81,9
,16
352*5$0$
e7,&$
$&,9,/,=$d
9$/e
,9(56,'$'()('(5$/'2&($5È
167,7872'(&8/785$($57(
$'(3Ï6*5$'8$d2(0),/2
$3523267$'(80$
$'$5(63216$%,/,'$'(3$
d27(&12/Ï*,&$(0+$1
e5,$&$66$1'5$2/,9(,5$'(/,0$
)RUWDOH]D&(
5È
/262),$
$5$
$16-21$6
81,9(56,'$'()('(5$/'2&($5È ,167,7872'(&8/785$($57(
352*5$0$'(3Ï6*5$'8$d2(0),/262),$
9$/e5,$&$66$1'5$2/,9(,5$'(/,0$
$3523267$'(80$
e7,&$'$5(63216$%,/,'$'(3$5$
$&,9,/,=$d27(&12/Ï*,&$(0+$16-21$6
'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV*UDGXDomR HP )LORVRILD GD 8QLYHUVLGDGH )HGHUDO GR &HDUi 8)& FRPRUHTXLVLWRSDUFLDOSDUDDFRQFOXVmRGR FXUVR GH PHVWUDGR VRE D RULHQWDomR GR 3URIHVVRU 'RXWRU 0DQIUHGR $UD~MR GH 2OLYHLUD
$3523267$'(80$e7,&$'$5(63216$%,/,'$'(3$5$$&,9,/,=$d2 7(&12/Ï*,&$(0+$16-21$6
'LVVHUWDomR DSUHVHQWDGD DR &XUVR GH 3yV*UDGXDomR HP )LORVRILD GD 8QLYHUVLGDGH )HGHUDOGR&HDUi8)&FRPRUHTXLVLWRSDUFLDOSDUDFRQFOXVmRGRFXUVRGHPHVWUDGR VREDRULHQWDomRGR3URIHVVRU'RXWRU0DQIUHGR$UD~MRGH2OLYHLUD
'DWDGD$SURYDomRBBBBBBBBBBBBBBBBBBBBB
%$1&$(;$0,1$'25$
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URIHVVRU'RXWRU0DQIUHGR$UD~MRGH2OLYHLUD
2ULHQWDGRU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URIHVVRU'RXWRU&XVWyGLR/XLV6LOYDGH$OPHLGD
0HPEUR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URIHVVRU'RXWRU+HOGHU%XHQRV$LUHVGH&DUYDOKR
0HPEUR
(P QRVVDV PmRV LQVHJXUDV QyV VHJXUDPRV OLWHUDOPHQWH R IXWXUR GD DYHQWXUD GLYLQD QD WHUUD H QmR SRGHPRV GHVDSRQWiOD PHVPR TXHTXLVpVVHPRVGHVDSRQWDUQRV
$*5$'(&,0(1726
5(6802
$SUHVHQWHSHVTXLVDDQDOLVDDSURSRVWDGHXPDpWLFDGDUHVSRQVDELOLGDGHHP+DQV-RQDVHD FRQVWLWXL FRPR XP QRUWH QD FRQVROLGDomR GH XP YDORU FUXFLDO j pWLFD 1R FRQWH[WR DWXDO LQVWDXURXVH XPD FULVH IXQGDFLRQLVWD GD PRUDO H DR PHVPR WHPSR XPD QHFHVVLGDGH GH IXQGDPHQWDomRGRVMXt]RVPRUDLVKDMDYLVWDRYD]LRpWLFRYLJHQWHQDKXPDQLGDGHSOXUDOLVWDH VHFXODUL]DGD 1HVVD SHUVSHFWLYD D EXVFD GH XP YDORU HP VL GHYH FRQVWLWXLU R FDUiWHU PDLV IXQGDPHQWDO GH XPD SURSRVWD pWLFD -RQDV LGHQWLILFD HVWH YDORU HP VL QD YLGD RX VHMD QD H[LVWrQFLD GH XPD YLGD DXWrQWLFD QR IXWXUR 8PD pWLFD SDUD D FLYLOL]DomR WHFQROyJLFD GHYH GLIHUHQFLDUVH GD YLVmR GD QDWXUH]D FRPR XP REMHWR LQGLIHUHQWH DR SRVLFLRQDPHQWR pWLFR 6HQGR DVVLP ID]VH XUJHQWH XP QRYR FRPSRUWDPHQWR pWLFR FRQIRUPH R FDUiWHU PRGLILFDGR GDVDo}HVKXPDQDV$DPHDoDGHXPQmRH[LVWLUSRGHYLUDFRQVWLWXLUVHFRPRE~VVRODSDUD HVVH QRYR FDPSR pWLFR (VWHPDOXPFRQVWLWXL R TXH +DQV -RQDV GHQRPLQD GHKHXUtVWLFD GR
WHPRUHHVWDGHIODJUDTXHRTXHHVWiHPMRJRpDLQWHJULGDGHGDSUySULDHVVrQFLDKXPDQD$
LGHLDGHGHYHUHGDFRQGXWDKXPDQDRULHQWDSURSULDPHQWHDPRUDOSRUpPQmRVHSRGHIDODUHP PRUDO H FRQGXWD KXPDQD VHP D SUHVHQoD GR KRPHP QR PXQGR FRPR XP GDGR SULPiULR H SULPRUGLDO$SUHVHQoDGDYLGDQRPXQGRWRUQRXVHXPGHYHU$MXVWLILFDWLYDSDUDWDOpWLFDpD DFODPDomRGHXPLPSHUDWLYRLQFRQGLFLRQDOTXHpDH[LVWrQFLDDXWrQWLFDQRIXWXUREHPFRPRD EXVFDGHXPDIXQGDPHQWDomRpWLFDQR6HUHQRYDORUGDYLGDHPVHXDVSHFWRJHUDO2REMHWLYR FRPWDOIHLWRpVXSHUDURVXEMHWLYLVPRGRVYDORUHVHLPSOHPHQWDUXPDpWLFDTXHWUDQVSRQKDR HVSDoR LQWHUVXEMHWLYR 3DUD WDQWR LQWURGX]VH GH IRUPD PDLV HIHWLYD R FRQFHLWR GH UHVSRQVDELOLGDGH GHQWUR GD HVIHUD GD PRUDOLGDGH 'LYHUJLQGR R DVSHFWR pWLFR GR DWR PRPHQWkQHRHPVLpHVWDEHOHFLGDDpWLFDQDVDo}HVHHPVXDVSURMHo}HVFDXVDLVSDUDRIXWXUR OHYDQGRHPFRQVLGHUDomRLPSDFWRVDORQJRSUD]RHDWRVLUUHYHUVtYHLV
$%675$&7
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
680È5,2
,1752'8d2
2'(%$7(&217(0325Æ1(262%5($1$785(=$e7,&$
3DVVRVGDSUREOHPiWLFDQDUHIOH[mRILORVyILFD $pWLFDGRGLVFXUVRPRGHORpWLFRGHRQWROyJLFR͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 2XWLOLWDULVPRRPRGHORGHpWLFDWHOHROyJLFDFRPIXQGDPHQWDomRQmRPHWDItVLFD $TXHVWmRGRYDORUDQWHRHPEDWHGDVpWLFDVGHRQWROyJLFDVHWHOHROyJLFDV
'$2172/2*,$3$5$$e7,&$2)81'$0(172'(80$%,2/2*,$
),/26Ï),&$3$5$80$3523267$e7,&$1$&217(0325$1(,'$'(
2FDUiWHUELROyJLFRTXHFRQGX]DRDSHORpWLFRSHODH[LVWrQFLDGDYLGD 2SDSHOGRGXDOLVPRHVXDVFRQVHTXrQFLDVSDUDRSHQVDPHQWRILORVyILFR $VRULJHQVGRSHQVDPHQWRPRGHUQRVREUHDQDWXUH]DHRVDVSHFWRVILORVyILFRVGR
GDUZLQLVPR
2QRYRGXDOLVPRJpUPHQVRPD
$QiOLVHGRVFRQFHLWRVGD0RGHUQLGDGHDFHUFDGDYLGD
2PHWDEROLVPR
2FRQFHLWRGHOLEHUGDGHFRPRWUDoRRQWROyJLFRIXQGDPHQWDOGDYLGD
2IUDFDVVRGRGXDOLVPR
0RYLPHQWRHVHQVDomRVREUHDDOPDDQLPDO
&LEHUQpWLFDHILQDOLGDGHXPDFUtWLFD
$3523267$'(80$e7,&$'$5(63216$%,/,'$'((0+$16-21$6
2DSHORSRUXPD³QRYDpWLFD´DVGLIHUHQFLDo}HVGDVpWLFDVWUDGLFLRQDLVDQWHDpWLFDGD
UHVSRQVDELOLGDGHSDUDDFLYLOL]DomRWHFQROyJLFD
2³KHXUtVWLFDGRWHPRU´RVXPPXPPDOXPQROXJDUGRVXPPXPERQXP $WHRULDGDUHVSRQVDELOLGDGHpWLFDSDUDXPDFLYLOL]DomRWHFQROyJLFD 7HRULDGDUHVSRQVDELOLGDGHHVXDVFDUDFWHUtVWLFDV 3RUTXHDUHVSRQVDELOLGDGHQmRHVWHYHDWpKRMHQRFHQWURGDWHRULDpWLFD"
&202$5(63216$%,/,'$'(6(5$',&$129$/25
$IXQGDPHQWDomRPHWDItVLFDQRYDORUGR6HU
2OXJDUGRVILQVQDIXQGDPHQWDomRpWLFDQRVHU ([LVWHILQDOLGDGHQRPXQGRREMHWLYRItVLFRRXVRPHQWHQRPXQGRVXEMHWLYR
SVtTXLFR"
2H[HPSORGRJDWRSULQFtSLRGHXPDEXVFDGHREMHWLYLGDGHGRVILQV 6REUHDREMHWLYLGDGHGRVILQVQRVQtYHLVGHYLGDLQFRQVFLHQWHHLQYROXQWiULRV 2RUJDQLVPRYLYRHVXDILQDOLGDGHWUDQVFHQGHQWH $HVIHUDGRVHUHGRGHYHUGHXPDWHRULDGRILPDXPDWHRULDGRYDORUHGREHPHPVL
6REUHR³9DORU´HR³%HP´
&216,'(5$d®(6),1$,6
ϭϬ
,1752'8d2
$QHFHVVLGDGHGHXPYDORUTXHQRUWHLHDDWLYLGDGHKXPDQDpIXQGDPHQWDO,QVWDXURX VHQRFRQWH[WRDWXDOQRHQWDQWRXPDFULVHGHIXQGDPHQWDomRGDPRUDOHDRPHVPRWHPSR XPDQHFHVVLGDGHGHIXQGDPHQWDomRGRVMXt]RVPRUDLVHVDQo}HVLPSRVWDVDRVLQGLYtGXRV$ KXPDQLGDGHHQFRQWUDVH SOXUDOLVWDHVHFXODUL]DGDGHIRUPDTXHVHYLYHKRMHXPYHUGDGHLUR YD]LR pWLFR YLVWR TXH Ki XP TXHVWLRQDPHQWR FRQVWDQWH GD YHUGDGH REMHWLYD TXH SURGX] XP VXEMHWLYLVPRPRUDO$OpPGLVVRRFRQKHFLPHQWRRQWROyJLFRSHUGHVXDOHJLWLPLGDGHHPIDYRU GRVDEHUYROWDGRjGLPHQVmRWHFQROyJLFD
1HVWD SHUVSHFWLYD DV VHQWHQoDV QRUPDWLYDV SRU VXD YH] GHYHUmR VH DGHTXDU DR PRGHORHPStULFRGDVVHQWHQoDVGHVFULWLYDV2FRQFHLWRGHUD]mRSUHVHQWHQDFXOWXUDLOXPLQLVWD HOLPLQRXTXDOTXHUFRQKHFLPHQWRRQWROyJLFR(PUD]mRGDLPSRVVLELOLGDGHGHXPDRQWRORJLD GHVGHRPRPHQWRPRGHUQRLPSRVVLELOLWRXVHWDPEpPXPDILORVRILDGDQDWXUH]DTXHpDEDVH GDSURSRVWDpWLFDGHIHQGLGDQHVWHWH[WR
(PVXPDQRPXQGRFRQWHPSRUkQHRDYLGDSHUGHXVHXFRQWH[WRGHILPSULPRUGLDOGD H[LVWrQFLDKXPDQDHSDVVRXDFRQGLomRVHFXQGiULDGHILPGRLQWHUHVVHWpFQLFRHFRQ{PLFRQD PHGLGD HP TXH D SUySULD YLGD p KRMH YLVWD FRPR REMHWR FRJQRVFtYHO GR VDEHU WpFQLFR FLHQWtILFR $VVLP FRPR +DQV -RQDV WRGDYLD GHIHQGHPRV D WHVH GH TXH QR TXH VH UHIHUH jV TXHVW}HVpWLFDVKiDOJRTXHYDLDOpPGDFRQWUDSRVLomRGDVSUHIHUrQFLDVSHVVRDLVHMRJRVGH YDORUHV (VWH YDORU FUXFLDO TXH GHYH WHU D pWLFD FRQWHPSRUkQHD p D YLGD FRPR WDO TXH VH LPS}HLQGHSHQGHQWHPHQWHGHFXOWXUDYLVmRSROtWLFDRXDGHTXDo}HVSHVVRDLV
2 REMHWLYR GHVWH WUDEDOKR p SRUWDQWR DQDOLVDU D SURSRVWD GH XPD pWLFD GD UHVSRQVDELOLGDGH HP +DQV -RQDV H FRQVWLWXtOD FRPR XP QRUWH QD OHJLWLPDomR GH XPD pWLFD SDUD D FRQWHPSRUDQHLGDGH 3DUD WDQWR -RQDV GHIHQGH XPD Pi[LPD pWLFD D QHFHVVLGDGH GH H[LVWrQFLDGHXPDYLGDDXWrQWLFDQRIXWXUR
9LVDQGRDHVWHREMHWLYRFHQWUDOQRVHJXQGRFDStWXORID]HPRVXPDDQiOLVHGHPRGHORV pWLFRVTXHYLVDPDXPDWHQWDWLYDGHOHJLWLPDomRXWLOL]DQGRQRVGRPRGHORGHRQWROyJLFRGD pWLFD GR GLVFXUVR H GR SDGUmR WHOHROyJLFR GR XWLOLWDULVPR 3DUD HODERUDomR GHVWH FDStWXOR HPSUHJDPRVSDVVDJHQVGHREUDVTXHGHVWDFDPHVWDFRQIXVmRGHSUREOHPDVeWLFDTXHVWmRGH
IXQGDPHQWDomR &RUUHQWHV IXQGDPHQWDLV GD pWLFD FRQWHPSRUkQHD eWLFD H UDFLRQDOLGDGH
PRGHUQD 5HYLUDYROWD OLQJtVWLFRSUDJPiWLFD QD ILORVRILD FRQWHPSRUkQHD &RP +DEHUPDV
FRQWUD+DEHUPDV
ϭϭ
2V ILOyVRIRV GD $QWLJXLGDGH HP JHUDO GHUDP rQIDVH j OHJLWLPDomR RQWROyJLFD HQFRQWUDQGR QHVWD D OLJDomR H R VXVWHQWiFXOR SDUD R SHQVDPHQWR $ IXQGDPHQWDomR WLQKD HVVHQFLDOPHQWH SRUWDQWR XP FDUiWHU PHWDItVLFR QmR KLSRWpWLFR TXH IXQGDPHQWDVVH D VL PHVPRHDWRGRVRVRXWURVVDEHUHV1HVWHVHQWLGRD)LORVRILDpXPFRQKHFLPHQWRDEVROXWR SRUTXHFRQKHFLPHQWRGRVYHUGDGHLURVSULQFtSLRVGHWRGRRVDEHU
&RPDUHYLUDYROWDWUDQVFHQGHQWDOGDUD]mRKXPDQDQD0RGHUQLGDGHDOHJLWLPDomRGR SHQVDPHQWR SDVVD GH XPD EDVH RQWROyJLFD SDUD XP VXEVWUDWR HSLVWrPLFR 2 FRQKHFLPHQWR FLHQWtILFRDWLQJHDHVIHUDGHXPVDEHUFRQILiYHOTXHSRGHVHUHPSLULFDPHQWHFRPSURYDGRR TXHRFDVLRQRXjUD]mRKXPDQDXPDDXWRQRPLDHPUHODomRjDXWRULGDGHPHWDItVLFD
$ FLrQFLD SRUWDQWR p XP VDEHU PHWyGLFR TXH SURFXUD XP IXQGDPHQWR HYLGHQWH RX VHMD EXVFD XPD UD]mR OLYUH GD KLVWRULFLGDGH H FRPSURYiYHO $ OHJLWLPDomR GR VDEHU QD 0RGHUQLGDGH XWLOL]D FRPR EDVH R PRGHOR FLHQWtILFR 'HVWD IRUPD DSUR[LPDVH R FRQKHFLPHQWRILORVyILFRGDPHWRGRORJLDXVDGDSHODVFLrQFLDVLVWRpQDUHDOLGDGHDGHGXomR SRUFRPSURYDomRpDOJRTXHSHUSDVVRXD)LORVRILDGHVGHDH[SRVLomRDULVWRWpOLFDVHQGRHP VHXPRPHQWRPRGHUQRDVVXPLGDSHORPRGHORFLHQWtILFR
1RVpFXORSDVVDGRVXUJLXXPDHVIHUDSDUDDOHJLWLPDomRGRSHQVDPHQWRILORVyILFRD GLPHQVmROLQJXtVWLFD1RVHXSULPHLURPRPHQWRDUHYLUDYROWDOLQJXtVWLFDUHVWULQJLXDDQiOLVH GD OLQJXDJHP j VXD GLPHQVmR VLQWiWLFD H VHPkQWLFD VHJXLQGR DLQGD HP DOJXQV DVSHFWRV D VHPkQWLFDWUDGLFLRQDOHQIDWL]DQGRDIXQomRH[SRVLWLYDGDOLQJXDJHP
$rQIDVHQDDQiOLVHOLQJXtVWLFDPRGLILFRXRSHQVDPHQWRILORVyILFRHVSHFLDOPHQWHSDUD RVSHQVDGRUHVTXHLQWURGX]LUDPDQRYDIRUPDGHUHIOHWLUHTXHVHHQFRQWUDYDPDUUDLJDGRVQD WUDGLomR HPSLULVWDUDFLRQDOLVWD $ IXQGDPHQWDomR QHVWD QRYD RFDVLmR GR SHQVDPHQWR GL] UHVSHLWRjHVWUXWXUDGDVVHQWHQoDV
2VHJXQGRPRPHQWRGHVWHQRYRFRQWH[WRpRGDUHYLUDYROWDOLQJXtVWLFRSUDJPiWLFD$ TXHVWmR FHQWUDO GD UHYLUDYROWD OLQJXtVWLFRSUDJPiWLFD p VLWXDU D GLPHQVmR OLQJXtVWLFR FRPXQLFDWLYD FRPR GH EDVH GR FRQKHFLPHQWR RX VHMD HOD p D GLPHQVmR IXQGDPHQWDO SDUD WRGRHTXDOTXHUVDEHUVHQGRRVHXIXQGDPHQWRRSUySULRXVRGDOLQJXDJHP
ϭϮ
$SUDJPiWLFDWUDQVFHQGHQWDOSUHWHQGHUHVLWXDUDYDOLGDGHGRVDEHUILORVyILFRSRUpPR IDUiQmRQDSHUVSHFWLYDGD)LORVRILDGDFRQVFLrQFLDNDQWLDQDPDVVLPDVVXPLQGRDUHYLUDYROWD OLQJXtVWLFRSUDJPiWLFD GR SHQVDU LQWHUSUHWDQGRD FRPR XPD WHRULD GD FRPXQLFDomR LQWHUVXEMHWLYD
3DVVDVHSRUFRQVHTXHQWHGHXPDUD]mRFHQWUDGDQDFRQVFLrQFLDSDUDXPDOyJLFDFRP IXQomRQDOLQJXDJHPHDIXQGDPHQWDomR~OWLPDVHUiUHHQFDUDGDVRERSULVPDGDUHYLUDYROWD OLQJXtVWLFRSUDJPiWLFD RX VHMD D SUDJPiWLFD WUDQVFHQGHQWDO SUHWHQGH DOFDQoDU D IXQGDPHQWDomR~OWLPDPHGLDQWHDWURFDGDGHULYDomRSHODUHIOH[mR'HVVDIRUPDDUHIOH[mR QmRSRGHVHUQHJDGDVHPTXHDSUySULDG~YLGDVHGHVWUXDHPRXWUDVSDODYUDVDSUDJPiWLFD WUDQVFHQGHQWDOSUHWHQGHH[SOLFLWDURVSUySULRVSUHVVXSRVWRVGDDUJXPHQWDomR
2SRQWRTXHHVWHHQVDLRYLVDDDERUGDUpRIDWRGHTXHDRPHQRVQRkPELWRpWLFRXP YDORUFUXFLDOVHID]XUJHQWHeQHFHVViULRDRFDPSRpWLFRXPFDUiWHUXQLYHUVDOTXHWHQKDDR PHQRVXPYDORUTXHVHVREUHSRQKD(VWHYDORUpLGHQWLILFDGRSRU-RQDVQDH[LVWrQFLDGHWRGDD ELRVIHUDGHWRGDDYLGD
1R WHUFHLUR VHJPHQWR ODQoDUHPRV R IXQGDPHQWR GH XPD ELRORJLD ILORVyILFD SDUD D SURSRVWD GH -RQDV VREUH XPD pWLFD SDUD D FLYLOL]DomR FRQWHPSRUkQHD XWLOL]DQGRVH GDV VHJXLQWHVREUDV2SULQFtSLRYLGDH3HQVDUVREUH'LRVHRWURVHQVD\RV
)XQGDPHQWDU XPD pWLFD QR YDORU GR 6HU p D SURSRVWD RX VHMD R GHYHU SDUD FRP D KXPDQLGDGH IXWXUD SRVVXL IXQGR RQWROyJLFR $ FRQVWDWDomR GH XP FDPLQKR GR 6HU SDUD R GHYHU6HU PHGLDQWH D DSRVWD D IDYRU GD KXPDQLGDGH H VHJXQGR D EXVFD GH XPD IXQGDPHQWDomRPHWDItVLFDGRYDORURXVHMDDEXVFDGRYDORUFRPRWDO
-RQDVLGHQWLILFDMiQRPHWDEROLVPRGHVHUHVXQLFHOXODUHVRLQGtFLRGDILQDOLGDGHGDYLGD SUHVHQWH QD QDWXUH]D D YLGD p XP YDORU H SRU LVVR GHYH VHU SUHVHUYDGR 2 RUJDQLVPR RX FRUSR YLYR p DR PHVPR WHPSR UHVXOWDGR GH VXD DWLYLGDGH PHWDEyOLFD H REMHWR GR PHWDEROLVPR DOpP GH VHX UHDOL]DGRU 1HVWD SHUVSHFWLYD R PHWDEROLVPR p PDLV GR TXH XP PpWRGR GH SURGXomR GH IRUoD RX GH DOLPHQWR $SHVDU GH TXH QRV RUJDQLVPRV YLYRV R PHWDEROLVPR IRUQHoD D HQHUJLD FLQpWLFD QHFHVViULD D HVWH VHX SDSHO IXQGDPHQWDO p R GH FRQVWLWXLURSUySULRRUJDQLVPRHFRQVWDQWHPHQWHVXEVWLWXLUVXDVSDUWHV(VWHYLUDVHUpXPD UHDOL]DomRGRRUJDQLVPR6HQGRDVVLP-RQDVGHIHQGHDLGHLDGHTXHHVWDQmRpXPDUHDOL]DomR GDPDWpULDSXUDRXGRPRYLPHQWRGHVWDPDWpULDVHPYLGDHVHPILQDOLGDGHV
ϭϯ
LGHQWLGDGHHQWUHWDQWRQRVHUYLYRFDUUHJDFRQVLJRXPVWDWXVRQWROyJLFRGHVHUXPDXQLGDGH GRP~OWLSOR
$OLEHUGDGHVHHQFRQWUDQHVWHWHVWHPXQKRGRVFRUSRVYLYRV3DUD-RQDVHVWDOLEHUGDGH QHVVHVHQWLGRHVSHFtILFRWUDWDVHGHXPWUDoRRQWROyJLFRIXQGDPHQWDOGDYLGD6XDIXQomRp VHUXPJXLDQDRULHQWDomRGDWDUHIDGHLQWHUSUHWDUDYLGD(VWDOLEHUGDGHDWXRXGHVGHRYLUD VHURXVHMDGHVGHRLPSXOVRTXHHQVHMRXDSDVVDJHPGDPDWpULDLQRUJkQLFDSDUDDRUJkQLFD
3DUD -RQDV D DWXDomR GHVWD OLEHUGDGH UHSUHVHQWD XPD WHQGrQFLD QDV SURIXQGH]DV GR SUySULR VHU LVWR p XP ILP QR 6HU TXH SURGX]LX D WUDQVLomR GH VXEVWkQFLD VHP YLGD SDUD VXEVWkQFLDYLYD(ODpXPSULQFtSLRFRQWtQXR
2 FDUiWHU WUDQVFHQGHQWH GD YLGD HQFRQWUDVH HQWmR QD LQWHQFLRQDOLGDGH SUHVHQWH GD QHFHVVLGDGHGHPDWpULDHVWUDQKDFRPRVHQGRSUySULDGR6HUGHPRQVWUDQGRDVVLPXPFDPSR GHVXDVSRVVtYHLVUHDOL]Do}HV-RQDVSURFXURXPRVWUDUFRPHVWDVDQiOLVHVTXHMiQRVREVFXURV PRYLPHQWRV GD QHFHVVLGDGH GDV VXEVWkQFLDV RUJkQLFDV SULPLWLYDV VH HQFRQWUD R SULPHLUR ODPSHMR GH XP SULQFLSLR GH OLEHUGDGH QmR SHFXOLDU j PDWpULD SXUD PDV VLP GD YLGD HP VL PHVPD
(VWDFRQFHSomRGHTXHVyRVRUJDQLVPRVGRWDGRVGHFRQVFLrQFLDHUDPSRUWDGRUHVGH ILQDOLGDGHHPUD]mRGRDSDUDWRGDVXEMHWLYLGDGHpIUXWRGRFRQIOLWRGXDOtVWLFRTXH'HVFDUWHV WHQWRX VROXFLRQDU DR UHVWULQJLU R GXDOLVPR H FRP HOH D SUHVHQoD PDLV HOHPHQWDU GH VHQWLPHQWRVjUHODomRHVStULWRFRUSRQRVHUKXPDQR
$SUHVHQoDGRHOHPHQWRVXEMHWLYRpLQFRQWHVWiYHOHPHVPRQRVDQLPDLVLUUDFLRQDLVVH SRGH IDODU GH DSDUDWRV SVLFROyJLFRV VLPLODUHV GD VXEMHWLYLGDGH KXPDQD +DQV -RQDV GHVWDFD FRPRLPSRUWDQWHQDFRQVWDWDomRGRWHVWHPXQKRGDVXEMHWLYLGDGHRIDWRGHLGHQWLILFiODFRPR XPIHQ{PHQRRULJLQDOHGLVWLQWRGRVWDWXVGH³HSLIHQ{PHQR´
3DUD HOH R WHVWHPXQKR GD VXEMHWLYLGDGH HQFRQWUDVH REMHWLYDPHQWH QR PXQGR DVVLP FRPR DV FRLVDV PDWHULDLV XPD YH] TXH D VXEMHWLYLGDGH H[SUHVVD WDQWR LQWHULRULGDGH TXDQWR H[WHULRULGDGH(PVHXGHSRLPHQWRH[WHULRUQDGHWHUPLQDomRFRUSRUDOpUHFRQKHFLGRWDPEpP RSDSHOREMHWLYRGRVILQVVXEMHWLYRVQDWRWDOLGDGHGRVDFRQWHFLPHQWRV
1HVWDFRQVWDWDomR-RQDVLQWURGX]XP³DJLU´QDQDWXUH]DHQWHQGHQGRDQDWXUH]DFRPR RTXHFRQWpPYLGDVHMDHVWDUDFLRQDORXQmR$WHVHGH-RQDVDFHUFDGHXPDILQDOLGDGHQR6HU RXQDYLGDFKHJDDVVLPDRVDUJXPHQWRVTXHFRQGX]LUDPDXPDIXQGDPHQWDomRpWLFDQRYDORU HPVLGR6HUGDPi[LPDpWLFDGHTXHVHGHYHH[LVWLUTXHQDYLGDVHHQFRQWUDXPYDORUHPVL
Ϯ
ϭϰ
1RTXDUWRHTXLQWRPyGXORDQDOLVDPRVDSURSRVWDGHXPDpWLFDGDUHVSRQVDELOLGDGH MRQDVLDQD XWLOL]DQGRQRV GDV VHJXLQWHV REUDV2 SULQFtSLR YLGD 3HQVDU VREUH 'LRV H RWURV
HQVD\RVHeWLFDHVRFLDELOLGDGH
$H[DOWDomRGDWpFQLFDDVVXPLXQDVDo}HVKXPDQDVXPDJUDQGH]DWDOTXHDDQWLJDpWLFD QmRHQTXDGUDPDLVRFDPLQKRGRDJLUKXPDQR$DQWLJDLQYXOQHUDELOLGDGHLPXWDELOLGDGHGD RUGHPGDQDWXUH]DDHQTXDGUDYDPQmRFRPRXPREMHWRGDUHVSRQVDELOLGDGHKXPDQDSRUpP QR FRQWH[WR DWXDO D QDWXUH]D DVVXPH WDO YXOQHUDELOLGDGH TXH VH FRQVWLWXL FRPR XP QRYR REMHWRSDUDDWHRULDpWLFD'HVWDIRUPDDpWLFDTXHVHSURS}HQRPRPHQWRFRQWHPSRUkQHRQmR GHYHVHDWHUDSHQDVDREHPKXPDQR$LQWHQomRGH-RQDVFRPXPDQRYDSURSRVWDpWLFDSDUDD FLYLOL]DomR WHFQROyJLFD FRQWHPSRUkQHD p LGHQWLILFDU D YLGD FRPR XP YDORU HP VL PHVPR HQWHQGHQGRVHFRPRYLGDQmRVyDYLGDKXPDQD
$ DQiOLVH GH -RQDV SDUWH GD pWLFD NDQWLDQD H GD H[SRVLomR GR LPSHUDWLYR FDWHJyULFR ³$JHGHWDOPRGRTXHDPi[LPDGHWXDYRQWDGHSRVVDVHPSUHYDOHUDRPHVPRWHPSRFRPR SULQFtSLR GH XPD OHJLVODomR XQLYHUVDO´ 2 LPSHUDWLYR FDWHJyULFR WHP FDUiWHU XQLYHUVDO H p
DSULyULFRHPUHODomRjH[SHULrQFLDDGYLQGRGDOHLPRUDOGDUDFLRQDOLGDGHOLYUHTXHPHVPR
SDUWLQGRGDVXEMHWLYLGDGHGRVXMHLWRPRUDODWLQJHDREMHWLYLGDGHSRLVYDOHSDUDWRGRVRVVHUHV UDFLRQDLV 2 LPSHUDWLYR GL] UHVSHLWR DR VHU KXPDQR H DR DJLU GHVWH SRUpP SDUD -RQDV QR PRPHQWRFRQWHPSRUkQHRDTXHVWmRpWLFDSULPRUGLDOQmRGL]UHVSHLWRDRDJLUGRVLQGLYtGXRV HPSDUWLFXODUPDVVLPVHHVWHDJLUPDQWHUiDH[LVWrQFLDGHWRGDDKXPDQLGDGH
1HVWD SHUVSHFWLYD -RQDV SURS}H XP QRYR LPSHUDWLYR FDWHJyULFR DGHTXDGR DR QRYR WLSR GH DJLU KXPDQR ³$MD GH PRGR D TXH RV HIHLWRV GD WXD DomR VHMDP FRPSDWtYHLV FRP D SHUPDQrQFLDGHXPDDXWrQWLFDYLGDKXPDQDVREUHD7HUUD´
2QRYRLPSHUDWLYRQmRGL]UHVSHLWRDSHQDVjFRQGXWDPRUDOGRKRPHPPDVDQWHVID] XP DSHOR SHOD FRQWLQXLGDGH GD DWLYLGDGH KXPDQD QR IXWXUR $V QRYDV GLPHQV}HV GR DJLU KXPDQR UHTXHUHP QRYD pWLFD TXH UHVSRQGD DV TXHVW}HV SUySULDV GR VHX WHPSR HVWDEHOHoD QRYRVOLPLWHVGHSUHYLVmRHUHVSRQVDELOLGDGH
2GHVHMRGHFRQKHFHULPSXOVLRQDFDGDYH]PDLVDDWLYLGDGHFLHQWtILFDjVWHFQRORJLDVH VHXV DYDQoRV QXP FtUFXOR YLFLRVR FRP LPSXOVR SUySULR 2 FRQKHFLPHQWR HQFRQWUDVH FRPR LQVWUXPHQWR XWLOLWiULR GDV QHFHVVLGDGHV FULDGDV SHOR XWRSLVPR PRGHUQR DR SRQWR GH
ϯ
.$17$FUtWLFDGDUD]mRSUiWLFDS ϰ
&I-21$62SULQFtSLRUHVSRQVDELOLGDGHS ϱ
ϭϱ
FRQVWLWXLUVHKRMHFRPRELRWHFQRORJLDRXVHMDR+RPRIDEHUDSOLFDVXDDUWHVREUHVLPHVPR 3RGHVHHQWmREULQFDUGHVHU'HXV
2DSHORSRUXPDµQRYD¶pWLFDGL]UHVSHLWRDRDEXVRGDXWLOL]DomRGDDWLYLGDGHWpFQLFR FLHQWtILFDSHORKRPHPTXHDFDUUHWRXDRPXQGRFRQWHPSRUkQHRFRQVHTXrQFLDVFRPRHIHLWR HVWXIDEXUDFRQDFDPDGDGHR]{QLRGHUUHWLPHQWRGDVJHOHLUDVH[WLQomRGRVUHFXUVRVQDWXUDLV H DQLPDLV H[WLQomR HP PDVVD HQWUH RXWURV 1HVWD SHUVSHFWLYD R GLVFXUVR SHOR µDYDQoR GD VRFLHGDGH¶ QmR VH H[SUHVVD LVWR p D WpFQLFD WUD] HP VL D DPHDoD SRU WDQWR r[LWR $V QRYDV GLPHQV}HVGRVDEHUHSRGHUKXPDQRDIHWDPGLUHWDPHQWHRIXWXURGDKXPDQLGDGHFRQIHULQGR DVVLPjWHRULDpWLFDXPSDSHOMDPDLVRXWRUJDGR'HVVDIRUPDDUHVSRQVDELOLGDGHGL]UHVSHLWR QmRDSHQDVDRkPELWRLQGLYLGXDOPDVDRFLUFXLWRFROHWLYR
1DEXVFDGHXPDpWLFDTXHWHPFRPRSULQFLSDOREMHWRQmRRWHPSRSUHVHQWHPDVVLPR IXWXUR -RQDV VH XWLOL]D GH XPD KHXUtVWLFD GR WHPRU RX VHMD RVXPPXP PDOXP HP YH] GR
VXPPXP ERQXP FRPR LQtFLR GD PRUDO $ DPHDoD GD LPDJHP KXPDQD p D DQXQFLDomR
DSRFDOtSWLFDGHVWHVXPPXPPDOXPeVREUHWXGRRUHFRQKHFLPHQWRGRPDODQWHVGREHP 2VJUDQGHVULVFRVWHFQROyJLFRVSRUWDQWRVmRGHVDXWRUL]DGRVGLDQWHGRVLQWHUHVVHVGD KXPDQLGDGHFRPRXPWRGRYLVWRTXHS}HPHPULVFRQmRDSHQDVDYLGDKXPDQDPDVWDPEpP D H[LVWrQFLD GD SUySULD YLGD QD 7HUUD 2V ULVFRV WHFQROyJLFRV YLVDP DSHQDV D PHOKRUDU SHUPDQHQWHPHQWHRMiDOFDQoDGRQmRDSUHVHQWDQGRDVVLPFRPRILQDOLGDGHVDOYDURTXHH[LVWH -RQDVEXVFDXPDOHJLWLPDomRPHWDItVLFDSRULQWHUPpGLRGDWHRULDGRVYDORUHVYLVDQGR DWLQJLUDRYDORUFRPRWDORYDORUHVXDREMHWLYLGDGHSRLVGRVWDWXVRQWROyJLFRGRYDORUVH H[WUDL D REMHWLYLGDGH GR YDORU H D GHGXomR GH XP GHYHU6HU REMHWLYR H GH XPD UHVSRQVDELOLGDGHUHODFLRQDGDDR6HUFRPRWDOHQmRDSHQDVDRVHUKXPDQR
-RQDVLQLFLDVXDEXVFDPHWDItVLFDFRPXPDDQiOLVHDFHUFDGRVILQVSDUDDVVLPDWLQJLUR YDORU HP VL 2 ILP GHVVD IRUPD p R ³SDUD TXH´ XPD FRLVD H[LVWH (OH QmR UHVSRQGH SHOR FRQFHLWRSURSULDPHQWHGHWDOFULDomRDSHVDUGHRFRQFHLWRID]HUSDUWHGHVXDFRQVWLWXLomRQHP VREUHDVXDXWLOLGDGHPDVVLQDOL]DSDUDDILQDOLGDGHGHVXDFULDomRHVHXYtQFXORFRPDDomR
,QLFLDOPHQWHFRQVWDWDTXHDSDUWLUGRVILQVGDVFULDo}HVKXPDQDVQmRVHSRGHFKHJDUD XP ILP HP VL PHVPR 2 ILP VH HQFRQWUD QD VXEMHWLYLGDGH SRUWDQWR QR KRPHP 1R DJLU DQLPDO FRQWXGR VH LGHQWLILFD R LQGtFLR GD ILQDOLGDGH GD YLGD 1RV DQLPDLV LUUDFLRQDLV R HQFDGHDPHQWRGHDo}HVDUWLFXODGDVDQWHFLSDXPILPQRUWHDGRUTXHDJHFHJDPHQWHFRQIRUPH GHWHUPLQDomR GD QDWXUH]D RX GD YLGD +i SDUD -RQDV QR UHLQR DQLPDO PHVPR HP VXD FRQVWLWXLomRPDLVVLPSOHVXPTXHUHULQWHQFLRQDGRTXHLPSXOVLRQDRDJLU
ϭϲ
HVWDEHOHFHQGR DVVLP XPD UHODomR HQWUH ERQXP H HVVH 6LWXDGR R EHP QR VHU UHVWDUi GHPRQVWUDGR TXH D QDWXUH]D VDQFLRQD VHXV YDORUHV H H[LJH VHX UHFRQKHFLPHQWR SRU WRGD YRQWDGH FRQVFLHQWH $ LPSXWDELOLGDGH GH YDORU LQLFLDVH TXDQGR D QDWXUH]D HVWDEHOHFH ILQDOLGDGHVXPDYH]TXHDRWUDoDUREMHWLYRVRXILQVDQDWXUH]DpSRUWDGRUDGHYDORUHVSRLV DR HVWDEHOHFHU VXDV ILQDOLGDGHV H DV SHUVHJXLU DOFDQoiODV FRQVWLWXL XP EHP H IUDFDVVDU VLJQLILFDXPPDO
3DUD-RQDVDQHJDomRGDILQDOLGDGHpHODSUySULDXPDILQDOLGDGH$QHJDomRSRGHDWp UHXQLUYDORUQHJDWLYRPDVQmRGHVTXDOLILFDRXPHVPRLQYDOLGDDILQDOLGDGHSRVWXODVHDQWHV FRPRD[LRPDRQWROyJLFRSRLVDQHJDomRGDILQDOLGDGHMiFRQVWLWXLILQDOLGDGH'LVWRGHFRUUHR GHYHUGRSULPHLUREHPDXWRDYDOLGDGRHRVTXHGHOHGHFRUUHPGHVGHTXHHQFRQWUHPDEULJRHP XPDYRQWDGHRXVHMDGR%HPHPVLGHFRUUHRGHYHURSUHVVXSRVWRD[LROyJLFRDQFRUDVHQD VXSHULRULGDGH GD ILQDOLGDGH FRQVWLWXLQGRVH LVWR FRPR XP EHP HP VL FRQVHTXHQWHPHQWH FRPRGHYHU
$R FRQIHULU D HVVD SURSRVLomR R FDUiWHU GH XP D[LRPD HVWH p H[SUHVVR GH IRUPD PHWDItVLFD H VHQGR DVVLP ILFD LPSRVVtYHO FRPSURYiOR SRUpP SDUD -RQDV WDO SURSRVLomR GLVS}HGHHYLGrQFLDVLQWXLWLYDVSUySULDVeSUySULDGR6HUHVWDEXVFDSRUILQDOLGDGHV26HUVH DILUPDDSHUVHJXLUILQDOLGDGHVVLWXDQGRVHFRPHIHLWRHPHVWDGRVXSHULRUDRQDGDHDRQmR 6HU
2VHQWLPHQWRPRUDOSRUVXDYH]WDPEpPH[LJHXPDDXWRUL]DomRH[WHUQDDVLPHVPR DTXDOOKHSHUPLWHSHUFHEHUVHPXLWRPDLVGRTXHXPLPSXOVRQR6HU±DSHVDUGHTXHDODFXQD HQWUH D VDQomR DEVWUDWD H D PRWLYDomR FRQFUHWD Vy p VXSHUDGD SHOR DSHOR GR VHQWLPHQWR j VXEMHWLYLGDGH SRU VHU HVWH R IDWRU HVVHQFLDO SDUD LQIOXHQFLDU D YRQWDGH 1D RUGHP OyJLFD SULPHLURYHPDYDOLGDGHGDVREULJDo}HVRXVHXDSHORUDFLRQDOHVHJXQGRDSRUWDRVHQWLPHQWR FRUUHVSRQGHQWHRXVHXDSHORHPRFLRQDORIDWRUFUXFLDOQDLQWHUYHQomRGDYRQWDGH
1R kPELWR GD UHVSRQVDELOLGDGH TXH p R VHQWLPHQWR OLJDGR j SURSRVWD GH -RQDV SDUD XPD pWLFD QD FRQWHPSRUDQHLGDGH QmR VH YLVD j DSURSULDomR GH XP REMHWR VXSUHPR QHP PHVPRVHWUDoDGHVWHDFRQRWDomRRQWROyJLFD2REMHWRGDUHVSRQVDELOLGDGHpDOJRSHUHFtYHO VXUJHFRPRIDWRHPStULFROLJDGRDXPDDOWHULGDGHPDVQmRDSURSULDGRSRUHVWD1mRVHWUDWD SRUWDQWRGHDOJRPHOKRUPDVDSHQDVGDSUySULDDOWHULGDGH
ϭϳ
REMHWLYD H R VHQWLPHQWR GH UHVSRQVDELOLGDGH VXEMHWLYR SRU PHLR GR TXDO D QDWXUH]D SUHYLDPHQWHHVWDEHOHFHXFRPRILQVGDHVSpFLHKXPDQD
$ FRPSUHHQVmR GD UHVSRQVDELOLGDGH QD SHUVSHFWLYD GH -RQDV WUDWDVH GR GHYHU GR SRGHU RX VHMD GD GHOLEHUDomR GR TXH VH WHP D ID]HU (P RXWUDV SDODYUDV VLJQLILFD D UHVSRQVDELOLGDGHGHID]HURTXHVHGHYHID]HU(VWDQRomRGDUHVSRQVDELOLGDGHQmRVHUHIHUH HPSULPHLUROXJDUDRTXHVHGHYHID]HUHVXDVFRQVHTXrQFLDVPDVDRTXHVHGHYHID]HUDQWHR REMHWRTXHUHLYLQGLFDRDJLU
2 SRUTXr GD UHVSRQVDELOLGDGH HQFRQWUDVH IRUD GR VXMHLWR GD DomR DR PHVPR WHPSR HPTXHHVWiQDHVIHUDGRSRGHUGHVWH2GLUHLWRGHH[LVWLUGRREMHWRVHFRQWUDS}HDRSRGHUGH DomR GH FDGD XP VREUH HVWH TXH UHTXHU GR VHQWLPHQWR GH UHVSRQVDELOLGDGH H FRQVHTHQWHPHQWHGDYRQWDGHPRUDOTXHRVXMHLWRDMDHPIDYRUGHVWH'HVVDIRUPDRDSHOR VHQWLPHQWDOGDUHVSRQVDELOLGDGHWHPRULJHPQmRQDLGHLDGDUHVSRQVDELOLGDGHHPJHUDOPDV QRUHFRQKHFLPHQWRGREHPLQWUtQVHFRGRREMHWR
$ FRQWLQXLGDGH GD H[LVWrQFLD p D SULPHLUD GH WRGDV DV H[LJrQFLDV XPD UHVSRQVDELOLGDGH SUySULD GR KRPHP HP RXWURV WHUPRV WUDWDVH GR GHYHU GH H[LVWLU /RJR SDUD-RQDVDH[LVWrQFLD GDKXPDQLGDGHVLJQLILFDTXHRVKRPHQVYLYDP GHIRUPD DXWrQWLFD TXHYLYDPEHPpXPLPSHUDWLYRFRQVHFXWLYRDRDQWHULRU
2 SRGHU DWXD FRPR IRUoD ILQDO H FDXVDO DQWH RV HIHLWRV TXH VXEPHWHP D ULVFR DV FRQGLo}HVGDH[LVWrQFLD2SRGHUGRKRPHPpDUDL]GRGHYHVHGDUHVSRQVDELOLGDGHDVVLPVH GiDSDVVDJHPGRTXHUHUDRGHYHU$SURSRVWDGH-RQDVpGHTXHDHVSHFXODomRWHyULFDDVVXPD QRYDPHQWHDSHUJXQWDSHORVILQVXPDYH]TXHDWHRULDFLHQWtILFDpLQFDSD]GHUHVSRQGrODH UHFRQKHoDTXHRPDLRUEHPGRVHUKXPDQRpDFRQWLQXLGDGHGDYLGDQD7HUUD
ϭϴ
2'(%$7(&217(0325Æ1(262%5($1$785(=$e7,&$
1mR Ki YLGD KXPDQD VHP YDORUHV H UHSUHVHQWDo}HV Vy TXH HVWHV QXP SULPHLUR PRPHQWR VmR DFHLWRV FRPR HYLGrQFLDV LQTXHVWLRQiYHLV 1R HQWDQWR TXDQGR RV KRPHQV GH XPD GHWHUPLQDGD IRUPDomR VRFLDO QmR FRQVHJXHP PDLV UHFRQKHFHUVH QDV UHSUHVHQWDo}HV H QRV YDORUHV YLJHQWHV QHVWD IRUPDomR VRFLDO VXUJH HQWmRDH[LJrQFLDGHXPDMXVWLILFDomRGDVXEPLVVmRGH WRGDDYLGDDRMXOJDPHQWRGDUD]mRSDUDGLVFHUQLUVXD UD]mRGHVHU0$1)5('2$'(2/,9(,5$
3DVVRVGDSUREOHPiWLFDQDUHIOH[mRILORVyILFD
$pWLFDFRQWHPSRUkQHDFRQILJXUDVHSRUPHLRGHXPDVLWXDomRKLVWyULFDSUySULD9LYH VHKRMHDHUDGDFLYLOL]DomRWpFQLFRFLHQWtILFDQRFRQFHLWRSODQHWiULR7XGRRTXHHQYROYHR DTXHFLPHQWR GD HFRQRPLD HVWi OLJDGR j FLHQWLIL]DomR GR VDEHU KXPDQR EHP FRPR DR FRQKHFLPHQWRWpFQLFR
$ KXPDQLGDGH HQFRQWUDVH SOXUDOLVWD VHFXODUL]DGD H WHFQLILFDGD GH WDO IRUPD TXH VH WRUQD FDGD YH] PDLRU D GHVSURSRUomR HQWUH LQWHUHVVHV WpFQLFRHFRQ{PLFRV H FULWpULRV PRUDLV TXHRVSRVVDPUHJHU
1HVWDSHUVSHFWLYDDYLGDSHUGHVHXFRQWH[WRGHILPSULPRUGLDOGDH[LVWrQFLDKXPDQDH SDVVD D FRQGLomR VHFXQGiULD GH ILP GR LQWHUHVVH WpFQLFRHFRQ{PLFR QD PHGLGD HP TXH D SUySULD YLGD p KRMH GLYLVDGD FRPR REMHWR FRJQRVFtYHO GR VDEHU WpFQLFRFLHQWtILFR VHMD SHOD PDQLSXODomR GRV SURFHVVRV JHQpWLFRV RX PHVPR LQWHUIHUrQFLDV GRV SURFHGLPHQWRV TXtPLFRV GR RUJDQLVPR HQILP D WpFQLFD SDVVD GD FRQGLomR GH PHLR SDUD D FLUFXQVWkQFLD GH ILP IXQGDPHQWDOGDYLGDKXPDQDVDEHUWRUQDVHVLQ{QLPRGHSRGHU
$HFRQRPLDPXQGLDOVXEVWLWXLROXJDUGDSROtWLFDHSDVVDDOXFUDUFRPWDLVTXHVW}HV HQVHMDQGR DVVLP DXPHQWR GH SURGXWLYLGDGH H WUDQVIRUPDomR GR WUDEDOKR KXPDQR )D]HQGR FRPTXHDHFRQRPLDGLWHDVGLUHWUL]HVGDYLGDKXPDQDQDVSDODYUDVGH2OLYHLUD
([SHULPHQWDPRV XP GHVHQYROYLPHQWR WHFQROyJLFR DFHOHUDGR FRP XP DXPHQWR VLJQLILFDWLYR GD SURGXomR GH ULTXH]DV DR PHVPR WHPSR HP TXH YHPRV FUHVFHU WDPEpPDIRPHHDPLVpULDTXHOHYDPDXPDGHVDJUHJDomRVRFLDOFDGDYH]PDLRURX PHVPRjPRUWHGHPLOK}HVGHVHUHVKXPDQRVjGLVSDULGDGHQDGLVWULEXLomRGHUHQGD HGHULTXH]DHjDPHDoDGDGHVWUXLomRGDSUySULDKXPDQLGDGHDWUDYpVVHMDGHXPD JXHUUDQXFOHDUVHMDSHODH[SORUDomRGHVHQIUHDGDGRVUHFXUVRVQDWXUDLV2+|IIHIDOD SRU HVWD UD]mR GH XPD µJOREDOL]DomR GD YLROrQFLD¶ HP TXH R DUEtWULR H R SRGHU
ϲ
ϭϵ
VXEVWLWXHPRGLUHLWRQDVUHODo}HVHQWUHDVSHVVRDVHRVSRYRVPDUFDGRVKRMHSRUXP HJRtVPRLQGLYLGXDOHJUXSDOFUHVFHQWHSHODFULPLQDOLGDGHRUJDQL]DGDSHORFRPpUFLR GHDUPDVGURJDVHVHUHVKXPDQRVSHORWHUURULVPRLQWHUQDFLRQDOSHODGHVWUXLomRGR PHLRDPELHQWH
+i QHVWH FRQWH[WR XP TXHVWLRQDPHQWR FRQVWDQWH GD YHUGDGH REMHWLYD RFDVLRQDQGR XPVXEMHWLYLVPRpWLFRUHLQDQGRDLQVXEVLVWrQFLDGDVQRUPDVpWLFDVFULDQGRDVVLPRµYD]LR pWLFR¶SUHGRPLQDQWHKiXPDGHVRULHQWDomRGDYLGDKXPDQDWDQWRGHPRGRLQGLYLGXDOFRPR VRFLDO6HJXQGR2OLYHLUD³-+DEHUPDVLQWHUSUHWDDVVRFLHGDGHVPRGHUQDVFRPRVRFLHGDGHV PDUFDGDVSRUXPSOXUDOLVPRGHFRVPRYLV}HV´&RQIRUPH+DEHUPDV
(PTXHVW}HVGHSULQFtSLRPRUDLVIUHTHQWHPHQWHGHL[DGHVHUSRVVtYHOPHVPRFRP ERD YRQWDGH FKHJDU D XP FRQVHQVR 'LDQWH GR IDWR GH XPSOXUDOLVPR GDV RULHQWDo}HV D[LROyJLFDV IDWR HVVH TXH SUHGLVS}H D XP HVWDGR GH kQLPR FpSWLFR R FRJQLWLYLVWDWHPTXHVHHVIRUoDUSRUFRPSURYDUDH[LVWrQFLDGHXPSULQFtSLRSRQWH TXHSRVVLELOLWHRFRQVHQVR
6HQGR DVVLP R FRQKHFLPHQWR RQWROyJLFR SHUGH VXD OHJLWLPLGDGH HP IDYRU GR FRQKHFLPHQWRWHFQLILFDGRSURGX]LQGRXPDIDOWDGHFRQVHQVRHPUHODomRDRVYDORUHVpWLFRV SRLVDRVHVXEVWLWXLURVDEHUQRUPDWLYRSRUXPFRQKHFLPHQWRFLHQWLILFL]DGRFULDVHGHVDFRUGR HP YLUWXGH GDV GLYHUVDV FRQFHSo}HV FLHQWtILFDV GD FRQWHPSRUDQHLGDGH $V VHQWHQoDV QRUPDWLYDV GHVWD IRUPD GHYHUmR DGHTXDUVH DR PRGHOR HPStULFR GDV VHQWHQoDV GHVFULWLYDV TXHSRUVXDYH]GHVHPERFDPQRSUREOHPDGDIXQGDPHQWDomRPRUDO&RQIRUPH0DFOQW\UH
+DELWDPRV SRUWDQWR XPD FXOWXUD QD TXDO D LQDELOLGDGH GH VH FKHJDU D FRQFOXV}HV FRPXQVHUDFLRQDOPHQWHMXVWLILFiYHLVVREUHDQDWXUH]DGDMXVWLoDHGDUDFLRQDOLGDGH SUiWLFD FRH[LVWH FRP D XWLOL]DomR SRU SDUWH GH JUXSRV VRFLDLV HP RSRVLomR GH FRQMXQWRGHFRQYLFo}HVULYDLVHFRQIOLWDQWHVQmRHPEDVDGDVQDMXVWLILFDomRUDFLRQDO 1HPDVYR]HVGDILORVRILDDFDGrPLFDQHPDOLiVQRTXHFRQFHUQHDHVWHDVVXQWRDV GHQHQKXPDRXWUDGLVFLSOLQDDFDGrPLFDQHPDVGDVVXEFXOWXUDVSDUWLGiULDVWHPVLGR FDSD]HVGHSURPRYHURVFLGDGmRVFRPXQVGHXPPRGRGHXQLILFDUVXDVFRQYLFo}HV HPFDGDDVVXQWRSHODMXVWLILFDomRUDFLRQDO $VTXHVW}HVGLVSXWDGDVFRQFHUQHQWHVD MXVWLoD H D UDFLRQDOLGDGH SUiWLFD VmR SRUWDQWR WUDWDGDV QR GRPtQLR S~EOLFR QmR FRPRXPDVVXQWRGHSHVTXLVDUDFLRQDOPDVFRPRH[LJLQGRDDILUPDomRHDFRQWUD DILUPDomRGHFRQMXQWRVGHSULPtFLDVDOWHUQDWLYDVHLQFRPSDWtYHLV
1HVWD SHUVSHFWLYD QD HVIHUD GD pWLFD QmR Ki IXQGDPHQWDomR SRVVtYHO SRLV RVPHLRV WHyULFRV Vy DEUDQJHP R FRQKHFLPHQWR FLHQWtILFR 2 FRQFHLWR GH UD]mR SUHVHQWH QD FXOWXUD LOXPLQLVWD HOLPLQRX TXDOTXHU FRQKHFLPHQWR RQWROyJLFR 'DGD D LPSRVVLELOLGDGH GH XPD RQWRORJLD GHVGH R PRPHQWR PRGHUQR LPSRVVLELOLWRXVH WDPEpP XPD ILORVRILD GD QDWXUH]D EDVHGDSURSRVWDpWLFDGHIHQGLGDQHVWHWH[WR
ϳ
2/,9(,5$5HYLVWDSUDLDYHUPHOKDS ϴ
+$%(50$6&RQVFLrQFLDPRUDOHDJLUFRPXQLFDWLYRS ϵ
ϮϬ
$VSURSRVLWXUDVIXQGDPHQWDLVGD pWLFD FRQWHPSRUkQHDVHGLYLGHP HPGXDVFRUUHQWHV SULQFLSDLVDVpWLFDVGHRQWROyJLFDVµGHRQ¶ GHYHUFHQWUDGDVQRVWLSRVGHDomRQDVLQWHQo}HV GD DomR H DV pWLFDV WHOHROyJLFDV µWHORV¶ REMHWLYR ILP RX FRQVHTXHQFLDLV FHQWUDGDV QDV FRQVHTXrQFLDVGDDomRKXPDQD
$V pWLFDV GHRQWROyJLFDV VmR FDUDFWHUL]DGDV SHOR TXH p FRUUHWR DR DJLU LQGHSHQGHQWHPHQWH GR EHP HVWDQGR DV Do}HV QD EDVH GR GHYHU HPEXWLQGR DVVLP XP UHODWLYLVPR H XP FRQWUDWXDOLVPR PRUDO $V pWLFDV WHOHROyJLFDV SRU VXD YH] SULRUL]DP DV FRQVHTXrQFLDVGDVDo}HVPRUDLVWHQGRFRQFHLWRFHQWUDOQREHP
(VWHFDStWXORSUHVFUHYHXPDDQiOLVHGHPRGHORVpWLFRVTXHYLVDPDXPDWHQWDWLYDGH OHJLWLPDomR XWLOL]DQGRVH SDUD WDQWR GR PRGHOR GHRQWROyJLFR GD pWLFD GR GLVFXUVR H GR PRGHORWHOHROyJLFRGRXWLOLWDULVPR
$pWLFDGRGLVFXUVRPRGHORpWLFRGHRQWROyJLFR
1D FRQWHPSRUDQHLGDGH XP H[HPSOR GH pWLFD GHRQWROyJLFD p D pWLFD GR GLVFXUVR XWLOL]DGDSRU.2$SHOHSRU-+DEHUPDVTXHSUHVVXS}HDGLVFXVVmROLYUHHDUJXPHQWDWLYD PHGLDQWHRSULQFtSLRGRGLVFXUVR-+DEHUPDVQRHQWDQWRVHGLIHUHQFLDGH$SHOQRTXHGL] UHVSHLWR j IXQGDPHQWDomR ~OWLPD XPD YH] TXH +DEHUPDV UHFXVD D YDOLGDGH GHVWD FRQVLGHUDQGRDVVLPRGLVFXUVRDUJXPHQWDWLYRFRPRFRQWH[WXDOKLVWyULFRHFRQWLQJHQWH
6HJXQGR HVVH SHQVDPHQWR VXUJH XPD UHIOH[mR TXH UHS}H D SUREOHPiWLFD pWLFD QHVWH QRYRFRQWH[WRKLVWyULFRILORVyILFRRGHVHQYROYLPHQWRH[SDQVLYRGDFLrQFLDHGDWHFQRORJLD TXH FRQILJXUD VLWXDo}HVSUREOHPD SDUD WRGD D KXPDQLGDGH GHVDILR WHFQROyJLFRHFROyJLFR DFDUUHWDQGRDVVLPDQHFHVVLGDGHGHVHSHQVDUXPDUHVSRQVDELOLGDGHQRSODQRPXQGLDODOpP GDVQRYDVH[LJrQFLDVpWLFDVDGYLQGDVGHVWDFRQIXVmRGHSUREOHPDV
$TXHVWmRpWLFDQDFRQWHPSRUDQHLGDGHGHYHDEVWUDLUVHGHTXDOTXHUSDUWLFXODULVPRH Ki GH VHU SHQVDGD QD FRQWH[WXUD GD PDFURpWLFD XQLYHUVDOLVWD 1DV SDODYUDV GH 2OLYHLUD ³7UDWDVH GH RUJDQL]DU D UHVSRQVDELOLGDGH GD KXPDQLGDGH SDUD DV FRQVHTrQFLDV GDV Do}HV FROHWLYDVDQtYHOPXQGLDO´(PSOHQRFRQWH[WRGDFULVHUHODWLYLVWDSRUpPHPTXHVHHQFRQWUD DFLYLOL]DomRKXPDQDILFRXFDGDYH]PDLVGLItFLODWDUHIDGHFRQVWLWXLUXPDpWLFDXQLYHUVDO
ϭϬ
&I2/,9(,5$eWLFDLQWHQFLRQDOLVWDWHOHROyJLFDHP9LWWRULR+|VOH,Q&RUUHQWHVIXQGDPHQWDLVGDpWLFD FRQWHPSRUkQHDS
ϭϭ
Ϯϭ
3DUD D YLVmR GD pWLFD GR GLVFXUVR FRQILJXUDU QRUPDWLYDPHQWH D YLGD LQGLYLGXDO H FROHWLYD QRV GLDV GH KRMH Vy p SRVVtYHO SRU YLD GH XPD PRUDO DXW{QRPD FHQWUDGD QD UDFLRQDOLGDGHHSDUWLOKDGDSRUWRGRVRVLQWHJUDQWHVGDFRPXQLGDGHDUJXPHQWDWLYD&RQIRUPH 2OLYHLUD
,VWR LPSOLFD TXH XPD PRUDO TXH OHYDQWD SUHWHQVmR GH YDOLGDGH SDUD FRQILJXUDU QRUPDWLYDPHQWHDYLGDLQGLYLGXDOHFROHWLYDGHQRVVDVVRFLHGDGHVPRGHUQDVVySRGH VHUXPDPRUDOUDGLFDGDQDUDFLRQDOLGDGHSDUWLOKDGDSRUWRGRVDVSHVVRDVSRUWDQWR XPD PRUDO DXW{QRPD LPSDUFLDO H FUtWLFD TXH VH SRVVD FRQVWLWXLU FRPR LQVWkQFLD QRUPDWLYDVXSUHPDHLPSDUFLDOGDYLGDLQGLYLGXDOHVRFLDOHWRUQHSRVVtYHOHPXPD VRFLHGDGHSOXUDOLVWD XPD FRQYLYrQFLDEDVHDGD QR UHVSHLWR P~WXR H QD FRQVFLrQFLD XQLYHUVDOGRVVHUHVUDFLRQDLV
1DOLomRGH2OLYHLUD³$pWLFDGRGLVFXUVRHQWHQGHVHFRPRDWHQWDWLYDGHUHSHQVDUD UDFLRQDOLGDGHGRpWLFRQXPDFLYLOL]DomRSURIXQGDPHQWHPDUFDGDSHODUDFLRQDOLGDGHSUySULDjV FLrQFLDV PRGHUQDV´ 3HQVDU R pWLFR QRV GLDV GH KRMH DOpP GR GHVDILR GR FHWHFLVPR H UHODWLYLVPRWHyULFRpSHQVDUFRPEDVHQDLQWHUYHQomRGDFLrQFLDPRGHUQDQRFRQKHFLPHQWR KXPDQR
9LYHVHKRMHXPDFXOWXUDGDUD]mRFLHQWLILFL]DGDWHQGRRDJLUKXPDQRTXHVHDGHTXDU DRVSDGU}HVHVWLSXODGRVSHORFRQKHFLPHQWRFLHQWtILFR'LDQWHGRVSUREOHPDVTXHDH[DOWDomR GD UD]mR WHyULFD H r[RGR WHFQROyJLFR SURYRFRX j KXPDQLGDGH FRPR XP WRGR ID]VH PLVWHU XPDUHVSRQVDELOL]DomRGDUD]mR1DySWLFDGH+HUUHUR
1yV YLYHPRV KRMH QXPD KLVWyULD TXH VH WRUQRX XQLYHUVDO SRUTXH RV PRGRV GH SURGXomRHDVWHFQRORJLDVVH XQLYHUVDOL]DUDPGHIDWR9LYHPRVQXPDVRFLHGDGHGH WUDEDOKRV TXH DWXDOPHQWH Yr DFRQWHFHU VXD WHUFHLUD UHYROXomR LQGXVWULDO FRP D LQIRUPDWL]DomR GD VRFLHGDGH 7XGR LVVR VLJQLILFD SHOD SULPHLUD YH] D KLVWyULD D FLrQFLDHDWpFQLFDHVWmRGDQGRjDWLYLGDGHKXPDQDXPUDLRGHDomRHXPDOFDQFHGH GLPHQV}HVSODQHWiULDV $WpFQLFDSHUPLWHLJXDOPHQWHDFRPXQLFDomR VLPXOWkQHDGH WRGRVRVDFRQWHFLPHQWRVQRSODQHWD$VVLPSHODSULPHLUDYH]QDKLVWyULDGRJrQHUR KXPDQRRVKRPHQVVHHQFRQWUDPGLDQWHGRGHVILRGHHQIUHQWDURGHYHUGHDVVXPLU HP HVFDOD PXQGLDO D UHVSRQVDELOLGDGH GRV HIHLWRV GH VXDV Do}HV HVFDVVH] GRV UHFXUVRVGDQDWXUH]DGHYDVWDomRGRPHLRDPELHQWHPDQLSXODomRJHQpWLFDHWFHWF (VWDPRV YHQGR FUHVFHU R GHVHTXLOtEULR TXH H[LVWH HQWUH R SRGHU GH GRPLQDomR WpFQLFDVREUHDQDWXUH]DHVREUHRPHVPRKRPHPHRVFULWpULRV PRUDLVFDSD]HVGH GLULJLUHVVH PHVPRSURJUHVVR2DELVPRFDGDYH] PDLRUTXHVHFULDHQWUH YDORUHV PRUDLVHRVLQWHUHVVHVSDUWLFXODUHVDQtYHOLQGLYLGXDOHIDPLOLDUDQtYHOGHSROtWLFDV QDFLRQDLV H D QtYHO LQWHUQDFLRQDO PRVWUD D LPHQVD GHVSURSRUomR H[LVWHQWH HQWUH RV OLPLWHV GDV SUHRFXSDo}HV LQGLYLGXDLV H D DPSOLGmR GDV FRQVHTrQFLDV GR DJLU KXPDQR
+iWDPEpPRXWURGHVDILRSDUDDpWLFDDWXDORIHQ{PHQRGDJOREDOL]DomRSRVVLELOLWDGD SHOD UHYROXomR WHFQROyJLFD TXH SURGX] R GHVDILR SROtWLFR FRP JUDQGHV FRQVHTXrQFLDV j
2/,9(,5$ 0RUDO GLUHLWR H GHPRFUDFLD R GHEDWH $SHOYHUVXV +DEHUPDV QR FRQWH[WR GH XPD FRQFHSomR SURFHGLPHQWDOGDILORVRILDSUiWLFD,Q&RP+DEHUPDVFRQWUD+DEHUPDVSS±
2/,9(,5$eWLFDHUDFLRQDOLGDGHPRGHUQDS
ϮϮ
KXPDQLGDGH$LQGDQDVUHIOH[}HVGH+HUUHUR³1mRGHL[DGHVHUHVWUDQKRTXHQRPRPHQWR HPTXHDJOREDOL]DomRVREUHWXGRHFRQ{PLFDVHWRUQDXPIHQ{PHQRXQLYHUVDOVHSURFODPH SRU WRGD SDUWH D LPSRVVLELOLGDGH WHyULFD GH XPD pWLFD XQLYHUVDO´ +i GHVWD IRUPD D QHFHVVLGDGHGHXPDpWLFDGDVROLGDULHGDGHXQLYHUVDOQRFRQWH[WRSODQHWiULR
$SRVLomRGHRQWROyJLFDGDpWLFDGRGLVFXUVRGHVGHDUHYLUDYROWDOLQJtVWLFDWHPFRPR FRQVHTXrQFLDDOLQJXDJHPFRPRPHGLXPGHWRGRVHQWLGRHYDOLGDGHTXHYLVDDHTXDFLRQDUDV QRYDVGHPDQGDVpWLFDVGHVVHWHPSRHVSHFtILFR1DVSDODYUDVGH+HUUHUR
$JUDQGHFRQTXLVWDGHVVDUHIOH[mRHVWiQDGHVFREHUWDGHTXHDOLQJXDJHPPHGLDWL]D WRGD UHODomR VLJQLILFDWLYD HQWUH VXMHLWR H REMHWR H TXH HOD PDLV IXQGDPHQWDOPHQWH DLQGDHVWiLQHYLWDYHOPHQWHSUHVHQWHHPWRGDFRPXQLFDomR KXPDQDDTXDOLPSOLFD XP µHQWHQGLPHQWR P~WXR¶ VREUH R VHQWLGR GH WRGDV DV SDODYUDV XVDGDV H VREUH R VHQWLGRGRVHUGDVFRLVDVPHGLDGDVSHORVVLJQLILFDGRVGDVSDODYUDV,VVRVLJQLILFDD OLQJXDJHPPHGLDWL]DWRGRVHQWLGRHYDOLGDGH
$ pWLFD GR GLVFXUVR WDQWR HP +DEHUPDV FRPR HP $SHO HVWi FHQWUDGD HP GRLV SULQFtSLRVRGDXQLYHUVDELOLGDGHHRGRGLVFXUVR+iSRUWDQWRSDUDRVGRLVDXWRUHVHPIRFR XPFRQVHQVRGHIXQGRDpWLFDQRFRQWH[WRGDFRQWHPSRUDQHLGDGHVySRGHRFRUUHUGHQWURGH XPD SRVLomR XQLYHUVDOLVWD YLQFXODGD jV SUHWHQV}HV GH YDOLGDGH LPSOtFLWDV QD OLQJXDJHP KXPDQD LQFRQGLFLRQDOLGDGH H LGHDOLGDGH GD SUHVVXSRVLomR FRQWUDIiWLFD H DQWHFLSDomR GR SRVVtYHOFRQVHQVRHQWUHRVSDUFHLURVDUJXPHQWDWLYRV&RQIRUPH2OLYHLUD
'DTXL HPHUJH SRUWDQWR XPD PRUDO TXH p LQFRQFLOLiYHO FRP TXDOTXHU YLVmR GRJPiWLFD GR PXQGR XPD YH] TXH p UDGLFDGD QD DFDUHDomR GLVFXUVLYD GDV SUHWHQV}HVGHYDOLGDGHLPSOtFLWDVQDSUySULDOLQJXDJHP3RURXWURODGRpFRPXPD DPERV D WHVH GH TXH WRGR GLVFXUVR KXPDQR LQFOXVLYH R GLVFXUVR DUJXPHQWDWLYR SDUWH GRV FRQWH[WRV FRQFUHWRV GRV PXQGRV GH YLGD GRV TXDLV GHSHQGH WRGD H TXDOTXHU FRPSUHHQVmR KXPDQD TXH GHVWD IRUPD UHYHODVH FRPR HVVHQFLDOPHQWH FRQWH[WXDOKLVWyULFDHFRQWLQJHQWHMiTXHWRGRVXMHLWRGHDUJXPHQWDomRSHUWHQFHD XPD FRPXQLGDGH UHDO GH FRPXQLFDomR TXH p VRFLRFXOWXUDOPHQWH FRQGLFLRQDGD H OLPLWDGDHLQVWLWXFLRQDOPHQWHFRQILJXUDGDRTXHID]FRPTXHWRGDDomRPRUDOVHMD PHGLDGD SRU LQVWLWXLo}HV VRFLDLV FRPR FRPSOH[RV KLVWyULFRV GD LQWHUDomR H GD FRPXQLFDomRKXPDQDV±DTXLORTXH+HJHOGHQRPLQRXGHµHVStULWRREMHWLYR¶eLVVRR TXH$SHOFKDPDGHRDSULRULGDIDFWLFLGDGHGDKLVWRULFLGDGHHGDFRQWLQJrQFLD
$ pWLFD GR GLVFXUVR SUHWHQGH SRU PHLR GH LQWHUDo}HV FRPXQLFDWLYDV GH SDUWLFLSDQWHV LGHDLV GR GLVFXUVR FKHJDU D RULHQWDo}HV GH Do}HV PHGLDQWH FRQVHQVRV GDV SUHWHQV}HV GH YDOLGDGH FRQWLGDV QD IDOD RQGH D LQWHUDomR VLPEROLFDPHQWH PHGLDGD FRP EDVH HP XP KRUL]RQWHGHVHQWLGRLQWHUVXEMHWLYDPHQWHSDUWLOKDGR
ϭϱ
+(55(52eWLFDGRGLVFXUVR,Q&RUUHQWHVIXQGDPHQWDLVGDpWLFDFRQWHPSRUkQHDS ϭϲ
+(55(52eWLFDGRGLVFXUVR,Q&RUUHQWHVIXQGDPHQWDLVGDpWLFDFRQWHPSRUkQHDS
2/,9(,5$ 0RUDO GLUHLWR H GHPRFUDFLD R GHEDWH $SHOYHUVXV +DEHUPDV QR FRQWH[WR GH XPD FRQFHSomR SURFHGLPHQWDOGDILORVRILDSUiWLFD,Q&RP+DEHUPDVFRQWUD+DEHUPDVSS±
Ϯϯ
1RFRQWH[WRGDpWLFDGRGLVFXUVRDVQRUPDVPRUDLVQHFHVVLWDPGHXQLYHUVDOL]DomRLVWR p HODV Vy YDOHP TXDQGR H[SULPHP D YRQWDGH XQLYHUVDO H R UHFRQKHFLPHQWR GH WRGRV RV LPSOLFDGRV$YDOLGDomRSRUWDQWRQDpWLFDGRGLVFXUVRQmRpSHQVDGDVXEMHWLYDPHQWHFRPR QRPRGHORNDQWLDQRPDVVLPLQWHUVXEMHWLYDPHQWHQXPGLVFXUVRS~EOLFR
&RP R DGYHQWR GDV WHRULDV GRV DWRV GD IDOD $SHO H +DEHUPDV DSRQWDP SDUD D GLPHQVmRSUDJPiWLFDGDOLQJXDJHPVHQGRWRGRDWRGHIDODXPDHVWUXWXUDGXSODSHUIRUPDWLYR SURSRVLFLRQDOTXHLPSOLFDjFRPXQLFDomRWDQWRDLQWHUVXEMHWLYLGDGHTXDQWRRVREMHWRVGHTXH VHIDODWHQGRTXHKDYHUVHPSUHXPDFRHUrQFLDHQWUHDPEDVDVLPSOLFDo}HV1DVSDODYUDVGH +HUUHUR
$SHO H +DEHUPDV GHVFREUHP TXH VH WRGD SURSRVLomR p PHGLDGD SHORV VLQDLV GD OLQJXDJHP H SHORV VLJQLILFDGRV GD OtQJXD QDWXUDO H LVVR VLJQLILFD TXH QmR VH SRGH SUHVFLQGLU GD GLPHQVmR SUDJPiWLFD GD OLQJXDJHP HQWmR SRGHPRV H WHUHPRV TXH GL]HUTXHWRGDSURSRVLomRVHPkQWLFDGDOtQJXDQDWXUDOpSRWHQFLDORXLPSOLFLWDPHQWH SUDJPiWLFD LVWR p SRGH VHU UHIHULGD j XP DWR GD IDOD TXH SRGH VHU EHP RX PDOVXFHGLGR ,VVR QRV PRVWUD TXH WRGR DWR GD IDOD WHP XPDGXSOD HVWUXWXUD SHUIRUPDWLYRSURSRVLFLRQDO LVWR p XP HOHPHQWR SHUIRUPDWLYR SHOR TXDO VH HVWDEHOHFHXPWLSRGHWHUPLQDGRGHFRPXQLFDomRHXPHOHPHQWRSURSRVLFLRQDOTXH FRQVWLWXLRFRQWH~GRRXREMHWRGDFRPXQLFDomRRXVHMDWRGDSURSRVLomRLPSOLFDDR PHQRV LPSOLFLWDPHQWH XPD DWLWXGH FRPXQLFDWLYD TXH QRV UHODFLRQD FRP RXWURV H XPDDWLWXGHVHPkQWLFRUHIHUHQFLDOTXHQRVUHODFLRQDFRPDOJRGRPXQGR
2 GLVFXUVR DUJXPHQWDWLYR TXH HOHV XWLOL]DP QmR VH UHIHUH D XP MRJR OLQJXtVWLFR HVSHFtILFR PDV VLP j IRUPD GH FRPXQLFDomR GR SHQVDU KXPDQR FRPR WDO &RQVRDQWH +HUUHUR ³2 GLVFXUVR PHVPR R UHDOL]DGR SRU XP VXMHLWR VROLWiULR p D IRUPD S~EOLFD UHIOH[LYDPHQWHLQWUDQVSRQtYHOGHWRGRSHQVDU´6HQGRDVVLPWRGRGLVFXUVROHYDQWDDSUHWHQVmR GHYDOLGDGHGRVDUJXPHQWRVHQXQFLDGRVRXFRQWH~GRVSHQVDGRVSRUpPHVWDSUHWHQVmRVyVH HIHWLYDHQWUHDFRPXQLGDGHGHIDODQWHV
$ GLVFRUGkQFLD GH SHQVDPHQWR HQWUH $SHO H +DEHUPDV RFRUUH QR TXH FRQFHUQH DRV IXQGDPHQWRVGDGLPHQVmRQRUPDWLYDGDOLQJXDJHPYLVWRTXH+DEHUPDVUHMHLWDDSUHWHQVmRGH XPD IXQGDPHQWDomR ~OWLPD SRU FRQVLGHUDU DV FRQGLo}HV GH FRPXQLFDomR FRQWH[WXDLV KLVWyULFDVHFRQWLQJHQWHV1DUHIOH[mRGH+DEHUPDV
$ERUGHLDVWHQWDWLYDVGHH[SOLFDomRPHWDpWLFDTXHFRQWHVWDPDVXSRVLomRGHTXHDV TXHVW}HV SUiWLFDV VmR SDVVtYHLV GH YHUGDGH (VVH HVFU~SXOR UHYHORXVH VHP REMHWR SRUTXH DEDQGRQDPRV D IDOVD LGHQWLILFDomR GDV SUHWHQV}HV GH YDOLGH] QRUPDWLYDV H DVVHUWyULFDV H PRVWUDPRV TXH D YHUGDGH SURSRVLFLRQDO H D FRUUHomR QRUPDWLYD DVVXPHPSDSpLVSUDJPiWLFRVGLYHUVRVQDFRPXQLFDomRFRWLGLDQD>@0RGLILFDUHLR DUJXPHQWR GH $SHO GH WDO PRGR TXH HX SRVVD DEDQGRQDU VHP SUHMXt]RV D SUHWHQVmRDXPDµIXQGDPHQWDomR~OWLPD¶
ϭϴ
+(55(52eWLFDGRGLVFXUVR,Q&RUUHQWHVIXQGDPHQWDLVGDpWLFDFRQWHPSRUkQHDS ϭϵ
+(55(52eWLFDGRGLVFXUVR,Q&RUUHQWHVIXQGDPHQWDLVGDpWLFDFRQWHPSRUkQHDS ϮϬ
Ϯϰ
$SHO SRU VXD YH] GHIHQGH D IXQGDPHQWDomR ~OWLPD DQFRUDGD QDV SUHVVXSRVLo}HV QHFHVViULDV GH WRGR H TXDOTXHU GLVFXUVR 3DUD $SHO HVWD HUD D PXGDQoD IXQGDPHQWDO GH SDUDGLJPD QD IXQGDPHQWDomR RX VHMD D IXQGDPHQWDomR ~OWLPD FRPR FDPSR HVSHFtILFR GD GHPRQVWUDomRILORVyILFDQmRpXPDGHPRQVWUDomRSRUGHULYDomRPDVVLPXPDGHPRQVWUDomR IHLWD H[SOLFLWDomR GRV SUHVVXSRVWRV LUUHFXViYHLV GH WRGD DUJXPHQWDomR LQFOXVLYH DTXHOD HP TXH VH DUWLFXOD R7ULOHPD GH 0QFKKDXVHQ H R SULQFtSLR GR IDOLELOLVPR $R VH GXYLGDU GDV UHJUDV H GRV SUHVVXSRVWRV GD DUJXPHQWDomR HQWUDVH HP FRQWUDGLomR SRLV SDUD GXYLGDU SDUWLFLSDVHGDSUi[LVVRFLDOGRDWRGHDUJXPHQWDU1DSHUVSHFWLYDGH$SHO
$ ULJRU R WtWXOR GR SUHVHQWH WUDEDOKR GHYHULD VHU µ2 MRJR GH OLQJXDJHP WUDQVFHQGHQWDO GD FRPXQLGDGH LOLPLWDGD GH FRPXQLFDomR FRPR FRQGLomR GH SRVVLELOLGDGHGDVFLrQFLDVVRFLDLV¶&RPHVVHWtWXORJRVWDULDGHVXJHULUGXDVWHVHV $R FRQWUiULR GD OyJLFD GD FLrQFLD ORJLF RI VFLHQFH KRMH SUHGRPLQDQWH VRX GD RSLQLmR GH TXH WRGD ILORVRILD GD FLrQFLD ILORVyILFD WHP TXH UHVSRQGHU D SHUJXQWD SURSRVWD SRU .DQW DFHUFD GDV FRQGLo}HV WUDQVFHQGHQWDLV GH SRVVLELOLGDGH H GH YDOLGDGHGDFLrQFLD
$RFRQWUiULRGRVGHIHQVRUHVGHXPNDQWLVPRRUWRGR[RSRUpPVRXGDRSLQLmRGH TXHDUHVSRVWDjSHUJXQWDSURSRVWDSRU.DQWQmRUHWURJUDGDjILORVRILDNDQWLDQDGH XPDµFRQVFLrQFLDHPJHUDO¶WUDQVFHQGHQWDO$UHVSRVWDjSHUJXQWDTXDQWRDRVXMHLWR WUDQVFHQGHQWDOGDFLrQFLD PDLVTXHLVVRSUHFLVDHVWDU PHGLDGDVHJXQGRFUHLRSRU XPDFRQTXLVWDHIHWLYDGDILORVRILDGHVWHVpFXORTXDOVHMDRGLVFHUQLPHQWRTXDQWRDR VWDWXVWUDQVFHQGHQWDOGDOLQJXDJHPHGDFRPXQLGDGHOLQJtVWLFD
+i SRU FRQVHJXLQWH HP +DEHUPDV XPD GLVWLQomR HQWUH SULQFtSLR IXQGDPHQWDO GD PRUDOLGDGHGLVFXUVLYDHGLVFXUVRVSUiWLFRV(VWHV~OWLPRVSRUVHUHPKLVWyULFRVFRQWLQJHQWHVH FRQWH[WXDLV SRGHP SDUD +DEHUPDV VHU UHYLViYHLV RX SRVWRV ¬ DFDUHDomR HPStULFD 3DUD +DEHUPDVPHVPRDIXQGDPHQWDomRGRSULQFtSLRGHPRUDOLGDGHpHPSULQFtSLRUHYLViYHO3RU LVVRQmRKiQHODIXQGDPHQWDomR~OWLPD$SHOQRHQWDQWRQmRDFUHGLWDVHUSRVVtYHOVXEPHWHU D XP FRWHMR HPStULFR DV SUySULDV FRQGLo}HV QHFHVViULDV GH WRGR GLVFXUVR (QVLQD 2OLYHLUD TXH
(VWDGLVWLQomRpGHVWLWXtGDSDUD$SHOGHTXDOTXHUVHQWLGRVHHP~OWLPDLQVWkQFLD GHYHVH LQFOXLU R SULQFtSLR IRUPDO GH PRUDOLGDGH HQWUH RV SUHVVXSRVWRV KLVWyULFR FRQWLQJHQWHVGDDomRFRPXQLFDWLYDQRPXQGRYLYLGRSRLVQHVWHFDVRWUDWDUVHLDGH SUHVVXSRVWRV DSHQDV IDWLFDPHQWH QHFHVViULRV KLVWRULFDPHQWH FRQWLQJHQWHV GD FRPXQLFDomR QD HWLFLGDGH GR PXQGR YLYLGR LVWR p GR FRQMXQWR GH HVTXHPDV GH YDORUHV SUiWLFDV FRVWXPHV H LQVWLWXLo}HV SDVVtYHLV GH VHU DWLQJLGRV DWUDYpV GH SURFHGLPHQWRV GHVFULWLYRHPStULFRV PDV TXH GH IRUPD DOJXPD SRGHULDP VHU FRQIXQGLGRV FRP RV SUHVVXSRVWRV QHFHVViULRV D SULRUL GH WRGD FRPXQLFDomR DUJXPHQWDWLYD H SRUWDQWR FRP RV FULWpULRV QRUPDWLYRV LQGHSHQGHQWHV GD
Ϯϭ
$3(/7UDQVIRUPDomRGDILORVRILD,,RDSULRULGDFRPXQLGDGHGHFRPXQLFDomRS
+$%(50$6&RQVFLrQFLD0RUDOHDJLUFRPXQLFDWLYRS
Ϯϯ
2/,9(,5$0RUDOGLUHLWRHGHPRFUDFLDRGHEDWH$SHOYHUVXV+DEHUPDVQRFRQWH[WRGHXPDFRQFHSomR
Ϯϱ
UHFRQVWUXomR FUtWLFD GD HWLFLGDGH GR PXQGR YLYLGR TXH p WDUHID HVSHFtILFD GD IXQGDPHQWDomRILORVyILFD
-iQDFRPSUHHQVmRGH$SHORHVSHFtILFRGD)LORVRILDpFKHJDUDXPDIXQGDPHQWDomR ~OWLPDGRSULQFtSLRGHYDOLGDomRjVQRUPDVpWLFDVLVWRpDUHIOH[mRSUDJPiWLFRWUDQVFHQGHQWDO GD OLQJXDJHP DSRQWD SDUD D FRQVROLGDomR GH QRUPDV pWLFDV +DEHUPDV SRU VXD YH] ID] REMHomR D WDO SRVLomR SHOR IDWR GH QmR KDYHU QHFHVVLGDGH GH WUDQVIHUrQFLD GDV QRUPDV GR GLVFXUVR SDUD D DomR 3HQVD +DEHUPDV TXH R REMHWR GD UHIOH[mR SUDJPiWLFRWUDQVFHQGHQWDO VmRDVUHJUDVGDDUJXPHQWDomRGHFDUiWHUQRUPDWLYRHRREMHWLYRGHWDOUHIOH[mRpGHPRQVWUDU FRPRRSULQFtSLRGHXQLYHUVDOL]DomRTXHIXQFLRQDFRPRUHJUDGHDUJXPHQWDomRpLPSOLFDGR SHORVSUHVVXSRVWRVGDDUJXPHQWDomR
$SRVLomRKDEHUPDVLDQDQD7HRULDGD$omR&RPXQLFDWLYDDSOLFDRFRQFHLWRIRUPDOGH ³PXQGRGDYLGD´QRGLVFXUVRKXPDQRGDDomRFRPXQLFDWLYD+DEHUPDVSUHWHQGHPDQWHUR XQLYHUVDOLVPR GD YDOLGDGH HPEXWLGD QR GLVFXUVR KXPDQR DOpP GR DPELHQWH LGHDO QD SUHVVXSRVLomR FRQWUDIDWXDO H QD DQWHFLSDomR GR FRQVHQVR SRVVtYHO GRV SDUWLFLSDQWHV GR GLVFXUVR UHFRUUHQGR SDUD WDQWR D HOHPHQWRV GD SUDJPiWLFD WUDQVFHQGHQWDO 3RU RXWUR ODGR UHMHLWD D SRVVLELOLGDGH GH XPD IXQGDPHQWDomR ~OWLPD RSWDQGR SRU XPD FRPSUHHQVmR SUHOLPLQDUGRPXQGRPHGLDQWHDIDFWLFLGDGHGHXPGHWHUPLQDGRPRGRGHYLGD
2 TXH FDUDFWHUL]D R SHQVDPHQWR GH +DEHUPDV SDUD $SHO p D VXEVWLWXLomR GH DUJXPHQWRVGHIXQGDPHQWDomRDXWHQWLFDPHQWHQRUPDWLYRVSRUDUJXPHQWRVGD6RFLRORJLD3RU VXDYH]+DEHUPDVVLWXDDSRVLomRGH$SHOFRPRIRUPDGHILORVRILDWUDQVFHQGHQWDORXVHMDD FRQFHSomR SUDJPiWLFD GH $SHO FRQVHUYD D SHUJXQWD WUDQVFHQGHQWDO PDV HYLWD D IDOiFLD LGHDOLVWD
+iSRUpPXPSDUDGR[RQDSRVLomRKDEHUPDVLDQDVHJXQGR$SHOH6FKQlGHOEDFKXPD YH]TXH+DEHUPDVSUHWHQGHFKHJDUjLQFRQGLFLRQDOLGDGHGDFUtWLFDVHPIXQGDPHQWDOLVPRLVWR pHOHTXHUFKHJDUDXPDIXQGDPHQWDomRDQWLIXQGDPHQWDOLVWDGRVFULWpULRVQRUPDWLYRVGHXPD WHRULD FUtWLFD GD VRFLHGDGH +DEHUPDV FRQWXGR GHIHQGH R DUJXPHQWR GH TXH XPD IXQGDPHQWDomR ~OWLPD GRV SULQFtSLRV GD PRUDO p LPSRVVtYHO H LQ~WLO H GHYH VHU VXEVWLWXtGD SHORUHFXUVRjHWLFLGDGH
6HJXQGR $SHO D SRVLomR KDEHUPDVLDQD GH FRQVLGHUDU RV SUHVVXSRVWRV GD GLVFXVVmR DUJXPHQWDWLYD UHODWLYRV j FRQVWLWXLomR GR FRQVHQVR XQLFDPHQWH FRPR KLSyWHVHV HPSLULFDPHQWHYHULILFiYHLVFRQVWLWXtDSRULDSDUDXPDpWLFDGH{QWLFDDOpPGHVHUPDUFDGDSRU XPD DPELJXLGDGH GH IXQGR QHFHVVLGDGH GH XPD XQLYHUVDOLGDGH VHP D SUHVHQoD GH XPD
&I$3(/)XQGDPHQWDomRQRUPDWLYDGD³7HRULD&UtWLFD´UHFRUUHQGRjHWLFLGDGHGRPXQGRGDYLGD",Q&RP
Ϯϲ
IXQGDPHQWDomR ~OWLPD 3DUD $SHO Ki XPD GLIHUHQoD HVVHQFLDO HQWUH HQXQFLDGRV HPSLULFDPHQWHYHULILFiYHLVHRVHQXQFLDGRVGHXPDSUDJPiWLFDWUDQVFHQGHQWDOTXHH[SOLFLWDP RVSUHVVXSRVWRVLQWUDQVFHQGtYHLVGDFRPXQLFDomR
1D ySWLFD GH -UJHQ +DEHUPDV D pWLFD GR GLVFXUVR QmR IRUQHFH RULHQWDo}HV GH FRQWH~GRHVLPXPSURFHGLPHQWRTXHJDUDQWHDREMHWLYLGDGHGRMXt]RpWLFR-iSDUD$SHOD SUDJPiWLFD WUDQVFHQGHQWDO HP FRQWUDSRVLomR DR IDOLELOLVPR SRSSHULDQR OHYDQWD D SUHWHQVmR GH DSUHVHQWDU XPD IXQGDPHQWDomR ~OWLPD TXH LQFOXVLYH VXSHUH R IXQGDPHQWDOLVPR GD PHWDItVLFDGRJPiWLFDSRUPHLRGDFRQWUDGLomRSHUIRUPDWLYDQRDWRGDIDOD
3DUD+DEHUPDVDGHPRQVWUDomRSRUPHLRGDFRQWUDGLomRSHUIRUPDWLYDVyLGHQWLILFDDV UHJUDVVHPDVTXDLVRMRJRDUJXPHQWDWLYRQmRIXQFLRQD(OHGHIHQGHDLGpLDGHTXHDILORVRILD DSHOLDQDVLJQLILFDXPUHWRUQRjILORVRILDGDFRQVFLrQFLDHFRPRWDOWHPFRPRFDUDFWHUtVWLFDD LGHQWLILFDomR HQWUH D YHUGDGH GD VHQWHQoD H D YLYrQFLD GD FHUWH]D $SHO UHVSRQGH D HVWD DUJXPHQWDomR PRVWUDQGR TXH D SRVVLELOLGDGH GH IXQGDPHQWDomR ~OWLPD SURYpP GD LQHYLWDELOLGDGH GR GLVFXUVR DUJXPHQWDWLYR H GH VXDV SRVVLELOLGDGHV pWLFRQRUPDWLYDV SRLV TXDQGRVHOHYDQWDVHULDPHQWHXPDTXHVWmRILORVyILFDQmRVHSRGHFRQVLGHUDUDDUJXPHQWDomR HVXDVFRQGLo}HVQHFHVViULDVFRPRXPIDWRFRQWLQJHQWH(QWHQGH2OLYHLUDTXH
4XDO p SDUD $SHO D REMHomR FHQWUDO IHLWD SRU +DEHUPDV j SRVVLELOLGDGH GH XPD IXQGDPHQWDomR ~OWLPD" e R UHFXUVR VHJXQGR HOH LOHJtWLPR D XP VDEHUID]HU UHIOH[LYRTXH+DEHUPDVFRQVLGHUDXPUHFXUVRDXPDH[SHULrQFLDGHFHUWH]DDQWHULRU j OLQJXDJHP FRPR VH ID] QD yWLFD GH XPD ILORVRILDGD FRQVFLrQFLD 3DUD $SHO QR HQWDQWR WUDWDVH VLPSOHVPHQWH GH XPD FHUWH]D TXH EURWD GR SUySULR MRJR GH OLQJXDJHPFHUWH]DSUDJPiWLFDMiLQWHUSUHWDGDQDHSHODOLQJXDJHP
$SHOVHJXHRHQWHQGLPHQWRGDIXQGDPHQWDomRGDSUDJPiWLFDWUDQVFHQGHQWDOHGHIHQGH DIXQGDPHQWDomR~OWLPD1DVSDODYUDVGH+HUUHUR
&RP HIHLWR VH R GLVFXUVR DUJXPHQWDWLYR HVWi QHFHVVDULDPHQWH SUHVHQWH DWp QR DWR VROLGiULR GR SHQVDU FRP SUHWHQV}HV GH YDOLGDGH HQWmR SRU HVWULWD DXWRUHIOH[mR FRPXQLFDWLYDHQmRSRULQWURVSHFomRSVLFROyJLFDFDGDXPGHQyVSRGHUiGHVFREULU QmRVyDVFRQGLo}HVGHSRVVLELOLGDGHGRGLVFXUVRPDVWDPEpPTXHHVVDVFRQGLo}HV VmRWUDQVFHQGHQWDLVLVWRpLQWUDQVSRQtYHLVHLQFRQWHVWiYHLVHSRUWDQWRQHFHVViULDV XQLYHUVDLVH~OWLPDV$IXQGDPHQWDomR~OWLPDFRQVLVWLUiHQWmRQRSURFHVVRGHDXWR UHIOH[mR TXH SHUPLWH FHUWLILFDUPRQRV GH TXH HVVDV FRQGLo}HV VmR WUDQVFHQGHQWDLV LVWR p HVWmR VHPSUH SUHVHQWHV HP WRGR GLVFXUVR H GH TXH SRUWDQWR VmR HODV TXH SRVVLELOLWDP D WHPDWL]DomR GH TXDOTXHU REMHWR GR GLVFXUVR ( D GHVFREHUWD GH TXH HVVDV FRQGLo}HV VmR WUDQVFHQGHQWDLV QRV PRVWUD TXH HODV QmR SRGHUmR VHU QHJDGDV VHP FDtUHP HP FRQWUDGLomR SHUIRUPiWLFD SRUTXH HODV HVWDUmR QHFHVVDULDPHQWH SUHVHQWHV HP TXDOTXHU WHQWDWLYD GH QHJiODV FRPR FRQGLomR WUDQVFHQGHQWDO GR VHQWLGR GHVVD QHJDomR 2 TXDO VXS}H SRU VXD YH] TXH HODV WDPSRXFR SRGHUmR VHU SURYDGDVGHGXWLYDPHQWHVHPHQYROYHUSHWLWLRSULQFLSLLFtUFXORYLFLRVRSRUTXHWRGD
Ϯϱ
2/,9(,5$5HYLUDYROWDOLQJtVWLFRSUDJPiWLFDQDILORVRILDFRQWHPSRUkQHDS Ϯϲ
+(55(52eWLFDGRGLVFXUVR,Q&RUUHQWHVIXQGDPHQWDLVGDpWLFDFRQWHPSRUkQHDSS±
Ϯϳ
SURYDMiVXS}HGHQRYRHVVDVFRQGLo}HV,VVRVLJQLILFDRSURFHVVRGHHVWULWDDXWR UHIOH[mR QRV PRVWUD TXH VH DV FRQGLo}HV WUDQVFHQGHQWDLV GR GLVFXUVR VmR DV FRQGLo}HV GH SRVVLELOLGDGH GR REMHWR GR GLVFXUVR HQWmR HODV WHUmR TXH VHU FR DILUPDGDV LPSOLFLWDPHQWH QD WHPDWL]DomR GHVVH REMHWR LVWR p R FULWpULR ~OWLPR GH WRGD IXQGDPHQWDomR VHUi DFRQVLVWrQFLD SUDJPiWLFD HQWUH REMHWR GR GLVFXUVR H DV FRQGLo}HV WUDQVFHQGHQWDLV GH SRVVLELOLGDGH GR PHVPR GLVFXUVR SUHVVXSRVWDV QHFHVVDULDPHQWH QR DWR SHUIRUPDWLYR GR PHVPR GLVFXUVR 'LWR QHJDWLYDPHQWH R FULWpULR~OWLPRGHWRGDIXQGDPHQWDomRSUDJPiWLFRWUDQVFHQGHQWDOVHUiDQHFHVVLGDGH GHVHHYLWDUDDXWRFRQWUDGLomRSHUIRUPDWLYDeDVVLPTXH$SHOUHWUDQVFHQGHQWDOL]DD ILORVRILDQRQRYRSDUDGLJPDGDOLQJXDJHP
$ pWLFD GR GLVFXUVR SRUWDQWR GHIODJUD R GLVFXUVR DUJXPHQWDWLYR FRPR HOHPHQWR GH DOFDQFH XQLYHUVDO GD GLPHQVmR PRUDO 'HVVD IRUPD SDUWLQGR GD UHDOLGDGH KXPDQD VXUJH D SULPD]LDGDUDFLRQDOLGDGHGLVFXUVLYDFDSD]GHSURSRUDRPRPHQWRFRQWHPSRUkQHRXPDpWLFD SyVFRQYHQFLRQDO H GH UHVSRQVDELOLGDGH VROLGiULD 1R TXH FRQFHUQH QR HQWDQWR D IXQGDPHQWDomR R SUREOHPD SHUVLVWH &RP HVWD DQiOLVH IHFKDPRV D TXHVWmR GD pWLFD GHRQWROyJLFDHVHJXLPRVFRPRH[HPSORGDpWLFDWHOHROyJLFD
2XWLOLWDULVPRPRGHORGHpWLFDWHOHROyJLFDFRPIXQGDPHQWDomRQmRPHWDItVLFD
8WLOL]DUHPRVSDUDDQiOLVHGDVpWLFDVWHOHROyJLFDVRPRGHORGRXWLOLWDULVPRTXHVHDWpP DRVXEVtGLRUDFLRQDOHPUHODomRjVVLWXDo}HVQRUPDWLYDVFRQIOLWXRVDV
2 XWLOLWDULVPR FRPR XP WLSR GH WHRULD WHOHROyJLFD TXH YLVD DRV ILQV VXERUGLQD DV UHJUDV PRUDLV DR µEHP¶ PDLRU RX DR EHP SDUD D PDLRULD +i GHVVD PDQHLUD R DSHOR D XP VXSRVWR EHP FROHWLYR 3DUD WDQWR SUHVVXS}H TXH PHVPR RV SULQFtSLRV PRUDLV PDLV GLJQRV VmRREUDVKXPDQDVHSRUWDQWRIDOtYHLVSRUpPFRPSRWrQFLDSDUDRDSHUIHLoRDPHQWRDEHUWRV DUHIRUPXODo}HV
$SHVDU GDV FUtWLFDV FRQVWDQWHV HVWD FRUUHQWH WHyULFD PDQWpPVH DWLYD H DSUHVHQWD GLYHUVDVYHUWHQWHV&DUYDOKRSRUH[HPSORQRVH[SULPHTXH
3RGHUtDPRVHVFROKHURVVHJXLQWHVDVSHFWRVFRPRVHQGRRVTXHPHOKRUFDUDFWHUL]DP D HVWLUSH XWLOLWDULVWD D LGpLD GH TXH D pWLFD QmR p LQGLIHUHQWH DR EHPHVWDU GDV SHVVRDV TXH D TXDOLGDGH PRUDO GH QRVVDV Do}HVUHJUDV p IXQomR GH VXDV FRQVHTrQFLDVTXHREHPGRVLQGLYtGXRVDIHWiYHLVSRUXPFXUVRGHDomRGHYH VHU PD[LPL]DGRHVHXVRIULPHQWRPLQLPL]DGRHTXHDpWLFDGHYHVHLPSRUWDUQmRDSHQDV FRPREHPHVWDURXRVRIULPHQWRGRDJHQWHPRUDOPDVFRPDTXDOLGDGHGHYLGDGH WRGRVRVVHUHVFDSD]HVGHVHQWLUHGHVRIUHUSRWHQFLDOPHQWHDWLQJLGRVSRUXPFXUVR GH DomR 3RGHUVHLD GL]HU TXH DV pWLFDV XWLOLWDULVWDV HQGRVVDP DOJXPD YHUVmR GR SULQFtSLR GH XWLOLGDGH TXH SRGHULD VHU DVVLP IRUPXODGR 8PD DomR RX UHJUD GH DomR VHUi PRUDOPHQWH ERD QD PHGLGD HP TXH R VDOGR OtTXLGR GH IHOLFLGDGH RX GH EHPHVWDUGHFRUUHQWHGHVXDUHDOL]DomRRXGHXPDFRQIRUPDomRjUHJUDIRUPDLRU TXHRUHVXOWDQWHGHTXDOTXHUDomRRXUHJUDDOWHUQDWLYDHGLVSRQtYHODRDJHQWH
&$59$/+23RUXPDpWLFDLOXVWUDGDHSURJUHVVLYDXPDGHIHVDGRXWLOLWDULVPR,Q&RUUHQWHVIXQGDPHQWDLV
Ϯϴ
$VpWLFDVFRQVHTXHQFLDLVRXWHOHROyJLFDVFRPRpRFDVRGRXWLOLWDULVPRFRQVLGHUDP DDomRPRUDOPHQWHFRUUHWDVHRVVHXVUHVXOWDGRVIRUHPPHOKRUHVGRTXHPDXVGHVWDIRUPDDV QRUPDVPRUDLVSRGHPVHUPROGDGDVSDUDD³XWLOLGDGH´GREHPHVWDUGRVVHUHVKXPDQRV
,QWHUHVVDQWHpQRWDUTXHRXWLOLWDULVPRFRQFHGHLPSRUWkQFLDSULRULWiULDDREHPHVWDURX jIHOLFLGDGHGDHVSpFLHKXPDQDQRHQWDQWRQmRIRUQHFHXPFRQVHQVRSDUDRTXHVHMDHVWHWDO EHPHVWDU EXVFDQGR VHPSUH D PHQVXUDomR GH WHUPRV FRPR D IHOLFLGDGH R EHPYLYHU D TXDOLGDGHGHYLGDHQILP1DOHLWXUDGH&DUYDOKRKiDWXDOPHQWHQDFRQFHSomRXWLOLWDULVWD WUrVYHUWHQWHVGREHPHVWDUDVWHRULDVPHQWDOLVWDVGREHPHVWDUDVWHRULDVGREHPHVWDUFRPR VDWLVIDomRGHGHVHMRVSUHIHUrQFLDVHDVWHRULDVSOXUDOLVWDVHREMHWLYLVWDVGREHPHVWDU
$VWHRULDVPHQWDOLVWDVGREHPHVWDUHVWmRSUHVHQWHVQRKHGRQLVPRGH-HUHP\%HQWKDP H -RKQ 6WXDUW 0LOO FRP R XWLOLWDULVPR GH HVWDGRV PHQWDLV H FDUDFWHUL]DP R EHP GRV LQGLYtGXRVQRVHVWDGRVVXEMHWLYRVHYLYrQFLDVGHSUD]HUHVDOpPGHFODVVLILFDUHPDEXVFDGR SUD]HU FRPR R REMHWLYR KXPDQR SULPRUGLDO &DUYDOKR GHVWDFD DOJXPDV FUtWLFDV D HVWDV YHUWHQWHGRXWLOLWDULVPR
$V UHFRQVWUXo}HV VXEMHWLYLVWDV HVWLYHUDP QD PLUD GD FUtWLFD DFXVDGDV GH VXEVFUHYHUHPXPDFRQFHSomRDFDQKDGDGHEHPHVWDUIHOLFLGDGHSRLVDRTXHSDUHFH RVHUKXPDQRQmRDOPHMDDSHQDVRSUD]HU&RPRH[SOLFLWRX--&6PDUWDVSHVVRDV FHUWDPHQWH UHSHOLULDP FRP YHHPrQFLD D LGpLD GH VH PDQWHUHP OLJDGDV D DOJXP DSDUHOKR TXH OKH JDUDQWLVVH FRQWtQXD H LQLQWHUUXSWDPHQWH VHQVDo}HV GH SUD]HU 7DPEpP 5 1R]LFN IRL SHUHPSWyULR D HVWH UHVSHLWR JRVWDUtDPRV PXLWDV YH]HV GH ID]HU LVVR RX DTXLOR H QmR DSHQDV WHU DV FRUUHVSRQGHQWHV VHQVDo}HV SUD]HURVDV ,PSRUWDQRV D OLEHUGDGH SDUD UHDOL]DU GHWHUPLQDGDV DWLYLGDGHV H QmR TXHUHPRV DSHQDV WHU GHWHUPLQDGDV YLYrQFLDV $ UD]mR SRU TXH UHSHOLPRV D LGpLD GH QRV FRQHFWDUPRV D XP DSDUHOKR SURYHGRU GH VHQVDo}HV GH SUD]HU p TXH LVVR QRV LPSHGLULD GH VHUPRVDWLYRV $GHPDLV H[LVWH XP GHVHMR SURIXQGDPHQWH DUUDLJDGR HP QyV GHVHUPRV HVWD RX DTXHOD SHVVRD $TXHOH TXH VH GHL[DVVH FRQHFWDU j PiTXLQD IRUQHFHGRUD GH SUD]HUHV HVWDULD GH FHUWD IRUPD FRPHWHQGR VXLFtGLR SHUPDQHFHQGRVHPDRPHQRVVDEHUTXHWLSRGHSHVVRDVHULD
-i DV WHRULDV GR EHPHVWDU FRPR VDWLVIDomR GRV GHVHMRV SUHIHUrQFLDV WrP FRPR UHSUHVHQWDQWH$PDUW\D6HQ2XWLOLWDULVPRGHSUHIHUrQFLDUHFRQKHFHDLGHLDGHTXHGHVHMRVH SUHIHUrQFLDVGHIRUPDJHUDOVmRSRVVtYHLVGHVDWLVIDomRSRUpPUH~QHPFRPRSULRULGDGHDV SUHIHUrQFLDVJHQXtQDV
+i QHVWH SRVLFLRQDPHQWR GRLV GLUHFLRQDPHQWRV SRU XP ODGR p SRVLWLYR OHYDU HP FRQVLGHUDomRDLGHLDGH TXHWRGRVRVGHVHMRVLQGHSHQGHQWHPHQWHGRVLQGLYtGXRVSRUWDGRUHV GHVWHVRXSUHGLOHo}HVDWDLVVHUHVVmRUHOHYDQWHVHSRVVtYHLVGHUHDOL]DomRQRHQWDQWRGHRXWUD SDUWH HVWH SRVLFLRQDPHQWR SRGH OHYDU D DOJXP WLSR GH SDWHUQDOLVPR XPD YH] TXH R SRGHU
Ϯϴ
&I&$59$/+22SFLWS Ϯϵ
Ϯϵ
SRGH VH XWLOL]DU GH PDQREUDV HVFXVDV TXH LQGX]DP D XP FRQVHQVR DFHUFD GDV ³SUHIHUrQFLDV YHUGDGHLUDV´TXHQHVWHFDVREHQHILFLDULDPDSHQDVDRMRJRGRSRGHUYLJHQWH
3RUVXDYH]QRTXHVHUHIHUHjVWHRULDVREMHWLYLVWDVGREHPHVWDUEXVFDVHRTXHSRGH VHUFRQVLGHUDGRYDOLRVRHLQGLVSHQViYHOSDUDDYLGDGHXPLQGLYtGXRSDUDTXHHVWDSRVVDVHU DYDOLDGDFRPRERDYLGDDOpPGHREMHWDURIDWRGHTXHDVSHVVRDVQmRSURFXUDPVySUD]HUHV 1DVOLo}HVGH&DUYDOKR
-RKQ 6WXDUW 0LOO WHP XPD FRQFHSomR SOXUDO GH EHPHVWDU RX IHOLFLGDGH TXH LQFOXL HQWUH VHXV LQJUHGLHQWHV D YLUWXGH R DXWRGHVHQYROYLPHQWR D DXWRQRPLD R DXWR UHVSHLWR 'DYLG %ULQN FRQVLGHUD TXH µXPD YLGD YDOLRVD FRQVLVWH QDSRVVH GH FHUWRV WUDoRVGHFDUiWHUQRH[HUFtFLRGHFHUWDVFDSDFLGDGHVHQRGHVHQYROYLPHQWRGHFHUWDV UHODo}HVFRPRVRXWURVHFRPRPXQGR>@
3DUD R XWLOLWDULVPR SRUWDQWR R EHP DQWHFHGH DR FRUUHWR DSHVDU GH QmR VH WHU XP FRQVHQVRGRTXHVHMDHVWH³EHP´QRHQWDQWRDOJRpFRPXPjVYHUWHQWHVQRTXHVHUHIHUHDR EHPREHPpDXWLOLGDGHRXHVWiDVHUYLoRGDXWLOLGDGH
2XWLOLWDULVPRFOiVVLFRGH-HUHP\%HQWKDPPHQVXURXXQLGDGHVGHIHOLFLGDGHRXEHP HVWDU H R FiOFXOR VXJHULGR SDUD WDLV XQLGDGHV IRL R FiOFXOR XWLOLWiULR PHQVXUDQGR FRP LVWR WDPEpPDXWLOLGDGHTXHFDGDDomRSURSRUFLRQDDFDGDLQGLYtGXRHVWDQGRDGRUHRVRIULPHQWR FRPXPYDORUQHJDWLYRQHVWDHVFDODGHPHQVXUDomR'HVWDIRUPDDDomRPRUDOUHGX]VHDR PHURSUREOHPDPDWHPiWLFR
1mRSRGHPRVPHQVXUDUQRHQWDQWRXPDFDUDFWHUtVWLFDSVLFROyJLFDHVXEMHWLYDFRPR SUD]HURXGRUFRPRVHIRVVHDYDULiYHO[GHXPDHTXDomRPDWHPiWLFDTXDOTXHU2VLQGLYtGXRV DSUHVHQWDPSHFXOLDULGDGHVTXHRVWRUQDPVLQJXODUHV2FiOFXORXWLOLWiULRSRUWDQWRGHYHOHYDU HPFRQWDDVFRPSDUDo}HVLQWHUSHVVRDLVGHXWLOLGDGH
2XWUR DVSHFWR GR XWLOLWDULVPR GL] UHVSHLWR j PD[LPL]DomR GD XWLOLGDGH $V WHRULDV FRQVHTXHQFLDLVFDUDFWHUL]DPVHSRUPD[LPL]DUHPRXVHMDWHQWDUHPHQJOREDURPDLRUQ~PHUR GH LQGLYtGXRV QRV DVSHFWRV GHVHMDGRV QR FDVR GR XWLOLWDULVPR R PDLRU VDOGR OtTXLGR GH IHOLFLGDGHRXSUD]HURXEHPHVWDU
+i WDPEpP XPD YHUWHQWH GR XWLOLWDULVPR TXH SULRUL]D D PLQLPL]DomR LVWR p R SULQFtSLR GH PD[LPL]DomR GD IHOLFLGDGH p VXEVWLWXtGR SHOD PLQLPL]DomR GR VRIULPHQWR (VWH XWLOLWDULVPR p GHQRPLQDGR GH ³XWLOLWDULVPR QHJDWLYR´ H WHP VHX UHSUHVHQWDQWH QD ILJXUD GH .DUO53RSSHU1DSHUVSHFWLYDGH&DUYDOKR
ϯϬ
&$59$/+22SFLWS ϯϭ
ϯϬ
$ VXJHVWmR GH 3RSSHU TXH YHP VHQGR GHVHQYROYLGD H GHIHQGLGD FRP DUJXPHQWRV FRQYLQFHQWHVSRU-0%HUPXGRSDUHFHRSRUWXQDHQRVFRQYLGDDQRVSUHRFXSDUPRV PHQRVFRPDSURGXomRGHULTXH]DHPDLVFRPDHOLPLQDomRGDPLVpULDHGDGRU$ LGpLD EDVLODU p D GR VRIULPHQWR PtQLPR 8PD GDV YDQWDJHQV TXH 3RSSHU YLD QHVVD SURSRVWDHUDDGHTXHHODHOLPLQDULDRULVFRGHGLWDGXUDVEHQHYROHQWHVVXSRVWDPHQWH ODWHQWH QD Pi[LPD TXH SUHFRQL]D R LQFUHPHQWR GD IHOLFLGDGH $GHPDLV 3RSSHU VDOLHQWDTXHGRSRQWRGHYLVWDPRUDOQmRSRGHPRVWUDWDUVLPHWULFDPHQWHDGRUHD IHOLFLGDGH2XWLOLWDULVPRQHJDWLYRUHSUHVHQWDVHJXQGR%HUPXGRXPDQWtGRWRFRQWUD RV HIHLWRV SHUYHUVRV GH XPD SROtWLFD GLUHFLRQDGD TXDVH TXH H[FOXVLYDPHQWH SDUD R LQFUHPHQWRGDIHOLFLGDGHFRPHIHLWRDSULRUL]DomRGREHPHVWDUSRGHRIXVFDURDOWR SUHoRSDJRHPWHUPRVGHPLVpULDHH[FOXVmRVRFLDO
0HVPR HP VHX DVSHFWR QHJDWLYR R XWLOLWDULVPR PDQLIHVWD FRPR SULQFLSDO REMHWLYR D FRQFUHWL]DomRGDVDo}HVTXHEHQHILFLHPRPDLRUQ~PHURSRVVtYHOGHLQGLYtGXRVXWLOL]DQGRVH GHXPKHGRQLVPRXQLYHUVDOTXHOHYDHPFRQWDWRGRVRVVHUHVFDSD]HVGHWHUXPDTXDOLGDGHGH YLGD1RHQWHQGLPHQWRGH&DUYDOKR
'H DFRUGR FRP D SHUVSHFWLYD XWLOLWDULVWD QmR H[LVWHP FLGDGmRV GH VHJXQGD FODVVH SDUDXVDUXPDH[SUHVVmRGH*6FDUUHPDVWRGRVFRQWDPSRULJXDO%HQWKDPFXQKRX D IyUPXOD µD PDLRU IHOLFLGDGH SDUD R PDLRU Q~PHUR¶ 1mR VH GHVFRQKHFH TXH WDO SULQFtSLRFRQWpPDULJRUGXDV Pi[LPDVTXHSRGHPHYHQWXDOPHQWHFRQIOLWDUHQWUH VLDTXHSUHVFUHYHDSURGXomRGRPDLRUTXDQWXPGHIHOLFLGDGHHDTXHH[LJHTXHR PHVPRVHHVWHQGDDRPDLRUQ~PHURSRVVtYHOGHLQGLYtGXRV
2SHULJRGHVWDPD[LPL]DomRGREHPHVWDUpTXHVHWRUQDLQYLiYHOJDUDQWLURVGLUHLWRV LQGLYLGXDLVDQWHRVGHVHMRVGDPDLRULD7DLVDo}HVSRGHPGDUD]RDFRQVHTXrQFLDVGDVPDLV GLYHUVDV FRPR GL] &DUYDOKR DR HQIDWL]DU ³$VVLP VRE RV SUHVVXSRVWRV XWLOLWDULVWDV QDGD KDYHULD GH HUUDGR SRU H[HPSOR HP HVFUDYL]DU LQGLYtGXRV LVVR DWp SRGHULD VHU FRQVLGHUDGR H[LJtYHO VHPSUH TXH FRQWULEXtVVH SDUD LQFUHPHQWDU R EHPHVWDU GD PDLRULD´ 1DGD JDUDQWH SRUWDQWR TXH R EHPHVWDU GD PDLRULD SUHJDGR SHOR XWLOLWDULVPR VHMD GHXWLOLGDGH GD PDLRULD TXHWHPRSRGHU
$TXHVWmRGRYDORUDQWHRHPEDWHGDVpWLFDVGHRQWROyJLFDVHWHOHROyJLFDV
$ QHFHVVLGDGH GH OHJLWLPDomR LQHUHQWH GRV MXt]RV PRUDLV SHUWHQFH D WRGD PRUDO HVWDQGR HVWH IDWR OLJDGR j µDGHVmR¶ SRU SDUWH GR LQGLYtGXR j DomR PRUDO LVWR SRUTXH XPD PRUDOFRQVLVWHHPH[LJrQFLDVUHFtSURFDVe7XJHQGKDWTXHPGL]
$ DXWRQRPLD FROHWLYD QmR SRGH H[LVWLU VHP HVVD FRDomR LJXDO H UHFtSURFD PDV Vy HVVD2UDVHXPLQGLYtGXRIHUHXPWDOVLVWHPDQRUPDWLYRDRTXDOSHUWHQFHHOHIHUH
ϯϮ
&$59$/+22SFLWS ϯϯ
&$59$/+22SFLWS
ϯϭ
VXDV SUySULDV UHJUDV TXH VmR LJXDOPHQWH DV UHJUDV GH WRGRV (OH IHUH D WRGRV RV RXWURVHPVXDFDSDFLGDGHGHSRUWDGRUHVGHVVDUHJUD(SRGHPRVGL]HUTXHDUHDomR GRVRXWURVDRVHUHPIHULGRVGHVVDPDQHLUDpRTXHpWHUUtYHOSDUDDTXHOHTXHIHULXD RUGHP0DVRpVRPHQWHVHHOHVHHQWHQGHFRPRPHPEURGHVVDVRFLHGDGHPRUDO
(VWDQHFHVVLGDGHGHOHJLWLPDomRGRVMXt]RVPRUDLVQRHQWDQWRQRVGLDVGHKRMHHP XPPXQGRVHFXODUL]DGRPXOWLFXOWXUDOLQGLYLGXDOLVWDHGHHFRQRPLDJOREDOL]DGDILFDSHUGLGD HP GHWULPHQWR GH SUHIHUrQFLDV VXEMHWLYDV H MRJRV GH SRGHU 9LYHVH XPD GLYHUVLGDGH GH SRVLFLRQDPHQWRV PRUDLV VHP XP DSDUHQWH FRQVHQVR ³IXQGDFLRQLVWD´ KDMD YLVWD RV FRPSRUWDPHQWRV DQDOLVDGRV Ki SRXFR VHP R PHQRU DFRUGR QHP YHUHGLFWR 2 TXH p FHUWR DILQDO"$SRVLomRGHRQWROyJLFDQDTXDORTXHpFRUUHWRQmRpRTXHQHFHVVDULDPHQWHpERP SDUDDVSHVVRDVRXRSRVLFLRQDPHQWRWHOHROyJLFRTXHDSRQWDSDUDRVILQVHFRQVHTXrQFLDVGDV Do}HVKXPDQDV"
8WLOL]DVH QR PXQGR FRQWHPSRUkQHR D MXVWLILFDomR GH MXt]RV PRUDLV DSHQDV FRPR IXQGDPHQWR SDUD D PDQLIHVWDomR GDV SUHIHUrQFLDV SHVVRDLV VHP DGHVmR GH TXDOTXHU YDORU QRUPDWLYRHPVLPHVPRSRLVFRPDTXHEUDGRIXQGDPHQWRRQWROyJLFRRIXQGDPHQWRUDFLRQDO QmRFRQVHJXLXRFRQVHQVRGHVHMDGR
$VVLPFRPR+DQV-RQDVWRGDYLDGHIHQGHPRVDWHVHGHTXHQRUHIHUHQWHjVTXHVW}HV pWLFDVKiDOJRTXHYDLDOpPGDFRQYHUVmRGDVSUHIHUrQFLDVSHVVRDLVHMRJRVGHYDORUHVDOJRD TXHDSROtWLFDVHGHYHULDDWHUFRPRTXHVWmRFUXFLDO±DYLGDHRYDORUTXHWHPR6HU
$ YLGD DXWrQWLFD KXPDQD p IDWRU LQGHSHQGHQWH GH FXOWXUD GH YLVmR SROtWLFD GH DGHTXDo}HVSHVVRDLVHQILPpDOJRTXHWHPYDORUHPVLPHVPRHTXHUHVSRQGHLQFOXVLYHDR SRUTXrGDQHFHVVLGDGHSXQJHQWHGHPRUDOLGDGHSDUDDFLYLOL]DomRWHFQROyJLFDYLJHQWH
(VWHWUDEDOKRDQDOLVDUiDSURSRVWDGHXPDpWLFDGDUHVSRQVDELOLGDGHHP+DQV-RQDVH DSRQWDUiFRPRVROXomRSDUDRSUREOHPDGDOHJLWLPDomRpWLFDDQHFHVVLGDGHGDH[LVWrQFLDGH XPDYLGDDXWrQWLFDFRPRYDORUFUXFLDO
ϯϮ
'$ 2172/2*,$ 3$5$ $ e7,&$ 2 )81'$0(172 '( 80$
%,2/2*,$ ),/26Ï),&$ 3$5$ 80$ 3523267$ e7,&$ 1$
&217(0325$1(,'$'(
1mRGXYLGDPRVGRPDOTXDQGRFRPHOHQRVGHSDUDPRV PDV Vy WHPRV FHUWH]D GR EHP QR PDLV GDV YH]HV TXDQGRGHOHQRVGHVYLDPRV+$16-21$6
2FDUiWHUELROyJLFRTXHFRQGX]DRDSHORpWLFRSHODH[LVWrQFLDGDYLGD
$ LQWHQomR GH -RQDV FRP XPD QRYD SURSRVWD pWLFD SDUD D FLYLOL]DomR WHFQROyJLFD FRQWHPSRUkQHDpLGHQWLILFDUDYLGD FRPRXPYDORUHPVLPHVPRHQWHQGHQGRVHFRPRYLGD QmRVyDYLGDKXPDQD
3DUD+DQV-RQDVIDODUHPXPDILORVRILDGDYLGDpOLJDUXPDILORVRILDGRRUJDQLVPRD XPD ILORVRILD GR HVStULWR 6HJXQGR -RQDV ³0HVPR HP VXDV HVWUXWXUDV PDLV SULPLWLYDV R RUJkQLFR Mi SUHILJXUD R HVSLULWXDO H PHVPR HP VXDV GLPHQV}HV PDLV HOHYDGDV R HVSLULWXDO SHUPDQHFHSDUWHGRRUJkQLFR´
$ WHPiWLFD GH XPD ILORVRILD GD YLGD DSRQWD R JUDQGLRVR SDQRUDPD GD YLGD 3DUD R SHQVDPHQWRFLHQWtILFRDYLGDHPWRGDVXDPDQLIHVWDomRHSRVVLELOLGDGHQDGDPDLVpGRTXH XP SURFHVVR FHJR SRU VHU VHX GLQDPLVPR UHGX]LGR D XP SURFHGLPHQWR DOHDWyULR GH SHUPXWDo}HV PHFkQLFDV GH HOHPHQWRV LQGLIHUHQWHV TXH YmR DUPD]HQDQGR UHVXOWDGRV VRE D IRUPD GH HVSpFLHV 3DUD -RQDV QR HQWDQWR XPD YH] TXH D PDWpULD VH PDQLIHVWRX GH GHWHUPLQDGDIRUPDHODUHDOL]RXRTXHHVWiGHSRVLWDGRHPVXDQDWXUH]DSULPLWLYDHPRXWUDV SDODYUDVHODFKHJRXjILQDOLGDGHGHVXDQDWXUH]DSULPLWLYD&RQVRDQWHRILORVRIRDOHPmR
(VWDSRWHQFLDOLGDGHSULPRUGLDOGHYHULDVHULQFOXtGDQRFRQFHLWRGDVXEVWkQFLDItVLFD GD PHVPD PDQHLUD TXH D WHQGrQFLD D XPD ILQDOLGDGH PDQLIHVWDGD HP VXDV UHDOL]Do}HVDVFULDWXUDVGHYHULDHVWDULQFOXtGDQRFRQFHLWRGDFDXVDOLGDGHItVLFD2 SHQVDGRU TXH HVWHMD OLYUH GR GRJPDWLVPRV QmR LUi UHSULPLU R WHVWHPXQKR GD YLGD DQWHV HOH Ki GH GHL[DUVH GHVDILDU QRV GLDV GH KRMH D VXEPHWHU D XPD DQiOLVH R PRGHORFRQYHQFLRQDOGDUHDOLGDGHDVVXPLGRGDFLrQFLD PRGHORHVWHTXHWDOYH]Mi HVWHMDFRPHoDQGRDVHUVXSHUDGRSRUHVWDPHVPDFLrQFLD2H[HPSORGH:KLWHKHDG
ϯϱ
&I-21$62SULQFtSLRYLGDS
ϯϲ
-21$62SFLWS ϯϳ
ϯϯ
SRGH GHPRQVWUDU TXH XPD WDO DQiOLVH QmR SUHFLVD VLJQLILFDU QHQKXP UHWRUQR D $ULVWyWHOHV
$ VHTXrQFLD HVFDORQDGD GD YLGD GHVGH R VHU PDLV SULPLWLYR DR PDLV HYROXtGR QmR QHFHVVLWRXSHORPHQRVDSULQFtSLRGDDQiOLVHGDWHRULDGDHYROXomRHGRSURFHVVRDOHDWyULR TXHHODGHIHQGHDFHUFDGDYLGDHGHVXDVFRQVWLWXLo}HV$ULVWyWHOHVRSULPHLURDHVFUHYHUXP WUDWDGRGH%LRORJLDILORVyILFDSHUFHEHXHVWDKLHUDUTXLDFRPEDVHQDYLGDRUJkQLFDVHPTXH SDUDLVVRWLYHVVHQHFHVVLGDGHGDLGpLDGDHYROXomR
$WHVHGH-RQDVFRQVLVWHHPGHIHQGHURIDWRGHTXHDRVHWUDWDUGHXPDILORVRILDGD YLGDQmRVHSRGHHQIDWL]DUQHPVyRRUJkQLFRQHPVyRHVSLULWXDO(VWHpXPHUURHPTXHD WUDGLomRGXDOLVWDLQFRUUHXHTXHRSHQVDPHQWRFRQWHPSRUkQHRGHYHVXSHUDU-RQDVDUJXPHQWD DILPGHVHFKHJDUDXPDREMHWLYLGDGHGRVILQVGDQDWXUH]DRXPHOKRUXPDREMHWLYLGDGHGRV ILQVTXHUHJHPDYLGDGHVGHVXDVHVIHUDVPDLVVLPSOHVDWpDHIHWLYDomRPDLVFRPSOH[DTXHpR RUJDQLVPR KXPDQR 3DUD WDQWR HOH DGPLWH D QRomR GH TXH VH GHVGH R LQtFLR R HVStULWR HVWLYHU SUHILJXUDGR QR RUJkQLFR WDPEpP D OLEHUGDGH R Ki GH HVWDU H Mi PHVPR QR PHWDEROLVPRDFDPDGDPDLVEiVLFDGHWRGDDH[LVWrQFLDRUJkQLFDSHUPLWHVHYHUDSULPHLUD IRUPD GD OLEHUGDGH LVWR p Mi QR PHWDEROLVPR VH PDQLIHVWD RV ILQV REMHWLYRV GD YLGD &RQIRUPHRSHQVDGRUJHUPkQLFR
1mR REVWDQWH VHUi SDUWH GRV HVIRUoRV GH QRVVR HVWXGR PRVWUDU TXH QRV REVFXURV PRYLPHQWRVGDVXEVWkQFLDRUJkQLFDSULPLWLYDGHQWURGDQHFHVVLGDGHVHPOLPLWHVGR XQLYHUVRItVLFRRFRUUHXPSULPHLURODPSHMRGHXPSULQFLSLRGHOLEHUGDGHSULQFLSLR HVWHTXHpHVWUDQKRDRVDVWURVDRVSODQHWDVHDRViWRPRV(YLGHQWHPHQWHTXDQGRR FRQFHLWRpXWLOL]DGRSDUDXPSULQFLSLRWmRDPSORWRGDVDVDVVRFLDo}HVGHVLJQLILFDGR WrP TXH VHU PDQWLGDV j GLVWkQFLD µOLEHUGDGH¶ WHP TXH GHVLJQDU XP PRGR GH VHU FDSD] GH VHU SHUFHELGR REMHWLYDPHQWH LVWR p XPD PDQHLUD GH H[LVWLU DWULEXtGD DR RUJkQLFR HP VL H TXH QHVWH VHQWLGR VHMD FRPSDUWLOKDGD SRU WRGRV RV PHPEURV GD FODVVH GRV µRUJDQLVPRV¶ VHP VHU FRPSDUWLOKDGD SHODV GHPDLV XP FRQFHLWR RQWRORJLFDPHQWH GHVFULWLYR TXH GH LQtFLR Vy SRVVD VHU PHVPR UHODFLRQDGR D IDWRV PHUDPHQWH FRUSRUDLV 0HVPR QHVWH FDVR QR HQWDQWRHOH QmRSRGH GHL[DU GH HVWDU UHODFLRQDGRFRPRVLJQLILFDGRTXHDWULEXtPRVDHVWHFRQFHLWRQRkPELWRKXPDQRGH RQGH IRL WRPDGR SRLV GR FRQWUiULR R HPSUpVWLPR H D DSOLFDomR PDLV DPSOD SDVVDULDPDVHUXPVLPSOHVHIUtYRORMRJRGHSDODYUDV$SHVDUGHWRGDDREMHWLYLGDGH ItVLFDRVFDUDFWHUHVSRUHOHGHVFULWRVQRQtYHOSULPLWLYRFRQVWLWXHPDEDVHRQWROyJLFD H D DQWHFLSDomR GDTXHOHV IHQ{PHQRV PDLV HOHYDGRV D TXH SRGH VHU DSOLFDGR GLUHWDPHQWH R QRPH GH µOLEHUGDGH¶ H TXH OKH VHUYHP GH H[HPSOR PDQLIHVWR H PHVPR RV PDLV HOHYDGRV GHVWHV IHQ{PHQRV SHUPDQHFHP OLJDGRV DRV LQtFLRV QmR DSDUHQWHV QD FDPDGD RUJkQLFD EiVLFD FRPR FRQGLomR SDUD TXH VHMDP SRVVtYHLV 'HVWDPDQHLUDRSULPHLURDSDUHFLPHQWRGRSULQFtSLRHPVXDIRUPDSXUDHHOHPHQWDU LPSOLFDDLUUXSomRGRVHUHPXPkPELWRLOLPLWDGRGHSRVVLELOLGDGHVTXHVHHVWHQGH DWpDVPDLVGLVWDQWHVDPSOLG}HVGDYLGDVXEMHWLYDHTXHFRPRXPWRGRVHHQFRQWUD VRERVLJQRGDµOLEHUGDGH¶
ϯϴ
ϯϰ
(VWD OLEHUGDGH SDUD -RQDV Mi VH PDQLIHVWDYD QD SDVVDJHP GD VXEVWkQFLD LQDQLPDGD SDUD D VXEVWkQFLD YLYD ( GHVGH VXD RULJHP D YLGD VXUWLX XPD VpULH GH LQWHUSUHWDo}HV 1D DQiOLVHGH-RQDVSDUDRVSULPyUGLRVGDLQWHUSUHWDomRKXPDQDGRVHUDYLGDVHHQFRQWUDYDSRU WRGD SDUWH H D SHUPDQrQFLD GH YLGD HUD VLQ{QLPR GD SHUPDQrQFLD GR VHU 3DUD HVWD YLVmR SDQYLWDOLVWDDPRUWHRXD³PDWpULDSXUD´FRQVWLWXtDXPSUREOHPDRXVHMDHUDRDQWLQDWXUDO
+DYLD SDUD HVWD YLVmR H HVWH PRPHQWR KLVWyULFR GR FRQKHFLPHQWR KXPDQR XPD SUHSRQGHUkQFLDGDYLGDPHVPRQDVPDQLIHVWDo}HVGDPDWpULDSXUDFRPRiJXDWHUUDHDUTXH HVWDYDPDVHUYLoRGDYLGDHPFRQFRPLWkQFLDFRPDYLGD3DUDHOH³2PLVWpULRFRPTXHR VHU KXPDQR VH GHIURQWD p D PRUWH TXH FRQWUDGL] WXGR TXDQWR HOH FRPSUHHQGH WXGR R TXH SRVVXL XPD H[SOLFDomR QDWXUDO D XQLYHUVDOLGDGH GD YLGD >@ D PRUWH GHVWDFDVH FRPR R HQLJPDTXHSHUWXUED´6HQGRDVVLPWRGDDUHIOH[mRSULPLWLYDOXWDFRQWUDRHQLJPDGDPRUWH WHQWDQGRGDUOKHXPDUHVSRVWDQRPLWRHQDUHOLJLmR
3DUDRVPRGHUQRVDQWHVGHHVSDQWDUVHFRPRPLODJUHGDYLGDFRPDSDVVDJHPGRVHU LQDQLPDGRDVHUYLYRRKRPHPHVSDQWRXVHFRPDPRUWH$PHWDItVLFDSULPLWLYDQRHQWDQWR WHQWDHQFRQWUDUUHVSRVWDVSDUDDFRQWUDGLomREiVLFDGHTXHWXGRpYLGD H TXHWRGDYLGDHVWi VXMHLWDDPRUWH3RUIDOWDGHHQFRQWUDUFDWHJRULDVTXHLGHQWLILTXHPQDYLGDDPRUWHRFDPLQKR HQFRQWUDGRSDUDDUHVROXomRGHVWHSUREOHPDQDYLVmRSDQYLWDOLVWDpQHJDUDPRUWH
$PRUWHHQWmRQHJDDYHUGDGHEiVLFDTXHpDYLGDSRULVVRDSUySULDPRUWHWHPTXH VHUQHJDGD&RQIRUPHRILOyVRIRGDpWLFDUHVSRQViYHO³$IpQRSURVVHJXLPHQWRGDYLGDDSyV DPRUWHPDQLIHVWDGDQDVVHSXOWXUDVSULPRUGLDLVpXPDQHJDomRGHVWHWLSR´RXVHMDQHJDVHD PRUWHHDILUPDVHDYLGDHWHUQD
&RPRDGYHQWRGDUHYROXomRFRSHUQLFDQDSRUpPRSHQVDPHQWRPRGHUQRVHHQFRQWUD QDSRVLomRH[DWDPHQWHRSRVWDRQDWXUDOpDPDWpULDSXUDLVWRpDPRUWHRTXHFRQVWLWXLXP SUREOHPDpDYLGD
(VWD SRVLomR ILORVyILFD FRPSUHHQGHX FRPR R WRGR GD UHDOLGDGH D PDWpULD SXUD GHVSURYLGD GH TXDOTXHU WUDoR GH YLGD 2 SHQVDPHQWR SDVVRX D OLPLWDUVH D XP FDPSR GH PDVVDVLQDQLPDGDVHGHIRUoDVVHPILQDOLGDGHRXPHOKRUDVSURSULHGDGHVGDPDWpULDH[WHQVD VXMHLWDVDPHGLomRHDFRPSURYDo}HVPDWHPiWLFDV
ϯϵ
-21$62SULQFtSLRYLGDS ϰϬ
ϯϱ
(VWHHUDRFRQKHFLPHQWRH[DWRHD~QLFDFRLVDUHDOQDUHDOLGDGH3DUDRILOyVRIR³,VWR VLJQLILFDTXHRLQHUWHSDVVRXDVHURFRQKHFtYHOSRUH[FHOrQFLDDH[SOLFDomRGHWXGRHDVVLPD VHUUHFRQKHFLGRWDPEpPFRPRDUD]mRGHVHUGHWRGDVDVFRLVDV´2QDWXUDOpDQmRYLGDHD YLGDXPDH[FHomRXPHQLJPD
(P FRQVHTXrQFLD DVVLP FRPR QR SDQYLWDOLVPR R SDQPHFDQLFLVPR WHP TXH DUFDU FRPDH[SOLFDomRVREUHDH[LVWrQFLDGDYLGDHHVWDH[SOLFDomRWHPTXHVHUGDGDHPWHUPRVGD PDWpULDLQHUWHSDUDWDQWRWDPEpPQHVWDYLVmRDH[SOLFDomRpGDGDHPWHUPRVGHQHJDomRGD YLGDID]HQGRGHVWDXPDYDULDQWHGDVSRVVLELOLGDGHVGRVHPYLGD6HJXQGR-RQDV
$ WHRULD PHFDQLFLVWD GR RUJDQLVPR p XPD QHJDomR GHVWH WLSR DVVLP FRPR R FXOWR GRV PRUWRV H D Ip QD FRQWLQXDomR GD YLGD IRL XPD QHJDomR GD PRUWH1R HVTXHPD PRGHUQROKRPPH PDFKLQH R KRPHPPiTXLQD UHSUHVHQWD VLPEROLFDPHQWH R TXH QRDQWLJRIRLUHSUHVHQWDGRSHORµKLOR]RtVPR¶DXVXUSDomRGHXPVHWRUQHJDGRSHOR RXWURTXHJR]DGRPRQRSyOLRRQWROyJLFR
7UDWDVH SRUWDQWR GH PRQLVPR 3RU XP ODGR R PRQLVPR YLWDOLVWD SRU RXWUR R PRQLVPR PHFDQLFLVWD 2 GXDOLVPR SRU FRQVHJXLQWH p R HOHPHQWR GH OLJDomR TXH KLVWRULFDPHQWH XQLX HVWHV GRLV H[WUHPRV H R HOHPHQWR TXH SRVVLELOLWRX D SDVVDJHP GH XP PRQLVPRYLWDOLVWDGD3Up+LVWyULDSDUDRPRQLVPRPDWHULDOLVWDGDeSRFDDWXDO
2SDSHOGRGXDOLVPRHVXDVFRQVHTXrQFLDVSDUDRSHQVDPHQWRILORVyILFR
2 FRQFHLWR GXDOLVWD SURYRFRX D UHWLUDGD GRV FRQWH~GRV HVSLULWXDLV GD HVIHUD ItVLFD H VXD PDUFD GHL[RX DR FRQKHFLPHQWR KXPDQR QD FRQWHPSRUDQHLGDGH XP PXQGR SULYDGR GH WRGRHTXDOTXHUDWULEXWRHVSLULWXDO(P-RQDV³$YLGDPRUDFRPRXP HVWUDQKRQRFRUSR TXHSRUVXDQDWXUH]DpQDYHUGDGHXPFDGiYHU´
(VWDVHSDUDomRHQWUHRPXQGRItVLFRHDYLGDFXOPLQRXHPXPDSRODUL]DomRGDLPDJHP XQLYHUVDOGDUHDOLGDGH3DUDRSHQVDPHQWRILORVyILFRFOiVVLFRKDYLDFHUWD WUDQVFHQGrQFLDQD QDWXUH]D DR SDVVR TXH FRP R DWDTXH GXDOLVWD D LGHLD GH XP XQLYHUVR QmR DQLPDGR VH FRQFUHWL]RX&RPDGHVFREHUWDGR³HX´HGDLQWHULRULGDGHHIHWLYRXVHDrQIDVHVREUHDDOPD KXPDQDQDVXDYLGDLQWHULRUHQDLPSRVVLELOLGDGHGHFRPSDUiODDTXDOTXHUFRLVDGDQDWXUH]D
(VWDVHSDUDomRWUiJLFDSURYRFDGDSHODFRQFHSomRGXDOLVWDLQWHQVLILFDVHDRSRQWRGH RV HOHPHQWRV VHSDUDGRV GHL[DUHP GH WHU TXDOTXHU FRLVD HP FRPXP FRQVWLWXLQGR DVVLP D
ϰϭ
-21$62SULQFtSLRYLGDS ϰϮ
-21$62SFLWS ϰϯ
ϯϲ
HVVrQFLDGHDPERVPHGLDQWHH[FOXVmRP~WXD1DFRPSUHHQVmRGH-RQDV³(QTXDQWRDDOPD >@DWUDtDSDUDVLWRGRRVLJQLILFDGRHWRGDDGLJQLGDGHPHWDItVLFDHVHFRQFHQWUDYDHPVHXVHU PDLVtQWLPRRPXQGRHUDGHVSLGRGHWRGDVHVWDVH[LJrQFLDV´
1R SHQVDPHQWR JQyVWLFR QR TXDO RFRUUHX XPD YRODWLOL]DomR FUtWLFD GD VXEVWkQFLD HVSLULWXDO RX PHOKRU GDTXLOR TXH SRGHULD HVWDU HQFHUUDGR QR W~PXOR RX SULVmR GD PDWpULD &RQIRUPH-RQDV³$VVLPDGLYLVmRGDUHDOLGDGHHQWUHRHXHRPXQGRHQWUHRVHULQWHULRUHR H[WHULRUHQWUHHVStULWRHQDWXUH]DVDQFLRQDGDSHORGRJPDUHOLJLRVRSUHSDURXRWHUUHQRSDUD RVVXFHVVRUHVSyVGXDOLVWDV´
'HQWUHHVWHVVXFHVVRUHVDPRGHUQDWHRULDGDYLGDSRUWDQWRWHYHFRPRSDQRGHIXQGR DRQWRORJLDGDPRUWH2FDPLQKRGRGXDOLVPRSHUPLWLXDGHVFREHUWDGDVHVIHUDVSUySULDVGH HVStULWR H PDWpULD TXH URPSHQGR FRP R SDQYtWDOLVPR SULPLWLYR FULRX RXWUD SHUVSHFWLYD WHyULFD QRYD D QRomR GH TXH D PDWpULD SRGH H[LVWLU VHP R HVStULWR EHP FRPR R HVStULWR SRGHULDH[LVWLUVHPDPDWpULD
3RUFRQVHJXLQWHQDVLWXDomRSyVGXDOLVWDH[LVWHPGXDVSRVVLELOLGDGHVGHPRQLVPRR PDWHULDOLVPR PRGHUQR H R LGHDOLVPR PRGHUQR $PERV RV PRQLVPRV HVWmR EDVHDGRV QD SRODUL]DomR RQWROyJLFD SURGX]LGD SHOR GXDOLVPR PDV IHLWRV PRQLVPRV HVWDEHOHFHP VHX SRQWRGHDSRLRHPFDGDXPGRVGRLVSRORVSDUDFRPEDVHQHOHVDEUDQJHUWRGDDUHDOLGDGH 1DSHUVSHFWLYDGRLQWHOHFWXDODOHPmR³6mRSRUWDQWRHPVXDRULJHPHPERUDQmRHPVXDV LQWHQo}HV PRQLVPRV SDUWLFXODUHV GLIHUHQWHPHQWH GR PRQLVPR LQWHJUDO GD LGDGH SULPLWLYD HPTXHRVGRLVODGRVUHSRXVDYDPDLQGDLQGLVWLQWDPHQWHXPVREUHRRXWUR´
1RYRPRQLVPRILORVyILFRLQWHJUDOHQWmRVySRGHUiH[LVWLUVHIRUSRVVtYHOVXSHUDU2 GXDOLVPR &RP R DGYHQWR GR GXDOLVPR H D FDUDFWHUtVWLFD GR SUySULR 6HU GH VHU HP SDUWH PDWpULDYLYDDOPDHVStULWRDQLPDHPSDUWHPDWpULDPRUWDFRUSRPDWpULDRVPRQLVPRV QmRSRGHPFRPSDFWXDUFRPDLQJHQXLGDGHGRVPRQLVPRVSULPLWLYRVGHVHUHPLQWHJUDOPHQWH YLGD DSHVDU GD H[FHomR GD PRUWH RX LQWHJUDOPHQWH PRUWH DSHVDU GD H[FHomR GD YLGD 2 PRQLVPR SDUWLFXODU GR PDWHULDOLVPR RX LGHDOLVPR DSRQWD SDUD XP GRV SRORV H SDUD VXD H[LVWrQFLD LQGHSHQGHQWH GR RXWUR SROR RX PHOKRU DSHVDU GR RXWUR SROR 0HVPR FRP R DGYHQWR GRV PRQLVPRV SDUWLFXODUHV GR PDWHULDOLVPR H GR LGHDOLVPR PRGHUQRV R SUREOHPD SHUPDQHFHLJXDOLVWRpDH[LVWrQFLDGHYLGDVHQVLWLYDHPXPPXQGRPDWHULDOLQDQLPDGR
ϰϰ
-21$62SULQFtSLRYLGDS ϰϱ
-21$62SFLWS ϰϲ
ϯϳ
&RPR SRVLomR RQWROyJLFD FDGD XP GHVWHV PRQLVPRV PRGHUQRV GHIHQGH VHX SROR FRPRD~QLFDH[SOLFDomRSRVVtYHOSDUDDWRWDOLGDGHGDUHDOLGDGHH[FOXLQGRDVVLPRRXWURSROR (VWD FRH[LVWrQFLD SDFtILFD HQWUHWDQWR TXH LVROD RV SRORV UHWURFLWDGRV QmR UHYHOD R IDWR GD YLGDFRPRXQLGDGHGRFRUSRHGDDOPDWRUQDUHVWDH[FOXVmRLOXVyULD2RUJDQLVPRH[SULPH TXHDSHUJXQWDDRTXH YHPDVHUR6HUSHUPDQHFHVHPUHVSRVWD( p HOHTXHWHPGHVHU D QRUPD GDV IXWXUDV WHQWDWLYDV GH VROXomR VXSHUDQGR DVVLP DV DEVWUDo}HV SDUWLFXODUHV &RQIRUPH-RQDV³$HIHWLYDFRLQFLGrQFLDGHLQWHULRULGDGHHH[WHULRULGDGHQRFRUSRIRUoDDV GXDVIRUPDVGHFRQKHFLPHQWRDGHWHUPLQDUHPVXDUHODomRP~WXDSRURXWURSRQWRGHYLVWDTXH QmRRGHREMHWRVVHSDUDGRV´
2UJDQLVPR H YLGD SHUPDQHFHP LQFRPSUHHQGLGRV 2 FRUSR RUJkQLFR VLQDOL]D D FULVH ODWHQWH GH WRGD RQWRORJLD SyVGXDOLVWD FRP VHXV PRQLVPRV H SUHWHQV}HV GH WRUQDUHPVH RQWRORJLDVLQWHJUDLV6HJXQGR-RQDV³1DYHUGDGHpDSUySULDXQLGDGHGRVGRLVTXHLPSHOHD HVWD DPSOLDomR H FRP LVWR j WUDQVJUHVVmR GH EDUUHLUD QmR OKHV SHUPLWLQGR DEULJDUVH QD DSDUHQWHQHXWUDOLGDGHGHPHURVVHWRUHVRXDVSHFWRVSDUFLDLV´
6HQGRDVVLPQDFRQWHPSRUDQHLGDGHRSUREOHPDGDYLGDHQmRGDPRUWHVHUHFRORFD FRPR XP SUREOHPD FHQWUDO GD RQWRORJLD EHP FRPR GDV FRUUHQWHV GH SHQVDPHQWR GR PDWHULDOLVPR H GR LGHDOLVPR 1HVWH PRPHQWR QR HQWDQWR D YLGD QmR p FRQVLGHUDGD FRPR FRH[WHQVLYDFRPR6HUFRPRVHSHQVDYDQRPRPHQWRSDQYLWDOLVWDSULPLWLYRPDVpIUXWRGD GHVFREHUWDGDPDWpULDVHPYLGDTXHSRUVXDYH]SDVVDDVHUFRH[WHQVLYDFRPR6HUREMHWLYR 2 RUJDQLVPR YLYR PDLV HVSHFLILFDPHQWH R VHU KXPDQR SDVVD D VHU D PHGLGD GH WRGDV DV FRLVDVHPYLUWXGHGRSDUDGLJPDGHVXDWRWDOLGDGHSVLFRItVLFD6HJXQGRRWHyULFRJHUPkQLFR
3RUpP LQGHSHQGHQWH GHVWD TXHVWmR PHWDItVLFD GH XPD XQLGDGH GD UHDOLGDGH H GDV WHVHV GDt GHULYDGDV LQGHSHQGHQWH WDPEpP SRLV GD TXHVWmR VREUH R GLUHLWR GDV FLWDGDV H[WUDSRODo}HV GH QRVVD FRUSRUDOLGDGH ILFD GH Sp HVWH IDWR VHP R FRUSR H VHP VXD DXWRH[SHULrQFLD HOHPHQWDU VHP HVWH SRQWR GH SDUWLGD GH QRVVD H[WUDSRODomR PDLV DPSOD H XQLYHUVDO SDUD R WRGR GD UHDOLGDGH QmR VH SRGHULD DGTXLULUQHQKXPDLGpLDGHIRUoDHHIHLWRQRPXQGRHSRUWDQWRGDFRQH[mRDWXDQWHGH WRGDVDVFRLVDVSRUFRQVHJXLQWHQHQKXPFRQFHLWRGDQDWXUH]DHPVL
-RQDV SRUWDQWR GHIHQGH R DUJXPHQWR GH TXH R SUREOHPD GD YLGD H FRP HOH R GR FRUSR WHP TXH RFXSDU R FHQWUR GD RQWRORJLD H HP SDUWH GD WHRULD GR FRQKHFLPHQWR 1D SHUVSHFWLYDMRQDVLDQD³1RFRUSRHVWiDPDUUDGRRQyGRVHUTXHRGXDOLVPRURPSHPDVQmR
ϰϳ
-21$62SFLWS ϰϴ
-21$62SFLWS ϰϵ
-21$62SULQFtSLRYLGDS ϱϬ
