5$&+(/+2))0$11 )$&(6(&2175$)$&(6'$,'(17,'$'(32578*8(6$(07(;726'( &$5'2623,5(6
7HVH GH 'RXWRUDGR DSUHVHQWDGD DR ,QVWLWXWR GH %LRFLrQFLDV /HWUDV H &LrQFLDV ([DWDV GD 8QLYHUVLGDGH(VWDGXDO3DXOLVWD&DPSXVGH6mR -RVp GR 5LR 3UHWR SDUD REWHQomR GR WtWXOR GH 'RXWRUD HP /HWUDV ÈUHD GH &RQFHQWUDomR /LWHUDWXUDVHP/tQJXD3RUWXJXHVD
680È5,2
,QWURGXomR
'H(VWiWXDVVHP3HGHVWDOD0HWUySROH3RUWXJXHVDHP/LVERDOLYURGHERUGR
1DYHJDQGR&RQWUDD0DUpRX2OKDUHV(VWUDQJHLURV
'HVWURQDQGR9HOKRV5HLVRXD)DUVDGR/tGHU3ROtWLFR,GHDO
'H%UXPDVH&UDYRV5HOHLWXUDGR7HPSR3RUWXJXrVHP$OH[DQGUD$OSKD
&RQFOXVmR
%LEOLRJUDILD
$*5$'(&,0(1726 $'HXV $RVIXQFLRQiULRVGDELEOLRWHFD
$ WRGRV RV IXQFLRQiULRV GD VHomR GH SyVJUDGXDomR (VSHFLDOPHQWH DJUDGHoR D 6tOYLD (PLNRTXHWDQWRPHDX[LOLRXQDIRUPDOL]DomRGDGRFXPHQWDomRGD%ROVD3'((DOpP GHWHUPHDMXGDGRWDQWRHQTXDQWRHXHVWDYDHP3RUWXJDO7DPEpPDJUDGHoRD5RVHPDU TXHVHPSUHPHDWHQGHXFRPJHQWLOH]DHDWHQomR $RVSURIHVVRUHVTXHIRUDP&RRUGHQDGRUHVGRSURJUDPDGH3yV*UDGXDomRHP /HWUDV GXUDQWHRSHUtRGRGHPHX0HVWUDGRH'RXWRUDGR ¬&$3(6HDRVVHXVIXQFLRQiULRV ¬3URI'U$QD3DXOD$UQDXWSHODFRRULHQWDomRGXUDQWHRSHUtRGRGHTXDWURPHVHV HPTXHHVWLYHUHDOL]DQGRSHVTXLVDQD8QLYHUVLGDGHGH&RLPEUD ¬(PtOLD$UD~MRTXHPHUHFHEHXHP3RUWXJDO ¬0DULD&ULVWLQD9LWWL9LHLUD $PHXSDLSHORH[HPSORGHIRUoDHGHGLFDomR $PLQKDPmHTXHPHHQVLQDRYDORUGDJHQWLOH]D $PLQKDLUPmVHPYRFrQDGDGLVVRVHULDSRVVtYHO ¬0DULDQD0DU\7DQDNDDPLJDGHWRGDVDVKRUDV ¬$QGUpLD5pJLDSRUWRGDVDVGLFDVTXHPHGHXDQWHVGDPLQKDYLDJHPD3RUWXJDO
¬ 3URI 'U 7pUFLD 9DOYHUGH FRP D FHUWH]D TXH R VHU KXPDQR PDUDYLOKRVR TXH p VHPSUHVHUHIOHWLUiHPVHXWUDEDOKR ¬0DULD$OHVVDQGUDSHODWUDGXomRGRUHVXPRGHVWDWHVHHSHODDPL]DGH&RPDVPLQKDV GHVFXOSDVSHODPLQKDDXVrQFLD $'LHJR-HVXV5RVD&RGLQKRWR$QD3DXOD'LDV5RGULJXHVHDWRGRVRVDPLJRVTXHIL] QDSyVJUDGXDomR
¬ 0DULDQD 3HWHUV 2OtYLR j 3ROLDQD %ULWHV *DQDQ H DR 5KLDJR /RVVR FRP PXLWDV VDXGDGHV
8PDJUDGHFLPHQWRPXLWRHVSHFLDOjVDPLJDV$QD$PpOLDH5DIDHOD0DQR6DQFKHVSHOD DPL]DGHVHPSUHSUHVHQWHQRVPRPHQWRVPDLVGLItFHLVGDHODERUDomRGHVWDWHVH $3URI'U0DULD/XtVD67HL[HLUDGHTXHPOHPEURFRPWDQWRFDULQKR $R3URI'U$UQDOGR)UDQFR-~QLRUSHORH[HPSORSURILVVLRQDO
$R 3URI 'U 2UODQGR 1XQHV GH $PRULP SHODV FRQWULEXLo}HV SHOD DPL]DGH H SHOD JHQHURVLGDGHFRPTXHVHPSUHFRQGX]LXVHXWUDEDOKR $R3URI'U2UODQGR*URVVHJHVVHSHORHQYLRGHVHXDUWLJR ¬3URID'UD0DULD/~FLD*XHOILSHORHQYLRGHVHXVDUWLJRV $3URI'U0DULD+HORtVD0DUWLQV'LDVSHODFRQWULEXLomRQR6HPLQiULRGH7HVHVHP $QGDPHQWR $R3URI'U6pUJLR9LFHQWH0RWWDSHODFRQWULEXLomRQDEDQFDGHTXDOLILFDomR $PLQKDRULHQWDGRUD3URI'U6{QLD+HOHQD5D\PXQGRGH2OLYHLUD3LWHULSRUWRGDVDV FRQWULEXLo}HVFRQYHUVDVFRUUHo}HVHGLVFXVV}HVTXHPHDMXGDUDPQDHODERUDomRGHVWH WUDEDOKR3HODDMXGDQHVVHSHUFXUVRWmRFKHLRGHDOWRVHEDL[RVDJUDGHoRFRPFDULQKR
5(6802
$%675$&7
7KH KHWHURJHQHRXV QDWXUH RI -RVp &DUGRVR 3LUHV¶V ZRUN DVVRFLDWHG ZLWK WKH PRELOL]DWLRQRIFHUWDLQQDUUDWLYHIRUPVOHGXVWRVHOHFWDSXUSRVHO\GLYHUVHFRUSXVD IDNH WRXU JXLGH /LVERD OLYUR GH ERUGR YR]HV ROKDUHV PHPRUDo}HV D ³FKLOGUHQ¶V VWRU\´ EDFNZDUGV ³3RU FLPD GH WRGD D IROKD´ D VXEYHUWHG IDEOH 'LQRVVDXUR([FHOHQWtVVLPRDQGDQRYHOWKDWLVQRWTXLWHRQH$OH[DQGUD$OSKD ,QDGGLWLRQLQWKHVHDOUHDG\VXEYHUWHGQDUUDWLYHIRUPVRWKHUPDQLIHVWDWLRQVFDQ VWLOOEHGLVWLQJXLVKHGVXFKDVFRPLFERRNVVHUPRQVSDUDEOHVGUDZLQJVHWFYHULI\LQJ D PXOWLIDFHWHG FRPSRVLWLRQ WKDW GHSDUWV IURP WUDGLWLRQDO FRQYHQWLRQV DQG IRUPV &RPELQLQJ WKLV QDUUDWLYH IRUP YDULHW\ DQG WKH DXWKRU¶V NHHQO\ FULWLFDO SHUFHSWLRQ LQ UHODWLRQ WR WKH P\VWLILFDWLRQ RI 3RUWXJXHVH KLVWRU\ RXU DLP LV WR FRQVLGHU WKDW WKH FUHDWLRQRID3RUWXJXHVHLGHQWLW\LGHQWLW\EDVHGLQSHRSOHEHOLHIVP\WKVDQGOHJHQGVLV XQPDVNHG E\ &DUGRVR 3LUHV WKURXJK WKH WUDQVJUHVVLRQ RI WUDGLWLRQDO QDUUDWLYH IRUPV XVLQJLURQ\DQGSDURG\7KHDXWKRUPDNHVXVHRIWKHVHUHVRXUFHVWRUHFRYHUDQGDOPRVW VLPXOWDQHRXVO\ VXEYHUW WH[WV WKDW IRFXV RQ EHLQJ /XVR ZKLFK H[DOW WKH 3RUWXJXHVH QDWLRQDQGWHQGWRIRUPURRWVDQGIL[RVVLILHGVWUXFWXUHVUHTXLULQJFRQVWDQWUHYLHZ
.(<:25'6-RVp&DUGRVR3LUHV3RUWXJXHVHLGHQWLW\LURQ\SDURG\
,1752'8d2
-RVp&DUGRVR3LUHVQDVFHXHPHP6mR-RmRGR3HVRQD%HLUD%DL[DPDV GHVGH FHGR PRVWURX GHVLQWHUHVVH SHOD YLGD QD SHTXHQD DOGHLD HOHJHQGR /LVERD FRPR FLGDGH GH VXD SUHIHUrQFLD $t FRQVHJXH HVWDEHOHFHU XPD VyOLGD FDUUHLUD GH MRUQDOLVWD FRODERUDQGR Mi SRU YROWD GH FRP DV SiJLQDV OLWHUiULDV GH2 JORERH GD UHYLVWD $ILQLGDGHVGR,QVWLWXWR)UDQFrVGH/LVERD)RLWDPEpPUHGDWRUGDUHYLVWD(YDHP
IXQGDGRU GD UHYLVWD$OPDQDTXH HP H FRODERUDGRU GR VXSOHPHQWR$ PRVFD GR 'LiULRGH1RWtFLDVHP
6HXSULPHLUROLYUR2VFDPLQKHLURVHRXWURVFRQWRVIRLSXEOLFDGRFRPR DX[tOLRILQDQFHLURGHDPLJRVFRPR0iULR'LRQtVLR$OYHV5HGRO$OH[DQGUH2¶1HLOO (XJpQLRGH$QGUDGH H $UPLQGR5RGULJXHV IDWRULOXVWUDWLYRGDSUR[LPLGDGHDIHWLYDH SROtWLFDTXHRDXWRUHVWDEHOHFHUiFRPDOJXQVDUWLVWDVGHVXDpSRFD
(PSXEOLFD+LVWyULDVGHDPRUFROHWkQHDTXHWDOFRPRROLYURGHp DSUHHQGLGDSHODFHQVXUD6HXVHJXQGROLYUROHYDRDWHUFRQWDWRGLUHWRFRPRVFHQVRUHV SRLV R DXWRU p REULJDGR D GDU HVFODUHFLPHQWRV D UHVSHLWR GR YRFDEXOiULR GLWR LQDGHTXDGRGDREUD(PDOJXPDVGDVQDUUDWLYDVGROLYURGHHGRGH IRUDPUHXQLGDVHPXPYROXPHLQWLWXODGR-RJRVGHD]DU
&RPRODQoDPHQWRGRHQVDLR&DUWLOKDGR0DULDOYDHPHFRPDSHoD2 UHQGHUGRVKHUyLVGRPHVPRDQRDREUDGH&DUGRVR3LUHVVHGLYHUVLILFDDLQGDPDLV(P
FRP D SXEOLFDomR G¶2 'HOILP&DUGRVR 3LUHV DILUPDVH FRPR XP URPDQFLVWD GLIHUHQFLDGRVHQGRHVVHOLYURDSRQWDGRFRPRXPPDUFRGLYLVRUGDVXDREUD3RUHVVD pSRFDRDXWRUPXGDVHSDUDD,QJODWHUUDRQGHOHFLRQD/LWHUDWXUD3RUWXJXHVDH%UDVLOHLUD QR.LQJ¶V&ROOHJHGD8QLYHUVLGDGHGH/RQGUHVFRQWLQXDQGRSDUDOHODPHQWHFRPVXD SURGXomR OLWHUiULD (P WHUUD HVWUDQJHLUD HVFUHYH D SULPHLUD YHUVmR GH'LQRVVDXUR ([FHOHQWtVVLPRSXEOLFDGDHP/RQGUHVHPHHP3RUWXJDOHP5H~QHDOJXQV
GHVHXVHQVDLRVQROLYUR(DJRUD-RVp"VHQGRDHGLomRORQGULQDGHHDSRUWXJXHVD GH
$GLYHUVLGDGHGHVXDHVFULWDFRQILUPDVHFRP2EXUURHPSpFROHWkQHD GHWH[WRVTXHPRELOL]DIRUPDVQDUUDWLYDVGLVWLQWDVFRPPDLVXPDSHoDGHWHDWUR&RUSR GHOLWRQDVDODGHHVSHOKRVFRPXPURPDQFHTXHpXPDHVSpFLHGHUHOHLWXUDGR
JrQHUR SROLFLDO%DODGD GD 3UDLD GRV &mHV H FRP RXWUR TXH VXEYHUWH DV FDWHJRULDV GR URPDQFH WUDGLFLRQDO$OH[DQGUD $OSKD FRP RV WH[WRV GH FXQKR IDEXODU G¶$ UHS~EOLFD GRV FRUYRV FRP$ FDYDOR QR GLDER OLYUR GH FU{QLFDVGHVWDFDQGRVHDLQGD'HSURIXQGLVYDOVDOHQWDWH[WRTXHSUREOHPDWL]D DFRPSOH[DUHODomRDXWRUHREUDDRDSUHVHQWDUXPYLpVDXWRELRJUiILFRSURYHQLHQWHGD VLWXDomROLPtWURIHTXHRDXWRUWHYHFRPDPRUWH/LVERDOLYURGHERUGRYR]HVROKDUHVH PHPRUDo}HVHVSpFLHGHFRQWUDJXLDGDFLGDGHGH/LVERDH9LDJHPj,OKDGH6DWDQiV DPERV WDPEpP GH $OpP GHVVHV WH[WRV SRVWXPDPHQWH IRL ODQoDGR'LVSHUVRV, XPD UHXQLmR GH HVWXGRV VREUH OLWHUDWXUD SRUWXJXHVD H D QRYHOD/DYDJDQWH ± HQFRQWURGHVDELWDGRXPDKRPHQDJHPDRGpFLPRDQLYHUViULRGHPRUWHGRDXWRU
SURFHGLPHQWRVFRUUHODWRVDSDUyGLDDViWLUDRKXPRURF{PLFRHPFLQFRQDUUDWLYDV G¶$UHS~EOLFDGRVFRUYRVDVDEHU³$UHS~EOLFDGRVFRUYRV´³/XOX´³$VFHQVmRHTXHGD GRV SRUFRV YRDGRUHV´ ³2 SiVVDUR GDV YR]HV´ H ³$V EDUDWDV´ &RP HVVH SURSyVLWR UHDOL]DPRVXPDGLVFXVVmRWHyULFDTXHUHWRPDUHPRVDTXLEUHYHPHQWHWHQGRHPYLVWDD DUWLFXODomRH[LVWHQWHHQWUHDTXHOHHHVWHWUDEDOKR
1HP D YLVmR FOiVVLFD LURQLD FRPR WURSR QHP D URPkQWLFD IRUDP VXILFLHQWHV SDUD DQDOLVDU QRVVR FRUSXV SRU LVVR HP QRVVD GLVVHUWDomR HOHJHPRV FRPR ILRV QRUWHDGRUHVDOJXQVHVWXGRVFRQWHPSRUkQHRVVREUHDLURQLDIRFDQGRQRVSULQFLSDOPHQWH HPWH[WRVGH/LQGD+XWFKHRQ
$ GLIHUHQFLDomR HQWUH LURQLD ViWLUD H SDUyGLD IRL WUDEDOKDGD SRU +XWFKHRQ HP GRLVDUWLJRVSXEOLFDGRV QDUHYLVWD3RHWLTXH HP H $FUtWLFD GHIHQGHTXH D SDUyGLD WHP XPD QDWXUH]D GLIHUHQWH GD GRV RXWURV SURFHGLPHQWRV LQWHUWH[WXDLV SRLV DOpP GH SRGHU VHU HQWHQGLGD FRPR VtQWHVH HQWUH GRLV WH[WRV GLVWLQWRV FRQWpP QHFHVVDULDPHQWHXPYLpVDYDOLDWLYRHFUtWLFR$HVWXGLRVDDLQGDDUJXPHQWDTXHKiXPD UHODomRHQWUHRIXQFLRQDPHQWRGDLURQLDHGDSDUyGLDMiTXHDPEDVIXQFLRQDPDSDUWLU GD VREUHSRVLomR GH SODQRV XP PDLV LPSOtFLWR RXWUR PDLV H[SOtFLWR VHQGR TXH HVVH ~OWLPRpSRVVtYHOGHVHUUHFXSHUDGRSHORFRQWH[WR
8PDWHRULDGDSDUyGLDH7HRULDHSROtWLFDGDLURQLD+XWFKHRQ
REVHUYDVHDH[LVWrQFLDGDQDWXUH]D³WUDQVLGHROyJLFD´GDLURQLDWHUPRGH:+,7(DSXG +87&+(21S RXVHMDDLURQLDIXQFLRQD³WDWLFDPHQWH DVHUYLoRGHXPD YDVWDJDPDGHSRVLo}HVSROtWLFDVOHJLWLPDQGRRXVRODSDQGRXPDJUDQGHYDULHGDGHGH LQWHUHVVHV´+87&+(21S
6HJXLQGR D SHUVSHFWLYD GH +XWFKHRQ GHVWDFDPRV R SRQWR GH YLVWD GH ,R]]L SHVWXGLRVDTXHUHVVDOWRXTXHHP8PDWHRULDGDSDUyGLDS +XWFKHRQDVVRFLDRSDSHOGDSDUyGLDGRVGLDVGHKRMHjIXQomRDWULEXtGDSRU%DNKWLQ SDUD R FDUQDYDO QD VRFLHGDGH PHGLHYDO H UHQDVFHQWLVWD 2X VHMD VH SDUD D DXWRUD FDQDGHQVHRXVRGRSURFHGLPHQWRSDUyGLFRLPSOLFDVLPXOWDQHDPHQWHXPDDFHLWDomRGH FHUWDVIRUPDVSDUDDSDUWLUGHODVWUDQVJUHGLUQROLPLWHGDUHFRQKHFLELOLGDGHRXDLQGD VH SDUD HOD D UHFXSHUDomR GH FHUWRV WH[WRV UHTXHU R UHFRQKHFLPHQWR GD LPSRUWkQFLD GHOHVSDUDDFRQVWUXomRGHXPDWUDGLomRSDUD%DNKWLQSRFDUQDYDOIXQFLRQD FRPR XPD SDUyGLD GD YLGD PXQGDQD PRPHQWR HP TXH HUD SRVVtYHO URPSHU FRP RV OLPLWHV RILFLDLV VXDV LQWHUGLo}HV H EDUUHLUDV KLHUiUTXLFDV PDV DSHQDV GHQWUR GH FHUWR OLPLWHGHWHPSR
2 TXH %DNKWLQ HQ[HUJD QD HVIHUD GR FDUQDYDO H SRVWHULRUPHQWH QD SDUyGLD H[LVWHQWHQDREUDGH5DEHODLV+XWFKHRQWUDQVS}HSDUDDLQWHUSUHWDomRGDSDUyGLDSyV PRGHUQLVWD TXDQGR UHFRQKHFH XP OLPLWH SDUD D FRQWUDYHUVmR GDV IRUPDV SRVWDV HP FRQIURQWRVRESHQDGHQmRVHUHFRQKHFHURSUySULRIXQFLRQDPHQWRGHVVHUHFXUVR(VVD UXSWXUD OLPLWDGD QmR DQLTXLODGRUD GR WH[WR IRQWH UXSWXUD TXH JDUDQWH R HPSHQKR GR OHLWRUIUHQWHDRMRJRSDUyGLFRIRLFKDPDGDSHODHVWXGLRVDGH³SDUDGR[RGDVXEYHUVmR OHJDOL]DGD´+87&+(21S
SRQWRVHVSHFtILFRVUHODFLRQDGRVIXQGDPHQWDOPHQWHjWUDGLomRHjKLVWyULDSRUWXJXHVD IDWRUHVGLYHUVDHDPSODPHQWHH[SORUDGRVSHORDXWRUTXHFRQIHUHGHXPODGRHVSHFLDO DWHQomR SDUD R SHUtRGR GD GLWDGXUD FRP rQIDVH QD ILJXUD GH 6DOD]DU H SDUD RV PRPHQWRVVXEVHTHQWHVD5HYROXomRGRV&UDYRVHRSHUtRGRSyVUHYROXFLRQiULRHGH RXWURUHWRPDWUDoRVSHFXOLDUHVTXHHVWmRLQFUXVWDGRVQDYLGDGRSRYRSRUWXJXrVWDLV FRPRRDSHJRDGHWHUPLQDGDVFUHQoDVRHVStULWRPHVVLkQLFRDLGHLDGH3RUWXJDOFRPR SRYR HOHLWR GH 'HXV FRPR GHVEUDYDGRU H FRQTXLVWDGRU GH WHUUDV DOpPPDU HQILP DVSHFWRVTXHGHUDPRULJHPDXPDYLVmRPLWLILFDGDGDKLVWyULDOXVD
$ UHFXSHUDomR GH WH[WRV TXH ID]HP SDUWH GD WUDGLomR FXOWXUDO SRUWXJXHVD p UHFRQVWUXtGDFUtWLFDHFULDWLYDPHQWHPDVQmRGHVWUXtGDGHWRGR(VVD UHDUWLFXODomRGD WUDGLomRSRGHVHUREVHUYDGDWDPEpPQRTXHVHUHIHUH DRV JrQHURVOLWHUiULRVHIRUPDV QDUUDWLYDVPRELOL]DGRVSRU&DUGRVR3LUHVSRLVQRVGHSDUDPRVFRPGLIHUHQWHVWH[WRVTXH VXEYHUWHPDFRQFHSomRFRQYHQFLRQDOGDIiEXODGRURPDQFHHDWpGHXPJXLDWXUtVWLFR
VHUVHJXLGRSHORVFLGDGmRVHQILPGLVFXUVRVTXHH[DOWDPDQDomRHTXHWHQGHPDILQFDU UDt]HVHIL[DUHVWUXWXUDVHVFOHURVDGDVH[LJLQGRXPDUHYLVmRFRQVWDQWH
$HYRFDomRGHWH[WRVDOXVLYRVjFDSLWDOSRUWXJXHVDOHYDQRVD/LVERDOLYURGH ERUGRTXHVXUJHFRPRXPFRQYLWHDROHLWRUQRVHQWLGRGHDGHQWUDUDREUDGH&DUGRVR
3LUHVDFRPSDQKDQGRRROKDUSHUVSLFD]GRVHXQDUUDGRUHGHVHLQILOWUDUSDUDOHODPHQWH QRFDStWXORGHDEHUWXUDGHVWDWHVHXPDVXJHVWmRDVHUVHJXLGDRXQmRGHSHUDPEXODU SHORV GHPDLV FDStWXORV TXH D FRPS}HP H GHEDWHUVH FRP HOD FRQFRUGDQGR RX GLVFRUGDQGR GH QRVVD SURSRVWD WHQGR HP YLVWD TXH HOD p DSHQDV XPD HQWUH DV YiULDV SRVVLELOLGDGHVVXVFLWDGDVSHORWH[WRGRDXWRUSRUWXJXrVHPHVWXGR
1R SULPHLUR FDStWXOR LQWLWXODGR ³'H HVWiWXDV VHP SHGHVWDO D PHWUySROH SRUWXJXHVD HP/LVERD OLYUR GH ERUGR´ UHYLVLWDPVH PLWRV UHODFLRQDGRV j PHWUySROH OXVD GHVDILDQGRVH YLV}HV HVWHUHRWLSDGDV GH /LVERD FLGDGH UHSUHVHQWDWLYD GH XP SDtV TXHVHFRQVWUXLXSHODVGHVFREHUWDVXOWUDPDULQDVHSHODFRORQL]DomR
(P³'LQRVVDXUR([FHOHQWtVVLPR´WH[WRDQDOLVDGRQRWHUFHLURFDStWXORLQWLWXODGR ³'HVWURQDQGRYHOKRVUHLVRXDIDUVDGROtGHUSROtWLFRLGHDO´DFUHQoDGHTXHRVVXFHVVRV GDQDomRSRUWXJXHVDHVWmRLPEXtGRVGHDFRQWHFLPHQWRVGHRUGHPPLODJURVDRXGLYLQD QRomRTXHVHGHVGREUDQDLPDJHPGH3RUWXJDOFRPRLQFDSD]GHUHVROYHUVHXVSUREOHPDV LQWHUQRV DJXDUGDQGR D LQWHUYHQomR GH XP FKHIH TXH RV VDOYDVVH RX RV FRQGX]LVVH j UHGHQomRRTXHHPRXWURVWHUPRVVHWUDGX]QRHVStULWRPHVVLkQLFRGRSRYRSRUWXJXrV D DJXDUGDU R UHWRUQR GR UHL ' 6HEDVWLmR R 'HVHMDGR p UHFRQVWUXtGD QD ILJXUD GH 6DOD]DU TXH HQFDUQRX HVVH SDSHO GH VDOYDGRU GD SiWULD GH OtGHU LGHDO 2 GLWDGRU SRUWXJXrVDSDUHFHWUDYHVWLGRQDQDUUDWLYDHP,PSHUDGRUGR5HLQRGRV0H[LOK}HV
$EDUFDQGRXPORQJRSHUtRGRGDKLVWyULDSRUWXJXHVDUHFHQWH$OH[DQGUD$OSKD TXH VHUi WUDWDGR QR TXDUWR FDStWXOR D TXH GHQRPLQDPRV ³'H EUXPDV H GH FUDYRV UHOHLWXUDGRWHPSRSRUWXJXrVHP$OH[DQGUD$OSKD´IRFDOL]DRVDQRVFUtWLFRVGDGLWDGXUD VDOD]DULVWD R PRPHQWR FXOPLQDQWH GD 5HYROXomR GH GH $EULO GH H RV DQRV LPHGLDWDPHQWHVXEVHTXHQWHVILQDOL]DQGRHP(VVHWH[WRTXHWUDQVILJXUDXPYRR DLQGDIDOKDGRGRVSRUWXJXHVHVUXPRjUHDYDOLDomRGHVXDLGHQWLGDGHHQFHUUDSRURUD QRVVDSHUHJULQDomRSHODREUDGH&DUGRVR3LUHV
$LQGDJDomRVREUHDLGHQWLGDGHSRUWXJXHVDTXHVWmRTXHSHUPHLDRVFDStWXORVGH QRVVDWHVHpSUREOHPDWL]DGDSRU(GXDUGR/RXUHQoRWHyULFRTXHFRPDSXEOLFDomRGH OLYURVFRPR2ODELULQWRGDVDXGDGH±SVLFDQiOLVHPtWLFDGRGHVWLQRSRUWXJXrV 3RUWXJDOFRPRGHVWLQRVHJXLGRGH0LWRORJLDGD6DXGDGHH1yVHD(XURSDRX$V
GXDVUD]}HVFRQVWUyLXPSHUFXUVRDUJXPHQWDWLYRTXHWHPFRPRREMHWLYRGLVFXWLU
RSURFHVVRGHIRUPDomRGHVVDLGHQWLGDGH
6HJXQGR /RXUHQoR S XP GRV SUREOHPDV TXH HQYROYH D LGHQWLGDGH WDQWRSDUDXPLQGLYtGXRTXDQWRSDUDXPSRYRpTXHHODVHFRQIXQGHFRPDH[LVWrQFLD
RXVHMDWRPDVHDLGHQWLGDGHFRPRXPGDGRDFDEDGRTXDQGRQDYHUGDGHHODVHUHIHUH DRGHVHMRGHVHSHUPDQHFHUFRPRVHpRXDLQGDDRSURMHWRGHFRPRVHGHYHVHU3RU RXWURODGRFRPRDFUHVFHQWDRWHyULFRRGHVWLQRGHXPSRYRGLIHUHGRGHVWLQRGHXP LQGLYtGXRSRLVHQTXDQWRRWHPSRGRLQGLYtGXRpHQWHQGLGRFRPRILQLWRHLUUHYHUVtYHOR WHPSR GH XP SRYR p UHVXOWDGR GH XP MRJR FDyWLFR GH DFRQWHFLPHQWRV GLYHUVRV EHP FRPRGHXPIXWXURTXHVHUHRUJDQL]DUiGHIRUPDGHVFRQKHFLGD/285(1d2S
&RQIRUPHDUJXPHQWD/RXUHQoRSDSUySULDFRQILJXUDomRFDyWLFDGR WHPSR FROHWLYR LPSHGH TXH R FRQKHFLPHQWR KLVWyULFR VR]LQKR FRQVLJD HOHQFDU H GDU VHQWLGRDRVDFRQWHFLPHQWRVTXHFDUDFWHUL]DPDIRUPDomRGDLGHQWLGDGHGHXPSRYRe SRUFRQWDGLVVRTXHVHJXQGRHOHDKLVWyULDVHDWUDVDULDQRLQWXLWRGHGDUFRQWDGHVVH SHUFXUVR DQWHV GHOD RV PLWRV IRUQHFHP D XUGLGXUD QHFHVViULD SDUD TXH XP SRYR MXVWLILTXHVXDH[LVWrQFLD
$LQGDSDUDRFUtWLFRSFDGDSRYRVHGHILQHFRPRVHWLYHVVHGH FXPSULU XP GHVWLQR FROHWLYR 1HVVH VHQWLGR D FROHWLYLGDGH UHDOoD DSHQDV R TXH UHFRQKHFH FRPR LPXWiYHO DWUDYpV GRV VpFXORV SDUD H[SOLFDU VXD H[LVWrQFLD LVWR p VHOHFLRQDHUHRUGHQDRVIDWRVKLVWyULFRVSDUDGDUVHQWLGRDVXDIRUPDomR3DUD/RXUHQoR RSURFHVVRGHIRUPDomRGDLGHQWLGDGHFROHWLYDHVWiPXLWRPDLVSUy[LPRGDFRQVWUXomR ILFFLRQDO TXHU GL]HU GD GHIRUPDomR GRV IDWRV KLVWyULFRV HP VL GR TXH GD DQiOLVH UDFLRQDOHWUDQVSDUHQWHGHOHV
GLVIyULFDVREUHRSRYRSRUWXJXrV3DUDHOHDSDUWLUGDVFRQWLQJrQFLDVKLVWyULDVXPDH RXWUD LPDJHP VH VREUHS}HP FRQVWLWXLQGRVH FRPR IDFHV GH XPD PHVPD PRHGD /285(1d2S
'HDFRUGRFRPRDXWRURVXUJLPHQWRGH3RUWXJDOFRPR(VWDGRSRGHVHUYLVWR FRPR WUDXPiWLFR SRLV FRPR TXDOTXHU RXWUR QDVFLPHQWR SRGH VHU FRQVLGHUDGR FRPR XP³DWRVHPKLVWyULD´SLVWRpVHPH[SOLFDomRSUpYLD$HVVDDXVrQFLDGH H[SOLFDomRSRUpPDOHLWXUDSRSXODUGHXXPVHQWLGRVLQJXODURGHTXH3RUWXJDOWHULD VXEVLVWLGRSRUVHUXPUHLQRFULVWmRHSRUVHUHPRVSRUWXJXHVHVRSRYRHVFROKLGRSRU 'HXV
(OHLWDFRPRHVVHPRPHQWRGHQDVFLPHQWRRXIXQGDomRGH3RUWXJDOD%DWDOKDGH 2XULTXH JDQKDUi QD OHLWXUD PtWLFD GD KLVWyULD SRUWXJXHVD R YDORU GH XP FRPEDWH FULVWmR SRLV IH] SDUWH GDV PXLWDV EDWDOKDV GH UHFRQTXLVWD SHORV WHUULWyULRV LEpULFRV WHUULWyULRV TXH IRUDP VHJXLGDV YH]HV LQYDGLGRV SHORV PXoXOPDQRV 1HVVD %DWDOKD ' $IRQVR +HQULTXHV VH GHFODURX UHL GRV SRUWXJXHVHV JDUDQWLQGR D LQGHSHQGrQFLD GR &RQGDGR3RUWXFDOHQVHHPUHODomRDRUHLQRGH/HmRH&DVWHOD
$OXWDFRQWUDRVPXoXOPDQRVpOLGDSRUXPYLpVPtWLFRDSDUWLUGDSURSDJDomRGD OHQGDGH2XULTXHOHQGDTXHDRGHIHQGHUTXHRSUySULR&ULVWRWHULDJDUDQWLGRDYLWyULD GRVSRUWXJXHVHVDFHQWXDDLQWHUSUHWDomRTXHOLJDRGHVWLQRGRSDtVFRPRYLQFXODGRj YRQWDGHGLYLQDFULDQGRXPDSULPHLUDLGHQWLGDGHGDQDomRFRPRDGHXPUHLQRFULVWmRH DGRSRYRSRUWXJXrVFRPRHOHLWR
6HJXQGR /RXUHQoR D HVVD LPDJHP HXIyULFD H LUUHDOLVWD GR SRYR SRUWXJXrV VH MXQWDRXWUDOLJDGDj(UDGDV'HVFREHUWDV'HDFRUGRFRPRHVWXGLRVRS ³>@SRXFDVYH]HVXPSRYRSDUWLQGRGHWmRSRXFRDOFDQoRX>@XPGLUHLWRWmRFODURD
VHU WLGR FRPR µJUDQGH¶ $FRQWHFH TXH PHVPR QD KRUD VRODU GH QRVVD DILUPDomR KLVWyULFD HVVD JUDQGH]D HUD FRQFUHWDPHQWHXPD ILFomR´ 2X VHMD HVVH PRPHQWR KLVWyULFRpOLGRSRUXPDHVIHUDPtWLFDPHVPRTXHVHVDLEDSHODKLVWyULDTXHDH[SDQVmR PDUtWLPDSRUWXJXHVDIRLORJRRIXVFDGDSHODHVSDQKROD/285(1d2S( PDLVHOHFRQWLQXDDVHUOLGRGHVVDIRUPDPHVPRWHQGRVHFRQKHFLPHQWRGHTXHWRGRV RVIUXWRVDGYLQGRVGDVGHVFREHUWDVQXQFDIRUDPFRQYHUWLGRVHPSUROGDPHOKRULDGDV FRQGLo}HVGHYLGDGDFROHWLYLGDGH
2GRPtQLRHVSDQKROFRQVLGHUDGRSRU/RXUHQoRFRPRXPVHJXQGRWUDXPDWLVPR p UHVSRQViYHO SHOD SURSDJDomR GH XP VHQWLPHQWR GLVIyULFR GH TXH R SRYR SRUWXJXrV VHULD ³GHVWLQDGR j VXEDOWHUQLGDGH´ 6HJXQGR R HVWXGLRVR SHQVDQGRVH QRV IDWRV YHUtGLFRV UHODFLRQDGRV D HVVH DFRQWHFLPHQWR YHULILFDVH TXH R SUREOHPD GD LQGHSHQGrQFLDQDFLRQDOQmRWLQKDDDEUDQJrQFLDTXHRPLWROKHGHX³2VVHVVHQWDDQRV >GH GRPtQLR HVSDQKRO@ >@ QmR VmR HVWH YiFXR TXH RV IDOVRV SDWULRWDV JRVWDYDP TXH WLYHVVH VLGR PDV WDPEpP QmR VmR D PHUD FRQWLQXDomR GR QRVVR GHYLU QDFLRQDO´ /285(1d2 S 2 HVWXGLRVR DLQGD DUJXPHQWD TXH D YLQFXODomR SROtWLFD HQWUHRVGRLV(VWDGRVUHSUHVHQWDYDQDTXHODpSRFDXPGRPtQLRDGPLQLVWUDWLYRPDVQmR FXOWXUDOSRUSDUWHGRVIXWXURVHVSDQKyLVHDFUHVFHQWDTXHpQDVFDPDGDVSRSXODUHVTXH R PLWR GD VXEDOWHUQLGDGH LUi VH SHUSHWXDU YLVWR TXH HODV WDPEpP HVSHOKDULDP VXD FRQGLomRGHDEDQGRQRQDLQWHUSUHWDomRGHXPGHYLUFROHWLYR
'HVVD OHLWXUD TXH FRORFD 3RUWXJDO QXPD SRVLomR GH HVSHUD VXUJH R VHEDVWLDQLVPRPLWRSDXWDGRQDFUHQoDGHTXHRSRYRSRUWXJXrVDJXDUGDYDDYROWDGH' 6HEDVWLmRYROWDTXHOKHUHVWLWXLULDDVLWXDomRGHJUDQGLRVLGDGHVXSRVWDPHQWHYLYLGDQR
$ LPSRUWkQFLD GD LPDJHP GH 3RUWXJDO FRPR QDomR GHVFREULGRUD GH RXWURV WHUULWyULRV p WDPDQKD TXH
SDVVDGR(VVDLQWHUSUHWDomRILQFDGDQDHVSHUDQoDGHXPGHVWLQRFROHWLYRTXHpWDPEpP UHWRUQRVHDVVHQWDQRHQWDQWRHPSUHPLVVDVIDOVDVYLVWRTXHVHFRQVWUyLDSDUWLUGD LQWHUSUHWDomRGHTXHDPRUWHGRUHLHQFHUURXXPFLFORGHJUDQGHSURVSHULGDGHRXWURUD YLYLGRSRUWRGRVRVSRUWXJXHVHV
6HDVLPDJHQVGHUHLQR FULVWmRHGHSRYRHVFROKLGRSRU'HXVVmR UHDILUPDGDV SHOD LQWHUSUHWDomR GD IXQGDomR GH 3RUWXJDO EHP FRPR R VHQWLPHQWR GH TXH R SRYR SRUWXJXrV VHULD ³GHVWLQDGR D VXEDOWHUQLGDGH´ p IRUMDGR D SDUWLU GR GRPtQLR HVSDQKRO VHQGR DFRPSDQKDGR SRU XPD LPDJHP TXH FRORFD D QDomR OXVD HP XPD SRVLomR GH HVSHUDDTXHDVVLQDODRPRPHQWRWULXQIDOGDDILUPDomRKLVWyULFDSRUWXJXHVDFRPRRGD (UDGDV'HVFREHUWDVpIRUWLILFDGDDSDUWLUGHRXWURHYHQWRKLVWyULFRRFRUULGRHP 'LWRGHRXWUDIRUPDDLQWHQVDOLJDomRHQWUHXPDLPDJHPQDFLRQDOHXPDLPSHULDOIRL UHIRUoDGD SRU RXWUR IDWRU WUDXPiWLFR R8OWLPDWXP H[LJrQFLD GD ,QJODWHUUD D 3RUWXJDO SDUD TXH GHVRFXSDVVH GHWHUPLQDGRV WHUULWyULRV QD ÈIULFD ,VVR DFDERX SRU SURSLFLDU R IRUWDOHFLPHQWR GR VHQWLPHQWR QDFLRQDOLVWD TXH VH GHVGREUDULD QR LQFHQWLYR DR FRQVHTXHQWHPRYLPHQWRGHSRYRDPHQWRGDVFRO{QLDVRXWURUDSUDWLFDPHQWHHVTXHFLGDV SRU3RUWXJDO1HVVHVHQWLGRR8OWLPDWXPIH]FRPTXHDQDomROXVDYROWDVVHVXDDWHQomR DRVWHUULWyULRVGHDOpPPDUDILUPDQGRVHXPD YH]PDLVFRPRXPSDtVTXHHPERUD SHTXHQR VH YLD FRPR SRWHQFLDOPHQWH JUDQGH DR SURMHWDU VXD LPDJHP LGHDO QDTXHOH HVSDoRGHIRUD
1DVSDODYUDVGH/RXUHQoRS³2YLYHUQDFLRQDO>@ILDQGRVXDWHLDQDIRUoDGRSUHVHQWH RULHQWDVH QHVVD pSRFD SDUD XP IXWXUR GH DQWHPmR XWySLFR SHOD PHGLDomR SULPRUGLDO REVHVVLYD GR SDVVDGR´
6HDLPDJHPPtWLFDHLQDXJXUDOGRGHYLUQDFLRQDOpDGHXPUHLQRFULVWmRDLPDJHPGHVHXIXQGDGRU
VHUiDSUR[LPDGDDGH&ULVWRDSDUWLUGDDUWLFXODomRHQWUHDOHQGDGH2XULTXHHDFUHQoDQRUHWRUQRGH' 6HEDVWLmRUHLSRUWXJXrVTXHPRUUHXQD%DWDOKDGH$OFiFHU4XLELU6HJXQGR0HJLDQHSD SDUWLU GD MXQomR HQWUH D OHQGD H D FUHQoD QR VHEDVWLDQLVPR DV LPDJHQV GH ' 6HEDVWLmR H ' $IRQVR +HQULTXHVHVWDUmRHWHUQDPHQWHLQWHUOLJDGDVQRVHQWLGRGHGDUHPXPDVLJQLILFDomRDRGHVWLQRSRUWXJXrV FRPRUHVXOWDGRGDLQWHUYHQomRGLYLQD
6HJXQGR /RXUHQoR S ³4XDQGR HP D ,QJODWHUUD PmH GH LPSpULRV GD FLrQFLD H GD
3RVWHULRUPHQWHFRPRGL]/RXUHQoRDSHUGDGDVFRO{QLDVDIULFDQDVHPTXH SRGHULDWHUVLGRXPWUDXPDSURIXQGRQmRIRLYLYLGRFRPRWDO6REUHHVVHIDWRRFUtWLFR GHFODUD
3HORLPSpULRGHYLPRVRXWURVPDVGHWmRVLQJXODUPDQHLUDTXH QD KRUD HP TXH IRPRV DPSXWDGRV j IRUoD PDV QyV YLYHPRV D DPSXWDomR FRPR YROXQWiULD´ GHVWDFRPSRQHQWH LPSHULDO GD QRVVD LPDJHPWXGRSDUHFHXSDVVDUVHFRPRVHMDPDLVWLYpVVHPRVWLGRHVVD IDPLJHUDGDH[LVWrQFLD³LPSHULDO´HHPQDGDQRVDIHFWDVVHRUHJUHVVR DRVHVWUHLWRVPXURVGD³SHTXHQDFDVDOXVLWDQD´/285(1d2 S
3RU ILP R HVWXGLRVR UHVVDOWD TXH PHVPR GHSRLV GD 5HYROXomR GRV &UDYRV 3RUWXJDOQmRFRQVHJXLXVHGHVYHQFLOKDUGRVPLWRVHPWRUQRGDDILUPDomRGHVXD LGHQWLGDGH,VWRSRUTXHDVGLVFXVV}HVTXHRFRUUHUDPORJRDSyVD5HYROXomRQmRIRUDP FDSD]HVGHVR]LQKDVGDUHPQRYRVUXPRVjKLVWyULD
6RE XPD RXWUD SHUVSHFWLYD PDV TXH QmR HQWUD HP FRQIURQWR FRP D YLVmR GH (GXDUGR /RXUHQoR YDOH UHVVDOWDU HP IXQomR GR GLUHFLRQDPHQWR GR QRVVR WUDEDOKR D GLVFXVVmR UHDOL]DGD SRU %DUWKHV HP0LWRORJLDV YLVWR TXH SDUD HVVH HVWXGLRVR ³WXGR SRGH FRQVWLWXLU XP PLWR GHVGH TXH VHMD VXVFHSWtYHO GH VHU MXOJDGR SRU XP GLVFXUVR´ %$57+(6 S 6HJXQGR R FUtWLFR R PLWR IXQFLRQD FRPR XP VLVWHPD VHPLROyJLFR VHJXQGR RX VHMD HOH FULDVH D SDUWLU GH DOJXQV VLJQRV SDUD GHSRLV VLJQLILFDURXWUDFRLVDXPFRQFHLWR1HVVHSURFHVVRGHFULDomRRPLWRWRPDRVVLJQRV SULPHLURVTXHRFRQVWURHPHUHDUWLFXODRVGHPRGRFRPTXHHOHVYDOKDPDSHQDVFRPR VLJQLILFDQWHV SDUD D YLQFXODomR GD QRYD PHQVDJHP 1R HQWDQWR D IRUPD PtWLFD QmR
VXSULPH RV VHQWLGRV SULPHLURV DSHQDV GHIRUPDRV DOLHQDRV HP SURO GD QRYD VLJQLILFDomR'HVVHPRGRRVHQWLGRUHVXOWD³HPSREUHFLGR´YLVWRTXHVHDSDJDQDIDOD PtWLFD WRGR XP VLVWHPD GH YDORUHV OLJDGRV D HOH $R PHVPR WHPSR R FRQFHLWR RX VLJQLILFDomRTXHHPHUJHGDtDSUHVHQWDVHFRPRSOHQRQDWXUDOGHPDVLDGDPHQWHVLPSOHV 1DVSDODYUDVGH%DUWKHV³DIXQomRGRPLWRpHYDFXDURUHDOOLWHUDOPHQWHRPLWRpXP HVFRDPHQWRLQFHVVDQWHXPDKHPRUUDJLDRXVHVHSUHIHUHXPDHYDSRUDomRHPVXPD XPDDXVrQFLDVHQVtYHO´S
3HQVDQGRQRTXHpGHIHQGLGRSRU%DUWKHVHDVVRFLDQGRRDRFRQFHLWRGHLURQLD YHPRVGHTXHPDQHLUDHVVHUHFXUVRSRGHRXQmRPLQDUDIRUPDGRPLWRDRUHDOL]DUVH SHODFRQYLYrQFLDGHVLJQLILFDGRVHPWHQVmRFRQYLYrQFLDPDUFDGDSHODLQVHUomRGHXPD DYDOLDomR FUtWLFD R LU{QLFR GLQDPL]D D OHLWXUD GR PtWLFR GHVPDVFDUDR XWLOL]DQGR DOJXPDV GH VXDV SUySULDV IHUUDPHQWDV SRGHQGR GHVVH PRGR DLQGD WUD]HU j WRQD RV VHQWLGRVRXWURUDVXEMXJDGRVSHODIDODPtWLFD$GLVWkQFLDFUtWLFDGDLURQLDGLVWkQFLDTXH SRGH FRQWHU XP WHRU PDLV ]RPEHWHLUR RX PDLV UHIOH[LYR FRORFD R PLWR DSHQDV FRPR PDLVXPGLVFXUVRTXHHQTXDQWRWDOSRGHVHUYLUDRVVHXVSURSyVLWRVGHLQWHUYHQomRRX DRPHQRVGHUHDUWLFXODomRWH[WXDORSHUDGDSHORLU{QLFR
e SRU PHLR GR WUDEDOKR FRP D LURQLD TXH DWLQJH DV LPDJHQV LUUHDOLVWDV TXH HQYROYHP D LGHQWLGDGH SRUWXJXHVD TXH RV WH[WRV GH -RVp &DUGRVR 3LUHV RSHUDP R TXHVWLRQDPHQWRGHXPDLQWHUSUHWDomRPLWLILFDGDGDKLVWyULDGH3RUWXJDORTXHQRVOHYD D SHQVDU TXH p R MRJR FRP D SUySULD WUDGLomR SRUWXJXHVD TXH SRGH SHUPLWLU R TXHVWLRQDPHQWR GDV EDVHV VREUH DV TXDLV HOD VH DVVHQWD 'LWR GH RXWUR PRGR Vy LQVHULQGRVH H UHOXWDQGRVH D LQVHULUVH HP XPD WUDGLomR TXH DV QDUUDWLYDV GR DXWRU SRUWXJXrVSRGHPPLQDURSRGHUOHJLWLPDGRUTXHDGLPLQXLRXFRQJHOD
SURYRFDGRSHODOHLWXUDPDVVLPSDUDDEULUROHTXHGHSRVVLELOLGDGHVDQDOtWLFDVeRTXH LQWHQWDPRV ID]HU DEULU RV FDStWXORV TXH VH VHJXHP SDUD R HVSDoR GD OHLWXUD H FRQVHTXHQWHSURFHVVRGHUHIOH[mR
'( (67È78$6 6(0 3('(67$/ $ 0(75Ï32/( 32578*8(6$ (0
/,6%2$/,952'(%25'2
/LVERD OLYUR GH ERUGR YR]HV ROKDUHV PHPRUDo}HV WDO FRPR DV RXWUDV QDUUDWLYDVTXHFRQVWLWXHPQRVVRFRUSXVH[LJHXPDOHLWXUDGLIHUHQFLDGDKDMDYLVWDVXD QDWXUH]DVLQJXODUFRPRJXLDWXUtVWLFR7UDWDVHGHXPROKDUGLYHUVLILFDGRVREUH/LVERD ROKDU TXH UHPHPRUD WDPEpP pSRFDV SDVVDGDV WUD]HQGR DLQGD RXWURV WH[WRV TXH HYRFDPGHXPDIRUPDRXGHRXWUDDFDSLWDOSRUWXJXHVD
(VWDPRV GLDQWH GH XP OLYUR GH FRPSRVLomR FRPSOH[D LQWHQVLILFDGD SHOD UHSURGXomRGHIRWRJUDILDVGHVHQKRVSLQWXUDVFDUWD]HVD]XOHMRVFHUkPLFDVFDULFDWXUDV TXHDSDUHFHPFRPRH[SUHVV}HVGHXPD/LVERDFRQVWUXtGDYHUEDOHYLVXDOPHQWH$XQLmR HQWUH R WH[WR HVFULWR H R LPDJpWLFR QR HQWDQWR WDPEpP p SUREOHPiWLFD SRLV R WH[WR YHUEDOQmRLPSOLFDHQHPSRGHULDXPDWUDGXomRGDVLPDJHQVYLVXDLVDVVLPFRPRR YLVXDOQmRVHFRQILJXUDQHFHVVDULDPHQWHFRPRWUDGXomRGRYHUEDO(VVDLQWHUDomRGiVH SRU PHLR GH DSUR[LPDo}HV H GLVWDQFLDPHQWRV TXH HQIDWL]DP D SRWHQFLDOLGDGH VLJQLILFDWLYD GR OLYUR FRQWULEXLQGR WDPEpP SDUD D FRQVWUXomR GH XP YLpV FUtWLFR $ /LVERDGDQDUUDWLYDSRUWDQWRpXPDFLGDGHWH[WXDOFULDGDFRPSLQFHODGDVVHQGRHVFULWD HGHVHQKDGDSRUPHLRGRROKDUUHIOH[LYRGRQDUUDGRUTXHGHDPEXODHTXHVHVHUYHGRV VLJQRVTXHRHVSDoRXUEDQROKHRIHUHFH
(PVXDSULPHLUDSiJLQD/LVERDOLYURGHERUGRWUD]XPDLPDJHPPDUFDQWHGD FDSLWDOSRUWXJXHVDLPDJHPTXHVXUJHFRPRFHQiULRDUTXLWHWDGRSRUPHLRGHSDODYUDV$ HVVDSULPHLUDYLVmRTXHpWDPEpPXPDSURSRVWDGHVDILDQWHVXFHGHPVHFRPRGL]R QDUUDGRU ³RXWUDV YLVWDV GD FLGDGH´ TXH QRV VmR DSUHVHQWDGDV D SDUWLU GH IUDVHV TXH
2OLYUR/LVERDOLYURGHERUGRIRLSXEOLFDGRSHODSULPHLUDYH]HPPDVXWLOL]DUHPRVDTXLDYHUVmR
GLUHFLRQDPWHPiWLFDHHVWUXWXUDOPHQWHRVWH[WRVVXEVHTXHQWHV(VVDVIUDVHVE~VVRODVGD WUDYHVVLD HPSUHHQGLGD SHOR QDUUDGRU IRFDP SHUVSHFWLYDV YDULDGDV DOJXPDV VmR PDLV H[SOtFLWDVHPUHODomRDRWH[WRTXHVHGHVHQYROYHQDVHTXrQFLDRXWUDVFRQVWLWXHPYHUVRV GHSRHWDVRXWUDVDLQGDFRQVLVWHPHPVXEYHUVmRGHH[SUHVV}HVGRFRQKHFLPHQWRSRSXODU RXDOXGHPDSHUVRQDJHQVGHOHQGDVGDWUDGLomROLVERHWDHDVVLPSRUGLDQWH3RGHPVHU YLVWDVGHVVHPRGRFRPRVLQDLVTXHGHVQRUWHLDPHGHVHVWDELOL]DPRVHQVRFRPXPVREUH DFLGDGH
7RGDV HVVDV SDUWLFXODULGDGHV TXH HPEDVDP D FRQVWUXomR GR OLYUR OHYDUDP HVWXGLRVRV FRPR %ULGL S D YHU /LVERD OLYUR GH ERUGR FRPR XPD ³ILFFLRQDOL]DomR GR JrQHUR´ JXLD WXUtVWLFR XPDHVSpFLH GH ³SVHXGRURWHLUR´ TXH PDLV GHVHQFDPLQKD GR TXH HQFDPLQKD R SHUFXUVR GR OHLWRU 2 IRUPDWR LQXVLWDGR GR WH[WR SRVVLELOLWRXWDPEpPTXHRXWURVFUtWLFRVFRPR*URVVHJHVVHSFRPSDUDVVHPD DUTXLWHWXUD FDUGRVLDQD D XPD WHQWDWLYD GH FRPSUHHQGHU D FLGDGH FRPR XPD UHDOLGDGH PDWHULDO H ILFWtFLD RX PHOKRU PHPRULDO SRLV VHJXQGR HOH D DSUHFLDomR GR HVSDoR XUEDQRSHORQDUUDGRUWDPEpPpXPDPLVWXUDGHUHIOH[mRHUHPHPRUDomR
$OLDQGRHVVHVHRXWURVSRQWRVGHYLVWDVDRQRVVRHQYHUHGDPRVSHORVXEWtWXORGR OLYUR ³YR]HV ROKDUHV PHPRUDo}HV´ TXH VLQWHWL]D D SUySULD FRQVWLWXLomR GR WH[WR GH &DUGRVR 3LUHV RX VHMD /LVERD p WUD]LGD VRE IRFRV GH YLVmR GLVWLQWRV ³ROKDUHV´ DUWLFXODQGR³YR]HV´FDUDFWHUtVWLFDVGDFLGDGHSRUPHLRGHYDULDGRVDVSHFWRVHYRFDGRV SHORQDUUDGRU³PHPRUDo}HV´(VVHVWUrVYRFiEXORVSRUVXDYH]H[SOLFLWDPGHFHUWD PDQHLUD D GHQRPLQDomR FRQWLGD QD SULPHLUD SDUWH GR WtWXOR ³OLYUR GH ERUGR´ TXH
$VIUDVHVVmRDVVHJXLQWHV2XWUDVYLVWDVGDFLGDGH´³'H$UURLRVSRLVGH$UURLRV´³µ4XHID]HPRV QyV/LVERDRVGRLVDTXLQDWHUUDHPTXHQDVFHPRVHHXQDVFL¶´³0RQXPHQWRjVDJUDGDKHUHVLDYLVWD SDUFLDO´³2VFRUYRV5XDGDV)DULQKDV´³$FXVSLUILQLQKRFDULFDWXUDGH%RWHOKR´³&DP}HV5XDGR $OHFULP´ ³2V YHOKRV GH MDUGLP´ ³2 EHVWLiULR EXUOHVFR 3DOiFLR )URQWHLUD´ ³2XWURV ELFKRV RXWUDV /LVERDV´³2PHULGLDQRGDVWHUW~OLDV´³&KLDGRDIHULGDGHIRJR´³2DVFHQVRUSDUDRLQIHUQR´³'HEDU HPEDUIRWRJUDPD,´³$LQGDRVEDUHVIRWRJUDPD,,´³2FDOFDQKDUGH8OLVVHV´³µ2OKD'DLV\¶´³$ FLGDGHTXHVHUHIOHWH´³$VOHWUDVVXEWHUUkQHDV0HWURSROLWDQRGH/LVERD´³&RPRVHQDYHJDVVHFRPRVH QDYHJDVVH´³)LQLV7HUUDH´
UHPHWHDGLiULRGHERUGRLQGLFDWLYRGHGRLVHQWUHRXWURVVXEJrQHURVWUDQVILJXUDGRVQR OLYURQDPHGLGDHPTXHQRVFRQGX]QmRVyjIRUPDGLDUtVWLFDPDVWDPEpPjQDUUDWLYD GHYLDJHPTXHpVXEYHUWLGDWHQGRHPYLVWDTXHQRVUHODWRVGHYLDJHPWUDGLFLRQDLVR QDUUDGRUHPJHUDOGHVFUHYHOXJDUHVLQLFLDOPHQWHGHVFRQKHFLGRVSRUHOHHVERoDQGRXP ROKDU HVWUDQJHLUR VREUH DV SDLVDJHQV TXH SUHVHQFLD (P /LVERD OLYUR GH ERUGR GLIHUHQWHPHQWHDFLGDGHUHYLVLWDGDQmRpGHVFRQKHFLGDSHORQDUUDGRUDRFRQWUiULRHOH DFRQKHFHSURIXQGDPHQWHDSRQWRGHH[SUHVVDUXPDYLVmRLQWHUQDOL]DGDVREUHHOD
1HVVH UHODWR GH YLDJHP SRU WHUUD R QDUUDGRU FRPR TXH HQFHQDQGR R VHX FDPLQKDU SHOD FLGDGH GHVFRUWLQD SDUD QyV OHLWRUHV R TXH SRGHUtDPRV FRQVLGHUDU D SULPHLUD FHQD GR OLYUR D VXD YLVmR PXLWR SDUWLFXODU H SUHFLVD GH /LVERD FRPR XPD EDUFDDFLGDGHTXHDGHQWUDSHORULR
/RJR D DEULU DSDUHFHVPH SRXVDGD VREUH R 7HMR FRPR XPD FLGDGH GH QDYHJDU >@ YHMRWH HP FLGDGHQDYH EDUFD FRP UXDV H MDUGLQVSRUGHQWURHDWpDEULVDTXHPHFRUUHPHVDEHDVDO>@2 FRQYpV HP SUDoD ODUJD FRP XPD URVDGRVYHQWRV ERUGDGD QR HPSHGUDGR WHP D FRPDQGiOR GXDV FROXQDV VDtGDV GDV iJXDV TXH ID]HPGHJXDUGDGHKRQUDjSDUWLGDSDUDRVRFHDQRV/DGHLDPDSURD RXILJXUDPFRPRWDOpDLGpLDTXHGmRXPSRXFRDWUiVHVWiXPUHL PHQLQRPRQWDGRHPXPFDYDORYHUGHDROKDUSRUHQWUHHODVSDUDR RXWURODGRGD7HUUD>@3,5(6S
3DUDOHODPHQWHTXHPFRQFHGHPRYLPHQWDomRjFLGDGHpRQDUUDGRUYLVWRTXHHOH IRUQHFHRXWURVPRGRVGHVHHQ[HUJDURHVSDoRXUEDQRDRUHFRQVWUXLULPDJHWLFDPHQWHD FLGDGH DR PHVPR WHPSR HP TXH VH PDQLIHVWD D SDUWLU GH XP WRP LU{QLFR TXH LQFLGH VREUHDOJXQVPRQXPHQWRV$LURQLDQRWDGDSRUH[HPSORQDFLWDomRDXP³UHLPHQLQR´ SRGH VHU DVVRFLDGD j HVWiWXD TXH HVWi SUHVHQWH QD 3UDoD GR &RPpUFLR (QFHUUD XPD DYDOLDomRFUtWLFDD'-RVp,PRQDUFDTXHJRYHUQDYD3RUWXJDOGXUDQWHRWHUUHPRWRGH HTXHIRLKRPHQDJHDGRFRPDHVFXOWXUDSHORVHX3ULPHLUR0LQLVWUR0DUTXrVGH 3RPEDO SRU RFDVLmR GD UHFRQVWUXomR GH /LVERD $ TXDOLILFDomR ³PHQLQR´ SRGH VH UHIHULUDVVLPjFRYDUGLDGRUHLTXHQmRWHULDWRPDGRDVUpGHDVGDVLWXDomRYLVWRTXHR SRGHUGHOLGHUDQoDIUHQWHj FDWiVWURIHDOXGLGDFRXEHDR3ULPHLUR0LQLVWUR3RURXWUR ODGRDFRUYHUGHTXHTXDOLILFDRFDYDORSRGHWDQWROLJDUVHjDomRGRWHPSRTXHFRQIHUH HVVDWRQDOLGDGHjHVWiWXDGH'-RVp,FRPRDRIDWRGHRUHLWHUVHPRVWUDGRLPDWXUR GLDQWHGHVXDVIXQo}HV
$IRFDOL]DomRGDSRVWXUDGDHVWiWXDFRPRXPDPDQHLUDGHVHDFHQWXDUVHXROKDU YROWDGRSDUDRXWUDVUHJL}HVGRJORERPDUFDRXWUDDYDOLDomRVREUHRPRQDUFDRFRORFD FRPRDOLHQDGRSHUDQWHDGLItFLOUHDOLGDGHSRUWXJXHVDDSyVRWHUUHPRWR(VVDIRFDOL]DomR PDUFD XPD GLIHUHQoD HQWUH D SRVWXUD GR UHL H D GR QDUUDGRU TXH VH UHGHVFREULUi SRUWXJXrV DR HPEUHQKDUVH SHODV UXDV GD FLGDGH H DR FULDU XPD UHODomR PXLWR PDLV SUy[LPDFRPHOD
'HVVHPRGRRROKDUGRQDUUDGRUWHQGHDVHDIDVWDUSRXFRDSRXFRGXUDQWHR WH[WRGHXPDDSUHFLDomRIiFLOGDVSDLVDJHQVOLVERHWDV1mRHQ[HUJDQGR /LVERDFRPR XPD IDOVD FDSLWDOVtPEROR GD VREUHYLYrQFLD FROHWLYD IUHQWH DR GHVDVWUH QDWXUDO D HOD
6REUH DOJXPDV GDV FRQVHTrQFLDV GR WHUUHPRWR H DV GLIHUHQWHV SRVWXUDV DGRWDGDV SHOR 0DUTXrV GH
DSUHVHQWDGR PRVWUDQGR SDUD LVVR D LQFRQJUXrQFLD GR UHL TXH SRVWHULRUPHQWH KRPHQDJHDGR SHOD HVWiWXD SRXFR IL]HUD QD UHDOLGDGH SHODV YHUGDGHLUDV YtWLPDV GD FDWiVWURIH$YR]QDUUDWLYDGHVHVWDELOL]DDOHLWXUDPtWLFDGRSDVVDGROXVRTXHQRVJXLDV WXUtVWLFRV WDPEpP DSDUHFH IUHTHQWHPHQWH YLQFXODGD SRU H[HPSOR j FRQVWUXomR GR 3DGUmRGRV'HVFREULPHQWRV
$ LQVHUomR GD IRWRJUDILD TXH IRFDOL]D R 3DGUmR GRV 'HVFREULPHQWRV ORJR QDV SiJLQDV VHJXLQWHV DR SDUiJUDIR TXH DEUH R OLYUR SRUWDQWR GHYH VHU OLGD FRPR XPD HVSpFLH GH ORJUR YLVWR TXH VH VHJXH DSyV D GHVFULomR TXH QRV UHPHWH j 3UDoD GR &RPpUFLR FULDQGR XP SDUDOHOR HQWUH DV GXDV LPDJHQV TXH QD YHUGDGH PDUFD LQGLUHWDPHQWH R SRVLFLRQDPHQWR GR QDUUDGRU GLDQWH GH /LVERD SRVLFLRQDPHQWR TXH LQGLFDLPSOLFLWDPHQWHVXDSUHIHUrQFLDSHODSUDoDDOXGLGD
,PSRUWDQWHOHPEUDUTXHR3DGUmRpXPDHQRUPHFDUDYHODHVFXOSLGDDRODGRGD 7RUUHGH%HOpPXPPRQXPHQWRKRPHQDJHPDR,QIDQWH'+HQULTXHILOKRGH-RmR, UHL ILQDQFLDGRU GDV SULPHLUDV H[SHGLo}HV SRUWXJXHVDV SHOR OLWRUDO DIULFDQR ( PDLV D FDUDYHOD IRL FRQVWUXtGD HP QD ([SRVLomR GR 0XQGR 3RUWXJXrV HYHQWR TXH DR FRPHPRUDUDVGDWDVGHDQRGDLQGHSHQGrQFLDGDPRQDUTXLDSRUWXJXHVDGR5HLQR GH /HmR H &DVWHOD H GH DQR GD 5HVWDXUDomR IXQFLRQRX FRPR IRUPD GH SURSDJDQGD GR (VWDGR 1RYR 1HVVH VHQWLGR SDUWH GD JUDQGLRVLGDGH GD HVFXOWXUD H[SOLFDYDVH QD WHQWDWLYD GH DILUPDomR GR JRYHUQR DXWRULWiULR D SDUWLU GD UHODomR TXH YHODGDPHQWHHVWDEHOHFLDHQWUHRVHYHQWRVPRPHQWRVQRUPDOPHQWHLQWHUSUHWDGRVFRPR LQVWDQWHVGHWULXQIRSDUDRSRYRSRUWXJXrVHDOLGHUDQoDVDOD]DULVWDRTXHSRUH[WHQVmR VLJQLILFDYD TXH HVVD OLGHUDQoD WDPEpP VHULD FDSD] GH UHSURGX]LU GH IDWR HYHQWRV JORULRVRVSDUDRSRYRSRUWXJXrV
1yVWDQWRTXDQWRPHDSHUFHERHVWDPRVRVGRLVHPPDLVRXPHQRV WX FLGDGH GHVIRFDGD SHOD OX] PXQGDQD GRV YLGHRWXULVWDV TXH WH YLHUDPHVSUHLWDUGHPLUDGRXURHXXPSRXFRDPDUJHPSRUTXHSDUD PLPSDQRUkPLFDVHYLVWDVJHUDLVVmRTXDVHVHPSUHIUDVHVIHLWDVRX FHQiULRVGHFDWiORJRVS
&ODURTXHYHUWHGDTXLGR$OWRGR&DVWHORpGHVOXPEUDQWHQmRGLJR TXHQmR0DVKiGLVWkQFLDHDGLVWkQFLDLQYHQWDFLGDGHVFRPRPXLWR EHPVDEHPRV>@PHVPRSDUDTXHPGHVoDGDYLVWDJHUDOHPHUJXOKH QRV LQWHULRUHV HP FDWHFLVPR GHFLW\ WRXU D SDLVDJHP WHP PXLWR GH HQFRPHQGD+iHUXGLWRVHPWUkQVLWRTXHSUDWLFDPDVYLDVVDFUDVGRV PRQXPHQWRVSDUDILFDUHPEHPFRPDFRQVFLrQFLDFXOWXUDO>@KiRV URPHLURV GD GDQoD WDUkQWXOD $OIDPD DEDL[R 0RXUDULD DFLPD SRU DPRUDRVODELULQWRVGHURWHLURKiRVYLDMDQWHVGHPXVHXSDUDRVTXDLV HVWHPXQGRWHPGHDQGDUVHPSUHPXLWREHPDUUXPDGLQKRKiGHWXGR 0DVQLQJXpPSRGHUiFRQKHFHUXPDFLGDGHVHQmRDVRXEHULQWHUURJDU LQWHUURJDQGRVHDVLPHVPR>@3,5(6S
'LIHUHQWHGRVYLVLWDQWHVFRPXQVTXHDFLGDGHUHFHEHYLVLWDQWHVTXHRSWDPSHODV YLVWDV SDQRUkPLFDV RX JHUDLV GR HVSDoR XUEDQR R QDUUDGRU SDUHFH SUHIHULU XP SRVLFLRQDPHQWRjPDUJHPFRORFDQGRVHFRPRXPREVHUYDGRUGDUHDOLGDGHVLJQLILFDWLYD TXH R FLUFXQGD 'HVVD IRUPD HPERUD FRQVLGHUH DWUDHQWH D YR] QDUUDWLYD FRQWHVWD D GLVWkQFLDSURSRUFLRQDGDSHODYLVmRSDQRUkPLFDGH/LVERDTXDQGRREVHUYDGDGR$OWRGR &DVWHORGH6mR-RUJHHPYLUWXGHGDSRVVtYHOGHIRUPDomRFDXVDGDSHODSRVWXUDDOLHQDGD GRVYLVLWDQWHVRTXHOHYDULDDXPDYLVmRJHUDORXDUWLILFLDOGDSDLVDJHP1DVHTrQFLDR SUySULR QDUUDGRU SUDWLFDPHQWH DVVXPH R SDSHO GH FkPHUD GLULJLQGR VHX ROKDU DRV WXULVWDVDRPHVPRWHPSRHPTXHDUWLFXODVHXGLVFXUVR
2ROKDUGRQDUUDGRUGH/LVERDOLYURGHERUGRFRPREHPDSRQWD*URVVHJHVVH SSDUHFHVHFRQVWLWXLUDVVLPFRPRRROKDUGHPRUDGRGHXPIOkQHXUVXMHLWR TXHFRQWUDULDPHQWHDRKRPHPGDPXOWLGmRREVHUYDDFLGDGHGHPRUDGDPHQWHWHQWDQGR GHYROYHUDRHVSDoRXUEDQRDDXUDTXHIRUDGHVWLWXtGDSHODH[SHULrQFLDFLWDGLQDPRGHUQD SDXWDGDSHODFRQYLYrQFLDFRPRFKRTXH(PERUDVHPDFRPSRQHQWHGRSDYRUFRPRR PHVPRHVWXGLRVRDOHUWDSpHVVHROKDUTXHSHUPLWHGLIHUHQFLDURPRYLPHQWR GH FkPHUD GH TXH R QDUUDGRU GH -RVp &DUGRVR 3LUHV VH XWLOL]D GRV IODVKHV GH YLVWDV SDQRUkPLFDVRXWURUDDOXGLGRVGRVWXULVWDVDSUHVVDGRVTXHDSHQDVSDVVDPSHODFLGDGH VHPUHODFLRQDUHPVHFRPHOD&RQWUDULDPHQWHjUHSURGXomRGDVYLVWDVSDQRUkPLFDVR QDUUDGRUDUTXLWHWDHPVXDWUDYHVVLDXPDDSUHFLDomRGRVOXJDUHVTXHYLVLWDFRQFHGHQGR OKHVVXDPDUFDSDUWLFXODUPDUFDTXHVHID]DSDUWLUGHXPDUHRUJDQL]DomRGLVFXUVLYDGR VHX WUDMHWR UHRUJDQL]DomR TXH IDYRUHFH VXDV HVFROKDV H GHVIDYRUHFH DV GDTXHOHV WUDQVHXQWHV
$UHFRQVWUXomRFULDWLYDGRHVSDoRVHID]QDSDVVDJHPGHVWDFDGDSRUPHLRGD REVHUYDomRGRVGLIHUHQWHVJUXSRVGHWXULVWDVHVXDSRVWHULRUTXDOLILFDomRFRPDUHVVDOYD GH TXH PHVPR SDUD TXHP VH DYHQWXUH SHODV UXHODV GH /LVERD Ki R ULVFR GH VH FRQWHPSODUXPDSDLVDJHPIDOVLILFDGDSRLVLQWHUPHGLDGDSHODQRUPDWLYLGDGHHPHVPLFH GRV SDVVHLRV JXLDGRV 3RU RXWUR ODGR D YLVLWDomR GD FLGDGH SRGH LQFLGLU HP XPD IDOVLILFDomRGRPRGRGHVHUGHTXHPDYLVLWDID]HQGRFRPTXHDOJXQVRV³HUXGLWRVHP WUkQVLWR´ DSHQDV WUDQVLWHP SHOR FRQKHFLPHQWR GLYXOJDGR GRV JXLDV WUDGLFLRQDLV VHP QXQFD GHL[DU GH VHJXLU RV URWHLURV HOHLWRV SHOD WUDGLomR FXOWXUDO PHVPR TXH LVVR QmR FRQGLJDFRPVHXVGHVHMRV
TXHVHGLUHFLRQDPDRVPXVHXVYLVWRTXHVHLQWHQVLILFDRROKDUFDGXFRHVXSRVWDPHQWH HVWUHLWR GHOHV 7UDWDVH GH XPD DYDOLDomR GXSODPHQWH GLUHFLRQDGD Mi TXH DTXHODV LQVWLWXLo}HVWDPEpPVmRYLVWDVFRPRYHLFXODGRUDVGHHVWHUHyWLSRVHFOLFKrVTXHHVWmRQD PLUDFRUURVLYDGRQDUUDGRUGH-RVp&DUGRVR3LUHV
$ QDWXUH]D FRQYHQFLRQDO SRUYHQWXUD DVVRFLDGD j UHSURGXomR GH WRGDV HVVDV YLV}HVpEHPPDUFDGDQRWUHFKRFLWDGRSHORXVRGDHVWUXWXUDSDUDOHOtVWLFDHQTXDQWRD DGYHUVDWLYD ³PDV´ YDL LQGLFDU R SRVLFLRQDPHQWR FRQWUDVWDQWH GR QDUUDGRU TXDQWR jV SHUVSHFWLYDV DSRQWDGDV 3DUDOHODPHQWH HVWD PHVPD HVWUXWXUD HQFHQD XPD HVSpFLH GH ³GDQoD WDUkQWXOD´ jV DYHVVDV YLVWR TXH HVVH PRYLPHQWR GLIHUHQWH GR PRYLPHQWR FDQVDWLYR H UHSLVDGR GRV WXULVWDV ID]VH SHOD FRQVWUXomR GDV LPDJHQV QR WH[WR YLDV VDFUDV GRV PRQXPHQWRV YLDMDQWHV GH PXVHX SHOR SDUDOHOLVPR H SHOD SUHVHQoD GRV DGYpUELRV³DEDL[R´H³DFLPD´SURFHGLPHQWRVTXHDX[LOLDPDFRQVWUXomRGHVXDWrQXH DUPDGLOKDLU{QLFD
1D UHDOL]DomR GR FUX]DPHQWR GH IUDVHV TXH IRFDOL]DP RV GLIHUHQWHV WXULVWDV R QDUUDGRUQmRGHL[DGHGHIHQGHUVXDSRVWXUDGHVXVSHLWDSHUDQWHRHVSDoRTXHYrHTXH LPSOLFD XP TXHVWLRQDUVH D VL SUySULR XP LQTXLHWDUVH FRQWtQXR TXH GHVHVWDELOL]D RV ROKDUHVWUDGLFLRQDLV(VVHSURFHVVRGHLQWHUURJDUVHGLDQWHGRHVSDoRSURJULGHTXDQGRVH UHFXSHUDLPDJHQVGREDLUURGH$UURLRVFRQIRUPHWUDQVFULWRQDFLWDomRDVHJXLU
6RX GDt GHVVH ODUJR H GHVVD MDQHOD ILFDV D VDEHU 8P SRXFR DWUiV QXPTXDUWRGD7UDYHVVDGDV)UHLUDVVHJXQGRDVELRJUDILDVRILFLDLVp TXHRURPDQFLVWD&DPLORPXLWRGDGRDDPRUHVGHSHUGLomRSUDWLFRX VHXVHURWLVPRVQRUWHQKRVFRPD'RQD$QD3OiFLGRPDLVDEDL[RILP GD 5XD GRV $UURLRV ILFDYD R FRUWLoR RQGH R SULPR %DVtOLR GR UHVSHLWDGR (oD GH 4XHLUR] DEHOKRX HQWUH OHQoyLV D GHVSDVVDUDGD /XL]LQKDTXHDQGDYDIXJLGDGRVEHLUDLVHSRUDTXLMiVHHVWiDYHU FRPR $UURLRV XP VpFXOR DWUiV HUD XP YHUGDGHLUR IROKHWLP GH DOFRYDV WUHVPDOKDGDV TXH D +LVWyULD SDVVRX D HVFULWR (VSHUR EHP TXHOiQRODUJRRVErEDGRVGRVPHXVDQRVGHPHQLQRQmRVRXEHVVHP GHWDQWDGHYDVVLGmRUHVVRQDQGRHPLQRFrQFLDjVRPEUDGDVSDOPHLUDV HJDWRVGHWHOKDGRV3,5(6S
$RUHPHWHUDROXJDURQGHWHULDYLYLGRHPVXDLQIkQFLDRQDUUDGRUSRVLFLRQDQGR VHSHUVSLFD]PHQWHHVSUHLWDDVVLWXDo}HVPDLVFXULRVDVGDTXHODUHJLmRSDVVDQGRDQDUUDU IDWRVTXHWrPUHODomRFRPDLQWLPLGDGHGHGLYHUVDVSHUVRQDJHQV3ULPHLUDPHQWHUHPHWH DRVGLVFXUVRVVREUHDYLGDGH&DPLOR&DVWHOR%UDQFRID]HQGRFRPTXHRFRQWXUEDGR HQYROYLPHQWR DPRURVR FRP ' $QD 3OiFLGR VHMD WUD]LGR SDUD DV SiJLQDV GR OLYUR GH IRUPDDSDUHQWHPHQWHQHXWUDKDMDYLVWDDYR]QDUUDWLYDGL]HUWHUWLUDGRDVLQIRUPDo}HV TXHWUD]GHIRQWHVRILFLDLV
3RVWHULRUPHQWHSHODDSURSULDomRHLQVHUomRGRWtWXORGDIDPRVDREUDFDPLOLDQD $PRUGH3HUGLomRHSHODUHIHUrQFLDD%DVtOLRHD/Xt]DSHUVRQDJHQVGRURPDQFH
2SULPR%DVtOLRDYR]QDUUDWLYDUHPHWHjOLWHUDWXUDUHDGLFLRQDQGRDRHVSDoRXP
YLpVOX[XULDQWHDRHYRFDUDVOHPEUDQoDVTXHWHPGRURPDQFHGH(oDGH4XHLUR]HGD YLGDGH&DPLOR&DVWHOR%UDQFR3DUDOHODPHQWHRQDUUDGRUDUWLFXODRVWHPSRVUHIHUHQWHV jLQIkQFLDHjLGDGHDGXOWDUHVVDOWDQGRXPDLQRFrQFLDTXHVHJXQGRGHFODUDQmRpPDLV GHOHPDVGRVErEDGRVTXHVHHQFRQWUDULDPQRVEDUHVTXDQGRHUDPHQLQR$SDVVDJHP FRORFDVHDVVLPFRPRXPGLVFXUVRTXHHPVHXFRQMXQWRYHLFXODDSRVVLELOLGDGHGH DSUHFLDomRGHXPDDYDOLDomRFUtWLFDHLU{QLFDTXHUHEDL[DRVWH[WRVGDKLVWyULDHYDORUL]D RV GD OLWHUDWXUD YLVWR TXH DFDED SRU LQWHQVLILFDU R IDWR GH D SULPHLUD WHU DQXODGR DV SDUWLFXODULGDGHVGR%DLUURGH$UURLRVHQTXDQWRDVHJXQGDDVIRUWDOHFHXDGLFLRQDQGRDR HVSDoR DVSHFWRV SDUWLFXODUHV 1D SDVVDJHP HP TXHVWmR D DXWRELRJUDILD p SRVWD HQWUH SDUrQWHVHV SRLV VH LQWHJUD DSHQDV SDUFLDOPHQWH DR HVFULWR GDGR TXH R FDUiWHU GH LQYHQomRGDSUySULDOLWHUDWXUDDFDEDSRUVHUPDLVH[DOWDGRQDOHLWXUDGRWUHFKRHPVXD LQWHJULGDGH
VXD YRO~SLD DOpP GH TXDVH VHUHP DQLPDOL]DGDV SHORV WHUPRV ³DEHOKRX´ H ³GHVSDVVDUDGD´ YRFiEXORV TXH SDUHFHP j SULPHLUD YLVWD OLJDGRV DR FRQWH[WR DQLPDOHVFR QXPD DSUR[LPDomR TXH LQVLQXD DV DWLYLGDGHV VH[XDLV GDV SHUVRQDJHQV DOXGLGDV
1R WUHFKR GHVWDFDGR GD QDUUDWLYD R WH[WR FRPR TXH HVFDQFDUD VHX DVSHFWR FRQVWLWXWLYRGLVFXUVLYRYLVWRTXHDPHQomRjVSHUVRQDJHQVGHOLYURVGDWUDGLomROLWHUiULD SRUWXJXHVDFRPR%DVtOLRH/Xt]DRXDLQGDDFLWDomRDDXWRUHVUHVSHLWDGRVGHVVDPHVPD OLWHUDWXUDSRQWXDPDQDWXUH]DLQWHUWH[WXDOGDXUGLGXUDFDUGRVLDQD
1R SHUFXUVR GH HVFULWD GH/LVERD OLYUR GH ERUGR D DILUPDomR ³6RX GDTXL´ HQFHQD RXWUD DUPDGLOKD WH[WXDO TXH HQFRQWUD SDUDOHORV FRP D VHJXLQWH SDVVDJHP GR WH[WR
³4XHID]HPRVQyV/LVERDRVGRLVDTXL QDWHUUDHPTXHQDVFHPRVHHXQDVFL´
SHUJXQWDYD $OH[DQGUH 2¶1HLOO GH RPEUR QD RPEUHLUD D ROKDU R LPSHUDGRU0D[LPLOLDQRGR0p[LFRTXHHVWiQDHVWiWXDGR5RVVLRD ILQJLUTXHp'RP3HGUR,9GH3RUWXJDO
+RMHQDLJUHMDGH$UURLRVMiQmRYRDPDQMRVVREUHRVErEDGRV PDVKiPLVWpULRVTXHFRQWLQXDPDDQLPDUDFLGDGHHR'RP3HGURGR 5RVVLRpXPGHOHV3,5(6S
(QLJPDV GHVWHV FRPSURPHWHP D SDLVDJHP H PXLWR VLQFHUDPHQWHQmRVyFDHPPDOQDVSHVVRDVGHVHQWLPHQWRFRPRVmR GLItFHLVGHGHVFXOSDUjOX]GDLQWHOLJrQFLD2VHUXGLWRVHQWmRDLQGD KRMHSHUGHPRVRQRFRPHVVHSDUiJUDIRGDQRVVD+LVWyULDHTXDQGR SDVVDP SHOD HVWiWXD GR IDOVR UHL EDL[DP RV ROKRV QXP VLOrQFLR GH SXGRUTXHVyOKHVILFDPXLWREHP
2 OLVERHWD FRUUHQWH p TXH QmR VH GHL[D HPEUXOKDU HP GHVPDQGRVGHVVDHVSpFLHROLVERHWDFRUUHQWHWHPFiXQVWUDTXHMRVH XP GHL[DDQGDU TXH OKH SHUPLWHP GDU D YROWD DRV D]DUHV GH HVWUHPHomRHjVFRPSOLFDo}HVPDLVVROHQHV6HOHYDQWDDFDEHoDHYr RLPSHUDGRUWUDQVYLDGRDHVFRUUHUYHUGHWHOiQRDOWRDWppFDSD]GH DFKDU JUDoD 'RP 3HGUR" 'RP 0D[LPLOLDQR" 4XH VH OL[H VHMD R 'RP3HGURSRUTXHQmR"$VVLPFRPRDVVLPRSDtVILFDQDPHVPDH R5RVVLRDLQGDJDQKDPDLVXPFDVRSDUDHQWUHWHUS
RXWURVSDUiJUDIRVGHVWDFDGRV'HVVDPDQHLUDRYHUERQDVFHUPRGLILFDGRQRWH[WRGH /LVERDOLYURGH%RUGRHPUHODomRDRSRHPD³(GHQRYR/LVERD´YLVWRTXHQR~OWLPRVH
DSUHVHQWD QD VHJXQGD SHVVRD GR VLQJXODU H QR SULPHLUR QD SULPHLUD GR SOXUDO QRV OHPEUD TXH R QDVFLPHQWR D TXH R WH[WR VH UHIHUH p R GD SUySULD HVFULWXUD TXH VH ID] WDPEpPSHODYR]DUWLFXODGRUDGHLPDJHQV
2 HXOtULFR GH 2¶1HLOO H D YR] QDUUDWLYD FULDGD SRU -RVp &DUGRVR 3LUHV DSUHVHQWDPVHSDUDROHLWRUHQTXDQWRVXMHLWRVTXHREVHUYDP/LVERDSRURXWURYLpVTXH QmRRXVXDO(VWHYLpVpGDGRSHODFRQILJXUDomRGHVHXVROKDUHVDPERVSRVLFLRQDGRVj PDUJHP GD PRYLPHQWDomR XUEDQD H SRU LVVR PHVPR SRUWDGRUHV GH XP VHQVR FUtWLFR QHFHVViULRSDUDDYDOLDUDUHDOLGDGHTXHRVFLUFXQGD(QWHQGHPRVFRPUHODomRDRSRHPD TXH LQWHOLJHQWHPHQWH R HXOtULFR GH 2¶1HLOO SDVVD D HQ[HUJDU D FLGDGH OHQWDPHQWH WUDQVIRUPDQGRHPYHUERRPRGRFRPRWDPEpPHOHWUDQVILJXUDLPDJHWLFDPHQWHDFLGDGH UHPDQFKDULVWRpPRYHUGHPRGRYDJDURVR1DVXDOHLWXUDDSXUDGDGRHVSDoRXUEDQR HOHVHGiRGLUHLWRGHSURFXUDUVXD/LVERDHSRWHQFLDOPHQWHHQFRQWUiODGHQWURGRYHUER ³UHPDQFKR´ /LVERD WH UHPDQFKR $R PHVPR WHPSR HOH UHFXSHUD SHOR ³JDQFKR´ D YLYDFLGDGHHDVFRQWUDGLo}HVGDFLGDGHLQGLFLDGDVSHODLQWHQVLGDGHGHVXDFRUYHUPHOKD
(GHQRYR/LVERDWHUHPDQFKR
QXPDGHULYDGHTXHPWXGRROKD GHYLpVHVYDtGRRERLQRJDQFKR RXRRXWURYHUPHOKRTXHWHPROKD 6DQJXHQDVHUUDGXUDRXQDFDOoDGD TXHPDLVID]VHpGHKRPHPRXGHERL" 2VDQJXHpVHPSUHXPDSDSRLODHUUDGD FHUFHDGRGRFRUDomRTXHIRL
$IRUoDGDFRUHVPL~oDHXQLILFDVLJQRVHUHDOLGDGHVGLVWLQWDVFRPRRVDQJXHHD JURVHOKDRKRPHPHRERLDYHOKDHDYLGD(QWUHHOHVRFDUWD]HRTXHVWLRQDPHQWRGR ³HX´ DSUHVHQWDPVH WDPEpP FRPR XP FRQYLWH SDUD TXH VH VXVSHLWH GR TXH VH Or GR LPEULFDGRMRJRGHLPDJHQVTXHOHPEUDPDWRXUDGDDJURVHOKDTXHVHEHEHQDHVSODQDGD HYHQWRVFRUULTXHLURVGDFLGDGHGH/LVERDTXHSDUHFHPVHUQRSRHPDLQGLFDWLYRVGHXP HVWDGRGHLPRELOLGDGHHDOLHQDomR
$R UHFXSHUDU D SRHVLD GH 2¶1HLOO R QDUUDGRU GH /LVERD OLYUR GH ERUGR SDXODWLQDPHQWHDJUHJDRXWURVHQWLGRDHODDSDUWLUGRPRPHQWRHPTXHWDPEpPLQVHUH VHPDVSDVRXTXDOTXHURXWUDLQGLFDomRRQRPHGDGRDRYROXPHHPTXHVHHQFRQWUDR SRHPDHPTXHVWmRROLYUR'HRPEURQDRPEUHLUDSXEOLFDGRHP1DQDUUDWLYDR SRHWDpIRFDOL]DGRQDDWLWXGHGHTXHPHVSLDDHVWiWXDGH'RP3HGUR,9ORFDOL]DGDQR 5RVVLRGHVRVODLRLQGLFLRGHXPROKDUGHVXVSHLWDSHUDQWHRPRQXPHQWRFULVWDOL]DGRU GDTXHODRXWUDILJXUDHPEOHPiWLFD
3RU RXWUR ODGR D UHIHUrQFLD DR PRQXPHQWR GR 5RVVLR H j SRVVtYHO WURFD GH HVWiWXDVUHSUHVHQWDWLYDVGHKHUyLVGRVGLIHUHQWHVSDtVHVUHPHWHDRVYHUVRVGRGH2¶1HLOO HQFRQWUDGRVQRWH[WR³$O{YRY{´
$/Ð929Ð
$0DQXHO%DQGHLUDQRVVHXVDQRV
(VSHUHLYrORSRUDTXLXPGLDVHXGHQWXoDV
WUDYDUOKHGREUDoRHFRQWDUOKHFRPRR0D[LPLOLDQRGR0p[LFR IRLSDUDUDR5RVVLR
WRGDDJHQWHMXOJDTXHp3HGUR,9RSHGHVWDOL]DGR DSRQWDUOKHRIUXVWUkQHRFRWRYHOROXVLWDQR
QRPiUPRUHGRVFDIpV
FRPHUFRP9RFrMRDTXLQ]LQKRVLQWHLULQKRVHGXPDVyYH] ID]HUERFDRXERTXHLUmRFRPRYLQKRTXHHUDGHWRVWmR PRVWUDUOKHFRPRHXHR&LQDWWLFDSULFKDPRVQDVVDODGDV DTXLQmRS}HPFRHQWURQDVDODGDFDOFXOH9RFr VDODGDVGHDOIDFHDJULmR
FRHQWUR
UDEDQHWHWRPDWH PDLVFRHQWUR
&RQIRUPH QRV DSRQWD 0DUWLQKR S R SRHPD GH 2¶1HLOO p XPD HVSpFLHGHKRPHQDJHPDRHVFULWRUEUDVLOHLUR0DQXHO%DQGHLUDKRPHQDJHPSHUFHSWtYHO GHVGH D HVFROKD GR WtWXOR SRLV SRU PHLR GHOD R HXOtULFR FRQYHUWHUVH HP ³QHWR´ GH %DQGHLUDYLGHDH[SUHVVmR³$O{YRY{´HGLULJHVHDRSRHWDEUDVLOHLURFRPXPDLURQLD QmR SHMRUDWLYD UHFRQKHFHQGR DV FRQWULEXLo}HV GH VXD SRHVLD FRPR XPD KHUDQoD DRV HVFULWRUHV SRUWXJXHVHV DR PHVPR WHPSR HP TXH DVVLQDOD R GLiORJR FRP R WH[WR GH %DQGHLUD³3RUWXJDOPHXDYR]LQKR´
TXHQmRVDLQHPFRPRGHVRGRUL]DQWHTXHFKDPDPGHKDOD]RQ
8PSXORjFDVDRQGHQDVFHX3HVVRDVLP" 1yVQmRVRPRVSHVVRDVDVVLPjWRDQmR
(HPPLQKDFDVDj5XDGD6DXGDGHDFDYDOHLURGRULR 9RFrSRGLDIXPDUHVFRQGLGRGRVDGXOWRV
FRPRQDRXWUD6DXGDGHGRVHX5HFLIHGHPHQLQR 'HSRLVEURWRRXEULVD
FRP$QDULQDPDVVHP$GDOJLVD
$WHQomR3RHWDUHFHSomR
,UtDPRVGHL[iORjSRUWDGDUHFHSomR GDVHVVmRGHDXWyJUDIRV
GHDQWURSyIDJRV
jVPmRVGRVYHVWLEXODQWHVWmRSUHVWDQWHV
¬VDtGDOiHVWDUtDPRVSUDOHYiORDRKRWHO HHVTXHFLGDDSRHVLDDOLWHUDWXUD
QXPUHSHQWHGHWHUQXUDSHJDUOKHQDPmR
6XDEHQomR9RY{0DQXHO
5HPHVVD
'ULQNDWULQFD FRPQRVFR0DQXHO
VHPDXWyJUDIRQHPFRTXHWHO
TXHQyVQmRSRGHPRVWHURVWHXVRLWHQWD QHPFRPXtVTXHQHPFRPiJXDGH-XYHQWD 0DQXHO
3DUDOHODPHQWH 0DUWLQKR S SRQWXD TXH QmR IDOWDP QR WH[WR GH 2¶1HLOOUHIHUrQFLDVDRXWURVSRHPDVGH0DQXHO%DQGHLUDFRPR³(YRFDomRDR5HFLIH´ YLGH RV YHUVRV GR SRHPD GH 0DQXHO %DQGHLUD ³$WUiV GH FDVD ILFDYD D 5XD GD 6DXGDGHRQGHVHLDIXPDUHVFRQGLGR´³%ULVD´YLGHRVYHUVRVGH%DQGHLUD³9DPRV YLYHUQR1RUGHVWH$QDULQD´>@³9DPRVYLYHUGHEULVD$QDULQD´³%HOREHOR,,´YLGH RVYHUVRVGH%DQGHLUD³4XHURDVVDUGDVGH$GDOJLVD´
6HJXQGRRPHVPRHVWXGLRVRSWRGDVHVVDVREVHUYDo}HVVHMXQWDP QR SRHPD j SUHVHQoD GH XPD OLQJXDJHP TXH DVVRFLD R SRUWXJXrV EUDVLOHLUR DR GH 3RUWXJDO YLGH DV H[SUHVV}HV ³$O{ YRY{´ H ³YHVWLEXODQWHV´ SUySULDV GR SRUWXJXrV GR %UDVLOHRVVXEVWDQWLYR³MRDTXLQ]LQKRV´GHQRPLQDGRUGHXPDHVSpFLHGHSHWLVFRWtSLFR GH3RUWXJDOXPSHTXHQRSHL[HTXHpIULWRSRUVXEPHUVmRHPyOHRTXHQWH
3DUD DOpP GR TXH SRQWXD 0DUWLQKR QRWDPRV QR WH[WR QHRORJLVPRV TXH QRV OHPEUDPSDODYUDVHPLWDOLDQR&K¶ERODQRQRXDLQGDHPLQJOrVGULQNDEHPFRPRR HPSUHJR GH WHUPRV GH FXQKR SRSXODU ³GHQWXoDV´ RX DSDUHQWHPHQWH PDLV HUXGLWR ³DQWURSyIDJR´ ³IUXVWUkQHR´ 2EVHUYDPRV D SUHVHQoD GH UHIHUrQFLDV D QRPHV GD KLVWyULD 0D[LPLOLDQR GR 0p[LFR ' 3HGUR ,9 H GD OLWHUDWXUD 3HVVRD WXGR LVVR LQWHJUDGRQXPWH[WRTXHVHFRORFDFRPR³UHPHVVD´LVWRpFRPRXPDHQFRPHQGDTXH QmR WHP QDGD GH HQFRPHQGDGR RX VHMD TXH QmR WHP QDGD GH IiFLO DSUHHQVmR D VHU HQWUHJXHD0DQXHO%DQGHLUD
DOXVmRDRFDVRGDHVWiWXDGR5RVVLRFDVRTXHVHFRQVWLWXLFRPRXPDOHQGDXUEDQDVREUH /LVERD
6HJXQGR )HUUHLUD H &DEHOOR S Ki XPD YHUVmR GD KLVWyULD VREUH D LGHQWLGDGHGRPRQXPHQWRVLWXDGRQD3UDoD'3HGUR,9TXHGHIHQGHTXHRPRQXPHQWR UHSUHVHQWDULDRLPSHUDGRU0D[LPLOLDQRGR0p[LFRFXMDHVWiWXDWHULDILFDGRHP3RUWXJDO GHYLGRjH[HFXomRGRLPSHUDGRUSRUFRPSDWULRWDVPH[LFDQRV)HUUHLUDH&DEHOOR SDLQGDDFUHVFHQWDPTXHFRPRRVGRLVLPSHUDGRUHV'3HGUR,9H0D[LPLOLDQRGR 0p[LFR HUDP UHSUHVHQWDGRV GH PRGR VHPHOKDQWH D HVWiWXD WHULD SHUPDQHFLGR QR 5RVVLRjUHYHOLDGRVERDWRVHPWRUQRGHOD
$R VH UHIHULU DR FDVR GD HVWiWXD WDQWR R WH[WR GH 2¶1HLOO FRPR R GH -RVp &DUGRVR3LUHVUHDOL]DPXPDRSHUDomRGHUHEDL[DPHQWRGRGLVFXUVRRILFLDO$RDOXGLUR SRQWR GH YLVWD GRV HVWXGLRVRV HP UHODomR DR PRQXPHQWR R QDUUDGRU FDUGRVLDQR RV ULGLFXODUL]DFULWLFDQGRWDOYH]RIDWRGHHOHVQmRWHUHPWRPDGRQHQKXPDDWLWXGHSHUDQWH RPDOHQWHQGLGRKLVWyULFR$SUHIHUrQFLDSHODVDWLWXGHVGRVRXWURVPRUDGRUHVGH/LVERD PRUDGRUHVTXHDSHVDUGHQmRVDEHUHPTXDOYHUVmRGDKLVWyULDpUHDOSHUPLWHPVHID]HU SLDGDV VREUH HOD p H[SOLFLWDGD SHOD LQVHUomR QR FRUSR GR WH[WR GDV VHQWHQoDV LQWHUURJDWLYDVVHQWHQoDVTXHVHFRORFDPFRPRIDODVSURYLQGDVGRVOLVERHWDVFRUUHQWHV (VVHSURFHGLPHQWRDFHQWXDDFRPLFLGDGHUHIRUoDGDSHODREVHUYDomRILQDOGRQDUUDGRU TXH GHVPDVFDUD D PHVPLFH GH XP FHQiULR TXH VH DOLPHQWD H VH GLYHUWH FRP VHXV SUySULRVHTXtYRFRV
2XWUD OHQGD XUEDQD VHUi WUD]LGD GH PRGR FDUQDYDOL]DGR HP/LVERD OLYUR GH ERUGR
0DV HPERUD FRP XP RX RXWUR GHVYLR SDUD HVSDLUHFHU QRV EDLUURVGDFDSLWDOpTXHRVFRUYRVSURSULDPHQWHID]LDPYLGD3iWLRGR &RUYRHP6mR9LFHQWHGH)RUD5XDGRV&RUYRVjV(VFDGLQKDVGH 6DQWR (VWrYmR 7HUUHLUR GR &RUYR QD 6p ± FRPR VH Yr R PDSD PXQLFLSDODVVLQDODRVDLQGDKRMHHPSHUVRQDJHQVGHUHVSHLWR>@ >@
+RMH FRQKHFHPRV RV FRUYRV GR EUDVmR H p VH TXHUHPRV 2V YHUGDGHLURVOHYDUDPVXPLoR>@
>@
7HUmRLGRSRUHVVHVPDUHVjSURFXUDGHFDGiYHUHVQDYHJDQWHV" S
1RWUHFKRGHVWDFDGRFKDPDPRVDWHQomRSDUDDIRUPDSHODTXDORVDQWRSDVVDD VHU TXDOLILFDGR QRPHDGR SULPHLUDPHQWH GH ³FDGiYHU QDYHJDQWH´ HOH p DLQGD UHIHUHQFLDGR SRU PHLR GH FDUDFWHUtVWLFDV QHJDWLYDV TXDOLILFDo}HV TXH VH OLJDP D FHUWD GHFUHSLWXGHGRFRUSROHPEUDQGRQRVDFDUDFWHUL]DomRJURWHVFDSUySULDGDFRVPRYLVmR FDUQDYDOHVFD3RURXWURODGRDVFDUDFWHUtVWLFDVQHJDWLYDVVmRLQWHQVLILFDGDVSRUPHLRGD XWLOL]DomR GD HVWUXWXUD SDUDOHOtVWLFD QR SDUiJUDIR FLWDGR 'HWHFWDVH QHVVH WUHFKR WDPEpP R WHRU LU{QLFR GD YR] QDUUDWLYD VHMD HP IXQomR GRV DGMHWLYRV XWLOL]DGRV ³UHVVHTXLGR´ ³PLUUDGR´ ³URtGD´ VHMD SHOR HPSUHJR GH VXEVWDQWLYRV UHODFLRQDGRV D REMHWRVGHFXOWRUHOLJLRVR³UHOtTXLD´³VDFUiULR´
(VVD IRUPD GH GL]HU HYLGHQFLD XP VHU GHFUpSLWR WUDWDVH GH XPD GHVFULomR FRUURVLYD QmR DWULEXtGD QRUPDOPHQWH D XP VDQWR DLQGD PDLV D 6 9LFHQWH VDQWR FRQVLGHUDGRXPGRVSDGURHLURVGDFLGDGHGH/LVERD1HVVHVHQWLGRRLQWXLWRDTXLVHULD UHVVDOWDUDQDWXUH]DUHSHWLWLYDHUHWUyJDGDGDOHQGDHGRTXHHODYHLFXODULDDLGpLDGHTXH /LVERDIRUDHVFROKLGDSDUDDFROKHURFRUSRGRPiUWLU
LQGLFLD HP XPD VHJXQGD LQVWkQFLD R IDWR GH HVVH FDUiWHU WDPEpP QmR LQWHUHVVDU DR QDUUDGRU
(VVDUHOHLWXUDGiVHQRWH[WRSHORHPSUHJRGDSDUyGLDTXHDRPHVPRWHPSRHP TXH UHDOL]D D FUtWLFD DR GLVFXUVR UHOLJLRVR LQWHJUDR QD QDUUDWLYD SDUD UHVVLJQLILFiOR 'HVVDPDQHLUDRVFRUYRVDRFRQWUiULRGRVDQWRLQWHJUDPVHjSDLVDJHPID]HQGRSDUWH GHOD ( PDLV QHVVH VHQWLGR R IDWR GH HOHV VH HPEUHQKDUHP QRV EDLUURV GD FDSLWDO HTXLYDOHULDDXPPRGRGHFRQYLYrQFLDFRPDSRSXODomRHQmRGHLQGLIHUHQoDSHUDQWH HOD
$FRQYLYrQFLDHQWUHRVPRUDGRUHVGDFDSLWDOOXVDHRVFRUYRVVHID]QmRDSHQDV SHODSUHVHQoDGRVSiVVDURVPDVWDPEpPSHODUHSURGXomRGDLPDJHPGHOHVSHODFLGDGH 1DVFLPHQWRKWWSZZZUHYLVWDDJXOKDQRPEUDJSLUHVKWPDRDQDOLVDU/LVERDOLYUR GHERUGRDILUPDTXHRDXWRUH[SORUDWDQWRD³WRSRQtPLD´GDFDSLWDOSRUWXJXHVDTXDQWRR
DVSHFWRVLPEyOLFRGHVWD3DUDDHVWXGLRVDHVVDOLJDomRGRVQRPHVGRVORFDLVGDFLGDGHj VXD VLPERORJLD DVVRFLDVH DLQGD j ³HTXLYDOrQFLD´ TXH R QDUUDGRU UHFXSHUD HQWUH RV VXEVWDQWLYRV³FRUYR´H³9LFHQWH´1HVVHVHQWLGR1DVFLPHQWRFRQVLGHUDTXHDSDUWLUGD DJUHJDomRHQWUHRVDQWRHRVFRUYRVHWDPEpPSHODSUHVHQoDGHVVHV~OWLPRVHP/LVERD UHDOL]RXVH ³XP GHVOL]H VHPkQWLFR H R QRPH SUySULR µ9LFHQWH¶ WRUQRXVH SDUD RV OLVERHWDVXPQRPHFRPXPVLJQLILFDQGRµFRUYR¶´
FLWDGD REVHUYDVH XP GLVFXUVR FUtWLFR TXH VH SRVLFLRQD GH PDQHLUD GHVIDYRUiYHO j WUDQVPLVVmRLPSHQVDGDGDOHQGDHGRVVLJQLILFDGRVTXHHODFRPSRUWD
8P GHVVHV VLJQLILFDGRV HVWi DWUHODGR DR SUySULR PRPHQWR KLVWyULFR TXH HQYROYHXDHVFROKDGRPiUWLUFRPRVtPERORGDFDSLWDOOXVDRXVHMDTXDQGR'$IRQVR +HQULTXHV HPSUHHQGLD XP SURMHWR GH HQREUHFLPHQWR GH /LVERD FLGDGH TXH VXSRVWDPHQWHUHSUHVHQWDULDXP3RUWXJDOXQLILFDGRRTXHVHJXQGR$LUHVS WHULDRFRUULGRHP(P/LVERDOLYURGHERUGRSDYR]TXHGHDPEXOD SRU /LVERD DOXGH D HVVH IDWR DR GHL[DU SHUFHEHU TXH R VDQWR HUD HVSDQKRO H TXH RV FRUYRVSHUPDQHFHUDPQREUDVmRGDFLGDGHGHYLGRD³FHUWDVIiEXODVGRGHVWLQR´&RP LVVRDYR]QDUUDWLYDSDUHFHVXJHULUQmRDSHQDVRIDWRGHTXHDHVFROKDGRVDQWRSRGHULD VHU YLVWD FRPR HTXLYRFDGD PDV WDPEpP TXH HOD PDUFD SDUD R UHL XPD YLWyULD HP UHODomRDRFRQGDGRGH/HmRH&DVWHODSRVWHULRUPHQWHDJUHJDGRj(VSDQKD(VVDYLWyULD VHULDLQGLUHWDPHQWHWUDQVPLWLGDDRSRYRDSDUWLUGDGHVLJQDomRGRPiUWLUEHPFRPRGD YHLFXODomRGDOHQGD$V³IiEXODVGRGHVWLQR´DOXGLULDPLURQLFDPHQWHjVFRQWLQJrQFLDV KLVWyULFDVTXHWHULDPOHYDGRjFRQVWUXomRGHWRGDXPDGHYRomRDRPiUWLU
'LWRGHRXWURPRGRDRXWLOL]DURYRFiEXOR³GHVWLQR´WmRFDURjFDUDFWHUL]DomR GDLGHQWLGDGHSRUWXJXHVDRQDUUDGRULURQL]DRSURFHVVRGHUHDILUPDomRGH3RUWXJDODR PHVPRWHPSRHPTXHUHIOHWHVREUHDHVFROKDGDLPDJHPGDEDUFDHGRVSiVVDURVSDUDR EUDVmRGDFLGDGH2GXSORVHQWLGRTXHSRGHVHUDIHULGRD³GHVWLQR´OHYDQRVDUHIOHWLU SRUH[WHQVmRVREUHDYHLFXODomRGDLGHLDGHTXHWDQWRRVPRPHQWRVGHJOyULDTXDQWRRV GHIUDFDVVRGDQDomROXVDVHULDPIUXWRGHXPGHVLJQRPDLRUTXHUHSUHVHQWDDYRQWDGH GLYLQD 1HVVH VHQWLGR DLQGD HP RXWUR WUHFKR GR WH[WR RV FRUYRV VmR TXDOLILFDGRV GH PDQHLUDVLQJXODU
FLGDGH H FKHJDUDP j %LFD GH $UURLRV $UURLRV LPDJLQHVH 8P DUUDEDOGHGHGHJUHGDGRVQDTXHODpSRFD&KHLRVGHjYRQWDGHRVGRLV DYHQWXUHLURV PDWDUDP D VHGH GHVFDQVDUDP H SDUD DVVLQDODUHP R DFRQWHFLPHQWRJUDYDUDPDVXDLPDJHPQDSHGUDGRFKDIDUL]FRPRXP SDGUmR GH H[SORUDGRUHV 3RUWXJXHVtVVLPRV HVVHV SiVVDURV 3,5(6 S
$ TXDOLILFDomR GH $UURLRV FRPR XP ORFDO TXH HVWDULD UHSOHWR GH GHJUDGDGRV DOLDGR DR PRGR FRPR RV FRUYRV WHULDP HQWUDGR QD FLGDGH DJUHJDP j ILJXUD GRV SiVVDURV H j GRV SRUWXJXHVHV D LPDJHP GH GHVEUDYDGRUHV 6LPXOWDQHDPHQWH D LQGLFDomRGHRVFRUYRVWHUHPGHL[DGRJUDYDGDDVXDLPDJHPQRFKDIDUL]FRPRPDUFDGH VXDFKHJDGD DRORFDOUHWRPDDLPDJHPGRSRYROXVRFRPRFRORQL]DGRULPDJHPTXH UHDSDUHFHDTXLPDVVRERXWUDSHUVSHFWLYDSRLVDJRUDLQGLFDRSHUFXUVRHPSUHHQGLGR SHODVDYHV(VVDQRYDFLWDomRDREDLUURGH$UURLRVDLQGDSHUPLWHDDVVRFLDomRHQWUHD ILJXUD GRV FRUYRV VHUHV PDLV ODGLQRV H GHVSRMDGRV VRE D yWLFD GR WH[WR H R SUySULR QDUUDGRUGH/LVERDOLYURGHERUGRTXHWDOFRPRRVSiVVDURVH[SORUDRHVSDoRXUEDQR
9DOHOHPEUDUTXHDSUHVHQoDGHVVDVDYHVpUHLWHUDGDHPGLIHUHQWHVQDUUDWLYDVTXH FRPS}HPDREUDGH-RVp&DUGRVR3LUHVID]HQGRGRVFRUYRVSDUWHGHXPDHVSpFLHGH ³EHVWLiULR´GRDXWRU(PRXWURWH[WRGRHVFULWRU³$UHS~EOLFDGRVFRUYRV´LQVHULGRQD FROHWkQHD KRP{QLPD GH GHWHFWDVH QDV IDODV GR FRUYR FHUWD FDUJD VDWtULFD UHYHODQGRVH HOH FRPR XPD ILJXUD TXH TXHVWLRQD RV GLVFXUVRV LQVWLWXFLRQDOL]DGRV 'H PRGRVHPHOKDQWHDRTXHRFRUUHQHVVDQDUUDWLYDHP/LVERDOLYURGHERUGRRVFRUYRVVH GLVWDQFLDPGDLPDJHPQRUPDWL]DGDGHOHVQREUDVmRRFXSDQGRQHVVHOLYURWDPEpPXP SDSHOGHGHVWDTXHDTXHVHVRPDPHOHPHQWRVFDUDFWHUtVWLFRVGH/LVERD
>@3DOiFLR)URQWHLUDHLVROXJDU>@&RPRDUTXLWHWXUDSHoD~QLFD YHP HP FDStWXOR PDLRU QRV WUDWDGRV GRV PHVWUHV H YDOH SHOR GHVOXPEUDPHQWR FRP TXH IRL FRQFHELGR &RPR SRXVDGD GH DUWH PDLRUSULYLOpJLRDLQGDSRUTXHDRXVDGLDHRPLWRUHVVDOWDPSRUWRGDD SDUWHHPILJXUDVGHEHOH]DFOiVVLFDRXHPPRQVWURVGHHVFiUQLRHGH H[FRPXQKmR 3UHVVHQWHVH XPD GLDEyOLFD DOLDQoD GRVDJUDGR FRP R SURIDQR D FRQGX]LU QRVVR ROKDU HVWDPRV VHP G~YLGD QXP OXJDU SURGLJLRVR SDUD FRQFHEHU XP EHVWLiULR SHUYHUVR H GDUOKH PRUDGD HWHUQD3,5(6S
/i D WHPRV e XP IDEXOiULR GH UHODo}HV IDUVDQWHV TXH HVWi ILJXUDGRQHVVHVD]XOHMRV$OLDVSHUVRQDJHQVKXPDQDVWrPURVWRVGH PDFDFRVFRPSHQHWUDGRVGHVDSLrQFLDHRVDQLPDLVDVVXPHPVHFRPR KXPDQRVQDVH[SUHVV}HVHQDVDWLWXGHV+iJDWRVSDODFLDQRVDHVWXGDU P~VLFDFRPXPPHVWUHGHVROIHMRHFRPXPIUDGHPRQRHKiRXWURV HPFDGHLUDGHEDUEHLURFRPXPKRPHPVtPLRDRVSpV>@3,5(6 S
3DUD QyV DR GHVFUHYHU R PRQXPHQWR D YR] QDUUDWLYD SRVVLELOLWD SDVVDUPRV D HQWHQGHU WDPEpP R WH[WR FDUGRVLDQR FRPR XP OXJDU HP TXH D PHVPD QDWXUH]D GH ³IDEXOiULR´ TXH FHUFD RV D]XOHMRV TXH VH HQFRQWUDP GR ODGR GH IRUD GR 3DOiFLR GD )URQWHLUD SRVVD VHU SHUFHELGD HP RXWUDV QDUUDWLYDV (P DOJXQV WH[WRV GR DXWRU SRUWXJXrVFRPRSRUH[HPSOR'LQRVVDXUR([FHOHQWtVVLPRDDQLPDOL]DomRHVWi SUHVHQWH H FRQILJXUDVH IUHTXHQWHPHQWH FRPR SRUWDGRUD GH XP YLpV VDWtULFR &RP UHODomRD/LVERDOLYURGHERUGRDOJXQVRXWURVDQLPDLVFRPRSRUH[HPSORRVJDWRV PHUHFHPXPDDWHQomRHVSHFLDO
LU{QLFRGRQDUUDGRU1HVVHVHQWLGRWDOFRPRRJDWRTXHDFRPSDQKDULDDVFHUkPLFDVH FDULFDWXUDVGH5DIDHO%RUGDOR3LQKHLURREMHWRVGHDUWHTXHVmRLQVHULGRVQDVSiJLQDVGH /LVERD OLYUR GH ERUGR R QDUUDGRU SRGH DVVXPLU XPD SRVLomR GH TXHP ROKD GH FLPD
RXWUDVUHDOLGDGHVGH/LVERD
2³HX´TXHFDPLQKDSHODFDSLWDOSRUWXJXHVDHP/LVERDOLYURGHERUGRpXP LURQLVWD TXH DVVXPLULD XP ROKDU IHOLQR RX IHULQR" VREUH DTXHOD UHDOLGDGH SULQFLSDOPHQWHQRTXHVHUHIHUHjFUtWLFDDRPRGRLQHUWHFRPRDOJXQVDHQ[HUJDPEHP FRPRFRPSUHHQGHPVHXVPRUDGRUHV
7DO ROKDU WUDQVIRUPDGRU GD UHDOLGDGH FLUFXQGDQWH p SHUFHELGR H H[SUHVVR WDPEpP VHJXQGR R QDUUDGRU SHOR IDEXOiULR GH 5DIDHO %RUGDOR 3LQKHLUR IDEXOiULR IRUPDGRSRUFHUkPLFDVHPTXHDSDUHFHPODUJDWL[DVJDIDQKRWRVDEHOKDVSRUFRVSHUXV HPH[LOK}HV3DUDRQDUUDGRUSDUDDOpPGHVVDVSHoDVVHFRORFDUHPFRPRXPDDOHJRULD TXH GHJUDGD R DPELHQWH GRPpVWLFR H PHVTXLQKR GD DQWLJD DULVWRFUDFLD UXUDO TXH QRV WHPSRV LQLFLDLV GR JRYHUQR VDOD]DULVWD GLWDYD RV FRPSRUWDPHQWRV D VHUHP DVVXPLGRV SHORUHVWDQWHGRSDtVHODVVmRFHUFDGDVGHJUDQGHLURQLDRIDWRGHWHUHPVLGRFRPSUDGDV SHORVKHUGHLURVGHVVDPHVPDDULVWRFUDFLDRVTXDLVQmRWHULDPHQWHQGLGRDFUtWLFDTXH HODVYHLFXODP
LOXVWUD HP$OH[DQGUD $OSKD VLPXOWDQHDPHQWH XPD LQGLJQDomR SRSXODU H D LQFDSDFLGDGHGHS{UHVVDLQGLJQDomRHPSUiWLFD1HVVHVHQWLGRVHRQDUUDGRUGH/LVERD OLYUR GH ERUGR PRVWUDVH FDSD] GH FULWLFDU D EXUJXHVLD HOH WDPEpP WHFH PHVPR TXH
LQGLUHWDPHQWHXPROKDUFUtWLFRjDWLWXGHGHSDUWHGDSRSXODomROLVERHWDTXHQmRVHULD FDSD]GHVHRUJDQL]DUHGHGDUYD]mRDVXDLQGLJQDomR
2QDUUDGRUGH/LVERDOLYURGHERUGRDLQGDQRVOHPEUDTXHDOJXQVGHVHQKRVGH 5DIDHO %RUGDOR 3LQKHLUR SRGHP VHU DSUHFLDGRV QR PXVHX GR &DPSR *UDQGH RQGH WDPEpPVHHQFRQWUDPRVFDUWRRQVGH-RmR$EHO0DQWD3DUDRQDUUDGRURIDWRGHDV REUDV GHVVHV GRLV DUWLVWDV HQFRQWUDUHPVH QR PHVPR ORFDO p LQGLFDWLYR GH XPD FRUUHVSRQGrQFLD HQWUH VHXV WUDEDOKRV (VVD FRUUHVSRQGrQFLD WUDGX]VH QXPD FUtWLFD VRFLDO TXH QR FDVR GH -RmR $EHO 0DQWD DWLQJH DV HVIHUDV GR SRGHU YLVWR TXH VHXV FDUWRRQVSRGHPVHUHQWHQGLGRVFRPRXPDIRUPDGHUHVLVWrQFLDDRJRYHUQRVDOD]DULVWD
6LWXDQGRVHODGRDODGRFRPHVVHVDUWLVWDVRQDUUDGRUGH/LVERDOLYURGHERUGRWDPEpP WHFHVXDFUtWLFDDXPGRVPRPHQWRVPDLVQHJURVGDKLVWyULDGHVHXSDtV
2SHTXHQRODUJRRQGHVHVLWXDP>DVHVWiWXDVGH)HUQDQGR3HVVRDH &DP}HV@ TXH RXWURUD IRL DVVDOWDGR SRU IDQiWLFRV FKDPHMDQWHV HP SURFLVV}HVGR6DQWR2ItFLRHORJRGHSRLVDEDODGRSRUXPWHUUHPRWR GHHVWUHPHFHURPXQGRHVVHSHTXHQRODUJRGLJRWHYHDIHOLFLGDGHGH VREUHYLYHUKiDOJXQVDQRVDXPLQFrQGLRTXHOKHJXDUGRXGLVWkQFLD 3,5(6S
/DUJRGR&DUPRGRDQRGHTXHPRSRGHHVTXHFHU"(UDSULPDYHUD HDFDSLWDOSURFODPDYDD5HYROXomRGRV&UDYRVGLDQWHGRVGRQRVGD 'LWDGXUDHQFXUUDODGRVQXPTXDUWHO
4XH IHOL] XP OXJDU FRPR HVVH TXH DSHVDU GH VLVPRV H GH FKDPDV WHYHDIRUWXQDGHVHURSDOFRGDKRUDTXHOLEHUWRXRSDtV
2OKR H UHFRUGR PDV Ki XPD SDUWH GHOH TXH HVWi GHVILJXUDGD SDUDVHPSUH(LVVRGyLQmRHVTXHFH4XDQGRDTXHODVFLFDWUL]HVVH WLYHUHPIHFKDGRFRPRVHUiHVVHURVWRGHPLPPHVPR"S
QRWHPSRQDUHIHUrQFLDDR/DUJRGR&DUPRSDOFRGD5HYROXomRGRV&UDYRVRFRUULGD HP$FLWDomRDRGH$EULOJDQKDYLHVHVPDLVHVSHFtILFRVGHVWDFDQGRVHFRPR XPDFRQWHFLPHQWRVLJQLILFDWLYRSDUDRVSRUWXJXHVHVSRLVHVVHVDOFDQoDUDPDOLEHUGDGH GHSRLVGHTXDVHDQRVGHUHJLPHGLWDWRULDO
1R ~OWLPR SDUiJUDIR FLWDGR SULQFLSDOPHQWH D YR] QDUUDWLYD DSUR[LPDVH GH IRUPD LQWHQVD GR HVSDoR TXH HYRFD H DVVLP DV UXtQDV GR &DUPR VXUJHP FRPR PHWiIRUDVGDOHPEUDQoDSDUDVHPSUHYLYDGRV SHUFDOoRVDTXH RSRYR SRUWXJXrV IRL VXEPHWLGR $ VHQWHQoD LQWHUURJDWLYD HQFHUUDQGR R SDUiJUDIR VXJHUH D G~YLGD FRP UHODomR DRV QRYRV WHPSRV QD PHGLGD HP TXH R QDUUDGRU DLQGD PDQLIHVWD LQFHUWH]D TXDQWRjFRPSOHWDVXSHUDomRGRVWHUURUHVGRSDVVDGRHWDPEpPLQGHFLVmRFRPUHODomR DRIXWXURDRTXHVHSRGHHVSHUDUGHXPSDtVTXHWHYHVXDKLVWyULDLQWHUURPSLGDSRUXP VLVWHPD IDVFLVWD TXH LPSHGLX TXH R KRPHP OXVR VH DILUPDVVH FRPR LQGLYtGXR OLYUH GHFLGLGRHFRQYLFWR
$KLVWyULDSRUWXJXHVDRXWURUDHVWLOKDoDGDSHORWUDXPDGDGLWDGXUDWUDXPDHVVH TXHQmRIRLQRHQWDQWRYLYLGRGDPHVPDPDQHLUDSRUWRGRVRVSRUWXJXHVHVHQFRQWUD FRUUHVSRQGrQFLDVQDVUXtQDVHYRFDGDVGR/DUJRGR&DUPR
3RU RXWUR ODGR D FHQVXUD YLYLGD HP RXWUDV pSRFDV HP 3RUWXJDO VHUi HYRFDGD WDPEpPSHODDSUHFLDomRGREDLUURGR5RVVLRHPXPPRPHQWRHPTXHXPDSHUVRQDJHP VLQJXODUVHUiWUD]LGDHWUDQVILJXUDGDSHORROKDUGRQDUUDGRU
0DV PHVPR QHVVH 5RVVLR GDV IORULVWDV H GD HVWiWXD GR 0D[LPLOLDQR 'RP 3HGUR DEUR XP SDUrQWHVH DOL HVWi WDPEpP R %RFDJHQXQFDHVTXHFHU(%RFDJHPHVPRVDGLQRIRLXPGRVSRHWDV PDLVYLYLGRVGH/LVERDHPERUDSDUDD]DUGHOHDQGDVVHVHPSUHFRP RVOLYURVGR2YtGLRSHQGXUDGRVQRVRYDFR
+RMHSRGHPRVYrORDTXDOTXHUKRUDQRYHOKRFDIp1LFRODRQGH Ki GRLV VpFXORV WLQKD D VXD PHVD GH WHUW~OLD H RQGH HQWUH ULPDV H SDQIOHWRVFRQVSLUDYDFRQWUDDVRFLHGDGHGHSROtFLDVHPRQJHVEXIRV TXHRKDYLDGHOHYDUjSULVmR(VWiORJRGHIUHQWHSDUDTXHPHQWUD QmR Ki TXH HQJDQDU0DVMi QmR p RGLDER ³PDJURGH ROKRV D]XLV FDUmR PRUHQR´ TXH HOH GHL[RX SRUTXH R WUDGX]LUDP HP HVWiWXD GH EURQ]HGRXUDGRSDUDFRQGL]HUFRPDVPXVDVGHVHXWHPSRTXHQmR SDVVDYDPGHXPDVSUHFLRVDVIHGRUHQWDV1DPHVPDVDODWHPDLQGDRV IUDGDOK}HVHRVOHWUDGRVTXHOKHIL]HUDPDYLGDQHJUDVHQWDGRVjPi OtQJXD XQV FRP RV RXWURV PDV DJRUD HP SHUVRQDJHQV GHFRUDWLYDV QDGDDWHPHU(VWmRUHWUDWDGRVQDVSDUHGHVFRPRXPSDVVDGRGHPi PHPyULDH'HSURIXQGLVDG'RPLQHTXHDWHUUDOKHVVHMDSHVDGD 3,5(6S
$V FDUDFWHUtVWLFDV GH %RFDJH QmR Vy VH OLJDP D XPD LPDJHP TXH VH ID] GHOH FRPRSRVVLELOLWDPDUHOHLWXUDGDTXHODLPDJHPTXHVHFRQVWUyLGRSUySULRQDUUDGRUGH /LVERDOLYURGHERUGRMiTXHHVWHDOpPGHDSXUDUHPDOJXQVPRPHQWRVRYLpVFUtWLFR
GH VHX WH[WR DFDED SRU FRORFDUVH FRPR XP VXMHLWR TXH WDPEpP VH SRVLFLRQD FULWLFDPHQWHSHUDQWHDFHQVXUD
SRHPD GH %RFDJH ³0DJUR GH ROKRV D]XLV H FDUmR YHUPHOKR´ LQWHQVLILFD R VXSRVWR HVWLOR GH YLGD GR HVFULWRU HVWLOR DSDUHQWHPHQWH DSUHFLDGR SHOR QDUUDGRU 2 XVR GR DGMHWLYR³VDGLQR´DOpPGHUHFXSHUDURSVHXG{QLPRGH%RFDJH(OPDQR6DGLQROHPEUD QRV R VXEVWDQWLYR ³ODGLQR´ RX VHMD DVWXWR HVSHUWR DUGLORVR FDUDFWHUtVWLFDV WDPEpP FRPSDUWLOKDGDVSHODYR]QDUUDWLYD
eHVVDPHVPDYR]TXH YrQHJDWLYDPHQWH DWUDQVILJXUDomR IHLWDGH%RFDJH HP HVWiWXDGH³EURQ]HGRXUDGR´LPDJHPTXHGHFHUWDIRUPDRSHWULILFDHOLPLQDQGRVHX YLJRUHVXDLQWHPSHVWLYLGDGHHDSUR[LPDQGRRGDVSHUVRQDJHQVIHPLQLQDVSUDWLFDPHQWH LQHUWHV TXH KDELWDYDP D SRHVLD iUFDGH $R PHVPR WHPSR D LPDJHP GDV PXVDV GH DOJXQVGRVSRHPDViUFDGHVGH%RFDJHpPRGLILFDGDSHORDGMHWLYR³IHGRUHQWDV´RTXH LQGLFDXPDFUtWLFDMRFRVDTXHRQDUUDGRUID]jTXHOHWLSRGHHVFULWDPDLVFOiVVLFDWDPEpP WUDEDOKDGDSHORSRHWD
$SUR[LPDQGRQRV GR ILQDO GH QRVVD DQiOLVH FKDPDPRV DWHQomR SDUD R IDWR GH TXH DSHVDU GH DOJXPDV DYDOLDo}HV GLUHFLRQDGDV j FLGDGH GH /LVERD HVSDOKDGDV QDV SiJLQDV GH/LVERD OLYUR GH ERUGR VHUHP QHJDWLYDV R QDUUDGRU VH GLVS}H D FULDU DOJR QRYR H D HQFRQWUDU H H[SORUDU R TXH MXOJD SRVLWLYR HP UHODomR j FLGDGH (VVH YLpV
0DJURGHROKRVD]XLVFDUmRPRUHQR
0DJURGHROKRVD]XLVFDUmRPRUHQR %HPVHUYLGRGHSpVPHmRQDDOWXUD 7ULVWHGHIDFKDRPHVPRGHILJXUD 1DUL]DOWRDRPHLRHQmRSHTXHQR
,QFDSD]GHDVVLVWLUQXPVyWHUUHQR 0DLVSURSHQVRDRIXURUTXHjWHUQXUD %HEHQGRHPQtYHDVPmRVSRUWDoDHVFXUD 'H]HORVLQIHUQDLVOHWDOYHQHQR
'HYRWRLQFHQVDGRUGHPLOGHLGDGHV 'LJRGHPRoDVPLOQXPVyPRPHQWR (VRPHQWHQRDOWDUDPDQGRRVIUDGHV
(LV%RFDJHHPTXHOX]DOJXPWDOHQWR 6DtUDPGHOHPHVPRHVWDVYHUGDGHV
SRVLWLYRDLQGDWRPDGLIHUHQWHVSURSRUo}HVHPRXWURVPRPHQWRVGRWH[WRFRORFDQGRVH SDXODWLQDPHQWHFRPRXPDHVSpFLHGHUHVSRVWDDRXWUDVLPDJHQVQHJDWLYDVGH/LVERD
6HEDVWLmR 2SXV 1LJKW PLOLWDQWH GRZKLVN\ QRV EDUHV GHVWDV UHGRQGH]DV SDVVD D YLGD D SUHYHQLU TXH /LVERD p WRGD HPWURPSH O¶RHLO7URPSHO¶RHLODVVLPPHVPRSDODYUDVGRSUySULR6yTXHHOH pTXHDQGDGHROKRWURPSHDGRGHVGHTXHQDVFHX,UPmRGHXPMXL] 2SXV'HLR2SXV1LJKWQXQFDQDYLGDGHVFHXjUXDDQWHVGRDQXQFLDU GDQRLWHHVyQRGLDGRIXQHUDOpTXHDEULUiXPDH[FHSomRDHVVDUHJUD SRUTXHSHORKRUiULRGRVFHPLWpULRVRVPRUWRVIHFKDPjVFLQFR>@
'L] PDV QXQFD YLX /LVERD D HVVD OX] HUD R TXH IDOWDYD H VH YLVVH WDOYH] ILFDVVH GH TXHL[R FDtGR SRUTXH p XPD FLGDGH GH JHRPHWULD HVTXLYD FROLQDV UHTXHEURV UHIOH[RV GH XP ULR D WRQV LQFHUWRV FRQIRUPH RV GLDV H FRQIRUPHV DV PDUpV XP FRUSR SDUD VROHWUDUVHPSUHVVDV3,5(6S
1D SDVVDJHP GHVWDFDGD GLVWLQJXHPVH GRLV PRGRV GH HQ[HUJDU D FLGDGH XP GHIHQGLGR SHOR QDUUDGRU RXWUR SRU 2SXV 1LJKW SHUVRQDJHP FULDGR SRU -RVp &DUGRVR 3LUHV H TXH FRPSDUHFH WDQWR QR URPDQFH$OH[DQGUD $OSKD TXDQWR HP XPD FU{QLFD LQWLWXODGD FRP R QRPH GD SHUVRQDJHP H SXEOLFDGD HP$ FDYDOR QR GLDER 2 WUHFKRPRVWUDVHFRPRLQGtFLRGHXPDUHODomRLQWHUWH[WXDOTXHVHHVWHQGHSHORUHVWDQWH GROLYURGHUHODomRHVWDTXHSURGX]VXEVtGLRVSDUDTXHVHFRPSUHHQGDDFUtWLFD TXHRQDUUDGRUGLULJHSDUDRPRGRFRPR2SXV1LJKWGHILQH/LVERDFRPRVHHVVDIRVVH WRGDHPWURPSHO¶RHLO
EHPID]FRPTXHVHDOXGDDRSURFHVVRGHFRQVWUXomRGRWH[WRGH-RVp&DUGRVR3LUHV ([SOLFDVHRDXWRUSDUHFHUHFRUUHUDOLQJXDJHQVGLVWLQWDVOLQJXDJHPHVFULWDHSLFWyULFD QHVWHFDVRSDUDDOFDQoDUXPHIHLWRGHVHQWLGRGLIHUHQFLDGRHGHVVDPDQHLUDROHLWRUp FRQYLGDGRDYHURWH[WRQmRDSHQDVFRPRXPFRQMXQWRGHSDODYUDVTXHVHHQWUHPHLDP PDV WDPEpP FRPR XPD SLQWXUD D TXH VH GHYH ROKDU PLQXFLRVDPHQWH DWHQWDQGR SDUD VXDVFRUHVIRUPDVHWUHMHLWRVeDVVLPWDPEpPTXHRQDUUDGRUGLIHUHQWHPHQWHGH2SXV 1LJKWTXHQXQFDDSUHFLRX/LVERDjOX]GRGLDYrDFLGDGH/LVERDpXPFRUSRDVHU WDWHDGRXPFRUSRDVHUGHVFREHUWRFRPFDOPDFRUSRTXHVHPHWDPRUIRVHLDGHDFRUGR FRPDOX]TXHQHOHLQFLGHFRUSRWH[WXDOHSLFWyULFR
2 ³ROKR WURPSHDGR´ GH 6HEDVWLmR DLQGD Gi PDUJHP j RXWUD LQWHUSUHWDomR GR WH[WR FDUGRVLDQR D GH TXH D FRVWXUD HQWUH GLIHUHQWHV WH[WRV H GLVFXUVRV VREUH /LVERD UHODFLRQDVHDGLYHUJrQFLDVGHSHUVSHFWLYDVHPUHODomRjFLGDGH'HVVHPRGRRHIHLWR GH HPEULDJXrV GD SHUVRQDJHP SHUDQWH R HVSDoR XUEDQR VH ID] VHQWLU SHOR OHLWRU TXH SRGH OLWHUDOPHQWH VH SHUGHU HQWUH DV UHIHUrQFLDV WH[WXDLV GD QDUUDWLYD 8PD GDV UHIHUHQFLDVWH[WXDLVPDLVLQWHUHVVDQWHVGH/LVERDOLYURGHERUGRFXMDH[WHQVmRPHOKRU VH HQTXDGUD QHVWH FRQWH[WR H TXH FDEH DTXL p DTXHOD TXH VH ID] FRPXP SRHPD GH ÈOYDURGH&DPSRVFKDPDGR³6RQHWR-i$QWLJR´
6RQHWR-i$QWLJR
2OKD'DLV\TXDQGRHXPRUUHUWXKiVGH GL]HUDRVPHXVDPLJRVDtGH/RQGUHV HPERUDQmRRVLQWDVTXHWXHVFRQGHV DJUDQGHGRUGDPLQKDPRUWH,UiVGH
/RQGUHVSUD,RUTXHRQGHQDVFHVWHGL]HV TXHHXQDGDTXHWXGLJDVDFUHGLWR FRQWDUjTXHOHSREUHUDSD]LWR TXHPHGHXWDQWDVKRUDVWmRIHOL]HV
(PERUDQmRRVDLEDVTXHPRUUL
2OKD 'DLV\ TXDQGR R ÈOYDUR GH &DPSRV WH PDQGRX DTXHOH 6RQHWRMi$QWLJRTXDVHQLQJXpPVDELDSRUFiRWHXQRPH+RMHYrWX DWp R WHQV HVFULWR QXP SDVVHLR GD $YHQLGD GH 5RPD IUHQWH D XPD ERWLTXH GH HQ[RYDLV GH QRLYD >@ UHSDUD XPD UHIHUrQFLD PHVPR D FRQGL]HU FRP R VRQHWR TXH WH WRUQRX HWHUQD 8P OXJDU RQGH R WHX QRPH SRGH VHU OLGR D TXDOTXHU KRUD H SRU TXDOTXHU XP FRPR XP PLVWpULRGHSRVWRQRFDPLQKR3,5(6S
1D YHUGDGH WDPEpP R WHX QRPH 'DLV\ DSHVDU GH PXLWR YLDMDGRQDSRHVLDFRQWLQXDDVHUHQLJPDSDUDTXHPGHSDUHFRPHOH LPSODQWDGRSHGUDDSHGUDQRFKmRGD$YHQLGDGH5RPD9DLYrOR H[SHULPHQWD 9DL H WHQWD GHFLIUiOR FRP D SRQWLQKD GR WHX Sp 3,5(6
$OpPGHHVWDUHPSUHVHQWHVHPOXJDUGHGHVWDTXHQDDEHUWXUDGHXPDGDVSDVVDJHQV GROLYURRVWHUPRVLQLFLDLVGDVHQWHQoDTXHDEUHRSULPHLURSDUiJUDIRFLWDGRUHWRPDPRV YHUVRVGRWH[WRGRKHWHU{QLPRGH)HUQDQGR3HVVRDIRUWLILFDQGRDUHODomRLQWHUWH[WXDO 7DQWR QR SRHPD TXDQWR HP/LVERD OLYUR GH ERUGR 'DLV\ SDUHFH VH WUDQVPXWDU HP SHUVRQDJHPRXDRPHQRVRFXSDXPOXJDUTXH SHUPLWHTXHWDQWRRHXOtULFRGHXP WH[WRTXDQWRRQDUUDGRUGHRXWURHVWDEHOHoDPXPDHVSpFLHGHFRQYHUVDFRPHOD1R HQWDQWRVHQRSRHPDRWH[WRDVVXPHXPWRPDFXVDWyULRHPUHODomRj'DLV\QROLYURD UHODomRHQWUHRQDUUDGRUpRXWUDHODVHID]FRPRXPFRQYLWHSDUDTXH'DLV\UHHQFRQWUH VHXQRPHHVXDVLJQLILFDomRQDVUXDVGH/LVERD
6RERXWUDSHUVSHFWLYDHVVHFRQYLWHGLUHFLRQDVHDRSUySULROHLWRUYLVWRTXHpXP PRGRGHFKDPDUVXDDWHQomRQRVHQWLGRGHID]rORUHIOHWLUVREUHRVRXWURVVLJQLILFDGRV TXH R SRHPD JDQKD TXDQGR LQFRUSRUDGR j IDOD GR QDUUDGRU 'HVVD PDQHLUD SDUD R QDUUDGRU R OXJDU HP TXH R QRPH GHOD p JUDIDGR HP IUHQWH D XP HQ[RYDO GH QRLYDV FRQGL] FRP R TXH p GLWR SHOR SRHPD RX VHMD HOH SDVVD D UHLQWHUSUHWDU R SRHPD GH ÈOYDURGH&DPSRVFRPRXPDKLVWyULDGHDPRUPDOUHVROYLGR
DQRWtFLDDHVVDHVWUDQKD&HFLO\
2PRGRSHORTXDORHXOLULFRGLULJHVHD'DLV\FRPRVHHODIRVVHXPDPXOKHUTXH QmRpGLJQDGHFRQILDQoDTXHRFXOWDVXDVYHUGDGHLUDVLQWHQo}HVID]FRPTXHVHROKH GLIHUHQWHPHQWHRWH[WRGH&DUGRVR3LUHVHjTXHOHTXHRQDUUDGRUUHWRPD2XVHMDID] FRP TXH DWHQWHPRV XPD YH] PDLV D HVVD YR] QDUUDWLYD TXH DOpP GH GHVFRQILDU GDV LPDJHQVXVXDLVGH/LVERDVHH[SUHVVDHPXPDOLQJXDJHPEDVHDGDQRGHVYLRRXVHMDp LU{QLFD HP UHODomR jV LPDJHQV TXH MXOJD LQDGHTXDGDV 'LWR GH RXWUR PRGR R DWR GH ³ILQJLU´DWUHODGRD'DLV\QRSRHPDPRVWUDVHLPSRUWDQWHWDPEpPSDUDDFRPSUHHQVmR GDHVFULWDFDUGRVLDQDHVFULWDTXHVHUHDOL]DSHODWHDWUDOL]DomRGDOLQJXDJHPSHODSRVWXUD GLIHUHQFLDGD GR QDUUDGRU SHOD GHVHVWDELOL]DomR HQWUH DV HVIHUDV GR KLVWyULFR H GR FRPH]LQKRWXGRLVVRGHIRUPDMRFRVDHFUtWLFDFRQIRUPHPRVWUDPRVDWpDTXL
$R SHGLU D 'DLV\ TXH Yi YHU VHX QRPH QD FDOoDGD HP XP WRP PHVPR GH FXPSOLFLGDGH YLVWR TXH D QDWXUH]D GD SHUVRQDJHP H D GR QDUUDGRU SDUHFH EDVWDQWH SUy[LPD FXPSOLFLGDGH PDUFDGD SHOR XVR GRV SDUrQWHVHV R QDUUDGRU UHGXSOLFD HVVH FRQYLWHDROHLWRUHLQGLFLDLQGLUHWDPHQWHDSUy[LPDOHLWXUDTXHIDUiGDFLGDGHGH/LVERD XPDOHLWXUDPHQRVSHMRUDWLYD
$YHV H TXHUXELQV 'D QDWXUH]D FRUUHQWH Mi SDVVHL j UHSUHVHQWDomR VDJUDGDPDVWDPEpPHVVDWHPOXJDUQRQRVVRFKmRGHFDGDGLDFRPR DFRQWHFH FRP DTXHOH 6mR -RUJH D WUHVSDVVDU R 'UDJmR QXP HPSHGUDGRGR/DUJRGD*DUoD6HGHSRLVGHVVHWHPRVWUDUXPRXWUR D]XOHMRj5XD'3HGUR9GLUiV'DLV\TXHHVVDpXPDFLGDGHTXHVH UHSHWH 'LUiV QmR WHQKR G~YLGDV HQWmRR WHX HQDOWHFLGR ÈOYDUR GH &DPSRVGHSRLVGHUHYLVLWDU/LVERD7HMRH7XGRQmRGHFODURXTXH LVWRSRUFiHUDPRQyWRQR"S
0RQyWRQR"(XTXDQGRSRQKRRVROKRVQXPDPDULSRVDTXHHVWi HP SHGULQKDV GH FRU QD 5XD /RSHV 0HQGRQoD TXDVH j YLVWD GR $HURSRUWR VHL TXH D TXLO{PHWURV GH GLVWkQFLD QD 3DQLILFDGRUD GH &DPSR GH 2XULTXH Ki XPD RXWUD PROGDGD HP EDUUR YLGUDGR SRU 5DIDHO%RUGDOR3LQKHLURQRDQRGH>@'HPDQHLUD'DLV\TXH XPDFLGDGHFDSD]GHVWDHGHWDQWDVYDULDQWHVVREUHFDGDWHPDORQJH GHVHUHSHWLUUHFULDHJDQKDXPDXQLGDGHSOXUDO3DUDPLPD/LVERD TXHVHGL]GHPiUPRUHHJUDQLWRpDQWHVXPDFDSLWDOGHUHQGDQHJUD DHVSHOKDUHPVHQRVD]XOHMRVTXHDHQULTXHFHPGHFRUHEULOKRS
$R GHWHUVH QR IDWR GH TXH RV D]XOHMRV GR HVSDoR XUEDQR OLVERHWD UHSURGX]HP LPDJHQV TXH WDPEpP VmR HQFRQWUDGDV QRV FKmRV GD FDOoDGD H DR GL]HU TXH SRU LVVR DOJXQV SRGHP SHQVDU VHU /LVERD XPD FLGDGH TXH VH UHSHWH R QDUUDGRU SRVLFLRQDVH FRQWUDULDPHQWHDXPGLVFXUVRTXHYrDFLGDGHDSHQDVSHORVHXYLpVQHJDWLYR(pQHVVH VHQWLGRWDPEpPTXHHOHQmRSRGHFRQFRUGDUFRPRVXSRVWRSRQWRGHYLVWDGHÈOYDURGH &DPSRV TXH GL] TXH /LVERD p PRQyWRQD 3DUD R QDUUDGRU HVVD UHSHWLomR QmR p PHUD UHSURGXomRPDVVLPUHFULDomRFUHQoDTXHVHGHVGREUDQDIRUPDFRPTXHHOHDUTXLWHWD WRGRVHXWH[WR
(VVDPDQHLUDGHYHUDFLGDGHQRVID]HQ[HUJDUD/LVERDGRWH[WRGH&DUGRVR3LUHV FRPR XPD UHDOLGDGH TXH WDO FRPR DV SLQWXUDV GD FDOoDGD UHSHWH H UHFULD SDLVDJHQV IRWRJUDILDV SRHPDV WH[WRV GHVHQKRV H LPDJHQV FRP DV TXDLV VH ID] 8PD GHVVDV UHSHWLo}HVUHIHUHVHDLQGDDXPDIRWRJUDILDGHXPDEDUFDHVFXOSLGDHPXPGRVPXURVGD FLGDGHGH /LVERDHDEDUFDGHVHQKDGDSHODVSHGUDVGHXPDFDOoDGDQRILQDOGROLYUR (VVHUHWRUQR FRQVWUXtGRSRUPHLRGHVVDLPDJHPWDPEpPGL]DOJRVREUHD HVFULWDGH -RVp&DUGRVR3LUHV2XVHMDHODpIHLWDSHODUHSHWLomRDYDOLDWLYDHUHFULDGRUDSURPRWRUD GHXPWHFLGRWH[WXDOTXHFRQVWUyLVXDVSUySULDV UHIHUrQFLDVDRPHVPRWHPSRHPTXH ODQoDQRYDVOX]HVDRVDQWLJRVROKDUHV6XDREUDWDPEpPpUHQGDYLVWRTXHVHID]GHVVD UHLWHUDomRHFULDomRTXHFRQMXJDGLIHUHQWHVWLSRVGHSURFHGLPHQWRVSDUDVHSHQVDUVREUH R VHU SRUWXJXrV LQGLYtGXR TXH VH GHVGREUD HP LPDJHQV D VHU GLVFXWLGDV SRU XPD OLQJXDJHPSUySULDGHDFRUGRFRPSRQWXDPRVDTXLHFRPRTXHDLQGDDUJXPHQWDUHPRV QRVFDStWXORVTXHVHVHJXHP
1$9(*$1'2&2175$$0$5e282/+$5(6(675$1*(,526
7mRLQYXOJDUFRPRXPJXLDWXUtVWLFRjVDYHVVDVDSUHVHQWDVHGLDQWHGHQRVVRV ROKRVRWH[WR³3RUFLPDGHWRGDDIROKD´2EXUURHPSpXPDQDUUDWLYDGHGLItFLO LQVHUomRHPTXDOTXHUFDUDFWHUL]DomRGHJrQHUROLWHUiULRRXIRUPDVQDUUDWLYDVSRLVVXD FRPSRVLomRQmRQRVSHUPLWHFRQVLGHUiORULJLGDPHQWHFRPRXPDIiEXODRXXPFRQWR RXTXDOTXHURXWUDIRUPDSUHHVWDEHOHFLGD7UDWDVHGHXPDKLVWyULDGLYLGLGDHPSHTXHQDV SDUWHV FXMRV ³WtWXORV´ DQWHFLSDP R TXH VHUi QDUUDGR HP FDGD XP GHVVHV IUDJPHQWRV QDUUDWLYRV DR PHVPR WHPSR HP TXH HVWDEHOHFHP D FRQH[mR HQWUH XPD SDUWH H D VHJXLQWH (VVHV ³WtWXORV´ VH p TXH DVVLP SRGHPRV FKDPiORV WUD]HP IUDVHV HP FDL[D DOWDVHJXLGDVGHRXWUDVHPLWiOLFR&RPSDUHFHPDtLQWHUMHLo}HVSURYpUELRVH[SUHVV}HV TXHOHPEUDPRIRUPDWRGHKLVWyULDVHPTXDGULQKRVHDLQGDIUDVHVUiSLGDVWURFDGDVHQWUH DVSHUVRQDJHQV
'LDQWH GH WDQWD GLYHUVLGDGH MXOJDPRV TXH D PDQHLUD PDLV DSURSULDGD GH VH DQDOLVDU HVVH WH[WR p HQIUHQWDU VXD HVWUXWXUD PXOWLIDFHWDGD WUD]HQGR HP FRQMXQWR RV GLIHUHQWHVDVSHFWRVTXHRFRQVWLWXHPSDUDTXHQmRVHSHUFDDWH[WXUDHQWUHODoDGDGHVVD FRQVWLWXLomR
-RVp &DUGRVR 3LUHV SDUHFH VHU KHUGHLUR GHVVD WUDGLomR R TXH VH SHUFHEH GHVGH VXDV SDVVDJHQVLQLFLDLV
)2,127(032'$6*8(55$6$È)5,&$(5$80 &25$d2$$5'(5122&($12
8PDPHQLQDFKDPDGD&HOHVWH 6DLXGDVODEDUHGDV (YRRXSHORVFpXVDOpP
3DUWLXHVVDPHQLQD&HOHVWHGHQWURGHXPGUDJmRGHSUDWDTXHYRDYD SRUYHQWRVHDUHVHQmRLDVy9LDMDYDQDFRPSDQKLDGDPmHHGDDYy DPEDV GH OXWR YHVWLGDV HQTXDQWR Oi HP EDL[R R SULPR $PtOFDU FDPLRQLVWDGHSHVDGRVILFDYDDGHVDILDURVQHJURVGHPiIRPH4XH HUDPPDLVTXHDVPmHVGLJDVHGHSDVVDJHPQHJURVDIRUPLJDUHP QRFDSLPQHJURVQDSHOHGROHmRHQDFDVFDGRLPERQGHLURQHJURV WXUUDVWHUURULVWDV ROKR DFHVR H Sp QR YHQWR D DODVWUDUHP SHODV FLGDGHVQHJURVDRVHVWLOKDoRVIDUUDSRVGHQHJURVDDSRGUHFHUHPQRV PDVWURV*XHUULOKDVHPVXPD
( R SULPR $PtOFDU QR FXPH GH XPD PRQWDQKD GH EDODV D HVSDOKDUIRJRDOHJUHPHQWH
³&RPSXWDVHWXUUDVpVHPSUHDDYLDU´3,5(6S
2XVRGRYHUER³VHU´QRSUHWpULWRSHUIHLWRQDSHVVRDGRVLQJXODUQRH[FHUWR HP FDL[D DOWD IDYRUHFH XPD LQGHWHUPLQDomR WHPSRUDO D TXH SDXODWLQDPHQWH GDPRV VHQWLGRDRVHUPRVLQWURGX]LGRVHPXPFHQiULRGHJXHUUD3DUDOHODPHQWHXPFRQWLQHQWH LQWHLURFRQYHUWHVHPHWDIRULFDPHQWHHPXPyUJmRKXPDQRHPFKDPDVHQTXDQWRDYR] QDUUDWLYDQRVDQXQFLDRQRPHGDSHUVRQDJHPTXHLUHPRVVHJXLUGXUDQWHWRGRRUHODWR &HOHVWHFULDQoDTXHWHQGRYLYLGRSDUWHGHVXDLQIkQFLDHP$QJRODUHWRUQDD3RUWXJDO MXQWDPHQWHFRPDPmHYL~YDHDDYy
ÈIULFDFRPRXP³FRUDomR´OHPEUDQGRQRVGHVHXIRUPDWRQRVPDSDVP~QGLHQRDYLmR FRPRXP³GUDJmRGHSUDWD´
$ YR] GR QDUUDGRU SRU VHU SRU YH]HV FRPR TXH FRQWDPLQDGD SHOR SRQWR GH YLVWDGDPHQLQDWUDQVILJXUDGHPRGRVLQJXODURFRQWH[WRKLVWyULFRGD*XHUUD&RORQLDO PRELOL]DGRQDQDUUDWLYD1RFDPSRGHUHIXJLDGRVRQGH&HOHVWHHVXDIDPtOLDSDVVDPD PRUDUHP/LVERDKDELWDWDPEpPXPJUXSRGHPHQLQRVTXHGLIHUHQWHPHQWHGDSRVWXUD GH&HOHVWHFULDPEULQFDGHLUDVTXHVLPXODPDJXHUUDHHPTXHFRPSDUHFHRPHQRVSUH]R SHORVQHJURV
(VVH HPEDWH SRVVLELOLWD TXH UHWRPHPRV D TXHVWmR GD LGHQWLGDGH HVSRUDGLFDPHQWHUHIHULGDQRFDStWXORDQWHULRU(GXDUGR/RXUHQoRDRUHDOL]DUQR GHFRUUHUGHVXDREUDXPDGLVFXVVmRDUHVSHLWRGDLGHQWLGDGHSRUWXJXHVDFRQVLGHUDTXH KRXYHDFRQVWUXomRGHXPDLGHQWLGDGHGHFXQKRLPDJLQiULRRXPLWROyJLFR$FUHGLWDQGR TXH D H[SOLFLWDomR GH GHWHUPLQDGRV IDWRUHV SRVVLELOLWD TXH VH FRPSUHHQGD PHOKRU D FRQIOLWXRVDUHODomRHQWUHSRUWXJXHVHVHDQJRODQRVUHFRUUHPRVDXPDEUHYHUHFROKDGH DOJXQVGRVDSRQWDPHQWRVGRWHyULFR
1HVVHVHQWLGRpLPSRUWDQWHVDOLHQWDUTXHQRPRPHQWRVXSRVWDPHQWHJORULRVRGD KLVWyULD SRUWXJXHVD FRQKHFLGR FRPR D (UD GDV 1DYHJDo}HV D QDomR OXVD YROWRX VXD DWHQomRDRH[WHULRULJQRUDQGRPXLWRVGHVHXVSUREOHPDVLQWHUQRVHPSUROGDDYHQWXUD XOWUDPDULQD2SRYRSRUWXJXrVLQFRUSRURXRSDSHOGHFRQTXLVWDGRUGHQRYDVWHUUDVR TXHRIH]VHVHQWLUJUDQGHIUHQWHjVRXWUDVQDo}HVDSRVWDQGRQXPDLPDJHPSRVLWLYDGH VLPHVPR(VVDVTXHVW}HVVmRLQFRUSRUDGDVSDXODWLQDPHQWHQRWH[WRGHIRUPDEDVWDQWH SDUWLFXODUFRQIRUPHWHQWDUHPRVPRVWUDUDVHJXLU
0$6
PmRTXHHVSDOKDRIRJR TXHLPDVHFRPYHQWR