*(=(1,5$52'5,*8(6'$6,/9$
2$63(&729(5%$/1$6)250$66,03/(6'2635(7e5,7263(5)(,72( ,03(5)(,72'2,1',&$7,921232578*8Ç6&8/72'()257$/(=$80$
$%25'$*(06(0Æ17,&2',6&856,9$
*(=(1,5$52'5,*8(6'$6,/9$
2$63(&729(5%$/1$6)250$66,03/(6'2635(7e5,7263(5)(,72( ,03(5)(,72'2,1',&$7,921232578*8Ç6&8/72'()257$/(=$80$
$%25'$*(06(0Æ17,&2',6&856,9$
'LVVHUWDomR DSUHVHQWDGD DR &XUVR GH 0HVWUDGR HP /LQJtVWLFD GD 8QLYHUVLGDGH )HGHUDO GR &HDUi FRPR UHTXLVLWRSDUDREWHQomRGRWtWXORGH0HVWUHHP/LQJtVWLFD
2ULHQWDGRUD3URI'UD0iUOXFH&RDQ
)RUWDOH]D
$*5$'(&,0(1726
$JUDGHoR D 'HXV SHOD OX] IRUoD H LQVSLUDomR QDV KRUDV PDLV GLItFHLV H SHOD RSRUWXQLGDGHGHREWHUPDLVHVWDYLWyULD
$RV PHXV SDLV SHOD GHGLFDomR H FRQILDQoD TXH VHPSUH GHSRVLWDUDP HP PLP SHOR LQFHQWLYRHLQYHVWLPHQWRTXHIL]HUDPSDUDTXHHXFKHJDVVHDWpDTXL
$R PHX HVSRVR :LOOLDP SHOD IRUoD FRPSDQKHLULVPR H SRU WRUQDU RV PRPHQWRV GH WUDEDOKRHHVWXGRPHQRViUGXRVHPDLVIHOL]HV
$ WRGRV RV PHXV DPLJRV HP HVSHFLDO D 5RVH %HWkQLD H /DULVVD SHODV GLFDV GH SHVTXLVDHSRUPHRXYLUHPQDVKRUDVGHGLILFXOGDGH
¬ 3URIHVVRUD 0iUOXFH SHOD FRPSHWHQWH RULHQWDomR JUDQGH SDFLrQFLD H FRQVWDQWH DSRLR
$ WRGRV RV PHXV SURIHVVRUHV TXH SDFLHQWHPHQWH DMXGDUDPPH D WUDQVSRU PDLV HVWD HWDSDDFDGrPLFD
¬$QWRQLDH/DXUDGDVHFUHWDULDGR3URJUDPDGH3yV*UDGXDomRHP/LQJtVWLFDSHORV DYLVRVSUHRFXSDomRHSRUVHXVWUDEDOKRVGHGLFDGRVDQyVDOXQRV
¬&$3(6SHORDSRLRILQDQFHLURGXUDQWHRVPHVHVGHHVWXGRHSHVTXLVD
5(6802
(VWDGLVVHUWDomRDERUGDRFRPSRUWDPHQWRVHPkQWLFRGLVFXUVLYRGR$VSHFWRYHUEDOQDVIRUPDV VLPSOHV GRV WHPSRV 3UHWpULWR 3HUIHLWR H 3UHWpULWR ,PSHUIHLWR GR PRGR ,QGLFDWLYR HP XP FRUSXV GH VHLV LQTXpULWRV GR %DQFR GH 'DGRV 325&8)257 3RUWXJXrV 2UDO &XOWR GH )RUWDOH]D $ IXQGDPHQWDomR WHyULFD GHVWH WUDEDOKR UHWRPD DOJXPDV GDV SULQFLSDLV SHVTXLVDV IHLWDVDQWHULRUPHQWHDUHVSHLWRGR$VSHFWRYHUEDOXPHVWXGRTXHWUDWDGDPDQHLUDFRPRHVWD FDWHJRULD p YLVWD GHQWUR GD 6HPkQWLFD H GR 'LVFXUVR DOpP GD TXHVWmR GD UHIHUrQFLD GHVWD FDWHJRULD QR GLVFXUVR H GRV HOHPHQWRV OLQJtVWLFRV TXH JHUDOPHQWH DX[LOLDP QD VXD FDUDFWHUL]DomR FRPR RV FLUFXQVWDQFLDGRUHV WHPSRUDLV H RV DUJXPHQWRV GR YHUER 1D PHWRGRORJLD DSUHVHQWDPRV RV IDWRUHV GH DQiOLVH TXDLV VHMDP SDUkPHWURV GH WUDQVLWLYLGDGH WLSRVGHYHUERILJXUDHIXQGRHWLSRVGHLQWHUSUHWDomR$VVLPFRQVHJXLPRVSHUFHEHUTXHHVWD FDWHJRULD YHUEDO SRVVXL FDUDFWHUtVWLFDV VHPkQWLFRGLVFXUVLYDV TXH VmR FRQGLFLRQDGDV QmR DSHQDV SHOD IRUPD OH[LFDO RX PRUIrPLFD GRV YHUERV PDV WDPEpP SHORV DUJXPHQWRV TXH RV DFRPSDQKDPHSHORFRQWH[WRGLVFXUVLYRQRTXDOHVWmRLQVHULGRV
3DODYUDVFKDYH$VSHFWR3UHWpULWR3HUIHLWR3UHWpULWR,PSHUIHLWR6HPkQWLFD'LVFXUVR
$%675$&7
7KLV SDSHU DSSURDFKHV WKH VHPDQWLFGLVFXUVLYH EHKDYLRU RI WKH YHUEDO $VSHFW LQ WKH VLPSOH IRUPVRIWKHWHQVHV3HUIHFW3DVWDQG,PSHUIHFW3DVWRIWKH,QGLFDWLYHPRGHLQDFRUSXVRIVL[ LQTXLULHVRIWKHGDWDEDVH325&8)2573RUWXJXr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
.H\ZRUGV$VSHFW3HUIHFW3DVW,PSHUIHFW3DVW6HPDQWLFV6SHHFK
/,67$'(*5È),&26
*UiILFR±1tYHOGHWUDQVLWLYLGDGHHPIRUPDVGR3HUIHLWRHGR,PSHUIHLWR
*UiILFR±1tYHOGHWUDQVLWLYLGDGHHPGDGRVYiOLGRV *UiILFR±2FRUUrQFLDGH3HUIHLWRH,PSHUIHLWRTXDQWRjSUHVHQoDGHGDGRVFRPGRLVRXPDLV DUJXPHQWRV *UiILFR 2FRUUrQFLDV GH 3HUIHLWR H ,PSHUIHLWR HP IRUPDV YHUEDLV TXH GHQRWDP DomR *UiILFR2FRUUrQFLDGHIRUPDVYHUEDLVTXHGHQRWDP$VSHFWR3HUIHFWLYR *UiILFR2FRUUrQFLDGH3HUIHLWRH,PSHUIHLWRHPIRUPDVYHUEDLVTXHGHQRWDPSRQWXDOLGDGH *UiILFR2FRUUrQFLDGH3HUIHLWRH,PSHUIHLWRHPIRUPDVYHUEDLVTXHDSRQWDPYROLWLYLGDGH *UiILFR2FRUUrQFLDGH3HUIHLWRHPVHQWHQoDVDILUPDWLYDV *UiILFR2FRUUrQFLDGH3HUIHLWRH,PSHUIHLWRTXDQWRDR0RGR *UiILFR2FRUUrQFLDGH3HUIHLWRH,PSHUIHLWRTXDQWRjSUHVHQoDGH$JHQWLYLGDGH *UiILFR2FRUUrQFLDGH3HUIHLWRH,PSHUIHLWRTXDQWRjSUHVHQoDGH$IHWDPHQWRGR2EMHWR *UiILFR2FRUUrQFLDGH3HUIHLWRH,PSHUIHLWRTXDQWRjSUHVHQoDGD,QGLYLGXDomRGR2EMHWR
*UiILFR2FRUUrQFLDGRVSDUkPHWURVGHWUDQVLWLYLGDGHHPWRGRVRVGDGRV *UiILFR2FRUUrQFLDVGRVSDUkPHWURVGHWUDQVLWLYLGDGHHPGDGRVGR3HUIHLWR *UiILFR2FRUUrQFLDVGRVSDUkPHWURVGHWUDQVLWLYLGDGHHPGDGRVGR,PSHUIHLWR *UiILFR±2FRUUrQFLDGH3HUIHLWRVH,PSHUIHLWRVSRUWLSRGHYHUER *UiILFR2FRUUrQFLDGRVWLSRVGHLQWHUSUHWDomRGRVGDGRV *UiILFR2FRUUrQFLDGH3HUIHLWRH,PSHUIHLWRHPUHODomRjLQWHUSUHWDomRVHPkQWLFD *UiILFR 2FRUUrQFLD GH 3HUIHLWR H ,PSHUIHLWR HP UHODomR j LQWHUSUHWDomR VHPkQWLFR GLVFXUVLYD *UiILFR2FRUUrQFLDGH3HUIHLWRH,PSHUIHLWRHPUHODomRjLQWHUSUHWDomRSUDJPiWLFD
*UiILFR 3HUFHQWXDO GH 3HUIHLWR H ,PSHUIHLWR QR 3ODQR 7H[WXDO'LVFXUVLYR )LJXUD)XQGR
/,67$'(48$'526(7$%(/$6
4XDGUR'LVWULEXLomRGRV)DWRUHVGH$QiOLVH
7DEHOD4XDQWLGDGHGHGDGRVGDSHVTXLVD 7DEHOD4XDQWLGDGH3HUIHLWRH,PSHUIHLWRSRULQTXpULWR 7DEHOD±4XDQWLGDGHGHGDGRVSRUWLSRGHYHUER
680È5,2
,1752'8d2
$&$7(*25,$$63(&72
'(),1,d2
2$63(&72(032578*8Ç6$/*816(678'26
35(668326726)81&,21$/,67$6
2&203/(;27(032$63(&72(02'$'$/,'$'(
2$63(&723$125$0$+,67Ï5,&2
2$63(&721202'(/2$1*/26$;Ð1,&2 2$63(&721202'(/225,(17$/
$&$7(*25,$$63(&72180$3(563(&7,9$',6&856,9$ 2',6&8562 $ ',&2720,$ $63(&78$/ (0 32578*8Ç6 2 3(5)(&7,92 ( 2 ,03(5)(&7,92 $ )81d2 '26 &,5&8167$1&,$'25(6 7(0325$,6 1$ '(7(50,1$d2 '2$63(&72
0(72'2/2*,$
&25386 5(675,d®(6&5,7e5,26('$'26'(6&216,'(5$'26 )$725(6'($1È/,6((352&(',0(1726
3ODQR6LQWiWLFR6HPkQWLFR3DUkPHWURVGH7UDQVLWLYLGDGH
3ODQR6HPkQWLFR/H[LFDO
3ODQR6HPkQWLFR'LVFXUVLYR,QWHUSUHWDomR
3ODQR7H[WXDO'LVFXUVLYR)LJXUD)XQGR
'(6&5,d2($1È/,6('('$'26
$1È/,6(48$172$21Ë9(/'(75$16,7,9,'$'(
4XDQWRQ~PHURGHDUJXPHQWRV
4XDQWRjFLQHVH
4XDQWRDR$VSHFWR
4XDQWRjSRQWXDOLGDGH
4XDQWRjYROLWLYLGDGH
4XDQWRjSRODULGDGH
4XDQWRjDJHQWLYLGDGH
4XDQWRDRDIHWDPHQWRGRREMHWR
4XDQWRjLQGLYLGXDomRGRREMHWR
&RQVLGHUDo}HVJHUDLVVREUHRVSDUkPHWURVGHWUDQVLWLYLGDGH $1È/,6(48$172$23/$126(0Æ17,&2/(;,&$/
&RQVLGHUDo}HVDUHVSHLWRGRSODQRVHPkQWLFROH[LFDO $1È/,6( 48$172 $2 3/$12 6(0Æ17,&2',6&856,92 ,17(535(7$d2
$QiOLVHTXDQWRjLQWHUSUHWDomRVHPkQWLFD
$QiOLVHjLQWHUSUHWDomRVHPkQWLFRGLVFXUVLYD
$QiOLVHTXDQWRjGDLQWHUSUHWDomRSUDJPiWLFD
$1È/,6( 48$172 $2 3/$12 7(;78$/',6&856,92 ),*85$ )81'2
&RQVLGHUDo}HVDUHVSHLWRGRSODQRWH[WXDOGLVFXUVLYR
&216,'(5$d®(6),1$,6
5()(5Ç1&,$6%,%/,2*5È),&$6
,1752'8d2
$ OtQJXD p R UHIOH[R GD FRQVWUXomR GH H[SHULrQFLDV &RQVWDWDVH HVWD REVHUYDomR QmR DSHQDVQRXVRGRYRFDEXOiULRPDVQDVIRUPDVJUDPDWLFDLVSUHIHULGDVHPFDGDGLVFXUVRHHP FDGD pSRFD $VVLP D JUDPiWLFD HIHWLYDPHQWH HPSUHJDGD QD OLQJXDJHP IDODGD SRGH UHYHODU LQGtFLRV GD SUySULD FRVPRYLVmR GRV IDODQWHV GHVVD OtQJXD e R TXH RFRUUH FRP R XVR GR $VSHFWRYHUEDOQDOtQJXDSRUWXJXHVDIDODGDQR%UDVLO
8PD FDUDFWHUtVWLFD PDUFDQWH GD FRQMXJDomR GD OtQJXD SRUWXJXHVD H GH RXWUDV OtQJXDV ODWLQDVpDRSRVLomRHQWUHGRLVDVSHFWRVYHUEDLVRSHUIHFWLYRHRLPSHUIHFWLYR2LPSHUIHFWLYR LQGLFD VXJHVWLYDPHQWH TXH D DomR p YLVWD FRPR GXUDWLYD LVWR p HQTXDQWR SURFHVVR QmR HQTXDQWR UHVXOWDGR 2 SHUIHFWLYR SRU VXD YH] LQGLFD TXH D DomR p YLVWD FRPR FRQVXPDGD DFDEDGD
2 SUHVHQWH WUDEDOKR GHVWLQDVH D HVWXGDU R FRPSRUWDPHQWR OLQJtVWLFR GR IDODQWH HP UHODomRDRXVRGR$VSHFWRYHUEDOQDVIRUPDVHPSUHJDGDVQRGLVFXUVR2XVHMDRTXHRFRUUH FRPXPDIRUPDGR3UHWpULWR3HUIHLWRRXGR3UHWpULWR,PSHUIHLWRGR,QGLFDWLYRHVFROKLGDSHOR IDODQWHGHDFRUGRFRPDVSDUWLFXODULGDGHVHRVHOHPHQWRVWHPSRUDLVUHTXHULGRVQRPRPHQWR GDHQXQFLDomR
$ERUGDPRVQHVWDGLVVHUWDomRDFDWHJRULD$VSHFWRQDPRGDOLGDGHRUDODWUDYpVGHXPD DQiOLVH GDV PDUFDV VLQWiWLFRVHPkQWLFDV H GLVFXUVLYRSUDJPiWLFDV TXH LQGLFDP DV VXDV FDUDFWHUtVWLFDV QRV WHPSRV GR 3UHWpULWR 3HUIHLWR H ,PSHUIHLWR GR ,QGLFDWLYR HP GDGRV GR SRUWXJXrVIDODGRSRULQIRUPDQWHVXQLYHUVLWiULRVHSyVXQLYHUVLWiULRVGH)RUWDOH]D
7HPRV FRPR REMHWLYR JHUDO GHVFUHYHU H H[SOLFDU IHQ{PHQRV OLQJtVWLFRV TXH FDUDFWHUL]DPDFRGLILFDomRHDLQWHUSUHWDomRGDFDWHJRULDYHUEDO$VSHFWRTXDQGRXWLOL]DGDVDV IRUPDV YHUEDLV VLPSOHV GR 3UHWpULWR 3HUIHLWR H GR 3UHWpULWR ,PSHUIHLWR GR ,QGLFDWLYR QR GLVFXUVRIDODGR
1RVVR LQWHUHVVH p DQDOLVDU D FDWHJRULD $VSHFWR QmR DSHQDV TXDQWR jV VXDV PDUFDV PRUIROyJLFDV RX OH[LFDLV PDV REVHUYDU R SDSHO GRV GHPDLV FRPSRQHQWHV VHQWHQFLDLV SULQFLSDOPHQWH GRV DUJXPHQWRV GRV YHUERV SDUD R VLJQLILFDGR WRWDO GD VHQWHQoD H VXD LPSOLFDomRSUDJPiWLFRGLVFXUVLYD2XVHMDFRQVLGHUDPRVWDPEpPDQDWXUH]DGLVFXUVLYDGHVWD FDWHJRULD 'HVWLQDPRQRV D REVHUYDU DV SRVVLELOLGDGHV TXH D OtQJXD DSUHVHQWD SDUD DV YDULDo}HV GH VLJQLILFDGR GDV IRUPDV DVSHFWXDLV RX VHMD R FRPSRUWDPHQWR HQXQFLDWLYR GR IDODQWHQDXWLOL]DomRGDVIRUPDVYHUEDLVSDUDDTXDOLILFDomRDVSHFWXDOQRGLVFXUVR
2SWDPRVSRUDQDOLVDUDVIRUPDVVLPSOHVGH3UHWpULWR3HUIHLWRH,PSHUIHLWRGR,QGLFDWLYR SRLV FRPS}HP XP SDUDGLJPD HVSHFLDOL]DGR SDUD D GLVWLQomR DVSHFWXDO SHUIHFWLYLGDGH H LPSHUIHFWLYLGDGH %XVFDPRV REVHUYDU DLQGD FRPR DV QRo}HV GH SHUIHFWLYLGDGH H LPSHUIHFWLYLGDGH GDV IRUPDV YHUEDLV SRGHP VH UHODFLRQDU FRP DOJXQV SDUkPHWURV GD WUDQVLWLYLGDGH HVWDEHOHFLGRV SRU +RSSHU H 7KRPSVRQ RX HP TXH PHGLGD HVVHV SDUkPHWURV VmR DVVRFLDGRV jV IRUPDV GH 3UHWpULWR 3HUIHLWR H ,PSHUIHLWR GR ,QGLFDWLYR QR GLVFXUVRIDODGR
(VWDSHVTXLVDHVWiQRkPELWRVHPkQWLFRGLVFXUVLYRHQWUHWDQWRSDUWLPRVSDUDXPDDQiOLVH QR QtYHO IUDVDO GRV HOHPHQWRV GRV HQXQFLDGRV SDUD PHOKRU YHULILFDU HP TXH PHGLGD R HPSUHJRGR$VSHFWRYHUEDOHVWiOLJDGRjWUDQVLWLYLGDGH
9iULRV HVWXGRV GL]HP UHVSHLWR j FDWHJRULD YHUEDO $VSHFWR HQWUHWDQWR SRXFRV WrP FHQWUDOL]DGRVXDVSHVTXLVDVHPFRUSXVGHOtQJXDIDODGD&RVWDIRLXPGRVSLRQHLURV TXHWUDEDOKRXDTXHVWmRGR$VSHFWRYHUEDOHPOtQJXDIDODGDFRPEDVHHPGDGRVGR3URMHWRGH (VWXGR GD 1RUPD /LQJtVWLFD 8UEDQD &XOWD 185& 3RVWHULRUPHQWH 6RXVD GLUHFLRQRX XP HVWXGR VREUH HVWD FDWHJRULD FRP EDVH QD OtQJXD IDODGD YROWDGR SDUD DV SHUtIUDVHVYHUEDLV
1RVVD SHVTXLVD WRUQDVH UHOHYDQWH H LQpGLWD QD PHGLGD HP TXH WRPD FRPR SRQWR GH SDUWLGDR$VSHFWRYHUEDOGHIRUPDVYHUEDLVVLPSOHVSUHVHQWHVQRGLVFXUVRGHIDODQWHVFXOWRVGH )RUWDOH]DSDUWLQGRGHGDGRVFRQFUHWRVGDXWLOL]DomRGDOtQJXDSDUDXPDDQiOLVHIXQFLRQDO( REVHUYDDLQGDFRPRRVHOHPHQWRVOH[LFDLVVLQWiWLFRVVHPkQWLFRVHGLVFXUVLYRVFRPSRUWDP VHQDDWXDOL]DomRGHVWDFDWHJRULDGHQWURGHXPDVLWXDomRFRPXQLFDWLYDGHOtQJXDIDODGD$OpP
23URMHWRGH(VWXGRGD1RUPD/LQJtVWLFD8UEDQD&XOWD185&WHYHSRUREMHWLYRGRFXPHQWDUHGHVFUHYHUR
GLVVR GHWpPVH QD REVHUYDomR GRV WHPSRV GR 3UHWpULWR 3HUIHLWR H 3UHWpULWR ,PSHUIHLWR GR ,QGLFDWLYRSURFXUDQGRDVVLPXPDDERUGDJHPPDLVYHUWLFDO
$UHOHYkQFLDGRSUHVHQWHWUDEDOKRSDUDDiUHDGD/LQJtVWLFDFRQVLVWHQDREVHUYDomRGDV FDUDFWHUtVWLFDVVHPkQWLFRGLVFXUVLYDVGR$VSHFWRHPOtQJXDIDODGD+iHVWXGRVDQWHULRUHVTXH WUDWDP GHVWD FDWHJRULD TXH XWLOL]DUDP R FRUSXV GR 3RUWXJXrV &XOWR GH )RUWDOH]D 325&8)257HQWUHWDQWRHVWHVQmRGLUHFLRQDPVXDVDQiOLVHVSDUDRQtYHOGRGLVFXUVRRX VHMDQmRDQDOLVDPRXVRGR$VSHFWRSRUSDUWHGRIDODQWHjOX]GDVWHRULDVIXQFLRQDOLVWDV(VWD SHVTXLVD DX[LOLDUi GHPDLV HVWXGLRVRV GH /LQJtVWLFD QR TXH GL] UHVSHLWR j FRPSUHHQVmR GD IXQFLRQDOLGDGHGDFDWHJRULD$VSHFWRQRVQtYHLVVLQWiWLFRVHPkQWLFRGLVFXUVLYRHSUDJPiWLFR R TXH HP VH WUDWDQGR GH /LQJtVWLFD $SOLFDGD SRGHUi FRQWULEXLU EDVWDQWH SDUD R HQVLQR GH /tQJXD3RUWXJXHVD
3URFXUDPRV ID]HU QD IXQGDPHQWDomR WHyULFD XPD VtQWHVH KLVWyULFD GRV SULQFLSDLV WUDEDOKRV GHVHQYROYLGRV D UHVSHLWR GR $VSHFWR SRU OLQJLVWDV RFLGHQWDLV H WDPEpP GH WUDEDOKRVFRPGDGRVGRSRUWXJXrVHPERUDVHPDSUHWHQVmRGHXPDFRPSOHWXGHDUHVSHLWRGR DVVXQWR(VWHSDVVRMXVWLILFDVHQDPHGLGDHPTXHQRVVHUYLXFRPREDVHGHFRQKHFLPHQWRD UHVSHLWR GR $VSHFWR H VHX HVWXGR DR ORQJR GR WHPSR H DSUHVHQWRXQRV GH IRUPD PDLV GHWDOKDGDFODVVLILFDo}HVDQWHULRUHVFRPRSRUH[HPSORDGRVYHUERVHPWHUPRVGHFDWHJRULDV OH[LFDLVGHVHQYROYLGDSRU9HQGOHU
'HVWLQDPRV XP FDStWXOR GHVWD GLVVHUWDomR j GHVFULomR GD FDWHJRULD $VSHFWR HP OtQJXD SRUWXJXHVD (QIRFDPRV DOpP GH RXWURV SRQWRV D SHUVSHFWLYD HQXQFLDWLYD GDV IRUPDV GR 3HUIHLWR H GR ,PSHUIHLWR GR ,QGLFDWLYR XVDGDV SRU IDODQWHV GR SRUWXJXrV Mi TXH HVWH HVWXGR FRPSUHHQGHDDQiOLVHGR$VSHFWRQRHQXQFLDGRREVHUYDQGRDFDUDFWHUL]DomRGDVPHVPDVDR ORQJRGRGLVFXUVR
2FRUSXV325&8)257XWLOL]DGRSDUDHVWHHVWXGRpPHOKRUGHVFULWRHFDUDFWHUL]DGRQD PHWRGRORJLD GHVWH WUDEDOKR DVVLP FRPR RV IDWRUHV GH DQiOLVH XWLOL]DGRV SDUD R GHVHQYROYLPHQWR GD SHVTXLVD TXDLV VHMDP QR SODQR VLQWiWLFRVHPkQWLFR 3DUkPHWURV GH
325&8)2573RUWXJXrV2UDO&XOWRGH)RUWDOH]DFRUSXVTXHUHVXOWRXGHXPDSHVTXLVDOHYDGDDHIHLWR QD8QLYHUVLGDGH(VWDGXDOGR&HDUiGXUDQWHRELrQLRRUJDQL]DGRQRVPROGHVGRSURMHWR185&±1RUPD 8UEDQD&XOWD3RVVXLLQTXpULWRVGLVWULEXtGRVHPDLQTXpULWRVGH'LiORJRHQWUHGRLV,QIRUPDQWHV'E LQTXpULWRVGH'LiORJRHQWUH,QIRUPDQWHH'RFXPHQWDGRU','FLQTXpULWRVGH(ORFXo}HV)RUPDLV() 2V LQIRUPDQWHV VmR XQLYHUVLWiULRV H SyVXQLYHUVLWiULRV GH )RUWDOH]D IRUWDOH]HQVHV RX FHDUHQVHV GH GLIHUHQWHV iUHDVGHHVWXGRRVTXDLVQXQFDVHDIDVWDUDPGHVHX(VWDGR+iLQIRUPDQWHVGHDPERVRVVH[RVHGHIDL[DVHWiULDV GLVWLQWDVFRPRD)DL[D,GHDDQRVGHLGDGHE)DL[D,,GHDDQRVGHLGDGHF)DL[D,,,DSDUWLU GHDQRVGHLGDGH
WUDQVLWLYLGDGH Q~PHUR GH SDUWLFLSDQWHV FLQHVH DVSHFWXDOLGDGH SRQWXDOLGDGH YROLWLYLGDGH SRODULGDGH PRGDOLGDGH DJHQWLYLGDGH DIHWDPHQWR GR REMHWR H LQGLYLGXDomR GR REMHWR QR SODQR VHPkQWLFROH[LFDO DFKLHYHPHQWV DFFRPSOLVKPHQWV HVWDGRV H DWLYLGDGHV QR SODQR VHPkQWLFRGLVFXUVLYR LQWHUSUHWDomR VHPkQWLFD LQWHUSUHWDomR VHPkQWLFRGLVFXUVLYD H LQWHUSUHWDomR SUDJPiWLFD H ILQDOPHQWH QR SODQR WH[WXDOGLVFXUVLYR ILJXUD H IXQGR +i DLQGDXPDVHomRTXHWUDWDGHGDGRVTXHIRUDPGHVFRQVLGHUDGRVGXUDQWHRSURFHVVRGHDQiOLVH 1RFDStWXORRLWRVmRGHVFULWDVHDQDOLVDGDVWRGDVDVRFRUUrQFLDVFROHWDGDVDRORQJRGHVWH HVWXGR &LWDPRV H[HPSORV UHWLUDGRV GRV LQTXpULWRV HVFROKLGRV D ILP GH IDFLOLWDU D FRPSUHHQVmR GDV FDUDFWHUtVWLFDV IRUPDLV H IXQFLRQDLV GR $VSHFWR YHUEDO QDV IRUPDV GH 3UHWpULWR3HUIHLWRH,PSHUIHLWRGR,QGLFDWLYR
8WLOL]DPRV FRPR SULPHLUR IDWRU GH DQiOLVH RV SDUkPHWURV GH WUDQVLWLYLGDGH SURSRVWRV SRU+RSSHUH7KRPSVRQSDUDRWUDWDPHQWRGDFDWHJRULD$VSHFWRQRVQtYHLVVLQWiWLFRH VHPkQWLFR 3RVWHULRUPHQWH XWLOL]DPRV D FODVVLILFDomR GHVHQYROYLGD SRU 9HQGOHU EDVHDGDQRFRQWH~GRVHPkQWLFROH[LFDOGDVIRUPDVYHUEDLV1RVVRWHUFHLURIDWRUGHDQiOLVHGL] UHVSHLWRDRSODQRVHPkQWLFRGLVFXUVLYRHWUDWDGDTXHVWmRGDLQWHUSUHWDomRGDVIRUPDVYHUEDLV QR GLVFXUVR 4XDQWR DR FRPSRUWDPHQWR GR $VSHFWR QR TXH GL] UHVSHLWR DR SODQR WH[WXDO GLVFXUVLYR QRVVR ~OWLPR IDWRU GH DQiOLVH EDVHDPRQRV QD UHODomRILJXUD HIXQGR DERUGDGD WDPEpPSRU+RSSHUH7KRPSVRQ
$&$7(*25,$$63(&72
1RVVR REMHWR GH HVWXGR p D FDWHJRULD $VSHFWR H R PRGR FRPR HVWD p FRQILJXUDGD QRV 3UHWpULWRV3HUIHLWRH,PSHUIHLWRGR,QGLFDWLYRHPGDGRVGRVWUrVWLSRVGHLQTXpULWRV','' H()UHWLUDGRVGREDQFRGHGDGRV325&8)257$VVLPHVWHHVWXGRSRGHUiVHUYLUFRPREDVH HRULHQWDomRSDUDXPDQRYDDERUGDJHPGHVWDFDWHJRULDQDVDXODVGHSRUWXJXrV
3DUD D FRQILJXUDomR GHVWH FDStWXOR FLWDPRV D GHILQLomR GR $VSHFWR FRP EDVH QR SRVLFLRQDPHQWRGHDOJXQVDXWRUHVEHPFRPRDPDQHLUDFRPRHVWDFDWHJRULDDSUHVHQWDVHHP UHODomR j VHPkQWLFD H DR GLVFXUVR 3RVWHULRUPHQWH WUDoDPRV XP EUHYH HVWXGR D UHVSHLWR GH FRPRVHFDUDFWHUL]DR$VSHFWRHVSHFLILFDPHQWHQRSRUWXJXrV
'(),1,d2
$VSHFWR YHUEDO VHJXQGR &RPULH p XPD FDWHJRULD VLQWiWLFD TXH GHVFUHYH D HVWUXWXUD WHPSRUDO LQWHUQD GH XPD DomR PDQLIHVWDQGR R SRQWR GH YLVWD GR TXDO R ORFXWRU FRQVLGHUDDDomRH[SUHVVDSHORYHUER(VWDFDWHJRULDpSRXFRDERUGDGDQDHGXFDomRHOHPHQWDU QR%UDVLOHRPLWLGDRXWUDWDGDGHSDVVDJHPHPGLYHUVDVJUDPiWLFDVQRUPDWLYDVWUDGLFLRQDLV $OPHLGD &HJDOOD %HFKDUD 1mR VH GHYH FRQIXQGLU R $VSHFWR FRP D QRomRGH7HPSR2WHPSRYHUEDOPDUFDDUHODomRHQWUHRWHPSRGDDomRHDOJXPWHPSRGH UHIHUrQFLD -i R $VSHFWR GL] UHVSHLWR j HVWUXWXUD LQWHUQD GR IDWR YHUEDO (YLGHQWHPHQWH D QRomR GH $VSHFWR QmR HVWi UHVWULWD D HVWD OtQJXD RX DTXHOD HPERUD VHMD PDLV FODUD H GHWDOKDGDPHQWHLQGLFDGDHPXPDVTXHHPRXWUDVSRUVHUPDUFDGRPRUIRVVLQWDWLFDPHQWH
1D OLWHUDWXUD VREUH $VSHFWR &DVWLOKR *RGRL DUHODomRHQWUHRFRQWH~GR OH[LFDO GR YHUER H D LQWHUSUHWDomR DVSHFWXDO GDV VHQWHQoDV p GLUHWDPHQWH UHODFLRQDGD j GLVWLQomRSHUIHFWLYRLPSHUIHFWLYRSRLVVHUHFXSHUDDGLVWLQomRHQWUHYHUERVWpOLFRVHDWpOLFRV EDVHDGRHP~OWLPDFRQVHTrQFLDQDGLVWLQomRDULVWRWpOLFDHQWUHYHUERVµHQHUJHLD¶HµNLQHVLV¶ UHVSHFWLYDPHQWH$RULHQWDomREiVLFDGHVVDVSURSRVWDVpDVVRFLDURYDORUWpOLFRjVVHQWHQoDV SHUIHFWLYDVHRYDORUDWpOLFRjVVHQWHQoDVLPSHUIHFWLYDV$SUHRFXSDomRYROWDGDjVHVWUXWXUDV OLQJtVWLFDV LQWHUQDV GDV VHQWHQoDV H j LQWHUDomR HQWUH RV VLJQLILFDGRV OH[LFDLV H IHQ{PHQRV DUJXPHQWDLVHWHPiWLFRVpSRXFRFRQVLGHUDGD
2 WHUPR ³
LQTXpULWR´ QHVWH FRUSXV GHVLJQD HQWUHYLVWDV IHLWDV SRU SHVTXLVDGRUHV TXH VmR XVDGDV SDUD UHFROKHU
LQIRUPDomRTXDQWLWDWLYDQRVFDPSRVGDVFLrQFLDVVRFLDLVDVTXDLVSRGHPLQFLGLUVREUHRSLQL}HVRXLQIRUPDo}HV IDFWXDLVGHSHQGHQGRGRVHXREMHFWLYR)RQWHVLWHZZZZLNLSpGLDFRP8PDPHOKRUGHVFULomRVREUHRFRUSXV HQFRQWUDVHQRFDStWXORGDPHWRGRORJLDGHVWHWUDEDOKR
2TXHQRVGHVWLQDPRVYHULILFDUQHVWHHVWXGRIRLTXDORSDSHOGRVIHQ{PHQRVWH[WXDO GLVFXUVLYRV H VH HVWHV WHULDP D SRVVLELOLGDGH GH SURYRFDU D PXGDQoD QR WLSR VHPkQWLFR GR YHUER1RVVRWUDEDOKRFHQWURXVHQDVPDUFDVVHPkQWLFRGLVFXUVLYDVTXHGHQRWDPDFDWHJRULD $VSHFWR,VWRMXVWLILFDDSURSRVWDGHOHYDUPRVHPFRQWDWDQWRROH[HPDTXDQWRRGLVFXUVRSDUD DDQiOLVHGRVGDGRV
3DUDWDOILPDQDOLVDPRVRSDSHOGROp[LFRGRYHUERQDGHWHUPLQDomRGHLQWHUSUHWDo}HV DVSHFWXDLV HP LQWHUDomR FRP IHQ{PHQRV WH[WXDOGLVFXUVLYRV FRP EDVH QD FODVVLILFDomR DVSHFWXDOGHVHQYROYLGDSRU9HQGOHU
)RLSRUWDQWRREVHUYDGRFRPRYHUERVFODVVLILFDGRVVREXPDSHUVSHFWLYDOH[LFDOSRGHP VRIUHU DOWHUDo}HV HP VHX HVWDWXWR VHPkQWLFR GHSHQGHQGR GDV FRQILJXUDo}HV VLQWiWLFR VHPkQWLFDV GDVVHQWHQoDVHTXDLVIHQ{PHQRVOLQJtVWLFRVVmRFDSD]HVGHSURYRFDUPXGDQoD GHLQWHUSUHWDomRGRYHUERHFRQVHTHQWHYDULDomRGHOHLWXUDDVSHFWXDO
3URFXUDPRVID]HUXPDGHVFULomRGDVPDUFDVVHPkQWLFRVLQWiWLFDVGRVIDWRVYHUEDLVTXH DVVLQDODPDFDWHJRULD$VSHFWREHPFRPRDVUHODo}HVGHVHQWLGRTXHHVWHVIDWRVHVWDEHOHFHP FRP VHXV DUJXPHQWRV ([SOLFDPRV SRU H[HPSOR WUDoRV GH GLQDPLFLGDGH H GXUDWLYLGDGH GR YHUER RX GR YHUER H VHXV DUJXPHQWRV QXPD DQiOLVH FRPELQDWyULD GRV HOHPHQWRV SDUD D LGHQWLILFDomR GH FRPR H TXDLV HOHPHQWRV OLQJtVWLFRV VXUJHP QD HVWUXWXUDomR GR GLVFXUVR IDODGR FDSD]HV GH PRGLILFDU DV FDUDFWHUtVWLFDV DVSHFWXDLV GH XPD GDGD IRUPD YHUEDO 2EVHUYHPRVRH[HPSORDEDL[R
OiQREDLUURRMRJDGRUHRSHVVRDOjVYH]HVFRPRDJHQWHGL]QD*ËULDRSHVVRDOPH
TXHEUDYD ,QT','
(P DSHVDU GH R YHUERTXHEUDU SRVVXLUFDUDFWHUtVWLFDV GH SRQWXDOLGDGH HP VHX OH[HPDWHPRVDIRUPDYHUEDOTXHEUDYDTXHVHDSUHVHQWDQHVWHFRQWH[WRFRPYDORUDVSHFWXDO IUHTHQWDWLYR 2X VHMD XP HVWDGR GH FRLVDV ORFDOL]DGR HP XP GHWHUPLQDGR LQWHUYDOR GH WHPSR RFRUUH XP Q~PHUR VLJQLILFDWLYR GH YH]HV QHVWH LQWHUYDOR GH WHPSR H HP LQWHUYDORV DQWHULRUHV
eUHOHYDQWHWDPEpPQHVWHWUDEDOKRDFRQVLGHUDomRGHSDUkPHWURVWH[WXDLVGLVFXUVLYDV WDLV FRPR D UHODomRILJXUDIXQGR TXH DSRQWD SDUD R XVR GH GHWHUPLQDGD IRUPD DVSHFWXDO LGHQWLILFDGD QmR Vy SHOD HVWUXWXUD IUDVDO PDV SHOR HQXQFLDGR FRPR XP WRGR 3URFXUDPRV REVHUYDU FRPR VmR GLVWULEXtGRV SHOR IDODQWH RV YDORUHV DVSHFWXDLV GD SHUIHFWLYLGDGH H GD
LPSHUIHFWLYLGDGH QR SODQR GR GLVFXUVR 1HVWH PHVPR SODQR HVWXGDPRV DLQGD FRPR R $VSHFWR DSUHVHQWDVH HP UHODomR DRV SDUkPHWURV GH WUDQVLWLYLGDGH QDV IRUPDV GR 3UHWpULWR 3HUIHLWRH,PSHUIHLWRGR,QGLFDWLYR
3DUD &RVWD R $VSHFWR p D H[SUHVVmR GR WHPSR LQWHUQR GR IDWR YHUEDO QRV GLVFXUVRV2WUDWDPHQWRGHVWDFDWHJRULDQRGLVFXUVRFRUUHVSRQGHjSHUGDGDLQGLYLGXDOL]DomR GRVIDWRVYHUEDLVFRPRSURFHVVRVRXHVWDGRVHPEORFRVIHFKDGRVGHWHPSRUDOLGDGHHSDVVDD HQJOREDU HWDSDV FRQVWLWXWLYDV GH WHPSRUDOLGDGH LQWHUQD GRV RXWURV IDWRV YHUEDLV 2 DVSHFWR PDUFDGRQXPYHUERSRGHQmRVHUGHWHUPLQDGRSHODDomRHVSHFtILFDGHVFULWDQRYHUERPDVSRU XPDRSomRIHLWDGRSRQWRGHYLVWDSDUWLFXODUGRIDODQWH
SRUTXHHOHID]LDLJXDOR6LOYLR6DQWRVHDFRUULRODVDtDDWUiVGHOH
,QT'
3RU H[HPSOR HP WHPRV D IRUPD YHUEDOVDtDTXH GHVFUHYH D DomR GH VDLU $t R $VSHFWR GHVWD IRUPD YHUEDO QmR p DSHQDV GDGR SHOD DomR GR YHUER TXH VH FDUDFWHUL]D JHUDOPHQWHSHODSRQWXDOLGDGHPDVSHORFRQWH[WRHSHODIRUPDFRPRRIDODQWHRSWRXSRUXVi ODFDUDFWHUL]DQGRDFRPRXPDDomRLWHUDWLYDTXHVHHVWHQGHSRUXPLQWHUYDORGHWHPSR
2HVWXGRGDFDWHJRULD$VSHFWRQRSRUWXJXrVVHJXQGR&RVWDRSFLWDWpHQWmRQDVXD PDLRULD FRQFHQWUDYDVH QD DQiOLVH GH YHUERV FRP SRXFDV UHIHUrQFLDV D RXWUDV FODVVHV GH SDODYUDV TXH FRQWULEXLULDP SDUD XPD FRPSUHHQVmR PDLV FODUD GHVWD FDWHJRULD 2 PHVPR DFRQWHFLDFRPRVFRQWH~GRVTXDVHLQH[LVWHQWHVVREUHHVWDHPJUDPiWLFDVHVFRODUHV
'Dt VXUJLX GXUDQWH HVWD SHVTXLVD R TXHVWLRQDPHQWR VREUH TXH PDUFDV OLQJtVWLFDV DSRQWDP SDUD R FRQWH~GR VHPkQWLFRGLVFXUVLYR GD FDWHJRULD $VSHFWR GH YHUERV QR 3UHWpULWR 3HUIHLWRH3UHWpULWR,PSHUIHLWRGR,QGLFDWLYRGRSRUWXJXrVIDODGR
(QWHQGHPRV FRPR &RVWD RSFLW TXH D FDWHJRULD YHUEDO $VSHFWR p XWLOL]DGD SRU IDODQWHVHPWHUPRVDPSORVRXVHMDDH[SUHVVmRGHGXUDWLYLGDGHRXGLQDPLFLGDGHFRQWLGDQHOD pLQWHUQDDRGLVFXUVRHQmRDSHQDVDRVOLPLWHVHVWULWRVGDIUDVH
%DVHDGDQHVVDFRQFHSomRDDXWRUDDILUPDTXHDRHODERUDUVHXGLVFXUVRRIDODQWHWRPD FRPRUHIHUrQFLDEiVLFDRWHPSRRHVSDoRRXDOJXQVWLSRVGHHOHPHQWRVGHOLJDomRTXHYrPD FRQVWUXLU XPD RUGHQDomR GH UDFLRFtQLR D TXDO p FODVVLILFDGD FRPR ³OLQKD DUJXPHQWDWLYD´ H RUJDQL]D RV IDWRV D VHUHP H[SUHVVRV $VVLP RV HOHPHQWRV VH RUGHQDP GHQWUR GHVVDV UHIHUrQFLDV H HVVD GLVWULEXLomR p IHLWD GH DFRUGR FRP R TXH R IDODQWH SUHWHQGH H[SUHVVDU
/RJRVXUJLXHPQRVVRHVWXGRDVHJXLQWHTXHVWmR'HTXHIRUPDDFDWHJRULDYHUEDO$VSHFWR DVVXPHXPDSHUVSHFWLYDHQXQFLDWLYDGHQWURGRGLVFXUVR"
3URFXUDPRV REVHUYDU TXH HOHPHQWRV R IDODQWH XWLOL]D SDUD RUGHQDU H PDUFDU HVVHV DUJXPHQWRVQRTXHGL]UHVSHLWRjFDWHJRULD$VSHFWRDTXDOpFODVVLILFDGDFRPRXPDHQWLGDGH GH VHJXQGD RUGHP SRU &RVWD RS FLW SRU HVWDU UHODFLRQDGD FRP RV DFRQWHFLPHQWRV RV SURFHVVRVRVHVWDGRVHRXWURVWLSRVGHRFRUUrQFLDVTXHSRGHPVHUORFDOL]DGDVQRWHPSR
2VDUJXPHQWRVDRVTXDLVQRVUHIHULPRVDFLPDVHJXHPDOLQKDGHREVHUYDomRGHIHQGLGD SRU 9HUNX\O DSXG *RGRL R TXDO DILUPD TXH D QDWXUH]D GXUDWLYD RX QmRGXUDWLYD GD VHQWHQoD GHSHQGH QmR VRPHQWH GRV YHUERV PDV WDPEpP GH VHXV FRQVWLWXLQWHV QRPLQDLV RV TXDLV FRQWrP D LQIRUPDomR TXDQWLILFDFLRQDO 2X VHMD RV $VSHFWRV QmR VmR SURSULHGDGHV DSHQDV GR VLQWDJPD YHUEDO PDV VmR FRPSRVWRV D SDUWLU GH WRGRV RV HOHPHQWRV GH XPD VHQWHQoD
*RGRLDILUPDTXHHVWXGLRVRVDQJORVD[{QLFRVWDLVFRPR&RPULH'DKO H6KLMiGHPRQVWUDPDSUHRFXSDomRFRPRXWURVFRPSRQHQWHVVHQWHQFLDLVSDUD DLGHQWLILFDomRVHPkQWLFDGDFDWHJRULD$VSHFWRSULQFLSDOPHQWHFRPRVDUJXPHQWRVGRYHUERH FRPVXDFRQWULEXLomRVHPkQWLFDSDUDRVLJQLILFDGRWRWDOGDVHQWHQoD
(VFROKHPRV FRPR IRQWH SDUD R GHVHQYROYLPHQWR GHVWD SHVTXLVD D OtQJXD IDODGD REVHUYDQGR D TXDQWLGDGH LPSUHVFLQGtYHO GH HVWXGRV HP GLIHUHQWHV UDPRV GD /LQJtVWLFD YROWDGRVSDUDHVWDPRGDOLGDGH
$OtQJXDIDODGDWHPVLGRFHQWUDOL]DGDDWpPHVPRFRPRIRQWHSDUDXPDQRYDSURSRVWD GH HQVLQR GH OtQJXD PDWHUQD QDV HVFRODV 2OLYHLUD H &RHOKR DVVLQDODP TXH DOJXPDV PDUFDV GD PRGDOLGDGH RUDO UHVXOWDQWHV GDV LQWHUIHUrQFLDV SUDJPiWLFRFRPXQLFDWLYDV SHUWHQFHP DR PRGR GH HODERUDomR HVSHFtILFR GR WH[WR IDODGR H FRQFRUUHP SDUD D FRQILJXUDomRGRIOX[RLQIRUPDFLRQDOQRWDQGRDLQGDTXHQHVWDPRGDOLGDGHRIDODQWHXWLOL]D XP PDLRU Q~PHUR GH LQIRUPDomR TXH QD PRGDOLGDGH HVFULWD SRLV QD ~OWLPD DSDJDPVH DV SLVWDVGHSURFHVVDPHQWR
2$63(&72(032578*8Ç6$/*816(678'26
2 WUDEDOKR SLRQHLUR QR HVWXGR GD FDWHJRULD $VSHFWR HP SRUWXJXrV IRL R GH &DVWLOKR R TXDO D FRQFHLWXD VHP GLVWLQJXLOD VHJXQGR *RGRL GR$NWLRQVDUW FRPR XPDYLVmRREMHWLYDHQWUHRSURFHVVRHRHVWDGRH[SUHVVRVSHORYHUEROHYDQGRHPFRQWDDLGpLD GH GXUDomR RX GHVHQYROYLPHQWR $VSHFWR p SRLV D UHSUHVHQWDomR HVSDFLDO GR SURFHVVR &DVWLOKRGLVWLQJXHRVYHUERVTXHGHQRWDPDo}HVTXHWHQGHPDXPILPHDWXDOL]DPR$VSHFWR
3HUIHFWLYR WpOLFRV GRV YHUERV TXH GHQRWDPDo}HVTXHQmRWHQGHPDXPILPHDWXDOL]DPR
$VSHFWR,PSHUIHFWLYRDWpOLFRV+iRDVSHFWRLWHUDWLYRTXHGL]UHVSHLWRjUHSHWLomRGHDo}HV GXUDWLYDV RX SRQWXDLV H RDVSHFWR LQGHWHUPLQDWLYR TXH VH DWXDOL]D HP IRUPDV YHUEDLV RQLWHPSRUDLVRXJQ{PLFDV3RUH[HPSOR
FRQVWUXtUDP
XPDSDUWDPHQWREHPDTXLWD"
DtHOHV
JDQKDYD
XPDJUDQDGDQDGD
DtHODPH
DSHUUHDYD
WRGRGLD
,QT'
(P WHPRV XP YHUER WpOLFR TXH DWXDOL]D R $VSHFWR 3HUIHFWLYR -i DWXDOL]D R $VSHFWR,PSHUIHFWLYRSRLVRILPQmRHVWiH[SOLFLWRSHORSRQWRGHUHIHUrQFLD57DQWRHP TXDQWRHPRTXHWHPRVpRDVSHFWRLWHUDWLYRTXHGHVLJQDXPWLSRGHDomRGXUDWLYD(P HVVDLWHUDWLYLGDGHpUHIRUoDGDSHORDGMXQWRDGYHUELDO
2VHVWXGRVVREUH$VSHFWRFRQFHQWUDYDPVHHPDOJXQVFDVRVQRVWUDoRVDVSHFWXDLVGD UDL] GR YHUER RX GR VXEVWDQWLYR H HP RXWURV QRV WUDoRV GH PHVPD QDWXUH]D SUHVHQWHV QDV IOH[}HV H SHUtIUDVHV 1R SULPHLUR FDVR SRUWDQWR WUDWDYDP GH UHDOLGDGHV OH[LFDLV H QR VHJXQGRGHUHDOLGDGHVPRUIRVVLQWiWLFDV
&DVWLOKRUHODWDTXHSDUDFDUDFWHUL]DUHVVDVGXDVYHUWHQWHVGDQRomRGH$VSHFWR IRUDP LQWURGX]LGRV RV WHUPRV $VSHFWR $VSHNW H 0RGR GH $omR$NWLRQVDUW 2 SULPHLUR FRPSUHHQGHRSUREOHPDGR$VSHFWRGHIRUPDSRXFRDPSODUHGX]LQGR³DVQRo}HVDVSHFWXDLVD XPDELSRODULGDGHVHJXQGRDDomRGXUHLPSHUIHFWLYRRXVHFRPSOHWHSHUIHFWLYR´
2WHUPR$NWLRQVDUWSRUVXDYH]UHSUHVHQWDXPDFRPSUHHQVmRPDLVDPSODGDVQRo}HV DVSHFWXDLV ³HQJOREDQGR H XOWUDSDVVDQGR D ELSRODULGDGH TXH FDUDFWHUL]D R DVSHFWR´ 2 DXWRU DSRQWD DLQGD TXHDWUDGXomRGH$NWLRQVDUWSRUDVSHFWRQDVOtQJXDVURPkQLFDVGHL[DQGRR
WHUPR $VSHNW VHP WUDGXomR WURX[H JUDQGH FRQIXVmR HQWUH QRo}HV UHODFLRQDGDV D QtYHLV OLQJtVWLFRVGLVWLQWRV
$PRWLYDomRLQLFLDOGDVWHRULDVTXHFODVVLILFDPR$VSHFWRpGHQDWXUH]DHVVHQFLDOPHQWH ILORVyILFD4XHUGL]HUDWUDGLomRGD$NWLRQVDUWWLQKDLQLFLDOPHQWHRSURSyVLWRRQWROyJLFRGH FODVVLILFDUVHQWHQoDVVREUHWXGRSHORVLJQLILFDGRGHVHXVYHUERVDSDUWLUGHHVWDGRVGHFRLVDV UHIHULGRV
7DPEpPpLPSRUWDQWHGHVWDFDURWUDEDOKRGHWDOKDGRGH7UDYDJOLDDUHVSHLWRGR $VSHFWR (VWH DXWRU GHWHFWD DOJXQV LQFRHUrQFLDV QD SURSRVWD GH &DVWLOKR DSHVDU GH DPERVFRQFRUGDUHPTXHR$VSHFWRHPSRUWXJXrVVHFHQWUDOL]DQRYHUERHpLQIOXHQFLDGRSRU RXWURVHOHPHQWRV
$VVLP FRPR &DVWLOKR RSFLW 7UDYDJOLD ID] VXD FODVVLILFDomR DVSHFWXDO FRP EDVH QD
WHOLFLGDGHGDIRUPDYHUEDO(QWUHWDQWRFRQVLGHUDR$VSHFWRFRPRXPDFDWHJRULDPHUDPHQWH YHUEDO QmR OHYDQGR HP FRQWD D UHJXODULGDGH VHPkQWLFROH[LFDO GD IRUPD YHUEDO SDUD D LGHQWLILFDomR GD FDWHJRULD 7UDYDJOLD GHILQH $VSHFWR FRPR XPD FDWHJRULD YHUEDO GH WHPSR TXHVHUYHSDUDPDUFDUGXUDomRRXIDVHVGHXPDVLWXDomR
'LIHUHQWHPHQWH GD SURSRVWD GH 7UDYDJOLD 0LUD 0DWHXV HW DO FDUDFWHUL]DP R $VSHFWR FRPR XPD FDWHJRULD TXH H[SULPH R PRGR GH VHU GH XPHVWDGRGHFRLVDVFRPXP SUHGLFDGRU TXH SHUWHQFH D XPD GDGD FODVVH 9rVH XPD YDORUL]DomR GDV QRo}HV GH TXDQWLILFDomR GH LQWHUYDOR GH WHPSR FRP UHIHUrQFLD j IURQWHLUD LQLFLDO RX ILQDO GHVVH LQWHUYDOR(VWiLQFOXtGDQDREUDGHVWDDXWRUDXPDKLHUDUTXLDGRVYDORUHVDVSHFWXDLVRXVHMD GRV$NLWLRQVDUWV 5HVVDOWDPRV TXH SDUD 0LUD 0DWHXV HW DO DV IRUPDV GH DWXDOL]DomR GR $VSHFWRHPSRUWXJXrVUHVXOWDPWDQWRGHHOHPHQWRVOH[LFDLVTXDQWRGHHOHPHQWRVJUDPDWLFDLV (VWHVFRQFHLWRVVmRXWLOL]DGRVDWXDOPHQWHSHODVHPkQWLFDFRQWHPSRUkQHD
6RDUHV GLVWLQJXHVH GD PDLRULD GRV DXWRUHV EUDVLOHLURV QD FDUDFWHUL]DomR GR $VSHFWRQHJDQGRTXHDQRomRDVSHFWXDO~QLFDVHMDDTXDQWLILFDomRGRSURFHVVR3DUDHVWD DXWRUD R $VSHFWR GL] UHVSHLWR jV QRo}HV H[SUHVVDV SHODV IOH[}HV JUDPDWLFDLV DIL[RV SHUtIUDVHV PDQWHQGR VHPSUH R VHX VLJQLILFDGR DVSHFWXDO FRQVWDQWH -i DV QRo}HV H[SUHVVDV SHORYHUERTXDQWRDRVHXSDSHOVHPkQWLFRVmRFKDPDGDVSHODDXWRUDGH0RGRGH$omR
3DUD*RGRL$VSHFWRpDUHODomRHVWDEHOHFLGDHQWUHRWHPSRGHHYHQWRHRWHPSR GHUHIHUrQFLD$DXWRUDGHILQHDVVLPGXDVFDWHJRULDVDVSHFWXDLV±DSHUIHFWLYLGDGHHPTXHR WHPSRGHUHIHUrQFLDLQFOXLRWHPSRGRHYHQWRHDVLWXDomRSRVVXLUiFDUiWHU³IHFKDGR´FRPR SRUH[HPSORHP
HXPHIRUPHLLQFHQWL9$GRSHORJRYHUQRGHVGHRWHPSRGRSUpYHVWLEXODUH GXUDQWHDPLQKD)DFXOGDGHWRGDYLGDHXWLYHEROVDGD68'(1(
,QT'
( DLPSHUIHFWLYLGDGH HP TXH R WHPSR GR HYHQWR LQFOXL R WHPSR GH UHIHUrQFLD H D VLWXDomR SRVVXLUiFDUiWHU³DEHUWR´&RPRHP
GDt HX SDUWL SUD (662 HX GDYD DVVLVWrQFLD jV FRQVWUXWRUD QD SDUWH GH OXEULILFDomRFRQVWUXWRUDDLQ'Ò6WULDGHFLPHQWR
,QT'
2WHPSRGHUHIHUrQFLDHPHVWiQDIRUPDYHUEDOGR3UHWpULWR3HUIHLWRSDUWLMiDIRUPD GR3UHWpULWR,PSHUIHLWRGDYDGHQRWDXPDVLWXDomRGHFDUiWHUDEHUWR
*RGRL DILUPD TXH R$NWLRQVDUW RX PRGR GH VHU GD DomR LQGLFD DV IXQo}HV VHPkQWLFDV GRV YHUERV 2 VLJQLILFDGR VHPkQWLFR GR$NWLRQVDUW p GHWHUPLQDGR FRP SUHFLVmR SHORPRGRFRPRDDomRVHUHDOL]DRXVHMDH[SUHVVDVXDPDQHLUDGHUHDOL]DomR-iR$VSHNWH GHVLJQDDVIRUPDVTXHLQGLFDPDo}HVLQFRPSOHWDVRXFRPSOHWDV3DUDHVWDDXWRUDGRSRQWRGH YLVWDGDJUDPiWLFDIXQFLRQDOWDQWRR$VSHFWRTXDQWRRPRGRGHVHUGDDomRHVWmRVLWXDGRVQR FDPSRVHPkQWLFRGDDVSHFWXDOLGDGH
&RVWDHPVHXVHVWXGRVGHVWDFDDOJXPDVFDUDFWHUtVWLFDVUHOHYDQWHVQDGHILQLomR GD FDWHJRULD $VSHFWR DV TXDLV VmR D QmRUHIHUrQFLD j ORFDOL]DomR QR WHPSR D FRQVWLWXLomR WHPSRUDO LQWHUQD D YLQFXODomR GHVWD FDWHJRULD D VLWXDo}HV SURFHVVRV H HVWDGRV H D ³UHSUHVHQWDomRHVSDFLDO´
,ODULDGPLWHTXHHPSRUWXJXrVKiYiULDVPDQHLUDVGHH[SUHVVDUDGXUDomRLQWHUQD GHXPIDWRYHUEDOHTXHDHVFROKDGHVVDPDQHLUDpFRQGLFLRQDGDSHOR$NWLRQVDUWRXVHMD³R HVTXHPD WHPSRUDO VXEMDFHQWH´ ( FRQFRUGD DLQGD FRP D FODVVLILFDomR GDGD SRU 9HQGOHU DGDSWDQGRDSDUDRSRUWXJXrVGRVHJXLQWHPRGR
D3URFHVVRVSRQWXDLVFRQVLGHUDGRVFRPRXPWRGRHQmRFRPSDWtYHLVFRPRVDGMXQWRV GHGXUDomR
FRPHFHLSHODSDUWHDGPLQLVWUDWLYDSXUDTXHpDGR'HSDUWDPHQWRGH0DWHULDO
,QT'
E3URFHVVRVGXUiYHLVTXHHYRFDPDLGpLDGHWHPSRJDVWRRXWHPSRHPSUHJDGR
HVWXGHLGRLVDQRVOi,QT'
F 3URFHVVRV GXUiYHLV TXH HYRFDP D LGpLD GH WHPSR HVFRDGR SRVVXHP FDUiWHU GH SURFHVVRKRPRJrQHRHDEUDQJHPRVHVWDGRVHDVDWLYLGDGHV
QRQRVVRWHPSRDJHQWHSDVVDYDPXLWRSRXFRWHPSRGHQWURGHFDVD
,QT'
(VWHDXWRUUHVVDOWDDLQGDTXHGLIHUHQWHPHQWHGHRXWUDVOtQJXDVRSRUWXJXrVQmRGLVS}H GH XPD FRQMXJDomR SUySULD SDUD LQGLFDU TXH R SURFHVVR p GXUDWLYR HQWUHWDQWR GLVS}H GH DGMXQWRVHGHDX[LOLDUHVHQWUHRXWURVPHLRVTXHYHLFXODPDLGpLDGHGXUDomR
35(668326726)81&,21$/,67$63$5$2(678'2'2$63(&72
$SDUWLUGDQRomRGHVLVWHPDGHVHQYROYLGDSRU)HUGLQDQG6DXVVXUHVXUJLXPDLVWDUGHD QRomRGHOtQJXDFRPRHVWUXWXUDQDTXDORVHOHPHQWRVHQFRQWUDPVHRUJDQL]DGRVHDJUXSDGRV $ REVHUYDomR GD OtQJXD FRPR XPDHVWUXWXUD GHVHQYROYHXVH SULQFLSDOPHQWH D SDUWLU GH FRPRVHVWXGRVGR&tUFXOR/LQJtVWLFRGH3UDJD6XUJHHQWmRXPDQRYDFRQFHSomRHP TXH R H[DPH GD IXQomR GRV HOHPHQWRV GD OtQJXD p HVVHQFLDO SDUD D FRPSUHHQVmR GR GHVHQYROYLPHQWR GD OLQJXDJHP FRQWUDSRQGRVH DVVLP DRV SUHFHLWRV VDXVVXULDQRV RV TXDLV LVRODPRVDVSHFWRVIXQFLRQDLVGDOLQJXDJHPDRRSWDUHPSHORHVWXGRGDODQJXHFRPRREMHWR GHQWUR GD GLFRWRPLDODQJXH [ SDUROH 'HVVD IRUPD DVSHFWRV SUDJPiWLFRGLVFXUVLYRV QmR IRUDPFRQVLGHUDGRVQDSURSRVWDWHyULFDVDXVVXULDQD
2WHUPRIXQomRSDVVDDWHUGXDVGHILQLo}HVDOLJDomRLQWHUGHSHQGHQWHGHXPHOHPHQWR HVWUXWXUDOFRPRXWURHOHPHQWRVHMDHVWHHVWUXWXUDORXQmRpRFDVRGRVFOtWLFRVSRUH[HPSORH D IXQomR GHVWH HOHPHQWR HVWUXWXUDO QD VLWXDomR FRPXQLFDWLYD 3DUD RV HVWXGLRVRVGR&tUFXOR /LQJtVWLFRGH3UDJDDOtQJXDSDVVRXDVHUYLVWDFRPRXPVLVWHPDIXQFLRQDODSDUWLUGHXPD YLVmR WHOHROyJLFD GR WHUPRIXQomR RX VHMD D OtQJXD p XWLOL]DGD SHORV IDODQWHV GH GDGD FRPXQLGDGHSDUDXPGHWHUPLQDGRILP
3DUD1LFKROVRWHUPRIXQomRHQYROYHFLQFRFRPSRQHQWHV
)XQomR LQWHUGHSHQGrQFLDFRQVWLWXL D LQWHUUHODomR GH IHQ{PHQRV JUDPDWLFDLV FR YDULDomR 3RU H[HPSOR D PDUFDomR GRV FDVRV DFXVDWLYR HUJDWLYR FRPR XPD YDULiYHO GHSHQGHQWH QD LQWHUDomR FRP FRQWH~GR OH[LFDO LQHUHQWH UHODo}HV DJHQWHSDFLHQWH OLJDomR RUDFLRQDOHPDQXWHQomRGHVYLRGHUHIHUrQFLDYDULiYHLVLQGHSHQGHQWHV
)XQomR SURSyVLWR DTXLOR TXH RV IDODQWHV SHQVDP RX DFUHGLWDP TXH HVWmR ID]HQGR FRPDOLQJXDJHPWDLVFRPRTXHVWLRQDUGHFODUDUGDURUGHPQRPHDUHWF(VWDIXQomRpXVDGD SDUDFRQVWLWXLURXGHFUHWDUXPRXRXWURDWRGHIDOD([HPSOR$VWD[RQRPLDVDUHVSHLWRGDV IXQo}HVGDOLQJXDJHP
)XQomR FRQWH[WR D OLQJXDJHP IXQFLRQD FRPR UHIOH[R GR FRQWH[WR GR DWR GH IDOD (VWDGHVLJQDomRSUHVVXS}HGRLVVXEWLSRV
D )XQomR HYHQWR FDWHJRULDV TXH LQGLFDP SDSpLV GH IDODVWDWXV GRV SDUWLFLSDQWHV QR HYHQWRHLQWHQomRGRVPHVPRV([HPSOR$SROLGH]HDLQWHQomRTXHVHUHIOHWHPQDVUHODo}HV VRFLDLVHQWUHRVSDUWLFLSDQWHV
E )XQomRWH[WR FDWHJRULDV IXQFLRQDLV TXH LQGLFDP RUJDQL]DomR GLVFXUVLYD FRPR R SURJUHVVR GD QDUUDomR SRU H[HPSOR WDLV FRPR RV FRQFHLWRV GHILJXUDIXQGR WH[WXDOLGDGH FRHUrQFLDHWF
)XQomR UHODomR UHODomR GH XP HOHPHQWR HVWUXWXUDO FRP XPD XQLGDGH PDLV DOWD $FHQWXDVH DTXL FRPR YDULDQWH D UHODomR GH XP HOHPHQWR FRP R VLVWHPD OLQJtVWLFR ([HPSOR8PPHVPRHOHPHQWRFRPFDWHJRULD13SRGHUiSRVVXLUWDPEpPDIXQomRGHVXMHLWR WySLFRHDJHQWH
)XQomR VLJQLILFDGR PDLV GH XP WLSR GH IXQomR DFLPD HVSHFLILFDGRV MXQWRV &RQIRUPH IL]HUDP /L H 7KRPSVRQ QR HVWXGR GR PDQGDULP FKLQrV RV TXDLV HPSUHJDUDP YiULRVWLSRVGHVLJQLILFDGRLQFOXLQGRDVHPkQWLFDGHPDUFDVDVSHFWXDLVDIXQomRFRQWH[WRHD IXQomRSURSyVLWRGHFHUWDVSDUWtFXODV
6XUJLUDPGHQWURGR(VWUXWXUDOLVPRGXDVYHUWHQWHVGHHVWXGRVOLQJtVWLFRVDIRUPDOLVWD TXHYDORUL]DDIRUPDHGHL[DDIXQomRGRVHOHPHQWRVOLQJtVWLFRVSDUDXPVHJXQGRSODQRHD
IXQFLRQDOLVWDDTXDOYDORUL]DDUHODomRTXHXPDGDGDHVWUXWXUDGDOtQJXDYHQKDDWHUFRPDV GHPDLVHVWUXWXUDVGHQWURGRSURFHVVRFRPXQLFDWLYR
$LQGD VHJXQGR 1LFKROV RSFLW D JUDPiWLFD HVWUXWXUDOLVWD GHVFUHYH GHVGH DV HVWUXWXUDV JUDPDWLFDLV WDLV FRPR IRQHPDV PRUIHPDV UHODo}HV VLQWiWLFDV H VHPkQWLFDV UHODo}HV HQWUH DV RUDo}HV H RV FRQVWLWXLQWHV UHODo}HV GH GHSHQGrQFLD HQWUH DV VHQWHQoDV H RFDVLRQDOPHQWH WH[WRV H GLVFXUVRV $ JUDPiWLFD IRUPDOLVWD DQDOLVD HVVD PHVPD JDPD GH IHQ{PHQRV PDV R ID] SRU PHLR GD FRQVWUXomR GH XP PRGHOR IRUPDO GH OLQJXDJHP R TXDO VHUYH FRPR REMHWR GH GHVFULomR OLQJtVWLFD -i D JUDPiWLFD IXQFLRQDO HPERUD DQDOLVH D HVWUXWXUD JUDPDWLFDO DVVLP FRPR R ID]HP HVWUXWXUDOLVWDV H IRUPDOLVWDV LQFOXL D DQiOLVH GD VLWXDomR FRPXQLFDWLYD RV SURSyVLWRV QRV HYHQWRV GH IDOD VHXV SDUWLFLSDQWHV H R FRQWH[WR GLVFXUVLYR )XQFLRQDOLVWDV DILUPDP TXH DV VLWXDo}HV FRPXQLFDWLYDV PRWLYDP H[SOLFDP H GHWHUPLQDPHVWUXWXUDVJUDPDWLFDLVQmROLPLWDQGRDDQiOLVHOLQJtVWLFDDXPFRQMXQWRUHVWULWR GH GDGRV TXH VHUYHP FRPR PRGHOR PDV DVVHQWDQGR VXDV H[SODQDo}HV QD VLWXDomR FRPXQLFDWLYD
-iRVIXQFLRQDOLVWDVFRQFHEHPDOtQJXDFRPRXPLQVWUXPHQWRGHFRPXQLFDomRRTXDO QmR SRGH VHU FRQVLGHUDGR DXW{QRPR PDV VXMHLWR jV PXGDQoDV SURYLQGDV GDV PDLV GLYHUVDV VLWXDo}HV FRPXQLFDWLYDV DV TXDLV FRQWULEXLUmR SDUD D GHWHUPLQDomR GD VXD HVWUXWXUD JUDPDWLFDO
(VWD FRQFHSomR GHVHQYROYHXVH HP DOJXPDV HVFRODV OLQJtVWLFDV HXURSpLDV SyV VDXVVXULDQDV DV TXDLV DVVRFLDYDP HP VHXV HVWXGRV RV IDWRV OLQJtVWLFRV D GHWHUPLQDGDV IXQo}HV UHODFLRQDGDV D HVWHV (PIUHTHQWHFRQWDWRFRPRVSULQFLSDLVOLQJLVWDVGH3UDJD 0DUWLQHW H -DNREVRQ VmR FRQVLGHUDGRV VHJXQGR /HSVFK\ DSXG 0DUWHORWWD H $UHDV FRPR ³RV GRLV PDLV LPSRUWDQWHV KHUGHLURV QR SHQVDPHQWR LQWHUQDFLRQDO GD (VFROD /LQJtVWLFDGH3UDJD´
&DUDFWHUL]DVH FRPR IXQFLRQDOLVWD RV HVWXGRV IHLWRV SRU 6LPRQ 'LN FDUDFWHUL]DGRVSRUXPDFRQFHSomRWHOHROyJLFDGHOLQJXDJHPRTXDOFDUDFWHUL]DRLQWHUHVVHGH XPD OLQJtVWLFD IXQFLRQDOLVWD QRV SURFHVVRV UHODFLRQDGRV DR r[LWR GRV IDODQWHV DR VH FRPXQLFDUHPSRUPHLRGHH[SUHVV}HVOLQJtVWLFDV
2IXQFLRQDOLVPRSDVVDDLQIOXHQFLDUIRUWHPHQWHRVOLQJLVWDVQRUWHDPHULFDQRVDSDUWLU GD GpFDGD GH VHUYLQGR FRPR EDVH SDUD WUDEDOKRV GH DXWRUHV FRPR *LYyQ SRU H[HPSOR RV TXDLV GHIHQGLDP XPD OLQJtVWLFD EDVHDGD QR XVR REVHUYDQGR R VLVWHPD OLQJtVWLFR D SDUWLU GR FRQWH[WR H GDV VLWXDo}HV H[WUDOLQJtVWLFDV DGPLWLQGR DVVLP DV PXGDQoDV GDV HVWUXWXUDV OLQJtVWLFDV HP FRQVHTrQFLD GDV HYHQWXDOLGDGHV GR GLVFXUVR 2X VHMDSDUDVHHVWXGDUDFRQVWLWXLomRGDJUDPiWLFDHGHIHQ{PHQRVJUDPDWLFDLVSRUH[HPSORp QHFHVViULRHVWXGDUDOtQJXDHPXVRHVHXVFRQWH[WRVHVSHFtILFRVEHPFRPRDVHVWUDWpJLDVGH RUJDQL]DomRGDLQIRUPDomRGDGDSHORVIDODQWHVQRPRPHQWRGDLQWHUDomRGLVFXUVLYD
(P HVWXGRV SRVWHULRUHV GH DOJXQV OLQJLVWDV QRUWHDPHULFDQRV UHODFLRQDGRV j JUDPDWLFDOL]DomR REVHUYDVH D WHQGrQFLD GRV IXQFLRQDOLVWDV D DGRWDUHP XPD FRQFHSomR GH PXGDQoDHPTXHIRUoDVFRJQLWLYDVHFRPXQLFDWLYDVLQIOXHQFLDPRLQGLYtGXRQRPRPHQWRGD FRPXQLFDomR $ JUDPDWLFDOL]DomR VHJXQGR *LYyQ RFRUUH TXDQGR DV XQLGDGHV OLQJtVWLFDV PLJUDP GR Op[LFR SDUD D JUDPiWLFD RX PLJUDP GHQWUR GD SUySULD JUDPiWLFD GDV FDWHJRULDV PHQRV JUDPDWLFDLV SDUD DV FDWHJRULDV PDLV JUDPDWLFDLV RX VHMD TXDQGR DOJXP HOHPHQWR GLVFXUVLYRFRPXPXVREDVWDQWHIUHTHQWHHSUHYLVtYHOVDLGRQtYHOGRGLVFXUVRGHL[DQGRGH VHUDSHQDVXPHOHPHQWRHVWUDWpJLFRSDUDDHODERUDomRGRWH[WRFRPXQLFDWLYRHSDVVDDVHUXP HOHPHQWRGDJUDPiWLFD
HIHWLYDomR GH IXQo}HV FRPXQLFDWLYDV H FRJQLWLYDV QDV TXDLV D PXGDQoD H D YDULDomR VmR IDWRUHVVHPSUHSUHVHQWHV
2 IXQFLRQDOLVPR OLQJtVWLFR EXVFD D PRWLYDomR SDUD RV IDWRV GD OtQJXD QR SUySULR FRQWH[WRGLVFXUVLYRSURFXUDQGRYHULILFDUDVUHJXODULGDGHVGRXVRGHVVHVIDWRVQRVFRQWH[WRV HVSHFtILFRVGDVLWXDomRFRPXQLFDWLYD$VVLPRXVRFRQVWLWXLVHFRPRIRUPDGRUGDHVWUXWXUDH GRVLVWHPDGDOtQJXD
+i QR IXQFLRQDOLVPR SULQFtSLRV H FRQFHLWRV IXQGDPHQWDLV SDUD D REVHUYDomR GRV HOHPHQWRVHVWUXWXUDLVGDOtQJXDjOX]GHVWDFRQFHSomR3DUDRVIXQFLRQDOLVWDVRVGRPtQLRVGD VLQWD[H GD VHPkQWLFD H GD SUDJPiWLFD VmR UHODFLRQDGRV H LQWHUGHSHQGHQWHV /RJR FDEH DR IXQFLRQDOLVWDLQYHVWLJDUDVFLUFXQVWkQFLDVGLVFXUVLYDVTXHHQYROYHPDVHVWUXWXUDVOLQJtVWLFDVH VHXVFRQWH[WRVHVSHFtILFRVGHXVR
&RPRQRVVDSHVTXLVDSUHWHQGHREVHUYDUDVFLUFXQVWkQFLDVGLVFXUVLYDVGDFDWHJRULDYHUEDO $VSHFWR SURFXUDPRV HQXPHUDU DEDL[R DOJXQV SULQFtSLRV SDUD R HVWXGR GD OtQJXD QXPD SHUVSHFWLYDIXQFLRQDOLVWD
$ ,FRQLFLGDGH FRUUHODomR QDWXUDO HQWUH IRUPD H IXQomR RX VHMD HQWUH D H[SUHVVmR FyGLJR H R FRQWH~GR GHVLJQDWXP GH XPD HVWUXWXUD OLQJtVWLFD 3UHVVXS}H WUrV VXESULQFtSLRV
D 6XESULQFtSLR GD TXDQWLGDGH TXDQWR PDLRU D TXDQWLGDGH GD LQIRUPDomR PDLRU D TXDQWLGDGHGDIRUPDRXVHMDDHVWUXWXUDGHXPDFRQVWUXomRJUDPDWLFDOLQGLFDDHVWUXWXUDGH VHXFRQFHLWR
E 6XESULQFtSLR GD LQWHJUDomR TXDQWR PDLV SUy[LPRV FRJQLWLYDPHQWH HVWLYHUHP RV FRQWH~GRVPDLVLQWHJUDGRVHVWDUmRQRQtYHOGDFRGLILFDomR
F6XESULQFtSLRGDRUGHQDomROLQHDUDLQIRUPDomRPDLVLPSRUWDQWHRFXSDUiRSULPHLUR OXJDU GD FDGHLD VLQWiWLFD RX VHMD D RUGHP GRV HOHPHQWRV QR HQXQFLDGR LQGLFD D RUGHP GH LPSRUWkQFLDGHVWHHOHPHQWRSDUDRIDODQWH
% 0DUFDomR GLVWLQJXH DV FDWHJRULDV JUDPDWLFDLV PDUFDGDV H QmRPDUFDGDV DWUDYpV GH XP FRQWUDVWH ELQiULR RX VHMD D HVWUXWXUD JUDPDWLFDO PDUFDGD WHQGH D VHU PDLV FRPSOH[D FRJQLWLYDPHQWHHPHQRVIUHTHQWHTXHDQmRPDUFDGDFRUUHVSRQGHQWH
3DUD *LYyQ D PDUFDomR RX QmR GH XPD HVWUXWXUD GHSHQGH GR FRQWH[WR H p H[SOLFDGD GH DFRUGR FRP RV IDWRUHV FRPXQLFDWLYRV RX VHMD QmR HVWi UHVWULWD jV FDWHJRULDV OLQJtVWLFDVPDVSRGHVHULQGLFDGDSRURXWURVIHQ{PHQRVFRPRDGLVWLQomRHQWUHRVJrQHURV WH[WXDLVSRUH[HPSOR
HPGLVWLQo}HVELQiULDVRXVHMDRFRQWUDVWHHQWUHRVPHPEURVGHXPDGDGDFDWHJRULDRFRUUH DWUDYpV GD SUHVHQoD GH XPD GDGD SURSULHGDGH HP XP H GD DXVrQFLD HP RXWUR ,VWR UHIOHWLX LQFOXVLYHQDQDWXUH]DKLHUiUTXLFDGDVHVWUXWXUDVOLQJtVWLFDV
6HJXQGR *LYyQ Ki WUrV FULWpULRV TXH SRGHP VHU XVDGRV SDUD GLVWLQJXLU XPD FDWHJRULDPDUFDGDGHXPDQmRPDUFDGDDWUDYpVGHXPFRQWUDVWHELQiULR6mRHOHV
D&RPSOH[LGDGHHVWUXWXUDO$HVWUXWXUDPDUFDGDWHQGHDVHUPDLVFRPSOH[DRXPDLRU TXHDHVWUXWXUDQmRPDUFDGDFRUUHVSRQGHQWH(VWHFULWpULRHVWiLQWLPDPHQWHOLJDGRjTXHVWmR GDLFRQLFLGDGHQDVLQWD[HRXVHMDUHIHUHVHjFRUUHVSRQGrQFLDHQWUHDFRPSOH[LGDGHHVWUXWXUDO HDVXEVWDQFLDO
E )UHTrQFLD GH GLVWULEXLomR $ FDWHJRULD PDUFDGD UHSUHVHQWD DILJXUD H WHQGH D VHU PHQRV IUHTHQWH H FRJQLWLYDPHQWH PDLV VDOLHQWH TXH D FDWHJRULD QmRPDUFDGD TXH FRUUHVSRQGHDRIXQGR
F &RPSOH[LGDGH &RJQLWLYD 8PD FDWHJRULD PDUFDGD WHQGH D VHU PDLV FRPSOH[D FRJQLWLYDPHQWH HP WHUPRV GH DWHQomR HVIRUoR PHQWDO H WHPSR GH SURFHVVDPHQWR TXH XPD FDWHJRULDQmRPDUFDGD
$LQGD VHJXQGR *LYyQ RS FLW D GLVFXVVmR D UHVSHLWR GD PDUFDomR GDV FDWHJRULDV JUDPDWLFDLVDQFRUDVHHPTXDWURDPELHQWHVQRVWLSRVGHGLVFXUVRQRVWLSRVGHFOiXVXODVQDV PRGDOLGDGHV QRPLQDLV RX VHMD QDV FDWHJRULDV JUDPDWLFDLV GH QRPH H QDV PRGDOLGDGHV YHUEDLV
(P WHUPRV GH FRPSOH[LGDGH VLQWiWLFD XPD PHVPD FDWHJRULD JUDPDWLFDO SRGH WHU GLIHUHQWHV YDORUHV GH PDUFDomR TXDQGR ORFDOL]DGD HP FRQWH[WRV GLIHUHQWHV RX VHMD Ki GLIHUHQoD QD FRPSOH[LGDGH HVWUXWXUDO TXH RFRUUH FRP D QmRPDUFDomR QD HVWUXWXUD PRUIRVVLQWiWLFDGDFDWHJRULDQRGLVFXUVRRUDOLQIRUPDOHDPDUFDomRGHVWDFDWHJRULDTXDQGR LQVHULGD HP XP GLVFXUVR HVFULWRIRUPDO 3RU H[HPSOR XP GLVFXUVR GRPpVWLFR p PDLV IUHTHQWH H PHQRV PDUFDGR SRLV VH OLJD GLUHWDPHQWH j QRUPD FXOWXUDO HQTXDQWR TXH XP GLVFXUVRDFDGrPLFRDUHVSHLWRGHXPGHWHUPLQDGRWHPDpPHQRVIUHTHQWHHpPDUFDGRSRU XPD QRUPD JUDPDWLFDO 2X VHMD TXDQWR j FRPSOH[LGDGH FRJQLWLYD XP HOHPHQWR PDUFDGR p PDLVGLItFLOGHVHUSURFHVVDGRTXHXPQmRPDUFDGR
4XDQWR j FRPSOH[LGDGH HVWUXWXUDO GDV FOiXVXODV *LYyQ REVHUYD TXH R DVSHFWR GD ILQLWXGHQmRVHUHIHUHVRPHQWHDRYHUERPDVDWRGDVDVSDUWHVGHXPDGHWHUPLQDGDFOiXVXOD 3RUH[HPSOR
(OHFDWHJRULFDPHQWHUHMHLWRXDRIHUWDILQLWR
6XDUHMHLomRFDWHJyULFDGDRIHUWDLQILQLWR
2EVHUYDPRV TXH D PXGDQoD GD HVWUXWXUD YHUEDO SDUD XPD HVWUXWXUD QRPLQDO RFRUUHX DWUDYpV GH DOJXQV DMXVWHV WDLV FRPR R YHUER QRPLQDOL]DVH Ki XPD PXGDQoD GRV FDVRV QRPLQDWLYR H DFXVDWLYR SDUD R JHQLWLYR R DGYpUELR DVVXPH R SDSHO GH DGMHWLYR H R VXMHLWRWRUQDVHGHWHUPLQDQWH$OpPGLVVRRVXMHLWRHRWHPSRDVSHFWRPRGDOLGDGHTXHVmR LQGLVSHQViYHLVSDUDDIRUPDomRGHXPDRUDomRSULQFLSDOLQGHSHQGHQWHGHVDSDUHFHP
1RTXHGL]UHVSHLWRjPRGDOLGDGHYHUEDOREVHUYDVHDSHUIHFWLYLGDGHTXDQWRjSUHVHQoD HPWHUPRVQmRPDUFDGRVHDDXVrQFLDHPWHUPRVPDUFDGRVGHXPOLPLWHILQDOGRVYHUERV EHPFRPRGRJUDXGHGLIXVmRWHPSRUDOGHXPGDGRHYHQWR6HXPHYHQWRpFRPSDFWRHVWH QmR VHUi PDUFDGR RX VHMD XP HYHQWR QLWLGDPHQWH OLPLWDGR p FRJQLWLYDPHQWHPDLVVDOLHQWH 3RUpPVHIRUGXUDWLYRRHYHQWRVHUiPDUFDGR$VVLPDVFDUDFWHUtVWLFDVGHOLPLWHVWHUPLQDLV GRSHUIHFWLYRHPPXLWDVOtQJXDVUHODWDPXPDPRGDOLGDGHGHSDVVDGRQmRPDUFDGD
$FDWHJRULDPDUFDGDGR3HUIHLWRHQYROYHGRLVDVSHFWRVGLVWLQWRVDVHTHQFLDOLGDGHHD UHOHYkQFLDFDGDXPFRPVHXVSUySULRVSODQRVGHPDUFDomR
8P GLVFXUVR FRQHFWDGR p DOWDPHQWH FRQWtQXR LQFOXVLYH FRP WRGRV RV VHXV VXE HOHPHQWRVGHFRHUrQFLDWHPSRUDO23UHWpULWRpPHQRVPDUFDGRSRUTXHDVXDVHTHQFLDOLGDGH QmRHQYROYHVRPHQWHDFRHUrQFLDWHPSRUDOPDVWDPEpPDVHTrQFLDGDDomRHDVVHTrQFLDV GDVDo}HVKXPDQDVVmRQDWXUDLVHEDVHLDPVHQDURWLQDFXOWXUDO2VWDWXVGDQmRPDUFDomRQDV Do}HV VHTHQFLDLV QRV SUHWpULWRV VXUJH GD PHGLDomR FXOWXUDO GDTXLOR TXH p FRJQLWLYDPHQWH FRGLILFDGR H GD URWLQD FRQYHQFLRQDO GR XVR GDV HVWUXWXUDV /RJR D VHTHQFLDOLGDGH p QmR PDUFDGD HQTXDQWR TXH D FRQWUDVHTHQFLDOLGDGH WHQGH D VHU PDUFDGD 3DUD MXVWLILFDU HVWDV DILUPDo}HV*LYyQFLWDRVVHJXLQWHVH[HPSORV
(OHDEULXDSRUWDHQWURXVHQWRXHFRPHoRXDFRPHU
"(OHHQWURXDEULXDSRUWDFRPHoRXDFRPHUHVHQWRX
"(OHFRPHoRXDFRPHUVHQWRXHQWURXHDEULXDSRUWD
PDUFDGR FRGLILFD HYHQWRV TXH IRUDP UHOHYDQWHV QR PRPHQWR GD IDOD RX HP DOJXP WHPSR kQFRUD DSyV R HYHQWR (VWD EDVH GR VWDWXV PDUFDGR GR 3HUIHLWR p GDGD SULQFLSDOPHQWH SHOD SRVLomR SULYLOHJLDGD GR PRPHQWR GH IDOD FRPR XPD DQFRUDJHP GrLWLFD GD FRPXQLFDomR KXPDQD
&7UDQVLWLYLGDGHpXPDIXQomRGLVFXUVLYRFRPXQLFDWLYDTXHDSRQWDDPDQHLUDFRPRR IDODQWHHVWUXWXUDRVHXGLVFXUVRDILPGHDOFDQoDURVVHXVSURSyVLWRVFRPXQLFDWLYRVHSRVVXL FDUiWHUFRQWtQXRHHVFDODU5HODFLRQDVHDLQGDFRPDIXQomRSUDJPiWLFDHGHWHUPLQDRPRGR GH RUJDQL]DomR GR WH[WR SRU SDUWHGRIDODQWHRTXDOVHEDVHLDSULQFLSDOPHQWHQRVREMHWLYRV FRPXQLFDWLYRVHQDQHFHVVLGDGHGRLQWHUORFXWRU
2IXQGDPHQWRFRJQLWLYRSDUDRSODQRGLVFXUVLYRFRPDVGLPHQV}HVGHILJXUDHIXQGR YHP GD *HVWDOW QD 3VLFRORJLD 7HPRV PDLRU IDFLOLGDGH GH LGHQWLILFDU HQWLGDGHV TXH VH DSUHVHQWDPHPSULPHLURSODQRDVILJXUDVDVTXDLVFRQWUDVWDPFRPXPSODQRGHIXQGR
3DUDTXHKDMDXPDFRPXQLFDomRHIHWLYDpQHFHVViULRTXHKDMDXPDRULHQWDomRSRUSDUWH GR HPLVVRU TXDQWR DR JUDX GH FHQWUDOLGDGH RX QmR GRV HQXQFLDGRV QR GLVFXUVR RX VHMD Ki SODQRVGLVFXUVLYRVTXHFRUUHVSRQGHPQDOLQJtVWLFDDRVFRQFHLWRVGHILJXUDHIXQGR(VWD GLFRWRPLDVHUiGHWHUPLQDGDSHORJUDXGHWUDQVLWLYLGDGHGRHQXQFLDGRFRQIRUPHGHPRQVWUDP +RSSHUH7KRPSVRQ2UDo}HVFRPDOWDWUDQVLWLYLGDGHDSRQWDPSDUDDVLGpLDVFHQWUDLV GRWH[WRFRUUHVSRQGHQWHVDRFRQFHLWRGHILJXUDMiRUDo}HVFRPEDL[DWUDQVLWLYLGDGHPDUFDP DVLGpLDVSHULIpULFDVFRUUHVSRQGHQWHVDRIXQGR
$V SHVTXLVDV GH +RSSHU H 7KRPSVRQ RS FLW DSRQWDP DLQGD SDUD XPD GLVWLQomR HP WHUPRV GH $VSHFWR YHUEDO VHJXQGR R TXDO R $VSHFWR 3HUIHFWLYR DSRQWD SDUD D DOWD WUDQVLWLYLGDGHHQTXDQWRTXHR$VSHFWR,PSHUIHFWLYRHVWiDVVRFLDGRjEDL[DWUDQVLWLYLGDGH$ SDUWLU GDt MXVWLILFDVH R XVR GH IRUPDV GLQkPLFDV GR ,PSHUIHLWR FRPRIXQGR H GH IRUPDV SRQWXDLVGR3HUIHLWRFRPRILJXUDHPWH[WRVQDUUDWLYRVSRUH[HPSOR
$WUDQVLWLYLGDGHGHDFRUGRFRP+RSSHUH7KRPSVRQFRQVWLWXLXPDSURSULHGDGH FHQWUDO GR XVR GD OtQJXD TXH FRUUHVSRQGH D UHODo}HV EDVWDQWH UHOHYDQWHV GRV HOHPHQWRV OLQJtVWLFRV FRP FRQVHTrQFLDV QXPHURVDV QD JUDPiWLFD DOpP GH GHVWDFDU SURSULHGDGHV
$
JHVWDOW ILJXUDIXQGR DSDUHFH QD OLWHUDWXUD SDUD H[SOLFDU FRPR HVWUXWXUDPRV D FHQD FRPXQLFDWLYD RX QRVVD
FDSDFLGDGHGHUHFRQKHFHUREMHWRVVHJXQGRYiULDVSHUVSHFWLYDV&RPRGHYLGRjVOLPLWDo}HVGHQRVVDPHPyULDGH WUDEDOKR QmR SRGHPRV PDQWHU WRGDV DV IDFHWDV GH XPD PHVPD FHQD QR IRFR GH DWHQomR LPSRPRV XP SHUILODPHQWRSURILOLQJ(PRXWUDVSDODYUDVVHOHFLRQDPRVRTXHYDLVHUILJXUDSHORJUDXGHSURHPLQrQFLDGDV
HQWLGDGHVTXHFRPS}HPDFHQDFRPXQLFDWLYD
1DGHILQLomRGH&XQKDHWDO
)LJXUDFRUUHVSRQGHjSRUomRGRWH[WRQDUUDWLYRTXHDSUHVHQWDVHTrQFLD
WHPSRUDOGHHYHQWRVFRQFOXtGRVSRQWXDLVHUHDOLVFRQVWLWXLQGRDFRPXQLFDomRFHQWUDO-i)XQGRFRUUHVSRQGHj
GHVFULomRGHDo}HVHYHQWRVHVWDGRVHORFDOL]DomRGRVSDUWLFLSDQWHVVLPXOWkQHRVj)LJXUD.RIIND
GHVFUHYHRSODQRDPELHQWDOFRPRGXSODPHQWHRUJDQL]DGRILJXUDIXQGR$ILJXUDFRQVWLWXLRUHOHYRSRULVVRp
FRPR R Q~PHUR GH DUJXPHQWRV D DJHQWLYLGDGH R PRGR D YROLomR GHQWUH RXWUDV TXH VmR GHILQLGDV GLVFXUVLYDPHQWH $ WUDQVLWLYLGDGH MXVWLILFDVH HP IDWRV TXH VXJHUHP SULQFtSLRV GH QDWXUH]D SUDJPiWLFD SRLV VH QmR KRXYHVVH OLJDomR FRP D IXQomR FRPXQLFDWLYD RV FRPSRQHQWHVGDWUDQVLWLYLGDGHVHFDUDFWHUL]DULDPGHXPDQDWXUH]DPHUDPHQWHDUELWUiULD
6HJXQGRHVWHVDXWRUHVDWUDQVLWLYLGDGHGHILQHVHDWUDYpVGHGH]SDUkPHWURVQ~PHURGH DUJXPHQWRV FLQHVH DVSHFWR SRQWXDOLGDGH YROLomR DILUPDomR PRGR DJHQWLYLGDGH DIHWDPHQWRGHREMHWRHLQGLYLGXDomRGRREMHWR2XVHMDDWUDQVLWLYLGDGHQmRpREVHUYDGDQR GLVFXUVRFRPRXPWUDoR~QLFRPDVGHWHUPLQDGDSRUXPDVpULHGHSDUkPHWURVTXHLQGLFDUmR XPPDLRURXPHQRUJUDXGHWUDQVLWLYLGDGHGRVGDGRVHPDQiOLVH
%DVLFDPHQWHXPSDUkPHWURTXHQRVLQWHUHVVDQRSUHVHQWHWUDEDOKRpRGRDVSHFWR3DUD +RSSHU H 7KRPSVRQ XPD DomR YLVWD FRPR DFDEDGD FRQFOXtGD RX WpOLFD p PDLV HIHWLYDPHQWH WUDQVIHULGD SDUD XP DUJXPHQWR TXH XPD DomR TXH QmR SRVVXD XP SRQWR GH FRQFOXVmR 'Dt VXUJH D SRVVLELOLGDGH GH UHODFLRQDU DOWD H EDL[D WUDQVLWLYLGDGH FRP R YDORU WpOLFRHDWpOLFRGDIRUPDYHUEDOUHVSHFWLYDPHQWH
$VQRo}HVGHPXGDQoDOLQJtVWLFDQRkPELWRIXQFLRQDOLVWDLPSOLFDPDFDUDFWHUL]DomR GRXVXiULRFRPRDWXDQWHHLQRYDGRURTXDOFULDQRYRVVLJQLILFDGRVTXHVmRYDOLGDGRVGXUDQWH DLQWHUDomRHPXPDGDGDVLWXDomRFRPXQLFDWLYDUHDO'DtYHUVHTXHRVLJQLILFDGRGHXPGDGR HOHPHQWROLQJtVWLFRQmRSRVVXLWRWDODXWRQRPLDVHPkQWLFDPDVGHSHQGHEDVWDQWHGRFRQWH[WR FRPXQLFDWLYRQRTXDOHVWiLQVHULGR
&RPEDVHQLVVRSRGHVHGL]HUTXHDFDWHJRULD$VSHFWRSRVVXLXPFDUiWHU³HOiVWLFR´ SRLV SRGH DGDSWDUVH D GLIHUHQWHV FRQWH[WRV HP IXQomR GDV QHFHVVLGDGHV FRPXQLFDWLYDV (VWXGRV WrP PRVWUDGR TXH Ki XPD IRUWH UHJXODULGDGH QRV SURFHVVRV GH PXGDQoD QR TXH GL] UHVSHLWR jIXQomR FRPXQLFDWLYD GHVHPSHQKDGD SHORV HOHPHQWRV OLQJtVWLFRV (VWDV PXGDQoDVGHYHPVHUHQWHQGLGDVFRPRPRYLPHQWRVLQLFLDGRVSHORIDODQWHQDSURGXomRGRVHX GLVFXUVRFRPXPLQWHUORFXWRUHVSHFtILFRHHPXPDVLWXDomRFRPXQLFDWLYDGHWHUPLQDGDQXP SURFHVVRGHUHFULDomRHH[WHQVmRGHVHQWLGRVGDVIRUPDVMiFRQVDJUDGDVSHODJUDPiWLFDGDGDV QHFHVVLGDGHVFRPXQLFDWLYDVLPSRVWDVFRQWH[WXDOPHQWH
2&203/(;27(032$63(&72(02'$/,'$'(
&RPR HVWH HVWXGR WHP FRPR IRFR D FDWHJRULD $VSHFWR SURFXUDPRV QHVWH FDStWXOR DSRQWDUDVFDUDFWHUtVWLFDVGR$VSHFWRGHQWURGHXPFRPSOH[RPDLVDPSORGHVHQYROYLGRSRU *LYyQDUHVSHLWRGDVHVWUXWXUDVJUDPDWLFDLVQRTXHGL]UHVSHLWRDRWHPSR
6HJXQGR *LYyQRFRPSOH[R7$0UHSUHVHQWDWUrVSRQWRVGLVWLQWRVGHDQiOLVH GRWHPSR7HQVHHQYROYHRFRQFHLWRGHWHPSRFRPRSRQWRVQXPDVHTrQFLDFRPDVQRo}HV GHSUHFHGrQFLDHVXEVHTrQFLD$VSHFWRHQYROYHDQRomRGHGHOLPLWDomRGRSHUtRGRGRWHPSR RXVHMDFRQILJXUDo}HVGHSRQWRVGHLQtFLRPHLRHILPHVWDEHOHFHQGRXPSRQWRGHUHIHUrQFLD QD VHTrQFLD GR WHPSR 0RGDOLGDGH GL] UHVSHLWR jV QRo}HV GH UHDOLGDGH QR VHQWLGR GD H[LVWrQFLDRXQmRGHIDWRVOLJDGRVDXPWHPSRUHDO&DGDXPDGDVFDWHJRULDVDFLPDGHILQLGDV SRVVXL XP GRPtQLR IXQFLRQDO SUySULR (QWUHWDQWR HVWDV FDWHJRULDV VmR LQWHUFRQHFWDGDV H FRQHFWDGDVDLQGDDRXWUDVSURSULHGDGHVGDOtQJXD
1R FRQFHLWR GH 7HQVH RX WHPSR VHTHQFLDO Ki GRLV WUDoRV IXQGDPHQWDLV D VHTHQFLDOLGDGHRXVHMDDVXFHVVmRGHSRQWRVTXHRFXSDPXPDSRVLomRIL[DQDRUGHPOLQHDU H R SRQWR GH UHIHUrQFLD R TXDO HVWDEHOHFH UHODo}HV FRP D SUHFHGrQFLD GR SDVVDGR H D VHTrQFLDGRIXWXUR2SRQWRPDLVFRPXPGHUHIHUrQFLDQRHL[RWHPSRUDOpRWHPSRGHIDOD RTXDOpFRQVLGHUDGRSRU*LYyQRSFLWFRPRQmRPDUFDGR
1D DERUGDJHP D UHVSHLWR GD FDWHJRULD $VSHFWR D LGpLD GH GXUDomR p FRPR XPD LPSRUWDQWH FDUDFWHUtVWLFD VHPkQWLFD GRV YHUERV RX VHMD R JUDX GH GLIXVmR RX GH FRPSDFWXDOLGDGHQRWHPSR&ODVVLILFDPVHDLQGDGHDFRUGRFRPRYROXPHGROp[LFRYHUEDO YHUERVFRPRLQVWDQWkQHRVRXGHHVWDGRV
2 DVSHFWR GXUDWLYR GRV YHUERV FRUUHVSRQGH D HYHQWRV VHP GHOLPLWDomR WHUPLQDO RX LQLFLDO R TXH R GLIHUH GR DVSHFWR SRQWXDO FXMRV HYHQWRV SRVVXHP WDLV GHOLPLWDo}HV $ ORFDOL]DomR GHVWHV HYHQWRV H GH VXDV GHOLPLWDo}HV QR WHPSR p GDGD QRYDPHQWH SHOR HL[R WHPSRUDOGDtMXVWLILFDVHDLQWHUFRQHFWLYLGDGHHQWUH7HQVHH$VSHFWRQDFDWHJRULD7$0
6HJXQGR DV DQiOLVHV GH *LYyQ XP HYHQWR FRPSDFWR UHFHEH VHX SRQWR GH UHIHUrQFLDLPSOLFLWDPHQWHQRGLVFXUVRMiXPHYHQWRGXUDWLYRUHTXHUXPSRQWRGHUHIHUrQFLD H[SOtFLWR3RGHPRVFRPSURYDUHVWDILUPDomRQRVH[HPSORVTXHVHVHJXHPUHWLUDGRVGRQRVVR FRUSXVGHDQiOLVH
&ROORUGH0HORFKH*28
,QT()
TXDQGRGDYDPVHLVHTXLQ]HVHLVHYLQWHHXOLJDYDQR$WOkQWLFR6XO
,QT','
2EVHUYHTXHQRH[HPSORFRPDIRUPDYHUEDOFKHJRXKiXPHYHQWRFRPSDFWRFXMR SRQWR 5 SRQWR GH UHIHUrQFLD QmR HVWi H[SOtFLWR -i HP OLJDYD UHSUHVHQWD XP HYHQWR WHPSRUDOGXUDWLYRFRPXPSRQWRGHUHIHUrQFLDH[SOtFLWRDSRQWDGRSHODRUDomRWHPSRUDO
$ SHUIHFWLYLGDGH HP 7$0 GiVH DWUDYpV GR FRQWUDVWH HQWUH SHUIHFWLYR FRPSOHWLYR H LPSHUIHFWLYR LQFRPSOHWLYR HQYROYHQGR D GHOLPLWDomR WHUPLQDO GRV HYHQWRV QR kPELWR GR HL[RWHPSRUDO
1RTXHWUDWDGDWHUPLQDomRXPHYHQWRpFKDPDGRGHSHUIHFWLYRTXDQGRRHL[RWHPSRUDO IRLDFDEDGRMiRHYHQWRLPSHUIHFWLYRQmRDSRQWDSDUDQHQKXPDGHOLPLWDomRWHUPLQDOQRHL[R WHPSRUDO2SRQWRGHUHIHUrQFLDFRUUHVSRQGHHQWmRDRSRQWRILQDOGRHYHQWRSHUIHFWLYRRXQD SURYiYHOFRQVWUXomRGHXPSRQWRILQDOVHRHYHQWRIRULPSHUIHFWLYR6HJXLQGRDFODVVLILFDomR HVWDEHOHFLGD SRU *LYyQ RV DVSHFWRV LPSHUIHFWLYRV VmR R GXUDWLYRFRQWtQXR R HVWDGRKDELWXDOHRDVSHFWRUHSHWLWLYRGLVWULEXWLYR
*LYyQRSFLWDILUPDDLQGDTXHDFDWHJRULDPDLVFRPXPDVVRFLDGDDRSHUIHFWLYRpR SDVVDGR TXDQGR QmR VRIUH PRGLILFDo}HV GH DVSHFWRV GXUDWLYRV UHSHWLWLYRV RX KDELWXDLV ,VWR SRUTXH XPD YH] TXH R HYHQWR Mi WHQKD RFRUULGR D GHOLPLWDomR WHUPLQDO GHOH p PDLV XP SUREOHPDGHUHJLVWUR
2WHQVHDVSHFWXDOFKDPDGRGH3HUIHLWRHQYROYHDOpPGHHOHPHQWRVFRPRHL[RWHPSRUDO D VHTHQFLDOLGDGH H D SURFHGrQFLD RXWURV HOHPHQWRV DVSHFWXDLV SDVVDQGR GR kPELWR VHPkQWLFR SDUD R kPELWR GLVFXUVLYRSUDJPiWLFR $OJXQV WUDoRV VmR VXEFRPSRQHQWHV FDUDFWHUtVWLFRVGR3HUIHLWRWDLVFRPR
D3HUIHFWLYLGDGHHFRPSOHWXGHPDQLIHVWDGDPDLVHPWHUPRVVHPkQWLFRVQR3HUIHLWRSRU PHLR GH XPD LQWHUDomR FRP D DQWHULRULGDGH H GH XPD GHOLPLWDomR WHUPLQDO FRQVWUXtGD HP DOJXPWHPSRDQWHULRUQRHL[RWHPSRUDO
E 5HOHYkQFLD LPHGLDWDUHPRWD DSUHVHQWD XPD DYDOLDomR SUDJPiWLFRGLVFXUVLYD XPD YH]TXHKiXPDPRWLYDomRFRPXQLFDWLYDSDUDPHQFLRQDUXPHYHQWRMiWHUPLQDGRHPDOJXP WHPSRDQWHULRUQRHL[RWHPSRUDOGDQGRPHQomRDHVWHQR~OWLPRSRQWRGDFRQYHUVDomR
G &RQWUDVHTHQFLDOLGDGH 8PD FOiXVXOD PDUFDGD SHUIHLWD QXP GLVFXUVR QDUUDWLYR LQGLFDDIDOWDGHVHTrQFLDWHPSRUDOQDDSUHVHQWDomRGRVHYHQWRVXPDYH]TXHRVHSLVyGLRV WHPDWLFDPHQWH FRHUHQWHV RFRUUHP GH XPD IRUPD QDWXUDO QXPD VHTrQFLD UHDO QmR VHQGR QHFHVViULDDPDUFDomR$PDUFDomRGR3HUIHLWRRFRUUHUiHPFDVRVGHFRQWUDVHTHQFLDOLGDGH LVWRpTXDQGRXPDFOiXVXODHVWLYHUIRUDGDVHTrQFLDGHIRUPDUHSRUWDGD
1R QtYHO GR GLVFXUVR R XVR GR VLVWHPD 7$0 WDPEpP SRGH RFRUUHU HP GLVFXUVRV PXOWLSURSRVLFLRQDLV TXH WrP IRFR QDV UHODo}HV GH FRHUrQFLD 2EVHUYDVH DVVLP D QRomR SUDJPiWLFD GH)LJXUD YV)XQGR $)LJXUD FRUUHVSRQGH DR HVTXHOHWR RX VHMD D OLQKD SULQFLSDOGRHSLVyGLR-iR)XQGRUHSUHVHQWDRVHOHPHQWRVVDWpOLWHVGDGHVFULomR
2FRQWUDVWHHQWUH$VSHFWR3HUIHFWLYRLPSHUIHFWLYRQDQDUUDWLYDPDUFDRFRQWUDVWHHQWUH SODQRVGLVFXUVLYRV+RSSHUH7KRPSVRQSHQIDWL]DPTXHHPTXDOTXHUVLWXDomR GHIDODFHUWDVLQIRUPDo}HVVmRPDLVUHOHYDQWHVTXHRXWUDV6HJXQGRRVDXWRUHVDUHFRUUrQFLD GH XP RX RXWUR HOHPHQWR JUDPDWLFDO UHODFLRQDGR DR UHOHYR GLVFXUVLYR VXJHUH TXH DOJXPD OLPLWDomRSVLFROyJLFDQRSURFHVVDPHQWRGRGLVFXUVRGHYHHVWDUHQYROYLGDMiTXHRVIDODQWHV DSDUHQWHPHQWH QHFHVVLWDP VLQDOL]DU PRUIRVVLQWDWLFDPHQWH DTXHODV SDUWHV GR GLVFXUVR TXH GHYHPVHUWRPDGDVFRPRPDLVUHOHYDQWHV
$ SDUWH GR GLVFXUVR TXH QmR FRQWULEXL FUXFLDOPHQWH SDUD RV REMHWLYRV GR IDODQWH PDV VLPSOHVPHQWH DX[LOLD DPSOLILFD RX FRPHQWD p FKDPDGD GHIXQGR EDFNJURXQG 3RU RXWUR ODGR R PDWHULDO TXH HPEDVD RV SRQWRV SULQFLSDLV GR GLVFXUVR p FRQKHFLGR FRPRILJXUD IRUHJURXQG
$R WUDWDU GR FRQWUDVWH HQWUHILJXUD HIXQGR HQWUH SULPHLUR H VHJXQGR SODQRVQRWH[WR 7UDYDJOLDGHIHQGHTXHQR3RUWXJXrVRPHFDQLVPRHRVHOHPHQWRVIRUPDVFDWHJRULDV HQYROYLGRV QHVVH FRQWUDVWH HVWmR OLJDGRV j UHOHYkQFLD SUDJPiWLFD TXH VH Gi DWUDYpV HQWUH RXWURV UHFXUVRV GR XVR GH IRUPDV YHUEDLV HP TXH D PXGDQoD GH $VSHFWR ,PSHUIHFWLYRSHUIHFWLYR LQGLFD FRQWUDVWH HQWUH ILJXUD H IXQGR 2V YHUERV QR SHUIHFWLYR GHVFUHYHPRVHYHQWRVTXHDSDUHFHPHPSULPHLURSODQRHIXQFLRQDPFRPRILJXUDHRVYHUERV QR LPSHUIHFWLYR FRGLILFDP RV HYHQWRV TXH DSDUHFHP HP VHJXQGR SODQR H IXQFLRQDP FRPR
IXQGR&RQIRUPHSRGHPRVREVHUYDUQRH[HPSORDVHJXLU
GDt HX SDUWL SUD (662 HX GDYD DVVLVWrQFLD jV FRQVWUXWRUD QD SDUWH GH OXEULILFDomRFRQVWUXWRUDDLQ'Ò6WULDGHFLPHQWRIRLTXDQGRHXSDVVHLPHXVGH]DQR
QD(662
(P DV IRUPDV SHUIHFWLYDVSDUWLHSDVVHLGmR VHTrQFLD FURQROyJLFD j QDUUDWLYD FRQWDGD SHOR IDODQWH VREUH VHX WUDEDOKR H UHSUHVHQWDP DV Do}HV UHDOL]DGDV -i D IRUPD LPSHUIHFWLYDGDYDDSUHVHQWDXPDGHVFULomRGRWUDEDOKRIHLWRFRPXPDDomRTXHVHUYHFRPR IXQGRHTXHQmRHVWiQDVHTrQFLDGRVIDWRVDSUHVHQWDGRVSHODVIRUPDVSHUIHFWLYDVPDVVLP VLPXOWkQHDDHVWDV
2(678'2'$&$7(*25,$$63(&7280%5(9(+,67Ï5,&2
$ FDWHJRULD $VSHFWR WHP VLGR EDVWDQWH GLVFXWLGD HQWUH RV HVWXGLRVRV GD OtQJXD SRUWXJXHVD HQWUHWDQWR &RVWD DILUPD TXH VREUH HOD QDGD DLQGD SRGH VHU FRQVLGHUDGR FRPRGHILQLWLYR
3DUDXPPHOKRUHQWHQGLPHQWRGRVHVWXGRVIHLWRVVREUHDFDWHJRULD$VSHFWRVHJXLUHPRV D GLYLVmR IHLWD SRU *RGRL VRE DV GLIHUHQWHV YLV}HV GD WUDGLomR DQJORVD[{QLFD H GD DVSHFWRORJLD RULHQWDO 7UDWDUHPRV DTXL GRV HVWXGRV RFLGHQWDLV H RULHQWDLV GHVHQYROYLGRV $WUDYpV GHVWH DSDQKDGR KLVWyULFR D UHVSHLWR GR $VSHFWR SURFXUDPRV REVHUYDU TXH DXWRUHV DQDOLVDPRXGmRPDUJHPDRHVWXGRGHVWDFDWHJRULDQXPDSHUVSHFWLYDGLVFXUVLYD
2$63(&721202'(/2$1*/26$;Ð1,&2
'HDFRUGRFRP*RGRLRSFLWKiXPDJUDQGHFRQIXVmRHQWUHRVPDLVGLYHUVRVWLSRVGH DERUGDJHQVVHPkQWLFDVHPUHODomRjFDWHJRULD$VSHFWRSULQFLSDOPHQWHQRWRFDQWHDRVHVWXGRV DVSHFWROyJLFRVWUDGLFLRQDLVHjVSURSRVWDVPDLVUHFHQWHV,VVRRFRUUHVHJXQGRDDXWRUDSHOD FROLVmRHQWUHRSURJUHVVRFRQVLGHUiYHOQRWUDWDPHQWRFRPSRQHQFLDOVHPkQWLFRGHVVDFDWHJRULD HDLQIOXrQFLDGDVDERUGDJHQVPRUIRVVLQWiWLFDVDVTXDLVVHOLPLWDPDRWUDWDPHQWRGR$VSHFWR HPIHQ{PHQRVHVSHFtILFRVGHXPDGDGDOtQJXD
([LVWHPLQ~PHUDVGHILQLo}HVHFODVVLILFDo}HVGH$VSHFWRGHVHQYROYLGDVSHORVOLQJLVWDV PXLWDVYH]HVDWpFRQWUDGLWyULDVHQWUHVL$SDUHFHPGDtDVVXUSUHHQGHQWHVFDUDFWHUL]Do}HVGH DOJXPDVIRUPDVYHUEDLVTXHVHFODVVLILFDPFRPRSHUIHFWLYDVHLPSHUIHFWLYDVGHPRQVWUDQGR VHUR$VSHFWRXPDFDWHJRULDGHGLItFLOFRPSUHHQVmR
$ SULPHLUD GLVWLQomR HQWUH IUDVHV FRP UHIHUrQFLD RX QmR D XP SRQWR WHUPLQDO IRL IRUPDOL]DGDSRU$ULVWyWHOHVFRPRQRPHGHHQHUJHLDIUDVHVFRPLGpLDGHGXUDomRHNLQHVLV IUDVHV TXH H[SUHVVDP XPD LGpLD GH WpUPLQR (VVD GLVWLQomR EiVLFD IRL SRVWHULRUPHQWH UHWRPDGDSRUPXLWRVRXWURVHVWXGLRVRV6XUJLUDPHQWmRDOJXQVWLSRVWDLVFRPRSHUIHFWLYR
LPSHUIHFWLYR GXUDWLYR QmRGXUDWLYR DWpOLFR WpOLFR QmROLPLWDGR OLPLWDGR DWLYLGDGH
DFFRPSOLVKPHQWHWF
(P 6WUHLWEHUJ DSXG *RGRL LQLFLRX VHJXLGR GH RXWURV HVWXGLRVRV DV GLVFXVV}HV VREUH R $VSHFWR YHUEDO GHQWUR GR PRYLPHQWR GRV 1HRJUDPiWLFRV LQVSLUDGR VREUHWXGRQRVHVWXGRVHVODYLVWDV6HXVHVWXGRVUHSUHVHQWDPRLQtFLRGDVGLVFXVV}HVVREUHHVWD FDWHJRULDQDOLQJtVWLFDPRGHUQD$RSLQLmRGHDOJXQVHVWXGLRVRVQHVWDVGLVFXVV}HVHUDTXH FRPR QmR H[LVWLDP UHJUDV PRUIROyJLFDV FODUDV SDUD H[SUHVVDUHP XQLIRUPHPHQWH D GLIHUHQoD HQWUH SHUIHFWLYR H LPSHUIHFWLYR DV OtQJXDV QmRHVODYDV QmR VHULDP FDSD]HV GH H[SUHVVDU $VSHFWR
6WUHLWEHUJRSFLWREVHUYRXR$VSHFWRYHUEDOHPWUrVFDWHJRULDV
D$VSHFWR,PSHUIHFWLYRRXGXUDWLYRDSUHVHQWDDDomRQDVXDGXUDomRLQLQWHUUXSWD E$VSHFWR3HUIHFWLYRRXUHVXOWDWLYRTXDQGRRVLJQLILFDGREiVLFRGRYHUERSRVVXLXPD QRomRGHWpUPLQR
F$VSHFWRLWHUDWLYRDSUHVHQWDXPDDomRHPVXDUHSHWLomR
3RVWPDQ HP DGRWD D PHVPD FODVVLILFDomR GH 6WUHLWEHUJ HQWUHWDQWR RSWD SHODV SUHGLFDo}HVDRLQYpVGDVIRUPDVYHUEDLV
.HQQ\UHWRPDRVFRQFHLWRVXWLOL]DGRVSRU$ULVWyWHOHVHPUHODomRjGHPRQVWUDomR GH $VSHFWRV QDV IRUPDV YHUEDLV DFUHVFHQWDQGR R WHUPR ³SHUIRUPDQFH´ UHODFLRQDGR j
HQHUJHLD (VWH VH XWLOL]D DLQGD GRV FRQFHLWRV GHVHQYROYLGRV SRU 5\OH RV TXDLV GHVLJQDPGHDFKLHYHPHQWVYHUERVFRPYDORUUHVXOWDWLYRTXHGHVFUHYHPXPDFRQWHFLPHQWR SDUWLFXODUHGHDWLYLGDGHVYHUERVQmRUHVXOWDWLYRVTXHGHVFUHYHPDo}HVTXHSRGHPDORQJDU VHGXUDQWHXPSHUtRGRGHWHPSR
.HQQ\ HQWUHWDQWR GLIHUHQFLDVH GH $ULVWyWHOHV H 5\OH RS FLW QR VHQWLGR GH TXH LQWURGX] D QRomR GH ³LPSOLFDo}HV WHPSRUDLV´ H GH FULWpULRV OLQJtVWLFRV FRPSOHPHQWDUHV REVHUYDQGRDFRRFRUUrQFLDGHDGYpUELRVQDVWUDQVIRUPDo}HVGDVIRUPDVYHUEDLV6HXHVWXGR WUD] DLQGD D GLVWLQomR HQWUH DVDWLYLGDGHV TXH FRPR DVSHUIRUPDQFHV SRGHP RFRUUHU HP WHPSRVSURJUHVVLYRVHRVHVWDGRVTXHQmRDGPLWHPHVWDRFRUUrQFLD
3RVWHULRUPHQWH 9HQGOHU DSUHVHQWD D WLSRORJLD YHUEDO TXDWULSDUWLGD GH FDUiWHU
WDPEpPDVSHFWXDOTXHVXJHUHXPPRGRSDUWLFXODUGHFRPRRVYHUERVHQYROYHPDQRomRGH GXUDomR RX GHOLPLWDomR DR VHUHP FRUUHODFLRQDGRV D IDWRUHV FRPR REMHWR HVWDGR GH FRLVDV SUHWHQGLGR HWF 2V WLSRV GH YHUERV FODVVLILFDGRV SRU 9HQGOHU RS FLW VmR DFWLYLWLHV
DFFRPSOLVKPHQWVDFKLHYHPHQWVHVWDWHV
3RUDWLYLGDGHVFDUDFWHUL]DPVHDVVLWXDo}HVGHGXUDomRWHPSRUDOLQGHILQLGDDVTXDLV QmR HQYROYHP FXOPLQDomR RX VHMD QmR LPSOLFDP HP XP WpUPLQR HVSHFtILFR (VWH WLSR GH YHUERQmRFRRFRUUHFRPDGYpUELRVGRWLSRHPXPDKRUDVRPHQWHFRPRVDGYpUELRVGXUDWLYRV GRWLSRSRUXPDKRUDFRPRREVHUYDGRHP3HGURFRUULDFRPPHGRGDPmH
2VDFFRPSOLVKPHQWVVmRGHILQLGRVSRUVXDUHIHUrQFLDDXPVHJPHQWRLQWHLURGHWHPSR HHYLGHQFLDXPSRQWRILQDOQDWXUDO(VWHVFRRFRUUHPFRPDGYpUELRVGRWLSRHPXPDKRUDH QmRFRPDGYpUELRVGXUDWLYRV&RQIRUPHRFRUUHHP3HGURFDPLQKDYDGRLVTXLO{PHWURVSDUD
FKHJDUDRWUDEDOKR
$FKLHYHPHQWVUHIHUHPVHDVLWXDo}HVSRQWXDLVSRLVGHQRWDPRFRPHoRRXRFOtPD[GH XPD VLWXDomR QmR LQGLFDP SRUWDQWR XPD H[WHQVmR WHPSRUDO 'LIHUHPVH SRUWDQWR GRV
DFFRPSOLVKPHQWVQRTXHGL]UHVSHLWRDRWHPSRHQYROYLGRGXUDQWHDRFRUUrQFLDGDVLWXDomR ([HPSOR3HGURJDQKRXXPUHOyJLRGHVHXSDL
2 ~OWLPR FRQMXQWR GHVLJQDGR SHOR DXWRU GL] UHVSHLWR DRV HVWDGRV RV TXDLV VmR VLWXDo}HVTXHRFRUUHPGXUDQWHWRGRVRVSHUtRGRVGHXPWHPSR8PYHUERGHHVWDGRWHPYDORU GHYHUGDGHVHRFRUUHUHPWRGRVRVSRQWRVGHXPGHWHUPLQDGRSHUtRGRRXGHXPGHWHUPLQDGR Q~PHURGHLQVWDQWHVWHPSRUDLVVHPTXHSRVVDVHUGLYLGLGRFRPRSRUH[HPSORHP3HGUR
VDELDDIyUPXODGDTXHVWmR
7DPEpPEDVHDGRVQDWULFRWRPLDDULVWRWpOLFRNHQQLDQDGHHQHUJHLDNLQHVLVHHVWDGRVRV HVWXGRVGH7D\ORUDSUHVHQWDPFRPRLQpGLWDVDVSURSULHGDGHVGRVWHPSRVSURJUHVVLYRV ,QIOXHQFLDGRSHODVLGpLDVGR*HUDWLYLVPR7D\ORUDWULEXLDFDGDVHQWHQoDGHVXSHUItFLHIRUPDO FRQGLo}HVGHYHUGDGH TXH DSRQWDP SDUD XPD VHPkQWLFD GH PRGHORV 'LYLGH RV YHUERV
HQHUJHLDHPKRPRJrQHRVHKHWHURJrQHRVEDVHDGRQDDQDORJLDHVSDFLDOGDVIRUPDVYHUEDLVH QDQRomRGHLQWHUYDORVID]HQGRWDPEpPDGLVWLQomROLPLWDGRLOLPLWDGR
4XDQWR DR FRPSRUWDPHQWR VHPkQWLFR GR $VSHFWR QR GLVFXUVR GHOLQHDPRV DOJXPDV FRQVLGHUDo}HVDUHVSHLWRGRVHVWXGRVHP6HPkQWLFDGHVHQYROYLGRVSULQFLSDOPHQWHSRU/\RQV FRPREDVHWHyULFDSDUDRDQGDPHQWRGHQRVVDVDQiOLVHV
6HJXQGR /\RQV RS FLW D 6HPkQWLFD p R HVWXGR GH VLJQLILFDGRV RV TXDLV GXUDQWH PXLWRWHPSRIRUDPFRQVLGHUDGRVFRPRLGpLDVRXFRQFHLWRVTXHVHSRGHPWUDQVIHULUGDPHQWH GRIDODQWHSDUDDGRRXYLQWHTXDQGRVHLQVHUHPQDVIRUPDVGHXPDGDGDOtQJXD/\RQV
$ H[HPSOR GH *RGRL H &RDQ RSWDPRV SRU WUDGX]LU
DFWLYLWLHV HVWDWHV SRU ³DWLYLGDGHV´ H
³HVWDGRV´UHVSHFWLYDPHQWHHPDQWHUDIRUPDRULJLQDOGHDFKLHYHPHQWVHDFFRPSOLVKPHQWVSRUXPDTXHVWmRGH
PHOKRUGLVWLQomRGRVLJQLILFDGR
6HJXQGR 7D\ORU RS FLW RV SUHGLFDGRV GH
Q OXJDUHV GDV VHQWHQoDV GH VXSHUItFLH VmR UHSUHVHQWDGRV QHVWH
VLVWHPDSRUQOXJDUHV(VWHOXJDUH[WUDpRFXSDGRSRUXPWHUPRVLQJXODUTXHpRWHPSRItVLFRWLPH2WHPSR
DPSOLD VXD GLVFXVVmR D UHVSHLWR GR FRQFHLWR GH VLJQLILFDGR H HVWDEHOHFHDGLVWLQomRHQWUHR VLJQLILFDGROH[LFDOLQWHUSUHWDGRFRPR³RVLJQLILFDGRGRVOH[HPDV´RVLJQLILFDGRGDVHQWHQoD RVLJQLILFDGRJUDPDWLFDOHRVLJQLILFDGRGHHQXQFLDGR
2 VLJQLILFDGR GD VHQWHQoD GL] UHVSHLWR j MXQomR GR VLJQLILFDGR OH[LFDO FRP R VLJQLILFDGRJUDPDWLFDOLVWRpGRVOH[HPDVHGDVFRQVWUXo}HVJUDPDWLFDLVTXHUHODFLRQDPXP OH[HPDDRXWURV
1R LQWXLWR GH PHOKRU DERUGDU RV HVWXGRV GH 6HPkQWLFD UHODFLRQDQGRD DR GLVFXUVR HQIRFDPRV HVSHFLDOPHQWH R ~OWLPR WLSR GH VLJQLILFDGR HVWDEHOHFLGR SRU /\RQV RS FLW R VLJQLILFDGR GH HQXQFLDGR 'HILQLGR FRPR VHQGR XP VLJQLILFDGR PDLV DEUDQJHQWH TXH R VLJQLILFDGR GD VHQWHQoD SRU SRVVXLU IDWRUHV FRQWH[WXDLV TXH LQWHUIHUHP QD PXGDQoD GD FRPSUHHQVmRGRTXHIRLHPLWLGRGRIDODQWHSDUDRRXYLQWH2DXWRUDILUPDDLQGDTXHQmRVH SRGHGDUFRQWDWRWDOPHQWHGRVLJQLILFDGRGDVHQWHQoDVHPUHODFLRQDUHVWDVVHQWHQoDVFRPVHXV SRVVtYHLVFRQWH[WRVGHHQXQFLDomR
2 VLJQLILFDGR GR GLVFXUVR p VHJXQGR /\RQV GLVWLQJXLGR GR VLJQLILFDGR GD VHQWHQoD SRUTXH HVWH VH LQFOXL QR HVFRSR GD 6HPkQWLFD HQTXDQWR DTXHOH p SDUWH GR HVWXGR GD 3UDJPiWLFD $V VHQWHQoDV VmR HQWLGDGHV DEVWUDWDV TXH LQGHSHQGHP GR FRQWH[WR SRU QmR HVWDUHPOLJDGDVDQHQKXPWHPSRRXHVSDoR(QWUHWDQWRTXDQGRHVWDVDVVXPHPXPSDSHOGH VHJPHQWR OLQJtVWLFR H LQWHUSUHWiYHO TXH SDVVD GH XP HPLVVRU SDUD XP UHFHSWRU QD GHSHQGrQFLD GH XP FRQWH[WRWRUQDPVHHQXQFLDGRVRXSDUWHVLQWHUOLJDGDVGHXPHQXQFLDGR ~QLFR
3DUD /\RQV R VLJQLILFDGR GR HQXQFLDGR QDVFH HQWmR FRPRSURGXWRGRVLJQLILFDGRGD VHQWHQoD H GR FRQWH[WR (OH DSRQWD DLQGD D GLVWLQomR HQWUH R VLJQLILFDGR LQHUHQWH GH XPD H[SUHVVmRHRXVRTXHRIDODQWHID]GHODGRSRQWRGHYLVWDGRVLJQLILFDGRSUHWHQGLGR
1DWHQWDWLYDGHUHSUHVHQWDUDVHQWLGDGHVVHPkQWLFDVQDVOtQJXDVGRPXQGR/\RQV DSUHVHQWD LQIOXHQFLDGR SHOD YLVmR RQWROyJLFD H VHPkQWLFD GR $VSHFWR SURSRVWD SRU 9HQGOHU HP HQWLGDGHV TXH VmR FODVVLILFDGDV FRPR SULPHLUD RUGHP HQWLGDGHV ORFDOL]DGDV QR HVSDoR VHJXQGD RUGHP HQWLGDGHV ORFDOL]DGDV QR WHPSR H WHUFHLUD RUGHP HQWLGDGHV DEVWUDWDVTXHSRVVXHPXPYDORUGHYHUGDGHSURSRVLo}HV
(VWH DXWRU LQWURGX] R WHUPRFDUiWHU DVSHFWXDO SDUD LQGLFDU D SDUWH GR VLJQLILFDGR GR YHUERTXHGHQRWDXPWLSRGHVLWXDomRHPOXJDUGHRXWUD+iYHUERVTXHHPVHXVLJQLILFDGRMi GHQRWDPFDUDFWHUtVWLFDVGHHVWDGRFRPRSRUH[HPSORVDEHURXGHHYHQWRVFRPpRFDVRGH
UHFRQKHFHU3DUD/\RQVR$VSHFWRHDQDWXUH]DGRYHUERVmRLQWHUGHSHQGHQWHVSRLVHVWHVVH DSyLDPQDVPHVPDVGLVWLQo}HVRQWROyJLFDV3RGHDFRQWHFHUDLQGDTXHRPHVPR$VSHFWRVHMD LQWHUSUHWDGR SHOR RXYLQWH GLIHUHQWHPHQWH GH DFRUGR FRP R FDUiWHU GR YHUER XWLOL]DGR SHOR IDODQWH
(VWDWLYLGDGHHSURJUHVVLYLGDGHVmRGXDVQRo}HVVHPkQWLFDVEiVLFDVXWLOL]DGDVSRU/\RQV RSFLWSDUDUHIHULUVHDRWUDWDPHQWRGR$VSHFWR+iDLQGDDGLVWLQomRHQWUHHYHQWRVHVWDGRV HSURFHVVRVHGHRXWURODGRDGLVWLQomRHQWUHRVDWRVHDVDWLYLGDGHV
2V HYHQWRV VmR VLWXDo}HV GLQkPLFDV QmRHVWHQGLGDV DV TXDLV RFRUUHP PRPHQWDQHDPHQWH QR WHPSR -i RV SURFHVVRV VmR VLWXDo}HV GLQkPLFDV HVWHQGLGDV TXH SHUGXUDPDWUDYpVGRWHPSR$VVLPFRPRRVSURFHVVRVRVHVWDGRVWDPEpPSHUGXUDPDWUDYpV GRWHPSRVHQGRTXHHVWHVVmRKRPRJrQHRVGXUDQWHWRGRRSHUtRGRGRWHPSRHPTXHH[LVWHP 3RUILPDVDWLYLGDGHVVmRHYHQWRVHSURFHVVRVFRQWURODGRVSRUXPDJHQWH
/\RQV RS FLW REVHUYD DLQGD TXH HP DOJXPDV OtQJXDV D GLVWLQomR HQWUHHYHQWRVH
SURFHVVRVpJUDPDWLFDOL]DGDQRVLVWHPDDVSHFWXDOQmRVRPHQWHSRUXPDPHGLGDDEVROXWDGR WHPSRPDVSHODrQIDVHTXHRIDODQWHSUHWHQGHGDUjHVWUXWXUDLQWHUQDGDIRUPDYHUEDOHPXVR 2XVHMDRDXWRUDGPLWHTXHKiHOHPHQWRGHVXEMHWLYLGDGHHQYROYLGRQDVXEFODVVLILFDomRGDV VLWXDo}HV HPHYHQWRV HVWDGRV HSURFHVVRV (QWUHWDQWR HVWD VXEMHWLYLGDGH QmR LQYDOLGD DV GLVWLQo}HVWHPSRUDLVQDVTXDLVHVWDVXEFODVVLILFDomRVHEDVHLD
$LQGD VHJXQGR /\RQV RS FLW VH REVHUYDUPRV D VHPkQWLFD GR $VSHFWR QDV IRUPDV YHUEDLV GRV 3UHWpULWRV 3HUIHLWR H ,PSHUIHLWR GR ,QGLFDWLYR SRGHPRV FLWDU D H[LVWrQFLD GD FRUUHODomRGDQRomRGHGLQDPLVPROLJDGDDRYDORUSHUIHFWLYRQDIRUPDGR3HUIHLWRHDQRomR GHHVWDWLFLGDGHOLJDGDDRYDORULPSHUIHFWLYRQDIRUPDGR,PSHUIHLWR
8P GRV SULQFLSDLV QRPHV UHODFLRQDGRV DR HVWXGR GD FDWHJRULD YHUEDO $VSHFWR p R GH &RPULH R TXDO GHVORFD SDUD D SUDJPiWLFD RV VLJQLILFDGRV WHPSRUDLV GDV IRUPDV YHUEDLV2DXWRUGLVFXWHHVWDFDWHJRULDDSUHVHQWDQGRDOJXPDVDERUGDJHQVHFRQFHLWRVEDVWDQWH XWLOL]DGRVSHORVOLQJLVWDVEUDVLOHLURV
2V HVWXGRV GH 0RXUHODWRV EDVHLDPVH QD TXDWULSDUWLGD WLSRORJLD YHQGOHULDQD H GHVWDFDP D UHOHYkQFLD GR $VSHFWR YHUEDO SDUD D FDUDFWHUL]DomR DQiOLVH FRPSUHHQVmR H GHVFULomR GDV IRUPDV YHUEDLV LQWURGX]LQGR RV WHUPRV ³SHUIHFWLYR´ H ³LPSHUIHFWLYR´ VHP GHILQLORV 0RXUHODWRV SRVWXOD TXH QD SUHGLFDomR YHUEDO VmR HQYROYLGRV VHLV IDWRUHV R VLJQLILFDGR LQHUHQWH GR YHUER D QDWXUH]D GRV DUJXPHQWRV GR YHUER RV DGYpUELRV TXDQGR HVWHVRFRUUHPDVSHFWRWHPSRFRPRIDVHHWHPSRFRPRUHIHUrQFLD$VVLPID]XPDDPSOLDomR GRV IDWRUHV HP DQiOLVH GHL[DQGR GH FRQVLGHUDU DSHQDV R YHUER H FRQVLGHUDQGR D VHQWHQoD FRPRXPWRGR
-RKQVRQDSUHVHQWDXPDWHRULDWHPSRUDOXQLILFDGDSDUDWHPSRHDVSHFWRDTXDOIRL EDVHDGD HP VHXV HVWXGRV VREUH DOtQJXDDIULFDQD.LNX\X,QIOXHQFLDGRSHORPRGHORGRHL[R WHPSRUDO GH 5HLFKHQEDFK -RKQVRQ FDUDFWHUL]D VLVWHPDWLFDPHQWH RV VLVWHPDV WHPSRUDLV YHUEDLV GDV OtQJXDV HP FDWHJRULDV VHPkQWLFDV WHPSR UHODomR GH 05 FRP 0) DVSHFWR UHODomR0(FRP05HHVWDWXWRUHODomRGH0(FRP0)$VVLPSDUDHVWHDXWRUR$VSHFWR GHXPYHUERGHVFUHYHRHYHQWRFRPRDOJRTXHGHWHUPLQDVHRYHUERUHIHUHVHDRWHPSRLQWHLUR GR HYHQWR $VSHFWR FRPSOHWLYR GHVHQYROYLPHQWR $VSHFWR ,PSHUIHFWLYR RX VHX HVWDGR SRVWHULRU$VSHFWR3HUIHLWR
6PLWK H[SDQGH DLQGD XP SRXFR PDLV D FODVVLILFDomR SURSRVWD SRU 9HQGOHU $ DXWRUD VXJHUH FLQFR FODVVHV GLVWLQWDV SDUD DV HYHQWXDOLGDGHV H[SUHVVDV SHODV VHQWHQoDV GDV OtQJXDV QDWXUDLV 7DLV FODVVHV VH GHILQHP SRU XP FRQMXQWR GH SURSULHGDGHV WHPSRUDLV FRPSRVWR SRUHVWDWLFLGDGHGLQDPLFLGDGHLQVWDQWDQHLGDGHGXUDomRWHOLFLGDGH H
DWHOLFLGDGH $ FRPELQDomR GRV WUDoRV VHPkQWLFRV DSRQWDGRV QRV SDUHVHVWiWLFRGLQkPLFR
LQVWDQWkQHRGXUDWLYRHWpOLFRDWpOLFRGHILQHDVFODVVHVGHHYHQWXDOLGDGHV
2V HVWDGRV VmR HVWiWLFRV SRU RFRUUHUHP HP XP SHUtRGR ~QLFR LQGLIHUHQFLDGR H PDLV LPSRUWDQWHTXHLVVRSRUFRQVWLWXtUHPXPDHYHQWXDOLGDGHGHQDWXUH]DGLIHUHQWHGDVDWLYLGDGHV H GRV HYHQWRV TXH VmR GLQkPLFRV SRLV FRQVLVWHP GH HVWiJLRV VXFHVVLYRV TXH RFRUUHP HP PRPHQWRVGLIHUHQWHV
$V HYHQWXDOLGDGHV SRGHP VHU GXUDWLYDV RX LQVWDQWkQHDV 2V HVWDGRV VmR VHPSUH GXUDWLYRVHQTXDQWRTXHDVDWLYLGDGHVHRVHYHQWRVSRGHPVHUGXUDWLYRVRXLQVWDQWkQHRV
)LQDOPHQWHDVHYHQWXDOLGDGHVGRWLSRGHHVWDGRVVHUmRVHPSUHDWpOLFDVHDVRXWUDVFRPR DVDWLYLGDGHVHRVHYHQWRVSRGHPVHUDWpOLFDVRXWpOLFDV
2PRGHORGHHVWXGRGHVHQYROYLGRSRU5HLFKHQEDFKHPVHX
(OHPHQWVRI6\PEROLF/RJLFHQWHQGHTXH
3DUD6PLWKXPDHYHQWXDOLGDGHWpOLFDFRQWpPXPDPXGDQoDGHHVWDGRTXHFRQVWLWXLVHX UHVXOWDGR RX DOYR $ HYHQWXDOLGDGH VH FRPSOHWD TXDQGR R DOYR p DWLQJLGR H D PXGDQoD GH HVWDGRVHFRQFUHWL]DeXPOLPLWHILQDOQDWXUDOLQWUtQVHFRjHYHQWXDOLGDGH
8PD HYHQWXDOLGDGH DWpOLFD SRU RXWUR ODGR QmR WHP HVVH OLPLWH ILQDO LQWUtQVHFR FRQVWLWXLQGRVHHPXPSURFHVVRVHPFXOPLQkQFLD1mRKiUHVXOWDGRQHQKXPDOYRpDWLQJLGR $RFRQWUiULRGDVHYHQWXDOLGDGHVWpOLFDVFRPOLPLWHILQDOQDWXUDODVDWpOLFDVVySRGHPWHUXP OLPLWHILQDODUELWUiULRHDVVLPSRGHUmRVHULQWHUURPSLGDVDTXDOTXHULQVWDQWH
$ DWULEXLomR GH SURSULHGDGHV FRQFUHWDV RX DEVWUDWDV SRVVH ORFDomR FUHQoD H RXWURV HVWDGRVPHQWDLVHDGHVFULomRGHKiELWRVSRGHPH[HPSOLILFDUDVHYHQWXDOLGDGHVGHQRPLQDGDV
HVWDGRV6mRVLWXDo}HVTXHVHPDQWrPSRUXPLQWHUYDORGHWHPSRVHQGRSRUWDQWRHVWiWLFDVH GXUDWLYDV &RPR FRQVWLWXHPXPSHUtRGR~QLFRLQGLIHUHQFLDGRRVHVWDGRVQmRWrPHVWUXWXUD LQWHUQDHQmRDSUHVHQWDPDVVLPOLPLWHVLQLFLDLVRXILQDLV
'LIHUHQWHPHQWHGRVHVWDGRVDVDWLYLGDGHVWrPXPDHVWUXWXUDLQWHUQDQmRFRQVWLWXHPXP SHUtRGR~QLFRLQGLIHUHQFLDGR6mRH[FOXVLYDPHQWHSURFHVVRVTXHHQYROYHPDWLYLGDGHItVLFD RXPHQWDOHVHXVWUDoRVWHPSRUDLVVmRGLQDPLFLGDGHGXUDWLYLGDGHHDWHOLFLGDGH$VDWLYLGDGHV Vy SRGHP WHU XP OLPLWH ILQDO DUELWUiULR LQGHSHQGHQWH GH VXD HVWUXWXUD 3RGHP VHU LQWHUURPSLGDVPDVQmRVHFRPSOHWDPMXVWDPHQWHSRUQmRWHUHPXPOLPLWHILQDOQDWXUDO
$FFRPSOLVKPHQWV FRQVLVWHP HP HYHQWXDOLGDGHV TXH DSUHVHQWDP XP OLPLWH ILQDO LQWUtQVHFR H SRGHP VHU GHILQLGDV SHODV SURSULHGDGHV GH GLQDPLFLGDGH GXUDWLYLGDGH H WHOLFLGDGH $ PXGDQoD GH HVWDGR QRVDFFRPSOLVKPHQWV RFRUUH GH IRUPDV YDULDGDV H DOJXQV UHVXOWDGRVPDLVFRPXQVGHVVDVPXGDQoDVVHUHDOL]DPHPREMHWRVDIHWDGRV
$FKLHYHPHQWVVmRHYHQWXDOLGDGHVGLQkPLFDVHLQVWDQWkQHDVTXHUHVXOWDPHPPXGDQoDGH HVWDGRVHQGRSRUWDQWRWpOLFDV2VDFKLHYHPHQWVVHFDUDFWHUL]DPSRUVHUHPHYHQWXDOLGDGHVGH XP~QLFRHVWiJLRGLVVRFLDGRVGHTXDOTXHUSURFHVVR
3RU ILP 6PLWK DPSOLDQGR D FODVVLILFDomR YHQGOHULDQD DFUHVFHQWD D FODVVH GHQRPLQDGDVHPHOIDFWLYRRVTXDLVVHFDUDFWHUL]DPFRPRGLQkPLFRVLQVWDQWkQHRVHDWpOLFRV 6mR HYHQWRV TXH FRQVLVWHP GH XP ~QLFR HVWiJLR H QmR WrP UHVXOWDGR RX FRQVHTrQFLD 1mR WrPXPSURFHVVRVmRYHUERVTXHH[SUHVVDPDSHQDVDRFRUUrQFLDGDSUySULDHYHQWXDOLGDGH
2$63(&721202'(/225,(17$/
2V HVWXGRV RULHQWDLV DVSHFWROyJLFRV DVVLP GHQRPLQDGR SRU 'DKO EDVHLDPVH SULQFLSDOPHQWHQDQRomRGH$NWLRQVDUWRTXDOGHVLJQDRV0RGRVGH$omRRXVHMDRVWUDoRV VHPkQWLFRVGDVIRUPDVDRFRQWUiULRGDSURSRVWDYHQGOHULDQDGHFODVVHV1mRKiQHVWHPRGHOR DQRomRGHHVTXHPDVRXLQWHUYDORVWHPSRUDLVSDUDDGHILQLomRGRV0RGRVGH$omRRVTXDLV HVWmRVXMHLWRVDFRQVWDQWHVYDULDo}HVHVmRDQDOLVDGRVHPEDVHVSXUDPHQWHLQWXLWLYDV7DPEpP QmR DSUHVHQWDP QHQKXPD SUHRFXSDomR FRQVHTHQWH FRP RV GHPDLV HOHPHQWRV GD VHQWHQoD FRPH[FHomRGRDGYpUELR
6XUJHDSDUWLUGHHQWmRDIRUWHLQIOXrQFLDGDVOtQJXDVHVODYDVSDUDRHVWXGRGR$VSHFWR HPJHUDOSRLVGHYLGRjVGLIHUHQoDVPRUIROyJLFDVHQWUHDVFODVVHVGHYHUERVHVWDVGLVWLQJXHP GRLVDVSHFWRVRSHUIHFWLYRHRLPSHUIHFWLYR
1RVHVWXGRVIXQFLRQDOLVWDVDYDULHGDGHGHIDWRUHVPRUIROyJLFRVOH[LFDLVHVLQWiWLFRVp XVDGD SDUD H[SOLFDomR GD GLIXVmR GRV VLJQLILFDGRV DVSHFWXDLV H GD HVFROKD SHOR IDODQWH GD IRUPDDVSHFWXDOQRHQXQFLDGR$VVLPDJUDPiWLFDIXQFLRQDOpRULHQWDGDSDUDDGHVFULomRGDV IXQo}HV H GR IXQFLRQDPHQWR GDV XQLGDGHV JUDPDWLFDLV EHP FRPR GH VXDV UHODo}HV FRP HOHPHQWRV GH GLIHUHQWHV QtYHLV OLQJtVWLFRV TXH SDUWLFLSDP GD WUDQVPLVVmR GR VHQWLGR GR HQXQFLDGR$OpPGLVVRVLQWHWL]DDDQiOLVHWDQWRGDIRUPDSDUDRFRQWH~GRTXDQWRGRFRQWH~GR SDUDDIRUPD
8PGRVPRGHORVGLIXVRUHVGDJUDPiWLFDIXQFLRQDOUXVVDIRLRGHIHQGLGRSRU%RQGDUNR DSXG *RGRL QR TXDO D FDWHJRULD VHPkQWLFD GD IRUPD YHUEDO p GHGX]LGD DWUDYpV GD DQiOLVHGRVLJQLILFDGRSULQFLSDOGHXPDIRUPDQRFRQWH[WRGDGHWHUPLQDomRGHRXWURVPHLRV OLQJtVWLFRVSDUDH[SUHVVDURPHVPRVLJQLILFDGRHGRHVWDEHOHFLPHQWRGDYDULDQWHVHPkQWLFD GHVWDFDWHJRULDRSHUDQGRDVVLPFRPRFRQFHLWRGHFDPSRVHPkQWLFR$GHILQLomRGHFDPSR VHPkQWLFR FRPSUHHQGH R FRQWH~GR OLQJtVWLFR R TXDO SHUWHQFH j iUHD GD VHPkQWLFD Mi H[SUHVVmROLQJtVWLFDHPVXDXQLGDGHSHUWHQFHDRVPHLRVJUDPDWLFDLV
$LQGDVHJXQGRRVHVWXGRVGH%RQGDUNRDSXG*RGRLXPGRVFDPSRVVHPkQWLFRV IXQFLRQDLVpRGDDVSHFWXDOLGDGHFXMRFRQWH~GRpRFDUiWHUGHGHVHQYROYLPHQWRGDDomR-iD IRUPD p UHSUHVHQWDGD SHORV PHLRV PRUIROyJLFRV H OH[LFDLV H SHOD SDUWLFLSDomR GH DOJXQV HOHPHQWRV VLQWiWLFRV %DVHDGD HP 'HVKHULHYD *RGRL GHILQH DVSHFWXDOLGDGH FRPR R
9RFiEXOR DOHPmR TXH GHVLJQD VHJXQGR &DVWLOKR R PRGR GH VHU GD DomR H TXH UHSUHVHQWD XPD
FRPSUHHQVmRODWR VHQVR GDV QRo}HV DVSHFWXDLV FRP XP Q~PHUR LOLPLWDGR GH SRVVLELOLGDGHV R TXDO HQJORED H
FRQMXQWR GH PHLRV OLQJtVWLFRV GD H[SUHVVmR GRV FDUDFWHUHV H GRV PRGRV GD DomR RV TXDLV LQGLFDPDVSURSULHGDGHVVHPkQWLFDVGRYHUER
3DUDGHVLJQDUHVWHFDPSRVHPkQWLFRRVOLQJLVWDVUXVVRVOHYDPHPFRQWDRPRGRGHVHU GDDomR$NWLRQVDUWRXVHMDWUDoRVVHPkQWLFRVGRYHUER
(VWXGRV GD JUDPiWLFD UXVVD DLQGD GLYLGHP R FDPSR VHPkQWLFRIXQFLRQDO GDV DVSHFWXDOLGDGHHPGXDVSDUWHVDDVSHFWXDOLGDGHTXDOLWDWLYDHDTXDQWLWDWLYD$DVSHFWXDOLGDGH TXDOLWDWLYDHQJOREDDVRSRVLo}HVFDUiWHUHVWiWLFRGLQkPLFRHDomRWHUPLQDWLYDDWHUPLQDWLYD2 WUDoR GD WHUPLQDWLYLGDGHDWHUPLQDWLYLGDGH VH WUDQVIHUH SDUD RV VLJQLILFDGRV OH[LFDLV GRV YHUERV $VVLP DV Do}HV LQGLFDGDV SHORV YHUERV VmR ³SRU QDWXUH]D´ QR PXQGR UHDO
WHUPLQDWLYDV DV TXDLV VXS}HP FHUWD GXUDomR RX XPD DomR PRPHQWkQHD RXDWHUPLQDWLYDV FXMRVOLPLWHVHQFRQWUDPVHIRUDGDSUySULDDomR-iDDVSHFWXDOLGDGHTXDQWLWDWLYDFDUDFWHUL]DD DomRSRUUHSHWLo}HVLQLWHUUXSWLYLGDGHGHUHDOL]DomRGXUDWLYLGDGHHLQWHQVLGDGH
2VIXQFLRQDOLVWDVUXVVRVFRQFOXHPTXHWRGRVRVYHUERVHPWRGDVDVOtQJXDVVHGLYLGHP QHFHVVDULDPHQWH HP WHUPLQDWLYRV H DWHUPLQDWLYRV (VVD GLFRWRPLD SRVVXL FDUDFWHUtVWLFDV SURIXQGDPHQWHVHPkQWLFDVSRULVVRRFDUiWHUWHUPLQDWLYRDWHUPLQDWLYRGRYHUERHQWUDQGRHP GLYHUVDVUHODo}HVFRPRVLJQLILFDGRJUDPDWLFDOJHUDRVLJQLILFDGRILQDO
(P REVHUYDomR jV GLIHUHQoDV DVSHFWXDLV GDV IRUPDV GH 3UHWpULWR 3HUIHLWR H ,PSHUIHLWR TXHSRVVXHPRPHVPRWHPSRH[WHUQR*RGRLDILUPDTXHQmRpRVLJQLILFDGROH[LFDOGR YHUERTXHWHPRWUDoRWHUPLQDWLYRDWHUPLQDWLYRPDVDIRUPDYHUEDOHPVL
+i DLQGD WUDEDOKRV UXVVRV FRP UHVSHLWR j DVSHFWRORJLD TXH LQFOXHP DV FDWHJRULDV YHQGOHULDQDVGHQWURGDGLFRWRPLDDVSHFWXDOWUDGLFLRQDOHVODYDRSHUIHWLYRHRLPSHUIHFWLYR2 SURFHVVRVHPkQWLFREiVLFRGRLPSHUIHFWLYRpDSRVVLELOLGDGHGDVLWXDomRFXPSULUXPDVpULHGH IDVHVWHPSRUDLVVXEVHTHQWHVHFRQWtQXDVQRHL[RGRWHPSRVHPVHWUDQVIRUPDUHPXPDRXWUD VLWXDomR-iSDUDRSHUIHFWLYRpDRFRUUrQFLDGHXPDVLWXDomRTXHDSUHVHQWDXPOLPLWHHPVXD HYROXomRQRHL[RGRWHPSR
&RP XPD LQWHUSUHWDomR D SDUWLU GD WLSRORJLD TXDGULSDUWLGD GH 9HQGOHU R LPSHUIHFWLYR SRGH FRQILJXUDU QRV YHUERV GHHVWDGR YLVWR TXH QHVWHV FDVRV R YHUER LQGLFD XPD VLWXDomR TXHVHSURORQJDHUHSUHVHQWDXPDVHTrQFLDGHIDVHV&RPRRFRUUHHP
TXDLVHUDRVFLQHPDVTXHH[LVWLDP
,QT'
3RGHWDPEpPRFRUUHUQDVDWLYLGDGHVXPDYH]TXHHVWHVGHVLJQDPVLWXDo}HVTXHFRQWpP XPSURFHVVRTXHDWUDYHVVDXPDVpULHGHIDVHVKRPRJrQHDV&RPRSRUH[HPSORHP