• Nenhum resultado encontrado

Atividade comunitária e conscientização: uma investigação a partir dos modos de participação social

N/A
N/A
Protected

Academic year: 2018

Share "Atividade comunitária e conscientização: uma investigação a partir dos modos de participação social"

Copied!
135
0
0

Texto

(1)

81,9(56,'$'()('(5$/'2&($5È &(1752'(+80$1,'$'(6 '(3$57$0(172'(36,&2/2*,$

352*5$0$'(3Ï6*5$'8$d­2(036,&2/2*,$ ',66(57$d­2'(0(675$'2

$7,9,'$'(&2081,7È5,$(&216&,(17,=$d­280$,19(67,*$d­2$ 3$57,5'2602'26'(3$57,&,3$d­262&,$/

(0$18(/0(,5(/(69,(,5$

25,(17$'25$9(5Ð1,&$025$,6;,0(1(6

(2)

(0$18(/0(,5(/(69,(,5$

$7,9,'$'(&2081,7È5,$(&216&,(17,=$d­280$,19(67,*$d­2$ 3$57,5'2602'26'(3$57,&,3$d­262&,$/

'LVVHUWDomR VXEPHWLGD DR 3URJUDPD GH 3yV JUDGXDomR HP 3VLFRORJLD GD 8QLYHUVLGDGH )HGHUDO GR &HDUi FRPR UHTXLVLWR SDUD D REWHQomRGRWtWXORGHPHVWUHHP3VLFRORJLD

2ULHQWDGRUD3URID'UD9HU{QLFD0RUDLV;LPHQHV

(3)

)LFKD&DWDORJUiILFDHODERUDGRSRU

(ULFVRQ%H]HUUD9LDQD±%LEOLRWHFiULR±&5%

HULFVRQ#XIFEU

%LEOLRWHFDGH&LrQFLDV+XPDQDV

9D 9LHLUD(PDQXHO0HLUHOHV

$WLYLGDGHFRPXQLWiULDHFRQVFLHQWL]DomRXPDLQYHVWLJDomRDSDUWLUGRV PRGRVGHSDUWLFLSDomRVRFLDO(PDQXHO0HLUHOHV9LHLUD±

ILOFP

&ySLDGHFRPSXWDGRUSULQWRXWV

'LVVHUWDomR0HVWUDGR±8QLYHUVLGDGH)HGHUDOGR&HDUi&HQWURGH +XPDQLGDGHV3URJUDPDGH3yV*UDGXDomRHP3VLFRORJLD)RUWDOH]D&(

2ULHQWDomR3URI'U9HU{QLFD0RUDLV;LPHQHV

,QFOXLELEOLRJUDILD

36,&2/2*,$&2081,7È5,$&216&,(17,=$d­23$57,&,3$d­262&,$/,;LPHQHV 9HU{QLFD0RUDLVRULHQWDGRU,,8QLYHUVLGDGH)HGHUDOGR&HDUi

,,,7tWXOR

&''HG362.20425098131

(4)

(PDQXHO0HLUHOHV9LHLUD

$7,9,'$'(&2081,7È5,$(&216&,(17,=$d­280$,19(67,*$d­2$ 3$57,5'2602'26'(3$57,&,3$d­262&,$/

%DQFDH[DPLQDGRUD

3URID'UD9HU{QLFD0RUDLV;LPHQHV2ULHQWDGRUD

3URID'UD$QD/XL]D7HL[HLUDGH0HQH]HV

3URID'UD(O]D0DULD)UDQFR%UDJD

(5)

$*5$'(&,0(1726

$ PHXV SDLV 2QHLGH H /XFLDQR VHP RV TXDLV QmR WHULD FRQVHJXLGR IRUoDV SDUD FKHJDU DWp DTXL SRLV GH VHX PRGR DSRLDUDPPH TXDVH TXH LQFRQGLFLRQDOPHQWH HP PLQKDVHVFROKDVDRORQJRGDYLGD

¬TXHULGDSURIHVVRUD9HU{QLFD;LPHQHVTXHWRSRXRGHVDILRGHPHDX[LOLDUQHVVD iUGXDWDUHID

$RSURIHVVRU&H]DU:DJQHUDXWRUGHSURItFXDSURGXomRHSHVVRDGHyWLPDVWURFDV QDYLGD

¬V SURIHVVRUDV (O]D %UDJD H $QD /Xt]D 0HQH]HV SRU WHUHP D VROLFLWXGH GH QRV KRQUDUFRPVXDVSUHVHQoDVQDEDQFD

$RPHXTXHULGRLUPmR5RGULJRFRPTXHPWLYHRSUD]HUGHYLUDRPXQGRHRPDLRU SUD]HUDLQGDGHSHUPDQHFHUFRPSDUWLOKDQGRDYLGD

$ PHX HWHUQR RULHQWDGRU H PDLV QRYR DPLJR -RVp &pOLR )UHLUH DOWHULGDGH TXH PHVPR VHP GLVFXWLU XP SDUiJUDIR GHVWD SURGXomR DX[LOLDPH FDGD YH] PDLV HP PLQKD FRQVWUXomRFRPRSHVVRD

$RPHXDPLJR3DEORDPLJRHFRPSDQKHLURGH3VLFRORJLDHGDYLGD ¬)81&$3SHORDSRLRPDWHULDODRERPGHVHQYROYLPHQWRGRWUDEDOKR

$RDPLJR-RmR3DXORSHODSURIXQGDLQWHUORFXomRHSDFLHQWHUHYLVmRGHVVHWUDEDOKR $R-DQGVRQSHORVHQFRQWURVpEULRVHVLJQLILFDWLYRVDSyVDVYLVLWDVDR35(&( $(XJrQLDFRPSDQKHLUDGHFHUYHMDVFDUDQJXHMRVHFULVHVDRORQJRGHVVHWRUWXRVR FDPLQKR

¬V SHVVRDV TXH FRPSXVHUDP D SULPHLUD WXUPD GR FXUVR GH H[WHQVmR HP $&3 GD 8)& TXH PH SURSLFLDUDP HQFRQWURV VLJQLILFDWLYRV DR ORQJR GH 5RFKHOOH *ROEHU\ 7DWLDQD $QD 3DXOD 0D\Ui &DGX 5RVD 6LOYLD .ULVWLD )iELR )iELR 3RUWR IDFLOLWDGRU eULFD,VDEHOD-DPHVÒUVXODH1DUD

$R18&20FDVDTXHVHPSUHPHDEUHDVSRUWDVHTXHPHGHLDPLQKDUHODomRFDGD YH] PDLV FRPSURPLVVDGD FRP DV JHQWHV HP HVSHFLDO D *DEL *DEL]RQD -RmR 3DXOR H ÒUVXOD

(6)

$$GULDQR%DWLVWD%HQMDPLQ,RQHH-RVp$OIUHGRTXHPXLWREHPPHUHFHEHUDPH FRPLJRFRODERUDUDPQHVWDFDPLQKDGD

$RV PHXV DPLJRV 7DtV %OHLFKHU 0DUVHOOH PHX PDLV QRYR SUHVHQWH 9LFWRU -XOLDQR%DUERVD:LOWRQ7DtV'XWUD0DULDQD9HU{QLFD*RPHV7RQ\H+HUEHUW-RDESRU VLPSOHVPHQWHPHGDUHPRSUD]HUGHFRPSDUWLOKDUPRVDYLGD

$PLQKDWHUDSHXWD*DEULHOOH)UHLUHSHODSDFLrQFLDFRPTXHPHDFROKH $RPHXWLR2WDYLQKRVHJXQGRSDLTXHPHFRPSUHHQGHFRPRQLQJXpP

$ 6LOYLD FRPSDQKHLUD GH PXLWR WHPSR GHVVD FDPLQKDGD TXH FRP VHX DPRU SDFLrQFLD GHGLFDomR HQWUHJD ³EREDJHQV´ H HQFDQWDPHQWR SHOD YLGD PXLWR PH HQVLQRX PXLWDVYH]HVHPVLOrQFLR

(7)

680È5,2

/LVWDGHDQH[RVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBYLLL 5HVXPRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBL[ $EVWUDFWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB[ ,1752'8d­2BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3DUWLFLSDomRFRQFHLWXDOL]Do}HVFRQGLFLRQDQWHVHLPSOLFDo}HVBBBBBBBBBBBBBBBBB

±&RQFHLWXDo}HVHPWRUQRGRSDUWLFLSDUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±&RQGLFLRQDQWHVHIRUPDVGHSDUWLFLSDomRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±,PSOLFDo}HVGRSDUWLFLSDU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±3DUWLFLSDUSUDTXr"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±3RUXPDFRPSUHHQVmRSVtTXLFDGDLQWHUDomRVRFLDOBBBBBBBBBBBBBBBBBBBBBBBB

±&RPXQLGDGHHVXMHLWRGDFRPXQLGDGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±$WLYLGDGHFRPXQLWiULDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±$FRQVFLrQFLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ±&RQVFLrQFLDQDWHRULDKLVWyULFRFXOWXUDOGDPHQWHBBBBBBBBBBBBBBBBBBBBBBBBBBB ±3DXOR)UHLUHHDFRQVFLHQWL]DomR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ±0DUWLQ%DUySRUXPDFRQFHSomRSROLWLFDQDSVLFRORJLDBBBBBBBBBBBBBBBBBBBBBB ± &RQVFLrQFLD DWLYLGDGH FRPXQLWiULD H FRQVFLHQWL]DomR XPD DUWLFXODomR D SDUWLU GD 3VLFRORJLD&RPXQLWiULD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±&RQVWUXomRGRSHUFXUVRPHWRGROyJLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±0DWHULDOLVPRKLVWyULFRGLDOpWLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±$ERUGDJHPTXDOLWDWLYD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

±2FRQWH[WRRPXQLFtSLRGH3HQWHFRVWHHR3URMHWRGH(GXFDomRHP&pOXODV&RRSHUDWLYDV 35(&(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ±$FROHWDGHGDGRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ±/HLWXUDGRPXQGRGRVXMHLWRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

± 2 SURFHVVR GH FRQVFLHQWL]DomR GH 1DVFLPHQWR D SDUWLU GH VXD DWLYLGDGH H VXDV VLJQLILFDo}HVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BB

(8)

± $QDOLVDQGR D SDUWLFLSDomR VRFLDO GH 1DVFLPHQWR QR GHVHQYROYLPHQWR GH DWLYLGDGHV FRPXQLWiULDVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ± 5HDODFLRQDQGR R PRGR GH SDUWLFLSDomR HP DWLYLGDGHV FRPXQXWiULDV FRP R SURFHVVR GH FRQVFLHQWL]DomRGH1DVFLPHQWRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

(9)

/LVWDGHDQH[RV

$QH[R$±'LiULRVGH&DPSR

$QH[R%±5RWHLUR3DUD(QWUHYLVWD,QGLYLGXDO

$QH[R&±&'5RPFRPHQWUHYLVWDHTXDGURVWHPiWLFRV

/LVWDGHDSrQGLFHV

$FHLWH GR &RPLWr GH eWLFD HP SHVTXLVD GD

(10)

5(6802

(VWH WUDEDOKR SDUWH GD FRQVWDWDomR *yLV GH TXH GHQWUH RV GLYHUVRV IDWRUHV TXH DWXDP QR SURFHVVRGHFRQVFLHQWL]DomRHQFRQWUDVHRPRGRGHSDUWLFLSDUGHDWLYLGDGHVFRPXQLWiULDV 3HUJXQWDVH D SDUWLU GHVVD DILUPDomR GH TXH PRGR D IRUPD GH SDUWLFLSDU LQWHUIHUH QHVVH SURFHVVRGHILQLGRDTXLDSDUWLUGH3DXOR)UHLUH7HPFRPRREMHWLYRSRUWDQWRGLVFXWLUGH TXH PDQHLUD R PRGR GH SDUWLFLSDU GH DWLYLGDGHV FRPXQLWiULDV LQIOXHQFLD QR SURFHVVR GH FRQVFLHQWL]DomR 3DUD WDQWR LQLFLDOPHQWH HVWDEHOHFH XPD GLVFXVVmR D UHVSHLWR GDV GLIHUHQWHV IRUPDV GH SDUWLFLSDU H RV IDWRUHV TXH DWXDP QR IHQ{PHQR GD SDUWLFLSDomR (P VHJXLGDDSDUWLUGD3VLFRORJLD&RPXQLWiULDGD(GXFDomR/LEHUWDGRUDHGD7HRULD+LVWyULFR &XOWXUDO GD 0HQWH GLVFRUUH DFHUFD GDV LPSOLFDo}HV SVtTXLFDV GDV LQWHUDo}HV KXPDQDV GLVFXWLQGR RV FRQFHLWRV GH FRPXQLGDGH DWLYLGDGH FRPXQLWiULD FRQVFLrQFLD H FRQVFLHQWL]DomR 8WLOL]RXVH XPD DERUGDJHP TXDOLWDWLYD FRP HQIRTXH HWQRJUiILFR HQWUHYLVWDQGRVHXPDSHVVRDTXHID]SDUWHGR3URMHWRGH(GXFDomRHP&pOXODV&RRSHUDWLYDV 35(&( SRU PHLR GH HQWUHYLVWD VHPLHVWUXWXUDGD FRP IRFR QD KLVWyULD GH YLGD GR HQWUHYLVWDGR5HDOL]DUDPVHUHJLVWURVGDHQWUHYLVWDHGLiULRGHFDPSRGHXPWRWDOGHVHWH YLVLWDV$SDUWLUGHHQWmRIRLSRVVtYHODQDOLVDURPRGRGHSDUWLFLSDUGRVXMHLWRGDSHVTXLVDH UHDOL]DUXPDDQiOLVHWHPiWLFDGHVXDHQWUHYLVWD&RPRUHVXOWDGRS{GHVHYHULILFDUTXHXP PRGR GH SDUWLFLSDomR PDLV DWLYR H FRRSHUDWLYR SURSLFLD FRQGLo}HV SDUD TXH R VXMHLWR IRUWDOHoDVXDVLQWHUDo}HVFRPDUHDOLGDGHSHODDSURSULDomRHVLJQLILFDomRGHVVDPDQHLUDGH VHUHODFLRQDUSRUSDUWHGRLQGLYtGXR

(11)

$%675$&7

7KLV ZRUN LV EDVHG RQ *yLV¶V YHULILFDWLRQ WKDW DPRQJ WKH PDQ\ IDFWRUV WKDW DFW RQ WKH DZHUHQHVV SURFHVV WKH ZD\ WR SDUWLFLSDWH RI FRPPXQLWDULDQ DFWLYLW\ LV RQH RI WKHP ,W LV DVNHGIURPWKHVWDWHPHQWRIWKDWWKHZD\WRSDUWLFLSDWHLQIOXHQFHVWKLVSURFHVVGHILQHGKHUH IRU3DXOR)UHLUH¶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omR HP &p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omRRILI UHODWLQJRQWKHSDUWRIWKHLQGLYLGXDO

(12)

,QWURGXomR

2LQWHUHVVHHPUHDOL]DUHVWDSHVTXLVDVXUJLXGHQRVVDDWUDMHWyULDDRORQJRGHQRVVD IRUPDomRQRTXHGL]UHVSHLWRj3VLFRORJLD&RPXQLWiULDXPDYH]TXHSXGHPRVSDUWLFLSDU GHDWLYLGDGHVTXHHQYROYLDPHVWDiUHDGD3VLFRORJLD6RFLDOPXLWDVGDVTXDLVYLQFXODGDVj 8QLYHUVLGDGHHHVSHFLILFDPHQWHDR1~FOHRGH3VLFRORJLD&RPXQLWiULDGD8)&18&20 1~FOHR GR TXDO IL]HPRV SDUWH GXUDQWH WUrV DQRV GH QRVVD JUDGXDomR $OpP GLVVR FRPR VXEVWUDWR WHyULFR SDUD VXD UHDOL]DomR HVWH HVWXGR VH GHEUXoRX VREUH TXHVWLRQDPHQWRV VXUJLGRVGHXPDLQYHVWLJDomRUHDOL]DGDSRU*yLVDFHUFDGDUHODomRHQWUHRVWLSRVGH FRQVFLrQFLD D SDUWLU GH 3DXOR )UHLUH D VHPLLQWUDQVLWLYD WUDQVLWLYD LQJrQXD H WUDQVLWLYDFUtWLFDHDSDUWLFLSDomRHPDWLYLGDGHVFRPXQLWiULDV

1RVWUDEDOKRVHP3VLFRORJLD&RPXQLWiULDTXHWLYHPRVRSRUWXQLGDGHGHGHVHQYROYHU D SDUWLFLSDomR GRV PRUDGRUHV HP DWLYLGDGHV FRPXQLWiULDV DSUHVHQWDYDVH FRPR XP WHPD PHUHFHGRUGHLQYHVWLJDomRPDLVDFXUDGD'HVVH PRGRWUDWDPVHGHLQTXLHWDo}HVVLWXDGDV QRGHEDWHHQWUHDSUiWLFDGD3VLFRORJLD&RPXQLWiULDHXPHVWXGRHPStULFRHPSUHHQGLGRSRU XPGHVHXVSUHFXUVRUHV

2 SUySULR VXUJLPHQWR GD 3VLFRORJLD 6RFLDO QR %UDVLO /$1( UHPHWHQRV D XPDSUHVHQoDGHGLYHUVRVSURILVVLRQDLVQRILPGRVDQRVWHQWDQGRWUDEDOKDUHPSURO GHXPDUHDOLGDGHPDLVMXVWDHDERUGDQGRDSDUWLFLSDomRFRPRDOJRPHUHFHGRUGHGHVWDTXH $EDVHFRPXPDHVVHVWUDEDOKRVVHJXQGR/DQHHUDPRVHVWXGRVHPSUHHQGLGRVSRU 3DXOR)UHLUHQDHGXFDomRSRSXODUVHPPXLWDVHVSHFLILFLGDGHVSHUWHQFHQWHVDFDGDXPGRV UDPRVGHVDEHUTXHWHQWDYDPDWXDUHPFRPXQLGDGHV

*yLV p XP GRV SLRQHLURV QR %UDVLO QR WUDEDOKR GD 3VLFRORJLD HP FRPXQLGDGHV GH EDL[DUHQGD$RORQJRGRGHVHQYROYLPHQWRGHVHXWUDEDOKR*Ï,6HVWH DXWRUFRQVWUXLXWRGRXPPDQDQFLDOWHyULFRTXHGiVXVWHQWDomRQmRDSHQDVDXPD3VLFRORJLD ³QD´FRPXQLGDGHVHQmRTXHGHOLPLWDXPDiUHDHVSHFtILFDGD3VLFRORJLDRXVHMDSDVVDDVHU 3VLFRORJLD&RPXQLWiULD

,VWR HVSHFLILFD XPD FRPSUHHQVmR GH SVLFRORJLD 1mR VH WUDWD GH ID]HU TXDOTXHU SVLFRORJLD QD FRPXQLGDGH PDV VLP XP WLSR GH WUDEDOKR TXH SULYLOHJLH D WUDQVIRUPDomR

(VWH WHUPR p DTXL XWLOL]DGR GH DFRUGR FRP D GHILQLomR GH *yLV VHJXQGR D TXDO ³ D DWLYLGDGH

(13)

VRFLDOHTXHUHFRQKHoDTXHRSVLTXLVPRQmRpXPHSLIHQ{PHQRGDUHDOLGDGH*Ï,6 eQHVVHVHQWLGRTXH*yLVSGHILQH3VLFRORJLD&RPXQLWiULDFRPR

XPD iUHD GD 3VLFRORJLD 6RFLDO TXH HVWXGD D DWLYLGDGH GR SVLTXLVPR GHFRUUHQWH GR PRGR GH YLGD GR OXJDUFRPXQLGDGH HVWXGD R VLVWHPD GH UHODo}HV H UHSUHVHQWDo}HV LGHQWLGDGH FRQVFLrQFLD LGHQWLILFDomR H SHUWLQrQFLD GRV LQGLYtGXRV DR OXJDUFRPXQLGDGH H DRV JUXSRV FRPXQLWiULRV

$RPHVPRWHPSRHPTXHDGHILQLomRDFLPDGHPDUFDXPFDPSRGHHVSHFLILFLGDGH QD 3VLFRORJLD ODQoDQRV R GHVDILR GH XPD VLVWHPDWL]DomR FRQVWDQWH GHVVD iUHD DLQGD UHFHQWH VH FRPSDUDGD D RXWUDV PDLV ³WUDGLFLRQDLV´ QD 3VLFRORJLD (YLGHQWHPHQWH HVWD WUDGLomRQmRHVWiLVHQWD GHLQWHUHVVHVLGHROyJLFRVTXHHVWmRLPSOLFDGRVQDHODERUDomRGRV FXUUtFXORVXQLYHUVLWiULRVFRQIRUPHQRVGL]0DUWLQ%DUy

&RQWXGRFDGDYH]PDLVIH]VHHID]VHQHFHVViULRTXHSRVVDPRVFRPSUHHQGHUTXH SURFHVVRVSVtTXLFRVVHGHVHQYROYHPDRORQJRGHQRVVDDWXDomR$ILQDOSDUDDOpPGHXPD FRQYLFomRGHYDORUHVTXHUHFRQKHFHPRVFRPRYiOLGDTXDODLPSRUWkQFLDGHVHIRPHQWDUD SDUWLFLSDomRQXPDGDGDGLUHomR"2TXHLVVRVLJQLILFDHPWHUPRVGHSURFHVVRVSVtTXLFRV"

'H IDWR PXLWR VH IDOD VREUH R WHPD H VH SUHJD R VHX XVR VHMD HP HPSUHVDV HVFRODV JHVW}HV S~EOLFDV RX HP FRPXQLGDGHV 0DV GH TXH SDUWLFLSDomR IDODPRV" 4XH SDUWLFLSDomRD3VLFRORJLD&RPXQLWiULDSRUH[HPSOR±iUHDGD3VLFRORJLDHPTXHVHVLWXD HVWHHVWXGR±HVWiLQWHUHVVDGDHPSURPRYHU"6DEHPRVSRUH[HPSORTXHDSDUWLFLSDomRTXH WHPRGLiORJRFRPRSULQFtSLR*Ï,6pIDFLOLWDGRUDGRFUHVFLPHQWRSHVVRDOHVRFLDO 0DVTXHLPSDFWRHVWHWLSRGHDomRWHPQDFRQVFLrQFLDGRVXMHLWRHSRUWDQWRQRVHXPRGR GHDJLUVREUHDUHDOLGDGH"

0RYLGR SRU TXHVW}HV VHPHOKDQWHV *yLV UHDOL]RX XP HVWXGR SDUWLQGR GH TXHVWLRQDPHQWRV DFHUFD GD UHODomR HQWUH D SDUWLFLSDomR HP DWLYLGDGHV FRPXQLWiULDV H D FRQVFLrQFLDSHVVRDO6HJXQGRRDXWRUVHXREMHWLYRHUD³YHULILFDUVHDDWLYLGDGHFRPXQLWiULD p LPSRUWDQWH QR DSURIXQGDPHQWR GD FRQVFLrQFLD SHVVRDO PXGDQoD GH XPD FRQVFLrQFLD VHPLLQWUDQVLWLYD D XPD FRQVFLrQFLD WUDQVLWLYD H FRPSUHHQGHU TXH DVSHFWRV GD DWLYLGDGH FRPXQLWiULDHVWmRPDLVUHODFLRQDGRVFRPWDOIDWRHPPRUDGRUHVGHXPDFRPXQLGDGHUXUDO GR(VWDGRGR&HDUi´*Ï,6S

(14)

UHODFLRQDQGRRFRPDSDUWLFLSDomRHPDWLYLGDGHVFRPXQLWiULDV2VUHVXOWDGRVDSUHVHQWDGRV SRU *yLV LQGLFDP TXH QmR Ki UHODomR HQWUH R WLSR GH FRQVFLrQFLD H DVSHFWRV WDLV FRPR LGDGH JrQHUR WHPSR GH SDUWLFLSDomR H IUHTrQFLD GH SDUWLFLSDomR -i QR TXH GL] UHVSHLWRjUHODomRGDFRQVFLrQFLDFRPYDULiYHLVFRPRHVFRODULGDGHHVWDGRFLYLORFXSDomR ODERUDODWRGHSDUWLFLSDURXQmRWLSRGHDWLYLGDGHFRPXQLWiULDSDSHOTXHH[HUFHHPRGRV GHSDUWLFLSDomRYHULILFDVHXPDIRUWHGHSHQGrQFLD

,QWHUHVVDQRV SDUD HVWH HVWXGR D UHODomR HQWUH R WLSR GH FRQVFLrQFLD H D YDULiYHO FKDPDGDSRU*yLVGHPRGRGHSDUWLFLSDUGDDWLYLGDGHFRPXQLWiULD'HDFRUGRFRP HVWH DXWRU ³TXDQWR PDLV DWLYD p D SDUWLFLSDomR QDV DWLYLGDGHV FRPXQLWiULDV PDLV VH HYLGHQFLDDFRQVFLrQFLDWUDQVLWLYDLQJrQXDHFUtWLFD3RURXWURODGRTXDQGRDSDUWLFLSDomR p PHQRV DWLYD RQGH Ki SRXFR GLiORJR SUHGRPLQD D FRQVFLrQFLD PiJLFD´ *Ï,6 S 3DUD R DXWRU D SDUWLFLSDomR DWLYD FRQFHUQH D H[SUHVV}HV PDLV GHEDWHGRUDV H SURSRVLWLYDV SRU SDUWH GRV PHPEURV GR JUXSR HQTXDQWR R PRGR GH SDUWLFLSDomR SDVVLYR LPSOLFD HP SHVVRDV PDLV FDODGDV H FRP SRXFD DWLWXGH LQGDJDGRUD QRV HVSDoRV GDV DWLYLGDGHVFRPXQLWiULDV1HVVHFRQWH[WR*yLVSLQGLFDDIXQomR³PHGLDWL]DGRUD RULHQWDGRUDHWUDQVIRUPDGRUD´GDDWLYLGDGHFRPXQLWiULDGHQWURGHVLWXDo}HVGHLQWHUDo}HV VRFLDLV

1RHQWDQWRDSHVDUGHDSRQWDUDFRUUHODomRH[LVWHQWHHQWUHRPRGRGHSDUWLFLSDomR HP DWLYLGDGHV FRPXQLWiULDV H R WLSR GH FRQVFLrQFLD GRV LQGLYtGXRV *yLV QmR H[SOLFLWD FRPR VH SURFHVVD D FRQVFLHQWL]DomR )5(,5( D SDUWLU GRV PRGRV GH SDUWLFLSDomR

7DO LQYHVWLJDomR DUWLFXODGD FRP QRVVD DWXDomR HP 3VLFRORJLD &RPXQLWiULD VXVFLWRXQRVRVHJXLQWHTXHVWLRQDPHQWRGHTXHPDQHLUDDSDUWLFLSDomRGRVPRUDGRUHVHP DWLYLGDGHVFRPXQLWiULDVDWXDQRVVHXVSURFHVVRVGHFRQVFLHQWL]DomR"2REMHWLYRJHUDOGHVWH WUDEDOKR SRUWDQWR p FRPSUHHQGHU FRPR R PRGR GH SDUWLFLSDomR HP DWLYLGDGHV FRPXQLWiULDV WHQGR HP YLVWD VXD IXQomR PHGLDWL]DGRUD DWXD QR SURFHVVR GH FRQVFLHQWL]DomRGHXPVXMHLWRDTXLLQYHVWLJDGR

(15)

GHHVWXGRVRHVWXGRHPFpOXODVFRRSHUDWLYDVLPDJLQiYDPRVTXHOiSRGHUtDPRVHQFRQWUDU XPD SDUWLFLSDomR PDLV HIHWLYD GH VHXV LQWHJUDQWHV 'XUDQWH WUrV PHVHV FRQIRUPH GHWDOKDPRVQRFDStWXORPHWRGROyJLFRUHDOL]DPRVYLVLWDVDGLYHUVDVDWLYLGDGHVGR35(&( HP)RUWDOH]DHHP3HQWHFRVWHFRPrQIDVHQRVHJXQGRORFDOSRLVIRLOiTXHREVHUYDPRVR GHVHQYROYLPHQWRGHXPDDWLYLGDGHFRPXQLWiULD

&RPRXPGRVREMHWLYRVHVSHFtILFRVSRGHPRVDSRQWDURGHFRQKHFHURFRWLGLDQRGR 35(&( LQVWLWXLomR HP TXH UHDOL]DPRV HVWD SHVTXLVD SDUD LGHQWLILFDU DWLYLGDGHV FRPXQLWiULDVGHVHQYROYLGDVSRUVHXVPHPEURV6RPDVHDHVWHRGHDQDOLVDUDSDUWLFLSDomR VRFLDOGHXPPHPEURGR35(&(QRGHVHQYROYLPHQWRGHDWLYLGDGHVFRPXQLWiULDVGHPRGR TXHSXGpVVHPRVDYHULJXDUVHHVWDSDUWLFLSDomRRFRUULDGHPRGRPDLVDWLYRRXPHQRVDWLYR EHP FRPR RV GLYHUVRV DVSHFWRV TXH D FRPS}HP 1RVVR ~OWLPR REMHWLYR HVSHFtILFR HUD UHODFLRQDURPRGRGHSDUWLFLSDomRGRVXMHLWRLQYHVWLJDGRHPDWLYLGDGHVFRPXQLWiULDVFRP VHXSURFHVVRGHFRQVFLHQWL]DomR

3DUD QRV EDVHDUPRV WHRULFDPHQWH SDUD R FXPSULPHQWR GHVVHV REMHWLYRV IXQGDPHQWDPRQRV QD 3VLFRORJLD &RPXQLWiULD *Ï,6 HQIRFDQGR DV LQIOXrQFLDV TXH HVWD UHFHEH GD (GXFDomR /LEHUWDGRUD )5(,5( H GD 7HRULD +LVWyULFR&XOWXUDOGD0HQWH9,*276.,/85,$/(217,(9

,QLFLDPRV R WUDEDOKR FRP XPD GLVFXVVmR D UHVSHLWR GH SDUWLFLSDomR 7DO GLVFXVVmR LQWHQWDGHILQLUHVWHFRQFHLWREHPFRPRUHIOHWLUDFHUFDGRVIDWRUHVVRFLDLVHLQGLYLGXDLVTXH HVWmR LPSOLFDGRV QR DWR GH SDUWLFLSDU $OpP GLVVR UHIOHWH VREUH DV FRQVHTrQFLDV GH GHWHUPLQDGRVWLSRVGHSDUWLFLSDomRWHQWDQGRFRPSUHHQGHUHVWHFRQFHLWRDSDUWLUGDQRomR SVLFROyJLFDDGYLQGDGD7HRULD+LVWyULFR&XOWXUDOGD0HQWHHGD3VLFRORJLD&RPXQLWiULD

(P VHJXLGD HODERUDPRV XPD GLVFXVVmR D UHVSHLWR GH FRQFHLWRV GD 3VLFRORJLD &RPXQLWiULD TXH PDLV QRV LQWHUHVVDP SDUD D FRQFHSomR GD FRQVFLrQFLD DTXL DGRWDGD FRPXQLGDGH DWLYLGDGH FRPXQLWiULD FRQVFLrQFLD H FRQVFLHQWL]DomR $V GHILQLo}HV GHVVHV FRQFHLWRV DFRQWHFHP D SDUWLU GH XPD DUWLFXODomR HQWUH D 7HRULD +LVWyULFR&XOWXUDO GD 0HQWH D (GXFDomR /LEHUWDGRUD H D 3VLFRORJLD &RPXQLWiULD $ LPSRUWkQFLD GD GLVFXVVmR GHVVHV FRQFHLWRV UHVLGH QR IDWR GH TXH D SDUWLU GHOHV IRLQRV SRVVtYHO FRPSUHHQGHU D

(16)

LPSRUWkQFLDGRWHPDGDSDUWLFLSDomRSDUDD3VLFRORJLDXPDYH]TXHHQIDWL]DPDLQWHUDomR KRPHPPXQGRFRPRIXQGDPHQWDOSDUDRGHVHQYROYLPHQWRGRSVLTXLVPR

1R FDStWXOR VHJXLQWH GLVFRUUHPRV VREUH R SHUFXUVR PHWRGROyJLFR SHUFRUULGR SDUD TXHSXGpVVHPRVH[HFXWDUHVWHHVWXGR$VVLPH[SRPRVQRVVDSHUVSHFWLYDHSLVWHPROyJLFDGH FROHWDHDQiOLVHGHGDGRVRWLSRHDERUGDJHPTXHDGRWDPRVRXVHMDTXDOLWDWLYDDOpPGH FRQWH[WXDOL]DUROyFXVGHHODERUDomRGDSHVTXLVDRVPpWRGRVGHFROHWDHDQiOLVHGRVGDGRV $ LPSRUWkQFLD GHVWH FDStWXOR UHVLGH QR IDWR GH SHQVDUPRV VHU UHOHYDQWH TXH VH SRVVD FRPSUHHQGHU GH TXH PRGR FRQVWUXtPRV RV LQVWUXPHQWRV GH FROHWD EHP FRPR R PRGR GH DQDOLVDURVGDGRVSRUQyVFROKLGRV

)LQDOL]DQGRHVWDSHVTXLVDDSUHVHQWDPRVRFDStWXORGHDQiOLVHGHGDGRVHPTXHDV WHRULDVTXHQRVIXQGDPHQWDPGLDORJDPFRPRVGDGRVTXHFROKHPRVDRORQJRGRWUDEDOKR 'HLQtFLRGHVFUHYHPRVQRVVDLQVHUomRQRFDPSRGHSHVTXLVDXWLOL]DQGRQRVGRVUHJLVWURV IHLWRV HP GLiULR GH FDPSR DR ORQJR GH WUrV PHVHV GH WUDEDOKR HP TXH UHDOL]DPRV VHWH YLVLWDVDRORFDOHPTXHDSHVTXLVDVHGHVHQYROYHX

(PVHJXLGDDQDOLVDPRVDSDUWLFLSDomRGRVXMHLWRREVHUYDGDGHFRUUHUGDSHVTXLVD HQIRFDQGRVHXPRGRGHSDUWLFLSDUGHXPDDWLYLGDGHFRPXQLWiULDSRUQyVHVFROKLGDSDUDVHU SHVTXLVDGD 3RU ILP D SDUWLU GD DQiOLVH WHPiWLFD GH XPD HQWUHYLVWD GH KLVWyULD GH YLGD IL]HPRV XP HVWXGR WHPiWLFR SDUD YHULILFDU GH TXH PRGR D IRUPD GH SDUWLFLSDU GH XPD DWLYLGDGH FRPXQLWiULD VH DUWLFXODYD FRP R SURFHVVR GH FRQVFLHQWL]DomR GH QRVVR HQWUHYLVWDGR

&RPSUHHQGHUHVVDTXHVWmRpQRVVLWXDUDUHVSHLWRSRUH[HPSORGDOLEHUWDomRGRV SRYRVODWLQRDPHULFDQRVGHTXHQRVIDOD0DUWLQ%DUy3RGHPRVGHFLGLUSRUXPWLSR EDQFiULR RX OLEHUWDGRU GH SDUWLFLSDomR ± LQVSLUDGRV QRV GL]HUHV GH 3DXOR )UHLUH 3UHIHULU D VHJXQGD RSomR LPSOLFD HP UHSHQVDU FRQFHSo}HV PHWRGROyJLFDV H D SUySULD SURGXomR GR FRQKHFLPHQWR ± GHVGH D IRUPD FRPR HVWH p HODERUDGR H FRQFHELGR j VXD IXQomRUHFRQKHFHQGRQHVWDXPDLGHRORJLD

(17)

UHSUHVHQWDU D SUySULD VRFLHGDGH RX QDomR 4XHU GL]HU TXH D SDUWLFLSDomR GDV SHVVRDV HP QtYHOGHVXDFRPXQLGDGHpDPHOKRUSUHSDUDomRSDUDDVXDSDUWLFLSDomRFRPRFLGDGmRVHP QtYHOGDVRFLHGDGHJOREDO´

(18)

3$57,&,3$d­2&21&(,78$d®(6&21',&,21$17(6(

,03/,&$d®(6

1HVWHFDStWXORDERUGDPRVRWHPDGDSDUWLFLSDomRPHGLDQWHDOJXPDVFRQFHLWXDo}HV EHPFRPRRVPRGRVFRPRSRGHVHUFODVVLILFDGDHRVGLYHUVRVIDWRUHVTXHDFRPS}HP$ SDUWLU GLVVR GHILQLPRV R FRQFHLWR GH SDUWLFLSDomR D VHU DTXL XWLOL]DGR DSRQWDQGR D LPSRUWkQFLD GD SDUWLFLSDomR H D VHUYLoR GH TXHP SURSRPRV D GLVFXVVmR GHVWH FRQFHLWR )LQDOPHQWHDVVLQDODPRVDQHFHVVLGDGHGHXPDLQWHUYHQomRQRVHQWLGRGDFRQVFLHQWL]DomR

&RQFHLWXDo}HVHPWRUQRGRSDUWLFLSDU

)DODUGHSDUWLFLSDomRpWUDQVLWDUHPXPWHUUHQRVREUHTXDOPXLWRVHIDODPDVSRXFR VHFRPSUHHQGHHPVHXVDVSHFWRVPDLVSURIXQGRV&RQIRUPH6RX]DS

+RMHHPGLDDSDUWLFLSDomRpOLQJXDJHPFRPXPQDVGLYHUVDVFDPDGDVGD SRSXODomR HP TXH SHVHP H[LVWLUHP LQWHUHVVHV H SUHRFXSDo}HV FRQWUDGLWyULDV H DQWDJ{QLFDV HQWUH DTXHOHV TXH ID]HP DV FODVVHV IXQGDPHQWDLV GD VRFLHGDGH 1HVVH VHQWLGR DVVXPLU D SHUVSHFWLYD GD SDUWLFLSDomR H[LJH DQWHV GH TXDOTXHU RXWUD DWLWXGH TXH VH H[DPLQH SDUWLFLSDomRSRUTXr"(PIXQomRGHTXHP"2TXHpPHVPRSDUWLFLSDomR"

(19)

'DJQLQRSDILUPDTXHDSUHVHQoDGDWHPiWLFDGDSDUWLFLSDomRQRVPDLV GLYHUVLILFDGRVGLVFXUVRVHYLGHQFLD³XPDFRQIOXrQFLDSHUYHUVDHQWUHXPSURMHWRSROtWLFR GHPRFUDWL]DQWH SDUWLFLSDWLYR H R SURMHWR QHROLEHUDO TXH PDUFDULD KRMH GHVGH R QRVVR SRQWR GH YLVWD R FHQiULR GD OXWD SHOR DSURIXQGDPHQWR GD GHPRFUDFLD QD VRFLHGDGH EUDVLOHLUD´

6HJXQGRHVVHVDXWRUHVDSDUWLFLSDomRQmRSRGHVHUWRPDGDDSHQDVHPVXDGLPHQVmR LQVWUXPHQWDO VHQmR TXH VH WUDWD GH XPD QHFHVVLGDGH HPLQHQWHPHQWH KXPDQD HP VXD GLPHQVmRXWySLFD(VWDSHUVSHFWLYDLQDXJXUDDSRVVLELOLGDGHGHWUDQVIRUPDomRGDUHDOLGDGH SRLV GHVVD IRUPD HOD VH DSUHVHQWD FRPR XP SUREOHPD H QmR FRPR XP GDGR 6HJXQGR 'HPRS³SRUTXHVRPRVXWySLFRVQmRQRVFXUYDUHPRVjVPLVpULDVGRSUHVHQWHH VRQKDPRVVHPSUHFRPDOJRPHOKRU(PQRPHGDVXWRSLDVWXGRFRQWHVWDPRVPHVPRTXH WHQKDPRVDFHUWH]DGHTXHQmRFRQVHJXLUHPRVLPSODQWiODGHWRGR´S

'H IDWR VH UHFRUUHUPRV j 7HRULD GD (GXFDomR /LEHUWDGRUD )5(,5( H j 7HRULD +LVWyULFR&XOWXUDO GD 0HQWH /(217,(9 9<*276.< /85,$ TXHWrPQDREUDPDU[LDQDXPDLPSRUWDQWHIRQWHGHLQVSLUDomRYHULILFDUHPRVXPD FRPSUHHQVmR GH TXH R TXH GHILQH D KXPDQL]DomR GR KRPHP p D VXD SRVVLELOLGDGH GH WUDQVIRUPDomR GD UHDOLGDGH 'LIHUHQWHPHQWH GRV DQLPDLV TXH HVWmR HP FRQWDWR FRP R PXQGRRKRPHPHVWiHPUHODomRFRPHVWH)5(,5(RTXHVLJQLILFDTXHHOHSRGH VREUHSXMDUDVFRQGLo}HVLPSRVWDVSHODQDWXUH]D

'H DFRUGR FRP /LPD S WHPDWL]DU D SDUWLFLSDomR p FRORFDU HP SDXWD WDPEpPRIHQ{PHQRGDPDUJLQDOL]DomRGHVHWRUHVPDLVGHVSURYLGRVGH QRVVDVRFLHGDGH 6HJXQGRDDXWRUD

DR ODGR GH XP IUDQFR SURFHVVR GH PRGHUQL]DomR H GH FUHVFLPHQWR HFRQ{PLFRJUDQGHPDVVDGDSRSXODomRHQFRQWUDVHPDUJLQDOL]DGDGHVWH SURFHVVR SHUVLVWLQGR QHVVDV VRFLHGDGHV FDUDFWHUtVWLFDV SUySULDV GR VXEGHVHQYROYLPHQWR FRPR GHVLJXDOGDGH HFRQ{PLFD GHSHQGrQFLD H[WHUQDHWF

'HVVD IRUPD IDODU VREUH SDUWLFLSDomR p WUD]HU j WRQD DOJR D TXH )UHLUH Ki TXDVH TXDUHQWD DQRVMi FKDPDYD DWHQomR R GLUHLWR SULPRUGLDO GH RV SRYRV RSULPLGRV

$DXWRUDGHILQH³SHUYHUVD´GDVHJXLQWHIRUPD³XPIHQ{PHQRFXMDVFRQVHTrQFLDVFRQWUDULDPVXDDSDUrQFLD

FXMRV HIHLWRV QmR VmR GDGRV LPHGLDWDPHQWH HYLGHQWHV H VH UHYHODP GLVWLQWRV GR TXH VH SRGHULD HVSHUDU´ '$*1,12S

8PD DSUHFLDomR PDLV GHWDOKDGD DFHUFD GR DVVXQWR VHUi SRVVtYHO PDLV DGLDQWH TXDQGR PRVWUDPRV D

(20)

GL]HUHPDVXDSDODYUD$ERUGDUWDOTXHVWmRVLJQLILFDSRUWDQWRSHQVDUHPSRVVLELOLGDGHVGH VHHIHWLYDUDSURQ~QFLDGDWUDQVIRUPDomRGRPXQGRSRUSDUWHGHVWHVTXHVHDFKDPPXLWDV YH]HVQHJDGRVHPUHODomRDRH[HUFtFLRGHGLUHLWRVIXQGDPHQWDLV

1RFDPSRGD3VLFRORJLD*yLVSDGYHUWHQRVDFHUFDGDLPSRUWkQFLDGH VH GLIHUHQFLDU SDUWLFLSDomR GH PRELOL]DomR UHFRQKHFHQGR D LPSRUWkQFLD GH DPERV RV FRQFHLWRV6HJXQGRRDXWRU

DSULPHLUDpXPDFRQGLomRLQWUtQVHFDjDWLYLGDGHVRFLDOVLJQLILFDWLYDGRV LQGLYtGXRVSUySULDGDFRQVFLrQFLDLQGLYLGXDOHHPIDYRUGRLQGLYtGXRH GHVXDFROHWLYLGDGH±SRWHQFLDOL]DomRGRLQGLYtGXRHQTXDQWRDVHJXQGDp D FRQGLomR FULDGD FROHWLYDPHQWH SDUD TXH VH JDUDQWD SROLWLFDPHQWH D SDUWLFLSDomR VRFLDO H R HPSRGHUDPHQWR GD SRSXODomR ± SRWHQFLDOL]DomR VRFLDO

,QWHUHVVDQRVFRPRSVLFyORJRVDSDUWLFLSDomRXPDYH]TXHFRPREHPFRORFD*yLV HVWDpGDHVIHUDGDFRQVFLrQFLDLQGLYLGXDORXVHMDpRVXMHLWRTXHPSDUWLFLSDHDR SDUWLFLSDUPRGLILFDVHXHQWRUQREHPFRPRDVLPHVPR(YLGHQWHPHQWHHVVDSDUWLFLSDomR LQGLYLGXDO WHP FRPR SDQR GH IXQGR WRGD XPD HVWUXWXUDomR VRFLDO TXH SRGH RX QmR D IDYRUHFHU

&RQGLFLRQDQWHVHIRUPDVGHSDUWLFLSDomR

1DVRFLHGDGHVHJXQGR%RUGHQDYHpSRVVtYHOHQFRQWUDUPRVGXDVHVIHUDVGH SDUWLFLSDomR D PLFURSDUWLFLSDomR H D PDFURSDUWLFLSDomR $ SULPHLUD p ³D DVVRFLDomR YROXQWiULDGHGXDVRXPDLVSHVVRDVHPXPDDWLYLGDGHFRPXPQDTXDOHODVQmRSUHWHQGHP XQLFDPHQWH WLUDU EHQHItFLRV SHVVRDLV H LPHGLDWRV´ %25'(1$9( S -i D PDFURSDUWLFLSDomRWDPEpPFKDPDGDSHORDXWRUGHSDUWLFLSDomRVRFLDO³LPSOLFDXPDYLVmR PDLVODUJDHWHUDOJRDGL]HUQDVRFLHGDGHFRPRXPWRGR´%25'(1$9(S 6HJXQGR $PPDQ ³SDUWLFLSDomR VRFLDO p R SURFHVVR PHGLDQWH R TXDO DV GLYHUVDV FDPDGDVGDVRFLHGDGHWRPDPSDUWHQDSURGXomRQDJHVWmRHQRXVXIUXWRGRVEHQVGHXPD VRFLHGDGHKLVWRULFDPHQWHGHWHUPLQDGD´S

(21)

1R TXH GL] UHVSHLWR jV IRUPDV GH SDUWLFLSDU p SRVVtYHO HQFRQWUDUPRV D VHJXLQWH YDULHGDGH %25'(1$9( SDUWLFLSDomR GH IDWR UHIHUHVH DR WLSR GH SDUWLFLSDomR H[LVWHQWH QD IDPtOLD QXFOHDU H HP RXWURV JUXSRV SULPLWLYRV GR TXDLV QmR WHPRV D SRVVLELOLGDGH GH HVFROKHU SDUWLFLSDU SDUWLFLSDomR HVSRQWkQHD p R WLSR GH RUJDQL]DomR FROHWLYD QmRHVWiYHO H VHP SURSyVLWRV FODURV H GHILQLGRV ³D QmR VHU RV GH VDWLVID]HU QHFHVVLGDGHV SVLFROyJLFDV GH SHUWHQFHU H[SUHVVDUVH UHFHEHU H GDU DIHWR REWHU UHFRQKHFLPHQWR H SUHVWtJLR´ %25'(1$9( S SDUWLFLSDomR LPSRVWD R LQGLYtGXRTXHID]SDUWHGHGHWHUPLQDGRJUXSRpREULJDGRDUHDOL]DUDWLYLGDGHVSHUWLQHQWHVD HVWHVWDLVFRPRLUjPLVVDSDUDRVFDWyOLFRVSDUWLFLSDomRYROXQWiULDRFROHWLYRpJHUDGR SHORV SDUWLFLSDQWHV H HVWHV HVWDEHOHFHP UHJUDV REMHWLYRV H PpWRGRV GH WUDEDOKR &RPR H[HPSORSRGHPRVFLWDUSDUWLGRVSROtWLFRVHVLQGLFDWRVSDUWLFLSDomRSURYRFDGDpUHDOL]DGD SRU DJHQWHV H[WHUQRV TXH DMXGDP RXWURV D UHDOL]DU REMHWLYRV GHILQLGRV &RPR H[HPSOR WHPRV R 6HUYLoR 6RFLDO RX D 3VLFRORJLD &RPXQLWiULD SDUWLFLSDomR FRQFHGLGD SRGHU H[HUFLGRSRUVXERUGLQDGRVFRQVLGHUDGROHJtWLPRSRUHOHVHVHXVVXSHULRUHV7HPRVFRPR H[HPSORDSDUWLFLSDomRQRVOXFURVDGRWDGDSRUDOJXPDVHPSUHVDV

2SWDUSRUDOJXPDGHVWDVPDQHLUDVGHSDUWLFLSDUpVHPG~YLGDUHDOL]DUXPDHVFROKD DFHUFD GH TXH VRFLHGDGH YDORUL]DPRV 6H WHPRV HP PHQWH R TXH p R QRVVR FDVR FRPR SVLFyORJRVFRPXQLWiULRVTXHDVRFLHGDGHRSUHVVRUDHGHVLJXDOHPTXHYLYHPRVSUHFLVDVHU WUDQVIRUPDGD H TXH D DXWRQRPLD GR FROHWLYR SUHFLVD VHU IRUWDOHFLGD GHFLGLU SRU XPD SDUWLFLSDomRLPSRVWDSRUH[HPSORVHULDQRPtQLPRFRQWUDGLWyULR&RPRDJHQWHVH[WHUQRV j FRPXQLGDGH GHYHPRV FRQMXJDU SDUWLFLSDomR SURYRFDGD H SDUWLFLSDomR YROXQWiULD QR VHQWLGR GH IRUWDOHFHU DWLYLGDGHV FRPXQLWiULDV Mi GHVHQYROYLGDV QDV FRPXQLGDGHV HP TXH DWXDPRV

(22)

FRGHFLVmRHFROHJLDOLGDGHGHOHJDomRHPTXHRVVXERUGLQDGRVWrPDXWRQRPLDHPDOJXQV DVSHFWRV SDUD WHU SRGHU GH GHFLVmR DXWRJHVWmR RQGH R ³JUXSR GHWHUPLQD VHXV REMHWLYRV HVFROKH VHXV PHLRV GHWHUPLQD VHXV REMHWLYRV H HVWDEHOHFH RV FRQWUROHV SHUWLQHQWHV VHP UHIHUrQFLDDXPDDXWRULGDGHH[WHUQD´%25'(1$9(S

-iQRTXHGL]UHVSHLWRjLPSRUWkQFLDGDVGHFLV}HVWRPDGDV%RUGHQDYHGLYLGH HPVHLVQtYHLV2SULPHLURQtYHOpRGDIRUPXODomRGDGRXWULQDHGDSROtWLFDGDLQVWLWXLomR 2VHJXQGRGL]UHVSHLWRjGHWHUPLQDomRGHREMHWLYRVHDRHVWDEHOHFLPHQWRGHHVWUDWpJLDV-i R WHUFHLUR DERUGD D HODERUDomR GH SODQRV SURJUDPDV H SURMHWRV 1R TXDWUR DV GHFLV}HV DWLQJHPDDORFDomRGHUHFXUVRVHDDGPLQLVWUDomRGHRSHUDo}HV-iQRQtYHOFLQFRKiXP LPSDFWRVREUHDH[HFXomRGDVDo}HVHSRU~OWLPRQRVHLVDVGHFLV}HVDWLQJHPDDYDOLDomR GRVUHVXOWDGRV

&RPR VH SRGH SHUFHEHU D SDUWLFLSDomR HQYROYH GH PDQHLUD GLUHWD D TXHVWmR GR SRGHUSRLVVHUHIHUHjIRUPDHjLPSRUWkQFLDGRTXHVHWRPDSDUWH3RULVVRRVDXWRUHVTXH OLGDP FRP HVWD TXHVWmR %25'(1$9( /,0$ 628=$ '(02 DILUPDPTXHDSDUWLFLSDomRQHFHVVDULDPHQWHHQYROYHDTXHVWmRGRFRQIOLWRXPDYH] TXHQDSHUVSHFWLYDGDDXWRJHVWmRDSUHVHQWDGDDOKXUHVRTXHVHREMHWLYDpDFRQTXLVWDGH XPDPDLRUSDUWLFLSDomRQDLPSRUWkQFLDGDVGHFLV}HV

,PSOLFDo}HVGRSDUWLFLSDU

6HJXQGR 'HPR S D DXWRJHVWmR ³QmR Ki GH VLJQLILFDU DXWRQRPLD WRWDO SRWHQFLDOLGDGHLOLPLWDGDLVHQomRGDVDUWLPDQKDVGDGRPLQDomRPDVFUHVFHQWHFRQTXLVWDGH SDUWLFLSDomRQDVROXomRGRVSUREOHPDV´

(23)

SRGHU VH RUJDQL]D VH LQVWLWXFLRQDOL]D EHP FRPR SRU FDXVD GRV FRQIOLWRV GH SRGHU VH GHVLQVWLWXFLRQDOL]DHVHVXSHUD´

1HVVHPHVPRVHQWLGR/LPDSDILUPDTXH

(P QRVVR FRQWH[WR KLVWyULFR R GHVHQYROYLPHQWR GDV HVWUXWXUDV GRPLQDQWHV WHP JHUDGR DR PHVPR WHPSR D PDUJLQDOLGDGH GH JUDQGHV VHWRUHV 3HQVDU HP LQWHJUDU HVVD SRSXODomR VHP PRGLILFDU DV HVWUXWXUDV EiVLFDV GD VRFLHGDGH p FRQFHEHU D PDUJLQDOLGDGH FRPR XP SUREOHPD WUDQVLWyULRTXHVHULDHOLPLQDGRDSDUWLUGRGHVHQYROYLPHQWRGDVRFLHGDGH GHQWURGRVPHVPRVSDGU}HV'HVWHSRQWRGHYLVWDDFRQFHSomRGHJUXSRV PDUJLQDOL]DGRV QmR SRGH VHU WUDEDOKDGD VHP OHYDU HP FRQWD DV HVWUXWXUDV VRFLDLV SROtWLFDV H HFRQ{PLFDV TXH FRQGLFLRQDP D SUySULD H[LVWrQFLDGDPDUJLQDOLGDGH

3HQVDU D SDUWLFLSDomR SRUWDQWR HP QRVVD VRFLHGDGH UHTXHU R TXHVWLRQDPHQWR DFHUFDGRPRGRFRPRHVWDVHRUJDQL]DQRTXHFRQFHUQHjVXDSUySULD HVWUXWXUDTXHSRU PXLWDV YH]HV p KLHUiUTXLFD H FRP SRXFR HVSDoR SDUD XPD SDUWLFLSDomR SRSXODU GH PDLRU LPSRUWkQFLD3DUWLFLSDo}HVPDLVHIHWLYDVSRGHP VHUHQFRQWUDGDVFRPPDLRUIDFLOLGDGHHP JUXSRV PHQRUHV FRPR DVVRFLDo}HV GH PRUDGRUHV RX RUJDQL]Do}HV QmRJRYHUQDPHQWDLV 21*VDWtWXORGHH[HPSOLILFDomR'(02%25'(1$9(

1XPDWUDGLomRPDLVSUy[LPDGD3VLFRORJLD&OtQLFDDSHVDUGHQmRVHUHVWULQJLUDHOD &DUO 5RJHUV DXWRU GH LQIOXrQFLD VLJQLILFDWLYD QD FRQVWUXomR GD 3VLFRORJLD &RPXQLWiULD LGHQWLILFRX TXH XP GRV DVSHFWRV IXQGDPHQWDLV SDUD R GHVHQYROYLPHQWR SHVVRDO HUD R GD SDUWLFLSDomR(VWDGHYHRFRUUHUWDQWRQRkPELWRGDSVLFRWHUDSLDQDTXDORFOLHQWHHVFROKHR TXHTXHUIDODUFRPRTXHUIDODUHTXHUXPRVWRPDUSRUPHLRGHVXDVTXHVW}HVTXDQWRQR kPELWR VRFLDO PDLV DPSOR SRLV VHJXQGR D FRQFHSomR GH 5RJHUV S D QmR SDUWLFLSDomR GH GLYHUVRV VHWRUHV GD VRFLHGDGH SURGX] YLROrQFLD H RXWUDV PD]HODV VRFLDLV FRPRSRGHPRVFRQVWDWDUQDVHJXLQWHSDVVDJHP

(24)

DXWRJRYHUQR $OpP GLVVR HOHV VH VHQWHP GH PRGR VXSUHHQGHQWH LQWHUHVVDGRV QD UHFRQVWUXomR GH VHX SDtV (VVH VHQVR GH XP REMHWLYR XQLILFDGRUSDUHFHKRMHHPGLDFRPSOHWDPHQWHDXVHQWHHPQRVVRSDtV2V

REMHWLYRVSURFODPDGRVVmRQDPDLRULDSDUDPDQWHURVWDWXVTXRRXSDUD

WRUQDUVHPDLRUHPHOKRUWHFQRORJLFDPHQWH

$ GHSHQGHU GD RUJDQL]DomR GRV JUXSRV HQFRQWUDPRV HVWUXWXUDV TXH IDFLOLWDP H RXWUDVTXHGLILFXOWDPDSDUWLFLSDomRGHVHXVPHPEURVEHPFRPRSRVWXUDVTXHSURSLFLDP PDLRUHV RX PHQRUHV RSRUWXQLGDGHV GH SDUWLFLSDomR SRU SDUWH GD FROHWLYLGDGH ± OLGHUDQoD GHPRFUiWLFDHOLGHUDQoDDXWRFUiWLFDUHVSHFWLYDPHQWH0217(52'HDFRUGRFRP %RUGHQDYH S ³QD PHGLGD HP TXH D HVWUXWXUD GH XPD RUJDQL]DomR VHMD IOH[tYHOHGHVFHQWUDOL]DGDDSDUWLFLSDomRGHVHQYROYHVHPDLVQDWXUDOPHQWH´S'D PHVPDIRUPDRDXWRUDQDOLVDTXHTXDQWRPDLRUDIOH[LELOLGDGHGDRUJDQL]DomRHPUHODomRj IOH[LELOLGDGH GD SURJUDPDomR PDLRU D SRVVLELOLGDGH GH XPD SDUWLFLSDomR PDLV HIHWLYD VH GHVHQURODU

1D GLQkPLFD GD SDUWLFLSDomR UHIHUHQWH D JUXSRV RX D DVVRFLDo}HV HVWmR HP MRJR FRQIRUPH %RUGHQDYH D IRUoD GDV LQVWLWXLo}HV VRFLDLV RUJDQL]Do}HV VRFLDLV LQIRUPDLV DV GLIHUHQoDV LQGLYLGXDLV GH FDGD PHPEUR D DWPRVIHUD JHUDO GR JUXSR D FLUFXODomRGHLQIRUPDomRQRJUXSRDUHDOLPHQWDomRGRSUySULRJUXSRRGLiORJRRSDGUmR GHFRPXQLFDomRRVPHPEURVTXHPDLVFRQWULEXHPSDUDDGLVFXVVmRDOpPGRWDPDQKRGR JUXSR -i QR TXH FRQFHUQH D XPD HVIHUD PDLV JOREDO %RUGHQDYH DSRQWD D GHVLJXDOGDGH HQWUH FLGDGmRV H[LVWHQWH QD HVIHUD SULYDGD D IDOVD GLYLVmR HQWUH R VHWRU RILFLDO TXH GHFLGH H R FLYLO TXH VH EHQHILFLD ± RX QmR ± GDV GHFLV}HV D GHPRFUDFLD UHSUHVHQWDWLYD HP FRQWUDSRVLomR j SDUWLFLSDWLYD TXH FULD R SROtWLFR SURILVVLRQDO H R FUHVFHQWHDXPHQWRGHH[SHULrQFLDDVVRFLDWLYLVWD±FRPR21*VSRUH[HPSOR±FRPRIDWRUHV TXHFRPS}HPRSURFHVVRGHSDUWLFLSDomRSRSXODU

3RU FRQVHJXLQWH IRUWDOHFHU R ~OWLPR IDWRU RUD DERUGDGR H DEULU HVSDoRV SDUD XPD TXHEUDGRVSDUDGLJPDVFRUUHQWHVQRVRXWURVIDWRUHVVHWRUQDXPGHVDILRRXVDGRYLVWRTXH SHODSDUWLFLSDomRSRGHPRVFULDUDSRVVLELOLGDGHGHDVSHVVRDVWUDQVIRUPDUHPVXDUHDOLGDGH e QHVVH VHQWLGR TXH 'HPR S DILUPD ³ GHPDJRJRV SRSXOLVWDV FRUUXSWRV H FRQWUDYHQWRUHV VH SHUSHWXDP QR SRGHU SRUTXDQWR D VRFLHGDGH QmR FRQVHJXH RUJDQL]DUVH SDUDLPSRUVHXVPtQLPRVGLUHLWRV´

(25)

QD PHGLGD HP TXH RV VLVWHPDV SROtWLFR H RUJDQL]DFLRQDO SHUPLWHP H JDUDQWHPDGHSHQGrQFLDGDVRFLHGDGHHPUHODomRjVGHPDLVVRFLHGDGHVQD PHGLGD HP TXH DLQGD EORTXHLDP R DFHVVR GDV FDPDGDV SRSXODUHV j JrQHVH GDV GHFLV}HV HVWD VRFLHGDGH HVWi HPEDUJDQGR D JHUDomR H D HIHWLYDomRGRSURFHVVRSDUWLFLSDWLYR

'HVVD IRUPD D SRWHQFLDOL]DomR GH HVSDoRV GH SDUWLFLSDomR SRSXODU HP WRGDV DV HVIHUDV GD YLGD FRWLGLDQD SULQFLSDOPHQWH SRU PHLR GD HGXFDomR VHMD PHGLDQWH SROtWLFDV S~EOLFDVVHMDDSDUWLUGDSUR[LPLGDGHGHPRYLPHQWRVSRSXODUHVDSUHVHQWDVHFRPRXPD H[LJrQFLDjTXHOHVTXHFRPRQyVGHVHMDPDFRQVWUXomRGHXPDVRFLHGDGHPDLVMXVWD,VWR SRU VXD YH] DSRQWDQRV SDUD R LPSHUDWLYR GH XP FRPSURPLVVR SRU SDUWH GDTXHOHV TXH LQWHQWDPRVWUDEDOKDUHPWDOGLUHomR628=$(YLGHQWHPHQWHQmRVHWUDWDGHXPD HGXFDomRFRPXPEDQFiULDMiTXHIDODPRVDTXLGHXPD(GXFDomR/LEHUWDGRUD

&RQIRUPH$PPDQS³QmRpWDUHIDGDHGXFDomRDPHUDVXEVWLWXLomR GHYDORUHVPDVWUDWDVHGHSURSLFLDUXPDJHQXtQDSDVVDJHPRQGHRHGXFDQGRpDRPHVPR WHPSRVHXDXWRUHJHVWRUGHXPDFRQVFLrQFLDPiJLFDDXPDFRQVFLrQFLDFUtWLFD´'HPR SFRPSDUWLOKDGHVVHSRQWRGHYLVWDTXDQGRGHILQH HGXFDomRFRPR³PRWLYDUR GHVGREUDPHQWR GDV SRWHQFLDOLGDGHV GR HGXFDQGR DFUHGLWDQGR VHPSUH TXH VHX GHVHQYROYLPHQWR GHSHQGH PHQRV GR PHVWUH GR TXH GD LQLFLDWLYD H GD FULDWLYLGDGH SUySULDV´

7DOHGXFDomRGHYHVHULQVSLUDGDQDVLGpLDVGH3DXOR)UHLUHRTXDOMiHP³(GXFDomR FRPRSUiWLFDGDOLEHUGDGH´WHPDWL]DYDDTXHVWmRGDSDUWLFLSDomRQRSURFHVVRKLVWyULFRGD VRFLHGDGH EUDVLOHLUD TXH VHJXQGR VXD DQiOLVH HUD EDVWDQWH SUREOHPiWLFD H SUHMXGLFLDO e QHVVHVHQWLGRTXH)UHLUHSDOXGH

8PDGDVJUDQGHVVHQmRDPDLRUWUDJpGLDGRKRPHPPRGHUQRHVWi HP TXH p KRMH GRPLQDGR SHOD IRUoD GRV PLWRV H FRPDQGDGR SHOD SXEOLFLGDGH RUJDQL]DGD LGHROyJLFD RX QmR H SRU LVVR YHP UHQXQFLDQGR FDGD YH] PDLV VHP R VDEHU j VXD FDSDFLGDGH GH GHFLGLU 9HP VHQGR H[SXOVR GD yUELWD GDV GHFLV}HV DIRJDVH QR DQRQLPDWR QLYHODGRUGD PDVVLILFDomRVHPHVSHUDQoDHVHPIpGRPHVWLFDGRHDFRPRGDGRMiQmR

pVXMHLWR5HEDL[DVHDSXURREMHWRJULIRVGRDXWRU

(VWDSDVVDJHPGDFRQVFLrQFLDPiJLFDjFUtWLFDpFKDPDGDSRU3DXOR)UHLUHGHFRQVFLHQWL]DomRHp

(26)

eFRPEDVHHPXPDFRPSUHHQVmRVLPLODUjGH)UHLUHTXH%RUGHQDYHDWHVWD TXH³DSDUWLFLSDomRGDVSHVVRDVHPQtYHOGHVXDFRPXQLGDGHpDPHOKRUSUHSDUDomRSDUDD VXD SDUWLFLSDomR FRPR FLGDGmRV HP QtYHO GD VRFLHGDGH JOREDO´ S 'H DFRUGR FRP 6RX]D ³D SDUWLFLSDomR p SURFHVVR H[LVWHQFLDO FRQFUHWR VH SURGX] QD GLQkPLFD GD VRFLHGDGH H VH H[SUHVVD QD SUySULD UHDOLGDGH FRWLGLDQD GRV GLYHUVRV VHJPHQWRV GD SRSXODomR´S

'HPR SRU VXD YH] DILUPD TXH ³RV LGHDLV SDUWLFLSDWLYRV PDLV UDGLFDLV VRPHQWHSRGHPVHUFRQFUHWL]DGRVHDLQGDDVVLPGHIRUPDDSHQDVDSUR[LPDWLYDHPJUXSRV SHTXHQRV HVWi FODUR TXH >HVWHV LGHDLV@ Mi QmR VH DSOLFD>P@ D XPD FLGDGH XPD UHJLmR H PXLWR PHQRV XP SDtV´ S 3HQVDU SRUWDQWR D SDUWLFLSDomR DSHQDV HP XP kPELWR PDLV JOREDO p GHL[DU GH UHFRQKHFHU D FRWLGLDQLGDGH GHVWD WHPiWLFD EHP FRPR D PDWHULDOLGDGHFRPTXHVHH[SUHVVDPDVHVIHUDVJOREDLVQRFRWLGLDQR

3RU HVVD UD]mR 6RX]D LELGHP GHFODUD TXH ³D SDUWLFLSDomR VXS}H D FULDomR GR KRPHP SDUD R HQIUHQWDPHQWR GRV GHVDILRV VRFLDLV´ S $LQGD VHJXQGR D DXWRUD WDO ³FULDomR´DSUHVHQWDRVVHJXLQWHVSUHVVXSRVWRVRSHQVDUFROHWLYRSDUWLQGRGRFRWLGLDQRR SHQVDUFROHWLYRQDDQiOLVHHGHVYHODPHQWRGRTXHVHDSUHVHQWDFRPRQDWXUDOQRFRWLGLDQRD SDVVDJHP GH XP QtYHO GH JUXSDOL]DomR H PRELOL]DomR SDUD D YLYrQFLD GD RUJDQL]DomR FRQVFLHQWH H PRGRV UHQRYDGRV GH UHIOH[mR H DomR TXH UHVSRQGDP jV QRYDV GHPDQGDV GR FRQWH[WRVRFLDO

6HJXQGR3LQWRDSXG628=$S

2 LQVWUXPHQWR SULQFLSDO SDUD DomR FRPXQLWiULD p D RUJDQL]DomR

VRFLDO QmR HQWHQGLGD FRPR VLPSOHV HVWUXWXUD IRUPDO PDV FRPR

DUWLFXODomR FRQVFLHQWH SHUPDQHQWH H GLQkPLFD GRV JUXSRV GH XPD SRSXODomR DR UHGRU GH LQWHUHVVHV FRPXQV REMHWLYRV UHDLV PDLV SHUFHELGRV FROHWLYDPHQWH TXH DOLPHQWDP Do}HV FRRUGHQDGDV H TXH EXVFDPVDWLVID]HUDHVVHVLQWHUHVVHVFROHWLYRV

(VWDYLVmRpFRPSDUWLOKDGDSRU*yLVTXDQGRDRDSRQWDURTXHGHQRPLQDGH FRQGLo}HV EiVLFDV SDUD D FULDomR GH XP FOLPD GH FUHVFLPHQWR SVLFRVVRFLDO FLWD D RUJDQL]DomR FRPXQLWiULD H D OXWD UHLYLQGLFDWyULD H SROtWLFD FRPR GXDV GHVVDV FRQGLo}HV &RQIRUPHWDODXWRUS

8PD GLVFXVVmR PDLV DSURIXQGDGD DFHUFD GHVWD WHPiWLFD p HIHWLYDGD TXDQGR DERUGDPRV D UHODomR HQWUH

(27)

DRUJDQL]DomRFRPXQLWiULDVHIRUPDQDEDVHRSRYRGHFLGLQGRHDJLQGRHP FRPXP DFRUGR 2V PRUDGRUHV SHQVDQGR MXQWRV GHFLGLQGR MXQWRV H SUDWLFDQGR MXQWRV QXP HVIRUoR VROLGiULR GH YHUGDGHLUD FDPLQKDGD LQGLYLGXDOHVRFLDO$FODVVHRSULPLGDRUJDQL]DGDHSDUWLFLSDQGRDWUDYpVGDV DVVRFLDo}HV GRV VHXV VLQGLFDWRV H GRV VHXV SDUWLGRV SROtWLFRV SRGHUi FDPLQKDUHPGLUHomRjVXDOLEHUWDomR

&RPR VH SRGH SHUFHEHU *yLV FRPSDUWLOKD FRP %RUGHQDYH H 'HPR GD FRQFHSomR H[SRVWD DQWHULRUPHQWH GH TXH D SDUWLFLSDomR QD FRPXQLGDGH p D PHOKRUSUHSDUDomRSDUDWDOHPQtYHOJOREDO6HPSDUWLFLSDomRQmRpSRVVtYHODFRQVWUXomR GR VXMHLWR FRPXQLWiULR ± REMHWLYR GH XP WUDEDOKR HP 3VLFRORJLD &RPXQLWiULD 'H DFRUGR FRP *yLV HVVH VXMHLWR ³WHP XPD FRQVFLrQFLD WUDQVLWLYD TXH OKH SHUPLWH FRPSUHHQGHURPRGRGHYLGDGHVXDFRPXQLGDGHHGHVLPHVPRDOpPGHUHFRQKHFHUVHX YDORUHSRGHUSDUDGHVHQYROYrODHGHVHQYROYHUVHQXPDSHUVSHFWLYDGLDOyJLFDHVROLGiULD´ S

e QRWyULR SRUWDQWR TXH RV GLYHUVRV DXWRUHV DTXL FLWDGRV DSRQWDP D SDUWLFLSDomR FRPRXPDDOWHUQDWLYDYLiYHOSDUDDVXSHUDomRGDVFRQGLo}HVGHRSUHVVmRHPDUJLQDOL]DomR HP TXH QRV HQFRQWUDPRV QyV SRYRV ODWLQRDPHULFDQRV 0DV SDUD TXH SRVVDPRV FRPR SVLFyORJRV FRODERUDU QHVVH SURFHVVR GH VXSHUDomR ID]VH QHFHVViULR TXH UHWRPHPRV R TXHVWLRQDPHQWRGH6RX]DSFLWDGRQRLQtFLRGHVWHFDStWXOR³SDUWLFLSDomRSRU TXr"(PIXQomRGHTXHP"2TXHpPHVPRSDUWLFLSDomR"´

3DUWLFLSDUSUDTXr"

'LDQWH GR H[SRVWR D SDUWLU GDV UHIHUrQFLDV FLWDGDV SRGHPRV UHVSRQGHU DRV TXHVWLRQDPHQWRVODQoDGRVSRU6RX]DGDVHJXLQWHIRUPDSDUWLFLSDUSRUTXHRKRPHPQmRp DSHQDV SURGXWR VHQmR TXH WDPEpP p SURGXWRU GH VXD KLVWyULD QXP MRJR GLDOpWLFR GH FRQILJXUDomR GD UHDOLGDGH 3DUWLFLSDU SRUTXH ID] SDUWH GD KXPDQLGDGH VRQKDU H FRQVWUXLU FRQGLo}HV SDUD D UHDOL]DomR GHVWHV VRQKRV XPD YH] TXH UHFRQKHFHPRV DTXL D SDUWLU GH )UHLUHH*yLVTXHDUHDOLGDGHpXPSUREOHPDHQmRXPGDGRH TXHSRUWDQWRHODGHYHVHUWUDQVIRUPDGDHQmRDSHQDVDVVLPLODGD

(28)

RSULPLGR ODWLQRDPHULFDQR HP HVSHFLDO QyV QRUGHVWLQRV H FHDUHQVHV QD HGLILFDomR GHVWD UHDOLGDGH7UDEDOKDUQHVWDGLUHomRVLJQLILFDRSWDUSRUVXSHUDUDVFRQGLo}HVGHRSUHVVmRHP TXHQRVHQFRQWUDPRVHTXHGHVXPDQL]DPWDQWRRRSUHVVRUTXDQWRRRSULPLGR$ILUPDPRV LVWR LQVSLUDGRV HP )UHLUH TXDQGR HVWH H[S}H ³1mR VRX VH YRFr QmR p QmR VRX VREUHWXGRVHSURtERYRFrGHVHU´S

3DUWLFLSDomRSRUWDQWRSRGHVHUFRPSUHHQGLGRFRPRXPLQVWUXPHQWRGHOLEHUWDomR 0$57,1%$5Ï TXH HQYROYH R PDLRU Q~PHUR GH SHVVRDV H XP QtYHO GH LPSRUWkQFLDQDVGHFLV}HVWRPDGDV5HOHPEUHPRVHUHDILUPHPRVFRPRQRVVDDSHUVSHFWLYD GH $PPDQ VHJXQGR D TXDO ³SDUWLFLSDomR VRFLDO p R SURFHVVR PHGLDQWH R TXDO DV GLYHUVDVFDPDGDVGDVRFLHGDGHWRPDPSDUWHQDSURGXomRQDJHVWmRHQRXVXIUXWRGRVEHQV GH XPD VRFLHGDGH KLVWRULFDPHQWH GHWHUPLQDGD´ S (VWH WRPDU SDUWH YDOH OHPEUDU LPSOLFDXPFDPLQKDUUXPRjDXWRQRPLDFROHWLYD

2SWDU SRU H[HPSOR SRU XPD JHVWmR TXH RSRUWXQL]H D SDUWLFLSDomR SRSXODU ³ VLJQLILFD XPD UHIRUPD PRUDO H LQWHOHFWXDO XP SURFHVVR GH DSUHQGL]DJHP VRFLDO GH FRQVWUXomRGHQRYRVWLSRVGHUHODomRVRFLDOTXHLPSOLFDPREYLDPHQWHDFRQVWLWXLomRGRV FLGDGmRVFRPRVXMHLWRVVRFLDLVDWLYRV´'$*1,12S'HVVDIRUPDFRQFHLWXDU SDUWLFLSDomRH[LJHWDPEpPID]rORFRPUHODomRjFLGDGDQLD

1DFRQFHSomRMXUtGLFDGHDFRUGRFRP%HQHYLGHVDSXG.$33(/H'$/5, S

1D WHRULD FRQVWLWXFLRQDO PRGHUQD FLGDGmR p R LQGLYtGXR TXH WHP XP YtQFXORMXUtGLFRFRPR(VWDGReSRUWDGRUGHGLUHLWRVHGHYHUHVIL[DGRV SRU XPD GHWHUPLQDGD HVWUXWXUD OHJDO TXH OKH FRQIHUH DLQGD D QDFLRQDOLGDGH&LGDGmRVVmRHPWHVHLJXDLVSHUDQWHDOHLSRUpPV~GLWRV GR (VWDGR 1RV UHJLPHV GHPRFUiWLFRV HQWHQGHVH TXH RV FLGDGmRV SDUWLFLSDUDP RX DFHLWDUDP R SDFWR IXQGDQWH GD QDomR RX XPD GH QRYD RUGHPMXUtGLFD

(29)

HVWDWDO´ S &RQWUDS}HVH D HVWH WLSR GH FLGDGDQLD D FLGDGDQLD DWLYD SUHVHQWH QRV SURFHVVRV GHPRFUiWLFRV TXH SURSLFLDP GH IDWR D SDUWLFLSDomR SRSXODU ³ QD TXDO R FLGDGmR p LQVWLWXtGR FRPR SRUWDGRU GH GLUHLWRV H GHYHUHV PDV HVVHQFLDOPHQWH FULDGRU GH GLUHLWRVSDUDDEULUQRYRVHVSDoRVGHSDUWLFLSDomRSROtWLFD´.$33(/H'$/5,S (PXPSDtVFRPWUDGLomRROLJiUTXLFDHDXWRULWiULDFRPRRQRVVRHVWHWLSRGHFLGDGDQLD± DLQGDHVWiORQJHGHVHUDOFDQoDGD±UHTXHUXPWUDEDOKRLQWHQVRGHHGXFDomREHPFRPRXPD OXWD FRQVWDQWH FRQWUD DTXHOHV TXH VHPSUH VH EHQHILFLDUDP GR VLVWHPD ROLJiUTXLFR UHSUHVHQWDWLYRHPTXHQRVHQFRQWUDPRV

1HVVHVHQWLGRDVVLPFRPRSRGHPRVREVHUYDUXPDFLGDGDQLDDWLYD HXPDSDVVLYD QR TXH WDQJH j GHPRFUDFLD SRGHPRV FODVVLILFiOD HP GRLV WLSRV TXDO VHMD D GHPRFUDFLD UHSUHVHQWDWLYDHDGHPRFUDFLDSDUWLFLSDWLYD6HJXQGR3RQWRSULPHLURWLSRVHEDVHLD HPXPDFRQFHSomROLEHUDOEXUJXHVDGHGHPRFUDFLDDSUHVHQWDQGR/RFNHH5RXVVHDXFRPR GRLVGHVHXVH[SRHQWHV6HJXQGRHVWDFRQFHSomR³SDUDTXHVHPDQWHQKDPDVFRQGLo}HVGH OLEHUGDGHHLJXDOGDGHRQGHQHQKXPFLGDGmRSHUGHVXDVREHUDQLDQRSURFHVVRGHIRUPDomR

GDYRQWDGHJHUDOHVWDQmRSRGHVHUGHOHJDGDRXWUDQVIHULGDDQmRVHUSDUDHQFDUUHJDGRVGH

H[HFXWiOD ´ 3217 S $LQGD GH DFRUGR FRP 3RQW D LJXDOGDGH SHUDQWHDOHLPDVFDUDDVGHVLJXDOGDGHVQDVRFLHGDGHFLYLO

-iDGHPRFUDFLDSDUWLFLSDWLYDFRPRRSUySULRQRPHLQGLFDHQYROYHDSDUWLFLSDomR GLUHWDGDVRFLHGDGHQDVGHFLV}HVTXHOKHGL]HPUHVSHLWRFRPRQRFDVRGDVH[SHULrQFLDVGH RUoDPHQWRSDUWLFLSDWLYR&RQIRUPH3RQWDVSULQFLSDLVFDUDFWHUtVWLFDVGHVVHWLSRGH GHPRFUDFLD VmR D SDUWLFLSDomR SRSXODU D SUiWLFD GLUHWD H D DXWRRUJDQL]DomR 6HJXQGR 6XSOLF\S

GHPRFUDFLDSDUWLFLSDWLYDVXS}HRUHFRQKHFLPHQWRGDSOXUDOLGDGHGH DWRUHVSUHVHQWHVQD&LGDGHHRFRPSURPLVVRHIHWLYRFRPDFRQVWUXomRGH SURFHVVRVGHGHFLVmRTXHLQFOXDPDVFRQFHSo}HVGLYHUJHQWHVGHPRGRD HVWDEHOHFHUYHUGDGHLUDVDUHQDVS~EOFLDVGHQHJRFLDomRHGHGHFLVmR´S

'HVVH PRGR YLYHQFLDU XPD GHPRFUDFLD SDUWLFLSDWLYD UHTXHU R DFROKLPHQWR GD GLIHUHQoDHRUHFRQKHFLPHQWRGHVWDSDUDDFRQVWUXomRGDVRFLHGDGH

(30)
(31)

32580$&2035((16­236Ë48,&$'$,17(5$d­262&,$/

2VFRQFHLWRVGHFRPXQLGDGHDWLYLGDGHFRPXQLWiULDFRQVFLrQFLDHFRQVFLHQWL]DomR VmRFHQWUDLVSDUDDFRPSUHHQVmRWHyULFDGHVWDSHVTXLVD1HVWHHVWXGRDOpPGLVVRWRUQDVH PXLWR LPSRUWDQWH FRPSUHHQGHU R FDUiWHU ³FRPXQLWiULR´ TXH RV FRPS}H 'DV WHRULDV TXH FRPS}HD3VLFRORJLD&RPXQLWiULD*Ï,6GL]HPQRVUHVSHLWRPDLVHVSHFLILFDPHQWH GXDVSDUDHVWHWUDEDOKRD7HRULD+LVWyULFR&XOWXUDOGD0HQWHHD(GXFDomR/LEHUWDGRUD'D SULPHLUDWRPDPRVRVFRQFHLWRVGHDWLYLGDGH±GHRQGH*yLVIRUPXODRFRQFHLWRGH DWLYLGDGH FRPXQLWiULD H VH XWLOL]D GR PHVPR FRQFHLWR GH FRQVFLrQFLD 'D VHJXQGD LQWHUHVVDQRVRSURFHVVRGHILQLGRSRU3DXOR)UHLUHFRPRFRQVFLHQWL]DomR3DUDDGLVFXVVmR GHVWHVFRQFHLWRVGHYHPRVH[SODQDUDUHVSHLWRGRFRQFHLWRGHFRPXQLGDGHEHPFRPRVREUH RVXMHLWRFRPXQLWiULR'HVVDIRUPDLQLFLDPRVHVWHFDStWXORFRPHVWDEUHYHH[SRVLomRHHP VHJXLGDDSDUWLUGDtSURFXUDPRVH[SRUGHPRGRPDLVGHWDOKDGRRVFRQFHLWRVGHDWLYLGDGH FRPXQLWiULDFRQVFLrQFLDHFRQVFLHQWL]DomRFRPRWDPEpPDVSRVVtYHLVUHODo}HVHQWUHHOHV

&RPXQLGDGHHVXMHLWRGDFRPXQLGDGH

7UDGLFLRQDOPHQWH R FRQFHLWR GH FRPXQLGDGH WHP HVWDGR DXVHQWH GR kPELWR GDV GLVFXVV}HVGD3VLFRORJLD6$:$,$'HVVHPRGRWUD]HUWDOWHPDSDUDRGHEDWHGD 3VLFRORJLD DR PHVPR WHPSR HP TXH VLJQLILFD DILUPDU D LPSRUWkQFLD GR FRQWH[WR QD FRPSUHHQVmRGRSVLTXLVPRWDPEpPSRGHVHUHQWHQGLGRFRPRRDGHQWUDUQXPFDPSRTXH SHOD3VLFRORJLDpDLQGDSRXFRFRQKHFLGRHPVXDVSRWHQFLDOLGDGHV

6HJXQGR *yLV HVWH FRQFHLWR WUD] FRQVLJR XPD VpULH GH FRQWURYpUVLDV DR ORQJR GR WHPSR H HP QRVVR DWXDO SHUtRGR GH JOREDOL]DomR H IRUPDomR GH GHWHUPLQDGRV DJUXSDPHQWRV HFRQ{PLFRV WHPVH WRUQDGR FDGD YH] PDLV GLItFLO VXD GHILQLomR (VWH FRQFHLWRSRGHVHUFRPSUHHQGLGRLQFOXVLYHGHGLYHUVDVIRUPDVGHSHQGHQGRGDiUHDHRX WHRULDHPTXHVHMDGHILQLGR&RPRQmRpXPFRQFHLWRTXH³SHUWHQFH´DXPVDEHUHVSHFtILFR pSRVVtYHOHQFRQWUDUPRVGLVFXUVRVDHVWHUHVSHLWRQRVPDLVGLYHUVRVFDPSRVGDV&LrQFLDV +XPDQDV*Ï,6

(32)

WRGR XP FOLPD GH YDORUL]DomR GR LQGLYtGXR D SDUWLU GRV LGHDLV GD 5HYROXomR )UDQFHVD ± OLEHUGDGHLJXDOGDGHHIUDWHUQLGDGH$FRPXQLGDGHQHVWHSHUtRGRSDVVRXDVHUYLVWDFRPR H[HPSORGR³UHWURFHVVR´TXHUHSUHVHQWDYDRSHUtRGRIHXGDOXPDYH]TXHjTXHODpSRFDD VRFLHGDGH HXURSpLD RUJDQL]DYDVH HP HVWDPHQWRV VHQGR LPSRVVtYHO D IDOVD QRomR GH OLEHUGDGHDGYLQGDFRPRFDSLWDOLVPRGHFRUUHQWHGDRUJDQL]DomRGDVRFLHGDGHHPFODVVHVH SRUWDQWRSDVVtYHOGHPDLRUPRELOLGDGHVRFLDO

'H DFRUGR FRP *yLV FRP R GHFOtQLR GRV LGHDLV GD 5HYROXomR )UDQFHVD GXUDQWH R VpFXOR ;,; UHVXOWDQWH GH WRGD XPD LQVDWLVIDomR GH JUXSRV GH WUDEDOKDGRUHV HXURSHXV FRP DV FRQGLo}HV VXEXPDQDV D TXH IRUDP VXEPHWLGRV D SDUWLU GD 5HYROXomR R FRQFHLWR GH FRPXQLGDGH SDVVRX D VHU UHGLVFXWLGR H YDORUL]DGR ,VWR VH GHX WDQWR QR GHVHQYROYLPHQWR GDV VRFLHGDGHV FDSLWDOLVWDV FRPR QR VRFLDOLVPR LPSOHPHQWDGR FRP D 5HYROXomR5XVVDGH$LQGDVHJXQGR*yLVSQDFRQWHPSRUDQHLGDGH³ DVFRPXQLGDGHVSHUPLWLUDPTXHVHXVPRUDGRUHVSXGHVVHPID]HUIUHQWHDRQRYRFRQMXQWRGH IRUoDVVRFLDLVVXUJLGRQDSDVVDJHPGHXPPXQGRSUHGRPLQDQWHPHQWHDJUiULRDXPPXQGR SUHGRPLQDQWHPHQWHLQGXVWULDOGHUHODo}HVPDLVGLQkPLFDVIHXGDOLVPRDRFDSLWDOLVPR´

2 GHEDWH DFHUFD GR FRQFHLWR GH FRPXQLGDGH VXUJLX QD 3VLFRORJLD ³ FRP R REMHWLYRGHLQWHJUDULQGLYtGXRVHJUXSRVDSDUWLUGDWUDQVIRUPDomRGHDWLWXGHVLQVSLUDGRQRV HVWXGRVSVLFRVVRFLDLVVREUHJUXSRV´6$:$,$S&RPRVHSRGHSHUFHEHUHVVH WLSR GH HVWXGR WLQKD LQWHUHVVH GH DGDSWDU RV LQGLYtGXRV DRV JUXSRV R TXH ID] FRP TXH 6DZDLD FLWH R FOiVVLFR ³:DOGHQ 7ZR´ GH 6NLQQHU FRP XP H[HPSOR GR TXH VH GHVHMDYDDWLQJLUFRPRVHVWXGRVSVLFROyJLFRVVREUHDUHODomRGRVLQGLYtGXRVHGRVJUXSRVQD 3VLFRORJLDHVWDGXQLGHQVHGDTXHODpSRFD

6RPHQWH FRP D WHQWDWLYD GH FRQVWUXomR GH XPD 3VLFRORJLD 6RFLDO SDUD D $PpULFD /DWLQD HP TXH SUHGRPLQRX R UHIHUHQFLDO GH XPD PDWUL] PDU[LVWD QD GpFDGD GH D FRPXQLGDGH SDVVRX D VHU YLVWD QHVWH SHGDoR GR FRQWLQHQWH DPHULFDQR FRPR SRWHQWH LUUDGLDGRUD GH PXGDQoD 7DO SHUVSHFWLYD p EHP GLIHUHQWH GD H[SRVWD QR SDUiJUDIR DFLPD SRLV DR LQYpV GH YLVXDOL]DU D FRPXQLGDGH FRPR XP PRGR GH IDFLOLWDU D DGDSWDomR GR LQGLYtGXR j FROHWLYLGDGH SUHVVXS}H TXH D FRPXQLGDGH VH DSUHVHQWD FRPR UHOHYDQWH LQVWUXPHQWRGHWUDQVIRUPDomRVRFLDO

(33)

'HTXHPRGRVHGiVXDUHODomRFRPDVRFLHGDGHGDTXDOID]SDUWH"*yLVDILUPDR FDUiWHUFRQWUDGLWyULRGRFRQFHLWRGHFRPXQLGDGHSRLVVHJXQGRRDXWRUDRPHVPRWHPSR HP TXH D FRPXQLGDGH UHIOHWH DVSHFWRV GD ³VRFLHGDGH PDLRU´ HOD WDPEpP RV UHIUDWD SURGX]LQGRVXDVLGLRVVLQFUDVLDVHPWRUQRDWpPHVPRGHIHQ{PHQRVJOREDLV'HVVDIRUPD SXGHPRVSUHVHQFLDUHPQRVVRWUDEDOKRHPXPDFRPXQLGDGHSHULIpULFDGH)RUWDOH]DTXHD SUROLIHUDomRGDLQIRUPiWLFDSRUH[HPSORPRYLPHQWDYDDVXDHFRQRPLDQmRQRVHQWLGRGH DVSHVVRDVDGTXLULUHPVHXVFRPSXWDGRUHVPDVGHGHDFRUGRFRPXPPRUDGRUGRORFDODV SHVVRDV³IHFKDUHPVXDVµERGHJDV¶HSDVVDUHPDDEULUODQKRXVHV´

$ SDUWLU GD EDVH WHyULFD GD 3VLFRORJLD &RPXQLWiULD FRQFHLWXDPRV FRPXQLGDGH D EDVHDGRHP*yLVSTXDQGRHVWHDVVHYHUDTXHDFRPXQLGDGHp

XP OXJDU GH PRUDGLD XP µKRJDU¶ VRFLDO GH SHUPDQrQFLD HVWiYHO H GXUDGRXUD GH UHODomR GLUHWD IDFHDIDFH HQWUH VHXV PRUDGRUHV GH FUHVFLPHQWR H GH SURWHomR GD LQGLYLGXDOLGDGH IUHQWH j QDWXUH]D H j VRFLHGDGH $SUHVHQWD FRPR R PXQLFtSLR H D VRFLHGDGH PDLRU TXH H[HUFHP LQIOXrQFLD VREUH HOD XP SURFHVVR VRFLDO SUySULR FKHLR GH FRQWUDGLo}HV FRQIOLWRV H LQWHUHVVHV FRPXQV TXH VHUYHP GH EDVH j FRQVWUXomR H RULHQWDomR GDV Do}HV GH VHXV PRUDGRUHV FRP UHODomR D SUySULROXJDUDRPXQLFtSLRRQGHVHHQFRQWUDHDRFRQMXQWRGDVRFLHGDGH

$VVLP SRGHPRV DILUPDU TXH D FRPXQLGDGH WUDQVLWD HQWUH R JHUDO H R SDUWLFXODU GDQGR DR VXMHLWR XP QRPH GLVWDQWH GD SHUVSHFWLYD DQ{QLPD TXH YLYHQFLDPRV SULQFLSDOPHQWH QRV JUDQGHV FHQWURV XUEDQRV 9DOH UHVVDOWDU FRQWXGR FRPR ID]HP *yLV H 6DZDLD TXH D UHDOLGDGH FRPXQLWiULD HVWi ORQJH GR TXH VH SRGHULDLPDJLQDUFRPRVHQGRXPDJUXSDPHQWRKRPRJrQHRSRLVDVVLPFRPRQRUHVWDQWH GD VRFLHGDGH p SRVVtYHO HQFRQWUDUPRV LQWHUHVVHV GLYHUVRV H UHODo}HV GH SRGHU QmR QHFHVVDULDPHQWHFRQYHUJHQWHVDWXDQGRHLQWHUDJLQGRQRPHVPRHVSDoR

0DV DOpP GDV FRQWUDGLo}HV R TXH SRGHPRV HQFRQWUDU FRPR VHQGR FRPSDUWLOKDGR SRU DTXLOR TXH DTXL FRQFHEHPRV FRPR FRPXQLGDGH" *yLV S GHFODUD TXH RV HOHPHQWRVHPFRPXPDSUHVHQWDGRVSHODVFRPXQLGDGHVVmRR

(34)

LQWHUDWLYDVHSVLFROyJLFDVIRUPDGRUDVGHFRQYLYrQFLDVRFLDOSUy[LPDHGH XPD LGHQWLGDGH GH OXJDU DSHVDU GH PXLWDV YH]HV QR PHLR XUEDQR HQFRQWUDUPRVYLYHQGRQRPHVPRHVSDoRItVLFRRULFRHRSREUH

'H DFRUGR FRP HVVD GHILQLomR FRQFHLWRV FRPR RV GH ³FRPXQLGDGH HVFRODU´ RX ³FRPXQLGDGHODWLQRDPHULFDQD´FDHPSRUWHUUDSRUQmRDWHQGHUHPDRVFULWpULRVSDUDTXHVH SRVVDP FDUDFWHUL]DU FRPR WDO 'Dt R SRUTXr GH *yLV DILUPDU TXH R FRQFHLWR GH FRPXQLGDGH QmR GL] UHVSHLWR DSHQDV D XP FRQFHLWR SROtWLFR VHQmR TXH WUD] FRQVLJR XPD VpULH GH VLJQLILFDGRV TXH Vy SRGHP VHU FRPSUHHQGLGRV VH DVVLP WDPEpP IRU IHLWR FRP UHODomRj+LVWyULDHDRFRWLGLDQR

6HJXQGR 6DZDLD D FRPXQLGDGH HP 3VLFRORJLD &RPXQLWiULD QmR GHYH VHU HQWHQGLGDDSHQDVFRPRFDWHJRULDSDUDDQiOLVHFLHQWtILFDSRLV³pFDWHJRULDRULHQWDGRUD GDDomRHGDUHIOH[mRHVHXFRQWH~GRpH[WUHPDPHQWHVHQVtYHODRFRQWH[WRVRFLDOHPTXHVH LQVHUHSRLVHVWiDVVRFLDGDDRGHEDWHPLOHQDUVREUHH[FOXVmRVRFLDOHpWLFDGREHPYLYHU´S *yLV S FRUURERUD FRP HVWH SRQWR GH YLVWD DR DILUPDU TXH D LQYHVWLJDomR VREUHFRPXQLGDGH

GHYH LPSOLFDU XPD DUWLFXODomR WHRULDSUiWLFDFRPSURPLVVR VRFLDO XPDLQVHUomRYROWDGDQmRVySDUDVXDFRPSUHHQVmRPDVWDPEpPSDUDR GHVHQYROYLPHQWR GD YLGD FRPXQLWiULD WDQWR HP VXD GLPHQVmR VRFLDO FRPXQLGDGHFRPRHPVXDGLPHQVmRSHVVRDOVXMHLWRGDFRPXQLGDGH

eDFRFRQVWUXomRGRVXMHLWRGDFRPXQLGDGHTXHVHFRQVWLWXLFRPRRREMHWLYRGH XPWUDEDOKRHP3VLFRORJLD&RPXQLWiULDeSRUHVWDUD]mRTXHRVWUDEDOKRVHP3VLFRORJLD &RPXQLWiULDH[LJHPXPDIDPLOLDUL]DomRGRSURILVVLRQDOGH3VLFRORJLD0217(52 FRP RV FyGLJRV ORFDLV EHP FRPR XP HQWHQGLPHQWR GH SVLTXLVPR TXH VXSRQKD XPD YLQFXODomRGLUHWDHQWUHRGHVHQYROYLPHQWRGHVWHHRGHVHQYROYLPHQWRORFDO

9DOH UHVVDOWDU TXH VXMHLWR FRPXQLWiULR p DTXL FRPSUHHQGLGR GH DFRUGR FRP D GHILQLomRGH*yLVSVHJXQGRDTXDORVXMHLWRFRPXQLWiULRp³DTXHOHTXHVH GHVFREUHFRPSUHHQGHHVHQWHUHVSRQViYHOSRUVXDKLVWyULDHSHODKLVWyULDGROXJDUHTXH DVFRQVWUyLPHGLDQWHVXDDWLYLGDGHSUiWLFDHFROHWLYDQRPHVPRHVSDoRItVLFRVRFLDOHPTXH YLYHHID]KLVWyULDGHVRIULPHQWROXWDHQFRQWURUHDOL]DomRHHVSHUDQoD´

(35)

FRQGLo}HVVyFLRKLVWyULFDVGROXJDUHPTXHYLYHP´*Ï,6S'HVVDIRUPDRV WUDEDOKRV D SDUWLU GHVVD iUHD GD 3VLFRORJLD 6RFLDO HQIDWL]DP HP VXDV PHWRGRORJLDV LQWHUDo}HVTXHSULYLOHJLHPRPRYLPHQWRGDFRQVFLrQFLDFRQVFLHQWL]DomRFRPRWDPEpPR IRUWDOHFLPHQWRGDDWLYLGDGHFRPXQLWiULD$SURIXQGDPRVDVHJXLUSRUWDQWRRTXHVLJQLILFD FDGDXPGHVVHVFRQFHLWRVSDUDD3VLFRORJLD&RPXQLWiULD

$WLYLGDGHFRPXQLWiULD

2 FRQFHLWR GH DWLYLGDGH FRPXQLWiULD HVWi DQFRUDGR QD 7HRULD GD $WLYLGDGH SHVTXLVDGDHGHVHQYROYLGDSRU$OH[LV/HRQWLHY(VWDWHRULDHVWDEHOHFHXPHORLQGLVVRO~YHO HQWUHPXGDQoDVPDWHULDLVHVXEMHWLYDVKDMDYLVWDVXDWHVHFHQWUDOVHUDGHTXHRWUDEDOKR DFDUUHWRX D KRPLQL]DomR GR FpUHEUR 7UDEDOKR DTXL p FRPSUHHQGLGR GH DFRUGR FRP D GHILQLomRGH/HRQWLHYSDTXDO

R WUDEDOKR KXPDQR p XPD DFWLYLGDGH VLF RULJLQDULDPHQWH VRFLDO DVVHQWH QD FRRSHUDomR HQWUH LQGLYtGXRV TXH VXS}H XPD GLYLVmR WpFQLFD HPEULRQiULDTXHVHMDGDVIXQo}HVGRWUDEDOKRDVVLPRWUDEDOKRpXPD DFomR VLF VREUH D QDWXUH]D OLJDQGR HQWUH VL RV SDUWLFLSDQWHV PHGLDWL]DQGRDVXDFRPXQLFDomR

$VVLP SRGHPRV SHUFHEHU QR WUDEDOKR DV GLPHQV}HV FRRSHUDWLYD H FRPXQLFDWLYD TXHRHQYROYHXPDYH]TXHDGHFRPSRVLomRGDDWLYLGDGHHPGHWHUPLQDGDVDo}HVSUHVVXS}H TXH HODV VH OLJXHP PHGLDQWH D UHODomR HQWUH R LQGLYtGXR H RV PHPEURV GD FROHWLYLGDGH 'HVVH PRGR D DWLYLGDGH p SHUPHDGD SRU VLJQLILFDGR VRFLDO H QmR DSHQDV SRU XPD PHUD VDWLVIDomRLQVWLQWLYD

'HDFRUGRFRP/HRQWLHYS

1R WUDEDOKR RV KRPHQV HQWUDP IRUoRVDPHQWH HP UHODomR HP FRPXQLFDomRXQVFRPRVRXWURV2ULJLQDULDPHQWHDVVXDVDFo}HVVLFR WUDEDOKRSURSULDPHQWHHDVXDFRPXQLFDomRIRUPDPXPSURFHVVR~QLFR $JLQGRVREUHDQDWXUH]DRVPRYLPHQWRVGHWUDEDOKRGRVKRPHQVDJHP LJXDOPHQWHVREUHRVRXWURVSDUWLFLSDQWHVQDSURGXomR,VWRVLJQLILFDTXH DVDFo}HVVLFGRKRPHPWrPQHVWDVFRQGLo}HVXPDGXSODIXQomRXPD IXQomR LPHGLDWDPHQWH SURGXWLYD H XPD IXQomR GH DFomR VLF VREUH RV RXWURVKRPHQVXPDIXQomRGHFRPXQLFDomR

(36)

'HVVDIRUPDSRGHPRVSHUFHEHUTXHDDWLYLGDGHWUD]FRQVLJRDPDUFDGDFRRSHUDomR GHPRGRTXHpLPSRVVtYHOSHQViODDSDUWLUGHXP~QLFRKRPHPLVRODGR$DWLYLGDGHSRGH SRUH[HPSORVHUGHFRPSRVWDHPGLYHUVDVDo}HVQHFHVViULDVSDUDTXHHODRFRUUDGHPRGR TXHVHDEUHDSRVVLELOLGDGHHPLQHQWHPHQWHKXPDQDGHVHUHIOHWLUSVLTXLFDPHQWHDUHODomR HQWUHRPRWLYRGDDomRHRREMHWRYLVWRTXHDDomRQmRVHHQFHUUDQHOH6HJXQGR/HRQWLHY S³FRPDDFomRVLFHVWDµXQLGDGH¶SULQFLSDOGDDFWLYLGDGHVLFKXPDQDVXUJH DVVLP µD XQLGDGH¶ IXQGDPHQWDO VRFLDO SRU QDWXUH]D GR SVLTXLVPR KXPDQR R VHQWLGR UDFLRQDOSDUDRKRPHPGDTXLORSDUDTXHDVXDDFWLYLGDGHVLFVHRULHQWD´

$ RULHQWDomR GD DWLYLGDGH KXPDQD DFRQWHFH SRUWDQWR D SDUWLU GH XP UHIHUHQFLDO VRFLDOGHXPDVpULHGHVLJQLILFDGRVTXHH[WUDSRODPRVOLPLWHVGDTXLORTXHQDWXUDOPHQWH VHUOKHVLD GHVLJQDGR /HRQWLHY GiQRV R H[HPSOR GH XPD FDoD 'LYLGLGD HVWD DWLYLGDGHHPDOJXPDVDo}HVWHUtDPRVSRUH[HPSORDGHDOJXpPTXHH[HFXWDULDDDomRGH DVVXVWDUDSUHVDHDGLUHFLRQDUDXPORFDOTXHIRUQHFHVVHPHOKRUHVFRQGLo}HVSDUDDFDSWXUD GD FDoD SRU XP RXWUR JUXSDPHQWR TXH SRU VXD YH] GHSHQGHULD GLUHWDPHQWH GD ERD H[HFXomRGDWDUHIDGDTXHOHTXHHVSDQWDULDDFDoD'HVVDIRUPDSRGHUtDPRVFRPSUHHQGHU TXH D DWLYLGDGH HP TXHVWmR p D FDoD HQTXDQWR R HVSDQWDU D FDoD H D VXD FDSWXUD SURSULDPHQWHGLWDVmRDOJXPDVGDVDo}HVTXHFRPS}HPHVWDDWLYLGDGH

'HXPPRGRLVRODGRSRGHUtDPRVSHQVDU DDomRGHHVSDQWDURDOYRGDFDoDFRPR DOJRFRQWUDGLWyULRDRREMHWLYRGRWUDEDOKRXPDYH]TXHRTXHVHTXHUpFDSWXUDUDSUHVD &RQWXGRDDomRGREDWHGRUOLJDVHDGHRXWURVTXHFRPHOHFDSWXUDULDPDFDoD

$ SRVVLELOLGDGH GR GLVFHUQLPHQWR GD DomR HQYROYLGD HP XPD DWLYLGDGH FROHWLYD RFRUUHSHODFDSDFLGDGHKXPDQDGHQmRVHIXQGLUDRREMHWRPDVVLPFRPRXPDUHODomRHP TXHRREMHWRpGHVWDFDGRQXPREMHWLYRPDLRU'HVVDIRUPDRFRQFHLWRGHFDoDQRH[HPSOR FLWDGR DQWHULRUPHQWH SDVVD D VH VREUHSRU DR TXH LQVWLQWLYDPHQWH DSDUHFHULD DSHQDV FRPR XPDSUHVDSRLVDFRQVFLrQFLDDGLVWLQJXLXHDVLJQLILFRXGHVVDPDQHLUD

(37)

$XWLOL]DomRGHXPLQVWUXPHQWRHVWiHVWUHLWDPHQWHYLQFXODGDjFRQVFLrQFLDGRILPGD DomR'HVVHPRGRHOHGHL[DGHVHUXPPHURREMHWRHSDVVDDFDUUHJDUFRQVLJRFRQFHLWRV TXH XOWUDSDVVDP XPD FRQGLomR QDWXUDO 8PD YDUD XWLOL]DGD SDUD DWLQJLU XP GHWHUPLQDGR DOYRLQDWLQJtYHOGHPRGRQDWXUDOQmRpDSHQDVXPSHGDoRGHXPJDOKRGHiUYRUHSRLVQD DomRSDVVDDVHYLQFXODUDDOJRDTXHQDWXUDOPHQWHQmRVHYLQFXODULDeQHVVHVHQWLGRTXH /HRQWLHYSDILUPDTXH³pRLQVWUXPHQWRTXHpGHFHUWDPDQHLUDSRUWDGRUGD SULPHLUDYHUGDGHLUDDEVWUDomRFRQVFLHQWHHUDFLRQDOGDSULPHLUDJHQHUDOL]DomRFRQVFLHQWHH UDFLRQDO´

+i SRUWDQWR XPD VLJQLILFDomR TXH DWUDYHVVD R LQVWUXPHQWR 'H XP JUDYHWR j XWLOL]DomR GH XP PLFURFRPSXWDGRU YLYHPRV R WHPSR WRGR XWLOL]DQGR LQVWUXPHQWRV SDUD OLGDUFRPDUHDOLGDGHWUDQVIRUPDQGRDHGHVQDWXUDOL]DQGRD3RUVHWUDWDUGHXPDUHODomR GLDOpWLFDRKRPHPWDPEpPVHWUDQVIRUPD HVHGHVQDWXUDOL]D$OpPGLVVRDXWLOL]DomRGH XPLQVWUXPHQWRWUD]FRQVLJRXPDH[SHULrQFLDVRFLDOSRLVKiXPVLJQLILFDGRFRPSDUWLOKDGR HPWRUQRGHOH

2VLJQLILFDGRDWULEXtGRjDomRHDRLQVWUXPHQWRSHODFRQVFLrQFLDVyVHWRUQDSRVVtYHO DWUDYpV GR PDLV HODERUDGR LQVWUXPHQWR GHVHQYROYLGR SHOD KXPDQLGDGH D OLQJXDJHP FRQIRUPHH[SRPRVDGLDQWH6HJXQGR/HRQWLHYS³VLJQLILFDQGRQRSURFHVVRGH WUDEDOKR XP REMHWR D SDODYUD GLVWLQJXHR H JHQHUDOL]DR SDUD D FRQVFLrQFLD LQGLYLGXDO SUHFLVDPHQWHQDVXDUHODomRREMHFWLYDVLFHVRFLDOLVWRpFRPRREMHFWRVLFVRFLDO´ &RQIRUPH*yLVGHYLGRDHVVDYLQFXODomRGRLQVWUXPHQWRDXPDVLJQLILFDomR DDWLYLGDGHFXPSUHXPDIXQomRPHGLDWL]DGRUDRTXHSURSRUFLRQDRGHVHQYROYLPHQWRGRV SURFHVVRV SVLFROyJLFRV VXSHULRUHV $LQGD GH DFRUGR FRP R DXWRU DOpP GD IXQomR PHGLDWL]DGRUD D DWLYLGDGH FDUUHJD FRQVLJR XPD IXQomR RULHQWDGRUD SRLV SURSRUFLRQD DR LQGLYtGXRSRVVLELOLGDGHVGHPHOKRUFRPSUHHQVmRGHVXDVLWXDomR

*yLVSVLQWHWL]DDVDILUPDo}HVDFLPDGDVHJXLQWHPDQHLUD

(38)

$QFRUDGRQDVLQYHVWLJDo}HVGH /HRQWLHYHQRFRQFHLWRGHYLYrQFLDGH7RUR*yLV GHVHQYROYH R FRQFHLWR GH DWLYLGDGH FRPXQLWiULD (VVH DXWRU *Ï,6 S GHILQHDWLYLGDGHFRPXQLWiULDFRPR

D DWLYLGDGH SUiWLFD H FROHWLYD UHDOL]DGD SRU PHLR GD FRRSHUDomR H GR GLiORJR HP XPD FRPXQLGDGH VHQGR RULHQWDGD SRU HOD PHVPD H SHOR VLJQLILFDGR VHQWLGR FROHWLYR H VHQWLGR VLJQLILFDGR SHVVRDO TXH D SUySULD DWLYLGDGH H D YLGD FRPXQLWiULD WrP SDUD RV PRUDGRUHV GD FRPXQLGDGH (OD p XPD UHGH GH LQWHUDo}HV VRFLDLV LQVWUXPHQWDO H FRPXQLFDWLYD GLUHFLRQDGD SDUD D DXWRQRPLD GR PRUDGRU H GD SUySULD FRPXQLGDGHQDSHUVSHFWLYDGRIRUWDOHFLPHQWRGHXPDLGHQWLGDGHVRFLDO >@GHFRPXQLWiULRGRGHVHQYROYLPHQWRGDFRQVFLrQFLDVRFLDOHSHVVRDO HGDFRQVWUXomRGDUHVSRQVDELOLGDGHFRPXQLWiULD

$VVLPFRPRQDWHRULDGDDWLYLGDGHGH /HRQWLHY HQWUH DVFDUDFWHUtVWLFDVGR FRQFHLWRGHDWLYLGDGHFRPXQLWiULDTXHQRVIRUQHFH*yLVHQFRQWUDVHDGHFRQWHULQWHUDo}HV LQVWUXPHQWDLV H FRPXQLFDWLYDV $V LQWHUDo}HV LQVWUXPHQWDLV ³ VmR YROWDGDV SDUD D HODERUDomR H XVR GH LQVWUXPHQWRV FRP ILQDOLGDGHV FRPXQLWiULDV VHMD WHFQRORJLDV VLPSOHV RX WHFQRORJLDV DYDQoDGDV´ *Ï,6 S -i D GLPHQVmR FRPXQLFDWLYD ³ FRPSUHHQGHRGLiORJRDH[SUHVVmRGHVHQWLPHQWRVHDFRRSHUDomRHQWUHRVPRUDGRUHVQR LQWXLWRGHDOFDQoDURVREMHWLYRVGDDWLYLGDGHFRPXQLWiULDHIDYRUHFHURGHVHQYROYLPHQWRGDV UHODo}HVVRFLDLVQDFRPXQLGDGH´*Ï,6S

&RPR QR H[HPSOR GR EDWHGRU GDGR SRU /HRQWLHY SRGHPRV SHQVDU QXPD UHXQLmR GH TXDUWHLUmR PHWRGRORJLD H[SRVWD SRU *yLV QD TXDO PRUDGRUHV GH GHWHUPLQDGD iUHD GD FRPXQLGDGH GLDORJDYDP QXP HVStULWR IHVWLYR H SUREOHPDWL]DGRU DFHUFDGDVTXHVW}HVTXHGL]LDPUHVSHLWRDVHXFRWLGLDQRHEXVFDYDPGHPRGRFRRSHUDWLYR XPDUHVROXomRSDUDHODV(YLGHQWHPHQWHDVTXHVW}HVGHPRGRJHUDOQmRSRVVXHPVROXomR LPHGLDWD &RQWXGR DV SHVVRDV TXH SDUWLFLSDP GHVVHV HQFRQWURV SRGHP ± DVVLP FRPR R EDWHGRUGDFDoDSHUFHEHUVHID]HQGRSDUWHGHXPSURFHVVRTXHGHSHQGHGHVXDRUJDQL]DomR HGLiORJR

(39)

LQVXILFLrQFLDGRVPpWRGRVWUDGLFLRQDLVSULQFLSDOPHQWHFOtQLFRVQmRVDEHPFRPRDJLUQD GLUHomRGHXPDSVLFRORJLDGRFRWLGLDQR%$5526

e SRU VH EDVHDU HP WDO SHUVSHFWLYD TXH *yLV SURS}H D RUJDQL]DomR FRPXQLWiULDHDOXWDUHLYLQGLFDWyULDHSROtWLFDFRPRGXDVGDVFRQGLo}HVSDUDDFULDomRGH XP FOLPD SVLFRVVRFLDO GH FUHVFLPHQWR SHVVRDO H VRFLDO ± MXQWDPHQWH FRP FRQJUXrQFLD DFHLWDomRHPSDWLDHGLiORJR

5RJHUV S QR kPELWR GD 3VLFRWHUDSLD GHILQH FRQVLGHUDomR SRVLWLYD LQFRQGLFLRQDOGDVHJXLQWHIRUPD6LJQLILFDTXHRIDFLOLWDGRUHVWiUHDOPHQWH

SURQWR D DFHLWDU >D SHVVRD@ VHMD R TXH IRU TXH HVWHMD VHQWLQGR QR PRPHQWR,VWRTXHUGL]HUTXH>D@DSUHFLDPDLVHPVXDWRWDOLGDGH GR TXH GH XPD IRUPD FRQGLFLRQDO TXH QmR VH FRQWHQWD FRP DFHLWDU VLPSOHVPHQWH >D SHVVRD@ TXDQGR HVWD VHJXH GHWHUPLQDGRV FDPLQKRV H FRPGHVDSURYiORTXDQGRVHJXHRXWURV52*(56S

-i D HPSDWLD RFRUUH TXDQGR R IDFLOLWDGRU ³p VHQVtYHO DRV VHQWLPHQWRV H jV UHDo}HV SHVVRDLVTXHRFOLHQWHH[SHULHQFLDDFDGDPRPHQWRTXDQGRSRGHDSUHHQGrORV³GHGHQWUR´ H TXDQGR FRQVHJXH FRPXQLFDU FRP r[LWR DOJXPD FRLVD GHVVD FRPSUHHQVmR ´ 52*(56S

1RTXHGL]UHVSHLWRjJHQXLQLGDGHHVWDDSDUHFHTXDQGRRIDFLOLWDGRU³pDTXLORTXHp TXDQGR DV VXDV UHODo}HV FRP R FOLHQWH VmR DXWrQWLFDV H VHP PiVFDUD QHP IDFKDGD H[SULPLQGR DEHUWDPHQWH RV VHQWLPHQWRV H DV DWLWXGHV TXH QHVVH PRPHQWR RFRUUHP´ 52*(56S

2GLiORJRDTXLpFRPSUHHQGLGRGHDFRUGRFRP3DXOR)UHLUHSFRPR

HQFRQWUR GH KRPHQV PHGLDWL]DGR SHOR PXQGR SDUD SURQXQFLiOR (VWDp DUD]mR SRU TXH QmR p SRVVtYHOR GLiORJR HQWUH RV TXH TXHUHPD SURQ~QFLD GR PXQGR H RV TXH QmR D TXHUHP HQWUH RV TXH QHJDP DRV GHPDLV R GLUHLWR GH GL]HU D SDODYUD H RV TXH VH DFKDP QHJDGRV GHVWH GLUHLWR e SUHFLVR SULPHLUR TXH RV TXH DVVLP VH HQFRQWUDP QHJDGRV QR GLUHLWRSULPRUGLDOGHGL]HUDSDODYUDUHFRQTXLVWHPHVWHGLUHLWRSURLELQGR TXH HVWH DVVDOWR GHVXPDQR FRQWLQXH 2 GLiORJR p XPD H[LJrQFLD H[LVWHQFLDO

(40)

HP XPD GLIHUHQWH RUJDQL]DomR GR SVLTXLVPR 9DOH UHVVDOWDU TXH SRU VH WUDWDU GH XP SURFHVVR QmR DSHQDV GLDOpWLFR PDV WDPEpP GLDOyJLFR LVWR LPSOLFD PXGDQoDV QmR DSHQDV QRVPRUDGRUHVPDVWDPEpPQRSURILVVLRQDOSVLFyORJRTXHVDLGHVXDWUDGLFLRQDOGLVWkQFLD SURILVVLRQDOHSDVVDD H[SHULPHQWDURXWUDVIRUPDVGHLQWHUDomReQHVVHVHQWLGRTXH*yLV SDOXGHTXH

D UHODomR PRUDGRUSVLFyORJR QR LQWHULRU GD DWLYLGDGH FRPXQLWiULD FRQVWLWXL XP SURFHVVR GH IDFLOLWDomR GD YLGD FRPXQLWiULD QR TXDO R 3VLFyORJR &RPXQLWiULR H RV PRUDGRUHV DWXDP HP FRQMXQWR VHJXLQGR OLQKDVGHHQFRQWURUHIOH[mRHDomRQRLQWXLWRGHPHOKRUDUDTXDOLGDGHGD YLGDSVtTXLFDGRVPRUDGRUHVHGRSUySULR3VLFyORJR&RPXQLWiULRQRTXH GL]UHVSHLWRjFRQVWUXomRGHVXMHLWRVVRFLDLVHFRPXQLWiULRV

$V LPSOLFDo}HV GH IRUPDV GLIHUHQFLDGDV GH LQWHUDomR WDQWR HP VXD GLPHQVmR FRPXQLFDWLYDGLDOyJLFRTXDQWRLQVWUXPHQWDOWUDQVIRUPDomRVROLGiULDGDUHDOLGDGHIRUDP REMHWR GH HVWXGRV H GH DWXDomR GH 3DXOR )UHLUH DWUDYpV GH SURFHVVRV GH FRQVFLHQWL]DomR DGYLQGRV GH VXD DWXDomR FRP DV PDLRULDV RSULPLGDV 3DVVHPRV D XPD DQiOLVH PDLV GHWDOKDGDDFHUFDGHVVHSURFHVVR

$FRQVFLrQFLD

2WHPDGDFRQVFLrQFLDPHUHFHVHUDERUGDGRFRPEDVWDQWHFXLGDGR7DOYH]HVVDIUDVH VH MXVWLILTXH SHOR XVR TXDVH LQGLVFULPLQDGR GHVVH WHUPR QDV PDLV YDULDGDV iUHDV GR FRQKHFLPHQWR SRVVXLQGR GHILQLo}HV TXH EHLUDP XPD GHILQLomR PRUDO EHP FRPR RXWUDV TXH SRVVXHP EDVHV HP SHVTXLVDV GD 3VLFRORJLD $ILQDO TXHP QXQFD RXYLX IDODU GD QHFHVVLGDGH GH FULDUPRV FRQVFLrQFLD D UHVSHLWR GH DOJXP WHPD R TXH VLJQLILFD D HTXLYDOrQFLDGRWHUPRDXPDFDWHJRULDPRUDOXPDFRQGXWDVRFLDOPHQWHDFHLWiYHO"

(41)

1RVVD GHILQLomR GH FRQVFLrQFLD p SURYHQLHQWH GD 3VLFRORJLD &RPXQLWiULD *Ï,6 DTXDOVHDQFRUDQD7HRULD+LVWyULFR&XOWXUDOGD0HQWHHODERUDGDSRU 9LJRWVNL /HRQWLHY H /XULD &RPR GHVGREUDPHQWR GD FRQFHSomR GHVVHV WHyULFRV H UHFRQKHFHQGR D QHFHVVLGDGH GH WUDQVIRUPDomR GH XPD UHDOLGDGHSRUYH]HVGHVXPDQL]DGRUDD3VLFRORJLD&RPXQLWiULDWUD]DLQGDDQHFHVVLGDGHGR IRPHQWR j FRQVFLHQWL]DomR RX VHMD DR GHVHQYROYLPHQWR GD FRQVFLrQFLD LQVSLUDGD QR WUDEDOKRGH3DXOR)UHLUHD

&RQVFLrQFLDQD7HRULD+LVWyULFR&XOWXUDOGD0HQWH

$ 7HRULD +LVWyULFR&XOWXUDO GD 0HQWH UHSUHVHQWD XPD UHYROXomR QR PRGR GH DERUGDU D FRQVFLrQFLD $Wp R VHX GHVHQYROYLPHQWR PRGHORV DWRPtVWLFRV RX TXH VLPSOHVPHQWH GHVSUH]DYDP HVWH FRQFHLWR SDUD D 3VLFRORJLD GRPLQDYDP RV PpWRGRV GH LQYHVWLJDomRHGHVHFRQVWUXLUXPVDEHUSVLFROyJLFR$HVWHUHVSHLWR9LJRWVNLS HVFUHYH TXH ³HPERUD D SVLFRORJLD WLYHVVH GHILQLGR D VL PHVPD FRPR D FLrQFLD GD FRQVFLrQFLDVHXFRQKHFLPHQWRDUHVSHLWRGHVWDHUDTXDVHQXOR´

$ DILUPDomR FLWDGD QR SDUiJUDIR DQWHULRU HYLGHQFLD WRGD D QHFHVVLGDGH GH UHIRUPXODomRWHyULFRPHWRGROyJLFDTXH9LJRWVNLHVHXJUXSRLGHQWLILFDUDPQD3VLFRORJLDGH VHX WHPSR 1HVVH VHQWLGR SURGX]LUDP XPD VpULH GH SHVTXLVDV DFHUFD GD JrQHVH GR SVLTXLVPR TXH VHJXQGR :HUWVFK H 6PROND OHYDUDP D WUrV LGpLDV SULQFLSDLV D GH TXH R VRFLDO IXQGD R LQGLYLGXDO D XWLOL]DomR GR PpWRGR JHQpWLFR SDUD D LQYHVWLJDomR GR KXPDQRHGHTXHRVSURFHVVRVSVtTXLFRVKXPDQRVVHXWLOL]DPGHPHGLDomRHPHVSHFLDOGD OLQJXDJHP

'HDFRUGRFRP/XULDSDSULQFLSDOWHVHGH9LJRWVNLpGHTXH

SDUDH[SOLFDUDVIRUPDVPDLVFRPSOH[DVGDYLGDFRQVFLHQWHGRKRPHPp LPSUHVFLQGtYHO VDLU GRV OLPLWHV GR RUJDQLVPR EXVFDU DV RULJHQV GHVWD YLGD FRQVFLHQWH H GR FRPSRUWDPHQWR ³FDWHJRULDO´ QmR QDV SURIXQGH]DV GR FpUHEUR RX GD DOPD PDV VLP QDV FRQGLo}HV H[WHUQDV GD YLGD H HP SULPHLUROXJDUQDYLGDVRFLDOQDVIRUPDVKLVWyULFRVRFLDLV

(42)

WUDQVIRUPDomRGRKRPHPQRPXQGR(VWHUHFRQKHFLPHQWRDFRQWHFHSHODFRPSUHHQVmRGD FRQVFLrQFLD FRPR SURGXomR FXOWXUDO H QmR DSHQDV FRPR XPD IDFXOGDGH FHUHEUDO QR TXH SHVH QmR SUHVFLQGLU GR FpUHEUR SDUD H[LVWLU e QHVWH VHQWLGR TXH /HRQWLHY S DILUPD TXH ³>@ DV SDUWLFXODULGDGHV SVLFROyJLFDV GD FRQVFLrQFLD LQGLYLGXDO SUHFLVDPHQWH Vy SRGHP VHU FRPSUHHQGLGDV PHGLDQWH D DQiOLVH GH VHXV QH[RV FRP DTXHODV UHODo}HV VRFLDLVGHQWURGDVTXDLVHVWiLPHUVRRLQGLYtGXR´

$OLiVDSRVVLELOLGDGHGHFULDomRGHFXOWXUDpRTXHGLIHUHQFLDRKRPHPGRVRXWURV DQLPDLV (VVH VDOWR TXDOLWDWLYR SHUPLWH TXH D KXPDQLGDGH SRVVD XOWUDSDVVDU RV OLPLWHV GD H[SHULrQFLD LPHGLDWD H SDVVH D HQFRQWUDU QH[RV HQWUH RV HOHPHQWRV TXH FRPS}HP D UHDOLGDGH DOpP GH FULDU SDUD DOpP GR TXH HVWi GDGR $VVLP D PDWpULD EUXWD SRGH VHU WUDQVIRUPDGDHPWXGRDTXLORDTXHDLPDJLQDomRKXPDQDSHUPLWLU

6HJXQGR D 7HRULD +LVWyULFR&XOWXUDO GD 0HQWH Vy VH WRUQD SRVVtYHO IDODU GH FRQVFLrQFLDFRPRDGYHQWRGDFRQYLYrQFLDHPVRFLHGDGHTXHpIXQGDGDWRPDQGRSRUEDVH RVSUHVVXSRVWRVPDU[LVWDVGH9LJRWVNLHVHXVFRODERUDGRUHVDSDUWLUGDFRRSHUDomRHQWUHRV

KRPHQV

$GLYLVmRGRWUDEDOKRSRUWDQWRFULDQHFHVVLGDGHVHDo}HVTXHGRSRQWRGHYLVWDGD %LRORJLD QmR VHULDP LQGLVSHQViYHLV DR KRPHP 2 LQVWLQWR SDVVD D VHUYLU GH EDVH H DR PHVPRWHPSRVHUVXSHUDGRSHODFDSDFLGDGHKXPDQDGHVRQKDUTXHUHUHFRQVWUXLUPDLVGR TXH OKH p GHWHUPLQDGR SHOD QDWXUH]D WUDQVIRUPDQGRD FRQIRUPH H[SOLFLWDGR QR WySLFR DFHUFDGRWHPDDWLYLGDGHFRPXQLWiULD

$HVVHUHVSHLWR9DOVLQHUH9DQGHU9HHUSDVVLQDODPTXH³DRULJHPGH WRGR RV SURFHVVRV SVLFROyJLFRV VXSHULRUHV HVSHFLILFDPHQWH KXPDQRV QmR SRGH >@ VHU HQFRQWUDGDQDPHQWHRXQRFpUHEURGHXPDSHVVRDLQGLYLGXDOPDVGHYHVHUSURFXUDGDQRV VLVWHPDVGHVLJQRVVRFLDLVµH[WUDFHUHEUDLV¶TXHXPDFXOWXUDSURSRUFLRQD´

(43)

2XVHMDSDUDTXHVHSRVVDFRPSUHHQGHUDJrQHVHGDFRQVFLrQFLDQmRpVXILFLHQWH GHDFRUGRFRPHVVDWHRULDTXHVHHVWXGHRKRPHPDSDUWLUGHVHXHVWDGRDWXDOVHQmRTXHVH UHDOL]H R TXH /HRQWLHY GHQRPLQD ³GpPDUFKH KLVWyULFD GR SVLTXLVPR´ $ILQDO GH FRQWDV VH UHDOL]DPRV XP VDOWR TXDOLWDWLYR HP UHODomR DRV DQLPDLV D SDUWLU GD LQWHUDomR VRFLDO±SRUWDQWRSRUPHLRGDFULDomRGHFXOWXUD±WRUQDVHQHFHVViULRVDEHUFRPRVHGHX HVWH VDOWR H GH TXH PRGR HVWH WLSR RXWUR GH UHODomR FRP R PHLR DWXD QD JrQHVH GD FRQVFLrQFLD

6y VH WRUQD SRVVtYHO SRU H[HPSOR IDODU GH DWLYLGDGH DR LQYpV GH Do}HV GLVWDQFLDQGRVH GH XPD SHUVSHFWLYD QDWXUDOLVWD H DSUR[LPDQGRVH GH XP PRGR KLVWyULFR FXOWXUDOGHYLGRDXPDKDELOLGDGHH[FOXVLYDPHQWHKXPDQDDGHGDUVLJQLILFDGR&RQIRUPH H[SOLFLWDPRV QR FDStWXOR DQWHULRU D DWLYLGDGH KXPDQD SRVVXL GLPHQV}HV LQVWUXPHQWDO H FRPXQLFDWLYDSRUWDQWRDFRQVFLrQFLDRSHUDWDQWRQRQtYHOGHSODQHMDPHQWRGDDWLYLGDGHHP VLTXDQWRQDGRDomRGHVLJQLILFDGRTXHHVWDDWLYLGDGHWHPSDUDRJUXSRTXHDH[HFXWD'H DFRUGR FRP /HRQWLHY S ³>@ SDUD TXH XP IHQ{PHQR SRVVD VHU VLJQLILFDGR H UHIOHFWLUVH VLFQDOLQJXDJHPGHYHVHUGHVWDFDGRWRUQDUVH IDFWRVLFGHFRQVFLrQFLDR TXH>@VHID]LQLFLDOPHQWHQDDFWLYLGDGHVLFSUiWLFDGRVKRPHQVQDSURGXomR´

eLPSRUWDQWHDQRWDUDTXLTXHDFRQYLYrQFLDVRFLDOGiFRQGLo}HVSDUDTXHRKRPHP SRVVDVLJQLILFDURPXQGRPDVQmRVHWUDWDGHXPDVREUHSRVLomRGRVRFLDODRLQGLYLGXDO1D YHUGDGHpDSDUWLUGHVVDVLQWHUDo}HVHGRGRPtQLRGDVSURGXo}HVFXOWXUDLVHPHVSHFLDOGD OLQJXDJHPTXHRVHUKXPDQRVHWRUQDFDSD]GHGRWDUDOJRGHXPVHQWLGRSDUWLFXODUQRTXH SHVHRIDWRGHDXWLOL]DomRGHXPDSDODYUDSRU H[HPSORWHUDPHVPDJUDILDHSURQ~QFLD SDUDWRGRVRVTXHFRPSDUWLOKDPGHXPLGLRPD

2V WUDEDOKRV GH 9LJRWVNL /HRQWLHY H /XULD FHQWUDPVH QHVWD SHUVSHFWLYD ± D TXDO HQIDWL]D DV LQWHUDo}HV VRFLDLV SDUD D FRPSUHHQVmR GD FRQVFLrQFLD 6XDV LQYHVWLJDo}HV VH XWLOL]DPVHJXQGR%DUURVSGHXP PpWRGRJHQpWLFRH[SHULPHQWDODSDUWLUGR TXDO ³>@ RD SVLFyORJRD GHYH HQIDWL]DU D FRPSUHHQVmR GRV SURFHVVRV H GDV GLQkPLFDV TXH HVWmR UHODFLRQDGRV DR FRPSRUWDPHQWR GDV SHVVRDV H QmR R FRPSRUWDPHQWR HP VL PHVPR´

(44)

FRPXQLWiULD *Ï,6 LVWR LPSOLFD XPD FRQYLYrQFLD GLiULD FRP PRUDGRUHV H D QHFHVViULD YLYrQFLD H LQYHVWLJDomR DFHUFD GRV VLJQLILFDGRV FROHWLYRV H VHQWLGRV LQGLYLGXDLVFRPSDUWLOKDGRVDUHVSHLWRGDUHODomRGRVPRUDGRUHVFRPDFRPXQLGDGH'Dt SRUTXHSRUH[HPSORQHVWDSHVTXLVDQmRDQDOLVDPRVDSDUWLFLSDomRSRUVLVyVHQmRTXHD LQYHVWLJDPRV GHQWUR GH XP FRQWH[WR GH LQWHUDo}HV TXH FRPS}HP D DWLYLGDGH FRPXQLWiULD DTXLWUDEDOKDGDFRPRWDPEpPVHXVHQWLGRSDUDTXHPDH[HFXWD

$VLJQLILFDomRVyVHWRUQDSRVVtYHODSDUWLUGDSURGXomRFXOWXUDOTXHSRUVXDYH] QmRSUHVFLQGHGDOLQJXDJHPSDUDH[LVWLU'HDFRUGRFRP9DOVLQHUH9DQGHU9HHUS RV VLJQRV UHFXUVRV FULDGRV SHORV VHUHV KXPDQRV TXH VH PDQLIHVWDP DWUDYpV GD OLQJXDJHP SRU H[HPSOR ³VmR DUWHIDWRV VRFLDLV SURMHWDGRV SDUD GRPLQDU H SRUWDQWR PHOKRUDUQRVVRVSURFHVVRVSVLFROyJLFRVQDWXUDLV´2VDXWRUHVSDLQGDDSRQWDP FRPR H[HPSORV GH VLJQR ³>@ SDODYUDV Q~PHURV UHFXUVRV PQHPyWLFRV VtPERORV DOJpEULFRVREUDVGHDUWHVLVWHPDVGHHVFULWDHVTXHPDVGLDJUDPDVPDSDVSODQWDVHWF´

6HJXQGR /XULDRVXUJLPHQWRGDOLQJXDJHPGHLQtFLRHVWHYHHVWUHLWDPHQWH OLJDGR j DWLYLGDGH PDWHULDO VHUYLQGR PXLWR PDLV SDUD IDFLOLWDU VXD H[HFXomR D SDUWLU GD FRPXQLFDomR HQWUH RV TXH QHOD HVWDYDP HQYROYLGRV R TXH R DXWRU QRPHLD GH FDUiWHU ³VLPSUi[LFR´ GD OLQJXDJHP 3URJUHVVLYDPHQWH D OLQJXDJHP IRL FULDQGR DXWRQRPLD HP UHODomRjVLWXDomRLPHGLDWDGDH[HFXomRGHXPDDomRUHDOL]DGDSRVVLELOLWDQGRDRKRPHP FRQKHFHU SURIXQGDPHQWH D UHDOLGDGH DWUDYpV GH VHXV QH[RV OyJLFRV *UDoDV j OLQJXDJHP ³>@ R KRPHP SRGH VXSHUDU RV OLPLWHV GD H[SHULrQFLD VHQVRULDO LQGLYLGXDOL]DU DV FDUDFWHUtVWLFDV GRV IHQ{PHQRV IRUPXODU GHWHUPLQDGDV JHQHUDOL]Do}HV RX FDWHJRULDV >@ 6HP R WUDEDOKR H D OLQJXDJHP QR KRPHP QmR VH WHULD IRUPDGR R SHQVDPHQWR DEVWUDWR µFDWHJRULDO¶´/85,$S

1HVVDPHVPDGLUHomR/HRQWLHYSDILUPDTXH

*UDoDV DR GHVHQYROYLPHQWR GD GLYLVmR GR WUDEDOKR H GH XPD FHUWD LQGLYLGXDOL]DomR GD DFWLYLGDGH VLF LQWHOHFWXDO DV DFo}HV VLF YHUEDLV QmR DVVHJXUDP XQLFDPHQWH D FRPXQLFDomR PDV RULHQWDPVH DJRUD SDUD ILQV WHyULFRV R TXH WRUQD D VXD IXQomR H[WHULRU IDFXOWDWLYD H PHVPR VXSpUIOXD UD]mR SRU TXH HODV UHYHVWHP SRVWHULRUPHQWH R FDUiWHU GH SURFHVVRVSXUDPHQWHLQWHULRU

(45)

FRQFUHWD DJRUD H[HUFH XPD IXQomR GH SODQHMDPHQWR H RUJDQL]DomR GD DWLYLGDGH D VHU H[HFXWDGDIXQFLRQDQGRSRUWDQWRFRPRXPLPSRUWDQWHLQVWUXPHQWRUHJXODGRUGDDWLYLGDGH KXPDQD

3DUD 9LJRWVNL VHJXQGR 9DOVLQHU H 9DQ GHU 9HHU S R XVR GH VLJQRV SHORVKRPHQVLPSOLFDTXH³>@QRYDVIXQo}HVSVLFROyJLFDVILFDYDPHQYROYLGDV>@YiULRV SURFHVVRV QDWXUDLV DFDEDULDP SRU GHFOLQDU H > PXGDQoDV HP@ SURSULHGDGHV GR DWR FRPR XP WRGR FRPR VXD LQWHQVLGDGH H GXUDomR >@´ 'HVVD IRUPD R HPSUHJR GRV VLJQRV LQWURGX]LX XPD PRGLILFDomR QD SUySULD HVWUXWXUDomR GDV DWLYLGDGHV HVSHFLILFDPHQWH KXPDQDV

&RQIRUPH/XULDDVSDODYUDVRIHUHFHPDRKRPHPDSRVVLELOLGDGHGHGXSOLFDU D H[SHULrQFLD GH PRGR TXH GLIHUHQWHPHQWH GRV RXWURV DQLPDLV HOH SRGH OLGDU FRP DV VLWXDo}HVFRWLGLDQDVQmRDSHQDVGHPRGRFRQFUHWRPDVDVPDQXVHDUVHPTXHVXDSUHVHQoD VHMDQHFHVViULD'HDFRUGRFRP/XULDS

RDQLPDOSRVVXLXPPXQGR±RPXQGRGRVREMHWRVHVLWXDo}HVSHUFHELGRV VHQVRULDOPHQWHRKRPHPSRVVXLXPPXQGRGXSORTXHLQFOXLRVREMHWRV FDSWDGRVGLUHWDPHQWHHDVLPDJHQVDo}HVUHODo}HVHTXDOLGDGHVTXHVmR GHVLJQDGDVSHODVSDODYUDV

$OpP GLVVR R DXWRU DWULEXL j OLQJXDJHP DV IXQo}HV GH JHQHUDOL]DomR GRV REMHWRV WUDQVPLVVmR GDV H[SHULrQFLDV GDV JHUDo}HV SDVVDGDV H YLDELOL]DomR GD SRVVLELOLGDGH GH VH UDFLRFLQDUDFHUFDGDVUHODo}HVKRPHPPXQGR

e QHVWH VHQWLGR TXH 9LJRWVNL DSUHVHQWD WRGD XPD DQiOLVH DFHUFD GR PRGR FRPR D FULDQoD VH DSURSULD GD OLQJXDJHP H GH FRPR D UHODomR HQWUH OLQJXDJHP H SHQVDPHQWR YDLVH PRGLILFDQGR DR ORQJR GR GHVHQYROYLPHQWR KXPDQR 6HJXQGR R DXWRU HP XP GDGR PRPHQWR GR GHVHQYROYLPHQWR LQIDQWLO SRU YROWD GRV GRLV DQRV GH LGDGH SHQVDPHQWRHOLQJXDJHPDWpHQWmRLQGHSHQGHQWHVFUX]DPVHGHPRGRTXHPHVPRVHQGR IXQo}HV SVLFROyJLFDV GLVWLQWDV D OLQJXDJHP SDVVD VH UHODFLRQDU HVWUHLWDPHQWH FRP R SHQVDPHQWR H YLFHYHUVD 1RV GL]HUHV GH 9LJRWVNL S ³>@ R SHQVDPHQWRVH

WRUQDYHUEDOHDIDODVHWRUQDLQWHOHFWXDO´

(46)

DSDUHQWHPHQWHVHPLQWHUORFXWRUWUDQVIRUPDVHHPIDODLQWHUQDRTXHVHJXQGR/XULD SSRVVLELOLWDRVXUJLPHQWRGD³>@DomRYROXQWiULDFRPSOH[DFRPRVLVWHPDGHDXWR

UHJXODomR TXH VH UHDOL]D FRP D DMXGD GD SUySULD OLQJXDJHP GD FULDQoD QR LQtFLR

H[WHULRUL]DGDHORJRLQWHULRUL]DGD´

$LQGD GH DFRUGR FRP /XULD D OLQJXDJHP DJRUD LQWHULRUL]DGD SDVVD D DGTXLULUXPFDUiWHUSUHGLFDWLYRRXVHMDHODQmRPDLVDSHQDVQRPLQDDVFRLVDV±IXQomRGD OLQJXDJHPH[WHULRU6XDIXQomRDJRUDpSUHGLFDWLYDLVWRpDWULEXLSURSULHGDGHVjTXLORVREUH R TXH VH IDOD UHJXODQGR R FRPSRUWDPHQWR PHGLDGR SRU HVWHV DWULEXWRV GH TXH GRWD RV REMHWRVGDDomRGRVXMHLWR

e QHVVH VHQWLGR TXH 9LJRWVNL S DVVHYHUD TXH ³D FRQVFLrQFLD HP VHX FRQMXQWRWHPHVWUXWXUDVHPkQWLFD-XOJDPRVDFRQVFLrQFLDHPIXQomRGDHVWUXWXUDVHPkQWLFD GDFRQVFLrQFLDMiTXHRVHQWLGRDHVWUXWXUDGDFRQVFLrQFLD±pDDWLWXGHSDUDFRPRPXQGR H[WHUQR´$FRQVFLrQFLDHQWmRpHVWUXWXUDGDGHPRGRVHPkQWLFRHVHGHVHQYROYHDSDUWLU GDSURGXomRVRFLDOTXHpDOLQJXDJHP'HDFRUGRFRP/HRQWLHYS³QRGHFXUVR GH VXD YLGD R KRPHP DVVLPLOD D H[SHULrQFLD GDV JHUDo}HV SUHFHGHQWHV HVWH SURFHVVR UHDOL]DVH SUHFLVDPHQWH VRE D IRUPD GD DTXLVLomR GDV VLJQLILFDo}HV H QD PHGLGD GHVWD DTXLVLomR$VLJQLILFDomRpSRUWDQWRDIRUPDVREDTXDOXPKRPHPDVVLPLODDH[SHULrQFLD KXPDQDJHQHUDOL]DGDHUHIOHWLGD´

$VVLP D SDUWLU GD SRVVLELOLGDGH GH JHQHUDOL]DU H UHIOHWLU D H[SHULrQFLD KXPDQD RIHUHFLGDSHODOLQJXDJHPpSRVVtYHODRKRPHPFULDUHWUDQVPLWLUFXOWXUDGHPRGRTXHFDGD XPGHQyVFDUUHJDFRQVLJRWRGDXPDEDJDJHPFXOWXUDOFRQVWUXtGDDRORQJRGDKLVWyULDGD KXPDQLGDGH $ SRVVLELOLGDGH GH D SDUWLU GD DSURSULDomR GHVWD IHUUDPHQWD JHQHUDOL]DQWH VLJQLILFDUDVH[SHULrQFLDVGHXPPRGRVLQJXODU VyVHGHXQRGHVHQYROYLPHQWRGDSUySULD VRFLHGDGH

(47)

/XULD S GHILQH VLJQLILFDGR GD VHJXLQWH PDQHLUD ³3RU VLJQLILFDGR HQWHQGHPRVRVLVWHPDGHUHODo}HVTXHVHIRUPRXREMHWLYDPHQWHQRSURFHVVRKLVWyULFRHTXH HVWiHQFHUUDGRQDSDODYUD´'HVVHPRGRSRUPDLVVLQJXODUTXHVHMDDH[SHULrQFLDGDFDGD SHVVRD FRP D SDODYUD ³OLYUR´ SRU H[HPSOR Ki XPD VpULH GH FDUDFWHUtVWLFDV FRPXQV TXH JHQHUDOL]DPHGHILQHPRVDWULEXWRVJHUDLVGHXPOLYUR

-iRVHQWLGRpGHVFULWRSRU /XULD SDVVLP³3RUVHQWLGRHQWHQGHPRVR VLJQLILFDGR LQGLYLGXDO GD SDODYUD VHSDUDGR GHVWH VLVWHPD REMHWLYR GH HQODFHV HVWH HVWi FRPSRVWRSRUDTXHOHVHQODFHVTXHWrPUHODomRFRPRPRPHQWRHDVLWXDomRGDGRV´$VVLP RVHQWLGRWUD]FRQVLJRDHVSHFLILFLGDGHGDUHODomRGRLQGLYtGXRFRPDSDODYUDSURQXQFLDGD R TXH VLJQLILFD WDPEpP TXH Ki XPD YLQFXODomR DIHWLYD HQWUH D SDODYUD H DTXHOH TXH D SURQXQFLDSRLVHODRUHPHWHDVLWXDo}HVTXHOKHVmRVLJQLILFDWLYDV

eQHVVHVHQWLGRDLQGDTXH/XULDSDILUPD

9HPRV HQWmR TXH D PHVPD SDODYUD SRVVXL XP VLJQLILFDGR IRUPDGR REMHWLYDPHQWHDRORQJRGDKLVWyULDHTXHHPIRUPDSRWHQFLDOFRQVHUYDVH SDUD WRGDV DV SHVVRDV UHIOHWLQGR DV FRLVDV FRP GLIHUHQWH SURIXQGLGDGH H DPSOLWXGH 3RUpP MXQWR FRP R VLJQLILFDGR FDGD SDODYUD WHP XP VHQWLGR TXH HQWHQGHPRV FRPR D VHSDUDomR QHVWH VLJQLILFDGR GDTXHOHV DVSHFWRV OLJDGRVjVLWXDomRGDGDHFRPDVYLYrQFLDVDIHWLYDVGRVXMHLWR

'HDFRUGRFRP/HRQWLHYSTXDQGRVmRLQWHUQDOL]DGDVHXWLOL]DGDVSHOR VXMHLWRDVVLJQLILFDo}HV

>@µVHVXEMHWLYL]DP¶PDVVyQRVHQWLGRGHTXHVHXPRYLPHQWRGHQWURGR VLVWHPDGHUHODo}HVVRFLDLVQmRHVWiFRQWLGRGLUHWDPHQWHDVVLJQLILFDo}HVVH PDQLIHVWDPHPRXWURVLVWHPDGHUHODo}HVGHQWURGHRXWURPRYLPHQWR0DV HDTXLRDVVRPEURVRGHQHQKXPPRGRHODVSHUGHPVXDQDWXUH]DKLVWyULFR FXOWXUDOVXDREMHWLYLGDGH

Referências

Documentos relacionados

$ SUHVHQWH SHVTXLVD WHP SRU REMHWLYR DQDOLVDU GH TXH IRUPD D QRomR GH SHUWHQFLPHQWR WHP VLGR UHLYLQGLFDGD SRU GHVFHQGHQWHV GH SRORQHVHV H XFUDQLDQRV QD FLGDGH GH 3UXGHQWySROLV (VWDGR

(VWD SHVTXLVD WHYH FRPR REMHWLYR DYDOLDU SRU PpWRGRV KLVWROyJLFRV WRPRJUiILFRV H ItVLFRV R HIHLWR GR ODVHU GH EDL[D SRWrQFLD ///7 ± QP QR RVVR QHRIRUPDGR

Product markets refers to the mechanisms in place that facilitate interaction between buyers and sellers. Currently, a large portion of the Indian population lacks

Durante a realização do estágio optámos por trabalhar de forma interdisciplinar como forma de desenvolver um trabalho de integração dos conteúdos a lecionar.. 29 como

(VWRX ILQDOL]DQGR PHX PHVWUDGR HP 6HUYLoR 6RFLDO QD 38&amp;63 H PLQKD SHVTXLVD FHQWUDVHQRHVWXGR GD H[SHULrQFLDGH (GXFDomR 1mR )RUPDO GR6HUYLoR GH $SRLR 6RFLRHGXFDWLYR QD

Isabel Trindade, Frederico Martins, Rúben Dias, Cristina Oliveira and José Machado da Silva, “Novel Textile Systems for the Continuous Monitoring of Vital Signals: Design

(VWH WUDEDOKR WHP FRPR REMHWLYR DSUHVHQWDU XPD SHVTXLVD TXH XWLOL]RX D WpFQLFDGHDQiOLVHGHHUURVSDUDDFRPSUHHQVmRGDVGLILFXOGDGHVDSUHVHQWDGDV SHORV DOXQRV QD GLVFLSOLQD GH

avaliação judicial. Valor de mercado da empresa: modelos de avaliação econômico-financeira de empresas, exemplos de avaliação com cálculo de valores, subsídios para