oque é virtual pierre lévy
Short Description
Download oque é virtual pierre lévy...
Description
2#
248(e29,578$/" 248(e29,578$/" 3LHUUH/pY\
7UDGXomRGH3DXOR1HYHVGRRULJLQDO³4X¶HVWFHOHYLUWXHO"´
´3DUDeGHQH/RXS1Rp DDOHJULDHDLQRFrQFLDµ
6REUHD2EUD $SyV XPD WUDMHWyULD HP TXH DERUGD D YLUWXDOL]DomR VRE R DVSHFWR ILORVyILFR R FRQFHLWR GH YLUWXDOL]DomR DQWURSROyJLFR D UHODomR HQWUH R SURFHVVR GH KRPLQL]DomR H D YLUWXDOL]DomR H VyFLRSROtWLFR ´FRPSUHHQGHU D PXWDomR FRQWHPSRUkQHD SDUD WHU XPD FKDQFH GH WRUQDUVH DWRU GHODµ /pY\ WHUPLQD VXD REUD FRQFODPDQGR D XPD ´DUWH GD YLUWXDOL]DomR H XPD QRYD VHQVLELOLGDGHHVWpWLFDTXHQHVWHVWHPSRVGHJUDQGHGHVWHUULWRULDOL]DomRIDULD GHKXPDKRVSLWDOLGDGHDPSOLDGDVXDYLUWXGHFDUGLQDOµ
6REUHD'LJLWDOL]DomRGHVWD2EUD 6HRVOLYURVWLYHVVHPSUHoRVDFHVVtYHLVWRGRVSRGHULDPRVFRPSUiORV $ GLJLWDOL]DomR GHVWD REUD p XP SURWHVWR FRQWUD D H[FOXVmR FXOWXUDO H SRU FRQVHTXrQFLD VRFLDO FDXVDGDV SHORV SUHoRV DEXVLYRV GRV OLYURV HGLWDGRV H SXEOLFDGRVQR%UDVLO$VVLPpWRWDOPHQWHFRQGHQiYHODYHQGDGHVWHHOLYURHP TXDOTXHUFLUFXQVWkQFLD'LVWULEXDROLYUHPHQWH ´3DUD5RELHH*OyULDµ
,1752'8d2 ´2YLUWXDOSRVVXLXPDSOHQDUHDOLGDGHHQTXDQWRYLUWXDOµ *LOOHV'HOHX]H'LIIpUHQFHHUpSpWLWLRQ ´$UHDOLGDGHYLUWXDOFRUURPSH DUHDOLGDGHDEVROXWDFRUURPSHDEVROXWDPHQWHµ 5R\$VFRWW3UrPLR$UVHOHFWURQLFD 8P PRYLPHQWR JHUDO GH YLUWXDOL]DomR DIHWD KRMH QmR DSHQDV D LQIRUPDomR H D FRPXQLFDomR PDV WDPEpP RV FRUSRV R IXQFLRQDPHQWR HFRQ{PLFR RV TXDGURV FROHWLYRV GD VHQVLELOLGDGH RX R H[HUFtFLR GD LQWHOLJrQFLD $ YLUWXDOL]DomR DWLQJH PHVPR DV PRGDOLGDGHV GR HVWDU MXQWR D FRQVWLWXLomR GR ´QyVµ FRPXQLGDGHV YLUWXDLV HPSUHVDV YLUWXDLV GHPRFUDFLD YLUWXDO (PERUD D GLJLWDOL]DomR GDV PHQVDJHQV H D H[WHQVmR GR FLEHUHVSDoR GHVHPSHQKHPXPSDSHOFDSLWDOQDPXWDomRHPFXUVRWUDWDVHGHXPDRQGDGH IXQGRTXHXOWUDSDVVDDPSODPHQWHDLQIRUPDWL]DomR 'HYHVH WHPHU XPD GHVUHDOL]DomR JHUDO" 8PD HVSpFLH GH GHVDSDUHFLPHQWR XQLYHUVDO FRPR VXJHUH -HDQ %DXGULOODUG" (VWDPRV DPHDoDGRV SRU XP DSRFDOLSVH FXOWXUDO" 3RU XPD DWHUURUL]DQWH LPSORVmR GR HVSDoRWHPSRFRPR3DXO9LULOLRDQXQFLDKiYiULRVDQRV"(VWHOLYURGHIHQGH XPD KLSyWHVH GLIHUHQWH QmR FDWDVWURILVWD HQWUH DV HYROXo}HV FXOWXUDLV HP DQGDPHQWR QHVWD YLUDGD GR WHUFHLUR PLOrQLR ² H DSHVDU GH VHXV LQHJiYHLV DVSHFWRVVRPEULRVHWHUUtYHLV²H[SULPHVHXPDEXVFDGDKRPLQL]DomR &HUWDPHQWH QXQFD DQWHV DV PXGDQoDV GDV WpFQLFDV GD HFRQRPLD H GRV FRVWXPHV IRUDP WmR UiSLGDV H GHVHVWDELOL]DQWHV 2UD D YLUWXDOL]DomR FRQVWLWXL MXVWDPHQWH D HVVrQFLD RX D SRQWD ILQD GD PXWDomR HP FXUVR (QTXDQWR WDO D YLUWXDOL]DomR QmR p QHP ERD QHP Pi QHP QHXWUD (OD VH DSUHVHQWDFRPRRPRYLPHQWRPHVPRGR´GHYLURXWURµ²RXKHWHURJrQHVH² GR KXPDQR $QWHV GH WHPrOD FRQGHQiOD RX ODQoDUVH jV FHJDV D HOD SURSRQKRTXHVHIDoDRHVIRUoRGHDSUHHQGHUGHSHQVDUGHFRPSUHHQGHUHP WRGDDVXDDPSOLWXGHDYLUWXDOL]DomR &RPRVHYHUiDRORQJRGHVWHOLYURRYLUWXDOULJRURVDPHQWHGHILQLGR WHPVRPHQWHXPDSHTXHQDDILQLGDGHFRPRIDOVRRLOXVyULRRXRLPDJLQiULR 7UDWDVHDRFRQWUiULRGHXPPRGRGHVHUIHFXQGRHSRGHURVRTXHS}HHP MRJR SURFHVVRV GH FULDomR DEUH IXWXURV SHUIXUD SRoRV GH VHQWLGR VRE D SODWLWXGHGDSUHVHQoDItVLFDLPHGLDWD 0XLWRVILOyVRIRV²HQmRGRVPHQRUHV²MiWUDEDOKDUDPVREUHDQRomR GHYLUWXDOLQFOXVLYHDOJXQVSHQVDGRUHVIUDQFHVHVFRQWHPSRUkQHRVFRPR*LOOHV
'HOHX]H RX 0LFKHO 6HUUHV 4XDO p SRUWDQWR D DPELomR GD SUHVHQWH REUD" e PXLWRVLPSOHV QmRPHFRQWHQWHLHPGHILQLURYLUWXDOFRPRXPPRGRGHVHU SDUWLFXODUTXLVWDPEpPDQDOLVDUHLOXVWUDUXPSURFHVVRGHWUDQVIRUPDomRGHXPPRGR GHVHUQXPRXWUR'HIDWRHVWHOLYURHVWXGDDYLUWXDOL]DomRTXHUHWRUQDGRUHDORX GR DWXDO HP GLUHomR DR YLUWXDO $ WUDGLomR ILORVyILFD DWp RV WUDEDOKRV PDLV UHFHQWHV DQDOLVD D SDVVDJHP GR SRVVtYHO DR UHDO RX GR YLUWXDO DR DWXDO 1HQKXP HVWXGR DLQGD DR TXH HX VDLED DQDOLVRX D WUDQVIRUPDomR LQYHUVD HP GLUHomRDRYLUWXDO2UDpSUHFLVDPHQWHHVVHUHWRUQRjPRQWDQWHTXHPHSDUHFH FDUDFWHUtVWLFR WDQWR GR PRYLPHQWR GH DXWRFULDomR TXH IH] VXUJLU D HVSpFLH KXPDQD TXDQWR GD WUDQVLomR FXOWXUDO DFHOHUDGD TXH YLYHPRV KRMH 2 GHVDILR GHVWH OLYUR p SRUWDQWR WULSOR ILORVyILFR R FRQFHLWR GH YLUWXDOL]DomR DQWURSROyJLFR DUHODomRHQWUHRSURFHVVRGHKRPLQL]DomRHDYLUWXDOL]DomR H VyFLRSROtWLFR FRPSUHHQGHUDPXWDomRFRQWHPSRUkQHDSDUDSRGHUDWXDUQHOD 6REUHHVWH~OWLPRSRQWRpSUHFLVRGL]HUTXHDDOWHUQDWLYDPDLRUQmRFRORFDHP FHQD XPD KHVLWDomR JURVVHLUDPHQWH DOLQKDYDGD HQWUH R UHDO H R YLUWXDO PDV DQWHVXPDHVFROKDHQWUHGLYHUVDVPRGDOLGDGHVGHYLUWXDOL]DomR0DLVTXHLVVR GHYHPRVGLVWLQJXLUHQWUHXPDYLUWXDOL]DomRHPFXUVRGHLQYHQomRGHXPODGR HVXDVFDULFDWXUDVDOLHQDQWHVUHLILFDQWHVHGHVTXDOLILFDQWHVGHRXWUR'RQGHD PHXYHUDXUJHQWHQHFHVVLGDGHGHXPDFDUWRJUDILDGRYLUWXDOjTXDOUHVSRQGH HVWH´FRPSrQGLRGHYLUWXDOL]DomRµ 1RSULPHLURFDStWXOR´2TXHpDYLUWXDOL]DomR"µGHILQRRVSULQFLSDLV FRQFHLWRV GH UHDOLGDGH GH SRVVLELOLGDGH GH DWXDOLGDGH H GH YLUWXDOLGDGH TXH VHUmR XWLOL]DGRV D VHJXLU EHP FRPR DV GLIHUHQWHV WUDQVIRUPDo}HV GH XP PRGR GH VHU HP RXWUR (VVH FDStWXOR p WDPEpP D RSRUWXQLGDGH GH XP FRPHoR GH DQiOLVH GD YLUWXDOL]DomR SURSULDPHQWH GLWD H HP SDUWLFXODU GD ´GHVWHUULWRULDOL]DomRµHRXWURVIHQ{PHQRVHVSDoRWHPSRUDLVHVWUDQKRVTXHOKH VmRJHUDOPHQWHDVVRFLDGRV 2VWUrVFDStWXORVVHJXLQWHVGL]HPUHVSHLWRjYLUWXDOL]DomRGRFRUSRGR WH[WRHGDHFRQRPLD2VFRQFHLWRVREWLGRVDQWHULRUPHQWHVmRDTXLH[SORUDGRVHP UHODomR D IHQ{PHQRV FRQWHPSRUkQHRV H SHUPLWHP DQDOLVDU GH PDQHLUD FRHUHQWHDGLQkPLFDGDPXWDomRHFRQ{PLFDHFXOWXUDOHPFXUVR 2 TXLQWR FDStWXOR DQDOLVD D KRPLQL]DomR QRV WHUPRV GD WHRULD GD YLUWXDOL]DomR YLUWXDOL]DomR GR SUHVHQWH LPHGLDWR SHOD OLQJXDJHP GRV DWDV ItVLFRV SHOD WpFQLFD H GD YLROrQFLD SHOR FRQWUDWR $VVLP DSHVDU GH VXD EUXWDOLGDGH H GH VXD HVWUDQKH]D D FULVH GH FLYLOL]DomR TXH YLYHPRV SRGH VHU UHSHQVDGDQDFRQWLQXLGDGHGDDYHQWXUDKXPDQD 2 FDStWXORVHLV ´$VRSHUDo}HVGD YLUWXDOL]DomRµ XWLOL]D RV PDWHULDLV HPStULFRV DFXPXODGRV QRV FDStWXORV SUHFHGHQWHV SDUD S{U HP HYLGrQFLD R Q~FOHRLQYDULDQWHGHRSHUDo}HVHOHPHQWDUHVSUHVHQWHVHPWRGRVRVSURFHVVRVGHYLUWXDOL]DomR RV GH XPD JUDPiWLFD GH XPD GLDOpWLFD H GH XPD UHWyULFD DPSOLDGDV SDUD DEUDQJHURVIHQ{PHQRVWpFQLFRVHVRFLDLV
2V VpWLPR H RLWDYR FDStWXORV H[DPLQDP ´$ YLUWXDOL]DomR GD LQWHOLJrQFLDµ$SUHVHQWDPRIXQFLRQDPHQWRWHFQRVRFLDOGDFRJQLomRVHJXLQGR XPD GLDOpWLFD GD REMHWLYDomR GD LQWHULRULGDGH H GD VXEMHWLYDomR GD H[WHULRULGDGHGLDOpWLFDTXHYHUHPRVVHUWtSLFDGDYLUWXDOL]DomR(VVHVFDStWXORV GHVHPERFDP HP GRLV UHVXOWDGRV SULQFLSDLV (P SULPHLUR OXJDU XPD YLVmR UHQRYDGDGDLQWHOLJrQFLDFROHWLYDHPYLDGHHPHUJrQFLDQDVUHGHVGHFRPXQLFDomR GLJLWDLV $ VHJXLU D FRQVWUXomR GH XP FRQFHLWR GH REMHWR PHGLDGRU VRFLDO VXSRUWH WpFQLFR H Qy GDV RSHUDo}HV LQWHOHFWXDLV TXH YHP UHPDWDU D WHRULD GD YLUWXDOL]DomR 2 QRQR FDStWXOR UHVXPH VLVWHPDWL]D H UHODWLYL]D RV FRQKHFLPHQWRV DGTXLULGRVDWUDYpVGDREUDHGHSRLVHVERoDRSURMHWRGHXPDILORVRILDFDSD] GH DFROKHU D GXDOLGDGH GR DFRQWHFLPHQWR H GD VXEVWkQFLD TXH VHUi H[DPLQDGD HP ILOLJUDQDDRORQJRGHWRGRRWUDEDOKR 2HStORJRHQILPFRQFODPDDXPDDUWHGDYLUWXDOL]DomRDXPDQRYD VHQVLELOLGDGH HVWpWLFD TXH QHVWHV WHPSRV GH JUDQGH GHVWHUULWRULDOL]DomR IDULD GHXPDKRVSLWDOLGDGHDPSOLDGDVXDYLUWXGHFDUGLQDO
248(e$9,578$/,=$d®2"
2$78$/(29,578$/ &RQVLGHUHPRVSDUDFRPHoDUDRSRVLomRIiFLOHHQJDQRVDHQWUHUHDOH YLUWXDO 1R XVR FRUUHQWH D SDODYUD YLUWXDO p HPSUHJDGD FRP IUHTrQFLD SDUD VLJQLILFDUDSXUDHVLPSOHVDXVrQFLDGHH[LVWrQFLDD´UHDOLGDGHµVXSRQGRXPD HIHWXDomRPDWHULDOXPDSUHVHQoDWDQJtYHO2UHDOVHULDGDRUGHPGR´WHQKRµ HQTXDQWR R YLUWXDO VHULD GD RUGHP GR ´WHUiVµ RX GD LOXVmR R TXH SHUPLWH JHUDOPHQWH R XVR GH XPD LURQLD IiFLO SDUD HYRFDU DV GLYHUVDV IRUPDV GH YLUWXDOL]DomR&RPRYHUHPRVPDLVDGLDQWHHVVDDERUGDJHPSRVVXLXPDSDUWH GHYHUGDGHLQWHUHVVDQWHPDVpHYLGHQWHPHQWHGHPDVLDGRJURVVHLUDSDUDIXQGDU XPDWHRULDJHUDO $SDODYUDYLUWXDOYHPGRODWLPPHGLHYDOYLUWXDOLVGHULYDGRSRUVXDYH] GH YLUWXV IRUoD SRWrQFLD 1D ILORVRILD HVFROiVWLFD p YLUWXDO R TXH H[LVWH HP SRWrQFLD H QmR HP DWR 2 YLUWXDO WHQGH D DWXDOL]DUVH VHP WHU SDVVDGR QR HQWDQWRjFRQFUHWL]DomRHIHWLYDRXIRUPDO$iUYRUHHVWiYLUWXDOPHQWHSUHVHQWH QD VHPHQWH (P WHUPRV ULJRURVDPHQWH ILORVyILFRV R YLUWXDO QmR VH RS}H DR UHDO PDV DR DWXDO YLUWXDOLGDGH H DWXDOLGDGH VmR DSHQDV GXDV PDQHLUDV GH VHU GLIHUHQWHV $TXL FDEH LQWURGX]LU XPD GLVWLQomR FDSLWDO HQWUH SRVVtYHO H YLUWXDO TXH *LOOHV 'HOHX]H WURX[H j OX] HP 'LIIpUHQFH HW UpSpWLWLRQ 2 SRVVtYHO Mi HVWi WRGR FRQVWLWXtGR PDV SHUPDQHFH QR OLPER 2 SRVVtYHO VH UHDOL]DUi VHP TXH QDGD PXGH HP VXD GHWHUPLQDomR QHP HP VXD QDWXUH]D e XP UHDO IDQWDVPiWLFR ODWHQWH 2 SRVVtYHO p H[DWDPHQWH FRPR R UHDO Vy OKH IDOWD D H[LVWrQFLD$UHDOL]DomRGHXPSRVVtYHO QmR p XPD FULDomR QR VHQWLGR SOHQR GRWHUPRSRLVDFULDomRLPSOLFDWDPEpPDSURGXomRLQRYDGRUDGHXPDLGpLD RX GH XPD IRUPD $ GLIHUHQoD HQWUH SRVVtYHO H UHDO p SRUWDQWR SXUDPHQWH OyJLFD -iRYLUWXDOQmRVHRS}HDRUHDOPDVVLPDRDWXDO&RQWUDULDPHQWHDR SRVVtYHOHVWiWLFRHMiFRQVWLWXtGRRYLUWXDOpFRPRRFRPSOH[RSUREOHPiWLFR R Qy GH WHQGrQFLDV RX GH IRUoDV TXH DFRPSDQKD XPD VLWXDomR XP DFRQWHFLPHQWR XP REMHWR RX XPD HQWLGDGH TXDOTXHU H TXH FKDPD XP SURFHVVRGHUHVROXomR DDWXDOL]DomR(VVHFRPSOH[RSUREOHPiWLFRSHUWHQFHj HQWLGDGHFRQVLGHUDGDHFRQVWLWXLLQFOXVLYHXPDGHVXDVGLPHQV}HVPDLRUHV2 SUREOHPDGDVHPHQWHSRUH[HPSORpID]HUEURWDUXPDiUYRUH $V UHIHUrQFLDV FRPSOHWDV GDV REUDV FLWDGDV VH HQFRQWUDP QD ELEOLRJUDILDFRPHQWDGDQRILQDOGHVWHYROXPH S
$VHPHQWH´pµHVVHSUREOHPDPHVPRTXHQmRVHMDVRPHQWHLVVR,VWRVLJQLILFD TXHHOD´FRQKHFHµH[DWDPHQWHDIRUPDGDiUYRUHTXHH[SDQGLUiILQDOPHQWHVXD IROKDJHP DFLPD GHOD $ SDUWLU GDV FRHUo}HV TXH OKH VmR SUySULDV GHYHUi LQYHQWiODFRSURGX]LODFRPDVFLUFXQVWkQFLDVTXHHQFRQWUDU 3RU XP ODGR D HQWLGDGH FDUUHJD H SURGX] VXDV YLUWXDOLGDGHV XP DFRQWHFLPHQWR SRU H[HPSOR UHRUJDQL]D XPD SUREOHPiWLFD DQWHULRU H p VXVFHWtYHO GHUHFHEHU LQWHUSUHWDo}HV YDULDGDV 3RU RXWUR ODGR R YLUWXDO FRQVWLWXL D HQWLGDGH DVYLUWXDOLGDGHVLQHUHQWHVDXPVHUVXDSUREOHPiWLFDRQyGHWHQV}HV GHFRHUo}HVHGHSURMHWRVTXHRDQLPDPDVTXHVW}HVTXHRPRYHPVmRXPD SDUWHHVVHQFLDOGHVXDGHWHUPLQDomR $$78$/,=$d®2 $ DWXDOL]DomR DSDUHFH HQWmR FRPR D VROXomR GH XP SUREOHPD XPD VROXomR TXH QmR HVWDYD FRQWLGD SUHYLDPHQWH QR HQXQFLDGR $ DWXDOL]DomR p FULDomR LQYHQomR GH XPD IRUPD D SDUWLU GH XPD FRQILJXUDomR GLQkPLFD GH IRUoDVHGHILQDOLGDGHV$FRQWHFHHQWmRDOJRPDLVTXHDGRWDomRGHUHDOLGDGHD XP SRVVtYHO RX TXH XPD HVFROKD HQWUH XP FRQMXQWR SUHGHWHUPLQDGR XPD SURGXomRGHTXDOLGDGHVQRYDVXPDWUDQVIRUPDomRGDVLGpLDVXPYHUGDGHLUR GHYLUTXHDOLPHQWDGHYROWDRYLUWXDO 3RUH[HPSORVHDH[HFXomRGHXPSURJUDPDLQIRUPiWLFRSXUDPHQWH OyJLFD WHP D YHU FRP R SDU SRVVtYHOUHDO D LQWHUDomR HQWUH KXPDQRV H VLVWHPDVLQIRUPiWLFRVWHPDYHUFRPDGLDOpWLFDGRYLUWXDOHGRDWXDO $ PRQWDQWH D UHGDomR GH XP SURJUDPD SRU H[HPSOR WUDWD XP SUREOHPDGHPRGRRULJLQDO&DGDHTXLSHGHSURJUDPDGRUHVUHGHILQHHUHVROYH GLIHUHQWHPHQWHRSUREOHPDDRTXDOpFRQIURQWDGD$MXVDQWHDDWXDOL]DomRGR SURJUDPD HP VLWXDomR GH XWLOL]DomR SRU H[HPSOR QXP JUXSR GH WUDEDOKR GHVTXDOLILFD FHUWDV FRPSHWrQFLDV ID] HPHUJLU RXWURV IXQFLRQDPHQWRV GHVHQFDGHLD FRQIOLWRV GHVEORTXHLD VLWXDo}HV LQVWDXUD XPD QRYD GLQkPLFD GH FRODERUDomR2SURJUDPDFRQWpPXPDYLUWXDOLGDGHGHPXGDQoDTXHRJUXSR ² PRYLGR HOH WDPEpP SRU XPD FRQILJXUDomR GLQkPLFD GH WURSLVPRV H FRHUo}HV²DWXDOL]DGHPDQHLUDPDLVRXPHQRVLQYHQWLYD 2 UHDO DVVHPHOKDVH DR SRVVtYHO HP WURFD R DWXDO HP QDGD VH DVVHPHOKDDRYLUWXDO UHVSRQGHOKH $9,578$/,=$d®2 &RPSUHHQGHVHDJRUDDGLIHUHQoDHQWUHDUHDOL]DomR RFRUUrQFLDGHXP HVWDGRSUpGHILQLGR HDDWXDOL]DomR LQYHQomRGHXPDVROXomRH[LJLGDSRUXP FRPSOH[RSUREOHPiWLFR 0DVRTXHpDYLUWXDOL]DomR"1mRPDLVRYLUWXDOFRPR PDQHLUD GH VHU PDV D YLUWXDOL]DomR FRPR GLQkPLFD $ YLUWXDOL]DomR SRGH VHU
GHILQLGD FRPR R PRYLPHQWR LQYHUVR GD DWXDOL]DomR &RQVLVWH HP XPD SDVVDJHP GR DWXDO DR YLUWXDO HP XPD ´HOHYDomR j SRWrQFLDµ GD HQWLGDGH FRQVLGHUDGD $ YLUWXDOL]DomRQmRpXPDGHVUHDOL]DomR DWUDQVIRUPDomRGHXPDUHDOLGDGHQXP FRQMXQWRGHSRVVtYHLV PDVXPDPXWDomRGHLGHQWLGDGHXPGHVORFDPHQWRGR FHQWUR GH JUDYLGDGH RQWROyJLFRGR REMHWR FRQVLGHUDGR HP YH] GH VH GHILQLU SULQFLSDOPHQWH SRU VXD DWXDOLGDGH XPD ´VROXomRµ D HQWLGDGH SDVVD D HQFRQWUDU VXD FRQVLVWrQFLD HVVHQFLDO QXP FDPSR SUREOHPiWLFR 9LUWXDOL]DU XPDHQWLGDGHTXDOTXHUFRQVLVWHHPGHVFREULUXPDTXHVWmRJHUDOjTXDOHODVH UHODFLRQD HP ID]HU PXWDU D HQWLGDGH HP GLUHomR D HVVD LQWHUURJDomR H HP UHGHILQLUDDWXDOLGDGHGHSDUWLGDFRPRUHVSRVWDDXPDTXHVWmRSDUWLFXODU 7RUQHPRVRFDVRPXLWRFRQWHPSRUkQHR GD ´YLUWXDOL]DomRµ GH XPD HPSUHVD$RUJDQL]DomRFOiVVLFDUH~QHVHXVHPSUHJDGRVQRPHVPRSUpGLRRX QXP FRQMXQWR GH GHSDUWDPHQWRV &DGD HPSUHJDGR RFXSD XP SRVWR GH WUDEDOKRSUHFLVDPHQWHVLWXDGRHVHX OLYUR GH SRQWR HVSHFLILFD RV KRUiULRV GH WUDEDOKR 8PD HPSUHVD YLUWXDO HP WURFD VHUYHVH SULQFLSDOPHQWH GR WHOHWUDEDOKR WHQGH D VXEVWLWXLU D SUHVHQoD ItVLFD GH VHXV HPSUHJDGRV QRV PHVPRVORFDLVSHODSDUWLFLSDomRQXPDUHGHGHFRPXQLFDomRHOHWU{QLFDHSHOR XVR GH UHFXUVRV H SURJUDPDV TXH IDYRUHoDP D FRRSHUDomR $VVLP D YLUWXDOL]DomR GD HPSUHVD FRQVLVWH VREUHWXGR HP ID]HU GDV FRRUGHQDGDV HVSDoRWHPSRUDLV GR WUDEDOKR XP SUREOHPD VHPSUH UHSHQVDGR H QmR XPD VROXomR HVWiYHO 2 FHQWUR GH JUDYLGDGH GD RUJDQL]DomR QmR p PDLV XP FRQMXQWRGHGHSDUWDPHQWRVGHSRVWRVGHWUDEDOKRHGHOLYURVGHSRQWRPDV XP SURFHVVR GH FRRUGHQDomR TXH UHGLVWULEXL VHPSUH GLIHUHQWHPHQWH DV FRRUGHQDGDV HVSDoRWHPSRUDLV GD FROHWLYLGDGH GH WUDEDOKR H GH FDGD XP GH VHXVPHPEURVHPIXQomRGHGLYHUVDVH[LJrQFLDV $DWXDOL]DomRLDGHXPSUREOHPDDXPDVROXomR$YLUWXDOL]DomRSDVVD GH XPD VROXomR GDGD D XP RXWUR SUREOHPD (OD WUDQVIRUPD D DWXDOLGDGH LQLFLDOHPFDVRSDUWLFXODUGHXPDSUREOHPiWLFDPDLVJHUDOVREUHDTXDOSDVVDD VHU FRORFDGD D rQIDVH RQWROyJLFD &RP LVVR D YLUWXDOL]DomR IOXLGLILFD DV GLVWLQo}HVLQVWLWXtGDVDXPHQWDRVJUDXVGHOLEHUGDGHFULDXPYD]LRPRWRU6H D YLUWXDOL]DomR IRVVH DSHQDV D SDVVDJHP GH XPD UHDOLGDGH D XP FRQMXQWR GH SRVVtYHLV VHULD GHVUHDOL]DQWH 0DV HOD LPSOLFD D PHVPD TXDQWLGDGH GH LUUHYHUVLELOLGDGH HP VHXV HIHLWRV GH LQGHWHUPLQDomR HP VHX SURFHVVR H GH LQYHQomR HP VHX HVIRUoR TXDQWR D DWXDOL]DomR $ YLUWXDOL]DomR p XP GRV SULQFLSDLVYHWDUHVGDFULDomRGHUHDOLGDGH 1®2(67$535(6(17( $9,578$/,=$d®2 &202È;2'2 $SyVWHUGHILQLGRDYLUWXDOL]DomRQRTXHHODWHPGHPDLVJHUDOYDPRV DERUGDUDJRUDXPDGHVXDVSULQFLSDLVPRGDOLGDGHV RGHVSUHQGLPHQWRGRDTXL H DJRUD &RPR DVVLQDODPRV QR FRPHoR R VHQVR FRPXP ID] GR YLUWXDO
LQDSUHHQVtYHORFRPSOHPHQWDUGRUHDOWDQJtYHO(VVDDERUGDJHPFRQWpPXPD LQGLFDomRTXHQmRVHGHYHQHJOLJHQFLDU RYLUWXDOFRPPXLWDIUHTrQFLD´QmR HVWiSUHVHQWHµ $ HPSUHVD YLUWXDO QmR SRGH PDLV VHU VLWXDGD SUHFLVDPHQWH 6HXV HOHPHQWRVVmRQ{PDGHVGLVSHUVRVHD SHUWLQrQFLD GH VXD SRVLomR JHRJUiILFD GHFUHVFHXPXLWR (VWDUi R WH[WR DTXL QR SDSHO RFXSDQGR XPD SRUomR GHILQLGD GR HVSDoR ItVLFR RX HP DOJXPD RUJDQL]DomR DEVWUDWD TXH VH DWXDOL]D QXPD SOXUDOLGDGH GH OtQJXDV GH YHUV}HV GH HGLo}HV GH WLSRJUDILDV" 2UD XP WH[WR HP SDUWLFXODU SDVVD D DSUHVHQWDUVH FRPR D DWXDOL]DomR GH XP KLSHUWH[WR GH VXSRUWH LQIRUPiWLFR (VWH ~OWLPR RFXSD ´YLUWXDOPHQWHµ WRGRV RV SRQWRV GD UHGHDRTXDOHVWiFRQHFWDGDDPHPyULDGLJLWDORQGHVHLQVFUHYHVHXFyGLJR"(OH VH HVWHQGH DWp FDGD LQVWDODomR GH RQGH SRGHULD VHU FRSLDGR HP DOJXQV VHJXQGRV" &ODUR TXH p SRVVtYHO DWULEXLU XP HQGHUHoR D XP DUTXLYR GLJLWDO 0DVQHVVDHUDGHLQIRUPDo}HVRQOLQHHVVHHQGHUHoRVHULDGHTXDOTXHUPRGR WUDQVLWyULR H GH SRXFD LPSRUWkQFLD 'HVWHUULWRULDOL]DGR SUHVHQWH SRU LQWHLUR HPFDGDXPDGHVXDVYHUV}HVGHVXDVFySLDVHGHVXDVSURMHo}HVGHVSURYLGR GH LQpUFLD KDELWDQWH XEtTXR GR FLEHUHVSDoR R KLSHUWH[WR FRQWULEXL SDUD SURGX]LUDTXLHDFROiDFRQWHFLPHQWRVGHDWXDOL]DomRWH[WXDOGHQDYHJDomRHGH OHLWXUD6RPHQWHHVWHVDFRQWHFLPHQWRVVmRYHUGDGHLUDPHQWHVLWXDGRV(PERUD QHFHVVLWH GH VXSRUWHV ItVLFRV SHVDGRV SDUD VXEVLVWLU H DWXDOL]DUVH R LPSRQGHUiYHOKLSHUWH[WRQmRSRVVXLXPOXJDU 2OLYURGH0LFKHO6HUUHV$WODVLOXVWUDRWHPDGRYLUWXDOFRPR´QmR SUHVHQoDµ$LPDJLQDomRDPHPyULD R FRQKHFLPHQWR D UHOLJLmR VmR YHWRUHV GH YLUWXDOL]DomR TXH QRV IL]HUDP DEDQGRQDU D SUHVHQoD PXLWR DQWHV GD LQIRUPDWL]DomRHGDVUHGHVGLJLWDLV$RGHVHQYROYHUHVVHWHPDRDXWRUGH$WODV OHYD DGLDQWH LQGLUHWDPHQWH XPD SROrPLFD FRP D ILORVRILD KHLGHJJHULDQD GR ´VHUDLµ· ´6HUDL· p D WUDGXomR OLWHUDO GR DOHPmR 'DVHLQ TXH VLJQLILFD HP SDUWLFXODU H[LVWrQFLD QR DOHPmR ILORVyILFR FOiVVLFR H H[LVWrQFLD SURSULDPHQWH KXPDQD²VHUXPVHUKXPDQR²HP+HLGHJJHU0DVSUHFLVDPHQWHRIDWRGH QmRSHUWHQFHUDQHQKXPOXJDUGHIUHTHQWDUXPHVSDoRQmRGHVLJQiYHO RQGH RFRUUH D FRQYHUVDomR WHOHI{QLFD" GH RFRUUHU DSHQDV HQWUH FRLVDV FODUDPHQWH VLWXDGDV RX GH QmR HVWDU VRPHQWH ´SUHVHQWHµ FRPR WRGR VHU SHQVDQWH QDGD GLVVRLPSHGHDH[LVWrQFLD 1HVWDVHomR3LHUUH/pY\ID]XPDVpULHGHMRJRVGHSDODYUDFRPRWHUPRIUDQFrV ´Ojµ6HSRUXPODGRKiXPDUHPLVVmRH[SOtFLWDDR'DVHLQGH+HLGHJJHUWUDGX]LGRHP SRUWXJXrV SRU ´VHUDtµ H WUDGX]LGR OLWHUDOPHQWH HPIUDQFrV SRU XP ´rWUHOjµ SRU RXWUR D FRQVWUXomRJHUDOGRWH[WRHPIUDQFrVpEDVWDQWHFRORTXLDO 3DUDQmRGLILFXOWDUDOHLWXUDGHVWDVHomRRSWDPRVSRUWUDGX]LU´Ojµ FRPR ´SUHVHQoDµ WHUPR PDLV DGHTXDGR QR FRQWH[WR 0DQWLYHPRV FRQWXGR D H[SUHVVmR´VHUDtµQDSDVVDJHPHPTXHRDXWRUFLWDH[SOLFLWDPHQWHR'DVHLQGH+HLGHJJHU
(PERUDXPDHWLPRORJLDQmRSURYHQDGDDVVLQDOHPRVTXHD SDODYUD H[LVWLUYHPSUHFLVDPHQWHGRODWLPVLVWHUHHVWDUFRORFDGRHGRSUHIL[RH[IRUD GH([LVWLUpHVWDUSUHVHQWHRXDEDQGRQDUXPDSUHVHQoD"'DVHLQRXH[LVWrQFLD" 7XGR VH SDVVD FRPR VH R DOHPmR VXEOLQKDVVH D DWXDOL]DomR H R ODWLP D YLUWXDOL]DomR 8PDFRPXQLGDGHYLUWXDOSRGHSRUH[HPSORRUJDQL]DUVHVREUHXPD EDVH GH DILQLGDGH SRU LQWHUPpGLR GH VLVWHPDV GH FRPXQLFDomR WHOHPiWLFRV 6HXV PHPEURV HVWmR UHXQLGRV SHORV PHVPRV Q~FOHRV GH LQWHUHVVHV SHORV PHVPRV SUREOHPDV D JHRJUDILD FRQWLQJHQWH QmR p PDLV QHP XP SRQWR GH SDUWLGD QHP XPD FRHUomR $SHVDU GH ´QmRSUHVHQWHµ HVVD FRPXQLGDGH HVWi UHSOHWDGHSDL[}HVHGHSURMHWRVGHFRQIOLWRVHGHDPL]DGHV(ODYLYHVHPOXJDU GH UHIHUrQFLD HVWiYHO HP WRGD SDUWH RQGH VH HQFRQWUHP VHXV PHPEURV PyYHLVRXHPSDUWHDOJXPD$YLUWXDOL]DomRUHLQYHQWDXPDFXOWXUDQ{PDGH QmRSRUXPDYROWDDRSDOHROtWLFRQHPjVDQWLJDVFLYLOL]Do}HVGHSDVWRUHVPDV ID]HQGRVXUJLUXPPHLRGHLQWHUDo}HVVRFLDLVRQGHDVUHODo}HVVHUHFRQILJXUDP FRPXPPtQLPRGHLQpUFLD 4XDQGR XPD SHVVRD XPD FROHWLYLGDGH XP DWR XPD LQIRUPDomR VH YLUWXDOL]DPHOHVVHWRUQDP´QmRSUHVHQWHVµVHGHVWHUULWRULDOL]DP8PDHVSpFLH GH GHVHQJDWH RV VHSDUD GR HVSDoR ItVLFR RX JHRJUiILFR RUGLQiULRV H GD WHPSRUDOLGDGHGRUHOyJLRHGRFDOHQGiULReYHUGDGHTXHQmRVmRWRWDOPHQWH LQGHSHQGHQWHVGRHVSDoRWHPSRGHUHIHUrQFLDXPDYH]TXHGHYHPVHPSUHVH LQVHULUHPVXSRUWHVItVLFRVHVHDWXDOL]DUDTXLRXDOKXUHVDJRUDRXPDLVWDUGH 1R HQWDQWR D YLUWXDOL]DomR OKHV IH] WRPDU D WDQJHQWH 5HFRUWDP R HVSDoR WHPSRFOiVVLFRDSHQDVDTXLHDOLHVFDSDQGRDVHXVOXJDUHVFRPXQV´UHDOLVWDVµ XELTLGDGHVLPXOWDQHLGDGHGLVWULEXLomRLUUDGLDGDRXPDVVLYDPHQWHSDUDOHOD$ YLUWXDOL]DomRVXEPHWHDQDUUDWLYDFOiVVLFDDXPDSURYDUXGH XQLGDGHGHWHPSR VHP XQLGDGH GH OXJDU JUDoDV jV LQWHUDo}HV HP WHPSR UHDO SRU UHGHV HOHWU{QLFDV jV WUDQVPLVV}HV DR YLYR DRV VLVWHPDV GH WHOHSUHVHQoD FRQWLQXLGDGH GH DomR DSHVDU GH XPD GXUDomR GHVFRQWtQXD FRPR QD FRPXQLFDomR SRU VHFUHWiULD HOHWU{QLFD RX SRU FRUUHLR HOHWU{QLFR $ VLQFURQL]DomR VXEVWLWXL D XQLGDGH GH OXJDU H D LQWHUFRQH[mR D XQLGDGH GH WHPSR 0DV QRYDPHQWH QHP SRU LVVR R YLUWXDO p LPDJLQiULR (OH SURGX] HIHLWRV (PERUD QmR VH VDLED RQGH D FRQYHUVDomR WHOHI{QLFD WHP ´OXJDUµ YHUHPRVGHTXHPDQHLUDQRFDStWXORVHJXLQWH(PERUDQmRVHVDLEDTXDQGR FRPXQLFDPRQRV HIHWLYDPHQWH SRU UpSOLFDV LQWHUSRVWDV QD VHFUHWiULD HOHWU{QLFD 2V RSHUDGRUHV PDLV GHVWHUULWRULDOL]DGRV PDLV GHVDWUHODGRV GH XP HQUDL]DPHQWR HVSDoRWHPSRUDO SUHFLVR RV FROHWLYRV PDLV YLUWXDOL]DGRV H YLUWXDOL]DQWHVGRPXQGRFRQWHPSRUkQHRVmRRVGDWHFQRFLrQFLDGDVILQDQoDVH GRVPHLRVGHFRPXQLFDomR6mRWDPEpPRVTXHHVWUXWXUDPDUHDOLGDGHVRFLDO FRPPDLVIRUoDHDWpFRPPDLVYLROrQFLD )D]HUGHXPDFRHUomRSHVDGDPHQWHDWXDO DGDKRUDHGDJHRJUDILDQR
FDVR XPD YDULiYHO FRQWLQJHQWH WHP D YHU FODUDPHQWH FRP R UHPRQWDU LQYHQWLYR GH XPD ´VROXomRµ HIHWLYD HP GLUHomR D XPD SUREOHPiWLFD H SRUWDQWR FRP D YLUWXDOL]DomR QR VHQWLGR HP TXH D GHILQLPRV ULJRURVDPHQWH PDLVDFLPD(UDSRUWDQWRSUHYLVtYHOHQFRQWUDUDGHVWHUULWRULDOL]DomRDVDtGDGD ´SUHVHQoDµGR´DJRUDµHGR´LVWRµFRPRXPDGDVYLDVUpJLDVGDYLUWXDOL]DomR 12926(63$d26129$69(/2&,'$'(6 0DV R PHVPR PRYLPHQWR TXH WRUQD FRQWLQJHQWH R HVSDoRWHPSR RUGLQiULR DEUH QRYRV PHLRV GH LQWHUDomR H ULWPR GDV FURQRORJLDV LQpGLWDV $QWHV GH DQDOLVDU HVVD SURSULHGDGH FDSLWDO GD YLUWXDOL]DomR FDEHQRV SULPHLUDPHQWHHYLGHQFLDUDSOXUDOLGDGHGRVWHPSRVHGRVHVSDoRV$VVLPTXH D VXEMHWLYLGDGH D VLJQLILFDomR H D SHUWLQrQFLD HQWUDP HP MRJR QmR VH SRGH PDLV FRQVLGHUDU XPD ~QLFD H[WHQVmR RX XPD FURQRORJLD XQLIRUPH PDV XPD TXDQWLGDGHGHWLSRVGHHVSDFLDOLGDGHHGHGXUDomR&DGDIRUPDGHYLGDLQYHQWDVHX PXQGR GRPLFUyELRjiUYRUHGDDEHOKDDRHOHIDQWHGDRVWUDjDYHPLJUDWyULD HFRPHVVHPXQGRXPHVSDoRHXPWHPSRHVSHFtILFRV2XQLYHUVRFXOWXUDO SUySULRDRVKXPDQRVHVWHQGHDLQGDPDLVHVVDYDULDELOLGDGHGRVHVSDoRVHGDV WHPSRUDOLGDGHV 3RU H[HPSOR FDGD QRYR VLVWHPD GH FRPXQLFDomR H GH WUDQVSRUWH PRGLILFD R VLVWHPD GDV SUR[LPLGDGHV SUiWLFDV LVWR p R HVSDoR SHUWLQHQWH SDUD DV FRPXQLGDGHV KXPDQDV 4XDQGR VH FRQVWUyL XPD UHGH IHUURYLiULD p FRPR VH DSUR[LPiVVHPRV ILVLFDPHQWH DV FLGDGHV RX UHJL}HV FRQHFWDGDV SHORV WULOKRV H DIDVWiVVHPRV GHVVH JUXSR DV FLGDGHV QmR FRQHFWDGDV0DVSDUDRVTXHQmRDQGDPGHWUHPDVDQWLJDVGLVWkQFLDVDLQGD VmRYiOLGDV2PHVPRVHSRGHULDGL]HUGRDXWRPyYHOGRWUDQVSRUWHDpUHRGR WHOHIRQH HWF &ULDVH SRUWDQWR XPD VLWXDomR HP TXH YiULRV VLVWHPDV GH SUR[LPLGDGHVHYiULRVHVSDoRVSUiWLFRVFRH[LVWHP 'H PDQHLUD DQiORJD GLYHUVRV VLVWHPDV GH UHJLVWUR H GH WUDQVPLVVmR WUDGLomR RUDO HVFULWD UHJLVWUR DXGLRYLVXDO UHGHV GLJLWDLV FRQVWUyHP ULWPRV YHORFLGDGHV RX TXDOLGDGHV GH KLVWyULD GLIHUHQWHV &DGD QRYR DJHQFLDPHQWR FDGD ´PiTXLQDµ WHFQRVVRFLDO DFUHVFHQWD XP HVSDoRWHPSR XPD FDUWRJUDILD HVSHFLDOXPDP~VLFDVLQJXODUDXPDHVSpFLHGHWUDPDHOiVWLFDHFRPSOLFDGDHP TXH DV H[WHQV}HV VH UHFREUHP VH GHIRUPDP H VH FRQHFWDP HP TXH DV GXUDo}HV VH RS}HP LQWHUIHUHP H VH UHVSRQGHP $ PXOWLSOLFDomR FRQWHPSRUkQHDGRVHVSDoRVID]GHQyVQ{PDGHVGHXPQRYRHVWLOR HPYH] GHVHJXLUPRVOLQKDVGHHUUkQFLDHGHPLJUDomRGHQWURGHXPDH[WHQVmRGDGD VDOWDPRVGHXPDUHGHDRXWUDGHXPVLVWHPDGHSUR[LPLGDGHDRVHJXLQWH2V HVSDoRV VH PHWDPRUIRVHLDP H VH ELIXUFDP D QRVVRV SpV IRUoDQGRQRV j KHWHURJrQHVH $YLUWXDOL]DomRSRUGHVFRQH[mRHPUHODomRDXPPHLRSDUWLFXODUQmRFRPHoRX FRP R KXPDQR (OD HVWi LQVFULWD QD SUySULD KLVWyULD GD YLGD 'RV SULPHLURV
XQLFHOXODUHV DWp DV DYHV H PDPtIHURV RV PHOKRUDPHQWRV GD ORFRPRomR DEULUDP VHJXQGR -RVHSK 5HLFKKROI ´HVSDoRV VHPSUH PDLV YDVWRV H SRVVLELOLGDGHV GH H[LVWrQFLD VHPSUH PDLV QXPHURVDV DRV VHUHV YLYRVµ 5HLFKKROI S $LQYHQomRGHQRYDVYHORFLGDGHVpRSULPHLURJUDX GDYLUWXDOL]DomR 5HLFKKROIREVHUYDTXH´RQ~PHURGHSHVVRDVTXHVHGHVORFDPDWUDYpV GRV FRQWLQHQWHV QRV SHUtRGRV GH IpULDV KRMH HP GLD p VXSHULRU DR Q~PHUR WRWDO GH KRPHQV TXH VH SXVHUDP D FDPLQKR QR PRPHQWR GDV JUDQGHV LQYDV}HVµ 5HLFKKROI S $ DFHOHUDomR GDV FRPXQLFDo}HV p FRQWHPSRUkQHDGHXPHQRUPHFUHVFLPHQWRGDPRELOLGDGHItVLFD7UDWDVHQD YHUGDGHGDPHVPDRQGDGHYLUWXDOL]DomR2WXULVPRpKRMHDSULPHLUDLQG~VWULD PXQGLDO HP YROXPH GH QHJyFLRV 2 SHVR HFRQ{PLFR GDV DWLYLGDGHV TXH VXVWHQWDP H PDQWrP D IXQomR GH ORFRPRomR ItVLFD YHtFXORV LQIUDHVWUXWXUDV FDUEXUDQWHV p LQILQLWDPHQWH VXSHULRU DR TXH HUD QRV VpFXORV SDVVDGRV $ PXOWLSOLFDomR GRV PHLRV GH FRPXQLFDomR H R FUHVFLPHQWR GRV JDVWRV FRP D FRPXQLFDomRDFDEDUmRSRUVXEVWLWXLUDPRELOLGDGHItVLFD"3URYDYHOPHQWHQmR SRLVDWpDJRUDRVGRLVFUHVFLPHQWRVVHPSUHIRUDP SDUDOHORV $V SHVVRDV TXH PDLVWHOHIRQDPVmRWDPEpPDVTXHPDLVHQFRQWUDPRXWUDVSHVVRDVHPFDUQHH RVVR 5HSHWLPRV DXPHQWR GD FRPXQLFDomR H JHQHUDOL]DomR GR WUDQVSRUWH UiSLGR SDUWLFLSDP GR PHVPR PRYLPHQWR GH YLUWXDOL]DomR GD VRFLHGDGH GD PHVPDWHQVmRHPVDLUGHXPD´SUHVHQoDµ $UHYROXomRGRVWUDQVSRUWHVFRPSOLFRXHQFXUWRXHPHWDPRUIRVHRXR HVSDoR PDV LVWR HYLGHQWHPHQWH IRL SDJR FRP LPSRUWDQWHV GHJUDGDo}HV GR DPELHQWHWUDGLFLRQDO3RUDQDORJLDFRPRVSUREOHPDVGDORFRPRomRGHYHPRV QRVLQWHUURJDUVREUHRSUHoRDVHUSDJRSHODYLUWXDOL]DomRLQIRUPDFLRQDO4XH FDUEXUDQWH p TXHLPDGRVHP TXH DLQGD VHMDPRV FDSD]HV GH FRQWDELOL]iOD" 2 TXHVRIUHGHVJDVWHHGHJUDGDomR"+iSDLVDJHQVGHGDGRVGHYDVWDGDV"$TXLR VXSRUWH ILQDO p VXEMHWLYR $VVLP FRPR D HFRORJLD RS{V D UHFLFODJHP H DV WHFQRORJLDVDGDSWDGDVDRGHVSHUGtFLRHjSROXLomRDHFRORJLDKXPDQDGHYHUi RSRU D DSUHQGL]DJHP SHUPDQHQWH H D YDORUL]DomR GDV FRPSHWrQFLDV j GHVTXDOLILFDomRHDRDF~PXORGHGHWULWRVKXPDQRV DTXHOHVTXHFKDPDPRVGH ´H[FOXtGRVµ 5HWHQKDPRVGHVVDPHGLWDomRVREUHDVDtGDGD´SUHVHQoDµTXHD YLUWXDOL]DomR QmR VH FRQWHQWD HP DFHOHUDU SURFHVVRV Mi FRQKHFLGRV QHP HP FRORFDUHQWUHSDUrQWHVHVHDWpPHVPRDQLTXLODURWHPSRRXRHVSDoRFRPR SUHWHQGH 3DXO 9LULOLR (OD LQYHQWD QR JDVWR H QR ULVFR YHORFLGDGHV TXDOLWDWLYDPHQWHQRYDVHVSDoRVWHPSRVPXWDQWHV 2()(,7202(%,86 $OpP GD GHVWHUULWRULDOL]DomR XP RXWUR FDUiWHU p IUHTHQWHPHQWH DVVRFLDGRjYLUWXDOL]DomR DSDVVDJHPGRLQWHULRUDRH[WHULRUHGRH[WHULRUDR
LQWHULRU(VVH´HIHLWR0RHELXVµGHFOLQDVHHPYiULRVUHJLVWURV RGDVUHODo}HV HQWUH SULYDGR H S~EOLFR SUySULR H FRPXP VXEMHWLYR H REMHWLYR PDSD H WHUULWyULRDXWRUHOHLWRUHWF'DUHLQXPHURVRVH[HPSORVGLVVRQDFRQWLQXDomR GHVWH OLYUR PDV SDUD RIHUHFHU GHVGH DJRUD XPD LPDJHP HVVD LGpLD SRGH VHU LOXVWUDGDFRPRFDVRMiHYRFDGRGDYLUWXDOL]DomRGDHPSUHVD 2 WUDEDOKDGRU FOiVVLFR WLQKD VXD PHVD GH WUDEDOKR (P WURFD R SDUWLFLSDQWH GD HPSUHVD YLUWXDO FRPSDUWLOKD XP FHUWR Q~PHUR GH UHFXUVRV LPRELOLiULRVPRELOLiULRVHSURJUDPDVFRPRXWURVHPSUHJDGRV2PHPEURGD HPSUHVD KDELWXDO SDVVDYD GR HVSDoR SULYDGR GH VHX GRPLFtOLR DR HVSDoR S~EOLFRGROXJDUGHWUDEDOKR3RUFRQWUDVWHRWHOHWUDEDOKDGRUWUDQVIRUPDVHX HVSDoR SULYDGR HP HVSDoR S~EOLFR H YLFHYHUVD (PERUD R LQYHUVR VHMD JHUDOPHQWH PDLV YHUGDGHLUR HOH FRQVHJXH jV YH]HV JHULU VHJXQGR FULWpULRV SXUDPHQWH SHVVRDLV XPD WHPSRUDOLGDGH S~EOLFD 2V OLPLWHV QmR VmR PDLV GDGRV2VOXJDUHVHWHPSRVVHPLVWXUDP$VIURQWHLUDVQtWLGDVGmROXJDUDXPD IUDFWDOL]DomRGDVUHSDUWLo}HV6mRDVSUySULDVQRo}HVGHSULYDGRHGHS~EOLFR TXH VmR TXHVWLRQDGDV 3URVVLJDPRV IDOHL GH ´PHPEURµ GD HPSUHVD R TXH VXS}H XPD DWULEXLomR FODUD GDV UHODo}HV GH SHUWHQFLPHQWR 2UD p SUHFLVDPHQWH LVWR TXH FRPHoD D FULDU SUREOHPD XPD YH] TXH HQWUH R DVVDODULDGRFOiVVLFR FRP FRQWUDWR LQGHWHUPLQDGR R DVVDODULDGR FRP FRQWUDWR GHWHUPLQDGR R IUHH ODQFHU R EHQHILFLiULR GH PHGLGDV VRFLDLV R PHPEUR GH XPDHPSUHVDDVVRFLDGDRXFOLHQWHRXIRUQHFHGRUDRFRQVXOWRUHVSRUiGLFRR LQGHSHQGHQWH ILHO WRGR XP FRQWLQXXP HVWHQGHVH ( SDUD FDGD SRQWR GR FRQWLQXXPDTXHVWmRVHUHFRORFDDWRGRLQVWDQWH SDUDTXHPHVWRXWUDEDOKDQGR" 2VVLVWHPDV LQWHUHPSUHVDV GH JHVWmR HOHWU{QLFD GH GRFXPHQWRV DVVLP FRPR RV JUXSRV GH SURMHWRV FRPXQV D YiULDV RUJDQL]Do}HV WHFHP FRP IUHTrQFLD OLJDo}HV PDLV IRUWHV HQWUH FROHWLYRV PLVWRV TXH DV TXH XQHP SDVVLYDPHQWH SHVVRDVSHUWHQFHQGRRILFLDOPHQWHjPHVPDHQWLGDGHMXUtGLFD$PXWXDOL]DomR GRV UHFXUVRV GDV LQIRUPDo}HV H GDV FRPSHWrQFLDV SURYRFD FODUDPHQWH HVVH WLSR GH LQGHFLVmR RX GH LQGLVWLQomR DWLYD HVVHV FLUFXLWRV GH UHYHUVmR HQWUH H[WHULRULGDGHHLQWHULRULGDGH $V FRLVDV Vy WrP OLPLWHV FODURV QR UHDO $ YLUWXDOL]DomR SDVVDJHP j SUREOHPiWLFDGHVORFDPHQWRGRVHUSDUDDTXHVWmRpDOJRTXHQHFHVVDULDPHQWH S}H HP FDXVD D LGHQWLGDGH FOiVVLFD SHQVDPHQWR DSRLDGR HP GHILQLo}HV GHWHUPLQDo}HV H[FOXV}HV LQFOXV}HV H WHUFHLURV H[FOXtGRV 3RU LVVR D YLUWXDOL]DomRpVHPSUHKHWHURJrQHVHGHYLURXWURSURFHVVRGHDFROKLPHQWRGD DOWHULGDGH &RQYpP HYLGHQWHPHQWH QmR FRQIXQGLU D KHWHURJrQHVH FRP VHX FRQWUiULR SUy[LPR H DPHDoDGRU VXD SLRU LQLPLJD D DOLHQDomR TXH HX FDUDFWHUL]DULDFRPRUHLILFDomRUHGXomRjFRLVDDR´UHDOµ 7RGDV HVVDV QRo}HV YmR VHU GHVHQYROYLGDV H LOXVWUDGDV QRV FDStWXORV VHJXLQWHV VREUH WUrV FDVRV FRQFUHWRV DV YLUWXDOL]Do}HV FRQWHPSRUkQHDV GR FRUSRGRWH[WRHGDHFRQRPLD
$9,578$/,=$d®2'2&2532
5(&216758d¯(6 (VWDPRV DR PHVPR WHPSR DTXL H Oi JUDoDV jV WpFQLFDV GH FRPXQLFDomR H GH WHOHSUHVHQoD 2V HTXLSDPHQWRV GH YL]XDOL]DomR PpGLFRV WRUQDP WUDQVSDUHQWH QRVVD LQWHULRULGDGH RUJkQLFD 2V HQ[HUWRV H DV SUyWHVHV QRVPLVWXUDPDRVRXWURVHDRVDUWHIDWRV1RSURORQJDPHQWRGDVVDEHGRULDVGR FRUSR H GDV DUWHV DQWLJDV GD DOLPHQWDomR LQYHQWDPRV KRMH FHP PDQHLUDV GH QRV FRQVWUXLU GH QRV UHPRGHODU GLHWpWLFD ERG\ EXLOGLQJ FLUXUJLD SOiVWLFD $OWHUDPRV QRVVRV PHWDEROLVPRV LQGLYLGXDLV SRU PHLR GH GURJDV RX PHGLFDPHQWRVHVSpFLHVGHDJHQWHVILVLROyJLFRVWUDQVFRUSRUDLVRXGHVHFUHo}HV FROHWLYDVHDLQG~VWULDIDUPDFrXWLFDGHVFREUHUHJXODUPHQWHQRYDVPROpFXODV DWLYDV $ UHSURGXomR D LPXQLGDGH FRQWUD DV GRHQoDV D UHJXODomR GDV HPRo}HV WRGDV HVVDV SHUIRUPDQFHV FODVVLFDPHQWH SULYDGDV WRUQDPVH FDSDFLGDGHV S~EOLFDV LQWHUFDPELiYHLV H[WHUQDOL]DGDV 'D VRFLDOL]DomR GDV IXQo}HVVRPiWLFDV DR DXWRFRQWUROH GRV DIHWRVRX GR KXPRU SHOD ELRTXtPLFD LQGXVWULDO QRVVD YLGD ItVLFD H SVtTXLFD SDVVD FDGD YH] PDLV SRU XPD ´H[WHULRULGDGHµ FRPSOLFDGD QD TXDO VH PLVWXUDP FLUFXLWRV HFRQ{PLFRV LQVWLWXFLRQDLV H WHFQRFLHQWtILFRV 1R ILQDO GDV FRQWDV DV ELRWHFQRORJLDV QRV ID]HP FRQVLGHUDU DV HVSpFLHV DWXDLV GH SODQWDV RX GH DQLPDLV H PHVPR R JrQHURKXPDQR FRPRFDVRVSDUWLFXODUHVHWDOYH]FRQWLQJHQWHVQRVHLRGHXP FRQWLQXXPELROyJLFRYLUWXDOPXLWRPDLVYDVWRHDLQGDLQH[SORUDGR&RPRDGDV LQIRUPDo}HVGRVFRQKHFLPHQWRVGDHFRQRPLDHGDVRFLHGDGHDYLUWXDOL]DomR GRV FRUSRV TXH H[SHULPHQWDPRV KRMH p XPD QRYD HWDSD QD DYHQWXUD GH DXWRFULDomRTXHVXVWHQWDQRVVDHVSpFLH 3(5&(3d¯(6 (VWXGHPRV DJRUD DOJXPDV IXQo}HV VRPiWLFDV HP GHWDOKH SDUD GHVPRQWDURIXQFLRQDPHQWRGRSURFHVVRFRQWHPSRUkQHRGHYLUWXDOL]DomRGR FRUSR &RPHFHPRV SHOD SHUFHSomR FXMR SDSHO p WUD]HU R PXQGR DTXL (VVD IXQomR p FODUDPHQWH H[WHUQDOL]DGD SHORV VLVWHPDV GH WHOHFRPXQLFDomR 2 WHOHIRQH SDUD D DXGLomR D WHOHYLVmR SDUD D YLVmR RV VLVWHPDV GH WHOHPDQLSXODo}HV SDUD R WDWR H D LQWHUDomR VHQVyULRPRWRUD WRGRV HVVHV GLVSRVLWLYRVYLUWXDOL]DPRVVHQWLGRV(DRID]rORRUJDQL]DPDFRORFDomRHP FRPXPGRVyUJmRVYLUWXDOL]DGRV$VSHVVRDVTXHYrHPRPHVPRSURJUDPDGH WHOHYLVmRSRUH[HPSORFRPSDUWLOKDPRPHVPRJUDQGHROKRFROHWLYR*UDoDV jVPiTXLQDVIRWRJUiILFDVjVFkPHUDVHDRVJUDYDGRUHVSRGHPRVSHUFHEHUDV
VHQVDo}HV GH RXWUD SHVVRD HP RXWUR PRPHQWR H RXWUR OXJDU 2V VLVWHPDV GLWRV GH UHDOLGDGH YLUWXDO QRV SHUPLWHP H[SHULPHQWDU DOpP GLVVR XPD LQWHJUDomR GLQkPLFD GH GLIHUHQWHV PRGDOLGDGHV SHUFHSWLYDV 3RGHPRV TXDVH UHYLYHUDH[SHULrQFLDVHQVRULDOFRPSOHWDGHRXWUDSHVVRD 352-(d¯(6 $ IXQomR VLPpWULFD GD SHUFHSomR p D SURMHomR QR PXQGR WDQWR GD DomR FRPR GD LPDJHP $ SURMHomR GD DomR HVWi HYLGHQWHPHQWH OLJDGD jV PiTXLQDVjVUHGHVGHWUDQVSRUWHDRVFLUFXLWRVGHSURGXomRHGHWUDQVIHUrQFLD GDHQHUJLDjVDUPDV1HVVHFDVRXPJUDQGHQ~PHURGHSHVVRDVFRPSDUWLOKDP RV PHVPRV HQRUPHV EUDoRV YLUWXDLV H GHVWHUULWRULDOL]DGRV ,Q~WLO GHVHQYROYHU ORQJDPHQWH HVVH DVSHFWR UHODFLRQDGR PDLV HVSHFLILFDPHQWH j DQiOLVH GR IHQ{PHQRWpFQLFR $ SURMHomR GD LPDJHP GR FRUSR p JHUDOPHQWH DVVRFLDGD j QRomR GH WHOHSUHVHQoD 0DV D WHOHSUHVHQoD p VHPSUH PDLV TXH D VLPSOHV SURMHomR GD LPDJHP 2 WHOHIRQH SRU H[HPSOR Mi IXQFLRQD FRPR XP GLVSRVLWLYR GH WHOHSUHVHQoDXPDYH]TXHQmROHYDDSHQDVXPDLPDJHPRXXPDUHSUHVHQWDomR GDYR] WUDQVSRUWDDSUySULDYR]2WHOHIRQHVHSDUDDYR] RXFRUSRVRQRUR GRFRUSRWDQJtYHOHDWUDQVPLWHjGLVWkQFLD0HXFRUSRWDQJtYHOHVWiDTXLPHX FRUSR VRQRUR GHVGREUDGR HVWi DTXL H Oi 2 WHOHIRQH Mi DWXDOL]D XPD IRUPD SDUFLDO GH XELTLGDGH ( R FRUSR VRQRUR GH PHX LQWHUORFXWRU p LJXDOPHQWH DIHWDGR SHOR PHVPR GHVGREUDPHQWR 'H PRGR TXH DPERV HVWDPRV UHVSHFWLYDPHQWH DTXL H Oi PDV FRP XP FUX]DPHQWR QD GLVWULEXLomR GRV FRUSRVWDQJtYHLV 2V VLVWHPDV GH UHDOLGDGH YLUWXDO WUDQVPLWHP PDLV TXH LPDJHQV XPD TXDVH SUHVHQoD 3RLV RV FORQHV DJHQWHV YLVtYHLV RX PDULRQHWHV YLUWXDLV TXH FRPDQGDPRVSRUQRVVRVJHVWRVSRGHPDIHWDURXPRGLILFDURXWUDVPDULRQHWHV RXDJHQWHVYLVtYHLVHLQFOXVLYHDFLRQDUjGLVWkQFLDDSDUHOKRV´UHDLVµHDJLUQR PXQGR RUGLQiULR &HUWDV IXQo}HV GR FRUSR FRPR D FDSDFLGDGH GH PDQLSXODomR OLJDGD j UHWURDomR VHQVyULRPRWRUD HP WHPSR UHDO VmR DVVLP FODUDPHQWHWUDQVIHULGDVjGLVWkQFLDDRORQJRGHXPDFDGHLDWpFQLFDFRPSOH[D FDGDYH]PDLVEHPFRQWURODGDHPGHWHUPLQDGRVDPELHQWHVLQGXVWULDLV 5(9,5$92/7$6 2 TXH WRUQD R FRUSR YLVtYHO" 6XD VXSHUItFLH D FDEHOHLUD D SHOH R EULOKR GR ROKDU 2UD DV LPDJHQV PpGLFDV QRV SHUPLWHP YHU R LQWHULRU GR FRUSRVHPDWUDYHVVDUDSHOHVHQVtYHOVHPVHFLRQDUYDVRVVHPFRUWDUWHFLGRV 'LUVHLD TXH ID]HP VXUJLU RXWUDV SHOHV GHUPHV HVFRQGLGDV VXSHUItFLHV
LQVXVSHLWDGDV YLQGR j WRQD GR IXQGR GR RUJDQLVPR 5DLRV ; VFDQQHUV VLVWHPDV GH UHVVRQkQFLD PDJQpWLFD QXFOHDU HFRJUDILDV FkPHUDV GH SyVLWRQV YLUWXDOL]DPDVXSHUItFLHGRFRUSR$SDUWLUGHVVDVPHPEUDQDVYLUWXDLVSRGHVH UHFRQVWUXLU PRGHORV GLJLWDLV GR FRUSR HP WUrV GLPHQV}HV H D SDUWLU GDt PDTXHWHV VyOLGDV TXH DMXGDUmR RV PpGLFRV SRU H[HPSOR D SUHSDUDU XPD RSHUDomR 3RLV WRGDV HVVDV SHOHV WRGRV HVVHV FRUSRV YLUWXDLV WrP HIHLWRV GH DWXDOL]DomRPXLWRLPSRUWDQWHVQRGLDJQyVWLFRPpGLFRHQDFLUXUJLD1RUHLQR GRYLUWXDODDQiOLVHHDUHFRQVWUXomRGRFRUSRQmRLPSOLFDPDLVDGRUQHPD PRUWH9LUWXDOL]DGDDSHOHWRUQDVHSHUPHiYHO$QWHVTXHWHQKDPQDVFLGRMip SRVVtYHOFRQKHFHURVH[RHTXDVHRURVWRGRVILOKRV &DGDQRYRDSDUHOKRDFUHVFHQWDXPJrQHURGHSHOHXPFRUSRYLVtYHO DRFRUSRDWXDO2RUJDQLVPRpUHYLUDGRFRPRXPDOXYD2LQWHULRUSDVVDDR H[WHULRU DR PHVPR WHPSR HP TXH SHUPDQHFH GHQWUR 3HORV VLVWHPDV GH YL]XDOL]DomRPpGLFRVXPDPDVVDIROKHDGDGHSHOtFXODVSUROLIHUDHPGLUHomRDR FHQWUR GR FRUSR 3HOD WHOHSUHVHQoD H SHORV VLVWHPDV GH FRPXQLFDomR RV FRUSRVYLVtYHLVDXGtYHLVHVHQVtYHLVVHPXOWLSOLFDPHVHGLVSHUVDPQRH[WHULRU &RPR QR XQLYHUVR GH /XFUpFLR XPD TXDQWLGDGH GH SHOHV RX GH HVSHFWURV GHUPDWyLGHVHPDQDPGHQRVVRFRUSR RVVLPXODFURV 2+,3(5&2532 $ YLUWXDOL]DomR GR FRUSR LQFLWD jV YLDJHQV H D WRGDV DV WURFDV 2V WUDQVSODQWHVFULDPXPDJUDQGHFLUFXODomRGHyUJmRVHQWUHRVFRUSRVKXPDQRV 'H XP LQGLYtGXR D RXWUR PDV WDPEpP HQWUH RV PRUWRV H RV YLYRV (QWUH D KXPDQLGDGHPDVLJXDOPHQWHGHXPDHVSpFLHDRXWUD HQ[HUWDPVHQDVSHVVRDV FRUDo}HV GH EDEXtQR ItJDGRV GH SRUFR ID]HPQDV LQJHULU KRUP{QLRV SURGX]LGRV SRU EDFWpULDV 2V LPSODQWHV H DV SUyWHVHV FRQIXQGHP D IURQWHLUD HQWUH R TXH p PLQHUDO H R TXH HVWi YLYR yFXORV OHQWHV GH FRQWDWR GHQWHV IDOVRV VLOLFRQH PDUFDSDVVRV SUyWHVHV DF~VWLFDV LPSODQWHV DXGLWLYRV ILOWURV H[WHUQRVIXQFLRQDQGRFRPRULQVVDGLRV 2VROKRV DVFyUQHDV RHVSHUPDRVyYXORVRVHPEUL}HVHVREUHWXGR R VDQJXH VmR DJRUD VRFLDOL]DGRV PXWXDOL]DGRV H SUHVHUYDGRV HP EDQFRV HVSHFLDLV8PVDQJXHGHVWHUULWRULDOL]DGRFRUUHGHFRUSRHPFRUSRDWUDYpVGH XPD HQRUPH UHGH LQWHUQDFLRQDO GD TXDO QmR VH SRGH PDLV GLVWLQJXLU RV FRPSRQHQWHVHFRQ{PLFRVWHFQROyJLFRVHPpGLFRV2IOXLGRYHUPHOKRGDYLGD LUULJDXPFRUSRFROHWLYRVHPIRUPDGLVSHUVR$FDUQHHRVDQJXHSRVWRVHP FRPXP GHL[DP D LQWLPLGDGH VXEMHWLYD SDVVDP DR H[WHULRU 0DV HVVD FDUQH S~EOLFDUHWRUQDDRLQGLYtGXRWUDQVSODQWDGRDREHQHILFLiULRGHXPDWUDQVIXVmR DRFRQVXPLGRUGHKRUP{QLRV2FRUSRFROHWLYRDFDEDSRUPRGLILFDUDFDUQH SULPiULDVYH]HVUHVVXVFLWDDRXIHFXQGDDLQYLWUR $FRQVWLWXLomRGHXPFRUSRFROHWLYRHDSDUWLFLSDomRGRVLQGLYtGXRV
QHVVDFRPXQLGDGHItVLFDVHUYLXVHSRUPXLWRWHPSRGHPHGLDo}HVSXUDPHQWH VLPEyOLFDV RX UHOLJLRVDV ´,VWR p PHX FRUSR LVWR p PHX VDQJXHµ +RMH HOD UHFRUUHDPHLRVWpFQLFRV $VVLPFRPRFRPSDUWLOKDPRVGHVGHRWHPSRGRVDIRQVLQRVXPDGRVH GHLQWHOLJrQFLDHGHYLVmRGRPXQGRFRPRVTXHIDODPDPHVPDOtQJXDKRMH QRV DVVRFLDPRV YLUWXDOPHQWH QXP Vy FRUSR FRP RV TXH SDUWLFLSDP GDV PHVPDV UHGHV WpFQLFDV H PpGLFDV &DGD FRUSR LQGLYLGXDO WRUQDVH SDUWH LQWHJUDQWHGHXPLPHQVRKLSHUFRUSRKtEULGRHPXQGLDOL]DGR)D]HQGRHFRDR KLSHUFyUWH[TXHH[SDQGHKRMHVHXV D[{QLRV SHODVUHGHV GLJLWDLV GR SODQHWD R KLSHUFRUSR GD KXPDQLGDGH HVWHQGH VHXV WHFLGRV TXLPpULFRV HQWUH DV HSLGHUPHVHQWUHDVHVSpFLHVSDUDDOpPGDVIURQWHLUDVHGRVRFHDQRVGHXPD PDUJHPDRXWUDGRULRGDYLGD ,17(16,),&$d¯(6 &RPRVHIRVVHSDUDUHDJLUjYLUWXDOL]DomRGRVFRUSRVQRVVDpSRFDYLX GHVHQYROYHUVH XPD SUiWLFD HVSRUWLYD TXH FHUWDPHQWH MDPDLV DWLQJLX XPD SURSRUomR WmR JUDQGH GD SRSXODomR 1mR IDOR DTXL GRV FRUSRV ´VDGLRVµ H DWOpWLFRV SRVWRV HP FHQD SHORV UHJLPHV SROtWLFRV DXWRULWiULRV RX SURPRYLGRV SHODVUHYLVWDVGHPRGDHDSXEOLFLGDGHQHPPHVPRGRV HVSRUWHVGH HTXLSH GRVTXDLVWUDWDUHLQRFDStWXORVREUHDYLUWXDOL]DomRGDLQWHOLJrQFLD5HILURPHD HVVHHVIRUoRGHXOWUDSDVVDUOLPLWHVGHFRQTXLVWDUQRYRVPHLRVGHLQWHQVLILFDU DVVHQVDo}HVGHH[SORUDURXWUDVYHORFLGDGHVTXHVHPDQLIHVWDQXPDH[SORVmR HVSRUWLYDHVSHFtILFDGHQRVVDpSRFD $WUDYpV GD QDWDomR HVSRUWH PXLWR SRXFR SUDWLFDGR DQWHV GR VpFXOR ;; GRPHVWLFDPRV R PHLR DTXiWLFR DSUHQGHPRV D SHUGHU Sp H[SHULPHQWDPRV XPD PDQHLUD QRYD GH VHQWLUPRV R PXQGR H GH VHUPRV OHYDGRV QR HVSDoR 3UDWLFDGR FRPR XP OD]HU R PHUJXOKR VXEPDULQR PD[LPL]D HVVD PXGDQoD GH PHLR $ HVSHOHRORJLD TXH FRQGX] DR ´FHQWUR GD WHUUDµ HUD SRXFR SUDWLFDGD DQWHV GH -~OLR 9HUQH 2 DOSLQLVPR FRQIURQWD RV FRUSRV DR DU UDUHIHLWR DR IULR LQWHQVR j VXELGD LPSODFiYHO e SUHFLVDPHQWH SRULVVRTXHHOHVHWRUQRXSUDWLFDPHQWHXPHVSRUWHGHPDVVD(PFDGDFDVR WUDWDVHGRPHVPRPRYLPHQWRGHVDtGDGDQRUPDGHKLEULGDomRGH´GHYLUHVµ TXHWHQGHPTXDVHjPHWDPRUIRVH7RUQDUVHSHL[HWRUQDUVHFDEUDVHOYDJHP WRUQDUVHSiVVDURRXPRUFHJR 2V PDLV HPEOHPiWLFRV GHQWUH RV HVSRUWHV H[WUHPRV GH GHYLU H GH WHQVmRVmRDVSUiWLFDVGHTXHGD SiUDTXHGDVDVDGHOWDVDOWRFRPHOiVWLFR HGH GHVOL]DPHQWR HVTXL DOSLQR HVTXL DTXiWLFRVXUIH H ZLQGVXUIH (P XP FHUWR VHQWLGR VmR UHDo}HV j YLUWXDOL]DomR (VVHV HVSRUWHV SXUDPHQWH LQGLYLGXDLV QmRQHFHVVLWDPGHJUDQGHVHTXLSDPHQWRVFROHWLYRVHFRPIUHTrQFLDXWLOL]DP DSHQDVDUWHIDWRVGLVFUHWRV$FLPDGHWXGRLQWHQVLILFDPDRPi[LPRDSUHVHQoD
ItVLFDDTXLHDJRUD5HFRQFHQWUDPDSHVVRDHPVHXFHQWURYLWDOHPVHX´SRQWR GHVHUµPRUWDO$DWXDOL]DomRSDUHFHUHLQDUDTXL (QRHQWDQWRWDOHQFDUQDomR Pi[LPD QHVWH OXJDU H QHVWD KRUDVy VH REWpPHVWUHPHFHQGRRVOLPLWHV(QWUHRDUHDiJXDHQWUHDWHUUDHRFpXHQWUH DEDVHHRYpUWLFHRVXUILVWD RX DTXHOH TXH VH ODQoD MDPDLV HVWi LQWHLUDPHQWH SUHVHQWH $EDQGRQDQGR R FKmR H VHXV SRQWRV GH DSRLR HOH HVFDOD RV IOX[RV GHVOL]D QDV LQWHUIDFHV VHUYHVH DSHQDV GH OLQKDV GH IXJD VH YHWRUL]D VH GHVWHUULWRULDOL]D &DYDOJDGRU GH RQGDV YLYHQGR QD LQWLPLGDGH GD iJXD R VXUILVWD FDOLIRUQLDQR VH PHWDPRUIRVHLD HP VXUILVWD GD 1HW 2V YDJDOK}HV GR 3DFtILFR UHPHWHP DR GLO~YLR LQIRUPDFLRQDO H R KLSHUFRUSR DR KLSHUFyUWH[ 6XEPLVVR j JUDYLGDGH PDV MRJDQGR FRP R HTXLOtEULR DWp WRUQDUVH DpUHR R FRUSR HP TXHGD RX HP GHVOL]DPHQWR SHUGHX VHX SHVR 7RUQDVH YHORFLGDGH SDVVDJHP VREUHY{R $VFHQVLRQDO PHVPR TXDQGR SDUHFH FDLU RX FRUUHU QD KRUL]RQWDOHLVRFRUSRJORULRVRGDTXHOHTXHVHODQoDRXGRVXUILVWDVHXFRUSR YLUWXDO 5(63/$1'(&È1&,$ 3RUWDQWR R FRUSR VDL GH VL PHVPR DGTXLUH QRYDV YHORFLGDGHVFRQTXLVWD QRYRV HVSDoRV 9HUWHVH QR H[WHULRU H UHYHUWH D H[WHULRULGDGHWpFQLFDRXDDOWHULGDGHELROyJLFDHPVXEMHWLYLGDGHFRQFUHWD$R VH YLUWXDOL]DU R FRUSR VH PXOWLSOLFD &ULDPRV SDUD QyV PHVPRV RUJDQLVPRV YLUWXDLVTXHHQULTXHFHPQRVVRXQLYHUVRVHQVtYHOVHPQRVLPSRUDGRU7UDWD VH GH XPD GHVHQFDUQDomR" 9HULILFDPRV FRP R H[HPSOR GR FRUSR TXH D YLUWXDOL]DomRQmRSRGHVHUUHGX]LGDDXPDSURFHVVRGHGHVDSDUHFLPHQWRRXGH GHVPDWHULDOL]DomR &RUUHQGR R ULVFR GH VHUPRV UHGXQGDQWHV OHPEUHPRV TXHHVVD YLUWXDOL]DomR p DQDOLViYHO HVVHQFLDOPHQWH FRPR PXGDQoD GHLGHQWLGDGH SDVVDJHP GH XPD VROXomR SDUWLFXODU D XPD SUREOHPiWLFDJHUDO RXWUDQVIRUPDomRGHXPDDWLYLGDGHHVSHFLDOHFLUFXQVFULWDHPIXQFLRQDPHQWR QmRORFDOL]DGRGHVVLQFURQL]DGRFROHWLYL]DGR$YLUWXDOL]DomRGRFRUSRQmRp SRUWDQWR XPD GHVHQFDUQDomR PDV XPDUHLQYHQomR XPD UHHQFDUQDomR XPD PXOWLSOLFDomR XPD YHWRUL]DomR XPD KHWHURJrQHVH GR KXPDQR &RQWXGR R OLPLWHMDPDLVHVWiGHILQLWLYDPHQWHWUDoDGRHQWUHDKHWHURJrQHVHHDDOLHQDomRD DWXDOL]DomRHDUHLILFDomRPHUFDQWLODYLUWXDOL]DomRHDDPSXWDomR(VVHOLPLWH LQGHFLVR GHYH VHU FRQVWDQWHPHQWH FRQVLGHUDGR DYDOLDGR FRPHVIRUoR UHQRYDGRWDQWRSHODVSHVVRDVQRTXHGL]UHVSHLWRDVXDYLGDSHVVRDOTXDQWR SHODVVRFLHGDGHVQRkPELWRGDVOHLV 0HX FRUSR SHVVRDO p D DWXDOL]DomR WHPSRUiULD GH XP HQRUPH KLSHUFRUSR KtEULGR VRFLDO H WHFQRELROyJLFR 2 FRUSR FRQWHPSRUkQHR DVVHPHOKDVH D XPD FKDPD )UHTHQWHPHQWH p PLQ~VFXORLVRODGR VHSDUDGR TXDVH LPyYHO 0DLV WDUGH FRUUH SDUD IRUD GHVL PHVPR LQWHQVLILFDGR SHORV
HVSRUWHVRXSHODVGURJDVIXQFLRQDFRPRXPVDWpOLWHODQoDDOJXPEUDoRYLUWXDO EHP DOWR HP GLUHomRDR FpX DR ORQJR GH UHGHV GH LQWHUHVVHV RX GH FRPXQLFDomR3UHQGHVHHQWmRDRFRUSRS~EOLFRHDUGHFRPRPHVPRFDORU EULOKDFRP D PHVPD OX] TXH RXWURV FRUSRVFKDPDV 5HWRUQD HP VHJXLGD WUDQVIRUPDGRDXPD HVIHUD TXDVH SULYDGD H DVVLP VXFHVVLYDPHQWH RUD DTXL RUDHPWRGDSDUWHRUDHPVLRUDPLVWXUDGR8PGLDVHSDUDVHFRPSOHWDPHQWH GRKLSHUFRUSRHVHH[WLQJXH
$9,578$/,=$d®2'27(;72
$/(,785$28$$78$/,=$d®2'2 7(;72 'HVGH VXDV RULJHQV PHVRSRWkPLFDV R WH[WR p XP REMHWR YLUWXDO DEVWUDWR LQGHSHQGHQWH GH XP VXSRUWH HVSHFtILFR (VVD HQWLGDGH YLUWXDO DWXDOL]DVHHPP~OWLSODVYHUV}HVWUDGXo}HVHGLo}HVH[HPSODUHVHFySLDV$R LQWHUSUHWDU DR GDU VHQWLGR DR WH[WR DTXL H DJRUD R OHLWRU OHYD DGLDQWH HVVD FDVFDWD GH DWXDOL]Do}HV )DOR HVSHFLILFDPHQWH GH DWXDOL]DomR QR TXH GL] UHVSHLWR j OHLWXUD H QmR GD UHDOL]DomR TXH VHULD XPD VHOHomR HQWUH SRVVLELOLGDGHVSUHHVWDEHOHFLGDV)DFHjFRQILJXUDomRGHHVWtPXORVGHFRHUo}HV H GH WHQV}HV TXH R WH[WR SURS}H D OHLWXUD UHVROYH GH PDQHLUD LQYHQWLYD H VHPSUH VLQJXODU R SUREOHPD GR VHQWLGR $ LQWHOLJrQFLD GR OHLWRU OHYDQWD SRU FLPD GDV SiJLQDV YD]LDV XPD SDLVDJHP VHPkQWLFD PyYHO H DFLGHQWDGD $QDOLVHPRVHPGHWDOKHHVVHWUDEDOKRGHDWXDOL]DomR /HPRVRXHVFXWDPRVXPWH[WR2TXHRFRUUH"(PSULPHLUROXJDUR WH[WRpHVEXUDFDGRULVFDGRVHPHDGRGHEUDQFRV6mRDVSDODYUDVRVPHPEURV GHIUDVHVTXHQmRFDSWDPRV QRVHQWLGRSHUFHSWLYRPDVWDPEpPLQWHOHFWXDOGR WHUPR 6mR RV IUDJPHQWRV GH WH[WR TXH QmR FRPSUHHQGHPRV TXH QmR FRQVHJXLPRV MXQWDU TXH QmR UHXQLPRV DRV RXWURV TXH QHJOLJHQFLDPRV 'H PRGRTXHSDUDGR[DOPHQWHOHUHVFXWDUpFRPHoDUDQHJOLJHQFLDUDGHVOHURX GHVOLJDURWH[WR $R PHVPR WHPSR TXH R UDVJDPRV SHOD OHLWXUD RX SHOD HVFXWD DPDUURWDPRVRWH[WR'REUDPRORVREUHVLPHVPR5HODFLRQDPRVXPDjRXWUD DVSDVVDJHQVTXHVHFRUUHVSRQGHP2VPHPEURVHVSDUVRVH[SRVWRVGLVSHUVRV QDVXSHUItFLHGDVSiJLQDVRXQDOLQHDULGDGHGRGLVFXUVRFRVWXUDPRORVMXQWRV OHUXPWH[WRpUHHQFRQWUDURVJHVWRVWr[WHLVTXHOKHGHUDPVHXQRPH $V SDVVDJHQV GR WH[WR PDQWrP HQWUH VL YLUWXDOPHQWH XPD FRUUHVSRQGrQFLD TXDVH TXH XPD DWLYLGDGH HSLVWRODU TXH DWXDOL]DPRV GH XP MHLWRRXGHRXWURVHJXLQGRRXQmRDVLQVWUXo}HVGRDXWRU&DUWHLURVGRWH[WR YLDMDPRV GH XPD PDUJHP j RXWUD GR HVSDoR GR VHQWLGR YDOHQGRQRV GH XP VLVWHPDGHHQGHUHoDPHQWRHGHLQGLFDo}HVTXHRDXWRURHGLWRURWLSyJUDIR EDOLVDUDP 0DV SRGHPRV GHVREHGHFHU jV LQVWUXo}HV WRPDU FDPLQKRV WUDQVYHUVDLV SURGX]LU GREUDV LQWHUGLWDV HVWDEHOHFHU UHGHV VHFUHWDV FODQGHVWLQDVID]HUHPHUJLURXWUDVJHRJUDILDVVHPkQWLFDV 7DO p R WUDEDOKR GD OHLWXUD D SDUWLU GH XPD OLQHDULGDGH RX GH XPD SODWLWXGH LQLFLDO HVVH DWR GH UDVJDU GH DPDUURWDU GH WRUFHU GH UHFRVWXUDU R WH[WRSDUDDEULUXPPHLRYLYRQRTXDOSRVVDVHGHVGREUDURVHQWLGR2HVSDoR GR VHQWLGR QmR SUHH[LVWH j OHLWXUD e DR SHUFRUUrOD DR FDUWRJUDIiOD TXH R
IDEULFDPRVTXHRDWXDOL]DPRV 0DV HQTXDQWR R GREUDPRV VREUH VL PHVPR SURGX]LQGR DVVLP VXD UHODomRFRQVLJRSUySULRVXDYLGDDXW{QRPDVXDDXUDVHPkQWLFDUHODFLRQDPRV WDPEpPRWH[WRDRXWURVWH[WRVDRXWURVGLVFXUVRVDLPDJHQVDDIHWRVDWRGD DLPHQVDUHVHUYDIOXWXDQWHGHGHVHMRVHGHVLJQRVTXHQRVFRQVWLWXL$TXLQmR p PDLV D XQLGDGH GR WH[WR TXH HVWi HP MRJR PDV D FRQVWUXomR GH VL FRQVWUXomR VHPSUH D UHID]HU LQDFDEDGD 1mR p PDLV R VHQWLGR GR WH[WR TXH QRVRFXSDPDVDGLUHomRHDHODERUDomRGHQRVVRSHQVDPHQWRDSUHFLVmRGH QRVVD LPDJHP GR PXQGR D FXOPLQDomR GH QRVVRV SURMHWRV R GHVSHUWDU GH QRVVRV SUD]HUHV R ILR GH QRVVRV VRQKRV 'HVWD YH] R WH[WR QmR p PDLV DPDUURWDGR GREUDGR IHLWR XPD EROD VREUH VL PHVPR PDV UHFRUWDGR SXOYHUL]DGRGLVWULEXtGRDYDOLDGRVHJXQGRFULWpULRVGHXPDVXEMHWLYLGDGHTXH SURGX]DVLPHVPD 'R WH[WR SURSULDPHQWH HP EUHYH QDGD PDLV UHVWD 1R PHOKRU GRV FDVRVWHUHPRVJUDoDVDHOHGDGRXPUHWRTXHHPQRVVRVPRGHORVGRPXQGR 7DOYH] WHQKD VHUYLGR DSHQDV SDUD S{U HP UHVVRQkQFLD DOJXPDV LPDJHQV DOJXPDVSDODYUDVTXHMiSRVVXtDPRV(YHQWXDOPHQWHWHUHPRVUHODFLRQDGRXP GHVHXVIUDJPHQWRVLQYHVWLGRGHXPDLQWHQVLGDGHHVSHFLDOFRPGHWHUPLQDGD ]RQDGHQRVVDDUTXLWHWXUDPQHP{QLFDXPRXWURFRPGHWHUPLQDGRWUHFKRGH QRVVDVUHGHVLQWHOHFWXDLV(OHQRVWHUiVHUYLGRGHLQWHUIDFHFRPQyVPHVPRV 6y PXLWR UDUDPHQWH QRVVD OHLWXUD QRVVD HVFXWD WHUi SRU HIHLWR UHRUJDQL]DU GUDPDWLFDPHQWH FRPR SRU XPD HVSpFLH GH HIHLWR GH OLPLDU EUXWDO R QRYHOR HQUHGDGRGHUHSUHVHQWDo}HVHGHHPRo}HVTXHQRVFRQVWLWXL (VFXWDUROKDUOHUHTXLYDOHILQDOPHQWHDFRQVWUXLUVH1DDEHUWXUDDR HVIRUoR GH VLJQLILFDomR TXH YHP GR RXWUR WUDEDOKDQGR HVEXUDFDQGR DPDUURWDQGR UHFRUWDQGR R WH[WR LQFRUSRUDQGRR HP QyV GHVWUXLQGRR FRQWULEXtPRVSDUDHULJLUDSDLVDJHPGHVHQWLGRTXHQRVKDELWD2WH[WRVHUYH DTXLGHYHWDUGHVXSRUWHRXGHSUHWH[WRjDWXDOL]DomRGHQRVVRSUySULRHVSDoR PHQWDO &RQILDPRVjVYH]HVDOJXQVIUDJPHQWRVGRWH[WRDRVSRYRVGHVLJQRV TXHQRPDGL]DPGHQWURGHQyV(VVDVLQVtJQLDVHVVDVUHOtTXLDV HVVHVIHWLFKHV RX HVVHV RUiFXORV QDGD WrP D YHU FRP DV LQWHQo}HV GR DXWRU QHP FRP D XQLGDGH VHPkQWLFD YLYD GR WH[WR PDV FRQWULEXHP SDUD FULDU UHFULDU H UHDWXDOL]DURPXQGRGHVLJQLILFDo}HVTXHVRPRV $(6&5,7$28$9,578$/,=$d®2'$ 0(0Ð5,$ (VVDDQiOLVHpSURYDYHOPHQWHDSOLFiYHOjLQWHUSUHWDomRGHRXWURVWLSRV GH PHQVDJHQV FRPSOH[DV TXH QmR R WH[WR DOIDEpWLFR LGHRJUDPDV GLDJUDPDV PDSDV HVTXHPDV VLPXODo}HV PHQVDJHQV LFRQRJUiILFDV RX ItOPLFDV SRU H[HPSOR'HYHVHHQWHQGHU´WH[WRµQRVHQWLGRPDLVJHUDO GLVFXUVRHODERUDGR
RXSURSyVLWRGHOLEHUDGR 'HVGH R LQtFLR GHVWH FDStWXOR YRFr DLQGD QmR OHX D SDODYUD ´KLSHUWH[WRµ1RHQWDQWRQmRVHWUDWRXGHRXWUDFRLVDDQmRVHUGLVWR&RP HIHLWR KLHUDUTXL]DU H VHOHFLRQDU iUHDV GH VHQWLGR WHFHU OLJDo}HV HQWUH HVVDV ]RQDVFRQHFWDURWH[WRDRXWURVGRFXPHQWRVDUULPiODDWRGDXPDPHPyULD TXHIRUPDFRPRTXHRIXQGRVREUHRTXDOHOHVHGHVWDFDHDRTXDOUHPHWHVmR RXWUDVWDQWDVIXQo}HVGRKLSHUWH[WRLQIRUPiWLFR 8PD WHFQRORJLD LQWHOHFWXDO TXDVH VHPSUH H[WHULRUL]D REMHWLYL]D YLUWXDOL]D XPD IXQomR FRJQLWLYD XPD DWLYLGDGH PHQWDO $VVLP ID]HQGR UHRUJDQL]D D HFRQRPLD RX D HFRORJLD LQWHOHFWXDO HPVHX FRQMXQWR H PRGLILFD HPWURFDDIXQomRFRJQLWLYDTXHHODVXSRVWDPHQWHGHYHULDDSHQDVDX[LOLDURX UHIRUoDU $V UHODo}HV HQWUH D HVFULWD WHFQRORJLD LQWHOHFWXDO H D PHPyULD IXQomRFRJQLWLYD HVWmRDtSDUDWHVWHPXQKiOR 2DSDUHFLPHQWRGDHVFULWDDFHOHURXXPSURFHVVRGHDUWLILFLDOL]DomRGH H[WHULRUL]DomR H GH YLUWXDOL]DomR GD PHPyULD TXH FHUWDPHQWH FRPHoRX FRP D KRPLQL]DomR 9LUWXDOL]DomR H QmR VLPSOHV SURORQJDPHQWR RX VHMD VHSDUDomR SDUFLDOGHXPFRUSRYLYRFRORFDomRHPFRPXPKHWHURJrQHVH1mRVHSRGH UHGX]LU D HVFULWD D XP UHJLVWUR GD IDOD (P FRQWUDSDUWLGD DR QRV ID]HU FRQFHEHU D OHPEUDQoD FRPR XP UHJLVWUR HOD WUDQVIRUPRX R URVWR GH 0QHPyVLQH $ VHPLREMHWLYDomR GD PHPyULD QR WH[WR FHUWDPHQWH SHUPLWLX R GHVHQYROYLPHQWR GH XPD WUDGLomR FUtWLFD &RP HIHLWR R HVFULWR FDYD XPD GLVWkQFLDHQWUHRVDEHUHVHXVXMHLWReWDOYH]SRUTXHQmRQmRVRXPDLVRTXH VHLTXHSRVVRUHFRORFDUHVWHVDEHUHPTXHVWmR 9LUWXDOL]DQWHDHVFULWDGHVVLQFURQL]D H GHVORFDOL]D (OD IH] VXUJLU XP GLVSRVLWLYR GH FRPXQLFDomR QR TXDO DV PHQVDJHQV PXLWR IUHTHQWHPHQWH HVWmRVHSDUDGDVQRWHPSRHQRHVSDoRGHVXDIRQWHGHHPLVVmRHSRUWDQWRVmR UHFHELGDVIRUDGHFRQWH[WR'RODGRGDOHLWXUDIRLSRUWDQWRQHFHVViULRUHILQDU DVSUiWLFDVLQWHUSUHWDWLYDV'RODGRGDUHGDomRWHYHVHTXHLPDJLQDUVLVWHPDV GH HQXQFLDGRV DXWRVXILFLHQWHV LQGHSHQGHQWHV GR FRQWH[WR TXH IDYRUHFHUDP DV PHQVDJHQV TXH UHVSRQGHP D XP FULWpULR GH XQLYHUVDOLGDGH FLHQWtILFD RX UHOLJLRVD &RPDHVFULWDHPDLVDLQGDFRPRDOIDEHWRHDLPSUHQVDRVPRGRVGH FRQKHFLPHQWRWHyULFRVHKHUPHQrXWLFRVSDVVDUDPSRUWDQWRDSUHYDOHFHUVREUH RV VDEHUHV QDUUDWLYRV H ULWXDLV GDV VRFLHGDGHV RUDLV $ H[LJrQFLD GH XPD YHUGDGHXQLYHUVDOREMHWLYDHFUtWLFDVyS{GHVHLPSRUQXPDHFRORJLDFRJQLWLYD ODUJDPHQWH HVWUXWXUDGD SHOD HVFULWD RX PDLV H[DWDPHQWH SHOD HVFULWD VREUH VXSRUWHHVWiWLFR 3RLVRWH[WRFRQWHPSRUkQHRDOLPHQWDQGRFRUUHVSRQGrQFLDVRQOLQHH FRQIHUrQFLDV HOHWU{QLFDV FRUUHQGR HP UHGHV IOXLGR GHVWHUULWRULDOL]DGR PHUJXOKDGRQRPHLRRFHkQLFRGRFLEHUHVSDoRHVVHWH[WRGLQkPLFRUHFRQVWLWXL
PDV GH RXWUR PRGR H QXPD HVFDOD LQILQLWDPHQWH VXSHULRU D FRSUHVHQoD GD PHQVDJHP H GH VHX FRQWH[WR YLYR TXH FDUDFWHUL]D D FRPXQLFDomR RUDO 'H QRYR RV FULWpULRV PXGDP 5HDSUR[LPDPVH GDTXHOHV GR GLiORJR RX GD FRQYHUVDomR SHUWLQrQFLD HP IXQomR GR PRPHQWR GRV OHLWRUHV H GRV OXJDUHV YLUWXDLV EUHYLGDGH JUDoDV j SRVVLELOLGDGH GH DSRQWDU LPHGLDWDPHQWH DV UHIHUrQFLDV HILFLrQFLDSRLVSUHVWDUVHUYLoRDROHLWRU HHPSDUWLFXODUDMXGiORD QDYHJDU pRPHOKRUPHLRGHVHUUHFRQKHFLGRVRERGLO~YLRLQIRUPDFLRQDO $',*,7$/,=$d®2 28$327(1&,$/,=$d®2'2 7(;72 2 QRYR WH[WR WHP DQWHV GH PDLV QDGD FDUDFWHUtVWLFDV WpFQLFDV TXH FRQYpPSUHFLVDUHFXMDDQiOLVHHVWiOLJDGDFRPRYHUHPRVDXPDGLDOpWLFDGR SRVVtYHOHGRUHDO 2OHLWRUGHXPOLYURRXGHXPDUWLJRQRSDSHOVHFRQIURQWDFRPXP REMHWR ItVLFR VREUH R TXDO XPD FHUWD YHUVmR GR WH[WR HVWi LQWHJUDOPHQWH PDQLIHVWD &HUWDPHQWH HOH SRGH DQRWDU QDV PDUJHQV IRWRFRSLDU UHFRUWDU FRODU SURFHGHU D PRQWDJHQV PDV R WH[WR LQLFLDO HVWi Oi SUHWR QR EUDQFR Mi UHDOL]DGR LQWHJUDOPHQWH 1D OHLWXUD HP WHOD HVVD SUHVHQoD H[WHQVLYD H SUHOLPLQDUjOHLWXUDGHVDSDUHFH2VXSRUWHGLJLWDO GLVTXHWHGLVFRUtJLGRGLVFR yWLFR QmR FRQWpP XPWH[WR OHJtYHO SRU KXPDQRV PDV XPD VpULH GH FyGLJRV LQIRUPiWLFRV TXH VHUmR HYHQWXDOPHQWH WUDGX]LGRV SRU XP FRPSXWDGRU HP VLQDLV DOIDEpWLFRV SDUD XP GLVSRVLWLYR GH DSUHVHQWDomR $ WHOD DSUHVHQWDVH HQWmRFRPRXPDSHTXHQDMDQHODDSDUWLUGDTXDOROHLWRUH[SORUDXPDUHVHUYD SRWHQFLDO 3RWHQFLDOHQmRYLUWXDOSRLVDHQWDOKHGLJLWDOHRSURJUDPDGHOHLWXUD SUHGHWHUPLQDP XP FRQMXQWR GH SRVVtYHLV TXH PHVPR SRGHQGR VHU LPHQVR DLQGDDVVLPpQXPHULFDPHQWHILQLWRHORJLFDPHQWHIHFKDGR$OLiVQmRpWDQWR D TXDQWLGDGH TXH GLVWLQJXH R SRVVtYHO GR YLUWXDO R HVVHQFLDO HVWi HP RXWUR OXJDU FRQVLGHUDQGRVH DSHQDV R VXSRUWH PHFkQLFR KDUGZDUH H VRIWZDUH D LQIRUPiWLFDQmRRIHUHFHVHQmRXPDFRPELQDWyULDDLQGDTXHLQILQLWDHMDPDLV XP FDPSR SUREOHPiWLFR 2 DUPD]HQDPHQWR HP PHPyULD GLJLWDO p XPD SRWHQFLDOL]DomRDH[LELomRpXPDUHDOL]DomR 8P KLSHUWH[WR p XPD PDWUL] GH WH[WRV SRWHQFLDLV VHQGR TXH DOJXQV GHOHV YmR VH UHDOL]DU VRE R HIHLWR GD LQWHUDomR FRP XP XVXiULR 1HQKXPD GLIHUHQoDVHLQWURGX]HQWUHXPWH[WRSRVVtYHOGDFRPELQDWyULDHXPWH[WRUHDO TXH VHUi OLGR QD WHOD $ PDLRU SDUWH GRV SURJUDPDV VmR PiTXLQDV GH H[LELU UHDOL]DU PHQVDJHQV WH[WRV LPDJHQV HWF D SDUWLU GH XP GLVSRVLWLYR FRPSXWDFLRQDOTXHGHWHUPLQDXP XQLYHUVR GH SRVVtYHLV (VVH XQLYHUVR SRGH VHU LPHQVR RX ID]HU LQWHUYLU SURFHGLPHQWRV DOHDWyULRV PDV DLQGD DVVLP p LQWHLUDPHQWH SUpFRQWLGR FDOFXOiYHO 'HVWH PRGR VHJXLQGR HVWULWDPHQWH R YRFDEXOiULRILORVyILFRQmRVHGHYHULDIDODUGHLPDJHQVYLUWXDLVSDUDTXDOLILFDU
DVLPDJHQVGLJLWDLVPDVGHLPDJHQVSRVVtYHLVVHQGRH[LELGDV 2 YLUWXDO Vy HFORGH FRP D HQWUDGD GD VXEMHWLYLGDGH KXPDQD QR FLUFXLWRTXDQGRQXPPHVPRPRYLPHQWRVXUJHPDLQGHWHUPLQDomRGRVHQWLGR HDSURSHQVmRGRWH[WRDVLJQLILFDUWHQVmRTXHXPDDWXDOL]DomRRXVHMDXPD LQWHUSUHWDomRUHVROYHUiQDOHLWXUD8PDYH]FODUDPHQWHGLVWLQJXLGRVHVVHVGRLV SODQRVRGRSDUSRWHQFLDOUHDOHRGRSDUYLUWXDODWXDOFRQYpPLPHGLDWDPHQWH VXEOLQKDU VHX HQYROYLPHQWR UHFtSURFR D GLJLWDOL]DomR H DV QRYDV IRUPDV GH DSUHVHQWDomRGRWH[WRVyQRVLQWHUHVVDPSRUTXHGmRDFHVVRDRXWUDVPDQHLUDV GHOHUHGHFRPSUHHQGHU 3DUDFRPHoDUROHLWRUHPWHODpPDLV´DWLYRµTXHROHLWRUHPSDSHO OHU HPWHODpDQWHVPHVPRGHLQWHUSUHWDUHQYLDUXPFRPDQGRDXPFRPSXWDGRU SDUDTXHSURMHWHHVWDRXDTXHODUHDOL]DomRSDUFLDOGRWH[WRVREUHXPDSHTXHQD VXSHUItFLHOXPLQRVD 6HFRQVLGHUDUPRVRFRPSXWDGRUFRPRXPDIHUUDPHQWDSDUDSURGX]LU WH[WRVFOiVVLFRVHOHVHUiDSHQDVXPLQVWUXPHQWRPDLVSUiWLFRTXHDDVVRFLDomR GHXPDPiTXLQDGHHVFUHYHUPHFkQLFDXPDIRWRFRSLDGRUDXPDWHVRXUDHXP WXER GH FROD 8P WH[WR LPSUHVVR HP SDSHO HPERUD SURGX]LGR SRU FRPSXWDGRU QmR WHP HVWDWXWR RQWROyJLFR QHP SURSULHGDGH HVWpWLFD IXQGDPHQWDOPHQWHGLIHUHQWHVGRVGHXPWH[WRUHGLJLGRFRPRVLQVWUXPHQWRV GRVpFXOR;,;3RGHVHGL]HURPHVPRGHXPDLPDJHPRXGHXPILOPHIHLWRV SRU FRPSXWDGRU H YLVWRV VREUH VXSRUWHV FOiVVLFRV 0DV VH FRQVLGHUDUPRV R FRQMXQWRGHWRGRVRVWH[WRV GHWRGDVDVLPDJHQV TXHROHLWRUSRGHGLYXOJDU DXWRPDWLFDPHQWH LQWHUDJLQGR FRP XP FRPSXWDGRU D SDUWLU GH XPD PDWUL] GLJLWDOSHQHWUDPRVQXPQRYRXQLYHUVRGHFULDomRHGHOHLWXUDGRVVLJQRV &RQVLGHUDURFRPSXWDGRUDSHQDVFRPRXPLQVWUXPHQWRDPDLVSDUD SURGX]LU WH[WRV VRQV RX LPDJHQV VREUH VXSRUWH IL[R SDSHO SHOtFXOD ILWD PDJQpWLFD HTXLYDOHDQHJDUVXDIHFXQGLGDGHSURSULDPHQWHFXOWXUDORXVHMDR DSDUHFLPHQWRGHQRYRVJrQHURVOLJDGRVjLQWHUDWLYLGDGH 2 FRPSXWDGRU p SRUWDQWR DQWHV GH WXGR XP RSHUDGRU GH SRWHQFLDOL]DomR GD LQIRUPDomR 'LWR GH RXWUR PRGR D SDUWLU GH XP HVWDTXH GH GDGRVLQLFLDLVGHXPPRGHORRXGHXPPHWDWH[WRXPSURJUDPDSRGHFDOFXODU XP Q~PHUR LQGHILQLGR GH GLIHUHQWHV PDQLIHVWDo}HV YLVtYHLV DXGtYHLV H WDQJtYHLVHPIXQomRGD VLWXDomR HP FXUVR RX GD GHPDQGD GRV XVXiULRV 1D YHUGDGHpVRPHQWHQDWHODRXHPRXWURVGLVSRVLWLYRVLQWHUDWLYRVTXHROHLWRU HQFRQWUDDQRYDSODVWLFLGDGHGR WH[WR RX GD LPDJHP XPD YH] TXH FRPR Mi GLVVHRWH[WRHPSDSHO RXRILOPHHPSHOtFXOD IRUoRVDPHQWHMiHVWiUHDOL]DGR SRUFRPSOHWR$WHODLQIRUPiWLFDpXPDQRYD´PiTXLQDGHOHUµROXJDURQGH XPDUHVHUYDGHLQIRUPDomRSRVVtYHOYHPVHUHDOL]DUSRUVHOHomRDTXLHDJRUD SDUD XP OHLWRU SDUWLFXODU 7RGD OHLWXUD HP FRPSXWDGRU p XPD HGLomR XPD PRQWDJHPVLQJXODU
2+,3(57(;72 9,578$/,=$d®2'2 7(;72(9,578$/,=$d®2 '$/(,785$ 3RGHVH GL]HU TXH XP DWR GH OHLWXUD p XPD DWXDOL]DomR GDV VLJQLILFDo}HVGHXPWH[WRDWXDOL]DomRHQmRUHDOL]DomRMiTXHDLQWHUSUHWDomR FRPSRUWD XPD SDUWH QmR HOLPLQiYHO GH FULDomR $ KLSHUFRQWH[WXDOL]DomR p R PRYLPHQWRLQYHUVRGDOHLWXUDQRVHQWLGRHPTXHSURGX]DSDUWLUGHXPWH[WR LQLFLDOXPDUHVHUYDWH[WXDOHLQVWUXPHQWRVGHFRPSRVLomRJUDoDVDRVTXDLVXP QDYHJDGRU SRGHUi SURMHWDU XPD TXDQWLGDGH GH RXWURV WH[WRV 2 WH[WR p WUDQVIRUPDGRHPSUREOHPiWLFDWH[WXDO3RUpPPDLVXPDYH]VyKiSUREOHPiWLFDVH FRQVLGHUDUPRV DFRSODPHQWRV KXPDQRVPiTXLQDV H QmR SURFHVVRV LQIRUPiWLFRVDSHQDV(QWmRVHSRGHIDODU GH YLUWXDOL]DomR H QmR PDLV DSHQDV GHSRWHQFLDOL]DomR'HIDWRRKLSHUWH[WRQmRVHGHGX]ORJLFDPHQWHGRWH[WR IRQWH(OHUHVXOWDGHXPDVpULHGHGHFLV}HV UHJXODJHPGRWDPDQKRGRVQyVRX GRVPyGXORVHOHPHQWDUHVDJHQFLDPHQWRGDVFRQH[}HVHVWUXWXUDGDLQWHUIDFH GH QDYHJDomR HWF 1R FDVR GH XPD KLSHUFRQWH[WDOL]DomR DXWRPiWLFD HVVDV HVFROKDV D LQYHQomR GHVVH KLSHUWH[WR SDUWLFXODU YmR LQWHUYLU DR QtYHO GD FRQFHSomRHGDVHOHomRGRSURJUDPD 8PDYH]HQXQFLDGDVHVVDVFRQVWDWDo}HVTXDVHWpFQLFDVSDUHFHPXLWR GLItFLO IDODU GD SRWHQFLDOL]DomR H GD YLUWXDOL]DomR GR WH[WR FRPR IHQ{PHQRV KRPRJrQHRV 0XLWR SHOR FRQWUiULR VRPRV FRQIURQWDGRV D XPD H[WUHPD GLYHUVLGDGHTXHVHGHYHHVVHQFLDOPHQWHDWUrVIDWRUHVPLVWXUDGRV DQDWXUH]DGD UHVHUYD GLJLWDO LQLFLDO D GR SURJUDPD GH FRQVXOWD H D GR GLVSRVLWLYR GH FRPXQLFDomR 8PWH[WROLQHDUFOiVVLFRPHVPRGLJLWDOL]DGRQmRVHUiOLGRFRPRXP YHUGDGHLURKLSHUWH[WRQHPFRPRXPDEDVHGHGDGRVQHPFRPRXPVLVWHPD TXHHQJHQGUDDXWRPDWLFDPHQWHWH[WRVHPIXQomRGDVLQWHUDo}HVFRPDVTXDLV ROHLWRURDOLPHQWD 2OHLWRUHVWDEHOHFHXPDUHODomRPXLWRPDLVLQWHQVDFRPXPSURJUDPD GH OHLWXUD H GH QDYHJDomR TXH FRP XPD WHOD 6HUi TXH R SURJUDPD SHUPLWH DSHQDV XP GHVHQURODU VHTHQFLDO FRPR RV SULPHLURV SURJUDPDV GH WUDWDPHQWR GH WH[WR TXH GXUDQWH DOJXP WHPSR IL]HUDP D OHLWXUD UHJUHGLU j PDQLSXODomRIDVWLGLRVDGRDQWLJRURORDTXpPLQFOXVLYHGDVSiJLQDVGRFyGH[ " 4XH IXQo}HV GH SHVTXLVD H GH RULHQWDomR R SURJUDPD RIHUHFH" (OH SHUPLWH FRQVWUXLU YtQFXORV DXWRPiWLFRV HQWUH GLIHUHQWHV SDUWHV GR WH[WR SRGH FRQWHU DQRWDo}HV GH GLIHUHQWHV WLSRV" 3RGH R OHLWRU SHUVRQDOL]DU VHX SURJUDPD GH OHLWXUD" (LV Dt XPD VpULH GH YDULiYHLV LPSRUWDQWHV TXH YmR LQIOXLU PXLWR IRUWHPHQWHVREUHDVRSHUDo}HVLQWHOHFWXDLVDTXHROHLWRUVHHQWUHJDUi (QILPRVXSRUWHGLJLWDOSHUPLWHQRYRVWLSRVGHOHLWXUDV HGHHVFULWDV FROHWLYDV8PFRQWLQXXPYDULDGRVHHVWHQGHDVVLPHQWUHDOHLWXUDLQGLYLGXDOGH XPWH[WRSUHFLVRHDQDYHJDomRHPYDVWDVUHGHVGLJLWDLVQRLQWHULRUGDVTXDLV
XP JUDQGH Q~PHUR GH SHVVRDV DQRWD DXPHQWD FRQHFWD RV WH[WRV XQV DRV RXWURVSRUPHLRGHOLJDo}HVKLSHUWH[WXDLV 8PSHQVDPHQWRVHDWXDOL]DQXPWH[WRHXPWH[WRQXPDOHLWXUD QXPD LQWHUSUHWDomR $R UHPRQWDU HVVD HQFRVWD GD DWXDOL]DomR D SDVVDJHP DR KLSHUWH[WR p XPD YLUWXDOL]DomR 1mR SDUD UHWRUQDU DR SHQVDPHQWR GR DXWRU PDVSDUDID]HUGRWH[WRDWXDOXPDGDVILJXUDVSRVVtYHLVGHXPFDPSRWH[WXDO GLVSRQtYHO PyYHO UHFRQILJXUiYHO j YRQWDGH H DWp SDUD FRQHFWiOD H ID]rOD HQWUDU HP FRPSRVLomR FRP RXWURV FRUSXV KLSHUWH[WXDLV H GLYHUVRV LQVWUXPHQWRV GH DX[tOLR j LQWHUSUHWDomR &RP LVVR D KLSHUWH[WXDOL]DomR PXOWLSOLFD DV RFDVL}HV GH SURGXomR GH VHQWLGR H SHUPLWH HQULTXHFHU FRQVLGHUDYHOPHQWHDOHLWXUD (LVQRV SRUWDQWR GH YROWD DR SUREOHPD GD OHLWXUD 6DEHVH TXH RV SULPHLURV WH[WRV DOIDEpWLFRV QmR VHSDUDYDP DV SDODYUDV )RL Vy PXLWR SURJUHVVLYDPHQWH TXH IRUDP LQYHQWDGRV RV HVSDoRV HP EUDQFR HQWUH RV YRFiEXORV D SRQWXDomR RV SDUiJUDIRV DV GLYLV}HV FODUDV HP FDStWXORV RV VXPiULRVRVtQGLFHVDDUWHGDSDJLQDomRDUHGHGHUHPLVVmRGDVHQFLFORSpGLDV HGLFLRQiULRVDVQRWDVGHSpGHSiJLQDHPVXPDWXGRRTXHIDFLOLWDDOHLWXUD H D FRQVXOWD GRV GRFXPHQWRV HVFULWRV &RQWULEXLQGR SDUD GREUDU RV WH[WRV SDUDHVWUXWXUiORVSDUDDUWLFXOiORVDOpPGH VXD OLQHDULGDGH HVVDV WHFQRORJLDV DX[LOLDUHVFRPS}HPRTXHSRGHUtDPRVFKDPDUGHXPDDSDUHOKDJHPGHOHLWXUD DUWLILFLDO 2 KLSHUWH[WR KLSHUPtGLD RX PXOWLPtGLD LQWHUDWLYR OHYDP DGLDQWH SRUWDQWRXPSURFHVVRMiDQWLJRGHDUWLILFLDOL]DomRGDOHLWXUD6HOHUFRQVLVWHHP VHOHFLRQDUHPHVTXHPDWL]DUHPFRQVWUXLUXPDUHGHGHUHPLVV}HVLQWHUQDVDR WH[WRHPDVVRFLDUDRXWURVGDGRVHPLQWHJUDUDVSDODYUDVHDVLPDJHQVDXPD PHPyULDSHVVRDOHPUHFRQVWUXomRSHUPDQHQWH HQWmR RV GLVSRVLWLYRV KLSHUWH[WXDLV FRQVWLWXHP GH IDWR XPD HVSpFLH GH REMHWLYDomR GH H[WHULRUL]DomR GH YLUWXDOL]DomR GRV SURFHVVRVGHOHLWXUD$TXLQmRFRQVLGHUDPRVPDLVDSHQDVRVSURFHVVRVWpFQLFRV GHGLJLWDOL]DomRHGHDSUHVHQWDomRGRWH[WRPDVDDWLYLGDGHKXPDQDGHOHLWXUD HGHLQWHUSUHWDomRTXHLQWHJUDDVQRYDVIHUUDPHQWDV &RPRYLPRVDOHLWXUDDUWLILFLDOH[LVWHKiPXLWRWHPSR4XHGLIHUHQoD SRGHPRV HVWDEHOHFHU HQWmR HQWUH R VLVWHPD TXH KDYLD VH HVWDELOL]DGR QDV SiJLQDVGRVOLYURVHGRVMRUQDLVHRTXHVHLQYHQWDKRMHHPVXSRUWHVGLJLWDLV" $DERUGDJHPPDLVVLPSOHVGRKLSHUWH[WRTXHLQVLVWRQmRH[FOXLQHP RVVRQVQHPDVLPDJHQVpDGHGHVFUHYrODSRURSRVLomR D XP WH[WR OLQHDU FRPRXPWH[WRHVWUXWXUDGRHPUHGH2KLSHUWH[WRVHULDFRQVWLWXtGRGHQyV RV HOHPHQWRV GH LQIRUPDomR SDUiJUDIRV SiJLQDV LPDJHQV VHTrQFLDV PXVLFDLV HWF H GH OLJDo}HV HQWUH HVVHV QyV UHIHUrQFLDV QRWDV LQGLFDGRUHV ´ERW}HVµ TXHHIHWXDPDSDVVDJHPGHXPQyDRXWUR $OHLWXUDGHXPDHQFLFORSpGLDFOiVVLFDMip GH WLSR KLSHUWH[WXDO XPD YH] TXH XWLOL]D DV IHUUDPHQWDV GH RULHQWDomR TXH VmR RV GLFLRQiULRV Op[LFRV
tQGLFHVWKHVDXUXVDWODVTXDGURVGHVLQDLVVXPiULRVHUHPLVV}HVDRILQDOGRV DUWLJRV1RHQWDQWRRVXSRUWHGLJLWDODSUHVHQWDXPDGLIHUHQoDFRQVLGHUiYHOHP UHODomRDRVKLSHUWH[WRVDQWHULRUHVjLQIRUPiWLFD DSHVTXLVDQRVtQGLFHVRXVR GRVLQVWUXPHQWRVGHRULHQWDomRGHSDVVDJHPGHXPQyDRXWURID]HPVHQHOH FRP JUDQGH UDSLGH] GD RUGHP GH VHJXQGRV 3RU RXWUR ODGR D GLJLWDOL]DomR SHUPLWH DVVRFLDU QD PHVPD PtGLD H PL[DU ILQDPHQWH RV VRQV DV LPDJHQV DQLPDGDVHRVWH[WRV6HJXQGRHVVDSULPHLUDDERUGDJHPR KLSHUWH[WRGLJLWDO VHULD SRUWDQWR GHILQLGR FRPR XPD FROHomR GH LQIRUPDo}HV PXOWLPRGDLV GLVSRVWDHPUHGHSDUDDQDYHJDomRUiSLGDH´LQWXLWLYDµ (P UHODomR jV WpFQLFDV DQWHULRUHV GH OHLWXUD HP UHGH D GLJLWDOL]DomR LQWURGX] XPD SHTXHQD UHYROXomR FRSHUQLFDQD QmR p PDLV R QDYHJDGRU TXH VHJXHDVLQVWUXo}HVGHOHLWXUDHVHGHVORFDILVLFDPHQWHQRKLSHUWH[WRYLUDQGR DV SiJLQDV WUDQVSRUWDQGR SHVDGRV YROXPHV SHUFRUUHQGR FRP VHXV SDVVRV D ELEOLRWHFD PDV GRUDYDQWH p XP WH[WR PyYHO FDOHLGRVFySLFR TXH DSUHVHQWD VXDVIDFHWDVJLUDGREUDVHHGHVGREUDVHjYRQWDGHGLDQWHGROHLWRU,QYHQWD VH KRMH XPD QRYD DUWH GD HGLomR H GD GRFXPHQWDomR TXH WHQWD H[SORUDU DR Pi[LPRXPDQRYDYHORFLGDGHGHQDYHJDomRHPPHLRDPDVVDVGHLQIRUPDomR TXHVmRFRQGHQVDGDVHPYROXPHVDFDGDGLDPHQRUHV 'HDFRUGRFRPXPDVHJXQGDDERUGDJHPFRPSOHPHQWDUDWHQGrQFLD FRQWHPSRUkQHDjKLSHUWH[WXDOL]DomRGRVGRFXPHQWRVSRGHVHUGHILQLGDFRPR XPD WHQGrQFLD j LQGLVWLQomR j PLVWXUD GDV IXQo}HV GH OHLWXUD H GH HVFULWD 7RFDPRV DTXL R SUREOHPD GD YLUWXDOL]DomR SURSULDPHQWH GLWD TXH WHP SRU HIHLWR FRPR RFRUUH FRP IUHTrQFLD FRORFDU HP ORRS D H[WHULRULGDGH H D LQWHULRULGDGH QR FDVR D LQWLPLGDGH GR DXWRU H D HVWUDQKH]D GR OHLWRU HP UHODomRDRWH[WR(VVDSDVVDJHPFRQWtQXDGHGHQWURSDUDIRUDFRPRQXPDQHO GH 0RHELXV FDUDFWHUL]D Mi D OHLWXUD FOiVVLFD SRLV SDUD FRPSUHHQGHU R OHLWRU GHYH ´UHFULDUµ R WH[WR PHQWDOPHQWH H SRUWDQWR HQWUDU GHQWUR GHOH (OD GL] UHVSHLWRWDPEpPjUHGDomRXPDYH]TXHDGLILFXOGDGHGHHVFUHYHUFRQVLVWHHP UHOHUVH SDUD FRUULJLUVH SRUWDQWR HP XP HVIRUoR SDUD WRUQDUVH HVWUDQKR DR SUySULR WH[WR 2UD D KLSHUWH[WXDOL]DomR REMHWLYD RSHUDFLRQDOL]D H HOHYD j SRWrQFLDGRFROHWLYRHVVDLGHQWLILFDomRFUX]DGDGROHLWRUHGRDXWRU &RQVLGHUHPRV SULPHLUR D FRLVD GR ODGR GR OHLWRU 6H GHILQLUPRV XP KLSHUWH[WR FRPR XP HVSDoR GH SHUFXUVRV GH OHLWXUD SRVVtYHLV XP WH[WR DSUHVHQWDVH FRPR XPD OHLWXUD SDUWLFXODU GH XP KLSHUWH[WR 2 QDYHJDGRU SDUWLFLSDDVVLPGDUHGDomRRXSHORPHQRVGDHGLomRGRWH[WRTXHHOH´OrµXPD YH]TXHGHWHUPLQDVXDRUJDQL]DomRILQDO DGLVSRVLWLRGDDQWLJDUHWyULFD 2 QDYHJDGRU SRGH VH ID]HU DXWRU GH PDQHLUD PDLV SURIXQGD GR TXH SHUFRUUHQGR XPD UHGH SUHHVWDEHOHFLGD SDUWLFLSDQGR GD HVWUXWXUDomR GR KLSHUWH[WRFULDQGRQRYDVOLJDo}HV$OJXQVVLVWHPDVUHJLVWUDPRVFDPLQKRVGH OHLWXUD H UHIRUoDP WRUQDP PDLV YLVtYHLV SRU H[HPSOR RX HQIUDTXHFHP DV OLJDo}HV HP IXQomR GD PDQHLUD FRPR HODV VmR SHUFRUULGDV SHOD FRPXQLGDGH
GRVQDYHJDGRUHV (QILP RV OHLWRUHV SRGHP QmR DSHQDV PRGLILFDU DV OLJDo}HV PDV LJXDOPHQWH DFUHVFHQWDU RX PRGLILFDU QyV WH[WRV LPDJHQV HWF FRQHFWDU XP KLSHUGRFXPHQWRDRXWURHID]HUDVVLPGHGRLVKLSHUWH[WRVVHSDUDGRVXP~QLFR GRFXPHQWR RX WUDoDU OLJDo}HV KLSHUWH[WXDLV HQWUH XPD VpULH GH GRFXPHQWRV 6XEOLQKHPRVTXHHVVDSUiWLFDHQFRQWUDVHKRMHHPSOHQRGHVHQYROYLPHQWRQD ,QWHUQHW QRWDGDPHQWH QD :RUOG :LGH :HE 7RGRV RV WH[WRV S~EOLFRV DFHVVtYHLV SHOD UHGH ,QWHUQHW GRUDYDQWH ID]HP YLUWXDOPHQWH SDUWH GH XP PHVPRLPHQVRKLSHUWH[WRHPFUHVFLPHQWRLQLQWHUUXSWR2VKLSHUGRFXPHQWRV DFHVVtYHLV SRU XPD UHGH LQIRUPiWLFD VmR SRGHURVRV LQVWUXPHQWRV GH HVFULWDOHLWXUDFROHWLYD $VVLP D HVFULWD H D OHLWXUD WURFDP VHXV SDSpLV 7RGR DTXHOH TXH SDUWLFLSD GD HVWUXWXUDomR GR KLSHUWH[WR GR WUDoDGR SRQWLOKDGR GDV SRVVtYHLV GREUDVGRVHQWLGRMipXPOHLWRU6LPHWULFDPHQWHTXHPDWXDOL]DXPSHUFXUVR RX PDQLIHVWD HVWH RX DTXHOH DVSHFWR GD UHVHUYD GRFXPHQWDO FRQWULEXL SDUD D UHGDomR FRQFOXL PRPHQWDQHDPHQWH XPD HVFULWD LQWHUPLQiYHO $V FRVWXUDV H UHPLVV}HV RV FDPLQKRV GH VHQWLGR RULJLQDLV TXH R OHLWRU LQYHQWD SRGHP VHU LQFRUSRUDGRV j HVWUXWXUD PHVPD GRV FRUSXV $ SDUWLU GR KLSHUWH[WR WRGD OHLWXUDWRUQRXVHXPDWRGHHVFULWD 2&,%(5(63$d228$9,578$/,=$d®2'2&20387$'25 7HUtDPRVVRPHQWHXPDYLVmRSDUFLDOGDYLUWXDOL]DomRFRQWHPSRUkQHD GRWH[WRHGDOHLWXUDVHDIRFDOL]iVVHPRVXQLFDPHQWHQDSDVVDJHPGRSDSHOj WHODGRFRPSXWDGRU2FRPSXWDGRUFRPRVXSRUWHGHPHQVDJHQVSRWHQFLDLVMi VH LQWHJURX H TXDVH VH GLVVROYHX QR FLEHUHVSDoR HVVD WXUEXOHQWD ]RQD GH WUkQVLWR SDUD VLJQRV YHWRUL]DGRV $QWHV GH DERUGDU D GHVWHUULWRULDOL]DomR GR WH[WRHYRTXHPRVSRUWDQWRDYLUWXDOL]DomRGRFRPSXWDGRU 'XUDQWH PXLWR WHPSR SRODUL]DGD SHOD ´PiTXLQDµ EDOFDQL]DGD DWp UHFHQWHPHQWH SHORV SURJUDPDV D LQIRUPiWLFD FRQWHPSRUkQHD ² VRIW H KDUGZDUH ² GHVFRQVWUyL R FRPSXWDGRU SDUD GDU OXJDU D XP HVSDoR GH FRPXQLFDomRQDYHJiYHOHWUDQVSDUHQWHFHQWUDGRQRVIOX[RVGHLQIRUPDomR &RPSXWDGRUHVGHPDUFDVGLIHUHQWHVSRGHPVHUPRQWDGRVDSDUWLUGH FRPSRQHQWHVTXDVHLGrQWLFRVHFRPSXWDGRUHVGDPHVPDPDUFDFRQWrPSHoDV GH RULJHQV PXLWR GLIHUHQWHV 3RU RXWUR ODGR FRPSRQHQWHV GH PDWHULDO LQIRUPiWLFR FDSWDGRUHV PHPyULDV SURFHVVDGRUHV HWF SRGHP VH DFKDU QRXWUDV SDUWHV TXH QmR HP FRPSXWDGRUHV SURSULDPHQWH GLWRV HP FDUW}HV HOHWU{QLFRVHPGLVWULEXLGRUHVDXWRPiWLFRVURE{VDSDUHOKRVHOHWURGRPpVWLFRV QyV GH UHGHV GH FRPXQLFDomR IRWRFRSLDGRUDV ID[HV FkPHUDV GH YtGHR WHOHIRQHV UiGLRV WHOHYLV}HV RQGH TXHU TXH D LQIRUPDomR GLJLWDO VHMD SURFHVVDGDDXWRPDWLFDPHQWH(QILPHVREUHWXGRXPFRPSXWDGRUUDPLILFDGR
QR KLSHUHVSDoR SRGH UHFRUUHU jV FDSDFLGDGHV GH PHPyULD H GH FiOFXOR GH RXWURVFRPSXWDGRUHVGDUHGH TXHSRUVXDYH]ID]HPRPHVPR EHPFRPRD GLYHUVRV DSDUHOKRV GLVWDQWHV GH FDSWXUD H GH DSUHVHQWDomR GH LQIRUPDomR 7RGDVDVIXQo}HVGDLQIRUPiWLFD FDSWXUDGLJLWDOL]DomRPHPyULDWUDWDPHQWR DSUHVHQWDomR VmR GLVWULEXtYHLV H FDGD YH] PDLV GLVWULEXtGDV 2 FRPSXWDGRU QmR p XP FHQWUR PDV XP SHGDoR XP IUDJPHQWR GD WUDPD XP FRPSRQHQWH LQFRPSOHWR GD UHGH FDOFXODGRUD XQLYHUVDO 6XDV IXQo}HV SXOYHUL]DGDV LPSUHJQDP FDGD HOHPHQWR GR WHFQRFRVPR 1R OLPLWH Vy Ki KRMH XP ~QLFR FRPSXWDGRU XP ~QLFR VXSRUWH SDUD WH[WR PDV WRUQRXVH LPSRVVtYHO WUDoDU VHXVOLPLWHVIL[DUVHXFRQWRUQReXPFRPSXWDGRUFXMRFHQWURHVWiHPWRGD SDUWHHDFLUFXQIHUrQFLDHPQHQKXPDXPFRPSXWDGRUKLSHUWH[WXDOGLVSHUVR YLYR SXOXODQWH LQDFDEDGR YLUWXDO XP FRPSXWDGRU GH %DEHO R SUySULR FLEHUHVSDoR $'(67(55,725,$/,=$d®2'2 7(;72 0LOK}HV GH SHVVRDV H GH LQVWLWXLo}HV QR PXQGR WUDEDOKDP QD FRQVWUXomR H QD GLVSRVLomR GR LPHQVR KLSHUWH[WR GD :RUOG :LGH :HE 1D :HE FRPR HP WRGR KLSHUGRFXPHQWR p SUHFLVR GLVWLQJXLU FRQFHLWXDOPHQWH GRLV WLSRV GH PHPyULDV GLIHUHQWHV 'H XP ODGR D UHVHUYD WH[WXDO RX GRFXPHQWDOPXOWLPRGDORVGDGRVXPHVWDTXHTXDVHDPRUIRVXILFLHQWHPHQWH EDOLVDGRQRHQWDQWRSDUDTXHVHXVHOHPHQWRVWHQKDPXPHQGHUHoR'HRXWUR XP FRQMXQWR GH HVWUXWXUDV SHUFXUVRV YtQFXORVRX UHGHV GH LQGLFDGRUHV TXH UHSUHVHQWDRUJDQL]Do}HVSDUWLFXODUHVVHOHWLYDVHVXEMHWLYDVGRHVWDTXH &DGD LQGLYtGXR FDGD RUJDQL]DomR VmR LQFLWDGRV QmR DSHQDV D DXPHQWDURHVWDTXHPDVWDPEpPDSURSRUDRVRXWURVFLEHUQDXWDVXPSRQWR GH YLVWD VREUH R FRQMXQWR XPD HVWUXWXUD VXEMHWLYD (VVHV SRQWRV GH YLVWD VXEMHWLYRVVHPDQLIHVWDPHPSDUWLFXODUQDVOLJDo}HVSDUDRH[WHULRUDVVRFLDGDV jV KRPH SDJHV DIL[DGDV SRU XP LQGLYtGXR RX JUXSR 1R FLEHUHVSDoR FRPR TXDOTXHUSRQWRpGLUHWDPHQWHDFHVViYHODSDUWLUGH TXDOTXHURXWUR VHUi FDGD YH] PDLRU D WHQGrQFLD D VXEVWLWXLU DV FySLDV GH GRFXPHQWRV SRU OLJDo}HV KLSHUWH[WXDLV QROLPLWHEDVWDTXHRWH[WRH[LVWDILVLFDPHQWHXPD~QLFDYH]QD PHPyULDGHXPFRPSXWDGRUFRQHFWDGRjUHGHSDUDTXHHOHIDoDSDUWHJUDoDVD XPFRQMXQWRGHYtQFXORVGHPLOKDUHVRXPHVPRGHPLOK}HVGHSHUFXUVRVRX GH HVWUXWXUDV VHPkQWLFDV GLIHUHQWHV $ SDUWLU GDV KRPH SDJHV H GRV KLSHUGRFXPHQWRV RQOLQH SRGHVH VHJXLU RV ILRV GH GLYHUVRV XQLYHUVRV VXEMHWLYRV 1RPXQGRGLJLWDODGLVWLQomRGRRULJLQDOHGDFySLDKiPXLWRSHUGHX TXDOTXHUSHUWLQrQFLD2FLEHUHVSDoRHVWiPLVWXUDQGRDVQRo}HVGHXQLGDGHGH LGHQWLGDGHHGHORFDOL]DomR 2V YtQFXORV SRGHP UHPHWHU D HQGHUHoRV TXH DEULJDP QmR XP WH[WR
GHILQLGR PDV GDGRV DWXDOL]DGRV HP WHPSR UHDO UHVXOWDGRV HVWDWtVWLFRV VLWXDo}HVSROtWLFDVLPDJHQVGRPXQGRWUDQVPLWLGDVSRUVDWpOLWH$VVLPFRPR RULRGH+HUiFOLWRRKLSHUWH[WRMDPDLVpGXDVYH]HVRPHVPR$OLPHQWDGRSRU FDSWDGRUHVHOHDEUHXPDMDQHODSDUDRIOX[RFyVPLFRHDLQVWDELOLGDGHVRFLDO 2V GLVSRVLWLYRV KLSHUWH[WXDLV QDV UHGHV GLJLWDLV GHVWHUULWRULDOL]DUDP R WH[WR )L]HUDP HPHUJLU XP WH[WR VHP IURQWHLUDV QtWLGDV VHP LQWHULRULGDGH GHILQtYHO 1mR Ki PDLV XP WH[WR GLVFHUQtYHO H LQGLYLGXDOL]iYHO PDV DSHQDV WH[WRDVVLPFRPRQmRKiXPDiJXDHXPDDUHLDPDVDSHQDViJXDHDUHLD2WH[WR p SRVWR HP PRYLPHQWR HQYROYLGR HP XP IOX[R YHWRUL]DGR PHWDPyUILFR $VVLP HVWi PDLV SUy[LPR GR SUySULR PRYLPHQWR GR SHQVDPHQWR RX GD LPDJHPTXHKRMHWHPRVGHVWH3HUGHQGRVXDDILQLGDGHFRPDVLGpLDVLPXWiYHLV TXHVXSRVWDPHQWHGRPLQDULDPRPXQGRVHQVtYHORWH[WRWRUQDVHDQiORJRDR XQLYHUVRGHSURFHVVRVDRTXDOVHPLVWXUD 2WH[WRFRQWLQXDVXEVLVWLQGRPDVDSiJLQDIXUWRXVH$SiJLQDLVWRp R SDJXV ODWLQR HVVH FDPSR HVVH WHUULWyULR FHUFDGR SHOR EUDQFR GDV PDUJHQV ODYUDGR GH OLQKDV H VHPHDGR GH OHWUDV H GH FDUDFWHUHV SHOR DXWRU D SiJLQD DLQGDFDUUHJDGDGDDUJLODPHVRSRWkPLFDDGHULQGRVHPSUHjWHUUDGRQHROtWLFR HVVDSiJLQDPXLWRDQWLJDVHDSDJDOHQWDPHQWHVREDLQXQGDomRLQIRUPDFLRQDO VHXVVLJQRVVROWRVYmRMXQWDUVHjWRUUHQWHGLJLWDO eFRPRVHDGLJLWDOL]DomRHVWDEHOHFHVVHXPDHVSpFLHGHLPHQVRSODQR VHPkQWLFRDFHVVtYHOHPWRGROXJDUHTXHWRGRVSXGHVVHPDMXGDUDSURGX]LUD GREUDU GLYHUVDPHQWH D UHWRPDU D PRGLILFDU D GREUDU GH QRYR +i QHFHVVLGDGHGHVXEOLQKDULVWR"$VIRUPDVHFRQ{PLFDVHMXUtGLFDVKHUGDGDVGR SHUtRGRSUHFHGHQWHLPSHGHPKRMHTXHHVVHPRYLPHQWRGHGHVWHUULWRULDOL]DomR FKHJXHDVHXWHUPR $ DQiOLVH YDOH LJXDOPHQWH SDUD DV LPDJHQV TXH YLUWXDOPHQWH QmR FRQVWLWXHPPDLVVHQmRXP~QLFRKLSHUtFRQHVHPOLPLWHVFDOHLGRVFySLFRHP FUHVFLPHQWRVXMHLWRDWRGDVDVTXLPHUDV(DVP~VLFDVHOHYDQGRVHGRVEDQFRV GHHIHLWRVVRQRURVGRVUHSHUWyULRVGHWLPEUHVRUJDQL]DGRVHPDPRVWUDVGRV SURJUDPDVGHVtQWHVHGHVHTHQFLDPHQWRHGHDUUDQMRDXWRPiWLFRVDVP~VLFDV GRFLEHUHVSDoRFRPS}HPMXQWDVXPDLQDXGtYHOSROLIRQLDRXVHSHUGHP HP FDFRIRQLD $LQWHUSUHWDomRLVWRpDSURGXomRGRVHQWLGRGRUDYDQWHQmRUHPHWH PDLV H[FOXVLYDPHQWH j LQWHULRULGDGH GH XPD LQWHQomR QHP D KLHUDUTXLDV GH VLJQLILFDo}HV HVRWpULFDV PDV DQWHV j DSURSULDomR VHPSUH VLQJXODU GH XP QDYHJDGRU RX GH XPD VXUILVWD 2 VHQWLGR HPHUJH GH HIHLWRV GH SHUWLQrQFLD ORFDLVVXUJHQDLQWHUVHFokRGHXPSODQRVHPLyWLFDGHVWHUULWRULDOL]DGRHGHXPD WUDMHWyULD GH HILFiFLD RX SUD]HU 1mR PH LQWHUHVVR PDLV SHOR TXH SHQVRX XP DXWRU LQHQFRQWUiYHO SHoR DR WH[WR SDUD PH ID]HU SHQVDU DTXL H DJRUD $ YLUWXDOLGDGHGRWH[WRDOLPHQWDPLQKDLQWHOLJrQFLDHPDWR
5802$80$ 5(6685*È1&,$'$ &8/785$'2 7(;72 6H OHU FRQVLVWH HP KLHUDUTXL]DU VHOHFLRQDU HVTXHPDWL]DUFRQVWUXLU XPD UHGH VHPkQWLFD H LQWHJUDU LGpLDV DGTXLULGDV D XPDPHPyULD HQWmR DV WpFQLFDVGLJLWDLVGHKLSHUWH[WXDOL]DomRHGHQDYHJDomRFRQVWLWXHPGHIDWRXPD HVSpFLHGHYLUWXDOL]DomRWpFQLFDRXGHH[WHULRUL]DomRGRVSURFHVVRVGHOHLWXUD *UDoDV j GLJLWDOL]DomR R WH[WR H D OHLWXUD UHFHEHUDP KRMH XPQRYR LPSXOVRHDRPHVPRWHPSRXPDSURIXQGDPXWDomR3RGHVHLPDJLQDUTXHRV OLYURV RV MRUQDLV RV GRFXPHQWRV WpFQLFRV HDGPLQLVWUDWLYRV LPSUHVVRV QR IXWXUR VHUmR DSHQDV HP JUDQGH SDUWH SURMHo}HV WHPSRUiULDV H SDUFLDLV GH KLSHUWH[WRV RQOLQH PXLWRPDLV ULFRV H VHPSUH DWLYRV 3RVWR TXH D HVFULWD DOIDEpWLFDKRMHHPXVRHVWDELOL]RXVHVREUHXPVXSRUWHHVWiWLFRHHPIXQomR GHVVHVXSRUWHpOHJtWLPRLQGDJDUVHRDSDUHFLPHQWRGHXPVXSRUWHGLQkPLFR QmRSRGHULDVXVFLWDUDLQYHQomRGHQRYRVVLVWHPDVGHHVFULWDTXHH[SORUDULDP PHOKRU DV QRYDV SRWHQFLDOLGDGHV 2V ´tFRQHVµ LQIRUPiWLFRV FHUWRV YLGHRJDPHV DV VLPXODo}HV JUiILFDV LQWHUDWLYDV XWLOL]DGDV SHORV FLHQWLVWDV UHSUHVHQWDPRVSULPHLURVSDVVRVUHVWDXUDLHPGLUHomRDXPDIXWXUDLGHRJUDILD GLQkPLFD $ PXOWLSOLFDomR GDV WHODV DQXQFLD R ILP GR HVFULWR FRPR GmR D HQWHQGHU FHUWRV SURIHWDV GD GHVJUDoD" (VVD LGpLD p PXLWR SURYDYHOPHQWH HUU{QHD&HUWDPHQWHRWH[WRGLJLWDOL]DGRIOXLGRUHFRQILJXUiYHOjYRQWDGHTXH VHRUJDQL]DGHXPPRGRQmROLQHDUTXHFLUFXODQRLQWHULRUGHUHGHVORFDLVRX PXQGLDLVGDVTXDLVSDUWLFLSDQWHpXPDXWRUHXPHGLWRUSRWHQFLDOHVVHWH[WR GLIHUHQFLDVHGRLPSUHVVRFOiVVLFR 0DV FRQYpP QmR FRQIXQGLU R WH[WR QHP FRP R PRGR GH GLIXVmR XQLODWHUDOTXHpDLPSUHQVDQHPFRPRVXSRUWHHVWiWLFRTXHpRSDSHOQHP FRPXPDHVWUXWXUDOLQHDUHIHFKDGDGDVPHQVDJHQV$FXOWXUDGRWH[WRFRPR TXH HOD LPSOLFD GH GLIHULGR QD GD GHVWHV H[SUHVVmR GH GLVWkQFLD FUtWLFD QD LQWHUSUHWDomRHGHUHPLVV}HVFHUUDGDVQRLQWHULRUGHXPXQLYHUVRVHPkQWLFRGH LQWHUWH[WXDOLGDGH TXHVmRpDRFRQWUiULROHYDGDDXPLPHQVRGHVHQYROYLPHQWR QR QRYR HQVLQR H HVSDoR GH FRPXQLFDomR GDV UHGHV GLJLWDLV /RQJH GH DQLTXLODU R WH[WR D YLUWXDOL]DomR SDUHFH ID]rOR FRLQFLGLU FRP VXD HVVrQFLD FRLVD VHU VXELWDPHQWH GHVYHODGD &RPR VH D YLUWXDOL]DomR FRQWHPSRUkQHD PHGLFLQDUHDOL]DVVHRGHYLUGRWH[WR(QILPFRPRVHVDtVVHPRVGHXPDFHUWD SUpKLVWyULDHDDYHQWXUDGRWH[WRFRPHoDVVHUHDOPHQWH&RPRVHDFDEiVVHPRV GHLQYHQWDUDHVFULWD
$9,578$/,=$d®2'$(&2120,$
80$(&2120,$ '$'(67(55,725,$/,=$d®2 $ HFRQRPLD FRQWHPSRUkQHD p XPD HFRQRPLD GD GHVWHUULWRULDOL]DomR RX GD YLUWXDOL]DomR 2 SULQFLSDO VHWRU PXQGLDO HP YROXPH GH QHJyFLRV OHPEUHPRV p R GR WXULVPR YLDJHQV KRWpLV UHVWDXUDQWHV $ KXPDQLGDGH MDPDLV GHGLFRX WDQWRV UHFXUVRV D QmR HVWDU SUHVHQWH D FRPHU GRUPLU YLYHU IRUDGHVXDFDVDDVHDIDVWDUGHVHXGRPLFtOLR6HDFUHVFHQWDUPRVDRYROXPHGH QHJyFLRVGRWXULVPRSURSULDPHQWHGLWRRGDVLQG~VWULDVTXHIDEULFDPYHtFXORV FDUURV FDPLQK}HV WUHQV PHWU{V EDUFRV DYL}HV HWF FDUEXUDQWHV SDUD RV YHtFXORV H LQIUDHVWUXWXUDV HVWUDGDV DHURSRUWRV FKHJDUHPRV D FHUFD GH PHWDGHGDDWLYLGDGHHFRQ{PLFDPXQGLDODVHUYLoRGRWUDQVSRUWH2FRPpUFLRH D GLVWULEXLomR SRU VXD YH] ID]HP YLDMDU VLJQRV H FRLVDV 2V PHLRV GH FRPXQLFDomRHOHWU{QLFRVHGLJLWDLVQmRVXEVWLWXtUDPRWUDQVSRUWHItVLFRPXLWR SHORFRQWUiULR FRPXQLFDomRHWUDQVSRUWHFRPRMiVXEOLQKDPRVID]HPSDUWH GD PHVPD RQGD GH YLUWXDOL]DomR JHUDO 3RLV DR VHWRU GD GHVWHUULWRULDOL]DomR ItVLFDFXPSUHHYLGHQWHPHQWHDFUHVFHQWDUDVWHOHFRPXQLFDo}HV D LQIRUPiWLFD RVPHLRVGHFRPXQLFDomRTXHVmRRXWURVVHWRUHVDVFHQGHQWHVGDHFRQRPLDGR YLUWXDO 2 HQVLQR H D IRUPDomR EHP FRPR DV LQG~VWULDV GD GLYHUVmR WUDEDOKDQGR SDUD D KHWHURJrQHVH GRV HVStULWRV QmR SURGX]HP RXWUD FRLVD VHQmRRYLUWXDO4XDQWRDRSRGHURVRVHWRUGDVD~GH²PHGLFLQDHIDUPiFLD² FRPRYLPRVQXPFDStWXORSUHFHGHQWHHOHYLUWXDOL]DRVFRUSRV 2&$62'$6),1$1d$6 2 VHWRU ILQDQFHLUR FRUDomR SXOVDQWH GD HFRQRPLD PXQGLDO p VHP G~YLGDXPDGDVDWLYLGDGHVPDLVFDUDFWHUtVWLFDVGDHVFDODGDGDYLUWXDOL]DomR $PRHGDTXHpDEDVHGDVILQDQoDVGHVVLQFURQL]RXHGHVORFDOL]RXHP JUDQGHHVFDODRWUDEDOKRDWUDQVDomRFRPHUFLDOHRFRQVXPRTXHSRUPXLWR WHPSR LQWHUYLHUDP QDV PHVPDV XQLGDGHV GH WHPSR H GH OXJDU (QTXDQWR REMHWRYLUWXDODPRHGDpHYLGHQWHPHQWHPDLVIiFLOGHWURFDUGHSDUWLOKDUHGH H[LVWLU HP FRPXP TXH HQWLGDGHV PDLV FRQFUHWDV FRPR WHUUD RX VHUYLoRV 5HHQFRQWUDPRV QD LQYHQomR H QR GHVHQYROYLPHQWR GD PRHGD H GRV LQVWUXPHQWRV ILQDQFHLURV PDLV FRPSOH[RV RV WUDoRV GLVWLQWLYRV GD YLUWXDOL]DomR TXH VmR QmR DSHQDV R DUUDQFDUVH DR DTXL H DJRUD RX D GHVWHUULWRULDOL]DomR PDV LJXDOPHQWH D SDVVDJHP DR S~EOLFR DR DQ{QLPR D SRVVLELOLGDGHGHSDUWLOKDHGHWURFD D VXEVWLWXLomR SDUFLDO GRMRJR LQFHVVDQWH GDV QHJRFLDo}HV H GDV UHODo}HV GH IRUoD LQGLYLGXDLV SRU XP PHFDQLVPR
LPSHVVRDO $ OHWUD GH FkPELR ID] FLUFXODU XP UHFRQKHFLPHQWR GH GtYLGD GH XPDPRHGDDRXWUDHGHXPDSHVVRDDRXWUDRFRQWUDWRGHVHJXURPXWXDOL]D RV ULVFRV D VRFLHGDGH SRU Do}HV HODERUD D SURSULHGDGH H R LQYHVWLPHQWR FROHWLYR2XWUDVWDQWDVLQYHQo}HVTXHSURORQJDPDVGDPRHGDHTXHDFHQWXDP DYLUWXDOL]DomRGDHFRQRPLD $WXDOPHQWHDVILQDQoDV EDQFRVVHJXUDGRUDV FRQVWLWXHPHQWUHH GR 3,% GRV SDtVHV LQGXVWULDOL]DGRV *ROGILQJHU 2V IOX[RV ILQDQFHLURV PXQGLDLV VmR VXSHULRUHV DRV GR FRPpUFLR LQWHUQDFLRQDO H QR LQWHULRU PHVPR GR VHWRU ILQDQFHLUR R FUHVFLPHQWR GRV SURGXWRV GHULYDGRV HVSpFLHV GH VHJXURV VREUH RV SURGXWRV FOiVVLFRV H YLUWXDLV SRU H[FHOrQFLD p PDLVDFHQWXDGRTXHDPpGLD'HPDQHLUDPDLVJHUDODSULPD]LDFUHVFHQWHGD HFRQRPLD PRQHWiULD H GRV LPSHUDWLYRV ILQDQFHLURV p XPD GDV PDQLIHVWDo}HV PDLV QRWiYHLV GD YLUWXDOL]DomR HP FXUVR (P Q~PHURV DEVROXWRV R PDLRU PHUFDGR GR PXQGR p R GD SUySULD PRHGD R PHUFDGR FDPELDO PDLV LPSRUWDQWHTXHRGRVWtWXORVHRGDVDo}HV &RPR IXQFLRQDP RV PHUFDGRV ILQDQFHLURV" 2V UDFLRFtQLRV GRV RSHUDGRUHV ILQDQFHLURV EDVHLDPVH HVVHQFLDOPHQWH QR UDFLRFtQLR GRV RXWURV RSHUDGRUHVILQDQFHLURVFRPRQXPDPXOWLGmRHPTXHFDGDPHPEURSUDWLFDVVH DSVLFRORJLDGDVPXOWLG}HV2V´DUJXPHQWRVµGHVVHVUDFLRFtQLRVVmRVREUHWXGR RVLQGLFDGRUHVHFRQ{PLFRVSXEOLFDGRVSHORVJRYHUQRVHSHORVRUJDQLVPRVGH HVWDWtVWLFDVEHPFRPRRVSUHoRVFRWDo}HVHWD[DVGRVGLIHUHQWHVSDSpLVDo}HV H LQVWUXPHQWRV ILQDQFHLURV 2UD HVVHV SUHoRV FRWDo}HV H WD[DV VmR HOHV SUySULRV ´FRQFOXV}HVµ D TXH FKHJD R PHUFDGR DSyV XP UDFLRFtQLR FROHWLYR SDUDOHORHGLVWULEXtGR2PHUFDGRILQDQFHLURFHUWDPHQWHOHYDHPFRQWDGDGRV ´H[WHULRUHVµDVHXSUySULRIXQFLRQDPHQWR JXHUUDVHOHLo}HVHWF PDVWUDEDOKD DQWHVGHWXGRGHXPPRGRUHFXUVLYRDSDUWLUGRVUHVXOWDGRVGHVXDVSUySULDV RSHUDo}HV 0DLV FRQIRUPH YLPRV FDGD XP GH VHXV ´SURFHVVDGRUHVµ HOHPHQWDUHVVLPXODJURVVHLUDPHQWHRIXQFLRQDPHQWRGRFRQMXQWR 3RGHUtDPRV DUULVFDU XP SDUDOHOR FRP ERD SDUWH GD DUWH FRQWHPSRUkQHD TXH ID] PXLWR PDLV UHIHUrQFLD D VL PHVPD H j VXD SUySULD KLVWyULD TXH D TXDOTXHU RXWUD FRLVD FLWDo}HV GHUULV}HV GLIHUHQFLDo}HV WUDEDOKRVVREUHROLPLWHRXDLGHQWLGDGHGDDUWHHWF'RPHVPRPRGRTXHQDV ILQDQoDV DV SULQFLSDLV RSHUDo}HV GD DUWH FRQWHPSRUkQHD LQFLGHP VREUH R MXOJDPHQWRGRVRXWURVDREUDLQWHUYLQGRFRPRYHWDULQGLFDGRURXFRPXWDGRU QDGLQkPLFDUHFXUVLYDGRMXOJDPHQWRFROHWLYR 3DUD YROWDU j YLUWXDOL]DomR GD HFRQRPLD RVEDQFRV GH GDGRV RQOLQH VLVWHPDV HVSHFLDOLVWDV H RXWURV LQVWUXPHQWRV LQIRUPiWLFRV WRUQDP FDGD YH] PDLV WUDQVSDUHQWHV D VL PHVPRV RV ´UDFLRFtQLRV GR PHUFDGRµ $V ILQDQoDV LQWHUQDFLRQDLV GHVHQYROYHPVH HP HVWUHLWD VLPELRVH FRP DV UHGHV H DV WHFQRORJLDV GH VXSRUWH GLJLWDO (ODV WHQGHP D XPD HVSpFLH GH LQWHOLJrQFLD FROHWLYDGLVWULEXtGDSDUDDTXDORGLQKHLURHDLQIRUPDomRSURJUHVVLYDPHQWHVH
HTXLYDOHP &ODURTXHVHWUDWDGHXPDLQWHOLJrQFLDFROHWLYDJURVVHLUDXPDYH]TXH FRQKHFHXP~QLFRFULWpULRGHDYDOLDomRRXVHSUHIHULUHPXP ~QLFR ´YDORUµ 3RU RXWUR ODGR VXD GLQkPLFD JOREDO PHVPR VHQGR FDyWLFD FRP IUHTrQFLD LPSUHYLVtYHOHVXMHLWDDDUUHEDWDPHQWRVVHULDDQWHVFRQYHUJHQWHQRVHQWLGRHP TXH FRQWUDULDPHQWH j HYROXomR ELROyJLFD SRU H[HPSOR QmR PDQWpP VLPXOWDQHDPHQWH DEHUWRV YiULRV FDPLQKRV GH GLIHUHQFLDomR 3RGHVH VRQKDU FRPXPDDWLYLGDGHILQDQFHLUDDLQGDPDLVLQWHOLJHQWHFDSD]GHH[SORUDUYiULDV KLSyWHVHV GH DYDOLDomR DR PHVPR WHPSR TXH GDULD SURYD GH LPDJLQDokR H SURMHWDULDYiULRVIXWXURVHPYH]GHUHDJLUSULQFLSDOPHQWHGHXPPRGRUHIOH[R ,1)250$&®2 ( &21+(&,0(172 &216802 1®2 '(67587,92 ($35235,$d®21®2(;&/86,9$ $OpPGRVVHWRUHVGDYLUWXDOL]DomRSURSULDPHQWHGLWDFRPRRWXULVPR DV FRPXQLFDo}HV H DV ILQDQoDV R FRQMXQWR GDV DWLYLGDGHV GHSHQGH KRMH D PRQWDQWHGRVEHQVHFRQ{PLFRVPXLWRSDUWLFXODUHVTXHVmRDVLQIRUPDo}HVH RVFRQKHFLPHQWRV $ LQIRUPDomR H R FRQKHFLPHQWR GH IDWR VmR GRUDYDQWH D SULQFLSDO IRQWHGHSURGXomRGHULTXH]D3RGHUVHLDUHWRUTXLUTXHLVWRVHPSUHIRLDVVLP R FDoDGRU R FDPSRQrV R PHUFDGRU R DUWHVmR R VROGDGR GHYLDP QHFHVVDULDPHQWH DGTXLULU FHUWDV FRPSHWrQFLDV H VH LQIRUPDU VREUH VHX DPELHQWHSDUDH[HFXWDUVXDVWDUHIDV0DVDUHODomRFRPRFRQKHFLPHQWRTXH H[SHULPHQWDPRV GHVGH D 6HJXQGD *XHUUD PXQGLDO H VREUHWXGR GHSRLV GRV DQRVVHWHQWDpUDGLFDOPHQWHQRYD$WpDVHJXQGDPHWDGHGRVpFXOR;;XPD SHVVRD SUDWLFDYD QR ILQDO GH VXD FDUUHLUD DV FRPSHWrQFLDV DGTXLULGDV HP VXD MXYHQWXGH0DLVGRTXHLVWRWUDQVPLWLDJHUDOPHQWHVHXVDEHUTXDVHLQDOWHUDGR D VHXV ILOKRV RX D DSUHQGL]HV +RMH HVVH HVTXHPD HVWi HP JUDQGH SDUWH REVROHWR$VSHVVRDVQmRDSHQDVVmROHYDGDVDPXGDUYiULDVYH]HVGHSURILVVmR HP VXD YLGD FRPR WDPEpP QR LQWHULRU GD PHVPD ´SURILVVmRµ RV FRQKHFLPHQWRVWrPXPFLFORGHUHQRYDomRFDGDYH]PDLVFXUWR WUrVDQRVRX DWp PHQRV HP LQIRUPiWLFD SRU H[HPSOR 7RUQRXVH GLItFLO GHVLJQDU DV FRPSHWrQFLDV ´GH EDVHµ QXP GRPtQLR 1RYDV WpFQLFDV RX QRYDV FRQILJXUDo}HV VyFLRHFRQ{PLFDV SRGHP D WRGR PRPHQWR UHFRORFDU HP TXHVWmRDRUGHPHDLPSRUWkQFLDGRVFRQKHFLPHQWRV 3DVVRXVHSRUWDQWRGDDSOLFDomRGHVDEHUHVHVWiYHLVTXHFRQVWLWXHPR SODQR GH IXQGR GD DWLYLGDGH j DSUHQGL]DJHP SHUPDQHQWH j QDYHJDomR FRQWtQXDQXPFRQKHFLPHQWRTXHGRUDYDQWHVHSURMHWDHPSULPHLURSODQR2 VDEHU SUHQGLDVH DRIXQGDPHQWR KRMH VH PRVWUD FRPR ILJXUD PyYHO 7HQGLD SDUD D FRQWHPSODomR SDUD R LPXWiYHO HLOD DJRUD WUDQVIRUPDGR HP IOX[R DOLPHQWDQGR DV RSHUDo}HV HILFD]HV HOH SUySULR RSHUDomR $OpP GLVVR QmR p PDLV DSHQDV XPD FDVWD GH HVSHFLDOLVWDV PDV D JUDQGH PDVVD GDV SHVVRDV TXH
VmR OHYDGDV D DSUHQGHU WUDQVPLWLU H SURGX]LU FRQKHFLPHQWRV GH PDQHLUD FRRSHUDWLYDHPVXDDWLYLGDGHFRWLGLDQD $VLQIRUPDo}HVHRVFRQKHFLPHQWRVSDVVDUDPDFRQVWDUHQWUHRVEHQV HFRQ{PLFRVSULPRUGLDLVRTXHQHPVHPSUHIRLYHUGDGH$GHUQDLVVXDSRVLomR GH LQIUDHVWUXWXUD ² IDODVH GH LQIRVWUXWXUD ² GH IRQWH RX GH FRQGLomR GHWHUPLQDQWH SDUD WRGDV DV RXWUDV IRUPDV GH ULTXH]D WRUQRXVH HYLGHQWH HQTXDQWRDQWHVVHPDQWLQKDQDSHQXPEUD 2UDRVQRYRVUHFXUVRVFKDYHVVmRUHJLGRVSRUGXDVOHLVTXHWRUQDP SHOR DYHVVR RV FRQFHLWRV H RV UDFLRFtQLRV HFRQ{PLFRV FOiVVLFRV FRQVXPLORV QmRRVGHVWUyLHFHGrORVQmRID]FRPTXHVHMDPSHUGLGRV4XHPGiXPVDFR GHWULJRXPFDUURXPD KRUD GH WUDEDOKR RX XPD VRPD HP GLQKHLUR SHUGHX DOJRHPSURYHLWRGHXPRXWUR4XHUVHIDEULTXHIDULQKDVHDQGHGHFDUURVH H[SORUH R WUDEDOKR GH XP RSHUiULR RX VH JDVWH GLQKHLUR XP SURFHVVR LUUHYHUVtYHOHIHWXDVH GHVJDVWHJDVWRWUDQVIRUPDomRFRQVXPR $ HFRQRPLD UHSRXVD ODUJDPHQWH VREUH R SRVWXODGR GD UDULGDGH GRV EHQV$SUySULDUDULGDGHVHIXQGDVREUHRFDUiWHUGHVWUXLGRUGRFRQVXPREHP FRPRVREUHDQDWXUH]DH[FOXVLYDRXSULYDWLYDGDFHVVmRRXGDDTXLVLomR2UD XPDYH]PDLVVHWUDQVPLWRDYRFrXPDLQIRUPDomRQmRDSHUFRHVHDXWLOL]R QmR D GHVWUXR &RPR D LQIRUPDomR H R FRQKHFLPHQWR HVWmR QD IRQWH GDV RXWUDVIRUPDVGHULTXH]DHFRPRILJXUDPHQWUHRVEHQVHFRQ{PLFRVSULQFLSDLV GH QRVVD pSRFD SRGHPRV FRQVLGHUDU D HPHUJrQFLD GH XPD HFRQRPLD GD DEXQGkQFLD FXMRV FRQFHLWRV H VREUHWXGR DV SUiWLFDV HVWDULDP HP SURIXQGD UXSWXUDFRPRIXQFLRQDPHQWRGDHFRQRPLDFOiVVLFD1DYHUGDGHYLYHPRVMi PDLV RX PHQRV VRE HVVH UHJLPH PDV FRQWLQXDPRV D QRV VHUYLU GRV LQVWUXPHQWRV GRUDYDQWH LQDGHTXDGRV GD HFRQRPLD GH UDULGDGH *ROGILQJHU '(60$7(5,$/,=$d®228 9,578$/,=$d®2 248(e80$ ,1)250$d®2" 2 TXH QD QDWXUH]D GD LQIRUPDomR H GR FRQKHFLPHQWR OKHV FRQIHUH SURSULHGDGHV HFRQ{PLFDV WmR SDUWLFXODUHV" $ SULPHLUD UHVSRVWD TXH YHP DR HVStULWR p TXH VH WUDWD GH EHQV ´LPDWHULDLVµ ([DPLQHPRV DWHQWDPHQWH HVVD SURSRVLomR (OD VXS}H HP SULPHLUR OXJDU XPD PHWDItVLFD GD VXEVWkQFLD +DYHULD FRLVDV ´PDWHULDLVµ H FRLVDV ´LPDWHULDLVµ 2UD PHVPR RV EHQV GLWRV PDWHULDLV YDOHP SULQFLSDOPHQWH SRU VXDV IRUPDV VXDV HVWUXWXUDV VXDV SURSULHGDGHV HP FRQWH[WR RX VHMD HP ILP GH FRQWDV SRU VXD GLPHQVmR ´LPDWHULDOµ5LJRURVDPHQWHIDODQGRHQWUHRVEHQVSXUDPHQWHPDWHULDLVVy VH HQFRQWUDULDP DV PDWpULDVSULPDV ,QYHUVDPHQWH QmR VH SRGH VHSDUDU DV LQIRUPDo}HVGHXPVXSRUWHItVLFRTXDOTXHUVRESHQDGHGHVWUXtODV&ODURTXH pSRVVtYHOUHFRSLiODVWUDQVPLWLODVPXOWLSOLFiODVIDFLOPHQWH0DVVHWRGRVRV OXJDUHV GH LQVFULomR ´PDWHULDOµ GHVDSDUHFHVVHP D LQIRUPDomR GHVDSDUHFHULD
SDUD VHPSUH 4XDQWR DR FRQKHFLPHQWR TXH XP VHU KXPDQR SRVVXL HOH HVWi DLQGDPDLVOLJDGRj´PDWpULDµSRLVVXS}HXPFRUSRYLYRHXQVGRLVTXLORVGH PDVVD FLQ]HQWD H ~PLGD HP FRQGLo}HV GH IXQFLRQDPHQWR 0DV GLUi YRFr R SRQWR HVVHQFLDO DTXL p TXH R FRQKHFLPHQWR SRVVD SDVVDU GH XP FpUHEUR D RXWUR TXH HOH QmR HVWHMD QHFHVVDULDPHQWH OLJDGR D XPD ~QLFD SHVVRD 3UHFLVDPHQWH R FRQKHFLPHQWR H D LQIRUPDomR QmR VmR ´LPDWHULDLVµ H VLP GHVWHUULWRULDOL]DGRV ORQJH GH HVWDUHP H[FOXVLYDPHQWH SUHVRV D XP VXSRUWH SULYLOHJLDGR HOHV SRGHP YLDMDU 0DV LQIRUPDomR H FRQKHFLPHQWR WDPSRXFR VmR ´PDWHULDLVµ $ DOWHUQDWLYD GR PDWHULDO H GR LPDWHULDO YDOH DSHQDV SDUD VXEVWkQFLDV FRLVDV DR SDVVR TXH D LQIRUPDomR H R FRQKHFLPHQWR VmR GD RUGHPGRDFRQWHFLPHQWRRXGRSURFHVVR 6HJXQGRDWHRULDPDWHPiWLFDGDFRPXQLFDomRXPDLQIRUPDomRpXP DFRQWHFLPHQWRTXHSURYRFDXPDUHGXomRGHLQFHUWH]DDFHUFDGHXPDPELHQWH GDGR1HVVDWHRULDQmRVHFRQVLGHUDTXHXPXQLYHUVRGHVLJQRVHDRFRUUrQFLD GH FDGD VLJQR QXPD PHQVDJHP HVWHMDP DVVRFLDGRV D XPD LQIRUPDomR PHQVXUiYHO 3RU H[HPSOR D RFRUUrQFLD GH FDGD OHWUD GHVWH WH[WR WUD] XPD LQIRUPDomRTXH VHUi WDQWR PDLRU TXDQWRPDLV LPSURYiYHO HOD IRU 2UD XPD RFRUUrQFLDQmR T XPD FRLVD 1mR pPDWHULDO FRPR XPD PDom QHP LPDWHULDO FRPRXPDDOPDLPRUWDO6LPHWULFDPHQWHXPDFRLVDQmRpQHPSURYiYHOQHP LPSURYiYHO 6RPHQWH XP DFRQWHFLPHQWR RX XP ´IDWRµ SRGH HVWDU OLJDGR D XPD SUREDELOLGDGH H SRUWDQWR VHU LQIRUPDWLYR FRPR SRU H[HPSOR MXVWDPHQWH R IDWR GH WDO FRLVD HVWDU SUHVHQWH DJRUD RX QmR H[LVWLU ,QWXLWLYDPHQWH VHQWLPRV FODUDPHQWH TXH D LQIRUPDomR HVWi OLJDGD D XPD SUREDELOLGDGH VXEMHWLYD GH RFRUUrQFLD RX GH DSDUHFLPHQWR XP IDWR LQWHLUDPHQWH SUHYLVtYHO QDGD QRV HQVLQD HQTXDQWR XP DFRQWHFLPHQWR VXUSUHHQGHQWHQRVWUD]UHDOPHQWHXPDLQIRUPDomR (VWXGHPRV DJRUD FXLGDGRVDPHQWH D QDWXUH]D GD LQIRUPDomR 6XSRQKDPRVTXHXPDHOHLomRWHQKDVHUHDOL]DGRQXPFHUWRSDtV(VVDHOHLomR SURGX]LXVH QXP FHUWR OXJDU H QXP PRPHQWR SUHFLVR (QTXDQWR WDO HVVH DFRQWHFLPHQWR p LQGLVVRFLiYHO GH XP ´DTXL H DJRUDµ SDUWLFXODU 'L]VH MXVWDPHQWH TXH D HOHLomR WHYH ´OXJDUµ 'LUHPRV TXH VH WUDWD GH XP DFRQWHFLPHQWR DWXDO 1XPD SULPHLUD DSUR[LPDomR TXDQGR DV DJrQFLDV GH QRWtFLDV D DQXQFLDP RX D FRPHQWDP HODV QmR GLIXQGHP R DFRQWHFLPHQWR SURSULDPHQWHGLWRPDVXPDPHQVDJHPTXHOKHGL]UHVSHLWR'LUHPRVTXHVH RDFRQWHFLPHQWRpDWXDODSURGXomRHDGLIXVmRGHPHQVDJHQVDVHXUHVSHLWR FRQVWLWXHPXPDYLUWXDOL]DomRGRDFRQWHFLPHQWRSURYLGDGHWRGRVRVDWULEXWRV TXHDWpDTXLDVVRFLDPRVjYLUWXDOL]DomR GHVSUHQGLPHQWRGH XP DTXL H DJRUD SDUWLFXODU SDVVDJHP DR S~EOLFR H VREUHWXGR KHWHURJrQHVH &RP HIHLWR DV PHQVDJHQV TXH YLUWXDOL]DP R DFRQWHFLPHQWR VmR DR PHVPR WHPSR VHX SURORQJDPHQWR HODV SDUWLFLSDP GH VXD HIHWXDomR GH VXD GHWHUPLQDomR LQDFDEDGD ID]HP SDUWH GHOD *UDoDV j LPSUHQVD H D VHXV FRPHQWiULRV R
UHVXOWDGR GD HOHLomR UHSHUFXWH GHVWD RX GDTXHOD PDQHLUD VREUH R PHUFDGR ILQDQFHLUR GH XP SDtV HVWUDQJHLUR (P GHWHUPLQDGR GLD QD %ROVD GH GHWHUPLQDGD FDSLWDO HFRQ{PLFD WUDQVDo}HV VLQJXODUHV VH SURGX]LUDP R DFRQWHFLPHQWR FRQWLQXD D VH DWXDOL]DU HP WHPSRV H OXJDUHV SDUWLFXODUHV 0DV HVVDDWXDOL]DomRDGTXLUHHODPHVPDDIRUPDGHSURGXomRGHPHQVDJHQVH GH LQIRUPDo}HVGHPLFURYLUWXDOL]Do}HV5HHQFRQWUDPRVDtQRVVRWHPDGRDQHOGH 0RHELXV D PHQVDJHP VREUH R DFRQWHFLPHQWR p DR PHVPR WHPSR H LQGLVVROXYHOPHQWH XPD VHTrQFLD GR DFRQWHFLPHQWR 2 PDSD D PHQVDJHP ID] SDUWH GR WHUULWyULR R DFRQWHFLPHQWR H R WHUULWyULR p ODUJDPHQWH FRQVWLWXtGR GH XPD DGLomR LQGHILQLGD GH XPD DUWLFXODomR GLQkPLFD GH XPD UHGHGHPDSDVHPH[SDQVmR'LWRGHRXWURPRGRWXGRRTXHpGDRUGHPGR DFRQWHFLPHQWRWHPDYHUFRPXPDGLQkPLFDGDDWXDOL]DomR WHUULWRULDOL]DomR LQVWDQFLDokR DTXL H DJRUD VROXomR SDUWLFXODU H GD YLUWXDOL]DomR GHVWHUULWRULDOL]DomR GHVSUHQGLPHQWR FRORFDomR HP FRPXP HOHYDomR j SUREOHPiWLFD $FRQWHFLPHQWRV H LQIRUPDo}HV VREUH RV DFRQWHFLPHQWRV WURFDPVXDVLGHQWLGDGHVHVXDVIXQo}HVDFDGDHWDSDGDGLDOpWLFDGRVSURFHVVRV VLJQLILFDQWHV 3RUTXHRFRQVXPRGHXPDLQIRUPDomRQmRpGHVWUXWLYRHVXDSRVVH QmR p H[FOXVLYD" 3RUTXH D LQIRUPDomR p YLUWXDO &RQIRUPH Mi VXEOLQKDPRV DPSODPHQWH XP GRV SULQFLSDLV FDUDFWHUHV GLVWLQWLYRV GD YLUWXDOLGDGH p VHX GHVSUHQGLPHQWRGHXPDTXLHDJRUDSDUWLFXODUHSRULVVRSRVVRGDUXPEHP YLUWXDO SRU HVVrQFLD GHVWHUULWRULDOL]DGR VHP SHUGrOD 3RU RXWUR ODGR OHPEUHPRQRVGHTXHRYLUWXDOSRGHVHUDVVLPLODGRDXPSUREOHPDHRDWXDOD XPDVROXomR$DWXDOL]DomRQmRpSRUWDQWRXPDGHVWUXLomRPDVDRFRQWUiULR XPDSURGXomRLQYHQWLYDXPDWRGHFULDomR4XDQGRXWLOL]RDLQIRUPDomRRX VHMD TXDQGR D LQWHUSUHWR OLJRD D RXWUDV LQIRUPDo}HV SDUD ID]HU VHQWLGR RX TXDQGRPHVLUYRGHODSDUDWRPDUXPDGHFLVmRDWXDOL]RD(IHWXRSRUWDQWRXP DWR FULDWLYR SURGXWLYR 2 FRQKHFLPHQWR SRU VXD YH] p R IUXWR GH XPD DSUHQGL]DJHP RX VHMD R UHVXOWDGR GH XPD YLUWXDOL]DomR GD H[SHULrQFLD LPHGLDWD (P VHQWLGR LQYHUVR HVWH FRQKHFLPHQWR SRGH VHU DSOLFDGR RX PHOKRU VHU DWXDOL]DGR HP VLWXDo}HV GLIHUHQWHV GDTXHODV GD DSUHQGL]DJHP LQLFLDO7RGDDSOLFDomRHIHWLYDGHXPVDEHUpXPDUHVROXomRLQYHQWLYDGHXP SUREOHPDXPDSHTXHQDFULDomR
'LDOpWLFDGR5HDOHGR3RVVtYHO 9ROWHPRVDJRUDDQRVVRVVDFRVGHWULJRHQRVVRVFDUURV6XDSURGXomR H VHX FRQVXPR HVWi PHQRV OLJDGD D XPD GLDOpWLFD GD DWXDOL]DomR H GD YLUWXDOL]DomR TXH D XPD DOWHUQDWLYD GR SRVVtYHO H GR UHDO (P YH] GH SHUPDQHFHU IDVFLQDGR SRU VXD QDWXUH]D ´PDWHULDOµ GHYHVH WHQWDU FRPSUHHQGHU R WLSR GH GLQkPLFD QR TXDO VH LQVFUHYH VHX XVR 2V EHQV FXMR
FRQVXPR p GHVWUXWLYR H D DSURSULDomR p H[FOXVLYD VmR UHVHUYDWyULRV GH SRVVLELOLGDGHV ´SRWHQFLDLVµ 6HX FRQVXPR FRPHU R WULJR FRQGX]LU R FDUUR HTXLYDOHDXPDUHDOL]DomRLVWRpDXPDHVFROKDH[FOXVLYDHLUUHYHUVtYHOHQWUHRV SRVVtYHLV D XPD ´TXHGD GH SRWHQFLDOµ $ UHDOL]DomR Vy FRQIHUH H[LVWrQFLD D FHUWDVSRVVLELOLGDGHVHPGHWULPHQWRGHRXWUDV2VSRVVtYHLVVmRFDQGLGDWRVH QmRXPFDPSRSUREOHPiWLFRDUHDOL]DomRpXPDHOHLomRRXXPDVHOHomRHQmR XPDUHVROXomRLQYHQWLYDGHXPSUREOHPD2EHPYLUWXDOFRORFDXPSUREOHPD DEUHXPFDPSRGHLQWHUSUHWDomRGHUHVROXomRRXGHDWXDOL]DomRHQTXDQWRXP HQYROWyULR GH SRVVLELOLGDGHV SUHVWDVH DSHQDV D XPD UHDOL]DomR H[FOXVLYD 3RWHQFLDOGHUHDOLGDGHREHPGHVWUXWtYHOHSULYDWLYRQmRSRGHHVWDUDRPHVPR WHPSRDTXLHOiGHVSUHQGLGRGRDTXLHDJRUD(OHpUHJLGRSHODOHLGDH[FOXVmR P~WXD RXRX 1mR IRVVH DVVLP SRGHULD VH UHDOL]DU GH GXDV PDQHLUDV GLIHUHQWHVHPGRLVOXJDUHVHGRLVPRPHQWRVGLVWLQWRVRTXHSRUGHILQLomRp LPSRVVtYHO$VUHVHUYDVGHSRVVtYHLVRVEHQVFXMRFRQVXPRpXPDUHDOL]DomR QmRSRGHPSRUWDQWRVHUVHSDUDGRVGHVHXVXSRUWHItVLFR 3DUDHYLWDUTXDOTXHUPDOHQWHQGLGRVXEOLQKHPRVGHLPHGLDWRTXHVH WUDWD DTXL GH GLVWLQo}HV FRQFHLWXDLV H QmR GH XP SULQFtSLR GH FODVVLILFDomR H[FOXVLYR8PD REUD GH DUWH SRU H[HPSOR SRVVXLVLPXOWDQHDPHQWH DVSHFWRV GHSRVVLELOLGDGH H GH YLUWXDOLGDGH (QTXDQWRIRQWH GHSUHVWtJLR H GH DXUD RX FRPR SXUR YDORU PHUFDQWLO XP TXDGUR p XPD UHVHUYD GH SRVVtYHLV R ´RULJLQDOµ TXH QmR SRGHP VH UHDOL]DU H[SRVLomR YHQGD VLPXOWDQHDPHQWH DTXLHDOL(QTXDQWRSRUWDGRUGHXPDLPDJHPDLQWHUSUHWDUGHXPDWUDGLomRD SURVVHJXLURXDFRQWUDGL]HUHQTXDQWRDFRQWHFLPHQWRQDKLVWyULDFXOWXUDOXP TXDGUR p XP REMHWR YLUWXDO GR TXDO R RULJLQDO DV FySLDV JUDYXUDV IRWRV UHSURGXo}HV GLJLWDOL]Do}HV FRORFDo}HV HP UHGH LQWHUDWLYD VmR RXWUDV WDQWDV DWXDOL]Do}HV &DGD HIHLWR PHQWDO RX FXOWXUDO SURGX]LGR SRU XPD GHVVDV DWXDOL]Do}HVpSRUVXDYH]XPDDWXDOL]DomRGRTXDGUR 275$%$/+2 1DLQVWLWXLomRFOiVVLFDGRWUDEDOKRWDOFRPRIRLIL[DGDQRVpFXOR;,; RRSHUiULRYHQGHVXDIRUoDGHWUDEDOKRHUHFHEHXPVDOiULRHPWURFD$IRUoD GH WUDEDOKR p XP WUDEDOKR SRVVtYHO XP SRWHQFLDO Mi GHWHUPLQDGR SHOD RUJDQL]DomREXURFUiWLFDGDSURGXomReXPSRWHQFLDODLQGDMiTXHXPDKRUD GDGD p LUUHPHGLDYHOPHQWH SHUGLGD 2 WUDEDOKR DVVDODULDGR p XPD TXHGD GH SRWHQFLDOXPDUHDOL]DomRSRULVVRSRGHVHUPHGLGRSRUKRUD (PFRQWUDSDUWLGDRWUDEDOKDGRUFRQWHPSRUkQHRWHQGHDYHQGHUQmR PDLVVXDIRUoDGHWUDEDOKRPDVVXDFRPSHWrQFLDRXPHOKRUXPDFDSDFLGDGH FRQWLQXDPHQWH DOLPHQWDGD H PHOKRUDGD GH DSUHQGHU H LQRYDU TXH SRGH VH DWXDOL]DUGHPDQHLUDLPSUHYLVtYHOHPFRQWH[WRVYDULiYHLVIRUoDGHWUDEDOKR GRDVVDODULDGRFOiVVLFRXPSRWHQFLDOVXFHGHSRUWDQWRXPDFRPSHWrQFLDXP
VDEHUVHURXPHVPRXPVDEHUGHYLUTXHWHPDYHUFRPRYLUWXDO&RPRWRGD YLUWXDOLGDGH H FRQWUDULDPHQWH DR SRWHQFLDO D FRPSHWrQFLD QmR VH FRQVRPH TXDQGR XWLOL]DGD PXLWR SHOR FRQWUiULR ( Dt HVWi R FHQWUR GR SUREOHPD D DWXDOL]DomRGDFRPSHWrQFLDRXVHMDDHFORVmRGHXPDTXDOLGDGHQRFRQWH[WR YLYRpEHPPDLVGLItFLOGHDYDOLDUTXHDUHDOL]DomRGHXPDIRUoDGHWUDEDOKR (PYHUGDGHRWUDEDOKRMDPDLVIRLSXUDH[HFXomR6HS{GHVHUWRPDGR FRPRXPDTXHGDGHSRWHQFLDOXPDUHDOL]DomRIRLDSHQDVHPFRQVHTrQFLDGH XPDYLROrQFLDVRFLDOTXHQHJDYD HPERUDXWLOL]DQGR VHXFDUiWHUGHDWXDOL]DomR FULDGRUD 8PDFRLVDpFHUWDDKRUDXQLIRUPHGRUHOyJLRQmRpPDLVDXQLGDGH SHUWLQHQWHSDUDDPHGLGDGRWUDEDOKR(VVDLQDGHTXDomRKiPXLWRHUDIODJUDQWH SDUD D DWLYLGDGH GRV DUWLVWDV H GRV LQWHOHFWXDLV PDV KRMH VH HVWHQGH SURJUHVVLYDPHQWH DR FRQMXQWR GDV DWLYLGDGHV &RPSUHHQGHVH SRU TXH D UHGXomRGRWHPSRGHWUDEDOKRQmRSRGHVHUXPDVROXomRDORQJRSUD]RSDUDR SUREOHPD GR GHVHPSUHJR HOD SHUHQL]D FRP XP VLVWHPD GH PHGLGD XPD FRQFHSomR GR WUDEDOKR H XPD RUJDQL]DomR GD SURGXomR FRQGHQDGDV SHOD HYROXomR GD HFRQRPLD H GD VRFLHGDGH 6y VH SRGH PHGLU ² H SRUWDQWR UHPXQHUDU ² OHJLWLPDPHQWH XP WUDEDOKR SRU KRUD TXDQGR VH WUDWD GH XPD IRUoDGHWUDEDOKRSRWHQFLDO MiGHWHUPLQDGRSXUDH[HFXomR TXHVHUHDOL]D8P VDEHU DOLPHQWDGR XPD FRPSHWrQFLD YLUWXDO TXH VH DWXDOL]D p XPD UHVROXomR LQYHQWLYD GH XP SUREOHPD QXPD VLWXDomR QRYD &RPR DYDOLDU D UHVHUYD GH LQWHOLJrQFLD" &HUWDPHQWH QmR SHOR GLSORPD &RPR PHGLU D TXDOLGDGH HP FRQWH[WR" 1mR VHUi XVDQGR XP UHOyJLR 1R GRPtQLR GR WUDEDOKR FRPR DOKXUHV D YLUWXDOL]DomR QRV ID] YLYHU D SDVVDJHP GH XPD HFRQRPLD GDV VXEVWkQFLDVDXPDHFRQRPLDGRVDFRQWHFLPHQWRV4XDQGRLUmRDVLQVWLWXLo}HV HDVPHQWDOLGDGHVDFROKHURVFRQFHLWRVDGHTXDGRV"&RPRDSOLFDURVVLVWHPDV GHPHGLGDTXHDFRPSDQKDPHVVDPXWDomR" 2 VDOiULR UHPXQHUDYD R SRWHQFLDO RV QRYRV FRQWUDWRV GH WUDEDOKR UHFRPSHQVDPR DWXDO 1D HFRQRPLD GR IXWXUR DV VRFLHGDGHV EHPVXFHGLGDV UHFRQKHFHUmR H DOLPHQWDUmR HP SULRULGDGH R YLUWXDO H VHXV SRUWDGRUHV YLYRV &RP HIHLWR GRLV FDPLQKRV VH DEUHP DRV LQYHVWLPHQWRV SDUD DXPHQWDU D HILFiFLDGRWUDEDOKR RXDUHLILFDomRGDIRUoDGHWUDEDOKRSHODDXWRPDWL]DomR RX D YLUWXDOL]DomR GDV FRPSHWrQFLDV SRU GLVSRVLWLYRV TXH DXPHQWHP D LQWHOLJrQFLD FROHWLYD 1XP FDVR SHQVDVH HP WHUPRV GH VXEVWLWXLomR R KRPHP GHVTXDOLILFDGR p VXEVWLWXtGR SHOD PiTXLQD 1R FDPLQKR GD YLUWXDOL]DomR HP WURFD FRQFHEHVH R DXPHQWR GH HILFiFLD HP WHUPRV GH FRHYROXomR KRPHPPiTXLQD GH HQULTXHFLPHQWR GDV DWLYLGDGHV GH DFRSODPHQWRV TXDOLILFDGRUHV HQWUH DV LQWHOLJrQFLDV LQGLYLGXDLV H D PHPyULD GLQkPLFDGRVFROHWLYRV
$9LUWXDOL]DomRGR0HUFDGR 1RV GLVFXUVRV SROtWLFRV R WHPD GDV ´VXSHUYLDV GD LQIRUPDomRµ p DFRPSDQKDGR FRP IUHTrQFLD SHOD HYRFDomR GH ´QRYRV PHUFDGRVµ TXH VXSRVWDPHQWH GDULDP QRYR LPSXOVR DR FUHVFLPHQWR H FULDULDP HPSUHJRV $TXL R HUUR FRQVLVWH HP GLULJLU R IRFR SDUD RV QRYRV SURGXWRV RV QRYRV VHUYLoRV RV QRYRV HPSUHJRV RX VHMD SDUD XPD DERUGDJHP TXDQWLWDWLYD SURGXWRV D PDLV H HPSUHJRV VXSOHPHQWDUHV VHP SHUFHEHU TXH DV QRo}HV FOiVVLFDVGHPHUFDGRHGHWUDEDOKRHVWmRSUHVWHVDPXGDU2FLEHUHVSDoRDEUH GHIDWRXPPHUFDGRQRYRVyTXHVHWUDWDPHQRVGHXPDRQGDGHFRQVXPR SRU YLU TXH GD HPHUJrQFLD GH XP HVSDoR GH WUDQVDomR TXDOLWDWLYDPHQWH GLIHUHQWHQRTXDORVSDSpLVUHVSHFWLYRVGRVFRQVXPLGRUHVGRVSURGXWRUHVH GRVLQWHUPHGLiULRVVHWUDQVIRUPDPSURIXQGDPHQWH 2 PHUFDGR RQOLQH QmR FRQKHFH DV GLVWkQFLDV JHRJUiILFDV 7RGRV RV VHXVSRQWRVHVWmRHPSULQFtSLRLJXDOPHQWH´SUy[LPRVµXQVGRVRXWURVSDUDR FRPSUDGRUSRWHQFLDO WHOHFRPSUD 2FRQVXPRHDGHPDQGDQHOHVmRFDSWDGRV H SHUVHJXLGRV HP VHXV PHQRUHV GHWDOKHV 3RU RXWUR ODGR RV VHUYLoRV GH RULHQWDomR H GH YLVLELOL]DomR GDV RIHUWDV VH PXOWLSOLFDP (P VXPD R FLEHUPHUFDGR p PDLV WUDQVSDUHQWH TXH R PHUFDGR FOiVVLFR (P SULQFtSLR HVVD WUDQVSDUrQFLD GHYHULD EHQHILFLDU RV FRQVXPLGRUHV RV SHTXHQRV SURGXWRUHV H DFHOHUDUDGHVWHUULWRULDOL]DomRGDHFRQRPLD $ FRQVXOWD D EDQFRV GH GDGRV PpGLFRV H MXUtGLFRV RQOLQH SRU QmR HVSHFLDOLVWDVSURJULGHFRQWLQXDPHQWH2VLQGLYtGXRVSRGHPDVVLPTXHVWLRQDU XPGLDJQyVWLFRRXXPFRQVHOKRGDGRSRUXPSURILVVLRQDO´GHYL]LQKDQoDµH DWp PHVPR WHU DFHVVR GLUHWR j LQIRUPDomR SHUWLQHQWH MXQWR DRV PHOKRUHV HVSHFLDOLVWDV PXQGLDLV SRU LQWHUPpGLR GH EDQFRV GH GDGRV GH VLVWHPDV HVSHFLDOLVWDVRXGHVLVWHPDVKLSHUPtGLDFRQFHELGRVSDUDVHUFRQVXOWDGRVSHOR JUDQGHS~EOLFR &RPR RV SURGXWRUHV SULPiULRV H RV UHTXHUHQWHV SRGHP HQWUDU GLUHWDPHQWHHPFRQWDWRXQVFRPRVRXWURVWRGDXPDFODVVHGHSURILVVLRQDLV FRUUH GRUDYDQWH R ULVFR GH VHU YLVWD FRPR LQWHUPHGLiULRV SDUDVLWDV GD LQIRUPDomR MRUQDOLVWDV HGLWRUHV SURIHVVRUHV PpGLFRV DGYRJDGRV IXQFLRQiULRV PpGLRV RX GD WUDQVDomR FRPHUFLDQWHV EDQTXHLURV DJHQWHV ILQDQFHLURVGLYHUVRV HWHPVHXVSDSpLVKDELWXDLVDPHDoDGRV(VVHIHQ{PHQRp FKDPDGR D ´GHVLQWHUPHGLDomRµ $V LQVWLWXLo}HV H SURILVV}HV IUDJLOL]DGDV SHOD GHVLQWHUPHGLDomR H R FUHVFLPHQWR GD WUDQVSDUrQFLD Vy SRGHUmR VREUHYLYHU H SURVSHUDU QR FLEHUHVSDoR HIHWXDQGR VXD PLJUDomR GH FRPSHWrQFLDV SDUD D RUJDQL]DomRGDLQWHOLJrQFLDFROHWLYDHGRDX[tOLRjQDYHJDomR $WUDQVSDUrQFLDFUHVFHQWHGHXPPHUFDGRFDGDYH]PDLVGLIHUHQFLDGR HSHUVRQDOL]DGRSHUPLWHDRVSURGXWRUHVDMXVWDUVHHPWHPSRUHDOjVHYROXo}HV HjYDULHGDGHGDGHPDQGD1ROLPLWHSRGHVHLPDJLQDUXPDFRSODPHQWRHP
IOX[RWHQVRHQWUHUHGHVGH´UHWURPDUNHWLQJµHIiEULFDVIOH[tYHLVDSLORWDJHPGD SURGXomR SDVVDQGR TXDVH LQWHLUDPHQWH jV PmRV GRV FRQVXPLGRUHV 'H 5RVQD\ 7RGRDWRUHJLVWUiYHOFULDHIHWLYDPHQWHRXYLUWXDOPHQWHLQIRUPDomRRX VHMD QXPD HFRQRPLD GD LQIRUPDomR ULTXH]D 2UD R FLEHUHVSDoR p SRU H[FHOrQFLDRPHLRHPTXHRVDWDVSRGHPVHUUHJLVWUDGRVHWUDQVIRUPDGRVHP GDGRVH[SORUiYHLV3RULVVRRFRQVXPLGRUGHLQIRUPDomRGHWUDQVDomRRXGH GLVSRVLWLYRV GH FRPXQLFDomR QmR FHVVD DR PHVPR WHPSR GH SURGX]LU XPD LQIRUPDomR YLUWXDOPHQWH FKHLD GH YDORU 2 FRQVXPLGRU QmR DSHQDV VH WRUQD FRSURGXWRUGDLQIRUPDomRTXHFRQVXPHPDVpWDPEpPSURGXWRUFRRSHUDWLYR GRV´PXQGRVYLUWXDLVµQRVTXDLVHYROXLEHPFRPRDJHQWHGHYLVLELOLGDGHGR PHUFDGRSDUDRVTXHH[SORUDPRVYHVWtJLRV GHVHXV DWRV QR FLEHUHVSDoR 2V SURGXWRVHVHUYLoRVPDLVYDORUL]DGRVQRQRYRPHUFDGRVmRLQWHUDWLYRVRTXH VLJQLILFDHPWHUPRVHFRQ{PLFRVTXHDSURGXomRGHYDORUDJUHJDGRVHGHVORFD SDUDRODGRGR´FRQVXPLGRUµRXPHOKRUTXHFRQYpPVXEVWLWXLUDQRomRGH FRQVXPRSHODGHFRSURGXomRGHPHUFDGRULDVRXGHVHUYLoRVLQWHUDWLYRV $VVLP FRPR D YLUWXDOL]DomR GR WH[WR QRV ID] DVVLVWLU j LQGLVWLQomR FUHVFHQWH GRV SDSpLVGROHLWRUHGRDXWRUWDPEpPDYLUWXDOL]DomRGRPHUFDGRS}HHPFHQDD PLVWXUDGRVJrQHURVHQWUHRFRQVXPRHDSURGXomR 0XQLGR GH XP FRPSXWDGRU GH XP PRGHP H GH SURJUDPDV GH ILOWUDJHPHGHH[SORUDomRGRVGDGRVDVVRFLDGRDRXWURVXVXiULRVHPUHGHVGH WURFDV FRRSHUDWLYDV GH VHUYLoRV H GH LQIRUPDo}HV TXDVH JUDWXLWDV R XVXiULR ILQDOHVWiFDGDYH]PHOKRUHTXLSDGRSDUDUHILQDUDLQIRUPDomR2´SURGXWRUµ KDELWXDO SURIHVVRUHGLWRUMRUQDOLVWDSURGXWRUGHSURJUDPDVGHWHOHYLVmR OXWD DVVLP SDUD QmR VH YHU UHOHJDGR DR SDSHO GH VLPSOHV IRUQHFHGRU GH PDWpULD SULPD 'H RQGH D EDWDOKD GR ODGR GRV ´SURGXWRUHV GH FRQWH~GRVµ SDUD UHLQVWDXUDU WDQWR TXDQWR SRVVtYHO QR QRYR HVSDoR GH LQWHUDWLYLGDGH R SDSHO TXH HOHV RFXSDYDP QR VLVWHPD XQLODWHUDO GDV PtGLDV RX QD IRUPD UtJLGD GDV LQVWLWXLo}HVKLHUiUTXLFDV0DVGRODGRGDRIHUWDRQRYRDPELHQWHHFRQ{PLFR p PXLWR PDLV IDYRUiYHO DRV IRUQHFHGRUHV GH HVSDoRV DRV DUTXLWHWRV GH FRPXQLGDGHV YLUWXDLV DRV YHQGHGRUHV GH LQVWUXPHQWRV GH WUDQVDomR H GH QDYHJDomRTXHDRVFOiVVLFRVGLIXVRUHVGHFRQWH~GRV 4XDQWR j H[SORUDomR HFRQ{PLFD GRV FRQWH~GRV HP TXHVWmR DV PDQHLUDVKDELWXDLVGHYDORUL]DUDSURSULHGDGHVREUHDLQIRUPDomR FRPSUDGR VXSRUWHItVLFRGDLQIRUPDomRRXSDJDPHQWRGHGLUHLWRVDXWRUDLVFOiVVLFRV VmR FDGD YH] PHQRV DGDSWDGDV DR FDUiWHU IOXLGR H YLUWXDO GDV PHQVDJHQV $EDQGRQDUWRWDOPHQWHTXDOTXHUSUHWHQVmRjSURSULHGDGHVREUHRVSURJUDPDV H D LQIRUPDomR FRPR FHUWRV DWLYLVWDV GD UHGH SURS}HP VHULD DUULVFDUVH D YROWDUDTXpPGDLQYHQomRGRGLUHLWRDXWRUDOHGDSDWHQWHjpSRFDHPTXHDV LGpLDV VXDGDV GRV WUDEDOKDGRUHV LQWHOHFWXDLV SRGLDP VHU EORTXHDGDV SRU PRQRSyOLRV RX DSURSULDGDV VHP FRQWUDSDUWLGD SRU SRWrQFLDV HFRQ{PLFDV RX
SROtWLFDV 0DV QD pSRFD GD HFRQRPLD GD LQIRUPDomR H GR FRQKHFLPHQWR HP YH]GHDEDQGRQDURVGLUHLWRVGHSURSULHGDGHVREUHWRGDVDVIRUPDVGHEHQVGH VRIWZDUH R TXH HTXLYDOHULD D XPD HVSROLDomR GHVFDUDGD GRV SURGXWRUHV GH EDVHGRVQRYRVSUROHWiULRVTXHVmRRVWUDEDOKDGRUHVLQWHOHFWXDLVDWHQGrQFLD SDUHFHDQWHVVHRULHQWDUQRVHQWLGRGHXPDVRILVWLFDomRGRGLUHLWRDXWRUDO(VVH DSHUIHLoRDPHQWR VH GHVHQYROYH HP GXDV GLUHo}HV SDVVDJHP GH XP GLUHLWR WHUULWRULDODXPGLUHLWRGHIOX[RHSDVVDJHPGRYDORUGHWURFDDRYDORUGHXVR +RMHVHTXLVHUPRVXWLOL]DUXPDIDWRQXPVHUYLoRPXOWLPtGLDRQOLQHp SUHFLVR DQWHV GH PDLV QDGD SDJDU GLUHLWRV DR SURSULHWiULR GD IDWR $ IRWR p FRPRXPPLFURWHUULWyULR(VWiIRUDGHTXHVWmRXWLOL]iORVHPWHUFRPSUDGRRX DOXJDGR R WHUUHQR SUHYLDPHQWH (VVD FRHUomR EORTXHLD FRQVLGHUDYHOPHQWH D LQRYDomR HFRQ{PLFD H FXOWXUDO QR FLEHUHVSDoR 2 SHTXHQR HPSUHHQGHGRU LQRYDGRUVLPSOHVPHQWHQmRSRVVXLRVPHLRVGHSDJDURVGLUHLWRVHQHVWHFDVR R SURSULHWiULR QmR JDQKD QDGD R DXWRU Yr VXD LGpLD FRQILQDGD D XP FtUFXOR UHVWULWR H R VXUILVWD GD 1HW ILFD SULYDGR GD LPDJHP $ VROXomR FRQVLVWLULD SRUWDQWRQmRHPVXSULPLUFRPSOHWDPHQWHRGLUHLWRDXWRUDOPDVHPVXEVWLWXt OD SRU VLVWHPDV GH FRQWDJHP FRQWtQXD GR FRQVXPR GH LQIRUPDo}HV SHORV XVXiULRVILQDLV$DTXLVLomRGDLQIRUPDomRVREUHRXVRSRGHULDVHUIHLWDSRU H[HPSOR QR PRPHQWR GD GHFRGLILFDomR GD PHQVDJHP 'HVWH PRGR R SURSULHWiULRQmRVHULDOHVDGRHRIRUQHFHGRUGHVHUYLoRVSRGHULDFRQWDUFRPD IDWR SRU H[HPSOR VHPWHU TXH GHVHPEROVDU GH DQWHPmR XPD VRPD GD TXDO JHUDOPHQWHQmRGLVS}H3DJDUVHLDDVVLPDLQIRUPDomRGDPHVPDPDQHLUDTXHD iJXD RX D HOHWULFLGDGH SRU GpELWR HP FRQWD 0DV FRP XPD GLIHUHQoD VLJQLILFDWLYD SRLV VHULD FRPR VH FDGD JRWD GH iJXD FRPSRUWDVVH VHX SUySULR PLFURFRQWDGRU $VVLP D IDWR SRGHULD VHU FRSLDGD HPSUHJDGD GLIXQGLGD R TXDQWR VH TXLVHVVH VHP QHQKXPD OLPLWDomR 6y TXH VHULD DFLRQDGR DXWRPDWLFDPHQWH FRP D LPDJHP GRUDYDQWH OtTXLGD H XEtTXD R SHTXHQR SURJUDPD TXH UHJLVWUD D GHFRGLILFDomR H HIHWXD DXWRPDWLFDPHQWH XP GpELWR PLQ~VFXORQD FRQWD GR FRQVXPLGRU H XP FUpGLWR tQILPR QD GR DXWRU RX GR SURSULHWiULR (VVDPHGLGDGRVIOX[RVGHFRQVXPRSRGHVHUDSHUIHLoRDGDSHORTXH SRGHUtDPRV FKDPDU SURYLVRULDPHQWH GH SDJDPHQWR GR ´YDORU GH XVRµ 3RU H[HPSORQDUHGHDPHULFDQD$0,;DLQIRUPDomRYHQGLGDpSDJDHPIXQomR GHVXDGDWDGHRULJHPHGDGHPDQGDGHTXHpREMHWR0DLVGRTXHXPDUHYLVWD GHLQIRUPDo}HVFXMRSUHoRp IL[DGR SHOR YHQGHGRU D $0,; IXQFLRQD FRPR XPD%ROVDQDTXDODGHPDQGDFRQWULEXLHPWHPSRUHDOSDUDDIL[DomRGRSUHoR *ROGILQJHU 1XPHURVRVVHUYLoRVRIHUHFLGRVQRFLEHUHVSDoRIXQFLRQDP QHVVH HVStULWR UHJLVWUDQGR RV XVRV DV QDYHJDo}HV H DV DYDOLDo}HV LQGLYLGXDLV SDUD GHYROYHU DRV XVXiULRV XPD DYDOLDomR FRRSHUDWLYD RX XP DX[tOLR j RULHQWDomR SHUVRQDOL]DGD &LWHPRV SRU H[HPSOR QD :RUOG :LGH :HE
)LVK:UDS TXH GL] UHVSHLWR D GRFXPHQWRV 5LQJR GHGLFDGR DRV WtWXORV PXVLFDLV RX ,GHD )XWXUHV TXH RUJDQL]D XPD HVSpFLH GH PHUFDGR GDV LGpLDV FLHQWtILFDVHWHFQROyJLFDV (VVHV VHUYLoRV QR HQWDQWR QmR WrP HP XPD WUDGXomR PRQHWiULDGLUHWD/HVDUEUHVGHFRQQDLVVDQFHV>$ViUYRUHVGHFRQKHFLPHQWR@ $XWKLHU/pY\ FRPVHXSURJUDPD*LQJRFRQVWLWXHPLJXDOPHQWHXP GLVSRVLWLYRGHPHGLGDGRYDORUGHXVRGDVFRPSHWrQFLDV RXGRVGRFXPHQWRV RX GH TXDOTXHU WLSR GH LQIRUPDomR YDULiYHO FRQIRUPH RV FRQWH[WRV H RV PRPHQWRV*LQJRLQFRUSRUDXPVLVWHPDFRPSOHWRGHIL[DomRGRYDORUGHXVR SRUPHLRGHXPDPRHGDHVSHFLDOFKDPDGDGH62/ VWDQGDUGRSHQOHDUQLQJ (YRFDPRV D SDVVDJHP GH XPD SURSULHGDGH WHUULWRULDO UtJLGD j UHWULEXLomR GH IOXWXDo}HV GHVWHUULWRULDOL]DGDV H D WUDQVIRUPDomR GH XPD HFRQRPLDGRYDORUGHWURFDHPHFRQRPLDGRYDORUGHXVR1DYHUGDGHHVVDV IRUPXODo}HV VmR PDLV XPD PHWiIRUD GR TXH XPD FDUDFWHUL]DomR FRQFHLWXDOPHQWHULJRURVD(VWULWDPHQWHIDODQGRHXGLULDTXHTXDQGRFRPSUR XPOLYURRXXPGLVFRSDJRDOJRUHDORVXSRUWHItVLFRGDLQIRUPDomR2OLYUR TXH QmR OHLR PH FXVWD WmR FDUR TXDQWR R TXH OHLR $ TXDQWLGDGH GH OLYURV p OLPLWDGD XP OLYUR TXH HVWi HP PLQKD ELEOLRWHFD QmR HVWi QD VXD (VWDPRV DLQGDQRGRPtQLRGRVUHFXUVRVUDURV6HFRPSURGLUHLWRVQmRSDJRPDLVSRU DOJR UHDO PDV DOJR SRWHQFLDO D SRVVLELOLGDGH GH UHDOL]DU RX GH FRSLDU D LQIRUPDomR TXDQWDV YH]HV HX TXLVHU 2UD R QRYR PHUFDGR RQOLQH R FLEHUPHUFDGR WHP QHFHVVLGDGH GH PHLRV LQpGLWRV SDUD WUDWDU GD GLDOpWLFD GR YLUWXDO H GR DWXDO 2V VLVWHPDV GH PHGLGD H GH YDORUL]DomR GR UHDO H GR SRWHQFLDOQmRVmRPDLVDGDSWDGRV$QWHVGHVXDOHLWXUDDLQIRUPDomRTXHFRUUH QRFLEHUHVSDoRQmRpSRWHQFLDOPDVVLPYLUWXDOQD ´/HV DUEUHV GH FRQQDLVVDQFHVµ H ´*LQJRµ VmR PDUFDV UHJLVWUDGDV GD 7UL 9LXP PHGLGDHPTXHSRGHDVVXPLUVLJQLILFDo}HVGLIHUHQWHVHLPSUHYLVtYHLV FRQIRUPH VH LQVLUD HP GHWHUPLQDGR KLSHUGRFXPHQWR RX HP RXWUR 9LUWXDO SRUTXHDTXLORTXHHVWiHPMRJRQmRpDUHDOL]DomR FySLDLPSUHVVmRHWF PDV DDWXDOL]DomRDOHLWXUDLVWRpDVLJQLILFDomRTXHHODSRGHDVVXPLUHPFRQWH[WR VLJQLILFDomR LQGLVVRFLiYHO GD SDUWLFLSDomR GHOLEHUDGD GH SHOR PHQRV XP VHU KXPDQR FRQVFLHQWH 9LUWXDO SRUTXH VXD UHSURGXomR VXD FySLD QmR FXVWDP SUDWLFDPHQWHQDGDVDOYRRFXVWRJHUDOGHPDQXWHQomRGRFLEHUHVSDoR9LUWXDO SRUTXHSRVVRGDUXPGRFXPHQWRVHPSHUGrORHUHHPSUHJDUSDUWHVGHOHVHP GHVWUXLU R RULJLQDO 1R FLEHUHVSDoR R GRFXPHQWR WRUQDVH WmR LPSDOSiYHO H YLUWXDOTXDQWRDVLQIRUPDo}HVHDVSUySULDVLGpLDV $ VROXomR TXH SDUHFH GHOLQHDUVH SDUD R SUREOHPD GD HFRQRPLD GR YLUWXDO H GR DWXDO p D VHJXLQWH R EHP YLUWXDO VHULD FRQWDELOL]DGR WUDoDGR H UHSUHVHQWDGR PDV JUDWXLWR LQWHLUDPHQWH OLYUH SDUD FLUFXODU VHP REVWiFXOR H SDUDVHPLVWXUDUDRXWURVEHQVYLUWXDLV2SUHoRGDDWXDOL]DomRVHULDLQGH[DGR
FRQIRUPHRFRQWH[WRFRUUHQWHGHSHQGHQGRGRDPELHQWHHGRPRPHQWR(VVH YDORU SRGHULD VHU IL[DGR FRRSHUDWLYDPHQWH SRU JUXSRV GH XVXiULRV HP PHUFDGRV OLYUHV RX %ROVDV GD LQIRUPDomR H GDV LGpLDV $ IRUPD GD QRYD HFRQRPLDGHSHQGHUiHPJUDQGHSDUWHSRUWDQWRGRVVLVWHPDVGHGHOLQHDPHQWR GRYLUWXDOHGHPHGLGDGRDWXDOTXHVHUmRLQYHQWDGRVQRVSUy[LPRVDQRV (&2120,$'29,578$/(,17(/,*È1&,$ &2/(7,9$ 'DGDDQRYDHFRQRPLDGRYLUWXDOHGRDFRQWHFLPHQWRDVQRo}HVGH SURGXomR H GH FRQVXPR PXLWR OLJDGDV j RUGHP GDVHOHomR H[FOXVLYD GR SDU UHDOSRVVtYHO QHP VHPSUH VmR DV PDLV SHUWLQHQWHV SDUD FRPSUHHQGHU RV SURFHVVRVHPDQGDPHQWR8PDJXHUUDQmRpQHPPDWHULDOQHPLPDWHULDOXP DPRUXPD LQYHQomR XPD DSUHQGL]DJHP WDPSRXFR $XPHQWRV GLPLQXLo}HV UHRUJDQL]Do}HVQDVFLPHQWRVGHVDSDUHFLPHQWRV DOJXPDFRLVDDFRQWHFH2QGH" 3DUDTXHP"eFRPRVHIRVVHPRSHUDo}HVGHSHQVDPHQWRHPRo}HVFRQIOLWRV HQWXVLDVPRVRXHVTXHFLPHQWRVQRVHLRGHXPDPiTXLQDSHQVDQWHKtEULGDDR PHVPRWHPSRFyVPLFDKXPDQDHWpFQLFD 7DOYH] FRQYHQKD FRQVLGHUDU DV RSHUDo}HV GD HFRQRPLD GRYLUWXDO FRPR DFRQWHFLPHQWRV QR LQWHULRU GH XPD HVSpFLH GH PHJDSVLTXLVPR VRFLDO SDUD R VXMHLWR GH XPD LQWHOLJrQFLD FROHWLYD HPHVWDGR QDVFHQWH 'HVHQYROYHUHPRV PDLV DGLDQWH HVVH WHPD GD LQWHOLJrQFLD FROHWLYD PDV Mi SRGHPRV HVERoDU XPD DQiOLVH GH VHXVGHWHUPLQDQWHV HVVHQFLDLV 2 PDFURSVLTXLVPR SRGH VH GHFRPSRUVHJXQGR TXDWUR GLPHQV}HV FRPSOHPHQWDUHV ² XPD FRQHFWLYLGDGH RX XP ´HVSDoRµ HP WUDQVIRUPDomRFRQVWDQWH DVVRFLDo}HVYtQFXORVHFDPLQKRV ² XPD VHPLyWLFD LVWR p XP VLVWHPD DEHUWR GH UHSUHVHQWDo}HV GH LPDJHQVGHVLJQRVGHWRGDVDVIRUPDVHGHWRGDVDVPDWpULDVTXHFLUFXODPQR HVSDoRGDVFRQH[}HV ²XPDD[LRORJLDRX´YDORUHVµTXHGHWHUPLQDPWURSLVPRVSRVLWLYRVRX QHJDWLYRV TXDOLGDGHV DIHWLYDV DVVRFLDGDV jV UHSUHVHQWDo}HV RX jV ]RQDV GR HVSDoRSVtTXLFR ²XPDHQHUJpWLFDHQILPTXHHVSHFLILFDDIRUoDGRVDIHWRVOLJDGRVjV LPDJHQV 2 SVLTXLVPR VRFLDO SRGH HQWmR VHU FRQFHELGR FRPR XP KLSHUWH[WR IUDFWDOXPKLSHUFyUWH[TXHVHUHSURGX]GHPDQHLUDVHPHOKDQWHHPGLIHUHQWHV HVFDODV GH JUDQGH]D SDVVDQGR SRU SVLTXLVPRV WUDQVLQGLYLGXDLV GH SHTXHQRV JUXSRV DOPDV LQGLYLGXDLVHVStULWRV LQIUDSHVVRDLV ]RQDV GR FpUHEUR ´FRPSOH[RVµLQFRQVFLHQWHV &DGDQyRX]RQDGRKLSHUFyUWH[FRQWpPSRUVXD YH] XPSVLTXLVPR YLYR XPD HVSpFLH GH KLSHUWH[WR GLQkPLFR DWUDYHVVDGRGH WHQV}HVHGHHQHUJLDVFRORULGRGHTXDOLGDGHVDIHWLYDVDQLPDGRGHWURSLVPRV
DJLWDGRGHFRQIOLWRV 1RVHLRGHVVHPHJDSVLTXLVPRVRFLDODVRSHUDo}HVFRQVLVWHPHP ²DJLUVREUHDFRQHFWLYLGDGH PRQWDUUHGHVDEULUSRUWDVGLIXQGLURX DR FRQWUiULR UHWHU D LQIRUPDomR PDQWHU EDUUHLUDVILOWUDU D LQIRUPDomR RX DLQGDJDUDQWLUDVHJXUDQoDGRFRQMXQWR FRPXQLFDo}HVWUDQVSRUWHVFRPpUFLR IRUPDo}HVVHUYLoRVVRFLDLVSROtFLDH[pUFLWRVJRYHUQRVHWF ² FULDU RX PRGLILFDU UHSUHVHQWDo}HV LPDJHQV ID]HU HYROXLUGH XPD PDQHLUD RX GH RXWUD DV OLQJXDJHQV HP XVR H RV VLJQRV HPFLUFXODomR DUWHV FLrQFLDVWpFQLFDVLQG~VWULDVPHLRVGHFRPXQLFDomRHWF ² FULDU WUDQVIRUPDU RX PDQWHU RV WURSLVPRV RV YDORUHV RVDIHWRV VRFLDLV REHPHRPDOR~WLOHRSUHMXGLFLDORDJUDGiYHOHRSHQRVRREHORHR IHLRHWF HGXFDomRUHOLJLmRILORVRILDPRUDODUWHV ²PRGLILFDUGHVORFDUDXPHQWDUGLPLQXLUDIRUoDGRVDIHWRVOLJDGRVD HVWD RX jTXHOD UHSUHVHQWDomR HP FLUFXODomR PHLR GHFRPXQLFDomR SXEOLFLGDGHFRPpUFLRUHWyULFD 7RGR DFRQWHFLPHQWR SDUWLFLSD HP PDLRU RX PHQRU JUDX GHPRGR PROHFXODU GR FRQMXQWR GHVVHV DVSHFWRV GD YLGD GR PHJDSVLTXLVPR FROHWLYR PHVPRDTXHOHVQmRUHJLVWUDGRVHPQHQKXPDWUDQVDomRPHUFDQWLO&DGDXPD WRGR LQVWDQWH FRQWULEXL SDUD R SURFHVVR GD LQWHOLJrQFLD FROHWLYD 8PD YH] PDLVSDUDXPDHFRQRPLDGRYLUWXDOTXHDFHLWDH[SOLFLWDPHQWHHVVHTXDGURGH SHQVDPHQWRPHVPR R FRQVXPR p SURGXWRU 9LPRV TXH D DWXDOL]DomR R ´FRQVXPRµ GH XPD LQIRUPDomR HUD VLPXOWDQHDPHQWH XPD SHTXHQDFULDomR XPD LQWHUSUHWDomR &RQWXGR Ki PDLV R FRQVXPR GHVWUXWLYR FOiVVLFR WmR ORJR p FDSWDGR H GHYROYLGR DR SURGXWRU DRYHQGHGRU D XPD LQVWkQFLD TXDOTXHUGHUHJXODomRRXGHPHGLGDWRUQDVHHOHWDPEpPLSVRIDFWRFULDomRGH LQIRUPDomR FRQWULEXLSDUD XP DXPHQWR GD LQWHOLJrQFLD VRFLDO JOREDO (VVD LGpLD SRGH VHUJHQHUDOL]DGD DVVLP WRGR DWR p YLUWXDOPHQWH SURGXWRU GH ULTXH]DVRFLDO YLD VXD SDUWLFLSDomR QD LQWHOLJrQFLD FROHWLYD 4XDOTXHU DWRKXPDQRpXPPRPHQWRGRSURFHVVRGHSHQVDPHQWRHGHHPRomRGHXP PHJDSVLTXLVPRIUDFWDOHSRGHULDVHUYDORUL]DGRHDWpUHPXQHUDGRHQTXDQWRWDO 6H WRGRV RV DWRVSXGHVVHP VHU FDSWDGRV WUDQVPLWLGRV LQWHJUDGRVD FLUFXLWRV GHUHJXODomR H GHYROYLGRV D VHXVSURGXWRUHV H SDUWLFLSDVVHP GHVWH PRGR GH XPD PHOKRU LQIRUPDomR JOREDO GD VRFLHGDGH VREUH VL PHVPD D LQWHOLJrQFLD FROHWLYDFRQKHFHULDXPDHQRUPHPXWDomRTXDOLWDWLYDGDPDLRULPSRUWkQFLD 7DO SHUVSHFWLYD SUDWLFDPHQWH Vy VH WRUQRX SRVVtYHO GHSRLV GDH[LVWrQFLD GRV PLFURSURFHVVDGRUHVGRVQDQRFDSWDGRUHVGDLQIRUPiWLFDGLVWULEXLGDHPUHGH IXQFLRQDQGRHPWHPSRUHDOHSURYLGDGHLQWHUIDFHVDPLJiYHLV LPDJHPYR]HV HWF 2 PHUFDGR DWXDO SRGH VHU FRQVLGHUDGR FRPR R HPEULmR DLQGD LPSHUIHLWR JURVVHLUR GHPDVLDGR XQLGLPHQVLRQDO GH XP VLVWHPD JHUDO GH DYDOLDomR H GH UHPXQHUDomR GRV DWRV GH FDGD XP SRU WRGRV 3DUD TXH HVWD SHUVSHFWLYD QmR VH WUDQVIRUPH HP SHVDGHOR FRQYpP LPHGLDWDPHQWH SUHFLVDU
TXHQHVVDFRQFHSomRDVDYDOLDo}HVGHYHPSHUPDQHFHUDQ{QLPDVHTXHFDGD DWRpQmRDSHQDVDYDOLDGRPDVDYDOLDQWH2VLVWHPDGHLQWHJUDomRGHPHGLGDH GH UHJXODomR DTXL FRQVLGHUDGRXPD HVSpFLH GH ´PHWDPHUFDGRµ LQWHJUDGR DR FLEHUHVSDoR p DQWHV GH PDLV QDGD R LQVWUXPHQWR GH XPD DYDOLDomR FRRSHUDWLYDGLVWULEXLGDHPXOWLFULWHULDOGDVRFLHGDGHSRUHODPHVPD
$6 75È6 9,578$/,=$d¯(6 48( ),=(5$0 2+80$12 $ /,1*8$*(0$7e&1,&$(2&2175$72
$YLUWXDOL]DomRGRVFRUSRVGDVPHQVDJHQVHGDHFRQRPLDLOXVWUDXP PRYLPHQWRFRQWHPSRUkQHRPXLWRPDLVJHUDOHPGLUHomRDRYLUWXDO3URSRQKR SHQVDUHVVHPRYLPHQWRFRPRDEXVFDGHXPDKRPLQL]DomRFRQWLQXDGD&RP HIHLWRQRVVDHVSpFLHFRPRYRXWHQWDUPRVWUDUQHVWHFDStWXORFRQVWLWXLXVHQD H SHOD YLUWXDOL]DomR 6HQGR DVVLP D PXWDomR FRQWHPSRUkQHD SRGH VHU HQWHQGLGDFRPRXPDUHWRPDGDGDDXWRFULDomRGDKXPDQLGDGH 21$6&,0(172'$6 /,1*8$*(1628$9,578$/,=$d®2'2 35(6(17( 7UrVSURFHVVRVGHYLUWXDOL]DomRIL]HUDPHPHUJLUDHVSpFLHKXPDQD R GHVHQYROYLPHQWR GDV OLQJXDJHQV D PXOWLSOLFDomR GDV WpFQLFDV H D FRPSOH[LILFDomRGDVLQVWLWXLo}HV $ OLQJXDJHP HP SULPHLUR OXJDU YLUWXDOL]D XP ´WHPSR UHDOµ TXH PDQWpP DTXLOR TXH HVWi YLYR SULVLRQHLUR GR DTXL H DJRUD &RP LVVR HOD LQDXJXUDRSDVVDGRRIXWXURHQRJHUDOR7HPSRFRPRXPUHLQRHPVLXPD H[WHQVmR SURYLGD GH VXD SUySULD FRQVLVWrQFLD $ SDUWLU GD LQYHQomR GD OLQJXDJHP QyV KXPDQRV SDVVDPRV D KDELWDU XP HVSDoR YLUWXDO R IOX[R WHPSRUDO WRPDGR FRPR XP WRGR TXH R LPHGLDWR SUHVHQWH DWXDOL]D DSHQDV SDUFLDOPHQWHIXJD]PHQWH1yVH[LVWLPRV 2 WHPSR KXPDQR QmR WHP R PRGR GH VHU GH XP SDUkPHWUR RX GH XPDFRLVD HOHQmRpMXVWDPHQWH´UHDOµ PDVRGHXPDVLWXDomRDEHUWD1HVVH WHPSRDVVLPFRQFHELGRHYLYLGRDDomRHRSHQVDPHQWRQmRFRQVLVWHPDSHQDV HP VHOHFLRQDU HQWUH SRVVtYHLV Mi GHWHUPLQDGRV PDV HP UHHODERUDU FRQVWDQWHPHQWHXPDFRQILJXUDomRVLJQLILFDQWHGHREMHWLYRVHGHFRHUo}HVHP LPSURYLVDUVROXo}HVHPUHLQWUHSUHWDUGHVWHPRGRXPDDWXDOLGDGHSDVVDGDTXH FRQWLQXDDQRVFRPSURPHWHU3RULVVRYLYHPRVRWHPSRFRPRSUREOHPD(P VXD FRQH[mR YLYD R SDVVDGR KHUGDGR UHPHPRUDGR UHLQWHUSUHWDGR R SUHVHQWH DWLYR H R IXWXUR HVSHUDGR WHPLGR RX VLPSOHVPHQWH LPDJLQDGRVmR GH RUGHP SVtTXLFDH[LVWHQFLDLV2WHPSRFRPRH[WHQVmRFRPSOHWDQmRH[LVWHDQmRVHU YLUWXDOPHQWH &ODUR TXH IRUPDV HODERUDGDV GH PHPyULD H GH DSUHQGL]DJHP Mi VmR SUDWLFDGDV HQWUH DQLPDLV VXSHULRUHV PHVPR HQWUH RV TXH QmR GLVS}HP GH OLQJXDJHQV FRPSOH[DV 1R HQWDQWR SRGHVH FRQVWUXLU D KLSyWHVH GH TXH QD YLGDDQLPDODPHPyULDVHUHGX]SULQFLSDOPHQWHDXPDPRGLILFDomRDWXDOGR FRPSRUWDPHQWR OLJDGR D DFRQWHFLPHQWRV SDVVDGRV 3RU RXWUR ODGR JUDoDV j
OLQJXDJHP WHPRV DFHVVR ´GLUHWRµ DR SDVVDGR VRE D IRUPD GH XPD LPHQVD FROHomRGHOHPEUDQoDVGDWDGDVHGHQDUUDWLYDVLQWHULRUHV 2VVLJQRVQmRHYRFDPDSHQDV´FRLVDV DXVHQWHVµPDV FHQDV LQWULJDV VpULHV FRPSOHWDV GH DFRQWHFLPHQWRV OLJDGRV XQV DRV RXWURV 6HP DV OtQJXDV QmR SRGHUtDPRV QHP FRORFDU TXHVW}HV QHP FRQWDU KLVWyULDV GXDV EHODV PDQHLUDV GH QRV GHVOLJDUPRV GR SUHVHQWH LQWHQVLILFDQGR DR PHVPR WHPSR QRVVD H[LVWrQFLD 2V VHUHV KXPDQRV SRGHP VH GHVOLJDU SDUFLDOPHQWH GD H[SHULrQFLD FRUUHQWH H UHFRUGDU HYRFDU LPDJLQDU MRJDU VLPXODU $VVLP HOHV GHFDLDP SDUD RXWURV OXJDUHV RXWURV PRPHQWRV H RXWURV PXQGRV 1mR GHYHPRVHVVHVSRGHUHVDSHQDVjVOtQJXDVFRPRRIUDQFrVRLQJOrVRXRZRORI PDV LJXDOPHQWH jV OLQJXDJHQV SOiVWLFDV YLVXDLV PXVLFDLV PDWHPiWLFDV HWF 4XDQWR PDLV DV OLQJXDJHQV VH HQULTXHFHP H VH HVWHQGHP PDLRUHV VmR DV SRVVLELOLGDGHV GH VLPXODU LPDJLQDU ID]HU LPDJLQDU XP DOKXUHV RX XPD DOWHULGDGH 1HVWHSRQWRUHHQFRQWUDPRVPDLVXPDYH]XPFDUiWHULPSRUWDQWHGD YLUWXDOL]DomR DROLEHUDURTXHHUDDSHQDVDTXLHDJRUDHODDEUHQRYRVHVSDoRV RXWUDV YHORFLGDGHV /LJDGD j HPHUJrQFLD GD OLQJXDJHP VXUJH XPD QRYD UDSLGH]GHDSUHQGL]DJHPXPDFHOHULGDGHGHSHQVDPHQWRLQpGLWD$HYROXomR FXOWXUDO DQGD PDLV GHSUHVVD TXH D HYROXomR ELROyJLFD 2 SUySULR WHPSR ELIXUFDVH HP GLUHomR D WHPSRUDOLGDGHV LQWHUQDV j OLQJXDJHP WHPSR SUySULR GDQDUUDWLYDULWPRHQGyJHQRGDP~VLFDRXGDGDQoD $ SDVVDJHP GR SULYDGR DR S~EOLFR H D WUDQVIRUPDomR UHFtSURFD GR LQWHULRU HP H[WHULRU VmR DWULEXWRV GD YLUWXDOL]DomR TXH WDPEpP SRGHP VHU PXLWREHPDQDOLVDGDVDSDUWLUGRRSHUDGRUVHPLyWLFR8PDHPRomRSRVWDHP SDODYUDVRXHPGHVHQKRVSRGHVHUPDLVIDFLOPHQWHFRPSDUWLOKDGD2TXHHUD LQWHUQR H SULYDGR WRUQDVH H[WHUQR H S~EOLFR0DV LVWR p LJXDOPHQWH YHUGDGH QR RXWUR VHQWLGR TXDQGR HVFXWDPRV P~VLFD ROKDPRV XP TXDGUR RX OHPRV XPSRHPDLQWHUQDOL]DPRVRXSULYDWL]DPRVXPLWHPS~EOLFR $ SDUWLU GR PRPHQWR HP TXH IDODPRV DV HQWLGDGHV HPLQHQWHPHQWH VXEMHWLYDV TXH VmR DV HPRo}HV FRPSOH[DV RV FRQKHFLPHQWRV H RV FRQFHLWRV VmR H[WHUQDOL]DGDV REMHWLYDGDV LQWHUFDPELDGDV SRGHP YLDMDU GH XP OXJDU D RXWURGHXPWHPSRDRXWURGHXPHVStULWRDRXWUR $VOLQJXDJHQVKXPDQDVYLUWXDOL]DPRWHPSRUHDODVFRLVDVPDWHULDLV RV DFRQWHFLPHQWRV DWXDLV H DV VLWXDo}HV HP FXUVR 'D GHVLQWHJUDomR GR SUHVHQWHDEVROXWRVXUJHPFRPRDVGXDVIDFHVGDPHVPDFULDomRRWHPSRHR IRUDGRWHPSRRDQYHUVRHRUHYHUVRGDH[LVWrQFLD$FUHVFHQWDQGRDRPXQGR XPD GLPHQVmR QRYD R HWHUQR R GLYLQR R LGHDO WrP XPD KLVWyULD (OHV FUHVFHPFRPDFRPSOH[LGDGHGDVOLQJXDJHQV4XHVW}HVSUREOHPDVKLSyWHVHV DEUHP EXUDFRV QR DTXL H DJRUD GHVHPERFDQGR GR RXWUR ODGR GR HVSHOKR HQWUHRWHPSRHDHWHUQLGDGHQDH[LVWrQFLDYLUWXDO
$7e&1,&$28$9,578$/,=$d®2'$ $d®2 $ YLUWXDOL]DomR YDPRV UHSHWLU PDLV XPD YH] QmR p QHFHVVDULDPHQWH DFRPSDQKDGDSRUXPGHVDSDUHFLPHQWR$RFRQWUiULRDFDUUHWDFRPIUHTrQFLD XPSURFHVVRGHPDWHULDOL]DomR,VWRSRGHVHUIDFLOPHQWHLOXVWUDGRQRFDVRGD YLUWXDOL]DomRWpFQLFDTXHQRVFDEHDJRUDDQDOLVDU 'HRQGHYrPDVIHUUDPHQWDV"3ULPHLURXPDIXQomRItVLFDRXPHQWDO GRVVHUHVYLYRV EDWHUSHJDUFDPLQKDUYRDUFDOFXODU pLGHQWLILFDGD'HSRLV HVVDV IXQo}HV VmR VHSDUDGDV GH XP DJUHJDGR SDUWLFXODU GH RVVRV FDUQH H QHXU{QLRV $VVLP HODV VmR VHSDUDGDV DR PHVPR WHPSR GH XPD H[SHULrQFLD LQWHULRU VXEMHWLYD $ IXQomR DEVWUDWD p PDWHULDOL]DGD VRE RXWUDV IRUPDV TXH QmR R JHVWR KDELWXDO 2 FRUSR QX p VXEVWLWXtGR SRU GLVSRVLWLYRV KtEULGRV RXWURVVXSRUWHV RPDUWHORSDUDDEDWLGD DDUPDGLOKDRDQ]RORXDUHGHSDUDD FDSWXUD DURGDSDUDRDQGDU REDOmRLQIODGRGHDUDVDVDVGHDYLmRRXDVSiV GH KHOLFySWHUR SDUD R Y{R R iEDFR RX D UpJXD GH FiOFXOR SDUD DV RSHUDo}HV PDWHPiWLFDV *UDoDV D HVVD PDWHULDOL]DomR R SULYDGR WRUQDVH S~EOLFR SDUWLOKDGR 2 TXH HUD LQGLVVRFLiYHO GH XPD LPHGLDWLGDGH VXEMHWLYD GH XPD LQWHULRULGDGHRUJkQLFDDJRUDSDVVRXSRULQWHLURRXHPSDUWHDRH[WHULRUSDUD XP REMHWR0DV SRU XPD HVSpFLH GH HVSLUDO GLDOpWLFD D H[WHULRULGDGH WpFQLFD PXLWDVYH]HVVyJDQKDHILFiFLDVHIRULQWHUQDOL]DGDGHQRYR$ILPGHXWLOL]DU XPD IHUUDPHQWD GHYHVH DSUHQGHU JHVWRV DGTXLULU UHIOH[RV UHFRPSRU XPD LGHQWLGDGHPHQWDOHItVLFD2IHUUHLURRHVTXLDGRURPRWRULVWDGHDXWRPyYHO D FHLIHLUD D WULFRWDGRUD RX D FLFOLVWD PRGLILFDUDP VHXV P~VFXORV H VHXV VLVWHPDV QHUYRVRV SDUD LQWHJUDU RV LQVWUXPHQWRV HP XPD HVSpFLH GH FRUSR DPSOLDGRPRGLILFDGRYLUWXDOL]DGR(FRPRDH[WHULRULGDGHWpFQLFDpS~EOLFD RXSDUWLOKiYHOHODFRQWULEXLHPWURFDSDUDIRUMDUXPDVXEMHWLYLGDGHFROHWLYD (QWUHWDQWRDGLQkPLFDWpFQLFDVHDOLPHQWDGHVHXVSUySULRVSURGXWRV RSHUDFRPELQDo}HVWUDQVYHUVDLVUL]RPiWLFDVHFRQGX]ILQDOPHQWHDPiTXLQDV DDUUDQMRVFRPSOH[RVPXLWRDIDVWDGRVGHIXQo}HVFRUSRUDLVVLPSOHV8PEDUFR D YHOD XP PRLQKR PRYLGR j iJXD XP UHOyJLR RX XPD FHQWUDO QXFOHDU YLUWXDOL]DPIXQo}HVPRWRUDVFRJQLWLYDVRXWHUPRVWiWLFDVPDV²YROWDUHPRVD HVVHSRQWR²QmRSRGHPVHUFRPSUHHQGLGRVFRPRSURORQJDPHQWRVGHFRUSRV LQGLYLGXDLV(OHVVyVmRSOHQDPHQWHUHLQWHJUDGRVRXLQWHULRUL]DGRVGHYROWDQD HVFDODGHPHJDPiTXLQDVVRFLDLVKtEULGDVRXGHKLSHUFRUSRVFROHWLYRV $FRQFHSokRGHXPDQRYDIHUUDPHQWDYLUWXDOL]DXPDFRPELQDomRGH yUJmRV H GH JHVWRV TXH Vy DSDUHFH HQWmR FRPR XPD VROXomR HVSHFLDO ORFDO PRPHQWkQHD$RFRQFHEHUXPDIHUUDPHQWDPDLVGRTXHQRVFRQFHQWUDUPRV VREUHGHWHUPLQDGDDomRHPFXUVRLoDPRQRVjHVFDODEHPPDLVHOHYDGDGHXP FRQMXQWR LQGHWHUPLQDGR GH VLWXDo}HV 2 VXUJLPHQWR GD IHUUDPHQWD QmR UHVSRQGH D XP HVWtPXORSDUWLFXODU PDV PDWHULDOL]D SDUFLDOPHQWH XPD IXQomR JHQpULFD FULD XP SRQWR GH DSRLR SDUD D UHVROXomR GH XPD FODVVH GH
SUREOHPDV $ IHUUDPHQWD TXH VHJXUDPRV QD PmR p XPD FRLVD UHDO PDV HVVD FRLVDGiDFHVVRDXPFRQMXQWRLQGHILQLGRGHXVRVSRVVtYHLV 'HDFRUGRFRPRTXHIRLSURSRVWRSRU0DUVKDOO0F/XKDQH$QGUp /HURL*RXUKDQ GL]VH jV YH]HV TXH DV IHUUDPHQWDV VmR FRQWLQXDo}HV RX H[WHQV}HVGR FRUSR (VVD WHRULD QmRPH SDUHFH ID]HU MXVWLoD j HVSHFLILFLGDGH GR IHQ{PHQR WpFQLFR 9RFr SRGH GDU SHGUDV WDOKDGDV D VHXV SULPRV 3RGH SURGX]LUPLOKDUHVGHELIDFHV0DVOKHpLPSRVVtYHOPXOWLSOLFDUVXDVXQKDVRX HPSUHVWiLDVDVHXYL]LQKR0DLVTXHXPDH[WHQVmRGRFRUSRXPDIHUUDPHQWDp XPDYLUWXDOL]DomRGDDomR2PDUWHORSRGHGDUDLOXVmRGHXPSURORQJDPHQWR GREUDoR DURGDHPWURFDHYLGHQWHPHQWHQmRpXPSURORQJDPHQWRGDSHUQD PDVVLPDYLUWXDOL]DomRGRDQGDU +i SRXFDV YLUWXDOL]Do}HV GD DomR H PXLWDV DWXDOL]Do}HV GDV IHUUDPHQWDV2PDUWHORSRGHWHUVLGRLQYHQWDGRWUrVRXTXDWURYH]HVDRORQJR GD KLVWyULD 'LJDPRV WUrV RX TXDWUR YLUWXDOL]Do}HV 0DV TXDQWDV PDUWHODGDV IRUDPGDGDV"%LOK}HVHELOK}HVGHDWXDOL]Do}HV$IHUUDPHQWDDSHUPDQrQFLD GH VXD IRUPD VmR XPD PHPyULD GR PRPHQWR RULJLQDO GH YLUWXDOL]DomR GR FRUSRHPDWR$IHUUDPHQWDFULVWDOL]DRYLUWXDO $WpFQLFDQmRYLUWXDOL]DDSHQDVRVFRUSRVHDVDo}HVPDVWDPEpPDV FRLVDV $QWHV TXH RV VHUHV KXPDQRV KRXYHVVHP DSUHQGLGR D HQWUHFKRFDU SHGUDV GHVtOH[ DFLPD GH XPD SHTXHQD DFHQGDOKD HOHV Vy FRQKHFLDP R IRJR SUHVHQWHRXDXVHQWH'HSRLVGDLQYHQomRGDVWpFQLFDVGHDFHQGLPHQWRRIRJR S{GH WDPEpP VHU YLUWXDO (OH p YLUWXDO RQGH TXHU TXH KDMD IyVIRURV $ SUHVHQoD RX D DXVrQFLD GR IRJR HUD XP IDWR FRP R TXDO VH HUD REULJDGR D FRQWDUDJRUDpXPDHYHQWXDOLGDGHDEHUWD8PDFRHUomRIRLWUDQVIRUPDGDHP YDULiYHO (P VXPD R PHVPR REMHWR WpFQLFR SRGH VHU FRQVLGHUDGR VHJXQGR TXDWUR PRGRV GH VHU (QTXDQWR SUREOHPDWL]DomR GHVWHUULWRULDOL]DomR SDVVDJHPDRS~EOLFRPHWDPRUIRVHHUHFRPSRVLomRGHXPDIXQomRFRUSRUDOR REMHWRWpFQLFRpXPRSHUDGRUGHYLUWXDOL]DomR7DOPDUWHORYLUWXDOL]DTXDQGRR FRQVLGHUDPRVFRPRPHPyULDGDLQYHQomRGRPDUWHORYHWDUGHXPFRQFHLWR DJHQWHGHKLEULGDomRGRFRUSR(QWmRRPDUWHORH[LVWHHID]H[LVWLU $ FDGD JROSH GH PDUUHWD RX GH FDPDUWHOR R PDUWHOR YLUWXDOL]DQWH WHVWHPXQKD KRMH GR TXH IRL XP GLD R VXUJLPHQWR GH XPD QRYD PDQHLUD GH EDWHUDWXDOL]DVH$RDWXDOL]DURPDUWHORFRQGX]DDomR7DOFRQILJXUDomRWDO KLEULGDomR GHVVH FRUSR DFRQWHFH HIHWLYDPHQWH SRU PHLR GHOH DTXL H DJRUD H FDGD YH] GLIHUHQWHPHQWH &DGD PDUWHODGD p XPD RFRUUrQFLD XPD WHQWDWLYD GH UHVROXomR GH SUREOHPD HP HVFDOD PROHFXODU DOLiV PDORJUDGD GH YH] HP TXDQGR SRGHVHEDWHUPDOFRPGHPDVLDGDIRUoDRXIRUDGRDOYR 6tOH[FRUWDGRGRVGRLVODGRV 1GR7
2PDUWHORUHDOpHVVDPDUUHWDHVVHPDoRHVVHPDUWHORGHHVFXOWRU D FRLVDFRPVHXSUHoRVHXSHVRVHXFDERGHPDGHLUDVXDFDEHoDGHPHWDOVXD IRUPD SUHFLVD 2 PDUWHOR UHDO GHYH VHU IRUMDGR PRQWDGR UHDOL]DGR SHOR IDEULFDQWHDUPD]HQDGRSURWHJLGR2PDUWHORUHVLVWHRXVXEVLVWH 2 PDUWHOR HQILP HQFHUUD XP SRWHQFLDO XPD SRWrQFLD XP SRGHU &RQVLGHUDGR FRPR SRWHQFLDO R PDUWHOR VH UHYHOD SHUHFtYHO p XPD UHVHUYD ILQLWD GH JROSHV GH XVRV SDUWLFXODUHV 1mR PDLV YHWRU GH PHWDPRUIRVH GR FRUSR DEHUWXUD GH XPD QRYD UHODomR ItVLFD FRP R PXQGR R PDUWHOR YLUWXDOL]DQWH QmRPDLVFRQGXWRUGHXPDWRVLQJXODUDTXLHDJRUD RPDUWHOR EDWHGRUDWXDOL]DQWH QmRPDLVFRLVDPDWHULDO RPDUWHORUHDO PDVUHVHUYDWyULR GH SRVVtYHLV $VVLP R SRWHQFLDO GH XP PDUWHOR QRYR p PDLRU TXH R GH XP YHOKRHRPDUWHOLQKRGRVDSDWHLURQmRWHPRPHVPRSRWHQFLDOTXDOLWDWLYRTXH RGRYLGUDFHLUR2PDUWHORLQVLVWH 2&217$7228$9,578$/,=$d®2'$ 9,2/È1&,$ $KXPDQLGDGHHPHUJHGHWUrVSURFHVVRVGHYLUWXDOL]DomR2SULPHLUR HVWiOLJDGRDRVVLJQRV DYLUWXDOL]DomRGRWHPSRUHDO2VHJXQGRpFRPDQGDGR SHODV WpFQLFDV D YLUWXDOL]DomR GDV Do}HV GR FRUSR H GR DPELHQWH ItVLFR 2 WHUFHLUR SURFHVVR FUHVFH FRP D FRPSOH[LGDGH GDV UHODo}HV VRFLDLV SDUD GHVLJQiOD GD PDQHLUD PDLV VLQWpWLFD SRVVtYHO GLUHPRV TXH VH WUDWD GD YLUWXDOL]DomRGDYLROrQFLD 2V ULWXDLV DV UHOLJL}HV DV PRUDLV DV OHLV DV QRUPDV HFRQ{PLFDV RX SROtWLFDVVmR GLVSRVLWLYRV SDUD YLUWXDOL]DU RV UHODFLRQDPHQWRV IXQGDGRV VREUH DV UHODo}HV GH IRUoDV DV SXOV}HV RV LQVWLQWRV RX RV GHVHMRV LPHGLDWRV 8PD FRQYHQomR RX XP FRQWUDWR SDUD WRPDU XP H[HPSOR SULYLOHJLDGR WRUQDP D GHILQLomR GH XP UHODFLRQDPHQWR LQGHSHQGHQWH GH XPD VLWXDomR SDUWLFXODU LQGHSHQGHQWHHPSULQFtSLRGDVYDULDo}HVHPRFLRQDLVGDTXHOHVTXHRFRQWUDWR HQYROYH LQGHSHQGHQWHGDIOXWXDomRGDVUHODo}HVGHIRUoD 8PD OHL HQYROYH XPD TXDQWLGDGH LQGHILQLGD GH GHWDOKHV YLUWXDLV GRV TXDLV VRPHQWH XP SHTXHQR Q~PHUR p H[SOLFLWDPHQWH SUHYLVWR HP VHX WH[WR 1XPDGDGDVRFLHGDGH XPULWXDO GLJDPRV XP FDVDPHQWR RX XPD FHULP{QLD GHLQLFLDomR DSOLFDVHDXPDYDULHGDGHLQGHILQLGDGHSHVVRDV$PXGDQoDGH HVWDWXWR ´D SDUWLU GH DJRUD VRLV FDVDGRVµ ´DJRUD VDtV XP DGXOWRµ p DXWRPiWLFD H LGrQWLFD SDUD WRGRV 1mR VRPRV REULJDGRV D UHLQYHQWDU H QHJRFLDUDOJRGHQRYRHPFDGDVLWXDomRSDUWLFXODU2VH[HPSORVGDLQLFLDomR GRFDVDPHQWRRXGDYHQGDPRVWUDPTXHDYLUWXDOL]DomRGRVUHODFLRQDPHQWRVH GRVLPSXOVRVLPHGLDWRVDRPHVPRWHPSRTXHHVWDELOL]DRVFRPSRUWDPHQWRVH DV LGHQWLGDGHV WDPEpP IL[D SURFHGLPHQWRV SUHFLVRV SDUD WUDQVIRUPDU RV UHODFLRQDPHQWRVHRVHVWDWXWRVSHVVRDLV $WUDYpV GD OLQJXDJHP D HPRomR YLUWXDOL]DGD SHOD QDUUDWLYD YRD GH
ERFDHPERFD*UDoDVjWpFQLFDDDomRYLUWXDOL]DGDSHODIHUUDPHQWDSDVVDGH PmR HP PmR 'R PHVPR PRGR QD HVIHUD GDV UHODo}HV VRFLDLV SRGHVH RUJDQL]DU R PRYLPHQWR RX D GHVWHUULWRULDOL]DomR GH UHODFLRQDPHQWRV YLUWXDOL]DGRV 8P WtWXOR GH SURSULHGDGH Do}HV GH XPD FRPSDQKLD RX XP FRQWUDWRGHVHJXURVHYHQGHPHVHWUDQVPLWHP8PUHFRQKHFLPHQWRGHGtYLGD XPD OHWUD GH FkPELR RX XPD REULJDomR TXH QD RULJHP GL]LDP UHVSHLWR D DSHQDV GXDV SDUWHV SRGHP FLUFXODU HQWUH XP Q~PHUR LQGHILQLGR GH SHVVRDV 3RGHVH GR PHVPR PRGR HOHJHU XP SRUWDYR] HQVLQDU XPD RUDomR RX FRPSUDUXPIHWLFKH 5HODFLRQDPHQWRV YLUWXDLV FRDJXODGRV FRPR p R FDVR GRV FRQWUDWRV VmR HQWLGDGHV S~EOLFDV H FRPSDUWLOKDGDV QR VHLR GH XPD VRFLHGDGH 1RYRV SURFHGLPHQWRV QRYDV UHJUDV GH FRPSRUWDPHQWR VH DUWLFXODP VREUH DV SUHFHGHQWHV 8P SURFHVVR FRQWtQXR GH YLUWXDOL]DomR GH UHODFLRQDPHQWRV IRUPDDRVSRXFRVDFRPSOH[LGDGHGDVFXOWXUDVKXPDQDV UHOLJLmRpWLFDGLUHLWR SROtWLFD HFRQRPLD $ FRQFyUGLD WDOYH] QmR VHMD XP HVWDGR QDWXUDO XPD YH] TXHSDUDRVKXPDQRVDFRQVWUXomRVRFLDOSDVVDSHODYLUWXDOL]DomR $$57(28$9,578$/,=$d®2'$ 9,578$/,=$d®2 3RU TXH D DUWH LQWHUHVVD D WDQWD JHQWH HPERUD VHMD WmR GLItFLO GH GHVFUHYHU" 3RUTXH HOD UHSUHVHQWD SRU PDLV GH XPD UD]mR XP iSLFH GD KXPDQLGDGH 1HQKXPD HVSpFLH DQLPDO MDPDLV SUDWLFRX DV EHODVDUWHV ( QmR VHP PRWLYR D DUWH HVWi QD FRQIOXrQFLD GDV WUrV JUDQGHV FRUUHQWHV GH YLUWXDOL]DomR H GH KRPLQL]DomR TXH VmR DV OLQJXDJHQV DV WpFQLFDV H DV pWLFDV R XUHOLJL}HV $DUWHpGLItFLOGHGHILQLUSRUHVWDUTXDVHVHPSUHQDIURQWHLUDGD VLPSOHVOLQJXDJHPH[SUHVVLYDGDWpFQLFDRUGLQiULD RDUWHVDQDWR RXGDIXQomR VRFLDOPXLWRFODUDPHQWHGHVLJQiYHO(ODIDVFLQDSRUTXHS}HHPSUiWLFDDPDLV YLUWXDOL]DQWHGDVDWLYLGDGHV &RPHIHLWRDDUWHGiXPDIRUPDH[WHUQDXPDPDQLIHVWDomRS~EOLFDD HPRo}HV D VHQVDo}HV H[SHULPHQWDGDV QR PDLV tQWLPR GD VXEMHWLYLGDGH (PERUD VHMDP LPSDOSiYHLV H IXJD]HV VHQWLPRV QmR REVWDQWH TXH HVVDV HPRo}HVVmRRVDOGDYLGD$RWRUQiODVLQGHSHQGHQWHVGHXPPRPHQWRHGH XP OXJDU SDUWLFXODU RX SHOR PHQRV SDUD DV DUWHV YLYDV DR GDUOKHV XPD GLPHQVmR FROHWLYD D DUWH QRV ID] FRPSDUWLOKDU XPD PDQHLUD GH VHQWLU XPD TXDOLGDGHGHH[SHULrQFLDVXEMHWLYD $YLUWXDOL]DomRHPJHUDOpXPDJXHUUDFRQWUDDIUDJLOLGDGHDGRUR GHVJDVWH(PEXVFDGDVHJXUDQoDHGRFRQWUROHSHUVHJXLPRVRYLUWXDOSRUTXH QRVOHYDSDUDUHJL}HVRQWROyJLFDVTXHRVSHULJRVRUGLQiULRVQmRPDLVDWLQJHP $ DUWH TXHVWLRQD HVVDWHQGrQFLD H SRUWDQWR YLUWXDOL]D D YLUWXDOL]DomR SRUTXH EXVFD QXP PHVPR PRYLPHQWR XPD VDtGD GR DTXL H DJRUD H VXD H[DOWDomR VHQVXDO 5HWRPD D SUySULD WHQWDWLYD GH HYDVmR HP VXDV YROWDV H UHYLUDYROWDV
(PVHXVMRJRVFRQWpPHOLEHUDDHQHUJLDDIHWLYDTXHQRVID]VXSHUDURFDRV 1XPD ~OWLPD HVSLUDO GHQXQFLDQGR DVVLP R PRWRU GD YLUWXDOL]DomR SUREOHPDWL]D R HVIRUoR LQFDQViYHO jV YH]HV IHFXQGR H VHPSUH IDGDGR DR IUDFDVVRTXHHPSUHHQGHPRVSDUDHVFDSDUjPRUWH
$6 23(5$d¯(6 '$ 9,578$/,=$d®2 28 2 75Ì9,2 $175232/Ð*,&2
+iXPQ~FOHRLQYDULDQWHGDVRSHUDo}HVGHYLUWXDOL]DomRXPDUHFHLWD GR YLUWXDO" $UULVFDUHPRV XPD UHVSRVWD SRVLWLYD D HVVD TXHVWmR PDV DSHQDV SDUFLDOHEDVWDQWHJHUDO(ODQmRGLVSHQVDHPFDGDFDVRSDUWLFXODUQHPXPD GHVFREHUWD DXGDFLRVD QHP XPD FRQVWUXomR FROHWLYD ORQJD H WUDEDOKRVD $ WHRULD TXH YDPRV DSUHVHQWDU SRUWDQWR VH SHUPLWH UHFRQKHFHU XP FDVR GH YLUWXDOL]DomR D SRVWHULRUL DQDOLViOD H DSUHVHQWiOR FODUDPHQWH LQIHOL]PHQWH QmRpXPJXLDGHLQYHQomRLQIDOtYHO 275Ì9,2'266,*126 &RPHFHPRVH[DPLQDQGRRFDVRGDOLQJXDJHP3DUDLVWRYDPRVVHJXLU RFXUVRGRWUtYLR$WUtSOLFHYLDRXWUtYLRFRQVWLWXtDDEDVHGRHQVLQROLEHUDOQD $QWLJLGDGHHQD,GDGH0pGLD&RPSUHHQGLDDJUDPiWLFD VDEHUOHUHHVFUHYHU FRUUHWDPHQWH D GLDOpWLFD VDEHU UDFLRFLQDU H D UHWyULFD VDEHU FRPSRU GLVFXUVRV H FRQYHQFHU (VWDEHOHFHPRV D KLSyWHVH GH TXH FDGD XPD GDV WUrV ´YLDVµ HQYROYH RSHUDo}HV TXDVH VHPSUH HPSUHJDGDV QRV SURFHVVRV GH YLUWXDOL]DomR (PSULPHLUROXJDUDJUDPiWLFD$ SDUWLU GR FRQWLQXXP GRV VRQV XPD OtQJXD LVROD RX VHSDUD IRQHPDV HVSpFLHV GH HOHPHQWRV SULPiULRV QmR VLJQLILFDQWHV $V XQLGDGHV VLJQLILFDQWHV SDODYUDV IUDVHV RX ´IDODVµ DSUHVHQWDPVHjDQiOLVHFRPRVHTrQFLDVGHHOHPHQWRVGHVSURYLGRVGHVHQWLGR QHOHVPHVPRV RVIRQHPDV &DGDFRPELQDomRGHHOHPHQWRVWHUiXPVHQWLGR GLIHUHQWHHRVHOHPHQWRVDGTXLUHPXPYDORUGLVWLQWRHPFDGDFRPELQDomR$ JUDPiWLFDpDDUWHGHFRPSRUSHTXHQDVXQLGDGHVVLJQLILFDQWHVFRPHOHPHQWRV QmR VLJQLILFDQWHV H JUDQGHV XQLGDGHV VLJQLILFDQWHV IUDVHV GLVFXUVRV FRP SHTXHQDV1RWHPRVTXHDVRSHUDo}HV´JUDPDWLFDLVµGHVHSDUDomRHGHDUUDQMR GH HOHPHQWRV QmR GL]HP UHVSHLWR DSHQDV j OtQJXD PDV WDPEpP j HVFULWD LQFOXVLYHjVHVFULWDVQmRDOIDEpWLFDV 'HSRLV GD JUDPiWLFD D GLDOpWLFD ,QLFLDOPHQWH DUWH GR GLiORJR D GLDOpWLFD SDVVRX D GHVLJQDU D FLrQFLD GD DUJXPHQWDomR H QD XQLYHUVLGDGH PHGLHYDO D OyJLFD H D VHPkQWLFD $ JUDPiWLFD GL]LD UHVSHLWR j DUWLFXODomR LQWHUQD GD OtQJXD j PDQLSXODomR GDV IHUUDPHQWDV OLQJtVWLFDV H HVFULWXUDLV $ GLDOpWLFD HP WURFD HVWDEHOHFH XPD UHODomR GH UHFLSURFLGDGH HQWUH LQWHUORFXWRUHV SRLV QmR Ki HVIRUoR DUJXPHQWDWLYR TXH QmR VXEHQWHQGD XPD HVSpFLH GH SDULGDGH LQWHOHFWXDO &RP LVVR D GLDOpWLFD FRQHFWD XP VLVWHPD GH VLJQRV H XP PXQGR REMHWLYR FRORFDGR SHORV LQWHUORFXWRUHV HP SRVLomR GH
PHGLDGRU 6HUmR DV SURSRVLo}HV YHUGDGHLUDV RX IDOVDV H SRU TXr" 'H TXH PDQHLUD HODV FRUUHVSRQGHP D XP HVWDGR GR PXQGR" $ GLDOpWLFD LPSOLFD DR PHVPR WHPSR R UHODFLRQDPHQWR FRP R RXWUR D DUJXPHQWDomR H D UHODomR FRP R ´H[WHULRUµ D VHPkQWLFD D UHIHUrQFLD 1mR Ki OtQJXD VHP HVVDV RSHUDo}HV GH HVWDEHOHFLPHQWR GH FRUUHVSRQGrQFLD RX GH VXEVWLWXLomR FRQYHQFLRQDOHQWUHXPDRUGHPGRVVLJQRVHXPDRUGHPGDVFRLVDV (QILP D UHWyULFD GHVLJQD D DUWH GH DJLU VREUH RV RXWURV H R PXQGR FRPRDX[tOLRGRVVLJQRV1RHVWiJLRUHWyULFRRXSUDJPiWLFRQmRVHWUDWDPDLV DSHQDVGHUHSUHVHQWDURHVWDGRGDVFRLVDVPDVLJXDOPHQWHGHWUDQVIRUPiODH PHVPR GH FULDU LQWHLUDPHQWH XPD UHDOLGDGH VDtGD GD OLQJXDJHP RX VHMD HP WHUPRV ULJRURVRV XP PXQGR YLUWXDO R GD DUWH GD ILFomR GD FXOWXUD GR XQLYHUVR PHQWDO KXPDQR (VVH PXQGR JHUDGR SHOD OLQJXDJHP VHUYLUi HYHQWXDOPHQWH GH UHIHUrQFLD D RSHUDo}HV GLDOpWLFDV RX VHUi UHHPSUHJDGR SRU RXWURVSURMHWRVGHFULDomR$OLQJXDJHPVyDOoDY{RQRHVWiJLRUHWyULFR(QWmR HODVHDOLPHQWDGHVXDSUySULDDWLYLGDGHLPS}HVXDVILQDOLGDGHVHUHLQYHQWDR PXQGR
27UtYLRGDV&RLVDV 0LQKDKLSyWHVHpTXHDVRSHUDo}HVJUDPDWLFDLVGLDOpWLFDVHUHWyULFDV FKDYHV GD FDSDFLGDGH YLUWXDOL]DQWH GD OLQJXDJHP FDUDFWHUL]DP LJXDOPHQWH D WpFQLFD H D FRPSOH[LGDGH GRV UHODFLRQDPHQWRV /RQJH GH PLP D LGpLD GH ´UHGX]LU WXGR j OLQJXDJHPµ $R FRQWUiULR WUDWDVH GH S{U HP HYLGrQFLD SRU WUiV GD HILFiFLD GDV OtQJXDV XPD HVWUXWXUD DEVWUDWD QHXWUD TXH FDUDFWHUL]D LJXDOPHQWH RXWURVWLSRV GH DWLYLGDGHVKXPDQDV FDSD]HV GH QRVID]HU HVFDSDU DRDTXLHDJRUD 3DUDDWpFQLFDDJUDPiWLFDFRQVLVWHQRUHFRUWHGHJHVWRVHOHPHQWDUHV TXHSRGHUmRVHUHPSUHJDGRVHPGLYHUVDVVHTrQFLDVRXDo}HVHPVLWXDomR4XH VHSHQVHQDPDQHLUDFRPRDSUHQGHPRVDJLQiVWLFDDGDQoDRWrQLVDHVJULPD DV DUWHV PDUFLDLV H QXPHURVDV KDELOLGDGHV SURILVVLRQDLV 3RGHUVHLD DILUPDU FRP EDVH QRV WUDEDOKRV GH 0LFKHO )RXFDXOW TXH HVVH UHFRUWH HP JHVWRV HOHPHQWDUHV p XP IHQ{PHQR UHFHQWH DSDUHFLGR QD (XURSD QD HUD FOiVVLFD H TXH WHP D YHU FRP XPD DERUGDJHP GLVFLSOLQDU GR FRUSR &HUWDPHQWH 0DV SRUXPODGRQmRpVHPLPSRUWkQFLDTXH SRVVDPRV UHFRUWDU DVVLP QRVVRV DWDV ItVLFRVHTXHLVWRQRVFRQILUDHPJHUDOXPDFUpVFLPRGHHILFiFLDSHORPHQRV QD DSUHQGL]DJHP GH PDVVD 3RU RXWUR ODGR R IDWR GH WDO UHFRUWH VH WRUQDU H[SOtFLWR SDUDVL HPGHWHUPLQDGDFXOWXUDQmRVLJQLILFDTXHQmRHVWHMDDWXDQGR LPSOLFLWDPHQWH HP VL QDV RXWUDV 2 FDVR GDV OtQJXDV QRV PRVWUD LVVR GH PDQHLUD HYLGHQWH 1mR Ki JUDPiWLFD FRPR GLVFLSOLQD FRQVWLWXtGD DQWHV GD HVFULWD H D TXDVH WRWDOLGDGH GRV VHUHV KXPDQRV DSUHQGH D IDODU VHP WHU D PHQRU QRomR GLVVR 2 TXH QmR LPSHGH DV SDODYUDV GH VHUHP UHDOPHQWH
FRPELQDo}HV GH IHQ{PHQRV QHP LPSHGH TXH FDGD OtQJXD VHMD HQWUH RXWUDV FRLVDV XPDHVSpFLHGHVLVWHPDFRPELQDWyULRTXHREHGHFHDUHJUDVHVSHFLDLVGH FRQVWLWXLomRGHVHTrQFLDVVRQRUDV $JUDPiWLFDWpFQLFDQmRGL]UHVSHLWRDSHQDVDRVJHVWRVPDVWDPEpPD PyGXORV PDWHULDLV HOHPHQWDUHV TXH SRGHP VHU FRPELQDGRV SDUD FRPSRU JDPDV GH DUWHIDWRV RX GH IHUUDPHQWDV $ WtWXOR GH H[HPSOR R PHVPR FDER SRGH VHUYLU j PRQWDJHP GH XPD Si RX GH XPD SLFDUHWD H WLMRORV LGrQWLFRV SRGHPVHUXVDGRVQDFRQVWUXomRGHFDVDVPXLWRGLYHUVDV 6H QmR p PXLWR GLItFLO DGPLWLU XPD HVSpFLH GH JUDPiWLFD WpFQLFD Mi XPDGLDOpWLFDGDVFRLVDVSDUHFHSUREOHPiWLFD$OLQJXDJHPUHIHUHVHDRPXQGR UHDOSHUPLWHSURGX]LUSURSRVLo}HVYHUGDGHLUDVRXIDOVDV VXVFLWD HPRo}HVRX LGpLDV (P VXPD HOD VLJQLILFD (P WURFD D WpFQLFD SDUHFH SHUWHQFHU D XPD RXWUDRUGHPTXHQmRDGDVLJQLILFDomR DGDDomRHILFD]GDRSHUDFLRQDOLGDGH $ OLQJXDJHP SURYRFD HVWDGRV PHQWDLV D IHUUDPHQWD GHVORFD PDWpULD &RPR SRGHULD KDYHU XPD GLDOpWLFD GRV LQVWUXPHQWRV" ( QmR REVWDQWH WDPEpP D WpFQLFDID]VHQWLGR 1R FHQWUR GD VLJQLILFDomR DFKDVH D RSHUDomR GH VXEVWLWXLomR 6H D SDODYUD´iUYRUHµVLJQLILFDpVREUHWXGRSRUTXHHPFHUWDVFLUFXQVWkQFLDVHSDUD XVRV GHWHUPLQDGRV HOD ID] DV YH]HV GD iUYRUH UHDO 2UD H TXDVH GR PHVPR PRGRXPGLVSRVLWLYRWpFQLFRYDOHSRUXPRXWURGLVSRVLWLYRQmRWpFQLFRRXGH XPDWHFQLFLGDGHPHQRVFRPSOH[D3RUH[HPSORRVLVWHPDPRGHUQRGHiJXD FRUUHQWH HP WRGRV RV DQGDUHV VXEVWLWXL R EDOGH TXH YDL j IRQWH $ IRQWH LQVWDODGDQDSUDoDSRUVXDYH]VXEVWLWXLDFDPLQKDGDDWpDQDVFHQWHRXRULR $V WRUQHLUDV GD FR]LQKD H GR EDQKHLUR ´GHQRWDPµ D ´VLJQLILFDomRµ VHJXLQWH YRFr QmR SUHFLVD PDLV WUD]HU D iJXD GR SRoR RX DOXJDU RV VHUYLoRV GH XP FDUUHJDGRU2XWURH[HPSOR DELFLFOHWDVypXPREMHWRWpFQLFRSRUTXHVXEVWLWXL XPD FDPLQKDGD VHP HTXLSDPHQWR PHFkQLFR RX XP FDYDOR GHPDVLDGR RQHURVR 9LD GH UHJUD R VHQWLGR GH XP DUWHIDWR RX GH XPD IHUUDPHQWD p R GLVSRVLWLYRTXHVHUtDPRVREULJDGRVDHPSUHJDUSDUDREWHURPHVPRUHVXOWDGR VHHOHQmRWLYHVVHVLGRLQYHQWDGR2REMHWRWpFQLFRQmRDSHQDVFXPSUHFRPR RVLJQRXPDIXQomRGHVXEVWLWXLomRFRPRWDPEpPRSHUDDOpPGLVVRRPHVPR WLSRGHDEVWUDomR$SDODYUD´iUYRUHµQmRUHPHWHDSHQDVDHVWDILJXHLUDHPPHX MDUGLPDHVWDEpWXODQDIORUHVWDPDVDTXDOTXHUiUYRUHSDUWLFXODUHPDLVDLQGD DR FRQFHLWR JHUDO GH iUYRUH 'R PHVPR PRGR XPD ELFLFOHWD QmR VXEVWLWXL HVSHFLDOPHQWHHVWDVSHUQDVHPYLDGHDQGDURXHVWHFDYDORQDHVWUHEDULD9DOH SRU XPD IXQomR JHUDO GH WUDQVSRUWH XPD IXQomR DEVWUDWD GHVOLJDGD D SULRUL GHVWHRXGDTXHOH´UHIHUHQWHµSDUWLFXODUUHPHWHQGRSRUWDQWRDXPDTXDQWLGDGH LQGHWHUPLQDGDGHVLWXDo}HVRXGHGLVSRVLWLYRVFRQFUHWRVGHGHVORFDPHQWR )LQDOPHQWHDWpFQLFDSRVVXL²HODWDPEpP²VXDUHWyULFDQRVHQWLGR HP TXH VHX PRYLPHQWR QmR VH OLPLWD HP DFXPXODU DUWHIDWRV RX IHUUDPHQWDV ´SUiWLFDVµ H ´~WHLVµ TXH ID]HP JDQKDU WHPSR H HQHUJLD $ LQYHQomR WpFQLFD
DEUHSRVVLELOLGDGHVUDGLFDOPHQWHQRYDVFXMRGHVHQYROYLPHQWRDFDEDSRUID]HU FUHVFHU XP PXQGR DXW{QRPR FULDomR SUROLIHUDQWH TXH QmR SRGH PDLV VHU H[SOLFDGDSRUQHQKXPFULWpULRHVWiWLFRGHXWLOLGDGH'HIDWRVHQmRI{VVHPRV DOpPGDGLDOpWLFDWpFQLFDSRGHUtDPRVDLQGDFRQILQDUDVIHUUDPHQWDVQRUHLQR GRV PHLRV 2V ILQV GH EHEHU RX GH LU j DOGHLD YL]LQKD SHUPDQHFHQGR LQDOWHUDGRV DV WpFQLFDV GH DGXomR GH iJXD RX GR YHORFtSHGH VHUYHP SDUD DWLQJLORV PDLV GHSUHVVD H FRP PHQRU FXVWR 0DV D SURGXomR GH DUWHIDWRV DWLQJH R HVWiJLR UHWyULFR TXDQGR HOD SDUWLFLSD GD FULDomR GH QRYRV ILQV 3RU H[HPSOR DV FDOFXODGRUDV HOHWU{QLFDV DSHUIHLoRDGDV QRV DQRV TXDUHQWD SHUPLWLUDP HIHWXDU RSHUDo}HV DULWPpWLFDV PLO YH]HV PDLV UDSLGDPHQWH TXH DV FDOFXODGRUDVHOHWURPHFkQLFDVHDQDOyJLFDVDQWHULRUHV0DVVHXVLQYHQWDUHVQmR VHFRQWHQWDUDPHPID]HUDVQRYDVPiTXLQDVHIHWXDUPDLVGHSUHVVDDVPHVPDV RSHUDo}HVTXHDVDQWLJDV([SORUDUDPHVVDYHORFLGDGHDFUHVFLGDSDUDPRGLILFDU UDGLFDOPHQWH D FRQFHSomR GDV PiTXLQDV GH FDOFXODU (P YH] GH FRQVWUXLU LQVWUXPHQWRV HVSHFLDOL]DGRV QD FRPSXWDomR GHVWH RX GDTXHOH JrQHUR GH RSHUDomR FRQFHEHUDP FDOFXODGRUDV XQLYHUVDLV SURJUDPiYHLV FDSD]HV GH H[HFXWDU TXDOTXHU WLSR GH WUDWDPHQWR GH LQIRUPDomR ,VWR Vy IRL SRVVtYHO JUDoDV j YHORFLGDGH DGTXLULGD SHOD HOHWU{QLFD TXH SHUPLWLX RWLPL]DU D GLVSRVLomR PDWHULDO GRV FLUFXLWRV HP IXQomR GDV RSHUDo}HV UHTXHULGDV )RL DVVLP TXH QDVFHX D LQIRUPiWLFD H TXH R XQLYHUVR GR VRIWZDUH VH S{V D SUROLIHUDU 8PDYLVmRHVWUHLWDGD LQIRUPiWLFD OLPLWDGD j GLDOpWLFD D UHGX] D XP FRQMXQWR GH IHUUDPHQWDV SDUD FDOFXODU HVFUHYHU FRQFHEHU H FRPXQLFDU PDLV GHSUHVVDHPHOKRU$SOHQDDERUGDJHPUHWyULFDGHVFREUHQHOD XP HVSDoR GH SURGXomRHGHFLUFXODomRGRVVLJQRVTXDOLWDWLYDPHQWHGLIHUHQWHGRVDQWHULRUHV QRTXDODVUHJUDVGHHILFiFLDHRVFULWpULRVGHDYDOLDomRGDXWLOLGDGHPXGDUDP 1RVVD HVSpFLH ODQoRXVH VHP UHWRUQR QHVVH QRYR HVSDoR LQIRUPDFLRQDO $ TXHVWmRSRUWDQWRQmRpDYDOLDUVXD´XWLOLGDGHµPDVGHWHUPLQDUHPTXHGLUHomR SURVVHJXLU XP SURFHVVR GH FULDomR FXOWXUDO LUUHYHUVtYHO 3RGHUVHLD GL]HU R PHVPR GR FRQMXQWR GRV PHLRV GH WUDQVSRUWH TXH PXLWR PDLV PHWDPRUIRVHDUDPDJHRJUDILDHGLVVROYHUDPDVDQWLJDVGLVWLQo}HVHQWUHFLGDGH H FDPSR GR TXH DFHOHUDUDP RV YHtFXORV D FDYDOR H RV EDUFRV D YHOD 2 DXWRPyYHO p FHUWDPHQWH XP PHLR GH WUDQVSRUWH SRUpP PDLV DLQGD p R SULQFLSDORSHUDGRUXUEDQtVWLFRFRQWHPSRUkQHR PHGLGD TXH VH GHVHQYROYH R WHFQRFRVPR VHXV HOHPHQWRV VH IXQGHP QR FHQiULR VH QDWXUDOL]DP HQWUDP QD GLDOpWLFD GRV ILQV UHFHELGRV H GRV PHLRV TXH VH DSHUIHLoRDP 0DV HP VXD IURQWHLUD DYDQoDGD QD LQWHUIDFH PyYHOGDFULDomRHGRGHVFRQKHFLGRDDWLYLGDGHWpFQLFDDEUHPXQGRVYLUWXDLV QRVTXDLVVHHODERUDPQRYRVILQV
275Ì9,2'266(5(6 (QILP D FRPSOH[LGDGH GRV UHODFLRQDPHQWRV WHP D YHU LJXDOPHQWH FRP XP WUtYLR DQWURSROyJLFR JHQHUDOL]DGR 1D HWDSD JUDPDWLFDO IRL SUHFLVR LGHQWLILFDUHVHSDUDUHOHPHQWRVFDSD]HVGHHQWUDUHPFRPSRVLomRQRVDUUDQMRV FRQWUDWXDLV OHJDLV VRFLDLV SROtWLFRV PRUDLV RX UHOLJLRVRV (VVHV HOHPHQWRV UHFRPELQiYHLV QRWHPROD VmR WmR FRQYHQFLRQDLV H QmRVLJQLILFDQWHV TXDQWR RV IRQHPDV VHQWLPHQWRV SDL[}HV iWRPRV GH UHODFLRQDPHQWRV GH JHVWRV SDUWHV GD DOPD VXMHLWRV SHVVRDV HLV Dt RXWURV WDQWRV WLMRORV GH EDVH SDUD RV FRPSRUWDPHQWRVRVUHODFLRQDPHQWRVHDVLGHQWLGDGHVVRFLDLV eSUHFLVRTXHKDMDHOHPHQWRVLQYDULiYHLVFRPRDVDOYDomRDFyOHUDD RIHQVD D SURPHVVD RX D KRPHQDJHP UHFRQKHFtYHLV QXPD YDULHGDGH LQILQLWD GH FLUFXQVWkQFLDV SDUD TXH D YLGD FROHWLYD SRVVD VH HVWDELOL]DU H VH FRPSOH[LILFDU 'H XP SRQWR GH YLVWD HVWULWDPHQWH ItVLFR WRGRV RV VRQV VmR GLIHUHQWHV e VRPHQWH QR SURFHVVR YLUWXDOL]DQWH GD OtQJXD TXH GRLV VRQV GLVWLQWRV H[HPSOLILFDP R PHVPR IRQHPD 2 PHVPR YDOH SDUD FODVVHV GH VHQWLPHQWRVRXGHDWRVVRFLDLVWRGRVGLIHUHQWHVQXPSODQRSVLFROyJLFRHVWULWR PDV TXH QmR REVWDQWH VHUYHP GH LQVWkQFLD SDUD R PHVPR iWRPR GH UHODFLRQDPHQWR QR MRJR GH FRQVWUXomR GD FRPSOH[LGDGH VRFLDO $ SDUWLU GRV HOHPHQWRV GH EDVH YmR VHU HODERUDGDVXPD TXDQWLGDGH LQILQLWD GH VHTrQFLDV GHLQWHUDo}HVXPDHVSpFLHGHWH[WRRXGHKLSHUWH[WRUHODFLRQDO -iDERUGDPRVPDLVDFLPDDGLPHQVmRGLDOpWLFDGDpWLFDWRPDGDDTXL QRVHQWLGRJHUDOGHFRPSOH[LGDGHUHODFLRQDOHFRPSRUWDPHQWDO8PFRQWUDWR VXEVWLWXL XPD UHODomR GH IRUoD RX XPD GLVFXVVmR SHUPDQHQWH XP ULWXDO HFRQRPL]DDQHJRFLDomRGHXPGHVHMRRXGHXPDLGHQWLGDGH&RPRQRFDVR GD OLQJXDJHP H GD WpFQLFD XPD FDGHLD GH DWDV SRGH UHPHWHU D RXWUDV FRQVWUXo}HV pWLFDV H LVWR UHFXUVLYDPHQWH DWp IRUPDU XP DPRQWRDGR GH VLJQLILFDo}HVVLPXOWkQHDV FRPR XPD GLPHQVmR KDUP{QLFD GR YtQFXOR VRFLDO 8PD RSHUDomR VLPEyOLFD VXEVWLWXL XP VDFULItFLR DQLPDO XP VDFULItFLR DQLPDO YDOHSRUXPVDFULItFLRKXPDQR XPVDFULItFLRKXPDQRHFRQRPL]DXPDJXHUUD FLYLO 1R HVWiJLR UHWyULFR GHYHVH ILQDOPHQWH FRQVWDWDU R FUHVFLPHQWR GH XP XQLYHUVR UHODFLRQDO DXW{QRPR QRV SODQRV OHJDO LQVWLWXFLRQDO SROtWLFR FRPHUFLDOPRUDOHUHOLJLRVR'HQRYRDTXHVWmRGDXWLOLGDGHGDIXQomRRXGD UHIHUrQFLD Gi OXJDU DR SRGHU GH ID]HU VHQWLGR RX PHOKRU GH ID]HU PXGDU R VHQWLGR GH FULDU XQLYHUVRV GHVLJQLILFDomR UDGLFDOPHQWH QRYRV LQYHQo}HV GR PRQRWHtVPRGRGLUHLWRURPDQRGDGHPRFUDFLDGDHFRQRPLDFDSLWDOLVWD
$*5$0É7,&$)81'$0(172'$ 9,578$/,=$d®2 3RU TXH RV WUrV HVWiJLRV GR WUtYLR IRUPDP XP FDPLQKR GH YLUWXDOL]DomR"5HWRPHPRVDVWUrVHWDSDVXPDSRUXPD $V RSHUDo}HV GH JUDPDWL]DomR UHFRUWDP XP FRQWLQXXP IRUWHPHQWH OLJDGRDSUHVHQoDVDTXLHDJRUDDFRUSRVDUHODo}HVRXVLWXDo}HVSDUWLFXODUHV SDUD REWHU DILQDO HOHPHQWRV FRQYHQFLRQDLV RX SDGUmR (VVHV iWRPRV VmR GHVWDFiYHLVWUDQVIHUtYHLVLQGHSHQGHQWHVGHFRQWH[WRVYLYRV-iIRUPDPRJUDX PtQLPR GR YLUWXDO QD PHGLGD HP TXH FDGD XP SRGH VHU DWXDOL]DGR QXPD YDULHGDGHLQGHILQLGDGHRFRUUrQFLDVWRGDVTXDOLWDWLYDPHQWHGLIHUHQWHVPDVQR HQWDQWRUHFRQKHFtYHLVFRPRH[HPSODUHVGRPHVPRHOHPHQWRYLUWXDO3RUWDQWR QmRVHWUDWDGHiWRPRVUHDLVRXVXEVWDQFLDLV(VVHSRQWRGHYHVHUVXEOLQKDGR SRLV HOH ID] WRGD D GLIHUHQoD HQWUH D DQiOLVH j PRGD FDUWHVLDQD TXH VHSDUD SDUWHVUHDLVHDJUDPDWL]DomRTXHFULDSDUWtFXODVYLUWXDLV6XDSURSULHGDGHGH QmRVLJQLILFkQFLDDXWRUL]DRUHHPSUHJRGHXPFRQMXQWROLPLWDGRGHWLMRORVGH EDVHOLYUHVHGHVWDFiYHLVSDUDFRQVWUXLUXPDTXDQWLGDGHLQILQLWDGHVHTrQFLDV GHFDGHLDVRXGHFRPSRVWRVVLJQLILFDQWHV$VLJQLILFDomRGHXPFRPSRVWRQmR SRGH VHU GHGX]LGD D SULRUL GD OLVWD GH VHXV HOHPHQWRV WUDWDVH GH XPD DWXDOL]DomRFULDGRUDHPFRQWH[WR 2 GHVWLQR GD HVFULWD LOXVWUD SDUWLFXODUPHQWH EHP D JUDPDWL]DomR R TXHDHWLPRORJLDFRQILUPD JUDPPDHPJUHJRDQWLJRpDOHWUD$IDODpDQWHVGH PDLV QDGD LQGLVVRFLiYHO GH XP VRSUR GH XPD SUHVHQoD YLYD DTXL H DJRUD $ HVFULWD DJUDPDWL]DomRGDIDOD VHSDUDDPHQVDJHPGHXPFRUSRYLYRHGHXPD VLWXDomR SDUWLFXODU $ LPSUHVVmR OHYD DGLDQWH HVVH SURFHVVR DR SDGURQL]DU D JUDILDVHSDUDQGRRWH[WROLGRGRWUDoRGLUHWRGHXPDSHUIRUPDQFHPXVFXODU 2DVSHFWRYLUWXDOL]DQWHGDLPSUHVVmRpRFDUDFWHUHPyYHO5HHQFRQWUDUHPRVHP TXDVH WRGRV RV SURFHVVRV GH YLUWXDOL]DomR R HTXLYDOHQWH GH XP ´FDUDFWHUH PyYHOµOLEHUDGRGHVFRODGRGDVVLWXDo}HVFRQFUHWDVUHSURGXWtYHOHFLUFXODQWH $LQIRUPDWL]DomRDFHOHUDRPRYLPHQWRLQLFLDGRSHODHVFULWDDRUHGX]LU WRGDVDVPHQVDJHQVDFRPELQDo}HVGHGRLVVtPERORVHOHPHQWDUHV]HURHXP (VVHVFDUDFWHUHVVmR RVPHQRV VLJQLILFDQWHVSRVVtYHLV LGrQWLFRV HP WRGRVRV VXSRUWHV GHPHPyULD 6HMD TXDO IRU D QDWXUH]D GD PHQVDJHP HOHV FRPS}HP VHTrQFLDVWUDGXWtYHLVHPHSRUTXDOTXHUFRPSXWDGRU$LQIRUPiWLFDpDPDLV YLUWXDOL]DQWHGDVWpFQLFDVSRUVHUWDPEpPDPDLVJUDPDWLFDOL]DQWH6DEHVHTXH DOtQJXDVHFDUDFWHUL]DSRUXPDGXSODDUWLFXODomRDTXHMXQWDRVIRQHPDVHDV XQLGDGHV VLJQLILFDQWHV DV SDODYUDV H D TXH MXQWD DV SDODYUDV HQWUH VL SDUD SURGX]LU IUDVHV 1R TXH FRQFHUQH j LQIRUPiWLFD SRGHUVHLD IDODU GH XPD DUWLFXODomR GH Q WHUPRV FyGLJRV HOHWU{QLFRV GH EDVH OLQJXDJHQVPiTXLQDV OLQJXDJHQV GH SURJUDPDomR OLQJXDJHQVGH DOWR QtYHO LQWHUIDFHV H RSHUDGRUHV GHWUDGXo}HVP~OWLSODVSDUDILQDOPHQWHFKHJDUjHVFULWDFOiVVLFDjOLQJXDJHPD WRGDVDVIRUPDVYLVXDLVHVRQRUDVDQRYRVVLVWHPDVGHVLJQRVLQWHUDWLYRV
$UHODomRHQWUHRVIHQ{PHQRVFRQWHPSRUkQHRVGHGHVWHUULWRULDOL]DomR H GH PXQGLDOL]DomR GH XP ODGR H D SDGURQL]DomR D YLUWXDOL]DomR GH HOHPHQWRV GH EDVH UHFRPELQiYHLV GH RXWUR p HYLGHQWH $ SDGURQL]DomR SHUPLWHDFRPSDWLELOLGDGHHQWUHVLVWHPDVGHLQIRUPDomRVLVWHPDVHFRQ{PLFRV VLVWHPDV GH WUDQVSRUWH GLVWLQWRV (OD DXWRUL]D GHVWH PRGR D FRQVWLWXLomR GH HVSDoRV HFRQ{PLFRV LQIRUPDFLRQDLV RX ItVLFRV DEHUWRV GH FLUFXODomR OLYUH FXMDVILJXUDVVDOLHQWHV FDUURVDYL}HVFRPSXWDGRUHV FREUHPQDYHUGDGHXPD VXSHUItFLH FRRUGHQDGD IOXWXDQWH H FRQWtQXD GH FRPSRQHQWHV DUWLFXOiYHLV $VVLP FRPR RV FRPSXWDGRUHV DFDEDUDP SRU VH IXQGLU QR FUHVFLPHQWR GR FLEHUHVSDoRWDPEpPRVDYL}HVQmRVmRPDLVTXHRVPyGXORVDSDUHQWHVGHXP VLVWHPD LQWHUQDFLRQDO LQWHJUDGR GH WUDQVSRUWH DpUHR FXMR Q~FOHR p D FRRUGHQDomRHQWUHRVDHURSRUWRV $SyV RV VLJQRV H D WpFQLFD YHMDPRV DJRUD DOJXQV H[HPSORV QR GRPtQLR GDV IRUPDV VRFLDLV 'H TXH PRGR D JUDPDWL]DomR ID] VXUJLU QRYRV WLSRVGHFRQWUDWRVHGHFRPSRUWDPHQWRV"$REUDGH6WHYHQ6KDSLQH6LPRQ 6FKDIIHU /HYLDWKDQ DQG WEF $LU 3XPS >/HYLDWm H D ERPED GH DU@ UHFRQVWLWXL R QDVFLPHQWR GD FRPXQLGDGH FLHQWtILFD PRGHUQD QR VpFXOR ;9-,, DWUDYpV GD SROrPLFDHQWUH+REEHVH%R\OH%R\OHTXHUGHILQLUDVUHJUDVTXHGHYHPUHJHU RFROHWLYRGRV´H[SHULPHQWDOLVWDVµHHPSDUWLFXODUDHVWULWDVHSDUDomRHQWUHGH XP ODGR IDWRV TXH UH~QDP R FRQVHQVR UHSURGXWtYHLV HP ODERUDWyULR H FRQVWDWiYHLV SRU WHVWHPXQKDV GLJQDV GH Ip H GH RXWUR KLSyWHVHV WHRULDV RX H[SOLFDo}HV FDXVDLV VREUH DV TXDLV D FRQFRUGkQFLD GD FRPXQLGDGH FLHQWtILFD QmRpQHFHVViULD+REEHVHPFRQWUDSDUWLGDVHUHFXVDDDGPLWLUHVVDVHSDUDomR GRVIDWRVHGDVH[SOLFDo}HVFDXVDLV6HRQ~FOHRGDDWLYLGDGH´ILORVyILFDµQmR IRU D H[SOLFDomR SHODV FDXVDV HOH QmR Yr D XWLOLGDGH GLVVR $OpP GR PDLV VXEOLQKD TXH QD UHDOLGDGH p LPSRVVtYHO VHSDUDUD FRQVWDWDomR GRV IDWRV H D IRUPXODomRGDVKLSyWHVHVRX LQWHUSUHWDo}HV TXH RULHQWDP H IRUPDPR ROKDU +REEHV HVWi SRUWDQWR HPFRQGLo}HV IDYRUiYHLV SDUD GHVPRQWDU RV ´IDWRVµ REWLGRV SRU %R\OHPRVWUDQGR VHX FDUiWHU FRQYHQFLRQDO H FRQVWUXtGR 1XP FHUWRVHQWLGR+REEEHVWHPUD]mR DVHSDUDomRGRVIDWRV´VHPVLJQLILFDomRµH GDV H[SOLFDo}HV p DUWLILFLDO 0DV VHUi R SUREOHPD HVVHQFLDOGH %R\OH H GRV H[SHULPHQWDOLVWDV R GH WHU UD]mR RX VHMD R GH DWHUVH DR UHDO" 2 SUREOHPD GHOHV QmR VHULD DQWHV PRQWDU XP GLVSRVLWLYR FDSD] GH LVRODU GR VDEHU XPD SDUWH YLUWXDO PyYHO UHSURGXWtYHO LQGHSHQGHQWH GDV SHVVRDV DLQGD TXH VHMD DSHQDVQRVHLRGDUHGHUHVWULWDGRVODERUDWyULRVSURYLGRVGRVPHLRVGHUHID]HU DVH[SHULrQFLDV" $TXL R FDUDFWHU PyYHO GHVWDFiYHO QmRVLJQLILFDQWH H FLUFXODQWH p R IDWR 2 HVIRUoR SDUD LQVWLWXLU D FLrQFLD FRPRPiTXLQD YLUWXDOL]DQWHIRLSURYDYHOPHQWHPDLVIHFXQGRTXHDYRQWDGHGHDWHUVHDRUHDO RXGHGL]HUDYHUGDGH 8P H[HPSOR SULYLOHJLDGR LOXVWUDUi SDUD WHUPLQDU D SRWrQFLD YLUWXDOL]DQWH GD JUDPDWL]DomR (YRFDUHL DJRUD QmR PDLV D YLUWXDOL]DomR GR
FRQKHFLPHQWR SHOD FRPXQLGDGH FLHQWtILFD PDV D GRUHFRQKHFLPHQWR GRV VDEHUHV H GDVFRPSHWrQFLDVSHODVRFLHGDGHHPVHXFRQMXQWR1XPVHQWLGRSURIXQGRDV FRPSHWrQFLDVGRVLQGLYtGXRVVmR~QLFDVOLJDGDVDVHXWUDMHWRGHYLGDVLQJXODU LQVHSDUiYHLVGHXPFRUSRVHQVtYHOHGHXPPXQGRGH VLJQLILFDo}HVSHVVRDLV ,VWR p H FRQWLQXDUi VHQGR YHUGDGH 7RGDYLD SDUD DV QHFHVVLGDGHV GD YLGD HFRQ{PLFDHVRFLDOPDVLJXDOPHQWHSDUDDVDWLVIDomRVLPEyOLFDGRVLQGLYtGXRV HVVDV FRPSHWrQFLDV GHYHP VHULGHQWLILFDGDV H UHFRQKHFLGDV GH PDQHLUD FRQYHQFLRQDO$QHFHVVLGDGHGHUHFRQKHFLPHQWRHGHLGHQWLILFDomRpWDQWRPDLV SUHPHQWH QD PHGLGD HP TXH FRPR VXEOLQKDPRV QXP FDStWXOR DQWHULRUFRPSHWrQFLDV H FRQKHFLPHQWRV VmR KRMH D IRQWH GD PDLRU SDUWH GHULTXH]D2UDRPRGRFOiVVLFRGHUHFRQKHFLPHQWRGRVVDEHUHV²RGLSORPD ²pDRPHVPRWHPSR ²GHILFLHQWH QHPWRGRVWrPGLSORPDHPERUDFDGDXPVDLEDDOJXPD FRLVD ²WHUULYHOPHQWHJURVVHLUR DVSHVVRDVTXHWrPRPHVPRGLSORPDQmR WrP DV PHVPDV FRPSHWrQFLDV VREUHWXGR SRU FDXVD GHVXDV H[SHULrQFLDV GLYHUVDV ² H ILQDOPHQWH QmR SDGURQL]DGR RV GLSORPDV HVWmR YLQFXODGRV D XQLYHUVLGDGHV RX QR Pi[LPR D (VWDGRV H QmR Ki VLVWHPD JHUDO GH HTXLYDOrQFLDHQWUHGLSORPDVGHSDtVHVGLIHUHQWHV 2 FyGLJR RILFLDO GH UHFRQKHFLPHQWR GRV VDEHUHV QmR RIHUHFH GXSOD DUWLFXODomRQHPDOLiVTXDOTXHURXWUDIRUPDGHDUWLFXODomR2VGLSORPDVQmR VmR FRPSRVWRV GH HOHPHQWRV PDLV VLPSOHVH UHHPSUHJiYHLV QXPD RXWUD VHTrQFLD GH HOHPHQWRV TXDOTXHU 6mRDJUHJDGRV PRODUHV LQGHFRPSRQtYHLV 9iULRVGLSORPDVQmRIRUPDPXPDXQLGDGHVLJQLILFDQWHGHQtYHOVXSHULRUPDV DSHQDVXPDMXVWDSRVLomREUXWD )DFH D HVVD VLWXDomR R VLVWHPD GDV iUYRUHV GH FRQKHFLPHQWRV IRL LPDJLQDGR H GHVHQYROYLGR SDUD YLUWXDOL]DU D UHODomR FRPRV VDEHUHV H DV FRPSHWrQFLDV $XWKLHU /pY\ $VVLP HOHSHUPLWH DRV JUXSRV H DRV LQGLYtGXRV LGHQWLILFDUVH H RULHQWDUVHILQDPHQWH QXP XQLYHUVR GH FRQKHFLPHQWRVHPIOX[R $ViUYRUHVGHFRQKHFLPHQWRVSURS}HPXPDYHUGDGHLUDJUDPDWL]DomR GR UHFRQKHFLPHQWR GRV VDEHUHV $V SDUWtFXODV HOHPHQWDUHV GH UHFRQKHFLPHQWRV RX EUHYrV QmR WrP VLJQLILFDomR FRPSOHWD QHODV PHVPDV PDVVRPHQWHHPEUDV}HVTXHVmRVHTrQFLDVGHEUHYrV FXUULFXOD REWLGRVSRU XP LQGLYtGXR H SURMHWDGRV VREUH D iUYRUH GH FRQKHFLPHQWRV GH XPD FRPXQLGDGH 8P FRQMXQWR GH EUHYrV SRGH VHUYLU SDUD FRPSRU XPD TXDQWLGDGH LQILQLWD GHFDPLQKRV GH DSUHQGL]DJHP GLIHUHQWHV 2 PHVPR FXUULFXOXPLQGLYLGXDODGTXLUHXPDVLJQLILFDomRHXPYDORUGLIHUHQWHVQDiUYRUH GHXPDRXGHRXWUDFRPXQLGDGH 2EWpPVH FODUDPHQWH XP VLVWHPD GH GXSOD DUWLFXODomR
3ULPHLUDPHQWH HQWUH RV EUHYrV H RV FXUULFXOD LQGLYLGXDLV FRPR HQWUH RV IRQHPDV H DV SDODYUDV 6HJXQGR HQWUH RV FXUULFXOD H DViUYRUHV XPD iUYRUH HPHUJHGRVSHUFXUVRVGHDSUHQGL]DJHPGRVPHPEURVGHXPDFRPXQLGDGH H RVHVWUXWXUDHPWURFDQDIRUPDGHEUDV}HV FRPRHQWUHDVSDODYUDVHDVIUDVHV D IUDVH p IHLWD GHSDODYUDV FRP YDORU VHPkQWLFR LQGHWHUPLQDGR H DWXDOL]D HP WURFDRVHQWLGRGDVSDODYUDVTXHDFRPS}HP $SULRULTXDOTXHUEUHYr²FRP PDLRURXPHQRUVXFHVVR²SRGHVHLQWHJUDUHPTXDOTXHUFXUULFXOXPHTXDOTXHU FXUULFXOXP²FRPIRUWXQDVGLYHUVDV²SRGHVHLQWURGX]LUHPTXDOTXHUiUYRUH2 EUHYr p R FDUDFWHU PyYHO GD LGHQWLILFDomR GRV VDEHUHV (VVH IXQFLRQDPHQWR JUDPDWLFDO HP GXSOD DUWLFXODomR p D FRQGLomR GH SRVVLELOLGDGH GH XPD SDGURQL]DomR GH XPD GHVWHUULWRULDOL]DomR GH XPD YLUWXDOL]DomR GR VDEHU UHFRQKHFLGR (VSpFLH GH IRQHPD GD LGHQWLILFDomR GDV FRPSHWrQFLDV R EUHYr UHSUHVHQWD XPD SDUWtFXOD YLUWXDO GH FRPSHWrQFLD e LQWHLUDPHQWH QHFHVViULR SRUWDQWRTXHHOHVHMDHVWHUHRWLSDGRLQGHSHQGHQWHGDVSHVVRDVGRVOXJDUHVRX GRVHVWXGRV3RU RXWUR ODGRXP EUDVmR QXPD iUYRUH H[SULPH RV VDEHUHV GH XPLQGLYtGXRQXPFRQWH[WRGDGR HOHRIHUHFHXPDLPDJHP²VHPSUHVLQJXODU ²GDDWXDOL]DomRGDVFRPSHWrQFLDVGHXPDSHVVRDHPVLWXDomR (VVD DERUGDJHP p UDFLRQDO H SUiWLFD 3HUPLWH UHVROYHU QXPHURVRV SUREOHPDVTXHVmRDRPHVPRWHPSRSUHPHQWHVHFRQFUHWRV1RHQWDQWRHOD ´FKHLUD D HQ[RIUHµ SHOD UD]mR PHVPD TXH ID] GLVVR XPD LQYHQomR R UHFRQKHFLPHQWR GDV FRPSHWrQFLDV p LQWHLUDPHQWH GHVFRQHFWDGR GH TXDOTXHU KLSyWHVH SDUWLFXODU VREUH D RUGHP GRV VDEHUHV 6mR RV FDPLQKRV GH DSUHQGL]DJHP GRV FROHWLYRV VHPSUH GLIHUHQWHV TXH ID]HP HPHUJLU FODVVLILFDo}HV GH FRQKHFLPHQWRV YDULDGDV YLVXDOL]DGDV SRU iUYRUHV $OJXPD FRLVDIRLOLEHUDGD $',$/e7,&$($ 5(7Ð5,&$$32*(8'$9,578$/,=$d®2 8PKRPHPSUpKLVWyULFRYrXPJDOKR5HFRQKHFHRSHORTXHp0DVD KLVWyULD QmR WHUPLQD Dt SRLV R KRPHP DR GLDOHWL]DU Yr XPD LPDJHP GXSOLFDGD (OH HQYHVJD RV ROKRV VREUH R JDOKR H R LPDJLQD FRPR EDVWmR 2 JDOKR VLJQLILFD R EDVWmR 2 JDOKR p XP EDVWmR YLUWXDO 6XEVWLWXLomR 7RGD D WpFQLFD HVWi IXQGDGD QHVVD FDSDFLGDGH GH WRUomR GH GHVGREUDPHQWR RX GH KHWHURJrQHVH GR UHDO 8PD HQWLGDGH UHDO LPHUVD HP VXD LGHQWLGDGH H VXD IXQomRGHVSUHQGHVXELWDPHQWHXPDRXWUDIXQomRXPDRXWUDLGHQWLGDGHHQWUD HP QRYDV FRPELQDo}HV p DUUHEDWDGD QXP SURFHVVR GH KHWHURJrQHVH e D PHVPD FDSDFLGDGH GH LQWHUSUHWDU RX LQYHQWDU VHQWLGRV TXH VH SUDWLFD QD OLQJXDJHPHQDWpFQLFDQDEULFRODJHPHQDOHLWXUD $VVLPFRPRKiXPDGLDOpWLFDGRVVLJQRVHXPDGLDOpWLFDGDVFRLVDVD GLDOpWLFDGDVSHVVRDVSRUVXDYH]QRVREULJDPXWXDPHQWHDLQWHJUDURSRQWR GH YLVWD GR RXWUR D VLJQLILFDUPRQRV UHFLSURFDPHQWH QDV QHJRFLDo}HV QRV
FRQWUDWRV QDV FRQYHQo}HV QRV WUDWDGRV QRV DFRUGRV QDV UHJUDV GD YLGD S~EOLFD HP JHUDO $R FRORFDUPRQRV YLUWXDOPHQWH QR OXJDU GR RXWUR HQWUHJDPRQRVDRMRJRGLDOpWLFRGDVXEVWLWXLomR &DEHULDIDODUGDGLDOHWL]DomRFRPRGHXPDRSHUDomRDWLYD'LDOHWL]DU FRPRYLPRVpRUJDQL]DUXPDFRUUHVSRQGrQFLD WURFDUHFtSURFDGHDUJXPHQWRV HQWUHVXMHLWRVPDVWDPEpPUHODomRHQWUHHQWLGDGHVTXHVHS}HPGHV~ELWR D VLJQLILFDUVHPXWXDPHQWH$RFRQWUiULRGHXPDJUDQGHGLYLVmRHQWUHRVVLJQRV H DV FRLVDV D GLDOpWLFD YLUWXDOL]DQWH HVWDEHOHFH UHODo}HV GH VLJQLILFDomR GH DVVRFLDomR RX GH UHPLVVmR HQWUH XPD HQWLGDGH H XPD RXWUD TXDOTXHU 7RGD FRLVD SRGH SDVVDU D VLJQLILFDU VLPHWULFDPHQWH FDGD VLJQR GHSHQGH GH XPD LQVFULomR ItVLFD GH XP PDWHULDO GH H[SUHVVmR $UUDVWDGRV QHVVH SURFHVVR GLDOpWLFR RV VHUHV VH GHVGREUDP SRU XPD SDUWH SHUPDQHFHP HOHV PHVPRV SRURXWUDVmRYHWRUHVGHXPRXWUR&RPLVVRMiQmRVmRPDLVHOHVPHVPRV HPERUDVXDLGHQWLGDGHVHMDSUHFLVDPHQWHRIXQGDPHQWRGHVXDFDSDFLGDGHGH VLJQLILFDU 2 VL H R RXWUR IRUPDP XP ORRS R LQWHULRU H R H[WHULRU SDVVDP FRQWLQXDPHQWHDVHXRSRVWRFRPRQXPDQHOGH0RHELXV $ RSHUDomR GLDOpWLFD IXQGD R YLUWXDO SRUTXH DEUH VHPSUH GH XPD IRUPDGLIHUHQWHXPVHJXQGRPXQGR2PXQGRS~EOLFRRXUHOLJLRVRVXUJHGR SUySULR VHLR GD LQWHUDomR GRV VXMHLWRV SULYDGRV TXH R VRFLDO SRU VXD YH] SURGX]2WHFQRFRVPRFUHVFHFRPRXPDFRPSOH[LILFDomRIUDFWDOGDQDWXUH]D 2 PXQGR GDV LGpLDV HQILP LPDJHP GDV LPDJHQV OXJDU GRV DUTXpWLSRV PRGHODDH[SHULrQFLDQXPDIDFHHUHIOHWHDUHDOLGDGHQDRXWUD 2VHJXQGRPXQGRGHTXHIDODPRVQmRSUHH[LVWHjRSHUDomRGLDOpWLFD QmRpMXVWDPHQWH´UHDOµHHVWiWLFR(OHQDVFHHUHQDVFHVHPFHVVDUVHPSUHQR HVWDGRQDVFHQWH²HVHPSUHFRPRXPRXWURDLQGDXPRXWURPXQGR²GHXP SURFHVVRLQILQLWRGHGHVGREUDPHQWRGHUHPLVVmRHGHFRUUHVSRQGrQFLD $V RSHUDo}HV JUDPDWLFDLV PXOWLSOLFDP RV JUDXV GH OLEHUGDGH 1R WHUUHQRIOH[LELOL]DGRSHODJUDPiWLFDDGLDOpWLFDLPSHOHDVFDGHLDVGHGHVYLRVH RV SURFHVVRV UL]RPiWLFRV GR VHQWLGR DEULQGR DVVLP R FDPLQKR DRV PXQGRV YLUWXDLVTXHDUHWyULFDKDELWDHID]FUHVFHUFRPWRGDDDXWRQRPLD *UDPiWLFDGLDOpWLFDHUHWyULFDVXFHGHPVHDSHQDVQXPDRUGHPOyJLFD GH H[SRVLomR 1RV SURFHVVRV FRQFUHWRV GH YLUWXDOL]DomR VmR VLPXOWkQHDV RX PHVPR SX[DGDV SHOD UHWyULFD $ JUDPiWLFD VHSDUD HOHPHQWRV H RUJDQL]D VHTrQFLDV $ GLDOpWLFD ID] IXQFLRQDU VXEVWLWXLo}HV H FRUUHVSRQGrQFLDV $ UHWyULFD VHSDUD VHXV REMHWRV GH WRGD FRPELQDWyULD GH WRGD UHIHUrQFLD SDUD GHVGREUDU R YLUWXDO FRPR XP PXQGR DXW{QRPR $ UHWyULFD JHUDO TXH LQYRFDPRV DTXLUH~QH DV RSHUDo}HV GH FULDomR GR PXQGR KXPDQR WDQWR QD RUGHP GD OLQJXDJHP TXDQWR QD RUGHP WpFQLFD RX UHODFLRQDO LQYHQomR FRPSRVLomRHVWLORPHPyULDDomR-RUURRQWROyJLFREUXWRDFULDomRVLWXDVH DOpP GD XWLOLGDGH GD VLJQLILFDomR RX GD YHUGDGH 0DV R PRYLPHQWR PHVPR TXHFDUUHJDHVVDSRVLWLYLGDGHHVFDYDRVDWUDWRUHVHFDPLQKRVTXHOKHFHGHPD
SDVVDJHP 2 DWR UHWyULFR TXH GL] UHVSHLWR j HVVrQFLD GR YLUWXDO FRORFD TXHVW}HVGLVS}HWHQV}HVHSURS}HILQDOLGDGHV HOHDVS}HHPFHQDDVS}HHP MRJRQRSURFHVVRYLWDO$LQYHQomRVXSUHPDpDGHXPSUREOHPDDDEHUWXUDGH XPYD]LRQRPHLRGRUHDO
$9,578$/,=$d®2'$,17(/,*È1&,$($&2167,78,d®2 '268-(,72
$SyV WHU H[DPLQDGR QR FDStWXOR SUHFHGHQWH DV RSHUDo}HV GD YLUWXDOL]DomR HYRFDUHL QR FDStWXOR VHJXLQWH VHX REMHWR RX PHOKRU R VXUJLPHQWRGRREMHWRFRPRFRQFOXVmRGDYLUWXDOL]DomR0DVDILPGHFKHJDU DWp R REMHWR SRU XPD SURJUHVVmR OyJLFD OHYDUHL R OHLWRU D XPD H[SORUDomR SUpYLD GD YLUWXDOL]DomR GD LQWHOLJrQFLD 7UrV WHPDV VHUmR HQWUHODoDGRV QHVWH FDStWXORHQRVHJXLQWH DSDUWHFROHWLYDGDFRJQLomRHGDDIHWLYLGDGHSHVVRDOD TXHVWmR GR ´FROHWLYR SHQVDQWHµ HQTXDQWR WDO H D LQWHOLJrQFLD FROHWLYD FRPR XWRSLDWHFQRSROtWLFD$WUDPDGDTXHVWmRGRREMHWRHDGDLQWHOLJrQFLDFROHWLYD VySRGHUiVHMXVWLILFDUQRFXUVRGDGLVFXVVmRDVHJXLU 1yVVHUHVKXPDQRVMDPDLVSHQVDPRVVR]LQKRVRXVHPIHUUDPHQWDV $VLQVWLWXLo}HVDVOtQJXDVRVVLVWHPDVGHVLJQRVDVWpFQLFDVGHFRPXQLFDomR GH UHSUHVHQWDomR H GH UHJLVWUR LQIRUPDP SURIXQGDPHQWH QRVVDV DWLYLGDGHV FRJQLWLYDV WRGD XPD VRFLHGDGH FRVPRSROLWD SHQVD GHQWUR GH QyV 3RU HVVH PRWLYR QmR REVWDQWH D SHUPDQrQFLD GDV HVWUXWXUDV QHXURQDLV GH EDVH R SHQVDPHQWRpSURIXQGDPHQWHKLVWyULFRGDWDGRHVLWXDGRQmRDSHQDVHPVHX SURSyVLWRPDVWDPEpPHPVHXVSURFHGLPHQWRVHPRGRVGHDomR 6H R FROHWLYR SHQVD GHQWUR GH QyV SRGHVH DILUPDU TXH H[LVWH XP SHQVDPHQWR DWXDO HIHWLYR GRV FROHWLYRV KXPDQRV" 3RGHVH IDODU GH XPD LQWHOLJrQFLD VHP FRQVFLrQFLD XQLILFDGD RX GH XP SHQVDPHQWR VHP VXEMHWLYLGDGH"$WpTXHSRQWRpSUHFLVRUHGHILQLUDVQRo}HVGHSHQVDPHQWR H GHSVLTXLVPRSDUDTXHVHWRUQHPFRQJUXHQWHVFRPDVVRFLHGDGHV"7RUQDPR QRV GL]HP RV QHXU{QLRV GH XP KLSHUFyUWH[ SODQHWiULR SRUWDQWR p XUJHQWH HVFODUHFHUHVVHVSUREOHPDVHPDUFDUDVGLIHUHQoDVHQWUHHVSpFLHVGHLQWHOLJrQFLD FROHWLYD HP SDUWLFXODU DV TXH VHSDUDP DV VRFLHGDGHV KXPDQDV GRV IRUPLJXHLURVHGDVFROPHLDV 2GHVHQYROYLPHQWRGDFRPXQLFDomRDVVLVWLGDSRUFRPSXWDGRU H GDV UHGHV GLJLWDLV SODQHWiULDV DSDUHFH FRPR D UHDOL]DomR GH XP SURMHWR PDLV RX PHQRV EHP IRUPXODGR R GD FRQVWLWXLomR GHOLEHUDGD GH QRYDV IRUPDV GH LQWHOLJrQFLD FROHWLYD PDLV IOH[tYHLV PDLV GHPRFUiWLFDV IXQGDGDV VREUH D UHFLSURFLGDGH H R UHVSHLWR GDV VLQJXODULGDGHV 1HVWH VHQWLGR SRGHUVHLD GHILQLUDLQWHOLJrQFLDFROHWLYDFRPRXPDLQWHOLJrQFLDGLVWULEXtGDHPWRGDSDUWH FRQWLQXDPHQWH YDORUL]DGD H VLQHUJL]DGD HP WHPSR UHDO (VVH QRYR LGHDO SRGHULD VXEVWLWXLU D LQWHOLJrQFLD DUWLILFLDO FRPR PLWR PRELOL]DGRU GR GHVHQYROYLPHQWR GDV WHFQRORJLDV GLJLWDLV H RFDVLRQDU DOpP GLVVR XPD UHRULHQWDomRGDVFLrQFLDVFRJQLWLYDVGDILORVRILDGRHVStULWRHGDDQWURSRORJLD SDUDDVTXHVW}HVGDHFRORJLDRXGDHFRQRPLDGDLQWHOLJrQFLD
$RH[SORUDUHVVHVSUREOHPDVIDUHLWUDEDOKDURVFRQFHLWRVGHYLUWXDOH GH DWXDO REWLGRV QRV FDStWXORV SUHFHGHQWHV EHP FRPR D WHRULD GD DQWURSRJrQHVH SRU YLUWXDOL]DomR 7RUQDUHPRV D HQFRQWUDU HVSHFLDOPHQWH DV RSHUDo}HVGHHOHYDomRjSUREOHPiWLFDGHGHVWHUULWRULDOL]DomRGHFRORFDomRHP FRPXP GH FRQVWLWXLomR UHFtSURFD GD LQWHULRULGDGH H GD H[WHULRULGDGH TXH IRUDPDVVRFLDGDVjYLUWXDOL]DomRGHVGHRLQtFLRGHVWHOLYUR $SyV WHU HYRFDGR R SDSHO FDSLWDO GDV OLQJXDJHQV GDV WpFQLFDV H GDV LQVWLWXLo}HVQDFRQVWLWXLomRGRSVLTXLVPRLQGLYLGXDOLUHLH[SRUEUHYHPHQWHRV WHPDV FHQWUDLV GD HFRORJLD RX GD HFRQRPLD FRJQLWLYD 1XP VHJXQGR PRPHQWR WHQWDUHL IRUPXODU XPD GHILQLomR GR SVLTXLVPR FRPSDWtYHO FRP D LGpLD GH SHQVDPHQWR FROHWLYR ,VWR PH OHYDUi D H[DPLQDU DV FRQFHSo}HV GDUZLQLDQDV GD LQWHOLJrQFLD H GHSRLV D FRPSOHWDU HVVDV QRo}HV SRU XPD DERUGDJHP DIHWLYD TXH Gr FRQWD GD GLPHQVmR GH LQWHULRULGDGH GR HVStULWR 1XPWHUFHLURPRPHQWRGHVFUHYHUHLDVQRYDVIRUPDV GH LQWHOLJrQFLD FROHWLYD SRVVLELOLWDGDVSHODVUHGHVGLJLWDLVLQWHUDWLYDVHDVSHUVSHFWLYDVTXHHODV DEUHP SDUDXPDHYROXomRVRFLDOSRVLWLYD$DQiOLVHGRIXQFLRQDPHQWRGRFLEHUHVSDoR WHUi VHUYLGR SDUD SUHSDUDU D ~OWLPD SDUWH FRQVDJUDGD j DQiOLVH GR RSHUDGRU ´REMHWRµQDFRQVWLWXLomRGRVFROHWLYRVLQWHOLJHQWHVGRPHUFDGRFDSLWDOLVWDDR HQLJPD GD KRPLQL]DomR 9HUHPRV ILQDOPHQWH TXH R REMHWR FKDYH GD LQWHOLJrQFLD FROHWLYD VXSRUWH SRU H[FHOrQFLD GD YLUWXDOLGDGH RS}HVH j FRLVD ´UHDOµFRPRDVHXGXSORWHQD]HSHUYHUVR $,17(/,*È1&,$ &2/(7,9$1$ ,17(/,*È1&,$ 3(662$/ /,1*8$*(167e&1,&$6,167,78,d¯(6 &KDPR´LQWHOLJrQFLDµRFRQMXQWRFDQ{QLFRGDVDSWLG}HVFRJQLWLYDVD VDEHUDVFDSDFLGDGHVGHSHUFHEHUGHOHPEUDUGHDSUHQGHUGHLPDJLQDUHGH UDFLRFLQDU1DPHGLGDHPTXHSRVVXHPHVVDVDSWLG}HVRVLQGLYtGXRVKXPDQRV VmRWRGRVLQWHOLJHQWHV1RHQWDQWRRH[HUFtFLRGHVXDVFDSDFLGDGHVFRJQLWLYDV LPSOLFDXPDSDUWHFROHWLYDRXVRFLDOJHUDOPHQWHVXEHVWLPDGD $QWHV GH PDLV QDGD MDPDLV SHQVDPRV VR]LQKRV PDV VHPSUH QD FRUUHQWH GH XP GLiORJR RX GH XP PXOWLGLiORJR UHDO RX LPDJLQDGR 1mR H[HUFHPRV QRVVDV IDFXOGDGHV PHQWDLV VXSHULRUHV VHQmR HP IXQomR GH XPD LPSOLFDomR HP FRPXQLGDGHV YLYDV FRP VXDV KHUDQoDV VHXV FRQIOLWRV H VHXV SURMHWRV(PSODQRGHIXQGRRXHPSULPHLURSODQRHVVDVFRPXQLGDGHVHVWmR VHPSUH SUHVHQWHV QR PHQRU GH QRVVRV SHQVDPHQWRV TXHU HODV IRUQHoDP LQWHUORFXWRUHV LQVWUXPHQWRV LQWHOHFWXDLV RX REMHWRV GH UHIOH[mR &RQKHFLPHQWRVYDORUHVHIHUUDPHQWDVWUDQVPLWLGRVSHODFXOWXUDFRQVWLWXHPR FRQWH[WRQXWULWLYRRFDOGRLQWHOHFWXDOHPRUDODSDUWLUGRTXDORVSHQVDPHQWRV LQGLYLGXDLV VH GHVHQYROYHP WHFHP VXDV SHTXHQDV YDULDo}HV H SURGX]HP jV YH]HVLQRYDo}HVLPSRUWDQWHV
,UHPRVQRVGHWHUHVSHFLDOPHQWHVREUHRVLQVWUXPHQWRV HP SULPHLUR OXJDU ( LPSRVVtYHO H[HUFHUPRV QRVVD LQWHOLJrQFLD LQGHSHQGHQWHPHQWH GDV OtQJXDVOLQJXDJHQVHVLVWHPDVGHVLJQRV QRWDo}HVFLHQWtILFDVFyGLJRVYLVXDLV PRGRVPXVLFDLVVLPEROLVPRV TXHKHUGDPRVDWUDYpVGDFXOWXUDHTXHPLOKDUHV RX PLOK}HV GH RXWUDV SHVVRDV XWLOL]DP FRQRVFR (VVDV OLQJXDJHQV DUUDVWDP FRQVLJRPDQHLUDVGHUHFRUWDUGHFDWHJRUL]DUHGHSHUFHEHURPXQGRFRQWrP PHWiIRUDVTXHFRQVWLWXHPRXWURVWDQWRVILOWURVGDTXLORTXHpGDGRHSHTXHQDV PiTXLQDVGHLQWHUSUHWDUFDUUHJDPWRGDXPDKHUDQoDGHMXOJDPHQWRVLPSOtFLWRV HGHOLQKDVGHSHQVDPHQWRMiWUDoDGDV$VOtQJXDVDVOLQJXDJHQVHRVVLVWHPDV GH VLJQRV LQGX]HP QRVVRV IXQFLRQDPHQWRV LQWHOHFWXDLV DV FRPXQLGDGHV TXH RV IRUMDUDP H IL]HUDP HYROXLU OHQWDPHQWH SHQVDP GHQWUR GH QyV 1RVVD LQWHOLJrQFLDSRVVXLXPDGLPHQVmRFROHWLYDFRQVLGHUiYHOSRUTXHVRPRVVHUHVGH OLQJXDJHP 3RU RXWUR ODGR DV IHUUDPHQWDV H RV DUWHIDWRV TXH QRV FHUFDP LQFRUSRUDP D PHPyULD ORQJD GD KXPDQLGDGH 7RGDV YH] TXH RV XWLOL]DPRV UHFRUUHPRVSRUWDQWRjLQWHOLJrQFLDFROHWLYD$VFDVDVRVFDUURVDVWHOHYLV}HVH RV FRPSXWDGRUHV UHVXPHP OLQKDV VHFXODUHV GH SHVTXLVD GH LQYHQo}HV H GH GHVFREHUWDV &ULVWDOL]DP LJXDOPHQWH RV WHVRXURV GH RUJDQL]DomR H GH FRRSHUDomRHPSUHJDGRVSDUDSURGX]LORVHIHWLYDPHQWH 0DVDVIHUUDPHQWDVQmRVmRDSHQDVPHPyULDVVmRWDPEpPPiTXLQDV GHSHUFHEHUTXHSRGHPIXQFLRQDUHPWUrVQtYHLVGLIHUHQWHV GLUHWRLQGLUHWRH PHWDIyULFR'LUHWDPHQWHOHQWHVPLFURVFySLRVWHOHVFySLRVUDLRV;WHOHIRQHV PiTXLQDV IRWRJUiILFDV FkPHUDV WHOHYLV}HV HWF HVWHQGHP R DOFDQFH H WUDQVIRUPDP D QDWXUH]D GH QRVVDV SHUFHSo}HV ,QGLUHWDPHQWH RV FDUURV RV DYL}HVRXDVUHGHVGHFRPSXWDGRUHV SRUH[HPSOR PRGLILFDPSURIXQGDPHQWH QRVVDUHODomRFRPRPXQGRHHPSDUWLFXODUQRVVDVUHODo}HVFRPRHVSDoRHR WHPSR GH WDO PRGR TXH VH WRUQD LPSRVVtYHO GHFLGLU VH HOHV WUDQVIRUPDP R PXQGR KXPDQR RX QRVVD PDQHLUD GH SHUFHErOD (QILP RV LQVWUXPHQWRV H DUWHIDWRV PDWHULDLV QRV RIHUHFHP PXLWRV PRGHORV FRQFUHWRV VRFLDOPHQWH FRPSDUWLOKDGRV D SDUWLU GRV TXDLV SRGHPRV DSUHHQGHU SRU PHWiIRUD IHQ{PHQRV RX SUREOHPDV PDLV DEVWUDWRV $VVLP $ULVWyWHOHV UHIOHWLD VREUH D FDXVDOLGDGH D SDUWLU GR H[HPSOR GR ROHLUR DV SHVVRDV GR VpFXOR ;9,, UHSUHVHQWDYDPRFRUSRFRPRXPDHVSpFLHGHPHFDQLVPRHQyVFRQVWUXtPRV KRMH PRGHORV FRPSXWDFLRQDLV GD FRJQLomR 2V DUWHIDWRV ID]HP R LPHQVR WUDEDOKRGRVKRPHQVHVXDLQWHOLJrQFLDORQJDSDUWLFLSDUGHQRVVDSHUFHSomRGR PXQGRDTXLHDJRUD 2 XQLYHUVR GH FRLVDV H GH IHUUDPHQWDV TXH QRV FHUFD H TXH FRPSDUWLOKDPRVSHQVDGHQWURGHQyVGHPLOPDQHLUDVGLIHUHQWHV 'HVWHPRGRPDLVXPDYH]SDUWLFLSDPRVGDLQWHOLJrQFLDFROHWLYDTXH DVSURGX]LX (QILP DV LQVWLWXLo}HV VRFLDLV OHLV UHJUDV H FRVWXPHV TXH UHJHP
QRVVRV UHODFLRQDPHQWRV LQIOXHP GH PRGR GHWHUPLQDQWH VREUH R FXUVR GH QRVVRVSHQVDPHQWRV$VVLPFRQIRUPHXPDSHVVRDVHMDSHVTXLVDGRUHPItVLFD GH DOWDV HQHUJLDV VDFHUGRWH FKHIH GH XP VHUYLoR S~EOLFR RX RSHUDGRU ILQDQFHLURVHUiIDYRUHFLGDHPFDGDFDVRXPDRXRXWUDTXDOLGDGHLQWHOHFWXDO HP YH] GH XPD WHUFHLUD $ FRPXQLGDGH FLHQWtILFD D ,JUHMD D EXURFUDFLD GH (VWDGR RX D %ROVD HQFDUQDP FDGD XPD IRUPDV GLIHUHQWHV GH LQWHOLJrQFLD FROHWLYDFRPVHXVPRGRVGHSHUFHSomRGHFRRUGHQDomRGHDSUHQGL]DJHPH GHPHPRUL]DomRGLVWLQWRV3UHVLGLQGRDRVWLSRVGHLQWHUDomRHQWUHLQGLYtGXRV DV ´UHJUDV GR MRJRµ VRFLDO PRGHODP D LQWHOLJrQFLD FROHWLYD GDV FRPXQLGDGHV KXPDQDVDVVLPFRPRDVDSWLG}HVFRJQLWLYDVGDVSHVVRDVTXHQHODVSDUWLFLSDP &DGD LQGLYtGXR KXPDQR SRVVXL XP FpUHEUR SDUWLFXODU TXH VH GHVHQYROYHX D JURVVR PRGR VREUH R PHVPR PRGHOR TXH R GRV RXWURV PHPEURVGHVXD HVSpFLH 3HOD ELRORJLD QRVVDV LQWHOLJrQFLDV VmR LQGLYLGXDLV H VHPHOKDQWHV HPERUDQmRLGrQWLFDV 3HODFXOWXUDHPWURFDQRVVDLQWHOLJrQFLD pDOWDPHQWHYDULiYHOHFROHWLYD&RPHIHLWRDGLPHQVmRVRFLDO GD LQWHOLJrQFLD HVWi LQWLPDPHQWH OLJDGD jV OLQJXDJHQV jV WpFQLFDV H jV LQVWLWXLo}HV QRWRULDPHQWHGLIHUHQWHVFRQIRUPHRVOXJDUHVHDVpSRFDV (&2120,$6 &2*1,7,9$6 &RP DV LQVWLWXLo}HV H DV ´UHJUDV GR MRJRµ SDVVDPRV GDV GLPHQV}HV FROHWLYDV GD LQWHOLJrQFLD LQGLYLGXDO j LQWHOLJrQFLD GR FROHWLYR HQTXDQWR WDO e SRVVtYHOFRPHIHLWRFRQVLGHUDURVJUXSRVKXPDQRVFRPR´PHLRVµHFROyJLFRV RXHFRQ{PLFRVQRVTXDLVHVSpFLHVGHUHSUHVHQWDo}HVRXGHLGpLDVDSDUHFHPH PRUUHPVHSURSDJDPRXUHJULGHPFRPSHWHPHQWUHVLRXYLYHPHPVLPELRVH FRQVHUYDPVH RX WUDQVIRUPDPVH 1mR IDODPRV DSHQDV GDV LGpLDV UHSUHVHQWDo}HV PHQVDJHQV RX SURSRVLo}HV LQGLYLGXDLV PDV WDPEpP GH VXDV HVSpFLHV JrQHURV OLWHUiULRV RX DUWtVWLFRV PRGRV GH RUJDQL]DomR GRV FRQKHFLPHQWRV WLSRV GH DUJXPHQWDo}HV RX GH ´OyJLFDVµ HP XVR HVWLORV H VXSRUWHVGDVPHQVDJHQV8PFROHWLYRKXPDQRpRSDOFRGHXPDHFRQRPLDRX GH XPD HFRORJLD FRJQLWLYD QR VHLR GDV TXDLV HYROXHP HVSpFLHV GH UHSUHVHQWDo}HV 6SHUEHU )RUPDVVRFLDLVLQVWLWXLo}HVHWpFQLFDVPRGHODPRDPELHQWHFRJQLWLYR GHWDOPRGRTXHFHUWRVWLSRVGHLGpLDVRXGHPHQVDJHQVWrPPDLVFKDQFHGHVH UHSURGX]LU TXH RXWURV (QWUH WRGRV RV IDWRUHV TXH FRDJHP D LQWHOLJrQFLD FROHWLYD DV WHFQRORJLDV LQWHOHFWXDLV TXH VmR RV VLVWHPDV GH FRPXQLFDomR GH HVFULWD GH UHJLVWUR H GH WUDWDPHQWR GD LQIRUPDomR GHVHPSHQKDP XP SDSHO FRQVLGHUiYHO 'H IDWR FHUWRV WLSRV GH UHSUHVHQWDo}HV GLILFLOPHQWH SRGHP VREUHYLYHU RX PHVPR DSDUHFHU HP DPELHQWHV GHVSURYLGRV GH FHUWDV WHFQRORJLDV LQWHOHFWXDLV DR SDVVR TXH SURVSHUDP HP RXWUDV ´HFRORJLDV FRJQLWLYDVµ 3RU H[HPSOR DV OLVWDV GH Q~PHURV RV FDWiORJRV RV
FRQKHFLPHQWRV RUJDQL]DGRV GH PRGR VLVWHPiWLFR QmR SRGHP VHU IDFLOPHQWH WUDQVPLWLGRVHPFXOWXUDVVHPHVFULWD(PWURFDDVVRFLHGDGHVRUDLVIDYRUHFHP D FRGLILFDomR GDV UHSUHVHQWDo}HV VRE IRUPD GH QDUUDWLYDV TXH SRGHP VHU UHWLGDVHWUDQVPLWLGDVPDLVIDFLOPHQWHQDDXVrQFLDGHXPVXSRUWHHVFULWR3DUD WRPDU XP H[HPSOR PDLV FRQWHPSRUkQHR XPD SDUWH FUHVFHQWH GH FRQKHFLPHQWRVVHH[SULPHKRMHSRUPRGHORVGLJLWDLVLQWHUDWLYRVHVLPXODo}HV RTXHHUDHYLGHQWHPHQWHLPSHQViYHODQWHVGRVFRPSXWDGRUHVFRPLQWHUIDFHV JUiILFDV LQWXLWLYDV 2V WLSRV GH UHSUHVHQWDo}HV TXH SUHYDOHFHP QHVWD RX QDTXHOD ´HFRQRPLD FRJQLWLYDµ IDYRUHFHP PRGRV GH FRQKHFLPHQWR GLVWLQWRV PLWR WHRULD VLPXODo}HV FRP RV HVWLORV RV FULWpULRV GH DYDOLDomR RV ´YDORUHVµTXHOKHVFRUUHVSRQGHP GH PRGR TXH DVPXGDQoDV GHWHFQRORJLDV LQWHOHFWXDLVRXGHPHLRVGHFRPXQLFDomRSRGHPLQGLUHWDPHQWHWHUSURIXQGDV UHSHUFXVV}HVVREUHDLQWHOLJrQFLDFROHWLYD $V LQIUDHVWUXWXUDV GH FRPXQLFDomR H DV WHFQRORJLDV LQWHOHFWXDLV VHPSUH HVWDEHOHFHUDP HVWUHLWDV UHODo}HV FRP DV IRUPDV GH RUJDQL]DomR HFRQ{PLFDV H SROtWLFDV 5HFRUGHPRV D HVVH UHVSHLWR DOJXQV H[HPSORV EHP FRQKHFLGRV 2 QDVFLPHQWR GD HVFULWD HVWi OLJDGR DRV SULPHLURV (VWDGRV EXURFUiWLFRV GH KLHUDUTXLD SLUDPLGDO H jV SULPHLUDV IRUPDV GH DGPLQLVWUDomR HFRQ{PLFD FHQWUDOL]DGD LPSRVWR JHVWmR GH JUDQGHV GRPtQLRV DJUtFRODV 2 DSDUHFLPHQWRGRDOIDEHWRQD*UpFLDDQWLJDpFRQWHPSRUkQHRGDHPHUJrQFLDGD PRHGDGDFLGDGHDQWLJDHVREUHWXGRGDLQYHQomRGDGHPRFUDFLD DRGLIXQGLU VHDSUiWLFDGDOHLWXUDWRGRVSRGLDPWRPDUFRQKHFLPHQWRGDVOHLVHGLVFXWLODV $ LPSUHVVmR WRUQRX SRVVtYHO XPD ODUJD GLIXVmR GRV OLYURV H D SUySULD H[LVWrQFLD GRV MRUQDLV IXQGDPHQWR GD RSLQLmR S~EOLFD 6HP HOD DV GHPRFUDFLDV PRGHUQDV QmR WHULDP QDVFLGR 3RU RXWUR ODGR DV JUiILFDV UHSUHVHQWDP D SULPHLUD LQG~VWULD GH PDVVD H R GHVHQYROYLPHQWR WHFQR FLHQWtILFRTXHHODVIDYRUHFHUDPIRLXPGRVPRWRUHVGDUHYROXomRLQGXVWULDO$V PtGLDVDXGLRYLVXDLVGRVpFXOR;; UiGLRWHOHYLVmRGLVFRVILOPHV SDUWLFLSDUDP GD HPHUJrQFLD GH XPD VRFLHGDGH GR HVSHWiFXOR TXH VXEYHUWHX DV UHJUDV GR MRJR WDQWR QD YLGD SROtWLFD TXDQWR QR PHUFDGR SXEOLFLGDGH HFRQRPLD GD LQIRUPDomRHGDFRPXQLFDomR ,PSRUWD QR HQWDQWRVXEOLQKDU TXH R DSDUHFLPHQWR RX D H[WHQVmR GH WHFQRORJLDV LQWHOHFWXDLV QmR GHWHUPLQDP DXWRPDWLFDPHQWH HVWH RX DTXHOH PRGR GH FRQKHFLPHQWR RX GH RUJDQL]DomR VRFLDO 'LVWLQJDPRV SRUWDQWR FXLGDGRVDPHQWH DV Do}HV GH FDXVDU RX GH GHWHUPLQDU GH XP ODGR H DV GH FRQGLFLRQDU RX WRUQDU SRVVtYHO GH RXWUR $V WpFQLFDV QmR GHWHUPLQDP HODV FRQGLFLRQDP $EUHP XP ODUJR OHTXH GH QRYDV SRVVLELOLGDGHV GDV TXDLV VRPHQWHXPSHTXHQRQ~PHURpVHOHFLRQDGRRXSHUFHELGRSHORVDWRUHVVRFLDLV 6HDVWpFQLFDVQmRIRVVHPHODVPHVPDVFRQGHQVDo}HVGDLQWHOLJrQFLDFROHWLYD KXPDQDSRGHUVHLDGL]HUTXHDWpFQLFDSURS}HHTXHRVKRPHQVGLVS}HP
0$48,1$6'$5:,1,$1$6 $ QRomR GH LQWHOLJrQFLD FROHWLYD QmR p XPD VLPSOHV PHWiIRUD XPD DQDORJLD PDLV RX PHQRV HVFODUHFHGRUD PDV GH IDWR XP FRQFHLWR FRHUHQWH 9DPRV DJRUD WHQWDU FRQVWUXLU WDO FRQFHLWR 3UHFLVDPRV HQFRQWUDU XPD GHILQLomRGHXP´HVStULWRµTXHVHMD LQWHLUDPHQWH FRPSDWtYHO FRP XPVXMHLWR FROHWLYR LVWR p FRP XPD LQWHOLJrQFLD FXMR VXMHLWR VHMD DR PHVPR WHPSR P~OWLSOR KHWHURJrQHR GLVWULEXtGR FRRSHUDWLYRFRPSHWLWLYR H TXH HVWHMD FRQVWDQWHPHQWHHQJDMDGRQXPSURFHVVRDXWRRUJDQL]DGRURXDXWRSRLpWLFR2 FRQMXQWRGHVVDVFRQGLo}HVHOLPLQDDXWRPDWLFDPHQWHRVPRGHORVFDOFXODWyULRV RXLQIRUPiWLFRVGRWLSR´PiTXLQDGH7XULQJµTXHQmRWrPDSURSULHGDGHGH DXWRFULDomR (P WURFD RV PRGHORV LQVSLUDGRV QD ELRORJLD SDUHFHP PHOKRUHV FDQGLGDWRV HVSHFLDOPHQWH D DERUGDJHP ´GDUZLQLDQDµ 3RU GHILQLomR RV SULQFtSLRV ´GDUZLQLDQRVµ DSOLFDPVH D SRSXODo}HV (OHV ID]HP DWXDU XP JHUDGRUGHYDULDELOLGDGHRXGHQRYLGDGH PXWDo}HVJHQpWLFDVXVRGHXPDQRYD FRQH[mR QHXURQDO LQYHQo}HV FULDomR GH HPSUHVD RX GH SURGXWRV HWF $FRSODGD D VHX DPELHQWH D PiTXLQD GDUZLQLDQD VHOHFLRQD HQWUH DV QRYLGDGHV LQMHWDGDV SHOR JHUDGRU 6XD HVFROKD p VREUHWXGR OLPLWDGD SHOD YLDELOLGDGH H D FDSDFLGDGHGHUHSURGXomRGRVLQGLYtGXRVRXGDVVXESRSXODo}HVSURYLGDVGR QRYR FDUiWHU 2V VLVWHPDV GDUZLQLDQRV DSUHVHQWDP XPD FDSDFLGDGH GH DSUHQGL]DJHPQmRGLULJLGDRX RTXHGiQRPHVPRGRSRQWRGHYLVWDGHXPD WHRULD GR HVStULWR GH XPD FDSDFLGDGH GH DXWRFULDomR FRQWtQXD 3HOR MRJR GLDOpWLFR GDV PXWDo}HV GDV VHOHo}HV H GD WUDQVPLVVmR GRV HOHPHQWRV VHOHFLRQDGRV DV PiTXLQDV GDUZLQLDQDV DUUDVWDP FRQVLJR VHXV DPELHQWHV QR FDPLQKR GH XPD KLVWyULD LUUHYHUVtYHO $V PiTXLQDV GDUZLQLDQDV HQFDUQDP D VHXPRGRDPHPyULDGHVVDKLVWyULD 2VSULQFtSLRVGRVVLVWHPDVGDUZLQLDQRVDSOLFDPVHDRPHVPRWHPSRj HFRORJLD GDV HVSpFLHV YLYDV HQWUH RV JUXSRV KXPDQRV FRQVLGHUDGRV FRPR PHLRV GH GHVHQYROYLPHQWR GDV UHSUHVHQWDo{HV j HFRQRPLD GH PHUFDGR SRSXODo}HV GH SURGXWRUHV GH FRQVXPLGRUHV GH EHQV DR SVLTXLVPR LQGLYLGXDO HQWHQGLGR FRPR VRFLHGDGH GH SHQVDPHQWRV H GH PyGXORV FRJQLWLYRV DSOLFDPVH DR IXQFLRQDPHQWR GR FpUHEUR HQILP FRPSUHHQGLGR VHJXQGR RV SULQFtSLRV GR GDUZLQLVPR QHXURQDO $FUHVFHQWHPRV TXH RV VLVWHPDV FDSD]HV GH DSUHQGL]DJHP QmR GLULJLGD SRGHP VHU MXQWR FRP VHXV DPELHQWHV VLPXODGRV SRU FRPSXWDGRU 2V DOJRULWPRV JHQpWLFRV H GLYHUVRV VLVWHPDV GH ´YLGD DUWLILFLDOµ SHUPLWHP LPDJLQDU TXH R VRIWZDUH VLPELRWLFDPHQWH OLJDGR DR PHLR WHFQROyJLFR H KXPDQR GR FLEHUHVSDoR SRGHULDHPEUHYHUHSUHVHQWDURPDLVQRYRGRVVLVWHPDVGDUZLQLDQRVFDSD]HV GHDSUHQGL]DJHPHGHDXWRFULDomR $ PiTXLQD GDUZLQLDQD p DLQGD PDLV LQWHOLJHQWH VH IXQFLRQD
´IUDFWDOPHQWHµ HP YiULDV HVFDODV RX QtYHLV GH FULDomR HQFDL[DGRV 3RU H[HPSOR R PHUFDGR SRGH VHU FRQVLGHUDGR FRPR XPD PiTXLQD GDUZLQLDQD PDVHOHpPDLV´LQWHOLJHQWHµVHDVHPSUHVDVHRVFRQVXPLGRUHVTXHRDQLPDP IRUHP SRU VXD YH] PiTXLQDV GDUZLQLDQDV RUJDQL]Do}HV TXH DSUHQGHP DVVRFLDo}HVGHFRQVXPLGRUHV 8PFpUHEURpDRPHVPRWHPSRRUHVXOWDGRGH XP SURFHVVR GDUZLQLDQR QD HVFDOD GD HYROXomR ELROyJLFD H QD HVFDOD GD DSUHQGL]DJHPLQGLYLGXDO$GHUQDLVHOHLQWHJUDYiULRVWLSRVGH´SRSXODo}HVTXH DSUHQGHPµ GH HVFDODV GLIHUHQWHV JUXSRV GH QHXU{QLRV PDSDV H[WHQVRV GH ]RQDVVHQVRULDLVVLVWHPDVGHUHJXODo}HVJOREDLVHWF (GHOPDQ $648$752',0(16¯(6'$$)(7,9,'$'( (PERUD R IDWR GH VHU XP VLVWHPD GDUZLQLDQR VHMD XPD FRQGLomR QHFHVViULD SDUD VHU XP HVStULWR QmR p HP QRVVD RSLQLmR XPD FRQGLomR VXILFLHQWHeQDLQWHQFLRQDOLGDGHRXQRIDWRGHVHUHIHULUDHQWLGDGHVH[WHULRUHV DR HVStULWR TXH HVWDUi R SUREOHPD FRPR QRV GHEDWHV D IDYRU RX FRQWUD D LQWHOLJrQFLDGRVFRPSXWDGRUHV"1mRSRLVDVPiTXLQDVGDUZLQLDQDVGHPRGR DOJXP IXQFLRQDP HP FLUFXLWRV IHFKDGRV VmR SRU GHILQLomR DFRSODGDV D XP DPELHQWH 6XD QDWXUH]D p WUDGX]LU R RXWUR HP VL RX LPSOLFDU HP VXD SUySULD RUJDQL]DomRDKLVWyULDGHVXDVUHODo}HVFRPVHXDPELHQWH(PFRPSHQVDomR QDGDQDGHILQLomRJHUDOGDVPiTXLQDVGDUZLQLDQDVLPSOLFDQHFHVVDULDPHQWHD H[SHULrQFLD VXEMHWLYD D GLPHQVmR GH LQWHULRULGDGH GD VHQVDomR LVWR p HP ~OWLPDDQiOLVHDDIHWLYLGDGH&RQYpPGLVWLQJXLUFRPFXLGDGRHQWUHDDIHWLYLGDGH HDFRQVFLrQFLD8PHVStULWRSRGHVHULQFRQVFLHQWHFRPRRHVStULWRGHFHUWRV DQLPDLV FRPR XPD SDUWH FRQVLGHUiYHO GR HVStULWR KXPDQR H FRQIRUPH YHUHPRVFRPRRV´HVStULWRVµTXHHPHUJHPGHFROHWLYRVLQWHOLJHQWHV4XDQWR j DIHWLYLGDGH TXH SRGH VHU FRQIXVD LQFRQVFLHQWH P~OWLSOD KHWHURJrQHD HOD FRQVWLWXL ² FRQWUDULDPHQWH j FRQVFLrQFLD ² XPD GLPHQVmR QHFHVViULD GR SVLTXLVPR H WDOYH] DWp VXD HVVrQFLD 6HP DIHWLYLGDGH R VLVWHPD FRQVLGHUDGR UHWRUQDjLQVHQVLELOLGDGHjH[WHULRULGDGHHjGLVSHUVmRRQWROyJLFDGRVLPSOHV PHFDQLVPR 8P HVStULWR GHYH VHU DIHWLYR HOH QmR p QHFHVVDULDPHQWH FRQVFLHQWH $ FRQVFLrQFLD p R SURGXWR GD VHOHomR GD OLQHDUL]DomR H GD PDQLIHVWDomRSDUFLDOGHXPDDIHWLYLGDGHjTXDOHODGHYHWXGR ,QWHUHVVDPHQRVDQRVVRSURSyVLWRGHFLGLURTXHWHPHRTXHQmRWHP DYHUFRPRSVLTXLVPRGRTXHGDUXPDGHILQLomRGRSVLTXLVPRTXHSRVVDVH DSOLFDU WDQWR D XP HVStULWR KXPDQR LQGLYLGXDO TXDQWR D XPD LQWHOLJrQFLD FROHWLYD XP FRQFHLWR GH HVStULWR TXH VHMD LQWHLUDPHQWH FRPSDWtYHO FRP XP VXMHLWRFROHWLYR 8P SVLTXLVPR LQWHJUDO SRUWDQWR FDSD] GH DIHWR SRGH VHU DQDOLVDGR VHJXQGR TXDWUR GLPHQV}HV FRPSOHPHQWDUHV XPD WRSRORJLD XPD VHPLyWLFD XPD D[LRORJLD H XPD HQHUJpWLFD -i HYRTXHL HVVDV TXDWUR GLPHQV}HV QR
FDStWXOR VREUH D YLUWXDOL]DomR GD HFRQRPLD GHVHQYROYRDV DJRUD PDLV H[WHQVDPHQWH 8PDWRSRORJLD2SVLTXLVPRpHVWUXWXUDGRDFDGDLQVWDQWHSRUXPD FRQHFWLYLGDGH VLVWHPDV GH SUR[LPLGDGHV RX XP ´HVSDoRµ HVSHFtILFR DVVRFLDo}HV OLJDo}HV FDPLQKRV SRUWDV FRPXWDGRUHV ILOWURV SDLVDJHQV GH DWUDWRUHV$WRSRORJLDGRSVLTXLVPRHVWiHPWUDQVIRUPDomRFRQVWDQWHFHUWDV ]RQDV VHQGR PDLV PyYHLV H RXWUDV PDLV IL[DV DOJXPDV PDLV GHQVDV H RXWUDV PDLVIURX[DV 8PDVHPLyWLFD+RUGDVPXWDQWHVGHUHSUHVHQWDo}HVGHLPDJHQVGH VLJQRVGHPHQVDJHQVGHWRGDVDVIRUPDVHWRGDVDVPDWpULDV VRQRUDVYLVXDLV WiWHLV SURSULRFHSWLYDV GLDJUDPiWLFDV SRYRDP R HVSDoR GDV FRQH[}HV $R FLUFXODUHP SHORV FDPLQKRV H DR RFXSDUHP DV ]RQDV GD WRSRORJLD KRUGDV GH VLJQRV PRGLILFDP D SDLVDJHP GH DWUDWRUHV SVtTXLFRV 3RU LVVR RV VLJQRV RX JUXSRV GH VLJQRV SRGHP WDPEpP VHU FKDPDGRV DJHQWHV 6LPHWULFDPHQWH DV WUDQVIRUPDo}HVGDFRQHFWLYLGDGHLQIOXHPVREUHDVSRSXODo}HVGHVLJQRVHGH LPDJHQV $ WRSRORJLD p HOD PHVPD R FRQMXQWR GDV FRQH[}HV RX UHODo}HV TXDOLWDWLYDPHQWHGLIHUHQFLDGDVHQWUHRVVLJQRVPHQVDJHQVRXDJHQWHV 8PD D[LRORJLD $V UHSUHVHQWDo}HV H DV ]RQDV GR HVSDoR SVtTXLFR HVWmROLJDGDVD´YDORUHVµSRVLWLYRVRXQHJDWLYRVVHJXQGRGLIHUHQWHV´VLVWHPDV GH PHGLGDVµ (VVHV YDORUHV GHWHUPLQDP WURSLVPRV DWUDo}HV H UHSXOVDV HQWUH LPDJHQV SRODULGDGHV HQWUH ]RQDV RX JUXSRV GH VLJQRV 2V YDORUHV VmR SRU QDWXUH]DPyYHLVHPXWiYHLVHPERUDDOJXQVWDPEpPSRVVDPGHPRQVWUDUXPD HVWDELOLGDGH 8PD HQHUJpWLFD 2V WURSLVPRV RX YDORUHV DVVRFLDGRV jV LPDJHQV SRGHPVHULQWHQVRVRXIUDFRV2PRYLPHQWRGHXPJUXSRGHUHSUHVHQWDo}HV SRGHYHQFHUFHUWDVEDUUHLUDVWRSROyJLFDV DIURX[DUFHUWDVOLJDo}HVFULDURXWUDV PRGLILFDUDSDLVDJHPGHDWUDWRUHV RXSRUIDOWDGH´IRUoDµSHUPDQHFHUDTXpP GHODV2FRQMXQWRGRIXQFLRQDPHQWRSVtTXLFRpDVVLPLUULJDGRHDQLPDGRSRU XPD HFRQRPLD ´HQHUJpWLFDµ GHVORFDPHQWRV RX LPRELOL]Do}HV GH IRUoDV IL[DomR RX PRELOL]DomR GH YDORUHV FLUFXODo}HV RX FULVWDOL]Do}HV GH HQHUJLD LQYHVWLPHQWRRXGHVLQYHVWLPHQWRHPUHSUHVHQWDo}HVFRQH[}HVHWF 5HVXOWDGRPRGHORTXHDFDEDPRVGHHVERoDUHPOLQKDVJHUDLVTXHR IXQFLRQDPHQWRSVtTXLFRpSDUDOHORHGLVWULEXtGRHPYH]GHVHTHQFLDOHOLQHDU 8P DIHWR RX XPD HPRomR SRGH VHU GHILQLGR FRPR XP SURFHVVR RX XP DFRQWHFLPHQWR SVtTXLFR TXH S}H HP MRJR SHOR PHQRV XPD GDV TXDWUR GLPHQV}HV TXH DFDEDPRV GH PHQFLRQDU WRSRORJLD VHPLyWLFD D[LRORJLD H HQHUJpWLFD 0DV VHQGR HVVDV TXDWUR GLPHQV}HV PXWXDPHQWH LPDQHQWHV XP DIHWRpGHPDQHLUDPDLVJHUDOXPDPRGLILFDomRGRHVStULWRXPGLIHUHQFLDOGH YLGDSVtTXLFD6LPHWULFDPHQWHDYLGDSVtTXLFDPDQLIHVWDVHFRPXPIOX[RGH DIHWRV (VVH PRGHOR VXEOLQKHPRV p FRPSDWtYHO DR PHVPR WHPSR FRP RV
~OWLPRV GDGRV GD SVLFRORJLD FRJQLWLYD HP SDUWLFXODU QR TXH GL] UHVSHLWR j RUJDQL]DomR´VHPkQWLFDµGDPHPyULDGHORQJRSUD]R FRPDVWHVHVSULQFLSDLV GD SVLFDQiOLVH H PHVPR GD HVTXL]RDQiOLVH VHP FRQWUDGL]HU WDPSRXFR D H[SHULrQFLDLQWURVSHFWLYDRXDIHQRPHQRORJLD (OHpLJXDOPHQWHFRPSDWtYHOFRPDDERUGDJHPGDUZLQLDQD XPD YH] TXH DV FRQILJXUDo}HV GR HVSDoR SVtTXLFR DEVWUDWR GH TXDWUR GLPHQV}HV VmR FRQWLQXDPHQWH PRGLILFDGDV SRU FRQWULEXLo}HV ´H[WHULRUHVµ H UHGLVWULEXtGDV SHODV GLQkPLFDV SUySULDV GR PHLR SVtTXLFR e SRVVtYHO WUDoDU XPD FRUUHVSRQGrQFLD HQWUH HVVDV WUDQVIRUPDo}HV FRQVWDQWHV H RV HIHLWRV GR ´JHUDGRU GH YDULHGDGHµ GD PiTXLQD GDUZLQLDQD $FRSODGR D VHX DPELHQWH R VLVWHPD SVtTXLFR ´VHOHFLRQDµ GLQkPLFDV DIHWLYDV YLiYHLV DR ORQJR GH XPD KLVWyULD RX GH XP FDPLQKR HYROXWLYR LUUHYHUVtYHO FRQVWLWXLomR GD ´SHUVRQDOLGDGHµ LQGLYLGXDO RX FROHWLYD DSUHQGL]DJHQV LQYHQo}HV REVROHVFrQFLDGHOLQJXDJHQVLQYHVWLPHQWRVRXGHVLQYHVWLPHQWRVDIHWLYRV 2 SVLTXLVPR FRQVWLWXL XPD LQWHULRULGDGH &RP HIHLWR VXD WRSRORJLD QmR p XP UHFLSLHQWH QHXWUR XP VLVWHPD SXUR GH FRRUGHQDGDV PDV VLP XP HVSDoR TXDOLWDWLYR GLIHUHQFLDGR FXMDV SDUWHV HVWmR HP UHODomR XPDV FRP DV RXWUDVHFRPS}HPILJXUDVRXDUUDQMRVILJXUDVIXQGRV$GHUQDLVRVVLJQRVH PHQVDJHQV DR FLUFXODUHP H SRYRDUHP R HVSDoR DR VH UHPHWHUHP PXWXDPHQWH DR DWXDOL]DUHP D FRQHFWLYLGDGH IRUMDP LJXDOPHQWH D LQWHULRULGDGH GR HVStULWR 3RU VXD YH] RV YDORUHV VH HQWUHGHWHUPLQDP H IRUPDPVLVWHPD(QILPDHQHUJLDTXHLUULJDRHVStULWRQmRDEDQGRQDXPOXJDU VHQmR SDUD RFXSDU RXWUR FRQWULEXLQGR SDUD XPD IRUPD GH FRRUGHQDomR GH FRGHSHQGrQFLDHGHXQLGDGHQRVHLRGRSVLTXLVPR 0DVDXQLGDGHGRSVLTXLVPRpDGHXPDPXOWLSOLFLGDGHIHUYLOKDQWHH VXD LQWHULRULGDGH ´DIHWLYDµ QmR p HP DEVROXWR XP IHFKDPHQWR &RPR GL] *LOOHV'HOHX]HRLQWHULRUpXPDGREUDGRH[WHULRU9LPRVTXHRVSVLTXLVPRV VmRWDPEpPPiTXLQDVGDUZLQLDQDVLVWRpLGHQWLILFDPVHFRPXPSURFHVVRGH WUDQVIRUPDomRWUDGXomR GR RXWUR HP XP VL XP VL MDPDLV GHILQLWLYDPHQWH IHFKDGR PDV VHPSUH HP GHVHTXLOtEULR HP SRVLomR GH DEHUWXUD GH DFROKLPHQWRGHPXWDomR XPVLFXMDSRQWDILQDpWDOYH]DTXDOLGDGHVLQJXODU GRSURFHVVRGHDVVLPLODomRGRRXWURHGHKHWHURJrQHVH(VVDDEHUWXUDFRPHoD QD VLPSOHV VHQVDomR SDVVD SHOD DSUHQGL]DJHP H R GLiORJR FXOPLQD FRP R GHYLU TXLPHUL]DomRRXWUDQVLomRSDUDXPDRXWUDVXEMHWLYLGDGH 2PRGHORTXHSURSXVHPRVGRSVLTXLVPRSRGHVHDSOLFDUDXPWH[WR XPILOPHXPDPHQVDJHPRXXPDREUDTXDOTXHU&RPHIHLWRQRFDVRGHXPD PHQVDJHPFRPSOH[DWHPRV ²XPDFROHomRGHVLJQRVRXGHFRPSRQHQWHVGDPHQVDJHP ²FRQH[}HVUHPLVV}HVHFRVHQWUHDVSDUWHVGDPHQVDJHP ² XPD GLVWULEXLomR GH YDORUHV SRVLWLYRV RX QHJDWLYRV VREUHRV HOHPHQWRV]RQDVHOLJDo}HVEHPFRPRXPYDORUTXHHPHUJHGRFRQMXQWR
² H HQILP XPD HQHUJLD GLIHUHQWHPHQWH LQYHVWLGD HP FHUWDVOLJDo}HV HPFHUWRVYDORUHV ´OLQKDVGHIRUoDµXPDHVWUXWXUD 2 FRQMXQWR GD PHQVDJHP VH QRV DWLYHUPRV j VXD VLJQLILFDomR IXQFLRQD FRPR XPD FRQILJXUDomR GLQkPLFD XPD HVSpFLH GHFDPSR GH IRUoD LQVWiYHO GLYHUVDPHQWH LQWHUSUHWiYHO H TXH UHPHWH HYLGHQWHPHQWH D VHX H[WHULRUSDUDIXQFLRQDU RXWUDVPHQVDJHQVUHIHUHQWHV´UHDLVµLQWpUSUHWHV $PHQVDJHPpHODPHVPDXPDJHQWHDIHWLYRSDUDRHVStULWRGHTXHP DLQWHUSUHWD6HRWH[WRDPHQVDJHPRXDREUDIXQFLRQDPFRPRXPHVStULWRp SRUTXH Mi VmR OLGRV WUDGX]LGRV FRPSUHHQGLGRV LQWURGX]LGRV DVVLPLODGRV QXPDPDWpULDPHQWDOHDIHWLYD 8P VXMHLWR WUDQVPXWRX XPD VpULH GH DFRQWHFLPHQWRV ItVLFRV HPPHQVDJHP VLJQLILFDQWH RX PHOKRU DVVLP FRPR R UHL 0LGDV TXH QDGDSRGLDWRFDUVHPWUDQVIRUPiODHPRXURRHVStULWRMDPDLVSRGHDSUHHQGHU DOJRTXHQmRVHWUDQVIRUPHH[DWDPHQWHSRULVVRHPPRYLPHQWRVHGREUDVGH XP ULFR WHFLGR FRORULGR HP DIHWRV 2 TXHDFDEDPRV GH GL]HU DTXL GDV PHQVDJHQVVHDSOLFDSUHFLVDPHQWHGDPHVPDPDQHLUDDWRGRVRVHOHPHQWRVGH QRVVD H[SHULrQFLD DR SUySULR PXQGR 3DUD QyV R PXQGR QRVVR PXQGR KXPDQRpXPFDPSRSUREOHPiWLFRXPDFRQILJXUDomRGLQkPLFDXPLPHQVR KLSHUWH[WR HP FRQVWDQWH PHWDPRUIRVH DWUDYHVVDGR GH WHQV}HV FLQ]HQWR H SRXFR LQYHVWLGR HP FHUWDV ]RQDV LQWHQVDPHQWH LQYHVWLGR H OX[XRVDPHQWH GHWDOKDGR HP RXWUDV $V SUR[LPLGDGHV JHRJUiILFDV DVFRQH[LGDGHV FDXVDLV FOiVVLFDVVmRDSHQDVXPSHTXHQRVXEFRQMXQWRGDVOLJDo}HVGHVLJQLILFDomRGH DQDORJLD H GH FLUFXODomR DIHWLYD TXHHVWUXWXUDP QRVVR XQLYHUVR VXEMHWLYR 2 XQLYHUVR ItVLFR p XP FDVRSDUWLFXODU GR PXQGR VXEMHWLYR TXH R FHUFD R LPSUHJQDHRVXVWHQWD2VXMHLWRQmRpRXWUDFRLVDVHQmRVHXPXQGRFRPD FRQGLomRGH HQWHQGHUVH SRU HVWH WHUPR WXGR R TXH R DIHWR HQYROYH $VVLP pSRXFR DILUPDU TXH R SVLTXLVPR HVWi DEHUWR SDUD R H[WHULRU HOH pDSHQDV R H[WHULRUPDVXPH[WHULRULQILOWUDGRWHQVLRQDGRFRPSOLFDGDWUDQVXEVWDQFLDGR DQLPDGR SHOD DIHWLYLGDGH 2 VXMHLWR p XP PXQGR EDQKDGR GH VHQWLGR H GH HPRomR $ LPDJHP TXH DFDEDPRV GH WUDoDU GD LQWHOLJrQFLD YLYD RX GR SVLTXLVPRpLGHQWLFDPHQWHDGRYLUWXDO3RUQDWXUH]DHHPERUDHVWHMDVHPSUH FRQHFWDGR D VHX FRUSR R VXMHLWR DIHWLYR VH GHVGREUD SDUD IRUD GR HVSDoR ItVLFR'HVWHUULWRULDOL]DGRGHVWHUULWRULDOL]DQWHHOHH[LVWHLVWRpFUHVFHGHIDWR SDUD DOpP GR ´Dtµ 2 SVLTXLVPR SRU FRQVWUXomR WUDQVIRUPD R H[WHULRU HP LQWHULRU RODGRGHGHQWURpXPDGREUDGRODGRGHIRUD HYLFHYHUVDXPDYH] TXH R PXQGR SHUFHELGR HVWi VHPSUH PHUJXOKDGR QR HOHPHQWR GR DIHWR (QILP D SDLVDJHP SVtTXLFD WDO FRPR SURFXUHL GHVFUHYrOD p GD RUGHP GD FRQILJXUDomRGLQkPLFD(ODpDSUySULDYLGDGHXPQyGHIRUoDVGHFRHUo}HVH GHILQDOLGDGHVDLQWLPLGDGHGHXPDJUHJDGRGHWHQV}HVDLPDJHPGRFDPSR LQVWiYHO GH DWUDWRUHV KHWHURJrQHRV TXH GHILQH WRGD VLWXDomR SUREOHPiWLFD
DEHUWD
2HOHPHQWRSVtTXLFRRIHUHFHXPH[HPSORFDQ{QLFRGRYLUWXDO&RPR VHDWXDOL]DHVVHYLUWXDO"$WUDYpVGRVDIHWRV0DLVXPDYH]RVDIHWRVGHVLJQDP DTXL RV DWRV SVtTXLFRV VHMD TXDO IRU VXD QDWXUH]D $ TXDOLGDGH GH XP DIHWR GHSHQGH GR PHLR PHQWDO TXH OKH Gi VHQWLGR H TXH HOH FRQWULEXL SDUD GHWHUPLQDU 'HYLGR j LPSOLFDomR UHFtSURFD HQWUH XPD VXEMHWLYLGDGH H VHX PXQGR DV TXDOLGDGHV DIHWLYDV VmR WDPEpP GHSHQGHQWHV GDV TXDOLGDGHV GR DPELHQWHXPPHLRH[WHULRUTXH QmR FHVVD GH RIHUHFHUQRYRV REMHWRV QRYDV FRQILJXUDo}HV SUiWLFDV RX HVWpWLFDV D LQYHVWLU $VVLP QmR H[LVWHP OLPLWHV D SULRULSDUDDHFORVmRGHQRYRVWLSRVGHDIHWRVFRPRWDPSRXFRH[LVWHPOLPLWHV SDUDDSURGXomRGHREMHWRVRXGHSDLVDJHQVLQpGLWDV3RGHUVHLDPHVPRIDODU GH XPD LQYHQWLYLGDGH DIHWLYD $ FODVVLILFDomR RUGLQiULD GDV HPRo}HV PHGR DPRUHWF DSUHVHQWDSRUWDQWR DSHQDVXPDOLVWDUHVWULWDHEDVWDQWHVLPSOLILFDGD GRVWLSRVGHDIHWRV 62&,('$'(63(16$17(6 &RPSUHHQGHVHPHOKRUDJRUDSRUTXHDLQWHOLJrQFLDpDWUDYHVVDGDGH XPDGLPHQVmRFROHWLYD pSRUTXHQmRVmRDSHQDVDVOLQJXDJHQVRVDUWHIDWRVH DVLQVWLWXLo}HVVRFLDLVTXHSHQVDPGHQWURGHQyVPDVRFRQMXQWRGRPXQGR KXPDQRFRPVXDVOLQKDVGHGHVHMRVXDVSRODULGDGHVDIHWLYDVVXDVPiTXLQDV PHQWDLV KtEULGDV VXDV SDLVDJHQV GH VHQWLGR IRUUDGDV GH LPDJHQV $JLU VREUH VHXPHLRSRUSRXFRTXHVHMDPHVPRGHXPPRGRTXHVHSRGHULDSUHWHQGHU SXUDPHQWHWpFQLFRPDWHULDORXItVLFRHTXLYDOHDHULJLURPXQGRFRPXPTXH SHQVD GLIHUHQWHPHQWH GHQWUR GH FDGD XP GH QyV HTXLYDOH D VHFUHWDU LQGLUHWDPHQWH TXDOLGDGH VXEMHWLYD H WUDEDOKDU QR DIHWR 4XH GL]HU HQWmR GD SURGXomR GH PHQVDJHQV RX GH UHODFLRQDPHQWRV" (LV Dt R Qy GD PRUDO YLYHQGRDJLQGRSHQVDQGRWHFHPRVRWHFLGRPHVPRGDYLGDGRVRXWURV ( FRPSUHHQGHPRV DVVLP SRU TXH FROHWLYRV KXPDQRV HQTXDQWR WDLV SRGHP VHU GLWRV LQWHOLJHQWHV 3RUTXH R SVLTXLVPR p GHVGH R LQtFLR H SRU GHILQLomR FROHWLYR WUDWDVH GH XPD PXOWLGmR GH VLJQRVDJHQWHV HP LQWHUDomR FDUUHJDGRV GH YDORUHV LQYHVWLQGR FRP VXD HQHUJLD UHGHV PyYHLV H SDLVDJHQV PXWiYHLV 2V FROHWLYRV KXPDQRV VmR HVSpFLHV GH PHJDSVLTXLVPRV QmR DSHQDV SRU VHUHP SHUFHELGRV H DIHWLYDPHQWH LQYHVWLGRV SRU SHVVRDV PDV SRUTXH SRGHPVHUDGHTXDGDPHQWHPRGHODGRVSRUXPDWRSRORJLDXPDVHPLyWLFDXPD D[LRORJLD H XPD HQHUJpWLFD PXWXDPHQWH LPDQHQWHV 0HJDVXMHLWRV VRFLDLV HPERUD VHP FRQVFLrQFLD OLQHDUL]DQWH VmR HQTXDQWR WDLV DWUDYHVVDGRV GH DIHWRV8PLPHQVRMRJRDIHWLYRSURGX]DYLGDVRFLDO8PSDSHOGHVHOHomRHGH DSUHVHQWDomR VHTHQFLDO GHVHPSHQKDGR SHOD FRQVFLrQFLD QDV SHVVRDV p FXPSULGRGH XP MHLWRRX GH RXWUR QDV FROHWLYLGDGHVSRU HVWUXWXUDV SROtWLFDV
UHOLJLRVDV RX PLGLiWLFDV TXH KDELWDP HP WURFD RV VXMHLWRV LQGLYLGXDLV 0DV D FRPSDUDomR HQWUH RV VHUYLoRV SUHVWDGRV DR LQGLYtGXR SRU VXD FRQVFLrQFLD H DTXHOHVTXHDVPtGLDVFHQWUDOL]DGRUDVRXRVSRUWDYR]HVSUHVWDPDRVFROHWLYRV QHPVHPSUHpHPSURYHLWRGHVWHV~OWLPRV eYHUGDGHTXHDLQWHOLJrQFLDpIUDFWDORXVHMDVHUHSURGX]GHPDQHLUD FRPSDUiYHO HP GLIHUHQWHV HVFDODV GH JUDQGH]D PDFURVRFLHGDGHV SVLTXLVPRV WUDQVLQGLYLGXDLV GH SHTXHQRV JUXSRV LQGLYtGXRV PyGXORV LQIUDLQGLYLGXDLV ]RQDV GR FpUHEUR ´FRPSOH[RVµ LQFRQVFLHQWHV DJHQFLDPHQWRV WUDQVYHUVDLV HQWUH PyGXORV LQIUDLQGLYLGXDLV GH SHVVRDV GLIHUHQWHV UHODo}HV VH[XDLV QHXURVHV FRPSOHPHQWDUHV &DGD Qy RX ]RQD GR KLSHUFyUWH[ FROHWLYR FRQWpPSRUVXDYH]XPSVLTXLVPRYLYRXPDHVSpFLHGHKLSHUWH[WRGLQkPLFR DWUDYHVVDGRGHWHQV}HVHGHHQHUJLDVWLQJLGDVGHTXDOLGDGHVDIHWLYDVDQLPDGDV GHWURSLVPRVDJLWDGDVGHFRQIOLWRV1RHQWDQWRSRUVXDOLJDomRDXPFRUSR PRUWDOHjVXDFRQVFLrQFLDDSHUVRQDPDQLIHVWDXPDWRQDOLGDGHSVtTXLFDHXPD LQWHQVLGDGHDIHWLYDDEVROXWDPHQWHVLQJXODUHV (PFRQWUDSDUWLGDKiXPDTXDOLGDGHGLIXQGLGDHPGLYHUVRVJUDXVHP WRGRV RV WLSRV GH HVStULWRV PDV TXH DV VRFLHGDGHV KXPDQDV H QmR PDLV RV LQGLYtGXRV H[HPSOLILFDPPHOKRUTXHDVRXWUDV DGHUHIOHWLURWRGRGRHVStULWR FROHWLYR FDGD YH] GLIHUHQWHPHQWH HP FDGD XPD GHVXDV SDUWHV 2V VLVWHPDV LQWHOLJHQWHVVmR´KDORJUiILFRVµHRVJUXSRVKXPDQRVVmRRVPDLVKDORJUiILFRV GRVVLVWHPDVLQWHOLJHQWHV&RPRDVP{QDGDVGH/HLEQL]RXDVRFDVL}HVDWXDLV GH:KLWHKHDGDVSHVVRDVHQFDUQDPFDGDXPDGHODVXPDVHOHomRXPDYHUVmR XPDYLVmRSDUWLFXODUHVGRPXQGRFRPXPRXGRSVLTXLVPRJOREDO &2/(7,926 +80$126(62&,('$'(6'(,16(726 $ QRomR GH LQWHOLJrQFLD FROHWLYD HYRFD LUUHVLVWLYHOPHQWH R IXQFLRQDPHQWR GDV VRFLHGDGHV GH LQVHWRV DEHOKDV IRUPLJDV FXSLQV 1R HQWDQWRDVFRPXQLGDGHVKXPDQDVGLIHUHPSURIXQGDPHQWHGRVFXSLQ]HLURV 3ULPHLUD GLIHUHQoD GD TXDO GHFRUUHP WRGDV DV RXWUDV D LQWHOLJrQFLD FROHWLYDSHQVDGHQWURGHQyVDRSDVVRTXHDIRUPLJDpXPDSDUWHTXDVHRSDFD TXDVH QmR KDORJUiILFD XP HOR LQFRQVFLHQWH GR IRUPLJXHLUR LQWHOLJHQWH 3RGHPRV XVXIUXLU LQWHOLJHQWHPHQWH GD LQWHOLJrQFLD FROHWLYD TXH DXPHQWD H PRGLILFD QRVVD SUySULD LQWHOLJrQFLD &RQWHPRV RX UHIOHWLPRV SDUFLDOPHQWH FDGD XP j VXD PDQHLUD D LQWHOLJrQFLD GR JUXSR $ IRUPLJD HP WURFD WHP DSHQDVXPDSHTXHQtVVLPDIUXLomRRXYLVmRGDLQWHOLJrQFLDVRFLDO1mRREWpP GHODXPDFUpVFLPRPHQWDO2EHGLHQWHEHQHILFLiULDSDUWLFLSDVRPHQWHjVFHJDV GHVVDLQWHOLJrQFLD ,VWR HTXLYDOH D GL]HU GH XPD PDQHLUD PDLV WULYLDO TXH R KRPHP p DQWHV GH WXGR LQWHOLJHQWH HQTXDQWR D IRUPLJD p UHODWLYDPHQWH DR KXPDQR HVW~SLGD$IRUPLJDQmRVRPHQWHUHFHEHPHQRVTXHRKXPDQRGDLQWHOLJrQFLD
VRFLDO FRPR WDPEpP VLPHWULFDPHQWH FRQWULEXL SDUD HOD DSHQDV QXPD IUDFD PHGLGD8PDPXOKHURXXPKRPHPQRTXDGURGHXPD FXOWXUD p FDSD] GH DSUHQGHUGHLPDJLQDUGHLQYHQWDUHILQDOPHQWHGHID]HUHYROXLUPHVPRTXH PXLWR PRGHVWDPHQWH DV OLQJXDJHQV DV WpFQLFDV DV UHODo}HV VRFLDLV TXH YLJRUDPHPVHXDPELHQWHRTXHXPDIRUPLJD²HVWULWDPHQWHVXEPHWLGDDXPD SURJUDPDomR JHQpWLFD ² GLILFLOPHQWH p FDSD] GH ID]HU (QWUH RV LQVHWRV VRPHQWHDVRFLHGDGHSRGHUHVROYHUSUREOHPDVRULJLQDLVDRSDVVRTXHHQWUHRV KXPDQRVRV LQGLYtGXRV VmR HP JHUDO PDLV LQYHQWLYRV TXH FHUWRV JUXSRV WDLV FRPR DV PXOWLG}HV RX DV EXURFUDFLDV UtJLGDV $ LQWHOLJrQFLD GDV VRFLHGDGHV KXPDQDV p YDULiYHO H QRPHOKRU GRV FDVRV HYROXWLYD JUDoDV j QDWXUH]D GRV LQGLYtGXRVTXHDFRPS}HPHRTXHpDRXWUDIDFHGHXPDPHVPDUHDOLGDGH GDV OLJDo}HV JHUDOPHQWH OLYUHV RX FRQWUDWXDLV TXH D WHFHP (P WURFD QR TXDGUR GH XPD GHWHUPLQDGD HVSpFLH GH IRUPLJDV R IXQFLRQDPHQWR GR IRUPLJXHLURpIL[R 2HVWDWXWRGRLQGLYtGXRQXPHQRXWURWLSRGHVRFLHGDGHFULVWDOL]DH UHVXPHRFRQMXQWRGDVGLIHUHQoDVTXHRVRS}HP2OXJDUHR SDSHO GH FDGD IRUPLJDHVWmRGHILQLWLYDPHQWHIL[DGRV1RVHLRGHXPDHVSpFLHSDUWLFXODURV WLSRV GH FRPSRUWDPHQWRV RX DV GLIHUHQWHV PRUIRORJLDV UDLQKDV RSHUiULDV JXHUUHLUDV VmR LPXWiYHLV $V IRUPLJDV FRPR DV DEHOKDV H RV FXSLQV HVWmR RUJDQL]DGDVHPFDVWDVHDVIRUPLJDVGDPHVPDFDVWDVmRLQWHUFDPELiYHLVVHP SHUGD (P WURFD DV VRFLHGDGHV KXPDQDV QmR FHVVDP GH LQYHQWDU QRYDV FDWHJRULDV RV LQGLYtGXRV SDVVDP GH XPD FODVVH D RXWUD H VREUHWXGR p QD YHUGDGHLPSRVVtYHOUHGX]LUXPDSHVVRDjVHXSHUWHQFLPHQWRDXPDFODVVH RXD XPFRQMXQWRGHFODVVHV SRLVFDGDLQGLYtGXRKXPDQRpVLQJXODU$VSHVVRDV WHQGR VHX SUySULR FDPLQKR GH DSUHQGL]DJHP HQFDUQDQGR UHVSHFWLYDPHQWH PXQGRVDIHWLYRVHYLUWXDOLGDGHVGHPXWDomRVRFLDO PHVPRPtQLPD GLIHUHQWHV QmR VmR LQWHUFDPELiYHLV 2V LQGLYtGXRV KXPDQRV FRQWULEXHP FDGD XP GLIHUHQWHPHQWHHGHPDQHLUDFULDWLYDSDUDDYLGDGDLQWHOLJrQFLDFROHWLYDTXHRV LOXPLQDHPWURFDDRSDVVRTXHXPDIRUPLJDREHGHFHFHJDPHQWHDRSDSHOTXH OKH GLWD VXD FDVWD QR VHLR GH XP YDVWR PHFDQLVPR LQFRQVFLHQWH TXH D XOWUDSDVVDDEVROXWDPHQWH &HUWDV FLYLOL]Do}HV FHUWRV UHJLPHV SROtWLFRV WHQWDUDP DSUR[LPDU D LQWHOLJrQFLD FROHWLYD KXPDQD GD GRV IRUPLJXHLURV WUDWDUDP DV SHVVRDV FRPR PHPEURV GH XPD FDWHJRULD IL]HUDP FUHU TXH HVVD UHGXomR GR KXPDQR DR LQVHWR HUD SRVVtYHO RX GHVHMiYHO 1RVVD SRVLomR ILORVyILFD PRUDO H SROtWLFD p SHUIHLWDPHQWHFODUD RSURJUHVVRKXPDQRUXPRjFRQVWLWXLomRGHQRYDVIRUPDV GH LQWHOLJrQFLD FROHWLYD VH RS}H UDGLFDOPHQWH DR SyOR GR IRUPLJXHLUR (VVH SURJUHVVRGHYHDRFRQWUiULRDSURIXQGDUDDEHUWXUDGDFRQVFLrQFLDLQGLYLGXDO DR IXQFLRQDPHQWR GD LQWHOLJrQFLD VRFLDO H PHOKRUDU D LQWHJUDomR H D YDORUL]DomR GDV VLQJXODULGDGHV FULDGRUDV TXH RV LQGLYtGXRV H RV SHTXHQRV JUXSRV KXPDQRV IRUPDP QRV SURFHVVRV FRJQLWLYRV H DIHWLYRV GD LQWHOLJrQFLD
FROHWLYD 7DO SURJUHVVR GH PDQHLUD QHQKXPD p JDUDQWLGR HVWi VHPSUH DPHDoDGR GH UHJUHVV}HV $QWHV GH VHU XPD OHL GD KLVWyULD WUDWDVH GH XP SURMHWRWUDQVPLWLGRHQULTXHFLGRUHLQWHUSUHWDGRDFDGDJHUDomRHLQIHOL]PHQWH VXVFHWtYHOGHHVFOHURVHRXGHHVTXHFLPHQWR $2%-(7,9$d®2'2&217(;72 3$57,/+$'2 $ UHDWXDOL]DomR FRQWHPSRUkQHD GHVVH SURMHWR SDVVD SURYDYHOPHQWH SRU XP XVR MXGLFLRVR GDV WpFQLFDV GH FRPXQLFDomR GH VXSRUWH GLJLWDO $V WHFQRORJLDVLQWHOHFWXDLVHRVGLVSRVLWLYRVGHFRPXQLFDomRFRQKHFHPQHVWHILP GR VpFXOR ;; PXWDo}HV PDVVLYDV H UDGLFDLV (P FRQVHTrQFLD DV HFRORJLDV FRJQLWLYDVHVWmRHPYLDGHUHRUJDQL]DomRUiSLGDHLUUHYHUVtYHO$EUXWDOLGDGHGD GHVHVWDELOL]DomR FXOWXUDO QmR GHYH QRV GHVHQFRUDMDU GH GLVFHUQLU DV IRUPDV HPHUJHQWHV PDLV SRVLWLYDV VRFLDOPHQWH H GH IDYRUHFHU VHX GHVHQYROYLPHQWR &RPRXPGRVSULQFLSDLVHIHLWRVGDWUDQVIRUPDomRHPFXUVRDSDUHFHXPQRYR GLVSRVLWLYRGHFRPXQLFDomRQRVHLRGHFROHWLYLGDGHVGHVWHUULWRULDOL]DGDVPXLWR YDVWDV TXH FKDPDUHPRV ´FRPXQLFDomR WRGRVWRGRVµ e SRVVtYHO H[SHULHQFLDU LVVRQD,QWHUQHWQRVFKDWV %%6 QDVFRQIHUrQFLDVRXIyUXQVHOHWU{QLFRVQRV VLVWHPDVSDUDRWUDEDOKRRXDDSUHQGL]DJHPFRRSHUDWLYRVQRVJURXSZDUHVQRV PXQGRVYLUWXDLVHQDViUYRUHV GH FRQKHFLPHQWRV &RP HIHLWRR FLEHUHVSDoR HP YLD GH FRQVWLWXLomR DXWRUL]D XPD FRPXQLFDomR QmR PHGLiWLFD HP JUDQGH HVFDODTXHDQRVVRYHUUHSUHVHQWDXPDYDQoRGHFLVLYRUXPRDIRUPDVQRYDVH PDLVHYROXtGDVGHLQWHOLJrQFLDFROHWLYD &RPR VH VDEH RV PHLRV GH FRPXQLFDomR FOiVVLFRV UHODFLRQDPHQWR XPWRGRV LQVWDXUDP XPD VHSDUDomR QtWLGD HQWUH FHQWURV HPLVVRUHV H UHFHSWDUHV SDVVLYRV LVRODGRV XQV GRV RXWURV $V PHQVDJHQV GLIXQGLGDV SHOR FHQWUR UHDOL]DP XPD IRUPD JURVVHLUD GH XQLILFDomR FRJQLWLYD GR FROHWLYR DR LQVWDXUDUHP XP FRQWH[WR FRPXP 7RGDYLD HVVH FRQWH[WR p LPSRVWR WUDQVFHQGHQWH QmR UHVXOWD GD DWLYLGDGH GRV SDUWLFLSDQWHV QR GLVSRVLWLYR QmR SRGH VHU QHJRFLDGR WUDQVYHUVDOPHQWH HQWUH RV UHFHSWDUHV 2 WHOHIRQH UHODFLRQDPHQWR XPXP DXWRUL]D XPD FRPXQLFDomR UHFtSURFD PDV QmR SHUPLWHYLVmRJOREDOGRTXHVHSDVVDQRFRQMXQWRGDUHGHQHPDFRQVWUXomRGH XP FRQWH[WR FRPXP 1R FLEHUHVSDoR HP WURFD FDGD XP p SRWHQFLDOPHQWH HPLVVRU H UHFHSWRU QXP HVSDoR TXDOLWDWLYDPHQWH GLIHUHQFLDGR QmR IL[R GLVSRVWR SHORV SDUWLFLSDQWHV H[SORUiYHO $TXL QmR p SULQFLSDOPHQWH SRU VHX QRPH VXD SRVLomR JHRJUiILFD RX VRFLDO TXH DV SHVVRDV VH HQFRQWUDP PDV VHJXQGR FHQWURV GH LQWHUHVVHV QXPD SDLVDJHP FRPXP GR VHQWLGR RX GR VDEHU &KDW VHUYLoRRIHUHFLGR QD FRPXQLFDomR TXH SHUPLWH D SDUWLFLSDomR VLPXOWkQHD DWUDYpVGHXPWH[WRRXPHVPRYR]GHGLYHUVRVXVXiULRVHPXPDPHVPDFRQYHUVDRXGHEDWH 1GRUHYLVRUWpFQLFR
6HJXQGR PRGDOLGDGHV DLQGD SULPLWLYDV PDV TXH VH DSHUIHLoRDP GH DQRDDQRRFLEHUHVSDoRRIHUHFHLQVWUXPHQWRVGHFRQVWUXomRFRRSHUDWLYDGH XP FRQWH[WR FRPXP HP JUXSRV QXPHURVRV H JHRJUDILFDPHQWH GLVSHUVRV $ FRPXQLFDomR VH GHVGREUD DTXL HP WRGD D VXD GLPHQVmR SUDJPiWLFD 1mR VH WUDWDPDLVDSHQDVGHXPDGLIXVmRRXGHXPWUDQVSRUWHGHPHQVDJHQVPDVGH XPDLQWHUDomRQRVHLRGHXPDVLWXDomRTXHFDGDXPFRQWULEXLSDUDPRGLILFDU RX HVWDELOL]DU GH XPD QHJRFLDomR VREUH VLJQLILFDo}HV GH XP SURFHVVR GH UHFRQKHFLPHQWR P~WXR GRV LQGLYtGXRV H GRV JUXSRV YLD DWLYLGDGH GH FRPXQLFDomR2SRQWRFDSLWDOpDTXL D REMHWLYDomR SDUFLDO GRPXQGR YLUWXDO GH VLJQLILFDo}HV HQWUHJXH j SDUWLOKD H j UHLQWHUSUHWDomR GRV SDUWLFLSDQWHV QRV GLVSRVLWLYRV GH FRPXQLFDomR WRGRVWRGRV (VVD REMHWLYDomR GLQkPLFD GH XP FRQWH[WR FROHWLYR p XP RSHUDGRU GH LQWHOLJrQFLD FROHWLYD XPD HVSpFLH GH OLJDomRYLYDTXHIXQFLRQDFRPRXPDPHPyULDRXFRQVFLrQFLDFRPXP8PD VXEMHWLYDomRYLYDUHPHWHDXPDREMHWLYDomRGLQkPLFD2REMHWRFRPXPVXVFLWD GLDOHWLFDPHQWHXPVXMHLWRFROHWLYR 9HMDPRV DOJXQV H[HPSORV GH WDO SURFHVVR $ :RUOG :LGH :HE WDO FRPRIRLGHVFULWDQRFDStWXORpXPWDSHWHGHVHQWLGRWHFLGRSRUPLOK}HVGH SHVVRDVHGHYROYLGRVHPSUHDRWHDU'DSHUPDQHQWHFRVWXUDSHODVSRQWDVGH PLOK}HV GH XQLYHUVRV VXEMHWLYRV HPHUJH XPD PHPyULD GLQkPLFD FRPXP ´REMHWLYDGDµ QDYHJiYHO 'HVFREUHPVH DVVLP SDLVDJHQV GH VLJQLILFDo}HV TXH HPHUJHP GD DWLYLGDGH FROHWLYD QRV 08'6 0XOWLXVHUV GXQJHRQV DQG GUDJRQV HVSpFLHVGHMRJRVGHSDSpLV UROHSOD\LQJJDPHV HPIRUPDGHPXQGRVYLUWXDLVGH OLQJXDJHP HODERUDGRV HP WHPSR UHDO SRU FHQWHQDV RX PLOKDUHV GH MRYHQV GLVSHUVRVSHORSODQHWD'HXPPRGRPHQRVHODERUDGRWHPRVLJXDOPHQWHDV PHPyULDV FRPXQV VHFUHWDGDV FROHWLYDPHQWH QDV FRQIHUrQFLDV HOHWU{QLFDV GRV JUXSRV GH FKDW RX RV QHZV JURXSV GD ,QWHUQHW FXMD OLVWD PXWiYHO GHVHQKD XP PDSD GLQkPLFR GRV LQWHUHVVHV GH FRPXQLGDGHV YLEULRQDQWHV 1RV PHOKRUHV FDVRV HVVHV GLVSRVLWLYRV FRQVWLWXHP DOJR VLPLODU HQFLFORSpGLDV YLYDV $V UHVSRVWDV DRV IUHTXHQWO\ DVNHG TXHVWLRQV )$4 GH DOJXQV IyUXQV HOHWU{QLFRV HYLWDPDVUHSHWLo}HVHSHUPLWHPDFDGDXPLQVFUHYHUVHQRGLiORJR FRP XP PtQLPR GH FRQKHFLPHQWRV EiVLFRV VREUH R WHPD HP TXHVWmR 2V LQGLYtGXRV VmR DVVLP LQFLWDGRV D SDUWLFLSDU GD PDQHLUD PDLV SHUWLQHQWH SRVVtYHO QD LQWHOLJrQFLDFROHWLYD (QFRQWUDPRV DLQGD DV SDLVDJHQV GH VLJQLILFDo}HV SDUWLOKDGDV QDV iUYRUHVGHFRQKHFLPHQWRVPHUFDGRVOLYUHVGHXPDQRYDHFRQRPLDGRVDEHU TXHRIHUHFHPDFDGDSDUWLFLSDQWHGHXPDFROHWLYLGDGHXPDYLVmRVLQWpWLFDGD YDULHGDGH GDV FRPSHWrQFLDV GH VHX JUXSR H OKH SHUPLWHP UHFRQKHFHU VRE IRUPD GH LPDJHP VXD LGHQWLGDGH HP HVSDoRV GH VDEHU 1DV iUYRUHV GH FRQKHFLPHQWRV D LQIRUPDomR p VHPSUH DSUHVHQWDGD HP FRQWH[WR VHJXQGR D UHODomR YLVXDO ILJXUDIXQGR D ILJXUD VHQGR D LQIRUPDomR H R IXQGR PDQLIHVWDQGR R FRQWH[WR $VVLP D PHVPD LQIRUPDomR RIHUHFH XP DVSHFWR
XPDLPDJHPRXXPDPiVFDUDGLIHUHQWHFRQIRUPHVHHQFRQWUHQXPFRQWH[WR RXQRXWUR4XDQWRDRFRQWH[WR DiUYRUHVXDVIRUPDVVXDVFRUHV HOHHPHUJH GLQDPLFDPHQWH GRV DWDV GH DSUHQGL]DJHP H GH WUDQVDomR GR VDEHU HIHWXDGRV SHORV SDUWLFLSDQWHV H GH PDQHLUD PDLV JHUDO GRV FRUSXV GH LQIRUPDomR FRQVLGHUDGRVHGHVXDXWLOL]DomRSRUXPDFRPXQLGDGH 2&Ð57(;'($17523,$ $ WUDQVPLVVmR H D SDUWLOKD GH XPD PHPyULD VRFLDO VmR WmR YHOKDV TXDQWR D KXPDQLGDGH 1DUUDWLYDV SDVVHV GH PiJLFD H VDEHGRULDV SDVVDP GH JHUDomRDJHUDomR(QWUHWDQWRRSURJUHVVRGDVWpFQLFDVGHFRPXQLFDomRHGH UHJLVWUR DPSOLRX FRQVLGHUDYHOPHQWH R DOFDQFH GR HVWDTXH FRPSDUWLOKiYHO ELEOLRWHFDVGLVFRWHFDVFLQHPDWHFDV +RMHDLQIRUPDomRGLVSRQtYHORQOLQHRX QR FLEHUHVSDoR HP JHUDO FRPSUHHQGH QmR DSHQDV R ´HVWDTXHµ GHVWHUULWRULDOL]DGRGHWH[WRVGHLPDJHQVHGHVRQVKDELWXDLVPDVLJXDOPHQWH SRQWRVGHYLVWDKLSHUWH[WXDLVVREUHHVVHHVWRTXHEDVHVGHFRQKHFLPHQWRVFRP FDSDFLGDGHVGHLQIHUrQFLDDXW{QRPDVHPRGHORVGLJLWDLVGLVSRQtYHLVSDUDWRGDV DV VLPXODo}HV $OpP GHVVDV PDVVDV GH GRFXPHQWRV HVWiWLFRV RX GLQkPLFRV SDLVDJHQV GH VLJQLILFDo}HV FRPSDUWLOKDGDV FRRUGHQDP DV HVWUXWXUDo}HV VXEMHWLYDVYDULDGDVGRRFHDQRLQIRUPDFLRQDO$PHPyULDFROHWLYDSRVWDHPDWR QRFLEHUHVSDoR GLQkPLFDHPHUJHQWHFRRSHUDWLYDUHWUDEDOKDGDHPWHPSRUHDO SRULQWHUSUHWDo}HV GHYHVHUFODUDPHQWHGLVWLQJXLGDGDWUDQVPLVVmRWUDGLFLRQDO GDV QDUUDWLYDV H GDV FRPSHWrQFLDV EHP FRPR GRV UHJLVWURV HVWiWLFRV GDV ELEOLRWHFDV 3DUD DOpP GD PHPyULD RV VRIWZDUHV VmR RXWURUDV PLFURPyGXORV FRJQLWLYRV DXWRPiWLFRV TXH YrP VH LPEULFDU DR GRV KXPDQRV H TXH WUDQVIRUPDP RX DXPHQWDP VXDV FDSDFLGDGHV GH FiOFXOR GH UDFLRFtQLR GH LPDJLQDomRGHFULDomRGHFRPXQLFDomRGHDSUHQGL]DJHPRXGH´QDYHJDomRµ QD LQIRUPDomR 7RGD YH] TXH p SURGX]LGR XP QRYR SURJUDPD DFHQWXDVHR FDUiWHUFROHWLYRGDLQWHOLJrQFLD&RPHIHLWRVHRIRUQHFLPHQWRGHLQIRUPDomR DXPHQWDDSHQDVRHVWDTXHFRPXP RXHQULTXHFHVXDHVWUXWXUDomR RSURJUDPD SURSULDPHQWHUHSUHVHQWDXPDFUpVFLPRDRVPyGXORVRSHUDWyULRVFRPSDUWLOKDGRV $ SURJUDPDomR FRRSHUDWLYD GR VRIWZDUH QR FLEHUHVSDoR LOXVWUD GH PDQHLUD HYLGHQWH D DXWRSRLHVH RX SURGXomR GH VL GD LQWHOLJrQFLD FROHWLYD HVSHFLDOPHQWHTXDQGRRSURJUDPDYLVDHOHSUySULRDPHOKRUDUDLQIUDHVWUXWXUD GHFRPXQLFDomRGLJLWDO 2 FLEHUHVSDoR IDYRUHFH DV FRQH[}HV DV FRRUGHQDo}HV DV VLQHUJLDV HQWUHDVLQWHOLJrQFLDVLQGLYLGXDLVHVREUHWXGRVHXPFRQWH[WRYLYRIRUPHOKRU FRPSDUWLOKDGR VH RV LQGLYtGXRV H RV JUXSRV SXGHUHP VH VLWXDU PXWXDPHQWH QXPDSDLVDJHPYLUWXDOGHLQWHUHVVHVHGHFRPSHWrQFLDVHVHDGLYHUVLGDGHGRV PyGXORVFRJQLWLYRVFRPXQVRXPXWXDPHQWHFRPSDWtYHLVDXPHQWDU
6DEHVH TXH HP FDGD pSRFD KLVWyULFD RV KXPDQRV WLYHUDP R VHQWLPHQWR GH YLYHU XPD ´YLUDGDµ FDSLWDO ,VWR UHODWLYL]D WRGD LPSUHVVmR GD PHVPD RUGHP TXH GLJD UHVSHLWR DR SHUtRGR FRQWHPSRUkQHR 1mR FRQVLJR SRUpP GHVID]HUPH GD LGpLD GH TXH YLYHPRV KRMH XPD PXWDomR PDLRU QDV IRUPDV GD LQWHOLJrQFLD FROHWLYD $ REMHWLYDomR GLQkPLFD GR FRQWH[WR HPHUJHQWH R FRPSDUWLOKDU HP PDVVD H VHPSUH FUHVFHQWH GH RSHUDGRUHV FRJQLWLYRV YDULDGRV H D LQWHUFRQH[mR HP WHPSR UHDO LQGHSHQGHQWHPHQWH GD GLVWkQFLD JHRJUiILFD SDUHFHP UHIRUoDU PXWXDPHQWH VHXV HIHLWRV 8PD GDV FDUDFWHUtVWLFDVPDLVVDOLHQWHVGDQRYDLQWHOLJrQFLDFROHWLYDpDDFXLGDGHGHVXD UHIOH[mR QDV LQWHOLJrQFLDV LQGLYLGXDLV 2V DWDV GR SVLTXLVPR GH XPD IUDomR FUHVFHQWH GD KXPDQLGDGH WRUQDPVH TXDVH GLUHWDPHQWH VHQVtYHLV jV SHVVRDV $OJXPDVIRUPDVGHPXQGRVYLUWXDLVSHUPLWHPTXDVHH[SULPLUFDUWRJUDIDUHP WHPSRUHDORVFRPSRQHQWHVWRSROyJLFRVVHPLyWLFRVD[LROyJLFRVHHQHUJpWLFRV GHSVLTXLVPRVFROHWLYRV $ LPDJHP YLD VDWpOLWH GH QRVVR SODQHWD DV LQIRUPDo}HV TXH QRV FKHJDP SRU XPD TXDQWLGDGH GH UHGHV PXQGLDLV GH FDSWDGRUHV RV PRGHORV LQIRUPDWL]DGRV TXH LQWHJUDP HVVHV GDGRV DV VLPXODo}HV TXH QRV GHL[DP DGLYLQKDU DV UHDo}HV GD 7HUUD VXD KLVWyULD D LQLPDJLQiYHO LQWLPLGDGH GH VXD YLGD GH XPD LQILQLWD OHQWLGmR RSDFD HQRUPH H GLVSHUVD WXGR LVVR ID] DRV SRXFRVVXUJLURXUHVVXUJLUQRHVStULWRGRVKXPDQRVDILJXUDDUFDLFDGH*DLD )DFH j DQWLTXtVVLPD GHXVD DLQGD PLVWXUDGD j VXD VXEVWkQFLD SRGHVH DJRUD TXDVH RXYLU RX YHU SHQVDU FUHVFHQGR D QRVVRV ROKRV UiSLGR FUHSLWDQWH R JUDQGHKLSHUFyUWH[GHVXDILOKD$QWURSLD 7DQWR TXDQWR D SHVTXLVD XWLOLWiULD GH LQIRUPDomR p HVVD VHQVDomR YHUWLJLQRVD GH PHUJXOKDU QR FpUHEUR FRPXP H GHOH SDUWLFLSDU TXH H[SOLFD R HQWXVLDVPRSHOD,QWHUQHW1DYHJDUQRFLEHUHVSDoRHTXLYDOHDSDVVHDUXPROKDU FRQVFLHQWH VREUH D LQWHULRULGDGH FDyWLFD R URQURQDU LQFDQViYHO DV EDQDLV IXWLOLGDGHV H DV IXOJXUDo}HV SODQHWiULDV GD LQWHOLJrQFLD FROHWLYD 2 DFHVVR DR SURFHVVRLQWHOHFWXDOGRWRGRLQIRUPDRGHFDGDSDUWH LQGLYtGXRRX JUXSR H DOLPHQWD HP WURFD R GR FRQMXQWR 3DVVDVH HQWmR GD LQWHOLJrQFLD FROHWLYD DR FROHWLYRLQWHOLJHQWH $SHVDUGHQXPHURVRVDVSHFWRV QHJDWLYRV H HP SDUWLFXODU R ULVFR GH GHL[DU QR DFRVWDPHQWR GD DXWRHVWUDGD XPD SDUWH GHVTXDOLILFDGD GD KXPDQLGDGHRFLEHUHVSDoRPDQLIHVWDSURSULHGDGHVQRYDVTXHID]HPGHOHXP SUHFLRVRLQVWUXPHQWRGHFRRUGHQDomRQmRKLHUiUTXLFDGHVLQHUJL]DomRUiSLGD GDVLQWHOLJrQFLDVGHWURFDGHFRQKHFLPHQWRVGH QDYHJDomR QRV VDEHUHV H GH DXWRFULDomRGHSLODGDGHFROHWLYRVLQWHOLJHQWHV 3URSRQKRMXQWDPHQWHFRPRXWURVDSURYHLWDUHVVHPRPHQWRUDURHP TXHVHDQXQFLDXPDFXOWXUDQRYDSDUDRULHQWDUGHOLEHUDGDPHQWHDHYROXomRHP FXUVR5DFLRFLQDUHPWHUPRVGHLPSDFWRpFRQGHQDUVHDSDGHFHU'HQRYRD WpFQLFDSURS}HPDVRKRPHPGLVS}H&HVVHPRVGHGLDEROL]DURYLUWXDO FRPR
VH IRVVH R FRQWUiULR GR UHDO $ HVFROKD QmR p HQWUH D QRVWDOJLD GH XP UHDO GDWDGR H XP YLUWXDO DPHDoDGRU RX H[FLWDQWH PDV HQWUH GLIHUHQWHV FRQFHSo}HV GR YLUWXDO $ DOWHUQDWLYD p VLPSOHV2X R FLEHUHVSDoR UHSURGX]LUi R PHGLiWLFR R HVSHWDFXODU R FRQVXPR GH LQIRUPDomR PHUFDQWLO H D H[FOXVmR QXPD HVFDOD DLQGDPDLVJLJDQWHVFDTXHKRMH(VWDpDJURVVRPRGRDWHQGrQFLDQDWXUDOGDV ´VXSHUYLDVGDLQIRUPDomRµRXGD´WHOHYLVmRLQWHUDWLYDµ2XDFRPSDQKDPRVDV WHQGrQFLDV PDLV SRVLWLYDV GD HYROXomR HP FXUVR H FULDPRV XP SURMHWR GH FLYLOL]DomRFHQWUDGRVREUHRVFROHWLYRVLQWHOLJHQWHV UHFULDomRGRYtQFXORVRFLDO PHGLDQWH WURFDV GH VDEHU UHFRQKHFLPHQWR HVFXWD H YDORUL]DomR GDV VLQJXODULGDGHVGHPRFUDFLDPDLVGLUHWDPDLVSDUWLFLSDWLYDHQULTXHFLPHQWRGDV YLGDV LQGLYLGXDLV LQYHQomR GH IRUPDV QRYDV GH FRRSHUDomR DEHUWD SDUD UHVROYHURVWHUUtYHLVSUREOHPDVTXHD KXPDQLGDGH GHYH HQIUHQWDU GLVSRVLomR GDVLQIUDHVWUXWXUDVLQIRUPiWLFDVHFXOWXUDLVGDLQWHOLJrQFLDFROHWLYD
$9,578$/,=$d®2'$,17(/,*È1&,$($&2167,78,d®2 '22%-(72
2352%/(0$'$,17(/,*È1&,$ &2/(7,9$ 2SUREOHPDGDLQWHOLJrQFLDFROHWLYDpVLPSOHVGHHQXQFLDUPDVGLItFLO GHUHVROYHU*UXSRVKXPDQRVSRGHPVHUFROHWLYDPHQWHPDLVLQWHOLJHQWHVPDLV LQVWUXtGRV PDLV ViELRV PDLV LPDJLQDWLYRV TXH DV SHVVRDV TXH RV FRPS}HP" 1mRDSHQDVDORQJRSUD]RQDGXUDomRGDKLVWyULDWpFQLFDGDVLQVWLWXLo}HVHGD FXOWXUDPDVDTXLHDJRUDQRFXUVRGRVDFRQWHFLPHQWRVHGRVDWDVFRWLGLDQRV &RPR FRRUGHQDU DV LQWHOLJrQFLDV SDUD TXH VH PXOWLSOLTXHP XPDV DWUDYpV GDV RXWUDV DR LQYpV GH VH DQXODUHP" +i PHLR GH LQGX]LU XPD YDORUL]DomR UHFtSURFD XPD H[DOWDomR P~WXD GDV FDSDFLGDGHV PHQWDLV GRV LQGLYtGXRV HP YH] GH VXEPHWrODV D XPD QRUPD RX UHEDL[iODV DR PHQRU GHQRPLQDGRU FRPXP" 3RGHUVHLD LQWHUSUHWDU WRGD D KLVWyULD GDV IRUPDV LQVWLWXFLRQDLV GDV OLQJXDJHQV H GDV WHFQRORJLDV FRJQLWLYDV FRPR WHQWDWLYDV PDLVRXPHQRVIHOL]HGHUHVROYHUHVVHVSUREOHPDV 3RLV VH DV SHVVRDV VmR WRGDV LQWHOLJHQWHV j VXD PDQHLUD RV JUXSRV GHFHSFLRQDPFRPIUHTrQFLD6DEHVHTXHQXPDPXOWLGmRDVLQWHOLJrQFLDVGDV SHVVRDVORQJHGHVHDGLFLRQDUWHQGHPDVHGLYLGLU$EXURFUDFLDHDVIRUPDVGH RUJDQL]DomR DXWRULWiULDV DVVHJXUDP XPD FHUWD FRRUGHQDomR PDV jV FXVWDV GD VXSUHVVmRGDVLQLFLDWLYDVHGRDSODLQDPHQWRGDVVLQJXODULGDGHV 6HP G~YLGD ERDV UHJUDV GH RUJDQL]DomR H GH HVFXWD P~WXD VmR VXILFLHQWHVSDUDDYDORUL]DomRUHFtSURFDGDVLQWHOLJrQFLDVQRVSHTXHQRVJUXSRV 0DV DFLPD GH XPD RUGHP GH JUDQGH]D GD GH]HQD GH PLOKDUHV GH SHVVRDV D SODQLILFDomR KLHUiUTXLFD H D JHVWmR GR KXPDQR SRU FDWHJRULDV GH PDVVD SDUHFHUDP SRU PXLWR WHPSR LQHYLWiYHLV 7UDoR DTXL D KLSyWHVH HP FRQFRUGkQFLD FRP XP Q~PHUR FUHVFHQWH GH DWRUHV SROtWLFRV HFRQ{PLFRV H DUWtVWLFRV TXH DV WpFQLFDV GH FRPXQLFDomR FRQWHPSRUkQHDV SRGHULDP PRGLILFDU D DQWLTXtVVLPD GLVWULEXLomR GH FDUWDV DQWURSROyJLFD TXH FRQGHQDYD DVJUDQGHVFROHWLYLGDGHVDIRUPDVGHRUJDQL]DomRSROtWLFDVPXLWRDIDVWDGDVGRV FROHWLYRVLQWHOLJHQWHV 3RUTXHR´PXQGRGDFXOWXUDµQRVHQWLGREXUJXrVGRWHUPRRXVHMD RV JUXSRV KXPDQRV TXH SURGX]LUDP H GHVIUXWDUDP D FLrQFLD D ILORVRILD D OLWHUDWXUDHDVEHODVDUWHVH[HUFHXSRUWDQWRWHPSRWDODWUDWLYR"3URYDYHOPHQWH SRUTXH VH DSUR[LPRX j VXD PDQHLUD HOLWLVWD H LPSHUIHLWD GH XP LGHDO GD LQWHOLJrQFLD FROHWLYD (LV DOJXPDV GDV QRUPDV VRFLDLV YDORUHV H UHJUDV GH FRPSRUWDPHQWR TXH UHJHULDP LGHDOPHQWH R PXQGR GD FXOWXUD DYDOLDomR SHUPDQHQWHGDVREUDVSHORVSDUHVHSHORS~EOLFRUHLQWHUSUHWDomRFRQVWDQWHGD
KHUDQoDLQDFHLWDELOLGDGHGRDUJXPHQWRGHDXWRULGDGHLQFLWDomRDHQULTXHFHUR SDWULP{QLR FRPXP FRRSHUDomR FRPSHWLWLYD HGXFDomR FRQWtQXD GR JRVWR H GR VHQVR FUtWLFR YDORUL]DomR GR MXOJDPHQWR SHVVRDO SUHRFXSDomR FRP D YDULHGDGHHQFRUDMDPHQWRjLPDJLQDomRjLQRYDomRjSHVTXLVDOLYUH7HUHPRV FRPHoDGR D UHVROYHU QXPHURVRV SUREOHPDV FUXFLDLV GR PXQGR FRQWHPSRUkQHR TXDQGR SDVVDUPRV D S{U HP SUiWLFD XP IXQFLRQDPHQWR ´FXOWRµ IRUD GRV GRPtQLRV H GRV PHLRV UHVWULWRV RQGH HVWH JHUDOPHQWH VH LQVWDOD8PGRVPHOKRUHVVLQDLVGDSUR[LPLGDGHHQFHUHHVVHPXQGRGDFXOWXUD H RV FROHWLYRV LQWHOLJHQWHV p VHX FRPSURPLVVR GH SULQFtSLR GH FRORFDU R SRGHU HQWUH SDUrQWHVHV 2 LGHDO GD LQWHOLJrQFLD FROHWLYD QmR p HYLGHQWHPHQWH GLIXQGLU D FLrQFLD H DV DUWHV QR FRQMXQWR GD VRFLHGDGH GHVTXDOLILFDQGR DR PHVPR WHPSR RXWURV WLSRV GH FRQKHFLPHQWR RX GH VHQVLELOLGDGH e UHFRQKHFHUTXHDGLYHUVLGDGHGDVDWLYLGDGHVKXPDQDVVHPQHQKXPDH[FOXVmR SRGH H GHYH VHU FRQVLGHUDGD WUDWDGD YLYLGD FRPR ´FXOWXUDµ QRVHQWLGR TXH DFDEDPRVGHHYRFDU(PFRQVHTrQFLDFDGDVHUKXPDQRSRGHULDGHYHULDVHU UHVSHLWDGRFRPRXPDUWLVWDRXXPSHVTXLVDGRUQXPDUHS~EOLFDGRVHVStULWRV 7DOSURJUDPDVRDXWySLFR1RHQWDQWRDFKDYHGDIRUoDHFRQ{PLFD SROtWLFDRXPHVPRPLOLWDUUHVLGHKRMHSUHFLVDPHQWHQDFDSDFLGDGHGHSURGX]LU FROHWLYRV LQWHOLJHQWHV 1mR QHJR D H[LVWrQFLD GDV UHODo}HV GH SRGHU RX GH GRPLQDomR WHQWR DSHQDV GHVLJQiODV SHOR TXH VmR REVWiFXORV j IRUoD 3RLV XPDVRFLHGDGHLQWHOLJHQWHHPWRGDSDUWHVHUiVHPSUHPDLVHILFLHQWHTXHXPD VRFLHGDGH LQWHOLJHQWHPHQWH GLULJLGD 2 SUREOHPD QmR p GHFLGLU HQWUH VHU D IDYRU RX FRQWUD D LQWHOLJrQFLD FROHWLYD PDV HVFROKHU HQWUH VXDV GLIHUHQWHV IRUPDV (PHUJHQWH RX LPSRVWD GH FLPD" 5HVSHLWRVD GDV VLQJXODULGDGHV RX KRPRJHQHL]DQWH",QWHOLJrQFLDTXHYDORUL]DHS}HHPVLQHUJLDDGLYHUVLGDGHGRV UHFXUVRV H GDV FRPSHWrQFLDV RX TXH RV GHVTXDOLILFD HP QRPH GH XPD UDFLRQDOLGDGHRXGHXPPRGHORGRPLQDQWH" 12(67É',2 &RPR SRUWDQWR SDVVDU GD LQWHOLJrQFLD FROHWLYD TXH p LQHUHQWH j FRQGLomR GH KXPDQLGDGH DRV FROHWLYRV LQWHOLJHQWHV TXHRWLPL]DP GHOLEHUDGDPHQWHVHXVUHFXUVRVLQWHOHFWXDLVDTXLHDJRUD"&RPRID]HUVRFLHGDGH GH PDQHLUD IOH[tYHO LQWHQVD H LQYHQWLYD VHP QR HQWDQWR IXQGDU R FROHWLYR VREUH R yGLR DR HVWUDQJHLUR QHP VREUH XP PHFDQLVPR YLWLPL]DGRU QHP VREUH D UHODomRFRP XPD UHYHODomR WUDQVFHQGHQWH RX FRP XP FKHIH SURYLGHQFLDL" &RPR S{U HP VLQIRQLD RV DURV H RV UHFXUVRV GDV SHVVRDV VHP VXEPHWrODV D XPD H[WHULRULGDGH DOLHQDQWH" 7DO UHJLPH QmR VH GHFUHWD H FHUWDPHQWHUHTXHUPDLVGRTXHERDYRQWDGH 0LFKDHO 6HUUHV QRV HQVLQRX D OHU QRV HVWiGLRV DOJXQV WHRUHPDVGH
DQWURSRORJLD IXQGDPHQWDO 6HMD GDGD XPD SDUWLGD GH IXWHERORX GH UXJE\ (VFXWHPRVSULPHLUDPHQWHRVRPTXHVREHGDVDUTXLEDQFDGDV2VWRUFHGRUHV GD PHVPD HTXLSH JULWDP TXDVH WRGRVMXQWRV DV PHVPDV FRLVDV QR PHVPR PRPHQWR 2V DWRV GRV LQGLYtGXRV PDO VH GLVWLQJXHP QmR FKHJDP D VH HQWUHODoDU SDUD ID]HUKLVWyULD RX PHPyULD QmR VH HQWURVDP HP QHQKXPD ELIXUFDomRLUUHYHUVtYHO 2 LQGLYtGXR p DIRJDGR QD PDVVD GRV WRUFHGRUHV QRUXtGRGHIXQGRGDPXOWLGmR2UDDLQWHOLJrQFLDGHVVDPDVVD FDSDFLGDGHGH DSUHQGL]DJHPGHLPDJLQDomRGHUDFLRFtQLR pQRWRULDPHQWHSHTXHQDTXHUVH PDQLIHVWHQRHVWiGLRRXQDVDtGD 9HMDPRVDJRUDRTXHVHSDVVDQRFDPSR&DGDMRJDGRUHIHWXDDo}HV QLWLGDPHQWH GLVWLQWDV GDV GRV RXWURV 7RGDYLD WRGDV DVDo}HV YLVDP D FRRUGHQDomRWHQWDPVHUHVSRQGHUTXHUHPID]HUVHQWLGRXPDVHPUHODomRjV RXWUDV 2V DWRV GRV MRJDGRUHV FRQWUDULDPHQWH DRV GRV WRUFHGRUHV LQWHUYrP QXPD KLVWyULFD FROHWLYD RULHQWDP FDGD XP GLIHUHQWHPHQWH R FXUVR GH XPD SDUWLGDDLQGD QmR GHFLGLGD $V HTXLSHV HPSUHJDP HVWUDWpJLDV LPSURYLVDP DUULVFDP&DGDXPGRVMRJDGRUHVGHYHHVWDUDWHQWRQmRDSHQDVDRTXHID]HP VHXVDGYHUViULRVPDVLJXDOPHQWHDRTXHVHWUDPDHPVHXSUySULRFDPSRSDUD TXH RV PRYLPHQWRV HIHWXDGRV SRUVHXV FRPSDQKHLURV QmR WHQKDP VLGR WHQWDGRVHPYmR2MRJRVH´FRQVWUyLµ 2V HVSHFWDGRUHV QmR SRGHP DJLU VREUH R HVSHWiFXOR TXH RVUH~QH WRGRVWrPDPHVPDIXQomRIDFHDRSRQWRDOWRRXDRSRQWREDL[RGHTXDOTXHU PDQHLUD IRUD GH DOFDQFH TXH p R FDPSR 2HOR R HVSHWiFXOR GR MRJR p WUDQVFHQGHQWH HP UHODomR jV SHVVRDVTXH FRPS}HP R FROHWLYR 1DV DUTXLEDQFDGDV ID]HU VRFLHGDGH pVHU D IDYRU H FRQWUD WRUFHU SRU XP WLPH DSODXGLURVVHXVYDLDURVRXWURV 1RFDPSRDRFRQWUiULRQmRpVXILFLHQWHGHWHVWDURWLPHDGYHUViULR eSUHFLVRHVWXGiODDGLYLQKiODSUHYrODFRPSUHHQGrOR6REUHWXGRpSUHFLVR FRRUGHQDUVH FRP D SUySULD HTXLSH HPWHPSR UHDO UHDJLU GH PDQHLUD ILQD H UiSLGD ´FRPR XP Vy KRPHPµHPERUD VHMDP YiULRV 2UD HVVD VLQHUJL]DomR HVSRQWkQHD GDV FRPSHWrQFLDV H GDV Do}HV Vy p SRVVtYHO JUDoDV j EROD 1R FDPSR DPHGLDomR VRFLDO DEDQGRQD VXD WUDQVFHQGrQFLD $ OLJDomR HQWUH RVLQGLYtGXRV FHVVD GH HVWDU IRUD GH DOFDQFH HOD VH HVWDEHOHFH DR FRQWUiULR HQWUH DV PmRV RX RV SpV GH WRGRV $ DQLPDGD XQLGDGH GRVMRJDGRUHV VH RUJDQL]DHPWRUQRGHXPREMHWROLJDomRLPDQHQWH 3DVVDQGRSHORGHVYLRGHXPVHUTXHFLUFXODGHXPFHQWURPyYHOTXH GHVLJQD VXFHVVLYDPHQWH FDGD XP FRPR SLY{ WUDQVLWyULR GRJUXSR R JUXSR LQWHOLJHQWHGRVMRJDGRUHVpHPVLVXDSUySULDUHIHUrQFLD2VHVSHFWDGRUHVWrP QHFHVVLGDGH GH MRJDGRUHV DV HTXLSHVQmR WrP QHFHVVLGDGH GH HVSHFWDGRUHV 6HPLVDJD] XP SURYpUELRFKLQrV GL] TXH R GHGR PRVWUD D OXD H TXH R LGLRWD ROKDRGHGR 6DJD]HVRVMRJDGRUHVID]HPGDERODDRPHVPRWHPSRXPLQGLFDGRU
TXH JLUD HQWUH RV VXMHLWRV LQGLYLGXDLV XP YHWRU TXH SHUPLWH D FDGD XP GHVLJQDUFDGDXPHRREMHWRSULQFLSDODOLJDomRGLQkPLFDGRVXMHLWRFROHWLYR &RQVLGHUDUHPRV D EROD FRPR XP SURWyWLSR GR REMHWROLJDomR GR REMHWR FDWDOLVDGRU GH LQWHOLJrQFLD FROHWLYD )DoR D KLSyWHVH GH TXH WDO REMHWR TXH FKDPDUHL GRUDYDQWH H SRU FRQYHQomR VLPSOHVPHQWH R REMHWR p GHVFRQKHFLGR GRVDQLPDLV 35(6$67(55,7Ð5,26&+()(6(68-(,726 2VPDPtIHURVVXSHULRUHVHPDLVSDUWLFXODUPHQWHRVSULPDWDVVRFLDLV GH TXH GHVFHQGHPRV QmR WrP REMHWRV &ODUR TXH FRQKHFHP DV SUHVDV FRPR WRGRVRVDQLPDLV1XPFHUWRVHQWLGRDSUHVDpXPSUDWRREMHWR$FDoDSRGH GDU HQVHMR j FRRSHUDomR $ SUHVD FDSWXUDGD VXVFLWD ULYDOLGDGHV RX FRPEDWHV $VVLP HOD p GH IDWR XP RSHUDGRU SULPLWLYR GH VRFLDOL]DomR 0DV D SUHVD GHVWLQDVH D VHU GHYRUDGD LQFRUSRUDGD UHDEVRUYLGD ILQDOPHQWH QXP VXMHLWR $FDVRYHPRVRVMRJDGRUHVODFHUDUHPGLYLGLUHPHQWUHVLHGHSRLVFRPHUHPD ERODTXHSHJDUDP" 2VDQLPDLVFRQKHFHPWDPEpPUHODo}HVIRUWHVFRPRVWHUULWyULRVFDGD VRFLHGDGHGHIHQGHQGRRVHXFRQWUDDLQYDVmRGRVRXWURV$VRFLHGDGHDQLPDO GHILQHVXDLGHQWLGDGHVREUHWXGRSRUVXDUHODomRFRPXPWHUULWyULRSDUWLFXODU 2VFmHVRVJDWRVHQXPHURVRVRXWURVDQLPDLVPDUFDPVHXWHUULWyULRFRPVHX RGRUFRUSRUDO$VDYHVRRFXSDPSRUPHLRGHVHXFDQWR3RUTXHRWHUULWyULR DLQGDQmRpXPREMHWR"3RUTXHHOHIXQFLRQDQRPRGRGDDSURSULDomRRXGD LGHQWLILFDomRH[FOXVLYD9RFrMDPDLVYHUiXPMRJDGRUSODQWDQGRVXDEDQGHLUD VREUHXPDERODHSUHWHQGHQGRVXDSRVVHH[FOXVLYD2YHUGDGHLURIXQGDGRUGD VRFLHGDGH FLYLO IRL DTXHOH TXH UHQXQFLRX D HQFHUUDU XPD SRUomR GR XQLYHUVR ItVLFR H GHFODURXSHOD SULPHLUD YH] LVWR p XP REMHWR 3DUD GHVHPSHQKDU VHX SDSHO DQWURSROyJLFR R REMHWR GHYH SDVVDU GH PmR HP PmR GH VXMHLWR D VXMHLWR H VXEWUDLUVH j DSURSULDomR WHUULWRULDO j LGHQWLILFDomR D XP QRPH j H[FOXVLYLGDGHRXjH[FOXVmR 2V SULPDWDV VRFLDLV HQILP FRQKHFHP WDPEpP DV UHODo}HVGH GRPLQkQFLD TXH GHVHPSHQKDP XP SDSHO HVVHQFLDO QD UHJXODomRGH VXDV LQWHUDo}HV 1RWHPRV DOLiV TXH DV UHODo}HV HVWiYHLV GH GRPLQDomR FRP JUDGDo}HVGHSRVWRVHKLHUDUTXLDVVXWLVVyH[LVWHPHQWUHRVYHUWHEUDGRV1mR DV HQFRQWUDPRV HQWUH RV LQVHWRV VRFLDLVTXH HP WURFD FRQKHFHP D SROLHWLD FRPSRUWDPHQWRVPXLWRWtSLFRVVHJXQGRDVFDVWDV HDSROLPRUILD GLIHUHQoDV DQDW{PLFDV HPIXQomR GD GLYLVmR VRFLDO GR WUDEDOKR $V UHODo}HV VRFLDLV KLHUiUTXLFDVTXHHVFDSDPjSURJUDPDomRJHQpWLFDVHGHFLGHPFRPIUHTrQFLD DWUDYpV GH FRPEDWHV DEHUWRV (ODV GHYHP FHUWDPHQWHVHU DVVRFLDGDV FRP DV DSWLG}HVjDXWRQRPLDLQGLYLGXDOPDLVPDUFDGDGRVPDPtIHURVHPUHODomRDRV LQVHWRV2VHWyORJRVDVFRQVLGHUDPLJXDOPHQWHFRPRXPPRGRGHUHJXODomR
GD DJUHVVLYLGDGHHQWUH PHPEURV GR PHVPR JUXSR VRFLDO XP WLSR GH DJUHVVLYLGDGHTXH p PXLWR UDUR HQWUH RV LQVHWRV 2 LQGLYtGXR GRPLQDQWH H[HUFHXPD IXQomR GH XQLILFDomR H GH FRRUGHQDomR GD VRFLHGDGH DR LQLELU D DJUHVVLYLGDGH GRV LQGLYtGXRV HQWUH VL DR SRODUL]DU D DWHQomR GRV RXWURV PHPEURVDRLPSRUDVJUDQGHVRULHQWDo}HV FDoDPLJUDomR 'HQRYRQHPR VXMHLWR GRPLQDQWH QHP R VXMHLWR VXEPLVVR VmR REMHWRV 1R HQWDQWR D EROD WHPDOJXPDDILQLGDGHFRPDUHODomRGHGRPLQkQFLDSRUVHUDRPHVPRWHPSR VXEPLVVD HFHQWUR GD DWHQomR 1XP FHUWR VHQWLGR HOD VXEVWLWXL R FKHIH RVXERUGLQDGRRXDYtWLPDPDVYLUWXDOL]DQGRRV/RQJHGHIL[DUXPDUHODomR HVWiYHOGHGRPLQkQFLDDERODPDQWpPDRFRQWUiULRXPDUHODomRFRRSHUDWLYD QDPHVPDHTXLSH HFRPSHWLWLYD HQWUHDVHTXLSHV LJXDOLWiULDHVHPSUHDEHUWD &ODURTXHRMRJRVDJUDFDPSH}HVHGHL[DYHQFLGRVPDVHVVHVHVWDWXWRVGXUDP DSHQDVHQWUHDVSDUWLGDV1HQKXPDKLHUDUTXLDLQVWLWXtGDSHVDGXUDQWHRMRJR D FLUFXODomRGDERODDVVXVSHQGH $ UHODomR FRP R REMHWR UHVXOWD GH XPD YLUWXDOL]DomR GDV UHODo}HV GH SUHGDomR GH GRPLQkQFLD H GH RFXSDomR H[FOXVLYD 2 GHGRGHVLJQD D YtWLPD PRVWUD R VXMHLWR GRPLQDQWH LQGLFD D SUHVD RXFLUFXQVFUHYH R WHUULWyULR 2 LGLRWDROKDRGHGRHLQYHQWDRREMHWR )(55$0(17$61$55$7,9$6&$'É9(5(6 $ERODLOXVWUDPDUDYLOKRVDPHQWHRFRQFHLWRGHREMHWR(ODpWtSLFDGH VXDIXQomRGHKRPLQL]DomRMiTXHXPDDSWLGmRHVSHFLDOSDUDRMRJRpXPDGDV SULQFLSDLVFDUDFWHUtVWLFDVGHQRVVDHVSpFLH1HQKXPDQLPDOMRJDFROHWLYDPHQWH FRP XPD EROD RX FRP DOJR DQiORJR 2V MRJRV DQLPDLV VmR QD PDLRULD GDV YH]HV VLPXODo}HV GH FRPEDWH GH SUHGDomR GH GRPLQDomR RX GH UHODo}HV VH[XDLV TXH S}HP RV FRUSRV GLUHWDPHQWH HP FRQWDWR VHP SDVVDU SRU XP LQWHUPHGLiULR REMHWLYR 0DV Ki HYLGHQWHPHQWH RXWURV WLSRV GH REMHWRV TXH FRUUHVSRQGHP HP PDLRURX PHQRU JUDX DRWLSR LGHDO WmR EHP UHSUHVHQWDGR SHOD EROD &LWHPRV HPSDUWLFXODU D IHUUDPHQWD R PDWHULDO RX R DUWHIDWR TXH SDVVDP GH PmR HP PmR GXUDQWH RV WUDEDOKRV FROHWLYRV DV QDUUDWLYDV LPHPRULDLV TXH VH WUDQVPLWHP H VmR WUDQVIRUPDGDV GH ERFD D RXYLGR H GH JHUDomRDJHUDomRFDGDHORGDFRUUHQWHHVFXWDQGRHFRQWDQGRSRUVXDYH] R FDGiYHUGXUDQWHHDSyVRVULWRVIXQHUiULRV 5HFRQKHFHVH R REMHWR DWUDYpV GHVHX SRGHU GH FDWiOLVH GDV UHODo}HV VRFLDLV H GH LQGXomR GD LQWHOLJrQFLD FROHWLYD $ LQWHOLJrQFLD WpFQLFD H D FRRSHUDomR QR TXH GL] UHVSHLWR jV IHUUDPHQWDV D LQYHQWLYLGDGH FROHWLYD GRV PLWRVGDVOHQGDVHGRIROFORUHQRTXHGL]UHVSHLWRjFLUFXODomRGDVQDUUDWLYDV (VVHVGRLVFDVRVHYLGHQWHVQmRUHTXHUHPFRPHQWiULRSDUWLFXODU2H[HPSORGR FDGiYHUpPHQRVLPHGLDWR2GHVSRMRPRUWDOUHPHWHDRULWXDOHDRTXHDJRUD FKDPDPRVGHUHOLJLmRIRUPDVDUFDLFDVPDVSRGHURVDVGDLQWHOLJrQFLDFROHWLYD
'XUDQWH RV IXQHUDLV R JUXSR JLUD HP WRUQR GH VHX PRUWR FHUFDR ODYDR YHVWHR FKRUDR UHFRQVWUyLR DWUDYpV GRV SDQHJtULFRV WRFDR SRU PHLR GH IORUHV RX SXQKDGRV GH WHUUD LQWHUSRVWRV HQWHUUDR RX TXHLPDR 0HVPR LPSXURRXLQWRFiYHORPRUWRULWXDOL]DGRREMHWLYDGRSHUPDQHFHXPRSHUDGRU GH VRFLDOL]DomR $R FRQWUiULR VH R FDGiYHU QmR p OHYDGR D XP MRJR I~QHEUH TXHID]GHOHRREMHWRGHXPFROHWLYRVHpWUDWDGRFRPRXPDVLPSOHVFRLVDVH DFDUQHHPGHFRPSRVLomRQmRpYLUWXDOL]DGDFRPRFRUSRGRPRUWRLVWRpR VLQDOFHUWRGDGHVLQWHJUDomRGHXPJUXSRGHVXDGHVXPDQL]DomReWHQWDGRU YHUQDUHODomRFRPRFDGiYHUDYLUWXDOL]DomRRULJLQDODWUDQVLomRGRVXMHLWRGD GRPLQkQFLD DR REMHWR FRUSR PXPLILFDGR GR FKHIH RX FUkQLR GR YHQFLGR FRQYHUWLGR HP WURIpX $ FDEHoD UHGX]LGD GRV MLYDURV TXH GHVHPSHQKD HIHWLYDPHQWHXPSDSHOFRPSOH[RGHUHIXQGDomRGRFROHWLYRVHULDXPDHVSpFLH GHSUHFXUVRUPRQVWUXRVRGDEROD" 2',1+(,522&$3,7$/ $ PRHGD QR UHJLPH FDSLWDOLVWD FRQVWLWXL FHUWDPHQWH XP GRV REMHWRV PDLVHILFD]HV6H FDGD XP JXDUGDVVHVHX GLQKHLUR QXP FRIUH SHVVRDO R MRJR HFRQ{PLFR FRQWHPSRUkQHR VH GHVPDQWHODULD EUXVFD H FRPSOHWDPHQWH (P WURFD VH FDGD SURSULHWiULR FRQVHUYDU VXD WHUUD QHQKXPD FRQVHTrQFLD FDWDVWUyILFDUHVXOWDULDSDUDDDJULFXOWXUD)OXLGDSDUWLOKiYHODQ{QLPDDPRHGD p D DQWtWHVH GR WHUULWyULR e R TXH H[SULPH GH PDQHLUD ILJXUDGD R IDPRVR SURYpUELRVHJXQGRRTXDORGLQKHLURQmRWHPFKHLUR1HQKXPLQGLYtGXRSRU PDLV PDOFKHLURVR TXH VHMD SRGH PDUFDU R GLQKHLUR FRP VXD LGHQWLGDGH RX FRPVHXVDURV$PRHGDQmRH[LVWHHQTXDQWRWDOHQmRWHPIXQomRHFRQ{PLFD SRVLWLYDDQmRVHUSRUVXDFLUFXODomR(ODpRPDUFDGRURYHWDUHRUHJXODGRU GDVUHODo}HVHFRQ{PLFDV 2GLQKHLURQmRpDULTXH]DPDVVXDYLUWXDOLGDGH3RUSDUDGR[DOTXH LVWR SRVVD SDUHFHU HOH p LQDSURSULiYHO RX PHOKRU SRU VXD LQFHVVDQWH FLUFXODomRWUDQVIRUPDRS~EOLFRHPSULYDGRHRSULYDGRHPS~EOLFRID]HQGR FDGD XP H FDGD XP GLIHUHQWHPHQWH SDUWLFLSDU GD LQWHOLJrQFLD FROHWLYD GR PHUFDGRFDSLWDOLVWD2GLQKHLURSRGHVHUHYLGHQWHPHQWHXPDDODYDQFDSDUDR SRGHU H D GRPLQDomR PDV FDWDOLVD LJXDOPHQWH IRUoDV VRFLDLV GHVWHUULWRULDOL]DQWHVTXHQmRUHVSHLWDPQHQKXPDKLHUDUTXLDLQVWLWXtGD$WUDYpV GDVIURQWHLUDVDSHVDUGRVDQWDJRQLVPRVRGLQKHLURFRQWULEXLSDUDRPHOKRUH SDUDRSLRUSDUDFRRUGHQDUSDUDUHJXODUVHPDXWRULGDGHFHQWUDOLQXPHUiYHLV DWLYLGDGHV$UUDVWDQGRDWUiVGHVLRVPHLRVGHWUDQVSRUWHHGHFRPXQLFDomRp GH IDWR R GLQKHLUR GR PHUFDGR FDSLWDOLVWD QDV PmRV GH ELOK}HV GH VHUHV KXPDQRVTXHWHFHDWXDOPHQWHDVRFLHGDGHPXQGLDO,Q~WLOLQVLVWLUQHVWHSRQWR VHKiYDJRVHVERoRVGHIHUUDPHQWDVGHOLQJXDJHQVRXGHULWRVIXQHUiULRVHP FHUWDVVRFLHGDGHVDQLPDLVQDGDVHDVVHPHOKDQHODVjPRHGDHPHQRVDLQGDDR
FDSLWDO
$&2081,'$'(&,(17Ì),&$( 6(862%-(726
$ FRPXQLGDGH FLHQWtILFD p XPRXWUR H[HPSOR GH FROHWLYRLQWHOLJHQWH XQLGRSHODFLUFXODomRGHREMHWRV(VVHVREMHWRVVmRHPSULQFtSLR´HVWXGDGRV SRUHOHVPHVPRVµGHXPPRGRGHVLQWHUHVVDGR LVWRHTXLYDOHDGL]HUTXHQmR VmR QHP WHUULWyULRV QHP SUHVDVQHP VXMHLWRV VXEPLVVRV RX UHYHUHQFLDGRV 7DLV REMHWRV HPHUJHPGH XPD GLQkPLFD GH LQWHOLJrQFLD FROHWLYD TXH YLUWXDOL]D FHUWDVPDQLIHVWDo}HV SDUWLFXODUHV IUXWRV GD REVHUYDomR GD H[SHULrQFLDGD VLPXODomR SDUD ID]HU H[LVWLU SUREOHPDV FRQVLVWHQWHV R HOpWURQR EXUDFR QHJURGHWHUPLQDGRYtUXV $ FLUFXODomR p FRQVWLWXWLYD DR PHVPR WHPSR GR REMHWR H GDFRPXQLGDGH XP IHQ{PHQR HYLGHQFLDGR QXP ODERUDWyULR Vy VHWRUQD ´FLHQWtILFRµ VH IRU UHSURGX]LGR RX QR OLPLWH UHSURGXWtYHO HP RXWURV ODERUDWyULRV 8P ODERUDWyULR TXH QmR DFROKH PDLV ²H QmR UHPHWH PDLV DRV RXWURVFHQWURVGHSHVTXLVD²RVLQVWUXPHQWRVRVSURWRFRORVH[SHULPHQWDLVH ILQDOPHQWH RV ´REMHWRVµ GD¢FRPXQLGDGH DVWURV SDUWtFXODV HOHPHQWDUHV PROpFXODV IHQ{PHQRV ItVLFRV RX ELROyJLFRV VLPXODo}HV QmR p PDLV XP PHPEUR DWLYRGHVWD $ LQYHQWLYLGDGH FLHQWtILFD FRQVLVWH HP ID]HU VXUJLU YHUGDGHLURV REMHWRV LVWR p YHWDUHV GH FRPXQLGDGHV LQWHOLJHQWHV FDSD]HV GH LQWHUHVVDU RXWURV JUXSRV TXH LUmR FRORFDU HP FLUFXODomRHQULTXHFHU WUDQVIRUPDUHDWpPHVPRID]HUSUROLIHUDURREMHWRLQLFLDOWUDQVIRUPDQGRDVVLP VXDLGHQWLGDGHQDFRPXQLGDGH&RPRQRFDVRGRIXWHERORSDSHOGHFDGDXP pVLQJXODUHGHYHVrOD XPDUWLJRFLHQWtILFRWHPTXHVHURULJLQDO RMRJRpDR PHVPR WHPSRFRRSHUDWLYR H FRPSHWLWLYR DV Do}HV VH ´FRQVWUyHPµ XPDV VREUHDV RXWUDV FRQWULEXLQGR SDUD LQVWDXUDU XPD KLVWRULFLGDGH XPDLUUHYHUVLELOLGDGHFRPSOH[D$VGLVFLSOLQDVIL[DPHPWHUULWyULRVDGLDOpWLFD DEHUWDGRVREMHWRVHGRVFROHWLYRVFLHQWtILFRV &HUWDPHQWHRMRJRFLHQWtILFRHVWiVXEPHWLGRDFRHUo}HVHFRQ{PLFDV VRFLDLVSROtWLFDVSDUWLFXODUPHQWHVRERDVSHFWRGRV´PHLRVµQHFHVViULRVHGRV ´DSRLRVµ DQWHFLSDGRV RX HIHWLYRV 3RGHUVHLD GL]HU R PHVPR GR IXWHERO SURILVVLRQDO0DVVHDWHFQRFLrQFLDVHUHGX]LVVHDFRHUo}HVDUHODo}HVGHIRUoD HDMRJRVGHDOLDQoDVPHVPRQRPHLRKtEULGRGRVFROHWLYRVKRPHQVFRLVDVVXD FULDWLYLGDGH VLQJXODU DVVLP FRPR VXD LQIOXrQFLD VREUH R PXQGR IDOKDULDP 6HULD XP SRXFR FRPR VH UHVROYrVVHPRV H[SOLFDU R DPRU DSHQDV FRP DV FRQFHSo}HV GD PDUTXHVD GH 0HUWHXLO >SHUVRQDJHP GH $V OLJDo}HV SHULJRVDV GH /DFORV@&ULWLFDPRVDTXLPHQRVDVWHRULDVGDQRYDHVFRODGHDQWURSRORJLDGDV FLrQFLDV H GDV WpFQLFDV /DWRXU GR TXH DV FDULFDWXUDV jV YH]HV JHUDGDVSRUDOJXPDVGHVXDVIRUPXODo}HV 1HP VLPSOHV UHODomR HQWUH KXPDQRV QHP SUHGDomR RX DSURSULDomR
GDVFRLVDVRHPSUHHQGLPHQWRFLHQWtILFRS}HHPORRSDFRQVWLWXLomRUHFtSURFD GHFROHWLYRVLQWHOLJHQWHVHGHREMHWRVGHFRQKHFLPHQWR/RQJHGHSUHH[LVWLUD VXDV ´GHVFREHUWDVµ RX GH FRQVWLWXLU UHIHUHQWHV WUDQVFHQGHQWHV SDUD YHUGDGHV DEVROXWDVRVREMHWRVGDFLrQFLDVmRLPDQHQWHVDRVSURFHGLPHQWRVWpFQLFRVTXH RV FRQVWUyHP DRV FROHWLYRV TXH RV ID]HP FLUFXODU 0DV QHP SRU LVVR VmR DUELWUiULRV RX SXUDPHQWH UHODWLYRV 3RLV HOHV VH DUULVFDP HP SURFHVVRV GH VHOHomR TXH RV TXDOLILFDP H TXH SRU VXD YH] HOHV MXOJDP 'H WRGDV DV SURSRVLo}HVGHREMHWRVTXHVmRHPLWLGDVPXLWRSRXFDVVmRILQDOPHQWHFDSD]HV GHLPSRUDSHUWLQrQFLDGDVSURYDVTXHOKHVSHUPLWLUmR´VHUREMHWRµ 6WHQJHUV 2&,%(5(63$d2&2022%-(72 $ H[WHQVmR GR FLEHUHVSDoR UHSUHVHQWD R ~OWLPR GRV JUDQGHV VXUJLPHQWRV GH REMHWRV LQGXWRUHV GH LQWHOLJrQFLD FROHWLYD 2 TXH WRUQD D ,QWHUQHWWmRLQWHUHVVDQWH"'L]HUTXHHODp´DQDUTXLVWDµpXPPRGRJURVVHLURH IDOVR GH DSUHVHQWDU DV FRLVDV 7UDWDVH GH XP REMHWR FRPXP GLQkPLFR FRQVWUXtGR RX SHOR PHQRV DOLPHQWDGR SRU WRGRV RV TXH R XWLOL]DP (OH FHUWDPHQWH DGTXLULX HVVH FDUiWHU GH QmRVHSDUDomR SRU WHU VLGR IDEULFDGR DPSOLDGR PHOKRUDGR SHORV LQIRUPDWDV TXH D SULQFtSLR HUDP VHXV SULQFLSDLV XVXiULRV(OH ID] XPD OLJDomR SRUVHU DRPHVPR WHPSR R REMHWR FRPXP GH VHXVSURGXWRUHVHGHVHXVH[SORUDGRUHV +XLWpPD 2FLEHUHVSDoRRIHUHFHREMHWRVTXHURODPHQWUHRVJUXSRVPHPyULDV FRPSDUWLOKDGDV KLSHUWH[WRV FRPXQLWiULRV SDUD D FRQVWLWXLomR GH FROHWLYRV LQWHOLJHQWHV 'HYHVH GLVWLQJXLOR HP SULPHLUR OXJDU GD WHOHYLVmR TXH QmR FHVVD GH GHVLJQDU SRGHURVRV RX YtWLPDV D PDVVDV GH LQGLYtGXRV VHSDUDGRV H LPSRWHQWHV &RQYpP VREUHWXGR QmR FRQIXQGLOR D VHJXLU FRP VHX GXSOR SHUYHUVRDVXSHUYLDHOHWU{QLFDTXHS}HHPFHQDXPWHUULWyULR DVUHGHVItVLFDV RVVHUYLoRVFRP SHGiJLR HP YH] H QR OXJDU GH REMHWRV FRPXQV $ VXSHUYLD HOHWU{QLFDGHJUDGDHPFRLVDDSURSULiYHORTXHHUDXPREMHWRFLUFXODQWH6HR FLEHUHVSDoR UHVXOWD GH XPD YLUWXDOL]DomR GRV FRPSXWDGRUHV D VXSHUYLD HOHWU{QLFD UHLILFD HVVH YLUWXDO $ DVSHUH]D GRV GHEDWHV HP WRUQR GR FDUiWHU PHUFDQWLO RX QmR PHUFDQWLO GD ,QWHUQHW WHP SURIXQGDV LPSOLFDo}HV DQWURSROyJLFDV8PGRVRUJXOKRVGDFRPXQLGDGHTXHIH]FUHVFHUD1HWpWHU LQYHQWDGR DR PHVPR WHPSR TXH XP QRYR REMHWR XPD PDQHLUD LQpGLWD GH ID]HUVRFLHGDGHLQWHOLJHQWHPHQWH$TXHVWmRQmRpSRUWDQWREDQLURFRPpUFLR GD ,QWHUQHW SRU TXH SURLELOD" PDV SUHVHUYDU XPD PDQHLUD RULJLQDO GH FRQVWLWXLU FROHWLYRV LQWHOLJHQWHV GLIHUHQWH GDTXHOD TXH R PHUFDGR FDSLWDOLVWD LQGX] 2V FLEHUQDXWDV QmR WrP QHFHVVLGDGH GH GLQKHLUR SRUTXH VXD FRPXQLGDGH Mi GLVS}H GH XP REMHWR FRQVWLWXWLYR YLUWXDO GHVWHUULWRULDOL]DGR SURGXWRUGHYtQFXORHFRJQLWLYRSRUVXDSUySULDQDWXUH]D0DVSRURXWURODGR
R FLEHUHVSDoR p SHUIHLWDPHQWH FRPSDWtYHO FRP R GLQKHLUR RX RXWURV PHGLDGRUHV LPDQHQWHV HOH LQFOXVLYH ID] FUHVFHU FRQVLGHUDYHOPHQWH D IRUoD YLUWXDOL]DQWHHDYHORFLGDGHGHFLUFXODomRGRVREMHWRVPRQHWiULRVHFLHQWtILFRV $R DFROKHU QDV OLJDo}HV FLUFXODQWHV FROHWLYRV LQWHOLJHQWHV D 1HW p XP DFHOHUDGRU GH REMHWRV XP YLUWXDOL]DGRU GH YLUWXDLV 1R TXH VH UHIHUH D LVWR SURYDYHOPHQWHDLQGDQmRVHYLXQDGDLJXDO *UDoDVDRVSURGXWRVGDDWLYLGDGHHFRQ{PLFDHFLHQWtILFDHDSRLDQGR VH QRV PHLRV GR FLEHUHVSDoR DV UHODo}HV GH SUHGDomR GH DSURSULDomR H GH SRGHU JDQKDP QRYR LPSXOVR QXPD HVFDOD DLQGD PDLRU 'H WRGR R UHLQR DQLPDOpRKRPHPTXHSUDWLFDHPPDLVDOWRJUDXRLPSHULDOLVPRWHUULWRULDOD FDoD LPSLHGRVD H D LPSODFiYHO GRPLQDomR 0DV p WDPEpP QR KRPHP TXH HVVHV WLSRV GH UHODFLRQDPHQWR VmR PRPHQWDQHDPHQWH VXVSHQVRV JUDoDV j UHODomRFRPRREMHWR&HUWDPHQWHDWHFQRFLrQFLDRGLQKHLURHRFLEHUHVSDoR ID]HP GR KRPHP XP FDoDGRU XP SURSULHWiULR XP GRPLQDGRU PDLV DWHUURUL]DQWH TXH QXQFD 0DV RV JUDQGHV REMHWRV FRQWHPSRUkQHRV Vy OKH FRQIHUHPHVVHVSRGHUHVIRUoDQGRRDVXEPHWHUVHjH[SHULrQFLDSURSULDPHQWH KXPDQD GD UHQ~QFLD j SUHVD GD GHVHUomR GR SRGHU H GR DEDQGRQR GD SURSULHGDGH$H[SHULrQFLDGDYLUWXDOL]DomR 248(e80 2%-(72" e WHPSR DJRUD GH HVFODUHFHU RV FDUDFWHUHV JHUDLV GR REMHWR DQWURSROyJLFR REMHWROLJDomR RX PHGLDGRU GH LQWHOLJrQFLD FROHWLYD (VVH REMHWRGHYHVHURPHVPRSDUDWRGRV0DVDRPHVPRWHPSRpGLIHUHQWHSDUD FDGD XP QR VHQWLGR HP TXH FDGD XP VH HQFRQWUD HP UHODomR D HOH QXPD SRVLomR GLIHUHQWH 2 REMHWR PDUFD RX WUDoD DV UHODo}HV PDQWLGDV SHORV LQGLYtGXRVXQVIUHQWHDRVRXWURV(OHFLUFXODItVLFDRXPHWDIRULFDPHQWHHQWUH RVPHPEURVGRJUXSR(QFRQWUDVHVLPXODWkQHDRXDOWHUQDGDPHQWHQDVPmRV GH WRGRV 3RU HVVH PRWLYR FDGD XP SRGH LQVFUHYHU QHOH VXD DomR VXD FRQWULEXLomRVHXLPSXOVRRXVXDHQHUJLD2REMHWRSHUPLWHQmRDSHQDVOHYDUR WRGR DWp R LQGLYtGXR PDV WDPEpP LPSOLFDU R LQGLYtGXR QR WRGR &RQWLGR H FRQWURODGR SHORV JUXSRV TXH FRQVWLWXL R REMHWR SHUPDQHFH QR HQWDQWR H[WHULRU ´REMHWLYRµ XPD YH] TXH QmR p PHPEUR GR JUXSR FRPR XP RXWUR VXMHLWR (OH FRORFD HP IXQFLRQDPHQWR SRUWDQWR XPD HVSpFLH GH WUDQVFHQGrQFLD JLUDWyULD SRQGR GH PDQHLUD DOWHUQDGD H SDVVDJHLUD FDGD ORFDOLGDGH TXH HOH FRQWDWD QXPD SRVLomR GH DJHQWH FHQWUDO (VVD WUDQVFHQGrQFLD GLVWULEXtGD HVVH FHQWUR GHVORFDGR GH XP OXJDU D RXWUR FRQVWLWXL FHUWDPHQWH XPD GDV ILJXUDV PDLRUHV GD LPDQrQFLD )LQDOPHQWH R REMHWRVyVHPDQWpPDRVHUPDQWLGRSRUWRGRVHRJUXSRVyVHFRQVWLWXLDR ID]HUFLUFXODURREMHWR 2REMHWRVXVWHQWDRYLUWXDO GHVWHUULWRULDOL]DGRRSHUDGRUGDSDVVDJHP
UHFtSURFDGRSULYDGRDRS~EOLFRRXGRORFDODRJOREDOQmRGHVWUXtGRSRUVHX XVR QmR H[FOXVLYR HOH WUDoD D VLWXDomRWUDQVSRUWD R FDPSR SUREOHPiWLFR R Qy GH WHQV}HV RX D SDLVDJHPSVtTXLFD GR JUXSR (VVD YLUWXDOLGDGH HP XP VXSRUWH REMHWLYR DWXDOL]DVH QRUPDOPHQWH HP DFRQWHFLPHQWRV HP SURFHVVRV VRFLDLV HPDWRV RX DIHWRV GD LQWHOLJrQFLD FROHWLYD SDVVHV GD EROD HQXQFLDo}HVGH XPD QDUUDWLYD FRPSUDV RX YHQGDV QRYDV H[SHULrQFLDV OLJDo}HVDFUHVFHQWDGDVj:HE 0DVRREMHWRHPYH]GHFRQGX]LUDWRVSRGH WDPEpP GHJUDGDUVH HP FRLVD HP VXMHLWR RX HP VXEVWkQFLDUHLILFDUVH HP SUHVD HP WHUULWyULR &RQIRUPH D IXQomR TXH OKHID]HPRV GHVHPSHQKDU D PHVPDHQWLGDGHSRGHVHUFRLVDRXREMHWR 2 IXQFLRQDPHQWR GH XP REMHWR FRPR PHGLDGRU GH LQWHOLJrQFLDFROHWLYD LPSOLFD VHPSUH XP FRQWUDWR XPD UHJUD GR MRJR XPD FRQYHQomR 0DV FRQYpP VXEOLQKDU TXH SRU XP ODGR D PDLRU SDUWHGRV FRQWUDWRV QmR GL]HP UHVSHLWR j FLUFXODomR GRV REMHWRV H TXHSRU RXWUR XP FRQWUDWR UHVSHFWLYDPHQWH XPD UHJUD XPD FRQYHQomR XPD OHL MDPDLV p VXILFLHQWHSRUVLVySDUDID]HUHPHUJLULQWHOLJrQFLDFROHWLYD2DFRQWHFLPHQWR UDUR QmR p D LPSRVLomR GH XPFRQWUDWR RX R HVWDEHOHFLPHQWR GH XPD UHJUD PDV D HFORVmR GH XPREMHWR $ WtWXOR GH H[HPSOR QmR Ki HYLGHQWHPHQWH REMHWRVFLHQWtILFRVVHPFRQYHQo}HVQHPUHJUDVGHPpWRGRPDVpPXLWRPDLV IiFLOSURFODPDUUHFHLWDVHSLVWHPROyJLFDVTXHID]HUXPDGHVFREHUWD 3RGHUVHLD FRQWDU D KLVWyULD GD KXPDQLGDGH D FRPHoDU SRUVHX QDVFLPHQWRFRPRXPDVXFHVVmRGHDSDUHFLPHQWRVGH REMHWR FDGD XP GHOHV LQGLVVRFLiYHOGHXPDIRUPDSDUWLFXODUGHGLQkPLFDVRFLDO(QWmRVHYHULDTXH WRGRQRYRWLSRGHREMHWRLQGX]XPHVWLORSDUWLFXODUGHLQWHOLJrQFLDFROHWLYDH TXH WRGD PXGDQoDVRFLDO FRQVHTHQWH LPSOLFD XPD LQYHQomR GH REMHWR 1D GXUDomRDQWURSROyJLFD RV FROHWLYRV H VHXV REMHWRV VmR FULDGRV SHOR PHVPR PRYLPHQWR 'LPHQVLRQDGD SHOD FLUFXODomR H R SRUWH GH VHXVREMHWRV RV GR FLEHUHVSDoRGD HFRQRPLD H GD WHFQRFLrQFLD H~QLFD QHVVH FDVR HP WRGR R UHLQR DQLPDO D HVSpFLH KXPDQD WHQGH D FRQVWLWXLU XPD Vy VRFLHGDGH 1mR WHQGRRVFROHWLYRVVHQmRDLQWHOLJrQFLDGHVHXVREMHWRVDKXPDQLGDGHGHYHUi DSHUIHLoRDU RV VHXV H DWp PHVPR LQYHQWDU QRYRV D ILP GH HQIUHQWDU D QRYD HVFDOD GRV SUREOHPDV (VVHV REMHWRVPXQGR SRU YLU YHWDUHV GH LQWHOLJrQFLD FROHWLYDGHYHUmRWRUQDUVHQVtYHODFDGDLQGLYtGXRRVHIHLWRVFROHWLYRVGHVXDV Do}HV&DSD]HVGHWUD]HUjYLGDDLPHQVLGmRMXQWRDRLQGLYtGXRHOHVGHYHUmR VREUHWXGR LPSOLFDU FDGD XP OHYDU HP FRQWD FDGD ORFDOLGDGH VLQJXODU QD LQWRWDOL]iYHO GLQkPLFD GR FRQMXQWR $ REMHWLYLGDGH QD HVFDOD GR PXQGR Vy VXUJLUi VH IRU PDQWLGD SRU WRGRV VH FLUFXODU HQWUH DV QDo}HV H IL]HU D KXPDQLGDGHFUHVFHUHPFXOWXUD $WHUUDPHWHRUROyJLFDDWHUUDGRVWUHPRUHVDWHUUDGRVHOHIDQWHVHGDV EDOHLDVDWHUUDGR$PD]RQDVHGRÉUWLFRDWHUUDVREUHYRDGDSHORVVDWpOLWHVD WHUUDHQRUPHHSDFtILFDD7HUUDpD]XOFRPRXPDEROD
22%-(722+80$12 ([SOLFDPRVDQWHULRUPHQWHTXHDKXPDQLGDGHKDYLDVHFRQVWLWXtGRDR YLUWXDOL]DU D YLROrQFLD SHOR FRQWUDWR R DTXL H DJRUD SHOD OLQJXDJHP H VXDV IXQo}HV RUJkQLFDV SHOD WpFQLFD 2UD R REMHWR WUDQVYHUVDO YHP FRPSOHWDU H XQLILFDU DV WUrV YLUWXDOL]Do}HV GD UHODomR FRP RV VHUHV GD UHODomR FRP RV VLJQRVHGDUHODomRFRPDVFRLVDV 3RGHPRVDFUHVFHQWDUDJRUDTXHDYLUWXDOL]DomRGDYLROrQFLDQmRSDVVD DSHQDV SHOR FRQWUDWR PDV WDPEpP H VREUHWXGR SHOR REMHWR TXH LQGX] OLJDo}HV VRFLDLV QmR YLROHQWDV SRUTXH HVFDSDP j SUHGDomR j DSURSULDomR H[FOXVLYDHjGRPLQkQFLD 3RU RXWUR ODGR D YLUWXDOL]DomR GR DTXL H DJRUD RSHUDGD SHOD OLQJXDJHPHVWHQGHFRPRYLPRVRWHPSRHRHVSDoRSDUDDOpPGDLPHGLDWH] VHQVRULDO0DVHVVHSURFHVVRGHYLUWXDOL]DomRVyVHFRPSOHWDFRPDFRQVWUXomR GR REMHWR XP REMHWR LQGHSHQGHQWH GDV SHUFHSo}HV H GRV DWRV GR VXMHLWR LQGLYLGXDOXPREMHWRFXMDLPDJHPVHQVtYHOFXMRPDQHMRFXMRHIHLWRFDXVDORX FXMRFRQFHLWRSRVVDVHUFRPSDUWLOKDGRSRURXWURVVXMHLWRV2PXQGRREMHWLYR TXH HPHUJH QD OLQJXDJHP XOWUDSDVVD DPSODPHQWH TXDOTXHU PXQGR PDWHULDO TXH IRVVH SRYRDGR DSHQDV SRU FRLVDV 7DO p D TXHVWmR GD OLQJXDJHP D H[LVWrQFLDGHXPPXQGRREMHWLYRTXHQDPHVPDRSHUDomROLJDRVLQGLYtGXRV HFRQVWLWXLRVVXMHLWRV (QILP D WpFQLFD YLUWXDOL]D D DomR H DV IXQo}HV RUJkQLFDV 2UD D IHUUDPHQWD R DUWHIDWR QmR VmR DSHQDV FRLVDV HILFD]HV 2V REMHWRV WpFQLFRV SDVVDPGHPmRHPPmRGHFRUSRDFRUSRFRPRWHVWHPXQKDV(OHVLQGX]HP XVRV FRPXQV WRUQDPVH YHWRUHV GH FRPSHWrQFLDV PHQVDJHLURV GH PHPyULD FROHWLYD FDWDOLVDGRUHV GH FRRSHUDomR 'HVGH R SULPHLUR ELIDFH DWp RV DHURSRUWRV H DV UHGHVGLJLWDLV GD FDEDQD RULJLQDO jV PHWUySROHV VXOFDGDV SRU YLDVH[SUHVVDVHSODQWDGDVFRPDUUDQKDFpXVREMHWRVWpFQLFRVHDUWHIDWRVVmRD FRODTXHPDQWpPRVKRPHQVMXQWRVHLPSOLFDRPXQGRItVLFRDRPDLVtQWLPR GHVXDVXEMHWLYLGDGH $VVLP R REMHWR DWUDYHVVD DV WUrV YLUWXDOL]Do}HV IXQGDPHQWDLV GD DQWURSRJrQHVH HOH p FRQVWLWXWLYR GR KXPDQR FRPR VXMHLWR VRFLDO VXMHLWR FRJQLWLYRHVXMHLWRSUiWLFR(OHHQWUHODoDHXQLILFDDVVXEMHWLYLGDGHVWpFQLFDGD OLQJXDJHPHUHODFLRQDO 6HYRFrQmRpXPDQLPDOVHVXDDOPDpPDLVYLUWXDOPDLVVHSDUDGDGD LQpUFLD TXH D GH XP PDFDFR RX GH XP ELVmR FHUWDPHQWH p SRUTXH HOD SRGH DWLQJLUDREMHWLYLGDGH1RVVDVXEMHWLYLGDGHVHDEUHDRMRJRGRVREMHWRVFRPXQV TXHWHFHPQXPPHVPRJHVWRVLPpWULFRHFRPSOLFDGRDLQWHOLJrQFLDLQGLYLGXDO H D LQWHOLJrQFLD FROHWLYD FRPR R DQYHUVR H R UHYHUVR GR PHVPR WHFLGR ERUGDQGRHPFDGDIDFHDPDUFDLQGHOpYHOHIODJUDQWHGRRXWUR
2 48$'5Ì9,2 2172/Ð*,&2 $ 9,578$/,=$d®2 80$ 75$16)250$d®2(175(2875$6
&KHJRX R PRPHQWR GH UHFDSLWXODU QRVVDV GHVFREHUWDV $ YLUWXDOL]DomR RX SDVVDJHP j SUREOHPiWLFD QmR p GH PRGR DOJXP XP GHVDSDUHFLPHQWR QR LOXVyULR QHP XPD GHVPDWHULDOL]DomR &RQYpP DQWHV DVVLPLOiODDXPD´GHVVXEVWDQFLDomRµFRPRSXGHPRVYHULILFDUQRVH[HPSORV GR FRUSRFKDPD GR WH[WRIOX[R H GD HFRQRPLD GRV DFRQWHFLPHQWRV (VVD GHVVXEVWDQFLDomR SRGH VHU GHFOLQDGD HP PXWDo}HV DVVRFLDGDV D GHVWHUULWRULDOL]DomR R HIHLWR 0RHELXV ² TXH RUJDQL]D R ORRS VHP ILP GR LQWHULRU H GR H[WHULRU ² D FRORFDokR HP FRPXP GH HOHPHQWRV SULYDGRV H D LQWHJUDomRVXEMHWLYDLQYHUVDGHLWHQVS~EOLFRV(VVHIHQ{PHQRGHSDVVDJHPDR FROHWLYR H GH UHWRUQR GR FRPXP DR LQGLYLGXDO IRL HVWXGDGR HP GHWDOKH QRV GRLVFDStWXORVSUHFHGHQWHVVREUHDYLUWXDOL]DomRGDLQWHOLJrQFLD &KDPHPRV VXEMHWLYDomR D LPSOLFDomR GH GLVSRVLWLYRV WHFQROyJLFRV VHPLyWLFRV H VRFLDLV QR IXQFLRQDPHQWR SVtTXLFR H VRPiWLFR LQGLYLGXDO 6LPHWULFDPHQWH D REMHWLYDomR VHUi GHILQLGD FRPR D LPSOLFDomR P~WXD GH DWRV VXEMHWLYRV DR ORQJR GH XP SURFHVVR GH FRQVWUXomR GH XP PXQGR FRPXP 6XEMHWLYDomR H REMHWLYDomR VmR DVVLP GRLV PRYLPHQWRV FRPSOHPHQWDUHV GD YLUWXDOL]DomR &RP HIHLWR TXDQGR FRQVLGHUDPRV R TXH HOHV ID]HP QHP R VXMHLWR QHP R REMHWR VmRVXEVWkQFLDV PDV QyV IOXWXDQWHV GH DFRQWHFLPHQWRV TXHVHLQWHUIDFHLDPHVHHQYROYHPUHFLSURFDPHQWH (PERUD YLYDPRV KRMH VXD DFHOHUDomR D YLUWXDOL]DomR QmR p XP IHQ{PHQRUHFHQWH &RPR WHQWHL PRVWUDU DR DQDOLVDU RV GHVHQYROYLPHQWRV GD OLQJXDJHPGDWpFQLFDHGDVLQVWLWXLo}HVVRFLDLV FRPSOH[DV D HVSpFLH KXPDQD VH FRQVWUXLX QD H SHOD YLUWXDOL]DomR 2 SURFHVVR GH YLUWXDOL]DomR SRGH VHU DQDOLVDGRHPRSHUDo}HV ² ´JUDPDWLFDLVµ UHFRUWH GH HOHPHQWRV YLUWXDLV VHTHQFLDPHQWRV GXSOD DUWLFXODomR ² ´GLDOpWLFDVµ VXEVWLWXLo}HV FRORFDo}HV HP FRUUHVSRQGrQFLD SURFHVVRV UL]RPiWLFRV GH GHVGREUDPHQWR ² H ´UHWyULFDVµ HPHUJrQFLD GH PXQGRV DXW{QRPRV FULDomRGH DJHQFLDPHQWRV GH VLJQRV GH FRLVDV H GH LQGLYtGXRV LQGHSHQGHQWHPHQWH GH TXDOTXHU UHIHUrQFLD D XPD ´UHDOLGDGHµ SUpYLD H GHTXDOTXHU XWLOLGDGH $WUDYpV GDVRSHUDo}HVUHWyULFDV D YLUWXDOL]DomRGHVHPERFD QD LQYHQomR GH QRYDV LGpLDV RX IRUPDV QD FRPSRVLomRHUHFRPSRVLomRGHVVDVLGpLDVQRVXUJLPHQWRGH´PDQHLUDVµ RULJLQDLV QR FUHVFLPHQWR GH PiTXLQDV FRP PHPyULD QR GHVHQYROYLPHQWRGHVLVWHPDVGHDomR (VWD OLYUR p FRQVDJUDGR j YLUWXDOL]DomR RX VHMD j FRQWUDFRUUHQWH GD DWXDOL]DomR DRV GLYHUVRV PRYLPHQWRV H SURFHVVRV TXHFRQGX]HP DR YLUWXDO
7RGDYLDRUHDORSRVVtYHORDWXDOHRYLUWXDOVmRFRPSOHPHQWDUHVHSRVVXHP XPD GLJQLGDGH RQWROyJLFDHTXLYDOHQWH 1RVVR SURSyVLWR QmR p FHUWDPHQWH MRJDU R YLUWXDOFRQWUD RV RXWURV PRGRV GH VHU ,QGLVVRFLiYHLV HOHV IRUPDP MXQWRV XPD HVSpFLH GH GLDOpWLFD GH TXDWUR SyORV TXH YDPRV DJRUDH[DPLQDU $QWHVGHFRPHoDUJRVWDULDQRHQWDQWRGHMXVWLILFDURWtWXORGHVWHFDStWXOR2 WHUPRTXDGUtYLRRXYLDTXiGUXSODIRLIRUMDGRSRU%RpFLRQRVpFXOR9,G& SDUD GHVLJQDU RV HVWXGRVFLHQWtILFRV TXH GHYLDP VHJXLU R WUtYLR JUDPiWLFD GLDOpWLFDHUHWyULFD DVDEHU DDULWPpWLFDDJHRPHWULDDP~VLFDHDDVWURQRPLD (VVH SURJUDPD GH HVWXGR WUtYLR H TXDGUtYLR ² RV VHWH SLODUHV GDVDEHGRULD ² IRL VHJXLGR SHODV ´IDFXOGDGHV GDV DUWHVµ GD ,GDGH0pGLD HXURSpLD GXUDQWH VpFXORV $SyV HVVH GHVYLR ILOROyJLFR YROWHPRV j QRVVD TXHVWmRGDVUHODo}HVHQWUHSRVVtYHOUHDODWXDOHYLUWXDO 2648$75202'26'(6(5 3RVVtYHO H YLUWXDO WrP HYLGHQWHPHQWH XP WUDoR FRPXP TXH H[SOLFD VXD FRQIXVmR WmR IUHTHQWH DPERV VmR ODWHQWHV QmR PDQLIHVWRV $QXQFLDP DQWHVXPIXWXURGRTXHRIHUHFHPXPDSUHVHQoD 2 UHDO H R DWXDO HP WURFD VmR XP H RXWUR SDWHQWHV H PDQLIHVWRV 'HVGHQKDQGR DV SURPHVVDV HVWmR SUHVHQWHV H FODUDPHQWH SUHVHQWHV 'H TXH PDQHLUD HQWmR FRPSUHHQGHU D FOLYDJHPTXHVHSDUDRSRVVtYHOHRUHDOGHXPODGRHRYLUWXDOHRDWXDOGH RXWUR" 1D HVWHLUD GH *LOOHV 'HOHX]H HX HVFUHYL QR SULPHLUR FDStWXOR TXH R UHDODVVHPHOKDVHDRSRVVtYHOHQTXDQWRRDWXDOUHVSRQGHDRYLUWXDO3UREOHPiWLFR SRU HVVrQFLD R YLUWXDO p FRPR XPD VLWXDomR VXEMHWLYD XPD FRQILJXUDomR GLQkPLFD GH WHQGrQFLDV GH IRUoDV GH ILQDOLGDGHV H GH FRHUo}HV TXH XPD DWXDOL]DomR UHVROYH $ DWXDOL]DomR p XP DFRQWHFLPHQWR QR VHQWLGR IRUWH GD SDODYUD(IHWXDVHXPDWRTXHQmRHVWDYDSUpGHILQLGRHPSDUWHDOJXPDHTXH PRGLILFD SRU VXD YH] D FRQILJXUDomR GLQkPLFD QD TXDO HOH DGTXLUH XPD VLJQLILFDomR $ DUWLFXODomR GR YLUWXDO H GR DWXDO DQLPD D SUySULD GLDOpWLFD GR DFRQWHFLPHQWRGRSURFHVVRGRVHUFRPRFULDomR (P WURFD D UHDOL]DomR VHOHFLRQD HQWUH SRVVtYHLV SUHGHWHUPLQDGRV Mi GHILQLGRV3RGHUVHLDGL]HUTXHRSRVVtYHOpXPDIRUPDjTXDOXPDUHDOL]DomR FRQIHUHXPDPDWpULD(VVDDUWLFXODomRGDIRUPDHGDPDWpULDFDUDFWHUL]DXPSyOR GDVXEVWkQFLDRSRVWRDRSyORGRDFRQWHFLPHQWR 2EWpPVH DVVLP XP TXDGUR VLPSOHV GH TXDWUR SRVLo}HV HP TXH DV GXDV FROXQDV GR ODWHQWH H GR PDQLIHVWR FUX]DPVH FRP DV GXDV OLQKDV GD VXEVWkQFLD H GR DFRQWHFLPHQWR 3RVVtYHO UHDO YLUWXDO H DWXDO DVVXPHP QDWXUDOPHQWH XP OXJDU HP VXDV UHVSHFWLYDV FDVDV &DGD XP GHOHV DSUHVHQWD XPDPDQHLUDGHVHUGLIHUHQWH 2 UHDO D VXEVWkQFLD D FRLVD VXEVLVWH RX UHVLVWH 2 SRVVtYHO FRQWpP
IRUPDV QmR PDQLIHVWDV DLQGD DGRUPHFLGDV RFXOWDV QR LQWHULRU HVVDV GHWHUPLQDo}HVLQVLVWHP2YLUWXDOFRPRIRLVXILFLHQWHPHQWHGHVHQYROYLGRQHVWH OLYURQmRHVWiDtVXDHVVrQFLDHVWiQDVDtGD HOHH[LVWH(QILPPDQLIHVWDomRGH XPDFRQWHFLPHQWRRDWXDODFRQWHFHVXDRSHUDomRpDRFRUUrQFLD 6XEVWkQFLD $FRQWHFLPHQWR
/DWHQWH 3RVVtYHO LQVLVWH 9LUWXDO H[LVWH
0DQLIHVWR 5HDO VXEVLVWH $WXDO DFRQWHFH
$648$7523$66$*(16 2UD HVVDV PDQHLUDV GH VHU SDVVDP FRQVWDQWHPHQWH GH XPD SDUD D RXWUD GRQGH D GHILQLomR GH TXDWUR PRYLPHQWRV RX WUDQVIRUPDo}HV SULQFLSDLV TXH FRUUHVSRQGHP FDGD XPD D IRUPDV GH FDXVDOLGDGH H GH WHPSRUDOLGDGH GLIHUHQWHV9RXDJRUDVXJHULUXPDDQDORJLDHQWUHRTXDGUtYLRRQWROyJLFRHDV TXDWUR FDXVDV GH $ULVWyWHOHV %UHYHPHQWH LOXVWUDGRV QR FDVR GH XPD HVWiWXD HLV TXDLV HUDP RV WLSRV GH FDXVDOLGDGH GLVWLQJXLGRV SHOR (VWDJLULWD $ FDXVD PDWHULDO GHVLJQD R PiUPRUH D FDXVD IRUPDO VH XQH DRV FRQWRUQRV GR NRXURV >JXHUUHLURQREUH@TXHGRUPHPQDSHGUDRXQRHVStULWRGRHVFXOWRUDQWHVTXH UHVSODQGHoDPVRERVROGH'HORV RSUySULRHVFXOWRUDJHQWHGDDomRpDFDXVD HILFLHQWH HQILP D FDXVD ILQDO GD HVWiWXD UHPHWH D VHX XVR j VXD XWLOLGDGH R FXOWRGH$SRLRSRUH[HPSOR $ UHDOL]DomR FRPR Mi VXJHULPRV SRGH VHU DVVLPLODGD j FDXVDOLGDGH PDWHULDO HOD QXWUH GH PDWpULD XPD IRUPD SUHH[LVWHQWH 3DUDOHODPHQWH D UHDOL]DomR HQFDUQD XPD WHPSRUDOLGDGH OLQHDU PHFkQLFD GHWHUPLQLVWD 'LVVLSDQGRLUUHYHUVLYHOPHQWHDHQHUJLDXWLOL]iYHORXRVUHFXUVRVGLVSRQtYHLVD UHDOL]DomRVHJXHDHQFRVWDGRVHJXQGRSULQFtSLRGDWHUPRGLQkPLFDVHJXQGRR TXDO R FUHVFLPHQWR GD HQWURSLD QXP VLVWHPD IHFKDGR p LQHYLWiYHO $ WHPSRUDOLGDGHUHDOL]DQWHFRQVRPHID]FDLURSRWHQFLDO /DQoDQGRVHGRUHDODRSRVVtYHODSRWHQFLDOL]DomRRXFDXVDIRUPDOSRGH VHU DVVLPLODGD D XPD VXELGD D FRQWUDFRUUHQWH GD HQWURSLD $ SRWHQFLDOL]DomR SURGX] RUGHP H LQIRUPDomR UHFRQVWLWXL RV UHFXUVRV H UHVHUYDV HQHUJpWLFRV 3RGHVH FRPSDUDU VXD RSHUDomR j GR GHP{QLR LPDJLQDGR SHOR ItVLFR -DPHV &OHUN 0D[ZHOO TXH GHYLD VHU FDSD] GH PXGDU D GLUHomR GD OHL GD HQWURSLD FUHVFHQWH3RVWDGRMXQWRDXPDMDQHOLQKDTXHVHSDUDGRLVFRPSDUWLPHQWRVGH XP UHFLSLHQWH IHFKDGR FKHLRV GH XP JiV LJXDOPHQWH PRUQR HVVH PLQ~VFXOR GHP{QLR LPDJLQiULR Vy GHL[D SDVVDU SDUD XP GRV FRPSDUWLPHQWRV DV PROpFXODVPDLVUiSLGDV'HVWDPDQHLUDTXDVHVHPGLVSrQGLRGHHQHUJLDREWHU VHLDDRFDERGHFHUWRWHPSRXPFRPSDUWLPHQWRFKHLRGHJiVTXHQWHHRXWUR GH JiV IULR $ GLIHUHQoD DVVLP SURGX]LGD p HOD PHVPD XPD IRQWH GH HQHUJLD SRWHQFLDO $ GHVRUGHP RX D PLVWXUD LQGLIHUHQFLDGD VmR FRPEDWLGDV SHOD
FDSDFLGDGH GH WULDJHP RX GH VHOHomR ILQD GR GHP{QLR H SRU XP GLVSRVLWLYR TXH DVVHJXUD D LUUHYHUVLELOLGDGH GDV UHIHULGDV RSHUDo}HV D MDQHOLQKD $ SRWHQFLDOL]DomR ID] PDLV RX PHQRV R WUDEDOKR GR GHP{QLR GH 0D[ZHOO (P HVFDODPROHFXODUS{URUGHPRXUHFRQVWLWXLUSRWHQFLDLVHQHUJpWLFRVpDPHVPD FRLVD2SRVVtYHORXGLIHUHQoDGHSRWHQFLDOpLGHQWLFDPHQWHXPDIRUPDXPD HVWUXWXUDRXXPDUHVHUYD 5HDOL]DomR H SRWHQFLDOL]DomR SHUWHQFHP DPEDV j RUGHP GD VHOHomR HVFROKD PRODU HQWUH RV SRVVtYHLV SDUD D UHDOL]DomR 7ULDJHP PROHFXODU H UHFRQVWLWXLomRGHXPDIRUPDSDUDDSRWHQFLDOL]DomR2SRQKRDTXLHVVDRUGHP GD VHOHomR D RXWUR UHJLVWUR GH WUDQVIRUPDomR FRPSOHWDPHQWH GLIHUHQWH R GD FULDomRRXGRGHYLUDRTXDOSHUWHQFHPDDWXDOL]DomRHDYLUWXDOL]DomR $DWXDOL]DomRLQYHQWDXPDVROXomRDRSUREOHPDFRORFDGRSHORYLUWXDO &RP LVVR QmR VH FRQWHQWD HP UHFRQVWLWXLU UHFXUVRV QHP HP FRORFDU XPD IRUPDjGLVSRVLomRGHXPPHFDQLVPRGHUHDOL]DomR1mR DDWXDOL]DomRLQYHQWD XPDIRUPD(ODFULDXPDLQIRUPDomRUDGLFDOPHQWHQRYD&RORFDPRVDFDXVDOLGDGH HILFLHQWH GR ODGR GD DWXDOL]DomR SRUTXH R RSHUiULR R HVFXOWRU R GHPLXUJR VHQGR XP VHU YLYR H SHQVDQWH MDPDLV SRGH VHU UHGX]LGR D XP VLPSOHV H[HFXWDQWH HOH LQWHUSUHWD LPSURYLVD UHVROYH SUREOHPDV $ WHPSRUDOLGDGH GD DWXDOL]DomRpDGRVSURFHVVRV3DUDDOpPGDGHVFLGDGDHQWURSLD UHDOL]DomR HVHX UHWRUQR D FRQWUDFRUUHQWH SRWHQFLDOL]DomR R WHPSR FULDWLYR GD DWXDOL]DomR WUDoD XPD KLVWyULD WUDQVFUHYH XPD DYHQWXUD GR VHQWLGR FRQVWDQWHPHQWH UHSRVWDHPMRJR $YLUWXDOL]DomRHQILPSDVVDGRDWR²DTXLHDJRUD²DRSUREOHPDDRV QyV GH FRHUo}HV H GH ILQDOLGDGHV TXH LQVSLUDP RV DWRV &ODVVLILFDUHPRV SRUWDQWRDFDXVDOLGDGHILQDODTXHVWmRGRSRUTXrGRODGRGDYLUWXDOL]DomR1D PHGLGD HP TXH H[LVWHP WDQWDV WHPSRUDOLGDGHV TXDQWRV SUREOHPDV YLWDLV D YLUWXDOL]DomR PRYHVH QR WHPSR GRV WHPSRV $ YLUWXDOL]DomR VDL GR WHPSR SDUD HQULTXHFHU D HWHUQLGDGH (OD p IRQWH GRV WHPSRV GRV SURFHVVRV GDV KLVWyULDV Mi TXH FRPDQGD VHP GHWHUPLQiODV DV DWXDOL]Do}HV &ULDGRUD SRU H[FHOrQFLDDYLUWXDOL]DomRLQYHQWDTXHVW}HVSUREOHPDVGLVSRVLWLYRVJHUDGRUHV GHDWRVOLQKDJHQVGHSURFHVVRVPiTXLQDVGHGHYLU 7UDQVIRUPDomR 'HILQLomR 5HDOL]DomR (OHLomRTXHGD GHSRWHQFLDO 3RWHQFLDOL]DomR 3URGXomRGH 5HFXUVRV $WXDOL]DomR 5HVROXomRGH 3UREOHPDV 9LUWXDOL]DomR ,QYHQomRGH 3UREOHPDV
2UGHP 6HOHomR
&DXVDOLGDGH 0DWHULDO
7HPSRUDOLGDGH 0HFDQLVPR
6HOHomR
)RUPDO
7UDEDOKR
&ULDomR
(ILFLHQWH
3URFHVVR
&ULDomR
)LQDO
(WHUQLGDGH
$V TXDWUR WUDQVIRUPDo}HV VmR DTXL GLVWLQJXLGDV FRQFHLWXDOPHQWH 6H GHYrVVHPRV DQDOLVDU FRPR jV YH]HV IRL IHLWR DR ORQJR GHVWH OLYUR XP IHQ{PHQR SDUWLFXODU GHVFREULUtDPRV XPD PLVWXUD LQH[WULFiYHO GDV TXDWUR FDXVDVGRVTXDWURPRGRVGHVHUGDVTXDWURSDVVDJHQVGHXPDPDQHLUDGHVHU j RXWUD 6H D YLUWXDOL]DomR IRU EORTXHDGD D DOLHQDomR VH LQVWDOD RV ILQV QmR SRGHP PDLV VHU UHLQVWLWXtGRV QHP D KHWHURJrQHVH FXPSULGD PDTXLQDo}HV YLYDVDEHUWDVHPGHYLUWUDQVIRUPDPVHGHV~ELWRHPPHFDQLVPRVPRUWRV6H IRU FRUWDGD D DWXDOL]DomR DV LGpLDV RV ILQV RV SUREOHPDV WRUQDPVH EUXVFDPHQWH HVWpUHLV LQFDSD]HV GH UHVXOWDU QD DomR LQYHQWLYD $ LQLELomR GD SRWHQFLDOL]DomR FRQGX] LQIDOLYHOPHQWH DR VXIRFDPHQWR DR HVJRWDPHQWR j H[WLQomR GRV SURFHVVRV YLYRV 6H IRU LPSHGLGD D UHDOL]DomR HQILP RV SURFHVVRV SHUGHP VXD EDVH VHX VXSRUWH VHX SRQWR GH DSRLR HOHV VH GHVHQFDUQDP 7RGDV DV WUDQVIRUPDo}HV VmR QHFHVViULDV H FRPSOHPHQWDUHV XPDVGDVRXWUDV 0,6785$6 /RQJH GH FRQVWLWXLU RV WHUPRV GH XPD FODVVLILFDomR H[FOXVLYD D RSRVLomR SRVVtYHOYLUWXDO QXQFD VH HQFRQWUD GHILQLWLYDPHQWH UHVROYLGD H VH UHFULDDFDGDQRYDGLVWLQomR3RUDQDORJLDTXDQGRVHFRUWDXPtPmHPGRLV QmRVHREWpPXPtPmTXHUHSHOHHRXWURTXHDWUDLPDVGRLVSHTXHQRVtPmV FRPSOHWRV FDGD XP WHQGR VHX SyOR SRVLWLYR H QHJDWLYR 3RU H[HPSOR XPD ELJRUQDVHUiDSUR[LPDGDGRSyORGRUHDO SRLVWHPDYHUFRPDVXEVWkQFLDRX FRPDTXLORTXH´UHVLVWHµ DRSDVVRTXHDIUDVH´1RDQRWRGRVRVFDUURV TXH FLUFXODP QD FLGDGH VHUmR HOpWULFRVµ UHODFLRQDGD j RFRUUrQFLD VHUi DVVRFLDGDDRSyORGRDWXDO0DVSRVVRVHGHVHMDUGHFRPSRUIUDVHHPGRLV HOHPHQWRV XPD TXHVWmR LPSOtFLWD ´9DPRV UHDOPHQWH FRQWLQXDU D QRVGHL[DU HQYHQHQDU GHVWD PDQHLUD"µ H D SURSRVLomR TXH UHVSRQGH D HVVD TXHVWmR ´1mR Mi TXH QR DQR HWFµ $ TXHVWmR VHUi GLWD YLUWXDOL]DQWH H D SURSRVLomR DQWHV SRWHQFLDOL]DQWH Mi TXH SRGH DGTXLULU YiULRV YDORUHV GH YHUGDGHSUHGHWHUPLQDGRV3URVVHJXLQGRRWUDEDOKRGHIUDJPHQWDomRSRGHVH DLQGDGLYLGLUDSURSRVLomRQRVXUJLPHQWRGHXPDKLSyWHVHTXHWHPDYHUFRP XPDYLUWXDOL]DomR ´1RDQRWRGRVRVFDUURVHWFµHHPXP MXOJDPHQWR ´(VWD KLSyWHVH p YHUGDGHLUDµ TXH p XPD HVSpFLH GH UHDOL]DomR 2 PHVPR RFRUUHFRPDELJRUQD(ODVHUiYLUWXDOFRPRVXSRUWHGHEULFRODJHPLQYHQWLYDH GHGHVYLRPDVSRWHQFLDOFRPRUHVHUYDGHIHUURIHUUDPHQWDFDSD]GHGHVJDVWH HWF 5HDOSRVVtYHODWXDOHYLUWXDOVmRTXDWURPRGRVGHVHUGLIHUHQWHVPDV TXDVH VHPSUH RSHUDQGR MXQWRV HP FDGD IHQ{PHQR FRQFUHWR TXH VH SRGH DQDOLVDUWRGDVLWXDomRYLYDID]IXQFLRQDUXPDHVSpFLHGHPRWRURQWROyJLFRD TXDWUR WHPSRV H SRUWDQWRMDPDLV GHYH VHU ´JXDUGDGDµ HP EORFR QXP GRV
TXDWURFRPSDUWLPHQWRV (VWRX HVFUHYHQGR HP PHX FRPSXWDGRU FRP R DX[tOLR GH XPSURJUDPDGHSURFHVVDPHQWRGHWH[WR6RERDVSHFWRSXUDPHQWHPHFkQLFR XPD GLDOpWLFD GR SRWHQFLDO H GR UHDO HVWi RSHUDQGRSRLV GH XP ODGR DV SRVVLELOLGDGHV GR SURJUDPD H GD PiTXLQDVH UHDOL]DP H XP WH[WR p DSUHVHQWDGR VHUHDOL]D QDWHODUHVXOWDQWHGHWRGDXPDVpULHGHFRGLILFDo}HVH WUDGXo}HVEHPGHWHUPLQDGDV'HRXWURODGR D HQHUJLD HOpWULFD SRWHQFLDOL]D D PiTXLQD H HX SRWHQFLDOL]R R WH[WR DR VHOHFLRQDU FyGLJRV LQIRUPiWLFRVSRU LQWHUPpGLRGRWHFODGR 3DUDOHODPHQWH DWXDOL]R SUREOHPDV LGpLDV LQWXLo}HV FRHUo}HVGH HVFULWDDRUHGLJLUHVVHWH[WRFXMDUHOHLWXUDPRGLILFDHPWURFDRHVSDoRYLUWXDO GH VLJQLILFDo}HV DR TXDO HOH UHVSRQGH R TXH FRQVWLWXL SRUWDQWR XPD YLUWXDOL]DomR 9rVH TXH RV SURFHVVRV GH SRWHQFLDOL]DomR H GH UHDOL]DomR VyDGTXLUHPVHQWLGRSHODGLDOpWLFDGDDWXDOL]DomRHGDYLUWXDOL]DomR 6LPHWULFDPHQWHRVPRGRVGHUHDOL]DomRHGHSRWHQFLDOL]DomRGRWH[WR R DVSHFWR SXUDPHQWH WpFQLFR RX PDWHULDO VH SUHIHULUHP FRQGLFLRQDP H LQIOXHQFLDPIRUWHPHQWHDFULDomRGHXPDPHQVDJHPVLJQLILFDQWH GLDOpWLFDGD YLUWXDOL]DomRHGDDWXDOL]DomR &DSWXUDGDSHORUHDODGLDOpWLFDGRYLUWXDOHGR DWXDOpUHLILFDGD5HWRPDGDSHORVSURFHVVRVGHYLUWXDOL]DomRHGHDWXDOL]DomR SRVVtYHO H UHDO VmR REMHWLYDGRV RX VXEMHWLYDGRV $VVLP R SyOR GR DFRQWHFLPHQWRQmRFHVVDGHLPSOLFDURSyORGDVXEVWkQFLD FRPSOH[LILFDomRH GHVORFDPHQWR GRV SUREOHPDV PRQWDJHP GH PiTXLQDVVXEMHWLYDQWHV FRQVWUXo}HV H FLUFXODo}HV GH REMHWRV e GHVWH PRGRTXH R PXQGR SHQVD GHQWURGHQyV0DVHPWURFDRSyORGDVXEVWkQFLDHQYROYHGHJUDGDIL[DHVH DOLPHQWDGRSyORGRDFRQWHFLPHQWR UHJLVWURLQVWLWXFLRQDOL]DomRUHLILFDomR
$FRQWHFLPHQWR HQYROYHQWH 6XEVWkQFLD HQYROYHQWH
$FRQWHFLPHQWR HQYROYLGR 9LUWXDO]DomR $WXDOL]DomR 5HLILFDomR ,QVWLWXFLRQDOL]DomR
6XEVWkQFLD HQYROYLGD 6XEMHWLYDomR 2EMHWLYDomR 5HDOL]DomR 3RWHQFLDOL]DomR
'8$/,'$'('2$&217(&,0(172('$ 68%67Ç1&,$ 2 DSDUHQWH GXDOLVPR HQWUH D VXEVWkQFLD H R DFRQWHFLPHQWR HVFRQGH WDOYH] XPD SURIXQGD XQLGDGH 1DILORVRILD GH :KLWHKHDG RV WHUPRV ~OWLPRV GD DQiOLVH ILORVyILFD ² DTXLOR TXH p YHUGDGHLUDPHQWH ² VmR DFRQWHFLPHQWRV FKDPDGRV RFDVL}HV DWXDLV $V RFDVL}HV DWXDLV VmR HVSpFLHV GH P{QDGDV WUDQVLWyULDV SURFHVVRV GH SHUFHSomR HOHPHQWDUHV JHUDOPHQWH LQFRQVFLHQWHV
TXH UHFHEHP FHUWRV GDGRV GH SUHFHGHQWHV RFDVL}HV DWXDLV RV LQWHUSUHWDP WUDQVPLWHPDRXWURVVXDVtQWHVHHGHVDSDUHFHP$LQGDTXHHVWHMDPRVGLVSRVWRV DDGPLWLUTXHDVRFDVL}HVDWXDLVVHMDPD~OWLPDSDODYUDHP´DFRQWHFLPHQWRµGD UHDOLGDGH PHVPR DVVLP VRPRV REULJDGRV D FRQVWDWDU TXH Ki GH IDWR SHOR PHQRV HP DSDUrQFLD VXEVWkQFLDV SHUPDQHQWHV FRLVDV GXUiYHLV :KLWHKHDG UHVROYH R SUREOHPD H[SOLFDQGR QRVVD H[SHULrQFLD GDV FRLVDV GXUiYHLV HP WHUPRVGHVRFLHGDGHVFRRUGHQDGDVGHDFRQWHFLPHQWRVTXHFRPSDUWLOKDPHWUDQVPLWHP HQWUHVLFDUDFWHUHVSDUWLFXODUHV8PDSHGUDSRUH[HPSORpXPDVRFLHGDGHGH RFDVL}HV DWXDLV VHPHOKDQWHV TXH KHUGDP OLQHDUPHQWH XPDV GDV RXWUDV VHXV GDGRV H VXDV PDQHLUDV GH UHDJLU R TXH H[SOLFD TXH QXP FXUWR LQWHUYDOR GH WHPSRDSHGUDFRQVHUYHPDLVRXPHQRVDPHVPDFRUDPHVPDGXUH]DHWF 3DUDHVWDEHOHFHUDSRQWHHQWUHDVXEVWkQFLDHRDFRQWHFLPHQWRSRGHU VHLDFULDUDKLSyWHVHGHTXHRDFRQWHFLPHQWRVHULDXPDHVSpFLHGHVXEVWkQFLD PROHFXODU PLQLDWXUL]DGD IUDJPHQWDGD DWp R DWR SRQWXDO 6LPHWULFDPHQWH D VXEVWkQFLDQmRVHULDVHQmRDDSDUrQFLDGHXPDVRFLHGDGHGHDFRQWHFLPHQWRV XPDPXOWLGmRFRRUGHQDGDGHPLFURH[SHULrQFLDVJURVVHLUDPHQWH DJUHJDGDV QD LPDJHPGHXPD´FRLVDµ HPVXPDDFRQWHFLPHQWRPRODU $OLiVSRUPDLVGXUiYHLVTXHVHMDPQmRSRGHPDVFRLVDVPDLVHVWiYHLV VHU LQWHUSUHWDGDV FRPR DFRQWHFLPHQWRV HP UHODomR D XPD GXUDomR TXH DV XOWUDSDVVDFRPRDH[LVWrQFLDGHPRQWDQKDVQDHVFDODGDKLVWyULDGD7HUUD"2 UDFLRFtQLRSRGHHYLGHQWHPHQWHVHLQYHUWHU RTXHpXPDFRQWHFLPHQWRVHQmRR GHVDSDUHFLPHQWR RX R VXUJLPHQWR GH XPD VXEVWkQFLD RX PHVPR XPD VXEVWkQFLDHYDQHVFHQWH" 7DOYH]FDLEDFRQVLGHUDURGXDOLVPRGDVXEVWkQFLDHGRDFRQWHFLPHQWR FRPR R \LQ H R \DQJ QD ILORVRILD FKLQHVD FOiVVLFD KDYHULD SDVVDJHP WUDQVIRUPDomR SHUSpWXD GH XP QR RXWUR &DGD XP GHOHV H[SULPH XPD IDFH QmRHOLPLQiYHOHFRPSOHPHQWDUGRVIHQ{PHQRVFRPRDRQGDHDSDUWtFXODQD ItVLFDTXkQWLFD
3yORGRODWHQWH
3URFHVVR
3yORGR 0DQLIHVWR
2UGHPGD 6HOHomR
2327(1&,$/ &RQMXQWRGH SRVVLELOLGDGHV SUHGHWHUPLQDGDV
5HDOL]DomR 4XHGDGH3RWHQFLDO
25($/ &RLVDV 3HUVLVWHQWHVH 5HVLVWHQWHV
3RWHQFLDOL]DomR ,16,67(
UHLILFDomR LQVWLWXFLRQDOL]
29,578$/ 3UREOHPDV 1yVGH WHQGrQFLDVGH FRHUo}HVGH IRUoDVHGH REMHWLYRV (;,67(
3URGXomRGHUHFXUVRV
2UGHPGDFULDomR
$WXDOL]DomR UHVROXomRGHSUREOHPD 9LUWXDOL]DomR 5HPRQWDULQYHQWLYRGH XPDVROXomRDXPD SUREOHPiWLFD
68%6,67(
REMHWLYDomR VXEMHWLYDomR
2$78$/ 6ROXomR SDUWLFXODUDXP SUREOHPDDTXLH DJRUD $&217(&(
(StORJR %(19,1'26$26&$0,1+26'29,578$/
*RVWRGRTXHpIUiJLOHYDQHVFHQWH~QLFRHFDUQDO$SUHFLRRVVHUHVH RV OXJDUHV VLQJXODUHV LQVXEVWLWXtYHLV DV DWPRVIHUDV OLJDGDV SDUD VHPSUH D VLWXDo}HV H D PRPHQWRV (VWRX FRQYHQFLGR GH TXH SDUWH HVVHQFLDO GD PRUDO FRQVLVWH VLPSOHVPHQWH HP DFHLWDU H[LVWLU QR PXQGR HP QmR IXJLU HP HVWDU SUHVHQWHSDUDRVRXWURVHSDUDVL0DVRDVVXQWRGHVWHOLYURHUDDYLUWXDOL]DomR 7UDWHLSRUWDQWRGDYLUWXDOL]DomR,VWRQmR LPSOLFD R HVTXHFLPHQWRGDV RXWUDV IDFHVGRVHU HLQFLWRHYLGHQWHPHQWHVHKRXYHUQHFHVVLGDGHGLVVRDOHLWRUDR OHLWRU D QmR QHJOLJHQFLiODV e MXVWDPHQWH SRUTXH R DWXDO p WmR SUHFLRVR TXH GHYHPRV FRP D PDLRU XUJrQFLD SHQVDU H DFOLPDWDU D YLUWXDOL]DomR TXH R GHVHVWDELOL]D &UHLR TXH R VRIULPHQWR GH VXEPHWHUVH j YLUWXDOL]DomR VHP FRPSUHHQGrODpXPDGDVSULQFLSDLVFDXVDVGDORXFXUDHGDYLROrQFLDGHQRVVR WHPSR 4XLVPRVWUDUQHVWHOLYURTXHDYLUWXDOL]DomRpRPRYLPHQWRSHORTXDO VH FRQVWLWXLX H FRQWLQXD D VH FULDU QRVVD HVSpFLH 1R HQWDQWR HOD p IUHTHQWHPHQWH YLYLGD FRPR LQXPDQD GHVXPDQL]DQWH FRPR D PDLV DWHUUDGRUDGDVDOWHULGDGHVHPFXUVR$RDQDOLViODDRSHQViODDRHQDOWHFrOD jV YH]HV WHQWHL KXPDQL]iOD LQFOXVLYH QR TXH GL] UHVSHLWR D PLP 0XLWRV LQWHOHFWXDLVDWXDOPHQWHRUJXOKRVRVGHVHXSDSHO´FUtWLFRµDFUHGLWDPID]HUDOJR GLJQRDRHVSDOKDUDFRQIXVmRHRSkQLFRDUHVSHLWRGDFLYLOL]DomRHPHUJHQWH 4XDQWRDPLPSRUXPWUDEDOKRGHFRORFDomRHPSDODYUDVGHFRQVWUXomRGH FRQFHLWRV H GH LQWHJUDomR j FXOWXUD TXLV DFRPSDQKDU DOJXQV GH PHXV FRQWHPSRUkQHRVHPVHXHVIRUoRSDUDYLYHUFRPXPSRXFRPHQRVGHPHGRH GH UHVVHQWLPHQWR 4XLV SURSRU IHUUDPHQWDV DWUDYpV GH XPD FDUWRJUDILD GR YLUWXDOjTXHOHVTXHFRPRHXWHQWDPFRPJUDQGHGLILFXOGDGHVHWRUQDUDWRUHV $YLUWXDOLGDGHQmRWUHPDEVROXWDPHQWHQDGDDYHUFRPDTXLORTXHD WHOHYLVmRPRVWUDVREUHHOD1mRVHWUDWDGHPRGRDOJXPGHXPPXQGRIDOVR RX LPDJLQiULR $R FRQWUiULR D YLUWXDOL]DomR p D GLQkPLFD PHVPD GR PXQGR FRPXP p DTXLOR DWUDYpV GR TXDO FRPSDUWLOKDPRV XPD UHDOLGDGH /RQJH GH FLUFXQVFUHYHU R UHLQR GD PHQWLUD R YLUWXDO p SUHFLVDPHQWH R PRGR GH H[LVWrQFLDGHTXHVXUJHPWDQWRDYHUGDGHFRPRDPHQWLUD1mRKiYHUGDGHLUR HIDOVRHQWUHDVIRUPLJDVRVSHL[HVRXRVORERV DSHQDVSLVWDVHHQJRGRV2V DQLPDLV QmR WrP SHQVDPHQWR SURSRVLFLRQDO 9HUGDGH H IDOVLGDGH VmR LQGLVVRFLiYHLV GH HQXQFLDGRV DUWLFXODGDV H FDGD HQXQFLDGR VXEHQWHQGH XPD TXHVWmR $ LQWHUURJDomR p DFRPSDQKDGD GH XPD HVWUDQKD WHQVmR PHQWDO GHVFRQKHFLGD HQWUH RV DQLPDLV (VVH YiFXR DWLYR HVVH YD]LR VHPLQDO p D HVVrQFLD PHVPD GR YLUWXDO /DQoR D KLSyWHVH GH TXH FDGD VDOWR D XP QRYR
PRGR GH YLUWXDOL]DomR FDGD DODUJDPHQWR GR FDPSR GRV SUREOHPDV DEUHP QRYRVHVSDoRVSDUDDYHUGDGHHSRUFRQVHTrQFLDLJXDOPHQWHSDUDDPHQWLUD 9LVR D YHUGDGH OyJLFD TXH GHSHQGH GD OLQJXDJHP H GD HVFULWD GRLV JUDQGHV LQVWUXPHQWRVGHYLUWXDOL]DomR PDVWDPEpPRXWUDVIRUPDVGHYHUGDGHWDOYH] PDLV HVVHQFLDLV DV TXH VmR H[SUHVVDV SHOD SRHVLD UHOLJLmR ILORVRILD FLrQFLD WpFQLFD H ILQDOPHQWH DV KXPLOGHV H YLWDLV YHUGDGHV TXH FDGD XP GH QyV WHVWHPXQKDHPVXDH[LVWrQFLDFRWLGLDQD8PDGDVPDLVLQWHUHVVDQWHVHQWUHDV YLDV DEHUWDV jV SHVTXLVDV DUWtVWLFDV FRQWHPSRUkQHDV p SURYDYHOPHQWH D GHVFREHUWD H D H[SORUDomR GDV QRYDV IRUPDV GH YHUGDGH REVFXUDPHQWH DUUDVWDGDVSHODGLQkPLFDGDYLUWXDOL]DomR $DUWHSRGHWRUQDUSHUFHSWtYHODFHVVtYHODRVVHQWLGRVHjVHPRo}HVR VDOWR YHUWLJLQRVR SDUD GHQWUR GD YLUWXDOL]DomR TXH HIHWXDPRV WmR IUHTHQWHPHQWH jV FHJDV H FRQWUD QRVVD YRQWDGH 0DV D DUWH SRGH WDPEpP LQWHUYLU RX LQWHUIHULU QR SURFHVVR $ DUTXLWHWXUD H R GHVLJQ IXQGDPHQWDLV GH QRVVR WHPSR DFDVR QmR VmR RV GR KLSHUFRUSR GR KLSHUFyUWH[ GD QRYD HFRQRPLD GRV DFRQWHFLPHQWRV H GD DEXQGkQFLD GR IOXWXDQWH HVSDoR GRV VDEHUHV" 2V DUWLVWDV VXSRVWDPHQWH H[SULPLUDP D VL SUySULRV DSHQDV GXUDQWH XP SHUtRGR PXLWR FXUWR GD KLVWyULD GD DUWH 0XLWDV SHVTXLVDV HVWpWLFDV FRQWHPSRUkQHDV UHWRUQDP D SUiWLFDV DUFDLFDV TXH FRQVLVWHP HP GDU FRQVLVWrQFLDHPFHGHUXPDYR]jFULDWLYLGDGHFyVPLFD$VVLPSDUDRDUWLVWD WUDWDVH PHQRV GH LQWHUSUHWDU R PXQGR GH TXH SHUPLWLU TXH SURFHVVRV ELROyJLFRV DWXDLV RX KLSRWpWLFRV TXH HVWUXWXUDV PDWHPiWLFDV TXH GLQkPLFDV VRFLDLV RX FROHWLYDV WRUQHP GLUHWDPHQWH D SDODYUD $ DUWH QmR FRQVLVWH PDLV DTXL HP FRPSRU XPD ´PHQVDJHPµ PDV HP PDTXLQDU XP GLVSRVLWLYR TXH SHUPLWD j SDUWH DLQGD PXGD GD FULDWLYLGDGH FyVPLFD ID]HU RXYLU VHX SUySULR FDQWR 8P QRYR WLSR GH DUWLVWD DSDUHFH TXH QmR FRQWD PDLV KLVWyULD e XP DUTXLWHWR GR HVSDoR GRV DFRQWHFLPHQWRV XP HQJHQKHLUR GH PXQGRV SDUD ELOK}HVGHKLVWyULDVSRUYLU(OHHVFXOSHRYLUWXDO )DOR GH DUWH H GH HVWpWLFD SRUTXH FRPR PXLWRV D FRQVWHUQDomR PH LQYDGH DVVLP TXH FRQVLGHUR D LQVWkQFLD SROtWLFD WUDGLFLRQDO 0DV WUDWDVH QR ILP GH FRQWDV GH ID]HU SUHYDOHFHU XPD SUHRFXSDomR DUWtVWLFD FULWpULRV SURSULDPHQWH HVWpWLFRV RV TXH DFDEDPRV GH HYRFDU XP HVStULWR GH FULDomR QRVHLRPHVPRGDDomRSROtWLFDDVVLPFRPRQDHQJHQKDULDPDLV´SXUDPHQWH WpFQLFDµRX²SRUTXHQmR"²QDVSUiWLFDVHFRQ{PLFDV 3RUTXHHVVDDUWHWUDQVYHUVDOGHYHLQWHUYLUDWLYDPHQWHQDGLQkPLFDGD YLUWXDOL]DomR" 3RUTXH D DWXDOL]DomR WHQGH FRP IUHTrQFLD SDUD D UHDOL]DomR 3RUTXH D KHWHURJrQHVH SRGH GHJHQHUDU HP DOLHQDomR 3RUTXH D LQYHQomR GH XPDQRYDYHORFLGDGHVHGHWHULRUDIDFLOPHQWHHPVLPSOHVDFHOHUDomR3RUTXHD YLUWXDOL]DomRDFDEDjVYH]HVSRUGHVTXDOLILFDURDWXDO3RUTXHDFRORFDomRHP FRPXP TXH p D RSHUDomR FDUDFWHUtVWLFD GD YLUWXDOL]DomR RVFLOD PXLWR IUHTHQWHPHQWHHQWUHRFRQILVFRHDH[FOXVmReSUHFLVRXPDVHQVLELOLGDGHGH
DUWLVWD SDUD SHUFHEHU HP HVWDGR QDVFHQWH HVVDV GLIHUHQoDV HVVDV GHIDVDJHQV QDV VLWXDo}HV FRQFUHWDV 4XDQGR R SRVVtYHO HVPDJD R YLUWXDO TXDQGR D VXEVWkQFLD VXIRFD R DFRQWHFLPHQWR R SDSHO GD DUWH YLYD RX DUWH GD YLGD p UHVWDEHOHFHURHTXLOtEULR $ IRUoD H D YHORFLGDGH GD YLUWXDOL]DomR FRQWHPSRUkQHD VmR WmR JUDQGHVTXHH[LODPDVSHVVRDVGHVHXVSUySULRVVDEHUHVH[SXOVDPQDVGHVXD LGHQWLGDGH GH VXD SURILVVmR GH VHX SDtV $V SHVVRDV VmR HPSXUUDGDV QDV HVWUDGDV DPRQWRDPVH QRV EDUFRV DFRWRYHODPVH QRV DHURSRUWRV 2XWURV DLQGDPDLVQXPHURVRVYHUGDGHLURVLPLJUDGRVGDVXEMHWLYLGDGHVmRIRUoDGRVD XP QRPDGLVPR GR LQWHULRU &RPR UHVSRQGHU D HVVD VLWXDomR" 5HVLVWLQGR j YLUWXDOL]DomR FULVSDQGRVH VREUH RV WHUULWyULRV H DV LGHQWLGDGHV DPHDoDGDV" (VWH p R HUUR IDWDO TXH QmR GHYH VHU FRPHWLGR GH IRUPD DOJXPD 3RLV D FRQVHTrQFLD Vy SRGH VHU FRP R WHPSR R GHVHQFDGHDPHQWR GD YLROrQFLD EUXWDOFRPRRVWHUUHPRWRVGHYDVWDGRUHVTXHUHVXOWDPGDLQHODVWLFLGDGHHGR EORTXHLRPDQWLGRSRUGHPDVLDGRWHPSRSRUDOJXPDSODFDGDFURVWDWHUUHVWUH 'HYHPRV DQWHV WHQWDU DFRPSDQKDU H GDU VHQWLGR j YLUWXDOL]DomR LQYHQWDQGR DR PHVPR WHPSR XPD QRYD DUWH GD KRVSLWDOLGDGH $ PDLV DOWD PRUDO GRV Q{PDGHV GHYH WRUQDUVH QHVWH PRPHQWR GH JUDQGH GHVWHUULWRULDOL]DomR XPD QRYD GLPHQVmR HVWpWLFD R SUySULR WUDoR GD FULDomR $ DUWH H SRUWDQWR D ILORVRILDDSROtWLFDHDWHFQRORJLDTXHHODLQVSLUD H DWUDYHVVD GHYH RSRU XPD YLUWXDOL]DomR UHTXDOLILFDQWH LQFOXVLYD H KRVSLWDOHLUD j YLUWXDOL]DomR SHUYHUWLGD TXHH[FOXLHGHVTXDOLILFD 3UHVWHDWHQomRjLQWHUSHODomRGHVWDDUWHGHVWDILORVRILDGHVWDSROtWLFD LQpGLWD ´6HUHV KXPDQRV SHVVRDV GDTXL H GH WRGD SDUWH YRFrV TXH VmR DUUDVWDGRV QR JUDQGH PRYLPHQWR GD GHVWHUULWRULDOL]DomR YRFrV TXH VmR HQ[HUWDGRVQRKLSHUFRUSRGDKXPDQLGDGHHFXMDSXOVDomRHFRDDVJLJDQWHVFDV SXOVDo}HV GHVWH KLSHUFRUSR YRFrV TXH SHQVDP UHXQLGRV H GLVSHUVRV HQWUH R KLSHUFyUWH[ GDV QDo}HV YRFrV TXH YLYHP FDSWXUDGRV HVTXDUWHMDGRV QHVVH LPHQVRDFRQWHFLPHQWRGRPXQGRTXHQmRFHVVDGHYROWDUDVLHGHUHFULDUVH YRFrV TXH VmR MRJDGRV YLYRV QR YLUWXDO YRFrV TXH VmR SHJRV QHVVH HQRUPH VDOWRTXHQRVVDHVSpFLHHIHWXDHPGLUHomRjQDVFHQWHGRIOX[RGRVHUVLPQR Q~FOHRPHVPRGHVVHHVWUDQKRWXUELOKmRYRFrVHVWmRHPVXDFDVD%HQYLQGRVj QRYDPRUDGDGRJrQHURKXPDQR%HQYLQGRVDRVFDPLQKRVGRYLUWXDOµ
6(/(d®2%,%/,2*5É),&$&20(17$'$
$8528; 6\OYDLQ /D UpYROXWLRQ WHFKQRORJLTXH GH OD JUDPPDWLVDWLRQ 0DUGDJD/LqJH 8PD HQJHQKRVD DQiOLVH GDV RSHUDo}HV GH H[WHULRUL]DomR H GH IRUPDOL]DomRGRVDWRVGHFRPXQLFDomRSRUXPKLVWRULDGRUGDOLQJtVWLFD $87+,(5 0LFKHO H /e9
View more...
Comments
