVLOVXUJLUDP
RVMRUQDLV([WUD0HLD +RUDH([SUHVVRGD,QIRUPDomR5-)ROKDGH3HUQDPEXFR3(
$JRUD 6mR 3DXOR 63'LiULR*D~FKR 56$PD]{QLD-RUQDO 3$1RWtFLD$JRUD (6
3ULPHLUD+RUD356XSHU1RWtFLD0*+RUDGH6DQWD&DWDULQD6&WRGRVSRSXODUHV
DOpPGR-RUQDOGH%UDVtOLDTXHDGDSWRXVXDOLQKDHGLWRULDOSDUDSRSXODU
2MRUQDOLVPRSRSXODUKLVWRULFDPHQWHHVWiIRFDGRHPGRLVSDtVHV(VWDGRV8QLGRVH
,QJODWHUUD e IXQGDPHQWDO VDOLHQWDU TXH FDGD SDtV WHP VXD KLVWyULD HP VH WUDWDQGR GH
MRUQDOLVPRSRSXODUFRPJUDQGHVGLIHUHQoDV
1RV (VWDGRV 8QLGRV H[LVWHP GH XP ODGR RV MRUQDLV VHPDQDLV FKDPDGRV GH
WDEOyLGHV GH VXSHUPHUFDGRV SRUTXH VmR YHQGLGRV DVVLP H GR RXWUR ODGR RV ³MRUQDLV GH
UHIHUrQFLD´FRPR1HZ <RUN 7LPHV FRP FLUFXODomR GLiULD YHQGLGRV HP EDQFDV RX SRU
DVVLQDWXUD 1D ,QJODWHUUD RV FKDPDGRV WDEOyLGHV VmR GLiULRV H YHQGHP PLOK}HV GH
H[HPSODUHV7KH 6XQ H'DLO\ 0DLO YHQGHP MXQWRV PDLV GH PLOK}HVGH H[HPSODUHV H
HVWmR HQWUH RV PDLRUHV MRUQDLV GR PXQGR (P FRQWUDSDUWLGD RV GLWRV SHULyGLFRV GH
TXDOLGDGHWrPQ~PHURV GHFLUFXODomREHPPHQRUHVFRPRpRFDVRGR7LPHVMRUQDOPDLV
WUDGLFLRQDOGD,QJODWHUUDTXHVHTXHUILJXUDHQWUHRVPDLRUHVMRUQDLVGRPXQGR
2XWUR IDWRU TXH GLIHUH RV MRUQDLV GH SDtV SDUD SDtV p D GHQRPLQDomR (P DOJXQV
OXJDUHV WDEOyLGH p VLQ{QLPR GH SRSXODU RX VHQVDFLRQDOLVWD (P RXWURV SDtVHV RX PHVPR
6mR RV MRUQDLV PDLV WUDGLFLRQDLV H FRQFHLWXDGRV GH XP GHWHUPLQDGR ORFDO $TXHOHV TXH R S~EOLFR EXVFD QD
KRUDGHTXHUHUVDEHUVREUHGHWHUPLQDGRDVVXQWR5$021(7
'LVSRQtYHOHP:RUOG$VVRFLDWLRQLQ1HZVSDSHU±ZZZZDQSUHVVRUJ!$FHVVRHPMXO
UHJL}HVQmReRFDVRGR5LR*UDQGHGR6XORQGHRVMRUQDLVGLiULRVGDLPSUHQVDWUDGLFLRQDO
DGRWDP R PRGHOR WDEOyLGH 1HVWH VHQWLGR WDEOyLGH QmR p VLQ{QLPR GH FRQWH~GR RX OLQKD
HGLWRULDO H VLP GH GLPHQVmR GDV SiJLQDV 3DUD VH HQFDL[DU QHVWD FDWHJRULD R MRUQDO GHYH
PHGLUFPGHODUJXUDSRUFPGHDOWXUD
$ H[SUHVVmR LPSUHQVD SRSXODU VXUJH TXDVH VHPSUH FRPR H[HPSOR GH JUDQGH
WLUDJHP0DLVGRTXHLVVRFRPRH[HPSORGHJUDQGHS~EOLFROHLWRU'HVWDIRUPDSRGHPVHU
FRQVLGHUDGRVSRSXODUHVRVYHtFXORVHSURJUDPDVGHWHOHYLVmRTXHDWUDHPXPJUDQGHQ~PHUR
GHOHLWRUHVHWHOHVSHFWDGRUHV'$/+*5(1H63$5.6(QWUHRVMRUQDLVSRSXODUHVp
SRVVtYHOHQFRQWUDURVVHQVDFLRQDOLVWDV(VVDH[SUHVVmRPXLWDVYH]HVpXVDGDSDUDVHUHIHULUD
TXDOTXHU MRUQDO SRSXODU 1R HQWDQWR VmR GXDV FRLVDV GLIHUHQWHV 6REUH VHQVDFLRQDOLVPR
IDODUHPRVPDLVDGLDQWH
2XWUD PDQHLUD GH VH UHIHULU DR MRUQDOLVPR SRSXODU YHP GRV (VWDGRV 8QLGRV 1R
ILQDOGRVpFXOR:LOOLDP5DQGROI+HDUVWGRQRGRMRUQDO0RUQLJ-RXUQDOGH1RYD,RUTXH
HVWDYD HP OXWD GLUHWD FRP -RVHSK 3XOLW]HU SHOD OLGHUDQoD QR PHUFDGR GRV MRUQDLV GR SDtV
1HVWHPRPHQWRXPGRVLOXVWUDGRUHVGH3XOLW]HU5)2XWFDXOWFULRXRSHUVRQDJHP<HOORZ
.LGFRPRLOXVWUDomRGHVXDVFKDUJHVHFDPSDQKDV3RUFRQWDGDEULJDSHODOLGHUDQoD+HDUVW
FRQWUDWRX 2XWFDXOW H OHYRX VHX SHUVRQDJHP DPDUHOR SDUD R FRQFRUUHQWH TXH FRQWLQXRX
VHQGRXVDGRSRU3XOLW]HU6XUJHDtDH[SUHVVmR³MRUQDOLVPRDPDUHOR´$1*5,0$1,
1R %UDVLO R WHUPR LPSUHQVD PDUURP WDPEpP p XWLOL]DGR SDUD VH UHIHULU DR
MRUQDOLVPRSRSXODU(OHSRGHWHUVHRULJLQDGRGDFODVVLILFDomRGDGDDRVHVFUDYRVIXJLWLYRVRX
LOHJDLVQRSDtVRXDLQGDGD)UDQoDRQGHVLJQLILFDYDLPSUHVVRULOHJDO$1*5,0$1,
2 LQJOrV &ROLQ 6SDUNV HVWi HQWUH RV DXWRUHV TXH FODVVLILFD R MRUQDOLVPR GH XPD
IRUPDGLIHUHQWH(OHGLYLGHREMHWLYDPHQWHDLPSUHQVDJHUDOHPFLQFRWLSRVVpULDVHPLVpULD
VpULDSRSXODUWDEOyLGHVHWDEOyLGHVGHVXSHUPHUFDGR63$5.6H78//2&+LQ%$7,67$
2V VpULRV SXEOLFDP SULQFLSDOPHQWH QRWtFLDV UHIHUHQWHV j HFRQRPLD H j SROtWLFD
IRFDQGR DVVXQWRV PDLV DEUDQJHQWHV H HVWUXWXUDLV GR PXQGR GH XPD IRUPD JHUDO (QWUH RV
MRUQDLV FODVVLILFDGRV FRPR VpULRV 6SDUNV FLWD1HZ <RUN 7LPHVGRV (VWDGRV 8QLGRV H/H
SHOR DXWRU QXPD FDWHJRULD DEDL[R 2V PHOKRUHV H[HPSORV VmR(O 3DLV GD (VSDQKD H
/LEHUDWLRQGD)UDQoD63$5.6H78//2&+LQ%$7,67$
$ FDWHJRULD VpULDSRSXODU p XVDGD SDUD RV YHtFXORV TXH SDUD FRQTXLVWDU OHLWRUHV
DOpP GR FRQWH~GR LQYHVWHP QD SDUWH YLVXDO $EUHP HVSDoR SDUD PDWpULDV GH HVSRUWH H GH
HQWUHWHQLPHQWR H YDORUL]DP PXLWR RV HVFkQGDORV &RPR H[HPSORV R DXWRU FLWDXVD WRGD\
GRV (VWDGRV 8QLGRV H'DLO\ 0DLO GD ,QJODWHUUD 63$5.6 H 78//2&+ LQ %$7,67$
1D FDWHJRULD WDEOyLGH R DXWRU FRORFD RV MRUQDLV SRSXODUHV TXH SXEOLFDP PDWpULDV
VpULDVFRPRDLPSUHQVDWUDGLFLRQDOFRPWUDWDPHQWRSRSXODUSULQFLSDOPHQWHQRHQIRTXHHQD
OLQJXDJHP6SDUNVFLWDFRPRH[HPSORV%LOGGD$OHPDQKDH'DLO\0LUURUGD,QJODWHUUD
)LQDOL]DQGR D FDWHJRULD WDEOyLGH GH VXSHUPHUFDGR VHUYH SDUD DEUDQJHU RV MRUQDLV
VHPDQDLV DPHULFDQRV YHQGLGRV QRV VXSHUPHUFDGRV (OHV SXEOLFDP HQWUHWHQLPHQWR
HVFkQGDORV HVSRUWHV H PDWpULDV ³HVSHWDFXODUHV´ DTXHODV LQDFUHGLWiYHLV 2 DXWRU FLWD FRPR
H[HPSORV*OREH6WDUH6XQWRGRVGRV(VWDGRV8QLGRV
$OpPGH&ROLQV$SDUNV-RVWHLQ*ULSVUXGGHIHQGHTXHRWHUPRWDEORLGL]DomR
pPXLWRPDLVXPMDUJmR GRTXHUHDOPHQWHXPDH[SUHVVmRDFDGrPLFD(VVHMDUJmRTXDQGR
XVDGR TXHU VH UHIHULU DR YHtFXOR HP TXHVWmR FRPR H[HPSOR GH TXHGD GH SDGUmR EDL[D
TXDOLGDGH H VHQVDFLRQDOLVPR 6HJXQGR R DXWRU HVVD GLFRWRPLD PDLV FRQIXQGH GR TXH
H[SOLFD
$OpPGH(VWDGRV8QLGRVH ,QJODWHUUDD$OHPDQKDpXPSDtVGHIRUWHWUDGLomRGH
MRUQDLV SRSXODUHV 2 WDEOyLGH%LOG SRU H[HPSOR TXH VXUJLX GHSRLV GD VHJXQGD JXHUUD
PXQGLDOWHPVHGHHP+DPEXUJR9HQGHPDLVGHPLOK}HVGHH[HPSODUHV
SRUGLDFRPPDLVGHPLOK}HVGHOHLWRUHV2MRUQDOWHPXPDHVWUXWXUDFDSD]GHDWXDOL]DU
VXDHGLomRDWpDVKHVWDQGRjVKPLQQDVEDQFDV$OpPGLVVRDHPSUHVDGHWHQWRUDGR
WDEOyLGHFRPHPRUDRIDWRGHRMRUQDOVHURTXLQWRPDLRUYHtFXORGHFDSWDomRGHDQ~QFLRVGD
$OHPDQKDSHUGHQGRDSHQDVSDUDTXDWURFDQDLVGHWHOHYLVmR
2V GRLV MRUQDLV IRUDP XWLOL]DGRV FRPR PRGHOR QD KRUD GH FULDU R -RUQDO'LiULR *D~FKR SHOR *UXSR 5%6
VHJXQGRHQWUHYLVWDFRQFHGLGDDRDXWRUSRU&\UR6LOYHLUD0DUWLQV)LOKRH/XL]$GROIR/LQRGH6RX]D
1D $PpULFD /DWLQD RV MRUQDLV SRSXODUHV FRPHoDP D RFXSDU PDLV HVSDoR 3DtVHV
FRPR &RO{PELD $UJHQWLQD H 0p[LFR SRVVXHP YiULRV WtWXORV QHVWD OLQKD 1R 0p[LFR SRU
H[HPSORRVMRUQDLVVHPSUHOXWDUDPFRQWUDDVEDL[DVYHQGDJHQV6RPHQWHGHSRLVGDGpFDGD
GHFRPDHQWUDGD QRPHUFDGRMRUQDOtVWLFR GHWtWXORVSRSXODUHVDFLGDGHGH0p[LFR
FRPPDLVGHPLOK}HVGHKDELWDQWHVSDVVRXD FRQVXPLUMRUQDLVQXPQ~PHURVXSHULRUD
PLOH[HPSODUHVGLD±YDORUHVGHYHQGDGRVMRUQDLVWUDGLFLRQDLVGDFDSLWDO%$7,67$
-251$/,6023238/$5
'HILQLUDH[SUHVVmR³SRSXODU´pSRQWRGHSDUWLGD6HXHQWHQGLPHQWRRXPHOKRUVXD
SUREOHPDWL]DomRWRUQDVHLQHYLWiYHOVHQGRRREMHWRGHVWDLQYHVWLJDomRXPMRUQDOSRSXODUe
QHFHVViULR HQWmR FRPSUHHQGHU R TXH p RX FRPR VH YHULILFD HVVH ³SRSXODU´ QD FRQFHSomR
MRUQDOtVWLFDWUDEDOKDGDFRPRIRFRQRGLiULRJD~FKR
9LVXDOL]DVHSHORPHQRVWUrVHQWHQGLPHQWRVVREUHR³SRSXODU´
DRSRSXODUDOWHUQDWLYR
ERSRSXODUHQWHQGLGRFRPRFODVVHFRPRSDUWHGDSRSXODomR
FRSRSXODUFXOWXUDOFRPVXDHVWpWLFDHYDORUHV
3DUD3HGUR*LOEHUWR*RPHVRSRSXODUDOWHUQDWLYRpDTXHOHTXHYrRVXMHLWR
RSRYRRXXPDFRPXQLGDGHRUJDQL]DGRVFRPRDJHQWHVGDFRPXQLFDomRSRSXODU&DUDFWHUL]D
RVSURFHGLPHQWRVHPTXHRSRYRPRELOL]DGRFULDVXDVIRUPDVHVSHFtILFDVGHFRPXQLFDomR
5HVJDWD VXD FXOWXUD P~VLFD GDQoD H UHOLJLRVLGDGH SRSXODU ³e R SUySULR SRYR TXH VH
FRPXQLFD D SDUWLU GH VHX LPDJLQiULR FRP VHXV FyGLJRV´ *20(6 S 3DUD R
DXWRUPXLWDVYH]HVEXVFDPVHDOWHUQDWLYDVGHFRPXQLFDomRSDUDID]HUIUHQWHjFRPXQLFDomR
QmR VXMHLWR FRQVWUXWRU GD FRPXQLFDomR ³([LVWHP YiULDV H[SHULrQFLDV GH FRPXQLFDomR
DOWHUQDWLYDPDVTXHQmRVmRSRSXODUHV´*20(6S
(VVDV SUiWLFDV JHUDOPHQWH SDUWHP GH SURILVVLRQDLV RX PHVPR GH YHtFXORV TXH VH
FRPXQLFDPHPQRPHGRSRYR1HVVHVHQWLGR*RPHVFRPSOHPHQWDTXHHVVHVDJHQWHVYLYHP
HPXPRXWURFRQWH[WRHWHQWDPVHDSURSULDUGHH[SHULrQFLDVSRSXODUHV³0XLWRVDJHQWHVGH
FRPXQLFDomR WRPDP FRQVFLrQFLD GD QHFHVVLGDGH GH HQJDMDPHQWR GD LQVHUomR H GD
LQFXOWXUDomR FRPR FDPLQKR SDUD FRQVWUXLU XPD FRPXQLFDomR DOWHUQDWLYD H SRSXODU´
*20(6S$FRPXQLFDomRSRSXODUSDUDRDXWRUpGLIHUHQWHGDFRPXQLFDomR
IHLWDSHORVPHLRVPDVVLYRV$GLIHUHQoDHVWiQRVLQWHUHVVHVHPTXHVHDUWLFXODP(QTXDQWRD
FRPXQLFDomR GH PDVVD QRUPDOPHQWH HVWi D VHUYLoR GRV LQWHUHVVHV KHJHP{QLFRV D
FRPXQLFDomRSRSXODUSUHWHQGHGHIHQGHURVLQWHUHVVHVGDVFODVVHVSRSXODUHVOXWDUSRUXPD
UHQRYDomRVRFLDOWUDQVIRUPDUDVRFLHGDGHHPPDLVMXVWDPDLVIUDWHUQDPDLVOLYUH3RULVVR
*RPHVHQIDWL]DTXHDFRPXQLFDomRSRSXODUpIHLWDGHPDQHLUDGLIHUHQWH³1RVHXLQWHULRUDV
SHVVRDVWrPPDLVOLEHUGDGHSRGHPGL]HUDVXDSDODYUDFRQWDUVXDVKLVWyULDVIDODUGHVXDV
YLGDVVHXVSUREOHPDVVXDVHVSHUDQoDV´*20(6S
3DUD&HFtOLD.URKOLQ3HUX]]RpQHFHVViULROHYDUHPFRQVLGHUDomRTXHSRU
FRPXQLFDomR SRSXODU VH SRGHP FRPSUHHQGHU SURFHVVRV YDULDGRV R TXH OKH FRQIHUH
FDUDFWHUtVWLFDV VLQJXODUHV 3ULPHLUR SRUTXH HOD HQYROYH GHVGH RV SHTXHQRV PHLRV GH
FRPXQLFDomRGLULJLGDDWpRVGHFRPXQLFDomRJUXSDOHRVGHFRPXQLFDomRPDVVLYD6HJXQGR
SRUTXH RV YHtFXORV HVSHFLILFDPHQWH SRSXODUHV QmR VmR HODERUDGRV FRP PHWRGRORJLDV
XQLIRUPHV7HUFHLURSRUTXHHQTXDQWRH[LVWHPLQVWUXPHQWRVGHXPDFRPXQLFDomRUHDOPHQWH
SDUWLFLSDWLYD RXWURV Vy DEUHP HVSDoR RFDVLRQDOPHQWH SDUD D ³YR] GR SRYR´ H DOJXQV QHP
FKHJDPDLVVRWUDGX]LQGRDWpPHVPRIRUPDVDXWRULWiULDVGHFRPXQLFDomR
WHQGrQFLD GH URPSHU D RUGHP GR FDSLWDO LQWHJUDU DTXLOR TXH R IUDJPHQWD 3(58==2S
1DFRQFHSomRGRSRSXODUDOWHUQDWLYRRVPHLRVGHFRPXQLFDomRGHPDVVDXWLOL]DPD
FXOWXUD SRSXODU SDUD PDQWHU D LGHQWLILFDomR GR SRYR JDUDQWLGR DVVLP D DXGLrQFLD H D
VREUHYLYrQFLDGHVVHVPHLRV
3DUD 3HUX]]R FRPR R SUySULR QRPH LQGLFD D FRPXQLFDomR DOWHUQDWLYD VH
EDOL]DSRUXPDSURSRVLomRGLIHUHQWHSUHWHQGHVHUXPDRSomRHQTXDQWRFDQDOGHH[SUHVVmRH
GH FRQWH~GRV LQIRFRPXQLFDWLYRV IUHQWH j JUDQGH PtGLD FRPHUFLDO H j PtGLD S~EOLFD GH
WHQGrQFLDFRQVHUYDGRUD
3DUWLQGRGHVVHSUHVVXSRVWRYHPVHGHVHQYROYHQGRDRORQJRGDKLVWyULDXPDSUi[LV
FRPXQLFDFLRQDO ± WHRULD H SUiWLFD ± GLYHUVD H TXH VH PRGLILFD HP FRQIRUPLGDGH FRP R
FRQWH[WRKLVWyULFRHPTXHVHUHDOL]D
6XDV GLIHUHQoDV VmR SHUFHELGDV QD GLUHomR SROtWLFRLGHROyJLFD QD SURSRVWD HGLWRULDO ± WDQWR SHOR HQIRTXH GDGR DRV FRQWH~GRV TXDQWR SHORV DVVXQWRV DERUGDGRV DTXHOHV TXH QRUPDOPHQWH QmR WLQKDP HVSDoR QD JUDQGH PtGLD DERUGDJHPFUtWLFDHWF±QRVPRGRVGHRUJDQL]DomRGHEDVHSRSXODUFROHWLYDQR IXQGRGRTXLQWDOGHPLOLWDQWHVHQDVHVWUDWpJLDVGHSURGXomRDomRYtQFXORORFDO SDUWLFLSDomRDWLYDOLEHUGDGHGHH[SUHVVmRXVRPRELOL]DGRUHQWUHRXWURVDVSHFWRV +RXYH XP WHPSR HP TXH SURGX]LU H GLIXQGLU EROHWLQV SDQIOHWRV MRUQDLV HWF VLJQLILFDYD JUDQGH ULVFR GH SULVmR H FRQGHQDomR SROtWLFD 1R FRQWH[WR GR UHJLPH PLOLWDU SURGX]LDVH FRPXQLFDomR SRSXODU H DOWHUQDWLYD FODQGHVWLQDPHQWH SRLV KDYLDFRQWUROHHVWDWDOHFHQVXUD3(58==2S
$LQGD VHJXQGR 3HUX]]R FRP R SDVVDU GR WHPSR D XVR GD SDODYUD
DOWHUQDWLYD SDUD TXDOLILFDU XPD PRGDOLGDGH GH FRPXQLFDomR IRL VH WRUQDQGR PDLV
FRPSOLFDGRSRUTXHVHXVLJQLILFDGRGLDQWHGDVGLIHUHQWHVSUiWLFDVTXHIRUDPVXUJLQGRQmRp
XQtYRFR(ODWDQWRSRGHVHUHIHULUDMRUQDLVHDRXWURVFDQDLVFRPXQLFDWLYRVLQGHSHQGHQWHV
RUJkQLFRV RX QmR D PRYLPHQWRV VRFLDLV H RUJDQL]Do}HV FRQJrQHUHV FRPR RV MRUQDLV
DOWHUQDWLYRV HODERUDGRV SRU VHJPHQWRV GD SHTXHQD EXUJXHVLD H YHQGLGRV HP EDQFDV RX j
FRPXQLFDomR SRSXODU H FRPXQLWiULD SURSULDPHQWH GLWD H DLQGD DTXHOD SURGX]LGD SRU
VHJPHQWRV FRPEDWLYRV GD RSRVLomR VLQGLFDO (QILP FRPXQLFDomR DOWHUQDWLYD QmR VH
UHVWULQJH D MRUQDLV RX D EROHWLQV LQIRUPDWLYRV QHP jTXHOD GR FLUFXLWR GRV PRYLPHQWRV
FRPXQLFDomRSRSXODUpTXHQmRpDXWRPDWLFDPHQWHVLQ{QLPRGHUHYROXomRQHPWDPSRXFR
GHPRFUDFLD´3(58==2S
'R SRQWR GH YLVWD HVWDWDO RX RILFLDO ³SRSXODU´ FRVWXPD GHVLJQDU R UHJLRQDO R
WUDGLFLRQDOHRIROFORUH1HVWHFDVRXPDFRQFHSomRWUDGLFLRQDOGHFXOWXUDQDTXDOVHHQFDL[D
DFKDPDGDFXOWXUDSRSXODU(VWDH[SUHVVmRWDPEpPpGHGLItFLOGHILQLomRSRLVWDQWRSRGH
VHUHQWHQGLGDFRPRVHQGRXPDFXOWXUDGRSRYRFRPRXPDFXOWXUDSURGX]LGDSDUDRSRYR$
GLILFXOGDGHpPDLRUDLQGDVHFRQVLGHUDGRTXHFRQIRUPHOHPEUD0DULOHQD&KDXt&+$8Ë
DVFKDPDGDVFODVVHVSRSXODUHVRVSURGXWRUHVGHVVDFXOWXUDQmRDGHVLJQDPFRPR
DGMHWLYR ³SRSXODU´ HPSUHJDGD SRU PHPEURV GH RXWUDV FODVVHV VRFLDLV SDUD GHILQLU DV
PDQLIHVWDo}HV FXOWXUDLV GDV FODVVHV GLWDV ³VXEDOWHUQDV´ $VVLP &KDXt DFUHVFHQWD TXH p
LPSRUWDQWHVDEHUTXHPQDVRFLHGDGHGHILQHXPDSDUWHGDSRSXODomRFRPR³SRYR´HGHTXH
FULWpULRV ODQoDP PmR SDUD GHWHUPLQDU R TXH p H R TXH QmR p ³SRSXODU´ &KDXt YDL PDLV
DGLDQWH
1R%UDVLOSRSXODUpHQFDUDGRRUDFRPRLJQRUkQFLDRUDFRPRVDEHUDXWrQWLFRRUD FRPR DWUDVR RUD FRPR IRQWH GH HPDQFLSDomR 7DOYH] VHMD PDLV LQWHUHVVDQWH FRQVLGHUiOR DPEtJXR WHFLGR GH LJQRUkQFLD H VDEHU GH DWUDVR H GH GHVHMR GH HPDQFLSDomR FDSD] GH FRQIRUPLVPR DR UHVLVWLU FDSD] GH UHVLVWrQFLD DR VH FRQIRUPDU&+$8ËS
2 FRQFHLWR GH FRPXQLFDomR SURSRVWR SRU /XL] 5DPLUR %HOWUiQ %(/75È1 LQ
*20(6UHIHUHVHjFRPXQLFDomRFRPRXPSURFHVVRGHLQWHUDomRVRFLDOGHPRFUiWLFD
EDVHDGR QR LQWHUFkPELR GH VtPERORV PHGLDQWH RV TXDLV RV VHUHV KXPDQRV FRPSDUWLOKDP
YROXQWDULDPHQWHVXDVH[SHULrQFLDVVREFRQGLo}HVGHDFHVVROLYUHHLJXDOLWiULRGHGLiORJRH
SDUWLFLSDomR 7RGRV WrP GLUHLWR j FRPXQLFDomR FRP R SURSyVLWR GH VDWLVID]HU VXDV
QHFHVVLGDGHV SRU PHLR GH UHFXUVRV FRPXQLFDFLRQDLV $ SDUWLU GHVVH SHQVDPHQWR SRGHVH
HVWDEHOHFHU UHODo}HV GR FRQFHLWR GH FRPXQLFDomR FRP XP GH VHXV VHJPHQWRV D
FRPXQLFDomRSRSXODU
WHOHYLVmRRDOWRIDODQWHDLQWHUQHWRSDQIOHWRDIDL[DRFDUWD]DSRHVLDGHFRUGHO RWHDWURSRSXODUHWF3(58==2S
&RPR H[HPSOR GH TXH R DVVXQWR QmR VH HVJRWD RX UHVSRQGH REMHWLYDPHQWH DR
FRQFHLWR3HUX]]RGH]DQRVDQWHVGHIHQGLDDFRPXQLFDomRSRSXODUGHIRUPDGLIHUHQWH3DUD
HOD
1DSUiWLFDRVPHLRVGHFRPXQLFDomRSRSXODUDSHVDUGHVXDLPSRUWkQFLDHGHVHX VLJQLILFDGRSROtWLFRQmRFKHJDPDFRORFDUVHFRPRIRUoDVVXSHUDGRUDVGRVPHLRV PDVVLYRV 2V GRLV VmR FRPSOHPHQWDUHV H QmR H[FOXGHQWHV 2V JUDQGHV YHtFXORV SRUXPODGRID]HPVH QHFHVViULRVHLPSRUWDQWHVQRFDPSRGRGLYHUWLPHQWRHGD LQIRUPDomR SRU H[HPSOR PDV QmR FRQVHJXHP VXSULU WRGDV DV QHFHVVLGDGHV HP QtYHOGHFRPXQLGDGHVHGHPRYLPHQWRVVRFLDLVRUJDQL]DGRV3(58==2S
'H XP PRGHOR GH FRPXQLFDomR YROWDGR SDUD R SRYR VRPDGR j QHFHVVLGDGH
LPHGLDWDTXHRPHVPRWLQKDGHUHFHEHUDLQIRUPDomRVXUJLXRMRUQDOLVPRSRSXODU2TXHR
OHLWRUGDVFODVVHV&'H(±QRFDVRGDPtGLDLPSUHVVD±SUHWHQGLDHDQVLDYDVDEHUQmRHUD
RPHVPRTXHRVMRUQDLVSXEOLFDYDPRXVHMDRVLQWHUHVVHVGRUHFHSWRUQmRHVWDYDPVHQGR
DWHQGLGRV (QWmR SHUFHEHXVH TXH D SDUWLFLSDomR GR S~EOLFR SDUD R TXDO R PHLR GH
FRPXQLFDomR p GHVWLQDGR p IXQGDPHQWDO SDUD TXH R MRUQDOUHYLVWDUiGLRWHYr UHDOPHQWH
H[LVWD H FXPSUD VHX SDSHO 2 FDQDO GH FRPXQLFDomR SRSXODU IRL HVWDEHOHFLGR DWUDYpV GH
LQWHUYHQo}HV H FUtWLFDV GRV OHLWRUHV SDUD TXH DVVLP R FRPSDUWLOKDPHQWR H D FRQILDQoD
IL]HVVHPSDUWHGRVSLODUHVGRYHtFXOR
&RQIRUPH 3HGUR *LOEHUWR *RPHV *20(6 DV IXQo}HV GR MRUQDOLVPR
SRSXODU VmR LQIRUPDU GLDORJDU HGXFDU RUJDQL]DU H PRELOL]DU 3RU LVVR XP MRUQDO TXH VH
SURS}HDLQIRUPDUXPVHJPHQWRGDSRSXODomRTXHQmRWHPRKiELWRGDOHLWXUDHTXHQmRYr
LPSRUWkQFLDGHVDEHUH[DWDPHQWHRTXHDFRQWHFHjVXDYROWDSUHFLVDSHQVDUHPFRPXQLFDomR
6HJXQGRFULWpULRVGR,QVWLWXWR%UDVLOHLURGH*HRJUDILDH(VWDWtVWLFDRVSULQFtSLRVGHFODVVHVHFRQ{PLFDV
DOLDGD j HGXFDomR 2 MRUQDO SRSXODU GHYH YROWDUVH j FRPXQLGDGH H WHU D SUHRFXSDomR GH
VROXFLRQDUDVG~YLGDVGHVHXVOHLWRUHV,QLFLDOPHQWHRLQFHQWLYRjOHLWXUDDFRQWHFHDWUDYpVGR
DSHORYLVXDO±IRWRVFRORULGDVGLDJUDPDomRDJUDGiYHOWtWXORVLQVWLJDQWHVHLQXVLWDGRV±FRP
XPD OLQJXDJHP DFHVVtYHO H LQWHUHVVDQWH SDUD HVVH S~EOLFR ¬ PHGLGD TXH R LQWHUHVVH p
GHVSHUWDGR RXWURV DVVXQWRV WDPEpP UHOHYDQWHV SRUpP GH PDLRU FRPSOH[LGDGH YmR VHQGR
DFUHVFHQWDGRVjOHLWXUDGLiULDHpHQWmRHVWDEHOHFLGRRYtQFXORMRUQDOOHLWRU
3DUDDMRUQDOLVWD0iUFLD)UDQ]$PDUDODLPSUHQVDSRSXODUpPXLWREHPFRQVXPLGD
QRVHXPHUFDGRDOYR
6mR MRUQDLV EDUDWRV FRP EDL[D SDJLQDomR YHQGLGRV HP EDQFDV TXH DEULJDP SXEOLFLGDGH GH SURGXWRV GHVWLQDGRV DR S~EOLFR GH EDL[D UHQGD HPERUD DLQGD DWHQGDP D tQILPD SDUFHOD GD SRSXODomR 7DPEpP SUHVVXSRQKR TXH HVVH VHJPHQWR GD LPSUHQVD VH XWLOL]D GH HOHPHQWRV FXOWXUDLV KLVWRULFDPHQWH GHVWLQDGRV DRV VHWRUHV SRSXODUHV RX SURGX]LGRV SRU HOHV 0DV p LPSRUWDQWH ILFDUFODURTXHRWHUPR³SRSXODU´QmRWHPRVHQWLGRGHFRQWUDKHJHP{QLFR2 ³SRSXODU´ LGHQWLILFD DSHQDV XP WLSR GH LPSUHQVD TXH VH GHILQH SHOD VXD SUR[LPLGDGH H HPSDWLD FRP R S~EOLFRDOYR SRU LQWHUPpGLR GH DOJXPDV PXGDQoDVGHSRQWRGHYLVWDSHORWLSRGHVHUYLoRTXHSUHVWDHSHODVXDFRQH[mR FRPRORFDOHRLPHGLDWLVPR$0$5$/S
$LQGDVHJXQGR DDXWRUDXPHOHPHQWRTXHFRQIHUHVXFHVVRDRMRUQDOSRSXODUp D
EXVFDLQFHVVDQWHSRUVHURUHIOH[RGRFRWLGLDQRGHVHXS~EOLFR'HQDGDDGLDQWDULDFRQTXLVWDU
XP OHLWRU VH R PHVPR QmR HQFRQWUDVVH QDGD UHODWLYR j VXD YLGD H TXH QmR WURX[HVVH
EHQHItFLRVGLUHWRV2PHUFDGRDWXDOPRVWUDTXHROHLWRUSUHFLVDVHUVHGX]LGRGLDULDPHQWHGR
FRQWUiULR R SURGXWR VHUi DGTXLULGR XPD YH] SRU FXULRVLGDGH H QmR PDLV GR TXH LVVR SHOD
IDOWDGHLGHQWLILFDomRHXWLOLGDGH2HPSHQKRHPRIHUHFHUDVVXQWRVDOXVLYRVjSUREOHPiWLFD
GD FRPXQLGDGH p IXQomR GD FRPXQLFDomR SRSXODU TXH SUHFLVD VHU SHQVDGD H DWXDOL]DGD
FRQIRUPHRTXHROHLWRUGHVHMDUHFHEHU
3DUWLU GR LQWHUHVVH GR OHLWRU SDUD GHILQLU SDXWD p XPD HVWUDWpJLD DGRWDGD WDPEpP
SHORV ³MRUQDLV GH UHIHUrQFLD´ 2 MRUQDOR JORER KLVWRULFDPHQWH XP GRV SULQFLSDLV MRUQDLV
EUDVLOHLURV FRP H[HPSODUHV YHQGLGRV GLDULDPHQWH VHQGR R TXDUWR MRUQDO GR
%UDVLO PRQWRX HP R TXH HOHV FKDPDP GH ³SDLQHO GR OHLWRU´ 7RGDV DV PDQKmV
IXQFLRQiULRV OLJDP SDUD D FDVD GH OHLWRUHV TXHUHQGR VDEHU R TXH PDLV JRVWDUDP QD HGLomR
GDTXHOHGLDDOpPGLVVRRTXHVHULDLPSRUWDQWHQDHGLomRGRGLDVHJXLQWH
6HJXQGR&DUORV(GXDUGR/LQVGD6LOYD6,/9$LQ*20(6DOLQKDHGLWRULDO
GHXPMRUQDOSRSXODUYLVDDDERUGDUWHPDVOLJDGRVjVFODVVHVSRSXODUHV(VVHVHULDRSRQWRGH
FKHJDGDR~OWLPRWUHFKRGRSURFHVVRGHFRPXQLFDomRRTXHQmRVLJQLILFDTXHRMRUQDOLVPR
SRSXODUVHMDSURYHQLHQWHGRSRYR1DPDLRULDGDVHPSUHVDVGHFRPXQLFDomRTXHSURGX]HP
MRUQDLVSRSXODUHVHOHpIHLWRSDUDRSRYRHQmRSHORSRYR$~QLFDH[LJrQFLDTXHVHLPS}H
QHVVH FDVR p TXH D HTXLSH GH UHSRUWDJHP H HGLomR WHQKD LGHQWLILFDomR FRP DV ³FDXVDV´
SHUWLQHQWHVjYLGDGHVHXS~EOLFRDOYR&RQKHFHUDUHDOLGDGHVREUHDTXDORMRUQDOLVPRRSHUD
D SDUWLU GD FULDomR GR YHtFXOR GH FRPXQLFDomR SRSXODU p LPSUHVFLQGtYHO SDUD TXH D
PHQVDJHP VHMD YHUGDGHLUD H FRPSUHHQVtYHO 3RU HVVD UD]mR R MRUQDOLVPR SRSXODU QmR
GHPDQGD XQLFDPHQWH GH XPD IyUPXOD UtJLGD VREUH FRPR ID]HU D PHQVDJHP FKHJDU DR
UHFHSWRUPDVVLPGHVHQVLELOLGDGHSDUDGHWHUPLQDUjWHPiWLFDTXHPHOKRUVHUiDSURYHLWDGD
SRUHOH
2MRUQDOLVPRSRSXODUDVVHPHOKDVHDRVHQVDFLRQDOLVWDQRTXHGL]UHVSHLWRDRFDUiWHU
HPRWLYRGHVHXFRQWH~GRMRUQDOtVWLFRTXDQGRHYLGHQFLDDVVHQVDo}HVYLYLGDVQRFHQiULRGD
RFRUUrQFLDQRWLFLRVD$DSURSULDomRHGLYXOJDomRGRVVHQWLPHQWRV±GHLQGLJQDomRWULVWH]D
yGLRSDL[mRH[DJHUDGD±XVDGDGHPDQHLUDDJUHVVLYDVmRDUWLItFLRVGRVHQVDFLRQDOLVPR1R
MRUQDOLVPRSRSXODUpFRPXPTXHHVVHVVHQWLPHQWRVDSDUHoDPFRPDILQDOLGDGHGHSURGX]LU
DOJXP HIHLWR QR OHLWRU TXH D SDUWLU GDTXHOD UHDOLGDGH UHWUDWDGD LGHQWLILFD HOHPHQWRV
IDPLOLDUHVjVXDSUySULDUHDOLGDGH
2VHQVRGHXWLOLGDGHSRGHVHUFRQVLGHUDGRRGLYLVRUHQWUHRMRUQDOLVPRSRSXODUHR
MRUQDOLVPRVHQVDFLRQDOLVWD2MRUQDOSRSXODUDSUHVHQWDVH[RFULPHHHVSRUWHFRPRRMRUQDO
VHQVDFLRQDOLVWD PDV RV FRORFD GH XPD IRUPD PHQRV H[SOtFLWD H TXDVH FRWLGLDQD 1R
MRUQDOLVPR SRSXODU JDQKDP PDLRU HYLGrQFLD RV DVVXQWRV GH FXQKR FRPXQLWiULR HP VHX
FRQWH~GR LQIRUPDWLYR GR TXH DTXHOHV TXH ³DJULGHP´ R OHLWRU ³2 LQWHUHVVH QmR p FKRFiOR
FRP R LQXVLWDGR PDV VLP TXH HOH SHUFHED D FDGD GLD R TXDQWR R MRUQDO FRQWULEXL SDUD D
-XDQ$QWRQLR*LQHUDSRQWDWUrVREMHWLYRVSULQFLSDLVQRMRUQDOLVPRSRSXODU
D HQWUHWHQLPHQWR H LQIRUPDomR E VHUYLoR H F HGXFDomR WHPDV TXH VHUmR GHWDOKDGRV D
VHJXLU
(QWUHWHQLPHQWRHLQIRUPDomR
2OHLWRUTXHFRPSUDGLDULDPHQWHXPMRUQDOSRSXODUEXVFDDQWHVGHWXGRHQFRQWUDU
XPDIRUPDGHPDQWHUVHHQWUHWLGR6HMDDQWHVGHFKHJDU DRWUDEDOKRGXUDQWHDYLDJHPQR
WUDQVSRUWH FROHWLYR RX QR ILQDO GR GLD MXQWR FRP D IDPtOLD HOH TXHU R YHtFXOR FRPR XPD
IRQWHGHOD]HU3DUDLVVRRLPSUHVVRGHYHRIHUHFHUIRWRVFRORULGDVLOXVWUDo}HVFXULRVLGDGHV
H PDWpULDV TXH GHVSHUWHP VHX LQWHUHVVH SHOD OHLWXUD &RQFRPLWDQWHPHQWH R OHLWRU SURFXUD
LQIRUPDUVH VDEHU R TXH HVWi DFRQWHFHQGR QDTXHOH PRPHQWR 2 MRUQDO HQWUHJD GH IRUPD
HVFULWDFRPPDLVGHWDOKHVDTXLORTXHDWHOHYLVmRPRVWURXUDSLGDPHQWHQRGLDDQWHULRU9DOH
VDOLHQWDU D YDQWDJHP GD SURIXQGLGDGH H D SRVVLELOLGDGH GH XPD OHLWXUD SRVWHULRU QR
PRPHQWRHPTXHROHLWRUGHVHMDU
6HUYLoR
7RGRRMRUQDOSRSXODUTXHWLYHUDSUHWHQVmRGHILGHOL]DURVHXS~EOLFRGHYHRIHUHFHU
LQIRUPDo}HVSURYHLWRVDV$OpPGHVDEHUDV~OWLPDVQRYLGDGHVROHLWRUSUHFLVDGHXPYHtFXOR
TXHWUDJDGLFDVDSOLFiYHLVQRVHX FRWLGLDQRQRVHXGLDDGLD $WUDYpVGHPDWpULDV HPTXH
FRQVWHPVHUYLoRVSDUDDFRPXQLGDGHRMRUQDOFXPSUHPDLVXPDGHVXDVWDUHIDVDXWLOLGDGH
2QGHHQFRQWUDUDFHVWDEiVLFDSHORPHQRUSUHoRDGDWDGDYDFLQDomRLQIDQWLOHFRPRID]HU
XVR GRV GLUHLWRV GH FLGDGmR VmR H[HPSORV GH SUHRFXSDo}HV FRQVWDQWHV GHQWUR GD
FRPXQLFDomRSRSXODU
(GXFDomR
(GXFDU R OHLWRU VLJQLILFD WUD]HU DOJR QRYR DOJR TXH SRVVD VHU DSUHQGLGR FRP D
OHLWXUDGRMRUQDO$FUHVFHQWDUFRQKHFLPHQWRpXPDPLVVmRGRMRUQDOLVPRSRSXODU,VVRSRGH
DFRQWHFHUDWUDYpVGRXVRHPXPDPDWpULDGHXPDH[SUHVVmRHVWUDQJHLUDTXHWHYHDGHYLGD
H[SOLFDomRRXPDLVFRUULTXHLUDPHQWHSRUPHLRGRVWHPDVTXHRMRUQDODERUGD$VHGLWRULDV
GHSROtWLFDHGHHFRQRPLDSRUH[HPSORQmRVmRSULRULGDGHVQDSHUVSHFWLYDGRMRUQDOLVPR
SRSXODUHPHVPRDVVLPH[LVWHDSUHRFXSDomRGHTXHROHLWRUVDLEDDWUDYpVGDTXLORTXHOr
FRPRHVVHVWHPDVDIHWDUmRDVXDURWLQD(LVRSRQWRLPSRUWDQWHDTXLORTXHDIHWDDVXDURWLQD
2MRUQDOGHYHRIHUHFHUDRSRUWXQLGDGHGHROHLWRUDXPHQWDUVXDSRWHQFLDOLGDGHLQWHOHFWXDOD
SDUWLUGDTXLORTXHpSXEOLFDGR
7RGRRREMHWLYRHDPLVVmRGHXPMRUQDOSRSXODUSDVVDPSHODVSUHIHUrQFLDVJRVWRV
H LQWHUHVVHV GH VHXV OHLWRUHV 8P H[HPSOR p R UHVXOWDGR GH XPD SHVTXLVDHQFRPHQGDGD
SHODHTXLSHGRMRUQDO'LiULR*D~FKRHP &RPRVUHVXOWDGRVIRUDPLGHQWLILFDGDVDV
SUHIHUrQFLDVGRVOHLWRUHV
1XP GHWHUPLQDGR PRPHQWR D SHVTXLVD PRVWURX TXH GRV OHLWRUHV GR MRUQDO SUHWHQGHP FRPSUDU HOHWURGRPpVWLFRV QRV SUy[LPRV PHVHV $ SDUWLU GLVVR p SRVVtYHO LPDJLQDU TXH WLSR GH OHLWRU YHP FRPSUDQGR R YHtFXOR H XWLOL]DQGR DV LQIRUPDo}HV SURGX]LGDV SRU HOH GRQDVGHFDVD SHVVRDV TXH WUDEDOKDPHSUHFLVDPGHHOHWURGRPpVWLFRVSDUDIDFLOLWDUDVXDURWLQDGRPpVWLFD TXHWrPRLQWHUHVVHSRUFXOLQiULDSRUWHOHYLVmRTXHSUHWHQGHPWHUHPVXDFDVD R FRQIRUWR TXH MXOJDP QHFHVViULR H WDPEpP SHVVRDV TXH TXHUHP HP VXD OHLWXUD GLiULD DOWHUQDWLYDV SDUD D UHDOL]DomR GH VXDV WDUHIDV FRWLGLDQDV VHP D XWLOL]DomR GR HOHWURGRPpVWLFR TXH SUHWHQGHP FRPSUDU QRV SUy[LPRV PHVHV D UHFHLWD GH XP EROR VHP D QHFHVVLGDGH GH EDWHU D PDVVD QD EDWHGHLUD RX R H[HPSOR GH XPD GRQDGHFDVD TXH HQVLQD FRPR FRQVHUYDU R DVVRDOKR GD VDOD VHPRXVRGDHQFHUDGHLUDHWF0$57,16),/+2
-XDQ$QWRQLR*LQHUGHIHQGHTXH³DPHWDDVHUDOFDQoDGDGLDULDPHQWHSHOR
MRUQDO SRSXODU p D LGHQWLILFDomR Pi[LPD FRP RV SURWDJRQLVWDV GDV UHDOLGDGHV YLYLGDV QDV
FODVVHV&'H(3DUDLVVRRVKiELWRVGHVVDVSHVVRDVGHYHPVHULGHQWLILFDGRVVXDVQRo}HV
VREUH PRUDO H FRQFHSomR GH IDPtOLD H UHODFLRQDPHQWRV H WDPEpP DV VXDV QHFHVVLGDGHV´
*,1(5
0LOWRQ&RUUHD-~QLRUDSUHVHQWDXPDSHVTXLVDIHLWDQR%UDVLO2XQLYHUVR
SHVTXLVDGRQDVFLGDGHVGH%HOpP)RUWDOH]D5HFLIH6DOYDGRU%UDVtOLD%HOR+RUL]RQWH5LR
GH -DQHLUR 6mR 3DXOR &DPSLQDV &XULWLED /RQGULQD H 3RUWR $OHJUH DWLQJHP FHUFD GH
PLOK}HV GH SHVVRDV 6HJXQGR D SHVTXLVD OrHP MRUQDO RX VHMD FHUFD GH PLOK}HV
'HVVHWRWDOPLOK}HVVmRGDFODVVH$PLOK}HVGDFODVVH%PLOK}HVGD
FODVVH&HDVFODVVHV'(WRWDOL]DUDPPLOK}HV
$LQGDVHJXQGRDSHVTXLVDRVOHLWRUHVGDVFODVVHV&'H(JRVWDPGHVDEHURTXH
DFRQWHFHQDVXDFLGDGHVHXEDLUURVXDUHJLmRGHSUHIHUrQFLDGRQRWLFLiULRSROLFLDOHGR
PXQGR GRV HVSRUWHV 1RWtFLDV VREUH GLYHUWLPHQWRV HVSHFLDOPHQWH WHOHYLVmR H D YLGD GRV
DUWLVWDVWDPEpPVmRGRVHXLQWHUHVVH3DUD&RUUHD-~QLRU³LVVRH[SOLFDRVXFHVVRGRVMRUQDLV
SRSXODUHVTXHGHL[DUDPGHODGRDrQIDVHHPFULPHVHQRVHQVDFLRQDOLVPRHSDUWLUDPSDUD
XPDIyUPXODHGLWRULDOPDLVHTXLOLEUDGDOHYDQGRDROHLWRURTXHHOHHVSHUDYHUQDVSiJLQDV
GRVHXMRUQDOIDYRULWR´&255($-Ò1,25
([HPSORVGHMRUQDOLVPRSRSXODUQR%UDVLO
3UHVWDomRGHVHUYLoRHHQWUHWHQLPHQWRpXPELQ{PLRTXHSHUPHLDPWRGDVDVPtGLDV
TXHWUDEDOKDPFRPRMRUQDOLVPRSRSXODU9iULRVMRUQDLVHSURJUDPDVGHUiGLRHWHYrWDPEpP
EXVFDP HVVHV GRLV REMHWLYRV $ VHJXLU HVWDUmR OLVWDGRV DOJXQV H[HPSORV GH SURGXWRV GH
FRPXQLFDomR TXH YROWDUDP VHX IRFR SDUD HVWH PHUFDGR FRQVXPLGRU EUDVLOHLUR 2'LiULR
*D~FKRREMHWRGHVWHHVWXGRVHUiDSUHVHQWDGRHPSURIXQGLGDGHPDLVDGLDQWH
0tGLD,PSUHVVD
$OJXQVGRVSHULyGLFRVSRSXODUHVPDLVEHPVXFHGLGRVQR%UDVLOVmR2'LD([WUD
$JRUD6mR3DXOR0HLD+RUD([SUHVVRGD,QIRUPDomRH6XSHU1RWtFLD$EDL[RXPSRXFR
VREUHFDGDXPDGDVSXEOLFDo}HV
2'LD
&ULDGRHPIRLIHLWRSDUDDSRSXODomRGHEDL[DUHQGD)DODYDDEHUWDPHQWHGH
FULPHVWUDJpGLDVGHVDVWUHVHPLVWLFLVPRGR SRQWRGHYLVWDGUDPiWLFR F{PLFRWUiJLFRRX
PDFDEUR6XDVPDQFKHWHVHUDPVHQVDFLRQDOLVWDVFRPR)X]LODGRQRFDUURVDtDGRPRWHOFRP
D PDGULQKD $MXGDGD SHORV ILOKRV FRUWRX R PDULGR HP SHGDoRV 0DWRXVH R FDSLWmR
YLXYH] H IUDFDVVR QDV VHJXQGDV Q~SFLDV $ IyUPXOD GR MRUQDO HUD EDVHDGD HP ³FDGiYHU
PDFXPEDHVH[R´$0$5$/
(P TXDQGR IRL DGTXLULGR SHOR MRUQDOLVWD $U\ &DUYDOKR H[SURSULHWiULR H
FULDGRU GH=HUR +RUD HOH GHL[RX GH ODGR VXD FDUDFWHUtVWLFD ³SRSXOLVWD H VDQJXLQiULD´
$0$5$/(PFRORFRXVHQRPHUFDGRFRPRXPMRUQDOSRSXODUGHTXDOLGDGH
GHILQLGRFRPR³DTXHOHTXHRWUDEDOKDGRUSRGHOHYDUSDUDFDVD´2MRUQDOLQRYRXRIRUPDWR
QR PHUFDGR FDULRFD H DSRVWRX HP FDGHUQRV UHJLRQDLV H LQIRJUDILD2 'LD IRL H[HPSOR QR
MRUQDOLVPR EUDVLOHLUR SRUTXH VHUYLX FRPR LQVSLUDomR SDUD D GLIXVmR GH YiULRV MRUQDLV
(P 2 'LD WUDQVIRUPRXVH HP XP MRUQDO TXH EXVFDYD DV FODVVHV $ H %
EDWHQGRGHIUHQWHFRPMRUQDLVFRPR2*ORER$RDEDQGRQDURVOHLWRUHVTXHDODYDQFDUDPR
MRUQDO2'LDSHUGHXS~EOLFRHFDLXQDVYHQGDV$QWHVGDYLUDGDHOHVHGL]LDXPMRUQDOEHP
KXPRUDGRH~WLOUHVSRQViYHOHFRQVHTHQWH6XDYHQGDGLiULDHVWiHPH[HPSODUHV
([WUD
&ULDGRHPSHOD,QIRJOREREUDoRGDV2UJDQL]Do}HV*ORERUHVSRQViYHOSHORV
MRUQDLVLPSUHVVRVHSHODLQWHUQHWMiOLGHURXRUDQNLQJGHYHQGDGHMRUQDLVYiULDVYH]HV$
HPSUHVDQmRWHPUHFHLRGHID]HUFRPTXHRMRUQDOXOWUDSDVVHHPWLUDJHQVRVHXFDUURFKHIHR
MRUQDO2 *ORER 5DSLGDPHQWH R SHULyGLFR VXSODQWRX R KLVWyULFR2 'LD GR SRVWR GH MRUQDO
SRSXODUPDLVOLGRGR5LRGH-DQHLUR
2([WUD WHP SRU SULQFtSLR ID]HU XP MRUQDOLVPR FRP RV PHVPRV SUHFHLWRV GRV
MRUQDLV GH UHIHUrQFLD PDV FRP XPD PXGDQoD GH OLQJXDJHP GHL[DQGRD PDLV VLPSOHV H
GLGiWLFDPDVDFREHUWXUDSULYLOHJLDDVHGLWRULDVGH(VSRUWH3ROtFLD/D]HUH6HUYLoRWHPDV
TXHRVGLIHUHQFLDPGRVMRUQDLVGHUHIHUrQFLD
&RQIRUPH %UXQR 7K\V 7+<6DSXG $0$5$/ H[HGLWRU FKHIH R MRUQDO
WHP D LQWHQomR GH VHU HVVHQFLDO j YLGD GR OHLWRU H QmR DOLHQiOR &REUH D SROtWLFD TXH
LQWHUIHUHQRGLDDGLDGRS~EOLFRPDVGHL[DGHODGRRFRWLGLDQRGR&RQJUHVVR1DFLRQDO$
HVFROKD GDV IRQWHV EXVFD HQWLGDGHV UHSUHVHQWDWLYDV $ FREHUWXUD LQWHUQDFLRQDO p JHUDO H Ki
XWLOL]DomRGHUHFXUVRVJUiILFRVSDUDFRQWDURVIDWRVGHIRUPDPDLVGLGiWLFD
$OpPGHYHUDWHYrDEHUWDFRPRDSULQFLSDODWLYLGDGHGHOD]HUGRSDtVRMRUQDORSWD
SRUSUHVWDUVHUYLoRDROHLWRUHDSURYHLWDYiULDVSDXWDVOLJDGDVDRIXQFLRQDOLVPRS~EOLFR6XD
YHQGDGLiULDHVWiHPH[HPSODUHV
6HJXQGR,QVWLWXWR9HULILFDGRUGH&LUFXODomRQR5DQNLQJGH&LUFXODomR7RWDOGRV-RUQDLV'LiULRVGR%UDVLO
GHPDLRGH
6HJXQGR,QVWLWXWR9HULILFDGRUGH&LUFXODomRQR5DQNLQJGH&LUFXODomR7RWDOGRV-RUQDLV'LiULRVGR%UDVLO
$JRUD6mR3DXOR
&ULDGRHPpGHSURSULHGDGHGR*UXSR)ROKDGD0DQKmRPHVPRTXHHGLWDR
MRUQDO)ROKD GH 6mR 3DXOR &LUFXODQGR HP 6mR 3DXOR FRPR VXJHUH R QRPH VHX HVWLOR p
SDUHFLGRFRPR([WUD(OHYHLRVXEVWLWXLURMRUQDO1RWtFLDV3RSXODUHV13GRPHVPRJUXSR
1RHGLWRULDOGD~OWLPDHGLomRGR13TXHFKDPDYDRVOHLWRUHVSDUDFRPSUDUHPR$JRUD6mR
3DXOR HOH HUD DSUHVHQWDGR FRPR GHWHQWRU GH XP YLVXDO PRGHUQR QRWLFLiULR DWXDOL]DGR
SURPRo}HV H SUHoR DFHVVtYHO FRP FRPSOHWD FREHUWXUD HVSRUWLYD WXGR VREUH D YLGD GRV
DUWLVWDV H R TXH DFRQWHFH QD WHYr DOpP GDV SULQFLSDLV QRWtFLDV TXH LQWHUIHUHP QD YLGD GR
OHLWRUQXPDOLQJXDJHPPXLWRIiFLOGHHQWHQGHUFRPWH[WRVFXUWRVHGHOLQJXDJHPGLUHWD
&RPR WRGRV RV MRUQDLV SRSXODUHV GLVWULEXHP EULQGHV FRPR IRUPD GH ILGHOL]DomR
(PFKHJRXDGLVWULEXLUPHGDOKDVGR6DQWR([SHGLWRDFRPSDQKDGDVGHRUDo}HVQRYHQD
H XP FDGHUQR HVSHFLDO FRQWDQGR D YLGD H KLVWyULD GR VDQWR 2$JRUD p GLULJLGR SDUD DV
FODVVHV%&H'SULQFLSDOPHQWHWUDEDOKDGRUHVDSRVHQWDGRVWD[LVWDVVHJXUDQoDVVHUYLGRUHV
S~EOLFRVGRQDVGHFDVDHSHTXHQRVFRPHUFLDQWHV
6HJXQGRRPDQXDOGRMRUQDO$0$5$/HOHHVFUHYHSDUDRSRYRHQmRSDUD
IRUPDGRUHV GH RSLQLmR %XVFD DWHQGHU jV QHFHVVLGDGHV GRV OHLWRUHV FRP SUHVWDomR GH
VHUYLoRVFODUH]DGLGDWLVPRHLQIRUPDomRFRPFXLGDGRGHQmRGHVFDPEDUSDUDDJtULDHD
OLQJXDJHP FKXOD ³1mR VH IL[D QR ELQ{PLR VH[R H FULPH FRP QRWLFLiULR GH SROtFLD VHQGR
DSUHVHQWDGR GH IRUPD PHQRV DSHODWLYD VHP FDGiYHUHV´ $0$5$/ 'i GHVWDTXH
HVSHFLDOSDUDFHOHEULGDGHVH IRWRVGHPXOKHUHVERQLWDV6XDYHQGDGLiULDHVWiHP
H[HPSODUHV
0HLD+RUD
-RUQDOGRPHVPRJUXSRTXHSXEOLFD2'LDFRPHoRXDFLUFXODUQR5LRGH-DQHLUR
HP9HLRSDUDOXWDUQDVEDQFDVFRPR([WUDFRPRHOHGHL[DEHPFODURQDVXDSURSRVWD
HGLWRULDOMiTXH2'LDPXGDUDGHIRFR1mRWHPPDLVGHSiJLQDVHVHXWDPDQKRpPHQRU
GRTXHRVRXWURVeH[DWDPHQWHDPHWDGHGRVMRUQDLV([WUDRX2'LDTXHXVDPRIRUPDWR
6WDQGDUG
3DUDEDWHUGHIUHQWHFRPR([WUDXVDRPHVPRSDGUmRGHFRUHVSUHWRHYHUPHOKR
H GH WLSRJUDILD GR FRQFRUUHQWH 3DUWH GR VHX QRWLFLiULR p WLUDGD GH2 'LD FRP SURSRVWD
SULQFLSDO GH SXEOLFDU QRWtFLDV VREUH FLGDGHV SROtFLD HVSRUWHV XWLOLGDGH S~EOLFD
RSRUWXQLGDGHVGHHPSUHJRHUHQGDHHQWUHWHQLPHQWRVHPSUHFRPWH[WRVFXUWRVHOLQJXDJHP
GLUHWD 6HJXQGR SHVTXLVD UHDOL]DGD D SHGLGR GD HPSUHVD $0$5$/ R S~EOLFR GR
MRUQDOpIRUWHPHQWHVHJPHQWDGRFRPSUHHQGLGRSRUTXHPQmRWHPUHFXUVRVHRXWHPSRSDUD
OHUMRUQDLV6XDYHQGDHVWiHPH[HPSODUHV
([SUHVVRGD,QIRUPDomR
-RUQDOGD,QIRJORERHVWiQDVEDQFDVGHVGHPDUoRGH2REMHWLYRHUDFRQFRUUHU
GLUHWDPHQWHFRPR0HLD+RUD2([SUHVVRWHPIRUPDWRWDEOyLGHDVVLPFRPRRFRQFRUUHQWH
HEXVFDDWLQJLUSUHIHUHQFLDOPHQWHDVFODVVHV&H'GR5LRGH-DQHLUR$,QIRJORERQmRWHYH
UHFHLR GH ODQoDU PDLV XP MRUQDO QHVWH PHUFDGR PHVPR WHQGR R([WUD SRUTXH EXVFDYD
DWLQJLU XP S~EOLFR GLIHUHQWH GHQWUR GDV FODVVHV & H ' DTXHOHV TXH ILFDYDP KRUDV GR GLD
GHQWURGRVLVWHPDGHWUDQVSRUWHFROHWLYRLQGRGHFDVDSDUDRWUDEDOKRHYLFHYHUVD
6HJXQGR,QVWLWXWR9HULILFDGRUGH&LUFXODomRQR5DQNLQJGH&LUFXODomR7RWDOGRV-RUQDLV'LiULRVGR%UDVLO
(VVHpXPGRVPRWLYRVGRQRPHHGRIDWRGHHOHQmRFLUFXODUQRVILQDLVGHVHPDQD
2 MRUQDO WHP DSHQDV SiJLQDV H WUDWD GLUHWDPHQWH GH DVVXQWRV FRP HFRQRPLD SRSXODU
FLGDGH H SROtWLFD HPSUHJRV HVSRUWH WHYr H OD]HU 2V WH[WRV VmR GH OLQJXDJHP GLUHWD H
SHTXHQRV2MRUQDOWDPEpPp³YHQGLGR´SRUWRGRVRVYHtFXORVGD*ORERTXHRSURPRYHP
6XDYHQGDHVWiHPH[HPSODUHV
6XSHU1RWtFLD
2 MRUQDO6XSHU 1RWtFLDGH %HOR +RUL]RQWH FRP FLUFXODomR HP WRGR R (VWDGR GH
0LQDV*HUDLVFULDGRHPSHORJUXSRGHFRPXQLFDomR27HPSRFRPDSHQDVVHLVDQRV
GH YLGD Mi HVWi HQWUH RV MRUQDLV PDLV YHQGLGRV GR %UDVLO 3RVVXL XP IRUPDWR WDEOyLGH H p
EDVWDQWH LGHQWLILFDGR FRP R S~EOLFR GDV FODVVHV & ' H ( PDV QmR GHVSUH]D OHLWRUHV GD
FODVVH % $ OLQKD HGLWRULDO GR6XSHU 1RWtFLDp YROWDGD VREUHWXGR SDUD DV FODVVHV & H '
PpGLDEDL[DHEDL[D6HXIRUPDWRJUiILFRHHGLWRULDOpEDVHDGRQRMRUQDO'LiULR*D~FKR
2VWHPDVSULQFLSDLVWUDWDGRVSHORMRUQDOVmRRHVSRUWHQRWLFLiULRSROLFLDOQRWtFLDV
VREUHDFLGDGHHXPFDGHUQRVREUHDVFHOHEULGDGHVEUDVLOHLUDVHLQWHUQDFLRQDLV1DLQWHUQHW
VHXSRUWDORIHUHFHXPDVpULHGHLQIRUPDo}HVVREUHVHUYLoRVGHQWUHRVTXDLVH[DPHVGH'1$
SHVVRDVGHVDSDUHFLGDVKRUiULRVGH{QLEXVHQWUHRXWURV(PYHQGRVHDPHDoDGRSRU
RXWURV MRUQDLV UHGX]LX R SUHoR GH YHQGD DR PHVPR YDORU GH VHX FRQFRUUHQWH PHOKRURX R
VLVWHPD GH GLVWULEXLomR H FULRX SURPRo}HV HP TXH DVVRFLDYD D FRPSUD GH H[HPSODUHV D
SUrPLRV6XDYHQGDHVWiHPH[HPSODUHV
6HJXQGR,QVWLWXWR9HULILFDGRUGH&LUFXODomRQR5DQNLQJGH&LUFXODomR7RWDOGRV-RUQDLV'LiULRVGR%UDVLO
GHPDLRGH
0tGLD(OHWU{QLFD79
1D WHYr R MRUQDOLVPR SRSXODU WDPEpP HVWi SUHVHQWH 9iULRV SURJUDPDV EXVFDP
DWLQJLU R S~EOLFR GDV FODVVHV & ' H ( FRP DOJXQV UHVSLQJRV QD FODVVH % 1R HQWDQWR
SURJUDPDV TXH PRVWUDYDP R FKDPDGR ³PXQGRFmR´ SHUGHUDP VHX OXJDU DVVLP FRPR RV
MRUQDLVVHQVDFLRQDOLVWDV6HPG~YLGDRWHPDPDLVUHFRUUHQWHGHVWHVSURJUDPDVQDJUDGHGH
WHYrpRSROLFLDO$EDL[RHVWmRDOJXQVH[HPSORVGHSURJUDPDVTXHPDUFDUDPpSRFD
&DGHLD
&ULDGRHPQDFLGDGHGH/RQGULQDQR3DUDQiIRLRSUHFXUVRUGHVWHHVWLORQD
WHYr(PSDVVRXDVHUH[LELGRSDUDWRGRRHVWDGRGR3DUDQiSHODHQWmRUHGH20DWXDO
&HQWUDO 1DFLRQDO GH 7HOHYLVmR 6HX DSUHVHQWDGRU /XL] &DUORV $OERUJKHWWL DSUHVHQWDYD R
QRWLFLiULR FRP XPD WRDOKD QR SHVFRoR H XP SHGDoR GH SDX QD PmR &KHJRX D HQWUDU HP
FDGHLD QDFLRQDO WDPEpP HP PDV QmR ILFRX XP DQR QR DU H YROWRX D VHU UHJLRQDO
&DUORV0DVVDXPGRVVHXVUHSyUWHUHVDLQGDQmRHUDFRQKHFLGRFRPR5DWLQKR
(P R SURJUDPD SDVVD D VH FKDPDU&DGHLD 1HOHVH $OERUJKHWWL EDWLD FRP R
FDVVHWHWH GH PDGHLUD QD IRWR GRV EDQGLGRV 2 SURJUDPD ILFRX QR DU DWp TXDQGR R
DSUHVHQWDGRUDEDQGRQRXRSURJUDPDSDUDGLVSXWDURWHUFHLURPDQGDWRGHGHSXWDGRHVWDGXDO
$TXL$JRUD
3RU PDLV TXH R&DGHLD WHQKD VLGR LPSRUWDQWH R PDUFR QD WHOHYLVmR EUDVLOHLUD QD
GpFDGDGHIRLR$TXL$JRUDGR6%7(OHHVWHYHQRDUGHDWpHWLQKDFRPR
ERUGmR³VHUXPWHOHMRUQDOYLEUDQWHTXHPRVWUDQDWHYrDYLGDFRPRHODp´
2V WHPDV UHFRUUHQWHV GR SURJUDPD HUDP SROLFLDLV FODUR DOpP GH FDVRV
VREUHQDWXUDLV H GLUHLWRV GR FRQVXPLGRU 2 SURJUDPD QmR SRXSDYD LPDJHQV H FKHJRX D
QRWLFLDU DR YLYR HP XP FDVR GH VXLFtGLR (P GH MXOKR GDTXHOH DQR R SURJUDPD
WUDQVPLWLXDRYLYRGXUDQWHGH]PLQXWRVRVXLFtGLRGDUHFHSFLRQLVWD'DQLHOH /RSHVGH
DQRV $R YHU R FDUUR GD HTXLSH GH UHSRUWDJHP D PRoD VH MRJRX GR VpWLPR DQGDU GH XP
SUpGLR HP 6mR 3DXOR 2 ,ERSH UHJLVWURX DXPHQWR GH SRQWRV 2V SDLV GH 'DQLHOH
SURFHVVDUDPR6%7HUHFHEHUHPLQGHQL]DomRGHVDOiULRVPtQLPRV
9iULRVUHSyUWHUHVPDUFDUDPpSRFDQRQRWLFLiULRGR6%7(QWUHHOHVR³+RPHPGR
VDSDWREUDQFR´-DFLQWR)LJXHLUD-~QLRUTXHFRQWDYDFDVRVVREUHQDWXUDLV&HOVR5XVVRPDQR
TXHFRPVHX³HVWDQGRERPSDUDDPEDVDVSDUWHV´VHWRUQRXGHSXWDGRIHGHUDOH*LO*RPHV
RUDGLDOLVWDTXHFRPVXDYR]LQFRQIXQGtYHOID]LDDDOHJULDGRVLPLWDGRUHVGR%UDVLOLQWHLUR
(PR6%7UHWRPRXRSURJUDPDPDVHOHILFRXQRDUSRUDSHQDVGLDV
3URJUDPDGR5DWLQKR
&DUORV 0DVVD VDLX GR 3DUDQi H IRL SDUD 6mR 3DXOR 'HSRLV GH VHU UHSyUWHU GR
SURJUDPD&DGHLDPLJURXSDUDD&17*D]HWDRQGHDSUHVHQWRXR8UJHQWHHP1R
DQR VHJXLQWH FRQWUDWDGR SHOD 5HFRUG HVWHYH QR DU FRP R3URJUDPD 5DWLQKR /LYUH TXH
FKHJRXDWHUSRQWRVGHDXGLrQFLDQR,ERSH0DLVXPDQRHVWDYDQR6%7DSUHVHQWDQGRR
UHFRQKHFLPHQWR GH SDWHUQLGDGH ID]LDP D DOHJULD GRV WHOHVSHFWDGRUHV 3RU XP SHUtRGR R
SURJUDPDFKHJRXDULYDOL]DUHPDXGLrQFLDFRPDQRYHODGDRLWRGD5HGH*ORER$0$5$/
(PRSURJUDPDMiFRPEDL[DDXGLrQFLDIRLUHEDL[DGRQDJUDGHHJDQKRXR
KRUiULRPHQRVQREUHGDWDUGHTXDQGRFRPSHWLDFRPSURJUDPDVFRPRR-RJRGD9LGDGH
0iUFLD *ROGVFKPLGW QD %DQGHLUDQWHV H7DUGH 4XHQWH SURJUDPD GH SHJDGLQKDV GH -RmR
.OHEHUGD5HGH79TXHKRMHID]RVPHVPRVSURJUDPDVHP3RUWXJDO
%UDVLO8UJHQWH
$SUHVHQWDGR SRU -RVp /XL] 'DWHQD QD 5HGH %DQGHLUDQWHV R SURJUDPD HVWi QR DU
GHVGHGHGH]HPEURGH(QWURXSDUDVXEVWLWXLURWHOHMRUQDO%DQG&LGDGHDSUHVHQWDGR
SRU 5REHUWR &DEULQL QD pSRFD UHFpPVDtGR GD 5HGH *ORER 2 SURJUDPD TXHULD VHU XP
³EDVWLmR GD MXVWLoD PDV DFDEDYD ID]HQGR jV YH]HV GR MRUQDOLVPR MXVWLFHLUR´ $0$5$/
2 SURJUDPD GD 5HGH %DQGHLUDQWHV VHJXLX R PHVPR IRUPDWR GR$TXL $JRUD
0RVWUDYD R PXQGR SROLFLDOHVFR GD SHULIHULD GH 6mR 3DXOR QRWtFLDV GH WUkQVLWR H WRGR H
TXDOTXHU DFRQWHFLPHQWR SROLFLDODRYLYR DWUDYpV GHXP JUXSRGH UHSyUWHUHVGHPRWR H HP
KHOLFySWHURV $LQGD ID] FREUDQoDV IRUWHV D DXWRULGDGHV (P R SURJUDPD SHUGHX
PLQXWRVGHGXUDomR
1RPHVPRFDPLQKRGR%UDVLO8UJHQWHD5HGH79ODQoRXR5HSyUWHU&LGDGmR-i
D5HGH5HFRUGFRORFRXQRDUR&LGDGH$OHUWD$PERVVDtUDPGRDUHP
/LQKD'LUHWD
&ULDGRSDUDGHQXQFLDUSURYiYHLVEDQGLGRVjVROWDSHOR%UDVLORSURJUDPDGD5HGH
*ORERHQWURXQDJUDGHGDHPLVVRUDSDUDWHQWDUDOLYLDURSUREOHPDFDXVDGRSHOR3URJUDPDGR
5DWLQKRQR 6%7 $0$5$/ /LQKD 'LUHWDIRL SDUD R DU GHSRLV TXH R MRUQDOLVWD
0DUFHOR 5H]HQGH HQWUHYLVWRX DR YLYR SDUD R )DQWiVWLFR R DVVDVVLQR )UDQFLVFR GH $VVLV
3HUHLUDFRQKHFLGRFRPR³0DQtDFRGRSDUTXH´$HQWUHYLVWDIRLSHUPHDGDFRPILFomRQDV
UHFRQVWLWXLo}HV IHLWDV GXUDQWH R EDWHSDSR 7XGR FRRUGHQDGR SHOD FHQWUDO *ORER GH
3URGXo}HV6KRZH'UDPDWXUJLDHQmRSHOD&HQWUDO*ORERGH-RUQDOLVPR
$HQWUHYLVWDGHXSRQWRVQR,ERSH$0$5$/HIRLRTXHIDOWDYDSDUDTXH
DHPLVVRUDFRORFDVVHQRDUXPSURJUDPDSROLFLDO2/LQKD'LUHWDWLQKDRVORJDQ³HPOLQKD
GLUHWD FRP VHXV GLUHLWR HP OLQKD GLUHWD FRP D MXVWLoD´ 2V FDVRV HUDP PRVWUDGRV QR DU
DWUDYpVGHUHFRQVWLWXLo}HVIHLWDVSRUGLUHWRUHVGHGUDPDWXUJLDHQRILQDOGRSURJUDPDDFDUD
GRVFULPLQRVRVHUDPRVWUDGDFRPXPQ~PHURWHOHI{QLFRSDUDGHQ~QFLD
1RPHLRHQRILQDOGRSURJUDPDDHPLVVRUDPRVWUDYDRVSUHVRVGDVHPDQDRXGDV
VHPDQDVDQWHULRUHVWRGRVVXSRVWDPHQWHGHQXQFLDGRVSHORVWHOHVSHFWDGRUHV2/LQKD'LUHWD
VDLXGRDUHP
+RMHRVSURJUDPDVSRSXODUHVHVWmRQRVDXGLWyULRVQDVWDUGHVHLQtFLRGHQRLWHDOpP
GRV ILQDLV GH VHPDQD 7RGDV DV HPLVVRUDV SRVVXHP RV VHXV RQGH PRVWUDP PDWpULDV FRP
FHOHEULGDGHV MRJRV HP TXH DUWLVWDV SDVVDP SRU SURYDo}HV DOpP GH GUDPDV H ³YLGD UHDO´
FRPRFRVWXPDPGL]HU
$OpP GRV SURJUDPDV GH DXGLWyULR DV UHYLVWDV HOHWU{QLFDV FRPR VmR FKDPDGRV R
'RPLQJR(VSHWDFXODUH R)DQWiVWLFRWDPEpPHVWmRQDV JUDGHVGDV HPLVVRUDV0HVFODQGR
LQIRUPDomR MRUQDOtVWLFD FRP HQWUHWHQLPHQWR VmR FRQYHUVDGRV LQIRUPDLV iJHLV H EHP
KXPRUDGRVEXVFDQGRVHPSUHPDQWHUDFUHGLELOLGDGH
$ JUDGH GRV SURJUDPDV WUDEDOKD HP WRUQR GH SROtWLFD HFRQRPLD FLQHPD PRGD
FRPSRUWDPHQWR GHQ~QFLDV FHOHEULGDGHV WHUFHLUD LGDGH HVSRUWHV H WULEXQDV HP TXH R
³SRYR´ SRGH IDODU 0DV R HQWUHWHQLPHQWR p TXHP UHJH RV SURJUDPDV TXH PHVPR QRV
³(QILPRVWHOHMRUQDLVSURGX]LGRVSDUDDVFODVVHV&'H(VHJXHPDWHQGrQFLDGH
FRQWDPLQDURMRUQDOLVPRHHQWUHWHQLPHQWR2HQWUHWHQLPHQWRSUHGRPLQDRXSHODDERUGDJHP
SRXFRVpULDGDHVIHUDGRFULPHHGDFRQWUDYHQomRRXSHODHVFROKDGHSDXWDVGHYDULHGDGHV´
$0$5$/
2',È5,2*$Ò&+2
2 'LiULR *D~FKR p R ~QLFR MRUQDO FODVVLILFDGR FRPR SRSXODU TXH FLUFXOD
DWXDOPHQWHQR5LR*UDQGHGR6XO$QWHVGHOHKDYLDRXWUDVH[SHULrQFLDV)ROKDGD7DUGHH
ÒOWLPD+RUDTXHFLUFXODYDPQRHVWDGRWDPEpPHUDPFRQVLGHUDGDVSRSXODUHV
$ )ROKD GD 7DUGH GD FRPSDQKLD MRUQDOtVWLFD &DOGDV -~QLRU IRL XP WDEOyLGH
YHVSHUWLQR DWp H FLUFXORX GH D 8PD GH VXDV FDUDFWHUtVWLFDV FRPR QD
PDLRULD GRV MRUQDLV SRSXODUHV HUD D DWLYLGDGH SURPRFLRQDO 1D GpFDGD GH H
FKHJRXDWHUXPGHSDUWDPHQWRGHSURPRo}HVHGLVWULEXLXFDVDVHDSDUWDPHQWRV
-iDÒOWLPD+RUDVXUJLXHPHFLUFXORXSRUPHVHVQRHVWDGR)RLXPMRUQDO
TXH DSUHVHQWRX DOJXPDV LQRYDo}HV FRPR IRWR JUDQGH QD FDSD H QDV SiJLQDV FHQWUDLV 2
MRUQDO$+RUDIRLRXWUR YHtFXORGHFXQKRSRSXODUTXHFLUFXORXHP3RUWR$OHJUHQRV DQRV
,QWURGX]LXWDPEpPDOJXPDVLQRYDo}HVFRPRRXVRGHFRUHDDGRomRGHXPSURMHWR
JUiILFRHVSHFtILFRSDUDDSULPHLUDSiJLQD
2 'LiULR *D~FKR FLUFXOD GHVGH GH DEULO GH 6HJXQGR D GLUHomR GD
HPSUHVDYHLR SDUD SUHHQFKHU XP HVSDoR YDJR HQWUH DV RSo}HV HGLWRULDLV GRV OHLWRUHV GD
5HJLmR 0HWURSROLWDQD 1R ILQDO GH GpFDGD GH D 5HGH %UDVLO 6XO 5%6 FRQVWDWRX D
SDUWLU GH SHVTXLVDV TXH R PHUFDGR GH OHLWRUHV GH MRUQDLV GR 5LR *UDQGH GR 6XO WLQKD
SRWHQFLDO GH FUHVFLPHQWR 2 OHYDQWDPHQWR PRVWURX j pSRFD D RSRUWXQLGDGH SDUD R
'LiULR*D~FKRQDOLGHUDQoDGRPHUFDGRTXHPDLVOrMRUQDOQRSDtVSXEOLFDomRGRGHSDUWDPHQWRFRPHUFLDO
ODQoDPHQWRGHXPYHtFXORGHDSHORSRSXODUTXHFRQTXLVWDVVHRS~EOLFRGDVFODVVHV%&'
H ( 3HVVRDV QmR OLDP RV SHULyGLFRV FRORFDGRV j VXD GLVSRVLomR HP GHFRUUrQFLD GR SUHoR
HOHYDGR GRV FRQWH~GRV GHVLQWHUHVVDQWHV RX PHVPR SRUTXH VXDV DSUHVHQWDo}HV QmR HUDP
DWUDHQWHV
3DUD0DUWLQV)LOKR
$G~YLGDHUDDPHVPDRTXHVHULDXPMRUQDOSRSXODU"4XDLVVHULDPVHXV DVSHFWRV HGLWRULDLV" 6HX FRQWH~GR" 6XD DSUHVHQWDomR JUiILFD" 6HX UHODFLRQDPHQWR FRP VHX S~EOLFR" +DYLD D FRQIXVmR GH FRQFHLWRV PHVPR TXH Mi H[LVWLVVHP QR %UDVLO QR PtQLPR GXDV H[SHULrQFLDV YLWRULRVDV RV MRUQDLV2 'LDH([WUD DPERV GR 5LR D FRPSURYDUHP D SRVVLELOLGDGH GH RSo}HV YHUGDGHLUDPHQWH SRSXODUHV FULDWLYDV H GHFHQWHV VHP YXOJDULGDGH 0$57,16),/+2
6HJXQGR 0DUWLQV GXUDQWH RV HVWXGRV H PRQWDJHP GR SURMHWR ³R OLPLWH HUD
H[DWDPHQWHpWLFRSDUDDOFDQoDUWDLVOHLWRUHVRJUXSRWHULDGHDUFDUFRPR{QXVGHHGLWDUXP
MRUQDOWRVFRRXVyUGLGR´TXHVWLRQDRMRUQDOLVWD0DVVHJXQGRHOH
$ DOWHUQDWLYD H[LVWLD LPSODQWDU XP MRUQDO SRSXODU VHP VHU DSHODWLYR HVFDQGDORVR RX WHUDWROyJLFR 3RGHULD H[LVWLU XP MRUQDO SRSXODU TXH QmR IRVVHXPMRUQDOVXMRRXVDQJUHQWRRXEL]DUURRXTXHGHERFKDVVHGDPLVpULD DOKHLD 8P MRUQDO GR TXDO R IXWXUR OHLWRU QmR VH HQYHUJRQKDVVH TXH SXGHVVHVREUDoDUVHPFRQVWUDQJLPHQWRHHPSUHVWDUDTXDOTXHUPHPEURGH VXDIDPtOLD8PMRUQDOTXHIRVVHERPGLJQRHEDUDWR0$57,16),/+2
$TXL FDEH XPD REVHUYDomR &HOVR &DPSRV -~QLRU 'HQLV 0RUHLUD *LDQFDUOR
/HSLDQLH0DLN5HQp/LPDDXWRUHVGROLYUR1DGDPDLVTXHDYHUGDGHTXHFRQWDDKLVWyULD
GR MRUQDO VHQVDFLRQDOLVWD1RWtFLDV 3RSXODUHV QS TXH FLUFXORX HP 6mR 3DXOR DWp R DQR
GL]HPTXHGRLVGRVPRWLYRVGRIUDFDVVRGRQSIRUDPMXVWDPHQWHRIDWRGHTXHROHLWRU
QmR SRGLD PDLV OHYiOR SDUD FDVD PRVWUDQGRR SDUD D IDPtOLD H D SHUGD GH FRQILDQoD QR
MRUQDO2FDVRFRQWDGRpHPEOHPiWLFRHH[HPSOLILFDHVWDVLWXDomR
6HJXQGR RV DXWRUHV KDYLD XP FRQWUDWR YHODGR VXSRVWR SHORV MRUQDOLVWDV HQWUH
MRUQDOHOHLWRUTXHGDYDRGLUHLWRGHDUHGDomRGRMRUQDOGHFLGLUVREUHWHPDVTXHLQWHUHVVDYDP
DRS~EOLFR(QWUHHOHVHVWDYDDOLEHUGDGHSRUSXEOLFDUIRWRVGHPDUJLQDLVPRUWRVQDFDSD2V
PRUWRVHUDPVHPSUHHVRPHQWHPDUJLQDLV1XPDHGLomRHVSHFtILFDIRLSDUDDFDSDDIRWRGH
VHU FRQVWDWDGD D PRUWH GD FULDQoD SHORV ERPEHLURV VHX FRUSR IRL LoDGR FRP XP JDQFKR
DSyVDSURYDomRGDIDPtOLD
(VVDIRWRTXHHVWDPSRXDFDSDGRMRUQDOJHURXUHYROWDHQWUHRVOHLWRUHV6HJXQGRRV
DXWRUHVRFRQWUDWRGHTXHDSHQDVFRUSRVGHPDUJLQDLVHVWDPSDVVHPDFDSDHVWDYDURPSLGR
'DTXHODPDQHLUDRS~EOLFRGRMRUQDOSHUGHXDFRQILDQoDQRVMRUQDOLVWDVTXHFRPRIL]HUDP
FRPDTXHOHEHErSRGHULDPHVWDPSDUDIRWRGHTXDOTXHUSHVVRDQDFDSDPHVPRTXHHODQmR
WLYHVVHIHLWRQDGDGHHUUDGR6HQGRDVVLPRMRUQDOQmRSRGHULDPDLVVHUOHYDGRSDUDFDVD
PRVWUDGRSDUDRVILOKRV$ILQDOQmRVHVDELDPDLVRTXHHVSHUDU
'H DFRUGR FRP PDWHULDO SURPRFLRQDO IRUQHFLGR VREUH R 'LiULR *D~FKR
GLIHUHQWHPHQWHGDYLVmRJHUDOHDWpPHVPRGLVWRUFLGDGHTXHWDOS~EOLFRVyVHLQWHUHVVDULD
SRU QRWtFLDV SROLFLDLV H HVFkQGDORV GH SUHIHUrQFLD VH[XDLV R S~EOLFR GR IXWXUR MRUQDO HUD
FRPSRVWRSRURXWURWLSRGHJHQWH(UDXPDLPHQVDHHVTXHFLGDSDUFHODGDSRSXODomRTXHGH
IRUPDTXDVHLQJrQXDDLQGDSURIHVVDYDYDORUHVFRQVHUYDGRUHVWUDGLFLRQDLVTXHTXHULDYLYHU
KRQHVWDPHQWHGHVHXWUDEDOKRTXHTXHULDYHURVILOKRVHVWXGDQGRHVHFDVDQGROHJDOPHQWH
TXHWLQKDIRUWtVVLPRVODoRVIDPLOLDUHVHUHOLJLRVRVTXHVHGHL[DYDHPRFLRQDUFRPIDFLOLGDGH
TXHGHVFRQKHFLDDPDLRUSDUWHGHVHXVGLUHLWRVHQmRVDELDTXHPVHULDPRVUHVSRQViYHLVSRU
ID]HURVSRXFRVGLUHLWRVTXHFRQKHFLDVHUHPUHFRQKHFLGRVHUHVSHLWDGRV
(UDWRGDXPDTXHVWmRpWLFDDVHUFRQVLGHUDGDDIDL[DSRSXODFLRQDODTXHVHGLULJLULD
R'LiULR*D~FKRDFODVVHSRSXODUHUDSUHFLVDPHQWHDPHQRVDPSDUDGDSHODVLQVWLWXLo}HVD
FODVVHPDLV³GHVIDYRUHFLGD´H³YXOQHUiYHO´0$57,16),/+2
2TXHFRVWXPDRFRUUHUpRUHODFLRQDPHQWRHXPH[DJHURGHFRPSDUDo}HVHQWUHR
FDUiWHU SRSXODU H R VHQVDFLRQDOLVWD GR MRUQDOLVPR 7DOYH] SRUTXH D PDLRULD GRV MRUQDLV
VHQVDFLRQDOLVWDVH[SORUDGHSUHIHUrQFLDHPSULPHLUDSiJLQDPDQFKHWHVGH³VDQJXHHVH[R´
,VVR p XPD UHJUD VHQVDFLRQDOLVWD PDV QmR TXHU GL]HU TXH SDUD VHU SRSXODU XP YHtFXOR
SUHFLVDVHUDVVLP
1RHQWDQWRHVWDPDQHLUDGHSHQVDUQmRpD~QLFD5REHUWR5DPRVLQ*8$5(6&+,
H%,=GHIHQGHTXHRSHULyGLFRpVLPVHQVDFLRQDOLVWD
'LiULR*D~FKRQDOLGHUDQoDGRPHUFDGRTXHPDLVOrMRUQDOQRSDtVSXEOLFDomRGRGHSDUWDPHQWRFRPHUFLDO
2 GLVFXUVR HQFUiWLFR ± GLVFXUVR GR 3RGHU ± GR 'LiULR *D~FKR WHP QD LQIRUPDomR DSHQDV XP LGHDO GH VRFLHGDGH GHPRFUiWLFD (VWi FRPSURPHWLGRFRPRVHXFyGLJRLQYDULDQWH([SORUDDVHPRo}HVGRVVHXV OHLWRUHV SDUD OXFUDU FRP R VHQWLGR WUDJLF{PLFR e XPD GDV SDUWHV GH KHJHPRQLDGRVHQVDFLRQDOLVPRFRQWHPSRUkQHR5$026LQ*8$5(6&+, H%,=S
2 DXWRU YDL DGLDQWH 3DUD HOH D OHLWXUD VHQVDFLRQDOLVWD p HVFRQGLGD QR MRUQDO Vy
SHUFHELGDSRUTXHPYrFRPSURIXQGLGDGH
4XHPVHSUHRFXSDDSHQDVFRPRTXrQmRYrRVHQVDFLRQDOLVPRGR'LiULR *D~FKR(QFRQWUDVHHQYROWRQDVEUXPDVGRLPDJLQiULR3RGHDWpGHIHQGHU D QHXWUDOLGDGH GH VHX HVWLOR MRUQDOtVWLFR FRP SRVH H FHUWD VROHQLGDGH e SUHFLVREXVFDURFRPRGDGLVFXUVLYLGDGHGRMRUQDOSDUDGHEDWHUDVTXHVW}HV GH VXD HVWpWLFD VHQVDFLRQDOLVWD TXH GLVSRQLELOL]D R ³IDLW GLYHUV´ FRPR VLJQLILFDQWH5$026LQ*8$5(6&+,H%,=S
1R TXH SHVH R WRP H[FHVVLYDPHQWH iFLGR QD FRQFHLWXDomR GH VHQVDFLRQDOLVPR
DOJXPDVGHVXDVSUHUURJDWLYDVVmRYLVOXPEUDGDVQR'LiULR*D~FKRPDVH[FOXVLYDPHQWHQR
VHXSURMHWRJUiILFRRVDSHORVYLVXDLVXWLOL]DGRVWrPRLQWXLWRGHFKDPDUDDWHQomRGROHLWRU
1RSODQRJUiILFRIRWRJUDILDVLOXVWUDo}HVLQIRJUiILFRVFRUHV³ROKRV´HWFVmRIXQGDPHQWDLV
QD FRQILJXUDomR GD OLQJXDJHP YLVXDO 2V DSHORV JUiILFRV VmR PDLV YLVtYHLV /,12 '(
628=$
2V MRUQDLV SRSXODUHV VmR PDLV LF{QLFRV WUDEDOKDP PDLV FRP HOHPHQWRV JUiILFRV
TXHPDUFDPYLVXDOPHQWHROHLWRU+HQQSHQWHQGHTXHKi³XPHQJHVVDPHQWRGR
LF{QLFR TXH WHP RULJHQV PDLV SURIXQGDV QD SUySULD HVWUXWXUD GH UHODomR GR VLVWHPD
MRUQDOtVWLFRFRPDVRFLHGDGH´HPIXQomRGDSDGURQL]DomRGRVMRUQDLV$OpPGRFyGLJRR
MRUQDOLVPRFRQVLGHUDGRSRSXODUID]GDSUHVWDomRGHVHUYLoRXPPHLRGHFDWLYDUROHLWRU$
LQWHUDWLYLGDGHpXPGHVHXVSRQWRVIRQWHV
2QRPH'LiULR*D~FKRYHLRGRSUySULRS~EOLFR&RPRPRVWUDLQLFLDOGHTXHVHULD
XPSURGXWRSRSXODUXPDJUDQGHFDPSDQKDFRPRVIXWXURVOHLWRUHVIRLIHLWDDILPGHTXHR
QRPH IRVVH HVFROKLGR SRU HOHV $ RSLQLmR GR IXWXUR OHLWRU VHULD IXQGDPHQWDO Mi QR
ODQoDPHQWRGRQRYRSURGXWR&RPHVVDWHQWDWLYDGHDSUR[LPDomR³RMRUQDOGHL[RXFODURTXH
2FRQFXUVRWLQKDXPDFRQWUDSDUWLGDSDUDDSDUWLFLSDomRGRVOHLWRUHVHQWUHDTXHOHV
TXHPDQGDUDPVXDVVXJHVW}HVGHQRPHHQWUHDOJXPDVVXJHVW}HVIRUQHFLGDVSHODHPSUHVD
IRL VRUWHDGR XP DXWRPyYHO 9HFWUD EUDQFR NP 2 DXWRPyYHO IRL HVFROKLGR SRU SHVTXLVD
UHDOL]DGRFRPSRWHQFLDLVFRPSUDGRUHVGRMRUQDO2MRUQDOUHFHEHXPDLVGHPHLRPLOKmRGH
FXSRQV0$57,16),/+2
3DUD&HOVR$XJXVWR6FKU|HGHULQ*8$5(6&+,H%,=DHVFROKDGRQRPH
QmRIRLEHPDVVLPFRPRFRQWDGD
0RQWRXVH XPD SHTXHQD IDUVD RQGH R S~EOLFR GDULD R QRPH GR MRUQDO 'HSRLVGHXPDLQWHQVDSDUWLFLSDomRSRSXODURQRPHDGRWDGRWHULDVLGRR HVFROKLGRSHODGLUHomRHTXHUHVJXDUGDULDXPDLQTXLHWDQWHSUHRFXSDomRVH QmRGHVVHFHUWRDIyUPXODUHVWDULDDSRVVLELOLGDGHGHVHWHUXPWUDGLFLRQDO MRUQDO PHWURSROLWDQR >@ 3RU LVVR PHVPR IRL HPSUHHQGLGR XP HQRUPH HVIRUoRSDUDDWULEXLUDHVWHSURGXWRXPDURXSDJHPVRFLDO6&+5g('(5 LQ*8$5(6&+,H%,=S
6HJXQGR0DUWLQVRODQoDPHQWRGR'LiULR*D~FKRIRLPXLWREHPSHQVDGR
'LIHUHQWHPHQWHGRTXHGL]HPTXHRMRUQDOIRLODQoDGRVHPQHQKXPWLSRGH FRQVXOWD H PRQWDGR H[FOXVLYDPHQWH SHOD HPSUHVD R GLiULR IRL WDOYH] R MRUQDO ODQoDGR QR HVWDGR FRP D PDLRU TXDQWLGDGH GHSHVTXLVDV SRVVtYHLV )RLRPHOKRUSURMHWDGRHVWXGDGRFRPXPSURMHWRTXHMiWLQKDTXDWURDQRV TXDQGR YHLR j WRQD 1DGD D YHU FRP UHDomR j FRQFRUUrQFLD FRPR IRL QRWLFLDGRTXHRMRUQDOVHULDXPDUHVSRVWDDXPSURYiYHOQRYRODQoDPHQWR LPSUHVVRGD5HGH3DPSD0$57,16),/+2
$IRUPDWDomRSRVWHULRUGDSXEOLFDomRVHGHXHPFLPDGRVTXDWURSRQWRVGHIHQGLGRV
SHOR PDUNHWLQJ SHVTXLVD SURGXWR SUHoR H SURPRomR 2 SUHoR EDL[R H D SURPRomR VmR
IXQGDPHQWDLVQDFRQVWUXomRGRPRGHORGHXPGLiULRYROWDGRDRVVHJPHQWRVPDLVSRSXODUHV
$ VHJPHQWDomR PRVWURXVH HILFLHQWH 2'LiULR *D~FKRSHUFHEHX DDWUDWLYLGDGH
JOREDO GHVWH VHJPHQWR GH PHUFDGR HP WDPDQKR FUHVFLPHQWR DSURYHLWDPHQWR H SRU VHU
XPD HPSUHVD Mi GHYLGDPHQWH HTXLSDGD SDUD SURGX]LU LPSULPLU H GLVWULEXLU MRUQDLV HP
HFRQRPLDV GH HVFDOD H EDL[R ULVFR 1R FDVR HVSHFtILFR GR SHULyGLFR GD 5%6 IRUDP
GHPDUFDGDV DV FDPDGDV GD SRSXODomR GDV FODVVHV %&' 3DUD WHU FHUWH]D GH DWLQJLU HVWH
S~EOLFRDOYRDHPSUHVDUHDOL]RXHVWXGRFRPSDUDWLYRHQWUHRVtQGLFHVGHOHLWXUDGDVUHJL}HV
GHMRUQDLVSRSXODUHVGXDVGDVTXDLVMRUQDLV2'LDH([WUDFRQVDJUDGDVHSRUTXHDJUDQGH
5LR DSUHVHQWDYD j pSRFD tQGLFHV GH OHLWXUD EDVWDQWH DSUR[LPDGRV GRV tQGLFHV GD
JUDQGH 3RUWR $OHJUH 8P MRUQDO TXH REWLYHVVH tQGLFHV GH SHQHWUDomR QR PHUFDGR
VHPHOKDQWHV DRV GRV MRUQDLV SRSXODUHV GR ULR GHPDUFDULD R PHUFDGR SRSXODU GD UHJLmR
PHWURSROLWDQDGH3RUWR$OHJUH
8WLOL]DQGR SRU EDVH R WDPDQKR GR PHUFDGR SDUD MRUQDLV SRSXODUHV GD JUDQGH 5LR
GDSRSXODomRHQRVGDGRVPpGLRVGRVOHLWRUHVGRVMRUQDLVSRSXODUHVGHOiD5%6
FDOFXORX XP SRWHQFLDO GH PHUFDGR SDUD XP MRUQDO SRSXODU QD JUDQGH 3RUWR $OHJUH FXMD
SRSXODomRjpSRFDHUDHVWLPDGDHPPLOK}HVGHSHVVRDVPLOKmRGHSHVVRDV
OHLWRUHVHPSRWHQFLDO
8WLOL]DQGR XPD PpGLD GH OHLWXUD SRU H[HPSODU GH OHLWRUHVH[HPSODUGLD
EDVHDGDQRVtQGLFHVGH2'LDOHLWRUHVH[HPSODUGLDH([WUDOHLWRUHVH[HPSODUGLD
FKHJRXVHDXPDSRVVtYHOFLUFXODomRGHH[HPSODUHVSRUGLDSDUDXPIXWXURMRUQDO
SRSXODUGDJUDQGH3RUWR$OHJUH$HVWLPDWLYDGDHTXLSHTXHPRQWDULDDSXEOLFDomRHUDGH
TXHHOHHOHYDVVHHPRPHUFDGRGHOHLWRUHVGDUHJLmRTXHSDVVDULDGHPLOOHLWRUHV
SDUDOHLWRUHV2QRYRMRUQDODERFDQKDULDGRVOHLWRUHV
7RGRV HVVHV tQGLFHV IRUDP XOWUDSDVVDGRV (P RXWXEUR GH R'LiULR*D~FKR
GHWLQKDPLOKmRGHOHLWRUHVFRUUHVSRQGHQGRDPDLVGHGRPHUFDGR$HQWUDGDGR
'LiULR*D~FKRHOHYRXRtQGLFHGHOHLWXUDSDUD HIH]FRPTXH D JUDQGH3RUWR$OHJUH
XOWUDSDVVDVVHGHIRUPDKLVWyULFDDJUDQGH5LRWRUQDQGRVHDUHJLmRGR%UDVLOGHPDLRUtQGLFH
GHOHLWXUDGHMRUQDLV
2 MRUQDO DWLQJLX R SLFR GH FLUFXODomR GH PLOGLDHP GH]HPEUR GH
3DVVDGRVRLWRDQRVGHVHXODQoDPHQWRDPpGLDPHQVDOIHFKRXRPrVGHDJRVWRGHHP
'LiULR*D~FKRQDOLGHUDQoDGRPHUFDGRTXHPDLVOrMRUQDOQRSDtVSXEOLFDomRGRGHSDUWDPHQWRFRPHUFLDO
GD5%6GH]HPEURGH
*UXSRGH(VWXGRV0DUSODQ±RXWXEURGH
'LiULR*D~FKRQDOLGHUDQoDGRPHUFDGRTXHPDLVOrMRUQDOQRSDtV2SFLW
,GHP
MRUQDLVGLD VHQGR R MRUQDO HP FLUFXODomR GH WRGR R %UDVLO H R TXDUWR MRUQDO
SRSXODUPDLVYHQGLGR
1D LPSODQWDomR GR'LiULR *D~FKR D VHJPHQWDomR GHPRJUiILFD IRL R SRQWR GH
SDUWLGD+RXYHXPDRSomRSHODHVSHFLDOL]DomRVHOHWLYD)RLDVVLPVHOHFLRQDGRRVHJPHQWR
TXH HUD DWUDHQWH H DSURSULDGR D UEV HVFROKHX XP VHJPHQWR DLQGD QmR DWHQGLGR RV TXH
SUHIHULULDP XP MRUQDO SRSXODU H DLQGD QmR R WLQKDP FRP OLPLWDGR SRGHU DTXLVLWLYR
GHWHUPLQDGDIDL[DHWiULDHGHILQLGDHVFRODULGDGH$VHJPHQWDomRGHPRJUiILFDpDEDVHPDLV
XVDGD SDUD VH GLVWLQJXLU JUXSRV GH FOLHQWHV Mi TXH ³QHFHVVLGDGHV GHVHMRV H tQGLFHV GH
XWLOL]DomR GRV FRQVXPLGRUHV´ HVWmR IUHTHQWHPHQWH DVVRFLDGRV D YDULiYHLV GHPRJUiILFDV H
SRU VHUHP ³PDLV IiFHLV GH VHUHP PHGLGDV´ RV OHLWRUHV GR'LiULR *D~FKR SRGHP VHU
LGHQWLILFDGRV FRQIRUPH EDVHV JHRJUiILFDV SVLFRJUiILFDV H FRPSRUWDPHQWDLV 0$57,16
),/+23DUDTXHVHWHQKDLGpLDGHTXDOpRS~EOLFRDOYRTXHR'LiULR*D~FKRTXHULD
DWHQGHUDSUHVHQWDYDVHDOJXQVQ~PHURV
• 6H[RPDVFXOLQRHIHPLQLQR
• 5HQGDIDPLOLDUPHQVDOFRPUHQGDGHGHDVDOiULRVPtQLPRVH
FRPUHQGDGHDWpVDOiULRVPtQLPRV
• ([WUDWR HFRQ{PLFR SHUWHQFHQWHV jV FODVVHV %& H SHUWHQFHQWHV j
FODVVH'
• )DL[DHWiULDGHDQRVGHGHGH
HGHSDUDFLPD
• (VFRODULGDGHDWpDVpULHFRPHQVLQRPpGLRLQFRPSOHWRH
FRPHQVLQRPpGLRFRPSOHWR
• $V SUHIHUrQFLDV TXHULD OHU VREUH DWXDOLGDGHV SDVVDWHPSRV
VD~GHJHQWHIDPRVDHPHUFDGRGHWUDEDOKR
5HODWyULR%UDVLO±FLUFXODomRGRVMRUQDLVGLiULRV,QVWLWXWR9HULILFDGRUGH&LUFXODomR$JRVWRGH 3HVTXLVD³'LiULR*D~FKR±DYLWyULDGDVLPSOLFLGDGH´UHDOL]DGDSHOR6HJPHQWRDSHGLGRGD5%6HPMDQHLUR
$OHDOGDGHGROHLWRUQmRpXPDIXQomRGDLGHRORJLDGRMRUQDO³EDVHLDVHPDLVQD
HILFiFLD GD FREHUWXUD MRUQDOtVWLFD QRV FXVWRV QRV VHUYLoRV GH GLVWULEXLomR RX HP TXDOTXHU
IDWRUWDQJtYHOTXHXPMRUQDOFRQVHJXHFRQWURODU´62/26.,S
(VVH PHVPR S~EOLFR TXDQWLILFDGR H DSUHVHQWDGR DFLPD HP SHVTXLVDWHYH DV
VHJXLQWHVUHDo}HVTXDQGRSHUJXQWDGRVREUHRTXHDFKDYDGR'LiULR*D~FKRHPUHVSRVWDV
WH[WXDLV
eDFHVVtYHOSDUDTXDOTXHULGDGH
(VVHpXPMRUQDOTXHIDODVREUHQyV
³eFRPRRVSDLVGDJHQWHLQIRUPDVREUHWXGRRTXHDFRQWHFHHSUHSDUDSDUDD
YLGD´
-i VHJXQGR RXWUD SHVTXLVDR UHVXOWDGR LQGLFRX FRQIRUPH PRVWUDP DOJXPDV
UHVSRVWDVWH[WXDLV
eXPMRUQDOFRPSOHWR2TXHWXSURFXUDDFKDQHOH
³(OHpERQLWRPHVPRHOHpDOHJUH´
³(OHpSHTXHQRPDVWRGRVRVHVSDoRVGHOHQmRGmRSDUDGHL[DUGHOHU´
³eVKRZpPXLWRVKRZRGLiULRJD~FKR´
(P RXWUR HVWXGRUHDOL]DGR WDPEpP D SHGLGR GD 5%6 REVHUYDVH R VHJXLQWH
UHVXOWDGR
eXPMRUQDOFRPSDFWRpXPDFRLVLQKDSHTXHQLQKDHQWmRpUDSLGLQKR
2FLGDGmRpUHVSHLWDGRQDRSLQLmRGHOH
,GHP