352*5$0$'(3Ï6*5$'8$d2(07(/(9,62',*,7$/
,1)250$d2(&21+(&,0(172
0DULDQD3tFDUR&HULJDWWR
('8&$d23$5$$60Ë',$61$)250$d2'(352)(6625(680$ 3523267$75$160Ë',$(175(:(%(79',*,7$/
0DULDQD3tFDUR&HULJDWWR
('8&$d23$5$$60Ë',$61$)250$d2'(352)(6625(680$ 3523267$75$160Ë',$(175(:(%(79',*,7$/
'LVVHUWDomR GH 0HVWUDGR DSUHVHQWDGD DR 3URJUDPD GH 3yV*UDGXDomR HP 7HOHYLVmR 'LJLWDO ,QIRUPDomR H &RQKHFLPHQWR GD )DFXOGDGH GH $UTXLWHWXUD $UWHV H &RPXQLFDomR )DDF GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD 8QHVS³-~OLRGH0HVTXLWD)LOKR´SDUDREWHQomRGRWtWXOR GH0HVWUHHP&RPXQLFDomR,QIRUPDomRH(GXFDomRHP 79 'LJLWDO VRE D RULHQWDomR GR SURIHVVRU 'U -RVp /XLV %L]HOOL
%DXUX
&HULJDWWR0DULDQD3tFDUR
(GXFDomRSDUDDVPtGLDVQDIRUPDomRGH
SURIHVVRUHVXPDSURSRVWDWUDQVPtGLDHQWUHZHEH79 'LJLWDO0DULDQD3tFDUR&HULJDWWR
I
2ULHQWDGRU-RVp/XLV%L]HOOL
'LVVHUWDomR0HVWUDGR8QLYHUVLGDGH(VWDGXDO 3DXOLVWD)DFXOGDGHGH$UTXLWHWXUD$UWHVH
&RPXQLFDomR%DXUX
0tGLDHGXFDomR(D'79'LJLWDO 7UDQVPtGLD,8QLYHUVLGDGH(VWDGXDO3DXOLVWD )DFXOGDGHGH$UTXLWHWXUD$UWHVH&RPXQLFDomR,, 7tWXOR
3DUDRVTXHDFUHGLWDPQRSRWHQFLDOHGXFDWLYRGDVPtGLDVHWHFQRORJLDVHQD
$*5$'(&,0(1726
$JUDGHoRSULPHLUDPHQWHD'HXVSRUWHUPHFRQFHGLGRRSRUWXQLGDGHVYDOLRVDVGH
FRQKHFHU R PXQGR DWUDYpV GD FLrQFLD $JUDGHFHUHL HWHUQDPHQWH j SURIHVVRUD
$OH[DQGUD%XMRNDVTXHIRLXPDGDVSULQFLSDLVUHVSRQViYHLVSRUGHVSHUWDUHPPLPR
JRVWRHRLQWHUHVVHSHODYLGDDFDGrPLFDHSHODiUHDGHPtGLDHGXFDomR
3RUILPDJUDGHoRDRVPHXVDPLJRVSHODIRUoDDSRLRHWRUFLGDDVVLPFRPRPLQKD
IDPtOLD H PHX QRLYR /XLV )HUQDQGR GD &XQKD 1mR SRVVR GHL[DU GH DJUDGHFHU
WDPEpP D WRGRV RV SURIHVVRUHV TXH GHVGH D JUDGXDomR PH SURSRUFLRQDUDP XPD
IRUPDomRKXPDQDpWLFDHLGHDOLVWD±YDORUHVTXHFDUUHJRFRPR³DPXOHWRV´HQTXDQWR
SHVTXLVDGRUDHMRUQDOLVWD
&(5,*$77203(GXFDomRSDUDDVPtGLDVQDIRUPDomRGHSURIHVVRUHVXPD SURSRVWDWUDQVPtGLDHQWUHZHEH79GLJLWDOI'LVVHUWDomRGH0HVWUDGRHP79 'LJLWDO ,QIRUPDomR H &RQKHFLPHQWR GD )DFXOGDGH GH $UTXLWHWXUD $UWHV H &RPXQLFDomR )DDFGD8QHVSVREDRULHQWDomRGRSURI'U-RVp/XLV%L]HOOL%DXUX
5(6802
2SUHVHQWHWUDEDOKRDSUHVHQWDXPDPHWRGRORJLDSHGDJyJLFDYROWDGDSDUDDWLYLGDGHV GHOHLWXUDHHVFULWDGDOLQJXDJHPDXGLRYLVXDOHVHHVERoDHPSODWDIRUPDVGLJLWDLVGH HGXFDomRHQDIRUPDomRLQLFLDOGHSURIHVVRUHVGHOtQJXD SRUWXJXHVD2VREMHWLYRV IRUDP GHVHQYROYHU XP FXUVR GH DOIDEHWL]DomR j OLQJXDJHP GR DXGLRYLVXDO HP IRUPDWRVHPLSUHVHQFLDOXWLOL]DQGRFRPRVXSRUWHRDPELHQWHYLUWXDOGHDSUHQGL]DJHP 0RRGOH H LQGLFDU SRVVLELOLGDGHV GH FRPELQDomR GHVVD PRGDOLGDGH ZHE FRP WHOHYLVmR 'LJLWDO $V DWLYLGDGHV VHJXHP IXQGDPHQWRV GD PHGLD OLWHUDF\ iUHD LQWHUGLVFLSOLQDU TXH VH SUHRFXSD HP GHVHQYROYHU IRUPDV GH HQVLQDU H DSUHQGHU DVSHFWRV UHOHYDQWHV GD LQVHUomR GRV PHLRV GH FRPXQLFDomR QD VRFLHGDGH H GH SULQFtSLRV GD DSUHQGL]DJHP FRODERUDWLYD H FRQVWUXWLYLVWD 6mR H[HPSOLILFDGDV H[SHULrQFLDVGHWUDQVSRVLomRHQWUHSODWDIRUPDVOLPLWDo}HVGDWHOHYLVmRGLJLWDOHXPD SURSRVWD GH µSDUFHULD¶ HQWUH ZHE H WHOHYLVmR GLJLWDO GHQWUR GH XPD HVWUDWpJLD GH HGXFDomRWUDQVPtGLD
3DODYUDVFKDYH0tGLDHGXFDomR(D'79'LJLWDOWUDQVPtGLDSODWDIRUPDVYLUWXDLV GHDSUHQGL]DJHP
5(680(1
(VWH WUDEDMR SUHVHQWD XQD PHWRGRORJtD FHQWUDGD HQ OD HQVHxDQ]D GH OHFWXUD \ HVFULWXUD DFWLYLGDGHV GH OHQJXDMH DXGLRYLVXDO \ VH GHVFULEH HQ ODV SODWDIRUPDV GLJLWDOHV HQ OD HGXFDFLyQ \ OD IRUPDFLyQ GH SURIHVRUHV GH LGLRPD SRUWXJXpV /RV REMHWLYRV IXHURQ GHVDUUROODU XQ FXUVR GH DOIDEHWL]DFLyQ HQ HO OHQJXDMH GH IRUPDWR YLVXDOXWLOL]DQGRFRPRDSR\RHOHQWRUQRYLUWXDOGHDSUHQGL]DMH0RRGOH\LQGLFDUODV SRVLELOLGDGHV GH FRPELQDU HVWD PRGDOLGDG ZHE FRQ OD WHOHYLVLyQ GLJLWDO /DV DFWLYLGDGHVVLJXHQORVIXQGDPHQWRVGHODPHGLDOLWHUDF\FDPSRLQWHUGLVFLSOLQDULRTXH VHRFXSDHPGHVDUURODUIRUPDVGHHQVHxDU\DSUHQGHUORVDVSHFWRVUHOHYDQWHVGHOD LQVHUFLyQ GH ORV PHGLRV GH FRPXQLFDFLyQ HQ OD VRFLHGDGH \ ORV SULQFLSLRV GHO DSUHQGL]DMH FRODERUDWLYD \ FRQVWUXFWLYLVWD 6RQ HMHPSOLILFDGDV H[SHULHQFLDV GH OD WUDQVSRVLFLyQ
HQWUH SODWDIRUPDV ODV OLPLWDFLRQHV GH OD WHOHYLVLyQ GLJLWDO \ XQD SURSXHVWD GH DVRFLDFLyQ HQWUH OD ZHE \ OD WHOHYLVLyQ GLJLWDO GHQWUR GH XQD HVWUDWHJLDGHHGXFDFLyQWUDQVPHGLD
3DODEUDVFODYH0HGLDHGXFDFLyQ(D' 79 'LJLWDO WUDQVPHGLD SODWDIRUPDV GH DSUHQGL]DMHYLUWXDOHV
680È5,2 &$3Ë78/2&$5$&7(5,=$d2'275$%$/+2
,QWURGXomR -XVWLILFDWLYD 3UREOHPD 2EMHWLYRVJHUDLVHHVSHFtILFRV 3ODQRGH7UDEDOKR 2UJDQL]DomRGDGLVVHUWDomR &$3Ë78/2129$67(&12/2*,$61$('8&$d2
$VQRYDVWHFQRORJLDVDHVFRODHRSDSHOGRSURIHVVRU 3UREOHPDVQDIRUPDomRGRVSURIHVVRUHVHQRDPELHQWHHVFRODU 0HWRGRORJLDVHSURSRVWDVGHIRUPDomR &$3Ë78/2±0(',$/,7(5$&<('8&$d23$5$$60Ë',$6
0HGLDOLWHUDF\IRUPDQGROHLWRUHVHSURGXWRUHVGHPtGLD 0tGLDHGXFDomRHDERUGDJHQVSHGDJyJLFDV (GXFDomRSDUDRVPHLRVQXPDSHUVSHFWLYDKLVWyULFD &$3,78/2202'2&202$63(662$6/((026&217(Ò'260,',È7,&26 &RGLILFDomRH'HFRGLILFDomR 'LVFXUVRUHDOLGDGHHOLQJXDJHP 'HQRWDomRHFRQRWDomR 3RVLo}HVKLSRWpWLFDV &$3Ë78/2±&,1(0$(('8&$d2
$OLQJXDJHPDXGLRYLVXDOQDHGXFDomRHHP$9$V *rQHURVFLQHPDWRJUiILFRVHOLQJXDJHPGRILOPH 2SDSHOGRHVSHFWDGRUQDVLJQLILFDomR $FXOWXUDGDPtGLDHDFXOWXUDGRMRYHP &$3Ë78/2±('8&$d2$',67Æ1&,$(26'(6$),263$5$$)250$d2'2&(17( (D'HDIOH[LELOLGDGHGHDSUHQGL]DJHP ,QWHOLJrQFLDFROHWLYDHDSUHQGL]DJHPFRODERUDWLYD 20RRGOHFRPRDPELHQWHGHDSUHQGL]DJHP 2SURIHVVRUD(D'HDVKDELOLGDGHVGROHWUDPHQWRGLJLWDOQRV$9$V &$3Ë78/279',*,7$/
$FRQYHUJrQFLDGLJLWDOWHOHYLVmRGLJLWDOHRVLVWHPD6%79 $SRVWDVjWHOHYLVmRGLJLWDO $,QWHUDWLYLGDGHQD79' 2SRWHQFLDOGDWHOHYLVmRGLJLWDOLQWHUDWLYDSDUDDHGXFDomR 7/HDUQLQJ ([SHULrQFLDVSHOR%UDVLOHSHORPXQGRFRPD79'L &$3Ë78/2,17(*5$d2(175(:(%(79',*,7$/
7UDQVPtGLDRLQWHUFkPELRHQWUHSODWDIRUPDV 'HVDILRVGHLQWHJUDomRHQWUHZHEH79'LJLWDO 79'LJLWDOHODpWXGRLVVRTXHIRLSURPHWLGR" &$3,78/2±'(6(192/9,0(172'$3(648,6$
'HVFULomRGDVDWLYLGDGHVHPHWRGRORJLDHPSUHJDGD )RUPDGHDQiOLVHGRVUHVXOWDGRV 3DUFHULDHQWUHZHEH79'LJLWDOSURSRVWDGHGLiORJR 'HWDOKDPHQWRGRSURWyWLSRSDUD79'
&216,'(5$d®(6),1$,6 5()(5Ç1&,$6
&$3Ë78/2&$5$&7(5,=$d2'275$%$/+2 ,QWURGXomR
2V PHLRV GH FRPXQLFDomR RFXSDP SDSHO FHQWUDO HP QRVVD YLGD (OHV GLYXOJDPPRGHORVGHFRQVXPRQRVQRUWHLDPFRPLPSRVLo}HVLGHROyJLFDVRXVHMD LQIOXHQFLDP HP QRVVD IRUPDomR HP GLYHUVRV DVSHFWRV2 DXGLRYLVXDO QHVVH VHQWLGRWRPDOXJDUFDGDYH]PDLVUHOHYDQWHQDFXOWXUDGDPtGLD&RPSUHWHQVmRGH WRUQDURVFRQVXPLGRUHVGHVWDFXOWXUDOHLWRUHVPDLVFUtWLFRVHFLGDGmRVDPSOLDPVH HVWXGRVVREUHDVPtGLDVQDHGXFDomRLQFOXVLYHVREUHDOLQJXDJHPDXGLRYLVXDOTXH VH H[SUHVVD QR FLQHPD QD WHOHQRYHOD QR MRUQDOLVPR H PDLV UHFHQWHPHQWH QD LQWHUQHW
(VVDV SHVTXLVDV JDQKDP FDGD YH] PDLV HVSDoR DWUDYpV GH LQLFLDWLYDV TXHVHJXHPXPDWHQGrQFLDLQWHUQDFLRQDOGHHGXFDomRSDUDDPtGLDHIRPHQWRGD SDUWLFLSDomRQDFXOWXUDGLJLWDO$OLiVHGXFDomRSDUDDVPtGLDVQmRLQFOXLVRPHQWHD LQYHVWLJDomR H DSURSULDomR GDV OLQJXDJHQV PLGLiWLFDV H GDV 7,&V PDV R XVR DGHTXDGRHVRFLDOGDVQRYDVWHFQRORJLDV$VVLPVDEHUOHUXPWH[WRMRUQDOtVWLFRFRP ROKDU FUtWLFR H VDEHU XWLOL]DU XP VRIWZDUH GH GLDJUDPDomR FRUUHWDPHQWH SDUD YHLFXODomRGHXPMRUQDOSRUH[HPSORVmRDo}HVGHPtGLDHGXFDomR
2VHVWXGRVLQGLFDPTXHDHVFRODGHYHVHUXPGRVHVSDoRVUHVSRQViYHLV VHQmRRSULQFLSDOSRUIRUPDUOHLWRUHVHSURGXWRUHVFUtWLFRVGHPtGLD(QWUHWDQWR DLQGDIDOWDPPDWHULDLVHPHWRGRORJLDVSHGDJyJLFDVDSURSULDGDVSDUDDWLYLGDGHVGH OHLWXUD H HVFULWD GH PtGLD DV TXDLV HQYROYHP KDELOLGDGHV GH OHLWXUD PXOWLPRGDO FRQKHFLPHQWRVWpFQLFRVHVSHFtILFRVHIRUPDomRGHFULWpULRVGHMXOJDPHQWRTXHQmR VHOLPLWHPDFULWLFDUDFXOWXUDGHPDVVD
(VVDV KDELOLGDGHV H PHWRGRORJLDV SUHFLVDP HVWDU FRQWHPSODGDV QD IRUPDomRLQLFLDOGRSURIHVVRUGDHGXFDomREiVLFDTXHFDPLQKDYLVDQGRDSURSULDUVH GHVVHVUHFXUVRVHPHWRGRORJLDVDIDYRUGDDSUHQGL]DJHP
JrQHURV FLQHPDWRJUiILFRV H IL]HUDP DGDSWDo}HV GD REUD ³0HPyULDV 3yVWXPDV GH %UiV&XEDV´WUDQVIRUPDQGRWH[WRVHPURWHLURVDXGLRYLVXDLV7RGDVHVWDVDWLYLGDGHV IRUDPDSRLDGDVSHODSODWDIRUPD0RRGOHTXHDEULJRXPDWHULDOGHUHIHUrQFLDDUWLFXORX HQTXHWHVIyUXQVHZLNLVGHQWURGHXPDSHUVSHFWLYDFRODERUDWLYDGHDSUHQGL]DJHP
$SyV HVWD HWDSD SHVTXLVHL FRPR FRPELQDU DWLYLGDGHV GHVVD SODWDIRUPD ZHE FRP D WHOHYLVmR GLJLWDO QXPD SHUVSHFWLYD WUDQVPtGLD 2 WUDEDOKR DLQGD H[HPSOLILFD LQLFLDWLYDV GH SHVTXLVD TXH WLQKDP FRPR REMHWLYRV D WUDQVSRVLomR H LQWHJUDomR HQWUH GLIHUHQWHV SODWDIRUPDV &RQWXGR SURFXURXVH QmR DSHQDV LQGLFDU SRVVLELOLGDGHVQDWUDQVSRVLomRGDZHESDUD79'LJLWDOPDVWDPEpPDSRQWDUOLPLWHV GLILFXOGDGHVGLIHUHQoDVHUHVWULo}HVTXHVHLPS}HPDHVVHWLSRGHLQWHUFkPELRGH SODWDIRUPDVLQFOXVLYHTXDQGRVHIDODHPXPDWHFQRORJLDQRYDTXHpD79'
&KHJRXVHDFRQFOXVmRGHTXHHVWDVGXDVSODWDIRUPDVSRGHPRXGHYHP VHU FRPELQDGDV QXPD HVWUDWpJLD GH HGXFDomR WUDQVPtGLDQR VHQWLGR GH TXH XP FXUVR RX FRQWH~GR HGXFDFLRQDO SRGH SHUPHDU GLYHUVDV SODWDIRUPDV GH IRUPD TXH XPD FRPSOHPHQWH D RXWUD QXPD YLVmR LQWHJUDGRUD FRQVLGHUDQGR WUDQVPtGLD R IHQ{PHQR GR WUDQVSRUWH GD LQIRUPDomR SDUD DV P~OWLSODV SODWDIRUPDV GH FRPXQLFDomR$VVLPRFRQWH~GRDRSHUFRUUHUSRUPDLVGHXPDSODWDIRUPDUHFHEH GHFDGDPtGLDXPDFRQWULEXLomRHVSHFLDO(VWDHVWUDWpJLDWHPVLGREDVWDQWHXWLOL]DGD SULQFLSDOPHQWH SRU HPSUHVDV GH HQWUHWHQLPHQWR SDUD FRQYLGDU R VHX S~EOLFR D SDUWLFLSDU GH DOJXPD IRUPD HP XPD QDUUDWLYD GLIHUHQWH SRU GLYHUVRV PHLRV VHP QHFHVVLGDGHGHFRQYHUJrQFLDDXP~QLFRDSDUHOKRGHFRPXQLFDomR
e LPSRUWDQWH UHVVDOWDU DLQGD TXH FRP DV RILFLQDV GH DOIDEHWL]DomR j OLQJXDJHP GR DXGLRYLVXDO YROWDQGR PDLV DR LQtFLR GD SURSRVWD RV IXWXURV SURIHVVRUHV TXH FXUVDP /HWUDV SXGHUDP DJUHJDU j VXD IRUPDomR FRQKHFLPHQWRV VREUHPtGLDHGXFDomRVREUHDOLQJXDJHPDXGLRYLVXDOHJrQHURVFLQHPDWRJUiILFRV 0RVWURXVH D SRVVLELOLGDGH GH WUDEDOKDU FRP YiULDV OLQJXDJHQV QXPD SHUVSHFWLYD PXOWLPRGDO ID]HQGR XPD YHUGDGHLUD OLJDomR HQWUH R YHUEDO H R QmRYHUEDO 7RGDV HVVDVRILFLQDVIRUDPFRPELQDGDVFRPDWLYLGDGHVDGLVWkQFLDIRUPXODGDVGHQWURGD SODWDIRUPD0RRGOHTXHVHUYLXGHDSRLRjVDWLYLGDGHVSUHVHQFLDLV
$V DWLYLGDGHV VREUH DOIDEHWL]DomR j OLQJXDJHP DXGLRYLVXDO VH IXQGDPHQWDUDP QRV SULQFtSLRV GD PHGLD OLWHUDF\ iUHD LQWHUGLVFLSOLQDU TXH VH SUHRFXSD HP GHVHQYROYHU IRUPDV GH HQVLQDU H DSUHQGHU DVSHFWRV UHOHYDQWHV GD LQVHUomRGRVPHLRVGHFRPXQLFDomRQDVRFLHGDGH
-XVWLILFDWLYD
2V DUJXPHQWRV TXH MXVWLILFDP D LQFOXVmR GD HGXFDomR SDUD D PtGLD QD YLGDFRQWHPSRUkQHDMiVmRFRQKHFLGRVRVPHLRVGHFRPXQLFDomRHPDOJXPDGH VXDV IRUPDV RFXSDP SRVLomR FHQWUDO QD YLGD S~EOLFD GH SHVVRDV GH WRGDV DV LGDGHVHPWHUPRVGHWUDEDOKRSDUWLFLSDomRSROtWLFDHGXFDomRHHQWUHWHQLPHQWR R WHRU GDV PHQVDJHQV QXQFD p WUDQVSDUHQWH LVWR p FRPR HP RXWUDV HVIHUDV GLVFXUVLYDVRFRQWH~GRYHLFXODGRSHODVPtGLDVWUDQVPLWHYDORUHVHSRQWRVGHYLVWD VHFWiULRV TXHUHQGR SDUHFHU XQLYHUVDLV D SDUWLFLSDomR VRFLDO UHTXHU WDPEpP SHVVRDVKiEHLVSDUDOLGDUFRPDVPtGLDVTXHVDLEDPDRPHVPRWHPSRGHIHQGHU VHGHHIHLWRVQRFLYRVHWLUDUSURYHLWRGDTXLORTXHOKHVFRQYpPFRPRFRQVXPLGRUDVH FRPRFLGDGmV
(VWXGDQGR HOHPHQWRV GD OLQJXDJHP TXH RV YHtFXORV GH FRPXQLFDomR XVDPSRGHPRVWLUDUSURYHLWRSDUDRDSUHQGL]DGR$VVLPGHL[DPRVGHVHUXPPHUR FRQVXPLGRUGHPtGLDSDVVDQGRDOHUHDSURGX]LUGHIRUPDPDLVFUtWLFDHUHIOH[LYD (VWXGDUDPtGLDpHVVHQFLDOSUDTXHSRVVDPRVH[HUFHUQRVVDFLGDGDQLDQXP3DtV HP TXH RV PHLRV GH FRPXQLFDomR HVWmR DSRGHUDGRV SRU SHTXHQRV JUXSRV TXH GHWXUSDPQRVVRGLUHLWRGHPRFUiWLFRGHSDUWLFLSDomRFRPRVXMHLWRVDWLYRVQDFXOWXUD PLGLiWLFD
8PD IRUPD GH H[HUFLWDU D OHLWXUD FUtWLFD p DSURSULDQGRVH GD OLQJXDJHP TXHRVPHLRVXWLOL]DPSDUDGDUVHQWLGRjVVXDVPHQVDJHQV(VWHpXPFDPLQKRTXH SRGHQRVWRUQDUPDLVFDSD]HVGHFULWLFDUDPtGLDGHIRUPDREMHWLYD
0DVKiUHVSDOGROHJDOSDUDLQVHULURHVWXGRGDVOLQJXDJHQVGDPtGLDQD VDOD GH DXOD" (QWUH PXLWRV GRFXPHQWRV TXH WUDWDP GR DVVXQWR QR SDtV RV 3DUkPHWURV &XUULFXODUHV 1DFLRQDLV 3&1 GR HQVLQR PpGLR H HQVLQR IXQGDPHQWDO H PDLV HVSHFLILFDPHQWH D 3URSRVWD &XUULFXODU GR (VWDGR GH 6mR3DXORSURSRUFLRQDPIXQGDPHQWRVSDUDRWUDEDOKRFRPDOLQJXDJHPGD PtGLDPHGLDGDSHODVQRYDVWHFQRORJLDV
MRUQDOLVPR$PtGLDHGXFDomRHRXVRGHWHFQRORJLDVHPVDODGHDXODIRLREMHWRGH HVWXGRHPPHXWUDEDOKRGHFRQFOXVmRGHFXUVRHGXUDQWH LQLFLDomRFLHQWtILFD'H DJRVWRGHDWpMDQHLURGHIXLEROVLVWDGD)XQGDomRGH$PSDURj3HVTXLVD GR (VWDGR GH 6mR 3DXOR )DSHVS H WUDEDOKHL FRP PtGLDHGXFDomR GHQWUR GD SHUVSHFWLYDLQJOHVDHQYROYHQGRRFLQHPD2WUDEDOKRIRLRULHQWDGRSHODSURIHVVRUD GRXWRUD$OH[DQGUD%XMRNDVTXHWURX[HH[SHULrQFLDSHUWLQHQWHGD,QJODWHUUD(ODERUHL XP PDWHULDO HGXFDWLYR PHGLDGR SRU WHFQRORJLDV GLJLWDLV VREUH D OLQJXDJHP FLQHPDWRJUiILFD SDUD R HQVLQR PpGLR H WUDEDOKHL FRP DOXQRV H SURIHVVRUHV GH HVFRODVS~EOLFDVFRPRILFLQDVGHOHLWXUDHHVFULWDGHPtGLD
2VUHVXOWDGRVTXHREWLYHHPOLQKDVJHUDLVIRLRDXPHQWRGDSHUFHSomR FUtWLFD GH DOXQRV H GRFHQWHV HP UHODomR j LQG~VWULD FLQHPDWRJUiILFD $OpP GLVVR DPERVIRUDPKDELOLWDGRVSDUDXWLOL]DUEORJV<RXWXEHFkPHUDVGLJLWDLVHSURJUDPDV GHHGLomRGLJLWDLV2VDOXQRVTXHFKHJDUDPLQLELGRVHFRPSRXFDVKDELOLGDGHVHP LQWHUSUHWDUWH[WRVQmRYHUEDLVVDtUDPGDVRILFLQDVPDLVH[SUHVVLYRVSDUWLFLSDWLYRVH FULDWLYRVDOpPGHWHUHPDGTXLULGREDJDJHPSDUDOHURDXGLRYLVXDO(VVHVUHVXOWDGRV Vy IRUDP SRVVtYHLV SRUTXH HOHV VH FRORFDUDP QR SDSHO GH SURGXWRUHV RX VHMD UHIOHWLUDPHXWLOL]DUDPRVHOHPHQWRVGDOLQJXDJHPTXHGHWHUPLQDPXPDUHDomRHP IXQomRGHXPS~EOLFRDOYR
&RP RV SURIHVVRUHV IXL DOpP PDSHHL DV GLILFXOGDGHV GD HVFROD H GHILFLrQFLDV QD IRUPDomR TXH RV LPSRVVLELOLWDP GH WUDEDOKDU FRP PtGLDV H WHFQRORJLDVGHQWURGHVXDVDXODV
1HVWHSUHVHQWHWUDEDOKRFRPRVHWUDWDGHXPDGLVVHUWDomRHRWHPD SUHFLVDVHUUHFRUWDGRHVFROKLHODERUDUXPFXUVRYROWDGRjDOIDEHWL]DomRGDVPtGLDV TXH WUDEDOKDVVH RV DVSHFWRV GD OLQJXDJHP DXGLRYLVXDO GH IRUPD JHUDO PDV FRP DSRLRQD OLQJXDJHPGR FLQHPD (VVD OLQJXDJHPIRL HVFROKLGD SRUTXH ID] SDUWH GR FRWLGLDQRGDPDLRULDGRVMRYHQVTXHIUHTXHQWHPHQWHVmRRS~EOLFRDOYRSUHIHULGR GRV SURGXWRV PLGLiWLFRV TXH HQYROYHP WDO OLQJXDJHP 2 DXGLRYLVXDO IRL HVFROKLGR WDPEpPSRUTXHRS~EOLFRDOYRGHVWHFXUVRSHUWHQFLDDXPDGLVFLSOLQDGH³/LWHUDWXUD %UDVLOHLUD´(QWmRIRLSHQVDGRHPFRPRWUDQVSRUWH[WRVLPSUHVVRVSDUDDOLQJXDJHP QmRYHUEDO1RFDVRRHVWXGRGRDXGLRYLVXDOVHFRQILJXUDFRPRHVWUDWpJLDGHHQVLQR SDUDGHVHQYROYHUDFULDWLYLGDGHHLQWHUSUHWDomRGDOLQJXDJHPVLPEyOLFD
SDUD R SURIHVVRU 3HUFHEHVH DWUDYpV GH WUDEDOKRV DQWHULRUHV TXH RV GRFHQWHV XVDPDV7,&VHPVDODGHDXODVHPPHWRGRORJLDHVSHFtILFDHFRQIRUPHUHODWRVRV SUySULRVH[LJHPPDWHULDLVVXSRUWHVTXHSRVVDPDMXGiORVDWUDEDOKDUGHIRUPDPDLV VLVWHPiWLFDRVGLYHUVRVPHLRVGHFRPXQLFDomRHDVWHFQRORJLDVQDHVFROD3RULVVR HVFROKL WUDEDOKDU FRP R 0RRGOH WDPEpP SRUTXH D 86& XQLYHUVLGDGH TXH PH DFROKHX SDUD TXH SXGHVVH GHVHQYROYHU HVWH FXUVR WUDEDOKD FRP D SODWDIRUPD 6\OODEXVTXHVHHVERoDHP0RRGOH7UDWDVHGHXPVLVWHPDDEHUWRTXHSRGHVHU DFHVVDGR SHOR DOXQR H SURIHVVRU GH TXDOTXHU FRPSXWDGRU FRQHFWDGR j LQWHUQHW VHQGR FDUDFWHUL]DGR QR DPELHQWH DFDGrPLFR FRPR ³SODWDIRUPD 6\OODEXV´ KWWSV\OODEXVXVFEU
2 6\OODEXV IRL LPSODQWDGR QD 86& WHQGR FRPR REMHWLYRV RIHUHFHU H[HUFtFLRV VLVWHPiWLFRV SHUPLWLQGR DR HVWXGDQWH XWLOL]DU HVWUDWpJLDV GH DSUHQGL]DJHPFRPUHVSRQVDELOLGDGHFDSD]HVGHFRQWULEXLUQDVXDIRUPDomRFRPD SURPRomRGRDSUHQGHUVHUDXW{QRPR6$17261$.$6+,0$
3UREOHPD
$SHVDUGHQRVHVEDUUDUPRVFRPSURSRVWDVFXUULFXODUHVIDYRUiYHLVDRXVR GD PtGLD HP VDOD GH DXOD DLQGD IDOWDP PDWHULDLV SHGDJyJLFRV H PHWRGRORJLDV GH WUDEDOKRDSURSULDGDVSDUDDWLYLGDGHVGHVVDQDWXUH]DDVTXDLVHQYROYHPKDELOLGDGHV GHOHLWXUDPXOWLPRGDOFRQKHFLPHQWRVWpFQLFRVHVSHFtILFRVHIRUPDomRGHFULWpULRVGH MXOJDPHQWRTXHQmRVHOLPLWHPDFULWLFDUDFXOWXUDGHPDVVD
&RPR UHVXOWDGR GHVVD FDUrQFLD GH PHWRGRORJLDV WHPRV SURIHVVRUHV SRXFR SUHSDUDGRV H IDPLOLDUL]DGRV SDUD OLGDU FRP D FXOWXUD GDV PtGLDV QD HVFROD DVVLPFRPRDVGLYHUVDVWHFQRORJLDVTXHDVXSRUWDP9iULRVHVWXGRVQRVDSRQWDP TXHDIRUPDomRQDGRFrQFLDGHIRUPDEHPJHUDOQmRFRQWHPSOD GLVFLSOLQDVTXH WUDEDOKDP FRP D OLQJXDJHP GRV PHLRV GH FRPXQLFDomR GH PDVVD RX FRP DV WHFQRORJLDVGHIRUPDVLJQLILFDWLYD
GLVFXVVmRHPVDODGHDXODDWHPiWLFDDLQGDpDERUGDGDGHIRUPDUHVWULWDQRVFXUVRV GHSHGDJRJLDSHVTXLVDGRV
2VHQWUHYLVWDGRVUHODWDUDPTXHRWHPDGDVWHFQRORJLDVHVWiLQVHULGRHP DOJXPDGLVFLSOLQDHVSHFtILFDQmRVHQGRREMHWRGHHVWXGRGHJUXSRVGHSHVTXLVDH GHH[WHQVmR$DERUGDJHPGRWHPDpPDLVWHyULFDGRTXHSUiWLFD%XVFDVHPDLVD UHIOH[mR SDUD R XVR GDV WHFQRORJLDV QD HGXFDomR GR TXH D HGXFDomR jV PtGLDV 5HFRQKHFHVH D LPSRUWkQFLD GDV QRYDV WHFQRORJLDV FRPR XP IDWRU SUHVHQWH QR GHVHQYROYLPHQWR VRFLDO PDV QmR H[LVWH XPD RULHQWDomR SDUD TXH HVVH WHPD VHMD WUDEDOKDGR FRPR HL[R WUDQVYHUVDO QDV GLVFLSOLQDV 2V DOXQRV GH SHGDJRJLD DSUHVHQWDP UHVWULo}HV TXDQWR DR XVR GDV WHFQRORJLDV 'H DFRUGR FRP RV SURIHVVRUHV HOHV HVWmR PXLWR SUHRFXSDGRV VH LUmR VHU DYDOLDGRV SHOR GRPtQLR H FRQKHFLPHQWRWpFQLFRGDV7,&V
&RPR YLVWR D DERUGDJHP UHVWULWD GR XVR GDV WHFQRORJLDV QD HGXFDomR PXLWDV YH]HV LJQRUD D HGXFDomR jV PtGLDV $Wp SRUTXH SDUD LVVR p SUHFLVR HQFRQWUDU SURIHVVRUHV TXH FRQKHoDP D SHGDJRJLD H WDPEpP DV FDUDFWHUtVWLFDV PLGLiWLFDVWDLVFRPROLQJXDJHPVLVWHPDVSROtWLFRVHHFRQ{PLFRVHWF
)DOWD D VHQVLELOL]DomR GRV IXWXURV SURIHVVRUHV SDUD D FRPSUHHQVmR GD LPSRUWkQFLD GDV 7,&V QR SURFHVVR HGXFDWLYR VHMD FRPR PHWRGRORJLD RX FRPR FRQWH~GRHPDLVDLQGDQDIRUPDomRVRFLDOHQTXDQWRFLGDGmRFUtWLFR
$ TXHVWmR FXOWXUDO VH WRUQD XPD LPHQVD GLILFXOGDGH TXDQGR R DVVXQWR UHIHUHVHjWHQWDWLYDGHLPSODQWDomRGHSURMHWRVHQYROYHQGRRXVRGDPtGLD$ILQDOD HGXFDomRSDUDDPtGLDUHSUHVHQWDXPDQRYDPHWRGRORJLDGHHQVLQRTXHHVWiDRV SRXFRVVHQGRLQVHULGDHPXPVLVWHPDVHFXODU2XWURSUREOHPDpDLQH[LVWrQFLDGH XPDSROtWLFDHGXFDFLRQDOPDLVFODUDVREUHVXDLPSODQWDomR
( RV UHFXUVRV WHFQROyJLFRV H DFHVVR D HOHV QmR VmR VXILFLHQWHV SDUD LQRYDUDQWLJDVSUiWLFDVSHGDJyJLFDV3HVTXLVDUHDOL]DGDFRPSURIHVVRUHVGHHVFRODV S~EOLFDV GH %DXUX FRP DFHVVR D YiULDV 7,&V GHPRQVWURX D GLILFXOGDGH HP WUDQVIRUPDU PHLRV HOHWU{QLFRV H GLJLWDLV HP REMHWRV GH DSUHQGL]DJHP $/0(,'$ 32/(6(/$1'5(/2
WHFQRORJLDVSDUDRTXDOVHH[LJHDFRPSHWrQFLDGRVSURIHVVRUHVHDOXQRV"&RPR SURSRU H[SHULPHQWDo}HV FRP GLIHUHQWHV OLQJXDJHQV H LQVWUXPHQWRV GH SURGXomRD ILPGHGHVSHUWDUDVHQVLELOLGDGHRVHQVRFUtWLFRHRVHQWLGRGDREVHUYDomRWDQWRGH GRFHQWHVFRPRGRVDOXQRV"
$VLQVWLWXLo}HVHVFRODUHVYrPHQIUHQWDQGRHVVDVGHPDQGDVFRPFULVHVH FRQWUDGLo}HV UHIRUPDV UHFXUVRV LQVXILFLHQWHV GHVPRWLYDomR GH HVWXGDQWHV H SURIHVVRUHVHPiIRUPDomRGRVGRFHQWHV2IDWRpTXHDLQFRUSRUDomRWHFQROyJLFD QD HGXFDomR p LQVXILFLHQWH H OHQWD SULQFLSDOPHQWH HP SDtVHV FRPR R %UDVLO ,VWR H[SOLFDDSUHVVmRHDQHFHVVLGDGHGHPXGDQoDV
'HQWUR GHVWH FRQWH[WR GH FULVH QD HGXFDomR H QD HVFROD S~EOLFD VmR ODQoDGRVGHVDILRVGHFRPRXWLOL]DUDVGLYHUVDVWHFQRORJLDVDIDYRUGRDSUHQGL]DGR GLVWDQFLDQGRVH GH PpWRGRV DUFDLFRV GH HQVLQR 1RYDV QHFHVVLGDGHV GH DSUHQGL]DGR VXUJHP DVVLP FRPR QHFHVVLGDGHV GH DWXDOL]DomR GH PpWRGRV H PHWRGRORJLDV ( VmR GLVFXWLGDV FRPR DV GLYHUVDV IHUUDPHQWDV WHFQROyJLFDV H DV PtGLDVSRGHPSRWHQFLDOL]DURVGLYHUVRVFRQKHFLPHQWRVHIDFLOLWDUDDSUHQGL]DJHP
(GXFDU SDUD D PtGLD DWUDYpV GDV SUySULDV PtGLDV SDUHFH UHIRUoDU DLQGD PDLV RV SURSyVLWRV GD PtGLDHGXFDomR $VVLP QHFHVVLWDPRV SHQVDU HP FRPR GHVHQYROYHU FRQWH~GRV HGXFDFLRQDLV H FRPR HVVHV FRQWH~GRV GHYHP VHU WUDQVPLWLGRV DSURYHLWDQGRVH GRV UHFXUVRV GDV WHFQRORJLDV GD FRPXQLFDomR H LQIRUPDomRHVWHVSRUVXDYH]WUDQVIRUPDGRVHPREMHWRVGHDSUHQGL]DJHP
+iYiULRVVXSRUWHVTXHSRWHQFLDOL]DPRVFRQWH~GRVHGXFDWLYRV2XVRGH XPD ORXVD GLJLWDO SRGH PRVWUDU FRP PDLV GHWDOKHV H H[DWLGmR FRPR VHULD XPD HVWUXWXUD GH XPD SODQWD HP XPD DXOD GH ELRORJLD SRU H[HPSOR (VVH UHFXUVR IDFLOLWDULD D YLGD GR SURIHVVRU DX[LOLDQGRR H WDPEpP DMXGDQGR RV DOXQRV D FRPSUHHQGHUHP PHOKRU R FRQWH~GR DSUHVHQWDGR 0DV DOpP GR XVR ³DX[LOLDU´ DV 7,&V GHYHP HQJDMDU DOXQRV H SURIHVVRUHV GHQWUR GH XPD SHUVSHFWLYD FLGDGm H FUtWLFD
+RMH VmR GLYHUVDV DV RSo}HV GLVSRQtYHLV SDUD D HGXFDomR 5HGHV VRFLDLVSODWDIRUPDVYLUWXDLVWHOHYLVmRGLJLWDOHDWpFHOXODUDXPHQWDPDVSHVTXLVDV TXHGLVFXWHPSRVVLELOLGDGHVGHSURGXomRGHFRQWH~GRHGXFDWLYRSDUDHVWDVPtGLDV
DXWRQRPLDHIRUPDomRFLGDGm(DWHQGrQFLDQRVFRQGX]DQmRVRPHQWHXWLOL]DUXPD ~QLFDSODWDIRUPDPDVFRPELQDUHLQWHJUDUYiULRVDPELHQWHVFRPRDWHOHYLVmRGLJLWDO HDZHE
&RP D FKHJDGD GRV SULPHLURV VLQDLV GD 79' YiULDV UHIOH[}HV VXUJHP SDUD RV SHVTXLVDGRUHV GH FRPXQLFDomR H WRGD D VRFLHGDGH TXDLV VHUmR DV FRQVHTXrQFLDVGDSDVVDJHPGD79FRQYHQFLRQDOSDUDDGLJLWDOHDLQWHJUDomRFRP DVRXWUDVPtGLDVQDHGXFDomR"(DSURGXomR"(DUHJXODPHQWDomR"&RPRDHVFROD SRGHUiWLUDUSURYHLWRGDLQWHUDWLYLGDGHHIOH[LELOLGDGHGD79'"
1D RFDVLmR VH DOHJD D QHFHVVLGDGH GH HGXFDU SDUD D PtGLD H H[LVWH D FUHQoDQRSRWHQFLDOGDVQRYDVWHFQRORJLDVFRPRPHGLDGRUDVGHVVHWUDEDOKR6DEH VHTXHSURJUDPDVGH(D'TXHWUDEDOKDPDDOIDEHWL]DomRGDVPtGLDVHWHFQRORJLDV WrP VLGR GLUHFLRQDGRV DRV SURIHVVRUHV WDLV FRPR R ³0tGLDV QD (GXFDomR´ XPD HVSHFLDOL]DomR RIHUHFLGD SHOR 0LQLVWpULR GD (GXFDomR 0(& HP SDUFHULD FRP VHFUHWDULDV GH HGXFDomR H GLYHUVDV XQLYHUVLGDGHV TXH FDSDFLWDP HGXFDGRUHV YLD ZHESDUDXWLOL]DURVPHLRVGHFRPXQLFDomRHPVDOD&RPIRFRQDSHGDJRJLDGDFR DXWRULD QR WUDEDOKR FRODERUDWLYR H QD LQWHJUDomR GH WHFQRORJLDV R ³0tGLDV QD (GXFDomR´SUHWHQGHVHUXPDUHIHUrQFLDSDUDFXUVRVRQOLQH
-iD79(VFRODpXPSURJUDPDGD6HFUHWDULDGH(GXFDomRD'LVWkQFLD WDPEpP GR 0(& GLULJLGR j FDSDFLWDomR DWXDOL]DomR H DSHUIHLoRDPHQWR GH SURIHVVRUHV GD (GXFDomR %iVLFD H DR HQULTXHFLPHQWR GR SURFHVVR GH HQVLQR DSUHQGL]DJHPeXPH[HPSORGHHGXFDomRDWUDYpVGDVPtGLDV
1RHQWDQWRHVWXGRVPRVWUDPTXHDSHVDUGHVWDVLQLFLDWLYDVIRUPDLVTXH VH SUHRFXSDP HP RIHUHFHU VXEVtGLRV j IRUPDomR GRFHQWH DV GLIHUHQWHV PtGLDV H WHFQRORJLDV DLQGD VmR QHJOLJHQFLDGDV HP VDOD GH DXOD 4XDQGR RV HGXFDGRUHV ID]HP XVR GHODV R XVR WHQGH D VHU UHGX]LGR DRV VHXV DVSHFWRV PHUDPHQWH LQVWUXPHQWDLV $R PHVPR WHPSR HP TXH p SRVWR GLDQWH GHVVH QRYR GHVDILR R SURIHVVRU QmR HQFRQWUD UHVSDOGR HP VXD IRUPDomR LQLFLDO TXH R WRUQH DSWR D WUDEDOKDU FRP RV PHLRV HQTXDQWR ³REMHWR GH HVWXGR H IHUUDPHQWD SHGDJyJLFD D VHUYLoRGHXPDSHGDJRJLDUHQRYDGD´FRQIRUPHGHVWDFD%HOORQLS
PXLWRWtPLGDFRPRPHURUHFXUVRLOXVWUDWLYRHGHYLGDPHQWHOHJHQGDGDSDUDTXHQmR KDMDTXDOTXHUDEHUWXUDTXDQWRDRVHXVLJQLILFDGR
2EMHWLYRVJHUDLVHHVSHFtILFRV
3DUWLQGRGDVKLSyWHVHVGHTXHRIRFRQDDQiOLVHVLVWHPiWLFDGDOLQJXDJHP pXPFDPLQKRSURGXWLYRSDUDUHIOHWLUVREUHTXHVW}HVGHUHSUHVHQWDomRLGHQWLGDGH GHTXHR0RRGOHRIHUHoDIHUUDPHQWDVTXHIDFLOLWHPDDSUHQGL]DJHPFRODERUDWLYDH TXH D FRPELQDomR WUDQVPtGLD HQWUH 79' H ZHE SRVVD UHIRUoDU R DSUHQGL]DGR RV VHJXLQWHVREMHWLYRVIRUDPWUDoDGRV
2EMHWLYRJHUDO
• 'HVHQYROYHU XP FXUVR GH DOIDEHWL]DomR j OLQJXDJHP GR DXGLRYLVXDO HP IRUPDWR VHPLSUHVHQFLDO YROWDGR SDUD HVWXGDQWHV GH /HWUDV XWLOL]DQGR FRPR VXSRUWH R DPELHQWH YLUWXDO GH DSUHQGL]DJHP $9$ 0RRGOH H LQGLFDU SRVVLELOLGDGHV QD FRPELQDomR GHVVD PRGDOLGDGH GD ZHE FRP D WHOHYLVmR GLJLWDOSRUPHLRGDDSUHVHQWDomRGHXPSURWyWLSR
2EMHWLYRVHVSHFtILFRV
• 3URPRYHU D DSURSULDomR GD OLQJXDJHP FLQHPDWRJUiILFD H DXGLRYLVXDO ID]HQGRFRPTXHRVIXWXURVSURIHVVRUHVLGHQWLILTXHPDVSRVVLELOLGDGHVGH LQWHUDWLYLGDGH DSUHQGL]DJHP FRODERUDWLYD PDQLSXODomR FRPELQDomR GH LQIRUPDo}HV H SDUWLFLSDomR DWLYD TXH SODWDIRUPDV FRPR R 0RRGOH SHUPLWHP 6H WUDWDQGR GD DSURSULDomR GD OLQJXDJHP DXGLRYLVXDO D SURSRVWD IRL FRORFDU RV DOXQRV SDUD SURGX]LU FRQWH~GRV FRPR DJHQWHV SDUWLFLSDWLYRVHDWLYRV
• 7HRUL]DU R SRWHQFLDO HGXFDFLRQDO GH SODWDIRUPDV HGXFDFLRQDLV GLJLWDLV FRPR 0RRGOH H WHOHYLVmR GLJLWDO H DQDOLVDU D XVDELOLGDGH GHODV HP DPELHQWHVHGXFDFLRQDLV
• $SRQWDU OLPLWHV H GLILFXOGDGHV GD WHOHYLVmR GLJLWDO MXQWR D VHX SDSHO GH GLIXVRUDHGXFDFLRQDO
3ODQRGH7UDEDOKR
2SODQRGHWUDEDOKRILFRXGLYLGLGRDVVLP
D 7HRUL]DomR GH FRQFHLWRVFKDYHV UHODFLRQDGRV FRP R WHPD GR WUDEDOKR± OHLWXUD H ILFKDPHQWR GH OLYURV DUWLJRV HZHEVLWHV TXH WUDWHP GRV FRQFHLWRVFKDYH QHFHVViULRV j SURPRomR GD PtGLDHGXFDomR PHGLDGD SHOD (D' H PHWRGRORJLDV SHGDJyJLFDV SUySULDV GD iUHD ,QYHVWLJDomR GD WHOHYLVmR GLJLWDO FRQFHLWRV WUDQVPtGLD PtGLDHGXFDomR OLQJXDJHP DXGLRYLVXDO IXQGDPHQWRV GR 0RRGOH DSUHQGL]DJHPFRQVWUXWLYLVWDHFRODERUDWLYDHWF
E 3URGXomR GR PDWHULDO SHGDJyJLFR QR 0RRGOH± FRP EDVH QD UHYLVmR GDV UHIHUrQFLDVHODERUDomRGHDWLYLGDGHVSDUDH[SORUDUFRPSDUDUHDQDOLVDUHOHPHQWRV GD OLQJXDJHP DXGLRYLVXDO FRP LQWXLWR GH LQYHVWLJDU D LQWHQomR TXH DUWLFXOD RV SURFHGLPHQWRVGHVXDSURGXomRRWLSRGHDXGLrQFLDTXHHVWHVHOHPHQWRVGLVSXWDP H D UHDomR TXH SURYRFDP WDQWR HP WHUPRV GH GLYHUVmR FRPR HP WHUPRV GH DSUHQGL]DGR (VVDV DWLYLGDGHV IRUDP RUJDQL]DGDV HP RILFLQDV SUHVHQFLDLV FRPELQDGDVFRPDWLYLGDGHVYLD0RRGOH
F$SOLFDomRGRPDWHULDOVHPLSUHVHQFLDO±2PDWHULDOSHGDJyJLFRIRLDSOLFDGRHP RILFLQDV VHPDQDLV QD IRUPDomR LQLFLDO GH GRFHQWHV GH OtQJXD SRUWXJXHVD $ 8QLYHUVLGDGHGR6DJUDGR&RUDomR86&GLVSRQLELOL]RXXPDWXUPDGRWHUFHLURDQR GR FXUVR GH /HWUDV H FRQFHEHX HVWDV DWLYLGDGHV GXUDQWH RV PHVHV GH RXWXEUR H QRYHPEURGH&RPRVHWUDWDYDGHXPDGLVFLSOLQDGHOLWHUDWXUDEUDVLOHLUDILOPHV OLWHUiULRVEUDVLOHLURVYLUDUDPREMHWRGHLQYHVWLJDomR
G $YDOLDomR GRV UHVXOWDGRV± &RP EDVH QDV SHUVSHFWLYDV GD PtGLDHGXFDomR GHILQLGDV SHOD ELEOLRJUDILD H SHODV SHVTXLVDV Mi UHDOL]DGDV QD iUHD IRL IHLWD XPD DYDOLDomR QD SURGXomR GDV DWLYLGDGHV HP JUXSR H LQGLYLGXDLV QR WHRU GDV GLVFXVV}HVIHLWDVQRFRQWH~GRSURGX]LGRHDUWLFXODGRQR0RRGOHQDTXDOLGDGHGDV SURGXo}HVDXGLRYLVXDLVHQDVKDELOLGDGHVILQDLVDGTXLULGDV1RGHFRUUHUGDDSOLFDomR GDV RILFLQDV IRUDP DLQGD REVHUYDGDV H UHJLVWUDGDV D SULQFLSDLV GLILFXOGDGHV DR WUDEDOKDUFRPDWLYLGDGHVGHVVDQDWXUH]D
$ PHWRGRORJLD SDUD R GHVHQYROYLPHQWR GHVWH SODQR GH WUDEDOKR WRPD FRPRUHIHUrQFLDDPHGLDOLWHUDF\TXHSUHYrVHLVWpFQLFDVSHGDJyJLFDVHVSHFtILFDV EDVHDGDV HP %XFNLQJKDP DQiOLVH WH[WXDO HVWXGR GR FRQWH[WR DQiOLVH GH FRQWH~GR HVWXGR GH FDVR WUDGXomR GH XP OLYUR SDUD XP ILOPH SRU H[HPSOR H VLPXODomRSURGXomR TXH VmR GHWDOKDGDV PDLV D IUHQWH (VWDV WpFQLFDV IRUDP OHYDGDV HP FRQWD DR HODERUDU DV RILFLQDV TXH YLVDYDP H[SORUDU D OLQJXDJHP GDV PHQVDJHQV GR FLQHPD HP IXQomR GDV H[SHFWDWLYDV GR S~EOLFR FRQWH[WXDOL]DQGR FRPRXWUDViUHDVGRFRQKHFLPHQWRHFRPDVSUiWLFDVGDLQG~VWULDFXOWXUDO
)RL IXQGDPHQWDGR R SRWHQFLDO D XVDELOLGDGH GD (D' SDUD R XVR SHGDJyJLFRDWUDYpVGHXPOHYDQWDPHQWRGHUHIHUrQFLDV$SDUWLUGHVVDLQYHVWLJDomR SDUWLXVHSDUDDSURGXomRGRPDWHULDOSHGDJyJLFRQHVWH$9$
(VVDVDWLYLGDGHVIRUDPDSOLFDGDVGHPDQHLUDVHPLSUHVHQFLDOQRFXUVRGH /HWUDVGD8QLYHUVLGDGHGR6DJUDGR&RUDomR86&GHQWURGDGLVFLSOLQD³/LWHUDWXUD %UDVLOHLUD´QRVPHVHVGHRXWXEURHQRYHPEURGH
2V DOXQRV WUDEDOKDUDP GHQWUR GH DWLYLGDGHV TXH YLVDUDP DSUHVHQWDU D OLQJXDJHPGRDXGLRYLVXDODSRLDQGRVHHPH[HPSORVGHWUDLOHUVFLQHPDWRJUiILFRVH ILOPHVEUDVLOHLURVOLWHUiULRV$SULPHLUDHWDSDYROWRXVHjDSUHVHQWDomRGHFRQFHLWRV GH PtGLDHGXFDomR $ SUy[LPD SURFXURX WUDEDOKDU RV HOHPHQWRV GD OLQJXDJHP FLQHPDWRJUiILFD
2V HQFRQWURV SRVWHULRUHV YHUVDUDP VREUH VRQRSODVWLD HVWUXWXUDV QDUUDWLYDV H VXDHYROXomR FRQIRUPH R JrQHUR H HVWXGR GDV DXGLrQFLDV $V HWDSDV ILQDLV IRUDP YROWDGDV j SURGXomR GH URWHLURV H SHTXHQRV FXUWDV DXGLRYLVXDLV JUDYDGRV H HGLWDGRV FRP UHFXUVRV GLVSRQtYHO GR 0LGLD/DE ODERUDWyULR GD SUySULD XQLYHUVLGDGH&RPRVHWUDWDGH/LWHUDWXUDRVDOXQRVHVFROKHUDPDREUDGH0DFKDGR GH$VVLVSDUDID]HUXPDDGDSWDomRSDUDRDXGLRYLVXDO0DLVHVSHFLILFDPHQWHFDGD JUXSR QR WRWDO FLQFR HVFROKHX XPD PXOKHU PDFKDGLDQD GD REUD ³0HPyULDV 3yVWXPDVGH%UiV&XEDV´HIH]DUHSUHVHQWDomRGHOD$VDWLYLGDGHVIRUDPDSRLDGDV SRUWDUHIDVQR6\OODEXVQRPHGDSODWDIRUPDXWLOL]DGDSHOD86&TXHWHPFRPREDVH R0RRGOH7RGDVDVDWLYLGDGHVIRUDPLQWHUFDODGDVFRPHQTXHWHVPDWHULDLVGHOHLWXUD RQOLQH YtGHRV IyUXQV HZLNLV DFHVVDGRV HP FDVD SHORV HVWXGDQWHV RX SHORV ODERUDWyULRVGHLQIRUPiWLFDGDXQLYHUVLGDGH
4XDGURFURQRJUDPDGHWUDEDOKRGDGLVVHUWDomR
'$7$ $7,9,'$'( '(7$/+$0(172
VHPDQDGHRXWXEUR
2ILFLQD,QWURGXomRDRV FRQFHLWRVGHHGXFDomR SDUDDPtGLD 1HVWDDWLYLGDGHIRLH[SRVWD DLPSRUWkQFLDGHVHWUDEDOKDU FRPRVPHLRVGH FRPXQLFDomRHPVDODGH DXOD1R0RRGOHIRL HODERUDGDXPDHQTXHWH VREUHPtGLDHGXFDomR
VHPDQDGHRXWXEUR 2ILFLQDOLQJXDJHPFLQHPDWRJUiILFD
)RUDPDSUHVHQWDGRV HOHPHQWRVGDOLQJXDJHP FLQHPDWRJUiILFDFRPR SODQRVHkQJXORV3DUDLVVR SULPHLUDPHQWHIRUDP FRPSDUDGRVJrQHURV FLQHPDWRJUiILFRV1R 0RRGOHIRLXWLOL]DGDD IHUUDPHQWD³IyUXP´SDUDTXH RVDOXQRVGLVFXWLVVHPD OLQJXDJHPDXGLRYLVXDO VHPDQDGHRXWXEUR 2ILFLQDHVWXGRGD VRQRSODVWLD &RQFHLWRVGHVRQRSODVWLD $WLYLGDGHQR0RRGOH 2EVHUYDUFRPRRWLSRGH VRPPXGDR³FOLPDGDFHQD´ $QiOLVHGHYtGHRVDWUDYpV GRVIyUXQV
VHPDQDGHRXWXEUR 2ILFLQDQDUUDWLYDVHJrQHURVH(VWUXWXUDV HVWXGRGDVDXGLrQFLDV
1HVWDHWDSDIRLIHLWRR HVWXGRGDVDXGLrQFLDVFRPR RJrQHURHYROXLGHDFRUGR FRPRDVH[SHFWDWLYDVGD DXGLrQFLD"(FRPRD QDUUDWLYDHYROXLGHDFRUGR FRPRS~EOLFRTXHVH SUHWHQGHDWLQJLU"1R0RRGOH DWLYLGDGHHPZLNL
VHPDQDGHQRYHPEUR 2ILFLQDVHVVmRGHILOPH³0HPyULDV3yVWXPDVGH %UiV&XEDV´ )LOPH³0HPyULDV3yVWXPDV GH%UiV&XEDV´SDUD DQDOLVDUDOLQJXDJHP HYROXomRGDQDUUDomR VRQRSODVWLDPRQWDJHQV HQWUHRXWURVHOHPHQWRV
LGHLDVHSHGLURSLQL}HVVREUH FDGDVHTXrQFLDGHURWHLUR
VHPDQDGHQRYHPEUR 2ILFLQD3URGXomRGHXPPLQLILOPH
2VDOXQRVWUDQVIRUPDP WH[WRVYHUEDLVGHHVFRODV OLWHUiULDVHPWH[WRV DXGLRYLVXDLV
VHPDQDGHQRYHPEUR 2ILFLQD3URGXomRGHPLQLILOPH
2VDOXQRVWUDQVIRUPDP WH[WRVYHUEDLVGHHVFRODV OLWHUiULDVHPWH[WRV
DXGLRYLVXDLV&DGDJUXSRVH UHXQLXDLQGDSDUDHGLWDU VHXYtGHRFRPR0RYLH 0DNHU
$RILQDOIRLIHLWDXPD GLVFXVVmRWDQWRRQOLQH FRPRSUHVHQFLDORQGHWRGRV RVWUDEDOKRVIRUDP
VRFLDOL]DGRVHRVDOXQRV FRPHQWDUDPRVUHFXUVRVGD OLQJXDJHPTXHFDGDJUXSR HPSUHJRX
)RQWH(ODERUDGRSHORDXWRU
$SyV D DSOLFDomR GHVWH FXUVR KRXYH FULWpULRV SDUD DYDOLDomR GRV UHVXOWDGRV H R JUDX GH HQYROYLPHQWR GRV DOXQRV 3RVWHULRUPHQWH D HVWD HWDSD R REMHWLYRIRLSHQVDUHPFRPRFRPELQDUHVVDVDWLYLGDGHVGDZHEFRPUHFXUVRVGD79 'LJLWDO,QWHUDWLYDLQGLFDQGRSRVVtYHO³SDUFHULD´HQWUHDZHEHD79'DWUDYpVGHXP PRGHORGHSURWyWLSRSDUD79'L
2UJDQL]DomRGDGLVVHUWDomR
1RFDStWXOR³0HGLD/LWHUDF\(GXFDomRSDUDDV0tGLDV´pDSUHVHQWDGR XP UHIHUHQFLDO WHyULFR TXH SDUWH GD FDWHJRULD ³OLWHUDFLD HP PtGLD´ XPD iUHD LQWHUGLVFLSOLQDUGRFRQKHFLPHQWRWHQGRFRPRPHWDGHVHQYROYHUIRUPDVGHHQVLQDUH DSUHQGHU RV DVSHFWRV UHOHYDQWHV GRV PHLRV GH FRPXQLFDomR QD VRFLHGDGH &RP EDVH QRV WUDEDOKRV GHVHQYROYLGRV SRU *UHHQ H +DQQRQ p DSUHVHQWDGR R PRGR SHOR TXDO DV PtGLDV YrP VHQGR GHVHQYROYLGDV QDV Do}HV SHGDJyJLFDV SURFXUDQGRGHVVDIRUPDGHVPLVWLILFDUDWHVHGHTXHDFXOWXUDJHUDGDSHODVPtGLDV VHFRORFDFRPRVHQGRXPDGHJHQHUDomRQDHGXFDomRHVFRODUYLVmRTXHGHYHVHU FRPEDWLGD
1HVWH FDStWXOR Ki DLQGD XP FRQWH[WR KLVWyULFR H FDUDFWHUL]DomR GD DERUGDJHPGR³SkQLFRPRUDO´GLDQWHDVQRYDV7,&VHFXOWXUDGDVPtGLDVWUD]HQGR DUJXPHQWRVTXHFRQVHUYDPDYLVmRLQRFXODWLYD
1RFDStWXORpDSUHVHQWDGRDSDUWLUGRVHVWXGRVGH+DOORPRGR FRPRDVSHVVRDVOHHPRVFRQWH~GRVPLGLiWLFRVEDVHDQGRVHHPIXQGDPHQWRVGH %DUWKHVHSRVLo}HVKLSRWpWLFDVSURSRVWDVSHORVHVWXGRVFXOWXUDLV
1R FDStWXOR SDUWHVH SDUD D IXQGDPHQWDomR GD OLQJXDJHP DXGLRYLVXDOFLQHPDWRJUiILFD H VHX SRWHQFLDO SDUD R DSUHQGL]DGR GH MRYHQV &RPR XPGRVREMHWLYRVIRLIRUPXODUXPFXUVRHP0RRGOHSDUDDOIDEHWL]DomRDHVWHWLSRGH OLQJXDJHP GLVFRUUHXVH VREUH R HQVLQR GR DXGLRYLVXDO HP DPELHQWHV YLUWXDLV GH DSUHQGL]DJHP $9$V )XQGDPHQWDUDPVH DLQGD RV JrQHURV FLQHPDWRJUiILFRV H R SDSHO GR HVSHFWDGRUQD VLJQLILFDomR(VWHFDStWXOR WUD] DLQGD XPD UHODomR HQWUHD FXOWXUDGDPtGLDHDFXOWXUDGRMRYHP
1RFDStWXORRWUDEDOKRSDUWHSDUDLQYHVWLJDUHWUD]HUjWRQDFRQFHLWRVGH HGXFDomR DGLVWkQFLD RVGHVDILRV GHVVD PRGDOLGDGH QDIRUPDomR GH SURIHVVRUHV DOpPGHH[SORUDUIXQGDPHQWRVGDDSUHQGL]DJHPFRODERUDWLYDHGRDPELHQWH0RRGOH -iQRFDStWXORVHUiSRVVtYHOHQFRQWUDUXPDIXQGDPHQWDomRYROWDGDSDUDD WHOHYLVmR GLJLWDO VHXV HOHPHQWRV WHFQROyJLFRV GLVFXVVmR VREUH QtYHLV GH LQWHUDWLYLGDGH R SRWHQFLDO GHVWD WHFQRORJLD SDUD D HGXFDomR DVVLP FRPR D FRQFHLWXDomRGH7/HDUQLQJ
H[SHULrQFLDV GHVHQYROYLGDV WUDoDVHXP SDQRUDPD TXH LQGLFD OLPLWDo}HV FXOWXUDLV WHFQROyJLFDVSROtWLFDVHGHXVDELOLGDGHGD79'LJLWDO
'HSRLV GLVVR FKHJDPRV ILQDOPHQWH j HWDSD TXH GHVFUHYH R GHVHQYROYLPHQWR GD SHVTXLVD DV DWLYLGDGHV GHVHQYROYLGDV QD IRUPDomR LQLFLDO GH SURIHVVRUHV GR FXUVR GH /HWUDV GD 8QLYHUVLGDGH GR 6DJUDGR &RUDomR 86& D PHWRGRORJLD HPSUHJDGD DV DWLYLGDGHV HP IRUPD SUHVHQFLDO H FRP DSRLR GD SODWDIRUPD0RRGOHFULWpULRVGHDYDOLDomRHIRUPDGHDQiOLVHGRVUHVXOWDGRVGHVVDV DWLYLGDGHV $SyV HVWD HWDSD DLQGD GHQWUR GR PHVPR FDStWXOR R WUDEDOKR YROWDVH SDUDDWLQJLUXPGRVSULQFLSDLVREMHWLYRVGHVVDGLVVHUWDomRDSUHVHQWDUXPDSURSRVWD GH³SDUFHULD´HQWUHZHEH79'LJLWDO1DRFDVLmRGHIHQGRDFRPELQDomRHQWUH79 'LJLWDO H 0RRGOH HP XP FXUVR GH DOIDEHWL]DomR j OLQJXDJHP DXGLRYLVXDO e DSUHVHQWDGD XPD HVSpFLH GH SURWyWLSR SDUD 79' H XPD WDEHOD FRP DWLYLGDGHV SURSRVWDV HP FRQMXQWR HQYROYHQGR R XVR GD 79' H 0RRGOH FRP LQWHQomR GH SRWHQFLDOL]DUDHGXFDomRSDUDDVPtGLDV
$R ILQDO Ki FRQVLGHUDo}HV VREUH HVWH GLiORJR HQWH SODWDIRUPDV FRPR HVWUDWpJLD WUDQVPtGLD FRPHQWiULRV JHUDLV VREUH RV UHVXOWDGRV GR WUDEDOKR H UHFRPHQGDo}HVSDUDRFDPSRGHSHVTXLVDGDWHOHYLVmRGLJLWDO
&$3Ë78/2129$67(&12/2*,$61$('8&$d2
$VQRYDVWHFQRORJLDVDHVFRODHRSDSHOGRSURIHVVRU
$ UHYROXomR GDV WHFQRORJLDV GD LQIRUPDomR TXH YHP VH FRQVROLGDQGR GHVGHRILQDOGRVpFXORUHPRGHODHVWUXWXUDOPHQWHDVRFLHGDGH'HDFRUGRFRP &DVWHOOVDUHYROXomRWHFQROyJLFDWHPXPDLPSRUWkQFLDLJXDORXPDLRUjGD 5HYROXomR,QGXVWULDO
$VWHFQRORJLDVVHWRUQDPIHUUDPHQWDVLQGLVSHQViYHLVSDUDDSURGXomRGH ULTXH]D QR H[HUFtFLR GR SRGHU %,=(//, H QD FULDomR GH FyGLJRV FXOWXUDLV (ODV WUDQVIRUPDP R WHFLGR VRFLDO SHUPLWLQGR D IRUPDomR GH QRYDV IRUPDV GH RUJDQL]DomRHLQWHUDomRVRFLDODWUDYpVGDVUHGHVGHLQIRUPDomRHOHWU{QLFDV
2XWUR DVSHFWR UHIHUHVH j SHQHWUDELOLGDGH GRV HIHLWRV GDV QRYDV WHFQRORJLDV $VVLP RV SURFHVVRV RV FRPSRUWDPHQWRV GD DWLYLGDGH KXPDQD WDQWR QRkPELWRLQGLYLGXDORXFROHWLYRSDVVDPDVHUPROGDGRVSHORQRYRPHLRWHFQROyJLFR 2XWUD FDUDFWHUtVWLFD TXH IXQGDPHQWD R QRYR SDUDGLJPD p R GD IOH[LELOLGDGH $ FRQYHUJrQFLDGDVWHFQRORJLDVWDPEpPpLQWHJUDQWHjUHYROXomRWHFQROyJLFD
2 SURFHVVR GH LQIRUPDFLRQDOLVPR EDVH GD UHYROXomR WHFQROyJLFD VH WRUQDEDVHSDUDDPXGDQoDGRFHQiULRGDHFRQRPLDHLQWURGX]XPDQRYDVRFLHGDGH GD LQIRUPDomR HP UHGH RX GR FRQKHFLPHQWR $OpP GR LQIRUPDFLRQDOLVPR TXH GHWHUPLQD D FDSDFLGDGH GH SURGX]LU H FRPSHWLU GRV DJHQWHV QR QRYR FHQiULR HFRQ{PLFRVHQGRTXHHVWDKDELOLGDGHpGHWHUPLQDGDSHORSRWHQFLDOGHDSURSULDomR GHIRUPDLQWHOLJHQWHGDLQIRUPDomRTXHJHUDFRQKHFLPHQWR&DVWHOOVDSRQWD TXHRPXQGRJOREDOL]DGRSRVVLELOLWDTXHWRGRRSURFHVVR GHSURGXomRHFRQVXPR VHMDUHDOL]DGRVHPEDUUHLUDVHHPUHGH
7HUFHLUR H 0DWLDV TXH FRQVLGHUDP D QRYD HUD GD FRQWHPSRUDQHLGDGH FRPR D HUD GR GLJLWDOLVPR DILUPDP TXH DV QRYDV UHGHV GH FRPXQLFDomR WrP PXLWR PDLV LPSDFWR TXH VXDV DQWHFHVVRUDV FRPR DV UHGHV GH WUDQVSRUWH H GH HQHUJLD $V UHGHV SHUPLWHP XPD H[SDQVmR GR PHUFDGR H JHUDP LQWHUGHSHQGrQFLD HFRQ{PLFD HQWUH DV QDo}HV XPD YHUGDGHLUD HFRQRPLD PXQGLDO 3DUDRVDXWRUHVDVLWXDomRVyFLRHFRQ{PLFRFXOWXUDOJHUDGRSHORGLJLWDOLVPRGHXP ODGRIDYRUHFHDVUHODo}HVFRRSHUDWLYDVHPWRGRVRVQtYHLVGHRXWURDIHWDWRGDVDV DWLYLGDGHV SURILVVLRQDLV H[LJLQGR GRV WUDEDOKDGRUHV XPD QRYD SRVWXUD UDFLRQDO (VVDVPXGDQoDVQHFHVVLWDPGHQRYRVPRGHORVGHVLVWHPDVHGXFDWLYRVOHLVDVVLP FRPR LQVWLWXLo}HV VRFLDLV H SROtWLFDV $ UHODomR HQWUH WHFQRORJLD H VRFLHGDGH WHP FRPREDVHDOHLGH.UDQ]EHUJTXHGL]³$WHFQRORJLDQmRpQHPERDQHPUXLPH WDPEpPQmRpQHXWUD´
1mR VH SRGH PDLV LJQRUDU TXH DV WHFQRORJLDV GD LQIRUPDomR H GD FRPXQLFDomR 7,&V SURYRFDUDP XPD EUXVFD PXGDQoD QDV WUDGLFLRQDLV IRUPDV GH FLUFXODomRVRFLDOGRVWH[WRVYHUEDLVHQmRYHUEDLV'LDQWHGLVVR
GHPDQGDV VmR FRORFDGDV DR SURFHVVR HQVLQR H DSUHQGL]DJHP TXH HQYROYHP DV TXHVW}HV GH FRPR XWLOL]DU HVVDV GLIHUHQWHV OLQJXDJHQV PLGLiWLFDV QD HVFROD GH IRUPD D SRWHQFLDOL]DU D FRQVWUXomR GH VDEHUHV VLJQLILFDWLYRV SDUD D DWXDomR GRV DOXQRV QR PXQGR KRMH ,GHLDV H FRQFHSo}HVHGXFDWLYDVVmRUHYHODGDVQDRUJDQL]DomRGHHVSDoRVHWHPSRV HVFRODUHV QD GLVSRVLomR GH PDWHULDLV H PRELOLiULRV QR DFROKLPHQWR H VRFLDOL]DomR GRV HTXLSDPHQWRV 'D PHVPD IRUPD R SHQVDPHQWR VREUH R OXJDUTXHDVWHFQRORJLDVHDVQRYDVOLQJXDJHQVGH FRPXQLFDomRRFXSDP QD HVFROD p HYLGHQFLDGR QR FRWLGLDQR GDV DWLYLGDGHV SHGDJyJLFDV &ULDQoDV MRYHQV H DGXOWRV VmR DWUDtGRV SHOR XQLYHUVR PLGLiWLFR RQGH GLIHUHQWHV OLQJXDJHQV FLUFXODP $ WHOHYLVmR R UiGLR R YtGHR D PtGLD LPSUHVVD LPDJHQV D KLSHUPtGLD H D ,QWHUQHW SRGHP VH FRQVWLWXLU HP H[FHOHQWHV UHFXUVRV PRELOL]DGRUHV SDUD R GHVHQYROYLPHQWR GDV FRPSHWrQFLDVOHLWRUDHHVFULWRUDHSUiWLFDVSURWDJRQLVWDV&ULDUHVSDoRVGH SDUWLFLSDomRLQWHUDWLYDHFRQVWUXomRFROHWLYDGHSURMHWRVFRPRXVRGHVVDV QRYDV IRUPDV GH OLQJXDJHP H HVWDEHOHFHU GLiORJR HQWUH HODV p R QRVVR JUDQGHGHVDILR6HFUHWDULD0XQLFLSDOGD(GXFDomRGH6mR3DXORS
8WLOL]DU H VDEHU WLUDU SURYHLWR GD UHYROXomR TXH DV 7,&V SURYRFDUDP QR ~OWLPR VpFXOR p XPD GDV FRPSHWrQFLDV SDUD HQVLQDU GHILQLGDV SRU 3KLOLSSH 3HUUHQRXG 1D HGXFDomR QmR VRPHQWH LQYHVWLPHQWRV HP WHFQRORJLDV VmR QHFHVViULRVPDVWDPEpPSROtWLFDVHGXFDFLRQDLVHQRYDVPHWRGRORJLDVGHHQVLQR DVVLPFRPRRSDSHOGRSURIHVVRUQHVVHSURFHVVRGHUHYROXomRGHYHVHUUHSHQVDGR HUHIRUPXODGR³2TXHYDLPXGDUpTXHRSURIHVVRUTXHGHVSHMDDXWRPDWLFDPHQWHRV FRQWH~GRVVHUiPHVPRGLVSHQViYHOSRLVVHUiPDLVFDURHPHQRVHILFLHQWHGRTXH XPDWHODGHFRPSXWDGRU´',0(167(,1GRFXPHQWRHOHWU{QLFR
(VWDVQRYDVGHPDQGDVDSRQWDPSDUDXPQRYRFHQiULRGHFRPXQLFDomR TXH LPSOLFD WURFD LQWHUDomR SDUWLFLSDomR FRDXWRULD $VVLP FRPXQLFDomR p EHP GLIHUHQWHGDVLPSOHVLQIRUPDomRWUDQVPLWLGDHPPmR~QLFDSHODPtGLDGHPDVVD2 TXHVHULDHQWmRDSUHQGHUDOHUHDHVFUHYHUFRPDVQRYDVWHFQRORJLDVHPHLRVGH FRPXQLFDomR"3DUDXPDHVFRODTXHDLQGDQmRXVDFRUUHWDPHQWHVHTXHURVOLYURV DV 7,&V VmR YLVWDV FRPR REVWiFXORV DLQGD PDLRUHV 7UDEDOKDU QHVVD SHUVSHFWLYD LQFOXLQGR DV 7,&V HQYROYH LQWHUDWLYLGDGH LQWHUGLVFLSOLQDULGDGH LQLFLDWLYD SHVTXLVD FRDXWRULDGRVDOXQRVHFODURXPDPHOKRUSUHSDUDomRGRFHQWH6mRGHVDILRVDVHUHP LQFRUSRUDGRVjSUiWLFDSHGDJyJLFDFRWLGLDQDGDHVFROD
HHQ[HUJDVHXVDOXQRVFRPRPHURV³EDQFRVGHGDGRV´FRPSRXFDVSRVVLELOLGDGHV GH SDUWLFLSDomR MXYHQLO 2 DEDQGRQR GRV HVWXGRV H D UHSHWrQFLD VmR VLQDLV GD LQVDWLVIDomRGRVMRYHQVHPUHODomRDRPRGHORGHHVFROD$GHSUHGDomRHDYLROrQFLD VmRRXWURVDOHUWDVTXHH[SUHVVDPHVVDUHYROWD2VMRYHQVQmRVHVHQWHPSDUWHGD HVFROD SULQFLSDOPHQWH D S~EOLFD TXH p IUHTXHQWHPHQWH SRVWD HP GHVYDQWDJHP SHORVSUySULRVYHtFXORVGHFRPXQLFDomR$VFRQVWDQWHVFUtWLFDVjHVFRODS~EOLFDGH FHUWDIRUPDDIHWDPDDXWRHVWLPDGRVDOXQRV
3RUWDQWR D VRFLHGDGH SUHFLVD PHOKRU UHFRQKHFHU R SRWHQFLDO GHVVD LQVWLWXLomR H SDVVDU D YDORUL]iOD Mi TXH HVVHV HVWDEHOHFLPHQWRV GH HQVLQR PXQLFLSDLVHVWDGXDLVHIHGHUDLVFRUUHVSRQGHPDRDWHQGLPHQWRGHGHWRGRV RVHVWXGDQWHVGRHQVLQREiVLFRGHDFRUGRFRPGDGRVGD&RQIHUrQFLD1DFLRQDO GH-XYHQWXGHUHDOL]DGDHP
'LDQWH RV GHEDWHV TXDQWR DR TXH D HVFROD p H R TXH SRGHULD VHU HVSHFLDOLVWDVGLVFRUUHPVREUHDOJXQVSRQWRVHQRVDMXGDPDUHIOHWLU0DULDGR&DUPR %UDQW GH &DUYDOKR SURIHVVRUD GD 38&63 Gi VXD FRQWULEXLomR DR DOHJDU TXH D HGXFDomRQHFHVVLWDURPSHUFRPRFDUiWHUXWLOLWiULR
2V MRYHQV FRQVWURHP SURMHWRV GH YLGD FXQKDGRV QD LQFHUWH]D H GHVFRQILDQoD IUHQWH jV FHUWH]DV REWrP JDQKRV GH DSUHQGL]DGR QD H[SHULPHQWDomR H QD FLUFXODomR QRV GLYHUVRV H P~OWLSORV HVSDoRV H WHUULWyULRVDTXHWrPDFHVVReSUHFLVRLPSULPLUYDORUHVjDomR HGXFDWLYD URPSHQGRFRPRFDUiWHUPHUDPHQWHXWLOLWiULRGHPXLWRVSURMHWRVHGXFDWLYRV e SUHFLVR UHVSRQGHU D XPD GHPDQGD VLOHQFLRVD GRV MRYHQV SRUpP SHUVLVWHQWH GH XPD HGXFDomR YROWDGD j FRQVWUXomR H DR DQ~QFLR GH VHQWLGRVSDUDDDomRQDYLGDEXVFDGDYHUGDGHGREHPGREHORGDpWLFD 5HYLVWD2QGD-RYHPS
5HJLQDOGR )HUUHLUD GD 6LOYD HVFULWRU IDOD GH UHHVWUXWXUDU WRGD D FRPSRVLomR GD YLGD HVFRODU UHDOoDQGR D LPSRUWkQFLD GH DSUR[LPDU D FRPXQLGDGH GDVLQVWLWXLo}HV
(X QmR WHQKR XP PRGHOR GH HVFROD PDV YHMR TXH HVVD TXH H[LVWH QmR IXQFLRQD $ HVFROD GHYHULD VHU XP OXJDU RQGH R DOXQR JRVWDVVH GH ILFDU $FKR TXH SUHFLVD FRORFDU DOJXpP TXH HQWHQGH GH HVFROD SDUD PXGDU DOJXPDFRLVD 3ROtWLFRQmRFRQKHFHQDGDGHHVFROD 7HPTXHVHU DOJXpP TXHUHVSLUHHGXFDomRTXHVHMDDUWHHGXFDGRURXSHGDJRJR$HVFRODGHYH VHUDEHUWDSDUDDFRPXQLGDGH1mRSRGHVHUIHFKDGD$VSHVVRDVGREDLUUR GHYHP WUDEDOKDU Oi GHQWUR $ HVFROD GHYH VHU PDLV OHYH H WUDWDU GRV DVVXQWRVTXHRVDOXQRVTXHUHPVDEHU5HYLVWD2QGD-RYHPS
GHIHQGHXDIRUPDomRLQWHJUDOGDVSHVVRDVDOpPGDVLQVWLWXLo}HVGHPRGRTXHVH UHIRUFHDDSUHQGL]DJHPHPRXWURVDPELHQWHVDOpPGRHVFRODU
2 WHUPR HGXFDomR LQWHJUDO VH UHIHUH HP SULQFtSLR j LQWHJUDOLGDGH QD IRUPDomRGDVSHVVRDV±PHQWHFRUSRHHVStULWRXPDVSHFWRIXQGDPHQWDO QDTXDOLGDGHGDHGXFDomRHGRGLUHLWRjHGXFDomR$LQWHJUDOLGDGHUHPHWH DR FXUUtFXOR j UHODomR SHGDJyJLFD DR DPELHQWH GH DSUHQGL]DJHP ( WDPEpPjQRomRGHWHPSRHGHP~OWLSORVHVSDoRVGHDSUHQGL]DJHPWRUQDU SRVVtYHO XPD IRUPDomR LQWHJUDO UHTXHU PDLV WHPSR H VHX PHOKRU DSURYHLWDPHQWRGHDSUHQGL]DJHPQmRVRPHQWHQDLQVWLWXLomRHVFRODUPDV DR ORQJR GDYLGDQDIDPtOLD QDFRPXQLGDGH QRWUDEDOKR QDSDUWLFLSDomR VRFLDO $V21*VSRGHPDMXGDUQHVWDWDUHIDHSRGHPID]rODHPWRGRVRV HVSDoRV VHMD GHQWUR GD LQVWLWXLomR HVFRODU RX FRPR FRPSOHPHQWR GD LQVWUXomR HVFRODU UHIRUoDQGR DV DSUHQGL]DJHQV HP DPELHQWHV HVFRODUHV IDPLOLDUHVHFRPXQLWiULRV5HYLVWD2QGD-RYHPS
5RPSHU FRP R FDUiWHU XWLOLWiULR WRUQDU D HVFROD PDLV SUy[LPD j FRPXQLGDGH SURSRUFLRQDU XPD IRUPDomR PDLV LQWHJUDO (QILP VmR YiULDV DV GLVFXVV}HVTXHURGHLDPDVLQVWLWXLo}HVHVFRODUHVQRV~OWLPRVDQRVSULQFLSDOPHQWH DSyVD³PDVVLILFDomR´GDHVFRODS~EOLFDRFRUULGDDSDUWLUGDGpFDGDGH
1RWDGDPHQWHKiVpULHVGHPXGDQoDVHVWUXWXUDLVFXUULFXODUHVHSROtWLFDV DVHUHPUHDOL]DGDVSRUpPQRPRPHQWRYDPRVUHWRPDUDQHFHVVLGDGHGDHVFRODH GRSURIHVVRUVHDGDSWDUHPjVQRYDVWHFQRORJLDVHjVQHFHVVLGDGHVGHXPPXQGR FDGDYH]PDLVJOREDOL]DGR
'HQWURGHVWHGLVFXUVRPXLWRVHWHPIDODGRHPLQWURGX]LUDVQRYDVPtGLDV QDVHVFRODVHDPDLVGRTXHIXQGDPHQWDOSUHSDUDomRGRVGRFHQWHVSDUDRXVRGDV QRYDVWHFQRORJLDV7XGRLVVRVHPGHL[DUGHFRQFHEHUDHGXFDomRFRPRXPGLUHLWRH XPEHPVRFLDO
4XDQGRVHWUDWDGRWUDEDOKRFRPDVPtGLDVpLPSRUWDQWHUHVVDOWDUTXHR FKDPDGR³HGXFRPXQLFDGRU´HVWiORQJHGDTXHOHSURIHVVRURXRXWURSURILVVLRQDOTXH DSHQDVXWLOL]DGLGDWLFDPHQWHRVFRQWH~GRVYHLFXODGRVSHODPtGLD$VDWLYLGDGHVGH PtGLDHGXFDomR GHYHP FRQWHPSODU D DQiOLVH D DYDOLDomR D GHFRGLILFDomR FUtWLFD GRV PHLRV GH FRPXQLFDomR H WDPEpP GHYH OHYDU HP FRQWD D HWDSD GH SURGXomR SURGX]LUXPMRUQDOXPSURJUDPDGH79XPFXUWDPHWUDJHPFRPRLQVWUXPHQWRGH HQVLQRIRUPDomRGHFLGDGmRV
$VVLP UHSHQVDU D IRUPDomR GR SURIHVVRU IUHQWH D HVWDV GHPDQGDV GD FXOWXUD GD PtGLD H GD FXOWXUD GLJLWDO QRV ID] DVVXPLU XPD UHVSRQVDELOLGDGH VRFLDO SHUDQWH JHUDo}HV GH FULDQoDV MRYHQV H DGXOWRV VLVWHPDWLFDPHQWH H[SURSULDGRV GH VHXV GLUHLWRV (QWHQGHPRV D LPSRUWkQFLD GH UHSHQVDU D IRUPDomR GR SURIHVVRU WDPEpP SDUD DOpP GH XPD QHFHVVLGDGH GD VRFLHGDGH FRQWHPSRUkQHD HVVD TXDOLILFDomRSUHFLVDHVWDUUHODFLRQDGDjQHFHVVLGDGHGHJDQKRVUHDLVHPWHUPRVGH SODQRVGHFDUUHLUDHVDOiULRVFRQIRUPHQRVQRUWHLDP0RUHLUDH.UDPHU
$OJXPDVSROtWLFDVQDGpFDGDGHYLVDUDPHDLQGDYLVDPDLQVHUomRGDV WHFQRORJLDVQRDPELHQWHHVFRODU3RGHPRVFLWDUDOJXQVH[HPSORV$SDUWLUGH R JRYHUQR IHGHUDO FRPHoRX D LPSODQWDU LQLFLDWLYDV GH SROtWLFDV S~EOLFDV TXH WUDEDOKDYDPFRPDVFKDPDGDVQRYDVWHFQRORJLDV,VVRVHGHXDWUDYpVGDIRUPDomR GH SURIHVVRUHV H LQIRUPDWL]DomR GH HVFRODV PDLV H[SOLFLWDPHQWH DWUDYpV GH WUrV SURJUDPDV79(VFROD3UR,QIR3URJUDPD1DFLRQDOGH,QIRUPiWLFDQD(GXFDomRH 3URIRUPDomR 3URJUDPD GH )RUPDomR GH 3URIHVVRUHV WRGRV GHVHQYROYLGRV SHOD 6HFUHWDULDGH(GXFDomRD'LVWkQFLD6HHGGR0(&FULDGDHP
$SHVDUGRGHVHQYROYLPHQWRGHVVDVSROtWLFDVHPPXLWRVOXJDUHVGR3DtV HVWHVSURJUDPDVTXHLQFOXHPRXVRGHQRYDVWHFQRORJLDVVmRXPDUHDOLGDGHDLQGD GLVWDQWHGHSURIHVVRUHVTXHYLYHPHPWHUULWyULRVGHHVFDVVH]FXOWXUDOEHPORQJHGR %UDVLO GHVHQYROYLGR $ PDUJLQDOL]DomR GRV GRFHQWHV HP UHODomR jV QRYDV WHFQRORJLDVFRQIRUPHUHIRUoD9LHLUDDPSOLDRGLVWDQFLDPHQWRGDFXOWXUDRUDOH YLVXDO D TXDO QmR H[HUFH R PHVPR DSHOR VREUH RV PDLV YHOKRV RFDVLRQDQGR XP DIDVWDPHQWR H FULDQGR D IDPRVD UHVLVWrQFLD $ HVVH UHVSHLWR )HUUHLUR REVHUYDTXH
$ HVFROD VHPSUH GHSRVLWiULD GH PXGDQoDV TXH RFRUUHP IRUD GH VXDV IURQWHLUDV GHYH SHOR PHQRV WRPDU FRQVFLrQFLD GD GHIDVDJHP HQWUH R TXH HQVLQD H R TXH VH SUDWLFD IRUD GH VXDV IURQWHLUDV 1mR p SRVVtYHO TXH FRQWLQXH SULYLOHJLDQGR D FySLD RItFLR GH PRQJHV PHGLHYDLV ² FRPR SURWyWLSRGHHVFULWDQDpSRFDGD;HUR[ &LD1mRpSRVVtYHOTXHFRQWLQXH SULYLOHJLDQGRDOHLWXUDHPYR]DOWDGHWH[WRVGHVFRQKHFLGRVPHUDRUDOL]DomR FRP HVFDVVD FRPSUHHQVmR QD HUD GD OHLWXUD YHOR] H GD QHFHVVLGDGH GH DSUHQGHU D HVFROKHU D LQIRUPDomR SHUWLQHQWH GHQWUR GR IOX[R GH PHQVDJHQV LPSUHVVDV TXH FKHJDP GH IRUPD GHVRUGHQDGD FDyWLFD H LQYDVRUD)(55(,52S
FRPSXWDGRU p SUDWLFDPHQWH LQH[LVWHQWH D LQWHUQHW QmR FKHJD DR FRQWH[WR GRV SURIHVVRUHVHGHVHXVDOXQRV0$0('(DSXG9,(,5$
2XWUR HVWXGR UHODWD TXH GRFHQWHV GH FLrQFLDV QDWXUDLV QmR WrP LQIRUPDo}HVVLJQLILFDWLYDVVREUHRTXHVHMDXPDHGXFDomRFLHQWtILFDTXHFRQWHPSOH DVSHFWRVGLULJLGRVSDUDDDOIDEHWL]DomRFLHQWtILFDHWHFQROyJLFDGHQXQFLDQGRJUDYHV SUREOHPDVQDVHVWUDWpJLDVGHIRUPDomRGRFHQWH9,'$/DSXG9,(,5$
'LDQWH GHVWH FHQiULR TXDO GHYH VHU R SDSHO GR HGXFDGRU SHUDQWH DV QRYDVWHFQRORJLDV"6HUiHOHXPHQJHQKHLURGRFRQKHFLPHQWRPLVWRGHSURJUDPDGRU H DUWLVWD WXWRU D GLVWkQFLD RX HP SUHVHQoD IDFLOLWDGRU RX RULHQWDGRU GH XPD DSUHQGL]DJHPEDVHDGDHPPDWHULDLVPXOWLPLGLiWLFRVRXXPSHVTXLVDGRUDWRUMXQWR DVHXVDOXQRVQDFRQVWUXomRGRFRQKHFLPHQWR"
(VWXGLRVRV LGHQWLILFDP GRLV FRPSRQHQWHV FRPXQV D QRYDVSURSRVWDV GH IRUPDomRGRSURIHVVRUTXHWHQWDPLQGLFDUTXDOpRSDSHOGRGRFHQWHGHQWURGDVDOD GHDXOD
3RU XP ODGR D LGHLD GH SHVTXLVD H GH UHIOH[mR FRQVWDQWH VREUH D SUySULD SUiWLFDSHGDJyJLFDGHVGHRFRQVWUXWLYLVPRHQWHQGLGDHODSUySULDFRPRXP SURFHVVR GH SHVTXLVD SDUD FRQVWUXomR GR FRQKHFLPHQWR H SRU RXWUR D FRQYLFomR GH TXH VHUi IXQGDPHQWDO HVWDEHOHFHU XPD QRYD UHODomR PDLV KRUL]RQWDO PHQRV YHUWLFDOL]DGD H DXWRULWiULD HQWUH SURIHVVRUHV H DOXQRV HQWHQGLGRVFRPRSDUFHLURVGLIHUHQFLDGRVQRSURFHVVRHGXFDWLYR*$5&,$ DSXG%(//21,GRFXPHQWRHOHWU{QLFR
(VVDV FRQFHSo}HV VHULDP EDVWDQWH DSURSULDGDV j LQWHJUDomR GDV QRYDV WHFQRORJLDV DRV SURFHVVRV HGXFDFLRQDLV XPD YH] TXH D UHIOH[mR VREUH D SUySULD SUiWLFDFRQGX]QHFHVVDULDPHQWHjFULDomRGHXPFRQKHFLPHQWRHVSHFtILFRHOLJDGR jDomRTXHVySRGHVHUDGTXLULGRDWUDYpVGRFRQWDWRFRPDSUiWLFDSRLVWUDWDVHGH XP FRQKHFLPHQWR WiFLWR SHVVRDO H QmRVLVWHPiWLFR *$5&,$ DSXG %(//21,GRFXPHQWRHOHWU{QLFR
6HJXQGR &KDYHV Ki FRQWURYpUVLDV HQWUH RV HGXFDGRUHV VREUH D PHOKRUPDQHLUDGHXVDURFRPSXWDGRUQDHVFROD(VVDVFRQWURYpUVLDVGHFRUUHPGH GLIHUHQWHV YLV}HV GD HGXFDomR +i RV GRFHQWHV TXH GHIHQGHP D XWLOL]DomR GR FRPSXWDGRU FRPR XP LQVWUXPHQWR GH HQVLQR H H[LVWH XPD RXWUD FDPDGD GH GRFHQWHV TXH GHIHQGH D XWLOL]DomR GR FRPSXWDGRU FRPR XPD IHUUDPHQWD GH DSUHQGL]DJHP 'HQWUR GHVWDV GXDV YLV}HV H[SRVWDV Ki DVSHFWRV LPSRUWDQWHV SRU GHWUiVGHVWDVFRORFDo}HV
1HVWDGLVSXWDGHXPODGRHVWmRRVTXHYHHPDHGXFDomRHVFRODUFRPRXP SURFHVVR GH WUDQVPLVVmR SHORV SURIHVVRUHV DRV DOXQRV GH FRQWH~GRV LQIRUPDFLRQDLVIDWRVFRQFHLWRVHSURFHGLPHQWRVVLVWHPDWL]DGRVHPiUHDV HVSHFtILFDVGLVFLSOLQDVHRUJDQL]DGRVVHTXHQFLDOPHQWHGHIRUPDFDGDYH] PDLVFRPSOH[DVpULHV1HVVDYLVmRGDHGXFDomRKiFRQVHTXHQWHPHQWHD YDORUL]DomR UHODWLYD GR SURFHVVR GH HQVLQR H LQVWUXomR H p FRORFDGR HP UHOHYR R SDSHO GR SURIHVVRU FRPR GHWHQWRU GDV LQIRUPDo}HV H GRV FRQKHFLPHQWRVDVHUHPUHSDVVDGRVDRVDOXQRV$DSUHQGL]DJHPSRUVXD YH] ILFD FDUDFWHUL]DGD FRPR XP SURFHVVR HP JUDQGH SDUWH SDVVLYR GR SRQWRGHYLVWDGRDOXQRGHDEVRUomRGHLQIRUPDo}HVHFRQKHFLPHQWRVHP JHUDO DSUHVHQWDGRV GH PDQHLUD WRWDOPHQWH GHVYLQFXODGD GRV SUREOHPDV IXQGDPHQWDLV TXH XP GLD OHYDUDP R VHU KXPDQR D VH LQWHUHVVDU SHODV TXHVW}HVTXHHVWmRSRUWUiVGHVVDVLQIRUPDo}HVHGHVVHVFRQKHFLPHQWRV &+$9(6GRFXPHQWRHOHWU{QLFR
'RSRQWRGHYLVWDGDXWLOL]DomRGDWHFQRORJLDFRPRLQVWUXPHQWRGHHQVLQR DV QRYDV PtGLDV GHYHP VHU XWLOL]DGDV SDUD UHIRUoDU RX WRUQDU PDLV HILFLHQWH R WUDEDOKRGRSURIHVVRU3DUDHOHVRFRPSXWDGRUpDSHQDVXPDPiTXLQDGHHQVLQDU TXHDMXGDRSURIHVVRUDHQVLQDUPHOKRU
2 RXWUR SRQWR GH YLVWD TXH HQ[HUJD D WHFQRORJLD FRPR LQVWUXPHQWRIHUUDPHQWDGHDSUHQGL]DJHPpYLVWRFRPRXPSURFHVVRDWLYRGRSRQWR GHYLVWDGRDOXQRTXHYDLSHUPLWLUDOFDQoDUSDUWLFLSDomRHILFD]HVLJQLILFDWLYDQDYLGD GD VRFLHGDGH FRPR FLGDGmR H SURILVVLRQDO $ DomR GR DOXQR DTXL p SULQFLSDO UHVSRQViYHO SHOD DSUHQGL]DJHP H QmR R SURIHVVRU 2 GRFHQWH GHYH RIHUHFHU DR DOXQR R Pi[LPR GH DPELHQWHV UHVSRQViYHLV SDUD LQWHUDomR TXH GHVHQYROYDP HVWUXWXUDV FRJQLWLYDV TXH VH WUDGX]HP HP FRPSHWrQFLDV H KDELOLGDGHV TXH OKH SHUPLWDPDFLPDGHWXGRFRQWLQXDUDDSUHQGHUHDSUHQGHUVHPSUH$WHFQRORJLDp YLVWDFRPRIHUUDPHQWDGHDSUHQGHU
RFRPSXWDGRU>RXDWHFQRORJLD@DRVHULQWURGX]LGRQDHVFRODIXQFLRQDFRPR DJHQWH SHUWXUEDGRU GD RUGHP HVWDEHOHFLGD H SHUPLWH TXH RV TXH GHOD GLVFRUGHPVHYDOKDPGHVVDRSRUWXQLGDGHSDUDTXHVWLRQiOD2FRPSXWDGRU SURYRFD HVVD GLVFXVVmR SRUTXH RV DOXQRV HP JHUDO WrP PXLWR PDLV IDFLOLGDGHSDUDOLGDUFRPHOHGRTXHRVSURIHVVRUHVHSRUWDQWRVHWRUQD XPDJHQWHVXEYHUVLYR GD RUGHPHVWDEHOHFLGD QD HVFROD&+$9(6 GRFXPHQWRHOHWU{QLFR
$ VHJXQGD DERUGDJHP FRQVLGHUD TXH D WHFQRORJLD YDL DMXGDU D WUD]HU PXGDQoDV QD HVFROD D VXEYHUWHU D RUGHP GH PDQHLUD SRVLWLYD 0DV p LPSRUWDQWH VDOLHQWDU TXH D WHFQRORJLD QmR p VR]LQKD UHVSRQViYHO SRU PXGDU D HVFROD $V PXGDQoDVVHYLHUHPDRFRUUHUSRGHPVHYDOHUGDWHFQRORJLDSDUDDOFDQoDUDOJXQV GHVHXVREMHWLYRV
3UREOHPDVQDIRUPDomRGRVSURIHVVRUHVHQRDPELHQWHHVFRODU
&KDYHVH6HW]HUQRVDSRQWDPDOJXQVHQWUDYHVSDUDDLQWURGXomR GDVWHFQRORJLDVHQRYDVPtGLDVQRDPELHQWHHVFRODU(PUHODomRjRSRUWXQLGDGHD LQWURGXomRGRFRPSXWDGRUQRYDVWHFQRORJLDVQDHGXFDomRQmRpSULRULWiULDXPDYH] TXH DV HVFRODV SRVVXHP QHFHVVLGDGHV EiVLFDV TXH SUHFLVDP VHU DWHQGLGDV SULPHLUDPHQWHFRPRLQIUDHVWUXWXUDDGHTXDGDFRQGLo}HVPtQLPDVGHDOLPHQWDomRH VD~GHSDUDRVDOXQRVDOpPGHPHOKRUHVFRQGLo}HVGHWUDEDOKRSDUDRVSURIHVVRUHV (PUHODomRjDomRHGXFDFLRQDORFRPSXWDGRUSRGHH[HUFHUXPDJUDQGH LQIOXrQFLDQDHGXFDomRPDVHVWDSRGHVHUGDQRVD$FULDQoDSRGHULDVHUOHYDGDD SHQVDU GH IRUPD PHFDQL]DGD H WDPEpP HQ[HUJDU R XVR GD WHFQRORJLD QXPD SHUVSHFWLYDDSHQDVGHOD]HUHHQWUHWHQLPHQWRRTXHpLPSRUWDQWHFRQVLGHUDUTXDQGR VHSODQHMDPDWLYLGDGHVHQYROYHQGRDV7,&V
3DUDFRPSUHHQGHUPHOKRUDUHODomRGRVSURIHVVRUHVFRPDWHFQRORJLDp SUHFLVRHQWHQGHUDFULVHQDHGXFDomRTXHWHPUDt]HVSROtWLFDV2HPSREUHFLPHQWR GD iUHD GH SHVTXLVD QR HQVLQR VXSHULRU D DPSOLDomR GH RIHUWD GH FXUVRV SRU LQVWLWXLo}HVSULYDGDVDFHQWXDQGRRIRUWDOHFLPHQWRGDSULYDWL]DomRGRHQVLQRVXSHULRU QR SDtV DVVRFLDGR DR HQIUDTXHFLPHQWR GR HQVLQR S~EOLFR VmR IDWRUHV TXH VH UHODFLRQDPFRPRLQWHUHVVHGHPHUFDGR
FRQFOXLUTXHSRUFDXVDGDFUHVFHQWHGHPDQGDGHSULYDWL]DomRDFKRXVHQHFHVViULR GLPLQXLU RV FXVWRV GDV XQLYHUVLGDGHV S~EOLFDV IHGHUDLV GLPLQXLQGR DVVLP R ILQDQFLDPHQWRGR(VWDGRHPFHQWURVGHH[FHOrQFLD,VVRLULDDWHQGHUDGHPDQGDVGR OREE\ SULYDWLVWD R TXH QmR IRL SRVVtYHO JUDoDV j SUHVVmR RUJDQL]DGD GRV PRYLPHQWRVVRFLDLV
1R HQWDQWR D SURPXOJDomR GD /'% Q HP DFRUGR FRP RUJDQLVPRV H[WHUQRV SRVVLELOLWRX D LPSODQWDomR GH XP PRGHOR GH (GXFDomR UHJXODPHQWDGRHRULHQWDGRSHORVLQWHUHVVHVHGHPDQGDVGRPHUFDGR(VVHFHQiULR SRVVLELOLWRXDFULDomRGRVFHQWURVXQLYHUVLWiULRVTXHSRGHPH[FOXLUHOLPLWDURSLODU GD SHVTXLVD YDOHQGRVH DSHQDV GR HQVLQR (VWD IRL D IRUPD HQFRQWUDGD SHORV OHJLVODGRUHV SDUD DWHQGHU RV LQWHUHVVHV GR VHWRU SULYDGR TXH UHSUHVHQWD JUDQGH UHGXomRQRVFXVWRVGRVVHUYLoRV
1HVWH PHVPR HQIRTXH IRL FULDGD QDTXHOD /HL D ILJXUD GRV ,QVWLWXWRV 6XSHULRUHV GH (GXFDomR SDUD R RIHUHFLPHQWR GRV &XUVRV 1RUPDLV 6XSHULRUHV TXH SHUPLWHP D IRUPDomR GH SURIHVVRUHV SRU LQVWLWXLo}HV QmR XQLYHUVLWiULDV DOpP GH LPSODQWDU RXWUDV PHGLGDV TXH LQFLGHP VREUH HVWD SURILVVmR FRPR SRU H[HPSOR D SRVVLELOLGDGH GH FRPSOHPHQWDomR SHGDJyJLFD SDUD SRUWDGRUHV GH GLSORPD HP QtYHO VXSHULRU HP TXDOTXHU iUHD TXH TXHLUD DWXDU QD (GXFDomR EiVLFD R RIHUHFLPHQWR GH FXUVRV VHTXHQFLDLVHPGHWULPHQWRGDJUDGXDomRSOHQDDLPSOHPHQWDomRGHFXUVRV GH HGXFDomR D GLVWkQFLD FRP YDORU HTXLYDOHQWH DRV FXUVRV SUHVHQFLDLV SROtWLFDV GH DYDOLDomR GRV GLIHUHQWHV VLVWHPDV GH HQVLQR GH FDUiWHU FRQWURODGRUTXHDFDEDUDPSRUVHWUDQVIRUPDUHPRULHQWDGRUHVFXUULFXODUHV HPPXLWDVVLWXDo}HVHQWUHRXWUDV526$/(10$==,//,GRFXPHQWR HOHWU{QLFR
$VVLP HVVDV PHGLGDV DFDEDUDP SRU EDUDWHDU H JDUDQWLU UDSLGH] j IRUPDomR GRV GRFHQWHV GLVWDQFLDQGRVH GD IRUPDomR FUtWLFD SUHWHQGLGD TXH SHUPLWLULD DWXDU FRPR DJHQWH GH PXGDQoDV ( WRGR HVWH HPSREUHFLPHQWR QD IRUPDomRGRFHQWHWHPUHIOH[RQDIRUPDFRPRDHGXFDomRFRQFHEHDV7,&V
3DUD VH WHU XPD LGHLD 5RVDOHQ H 0D]]LOOL FRQFOXHP HP VXD SHVTXLVD TXH DSHQDV GRV FXUVRV GH SHGDJRJLD HQIRFDP RV HVWXGRV VREUH LQIRUPiWLFD GHQWUR GH XPD SHUVSHFWLYD FUtWLFD VREUH R XVR GHVWHV PHLRV QD HGXFDomRHQTXDQWROLPLWDPVHDRHQVLQRGRXVRGHVWHVPHLRVFRPRUHFXUVRV GLGiWLFRV
$ OLWHUDWXUD FRQVHJXLX SURGX]LU HYLGrQFLDV VREUH DV FRPSHWrQFLDV TXH VH H[LJHP GR WUDEDOKR GRFHQWH YDORUL]DQGR D TXDOLILFDomR SURILVVLRQDO GR SURIHVVRU5HTXHUVyOLGDIRUPDomRLQLFLDOQDVXDiUHDHVSHFtILFDLQWURGXomR HP SHVTXLVD HVWXGR GH ILORVRILD H KLVWyULD GD FLrQFLD FRQKHFLPHQWR GRV DYDQoRV WHFQROyJLFRV GR VHWRU H GH VXDV UHSHUFXVV}HV QDV DWLYLGDGHV SURGXWLYDHVRFLDOeSUHFLVRTXHHOHWHQKDDPSODIRUPDomRSDUDSRGHU VHU XP LQYHVWLJDGRU GH VXD SUiWLFD DQDOLVDQGRD LQWHUSUHWDQGRD SUREOHPDWL]DQGRDHSURGX]LQGRQRYDVKLSyWHVHVSHGDJyJLFDVSDUDVXSHUDU DV GLILFXOGDGHV GHWHFWDGDV *$55,'2 DSXG 526$/(1 0$==,//, GRFXPHQWRHOHWU{QLFR
&RUUrDQRVLQGLFDSUREOHPDVQDPHQWDOLGDGHFXOWXUDOGHIRUPDomR TXH DLQGDSULYLOHJLD XP DPELHQWH GHDSUHQGL]DJHP DQDFU{QLFRHP TXH R DOXQRp SDVVLYR H R SURIHVVRU GHWpP GH WRGRV RV UHFXUVRV HGXFDFLRQDLV VHP SURPRYHU LQWHUDomRRFRQWUiULRGRTXHRXVRGDVQRYDVWHFQRORJLDVSURS}H$FXOWXUDHVFRODU DLQGD p H[WUHPDPHQWH LQGLYLGXDOLVWD LVRODGD FRQVLVWH QXPD OLQJXDJHP PDLV DWXDO SDUDDQWLJDPHULWRFUDFLD&DGDXPGHYHJDUDQWLUVXDDXODVXDSHVTXLVDVHXSURMHWR ,VVR VH GHYH j OyJLFD GH PHUFDGR TXH VH PDQLIHVWD QDV H[LJrQFLDV GH SURGXWLYLGDGHHPGHWULPHQWRGDrQIDVHQDIRUPDomRKXPDQDHQRVSURMHWRVVRFLDLV $VVLPQRVGL]&RUUrDS
&RQVLGHUR TXH VHMD IiFLO GHVHQYROYHU SURMHWRV HVSHFtILFRV UHODWLYRV DR XVR GDVQRYDVWHFQRORJLDVGHLQIRUPDomRHFRPXQLFDomRRGLItFLOQRHQWDQWRp LQRYDUDVSUiWLFDVHGXFDWLYDVFRWLGLDQDVGHWUDEDOKR3DUDLVVRSUHFLVDPRV HQIUHQWDU RV GLOHPDV SUHVHQWHV QD SUiWLFD SHGDJyJLFD URPSHU D OyJLFD WUDQVPLVVLYDXQLGLUHFLRQDOHLQYHVWLUQDFRQVWLWXLomRGDVUHGHVFRODERUDWLYDV GHDSUHQGL]DJHP
$OJXQV DXWRUHV DSRQWDP DLQGD D IDOWD GD UHIOH[mR H FULWLFLGDGH QD SUHSDUDomRGRVSURIHVVRUHVHPUHODomRjVQRYDVWHFQRORJLDV3DUDTXHDIRUPDomR GR SURIHVVRU HVWHMD OLJDGD jV QHFHVVLGDGHV VRFLDLV H FRPSUHHQVmR FUtWLFD GHVWD SDUDOHOD j FLGDGDQLD H VRE HVWD yWLFD j GHPDQGD GR XVR GDV QRYDV PtGLDV QD HGXFDomRpSUHFLVRLQWHJUDUWHRULDHSUiWLFDGHPRGRDSUHSDUDUHVWHSURILVVLRQDO SDUD ID]HU HVFROKDV HP UHODomR DR FRQWH~GR H DR PpWRGR GH RUJDQL]DomR GR WUDEDOKR SHGDJyJLFR 1HVVD SHUVSHFWLYD D IRUPDomR GHYH ³FRQFLOLDU XPD DQiOLVH FUtWLFDGD(GXFDomRDSURFHGLPHQWRVSHGDJyJLFRVTXHIDYRUHoDPXPDSUHQGL]DGR EDVHDGR QD KLVWRULFLGDGH GDV FLrQFLDV H QD SUREOHPDWL]DomR GH VXD DSOLFDomR QD SUiWLFD VRFLDO´ 526$/(1 0$==,//, GRFXPHQWR HOHWU{QLFR $V PHVPDV DXWRUDVDSRQWDPTXH
GH VHXV DOXQRV 3DUD LVWR p HVVHQFLDO R SURFHVVR GH UHIOH[mR GD SUySULD SUiWLFD526$/(10$==,//,GRFXPHQWRHOHWU{QLFR
1D OLQKD GHVWDV DXWRUDV WHPRV D LQGLFDomR TXH DIRUPDomRSDUD R XVR GDVQRYDVWHFQRORJLDVQmRH[LJHDSHQDVRGRPtQLRGRVUHFXUVRVPDVXPDSUiWLFD SHGDJyJLFD UHIOH[LYD 3RU VL Vy R XVR GDV QRYDV PtGLDV H 7,&V QmR JDUDQWH PHOKRULDVQDTXDOLGDGHGRHQVLQR$WHFQRORJLDVHXVDGDLQDGHTXDGDPHQWHSRGH VHUSUHMXGLFLDODRDOXQR(WDPEpPVHXXVRVLPSOHVPHQWHVHPXPDPHWRGRORJLD DSURSULDGDQmRVXSUHODFXQDVQDIRUPDomRGRSURIHVVRU
RPDLRUSUREOHPDQmRVHHQFRQWUDQDVTXHVW}HVGHLQIRUPDWL]DomR1R FDVR GD IRUPDomR GH SURIHVVRUHV R SUREOHPD PDLRU VH HQFRQWUD QDV ODFXQDV GR FRQWH~GR HVFRODU QDV ODFXQDV GH IRUPDomR SHGDJyJLFD H GH DSDUDWRPHWRGROyJLFRTXHLPSHGHPRXSHORPHQRVGLILFXOWDPDRULHQWDomR SDUD XPD SUiWLFD SHGDJyJLFD PDLV FRQVHTXHQWH RQGH VH SHUFHEDP DV UHODo}HV HVWDEHOHFLGDV FRP D SUiWLFD VRFLDO PDLV DPSOD H VH RUJDQL]H D SDUFHODGHFRQWULEXLomRTXHFRPSHWHDXPD(GXFDomRFRPSURPLVVDGDFRP RVPHQRVIDYRUHFLGRVHFRQRPLFDPHQWH6,/9$),/+2S
$VVLPILFDFODURDQHFHVVLGDGHGHXPDPHWRGRORJLDTXHJXLHDSUiWLFDGR SURIHVVRU QD XWLOL]DomR GDV QRYDV WHFQRORJLDV $ IRUPDomR QmR GHYH DSHQDV VH OLPLWDUDRXVRHGRPtQLRSXUDPHQWHWpFQLFR2WUDEDOKRFRPDV7,&VHDTXLWDPEpP VH LQFOXHP DV PtGLDV H FRQWH~GRV GRV PHLRV GH FRPXQLFDomR QHFHVVLWD GH XPD PHWRGRORJLDSUySULD
0HWRGRORJLDVHSURSRVWDVGHIRUPDomR
%HOORQL FRORFD DVSHFWRV TXH GHYHP VHU UHSHQVDGRV VREUH D IRUPDomRGHSURIHVVRUHV6HULDQHFHVViULRXPHOHQFRGHKDELOLGDGHVQHFHVViULDVj SUiWLFD GH XP HQVLQR UHIOH[LYR RX D UHIOH[mR VREUH H[SHULrQFLDV LQRYDGRUDV GH XWLOL]DomR GH PHLRV WpFQLFRV SDUD LU FRQVWUXLQGR QRYDV PHWRGRORJLDV QRYRV PDWHULDLVSRUH[HPSOR"
6HJXQGR D DXWRUD Mi HVWi VHQGR WUDPDGD XPD QRYD SHGDJRJLD TXH FRQVLGHUHDVWHFQRORJLDVFRPRPHLRVOLQJXDJHQVRXIXQGDPHQWRV LQWHJUDQWHVGDV PHWRGRORJLDVHWpFQLFDVGHHQVLQR0DVHVVDLQWURGXomRGHYHVHUIHLWDDVVHJXUDQGR DFULWLFLGDGHDRVSURFHVVRVHGXFDFLRQDLV
(VVH QRYR FDPSR QHFHVVDULDPHQWH LQWHUGLVFLSOLQDU WHP GH FRQVLGHUDU RV GRLV SULQFLSDLVFRPSRQHQWHVGHVVD QRYDSHGDJRJLDD XWLOL]DomRFDGD YH] PDLRU GDV WHFQRORJLDV GH SURGXomR HVWRFDJHP H WUDQVPLVVmR GH LQIRUPDo}HVSRUXPODGRHSRURXWURRUHGLPHQVLRQDPHQWRGR SDSHOGR SURIHVVRU3DSHOHVWHTXHDRTXHWXGR LQGLFDWHQGHDVHUFDGDYH]PDLV PHGLDWL]DGR 2 SURIHVVRU GXSODPHQWH PHGLDWL]DGR FRPR SURGXWRU GH PHQVDJHQV LQVFULWDV HP PHLRV WHFQROyJLFRV GHVWLQDGDV D HVWXGDQWHV D GLVWkQFLDHFRPRXVXiULRDWLYRHFUtWLFRHPHGLDGRUHQWUHHVVHVPHLRVHRV DOXQRV%(//21,GRFXPHQWRHOHWU{QLFR
'HQWUR GHVVD FRQFHSomR %HOORQL DSRQWD TXH D DSUHQGL]DJHP H LQVHUomR GRV GLIHUHQWHV PHLRV QmR GHYHP SHUGHU GH YLVWD RV REMHWLYRV RX ILQV GD DomR HGXFDWLYD p IXQGDPHQWDO HQFDUDU DV WHFQRORJLDV FRPR IHUUDPHQWDV FRPR PHLRV R TXH LQFOXL DV PiTXLQDV PDV WDPEpP RV SURJUDPDV H VREUHWXGR RV VDEHUHVLQVWUXPHQWRVLQWHOHFWXDLVHYHUEDLV
1RFRQWH[WRGHIRUPDomRGRSURIHVVRUEUDVLOHLURDLQGDVXUJHPTXHVW}HV TXHSUHFLVDPVHDSRLDUHPPHWRGRORJLDVDGHTXDGDVSDUDVHUHPUHVSRQGLGDVFRPR XWLOL]DU D LPDJHP FRPR IRQWH GH VDEHU" &RPR LQWHJUDU HVVH QRYR FRQKHFLPHQWR DGTXLULGRSHORVMRYHQVGLDQWHGDVPXLWDVWHOLQKDV"4XDOVmRDV FRPSHWrQFLDVTXH GHYHP VHU FRQVLGHUDGDV SDUD D OHLWXUD GH LPDJHQV H VLQDLV HOHWU{QLFRV" $ PHWRGRORJLD SDUD HQVLQDU WXGR LVVR GHYH LQYHVWLU QD DQiOLVH QD VHOHomR H QD DYDOLDomR GH H[SHULrQFLDV H PDWHULDLV HGXFDFLRQDLV VHP GHL[DU GH SURPRYHU D HODERUDomR HD H[SHULHQFLDomR GHHVWUDWpJLDV H PDWHULDLV LQRYDGRUHV DVVLP FRPR DSRQWD%HOORQLGRFXPHQWRHOHWU{QLFR
3DUD GHVHQYROYHU D SHVTXLVD QHVVD iUHD R FDPLQKR QmR p VLPSOHV VHULD QHFHVViULRXPHVIRUoRQRVHQWLGRGHHVWLPXODUDFULDomRHDFRQVROLGDomR GH OLQKDV GH SHVTXLVD LQWHJUDQGR R HQVLQR GH SyVJUDGXDomR H R GH JUDGXDomR DV YHUWHQWHV WHyULFDV H SUiWLFDV H WUDEDOKDU QXPD SHUVSHFWLYD LQWHUGLVFLSOLQDU LQWHJUDQGR QRWDGDPHQWH RV FDPSRV GD FRPXQLFDomR H GD HGXFDomR
3RUpP R TXH PRVWUD R FHQiULR HGXFDFLRQDO QD IRUPDomR GRV GRFHQWHV HP QRVVDV XQLYHUVLGDGHV HVWi GLVWDQWH GH GHVHQYROYHU D SURGXomR FLHQWtILFD GR FDPSR GD HGXFDomR QHFHVViULD SDUD VH DGTXLULU HVVDV KDELOLGDGHV FRP DV QRYDV PtGLDV$LQWHJUDomRHQWUHJUDGXDomRHSyVJUDGXDomRIRFDQGRRHL[RGDSHVTXLVD H H[SHULPHQWDo}HV GH PHWRGRORJLDV p DLQGD EDVWDQWH UDUD HP QRVVRV FXUVRV GH SHGDJRJLDHOLFHQFLDWXUDV
FXOWXUDGDGHVLJXDOGDGHRQGHSDUDXQVRDFHVVRDRVDEHUpDPSORHLUUHVWULWRSDUD RXWURVSUDWLFDPHQWHQHJDGR´9,(,5$S
,VWR VLJQLILFD QmR DSHQDV FRQFHEHU XPD SROtWLFD GH YDORUL]DomR GRFHQWH FRPR WDPEpP GHVHQYROYHU HVWUDWpJLDV YROWDGDV SDUD XPD IRUPDomR KXPDQD SURILVVLRQDO H FXOWXUDO TXH WHP VLGR QHJDGD D XP JUDQGH FRQWLQJHQWH GH SURIHVVRUHV H[FOXtGRV GRV DYDQoRV FLHQWtILFRV H WHFQROyJLFRVPDLVVLPSOHV9,(,5$S
$ IRUPDomR GH SURIHVVRUHV QHVVH FRQWH[WR GH QHFHVVLGDGHV GH VH WUDEDOKDUFRPDVQRYDVWHFQRORJLDVGHYHFRQVLGHUDUDDWXDOFRQMXQWXUDHFRQ{PLFDH SROtWLFD HP TXH D HVWUXWXUD VRFLDO p DJUDYDGD SHOD WUDQVIRUPDomR QR PXQGR GR WUDEDOKRHSHORGHVHPSUHJR&RQVHTXrQFLDGLVVRVmRDVGHVLJXDOGDGHVHLQMXVWLoD VRFLDO$VVLPTXDOTXHUSUiWLFDTXHYLVHTXDOLILFDUHUHQRYDUDIRUPDomRGRSURIHVVRU GHYH SHQVDU HP SURFHVVRV GH IRUPDomR DOWHUQDWLYRV TXH SRVVDP GHVHQFDGHDU PXGDQoDV YROWDGDV SDUD D HPDQFLSDomR $ WHFQRORJLD SRGH VHU XP LQVWUXPHQWRD VHUYLoRRXFRQWUDHVVHSURMHWR
&RP HFRQRPLD GH FUHVFHQWH QRWDELOLGDGH QR FHQiULR PXQGLDO p LQDFHLWiYHOTXHR%UDVLORVWHQWHLQGLFDGRUHVVRFLDLVTXHRFRORFDPHQWUHRVSDtVHV FRP SLRU GLVWULEXLomR GH UHQGD QR JORER $VVLP D HGXFDomR WHP SDSHO SULRULWiULR QHVWHFRQWH[WRQRTXDOVHGHVWDFDXPDSROtWLFDUHODWLYDjIRUPDomRGRPDJLVWpULRH DRXVRGDV7,&V
6HJXQGR0RUHLUDH.UDPHUGRFXPHQWRHOHWU{QLFR
0XLWDV UHIRUPDV FXUULFXODUHV VH UHIHUHP j HVFROD SRU PHLR GH PRGHORV GHVHQKRVHSROtWLFDVFHQWUDOPHQWHGHILQLGDVVXSRQGRTXHpSRVVtYHOPXGDU j IRUoD R UHDO FRP GHFUHWRV SURMHWRV UHIHUHQFLDLV RX SDUkPHWURV VHP PXGDU FRQGLo}HV H SUiWLFDV H VHP HQYROYHU RV DWRUHV GR SURFHVVR $OpP GLVVRKiSURSRVWDVFXUULFXODUHVHPTXHVHDGRWDXPDYLVmRUDGLFDOL]DGDGD WHFQRORJLD RUD YLVWD FRPR FDSD] GH DJUDYDU RV SUREOHPDV GD HVFROD RUD FRPRFDSD]GHUHVROYHURVPDOHVHGXFDFLRQDLV3RUpPFRPRQDIRUPDomR GH SURIHVVRUHV H JHVWRUHV Ki DOWHUQDWLYDV SDUD R GHOLQHDPHQWR H D LPSOHPHQWDomRGHSROtWLFDVFXUULFXODUHV
&RQIRUPH 0RUHLUD H .UDPHU UHSHQVDU QD IRUPDomR GRV SURIHVVRUHVHDOLDUHVVDIRUPDomRjVQRYDVWHFQRORJLDVH[LJHXPDVpULHGHUHIRUoRV HPYiULRVWLSRVGHIRUPDo}HVFRPRDIRUPDomRSROtWLFD
VHFUHWDULDV GH HGXFDomR H XQLYHUVLGDGHV HP FRQMXQWR FRP VXMHLWRV H JUXSRVLQWHUHVVDGRVFIRUPDomRQDVHVFRODVHFUHFKHVTXHSRVVLELOLWHR HVWXGRDOHLWXUDHRGHEDWHGHWHPDVSHUWLQHQWHVGIRUPDomRFXOWXUDOTXH VXEVLGLHDDWXDomRFRPDDUWHDOLWHUDWXUDDP~VLFDRFLQHPDRWHDWURD SLQWXUD RV PXVHXV DV ELEOLRWHFDV HWF H IRUPDomR SROtWLFD FRQVROLGDGD HP PRYLPHQWRV VRFLDLV IyUXQV DVVRFLDo}HV SDUWLGRV VLQGLFDWRV 1HVVHV WHPSRVHHVSDoRVpHVVHQFLDOIRUWDOHFHUDFRPSUHHQVmRGDUHDOLGDGHHGD SUiWLFDSHGDJyJLFDEHPFRPRYDORUL]DUDQDUUDWLYDWDQWRSDUDDSULPRUDUD DomR SURILVVLRQDO TXDQWR SDUD SURPRYHU R GHVHQYROYLPHQWR LQGLYLGXDO D VROLGDULHGDGH H D FRRSHUDomR 025(,5$ .5$0(5 GRFXPHQWR HOHWU{QLFR
%HOORQLSURS}HTXHDIRUPDomRQHFHVViULDDRVGRFHQWHVDOLDGDjV 7,&VSRGHULDDFRQWHFHUPDLVHVSHFLILFDPHQWHQDVXQLYHUVLGDGHVFRPDLQVWDODomR GHODERUDWyULRVGHPXOWLPtGLDTXHIXQFLRQDVVHPFRPRODERUDWyULRVGHHQVLQRHGH SHVTXLVDHFRPRFDPSRGHHVWiJLRSDUDHVWXGDQWHVGHJUDGXDomRHSyVJUDGXDomR GDiUHDGDHGXFDomRPDVWDPEpPGHFRPXQLFDomRGHLQIRUPiWLFDGHDUWHVOHWUDV H PXLWDV RXWUDV /LJDGDV D HVVHV ODERUDWyULRV SRGHULDP VHU DUWLFXODGDV DV GLVFLSOLQDV GH OLFHQFLDWXUDV GH PRGR LQWHJUDGR H LQWHUGLVFLSOLQDU $ SyVJUDGXDomR GHYH VH LQWHJUDU FRP D JUDGXDomR SDUD SURSLFLDU j IRUPDomR UHDOL]DomR GH SHVTXLVDVHWDPEpPDSUiWLFDGRFHQWHRXPRQLWRULDHPODERUDWyULR
1DOLQKDGDDXWRUDpSUHFLVRQHVWDIRUPDomRWUD]HUjWRQDDFRODERUDomR GHSURILVVLRQDLVGHRXWURVFDPSRVFRPRGDViUHDVGHFRPXQLFDomRHLQIRUPiWLFD TXHWUDEDOKDUmRGHPRGRLQWHJUDGRDRVSURILVVLRQDLVGRFDPSRGDHGXFDomR1RYDV IXQo}HVHVWmRVXUJLQGRHH[LJHPQRYDVGHILQLo}HVSURILVVLRQDLVHGHIRUPDomR
0DLV GR TXH SHQVDU VRPHQWH QRV ODERUDWyULRV H QD FRODERUDomR GD LQWHUGLVFLSOLQDULGDGHpQHFHVViULRUHLQYHQWDUPHWRGRORJLDVGHHQVLQRFRPEDVHHP HVWUDWpJLDV LQWHJUDGRUDV H LQWHUGLVFLSOLQDUHV TXH REMHWLYHP OHYDU jV HVFRODV SURSRVWDVLQRYDGRUDVLQWHJUDGDVGHSHVTXLVDDomRTXHUHYROXFLRQHPRFRWLGLDQR HVFRODU
'HQWUR GHVWD OLQKD YROWDPRV D DWHQomR SDUD D FULDomR GH PDWHULDLV H PHWRGRORJLDVSHGDJyJLFDVSDUDRWUDEDOKRFRPDVPtGLDHWHFQRORJLDVTXHIRLXP GRV HL[RV SDUD D UHDOL]DomR GHVWD SHVTXLVD 2 FDPLQKR PHWRGROyJLFR SDUD LPSODQWDomRGHDWLYLGDGHVGHDOIDEHWL]DomRWHYHFRPREDVHPHWRGROyJLFDDPHGLD OLWHUDF\FDOFDGDQDVOLQKDVGHHVWXGRVLQJOHVHV
UHIHUrQFLDV SDUD HQULTXHFHU H LQIOXHQFLDU D YLGD GH RXWUDV SHVVRDV 2V H[FOXtGRV GHVVDQRYDHUDWHFQROyJLFDSRGHPILFDUVHPHVSDoRGHH[SUHVVmRHVHUmRSUHVDV IiFHLVGDRIHUWDGRVFRQJORPHUDGRVGHPtGLDeLPSRUWDQWHTXHDFXOWXUDHVFRODUVH DSURSULHGHILQLWLYDPHQWHGDFXOWXUDPLGLiWLFDGLJLWDOTXHHVWiVHQGRGHVHQYROYLGD
6HQGRDVVLPPDLVGRTXHXPDLQFOXVmRQRPXQGRWHFQROyJLFRGLJLWDOD PtGLDHGXFDomR RX PHGLD OLWHUDF\ SURS}H HQFRQWUDU IRUPDV GH SURPRYHU D HGXFDomRHVSHFtILFDSDUDDFHVVDUDYDOLDUHSURGX]LUFRQWH~GRVXVDQGRDVGLYHUVDV OLQJXDJHQVTXHDWHFQRORJLDGLJLWDOSHUPLWH$JLQGRGHVVHPRGRDPtGLDHGXFDomR SURPRYHRGLiORJRGDHVFRODFRPDVFRUSRUDo}HVGHPtGLDHSHUPLWHDRHGXFDQGR FRQKHFHU PHFDQLVPRV GH IRUPDWDomR GR FRQWH~GR 1mR VH WUDWD GH VLPSOHVPHQWH PHQRVSUH]DUDLQG~VWULDFXOWXUDOPDVVLPGHPRVWUDUTXHQHODH[LVWHPFRLVDVERDV HUXLQV
&$3Ë78/2±0(',$/,7(5$&<('8&$d23$5$$60Ë',$6 0HGLDOLWHUDF\IRUPDQGROHLWRUHVHSURGXWRUHVGHPtGLD
%HOORQLUHIRUoDDOLQKDGHSHQVDPHQWRDILUPDQGRTXHpQHFHVViULD DFRQVFLHQWL]DomRGHTXHDVQRYDVWHFQRORJLDVHVWmRVHWRUQDQGRXPDOLQJXDJHP GRPLQDQWHHRYtGHRHRWH[WRQDPXOWLPtGLDHQJHQGUDPDPtGLDGRIXWXUR(VWHV PHLRV SRGHP VHU ~WHLV SDUD FRQVWUXLU H GLIXQGLU FRQKHFLPHQWRV FRP XPD DSURSULDomRGHVHXSRWHQFLDOSHGDJyJLFRHFRPXQLFDFLRQDOFRORFDGRDVHUYLoRGR KRPHP$RFRQWUiULR³QRVGHL[DUHPRVGRPLQDUSRUHODV7,&VWUDQVIRUPDQGRQRV HP FRQVXPLGRUHV GHJDGJHWV FRQFHELGRV SDUD XP PHUFDGR GH PDVVD SODQHWiULR´ %(//21,GRFXPHQWRHOHWU{QLFR
eYHUGDGHQRHQWDQWRTXHPtGLDHHVFRODVHPSUHFRPSHWLUDP$HVFROD DSRQWDDPtGLDFRPRPHLRTXHFRQWULEXLSDUDDGHVFHQWUDOL]DomRGRVDEHU³$FXOWXUD GDPtGLDHDGHFRQVXPRDQGDPGHPmRVGDGDVQRVHQWLGRGHJHUDUSHQVDPHQWRVH FRPSRUWDPHQWRV DMXVWDGRV DRV YDORUHV jV LQVWLWXLo}HV jV FUHQoDV H jV SUiWLFDV YLJHQWHV´ .(//1(5 S (ODV FDSWXUDP R VDEHU H R WUDQVIRUPDP HP GLIHUHQWHVPRGRVGHFLUFXODomRIUDJPHQWDQGRReFRPRVHRVDEHUHVFDSDVVHGH VHX ³OXJDU VDJUDGR´ H VH GLIXQGLVVH GH PDQHLUD GHVSURSRUFLRQDO H GHVUHJUDGD FRQWUDULDQGRRTXHDHGXFDomRWUDGLFLRQDOVXVWHQWD
FRQWH~GRVGDQGRRSRUWXQLGDGHVSDUDTXHRVDOXQRVIDoDPXVRGDVWHFQRORJLDVHVH DSURSULHP GDV OLQJXDJHQV GD WHOHYLVmR GR UiGLR GD SXEOLFLGDGH GR FLQHPD GR MRUQDOLVPR
$ IRUPXODomR GH PDWHULDLV SHGDJyJLFRV DSRLDQGRVH HP WpFQLFDV SHGDJyJLFDV HVSHFtILFDV GHYH FRQVLGHUDU D PXOWLSOLFLGDGH GH PHLRV H JrQHURV DVVLPFRPRVXDVSDUWLFXODULGDGHV&RPRMRUQDOLVPRGHYHVHWUDEDOKDUSRUH[HPSOR FULWpULRVGHVHOHomRGHQRWtFLDVDOLQJXDJHPRVPRWLYRVTXHOHYDUDPXPDPDWpULD JDQKDU PDLV GHVWDTXH GR TXH RXWUD D DQiOLVH GDV IRQWHV RXYLGDV HWF 2 HQWUHWHQLPHQWR SRU TXH DOJXPDV P~VLFDV VmR YHLFXODGDV YiULDV YH]HV DR GLD" 2 SXEOLFLWiULRTXDORYDORUVLPEyOLFRGHGHWHUPLQDGRSURGXWR"4XDLVVmRRVHOHPHQWRV GD OLQJXDJHP VHOHFLRQDGRV SDUD FRQVWUXLU GHWHUPLQDGR DQ~QFLR H GH TXH PDQHLUD HOHV DMXGDP D FRQVWUXLU HVVH YDORU VLPEyOLFR" 3RU TXH D H[SORUDomR GR FRUSR IHPLQLQR"
6HJXLQGRDSHUVSHFWLYDGHXPQRYRSDUDGLJPDSHGDJyJLFRQmRPDLVVH VXVWHQWDDLGHLDGHPtGLDFRPRGLUHFLRQDGRUDGHRSLQL}HVFUHQoDVHLGHRORJLDVQHP FRPRYD]LDGHYDORUHVFXOWXUDLV&RPRGHVHQYROYLPHQWRGHQRYDVWHFQRORJLDVQmR VHGHVFDUWDHVVHIHQ{PHQRPDVRFRQVLGHUDIUDJPHQWDGR2QRYR³ROKDU´WDPEpP DSRQWDSDUDSHVTXLVDVTXHPRVWUDPTXHRVMRYHQVVmRPDLVFUtWLFRVHFRQVFLHQWHV GR TXH VH VXSXQKD RULJLQDOPHQWH DVSHFWR TXH p QRWDGR LQFOXVLYH SHOD LQG~VWULD PLGLiWLFD³2QRYRSDUDGLJPDQmRSUHWHQGHDJLUFRPRXPHVFXGRSDUDSURWHJHURV MRYHQVGDPtGLDHFRQGX]LORVSDUDFRLVDVPHOKRUHVPDVVLPWRUQiORVKDELOLWDGRVD WRPDUGHFLV}HVPDLVLQIRUPDGDVSDUDVHXSUySULRLQWHUHVVH´%8&.,1*+$0 S
e SUHFLVR HQWHQGHU TXH H[LVWH FRQWH~GR HGXFDWLYR HP TXDOTXHU WH[WR PLGLiWLFRTXHSRGHHGHYHVHUH[SORUDGRHPVDODGHDXOD'HDFRUGRFRP+DOOH :KDQQHODWpRVHULDGRGH79PDLVVLPSOHVXVDDVWpFQLFDVGHFRPSRVLomR DUWtVWLFDGDOLQJXDJHPDXGLRYLVXDOURWHLULVWDHGLUHWRUSUHFLVDPFRPSRUSHUVRQDJHQV H GHVHQURODU GD DomR VHOHFLRQDU DVSHFWRV GD YLGD TXH LUmR DOLPHQWDU D WUDPD H[SORUDUDOJXQVGHVVHVDVSHFWRVHFRPSULPLURXWURVFRQIHULU XPDWH[WXUDKXPDQD DRHQUHGR2PRGRFRPRHVVHVILOPHVRXSURJUDPDVHVWDEHOHFHPUHODo}HVFRPD UHDOLGDGH p TXH GHYHVHU HVWXGDGR 1DSUiWLFD HVVDV UHODo}HV VH GmR DWUDYpV GR IRUPDWRHGRHVWLOR
HQFRQWUDPDVVLPGHOLPLWDGDVDRTXHVHFKDPDGHHGXFDomRjVPtGLDVRXPtGLD HGXFDomRTXHVHFHQWUDQRHQVLQRHDSUHQGL]DJHPVREUHDDWXDomRGRVPHLRVGH FRPXQLFDomR QD VRFLHGDGH E R XVR LQVWUXPHQWDO GDV WHFQRORJLDV QD HGXFDomR FRQKHFLGRFRPRPtGLDHGXFDWLYDRXWHFQRORJLDHGXFDFLRQDOFRXVRGDWHFQRORJLD SDUD HQVLQDU D GLVWkQFLD GHQRPLQDGR GH (D' 1HVWH WUDEDOKR XWLOL]DVH XPD WHFQRORJLD SDUD SURPRYHU D HGXFDomR jV PtGLDV H GDU VXSRUWH jV DWLYLGDGHV D GLVWkQFLDQRFDVRDSODWDIRUPD0RRGOH
0DVVHWUDWDQGRGHFXUUtFXORTXDOVHULDRIXQGDPHQWROHJDOTXHVXVWHQWD D LGHLD GH OHYDU R HVWXGR GDV PtGLDV H WHFQRORJLDV SDUD VDOD GH DXOD Mi TXH QmR WHPRVXPDGLVFLSOLQDHVSHFtILFDQDHVFRODS~EOLFDTXHFRQWHPSOHDWLYLGDGHVGHVWD QDWXUH]D"$RDQDOLVDUDVEDVHVOHJDLVGRV3DUkPHWURV&XUULFXODUHV1DFLRQDLV H3&1HD3URSRVWD&XUULFXODUGR(VWDGRGH6mR3DXORGDVPDLVGLYHUVDV iUHDV FRP GHVWDTXH SDUD /tQJXD 3RUWXJXHVD p SRVVtYHO ORFDOL]DU MXVWLILFDWLYDVTXHDSRQWDPDQHFHVVLGDGHGHVHWUDEDOKDUDPtGLDVXDVOLQJXDJHQVH VHXVJrQHURVQDVDODGHDXODXWLOL]DQGRVHGDVQRYDVWHFQRORJLDV
6HJXQGR RV GRFXPHQWRV FLWDGRV DFLPD DV HVFRODV GHYHP DGRWDU PHWRGRORJLDV GH HQVLQR GLYHUVLILFDGDV SULRUL]DQGR DTXHODV TXH GHVHQYROYHP FRPSHWrQFLDV FRPR R UDFLRFtQLR FRPXQLFDomR H H[SUHVVmR OHLWXUD H HVFULWD R SHQVDPHQWR FUtWLFR H DXW{QRPR FULDWLYLGDGH FLGDGDQLD HQWUH RXWUDV $R HVWXGDU UHFXUVRVGDOLQJXDJHPFLQHPDWRJUiILFDGHQWURGDiUHD/LQJXDJHQV&yGLJRVHVXDV 7HFQRORJLDVSHUPLWLPRVRPHOKRUGRPtQLRGRVLVWHPDGHFyGLJRVTXHVXVWHQWDWDO OLQJXDJHP(VVHPHOKRUGRPtQLRSRGHGHVHQYROYHUPHOKRUDXWRQRPLDFULWLFLGDGHH FULDWLYLGDGH 3RGHVH DFUHVFHQWDU TXH RV HIHLWRV GD ERD XWLOL]DomR GRV PHLRV GH FRPXQLFDomR LQFOXHP R FUHVFLPHQWR LQWHOHFWXDO D DPSOLDomR GR UHSHUWyULR R GHVHQYROYLPHQWRGHYDORUHVHDWLWXGHVFDSD]HVGHDVVHJXUDUTXHDVRFLHGDGHWHQKD DXWRQRPLDHUHVSRQVDELOLGDGHSDUDHQIUHQWDURVGHVDILRVGDYLGDFRQWHPSRUkQHD
DWLYLGDGHV SUHWHQGHP WUDEDOKDU DOpP GD OHLWXUD R HL[R GD SURGXomR e LPSRUWDQWH UHVVDOWDUTXHQmRVHSRGHPDLVGHVYLQFXODURHL[RGDSURGXomRHL[RSRpWLFRGR DVSHFWRGDUHFHSomRHL[RHVWpWLFRHGRHL[RGDFUtWLFD
&RQWHPSODQGRHVWHVHL[RVHVHJXQGRIXQGDPHQWRVGDPHGLDOLWHUDF\Mi WHVWDGRVHPSHVTXLVDVDQWHULRUHVH[LVWHDFRQMHWXUDGHTXHpSRVVtYHOGHVHQYROYHU XPVHQVRPDLVFUtWLFRDUHVSHLWRGRTXHpSURSDJDGRSHODFXOWXUDGHPDVVD$SDUWLU GRPRPHQWRTXHVHUHIOHWHRVHOHPHQWRVTXHFRQVWURHPDVPHQVDJHQVGDPtGLDH VHFRORFDQRSDSHOGHSURGXWRURVXMHLWRGHL[DGHDWXDUDSHQDVFRPRFRQVXPLGRUH SDVVDDVHUVXMHLWRDWLYRTXHDJRUDpSRVVXLGRUGDKDELOLGDGHGHDQiOLVHFUtWLFD
0DV FRPR D PtGLDHGXFDomR SRGH DX[LOLDU D PXGDU D HVFROD S~EOLFD WRUQDQGRDPDLVSUD]HURVDHPDLVVLJQLILFDWLYDQDYLGDGDFULDQoDHGRMRYHPSDUD DOpP GDV IURQWHLUDV GDV LQVWLWXLo}HV HVFRODUHV RIHUHFHQGR RSRUWXQLGDGH SDUD D SDUWLFLSDomRVRFLDO"
(VVD iUHD FXUULFXODU QmR VH SUHRFXSD DSHQDV HP LQWURGX]LU PDLV XP HQVLQDPHQWR GH XPD OLQJXDJHP GR SRQWR GH YLVWD FRQFHLWXDO 8P GRV SLODUHV GD PtGLDHGXFDomR GHQWUR GD SURSRVWD LQJOHVD p HVWLPXODU D SURGXomR FRPR Mi IRL VDOLHQWDGR
2X VHMD R REMHWLYR p FRORFDU R DOXQR FRPR SURGXWRU H YHLFXODGRU GDV PHQVDJHQV GH PtGLD $VVLP FULDVH XP QRYR HVSDoR GH H[SUHVVmR XWLOL]DQGR RV PHLRVGHFRPXQLFDomRSDUDID]HUQmRVyFLUFXODUFRQWH~GRVDSUHQGLGRVHPVDODGH DXODPDVVLPQRYRVSHQVDPHQWRVLGHLDVHSRQWRVGHYLVWDV$VH[SHULrQFLDVGH PtGLDHGXFDomRQmRVHPDQLIHVWDPVRPHQWHFRPRRSRUWXQLGDGHGHDSUHQGL]DGRGH OLQJXDJHQV H VLP VH WRUQDP XP HVSDoR GH DSURSULDomR GH H[SUHVVmR FRQVFLHQWL]DomR H SULQFLSDOPHQWH GH H[HUFtFLR GH FLGDGDQLD 'HVVD PDQHLUD D HGXFDomRSDUDDPtGLDQmRVHUiSRVWDDSHQDVFRPRXPDSURSRVWDGHDOIDEHWL]DomR DRVHOHPHQWRVGDIRWRJUDILDGRFLQHPDGRMRUQDOLVPRHQWUHRXWUDVPDVXPFDQDO FDSD] GH OHYDU SHVVRDV D H[SUHVVDU D VXD UHDOLGDGH RX FRQKHFHU RXWUD UHDOLGDGH DWUDYpVGRVPHLRVHWHFQRORJLDVGHFRPXQLFDomR7DOSURSRVWDYDLGHHQFRQWURDR TXH Mi SHQVDYD R HGXFDGRU 3DXOR )UHLUH TXH GHIHQGLD D HGXFDomR SDUD D YLGD H SDUDDFLGDGDQLDHDDOIDEHWL]DomRFRPRXPSURFHVVRGHFRQVFLHQWL]DomRHPTXH DVSHVVRDVQmRVmRHQVLQDGDVVRPHQWHDOHUSDODYUDVPDVDOHURPXQGR
0tGLDHGXFDomRHDERUGDJHQVSHGDJyJLFDV
0tGLDHGXFDomR OHLWXUD FUtWLFD GRV PHLRV HGXFRPXQLFDomR HGXFDomR SDUDDPtGLDHPHGLDOLWHUDF\VmRDOJXQVGRVWHUPRVXVDGRVSDUDFDUDFWHUL]DUXPD iUHD LQWHUGLVFLSOLQDU GR FRQKHFLPHQWR TXH VH SUHRFXSD HP GHVHQYROYHU IRUPDVGH HQVLQDUHDSUHQGHUDVSHFWRVUHOHYDQWHVGDLQVHUomRGRVPHLRVGHFRPXQLFDomRQD VRFLHGDGH $VVLP D ³OLWHUDFLD HP PtGLD´ p R UHVXOWDGR HVSHUDGR GHVVDV Do}HV SHGDJyJLFDV TXH HQYROYHP QHFHVVDULDPHQWH D FRPSUHHQVmR FUtWLFD H D SDUWLFLSDomRDWLYD
(VSHFLILFDPHQWHQD,QJODWHUUDR&RPPXQLFDWLRQV$FWGHDOHLJHUDO GDVFRPXQLFDo}HVHVWDEHOHFHXFRPRXPDGDVWDUHIDVGR2IFRPyUJmRUHJXODGRU GHPtGLDQHVWHSDtVSURPRYHUDPHGLDOLWHUDF\'HOiSDUDFiXPDVpULHGHPHGLGDV HVWmR VHQGR SRVWDV HP SUiWLFD HQWUH HODV R IRPHQWR GH SURJUDPDV GH HGXFDomR SDUDDPtGLDHPHVSDoRVGHHGXFDomRIRUPDOHQmRIRUPDO
&RQWXGRpLPSRUWDQWHGDUH[HPSORGRTXHXPDSHVVRDOLWHUDGDHPPtGLD VHULDFDSD]GHID]HU'HDFRUGRFRPRFRQWH~GRGHVFULWRQDSiJLQDRILFLDOGR2IFRP KWWSZZZRIFRPRUJXN SHVVRDV OHWUDGDV HP PtGLD GHYHULDP WHU KDELOLGDGHV SDUD SRU H[HPSOR XVDU XP JXLD HOHWU{QLFR SDUD HQFRQWUDU XP SURJUDPD TXH GHVHMDP DVVLVWLU (ODV GHYHULDP VHU FDSD]HV GH HPLWLU MXt]R GH YDORU VREUH RV SURJUDPDV TXH DVVLVWHP GL]HU VH FRQFRUGDP RX QmR FRP R SRQWR GH YLVWD GR SURGXWRU ± H QmR DSHQDV GL]HU VH JRVWDUDP RX QmR JRVWDUDP GR SURJUDPD (ODV WDPEpP GHYHULDP LGHQWLILFDU FRPR R SURGXWRU LQIOXHQFLD H TXH UHFXUVRV GD OLQJXDJHP XWLOL]DGD SDUD LVVR $LQGD GHYHULDP VDEHU LQWHUDJLU FRP R SURJUDPD XVDQGRRVUHFXUVRVGHLQWHUDWLYLGDGHGD79RXGRWHOHIRQH(HODVGHYHULDPVDEHU UHVSRQGHU DR SURJUDPD HVFUHYHQGR RX PDQGDQGR HPDLOV SDUD R UDGLRGLIXVRU UHVSRQViYHOPDQLIHVWDQGRVHXVSUySULRVSRQWRVGHYLVWDVREUHRWHPDGRSURJUDPD $VSHVVRDVGHYHULDPWDPEpPVHUFDSD]HVGHXVDUDVWHFQRORJLDVGHFRPXQLFDomR SDUDFULDUVHXVSUySULRVFRQWH~GRVHPiXGLRHYtGHR
1D,QWHUQHWRV³FLGDGmRVGHPtGLD´GHYHULDPVDEHUXWLOL]DUDVIHUUDPHQWDV SDUDHQFRQWUDULQIRUPDo}HVGHXWLOLGDGHS~EOLFD$LQGDDTXLFDEHULDDOHLWXUDFUtWLFD QD ,QWHUQHW SHVVRDV OHWUDGDV HP PtGLD FRQVHJXHP HQWHQGHU TXH R FRQWH~GR RX RSLQLmRHPLWLGRVPXLWDVGDVYH]HVUHSUHVHQWDPXPSRQWRGHYLVWDSDUWLFXODU