XQHVS
81,9(56,'$'((67$'8$/3$8/,67$
³-Ò/,2'(0(648,7$),/+2´
)DFXOGDGHGH&LrQFLDVH/HWUDV
&DPSXVGH$UDUDTXDUD63
/,129,&&$5,1(72
2
2'
',,66&
&8
85
5662
2338
8%
%//,,&
&,,77È
È5
5,,2
2((0
0))2
2&
&2
2TXHVW}HVVREUH
GLDORJLVPRHJrQHURGRGLVFXUVR
$5$5$48$5$±63
/,129,&&$5,1(72
2
2'
',,66&
&8
85
5662
2338
8%
%/
/,,&
&,,7
7È
È5
5,,2
2(
(0
0))2
2&
&2
2TXHVW}HVVREUH
GLDORJLVPRHJrQHURGRGLVFXUVR
7UDEDOKR GH &RQFOXVmR GH &XUVR 7&&
DSUHVHQWDGR DR &RQVHOKR GH &XUVR GH /HWUDV GD
)DFXOGDGH
GH
&LrQFLDV
H
/HWUDV
±
8QHVS$UDUDTXDUD FRPR UHTXLVLWR SDUD REWHQomR
GRWtWXORGH%DFKDUHOHP/HWUDV
2ULHQWDGRU3URID'UD0DULQD&pOLD0HQGRQoD
&RRULHQWDGRU
%ROVD3(7
$5$5$48$5$±63
¬PLQKDLUPmHLUPmRV
$*5$'(&,0(1726
$JUDGHoRDRVPHXVSDLV(GYDOGRH'RUD
¬PLQKDRULHQWDGRUD0DULQD&pOLD0HQGRQoDSHODDWHQomRHSDFLrQFLDGLVSHQVDGDV
¬PLQKDDPLJD&DIHtQD
³<RXFDQDOZD\VFRXQWRQDPXUGHUIRUDIDQF\SURVHVW\OH´
9ODGLPLU1DERNRYS
5(6802
2 WHPD GHVWD SHVTXLVD p R GLVFXUVR SXEOLFLWiULR HP VXD FRQILJXUDomR FRPR JrQHUR GR
GLVFXUVR VHJXQGR SHUVSHFWLYD WHyULFRPHWRGROyJLFD GH HVWXGRV EDNKWLQLDQRV &RQVLGHUDQGR
TXH VmR LQILQLWRV RV FDPSRV GD FRPXQLFDomR KXPDQD %DNKWLQ GHIHQGH TXH H[LVWH XPD
LQILQLGDGH GH JrQHURV GR GLVFXUVR 0DV VHJXQGR R DXWRU FDGD HVIHUD GD DWLYLGDGH KXPDQD
SURGX] H DWp PHVPR UHTXHU GHWHUPLQDGRV JrQHURV FRP VHXV DVSHFWRV WHPiWLFR
FRPSRVLFLRQDO H HVWLOtVWLFR GHILQLGRV VHJXQGR RV YDORUHV VyFLRLGHROyJLFRV TXH VH
PDWHULDOL]DP QHVVD HVIHUD H QR GLiORJR TXH HP VH SURGX]HP RV HQXQFLDGRV 2 REMHWLYR GD
SHVTXLVD p HVWXGDU VHJXQGR HVVD SHUVSHFWLYD WHyULFRPHWRGROyJLFD XPD SHoD SXEOLFLWiULD
LPSUHVVDGR*RYHUQR)HGHUDOGR%UDVLOYHLFXODGDQDUHYLVWD/tQJXD3RUWXJXHVDHTXHWHPSRU
WHPDDHGXFDomRS~EOLFDQDFLRQDO$QDOLVDVHFRPRVHFRQVWUyLQHODXPDLPDJHPGHDXWRUH
FRPRVH HVERoD D LPDJHP GR RXWUR FULDGDSRU HVVH DXWRU 3DUWHVH GRSUHVVXSRVWR GH TXH R
JrQHUR DR TXDO SHUWHQFH XPD SHoD SXEOLFLWiULD WHP SRU IXQomR YHQGHU XP SURGXWR RX XPD
LGHLD8PGRVREMHWLYRVHVSHFtILFRVGDSHVTXLVDpLGHQWLILFDURTXHHVWiVHQGRYHQGLGRQDSHoD
SXEOLFLWiULD TXH VH DQDOLVD H TXDLV VmR RV UHFXUVRV GLVFXUVLYRV H HVWLOtVWLFRV XWLOL]DGRV SDUD
REWHUr[LWRQHVVDIXQomR2VUHVXOWDGRVDSRQWDPTXHRDXWRUQDYR]GR*RYHUQR)HGHUDODR
PHVPRWHPSRHPTXHDVVXPHXPDSRVWXUDGHGHWHQWRUGDLQIRUPDomRWDPEpPVHFRORFDQR
PHVPRSODQRGROHLWRUHPTXHWRGRVVmRUHVSRQViYHLVSHORGHVHQYROYLPHQWRGDHGXFDomRQR
SDtV$SHoDSXEOLFLWiULDSUHWHQGHSDVVDUXPDLPDJHPSRVLWLYDGR*RYHUQRHHVVHSURMHWRGH
GL]HU VH SHUFHEH QD DQiOLVH WDQWR QRV DVSHFWRV FRPSRVLFLRQDLV GR HQXQFLDGR TXDQWR QRV
HVWLOtVWLFRV
3DODYUDVFKDYH*rQHURGRGLVFXUVR'LVFXUVRSXEOLFLWiULR(VWXGRVEDNKWLQLDQRV0tGLD
$XWRULD
$%675$&7
7KHVXEMHFWRIWKLVUHVHDUFKLVWKHSXEOLFLW\ GLVFRXUVHLQLWVFRQILJXUDWLRQDVVSHHFKJHQUHV
DFFRUGLQJ WR WKHRUHWLFDOPHWKRGRORJLFDO SHUVSHFWLYH LQ %DNKWLQLDQ 6WXGLHV &RQVLGHULQJ WKDW
WKHUH DUH LQILQLWH ILHOGV RI KXPDQ FRPPXQLFDWLRQ %DNKWLQ VD\V WKDW WKHUH LV DOVR LQILQLW\ RI
VSHHFK JHQUHV +RZHYHU DFFRUGLQJ WR WKH DXWKRU HYHU\ VSKHUH RI KXPDQ DFWLYLW\ SURGXFHV
DQG HYHQ UHTXLUHV FHUWDLQ JHQUHV ZLWK WKHLUV WKHPDWLF FRPSRVLWLRQDO DQG VW\OLVWLFV DVSHFWV
GHILQHG DFFRUGLQJ WR VRFLDOLGHRORJLFDO YDOXHV WKDW PDWHULDOL]H LQ WKDW VSKHUH DQG LQ WKH
GLDORJXHLQZKLFKWKHWH[WVDUHSURGXFHG7KHREMHFWLYHRIWKLVUHVHDUFKLVWRVWXG\DFFRUGLQJ
WR WKLV WKHRUHWLFDOPHWKRGRORJLFDO SHUVSHFWLYH D SULQW DGYHUWLVLQJ SLHFH E\ WKH %UD]LOLDQ
)HGHUDO*RYHUQPHQWFRQYH\HGLQWKH/tQJXD3RUWXJXHVDPDJD]LQHZLWKWKHPHVFRQFHUQLQJ
WKHQDWLRQDOSXEOLFHGXFDWLRQ:HDQDO\]HKRZWKHLPDJHRIDXWKRULVEXLOWDQGKRZWKHLPDJH
RIWKH2WKHULVRXWOLQHGE\WKDWDXWKRU,WLVDVVXPHGWKDWWKHJHQGHUWRZKLFKDQDGYHUWLVLQJ
SLHFHEHORQJVLQWHQGVWRVHOODSURGXFWRULGHD2QHRIWKHVSHFLILFREMHFWLYHVRIWKLVUHVHDUFK
LVWRLGHQWLI\ZKDWLVEHLQJVROGLQWKHDGYHUWLVLQJSLHFHWKDWZHDQDO\]HDQGZKDWGLVFXUVLYH
DQG VW\OLVWLF UHVRXUFHV DUH XWLOL]HG WR DFKLHYH VXFFHVV LQ ZKDW LW LQWHQGV WR SURPRWH 7KH
UHVXOWV VKRZ WKDW WKH DXWKRU LQ WKH YRLFH RI WKH )HGHUDO *RYHUQPHQW ZKLOH DGRSWLQJ WKH
SRVLWLRQ RI LQIRUPDWLRQKROGHU DOVR SXWV KLPVHOI LQ WKH VDPH SODQH RI WKH UHDGHU ZKHUH
HYHU\RQH LV UHVSRQVLEOH IRU WKH GHYHORSPHQW RI HGXFDWLRQ LQ WKH FRXQWU\ 7KH DGYHUWLVLQJ
SLHFH LQWHQGV WR SURMHFW D SRVLWLYH LPDJH RI WKH *RYHUQPHQW DQG WKLV SURMHFW RI VD\LQJ LV
UHDOL]HGLQWKHDQDO\VLVLQWKHFRPSRVLWLRQDODVSHFWVRIWKHWH[WDVZHOOLQWKHVW\OLVWLFDVSHFWV
.H\ZRUGV6SHHFKJHQUHV3XEOLFLW\GLVFRXUVH%DNKWLQLDQVWXGLHV0HGLD$XWKRUVKLS
/,67$'(),*85$6
)LJ
$Q~QFLRGR0LQLVWpULRGD(GXFDomRGR*RYHUQR)HGHUDO
)LJ
5HFRUWHGRDQ~QFLRDQDOLVDGR
)LJ
5HFRUWHGRDQ~QFLRDQDOLVDGR
)LJ
5HFRUWHGRDQ~QFLRDQDOLVDGR
)LJ
5HFRUWHGRDQ~QFLRDQDOLVDGR
)LJ
5HFRUWHGRDQ~QFLRDQDOLVDGR
680È5,2
,1752'8d­2
$63(&7267(Ï5,&26
(QXQFLDGRFRQFUHWRQRVHVWXGRVEDNKWLQLDQRV
*rQHURVGRGLVFXUVRVHJXQGR%DNKWLQ
'LDORJLVPRHSURGXomRGHVHQWLGR
$XWRULDQDSHUVSHFWLYDEDNKWLQLDQD
6XSRUWHGHWH[WRVHSURGXomRGHVHQWLGR
'(6&5,d­2'2&25386
$1È/,6(
&216,'(5$d®(6),1$,6
5()(5Ç1&,$6
,1752'8d­2
2 HVWXGR GD OLQJXDJHP XWLOL]DGD QD FRPXQLFDomR VRFLDO QmR VH UHVWULQJH DRV
SURILVVLRQDLVGHVVDiUHDGDDWXDomRKXPDQD$WUDYpVGDDQiOLVHGRGLVFXUVRSRGHPRVODQoDU
XP QRYR ROKDU VREUH RV HQXQFLDGRV SHUWHQFHQWHV D HVVH FDPSR GD FRPXQLFDomR GLVFXUVLYD
1mRSUHWHQGHPRVHQWUHWDQWRQRSUHVHQWHWUDEDOKRDERUGDUFRQFHLWRVHWHRULDVSHUWHQFHQWHVDR
FDPSR GD FRPXQLFDomR VRFLDO PDLV HVSHFLILFDPHQWH j 3XEOLFLGDGH H j 3URSDJDQGD QRVVR
REMHWLYRpGHVWDFDUXPHQXQFLDGRGHWDOiUHD±XPDSHoDSXEOLFLWiULD±HDQDOLViORFRPEDVH
QDWHRULDEDNKWLQLDQDDSOLFDGDjDQiOLVHGRGLVFXUVR
2WHPDGDQRVVDSHVTXLVDpDIRUPDFRPRRGLVFXUVRQDSHoDSXEOLFLWiULDpFRQVWUXtGR
HPIXQomRGDTXLORTXHDSDUWLUGHQRVVDLQWHUSUHWDomRVXSRPRVTXHVHMDRSURMHWRGHGL]HUGR
DXWRU 7DPEpP VH SUHWHQGH FRQVWUXLU XPD LPDJHP GH DXWRU DWUDYpV GD DQiOLVH GR VHX
HQXQFLDGRHHVERoDUDLPDJHPGRRXWURFULDGDSRUHVVHDXWRU&RPRVDEHPRVpLQHUHQWHDR
JrQHURDRTXDOSHUWHQFHXPDSHoDSXEOLFLWiULDWHUSRUIXQomRYHQGHUXPSURGXWRRXXPDLGHLD
1RVVRREMHWLYRpLGHQWLILFDURTXH HVWiVHQGRYHQGLGRQDSHoDSXEOLFLWiULDTXHDQDOLVDPRVH
TXDLV VmR RV UHFXUVRV GLVFXUVLYRV H HVWLOtVWLFRV XWLOL]DGRV SDUD REWHU r[LWR QHVVD IXQomR
SXEOLFtVWLFD
2 FRUSXV GR QRVVR WUDEDOKR FRQVLVWH HP XPD SHoD SXEOLFLWiULD GH GXDV SiJLQDV
YHLFXODGDHPPtGLDLPSUHVVDSDJDFRPSRVWDSRUHQXQFLDGRVYHUEDLVHQmRYHUEDLV-XVWLILFDD
HVFROKD GH WDO FRUSXV R IDWR GH TXH R DXWRU GR HQXQFLDGR TXH R LQWHJUD IDOD HP QRPH GR
*RYHUQR)HGHUDOSDUDXPS~EOLFRTXHHVWiWHRULFDPHQWHYLGHRVXSRUWHHPTXHVHYHLFXODD
SXEOLFLGDGH LQWHUHVVDGR HP TXHVW}HV UHODFLRQDGDV j OtQJXD SRUWXJXHVD $ IRUPD FRPR R
DXWRUFULDGRUXWLOL]DDOtQJXDSRUWXJXHVDSDUDSHUVXDGLURVHXGHVWLQDWiULRpMXVWDPHQWHXPGRV
DVSHFWRVTXHDERUGDPRVHPQRVVDDQiOLVH
3ULPHLUR ID]HPRV XPD H[SRVLomR GRV DVSHFWRV WHyULFRV $ VHJXLU DQDOLVDPRV FRP
EDVHQDWHRULDDSUHVHQWDGDRFRUSXVVHOHFLRQDGR±DSHoDSXEOLFLWiULD(VVDDQiOLVHpIHLWDSRU
HWDSDV 3ULPHLUDPHQWH ID]HPRV XPD EUHYH GHVFULomR GRV HOHPHQWRV TXH FRPS}HP R
HQXQFLDGR 'HSRLV DQDOLVDPRV FDGD WH[WR YHUEDO H QmR YHUEDO FRPR HQXQFLDGRV VHSDUDGRV
SDUD GHSRLV PRVWUDU DV UHODo}HV GLDOyJLFDV TXH HOHV HVWDEHOHFHP HQWUH VL IRUPDQGR XPD
XQLGDGHXP~QLFRHQXQFLDGR$PHWRGRORJLDDGRWDGDpDDQiOLVHGLDOyJLFD
$ WHRULD XVDGD HP QRVVD DERUGDJHP GR FRUSXV p D SURSRVWD SRU 0LNKDLO %DNKWLQ
HP VHX OLYUR (VWpWLFD GD FULDomR YHUEDO SULQFLSDOPHQWH QRV VHJXLQWHV FDStWXORV ³2
DXWRU H D SHUVRQDJHP´ GH RQGH H[WUDtPRV RV FRQFHLWRV UHODFLRQDGRV j LGHLD GH DXWRULD ³2
SUREOHPDGRWH[WRQDOLQJXtVWLFDQD ILORVRILDHHPRXWUDVFLrQFLDVKXPDQDV´XVDGRGHEDVH
SDUD WUDoDUPRV R SULQFtSLR IXQGDPHQWDO GD SHUVSHFWLYD EDNKWLQLDQD ± R 'LDORJLVPR ± H R
FRQFHLWR GH HQXQFLDGR H R FDStWXOR ³2V JrQHURV GR GLVFXUVR´ IRL XVDGR SDUD SHQVDUPRV D
TXHVWmRGRJrQHUR$LQGDUHFRUUHPRVDRVWUDEDOKRVGHRXWURVSHVTXLVDGRUHVEUDVLOHLURVTXHMi
HVFUHYHUDPVREUHRVFRQFHLWRVUHWLUDGRVGDREUDGH%DNKWLQ±%HWK%UDLW5HQDWD0DUFKH]DQ
)LRULQ ± H TXH HP VHXV HVWXGRV DQDOLVDUDP GLIHUHQWHV HQXQFLDGRV VRE D SHUVSHFWLYD
EDNKWLQLDQDLQFOXVLYHSHoDVSXEOLFLWiULDV
eLPSRUWDQWHOHPEUDUTXHRSUySULR%DNKWLQUHVWULQJHHP(VWpWLFDGDFULDomRYHUEDO
RV H[HPSORV GD DSOLFDomR GH VXD WHRULDD URPDQFHVH jVDUWHVYLVXDLV WHQGR HOH QXQFD GDGR
H[HPSORV GH VXD DSOLFDomR D HQXQFLDGRV RXWURV FRPR D SHoD SXEOLFLWiULD 1R HQWDQWR D
DEUDQJrQFLDGHVXDWHRULDQRVSHUPLWHID]HUWDOXVRVHPJUDQGHVDGDSWDo}HV2SHQVDGRUUXVVR
WHRUL]D VREUH D SOXUDOLGDGH GH HQXQFLDGRV TXH LQWHJUDP D YDVWD FDGHLD GD FRPXQLFDomR
GLVFXUVLYDRQGHVmRLQILQLWDVDVUHODo}HVTXHVHHVWDEHOHFHP$VVLPSRGHPRVXWLOL]DURVVHXV
FRQFHLWRVQDDQiOLVHGHXPDSHoDSXEOLFLWiULD
$LQGD WLYHPRV TXH UHFRUUHU DR FRQFHLWR GH VXSRUWH SURSRVWR SRU 5RJHU &KDUWLHU
SDUD GHVFUHYHU R HVSDoR ItVLFR RQGH VH YHLFXOD D SHoD SXEOLFLWiULD H RV VHQWLGRV TXH
HVVHIRUPDWRLPSOLFDVREUHDDQiOLVH1RFDVRGDSHoDSXEOLFLWiULDTXHDQDOLVDPRVYHLFXODGD
HP UHYLVWD LPSUHVVD GH JUDQGH FLUFXODomR QDFLRQDO LQWHUHVVD UHIOHWLU SRU H[HPSOR VREUH D
SUHVHQoDVLPXOWkQHDGDOLQJXDJHPYHUEDOHQmRYHUEDODVFRUHVRS~EOLFRDOYRHWF
&RP HVWD SHVTXLVD HVSHUDPRV PRVWUDU DR OHLWRU FRPR R GLVFXUVR TXDQGR EHP
FRQVWUXtGR PDQLIHVWDGR DWUDYpV GH XP HQXQFLDGR YHUERYLVXDO LPSUHVVR SRGH VHU XP
LPSRUWDQWH LQVWUXPHQWR SDUD VH YHQGHU XPD GHWHUPLQDGD LGHLD GHIHQGLGD SHOR VHX DXWRU
FULDGRU'HVVDIRUPDDFUHGLWDPRVHVWDUFRQWULEXLQGRSDUDRVHVWXGRVDFDGrPLFRVQDiUHDGD
OLQJXtVWLFDDVVLPFRPRSDUDRVHVWXGRVGDOLQJXDJHPXWLOL]DGDQDFRPXQLFDomRVRFLDODOpP
GHLQFLWDUROHLWRUDDGRWDUXPROKDUPDLVFUtWLFRHDQDOtWLFRVREUHRJrQHURSXEOLFtVWLFR
$63(&7267(Ï5,&26
(QXQFLDGRFRQFUHWRQRVHVWXGRVEDNKWLQLDQRV
3HQVDURHQXQFLDGRSOHQRGHQWURGHXPVLVWHPDGDOtQJXD±FRPRXQLGDGHGDOtQJXD±
pWHQWDUDWULEXLUOKHXPVLJQLILFDGRGHXPSRQWRGHYLVWDJUDPDWLFDORTXHQmRFRQGL]FRPD
VXD UHDO QDWXUH]D GLDOyJLFD 2 HQXQFLDGR p XPD XQLGDGH GD FRPXQLFDomR GLVFXUVLYD
%$.+7,1 H FRPR WDO LQWHJUD XP GHWHUPLQDGR FDPSR GD FRPXQLFDomR GLVFXUVLYD
HVWDEHOHFHQGR XPD UHODomR GLDOyJLFD FRP RXWURV HQXQFLDGRV DVVLP OLJDQGRVH D HOHV 1D
RSRVLomRTXHDVVXPHHPUHODomRjXQLGDGHGDOtQJXDRHQXQFLDGRQmRWHPVLJQLILFDGRPDV
VHQWLGR,GHPS'HVVDIRUPDSRGHPRVGL]HUTXHDFRPSUHHQVmRGRHQXQFLDGR±TXHVH
Gi GHVGH XPD FRPSUHHQVmR UHVSRQVLYD DQWHFLSDGD SHOR SUySULR IDODQWH RX HVFULWRU ± p XP
GRV IDWRUHV TXH R RS}H D XP HOHPHQWR PHUDPHQWH OLQJXtVWLFR SRLV ³D FRPSUHHQVmR GH XP
HQXQFLDGR YDL DOpP GD VXD LGHQWLILFDomR´ %5$,7 3 H p D VXD FRPSUHHQVmR TXH
DXWRPDWLFDPHQWHJHUDDUHVSRQVLYLGDGH±HOHPHQWRQHFHVViULRHLQHUHQWHDRHQXQFLDGRSOHQR
eSUHFLVRHQWHQGHURHQXQFLDGRFRPRXPHORGHQWURGDFDGHLDGDFRPXQLFDomRGLVFXUVLYDTXH
VH UHODFLRQD FRP RXWURV HQXQFLDGRV WDQWR jTXHOHV TXH R SUHFHGHP H TXH R GHWHUPLQDP
TXDQWR jTXHOHV TXH DLQGD HVWmR SRU YLU HP IXQomR GD DWLWXGH UHVSRQVLYD TXH DVVXPLUmR HP
UHODomRDRSULPHLUR
7RGRHQXQFLDGRWHPXPDXWRUHXPGHVWLQDWiULR/RJRSRGHPRVGL]HUTXHXPWUDoR
HVVHQFLDOGRHQXQFLDGRpRVHXGLUHFLRQDPHQWRDDOJXpP+iVHPSUHXPIDODQWHRXHVFULWRU
TXHFRQVWUyLRVHXHQXQFLDGRHPIXQomRGDTXHOHRXDTXHOHVDTXHPHOHVHGLULJHSRLVTXHD
LPDJHPGHGHVWLQDWiULRSUHVXPLGDSHORDXWRUUHSUHVHQWDGDSRUHVWHLQIOXHQFLDGLUHWDPHQWHQD
HVFROKD GRV HOHPHQWRV HVWLOtVWLFRV H FRPSRVLFLRQDLV TXH LUmR LQWHJUDU R VHX HQXQFLDGR
%$.+7,1 S &RPR YHUHPRV PDLV DGLDQWH D HVFROKD GR HVWLOR H GD IRUPD
FRPSRVLFLRQDO GR HQXQFLDGR LQIOXHQFLDGD SHOR GHVWLQDWiULR GLUHWR RX SUHVXPLGR HVWi
GLUHWDPHQWHUHODFLRQDGDjDGRomRGHXPJrQHURGRGLVFXUVRTXHDWHQGDjLQWHQomRGRDXWRU
)DODUHPGHVWLQDWiULRpGHFHUWDIRUPDHQWUDUQDTXHVWmRGDUHVSRQVLYLGDGHLQHUHQWHD
WRGR HQXQFLDGR FRQFUHWR 2 HQXQFLDGR p VHPSUH FRQVWUXtGR HP GLUHomR D XPD UHVSRVWD $
³FRPSUHHQVmR UHVSRQVLYD >GR GHVWLQDWiULR@ R DXWRU GD REUD GH GLVFXUVR SURFXUD H DQWHFLSD´
%$.+7,1 S RX VHMD D UHVSRVWD D XP GHWHUPLQDGR HQXQFLDGR Mi p SHQVDGD H
GDGDSHORVHXSUySULRDXWRUjPHGLGDTXHHVWHFRQVWUyLRHQXQFLDGReFRUUHWRGL]HUHQWmR
TXH R SUySULR IDODQWH p R SULPHLUR D UHVSRQGHU D VL PHVPR j VXD SUySULD HQXQFLDomR 1R
HQWDQWRSDUDTXHKDMDDSRVVLELOLGDGHGHRRXWURUHVSRQGHUDRHQXQFLDGRHVWHGHYHDWHQGHUDR
FULWpULR GH FRQFOXVLELOLGDGH H SDUD WDO D FRPSUHHQVmR p LPSUHVFLQGtYHO )LFD FODUR TXH VH
HVWDEHOHFH GDt XPD UHODomR P~WXD GH LQWHUGHSHQGrQFLD HQWUH HVVHV GRLV HOHPHQWRV GR
HQXQFLDGRFRQFOXVLELOLGDGHHFRPSUHHQVmRUHVSRQVLYD
(P³2SUREOHPDGRWH[WRQDOLQJXtVWLFDQDILORORJLDHHPRXWUDVFLrQFLDVKXPDQDV´
%DNKWLQIDODGD³WUtDGHYLYD´GHUHODo}HVGHQWURGHXPHQXQFLDGR+iDUHODomRHQWUHR
RXYLQWH H R IDODQWH GHVWLQDWiULR H DXWRU FRPR Mi DQWHFLSDPRV D UHODomR FRP R REMHWR RX
VHMDFRPDTXLORVREUHRTXHVHIDODHKiDLQGDDUHODomRGLDOyJLFDFRPRVRXWURVHQXQFLDGRV
FRP RV HQXQFLDGRV GRV RXWURV (VWH ~OWLPR HOHPHQWR p D EDVH SDUD HQWHQGHU R HQXQFLDGR
FRPRXPFRQMXQWR GH VHQWLGRV 'HYLGR j VXD QDWXUH]D GLDOyJLFD R VHQWLGR GR HQXQFLDGR Vy
SRGHVHUSOHQDHYHUGDGHLUDPHQWHFRPSUHHQGLGRQDVXDUHODomRFRPRVRXWURVHQXQFLDGRV
2 HQXQFLDGR p XP ³WRGR LQGLYLGXDO VLQJXODU H KLVWRULFDPHQWH ~QLFR´ %$.+7,1
S $ILUPDU LVVR p SHQVDU RXWUD LPSRUWDQWH FDUDFWHUtVWLFD GR HQXQFLDGR D VXD
KLVWRULFLGDGH LVWR p D UHODomR GLDOyJLFD TXH HOH HVWDEHOHFH FRP R FRQWH[WR GH VXD SUySULD
pSRFD$TXHOHTXHSURGX]XPHQXQFLDGRpFRQVWLWXtGRGHYDORUHVDSUHHQGLGRVSHODVGLYHUVDV
YR]HV VRFLDLV FRP DV TXDLV HOH PDQWpP FRQVWDQWHV UHODo}HV GLDOyJLFDV 3RGHPRV GL]HU
SRUWDQWR TXH R HQXQFLDGR p VRFLDO ( D UHVSHLWR GLVVR )LRULQ S DILUPD TXH ³RV
HQXQFLDGRV VmR VHPSUH HVSDoR GH OXWD HQWUH YR]HV VRFLDLV´ 2 LQGLYtGXR GLDORJD FRP HVVDV
YR]HVVRFLDLVHDVVLPLODHPVHXGLVFXUVRVLQJXODULGHLDVKLVWRULFDPHQWHFRQVWUXtGDV3RUWDQWR
R HQXQFLDGR p KLVWRULFDPHQWH FRQVWUXtGR QmR SRGHPRV GLVVRFLiOR GD VXD UHODomR FRP D
KLVWyULDGRVHXFRQWH[WR
$LQGD XPD ~OWLPD H QmR PHQRV LPSRUWDQWH FRQVLGHUDomR D VH ID]HU D UHVSHLWR GH
HQXQFLDGR H[WUHPDPHQWH UHOHYDQWH WHQGR HP YLVWD R FRUSXV TXH VHOHFLRQDPRV SDUD ID]HU
QRVVD DQiOLVH GLVFXUVLYD PDLV XPD YH] FLWDQGR %DNKWLQ S ³8P HQXQFLDGR
DEVROXWDPHQWHQHXWURpLPSRVVtYHO´JULIRVDGLFLRQDGRVRXVHMDpLPSRVVtYHOSDUDTXDOTXHU
HQXQFLDGRDWLQJLUXPSULQFtSLRGHLPSDUFLDOLGDGHPHVPRVHWUDWDQGRGHXPWH[WRMRUQDOtVWLFR
TXH VH DXWRGHQRPLQH SXUDPHQWH LQIRUPDWLYR XPD VLPSOHV UHSRUWDJHP GH MRUQDO RX
SULQFLSDOPHQWHFRPRYHUHPRVXPDSHoDSXEOLFLWiULD
$WHQWDWLYDGHHOXFLGDUXPGHWHUPLQDGRFRQFHLWRWHyULFRQRVOHYDLQHYLWDYHOPHQWHj
QHFHVVLGDGHGHWUDWDUGHRXWURVFRQFHLWRVLQWLPDPHQWHUHODFLRQDGRV2SUy[LPRFRQFHLWRTXH
DERUGDUHPRVHVVHQFLDOSDUDDQRVVDSHVTXLVDpRGHJrQHURVGRGLVFXUVRVHJXQGR%DNKWLQ
*rQHURVGRGLVFXUVRVHJXQGR%DNKWLQ
$VVLPFRPRRHQXQFLDGRQmRFRQVWLWXLXPDXQLGDGHGDOtQJXDR JrQHURGRGLVFXUVR
QmRpXPD IRUPD GD OtQJXD PDV LQWHJUDRFDPSRGDFRPXQLFDomRGLVFXUVLYD FRQVWLWXL XPD
IRUPD WtSLFD GH HQXQFLDGR 3RUpP QmR GHYHPRV FRQIXQGLU R JrQHUR GR GLVFXUVR FRP R
HQXQFLDGRHPVLYLVWRTXHVmRGXDVFRLVDVGLIHUHQWHV&RPROHPEUD%DNKWLQ³2VJrQHURVGR
GLVFXUVRVmRIRUPDVWtSLFDVGDHQXQFLDomRLQGLYLGXDOPDVQmRVmRDVSUySULDVHQXQFLDo}HV´
S
7HQGRHPYLVWDTXHVmRLQILQLWRVRVFDPSRVGDFRPXQLFDomRKXPDQDDGPLWLPRVTXH
H[LVWH XPD LQILQLGDGH GH JrQHURV GR GLVFXUVR DVVLP FRPR WDPEpP VmR LQILQLWRV RV
HQXQFLDGRV RX TXDOTXHU HOHPHQWR GD FRPXQLFDomR GLVFXUVLYD (QWUH HVVH VHPQ~PHUR GH
SRVVLELOLGDGHGHHVFROKDFDEHDRIDODQWHGHFLGLURJrQHURTXHpPDLVDGHTXDGRjTXLORTXHHOH
TXHUGL]HUjVXDLQWHQomRHTXHPHOKRUDWHQGHDXPDIXQFLRQDOLGDGHHVSHFtILFD$OpPGLVVR
RXWUR IDWRU GHWHUPLQDQWH GR JrQHUR GR GLVFXUVR XWLOL]DGR p D FRQGLomR GH FRPXQLFDomR
GLVFXUVLYDHVSHFtILFDGHFDGDFDPSR&DGDHVIHUDGDDWLYLGDGHKXPDQDSHUPLWHHDWpPHVPR
UHTXHUGHWHUPLQDGRHVWLORGHJrQHUR$OJXQVJrQHURVGRGLVFXUVRSHUPLWHPHPVHXHVWLORXPD
PDLRU H[SUHVVmR GD LQGLYLGXDOLGDGH GR DXWRU DR SDVVR TXH RXWURV VmR PDLV UHVWULWLYRV H
SRVVXHPXPDIRUPDWLSRORJLFDPHQWHIL[DPDLVGHOLPLWDGDHSDGURQL]DGD1RFDVRGRJrQHUR
SXEOLFLWiULR SRU H[HPSOR ± QR TXDO DV SHoDV SXEOLFLWiULDV VmR D VXD PDWHULDOL]DomR HP
HQXQFLDGRV FRQFUHWRV ± REVHUYDPRV XPD OLEHUGDGH PDLRU GH HVFROKD GH GLIHUHQWHV HVWLORV H
HOHPHQWRV FRPSRVLFLRQDLV LQFRUSRUDQGR DVVLP FRPR HP XPD REUD GH DUWH OLWHUiULD SRU
H[HPSORJrQHURVSULPiULRVQHVWHTXHpFRQVLGHUDGRXPJrQHURVHFXQGiULRpFRPXPYHUPRV
UHSUHVHQWDo}HV GH GLiORJRV FRWLGLDQRV FRPSRQGR R HQXQFLDGR GH XPD SHoD SXEOLFLWiULD SRU
H[HPSOR 8PD FDUWD RX XP GLiULR VmR JrQHURV GR GLVFXUVR TXH SHUPLWHP XPD PDLRU
H[SUHVVmR GD LQGLYLGXDOLGDGH GR DXWRU 8P DUWLJR FLHQWtILFR SRU RXWUR ODGR SHUWHQFH D XP
JrQHUR PDLV UHVWULWLYR RQGH R DXWRU UDUDPHQWH YDL LPSULPLU FRP FODUH]D XP HVWLOR SUySULR
LQGLYLGXDO HOH YDL EDVHDUVH HP PRGHORV SUpGHWHUPLQDGRV GHQWUR GHVVH FDPSR GD
FRPXQLFDomR GLVFXUVLYD RV SDGU}HV GH OLQJXDJHP TXH UHTXHU XP DUWLJR FLHQWtILFR D
FRPXQLGDGHFLHQWtILFD
$TXL ID]VH QHFHVViULD XPD EUHYH GLVWLQomR HQWUH DTXLOR TXH %DNKWLQ FKDPD GH
JrQHURVSULPiULRVHJrQHURVVHFXQGiULRVDRVTXDLVMiIL]HPRVUHIHUrQFLD*rQHURVGLVFXUVLYRV
SULPiULRV RX VLPSOHV VmR DTXHOHVGR FRWLGLDQR RXDVUpSOLFDVGHGLiORJRVGRFRWLGLDQR RX
VHMD DTXHOHV TXH VH IRUPDP ³QDV FRQGLo}HV GH FRPXQLFDomR GLVFXUVLYD LPHGLDWD´ ,GHP
S*rQHURV VHFXQGiULRV RX FRPSOH[RVVmRDTXHOHVTXHLQWHJUDP XP FRQWH[WR FXOWXUDO
PDLV GHVHQYROYLGR VHMD QR FDPSR GDV DUWHV GD SROtWLFD GD FLrQFLD HWF VmR H[HPSORV GH
WH[WRV GH JrQHUR VHFXQGiULR R URPDQFH R DUWLJR FLHQWtILFR H DWp PHVPR D SHoD SXEOLFLWiULD
JrQHUR D TXH SHUWHQFH R HQXQFLDGR VREUH R TXDO IDUHPRV D QRVVD DQiOLVH GLVFXUVLYD 2V
JrQHURV GLVFXUVLYRV VHFXQGiULRV LQFRUSRUDP RV SULPiULRV (P ³2V JrQHURV GR GLVFXUVR´
%$.+7,1 %DNKWLQ QRV Gi R H[HPSOR GH FRPR R URPDQFH JrQHUR VHFXQGiULR
LQFRUSRUD QR SODQR GR VHX FRQWH~GR DV UHSUHVHQWDo}HV GH GLiORJRV LPHGLDWRV GR FRWLGLDQR
JrQHURV SULPiULRV GDV SHUVRQDJHQV $R LQWHJUDU XP JrQHUR VHFXQGiULR RV JrQHURV
GLVFXUVLYRVSULPiULRVSDVVDPDWHUXPRXWURVHQWLGRGHQWURGRWRGRGRHQXQFLDGR1RFDVRGR
URPDQFHRVGLiORJRVHQWUHDVSHUVRQDJHQVJrQHURVSULPiULRVQmRWrPVHQWLGRIRUDGRWRGR
GRHQXQFLDGRQmRVmRUHSUHVHQWDomRGHXPDUHDOLGDGHDOKHLDDRURPDQFHGDYLGDFRWLGLDQD±
p XP DFRQWHFLPHQWR DUWtVWLFROLWHUiULR %$.+7,1 S 2 TXH QRV LQWHUHVVD
DTXL DR IDODU HP JrQHURV SULPiULRV H VHFXQGiULRV p SHQVDU FRPR SRGHPRV DSOLFDU HVVHV
FRQFHLWRVEDNKWLQLDQRVDRJrQHURSXEOLFLGDGHJrQHURHVVHTXHRDXWRUQHPVHTXHUFLWDRXGi
H[HPSORVRVH[HPSORVGH%DNKWLQQRWH[WRUHIHULGRUHVWULQJHPVHWmRVRPHQWHjLQFRUSRUDomR
GRVJrQHURVVLPSOHVQRURPDQFHeVDELGRTXHFRPRWH[WRVHFXQGiULRDVSHoDVSXEOLFLWiULDV
VH DSURSULDP GH JrQHURV VLPSOHV UHSUHVHQWDP PXLWDV YH]HV XPD VLWXDomR GH FRPXQLFDomR
LPHGLDWDGRFRWLGLDQRH[SUHVVDSRUYH]HVDWUDYpVGHXPGLiORJRRXFRPRpPXLWRFRPXPQR
JrQHURHPTXHVWmRHPIRUPDGHSHUJXQWDVLPHGLDWDVDRGHVWLQDWiULRQHVVHVFDVRVDVVXPLQGR
XPD IXQomR PXLWR PDLV UHWyULFD GR TXH SURSULDPHQWH D UHSUHVHQWDomR GH XP H[FHUWR GH XP
GLiORJR GR FRWLGLDQR DTXHOH TXH SHUJXQWD Mi WHP D UHVSRVWD GH DQWHPmR $V SHoDV
SXEOLFLWiULDVVHDSURSULDPHUHHODERUDPRVJrQHURVSULPiULRV
'LDORJLVPRHSURGXomRGHVHQWLGR
7RGRVRVDVSHFWRVWHyULFRVDSUHVHQWDGRVDWpDJRUDFRQFHLWRVHSHQVDPHQWRVH[WUDtGRV
GDV REUDV GH %DNKWLQ HVWmR OLJDGRV HQWUH VL SHOR SULQFtSLR GR GLDORJLVPR GDV UHODo}HV
GLDOyJLFDV ± SULQFtSLR IXQGDPHQWDO GH WRGD D SHUVSHFWLYD EDNKWLQLDQD e DR SHQVDUPRV QDV
UHODo}HV GLDOyJLFDV HQWUH RV HQXQFLDGRV TXH GHL[DPRV GH LGHQWLILFiORV OLQJXLVWLFDPHQWH
FRPRVLPSOHVRUDo}HVSDUDFRPSUHHQGrORVFRPRXQLGDGHVOLJDGDVXPDjVRXWUDVGHQWURGHVVD
FDGHLDGHUHODo}HVGLDOyJLFDVTXHDEUDQJHPRVLQILQLWRVFDPSRVGDFRPXQLFDomRGLVFXUVLYDH
GDV DWLYLGDGHV KXPDQDV &RP EDVH QR SHQVDPHQWR GH %DNKWLQ )LRULQ DILUPD TXH
GLDORJLVPRVmRDVUHODo}HVGHVHQWLGRTXHVHHVWDEHOHFHPHQWUHGRLVHQXQFLDGRV2HQXQFLDGR
QmR H[LVWH IRUD GHVVD UHODomR GLDOyJLFD GH FRPSUHHQVmR GH VHQWLGR HP UHODomR D RXWURV
HQXQFLDGRV UHWLUDGR GHVVD HVIHUD GH FRPXQLFDomR RQGH D SDODYUD GR RXWUR SHUSDVVD H
UHVVLJQLILFDDSDODYUDGRVXMHLWRRHQXQFLDGRVHWRUQDPHUDXQLGDGHJUDPDWLFDOGDOtQJXD)LFD
FODUD HQWmR D LPSRUWkQFLD GD YR] H GD UHVSRVWD GR RXWUR GR GHVWLQDWiULR QHVVDV UHODo}HV
GLDOyJLFDVSRLV Vy DVVLP HODVSRGHP H[LVWLU 0HVPR HP XP PRQyORJR R DXWRU DTXHOH TXH
IDODQmRHVWiIDODQGRVR]LQKRHVWiGLDORJDQGRFRPDVYR]HVGHRXWURVSUHVHQWHV HPRXWURV
HQXQFLDGRV TXH DQWHFLSDP LQWHJUDP H GmR VHQWLGR DR VHX ± HVWDEHOHFHP UDODomR GLDOyJLFD
FRPRVHXRPRQyORJR
6REUHDUHODomRGRHXFRPRRXWURTXHFRQVWLWXLRVHUVRFLDODWUDYpVGRGLDORJLVPR
)LRULQDILUPDTXH
2 SULQFtSLR JHUDO GR DJLU p TXH R VXMHLWR DJH HP UHODomR DR RXWUR ,VVR
VLJQLILFDTXHGLDORJLVPRpRSULQFtSLRGHFRQVWLWXLomRGRLQGLYtGXRHRVHX
SULQFtSLRGHDomR$FRQVFLrQFLDFRQVWUyLVHQDFRPXQLFDomRVRFLDO
2VXMHLWRpFRQVWLWXWLYDPHQWHGLDOyJLFR),25,1S
2 VXMHLWR p FRQVWLWXtGR GH GLYHUVDV UHDOLGDGHV H YR]HV VRFLDLV RX VHMD HOH QmR HVWi
DOKHLR j VRFLHGDGH QmR p XPD VXEMHWLYLGDGH DXW{QRPD HPERUD WDPEpP QmR HVWHMD
H[FOXVLYDPHQWH VXEPHWLGR jV HVWUXWXUDV VRFLDLV 2 LQGLYtGXR DVVLPLOD FRQVWLWXWLYDPHQWH HP
VXD UHDOLGDGH GLVFXUVLYD GLYHUVDV YR]HV VRFLDLV VHMD HP XPD UHODomR VHPSUH GLDOyJLFD GH
FRQFRUGkQFLD RX GH GLVFRUGkQFLD (VVDV YR]HV VRFLDLV SRGHP VHU GD LJUHMD GH XP SDUWLGR
SROtWLFRGDIDPtOLDGHXPDGHWHUPLQDGDFRPXQLGDGHGHXPDVRFLHGDGHILODQWUySLFDHWF$
FRQVFLrQFLD p IRUPDGD GH GLVFXUVRV VRFLDLV ( DLQGD VREUH R KRPHP FRPR LQGLYtGXR
FRQVWLWXtGR GH YDORUHV VRFLDLV DSUHHQGLGRV GDV GLYHUVDV YR]HV VRFLDLV FRP DV TXDLV VH
UHODFLRQDGLDORJLFDPHQWHpLPSRUWDQWHFLWDUTXH³$DWLWXGHKXPDQDpXPWH[WRHPSRWHQFLDOH
SRGHVHUFRPSUHHQGLGDXQLFDPHQWHQRFRQWH[WRGLDOyJLFRGDSUySULDpSRFD´%$.+7,1
S
&RPR YLPRV SDUD %DNKWLQ D UHODomR FRP VHQWLGR p VHPSUH GLDOyJLFD LVWR p D
FRPSUHHQVmR p VHPSUH GLDOyJLFD (P RSRVLomR D H[SOLFDomR LGHQWLILFDomR RX VLJQLILFDomR
QmRSRGHVHUGLDOyJLFDXPDYH]TXHQmRSRGHKDYHUXPDUHODomRGLDOyJLFDFRPRREMHWR³1D
H[SOLFDomR H[LVWH DSHQDV XPD FRQVFLrQFLD XP VXMHLWR QD FRPSUHHQVmR GXDV FRQVFLrQFLDV
GRLV VXMHLWRV´ ,GHP S ORJR H[LVWH XPD UHODomR GLDOyJLFD HQWUH HOHV HQWUH HVVDV GXDV
FRQVFLrQFLDV
3DUD ILQDOL]DU DILUPDPRV TXH GLDORJLVPR p R SULQFtSLR GH XQLmR HQWUH GLIHUHQWHV
HQXQFLDGRVOLJDGRVKLVWRULFDPHQWHVHPEDUUHLUDHVSDoRWHPSRUDODWUDYpVGDFRQYHUJrQFLDGH
VHQWLGRVTXHHVWDEHOHFHPHQWUHVL
'RLV HQXQFLDGRV DOKHLRV FRQIURQWDGRV TXH QmR VH FRQKHFHP H WRTXHP
OHYHPHQWH R PHVPR WHPD LGHLD HQWUDP LQHYLWDYHOPHQWH HP UHODo}HV
GLDOyJLFDV HQWUH VL (OHV VH WRFDP QR WHUULWyULR GR WHPD FRPXP GR
SHQVDPHQWRFRPXP%$.+7,1S
$XWRULDQDSHUVSHFWLYDEDNKWLQLDQD
2XWURDVSHFWRWHyULFRTXHDERUGDPRVpRGDDXWRULD7RGRHQXQFLDGRWHPXPVXMHLWR
GRGLVFXUVR TXH VHJXQGR %DNKWLQ SRGHPRV HQWHQGHU FRPR XP VLQ{QLPR GH DXWRU
IDODQWH /RJLFDPHQWH VH WRGR HQXQFLDGR WHP VHPSUH XP GHVWLQDWiULR FRPR Mi GLVVHPRV
WDPEpP GHYH KDYHU VHPSUH DTXHOH TXH VH GLULJH D HOH H TXH DQWHFLSD D VXD FRPSUHHQVmR
UHVSRQVLYD2DXWRUpVHPSUHRSULPHLURQRGLiORJRRVHJXQGRpRGHVWLQDWiULRHRWHUFHLUR
XPVXSUDGHVWLQDWiULR3RURXWURODGRDRUDomRFRPRXQLGDGHGDOtQJXDQmRWHPDXWRUpGH
QLQJXpP3DUDWRUQDUVHXPHQXQFLDGRDRUDomRSUHFLVDGHXPIDODQWHDXWRUGRHQXQFLDGR
1R VHX WH[WR ³2 DXWRU H D SHUVRQDJHP´ SUHVHQWH HP (VWpWLFD GD FULDomR YHUEDO
%DNKWLQ FHQWUDVH QR URPDQFH SDUD GHVHQYROYHU VXD DQiOLVH GD UHODomR HQWUH DXWRU H
SHUVRQDJHPRXDXWRUHHOHPHQWRVGDFULDomRRXVHMDRWHyULFRH[HPSOLILFDRVVHXVFRQFHLWRV
HDSOLFDDVXDWHRULDSULPRUGLDOPHQWHHPHQXQFLDGRVOLWHUiULRV1RHQWDQWRDOJXQVFRQFHLWRV
SRGHP VHU DSOLFDGRV D TXDLVTXHU HQXQFLDGRV GRV PDLV YDULDGRV JrQHURV LQFOXVLYH QD
SURSDJDQGD e R FDVR GRV FRQFHLWRV GH DXWRUSHVVRD DXWRUFULDGRU DXWRUFRQWHPSODGRU
LPDJHPGHDXWRUHDXWRUSXUR)DODUHPRVEUHYHPHQWHVREUHDOJXQVGHVVHVFRQFHLWRV
%DVLFDPHQWHQDUHIOH[mREDNKWLQLDQDHPXPHQXQFLDGRKiGRLVDXWRUHVDTXHOHTXHVH
HQFRQWUD GHQWUR GR HQXQFLDGR FRPR XP HOHPHQWR FRQVWLWXWLYR H DTXHOH TXH DSyV R
HQXQFLDGR UHFHEHU R VHX DFDEDPHQWR HQXQFLDGR FRQFUHWR QmR ID] PDLV SDUWH GD UHDOLGDGH
IHFKDGDGRHQXQFLDGRQmRpXPHOHPHQWRGHVWHPDVXPDSHVVRDHOHPHQWRGRDFRQWHFLPHQWR
pWLFR H VRFLDO GD YLGD TXH QmR WHP VHX DFDEDPHQWR H GHILQLomR QR HQXQFLDGR (VWH DXWRU
FKDPDGRGHDXWRUSHVVRDpXPHOHPHQWRH[WHUQRDRHQXQFLDGRHPERUD QmRVHMDWRWDOPHQWH
DOKHLRDHOHSRLV³2DXWRUFULDGRUDMXGDDFRPSUHHQGHUWDPEpPRDXWRUSHVVRD´%$.+7,1
S 2 DXWRUFULDGRU p XP HOHPHQWR GR HQXQFLDGR DVVLP FRPR QR FDVR GH XP
%DNKWLQID]HVVDUHODomRVLQRQtPLFDHQWUHVXMHLWRGRGLVFXUVRHIDODQWH³$DOWHUQkQFLDGRVVXMHLWRVGRGLVFXUVR
IDODQWHVTXHGHWHUPLQDRVOLPLWHVGRVHQXQFLDGRV´%$.+7,1SJULIRVDGLFLRQDGRV
URPDQFH R VmR DV SHUVRQDJHQV 2 DXWRUFULDGRU SRGH WHU PXLWR HP FRPXP FRP R DXWRU
SHVVRDDVVLPFRPRWDPEpPSRGHQmRWHUQHQKXPDUHODomRGHVHPHOKDQoDFRPHOH3RULVVR
GL]HPRVTXHRDXWRUGHXPGHWHUPLQDGRHQXQFLDGRRXREUDGHDUWHFULDXPDLPDJHPGHDXWRU
8PH[HPSORRQGHDLPDJHPGHDXWRUSHVVRDHDXWRUFULDGRUHVWmREDVWDQWHSUy[LPDVDSRQWR
GHRDXWRUTXDVHLJXDODUDRQtYHOGDVSHUVRQDJHQVLQVHULQGRVHQRHQXQFLDGRpRFDVRGHXPD
DXWRELRJUDILD0DVDLQGDQHVWHFDVRHVSHFtILFRQmRSRGHPRVFRQIXQGLURVGRLVDXWRUSHVVRD
H DXWRUFULDGRU SRLV SRU PDLV YHUGDGHLUR TXH SRVVD VHU XP HVFULWRU DR IDODU GH VL DLQGD
DVVLP HOH HVWDUi FRQVWUXLQGR HP VXD REUD XPD LPDJHP GH VL PHVPR SRLV R DXWRU VHPSUH
³GHYHWRUQDUVHRXWURHPUHODomRDVLPHVPR´%$.+7,1S(OHDSHVVRDUHDOR
DXWRUSHVVRD QmR p R PHVPR TXH VH LQVHUH QD REUD DWUDYpV GD YR] QDUUDWLYD TXH IDOD HP
SULPHLUDSHVVRD±RDXWRUFULDGRU
3DUDVXPDUL]DUHVLPSOLILFDUDLGHLDGHDXWRUFRPRXPWRGRSRGHPRVGL]HUTXHHOHp
³RDJHQWHGDXQLGDGHWHQVDPHQWHDWLYDGRWRGRDFDEDGR´%$.+7,1S6HQWLPRVD
SUHVHQoDGRDXWRUHPTXDOTXHUREUDGHDUWHHPERUDQmRSRVVDPRVYrORFRPDPHVPDQLWLGH]
FRP TXH UHFHEHPRV DV LPDJHQV SRU HOH UHSUHVHQWDGDV 1XQFD SRGHUHPRV FKHJDU DWp R DXWRU
SXURDXWRUFULDGRUDWUDYpVGDREVHUYDomRRXOHLWXUDGHXPDREUDGHDUWHRXGHXPHQXQFLDGR
TXDOTXHU2TXHYHPRVpDSHQDVDLPDJHPGHDXWRUFULDGD%DNKWLQHP³2SUREOHPDGRWH[WR
QDOLQJXtVWLFDQDILORORJLDHHPRXWUDVFLrQFLDVKXPDQDV´QRVGiRH[HPSORGRDXWRUUHWUDWR
TXHGHL[DEHPFODUDHVVDGLIHUHQFLDomRHQWUHRDXWRUHDLPDJHPGHDXWRUFULDGDSHORPHVPR
1R DXWRUUHWUDWR R TXH YHPRV p XPD UHSUHVHQWDomR GR SLQWRU XPD LPDJHP GR DXWRU QmR R
SUySULR DXWRU ³$ FKDPDGD LPDJHP GH DXWRU p QD YHUGDGH XPD LPDJHP GH WLSR HVSHFLDO
GLIHUHQWHGHRXWUDVLPDJHQVGDREUDPDVpXPDLPDJHPHHVWDWHPRVHXDXWRUTXHDFULRX´
%$.+7,1S2DXWRUSXURpDTXHOHTXHFRQVWUyLDLPDJHPGHDXWRU
(VVHV WHUPRV H FRQFHSo}HV GH DXWRU VmR EDVWDQWH SDUHFLGRV H PXLWDV YH]HV VH
FRQIXQGHP (P ³2 DXWRU H D SHUVRQDJHP´ %DNKWLQ GLIHUHQFLD FODUDPHQWH DXWRUSHVVRD GH
DXWRUFULDGRUPDVFRPRVHDPERVIRVVHPGLYLV}HVGRDXWRUXPSHUWHQFHQWHjYLGDVRFLDOH
pWLFD DR PXQGR UHDO R RXWUR LQVHULGR FRPR HOHPHQWR GR HQXQFLDGR FRPR XPD
³SHUVRQDJHP´ (P ³2 SUREOHPD GR WH[WR QD OLQJXtVWLFD QD ILORVRILD H HP RXWUDV FLrQFLDV
KXPDQDV´%DNKWLQQmRIDODHPDXWRUFULDGRUQHPDXWRUSHVVRDPDVDOyJLFDGRSHQVDPHQWR
DSUHVHQWDGRSHORWHyULFRHPUHODomRDHVVDTXHVWmRGHDXWRUpEDVWDQWHSUy[LPDjWHRUL]DomR
GRV FRQFHLWRV Mi PHQFLRQDGRV (OH IDOD QXP DXWRU SXUR TXH p D SHVVRD HP VL DTXHOH
UHVSRQViYHO SHOD PDWHULDOL]DomR GR HQXQFLDGR TXH FULD XPD LPDJHP GH DXWRU SUHVHQWH QR
HQXQFLDGR SHUFHSWtYHO DR GHVWLQDWiULR OHLWRU REVHUYDGRU RXYLQWH DVVLP FRPR RV RXWURV
HOHPHQWRVTXHFRQVWLWXHPHVVHGHWHUPLQDGRHQXQFLDGR±GLIHUHQWHPHQWHGRDXWRUSXUR$VVLP
FRPR R DXWRUSHVVRD QmR SRGH VHU FRQIXQGLGR FRP R DXWRUFULDGRU D LPDJHP GH DXWRU QmR
SRGHVHUWRPDGDSHORDXWRUSXUR
1RSUHVHQWHWUDEDOKR IRFDUHPRVQRVVDDQiOLVHQRHOHPHQWRLQWHUQRGRHQXQFLDGRRX
VHMDQRVHXDXWRUFULDGRU3RUYH]HVXWLOL]DUHPRVDSHQDVRWHUPRDXWRUSDUDQRVUHIHULUDHVVD
LPDJHPFULDGDQRLQWHULRUGRHQXQFLDGRGHTXHPIDODDWUDYpVGHOHPDVTXHQmRVHFRQIXQGH
FRPRDXWRUSHVVRD
6XSRUWHGHWH[WRVHSURGXomRGHVHQWLGR
DOHLWXUDpSRUGHILQLomRUHEHOGHHYDGLD2VDUWLItFLRVGHTXHODQoDP
PmRRVOHLWRUHVSDUDREWHUOLYURVSURLELGRVOHUQDVHQWUHOLQKDVHVXEYHUWHU
DVOLo}HVLPSRVWDVVmRLQILQLWRV&+$57,(5S
5HFRUUHPRV DR FRQFHLWR GH VXSRUWH SURSRVWR SRU 5RJHU &KDUWLHU SDUD
HQWHQGHUPRV FRPRRHVSDoR ItVLFRRX IRUPDWR DWUDYpVGRTXDOXPGHWHUPLQDGRHQXQFLDGR p
YHLFXODGR SRGH HP FHUWR QtYHO VHU GHWHUPLQDQWH SDUD D SURGXomR GH VHQWLGRV GLIHUHQWHV
/HYDUHPFRQWDDVFDUDFWHUtVWLFDVGRVXSRUWHRQGHRHQXQFLDGRDVHUDQDOLVDGRVHLQVHUHSRGH
H[SDQGLUDVSRVVLELOLGDGHVGHDQiOLVHGLVFXUVLYDDEULQGRRFDPSRGHUHODo}HVGLDOyJLFDVTXH
VH HVWDEHOHFHP GHYHPRV OHYDU HP FRQVLGHUDomR RV ³HIHLWRV SURGX]LGRV SHODV IRUPDV
PDWHULDLV´HQmRVRPHQWHRVHQXQFLDGRVFRQWLGRVQHVVDVIRUPDV&+$57,(5S
$VVLPFRPRRVHQXQFLDGRVSURGX]HPVHQWLGR±HQmRPHUDVLJQLILFDomR ±DVIRUPDV
SHODVTXDLVHVVHVHQXQFLDGRVVmRYHLFXODGRVWDPEpPSURGX]HPVHQWLGR
7RPDQGRRVOLYURVFRPRH[HPSOR&KDUWLHUGL]³VmRREMHWRV>RVOLYURV@FXMDVIRUPDV
FRPDQGDPVHQmRDLPSRVLomRGHXPVHQWLGRDRWH[WRTXHFDUUHJDPDRPHQRVRVXVRVGHTXH
SRGHP VHU LQYHVWLGRV H DV DSURSULDo}HV jV TXDLV VmR VXVFHWtYHLV´ S 2 PHVPR
SRGHPRVSHQVDUDUHVSHLWRGHRXWUDVIRUPDVGHYHLFXODomRGHHQXQFLDGRVVLQFUpWLFRVYHUEDLV
HQmRYHUEDLVFRPRDVUHYLVWDVLPSUHVVDVTXHpRQRVVRFDVR2IDWRGHXPHQXQFLDGRHVWDU
SUHVHQWHHPXPDGHWHUPLQDGDUHYLVWDHQmRHPRXWUDTXHSRVVXLVXDVSUySULDVFDUDFWHUtVWLFDV
WDQWR ItVLFDV TXDQWR HGLWRULDLV H FRQFHLWXDLV GL] PXLWR VREUH HVVH HQXQFLDGR 2XWURV IDWRUHV
H[WHULRUHVDLQGDSRGHPH[HUFHUFHUWDLQIOXrQFLDVREUHRVVHQWLGRVH[WUDtGRVGHXPHQXQFLDGR
FRPR R SUHoR D TXH VHX VXSRUWH p YHQGLGR TXH SRGH QRV DMXGDU D HVERoDU XP SHUILO VyFLR
HFRQ{PLFRGRVHXOHLWRU
6XPDUL]DPRVRFRQFHLWRGH&KDUWLHUHDLGHLDGDUHODomRTXHRVXSRUWHHVWDEHOHFHFRP
R VHQWLGR GR WH[WR TXH HOH YHLFXOD FLWDQGR PDLV XPD YH] R DXWRU ³ FDGD IRUPD FDGD
VXSRUWHFDGD HVWUXWXUD GD WUDQVPLVVmRHGDUHFHSomRGDHVFULWD DIHWDSURIXQGDPHQWH RV VHXV
SRVVtYHLVXVRVHLQWHUSUHWDo}HV´&+$57,(5S
'(6&5,d­2'2&25386
2 HQXQFLDGR TXH DQDOLVDPRV p XPD SHoD SXEOLFLWiULD UHWLUDGD GD UHYLVWD /tQJXD
3RUWXJXHVD SXEOLFDGD SHOD HGLWRUD 6HJPHQWR GH 6mR 3DXOR XPD UHYLVWD GHVWLQDGD D
SURILVVLRQDLV GD iUHD GD HGXFDomR H D HVWXGLRVRV GD OtQJXD &DUDFWHUL]DQGR ILVLFDPHQWH R
VXSRUWH WUDWDVH GH XPD UHYLVWD UHODWLYDPHQWH SHTXHQD QR TXH GL] UHVSHLWR j TXDQWLGDGH GH
SiJLQDV SiJLQDV GH IRUPDWR SDGUmR LPSUHVVD HP SDSHO GH ERD TXDOLGDGH 3RGHPRV
FRQVLGHUiODXPDUHYLVWDQmRPXLWREDUDWDSDUDRS~EOLFRDOYRTXHHODSUHWHQGHDWLQJLUPDVR
VHX SUHoR MXVWLILFD VXD H[WHQVmR H D SRXFD TXDQWLGDGH GH DQ~QFLRV SXEOLFLWiULRV HP VHX
FRQWH~GR±ILFDFODURTXHHODQmRVHVXVWHQWDSHODSXEOLFLGDGH
(QFRQWUDPRVQRVLWHGD/tQJXD3RUWXJXHVDDVHJXLQWHGHILQLomRVREUHDUHYLVWD
e XP XQLYHUVR PXLWR QRVVR H GHVFRQKHFLGR R GD OtQJXD SRUWXJXHVD
3RXFDVYH]HVSHQVDPRVQHODGLUHLWRWmRKDELWXDORVHXXVRWDPSRXFRQRV
GHVSUHJDPRVGRVVHXVHIHLWRV$OtQJXDTXHXVDPRVUHYHODRTXHVRPRVH
QHP VHPSUH QRV GDPRV FRQWD (VWi QD P~VLFD QD DUWH QR WUDEDOKR QD
SROtWLFD HP WRGD D FXOWXUD WUDL SUHFRQFHLWRV DV rQIDVHV GR SDVVDGR H RV
SDSpLVTXHDGRWDPRVQDVQRVVDVUHODo}HVVRFLDLV
$UHYLVWD/tQJXD3RUWXJXHVDVHODQoDDRFRPSURPLVVRGHIODJUDUPRPHQWRV
GR FRWLGLDQR HP TXH HVVD UHDOLGDGH VH YHULILFD &DSWXUDU D WHQDFLGDGH GR
LGLRPDSRUWXJXrVHGDIDODEUDVLOHLUDHPSDUWLFXODUQRSOHQRYLJRUGHVXD
H[LVWrQFLD
5HJLVWUDUVHXDOFDQFHHVXDGLPHQVmRDKHUDQoDHDULTXH]DPDWHULDOPDV
HPHVSHFLDOVXDDWXDOLGDGH8PPHUJXOKRQDVPXLWDVKLVWyULDVGRLGLRPDH
QD VXD SHUPDQrQFLD HQWUH FXOWXUDV YDULDGDV PDV WDPEpP R UHODWR GDV
FRQWULEXLo}HVGDVUDoDVHGLDOHWRVTXHDHODVHPHVFODUDP2LQWHUHVVHSHOR
SRUWXJXrV VH HYLGHQFLD SDUD DOpP GR HVWXGR GD JUDPiWLFD RX GH VHXV
SDGU}HV 2 GRPtQLR GD OLQJXDJHP WDQWR RUDO TXDQWR HVFULWD WRUQRXVH
LQGLVSHQViYHOSDUDDYLGDSURILVVLRQDOHpSRULQWHUPpGLRGHODTXHVHJDUDQWH
DSUySULDFLGDGDQLD62%5(
$ SHoD SXEOLFLWiULD TXH DQDOLVDPRV p XP DQ~QFLR GR 0LQLVWpULR GD (GXFDomR GR
*RYHUQR)HGHUDOTXHRFXSDDVGXDVSULPHLUDVSiJLQDVGDHGLomRGDUHYLVWDGRPrVGH$EULO
GH Q~PHUR &RPR p FRPXP HP SHoDV SXEOLFLWiULDV WUDWDVH GH XP HQXQFLDGR
FRQVWLWXtGR GH RXWURV HQXQFLDGRV YHUEDLVH QmR YHUEDLV1DSiJLQDGDGLUHLWDQRWDPRV XPD
PDLRUSUHGRPLQkQFLDGHVWHVRXVHMDGHLPDJHQVQDSiJLQDHVTXHUGDSUHGRPLQDPRVWH[WRV
YHUEDLV
)LJ±$Q~QFLRGR0LQLVWpULRGD(GXFDomRGR*RYHUQR)HGHUDO
$1È/,6(
1R WRSR GD SiJLQD HVTXHUGD GHVWDFDVH R HQXQFLDGR ³ e $12 '( 3529$
%5$6,/´ 3HOR OXJDU TXH RFXSD HVVH HQXQFLDGR GHYH VHU R SULPHLUR IRFR GH DWHQomR GR
OHLWRUVHJXLGR GDV LPDJHQV ORJR DEDL[R GHOH RV Q~PHURV FUHVFHQWHVGR ,'(%TXH JXLDP D
OHLWXUDGRHQXQFLDGRDWpDLPDJHPTXHRFXSDDPDLRUSDUWHGDSiJLQDGLUHLWD±DPXOKHUTXH
HVWiVHQWDGD j PHVD GHVWDFDQGR R ,'(% GH R PDLRUMi DWLQJLGR$EDL[RGDPHVD TXH
VXVWHQWD RV tQGLFHV Ki RXWUR HQXQFLDGR YHUEDO ³2 ,'(% &5(6&( ( $ 48$/,'$'( '$
('8&$d­23Ò%/,&$$3$5(&(´HPPHQRUGHVWDTXHHPUHODomRjTXHOHMiPHQFLRQDGR
(VWHVVmRRVSULQFLSDLVHOHPHQWRVGHVWDSHoDSXEOLFLWiULDHQXQFLDGRVHLPDJHQVTXHRDXWRU
FULDGRUHVFROKHXHQIDWL]DUUHVHUYDQGRDHOHVRPDLRUHVSDoRGHQWURGRVOLPLWHVGRDQ~QFLR
1R FDQWR LQIHULRU HVTXHUGR GD SHoD SXEOLFLWiULD HQFRQWUDVH XP TXDGUR GH FDQWRV
DUUHGRQGDGRV EUDQFR RQGH VH LQVHUHP GRLV HQXQFLDGRV 3ULPHLUR HP FDL[DDOWD H OHWUDV
YHUGHVXPWH[WRTXHIDODVREUHDHYROXomRGDHGXFDomRQR%UDVLOQRV~OWLPRVGH]DQRVYHUD
VHJXLU )LJXUD (P VHJXLGD FRP OHWUDV PHQRUHV H SUHWDV Ki XP WH[WR PDLV H[WHQVR H
LQIRUPDWLYRTXH H[SOLFDDROHLWRURTXHpR,'(%ËQGLFHGH'HVHQYROYLPHQWRGD(GXFDomR
%iVLFD IDOD VREUH DV PHWDV GH TXDOLGDGH GD HGXFDomR IL[DGDV VREUH R DYDQoR FRQTXLVWDGR
GHVGH H DLQGD DSUHVHQWD D PHWD GHILQLGD SHOR JRYHUQR DWp R DQR GH (VWD ~OWLPD
LQIRUPDomRDSDUHFHGHVWDFDGDHPQHJULWR³1RVVDPHWDDWppDWLQJLUDQRWD±PpGLD
GRVSDtVHVGHVHQYROYLGRV´2SUy[LPRSDUiJUDIRFLWDD3URYD%UDVLOHIDODVREUHROLYUR3URYD
%UDVLO +i XPD LPDJHP UHGX]LGD GR OLYUR GD FDSD GR ODGR GLUHLWR GHVVH HQXQFLDGR 2
WHUFHLUR H ~OWLPR SDUiJUDIR FRQFOXL TXH ³FRP R HPSHQKR GH WRGRV D HGXFDomR S~EOLFD
EUDVLOHLUDYDLFRQWLQXDUQRFDPLQKRFHUWRRFDPLQKRGDTXDOLGDGH´
)LJ±5HFRUWHGRDQ~QFLRDQDOLVDGR
+i DLQGD HOHPHQWRV GH PHQRU GHVWDTXH QHVWD SHoD SXEOLFLWiULD 1RV FDQWRV VXSHULRU
GLUHLWR H LQIHULRU GLUHLWR UHVSHFWLYDPHQWH HVWmR R ORJRWLSR GR 3'( 3ODQR GH
'HVHQYROYLPHQWRGD(GXFDomRHGR0LQLVWpULRGD(GXFDomRGR*RYHUQR)HGHUDODSDODYUD
³(GXFDomR´HVWiGHVWDFDGDHPQHJULWR$SHoDSXEOLFLWiULDpHPROGXUDGDSRUGXDVPDUJHQV
XPD YHUGH H XPD EUDQFD HVWD GH PHQRU HVSHVVXUD HP UHODomR jTXHOD 7RGR FRQWH~GR GR
DQ~QFLRHVWiLQVFULWRQHVVDVPDUJHQVH[FHWRSDUWHGRTXDGUREUDQFRTXHFRQWpPRHQXQFLDGR
YHUEDO PDLV H[WHQVR SDUWH GD ILJXUD GR OLYUR 3URYD %UDVLO H R HQXQFLDGR YHUEDO GD PDUJHP
LQIHULRUGDSiJLQDGLUHLWDTXHVHHQFRQWUDWRWDOPHQWHGHQWURGDPDUJHPYHUGH³2FRQWH~GR
GHVVHOLYUR>OLYUR3URYD%UDVLO@HVWiGLVSRQtYHOSDUDGRZQORDGQRZZZPHFJRYEU´
$JRUDTXHMiDSUHVHQWDPRVVXSHUILFLDOPHQWHWRGRVRVHQXQFLDGRVTXHFRPS}HPRWRGR
GHVWD SHoD SXEOLFLWiULD YDPRV QRV DSURIXQGDU QD DQiOLVH GH FDGD XP GHOHV H LQGLFDU DV
UHODo}HV GLDOyJLFDV TXH HOHV HVWDEHOHFHP HQWUH VL H FRP RXWURV HQXQFLDGRV TXH HVWmR DOpP
GHVVDV GXDV SiJLQDV GD UHYLVWD /tQJXD 3RUWXJXHVD 7DPEpP SUHWHQGHPRV LGHQWLILFDU D
LPDJHPGHDXWRUTXHIDODDWUDYpVGHVVDSURSDJDQGDHDLPDJHPGHOHLWRUSUHVVXSRVWDSRUHVWH
HFRPRHOHVGLDORJDPHQWUHVL
2 DXWRUFULDGRU p DTXHOH TXH RUJDQL]D H HVWUXWXUD DV YiULDV SDUWHV TXH FRPS}HP R
HQXQFLDGR HP IXQomR GD PHQVDJHP GD LGHLD GD LQIRUPDomR TXH SUHWHQGH WUDQVPLWLU DR
VHX OHLWRU 2 WH[WR YHUEDO TXH PHUHFHX PDLRU GHVWDTXH QR DQ~QFLR p ³ e $12 '(
3529$ %5$6,/´ (VWH HQXQFLDGR QmR SDUHFH VHU R WtWXOR GR DQ~QFLR RX D LQIRUPDomR
SULQFLSDO PDV XPD FKDPDGD XPD SUHSDUDomR SDUD DOJR TXH R DXWRU DLQGD HVWi SRU GL]HU
&RQVLGHUDQGR TXH D SHoD SXEOLFLWiULD IRL YHLFXODGD QR DQR GH SRGHPRV GL]HU TXH R
DXWRUFULDGRU TXHU FKDPDU DWHQomR GR OHLWRU SDUD HVVH IDWR R IDWR GH HVWDUPRV HP DQR GH
3URYD%UDVLOHSUHVVXSRQGRXPDDWLWXGHUHVSRQVLYDGDSDUWHGHOH$TXLMiSRGHPRVFRPHoDU
DHVERoDUXPDLPDJHPGHOHLWRULGHDOSDUDRTXDORDXWRUGLULJHRVHXHQXQFLDGRDOJXpPTXH
GHYH VHU DOHUWDGR SDUD R IDWR GH TXH p DQR GH 3URYD %UDVLO SURIHVVRUHV DOXQRV
SURILVVLRQDLVUHODFLRQDGRVjHGXFDomR
2V tQGLFHV GR ,'(% HVWmR H[SRVWRV VREUH D PHVD
SRVLFLRQDGRVHPRUGHPFUHVFHQWHGRPHQRUSDUDRPDLRU±SRGHPRVLQFOXVLYHDILUPDUTXHD
GLIHUHQoD GH WDPDQKR HQWUH HOHV p GLUHWDPHQWH SURSRUFLRQDO j GLIHUHQoD GH YDORUHV TXH HOHV
UHSUHVHQWDPFRPRtQGLFHV9HU)LJXUDDVHJXLU6REDPHVDHDEDL[RGHVVHVQ~PHURVHVWi
R HQXQFLDGR ³2 ,'(% &5(6&( ( $ 48$/,'$'( '$ ('8&$d­2 3Ò%/,&$
$3$5(&(´2FUHVFLPHQWRGR,'(%pRTXHHVWiLPDJHWLFDPHQWHUHSUHVHQWDGRVREUHDPHVD
(VWH FUHVFLPHQWR H R DSDUHFLPHQWR GD TXDOLGDGH GD HGXFDomR S~EOLFD HVWmR LQWLPDPHQWH
UHODFLRQDGRVVHJXQGRRHQXQFLDGR$FRQMXQomRFRRUGHQDWLYDDGLWLYD³H´GLYLGHHPGXDVDV
LQIRUPDo}HVWUDQVPLWLGDVQHVWHWH[WRHDVHJXQGDDSDUHFHFRPRFRQVHTXrQFLDGDSULPHLUD2
IDWR GH D IUDVH WHU XPD ULPD LQWHUQD ³FUHVFH´ H ³DSDUHFH´ D WUDQVIRUPD QXPD HVSpFLH GH
MDUJmRSXEOLFLWiULR(VVDpXPDGDVLGHLDVTXHVXSRPRVRDXWRUFULDGRUTXHU³YHQGHU´GHTXH
D HGXFDomR S~EOLFD ILQDOPHQWH HVWi PRVWUDQGR WHU TXDOLGDGH H TXH LVVR p FRPSURYDGR SHOR
FUHVFLPHQWRGRËQGLFHGH'HVHQYROYLPHQWRGD(GXFDomR%iVLFDGRV~OWLPRVDQRV
)LJ±5HFRUWHGRDQ~QFLRDQDOLVDGR
2SUy[LPR HQXQFLDGR YHUEDOTXH DQDOLVDPRV p R SDUiJUDIR HP OHWUDVYHUGHVH FDL[D
DOWDGHQWURGRTXDGUREUDQFRTXHRFXSDDSDUWHLQIHULRUGDSULPHLUDSiJLQDGRDQ~QFLR9HU
)LJXUD
126Ò/7,026$126$6$9$/,$d®(6,17(51$&,21$,6&2/2&$5$0
2 %5$6,/ (175( 26 75Ç6 3$Ë6(6 48( 0$,6 (92/8Ë5$0 1$ ('8&$d­2 $
48$/,'$'( 0(/+2528 (0 72'26 26 1Ë9(,6 ( 1266$6 &5,$1d$6 (67­2
$35(1'(1'20$,6
1RSULPHLURSHUtRGRGHVWHSDUiJUDIRRDXWRUFULDGRUWUDQVPLWHGHIRUPDEHPVXFLQWD
H VXSHUILFLDO XPD LQIRUPDomR DR OHLWRU XWLOL]DQGR R GLVFXUVR LQGLUHWR QD FLWDomR GD YR] GD
DXWRULGDGHD³DYDOLDomRLQWHUQDFLRQDO´2VHJXQGRSHUtRGRQmRVHWUDWDSUHFLVDPHQWHGHXPD
LQIRUPDomR HPEDVDGD HP HVWXGRV RX DYDOLDo}HV PDV SRGH VHU LQWHUSUHWDGR FRPR XP
FRPHQWiULR SHVVRDO UHSUHVHQWDQGR XP SRVLFLRQDPHQWR FUtWLFR TXH VH TXH VH FRQIXQGH FRP
XPDLQIRUPDomR LQGXELWiYHO±XP IDWR(VVHSULPHLURSDUiJUDIRTXHUHFHEHPDLRUGHVWDTXH
SHODV OHWUDV YHUGHV H PDL~VFXODV WHP XP FDUiWHU GH WH[WR LQIRUPDWLYR TXH DSUHVHQWD IDWRV
FRQFUHWRVTXHIRUDPYHULILFDGRVHPDYDOLDo}HVLQWHUQDFLRQDLV3RUpPKiIDOWDGHSUHFLVmRHP
DOJXPDV DILUPDo}HV TXH VmR IHLWDV SULQFLSDOPHQWH QR VHJXQGR SHUtRGR $ILUPDU TXH ³$
TXDOLGDGHGDHGXFDomRPHOKRURXHPWRGRVRVQtYHLV´JULIRVDGLFLRQDGRVpDGRWDUXPSRQWR
GH YLVWD LQGHWHUPLQDGR H GL]HU TXH ³QRVVDV FULDQoDV HVWmR DSUHQGHQGR PDLV´ p XPD
LQIRUPDomRSRXFRHVSHFtILFD1RHQWDQWRDYR]HRHVWLORDVVXPLGRVSHORDXWRUFULDGRUGmRD
HOHXPDSRVWXUDGHGHWHQWRUGDLQIRUPDomRTXHpWUDQVPLWLGDDRVHXOHLWRU$LQWHQomRGHVVH
HQXQFLDGR QmR p DEULU XPD GLVFXVVmR VREUH D TXDOLGDGH GD (GXFDomR HOH LQIRUPD TXH D
TXDOLGDGH GD HGXFDomRS~EOLFD PHOKRURX$LQGDVREUHHVVHSDUiJUDIR p SUHFLVR DILUPDU TXH
QRSULPHLURSHUtRGRpWUDQVPLWLGRTXH³R%UDVLOHVWiHQWUHRVWUrVSDtVHVTXHPDLVHYROXtUDP
QDHGXFDomR´HHVWDpD~QLFDLQIRUPDomRTXHQRVpGDGDVREUHDV³DYDOLDo}HVLQWHUQDFLRQDLV´
2DXWRUFULDGRUHVFROKHRIHUHFHUDSHQDVHVVHIDWRDRVHXOHLWRURPLWHSRUH[HPSORDSRVLomR
DWXDOTXHR%UDVLORFXSDQRUDQNLQJGDHGXFDomRPHVPRFRPWRGRHVVHFUHVFLPHQWRSRLVLVVR
IXJLULD GD LQWHQomR SUHVVXSRVWD GR DXWRU TXH FRPR Mi GLVVHPRV QmR p S{U HP FKHTXH D
TXDOLGDGHGDHGXFDomRS~EOLFD
2WH[WRTXHVHJXHQmRUHFHEHRPHVPRGHVWDTXHTXHRDQWHULRUDSUHVHQWDVHHPIRQWH
HPWDPDQKRPHQRUSUHWDHVHPSUHGRPLQkQFLDGHFDL[DDOWD2SULPHLURSDUiJUDIRGRVWUrV
TXHVHJXHPFRPHVVDIRUPDWDomRH[SOLFDDROHLWRURTXHpR,GHEWDQWRRVLJQLILFDGRGDVLJOD
ËQGLFH GH 'HVHQYROYLPHQWR GD (GXFDomR %iVLFD TXH p GHFLIUDGR QR FRPHoR GR SULPHLUR
SHUtRGR TXDQWR D VXD LPSRUWkQFLD H FRPR HOH p GHWHUPLQDGR 6HJXQGR HOH R ,GHE ³PHGH D
TXDOLGDGH GH PDLV GH PLO HVFRODV S~EOLFDV GR SDtV´ H HVWH tQGLFH p IRUPDGR SHOD
FRPELQDomRGHWUrVGDGRVQ~PHURGHHYDV}HVGHUHSHWrQFLDHQRWDVGD3URYD%UDVLO$SDUWLU
GHVVHSRQWRFRPHoDDILFDUFODUDDROHLWRUDUHODomRTXHKiHQWUHD3URYD%UDVLOPHQFLRQDGD
DSHQDVQRWH[WR³WtWXOR´GDSHoDSXEOLFLWiULDDTXHOHHPPDLRUGHVWDTXHQRWRSRGDSiJLQDGD
HVTXHUGDHR,GHETXHUHFHEHXGHVWDTXHMXQWRDRVWH[WRVQmRYHUEDLVFRPRMiYLPRV3URYD
%UDVLO ,GHE H ³TXDOLGDGH GD HGXFDomR S~EOLFD´ VmR HOHPHQWRV TXH HVWmR LQWLPDPHQWH
HVWDEHOHFHQGRUHODo}HVGLDOyJLFDVHQWUHVL$3URYD%UDVLOGHWHUPLQDR,GHETXHSRUVXDYH]
UHIOHWH D TXDOLGDGH GD HGXFDomR S~EOLFD 2 DXWRUFULDGRU HVWUXWXUD R HQXQFLDGR GD SHoD
SXEOLFLWiULDGHIRUPDDPHQFLRQDUVHSDUDGDPHQWHRVHOHPHQWRVQRVHQXQFLDGRVTXHUHFHEHP
PDLRUGHVWDTXHSDUDVyGHSRLVUHODFLRQiORVQRWH[WRPDLVH[WHQVRHFRPFDUiWHULQIRUPDWLYR
TXH VHJXH DEDL[R $ LGHLD TXH D SHoD SXEOLFLWiULD SDUHFH TXHUHU YHQGHU p JUDGDWLYDPHQWH
FRQVWUXtGD3ULPHLURRDXWRUFULDGRUFKDPDDWHQomRGROHLWRUGHSRLVDVVXPLQGRXPDSRVLomR
GH GHWHQWRU GD LQIRUPDomR H GD YHUGDGH HPEDVDGR HP GDGRV HOH R LQVWUXL H DOHUWD &RPR
YHUHPRV D VHJXLU R HQXQFLDGR FRQYLGD RX ³DOLVWD´ R OHLWRU D DMXGDU D ID]HU FRP TXH D
HGXFDomRS~EOLFDEUDVLOHLUDDWLQMDDVXDPHWD
1RSHUtRGR³'HVGHDYDQoDPRVPXLWR´JULIRDGLFLRQDGRQRWDPRVXPDPDUFD
GHSHVVRDOLGDGHQRGLVFXUVR2YHUER³DYDQoDPRV´QDSULPHLUDSHVVRDOGRSOXUDOLQGLFDXP
SRVLFLRQDPHQWR GDTXHOH TXH IDOD H DR PHVPR WHPSR SURGX] XP VHQWLGR GH DPELJXLGDGH
SRGHPRV VXSRU TXH R DXWRU IDOD HP QRPH GH PDLV GH XPD SHVVRD HP QRPH GD QDomR GR
*RYHUQR )HGHUDO HWF RX TXH HOH LQFOXL R OHLWRU QHVVH DYDQoR FRORFDVH MXQWR GR OHLWRU
HVWDEHOHFHQGR XPD SUR[LPLGDGH FRP HOH 1R SHUtRGR VHJXLQWH D PDUFD GH VXEMHWLYLGDGH
FRQWLQXDSUHVHQWHGHVVDYH]QRSURQRPHSRVVHVVLYR³1RVVDPHWDDWppDWLQJLUDQRWD
± PpGLD GRV SDtVHV GHVHQYROYLGRV´ JULIR DGLFLRQDGR 2 PHVPR UHFXUVR HVWLOtVWLFR IRL
XWLOL]DGRHPRXWURHQXQFLDGRTXHDQDOLVDPRVDQWHULRUPHQWHQRH[FHUWR³QRVVDVFULDQoDV
HVWmR DSUHQGHQGR PDLV´ JULIR DGLFLRQDGR 1HVWH FDVR ³QRVVDV FULDQoDV´ ID] UHIHUrQFLD jV
FULDQoDVHVWXGDQWHVEUDVLOHLUDVROHLWRUpDVVLPFRPRRDXWRUSDUWHGDTXHOHVEUDVLOHLURVTXH
WrPDSRVVHGDVFULDQoDVVRPRVEUDVLOHLURVDVFULDQoDVEUDVLOHLUDVVmRQRVVDVFULDQoDV1R
RXWURFDVRRIDWRGHROHLWRUWHURXQmRUHODomRFRPRSURQRPHSRVVHVVLYRQmRpWmRH[SOtFLWR
GDQGR PDUJHP j DPELJXLGDGH PDLV XP YH] $ ³PHWD´ GHYH VHU DWLQJLGD SHOR *RYHUQR
)HGHUDO WmR VRPHQWH TXH IDOD HP SULPHLUD SHVVRD RX QyV OHLWRUHV WDPEpP VRPRV
SRVVXLGRUHVHUHVSRQViYHLVSRUDWLQJLUHVVDPHWD"$UHVSRVWDDHVVDSHUJXQWDVHUiGDGDPDLV
DGLDQWH
$WHQWHPRV DJRUD SDUD RXWUR UHFXUVR XWLOL]DGR QR HQXQFLDGR IXQGDPHQWDO SDUD D
DQiOLVH (VWH ~OWLPR SHUtRGR TXH HVWDPRV DQDOLVDQGR HVWi HP QHJULWR ,VWR VLJQLILFD TXH R
DXWRUFULDGRU GHFLGLX GDU GHVWDTXH D HOH 2 GHVWDTXH QmR IRL GDGR DSHQDV SHOR IDWR GH HVVH
HQXQFLDGR FRQWHU XPD LQIRUPDomR GDV PDLV LPSRUWDQWHV PDV SDUD FKDPDU XPD DWHQomR
HVSHFLDOGROHLWRUSDUDHVVDLQIRUPDomR1mRJUDWXLWDPHQWHHVVHSHUtRGRYHPVHJXLGRGDTXHOH
RQGH QRWDPRV D PDUFD GD SULPHLUD SHVVRD GR SOXUDO H DJRUD WHPRV R SURQRPH SRVVHVVLYR
³QRVVD´(VVHVLQGtFLRVFRPSURYDPTXHRSHUtRGRHPTXHVWmRHVWiGHVWDFDGRGRVGHPDLVSRU
UHSUHVHQWDU XP GLiORJR GLUHWR GR DXWRU FRP R VHX OHLWRU R DXWRUFULDGRU FKDPD DWHQomR GR
OHLWRUSDUDHVVHHQXQFLDGRSRUTXHDPHWDQmRpVyGHOHTXHIDODRXGR*RYHUQRHPQRPHGH
TXHPHOHIDODPDVGHWRGRVHRDXWRUFULDGRUSUHFLVDTXHROHLWRUYHMDLVVRHVHLQFOXDQHVVH
WRGR$OpPGLVVRVHFRPRMiGLVVHPRVDSHoDSXEOLFLWiULDTXHHVWDPRVDQDOLVDQGRSUHWHQGH
YHQGHUXPDLGHLDDTXDOLGDGHGDHGXFDomRPHOKRURXHVWiERDHYDLFRQWLQXDUPHOKRUDQGR±
R ,GHE GHWHUPLQDGR SHORV UHVXOWDGRV GD 3URYD %UDVLO FRPSURYD LVVR HVVH HQXQFLDGR
UHSUHVHQWD D FRQFUHWL]DomR GHVVD LGHLD XPD YH] TXH SDUD TXH HOD VH FRQILJXUH FRPR XPD
YHUGDGHpQHFHVViULRTXHR%UDVLODWLQMDDVXDPHWDDWp±LVVRSURYDULDTXHDHGXFDomR
S~EOLFD FRQWLQXRX PHOKRUDQGR H TXH R *RYHUQR HP FRQMXQWR FRP D VRFLHGDGH IH] D VXD
SDUWHGHIRUPDVDWLVIDWyULD
&RPR Mi GLVVHPRV R DXWRUFULDGRU FULD XP GLVFXUVR GH WRP SRVLWLYR DVVHUWLYR GH
PRGRTXHQmRTXHVWLRQDDTXDOLGDGHGDHGXFDomREiVLFDHQmRLQFLWDROHLWRUDID]HURPHVPR
6HJXQGRQRVVDLQWHUSUHWDomRGRHQXQFLDGRDHGXFDomRS~EOLFDPHOKRURXHHVWiPRVWUDQGRD
VXDTXDOLGDGH3RUpPQDTXLORTXHQmRpGLWRRXQRLQWHUGLWRSRGHPRV³RXYLU´DVYR]HVTXH
GLDORJDP HP SRVLomR GH FRQIOLWR FRP D LGHLD SUHVHQWH QR HQXQFLDGR ± SURYDYHOPHQWH
GDTXHOHV TXH QmR ³FRPSUDULDP´ D LGHLD TXH HVVD SHoD SXEOLFLWiULD TXHU YHQGHU 2 GLVFXUVR
FRQIOLWDQWH SRGH VHU H[WUDtGR GR PHVPR HQXQFLDGR YDOHQGRVH GRV PHVPRV HOHPHQWRV
LQWHUQRVGHVWHVHOHFLRQDGRVSHORVHXDXWRUFULDGRUEDVWDTXHSDUDHOHVVHMDODQoDGRXPRXWUR
ROKDU XPD RXWUD SHUVSHFWLYD H HVWUXWXUDGRV GH RXWUD IRUPD 2 TXH SUHWHQGHPRV PRVWUDU p
FRPR D FRPSUHHQVmR UHVSRQVLYD GH XP HQXQFLDGR SRGH SRVVLELOLWDU R FRQIOLWR GH LGHLDV DV
RXWUDVYR]HVDSRVLomRFRQWUiULDjTXHODGHIHQGLGDSHORHQXQFLDGRU2HQXQFLDGRTXHHVWDPRV
DQDOLVDQGRHVVDSHoDSXEOLFLWiULDDRPHVPRWHPSRHPTXHYHQGHXPDLGHLD±GHIHQGHXPD
LGHRORJLD ± GLDORJD FRP RXWURV GLVFXUVRV TXH VmR H[WHUQRV VRFLDOPHQWH FRQVWUXtGRV H TXH
UHIXWDP HVVD LGHLD 2 HQXQFLDGR p XP HOR GHQWUR GD FDGHLD GH GHWHUPLQDGR FDPSR GD
FRPXQLFDomRGLVFXUVLYDRTXHTXHUHPRVPRVWUDUpFRPRVHGiHVVHGLiORJRQHVVHHQXQFLDGR
1RH[FHUWRTXHGL]³1RVVDPHWDDWppDWLQJLUDQRWD´DOpPGDFDUDFWHUtVWLFD
HVWLOtVWLFDLPSRUWDQWHMiDQDOLVDGDR HPSUHJRQRSURQRPHSRVVHVVLYRGDSULPHLUDSHVVRD GR
SOXUDOKiDLQGDGXDVLQIRUPDo}HVVXPDPHQWHLPSRUWDQWHVDUHIHUrQFLDDXPDGDWDTXHpR
SUD]RSDUDVHDWLQJLUDPHWDHDUHIHUrQFLDjQRWDTXHpDSUySULDPHWDDVHUDWLQJLGD1R
HQWDQWRRTXHQmRpPHQFLRQDGRQRHQXQFLDGRPDVTXHHVWiLPSOtFLWRpTXHRFUHVFLPHQWR
GR ËQGLFH GH 'HVHQYROYLPHQWR GD (GXFDomR %iVLFD DWp VHUi PXLWR EDL[R PDLV EDL[R
LQFOXVLYH GR TXH R FUHVFLPHQWR TXH Mi YLQKD VHQGR DOFDQoDGR DWp HQWmR $Wp VmR
DSUR[LPDGDPHQWHDQRVR,GHEGHIRLGHHDPHWDSDUDpGHSRQWRVORJR
DSURSRVWDTXHVHHVWiVHQGRIHLWDpGHXPFUHVFLPHQWRGR,GHEPHQRUGRTXHGHSRQWRSRU
DQR DSUR[LPDGDPHQWH R TXH p UHODWLYDPHQWH PXLWR SRXFR (VVD LQIRUPDomR HVWi
SUHVHQWH QR HQXQFLDGR ±SRGH VHU H[WUDtGDGHOH±PDVQmRHVWiVHQGRGLWD8PGLVFXUVR GH
RSRVLomR SURYDYHOPHQWH H[SORUDULD RV PHVPRV GDGRV GH TXH VH YDOH R GLVFXUVR SUHVHQWH QD
SHoDSXEOLFLWiULDPDVDVVXPLQGRXPDRXWUDSRVWXUDWUDEDOKDQGRRHQXQFLDGRDSDUWLUGHRXWUD
SHUVSHFWLYD±FRPRH[HPSORRTXHDFDEDPRVGHID]HUPRVWUDULDDTXLORTXHQmRIRLGLWRSHOR
HQXQFLDGRU GHVVD SHoD SXEOLFLWiULD 2 DXWRUFULDGRU GD SHoD QmR TXHVWLRQD R FUHVFLPHQWR GD
HGXFDomRS~EOLFDVyRPRVWUDDVVXPLQGRXPSRQWRGHYLVWDRWLPLVWD
$LQGDQRILQDOGHVVHSDUiJUDIRWHPRVDLQIRUPDomRGHTXHDQRWDTXHVHSUHWHQGH
DWLQJLU p D ³PpGLD GRV SDtVHV GHVHQYROYLGRV´ 6XSRPRV SRUWDQWR TXH R TXH PRWLYRX R
HVWDEHOHFLPHQWRGHVVHYDORUHVSHFtILFRFRPRPpGLDIRLRIDWRGHHVVDVHUDPpGLDGRVSDtVHV
GHVHQYROYLGRV DJRUD (VVH H[FHUWR GR HQXQFLDGR GLDORJD FRP XPD YLVmR GH TXH DWLQJLQGR
HVVDPHWDR%UDVLOHVWDUiQRQtYHOGRVSDtVHVGHVHQYROYLGRVRXDLQGDTXHHOHVHWRUQDUiXP
SDtVGHVHQYROYLGRQRTXHGL]UHVSHLWRjHGXFDomR2DXWRUFULDGRUTXHSDUHFHTXHUHUYHQGHU
HVVD LGHLD GR FRQWUiULR HVVD LQIRUPDomR QmR HVWDULD HP GHVWDTXH RX DWp PHVPR QmR VHULD
GDGDYLVWRTXHQmRDFUHVFHQWDULDQHQKXPRXWURVHQWLGRDRWH[WRSRGHHQFRQWUDURSRVLomRQD
YR]GRRXWURTXHDWHQWDSDUDRIDWRGHTXHGDTXLDGH]DQRVDPpGLDGRVSDtVHVGHVHQYROYLGRV
SRGHVHURXWUDPDLVDOWD
2 SDUiJUDIR VHJXLQWH FRPHoD FRP ³(VWH DQR p DQR GH 3URYD %UDVLO´ XP GLVFXUVR
TXDVHLGrQWLFR jTXHOH HP GHVWDTXHTXHRFXSDRWRSRGDSiJLQDVHP RIHUHFHU PDLV GHWDOKHV
VREUHDSURYD$VLQIRUPDo}HVVREUHHVVHH[DPHSRGHPVHUHQFRQWUDGDVQROLYUR3URYD%UDVLO
TXHYDLVHUGLVWULEXtGRDWRGDVDVHVFRODVS~EOLFDV±pLVVRTXHpGLWRQRSHUtRGRTXHVHVHJXH
$LQGDpPHQFLRQDGRTXHRH[DPHVHUiDSOLFDGRHPQRYHPEURVHPSUHFLVmRGHGDWD2TXH
LPSRUWDpDWHQWDUSDUDRVSRXFRVPHVHVTXHIDOWDPSDUDD3URYD%UDVLO2SDUiJUDIRVHHQFHUUD
FRP D VHJXLQWH IUDVH ³3URIHVVRU PRELOL]H D VXD HVFROD´ JULIR DGLFLRQDGR 2 YRFDWLYR
³3URIHVVRU´UHYHODDTXHPRDXWRUGLUHWDPHQWHVHGLULJHQHVVHH[FHUWRGHHQXQFLDGRHOHFULD
XPDLPDJHPGRRXWURGROHLWRUDTXHPVXDSDODYUDpGHVWLQDGD2YRFDWLYRFRUURERUDFRPD
KLSyWHVH TXH OHYDQWDPRV DQWHULRUPHQWH GH TXH R DXWRUFULDGRU IDOD QD SULPHLUD SHVVRD GR
SOXUDOHPQRPHGHVLPHVPRHGDTXHOHDTXHPHOHVHGLULJHQXPDUHODomRGHSUR[LPLGDGHGH
WUDEDOKRHPFRQMXQWR$TXLQRILQDOGRSDUiJUDIRTXHHVWDPRVDQDOLVDQGRRORFXWRUSHGHSDUD
TXH RSURIHVVRU IDoD DSDUWH GHOH TXH p PRELOL]DU ³D VXD HVFROD´ $ PHWD D VHU DWLQJLGD DWp
pWDPEpPUHVSRQVDELOLGDGHGRSURIHVVRU³1RVVDPHWD´pRTXHRDXWRUFULDGRUHVWiQRV
GL]HQGRDWUDYpVGHVVHHQXQFLDGR
1R SUy[LPR H ~OWLPR SDUiJUDIR QRV p GLWR TXH ³&RP R HPSHQKR GH WRGRV ± SDLV
DOXQRV SURIHVVRUHV JHVWRUHV H WRGD D VRFLHGDGH ± D HGXFDomR S~EOLFD YDL FRQWLQXDU QR
FDPLQKR FHUWR R FDPLQKR GD TXDOLGDGH´ 2 DXWRUFULDGRU HVSHFLILFD D TXHP HOH VH UHIHUH
TXDQGRXWLOL]DRSURQRPH³WRGRV´PHQFLRQD³SDLVDOXQRVSURIHVVRUHVJHVWRUHV´HSRUILP
JHQHUDOL]DUHIHULQGRVHD³WRGDDVRFLHGDGH´1RWDPRVSRLVTXHRSURQRPH³WRGRV´UHIHUH
VH OLWHUDOPHQWH D WRGRV (QWUHWDQWR R FDWiORJR GH VXEVWDQWLYRV TXH VH DSUHVHQWD HQWUH
WUDYHVV}HVQmRpJUDWXLWR$VSHVVRDVOLJDGDVjHGXFDomRVHMDPSURILVVLRQDLVRXDOXQRVHSDLV
GH DOXQRV VmR FRORFDGDV HP GHVWDTXH PDV DLQGD DVVLP VXSRPRV TXH D LGHLD TXH VH TXHU
SDVVDUpGHTXHQLQJXpPHVWiDOKHLRHLVHQWRGHUHVSRQVDELOLGDGHSHODPHOKRULDGDHGXFDomR
HP QRVVR SDtV 3RU HVVH SRQWR GH YLVWD SRGHPRV HQWHQGHU TXH D LPDJHP GH DXWRU TXH VH
SUHWHQGH FULDU p GDTXHOH TXH QmR IDOD DSHQDV HP QRPH GH XP yUJmR GR JRYHUQR RX GR
*RYHUQR)HGHUDOHPVLPDVHPQRPHGDQDomR%UDVLOHLUD
1R ILQDO GR HQXQFLDGR Ki XPD H[SOLFDomR GH TXDO p R FDPLQKR FHUWR UHIHULGR 2
³FDPLQKRFHUWR´pR³FDPLQKRGDTXDOLGDGH´$LGHLDWHPSRUDOGHSDVVDGRSUHVHQWHHIXWXUR
FRPXPDHGXFDomRGHTXDOLGDGHTXHYLHPRVGLVFXWLQGRDWpDTXLHVWiVXPDUL]DGDQHVVH~OWLPR
SDUiJUDIR QR XVR GH WHUPRV FRPR ³FRQWLQXDU´ H ³FDPLQKR´ DPERV GD IRUPD FRPR HVWmR
HPSUHJDGRVH[SUHVVDPDLGHLDGHDQGDPHQWRGHDOJRHPFRQWLQXLGDGH$HGXFDomRS~EOLFD
VHJXQGRRHQXQFLDGRHVWiVHJXLQGRXPFDPLQKRHVWiHPDQGDPHQWRHODQmRHVWiQR³SRQWR
FHUWR´ PDV QR ³FDPLQKR FHUWR´ DOJR FRQVWDQWH H FRQWtQXR HP WUkQVLWR (OD VHJXH HVVH
FDPLQKR GHVGH SDVVDGR DWp RV GLDV GH KRMH SUHVHQWH H YDL FRQWLQXDU VHJXLQGR
IXWXURDWpDPHWDVHU DWLQJLGD(TXDOpHVVHFDPLQKR"eR³FDPLQKRGDTXDOLGDGH´&RP
LVVRRDXWRUSDUHFHTXHUHUQRVGL]HUTXHDHGXFDomRS~EOLFDMiHVWiFRPTXDOLGDGHSRLVTXH
HOD QmR HVWi ³D FDPLQKR GD TXDOLGDGH´ $ TXDOLGDGH Mi IRL DOFDQoDGD &RPR GLWR QXP
HQXQFLDGRDQWHULRUPHQWHDQDOLVDGRDTXHOHORJRDEDL[RPHVDTXHVXVWHQWDRVtQGLFHVGR,GHE
DTXDOLGDGHGDHGXFDomRS~EOLFDMiDSDUHFHXFRPRYHLRDFRQILDUR,GHE$JRUDUHVWDVHJXLU
HPIUHQWHQHVVHFDPLQKRFRPRHPSHQKRGHWRGRV(YLGHQFLDVHPDLVXPDYH]DLQWHQomR
SUHVVXSRVWDGRDXWRUGHQmRTXHVWLRQDUVHDHGXFDomRS~EOLFDWHPTXDOLGDGHPDVGHDILUPDU
TXHVLPHODWHPHGHYHFRQWLQXDUWHQGRPHOKRUDQGR
$ LPDJHP TXH YHPRV DR ODGR GR TXDGUR EUDQFR RQGH HVWi LQVHULGR WRGR HVVH
HQXQFLDGRYHUEDOTXHDFDEDPRVGHDQDOLVDUpDGDFDSDGHXPH[HPSODUGROLYUR3URYD%UDVLO
DVHJXLU)LJXUD
)LJ±5HFRUWHGRDQ~QFLRDQDOLVDGR
9HPRV D LPDJHP GH XP SURGXWR TXH IRL PHQFLRQDGR QR WH[WR $ LPDJHP p PXLWR
SHTXHQDSDUDTXHSRVVDPRVGLVWLQJXLUFRPH[DWLGmRRVHOHPHQWRVTXHDFRPS}HPHWDPEpP
IRJHGRVQRVVRVREMHWLYRVDQDOLViODHPGHWDOKHV0DVGHYHPRVGHVWDFDUXPHOHPHQWRGDFDSD
GROLYURTXHWHPVXDLPSRUWkQFLDSDUDRQRVVRWUDEDOKRGHDQiOLVHSRUGLDORJDUHVWHWLFDPHQWH
FRPDSHoDSXEOLFLWiULDTXHHVWDPRVDQDOLVDQGR+iGXDVIDL[DVYHUGHVQDVPDUJHQVGLUHLWDH
HVTXHUGDGROLYURFRPRSRGHPRVYHU&RPRMiGHVFUHYHPRVQRLQtFLRGRSUHVHQWHFDStWXOR
Ki XPD PDUJHP YHUGH FRQWRUQDQGR D SHoD SXEOLFLWiULD 7DPEpP VmR YHUGHV RV Q~PHURV GR
,GHEGHXPSUHHQFKLPHQWRJUDGLHQWHHPGHVWDTXHVREUHDPHVDHRWH[WRTXHDSDUHFHSRU
SULPHLUR GHQWUR GR TXDGUR EUDQFR GD SDUWH LQIHULRU HVTXHUGD GD SHoD SXEOLFLWiULD 3RGHPRV
UHODFLRQDU HVVD RSomR HVWpWLFD SHOD FRU YHUGH DR IDWR GH HVVD FRU WDPEpP HVWDU SUHVHQWH QRV
ORJRWLSRVGR*RYHUQR)HGHUDOQRFDQWRLQIHULRUGLUHLWRHGR3'(3ODQRGH'HVHQYROYLPHQWR
GD (GXFDomR QR FDQWR VXSHULRU HVTXHUGR )LFD HYLGHQWH TXH D HVWpWLFD GD SHoD SXEOLFLWiULD
GLDORJDFRPDHVWpWLFDGROLYUR3URYD%UDVLO
1DV GHPDLV LPDJHQV TXH FRQVWLWXHP D SHoD SXEOLFLWiULD Ki D SUHGRPLQkQFLD GH WRQV
FODURV H GD FRU EUDQFD Ki WDPEpP D FRU SUHWD PDV VHP SUHGRPLQkQFLD 7DLV FRUHV GmR j
LPDJHPXPDDSDUrQFLDGHFODULGDGHGHOLPSH]DGmRDRHQXQFLDGRXPDHVWpWLFDFOHDQ$LQGD
QRWDPRV RV PHWDLV H D FRU SUDWD UHOX]HQWH QR VXSRUWH GD PHVD GD FDGHLUD H QRV VDSDWRV GD
PRoD2FKmRDSDUHQWHPHQWHGHPDGHLUDFRPURGDSpQRHQFRQWURFRPDSDUHGHDVVHPHOKD
VHDRGHXPDVDODGHDXODQmRFRPRDVTXHJHUDOPHQWHYHPRVHPHVFRODVS~EOLFDVPDVXPD
VDODGHDXODLGHDOL]DGD$PHVDHDFDGHLUDSRVVXHPGHVLJQVPRGHUQRVFRPRQmRpFRPXP
YHULILFDUVHHPHVFRODVS~EOLFDVEUDVLOHLUDV
$ DQiOLVH GD LPDJHP HQXQFLDGR QmR YHUEDO GR HVSDoR UHSUHVHQWDGR QD SHoD
SXEOLFLWiULD QRV OHYD D FRQFOXLU TXH VH WUDWD GH XPD LGHDOL]DomR GH DPELHQWH GH WUDEDOKR GH
SURILVVLRQDLVGDHGXFDomR±XPORFDOGHTXDOLGDGH
$PXOKHUTXHDSDUHFHQDLPDJHPHVWiVRUULQGRYHUDVHJXLU)LJXUDVHQWDGDVREUH
D FDGHLUD FRP XPD SRVWXUD FRUUHWD FRP D SHUQD GLUHLWD XP SRXFR DGLDQWDGD HP UHODomR j
HVTXHUGDHVWiFRPXPDPmRDSRLDGDVREUHDPHVDHDRXWUDDSRQWDQGRSDUDR,GHEGH
(ODHVWiEHPYHVWLGDGHEOXVDHVDSDWRVEUDQFRVHFRPXPDFDOoDSUHWD2FRQWUDVWHHQWUHR
SUHWR H R EUDQFR EHP GLVWULEXtGRV HQWUH VXDV SHoDV GH URXSD H D FRU GR VHX FDEHOR Gi
HTXLOtEULRHKDUPRQLDjLPDJHP&RQVLGHUDQGRTXHRHVSDoRUHSUHVHQWDGRpXPDLGHDOL]DomR
GH DPELHQWH GH WUDEDOKR GH XP SURILVVLRQDO GD HGXFDomR D PRoD TXH DSDUHFH QD LPDJHP
UHSUHVHQWD SRLV D LGHDOL]DomR GH XPD SURILVVLRQDO GD HGXFDomR WDOYH] XPD SURIHVVRUD TXH
WUDEDOKD IHOL] ± YLGH VHX VRUULVR ± HP XP SDtV RQGH D HGXFDomR WHP TXDOLGDGH TXH p
FUHVFHQWH
)LJ±5HFRUWHGRDQ~QFLRDQDOLVDGR
3DUD ILQDOL]DU D DQiOLVH H LQWHUSUHWDomR GDV LPDJHQV FRPR HQXQFLDGRV DWHQWDUHPRV
SDUD RV HOHPHQWRV TXH GHVWRDP HVWHWLFDPHQWH GRV GHPDLV QR TXH GL] UHVSHLWR jV FRUHV D
VHJXLU)LJXUD$VYtUJXODVTXHVHSDUDPRVQ~PHURVLQWHLURVGRVGHFLPDLVQDUHSUHVHQWDomR
GDVQRWDVGR,GHEVREUHDPHVDVmRYHUPHOKDV
)LJ±5HFRUWHGRDQ~QFLRDQDOLVDGR
5HODFLRQDPRV HVVD FRU YHUPHOKD j FRU GR SDUWLGR GD SUHVLGrQFLD GD 5HS~EOLFD
)HGHUDWLYDGR%UDVLOR373DUWLGRVGRV7UDEDOKDGRUHV(VVDSRGHVHUXPDIRUPDVXEOLPLQDU
GHRSDUWLGRLPSULPLUDVXDDVVLQDWXUDHVHFRORFDUGHDOJXPDIRUPDQDYR]GHVVHJRYHUQR
TXHQRVIDODQRHQXQFLDGRDQDOLVDGR
$SyVHVVDDQiOLVHGRHQXQFLDGRFRQFOXtPRVTXHDTXHVWmRGRGLDORJLVPRHVWiSUHVHQWH
QmR VRPHQWH QR FRQIOLWR GH YR]HV VRFLDLV QR GLVFXUVR DGRWDGR SHOR VHX DXWRUFULDGRU PDV
WDPEpP QR GLiORJR HVWDEHOHFLGR FRP R VHX LQWHUORFXWRU 7DPEpP HYLGHQFLDPRV DV UHODo}HV
TXHVHHVWDEHOHFHP HQWUH RV WH[WRV YHUEDLV H DV LPDJHQV TXH FRPS}HP DSHoDSXEOLFLWiULD D
ILP GH UHIRUoDU D LGHRORJLD SUHVHQWH QD YR] GLVFXUVLYD GR DXWRUFULDGRU PDQLIHVWDQGRVH QR
WRGR GR HQXQFLDGR 2V GLYHUVRV HQXQFLDGRV YHUEDLV H QmR YHUEDLV FRQVWURHP XP WRGR GH
VHQWLGR(VWDFRQVWDWDomRFDUDFWHUL]DHVVHGHWHUPLQDGRJrQHURGRGLVFXUVRQRTXHGL]UHVSHLWR
D VXD IRUPD FRPSRVLFLRQDO D SHoD SXEOLFLWiULD HQJORED GLYHUVRV RXWURV HQXQFLDGRV
HVWUDWHJLFDPHQWH VHOHFLRQDGRV H HVWUXWXUDGRV SDUD FRQVWUXLU XPD XQLGDGH 1D TXHVWmR GR
HVWLORSXGHPRVQRWDUTXHDOLQJXDJHPXWLOL]DGDSURGX]XPDLPDJHPGHDXWRU±DXWRUFULDGRU
± TXH IDOD FRP FHUWR WRP GH DXWRULGDGH FRPR GHWHQWRU GH XPD LQIRUPDomR TXH GHYH VHU
SDVVDGDDRLQWHUORFXWRU(OHQmRGHPRQVWUDXPDSRVWXUDFUtWLFDHQmRID]TXHVWLRQDPHQWRVp
DVVHUWLYRSUHFLVRHVXFLQWRDRWUDQVPLWLUHVVDLQIRUPDomR±GDTXDOHOHpRGHWHQWRU±DRVHX
GHVWLQDWiULR(VVDVFDUDFWHUtVWLFDVREVHUYDGDVQR JrQHURFRQWULEXHP FRP DLQWHQomRGHGL]HU
GR DXWRUFULDGRU DTXHOH TXH IDOD DWUDYpV GR HQXQFLDGR TXH GLDORJD GLUHWDPHQWH FRP R
LQWHUORFXWRU LQFRUSRUD YR]HV VRFLDLVDRVHXGLVFXUVRDRPHVPR WHPSR HP TXH GLDORJD FRP
YR]HVVRFLDLVTXHH[SUHVVDPLGHRORJLDVFRQWUiULDVjVXD
&216,'(5$d®(6),1$,6
2 DXWRU FULD XPD LPDJHP GR VHX GHVWLQDWiULR $ FRQVLGHUDomR GR GHVWLQDWiULR H D
DQWHFLSDomR GH VXD DWLWXGH UHVSRQVLYD VmR GHWHUPLQDQWHV SDUD D HVFROKD GH XP GLVFXUVR
HVSHFtILFRGRVHOHPHQWRVFRPSRVLFLRQDLVHSRU~OWLPRGRHVWLORGRHQXQFLDGR%$.+7,1
$ DQiOLVH GD SHoD SXEOLFLWiULD DWUDYpV GD SHUVSHFWLYD EDNKWLQLDQD QRV SHUPLWLX QmR
VRPHQWHSHQVDUQDVUHODo}HVGLDOyJLFDVHQWUHRVHQXQFLDGRVPDVWDPEpPQHVVHGLiORJRTXHR
DXWRUHVWDEHOHFHFRPRRXWURDTXHPHOHGHVWLQDDVXDSDODYUD9LPRVFRPRRDXWRUFULDXPD
LPDJHPGHVLTXHQmRpQHFHVVDULDPHQWHDLPDJHPUHDOGRDXWRUSXUR±QmRpRDXWRUSHVVRD
(OHVHLQVHUHFRPRHOHPHQWRFRQVWLWXWLYRLQWHUQRGRHQXQFLDGRHDWUDYpVGHVVDLQVHUomROKHp
SHUPLWLGR PDQLSXODU RV GHPDLV HOHPHQWRV FRPSRVLFLRQDLV GR WH[WR e HOH R DXWRUFULDGRU
TXHP FRQVWUyL R HQXQFLDGR TXHP IDOD DWUDYpV GR GLVFXUVR GHIHQGHQGR XPD GHWHUPLQDGD
LGHRORJLDSRVLFLRQDQGRVHHDQWHFLSDQGRDVSRVVtYHLVLGHLDVFRQWUiULDVTXHSRGHPVXUJLUQD
FRPSUHHQVmRUHVSRQVLYDGRRXWUR1RFDVRGRHQXQFLDGRDQDOLVDGRHVVHDXWRUFULDGRUDVVXPH
XPD SRVWXUD GH GHWHQWRU GD LQIRUPDomR SRVWD FRPR LQGXELWiYHO YHUGDGH SRLV TXH QmR VH
LQFLWD R OHLWRU DR TXHVWLRQDPHQWR GD TXDOLGDGH GD HGXFDomR H DLQGD FRORFDVH QR PHVPR
SODQR GR OHLWRU RQGH WRGRV VRPRV UHVSRQViYHLV SHOR GHVHQYROYLPHQWR GD HGXFDomR QR SDtV
1mRKiG~YLGDVWDPEpPGHTXHDSHoDSXEOLFLWiULDSUHWHQGHSDVVDUXPDLPDJHPSRVLWLYDGR
*RYHUQRHHVWDHVWiVXEOLPHPHQWHLQVHULGDQRHQXQFLDGR2TXHVHTXHUYHQGHUQHVVHDQ~QFLR
QmR p XP SURGXWR PDV XPD LGHLD D HGXFDomR S~EOLFD QR %UDVLO PHOKRURX PXLWR WHYH XP
FUHVFLPHQWR FRQVLGHUiYHO D SDUWLU GH TXDQGR XP SDUWLGR GH ³HVTXHUGD´ DVVXPLX D
SUHVLGrQFLD GD UHS~EOLFD ± LQIRUPDomR LQIHULGD GLDORJLFDPHQWH FRQVWUXtGD D HGXFDomR
DJRUDPRVWUDTXHWHPTXDOLGDGHHFRPDDMXGDGHWRGRVDHGXFDomRS~EOLFDYDLFRQWLQXDU
PHOKRUDQGR DWp DWLQJLUPRV QRVVD PHWD HP TXH p DOFDQoDUPRV RV tQGLFHV GRV SDtVHV
GHVHQYROYLGRV 3DUD TXH LVVR VHMD SRVVtYHO p IXQGDPHQWDO TXH WRGRV RV SURILVVLRQDLV GD
HGXFDomRDTXHRHQXQFLDGRVHGHVWLQDIDoDPDVXDSDUWH
2 DXWRUFULDGRU GD SHoD SXEOLFLWiULD FRQVWUyL VDELDPHQWH R VHX GLVFXUVR HVFROKH R
HVWLOR HP VXD OLQJXDJHP SDUD VH GLULJLU DR VHX S~EOLFRDOYR VHXV OHLWRUHV H HVWUXWXUD RV
HOHPHQWRVFRPSRVLFLRQDLVGRHQXQFLDGRHPIXQomRGDTXLORTXHVHSUHWHQGHGL]HUGHWHUPLQDD
HVFROKD GD IRUPD GR JrQHUR TXH PHOKRU DWHQGH j VXD LQWHQomR H YRQWDGH GLVFXUVLYDV ±
GHWHUPLQD D H[DXULELOLGDGH VHPkQWLFRREMHWDO GR REMHWR HVFROKLGR %$.+7,1 3RU
PDLV EHP FRQVWUXtGR TXH VHMD R HQXQFLDGR H SRU PDLV HILFLHQWH TXH R DXWRUFULDGRU VHMD QD
H[SUHVVmRGHVXDYRQWDGHGLVFXUVLYDROHLWRUDLQGDpOLYUHSDUDH[WUDLURVVLJQLILFDGRVGRWH[WR
HUHVSRQGHU D HOH GD IRUPD TXHEHP HQWHQGHU DLQGD TXH FULDQGRXPD WHQVmR FRP UHODomR j
LQWHQomRGRDXWRUDVVXPLQGRXPDSRVWXUDRSRVWDjGHOHSRLVVXDOHLWXUDVHPSUHVHUi³UHEHOGH
H YDGLD´ FRPR GL] 5RJHU &KDUWLHU S &DEH DR OHLWRU GHFLGLU DSyV XPD OHLWXUD
FUtWLFD GR HQXQFLDGR VH LUi FRPSUDU RX QmR D LGHLD TXH R DXWRUFULDGRU GD SHoD SXEOLFLWiULD
SUHWHQGHYHQGHU
5()(5Ç1&,$6
%$.+7,10(VWpWLFDGDFULDomRYHUEDO7UDGGRUXVVR3DXOR%H]HUUDHG6mR3DXOR
0DUWLQV)RQWHV
%5$,7%2UJ%DNKWLQFRQFHLWRVFKDYH6mR3DXOR&RQWH[WR
&+$57,(55RJHU$RUGHPGRVOLYURVOHLWRUHVDXWRUHVHELEOLRWHFDVQD(XURSDHQWUHRV
VpFXORV;,9H;9,,,7UDGXomRGH0DU\'HO3ULRUH(G%UDVtOLD(GLWRUD8QLYHUVLGDGHGH
%UDVtOLD
),25,1-/,QWURGXomRDRSHQVDPHQWRGH%DNKWLQ6mR3DXORÈWLFD
/Ë1*8$32578*8(6$6mR3DXOR(GLWRUD6HJPHQWRQž$EULO
0$5&+(=$15&'LiORJR,Q%5$,7%2UJ%DNKWLQRXWURVFRQFHLWRVFKDYH6mR
3DXOR&RQWH[WR
1$%2.2997KH$QQRWHG/ROLWD/RQGRQ3HQJXLP%RRNV
62%5(D5HYLVWD/tQJXD3RUWXJXHVD/tQJXD3RUWXJXHVD'LVSRQtYHOHP
KWWSUHYLVWDOLQJXDXROFRPEUVREUHBUHYLVWDDVS!$FHVVRHPGH2XWXEURGH
Download

viccarineto_l_tcc_arafcl