81,9(56,'$'()('(5$/'25,2*5$1'('21257( &(1752'(&,Ç1&,$6+80$1$6/(75$6($57(6 352*5$0$'(3Ï6*5$'8$d2(0&,Ç1&,$662&,$,6
-8/,$11$.(//<628=$%(=(55$'($=(9('2
$'Ë9,'$'$9,'$5('(6&/,(17(/,67$61$6$Ò'(³'()$925´
-8/,$11$.(//<628=$%(=(55$'($=(9('2
$'Ë9,'$'$9,'$5('(6&/,(17(/,67$61$6$Ò'(³'()$925´
'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yVJUDGXDomR HP&LrQFLDV6RFLDLV33*&6GD8QLYHUVLGDGH)HGHUDOGR 5LR *UDQGH GR 1RUWH FRPR UHTXLVLWR SDUFLDO j REWHQomR GRWtWXORGH0HVWUHHP&LrQFLDV6RFLDLV
2ULHQWDGRUD3URID'UD/XFLDQDGH2OLYHLUD&KLDQFD
&DWDORJDomRGD3XEOLFDomRQD)RQWH 8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR1RUWH
%LEOLRWHFD6HWRULDOGR&HQWURGH&LrQFLDV+XPDQDV/HWUDVH$UWHV&&+/$
$]HYHGR-XOLDQQD.HOO\6RX]D%H]HUUDGH
$ GtYLGD GD YLGD UHGHV FOLHQWHOLVWDV QD VD~GH ´GH IDYRU´ -XOLDQQD.HOO\6RX]D%H]HUUDGH$]HYHGR± ILO
'LVVHUWDomR 0HVWUDGR HP &LrQFLDV 6RFLDLV ± 8QLYHUVLGDGH )HGHUDO GR 5LR *UDQGH GR 1RUWH &HQWUR GH &LrQFLDV+XPDQDV/HWUDVH$UWHV3URJUDPDGH3yV*UDGXDomR HP&LrQFLDV6RFLDLV1DWDO
2ULHQWDGRUD3URI/XFLDQDGH2OLYHLUD&KLDQFD
ÈUHDGHFRQFHQWUDomR6RFLRORJLDH$QWURSRORJLD3ROtWLFD
&OLHQWHOLVPR6D~GH³)DYRU´5HGHV,&KLDQFD /XFLDQDGH2OLYHLUD,,8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR 1RUWH
51%6(&&+/$&'8
-8/,$11$.(//<628=$%(=(55$'($=(9('2
$'Ë9,'$'$9,'$5('(6&/,(17(/,67$61$6$Ò'(³'()$925´
'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yVJUDGXDomR HP&LrQFLDV6RFLDLV33*&6GD8QLYHUVLGDGH)HGHUDOGR 5LR *UDQGH GR 1RUWH FRPR UHTXLVLWR SDUFLDO j REWHQomR GRWtWXORGH0HVWUHHP&LrQFLDV6RFLDLVHP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URID'UD/XFLDQDGH2OLYHLUD&KLDQFD8)518)3%
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URI'U(GPLOVRQ/RSHV-~QLRU8)51
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URI'U0DUFRV3D]]DQHVH'XDUWH/DQQD8)6&DU
$*5$'(&,0(1726
$R &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR SHOD EROVD GH PHVWUDGR TXH SHUPLWLXPLQKDGHGLFDomRjVOHLWXUDVHDRFDPSRSRVVLELOLWDQGRDUHDOL]DomRGHVVDSHVTXLVD
$JUDGHoR DR 3URJUDPD GH 3yV *UDGXDomR HP &LrQFLDV 6RFLDLV GD 8)51 RV VHPLQiULRVGHSUpTXDOLILFDomRHTXDOLILFDomRFRQWULEXtUDPSDUDDGLUHomRTXHHVVHWUDEDOKRX WRPRX 1HVVH PHVPR VHQWLGR DJUDGHoR DRV PHXV HVWLPDGRV FROHJDV RV TXDLV REVHUYDUDP DOJXPDVGDVTXHVW}HVTXHQRVIL]HUDPDYDQoDUQHVVDGLVFXVVmR'HXPPRGRSDUWLFXODUVRX JUDWD D 'DQQ\HO 5H]HQGH SHODV QRVVDV FRQYHUVDV VREUH RV GHVHQJDQRV RV GHVDILRV H DV UHFRPSHQVDV GD SHVTXLVD VRFLDO $RV SURIHVVRUHV H VHFUHWiULRV GR SURJUDPD REULJDGD SHORV HQVLQDPHQWRVHDSRLR
'HXPDIRUPDHVSHFLDOVLQWRPHJUDWDWDPEpPjPLQKDRULHQWDGRUD/XFLDQD&KLDQFD TXH PH DSUHVHQWRX D $QWURSRORJLD GLVFLSOLQD TXH GHX VHQWLGR D PLQKD SUiWLFD GH SHVTXLVD &KLDQFDDVVXPLXHSURVVHJXLXFRPDRULHQWDomRGHVVHWUDEDOKRPHVPRjGLVWkQFLDHHPERUD HXVHMDFDQGLGDWD DRWtWXORGHPHVWUD HP&LrQFLDV6RFLDLVDIRUPDFRPRHODPHLQLFLRXQD $QWURSRORJLD H FRQGX]LX HVVD H RXWUDV HWDSDV GD PLQKD IRUPDomR DFDGrPLFD IRUDP IXQGDPHQWDLVHPWRGRHVVHSURFHVVR
&RPR QmR DJUDGHFHU DRV PHXV SDLV UHVSRQViYHLV GLUHWRV SHOD PLQKD IRUPDomR KXPDQD" $ HOHV QmR DSHQDV GHGLFR HVVH WUDEDOKR PDV DILUPR TXH VHP D VXD DMXGD H GHGLFDomRHOHQmRWHULDVLGRSRVVtYHO
$ 'LQDUWH 3DXOLQR .DW\D 0HQGHV H )HUQDQGD 'DQWDV SRLV FDGD XP j VXD PDQHLUD GHUDPPHVXSRUWHSDUDRGHVHQYROYLPHQWRGHVVHWUDEDOKRPHVPRVHPHVWDUHPSUy[LPRVGDV &LrQFLDV6RFLDLV
$JUDGHoR DRV XVXiULRV GD 2HVWDQD VXMHLWRV H FRODERUDGRUHV IXQGDPHQWDLV GHVVH WUDEDOKR FRP RV TXDLV HX PH HPRFLRQHL UHIOHWL DSUHQGL H PHOKRUHL WDQWR FRPR &LHQWLVWD 6RFLDOTXDQWRVHUKXPDQRDRORQJRGHVVHVTXDWURDQRVGHFRQYLYrQFLD2EULJDSRUSHUPLWLUHP TXHHXHQWUDVVHHPVXDVYLGDV
$ OHPEUDQoD VH HVWHQGH WDPEpP DRV IXQFLRQiULRV H GLULJHQWHV GD 2HVWDQD RV TXDLV FRPSDUWLOKDUDP VXDV LGHLDV H RSLQL}HV FRPLJR PHVPR GXUDQWH VXDV URWLQDV GH WUDEDOKR 'H XPD IRUPD HVSHFLDO DJUDGHoR D +LJRU TXH FRP VXD DWHQomR H FXLGDGR IDFLOLWRX R GHVHQYROYLPHQWRGHVVDLQYHVWLJDomR
³$YLGDpGHVGHVHPSUHGtYLGDHQTXDQWRYLGD´ $UWKXU6FKRSHQKDXHU
5(6802
$UHODomRHQWUH³SUHIHLWRV´H³SDFLHQWHV´XVXiULRVGHXPD³FDVDGHDSRLR´HP1DWDO 51DSUHVHQWDWUDoRVGHXPDSROtWLFDFOLHQWHOLVWDWUDGLFLRQDODRPHVPRWHPSRHPTXHRFRUUH QXP FRQWH[WR XUEDQR H PRGHUQR UHJLGR SRU XPD LQVWLWXLomR IRUPDO R (VWDGR $ 2HVWDQD FRPRpFKDPDGDHVVD³FDVDGHDSRLR´RIHUHFHGLiULDVSDJDVSHODV3UHIHLWXUDVGHFLGDGHVGD 0HVRUUHJLmRGR2HVWH3RWLJXDUGHRQGHVHGHVORFDPGRHQWHVHPEXVFDGHWUDWDPHQWRPpGLFR KRVSLWDODUQDFDSLWDO(VVDDVVLVWrQFLDORJtVWLFDLQFOXLWDQWRVHUYLoRVSDJRVFRPRDFRPRGDomR DOLPHQWDomR WUDQVSRUWH HWF TXDQWR DTXHOHV QmR SDJRV WDLV TXDLV LQIRUPDo}HV DSRLR H PDWHULDLVKRVSLWDODUHVGHXVRSHVVRDOSRUH[HPSOR$RDFHVVDUWDLVVHUYLoRVRV³SDFLHQWHV´ QD PDLRULD GRV FDVRV DVVXPHP WDPEpP XPD GtYLGD FRP R SURYHGRU GH WDLV EHQHItFLRV R³SUHIHLWR´TXHpHYHQWXDOPHQWHVDOGDGDFRPRYRWRQDVHOHLo}HVPXQLFLSDLV3DUDHQWHQGHU RVLJQLILFDGRVRFLDOSROtWLFRVLPEyOLFRHVREUHWXGRYLWDOGHVVDUHODomRGHVHQYROYHPRVHVVH WUDEDOKRDSDUWLUGHREVHUYDomRGLUHWDHQYROYHQGRHQWUHYLVWDVFRPRVXVXiULRVGD2HVWDQDH YLVLWDVUHJXODUHVDHVVD&DVDDVTXDLVUHYHODUDPXPDUHODomRSROtWLFDRSHUDGDSRUHOHPHQWRV FRPRDPRUDOHDVXMHLomRPDVUHVLJQLILFDGDSRUQRYDVFDWHJRULDVVRFLDLVFRPRDDIHWLYLGDGH HDOyJLFDGDVUHGHV
3DODYUDVFKDYH&OLHQWHOLVPR6D~GH³)DYRU´5HGHV
$%675$&7
7KH UHODWLRQVKLS EHWZHHQ ³PD\RUV´ DQG ³SDWLHQWV´ ZKR XVH D ³&DVD GH $SRLR´ LQ 1DWDO51VKRZVXVVRPHWUDGLWLRQDOSROLWLFDO IHDWXUHVDQGDWWKHVDPH WLPHKDSSHQVLQDQ XUEDQ DQG PRGHUQ FRQWH[W UHJXODWHG E\ D IRUPDO LQVWLWXWLRQ WKH 6WDWH 7KH 2HVWDQD DV LV QDPHGWKLV³&DVDGH$SRLR´RIIHUVGDLO\WKDWDUHSDLGE\VRPH&LW\+DOOVORFDWHGLQWKH:HVW RI5LR*UDQGHGR1RUWHZKHUHSHRSOHJRDZD\WRFDSLWDOIURPZKLFKWKH\KDYHPHGLFDODQG KRVSLWDOFDUH7KLVDVVLVWDQFHLQFOXGHVSDLGVHUYLFHVOLNHDFFRPPRGDWLRQIRRGWUDQVSRUWDWLRQ HWF DV ZHOO DV VHUYLFHV WKDW DUHQ¶W SDLG DV LQIRUPDWLRQ VXSSRUW DQG KRVSLWDO PDWHULDO IRU H[DPSOH :KHQ WKH ³SDWLHQWV´ DFFHVV WKHVH VHUYLFHV WKH\ ZLOO JDLQ D GHEW ZLWK D VHUYLFH¶V SURYLGHU WKH ³PD\RU´ ZKLFK LW¶V HYHQWXDOO\ SDLG ZLWK WKH YRWH LQ WKH PXQLFLSDO HOHFWLRQV 7KHJRDOLVWRXQGHUVWDQGWKHVRFLDOWKHSROLWLFDOWKHV\PEROLFDQGPDLQO\WKHOLIHPHDQLQJRI WKLVUHODWLRQVKLS2XUUHVHDUFKZDVGHYHORSHGE\LQWHUYLHZVZLWK2HVWDQD¶VXVHUVDQGUHJXODU YLVLWV WR WKLV KRXVH WKDW VKRZHG D SROLWLFDO ERQG UHJXODWHG E\ PRUDO DQG VXEMHFWLRQ EXW LV UHFRQILJXUHGE\QHZVRFLDOFDWHJRULHVDVWKHDIIHFWLRQDQGWKHORJLFDOQHWZRUNV
.H\ZRUGV&OLHQWHOLVP+HDOWK³)DYRU´1HWZRUNV
/,67$'(,/8675$d®(6
)LJXUD0DSDGDGLVWULEXLomRGDV³&DVDVGH$SRLR´HP1DWDO
/,67$'(6,*/$6
&5$6&HQWURGH5HIHUrQFLDHP$VVLVWrQFLD6RFLDO
'12&6'HSDUWDPHQWR1DFLRQDOGH2EUDV&RQWUDDV6HFDV )16)XQGR1DFLRQDOGH6D~GH
,%*(,QVWLWXWR%UDVLOHLURGH*HRJUDILDH(VWDWtVWLFD ,166,QVWLWXWR1DFLRQDOGH6HJXULGDGH6RFLDO
0$8660RXYHPHQW$QWL8WLOLWDULVWGDVOHV6FLHQFHV6RFLDOHV 12%61RUPDV2SHUDFLRQDLV%iVLFDV
30'%3DUWLGRGR0RYLPHQWR'HPRFUiWLFR%UDVLOHLUR 35&3DUWLGR5HSXEOLFDQR&RQVHUYDGRU
680È5,2
,1752'8d2
248(e80$³&$6$'($32,2´" $³&$6$'($32,22(67$1$´ 2&$0321$2(67$1$($3$57,5'(/$
)$925'(48(0"29$/25(235(d2'(80$'Ë9,'$
³$48,72'2081'26(&21+(&(´$',1Æ0,&$
'$5(/$d2³35()(,723$&,(17(´
³4XDQGRYRFrJRVWDGDSHVVRDFRPRSHVVRD´
³48(035(&,6$6(+80,/+$1248(56$%(5&2029(0´ 266(59,d26'$2(67$1$$),50$d2'(80',5(,72
28&21&(662'(80)$925" $'Ë9,'$'$9,'$
$5HWULEXLomRGHXPIDYRU
³TXHPDMXGDTXHUVHUDMXGDGR´
9RWRGiGLYDRXPHUFDGRULD" ³9RWDUSRUGLQKHLURHVWiHUUDGR´DPRUDOQDVUHODo}HVHOHLWRUDLV
&/,(17(/,602/,0,7(6($/&$1&(6
48$1'22(67$'23$752&,1$
9(/+$6+,67Ï5,$612926$725(6"5(3(16$1'2
$602'$/,'$'(6'(32'(5/2&$/ &/,(17(/,60280)(1Ð0(12&217(0325Æ1(2 2&/,(17(/,60232/Ë7,&2&202'(6,*8$/'$'(62&,$/
$32/Ë7,&$'2)$925
$³32/Ë7,&$´48(26287526)$=(0 $32/Ë7,&$'(5('(6 $65('(6(26(832'(5
5()(5Ç1&,$6
,1752'8d2
248(e80$³&$6$'($32,2´"
([LVWH XP VHUYLoR YROWDGR SDUD VD~GH TXH FRPSUHHQGH R DFROKLPHQWR H R DFRPSDQKDPHQWRGHSHVVRDVTXHYLDMDPSHULRGLFDPHQWHGHFLGDGHVORFDOL]DGDVQRLQWHULRUGR (VWDGR GR 5LR *UDQGH GR 1RUWH SDUD 1DWDO D VXD FDSLWDO 7DO GHVORFDPHQWR RFRUUH SRUTXH QHVWD FLGDGH Ki XPD FRQFHQWUDomR GRV WUDWDPHQWRV PpGLFRKRVSLWDODUHV RIHUHFLGRV D QtYHO HVWDGXDOHFRQVHTXHQWHPHQWHGHYLGRjGLVWkQFLDSHUFRUULGDID]VHQHFHVViULRRSHUQRLWHRXD SHUPDQrQFLDSRUGLDVQDFDSLWDOSRWLJXDU
(VVH VHUYLoR p RIHUHFLGR SRU FDVDV EDVLFDPHQWH HVSHFLDOL]DGDV QD DFRPRGDomR DOLPHQWDomR H WUDQVSRUWH GDTXHODV SHVVRDV (QWUHWDQWR SRU OLGDU FRP XP UDPR VLQJXODU GD KRWHODULDRXVHMDSRUVHUHPYROWDGDVSDUDKyVSHGHVGRHQWHVHHVWHVQmRVHUHPIDPLOLDUL]DGRV FRP D FLGDGH GR 1DWDO HVVDV FDVDV RIHUHFHP WDPEpP FRPR VHUYLoR QmR SDJR XPD DVVLVWrQFLD HVSHFtILFD TXH FRPSUHHQGH DJHQGDPHQWRV GH FRQVXOWDV UHVHUYDV GH SDVVDJHQV HQFRPHQGDVGHPHGLFDPHQWRVHDX[tOLRLQGLYLGXDODRVTXHQmRFRQVHJXHPVHORFRPRYHU
(P DOJXQV FDVRV HVVH VHUYLoR DLQGD QmR SDJR WDPEpP SRGH LQFOXLU JD]H VRUR HVSDUDGUDSRSRYLGLQH393,VHULQJDVGHVFDUWiYHLVFROHWRUHVIUDVFRVSDUDH[DPHVHWF TXH DX[LOLDP QR WUDWDPHQWR DPEXODWRULDO GRV GRHQWHV DVVLVWLQGRRV TXDQGR DWUDYHVVDP XP SHUtRGR SyVFLU~UJLFR RX HQIHUPLGDGHV H[SRVWDV (VVH PDWHULDO p JHUDOPHQWH GRDGR SRU FOtQLFDV H ODERUDWyULRV jV FDVDV SRU PHLR GR FRQWDWR HVWDEHOHFLGR QD PDUFDomR GH H[DPHV H FRQVXOWDVRXDWpPHVPRSHODV3UHIHLWXUDVDWUDYpVGDV6HFUHWDULDV0XQLFLSDLVGH6D~GH
$LQGD p FRPXP D SUHVHQoD GH ³GHVSDFKDQWHV´ TXH VmR SHVVRDV FRQWUDWDGDV SHODV 3UHIHLWXUDV SDUD HQFDPLQKDUHP H UHFHEHUHP H[DPHV QDV FOtQLFDV H KRVSLWDLV H DVVLVWLUHP RV GRHQWHVGXUDQWHRWUDWDPHQWRIRUQHFHQGROKHVRULHQWDo}HVVREUHRORFDOGDFRQVXOWDKRUiULRV PRGRGHSURFHGHUQDVXQLGDGHVGHVD~GHDTXHPHSDUDRQGHVHGLULJLUHWF$OpPGLVVRID] SDUWHGRRItFLRGH³GHVSDFKDQWH´DFRPSDQKDURVGRHQWHVTXDQGRQHFHVViULRLVWRpQRVFDVRV
BBBBBBBBBBBBBBBBBBBBBBBBB
$VDVSDVGXSODV³´ID]HPUHIHUrQFLDDRVWHUPRVHFDWHJRULDVGRVLQWHUORFXWRUHVGHSHVTXLVDUHDOoDPPXGDQoD
GHVHQWLGREHPFRPRGHVWDFDPLGHLDVFRQFHLWRVREUDVHFLWDo}HVGLUHWDVGRVDXWRUHVXWLOL]DGRV1HVWHFDVRHODV VHUmRVHJXLGDVGHUHIHUrQFLDDXWRUGDWD
$ ILJXUD GR ³GHVSDFKDQWH´ FRQILUPD R IDWR GDV UHODo}HV TXH DWUDYHVVDP D 2HVWDQD HVWDUHP LQVHULGDV HP XP
FRQWH[WRKLHUDUTXL]DGRUSRLVHOHPHGLDRDFHVVRGRVGRHQWHVDRVVHUYLoRVGHVD~GHGHXPDIRUPDPDLVUiSLGDH F{PRGDSDUD HVWHV ~OWLPRV 6HQGR DVVLP RV ³GHVSDFKDQWHV´ VmR HVSpFLHV GH DVVHVVRUHV RX GH ³SDGULQKRVSDUD EDL[R´'$0$77$SPHGLDQGRDUHODomRHQWUHRVRXWURVHR(VWDGR
HP TXH R TXDGUR FOtQLFR SRGH WHU FRPSOLFDo}HV TXH GHPDQGDP SURFHGLPHQWRV GH XUJrQFLD FRPRFLUXUJLDVHWUDQVIHUrQFLDVGHXQLGDGHRXTXDQGRHOHVYrPVR]LQKRVD1DWDO
(VVDVFDVDVVmRS~EOLFDVSRLVDFROKHPRS~EOLFRHPJHUDOPDVDOJXPDVVmRHVWDWDLVH RXWUDVSULYDGDVVHQGRTXHDVFDWHJRULDVQDWLYDVDVLGHQWLILFDPFRPR³GHJUDoD´RX³SDJDV´ (VWDV~OWLPDVVmRSDUWLFXODUHVHVHHQTXDGUDPQRSHUILOGHSRXVDGDVHQGRDVVLPDFRPSUDGDV GLiULDVWDQWRSRGHVHUHIHWXDGDSHODV3UHIHLWXUDVFRPRSRUTXDOTXHUSHVVRDTXHRTXHLUDID]HU 3RU RXWUR ODGR TXDQGR D &DVD p PDQWLGD SRU XPD 3UHIHLWXUD VRPHQWH GRHQWHV H ³DFRPSDQKDQWHV´GDTXHODFLGDGHSRGHPILFDULQVWDODGRV1RSULPHLURFDVRQmRpRGRHQWH
TXHPVDOGDRGpELWRUHIHUHQWHDRVJDVWRVGHVXDHVWDGLDPDVD3UHIHLWXUDGHVXDFLGDGHRXGH XPDIRUPDPDLVHVSHFtILFDD6HFUHWDULDGH6D~GH0XQLFLSDOSDJDQGRRLQGLYLGXDOPHQWH1R VHJXQGR RV UHFXUVRV PXQLFLSDLV VmR XVDGRV GLUHWDPHQWH QDV GHVSHVDV FRPR DOLPHQWDomR WUDQVSRUWHFRPEXVWtYHOiJXDHWFHRVIXQFLRQiULRVS~EOLFRVPXQLFLSDLVVmRUHORFDGRVSDUD WUDEDOKDUHPFRPRFR]LQKHLURVID[LQHLURVHPRWRULVWDV
([LVWHP WDPEpP ³&DVDV GH $SRLR´ ³ILODQWUySLFDV´ QDV TXDLV VH HQTXDGUDP D &DVD 'XUYDO3DLYDGH$SRLRj&ULDQoDFRP&kQFHUD&DVDGH$SRLR1D]LQKD/DPDUWLQHPDQWLGD SHOR +RVSLWDO 9DUHOD 6DQWLDJR H R *$&& *UXSR GH $SRLR j &ULDQoD FRP &kQFHU FXMD DVVLVWrQFLDIRUQHFLGDjVFULDQoDVHPWUDWDPHQWRFRQWUDRFkQFHULQFOXLDVXDKRVSHGDJHPHGH VHXV³DFRPSDQKDQWHV´TXDQGRHVWHVSUHFLVDPVHGHVORFDUGRLQWHULRU$VVLVWLQGRDGXOWRVTXH ID]HPRPHVPRWLSRGHWUDWDPHQWRFLWDGRDWXDPD³&DVDGH$SRLRPLVVmR$WDODLDGH-HVXV´H D³&DVDGH$SRLR,UPm*DEULHOD´
$OpP GDV FDVDV Mi PHQFLRQDGDV H GD 2HVWDQD ORFR GHVVD SHVTXLVD WLYHPRV FRQKHFLPHQWR GD H[LVWrQFLD GH PDLV GR]H ³&DVDV GH DSRLR´ QD FLGDGH GR 1DWDO WRWDOL]DQGRXPQ~PHURGHGH]RLWRFDVDV2³$OEHUJXH1RWXUQRGH1DWDO´SRSXODUPHQWH FRQKHFLGR FRPR ³$OEHUJXH GR 2QRIUH´ IRL D SULPHLUD FDVD YROWDGD SDUD DVVLVWrQFLD GH SHVVRDVDGYLQGDVGRLQWHULRU(OHpYLQFXODGRDXPDLQVWLWXLomRFKDPDGD³6RFLHGDGH(VStULWD &XOWXUDH$VVLVWrQFLD´HIRLIXQGDGRHPSRU-RVp$XJXVWRGD&RVWDXPPpGLXPQDWXUDO GH0DFDX51TXHHPPHDGRVGRVpFXOR;;PXGRXVHSDUD1DWDODRODGRGDIDPtOLDHFRPD DMXGD GH DPLJRV H GRDo}HV FRQVWUXLX XP HVSDoR TXH LQFHQWLYD H Gi VXSRUWH D DWLYLGDGHV
BBBBBBBBBBBBBBBBBBBBBBBBB
4XDQGR R GRHQWH QmR WHP FRQGLo}HV VHMD SHOR DJUDYDPHQWR GR VHX TXDGUR GH VD~GH RX SRU VH HQFRQWUDU
LQFDSD] GH FXLGDU GH VL SUySULR D SUHVHQoD GH DOJXpP TXH VHMD UHVSRQViYHO SRU HOH H TXH R DVVLVWD LQGLYLGXDOPHQWHGXUDQWHDVFRQVXOWDVVHID]QHFHVViULD$HVVDVSHVVRDVTXHJHUDOPHQWHVmRIDPLOLDUHVYL]LQKRV RX³FRQKHFLGRV´pGDGRRQRPHGH³DFRPSDQKDQWHV´
O~GLFDVHUHFUHDWLYDVEHPFRPRDFRPRGDJUXSRVDUWtVWLFRVVHQGRYROWDGRVREUHWXGRSDUDD JXDULGDGHLQWHULRUDQRV
$HVWDGLDQRDOEHUJXHQmRVHGiVHPSUHHQHFHVVDULDPHQWHGHYLGRDRVGHVORFDPHQWRV TXH WrP D VD~GH FRPR ILP SRUpP HP IXQomR GD SUR[LPLGDGH JHRJUiILFD FRP R +RVSLWDO 8QLYHUVLWiULR2QRIUH /RSHVRV³DOEHUJDGRV´ JHUDOPHQWHVmRSHVVRDVHP WUDWDPHQWRPpGLFR RX³DFRPSDQKDQWHV´2DOEHUJXHIXQFLRQDFRPUHFXUVRVGRVFRQYrQLRVPDQWLGRVFRPRLWR 3UHIHLWXUDV0XQLFLSDLVHGHGRDo}HVGHyUJmRVS~EOLFRVHSULYDGRV
&RPS}HPDOLVWDGH³&DVDVGHDSRLR´DLQGDD³&DVDGH$SRLR6HQKRUD6DQWDQD´D³ 3RXVDGD5RFKDGH/X]´D³3RXVDGD%RP/XJDU´D³&DVDGH$SRLRGH3LO}HV´D³&DVDGR $OH[DQGULHQVH´D³&DVDGH$SRLRGH$UHLD%UDQFD´D³&DVDGH$SRLRGH)ORUkQLD´D³&DVD GH$SRLR$QD.iWLD6DQWLDJR´D³&DVDGH$SRLR1RVVD6HQKRUDGD&DQGHOiULD´D³&DVDGH $SRLR GH 6mR -RVp GR 6HULGy´ H D ³&DVD GH $SRLR GH 'RXWRU 6HYHULDQR´ $EDL[R D ORFDOL]DomRGHFDGDXPDGHODVQDFLGDGHGR1DWDO
'L[6HSW 5RVDGR TXH DFRPRGDP DV SULQFLSDLV FOtQLFDV H KRVSLWDLV GD FLGDGH DSUHVHQWDP R PDLRU Q~PHUR GHVWDV FDVDV 3RU RXWUR ODGR DOJXQV EDLUURV GD =RQD 6XO VREUHWXGR 3RQWD 1HJUD &DSLP 0DFLR H 1RYD 'HVFREHUWD QmR ID]HP SDUWH GR FLUFXLWR GH VHUYLoRV H DWHQGLPHQWRVYROWDGRVSDUDDVD~GHFRPSRUWDQGRXPQ~PHURPHQRUGH³SRXVDGDV´
$OpP GH FRPSUDUHP VHUYLoRV GHVVDV FDVDV HVSHFLDOL]DGDV DV 3UHIHLWXUDV WDPEpP DOXJDP DSDUWDPHQWRV HNLWFKHQHWWHVQRV TXDLV DV SHVVRDV ILFDP LQVWDODGDV GXUDQWH WRGR R WUDWDPHQWRGHVD~GH4XDQGRLVVRRFRUUHRIXQFLRQDPHQWRHDRUJDQL]DomRGHVVHV³SRXVRV´ YDULDPGH DFRUGRFRPDV$GPLQLVWUDo}HV0XQLFLSDLVLVWRpHPDOJXPDV&DVDV³RSUHIHLWR ID]DIHLUD´³SDJDXPDSHVVRDSDUDOLPSDU´HPRXWUDVRVUHVSRQViYHLVSHODOLPSH]DGDFDVDH SHORDEDVWHFLPHQWRGHDOLPHQWRVVmRRVSUySULRVGRHQWHVTXDQGRDVFRQGLo}HVILQDQFHLUDVH GHVD~GHOKHVSHUPLWHPHVHXVDFRPSDQKDQWHV
$OpP GDV GHPDQGDV GH VD~GH TXH VmR FRQVHTXrQFLD GLUHWD GD FHQWUDOL]DomR GRV VHUYLoRVPpGLFRVHGDGLVWkQFLDHQWUHDVFLGDGHVGRVGRHQWHVHDFDSLWDOGR51DSUR[LPLGDGH HQWUH ³SUHIHLWRV´ H ³SDFLHQWHV´ H DWp PHVPR D H[LVWrQFLD GR ³PLWR´ GH TXH RV VHUYLoRV PpGLFRV GD FDSLWDO VmR PDLV HILFLHQWHV DOJXQV IDWRUHV SROtWLFRV HVSHFtILFRV TXH VHUmR H[SORUDGRVDRORQJRGHVVHWUDEDOKRH[SOLFDPDH[LVWrQFLDGHVVDV³&DVDVGHDSRLR´
$³&$6$'($32,22(67$1$´
(VVH WUDEDOKR GH GLVVHUWDomR p IUXWR GH XPD SHVTXLVD GH FDPSR TXH GHVHQYROYHPRV GHVGHHPXPD³&DVDGHDSRLR´GHQRPH2HVWDQDTXHDFROKHHIRUQHFHDVVLVWrQFLD ORJtVWLFDDOLPHQWDomRWUDQVSRUWHHDORMDPHQWRVREUHWXGR³DTXHPpGRLQWHULRU´HSUHFLVD UHDOL]DU WUDWDPHQWR PpGLFR RX DFRPSDQKDPHQWR KRVSLWDODU HP 1DWDO 51 &RPR Mi IRL H[SRVWRD2HVWDQDQmRpD~QLFD&DVDGHVVDQDWXUH]DQDFDSLWDOSRWLJXDUPDVpDTXHDVVLVWHR
BBBBBBBBBBBBBBBBBBBBBBBBB
2LWiOLFRGLVWLQJXLSDODYUDVHVWUDQJHLUDV
eFRPXPRXYLUPRVVREUHFDVRVHPTXHDSHVVRDGHL[DGHVHWUDWDUHPXPSRORGHVD~GHUHJLRQDOSRUH[HPSOR
SDUDYLUD1DWDOQRLQWXLWRGHFRQKHFHUDFLGDGH
³&DVD GH DSRLR´ RX ³SRXVDGD´ p D GHVLJQDomR GDGD SHORV VHXV GLULJHQWHV XVXiULRV H IXQFLRQiULRV 8PD
GLVFXVVmRPDLVGHWDOKDGDDUHVSHLWRGRFRQFHLWRGHFDVDIRLIHLWDHPRXWURWUDEDOKR$=(9('2S &RQWXGRHVFODUHFHPRVTXH³FDVDGHDSRLR´GL]UHVSHLWRDRPRGRSHORTXDOGLULJHQWHVXVXiULRVHIXQFLRQiULRVVH UHIHUHPDHVVHHVSDoRFXMDQDWXUH]DVHUiH[SOLFLWDGDPDLVDGLDQWHMi&DVDpRPRGRSHORTXDOQRVUHIHULPRVj XPD LQVWLWXLomR VHMD HOD GH QDWXUH]D S~EOLFD RX SULYDGD HVSHFLDOL]DGD HP DFROKHU SHVVRDV HP WUDWDPHQWR GH VD~GH 'H WRGR PRGR DPEDV DV QRo}HV ID]HP SDUWH GH XP TXDGUR GH UHIHUrQFLD VLPEyOLFR TXH HYLGHQFLDP R HVSDoRGDFDVDFRPR³VHJPHQWRWUDGLFLRQDOTXHUHSUHVHQWDXPPHLRGHOLJDomRFRPDWRWDOLGDGH´'$0$77$ S
&RPRREVHUYD&KLDQFDSDSDUWLUGDH[SHULrQFLDPLJUDQWHHP1DWDO51³LQWHULRU´DTXLpUHWUDWDGR
PDLRU Q~PHUR GH SHVVRDV DSUHVHQWDQGR XP TXDGUR GH VHUYLoRV PDLV DPSOR H SRU HVVH PRWLYRHODDFLRQDXPDH[SUHVVLYDGHPDQGDDQtYHOGD0HVRUUHJLmRGR2HVWH3RWLJXDU
$SULQFtSLRPHLQWHUHVVHLSRUFRQKHFHUROXJDUSHORIDWRGHWDPEpP³VHUGRLQWHULRU´H SHUFHEHU TXH HVVD UHDOLGDGH FRQWLQKD VHPHOKDQoDV FRP D PLQKD SUySULD WUDMHWyULD 0LQKD FRQGLomRGHHVWXGDQWHPLJUDQWHPHWURX[HXPDLGHQWLILFDomRVXSOHPHQWDUFRPDTXHOHOXJDUH FRP DV SHVVRDV TXH SRU DOL WUDQVLWDYDP Vy VHQGR SRVVtYHO HVWDEHOHFHU XP GLVWDQFLDPHQWR VXILFLHQWHSDUDUHDOL]DUDSHVTXLVDGHSRLVGHDOJXPDVYLVLWDVHGHPXLWDLQVLVWrQFLDGDPLQKD RULHQWDGRUD
³6HMDP EHPYLQGRV j FDVD GH DSRLR 2HVWDQD´ GL]LD XP FDUWD] DIL[DGR QR SULPHLUR F{PRGRGRTXHSDUHFLDVHUDHQWUDGDGDFDVDTXHDOLiVQmRDSUHVHQWDYDFDUDFWHUtVWLFDVSHOR PHQRVQmRGHXPDIRUPDHYLGHQWHGHXPHVWDEHOHFLPHQWRSULYDGRYROWDGRSDUDDKRWHODULDD QmRVHUSHORQ~PHURVLJQLILFDWLYRGHSHVVRDVTXHDOLVHHQFRQWUDYDP
(UD SRU YROWD GDV KPLQ GR GLD GH QRYHPEUR GH H R FDORU KDELWXDO GD FLGDGH GR 1DWDO WRUQDYDVH DLQGD PDLV LPSRUWXQR FRP D TXDQWLGDGH GH SHVVRDV TXH VH DJORPHUDYDPHQWUHDUHFHSomRHRWHUUDoRGD&DVD$OJXQVGRHQWHVHDFRPSDQKDQWHVSDUHFLDP HVWDU GH SDUWLGD SRLV DJXDUGDYDP FRP XPD DQVLHGDGH LQHTXtYRFD DV DPEXOkQFLDV RX ³RV FDUURVGHOLQKD´TXHYLULDPDSDQKiORV2XWURVID]LDPVDODSDUDRVTXHVHSUHSDUDYDPSDUD GHL[DUD&DVDHRVGHPDLVDLQGDVHHQFRQWUDYDPKRVSHGDGRVQD³SRXVDGD´+DYLDDLQGDRV
WUDQVHXQWHV FDQGLGDWRV D FDURQDV TXH DJXDUGDYDP D VREUD GH YDJDV RX HVWDYDP ³QD YH] GH SDVVDJHLURV´ H WDPEpP DTXHOHV TXH SURFXUDYDP SRU VXDV HQFRPHQGDV RX SRU LQIRUPDo}HV FRPRHX
)LQDOPHQWH DR DGHQWUDU QR HVWUHLWR FRPSDUWLPHQWR SXGH HQWHQGHU D UD]mR GH WRGDV DTXHODVSHVVRDVSDVVDUHPSRUDOL$OpPGHUHFHSomRHEDOFmRGHLQIRUPDo}HVDRVYLVLWDQWHV HOHIXQFLRQDFRPRXPDHVSpFLHGHFRQWUROHDGPLQLVWUDWLYRQRTXDOVmRDUPD]HQDGDVDVILFKDV FRP RV GDGRV GRV XVXiULRV H GH VHXV HYHQWXDLV ³DFRPSDQKDQWHV´IRUQHFLGRV SRU HOHV QD FKHJDGD j &DVD FRPR WDPEpP RV H[DPHV TXH SRUYHQWXUD QmR VHMDP UHFHELGRV DQWHV GR UHWRUQRjVVXDVFLGDGHVeOiWDPEpPRQGHVmRPDUFDGDVHFKHFDGDVDVFRQVXOWDVHWUDWDPHQWRV
BBBBBBBBBBBBBBBBBBBBBBBBB
6HJXQGRVHXVGLULJHQWHVFRPH[FHomRGRVPHVHVGHGH]HPEURHMDQHLURTXDQGRRVPpGLFRVJHUDOPHQWHHVWmR
HPIpULDVHDTXDQWLGDGHGHFRQVXOWDVpUHGX]LGDKiGLDVHPTXHRQ~PHURGHSHVVRDVTXHFLUFXODPSHOD&DVD DTXHODV TXH FKHJDP VRPHQWH SDUD WRPDU FDIp HRX DOPRoDU H DV TXH HVWmR KRVSHGDGDV Ki GLDV RX VHPDQDV FKHJDDFHP
$VVLPVmRFKDPDGRVRVYHtFXORVSDUWLFXODUHVTXHVHRFXSDPGRWUDMHWRHQWUH1DWDOHDVFLGDGHVGRLQWHULRUGR
(VWDGR &RP R GHVHQYROYLPHQWR GD SHVTXLVD GHVFREULPRV TXH DV SUySULDV 3UHIHLWXUDV RX D 2HVWDQD TXDQGR HVVH VHUYLoR p VROLFLWDGR UHVHUYDP ³RV OXJDUHV´ QHVVHV PHLRV GH WUDQVSRUWH FRP R LQWXLWR GH HFRQRPL]DU RV JDVWRVLPSOLFDGRVSHODYLQGDGHDPEXOkQFLDVRXGHRXWURVDXWRPyYHLVPXQLFLSDLVRILFLDLV
GRV XVXiULRV GRHQWHV H UHDOL]DGDV DV UHVHUYDV QRV ³FDUURV GH OLQKD´ 1D UHFHSomR DLQGD VH FRQFHQWUDWRGDDGRFXPHQWDomRUHIHUHQWHDRVIXQFLRQiULRVGD&DVDFRQWUDWRGHWUDEDOKRIROKD GHSDJDPHQWRH/LYURSRQWREHPFRPRRHVFULWyULRGHDGPLQLVWUDomRGD&DVDJDVWRVFRP DOLPHQWDomROLPSH]DFRQVXPRGHWHOHIRQHHQHUJLDiJXDHWF
$R PHVPR WHPSR DTXHOH HVSDoR IXQFLRQD FRPR XPD HVSpFLH GH ³ORMD GH FRQYHQLrQFLD´ FXMRV SURGXWRV FRPHUFLDOL]DGRV SHUWHQFHP j 'RQD &HLoD H[HVSRVD GH =H]LQKR H WDPEpP SURSULHWiULD GD 2HVWDQD RIHUHFHQGR PDWHULDO GH KLJLHQH SHVVRDO VDERQHWH FUHPH GHQWDO HVFRYD GH GHQWH H DEVRUYHQWH KLJLrQLFR [HUR[ VRUYHWHV SLFROpV EDODVSLSRFDVSLUXOLWRVFKLFOHWHVFKRFRODWHVUHFDUJDVGHFHOXODUHVGDVTXDWURRSHUDGRUDV GHFHOXODUORFDLVERODFKDVEURDVVDQGiOLDViJXDPLQHUDOiJXDGHFRFRVXFRVUHIULJHUDQWHV HSHUIXPHV
(VVH DF~PXOR GH IXQo}HV ID] FRP TXH D UHFHSomR VHMD R F{PRGR PDLV SURFXUDGR H WUDQVLWDGRQD2HVWDQD$WUDtGDSRUHVVDPRYLPHQWDomRPHDYL]LQKHLGHXPSHTXHQREDOFmRH PHDSUHVHQWHLD+LJRUUHFHSFLRQLVWDGD&DVDHVREULQKRGRVSURSULHWiULRVPDVQRVVRGLiORJR IRL FRQWLQXDPHQWH LQWHUURPSLGR SRU FRPSUDV WHOHIRQHPDV SHGLGRV GH LQIRUPDo}HV UHFHELPHQWRGHPHUFDGRULDHSHODFKHJDGDGHXPGRVSURSULHWiULRVGD&DVD=H]LQKRDTXHP IXLDSUHVHQWDGD(OHHVWDYDFKHJDQGRGHPDLV³XPDYLDJHP´LVWRpWLQKDLGRGHL[DUHEXVFDU SHVVRDVQRVKRVSLWDLVHFOtQLFDVGDFLGDGHGR1DWDO
=H]LQKRVDLXUDSLGDPHQWHPDVDQWHVPHFRQYLGRXDVHQWDUHQTXDQWR+LJRU³DWHQGLDR SHVVRDO´)LTXHLDRODGRGDSRUWDDWHQWDDRVUHFODPHVG~YLGDVHVROLFLWDo}HVGLUHFLRQDGDVDR UHFHSFLRQLVWD
3DUD PLQKD VRUWH H VXUSUHVD =H]LQKR ORJR UHWRUQRX DFRPSDQKDGR GH XP KRPHP R TXDO FXPSULPHQWDYD D WRGRV FRUGLDOPHQWH H ID]LD SHUJXQWDV GR WLSR ³FRPR YDL D IDPtOLD"´ ³VXD PmH PHOKRURX"´ H ³TXDOTXHU FRLVD Mi VDEH´ 7UDWDYDVH GH XP PpGLFR H 'HSXWDGR (VWDGXDO TXH IRUD j &DVD YLVLWDU RV KyVSHGHV H DOL PHVPR QD UHFHSomR H[DPLQRX DOJXPDV SHVVRDV H FRQYHUVRX FRP HODV HQTXDQWR UHFHLWDYD UHPpGLRV HQFDUUHJDYD =H]LQKR GH OHYDU DOJXPDVGHODVSDUDGHWHUPLQDGDVFOtQLFDVDXWRUL]DYDH[DPHVHFRQVXOWDVHGDYDLQGLFDo}HVGH DPLJRVPpGLFRV³SRGHGL]HUTXHIXLHXTXHPDQGHL´UHSHWLDVHPSUHSDUDRH[DPLQDGR
4XDQGRR'HSXWDGRVRXEHTXHHXHUD³HVWXGDQWH´HHVWDYDDOLSDUD³ID]HUXPWUDEDOKR VREUHD&DVD´ORJRVHFRORFRXFRPRSURWHWRUHVHUYLGRUGDTXHODVSHVVRDVHRVHXGLVFXUVRHUD
BBBBBBBBBBBBBBBBBBBBBBBBB
=H]LQKRpRSURSULHWiULRHRSULQFLSDODGPLQLVWUDGRUGD&DVD(OHWDPEpPGHVHPSHQKDDIXQomRGHPRWRULVWD
QR VHQWLGR GH PH FRQYHQFHU GH TXH WDLV EHQHVVHV HUDP GHVLQWHUHVVDGDV H GH TXH HOH ³ID]LD DTXLORGHFRUDomR´
$WpHQWmRSDUDPLPD2HVWDQDVHFRQILJXUDYDHQTXDQWRXPORFDOGHSRXVR³JUDWXLWR´ SRUpP SURJUHVVLYDPHQWH VXD KLVWyULD H VHX FRWLGLDQR SDVVDUDP D UHYHOiOD FRPR XP HPSUHHQGLPHQWR FRPHUFLDO GH VXFHVVR H XP DEULJR GH P~OWLSODV VRFLDELOLGDGHV PDV VREUHWXGR FRPR SURGXWR H HVSDoR UHSURGXWRUGDV UHODo}HV GH WURFDV HOHLWRUDLV EDVHDGDV SULQFLSDOPHQWHHPXPYtQFXORFOLHQWHOLVWDPDQWLGRHQWUH³SUHIHLWRV´H³SDFLHQWHV´
6HJXQGRVHXVGLULJHQWHVD&DVDVXUJLXHPTXDQGR-RVp6LGQH\FRQKHFLGRFRPR =H]LQKR SURSULHWiULR H SULQFLSDO GLULJHQWH GD &DVD DEDQGRQRX D FDUUHLUD SROtWLFD FRPR YHUHDGRU GD FLGDGH GH 3RUWDOHJUH 51 H GHFLGLX WUDQVIRUPDU R DSRLR TXH GDYD DRV VHXV HOHLWRUHVHPXPVHUYLoRTXHDEUDQJHVVHPDLVFLGDGHV6HJXQGRHOHDQWHVGLVVRVXDSUySULD UHVLGrQFLDHP1DWDOVHUYLDFRPRSRXVRGRVSRUWDOHJUHQVHVTXHRDSRLDYDPSROLWLFDPHQWH
$ ³SRXVDGD´ TXH ORJR EDWL]DUDP FRPR 2HVWDQD IRL DGTXLULQGR FOLHQWHV JUDoDV DRV FRQWDWRV GR GRQR GD &DVD FRP 3UHIHLWRV GH FLGDGHV FLUFXQYL]LQKDV D 3RUWDOHJUH PDV SULQFLSDOPHQWHSHODVXDOLJDomRFRPR'HSXWDGR(VWDGXDO*HW~OLR5rJRGHTXHP=H]LQKRp FRQWHUUkQHR H GR TXDO IRL DVVHVVRU QR SDVVDGR 'HVVD IRUPD QmR VRPHQWH PRUDGRUHV GD FLGDGHQDWDO GH =H]LQKR PDV PXQtFLSHV FRP GLIHUHQWHV RULJHQV SDVVDUDP D VHU DWHQGLGRV PHGLDQWHpFODURRSDJDPHQWRGHWD[DVUHIHUHQWHVjVVXDVHVWDGDVSHODV3UHIHLWXUDV
&RP R SDVVDU GR WHPSR D GHPDQGD DXPHQWRX H =H]LQKR H VXD H[HVSRVD VH YLUDP LPSRVVLELOLWDGRVGHDWHQGHUPDLV3UHIHLWXUDVSRLVDOJXPDVGHODVH[LJLDPQRWDILVFDOHDOpP GLVVRUHLYLQGLFDYDPXPHVSDoRPDLVDPSOR)RLDVVLPTXHHPMXQKRGHD2HVWDQDIRL UHJLVWUDGD HP FDUWyULR H SDVVRX D VHU SHVVRD MXUtGLFD &RP D RILFLDOL]DomR D &DVD IRL WUDQVIHULGDSDUDXPOXJDUPDLRUHJDQKRXILQDOPHQWHXPVWDWXVGHHPSUHVD
BBBBBBBBBBBBBBBBBBBBBBBBB
4XDQGR GHVWDFDPRV ³SUHIHLWRV´ HVWDPRV HYLGHQFLDQGR D IRUPD FRPR RV LQWHUORFXWRUHV GHVVD SHVTXLVD VH
UHSRUWDPDRVSROtWLFRVTXHRV³WUD]HP´j2HVWDQDUHIHULQGRVHjTXHOHVQmRVRPHQWHFRPRSHVVRDSDUWLFXODUPDV WDOTXDOXPDHQWLGDGHTXHDEUDQJHXPOp[LFRDPSORGHVLJQLILFDo}HVHHQYROYHDVSHFWRVHFRQ{PLFRVMXUtGLFRVH IDPLOLDUHV-iTXDQGRPHQFLRQDPRV3UHIHLWRVHVWDPRVFKDPDQGRDVVLPRVFKHIHVGR3RGHU([HFXWLYR0XQLFLSDO GDVFLGDGHVFRPSUDGRUDVGRVVHUYLoRVGD2HVWDQDDTXDOVHYLQFXODjGLPHQVmRRUJDQL]DFLRQDOGR(VWDGRVHQGR XPD FDWHJRULD PHQRV ³HQJOREDQWH´'80217 TXH D SULPHLUD H TXDVH QmR DFLRQDGD SHORV XVXiULRV GD 2HVWDQD
7DOH[SUHVVmRIRLDGTXLULGDSHORVIXQFLRQiULRVGD&DVDDSDUWLUGDVRFLDOL]DomRQDVFOtQLFDVHKRVSLWDLVHID]
UHIHUrQFLDDRVXVXiULRVTXHHVWmRHPWUDWDPHQWRPpGLFRKRVSLWDODUHIUHTXHQWDPD2HVWDQD
(VVHQRPHIRLVXJHULGRSRUXPDLUPmGH=H]LQKRHUDSLGDPHQWHDFHLWRSHORVVHXVGLULJHQWHVHIUHTXHQWDGRUHV
$ PXGDQoD IRUPDO GD &DVD WURX[H JDQKRV VLJQLILFDWLYRV FRPR SRU H[HPSOR R DXPHQWR GR Q~PHUR GH 3UHIHLWXUDV DWHQGLGDV DPSOLDomR GR TXDGUR GH IXQFLRQiULRV H D OHJDOL]DomRGDVVXDVVLWXDo}HVGHWUDEDOKRHSULQFLSDOPHQWHQRWRULHGDGHUHJLRQDO
'HVGHVXDFULDomRD&DVDIXQFLRQRXHPGLYHUVRVHQGHUHoRVHP1DWDOVHQGRR~OWLPR QD$YHQLGD+HUPHVGD)RQVHFDQQDVLPHGLDo}HVGREDLUURGR7LURORQGHDFRQKHFL $SDUWLUGHHODSDVVRXDWHUORFDOL]DomRQD5XD'U&pVDU&DEUDOQORFDOLGDGHGH 1RYD&LGDGHQREDLUURGH&LGDGH1RYDWDPEpPQDFDSLWDO
$WXDOPHQWHD2HVWDQDpXPDHPSUHVDSULYDGDTXHIRUQHFHVHUYLoRVGHKRVSHGDJHP DOLPHQWDomR WUDQVSRUWH H DJHQGDPHQWRV GH FRQVXOWDV D SHVVRDV TXH YrP D 1DWDO ID]HU SURFHGLPHQWRV TXH WHQKDP D GXUDomR GH XP GLD FRQVXOWD GH URWLQD RX H[DPHV RX TXH HVWHMDPHPWUDWDPHQWRPpGLFRKRVSLWDODUSURORQJDGREHPFRPRDRVVHXV³DFRPSDQKDQWHV´ (PERUD HP IUHTXrQFLD PHQRU HOD WDPEpP KRVSHGD HVWXGDQWHV RX RXWUDV SHVVRDV TXH SRUYHQWXUDSUHFLVHPSDVVDUXPGLDRXPDLVQDFDSLWDOSRUTXDOTXHURXWUDUD]mRSRVVtYHO
$LQGD TXH H[LVWDP XVXiULRV GH RXWUDV SDUWHV GR HVWDGR D 2HVWDQD UHFHEH HVSHFLDOPHQWHSHVVRDVRULXQGDVGHFLGDGHVGD0HVRUUHJLmRGR2HVWH3RWLJXDU2VVHUYLoRVGD &DVD VmR XWLOL]DGRV SHORV XVXiULRV PHGLDQWH R SDJDPHQWR GDV GLiULDV SHODV 3UHIHLWXUDV GDV VXDV FLGDGHV $VVLP DV 3UHIHLWXUDV SDJDP j 2HVWDQD SHORV VHUYLoRV RIHUHFLGRV H SDJDP j 6HFUHWDULDGH6D~GHGH1DWDOSHODVFRQVXOWDVGRV³SDFLHQWHV´TXDQGRVHWUDWDGHDWHQGLPHQWR SHOR6864XDQGRRDWHQGLPHQWRDFRQWHFHSHODUHGHSULYDGDGHVD~GHRSDJDPHQWRpIHLWR SHODV3UHIHLWXUDVGLUHWDPHQWHjVFOtQLFDV
2FRUUH TXH D FRPSUD H D YHQGD GHVVDV GLiULDV VmR IHLWDV FRP EDVH QXP YtQFXOR SROtWLFRSDUWLGiULR SRLV FRPR Mi IRL PHQFLRQDGR R SURSULHWiULR GD &DVD p H[YHUHDGRU GH 3RUWDOHJUH51FLGDGHVLWXDGDQRFLUFXLWRGRVPXQLFtSLRVDWHQGLGRV$OpPGLVVRHOHWDPEpP pH[IXQFLRQiULRHDPLJRGR'HSXWDGR(VWDGXDO*HW~OLR5rJRRTXHPDUFDFODUDPHQWHVXD SRVLomRHPUHODomRjSROtWLFDUHJLRQDOQXPDSDUWHGR2HVWH3RWLJXDU
$GLVWULEXLomRGHVVDVGLiULDVVHGiVHJXQGRD³DXWRUL]DomR´GR3UHIHLWRHLVVRGHSHQGH GD UHODomR HVWDEHOHFLGD FRP R UHFHSWRU GD GRDomR RX D SDUWLU GH XP FRQWUDWR ILUPDGR QR PRPHQWRGDFRQFHVVmRGHEHQVHVHUYLoRVGD2HVWDQDHGDVXQLGDGHVGHVD~GHFRQWDWDGDVSRU HOD $VVLP YHUHPRV DR ORQJR GR WH[WR TXH QmR p DEVROXWDPHQWH R PRGR GH RUJDQL]DomR H IXQFLRQDPHQWRGD&DVDTXHGHWHUPLQDRDFHVVRDRVVHXVVHUYLoRVPDVRWLSRGHUHODomRTXHVH LQVWLWXLFRPR3UHIHLWR
BBBBBBBBBBBBBBBBBBBBBBBBB
(VVDV UHODo}HV DVVLPpWULFDV SHUSDVVDP D 2HVWDQD PDV VH HVWHQGHP DOpP GHOD $ HVWUXWXUDRIXQFLRQDPHQWRRVVHUYLoRVRVGLULJHQWHVHRVIXQFLRQiULRVGD2HVWDQDFRQWULEXHP SDUD DPDQXWHQomRGDV UHODo}HVGH FOLHQWHOD HQWUH3UHIHLWRVHXVXiULRVLVWRpYLDELOL]DPDV UHODo}HVGHFOLHQWHODHQWUH³SUHIHLWRV´H³SDFLHQWHV´(VWDVWHPRULJHPVREUHWXGRQDSROtWLFD PXQLFLSDO DVVLVWHQFLDOLVWD TXH DSHVDU GH QmR WHU VLGR SHVTXLVDGD HPSLULFDPHQWH QHVVH WUDEDOKRDSDUHFHQRVGLVFXUVRVHQDHWQRJUDILDGDVUHODo}HVTXHFRPSUHHQGHPD2HVWDQDHVmR RUHVXOWDGRGDIDOWDGHDWHQGLPHQWRPpGLFRHVSHFLDOL]DGRHWUDWDPHQWRLQWHQVLYRDGHTXDGRQDV FLGDGHV LQWHULRUDQDV PDV WDPEpP UHIOHWHP R PRGR GH VH ID]HU H GH VH SHQVDU R SROtWLFR YLQFXODQGRVHUYLoRVS~EOLFRVDUHODo}HVRXUHGHVVRFLDLVSDUWLFXODUHV
$VVLP LQGHSHQGHQWHPHQWH GR PRGR FRPR HVVD UHODomR DFRQWHoD R VHX {QXV Gi RULJHPHFRQWLQXLGDGHDXPDGtYLGDFRQFHELGDPDWHULDOHVLPEROLFDPHQWHPDVTXHHQYROYH WDPEpPRXWURVHOHPHQWRVFXMDVHVSHFLILFLGDGHVWUDWDUHPRVPDLVDGLDQWH
2&$0321$2(67$1$($3$57,5'(/$
1mR Ki UHJLVWURV RILFLDLV GDV ³FDVDV GH DSRLR´ H[LVWHQWHV QD &LGDGH GR 1DWDO TXH SURSLFLHP OHYDQWDPHQWRV DSXUDGRV WDQWR HP WHUPRV QXPpULFRV TXDQWR GH GHILQLomR 2 TXH DSUHVHQWDPRVpXPDHVWLPDWLYDIHLWDFRPEDVHQDVLQIRUPDo}HVREWLGDVQDVXQLGDGHVGHVD~GH HDWUDYpVGRVLQWHUORFXWRUHVGXUDQWHDSHVTXLVDGHFDPSR3RUWDQWRPHXGLiULRGHFDPSRpD IRQWHHVFULWDFDUGLQDOGHVVDSHVTXLVD
(OHJHPRVRVXVXiULRVGD2HVWDQDFRPRRVSULQFLSDLVLQWHUORFXWRUHVGHVVHWUDEDOKRSHOR IDWRGHWHUPRVHVWDEHOHFLGRXPDPDLRUSUR[LPLGDGHFRPHOHVGRTXHFRPDVGHPDLVSHVVRDV TXHIUHTXHQWDPHWUDEDOKDPQD&DVD$OpPGHVHUHPPDLVUHFHSWLYRVjVQRVVDVSHUJXQWDVHOHV WDPEpP ILFDP RFLRVRV QRV LQWHUYDORV GDV FRQVXOWDV H SURFHGLPHQWRV WHUDSrXWLFRV TXH JHUDOPHQWHRFRUUHPQRSHUtRGRGDPDQKmHGXUDPGXDVRXWUrVKRUDVDSHQDVHDSHVTXLVDGH FHUWDIRUPDSUHHQFKHHVVHWHPSR
TXDUWRVPDVFXOLQRVSRLVQRVGDVPXOKHUHVHXWLQKDOLYUHSDVVDJHPRTXHQmRDVLPSHGLDP GHWURFDUGHURXSDVRXWUDWDUHPGHDVVXQWRVtQWLPRVQDPLQKDSUHVHQoD
1mRVHYr³HVWUDQKRV´FLUFXODQGRSHOD&DVD0HVPRTXDQGRRHQFRQWURDFRQWHFHQD YDUDQGD RX QD VDOD GH 79 H DSHVDU GH PDQWHUPRV DOJXPDV IRUPDOLGDGHV HODV Mi IRUDP HP SDUWHYHQFLGDVDRORQJRGHVVHVWUrVDQRVGHYLVLWDVUHJXODUHVj2HVWDQD
$ PLQKD DSUHVHQWDomR FRPR ³HVWXGDQWH´ DX[LOLRX QD DFHLWDomR GRV XVXiULRV PDV RV WRUQRXPDLV³SHUIRUPiWLFRV´WDPEpPSRLVIDFLOPHQWHSHUFHEtDPRVRFODURWRPGHSROLWL]DomR QDVVXDVIDODVTXDQGRFRQYHUViYDPRVVREUHDHVWUXWXUDGDVXQLGDGHVGHVD~GHHGDVFRQGLo}HV GHDWHQGLPHQWRRTXHQmRVHREVHUYDYDSRUH[HPSORTXDQGRGLVFRUULDPHQWUHVLDUHVSHLWR GHDVVXQWRVGRPpVWLFRVVREUHRWHPSRTXHIUHTXHQWDYDPD2HVWDQDDFHUFDGRPRWLYRSHOR TXDOHVWDYDPDOLRXDGDWDGHFKHJDGDHSDUWLGDGD&DVD
$OJXQVVHFRORFDPQXPDSRVLomRFODUDGHGHIHVDRXFRPEDWHGHSHQGHQGRGDUHODomR HVWDEHOHFLGD FRP R 3UHIHLWR GH VXD FLGDGH 2XWURV PRYLGRV SHOD PHODQFROLD IDODYDP GD URWLQDGRKRVSLWDOGRGLDDGLDQD2HVWDQDGRLVRODPHQWRHGDYLROrQFLDQREDLUUR1mRHUD UDURQRVVDVSHUJXQWDVVHUYLUHPGH³SDVVDWHPSR´MiTXHFRPRHOHVGL]LDP³QmRKiPXLWRR TXHVHID]HUQD2HVWDQD´3DUDPXLWRVDVHQWUHYLVWDVVHUYLDPFRPRPHLRGHUHLYLQGLFDomR GH XP DWHQGLPHQWR PDLV KXPDQR QRV KRVSLWDLV H GH XP VLVWHPD S~EOLFR GH VD~GH PDLV GHPRFUiWLFR 7HQKR D LPSUHVVmR GH TXH HVVDV VmR YR]HV TXH FODPDP SRU XPD ³MXVWLoD PpGLFD´TXHHOHVPHVPRVQmRVDEHPGHILQLUFRPSUHFLVmR
7DOYH] XP GHVDEDIR LQFRQVFLHQWH GR VLVWHPD SHUYHUVR GH VXEMXJDomR SROtWLFD TXH RV HQYROYHGDFRPSDUDomRTXHID]HPHQWUHVXDVFLGDGHVHDFDSLWDORXDWpPHVPRGDGLVWkQFLD TXH SHUFRUUHP SDUD VH WUDWDUHP HQILP GR TXH OKHV IDOWD 3RU HVVD UD]mR WHPRV SURFXUDGR DSUHQGHUPDLVFRPHVVDGLILFXOGDGHGHGHILQLomRGRTXHFRPDULTXH]DGHXPFRQFHLWRYD]LR
$QWHV GH TXDOTXHU SULQFtSLR RX SDUDGLJPD D IRUPD GH &OLHQWHOLVPR SROtWLFR TXH DQDOLVDPRV DTXL WHP XPD HVSHFLILFLGDGH PpGLFD H SRU LVVR p SRVVLELOLWDGR SRU XPD GtYLGD
BBBBBBBBBBBBBBBBBBBBBBBBB
'DGDDPDQHLUDtQWLPDRVFKDPDPHQWRVVmRHPJHUDOSHORDSHOLGRDIRUPDomRGHURGDVGHFRQYHUVDHPIUHQWH
j FDVD DR HQWDUGHFHU D SUiWLFD GH HVFROKHU IHLMmR QD PHVD GR UHIHLWyULR HQYROYHQGR KRPHQV H PXOKHUHV H D LQWHUDomRGHVVDV~OWLPDVQDFR]LQKDVmRVLQDLVFODURVGHVVHWLSRGHFRQYLYrQFLDFRPRWRGRVVHWUDWDPQD2HVWDQD p IiFLO LGHQWLILFDU TXHP QmR p ³SDFLHQWH´ ³SUHIHLWR´ GHVSDFKDQWH ³DFRPSDQKDQWH´ PRWRULVWD RX IXQFLRQiULR 4XHPQmRVHHQTXDGUDHPQHQKXPGHVVHVJUXSRVpFRQVLGHUDGR³HVWUDQKR´
$OJXQV³SDFLHQWHV´ILFDPKRVSHGDGRVSRUPHVHVLQLQWHUUXSWRVQD2HVWDQD
$VUHFODPDo}HVHPUD]mRGDPXGDQoDGHHQGHUHoRGD&DVDVmRFRQVWDQWHVSRLVD³RXWUDFDVDILFDYDSHUWRGH
WXGR´$VTXHL[DVVmRMXVWLILFDGDVSHORIDWRGRDQWLJRHQGHUHoRGD2HVWDQDILFDUORFDOL]DGRHPXPDLPSRUWDQWH DYHQLGD GD FLGDGH TXH FRPSRUWDVKRSSLQJ FHQWHUV H FRPpUFLR HP VHX HQWRUQR PDV HODV VmR IUHTXHQWHV
FRQVWLWXtGD QmR VRPHQWH SRU LQWHUHVVHV SROtWLFRV PDV SRU GLPHQV}HV GH RUGHP VLPEyOLFD DIHWLYDHVREUHWXGRYLWDO
(VVD SDUWLFXODULGDGH DGLFLRQD j GtYLGD SROtWLFD Mi H[LVWHQWH XP FDUiWHU IXQGDPHQWDO FULDQGRGpELWRVGLItFHLVGHVHUHPFRQWRUQDGRVRXVDOGDGRVSRLVHPDOJXQVFDVRVR³SUHIHLWR´ GRQDWiULR p R PHVPR LQGLYtGXR TXH DFRPSDQKD RX SDUWLFLSD HIHWLYDPHQWH GR WUDWDPHQWR PpGLFRGRUHFHSWRU
(VWXGDQGR WDO UHODomR SDVVHL WDPEpP D PH SUHRFXSDU FRP R PHX SDSHO HQTXDQWR LQWHUORFXWRUD GDV SHVVRDV TXH GHSHQGHP YLVFHUDOPHQWH GHVVH VHUYLoR H QmR VRPHQWH FRPR XPDHVWXGDQWHTXHFDUUHJDDREULJDomRGHFRQFOXLUVHXWUDEDOKRHDSUHVHQWiORDXPDEDQFD DFDGrPLFD
:ULJKWQRWDTXHXPERPSHVTXLVDGRUQmRDSDUWDRWUDEDOKRFLHQWtILFRGDVXD YLGD 1R PHX FDVR HVVD SUHRFXSDomR QmR VH ID] QHFHVViULD SRLV DV SUREOHPiWLFDV TXH FRQVWLWXHPHVVHWUDEDOKRVmRHPJUDQGHPHGLGDTXHVWLRQDPHQWRVGDPLQKDSUySULDWUDMHWyULD 7UDJRLVVRDRWH[WRSRUTXHVRXQDWXUDOGHXPDFLGDGHGRLQWHULRUGR5LR*UDQGHGR1RUWHH FUHVFL QXP FRQWH[WR RQGH ³SROtWLFD´ VLJQLILFD R SHUtRGR QR TXDO DV HOHLo}HV RFRUUHP H TXH QRUPDOPHQWHVHLQLFLDWUrVPHVHVDQWHVGRSOHLWRTXDQGRVH³ID]DSROtWLFD´HFXOPLQD QRGLDHPTXHRVHOHLWRUHVVHGLULJHPjVXUQDVSDUD³SHUGHUHPRYDORU´RXVHMDID]HUHPD HVFROKDGRVFDQGLGDWRVTXHLUmRUHSUHVHQWiORV
&RQWXGRDSHVDUGH6DKOLQVSQRVOHPEUDUTXH³>@QHQKXPDHWQRJUDILDp DXWRFRQWLGD,PSOtFLWDRXH[SOLFLWDPHQWHDHWQRJUDILDpXPDWRGHFRPSDUDomR´QmRpWHPD GHVVD LQYHVWLJDomR ID]HU XP OHYDQWDPHQWR FRPSDUDWLYR HQWUH DV PDQHLUDV GH VH SHQVDU D SROtWLFDQRLQWHULRUGR(VWDGRQHPMXOJDURVSDUkPHWURVSHORVTXDLVDID]HP2FRUUHTXHDR SURFXUDUGDUFRQWDGDVTXHVW}HVTXHHVVHWUDEDOKRWHPPHFRORFDGRWHQKREXVFDGRUHVSRQGHU jV SHUJXQWDV IRUPXODGDV GXUDQWH SDUWH GH PLQKD H[LVWrQFLD R TXH PH FRORFD QXP OXJDU SROtWLFRHVSHFtILFRGHQWURGRTXDGURGHUHIHUrQFLDGHVVDDQiOLVH
6HQGRDVVLPQmRSUHFLVRPHGDUFRQWDTXH ³HVWRXHPRXWURPXQGR´'$0$77$ SPDVHOXFLGDUDVTXHVW}HVTXHID]HPSDUWHGRPHXSUySULRPXQGRVRFLDO(VWH YLVOXPEUDGR DWUDYpV GH OHQWHV DQWURSROyJLFDV WRUQRXVH DOpP GH ³IDPLOLDU´ HVWUDQKR SDUD PLP
BBBBBBBBBBBBBBBBBBBBBBBBB
7DO H[SUHVVmR WDPEpP DSDUHFHX ODUJDPHQWH QRV GLVFXUVRV GRV ³SDFLHQWHV´ GD 2HVWDQD H VHUi PDLV
7DPEpP QmR PH VLQWR ³DIHWDGD´ FRPR )DYUHW6DDGD TXDQGR SHVTXLVRX IHLWLoDULDQR%RFDJHIUDQFrVPDVSHUFHERTXHHVWRXIDODQGRGHGHQWURGRSUySULRIHLWLoR SRUWDQWRHVWRXWRPDGDSRUHOHDQWHVGHTXDOTXHUHYHQWXDOULVFRGHFRQWiJLR,VVRQmRVLJQLILFD TXH HX TXHLUD ³DSURYHLWDU PH GD H[SHULrQFLD GH FDPSR SDUD H[HUFLWDU PHX QDUFLVLVPR´ )$95(76$$'$LELGSPDVDQWHVGHWXGRFRORFDUROHLWRUDSDUGDQDWXUH]DHGR FRQWH~GRGRPHX³SURMHWRGHFRQKHFLPHQWR´LELGORFFLW
$YLVDGDGHTXHHVVDFRQGLomRPHDX[LOLRXQDHOHLomRGRWHPDGHSHVTXLVDGHL[RFODUR TXH QmR R SHQVHL LVRODGDPHQWH H TXH SRUWDQWR HVWD IRL XPD HVFROKD FRJQLWLYDPHQWH FRPSDUWLOKDGD VREUHWXGR FRP RV VHXV SURWDJRQLVWDV 1HVVH VHQWLGR IRL D SDUWLU GD VHQVLELOLGDGHDGTXLULGDQDSHVTXLVDGHFDPSRTXHSXGHSHQVDUHVVDSUREOHPiWLFDWDQWRWHyULFD TXDQWRHPSLULFDPHQWH
$ SRVLomR GH SHVTXLVDGRUD PH IRUQHFHX D FDSDFLGDGH GH ³ROKDU´ H ³RXYLU´ TXH GLVFLSOLQDUDP R WUDEDOKR DQWURSROyJLFR PDV XVXUSDUDP RX SHOR PHQRV LQLELUDP PLQKD FRQGLomR GH LJXDOGDGH SHUDQWH HOHV 3URFXUDPRV DWHQXDU HVVD DXWRULGDGH GD PDQHLUD TXH 2OLYHLUDQRVSURS}HLVWRpGHXPDIRUPDLQWHUDWLYDHYLGHQFLDQGRDVIDODVGRVQRVVRV LQWHUORFXWRUHV H FRORFDQGR R Op[LFR GHVVD LQYHVWLJDomR VHQVtYHO jV VXDV FDWHJRULDV GH FODVVLILFDomR
)DoRLVVRSUHRFXSDGDHPQmRPHDOKHDUjVFDWHJRULDVGRVLQWHUORFXWRUHVSURFXUDQGR QmRDXWRQRPL]DUPLQKDIDODGDTXHOHVTXHGmRRWRPGHVVDLQYHVWLJDomRʊMiIDoRLVVRTXDQGR HVFUHYR ³XPD DQWURSRORJLD SDUD DQWURSyORJRV´ 3(,5$12 (QWUHWDQWR WDO HVIRUoR SDUHFHLQ~WLOIUHQWHjDILUPDomRGH*HHUW]FXMRWH[WRUHYHODTXH³VRPRVWRGRVQDWLYRV DJRUD´ H /pYL6WUDXVV S TXDQGR EDVHDGR HP 0DXVV QRV OHPEUD TXH ³QXPD FLrQFLDHPTXHRREVHUYDGRUpGDPHVPDQDWXUH]DTXHVHXREMHWRRREVHUYDGRUpHOHSUySULR XPDSDUWHGHVXDREVHUYDomR´
6HQGRHXSDUWHLQWHJUDQWHGRPHX³REMHWR´HHVFULWRUDGHVVHWUDEDOKRGHL[RFODURTXH QmRRIDoRVHPDLQIOXrQFLDLQWHOHFWLYDGDTXHOHVTXHDHOHGmRVHQWLGR(VVDQmRpXPDIRUPD GH IXJLU GD ³DUPDGLOKD GR HWQRFHQWULVPR´ PDV GH H[SRU HVVD SHVTXLVD FRPR XPD ³LGHLD YDORU´QRVHQWLGRTXH'XPRQWGHXDHVVHWHUPRWHQGRHPYLVWDTXHDUHODomRHQWUHR
BBBBBBBBBBBBBBBBBBBBBBBBB
$ DXWRUD H[S}H VXD H[SHULrQFLD GHSHVTXLVD UHODWDQGR FRPR R IDWR GRV VHXV LQWHUORFXWRUHV WHUHP HQWHQGLGR
TXHHODKDYLDVLGR³SHJD´SHODIHLWLoDULDDDX[LOLRXQRDFHVVRjVLQIRUPDo}HVVREUHRVULWXDLV
$HVVHUHVSHLWRYHU2OLYHLUD
2 DXWRU XVD HVVD H[SUHVVmR SDUD GL]HU HQWUH RXWUDV FRLVDV FRPR R ID]HU DQWURSROyJLFR VH FRQVWLWXL SHOD
SHVTXLVDGRU H VHXV LQWHUORFXWRUHV p FRQFHELGD D SDUWLU GH YDORUHV H SRUWDQWR HQYROYH KLHUDUTXLDFRPRGLULDDTXHOHDXWRU
$RFRQWUiULRGH%RXUGLHXQmRFRQVLGHUDPRVXPD³PDOGLomR´RIDWRGRQRVVR ³REMHWRIDODU´PDVXPDRSRUWXQLGDGHGHID]HUPRVXPDFLrQFLDPDLVSROLI{QLFD&/,))25' SRUWDQWR PDLV GLDOyJLFD 3RU FRQVHJXLQWH DV SUiWLFDV DGRWDGDV QHVVD LQYHVWLJDomR D FRQGX]LUDPSDUDXPUHFXUVRGHSHVTXLVDEDVHDGRQXPHPSUpVWLPRHVWLOtVWLFR³QDWLYR´HQmR SURSULDPHQWH QXP ³HVSDoR VHPkQWLFR SDUWLOKDGR´ 2/,9(,5$ FRP RV VHXV LQWHUORFXWRUHV ,VVR VLJQLILFD TXH DVVLP FRPR *HHUW] S WHPRV WRPDGR R VHQVR FRPXP FRPR ³XP VLVWHPD FXOWXUDO´ H QmR FRPR ³PHUD YHUGDGH GH FRLVDV TXH VH DSUHQGH QDWXUDOPHQWHVLPSOHVIDWRVUHFRQKHFLGRVSRUKRPHQVVLPSOHV´
1HVVHVHQWLGRWHPRVGHVHQYROYLGRQRVVDLQYHVWLJDomRDWUDYpVGHSHVTXLVDGHFDPSR FRP REVHUYDomR GLUHWD H j PHGLGD HP TXH HOD VH WRUQRX PDLV VLVWHPiWLFD D DQiOLVH VH FRQFHQWURX QD UHODomR HVWDEHOHFLGD HQWUH ³SUHIHLWRV´ H ³SDFLHQWHV´ TXH QRV UHPHWH GH FHUWD IRUPD j FHOHEUH UHODomR HQWUH ³GRPLQDQWHV´ H ³GRPLQDGRV´ GD TXDO D PDFURVVRFLRORJLD H D &LrQFLD3ROtWLFDWrPVHHQFDUUHJDGRGHH[SOLFDUFRPVXDVOHLVJHUDLVHFRPEDVHQRHVWXGRGH SURFHVVRVKLVWyULFRVVLQWHWL]DGRV
6HP GHVFRQVLGHUDU WDLV SULQFtSLRV QRVVR LQWXLWR p SHQVDU HVVD UHODomR SRU PHLR GH SUiWLFDVFRWLGLDQDVHVREUHWXGRDSDUWLUGDVVLJQLILFDo}HVTXHVHXVSUySULRVDWRUHVOKHVGmR (PXPDSDODYUDHPYH]GHVHOHFLRQDUPRVXPPRGHORFRUUHQWHGH³GRPLQDomR´RXYLPRVR TXHDUHDOLGDGHVRFLDOLQYHVWLJDGDWLQKDDQRVGL]HUVREUHHOD
3RUWDQWROHYDQGRVHHPFRQVLGHUDomRDVWUDMHWyULDVDVKLVWyULDVGHYLGDHRFRWLGLDQR GRV XVXiULRV QD &DVD SUHWHQGHVH FRPSUHHQGHU FRPR HOHV FRQFHEHP R YtQFXOR FRP RV 3UHIHLWRVLVWRpRTXHVHOHYDQDEDJDJHPTXDQGRVHYDLj2HVWDQD"'HXPPRGRJHUDOTXDO RVLJQLILFDGRVRFLDOSROtWLFRVLPEyOLFRHVREUHWXGRYLWDOGHVVDUHODomR"
HPStULFD SHUPLWH ID]HU H VREUHWXGR FRQVLGHUDQGRR FRPR XP WLSR LGHDO QR VHQWLGR ZHEHULDQRSDUDSHQVDUDUHODomRDTXLWUDWDGD(VVH&OLHQWHOLVPRXUEDQRHPRGHUQRIRPHQWDUi D DQiOLVH GH XPD SROtWLFD GR IDYRU GHVHQYROYLGD FRP EDVH HP XPD UHODomR GLiGLFD PDV WDPEpPDSDUWLUGHUHGHVGHLQIRUPDo}HVYRWRVEHQVHVHUYLoRVGHVD~GH
6H R VRFLyORJR p FRPR SHQVD %RXUGLHX ³HVSHFLDOLVWD GH XPD FLrQFLD FRQWHVWDGD´ QmR WHPRV D SUHWHQVmR GH FRQVWUXLU XPD DQiOLVH TXH Gr FRQWD GD UHODomR HQWUH ³SUHIHLWRV´H³SDFLHQWHV´TXHIUHTXHQWDPD2HVWDQDGHXPDIRUPDDFDEDGDPDVGHDVSHFWRV TXHQRVDMXGHPDFRPSUHHQGrODPHOKRU3RUWDQWRSDVVHPRVDHOD
)$925'(48(0"29$/25(235(d2'(80$'Ë9,'$
³(QTXDQWRKRXYHUSROtWLFDHODGLYLGLUiDFROHWLYLGDGHHPDPLJRVHLQLPLJRV´
-XOLHQ)UHXQG ³$48,72'2081'26(&21+(&(´$',1Æ0,&$'$5(/$d2³35()(,72
3$&,(17(´
$ UHODomR HQWUH 3UHIHLWRV H XVXiULRV GD 2HVWDQD GHYH VHU FRQVLGHUDGD VREUHWXGR D SDUWLU GDV HVSHFLILFLGDGHV TXH D GLVWLQJXHP GDV GHPDLV UHODo}HV SROtWLFDV DVVLPpWULFDV (PSLULFDPHQWH HOD VH UHYHOD FRPSOH[D SRLV HQYROYH GLYHUVRV GRPtQLRV GD YLGD VRFLDO GR SRQWR GH YLVWD WHyULFR HOD DSUHVHQWD XPD PXOWLSOLFLGDGH GH LQWHUSUHWDo}HV SHUPLWLQGR VHU FRPSUHHQGLGDDSDUWLUGHPRGHORVSROtWLFRVYHUWLFDLV
$ UHODomR WUDWDGD DIDVWD HP FHUWR VHQWLGR RV ³SDFLHQWHV´ GH XP DFHVVR FLGDGmR GH EHQV H VHUYLoRV GH VD~GH 3RU HVVD UD]mR HOD SRGH VHU FRQVLGHUDGD FRPR HQWUDYH SDUD D SDUWLFLSDomR SROtWLFD 1(9(6 EHP FRPR HQWHQGLGD WDO TXDO XPD IRUPD GH SDUWLFLSDomRDVVLP³RHOHLWRUSDUWLFLSDGDSROtWLFDSRUTXHHOHµSDVVDDFRQKHFHU¶RSROLWLFR´ &+$9(6SJULIRGDDXWRUD
VLPEyOLFR GH QHJRFLDo}HV HOHLWRUDLV QR TXDO RV ³SUHIHLWRV´ HVFROKHP TXDO GRHQWHHOHLWRU YDL VHUDWHQGLGRGHDFRUGRFRPRSRWHQFLDOHOHLWRUDOGHVWH~OWLPRRTXHQmRpVyDRSomRGHOH PDVRFDSLWDOHOHLWRUDOTXHHOHFRPSRUWD
(PERUDKDMDVLWXDo}HVRQGHHVVDUHODomRpLQLFLDGDQDSUySULD2HVWDQDpLPSRUWDQWH UHVVDOWDUTXHD&DVDDSHQDVFDQDOL]DXPDUHODomRMiH[LVWHQWHSRLVRYtQFXORGHFOLHQWHODHQWUH 3UHIHLWRV H XVXiULRV D DWUDYHVVD WHQGR QHOD XP HVSDoR HILFD] SDUD VXD UHSURGXomR 1HVVH VHQWLGR ³ILFDU QD 2HVWDQD´ UHSUHVHQWD SDUD RV GRHQWHV VHJXUDQoD FRQIRUWR DSRLR HQILP ³SULYLOpJLRV´ TXH HOHV SURYDYHOPHQWH QmR GHVIUXWDULDP VH HVWLYHVVHP QXPD SRVLomR SROtWLFD GLYHUJHQWH GDTXHOD GHIHQGLGD SHOR DGPLQLVWUDGRU GH VXD FLGDGH ³>@ p ERP ILFDU DTXL p PXLWR WULVWH TXHP YHP H ILFD MRJDGR VHP WHU SDUD RQGH LU VHP QLQJXpP SDUD IDODU SHOD SHVVRD´776HQGRDVVLPDHVWDGDQD&DVDpDFRPSDQKDGDSRUXPDHVSpFLHGH FRQIRUWRVLPEyOLFRHQmRVRPHQWHORJtVWLFR
(VVHYtQFXORWUDQVERUGDRVOLPLWHVGD2HVWDQDUHPHWHQGRQRVjSROtWLFDORFDORQGHD IXQomRGR3UHIHLWRWUDQVFHQGHDGHDGPLQLVWUDGRUS~EOLFRPXQLFLSDOHDEUDQJHRXWUDVHVIHUDV GD YLGD VRFLDO FRPR D UHOLJLRVD H D SROLFLDO SRLV ³SUHIHLWR p SDUD WXGR HP LQWHULRU SUHQGH VROWDDGRHFHFXUDEDWL]DFDVDHGHVFDVD´$%(OHWDPEpPDSUHVHQWDWUDoRVTXH VH DVVHPHOKDP D UHODo}HV GLVSRVWDV HP RXWURV FRQWH[WRV WHPSRUDO H FXOWXUDOPHQWH GLVWLQWRV GDTXHOHTXHRLQFOXLRVTXDLVXPDYH]DFLRQDGRVSRGHPVXEVLGLDUDGLVFXVVmRVREUHDUHODomR WUDWDGDSRUHVVDLQYHVWLJDomR
'H XPD IRUPD JHUDO D DQiOLVH GHVVD UHODomR LQFOXL D UHIHUrQFLD D SDUWHV TXH VH HQFRQWUDPHPFRQGLo}HVKXPDQDVHPDWHULDLVGLYHUJHQWHVVHMDGHXPDIRUPDPDLVRXPHQRV GHVLJXDO PXLWR RX SRXFR WUDGLFLRQDO H WRWDOL]DGRUD R HQWHQGLPHQWR GD H[WHQVmR HOHLWRUDO GHVVD UHODomR SDVVD SHOR TXH *ROGPDQ FKDPRX GH ³GLPHQVmR GD VXEMHWLYLGDGH´ VHJXQGRDTXDOpSRVVtYHOFRQVLGHUDURVXMHLWRSROtWLFRHRVHOHPHQWRVVRFLDLVTXHHOHDFLRQD BBBBBBBBBBBBBBBBBBBBBBBBB
$ H[SUHVVmR GL] UHVSHLWR j FDSDFLGDGH GH XP HOHLWRU UHXQLU RV ³YRWRV GD IDPtOLD´ H GH VHXV YL]LQKRV H
FRQKHFLGRV DOpP GH VXD GLVSRVLomR HP DQJDULDU YRWRV IRUD GR VHX FtUFXOR GH DPL]DGHV H ³LQWHUFRQKHFLPHQWR´ 0(1'5$63DOPHLUDSFKDPRXRGHWHQWRUGHVVDSUHUURJDWLYDGH³HOHLWRUGHYRWRP~OWLSOR´ LVWRp³DTXHOHTXHSRUVXDLQVHUomRVRFLDOGHILQHVHXSUySULRYRWRHRGHSHVVRDVDHOHYLQFXODGDVSRUDOJXP WLSRGHOHDOGDGH´
(PHQWUHYLVWDDQyVFRQFHGLGD0-FRQWRXTXHIRLSURFXUDGDQDSRXVDGDSRU-RUJH'yODUHQWmR3UHIHLWRGH
XPDFLGDGHYL]LQKDDVXDFKDPDGD-RVpGD3HQKD51RTXDOOKHRIHUHFHX³DMXGD´QRVHXWUDWDPHQWR0DVRV FDVRVPDLVFRPXQVVmRDVUHODo}HVHVWDEHOHFLGDVFRPR'HSXWDGR*HW~OLR5rJRSRLVD2HVWDQDDWXDFRPRXPD PHGLDGRUDGHVVHVYtQFXORV
2V QRPHV GRV LQWHUORFXWRUHV GHVVH WUDEDOKR LUmR DSDUHFHU GH IRUPD ILFWtFLD DR ORQJR GR WH[WR 77 p
DFRPSDQKDQWHGHVHXILOKRTXHKiRQ]HDQRVVHWUDWDHP1DWDO'HVGHRLQtFLRGRWUDWDPHQWRHODIUHTXHQWRX RXWUDV ³FDVDV GH DSRLR´MiSDVVRX WHPSRUDGDV HP FDVDV DOXJDGDVSHOD 3UHIHLWXUD GH 6mR 0LJXHO FLGDGHRQGH PRUDFRPDIDPtOLDPDVKiRLWRDQRVVHKRVSHGDQD2HVWDQD
$%pRILOKRPDLVYHOKRGRVSURSULHWiULRVHPRWRULVWDGD2HVWDQD$OpPGLVVRHOHWHPXP³FDUURGHOLQKD´
2SDWURQDWRHDFOLHQWHODLQVWLWXLo}HVFRPXQVjVRFLHGDGHURPDQDGHVGHRVpFXOR,,, D& 528/$1' H UHFXSHUDGDV VHJXQGR 0DUFRV /DQQD SHORV VRFLyORJRV DQJORVD[}HVSRUPHLRGDV³SDWURQFOLHQWUHODWLRQV´VmRPDUFDGDVUHVSHFWLYDPHQWHSHODLGHLD GHSHUWHQFLPHQWRHSURWHomRDSULPHLUDHUDIRUPDGDSRUSDWUtFLRVFXMDFODVVLILFDomRYDULRX HQWUHXPVHQWLGRIDPLOLDUUHOLJLRVRHGHFLGDGDQLDURPDQDGXUDQWHRVSHUtRGRVTXHGLYLGLXD KLVWyULD GHVVD VRFLHGDGH H VHJXQGR 1RUEHUW 5RXODQG RS FLW SDWUtFLR VHULD ³DTXHOH LQGLYtGXRTXHWHPFRQGLo}HVGHLQYRFDUDSHUWHQoDDXPJHQV´LGLELGSDRSDVVRTXH DVHJXQGDGLULDUHVSHLWRDRVFOLHQWHVTXHJHUDOPHQWHHUDPHVFUDYRVDOIRUULDGRVDGYLQGRVGH RXWUDVFLGDGHVHTXHVHDJUHJDYDPDXPDXQLGDGHIDPLOLDUFRPREMHWLYRGHPHOKRUDUHPVXDV FRQGLo}HVGHYLGD
$ GHVLJXDOGDGH QD VRFLHGDGH URPDQD FRQWULEXLX SDUD R VXUJLPHQWR GH LQVWLWXLo}HV FRPR R FRPSDGULR TXH VHJXQGR ,WDPDU GH 6RX]D FRUUHVSRQGLD D XPD IRUPD GH SURWHomRPDVWDPEpPGHDVFHQVmRVRFLDOSRLVHOHFULDYDODoRVFRPXQLWiULRVHGHSDUHQWHOD (PERUD R FRPSDGULR QmR UHSUHVHQWH XPD UHIHUrQFLD WHyULFD QHVVH WUDEDOKR VXD PHQomR p LPSRUWDQWH SRUTXH HOH KLVWRULFDPHQWH YHUWLFDOL]RX DOJXPDV GDV UHODo}HV VRFLDLV TXH HVWXGDPRV VHQGR SHUFHELGR GXUDQWH VXD HWQRJUDILD HQTXDQWR XPD IRUPD VLPEyOLFD GH DPL]DGHHGHEDWLGRDOKXUHVSRUDXWRUHVFRPR/DQQDFXMDDQiOLVHRFRORFDFRPRXPD ³IRUPDGHDOLDQoDHQWUHGHVLJXDLV´SRU&KLDQFDTXHRUHVVDOWDFRPRXPD³IRUPDGH SDUHQWHVFRVLPEyOLFR´H6RX]DRTXDOVHUHIHUHDHVVDLQVWLWXLomRFRPRXPD³DPL]DGH VDJUDGD´ GHWHQWRUD GH XPD OLJDomR FRP D SROtWLFD ORFDO TXH WDQWR QXP FRQWH[WR XUEDQR TXDQWRUXUDOWHULDXPDIXQomR³LQWHJUDGRUD´HQWUHSDUWHVGHVLJXDLV
$SHVDU GR HQWHQGLPHQWR GHVVD LQVWLWXLomR FRQWULEXLU SDUD SHQVDUPRV D UHODomR HQWUH 3UHIHLWRVHXVXiULRVSRLVFRORFDDILJXUDGR³SDWUmR´FRUUHODWDjGR³SUHIHLWR´QRVHQWLGRGH DPEDV SUHVVXSRUHP VHJXUDQoD RV ODoRV TXH IRUDP LQLFLDGRV QD YLGD XUEDQD URPDQD VH GLVWDQFLDPGRFDUiWHUGLiGLFRTXHDVUHODo}HVGD2HVWDQDLPSOLFDPHPDOJXQVFDVRVSRLVHOHV VHUHIHULDPDXPD³FROHWLYLGDGHFOLHQWHOLVWD´528/$1'
$V UHIOH[}HV GH )RVWHU D UHVSHLWR GD RUJDQL]DomR VRFLDO HP XPD FRPXQLGDGH FDPSRQHVD PH[LFDQD GH 7]LQW]XQW]DQ HVFODUHFHP HP FHUWR VHQWLGR D UHODomR WUDWDGD DTXL )RVWHU LELG S PRVWUD FRPR R FDVDPHQWR SRU H[HPSOR QmR p XPD UHODomR TXH DFRQWHFH HQWUH DV YLODV VHJXLQGR XPD OLQHDULGDGH IDPLOLDU WDO TXDO RFRUUH HP FHUWDV VRFLHGDGHVWULEDLVDIULFDQDVPDVFRPRXPODoRGLiGLFRHLQGHSHQGHQWH³DVSHVVRDVVHFDVDP HPRXWUDVFLGDGHVTXHQmR7]LQW]XQW]DQHODVIRUPDPODoRVGHSDUHQWHVFRHODVEULJDPHVH BBBBBBBBBBBBBBBBBBBBBBBBB
eFRPXPRV3UHIHLWRVXVXiULRVHDVGHPDLVSHVVRDVTXHFRPS}HPD2HVWDQDVHWUDWDUHPSRUFRPSDGUHV,VVR
VHSDUDP2SRQWRpTXHWRGRVHVVHVFRQWDWRVVmRUHDOL]DGRVFRPXPLQGLYtGXRHQmRFRPXPD EDVHFRRUSRUDWLYD´
&RQWXGRDVUHODo}HVFOLHQWHOLVWDVHQWUH³SUHIHLWRV´H³SDFLHQWHV´QmRRFRUUHPVRPHQWH DWUDYpVGHXPODoRGLiGLFRPDVWDPEpPSRUPHLRGHUHGHVGHFOLHQWHOD:ROIS H[SOLFDTXHHVVDUHODomRGLiGLFDGLILFLOPHQWHRFRUUHUiRQGHKDMDDSUHVHQoDGHXPDHVWUXWXUD LQVWLWXFLRQDOIRUWDOHFLGDRX³XQLGDGHVFRUSRUDWLYDVGHSDUHQWHVFR´SRUTXHD³SDWURQDJHPQmR SRGH OHYDU j IRUPDomR GH FRUSRV GH VHJXLGRUHV UHODWLYDPHQWH LQGHSHQGHQWHV GD HVWUXWXUD IRUPDO´DVVXPLQGRDVVLPDIRUPDGHDSDGULQKDPHQWR
6HJXQGR 6DKOLQV QDV VRFLHGDGHV SROLQpVLDV D UHSRQVDELOLGDGH SHODV Do}HV FROHWLYDV HVWi FRQFHQWUDGD QD ILJXUD GR ³FKHIH´ SRUpP R SRGHU ID] SDUWH GD QDWXUH]D GDV FRLVDVHQmRGHXPDLQVWLWXLomRDUWLILFLDOTXHWHPFRPRILPDJRYHUQDQoD$VVLPDLQGDTXHR FKHIHVHMDGHWHQWRURILFLDOGRVUHFXUVRVJUXSDLVHOHQmRpDVXDIRQWHLQFRQWHVWiYHOWHQGRHP YLVWDTXHVHXJRYHUQRpSDVVtYHOjRUJDQL]DomRJUXSDOHGHSHQGHGDVUHODo}HVTXHHVWDEHOHFH HQWUHRVOtGHUHVGDVRXWUDVFRPXQLGDGHV
3HQVDQGR D UHODomR HQWUH 3UHIHLWRV H XVXiULRV GD 2HVWDQD D SDUWLU GHVVD SHUVSHFWLYD WHUtDPRV R SULPHLUR FRPR SDWURQR FXMD SRVLomR p GH PHGLDomR FRP R (VWDGR RX GH XPD IRUPD PDLV HVSHFtILFD FRP RV UHFXUVRV S~EOLFRV YROWDGRV SDUD D VD~GH FRQVWLWXLQGRVH HQTXDQWR YHtFXOR H QmR FRPR IRQWH GH EHQV H VHUYLoRV e GHVVD LQWHUFHVVmR TXH GHPDQGD D UHGHQHFHVViULDjDWXDomRGR³SUHIHLWR´FRPRSURYHGRUGRVUHFXUVRVSRLVHOHGHSHQGHGHVVH FRQWDWRGLUHWRFRPDVSHVVRDVSDUDVHPDQWHUHPWDOSRVWR
'H IRUPD VLPLODU WDPEpP DJLD 9ROSH XP 3URIHVVRU VLFLOLDQR DSUHVHQWDGR SRU %RLVVHYDLQ S FXMRV SUREOHPDV HUDP UHVROYLGRV DWUDYpV GH UHGHV GH GLYHUVDV QDWXUH]DVIRUPDGDVSRUSHVVRDVSUy[LPDVDHOH
>@$UHGHVRFLDOGHDPLJRVSDUHQWHVHFROHJDVGHWUDEDOKRDVYLVLWDVEDUJDQKDV IRIRFDVHPDQLSXODo}HVTXHRFRUUHPHQWUHHOHVRLPSDFWRTXHWRGDVHVWDVVLWXDo}HV H[HUFHP VREUH D SURPRomR D LGHRORJLD H R FRQIOLWR DV HWDSDV TXH XP KRPHP DPELFLRVRSHUFRUUHSDUDFRQVWUXLUXPIXQGRGHFUpGLWRHQWUHUHODo}HVSURYHLWRVDVH D DWXDomR GH FOLTXHV H IDFo}HV FRQVWLWXtGDV QD YL]LQKDQoD H QR ORFDO GH WUDEDOKR (VWHV SURFHVVRV H VLWXDo}HV FRP RV TXDLV WRGRV QyV QRV HQYROYHPRV H TXH VH FRQVWLWXHPQRPDWHULDOEiVLFRGDYLGDVRFLDO
/RJR HVVD SDWURQDJHP VH DXWRQRPL]D GD HVIHUD SULYDGD FRPR SHUFHEH :ROI S JULIRVGRDXWRU
>@ 2FRUUHUi TXH D SDWURQDJHP WRPDUi D IRUPD GH DSDGULQKDPHQWR QR TXDO R SDWURQR IRUQHFH OLJDo}HV GDt R WHUPR HVSDQKRO µOLJDU QD WRPDGD¶ FRP D RUGHP LQVWLWXFLRQDO 1HVVDV FLUFXQVWkQFLDV VHX LQVWUXPHQWR FRQVLVWH PDLV QR XVR GH LQIOXrQFLD GR TXH QD DORFDomR UHODWLYDPHQWH LQGHSHQGHQWH GH EHQV H VHUYLoRV 3DUDOHODPHQWHSRUpPRSRGHUGRSDWURQRVREUHRFOLHQWHpUHGX]LGRHQROXJDUGH VyOLGRV EORFRV SDWURQRFOLHQWH SRGHPRV HVSHUDU HQFRQWUDU ODoRV GLIXVRV H HQWUHFRUWDGRV OLJDQGR PXLWRV DSDGULQKDGRUHV D PXLWRV FOLHQWHV FRP HVWHV ~OWLPRV IUHTXHQWHPHQWHSDVVDQGRGHXPDyUELWDGHLQIOXrQFLDSDUDRXWUD
3RURXWURODGRpQRVUHODFLRQDPHQWRVGLUHWRVFRPDSHVVRDRQGHMD]PDLVIRUWHPHQWHD LGHLD GR ³SROtWLFR JHQHURVR´ TXH VH ³HVIRUoD´ SDUD FRQVHJXLU DV EHQHVVHV SRLV QHOHV R VHQWLPHQWR GH JUDWLGmR WHP PDLRU FRQVLVWrQFLD FRPR OHPEUD 5RXODQG S DR UHVJDWDURVHVFULWRVGH&tFHURVREUHDVRFLHGDGHURPDQDQRILQDOGD5HS~EOLFD³DOLEHUDOLGDGH p XP VHUYLoR SHUVRQDOL]DGR TXH VH SUHVWD D XP LQGLYtGXR EHP GHWHUPLQDGR H QmR GLVWULEXLo}HVJURVVHLUDVIHLWDVDPXOWLG}HVDQ{QLPDVGHTXHHVWDVVHHVTXHFHPFRPDUDSLGH] HDLQJUDWLGmRTXHFDUDFWHUL]DPDUDOpVHPFUHQoDHVHPOHL´
7DOYH] LVVR H[SOLTXH D IRUPDomR GDV ³SDQHOLQKDV´ H[SUHVVmR XVDGD SHORV QRVVRV LQWHUORFXWRUHV SDUD GHQRWDU D IRUPDomR GH JUXSRV ORFDLV GHWHQWRUHV GH SULYLOpJLRV 0DV D SDQHOLQKD QmR WHP XP VHQWLGR HVWULWDPHQWH FODVVLVWD RX IDPLOLDU SRGHQGR VHU XVDGD SDUD GHILQLU SRU H[HPSOR XP JUXSR GH FDERV HOHLWRUDLV OHDLV DR 3UHIHLWR ³RV EDE}HV´ (OD p FDUDFWHUL]DGDSULQFLSDOPHQWHSRUWHUXPDOyJLFDGHIXQFLRQDPHQWRTXHHQYROYHDFREUDQoD P~WXDGH³SUpVWLPRV´.86&+,1,5³TXHPPDLVYHPSDUDFi>SDUD2HVWDQD@pRSRYR GR SUHIHLWR (OHV YrP TXDQGR TXHUHP WrP FDUUR SDUD YLU QD KRUD TXH TXHUHP SRUTXH WUDEDOKDPSDUDR3UHIHLWRQRWHPSRGDFDPSDQKDHGHSRLVTXHUHPRGHOHVpFODUR´7-
$OpPGHLGHQWLILFDUXPJUXSRGHGRHQWHVTXHWrPIDFLOLGDGHSDUDYLUj2HVWDQDFRP PDLRUIUHTXrQFLDD³SDQHOLQKD´SRGHVHUYLUWDPEpPSDUDGHQRPLQDURVFRUUHOLJLRQiULRVTXH VmR JHUDOPHQWH RV VXFHVVRUHV GR 3UHIHLWR QDV VXDV IXQo}HV DGPLQLVWUDWLYDV RX VHMD TXH PDQWrPXPDDOLDQoD³LQWUDSDWURQDO´/$11$FRPRSRGHPRVDIHULUDSDUWLUGDVIDODV TXHVHJXHP³pXPDODLDVy7HPXPDOLVWDGHSUHIHLWRHOHVMiVDEHPTXHPYDLHQWUDUXPVDL
BBBBBBBBBBBBBBBBBBBBBBBBB
7-DQRVHQDWXUDOGH3DXGRV)HUURV51DFRPSDQKDVHX PDULGRFXMRWUDWDPHQWRVHLQLFLRXKiRLWR
H Mi HQWUD RXWUR TXH HOHV TXHUHP p WXGR HQWUH HOHV 6H p SDUD GDU HPSUHJR p Vy R SHVVRDO GHOHVeVyDTXHODSDQHOLQKD´0-
8QVDSRLDPRVRXWURVHOHVTXHHVFROKHPTXHPYDLVHURSUHIHLWRVDL*DOHQRHQWUDD PXOKHU GH 5D\PXQGR VDL D PXOKHU GH 5D\PXQGR H HOH HQWUD e DVVLP QmR PXGD QXQFD (P WRGR FDQWR WHP SDQHOLQKD DWp QD 2HVWDQD ¬V YH]HV YRFr VHQWH DV SHVVRDVPHLRIULDVFRPYRFrHFRPRXWUDVHODVQmRVmRDVVLP/iQDSRXVDGDDJHQWH WHPTXHVDEHURTXHYDLIDODUSRUTXHWHPJHQWHTXHHVFXWDGHPDLV62
$³SDQHOLQKD´WRUQDVHDLQGDPDLVIHFKDGDHGHILQLGDQRSHUtRGRHOHLWRUDOTXDQGRRV ³ODGRV´SRGHPVHUGLVWLQJXLGRVIDFLOPHQWHQXPDVLWXDomRGHFRQIOLWRSRUH[HPSOR
(X PH OHPEUR GH XP WHPSR TXH TXDQGR XP ODGR JDQKDYD H LD ID]HU D SDVVHDWD GHSRLVGDHOHLomRWLQKDJHQWH>RVDGYHUViULRVSROtWLFRV@TXHSHJDYDPDTXHODVSDQHODV GH EDUUR H MRJDYDP QDV FDVDV XQV GRV RXWURV 4XDQGR XQV SHUGLDP DL RV RXWURV SHJDYDPDTXHODVSDQHODVHMRJDYDPQRPHLRGDUXD(UDSDUDTXHEUDUDSDQHOLQKD 8PDYH]XPDPXOKHUTXHHUDPXLWRYDOHQWHMRJRXXPDSDQHODGHiJXDTXHQWHQXP SHVVRDOTXHIRLQDFDVDGHODLQVXOWDUHTXDVHGDYDPRUWHQHVVHGLD++
1DIDODDFLPDDTXHEUDGDSDQHODIHLWDGHDUJLODDSDUHFHFRPRXPDWRVLPEyOLFRTXH VLJQLILFDRILPGRJRYHUQRTXHEHQHILFLDGHWHUPLQDGRJUXSRHPGHWULPHQWRGRVGHPDLV7DO DWRPDUFDRILPGHXPDGHWHUPLQDGD³SDQHOLQKD´HRLQtFLRGHRXWUD
$LQGD TXH QmR WHQKD XP VHQWLGR H[FOXVLYDPHQWH SDUHQWDO D ³SDQHOLQKD´ UHYHOD HVWUXWXUDV PDLV SURIXQGDPHQWH DUUDLJDGDV GH XPD SROtWLFD WUDGLFLRQDO PDUFDGD SHOD DWXDomR GDVROLJDUTXLDVFRPRRQHSRWLVPR
3RUTXH TXDQGR RSUHIHLWRERWD DTXHODVSHVVRDV GHOHSDUD WUDEDOKDU QDSUHIHLWXUD R SHVVRDOGL]³DOLpWXGRIDULQKDGRPHVPRVDFR´RX³pDSDQHOLQKDGHOHVOi´6HPSUH HOHVWrPDVSHVVRDVMiFHUWDVSDUDFRORFDUGDtHVVHpXPSHVVRDOFKHJDGRGRSUHIHLWR 3RUTXH KRMH WHP PXLWD D TXHVWmR GR FRQFXUVR PDV DQWHV DTXHODV SHVVRDV SLQFLSDOPHQWH RV VHFUHWiULRV HUDP GD IDPtOLD GR SUHIHLWR 4XDQGR R SUHIHLWR LD QRPHDU QRPHDYD DTXHODVSHVVRDV GHOH TXHP IRL FDER HOHLWRUDO TXHP VDLX QD UXD SHGLQGR YRWR H DTXHODV SHVVRDV TXDVH WRGDV HODV HOH ERWD SDUD WUDEDOKDU H R SRYR FKDPD GH SDQHOLQKD IDULQKD GR PHVPR VDFR +RMH Mi PXGRX PXLWR SRU FDXVD GRV BBBBBBBBBBBBBBBBBBBBBBBBB
0-DQRVPRUDGRUDGR6tWLR3DXOHP5LDFKRGH6DQWDQD51IRLGLDJQRVWLFDGDFRP/~SXVKiPDLVGHGH]
DQRV H XWLOL]D RV VHUYLoRV GD 2HVWDQD Ki RLWR (OD WHP XPD WUDMHWyULD TXH VH GLVWDQFLD EDVWDQWH GRV GHPDLV IUHTXHQWDGRUHVGD2HVWDQDRSDLGHODVHPSUHDSRLRXREORFRSROtWLFRGDRSRVLomRHLVVRGLILFXOWRXRVHXDFHVVR DRV VHUYLoRV GD &DVD H FRQVHTXHQWHPHQWH UHWDUGRXR WUDWDPHQWR FRQWUD D GRHQoD 6HJXQGR 0- HOD WHYH TXH UHFRUUHUjMXVWLoDSDUDVHULQFOXtGDHQWUHDVSHVVRDVGH5LDFKRGH6DQWDQDFLGDGHRQGHUHVLGHTXHVHKRVSHGDP QD2HVWDQD
62UHDOL]DWUDWDPHQWRFRQWUDFkQFHUHRXWURVSUREOHPDVGHVD~GHTXHDGTXLULXFRPDFRPSOLFDomRGDGRHQoD
KiFLQFRDQRVHID]XVRGRVVHUYLoRGD2HVWDQDSHORPHVPRSHUtRGR
++DQRVIUHTXHQWDD2HVWDQDKiGH]DQRVHpEDVWDQWH³FRQKHFLGR´WDQWRHQWUHRVGHPDLVXVXiULRVTXDQWR
FRQFXUVRVHWHPDTXHOHQHJyFLRGHYRFrQmRSRGHUERWDURLUPmRLUPmRXDFXQKDGD 0DVVHPSUHTXHHOHVYmRERWDUJHQWHQDTXHODiUHDTXHQmRSUHFLVDGHFRQFXUVRERWD DTXHODVSHVVRDVTXHMiVmRGDSUHIHLWXUD1DTXHODVVHFUHWDULDVWHPXQVIXQFLRQiULRV TXH VmR QRPHDGRV VHP FRQFXUVR 2 SUySULR FRRUGHQDGRU p TXHP QRPHLD LG
JULIRVQRVVRV
0DV VHU HPSUHJDGR GD 3UHIHLWXUD 0XQLFLSDO QmR p R ~QLFR SUHGLFDGR TXH GHILQH D SDUWLFLSDomRHPXPD³SDQHOLQKD´SRLVIUHTXHQWDUD2HVWDQDWDPEpPpXPDSUHUURJDWLYDSDUD WDO ³HX QmR YHMR R SHVVRDO GH 3RUWDOHJUH 51 YLQGR SDUD Fi >2HVWDQD@ QmR 9rP DOJXPDV SHVVRDVTXHVmROLJDGDVD*HW~OLR5rJRPDVRSHVVRDOGDSUHIHLWXUDPHVPRQmRYHPSDUDFi QmR´LG
(QWUHWDQWR R DFRUGR TXH VXVWHQWD D ³SDQHOLQKD´ QmR p VRPHQWH EDVHDGR HP ODoRV SROtWLFRVGHSDUHQWHVFRRXHPQtYHOGHUHQGDPDVQXPDHVSpFLHGHDFRUGRWiFLWRFRPXPD XPJUXSRFRPSRVWRSRUSHVVRDVTXHWrPRVPHVPRVLQWHUHVVHVPDVHVWmRLQVHULGDVHPQtYHLV GLVWLQWRVGHSRGHU2VH[HPSORVDFLPDGHPRQVWUDPTXHWDQWRRVSDUHQWHVTXDQWRDTXHOHVTXH QmR GHVIUXWDP GH XPD FRQGLomR VRFLRHFRQ{PLFD PDLV FRQIRUWiYHO VmR LQVHULGRV QR JUXSR H FRQWHPSODGRV SRU EHQHItFLRV GH DFRUGR FRP R SDSHO GHVHPSHQKDGR QHOH 'HVVH PRGR WDO FRPR SURS}H :ROI S SDUD D ³DPL]DGH GH SDQHOLQKD´ DV ³SHVVRDV VXSHULRUHV H LQIHULRUHV HP WHUPRV GH SRGHU SRGHP HVWDEHOHFHU DOLDQoDV LQIRUPDLV SDUD DVVHJXUDU D H[LVWrQFLD WUDQTXLOD GH VHX UHODFLRQDPHQWR SDUD SURFXUDU DSRLR HP SURPRo}HV H RXWUDV QHFHVVLGDGHV´
$ ³SDQHOLQKD´ VHULD QR VHQWLGR SROtWLFR DTXL SURSRVWR XPD DPL]DGH LGHDOL]DGD SHOR ³SUHIHLWR´FRPXPILPHOHLWRUDOSRGHQGRVHUFRQVWLWXtGDLQGLYLGXDOPHQWHLVWRpIDFHDIDFH RXHVWDEHOHFLGDHPUHGHV(VWDDRFRQWUiULRGDDPL]DGHGLiGLFDWHPXPJUDXGHDIHWLYLGDGH PHQRU PDV SRU RXWUR ODGR PRELOL]D QmR VRPHQWH UHFXUVRV FRPXQV j HVIHUD SROtWLFD YRWRV DSRLRSROtWLFRHWFPDVGHRXWURVGRPtQLRVGDYLGDVRFLDOHLVVRGHSHQGHGRJUDXHPTXHDV HVWUXWXUDVSROtWLFDVVHHVWHQGHPSDUDRXWURVFDPSRVGDYLGDVRFLDO6&277
5HVVDOWDPRVTXHDOpPGDYLDTXHQRVFRQGX]PHWDIRULFDPHQWHjFRPSDUDomRHQWUHR ODoRTXHDJUHJD³SDWU}HV´H³FOLHQWHV´DUHODomRTXHDSUR[LPD³SDFLHQWHV´H³SUHIHLWRV´SRGH WHUVXDDQiOLVHJHULGDVREUHWXGRSRURXWURVDVSHFWRVFRPRDDILQLGDGHFXOWXUDODLQWLPLGDGHH D GRHQoD TXH QRV ID]HP FRQVLGHUDU SRVVLELOLGDGHV RXWUDV GH FRQVWLWXLomR GHVVH ODoR VRFLDO 1HVVHVHQWLGRRYtQFXORSDWURQRFOLHQWHQmRDSDUHFHFODUDPHQWHGLVWLQJXLGRQRVGLVFXUVRVGRV QRVVRV LQWHUORFXWRUHV QR OXJDU GHOH RXWUDV SRVVLEOLGDGHV GH IRUPDomR GHVVH ODoR FRPR D ³DPL]DGH´SRGHPVHUYHULILFDGDV
(X WHQKR DPL]DGH FRP WRGRPXQGR H JUDoDV D 'HXV LVVR DMXGRX PXLWR QD PLQKD GRHQoD (X SDVVHL TXDVH XP DQR Vy DQGDQGR WRPDQGR WRGR WLSR GH UHPpGLR VHP VDEHURSUREOHPDHDJUDYDQGRFDGDYH]PDLV,VVRDTXLPHX>DSRQWDSDUDRWURQFR@ ILFRXEHPDOWRHXHQWRUWHLSDUDXPODGRSHUGLPXLWRSHVRQmRFRPLDTXDVHQDGDHD JHQWH VyLPDJLQDYDTXHHUDSUREOHPDQDFROXQDSRUTXHHXMiVRIULGXDVYLUDGDVGH FDUURHFRUULDDWUiVGHERLQRVPDWRV)LTXHLLQWHUQDGRGLYHUVDVYH]HVPDQGDUDPDWp XP KHOLFySWHUR SDUD PH SHJDU Oi HP 6mR 0LJXHO 51 'HSRLV TXH GHVFREUL PHX SUREOHPD HX ILTXHL YLQGR FRP >H[SUHIHLWR GD FLGDGH@ (OH YLQKD WRGRV RV PHVHV SRUTXH RV ILOKRV HVWXGDYDP DTXL HP1DWDO H YLQKD UHVROYHU DV FRLVDV DTXL PDV VH DFRQWHFHVVH GHOH QmR YLU HOH PDQGDYD R FDUUR SDUD HX YLU 1D pSRFD TXH HOH HUD SUHIHLWRHXYLQKDGLUHWRSDUDRDSDUWDPHQWRGHOH'HSRLVFKHJRXHVVDFDVDGHDSRLR H IRL TXDQGR FRPHoRX HVVH PHGLFDPHQWR HX DLQGD YLU XPD YH] Oi SDUD R DSDUWDPHQWRGH>'HSXWDGR(VWDGXDOQDWXUDOGH6mR0LJXHO@TXHHOHPHFKDPRXPDV DtHUDDTXHOHQHJyFLRORQJHGRKRVSLWDOHILFDYDUXLPSDUDLUEXVFDUHLUGHL[DUGDtHX ILTXHLYLQGRSDUDFiSHJRRVFDUURVOiHP6mR0LJXHODDXWRUL]DomROiHYHQKRPDV QXQFD PH IDOWRX QDGD (X HVWRX YLYR KRMH SRU FDXVD GRV DPLJRV TXH WHQKR ++
1mRKiDGLIXVmRGRVWHUPRV³SDWUmR´H³FOLHQWH´QRQRVVRFDPSRGHHVWXGR(OHVQmR WrP FRUUHVSRQGrQFLD HP WHUPRV QDWLYRV WDOYH] SRUTXH QR %UDVLO UHVWULQMDPVH j HVIHUD HFRQ{PLFDFRPRVXJHUH/DQQDRXSRUQmRVHUHPHWHUHPDXPDVLWXDomR³FRQWUDWXDOGH WUDEDOKR´ %(=(55$ 3DUD HVWH ~OWLPR DXWRU HOHV FDUDFWHUL]DP GH XPD IRUPD JHUDO XPDUHODomRTXHHQYROYHGXDVSHVVRDVDVTXDLVVHHQFRQWUDPHPSRVLo}HVGHVXSHULRULGDGHH LQIHULRULGDGHWDQWRHPWHUPRVHFRQ{PLFRVFRPRVRFDLV$VVRFLDQGRHVVDVQRPHQFODWXUDVDR FRQWH[WRGD2HVWDQDHODVSRGHPVHUHQWHQGLGDVILJXUDWLYDPHQWHFRPRSDUWHVHQYROYLGDVHP XPD UHODomR SROtWLFDHOHLWRUDO DVVLPpWULFD H TXDOLILFDGD VREUHWXGR SRU XPD VLWXDomR GH GRHQoDSRUpPHODVQmRGmRFRQWDGRDVSHFWRDPLVWRVRTXHWDOUHODomRFRPSRUWD
eFRPSOH[RGLVWLQJXLURYRWRFRPRSULQFtSLRRXFRPRH[WHQVmRGD³DPL]DGH´PDVDV IDODV GRV LQWHUORFXWRUHV YDOLGDP R DUJXPHQWR GHIHQGLGR SRU 6FRWW S VHJXQGR R TXDORDXWRUDILUPDTXHD³DILOLDomRDXPSDWUmRQHPpXPDGHFLVmRSXUDPHQWHFRDJLGDHQHP RUHVXOWDGRGHXPDHVFROKDLUUHVWULWD´7UDQVPXWDQGRHVWDLGHLDSDUDDUHODomRHVWDEHOHFLGD FRPR³SUHIHLWR´HQWHQGHPRVTXHHODQmRGL]UHVSHLWRDXPDREULJDomRFRQVWUDQJHGRUDHP IXQomRGRVHQWLPHQWRGHJUDWLGmRTXHHQYROYHPDVWDPEpPSHUPLWHVHUSHQVDGDHQTXDQWRXP ODoR RQHURVR TXH WHP XPD LPSRUWkQFLD YLWDO H SRUWDQWR SUHFLVD VHU PLQLPDPHQWH FRUUHVSRQGLGR
5RXODQG S ID] XPD GLIHUHQFLDomR HQWUH D ³DPL]DGH DIHWLYD´ QD TXDO H[LVWLULDXPVHQWLPHQWRGHDIDELOLGDGHHVHULDSUDWLFDGDHQWUH³SHVVRDVGHEHQV´RXVHMDGH PHVPRPHLRVRFLDOHD³DPL]DGH~WLO´RQGHXPSROtWLFRURPDQR³SRUPRWLYRGHFRQYHQLrQFLD GHVXDFDPSDQKDHOHLWRUDOSRGHUiRUQDUFRPRWtWXORGHDPLJRXPLQGLYtGXRGHEDL[RHVWUDWR
BBBBBBBBBBBBBBBBBBBBBBBBB
7UDGXomR OLYUH GH ³DIILOLDWLQJ ZLWK D SDWURQ LV QHLWKHU D SXUHO\ FRHUFHG GHFLVLRQ QRU LV LW WKH UHVXOW RI
VRFLDOEDVWDQGRTXHSRVVDVHUFRQWDGRHQWUHRVDGHSWRV´(VVHV³DPLJRV´GHFRQYHQLrQFLDVH DSUR[LPDULDPGDFDWHJRULD³FOLHQWH´TXHGL]UHVSHLWRjFRQGLomRGHGHVLJXDOGDGH
3DUD (ULF :ROI S Ki GRLV WLSRV GH DPL]DGH D ³H[SUHVVLYD´ RX ³HPRFLRQDO´HD³LQVWUXPHQWDO´1DSULPHLUDH[LVWHXPDFRPSHQVDomRDIHWLYDFDGDXPDGDV SDUWHVHQYROYLGDVQDUHODomR ³VDWLVID]DOJXPDQHFHVVLGDGHHPRFLRQDOSRULQWHUPpGLRGHVHX RSRVWR´ LVWR p SHUFHEHVH R SUHHQFKLPHQWR GH XPD FDUrQFLD R ³GpILFLW´ -i QD ³DPL]DGH LQVWUXPHQWDO´ DLQGD TXH QmR VH WHQKD R ³REMHWLYR GH REWHU DFHVVR D UHFXUVRV ʊQDWXUDLV H VRFLDLVʊ R HPSHQKR SRU HVVH DFHVVR WRUQDVH YLWDO QHVVD UHODomR´ 528/$1'LELG S FRPR RFRUUH QR HVIRUoR SDUD PDQWHU RV ODoRV GH SDUHQWHVFR TXDQGR VH PLJUD GH XP OXJDU SDUD RXWUR RX SDUD XPD FODVVH HFRQ{PLFD GLIHUHQWH SRU H[HPSOR 1R HQWDQWR HVWD ~OWLPDUHODomRWDPEpPpFDUUHJDGDGHDIHWRPHVPRTXHHVWHVHMDXPVHQWLPHQWR³ILQJLGR´ FDVRFRQWUiULRHODQmRVHVXVWHQWDULD
3DUD:ROITXDQGRD³DPL]DGHLQVWUXPHQWDO´WRFDXPSRQWRH[WUHPRGHGHVHTXLOtEULR RX VHMD TXDQGR D VLPHWULD p DQXODGD D DPL]DGH Gi OXJDU D UHODomR ³SDWURQRFOLHQWH´ RX ³DPL]DGH GHVHTXLOLEUDGD´ 3,775,9(56 DSXG:2/) PDV HP DPERV RV FDVRVHODpPDUFDGDSHODUHFLSURFLGDGHFRQILJXUDQGRVHSRUDWRVGHDVVLVWrQFLDP~WXD'H DFRUGR FRP DXWRU QHVVD UHODomR D DIHWLYLGDGH p TXDVH PtQLPD H RV ³EHQV´ H ³VHUYLoRV´ WURFDGRVQmRVHHTXLYDOHP
'RSRQWRGHYLVWDGD&LrQFLD3ROtWLFD6FKPLWWDVVLQDODTXHXPVXMHLWRVySRGH PDUFDUVXDH[LVWrQFLDQRFDPSRSROtWLFR DSDUWLU GDGLVWLQomR HVSHFLILFDPHQWHSROtWLFD HQWUH DPLJRHLQLPLJR1DUHODomRHQWUH3UHIHLWRVHXVXiULRVGD2HVWDQDHVVDGLIHUHQFLDomRpIHLWD FRPEDVHVREUHWXGRQDLQVHUomRQXPDUHGHGHFRQILDQoDHWURFDGHIDYRUHV
$ FXPSOLFLGDGH WDPEpP p XP HOHPHQWR FRPXP j ³DPL]DGH´ HQWUH ³SUHIHLWRV´ H ³SDFLHQWHV´ FDUDFWHUL]DQGRD FRP EDVH HP WRQV GH ³FRUGLDOLGDGH´ TXH GLVIDUoDP D DVVLPHWULDFRPRYHUHPRVDRORQJRGHVVHWH[WR3RUWDQWRDVVLPFRPRREVHUYD5XEHQ5HLQD SDUDDDPL]DGHGHVHQYROYLGDHPXPDFRPXQLGDGHFKDPDGD&KLQDXWODORFDOL]DGDQR VXOGR0p[LFRKiXPDHVSpFLHGHHTXLOtEULRHPRFLRQDOQHVVHVHQWLGR
3DUDRVKDELWDQWHVGHVVDFRPXQLGDGHGD*XDWHPDODDDPL]DGHpDSRUWDGHVDtGDLVWR p R PHLR SHOR TXDO VH H[SUHVVDP RV GHVHMRV VH[XDLV H DV DIHWLYLGDGHV H TXDQGR HOD QmR p UHFtSURFDRXSUDWLFDGDH[FOXVLYDPHQWHSRUGXDVSHVVRDVRUHODFLRQDPHQWRVHHVIDFHOD&RPR GHPRQVWUD 5HLQD LELG DR UHODWDU RV PRWLYRV TXH RFDVLRQDUDP R ILP GD UHODomR HQWUH GRLV BBBBBBBBBBBBBBBBBBBBBBBBB
+RODQGDXVRXHVVHWHUPRSDUDVHUHIHULUjIRUPDSDUWLFXODUGHDJLUGRVEUDVLOHLURVTXHVHJXQGRRDXWRU
MRYHQV FKLQDXWOHFRV Oi D DPL]DGH WDPEpP DSDUHFH FRPR XPD HVSpFLH GH ³FRPSHQVDomR HPRFLRQDO´5(,1$LELGS:2/)
4XDQGR TXHVWLRQDGR VREUH D UD]mR GR ILP GD DPL]DGH HOH DILUPRX FRP JUDQGH WULVWH]DHVROLGmRTXHGXUDQWHXPDIHVWD3HGUR>VHXSDUFHLUR@WLQKDVHHPEULDJDGRH QmRS{GHGDQoDUFRPHOHHQWmR-XDQFRPHoRXDGDQoDUFRPRXWUDVSHVVRDVGREDLUUR TXH HVWDYDP LQWHUHVVDGDV QHOH FRPR FDPDUDGD 4XDQGR 3HGUR FKHJRX j SLVWD GH GDQoD-XDQHVWDYDGDQoDQGRFRPRXWURHOHWRPRXLVVRFRPRXPDWRGHLQILGHOLGDGH HVDLXLUULWDGRSDUDHQFRQWUDURXWURSDUFHLUR
5HLQDLELGSDVVLPDSXG:2/)RSFLWSDQDOLVDHVVDDPL]DGH³WKHFDPDUDGD FRPSOH[´ GH XPD PDQHLUD TXH QRV ID] SHQViOD WDPEpP D SDUWLU GR FRQFHLWR GH ³DPL]DGH HPRFLRQDO´GH:ROI
3DUDRVtQGLRVHOD>DDPL]DGH@RIHUHFHXPDVDWLVIDomRHPRFLRQDOHDJDUDQWLDGHTXH HOHVQmRHVWDUmRVR]LQKRV$QWHVGRFDVDPHQWRHGHSRLVGDLQIkQFLDRFRPSOH[RGR FDPDUDGDDWLQJHXPDDOWDLQWHQVLGDGHHPRFLRQDOʊMXVWDPHQWHQDTXHODWUDQVLomRGD YLGDHPTXHR&KLQDXWOHFRDOFDQoDRVWDWXVGHDGXOWRPDVQmRDGTXLULXWRGDVDVVXDV UHFRPSHQVDV HPRFLRQDLV >@ D DPL]DGH p PDQWLGD QmR SRU PRWLYRV SUiWLFRV RX HFRQ{PLFRVPDVDSHQDVSRUFRPSHQVDomRHPRFLRQDO
'HXPDIRUPDPHQRVGHFLVLYDPDVQmRPHQRVLPSRUWDQWHDDPL]DGHHQWUH3UHIHLWRVH XVXiULRV GD 2HVWDQD VH DSUR[LPD GD GHVFULWD DFLPD DSHVDU GH QmR VHU VHPSUH XPD UHODomR GLiGLFD Mi TXH HQYROYH UHGHV GH DPL]DGH H RFRUUH QXP FRQWH[WR RQGH Ki XPD LQVWLWXLomR IRUPDO H FHQWUDOL]DGRUD R (VWDGR 0DV HP DPERV RV FDVRV R UHGLPHQVLRQDPHQWR GR ODoR VRFLDOHRXSROtWLFRGHSHQGHWDPEpPGHXPDFRPSHQVDomRDIHWLYDHQmRQHFHVVDULDPHQWHGD WURFDUHFtSURFDPDWHULDOSRLVDQmRUHWULEXLomRGRIDYRUQR FDVRGD2HVWDQDDVVLPFRPR D LQILGHOLGDGH SDUD RV ,QGLDQV GD *XDWHPDOD ID] FRP TXH R YtQFXOR GH DPL]DGH VHMD UHFRQILJXUDGR
>@(XWLQKD PXLWDDPL]DGH FRPRSUHIHLWR QmRTXHHX WHQKDGHL[DGRGHWHU PDV QmRpDPHVPDFRLVDGHVGHRGLDTXHHOHPHGHL[RXHVSHUDQGROiQDSUHIHLWXUDVHP PHDWHQGHU(XYLHOHFUHVFHUHXYLYLDGLUHWRQDFDVDGRSDLGHOHHOHV>DIDPtOLDGR DWXDO3UHIHLWRGH6mR0LJXHO*DOHQR7RUTXDWR@WLQKDPXPVtWLRHQFRVWDGRDRPHXH HXDMXGDYDOLPSDQGRPDWRLVVRTXDQGRHXSRGLDGDQGRGHFRPHUDRJDGRGHOHV (XMiDQGHLQDFDVDGHPXLWRVDPLJRVPHXVSHGLQGRYRWRVSDUDHOHPDVHXQmRDQGR PDLVVyYRXYRWDUPHVPR++
BBBBBBBBBBBBBBBBBBBBBBBBB
7UDGXomRGH³ZKHQTXHVWLRQHG-XDQDERXWWKHUHDVRQIRUEUHDNLQJWKHIULHQGVKLSKHVWDWHGZLWKJUHDWVRUURZ
$SHVDU GH ³SUHIHLWRV´ H ³SDFLHQWHV´ SDUWLOKDUHP GH XP PHVPR TXDGUR VLPEyOLFR GH UHIHUrQFLD GR SRQWR GH YLVWD VRFLDO H HFRQ{PLFR HOHV QmR RFXSDP DV PHVPDV SRVLo}HV H SRUWDQWR XPD GDV SDUWHV R ³SUHIHLWR´ ³HVWi FODUDPHQWH HP XPD SRVLomR VXSHULRU TXDQWR j VXDFDSDFLGDGHGHFRQFHGHUEHQVHVHUYLoRV´:2/)S1HVWHVHQWLGRHVSHFtILFR REVHUYDPRV XPD VLPLODULGDGH FRP D UHODomR SDWURQRFOLHQWH DLQGD TXH HOD QmR HOLPLQH DV GHPDLVSRVVLELOLGDGHVGHUHODFLRQDPHQWR
0HVPRID]HQGRHVVDGLIHUHQFLDomRSDUDDQRVVDSHVTXLVDQmRKiFRPRFRQVWUXLUPRV XPDGLYLVmRUtJLGDHQWUHXPDUHODomRGHDPL]DGHHDTXHOHYtQFXORFOLHQWHOLVWDSRUTXHPHVPR TXDQGR VH WUDWD GH XPD UHODomR GH VXEMXJR REVHUYDPRV FHUWR JUDX GH DIHWR HQYROYLGR 3RUWDQWR R DIHWR VXUJH DTXL FRPR IRUPD GH HTXLOLEUDU XPD UHODomR TXH Mi FRPHoD GHVFRPSDVVDGDHpDFHQWXDGDSHODPiFRQGLomRGHVD~GHGRVXVXiULRVGD2HVWDQD
2FRUUH TXH R GHVFRQIRUWR HPRFLRQDO UHVXOWDQWH GHVVD VLWXDomR GH GRHQoD WRUQD RV GRHQWHVPDLVSUy[LPRVGRV3UHIHLWRVIXQGDQGRDVVLPD³DPL]DGH´SRLVDOJXQVGHPRQVWUDP FHUWD FRQLYrQFLD FRP DV VXDV DWLWXGHV 'HVVD IRUPD R LQYHVWLPHQWR DIHWLYR DGRUQD H DWp PHVPRRFXOWDDGHVLJXDOGDGHLPSULPLQGRGLIHUHQWHVIRUPDVGHPDQLIHVWDomRGRODoRSROtWLFR HDWLQJLQGRQmRDSHQDVDTXHOHVTXHHVWmRIRUDGDUHGHGH³DPL]DGH´RXTXHQmRFRQVWLWXHP XPYtQFXORGHSDWURQDJHPFRPR3UHIHLWRPDVRVSUySULRV³DPLJRV´GHVWH~OWLPR
$DPL]DGHDERUGDGDDTXLVHDSUR[LPDGDVGHILQLo}HVGH:ROIHGRVH[HPSORV GH5HLQDUHIHUHQWHVDRHQYROYLPHQWRHPRFLRQDOEHPFRPRGRTXHVHULDXPDDPL]DGH LQVWUXPHQWDOSDUDRSULPHLURDXWRUSRLVDPEDVDVSDUWHVHVWmRHPEXVFDGHDOFDQoDUUHFXUVRVH VHHQFRQWUDPQXPPHVPRSODQRVLPEyOLFR,VVRSHUPLWHSRUH[HPSORWUDQVPXWDUDGLQkPLFD GHVVDVUHODo}HVSHVVRDLVTXHRFRUUHPQRkPELWRGDLQWLPLGDGHSDUDDVUHODo}HVSROtWLFDVPDV QmR GH XPD IRUPD LPHGLDWD FRPR QXPD RSRVLomR WULYLDO HQWUH DV HVIHUDV GR S~EOLFR H GR SULYDGRPDVDSDUWLUGHXPFRPSOH[RGHUHODo}HVFRQVWUXtGRHWUDQVIRUPDGRFRWLGLDQDPHQWH
³4XDQGRYRFrJRVWDGDSHVVRDFRPRSHVVRD´
&KDYHVSH[SOLFDGHFHUWDIRUPDHVVDVLQJXODULGDGHHDFRQGX]SDUDXPKRUL]RQWH GLVWLQWRGDOyJLFDKROLVPRLQGLYLGXDOLVPRVRVTXDLVQDPDLRULDGDVYH]HVWrPVLGRSHQVDGRV FRPRVLQ{QLPRVSDUDDVVRFLHGDGHVWUDGLFLRQDLVHGHVHQYROYLGDVQHVVDRUGHP
3DUD&KDYHVLELGHPERUDDKLHUDUTXLDSRVVDVHUREVHUYDGDQDVRFLHGDGHEUDVLOHLUD HODQmRpXP³YDORUVRFLDOPHQWHUHFRQKHFLGR´1HVVDSHUVSHFWLYDDLGHLDGHSHVVRDUHIHUHVH WDQWR D XP VLVWHPD KLHUiUTXLFR TXDQWR D XPD PRUDO FULVWm (QWUHWDQWR HVVD LJXDOGDGH QmR DSDUHFH GH IRUPD FRQFUHWD QR kPELWR GDV UHODo}HV VRFLDLV PDV FRPR XPD SUHWHQVmR GH LJXDOGDGHHPWHUPRVKXPDQtVWLFRV(PUHVXPR&KDYHVIRJHGDOyJLFDGXDOHQWUHLQGLYtGXRH SHVVRDDILUPDQGRTXHDQRomRGHLJXDOGDGHQDVRFLHGDGHEUDVLOHLUDGHSHQGHGDVUHODo}HV
$ FRQWUDSRVLomR HQWUH ³SHVVRD´ H ³LQGLYtGXR´ GHEDWLGD SRU DXWRUHV FRPR 'XPRQW 0DXVVEHHPXPSODQRQDFLRQDOSRU6pUJLR%XDUTXHGH+RODQGDH'D 0DWWDVLWXDUDPHPFHUWRVHQWLGRDSHVVRDHPXPDGLPHQVmRSROtWLFDUHODFLRQDGDDR ³kPELWRGDPRUDO´&+$9(6HpDSDUWLUGHVVDSHUVSHFWLYDTXHLUHPRVUHFXSHUDUHVVD OLWHUDWXUD
&RPDSUHRFXSDomRGHHQWHQGHURQRVVRPRGRGHSHQVDUHDJLU+RODQGDEXVFD QD KHUDQoD LEpULFD UHVXOWDQWH GR SURFHVVR GH FRORQL]DomR SHOR TXDO SDVVRX R %UDVLO XPD H[SOLFDomR SDUD R IDWR GH WHUPRV GHVHQYROYLGR XPD IRUPD GH FRQYLYrQFLD VRFLDO EDVHDGD QXPDHVSpFLHGHLQGHILQLomRHQWUHRVGRPtQLRVS~EOLFRHSULYDGR$VVLPRDXWRUVXVWHQWDTXH DH[WHQVmRGRGRPpVWLFRjYLGDSROtWLFDHVIHUDVTXH'D0DWWDFODVVLILFDFRPR³OyJLFD GD FDVD´ H ³OyJLFD GD UXD´ UHVSHFWLYDPHQWH UHSUHVHQWDULDP XP LPSHGLPHQWR DR GHVHQYROYLPHQWRGDGHPRFUDFLDQDFLRQDO
+RODQGD SURFXUD FRPSUHHQGHU FRPR R SHUVRQDOLVPR GLVSRVLomR VRFLDO GDV UHODo}HVSULYDGDVFXOPLQRXHPXPDVRFLDELOLGDGHSDUWLFXODURXFRPRFRORFD&KDYHV S HP XPD ³IRUPD HVSHFtILFD GH LQWHUDomR VRFLDO TXH RUJDQL]D D VRFLHGDGH´ D TXDO VH HVWHQGHXSDUDRGRPtQLRGDSROtWLFD$SDUWLUGHVVDSHUVSHFWLYDDOpPGHWHUVLGRXPPRGHOR GHRUJDQL]DomRVRFLDOWtSLFRGHXPSHUtRGRGDQRVVDKLVWyULDDIDPtOLDSDWULDUFDOIRPHQWRXD UHODomR HQWUH JRYHUQDQWHV H JRYHUQDGRV IRUQHFHQGR j HVIHUD S~EOLFD XP ³PRGR GH VHU´ +2/$1'$LELGEDVHDGRQDLQWLPLGDGH
&RQWXGR PHVPR UHFRQKHFHQGR D LPSRUWkQFLD GH GLVFXWLOD SURFXUDUHPRV IXJLU GD SHVVRDOLGDGHFRPRDOJRHYLGHQWHQmRFRQVLGHUDQGRRVLVWHPDGHUHODo}HVSHVVRDLVFRPRXPD ³VREUHYLYrQFLD GR SDVVDGR´ FRPR R IH] 'D 0DWWD PDV WDO TXDO XP PRGR GH FRQVWLWXLomR GDV UHODo}HV TXH VH UHQRYD H VH PRGLILFD QR SUHVHQWH (QWUHWDQWR QmR LUHPRV QDWXUDOL]DURIDWRGHHVWDUPRVQRVUHIHULQGRDSDWU}HVHFOLHQWHVHQmRjVFODVVHVPpGLDHEDL[D TXDQGRDERUGDPRVRFDVRGDVUHODo}HVGD2HVWDQDSRLVVHJXQGRDTXHOHDXWRUQR%UDVLO³DV UHODo}HV QmR XQLUDP LQGLYtGXRV RX FDPDGDV LQGLYLGXDOL]DGDV PDV SHVVRDV´ '$ 0$77$ LELGS
6HQGR DVVLP GH TXH PRGR SHQVDU HVVDV UHODo}HV HP XPD VRFLHGDGH LQVHULGD QXP PXQGR PRGHUQR H RFLGHQWDO SRUWDGRUD GH XPD LGHRORJLD LQGLYLGXDOLVWD PDV TXH SDUDGR[DOPHQWH DSUHVHQWD WUDoRV GD RUJDQL]DomR VRFLDO FRPXQV D FRQWH[WRV WUDGLFLRQDLV H KLHUDUTXL]DGRV" $ UHVSRVWD REYLDPHQWH QmR p WULYLDO H QmR WHPRV D SUHWHQVmR YDLGRVD GH UHVSRQGrOD HVJRWDQGR WRGDV DV SRVVLELOLGDGHV GH UHIOH[mR PDV GH DYDQoDU QR VHX HQWHQGLPHQWRDSDUWLUGHHPpULWRVDXWRUHVTXHDSHQVDUDP
(PVHXHQVDLRVREUHXPDGDVFDWHJRULDVGRHVSLULWRKXPDQR0DXVVEGHVWDFD TXH D LGHLD GH ³SHVVRD´ HVWi SUHVHQWH HP WRGDV DV VRFLHGDGHV KXPDQDV H UHSUHVHQWDGD GH DOJXPD IRUPD OLQJXLVWLFDPHQWH 3RUWDQWR HVVD VHULD XPD QRomR XQLYHUVDO H DV PXGDQoDV VRIULGDV SRU HOD DR ORQJR GD KLVWRULD GD KXPDQLGDGH D WUDQVIRUPDUDP QD ³FDWHJRULD GR (X´ 0$866LELGS
(PVRFLHGDGHVGHRUJDQL]DomRWULEDOFRPRDGR3XHEORGH=XxLGDGDFRPRH[HPSOR SRUDTXHOHDXWRULGLELGSDSHVDUGHHVWDUVXEPHUVRQRFOmRLQGLYtGXRVHVREUHVVDLD HOHQRFHULPRQLDODWUDYpVGDLGHLDGRSHUVRQDJHP2IDWRGRVQREUHV3XHEORVQmRPXGDUHP RV QRPHV H HVWHV VHUHP FDUUHJDGRV GH DQFHVWUDOLGDGH DOWHUDQGR FRP D LGDGH H R SDSHO GHVHPSHQKDGRSHORLQGLYtGXRUHYHODSDUD0DXVVFRPRDQRomRGHSHVVRDVXUJHWDOTXDOXPD IRUPDGHLQVWLWXLomRGRGLUHLWRSRLVVHJXQGRHOH³DSHUSHWXLGDGHGDVFRLVDVHGDVDOPDVVyp JDUDQWLGDSHODSHUSHWXLGDGHGRVQRPHVGRVLQGLYtGXRVGDVSHVVRDV´LGLELGS
H[HUFLGRV SHORV LQGLYtGXRV HP GUDPDV VDJUDGRV H QD RUJDQL]DomR IDPLOLDU HP GLYHUVDV VRFLHGDGHV
$LGHLDGDSHVVRDSRUWDGRUDGHXPDHVVrQFLDVXUJHTXDQGRRVFULVWmRVDUHODFLRQDPj 7ULQGDGH RX VHMD TXDQGR HOD DSDUHFH FRPR XQLGDGH YLQFXODGD H GHSHQGHQWH GH 'HXV (QWUHWDQWRpFRPRFRQKHFLPHQWRGHVLHDFRQVFLrQFLDSVLFROyJLFDTXHDSHVVRDGHL[DGHVHU ³XPDVXEVWkQFLDUHODFLRQDOHLQGLYLVtYHOHSDVVDDVHUXPDFRQVFLrQFLDHXPDFDWHJRULD´LG LELGSWDOTXDODFRQKHFHPRVKRMHHVHJXQGR0DXVVDSDUWLUGHVVDFRQFHSomR.DQW H)LFKWHID]HPGR³(X´XPSUHFHLWRGD5D]mR3UiWLFDQRVpFXOR;9,,,
3DUD 'XPRQW D QRomR GH LQGLYtGXR QmR S{GH VHU FRQVWLWXtGD VRE IRUPDV WmR GLYHUVDVHSDUWLFXODUHVSRLVHODIRLPROGDGDSHODVLGHLDVSUHFtSXDVGHLJXDOGDGHHOLEHUGDGH FRQKHFLGDVSHODVRFLHGDGHPRGHUQDRFLGHQWDO6HJXQGRRDXWRUR³HOHPHQWDU´H³LQGLYLVtYHO´ QDVRFLHGDGHPRGHUQDpRKRPHPMiQDVRFLHGDGHWUDGLFLRQDOpRFROHWLYReSRUHVVDUD]mR TXHRKRPHPPRGHUQRQmRSRGHVHUFRORFDGRQRPHVPRSODQRGDVRFLHGDGHWUDGLFLRQDORX SDUDXVDUSDODYUDVGDTXHOHDXWRUQmRSRGHVHUFRQWUDSRVWRjHODFRPR³SDUWHGHXPWRGR´
$ SDUWLU GR HVWXGR GD VRFLHGDGH LQGLDQD 'XPRQW SHQVRX GRLV WLSRV GH VRFLHGDGHD³LQGLYLGXDOLVWD´VLVWHPDQRTXDORLQGLYtGXRVHULDXPYDORURXGHRXWURPRGR FRPSRULD R ³YDORU VXSUHPR´ H D ³KROLVWD´ RQGH R YDORU MD] ODUJDPHQWH QD VRFLHGDGH '80217LELGSSRUWDQWRRVHXFRQMXQWRRUHSUHVHQWD2PRGHORKROLVWDFRDGXQDVH DR QRVVR DUJXPHQWR GH TXH R SDSHO GR ³SUHIHLWR´ QR FDVR GD 2HVWDQD DEUDQJH GLYHUVDV HVIHUDVVRFLDLVVHQGRLQWHJUDGRDRWRGRHFRPSOHPHQWDGRSRUHOHDOpPGHUHSUHVHQWiOR
(PFRQWH[WRVPRGHUQRVRLQGLYtGXRUHSUHVHQWDGHFHUWDIRUPDDKXPDQLGDGHLQWHLUD SRUTXHHOHFDUUHJDDVXDHVVrQFLD-iQDTXHOHVGLWRVWUDGLFLRQDLVRVRFLDOpSDUWHLQWHJUDQWHGR KRPHPHVWDQGRHOHQDVXDFRQVFLrQFLDHQHVVHVHQWLGRHOHVyH[LVWHFROHWLYDPHQWH$LGHLD GH QDomR QRV DMXGD D SHQVDU R LQGLYtGXR FRPR PHPEUR GH XPD VRFLHGDGH LQWHJUDGD H QmR GLYLGLGDHPVHJPHQWRVFRPRRpDVRFLHGDGHWUDGLFLRQDO'D0DWWDSJULIRVGR DXWRUGLVFRUUHXVREUHRDVVXQWR
0DXVV Yr FRP SUHFLVmR D FRQFRPLWkQFLD GD QDomR FRPR XPD QRYD IRUPD GH RUJDQL]DomR VRFLDO H SROtWLFD H R LQGLYtGXR ( DLQGD FRPR QHVVH PRGR GH FROHWLYLGDGHRVLQGLYtGXRVDWXDPVRFLDOPHQWHGHIRUPDGLYHUVD2XVHMDQDQDomR RV LQGLYtGXRV WrP QD DWXDomR VRFLDO XPD RSomR TXH SRGHP H[HUFHU RX QmR SDUD IRUPDU D FKDPDGD µVRFLHGDGH FLYLO¶ $R SDVVR TXH QDV VRFLHGDGHV VHJPHQWDGDV FRPSOHPHQWDUHV H WUDGLFLRQDLV R VRFLDO QmR p XPD RSomR RSRVWD DR PXQGR LQGLYLGXDO $R FRQWUiULR HOH VH LPS}H j SHVVRD FRPR SDUWH LQWHJUDQWH GH VXD FRQVFLrQFLD
