81,9(56,'$'('29$/('25,2'266,126±81,6,126
81,'$'($&$'Ç0,&$'(3(648,6$(3Ï6*5$'8$d­2
352*5$0$'(3Ï6*5$'8$d­2(0&,Ç1&,$662&,$,6
1Ë9(/0(675$'2
0$5,$/8,=$752,$1
)250$d­2352),66,21$/'26$)52%5$6,/(,526
8PHVWXGRDSDUWLUGDWUDMHWyULDGHYLGDGHDOXQRVGRVFXUVRVWpFQLFRV
GD(VFROD7pFQLFD(VWDGXDOGH6LQRS07
6mR/HRSROGR
'H]HPEUR
0$5,$/8,=$752,$1
)250$d­2352),66,21$/'26$)52%5$6,/(,526
8PHVWXGRDSDUWLUGDWUDMHWyULDGHYLGDGHDOXQRVGRVFXUVRVWpFQLFRV
GD(VFROD7pFQLFD(VWDGXDOGH6LQRS07
'LVVHUWDomRDSUHVHQWDGDFRPRUHTXLVLWRSDUFLDO
SDUD D REWHQomR GR WtWXOR GH 0HVWUH SHOR
3URJUDPD GH 3yV*UDGXDomR HP &LrQFLDV
6RFLDLV GD 8QLYHUVLGDGH GR 9DOH GR 5LR GRV
6LQRV
2ULHQWDGRU'UR&DUORV$*DGHD&DVWUR
6mR/HRSROGR
'H]HPEUR
7I
7URLDQ0DULD/XL]D
)RUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV XP HVWXGR D SDUWLU
GDWUDMHWyULDGHYLGDGHDOXQRVGRVFXUVRVWpFQLFRVGD(VFROD7pFQLFD
(VWDGXDOGH6LQRS070DULD/XL]D7URLDQ±
ILOFP
'LVVHUWDomR PHVWUDGR ± 8QLYHUVLGDGH GR 9DOH GR 5LR GRV
6LQRV3URJUDPDGH3yV*UDGXDomRHP&LrQFLDV6RFLDLV
³2ULHQWDGRU'UR&DUORV$*DGHD&DVWUR´
1HJURV ±%UDVLO ± &RQGLo}HV VRFLDLV 1HJURV ± ,GHQWLGDGH
UDFLDO ± %UDVLO (QVLQR WpFQLFR ± 6LQRS 07 )RUPDomR
SURILVVLRQDO±6LQRS07,7tWXOR
&''
&'8 &DWDORJDomRQDSXEOLFDomR%LEOLRWHFiULR)OiYLR1XQHV&5%
'HGLFRHVWHWUDEDOKRDWRGRVDTXHOHVTXHVHLQFRPRGDPFRPDVGHVLJXDOGDGHVUDFLDLV
HVHPRELOL]DPSDUDVXSHUDomR
¬VSHVVRDVTXHVmRSDUFHLUDVHPPLQKDIRUPDomR
PHXVSDLV$OGR7URLDQH/HRFiGLD7URLDQ
HPHXILOKRHFRPSDQKHLUR-RmR&DUORV9LFWRU3HUHLUDGD6LOYD
$*5$'(&,0(1726
,QVWLWXLo}HVHSHVVRDVHVSHFLDLVFRQWULEXtUDPSDUDRGHVHQYROYLPHQWRGHVVDSHVTXLVD
DRVTXDLVH[SUHVVRPLQKDJUDWLGmRHFRPSDUWLOKRGHVVDFRQTXLVWD
$R 3URJUDPD 0LQWHU 81,6,12681(0$7 TXH PH SRVVLELOLWRX R LQJUHVVR QR
PHVWUDGRHDSRVVLELOLGDGHGHGHVHQYROYHUDSUHVHQWHSHVTXLVD
¬(VFROD7pFQLFD(VWDGXDOGH(GXFDomR3URILVVLRQDOH7HFQROyJLFDGR0DWR*URVVR
PHXORFDOGHWUDEDOKRSHODOLFHQoDSDUDTXDOLILFDomRSURILVVLRQDO
$RV SURIHVVRUHV GR 3URJUDPD GH 3yVJUDGXDomR HP &LrQFLDV 6RFDLV H DR SURIHVVRU
'DQLOR 6WUHFN GR 3URJUDPD GH 3yVJUDGXDomR HP (GXFDomR TXH FRPSDUWLOKDUDP FRPLJR
PRPHQWRV GH HVWXGRV HP HVSHFLDO R PHX SURIHVVRU RULHQWDGRU TXH SDUWLFLSRX GR
GHVHQYROYLPHQWR GHVVD SHVTXLVD FRQVLGHUDQGR PLQKDV SRVVLELOLGDGHV H YDORUL]DQGR R
SUREOHPDTXHPHPRELOL]RXSDUDRGHVHQYROYLPHQWRGRSURMHWR
$HTXLSHSHGDJyJLFDGD(VFROD7pFQLFD(VWDGXDOGH6LQRSPHXVFROHJDVGHWUDEDOKR
SHODUHFHSWLYLGDGHGRSURMHWRQDGLVSRQLELOLGDGHHPIRUQHFHURVGDGRVHFULDQGRXPDPELHQWH
IDYRUiYHOSDUDDSHVTXLVD
$RVLQWHJUDQWHVGRJUXSRGHSHVTXLVDGD(VFROD7pFQLFD(VWDGXDOGH6LQRS9DOEDU
0DUFLDH-RmR&DUORVTXHFRPLJRGHVHQYROYHUDPDSHVTXLVDHVSORUDWyULDGHVVHSURMHWR
$R*UXSRGH3HVTXLVDGD81(0$73ROtWLFDV(GXFDFLRQDLVH5HODomRFRPR6DEHU±
*33(5HDR0RYLPHQWR1HJUR3Uy,JXDOGDGH5DFLDO±$IURPLUQDSHVVRDGDFRPSDQKHLUD
0DULD,YRQHWHTXHPRWLYDUDPDSHUFHSomRGRSUREOHPDDTXLSHVTXLVDGR
$RV DPLJRV H IDPLOLDUHV TXH PH DFRPSDQKDUDP H FRQWULEXtUDP QHVVD HWDSD GH
HVWXGRV GHVWDFDQGR PHXVSDLV TXH QD FRQGLomR GH FDPSRQHVHV H FRPSRXFD HVFRODULGDGH
VHPSUHLQYHVWLUDPSDUDPLQKDIRUPDomRDFDGrPLFD
(P HVSHFLDO DRV DOXQRV DIUREUDVLOHLURV GRV FXUVRV WpFQLFRV GD (VFROD 7pFQLFD
(VWDGXDOGH6LQRSTXHSURQWDPHQWHVHGLVSRQLELOL]DUDPHFRPSDUWLOKDUDPVXDVWUDMHWyULDVGH
YLGDSDUDRGHVHQYROYLPHQWRGDSHVTXLVD
/,67$'($%5(9,$785$6(6,*/$6
$)520,50RYLPHQWR1HJUR3UyLJXDOGDGH5DFLDO
&(1)25&HQWURGH)RUPDomR3URILVVLRQDO
&(3527(&&HQWUR(VWDGXDOGH(GXFDomR3URILVVLRQDOH7HFQROyJLFD
&5($&RQVHOKR1DFLRQDOGH(QJHQKDULD$UTXLWHWXUDH$JURQRPLD
&(%&RQVHOKRGD(GXFDomR%iVLFD
&((&RQVHOKR(VWDGXDOGH(GXFDomR
&,3$±&RPLVVmR,QWHUQDGH3UHYHQomRGH$FLGHQWHV
&1(&RQVHOKR1DFLRQDOGH(GXFDomR
(-$(GXFDomRGH-RYHQVH$GXOWRV
(1(0([DPH1DFLRQDOGR(QVLQR0pGLR
)$3(0$7)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0DWR*URVVR
)((3)XQGR(VWDGXDOGH(GXFDomR3URILVVLRQDO
),&7)RUPDomR,QLFLDOH&RQWLQXDGDGH7UDEDOKDGRUHV
*33(5*UXSRGH3HVTXLVD3ROtWLFDV3~EOLFDVH5HODomRFRPR6DEHU
,%*(,QVWLWXWR%UDVLOHLURGH*HRJUDILDH(VWDWtVWLFD
0(&0LQLVWpULRGD(GXFDomR
070DWR*URVVR
352(33URJUDPDGH([SDQVmRGD(GXFDomR3URILVVLRQDO
35281,3URJUDPD8QLYHUVLGDGHSDUD7RGRV
/'%/HLGH'LUHWUL]HVH%DVHVGD(GXFDomR1DFLRQDO
6(&,7(&076HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGR0DWR*URVVR
6('8&6HFUHWDULDGH(VWDGRGH(GXFDomR
6(1$&6HUYLoR1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO
6(1$,6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
81(0$78QLYHUVLGDGHGR(VWDGRGR0DWR*URVVR
81,&±8QLYHUVLGDGHGH&XLDEi
81,6,1268QLYHUVLGDGHGR9DOHGR5LRGRV6LQRV
³7HPRVRGLUHLWRDVHULJXDLVTXDQGRDQRVVDGLIHUHQoDQRVLQIHULRUL]D
HWHPRVRGLUHLWRDVHUGLIHUHQWHVTXDQGRDQRVVDLJXDOGDGHQRVGHVFDUDFWHUL]D
'DtDQHFHVVLGDGHGHXPDLJXDOGDGHTXHUHFRQKHoDDVGLIHUHQoDV
HGHXPDGLIHUHQoDTXHQmRSURGX]DDOLPHQWHRXUHSURGX]DDVGHVLJXDOGDGHV´
%RDYHQWXUDGH6RXVD6DQWRV
5(6802
1HVWD SHVTXLVD HVWXGRXVH D IRUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV H DV
SRVVLELOLGDGHV GH LQFOXVmR VRFLDO D SDUWLU GH VXDV QDUUDWLYDV )RL GHVHQYROYLGD FRP DOXQRV
DIUREUDVLOHLURV GRV FXUVRV WpFQLFRV GD (VFROD 7pFQLFD (VWDGXDO GR PXQLFtSLR GH 6LQRS07
SRUVHUXPHVSDoR FRP VLJQLILFDWLYDUHSUHVHQWDomRGHDIUREUDVLOHLURVHQWUHRVPDWULFXODGRV
SRUpP FRP DOWR tQGLFH GH GHVLVWrQFLD H DSURYHLWDPHQWR GHVLJXDO TXDQGR FRPSDUDGRV DRV
GHPDLV DOXQRV $ IRUPDomR SURILVVLRQDO p HQWHQGLGD FRPR XPD FRQVWUXomR DR ORQJR GD
WUDMHWyULDGHYLGDIXQGDPHQWDGRQRVHVWXGRVGH&ODXGH'XEDUHPTXHDVLGHQWLGDGHVVRFLDLVH
SURILVVLRQDLVVHFRQVWLWXHPGRSURFHVVRGXDOGDVUHODo}HVVRFLDLVHGDWUDMHWyULDGHYLGD3DUD
DV QDUUDWLYDV FRQVLGHUDVH D GHILQLomR GH 6WXDUW +DOO HP TXH DV LGHQWLGDGHV H D LQFOXVmR
VRFLDOVXUJHPGRVHXLPDJLQiULRHGDOHLWXUDTXHID]GHVXDWUDMHWyULDGHYLGD(DIRUPDomR
SURILVVLRQDO GH DIUREUDVLOHLURV VHJXH D LGHLD GRV HVWXGRV GH &DUORV +DVHQEDOJ HP TXH R
UDFLVPR p GHWHUPLQDQWH GD SRVLomR GRV DIUREUDVLOHLURV QR PHUFDGR GR WUDEDOKR H GH VXD
FRQGLomRVRFLRHFRQ{PLFD$VVLPDSHVTXLVDHVWiRUJDQL]DGDDSDUWLUGHWUrVHL[RVWHyULFRVR
SUHFRQFHLWR H GLVFULPLQDomR QR FRQWH[WR VRFLDO GRV DIUREUDVLOHLURV GLPHQV}HV GH LQFOXVmR
VRFLDOHRPXQGRGRWUDEDOKRHLGHQWLGDGHVVRFLDLVHSURILVVLRQDLVQDIRUPDomRSURILVVLRQDO
&RP R UHFXUVR GH HQWUHYLVWDV VHPLHVWUXWXUDGDV GHVHQYROYLGDV FRP RQ]H DIUREUDVLOHLURV QDV
TXDLV IRUDP PRWLYDGRV D IDODU GRV DVSHFWRV TXH FRQVLGHUDP UHOHYDQWHV SDUD VXD IRUPDomR
SURILVVLRQDOWUD]HQGRRVHVSDoRVGDIDPtOLDGDHVFRODGDFRPXQLGDGHGRWUDEDOKRHRXWURV
VXUJHP DV QDUUDWLYDV GDV TXDLV REWHYHPVH DV WUrV FDWHJRULDV GH DQiOLVH VHU DIUREUDVLOHLUR
HVSDoRV GH IRUPDomR SURILVVLRQDO H SHUVSHFWLYDV H SRVVLELOLGDGHV GH LQFOXVmR VRFLDO $V
DQiOLVHV GDV QDUUDWLYDV PRVWUDP TXH D IRUPDomR SURILVVLRQDO GHVVHV DOXQRV WHP XPD
VLJQLILFDWLYDLQIOXrQFLDGHVXDFRQGLomRGHVHUDIUREUDVLOHLURHD(GXFDomR3URILVVLRQDOHVWi
GHILQLGD FRPR XP HVSDoR GH REWHQomR GH FRQKHFLPHQWRV UHSUHVHQWDQGR PDLV D LGHLD GH
LQFOXVmRVRFLDOGRTXHGHSURILVVLRQDOL]DomR
3DODYUDVFKDYH)RUPDomRSURILVVLRQDO$IUREUDVLOHLUR,QFOXVmRVRFLDO1DUUDWLYDV
5(6Ò0(1
(QHVWDLQYHVWLJDFLyQVH HVWXGLyODIRUPDFLyQSURIHVLRQDOGHORVDIUREUDVLOHxRV \ODV
SRVLELOLGDGHVGHLQFOXVLyQVRFLDODSDUWLUGHVXVQDUUDWLYDV)XHGHVDUUROODGDHQDOXPQRVDIUR
EUDVLOHxRVGHORVFXUVRVWpFQLFRVGHOD(VFXHOD7pFQLFD(VWDGXDOGHO0XQLFLSLRGH6LQRS07
SRUVHUXQHVSDFLRFRQVLJQLILFDWLYDUHSUHVHQWDFLyQGHDIUREUDVLOHxRVHQWUHORVPDWULFXODGRV
QR REVWDQWH FRQ DOWR tQGLFH GH GHVLVWHQFLD \ DSURYHFKDPLHQWR GHVLJXDO VL FRPSDUDGRV D ORV
GHPiVDOXPQRV/DIRUPDFLyQSURIHVLRQDOHVHQWHQGLGDFRPRXQDFRQVWUXFFLyQDORODUJRGHOD
WUD\HFWRULD GH YLGD IXQGDPHQWDGD HQ ORV HVWXGLRV GH &ODXGH 'XEDU HQ TXH ODV LGHQWLGDGHV
VRFLDOHV \ SURIHVLRQDOHV VH FRQVWLWX\HQ GHO SURFHVR GXDO GH ODV UHODFLRQHV VRFLDOHV \ GH OD
WUD\HFWRULD GH YLGD 3DUD ODV QDUUDWLYDV VH FRQVLGHUD OD GHILQLFLyQ GH 6WXDUW +DOO HQ TXH ODV
LGHQWLGDGHV \ OD LQFOXVLyQ VRFLDO VXUJHQ GH VX LPDJLQDULR \ GH OD OHFWXUD TXH UHDOL]D GH VX
WUD\HFWRULDGHYLGD/DIRUPDFLyQSURIHVLRQDOGHDIUREUDVLOHxRVVLJXHODLGHDGHORVHVWXGLRV
GH&DUORV+DVHQEDOJHQTXHHOUDFLVPRHVGHWHUPLQDQWHGHODSRVLFLyQGHORVDIUREUDVLOHxRV
HQ HO PHUFDGR GH WUDEDMR \ GH VX FRQGLFLyQ VRFLRHFRQyPLFD $Vt OD LQYHVWLJDFLyQ HVWi
RUJDQL]DGDDSDUWLUGHWUHVHMHVWHyULFRVHOSUHMXLFLR\ODGLVFULPLQDFLyQHQHOFRQWH[WRVRFLDO
GHORVDIUREUDVLOHxRVGLPHQVLRQHVGHLQFOXVLyQVRFLDO\HOPXQGRGHOWUDEDMRHLGHQWLGDGHV
VRFLDOHV \ SURIHVLRQDOHV HQ OD IRUPDFLyQ SURIHVLRQDO &RQ HO UHFXUVR GH HQWUHYLVWDV
VHPLHVWUXFWXUDGDV GHVDUUROODGDV FRQ RQFH DIUREUDVLOHxRV HQ ODV FXDOHV IXHURQ PRWLYDGRV D
KDEODU GH DVSHFWRV TXH FRQVLGHUHQ UHOHYDQWHV SDUD VX IRUPDFLyQ SURIHVLRQDO WUD\HQGR ORV
HVSDFLRV GH OD IDPLOLD GH OD HVFXHOD GH OD FRPXQLGDG GHO WUDEDMR \ RWURV HVSDFLRV GH
IRUPDFLyQSURIHVLRQDO \SHUVSHFWLYDV \SRVLELOLGDGHVGHLQFOXVLyQVRFLDO/RVDQiOLVLVGHODV
QDUUDWLYDV PXHVWUDQ TXH OD IRUPDFLyQ SURIHVLRQDO GH HVRV DOXPQRV WLHQHQ XQD VLJQLILFDWLYD
LQIOXHQFLD GH VX FRQGLFLyQ GH VHU DIUREUDVLOHxR \ OD (GXFDFLyQ 3URIHVLRQDO HVWi GHILQLGD
FRPR XQ HVSDFLR GH REWHQFLyQ GH FRQRFLPLHQWRV UHSUHVHQWDQGR PiV OD LGHD GH LQFOXVLyQ
VRFLDOGHTXHGHSURIHVLRQDOL]DFLyQ
3DODEUDVFODYH)RUPDFLyQSURIHVLRQDO$IUREUDVLOHxR,QFOXVLyQVRFLDO1DUUDWLYDV
680È5,2
,1752'8d­2 '$02%,/,=$d­23(/$3(648,6$¬&216758d­2'22%-(72 ,1',&$'25(662&,$,6'$3238/$d­2$)52%5$6,/(,5$ ('8&$d­2352),66,21$/ 2&217(;72'$3(648,6$(03Ë5,&$ $VSHFWRVVRFLDLVHHFRQ{PLFRVGRPXQLFtSLRGH6LQRS07 $(GXFDomR3URILVVLRQDOQD(VFROD7pFQLFD(VWDGXDOGH6LQRS07 2V$IUREUDVLOHLURVHP6LQRSHQD(VFROD7pFQLFD(VWDGXDO (,;27(Ï5,&2'$3(648,6$ 35(&21&(,72(',6&5,0,1$d­212&217(;7262&,$/'26
$)52%5$6,/(,526 ',0(16®(6'(,1&/86­262&,$/(2081'2'275$%$/+2 ,'(17,'$'(662&,$,6(352),66,21$,61$)250$d­2352),66,21$/ 1$55$7,9$6'(,'(17,'$'(662&,$,6(352),66,21$,6$3$57,5'$
75$-(7Ï5,$'(9,'$'($)52%5$6,/(,526 25*$1,=$'25(6'$3(648,6$ 3527$*21,67$6'$61$55$7,9$6 $)52%5$6,/(,5261$55$7,9$6'()250$d­2352),66,21$/(
,1&/86­262&,$/ 6HUDIUREUDVLOHLUR (VSDoRVGHIRUPDomRSURILVVLRQDO (GXFDomR3URILVVLRQDOSHUVSHFWLYDVHSRVVLELOLGDGHVGHLQFOXVmRVRFLDO )250$d­2352),66,21$/'($)52%5$6,/(,526(,1&/86­262&,$/
48(67®(6&21&/86,9$6 5()(5Ç1&,$6 $3Ç1',&($527(,52'$6(175(9,67$6 $1(;2$0$3$6()2726'(6,12307 $1(;2%&856267e&1,&262)(5(&,'261$(6&2/$7e&1,&$
(67$'8$/'(6,12307 $1(;2&&85626'()250$d­2,1,&,$/(&217,18$'$'(
75$%$/+$'25(62)(5(&,'2612$12'(1$(6&2/$7e&1,&$
(67$'8$/'(6,12307 ,1752'8d­2
$ WHPiWLFD GDV UHODo}HV UDFLDLV WHP JDQKDGR HVSDoR VLJQLILFDWLYR QRV HVWXGRV H
SROtWLFDVQDFLRQDLVQRV~OWLPRVDQRVHFRPGLIHUHQWHVDERUGDJHQV1RFRQWH[WRGDVRFLHGDGH
FRQWHPSRUkQHD RQGH RV DIUREUDVLOHLURV FRQYLYHP FRP VXD FRQGLomR UDFLDO HP UHODo}HV
VRFLDLV PDUFDGD SHODV GHVLJXDOGDGHV H R SUHFRQFHLWR UDFLDO DVVLP FRPR FRP R LGHiULR GH
µGHPRFUDFLD UDFLDO¶ R SUHVHQWH HVWXGR WHP FRPR HL[R WHPiWLFR GH LQWHUHVVH DQDOLVDU D
IRUPDomR SURILVVLRQDO GH DIUREUDVLOHLURV FRQVWUXtGD QD VXD WUDMHWyULD GH YLGD QR HVSDoR GD
IDPtOLDGRWUDEDOKRGDFRPXQLGDGHHGDHGXFDomRHVFRODUFRPRWDPEpPDQDOLVDUFRPRHVVD
FRQVWUXomRSURILVVLRQDOHVWiSDXWDGDSHODVSRVVLELOLGDGHVUHDLVGHLQFOXVmRVRFLDO
)RUPDomR SURILVVLRQDO p DTXL HQWHQGLGD FRPR XP SURFHVVR HP TXH VHJXQGR &ODXGH
'XEDU FRQVWLWXHPVH LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV FRP EDVH HP WUDMHWyULDV GH
YLGD GD RUJDQL]DomR GR PXQGR GR WUDEDOKR H GD IRUPDomRSURILVVLRQDO HVFRODU $ IRUPDomR
SURILVVLRQDOHVFRODUUHPHWHDRHVSDoRGRHQVLQRVXSHULRUFRPRVFXUVRVGHJUDGXDomRHRXGH
QtYHOPpGLRFRPRVFXUVRVWpFQLFRV
7DPEpP HVWDUHL XWLOL]DQGR D GHQRPLQDomR DIUREUDVLOHLUD SDUD DV SHVVRDV TXH VH
DXWRLGHQWLILFDPFRPRSUHWRVHSDUGRVVHJXQGRQRPHQFODWXUDXVDGDSHOR,QVWLWXWR%UDVLOHLURGH
*HRJUDILD(VWDWtVWLFD±,%*(HSDUDRVDOXQRVTXHQDILFKDGHPDWUtFXODGD(VFROD7pFQLFD
(VWDGXDOVHDXWRLGHQWLILFDUDPFRPRQHJURVHSDUGRV
0LQKDDWXDomRSURILVVLRQDOQD(VFROD7pFQLFD(VWDGXDOGH6LQRS07DFRPSDQKDQGR
RVDOXQRVLQJUHVVRVHHJUHVVRVGRVFXUVRVWpFQLFRVOHYRXPHDSHUFHEHURSUHVHQWHSUREOHPD
$ UHSUHVHQWDomR HVWDWtVWLFD GRV DIUREUDVLOHLURV QHVVD HVFROD PDQWpP XPD PpGLD GH SHUFHQWXDO DSDUHQWHPHQWH SRVLWLYR SRUpP FRP XP DOWR tQGLFH GH GHVLVWrQFLD HP TXH D
GHVLVWrQFLDHQWUHRVDOXQRVDIUREUDVLOHLURVpVLJQLILFDWLYDPHQWHPDLRUGRTXHHQWUHRVGHPDLV
DOXQRV PRVWUDQGR XPD VLWXDomR GH GHVLJXDOGDGH UDFLDO (VVHV GDGRV REVHUYDGRV PH
LQFRPRGDP H OHYDUDP DV VHJXLQWHV TXHVW}HV &RPR RV DIUREUDVLOHLURV FRQVWLWXHP VXD
IRUPDomR SURILVVLRQDO DR ORQJR GD WUDMHWyULD GH YLGD" 4XH VHQWLGR H UHODomR HVVHV DOXQRV
6RFLyORJRFRQWHPSRUkQHRTXHHVFUHYHVREUHDVVRFLRORJLDVGDVSURILVV}HV
&RPEDVHQDLGHQWLILFDomRXWLOL]DGDSHOR,QVWLWXWR%UDVLOHLURGH*HRJUDILDH(VWDWtVWLFD±,%*(XWLOL]DRVWHUPRV
µFRUHUDoD¶FRPDVDOWHUQDWLYDVDPDUHODEUDQFDLQGtJHQDSDUGDRXSUHWD&RQVLGHUDQGRTXHPXLWRVGRVHVWXGRV
IHLWRVDSDUWLUGRVGDGRVGR,%*(DJUXSDPRVµSUHWRV¶HRVµSDUGRV¶FRPRµQHJURV¶RXµDIUREUDVLOHLURV¶QHVVD
SHVTXLVDGHILQLXVHHPSUHJDURVHJXQGRWHUPRµDIUREUDVLOHLURV¶
$GHVLVWrQFLDpTXDQGRRDOXQRQmRFRQFOXLXRFXUVRQRTXDOHVWDYDPDWULFXODGR
HVWDEHOHFHP FRP D (GXFDomR 3URILVVLRQDO" &RPR D (GXFDomR 3URILVVLRQDO VH DSUHVHQWD QD
FRQVWUXomRGHLGHQWLGDGHVVRFLDLVHSURILVVLRQDLVGHVVHVDOXQRV"
2DOWRtQGLFHGHGHVLVWrQFLDHQWUHRVDOXQRVDIUREUDVLOHLURVpXPSUREOHPDREVHUYDGR
QD (GXFDomR 3URILVVLRQDO SRUpP HVWD p DSHQDV XPD GDV HWDSDV TXH FRQVWLWXHP D WUDMHWyULD
VRFLDOGHVVHVDOXQRV1HVVHVHQWLGRHFRQVLGHUDQGRRVHVWXGRVGH)UDQoRLV'XEHWQmR
FDEH VRPHQWH VDEHUPRV TXHP VmR DV SHVVRDV TXH HVWmR HP VLWXDo}HV GH H[FOXVmR LPSRUWD
WDPEpPVDEHUFRPRHVVDVSHVVRDVOLGDPFRPHVVDVVLWXDo}HVFRPRLVVRUHIOHWHHPVXDVYLGDV
7UDWDVH GH EXVFDU QDV WUDMHWyULDV VRFLDLV GHVVHV DOXQRV DVSHFWRV TXH SDUWLFLSDP GH VXD
IRUPDomR SURILVVLRQDO FRQVWLWXLQGR QDUUDWLYDV GH LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV H GH
LQFOXVmRVRFLDOSHOD(GXFDomR3URILVVLRQDO1HVVHFRQWH[WRDIRUPDomRSURILVVLRQDOGRVDIUR
EUDVLOHLURV VH FRQVWLWXL HP HL[R FHQWUDO GHVVD SHVTXLVD HQWHQGLGD SDUD DOpP GD (GXFDomR
3URILVVLRQDOHFRQVWLWXtGDDRORQJRGDWUDMHWyULDGHYLGDDSDUWLUGHYDULiYHLVUHODFLRQDGDVDR
SUHFRQFHLWR H GLVFULPLQDomR UDFLDO R DPELHQWH IDPLOLDU HP VHXV DVSHFWRV VRFLDLV H
HFRQ{PLFRVGDHVFRODULGDGHHGRWUDEDOKR
'DVTXHVW}HVTXHLQFRPRGDPTXDQWRDUHSUHVHQWDomRGRVDIUREUDVLOHLURVQD(GXFDomR
3URILVVLRQDO GR FRQFHLWR GH IRUPDomR SURILVVLRQDO H GH H[FOXVmR VRFLDO VXUJH HQWmR R
LQWHUHVVH GD SUHVHQWH SHVTXLVD GH FRQKHFHU H DQDOLVDU D IRUPDomR SURILVVLRQDO GRV DIUR
EUDVLOHLURVDOXQRVGRVFXUVRVWpFQLFRVGD(VFROD7pFQLFD(VWDGXDOGH6LQRS07FRQVLGHUDQGR
VXDV LGHQWLGDGHV VRFLDLV HSURILVVLRQDLV FRQVWUXtGDV DR ORQJR GH VXDV WUDMHWyULDV GH YLGD H DV
SRVVLELOLGDGHVGHLQFOXVmRVRFLDOSHOD(GXFDomR3URILVVLRQDO
3DUDWDQWRHVVHWUDEDOKRFRQVLGHURXWUrVDVSHFWRVSDUDLQYHVWLJDomRTXDQWRDIRUPDomR
SURILVVLRQDO GRV DIUREUDVLOHLURV LGHQWLILFDU D SDUWLU GD WUDMHWyULD GH YLGD DVSHFWRV TXH
SDUWLFLSDPGDFRQVWUXomRGHVXDIRUPDomRSURILVVLRQDOFRQKHFHUDUHODomRGRVDIUREUDVLOHLURV
FRP VXD IRUPDomRSURILVVLRQDOSDUD DQDOLVDU RV VHQWLGRV TXH RV PRELOL]DPSDUD D (GXFDomR
3URILVVLRQDOHDQDOLVDUDVSRVVLELOLGDGHVGHLQFOXVmRVRFLDOFRPD(GXFDomR3URILVVLRQDO
&RQVLGHUDQGRDKLVWyULDGRVDIUREUDVLOHLURVDVFDUDFWHUtVWLFDVQRPXQGRGRWUDEDOKR
SUHFRQFHLWR DFHQWXDGD GHVLJXDOGDGH VRFLDO DV SROtWLFDV FRPSHQVDWyULDV H GH SURPRomR GD
LJXDOGDGH UDFLDO MXVWLILFDP EXVFDU UHVSRVWDV H WUD]HU SDUD R GHEDWH TXHVW}HV UHIHUHQWHV DRV
DIUREUDVLOHLURV H VXD IRUPDomR SURILVVLRQDO D SDUWLU GH VXD WUDMHWyULD GH YLGD &RQVLGHUDU
DVSHFWRVSUySULRVFRPRDGHVLJXDOGDGHGHRSRUWXQLGDGHVQDHGXFDomRHVFRODUHQRPHUFDGR
GH WUDEDOKR R SUHFRQFHLWR H D GLVFULPLQDomR DV FDUDFWHUtVWLFDV VRFLDLV H HFRQ{PLFDV GHVVHV
DOXQRVDVVLPFRPRFRQVLGHUDUVXDVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLVFRPRXPDFRQVWUXomR
VXEMHWLYD HP TXH FDGD LQGLYtGXR DJH RX UHDJH GH IRUPD GLIHUHQWH jV LQIOXrQFLDV GR PHLR
VRFLDOHWHPHPVXDVQDUUDWLYDVRVDVSHFWRVTXHFRQVLGHUDQDFRQVWLWXLomRGHVXDVLGHQWLGDGHV
$ SHVTXLVD IRL GHVHQYROYLGD D SDUWLU GDV QDUUDWLYDV GH RQ]H DOXQRV DIUREUDVLOHLURV
GHVLVWHQWHV H HJUHVVRV GRV FXUVRV WpFQLFRV GD (VFROD 7pFQLFD (VWDGXDO GH 6LQRS07 $V
QDUUDWLYDV OLJDGDV DR FRQWH[WR GD IRUPDomR SURILVVLRQDO GRV SHVTXLVDGRV IRUDP DQDOLVDGDV D
SDUWLU GH XPD DERUGDJHP LQWHUDFLRQLVWD TXH FRPSUHHQGH R LQGLYtGXR FRPR VRFLDOPHQWH
FRQVWUXtGRQDVHSHODVLQWHUDo}HVVRFLDLV
$ EDVH WHyULFD XWLOL]DGD SDUD RV HVWXGRV GDV µLGHQWLGDGHV VRFLDLV H SURILVVLRQDLV¶
VXVWHQWDVH QD WHRULD GH 'XEDU FRQVLGHUDQGRD FRPR XPD FRQVWUXomR GXDO PDUFDGD
SHORVSURFHVVRV UHODFLRQDLV HELRJUiILFRV RX VHMD GDV UHODo}HV VRFLDLV H GH VXD WUDMHWyULD GH
YLGD7UD]HQGRGHVVDGXDOLGDGHUHODo}HVREMHWLYDVHVXEMHWLYDVHQWUHµLGHQWLGDGHVTXHOKHVmR
DWULEXtGDV SHORV RXWURV¶ H µLGHQWLGDGHV TXH VmR DVVXPLGDV H UHLYLQGLFDGDV SRU VL PHVPR¶
µLGHQWLGDGHV KHUGDGDV¶ H µLGHQWLGDGHV YLVDGDV¶ H H[SHULrQFLDV SURSRUFLRQDGDV QDV UHODo}HV
VRFLDLV H H[SHULrQFLDV GH SUHFRQFHLWR H GHVLJXDOGDGH UDFLDO TXH VmR SUySULDV SRU VHU DIUR
EUDVLOHLUR 3DUD WUDEDOKDU FRP DV LGHQWLGDGHV FRQVWUXtGDV HP VXDV QDUUDWLYDV H DV
SRVVLELOLGDGHVGHLQFOXVmRVRFLDOFRQVLGHURXVHRVHVWXGRVGH6WXDUW+DOODSDUWLUGR
FRQFHLWRGHTXHDLGHQWLGDGHVXUJHFRPDQDUUDWLYDTXHDSHVVRDID]GHVLGRVHXLPDJLQiULR
GDOHLWXUDTXHID]GHVXDWUDMHWyULDGHYLGDHGRTXHpVLJQLILFDWLYRSDUDDLPDJHPGHVLTXH
TXHUSDVVDU
3DUD IDODU GRV DIUREUDVLOHLURV DOpP GRV GDGRV HVWDWtVWLFRV GH LQGLFDGRUHV VRFLDLV
EXVFR HP DXWRUHV FRPR &DUORV +DVHQEDOJ H RXWURV HVWXGRV TXH VXVWHQWDP DV DQiOLVHV GD
FRQGLomR GH VHU DIUREUDVLOHLUR FRP D IRUPDomR SURILVVLRQDO GD LQIOXrQFLD GR UDFLVPR QD
RFXSDomRGRVDIUREUDVLOHLURVQRPHUFDGRGRWUDEDOKRHGHVXDFRQGLomRVRFLRHFRQ{PLFD
$ RUJDQL]DomR GHVVH WUDEDOKR VH FRQVWLWXL HP WUrV HWDSDV 1D SULPHLUD DSUHVHQWR RV
DVSHFWRV PRWLYDGRUHV TXH PH PRELOL]DUDP DWp D FRQVWUXomR GR SURMHWR HQYROYHQGR RV
LQGLFDGRUHV VRFLDLV H HFRQ{PLFRV GRV DIUREUDVLOHLURV D RUJDQL]DomR H DV SROtWLFDV DWXDLV GD
(GXFDomR 3URILVVLRQDO EUDVLOHLUD H R FRQWH[WR GD SHVTXLVD HPStULFD FRP XPD EUHYH
DSUHVHQWDomRGRPXQLFtSLRGH6LQRS07HGD(VFROD7pFQLFD(VWDGXDOREMHWLYDQGRPRVWUDUR
6RFLyORJR FRQWHPSRUkQHR HVWXGD D LGHQWLGDGH D SDUWLU GRV HVSDoRV FXOWXUDLV QD SyV PRGHUQLGDGH 7UD] R
SUHFRQFHLWRUDFLDOHDVQDUUDWLYDVHPVHXVHVWXGRVVREUHLGHQWLGDGH
VRFLyORJRFRQWHPSRUkQHRSHVTXLVDDHVWUDWLILFDomRHGHVLJXDOGDGHVVRFLDLVHGXFDomRHWUDEDOKRHDVUHODo}HV
UDFLDLV
FRQWH[WR VRFLDO HP TXH YLYHP RV SURWDJRQLVWDV GDV QDUUDWLYDV H VXDV UHSUHVHQWDo}HV QHVVHV
HVSDoRV
1D VHJXQGD HWDSD DSUHVHQWR HVWXGRV H WHRULDV TXH FRQVWLWXHP RV WUrV HL[RV WHyULFRV
RUJDQL]DGRUHV RV DVSHFWRV LGHQWLWiULRV GRV DIUREUDVLOHLURV D SDUWLU GR FRQFHLWR GH UDFLVPR
SUHFRQFHLWR H GLVFULPLQDomR D LQFOXVmR VRFLDO FRPR XPD UHSUHVHQWDomR VXEMHWLYD FRPR
DPSOLDomR GRV HVSDoRV VRFLDLV TXH YLVHP QRYRV FRQKHFLPHQWRV H UHFRQKHFLPHQWR H D
IRUPDomR SURILVVLRQDO FRQVWLWXtGD H FRQVWLWXLQWH GD WUDMHWyULD GH YLGD QD UHODomR FRP DV
LGHQWLGDGHVVRFLDLVHSURILVVLRQDLV
1D WHUFHLUD HWDSD DSUHVHQWR D PHWRGRORJLD XWLOL]DGD QD SHVTXLVD H TXHP VmR RV
SURWDJRQLVWDVGDVQDUUDWLYDV&RQVLGHUDQGRRVREMHWLYRVSURSRVWRVHWUD]HQGRDWHRULDSDUDDV
DQiOLVHV EXVTXHL RUJDQL]DU R WUDEDOKR GDQGR XPD PDLRU YLVLELOLGDGH jV QDUUDWLYDV (QWHQGR
TXHPLQKDVSDODYUDVREVFXUHFHULDPDHVVrQFLDGDVQDUUDWLYDVHQWmRSDVVRDIDODSDUDRVDIUR
EUDVLOHLURVTXHSDUWLFLSDUDPGDSHVTXLVD2TXHIL]IRLRUJDQL]iODVFRQVLGHUDQGRRVREMHWLYRV
GD SHVTXLVD FRQWHPSODQGR VHU DIUREUDVLOHLUR HVSDoRV GH IRUPDomR SURILVVLRQDO H
SHUVSHFWLYDVHSRVVLELOLGDGHVGHLQFOXVmRVRFLDO3RVWHULRUPHQWHQDTXDUWDHWDSDGRWUDEDOKR
UHODFLRQDQGR DV QDUUDWLYDV FRP DV WHRULDV Mi SURSRVWDV IDoR DV DQDOLVHV TXDQWR j IRUPDomR
SURILVVLRQDO GRV DIUREUDVLOHLURV H DV SRVVLELOLGDGHV GH LQFOXVmR VRFLDO SHOD (GXFDomR
3URILVVLRQDO
(SRU~OWLPRRIHFKDPHQWRGHVVHPRPHQWRGHSURGXomRWUDJRDVTXHVW}HVFRQFOXVLYDV
DFHUFD GD IRUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV DOXQRV GRV FXUVRV WpFQLFRV GD (VFROD
7pFQLFD (VWDGXDO GH 6LQRS07 3URFXUDVH YLVXDOL]DU VH D IRUPDomR SURILVVLRQDO GHVVHV
DOXQRVWHPXPDVLJQLILFDWLYDLQIOXrQFLDGHVXDFRQGLomRGHVHUDIUREUDVLOHLURDVVLPFRPRVH
D LGHLD GH LQFOXVmR VRFLDO SHUSDVVD SHOD REWHQomR GH FRQKHFLPHQWRV HP TXH D (GXFDomR
3URILVVLRQDO DVVXPH PDLV D IXQomR GH SURFXUD SRU SHUWHQFLPHQWR VRFLDO QR SURFHVVR GH
IRUPDomRSURILVVLRQDOGRTXHGHSURILVVLRQDOL]DomR
6HU DIUREUDVLOHLUR p XP WHUPR TXH XWLOL]R QD SHVTXLVD UHIHULQGRVH D VXD FRQGLomR VRFLDO H HFRQ{PLFD QR
FRQWH[WRGDVGHVLJXDOGDGHVHGRSUHFRQFHLWRUDFLDO1mRWHPRVHQWLGR~QLFRGHXPDGHOLPLWDomRSUySULDGRTXH
VHHQWHQGHSRULGHQWLGDGHQHJUD
'$02%,/,=$d­23(/$3(648,6$¬&216758d­2'22%-(72
2 LQWHUHVVH SHOD SHVTXLVD VXUJH GH LQGLFDGRUHV GH DIUREUDVLOHLURV QR HVSDoR GH XPD
HVFROD GH IRUPDomR SURILVVLRQDO DVVLP QHVWH FDStWXOR SULPHLUDPHQWH DSUHVHQWR RV DIUR
EUDVLOHLURV QR FRQWH[WR QDFLRQDO FRQVLGHUDQGR D WUDMHWyULD KLVWyULFD GDGRV HVWDWtVWLFRV H
GHPDLV SHVTXLVDV UHODFLRQDGDV j IRUPDomR SURILVVLRQDO 1R VHJXQGR PRPHQWR DSUHVHQWR DV
SURSRVWDV GD (GXFDomR 3URILVVLRQDO QR %UDVLO SRU VHU HVWH R HVSDoR SULPiULR HP TXH VH
REVHUYD R SUREOHPD DTXL SHVTXLVDGR H QXP WHUFHLUR PRPHQWR WUDJR R FDPSR GD SHVTXLVD
HPStULFD R PXQLFtSLR GH 6LQRS07 H D (VFROD 7pFQLFD (VWDGXDO GR 0DWR *URVVR H D
UHSUHVHQWDomRGRVDIUREUDVLOHLURVQHVVHFRQWH[WR
,1',&$'25(662&,$,6'$3238/$d­2$)52%5$6,/(,5$
$ SURSRVWD DTXL p DSUHVHQWDU R VHU H D LGHQWLGDGH DIUREUDVLOHLUD FRPR YDULiYHO
UHOHYDQWH SDUD DQDOLVDU D SRVLomR VRFLDO GHVVHV LQGLYtGXRV QRV HVSDoRV GH WUDEDOKR QD
HVFRODULGDGHHQDIRUPDomRSURILVVLRQDO&RQVLGHUDRUDFLVPRFRPRXPGRVGHWHUPLQDQWHVQDV
OLPLWDo}HV GDV SHVVRDV QD VRFLHGDGH TXH VHJXH DFRPSDQKDGR GD GHVLJXDOGDGH GH
RSRUWXQLGDGHV UHVXOWDGR GH XP SURFHVVR KLVWyULFR TXH LQLFLD FRP D FKHJDGD GRV
DIURGHVFHQGHQWHVQR%UDVLO
$SRSXODomRDIUREUDVLOHLUDWHPVXDRULJHPFRPRWUiILFRGHDIULFDQRVSDUDR%UDVLO
TXHQDFRQGLomRGHSULVLRQHLURVVmRIRUoDGRVDRWUDEDOKRHVFUDYR$H[SHULrQFLDGHWUDEDOKR
GRVDIULFDQRVFRPDDJULFXOWXUDWHFHODJHPDJURSHFXiULDFXOLQiULDFRPRDWUDQVIRUPDomRGR
EURQ]H GR FREUH GR RXUR GD PDGHLUD HQWUH RXWURV p H[SORUDGD QD FRQGLomR GR WUDEDOKR
HVFUDYR ,PSXOVLRQDGR SHODV WUDQVIRUPDo}HV QD HFRQRPLD QDFLRQDO H QD LQWHUQDFLRQDO H DV
PDQLIHVWDo}HV GRV SUySULRV DIUREUDVLOHLURV R UHJLPH GH HVFUDYLGmR QR %UDVLO WHYH ILP HP
FRP D /HL ÈXUHD TXDQGR RV HVFUDYL]DGRV WRUQDPVH XPD µPHUFDGRULD¶ PXLWR FDUD
HFRQRPLFDPHQWH LQYLiYHO FRPSDUDGRV DR WUDEDOKR DVVDODULDGR GRV LPLJUDQWHV HXURSHXV H DV
GLILFXOGDGHVHPFRQWURODUDVPDQLIHVWDo}HVSRSXODUHVHPSUROGDOLEHUWDomRGRVHVFUDYL]DGRV
$IRUPDFRPRIRLLPSOHPHQWDGDDHFRQRPLDQR%UDVLOWHPDPDUFDGRSUHFRQFHLWRH
GD VHJUHJDomR UDFLDO $LQGD QR SHUtRGR GD HVFUDYLGmR GHVWLQDUDPVH DRV EUDQFRV WHUUDV
PHLRVGHSURGXomRHHVSDoRVGHJHVWmRDRVDIUREUDVLOHLURVHtQGLRVRWUDEDOKRHVFUDYR6H
SRUXPODGRDDEROLomRGDHVFUDYDWXUDUHSUHVHQWRXRVRQKRGHOLEHUGDGHGRVDIUREUDVLOHLURV
SRURXWURIRLRLQtFLRGHXPDQRYDHWDSDGHH[FOXVmRVRFLDOTXHGHFHUWDIRUPDVHPDQWpP
DWpRVGLDVDWXDLV&RPDFKHJDGDGRVLPLJUDQWHVTXHQDFRQGLomRGHDVVDODULDGRVRFXSDPRV
HVSDoRV GH WUDEDOKRV DQWHULRUPHQWH RFXSDGRV SHORV HVFUDYRV RV DIUREUDVLOHLURV GHL[DP D
FRQGLomRGHHVFUDYRVHVmRVXEPHWLGRVjVLWXDomRGHDEDQGRQRHSREUH]DTXHVHJXQGR$QD
/XFLD9DOHQWHS
'HL[DPGHVHUSURSULHGDGHVGRVVHQKRUHVHHQWUDPQDFRQFRUUrQFLDFRPRLPLJUDQWH
QRPHUFDGRGHWUDEDOKRQXPFRQWH[WRGHSUHFRQFHLWRGLVFULPLQDomRGHVLJXDOGDGHGH
HVFRODULGDGHHH[SHULrQFLDSURILVVLRQDOQRVQRYRVSRVWRVGHWUDEDOKRTXHVXUJHPFRP
D LQGXVWULDOL]DomR H DV QRYDV WpFQLFDV GH SURGXomR QD DJULFXOWXUD )LFDP D HOHV RV
WUDEDOKRVVXMRVPDOUHPXQHUDGRVHSHVDGRV6XEHPSUHJRWUDEDOKRVSURYLVyULRVVHP
SUHVWLJLRVRFLDOHDPDUJLQDOLGDGH
$PHVPDDXWRUDFRQWLQXDVXDDQiOLVHHVFUHYHQGRTXH
2VEUDQFRVHUDPFRQVLGHUDGRVPHOKRUHVWUDEDOKDGRUHVTXHRVQHJURV1XPDVLWXDomR
GH HVFROKD R EUDQFR SDVVRX D VHU SUHIHULGR QDV µSURILVV}HV QREUHV¶ 2V WUDEDOKRV
FRQVLGHUDGRVµKXPLOKDQWHV¶SHORVEUDQFRVDTXHOHVTXHHVWHVQmRTXHULDPH[HFXWDUSRU
FRQVLGHUDUHP µWUDEDOKR VXMR¶ µWUDEDOKR GH VHUYLoDLV¶ VREUDYDP SDUD R QHJUR
9$/(17(SJULIRGRDXWRU
1HVVH FRQWH[WR RV DIUREUDVLOHLURV SDVVDP GD VLWXDomR GH HVFUDYL]DGRV SDUD D GH
GHVHPSUHJDGRVRXHQWmRSDUDRVWUDEDOKRVSHVDGRVVXMRVHSRXFRUHPXQHUDGRVjFRQGLomR
GHSREUH]D)(51$1'(63DUD0DUFHOR3DL[mRQR%UDVLORFULWpULRpWQLFRp
XP HOHPHQWR GHWHUPLQDQWH GRV SURFHVVRV GH HVWUDWLILFDomR H H[FOXVmR VRFLDO TXH
KLVWRULFDPHQWH HVWHYHUDP YLQFXODGRV DR VLVWHPD HFRQ{PLFR H DSDUWLU GHVWH DR PHUFDGR GH
WUDEDOKR (PERUD D GHVLJXDOGDGH UDFLDO HVWHMD SUHVHQWH GH YiULDV IRUPDV QD VRFLHGDGH
EUDVLOHLUDQRPHUFDGRGHWUDEDOKRHODVHH[SUHVVDGDPDQHLUDPDLVSHUYHUVDHPXLWDVYH]HV
FDPXIODGDQDIDOWDGHIRUPDomRSURILVVLRQDO
$SHVTXLVDGHVHQYROYLGDSRU2UDF\1RJXHLUDQDFLGDGHGH6mR3DXORQRVDQRV
GHPRVWUDFRPRDGLVFULPLQDomRUDFLDOHVWDYDH[SOLFLWDQDRIHUWDGHYDJDVGHWUDEDOKR
'H GLIHUHQWHV WLSRV GH DQ~QFLRV GH HPSUHJR PHQFLRQDP TXHUHU SHVVRDV GH FRU
EUDQFD UHYHODQGR DV PDLV GLYHUVDV PDQLIHVWDo}HV GH SUHFRQFHLWR GHVGH FDUDFWHUtVWLFDV
SHVVRDLVHSURILVVLRQDLVRXDWpPHVPRSDUDHYLWDURFRQWDWRFRPQHJURV$SHVTXLVDPRVWUD
TXHVHUDIUREUDVLOHLURQRPXQGRGRWUDEDOKRUHODFLRQDVHjVVLWXDo}HVVRFLDLVGHSUHFRQFHLWR
GLVFULPLQDomR IDOWD GH RSRUWXQLGDGHV EDL[RV VDOiULRV VHUYLoRV EUDoDLV H[SORUDomR H
VXEHPSUHJR2UHVXOWDGRGHVWHSURFHVVRKLVWyULFRGHGLVFULPLQDomRHH[SORUDomRGDIRUoDGH
WUDEDOKRGRVDIUREUDVLOHLURVOHYDjGHVLJXDOGDGHGHRSRUWXQLGDGHVQRPXQGRGRWUDEDOKRHj
GHVLJXDOGDGHVRFLDODWXDO
1R %UDVLO SDtV GD $PpULFD /DWLQD TXH DSUHVHQWD R PDLRU Q~PHUR GH SRSXODomR
DIURGHVFHQGHQWH FRP XP FRQWLQJHQWH SRSXODFLRQDO QR DQR GH GH DSUR[LPDGDPHQWH
GH DIUREUDVLOHLURV HVWHV FRQYLYHP FRQVWDQWHPHQWH FRP VLWXDo}HV GH GHVLJXDOGDGH H
VHJUHJDomR UDFLDO 2V GDGRV SXEOLFDGRV SHOR ,%*( HP QD 6tQWHVH GH ,QGLFDGRUHV
6RFLDLV PRVWUDP TXH HQWUH D SRSXODomR PDLV SREUH QD IDL[D HWiULD GH DQRV RX PDLV R
SHUFHQWXDO GH DIUREUDVLOHLURV p GH H GH EUDQFRV -i HQWUH RV PDLV ULFRV VmR
DIUREUDVLOHLURVHVmREUDQFRV2VDIUREUDVLOHLURVVmRPDLRULDHQWUHDSRSXODomRGHEDL[D
UHQGD RV SREUHV 2XWUR DVSHFWR D VHU REVHUYDGR p R UHQGLPHQWR SRU KRUD GH WUDEDOKR HQWUH
SHVVRDVFRPRPHVPRQtYHOGHHVFRODULGDGH&RPSDUDQGRRVVDOiULRVGDVSHVVRDVFRPPDLV
GHDQRVGHHVWXGRRVEUDQFRVUHFHEHPVDOiULRVPDLVHOHYDGRVTXHRVDIUREUDVLOHLURV
&RPDPHVPDHVFRODULGDGHQmRFRQVHJXHPDPHVPDUHPXQHUDomRTXHRVEUDQFRVPRVWUDQGR
TXH RV OLPLWDGRUHV SDUD TXH RV DIUREUDVLOHLURV VHMDP UHFRQKHFLGRV SURILVVLRQDOPHQWH YmR
DOpP GD HVFRODULGDGH VLWXDomR HVWD TXH SRGH VHU DQDOLVDGD FRPR XPD VLWXDomR KLVWyULFD
VRFLDOPHQWHFRQVWUXtGDUHVXOWDGRGDUHODomRGHSRGHUGDHVWUXWXUDVRFLDO)5,*2772
2XWUD SHVTXLVD TXH PRVWUD D GHVLJXDOGDGH UDFLDO QR PXQGR GR WUDEDOKR IRL
GHVHQYROYLGDSRU 3DL[mR HP 6mR 3DXORQR DQR GH FRPSDUDQGR DSUHVHQoD GH
DIUREUDVLOHLURVHEUDQFRVHPGLIHUHQWHVVHJPHQWRVGHWUDEDOKR&RPRPRVWUDDWDEHODDEDL[R
SHUFHEHVHTXHDDWXDomRHFRQVHTXHQWHPHQWHDUHPXQHUDomRGRVDIUREUDVLOHLURVQRPXQGR
GRWUDEDOKRVmRGHVLJXDLVTXDQGRFRPSDUDGDVjVGDSRSXODomREUDQFD
(VWLPDWLYD DSUHVHQWDGD QD 6tQWHVH GH ,QGLFDGRUHV 6RFLDLV SXEOLFDGR HP SHOR ,QVWLWXWR %UDVLOHLUR GH
*HRJUDILDH(VWDWtVWLFD±,%*(2VGHDIUREUDVLOHLURVGHQRPLQDGRVQDSHVTXLVDFRPR³QHJURV´pDVRPD
GRVGHSUHWRVHGRVGHSDUGRVFRQVLGHUDQGRDDXWRLGHQWLILFDomRGRVSHVTXLVDGRV
,QVWLWXWR%UDVLOHLURGH*HRJUDILDH(VWDWtVWLFD
7DEHOD$IUREUDVLOHLURVHEUDQFRVQDVRFXSDo}HVSRUiUHDVGHVHUYLoRV
iUHD VHUYLoRVUHSUHVHQWDomR GD
RFXSDomRGDVYDJDV
6HUYLoRVGHHGXFDomR
6HUYLoRVGHFUpGLWR
6HUYLoRVHVSHFLDOL]DGRV
6HUYLoRVGHUHIRUPDV
6HUYLoRVGHOLPSH]D
DIUREUDVLOHLURVQHJURV
EUDQFRVDPDUHORV
)RQWH$GDSWDGRGH3DL[mRS
2EVHUYDVH TXH QRV VHUYLoRV TXH H[LJHP PDLRU HVFRODULGDGH H GH SUHVWtJLR VRFLDO
PHOKRUDUHSUHVHQWDomRGHDIUREUDVLOHLURVpEDL[DMiQRVTXHH[LJHPPHQRVHVFRODULGDGHH
GHPHQRUSUHVWtJLRVRFLDORVVHUYLoRVEUDoDLVHVXMRVDUHSUHVHQWDomRpPDLRU3DL[mR
S DSUHVHQWD HVVD VLWXDomR FRPR XPD QDWXUDOL]DomR FRQVWUXtGD KLVWRULFDPHQWH SHOD
VRFLHGDGHFDPXIODGDQDIDOWDGHHVFRODULGDGHHKDELOLGDGHSDUDDIXQomR
$VRFLHGDGHEUDVLOHLUDQDWXUDOL]RXRDIURGHVFHQGHQWHFRPRXPWUDEDOKDGRUGHIXQo}HV
GHEDL[DTXDOLILFDomRHSUHVWtJLR(VWDDVVRFLDomRDFDEDVHUYLQGRFRPRDSURIHFLDTXH
VHFXPSUHSRUVLPHVPD3RUQmRDFUHGLWDUTXHWHUiVXFHVVRHPGHWHUPLQDGDSURILVVmR
XPDQHJURDQmRVHKDELOLWDSDUDH[HUFrOD
2V UHODWRV GDV H[SHULrQFLDV GH LQIkQFLD SRU &RQFHLomR &KDJDV DMXGDP D
DQDOLVDU D GLYLVmR GRV HVSDoRV GH WUDEDOKRV H IXQo}HV DWULEXtGDV KLVWRULFDPHQWH DRV DIUR
EUDVLOHLURV5HODWDTXHQRHVSDoRGDLJUHMDTXHIUHTXHQWDYDTXDQGRFULDQoDHODHVXDVLUPmV
HUDPPXLWRHORJLDGDVSHORVWUDEDOKRVGHVHQYROYLGRVFRPRGHOLPSDUHSHGLUGLQKHLURSDUDD
FRQVWUXomR GD LJUHMD PDV SDUD RV SDSpLV PDLV LPSRUWDQWHV HODV QmR HUDP LQFOXtGDV FRPR
LQWHUSUHWDURSDSHOGHDQMRQDVDSUHVHQWDo}HVGHWHDWUR6mRVLWXDo}HVGRFRWLGLDQRTXHPXLWDV
YH]HVSDVVDPGHVSHUFHELGDVSRLVpXPSUHFRQFHLWRTXHVHPDQLIHVWDGLVIDUoDGDPHQWH1mRp
GLWR TXH QmR SRGH ID]HU GHWHUPLQDGD IXQomR SRU VHU DIUREUDVLOHLUR PDV VmR GLUHFLRQDGRV H
HVWLPXODGRV SDUD GHVHQYROYHU DV IXQo}HV GH PHQRU SUHVWtJLR $ µQDWXUDOL]DomR¶ H D
µFDPXIODJHP¶GHFRPRVHDSUHVHQWDHVVHWLSRGHVHJUHJDomRLQLEHDUHDomRGHTXHPVRIUHFRP
RSUHFRQFHLWR R TXH VH REVHUYD QR UHODWR GH &RQFHLomR S ³ILQJtDPRV TXH HVWDYD
WXGREHPPDVILFiYDPRVFKDWHDGDVHKXPLOKDGDV´4XDQWRjSURILVVmRHODUHODWDTXHTXHULD
VHUSURIHVVRUDSRUpPD IDPtOLDOKHPRVWUDYDIUHTXHQWHPHQWHTXHQmRH[LVWLDPSURIHVVRUHV
QHJURVHTXHRTXHHODTXHULDVHUQmRHUDDFHVVtYHOSDUDHOHV5HODWDTXHQRLQtFLRGHVXDYLGD
SURILVVLRQDOVHWRUQRXH[tPLDID[LQHLUDSRULQIOXrQFLDGDPmH$RULHQWDomRGDPmHpTXHWHULD
VHPSUH TXH PRVWUDU ERP VHUYLoR H QmR GDU RSRUWXQLGDGH DRV EUDQFRV GH IDODUHP PDO GRV
QHJURV
6HXVUHODWRVPRVWUDPRTXDQWRjIDOWDGHPRGHORGHLGHQWLILFDomRGHWUDEDOKRDDomR
GD IDPtOLD H GD FRPXQLGDGH H[HUFHP LQIOXrQFLDV QD IRUPDomR GDV LGHQWLGDGHV VRFLDLV H
SURILVVLRQDLVGRVDIUREUDVLOHLURV&RPSOHPHQWDQGR&KDJDVSHVFUHYHTXH
2V HVWHUHyWLSRV DWULEXtGRV DRV QHJURV ± LQIHULRU LQFDSD] YDGLR LQGROHQWH H PXLWRV
RXWURV±DOLDGRVDIRUoDGDPtGLDTXHOKHVFRQILUPDHVWDVLPDJHQVHLGHLDVPDQWpP
WDQWR R JUXSR EUDQFR FRPR R JUXSR QHJUR FRP HVVD YLVmR GHVYDORUL]DGD VREUH HVVD
HWQLD
$OpP GD IDPtOLD H GD FRPXQLGDGH D PtGLD WHP SDSHOLPSRUWDQWH QHVVD LGHQWLILFDomR
GRV DIUREUDVLOHLURV FRP R WUDEDOKR $LQGD KRMH FRP WRGRV RV GHEDWHV HVWDEHOHFLGRV H
OHJLVODo}HV TXH FRQGHQDP D GLVFULPLQDomR UDFLDO R QHJUR p DSUHVHQWDGR QD PtGLD
SULQFLSDOPHQWH QDV QRYHODV H[HUFHQGR IXQo}HV GH PHQRU SUHVWtJLR 6mR DSUHVHQWDGDV FRPR
SHVVRDV ERDV FXLGDGRVDV HGXFDGDV SUHVWDWLYDV PDV GHVHPSHQKDQGR VHUYLoRV TXH QmR
H[LJHP HVFRODULGDGH GLILFLOPHQWH DWXDQGR HP iUHDV GH JHVWmR H SURSULHWiULRV GH EHQV GH
SURGXomR
2V UHODWRV H REVHUYDo}HV IHLWRV SRU &KDJDV QmR HVWmR XOWUDSDVVDGRV e XP SURFHVVR
KLVWyULFR GH GLVFULPLQDomR UDFLDO H GH QDWXUDOL]DomR GD GLVFULPLQDomR DLQGD SUHVHQWH QD
FRQVWUXomRGDVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLVGRVDIUREUDVLOHLURV0XLWDVYH]HVRVDIUR
EUDVLOHLURV DFDEDP VH HVSHFLDOL]DQGR H DWXDQGR SURILVVLRQDOPHQWH SRU LQIOXrQFLD GD IDPtOLD
RSRUWXQLGDGHVRIHUHFLGDVQHFHVVLGDGHGHLQVHULUVHQRPHUFDGRGHWUDEDOKRGHVYLQFXODGRGH
VHXTXHUHUSURILVVLRQDO
$ FRQVXOWRUD GR &HQWUR GH (VWXGRV GDV 5HODo}HV GR 7UDEDOKR H 'HVLJXDOGDGH
&((57VRFLyORJD0pUFLD&RQVRODomR6LOYDHPXPDHQWUHYLVWDQRDQRGHGLVVHTXH
³2 DVSHFWR PDLV SHUYHUVR GD GLVFULPLQDomR QR HVSDoR GH WUDEDOKR VH Gi QRV SURFHVVRV GH
SURPRomR RX PRELOLGDGH SDUD FDUJRV GH FKHILD OLGHUDQoD RX FRPDQGR TXH WrP PDLRUHV
UHVSRQVDELOLGDGHV YLVLELOLGDGH H UHPXQHUDomR´ 1D PHVPD HQWUHYLVWD 1HLGH $SDUHFLGD
)RQVHFD QD pSRFD SUHVLGHQWH GR ,QVWLWXWR 6LQGLFDO ,QWHUDPHULFDQR SHOD ,JXDOGDGH 5DFLDO
,163,5 FRPSOHPHQWD DV SDODYUDV GH 6LOYD IDODQGR TXH ³TXDQWR PDLV QREUH
R WUDEDOKR
PHQRU D UHSUHVHQWDomR GH QHJURV H QHJUDV´ H TXH ³DV IRWRV H RXWURV LQVWUXPHQWRV
(QWUHYLVWDSXEOLFDGDQRVLWH&RP&LrQFLDZZZFRPFLHQFLDEUUHSRUWDJHQVQHJURVVKWPO
SURPRFLRQDLV GD HPSUHVD QmR H[LEHP RV QHJURV FDXVDQGR XPD QmR LGHQWLILFDomR GHVVHV
IXQFLRQiULRVFRPRDPELHQWHRXJUXSRGHWUDEDOKDGRUHVGDHPSUHVD´(VVDVVmRVLWXDo}HVTXH
VH UHIOHWHP QRV GDGRV VRFLRHFRQ{PLFRV GRV DIUREUDVLOHLURV DSUHVHQWDGRV SHODV SHVTXLVDV
UHFHQWHVGR,%*(DSUHVHQWDGDVDQWHULRUPHQWH
$OpP GD LQIOXrQFLD GR UDFLVPR H GD KHUDQoD HVFUDYLVWD QD IRUPDomR H DWXDomR
SURILVVLRQDLV GRV DIUREUDVLOHLURV RV HVWXGRV GH(GZDUG 7HOOHV S PRVWUDP XPD
JUDQGH SDUWLFLSDomR GD HVWUXWXUD IDPLOLDU QD GHVLJXDOGDGH GH RSRUWXQLGDGHV GH IRUPDomR
HVFRODU H GH SURILVVLRQDOL]DomR GRV DIUREUDVLOHLURV FRQVLGHUDQGR TXH ³QDV IDPtOLDV RV SDLV
RIHUHFHPjVFULDQoDVGLIHUHQWHVQtYHLVGHDSRLRPDWHULDOVRFLDOHHPRFLRQDOTXHGHWHUPLQDP
REHPHVWDUGHVHXVILOKRV´$VFDUDFWHUtVWLFDVVRFLDLVHHFRQ{PLFDVGDIDPtOLDDFDEDPSRUVHU
PDLV XP IDWRU TXH LQWHUIHUH QDV RSRUWXQLGDGHV GH HVFRODULGDGH H GH WUDEDOKR SDUD RV DIUR
EUDVLOHLURVHSRUVXDYH]SDUDVXDIRUPDomRSURILVVLRQDO
0XLWRV MRYHQV GH IDPtOLDV GH EDL[D UHQGD RQGH D PDLRULD VmR DIUREUDVLOHLURV
FRQFOXHP D (GXFDomR %iVLFD Mi QD FRQGLomR GH WUDEDOKDGRUHV 32&+$011 DSXG
-8148(,5$pXPDVLWXDomRPRWLYDGDSHODQHFHVVLGDGHGHVHVXVWHQWDUHDX[LOLDUQD
UHQGD IDPtOLDU LQJUHVVDQGR QR PHUFDGR GH WUDEDOKR SDUD GHSRLV FRQFOXLU RV HVWXGRV (VWD
UHDOLGDGHOHYDWDPEpPPXLWRVDIUREUDVLOHLURVLQJUHVVDUHPQRVFXUVRVVXSHULRUHVHQRVFXUVRV
WpFQLFRVTXDQGRMiFRQVWLWXtUDPIDPtOLDHRXMiHVWmRDWXDQGRQRPHUFDGRGHWUDEDOKRVHPD
GLVSRQLELOLGDGHSDUDIUHTXHQWDURVFXUVRVGHSHUtRGRLQWHJUDORXIRUDGDFLGDGHRQGHUHVLGHP
$OpP GRV GDGRV TXDQWLWDWLYRV WDPEpP D TXDOLGDGH GD HGXFDomR GRV DIUREUDVLOHLURV ILFD
FRPSURPHWLGD FRQVLGHUDQGR TXH YmR SDUD D HVFROD GHSRLV GD MRUQDGD GLiULD GH WUDEDOKR
FRQFLOLDQGRDHGXFDomRFRPRWUDEDOKR
&DUORV+DVHQEDOJDVVLQDODTXHHVVDVGHVLJXDOGDGHVUDFLDLVVmRGHWHUPLQDQWHVGD
HVWUXWXUD H GDV UHODo}HV VRFLDLV TXH SRU VXD YH] DFDED SRU UHIRUoDU DV GHVLJXDOGDGHV $
GHVLJXDOGDGH UDFLDO TXH p UHVXOWDGR GH XP SURFHVVR KLVWyULFR GH GLVFULPLQDomR H H[FOXVmR
UHIOHWHQDHVFRODULGDGHGD(GXFDomR%iVLFDQDLQFHUomRHSHUPDQHQFLDQRFXUVRGHIRUPDomR
SURILVVLRQDOSUHWHQGLGRHFRQVHTXHQWHPHQWHQDVRSRUWXQLGDGHVGHWUDEDOKR
$ GHVLJXDOGDGH GH UHQGD HQWUH RV JUXSRV GH FRU UHIOHWH SDGU}HV GLIHUHQFLDGRV GH
LQVHUomR QR PHUFDGR GH WUDEDOKR H SUiWLFDV GLVFULPLQDWyULDV QHVVH PHUFDGR PDV VmR
WDPEpP GHYLGDV jV GHVYDQWDJHQV DFXPXODGDV QDV HWDSDV IRUPDWLYDV DQWHULRUHV DR
LQJUHVVRQRPHUFDGRGHWUDEDOKR+$6(1%$/*S
8PD FRLVD OHYD j RXWUD $ IDOWD GH XPD HVWUXWXUD VyFLRHFRQ{PLFD GD IDPLOLD TXH
LQIOXrQFLDQDIRUPDomRHVFRODUHQDVHVFROKDVSURILVVLRQDLVUHIRUoDPDVGHVLJXDOGDGHVUDFLDLV
HYLFHYHUoDSRUpPRSUREOHPDDGYHPGRSURFHVVRKLVWyULFRGHSUHFRQFHLWRUDFLDO
$VGHVLJXDOGDGHVQRSURFHVVRGH HGXFDomR HVFRODUFRQVWLWXHPPDLVXPGRVDVSHFWRV
QRTXDOVHSHUFHEHDVHJUHJDomRUDFLDODGLVSDULGDGHGRDFHVVRjHVFRODGRVDIUREUDVLOHLURV
FRPSDUDGD j SRSXODomR EUDQFD 'DGRV GR ,%*( PRVWUDP TXH QR DQR GH GRV PLOK}HV GH DQDOIDEHWRV EUDVLOHLURV PLOK}HV VmR SUHWRV H SDUGRV $ WD[D GH DQDOIDEHWLVPR
HQWUH D SRSXODomR EUDQFD p GH Mi HQWUH RV SUHWRV H SDUGRV p GH $ WD[D GH
DQDOIDEHWLVPRHQWUHRVDIUREUDVLOHLURVpRGREURTXHHQWUHRVEUDQFRV2XWURGDGRHVWDWtVWLFR
TXHFKDPDDDWHQomRpDPpGLDGHDQRVGHHVFRODULGDGH(PDPpGLDGHDQRVGHHVWXGR
HQWUHDVSHVVRDVFRPDQRVRXPDLVGHLGDGHHQWUHRVEUDQFRVpGHDQRVHHQWUHRVDIUR
EUDVLOHLURVpGHDQRV(QWUHRVMRYHQVGHDDQRVGRVEUDQFRVHVWDYDPHVWXGDQGR
H GHVWHV Mi HVWDYDP QR (QVLQR 0pGLR Mi HQWUH RV DIUREUDVLOHLURV HVWDYDP
HVWXGDQGR H GHVWHV DSHQDV HVWDYDP QR 1tYHO 0pGLR $ GHVLJXDOGDGH UDFLDO Mi ILFD
HYLGHQWHQR(QVLQR0pGLRHQR(QVLQR6XSHULRUHVVDGLVSDULGDGHILFDDLQGDPDLVDFHQWXDGD
(QWUHRVMRYHQVGHDDQRVGHLGDGHGRVEUDQFRVMiHVWDYDPQR(QVLQR6XSHULRUMi
HQWUH RV DIUREUDVLOHLURV DSHQDV HVWmR QR (QVLQR 6XSHULRU R TXH HYLGHQFLD XPD
GHVLJXDOGDGH GH RSRUWXQLGDGHV SDUD R DFHVVR H SHUPDQrQFLD GRV DIUREUDVLOHLURV QR
VHJXLPHQWR GRV HVWXGRV DSyV R (QVLQR 0pGLR e LPSRUWDQWH OHPEUDU TXH RV GDGRV
DSUHVHQWDGRV GR DQR GH Mi FRQWHPSODP RV DIUREUDVLOHLURV TXH LQJUHVVDUDP QR (QVLQR
6XSHULRUDWUDYpVGDVSROtWLFDVGHFRWDVUDFLDLVTXHHVWDEHOHFHXPSHUFHQWXDOGHYDJDVSDUDRV
QHJURV HP DOJXPDV XQLYHUVLGDGHV FRPR WDPEpP R 3URJUDPD 8QLYHUVLGDGH SDUD 7RGRV 3URXQLTXHFRQFHGHEROVDGHHVWXGRVSDUDDOXQRVGHIDPtOLDGHEDL[DUHQGDRQGHGHVVD
SRSXODomR VmR QHJURV (VWHV GDGRV DOpP GH DSUHVHQWDUHP D H[FOXVmR DWUDYpV GD HGXFDomR
HVFRODU UHPHWHP jV SRVVLELOLGDGHV GH WUDEDOKR H jV GLPHQV}HV GH LQFOXVmR VRFLDO GRV DIUR
EUDVLOHLURV7DPEpPTXHDVXSRVWDµGHPRFUDFLDUDFLDO¶HLJXDOGDGHGHRSRUWXQLGDGHVQmRVH
SHUFHEHQRVGDGRVHVWDWtVWLFRV$IDOWDGHRSRUWXQLGDGHVSDUDRVDIUREUDVLOHLURVGHIRUPDomR
GHWUDEDOKRHGHUHPXQHUDomRSHUVLVWHPHPFRQWLQXDU
2TXHIRLDSUHVHQWDGRPRVWUDTXHRVPHFDQLVPRVGHGLVFULPLQDomRUDFLDOLQIOXHQFLDP
RVPHFDQLVPRVGHGHVLJXDOGDGHGHRSRUWXQLGDGHVTXHSRUVXDYH]OHYDPDVHJUHJDomRHD
'DGRV SXEOLFDGRV SHOR ,QVWLWXWR %UDVLOHLUR GH *HRJUDILD H (VWDWtVWLFD QR GRFXPHQWR 6tQWHVH GH ,QGLFDGRUHV
6RFLDLVSXEOLFDGRQRDQRGH
GHVLJXDOGDGHUDFLDO(VVDGHVLJXDOGDGHPXLWDVYH]HVpMXVWLILFDGDHH[SOLFDGDSHODFRQGLomRGH
SREUH]D SRUpP R UDFLVPR H[HUFH VLJQLILFDWLYD LQIOXrQFLD QR TXH WDQJH D VLWXDomR GRV DIUR
EUDVLOHLURVQR%UDVLOQDVVLWXDo}HVGHHVFRODULGDGHGHWUDEDOKRHGHIRUPDomRSURILVVLRQDO
('8&$d­2352),66,21$/
$ (GXFDomR 3URILVVLRQDO p D UHIHUrQFLD SDUD D VHOHomR GRV VXMHLWRV TXH SDUWLFLSDUDP
GHVVDSHVTXLVDSRUVHURHVSDoRRQGHVHHYLGHQFLDRSUREOHPDGDPHVPDGHTXHPDQHLUDDV
LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV GRV DIUREUDVLOHLURV SDUWLFLSDP GDV SRVVLELOLGDGHV GH
LQFOXVmRVRFLDOSHOD(GXFDomR3URILVVLRQDO
3DUD IDODU GD (GXFDomR 3URILVVLRQDO QR %UDVLO YRX GLYLGLU HP GRLV PRPHQWRV R
SHUtRGRTXHDQWHFHGHDVOHJLVODo}HVYLJHQWHVHRSHUtRGRDWXDOFRPRHQIRTXHQDRUJDQL]DomR
HSURSRVWDVDSDUWLUGD/HLGH'LUHWUL]HVH%DVHVGD(GXFDomR1DFLRQDODSURYDGDQRDQRGH
9RXDSUHVHQWDUD(GXFDomR3URILVVLRQDOQR%UDVLODSDUWLUGDOHLWXUDGHSHVTXLVDGRUHV
TXH HVFUHYHP VREUH D WHPiWLFD WDLV FRPR *DXGrQFLR )ULJRWWR $FiFLD .XHQ]HU 0DULD
&LDYDWWD )UDQFR H DV OHJLVODo}HV YLJHQWHVEXVFDQGR DSUHVHQWDU FRP TXDLV REMHWLYRV H FRPR
IRLRIHUWDGDHPFDGDSHUtRGRKLVWyULFR
x 8PSRXFRGDKLVWyULDGD(GXFDomR3URILVVLRQDOQR%UDVLO
$ (GXFDomR 3URILVVLRQDO VXUJH QR %UDVLO HP FRPR SROtWLFD S~EOLFD YROWDGD D
DWHQGHU DV FODVVHV PHQRV IDYRUHFLGDV FRP SURMHWRV GH FDUiWHU DVVLVWHQFLDOLVWDV H
PRUDOL]DGRUHV GHVYLQFXODGRV GR PHUFDGR GH WUDEDOKR (P D (GXFDomR 3URILVVLRQDO
YLQFXODVH j OyJLFD GR FDSLWDO H WUDEDOKR YROWDQGRVH j IRUPDomR GH HVSHFLDOLVWDV 1HVWD
RUJDQL]DomR FRP IRUWH DVSHFWR GXDO DSyV R SULPiULR R DOXQR VHJXLD SDUD R *LQiVLR RQGH
UHFHELD XPD IRUPDomR WpFQLFD H[FOXVLYD SDUD DWXDU QRV VHWRUHV VHFXQGiULR H WHUFLiULR GD
HFRQRPLDRXVHJXLDSDUDR3URSHGrXWLFR FRPXPDIRUPDomRTXHSUHSDUDYDRDOXQRSDUDR
(QVLQR6XSHULRU
*LQiVLR HUD D HVFRODULGDGH HTXLYDOHQWH DR TXH KRMH GHQRPLQDPRV FRPR ž ž ž H ž DQR GR (QVLQR
)XQGDPHQWDO
(PD(GXFDomR3URILVVLRQDOSDVVDDID]HUSDUWHGR(QVLQR0pGLRPDVDLQGDFRP
XP FXUUtFXOR PXLWR YROWDGR DR FDPSR GH WUDEDOKR HQWmR QmR SUHSDUDYD R DOXQR SDUD R
LQJUHVVR QR (QVLQR 6XSHULRU )RUDP PXLWDV DV PDQLIHVWDo}HVSDUD TXH R HQVLQRSURILVVLRQDO
SRVVLELOLWDVVH R LQJUHVVR QR HQVLQR VXSHULRU FRPR WDPEpP IRL XP SHUtRGR GH JUDQGH
H[SDQVmR GD (GXFDomR 3URILVVLRQDO FRP D DEHUWXUD GR 6(1$, 6(1$& H DV (VFRODV
7pFQLFDV )HGHUDLV LQVWLWXLo}HV TXH FRQWLQXDP DWXDQGR QD IRUPDomR GH SURILVVLRQDLV
DWHQGHQGR UHVSHFWLYDPHQWH D iUHD GD LQG~VWULD GR FRPpUFLR H GD DJURSHFXiULD 1R DQR GH
FRPD/'%RVFXUUtFXORVGRVFXUVRVWpFQLFRVHGR3URSHGrXWLFRJDQKDP
HTXLYDOrQFLDHRVHJUHVVRVGD(GXFDomR3URILVVLRQDOSRGHULDPFRQFRUUHUjVYDJDVGR(QVLQR
6XSHULRUPDVQDSUDWLFDDGHVLJXDOGDGHFRQWLQXDYD
1R SHUtRGR GR *RYHUQR 0LOLWDU FRP D HQWUDGD GH FDSLWDO HVWUDQJHLUR H D UHYROXomR
LQGXVWULDO HPHUJLX D QHFHVVLGDGH GH PDLV SURILVVLRQDLV TXDOLILFDGRV H D (GXFDomR
3URILVVLRQDO SDVVD D VHU D ~QLFD PRGDOLGDGH GH (QVLQR 0pGLR QDV HVFRODV S~EOLFDV )RL
WDPEpPXPDDOWHUQDWLYDSDUDGLPLQXLUDGHPDQGDQDSURFXUDSRUYDJDVQRVFXUVRVVXSHULRUHV
(VVD SURSRVWD GH JHQHUDOL]DU R (QVLQR 3URILVVLRQDO VXUJH FRP D /'% H WHYH ILP
FRPR3DUHFHUHD/'%TXHUHVWDEHOHFHD(GXFDomR*HUDO
6HJXQGR .XHQ]HU DWp HVVH SHUtRGR D (GXFDomR 3URILVVLRQDO WHYH XPD
SHGDJRJLDTXHSULRUL]DYDRPRGRGHID]HUHRGLVFLSOLQDPHQWR$PHWRGRORJLDHRVFRQWH~GRV
HUDPIUDJPHQWDGRVLQLELQGRRTXHVWLRQDPHQWRGDRUGHPYLJHQWHHGLUHFLRQDQGRDVUHVSRVWDV
SDUDVHUYLURPHUFDGRGHWUDEDOKR&RPDJOREDOL]DomRGHPHUFDGRDFUHVFHQWHLQFRUSRUDomR
FLHQWtILFD H WHFQROyJLFD D QRYD RUJDQL]DomR GR WUDEDOKR QHFHVVLWD GH XPD QRYD SHGDJRJLD
SDUD R WUDEDOKR TXH IRUPH XP SURILVVLRQDO FDSD] GH DGDSWDUVH HP GLIHUHQWHV VLWXDo}HV VHU
IOH[tYHO FRP FDSDFLGDGH GH FRPXQLFDomR DXWRQRPLD SDUD UHVROYHU SUREOHPDV SUDWLFLGDGH
pWLFRFULDWLYRHFRPSURPHWLGR(VVHpRSURILVVLRQDOTXHRPHUFDGRGHWUDEDOKRDWXDOEXVFDH
TXH D (GXFDomR 3URILVVLRQDO FRPR IH] KLVWRULFDPHQWH DWHQGH D GHPDQGD GR PHUFDGR GH
WUDEDOKRHSURS}HVHDIRUPDU
6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO±LQDXJXUDGRHP
6HUYLoR1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO±LQDXJXUDGRHP
6XUJHPHPDSDUWLUGDV(VFRODVGH2ItFLRH$UWHV
/HLGH'LUHWUL]HVH%DVHVGD(GXFDomR1DFLRQDO
x $(GXFDomR3URILVVLRQDOQDDWXDOLGDGH
'HSRLV GH DSUR[LPDGDPHQWH GXDV GpFDGDV FRP D /HL GH GH GH]HPEUR GH
TXH HVWDEHOHFH DV 'LUHWUL]HV H %DVHV GD (GXFDomR 1DFLRQDO D RIHUWD GD (GXFDomR
3URILVVLRQDOpUHIRUPXODGD
$ (GXFDomR 3URILVVLRQDO p DSUHVHQWDGD HP XP FDStWXOR HVSHFtILFR H DEUH D
SRVVLELOLGDGH SDUD TXH VXD RIHUWD DFRQWHFHVVH HP LQVWLWXLo}HV GH HQVLQR HVSHFLDOL]DGR HP
HGXFDomR SURILVVLRQDO VHP YtQFXOR FRP D (GXFDomR %iVLFD &RP HVVD DEHUWXUD R 'HFUHWR
GHGHDEULOGHTXHUHJXODPHQWRXD(GXFDomR3URILVVLRQDOQD/'%WLURX
D REULJDWRULHGDGH GH YLQFXODomR GD (GXFDomR 3URILVVLRQDO DR (QVLQR 0pGLR OHJDOL]DQGR D
FULDomR GH FXUVRV SyVPpGLRV H D SRVVLELOLGDGH GH IRUPDomR SURILVVLRQDO SDUD RV GLIHUHQWHV
QtYHLV GH HVFRODULGDGH FRP FXUVRV GH FXUWD GXUDomRHP LQVWLWXLo}HV GH HQVLQR GHVYLQFXODGDV
GD(GXFDomR%iVLFD(VVH'HFUHWRIRLUHYRJDGRQRDQRGHFRPR'HFUHWRGH
GH MXOKR GH TXH UHJXODPHQWD D (GXFDomR 3URILVVLRQDO H HVWDEHOHFH XPD QRYD
HVWUXWXUDomRYROWDQGRRVFXUVRVWpFQLFRVLQWHJUDGRVDR(QVLQR0pGLR
3DUD UHGLPHQVLRQDU LQVWLWXFLRQDOL]DU H LQWHJUDU DV Do}HV GD HGXFDomR SURILVVLRQDO
WpFQLFD GH QtYHO PpGLR FRP D HGXFDomR GH MRYHQV H DGXOWRV H D HGXFDomR SURILVVLRQDO H
WHFQROyJLFDVXUJHHPGHMXOKRGHD/HLDOWHUDQGRRWH[WRGRDUWLJRGD/'%
TXHWUDWDGD(GXFDomR3URILVVLRQDOILFDQGRHVWHFRPDVHJXLQWHUHGDomR
$UW ž $ HGXFDomR QDFLRQDO LQWHJUDVH DRV GLIHUHQWHV QtYHLV H PRGDOLGDGHV GH
HGXFDomRHjVGLPHQV}HVGRWUDEDOKRGDFLrQFLDHGDWHFQRORJLD
†R2VFXUVRVGHHGXFDomRSURILVVLRQDOHWHFQROyJLFDSRGHUmRVHURUJDQL]DGRVSRU
HL[RVWHFQROyJLFRVSRVVLELOLWDQGRDFRQVWUXomRGHGLIHUHQWHVLWLQHUiULRVIRUPDWLYRV
REVHUYDGDVDVQRUPDVGRUHVSHFWLYRVLVWHPDHQtYHOGHHQVLQR
†R$HGXFDomRSURILVVLRQDOHWHFQROyJLFDDEUDQJHUiRVVHJXLQWHVFXUVRV
,±GHIRUPDomRLQLFLDOHFRQWLQXDGDRXTXDOLILFDomRSURILVVLRQDO
,,±GHHGXFDomRSURILVVLRQDOWpFQLFDGHQtYHOPpGLR
,,,±GHHGXFDomRSURILVVLRQDOWHFQROyJLFDGHJUDGXDomRHSyVJUDGXDomR
†R2VFXUVRVGHHGXFDomRSURILVVLRQDOWHFQROyJLFDGHJUDGXDomRHSyVJUDGXDomR
RUJDQL]DUVHmR QR TXH FRQFHUQH D REMHWLYRV FDUDFWHUtVWLFDV H GXUDomR GH DFRUGR
FRP DV GLUHWUL]HV FXUULFXODUHV QDFLRQDLV HVWDEHOHFLGDV SHOR &RQVHOKR 1DFLRQDO GH
(GXFDomR
$UW $ HGXFDomR SURILVVLRQDO VHUi GHVHQYROYLGD HP DUWLFXODomR FRP R HQVLQR
UHJXODU RX SRU GLIHUHQWHV HVWUDWpJLDV GH HGXFDomR FRQWLQXDGD HP LQVWLWXLo}HV
HVSHFLDOL]DGDVRXQRDPELHQWHGHWUDEDOKR
$UW2FRQKHFLPHQWRDGTXLULGRQDHGXFDomRSURILVVLRQDOHWHFQROyJLFDLQFOXVLYH
QR WUDEDOKR SRGHUi VHU REMHWR GH DYDOLDomR UHFRQKHFLPHQWR H FHUWLILFDomR SDUD
SURVVHJXLPHQWRRXFRQFOXVmRGHHVWXGRV%5$6,/
2 'HFUHWR TXH UHJXODPHQWD D (GXFDomR 3URILVVLRQDO HVSHFLILFD R
DWHQGLPHQWR D SDUWLU GRV FXUVRV GH )RUPDomR ,QLFLDO H &RQWLQXDGD GH 7UDEDOKDGRUHV
(GXFDomR 3URILVVLRQDO 7pFQLFD GH 1tYHO 0pGLR H (GXFDomR 3URILVVLRQDO H 7HFQROyJLFD GH
*UDGXDomRHGH3yV*UDGXDomR
2V FXUVRV GH IRUPDomR LQLFLDO H FRQWLQXDGD GH WUDEDOKDGRUHV VmR GHVWLQDGRV D
TXDOLILFDUHUHTXDOLILFDUWUDEDOKDGRUHVLQGHSHQGHQWHGHHVFRODULGDGHSUpYLDHLQGHSHQGHQWHGH
UHJXODPHQWDomR FXUULFXODU Mi RV FXUVRV GH QtYHO WpFQLFR WrP SRU REMHWLYR SURSRUFLRQDU
KDELOLWDomR SURILVVLRQDO D DOXQRV PDWULFXODGRV RX HJUHVVRV GR HQVLQR PpGLR VHQGR TXH D
H[SHGLomR GR GLSORPD GH WpFQLFR HVWi YLQFXODGR j FRQFOXVmR GR (QVLQR 0pGLR 'H DFRUGR
FRP R UHIHULGR 'HFUHWR RV FXUVRV WpFQLFRV SRGHP VHU RIHUHFLGRV GH IRUPD FRQFRPLWDQWH
LQWHJUDGRRXVHTXHQFLDODR(QVLQR0pGLR
$ RIHUWD GR FXUVR GH IRUPD FRQFRPLWDQWH p TXDQGR R DOXQR ID] R FXUVR WpFQLFR H R
(QVLQR0pGLRDRPHVPRWHPSRFRPPDWUtFXODVGLVWLQWDVHRLQJUHVVRQRFXUVRWpFQLFRWHP
FRPR SUpUHTXLVLWR D PDWUtFXOD QR (QVLQR 0pGLR 2 HQVLQR WpFQLFR LQWHJUDGR p TXDQGR R
SURMHWRGRFXUVRWpFQLFRFRQWHPSODRVFRQKHFLPHQWRVHVSHFtILFRVGDIRUPDomRSURILVVLRQDOGR
FXUVR HP TXHVWmR LQWHUFDODGR FRP RV FRQWH~GRV GR (QVLQR 0pGLR H YLQFXODGR D XPD ~QLFD
PDWUtFXODHPTXHDIRUPDomRWpFQLFDpWUDEDOKDGDGXUDQWHRVWUrVRXTXDWURDQRVGR(QVLQR
0pGLR2VHTXHQFLDOpRIHUHFLGRSDUDTXHPMiFRQFOXLXR(QVLQR0pGLRLQFOXVLYHSDUDTXHP
MiSRVVXDRXWUDIRUPDomRSURILVVLRQDO
$ (GXFDomR 3URILVVLRQDO WDPEpP HVWi RUJDQL]DGD FRQVLGHUDQGR DV 'LUHWUL]HV
&XUULFXODUHV 1DFLRQDLV SDUD D (GXFDomR 3URILVVLRQDO GH 1tYHO 0pGLR TXH RULHQWDP D
HODERUDomR GRV SURMHWRV GH FXUVRV WpFQLFRV FRP D HVSHFLILFLGDGH GH FDGD iUHD SURILVVLRQDO
FRPFDUJDKRUiULDPtQLPDSDUDFDGDFXUVRHSHUFHQWXDOGHHVWiJLRVXSHUYLVLRQDGR
9LQFXODGRV j (GXFDomR 3URILVVLRQDO DWXDOPHQWH HVWmR HP DQGDPHQWR SURMHWRV H
SURJUDPDV SDUD DWHQGHU DV GHPDQGDV VRFLDLV FRPR R 3URJUDPD 1DFLRQDO GH ,QWHJUDomR GD
(GXFDomR 3URILVVLRQDO FRP D (GXFDomR %iVLFD QD 0RGDOLGDGH GH (GXFDomR GH -RYHQV H
$GXOWRV ± 3UR(-$ R 3URJUDPD 1DFLRQDO GH ,QFOXVmR GH -RYHQV FRP FXUVRV GH IRUPDomR
SURILVVLRQDOLQWHJUDGRVD(GXFDomR%iVLFDSDUDMRYHQVGHDDQRVDWHQGHQGRRVMRYHQV
XUEDQRV FRP R 3UR-RYHP8UEDQR H RV MRYHQV FDPSRQHVHV FRP 3UR-RYHP&DPSR H R
SURJUDPD %UDVLO 3URILVVLRQDOL]DGR TXH REMHWLYD IRUWDOHFHU DV UHGHV HVWDGXDLV GH HGXFDomR
SURILVVLRQDOHWHFQROyJLFDUHSDVVDQGRUHFXUVRVILQDQFHLURVSDUDDH[SDQVmRGRDWHQGLPHQWR
$V SROtWLFDV GH (GXFDomR 3URILVVLRQDO KRMH SUHVHQWHV QDV OHJLVODo}HV SURJUDPDV H
SURMHWRVQmRGHVWRDPGRTXHIRLD(GXFDomR3URILVVLRQDOQRVHXSURFHVVRKLVWyULFR0XGDUDP
VXD IRUPD GH RIHUWD H VXD SHGDJRJLD 3RUpP FRQWLQXD D DWHQGHU D OyJLFD GR PHUFDGR GH
WUDEDOKR &RPR QD OyJLFD GR VLVWHPD HFRQ{PLFR FDSLWDOLVWD p R PHUFDGR GH WUDEDOKR TXH
GLUHFLRQDDIRUPDomRGHVHXVWUDEDOKDGRUHVHH[LJHGHVVHVTXHVHDWXDOL]HPHVHDGDSWHPjV
QRYDVQHFHVVLGDGHVD(GXFDomR3URILVVLRQDOVHDSUHVHQWDFRPRRHVSDoRSDUDHVVDIRUPDomR
x (GXFDomR3URILVVLRQDOHLQFOXVmRVRFLDOXPDSURSRVWDFRQWUDGLWyULD
$ LQFOXVmR VRFLDO HVWi SUHVHQWH HQTXDQWR SURSRVWDV GDV SROtWLFDV GH (GXFDomR
3URILVVLRQDO QR SDtV TXH DVVXPH R VRFLDO FRPR HL[R SULQFLSDO QRV SURMHWRV H QR
GHVHQYROYLPHQWRGHDSWLG}HVSDUDDYLGDSURGXWLYD1RUHODWyULRGDV3ROtWLFDV3XEOLFDVSDUDD
(GXFDomR 3URILVVLRQDO H 7HFQROyJLFD HODERUDGR SHOR 0LQLVWpULR GH (GXFDomR %5$6,/
SD(GXFDomR3URILVVLRQDOWHPFRPRREMHWLYR
DFRQVROLGDomRGHDo}HVHIHWLYDVTXHUHGXQGHPQRDSHUIHLoRDPHQWRGDGHPRFUDFLDQD
PHOKRUTXDOLILFDomRGRFLGDGmRMRYHPRXWUDEDOKDGRUQDUHGXomRGDVGHVLJXDOGDGHV
VRFLDLV H QD VXD SDUWLFLSDomR FRPR DJHQWH GH WUDQVIRUPDomR SDUD FRQVWUXLU XP
GHVHQYROYLPHQWRQR%UDVLO
$ (GXFDomR 3URILVVLRQDO VH DSUHVHQWD GH XP ODGR DWHQGHQGR jV QHFHVVLGDGHV GR
PHUFDGRGHWUDEDOKRHGHRXWURRDVSHFWRVRFLDO6HUiTXHpSRVVtYHODWHQGHURVGRLVODGRV"
&RPR UHGX]LU DV GHVLJXDOGDGHV VRFLDLV FRP D IRUPDomR SURILVVLRQDO VH R SUREOHPD GDV
GHVLJXDOGDGHV VRFLDLV QmR IRUDP SURGX]LGDV SHOD IDOWD GH IRUPDomR SURILVVLRQDO" 2 TXH
H[SOLFDRVSURILVVLRQDLVIRUPDGRVVHPRSRUWXQLGDGHVGHWUDEDOKR")UDQFRSQRV
DMXGDDHQWHQGHUHVVDVTXHVW}HVHVFUHYHQGRTXH
$ IRUPDomR SURILVVLRQDO p YLVWD FRPR XPD UHVSRVWD HVWUDWpJLFD PDV SROrPLFD DRV
SUREOHPDV SRVWRV SHOD JOREDOL]DomR HFRQ{PLFD SHOD UHHVWUXWXUDomR SURGXWLYD SHOD
EXVFDGDTXDOLGDGHHGDFRPSHWLWLYLGDGHSHODVWUDQVIRUPDo}HVQRPXQGRGRWUDEDOKR
HSHORGHVHPSUHJRHVWUXWXUDO
$RPHVPRWHPSRHPTXHUHVSRQGHDXPSUREOHPDVRFLDORSRUWXQL]DQGRDSRSXODomR
DLQFOXVmRQDHGXFDomRIRUPDOHQDIRUPDomRSURILVVLRQDODWHQGHDVQHFHVVLGDGHVGRPHUFDGR
IRUPDQGR PDLV SURILVVLRQDLV TXDOLILFDGRV SDUD FRPSRUHP R JUXSR GRV FDQGLGDWRV SDUD D
VHOHomRGDVYDJDVRIHUWDGDV3DUD)ULJRWWRRTXHHVWiVHDILUPDQGRKRMHQD(GXFDomR
3URILVVLRQDO FRQVLGHUDQGR R GHVHPSUHJR H D GHVLJXDOGDGH VRFLDO p XPD IRUPDomR FRP D
SURPHVVDGDHPSUHJDELOLGDGHDWHQGHQGRDGLQkPLFDGRPXQGRGRWUDEDOKR
7UDWDVH GH XPD IRUPDomR TXH GHVHQYROYDP DV KDELOLGDGHV EiVLFDV QR SODQR GRV
FRQKHFLPHQWRV SURGX]LQGR FRPSHWrQFLDV SDUD D JHVWmR GD TXDOLGDGH SDUD D
SURGXWLYLGDGHHFRPSHWLWLYLGDGHHFRQVHTXHQWHPHQWHSDUDDµHPSUHJDELOLGDGH¶>@
6HULD HVWD D QRYD µFKDYH GR RXUR¶ SDUD TXH RV SDtVHV KLVWRULFDPHQWH GHVLJXDLV VH
DMXQWDVVHP DR PXQGR JOREDOL]DGR H D UHHVWUXWXUDomR SURGXWLYD GH IRUPD VREHUDQD H
RULJLQDOHPHGLDQWHHVWHDMXVWHUHWRPDUSROtWLFDVGHµSOHQRHPSUHJR¶"-iQmRKiWDQWRV
HPSUHJRVUHVWDDSURPHVVDGDIOH[LELOLGDGHGDHPSUHJDELOLGDGH)5,*2772
SJULIRGRDXWRU
$(GXFDomR3URILVVLRQDOpDSUHVHQWDGDSDUDRLQGLYtGXRFRPRHVSDoRGHDTXLVLomRGH
QRYDV FRPSHWrQFLDV SDUD D HPSUHJDELOLGDGH FRP D IDOVD LGHLD GH REWHU RX VH PDQWHU QR
HPSUHJRHFRPRXPHVSDoRGHPRFUiWLFRHGHGHVHQYROYLPHQWRKXPDQR(VVHVWUrVHL[RVVmR
DSUHVHQWDGRVSRU)ULJRWWRTXHDRDSUHVHQWiORVUHPHWHD(GXFDomR3URILVVLRQDOFRPRVHQGR
QDUHDOLGDGH³GHVYLQFXODGDGHXPDSURSRVWDGHPRFUiWLFDHS~EOLFDGHGHVHQYROYLPHQWRTXH
LQWHJUH XP SURMHWR HFRQ{PLFR SROtWLFR H FXOWXUDO FRP XPD FODUD JHUDomR GH HPSUHJRV H
UHQGD´)5,*2772S
$ (GXFDomR 3URILVVLRQDO UHDILUPDQGR VHX HL[R VRFLDO DSUHVHQWD D IRUPDomR
SURILVVLRQDOFRPRXPPHLRSDUDVXSHUDomRGDGLVFULPLQDomR HGRSUHFRQFHLWRQRPXQGRGR
WUDEDOKR
'HQWUH WRGRV RV GLUHLWRV KXPDQRV D HGXFDomR SURILVVLRQDO HVWi DVVLP FRQYRFDGD D
FRQWULEXLUQDXQLYHUVDOL]DomRWDOYH]GRPDLVLPSRUWDQWHDTXHOHFXMRH[HUFtFLRSHUPLWH
jV SHVVRDV JDQKDUHP VXD SUySULD VXEVLVWrQFLD H FRP LVVR DOFDQoDUHP GLJQLGDGH
DXWRUUHVSHLWR H UHFRQKHFLPHQWR VRFLDO FRPR VHUHV SURGXWLYRV 2 GLUHLWR GH WRGRV j
HGXFDomR SDUD R WUDEDOKR p SRU HVWD UD]mR R SULQFLSDO HL[R GD SROtWLFD GD LJXDOGDGH
FRPRSULQFtSLRRULHQWDGRUGDHGXFDomRSURILVVLRQDO3$5(&(5&1(&(%1ž
S
$LQFOXVmRVRFLDOHUHGXomRGDVGHVLJXDOGDGHVQDVSROtWLFDVGH(GXFDomR3URILVVLRQDO
UHFRQKHFHP TXH ³DV GHVLJXDOGDGHV VRFLDLV H[LVWHQWHV QR SDtV PDQLIHVWDPVH FODUDPHQWH QD
GLVWULEXLomR GH UHQGD GH EHQV GH VHUYLoRV QD GLVFULPLQDomR GH JrQHUR GH FRU GH HWQLD GH
DFHVVR i MXVWLoD H DRV GLUHLWRV KXPDQRV´ %5$6,/ S DR PHVPR WHPSR HP TXH
DVVXPH ³TXH QLQJXpP WHP GLUHLWRV SURILVVLRQDLV DGTXLULGRV SRU FDXVD GH RULJHP IDPLOLDU
(PSUHJDELOLGDGHpXPWHUPRXVDGRSDUDDDGDSWDomRHTXDOLILFDomRGRLQGLYtGXRDWHQGHQGRDVQHFHVVLGDGHV
GRPHUFDGRGHWUDEDOKR'HYHHVWDUSURQWRHGLVSRQtYHOSDUDDVPXGDQoDVVHUIOH[tYHO)5,*2772
LQGLFDo}HV GH SHVVRDV SRGHURVDV RX SULYLOpJLRV GH FRUSRUDo}HV´ 3$5(&(5 &1(&(% 1ž
S'HVWDIRUPDD(GXFDomR3URILVVLRQDOSRGHDSUHVHQWDUVHSDUDDOJXPDVSHVVRDV
FRPR XP HVSDoR GH RSRUWXQLGDGH GH LQFOXVmR H VXSHUDomR GH VXD FRQGLomR VRFLDO H
HFRQ{PLFDSRUpPRTXHSUHYDOHFHQDVRFLHGDGHpDOyJLFDGRPHUFDGRGHWUDEDOKRRQGHVy
ILFDP RV PDLV DSWRV jV QHFHVVLGDGHV GR PHUFDGR GDTXHOH PRPHQWR FRPR WDPEpP D
GLVFULPLQDomRHRSUHFRQFHLWRTXHSHUPDQHFHPQDVUHODo}HVVRFLDLV
2&217(;72'$3(648,6$(03Ë5,&$
(VVDSHVTXLVDVXUJHGHGDGRVHVSHFtILFRVGHXPDHVFRODGH(GXFDomR3URILVVLRQDOGH
6LQRS07(QWmRYRXDTXLID]HUXPDEUHYHDSUHVHQWDomRGRPXQLFtSLRHGDHVFRODHPTXHVH
HYLGHQFLD R SUREOHPD H RQGH IRL GHVHQYROYLGD D FROHWD GH GDGRV $ SDUWLU GHVVH FRQWH[WR
DSUHVHQWR RV DIUREUDVLOHLURV QHVVHV HVSDoRV FRQVLGHUDQGR TXH DV GLIHUHQoDV UHJLRQDLV VmR
LPSRUWDQWHVSDUDRVHVWXGRVGDVTXHVW}HVUDFLDLV7(//(6,PSRUWDHQWmRVDEHUFRPR
RVDIUREUDVLOHLURVVHDSUHVHQWDPQRPXQLFtSLRGH6LQRSHQD(VFROD7pFQLFD(VWDGXDODSDUWLU
GHGDGRVHVWDWtVWLFRVHGRFRQWH[WRVRFLRHFRQ{PLFR
$VSHFWRVVRFLDLVHHFRQ{PLFRVGRPXQLFtSLRGH6LQRS07
4XDQWRDRVDVSHFWRVGRPXQLFtSLRYRXDSUHVHQWDUVLQWHWLFDPHQWHRVDVSHFWRVVRFLDLVH
HFRQ{PLFRV DGYLQGRV GD VXD FRORQL]DomR DWp RV GLDV DWXDLV FRP R REMHWLYR GH WUD]HU XP
FRQWH[WRTXHDMXGHDSHUFHEHUFRPRVHFRQVWLWXLVXDSRSXODomRHQHVVDSRSXODomRRVDIUR
EUDVLOHLURV3DUDWDQWREXVTXHLOHLWXUDVTXHDERUGDVVHPRSURFHVVRKLVWyULFRGDFRORQL]DomRH
D GLQkPLFD TXH PRWLYRX D UHDOLGDGH VRFLRHFRQ{PLFD TXH 6LQRS DSUHVHQWD FRP DVSHVTXLVDV
GHVHQYROYLGDV SRU (GLVRQ GH 6RXVD )LRUHOR 3LFROL H RV GDGRV GLYXOJDGRV SHOD 3UHIHLWXUD
0XQLFLSDOGH6LQRSH*RYHUQRGR(VWDGRGH0DWR*URVVR
$ FRORQL]DomR SUHVVXS}H D FULDomR GH XPD LQIUDHVWUXWXUD DJUiULD SDUD R GHVHQYROYLPHQWR GD DJULFXOWXUD
FDUDFWHUL]DGDSRUORWHVUXUDLV HXUEDQRVFRP XPDVHGHDGPLQLVWUDWLYDVHUYLoRVWpFQLFRVHFRPXQLWiULRVGDQGR
LQtFLROHJDOPHQWHjFULDomRGHXPQRYRPXQLFtSLR$UWžGR'HFUHWRTXHWUDWDGDFRORQL]DomR
2PXQLFtSLRGH6LQRSLQWHJUDDUHJLmRGD*UDQGH%DFLDGR$PD]RQDVORFDOL]DGDQD
5HJLmR1RUWHGRHVWDGRGR0DWR*URVVRDNPGDFDSLWDO&XLDEijVPDUJHQVGD%5
VHQWLGR&XLDEi6DQWDUpP$FRORQL]DomRGH6LQRSpSDUWHGDSROtWLFDGH(VWDGRGR*RYHUQR
0LOLWDUSDUDRFXSDomRGD$PD]{QLDFRPRVORJDQ³RFXSDUSDUDQmRHQWUHJDU´6HJXQGR3LFROL
RSULQFLSDOREMHWLYRHUDWRUQDUD$PD]{QLDLQWHJUDGDDRPHUFDGRPXQGLDOHH[SORUDUR
JUDQGHSRWHQFLDOQDWXUDODWUDYpVGDVFRQFHVV}HVGR(VWDGRDRVJUXSRVHFRQ{PLFRVQDFLRQDLVH
LQWHUQDFLRQDLV SDUD DSURSULDomR GH WHUUDV SDVVDQGR D HVWHV DV WHUUDV GHYROXWDV LQGtJHQDV
JULODGDVRXDLQGDQmRKDELWDGDV
6LQRSpXPDGDVFLGDGHVGRSURMHWRGHQRPLQDGR*OHED&HOHVWHSURMHWRGHFRORQL]DomR
GH XPD iUHD GH DSUR[LPDGDPHQWH PLO KHFWDUHV TXH WDPEpP GHX RULJHP jV FLGDGHV GH
&ODXGLD6DQWD&DUPHP9HUD8QLmRGR6XOH)HOL]1DWDO$SRVVHGHVVDiUHDGHWHUUDHUDGD
&RORQL]DGRUD6LQRS6$HPSUHVDTXHDWXDYDGHVGHQDDEHUWXUDGHFLGDGHVQR1RURHVWH
GR3DUDQi1RDQRGHRVFRORQRVID]HPDDEHUWXUDGDVSULPHLUDVUXDVHFRQVWUXomRGRV
EDUUDFRVQRORFDORQGHpKRMH6LQRS6HJXLQGRXPSURFHVVRUiSLGRDWpVXDHPDQFLSDomRVXD
IXQGDomRDFRQWHFHXQRDQRGHHPSDVVRXDVHUGLVWULWRGRPXQLFtSLRGH&KDSDGD
GRV*XLPDUmHVHHPGHGH]HPEURGHFRPD/HLIRLHOHYDGDjFDWHJRULDGH
PXQLFtSLR
2VPRUDGRUHVTXHFKHJDUDPQRVSULPHLURVDQRVDSyVDFRORQL]DomRYLHUDPGDUHJLmR
VXOGRSDtVPRWLYDGRVSHORVLQFHQWLYRVILVFDLVHSROtWLFDVGHRFXSDomRGDUHJLmRFRPSUDQGR
ORWHV UXUDLV TXH DFRPSDQKDYD D DTXLVLomR GH XP ORWH XUEDQR JDUDQWLQGR TXH DV UHVLGrQFLDV
RUJDQL]DVVHPRHVSDoRGDFLGDGH 7DPEpPSDUD DWHQGHU DVQHFHVVLGDGHV GDSRSXODomR HGD
SUySULD HFRQRPLD D UHJLmR UHFHEHX FRPHUFLDQWHV SUHVWDGRUHV GH VHUYLoRV SURILVVLRQDLV GH
VD~GHHHGXFDomRWUDEDOKDGRUHVEUDoDLVHQWUHRXWURV
7UD]HQGRSHVVRDVGRVXOGRSDtVDFRORQL]DGRUDYHQGLDDLGHLDGHTXHDVSHVVRDVTXH
HVWDYDPVHLQVWDODQGRHP6LQRSHUDPSHVVRDVEUDQFDVHFRPSHUILOGHSHVVRDVWUDEDOKDGRUDVH
tQWHJUDV6286$
(P UD]mR GD DEXQGkQFLD GH PDGHLUD H[LVWHQWH H GRV LQFHQWLYRV ILVFDLV GR JRYHUQR
IHGHUDO SDUD D DEHUWXUD GH iUHDV YROWDGD j DJULFXOWXUD H SHFXiULD R VHWRU PDGHLUHLUR VH
HVWDEHOHFHXFRPRDSULQFLSDOIRQWHGDHFRQRPLDGRQRYRPXQLFtSLRFRPRH[WUDWLYLVPRHR
WUDEDOKR GD LQG~VWULD $ PmR GH REUD QR VHWRU HUD JUDQGH H QmR H[LJLD HVFRODULGDGH R TXH
,QIRUPDo}HVFRPSOHPHQWDUHVIRWRJUiILFDVHGHORFDOL]DomR$1(;2$±0$3$6()2726'(6,12307
)RQWHKWWSZZZVN\VFUDSHUFLW\FRPVKRZWKUHDGSKS"W PRWLYRX PXLWRV WUDEDOKDGRUHV DQDOIDEHWRV RX FRP SRXFD HVFRODULGDGH VH GHVORFDUHP SDUD
6LQRSHPEXVFDGHHPSUHJR2SHUtRGRGHPDLRURIHUWDGHYDJDVDFRQWHFHXQRVDQRVQRYHQWD
TXDQGR DV PDGHLUHLUDV ORFDOL]DGDV QR PXQLFtSLR HPSUHJDYDP HP PpGLD WUDEDOKDGRUHV 6286$ (VWH SHUtRGR FRLQFLGLX FRP R IUDFDVVR GD FRORQL]DomR GH
SHTXHQDVSURSULHGDGHVUXUDLVQDVFLGDGHVDRQRUWHGH6LQRSPRWLYDGRSHODIDOWDGHFRQGLo}HV
GHSURGXomRSDUD RVSHTXHQRV DJULFXOWRUHV H FRP RSHUtRGRSRVWHULRU j ³IHEUH GR RXUR´ QR
QRUWHGRHVWDGRGHVWDFDQGRDTXLRVJDULPSRVGDUHJLmRGH3HL[RWRGH$]HYHGRPXQLFtSLRGH
RULJHP GD PDLRULD GD SRSXODomR GH XP GRV PDLRUHV EDLUURV GH 6LQRS 6HQGR DVVLP JUDQGH
SDUWHGDSRSXODomRTXHYHLRSDUDWUDEDOKDUQRVHWRUPDGHLUHLURQHVWHSHUtRGRHUDFRPSRVWDGH
SHVVRDVTXHQmRFRQVHJXLUDPVHLQVWDODUFRPRFDPSRQHVHVRXHQULTXHFHUFRPDJDULPSDJHP
HEXVFDYDPWUDEDOKRSDUDVXDVREUHYLYrQFLDHDVREUHYLYrQFLDGHVXDVIDPtOLDV
(VVHV WUDEDOKDGRUHV VmR DSUHVHQWDGRV SRU 3LFROL S FRPR ³WUDEDOKDGRUHV
GHVSRVVXtGRV H PDUJLQDOL]DGRV TXHEXVFDP VXSULU DV QHFHVVLGDGHVEiVLFDV GH VXEVLVWrQFLD´
3RUVHUXPWUDEDOKRTXHQmRH[LJLDHQmRRSRUWXQL]DUDHVFRODULGDGHOHYRXDXPDJHUDomRGH
H[FOXtGRVGDHGXFDomRHVFRODUVHPH[SHFWDWLYDVGHXPIXWXURPHOKRU(VWDUHDOLGDGHUHIOHWH
QDHVFRODULGDGHGDSRSXODomRGRPXQLFtSLR1RVGDGRVGR,%*(GRDQRGHpPRVWUDGR
TXHHQWUHRVPXQtFLSHVFRPPDLVGHDQRVVmRDQDOIDEHWRVWrPPHQRVGH
DQRV GH HVWXGR H PHQRV GH DQRV FRP XPD PpGLD GH DQRV GH HVWXGR HQWUH D
SRSXODomRTXHIUHTXHQWRXDHVFROD
2 Q~PHUR GD SRSXODomR GR PXQLFtSLR WHYH XP FUHVFLPHQWR PXLWR UiSLGR GHVGH VXD
FULDomR1RDQRGHRLWRDQRVGHSRLVGDDEHUWXUDGDVSULPHLUDVUXDVDSRSXODomRMiHUD
GHKDELWDQWHVHKRMHWULQWDHRLWRDQRVGHSRLVDSRSXODomRpGHKDELWDQWHV
ILFDQGR HQWUH RV TXDWUR PDLRUHV PXQLFtSLRV GR 0DWR *URVVR H R PDLRU GD UHJLmR QRUWH GR
HVWDGR
6HPHOKDQWH DR TXH DFRQWHFHX HP RXWURV PXQLFtSLRV GD UHJLmR D SURGXomR DJUtFROD
WHYH YiULDV WHQWDWLYDV TXH QmR GHUDP FHUWRSHOD IDOWD GH FRQKHFLPHQWR GDV FDUDFWHUtVWLFDV GR
VRORHSHODIDOWDGHLQFHQWLYRVS~EOLFRVSDUDRVSHTXHQRVDJULFXOWRUHVRVTXDLVVHPFRQGLo}HV
'DGRVREWLGRVHPFRQYHUVDVFRPSURIHVVRUHVSHVTXLVDGRUHVGD81(0$7&DPSXVGH6LQRS07
'DGRV GD SHVTXLVD GHVHQYROYLGD QR DQR GH FRPR 7UDEDOKR GH &RQFOXVmR GR &XUVR GH 3HGDJRJLD GD
8QLYHUVLGDGH GR (VWDGR GR 0DWR *URVVR 6LQRS07 GDV DOXQDV (GODLQH &ULYHOOL &ROXFFL FRP R WtWXOR 2
VHQWLGR TXH R WUDEDOKDGRU GR VHWRU PDGHLUHLUR DWULEXL D HVFROD H D HGXFDomRGH VHX ILOKR H GD DOXQD &ODULFH
&DUUDGRUHFRPRWtWXOR7UDEDOKDGRUGR6HWRU0DGHLUHLURVHQWLGRVHVDEHUHVGDHVFRODUL]DomRGD(-$
8WLOL]RDOJXQVGDGRVGRUHFHQVHDPHQWRGRDQRGHTXDQGRVmRGDGRVDLQGDQmRSXEOLFDGRVSHOR,%*(GR
UHFHQVHDPHQWRGRDQRGH)RQWHKWWSZZZPWHVHXVPXQLFLSLRVFRPEU!0DWR*URVVRHVHXVPXQLFtSLRV
(VWLPDWLYDGR,%*(GH
GH VREUHYLYrQFLD QR FDPSR PXLWRV YHQGHP VXDV SURSULHGDGHV UXUDLV SDUD DOJXQV SRXFRV
SURSULHWiULRV FRP PHOKRUHV FRQGLo}HV HFRQ{PLFDV H YmR SDUD D FLGDGH QD FRQGLomR GH
SHTXHQRV HPSUHViULRV RX DVVDODULDGRV 6286$ (VVD VLWXDomR UHIOHWH QD DOWD WD[D GH
XUEDQL]DomRHQD JUDQGHFRQFHQWUDomRGHWHUUDVGRPXQLFtSLR1RDQRGHDSRSXODomR
UXUDO GH 6LQRS HUD GH H D SRSXODomR XUEDQD XPD SURSRUomR SDULWDULD YLQWH DQRV
GHSRLVQRDQRGHDSHQDVGDSRSXODomRUHVLGHQD]RQDUXUDOHRSHUtPHWURXUEDQR
FRQFHQWUD GDSRSXODomR 3DUD XP PXQLFtSLR FRP JUDQGH H[WHQVmR GH WHUUDV UXUDLV PLOKHFWDUHVFRPXPDUHSUHVHQWDomRPpGLDGHGDiUHDGRPXQLFtSLRSRXFRFRQWULEXHP
SDUD D RIHUWD GH YDJDV GH HPSUHJR QR FDPSR $ PDLRU SDUWH GHVVD iUHD HVWi HP SRGHU GH
ODWLIXQGLiULRVFRPiUHDVGHDWpPLOKHFWDUHVDWXDQGRSULQFLSDOPHQWHFRPDPRQRFXOWXUD
GHDOJRGmRVRMDPLOKRHDUUR]
$OpP GD DJULFXOWXUD DWXDOPHQWH D HFRQRPLD GR PXQLFtSLR HQYROYH D LQG~VWULD
PDGHLUHLUD IULJRUtILFRV DJURSHFXiULD FRQVWUXomR FLYLO FRPpUFLR H R VHWRU GH VHUYLoRV $
PDLRU RIHUWD GH HPSUHJRV HVWi QR VHWRU GH VHUYLoRV RQGH FRQFHQWUDVH FRPRSUpUHTXLVLWR D
HVFRODULGDGHPtQLPDGHHQVLQRPpGLRRXIRUPDomRSURILVVLRQDOHVSHFtILFDGHQtYHOPpGLRRX
VXSHULRULQFHQWLYDQGRDVSHVVRDVDEXVFDUHPHVVHQtYHOGHHVFRODULGDGH
&RPR PXQLFtSLR SyOR QD ~OWLPD GpFDGD KRXYH XP DFHQWXDGR DXPHQWR GH YDJDV GH
IRUPDomRSURILVVLRQDOHPFXUVRVGHQtYHLVPpGLRHVXSHULRUFKHJDQGRDWHUVLWXDo}HVGHYDJDV
H[FHGHQWHV HP FXUVRV S~EOLFRV $WXDOPHQWH RV HVSDoRV GH IRUPDomR SURILVVLRQDO QR
PXQLFtSLRHVWmRGLVWULEXtGRVQDVXQLYHUVLGDGHVIHGHUDOHHVWDGXDOQDVIDFXOGDGHVSDUWLFXODUHV
QD (VFROD 7pFQLFD (VWDGXDO H HP HVFRODV WpFQLFDV SDUWLFXODUHV 2 (QVLQR 6XSHULRU RIHUHFH
VHPHVWUDOPHQWHFXUVRVHDVIDFXOGDGHVSDUWLFXODUHVDSUR[LPDGDPHQWHFXUVRV
4XDQWR DRV LQGLFDGRUHV VRFLDLV GH UHQGD HGXFDomR H GH GHVLJXDOGDGH RV GDGRV GR
,%*(GHPRVWUDPTXHRËQGLFHGH'HVHQYROYLPHQWR+XPDQR,'+GRPXQLFtSLRpGH
tQGLFH FRQVLGHUDGR HOHYDGR H FRP DXPHQWR TXDQGR FRPSDUDGR DV HVWDWtVWLFDV
DQWHULRUHV ILFDQGR HP VH[WR OXJDU QD FODVVLILFDomR GR HVWDGR -i D GHVLJXDOGDGH GH
UHQGLPHQWRV p DOWD FRPR PRVWUD R FRHILFLHQWH GH *LQL GR DQR GH TXHSDVVRX GH SDUD (VVD GHVLJXDOGDGH VH IRUWDOHFH FRP D IDOWD GH HVWUXWXUD GRV EDLUURV SRSXODUHV
FRQVLGHUDQGR TXH HVWHV VmR DIDVWDGRV GR FHQWUR FRP SUREOHPDV GH LOXPLQDomR GH iJXD
1RDQRGHDQREDVHGHVWDSHVTXLVDVREUDUDPYDJDVHPFXUVRVQD8QLYHUVLGDGH)HGHUDOHP6LQRS07H
QRVVHOHWLYRVGHDOJXQVFXUVRVGLXUQRVQD(VFROD(VWDGXDO7pFQLFDGH6LQRS07'DGRVREWLGRVFRPD6HFUHWDULD
$FDGrPLFDGDVLQVWLWXLo}HVPHQFLRQDGDV
(VFRODQDTXDOGHVHQYROYHXVHHVVDSHVTXLVD
WUDWDGD H FRP UXDV VHP SDYLPHQWDomR OHYDQGR D XPD VRPD GH VLWXDo}HV TXH GHVIDYRUHFHP
HVVDSRSXODomR2PHLRGHWUDQVSRUWHXWLOL]DGRSHODPDLRULDGDSRSXODomRGHVVHVEDLUURVVmR
DV ELFLFOHWDV TXH FLUFXODP QDV UXDV GD FLGDGH HP GLDV GH FKXYD H GH VRO WUDQVSRUWDQGR RV
WUDEDOKDGRUHVHVWXGDQWHVHWRGDDIDPtOLDSDUDGLIHUHQWHVOXJDUHVGHGHVWLQReXPDSRSXODomR
TXH ODEXWD GLDULDPHQWH SRU PHOKRUHV FRQGLo}HV PDV FRQYLYH FRQVWDQWHPHQWH FRP VLWXDo}HV
GHGHVHPSUHJRHDGHVLJXDOGDGHVRFLDOHHFRQ{PLFD
$VVLP p 6LQRS 8P PXQLFtSLR FRQVLGHUDGR MRYHP TXH QRV VHXV DQRV GH
HPDQFLSDomR DSUHVHQWRX XP DOWR FUHVFLPHQWR SRSXODFLRQDO H GHVHQYROYLPHQWR HFRQ{PLFR
PDVWDPEpPXPDOWRtQGLFHGHGHVLJXDOGDGHVRFLDO-RYHPHQDFRQGLomRGHFLGDGHSRORGH
DSUR[LPDGDPHQWH WULQWD PXQLFtSLRV UHFHEH PXLWDV SHVVRDV GD UHJLmR TXH EXVFDP RV
GLIHUHQWHVVHJPHQWRVGRVHWRUGHVHUYLoRVGHVWDFDQGRVHRVHQVLQRVVXSHULRUHWpFQLFR
$(GXFDomR3URILVVLRQDOQD(VFROD7pFQLFD(VWDGXDOGH6LQRS07
$VVLPFRPRRPXQLFtSLRGH6LQRSD(GXFDomR3URILVVLRQDOGRHVWDGRGR0DWR*URVVR
pXPDH[SHULrQFLDUHFHQWHTXHQRLQtFLRGHFRPSOHWRXDQRVGHSUHVWDomRGHVHUYLoRV
DWHQGHQGRjSRSXODomRPDWRJURVVHQVH8PDLQVWLWXLomRMRYHPTXHVXUJHGHXPSURJUDPDGR
JRYHUQR IHGHUDO GH H[SDQVmR GD (GXFDomR 3URILVVLRQDO H TXH HP SRXFR WHPSR SDVVRX SRU
YiULDVPXGDQoDV
6XD FULDomR HP MDQHLUR GH GHXVH TXDQGR R JRYHUQR GR HVWDGR FULRX R &HQWUR
(VWDGXDO GH (GXFDomR 3URILVVLRQDO H 7HFQROyJLFD &(3527(& FRPR XPD DXWDUTXLD
YLQFXODGD D 6HFUHWDULD GH (VWDGR GH &LrQFLD H 7HFQRORJLD 6(&,7(& $FRPSDQKDQGR D
FULDomRGR&HSURWHFVXUJHPD/&TXHWUDWDGR)XQGR(VWDGXDOGH(GXFDomR3URILVVLRQDO
)((3 D /& TXH WUDQVIRUPD RV &HQWURV 3~EOLFRV GH )RUPDomR 3URILVVLRQDO
&(1)25V ± HP 8QLGDGHV GH (QVLQR 'HVFHQWUDOL]DGDV GR &HSURWHF FRPR WDPEpP
WUDQVIRUPDWRGDDHVWUXWXUDItVLFDHDGPLQLVWUDWLYDGR&HQIRUSDUDR&HSURWHFD/&TXH
FULD D HVWUXWXUD RUJDQL]DFLRQDO GR &HSURWHF H D /& TXH LQVWLWXL D FDUUHLUD GRV
SURILVVLRQDLV GD (GXFDomR 3URILVVLRQDO H 7HFQROyJLFD &RP HVVD HVWUXWXUD QR DQR GH &ULDGRHPRV&(1)25VDEUDQJHPTXDWUR8QLGDGHVGH(QVLQRQRHVWDGRGR0DWR*URVVR$OWD)ORUHVWD
6LQRS5RQGRQySROLVH%DUUDGR*DUoDVYLQFXODGDVD6HFUHWDULDGH(VWDGRGH(GXFDomR±6('8&6XUJHFRPR
SDUWHGR3URJUDPDGH([SDQVmRGD(GXFDomR3URILVVLRQDO352(30(&
DFRQWHFHRFRQFXUVRS~EOLFRSDUDRVDGPLQLVWUDWLYRVHSURIHVVRUHVFRPRWDPEpPRSURFHVVR
VHOHWLYRSDUDDVSULPHLUDVWXUPDVGHFXUVRVWpFQLFRV$VVLPLQLFLDD(GXFDomR3URILVVLRQDOGR
HVWDGRGR0DWR*URVVRRQGHIRLGHVHQYROYLGDHVWDSHVTXLVD
(PIHYHUHLURGHDWUDYpVGD/&RPHVPRJRYHUQDGRUTXHFULRXR&HSURWHF
H[WLQJXHR YLQFXODQGR WRGR VXD HVWUXWXUD ItVLFD H DGPLQLVWUDWLYD VHUYLGRUHV DOXQRV H
SURJUDPDVSDUDD6HFUHWiULDGH&LrQFLDH7HFQRORJLD±6HFLWHF07(PGH]HPEURGH
FRPD/&DHGXFDomRSURILVVLRQDOGRHVWDGRJDQKDXPDQRYDQRPHQFODWXUDRILFLDOTXH
HVWiHPYLJRUDWXDOPHQWH(VFROD7pFQLFD(VWDGXDOGH(GXFDomR3URILVVLRQDOH7HFQROyJLFD
'HDFRUGRFRPR'HFUHWRTXHWUDWDGDRUJDQL]DomRGD(GXFDomR3URILVVLRQDOD
(VFROD7pFQLFD(VWDGXDORIHUHFHGXDVIRUPDVGHFXUVRVTXHVmRRVGH(GXFDomR3URILVVLRQDO
GH1tYHO0pGLRGHQRPLQDGRVFRPRFXUVRVWpFQLFRVHRVGH)RUPDomR,QLFLDOH&RQWLQXDGD
GH7UDEDOKDGRUHVGHQRPLQDGRVFRPRFXUVRV),&7V
4XDQGRIRLFULDGRR&HSURWHFHPMDQHLURGHDHVWUXWXUDSHGDJyJLFDGRVFXUVRV
WpFQLFRVVHJXLDDVRULHQWDo}HVGR'HFUHWRVHQGRDVVLPRVFXUVRVRIHUHFLGRVQmRVmR
LQWHJUDGRVFRPD(GXFDomR%iVLFD2VFXUVRVWpFQLFRVVmRRIHUHFLGRVFRPPDWUtFXODLVRODGD
GR (QVLQR 0pGLR GHILQLGRV FRPR FXUVRV ³VXEVHTXHQWHV´ 2 LQJUHVVR GRV DOXQRV WHP FRPR
SUpUHTXLVLWR D FRQFOXVmR GR (QVLQR 0pGLR RX HVWDUPDWULFXODGR QR ~OWLPR DQR GHVWH LGDGH
PtQLPD GH DQRV H DSURYDomR QR SURFHVVR VHOHWLYR 2V FXUVRV VmR RIHUHFLGRV
LVRODGDPHQWHRXVHMDHPFDGDVHOHWLYRVmRQRYRVFXUVRVQmRQHFHVVDULDPHQWHDEULQGRYDJDV
SDUDFXUVRVMiRIHUWDGRVQRVVHOHWLYRVDQWHULRUHV2VVHOHWLYRVDFRQWHFHPHPPpGLDXPDYH]
SRUDQRVHPXPFDOHQGiULRGHILQLGR
$RIHUWDGHYDJDVQRVFXUVRVWpFQLFRVSHOD(VFROD7pFQLFD(VWDGXDOGH6LQRS07QRV
DQRV GH DWp VRPD YDJDV GLVWULEXtGDV QRV FXUVRV GH DGPLQLVWUDomR UXUDO
LQIRUPiWLFD VHJXUDQoD GR WUDEDOKR DJURSHFXiULD HQIHUPDJHP PHLR DPELHQWH HGLILFDo}HV
DJURQHJyFLRHVHFUHWDULDGR
2V FXUVRV ),&7V VmR RIHUHFLGRV GH DFRUGR FRP R SHUILO GH IRUPDomR SUHWHQGLGR H R
S~EOLFRDVHUDWHQGLGRSRGHQGRWHUXPDFDUJDKRUiULDFRPRPtQLPRHVWDEHOHFLGRGHDWp
KRUDV $ LGDGH PtQLPD SDUD LQJUHVVR p GH DQRV H D HVFRODULGDGH PtQLPD YDULD GH
DFRUGRFRPRSODQRGHFXUVRLQGRGHVHUDOIDEHWL]DGRDWpFRQFOXVmRGRHQVLQRIXQGDPHQWDO
1RVFXUVRV),&7VTXDQGRRQ~PHURGHLQVFULWRVH[FHGHRQ~PHURGHYDJDVDVHOHomRpIHLWD
2SURFHVVRVHOHWLYRpRUJDQL]DGRDWUDYpVGHHGLWDOFRPSURYDVGHDOWHUQDWLYDVIHFKDGDVHQYROYHQGRTXHVW}HV
GDiUHDGHPDWHPiWLFDOtQJXDSRUWXJXHVDKLVWyULDHJHRJUDILD
$1(;2%±&856267e&1,&262)(5(&,'261$(6&2/$7e&1,&$(67$'8$/'(6,12307
GH DFRUGR FRP R SHUILO VRFLRHFRQ{PLFR TXH DFRPSDQKD D ILFKD GH LQVFULomR 2 Q~PHUR GH
YDJDVRIHUWDGDVFRPRVFXUVRV),&7VGRDQRGHDWpRDQRGHIRLGHYDJDV
FRP XP PDLRU DWHQGLPHQWR QR DQR GH TXH VRPRX YDJDV $WXDOPHQWH D
SRSXODomRGRHVWDGRFRQWDFRPVHLV(VFRODV7pFQLFDV(VWDGXDLVGLVWULEXtGDVQDVFLGDGHVGH
$OWD)ORUHVWD%DUUDGR*DUoDV'LDPDQWLQR5RQGRQySROLV7DQJDUiGD6HUUDH6LQRS&RPR
3URJUDPD %UDVLO 3URILVVLRQDOL]DGR GR JRYHUQR IHGHUDO DWp R DQR GH HVWi SUHYLVWR D
FRQVWUXomR GH RLWR QRYDV (VFRODV 7pFQLFDV (VWDGXDLV HP RLWR GLIHUHQWHV PXQLFtSLRV GR
HVWDGRFRPRWDPEpPRIXQFLRQDPHQWRGHWUrVQRYDVHVFRODVTXHIRUDPHVWDGXDOL]DGDV
7DQWR QRV FXUVRV WpFQLFRV FRPR QRV FXUVRV ),&7V GD (VFROD 7pFQLFD (VWDGXDO GH
6LQRSH[LVWHXPDOWRtQGLFHGHDOXQRVTXHQmRFRQFOXHPRFXUVRILFDQGRQDPpGLDGHe
XPGDGRTXHFKDPDDDWHQomRSULQFLSDOPHQWHDGHVLVWrQFLDHQWUHRVDIUREUDVLOHLURVTXHVH
DSUHVHQWDFRPXPSHUFHQWXDOVXSHULRUDRGRVGHPDLVDOXQRV
2SHUILOGRVDOXQRVGD(VFROD7pFQLFD(VWDGXDOGH6LQRSpEHPGLYHUVLILFDGR(PVXD
PDLRULD VmR SHVVRDV GH GLIHUHQWH IDL[D HWiULD WUDEDOKDGRUHV DVVDODULDGRV DXW{QRPRV
GHVHPSUHJDGRVSHVVRDVHPEXVFDGHXPDIRUPDomRSDUDRSULPHLURHPSUHJRWUDEDOKDGRUHV
TXHEXVFDP XPD FHUWLILFDomRSDUD DSURILVVmR TXHMi GHVHQYROYHP RX XPD QRYD RSomRSDUD
DWXDUQDGLQkPLFDGRPXQGRGRWUDEDOKRFRQWHPSRUkQHR
2V$IUREUDVLOHLURVHP6LQRSHQD(VFROD7pFQLFD(VWDGXDO
2VGLIHUHQWHVHVSDoRVVRFLDLVGHFRQYLYrQFLDID]HPFRPTXHQRVVDVDo}HVVHRULHQWHP
D SDUWLU GH FDGD DPELHQWH DVVLP D SURSRVWD DTXL p WUD]HU HOHPHQWRV TXH PRVWUHP FRPR RV
DIUREUDVLOHLURV VH DSUHVHQWDP QR PXQLFtSLR GH 6LQRS H QRV FXUVRV GD (VFROD 7pFQLFD
(VWDGXDO
9RX FRPHoDU FRP DOJXQV GDGRV GRV DIUREUDVLOHLURV QR HVWDGR GR 0DWR *URVVR TXH
FRP EDVH QR UHFHQVHDPHQWR GR DQR GH p R VHJXQGR HVWDGR FRP PDLRU Q~PHUR GH
$1(;2&±&85626'()250$d­2,1,&,$/(&217,18$'$'(75$%$/+$'25(6
2)(5(&,'2612$12'(1$(6&2/$7e&1,&$(67$'8$/'(6,12307
$GHQRPLQDomRµGHVLVWrQFLD¶UHIHUHVHDRVDOXQRVPDWULFXODGRVQRFXUVRHVFRODHTXHQmRIRUDPFHUWLILFDGRV
0HVPR FRP GDGRV PDLV DWXDOL]DGRV TXDQGR DR SHUFHQWXDO GH DIUREUDVLOHLURV QR HVWDGR GR 0DWR *URVVR
XWLOL]HL DTXL RV GDGRV GR DQR GH SDUD IDYRUHFHU R FRPSDUDWLYR FRP R SHUFHQWXDO GH DIUREUDVLOHLURV GR
PXQLFtSLRGH6LQRSTXHQmRGLVS}HGHGDGRVPDLVDWXDOL]DGRVDWpRSUHVHQWHHVWXGR
SHVVRDVTXHVHDXWRGHFODUDPSDUGDVHSUHWDVVRPDQGRGDSRSXODomRILFDQGRDFLPDGD
PpGLD QDFLRQDO TXH VRPD GH DIUREUDVLOHLURV 1R 0DWR *URVVR DOJXQV PXQLFtSLRV GD
UHJLmR VXO GR HVWDGR D SRSXODomR GH DIUREUDVLOHLURV FKHJD D R TXH QmR DFRQWHFH QRV
PXQLFtSLRV GD UHJLmR GH 6LQRS DR QRUWH GR HVWDGR RQGH D SRSXODomR GH DIUREUDVLOHLURV p
PDLVUHGX]LGDFRPSUHGRPtQLRGDFXOWXUDGRVEUDQFRVGHRULJHPVXOLVWD
&RPRQRVDSUHVHQWD-RVp5REHUWR6FKDHIHU6LQRSIRLSODQHMDGDSDUDUHFHEHUSHVVRDV
GDUHJLmRVXOGRSDtVHSHVVRDVEUDQFDV
$ ILUPD 6LQRS07 6$ SURFXURX VHQVLELOL]DU FRORQRV GRV WUrV (VWDGRV GR ([WUHPR
6XO FRP ERD WUDGLomR DJUtFROD &HUFD GH GDV SHVVRDV VmR OXVREUDVLOHLURV H R
UHVWDQWH VmR GH RULJHP DOHPm LWDOLDQD SRORQHVD H MDSRQHVD HWF FRQIRUPH
OHYDQWDPHQWRGH&HUFDGHGDSRSXODomRpSURYHQLHQWHGR3DUDQiGH
6DQWD &DWDULQD GR 5LR *UDQGH GR 6XO GH 6mR 3DXOR H RV UHVWDQWHV SURYrPGHRXWURVHVWDGRV6&+$()(5DSXG3,&2/,S
1RWH[WRHVFULWRSRU6FKDHIHURDXWRUFLWDDRULJHPGDSRSXODomRGH6LQRSPDVQmR
PHQFLRQD RV DIURGHVFHQGHQWHV QHP WDPSRXFR RV GHPDLV DXWRUHV TXH HVFUHYHP VREUH R
SURFHVVR GH FRORQL]DomR GR PXQLFtSLR 1mR VmR PHQFLRQDGRV PDV RV GDGRV HVWDWtVWLFRV
PRVWUDPTXHDSRSXODomRDIUREUDVLOHLUDHVWHYHVLJQLILFDWLYDPHQWHUHSUHVHQWDGDHPWRGRVRV
UHFHQVHDPHQWRV GR ,%*( 1R DQR GH RLWR DQRV GHSRLV GD FKHJDGR GRV SULPHLURV
PRUDGRUHVFRORQL]DGRUHVRSHUFHQWXDOGDSRSXODomRGHDIUREUDVLOHLURVMiHUDGHGH
SHVVRDVTXHVHDXWRGHFODUDUDPFRPRSDUGRVHFRPRSUHWRV
1RVGDGRVGR,%*(GRDQRGHRSHUFHQWXDOGHDIUREUDVLOHLURVIRLGHHGR
DQRGH(QWUHRDQRGHHRDQRGHRSHUFHQWXDOGHDIUREUDVLOHLURVQR
PXQLFtSLRDXPHQWRXHRSHUFHQWXDOGHEUDQFRVGLPLQXLXSHUtRGRTXHFRLQFLGHFRP
R DXPHQWRX VLJQLILFDWLYR GH YDJDV GH WUDEDOKR QR VHWRU PDGHLUHLUR HP 6LQRS H TXH UHFHEHX
PXLWDV SHVVRDV TXH DEDQGRQDUDP VHXV SURMHWRV GH ³SURGXWRUHV UXUDLV´ RX R ³VRQKR GH
ULTXH]D´FRPRJDULPSR6mRSHVVRDVTXHYrPGDVFLGDGHVDRQRUWHGH6LQRSUHJLmRTXHQR
UHFHQVHDPHQWRGHFRQFHQWUDYDVHHPDSHQDVGRLVPXQLFtSLRV$OWD)ORUHVWDH&ROLGHUQD
pSRFDFRPXPSHUFHQWXDOGHQHJURVGHHUHVSHFWLYDPHQWH(VVDSHVTXLVDQmRWHP
R SURSyVLWR GH DSUHVHQWDU DV RULJHQV GD SRSXODomR DIUREUDVLOHLUD HP 6LQRS PDV FRQVLGHUR
HVVHV GDGRV SHUWLQHQWHV H DFUHGLWR TXH FRQWULEXHP SDUD SHQVDU HVVD SRSXODomR QD VXD
7HUPRXVDGRSDUDDJUXSDURVWUrVHVWDGRVGDUHJLmRVXOGRSDtV3DUDQi6DQWD&DWDULQDH5LR*UDQGHGR6XO
3HVTXLVDGRUGDFRORQL]DomRGHFLGDGHVGDUHJLmRQRUWHGR0DWR*URVVRLQFOXLQGR6LQRS$XWRUGROLYUR$V
PLJUDo}HVUXUDLVHLPSOLFDo}HVSDVWRUDLVXPHVWXGRGDV PLJUDo}HVFDPSRFDPSRGRVXOGRSDtVHPGLUHomRR
QRUWHGR0DWR*URVVR6mR3DXOR/R\ROD
IRUPDomR SURILVVLRQDO &RP VHXV SURMHWRV IUDFDVVDGRV HP RXWUDV UHJL}HV FKHJDP HP XP
PXQLFtSLRTXHQmRRVFRQVLGHUDPFRPRSURWDJRQLVWDVGRGHVHQYROYLPHQWRFRPLQYLVLELOLGDGH
RXSUHFRQFHLWRFRPVHXVFRVWXPHVHUHSUHVHQWDo}HVFXOWXUDLV
0HVPRFRPXPDUHSUHVHQWDomRGHTXDVHDPHWDGHGDSRSXODomRGHDIUREUDVLOHLURVD
FXOWXUDHRVFRVWXPHVTXHDSDUHFHPQDVGLIHUHQWHVIRUPDVGHDSUHVHQWDomRGRPXQLFtSLRWrP
VHXSURWDJRQLVPRQRV³VXOLVWDVEUDQFRV´
$ IRUPD FRPR IRL H DLQGD p DSUHVHQWDGD D SRSXODomR GH 6LQRS GHVFRQVLGHUD D
SDUWLFLSDomRGRVDIUREUDVLOHLURVQDKLVWyULDHQRGHVHQYROYLPHQWRGRPXQLFtSLRVXDVFXOWXUDV
HFRQGLomRVRFLRHFRQ{PLFD$OpPGDLQYLVLELOLGDGHDFDPSDQKDGDFRORQL]DomRYHQGLDXPD
LPDJHP SUHFRQFHLWXRVD H PHQWLURVD GH TXH D SRSXODomR GH 6LQRS HUD IRUPDGD SRU SHVVRDV
EUDQFDV6RXVDSKLVWRULDGRUHVFUHYHTXH³HP6LQRSDFDSDFLGDGHGHWUDEDOKRGR
DJULFXOWRUVXOLVWDHUDHQIDWL]DGRWDQWRSHORVHPSUHViULRVTXDQWRSHORVyUJmRVJRYHUQDPHQWDLV´
2WUDEDOKRYDORUL]DGRHUDRWUDEDOKRGRVXOLVWDUHSUHVHQWDGRSHODVSHVVRDVEUDQFDV
$R YHQGHU HVVD LPDJHP GRV PRUDGRUHV GH 6LQRS D HPSUHVD FRORQL]DGRUD H VHXV
DOLDGRV UHODFLRQDYDP D SRVVLELOLGDGH GH VXFHVVR H SURJUHVVR GD UHJLmR FRP R SHUILO GH
WUDEDOKR GD SHVVRD EUDQFD /DXGHPLU =DUW DSXG 6286$ S HVFUHYH TXH D
SHUVSHFWLYDGHVXFHVVRSDUD6LQRSHUDDVVLPPHQFLRQDGD³VXFHVVRpGREUDQFRHGRVXOLVWD
VDEHGRU H DSURYHLWDGRU GDV RSRUWXQLGDGHV RIHUHFLGDV SHOD WHUUD GR SURJUHVVR´ 8P GLVFXUVR
TXH FRQWLQXD D H[LVWLU FRP D LGHLD GH TXH R JUDQGH GLIHUHQFLDO SDUD R GHVHQYROYLPHQWR GR
PXQLFtSLRpUHVXOWDGRGDFXOWXUDGHWUDEDOKRGRV³VXOLVWDVEUDQFRV´
2XWUR DVSHFWR TXH SRGH FRQWULEXLU SDUD DSUHVHQWDU RV DIUREUDVLOHLURV HP 6LQRS p D
UHSUHVHQWDomRGHVVHVQD(VFROD7pFQLFD(VWDGXDO3DUDWDQWRYRXDTXLDSUHVHQWDURVGDGRVGD
SHVTXLVDGHVHQYROYLGDQRDQRGHQDUHIHULGDHVFROD
&RP RV GDGRV GD VHFUHWiULD DFDGrPLFD D SHVTXLVD PRVWUD D UHSUHVHQWDomR GRV DIUR
EUDVLOHLURV QD (VFROD 7pFQLFD (VWDGXDO GH 6LQRS QRV FXUVRV WpFQLFRV RIHUHFLGRV GR DQR GH
DWp'HQWUHRVDOXQRVPDWULFXODGRVQRVFXUVRVWpFQLFRVSHVTXLVDGRVVH
DXWRGHFODUDUDPQDILFKDGHPDWUtFXODFRPRSDUGRVRXQHJURVGHILQLGRVSHODSHVTXLVDFRPR
DIUREUDVLOHLURV8PDUHSUHVHQWDomRGHSHUFHQWXDOVHPHOKDQWHDRGDSRSXODomRGHDIUR
3HVTXLVDILQDQFLDGDSHOR)XQGRGH$PSDURj3HVTXLVDGR(VWDGRGR0DWR*URVVR)$3(0$707(GLWDOGH
$SRLRj,QLFLDomR&LHQWtILFD-XQLRUQž)$3(0$7&1343URMHWR$WUDMHWyULDGRQHJURQDIRUPDomR
SURILVVLRQDOWpFQLFDGD6HFLWHF6LQRS07,QWHJUDQWHVGRJUXSRGHSHVTXLVD-RmR&DUORV9LFWRU3HUHLUDGD6LOYD
0iUFLD0HORGH6RXVD06F9DOGLYLQRGH6RX]D%DUERVDHHX0DULD/XL]D7URLDQ
EUDVLOHLURV QR PXQLFtSLR TXH p GH 6H R SHUFHQWXDO GH PDWUtFXODV DSRQWD SDUD XPD
LJXDOGDGH GH RSRUWXQLGDGHV R DSURYHLWDPHQWR GHVVHV DOXQRV QRV FXUVRV QmR GHPRQVWUD D
PHVPDLJXDOGDGH$GHVLVWrQFLDHQWUHRVDOXQRVDIUREUDVLOHLURVpPDLRUGRTXHDGHVLVWrQFLD
HQWUHRVGHPDLVDOXQRV(QWUHHOHVDGHVLVWrQFLDpGHHQTXDQWRTXHHQWUHRVEUDQFRVpGH
1RDQRGHHVVDGLIHUHQoDIRLPDLVDFHQWXDGDFRPXPSHUFHQWXDOGHGHDIUR
EUDVLOHLURVPDWULFXODGRVGHQWUHXPWRWDOGHDOXQRVQmRFRQFOXtUDPRFXUVRMi
HQWUH RV DOXQRV EUDQFRV PDWULFXODGRV D GHVLVWrQFLD IRL GH 2 SHUFHQWXDO GH DIUR
EUDVLOHLURV TXH QmR FRQFOXtUDP R FXUVR p TXDVH R GREUR TXDQGR FRPSDUDGR FRP RV GHPDLV
DOXQRV(VVHVGDGRVVmRRVPRWLYDGRUHVSDUDRREMHWLYRGHFRQKHFHUVXDIRUPDomRSURILVVLRQDO
FRQVWUXtGDDRORQJRGHVXDWUDMHWyULDGHYLGD
2XWUD REVHUYDomR GD SHVTXLVD IRL TXH R SHUFHQWXDO GH DIUREUDVLOHLURV PDWULFXODGRV
QRV FXUVRV GLXUQRV p PDLRU GR TXH QRV FXUVRV QRWXUQRV 'XDV VLWXDo}HV H[WUHPDV IRUDP
REVHUYDGDVQR FXUVRWpFQLFRHPLQIRUPiWLFDGRSHUtRGRYHVSHUWLQRRQGHDFRQFRUUrQFLDQR
VHOHWLYR HUD PHQRU FDQGLGDWRVSRU YDJD R Q~PHUR GH PDWULFXODGRV DIUREUDVLOHLURV IRL GH
Mi QR PHVPR FXUVR GR SHUtRGR QRWXUQR RQGH WLQKDP FDQGLGDWRV SRU YDJD R
SHUFHQWXDO GH DIUREUDVLOHLURV FDL SDUD TXH UHSUHVHQWD DOXQRV 'HVVHV DOXQRV
QHQKXP FRQFOXLX R FXUVR D GHVLVWrQFLD IRL GH QR HQWDQWR HQWUH RV DOXQRVEUDQFRV D
GHVLVWrQFLDIRLGH$OpPGDVLJQLILFDWLYDGLIHUHQoDQRDSURYHLWDPHQWRGRFXUVRGHVWDFD
VH D VLWXDomR HP TXH WRGRV RV DOXQRV DIUREUDVLOHLURV PDWULFXODGRV QR UHVSHFWLYR
FXUVRSHUtRGRQmRFRQVHJXLUDPDFHUWLILFDomRGRFXUVR
$SHVTXLVDPRVWUDTXHDRSRUWXQLGDGHGHDFHVVRSDUDRVDIUREUDVLOHLURVQmRJDUDQWHD
RSRUWXQLGDGHGHID]HURFXUVR6XDHVFROKDSHUPDQHFHUHFRQFOXLURFXUVRWrPOLPLWDo}HVTXH
VmRSUySULDVGHVXDFRQGLomRUDFLDOFRQVLGHUDQGRTXHDSUHVHQWDPGLIHUHQoDVVLJQLILFDWLYDVQR
DSURYHLWDPHQWRGRVFXUVRVTXDQGRFRPSDUDGRDRVGHPDLVDOXQRV
3HQVDU D IRUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV GRV DOXQRV GD (VFROD WpFQLFD
(VWDGXDO GH 6LQRS FRP D HVSHFLILFLGDGH DSUHVHQWDGD DFLPD UHPHWH DV VHJXLQWHV TXHVW}HV
&RPRDIRUPDomRSURILVVLRQDOVHFRQVWLWXLDRORQJRGDWUDMHWyULDGHYLGDGHVVHVDOXQRVDIUR
EUDVLOHLURV" 4XH VHQWLGR H UHODomR HVWDEHOHFHP FRP D (GXFDomR 3URILVVLRQDO" &RPR D
(GXFDomR3URILVVLRQDOVHDSUHVHQWDQDFRQVWUXomRGHLGHQWLGDGHVVRFLDLVHSURILVVLRQDLVHQDV
SRVVLELOLGDGHVGHLQFOXVmRVRFLDOGHVVHVDIUREUDVLOHLURV"
2WHUPRµDSURYHLWDPHQWR¶UHIHUHVHDTXLSDUDRVDOXQRVTXHFRQFOXtUDPRFXUVRHIRUDPFHUWLILFDGRV
eDSDUWLUGHVVHFRQWH[WRDSUHVHQWDGRTXHHVVDSHVTXLVDVHSURS{VDFRQKHFHUHDQDOLVDU
D IRUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV DOXQRV GRV FXUVRV WpFQLFRV GD (VFROD 7pFQLFD
(VWDGXDO GH 6LQRS07 FRQVLGHUDQGR VXDV LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV FRQVWUXtGDV DR
ORQJR GH VXDV WUDMHWyULDV GH YLGD H DV SRVVLELOLGDGHV GH LQFOXVmR VRFLDO SHOD (GXFDomR
3URILVVLRQDO
(,;27(Ï5,&2'$3(648,6$
(VVD SHVTXLVD HVWi RUJDQL]DGD D SDUWLU GH WUrV HL[RV TXH GH PRGR LQWHUUHODFLRQDGR
IRUPDPDEDVHWHyULFDXWLOL]DGDQDVDQiOLVHVDWHPiWLFDUDFLDODSDUWLUGRFRQFHLWRGHUDFLVPR
SUHFRQFHLWR H GLVFULPLQDomR RV OLPLWHV H SRVVLELOLGDGHV GH LQFOXVmR VRFLDO HQWHQGLGD QmR
FRPR DTXLVLomR GH EHQV HFRQ{PLFRV WHU XP WUDEDOKR RX HVWDU IUHTXHQWDQGR D HVFROD PDV
FRPR DPSOLDomR GRV HVSDoRV VRFLDLV TXH YLVHP QRYRV FRQKHFLPHQWRV UHFRQKHFLPHQWR H D
IRUPDomR SURILVVLRQDO FRPR XPD FRQVWUXomR TXH DFRQWHFH DR ORQJR GD WUDMHWyULD GH YLGD GR
LQGLYtGXR FRPR UHVXOWDGR GDV LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV FRQVLGHUDQGR RV HVSDoRV
LQVWLWXFLRQDLV FRPR D IDPtOLD D FRPXQLGDGH R WUDEDOKR H D (GXFDomR 3URILVVLRQDO H
DQDOLVDGDV D SDUWLU GDV QDUUDWLYDV GRV DIUREUDVLOHLURV DOXQRV GRV FXUVRV WpFQLFRV GD (VFROD
7pFQLFD(VWDGXDOGH6LQRS07
35(&21&(,72(',6&5,0,1$d­212&217(;7262&,$/'26
$)52%5$6,/(,526
2 SUHFRQFHLWR H D GLVFULPLQDomR UDFLDO VH DSUHVHQWDP VRE GLIHUHQWHV IRUPDV HP
GLIHUHQWHV WHPSRV H HVSDoRV H FRQVWLWXHP DV UHODo}HV VRFLDLV HP TXH RV DIUREUDVLOHLURV
FRQVWURHPVXDVLGHQWLGDGHVHVXDIRUPDomRSURILVVLRQDO
$GHILQLomRGDSDODYUDUDoDDVVLPFRPRDSDODYUDQHJURVHJXQGR$QWRQLR*XLPDUmHV
WLYHUDP GLIHUHQWHV VHQWLGRV VHJXLQGR XP SHUFXUVR KLVWyULFR 3ULPHLUDPHQWH XVDGDV
SHORV HXURSHXV SDUD GHVLJQDU DV SHVVRDV GH SHOH PDLV HVFXUD GHSRLV LQIOXHQFLDGR SHODV
SHVTXLVDV GDV FLrQFLDV QDWXUDLV SDVVD D GHVLJQDU jV SHVVRDV FRP FDUDFWHUtVWLFDV ELROyJLFDV
LQIHULRUHV MXVWLILFDQGR D HVFUDYLGmR H D VXEPLVVmR ( QXP WHUFHLUR PRPHQWR p XVDGD SHORV
PRYLPHQWRV VRFLDLV FRPR DXWRGHVLJQDomR GH XP SRYR QDV VXDV OXWDV H UHFXSHUDomR GD
DXWRHVWLPD
$ VRFLRORJLD WUDEDOKD FRP R FRQFHLWR GH UDoD FRPR XPD FDWHJRULD GLVFXUVLYD LVWR p
HODpDFDWHJRULDRUJDQL]DGRUDGDVIRUPDVGHIDODUHGRVVLVWHPDVGHUHSUHVHQWDo}HVGHSUiWLFDV
VRFLDLV +$// 1HVVH VHQWLGR R SUHFRQFHLWR UDFLDO VXUJH DUUDLJDGR QDV SUiWLFDV
VRFLDLVFRPJUDQGHSRGHUVREUHDRUJDQL]DomRVRFLDOUHVXOWDGRGHUHODo}HVVRFLDLVGHILQLGDV
SRU 5REHUW 3DUN FRPR ³UHODo}HV TXH H[LVWHP HQWUH LQGLYtGXRV FRQVFLHQWHV GDV GLIHUHQoDV
UDFLDLV´3$5.DSXG7(//(6S3DUDDVRFLRORJLDRSUHFRQFHLWRUDFLDOp
XPD IRUPD HVSHFtILFD GH FRQVWUXLU EDUUHLUDV GH XP JUXSR VRFLDO RX SHVVRDV D SDUWLU GH
FDUDFWHUtVWLFDV ELROyJLFDV HRX FXOWXUDLV SUySULDV GDTXHOD UDoD QR FDVR RV DIURGHVFHQGHQWHV
*8,0$5­(6
(QWmRRTXHpUDFLVPR"$SDODYUDUDFLVPRSRGHUHSUHVHQWDUXPDGRXWULQDTXHSUHJDD
H[LVWrQFLD GH GLIHUHQWHV UDoDV KXPDQDV FRP GLIHUHQWHV TXDOLGDGHV PRUDLV H KDELOLGDGHV DV
TXDLV GLUHFLRQDP XPD RUGHP KLHUiUTXLFD QD VRFLHGDGH 2XWUD IRUPD GH UDFLVPR HVWi PDLV
SUy[LPD GDV SUHGLVSRVLo}HV FUHQoDV H H[SHFWDWLYDV (QWmR R UDFLVPR SRGH RX QmR VHU XPD
GRXWULQD p FRQVWUXtGR VRFLDOPHQWH GH DFRUGR FRP RV JUXSRV VRFLDLV HVSDoRV H WHPSRV
*8,0$5­(6
2SURFHVVRGHUDFLVPRHQYROYHXPVLVWHPDGHDWLWXGHVXPSURSyVLWRHXPDGLVSRVLomR
LQWHULRUHVGHILQLGRFRPRµSUHFRQFHLWR¶HGHFRPSRUWDPHQWRVHDo}HVFRQFUHWDVGHQRPLQDGR
FRPRµGLVFULPLQDomR¶DVVLPGHILQLGRSRU*XLPDUmHV
3RU LVVR GL]VH TXH D GLVFULPLQDomR UDFLDO FRQVLVWH QR WUDWDPHQWR GLIHUHQFLDO GH
SHVVRDVEDVHDGRQDLGHLDGHUDoDSRGHQGRWDOFRPSRUWDPHQWRJHUDUVHJUHJDomRH
GHVLJXDOGDGHV UDFLDLV 3RU RXWUR ODGR R SUHFRQFHLWR VHULD DSHQDV D FUHQoD SUpYLD
SUHFRQFHELGD QDV TXDOLGDGHV PRUDLV LQWHOHFWXDLV ItVLFDV SVtTXLFDV RX HVWpWLFDV
GHDOJXpPEDVHDGDQDLGHLDGHUDoD&RPRVHYrRSUHFRQFHLWRSRGHPDQLIHVWDUVH
VHMD GH PRGR YHUEDO UHVHUYDGR DR SXEOLFR VHMD GH PRGR FRPSRUWDPHQWDO VHQGR
TXH Vy QHVWH ~OWLPR FDVR p UHIHULGR FRPR GLVFULPLQDomR *8,0$5­(6 SJULIRGRDXWRU
+RMHDVDo}HVGHGLVFULPLQDomRUDFLDOVmRSURLELGDVSHODVOHJLVODo}HVEUDVLOHLUDVMiR
SUHFRQFHLWR QmR 2 SUHFRQFHLWR SRU VHU XPD DWLYLGDGH VXEMHWLYD SRGH QmR VH H[SUHVVDU QDV
PDQLIHVWDo}HVGHDo}HVFRPSRUWDPHQWDLVPDVGLUHFLRQDRXWUDVDo}HVTXHDFDEDPSRUH[FOXLU
RV DIUREUDVLOHLURV GH JUXSRV VRFLDLV QR SURFHVVR HGXFDFLRQDO GH HVSDoRV H SURPRo}HV GH
WUDEDOKRHQWUHRXWURV
(QWUH RV HVWXGRV VREUH SUHFRQFHLWR H GLVFULPLQDomR QR %UDVLO DV SHVTXLVDV
GHVHQYROYLGDV SRU 1RJXHLUD VRFLyORJR EUDVLOHLUR PRVWUDP TXH D FRU GD SHOH p
GHWHUPLQDQWHQDLGHQWLILFDomRGRSUHFRQFHLWRXPDUHODomRRVWUDoRVQHJURLGHVFDUDFWHUL]DGR
FRPR µSUHFRQFHLWR GH PDUFD¶ 'LIHUHQWH GRSUHFRQFHLWR TXH VH REVHUYD QRV (VWDGRV 8QLGRV
TXHH[FOXLSRUSHUWHQFHURXGHVFHQGHUGHJUXSRpWQLFRGHRULJHPDIULFDQDFDUDFWHUL]DGRFRPR
µSUHFRQFHLWRGHRULJHP¶
$V FDUDFWHUtVWLFDV GR µSUHFRQFHLWR GH PDUFD¶ VHJXQGR 1RJXHLUD DSXG &+$*$6
VH PDQLIHVWDP VRE GLIHUHQWHV DERUGDJHQV SHOD DSDUrQFLD RX R ORFDO HP TXH VH
HQFRQWUDSRGHQGRVHUPDLVRXPHQRVDFHLWRDFDUJDDIHWLYDHPTXHRVWUDoRVQHJURLGHVGH
XPDPLJRVmRVXSHUDGRVSHODVXDVLPSDWLDDVUHODo}HVLQWHUSHVVRDLVHPTXHDVIURQWHLUDVGH
FRU VmR URPSLGDV D FRQVFLrQFLD GD GLVFULPLQDomR TXH VH DSUHVHQWD RX VH DFHQWXD QRV
FRQIOLWRVHUHODo}HVVRFLDLVRPRYLPHQWRSROtWLFRDHVWUXWXUDVRFLDOILFDQGRRSUHFRQFHLWRGH
UDoDGLVIDUoDGRVRERGHFODVVHHDRPHVPRWHPSRHQIUDTXHFHQGRRVPRYLPHQWRVGHOXWDDR
PRGRGHDWXDUHPTXHPHVPRFRPVXDVKDELOLGDGHVGHYHUiJDOJDUVHXHVSDoRSDUDTXHVHMD
UHFRQKHFLGR SURILVVLRQDOPHQWH H DFHLWR QR JUXSR $VVLP R FRQFHLWR GH UDoD QR %UDVLO WHP
FRPRUHIHUrQFLDRVWUDoRVItVLFRVHFXOWXUDLV
1R%UDVLOHQWUHWDQWRDFRUGRVILOKRVHUDGHILQLGDVRFLDOPHQWHGHPRGRLQGLYLGXDO
HLQGHSHQGHQWHGRVSDLVSRGHQGRXPSDLSUHWRSRUH[HPSORJHUDUXPILOKREUDQFR
RX PRUHQR FDVR HVWH DSUHVHQWDVVH IHQyWLSRV EUDQFRV 2X VHMD QR %UDVLO HUDP D
DSDUrQFLD ItVLFD DV PDUFDV ILVLRQ{PLFDV H VRFLRFXOWXUDLV TXH FRQWDYDP QD
FODVVLILFDomRGDFRUHQmRDRULJHPHDGHVFHQGrQFLD*8,0$5­(6S
(QWHQGRTXHFRQKHFHUXPSRXFRGDVGLIHUHQWHVJHUDo}HVGHSHVTXLVDVQR%UDVLOVREUH
D WHPiWLFD UDFLDO DMXGD QDV DQiOLVHV GD IRUPDomR SURILVVLRQDO GR DIUREUDVLOHLUR QRV GLDV
DWXDLVHQWmRYRXDSUHVHQWDUVXFLQWDPHQWHDVFRQFHSo}HVRUJDQL]DGRUDVGDVSHVTXLVD
1R SHUtRGR SyVHVFUDYLGmR H LQtFLR GR VpFXOR ;; FRPR UHVXOWDGR GH SHVTXLVDV GH
GHWHUPLQDomR ELROyJLFD H FXOWXUDO RV DIUREUDVLOHLURV HUDP FRQVLGHUDGRV LQGLYtGXRV FRP
FDUDFWHUtVWLFDVItVLFDVLQIHULRUHVjV FDUDFWHUtVWLFDVGRVEUDQFRV1LQD5RGULJXHVDSXG
6&+:$5&=GDHVFRODGHPHGLFLQDGD%DKLDpFRQVLGHUDGRRSURSXOVRUGDFUHQoDGD
LQIHULRULGDGH ELROyJLFD QR %UDVLO TXH HUD H[SOLFDGD FRPR VHQGR XP IHQ{PHQR GD QDWXUH]D
,QIOXHQFLDGR SRU FRQFHSo}HV UDFLVWDV 5RGULJXHV DSUHVHQWD R QHJUR FRPR VHUHV GHIRUPDGRV
SULPLWLYRVHLQIDQWLOL]DGRVLQFDSD]HVGHGHVHQYROYHUGHWHUPLQDGDVIXQo}HVPDLVHODERUDGDVH
FRPXPDSUHGLVSRVLomRSDUDDPDUJLQDOLGDGH&RPDUHSHUFXVVmRGHVVDVSHVTXLVDVQRLQtFLR
GR VpFXOR ;; RV DIUREUDVLOHLURV UHSUHVHQWDP XPD DPHDoD QD IRUPDomR GD SRSXODomR
EUDVLOHLUD
2 ³LGHDO GR EUDQTXHDPHQWR´ VXUJH FRPR XPD VDtGD SDUD FRQVWLWXLU XPD SRSXODomR
EUDVLOHLUD GH QmR QHJURV UHVXOWDGR GD PLVWXUD UDFLDO HQWUH RV EUDQFRV H RV QHJURV HP
FDVDPHQWRV TXH UHVXOWDVVH HP ILOKRV PHVWLoRV $ WHRULD GR EUDQTXHDPHQWR VXUJH FRP -RmR
$XWRUGROLYUR³$VUDoDVKXPDQDVHDUHVSRQVDELOLGDGHSHQDOQR%UDVLO³SXEOLFDGRHP
%DWLVWD /DFHUGD DSXG 6&+:$5&= FRP D FUHQoD HP XP EUDQTXHDPHQWR
JHUDO ± QmR Vy ItVLFR PDV WDPEpP PRUDO H VRFLDO $ LPLJUDomR GH HXURSHXV IRL XPD
DOWHUQDWLYDSDUDIRUPDUXPDQRYDSRSXODomRSDUDDQDomR$VOHJLVODo}HVHSROtWLFDVYROWDPVH
SDUD DXPHQWDU D SRSXODomR GH EUDQFRV H PLQLPL]DU RV WUDoRV GRV QHJURV QD SRSXODomR
EUDVLOHLUD 1XP SULPHLUR PRPHQWR R LGHDO GR EUDQTXHDPHQWR HVWDYD PDLV YROWDGR QD
PLVFLJHQDomR ELROyJLFD QXP VHJXQGR FRP D SDUWLFLSDomR GRV HVWXGRV GH *LOEHUWR )UH\UH
DSXG6&+:$5&=HYLGHQFLDVHDPLVFLJHQDomRFXOWXUDOMXQWRFRPRPLWRGD
µGHPRFUDFLDUDFLDO¶
2 PLWR GD µGHPRFUDFLD UDFLDO¶ HUD XPD LGHLD TXH QD VRFLHGDGH EUDVLOHLUD XPD
VRFLHGDGH PXOWLUUDFLDO DV UHODo}HV UDFLDLV HUDP VXVWHQWDGDV GHPRFUDWLFDPHQWH $VSHVTXLVDV
GHVHQYROYLGDV QR SHUtRGR GRV DQRV GH DWp RV DQRV GH GHVFRQVLGHUDYDP R
SUHFRQFHLWRHDGLVFULPLQDomRUDFLDOHDWULEXtDPSRXFRYDORUDRFRQFHLWRGHUDoDSDUDH[SOLFDU
D JUDQGH FRQFHQWUDomR GH QHJURV H PHVWLoRV QD EDVH GD KLHUDUTXLD VRFLDO 2V SUREOHPDV
FRQVLGHUDGRVHUDPRVXEGHVHQYROYLPHQWRDIDOWDGHHPSUHJRVHGHIRUPDomRSURILVVLRQDO1R
SULPHLURSHUtRGRGDVSHVTXLVDVRPLWRGDµGHPRFUDFLDUDFLDO¶HR³LGHDOGREUDQTXHDPHQWR´
WLQKDPSRUREMHWLYRWUDQVPLWLUSDUDRVGHPDLVSDtVHVTXHQR%UDVLODVUHODo}HVUDFLDLVHUDP
KDUPRQLRVDV VHP FRQIOLWRV -i QDV SHVTXLVDV GHVHQYROYLGDV HP XP VHJXQGR PRPHQWR RV
FRQIOLWRVQDVUHODo}HVUDFLDLVSDVVDPDVHUREMHWRGHSHVTXLVD3RUpPHUDPDQDOLVDGRVDSDUWLU
GDVFRQGLo}HVFULDGDVSHODHVWUXWXUDGHµFODVVHVRFLDO¶VHPFRQWUDGL]HUDH[LVWrQFLDGHXPD
µGHPRFUDFLDUDFLDO¶+$6(1%$/*
3DUD +DVHQEDOJ D LGpLD GH µGHPRFUDFLD UDFLDO¶ UHIRUoRX D GHVLJXDOGDGH GRV
DIUREUDVLOHLURV FRP R UHVWDQWH GD SRSXODomR $V SHVTXLVDV H DV SROtWLFDV GHVVH SHUtRGR
FULDUDP XPD VLWXDomR GH DFRPRGDomR H R SUHFRQFHLWR H D GLVFULPLQDomR UDFLDO QmR HUDP
FRQVLGHUDGRV FRPR SUREOHPDV GRV FRQIOLWRV VRFLDLV OHYDQGR D XP HQIUDTXHFLPHQWR GH XPD
LGHQWLGDGHFROHWLYDHQWUHRVDIUREUDVLOHLURV+DVHQEDOJSHVFUHYHTXH
2HVIRUoRSDUDSDUHFHUEUDQFRQDPHGLGDGRSRVVtYHOHDSUHRFXSDomRVRFLDOGHUDoD
GHDFRUGRFRP XPFRQWLQXXPGHWRQDOLGDGHVGHFRUOHYRXD XPD IUDJPHQWDomRGDV
LGHQWLGDGHV UDFLDLV 3RU VXD YH] HVVD IUDJPHQWDomR HVWi UHODFLRQDGD FRP DV
GLILFXOGDGHV GHVHQYROYLGDV QD FRQVWUXomR GDV LGHQWLGDGHV FROHWLYDV EDVHDGD HP
FULWpULRVUDFLDLVHFRPXPEDL[RJUDXGHSROLWL]DomRGRFRQIOLWRUDFLDOJULIRGRDXWRU
$XWRUGDWHVH³VREUHRVPHVWLoRV³DSUHVHQWDGDQR3ULPHLUR&RQJUHVVR,QWHUQDFLRQDOGDV5DoDVHP
6RFLyORJR H HVFULWRU EUDVLOHLUR TXH HP VXDV REUDV OLWHUiULDV DSUHVHQWD R QHJUR QR %UDVLO GHVWDFDQGRVH D
SXEOLFDomRGH³&DVD*UDQGH6HQ]DOD´
1DLGpLDGHHVWUXWXUDGHFODVVHHP0DU[
2XWUR DVSHFWR TXH p FDUDFWHUtVWLFR GR SUHFRQFHLWR UDFLDO QR %UDVLO p D IDOWD GH XPD
UHJUD QD GHVFHQGrQFLD UDFLDO HP TXH R SUHFRQFHLWR R VWDWXV UDFLDO QmR QHFHVVDULDPHQWH p
SDVVDGR GH SDL SDUD ILOKR (VVHV GDGRV IRUDP REVHUYDGRV SRU 0DUYLQ +DUULV DQWURSyORJR DPHULFDQR TXH WUDEDOKDQGR FRP R FRQFHLWR ³JUXSR GH FRU´ H WHQGR SUHVHQWH R
FRQFHLWRGHUDoDPDLVYROWDGRSDUDXPDDQiOLVHGDELRORJLDHQWHQGLDTXHR³JUXSRGHFRU´QR
%UDVLO QmR IRUPDYD XPD UDoD XPD µFODVVH VRFLDO¶ VLP PDV QmR XPD UDoD *8,0$5­(6
6HJXLQGR HVVD OLQKD 'RQDOG 3LHUVRQ FRQVLGHUDGR R SLRQHLUR QRV HVWXGRV GDV
UHODo}HV UDFLDLV QR %UDVLO GHVHQYROYH VXDVSHVTXLVDV DSDUWLU GRSUREOHPD GH µFODVVH VRFLDO¶
GHQWUR GR SURFHVVR GH LQGXVWULDOL]DomR 2 FRQFHLWR GH UDoD HUD VXERUGLQDGR j HVWUXWXUD GH
FODVVHHFRPRGHVHQYROYLPHQWRGRFDSLWDOLVPRRFULWpULRGHUDoDQmRHVWDULDPDLVSUHVHQWH
QDGLYLVmRVRFLDO2VDIUREUDVLOHLURVVHULDPDQDOLVDGRVVRPHQWHDSDUWLUGDHVWUXWXUDGHFODVVH
6HJXLQGRRVWUDEDOKRVGH3LHUVRQHILQDQFLDGDVSHODGD81(6&2IRUDPGHVHQYROYLGDVHP
GLIHUHQWHV UHJL}HV GR %UDVLO YiULDV SHVTXLVDV VREUH D WHPiWLFD UDFLDO FRP RV WUDEDOKRV GH
VRFLyORJRV FRPR )HUQDQGR +HQULTXH &DUGRVR 2FWDYLR ,DQQL H )ORUHVWDQ
)HUQDQGHV (VVHV DXWRUHV HQWHQGLDP TXH R GHVHQYROYLPHQWR HFRQ{PLFR UHVROYHULD D
VLWXDomRGDSREUH]DHFRPHODDVGHVLJXDOGDGHVUDFLDLV
1RV WUDEDOKRV GHVHQYROYLGRV SRU )HUQDQGHV DILUPDYD TXH RV QHJURV HVWDULDP VH
LQWHJUDQGRQDV³FODVVHVVRFLDLV´GHL[DQGRGHH[LVWLURFDUiWHUUDFLDOHRHPSUHJRDVVXPLULDR
HVSDoRGRSUHFRQFHLWRFRPRHOHPHQWRGHHVWUDWLILFDomRVRFLDO
&RPRHPSUHJRRQHJURSRGHFRQTXLVWDUPDLVIDFLOPHQWHDEDVHSDUDDSDUWLFLSDomR
GHTXHHVWHYHTXDVHFRPSOHWDPHQWHH[FOXtGRHSRGHPRQWDUQRYRVSURMHWRVGHYLGD
>@ RQGH R WUDEDOKR R HPSUHJR D FODVVLILFDomR RFXSDFLRQDO H D PRELOLGDGH
SURILVVLRQDO LQFRUSRUDP R QHJUR j FODVVH RSHUDULD RX D DOJXQV VHWRUHV GD FODVVH
PpGLD)(51$1'(6DSXG2/,9(,5$S
3DUDHOHRFRQIOLWRUDFLDOVHWUDQVIRUPDULDHPFRQIOLWRGHFODVVHGHL[DQGRGHVHUDUDoD
XPD GLPHQVmR GH PDLRU LPSRUWkQFLD H R SUHFRQFHLWR H D HVWUDWLILFDomR VRFLDO WHULDP FRPR
EDVHRHVSDoRRFXSDGRQRPXQGRGRWUDEDOKR
$ VXSHUDomR GR IRFR QRV SUREOHPDV GH µFODVVH VRFLDO¶ SDUD H[SOLFDU RV SUREOHPDV
UDFLDLVIRLXPSURFHVVRGHFRQVWUXomRTXHFRQWRXFRPDSDUWLFLSDomRGH7KDOHVGH$]HYHGR
TXH SDVVRX D WUDEDOKDU FRP R FRQFHLWR GH ³JUXSR GH SUHVWtJLR´ SDUD GLVFXWLU DV
81(6&2±2UJDQL]DomRGDV1Do}HV8QLGDVSDUDD(GXFDomRD&XOWXUDHD&LrQFLD
GHVLJXDOGDGHVUDFLDLVRQGHDVFDUDFWHUtVWLFDVGHVXDHVWUXWXUDIDPLOLDUHUDPPDLVHYLGHQWHVGR
TXHRVFRQIOLWRVHFRPSHWLo}HVGRPHUFDGR*8,0$5­(6S
$YDOLDQGRHVWHSHUtRGR*XLPDUmHVSHVFUHYHTXH³DVXSRVWDJHQHUDOLGDGH
GDVFODVVHVDFDERXSRUWDQWRSRUHVFRQGHUWRGDVDVGHVLJXDOGDGHVTXHUHVXOWDYDPGDLQWHUDomR
GH RXWURV SULQFtSLRV FODVVLILFDWyULRV H GLVFULPLQDWyULRV QDV VRFLHGDGHV FRQWHPSRUkQHDV WDLV
FRPRDUDoDHRJrQHUR´JULIRGRDXWRU
6RPHQWHQRVDQRVGHFRPRVWUDEDOKRVGH&DUORV+DVHQEDOJH1HOVRQGR9DOH
6LOYDDUDoDpFRQVLGHUDGDFRPRFDWHJRULDH[SOLFDWLYDGDFRQGLomRVRFLDOGRVDIUREUDVLOHLURV
2 UDFLVPR p FRQVLGHUDGR FRPR XPD FRQVWUXomR LGHROyJLFD GH SUiWLFDV GH GLVFULPLQDomR
GHWHUPLQDQWH SULPiULR GD SRVLomR GRV DIUREUDVLOHLURV QR PHUFDGR GH WUDEDOKR H GD
GLVWULEXLomR VRFLDO GH IRUPD TXH D GLVFULPLQDomR UDFLDO DWXD VREUH D HVWUXWXUD VRFLDO
+$6(1%$/*
3DUD +DVHQEDOJ D GLVFULPLQDomR H SUHFRQFHLWR UDFLDO DGTXLUHP QRYRV VLJQLILFDGRV H
IXQo}HVDSyVDDEROLomRDWHQGHQGRDVQRYDVHVWUXWXUDVGHPHUFDGR
$UDoDpDVVLPPDQWLGDFRPRVtPERORGHSRVLomRVXEDOWHUQDQDGLYLVmRKLHUiUTXLFD
GRWUDEDOKRHFRQWLQXDDIRUQHFHUDOyJLFDSDUDFRQILQDURVJUXSRVGRVPHPEURVGR
JUXSRUDFLDOVXERUGLQDGRVjTXLORTXHRFyGLJRGDUDFLDOGDVRFLHGDGHGHILQHFRPR
VHXVµOXJDUHV¶DSURSULDGRV+$6(1%$/*S
1HVVHVHQWLGRR UDFLVPRSDUD+DVHQEDOJQmRSRGHVHU H[SOLFDGRDSHQDVFRPRXPD
KHUDQoD GR SDVVDGR PDV WDPEpP FRPR XP DWULEXWR DLQGD XVDGR SDUD D VHJUHJDomR UDFLDO
KLHUDUTXL]DQGROXJDUHVHFRQKHFLPHQWRV
$V SHVTXLVDV VREUH R UDFLVPR QR %UDVLO p DSUHVHQWDGD SRU 7HOOHV FRPR
RUJDQL]DGD HP GXDV JHUDo}HV FRQVLGHUDQGR D SHUVSHFWLYD GH LQFOXVmR H H[FOXVmR 8PD
SULPHLUD TXH WHP FRPR IRFR GDV GLVFXVV}HV D SRVVLELOLGDGH GH LQFOXVmR QR PLWR GD
GHPRFUDFLDUDFLDOXPDJHUDomRTXHDFUHGLWDYDPQRGHVDSDUHFLPHQWRGRSUHFRQFHLWRFRPR
LGHDO GD PLVFLJHQDomR H GR EUDQTXHDPHQWR RX FRP R GHVHQYROYLPHQWR GD LQGXVWULDOL]DomR
TXH SRVVLELOLWDULD HVSDoRV H RSRUWXQLGDGHV SDUD EUDQFRV H QHJURV DQDOLVDGRV D SDUWLU GDV
UHODo}HV GD HVWUXWXUD GH FODVVH -i XPD VHJXQGD JHUDomR HQIDWL]D D H[FOXVmR VRFLDO
VXVWHQWDQGR VXDV DQiOLVHV D SDUWLU GDV GHVLJXDOGDGHV UDFLDLV HP PDWpULD GH UHQGD HVSDoRV H
RFXSDo}HV GH WUDEDOKR HVFRODULGDGH HQWUH RXWURV &RPSOHPHQWDQGR 7HOOHV S REVHUYD TXH DV UHODo}HV UDFLDLV QmR SRGHP VHU DQDOLVDGDV DSHQDV SRU XPD GLPHQVmR DV
VLWXDo}HVGHLQFOXVmRDFRQWHFHPFRQMXQWDPHQWHFRPVLWXDo}HVGHH[FOXVmR(VFUHYHTXH
2VDFDGrPLFRVGDDWXDOLGDGHHQIDWL]DPDH[FOXVmRVHXVDQWHFHVVRUHVHQIDWL]DYDPD
PLVWXUDUDFLDO(VVDVGXDVJHUDo}HVGHDFDGrPLFRVDFHLWDUDPRUDDH[FOXVmRUDFLDO
RUDDLQFOXVmRFRPRYHUGDGHLJQRUDQGRRXGHVDFUHGLWDQGRDRXWUDSDUWH$RLQYpV
GH FRQVLGHUDU D SRVVLELOLGDGH GH TXH DPEDV DV VLWXDo}HV GH LQFOXVmR UDFLDO H
H[FOXVmRSRVVDPFRH[LVWLU
eDQDOLVDURVSUREOHPDVUDFLDLVFRQVLGHUDQGRDVSRVVLELOLGDGHVGHLQFOXVmRHH[FOXVmR
D SDUWLU GR SUHFRQFHLWR H GLVFULPLQDomR UDFLDO GD HVWUXWXUD VRFLDO H VHJUHJDomR UDFLDO GR
PHUFDGRGHWUDEDOKRHGXFDomRHVFRODUHQWUHRXWURV
2XWUR DVSHFWR DSUHVHQWDGR SRU 7HOOHV DR DQDOLVDU DV GHVLJXDOGDGHV UDFLDLV
UHIHUHPVH D HVWUXWXUD IDPLOLDU $ GHVLJXDOGDGH UDFLDO DSDUHFH QRV GDGRV HVWDWtVWLFRV H QDV
GHVLJXDOGDGHV GH RSRUWXQLGDGHV DGYLQGDV QmR Vy GH VLWXDo}HV GLUHWDV GH SUHFRQFHLWR H
GLVFULPLQDomRUDFLDOFRPRWDPEpPGDHVWUXWXUDHFRQ{PLFDVRFLDOHFXOWXUDOGDIDPtOLDHGD
FRPXQLGDGH 2 IDWR GH XPD SHVVRD WHU PHQRV RSRUWXQLGDGHV H HVWDU HP XPD VLWXDomR GH
LQIHULRULGDGH VRFLDO SRGH VHU UHVXOWDGR GH VXD HVWUXWXUD IDPLOLDU TXH WUD] FRQVLJR DV
FDUDFWHUtVWLFDV GR VLVWHPD GH GHVLJXDOGDGH UDFLDO FRP XPD HVWUXWXUD TXH QmR IDYRUHFH ERDV
RSRUWXQLGDGHV GH WUDEDOKR GH HVFRODULGDGH GH FRQKHFLPHQWRV TXH OKH HVWLPXOH D EXVFD GH
QRYRVHVSDoRVGHIRUPDomRHWUDEDOKR
3RUpP PHVPR QR FRQWH[WR GH SUHFRQFHLWR H GLVFULPLQDomR UDFLDO H GH GHVLJXDOGDGH
UDFLDORDIUREUDVLOHLUREXVFDVHXVHVSDoRVHFRQVWUyLVXDVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLV
QDV GLIHUHQWHV VLWXDo}HV FRWLGLDQDV 1D VRFLHGDGH FRQWHPSRUkQHD DV SRVVLELOLGDGHV GH
LQWHUDo}HV VRFLDLV HP GLIHUHQWHV JUXSRV OHYDP RV DIUREUDVLOHLURV DR TXH *DGHD FDUDFWHUL]D
SRU
HVWUDWpJLDVGHVREUHYLYrQFLDPDWHULDOHVLPEyOLFDTXHQDDWXDOLGDGHPXLWRVDIURV
GHVFHQGHQWHV HPSUHHQGHP HP VLWXDo}HV GH FRQWLQXD VHJUHJDomR VRFLRHVSDFLDO Ê
FRPUHIHUHQFLDDLVWRTXHMXVWDPHQWHWRUQDVHSRVVtYHOYLVXDOL]DUTXHPXLWRVDIURV
GHVFHQGHQWHV SDUHFHP HVWDU H[SDQGLQGR RV FHQiULRV GH LQWHUDo}HV H DV UHGHV GH
FRPXQLFDomRVRFLDLVGDQGROXJDUDFHUWDV PRGLILFDo}HVQRFRQWH[WRTXHUHDOL]DP
DVVXDVHVFROKDVHODERUDPRVVHXVSURMHWRVHFRQVWURHPVXDVLGHQWLILFDo}HVVRFLDLV
*$'($S
(VVD DERUGDJHP SRVVLELOLWD XPD DQiOLVH HP TXH QR FRQWH[WR GDV UHODo}HV VRFLDLV
DWXDLV DLQGD FRQVWLWXtGDV GH Do}HV GH SUHFRQFHLWR GLVFULPLQDomR H GHVLJXDOGDGH UDFLDO RV
DIUREUDVLOHLURV EXVFDP HVWUDWpJLDV GH LQWHUDomR VRFLDO TXH VH GLIHUHQFLDP GR VHX JUXSR GH
RULJHP H TXH SRVVLELOLWD DPSOLDU VXDV LGHQWLGDGHV VRFLDLV H GHVVD IRUPD DPSOLDU DV
SRVVLELOLGDGHVGHIRUPDomRSURILVVLRQDO
1HVVH VHQWLGR D UHIHULGD SHVTXLVD HVWDUi XWLOL]DQGRVH GH HVWXGRV TXH DSRQWDP SDUD
DVSHFWRV TXH SDUWLFLSDP GD IRUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV FRQVLGHUDQGR R
SUHFRQFHLWRHDGLVFULPLQDomRGHPDUFDDVGHVLJXDOGDGHVUDFLDLVTXHVXUJHPFRPRWUDEDOKR
HVFUDYR H SHUPDQHFHP FRP DV GHVLJXDOGDGHV GH RSRUWXQLGDGHV H DV HVWUDWpJLDV FRQVWUXtGDV
SHORVDIUREUDVLOHLURVIUHQWHDRVHVSDoRVHSRVVLELOLGDGHVGHLQFOXVmRHH[FOXVmR
',0(16®(6'(,1&/86­262&,$/(2081'2'275$%$/+2
$ LQFOXVmR VRFLDO QD UHODomR FRP R PXQGR GR WUDEDOKR p XP GRV WUrV HL[RV
RUJDQL]DGRUHVGHVVDSHVTXLVDHSRUVXDYH]UHPHWHDRSUREOHPDGDPHVPDRXVHMDFRPRDV
LGHQWLGDGHVSURILVVLRQDLVGRVDIUREUDVLOHLURVVmRFRQVWLWXtGDVFRPRSRVVLELOLGDGHVGHLQFOXVmR
VRFLDO D SDUWLU GD (GXFDomR 3URILVVLRQDO (VWDUHL SULPHLUDPHQWH WUD]HQGR R FRQFHLWR GH
LQFOXVmR VRFLDOSDUD GHSRLV DSUHVHQWDU DOJXPDV TXHVW}HV GR PXQGR GR WUDEDOKR QR FRQWH[WR
DWXDOTXHFRQWH[WXDOL]DDVDQiOLVHVGDSHVTXLVD
x
,QFOXVmRVRFLDO
2WHUPRµLQFOXVmRVRFLDO¶VHUiWUDEDOKDGRHQTXDQWRGXDOLGDGHFRPRWHUPRµH[FOXVmR
VRFLDO¶ 1mR VHUmR DERUGDGRV VHSDUDGDPHQWH XPD YH] TXH QR PHVPR WHPSR HP TXH R
LQGLYtGXRWHPDLGHLDGHSHUWHQFLPHQWRHPXPJUXSRRXHVSDoRRFRUUHjH[FOXVmRGHRXWURV
1HVVHVHQWLGR-RVpGH6RX]D0DUWLQVHVFUHYHTXHDVRFLHGDGHTXHLQFOXLpDPHVPD
TXH H[FOXL H TXH D LQFOXVmR VRFLDO H D H[FOXVmR VRFLDO VmR FRQFHELGDV FRPR XP ~QLFR
FRQFHLWRLQVHSDUiYHOXPDGDRXWUD
2FRQFHLWRGHµH[FOXVmRVRFLDO¶VXUJHQD)UDQoDQRVDQRVGHFRP5HQp/HQRLU
HP TXH RV H[FOXtGRV HUDP DV SHVVRDV FRP GHILFLrQFLDV ItVLFDV PHQWDLV H RV DQFLmRV RV
HVTXHFLGRV TXH HVWDYDP IRUD GRV HVSDoRV H GD UHVSRQVDELOLGDGH S~EOLFD 2 GHEDWH VREUH
H[FOXVmRVHJXHQD)UDQoDFRPRVWUDEDOKRVGH6HUJp3DXJDPH5REHUW&DVWHOHPTXHHVWDU
H[FOXtGRpQmRHVWDULQFRUSRUDGRQRSURFHVVRGHWUDEDOKRQXPDUHODomRVDODULDO³$H[FOXVmR
VRFLDOpGHIDWRRSURFHVVRTXHQmRSHUPLWHDXPDSHVVRDRDFHVVRDRWUDEDOKRQRFRQWH[WR
GRFDSLWDOLVPR´&$67(/DSXG672(5S1HVVDSHUVSHFWLYDµVHUDOJXpP¶
pHVWDULQFOXtGRQRSURFHVVRGHWUDEDOKRRTXHLQGLFDTXHDLGHQWLGDGHGHSHQGHGRVOXJDUHV
TXHDSHVVRDRFXSDQDHVWUXWXUDRFXSDFLRQDOGRPHUFDGRGHWUDEDOKR
$ GHILQLomR GH H[FOXtGR DQDOLVDGR D SDUWLU GD HVWUXWXUD RFXSDFLRQDO GR PHUFDGR GH
WUDEDOKR GH VHU DVVDODULDGR QmR VH VXVWHQWD PDLV XPD YH] TXH D FRQGLomR GH H[FOXVmR H
LQFOXVmR VRFLDO QmR p PDLV HVWDU RX QmR LQVHULGR QR PHUFDGR GH WUDEDOKR 1DV ~OWLPDV
GpFDGDV SHUFHEHVH TXH FRP R GHVHQYROYLPHQWR GD LQGXVWULDOL]DomR D QHFHVVLGDGH GH
WUDEDOKDGRUHVpFDGDYH]HPQ~PHURPDLVUHGX]LGRXPDYH]TXHXPDGDVFDUDFWHUtVWLFDVGR
VHX VLVWHPD GH SURGXomR p VXEVWLWXLU RV WUDEDOKDGRUHV SRU PiTXLQDV PHQRV WUDEDOKDGRUHV H
WUDEDOKDGRUHV PDLV TXDOLILFDGRV H IOH[tYHLV ,VVR OHYD D XPD QRYD FDUDFWHUtVWLFD GD FODVVH
WUDEDOKDGRUD HP TXH HVWDU IRUD GR PHUFDGR GH WUDEDOKR VH WRUQD FDGD YH] PDLV FRPXP VH
FDUDFWHUL]DQGR HP SHUtRGRV FDGD YH] PDLV GHPRUDGRV H DWp PHVPR SHUPDQHQWHV &RPR
DOWHUQDWLYD GH VREUHYLYrQFLD GRV WUDEDOKDGRUHV 0DUWLQV REVHUYD TXH D IDPtOLD VXUJH
FRPR XPD QRYD RUJDQL]DomR TXH FRPR QXPD HVSpFLH GHSURWyWLSR GR WUDEDOKR FROHWLYR H R
VDOiULR WHQGH D VHU VDOiULR GD IDPtOLD H QmR SURSULDPHQWH R VDOiULR GR LQGLYtGXR $VVLP
WDPEpP DV HVFROKDV D QHFHVVLGDGH H DV SRVVLELOLGDGHV GH WUDEDOKR H GH (GXFDomR
3URILVVLRQDO PXLWDV YH]HV QmR p XPD VLWXDomR YLYLGD QR LQGLYLGXDO PDV XPD YLYrQFLD
FRPSDUWLOKDGDFRPDIDPtOLD
(QWmRQmRpPDLVSRVVtYHOHFRHUHQWHSHUFHEHUHGLVFXWLUDLQFOXVmRVRFLDODSDUWLUGH
HVWDU RX QmR LQFOXtGR QR PHUFDGR GH WUDEDOKR SRLV WDQWR R HPSUHJR FRPR R GHVHPSUHJR
HVWmR SUHVHQWHV QR FRWLGLDQR GRV LQGLYtGXRV 1R GHEDWH DWXDO D LQFOXVmR VRFLDO p HQWHQGLGD
FRPR ³DPSOLDomR GRV HVSDoRV VRFLDLV´ TXH YLVDP QRYRV FRQKHFLPHQWRV UHFRQKHFLPHQWR
RSRUWXQLGDGHVHFRQTXLVWDVHPXPDVRFLHGDGHTXHDRPHVPRWHPSRHPTXHLQFOXLH[FOXL
,PSOLFDP VHPSUH DV RSHUDo}HV GH LQFOXLU H H[FOXLU &RPR YLPRV GL]HU µR TXH
VRPRV¶ VLJQLILFD WDPEpP GL]HU µR TXH QmR VRPRV¶ $ LGHQWLGDGH H D GLIHUHQoD VH
WUDGX]HPDVVLPHPGHFODUDo}HVVREUHTXHPSHUWHQFHHVREUHTXHPQmRSHUWHQFH
VREUH TXHP HVWi LQFOXtGR H TXHP HVWi H[FOXtGR 6,/9$ S JULIR GR
DXWRU
8PD RXWUD GLVFXVVmR SUHVHQWH DR DERUGDU R WHPD p TXH D H[FOXVmR QmR WHP XPD
GHILQLomRSUHFLVDRSUREOHPDQmRHVWiQRWHUPRHPVLPHVPRQmRGL]UHVSHLWRDRVH[FOXtGRV
2 TXH VH ID] QHFHVViULR p ³FRPSUHHQGHU HVVD LQWHUIHUrQFLD µGH IRUD¶ GRV TXH QmR WrP HVVH
SUREOHPDQRFDVRRGDH[FOXVmRVRFLDO´0$57,16SJULIRGRDXWRU2TXHHVWi
H[SUHVVRVmRSUREOHPDVGDVRFLHGDGHFRQWHPSRUkQHDXPSUREOHPDVRFLDOHQmRXPSUREOHPD
GRLQGLYtGXR1HVVHVHQWLGR&DVWHOSGL]TXH
)DODUHPH[FOXVmRSRUVLVypURWXODUFRPXPDTXDOLILFDomRSXUDPHQWHQHJDWLYDTXH
GHVLJQDDIDOWDPDVRTXHUHDOPHQWHLPSRUWDpGL]HURQGHHODFRQVLVWHHGHRQGHHOD
SURYpP >@ 'H WDQWR UHSHWLU D ODGDLQKD GD DXVrQFLD RFXOWDVH D QHFHVVLGDGH GH
DQDOLVDUSRVLWLYDPHQWHQRTXHFRQVLVWHDDXVrQFLD,VVRSRUXPDUD]mRGHIXQGRRV
WUDoRV FRQVWLWXWLYRV HVVHQFLDLV GDV VLWXDo}HV GH ³H[FOXVmR´ QmR VH HQFRQWUDP QDV
VLWXDo}HVHPVLPHVPDV
6HJXLQGRRPHVPRUDFLRFtQLR'XEHWSGL]TXH³RSUREOHPDGDH[FOXVmR
QmR p DSHQDV VDEHU GH PDQHLUD PDLV RX PHQRV LQFLVLYD TXHP p H[FOXtGR PDV GH FRQKHFHU
WDPEpP RV SURFHVVRV H RV HIHLWRV GHVVD H[FOXVmR VREUH RV DWRUHV´ &RQKHFHU FRPR RV
LQGLYtGXRV VH VHQWHP LQFOXtGRV VRFLDOPHQWH TXH UHSUHVHQWDomR WHP DV GLIHUHQWHV LQFOXV}HV
VRFLDLV SDUD DV LGHQWLGDGHV GR LQGLYtGXR QD PHGLGD HP TXH HOH VH HQFRQWUD HP GLIHUHQWHV
HVSDoRVVRFLDLVHVSDoRVGHSHUWHQFLPHQWRQDVRFLHGDGHFRQWHPSRUkQHD
(VVHV HVSDoRV GH SHUWHQFLPHQWRV TXH HQYROYHP DOpP GH RXWURV RV HVSDoRV GH
WUDEDOKR GD HVFRODULGDGH H GD (GXFDomR 3URILVVLRQDO SRGHP VHU DQDOLVDGRV D SDUWLU GR TXH
HVFUHYH 0DULQH ;LEHUUDV TXH PXLWDV YH]HV HVWHV HVSDoRV HVWmR PDUFDGRV SHOR
SUHFRQFHLWR UDFLDO H WHP SUHVHQWH XPD UHSUHVHQWDomR GH VHQWLGRV 2 SHUWHQFLPHQWR HVWi
UHODFLRQDGRDRVHQWLGRTXHWHPFDGDHVSDoRVRFLDOSDUDRDIUREUDVLOHLUR(QWmRTXHVHQWLGR
WHP D (GXFDomR 3URILVVLRQDO SDUD R DIUREUDVLOHLUR" 4XDLV RV HVSDoRV VRFLDLV TXH VH
DSUHVHQWDPQDVQDUUDWLYDVGRVDIUREUDVLOHLURVFRPRVHQWLGRGHLQFOXVmRVRFLDO
$V VLWXDo}HV GH H[FOXVmR H LQFOXVmR HVWmR SUHVHQWHV GR FRWLGLDQR GDV SHVVRDV
LQGX]LGDV RX UHIRUoDGDV SRU DVSHFWRV VRFLDLV FXOWXUDLV HFRQ{PLFRV HGXFDFLRQDLV H UDFLDO
3RUpP RV LQGLYtGXRV HP VLWXDomR GH ³H[FOXVmR´ QmRILFDP VRPHQWH QDV FRQGLo}HV TXH OKHV
VmR GDGDV RX LPSRVWDV HOHV VH PRELOL]DP EXVFDQGR GLIHUHQWHV IRUPDV GH HVWDU LQFOXtGR
VRFLDOPHQWH6HJXQGRVHXVSURMHWRVHFRQWH[WRVGHDomRRVLQGLYtGXRVRSWDPSRUPRELOL]DUH
SULRUL]DUWDORXTXDOGLPHQVmRGHVXDLGHQWLGDGHHGHVXDH[SHULrQFLDDSDUWLUGDLPDJHPTXH
ID] GH VL GD H[SRVLomR GH VL '8%(7 &DGD LQGLYtGXR WHP XPD IRUPD GH EXVFDU H
SHUFHEHUVH LQFOXtGR FRPR UHVXOWDGR GH Do}HV VXEMHWLYDV H REMHWLYDV QR FRQWH[WR GH VHXV
HVSDoRVVRFLDLVHGRPXQGRGRWUDEDOKR
x 0XQGRGRWUDEDOKR
0HVPRTXHRPHUFDGR GHWUDEDOKRQmRVHMDPDLVFRQVLGHUDGRFRPRGHWHUPLQDQWHGH
LQFOXVmR RX H[FOXVmR VRFLDO R PXQGR GR WUDEDOKR DFDED SRU LQIOXHQFLDU DV Do}HV H D
FRQVWLWXLomRGDVQDUUDWLYDVGRVLQGLYtGXRVTXDQWRjVGLPHQV}HVGHLQFOXVmRVRFLDO2³VHQWLGR
GRWUDEDOKR´TXH'XEDUDSUHVHQWDFRPRFRPSRQHQWHGDVLGHQWLGDGHVSURILVVLRQDLVQD
UHODomRFRPDVLWXDomRGHWUDEDOKRVRIUHLQIOXrQFLDGDVPXGDQoDVGRPXQGRGRWUDEDOKRTXH
SRU VXD YH] HVWmR SUHVHQWHV QDV QDUUDWLYDV GRV LQGLYtGXRV QD UHODomR FRP DV GLPHQV}HV GH
LQFOXVmRVRFLDOFRPRWDPEpPGHVXDIRUPDomRSURILVVLRQDO
=\JPXQW %DXPDQ DR IDODU GR WUDEDOKR DSUHVHQWD QXPD FRQFHSomR DWXDO
GHILQLGD SRU HOH FRPR 0RGHUQLGDGH /LTXLGD FRQWUDSRQGR D FRQFHSomR PRGHUQD TXH
DWULEXtD DR WUDEDOKR XP SDSHO SULQFLSDO H GHFLVLYR SDUD D RUJDQL]DomR GD VRFLHGDGH IXWXUD
FRQVLGHUDGR ³XP HVIRUoR FROHWLYR GH TXH FDGD PHPEUR GD HVSpFLH KXPDQD WLQKD TXH
SDUWLFLSDU´8PDFRQGLomRQDWXUDOGRVHUKXPDQRGHIRUPDTXHTXHPHVWDYDIRUDGHODHVWDYD
QDDQRUPDOLGDGH-iQXPDDERUGDJHPFRQWHPSRUkQHD%DXPDQSHVFUHYHTXH
2WUDEDOKRHVFRUUHJRXGRXQLYHUVRGDFRQVWUXomRGDRUGHPHFRQWUROHGRIXWXURHP
GLUHomRGRUHLQRGRMRJRDWRVGHWUDEDOKR VHSDUHFHP PDLVFRPDVHVWUDWpJLDVGH
XPMRJDGRUTXHS}HPRGHVWRVREMHWLYRVGHFXUWRSUD]RQmRDQWHFLSDQGRPDLVTXH
XPRXGRLVPRYLPHQWRV2TXHFRQWDVmRRVHIHLWRVLPHGLDWRVGHFDGDPRYLPHQWR
2 WUDEDOKR TXH DV SHVVRDV GHVHQYROYHP KRMH WHP WHPSR H HVSDoR LQFRQVWDQWHV e
LQFRPXP R LQGLYtGXR WHU XPD FDUUHLUD SURILVVLRQDO QR PHVPR HPSUHJR H XPD WUDMHWyULD GH
DWXDomRSURILVVLRQDODFRPSDQKDGDGHXPDPHVPDSURILVVmR$UHODomRFRPRHPSUHJRpFDGD
YH]PDLVSURYLVyULDHLQVHJXUD(VVDIOXLGH]TXH%DXPDQDSUHVHQWDQmRpHPDWHQGLPHQWRjV
QHFHVVLGDGHVGRLQGLYtGXRHVLPjVQHFHVVLGDGHVGRPXQGRGRWUDEDOKR$IOXLGH]ID]TXHR
LQGLYtGXR WHQKD TXH WDPEpP VHU IOH[tYHO HVWDU SUHSDUDGR SDUD DWHQGHU DV GLIHUHQWHV
QHFHVVLGDGHVGRPHUFDGRGHWUDEDOKRWHUXPDIRUPDomRSURILVVLRQDOTXHOKHSRVVLELOLWHDWXDU
HPGLIHUHQWHViUHDVGRFRQKHFLPHQWRHDWXDOL]DGRFRPDVWHFQRORJLDV
(VVD UHDOLGDGH GR PXQGR GR WUDEDOKR H R SHUILO GH SURILVVLRQDO p DQDOLVDGR SRU
5LFKDUUG6HQQHWWFRPRDFXOWXUDGRQRYRFDSLWDOLVPR(PVHXVHVWXGRVHOHDSUHVHQWD
WUrVGHVDILRVSDUDRLQGLYtGXRDWHQGHUDVH[LJrQFLDVGRPXQGRGRWUDEDOKRFRQWHPSRUkQHR$
SULPHLUDHVWiUHODFLRQDGDDRWHPSR2WHPSRTXHDVSHVVRDVWHPSDUDVHDGDSWDUDVUHODo}HV
GHFXUWRSUD]RSHODFRQVWDQWHPLJUDomRGHXPHPSUHJRSDUDRRXWUR2VHJXQGRUHPHWHDR
WDOHQWR$VDWXDOL]Do}HVGHYHPVHUFRQVWDQWHVSRLVDYDOLGDGHGDVFDSDFLWDo}HVpFXUWDFDEHD
HOHV EXVFDUHP QRYDV FDSDFLWDo}HV GH DFRUGR FRP DV QRYDV H[LJrQFLDV GR PHUFDGR GH
WUDEDOKR ( D WHUFHLUD p DEULU PmR GR SDVVDGR 1mR LPSRUWDP VXD FRQWULEXLomR SDUD R
4XHVHHVWDEHOHFHSHODIOXLGH]GDVUHODo}HVDWXDLVHVWDEHOHFLGDVQRHVSDoRHWHPSR1RYDIRUPDGHVHUHHVWDU
QDVRFLHGDGHDWXDOPRYLGRSHODIOH[LELOLGDGHSHODIOXLGH]%$80$1
GHVHQYROYLPHQWR GD HPSUHVD R TXH IH] H VLP D QHFHVVLGDGH DWXDO GD HPSUHVD R TXH HOD
SUHFLVDGRWUDEDOKDGRU6HJXQGRRDXWRURTXHRPXQGRGRWUDEDOKRTXHUGRVWUDEDOKDGRUHVp
³XPDLQGLYLGXDOLGDGHYROWDGDSDUDRFXUWRSUD]RSUHRFXSDGDVFRPDVKDELOLGDGHVSRWHQFLDLVH
GLVSRVWDVDDEULUPmRGDVH[SHULrQFLDVSDVVDGDV´6(11(77S
2TXHHVWiHPMRJRQHVVHSURFHVVRVmRRVLQWHUHVVHVGRPHUFDGRGHWUDEDOKRFRPRV
TXDLV R LQGLYtGXR SDVVD D FRQYLYHU SHUPDQHQWHPHQWH FRP D LQVHJXUDQoD GH WUDEDOKR
SULQFLSDOPHQWH SDUD DWXDU HP XP WUDEDOKR UHODFLRQDGR FRP VXD SURILVVmR &DGD YH] PDLV
VXUJH D QHFHVVLGDGH GH WHU XPD IRUPDomR SURILVVLRQDO TXH SRVVLELOLWH DWXDU HP GLIHUHQWHV
HVSDoRV GH WUDEDOKR FRP LVVR D LGHQWLILFDomR FRP XPD SURILVVmR VH DSUHVHQWD HQYROYHQGR
HVSDoRVGLYHUVLILFDGRVGHIRUPDomR
$µIRUPDomR¶VHWRUQRXXPFRPSRQHQWHFDGDYH]PDLVYDORUL]DGRQmRVRPHQWHDR
DFHVVR DRV HPSUHJRV PDV WDPEpP GDV WUDMHWyULDV GH HPSUHJR H GDV VDtGDV GH
HPSUHJR6HRHPSUHJRpFDGDYH]PDLVIXQGDPHQWDOSDUDRVSURFHVVRVLGHQWLWiULRV
DIRUPDomRHVWiOLJDGDDHOHVGHPDQHLUDFDGDYH]PDLVHVWUHLWD'8%$5S
JULIRGRDXWRU
8PD GDV LGHLDV GLIXQGLGDV QD yWLFD GR PXQGR GR WUDEDOKR FRQWHPSRUkQHR p TXH D
TXDOLILFDomRSURILVVLRQDOHRGHVHQYROYLPHQWRGHQRYDVKDELOLGDGHVWRUQDPRLQGLYtGXRDSWR
SDUD VHU LQFOXtGR QR PXQGR GR WUDEDOKR H LQWHJUDGR VRFLDOPHQWH 675(&. ,GHLDV
FULWLFDGDVSHORDXWRUHSHUFHELGDVQDVSURSRVWDVSHGDJyJLFDVGD(GXFDomR3URILVVLRQDOFRPD
PHWD GH µLQFOXVmR VRFLDO¶ SRU PHLR GD TXDOLILFDomR SURILVVLRQDO DR PHVPR WHPSR HP TXH
FRQWLQXDYROWDGDSDUDDWHQGHUDVGHPDQGDVGRPHUFDGRGHWUDEDOKR
-i QmR VmR QHP D HVFROD QHP D HPSUHVD TXH SURGX]HP DV FRPSHWrQFLDV TXH RV
LQGLYtGXRV WHP QHFHVVLGDGH SDUD WHU DFHVVR DR PHUFDGR GH WUDEDOKR REWHU XPD
UHQGDHVHID]HUUHFRQKHFHUVmRRVSUySULRVLQGLYtGXRV(OHVVmRUHVSRQViYHLVSHODV
VXDVFRPSHWrQFLDVQRVGRLVVHQWLGRVGRWHUPRFDEHDHOHVDGTXLULORVHVHUmRHOHV
TXHVRIUHUDPFRPLVVRVHQmRRIRUHP2EDODQoRGHFRPSHWrQFLDVOKHSHUPLWLUmR
VDEHUHPTXHSRQWRHVWmRQHVVHSURFHVVR(OHVWHUmRTXHRUJDQL]DUSDUDVLPHVPR
XP SRUWLIyOLR GH FRPSHWrQFLDV TXH DSUHVHQWDUmR VH TXLVHUHP VHU UHFUXWDGRV
'8%$5SJULIRGRDXWRU
6HJXLQGRDPHVPDLGHLD3DEOR*HQWLOLSHVFUHYH
0RUWDGHILQLWLYDPHQWHDSURPHVVDGRSOHQRHPSUHJRUHVWDUiDRLQGLYtGXRHQmRDR
(VWDGRjVLQVWkQFLDVGHSODQHMDPHQWRRXjVHPSUHVDVGHILQLUVXDVSUySULDVRSo}HV
VXDV SUySULDV HVFROKDV TXH SHUPLWDP RX QmR FRQTXLVWDU XPD SRVLomR PDLV
FRPSHWLWLYDQRPHUFDGRGHWUDEDOKR
2PHUFDGRGRWUDEDOKRMRJDSDUDRLQGLYtGXRDUHVSRQVDELOLGDGHSRUVXDTXDOLILFDomR
TXHDWHQGDDRVLQWHUHVVHVGRPHUFDGRHRFXOSDSRUQmRHVWDULQVHULGRQRPXQGRGRWUDEDOKR
&DEHDHOHEXVFDUVHTXDOLILFDUVHUIOH[tYHOHDWXDOL]DGRFRPDVQRYDVWHFQRORJLDV
(VVHDVSHFWRpUHIRUoDGRSHODLGHLDGHPHULWRFUDFLDHPTXHDVFRQTXLVWDVVmRPpULWR
GDSHVVRD&DEHDFDGDXPFRQTXLVWDURVHXHVSDoRQRPXQGRGRWUDEDOKRSUHSDUDUVHEXVFDU
XPD IRUPDomR DGHTXDGD FRP XPD IRUPDomR IOH[tYHO FRP FRQKHFLPHQWRV TXH DPSOLHP DV
SRVVLELOLGDGHV GH DWHQGLPHQWR DR PHUFDGR GH WUDEDOKR 3RUpP HVVD p XPD TXHVWmR TXH
XOWUDSDVVD D HVIHUD LQGLYLGXDO QD UHDOLGDGH QmR p VLPSOHVPHQWH XPD TXHVWmR GH ³PpULWR´ H
VLP XPD TXHVWmR TXH UHVXOWD GD HVWUXWXUD GR PHUFDGR GH WUDEDOKR FRPR WDPEpP GD
KLHUDUTXLDTXHVXVWHQWDDHVWUXWXUDGDVRFLHGDGHFDSLWDOLVWDHDGLVFULPLQDomRFRPRVJUXSRV
VXERUGLQDGRVLQFOXLQGRDTXLRVDIUREUDVLOHLURV6HQQHWWSHVFUHYHTXH
$ EXVFD SRU DSWLG}HV SRWHQFLDLV YHP D VHU XP SURMHWR QHFHVViULR GD LGHLD GH
PHULWRFUDFLD(PYLUWXGHGHSUHFRQFHLWRGHUDoDFODVVHHJrQHURDVRFLHGDGHSRGH
GHL[DU GH H[SORUDU R WDOHQWR GH WRGRV RV VHXV PHPEURV XP HVIRUoR TXH GHYHULD
ID]HU
$V SHVVRDV DFDEDP SRU GLUHFLRQDU SDUD VL D UHVSRQVDELOLGDGH FRP VXD IRUPDomR
SURILVVLRQDOVXDVUHDOL]Do}HVHIUXVWUDo}HVSURILVVLRQDLVQXPDLGHLDGHTXHFDEHDRLQGLYtGXR
³PDQWHUVH HP HVWDGR GH FRPSHWrQFLD GH FRPSHWLWLYLGDGH QR PHUFDGR´ '8%$5 S
$TXLQmRVHGLVFXWHDVFRQGLo}HVGHWUDEDOKRHDTXDOLGDGHGHYLGDGRLQGLYtGXRPXLWR
PHQRVDVGLIHUHQWHVIRUPDVGHSUHFRQFHLWRTXHHVWmRSUHVHQWHVQRPXQGRGRWUDEDOKR$LGHLD
GHPHULWRFUDFLD³DEDID´RVSUREOHPDVDGYLQGRVGRSUHFRQFHLWRHGLVFULPLQDomRUDFLDOGHXP
KLVWyULFRGHGHVLJXDOGDGHGHRSRUWXQLGDGHVQRPXQGRGRWUDEDOKRHQDHGXFDomRHVFRODU0DV
R TXH FRQWLQXD FRPR GLVFXUVR p D SURPHVVD GH HPSUHJDELOLGDGH 6HP WUDEDOKR UHPXQHUDGR
SDUD WRGRV R GLVFXUVR GR HPSUHJR FRPR GLUHLWR VRFLDO IRL VXEVWLWXtGR SHOD H[SHFWDWLYD GH
HPSUHJDELOLGDGH
$ JDUDQWLD GH HPSUHJR FRPR GLUHLWR VRFLDO H VXD GHIHVD FRPR UHTXLVLWR SDUD DV
EDVHVGHXPDHFRQRPLDHXPDYLGDSROtWLFDHVWiYHOGHVPDQFKRXVHGLDQWHGHXPD
QRYD SURPHVVD GH HPSUHJDELOLGDGH FRPR FDSDFLGDGH LQGLYLGXDO SDUD GLVSXWDU DV
OLPLWDGDVSRVVLELOLGDGHVGHLQVHUomRTXHRPHUFDGRRIHUHFH*(17,/,S
$OpP GH GHVFRQVLGHUDU DV GLIHUHQoDV GH RSRUWXQLGDGHV PRWLYDGDV SHOD GHVLJXDOGDGH
$PHULWRFUDFLDUHIHUHVHDRPpULWRGHRFXSDUGHWHUPLQDGDVIXQo}HVRXHVSDoRVWHQGRFRPRSDUkPHWURRTXH
OKHpPHUHFLGRSHODVVXDVFRPSHWrQFLDVHRXQtYHOGHHVFRODULGDGH6(11(77
UDFLDOHRSUHFRQFHLWRRXWURDVSHFWRTXHQmRHVWiFRQVLGHUDGRQRGLVFXUVRTXHVHJXHDOyJLFD
GDHVWUXWXUDFDSLWDOLVWDpDUHODomRHQWUHYDJDVGHWUDEDOKRHSHVVRDVTXHEXVFDPXPHVSDoRGH
WUDEDOKRUHPXQHUDGR3DL[mRSDRHVFUHYHUVREUHRGHVHQYROYLPHQWRKXPDQRH
DV UHODo}HV UDFLDLV GL] TXH ³D DPSOLDomR GD HVFRODUL]DomR GDSRSXODomRSRU VL Vy QmR FULD
YDJDVQRPHUFDGRGHWUDEDOKR´$HVWUXWXUDGRFDSLWDOLVPRQmRSRVVLELOLWDWUDEDOKRSDUDWRGRV
QHP WDPSRXFR SDUD RV TXH WrP ERD HVFRODULGDGH 2 TXH VH DSUHVHQWD p XPD UHVHUYD GH
WUDEDOKDGRUHV FRP HQVLQR VXSHULRU IRUPDomR WpFQLFD RX H[SHULrQFLD SURILVVLRQDO TXH
FRQFRUUHPSHODVYDJDVGHWUDEDOKR
2QtYHOGHHVFRODULGDGHHDIRUPDomRSURILVVLRQDOVmRIDWRUHVTXHLQWHUIHUHPQRDFHVVR
DRHPSUHJRQRHQWDQWRQmRVmRGHWHUPLQDQWHV2XWURVIDWRUHVSDUWLFLSDPGHVWDVHOHomRFRPR
DRIHUWDGHYDJDVLQGLFDo}HVHDWpPHVPRDILQLGDGHVFXOWXUDLV1DVGXDV~OWLPDVVLWXDo}HV
RV DIUREUDVLOHLURV DSUHVHQWDPVH FRP GHVYDQWDJHP XPD YH] TXH D PDLRU SDUWH GRV
DGPLQLVWUDGRUHV VmR EUDQFRV FRP FDUDFWHUtVWLFDV FXOWXUDLV H YtQFXORV VRFLDLV GLVWDQWHV GDV
LGHQWLILFDo}HVGDPDLRULDGDSRSXODomRDIUREUDVLOHLUD$HVFROKDSRUXPSURGXWRVHUYLoRRX
HPSUHJDGR SRGH QmR HVWDU DVVRFLDGR D VXD FRPSHWrQFLD RX TXDOLILFDomR H VLP D VXD
LGHQWLGDGHVRFLDOHUDFLDO3DL[mRSHVFUHYHTXH
7DQWRDGHVLJXDOGDGHVRFLDOQR%UDVLOFDUUHJDXPLQVRILVPiYHOFRPSRQHQWHUDFLDO
EHP FRPR TXH R FHQiULR GH HVWDJQDomR HFRQ{PLFD H GH SHUGD GH TXDOLGDGH GRV
SRVWRVQR PHUFDGRGHWUDEDOKR±WtSLFRGRSHUtRGROLEHUDO±DIHWRXGHIRUPD PDLV
LQWHQVLYDMXVWDPHQWHRDIURGHVFHQGHQWH
$V SHVTXLVDV GH 3DL[mR PRVWUDP TXH RV tQGLFHV GRV DIUREUDVLOHLURV QR PHUFDGR GH
WUDEDOKRHYLGHQFLDPHVVDGLIHUHQoDHQWUHRVQHJURVHEUDQFRV(VVDVGLIHUHQoDVHVWmRSUHVHQWHV
QR WUDEDOKR H GD HGXFDomR SRUpP D GHVLJXDOGDGH DXPHQWD QRV FDUJRV TXH H[LJH XP QtYHO
PDLRUGHHVFRODULGDGHFRP(QVLQR6XSHULRUHHVSHFLDOL]Do}HV
3DUD 6HQQHWW DV QRYDV WHFQRORJLDV SRGHP UHSUHVHQWDU XPD SHUVSHFWLYD GH
LQFOXVmRVRFLDOSDUDRVJUXSRVPHQRVIDYRUHFLGRVDSDUWLUGDDPSOLDomRGHSRVVLELOLGDGHVGH
SHUWHQFLPHQWR HP JUXSRV VRFLDLV GLIHUHQWHV DR VHX JUXSR GH RULJHP 'H XP ODGR HODV VH
DSUHVHQWDPFRPRSRVVLELOLGDGHVGHFRQKHFHUDVGLIHUHQWHVSURILVV}HVHRVGLIHUHQWHVHVSDoRV
GH (GXFDomR 3URILVVLRQDO TXH GLUHFLRQDP D EXVFD SRU XPD IRUPDomR TXH OKH SRVVLELOLWH D
4XDQGR R HPSUHJR RX SURPRomR p UHVXOWDGR WDPEpP GD LQIOXrQFLD GH XPD SHVVRD TXH GLUHWD RX
LQGLUHWDPHQWHDSUHVHQWDRFDQGLGDWRSDUDRFXSDUDYDJDGHWUDEDOKR
LQVHUomR HP HVSDoRV TXH QmR p FRPXP SDUD VHX JUXSR GH RULJHP 'H RXWUR HVVHV HVSDoRV
FRQWLQXDPVHQGRSULYLOpJLRSDUDXPDHOLWHSRLV DVUHGHVKXPDQDVGHVVH JUXSRDOpPGHVXD
DPSOLWXGHHQYROYHPSHVVRDVTXHWHPRSRGHUGHLQGLFDomR HRULHQWDomRSDUDRV HVSDoRVGH
WUDEDOKRVHDIRUPDomRSURILVVLRQDOHVFROKLGD
2SRUWXQLGDGHVFDVXDLVSRGHRIHUHFHUVHDRILOKRGRSULYLOpJLRHPYLUWXGHGRPHLR
IDPLOLDU H GDV UHGHV HGXFDFLRQDLV R SULYLOpJLR GLPLQXL D QHFHVVLGDGH GH WUDoDU
HVWUDWpJLDV 5HGHV KXPDQDV DPSODV H IRUWHV SHUPLWHP TXH DTXHOHV TXH HVWmR QR
DOWRGDHVFDODOLGHPFRPRSUHVHQWHDVUHGHVFRQVWLWXHPXPDUHGHGHVHJXUDQoDTXH
GLPLQXHP D QHFHVVLGDGH GH SODQHMDPHQWR HVWUDWpJLFR GH ORQJR SUD]R 6(11(77
S
$V QRYDV WHFQRORJLDV H D DPSOLDomR GDV SRVVLELOLGDGHV GH LQVHUomR QDV UHGHV GH
FRQWDWRV KXPDQDVSRGH SURPRYHU XP IDYRUHFLPHQWR GRV DIUREUDVLOHLURVSDUD DV HVFROKDV H
UHDOL]Do}HV GH IRUPDomR SURILVVLRQDO RULHQWDQGR H LQGLFDQGR SDUD HVSDoRV GH WUDEDOKR H GH
IRUPDomR SRUpP R SUHFRQFHLWR UDFLDO ID] FRP TXH DOJXQV JUXSRV PXLWDV YH]HV HVWHMDP
IHFKDGDVSDUDRVDIUREUDVLOHLURVOLPLWDQGRVXDSDUWLFLSDomRHFRQVWLWXLomRGHUHGHVKXPDQDV
TXH IDYRUHoDP TXH VXDV UHDOL]Do}HV GH IRUPDomR H DWXDomR SURILVVLRQDO DFRQWHoDP QR
SUHVHQWHILFDQGRFRPRXPVRQKRXPSUHSDURHSODQHMDPHQWRGRIXWXUR
&RPRTXHIRLDSUHVHQWDGROHYDDFRQVLGHUDUTXHDVSRVVLELOLGDGHVGHLQFOXVmRVRFLDO
GRDIUREUDVLOHLURQDHSHOD(GXFDomR3URILVVLRQDOHQYROYHPDVRFLHGDGHTXHQRFRQWH[WRGR
PXQGRGRWUDEDOKRFRQWHPSRUkQHRHGRSUHFRQFHLWRUDFLDOLQFOXLHH[FOXLRVDIUREUDVLOHLURV
GHHVSDoRVVRFLDLVTXHGLUHFLRQDPVXDIRUPDomRSURILVVLRQDOTXHDVGLPHQV}HVGHLQFOXVmRVH
FRQVWLWXHPDSDUWLUGHVXDVQDUUDWLYDVFRPRVHSHUFHEHHDVHVWUDWpJLDVTXHEXVFDSDUDVHQWLU
VH LQFOXtGR H FRPR DV LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV VH FRQVWLWXHP H LQWHUIHUHP QHVVH
SURFHVVR
,'(17,'$'(662&,$,6(352),66,21$,61$)250$d­2352),66,21$/
$ IRUPDomR SURILVVLRQDO GLVFXWLGD QHVVH WUDEDOKR DSRLDVH QRV HVWXGRV GH &ODXGH
'XEDU HQWHQGLGD FRPR XPD FRQVWUXomR VXEMHWLYD TXH RFRUUH DR ORQJR GD YLGD GR
LQGLYtGXR FRQVWLWXtGD H FRQVWLWXLQWH GH LGHQWLGDGHV SDUWLFXODUHV HVWDEHOHFLGDV QDV UHODo}HV
VRFLDLVQDFRQGLomRGHVHUDIUREUDVLOHLUR
&ODXGH'XEDUVRFLyORJRFRQWHPSRUkQHRHVFUHYHVREUHDVVRFLRORJLDVGDVSURILVV}HV
1D VRFLRORJLD GDVSURILVV}HV R DXWRU XWLOL]D GH RXWUDV WHRULDV GHSHUVSHFWLYD LQWHUDFLRQLVWD
TXHGLVFXWHPDFRQVWUXomRVRFLDOGDVLGHQWLGDGHVSDUDFRQVWUXLURTXDGURWHyULFRGDVDQiOLVHV
GDVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLV
$VWHRULDVTXHDERUGDPRFRQFHLWRGHLGHQWLGDGHQDVXDRULJHPILORVyILFDDSUHVHQWDP
GXDV GHILQLo}HV GLVWLQWDV D SRVLomR µHVVHQFLDOLVWD¶ TXH FRQVLGHUD H H[LVWrQFLD GH
SHUWHQFLPHQWRV HVVHQFLDLV FRP GLIHUHQoDV LQDWDV D SULRUL TXH GHILQHP D VLQJXODULGDGH
HVVHQFLDO H TXH SHUPDQHFHUi QD FRQVWLWXLomR GD LGHQWLGDGH GD SHVVRD H GH RXWUR ODGR D
SRVLomRµQRPLQDOLVWD¶RXµH[LVWHQFLDOLVWD¶TXHVHFRQVWURHPFRPRLGHQWLILFDo}HVDRORQJRGD
YLGD GDSHVVRD ³QR GHFRUUHU GD KLVWyULD FROHWLYD H GD YLGDSHVVRDO GHVWLQDo}HV H FDWHJRULDV
TXHGHSHQGHPGRFRQWH[WR´'8%$5S$PEDVDVSRVLo}HVYHPDFRPSDQKDGDGD
LGHLD GH SHUWHQFLPHQWR D SULPHLUD OLPLWDGD DR HVSDoR GD IDPtOLD H D VHJXQGD QD LGHLD GH
P~OWLSORV H LQFRQVWDQWHV HVSDoRV GH SHUWHQFLPHQWRV HP TXH DV LGHQWLGDGHV UHVXOWDP GDV
WUDMHWyULDVSHVVRDLVHQmRFRPRUHSURGXomRGDVJHUDo}HVeDSRVLomRQRPLQDOLVWDTXHQRUWHLD
DVWHRULDVXWLOL]DGDVQHVVHWUDEDOKRHTXHDFRPSDQKDjVDQiOLVHVGDSHVTXLVD
$V LGHQWLILFDo}HV GD SRVLomR QRPLQDOLVWD SRGHP VHU DWULEXtGDV SHORV RXWURV RX
UHLYLQGLFDGDVSRUVLPHVPRGHQRPLQDGDV FRPR µLGHQWLGDGHSDUDRXWUHP¶HµLGHQWLGDGHSDUD
VL¶$SULPHLUDFRQVWLWXLVHGDVUHODo}HVVRFLDLVµUHODFLRQDO¶HDVHJXQGDFRPRUHVXOWDGRGDV
IRUPDVGHWHPSRUDOLGDGHGHQRPLQDGDGHµELRJUiILFD¶'HVVDGXDOLGDGHGHVXDVFRPELQDo}HV
pTXH'XEDUXWLOL]DSDUDGHILQLUDVIRUPDVVRFLDLVGHLGHQWLILFDomRGRVLQGLYtGXRVHP
UHODomRFRPRVRXWURVHQDGXUDomRGHXPDYLGDHTXHVHFRQVWLWXLQDEDVHGHVXDVDQiOLVHV
GDVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLV
e D SDUWLU GHVVD GXDOLGDGH TXH HVWDUHL DQDOLVDQGR D IRUPDomR SURILVVLRQDO FRPR
WDPEpP DVSRVVLELOLGDGHV GH LQFOXVmR VRFLDO GRV DIUREUDVLOHLURV1XPDSHUVSHFWLYD HP TXH
DVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLVVmRFRQVWUXtGDVGHIRUPDVXEMHWLYDQDHSHODLQWHUDomR
VRFLDODRORQJRGDWUDMHWyULDGHYLGD
$WHRULDGH*HRUJH0HDGHVWiSUHVHQWHQRVHVWXGRVGH'XEDUDTXLXWLOL]DGRV
SHOD VXD GHILQLomR GD FRQVWLWXLomR GR µVLPHVPR¶ QD FRQVWUXomR GDV LGHQWLGDGHV $
&RUUHQWHWHyULFDGDVRFLRORJLDTXHVXUJHFRPRVHVWXGRVGH*HRUJH0HDGHTXHWHPFRPRFRQFHLWRFKDYHD
LQWHUUDomRHQWUHRVLQGLYtGXRVHDVFROHWLYLGDGHVVREUHWXGRQRSODQRVLPEyOLFRGDOLQJXDJHPTXHUHVXOWRXQR
WHUPRDSUHVHQWDGRSRU+HUEHUW%OXPHUHPFRPLQWHUDFLRQLVPRVLPEyOLFR+$*8(77(
*HRUJH 0HDG p FRQVLGHUDGR R IXQGDGRU GR ,QWHUDFLRQLVPR 6LPEyOLFR SRU VXD DVVRFLDomR FRQVWDQWH HQWUH D
LQWHUDomRGRVLQGLYtGXRVFRPRVVtPERORVTXHHOHFKDPDGHOLQJXDJHP'HQDFLRQDOLGDGHDPHULFDQDDWXRXQD
(VFRODGH&KLFDJRPDLVGLUHWDPHQWHQDiUHDGDSVLFRORJLDVRFLDO
FRQVWLWXLomRGHµVLPHVPR¶pSDUD0HDGXPDFRQVWUXomRSURJUHVVLYDVRFLDOPHQWHFRQVWUXtGD
H GHWHUPLQDGD SHODV LQWHUDo}HV VRFLDLV QD FRPXQLFDomR FRP DV RXWUDV SHVVRDV DWUDYpV GD
OLQJXDJHPGHILQLGDFRPRµLQWHUDomRVLPEyOLFD¶0($'
3DUDRDXWRUDµLQWHUDomRVLPEyOLFD¶VHFRQVWLWXLHPWUrVGLIHUHQWHVHWDSDVQDYLGDGR
LQGLYtGXR $ SULPHLUD GHQRPLQDGD FRPR µRXWUR VLJQLILFDWLYR¶ p FRQVWLWXtGR QR DPELHQWH
IDPLOLDUHPTXHDFULDQoDUHSURGX]RTXHDSUHQGHQHVVHHVSDoRGHVRFLDOL]DomR$VHJXQGDR
µRXWURJHQHUDOL]DGR¶TXDQGRSHUFHEHDVUHJUDVTXHFRQVWLWXHPDRUJDQL]DomRGDVRFLHGDGHH
SDVVD D LQFRUSRUiODV QDV UHODo}HV VRFLDLV DWUDYpV GD OLQJXDJHP 2QGH D FRQVWUXomR GR µVL
PHVPR¶ p PDUFDGD SHOD LQIOXrQFLD GDV DWLWXGHV GDV RXWUDV SHVVRDV TXH ID]HP SDUWH GR VHX
FRQYtYLR VRFLDO ( D WHUFHLUD p TXDQGR R LQGLYtGXR FRPR LQWHJUDQWH DWLYR GD VRFLHGDGH
DVVXPH XP SDSHO SDUD VHU UHFRQKHFLGR 8P UHFRQKHFLPHQWR TXH DFRQWHFH GR JUXSR H QR
JUXSR UHVXOWDQGR QR µVLPHVPR¶ e QHVWH SURFHVVR TXH 0HDG DSUHVHQWD D GLDOpWLFD HQWUH R
µPLP¶HRµHX¶TXHFRQVWLWXLRµVLPHVPR¶DLGHQWLGDGHVRFLDO2µPLP¶pRTXHRLQGLYtGXRp
DSDUWLUGRROKDUGRRXWURGDVLQIOXrQFLDVGRPHLRVRFLDODFRQIRUPLGDGHFRPRJUXSRSDUD
VHUUHFRQKHFLGR2µHX¶pDDWXDomRGRLQGLYtGXRQRPHLRVRFLDOGHFRPRHOHVHSHUFHEHQHVVH
JUXSRDLQFRUSRUDomRGHSDSpLVHQRUPDVGHIRUPDSDUWLFXODUSHORLQGLYtGXRTXHSRGHOHYDU
QDVXDDILUPDomRQRJUXSRFRPRWDPEpPVHULJQRUDGR'8%$5
eDLQGLYLGXDOLGDGHTXHFRQVWLWXLRLQGLYtGXRDRPHVPRWHPSRHPTXHDVRFLDOL]DomR
YDLDSDUFRPDLQGLYLGXDOL]DomR4XDQWRPDLVVHDILUPDQHVWDGLDOpWLFDHQWUHµPLP¶HRµHX¶
PDLV R LQGLYtGXR HVWi LQWHJUDGD VRFLDOPHQWH 2 TXH LPSRUWD QR SURFHVVR p HVWH GXSOR
PRYLPHQWRSHORVTXDLVRVLQGLYtGXRVVHDSURSULDPGRPXQGRVRFLDOVXDVFDUDFWHUtVWLFDVHDR
PHVPRWHPSRVHLGHQWLILFDPFRPSDSHLVGHPDQHLUDSHVVRDOFRPHOD0($'
&RP D GLDOpWLFD HQWUH R µPLP¶ H R µHX¶ TXH UHVXOWD QRV µDWRV GH DWULEXLo}HV¶ R TXH
YRFrpQRROKDUGRVRXWURVHµDWRVGHSHUWHQFLPHQWR¶RTXHYRFrTXHUVHUSRVVLELOLWDGLVFXWLU
RVSDSpLV DWULEXtGRV VRFLDOPHQWH DR DIUREUDVLOHLUR QR HVSDoR GD IDPtOLDGD FRPXQLGDGH GD
HVFRODHQRPXQGRGRWUDEDOKRHDRPHVPRWHPSRVXDIRUPDSDUWLFXODU GHFRQVWLWXLURµVL
PHVPR¶VXDVLGHQWLGDGHV'8%$5S
6HJXLQGR D SHUVSHFWLYD LQWHUDFLRQLVWD GH FRQVWUXomR GDV LGHQWLGDGHV H VRFLDOL]DomR
7KRPDV /XFNPDQQ H 3HWHU %HUJHU GHVWDFDP D VRFLDOL]DomR QD FRQVWUXomR GDV
6mRVtPERORVTXHWrPR PHVPRVLJQLILFDGRSDUDRVLQGLYtGXRVGHXPDGHWHUPLQDGDVRFLHGDGHSRGHQGRVHU
JHVWRVSDODYUDVILJXUDVHRXWURV
LGHQWLGDGHV RUJDQL]DGDV HP GRLV PRPHQWRV GD µVRFLDOL]DomR SULPiULD¶ H GD µVRFLDOL]DomR
VHFXQGiULD¶$VRFLDOL]DomRSULPiULDHVWiUHODFLRQDGDDRVVDEHUHVFRQVWUXtGRVFRQVWLWXLQGRR
µPXQGRYLYLGR¶DLQWHUQDOL]DomRGHHVSDoRVYDORUHVFXOWXUDVHFRQKHFLPHQWRVOLPLWDGRVDR
HVSDoRGD IDPtOLDeRSHUtRGRHPTXHDFULDQoDYLVXDOL]DDWXDUQDPHVPDSURILVVmRGRSDL
PmHWLRDY{RXVHMDDOJXpPGRVHXPXQGRTXHHODDGPLUD$VVLPDVSHUVSHFWLYDVGHIXWXUR
HGHWUDEDOKR³UHDOL]DPVHHPKRUL]RQWHTXHLPSOLFDXPPXQGRVRFLDOHVSHFtILFR´%(5*(5
/8&.0$11
-iDµVRFLDOL]DomRVHFXQGiULD¶pDLQWHULRUL]DomRGHFRQKHFLPHQWRVTXHVmRFRQVWUXtGRV
DSDUWLUGHLQVWLWXLo}HVFRPRDHVFRODRWUDEDOKRHGDFRPXQLGDGHTXHOHYDPDDTXLVLomRGH
VDEHUHV H SDSpLV GLYHUVLILFDGRV TXH QDV FRQGLo}HV H QD IRUPD GH DJLU GH FDGD LQGLYtGXR
SDUWLFLSDP GD IRUPDomR SURILVVLRQDO $V GLIHUHQWHV LQWHUDo}HV VRFLDLV FRQVWLWXtGDV HP
HVSDoRV GH VRFLDOL]DomR VHFXQGiULD SRGHP VHU GLUHFLRQDGDV RX LQIOXHQFLDGDV SHOD
VRFLDOL]DomR SULPiULD FRPR WDPEpP SRGHP URPSHU FRP FRQKHFLPHQWRV FRQVWUXtGRV DWp
HQWmRLQIOXHQFLDGRVSHORVQRYRVHVSDoRVGHVRFLDOL]DomR
e GH IDWR JUDoDV j WUDQVIRUPDomR SRVVtYHO GDV LGHQWLGDGHV QD VRFLDOL]DomR
VHFXQGiULDTXHVHSRGHPFRQWHVWDUDVUHODo}HVVRFLDLVLQWHULRUL]DGDVQRGHFRUUHUGD
VRFLDOL]DomR SULPiULD D SRVVLELOLGDGH GH FRQVWUXLU RXWURV PXQGRV TXH QmR RV
LQWHULRUL]DGRVQDLQIkQFLD IXQGDRr[LWRSRVVtYHOGHXPDWUDQVIRUPDomRVRFLDOQmR
UHSURGXWRUD'8%$5S
2V DSDUHOKRV GH VRFLDOL]DomR SULPiULD HQWUDP HP LQWHUDomR FRP RV DSDUHOKRV GH
VRFLDOL]DomR VHFXQGiULD SURYRFDQGR TXHVWLRQDPHQWRV H WUDQVIRUPDo}HV QR µPXQGR YLYLGR¶
TXHLQLFLDOPHQWHVHFRQVWLWXtDQRLPDJLQiULRFRQVWUXtGRFRPEDVHQRHVSDoRGDIDPtOLDHGD
FRPXQLGDGH PDLV SUy[LPD &RP D VRFLDOL]DomR VHFXQGiULD DEUH HVSDoRV SDUD QRYDV
UHSUHVHQWDo}HV HP TXH RV DWRUHV FRP VXDV FDUDFWHUtVWLFDV HWQLFRUUDFLDLV FXOWXUDLV H
HFRQ{PLFDV SRVVLELOLWDP XPD IRUPDomR SURILVVLRQDO QmR UHSURGXWRUD TXH SRGH SURPRYHU D
PRELOLGDGHVRFLDOHQRYRVHVSDoRVGHLQWHUDomRVRFLDO
3DUD %HUJHU H /XFNPDQQ D FRQVWUXomR GDV LGHQWLGDGHV D SDUWLU GD VRFLDOL]DomR
FRQVLGHUDWDPEpPTXHRVHVSDoRVGHVRFLDOL]DomRID]HPSDUWHGDUHDOLGDGHGDYLGDFRWLGLDQD
TXHVHRULJLQDQRSHQVDPHQWRHQDDomRHVHDSUHVHQWDHPGLIHUHQWHVJUDXVGHDSUR[LPDo}HVH
GLVWkQFLDV TXDQWR j GLPHQVmR HVSDFLDO RX WHPSRUDO$ GLPHQVmR HVSDFLDO WHP UHODomR FRP D
6RFLyORJRV FRQWHPSRUkQHRV 3HWHU %HUJHU H 7KRPDV /XFNPDQQ WHP FRPR LQWHUHVVH HP VXDV SHVTXLVDV DV
TXHVW}HVGD ³UHDOLGDGH³HGR³FRQKHFLPHQWR³HPTXHDVRFLRORJLDGRFRQKHFLPHQWRGL]UHVSHLWRjDQiOLVHGD
FRQVWUXomRVRFLDOGDUHDOLGDGH
GLPHQVmR VRFLDO H p IDFLOPHQWH H[WUDSRODGD QD VRFLHGDGH FRQWHPSRUkQHD SHOD IDFLOLGDGH GH
GHVORFDPHQWR H FRPXQLFDomR -i D GLPHQVmR WHPSRUDO p LQWUtQVHFD GR LQGLYtGXR TXH LPS}H
VHTXrQFLDV QD VXD YLGD FRWLGLDQD FRQVWLWXLQGR VXD WUDMHWyULD GH YLGD 2V HVSDoRV PDLV
SUy[LPRV VmR RV HVSDoRV GD YLGD FRWLGLDQD GD IDPtOLD GD FRPXQLGDGH LJUHMD GD
HVFRODUL]DomRHGRWUDEDOKR
$ OLQJXDJHP WDPEpP VH DSUHVHQWD SDUD %HUJHU H /XFNPDQQ FRPR SDUWLFLSDQWH GD
FRQVWUXomRGDVLGHQWLGDGHVTXHSRUVXDYH]MiH[LVWHPQDUHDOLGDGHGDYLGDFRWLGLDQDHSRU
PHLR GHOD TXH LQGLYtGXR HVWDEHOHFH VXDV UHODo}HV VRFLDLV H FRQVWLWXL VXDV LGHQWLGDGHV e
DWUDYpV GD OLQJXDJHP TXH VH FRQVWURHP D WLSLILFDomR GH IRUPD JHQHUDOL]DGD R SHUILO GDV
SHVVRDV GH XP JUXSR 7LSLILFDomR p D LGHLD TXH VH ID] GR RXWUR QRV GLIHUHQWHV WLSRV GH
UHODo}HVVRFLDLV
$UHDOLGDGHGDYLGDFRWLGLDQDFRQWpPHVTXHPDVWLSLILFDGRUHVHPWHUPRVGRVTXDLV
RVRXWURVVmRDSUHQGLGRVHQGRHVWDEHOHFLGRVRVPRGRVFRPR³OLGDPRV´FRPHOHV
>@ 7RGDV HVVDV WLSLILFDo}HV DIHWDP FRQWLQXDPHQWH PLQKD LQWHUDomR FRP R RXWUR
%(5*(5/8&.0$1S
'XEDUDRHVFUHYHUVREUHµLGHQWLGDGHSDUDVL¶HµLGHQWLGDGHSDUDRRXWUR¶DSUHVHQWDRV
HVTXHPDVWLSLILFDGRUHVFRPRXPPHFDQLVPRFRPXPHQWUHRVGRLVSURFHVVRVHPTXH
$V FDWHJRULDV SDUWLFXODUHV TXH VHUYHP SDUD LGHQWLILFDU RV RXWURV H SDUD VH
DXWRLGHQWLILFDU VmR YDULiYHLV WDQWR GH DFRUGR FRP RV HVSDoRV VRFLDLV RQGH VH
H[HUFHP DV LQWHUDo}HV FRPR GH DFRUGR FRP DV WHPSRUDOLGDGHV ELRJUiILFDV H
KLVWyULFDVHPVHGHVHQURODPDVWUDMHWyULDV'8%$5S
(VVD LQWHUIHUrQFLD GRV HVTXHPDV WLSLILFDGRUHV DJLQGR QD UHDOLGDGH VRFLDO GD YLGD
FRWLGLDQD SRGH HYLWDU R UHODFLRQDPHQWR FRP FHUWDV SHVVRDV JUXSRV H OXJDUHV SHOD LGHLD
WLSLILFDGD TXH WHPRV GHOD RQGH VH DSUHVHQWDP DV VLWXDomR GH SUHFRQFHLWR TXH OHYDP D
GLVFULPLQDomR 1R HVTXHPD GH WLSLILFDomR HQFRQWUDVH D WLSLILFDomR TXDQWR DR SHUILO
SURILVVLRQDOGHXPDSHVVRDGHDFRUGRFRPVXDHWQLDJrQHURRXRULJHPVRFLDOTXHDFDEDSRU
UHVWULQJLU DV SRVVLELOLGDGHV GH FHUWDV H[SHULrQFLDV SURILVVLRQDLV 7DPEpP SRGH H[LVWLU D
VLWXDomR HP TXH R SUySULR LQGLYtGXR VH LQIOXHQFLD SHOD WLSLILFDomR GR SHUILO SURILVVLRQDO GH
GHWHUPLQDGDV SURILVV}HV H QmR VH PRELOL]D SDUD D DWXDomR RX IRUPDomR SURILVVLRQDO GHVVDV
SURILVV}HV
2XWUR DXWRU TXH HVWDUHL XWLOL]DQGR SDUD DQDOLVDU RV GDGRV GD SHVTXLVD p 6WXDUW +DOO
TXH DR GLVFXWLU R FRQFHLWR GH LGHQWLGDGH QXPD SHUVSHFWLYD SyVPRGHUQD GL] TXH D
LGHQWLGDGHVXUJHFRPDQDUUDWLYDTXHDSHVVRDID]GHVLGRVHXLPDJLQiULRGRTXHEXVFDVHU
RXQmRVHU
0XOWLSODPHQWHFRQVWUXtGDVDRORQJRGHGLVFXUVRVSUiWLFDVHSRVLo}HVTXHSRGHPVH
FUX]DU H VHU DQWDJ{QLFRV $V LGHQWLGDGHV HVWmR VXMHLWDV D KLVWRULWL]DomR UDGLFDO
HVWDQGR FRQVWDQWHPHQWH HP SURFHVVR GH PXGDQoD H WUDQVIRUPDomR >@ $V
LGHQWLGDGHV VmR FRQVWUXtGDV GHQWUR H QmR IRUD GR GLVFXUVR H QyV SUHFLVDPRV
FRPSUHHQGrODVFRPRSURGX]LGDVHP ORFDLV KLVWyULFRVHLQVWLWXFLRQDLVHVSHFtILFRV
QR LQWHULRU GH IRUPDo}HV H SUiWLFDV GLVFXUVLYDV HVSHFtILFDV SRU HVWUDWpJLDV H
LQLFLDWLYDVHVSHFtILFDV+$//S
1HVVHVHQWLGRDVLGHQWLGDGHVVmRFRQVWUXtGDVSHORLQGLYtGXRQDVVXDVUHSUHVHQWDo}HV
1R FDVR GRV DIUREUDVLOHLURV D LGHQWLILFDomR GH VHU DIUREUDVLOHLUR HVWi SUHVHQWH HP VXD
WUDMHWyULD GH YLGD 6H DV LGHQWLGDGHV HVWmR UHODFLRQDGDV DRV SURFHVVRV GH UHSUHVHQWDo}HV DV
UHODo}HVHQWUHRVHVSDoRVGHFRQYLYrQFLDQRLQWHULRUGRVLVWHPDGHUHSUHVHQWDo}HVWHPHIHLWR
LPSRUWDQWH VREUH DV IRUPDV FRPR DV LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV VmR FRQVWUXtGDV H
FRPRHODVVHFRQVWLWXHPQDVXDIRUPDomRSURILVVLRQDO
'RV HVWXGRV UHDOL]DGRV SRU 'XEDU D SDUWLU GH WHRULDV TXH DERUGDP D FRQVWUXomR GDV
LGHQWLGDGHVRDXWRUHODERUDXPTXDGURGHDQiOLVHSDUDVHXVHVWXGRVGDVLGHQWLGDGHVVRFLDLVH
SURILVVLRQDLV 1HVVH TXDGUR VH FRQVWLWXL GD GXDOLGDGH H GDV FRPELQDo}HV HQWUH µLGHQWLGDGH
SDUD RXWUHP¶ H µLGHQWLGDGH SDUD VL¶ GR µSURFHVVR UHODFLRQDO H GR SURFHVVR ELRJUiILFR¶ GRV
µDWRV GH DWULEXLo}HV¶ H GRV µDWRV GH SHUWHQFLPHQWRV¶ GD µWUDQVDomR REMHWLYD HQWUH LGHQWLGDGH
DWULEXtGD H LGHQWLGDGHV LQFRUSRUDGDV¶ H GD µWUDQVDomR VXEMHWLYD HQWUH LGHQWLGDGHV KHUGDGDV H
LGHQWLGDGHVYLVDGDV¶'HILQLQGRGRLVHL[RVGHFDWHJRULDV'XEDUHVFUHYHVREUH
$IRUPDµUHODFLRQDOSDUDRXWUHP¶
$IRUPDµUHODFLRQDOSDUDRXWUHP¶GHILQHVHSULPHLUDPHQWHHPSRUVXDVLQWHUDo}HV
QR VHLR GH XP VLVWHPD LQVWLWXtGR H KLHUDUTXL]DGR (OD VH FRQVWUyL VRE FRDo}HV GH
LQWHJUDomR QDV LQVWLWXLo}HV D IDPtOLD D HVFROD RV JUXSRV SURILVVLRQDLV R (VWDGR
'HILQHVH SRU µFDWHJRULDV GH LGHQWLILFDomR¶ QDV GLYHUVDV HVIHUDV GD YLGD VRFLDO
'8%$5SJULIRGRDXWRU
$IRUPDµELRJUiILFDSDUDVL¶
$IRUPDµELRJUiILFDSDUDVL¶pDTXHODTXHLPSOLFDRTXHVWLRQDPHQWRGDVDWLYLGDGHV
DWULEXtGDVHXPSURMHWRGHYLGDTXHVHLQVFUHYHQDGXUDomR³eDTXHODKLVWyULDTXH
FDGDXPFRQWDVREUHVLPHVPRVREUHRTXHHOHp´DTXHOHVLQDUUDWLYRTXHFDGDXP
WHPQHFHVVLGDGHGHID]HUFRQKHFHU'8%$5SJULIRGRDXWRU
$V µWUDQVDo}HV REMHWLYDV HQWUH LGHQWLGDGHV DWULEXtGDV H LGHQWLGDGHV LQFRUSRUDGDV¶
³7UDQVDo}HVµH[WHUQDV¶HQWUHRLQGLYtGXRHRVRXWURVVLJQLILFDWLYRVYLVDQGRWHQWDUDFRPRGDUD
LGHQWLGDGHSDUDVLjLGHQWLGDGHSDUDRXWURVWUDQVDomRGHQRPLQDGDREMHWLYD´'8%$5
SJULIRGRDXWRU
'DVµWUDQVDo}HVVXEMHWLYDVHQWUHLGHQWLGDGHVKHUGDGDVHLGHQWLGDGHVYLVDGDV¶
7UDQVDo}HVµLQWHUQDV¶DRLQGLYtGXRHQWUHDQHFHVVLGDGHGHVDOYDJXDUGDUXPDSDUWH
GHVXDVLGHQWLILFDo}HVDQWHULRUHVLGHQWLGDGHVKHUGDGDVHRVRQKRGHFRQVWUXLUSDUD
VL QRYDV LGHQWLGDGHV QR IXWXUR LGHQWLGDGHV YLVDGDV >@ $ UHODomR HQWUH DV
LGHQWLGDGHV KHUGDGDV DFHLWDV RX UHFXVDGDV SHORV LQGLYtGXRV H DV LGHQWLGDGHV
YLVDGDV HP FRQWLQXLGDGH DV LGHQWLGDGHV SHUWHQFHQWHV RX HP UXSWXUD FRP HODV
GHSHQGH GRV PRGRV GH UHFRQKHFLPHQWRV SHODV LQVWLWXLo}HV OHJLWLPDV H SRU VHXV
DJHQWHVTXHHVWmRHPUHODomRGLUHWDFRPRVVXMHLWRVHQYROYLGRV'8%$5S
JULIRGRDXWRU
e D SDUWLU GHVVDV GXDOLGDGHV TXH HVWDUHL GLVFXWLQGR D IRUPDomR SURILVVLRQDO H DV
GLPHQV}HVGHLQFOXVmRVRFLDOGRDIUREUDVLOHLURQRFRQWH[WRGDVGHVLJXDOGDGHVHSUHFRQFHLWR
UDFLDO FRPR FDGD LQGLYtGXR DJH RX UHDJH GH IRUPD GLIHUHQWH DRV µDWRV GH DWULEXLo}HV¶
SRGHQGRLQFRUSRUDURXFRQWUDSRUDRTXHOKHIRLDWULEXtGR
$V ,GHQWLGDGHV VRFLDLV H SURILVVLRQDLV UHVXOWDP GH FRQVWUXo}HV VRFLDLV TXH QR VHX
SURFHVVR UHODFLRQDO WHP PXLWR SUHVHQWH R TXH RV RXWURV GL]HP TXH YRFr p 2 LQGLYtGXR
PXLWDVYH]HVDFDEDSRUEXVFDURWUDEDOKRHFXUVRGH(GXFDomR3URILVVLRQDOGHDFRUGRFRPRV
µDWRV GH DWULEXLo}HV¶ TXH SDUD RV DIUREUDVLOHLURV SRGHP HVWDU PDUFDGDV SHOR SUHFRQFHLWR
UDFLDO-iQRSURFHVVRELRJUiILFRDµLGHQWLGDGHSURILVVLRQDOSDUDVL¶pXPDFRQVWUXomRSHVVRDO
GH HVWUDWpJLD LGHQWLWiULD TXH PRELOL]D D LPDJHP GH VL QR PXQGR GR WUDEDOKR H QRV VHXV
HVSDoRVVRFLDLV
4XDQWR DV UHODo}HV VRFLDLV 'XEDU FKDPD D DWHQomR TXH D SURGXomR GH
LGHQWLGDGH SURILVVLRQDO QmR VXVWHQWDP VRPHQWH GRV HVSDoRV GH WUDEDOKR H VLP QR
UHFRQKHFLPHQWR GH UHODo}HV µSHORV H QRV¶ LQYHVWLPHQWRV UHODFLRQDLV GRV LQGLYtGXRV (VSDoRV
GHLGHQWLILFDo}HVQRVTXDLVRVLQGLYtGXRVVHVHQWHPUHFRQKHFLGRVHYDORUL]DGRVSRGHQGRVHU
DOpPGDVUHODo}HVGHWUDEDOKRDVUHODo}HVIDPLOLDUHVGHDPLJRVHQWUHRXWUDV
3HVTXLVDURVDIUREUDVLOHLURVQDUHODomRFRPVXDIRUPDomRSURILVVLRQDODSDUWLUGHVXD
WUDMHWyULD GH YLGD DSRQWD SDUD D SRVVLELOLGDGH GH FRP VXDV QDUUDWLYDV FRQVWUXLU FDWHJRULDV
UHODFLRQDGDV D VXD IRUPDomR SURILVVLRQDO H LQFOXVmR VRFLDO (VWDV FDWHJRULDV HQYROYHP RV
HVSDoRV RQGH VH H[HUFHP DV LQWHUDo}HV VRFLDLV D SDUWLU GD HGXFDomR HVFRODU IDPtOLD
FRPXQLGDGH WUDEDOKR H RXWUDV LQVWLWXLo}HV TXH D SDUWLU GDV UHODo}HV GLDOpWLFDV HVWDEHOHFLGDV
QR SHUFXUVR GH VXD WUDMHWyULD GH YLGD FRQVWLWXHP DV LGHQWLILFDo}HV VRFLDLV H GH µVLPHVPR¶
3DUD'XEDUpDSDUWLUGRUHVXOWDGRGRVFRQIURQWRVGHVXDWUDMHWyULDGHYLGDHPHVSHFLDOHQmR
VRPHQWHGDVFRQIURQWDo}HVFRPRPXQGRGRWUDEDOKRTXHVHFRQVWURHP
$V PRGDOLGDGHV GH XPD LGHQWLGDGH SURILVVLRQDO EiVLFD TXH FRQVWLWXD QmR VRPHQWH
XPDLGHQWLGDGHQRWUDEDOKRPDVWDPEpPHVREUHWXGRXPDSURMHomRGHVLQRIXWXUR
D DQWHFLSDomR GH XPD WUDMHWyULD GH HPSUHJR H D HODERUDomR GH XPD OyJLFD GH
DSUHQGL]DJHPRXPHOKRUGHIRUPDomR'8%$5S
1HVVDSHUVSHFWLYDRWHUPRSURILVVLRQDOpFRQVLGHUDGRXPDFDWHJRULDGDYLGDFRWLGLDQD
LQIOXHQFLDGD SRU GLIHUHQWHV DVSHFWRV GHVVH FRWLGLDQR H D IRUPD FRPR R LQGLYtGXR LQWHUDJH
FRQVWLWXLQGRDVVLPVXDIRUPDomRSURILVVLRQDO
$V WHRULDV DTXL DSUHVHQWDGDV VHUmR XWLOL]DGDV QDV DQiOLVHV GDV QDUUDWLYDV GRV DIUR
EUDVLOHLURVHQWUHYLVWDGRVDERUGDGDVDSDUWLUGHVXDVWUDMHWyULDVGHYLGDHQYROYHQGRRVHVSDoRV
HUHODo}HVVRFLDLVTXHIL]HUDPSDUWHGHVXDIRUPDomRSURILVVLRQDOFRPDSURSRVWDGHFRQKHFHU
R TXH p UHOHYDQWH H FRPR IRL VH FRQVWLWXLQGR HVVH SURFHVVR H DV SRVVLELOLGDGHV GH LQFOXVmR
VRFLDOQDHSHOD(GXFDomR3URILVVLRQDO
1$55$7,9$6 '( ,'(17,'$'(6 62&,$,6 ( 352),66,21$,6 $ 3$57,5 '$
75$-(7Ï5,$'(9,'$'($)52%5$6,/(,526
$ IRUPDomR SURILVVLRQDO HQWHQGLGD FRPR XPD FRQVWUXomR DR ORQJR GD WUDMHWyULD GH
YLGD FRQVLGHUD HOHPHQWRV TXH 6mR SUySULRV GH FDGD WUDMHWyULD FRPR WDPEpP GH VHU DIUR
EUDVLOHLUR
6HU DIUREUDVLOHLUR p ID]HU SDUWH GH XPD UHSUHVHQWDomR VRFLDO TXH WHP XPD WUDMHWyULD
KLVWyULFD GH VHJUHJDomR UDFLDO PRWLYDGD SRU GLIHUHQWHV VLWXDo}HV GH SUHFRQFHLWR H
GLVFULPLQDomRUDFLDO
$ SURSRVWD GHVWH FDStWXOR p DSUHVHQWDU HOHPHQWRV TXH SRVVDP UHVSRQGHU FRPR D
IRUPDomRSURILVVLRQDOGRVDIUREUDVLOHLURVVHFRQVWLWXLDRORQJRGHVXDVWUDMHWyULDVGHYLGDHR
SDSHO GD (GXFDomR 3URILVVLRQDO QHVVH SURFHVVR H QDV SRVVLELOLGDGHV GH LQFOXVmR VRFLDO
$QDOLVDU D IRUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV DOXQRV GRV FXUVRV WpFQLFRV GD (VFROD
7pFQLFD(VWDGXDOGH6LQRSFRQVLGHUDQGRVXDVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLVFRQVWUXtGDV
DRORQJRGHVXDVWUDMHWyULDVGHYLGDHDVSRVVLELOLGDGHVGHLQFOXVmRVRFLDOQDHSHOD(GXFDomR
3URILVVLRQDO
25*$1,=$'25(6'$3(648,6$
&RP D SURSRVWD GH DQDOLVDU FRPR D IRUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV VH
FRQVWLWXL DR ORQJR GH VXDV WUDMHWyULDV GH YLGD H R SDSHO GD (GXFDomR 3URILVVLRQDO QHVVH
SURFHVVRHQDVSRVVLELOLGDGHVGHLQFOXVmRVRFLDOHVWDSHVTXLVDFRQVLGHURXDVQDUUDWLYDVFRPR
LQVWUXPHQWR SDUD DQDOLVDU RV HVSDoRV GH IRUPDomR SURILVVLRQDO D UHODomR H VHQWLGR FRP D
(GXFDomR3URILVVLRQDOHDVSRVVLELOLGDGHVGHLQFOXVmRVRFLDO
6HQGR DVVLP DV TXHVW}HV GHVVD SHVTXLVD VHUmR UHVSRQGLGDV D SDUWLU GH DQiOLVHV TXH
WHPFRPRUHIHUrQFLDjSHUVSHFWLYDGRVQDUUDGRUHVFRQVLGHUDQGRGHDFRUGRFRP'XEDU
S
2XVRTXHDVSHVVRDVID]HPGHVXDVSUySULDVFDWHJRULDVVXDPDQHLUDHVSHFtILFDGH
HVFROKHU H GLVSRU SDODYUDV YLQGD GH VXDV H[SHULrQFLDV WDQWR SRU PHLR GH VXDV
LQWHUDo}HVFRWLGLDQDVµSUHVHQWH¶FRPRGDVOHPEUDQoDVGHVXDVLQWHUDo}HVµSDVVDGDV¶
DSURSULDGDVSRUPHLRGHVXDUHIOH[mRSHVVRDO>@$LGHQWLGDGHSHVVRDOVyVHWRUQD
QDUUDWLYD TXDQGR SRVWD HP QDUUDWLYD e QD H SHOD µFRORFDomR HP QDUUDWLYD GH VL
PHVPR¶ TXH R VL tQWLPR UHIOH[LYR WRUQDVH XPD KLVWyULD XPD JrQHVH JULIR GR
DXWRU
2QDUUDGRUEXVFDRTXHIRLVLJQLILFDWLYRGDVXDWUDMHWyULDGHYLGDSDUDVHUDSHVVRDTXH
pKRMHRTXHHOHTXHUHYLGHQFLDUGRTXHp5HYHODDVVLWXDo}HVTXHWUD]HPVXDYDORUL]DomRR
TXHOKHRUJXOKDGHVHU1HVVHVHQWLGR$QWRQLHWWH(UUDQWHSGL]TXH
$VQDUUDWLYDVUHYHODPRDOLQKDPHQWRGRVQDUUDGRUHVFRPFHUWRVLQGLYtGXRVJUXSRV
LGHLDV H VtPERORV DWUDYpV GRV TXDLV HOHV H[WHUQDOL]DP VHXV PDLRUHV YDORUHV
TXDOLGDGHVSRVLWLYDVHGHRUJXOKRVSDUDVLPHVPRV1DUUDWLYDVWDPEpPUHYHODPDV
GLVVRFLDo}HVGRVµQDUUDGRUHV¶FRPRVµRXWURV¶LQGLYtGXRVJUXSRVLGHLDVHVtPERORV
DWUDYpVGRVTXDLVHOHVH[WHUQDOL]DPDVSDUWHVPHQRVIDYRUiYHLVGHVLPHVPRV(VVD
DUWLFXODomRGHLGHQWLGDGH±GHYR]±VREUHWXGRWRUQRXVHFRPSUHHQVtYHOFRPRXP
OyFXVGHGLJQLGDGHKXPDQDJULIRGRDXWRU
e XPD IRUPD GH DSUHVHQWDUVH SDUD R RXWUR H SDUD VL PHVPR FRP GLJQLGDGH
UHODFLRQDQGR DV SHVVRDV H DV LQVWLWXLo}HV TXH FRQVLGHUD LPSRUWDQWH QD VXD IRUPDomR H DR
PHVPRWHPSRGHVSUH]DQGRRXGHVFRQVLGHUDQGRDVSHVVRDVRXLQVWLWXLo}HVTXHQmRUHPHWHDR
TXHTXHUPRVWUDUTXHp$VVLPDVLGHQWLGDGHVVmRFRQVWUXtGDVFRPRGLVFXUVRSURGX]LGRQXP
FRQWH[WR KLVWyULFR H LQVWLWXFLRQDO SUySULRV GR DXWRU GD QDUUDWLYD TXH p HODERUDGD SRU
HVWUDWpJLDVHLQLFLDWLYDVLQGLYLGXDLVHHVSHFtILFDV+$//
2XWUR DVSHFWR D VHU FRQVLGHUDGR QD DQDOLVH GRV GDGRV p TXH VH DV SHVVRDV WHP
P~OWLSODV H LQFRQVWDQWHV LGHQWLGDGHV FRQVWUXtGDV H PDQLIHVWDGDV GH DFRUGR FRP RV HVSDoRV
VRFLDLVGHFRQYLYrQFLDGHFDGDPRPHQWR+$//DVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLV
WHPRPHVPRGLQkPLFDSRULVVRID]VHQHFHVViULRSHQViODVDSDUWLUGHVXDWUDMHWyULDGHYLGD
HPTXHDHGXFDomRIRUPDOQmRpR~QLFRHVSDoRGHIRUPDomRSURILVVLRQDOHQYROYHQGRRXWURV
HVSDoRV H WHPSRV VRFLDLV WUDEDOKR IDPtOLD OD]HU HGXFDomR DPLJRV H RXWURV $552<2
$ WUDMHWyULD GH YLGD DTXL FRQVLGHUDGD QmR WUDEDOKD FRP R WHPSR OLQHDU YLYLGR H
TXDOLWDWLYR PDV R WHPSR GD PHPyULD DWLYD SURGXWRUD GH VHQWLGR H QR GLUHFLRQDPHQWR GD
IRUPDomRSURILVVLRQDOTXHSDUD'XEDUSHQYROYH
&RPSUHHQGHUHPTXHXPDµVLWXDomRYLYLGD¶RXXPDµKLVWyULDWtSLFD¶JHUDQXPGDGR
PRPHQWRXPD PDQHLUDGHVHGHILQLUHGHGHILQLURVRXWURV$VVLPTXHDVLWXDomR
PXGD HVVD PDQHLUD GH GL]HU SRGH PRGLILFDUVH $ LGHQWLGDGH SHVVRDO p XP
SURFHVVR XPD KLVWyULD XPD DYHQWXUD H QDGD SHUPLWH IL[iOD QXP PRPHQWR
TXDOTXHUGDELRJUDILDJULIRGRDXWRU
$ DERUGDJHP ELRJUiILFD WHP XPD UHODomR PXLWR SUy[LPD FRP D WHPSRUDOLGDGH PDV
QDVQDUUDWLYDVDRUGHPGRVIDWRVHTXDLVIDWRVHFDWHJRULDVSUHVHQWHVVXUJHPGHDFRUGRFRPR
VLJQLILFDGR TXH WHP SDUD R QDUUDGRU DR FRQVWUXLU XPD IDOD $VVLP VHQGR DV HQWUHYLVWDV QmR
IRUDPFRQGX]LGDVSRUTXHVW}HVSRQWXDLVPDVSHODOLEHUGDGHGHIDODUGHFRPRIRLVXDWUDMHWyULD
GHYLGDQDHVFRODUL]DomRQDIDPtOLDQRWUDEDOKRHRXWURVHVSDoRVTXHOHYDUDPDVHURTXHp
KRMHHWHUVXDIRUPDomRSURILVVLRQDO
1DFRQVWUXomRGDQDUUDWLYDDSDUWLUGHVXDVUHFRUGDo}HVRHQWUHYLVWDGREXVFDDOJRTXH
UHPHWH DVXD IRUPDomRSURILVVLRQDO5HFRUGDo}HVTXHID]HPSDUWHGDPHPyULDTXHSRUVXD
YH] p FRQVWLWXtGD GH LQILQLWDV FRPELQDo}HV TXH FRQVLVWHP QRV DWRV GH OHPEUDU H HVTXHFHU D
SDUWLUGDVHYRFDo}HVGRSUHVHQWH2XVHMDDVUHFRUGDo}HVTXHVmREXVFDGDVSDUDIDODUGHVXD
IRUPDomRSURILVVLRQDO VmR VHOHFLRQDGDV GH DFRUGR FRP R VHQWLGR GH FDGD UHFRUGDomRSDUD R
QDUUDGRU³&RPSRPRVDQRVVDPHPyULDSDUDGDUXPVHQWLGRPDLVVDWLVIDWyULRjQRVVDYLGDj
PHGLGDTXHRWHPSRSDVVDHSDUDTXHH[LVWDPDLRUFRQVRQkQFLDHQWUHLGHQWLGDGHVSDVVDGDVH
SUHVHQWHV´7+20621DSXG67(3+$128S
$R HVFUHYHU VREUH D PHPyULD (UUDQWH DSUHVHQWD TXH Ki PXLWDV IRUPDV GH
UHPHPRUDU H GLIHUHQWHV UD]}HV SRU TXH QyV TXHUHPRV RX QmR TXHUHPRV UHPHPRUDU ³1RVVD
PHPyULD SHUPLWHQRV WDQWR OHPEUDU TXDQWR HVTXHFHU $ TXDOTXHU PRPHQWR QyV SRGHPRV
OHPEUDU HVTXHFHU H UHLQYHQWDU FHUWRV DVSHFWRV GR QRVVR SDVVDGR SHVVRDO H FROHWLYR´
(55$17(S'HDFRUGRFRPDVYLYrQFLDVHDUHDOLGDGHGRSUHVHQWHRQDUUDGRU
VHOHFLRQDIDWRVSHVVRDVHLQVWLWXLo}HVTXHIL]HUDPSDUWHGHVXDWUDMHWyULDGHYLGDSDUDFRQVWUXLU
VXDQDUUDWLYDHQYROYHQGRVXDIRUPDomRSURILVVLRQDO
2XWUR DVSHFWR TXH HVWi SUHVHQWH QDV QDUUDWLYDV p TXH DOJXPDV FRLVDV QmR VmR IDODGDV
SHODVXDLPSRVVLELOLGDGHGHVHUHPWUDQVSRVWDVHPSDODYUDVQmRVmRSRVVtYHLVGHVHUHPGLWDV
0DULD6WHSKDQRSHVFUHYHTXHEXVFDPRVGRQRVVRSDVVDGRDSHQDVDVFRLVDVTXH
VmR SRVVtYHLV GH VHUHP WUDQVSRVWDV HP SDODYUDV TXH ³HODERUDPRV R SDVVDGR FRP R TXDO
SRGHPRV FRQYLYHU H HVTXHFHPRV DWLYDPHQWH R TXH QRV SDUHFH LQVLJQLILFDQWH RX GH
FRQYLYrQFLDQmRVXSRUWiYHO´
$VVLP DV HQWUHYLVWDV SDUD D FROHWD GH GDGRV GD SHVTXLVD IRUDP HODERUDGDV H
FRQGX]LGDV FRP TXHVW}HV TXH EXVFDP DV OHPEUDQoDV GR TXH R HQWUHYLVWDGR YLYHQFLRX H GH
FRLVDV TXH OKH IL]HUDP IDOWD FRPRSURGXWR GH XP FRQWH[WR PDUFDGRSHODV GLIHUHQoDV HSHOD
H[FOXVmR e XPD EXVFD QD PHPyULD GH VLWXDo}HV SHVVRDV HVSDoRV TXH SDUWLFLSDUDP GH VXD
IRUPDomRSURILVVLRQDODSDUWLUGDSHUVSHFWLYDGRQDUUDGRU
$V QDUUDWLYDV IRUDP REWLGDV DWUDYpV GH HQWUHYLVWD VHPLHVWUXWXUDGDV RQGH DV TXHVW}HV
QmR WLQKDP XPD VHTXrQFLD SUpGHWHUPLQDGD H IRUDP VHQGR UHHODERUDGDV GH DFRUGR FRP D
QDUUDWLYDTXHLDVHFRQVWUXLQGRGXUDQWHDHQWUHYLVWD3DUDREWHUPDLRUOLEHUGDGHGHFRQVWUXomR
GD QDUUDWLYD SHOR HQWUHYLVWDGR D HQWUHYLVWD QmR IRL GLUHFLRQDGD FRP SHUJXQWDV H VLP FRP
TXHVW}HV GR WLSR ³IDOH VREUH YRFr H FRPR HUD VXD IDPtOLD GHVGH VXD LQIkQFLD DWp RV GLDV
DWXDLV´ ³FRPR IRL VXD YLGD HVFRODU´ ³IDOH GH WRGRV RV OXJDUHV H RV WUDEDOKRV TXH Mi
GHVHQYROYHX FRPR H SRUTXH IRL WUDEDOKDU QDTXHOH OXJDU´ $VVLP R HQWUHYLVWDGR EXVFDYD H
VHOHFLRQDYD QD VXD WUDMHWyULD GH YLGD R TXH WLQKD VHQWLGR SDUD HOH DR IDODU GH VXD IRUPDomR
SURILVVLRQDO
&RPR DV QDUUDWLYDV UHPHWHP j VXEMHWLYLGDGH GH TXHP HVWi VHQGR HQWUHYLVWDGR DOJR
SHVVRDOEXVFRXVHXPDPELHQWHTXHIDYRUHFHVVHDOLEHUGDGHGHH[SUHVVmRHDFRQILDQoDSDUD
IDODUVHVXDWUDMHWyULDGHYLGD6HQGRTXH³DUHODomRGHFRQILDQoDQmRHVWiGDGDGHVGHRLQtFLR
GD FRQYHUVDomR PDV YDL VHQGR SRXFR D SRXFR FRQVWUXtGDV´ =$*2 S RV
HQFRQWURVSDUDREWHUDVQDUUDWLYDVIRUDPUHDOL]DGDVHPGLIHUHQWHVPRPHQWRVSDUDTXHDOpP
GHXPDPDLRUOLEHUGDGH GHH[SUHVVmRWLYHVVHXPDPELHQWHTXHIDYRUHFHVVHD FRQVWUXomRGD
QDUUDWLYDREVHUYDQGRTXH
1DV 1DUUDWLYDV DOJXQV REMHWRV TXH ID]HP SDUWH GD FDL[D GH UHFRUGDo}HV GR
QDUUDGRU HVWLPXODP DV IDODV DV UHODo}HV FRP D IRUPDomR GH VXDV LGHQWLGDGHV
VRFLDLV H SURILVVLRQDLV 6mR FRPR Q~FOHRV WHPiWLFRV TXH FRQHFWDP GHWHUPLQDGR
JUXSRGHKLVWyULDHVLQWHWL]DPRVP~OWLSORVVLJQLILFDGRV7(//(6S
(QWmRRVHQFRQWURVDFRQWHFHUDPGHDFRUGRFRP DQHFHVVLGDGHGH FDGDHQWUHYLVWDGRV
FRPXPDYDULDomRGHXPDWUrVHQFRQWURV1RSULPHLURPRPHQWRIRLDSUHVHQWDGRRVREMHWLYRV
GDSHVTXLVDRGHVWLQRGDVLQIRUPDo}HVHRSDSHOGRHQWUHYLVWDGRQDUHDOL]DomRGDPHVPD)RL
RPRPHQWRSDUDFULDUXPDVLWXDomRGHHQFRUDMDPHQWRHHVWLPXORSDUDRHQWUHYLVWDGRFRPHoDU
DFRQWDUVXDWUDMHWyULDGHYLGDHYLGHQFLDQGRDVSHFWRVUHODFLRQDGRVjVTXHVW}HVGDSHVTXLVDH
SHUSDVVDQGRSHODVYDULiYHLVDVHUHPFRQVLGHUDGDVIDPtOLDHVFRODWUDEDOKRHFRPXQLGDGH2
VHJXQGRPRPHQWRIRLSHUPLWLUTXHRHQWUHYLVWDGRIDODVVHHDQRWDQGRRVSRQWRVTXHVXUJLUDPD
SDUWLUGDIDODSRVWHULRUPHQWHLQVWLJDUQRYDVIDODVSDUDFRPSOHPHQWDUDVTXHVW}HVGDSHVTXLVD
%$8(5$VVLPpGDVQDUUDWLYDVMiFRQVWUXtGDVTXHVXUJLXDQHFHVVLGDGHRXQmRGD
SUy[LPDHQWUHYLVWD
&RPRHVWDpXPDSHVTXLVDTXDOLWDWLYDVHPLQWHQomRGHSURGX]LUGDGRVTXDQWLWDWLYRVD
TXDQWLGDGH GH HQWUHYLVWDV IRL GHWHUPLQDGD D SDUWLU GR SULQFtSLR GH VDWXUDomR TXH VHJXQGR
&KDUORW RFRUUH TXDQGR DV IDODV GRV HQWUHYLVWDGRV QmR DFUHVFHQWDP QDGD GH QRYR jV
TXHVW}HV GD SHVTXLVD 2 TXH SUHYDOHFHX QmR IRL j TXDQWLGDGH GH HQWUHYLVWDV H VLP VXD
UHSUHVHQWDWLYLGDGHFRPIDODVTXHDSUHVHQWDVVHHOHPHQWRVTXHFRQWULEXtVVHPSDUDUHVSRQGHUDV
TXHVW}HVFHQWUDLVOHPEUDQGRTXH
2 PpWRGR TXDOLWDWLYR WHP SRU IXQomR FRPSUHHQGHU PDLV GR TXH GHVFUHYHU
VLVWHPDWLFDPHQWHRXGHPHGLUQmRVHGHYHSRLVSURFXUDUID]HUFRPTXHHOHVGLJDP
PDLV GR TXH SRGHP VREUH R FDPSR TXH QmR p VHX 3RU RXWUR ODGR RV UHVXOWDGRV
GHYHP VHU UHJXODUPHQWH FUX]DGRV H FRQIURQWDGRV FRP R TXH p REWLGR SRU RXWURV
PpWRGRVQRWDGDPHQWHHVWDWtVWLFR.$8)0$11DSXG=$*2S
7DPEpPIRLXWLOL]DGDDSHVTXLVDGRFXPHQWDOMXQWRD6HFUHWDULD$FDGrPLFDGD HVFROD
SDUD ID]HU R OHYDQWDPHQWR HVWDWtVWLFR GRV DIUREUDVLOHLURV QD (VFROD 7pFQLFD (VWDGXDO GH
6LQRS07DQDOLVDQGRRSHUFHQWXDOGHPDWULFXODGRVFHUWLILFDGRVGHVLVWHQWHVVXDGLVWULEXLomR
QRV FXUVRV H iUHDV GH SURILVVmR )RUDP RV UHVXOWDGRV REWLGRV GD SHVTXLVD GRFXPHQWDO TXH
OHYRXDRGHVHQYROYLPHQWRGRSUREOHPDGDUHIHULGDSHVTXLVDHRVREMHWLYRVSURSRVWRV
3527$*21,67$6'$61$55$7,9$6
2VVXMHLWRVGDSHVTXLVDIRUDPRVDOXQRVDIUREUDVLOHLURVGRVFXUVRVWpFQLFRVLQLFLDGRV
QR DQR GH QD (VFROD 7pFQLFD (VWDGXDO GR PXQLFtSLR GH 6LQRS07 $OXQRV TXH QR
PRPHQWR GD PDWUtFXOD VH DXWRGHFODUDUDP FRPR QHJURV RX SDUGRV H TXH VHJXLQGR D
RUJDQL]DomR GR ,%*( DJUXSHL H GHQRPLQHL GH DIUREUDVLOHLURV (QWUH RV DOXQRV DIUR
EUDVLOHLURV PDWULFXODGRV QRV FXUVRV WpFQLFRV LQLFLDGRV QR DQR GH SDUWLFLSDUDP GD
SHVTXLVDRQ]HDOXQRVGHQWUHHOHVVHWHTXHFRQFOXtUDPRFXUVRFRQVLGHUDGRVFRPRHJUHVVRVH
TXDWUR TXH QmR FRQFOXtUDP R FXUVR FRQVLGHUDGRV FRPR GHVLVWHQWHV $ HVFROKD GRV
HQWUHYLVWDGRV DFRQWHFHX D SDUWLU GD OLVWD GH DOXQRV GD 6HFUHWDULD $FDGrPLFD GD HVFROD
EXVFDQGRPDQWHUXPDPpGLDHQWUHDVYDULiYHLVGHJrQHURLGDGHHJUHVVRHGHVLVWHQWHQHJURH
SDUGRHGRVFXUVRVWpFQLFRVLQLFLDGRVQRUHVSHFWLYRDQR
9RXDTXLDSUHVHQWDUFDGDXPGRVDOXQRVTXHSDUWLFLSDUDPGDSHVTXLVDWUD]HQGRGDGRV
TXH IRUDP FRQVLGHUDGRV QDV DQiOLVHV GDV QDUUDWLYDV XPD YH] TXH HVWDV VmR FRQVWUXtGDV D
$XWRGHFODUDomR IHLWD QD ILFKD GH PDWUtFXOD GRV FXUVRV GD (VFROD 7pFQLFD (VWDGXDO H[LVWH XPD TXHVWmR SDUD
DXWRGHFODUDomRGRDOXQRTXDQWRVXDUDoDFRPDVDOWHUQDWLYDVDPDUHODEUDQFDLQGtJHQDQHJUDHSDUGD
SDUWLU GD LQGLYLGXDOLGDGH GH FDGD QDUUDGRU 2V QRPHV GRV HQWUHYLVWDGRV VmR QRPHV ILFWtFLR
XWLOL]DGRSDUDSUHVHUYDUDLGHQWLGDGHGRVPHVPRV
-DQHWH-DQHWHWHPDQRVVHDXWRLGHQWLILFRXFRPRSDUGDHpDOXQDHJUHVVDGRFXUVR7pFQLFR
HP (GLILFDo}HV (OD H RV WUrV LUPmRV IRUDP FULDGRV SHOD PmH TXH FRP SRXFD HVFRODULGDGH
WUDEDOKRXFRPRYHQGHGRUD DPEXODQWHHVHUYLoRV GHOLPSH]D&RQYLYHXFRPRSDLTXHHUD
JDULPSHLURDWpRVVHLVDQRVGHLGDGHGHSRLVQmRWHYHPDLVQRWtFLDVGHOH&RPHoRXDWUDEDOKDU
GH GRPpVWLFD H GH EDEi FRP DQRV +RMH WUDEDOKD FXLGDQGR GH FULDQoDV HP XPD FUHFKH
PXQLFLSDOHMXQWRFRPXPGRVLUPmRVVXVWHQWDPDPmHHRVGHPDLVLUPmRVPHQRUHVGHLGDGH
3HGUR3HGURWHPDQRVVHDXWRLGHQWLILFRXFRPRSDUGRHpDOXQRHJUHVVRGRFXUVR7pFQLFR
HP(GLILFDo}HV)LOKRGHSDLVDQDOIDEHWRVFRPHoRXDWUDEDOKDUFRPDQRVGHHQJUD[DWHHDRV
DQRV FRPR SHGUHLUR SURILVVmR QD TXDO DWXD DWp KRMH 1D LQIkQFLD HVWXGRX DWp D  VpULH
&DVDGRHSDLGHGRLVILOKRVMiJUDGXDGRVUHWRUQDj(GXFDomR%iVLFDLQFHQWLYDGRSHORVILOKRVH
SDUDWHURSUpUHTXLVLWRSDUDLQJUHVVDUQRFXUVRWpFQLFRGH(GLILFDo}HV
3DXOR3DXORWHPDQRVVHDXWRLGHQWLILFRXFRPRSDUGRHpDOXQRHJUHVVRGRFXUVR7pFQLFR
HP6HJXUDQoDQR7UDEDOKRFRPFRQFOXVmRQRDQRGHHGHVLVWHQWHGRFXUVRWpFQLFRHP
(GLILFDo}HV LQLFLDGR QR DQR GH $R LQLFLDU RV FXUVRV WpFQLFRV Mi WLQKD IRUPDomR GH
/LFHQFLDWXUD HP /HWUDV -i FRQFOXLX R FXUVR GH (VSHFLDOL]DomR HP 6HJXUDQoD QR 7UDEDOKR H
WUDEDOKDQRVHWRUDGPLQLVWUDWLYRGR6(1$,eILOKRGRHQWUHYLVWDGR3HGUR
0iUFLD 0iUFLD WHP DQRV VH DXWRLGHQWLILFRX FRPR SDUGD H p DOXQD HJUHVVD GR FXUVR
7pFQLFR HP 6HJXUDQoD QR 7UDEDOKR H GR FXUVR WpFQLFR HP (GLILFDo}HV 4XDQGR LQLFLRX RV
FXUVRVWpFQLFRVMiWLQKDJUDGXDomRHPDGPLQLVWUDomRGHHPSUHVDV'HVGHRVDQRVTXDQGR
FRPHoRX D WUDEDOKDU DWXD QR VHWRU DGPLQLVWUDWLYR GH HPSUHVDV 2V SDLV VmR SHTXHQRV
HPSUHViULRVHSRVVXHPHVFRODULGDGHGH(QVLQR)XQGDPHQWDOFRPSOHWR
0DUFRV 0DUFRV WHP DQRV VH DXWRLGHQWLILFRX FRPR QHJUR H p DOXQR HJUHVVR GR FXUVR
7pFQLFR HP ,QIRUPiWLFD )LOKR GH SDLV DQDOIDEHWRV H HPSUHJDGRV GH JUDQGHV ID]HQGDV 6HP
2WHUPR³SRXFDHVFRODULGDGH´VHUiXWLOL]DGRSDUDTXHPIUHTHQWRXDHVFRODPDVQmRFRQFOXLXRVDQRVLQLFLDLV
GR(QVLQR)XQGDPHQWDODQWLJRSULPiULR
DFHVVR D HVFROD IRL DOIDEHWL]DGR FRP DQRV TXDQGR HVWXGRX XP DQR &RP DQRV Mi
FDVDGR H FRP ILOKRV IRL TXDQGR ILFRX VDEHQGR GD H[LVWrQFLD GH IDFXOGDGHV S~EOLFDV YLQGR
SDUDDFLGDGHSDUDHVWXGDU$RFRQFOXLUR(QVLQR0pGLRIRLDSURYDGRQRFXUVRGH/LFHQFLDWXUD
HP0DWHPiWLFD'HVLVWHGDJUDGXDomRQRžVHPHVWUHSHORDFXPXORGHGLVFLSOLQDVUHSURYDGDV
HYDLID]HURFXUVR7pFQLFRHP,QIRUPiWLFD$WXDOPHQWHpVHUYLGRUS~EOLFRRQGHQmRH[HUFHD
IRUPDomRGRFXUVRWpFQLFR
-RVp-RVpWHPDQRVVHDXWRLGHQWLILFRXFRPRSDUGRHpDOXQRGHVLVWHQWHGRFXUVR7pFQLFR
HP,QIRUPiWLFD'HVLVWLXGRFXUVRWpFQLFRTXDQGRLQLFLRXDJUDGXDomRHP*HUHQFLDPHQWRGH
5HGHV &RPHoRX D WUDEDOKDU FRP DQRV QD iUHD GH LQIRUPiWLFD iUHD GD DWXDO DWXDomR
SURILVVLRQDO2VSDLVSRVVXHPSRXFDHVFRODULGDGH2SDLpPRWRULVWDGHPiTXLQDVDJUtFRODVHD
PmHGRPpVWLFD
(OLDV(OLDVWHPDQRVVHDXWRLGHQWLILFRXFRPRSDUGRHpDOXQRGHVLVWHQWHGRFXUVR7pFQLFR
HP ,QIRUPiWLFD2VSDLVSRVVXHPSRXFDHVFRODULGDGH2SDLpYHQGHGRUDPEXODQWHHDPmH
GRPpVWLFD &ULDGR SHOD PmH H R WLR FRQKHFHX R SDL FRP DQRV TXDQGR LQLFLRX R FXUVR
WpFQLFR &RPHoRX D WUDEDOKDU FRP DQRV QD iUHD GH YHQGDV iUHD TXH DFRPSDQKRX VHXV
GLIHUHQWHVHVSDoRVGHWUDEDOKR&DVDGRHFRPGRLVILOKRVDWXDOPHQWHpDOXQRGHJUDGXDomRHP
DGPLQLVWUDomRGHHPSUHVDVHWUDEDOKDFRPRSURPRWRUGHYHQGDV
&DUORV &DUORV WHP DQRV VH DXWRLGHQWLILFRX FRPR QHJUR H p DOXQR GHVLVWHQWH GR FXUVR
7pFQLFR HP (GLILFDo}HV 7UDEDOKD FRP GHVHQKR WpFQLFR GHVGH RV DQRV %XVFD R GLSORPD
SDUD DVVLQDU VHXV SURMHWRV QD iUHD GH FRQVWUXomR FLYLO -i HVWUXWXUDGR ILQDQFHLUDPHQWH SDUD
VXVWHQWDUVXDIDPtOLDHHVWXGDUDWXDOPHQWHpDOXQRGRFXUVRGH(QJHQKDULD&LYLOHPSHUtRGR
LQWHJUDO
-DLU-DLUWHPDQRVVHDXWRLGHQWLILFRXFRPRQHJURHpDOXQRHJUHVVRGRFXUVR7pFQLFRHP
$JURSHFXiULD)LOKRGHSDLVDQDOIDEHWRVRSDLpWUDEDOKDGRUDSRVHQWDGRGRVHWRUPDGHLUHLURH
DPmHFR]LQKHLUD0RUDFRPRVSDLVWUDEDOKDFRPRDXW{QRPRFRPSURGXomRGHKRUWDOLoDVH
DSyVFRQFOXLURFXUVRWpFQLFRLQLFLRXRFXUVRGH/LFHQFLDWXUDHP/HWUDV
/XFLD/XFLDWHPDQRVVHDXWRLGHQWLILFRXFRPRQHJUDHpDOXQDHJUHVVDGRFXUVR7pFQLFR
HP(QIHUPDJHP)LOKDGHSDLVDQDOIDEHWRVDSRVHQWDGRVRSDLWUDEDOKDYDFRPRVHULQJXHLURH
DPmHGHGRPpVWLFDHFXLGDQGRGRVVHWHILOKRV)RLH[SXOVDGHFDVDDRWHUPLQDUD(GXFDomR
%iVLFDFRPDQRV(PDEULJRWHPSRUiULRHVHPFRQVHJXLUHPSUHJRYDLPRUDUFRPTXHP
KRMHpVHXPDULGR&RPDQRVID]RFRQFXUVRGHDJHQWHGHVD~GHVHXHPSUHJRDWXDO
9LOPD9LOPDWHPDQRVVHDXWRLGHQWLILFRXFRPRSDUGDHpDOXQDHJUHVVDGRFXUVR7pFQLFR
HP (QIHUPDJHP )LOKD GH SDLV DQDOIDEHWRV FRPHoRX D WUDEDOKDU GH GRPpVWLFD DRV DQRV
&DVDGD H FRP D FKHJDGD GR SULPHLUR ILOKR DEDQGRQRX RV HVWXGRV 'HSRLV GH PXLWDV
H[SHULrQFLDVSURILVVLRQDLVHPVHUYLoRVJHUDLVLQJUHVVDQRFRQFXUVRS~EOLFRFRPR$JHQWHGH
6D~GHRQGHpPRWLYDGDDUHWRUQDUDHVFROD
(VWHVVmRRVDIUREUDVLOHLURVDOXQRVGRVFXUVRVWpFQLFRVGD(VFROD7pFQLFD(VWDGXDOGH
6LQRS TXH SDUWLFLSDUDP GHVVD SHVTXLVD FRP VXDV QDUUDWLYDV IDODQGR GH VXD IRUPDomR
SURILVVLRQDO
$HVFROKDGRVVXMHLWRVGDSHVTXLVDHDHODERUDomRGRURWHLURSDUDDHQWUHYLVWDWLQKDP
FRPR SURSRVWD ID]HU FRP TXH RV HQWUHYLVWDGRV IDODVVHP FRLVDV HODERUDVVHP XPD QDUUDWLYD
TXH DSUHVHQWDVVH HOHPHQWRV SDUD UHVSRQGHU DV VHJXLQWHV TXHVW}HV &RPR D IRUPDomR
SURILVVLRQDO GRV DIUREUDVLOHLURV VH FRQVWLWXL DR ORQJR GH VXD WUDMHWyULD GH YLGD" 2 TXH GD
WUDMHWyULDGHYLGDGRVDIUREUDVLOHLURVPDUFDVXDVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLV"&RPRD
(GXFDomR 3URILVVLRQDO VH DSUHVHQWD QD FRQVWUXomR GH LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV GR
DIUREUDVLOHLUR"4XHVHQWLGRHUHODomRHVVHDOXQRHVWDEHOHFHFRPD(GXFDomR3URILVVLRQDOHQD
(VFROD" &RPR VH DSUHVHQWDP QDV QDUUDWLYDV GRV DIUREUDVLOHLURV RV OLPLWHV HSRVVLELOLGDGHV
GHLQFOXVmRVRFLDOQDHSHOD(GXFDomR3URILVVLRQDO"
$3Ç1',&($±527(,52'$6(175(9,67$6
$)52%5$6,/(,5261$55$7,9$6'()250$d­2352),66,21$/(
,1&/86­262&,$/
$VWUDMHWyULDVGHYLGDDSDUWLUGDVTXDLVRVHQWUHYLVWDGRVFRQVWURHPVXDVQDUUDWLYDVGH
IRUPDomR SURILVVLRQDO H GDV SRVVLELOLGDGHV GH LQFOXVmR VRFLDO VmR HVSHFtILFDV GH FDGD XP
6HQGR DVVLP LQLFLDUHL FRP D DSUHVHQWDomR GDV QDUUDWLYDV GRV HQWUHYLVWDGRV SDUD
SRVWHULRUPHQWH DQDOLVDU FRPR D IRUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV VH FRQVWLWXL DR
ORQJR GH VXDV WUDMHWyULDV GH YLGD FRPR WDPEpP R SDSHO GD (GXFDomR 3URILVVLRQDO QHVVH
SURFHVVR H QDV SRVVLELOLGDGHV GH LQFOXVmR VRFLDO $V QDUUDWLYDV DTXL DSUHVHQWDGDV HVWmR
RUJDQL]DGDVFRQVLGHUDQGRRVWUrVHL[RVGDSHVTXLVDRSUHFRQFHLWRHDGLVFULPLQDomRUDFLDODV
LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV H DV SRVVLELOLGDGHV GH LQFOXVmR VRFLDO H R PXQGR GR
WUDEDOKR
1R SULPHLUR PRPHQWR DSUHVHQWR FRPR RV HQWUHYLVWDGRV FRQVWURHP VXDV QDUUDWLYDV
TXDQWR VXD FRQGLomR GH VHU DIUREUDVLOHLUR FRPR LGHQWLILFDP DV VLWXDo}HV GH SUHFRQFHLWR H
GLVFULPLQDomRUDFLDOQDQHFHVVLGDGHGHFRPHoDUDWUDEDOKDUGXUDQWHD(GXFDomR%iVLFDHQDV
GLILFXOGDGHVGHID]HURFXUVRGHIRUPDomRSURILVVLRQDOSUHWHQGLGRFRQVLGHUDQGRDVHVWUXWXUDV
VRFLDOHHFRQ{PLFDGHVXDVIDPtOLDV
1R VHJXQGR PRPHQWR DV QDUUDWLYDV IDODP GRV HVSDoRV GH IRUPDomR SURILVVLRQDO
HQYROYHQGRRHVSDoRGDIDPtOLDGRWUDEDOKRHGDHVFRODWUD]HQGRRVLQGLFDGRUHVGDSULPHLUD
H[SHULrQFLDGHWUDEDOKRHGDHVFROKDGRFXUVRGHIRUPDomRSURILVVLRQDODVVLPFRPRWUD]HQGR
DVLQVWLWXLo}HVHSHVVRDVGHUHIHUrQFLDHPRWLYDomRSDUDVXDIRUPDomRSURILVVLRQDOHVFRODU
(QTXDQWR SHUVSHFWLYDV H SRVVLELOLGDGHV GH LQFOXVmR VRFLDO WHUFHLUR HL[R RUJDQL]DGRU
GDSHVTXLVDDVQDUUDWLYDVWUD]HPXPDUHODomRHQWUHIRUPDomRSURILVVLRQDOHVFRODUHDLGHLDGH
SHUWHQFLPHQWR H YDORUL]DomR SHVVRDO XPD IRUPDomR YROWDGD jV QHFHVVLGDGHV GR PXQGR GR
WUDEDOKRDVSHUVSHFWLYDVGHIRUPDomRHVFRODUHDLQVDWLVIDomRSURILVVLRQDO
6HUDIUREUDVLOHLUR
&RQVLGHUDQGRTXHDVQDUUDWLYDVVmRFRQVWUXtGDVDSDUWLUGRTXHIRLVLJQLILFDWLYRSDUDD
SHVVRDSDUD D LPDJHP GH VL TXH TXHUSDVVDU H R TXH pSRVVtYHO GH VHU GLWR HQWmR FRPR RV
DIUREUDVLOHLURV HQWUHYLVWDGRV FRQVWURHP VXDV QDUUDWLYDV GH VHU DIUREUDVLOHLUR" &RPR
SHUFHEHPDVVLWXDo}HVGHSUHFRQFHLWRHGLVFULPLQDomRUDFLDO"4XHUHODomRWHPVXDVLWXDomRGH
VHUDIUREUDVLOHLURFRPDIRUPDomRSURILVVLRQDO"
x ³$VVLPSRUFRUHXDFKRTXHQmRpPDLVSRUFODVVHVRFLDOSRUGLQKHLUR´
-DQHWH $VVLPSRU FRU HX DFKR TXH QmR p PDLVSRU FODVVH VRFLDOSRU GLQKHLUR >@ 0XLWDV
FRLVDVHXGHL[HLGHID]HUSRUFDXVDGRGLQKHLUR FXUVRVWUDEDOKRV2MHLWRGHVHYHVWLU FRQWD
PXLWRTXDQGRYRFrYDLDUUXPDUXPHPSUHJR
9LOPD $t XP GLD HX IXL DWHQGHU XP FOLHQWH H HOH ROKRX SDUD PLP H IDORX ³9RFr HVWi
JUiYLGD"´(XIDOHL³6LPHXHVWRX´(OHIDORX³9RFrQmRTXHUGDUHVVHILOKRSDUDPLP´(X
IDOHL³0HVPRVHHXTXLVHVVHPHXPDULGRMDPDLVDFHLWDULDHHXQmRHVWRXLQWHUHVVDGDHPGDU
PHX ILOKR SDUD QLQJXpP´ (OH IDORX ³'HVFXOSD 9RFr p FDVDGD PDV HX QmR VDELD HX DFKHL
TXH YRFr HUD PmH VROWHLUD´ (X FRP GH]HQRYH DQRV 3DUD PLP HOH PHQRVSUH]RX D VHUYHQWH
SRUTXH HX HVWDYD VHUYLQGR HOH H SRUTXH HX HVWDYD JUiYLGD HX GHYHULD VHU XPD PXOKHU
TXDOTXHU
(OLDV(QWmRLVVRpXPDFRLVDTXHWHPPHSUHMXGLFDGR(XDFKRTXHWHPPHSUHMXGLFDGR(X
VLQWR PXLWR LVVR TXH QmR GmR PXLWR YDORU 3ULPHLURSRUTXH HOHV DFKDP TXH XPDSHVVRD GH
GH]RLWRDQRVQmRWHPFDSDFLGDGHGHWHUERFDSDUDQDGDVHQmRIRUULFDSDUDWHUYR]DWLYD6H
IRUSREUHpXPSDGHoRXPµRUHLDVHFD¶QmRWHPERFDSUDQDGD
3DXOR 2 SUHFRQFHLWR p GD SUySULD SHVVRD $OpP GR SUHFRQFHLWR H[WHUQR R SULQFLSDO
SUHFRQFHLWR p GD SUySULD SHVVRD SRUTXH PXLWDV YH]HV HQYROYH R QtYHO VRFLDO D SDUWH
HFRQ{PLFD
6LWXDo}HV YLYHQFLDGDV GH SUHFRQFHLWR QHP VHPSUH VmR SHUFHELGDV SHORV HQWUHYLVWDGRV
FRPR VHQGR Do}HV PRWLYDGDV SHOR SUHFRQFHLWR UDFLDO H VmR MXVWLILFDGDV SRU HOHV FRPR
UHVXOWDGR GH VXD FRQGLomR HFRQ{PLFD H VRFLDO $R IDODU GDV VLWXDo}HV GH SUHFRQFHLWR RV
µ2UHLDVHFD¶pXPWHUPRSRSXODUPXLWRXVDGRHQWUHRVWUDEDOKDGRUHVGDFRQVWUXomRFLYLOSDUDDSHVVRDTXHID]
RVHUYLoRGHDMXGDQWHGHSHGUHLURTXHFDUUHJDFLPHQWRPDVVDWLMROR
HQWUHYLVWDGRV DSUHVHQWDP FRPR p VHU DIUREUDVLOHLUR QD VRFLHGDGH FRQWHPSRUkQHD FRP
QDUUDWLYDV TXH VmR FRQVWUXtGDV FRPR UHVXOWDGR GH VXDV UHODo}HV VRFLDLV H GD IRUPD FRPR
VXEMHWLYDPHQWHHOHWUDEDOKDFRPVXDVYLYrQFLDVFRQVWUXLQGRVXDVLGHQWLGDGHV
2SUHFRQFHLWRUDFLDOQmRDSDUHFHFRPRRPRWLYDGRUGDVVLWXDo}HVGHSUHFRQFHLWRTXH
YLYHQFLDP 5HFRQKHFHP D H[LVWrQFLD GR SUHFRQFHLWR UDFLDO PDV p DSUHVHQWDGR FRP
VXSHUILFLDOLGDGHQmRFRPRRSURYRFDGRUGDVVLWXDo}HVYLYHQFLDGDVGHSUHFRQFHLWRHH[FOXVmR
TXHVmRMXVWLILFDGDVSHODVXDFRQGLomRVRFLDO1RHQWDQWRVHRVDIUREUDVLOHLURVVmRGD
SRSXODomRSREUHVHUSREUHpXPDFRQGLomRVRFLDOTXHSUHYDOHFHSRUVHUDIUREUDVLOHLURFRPR
UHVXOWDGR GH XP SURFHVVR KLVWyULFR GH SUHFRQFHLWR H VHJUHJDomR UDFLDO (QWmR VXD FRQGLomR
VRFLDOHHFRQ{PLFDpWDPEpPUHVXOWDGRGRSUHFRQFHLWRHVHJUHJDomRUDFLDO
(VVHQmRROKDUSDUDVXDFRQGLomRGHVHUDIUREUDVLOHLURQmRDQDOLVDUVXDVH[SHULrQFLDV
YLYHQFLDGDV UHODFLRQDQGR FRP D VHJUHJDomR H R SUHFRQFHLWR UDFLDO QmR VH FRQVWUXLX
LVRODGDPHQWHpUHVXOWDGRGDLGHRORJLDGDµGHPRFUDFLDUDFLDO¶HGDLJXDOGDGHGHRSRUWXQLGDGHV
TXHSHUPDQHFHQDVRFLHGDGHFRQWHPSRUkQHD
x ³6HYRFrOHYDUDPDOYRFrYDLHVWDULQGRFRQWUD´
-DLU,VVRDtpGHIDWR,VVRDFRQWHFHWRGRGLDeVyYRFrVDLUHYDLYHU6yTXHYRFrQmRSRGH
OHYDUDPDO6HYRFrOHYDUDPDOYRFrYDLHVWDULQGRFRQWUD1RFXUVRHXQmRSHUFHELPXLWD
FRLVDQmRSRUTXHRSHVVRDOOiHUDEHPPLVWXUDGRHHXQmRSHUFHELPXLWDFRLVD3HORPHXMHLWR
GHVHUVLPPDVSRUHXVHUQHJURQmR7DOYH]HVVHPHXMHLWRGHVHUpSHODTXHVWmRGHHXVHU
QHJUR WDPEpP 0DV HX QmR VHL VH p SRU VHU XPD SHVVRD PDLV UHWUDtGD XPD SHVVRD PDLV
IHFKDGD7DOYH]pSRUTXHVHYRFrQmRpEHPUHFHELGRGRMHLWRTXHYRFrpHQWmRYRFrSHJDH
VHYDLVHUHWUDLUIUHQWHDRDIDVWDPHQWRGDVSHVVRDV0DVQmRpQDGDTXHPHPDJRHHTXHHXPH
VLQWDFRPDOJXPDGLVFULPLQDomR,VVRHXDFKRTXHpXPWLSRGHGHIHVDTXHDJHQWHWHPSHOR
IDWR GH VHU QHJUR YRFr QmR VH DEUH FRPSOHWDPHQWH YRFr VHJXUD SRUTXH YRFr FRQKHFH
HQWHQGH TXH QmR YDL VHU WRWDOPHQWH EHP UHFHELGR RX YRFr SHQVD TXH QmR YDL VHU EHP
UHFHELGR
'DGRVSXEOLFDGRVSHOR,%*(QD6tQWHVHGH,QGLFDGRUHV6RFLDLVGH
-DQHWH $FKR TXH QR PXQGR TXH QyV HVWDPRV KRMH HP GLD WHP DLQGD (X QmR YRX QHJDU
FODURTXHWHP$VSHVVRDVROKDPWRUWRSDUDYRFrPDVYRFrQmRSRGHDEDL[DUDFDEHoD7HP
TXHPRVWUDUTXHYRFrpGDPHVPDDOWXUDSRGHWHUUHQGDEDL[DQmRLPSRUWD
/~FLD7LQKDDTXHODFRLVDGRVFROHJDVGHSRQKDDSHOLGRGHIDODUGRVFDEHORVTXHQXQFDIRL
ERQLWRPHVPR0DVFRPRHXMiIDOHLDQWHVHXMiIXLDGTXLULQGR HVSDoR1XQFDPDLVSDVVHL
SRULVVR(XQXQFDUHSURYHLQDHVFROD
3DXOR 7DPEpP WHP R ODGR H[WHUQR TXH p R SUHFRQFHLWR GD SUySULD VRFLHGDGH PDV VH D
SHVVRDWHPXPREMHWLYRWHPXPIRFRXPDSHUVLVWrQFLDDSHVVRDYDLURPSHU3RGHVHUDOJR
SRGH DFRQWHFHU LVVR FRP HOD PDV VH HOD WHP XP UXPR XPD GLUHomR QDGD YDL WLUDU HOD GR
WULOKR(VVDpDYLVmRTXHHXWHQKRTXHVHDSHVVRDUHDOPHQWHTXHUHODYDLFRQVHJXLUVHQmR
IRUHPXPDQRPDVGHSRLVYDLFRQVHJXLU'HYHVHUSHUVLVWHQWH
$VQDUUDWLYDVH[SUHVVDPDFRQYLYrQFLDFRPVLWXDo}HVGHSUHFRQFHLWRUDFLDOPDVTXH
³VHYRFrOHYDUDPDO´pVLQ{QLPRGHIUDTXH]D&DEHDFDGDXPHQFRQWUDUXPDIRUPDGHFRLELU
RSUHFRQFHLWRUDFLDOFRPHVWUDWpJLDVLQGLYLGXDLV
/~FLDGL]TXHGHYLGRDRVHXERPDSURYHLWDPHQWRQDHVFRODIRLJDQKDQGRXPHVSDoR
TXH LQLELX DV Do}HV GH GLVFULPLQDomR $ HVFROD p SDUD HOD XP HVSDoR GH VXSHUDomR GR
SUHFRQFHLWR UDFLDO QD PHGLGD HP TXH YDL JDQKDQGR R UHVSHLWR GR JUXSR SHOR VHX ERP
DSURYHLWDPHQWR HVFRODU -i SDUD 3DXOR D SHVVRD WHP TXH WHU XP REMHWLYR H VHU SHUVLVWHQWH
VXSHUDQGRDVDo}HVGHSUHFRQFHLWRHGLVFULPLQDomR-DLUID]UHODomRGDVVLWXDo}HVYLYHQFLDGDV
FRP VHX MHLWR GH VHU 1D SUySULD FRQVWUXomR GD QDUUDWLYD DQDOLVD DV VLWXDo}HV YLYHQFLDGDV
SHUFHEHQGR DV LQIOXrQFLDV GR SUHFRQFHLWR UDFLDO QR VHX MHLWR GH VHU 8P MHLWR GH VHU TXH p
SUySULR GH VHU DIUREUDVLOHLUR H TXH VH FRQVWUXLX QDV UHODo}HV VRFLDLV PDUFDGDV SHOR
SUHFRQFHLWR UDFLDO FRPR WDPEpP GR VHX JUXSR GH RULJHP RQGH RULJLQDP DV FDUDFWHUtVWLFDV
FXOWXUDLVHFRQ{PLFDVHVRFLDLVGHVHUDIUREUDVLOHLUR
([LVWH XPD FRQWUDGLomR QD FRQVWUXomR GDV QDUUDWLYDV DR UHIHULUVH DR SUHFRQFHLWR
UDFLDO $SUHVHQWDP VXD FRQGLomR GH VHU SREUH VXD FRQGLomR VRFLDO FRPR PRWLYDGRU GDV
VLWXDo}HVGHH[FOXVmRHGLILFXOGDGHVHPEXVFDURVHVSDoRVSUHWHQGLGRV3RUpPDVVXPHPTXH
H[LVWH SUHFRQFHLWR UDFLDO 4XDQGR IDODP GR SUHFRQFHLWR PHVPR WUD]HQGR VXDV H[SHULrQFLDV
DSUHVHQWDP FRPR DOJR TXH GHYH VHU VXSHUDGR SHOR SUySULR QHJUR &DEH D HOH VXSHUDU VHU
VXSHULRUHQmRVHGHL[DUDEDWHU
$V IRUPDV FRPR RV HQWUHYLVWDGRV OLGDP FRP DV VLWXDo}HV GH SUHFRQFHLWR H DV
MXVWLILFDWLYDV HQFRQWUDGDV SRU HOHV FRPR IRUPD GH IRUWDOHFHUVH H LQLELU DV Do}HV GH
GLVFULPLQDomRVmRDo}HVLQGLYLGXDLV1mRSRVVXHPUHODomRFRPXPDLGHQWLGDGHFROHWLYDGHVHU
DIUREUDVLOHLUR2SUREOHPDGRSUHFRQFHLWRUDFLDOHVWiQDSHVVRDTXHVHSHUPLWHDEDODUFRPDV
VLWXDo}HV YLYHQFLDGDV 7UD] SDUD VL H SDUD RV VHXV D UHVSRQVDELOLGDGH SHORV HIHLWRV GR
SUHFRQFHLWR UDFLDO e XPD LQYHUVmR GH SDSpLV 2 TXH p XP SUREOHPD GH RUGHP VRFLDO p
DEVRUYLGRSHORVDIUREUDVLOHLURVHQWUHYLVWDGRVFRPRXPSUREOHPDDVHUVXSHUDGRHUHVROYLGR
LQGLYLGXDOPHQWH SRU HOHV SUySULRV 7UD] XPD IRUPD VXWLO GH FRPR R SUHFRQFHLWR UDFLDO VH
PDQLIHVWDQDVRFLHGDGHFRQWHPSRUkQHD
x ³>@DFKRTXHpXPPHLRGHGL]HUTXHRQHJURWHPXPDLQWHOLJrQFLDLQIHULRU´
-DQHWH1D GHFODUDomR HX FRORTXHL FRPR QHJUD PDV HX QmRPH HVFUHYL FRPR FRWLVWD $FKR
TXHpXPPHLRGHGL]HUTXHRQHJURWHPXPDLQWHOLJrQFLDLQIHULRU$WpDFKRTXHQDIDFXOGDGH
R Q~PHUR GH QHJURV p PHQRU PDV QmR p SHOD FRU p SHOD FODVVH VRFLDO 1mR WHP FRPR XP
QHJURHOHWUDEDOKDURGLDLQWHLURGHSRLVLUSDUDDIDFXOGDGH1mRWHPFRPRHOHYDLGRUPLUOi
QDFDGHLUD
-DQHWHSHUFHEHTXHRVDIUREUDVLOHLURVVmRPLQRULDQDXQLYHUVLGDGHPDVQmRUHODFLRQD
FRPRXPSUREOHPDTXHUHVXOWRXGHXPSURFHVVRKLVWyULFRGHSUHFRQFHLWRHVHJUHJDomRUDFLDO
HVLPSHODFRQGLomRVRFLDOSHODGLILFXOGDGHHPFRQFLOLDURWUDEDOKRFRPRVHVWXGRV
3URVVHJXLQGR D LGHLD VHJXQGR D TXDO R SUREOHPD GR SUHFRQFHLWR UDFLDO GHYD VHU
VXSHUDGR SRU Do}HV LQGLYLGXDLV HP TXH FDEH D FDGD XP EXVFDU VHX HVSDoR H QmR VH GHL[DU
DEDWHU FRP R SUHFRQFHLWR UDFLDO SDUD -DQHWH DV FRWDV UDFLDLV QD XQLYHUVLGDGH OHYDP R DIUR
EUDVLOHLURDXPDFRQGLomRGHLQIHULRULGDGH1mRWUD]SDUDVLDLGHQWLGDGHGHVHUDIUREUDVLOHLUD
TXH WHP HP VXD IRUPDomR XP OHJDGR KLVWyULFR GH GLVFULPLQDomR H GHVLJXDOGDGH GH
RSRUWXQLGDGHVVHQGRDVVLPQmROKHpSRVVtYHODFHLWDUSDUDVLDLQVHUomRGDVSROtWLFDVGHDo}HV
DILUPDWLYDV SDUD RV DIUREUDVLOHLURV 1mR LQWHUQDOL]RX GH TXH DV SROtWLFDV DILUPDWLYDV VmR
GLUHLWRVDGTXLULGRVHQmRGiGLYDVGR(VWDGR
x ³(XWLQKDDFDUDFWHUtVWLFDSDUDWUDEDOKDUQDFR]LQKD´
9LOPD(XWUDEDOKDYDOiHGDtXPGLDHXDWHQGLDRWHOHIRQHHHUDRSDWUmR1RRXWURGLDHOHPH
IDORX³9RFr DWHQGHWHOHIRQHPXLWREHP9RFr IH]DOJXP FXUVR"´(XIDOHL³6LPHXIL]XP
FXUVR GH UHFHSomR H WHOHIRQLVWD´ (OH IDORX ³(X QmR VDELD GLVVR QmR´ ( QD IUHQWH WLQKD R
HVFULWyULRTXHJUDYDYD'9'HQWmRHXSHQVHLHVVHKRPHPSRGLDWLUDUHXGHVVDFR]LQKDHSRU
HXID]HURXWUDFRLVDTXHHXVHLID]HUWDPEpP0DVHXDFKRTXHHXQmRHUDRWLSRItVLFRTXHHOH
SUHFLVDYDSDUDRHVFULWyULRTXHLVVRFRQWDPXLWR(OHQmRIDORXLVVRPDVHXVHQWLDLVVRTXHHX
QmRWLQKDRELRWLSRTXHHOHSUHFLVDYDSDUDRHVFULWyULR(XWLQKDDFDUDFWHUtVWLFDSDUDWUDEDOKDU
QDFR]LQKD
-DQHWH 7DOYH] VHMD SRU FRU WLSR DVVLP FKHJD Oi XP QHJmR XP SUHWR D]XODGR SURFXUDQGR
HPSUHJRHRFDUDQmRGiSRUTXHYRFrpQHJUR7DOYH]VHMDQHVVHSRQWRPDVQDIDFXOGDGHLVVR
QmRpPXLWR
0DUFRVeH[LVWH7HPTXHPGL]TXHQmRPDVDTXHVWmRGHVHUQHJURjVYH]HVH[LVWHFHUWD
UHMHLomR 6H D JHQWH REVHUYDU DWp PHVPR QDVSHVVRDV TXH FRPS}H RV HVWXGRV YRFrSHUFHEH
TXHTXHPFRPS}HDPDLRULDVmREUDQFRV,VVRpTXHHXWHQKRSHUFHELGR>@6yQDTXHVWmR
SURILVVLRQDO D JHQWH SHUFHEH TXH WHP 1D TXHVWmR GD FRQYLYrQFLD QmR PDV QD TXHVWmR
SURILVVLRQDOH[LVWH
(OLDV1XPDHQWUHYLVWDGHHPSUHJRHXVLQWRLVVRHXFRQVLJRSHUFHEHULVVRjVYH]HVDSHVVRD
ROKDSDUDYRFrHHODQmRWHGiPXLWRFUpGLWR(XQmRHQWHQGRSRUTXHGHSHQGHQGRGHRQGHTXH
HXHVWRXHXVHLTXHSUHSDUDomRHXWHQKR¬VYH]HVHXPHVLQWRXPSRXFRH[FOXtGRGDVFRLVDV
>@1yVQmRVDEHPRVSRUTXr
-DLU 1R LQtFLR GR PHX WUDEDOKR FRPR JDUoRP QmR WHP QDGD DWp p PHOKRU VHU QHJUR 1D
HVFRODHXQmRSHUFHER2TXHIRLEDWHUPDLVIRUWHIRLTXDQGRHXYLPSDUD6LQRSSRUTXHOiHP
5LEHLUmR3UHWRpXPDFLGDGHTXHWHPPXLWRVQHJURVPHVPRHQWmRQmRWHPPXLWDGLIHUHQoD
7HP QHJURV GH WRGRV RV WLSRV /i R TXH SHVDYD HUD D TXHVWmR ILQDQFHLUD $JRUD HP 6LQRS
YRFrWHPPDLVGLILFXOGDGHVPHVPRSDUDFRQVHJXLUHPSUHJR3DUDFRQVHJXLUHPSUHJRpPDLV
FRPSOLFDGR PHVPR 9RFr WHP TXH VDEHU EHP GDV FRLVDV WHP TXH WHU PXLWR FRQKHFLPHQWR
PDVPHVPRDVVLPWrPYH]HVTXHYRFrQmRFRQVHJXHSRUTXHpSRUWUDGLomR1mRpVySHOD
TXHVWmR GH VHU QHJUR PDV p SHOD TXHVWmR GD UHJLmR WDPEpP 'HSHQGH GD UHJLmR HOHV GmR
SUHIHUrQFLD H YRFr QmR YDL FRQVHJXLU VHU DFHLWR 3DUD YRFr WUDEDOKDU SULQFLSDOPHQWH HP
ID]HQGDRVID]HQGHLURVDTXLGDUHJLmRVmRDPDLRULDYLQGRVGR6XOHGR3DUDQiHHOHVGmR
SULRULGDGHSDUDRSHVVRDOGHOHVOi(HXVHQGRQHJURHVWiEHPFODURTXHHXQmRVRXGDTXHOD
UHJLmRSRGHDWpVHUPDVHOHVQmRTXHUHPWDPEpP(RQHJURWDPEpPKRMHHPGLDHXYHMR
LVVRFRLVDGHPLPPDVHOHQmRWHPPXLWDFRQILDQoD(OHSRGHDWpHVWDUFHUWRPDVYDLHVWDU
HUUDGR DLQGD SRUTXH QR PtQLPR HOH p WLGR FRPR PDODQGUR (P TXDOTXHU OXJDU TXH YRFr
FKHJD YRFr WHP HVVD EDUUHLUD SDUD VHU TXHEUDGD (X HVWRX FRQKHFHQGR YRFr HQWmR YDL VHU
GLIHUHQWHPDVYDLWHUHVVDGLILFXOGDGHDtSRUTXHRQHJURQmRLQVSLUDFRQILDQoD>@(QWmRVH
YRFrQmRWHPFRQILDQoDQmRWHPQHPXPSDGULQKRTXHDSyLDYRFrSDUDYRFrFKHJDUKRMHHP
TXDOTXHU OXJDU YRFr p PHQRVSUH]DGRSRUTXH YRFr QmR WHP FRQILDQoD $ SULPHLUD FRLVD TXH
HOHVWHSHUJXQWDPpTXHPpVXDIDPtOLDVXDIDPtOLDID]RTXr">@(OHVSHUJXQWDPGHRQGH
YRFr YHLR LVVR p PXLWR SUHVHQWH DTXL HOHV TXHUHP VDEHU GH RQGH YRFr YHLR RQGH YRFr VH
IRUPRX H TXHP VmR VHXV SDLV >@ 7HP DGPLQLVWUDomR TXH SRGHULD VH DSUR[LPDU H TXH p GH
QRLWHPDVRFXUVRGH$GPLQLVWUDomRFRPDVHPSUHVDVTXHWHPDTXLHP6LQRSQHPSHQVDU
SRUTXHYRFrYDLWHUPDLVGLILFXOGDGHVGHHQWUDUQHVVDVHPSUHVDVSHODTXHVWmRGHVHUQHJURH
SHOR OXJDU TXH YHLR (QWmR YRFr Mi YDL WHU PHQRV DFHLWDomR (QWmR YRFr WUDEDOKDQGR GH
SURIHVVRUYRFrYDLWHUPDLVIDFLOLGDGHSDUDFRQVHJXLUHPSUHJR
$R IDODU GD IRUPDomR SURILVVLRQDO QRV HVSDoRV HVFRODUHV D GHVLJXDOGDGH GH
RSRUWXQLGDGHV DSDUHFH FRPR UHVXOWDGR GH VXD FRQGLomR GH FODVVH VRFLDO VHP UHODomR FRP R
SUHFRQFHLWRHDGLVFULPLQDomRUDFLDO3RUpPDRIDODUGDLQVHUomRHSURPRomRQRPHUFDGRGH
WUDEDOKR D UHODomR FRP D FRQGLomR GH VHU DIUREUDVLOHLUR p PDLV SUHVHQWH HQYROYHQGR
FDUDFWHUtVWLFDVItVLFDVFXOWXUDLVHGHHVWUXWXUDIDPLOLDU
$V QDUUDWLYDV PRVWUDP FRPR RV HVSDoRV GH WUDEDOKR HVWmR GLYLGLGRV UDFLDOPHQWH H
FRPRLVVRLQIOXrQFLDQDEXVFDGHHVSDoRVGHWUDEDOKRSHORVDIUREUDVLOHLURV
9LOPDPHVPRWUDEDOKDQGRHPVHUYLoRVGHOLPSH]DIH]FXUVRVSDUDWUDEDOKDUQRVHWRU
GHDWHQGLPHQWRPDVQmRVHSURSXQKDDVROLFLWDUHVVHHVSDoRGHWUDEDOKRQHPPHVPROKHIRL
RIHUHFLGR e XPD VLWXDomR TXH YDL DOpP GD DomR GH GLVFULPLQDomR GLUHWD GD RXWUDSHVVRD $
IDOWD GH PRGHORV H GH UHIHUrQFLD LQLEH 9LOPD GH EXVFDU RXWURV HVSDoRV GH WUDEDOKR (OD VH
PRELOL]RX SDUD ID]HU RV FXUVRV PDV QmR SDUD SOHLWHDU DV YDJDV QR PHUFDGR GH WUDEDOKR
FRQGL]HQWHFRPRFXUVRMiUHDOL]DGR
$V QDUUDWLYDV WUD]HP WDPEpP R SUHFRQFHLWR TXDQWR j RULJHP IDPLOLDU TXHP VmR H R
TXHID]HPHYLGHQFLDQGRRSUHFRQFHLWRUDFLDOQDFRQGLomRVRFLDOHFRQ{PLFDHFXOWXUDOGRVHU
DIUREUDVLOHLUR$HVWUXWXUDIDPLOLDUGRVHQWUHYLVWDGRVpHQWmRXPOLPLWDGRUSDUDVXDDWXDomR
QRPXQGRGRWUDEDOKR8PDVLWXDomRTXHYHPDFRPSDQKDGDGRTXH-DLUDSUHVHQWDFRPRIDOWD
GHFRQILDQoDHQHFHVVLGDGHGHWHUDOJXpPTXHRLQGLTXH(PVXDQDUUDWLYDGL]TXHDIDOWDGH
FRQILDQoDpFRPXPSDUDFRPRVDIUREUDVLOHLURV6yTXDQGRWHPDRSRUWXQLGDGHGHH[SRUVHXV
FRQKHFLPHQWRVpTXHDFRQILDQoDVHHVWDEHOHFH
7DPEpP DSDUHFH QD QDUUDWLYD GH -DLU D SUHRFXSDomR FRP R SUHFRQFHLWR UDFLDO QD
HVFROKD GR FXUVR GH IRUPDomR SURILVVLRQDO &RQVLGHUD TXH QD IRUPDomR GH DGPLQLVWUDGRU GH
HPSUHVDV WHUi PDLV GLILFXOGDGH HP FRQVHJXLU HPSUHJR FRQVLGHUDQGR TXH D PDLRULD GRV
HPSUHJDGRUHVVmREUDQFRVHRSUHFRQFHLWRUDFLDOSRGHVHUXPOLPLWDGRUSDUDVHXLQJUHVVRDR
PHVPRWHPSRDSUHVHQWDRWUDEDOKRGHSURIHVVRUFRPRXPHVSDoRRQGHQmRWHUiDEDUUHLUDGR
SUHFRQFHLWR 6mR YDJDV RFXSDGDV SRU FRQFXUVR S~EOLFR 0DUFRV WDPEpP HVFROKH R FXUVR GH
OLFHQFLDWXUD HP PDWHPiWLFD SRU FRQVLGHUDU TXH FRPR SURIHVVRU QmR WHULD TXH HQIUHQWDU R
SUHFRQFHLWRSDUDRLQJUHVVRQRWUDEDOKR2VFXUVRVGH IRUPDomRSURILVVLRQDOVmR HVFROKLGRV
FRQVLGHUDQGRDVPHOKRUHVRSRUWXQLGDGHVTXHWHUmRSDUDIXJLUGRSUHFRQFHLWRDRLQJUHVVDUQRV
HVSDoRVGHWUDEDOKR
$ FRQGLomR GH VHU DIUREUDVLOHLUR WUD] XPD IRUPDomR TXH YHP PDUFDGD SHOR
SUHFRQFHLWR H VHJUHJDomR UDFLDO TXH UHIOHWH QDV VXDV Do}HV VXEMHWLYDV H REMHWLYDV DV
LGHQWLGDGHVTXHOKHVmRDWULEXtGDVHDVLGHQWLGDGHVTXHSRUHODVmRDVVXPLGDVFRPRWDPEpP
DV LGHQWLGDGHV TXH VmR KHUGDGDV GR VHX FRQYtYLR IDPLOLDU H R TXH HOH TXHU VHU D LGHQWLGDGH
YLVDGD$VVLPYDLVHFRQVWLWXLQGRDIRUPDomRSURILVVLRQDOGRVDIUREUDVLOHLURVSHVTXLVDGRV
x ³3DUDPLPHVWXGDUWHYHPDLVGLILFXOGDGHGRTXHRXWUDSHVVRD´
-DLU(XVHPSUHWUDEDOKDYDGHQRLWHHHVWXGDYDGHPDQKm5HVXOWDGRpTXHQRVHJXQGRDQR
HX SDVVHL DVVLP SRUTXH HUD DSURYDomR DXWRPiWLFD SRUTXH HX FKHJDYD QD VDOD H GRUPLD (X
WUDEDOKDYDDWpFLQFRKRUDVGDPDQKmWLQKDpSRFDHVHWHKRUDVGDPDQKmMiWLQKDTXHHVWXGDU
>@3DUDPLPHVWXGDUWHYHPDLVGLILFXOGDGHGRTXHRXWUDSHVVRD$GLILFXOGDGHpRPHLRGH
WUDQVSRUWHKRUiULRGHPDQKm p FRPSOLFDGRSDUD TXHPWUDEDOKDSDUDTXHPMipGHPDLRUMi
ILFDPDLVFRPSOLFDGR>@8PFXUVRLQWHJUDOQmRGDPDLVSDUDHQFDUDUQmRHQWmRWLQKDTXH
VHU XP FXUVR QRWXUQR 3HODV GLILFXOGDGHV TXH HX VHQWL HP ID]HU R FXUVR GH DJURSHFXiULD
GXUDQWHRGLDVHPSRGHUWUDEDOKDU3RUTXHRVFXUVRVVXSHULRUHVQDiUHDGHDJURSHFXiULDVmR
GXUDQWHRGLD
(OLDV &RPR D JHQWH QmR WHP YHtFXOR VDLU GR VHUYLoR LU Oi SDUD R &HSURWHF GHSRLV YROWDU
WRGRV RV GLDV ILFDYD PXLWR FDQVDWLYRSDUD PLP $Wp PHVPRSRUTXH R VHUYLoR jV YH]HV QmR
SHUPLWLDSRUTXHWUDEDOKDYDFRPYHQGDVVDtDVHWHRLWRKRUDVDWpVHDUUXPDUVXELUHXMiWLQKD
SHUGLGRERDSDUWHGDDXOD)RLTXDQGRDFDEHLGHVLVWLQGR
-DQHWH(PSUHVWHLYHVWLEXODUSDUD(QJHQKDULD&LYLOQD8QHPDW&RQVHJXLVHUFKDPDGD
QDVHJXQGDFKDPDGDPDVFRPRpLQWHJUDOQmRSXGH>@(XTXHURID]HUHQJHQKDULDXPGLD
TXHP VDEH >@ 1mR WLQKD FRPR PH PDQWHU VH HX IRVVH ID]HU R FXUVR HP SHUtRGR LQWHJUDO
3UHFLVDGHGLQKHLURSUHFLVDGHRXWUDVFRLVDVHVyRPHXLUPmRQmRFRQVHJXLULDQRVVXVWHQWDU
QmR LD GDU +RMH QmR Gi SDUD ID]HU XP FXUVR LQWHJUDO +RMH QmR WHP FRPR WHP TXH VHU GH
QRLWH 3RU LVVR TXH DJRUD YRX WHU TXH GHFLGLUSRUTXH HQJHQKDULD LQWHJUDO QmR YRX FRQVHJXLU
ID]HU
&DUORV(VWDYDHVSHUDQGRFKHJDURFXUVRGHHQJHQKDULDDTXL'DtFKHJRXjSULPHLUDWXUPDVy
TXH HX QmR HVWDYD SUHSDUDGR ILQDQFHLUDPHQWH SDUD DEDQGRQDU R HPSUHJR SDUD ID]HU R FXUVR
LQWHJUDO'DtHXGHPRUHLWUrVDQRV7UrVDQRVWUDEDOKDGRSDUDSRGHUGDUXPELFRQRHPSUHJRH
SRGHUVXVWHQWDUPLQKDIDPtOLD4XDQGRHXWLYHVVHFHUWH]DTXHSRGHULDVXVWHQWDUPLQKDIDPtOLD
VHPGHSHQGHUGHHPSUHJRHXLDSDUDDHQJHQKDULDFLYLO
0DUFRV 4XDQGR HX WLQKD GR]H DQRV HX HVWXGHL PHX SULPHLUR DQR QD HVFROD >@ (QWmR HX
HVWXGHLVyHVVHXPDQRHTXDQGRHXHVWXGHLHVVHXPDQRGDtPHXSDLMiVHPXGRXSDUDRXWUD
ID]HQGD GDt QRYDPHQWH QmR WLQKD HVFROD >@ 4XDQGR HX WLQKD GH]HVVHWH GH]RLWR DQRV HX
SDVVHLXPDQRIRUDGHFDVD)LTXHLXPDQRIRUDGHFDVD(XFKHJXHLHP%DUUDGR*DUoDSUD
HVWXGDU PDV HX QmR FRQVHJXL HVWXGDU 1mR FRQVHJXL SRUTXH HX QmR WLQKD QHP XPD
GRFXPHQWDomRQmRWLQKDQDGDGH HVFRODHQmRWLQKDXPUHVSRQViYHOSDUDPHPDWULFXODU$t
TXHEUHLDFDUDHYROWHLSDUDFDVD1mRWHYHMHLWR'DtTXLHWHL>@1mRWLQKDHVFRODQmRWLQKD
FRPR HVWXGDU ( GH Oi SDUD Fi D WUDMHWyULD p HVVD D JHQWH QmR FRQKHFLD D JHQWH QmR WLQKD
IRUPDomR3UDWHUXPDLGHLDHXYLPGHVFREULUTXHWLQKDIDFXOGDGHJUDWXLWDDRVWULQWDHTXDWUR
DQRVGHLGDGH)RLDVVLPSUDYHUWmRFDLSLUDTXHVRX'DtIRLTXDQGRHXPHDQLPHLHPEXVFDU
HVWXGDU>@'DSULPHLUDVpULHDWpHXID]HUDLQFOXVmRSDUDHQWUDUQDTXLQWDVpULHIRLXPDHWDSD
ORQJD TXH HX TXHLPHL >@ (QWmR TXDQGR HX FKHJXHL QD IDFXOGDGH IRL XP GHVDVWUH 2V
SURIHVVRUHVHVWDYDPSDVVDQGRDTXHODVFRLVDVHDVSHVVRDVHQWHQGHQGRHHXILFDYDDVVLPPDV
FRPRID]LVVRGDtWLQKDTXHFRUUHUSDUDFLPDGHOLYURVHVWXGDUDWpWUrVKRUDVGDPDGUXJDGD
7HPGLDVTXHFRPRHXWUDEDOKDYDQDFRQVWUXomRWLQKDGLDVTXHHXQmRLDWUDEDOKDUSDUDGDU
FRQWD GH ID]HU RV H[HUFtFLRV SDUD HQWUHJDU SDUD R SURIHVVRU >@ (X PHVPR Mi SDVVHL SRU
PXLWD GLILFXOGDGH QR FXUVR GH 0DWHPiWLFD LQFOXVLYH DWp SDUHL R FXUVR SDUHL QR TXLQWR
VHPHVWUHSRUTXHPLQKDEDVHIRLPXLWRUXLP D PLQKDTXHVWmRHVFRODU IRLIUDFD>@0DVHX
YRXYROWDUHWHUPLQDURFXUVRGH0DWHPiWLFDSRURSomRGHQmRPHVHQWLUWRWDOPHQWHIUXVWUDGR
SRUTXH YRFr ID]HU XPD FRLVD H GHSRLV GHVLVWLU SRU IDOWD GH FDSDFLGDGH LVVR Dt SDUD PLP p
XPDIUXVWUDomR
3DUDRVHQWUHYLVWDGRVDGLILFXOGDGHSDUDID]HURFXUVRGHIRUPDomRSURILVVLRQDOQmRp
VHU DSURYDGR QR SURFHVVR VHOHWLYR $ PDLRU GLILFXOGDGH TXH RV LPSHGH GH ID]HU R FXUVR
SUHWHQGLGR p VXD FRQGLomR VRFLDO H HFRQ{PLFD D GLILFXOGDGH GH FRQFLOLDU RV HVWXGRV FRP R
WUDEDOKRSDUDJDUDQWLUVXDVREUHYLYrQFLDHGHVXDIDPtOLD$VVLPHVWXGDUHPSHUtRGRLQWHJUDO
IRL FRQVLGHUDGR FRPR LQDFHVVtYHO SDUD RV HQWUHYLVWDGRV 3RUpP D LPSRVVLELOLGDGH DWXDO GH
ID]HURFXUVRSUHWHQGLGRQmROKHVWLUDDHVSHUDQoDGHID]rORXPGLD
(QTXDQWRDFRQGLomRHFRQ{PLFDLPSRVVLELOLWD-DQHWHGHID]HURFXUVRSUHWHQGLGRHOD
ID]SODQRVSDUDRIXWXURHEXVFDDOWHUQDWLYDVGHRXWURVFXUVRVTXHVHDSUR[LPHPGDIRUPDomR
DOPHMDGD 1R FDVR GH -DLU VHP SRGHU ID]HU R FXUVR VXSHULRU QD iUHD GD VXD IRUPDomR GH
WpFQLFR $JURQRPLD TXH p RIHUHFLGR HP SHUtRGR LQWHJUDO IRL ID]HU R FXUVR VXSHULRU GH
OLFHQFLDWXUDHP/HWUDVTXHpRIHUHFLGRQRSHUtRGRQRWXUQR
1D QDUUDWLYD GH 0DUFRV D GHFLVmR HP HVWXGDU H EXVFDU QRV HVWXGRV XPD DOWHUQDWLYD
SDUD PXGDU VXD FRQGLomR VRFLDO p PXLWR IRUWH 2 DPELHQWH VRFLDO H D HVWUXWXUD IDPLOLDU
PDUFDUDPVXDWUDMHWyULDGHHVFRODULGDGHDWpVHXLQJUHVVRQRVFXUVRVGHIRUPDomRSURILVVLRQDO
FDPLQKRV GH GLILFXOGDGHV H VXSHUDo}HV $V RSRUWXQLGDGHV SDUD HVWXGDU QmR HVWmR GDGDV
0DUFRVDRVDEHUGHVXDH[LVWrQFLDVHPRELOL]DQDEXVFDGHVVHVHVSDoRVURPSHQGRFRPXPD
HVWUXWXUDVRFLDOKHUGDGDHFRQVWUXLQGRSRXFRDSRXFRQRYDVHVWUXWXUDVTXHOKHSRVVLELOLWDUDP
ID]HUXPDIDFXOGDGHXPDIRUPDomRSURILVVLRQDOTXHVXDIDPtOLDQmRWHYH8PDWUDMHWyULDGH
YLGD PDUFDGD SRU VXSHUDo}HV H FRQTXLVWDV XPD WUDMHWyULD GH YLGD PDUFDGD SRU FRQGLo}HV
VRFLDLVHHFRQ{PLFDVGHVHUDIUREUDVLOHLUR
x ³3RUTXHVHPSUHIRPRVGHIDPtOLDKXPLOGHH>HX@WLQKDTXHWUDEDOKDUWDPEpP´
-DLU$PLQKDPmHWUDEDOKDYDGHFR]LQKHLUDHHXDMXGDYDHPFKXUUDVFDULDODQFKRQHWH$tHX
WUDEDOKDYDVyGHJDUoRP'HQRLWHHXWUDEDOKDYDOiGHJDUoRPPDVQmRIRLQDGDSRUYRFDomR
pSRUTXHPLQKDPmHWUDEDOKDYDOiHHXWLQKDTXHWUDEDOKDUWDPEpPSDUDFRQVHJXLUDVFRLVDV
SRUTXH VHPSUH IRPRV GH IDPtOLD KXPLOGH H WLQKD TXH WUDEDOKDU WDPEpP >@ (X VHPSUH
WUDEDOKDYDGHQRLWHHHVWXGDYDGHPDQKm5HVXOWDGRpTXHQRVHJXQGRDQRHXSDVVHLDVVLP
SRUTXHHUDDSURYDomRDXWRPiWLFDSRUTXHHXFKHJDYDQDVDODHGRUPLD
3HGUR )XL HQJUD[DWH 3ULPHLUD FRLVD TXH HX IXL IRL HQJUD[DWH SRUTXH FULDQoD QmR SRGLD
WUDEDOKDU )XL HQJUD[DWH YHQGLD URXSD YHQGLD UHIUHVFR >@ (X FRPHFHL D WUDEDOKDU QD
FRQVWUXomR GHVGH RV TXDWRU]H DQRV GDt FRPHFHL D SHQVDU DVVLP Mi WD ERP H FRPHFHL D
WUDEDOKDUVyQDFRQVWUXomR
3DXOR4XDQGRHXFRPHFHLDID]HUDTXLQWDVpULHGR(QVLQR)XQGDPHQWDOGRVTXDWRU]HDQRV
HXMiFRPHFHLDDMXGDUHOH(UDDOJRDVVLPQmRHUDURWLQHLUR4XDQGRHUDSUy[LPRGHFDVDHX
HVWXGDYD GH PDQKm H GHSRLV GR DOPRoR HX LD DMXGDU HOH >$MXGDYD R SDL QR WUDEDOKR GH
SHGUHLURQDFRQVWUXomRFLYLO@
-RVp )RL FRP GH]HVVHWH DQRV 1D iUHD GH LQIRUPiWLFD (X WUDEDOKHL TXDVH XP DQR TXDVH
SUDWLFDPHQWHQD DVVLVWrQFLDFRPRDPLJRGRPHXSULPRGHSRLVIRLPDLVXQVTXDWURPHVHV
SDUDGRHGHSRLVIXLSDUDRSURYHGRU
&DUORV $RV PHXV GH]HVVHWH DQRV HX FRQVHJXL PHX SULPHLUR HPSUHJR FRPR GHVHQKLVWD
SURILVVLRQDOIRLHPXPDDJrQFLDGHSURSDJDQGD3ULPHLURHXWUDEDOKDYDQHVVDiUHDGHSRLVHX
SDVVHL D WUDEDOKDU QD DUTXLWHWXUD TXH IRL R PHX SULPHLUR HPSUHJR PHVPR QD iUHD 1HVVH
WHPSRHXFXUVDYDHXID]LDRFXUVRGHHGLILFDomR
(OLDV(XWLQKDGH]HVVHLVDQRV(XDFKHLTXHHXMiWLQKDTXHFRPHoDUDFRQVHJXLUDOJXPDFRLVD
SDUDPLPHQWmRIXLSURFXUDULUDWUiVGHXPDSHVVRDTXHTXLVHVVHPHGDUXPDRSRUWXQLGDGH
>@2VHUYLoRGHSHGUHLURPHLRTXHHXGHVFRQVLGHUHLSRUTXHHXHVWDYDSURFXUDQGRVHUYLoRGH
WXGRWLQKDXPDFRQVWUXomROiHHOHVHVWDYDPSUHFLVDQGRGHXPDMXGDQWHµRUHLDVHFD¶TXHHOHV
IDODP GDt HX IXL Oi PDV WUDEDOKHL DOJXQV GLDV Vy DWp TXH VXUJLX HVVD RSRUWXQLGDGH FRPR
YHQGHGRU
/XFLD$tFRPTXDWRU]HDQRVFRPHFHLDWUDEDOKDUGHGRPpVWLFD
9LOPD&RPTXLQ]HDQRVHXIXLWUDEDOKDUHPXPDUHVLGrQFLD/iHXODYDYDOLPSDYDSDVVDYD
FR]LQKDYD
0DUFRV(UDURoDPDWRFDUSLDUUR]FDUSLFDIpDRVGR]HDQRVGHLGDGHMiGHUUXEDYDRPDWR
FRP PDFKDGR DRV TXDWRU]H DQRV GH LGDGH HX WUDEDOKHL FRP D PLQKD SULPHLUD PRWRVVHUUD
0DUUHWD SUD UDFKDU PDGHLUD SRUTXH UDFKDYD PXLWR LWD~ED SUD Gi ODVFD SDUD RV ID]HQGHLURV
FHUFDVXDVID]HQGDV
$ QHFHVVLGDGH GH FRPHoDU D WUDEDOKDU DQWHV GH WHUPLQDU D (GXFDomR %iVLFD IRL XPD
UHDOLGDGH GH WRGRV RV HQWUHYLVWDGRV &RPHoDU D WUDEDOKDU WHQGR TXH FRQFLOLDU HVWD DWLYLGDGH
FRPRVHVWXGRVGD(GXFDomR%iVLFDpDSUHVHQWDGRQDVQDUUDWLYDVFRPRXPDVLWXDomRTXHOKHV
pQDWXUDOXPDRSRUWXQLGDGHTXHOKHVIRLSRVVLELOLWDGDQRPXQGRGRWUDEDOKR
(VSDoRVGHIRUPDomRSURILVVLRQDO
6H D IRUPDomR SURILVVLRQDO p FRQVWUXtGD DR ORQJR GD WUDMHWyULD GH YLGD TXDLV VmR RV
HVSDoRV TXH VH DSUHVHQWDP FRPR HVSDoRV GH IRUPDomR SURILVVLRQDO GRV DIUREUDVLOHLURV GRV
DOXQRV GRV FXUVRV WpFQLFRV GD (VFROD 7pFQLFD (VWDGXDO GH 6LQRS" 4XH UHODomR WHP VXD
IRUPDomRSURILVVLRQDOFRPVXDFRQGLomRGHVHUDIUREUDVLOHLUR"
x ³e XPD FRLVD GR PHLR IDPLOLDU GH QmR GHVLVWLU HVWDU EXVFDQGR H FRQVHJXLQGR
PHOKRUDUDYLGDDSDUWLUGDHGXFDomR´
3DXOR2OKDRTXHPHLQIOXHQFLRXEDVWDQWHpTXHQDPLQKDIDPtOLDPHXSDLVHPSUHFREURX
$TXLSRVVRFLWDUWDPEpPRPHXLUPmR0HXSDLVHPSUHFREURXSDUDDJHQWHHVWDUHVWXGDQGR
H QXQFD HVWDU SDUDQGR 5HFHEHPRV XPD FREUDQoD PXLWR JUDQGH SRU SDUWH GHOH H SRU SDUWH
WDPEpPGHPLQKDPmHHQWmRSRUPDLVTXHDDJHQWHTXHULDGHVLVWLURXDOJRVHPHOKDQWHLVVR
QXQFD GHL[DYD GHVLVWLU VHPSUH HVWDU VHJXLQGR DGLDQWH 'H UHSHQWH GHSRLV TXH VH IRUPDVVH
HQWmR HUD XPD TXHVWmR RSFLRQDO 0DV VHPSUH WLQKD HVVD FREUDQoD SDUD HVWDU HVWXGDQGR RX
VHMD R LQYHVWLPHQWR QD HGXFDomR >@ e XPD FRLVD GR PHLR IDPLOLDU GH QmR GHVLVWLU HVWDU
EXVFDQGRHFRQVHJXLQGRPHOKRUDUDYLGDDSDUWLUGD(GXFDomR
-RVp1RVWUHLQRVjVYH]HVHXIDOWDYDPDVQDHVFRODQmR0HXSDLPHFREUDYDEDVWDQWHLVVR
VHQmR QmR VHULD QLQJXpP >@ (OH VHPSUH PH IDORX ³9RFr HVWXGD SRUTXH VHX SDL QmR WHYH
FRPR HVWXGDU H HVWi DTXL UDODQGR´ (X VHPSUH RXYLD DTXLOR H SURFXUDYD DVVLPLODU DTXLOR
SRUTXHVHPHVWXGDUHXQmRLDFRQVHJXLUPXLWDFRLVD
(OLDV%RPFRPUHODomRjIDPtOLDHXQmRWLYHDTXLORGRSDLRXGDPmHHQVLQDUXPRItFLRSDUD
PLPDSUHQGHUID]HUDOJXPDFRLVD(XVHPSUHVyHVWXGDYD4XDQGRHXPHGHVSHUWHLSDUDLVVR
IRLPDLVSRULQWHUHVVHSUySULRSRUTXHUHUHVWDUJDQKDQGRRPHXGLQKHLURHID]HUDOJXPDFRLVD
>@$TXLORTXHHXHVSHUHLGDPLQKDIDPtOLDGLUHFLRQDURXSHORPHQRVPHDMXGDUDHQFRQWUDU
DPLQKDYRFDomRHXQmRWLYH7LYHTXHVHUDXWRGLGDWDPHVPRHXWLYHTXHLUHPIUHQWHYRX
ID]HU LVVR YRX ID]HU DTXLOR HQWmR ILTXHL SHUGLGR FRP DV DOWHUQDWLYDV 7DQWR TXH PLQKD
DOWHUQkQFLDGRFXUVRGHLQIRUPiWLFDHYLUID]HUDGPLQLVWUDomRWHUGHVLVWLGRGHRXWURVFXUVRVp
SRUTXHHXQmRVDELDGLUHLWRRTXHHXTXHULDDLQGD
-DLU(OD>DPmH@QmRWLQKDDTXHODIRUPDomRGHHVWDUSURFXUDQGRHVWXGRSDUDDJHQWHSRUTXH
HODQmRWHYHHVVDIRUPDomRHODEXVFDYDSDUDDJHQWHHUDWUDEDOKR(ODDUUXPDYDWUDEDOKRSDUD
PLPSDUDPHXLUPmRDWpSDUDRPHXSDLHODDUUXPDYDVHUYLoR
0DUFRV 1mR WLQKD HVFROD QmR WLQKD QDGD -XQWR FRP XPD IDPtOLD GHVVD D JHQWH Vy ID]LD
PHVPRWUDEDOKDUQRPDWRQDVID]HQGDVURoDPDWRGHUUXEDUPDWRFDWDUFDVFDHQWmRHUDXP
VHUYLoRSHVDGRPHVPR>@3UDWHUXPDLGHLDHXYLPGHVFREULUTXHWLQKDIDFXOGDGHJUDWXLWD
DRVWULQWDHTXDWURDQRVGHLGDGH)RLDVVLPSUDYHUWmRFDLSLUDTXHVRX
3HGUR(XLDEHPQDHVFRODPDVHXQmRWLQKDLQWHUHVVHHWLQKDSUHFLVmRGHWUDEDOKDU$IDOWD
GHLQFHQWLYRID]SDUDUGHHVWXGDU*HUDOPHQWHFULDQoDVILFDPDOKHLDVVHRVSDLVQmRLQFHQWLYDU
HODQmRYDLSUDIUHQWH6HQmRWLYHUXPDSHVVRDSDUDLQFHQWLYDU>@&RPDHVWUXWXUDGHYLGD
TXH HX WLQKD VH IRVVH KRMH QmR PXGDULD 6H QmR WLYHVVH XPD SHVVRD SDUD LQFHQWLYDU 6H HX
IRVVH IDODU SDUD PHXV ILOKRV LU WUDEDOKDU GH SHGUHLUR H QmR LQFHQWLYDVVH D HVWXGDU HOHV QmR
WLQKDP HVWXGDGR >@ 6H IRVVH QR GLD GH KRMH H HX WLYHVVH D PHVPD IDPtOLD H D PHVPD
HVWUXWXUDHXVHULDDPHVPDFRLVDVHULDSHGUHLUR6HQmRWLYHVVHDOJXpPSDUDLQFHQWLYRSRUTXH
SUHFLVDGHLQFHQWLYR1mRPXGDULDQmR
2LQFHQWLYRGDIDPtOLDDSDUHFHFRPIUHTXrQFLDFRPRGLIHUHQFLDOSDUDHVWXGDUHEXVFDU
XP FXUVR GH (GXFDomR 3URILVVLRQDO 4XDQGR R LQFHQWLYR QmR DFRQWHFH p DSUHVHQWDGR FRPR
XP GRV PRWLYRV SRU QmR WHU HVWXGDGR RX SHOD GLILFXOGDGH GH HVFROKHU R FXUVR GH IRUPDomR
SURILVVLRQDO e D HVWUXWXUD IDPLOLDU SUHVHQWH QD IRUPDomR SURILVVLRQDO RX FRPR DSRLR H
PRWLYDomRRXFRPRUHIHUrQFLDQHJDWLYDTXHOHYDRHQWUHYLVWDGRDVHPRELOL]DUSDUDWHUXPD
HVWUXWXUD GH YLGD PHOKRU GR TXH VHXV SDLV DPSOLDQGR VXDV UHGHV VRFLDLV H XPD YLGD VRFLDO
TXDOLWDWLYDPHQWHPHOKRU
x ³$OJXpPIDORXSDUDPLPTXHHXWLQKDSRWHQFLDODTXLORHQFKHXRPHXHJRHQWmRHX
SHQVHLHXYRXFRQVHJXLU´
(OLDV(OHROKRXSDUDPLPHIH]XPWHVWHHJRVWRX$TXLORHQFKHXPHXHJRDOLQRPRPHQWR
TXDQGRHOHIDORXTXHHXWLQKDSRWHQFLDO3ULPHLUDYH]TXHDOJXpPIDORXSDUDPLPTXHHXWLQKD
SRWHQFLDODTXLORHQFKHXRPHXHJRHQWmRHXSHQVHLHXYRXFRQVHJXLU>@0LQKDSURIHVVRUD
GHSRUWXJXrVVHPSUHH[LJLXPXLWRGHPLPWDQWRpTXHLVVRUHIOHWHKRMH1DVHPDQDSDVVDGDD
SURIHVVRUDGHFRPXQLFDomRHPSUHVDULDOIH]XPHORJLRSDUDPLPGDPLQKDGLVVHUWDomR>@(X
TXHUR LVVR SDUD PLQKD YLGD (X PH HVSHOKHL PXLWR DOL (X TXHUR VHU XP KRPHP TXH GHX
RUJXOKRSDUDPLQKDIDPtOLDHQWmRDLJUHMDWHPPHDMXGDGRPXLWRFRPLVVR
3DXOR(XFRQVLGHURTXHDTXHVWmRGHFRQWDWRFRPPXLWRVFROHJDVSRUTXHDJHQWHVHPSUHVH
HVSHOKDHPDOJXpP(PDOJXpPSDUDHVWDUGDQGRXPDSRLRPRUDOSDUDFRQWULEXLU(XDWULEXR
WDPEpPHVVHPHXGHVHQYROYLPHQWRSURILVVLRQDOSRUTXHHXVRXHYDQJpOLFRHHQWmRLVVRDWp
IDYRUHFHRGHVHQYROYLPHQWRSRUTXHHVWDQGRjIUHQWHGRVWUDEDOKRVFRPDVRXWUDVSHVVRDVLVVR
VHPSUH IDYRUHFH SDUD HVWDU GHVHQYROYHQGR PDLV SDUD IDODU HP S~EOLFR QD FRQYLYrQFLD QR
UHODFLRQDPHQWRQRFRQWDWRFRPRS~EOLFR(QWmRHXDWULEXRDOpPGDIDFXOGDGHHGRSUySULR
FXUVRWpFQLFRHVVHHVSDoRGDLJUHMDTXHDFDEDDMXGDQGREDVWDQWH
-DLU$WpSRUTXHHXDFKRTXHWHYHXPSURIHVVRUTXHIRLPXLWRLPSRUWDQWHSDUDPLPIRLXP
SURIHVVRUGHSRUWXJXrV$WpDFKRTXHIRLSRULVVRTXHKRMHHXHVWRXID]HQGR/HWUDV(OHSHJRX
RPHXFDGHUQRHHVFUHYHXDVVLP³YRFrSRGHYRFrFRQVHJXHYRFrSRGHDSUHQGHU´>@$tIRL
LQGR DWp GH]RLWR DQRV $t IRL TXDQGR FRPHFHL R FXUVR WpFQLFR TXH FRPHFHL D GHVSHUWDU R
FRQKHFLPHQWRSRUTXHDQWHVDJHQWHVyLDHVWXGDUSRUXPDREULJDomRGDtGHSRLVTXHHXIL]R
FXUVRWpFQLFRQR&HSURWHFDtVHLOiFRPHoRXDEULUDPLQKDPHQWHQDTXHVWmRGHHVWXGDU
0DUFRV )RL XP WDO GH 0LUDQGD TXH PH GHX XPD LGHLDSRUTXH YRFr QmR YDLSDUD D FLGDGH
(QWmRHXIDOHLDVVLP³6HUiTXHHXFRQVLJRYLYHUQDFLGDGH"´(OHIDORX³8DLFRQVHJXH´(OH
HUDPRWRULVWDGHFDPLQKmRHVVHFDUDHOHYLQKDWUD]HUFHUHDLVSDUDDID]HQGDHYROWDYDYD]LR
(OH SHUJXQWRX SDUD PLP ³2 TXH HX WDYD ID]HQGR QR PDWR"´ (X SHQVHL ³6DEH TXH HX YRX
PHVPR´'DtHXPHDYHQWXUHLHIXLGHFDURQDPDLVHOHHQWUHLQRFDPLQKmRHIXLGDtTXDQGR
FKHJXHL Oi TXHEUHL D FDUD SRUTXH QmR FRQVHJXL HVWXGDU QmR WLQKD GRFXPHQWDomR QHQKXPD
1mRWLQKDFHUWLGmRQHPQDGDHQmRSXGHPHPDWULFXODUQDHVFROD>@8PVHQKRUOiGH6mR
3DXOR R GRQR GD ID]HQGD IDORX SDUD PLP ³WHP WHP IDFXOGDGH VH YRFr HVWXGD YRFr ID]
IDFXOGDGHID]RTXHYRFrTXLVHUQHVVDVFLGDGH]LQKDVDTXLHXQmRVHLPDVQDVFLGDGHJUDQGH
WHP´ 'Dt HX FRPHFHL D SHQVDU 0HX 'HXV GR FpX SRUTXH HX VHPSUH IXL WD[DGR GH PXLWR
LQWHOLJHQWH1HVVDpSRFDHXHUD6yRPHXSDLTXHHUDRPHXSDGUDVWRQmRDGPLWLDHOHQmR
JRVWDYDGHPLPHOHQmRJRVWDYD>@7LQKDRSURIHVVRUGHPDWHPiWLFDTXHWLQKDDWpRQRPH
SDUHFLGRFRPRPHXHOHIDORXDVVLPSDUDPLP³1mRUDSD]YRFrSRGHFRQWLQXDUHVWXGDQGR
GHSRLV YRFr YDL Dt HP RXWUD FLGDGH RQGH WHP IDFXOGDGH´ (X IDOHL ³3X[D YLGD FDUD HX HUD
FHJRHQmRVDELD´'DtTXDQGRIRLSDUDWHUPLQDUR(QVLQR)XQGDPHQWDOXQVPHVHVDQWHVHX
YLPFRQKHFHU6LQRSHJRVWHLPXLWR)RLHPGRLVPLOHXPDFKRTXHIRLHPGRLVPLOHXP(X
JRVWHL PXLWR H GLVVH $K QmR WHP HVVD IDFXOGDGH Dt´ >@ 'Dt IRL TXDQGR HX PH DQLPHL HP
EXVFDHVWXGDU(XIDOHL³3{0DVWHPIDFXOGDGHGHJUDoD"´
$VQDUUDWLYDVWUD]HPRVHQWLGRTXHWHPRROKDUGRRXWURQDIRUPDomRSURILVVLRQDOTXH
OHYD DR TXH GH DFRUGR FRP 'XEDU RV LQGLYtGXRV HVWDEHOHFHP WUDQVDo}HV REMHWLYDV
HQWUHDVLGHQWLGDGHVTXHOKHVVmRDWULEXtGDVHDVLGHQWLGDGHVDVVXPLGDVHLQFRUSRUDGDVSRUHOH
FRQMXQWDPHQWH FRP XPD FRQVWUXomR VXEMHWLYD GH LGHQWLGDGHV YLVDGDV R VRQKR GH FRQVWUXLU
SDUD VL QRYDV LGHQWLGDGHV SURILVVLRQDLV GLIHUHQWH GR VHX JUXSR GH RULJHP H GDV LGHQWLGDGHV
KHUGDGDV
$ PRWLYDomR UHFHELGD GH DOJXpP TXH OKH GL] TXH VHUi FDSD] TXH WHPSRWHQFLDO TXH
WHP RXWURV HVSDoRV GH FRQTXLVWD VXUJH QDV QDUUDWLYDV FRPR SDUWH GH VXD IRUPDomR
SURILVVLRQDOTXHRPRELOL]RXSDUDDEXVFDGRVHVSDoRVGHWUDEDOKRHGHHGXFDomRSURILVVLRQDO
x ³(XVHPSUHPHHVSHOKHLHPDOJXpP(XVHPSUHWLYHQRPHLR´
&DUORV(XPHHVSHOKHLQRSDGULQKRTXHHUDWpFQLFRHPHGLILFDo}HVHDHVSHFLDOLGDGHGHOHHUD
QD iUHD GHSURMHWRV 7UDEDOKDYD Vy FRPSURMHWRV (X GHVGH FULDQoD YLD HOH GHVHQKDQGR FRP
DTXHODVFDQHWDVQDQTXLP>@7XGRRTXHGL]UHVSHLWRGHGHVHQKRWpFQLFRHXFRQKHoR'HVGH
FULDQoDHXYLDPHXSDGULQKRGHVHQKDQGRDTXHOHVGHVHQKRVQDSUDQFKHWD(XVDtDGDHVFRODH
LDOiSDUDDFDVDGHOHYHUHOHGHVHQKDU>@(XDSUHQGLDGHVHQKDUIRLMXVWDPHQWHFRPHOH$
LGDGHGHXQVWUH]HDQRVFRPXQVWUH]HDQRVHXFRPHFHLDGHVHQKDU$tGHSRLVHXWHUPLQHLPHX
(QVLQR)XQGDPHQWDOHHXLQJUHVVHLHXSDVVHLQRVHOHWLYRQD(VFROD7pFQLFD)HGHUDOGR3LDXt
2 FXUVR TXH HX SDVVHL (GLILFDo}HV HOH YDOLD FRPR R (QVLQR 0pGLR 6HJXQGR *UDX H
SURILVVLRQDOL]DQWH >@ ,QFOXVLYH HX WHQKR XP LUPmR TXH p (QJHQKHLUR &LYLO (X DSUHQGL
PXLWR FRP HOH VREUH FRQVWUXo}HV GH HVWUDGDV GHSRQWHV WRSRJUDILD (X VHPSUH PH HVSHOKHL
HPDOJXpP(XVHPSUHWLYHQRPHLRHDWpDJRUDHXDFKRTXHYRXPRUUHUID]HQGRLVVR>@
'Dt HX HVFROKL HGLILFDo}HV SDUD LU DSULPRUDQGR PDLV D PLQKD WpFQLFD H R PHX JRVWR SHOD
SURILVVmR
3DXOR(QWmRYROWHLDWUDEDOKDUFRPPHXSDLQDFRQVWUXomRFLYLOFRPRSHGUHLUR6yTXHHX
VHPSUHHVWDYDDOLDMXGDQGRPDVQmRHUDRTXHHXTXHULDWUDEDOKDYDDOLSDUDQmRILFDUFRPR
WHPSRRFLRVR>@&RPHFHLDWUDEDOKDUHPXPDORMDGHPDWHULDLVGHFRQVWUXomR'DtFRPHoD
PHXKLVWyULFRGRFXUVRWpFQLFRSRUTXHHXHVFROKLRFXUVRWpFQLFRGHVHJXUDQoDQRWUDEDOKR
,QFOXVLYH TXHP PH PRWLYRX PXLWR IRL XP FROHJD PHX GH &XLDEi TXH p 7pFQLFR HP
6HJXUDQoD 4XH QD pSRFD TXH HX WUDEDOKDYD QD ORMD GH PDWHULDLV GH FRQVWUXomR H WHYH XP
PRPHQWRTXHRJHUHQWHPHFRQYLGRXDSDUWLFLSDUGD&,3$GD&RPLVVmR,QWHUQDGH3UHYHQomR
GH $FLGHQWHV VHU R SUHVLGHQWH >@ 2 FXUVR 7pFQLFR GH HGLILFDo}HV TXDO HUD D PLQKD
SUHWHQVmR"(XIL]PHXHVWiJLRGHVHJXUDQoDQR7UDEDOKRQR(GLItFLR9LWyULDHQWmRHXTXHULD
HVWDU DJUHJDQGR &RPR HX Mi WHQKR XP FRQKHFLPHQWR EiVLFR QD SDUWH GH FRQVWUXomR FLYLO H
FRPRFXUVR7pFQLFRGH6HJXUDQoDHXTXHULDHVWDUDWXDQGRPDLVQDiUHDGHFRQVWUXomRFLYLO
HQWmR HX TXHULD HVWDU XQLQGR RV GRLV WpFQLFR GH (GLILFDo}HV FRP WpFQLFR GH 6HJXUDQoD >@
(OHV SHJDYDP XPD HPSUHLWD H HX LD DMXGDU FRPR SHGUHLUR FRPR HQFDQDGRU HX VHPSUH
DMXGDYD(XVHPSUHHVWLYHPXLWROLJDGRFRPDFRQVWUXomRFLYLOSRULVVRDWpSHODHVFROKDGR
FXUVRWpFQLFRHP(GLILFDo}HV>@7DPEpPWHPDTXHVWmRGDHVFROKDGRSRUTXHHXIL]/HWUDV
1DpSRFDQD8QHPDWWLQKDSRXFDVRSo}HV>@H/HWUDVFRPRHXWLQKDXPDFHUWDIDFLOLGDGH
QDHVFULWDHQDOHLWXUDHXSHQVHLHXYRXIRFDUQHVVHFXUVRTXHSHORPHQRVHXYRXDSHUIHLoRDU
XPSRXFRPDLV(QWmRDHVFROKDGRFXUVRGH/HWUDVIRLSDUDPHOKRUDUXPSRXFRPDLVQRTXH
HX WLQKD PDLV IDFLOLGDGH (QWmR HUD EXVFDU DOJR TXH Mi p PDLV RX PHQRV UD]RiYHO SDUD
PHOKRUDUPDLVDLQGDDSHUIHLoRDUPDLV
-RVp 4XDQGR HX PRUDYD FRP HVVD PLQKD WLD WLQKD HVVH PHX SULPR HOH PH[LD FRP
FRPSXWDGRU (OH PRQWRX RSULPHLUR FRPSXWDGRU GHOHFRPSXWDGRU YHOKR TXH GyL PDV IRL R
SULPHLURHHXILFDYDVHPSUHROKDQGRILFDYDFXULRVRYHUFRPRpTXHIXQFLRQDYDSRUTXHTXH
HUD GDTXHOH MHLWR IRL XPD FRLVD TXH GHVSHUWRX DOL >@ (QWmR HX SHQVHL WHQKR TXH SURFXUDU
XPD FRLVD TXH HX JRVWR (QWmR ILTXHL SHQVDQGR H FRPSXWDGRU IRL R TXH PDLV PH GHVSHUWRX
DOJXPLQWHUHVVHGHHVWDUID]HQGR(QWmRHXIDOHLFRPHVVHPHXSULPRHHOHDVVLPDJUDGHoR
EDVWDQWHDHOH HDRPHXSULPHLURSDWUmRVH HOHV QmRWLYHVVHPPH DMXGDGRQmRWLYHVVHPPH
GDGR j RSRUWXQLGDGH HX QmR WHULD FRQVHJXLGR QDGD GLVVR )RL PHX SULPR TXHP PH LQGLFRX
SDUD R SULPHLUR SDWUmR SDUD WUDEDOKDU QD DVVLVWrQFLD $Wp DFKDYD UXLP WHU TXH WUDEDOKDU GH
JUDoDHVWDUOiWRGRGLDWRGRGLDHQmRJDQKDUQDGDPDVDSUHQGL>@(XMiWUDEDOKDYDFRP
LQIRUPiWLFDHHUDXPDFRLVDTXHHXJRVWDYDGHID]HU
-DQHWH(PHXWLRWDPEpPpSHGUHLURPHXRXWURWLRpFDUSLQWHLUR$JHQWHPH[LDPXLWRFRP
HVVDVFRLVDVTXDQGRIRLSDUDFRQVWUXLUDSDUHGHGDFDVDGHPHXWLRHGDPLQKDWLDHXDMXGHLD
ID]HU >@ 1D HVFROD D JHQWH ID]LD PXLWD PDTXHWH SULQFLSDOPHQWH R QRVVR SURIHVVRU GH
KLVWyULD PDQGDYD D JHQWH UHSURGX]LU DV JXHUUDV FRLVDV DVVLP H D JHQWH ILFDYD YHQGR DV
UHYLVWDVGHDUTXLWHWXUDSDUDDJHQWHID]HU>@'HVGHTXDQGRHXHVWXGDYDQRSULPHLURDQRGR
VHJXQGRJUDXHXMiTXHULDHQJHQKDULDRXDUTXLWHWXUD4XDQGRHXILTXHLVDEHQGRGDHGLILFDo}HV
DTXLGDtHXSHQVHLMiTXHHXQmRYRXID]HUHQJHQKDULDYRXID]HUHGLILFDo}HV
-DLU7HPEDVWDQWHVIDWRUHVTXHPHOHYDUDPSDUDHVVHUDPR$FKRTXHHVVHUDPRpXPDFRLVD
TXHPHDFRPSDQKRXWDPEpPIRLDPLQKDWUDMHWyULDGHYLGDWDPEpPSRUTXHHVVDFKiFDUDTXH
D JHQWH PRUDYD Oi HP 5LEHLUmR 3UHWR HOD HUD WDQWR XPD FKiFDUD TXH WLQKD SURGXomR GH
KRUWLIUXWLFXOWXUDRUJkQLFDFRPR HOD HUDXPD FKiFDUDGHOD]HU(ODILFRX PXLWRFRQKHFLGDQD
FLGDGHSRUVHUPXLWRGLIHUHQWHXPDUGLIHUHQWH(UDXPWLSRXPDEHOH]DQDWXUDOTXHIL]HUDP
QmRWmRQDWXUDOpXPDEHOH]DTXHYRFrHVWDEHOHFH
0DUFRV$LQGDWUDEDOKDQGRFRPRSHGUHLURDTXLHP6LQRSHXSUHVWHLRYHVWLEXODUQD8QHPDW
SDUDID]HU0DWHPiWLFDHSRULQFUtYHOTXHSDUHoDMiQRPHXSULPHLURVHPHVWUHGHPDWHPiWLFD
HXUHSURYHLHPLQIRUPiWLFD(DTXLORHXILTXHLIUXVWUDGRGHPDLVILTXHLDERUUHFLGRSX[DYLGD
HX DFKR TXH TXHP UHSURYRX QDTXHOH VHPHVWUH IXL Vy HX PHVPR >@ 4XDQGR DSDUHFHX Oi j
RSRUWXQLGDGHGHID]HUHVVHFXUVRWpFQLFRHXIDOHLpDJRUDTXHHXYRXDSUHQGHUDPH[HUFRP
HVVH ELFKR SDUD QmR SDVVDU PDLV R YH[DPH TXH HX SDVVHL >@ 1XQFD DVVXPL QDGD DVVLP
GHSRLVTXHIL]RFXUVRWpFQLFRGHLQIRUPiWLFDSRUTXHIL]HOHVyIL]HOHQRLQWXLWRGHDSUHQGH
D OLGDU FRP R FRPSXWDGRU TXH HUD D JUDQGH GLILFXOGDGH TXH HX WLQKD >@ 0HXV SODQRV HP
ID]HU IDFXOGDGH GH 'LUHLWR RSWDUSHOR 'LUHLWR >@ 7DOYH] DWp R IDWR GH HX WHU WUDEDOKDGR QD
SHQLWHQFLiULD p R IDWR GH HX JRVWDU GD iUHD GH GLUHLWR (X WLYH TXH OHU PXLWR GH GLUHLWR SDUD
SUHVWDUDSURYD(VWXGDQGRDTXHODVFRLVDVGHGLUHLWRHXGHVFREULTXHWHPWDQWDVFRLVDVTXHD
JHQWH p HQJDQDGR QR GLD D GLD TXH p SRUTXH QmR WHP FRQKHFLPHQWR 3RU LVVR HX SHQVHL HP
ID]HU 'LUHLWR Vy SRU LVVR Dt 6y TXH HX QmR WLQKD D PHQRU YRQWDGH DQWHV GLVVR GH ID]HU
'LUHLWRSRUTXHVHWHPXPDSURILVVmRTXHHXDFKDYDRF~PXORpVHUXPDGYRJDGRVyTXHHX
SHQVR HP ID]HU 'LUHLWR PDV QmR p SDUD DWXDU FRPR DGYRJDGR >@ 2 REMHWLYR GH SUHVWDU R
(1(0pID]HU'LUHLWRHVHHXQmRFRQVHJXLUDWUDYpVGR(1(0HXTXHURYHUVHFRQVLJRID]HU
(QJHQKDULDTXHYDLDEUDQJHUXPDiUHDTXHHXFRQKHoRTXHpXPDiUHDGDFRQVWUXomRHYDL
WDPEpPPHGDURUHWRUQRSRUTXHpXPDSURILVVmRTXHWHPXPVDOiULRPDLVRXPHQRV
$ FRQYLYrQFLD GRV WUDEDOKRV GHVHQYROYLGRV SRU DOJXpP GR VHX FRQYtYLR IDPLOLDU
DSDUHFH FRPR UHIHUrQFLD SDUD D IRUPDomR SURILVVLRQDO GRV HQWUHYLVWDGRV SRGHQGR RX QmR
HVWDUDFRPSDQKDGRGHVXDH[SHULrQFLDGHWUDEDOKRTXHWDPEpPVXUJHGDLQIOXrQFLDIDPLOLDU
1DQDUUDWLYDGH3DXORDRIDODUGRVFXUVRVGHIRUPDomRSURILVVLRQDOSULPHLURIDODGR
FXUVR WpFQLFR HP VHJXUDQoD QR WUDEDOKR IRUPDomR TXH WHP FRPR SURILVVmR 2 FXUVR GH
VHJXUDQoDQRWUDEDOKRVXUJHGHXPDVLWXDomRYLYHQFLDGDQDORMDHPTXHWUDEDOKDYDRQGHDWXRX
FRPR SUHVLGHQWH GD &,3$ 8PD ORMD GH PDWHULDLV GH FRQVWUXomR HVSDoR GH WUDEDOKR FRP
IRUWH UHODomR FRP RV FRQKHFLPHQWRV TXH DSUHQGHUD FRP R SDL QD FRQVWUXomR FLYLO (VVHV
FRQKHFLPHQWRVSRVWHULRUPHQWHPRWLYDPDHVFROKDGRFXUVRGHWpFQLFRHPHGLILFDo}HVFRPR
REMHWLYRGHDJUHJDUYDORUHVjVXDIRUPDomRSURILVVLRQDOGHWpFQLFRHPVHJXUDQoDQRWUDEDOKR
2FXUVRGH/LFHQFLDWXUDHP/HWUDVSULPHLURFXUVRGHIRUPDomRSURILVVLRQDOTXHIH]DSDUHFH
HPVXDQDUUDWLYDFRPRXPFXUVRTXHOKHSRVVLELOLWRXDFUHVFHQWDUFRQKHFLPHQWRVHPXPDiUHD
TXHMiWLQKDIDPLOLDULGDGHFRPRWDPEpPWHURGLSORPDGHFXUVRVXSHULRU
0DUFRV -DQHWH H -DLU ID]HP UHIHUrQFLD D XP SURIHVVRU GD (GXFDomR %iVLFD FRP VXD
HVFROKDGRFXUVRGHIRUPDomRSURILVVLRQDO$OpPGDH[SHULrQFLDGHWUDEDOKRRXDSUR[LPDomR
GD SURILVVmR SHOD FRQYLYrQFLD IDPLOLDU WUD]HP SDUD VXDV QDUUDWLYDV XPD SHVVRD TXH QmR ID]
SDUWH GR VHX JUXSR GH RULJHP DR IDODU GH VXDV PRWLYDo}HV SDUD VXD IRUPDomR SURILVVLRQDO
HVFRODU
-DLU DFRPSDQKRX RV WUDEDOKRV TXH R SDL GHVHQYROYLD FRP KRUWLIUXWLFXOWXUD H
MDUGLQDJHP 4XDQGR ID] D HVFROKD GR FXUVR GH IRUPDomR SURILVVLRQDO GHQWUH DV RSo}HV GRV
FXUVRVWpFQLFRVHVFROKHRFXUVRGHDJURSHFXiULD0HVPRVHQGRVXDSULPHLUDRSRUWXQLGDGHHP
WUDEDOKDUQDiUHDGHIRUPDomRGHSRLVGHFRQFOXLURFXUVRWpFQLFRQmRTXHUPDLVWUDEDOKDUHP
ID]HQGDGL]³HXJRVWRGHWUDEDOKDUQDiUHDPDVRTXHHXJRVWRQmRpWUDEDOKDUHPID]HQGD´
6HXSURMHWRGHDWXDomRSURILVVLRQDOpWUDEDOKDUFRPRSDLVDJLVWD/HPEUDGDVH[SHULrQFLDVGR
SHUtRGRHPTXHUHVLGLXFRPVXDIDPtOLDHPXPDFKiFDUDGHOD]HUHGRSHUtRGRTXHHVWDJLRX
GXUDQWHRFXUVRHPXPDHPSUHVDGHMDUGLQDJHP
$SHUVSHFWLYDGHVXSHUDomRVHGHVWDFDQDVQDUUDWLYDVGH0DUFRV'DUVHJXLPHQWRVDRV
HVWXGRV VXSHUDU VXDV GLILFXOGDGHV VHP GHVLVWLU RX IUDFDVVDU PDUFD VXD WUDMHWyULD HVFRODU $
HVFROKDGRFXUVRWpFQLFRGHLQIRUPiWLFD IRLPRWLYDGDSHORVHQWLPHQWRGHLQFDSD]TXHVHQWLX
DR UHSURYDU QD GLVFLSOLQD GH LQIRUPiWLFD QD XQLYHUVLGDGH )H] R FXUVR SDUD DSUHQGHU D OLGDU
FRP R UHFXUVR GD LQIRUPiWLFD SDUD QmR PDLV SDVVDU SRU VLWXDo}HV GH ³YH[DPH´ 3RUpP QRV
&,3$±&RPLVVmR,QWHUQDGH3UHYHQomRGH$FLGHQWHV
SURMHWRVGHUHDOL]DomRGHFXUVRVGHIRUPDomRSURILVVLRQDOGH0DUFRVQmRDSDUHFHXPDEXVFD
GLUHFLRQDGDSDUDXPDIRUPDomRSURILVVLRQDOHVSHFtILFDSDUDXPDSURILVVmRTXHHOHGHVHMDWHU
)H]RFXUVRGHLQIRUPiWLFDSDUDDSUHQGHUPDVQmRTXHUDWXDUQDSURILVVmR7HPSODQRVSDUD
FRQFOXLURFXUVRGH/LFHQFLDWXUDHP0DWHPiWLFDPDVQmRSDUDVHUSURIHVVRUHVLPSDUDQmR
ILFDUFRPHVVDSHQGrQFLDXPDDILUPDomRGHTXHpFDSD]7HQWDUiID]HUIDFXOGDGHGHGLUHLWR
PDV SDUD WHU FRQKHFLPHQWRV SDUD D YLGD QmR SDUD DGYRJDU 1mR TXHU DWXDU QD iUHD GH
DGYRFDFLD 6H QmR FRQVHJXLU ID]HU 'LUHLWR HQWmR IDUi (QJHQKDULD &LYLO FRQVLGHUDQGR RV
FRQKHFLPHQWRVTXHMiSRVVXLQDiUHDGD&RQVWUXomR&LYLODGTXLULGRVQRSHUtRGRTXHWUDEDOKRX
FRPRSHGUHLUR &RPR ~OWLPD RSomR DSUHVHQWD XP FXUVR TXH VH FRORFD FRPRSHUVSHFWLYD GH
SURILVVmR 2 FXUVR TXH VXUJH GH XPD iUHD HP TXH Mi SRVVXL H[SHULrQFLD SURILVVLRQDO XPD
H[SHULrQFLDTXHDGTXLULXQDVXDFRQGLomRGHSREUH]DGHVHUDIUREUDVLOHLUR
1DVQDUUDWLYDVGH&DUORVH-RVpHVWiPXLWRSUHVHQWHRHVSDoRGRWUDEDOKRFRPRHVSDoR
GH IRUPDomR SURILVVLRQDO $ DSUR[LPDomR FRP D iUHD GD FRQVWUXomR FLYLO IRL PRWLYDGD SRU
VLWXDo}HV GLVWLQWDV 3RUpP SDUD DPERV R FXUVR QD iUHD GH &RQVWUXomR &LYLO p XPD HVFROKD
TXHVXUJHFRPDSURILVVmRTXHMiGHVHQYROYHP$SURILVVmRDQWHFHGHDIRUPDomRSURILVVLRQDO
HVFRODUHODVHFRQVWLWXLQRHVSDoRGHWUDEDOKR$VVLPIRLFRP6DQGUDH0DULDTXHLQLFLDPR
FXUVR WpFQLFR HP HQIHUPDJHP PRWLYDGDV SHOR WUDEDOKR TXH GHVHQYROYHP FRPR $JHQWH GH
6D~GH RQGH FRQWLQXDP DWXDQGR SURILVVLRQDOPHQWH VHP SURPRomR SDUD D IXQomR GH WpFQLFR
HPHQIHUPDJHP
-i RV HQWUHYLVWDGRV TXH QmR WLQKDP H[SHULrQFLD SURILVVLRQDO QD iUHD GR FXUVR GH
IRUPDomRDFDEDPSRUID]HUYiULRVFXUVRVPDVRWUDEDOKRTXHGHVHQYROYHPQmRWHP UHODomR
FRP RV FXUVRV Mi UHDOL]DGRV 1mR HVWmR DWXDQGR SURILVVLRQDOPHQWH QD iUHD GH IRUPDomR GR
FXUVR4XDQGRQmRWrPUHIHUrQFLDHLQIOXrQFLDXPDWUDMHWyULDGHWUDEDOKRQDiUHDGHIRUPDomR
GR FXUVR QmR HVWDEHOHFHP XPD LGHQWLGDGH SURILVVLRQDO FRP D IRUPDomR GH HGXFDomR
SURILVVLRQDO &RQWLQXDP WUDEDOKDQGR QRV HVSDoRV TXH OKHV JDUDQWDP XPD VHJXUDQoD GH
HPSUHJRFRPRVHUYLGRUHVS~EOLFRVGHFDUUHLUDGHQtYHOIXQGDPHQWDO-iFRPRFXUVRWpFQLFR
QmRHVFROKHUDPDVYDJDVGHFRQFXUVRQDVXDiUHDGHIRUPDomRHVLPRQGHWLQKDPPDLVYDJDV
H H[LJLD PHQRV HVFRODULGDGH EXVFDQGR XPD PDLRU VHJXUDQoD HP FRQVHJXLU R WUDEDOKR $
UHVSRQVDELOLGDGHFRPRVXVWHQWRGDIDPtOLDSRGHVHUXPDEDUUHLUDSDUDVXDDWXDomRQDiUHDGH
IRUPDomR XPD iUHD HP TXH QmR WHP H[SHULrQFLD SURILVVLRQDO H D FRQFRUUrQFLD VHULD FRP
SHVVRDVGRPHVPRQtYHOGHIRUPDomRTXHRVHXGLPLQXLQGRDVSRVVLELOLGDGHVGHHPSUHJR$
SUR[LPLGDGHFRPRVWUDEDOKRVGHVHQYROYLGRVSHORVHXJUXSRGHRULJHPVHDSUHVHQWDPFRPR
IRUPDGHVHJXUDQoDHFRPEDWHDRPHGRGRQmRWUDEDOKR
$VDtGDGRVLVWHPDHVFRODUFRPDFRQIURQWDomRFRPRPHUFDGRGHWUDEDOKRFRQVWLWXL
VH VHJXQGR 'XEDU HP XP LPSRUWDQWH PRPHQWR QD FRQVWUXomR GDV LGHQWLGDGHV
SURILVVLRQDLV DVVXPLQGR IRUPDV GLYHUVDV H VLJQLILFDWLYDV SRUpP FRQVLGHUDQGR D IRUPDomR
SURILVVLRQDO HVFRODU H VXDV RULJHQV VRFLDLV 6XD FRQGLomR VRFLDO H HFRQ{PLFD SRU VHU DIUR
EUDVLOHLUREXVFDXPWUDEDOKRTXHOKHDVVHJXUHD VHJXUDQoDGRHPSUHJR PHVPRFRPPHQRU
UHPXQHUDomR H IRUD GD iUHD GH IRUPDomR SURILVVLRQDO XPD UHODomR GH VHJXUDQoD H GH
VREUHYLYrQFLD
x ³>@HXEXVTXHLGHQWURGDTXLORTXHHXMiID]LD´
0iUFLD(XDFKRDVVLPTXHHXEXVTXHLGHQWURGDTXLORTXHHXMiID]LDSRUTXHHXSRGHULDWHU
IHLWRELRORJLDHUDPHQRVFRQFRUULGRGRTXHDGPLQLVWUDomRPDVSHQVHLSUiTXHHXYRXID]HU"
(QWmR HX IL] GHQWUR GDTXLOR TXH HX Mi YLYLD HX Mi YLYLD GHQWUR GH XPD DGPLQLVWUDomR GH
HPSUHVD HQWmR IRL GHQWUR GLVVR TXH HX EXVTXHL WHU PDLV FRQKHFLPHQWR $Wp QD SDUWH GH
VHJXUDQoD QR WUDEDOKR H GHSRLV HGLILFDo}HV HX EXVTXHL DTXLOR TXH HX Mi HVWDYD YLYHQGR (X
VHPSUH WUDEDOKHL QD iUHD DGPLQLVWUDWLYD >@ (QWmR IDOWDYD DOJXPD FRLVD D PDLV H GDt XPD
SHVVRDPHIDORXSRUTXHHXQmRID]LDXPFXUVRWpFQLFRHPVHJXUDQoDQRWUDEDOKRTXHHUDXP
FXUVR PXLWR ERP >@ 2 VHJXQGR >7pFQLFR HP (GLILFDo}HV@ IRL SRUTXH HX Mi HVWDYD
WUDEDOKDQGR GHQWUR GH XPD FRQVWUXWRUD H HUD XPD iUHD TXH HX DFKDYD LQWHUHVVDQWH H TXH
SRGHULDPHGDUXP FDPSRGHWUDEDOKREHPPDLRUHTXHHXSRGHULDHVWDUDJUHJDQGRXPDR
RXWURWDQWRRVGRLVFXUVRVWpFQLFRVFRPRDIDFXOGDGHpXPDTXHHXSRGHULDHVWDUXQLQGR>@
(X DFUHGLWR TXH HOHV IRUDP XPD IRUPD GH DJUHJDU YDORUHV (OHV QmR PH WUDQVIRUPDUDP HP
XPDSURILVVLRQDOHPHGLILFDo}HVQHPHPXPDSURILVVLRQDOHPVHJXUDQoDHXDJUHJXHLYDORUHV
DRDGPLQLVWUDGRU
(OLDV 2 PHXSULPHLUR WUDEDOKR IRL FRP YHQGDV H R PHX VHJXQGR WUDEDOKR IRL WDPEpP FRP
YHQGDV(XWUDEDOKHLFRPYHQGDVGHPRWR)RLDOLTXHHXDSUHQGLTXHHXSRGLDPHGDUEHPQD
iUHD GH KXPDQDV WUDEDOKDU FRP SHVVRDV FRPHFHL D PH GHVHQYROYHU QDTXHOD iUHD >@ 6RX
FRQVXOWRUGHQHJyFLRVQmRVDtGRUDPRGHYHQGDVDLQGD>@(XVHJXUHLRJDQFKRGHYHQGDV
SRUTXH DRV GH]HVVHLV DQRV HX FRQVHJXL DOJXpP TXH PH GHVFH DTXHOD RSRUWXQLGDGH 6H FRP
DTXHOD LGDGH HX QmR WLYHVVH WLGR DTXHOD RSRUWXQLGDGH HX WDPEpP QmR VHL FRPR VHULD PHX
IXWXUR
/XFLD )LTXHL VDEHQGR 'Dt HX IL] R FRQFXUVR H GHVGH Oi HX SDVVHL 'Dt GHSRLV WLYH D
RSRUWXQLGDGH GH ID]HU R FXUVR Oi QR &HSURWHF 1mR SULPHLUR IL] R $X[LOLDU Oi SHOR 6HQDL H
GHSRLVIL]R7pFQLFRQR&HSURWHF'DtFRQWLQXRDWpKRMH
9LOPD0DVDVVLPDiUHDGDVD~GHFDLXDVVLPQDpSRFDTXHHXIL]DLQVFULomRSDUDDJHQWHGH
VD~GHHXDFUHGLWRTXHHUDSDUDPLPPXGDUGHSURILVVmRPHVPR>@1DpSRFDHXQHPVDELDR
TXH HUD DJHQWH GH VD~GH >@ $t TXH HX FRPHFHL D PH LGHQWLILFDU FRP DV FRLVDV D PH
LQWHUHVVDU SHOD OHLWXUD SDUD FRQKHFHU DV FRLVDV 'Dt IRL TXDQGR D JHQWH IH] R FXUVLQKR GH
$X[LOLDU GH (QIHUPDJHP GDt HX DSUHQGL PXLWD FRLVD (X WHUPLQHL R VHJXQGR JUDX FRP R
SURYmRGR0(&SRUTXHSDUDFRQFOXLURFXUVRWpFQLFRWLQKDTXHWHURVHJXQGRJUDX
$R IDODU GH VXD IRUPDomR SURILVVLRQDO SUHYDOHFH QDV QDUUDWLYDV D UHODomR FRP DV
H[SHULrQFLDVSURILVVLRQDLV'HQWUHVXDVH[SHULrQFLDVGHWUDEDOKRHVSHFLILFDDH[SHULrQFLDTXH
DSUHVHQWDFRPRSURILVVmRHTXHGLUHFLRQRXDHVFROKDGRFXUVRGHWpFQLFRRXVXSHULRU
3DUD'XEDURWUDEDOKRWHPJUDQGHSDUWLFLSDomRQDFRQVWUXomRGDVLGHQWLGDGHV
VRFLDLV H SURILVVLRQDLV PHVPR TXH QmR VXVWHQWD PDLV FRPR HVSDoR GH VRFLDOL]DomR
FRQVLGHUDQGRDFRQVWDQWHPLJUDomRGHXPWUDEDOKRSDUDRXWURHGRQmRWUDEDOKR
2V HQWUHYLVWDGRV TXH FRQFHQWUDP VXDV QDUUDWLYDV QR VHX WUDEDOKR QmR QDV UHODo}HV
VRFLDLV GR WUDEDOKR PDV VLP HQTXDQWR SURGXWRUD GH VXD IRUPDomR SURILVVLRQDO VmR SHVVRDV
TXH DWXDP QD PHVPD SURILVVmR GHVGH VHX SULPHLUR H[SHULrQFLD SURILVVLRQDO 6XD SURILVVmR
VXUJH GR WUDEDOKR H R OHYD D HVFROKD GR FXUVR GH IRUPDomR SURILVVLRQDO e XP HVSDoR GH
SURGXomRGHVHQWLGRVSDUDVXDIRUPDomRSURILVVLRQDO
2 WUDEDOKR HQTXDQWR HVSDoR GH IRUPDomR SURILVVLRQDO VH DSUHVHQWD GH GLIHUHQWHV
PDQHLUDV SDUD (OLDV VXUJH FRP D RSRUWXQLGDGH GH WUDEDOKDU QD iUHD GH YHQGDV H RV
HQVLQDPHQWRV GH VHX SULPHLUR SDWUmR GD SHVVRD TXH OKH HQVLQRX D SURILVVmR GH YHQGHGRU
3HGUR YDL WUDEDOKDU FRPR DMXGDQWH GH SHGUHLUR RQGH IRL DPSOLDQGR VHXV FRQKHFLPHQWRV H
FRQVWLWXLQGRVXDIRUPDomRSURILVVLRQDOGHSHGUHLURSDUD9LOPDH/XFLDRFRQFXUVRGHDJHQWH
GHVD~GHpTXHDSUR[LPRXVXDIRUPDomRSURILVVLRQDOSDUDDiUHDGDVD~GHHGLUHFLRQRXSDUDR
FXUVR WpFQLFR HP (QIHUPDJHP 0iUFLD DR WHU TXH HVFROKHU XP FXUVR TXH WHP FRQGLo}HV GH
VHU DSURYDGD H FRQFLOLDU FRP VXD UHQGD H WUDEDOKR HVFROKH R FXUVR GH DGPLQLVWUDomR SHOD
SUR[LPLGDGH FRP VXD HQWmR DWXDomR SURILVVLRQDO -RVp WHP FRPR EDVH GH VXD IRUPDomR
SURILVVLRQDODRSRUWXQLGDGHTXHWHYHGHDFRPSDQKDUHDX[LOLDURWUDEDOKRGHXPSURILVVLRQDO
GHDVVLVWrQFLDWpFQLFDGHLQIRUPiWLFD
6mR QDUUDWLYDV RQGH R HVSDoR GH WUDEDOKR p DSUHVHQWDGR FRPR HVSDoR GH
SURILVVLRQDOL]DomR2FXUVRpXPDFRPSOHPHQWDomRGHVXDIRUPDomRSURILVVLRQDOTXHVXUJHD
SDUWLU GD SURILVVmR TXH Mi GHVHQYROYH $ SURILVVmR VH FRQVWLWXL QR WUDEDOKR H RV FXUVRV GH
IRUPDomRSURILVVLRQDOpXPFRPSOHPHQWRGHVXDLGHQWLGDGHSURILVVLRQDO
$V LGHQWLILFDo}HV FRP D iUHD SURILVVLRQDO TXH PRELOL]DP SDUD R FXUVR GH IRUPDomR
SURILVVLRQDOWrPXPDPRWLYDomRTXHVXUJHGDVUHODo}HVVRFLDLVGDLGHQWLILFDomRGRRXWUR
$IDPtOLDWHPIRUWHLQIOXrQFLDQDPRELOLGDGHSDUDRVHVWXGRVHVFRODUHV PDVVHPXP
GLUHFLRQDPHQWR SDUD TXDO FXUVR RX iUHD GH IRUPDomR SURILVVLRQDO 1D FRQGLomR VRFLDO H
HFRQ{PLFDGHVHUDIUREUDVLOHLURDHGXFDomRSURILVVLRQDOHVFRODUpRQGHDIDPtOLDSURMHWDSDUD
RV ILOKRV XPD HVWUXWXUD GH YLGD PHOKRU 1mR FRQVLGHUDP DTXL DV EDUUHLUDV GR SUHFRQFHLWR
UDFLDO H DV GHVLJXDOGDGHV UDFLDLV H WrP QD HGXFDomR HVFRODU D VXSHUDomR GDV GHVLJXDOGDGHV
XPDYH]TXHFRQVLGHUDPDIDOWDGHHVFRODULGDGHFRPRUHVSRQViYHOSHODVXDFRQGLomRVRFLDOH
HFRQ{PLFD
3RUpP R FRQYtYLR VRFLDO FRP D IDPtOLD RX GH SHVVRDV SUy[LPDV LQIOXHQFLDP QD
HVFROKDGRFXUVRGHIRUPDomRSURILVVLRQDOGLUHWDPHQWHRXFRPLQWHUPpGLRGHXPDH[SHULrQFLD
GHWUDEDOKR$LJUHMDpXPHVSDoRVRFLDOTXHPHVPRQmRVHQGRHVWLPXODGRSDUDIDODUVREUH
DSDUHFHX HP WUrV GDV QDUUDWLYDV (OD DSDUHFH HQTXDQWR HVSDoR GH YDORUL]DomR GH
FRQKHFLPHQWRV H GH LGHQWLGDGHV VRFLDLV TXH OHYDP DR GLUHFLRQDPHQWR GH PXLWDV Do}HV TXH
VRPDPDVXDIRUPDomRSURILVVLRQDO
$HVFRODQDILJXUDGHXPSURIHVVRUWDPEpPDSDUHFHFRPRHVWLPXORSDUDRVHVWXGRVH
SDUDRVFXUVRVGHIRUPDomRSURILVVLRQDO-DQHWHOHPEUDGDVH[SHULrQFLDVHVFRODUHVTXHDOHYRX
D FRQKHFHU PDLV VREUH D iUHD GH FRQVWUXomR FLYLO 0DUFRV H -DLU ID]HP UHIHUrQFLD D XP
SURIHVVRUTXHRVLQFHQWLYRXQRVHVWXGRVHTXDQGRHVFROKHUiRFXUVRGHIRUPDomRSURILVVLRQDO
RFXUVRGHOLFHQFLDWXUDDSDUHFHHVWUDWHJLFDPHQWHSDUDHYLWDUDVVLWXDo}HVGHSUHFRQFHLWRTXHVH
PDQLIHVWD QR PXQGR GR WUDEDOKR ( D iUHD GR FXUVR FRLQFLGH FRP D iUHD GH DWXDomR
SURILVVLRQDO GR SURIHVVRU PHQFLRQDGR 6HUi FRLQFLGrQFLD" 2X VHUi TXH HVVHV SURIHVVRUHV
IRUDP j UHIHUrQFLD DOJXpP GH XP JUXSR VRFLDO GLIHUHQWH GR VHX JUXSR GH RULJHP TXH OKH
DSUHVHQWDXPDRSRUWXQLGDGHGHPXGDQoDVRFLDOFRPXPDSURILVVmRTXHOKHpDFHVVtYHO
4XDQWR DRV HVSDoRV GH IRUPDomR SURILVVLRQDO SHUFHEHVH XPD UHODomR GR SULPHLUR
WUDEDOKRFRPLQGLFDo}HVRXH[SHULrQFLDVGHWUDEDOKRGDIDPtOLDDVVLPFRPRXPDUHODomRGR
WUDEDOKRGHVHQYROYLGRFRPDHVFROKDGRFXUVRWpFQLFR
(GXFDomR3URILVVLRQDOSHUVSHFWLYDVHSRVVLELOLGDGHVGHLQFOXVmRVRFLDO
(P XPD VRFLHGDGH TXH DLQGD WUD] R PLWR GD µGHPRFUDFLD UDFLDO¶ H DR PHVPR WHPSR R
UDFLVPRFRQWLQXDSUHVHQWHQDVUHODo}HVVRFLDLVHPTXHDSHUPDQrQFLDQRWUDEDOKRpFDGDYH]
PDLV SURYLVyULD H LQVHJXUD H[LJLQGR PDLRU IRUPDomR GRV WUDEDOKDGRUHV H IOH[LELOLGDGH jV
QRYDV GHPDQGDV SHUJXQWDVH FRPR RV DIUREUDVLOHLURV HQWUHYLVWDGRV FRQVWURHP VXDV
QDUUDWLYDVGHLQFOXVmRVRFLDO"2TXHHFRPRVHDSUHVHQWDPRVHVSDoRVGHDPSOLDomRVRFLDOH
GH SHUWHQFLPHQWRV" 3RU RQGH SHUSDVVD D LGpLD GH LQFOXVmR VRFLDO" &RPR D (GXFDomR
3URILVVLRQDOVHDSUHVHQWDHQTXDQWRSRVVLELOLGDGHVGHLQFOXVmRVRFLDO"
x ³>@DSHVVRDYrTXHYRFrWHPFRQKHFLPHQWRQDiUHD(QWmRpGLIHUHQWH´
3HGUR'HSRLVTXHYRFrpIRUPDGRHPDOJXPDFRLVDDFDEHoDpRXWUD3RUTXHDSHVVRDYrTXH
YRFr WHP FRQKHFLPHQWR QD iUHD 6H D JHQWH IDOD DOJXPD FRLVD D SHVVRD YHU TXH YRFr WHP
FRQKHFLPHQWRQDiUHD(QWmRpGLIHUHQWH
-DQHWH0XGRXPXLWRDVVLPYRFrROKDYDSDUDXPDFDVDHGL]LDpXPDFDVD+RMHQmRYRFr
VDEHDWpFQLFDTXHIRLXVDGDFRPRIRLIHLWDVHLIDODUGHPDQHLUDGLIHUHQWHWpFQLFD$QWHVQmR
DQWHVHXQmRWLQKDQRomRGLVVR&RQYLYRFRPSHVVRDVGLIHUHQWHVSHVVRDVGRPHXQtYHOVRFLDO
HSHVVRDVFRPQtYHOPDLVDOWR
-DLU 7DPEpP FRPR SURILVVLRQDO TXDQGR YRFr PRUD HP XPD ID]HQGD FRPR WpFQLFR HP
$JURSHFXiULD YRFr WHP UHVSHLWR H DXWRULGDGH 1D YLGD WDPEpP YRFr SDVVD D HQ[HUJDU DV
FRLVDVFRPPDLRUUHVSRQVDELOLGDGHSRUTXHYRFrWHPPDLVFRQKHFLPHQWRHSDVVDDGDUYDORU
HPFRLVDVTXHDQWHVYRFrQmRGDYD>@9RFrVHYDORUL]DPHVPRWHPXPDIXQomR
3DXOR $ JHQWH DFDED VHQGR XP HVSHOKRSDUD DOJXQV FROHJDV VHQGR XP DSRLR LQIRUPDQGR
SRUTXHDJHQWHTXHUTXHRVRXWURVTXHHVWmRSUy[LPRVGDJHQWHFKHJDPDRPHVPRSDWDPDU
>@ $Wp SRUTXH HX SXGH SHUFHEHU LVVR QD UHODomR FRP RV SUySULRV FROHJDV QD LJUHMD HOHV
IDODPTXHHXVHLGHWXGR1mRpDVVLPPDVDSHVVRDWHPTXHWHUFRQKHFLPHQWRV ,VVRpXP
SRQWRTXHDFDEDDMXGDQGRDSHVVRDTXDQGRHODYrH[WHULRUL]DGRRTXHHODHUDDQWHVHRTXHHOD
pDJRUDÊXPDGLIHUHQoDPXLWRJUDQGH>@$GLIHUHQoDVHSHUFHEHQRWUDEDOKRQRHVWXGRH
QDLJUHMD(VVDPXGDQoDDMXGRXEDVWDQWH8PDYDLFRPSOHPHQWDQGRDRXWUD$RQGHDSHVVRD
YDLHODOHYDHVVDIRUPDomR
-RVp (QWUH RV WLRV H SULPRV R SULPHLUR IRUPDGR HP XP FXUVR VXSHULRU VRX HX VLUYR GH
H[HPSOR
$ LGHLD GH LQFOXVmR H GH SHUWHQFLPHQWR TXH DSDUHFH QDV QDUUDWLYDV SHUSDVVD SHOD
DTXLVLomRGHFRQKHFLPHQWRV)D]HURFXUVRGHIRUPDomRSURILVVLRQDOMipXPDFRQTXLVWDSDUD
RVDIUREUDVLOHLURVHQWUHYLVWDGRVFRQVLGHUDQGRTXHpXPHVSDoRGHSHUWHQFLPHQWRTXHQmRp
FRPXP SDUD DV SHVVRDV GR VHX JUXSR GH RULJHP 1HVVH VHQWLGR WHU FRQKHFLPHQWRV GH XPD
SURILVVmRDSDUHFHQDVQDUUDWLYDVFRPRXPDYDORUL]DomRSHVVRDO
2V FRQKHFLPHQWRV DGTXLULGRV WUD]HP R UHVSHLWR H D DGPLUDomR GDV SHVVRDV GR VHX
JUXSRVRFLDO3DVVDDVHUUHIHUrQFLDQRHVSDoRGDIDPtOLDGDLJUHMDHGRVDPLJRVGHVWDFDQGR
VHSHORVFRQKHFLPHQWRVHPRWLYDQGRRVDHVWXGDUHP
$YDORUL]DomRDWULEXtGDjDTXLVLomRGHFRQKHFLPHQWRVVHGHVWDFDVXSHUDQGRRYDORUGD
WLWXODomR $ VDWLVIDomR HP WHU XP GLSORPD GH IRUPDomR SURILVVLRQDO SRXFR DSDUHFH QDV
QDUUDWLYDVDRIDODUHPGHVXDVFRQTXLVWDVDRORQJRGHVXDWUDMHWyULDGHYLGDeQRSURFHVVRGH
GHVHQYROYLPHQWR GR FXUVR TXH VH FRQVWLWXHP DV QDUUDWLYDV GH SHUWHQFLPHQWR H GH LQFOXVmR
$OpP GD DTXLVLomR GH FRQKHFLPHQWRV RSRUWXQL]D D DPSOLDomR GRV FtUFXORV VRFLDLV H D
FRQYLYrQFLDFRPSHVVRDVGHQtYHOVRFLDOPDLVHOHYDGRTXHRVHXJUXSRGHRULJHP
2FXUVRGHIRUPDomRSURILVVLRQDOpXPDUHDOL]DomRSHVVRDOSHODIRUPDFRPRSDVVDD
VHUYDORUL]DGRHUHVSHLWDGRSHODVSHVVRDVGHVHXFRQYtYLRVRFLDOOHYDQGRDSHUFHSomRGHXPD
VLJQLILFDWLYD GLIHUHQoD HQWUH FRPR HUD VXD YLGD DQWHV GH LQLFLDU R FXUVR H FRPR p DJRUD
3RUpPHVVDVPXGDQoDVHVWmRQRDVSHFWRSHVVRDOHQmRQRSURILVVLRQDO
x ³>@ HVWHMD SUHSDUDGR SRUTXH TXDQGR VXUJLU j RSRUWXQLGDGH YRFr QmR YDL WHU
WHPSRGHVHSUHSDUDU´
3DXOR 0LQKDV H[SHFWDWLYDV TXDQWR DR SURILVVLRQDO SUHWHQGR HVWDU ID]HQGR PDLV DOJXPDV
IDFXOGDGHV (X TXHUR ID]HU PDLV WUrV IDFXOGDGHV HX HVWRX FRQFOXLQGR R FXUVR GH SyV
JUDGXDomRHPVHJXUDQoDQRWUDEDOKRHHXSUHWHQGRHVWDUID]HQGRXPFXUVRGH(QJHQKDULDSDUD
HVWDUDWXDQGRGHQWURGRFXUVRGHVHJXUDQoDQRWUDEDOKRPDVPHXIRFRPHVPRTXHpXPDiUHD
TXHHXPXLWRPHLGHQWLILTXHLGHQWURGDiUHDGHVHJXUDQoDpRGLUHLWR(XTXHURHVWDUID]HQGR
XP FXUVR GH 'LUHLWR WDQWR SDUD D iUHD GH HQJHQKDULD FRPR SDUD D iUHD GH VHJXUDQoD 1mR
GHVYLQFXODU (VWDU DJUHJDQGR 0H LGHQWLILTXHL H JRVWR PXLWR GH DWXDU HQWmR FDGD YH] PDLV
TXHUR HVWDU PH DWXDOL]DQGR >@ (X YHMR R VHJXLQWH D JHQWH VHPSUH RXYH R VHJXLQWH GL]HU
HVWHMDSUHSDUDGRSRUTXHTXDQGRVXUJLUjRSRUWXQLGDGHYRFrQmRYDLWHUWHPSRGHVHSUHSDUDU
>@(XQXQFDPHFRQWHQWRVHPSUHTXHURHVWDUDSUHQGHQGRPDLVHXPDFRLVDYDLSX[DQGRD
RXWUD
-DQHWH(XTXHURID]HU(QJHQKDULD(XTXHURID]HUHQJHQKDULD8PGLDTXHPVDEH>@(QWmR
HVWRX SHQVDQGR HP ID]HU &LrQFLDV 1DWXUDLV HP 0DWHPiWLFD RX WHQWDU XPD EROVD SDUD
DUTXLWHWXUDQD81,&9RXID]HUR(1(0QRILQDOGRDQR6ySRGHVHUGHQRLWH>@0DVHX
DFKR TXH HVVH DQR HX IDoR R YHVWLEXODU SDUD /HWUDV >@ 0DLV R TXH HX TXHUR p HQJHQKDULD
FLYLOPDVVHQmRIRUSRVVtYHOHXYRXID]HURXWURID]HURTXH>@2SRUWXQLGDGHHXWLYHXP
SURIHVVRU GDTXL PHVPR PH GHX WUDEDOKR HP XP HVFULWyULR GH HQJHQKDULD PDV HX SUHFLVDYD
PDLVGRGLQKHLURGRTXHDX[LOLRSURILVVLRQDO(QWmRWLYHTXHVDLUGHOi'HSRLVTXHHXWHUPLQHL
R FXUVR HX QmR EXVTXHL >$R VHU TXHVWLRQDGD TXDQWR D VXDV H[SHFWDWLYDV SURILVVLRQDLV D
UHVSRVWDYHPDFRPSDQKDGDGHULVRV³6HLOi"´@
-DLU+RMHHVWRXID]HQGR$XWR&DGTXHpSDUDID]HUSURMHWRGHSDLVDJLVPR1mRWHQKRSUHVVD
(VWRXID]HQGR/HWUDV1mRWHQKRSUHVVD0HXSODQRpWUDEDOKDUFRPRSDLVDJLVWD
0DUFRV 2 REMHWLYR GH SUHVWDU R (1(0 p ID]HU 'LUHLWR H VH HX QmR FRQVHJXLU DWUDYpV GR
(1(0HXTXHURYHUVHFRQVLJRID]HU(QJHQKDULDTXHYDLDEUDQJHUXPDiUHDTXHHXFRQKHoR
TXHpXPDiUHDGDFRQVWUXomR>@0DVRVRQKRGHID]HUXPDIDFXOGDGHQmRDFDEDQXQFDHX
WHQKRXPYtFLRHXVRXYLFLDGRHPDSUHQGHU
(OLDV (X YRX PH SyVJUDGXDU GHSRLV YRX ID]HU 3VLFRORJLD H YRX PH SyVJUDGXDU HP
3VLFRORJLDWDPEpPHSUHWHQGRID]HUPDLVDLQGD
$VSHUVSHFWLYDVHVWmRYROWDGDVSDUDDFRQVWUXomRGHQRYRVFRQKHFLPHQWRVID]HUFXUVRV
SDUD VH HVSHFLDOL]DU QD SURILVVmR SDUD DJUHJDU YDORUHV D VXD IRUPDomR LQLFLDO H SDUD VXD
IRUPDomRSHVVRDO2VFXUVRVWrPSRXFDUHODomRFRPDSHUVSHFWLYDGHSURPRomRQRWUDEDOKR
FRPSHUVSHFWLYDGHPRELOLGDGHVVRFLDOHHFRQ{PLFD$IRUPDomRpSDUDVHUPDLVYDORUL]DGR
QRVHXHVSDoRVRFLDOHHVWDUSUHSDUDGRSDUDDVQHFHVVLGDGHVGRPHUFDGRGHWUDEDOKR
3RURXWURODGRRHVSDoRGHIRUPDomRSURILVVLRQDOQD(GXFDomR(VFRODUHVWiFRPRXP
HVSDoR DFHVVtYHO SDUD RV DIUREUDVLOHLURV HQWUHYLVWDGRV 6H QmR IRU QR FXUVR SUHWHQGLGR
HQFRQWUDP HVSDoRV HP RXWURV FXUVRV 1R HQWDQWR YDOH OHPEUDU TXH D SHVTXLVD IRL
GHVHQYROYLGDFRPTXHPWHYHDRSRUWXQLGDGHGHFRQFOXLUR(QVLQR0pGLRHLQJUHVVDUXPFXUVR
GHIRUPDomRSURILVVLRQDOGHQtYHOPpGLRRXVXSHULRURTXHQmRpUHDOLGDGHSDUDDPDLRULDGRV
DIUREUDVLOHLURV-iRVHVSDoRVGHWUDEDOKRHVSDoRVRQGHVHJXQGRDVQDUUDWLYDVRSUHFRQFHLWR
pPDLVSUHVHQWHQmRDSDUHFHPFRPRSHUVSHFWLYDHSRVVLELOLGDGHVGHLQFOXVmR
x³$WpKRMHHXEXVFRRHVSDoRGHWUDEDOKRTXHHXGHVHMR´
0DUFRV$WpKRMHHXEXVFRRHVSDoRGHWUDEDOKRTXHHXGHVHMRSRUTXHQDGDGRTXHHXIL]DWp
DJRUDDPHQRVRFXUVRWpFQLFRGHLQIRUPiWLFDTXHGHVVDVFRLVDVTXHHXIL]PHVPRDWpKRMHR
TXHHXIL]PHVPRSRUJRVWDUIRLRFXUVRWpFQLFRGHLQIRUPiWLFD
0iUFLD(XDFUHGLWRTXHQDPLQKDYLGDSURILVVLRQDOHXWHQKRPXLWDFRLVDTXHHXQmRIL](X
DFKRDVVLPTXHDTXLORTXHHXUHDOPHQWHDOPHMDYDSDUDPLPHXDLQGDQmRIL]3RUH[HPSORHX
JRVWDULDGHWHUIHLWRGLUHLWRHQmRDGPLQLVWUDomR)L]RTXHHUDPHQRVFRQFRUULGR
-DQHWH0DVRTXHHXTXHURpHQJHQKDULDFLYLO0DVVHQmRIRUSRVVtYHOHXYRXID]HURXWUR
ID]HURTXH
0iUFLDH-DQHWHEXVFDPRVHVSDoRVGHIRUPDomRSURILVVLRQDOQDHGXFDomRHVFRODUPDV
QmR QR FXUVR SUHWHQGLGR SRU QmR VHU SRVVtYHO SHOD VXDV FRQGLo}HV VRFLDO H HFRQ{PLFD (VWH
UHGLPHQVLRQDUGRFXUVRSUHWHQGLGRSDUDTXHVHDSUR[LPHGHVXDVFRQGLo}HVGHID]HURFXUVR
OHYD D XPD LQVDWLVIDomR SURILVVLRQDO -DQHWH GHVHQYROYH XP WUDEDOKR FRP R TXDO QmR VH
LGHQWLILFD SURILVVLRQDOPHQWH H 0iUFLD FRP WUrV FXUVRV GH IRUPDomR SURILVVLRQDO WRGRV
DJUHJDQGR YDORUHV SDUD R WUDEDOKR TXH GHVHQYROYH QD iUHD GH DGPLQLVWUDomR iUHD GR VHX
SULPHLUR FXUVR GH IRUPDomR SURILVVLRQDO GL] TXH SURILVVLRQDOPHQWH DLQGD QmR IH] R TXH
TXHULDID]HU
0DUFRV GHVPRWLYDGR FRP VHX SURMHWR GH VHU SURIHVVRU H SHOD GHVLJXDOGDGH GH
FRQKHFLPHQWRV HQFRQWUDGD QD FRQYLYrQFLD FRP RV FROHJDV GR FXUVR GH 0DWHPiWLFD TXH
UHVXOWRX QD UHSURYDomR HP YiULDV GLVFLSOLQDV GHVLVWH GR FXUVR (VVD GHVLVWrQFLD PDUFD VXD
WUDMHWyULDHVFRODUFRPXPVHQWLPHQWRGHIUDFDVVR(PPHLRDWDQWDVFRQTXLVWDVHVXSHUDo}HV
SDUD HOH HVVD VLWXDomR OKH LQFRPRGD 7HP SODQRV SDUD UHWRUQDU H FRQFOXLU R FXUVR GH
0DWHPiWLFD QmR FRPR SHUVSHFWLYD GH IRUPDomR SURILVVLRQDO PDV SDUD QmR ILFDU FRP HVVD
PDUFDGHIUDFDVVRQDVXDWUDMHWyULDHVFRODU
1DV QDUUDWLYDV GH LQFOXVmR H SHUVSHFWLYDV D (GXFDomR 3URILVVLRQDO p R HVSDoR GH
SHUWHQFLPHQWR H GH FRQVWUXomR GH FRQKHFLPHQWRV TXH DWXD QD DXWRHVWLPD QD YDORUL]DomR H
UHVSHLWR SHODV SHVVRDV GR VHX JUXSR DPSOLDQGR VHXV HVSDoRV GH SHUWHQFLPHQWR H GH
PRELOL]DomRSDUDQRYRVHVSDoRVGHIRUPDomR-iDRIDODUGRPXQGRGRWUDEDOKRDVQDUUDWLYDV
WUD]HP SRXFD UHODomR FRP RV FXUVRV GH IRUPDomR SURILVVLRQDO $ (GXFDomR 3URILVVLRQDO p
DSUHVHQWDGDPDLVFRPRXPHVSDoRGHIRUPDomRSHVVRDOGRTXHGHSURILVVLRQDOL]DomR
)250$d­2352),66,21$/'($)52%5$6,/(,526(,1&/86­262&,$/
$IRUPDomRSURILVVLRQDOGRVDIUREUDVLOHLURVDQDOLVDGDQHV6DSHVTXLVDWHPXPUHFRUWH
RPXQLFtSLRGH6LQRSHVWDGRGR0DWR*URVVRHSHVVRDVTXHQDVXDHVFRODULGDGHFKHJDUDP
DRV FXUVRV GH IRUPDomR SURILVVLRQDO GH QtYHO PpGLR RX VXSHULRU (QWmR DV QDUUDWLYDV
FRQVWUXtGDV SHORV HQWUHYLVWDGRV VREUH VXD IRUPDomR SURILVVLRQDO H DV SRVVLELOLGDGHV GH
LQFOXVmRVRFLDODSDUWLUGHVXDVWUDMHWyULDVGHYLGDWUD]HPDVSHFWRVTXHVmRSUySULRVGRVDIUR
EUDVLOHLURVHRFRQWH[WRVRFLDOHPTXHHVWmRLQVHULGRV
2V DIUREUDVLOHLURV GH 6LQRS ID]HP SDUWH GD SRSXODomR GH XP PXQLFtSLR TXH IRL
LGHDOL]DGRSDUDVHUIRUPDGDSRUµVXOLVWDVEUDQFRV¶$FRORQL]DGRUDYHQGLDDLGHLDGHSURJUHVVR
GR QRYR PXQLFtSLR SHODV FDUDFWHUtVWLFDV SURILVVLRQDLV GRV FRORQL]DGRUHV HP TXH HUDP
FRQVLGHUDGDVDVSHVVRDVTXHYLHUDPGRVHVWDGRVGRVXOGRSDtVPDVGHVFRQVLGHUDYDPRVDIUR
EUDVLOHLURVTXHWDPEpPIL]HUDPSDUWHGHVVHSURFHVVRGHFRORQL]DomRYLQGRVHPVXDPDLRULD
GDUHJLmRQRUWHGRHVWDGRGR3DUDQiWDPEpPUHJLmRVXOGRSDtV-iQRSULPHLURUHFHQVHDPHQWR
GR PXQLFtSLR LGHQWLILFRXVH TXH GRV KDELWDQWHV HUDP DIUREUDVLOHLURV Mi QR ~OWLPR QR
DQRGHRSHUFHQWXDOHUDGH2DXPHQWRGDSRSXODomRDIUREUDVLOHLUDIRLPDLRUGR
TXHGDSRSXODomREUDQFD0HVPRDVVLPRSUHFRQFHLWRUDFLDOTXHDFRPSDQKRXRSURFHVVRGH
FRORQL]DomR DLQGD KRMH PDUFD DV UHODo}HV VRFLDLV QHVVH PXQLFtSLR &RQWLQXD YLJRUDQGR R
GLVFXUVR GH GHVYDORUL]DomR GRV DIUREUDVLOHLURV FRPR SURWDJRQLVWDV WDPEpP GR
GHVHQYROYLPHQWR GD UHJLmR 'H XP ODGR RV DIUREUDVLOHLURV HP 6LQRS FRQYLYHP FRP D
LQYLVLELOLGDGHGHVXDSDUWLFLSDomRQRSURFHVVRGHGHVHQYROYLPHQWRGRPXQLFtSLRHGHRXWUR
FRPDGHVYDORUL]DomRGHVXDVRULJHQVSUHYDOHFHQGRDFXOWXUDGRVµVXOLVWDVEUDQFRV¶
$V FRQVWUXo}HV GDV QDUUDWLYDV GDV LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV H GH LQFOXVmR
VRFLDOTXHWrPFRPREDVHDVIRUPDVVRFLDLVGHLGHQWLILFDomRWUD]HPHVVDUHDOLGDGHVRFLDOGH
6LQRS QDV IRUPDV UHODFLRQDLV GH FRPR RV DIUREUDVLOHLURV VmR QR ROKDU GRV RXWURV H FRPR
DVVXPHPQDVXDIRUPDomRSURILVVLRQDOHVVDVLGHQWLGDGHVTXHOKHVVmRDWULEXtGDVTXHRVOHYDP
DEXVFDSRUFRQKHFLPHQWRVHIRUPDomROHJLWLPDQGRDOJXQVVDEHUHVHGHVFRQVLGHUDQGRRXWURV
OHJLWLPDQGRDOJXQVHVSDoRVGHSHUWHQFLPHQWRVHGHVFRQVLGHUDQGRRXWURV'8%$5
&RPRYLPRVDQWHULRUPHQWHHGHDFRUGRFRP'XEDUpQRSURFHVVRELRJUiILFR
DR ORQJR GD WUDMHWyULD GH YLGD TXH VmR RIHUHFLGRV HVSDoRV GH VRFLDOL]DomR OHYDQGR D
FRQVWUXomRGDVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLV'HQWUHRVGLIHUHQWHVHVSDoRVSDUDRDXWRU
R WUDEDOKR DVVXPH XP SDSHO LPSRUWDQWH QD VRFLDOL]DomR VHFXQGiULD H GHVWD IRUPD IRUWH
LQIOXrQFLDQDIRUPDomRGDVLGHQWLGDGHVVRFLDLVHSURILVVLRQDLVMXQWDPHQWHFRPDRUJDQL]DomR
GRPXQGRGRWUDEDOKRHGDIRUPDomRSURILVVLRQDOHVFRODU(GHVVDFRQIURQWDomRFRPRPXQGR
GRWUDEDOKRpTXH
'HSHQGHUmRDVPRGDOLGDGHVGHFRQVWUXomRGHXPDLGHQWLGDGHSURILVVLRQDOEiVLFDTXH
FRQVWLWXD QmR VRPHQWH XPD LGHQWLGDGH QR WUDEDOKR PDV WDPEpP H VREUHWXGR XPD
SURMHomRGHVLQRIXWXURDDQWHFLSDomRGHXPDWUDMHWyULDGHHPSUHJRHXPDHODERUDomR
GHXPDOyJLFDGHDSUHQGL]DJHPRXPHOKRUGHIRUPDomR'8%$5S
$R DSUHVHQWDUHP VLWXDo}HV TXH R PRWLYDUDP SDUD D HVFROKD GR FXUVR GH IRUPDomR
SURILVVLRQDO DV QDUUDWLYDV ID]HP UHODomR D HVVHV GLIHUHQWHV HVSDoRV GH VRFLDOL]DomR )D]HP
UHIHUrQFLDVGHSHVVRDVTXHDRORQJRGHVXDWUDMHWyULDGHYLGDLQIOXHQFLDUDPQDVXDIRUPDomR
SURILVVLRQDOHQYROYHQGRRVHVSDoRVGDIDPtOLDGDHVFRODGRWUDEDOKRHGDLJUHMD
$ UHIHUrQFLD GD IDPtOLD p UHOHYDQWH QDV QDUUDWLYDVGH IRUPDomRSURILVVLRQDO GRV DIUR
EUDVLOHLURVTXHIL]HUDPSDUWHGHVVDSHVTXLVD1XPSULPHLURPRPHQWRDSDUHFHFRPRLQGLFDGRU
SDUD VXD DWXDomR QR PXQGR GR WUDEDOKR H QXP VHJXQGR PRPHQWR SRGHQGR RX QmR HVWDU
DFRPSDQKDGR GD H[SHULrQFLD GH WUDEDOKR HVWi SUHVHQWH QD VHOHomR GR FXUVR QmR SRU
LQGLFDomRPDVSHODVH[SHULrQFLDVYLYHQFLDGDVFRPRVHVSDoRVGHWUDEDOKR
0HVPR FRP D PRELOL]DomR SDUD XPD LGHQWLGDGH SURILVVLRQDO TXH OKHV SRVVLELOLWDVVH
XPD PRELOLGDGH VRFLDO H PHOKRUHV FRQGLo}HV GH YLGD TXH VHXV SDLV VXD WUDMHWyULD GH YLGD
DFDED SRU OHYDU D HVFROKD GH XP FXUVR FRP UHODomR GLUHWD RX LQGLUHWD FRP DV H[SHULrQFLDV
SURILVVLRQDLVGDIDPtOLD3RUpPUHSUHVHQWDQGRXPDPRELOLGDGHVRFLDOFRQVLGHUDQGRTXHVXD
DWXDomRSURILVVLRQDOYHPDFRPSDQKDGDGHXPDIRUPDomRSURILVVLRQDOHVFRODU
3DUD DOpP GR HVSDoR GD IDPtOLD EXVFDP XPD DSUR[LPDomR FRP SHVVRDV JUXSRV
DFRQWHFLPHQWRV TXH DWULEXHP XPD YDORUL]DomR SDUD VXDV LGHQWLGDGHV VRFLDO H SURILVVLRQDO
FRPR XP RUJXOKR GH VL PHVPR1HVVHSURFHVVR GH PRELOL]DomR R LQFHQWLYR GH XPDSHVVRD
TXHHVWiDOpPGRHVSDoRGDIDPtOLDFRPXPVWDWXVPDLVHOHYDGRHFRQVLGHUDGDQDVQDUUDWLYDV
FRPR SHVVRDV UHVSHLWDGDV H EHP VXFHGLGDV SURILVVLRQDOPHQWH VmR LPSRUWDQWHV SDUD VXDV
LGHDOL]Do}HVSURILVVLRQDLV6XUJHPFRPRXPDLGHQWLILFDomRHXPDUHIHUrQFLDSURILVVLRQDO
2WUDEDOKRDSDUHFH FRPRHVSDoRTXHSUHYDOHFH QDVXDIRUPDomRSURILVVLRQDOSRUpP
QmRVHFRQVWLWXLHQTXDQWRSDUkPHWURVSDUDDFRQVWUXomRGDVLGHQWLGDGHVFRQVLGHUDQGRTXHQR
PXQGR GR WUDEDOKR FRQWHPSRUkQHR R WUDEDOKR QmR DVVHJXUD R HVSDoR GH VRFLDOL]DomR GRV
WUDEDOKDGRUHV
6XDVLWXDomRVRFLRHFRQ{PLFDGHVHUDIUREUDVLOHLURID]FRPTXHRHVSDoRGHWUDEDOKR
DQWHFHGDRHVSDoRGD(GXFDomR3URILVVLRQDO(QWmRRWUDEDOKRVHFRQVWLWXLFRPRUHIHUrQFLDQD
IRUPDomR SURILVVLRQDO TXDQGR HVWH YHP DFRPSDQKDGR GH PRWLYDo}HV H XPD DFRPRGDomR
HQWUH DV LGHQWLGDGHV TXH OKH IRUDP DWULEXtGDV H DV LGHQWLGDGHV DVVXPLGDV SRU VL PHVPR -i
TXDQGRHVVDDFRPRGDomRDSURILVVmRSUHWHQGLGDQmRUHVXOWDHPXPDLGHQWLGDGHSURILVVLRQDO
TXH WHQKD UHODomR FRP R HVSDoR GH WUDEDOKR HVWH QmR p UHIHUrQFLD SDUD VXD IRUPDomR
SURILVVLRQDO
1R SULPHLUR FDVR D IRUPDomR SURILVVLRQDO HVFRODU p REMHWLYDGD SDUD D REWHQomR GH
WtWXORV VRFLDOPHQWH YDORUL]DGRV FRP XPD IXQomR VRFLDO GH GLVWLQomR H GH YDORUL]DomR H ³RV
FRQKHFLPHQWRV WHyULFRV VmR XP HOHPHQWR HVVHQFLDO GH DSUHVHQWDomR GH VL SUySULR H GH
YDORUL]DomRGHXPDLGHQWLGDGHTXHQmRVHGHILQHDSDUWLUGRWUDEDOKR´'8%$5S
1R VHJXQGR FDVR QD IRUPDomR SURILVVLRQDO HVFRODU DV QDUUDWLYDV ID]HP UHIHUrQFLD
FRPRRHVSDoRGHVXDIRUPDomRSURILVVLRQDO3RUpPSHODVXDFRQGLomRGHVHUDIUREUDVLOHLURH
D GLQkPLFD GR PXQGR GR WUDEDOKR FRQWHPSRUkQHR QmR FRQVHJXHP VH HVWDEHOHFHU
SURILVVLRQDOPHQWHQDiUHDGHIRUPDomR6XDFRQGLomRVRFLRHFRQ{PLFDDLQVHJXUDQoDGRQmR
WUDEDOKR R SUHFRQFHLWR IDOWD GH UHIHUrQFLD H GH µSDGULQKR¶ ID] FRP TXH SHUPDQHoD QRV
HVSDoRV GH WUDEDOKRV PDLV IDPLOLDUHV H VHJXURV PHVPR VHP UHODomR FRP VXD iUHD GH
IRUPDomRSURILVVLRQDOHFRPPHQRUUHPXQHUDomR
3DUD HVWHVTXHQmRWLQKDPVXDSURILVVmR HVWDEHOHFLGDQRHVSDoRGRWUDEDOKRSDVVDP
SRU YiULRV FXUVRV EXVFDP RXWURV WUDQVLWDP HP GLIHUHQWHV HVSDoRV GH WUDEDOKR HP iUHDV
GLIHUHQWHVGRVFXUVRVMiUHDOL]DGRV$VQDUUDWLYDVQmRID]HPXPDUHODomRGHVXDWUDMHWyULDGH
IRUPDomR SURILVVLRQDO H D QmR UHDOL]DomR SURILVVLRQDO FRP VXD FRQGLomR UDFLDO 3RUpP RV
DVSHFWRVTXHVHDSUHVHQWDPVmRSUySULRVSRUVHUHPDIUREUDVLOHLURV
$ UHODomR TXH VHSHUFHEH GD WUDMHWyULD GH HVFRODULGDGH FRP D IRUPDomR SURILVVLRQDO
DSUHVHQWD GXDV VLWXDo}HV GLVWLQWDV R FXUVR GH IRUPDomR SURILVVLRQDO FRPR XP HVSDoR GH
HVFRODULGDGH GH IRUPDomR H UHDOL]DomR SHVVRDO VHP H[SHFWDWLYD GH SURPRomR RX XPD QRYD
SURILVVmR H R FXUVR FRPR HVSDoR SDUD WHU XPD SURILVVmR SDUD EXVFDU RX SHUPDQHFHU QR
PHUFDGR GH WUDEDOKR (QWmR D IRUPDomR SURILVVLRQDO HVFRODU QmR p QHFHVVDULDPHQWH SDUD R
PXQGRGRWUDEDOKRPDVVLPFRPRXPDFRQVWUXomRGHXPDYLGDFRPRDSRQWHGHEXVFDSRU
UHFRQKHFLPHQWRVLQFOXVmRQRYRVHVSDoRVVRFLDLVHYDORUL]DomRSHVVRDO
3HVVRDTXHWHPXPDUHVSHLWDELOLGDGHQRVHVSDoRVGHWUDEDOKRHTXHDVVXPHDVLQGLFDo}HVSURILVVLRQDLVGHXPD
RXWUDSHVVRDREMHWLYDQGRRVXFHVVRSURILVVLRQDOGDPHVPDHPDLRUSRVVLELOLGDGHGHFRQVHJXLUYDJDVGHWUDEDOKR
$IRUPDomRSURILVVLRQDOHVFRODUpWDPEpPXPHVSDoRGHSHUWHQFLPHQWRFRQVLGHUDQGR
RVHQWLGRTXHHVWHHVSDoRVRFLDOWHPSDUDRVDIUREUDVLOHLURVTXHpXPHVSDoRKLVWRULFDPHQWH
PDUFDGRSHODVHJUHJDomRHGHVLJXDOGDGHUDFLDOHTXHVHJXQGR;LEHUUDVWHPSUHVHQWH
XPDUHSUHVHQWDomRGHVHQWLGRV7DPEpPFRPRHVSDoRGHFRQVWUXomRGHFRQKHFLPHQWRVHGH
UHFRQKHFLPHQWR TXH RV DIUREUDVLOHLURV HQWUHYLVWDGRVEXVFDP FRPR IRUPD GH LQLELU DV Do}HV
GHSUHFRQFHLWRUDFLDOHSDUDDYDORUL]DomRSHVVRDO2VFRQKHFLPHQWRVOKHWUD]HPRUHVSHLWRHD
DGPLUDomRQRVHXJUXSRHFRPLVVRFRQVLGHUDXPDDOWHUQDWLYDSDUDOLGDUFRPDVVLWXDo}HVGH
SUHFRQFHLWR
$ (GXFDomR 3URILVVLRQDO FRP DV GLIHUHQWHV PXGDQoDV KLVWyULFDV VHPSUH HVWHYH
YROWDGD D DWHQGHU DV GHPDQGDV GR PHUFDGR GH WUDEDOKR +RMH VXDSURSRVWD QmR GLIHUH H WHP
WDPEpP HQWUH VHXV REMHWLYRV D VXSHUDomR GR SUHFRQFHLWR H GLVFULPLQDomR QR PXQGR GR
WUDEDOKR H D LQFOXVmR VRFLDO SRU LQWHUPpGLR GD IRUPDomR SURILVVLRQDO TXH OKH SRVVLELOLWDUi
WUDEDOKR H VXEVLVWrQFLD H DVVLP YDORUL]DomR H UHVSHLWR 3RUpP QDV QDUUDWLYDV D LGpLDV GH
LQFOXVmR VRFLDO QmR SHUSDVVD SHOD DWXDomR SURILVVLRQDO H VLP SHOD DTXLVLomR GH
FRQKHFLPHQWRV (QWmR QDV QDUUDWLYDV D (GXFDomR 3URILVVLRQDO p VLP XPHVSDoR GH LQFOXVmR
VRFLDO SRUpP VHP UHODomR FRP R WUDEDOKR FRPR REMHWLYD DV SROtWLFDV GH (GXFDomR
3URILVVLRQDO
6XDVQDUUDWLYDVGHLQFOXVmRVRFLDOVmRFRQVWUXtGDVFRQVLGHUDQGRRSURFHVVRUHODFLRQDO
TXHVHFRQVWLWXLGDIRUPDFRPRDVSHVVRDVRYHHPHGDIRUPDFRPRHOHDVVXPHVHXVPXQGRV
YLYLGRVQDFRQVWUXomRGHVXDVLGHQWLGDGHV$LQFOXVmRVRFLDOVHDSUHVHQWDFRPRDPSOLDomRGRV
HVSDoRV VRFLDLV FRQKHFLPHQWRV UHFRQKHFLPHQWR RSRUWXQLGDGHV H FRQTXLVWDV HP XPD
VRFLHGDGHPDUFDGDSHORSUHFRQFHLWRHGHVLJXDOGDGHVUDFLDLVHFRPXPGLVFXUVRLGHROyJLFRGH
µGHPRFUDFLD UDFLDO¶ )DODP GD (GXFDomR 3URILVVLRQDO FRPR XP HVSDoR HP TXH VH SHUFHEHP
LQFOXtGRV HVSDoR GH SHUWHQFLPHQWR UHDOL]Do}HV H FRQTXLVWDV VLJQLILFDWLYR SDUD VXD
DXWRHVWLPD
$OpP GR PLWR GD µGHPRFUDFLD UDFLDO¶ RXWUD LGHRORJLD SUHVHQWH QD FRQVWUXomR GDV
QDUUDWLYDVpTXHRVXFHVVRGHFDGDXPGHSHQGHGHVHXHVIRUoRSHVVRDO$VVLPHVWDUSUHSDUDGR
SDUD DWHQGHU jV QHFHVVLGDGHV GR PHUFDGR GH WUDEDOKR p UHVSRQVDELOLGDGH GR LQGLYtGXR TXH
EXVFD ID]HU YiULRV FXUVRV GH IRUPDomR SURILVVLRQDO D ILP GH DWHQGHU D HVVD H[LJrQFLD GR
PXQGR GR WUDEDOKR 2 LQYHVWLPHQWR SHVVRDO p XPD EXVFD SRU DFHLWDomR QR PHUFDGR GH
WUDEDOKR H QmR SRU SURPRomR H PRELOLGDGH VRFLDO FRP PHOKRU UHPXQHUDomR H GH VWDWXV
SURILVVLRQDO
2EVHUYDVH TXH GRV RQ]H HQWUHYLVWDGRV VHLVMi IL]HUDP HVWmR ID]HQGR RXSUHWHQGHP
ID]HUPDLVGHXPFXUVRSURILVVLRQDOL]DQWH$OJXQVUHODWDPTXHRREMHWLYRpSDUDDJUHJDUYDORU
jSULPHLUDIRUPDomRRXWURVHPTXHRVFXUVRVQmRWrPUHODomRFRPVXDDWXDomRGHWUDEDOKRH
H[SHFWDWLYDV GH SURILVVmR R FXUVR p XP HVSDoR SDUD DGTXLULU PDLV FRQKHFLPHQWRV VHP XP
GLUHFLRQDPHQWR SDUD XPD iUHD SURILVVLRQDO 3RUpP WRGRV REMHWLYDP DPSOLDU R OHTXH GDV
SRVVLELOLGDGHVHVHPDQWHUQRPXQGRGRWUDEDOKR
$V QDUUDWLYDV TXDQWR j FRQVWLWXLomR GDV LGHQWLGDGHV SURILVVLRQDLV QmR PDLV VH
IRUWDOHFHPHPXPDWUDMHWyULD~QLFDGHWUDEDOKRQHPPHVPRQDSHUVSHFWLYDGHSURJUHVVRPDV
VLPGDVP~OWLSODVSRVVLELOLGDGHVHGDEXVFDSHODVRSRUWXQLGDGHVHPTXHDVSHUVSHFWLYDVVmR
LPHGLDWDV GH DFRUGR FRP R TXH 6HQQHWW DSUHVHQWD DR IDODU GR PXQGR GR WUDEDOKR
FRQWHPSRUkQHR TXDQGR PHQFLRQD TXH R WUDEDOKR PXGD FRQVWDQWHPHQWH H DV SHUVSHFWLYDV
UHODFLRQDGDVDRWUDEDOKRVmRLPHGLDWLVWDVFRPRWDPEpPRIDWRGHTXH³RVLVWHPDHGXFDFLRQDO
JHUD JUDQGH TXDQWLGDGH GH MRYHQV IRUPDGRV PDV LPSRVVtYHLV GH HPSUHJDU SHOR PHQRV QRV
WHUUHQRVSDUDRVTXDLVIRUDPWUHLQDGRV´6(11(77S1RFDVRGRVHQWUHYLVWDGRV
DVFDUDFWHUtVWLFDVGRPXQGRGRWUDEDOKRFRQWHPSRUkQHRVRPDPVHjVXDFRQGLomRGHVHUDIUR
EUDVLOHLUR 6XUJH HP VXDV QDUUDWLYDV D QHFHVVLGDGH GH VH PDQWHU HP XP HPSUHJR SHOD VXD
HVWDELOLGDGH PHVPR VHP SHUVSHFWLYD GH SURPRomR H DWXDomR SURILVVLRQDLV QD iUHD GH
IRUPDomR e D VHJXUDQoD HP PDQWHU VXD VREUHYLYrQFLD GH VXD IDPtOLD $VVLP YDL VH
FRQVWUXLQGR XPD UHODomR GH UHDOL]DomR PDLV SUy[LPD GR HVSDoR GD IRUPDomR SURILVVLRQDO
HVFRODUGRTXHGRWUDEDOKRHGDUHDOL]DomRSURILVVLRQDO
2XWURDVSHFWRTXHOHYDDHVVHGLVWDQFLDPHQWRGRHVSDoRGRWUDEDOKRFRPRHVSDoRGH
SHUWHQFLPHQWR H LQFOXVmR p R SUHFRQFHLWR UDFLDO 1DV QDUUDWLYDV R SUHFRQFHLWR UDFLDO QmR p
SHUFHELGRQDVUHODo}HVVRFLDLVGRFRWLGLDQRQHPPHVPRQRHVSDoRGDHGXFDomRHVFRODUPDV
QRHVSDoRGRWUDEDOKRVLPeRQGHID]HPUHIHUrQFLDVjVVLWXDo}HVGHSUHFRQFHLWRYLYHQFLDGDV
H REVHUYDGDV 2 SUHFRQFHLWR UDFLDO QR WUDEDOKR OHYDRV D HVFROKD GH FXUVRV H D EXVFD GH
HVSDoRVGHWUDEDOKRHVWUDWHJLFDPHQWHSODQHMDGDVSDUDIXJLUGRUDFLVPR6HPXPDLGHQWLGDGH
FROHWLYD GH VHU DIUREUDVLOHLUR p PDLV VHJXUR HYLWDU R FRQIURQWR FRP DV VLWXDo}HV GH
SUHFRQFHLWRUDFLDOEXVFDUXPDIRUPDGHWUDEDOKRHGHVREUHYLYrQFLDTXHQmRWUD]HPVLWXDo}HV
TXHRGLIHUHQFLDPSHODVXDFRQGLomRGHVHUDIUREUDVLOHLUR
(QWmR RV HVSDoRV GH UHDOL]Do}HV H GH FRQTXLVWDV HVWmR QD (GXFDomR 3URILVVLRQDO QD
DPSOLDomR GH VXD IRUPDomR SURILVVLRQDO H GH FRQKHFLPHQWRV SDUD D YLGD -i QR DVSHFWR
SURILVVLRQDO DV UHDOL]Do}HV DSDUHFHP SDUD TXHP Mi WLQKD D SURILVVmR DQWHV GH ID]HU R FXUVR
3DUDRVGHPDLVQmRHVWmRUHDOL]DGRVSURILVVLRQDOPHQWH
$ HVWUXWXUD VRFLRHFRQ{PLFD GRV HQWUHYLVWDGRV p SUHGRPLQDQWHPHQWH GH IDPtOLDV FRP
EDL[DUHQGDFRPSRXFDHVFRODULGDGHHRWUDEDOKRGHVHQYROYLGRSHORVSDLVVmRVHUYLoRVEUDoDLV
TXH QmR WrP D HVFRODULGDGH FRPR UHTXLVLWR GH DFHVVR 7RGRV FRPHoDUDP D WUDEDOKDU DLQGD
GXUDQWHD(GXFDomR%iVLFDSRUQHFHVVLGDGHHPFRQWULEXLUFRPDUHQGDIDPLOLDURTXHOHYDD
XPD WUDMHWyULD GH HVFRODULGDGH PDUFDGD SRU GLILFXOGDGHV PDV TXH DR PHVPR WHPSR VH
DSUHVHQWD FRPR XP HVSDoR GH VXSHUDomR GH VXD FRQGLomR VRFLDO 1mR QD SHUVSHFWLYD GH
PRELOLGDGH FRPR UHVXOWDGR GR VWDWXV GR WUDEDOKR H GD VXD UHPXQHUDomR PDV SHORV
FRQKHFLPHQWRV H SHOD VXD YDORUL]DomR QR HVSDoR GH RULJHP H SRVVLELOLGDGHV GH DPSOLDU RV
HVSDoRVGHSHUWHQFLPHQWRVXPDEXVFDSRUUHFRQKHFLPHQWR
0HVPRVHQGRDSUHVHQWDGRQDVQDUUDWLYDVFRPRXPHVSDoRGHLQFOXVmRVRFLDORVGDGRV
GD SHVTXLVD GHVHQYROYLGD QD (VFROD 7pFQLFD (VWDGXDO GH 6LQRS PRVWUDP TXH D GHVLVWrQFLD
HQWUH RV DOXQRV DIUREUDVLOHLURV PDWULFXODGRV p TXDVH R GREUR TXDQGR FRPSDUDGD FRP RV
GHPDLVDOXQRV UHYHODQGRTXH DVGLILFXOGDGHV HQFRQWUDGDVSDUD HVWXGDUFRQWLQXDPPDUFDQGR
VXDVWUDMHWyULDVHVFRODUHVDVVLPFRPRVXDIRUPDomRSURILVVLRQDO
$V GLILFXOGDGHV TXH RV HQWUHYLVWDGRV DSUHVHQWDP SDUD ID]HU R FXUVR GH IRUPDomR
SURILVVLRQDOQmRpDSHQDVRLQJUHVVRPDVWDPEpPDVFRQGLo}HVSDUDID]HURFXUVR$OpPGD
GHVLJXDOGDGHGHRSRUWXQLGDGHVHPFRQVWUXtUHPFRQKHFLPHQWRVTXHID]HPSDUWHGRVSURFHVVRV
VHOHWLYRVDILPGHLQJUHVVDUHPQRVFXUVRVDIDOWDGHUHFXUVRVHFRQ{PLFRVHORJtVWLFRVDVVLP
FRPR R DFRPSDQKDPHQWR SHGDJyJLFR OLPLWDP RV DIUREUDVLOHLURV GH FRQFOXtUHP R FXUVR
FRPRWDPEpPGHID]HURFXUVRSUHWHQGLGR
3RUpP DR IDODUHP GDV GLILFXOGDGHV HQFRQWUDGDV SDUD EXVFDU D IRUPDomR SURILVVLRQDO
SUHWHQGLGDQmRID]HPUHODomRFRPVXDFRQGLomRGHVHUDIUREUDVLOHLUR&DEHDTXLPHQFLRQDU
TXH DV QDUUDWLYDV GRV HQWUHYLVWDGRV IRUDP FRQVWUXtGDV VHP UHIHUrQFLD D XPD LGHQWLGDGH
FROHWLYDGHVHUQHJURDQWHVIRUDPDSDUWLUGHXPDDERUGDJHPLQGLYLGXDOLVWD1mR DVVXPHP
QDVQDUUDWLYDVVXDLGHQWLGDGHUDFLDOPDVVLPVXDVLWXDomRVRFLDOHHFRQ{PLFD$YDOLRTXHVHMD
UHVXOWDGRWDPEpPGRVFRQWH[WRVKLVWyULFRHVRFLDOGRVDIUREUDVLOHLURVQRPXQLFtSLRRQGHVH
GHVHQYROYHXHVWDSHVTXLVD6LQRS07$LQYLVLELOLGDGHTXHIRLGDGDDRVDIUREUDVLOHLURVGHVGH
RSURFHVVRGHFRORQL]DomRHDGHVYDORUL]DomRGHVXDVLGHQWLGDGHVUDFLDLV&RPRVHPRWLYDUD
XPD LGHQWLILFDomR FRP XP JUXSR TXH p GHVYDORUL]DGR VRFLDOPHQWH" 4XH SHUVSHFWLYDV GH
LQFOXVmRVRFLDOHGHYDORUL]DomRSHVVRDOHVVDLGHQWLILFDomROKHSRVVLELOLWDULD"
'HVVHPRGRRVPHFDQLVPRVGHGLVFULPLQDomRUDFLDOHVWmRQDVQDUUDWLYDVPDVFDUDGDV
QDVXDVLWXDomRVRFLRHFRQ{PLFD$VQDUUDWLYDVQmRWUD]HPVXDFRQGLomRGHVHUDIUREUDVLOHLUR
FRPR R GHWHUPLQDQWH GH VHU SREUH GH QmR WHU FRQGLo}HV GH ID]HU R FXUVR SUHWHQGLGR GH
HVWXGDU HP SHUtRGR LQWHJUDO WHU TXH FRQFLOLDU R WUDEDOKR FRP D HGXFDomR HVFRODU $V
H[SHULrQFLDV GH VHJUHJDomR H GHVLJXDOGDGH UDFLDO VmR DSUHVHQWDGDV FRPR VLWXDo}HV TXH
UHVXOWDPGHVXDFRQGLomRVRFLRHFRQ{PLFD
1R HQWDQWR R SUHFRQFHLWR UDFLDO p DVVXPLGR FRPR XP SUREOHPD TXH SHUVLVWH QD
VRFLHGDGH FRQWHPSRUkQHD 0DV p XP SUREOHPD TXH GHYH VHU DGPLQLVWUDGR SHORV DIUR
EUDVLOHLURV 2 TXH p XP SUREOHPD VRFLDO DSDUHFH QDV QDUUDWLYDV FRPR XP SUREOHPD
LQGLYLGXDOTXHFDEHDFDGDXPHYLWDUTXHHVVDDJUHVVmRVHHIHWLYH(VVHGLUHFLRQDPHQWRSDUD
VL GD UHVSRQVDELOLGDGH TXDQWR jV PDQLIHVWDo}HV GHSUHFRQFHLWR HVWi HP FRQVRQkQFLD FRP D
IDOVD LGHLD GH TXH YLYHPRV HP XPD VRFLHGDGH HP TXH D µGHPRFUDFLD UDFLDO¶ SURVSHUD H RV
FRQIOLWRVQmRVmRPRWLYDGRVSHORSUHFRQFHLWRUDFLDOHVLPGHµFODVVHVRFLDO¶
&RQVLGHUDQGRTXHDVSHVVRDVDSUHVHQWDPHPVXDVQDUUDWLYDVRTXHpVLJQLILFDWLYRSDUD
DDSUHVHQWDomRGHVLTXHGHVHMDID]HUVHUiTXHGHIDWRQmRID]HPDUHODomRGHVXDFRQGLomR
VRFLDO H HFRQ{PLFD H DV H[SHULrQFLDV YLYLGDV FRP VXD FRQGLomR GH VHU DIUREUDVLOHLUR H R
SUHFRQFHLWR UDFLDO" 6XD DXWRSHUFHSomR FRPR DIUREUDVLOHLUR SDUHFH PDQLIHVWDU XP
RFXOWDPHQWR HVWUDWpJLFR GH VREUHYLYrQFLD VRFLDO HYLWDQGR FRQIOLWRV TXH SRVVDP UHGX]LU VXD
DXWRHVWLPDHVHXVHVSDoRVGHSHUWHQFLPHQWRV
2QmRDVVXPLURSUHFRQFHLWRUDFLDODRFRQVWUXLUDVQDUUDWLYDVGHVXDWUDMHWyULDGHYLGD
D FRQVWDQWH UHODomR GH VXDV OLPLWDo}HV SDUD D IRUPDomR SURILVVLRQDO SUHWHQGLGD FRP VXD
FRQGLomR VRFLRHFRQ{PLFD SRGH VHU XPD GHIHVD SDUD VXD VREUHYLYrQFLD HYLWDQGR FRQIOLWRV H
EXVFDQGRHVSDoRVGHSHUWHQFLPHQWR6HGLUHFLRQDUVHXROKDUSDUDRSUHFRQFHLWRUDFLDOHQWmR
WHUiXPVXMHLWRHQYROYLGRHXPDDomRGHDJUHVVmRTXHSRGHUiOHYDUDXPDUHODomRGHFRQIOLWR
(VWDEHOHFHUXPDUHODomRGHFRQIOLWRSRGHOHYiORDOLPLWDo}HVGHHVSDoRVGHSHUWHQFLPHQWRVH
GHRSRUWXQLGDGHVQRPXQGRGRWUDEDOKR
1RHVSDoRGD(GXFDomR(VFRODUDVOLPLWDo}HVVmRMXVWLILFDGDVSHODGHVLJXDOGDGHVRFLDO
-iQRWUDEDOKRDVQDUUDWLYDVID]HPUHIHUrQFLDDRSUHFRQFHLWRUDFLDOSHODRULJHPIDPLOLDUVHX
MHLWRGHVHUVXDFDUDFWHUtVWLFDItVLFDRDVSHFWRUDFLDO6mRDVFDUDFWHUtVWLFDVGRµSUHFRQFHLWRGH
PDUFD¶DSUHVHQWDGDVSRU1RJXHLUDTXHHVWmRSUHVHQWHVQDIRUPDGHVHJUHJDomRUDFLDO
QR PHUFDGR GH WUDEDOKR UHPHWHP D VHOHomR SDUD RFXSDU GHWHUPLQDGDV IXQo}HV DV
FDUDFWHUtVWLFDV ItVLFDV D IDOWD GH FRQILDQoD H DHVWUXWXUD IDPLOLDU1DV HQWUHYLVWDV GH VHOHomR
SDUDYDJDVGHWUDEDOKRRXSURPRomRVHUDIUREUDVLOHLURSDVVDVHUXPGLIHUHQFLDOTXHLQWHUIHUH
GHDFRUGRFRPRSUHFRQFHLWRGHTXHPID]HVROLFLWDDVHOHomR
'HVWDIRUPDRSUHFRQFHLWRUDFLDODSDUHFHQDVDo}HVGRVHPSUHJDGRUHVTXHGLUHFLRQDP
DVRSRUWXQLGDGHVGHWUDEDOKRDVVLPFRPRUHVXOWDGRGDUHODomRHQWUHDVLGHQWLGDGHVDWULEXtGDV
H DV LGHQWLGDGHV DVVXPLGDV SHORV DIUREUDVLOHLURV UHVXOWDQGR QD HVFROKD GRV FXUVRV GH
IRUPDomRSURILVVLRQDOHDEXVFDSRUHVSDoRVGHWUDEDOKR1HVVHVHQWLGR'XEDUS
HVFUHYHTXH
'HVVD GXDOLGDGH HQWUH LGHQWLGDGH SDUD R RXWUR FRQIHULGD H LGHQWLGDGH SDUD VL
FRQVWUXtGD PDV WDPEpP HQWUH LGHQWLGDGH VRFLDO KHUGDGD H LGHQWLGDGH HVFRODU
YLVDGDVHRULJLQDXPFDPSRGRSRVVtYHOQRTXDOVHGHVHQYROYHPMiQDLQIkQFLDQD
DGROHVFrQFLDHQRGHFRUUHUGDYLGDWRGDVDVHVWUDWpJLDVLGHQWLWiULDV
$VVLP DR ORQJR GD WUDMHWyULD GH YLGD GRV DIUREUDVLOHLURV VXD FRQGLomR UDFLDO HVWi
SUHVHQWH QDV UHODo}HV VRFLDLV H QD IRUPD FRPR FRQVWUyL VXDV LGHQWLGDGHV VRFLDLV H
SURILVVLRQDLV
$OpPGDVDo}HVGLVFULPLQDWyULDVTXHOHYDPDVGLILFXOGDGHVSDUDRFXSDUDOJXQVHVSDoRV
GHWUDEDOKRHVHUSURPRYLGRRXWUDVLWXDomRLQIOXHQFLDGRUDQDIRUPDomRSURILVVLRQDOGRVDIUR
EUDVLOHLURV p D IDOWD GH UHIHUrQFLDV SURILVVLRQDLV e UHGX]LGR R Q~PHUR GH SHVVRDV DIUR
EUDVLOHLUDVHPFDUJRVGHJHUrQFLDHHPSURILVV}HVGHPDLRUSUHVWtJLRVRFLDOHGHUHPXQHUDomR
6HJXQGR 'XEDU SRGHPRV GL]HU TXH H[LVWH DTXL XP SURFHVVR ELRJUiILFR HP TXH D
SHVVRD WUDEDOKD VXEMHWLYDPHQWH FRP DV LGHQWLGDGHV TXH OKH VmR KHUGDGDV RX VHMD DV
UHIHUrQFLDV GD HVWUXWXUD IDPLOLDU H DV LGHQWLGDGHV TXH QD VXD WUDMHWyULD GH YLGD IRUDP VHQGR
YLVDGDVRTXHTXHUVHU3RUpPDIDOWDGHUHIHUrQFLDVSURILVVLRQDLVSRGHUHVWULQJLUDFRQVWUXomR
GDVLGHQWLGDGHVYLVDGDVHDPRWLYDomRSDUDVROLFLWDUHEXVFDUGHWHUPLQDGDVSURILVV}HVTXHQmR
VmRFRPXQVHQWUHRVDIUREUDVLOHLURV
$RIDODUHPGHVXDIRUPDomRSURILVVLRQDODSDUHFHPUHIHUrQFLDVDVLWXDo}HVHVSHFtILFDV
TXH VXUJHP GD FRQYLYrQFLD FRP DOJXpP TXH WHP XPD UHSUHVHQWDomR GH UHVSHLWR FRPR R
SDVWRU GD LJUHMD SURIHVVRU SDWUmR 2 TXH SDUD RXWURV SRGHULD VHU XPD VLWXDomR TXDOTXHU RV
HQWUHYLVWDGRVDIUREUDVLOHLURVXWLOL]DPFRPRUHIHUrQFLDSDUDVXDHVFROKDGRFXUVRGHIRUPDomR
SURILVVLRQDO0RVWUDDQHFHVVLGDGHGHWHUSHVVRDVDTXHPVHHVSHOKDUWHUFRPRUHIHUrQFLDSDUD
VXD SURILVVLRQDOL]DomR 3HUFHEHU HP SHVVRDV DIUREUDVLOHLUDV SURILVV}HV TXH SRGHP VHU
GHVHPSHQKDGDV SRU HOH KLVWyULDV GH UHFRQKHFLPHQWR GH FRQTXLVWDV H VXSHUDo}HV 0RVWUD
WDPEpPDUHOHYkQFLDGDVSROtWLFDVDILUPDWLYDVFRPRGDLPSOHPHQWDomRGD/HLTXH
HVWDEHOHFH REULJDWRULHGDGH QR FXUUtFXOR GD HGXFDomR HVFRODU D LQFOXVmR GD KLVWyULD H FXOWXUD
DIUREUDVLOHLUD SRVVLELOLWDQGR D YDORUL]DomR H YLVLELOLGDGH GH XPD KLVWyULD GH OXWDV H
FRQTXLVWDV GDV ULTXH]DV FXOWXUDLV H GH VHXV SURWDJRQLVWDV TXH DWXDP HP SURILVV}HV TXH
SRGHP VHU UHIHUrQFLD SDUD D PRELOL]DomR GRV DIUREUDVLOHLURV QD EXVFD SRU IRUPDomR
SURILVVLRQDO(XPDIRUPDGHFRQVWLWXLUUHIHUrQFLDVSRVLWLYDVSDUDDFRQVWUXomRGDVLGHQWLGDGHV
VRFLDLVHSURILVVLRQDLVGRVDIUREUDVLOHLURV
$ LQIOXrQFLD GH VXD FRQGLomR UDFLDO QD VXDV EXVFDV SRU WUDEDOKR SRU FXUVRV GH
IRUPDomR SURILVVLRQDO DVVLP FRPR GH VXD FRQGLomR GH ID]HU R FXUVR SUHWHQGLGR UHPHWH DR
TXH'XEHWHVFUHYHXVREUHH[FOXVmRTXHRSUREOHPDGDH[FOXVmRpPXLWRPDLVGRTXH
VDEHUTXHPVmRRVH[FOXtGRVpWDPEpPFRQKHFHUDVLQIOXrQFLDVGHVVHSURFHVVRQDYLGDGHVVHV
VXMHLWRVFRPRVHHVWDEHOHFHPDVUHODo}HVVRFLDLVHVHFRQVWLWXLVXDWUDMHWyULDGHYLGDTXHSRU
VXDYH]OHYDPDIRUPDomRSURILVVLRQDO
'HDFRUGRFRP+DOODLGHQWLGDGHpXPDµFHOHEUDomRPyYHO¶HVWUDWHJLFDPHQWH
FRQVWLWXLQWHSDUDQRVFRORFDUHPUHODomRFRPRPXQGRHQWmRVREUHTXHLGHQWLGDGHRVDIUR
EUDVLOHLURV HQWUHYLVWDGRV LQWHUSUHWDP VHXV PXQGRV YLYLGRV DV YLYHQFLDV GH GHVLJXDOGDGHV GH
RSRUWXQLGDGHV GHSUHFRQFHLWR H GH H[FOXVmR 2V GDGRV HVWDWtVWLFRV UHYHODP TXH DSREUH]D p
UHVXOWDQWHGDGLVFULPLQDomRUDFLDO3RUpPDVQDUUDWLYDVGHVFRQVLGHUDPHVVHDVSHFWRSRGHQGR
VHU R TXH 6WHSKDQR HVFUHYH TXH ³HODERUDPRV QRVVD QDUUDWLYD FRP R TXH SRGHPRV
FRQYLYHUGHL[DQGRGHIDODUGDVFRLVDVTXHQRVLQFRPRGDP´
$ LGHLD GH LQFOXVmR VRFLDO TXH DSDUHFH QDV QDUUDWLYDV SHUSDVVD SHOD DTXLVLomR GH
FRQKHFLPHQWRV &RQKHFLPHQWRV TXH VmR EXVFDGRV QD (GXFDomR 3URILVVLRQDO TXH VH
DSUHVHQWDPPDLVFRPRXPHVSDoRGHSHUWHQFLPHQWRHGHYDORUL]DomRSHVVRDOGRTXHGHEXVFD
SRUSURILVVLRQDOL]DomR$VQDUUDWLYDVWHPRFRQKHFLPHQWRDGTXLULGRVQRHVSDoRGD(GXFDomR
3URILVVLRQDOFRPRXPDIRUPDGHPRELOLGDGHVRFLDOFRPRUHHODERUDomRGHVHUDIUREUDVLOHLUR
GHYDORUL]DomRHGHDXWRHVWLPDHFRPRIRUPDGHµGULEODU¶RSUHFRQFHLWRUDFLDOFRQILUPDQGRD
VHQWHQoDFOiVVLFDFULWLFDGDSRU*XLPDUmHVGHTXHDµDVFHQVmRVRFLDO¶SURGX]RHIHLWRGH
EUDQTXHDPHQWR
6H D (GXFDomR 3URILVVLRQDO p PDLV XP HVSDoR GH LQFOXVmR GR TXH GH
SURILVVLRQDOL]DomRpQRHVSDoRGHWUDEDOKRHGDVYLYrQFLDVIDPLOLDUHVQDVXDFRQGLomRGHVHU
DIUREUDVLOHLUR TXH VXUJHP DV HVFROKDV SURILVVLRQDLV DVVXPLQGR LPSRUWDQWH SDUWLFLSDomR QD
IRUPDomRSURILVVLRQDO
2WUDEDOKRQmRDSDUHFHHQTXDQWRSHUVSHFWLYDGHXPDYLGDPHOKRUPDVVLPSDUDXPD
IRUPDomR SURILVVLRQDO DWUHODGD jV QHFHVVLGDGHV GR PXQGR GR WUDEDOKR TXH UHPHWHP j
SHUPDQrQFLD QRV HVWXGRV H WHU YiULDV IRUPDo}HV SURILVVLRQDLV TXH VH FRPSOHPHQWHP H
RSRUWXQL]HPXPOHTXHPDLRUGHRSRUWXQLGDGHVGHWUDEDOKRHGHFRQVWUXomRGHFRQKHFLPHQWRV
(QWmR D UHDOL]DomRSURILVVLRQDO VH FRQVWLWXL DWUDYpV GR FRQKHFLPHQWR H QmR VRPHQWH DWUDYpV
GRWUDEDOKRHGRDFHVVRDEHQVVRFLRHFRQ{PLFRV
$IRUPDomRSURILVVLRQDOFRQVWLWXtGDDRORQJRGDWUDMHWyULDGHYLGDGRVDIUREUDVLOHLURV
DOXQRVGRVFXUVRVWpFQLFRVGDHVFRODSHVTXLVDGDDSUHVHQWDDVSHFWRVTXHVmRSUySULRVGHVXD
FRQGLomR GH VHU DIUREUDVLOHLUR FRPR R SUHFRQFHLWR D IDOWD GH UHIHUrQFLD SURILVVLRQDO H VXD
VLWXDomR VRFLRHFRQ{PLFD 1R HQWDQWR FRQVWURHP VXDV QDUUDWLYDV VHP UHODomR FRP R
SUHFRQFHLWRHDVHJUHJDomRUDFLDOFRPVXDFRQGLomRGHVHUDIUREUDVLOHLUR
48(67®(6&21&/86,9$6
$SURSRVWD GHVVDSHVTXLVD TXH VXUJH GH XP LQFRPRGRDR REVHUYDU TXH D GHVLVWrQFLD
HQWUH RV DOXQRV DIUREUDVLOHLURV QD (VFROD 7pFQLFD (VWDGXDO GH 6LQRS p VLJQLILFDWLYDPHQWH
PDLRU TXDQGR FRPSDUDGD DRV GHPDLV DOXQRV GD HVFROD WUD] HOHPHQWRV SDUD TXH SRVVDPRV
PHOKRU FRPSUHHQGHU HVVH SURFHVVR SRUpP QmR WUD] D UHVSRVWD SDUD R SUREOHPD H VLP
GLUHFLRQD QRYRV TXHVWLRQDPHQWRV FRP D DPSOLDomR GH QRYDV VLWXDo}HV DSUHVHQWDGDV SHOD
SHVTXLVD
$V QDUUDWLYDV GH IRUPDomR SURILVVLRQDO H GH LQFOXVmR VRFLDO GRV DIUREUDVLOHLURV TXH
IL]HUDP SDUWH GHVVD SHVTXLVD PRVWUDP TXH H[LVWH XPD IRUWH PRELOL]DomR SDUD D (GXFDomR
3URILVVLRQDO DGPLQLVWUDGDV QD VXD FRQGLomR GH VHU DIUREUDVLOHLUR $ H[SHFWDWLYD GH LQFOXVmR
VRFLDOSHOD(GXFDomR3URILVVLRQDOSHUSDVVDSHODLGpLDGHEXVFDGHFRQKHFLPHQWRVHVSDoRVGH
SHUWHQFLPHQWRV H UHFRQKHFLPHQWR VREUHSRQGR D IRUPDomR SDUD SURILVVLRQDOL]DomR $
SURILVVLRQDOL]DomR WHP UHIHUrQFLD FRP DV H[SHULrQFLDV SURILVVLRQDLV QD UHODomR FRP R
WUDEDOKRHD(GXFDomR3URILVVLRQDOpPDLVXPFRPSOHPHQWRGHVVDIRUPDomRQDSHUVSHFWLYD
GHIRUPDomRSURILVVLRQDOSDUDDWHQGHUDGHPDQGDGRPHUFDGRGHWUDEDOKR$SDUWLUGRWUDEDOKR
QmRDSDUHFHQDVQDUUDWLYDVSHUVSHFWLYDGHPRELOLGDGHVRFLDOHGHLQFOXVmRVRFLDO
/HPEUDQGRTXHDSURSRVWDGHLQFOXVmRVRFLDOGD(GXFDomR3URILVVLRQDOSHUSDVVDSHOD
SURILVVLRQDOL]DomRTXHSRVVLELOLWDUiPHOKRUHVFRQGLo}HVSDUDDWXDUQRPXQGRGRWUDEDOKRSDUD
RQGH FDPLQKDU HQWmR FRP D SURSRVWD SHGDJyJLFD GD HVFROD" 2 TXH SULRUL]DU" 2 TXH OHYD D
(GXFDomR 3URILVVLRQDO VH DSUHVHQWDU SDUD RV DIUREUDVLOHLURV FRP HVVD SHUVSHFWLYD" 4XH
UHODomRWHPFRPVXDVQDUUDWLYDVGHSUHFRQFHLWRUDFLDO"
4XDQGR FRQVWURHP VXDV QDUUDWLYDV VREUH R SUHFRQFHLWR UDFLDO D HGXFDomR HVFRODU VH
DSUHVHQWD FRPR XP HVSDoR HP TXH QmR HVWmR VXMHLWRV D VHUHP EDUUDGRV SHOR SUHFRQFHLWR
UDFLDO QR HQWDQWR QR PHUFDGR GH WUDEDOKR VXUJHP YiULDV VLWXDo}HV GH HQIUHQWDPHQWR FRP R
SUHFRQFHLWR UDFLDO $V QDUUDWLYDV WUD]HP VLWXDo}HV YLYHQFLDGDV H RXWUDV SUHYLVWDV GH IRUPD
TXH HVWH QmR p XP HVSDoR GH LQFOXVmR H VLP GH VREUHYLYrQFLD 2 HVSDoR GD (GXFDomR
3URILVVLRQDOVHDSUHVHQWDFRPRXPDEXVFDSRUDXWRHVWLPDSRUSHUWHQFLPHQWRQRYRVFtUFXORV
VRFLDLVXPHVSDoRGHFRQTXLVWDHUHDOL]DomRSRLVpWDPEpPXPHVSDoRGHLQVHUomRTXHQmR
IRLDFHVVtYHOSDUDVHXVSDLVHSRXFRFRPXPSDUDDVSHVVRDVGRVHXJUXSRGHRULJHP
2XWURDVSHFWRTXHHVWiSUHVHQWHQDVQDUUDWLYDVDRIDODUHPGRSUHFRQFHLWRUDFLDOpTXHR
SUREOHPD GRSUHFRQFHLWR H[LVWH TXDQGR R DIUREUDVLOHLUR VH LQFRPRGD FRP D VLWXDomR UHDJH
RXVHSHUPLWHLQIOXHQFLDU(QWmRRTXHpXPSUREOHPDGHUHVSRQVDELOLGDGHVRFLDOSDVVDDVHU
XPSUREOHPDLQGLYLGXDOGHTXHPUHFHEHDo}HVGLUHWDVHLQGLUHWDVGHUDFLVPR6mRQDUUDWLYDV
FRQVWUXtGDV VHP XPD UHODomR FRP D LGHQWLGDGH GH VHU DIUREUDVLOHLUR VHP XPD LGHQWLGDGH
FROHWLYD7HPRVDTXLRSURFHVVRKLVWyULFRGRPXQLFtSLRGH6LQRSTXHWUD]XPDKHJHPRQLDGD
FXOWXUDGRVµVXOLVWDVEUDQFRV¶DIDOWDGHHVSDoRVGHYDORUL]DomRHUHFRQKHFLPHQWRGHVHUDIUR
EUDVLOHLURRPLWRGDµGHPRFUDFLDUDFLDO¶HDQHFHVVLGDGHGHDFHLWDomRQRPHUFDGRGHWUDEDOKR
HQRVFtUFXORVVRFLDLVTXHSRGHPOHYDUDXPDIXJDGDVVLWXDo}HVGHFRQIOLWRVHYLWDQGRHQWmR
XPDOHLWXUDUHDOGRUDFLVPR
6H D (GXFDomR 3URILVVLRQDO p XP HVSDoR HP TXH HVVHV DOXQRV FRQVWURHP VXDV
QDUUDWLYDVGHLQFOXVmRVRFLDOH[LVWHDTXLXPDDPELHQWHSURStFLRSDUDDHVFRODOHYDURDOXQRD
ID]HUDOHLWXUDGHVXDWUDMHWyULDGHYLGDFRPVXDFRQGLomRGHVHUDIUREUDVLOHLURHYLGHQFLDQGR
DVFRQTXLVWDVHDRPHVPRWHPSRID]HQGR DUHODomRFRPRVGDGRVGDGHVLJXDOGDGH UDFLDOQR
%UDVLO'HRXWURODGREXVFDURVHVSDoRVHPTXHVHFXOWLYDXPDFXOWXUDFRQWUDKHJHP{QLFDHP
6LQRSHDODUJDUSDUDRHVSDoRGDHVFRODFRPRWDPEpPEXVFDURXWUDVIRUPDVGHWUDEDOKDUFRP
D KLVWRULD H D FXOWXUD DIUREUDVLOHLUD DERUGDQGR D LGHQWLGDGH UDFLDO H IRUWDOHFHQGR DVVLP DV
SRVVLELOLGDGHVGHLQFOXVmRSHOD(GXFDomR3URILVVLRQDO
&RQVLGHUDQGR DV QDUUDWLYDV GH LQFOXVmR VRFLDO R RV GDGRV GH GHVLVWrQFLDV GRV DIUR
EUDVLOHLURV QR HVSDoR GH (GXFDomR 3URILVVLRQDO HVWD VH PRVWUD FRPR XP HVSDoR GH
FRQWUDGLo}HVSRLVDRPHVPRWHPSRHPTXHUHSUHVHQWDXPIDWRUGHPRELOL]DomRWDPEpPpXP
HVSDoR GH IUXVWUDo}HV $ LGpLD GH LQFOXVmR TXH DSDUHFH QDV QDUUDWLYDV SHOD EXVFD GH
FRQKHFLPHQWRVTXHSHUSDVVDSHOD(GXFDomR3URILVVLRQDOQmRGHVFRQVLGHUDDVIUXVWUDo}HVSRU
QmRID]HURFXUVRSUHWHQGLGRQmRDFRPSDQKDURVULWPRGHDSUHQGL]DJHPGRVGHPDLVDOXQRVH
QmRFRQVHJXLUFRQFLOLDURVHVWXGRVFRPRVFRPSURPLVVRVGHWUDEDOKRHIDPLOLDUHV
6mR TXHVW}HV TXH OHYDP D SHQVDU DWp RQGH D (GXFDomR 3URILVVLRQDO FRQWULEXLX SDUD
HVVDVIUXVWUDo}HV"&RPRWUDEDOKDUFRPHVVDUHDOLGDGH"4XDLVDVSRVVLELOLGDGHVHDOWHUQDWLYDV
GH XPD (GXFDomR 3URILVVLRQDO FRP D SURSRVWD GH IRUPDomR YLQFXODGD jV QHFHVVLGDGHV GR
PXQGRGRWUDEDOKRHFRQVLGHUDQGRWDPEpPDVTXHVW}HVDTXLDSUHVHQWDGDVTXHVmRSUySULDVGD
FRQGLomRGHVHUDIUREUDVLOHLUR"
&RPRYLPRVDIRUPDomRSURILVVLRQDOGRVDIUREUDVLOHLURVpPDUFDGDSHODVXDFRQGLomR
GHVHUDIUREUDVLOHLURFRPIRUWHLQIOXrQFLDGDIDPtOLDHGRWUDEDOKR0DVFRPXPDPRELOLGDGH
VRFLDOTXHSHUSDVVDSHODIRUPDomRHVFRODUSHOD(GXFDomR3URILVVLRQDOTXHSRUVXDYH]pPDLV
XP HVSDoR GH LQFOXVmR VRFLDO GR TXH GH SURILVVLRQDOL]DomR ( p FRP HVVD SHUVSHFWLYD GH
PRELOLGDGH VRFLDO GH WHU XPD IRUPDomR SURILVVLRQDO HVFRODU FRQKHFLPHQWRV H
UHFRQKHFLPHQWRV p TXH PRELOL]D RV DIUREUDVLOHLURV QD EXVFD SRU HVVH HVSDoR GH IRUPDomR
6HUi TXH HVVHV IDWRUHV GH PRELOL]DomR HVWmR VHQGR H[SORUDGRV QD (GXFDomR 3URILVVLRQDO"
&RPRDHVFRODSRGHDPSOLDUDVSHUVSHFWLYDVGHLQFOXVmRVRFLDOHWDPEpPH[HUFHUVXDIXQomR
GHSURILVVLRQDOL]DomRDWXDQGRQDPRELOLGDGHVRFLDOGHVVHVDIUREUDVLOHLURVSHUSDVVDQGRSHOR
WUDEDOKR" 4XH UHVSRQVDELOLGDGH WHP D HVFROD FRP R DOWR tQGLFH GH GHVLVWrQFLD GH DIUR
EUDVLOHLURV HP VHXV FXUVRV FRQVLGHUDQGR D VLJQLILFDWLYD PRELOLGDGH GHVWHV SDUD D (GXFDomR
3URILVVLRQDO" &RPR WUDEDOKDU FRP HVVD WHQVmR TXH VH SHUFHEH QHVVH HVSDoR GH (GXFDomR
3URILVVLRQDO TXH VH DSUHVHQWD FRPR HVSDoR GH LQFOXVmR VRFLDO H DR PHVPR WHPSR GH
H[FOXVmR"
5()(5Ç1&,$6
$552<2 0LJXHO 7UDEDOKR HGXFDomR H WHRULD SHGDJyJLFD ,Q )5,*2772 *DXGrQFLR
2UJ (GXFDomR H FULVH GR WUDEDOKR SHUVSHFWLYDV GH ILQDO GH VpFXOR HG 3HWUySROLV
9R]HV
%$8(5 0DUWLQ *$6.(// *HRUJH 3HVTXLVD TXDOLWDWLYD FRP WH[WR LPDJHP H VRP
7UDGXomRGH3HGULQKR*XDUHVFKLHG3HWUySROLV9R]HV
%$80$1 =LJJPXQW 0RGHUQLGDGH /tTXLGD 7UDGXomR 3OtQLR 'HQW]LHQ 5LR GH -DQHLUR
-RUJH=DKDU
%(&.(5 +RZDUG 0pWRGRV GH SHVTXLVD HP &LrQFLDV 6RFLDLV HG 6mR 3DXOR +XFLWHF
%(5*(5 3HWHU /8&.0$11 7KRPDV $ FRQVWUXomR VRFLDO GD UHDOLGDGH WUDWDGR GH
VRFLRORJLD GR FRQKHFLPHQWR HG 7UDGXomR GH )ORULDQR GH 6RX]D )HUQDQGHV 3HWUySROLV
9R]HV
%5$*$ 0DULD / 628=$ (GLOHX]D 3,172 $QD ) 'LPHQV}HV GH ,QFOXVmR QR (QVLQR
0pGLR PHUFDGR GH WUDEDOKR UHOLJLRVLGDGH H HGXFDomR TXLORPEROD %UDVtOLD 0(&6(&$'
%5$6,/0LQLVWpULRGR3ODQHMDPHQWR2UoDPHQWRH*HVWmR,QVWLWXWR%UDVLOHLURGH*HRJUDILDH
(VWDWtVWLFD6tQWHVHGHLQGLFDGRUHV6RFLDLVXPDDQiOLVHGDVFRQGLo}HVGDSRSXODomREUDVLOHLUD±
DQR5LRGH-DQHLUR,%*(
BBBBBBBB/HLQžGHGHMXOKRGH$OWHUDGLVSRVLWLYRVGD/HLQRSDUD
UHGLPHQVLRQDULQVWLWXFLRQDOL]DUHLQWHJUDUDVDo}HVGDHGXFDomRSURILVVLRQDOWpFQLFDGHQtYHO
PpGLRGDHGXFDomRGHMRYHQVHDGXOWRVHGDHGXFDomRSURILVVLRQDOHWHFQROyJLFD'LVSRQtYHO
HPKWWSSRUWDOPHFJRYEU!$FHVVRHPGHVHW
BBBBBBBB6HFUHWDULD(VSHFLDOGH3ROtWLFDVGH3URPRomRGD,JXDOGDGH5DFLDO3ODQR1DFLRQDO
GH3URPRomRGD ,JXDOGDGH5DFLDO%UDVtOLD6HFUHWDULD(VSHFLDOGH3ROtWLFDVGH3URPRomRGD
,JXDOGDGH5DFLDO
BBBBBBBB'HFUHWRQžGHGHMXOKRGH5HJXODPHQWDR†žGRDUWHRVDUWV
DGD/HLQžGHGHGH]HPEURGHTXHHVWDEHOHFHDVGLUHWUL]HVHEDVHVGD
HGXFDomR QDFLRQDO H Gi RXWUDV SURYLGrQFLDV 'LVSRQtYHO HP KWWSSRUWDOPHFJRYEU!
$FHVVRHPGHVHW
BBBBBBBB0LQLVWpULR GH (GXFDomR 6HFUHWDULD GH (GXFDomR 0pGLD H 7HFQROyJLFD 3ROtWLFDV
3~EOLFDVSDUDD(GXFDomRSURILVVLRQDOH7HFQROyJLFD%UDVtOLD0(&
BBBBBBBB'HFUHWRQžGHGHDEULOGH5HJXODPHQWDR†žGRDUWHRVDUWV
DGD/HLQžGHGHGH]HPEURGHTXHHVWDEHOHFHDVGLUHWUL]HVHEDVHVGD
HGXFDomRQDFLRQDO'LVSRQtYHOHPKWWSSRUWDOPHFJRYEU!$FHVVRHPGHVHW
BBBBBBBB/HL Qž GH GH GH]HPEUR GH (VWDEHOHFH DV GLUHWUL]HV H EDVHV GD
HGXFDomRQDFLRQDO'LVSRQtYHOHPKWWSSRUWDOPHFJRYEU!$FHVVRHPGHVHW
&216(/+21$&,21$/'(('8&$d­2%UDVLO3DUHFHU&(%QžGHGHRXWXEUR
GH'LVS}HVREUHDV'LUHWUL]HV&XUULFXODUHV1DFLRQDLVSDUDR(QVLQR0pGLR'LVSRQtYHO
HPKWWSSRUWDOPHFJRYEU!$FHVVRHPGHVHW
&$67(/5REHUW'HVLJXDOGDGHHDTXHVWmRVRFLDO6mR3DXOR('8&
&È1$5,2 5XL 2UJ )RUPDomR H VLWXDo}HV GH WUDEDOKR 7UDGXomR GH -XOLD )HUUHLUD
3RUWXJXDO3RUWR(GLWRUD
&217856, 0DULD (XJrQLD )(552 )DELROD /RV XVRV GH OD QDUUDFLyQ ,Q BBBBBBBB /D
QDUUDFLyQXVRV\WHRULDV%DUFHORQD*UXSR(GLWRULDO1RUPD(QFLFORSpGLD/DWLQRDPHULFDQD
GH6RFLRFXOWXUDH&RPXQLFDomRS
&$6752 3HGUR 7UDEDOKR H ([FOXVmR 6RFLDO &DGHUQR &5+ 6DOYDGRU YRO Q S
VHWGH]
&$9$/&$17( (OVH 0$85,0 &RVWD 0DWR *URVVR H VXD KLVWyULD&XLDEi (GLomR GRV
$XWRUHV
&+$*$6 &RQFHLomR &RUUHD 1HJUR XPD LGHQWLGDGH HP FRQVWUXomR GLILFXOGDGHV H
SRVVLELOLGDGHV3HWUySROLV5LRGH-DQHLUR9R]HV
&+$5/27%HUQDUG2-RYHPHR6DEHU3RUWR$OHJUH$UWHV0pGLFDV
BBBBBBBB'D5HODomR&RPR6DEHUHOHPHQWRVSDUDXPDWHRULD7UDGXomRGH%UXQR0DJQH
3RUWR$OHJUH$UWHV0pGLFDV6XO
&255(,$-RVp$OEHUWR)RUPDomRH7UDEDOKRFRQWULEXWRVSDUDXPDIRUPDomRGRVPRGRVGH
SHQVDUHQDVXDDUWLFXODomR,Q&È1$5,25XL2UJ)RUPDomRHVLWXDo}HVGHWUDEDOKR
7UDGXomRGH-XOLD)HUUHLUD3RUWXJXDO3RUWR(GLWRUD
'8%(7 )UDQoRLV $V 'HVLJXDOGDGHV 0XOWLSOLFDGDV5HYLVWD %UDVLOHLUD GH (GXFDomR %HOR
+RUL]RQWHQ
'8%$5 &ODXGH $ FULVH GDV LGHQWLGDGHV D LQWHUSUHWDomR GH XPD PXWDomR 7UDGXomR GH
0DU\/HLWHGH%DUURV6mR3DXOR(GLWRUDGD8QLYHUVLGDGHGH6mR3DXOR
BBBBBBBB $ VRFLDOL]DomR FRQVWUXomR GDV LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV 7UDGXomR GH
$QGUpD6WDKHO6LOYD6mR3DXOR0DUWLQV
BBBBBBBB )RUPDomR WUDEDOKR H LGHQWLGDGHV SURILVVLRQDLV ,Q &È1$5,2 5XL 2UJ
)RUPDomR H VLWXDo}HV GH WUDEDOKR 7UDGXomR GH -XOLD )HUUHLUD 3RUWXJXDO 3RUWR (GLWRUD
(55$17( $QWRQLHWWH 0DV DILQDO D PHPyULD p GH TXHP" +LVWyULDV RUDLV H PRGRV GH
OHPEUDUHFRQWDU,Q5HYLVWD+LVWyULDGD(GXFDomR$63+($VVRFLDomR6XOULRJUDQGHQVH
HP+LVWyULDGD(GXFDomR)D(8)3HOQVHW±3HORWDV(GLWRUDGD8)3HO
)(55(77,&HOVR6,/9$-RmR5-6$/(60DULD57UDEDOKRIRUPDomRHFXUUtFXOR
6mR3DXOR;DPm
)(51$1'(6)ORUHVWDQ$,QWHJUDomRGR1HJURQD6RFLHGDGHGH&ODVVHVYROHYRO
HG6mR3DXOR(GLWRUD*ORER
BBBBBBBB%$67,'(65RJHU%UDQFRVH1HJURVHP6mR3DXOR6mR3DXOR1DFLRQDO
)2726 GH 6LQRS 'LVSRQtYHO HP KWWSZZZVN\VFUDSHUFLW\FRPVKRZWKUHDG
SKS"W !$FHVVRHPVHW
)5$1&2 0DULD &LDYDWWD )RUPDomR 3URILVVLRQDO SDUD R WUDEDOKR LQFHUWR ,Q )5,*2772
*DXGrQFLR 2UJ (GXFDomR H FULVH GR WUDEDOKR SHUVSHFWLYDV GH ILQDO GH VpFXOR HG
3HWUySROLV5LRGH-DQHLUR9R]HV
)5$1=2, 1DLUD /LVERD (QWUH D IRUPDomR H R WUDEDOKR WUDMHWyULDV H LGHQWLGDGHV
SURILVVLRQDLV3RUWR$OHJUH(GLWRUDGD8)5*6
)5(,5(3DXOR3HGDJRJLDGR2SULPLGRHG5LRGH-DQHLUR3D]H7HUUD
)5,*2772 *DXGrQFLR 2UJ (GXFDomR H FULVH GR WUDEDOKR SHUVSHFWLYDV GH ILQDO GH
VpFXORHG3HWUySROLV5LRGH-DQHLUR9R]HV
BBBBBBBB*(17,/,3DEOR$FLGDGDQLDQHJDGD6mR3DXOR&RUWH]
*$'($ &DUORV 4XHVW}HV VREUH R UDFLVPR H R UHYHUVR GD DIULFDQLGDGH ,Q (QFRQWUR
$QXDO GD $VVRFLDomR 1DFLRQDO GH 3yVJUDGXDomR H 3HVTXLVD HP &LrQFLDV 6RFLDLV &D[DPEX0*
*(17,/,3DEOR(GXFDUSDUDRGHVHPSUHJR,Q)5,*2772*DXGrQFLR2UJ(GXFDomRH
FULVHGRWUDEDOKRSHUVSHFWLYDVGH ILQDOGHVpFXORHG3HWUySROLV5LRGH-DQHLUR9R]HV
*RYHUQRGR(VWDGRGR0DWR*URVVR/HL&RPSOHPHQWDUQžGHGH]HPEUR$OWHUD
DGHQRPLQDomRGDV8QLGDGHVGH(QVLQRGH(GXFDomR3URILVVLRQDOH7HFQROyJLFDFULD(VFRODV
7pFQLFDV (VWDGXDLV GH (GXFDomR 3URILVVLRQDO H 7HFQROyJLFD 'LiULR 2ILFLDO GR (VWDGR GR
0DWR*URVVRGH]'LVSRQtYHOHPKWWSZZZLRPDWPWJRYEU!$FHVVRHP
GHPDLR
BBBBBBBB /HL &RPSOHPHQWDU Qž GH MDQHLUR ([WLQJXH D $XWDUTXLD &HQWUR
(VWDGXDO GH (GXFDomR 3URILVVLRQDO H 7HFQROyJLFD GH 0DWR *URVVR ± &HSURWHF H WUDQVIHUH D
JHVWmR H VXDV XQLGDGHV GHVFHQWUDOL]DGDV GH HGXFDomR SURILVVLRQDO H WHFQROyJLFD SDUD D
6HFUHWDULD GH (VWDGR GH &LrQFLD H 7HFQRORJLD ± 6(&,7(& H Gi RXWUDV SURYLGrQFLDV
'LVSRQtYHOHPKWWSZZZVDGOHJLVODFDRPWJRYEU!$FHVVRHPGHPDLR
BBBBBBBB 6HFUHWDULD GH &LrQFLD H 7HFQRORJLD 3ROtWLFD (VWDGXDO GH (GXFDomR 3URILVVLRQDO H
7HFQROyJLFD&XLDEi
BBBBBBBB6HFUHWDULDGH&LrQFLDH7HFQRORJLD3ODQR(VWDGXDOGH&LrQFLDH7HFQRORJLDSDUDR
(VWDGRGH0DWR*URVVR&XLDEi
BBBBBBBB /HL FRPSOHPHQWDU GH MDQHLUR &ULD R &HQWUR (VWDGXDO GH (GXFDomR
3URILVVLRQDOH7HFQROyJLFDGH0DWR*URVVR±&HSURWHF07'LVSRQtYHOHPKWWSZZZVDG
OHJLVODFDRPWJRYEU!$FHVVRHPGHPDLR
BBBBBBBB/HLQžGHGH]HPEUR'LVS}HVREUHDHGXFDomRSURILVVLRQDOLQVWLWXL
R )XQGR GH (GXFDomR 3URILVVLRQDO FULD D 6XSHULQWHQGrQFLD GH (GXFDomR 3URILVVLRQDO H RV
&HQWURV3~EOLFRVGH)RUPDomR3URILVVLRQDO±&(1)25VQDHVWUXWXUDGD6HFUHWDULDGH(VWDGR
GH &LrQFLD 7HFQRORJLD H (GXFDomR 6XSHULRU H Gi RXWUDV SURYLGrQFLDV 'LVSRQtYHO HP
KWWSZZZVDGOHJLVODFDRPWJRYEU!$FHVVRHPGHPDLR
*8,0$5­(6 $QWRQLR 6pUJLR $OIUHGR 3UHFRQFHLWR H GLVFULPLQDomR HG 6mR 3DXOR
(GLWRUD
BBBBBBBB &RPR WUDEDOKDU FRP UDoD HP VRFLRORJLD 5HYLVWD (GXFDomR H 3HVTXLVDYRO
Q6mR3DXOR-DQ-XQ
,$11,2FWiYLR5DoDVH&ODVVHV6RFLDLVQR%UDVLOHG6mR3DXOR%UDVLOLHQVH
+$*8(77( 7HUH]D )URWD 0HWRGRORJLDV 4XDOLWDWLYDV QD 6RFLRORJLD 3HWUySROLV 9R]HV
+$//6WXDUW,GHQWLGDGHFXOWXUDOQDSyVPRGHUQLGDGH6mR3DXOR'3$
BBBBBBBB 4XHP SUHFLVD GD ,GHQWLGDGH" ,Q 6,/9$ 7RPiV 7DGHX GD 2UJ ,GHQWLGDGH H
'LIHUHQoD$SHUVSHFWLYDGRVHVWXGRVFXOWXUDLV3HWUySROLV5LRGH-DQHLUR9R]HV
+$6(1%$/* &DUORV (QWUHYLVWD (QWUHYLVWDGRU $QWRQLR 6HUJLR *XLPDUmHV 7HPSR
6RFLDO5HYLVWDGHVRFLRORJLDGD8636mR3DXORYROQS'LVSRQtYHO
HP KWWSZZZVFLHOREUVFLHORSKS"VFULSW VFLBDUWWH[WSLG 6!
$FHVVRHPDEU
BBBBBBBB 6,/9$ 1HOVRQ /,0$ 0DUFLD &RU H HVWUDWLILFDomR VRFLDO 5LR GH -DQHLUR
&RQWUD&DSD/LYUDULD
BBBBBBBB 'HVLJXDOGDGHV UDFLDLV QR %UDVLO H QD $PpULFD /DWLQD DV WtPLGDV UHVSRVWDV DR
UDFLVPR GLVIDUoDGR ,Q -(/,1 (OL]DEHWK +(56+%(5* (ULF 2UJ &RQVWUXtQGR D
'HPRFUDFLD7UDGXomRGH$QD3LQKHLUR6mR3DXOR(G8QLYHUVLGDGHGH631(9
BBBBBBBB 'LVFULPLQDomR H GHVLJXDOGDGHV UDFLDV QR %UDVLO HG 5LR GH -DQHLUR (GLWRUD
8)0*
-8148(,5$5RJpULR([SHFWDWLYDVVREUHDLQVHUVmRGHMRYHQVQHJURVHQHJUDVQRPHUFDGR
GHWUDEDOKR,Q%5$*$0DULD/~FLD628=$(GLOHX]D3,172$QD)OiYLD'LPHQV}HVGH
,QFOXVmR QR (QVLQR 0pGLR PHUFDGR GH WUDEDOKR UHOLJLRVLGDGH H HGXFDomR TXLORPEROD
%UDVtOLD0(&6(&$'
.8(1=(5 $FiFLD 3HGDJRJLD GD )iEULFD DV UHODo}HV GH SURGXomR H D HGXFDomR GR
WUDEDOKDGRU6mR3DXOR&RUWH]
BBBBBBBB $ UHIRUPD GR HQVLQR WpFQLFR QR %UDVLO H VXDV FRQVHTXrQFLDV ,Q )(55(77,
&HOVR 6,/9$ -RmR 6$/(6 0DULD 7UDEDOKR IRUPDomR H FXUUtFXOR 6mR 3DXOR ;DPm
/$5526$-RUJH1DUUDWLYD,GHQWLGDGH\GHVLQGHQWLILFDFLyQ/DH[SHULrQFLDGHODOHFWXUD
%DUFHORQD/DUHWHV
/e3,1( &ODXGH +XPDQLVPR H &RPSURPLVVR HQVDLRV VREUH 2WiYLR ,DQQL ,Q 2 QHJUR
EUDVLOHLUR UDoD FXOWXUD RX FODVVH VRFLDO 5HJLQD &UHVSR H 0DULD ,]DEHO )DOHLURV RUJ 63
(GLWRUD81(63
0$57,16-RVpGH6RXVD$VRFLHGDGH9LVWDGR$ELVPR5LRGH-DQHLUR9R]HV
0$72 *52662 6HFUHWDULD GH 3ODQHMDPHQWR 'LVSRQtYHO HP KWWSZZZLQGLFDGRU
VHSODQPWJRYEULQIRUPDWLYRSRSXODFLRQDO!$FHVVRHPVHW
0$72*URVVRHVHXVPXQLFtSLRV'LVSRQtYHOHPKWWSZZZPWHVHXVPXQLFLSLRVFRPEU!
$FHVVRHPVHW
0($'*HRUJH(VSLULWXSHUVRQD\VRFLHGDGHGHVGHHOSRQWRGHYLVWD'HOFRQGXFWLVPR
VRFLDO%XHQRV$LUHV3DLGRV
0,1$<2 0&6 '(6/$1'(66) 1(72 & *20(6 5 2UJ 3HVTXLVD VRFLDO
WHRULDPpWRGRHFULDWLYLGDGHHG3HWUySROLV9R]HV
1,12 0DXUR 'HO 3ROtWLFD HGXFDFLRQDO HPSUHJR H H[FOXVmR VRFLDO ,Q )5,*2772
*DXGrQFLR*(17,/,3DEOR$FLGDGDQLDQHJDGD6mR3DXOR&RUWH]
12*8(,5$ 2UDF\ 7DQWR SUHWR FRPR EUDQFR HVWXGRV GH UHODo}HV UDFLDLV 6mR 3DXOR
4XHLUR]
3$,;­20DUFHOR'HVHQYROYLPHQWR+XPDQRH5HODo}HV5DFLDLV5LRGH-DQHLUR'3$
3,&2/, )LRUHOR 2 FDSLWDO H D GHYDVWDomR GD $PD]{QLD 6mR 3DXOR ([SUHVVmR 3RSXODU
3238/$d­2 QHJUD QR PHUFDGR GH WUDEDOKR 'LVSRQtYHO HP KWWSZZZFRPFLHQFLDEU
UHSRUWDJHQVQHJURVVKWPO!$FHVVRHPMXQ
6$1726 %RDYHQWXUD GH 6 5HFRQKHFHU SDUD OLEHUWDU RV FDPLQKRV GR FRVPRSROLWDQLVPR
PXOWLFXOWXUDO5LRGH-DQHLUR&LYLOL]DomR%UDVLOHLUD
6(11(775LFKDUG$FXOWXUDGRQRYRFDSLWDOLVPR7UDG&OyYLV0DUTXHV5LRGH-DQHLUR
5HFRUG
6,/9$ 7RPiV 7DGHX $ SURGXomR VRFLDO GD LGHQWLGDGH H GD GLIHUHQoD ,Q 6,/9$ 7RPiV
7DGHXGD2UJ,GHQWLGDGHH'LIHUHQoDDSHUVSHFWLYDGRVHVWXGRVFXOWXUDLV3HWUySROLV5LR
-DQHLUR9R]HV
6,12307 3UHIHLWXUD 0XQLFLSDO 'LVSRQtYHO HP KWWSZZZVLQRSPWJRYEU! $FHVVR
HPVHW
6286$(GLVRQ$QW{QLR6LQRSKLVWyULDLPDJHQVHUHODWRV&XLDEi(GLWRUD8)07
628=$ 1HXVD 6DQWRV 7RUQDUVH QHJUR DV YLFLVVLWXGHV GD LGHQWLGDGH GR QHJUR EUDVLOHLUR
HPDVFHQVmRVRFLDO5LRGH-DQHLUR*UDDO
67(3+$128 0DULD +LVWyULD PHPyULD H KLVWyULD GD HGXFDomR ,Q 67(3+$128 0DULD
%$672 0DULD +HOHQD 2UJ +LVWyULD H 0HPyULDV GD (GXFDomR QR %UDVLO 6mR 3DXOR
9R]HV
672(56WHSKHQ0$*$/+­(6$QWRQLR52'5,*8(6'DYLG2V/XJDUHVGDH[FOXVmR
VRFLDOXPGLVSRVLWLYRGHGLIHUHQFLDomRSHGDJyJLFD6mR3DXOR&RUWH]
675(&. 'DQLOR 5RPHX 'D 3HGDJRJLD GR RSULPLGR jV SHGDJRJLDV GD H[FOXVmR XP EUHYH
EDODQoR FUtWLFR 5HYLVWD (GXFDomR H 6RFLHGDGH &DPSLQDV YRO Q S PDLRDJRVWR
7(//(6(GZDUG5DFLVPRD%UDVLOHLUD7UDGXomRGH1DGMHGD0DUTXHVH&DPLOD2OVHQ5LR
GHMDQHLUR5HOXPH'XPDUi)XQGDomR)RUG
7(//(6-RmR³eSHVTXLVDp"$KQmRTXHUR QmREHP´6REUHSHVTXLVDDFDGrPLFDHVXD
UHODomRFRPDSUiWLFDGRSURIHVVRUGHOtQJXDV5HYLVWD/LQJXDJHP(QVLQRYROQS
9$/(17($QD/XFLD6HUQHJURQR%UDVLOKRMH6mR3DXOR0RGHUQD
9,(,5$ 3DXOR $OEHUWR GRV 6DQWRV 'R FRUDomR GR %UDVLO SROtWLFDV S~EOLFDV
GHVHQYROYLPHQWRHFRORQL]DomRHP0DWR*URVVR&iFHUHV(GLWRUD8QHPDW
:$1'(5/(< /XL] (GXDUGR $ TXHVWmR VRFLDO QR FRQWH[WR GD JOREDOL]DomR ,Q &$67(/
5REHUW'HVLJXDOGDGHHDTXHVWmRVRFLDO6mR3DXOR('8&
;,%(55$60DUWLQH$VWHRULDVGDH[FOXVmRSDUDXPDFRQVWUXomRGRLPDJLQiULRGRGHVYLR
/LVERD,QVWLWXWR3LDJHW
=$*2 1DGLU ,WLQHUiULRV GD SHVTXLVD SHUVSHFWLYDV TXDOLWDWLYDV HP VRFLRORJLD GD
HGXFDomR5LRGH-DQHLUR'3$
$3Ç1',&($527(,52'$6(175(9,67$6
)250$d­2352),66,21$/'2$)52%5$6,/(,52
XPDDERUGDJHPDSDUWLUGDWUDMHWyULDGHYLGDGRVDOXQRVGHFXUVRVWpFQLFRV
2TXHVHEXVFDFRQKHFHUFRPDSHVTXLVD
±&RPRDIRUPDomRSURILVVLRQDOGRVDIUREUDVLOHLURVVHFRQVWLWXLDRORQJRGHVXDWUDMHWyULD
GHYLGD"
± 2 TXH GD WUDMHWyULD GH YLGD GRV DIUREUDVLOHLURV PDUFD VXDV LGHQWLGDGHV VRFLDLV H
SURILVVLRQDLV"
± &RPR D (GXFDomR 3URILVVLRQDO VH DSUHVHQWD QD FRQVWUXomR GH LGHQWLGDGHV VRFLDLV H
SURILVVLRQDLVGRDIUREUDVLOHLUR"
±4XHVHQWLGRHUHODomRHVVHDOXQRHVWDEHOHFHFRPD(GXFDomR3URILVVLRQDOHQD(VFROD"
±&RPRVHDSUHVHQWDPQDVQDUUDWLYDVGRVDIUREUDVLOHLURVRVOLPLWHVHSRVVLELOLGDGHVGH
LQFOXVmRVRFLDOQDHSHOD(GXFDomR3URILVVLRQDO"
2 TXH EXVFR VDEHU FRP D HQWUHYLVWD SDUD UHVSRQGHU DV TXHVW}HV GD
SHVTXLVD
±6XDWUDMHWyULDGHDWXDomRSURILVVLRQDORQGHTXDQGRIXQomRSHUtRGR
±0RWLYRVTXHROHYDUDPDGHVHQYROYHUDVDWLYLGDGHVGHWUDEDOKRQDVXDWUDMHWyULDGHYLGD
± &RPR VXUJHP DV RSRUWXQLGDGHV GH WUDEDOKR H FRPR DYDOLD FDGD DWLYLGDGH QD VXD
IRUPDomRSURILVVLRQDO
± &RPR VH DSUHVHQWD R SUHFRQFHLWR UDFLDO QD VXD WUDMHWyULD VRFLDO H SURILVVLRQDO H VXD
LQIOXrQFLDQDIRUPDomRSURILVVLRQDO
±3DUWLFLSDomRHLQIOXrQFLDGDIDPtOLDHGDFRPXQLGDGHQDVXDIRUPDomRSURILVVLRQDO
±&RPRIRLVXDHVFRODULGDGHHDUHODomRHQWUHHVFRODULGDGHWUDEDOKRIDPtOLDHSUHFRQFHLWR
UDFLDO
±4XDODUHODomRHQWUHDHVFRODULGDGHHDIRUPDomRSURILVVLRQDO
±)DWRUHVTXHSDUWLFLSDUDPQDVXDLQVHUomRQRFXUVRWpFQLFRHQD(GXFDomR3URILVVLRQDO
±2TXHUHSUHVHQWDD(GXFDomR3URILVVLRQDOQRVHXGLDDGLD
±([SHFWDWLYDVSHVVRDLVFRPD(GXFDomR3URILVVLRQDO
±2UJDQL]DomRQRGLDDGLDSDUDUHDOL]DURFXUVRGH(GXFDomR3URILVVLRQDO
±4XHUHODomRHVWDEHOHFHHQWUHVXDWUDMHWyULDSURILVVLRQDOHVRFLDOHRFXUVRWpFQLFR
±4XDORGLIHUHQFLDOGD(GXFDomR3URILVVLRQDOQDVXDIRUPDomRSURILVVLRQDO
± 0XGDQoDV QR VHX GLD D GLD QD FRPXQLGDGH IDPtOLD QR WUDEDOKR H FRQVLJR PHVPR
LQIOXHQFLDGDSHOD(GXFDomR3URILVVLRQDO
$1(;2$0$3$6()2726'(6,12307
/RFDOL]DomRGH6LQRS07
)RWRViUHDVGH6LQRSGRDQRGHVXDIXQGDomRHGRDQRGH
)RQWHKWWSZZZVN\VFUDSHUFLW\FRPVKRZWKUHDGSKS"W !$FHVVRHPVHW
$1(;2%&856267e&1,&262)(5(&,'261$(6&2/$7e&1,&$
(67$'8$/'(6,12307
0$75Ë&8/$6(&(57,),&$'26126&856267e&1,&26
&XUVRV
LQLFLR
$',01,67585$/0$7
6(*75$%$/+29(63
,1)250$7,&$127
727$/
WpUPLQR
FDQGLG
DWRV
SRU
YDJD
$12
0$75Ë&8/$6
7RWDO
EUDQFRV
PDWULFXODGRV
&(57,),&$'26
1HJURV
PDWULFXODGRV
7RWDO
EUDQFRV
FHUWLILFDGRV
1HJURVFHUWLILFDGRV
$12
$*523(&8$5,$0$7
$*523(&8$5,$9(63
(',),&$d®(6127
(1)(50$*(09(63
(1)(50$*(0127
,1)250$7,&$9(63
,1)250È7,&$127
6(*75$%$/+2127
727$/
(',),&$d®(6127
6(&5(7$5,$'2127
,1)250$7,&$0$7
0(,2$0%,(17(127
$12
727$/
$12
6(&5(7$5,$'20$7
,1)250$7,&$9(63
,1)250È7,&$127
0(,2$0%,(17(9(63
6(*75$%$/+2127
(1)(50$*(09(63
(1)(50$*(0127
$*523(&8$5,$9(63
$*521(*Ï&,2127
727$/
)RQWH3HVTXLVD³$WUDMHWyULDGRQHJURQDIRUPDomRSURILVVLRQDOWpFQLFDGD6HFLWHF6LQRS07´ILQDQFLDGDSHOR
)XQGR GH $PSDUR j 3HVTXLVD GR (VWDGR GR 0DWR *URVVR ± )$3(0$707 (GLWDO GH $SRLR j ,QLFLDomR
&LHQWtILFD-XQLRUQž)$3(0$7&134
$1(;2&&85626'()250$d­2,1,&,$/(&217,18$'$'(
75$%$/+$'25(62)(5(&,'2612$12'(1$(6&2/$7e&1,&$
(67$'8$/'(6,12307
&XUVRVGH)RUPDomR,QLFLDOH&RQWLQXDGDGH7UDEDOKDGRUHV±),&7±$12±(VFROD7pFQLFD(VWDGXDOGH6LQRS07
'RFHVH6DOJDGRV
'RFHVH6DOJDGRV
'RFHVH6DOJDGRV
'RFHVH6DOJDGRV
'RFHVH6DOJDGRV
'RFHVH6DOJDGRV
'RFHVH6DOJDGRV
&RUWHH&RVWXUD
&RUWHH&RVWXUD
&RUWHH&RVWXUD
&RUWHH&RVWXUD
&RUWHH&RVWXUD
&RUWHH&RVWXUD
&RUWHH&RVWXUD
&RUWHH&RVWXUD/LQJHULH
+RUWLFXOWXUD
0HVWUHGH2EUDV
$VVLVW'HS3HVVRDO
(OHWULFLVWD%iVLFR
$VVLVW$GPHP)LQDQoDV
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
$VVLVW'HS3HVVRDO
(OHWULFLVWDGH'LVWULEXLomR
$JHQWHVGH7UkQVLWR
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
,QIRUPiWLFD%iVLFD
(FRWXULVPRH75XUDO
0DWHPiWLFD)LQDQFHLUD
0DWHPiWLFD)LQDQFHLUD
$XWR&DG
$VVLVW5HFXUVRV+XPDQRV
$VVLVW'HS3HVVRDO
$VVLVW'HS3HVVRDO
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
$OIDEHWL]DGR
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
,QJOrV%iVLFR
$OIDEHWL]DGR
$OIDEHWL]DGR
()XQGDPHQWDO
$OIDEHWL]DGR
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
()XQGDPHQWDO
727$/FXUVRV
$VVLVW$GPHP)LQDQoDV
$VVLVW$GPHP)LQDQoDV
$VVLVW$GPHP)LQDQoDV
$VVLVW'HS3HVVRDO
$VVLVW'HS3HVVRDO
$VVLVW'HS3HVVRDO
3URS$JUtFRODV
*HUHQFH/LGHUDQoD
*HUHQFH/LGHUDQoD
$VVLVW$GPHPHVWRTXH
$WHQG&OLHQWH0DUNHWLQJ
$VVLVW6HFUHWDULDGR
0DUNHWLQJ3HVVRDO6HFUHW
$WHQG&OLHQWH9HQGDV
PDWUL
FXODG
RV
WRWDO
FHUWLILFD
GRV
&(3527(&
(VFRODULGDGH
0tQLPD
&8562
/2&$/
3ULPDYHUD,JUHMD
%HWHO
&HQWUR6WR$QW
3DUDtVR,JUHMD
%RWkQLFR,JUHMD
%RD(VS&DRSD
&HQWUR6WR$QW
3DUDtVR&0mHV
%HWHO
%RD(VS&DRSD
,PSHULDO,JUHMD
&HQWUR6WR$QW
&HQWUR6HUHLD
3ULPDYHUD,JUHMD
&HQWUR6HUHLD
&KiFDUDÈJXDV
,PSHULDO(0
1RYR(VWDGR
,PSHULDO(0
1RYR(VWDGR
9LROHWDV)UHLUH
6mR&ULVWyYmR
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
&(3527(&
WRWDO
HYDVm
R
WRWDO
HYDVmR
1HJURV
PDWULFXOD
GRV
QHJURV
PDWULF
1HJURV
&HUWLILFDG
RV
QHJURV
HYDGLGRV
HYDVmR
HQWUHRV
QHJURV
)RQWH3URMHWRGHSHVTXLVD³$WUDMHWyULDGRQHJURQDIRUPDomRSURILVVLRQDOWpFQLFDGD6HFLWHF6LQRS07³ILQDQFLDGD
SHOR)XQGRGH$PSDURj3HVTXLVDGR(VWDGRGR0DWR*URVVR)$3(0$707(GLWDOGH$SRLRj,QLFLDomR&LHQWtILFD
-XQLRUQž)$3(0$7&134