>127$ 2 WH[WR DEDL[R p XPD YHUVmR WUDGX]LGD GR (VWDWXWR 6RFLDO %\H/DZV GD /DHS ,QYHVWPHQWV /WG ³/DHS
,QYHVWPHQWV´ 2 GRFXPHQWR RULJLQDO IRL ODYUDGR HP LQJOrV H GHYLGDPHQWH DUTXLYDGR HP %HUPXGDV 7UDWDVH GH
WUDGXomROLYUHSDUDRSRUWXJXrVSDUDILQVLQIRUPDWLYRVGHGHWHQWRUHVGHUHFLERVUHSUHVHQWDWLYRVGHDo}HV&ODVVH$GD
&RPSDQKLD(PFDVRGHGLYHUJrQFLDGHYHSUHYDOHFHURWH[WRRULJLQDOHRILFLDOHPOtQJXDLQJOHVDFRQIRUPHDSURYDGR
SHORV$FLRQLVWDVGD/DHS,QYHVWPHQWVUHXQLGRVHP$VVHPEOHLD*HUDO$LQWHUSUHWDomRGRFRQWH~GRGR(VWDWXWR6RFLDO
GHYHVHUIHLWDHPFRQMXQWRFRPDOHJLVODomRHUHJXODPHQWDomRDSOLFiYHOGH%HUPXGDVVREUHWXGRR&RPSDQLHV$FW
GHeUHFRPHQGiYHODDVVHVVRULDGHDJHQWHMXUtGLFRFDSDFLWDGRHKDELOLWDGR@
(67$787262&,$/%<(/$:6'$
/$(3,19(670(176/7'
$SURYDGRQD$*(GHGHMDQHLURGH
(67$787262&,$/%<(/$:6'$/$(3,19(670(176/7'
'HILQLo}HV
1HVWH (VWDWXWR 6RFLDO RV VHJXLQWHV WHUPRV H H[SUHVV}HV GHYHUmR FDVR QmR VHMDP LQFRQVLVWHQWHV FRP R
FRQWH[WRWHURVVHJXLQWHVVLJQLILFDGRVUHVSHFWLYDPHQWH
/HL
D/HLGH6RFLHGDGHVSRU$o}HVGH&RPSDQLHV$FWRI
FRQIRUPHDOWHUDGDGHWHPSRVHPWHPSRV
/XFUR&RQVROLGDGR$MXVWDGRGH
R OXFUR GDV RSHUDo}HV FRQWLQXDGDV GD 6RFLHGDGH H GDV VXDV
2SHUDo}HV&RQWLQXDGDV
VXEVLGLiULDV FRQIRUPH UHIOHWLGR QD GHPRQVWUDomR GR UHVXOWDGR
FRQVROLGDGR GD 6RFLHGDGH D ³'HPRQVWUDomR GR 5HVXOWDGR
&RQVROLGDGR´PHQRVHPTXDOTXHUSHUtRGRGHVHLVPHVHVWRGRV
RV FXVWRV UHODFLRQDGRV D TXDLVTXHU RSo}HV FRQFHGLGDV SHOD
6RFLHGDGH j PHGLGD TXH UHIOHWLGRV HP WDO 'HPRQVWUDomR GR
5HVXOWDGR&RQVROLGDGR
$ILOLDGD
FRPUHVSHLWRDTXDOTXHU3HVVRDTXDOTXHURXWUD3HVVRDGLUHWDRX
LQGLUHWDPHQWH &RQWURODGRUD &RQWURODGD RX VRE R &RQWUROH
FRPXPGLUHWRRXLQGLUHWRFRPWDO3HVVRD
$XGLWRU
LQFOXLXPDSHVVRDItVLFDRXMXUtGLFD
9DORU%DVH
SDUD TXDOTXHU SHUtRGR R /XFUR &RQVROLGDGR $MXVWDGR GH
2SHUDo}HV &RQWLQXDGDV SDUD WDO SHUtRGR PHQRV D VRPD D GR
YDORUDFXPXODGR GHWRGDVDVUHPXQHUDo}HV IL[DVD VHUSDJD DRV
GLUHWRUHV H[HFXWLYRV H D WRGRV RV GHPDLV IXQFLRQiULRV GD
6RFLHGDGH H GH VXDV VXEVLGLiULDV QD PHGLGD HP TXH HVWHMDP
UHIOHWLGRVFRPRFXVWRRXGHVSHVDQD'HPRQVWUDomRGR5HVXOWDGR
&RQVROLGDGR SDUD WDO SHUtRGR E R YDORU DFXPXODGR GH WRGD
UHPXQHUDomR YDULiYHO D VHU SDJD D WRGRV RV IXQFLRQiULRV GD
6RFLHGDGHHGHVXDVVXEVLGLiULDVH[FHWRRVGLUHWRUHVH[HFXWLYRV
GD6RFLHGDGHLQFOXVLYHQRVWHUPRVGHTXDOTXHUSDUWLFLSDomRQRV
OXFURVRXSODQRVVHPHOKDQWHVjPHGLGDTXHUHIOHWLGRFRPRFXVWR
RXGHVSHVDRXQD'HPRQVWUDomRGR5HVXOWDGR&RQVROLGDGRSDUD
HVVHSHUtRGRFYDORUHVSDJRVVHKRXYHUFRQIRUPHHVWDEHOHFLGR
QRVWHUPRVGHTXDOTXHU&RQWUDWRGH3DUWH5HODFLRQDGDjPHGLGD
TXH UHIOHWLGR FRPR FXVWR RX GHVSHVD RX QD 'HPRQVWUDomR GR
5HVXOWDGR&RQVROLGDGRSDUDWDOSHUtRGRHGGHVSHVDVWULEXWiULDV
UHODFLRQDGDVFRPUHODomRDTXDOTXHUXPGRVYDORUHVSUHFHGHQWHV
j PHGLGD TXH UHIOHWLGR FRPR FXVWR RX GHVSHVD RX QD
'HPRQVWUDomRGR5HVXOWDGR&RQVROLGDGRSDUDWDOSHUtRGR
&RQVHOKR
R FRQVHOKR GH DGPLQLVWUDomR QRPHDGR RX HOHLWR QRV WHUPRV GD
&OiXVXODHDWXDQGRSRUPHLRGHGHOLEHUDomRGHDFRUGRFRPD
/HL H FRP HVWH (VWDWXWR 6RFLDO RX RV FRQVHOKHLURV SUHVHQWHV QD
UHXQLmRGRFRQVHOKHLURVQDTXDOKDMDTXyUXP
'LDÒWLO
TXDOTXHU GLD TXH QmR VHMD XP ViEDGR GRPLQJR RX RXWUR GLD QR
TXDO DV LQVWLWXLo}HV EDQFiULDV HP 1RYD <RUN 1RYD <RUN (8$
6mR3DXOR6mR3DXOR%UDVLORX+DPLOWRQ%HUPXGDVQmRVHMDP
REULJDGDVDDEULU
(VWDWXWR6RFLDO
$o}HV&ODVVH$
$o}HV&ODVVH%
6RFLHGDGH
&RQFRUUHQWH
&RQWUROH
$FLRQLVWD&RQWURODGRU
&RQVHOKHLUR
9DORU(FRQ{PLFR
$o}HVHP%ROVDV
&RQVHOKHLUR,QGHSHQGHQWH
RSUHVHQWH(VWDWXWR6RFLDO
DV$o}HV&ODVVH$GD6RFLHGDGHFRPRGHILQLGRQD&OiXVXOD
DV$o}HV&ODVVH%GD6RFLHGDGHFRPRGHILQLGRQD&OiXVXOD
D /$(3 ,QYHVWPHQWV /WG D 6RFLHGDGH SDUD D TXDO HVWH (VWDWXWR
6RFLDOIRLDSURYDGRHFRQILUPDGR
TXDOTXHU 3HVVRD TXH FRQFRUUD ORFDO RX PXQGLDOPHQWH FRP D
6RFLHGDGH VHMDFRPRFRPLWHQWHRXUHSUHVHQWDQWHHP TXDLVTXHU
GRV PHVPRV VHWRUHV RSHUDFLRQDLV HP TXH DWXDP D 6RFLHGDGH H
VXDV$ILOLDGDV
LQFOXVLYH FRP RV VLJQLILFDGRV FRUUHODWRV RV WHUPRV
³&RQWURODGRUD´ ³&RQWURODGD´ H ³VRE &RQWUROH FRPXP´ FRPR
XWLOL]DGR FRP UHVSHLWR j 6RFLHGDGH RX D TXDOTXHU RXWUD 3HVVRD
GHYHUi VLJQLILFDU H[FHWR VH H[SUHVVDPHQWH PHQFLRQDGR GH RXWUR
PRGRQHVWH(VWDWXWR6RFLDORSRGHUGLUHWDRXLQGLUHWDPHQWHSDUD
FRQGX]LU RX ID]HU FRP TXH VHMD FRQGX]LGR R QHJyFLR D
DGPLQLVWUDomR RX DV SROtWLFDV GD 6RFLHGDGH RX GH WDO RXWUD
3HVVRDVHMDDWUDYpVGDSURSULHGDGHGHWtWXORVFRPGLUHLWRDYRWR
SRU FRQWUDWR RX GH RXWUR PRGR GHVGH TXH HQWUHWDQWR D
SURSULHGDGH GLUHWDGH PDLVGHGRV WtWXORV FRPGLUHLWRDYRWR
GD 6RFLHGDGH RX HVVD RXWUD 3HVVRD GHYHUi VHU FRQVLGHUDGD D
HVWDUQR&RQWUROH
TXDOTXHU SHVVRD TXH &RQWUROH D 6RFLHGDGH GLUHWD RX
LQGLUHWDPHQWH
XPFRQVHOKHLURGD6RFLHGDGH
R YDORU GDV $o}HV FRQIRUPH GHWHUPLQDGR SRU XPD DYDOLDomR
SUHSDUDGDGHDFRUGRFRPXPRXPDLVGRVVHJXLQWHVFULWpULRVDR
FULWpULR GD LQVWLWXLomR ILQDQFHLUD LQGHSHQGHQWH GHVFULWD DEDL[R D
SDWULP{QLROtTXLGRDRYDORUFRQWiELOESDWULP{QLROtTXLGRDRYDORU
GH PHUFDGR F IOX[R GH FDL[D GHVFRQWDGR G FRPSDUDomR GH
P~OWLSORVGHQHJRFLDomRHRXRSHUDo}HVFRPSDUiYHLVHHSUHoR
GH PHUFDGR FRQIRUPH GHWHUPLQDGR SRU VXD FRWDomR QR PHUFDGR
GH FDSLWDLV 2 ODXGR GH DYDOLDomR GHYHUi VHU SUHSDUDGR SRU XPD
LQVWLWXLomR ILQDQFHLUD LQGHSHQGHQWH LQGLFDGD SHORV 6yFLRV
SUHVHQWHV HP XPD DVVHPEOHLD JHUDO GHYLGDPHQWH FRQYRFDGD H
LQVWDODGDGHDFRUGRFRPD&OiXVXODDSDUWLUGD OLVWDFRP WUrV
LQVWLWXLo}HVILQDQFHLUDVLQGHSHQGHQWHVSURSRVWDSHOR&RQVHOKR
WRGDVDV$o}HV&ODVVH$HPLWLGDVHHPFLUFXODomRH[FHWR$o}HV
&ODVVH $ GHWLGDV SRU TXDOTXHU $FLRQLVWD &RQWURODGRU RX VXDV
$ILOLDGDV $o}HV &ODVVH $ GHWLGDV SHOD DGPLQLVWUDomR GD
6RFLHGDGH RX $o}HV &ODVVH $ GHWLGDV SHOD 6RFLHGDGH FRPR
$o}HVHPWHVRXUDULD
XP LQGLYtGXR TXH VHMD GHYLGDPHQWH QRPHDGR RX HOHLWR FRPR
&RQVHOKHLUR H TXH D QmR WHQKD UHODFLRQDPHQWR FRP D
6RFLHGDGHH[FHWRFRPRGHWHQWRUGHSDUWLFLSDomRRXLQYHVWLGRUQRV
IXQGRVRXFRQWDVDGPLQLVWUDGRVSHOD6RFLHGDGHRXSRUTXDLVTXHU
GHVXDVVXEVLGLiULDVEQmRWHQKDUHODFLRQDPHQWRFRPQHQKXPD
/$(3+ROGLQJV
6yFLR
'LUHWRU
3HVVRD
&RQFRUUHQWH RX $ILOLDGD GH XPD &RQFRUUHQWH LQFOXVLYH VHP
OLPLWDomR FRPR DJHQWH SUHVWDGRU GH VHUYLoR UHSUHVHQWDQWH FR
LQYHVWLGRU RX FRQVXOWRU H[FHWR VH UHQXQFLDGR QRV WHUPRV GD
&OiXVXOD RX HP YLUWXGH GH VHU GHWHQWRU GH $o}HV VHP
GLUHLWR D YRWR DWUDYpV GH LQYHVWLPHQWR SDVVLYR TXH UHSUHVHQWH
PHQRV GH GDV $o}HV VHP GLUHLWR D YRWR GH XPD VRFLHGDGH
FXMDV Do}HV HVWHMDP OLVWDGDV SDUD FRPHUFLDOL]DomR QD
%0)%RYHVSD6$%ROVDGH9DORUHV0HUFDGRULDV)XWXURVRX
TXDOTXHU RXWUD EROVD GH YDORUHV QDFLRQDO H QmR WHQKD GLUHLWR D
YRWRRXDGPLQLVWUDomRFRPUHVSHLWRDHVVD&RQFRUUHQWHSRUPHLR
GH FRQWUDWR RX GH RXWUR PRGR F QmR VHMD XP $FLRQLVWD
&RQWURODGRU XPD 3HVVRD TXH FRQWUROH XPD &RQFRUUHQWH H[FHWR
VHUHQXQFLDGRQRVWHUPRVGD&OiXVXODRF{QMXJHLUPmRV
ILOKRVHQWHDGRVQHWRVVREULQKDVVREULQKRVRXSDLVGR$FLRQLVWD
&RQWURODGRU RX TXDOTXHU 3HVVRD TXH FRQWUROH XPD &RQFRUUHQWH
GQmRIRLQRV~OWLPRVDQRVIXQFLRQiULRRXGLUHWRUGD6RFLHGDGH
RX GH XPD &RQFRUUHQWH H[FHWR VH UHQXQFLDGR QRV WHUPRV GD
&OiXVXOD R $FLRQLVWD &RQWURODGRU RX D 3HVVRD TXH
FRQWUROH XPD &RQFRUUHQWH H[FHWR VH UHQXQFLDGR QRV WHUPRV GD
&OiXVXOD RX XPD 3HVVRD &RQWURODGD SHOD 6RFLHGDGH RX
XPD &RQFRUUHQWH H[FHWR VH UHQXQFLDGR QRV WHUPRV GD &OiXVXOD
H QmR VHMD GLUHWD RX LQGLUHWDPHQWH XP IRUQHFHGRU GH
SURGXWRV HRX VHUYLoRV SDUD D 6RFLHGDGH I QmR VHMD XP
IXQFLRQiULRRXGLUHWRUGHXPDSHVVRDMXUtGLFDTXHSUHVWHVHUYLoRV
RXFRQWUDWHRVVHUYLoRVGD6RFLHGDGHRXGHTXDOTXHUXPD$ILOLDGD
GD 6RFLHGDGH J R F{QMXJH LUPmRV ILOKRV HQWHDGRV QHWRV
VREULQKDV VREULQKRV RX SDLV GR $FLRQLVWD &RQWURODGRU RX GH
TXDOTXHUDGPLQLVWUDGRUGD6RFLHGDGHRXXPD&RQFRUUHQWHH[FHWR
VH UHQXQFLDGR QRV WHUPRV GD &OiXVXOD H K VHMD XPD
3HVVRD TXH QmR WHQKD UHFHELGR QHQKXPD UHPXQHUDomR GD
6RFLHGDGHRXGHXPD&RQFRUUHQWHRXXPD$ILOLDGDGD6RFLHGDGH
RX XPD &RQFRUUHQWH H[FHWR VH UHQXQFLDGR QRV WHUPRV GD
&OiXVXOD RX SDUD TXDLVTXHU KRQRUiULRV RX UHPXQHUDo}HV
HP YLUWXGH GH VHU XP &RQVHOKHLUR ,QGHSHQGHQWH FRPR XP
LQYHVWLGRUQD6RFLHGDGHRXHPXPD&RQFRUUHQWHRXTXDLVTXHUGRV
IXQGRV RX DV FRQWDV DGPLQLVWUDGDV SHOD 6RFLHGDGH XPD
&RQFRUUHQWHRXTXDLVTXHUGHVXDVUHVSHFWLYDV$ILOLDGDV
/$(3+ROGLQJV/WGHTXDOTXHUVXFHVVRUDGHVWD
D3HVVRDUHJLVWUDGDQR/LYURGH5HJLVWURGH6yFLRVFRPRGHWHQWRU
GH$o}HVQD6RFLHGDGHPDVTXHQmRVHMDPDo}HVSUHIHUHQFLDLV
H TXDQGR GXDV RX PDLV SHVVRDV HVWLYHUHP DVVLP UHJLVWUDGDV
FRPR GHWHQWRUHV FRQMXQWRV GH $o}HV VLJQLILFD D 3HVVRD FXMR
QRPH VH HQFRQWUD HP SULPHLUR OXJDU QR /LYUR GH 5HJLVWUR GH
6yFLRV FRPR XP GHVVHV GHWHQWRUHV FRQMXQWRV RX WRGDV HVVDV
3HVVRDVFRQIRUPHRFRQWH[WRRDVVLPH[LMD
TXDOTXHU 3HVVRD QRPHDGD GH DFRUGR FRP HVWH LQVWUXPHQWR SDUD
RFXSDUXPFDUJRQD6RFLHGDGH
TXDOTXHU SHVVRD ItVLFD ILUPD VRFLHGDGH HP FRPDQGLWD
VRFLHGDGH VRFLHGDGH DQ{QLPD ILGHLFRPLVVR MRLQW YHQWXUH
DVVRFLDomR VRFLHGDGH SRU Do}HV FRQVyUFLR IXQGR GH
LQYHVWLPHQWR RX TXDOTXHU RXWUD HQWLGDGH RX RUJDQL]DomR FRP RX
VHP SHUVRQDOLGDGH MXUtGLFD LQFOXVLYH XPD VXEGLYLVmR SROtWLFD
3HUFHQWXDO3URSRUFLRQDO
/LYURGH5HJLVWURGH&RQVHOKHLURV
H'LUHWRUHV
/LYURGH5HJLVWURGH6yFLRV
9HQGDGR&RQWUROH
6HFUHWiULR
$o}HV
$o}HVHP7HVRXUDULD
JRYHUQDPHQWDO RX DXWDUTXLD GHVWD H GHYHUi LQFOXLU TXDOTXHU
VXFHVVRU SRU PHLR GH IXVmR LQFRUSRUDomR RX GH RXWUR PRGR
GHVVDHQWLGDGHRXRUJDQL]DomR
FRP UHVSHLWR D TXDOTXHU 6yFLR D SURSRUomR HQWUH R Q~PHUR GH
Do}HV GH XPD FODVVH HVSHFtILFD QD pSRFD GHWLGD H R Q~PHUR
DFXPXODGRGHDo}HVQDpSRFDGHWLGDVSRUWRGRVRV6yFLRVGHWDO
FODVVH
2OLYURGHUHJLVWURGH&RQVHOKHLURVH'LUHWRUHVPHQFLRQDGRVQHVWH
(VWDWXWR6RFLDO
2OLYURGHUHJLVWURGH6yFLRVPHQFLRQDGRQHVWH(VWDWXWR6RFLDO
XPDRXXPDVpULHGHRSHUDo}HVTXHHQYROYDPDYHQGDGLUHWDGH
$o}HV &ODVVH % FRPR UHVXOWDGR GR TXH RV $FLRQLVWDV
&RQWURODGRUHV YHQGHUHP D PDLRULD GDV $o}HV &ODVVH % HPLWLGDV
SDUD XPD 3HVVRD TXH QmR VHMDP TXDOTXHU 3HVVRD TXH IRL XP
SURSULHWiULREHQHILFLiULRGHTXDOTXHUWtWXORGHSDUWLFLSDomRGD/$(3
+ROGLQJV D SDUWLU GD GDWD GD SULPHLUD RIHUWD S~EOLFD GH WtWXORV GD
6RFLHGDGHFDGDWDO3HVVRDXPD3HVVRDGD/$(3
D3HVVRDQRPHDGDSDUFXPSULUWRGDVHTXDLVTXHUGDVREULJDo}HV
GH6HFUHWiULRGD6RFLHGDGHHLQFOXLTXDOTXHUSHVVRDQRPHDGDGH
DFRUGR FRP HVWH LQVWUXPHQWR SDUD FXPSULU TXDLVTXHU REULJDo}HV
GR6HFUHWiULR
HPFRQMXQWRDV$o}HV&ODVVH$HDV$o}HV&ODVVH%GLVSRVWDVQD
&OiXVXOD
XPD DomR GD 6RFLHGDGH TXH IRL RX p WUDWDGD FRPR WHQGR VLGR
DGTXLULGD H PDQWLGD SHOD 6RFLHGDGH H TXH WHQKD VLGR GHWLGD
FRQWLQXDPHQWHSHOD6RFLHGDGHGHVGHTXHHODIRLDVVLPDGTXLULGDH
QmRWHQKDVLGRFDQFHODGD
1HVWH(VWDWXWR6RFLDORQGHQmRVHMDLQFRQVLVWHQWHFRPRFRQWH[WRDRVWHUPRVTXHGHQRWHPRSOXUDOLQFOXHPR
VLQJXODUHYLFHYHUVDERVWHUPRVTXHGHQRWHPRJrQHURPDVFXOLQRLQFOXHPRVJrQHURVIHPLQLQRHQHXWURFRV
WHUPRVTXHSUHVVXSRQKDPSHVVRDVLQFOXHPVRFLHGDGHVDVVRFLDo}HVRXJUXSRGHSHVVRDVSHVVRDVMXUtGLFDVRXQmR
GRVWHUPRV³SRGHU´GHYHUmRVHULQWHUSUHWDGRVFRPRIDFXOWDWLYRH³GHYHUi´GHYHUiVHULQWHUSUHWDGRFRPRLPSHUDWLYR
HDPHQRVTXHGLVSRVWRGHRXWURPRGRQHVWHLQVWUXPHQWRRVWHUPRVHH[SUHVV}HVGHILQLGRVQD/HLGHYHUmRWHUR
PHVPRVLJQLILFDGRQHVWH(VWDWXWR6RFLDOIH[SUHVV}HVUHIHUHQWHVDHVFULWRRXVHXVFRJQDWRVGHYHUmRDPHQRVTXH
DSDUHoD LQWHQomR HP FRQWUiULR LQFOXLU D ID[ LPSUHVVmR OLWRJUDILD IRWRJUDILD FRUUHLR HOHWU{QLFR H RXWURV PRGRV GH
UHSUHVHQWDomR GH SDODYUDV HP IRUPD YLVtYHO H J RV WtWXORV DV FOiXVXODV XWLOL]DGRV QHVWH (VWDWXWR 6RFLDO VmR SDUD
IDFLOLGDGHGHUHIHUrQFLDDSHQDVHQmRVHUmRXWLOL]DGRVRXLQYRFDGRVHPVXDLQWHUSUHWDomR
3RGHUSDUD(PLWLU$o}HV
6XMHLWR D HVWH (VWDWXWR 6RFLDO H D TXDOTXHU GHOLEHUDomR GRV 6yFLRV HP FRQWUiULR H VHP SUHMXGLFDU TXDLVTXHU
GLUHLWRV HVSHFLDLV SUHYLDPHQWH FRQIHULGRV DRV GHWHQWRUHV GH TXDLVTXHU $o}HV RX FODVVH GH $o}HV H[LVWHQWHV R
&RQVHOKR GHYHUi WHU R SRGHU GH HPLWLU TXDLVTXHU Do}HV QmR HPLWLGDV GD 6RFLHGDGH HP WDLV WHUPRV H FRQGLo}HV
FRQIRUPHHOHSRVVDGHWHUPLQDU
6XMHLWR D TXDLVTXHU GLVSRVLWLYRV GD /HL TXDLVTXHU Do}HV SUHIHUHQFLDLV SRGHUmR VHU HPLWLGDV RX FRQYHUWLGDV HP
Do}HVTXHHPXPDGHWHUPLQDGDGDWDRXjRSomRGD6RFLHGDGHRXGRGHWHQWRUSRVVDPVHUHPUHVJDWDGDVHPWDLV
WHUPRVHGHWDOPRGRFRQIRUPHSRVVDVHUGHWHUPLQDGRSHOR&RQVHOKRDQWHVGDHPLVVmRRXFRQYHUVmR
3RGHUGD6RFLHGDGHSDUD&RPSUDU$o}HV
$6RFLHGDGHSRGHUiFRPSUDUVXDVSUySULDV$o}HVSDUDRFDQFHODPHQWRRXDGTXLULODVFRPR$o}HVHP7HVRXUDULD
GHDFRUGRFRPDVGLVSRVLo}HVGD/HLPHGLDQWHRVWHUPRVFRQIRUPHR&RQVHOKRMXOJDUDGHTXDGR2&RQVHOKRSRGHUi
H[HUFHUWRGRVRVSRGHUHVGD6RFLHGDGHSDUDFRPSUDUWRGDVRXTXDOTXHUSDUWHGHVXDVSUySULDV$o}HVGHDFRUGRFRP
D/HL
6HR&RQVHOKRDVHXH[FOXVLYRFULWpULRGHWHUPLQDUTXHDSURSULHGDGHGDDomRSRUTXDOTXHU3HVVRDSRVVDUHVXOWDU
HPXPFRQVHTXrQFLDVILVFDLVOHJDLVRXUHJXODWyULDVQmRGHPLQLPLVSUHMXGLFLDOj6RFLHGDGHDTXDOTXHUVXEVLGLiULDGD
6RFLHGDGHRXTXDOTXHURXWURGHWHQWRUGH$o}HVRXVXDV$ILOLDGDVD6RFLHGDGHWHUiDRSomRPDVQmRDREULJDomR
GHUHFRPSUDURXFHGHUDWHUFHLURRGLUHLWRGHFRPSUDURQ~PHURGH$o}HVGHWLGDVSRUWDO3HVVRDTXHVHMDQHFHVViULR
SDUD HOLPLQDU TXDOTXHU FRQVHTXrQFLDILVFDOOHJDORXUHJXODWyULDQmRGHPLQXV DGYHUVDDXPSUHoRGHWHUPLQDGRQR
FULWpULRGHERDIpGR&RQVHOKRSDUDUHSUHVHQWDUWDOYDORUMXVWRGHPHUFDGRGDV$o}HV'(6'(48(DVHDV$o}HV
RXTXDOTXHUSDUWLFLSDomRQHODVQmRIRUFRPHUFLDOL]DGDHPXPDEROVDGHYDORUHVHPRX IRUDGRV(VWDGRV8QLGRVR
YDORUMXVWRGHPHUFDGRSRUDomRGHYHUiVHUGHWHUPLQDGRSHOR&RQVHOKRVHPXPGHVFRQWRPLQRULWiULRPDVFRPXP
GHVFRQWR OtTXLGR DSURSULDGR WDO YDORU H GHVFRQWR OtTXLGR VH KRXYHU FRPR GHWHUPLQDGR DR FULWpULR GH ERDIp SHOR
&RQVHOKRRXEVHDV$o}HVRXTXDOTXHUSDUWLFLSDomRQHODIRUHPQHJRFLDGDVQDEROVDGHYDORUHVHPRX IRUDGRV
(VWDGRV 8QLGRVRYDORUMXVWRGHPHUFDGRSRUDomRGHYHUiVHU GHWHUPLQDGRSHOR &RQVHOKRFRP EDVHQD PpGLDGR
~OWLPRSUHoRGHYHQGDSRUDomRRXTXDOTXHUSDUWLFLSDomRQHODQDEROVDGHYDORUHVRQGHKRXYHUDPDLRUQHJRFLDomR
GDV $o}HV RX GH TXDOTXHU SDUWLFLSDomR QHODV RX VH QmR KRXYHU D PpGLD GD RIHUWD H R SUHoR FRWDGR SRU DomR RX
TXDOTXHUSDUWLFLSDomRQHODQDEROVDGHYDORUHVRQGHKRXYHUDPDLRUQHJRFLDomRGH$o}HVRXTXDOTXHUSDUWLFLSDomR
QHODVVHPXPGHVFRQWRPLQRULWiULRRXXPGHVFRQWROtTXLGRHPFDGDFDVRSDUDRVRLWR'LDVÒWHLVDQWHVGDGDWDGD
UHFRPSUD6HXP6yFLRQmRFRQFRUGDUFRPRSUHoRDVVLPGHWHUPLQDGRSHOR&RQVHOKRRYDORUMXVWRGHPHUFDGRSRU
DomR H R GHVFRQWR OtTXLGR VH KRXYHU VHUmR GHWHUPLQDGRV SRU XPD DYDOLDGRUD LQGHSHQGHQWH FRQWUDWDGD SHOD
6RFLHGDGHDVHXFULWpULRHUD]RDYHOPHQWHDFHLWiYHOSRUWDO6yFLR
'LUHLWRV9LQFXODGRVjV$o}HV
2 FDSLWDO VRFLDO DXWRUL]DGR GD 6RFLHGDGH GHYHUi VHU GLYLGLGR HP GXDV FODVVHV VHQGR TXH DV $o}HV &ODVVH $
SRVVXHPXPYDORUQRPLQDOGH86FDGD³$o}HV&ODVVH$´HDV$o}HVRUGLQiULDV&ODVVH%SRVVXHPXPYDORU
QRPLQDO 86 FDGD ³$o}HV &ODVVH %´ D VHUHP HPLWLGDV QD TXDQWLGDGH FRQIRUPH SRVVD VHU GHWHUPLQDGD SHOR
&RQVHOKRGHDFRUGRFRPHVWH(VWDWXWR6RFLDOGHVGHTXHPHGLDQWHXPDGHOLEHUDomRDSURYDGDSHORVGHWHQWRUHVGH
$o}HV&ODVVH%DTXDOTXHUPRPHQWRLQVWUXLQGRD6RFLHGDGHDUHGHVLJQDUDWRWDOLGDGHGDV$o}HV2UGLQiULDV&ODVVH%
HPLWLGDV H HP FLUFXODomR FRPR XP Q~PHUR GH $o}HV &ODVVH $ D VHU GHILQLGR SHOR &RQVHOKR D 6RFLHGDGH GHYHUi
HIHWXDUWDOUHGHVLJQDomRLPHGLDWDPHQWH
>1RWD2YDORUGRSDUYDOXHIRLDOWHUDGRSDUD86SRUDomRSDUDTXDOTXHUFODVVHGH$omRHP$VVHPEOHLD*HUDO
([WUDRUGLQiULDUHDOL]DGDHPGHPDUoRGH@
6XMHLWRjVGLVSRVLo}HVGHVWH(VWDWXWR6RFLDOHDV/HLVRVGHWHQWRUHVGH$o}HV$GHYHUmR
D
>RV 6yFLRV GHWHQWRUHV GH $o}HV &ODVVH $@ QmR HVWmR DXWRUL]DGRV D FRPSDUHFHU H YRWDU HP TXDOTXHU
DVVHPEOHLD JHUDO GD 6RFLHGDGH H[FHWR QRV FDVRV GH DVVHPEOHLD JHUDO FRQYRFDGD SDUD DOWHUDU R REMHWR VRFLDO GD
6RFLHGDGH FRQIRUPH HVWDEHOHFLGR HP VHX 0HPRUDQGR GH &RQVWLWXLomR FDVR HP TXH GHYHUi KDYHU D GHYLGD
FRQYRFDomRHRVPHVPRWHUmRGLUHLWRGHYRWR
E
WHUGLUHLWRDWDLVGLYLGHQGRVFRQIRUPHR&RQVHOKRSRVVDGHFODUDUGHWHPSRVHPWHPSRV
F
HP FDVR GH OLTXLGDomR RX GLVVROXomR GD 6RFLHGDGH VHMD YROXQWiULD RX LQYROXQWDULDPHQWH RX SDUD R
SURSyVLWRGHXPDUHRUJDQL]DomRRXGHRXWURPRGRPHGLDQWHTXDOTXHUGLVWULEXLomRGHFDSLWDOWHUmRGLUHLWRDRVDWLYRV
H[FHGHQWHVGD6RFLHGDGHH
G
HVWDUDXWRUL]DGRDH[HUFHUWRGRVRVGLUHLWRVYLQFXODGRVjV$o}HV&ODVVH$FRQIRUPHFRQIHULGRVDHODVSRU
HVWH(VWDWXWR6RFLDORXSHOD/HL
6XMHLWRjVGLVSRVLo}HVGHVWH(VWDWXWR6RFLDORVGHWHQWRUHVGH$o}HV&ODVVH%GHYHUmRHVWDUDXWRUL]DGRVD
DXPYRWR SRUDomR HPWRGRVRV DVVXQWRV DVHUHPGHOLEHUDGRVHP TXDOTXHUDVVHPEOHLDJHUDOVXMHLWRj &OiXVXOD
D DFLPD RX j &OiXVXOD DEDL[R E WDLV GLYLGHQGRV FRQIRUPH R &RQVHOKR SRVVD GHFODUDU GH WHPSRV HP
WHPSRV F HP FDVR GH OLTXLGDomR RX GLVVROXomR GD 6RFLHGDGH VHMD YROXQWiULD RX LQYROXQWDULDPHQWH RX FRP R
SURSyVLWR GH XPD UHRUJDQL]DomR RX GH RXWUR PRGR PHGLDQWH TXDOTXHU GLVWULEXLomR GH FDSLWDO WHU GLUHLWR DRV DWLYRV
H[FHGHQWHVGD6RFLHGDGHSDULSDVVXFRPRVGHWHQWRUHVGDV$o}HV&ODVVH$HGHVWDUDXWRUL]DGRDH[HUFHUWRGRV
RVGLUHLWRVYLQFXODGRVjV$o}HV&ODVVH%FRQIRUPHFRQIHULGRDHODVSRUHVWH(VWDWXWR6RFLDO
2 &RQVHOKR HVWi DXWRUL]DGR D SURYLGHQFLDU D HPLVVmR GH $o}HV SUHIHUHQFLDLV HP XPD RX PDLV VpULHV H
HVWDEHOHFHUGHWHPSRVHPWHPSRVRQ~PHURGH$o}HVDVHULQFOXtGDVHPFDGDVpULHHIL[DUDGHVLJQDomRSRGHUHV
SUHIHUrQFLDVHGLUHLWRVGDV$o}HVGHFDGDVpULHHDVTXDOLILFDo}HVOLPLWDo}HVRXUHVWULo}HVGHVWDVHSDUDTXHQmR
KDMDG~YLGDWDLVDVVXQWRVHDHPLVVmRGDV$o}HVSUHIHUHQFLDLVQmRVHUmRFRQVLGHUDGRVGHIRUPDDDOWHUDURVGLUHLWRV
YLQFXODGRVjV$o}HV&ODVVH$RX&ODVVH%RXVXMHLWRDRVWHUPRVGHTXDLVTXHURXWUDVVpULHVGDV$o}HVSUHIHUHQFLDLV
DOWHUDU RV GLUHLWRV YLQFXODGRV D TXDLVTXHU RXWUDV VpULHV GH $o}HV SUHIHUHQFLDLV $ DXWRULGDGH GR &RQVHOKR FRP
UHVSHLWR D FDGD VpULH GHYHUi LQFOXLU PDV QmR HVWDU OLPLWDGD D D GHWHUPLQDomR GH D R Q~PHUR GH $o}HV TXH
FRQVWLWXHP HVVD VpULH H D GHVLJQDomR GH LGHQWLILFDomR FRUUHVSRQGHQWH E D WD[D GH GLYLGHQGRV VREUH DV $o}HV
GHVVDVVpULHVVHRVGLYLGHQGRVGHYHUmRVHUFXPXODWLYRVHVHDVVLPGDTXHODGDWDRXGDWDVHRVGLUHLWRVUHODWLYRVGH
SULRULGDGHVHKRXYHUGRSDJDPHQWRGHGLYLGHQGRVVREUHDV$o}HVGHVVDVpULHFVHHVVDVpULHGHYHUiWHUGLUHLWRGH
YRWRDOpPGRGLUHLWRGHYRWRGLVSRVWRSRUOHLHVHDVVLPRVWHUPRVGHWDLVGLUHLWRVGHYRWRGVHHVVDVpULHGHYHUi
WHUSULYLOpJLRVGHFRQYHUVmRRXGHSHUPXWDLQFOXVLYHVHPOLPLWDomRFRQYHUVmRHP$o}HV&ODVVH$H&ODVVH%HVH
DVVLPRVWHUPRVHFRQGLo}HVGHWDLVFRQYHUV}HVRXSHUPXWDVLQFOXVLYHXPDGLVSRVLomRGHDMXVWHGDFRQYHUVmRRX
WD[D GH SHUPXWD HP WDLV KLSyWHVHV FRQIRUPH R &RQVHOKR SRVVD GHWHUPLQDU H VH RX QmR DV $o}HV GHYHUmR VHU
UHVJDWiYHLVRXUHFRPSUiYHLVHVHDVVLPRVWHUPRVHFRQGLo}HVGHVVHVUHVJDWHRXUHFRPSUDLQFOXVLYHDPDQHLUDGH
VHOHFLRQDUDV$o}HVSDUDUHVJDWHRXUHFRPSUDVHLQIHULRUDWRGDVDV$o}HVDVHUHPUHVJDWDGDVRXUHFRPSUDGDVD
GDWDRXDVGDWDVHPRXDSyVDTXDOHODVGHYHUmRVHUUHVJDWiYHLVRXUHFRPSUiYHLVHRYDORUSRUDomRDSDJDUHP
FDVRGHUHVJDWHRXUHFRPSUDFXMRYDORUSRGHUiYDULDUHPGLIHUHQWHVFRQGLo}HVHHPGDWDVGLIHUHQWHVGHUHVJDWHRX
UHFRPSUDIVHHVVDVpULHGHYHUiWHUXPIXQGRGHDPRUWL]DomRSDUDRUHVJDWHRXUHFRPSUDGHDo}HVGDTXHODVpULHH
VHWLYHURVWHUPRVHFRQGLo}HVGHVVHIXQGRGHDPRUWL]DomRJRVGLUHLWRVGDV$o}HVGHVVDVpULHDREHQHItFLRGDV
FRQGLo}HVHUHVWULo}HVDRLQFRUUHUXPDGtYLGDGD6RFLHGDGHRXTXDOTXHUVXEVLGLiULDQDHPLVVmRGHTXDLVTXHU$o}HV
DGLFLRQDLV LQFOXVLYH $o}HV DGLFLRQDLV GH WDLV VpULHV RX TXDLVTXHU RXWUDV VpULHV H PHGLDQWH R SDJDPHQWR GH
GLYLGHQGRVRXDHIHWXDomRGHRXWUDVGLVWULEXLo}HVHDFRPSUDUHVJDWHRXRXWUDDTXLVLomRSHOD6RFLHGDGHRXTXDOTXHU
VXEVLGLiULDGHTXDLVTXHU$o}HVHPLWLGDVGD6RFLHGDGHKRVGLUHLWRVGDV$o}HVHPFDVRGHOLTXLGDomRYROXQWiULDRX
LQYROXQWiULDGLVVROXomRRXH[WLQomRGD6RFLHGDGHHRVGLUHLWRVUHODWLYRVGHSULRULGDGHVHKRXYHUGRSDJDPHQWRGH
$o}HV GHVVD VpULH H L TXDOTXHU RXWUD SDUWLFLSDomR UHODWLYD RSFLRQDO RX RXWURV GLUHLWRV HVSHFLDLV TXDOLILFDo}HV
OLPLWDo}HVRXUHVWULo}HVGHVVDVpULH
4XDLVTXHU$o}HVSUHIHUHQFLDLVGHTXDOTXHUVpULHTXHWHQKDVLGRUHVJDWDGDVHMDDWUDYpVGDRSHUDomRGHXPIXQGR
GHDPRUWL]DomRRXGHRXWURPRGRRXDTXDOVHFRQYHUWtYHORXSHUPXWiYHOWHQKDVLGRFRQYHUWLGDRXSHUPXWDGDSDUD
$o}HVGHTXDOTXHURXWUDFODVVHRXFODVVHVGHYHUiWHURVWDWXVGH$o}HVSUHIHUHQFLDLVDXWRUL]DGDVHQmRHPLWLGDVGD
PHVPDVpULHHSRGHUmRVHUUHHPLWLGDVFRPRSDUWHGDVpULHGDTXDOHODVHUDPRULJLQDOPHQWHXPDSDUWHRXSRGHUmR
VHUUHFODVVLILFDGDVRXUHHPLWLGDVFRPRSDUWHGHXPDQRYDVpULHGH$o}HVSUHIHUHQFLDLVDVHUFULDGDSRUPHLRGHXPD
GHOLEHUDomRRXGHOLEHUDo}HVGR&RQVHOKRRXFRPRXPDSDUWHGHTXDOTXHURXWUDVpULHGH$o}HVSUHIHUHQFLDLVWRGDV
VXMHLWDV jV FRQGLo}HV H UHVWULo}HV VREUH HPLVVmR HVWDEHOHFLGDV QD GHOLEHUDomR RX GHOLEHUDo}HV DGRWDGDV SHOR
&RQVHOKRTXHHVWDEHOHoDPDHPLVVmRGHTXDLVTXHUVpULHVGH$o}HVSUHIHUHQFLDLV
$RFULWpULRGR&RQVHOKRWHQKDRXQmRUHODomRFRPDHPLVVmRHYHQGDGHTXDLVTXHU$o}HVRXRXWURVWtWXORVGD
6RFLHGDGHD6RFLHGDGHSRGHUiHPLWLUWtWXORVFRQWUDWRVJDUDQWLDVRXRXWURVLQVWUXPHQWRVTXHHYLGHQFLHPTXDLVTXHU
$o}HV GLUHLWRV GH RSomR WtWXORV TXH WHQKDP GLUHLWRV GH FRQYHUVmR RX RSomR RX REULJDo}HV VREUH WDLV WHUPRV
FRQGLo}HVHGHPDLVGLVSRVLo}HVFRQIRUPHVHMDPIL[DGDVSHOR&RQVHOKRLQFOXVLYHVHPOLPLWDUD JHQHUDOLGDGHGHVWD
DXWRULGDGHFRQGLo}HVTXHLPSHoDPRXOLPLWHPTXDOTXHU3HVVRDRX3HVVRDVTXHGHWHQKDPRXRIHUHoDPDDTXLVLomR
GHXPQ~PHURHVSHFtILFRGHSRUFHQWDJHPGDV$o}HV&ODVVH$RX&ODVVH%HPLWLGDVRXWUDV$o}HVGLUHLWRVGHRSomR
WtWXORV TXH WHQKDP GLUHLWRV GH RSomR RX FRQYHUVmR RX REULJDo}HV GD 6RFLHGDGH RX FHVVLRQiULD GD 3HVVRD RX
3HVVRDV GR H[HUFtFLR FRQYHUVmR WUDQVIHUrQFLD RX UHFHELPHQWR GDV $o}HV GLUHLWRV GH RSomR WtWXORV TXH WHQKDP
GLUHLWRVGHFRQYHUVmRRXRSomRRXREULJDo}HV
7RGRVRVGLUHLWRVYLQFXODGRVjV$o}HVHP7HVRXUDULDGHYHUmRVHUVXVSHQVRVHQmRGHYHUmRVHUH[HUFLGRVSHOD
6RFLHGDGHHQTXDQWRHODGHWLYHUWDLV$o}HVHP7HVRXUDULDHH[FHWRVHH[LJLGRSRU/HLWRGDVDV$o}HVHP7HVRXUDULD
GHYHUmRVHUH[FOXtGDVGRFiOFXORGHTXDOTXHUSRUFHQWDJHPRXIUDomRGRFDSLWDOVRFLDORXGDV$o}HVGD6RFLHGDGH
&KDPDGDVREUHDV$o}HV
2&RQVHOKRSRGHUiHIHWXDUDVFKDPDGDVFRQIRUPHHOHFRQVLGHUHDGHTXDGRDRV6yFLRVFRPUHVSHLWRDTXDLVTXHU
YDORUHV VHMD FRP UHVSHLWR DR YDORU QRPLQDO RX iJLR QmR SDJRV VREUH DV $o}HV GLVWULEXtGDV RX PDQWLGDV SRU WDLV
6yFLRV H QmR SDJiYHLV HP SUD]RV IL[RV SHORV WHUPRV H FRQGLo}HV GH HPLVV}HV H VH XPD FKDPDGD QmR IRU
LQWHJUDOL]DGDDWpDGDWDLQGLFDGDSDUDSDJDPHQWRGHVWDR6yFLRSRGHUiDFULWpULRGR&RQVHOKRVHUUHVSRQViYHOSRU
SDJDU j 6RFLHGDGH RV MXURV VREUH R YDORU GH WDO FKDPDGD j WD[D H DR SUD]R GH SDJDPHQWR FRQIRUPH R &RQVHOKR
SRVVD GHWHUPLQDU UD]RDYHOPHQWH D SDUWLU GD GDWD HP TXH HVVD FKDPDGD GHYHULD WHU VLGR SDJD DWp D GDWD UHDO GR
SDJDPHQWR
4XDOTXHU TXDQWLD TXH SHORV WHUPRV GH GLVWULEXLomR GH XPD DomR WRUQHVH H[LJtYHO PHGLDQWH D HPLVVmR RX HP
TXDOTXHU GDWD IL[D VHMD SRU FRQWD GR YDORU QRPLQDO GD DomR RX QD IRUPD GH iJLR GHYHUi SDUD WRGRV RV SURSyVLWRV
GHVVH(VWDWXWR6RFLDOVHUFRQVLGHUDGRGHYLGDPHQWHFKDPDGDHH[LJtYHOQDGDWDQDTXDOSHORVWHUPRVGHHPLVVmRHOD
VH WRUQH H[LJtYHO H QR FDVR GH QmR SDJDPHQWR WRGDV DV GLVSRVLo}HV UHOHYDQWHV GHVWH (VWDWXWR 6RFLDO TXDQWR DR
SDJDPHQWR GH MXURV FXVWRV HQFDUJRV H GHVSHVDV FDGXFLGDGH RX GH RXWUR PRGR GHYHUmR VH DSOLFDU FRPR VH WDO
TXDQWLDWLYHVVHVHWRUQDGRH[LJtYHOHPYLUWXGHGHXPDFKDPDGDGHYLGDPHQWHIHLWDHQRWLILFDGD
2V GHWHQWRUHV FRQMXQWRV GH XPD $omR GHYHUmR VHU VROLGDULDPHQWH UHVSRQViYHLV SHOR SDJDPHQWR GH WRGDV DV
FKDPDGDVFRPUHVSHLWRDWDO$omR
$ 6RFLHGDGH SRGHUi DFHLWDU GH TXDOTXHU 6yFLR WRGR RX SDUWH GR YDORU UHPDQHVFHQWH QmR LQWHJUDOL]DGR VREUH
TXDLVTXHU$o}HVGHWLGDVSRUWDO6yFLRHPERUDQHQKXPDSDUWHGHVVHYDORUWHQKDVLGRFKDPDGR
3URLELomRGH$VVLVWrQFLD)LQDQFHLUD
$6RFLHGDGHQmRGHYHUiGDUVHMDGLUHWDRXLQGLUHWDPHQWHSRUPHLRGHSUHVWDomRGHJDUDQWLDGHHPSUpVWLPRGH
WtWXORVRXGHRXWURPRGRTXDOTXHUDVVLVWrQFLDILQDQFHLUDSDUDRVILQVGHDTXLVLomRRXDTXLVLomRSURSRVWDSRUTXDOTXHU
3HVVRDGHTXDLVTXHU$o}HVPDVQDGDQHVWD&OiXVXODGHYHUiSURLELUDVWUDQVDo}HVSHUPLWLGDVQRVWHUPRVGD/HL
&HUWLILFDGRVGH$o}HV
&DGD6yFLRGHYHUiWHUGLUHLWRDXPFHUWLILFDGRVRERVHORFRPXPGD6RFLHGDGHRXTXHSRVVXDDDVVLQDWXUDRX
XPD FKDQFHOD PHFkQLFD GHVWD GH XP &RQVHOKHLUR GR 6HFUHWiULR RX GH XPD 3HVVRD H[SUHVVDPHQWH DXWRUL]DGD D
DVVLQDUHVSHFLILFDPHQWHRQ~PHURHTXDQGRDSURSULDGRDFODVVHGH$o}HVGHWLGDSRUWDO6yFLRHVHHODVHVWLYHUHP
WRWDOPHQWHLQWHJUDOL]DGDVHVHQmRHVSHFLILFDQGRRYDORULQWHJUDOL]DGRQHVVDV$o}HV2&RQVHOKRSRGHUiSRUPHLR
GH GHOLEHUDomR GHWHUPLQDU GH PDQHLUD JHUDO RX HP XP FDVR SDUWLFXODU TXH WRGDV H TXDLVTXHU DVVLQDWXUDV QRV
FHUWLILFDGRVSRVVDPVHULPSUHVVRVQHODVRXDIL[DGRVSHORVPHLRVPHFkQLFRVRXQDIRUPDGHFKDQFHOD
$ 6RFLHGDGH QmR GHYHUi HVWDU REULJDGD D FRQFOXLU H HQWUHJDU XP FHUWLILFDGR GH DomR D PHQRV TXH
HVSHFLILFDPHQWHFRQYRFDGDDID]rORSHOD3HVVRDDTXDODV$o}HVWHQKDPVLGRGLVWULEXtGDV6HTXDOTXHUFHUWLILFDGR
GH DomR HVWLYHU FRPSURYDGDPHQWH j VDWLVIDomR GR &RQVHOKR GHVJDVWDGR SHUGLGR H[WUDYLDGR RX GHVWUXtGR R
&RQVHOKRSRGHUiID]HUFRPTXHXPQRYRFHUWLILFDGRVHMDHPLWLGRHH[LJLUXPDLQGHQL]DomRSDUDRFHUWLILFDGRSHUGLGR
VHMXOJDUDGHTXDGR
D4XDLVTXHUFHUWLILFDGRVGHDo}HVTXHUHSUHVHQWHPDV$o}HV&ODVVH$HPLWLGDVSHOD6RFLHGDGHGHYHUmR
SRVVXLUDVHJXLQWHOHJHQGD
$6$d®(6&/$66($³$d®(6´'$/$(3,19(670(176/7'$³62&,('$'(´&203529$'$61(67($72
(67­2 68-(,7$6 ¬6 5(675,d®(6 62%5( 75$16)(5Ç1&,$ 12 (67$7872 62&,$/ '$ 62&,('$'(
&21)250(20(6023266$6(5$/7(5$'2'(7(0326(07(03262³(67$787262&,$/´1(1+80$
75$16)(5Ç1&,$'(66$6$d®(6'(9(5È6(59È/,'$289,*(17($7e48(72'$6$6&21',d®(6'(
75$16)(5Ç1&,$ (67$%(/(&,'$6 12 (67$7872 62&,$/ 7(1+$0 6,'2 3/(1$0(17( &8035,'$6
72'$6 $6 &Ï3,$6 '2 (67$7872 62&,$/ 32'(5­2 6(5 2%7,'$6 6(0 1(1+80 &8672 325 0(,2 '(
62/,&,7$d­2325(6&5,72)(,7$3(/23257$'25'25(*,6752'(67(&(57,),&$'2$26(&5(7È5,2
'$62&,('$'($6$d®(648(1­27,9(5(06,'25(*,675$'$61267(5026'$6(&85,7,(6$&7'(
'26(8$&21)250($/7(5$'$$³6(&85,7,(6$&7'26(8$´48$,648(5/(,6 (67$'8$,6'2
0(5&$'26 '( &$3,7$,6 126 (67$'26 81,'26 ( 7(1+$0 6,'2 3267$6 ,1,&,$/0(17( 126 7(5026
'$6,6(1d®(6'$6(&85,7,(6$&7'26(8$(48(1­232'(5­26(55(2)(5(&,'$65(9(1','$6
28 (03(1+$'$6 28 '( 28752 02'2 75$16)(5,'$6 126 (67$'26 81,'26 28 3$5$ 3(662$6
1257($0(5,&$1$6 (0 80$ 75$16$d­2 48( (67(-$ ,6(17$ '26 5(48,6,726 '( 5(*,6752 '$
6(&85,7,(6 $&7'26(8$$ 80$3(662$48(&(57,),48(325(6&5,72 (080$)250$ $&(,7È9(/
$2 (0,6625 ( $2 '(326,7È5,2 '(6,*1$'2 48( $ (/(6 6­2 &2035$'25(6 ,167,78&,21$,6
48$/,),&$'26&202'(),1,'21$5(*5$$1267(5026'$6(&85,7,(6$&7'26(8$$³4,%´
1(1+80$ (17,'$'( 48( '(7(1+$ 28 ,19,67$ (0 80$ %$6( ',6&5,&,21È5,$ 0(126 '( 86
0,/+®(6 (0 $d®(6 '( (0,7(17(6 1­2 $),/,$'$6 ( 1(1+80 3/$12 '( )81&,21È5,2
3$57,&,3$17( ',5(72 7$/ &202 80 3/$12 '(6&5,72 1$6 68%&/È868/$6 DL' ( 28 ) '$
5(*5$$1267(5026'$6(&85,7,(6$&7'26(8$28%72'26266(*8,17(6$'48,5(17(
'$6 $d®(6 126 7(5026 '( 48$/48(5 ,6(1d­2 ',6321Ë9(/ '26 5(48,6,726 '( 5(*,6752 '$
6(&85,7,(6 $&7 '26 (8$ 68-(,7$ $2 ',5(,72 '2 (0,7(17( ( '2 '(326,7È5,2 5(48(5(5(0 $
(175(*$ '( 80 3$5(&(5 '2 $'92*$'2 (28 2875$6 ,1)250$d®(6 6$7,6)$7Ï5,$6 $ &$'$ 80
'(/(6 48$172 $ ',6321,%,/,'$'( '( 7$/ ,6(1d­2 (/$6 1­2 6­2 &2167,78Ë'$6 3$5$ 2
3523Ï6,72 '( ,19(67,*$d­2 12 (0,7(17( ( (/(6 (67­2 $'48,5,1'2 $6 $d®(6 325 68$
35Ï35,$ &217$ &202 &20,7(17(6 28 (0 120( '( 2875$ 3(662$ 48( (67(-$ $37$ ( 6(-$
&216,'(5$'$ )$=(5 $6 '(&/$5$d®(6 1(67$ &/È868/$ , ( 28 ,, 0(',$17( 5(6*$7(
'(67( 5(&,%2 $6 $d®(6 5(35(6(17$'$6 3(/$6 $d®(6 &203529$'$6 1(67( $72 32'(5­2 6(5
5(2)(5(&,'$65(9(1','$6(03(1+$'$628'(2875202'275$16)(5,'$6(080$75$16$d­2
2))6+25( '( $&25'2 &20 $ 5(*8/$0(17$d­2 6 126 7(5026 '$ 6(&85,7,(6 $&7 '26 (8$
³5(*8/$0(17$d­2 6´ 3$5$ 80 3(662$ )25$ '26 (67$'26 81,'26 ( 1­2 &21+(&,'$ 3(/2
&('(17( &202 80$ 3(662$ 1257($0(5,&$1$ ( 28 ¬ e32&$ '2 3(','2 '( &2035$
25,*,1$'22&(66,21È5,2(67$9$)25$'26(67$'2681,'26282&('(17((48$/48(53(662$
$*,1'2(06(8120($&5(',7285$=2$9(/0(17(48(2&(66,21È5,2(67$9$)25$'26(67$'26
81,'26 28 $ 9(1'$ 6(-$ )(,7$ (0 80$ 75$16$d­2 5($/,=$'$ (0 80 0(5&$'2 '( $d®(6
2))6+25( '(6,*1$'2 ( $ 80$ 3(662$ 48( 1­2 6(-$ &21+(&,'$ 3(/2 &('(17( &202 80$
3(662$ 1257($0(5,&$1$ 325 0(,2 '( 80 35e$&25'2 28 '( 28752 02'2 ( 0(',$17(
&(57,),&$d­2 1(66( 6(17,'2 3(/$ &('(17( 325 (6&5,72 (0 80$ )250$ $&(,7È9(/ 3$5$ 2
(0,7(17( ( 2 '(326,7È5,2 '(6,*1$'2 26 7(5026 ³3(662$ 1257($0(5,&$1$´ ³75$16$d­2
2))6+25(´ ( ³0(5&$'2'( $d®(6 2))6+25('(6,*1$'2´ 32668(0 2 6,*1,),&$'2(67$%(/(&,'2
1$ 5(*8/$0(17$d­2 6 2 (0,7(17( ( 6(86 5(35(6(17$17(6 1­2 (67­2 2%5,*$'26 $
5(&21+(&(548$/48(55(9(1'$282875$75$16)(5Ç1&,$'$6$d®(6&203529$'$61(67($72
48(1­2(67(-$(0&21)250,'$'(&20(67$65(675,d®(6
E 4XDLVTXHU FHUWLILFDGRV GH Do}HV TXH UHSUHVHQWDP DV $o}HV &ODVVH % HPLWLGDV SHOD 6RFLHGDGH DSUHVHQWDUmR D
VHJXLQWHOHJHQGD
26 9$/25(6 02%,/,È5,26 $%5$1*,'26 3(/2 35(6(17( ,167580(172 ( $6 $d®(6 '$ /$(3
,19(670(176 /7' $ 62&,('$'( 48( (/(6 5(35(6(17$0 $6 ³$d®(6´ (67­2 68-(,726 ¬6
5(675,d®(6¬75$16)(5Ç1&,$12(67$787262&,$/'$62&,('$'(($/7(5$d®(63267(5,25(6'2
0(602 $ 48$/48(5 020(172 2 ³(67$7872 62&,$/´ 1(1+80$ 75$16)(5Ç1&,$ '(66$6 $d®(6
6(5È 9È/,'$ 28 ()(7,9$ $7e 48( 72'$6 $6 &21',d®(6 '( 75$16)(5Ç1&,$ 35(9,67$6 12
(67$787262&,$/7(1+$06,'2,17(*5$/0(17(&8035,'$6&Ï3,$6'2(67$787262&,$/32'(5­2
6(5 2%7,'$6 6(0 1(1+80 &8672 0(',$17( 62/,&,7$d­2 (6&5,7$ 5($/,=$'$ 3(/2 '(7(1725
5(*,675$'2'(66(&(57,),&$'2$26(&5(7È5,2'$62&,('$'(
$o}HV)UDFLRQiULDV
$6RFLHGDGHSRGHUiHPLWLUDo}HVHPGHQRPLQDo}HVIUDFLRQiULDVHWUDWDUWDLVIUDo}HVGDPHVPDIRUPDFRPRWUDWD
VXDV Do}HV LQWHLUDV H DV Do}HV HP GHQRPLQDo}HV IUDFLRQiULDV WHUmR SURSRUFLRQDOPHQWH jV UHVSHFWLYDV IUDo}HV
UHSUHVHQWDGDVSRUHODVWRGRVRVGLUHLWRVGHDo}HVLQWHLUDVLQFOXLQGRSRUpPVHPOLPLWDUDJHQHUDOLGDGHGRH[SRVWR
DFLPDRGLUHLWRGHYRWDUGHUHFHEHUGLYLGHQGRVHGLVWULEXLo}HVHGHSDUWLFLSDUGHXPDOLTXLGDomR
/LYURGH5HJLVWURGH6yFLRV
2&RQVHOKRGHYHUiID]HUFRPTXHVHMDPDQWLGRHPXPRXPDLVOLYURVXP/LYURVGH5HJLVWURGH6yFLRVHGHYHUi
FRORFDUQHOHVRVGDGRVH[LJLGRVSHOD/HL
2/LYURGH5HJLVWURGH6yFLRVHVWDUiGLVSRQtYHOSDUDLQVSHomRQDVHGHGD6RFLHGDGHWRGRVRVGLDV~WHLVVXMHLWRD
UHVWULo}HVUD]RiYHLVTXHSRGHUmRVHULPSRVWDVSHOR&RQVHOKRGHPRGRTXHVHMDSHUPLWLGDDLQVSHomRSRUQRPtQLPR
GXDVKRUDVHPFDGDGLD~WLO2/LYURGH5HJLVWURGH6yFLRVSRGHUiDSyVHQYLRGHQRWLILFDomRGHDFRUGRFRPD/HLVHU
IHFKDGRDTXDOTXHUPRPHQWRRXPRPHQWRVTXHQmRH[FHGDPQRWRGRWULQWDGLDVHPFDGDDQR
$ 6RFLHGDGH GHYHUi WHU GLUHLWR GH WUDWDU R 6yFLR RX R GHWHQWRU UHJLVWUDGR GH TXDOTXHU DomR FRPR R GHWHQWRU
DEVROXWRGDPHVPDHGHVVDIRUPDQmRWHUiREULJDomRGHUHFRQKHFHUQHQKXPDUHLYLQGLFDomRHPHTXLGDGHRXRXWUD
UHLYLQGLFDomRRXLQWHUHVVHHPWDODomRSRUSDUWHGHTXDOTXHURXWUDSHVVRD
7UDQVIHUrQFLDGH$o}HV5HJLVWUDGDV
2&RQVHOKRQmRSRGHUiUHJLVWUDUXPDWUDQVIHUrQFLDH[FHWRVHDWUDQVIHUrQFLDIRUSHUPLWLGDHFXPSULURSUHVHQWH
(VWDWXWR 6RFLDO H VH WRGRV RV FRQVHQWLPHQWRV DV DXWRUL]Do}HV H DV SHUPLVV}HV DSOLFiYHLV GH TXDOTXHU yUJmR RX
DJrQFLD JRYHUQDPHQWDO RX UHJXODWyULD HP %HUPXGDV %UDVLO /X[HPEXUJR (VWDGRV 8QLGRV GD $PpULFD RX TXDOTXHU
RXWUDMXULVGLomRDSOLFiYHOQHFHVViULRVWLYHUHPVLGRREWLGRV
2 &RQVHOKR SRGHUi UHFXVDU R UHJLVWUR GH XPD WUDQVIHUrQFLD FDVR DFUHGLWH UD]RDYHOPHQWH TXH R FHGHQWH RX
TXDOTXHUFHVVLRQiULRHVWHMDHPFRQIOLWRGHLQWHUHVVHVFRPD6RFLHGDGHWHQKDLQLFLDGRRXDPHDoDGRLQLFLDUXPOLWtJLR
FRQWUDD6RFLHGDGHWHQKDUHDOL]DGRTXDOTXHUFRQGXWDSUHMXGLFLDOj6RFLHGDGHRXWHQKDUHDOL]DGRTXDOTXHUDWRKRVWLO
FRQWUDD6RFLHGDGH
8P LQVWUXPHQWR GH WUDQVIHUrQFLD VHUi IHLWR SRU HVFULWR QD IRUPD SUHYLVWD D VHJXLU RX R PDLV SUy[LPR GHOD
SRVVtYHOFRQIRUPHSHUPLWLGRSHODVFLUFXQVWkQFLDVRXHPGHRXWUDIRUPDTXHSRGHUiVHUVROLFLWDGDSHOR&RQVHOKR
7UDQVIHUrQFLDGHXPD$omRRX$o}HVGD/$(3,QYHVWPHQWV/WGD³6RFLHGDGH´
3(/29$/255(&(%,'2 >YDORU@ HX >QRPH GR FHGHQWH@ YHQGR FHGR H WUDQVILUR SHOR SUHVHQWH LQVWUXPHQWR DR
>FHVVLRQiULR@GH>HQGHUHoR@>Q~PHUR@GHDo}HVGD6RFLHGDGH
'$7$'2GH>@GH>@GH>@
$VVLQDGRSRU
1DSUHVHQoDGH
&HGHQWH 7HVWHPXQKD
&HVVLRQiULR
7HVWHPXQKD
7DOLQVWUXPHQWRGHWUDQVIHUrQFLDVHUiDVVLQDGRSRURXHPQRPHGRFHGHQWHHGRFHVVLRQiULRHVWDEHOHFLGRTXH
QR FDVR GH XPD DomR LQWHJUDOPHQWH SDJD R &RQVHOKR SRGHUi DFHLWDU R LQVWUXPHQWR DVVLQDGR SRU RX HP QRPH GR
FHGHQWH DSHQDV QD PHGLGD HP TXH HOH FXPSUD D &OiXVXOD GR (VWDWXWR 6RFLDO 2 FHGHQWH VHUi FRQVLGHUDGR
GHWHQWRUGHWDO$omRDWpTXHDPHVPDVHMDWUDQVIHULGDDRFHVVLRQiULRQR5HJLVWURGH6yFLRV
2V GHWHQWRUHV FRQMXQWRV GH TXDOTXHU DomR SRGHUmR WUDQVIHULU WDO DomR D XP RX PDLV GRV UHIHULGRV GHWHQWRUHV
FRQMXQWRVHR GHWHQWRURXRV GHWHQWRUHVVXEVLVWHQWHV GH TXDOTXHUDomRDQWHULRUPHQWHGHWLGD SRUHOHVHPFRQMXQWR
FRPXP6yFLRIDOHFLGRSRGHUmRWUDQVIHULUTXDOTXHUUHIHULGDDomRSDUDRVH[HFXWRUHVRXDGPLQLVWUDGRUHVGHWDO6yFLR
IDOHFLGR
2&RQVHOKRSRGHUiDVHXFULWpULRDEVROXWRHVHPDWULEXLomRGHQHQKXPDUD]mRSDUDWDQWRUHFXVDUVHDUHJLVWUDUD
WUDQVIHUrQFLD GH XPD DomR TXH QmR HVWHMD WRWDOPHQWH LQWHJUDOL]DGD 2 &RQVHOKR GHYHUi UHFXVDU R UHJLVWUR GH XPD
WUDQVIHUrQFLDVDOYRVHWRGRVRVFRQVHQWLPHQWRVDXWRUL]Do}HVHSHUPLVV}HVDSOLFiYHLVGHTXDOTXHUyUJmRRXDJrQFLD
JRYHUQDPHQWDOFRPSHWHQWHQDV%HUPXGDVIRUHPREWLGRV&DVRR&RQVHOKRVHUHFXVHDUHJLVWUDUXPDWUDQVIHUrQFLDGH
TXDOTXHUDomRR6HFUHWiULRGHYHUiHPDWpVHVVHQWDGLDVDSyVDGDWDHPTXHDWUDQVIHUrQFLDIRLDSUHVHQWDGDj
6RFLHGDGHHQYLDUQRWLILFDomRGDUHFXVDDRFHGHQWHHDRFHVVLRQiULR
$V $o}HV SRGHUmR VHU WUDQVIHULGDV VHP XP LQVWUXPHQWR SRU HVFULWR FDVR VHMDP WUDQVIHULGDV SRU XP DJHQWH
QRPHDGRRXGHRXWUDIRUPDGHDFRUGRFRPD/HL
1R FDVR GH PRUWH GH XP 6yFLR R VREUHYLYHQWH RX VREUHYLYHQWHV TXDQGR R 6yFLR IDOHFLGR IRU XP GHWHQWRU
FRQMXQWRHRVUHSUHVHQWDQWHVOHJDLVSHVVRDLVGR6yFLRIDOHFLGRTXDQGRR6yFLRIDOHFLGRIRUXP~QLFRGHWHQWRUVHUmR
DV~QLFDVSHVVRDVUHFRQKHFLGDVSHOD6RFLHGDGHFRPRGHWHQWRUDVGHWLWXODULGDGHjSDUWLFLSDomRGR6yFLRIDOHFLGRQDV
Do}HV1HQKXPDGLVSRVLomRFRQWLGDQHVWHLQVWUXPHQWRLVHQWDUiRVEHQVGHXPGHWHQWRUFRQMXQWRIDOHFLGRGHTXDOTXHU
UHVSRQVDELOLGDGHDUHVSHLWRGHTXDOTXHUDomRTXHWHQKDVLGRFRQMXQWDPHQWHGHWLGDSRUWDO6yFLRIDOHFLGRFRPRXWUDV
SHVVRDV6XMHLWRjVGLVSRVLo}HVGD/HLSDUDILQVGRSUHVHQWH(VWDWXWR6RFLDOUHSUHVHQWDQWHSHVVRDOOHJDOVLJQLILFDR
H[HFXWRU RX DGPLQLVWUDGRU GH XP 6yFLR IDOHFLGR RX RXWUD SHVVRD FRQIRUPH R &RQVHOKR SRGHUi D VHX FULWpULR
H[FOXVLYRGHFLGLUFRPRDSURSULDGDPHQWHDXWRUL]DGDDQHJRFLDUDVDo}HVGHXP6yFLRIDOHFLGR
4XDOTXHU 3HVVRD TXHSDVVHD WHUGLUHLWRDXPDDomR HPGHFRUUrQFLDGDPRUWHRXIDOrQFLD GHTXDOTXHU 6yFLR
SRGHUi VHU UHJLVWUDGD FRPR XP 6yFLR PHGLDQWH SURYD FRQIRUPH R &RQVHOKR SRVVD FRQVLGHUDU VXILFLHQWH RX SRVVD
RSWDU SRU QRPHDU DOJXPD SHVVRD SDUD VHU UHJLVWUDGD FRPR FHVVLRQiULR GH WDO DomR H QHVVH FDVR D 3HVVRD TXH
SDVVD D WHU GLUHLWR GHYHUi DVVLQDU D IDYRU GH WDO QRPHDGR XP LQVWUXPHQWR GH WUDQVIHUrQFLD SRU HVFULWR FRQIRUPH
VHJXHRXQDIRUPDWmRSUy[LPDTXDQWRDVFLUFXQVWkQFLDVSHUPLWLUHP
7UDQVIHUrQFLDSRU3DUWHGHXPD3HVVRDTXH3DVVDD7HU'LUHLWRHP&DVRGH0RUWH)DOrQFLDGHXP6yFLRGD/$(3
,QYHVWPHQWV/WGD³6RFLHGDGH´
(X1yV TXH SDVVRSDVVDPRV D WHU GLUHLWR HP GHFRUUrQFLD GD >PRUWHIDOrQFLD@ GH >QRPH H HQGHUHoR GR IDOHFLGR 6yFLRIDOLGR@D>Q~PHUR@DomR}HVFRQVWDQWHVGR/LYURGH5HJLVWURGH6yFLRVGD6RFLHGDGHHPQRPHGRUHIHULGR
>QRPHGRIDOHFLGR6yFLRIDOLGR@HPYH]GHHVWDUHPUHJLVWUDGDVHPPHXQRVVRSUySULRQRPHRSWDPRVSRUWHU>QRPH
GR FHVVLRQiULR@ R ³&HVVLRQiULR´ UHJLVWUDGR FRPR XP FHVVLRQiULR GH WDOLV DomR}HV H (X1yV WUDQVIHULPRV SHOR
SUHVHQWH LQVWUXPHQWR GHVVD IRUPD DV UHIHULGDV DomR}HV DR &HVVLRQiULR SDUD TXH HOH DV GHWHQKD DWp TXH R
&HVVLRQiULRVHX RXVXDH[HFXWRUD DGPLQLVWUDGRUHVHFHVVLRQiULRVVXMHLWRVjVFRQGLo}HVHP TXHDV Do}HVHUDP
GHWLGDV QD RFDVLmR GD FHOHEUDomR GHVWH LQVWUXPHQWR H R &HVVLRQiULR FRQFRUGD SHOR SUHVHQWH LQVWUXPHQWR HP
UHFHEHUDVUHIHULGDVDomR}HVVXMHLWRjVPHVPDVFRQGLo}HV
'$7$'2GH>@GH>@GH>@
$VVLQDGRSRU
1DSUHVHQoDGH
&HGHQWH 7HVWHPXQKD
&HVVLRQiULR
7HVWHPXQKD
2 FHVVLRQiULR GHYHUi VHU UHJLVWUDGR FRPR XP 6yFLR QD DSUHVHQWDomR GRV PDWHULDLV DFLPD DR &RQVHOKR
DFRPSDQKDGR SHOD FRPSURYDomR FRQIRUPH SRGHUi VHU H[LJLGD SHOR &RQVHOKR SDUD SURYDU R WtWXOR GR FHGHQWH 1mR
REVWDQWHRH[SRVWRDFLPDR&RQVHOKRWHUiHPTXDOTXHUFDVRRPHVPRGLUHLWRGHUHFXVDURXVXVSHQGHURUHJLVWUR
TXHWHULDQRFDVRGHXPDWUDQVIHUrQFLDGHDo}HVSRUHVVH6yFLRDQWHVGDPRUWHRXIDOrQFLDGHWDO6yFLRFRQIRUPHR
FDVR
4XDQGRGXDVRXPDLV3HVVRDVVmRUHJLVWUDGDVFRPRGHWHQWRUHVFRQMXQWRVGHXPDDomRRXDo}HVHQWmRQD
KLSyWHVHGHPRUWHGHTXDOLVTXHUGHWHQWRUHVFRQMXQWRVRVGHWHQWRUHVFRQMXQWRVUHVWDQWHVWHUimRGLUHLWRD
WDO DomR RX WDLV Do}HV H D 6RFLHGDGH QmR UHFRQKHFHUi QHQKXPD UHLYLQGLFDomR D UHVSHLWR GRV EHQV GH TXDOTXHU
GHWHQWRUFRQMXQWRH[FHWRQRFDVRGR~OWLPRVREUHYLYHQWHGHWDLVGHWHQWRUHVFRQMXQWRV
3RGHUSDUD$OWHUDUR&DSLWDO6RFLDO
$ 6RFLHGDGH SRGHUi FDVR DXWRUL]DGD SRU GHOLEHUDomR GDV $VVHPEOHLDV 2UGLQiULDV GH $FLRQLVWDV GH Do}HV
&ODVVH%DXPHQWDUHPFRQIRUPLGDGHFRPD&OiXVXODDFLPDGLYLGLUFRQVROLGDUVXEGLYLGLUPXGDUDH[SUHVVmR
PRQHWiULDGLPLQXLURXGHRXWUDIRUPDDOWHUDURXUHGX]LUVHXFDSLWDOVRFLDOHPTXDOTXHUIRUPDSHUPLWLGDSHOD/HL
4XDQGR HP TXDOTXHU DOWHUDomR RX UHGXomR GH FDSLWDO VRFLDO VXUJLUHP IUDo}HV GH Do}HV RX DOJXPD RXWUD
GLILFXOGDGHR&RQVHOKRSRGHUiOLGDURXUHVROYrODVGDIRUPDTXHMXOJDUDSURSULDGR
'LYLGHQGRV
2&RQVHOKRSRGHUiVXMHLWRDHVWH(VWDWXWR6RFLDOHGHDFRUGRFRPD/HLGHFODUDUXPGLYLGHQGRDVHUSDJRDRV
6yFLRVQDSURSRUomRGRQ~PHURGHDo}HVGHWLGDVSRUHOHVHWDOGLYLGHQGRSRGHUiVHUSDJRHPGLQKHLURRXWRWDORX
SDUFLDOPHQWHHPHVSpFLHHQHVVHFDVRR&RQVHOKRSRGHUiIL[DURYDORUSDUDGLVWULEXLomRHPHVSpFLHGHTXDLVTXHU
DWLYRV 1HQKXP GLYLGHQGR D SDJDU VHUi UHPXQHUDGR FRQWUD D 6RFLHGDGH 2 &RQVHOKR GHYHUi IL[DU XPD GDWD GH
UHJLVWURSDUDGHWHUPLQDURV6yFLRVFRPGLUHLWRDUHFHEHUTXDOTXHUGLYLGHQGR$6RFLHGDGHSRGHUiSDJDUGLYLGHQGRVQD
SURSRUomRGDTXDQWLDLQWHJUDOL]DGDHPFDGDDomRGHIRUPDTXHVHMDSDJDXPDTXDQWLDPDLRUHPDOJXPDVDo}HVGR
TXHHPRXWUDV
2&RQVHOKRSRGHUiGHFODUDUHID]HURXWUDVGLVWULEXLo}HVHPGLQKHLURRXHVSpFLHDRV6yFLRVQDSURSRUomRGR
Q~PHURGHDo}HVGHWLGDVSRUHOHVFRQIRUPHOHJDOPHQWHFRPSRVWDVGHDWLYRVGD6RFLHGDGHVXMHLWRDHVWH (VWDWXWR
6RFLDO1HQKXPDGLVWULEXLomRDSDJDUVHUiUHPXQHUDGDFRQWUDD6RFLHGDGH
2&RQVHOKRSRGHUiDQWHVGHGHFODUDUXPGLYLGHQGRVHSDUDUGRVXSHUiYLWRXOXFURVGD6RFLHGDGHDVRPDTXH
FRQVLGHUDUDSURSULDGDDWtWXORGHUHVHUYDDVHUXWLOL]DGDSDUDDWHQGHUFRQWLQJrQFLDVRXHTXDOL]DUGLYLGHQGRVRXSDUD
TXDOTXHURXWURILP
4XDOTXHUGLYLGHQGRRXRXWUDTXDQWLDDSDJDUDUHVSHLWRGHXPDDomRSRGHUiVHUSDJDFRPFKHTXHRXFHUWLILFDGR
GHDomRHQYLDGRSHORFRUUHLRSDUDRHQGHUHoRGR6yFLRQR/LYURGH5HJLVWURGH6yFLRVQRFDVRGH6yFLRVFRQMXQWRV
R GHWHQWRU FRQMXQWR VrQLRU VHQLRULGDGH TXH VHUi GHWHUPLQDGD SHOD RUGHP HP TXH RV QRPHV HVWmR QR /LYUR GH
5HJLVWURGH6yFLRVRXSRUWUDQVIHUrQFLDGLUHWDjFRQWDEDQFiULDTXHWDO6yFLRSRGHUiLQIRUPDU
7RGRUHIHULGRFKHTXHVHUiSDJiYHOjSHVVRDDTXHPIRUHQYLDGRRXjVSHVVRDVLQGLFDGDVSHOR6yFLRHRSDJDPHQWR
GRFKHTXHRXFHUWLILFDGRGHDo}HVVHUiXPDTXLWDomRYiOLGDSDUDD6RFLHGDGH7RGRUHIHULGRFKHTXHRXFHUWLILFDGRGH
Do}HVVHUiHQYLDGRSRUFRQWDHULVFRGDSHVVRDDXWRUL]DGDDUHFHEHUDTXDQWLDUHSUHVHQWDGDQHVVHVLQVWUXPHQWRV
&DVRGXDVRXPDLV3HVVRDVVHMDPUHJLVWUDGDVFRPRGHWHQWRUHVFRQMXQWRVGHTXDLVTXHUDo}HVTXDOTXHUXPDGHODV
SRGHHPLWLUXPUHFLERGHSDJDPHQWRGHTXDOTXHUGLYLGHQGRSDJRFRPUHODomRDWDLV$o}HV
2 &RQVHOKR SRGHUi GHGX]LU GRV GLYLGHQGRV RX GLVWULEXLo}HV D VHUHP SDJRV D TXDOTXHU 6yFLR WRGDV DV
LPSRUWkQFLDVGHYLGDVSRUWDO6yFLRj6RFLHGDGHHPYLUWXGHGHFKDPDGDVRXGHRXWUDIRUPD
$6RFLHGDGHSRGHUiFRPSHQVDUFRQWUDTXDLVTXHUYDORUHVGHYLGRVDXPVyFLRTXDLVTXHUTXDQWLDVGHYLGDVSRU
XPVyFLRj6RFLHGDGH
4XDOTXHU GLYLGHQGR HRX RXWUDV TXDQWLDV D VHUHP SDJDV FRP UHODomR D XPD DomR TXH SHUPDQHFHX QmR
UHFODPDGDSRUDQRVDSDUWLUGDGDWDFXMRSDJDPHQWRVHWRUQRXGHYLGRVHUiFDVRR&RQVHOKRDVVLPGHFLGDDQXODGD
HDGtYLGDGD6RFLHGDGHVHUiH[WLQWD2SDJDPHQWRGHTXDOTXHUGLYLGHQGRQmRUHFODPDGRRXRXWUDTXDQWLDDSDJDUHP
UHODomRDXPDDomRSRGHUiSRUpPQmRQHFHVVDULDPHQWHVHUSDJRSHOD6RFLHGDGHHPXPDFRQWDVHSDUDGDGDFRQWD
GD6RFLHGDGH7DOSDJDPHQWRQmRFRQVWLWXLUiD6RFLHGDGHFRPRXPDJHQWHILGXFLiULRDHVVHUHVSHLWR
$6RFLHGDGHWHUiGLUHLWRGHLQWHUURPSHURHQYLRGHFKHTXHVGHGLYLGHQGRVHFHUWLILFDGRGHDo}HVSRUFRUUHLRRX
GHRXWUDIRUPDDXP6yFLRFDVRHVVHVLQVWUXPHQWRVUHWRUQHPHQmRVHMDPHQWUHJXHVRXQmRVHMDPGHVFRQWDGRVSRU
WDO6yFLRHPSHORPHQRVGXDVRFDVL}HVFRQVHFXWLYDVRXFDVRDSyVWDOUHIHULGDRFDVLmRQmRVHSRVVDHVWDEHOHFHUR
QRYRHQGHUHoRGR6yFLRSRU PHLRGHFRQVXOWDVUD]RiYHLV2 GLUHLWRFRQIHULGRj6RFLHGDGHSRU HVWH(VWDWXWR6RFLDO
FRP UHODomR D TXDOTXHU 6yFLR VHUi H[WLQWR VH R 6yFLR UHLYLQGLFDU XP GLYLGHQGR RX GHVFRQWDU XP FKHTXH GH
GLYLGHQGRRXFHUWLILFDGRGHDo}HV
&DSLWDOL]DomR
2 &RQVHOKRSRGHUiGHFLGLUFDSLWDOL]DUTXDOTXHUVRPDDWXDOPHQWHH[LVWHQWHSDUDFUpGLWRGHTXDOTXHUSUrPLRGH
DomRGD6RFLHGDGHRXRXWUDVFRQWDVGHUHVHUYDRXSDUDFUpGLWRGDFRQWDGHOXFURVHSUHMXt]RVRXGHRXWUDPDQHLUD
GLVSRQtYHO SDUD GLVWULEXLomR DSOLFDQGR WDO YDORU QD LQWHJUDOL]DomR GH Do}HV QmR HPLWLGDV D VHUHP GLVWULEXtGDV
SURSRUFLRQDOPHQWHFRPRE{QXVGHDo}HVLQWHJUDOL]DGDVH[FHWRFRPUHODomRjFRQYHUVmRGDVDo}HVGHXPDFODVVH
HPDo}HVGHRXWUDFODVVHDRV6yFLRV
2 &RQVHOKR SRGHUi GHFLGLU FDSLWDOL]DU TXDOTXHU VRPD DWXDOPHQWH H[LVWHQWH SDUD FUpGLWR GH XPD FRQWD GH
UHVHUYD RX TXDQWLDV GH RXWUD IRUPD GLVSRQtYHLV SDUD GLYLGHQGRV RX GLVWULEXLomR DSOLFDQGR WDLV YDORUHV QD
LQWHJUDOL]DomR GH Do}HV SDUFLDOPHQWH SDJDV RX QmR SDJDV GRV 6yFLRV TXH WHULDP GLUHLWR D WDLV TXDQWLDV FDVR HODV
IRVVHPGLVWULEXtGDVSRUPHLRGHGLYLGHQGRRXGLVWULEXLomR
$VVHPEOHLDV2UGLQiULDV
$DVVHPEOHLDJHUDORUGLQiULDGRV6yFLRVGD6RFLHGDGHVHUiUHDOL]DGDDFDGDDQRH[FHWRRDQRGHFRQVWLWXLomR
GHQWURGRVTXDWURPHVHVLPHGLDWDPHQWHDSyVRILQDOGRH[HUFtFLRVRFLDOGD6RFLHGDGHQDKRUDHQRORFDOFRQIRUPH
LQGLFDGRSHOR&RQVHOKR
8PD DVVHPEOHLD JHUDO H[WUDRUGLQiULD GRV 6yFLRV GD 6RFLHGDGH SRGHUi VHU FRQYRFDGD VRPHQWH D SHOR
3UHVLGHQWHRXEGHDFRUGRFRPDVGLVSRVLo}HVGD/HL
2&RQVHOKRGHYHUiPHGLDQWHVROLFLWDomRGRV0HPEURVGHWHQWRUHVQDGDWDGRGHSyVLWRGDVROLFLWDomRGHQmR
PHQRV TXH XP GpFLPR GR FDSLWDO VRFLDO LQWHJUDOL]DGR GD 6RFLHGDGH FRP GLUHLWR D YRWR HP WDO GDWD SURFHGHU
LPHGLDWDPHQWH j FRQYRFDomR GH XPD DVVHPEOHLD H[WUDRUGLQiULD GD 6RFLHGDGH H DV GLVSRVLo}HV GD /HL VHUmR
DSOLFDGDV
&RQYRFDomR
$FRQYRFDomRGD$VVHPEOHLD*HUDOGHYHUiVHUHQWUHJXHFRPDQWHFHGrQFLDPtQLPDGHGLDVDFDGD6yFLRFRP
GLUHLWR D YRWR LQGLFDQGR D GDWD R ORFDO H D KRUD HP TXH D DVVHPEOHLD VHUi UHDOL]DGD VH KDYHUi HOHLomR GH
&RQVHOKHLURVHQDPHGLGDGRSRVVtYHODVGHOLEHUDo}HVDVHUHPIHLWDVGXUDQWHDDVVHPEOHLD7RGRVRVGRFXPHQWRV
DVHUHPDQDOLVDGRVRXGLVFXWLGRVQD$VVHPEOHLD*HUDOGHYHPVHUGLVSRQLELOL]DGRVDRV6yFLRVFRPDQWHFHGrQFLD
$FRQYRFDomRGD$VVHPEOHLD*HUDO([WUDRUGLQiULDGHYHUiVHUHQWUHJXHFRPDQWHFHGrQFLDPtQLPDGHGLDVD
FDGD 6yFLR FRP GLUHLWR GH FRPSDUHFHU H YRWDU LQGLFDQGR D GDWD D KRUD R ORFDO H RV DVVXQWRV D VHU GHOLEHUDGRV
GXUDQWHDDVVHPEOHLD7RGRVRV GRFXPHQWRVDVHUHPDQDOLVDGRVRXGLVFXWLGRVQD $VVHPEOHLD *HUDO([WUDRUGLQiULD
GHYHPVHUGLVSRQLELOL]DGRVDRV6yFLRVFRPDQWHFHGrQFLD
2&RQVHOKRSRGHUiIL[DUTXDOTXHUGDWDFRPRDGDWDGHUHJLVWURSDUDGHWHUPLQDURV6yFLRVFRPGLUHLWRDUHFHEHU
FRQYRFDomRHYRWDUHPTXDOTXHU$VVHPEOHLD*HUDOGD6RFLHGDGH
$ $VVHPEOHLD *HUDO GH 6yFLRV QmR REVWDQWH HP FDVRV GH FRQYRFDomR FRP PHQRU DQWHFHGrQFLD GR TXH R
HVSHFLILFDGRQHVVH (VWDWXWR6RFLDOVHUiFRQVLGHUDGDGHYLGDPHQWHFRQYRFDGDVHDWRGRV RV6yFLRVFRP GLUHLWRD
YRWR QR FDVR GH $VVHPEOHLD *HUDO 2UGLQiULD H E D PDLRULD HP Q~PHURV GH 6yFLRV FRP GLUHLWR D YRWR DVVLP R
DFRUGDUHPVHQGRDPDLRULDHPFRQMXQWRGHWHQWRUGHQRPtQLPRGRQ~PHURWRWDOGH$o}HVTXHFRQIHUHPGLUHLWRD
YRWRQRFDVRGHXPD$VVHPEOHLD*HUDO([WUDRUGLQiULD
$RPLVVmRDFLGHQWDOGHHQWUHJDUDFRQYRFDomRGD$VVHPEOHLD*HUDORXRQmRUHFHELPHQWRGHFRQYRFDomRGD
$VVHPEOHLD *HUDO SRU TXDOTXHU 3HVVRD FRP GLUHLWR DR VHX UHFHELPHQWR QmR LQYDOLGDUi RV WUDEDOKRV QD UHIHULGD
DVVHPEOHLD
1RWLILFDomR
8PD QRWLILFDomR SRGHUi VHU HQWUHJXH SHOD 6RFLHGDGH D TXDOTXHU 6yFLR RX SHVVRDOPHQWH D WDO 6yFLR RX SRU
FRUUHVSRQGrQFLDDVHUHQYLDGDSDUDRHQGHUHoRGHVVH6yFLRFRQVWDQWHGR/LYURGH5HJLVWURGH6yFLRVRXSDUDRXWUR
HQGHUHoRIRUQHFLGRSDUDHVVHSURSyVLWR3DUDRVHIHLWRVGHVVH(VWDWXWR6RFLDORHQYLRGHXPDQRWLILFDomRVHUiYiOLGR
VHUHDOL]DGRSRUFRUUHVSRQGrQFLDVHUYLoRGHFRXULHUWHOHJUDPDWHOH[WHOHFySLDID[FRUUHLRHOHWU{QLFRSXEOLFDomRHP
MRUQDLVGHDPSODGLYXOJDomRQDV%HUPXGDVHHPTXDOTXHURXWUDMXULVGLomRRQGHDV$o}HVHVWHMDPOLVWDGDVRXDo}HV
GHSRVLWiULDV RX RXWUDV SDUWLFLSDo}HV EHQHILFLiULDV UHSUHVHQWDWLYDV GH $o}HV MRUQDLV HVVHV TXH SRVVDP VHU
GHWHUPLQDGRVSHOR&RQVHOKRGHWHPSRVHPWHPSRVRXGHRXWURPRGRGHUHSUHVHQWDUSDODYUDVGHIRUPDOHJtYHO
4XDOTXHUQRWLILFDomRDVHUGDGDDXP6yFLRFRPUHODomRDTXDLVTXHUDo}HVGHWLGDVHPFRQMXQWRSRUGXDVRX
PDLV3HVVRDVGHYHUiVHUHQWUHJXHj3HVVRDOLVWDGDHPSULPHLUROXJDUQR/LYURGH5HJLVWURGH6yFLRVHQRWLILFDomR
HQWUHJXHGHVVDIRUPDVHUiVXILFLHQWHSDUDWRGRVRVGHWHQWRUHVGHWDLVDo}HV
6DOYR QRV FDVRV SUHYLVWRV QD &OiXVXOD TXDOTXHU QRWLILFDomR VHUi FRQVLGHUDGD HQWUHJXH QR PRPHQWR HP
TXH HOD WHULD VLGR HQWUHJXH QR FXUVR QRUPDO GH WUDQVPLVVmR H DR SURYDU WDO HQWUHJD VHUi VXILFLHQWH SURYDU TXH D
QRWLILFDomR IRL GHYLGDPHQWH HQGHUHoDGD FRP SRUWH SDJR VH HQYLDGD SRU FRUUHLR QR PRPHQWR HP TXH IRL SRVWDGD
HQWUHJXHDRFRXULHURXHPSUHVDGHWHOHJUDPDVRXWUDQVPLWLGDSRUWHOH[ID[FRUUHLRHOHWU{QLFRRXSRURXWURPpWRGR
FRQIRUPHRFDVR
$QRWLILFDomRSHORFRUUHLRVHUiFRQVLGHUDGDHQWUHJXHVHWHGLDVDSyVDGDWDHPTXHIRLGHSRVLWDGDQRFRUUHLRFRP
SRUWHSDJR
$ 6RFLHGDGH QmR WHUi TXDOTXHU REULJDomR GH HQYLDU XPD QRWLILFDomR RX RXWUR GRFXPHQWR DR HQGHUHoR GH
TXDOTXHU6yFLRHPSDUWLFXODULQGLFDGRQR/LYURGH5HJLVWURGH6yFLRVVHR&RQVHOKRFRQVLGHUDUTXHSUREOHPDVOHJDLV
RXSUiWLFRVGHDFRUGRFRPDOHJLVODomRRXH[LJrQFLDVGHTXDOTXHUyUJmRUHJXODGRURXGDEROVDGHYDORUHVQRWHUULWyULR
RQGH R UHIHULGR HQGHUHoR VH HQFRQWUD IRUHP WDLV TXH VHMD QHFHVViULR RX FRQYHQLHQWH QmR HQYLDU D QRWLILFDomR RX
GRFXPHQWR UHODFLRQDGR D WDO 6yFLR QR HQGHUHoR LQGLFDGR H SRGHUi H[LJLU TXH R 6yFLR FRP HVVH WLSR GH HQGHUHoR
IRUQHoDj6RFLHGDGHXPHQGHUHoRDOWHUQDWLYRDGHTXDGRSDUDDHQWUHJDGHQRWLILFDo}HVGD6RFLHGDGH
$QRWLILFDomRGHXP6yFLRSDUDD6RFLHGDGHVRPHQWHVHUiFRQVLGHUDGDUHFHELGDSHOD6RFLHGDGHVHHQWUHJXHHP
PmRVDR3UHVLGHQWH
$GLDPHQWRRX&DQFHODPHQWRGH$VVHPEOHLD*HUDO
23UHVLGHQWHHR6HFUHWiULRPHGLDQWHLQVWUXo}HVGR3UHVLGHQWHSRGHUmRDGLDURXFDQFHODUTXDOTXHU$VVHPEOHLD
*HUDOFRQYRFDGDGHDFRUGRFRPDVGLVSRVLo}HVGHVVH(VWDWXWR6RFLDOH[FHWRXPDDVVHPEOHLDUHTXLVLWDGDGHDFRUGR
FRPHVVH(VWDWXWR6RFLDOFRQWDQWRTXHXPDQRWLILFDomRGHDGLDPHQWRRXFDQFHODPHQWRVHMDHQWUHJXHDFDGD6yFLR
DQWHVGRKRUiULRHVWDEHOHFLGRSDUDDUHIHULGDDVVHPEOHLD1RYD QRWLILFDomRFRPDGDWDKRUDHORFDOGDDVVHPEOHLD
DGLDGDRXFDQFHODGDGHYHUiVHUHQWUHJXHDRV6yFLRVGHDFRUGRFRPDVGLVSRVLo}HVGHVVH(VWDWXWR6RFLDO
&RPSDUHFLPHQWRH6HJXUDQoDQDV$VVHPEOHLDV*HUDLV
2V 6yFLRV SRGHP FRPSDUHFHU jV $VVHPEOHLDV *HUDLV SHVVRDOPHQWH RX SRGHP QRPHDU XP SURFXUDGRU SDUD
SDUWLFLSDUGHTXDOTXHU$VVHPEOHLD*HUDOHYRWDUHPVHXQRPH&RQIRUPHDGHFLVmRGR&RQVHOKRD$VVHPEOHLD*HUDO
SRGHUiVHUUHDOL]DGDSRUPHLRVGHFRPXQLFDomRFRPRWHOHIRQHFRPXQLFDomRHOHWU{QLFDRXRXWURVGHPRGRDSHUPLWLU
TXHWRGRVRV6yFLRSUHVHQWHVQDDVVHPEOHLDSRVVDPVHFRPXQLFDUVLPXOWkQHDHLQVWDQWDQHDPHQWH$SDUWLFLSDomRQD
UHIHULGDDVVHPEOHLDFRQVWLWXLUiSUHVHQoDHPSHVVRD
2 &RQVHOKR H HP TXDOTXHU $VVHPEOHLD *HUDO R SUHVLGHQWH GD UHIHULGD DVVHPEOHLD SRGHUmR ID]HU TXDOTXHU
DFRUGR H LPSRU TXDOTXHU H[LJrQFLD RX UHVWULomR TXH FRQVLGHUDUHP DGHTXDGDV SDUD JDUDQWLU D VHJXUDQoD GD
$VVHPEOHLD *HUDO LQFOXLQGR VHP UHVWULo}HV H[LJrQFLDV GH FRPSURYDQWH GH LGHQWLGDGH D VHU DSUHVHQWDGD SHORV
SDUWLFLSDQWHV GD DVVHPEOHLD UHYLVWD GH EHQV SHVVRDLV H UHVWULomR GH LWHQV TXH SRGHP VHU OHYDGRV DR ORFDO GD
DVVHPEOHLD 2 &RQVHOKR H HP TXDOTXHU $VVHPEOHLD *HUDO R SUHVLGHQWH GD UHIHULGD DVVHPEOHLD WrP R GLUHLWR GH
LPSHGLUDHQWUDGDGHXPD3HVVRDTXHVHUHFXVHDFXPSULUTXDOTXHUXPDGDVGLVSRVLo}HVH[LJrQFLDVRXUHVWULo}HV
7RGDV DV SURFXUDo}HV GHYHP VHU FRQILUPDGDV SHOR 3UHVLGHQWH FDVR FRQWUiULR VHUmR FRQVLGHUDGDV LQYiOLGDV H
VHPGLUHLWRDYRWRQD$VVHPEOHLD*HUDO
4XRUXPQD$VVHPEOHLD*HUDO
(P TXDOTXHU $VVHPEOHLD *HUDO GRV GHWHQWRUHV GH $o}HV &ODVVH $ GXDV RX PDLV SHVVRDV SUHVHQWHV
SHVVRDOPHQWHQRLQtFLRGDDVVHPEOHLDHUHSUHVHQWDQGRSHVVRDOPHQWHRXSRUSURFXUDomRSHORPHQRVWULQWDSRU
FHQWRGR WRWDOGH $o}HVHP%ROVDHPLWLGDVSHOD6RFLHGDGHIRUPDUmRTXRUXPSDUDDVGHOLEHUDo}HVHHPTXDOTXHU
$VVHPEOHLD*HUDOGRVGHWHQWRUHVGH$o}HV&ODVVH%TXDOTXHUQ~PHURGHSHVVRDVSUHVHQWHVSHVVRDOPHQWHQRLQtFLR
GDDVVHPEOHLDHUHSUHVHQWDQGRSHVVRDOPHQWHRXSRUSURFXUDomRQRPtQLPRFLQTXHQWDSRUFHQWRGRWRWDOGH
$o}HV&ODVVH%HPLWLGDVSHOD6RFLHGDGHIRUPDUmRTXRUXPSDUDDVGHOLEHUDo}HV(PTXDOTXHU$VVHPEOHLD*HUDOGD
6RFLHGDGHQDTXDORVGHWHQWRUHVWDQWRGH$o}HV&ODVVH$TXDQWRGH$o}HV&ODVVH%WrPGLUHLWRDYRWRFRPRFODVVH
~QLFDGXDVRXPDLVSHVVRDVSUHVHQWHVSHVVRDOPHQWHQRLQtFLRGDDVVHPEOHLDHUHSUHVHQWDQGRSHVVRDOPHQWHRXSRU
SURFXUDomRSHORPHQRVWULQWDSRUFHQWRGRWRWDOGH$o}HVHP%ROVDHPLWLGDVSHOD6RFLHGDGHIRUPDUmRTXRUXP
SDUDDVGHOLEHUDo}HV1mRREVWDQWHRGHVFULWRDQWHULRUPHQWHVHD6RFLHGDGHHPTXDOTXHUPRPHQWRWLYHUVRPHQWH
XP6yFLRRXGHWHQWRUGHTXDOTXHUXPDGDVFODVVHVGHDo}HVXP6yFLRSUHVHQWHSHVVRDOPHQWHRXSRUSURFXUDomR
IRUPDUiTXRUXPSDUDDVGHOLEHUDo}HVHPTXDOTXHU$VVHPEOHLD*HUDOGD6RFLHGDGHRXHPTXDOTXHUDVVHPEOHLDGDV
UHIHULGDVFODVVHVGHDo}HVUHDOL]DGDGXUDQWHWDOSHUtRGR
6H PHLD KRUD DQWHV GR KRUiULR HVWDEHOHFLGR SDUD D DVVHPEOHLD QmR KRXYHU TXRUXP HQWmR QR FDVR GH XPD
DVVHPEOHLD FRQYRFDGD SRU UHTXLVLomR D DVVHPEOHLD VHUi FRQVLGHUDGD FDQFHODGD H HP TXDOTXHU RXWUR FDVR D
DVVHPEOHLDVHUiDGLDGDSDUDRPHVPRGLDXPDVHPDQDGHSRLVHQRPHVPRORFDORXSDUDTXDOTXHURXWUDGDWDKRUD
RXORFDOTXHR3UHVLGHQWHGHWHUPLQDU$PHQRVTXHDDVVHPEOHLDVHMDDGLDGDSDUDXPDGDWDKRUDHORFDOHVSHFtILFRV
DQXQFLDGRVQDDVVHPEOHLDDVHUVXVSHQVDXPDQRYDQRWLILFDomRGDGDWDORFDOHKRUDSDUDDUHWRPDGDGDDVVHPEOHLD
VXVSHQVD GHYHUi VHU HQWUHJXH D FDGD 6yFLR FRP GLUHLWR D FRPSDUHFLPHQWR H YRWR GH DFRUGR FRP HVVH (VWDWXWR
6RFLDO
(PTXDOTXHU$VVHPEOHLD*HUDOTXHWHQKDVLGRVXVSHQVDHPFRQIRUPLGDGHFRPD&OiXVXODRV6yFLRV
TXH UHSUHVHQWDUHP SHVVRDOPHQWH RX SRU SURFXUDomR TXDOTXHU SHUFHQWDJHP GR WRWDO GH $o}HV HPLWLGDV IRUPDUmR
TXRUXPSDUDDVGHOLEHUDo}HV
3UHVLGHQWH'HYH3UHVLGLU
2 3UHVLGHQWH H QD IDOWD GHVWH D SHVVRD TXH IRU LQGLFDGD SHOR 3UHVLGHQWH SRU HVFULWR GHYHUi DWXDU FRPR
SUHVLGHQWHHPWRGDVDVDVVHPEOHLDVGRV6yFLRV
9RWDomRGH5HVROXo}HV
5HVVDOYDGDV DV GLVSRVLo}HV GD /HL H GHVVH (VWDWXWR 6RFLDO TXDOTXHU TXHVWmR SURSRVWD SDUD GHOLEHUDomR SRU
SDUWHGRV6yFLRVHPXPD$VVHPEOHLD*HUDOGHYHUiVHUGHFLGLGDSHORYRWRDILUPDWLYRGDPDLRULDGRVYRWRVSURIHULGRV
HPFRQIRUPLGDGHFRPDVGLVSRVLo}HVGHVVH(VWDWXWR6RFLDOHQRFDVRGHHPSDWHDUHVROXomRQmRVHUiDSURYDGD
1HQKXP6yFLRWHUiGLUHLWRDYRWRQD$VVHPEOHLD*HUDODPHQRVTXHWHQKDSDJDGRWRGDVDVFKDPDGDVGHFDSLWDO
VREUHDVDo}HVGHWLGDVSRUHOH
(PTXDOTXHU$VVHPEOHLD*HUDOXPDUHVROXomRVXEPHWLGDjYRWDomRGHYHUiHPSULPHLUDLQVWkQFLDVHUYRWDGD
SRU OHYDQWDPHQWR GH PmR H VXMHLWR D TXDLVTXHU GLUHLWRV RX UHVWULo}HV QD pSRFD OHJDOPHQWH LQHUHQWHV D TXDOTXHU
FODVVH GH Do}HV H jV GLVSRVLo}HV GHVVH (VWDWXWR 6RFLDO FDGD 6yFLR SUHVHQWH SHVVRDOPHQWH H WRGDV DV SHVVRDV
GHWHQWRUDV GH XPD SURFXUDomR YiOLGD SUHVHQWHV QD UHIHULGD DVVHPEOHLD WHUmR GLUHLWR D XP YRWR H SRGHUmR YRWDU
HUJXHQGRVXDPmR
1D$VVHPEOHLD*HUDODGHFODUDomRGRSUHVLGHQWHGDDVVHPEOHLDGHTXHXPDTXHVWmRSURSRVWDSDUDGHOLEHUDomR
IRL SRU OHYDQWDPHQWR GH PmR DSURYDGD RX DSURYDGD XQDQLPHPHQWH RX SRU PDLRULD RX UHFXVDGD H D WUDQVFULomR
GHVVHUHVXOWDGRQDUHVSHFWLYDDWDODYUDGDHPOLYURSUySULRGHYHUmRVHPSUHMXt]RGRGLVSRVWRQHVVH(VWDWXWR6RFLDO
VHUSURYDFRQFOXVLYDGRIDWR
9RWDomRSRU'HWHQWRUHV&RQMXQWRV
1RFDVRGHGHWHQWRUHVFRQMXQWRVRYRWRGRGHWHQWRUVrQLRUFRPGLUHLWRDYRWRSHVVRDOPHQWHRXSRUSURFXUDomR
VHUiDFHLWRH[FOXLQGRRVYRWRVGRVRXWURVGHWHQWRUHVFRQMXQWRV3DUDHVVHILPDVHQLRULGDGHVHUiGHWHUPLQDGDSHOD
RUGHPQDTXDORVQRPHVFRQVWDPQR/LYURGH5HJLVWURGH6yFLRV
3URFXUDomR
8P 6yFLR SRGHUi QRPHDU XP SURFXUDGRU SRU PHLR GH LQVWUXPHQWR SRU HVFULWR VXEVWDQFLDOPHQWH QD IRUPD D
VHJXLURXGHTXDOTXHURXWURPRGRTXHSRGHUiVHUHVWDEHOHFLGRGHWHPSRVHPWHPSRVSHOR&RQVHOKR
3URFXUDomR
/$(3,QYHVWPHQWV/WGD³6RFLHGDGH´
,,1yV >LQVHULU QRPHV@ VHQGR 6yFLRV GD 6RFLHGDGH FRP >Q~PHUR@ Do}HV 120($026 325 (67( 0(,2 >QRPH@
UHVLGHQWH HP >HQGHUHoR@ RX QD IDOWD GHVWH >QRPH@ UHVLGHQWH HP >HQGHUHoR@ SDUD VHU PHXQRVVR SURFXUDGRU SDUD
YRWDUHPPHXQRVVRQRPHQDDVVHPEOHLDGRV6yFLRVDVHUUHDOL]DGDHP>@GH>@GH>@HHPTXDOTXHUDGLDPHQWRGD
PHVPD,QVHULUDTXLTXDOTXHUUHVWULomRUHODFLRQDGDDRYRWR
$VVLQDGRHP>@GH>@GH>@
6yFLRV
$QRPHDomRGHXPSURFXUDGRUGHYHVHUUHFHELGDSHOD6RFLHGDGHFRPDQWHFHGrQFLDGHQRPtQLPR'LDVÒWHLV
GD GDWD GH TXDOTXHU $VVHPEOHLD QD VHGH RX RXWUR ORFDO RX GD IRUPD FRPR HVWLYHU HVSHFLILFDGR QD FRQYRFDomR GD
DVVHPEOHLDRXHPTXDOTXHULQVWUXPHQWRGHSURFXUDomRHQYLDGRSHOD6RFLHGDGHHPUHODomRjDVVHPEOHLDHPTXHD
SHVVRD PHQFLRQDGD QD QRPHDomR SUHWHQGH YRWDU $ QRPHDomR GH XP SURFXUDGRU TXH QmR IRU UHFHELGD GD IRUPD
SHUPLWLGDVHUiFRQVLGHUDGDLQYiOLGD
8P6yFLRTXHGHWHQKDGXDVRXPDLVDo}HVSRGHUiQRPHDUPDLVGHXPSURFXUDGRUSDUDUHSUHVHQWiORHYRWDUHP
VHXQRPH
$GHFLVmRGR3UHVLGHQWHHPUHODomRjYDOLGDGHGHTXDOTXHUQRPHDomRGHSURFXUDGRUVHUiGHILQLWLYD
5HSUHVHQWDomRGH6yFLR3HVVRD-XUtGLFD
$VRFLHGDGHTXHIRUXP6yFLRSRGHUiSRUPHLRGHLQVWUXPHQWRHVFULWRDXWRUL]DUXPDSHVVRDRXSHVVRDVTXH
FRQVLGHUDU DSWDV D DWXDU FRPR VXD UHSUHVHQWDQWH HP TXDOTXHU DVVHPEOHLD GRV 6yFLRV H D SHVVRD GHYLGDPHQWH
DXWRUL]DGD WHUi R GLUHLWR D H[HUFHU RV PHVPRV SRGHUHV HP QRPH GD VRFLHGDGH TXH UHSUHVHQWD TXH D UHIHULGD
VRFLHGDGHH[HUFHULDVHIRVVHXP6yFLRSHVVRDItVLFD(VWH6yFLRVHUiFRQVLGHUDGRSUHVHQWHHPTXDOTXHUDVVHPEOHLD
TXHFRQWDUFRPDSUHVHQoDGHVHXVUHSUHVHQWDQWHVDXWRUL]DGRV
1mR REVWDQWH R GHVFULWR DFLPD R SUHVLGHQWH GD DVVHPEOHLD SRGHUi DFHLWDU DV JDUDQWLDV TXH FRQVLGHUDU
DGHTXDGDVHPUHODomRDRGLUHLWRGHTXDOTXHU3HVVRDGHFRPSDUHFHUHYRWDUQD$VVHPEOHLD*HUDOHPQRPHGHXPD
VRFLHGDGHTXHVHMD6yFLD
$GLDPHQWRGD$VVHPEOHLD*HUDO
2SUHVLGHQWHGD$VVHPEOHLD*HUDOQDTXDOKDMDTXRUXPSRGHUiFRPRFRQVHQWLPHQWRGRV6yFLRVGHWHQWRUHVGD
PDLRULDGRVGLUHLWRVDYRWRGRV6yFLRVSUHVHQWHVSHVVRDOPHQWHRXSRUSURFXUDomRHGHYHUiVHLQVWUXtGRSDUDWDQWR
SRU6yFLRVGHWHQWRUHVGDPDLRULDGRVGLUHLWRVDYRWRGRV6yFLRVSUHVHQWHVSHVVRDOPHQWHRXSRUSURFXUDomRDGLDUD
DVVHPEOHLD
$OpPGLVVRRSUHVLGHQWHSRGHUiDGLDUDDVVHPEOHLDSDUDRXWUDKRUDHORFDOVHPWDOFRQVHQWLPHQWRRXLQVWUXomR
VHOKHSDUHFHUTXHDpSURYDYHOPHQWHLQYLiYHOPDQWHURXFRQWLQXDUDDVVHPEOHLDGHYLGRDRQ~PHURGH6yFLRVTXH
GHVHMHP SDUWLFLSDU PDV QmR HVWmR SUHVHQWHV E R FRPSRUWDPHQWR LQGLVFLSOLQDGR GH SDUWLFLSDQWHV QD DVVHPEOHLD
LPSHoD RX SURYDYHOPHQWH LPSHGLUi D HYROXomR DGHTXDGD GD DVVHPEOHLD RX F R DGLDPHQWR VHMD GH RXWUD IRUPD
QHFHVViULRSDUDTXHDVGHOLEHUDo}HVSRVVDPVHUFRQGX]LGDVDGHTXDGDPHQWH
$PHQRVTXHDDVVHPEOHLDVHMDDGLDGDSDUDXPDGDWDKRUDHORFDOHVSHFtILFRVDQXQFLDGRVQDDVVHPEOHLDDVHU
VXVSHQVDXPDQRYDQRWLILFDomRGDGDWDORFDOHKRUDSDUDDUHWRPDGDGDDVVHPEOHLDVXVSHQVDGHYHUiVHUHQWUHJXHD
FDGD6yFLRFRPGLUHLWRDFRPSDUHFLPHQWRHYRWRGHDFRUGRFRPHVVH(VWDWXWR6RFLDO
'HOLEHUDo}HVSRU(VFULWR
6HPSUHMXt]RGRVHJXLQWHTXDOTXHUDWRTXH SXGHUVHUSUDWLFDGRSRUGHOLEHUDomRGD6RFLHGDGHQD$VVHPEOHLD
*HUDOGHXPDDVVHPEOHLDGHTXDOTXHUXPDGDVFODVVHVGH6yFLRVSRGHUiVHPDVVHPEOHLDHVHPDYLVRSUpYLRVHU
SUDWLFDGRSRUGHOLEHUDomRSRUHVFULWRDVVLQDGDSRUWRGRVRV6yFLRVRXQRFDVRGHXP6yFLR3HVVRD-XUtGLFDTXHVHMD
RXQmRXPDVRFLHGDGHQDDFHSomRGD/HLHPQRPHGHWRGRVRV6yFLRVRVTXDLVjGDWDGDUHVROXomRWHULDPGLUHLWRD
SDUWLFLSDUGDDVVHPEOHLDHYRWDUDGHOLEHUDomR
$GHOLEHUDomRSRUHVFULWRSRGHUiVHUDVVLQDGDSRUWRGRVRV6yFLRVRXQRFDVRGHXP6yFLR3HVVRD-XUtGLFDTXH
VHMD RX QmR XPD VRFLHGDGH QD DFHSomR GD /HL HP QRPH GH WRGRV RV 6yFLRV RX WRGRV RV 6yFLRV GD UHVSHFWLYD
FODVVHHPTXDQWDVYLDVIRUHPQHFHVViULDV
$ GHOLEHUDomR SRU HVFULWR IHLWD HP FRQIRUPLGDGH FRP HVVH (VWDWXWR 6RFLDO WHP D PHVPD YDOLGDGH FRPR VH
WLYHVVH VLGR DSURYDGD SHOD 6RFLHGDGH HP $VVHPEOHLD *HUDO RX SRU DVVHPEOHLD GD UHVSHFWLYD FODVVH GH 6yFLRV
FRQIRUPHRFDVRHTXDOTXHUUHIHUrQFLDHPXPD&OiXVXODUHODWLYDDDVVHPEOHLDHPTXHXPDGHOLEHUDomRIRLDSURYDGD
RXDRYRWRGH6yFLRVHPIDYRUGHXPDGHOLEHUDomRGHYHUiVHULQWHUSUHWDGDGHIRUPDFRUUHVSRQGHQWH
$GHOLEHUDomRSRUHVFULWRIHLWDHPFRQIRUPLGDGHFRPHVVH(VWDWXWR6RFLDOVHUiFRQVLGHUDGDXPDDWDSDUDILQVGD
/HLHDGHOLEHUDomRSRUHVFULWRIHLWDHPFRQIRUPLGDGHFRPHVVH(VWDWXWR6RFLDOTXHUHFHEDDFHLWHDGRWHDSURYHRX
GH RXWUD IRUPD UHFRQKHoD DV GHPRQVWUDo}HV ILQDQFHLUDV VHUi FRQVLGHUDGD FRPR D DSUHVHQWDomR GHVVDV
GHPRQVWUDo}HVSHUDQWHRV6yFLRVQD$VVHPEOHLD*HUDO
(VWD&OiXVXODQmRVHDSOLFDUiDDGHOLEHUDomRDSURYDGDSDUDDGHVWLWXLomRGHXPDXGLWRUDQWHVGRWpUPLQRGH
VHX PDQGDWR RX E GHOLEHUDomR DSURYDGD FRP D ILQDOLGDGH GH GHVWLWXLU XP &RQVHOKHLUR DQWHV GR WpUPLQR GH VHX
PDQGDWR
3DUDRVHIHLWRVGDSUHVHQWH&OiXVXODDGDWDGDGHOLEHUDomRVHUiDGDWDHPTXHDGHOLEHUDomRIRUDVVLQDGDSHOR
~OWLPR6yFLRRXQRFDVRGHXP6yFLR3HVVRD-XUtGLFDTXHVHMDRXQmRXPDVRFLHGDGHQDDFHSomRGD/HLHPQRPH
GR~OWLPR6yFLRDDVVLQDUHTXDOTXHUUHIHUrQFLDHPXPD&OiXVXODjGDWDGHDSURYDomRGHXPDGHOLEHUDomRVHUiHP
UHODomRDXPDGHOLEHUDomRIHLWDHPFRQIRUPLGDGHFRPHVVH(VWDWXWR6RFLDOXPDUHIHUrQFLDDHVVDGDWD
2V &RQVHOKHLURV GD 6RFLHGDGH WHUmR GLUHLWR D UHFHEHU FRQYRFDomR FRPSDUHFHU H VHU RXYLGR HP TXDOTXHU
$VVHPEOHLD*HUDOGRV6yFLRV
(OHLomRH0DQGDWRGRV&RQVHOKHLURV
2&RQVHOKRFRQVLVWLUiGHGRLVDVHWH&RQVHOKHLURVWRGRVRVTXDLVVHUmRHOHLWRVSHORVGHWHQWRUHVGH
$o}HV &ODVVH % HP FRQIRUPLGDGH FRP HVVH (VWDWXWR 6RFLDO H SRGHUmR LQFOXLU XP RX PDLV &RQVHOKHLURV
,QGHSHQGHQWHV
2VGHWHQWRUHVGH$o}HV&ODVVH%QRPHDUmRR&RQVHOKHLURTXHLUiRFXSDUDVSRVLo}HVGH3UHVLGHQWHH9LFH
3UHVLGHQWH
6HDTXDOTXHUPRPHQWRXPLQGLYtGXRIRUHOHLWRRXQRPHDGRQRVWHUPRVGD&OiXVXODFRPRXPSRVVtYHO
&RQVHOKHLUR ,QGHSHQGHQWH PDV SRU TXDOTXHU PRWLYR VHU FRQVLGHUDGR FRPR DILOLDGR RX WHQGR VLGR DILOLDGR D XP
&RQFRUUHQWHHDUHIHULGDDILOLDomRLPSHGLUVXDQRPHDomRFRPR&RQVHOKHLUR,QGHSHQGHQWHRVGHWHQWRUHVGH$o}HV
&ODVVH%SRGHUmRFRQFHGHUGLVSHQVDGHVVDUHVWULomRSDUDDHOHLomRGHXP&RQVHOKHLUR,QGHSHQGHQWHQmRDILOLDGRD
XP&RQFRUUHQWHHSHUPLWLUVXDHOHLomRFRQWDQWRTXHDHOHLomRVHMDGRFRQWUiULRHPFRQIRUPLGDGHFRPHVVH(VWDWXWR
6RFLDO
&RQVHOKHLURV D VHUHP HOHLWRV QRV WHUPRV GHVVH (VWDWXWR 6RFLDO VHUmR HOHLWRV GH DFRUGR FRP HVVH (VWDWXWR
6RFLDOHPFDGD$VVHPEOHLD*HUDO2UGLQiULDHPTXDOTXHUH[HUFtFLRQRTXDOKDMDXPDYDJDSURJUDPDGDSDUDRFRUUHU
QDFRPSRVLomRGR&RQVHOKRGHYLGRDRWpUPLQRGHPDQGDWRGRV&RQVHOKHLURVHPH[HUFtFLR
7RGRVRV&RQVHOKHLURVHOHLWRVSDUDR&RQVHOKRH[HUFHUmRVHXFDUJRSRUXPPDQGDWRRTXDOVHLQLFLDQDGDWDGH
VXD HOHLomR H WHUPLQD QD $VVHPEOHLD *HUDO 2UGLQiULD GR VHJXQGR DQR DSyV VXD HOHLomR VDOYR GH RXWUD IRUPD
GHVWLWXtGR QRV WHUPRV GHVVH (VWDWXWR 6RFLDO 2 &RQVHOKHLUR TXH VH DSRVHQWDU DR WpUPLQR GH XP PDQGDWR QD
$VVHPEOHLD*HUDO2UGLQiULDVHUiHOHJtYHOSDUDUHQRPHDomRSDUDXPQRYRPDQGDWR
6RPHQWHDVSHVVRDVSURSRVWDVRXQRPHDGDVHPFRQIRUPLGDGHFRPHVVH(VWDWXWR6RFLDOVHUmRHOHJtYHLVSDUD
VHUHPHOHLWRVFRPR&RQVHOKHLURV2&RQVHOKRHRXTXDOTXHU6yFLRRXJUXSRGH6yFLRVGHWHQWRUHVGHSHORPHQRV
GR WRWDO GH $o}HV &ODVVH % HPLWLGDV WHUmR GLUHLWR D QRPHDU SHVVRDV SDUD D HOHLomR GRV &RQVHOKHLURV H R
&RQVHOKRWHUmRGLUHLWRDQRPHDUSHVVRDVDVTXDLVWHQKDPDVTXDOLILFDo}HVGHVFULWDVQHVWHLQVWUXPHQWRSDUDVHUHP
&RQVHOKHLURV,QGHSHQGHQWHVSDUDHOHLomRFRPR&RQVHOKHLURV,QGHSHQGHQWHV
4XDQGRRQ~PHURGHSHVVRDVQRPHDGDVGHIRUPDYiOLGDSDUDUHHOHLomRRXHOHLomRFRPR&RQVHOKHLURIRUPDLRU
GRTXHRQ~PHURGH&RQVHOKHLURVDVHUHPHOHLWRVDVSHVVRDVTXHUHFHEHUHPRPDLRUQ~PHURGHYRWRVDWpDWLQJLUR
Q~PHURGH&RQVHOKHLURVDVHUHPHOHLWRVVHUmRHOHLWDVFRPR&RQVHOKHLURVHDPDLRULDDEVROXWDGRVYRWRVQmRVHUi
XPSUpUHTXLVLWRSDUDDHOHLomRGRVUHIHULGRV&RQVHOKHLURV
'HVWLWXLomRGRV&RQVHOKHLURV
6HP SUHMXt]R D TXDOTXHU GLVSRVLomR HP FRQWUiULR SUHVHQWH QHVVH (VWDWXWR 6RFLDO D RV GHWHQWRUHV GH $o}HV
&ODVVH%SRGHUmRHPTXDOTXHU$VVHPEOHLD*HUDO([WUDRUGLQiULDFRQYRFDGDHUHDOL]DGDHPFRQIRUPLGDGHFRPHVVH
(VWDWXWR6RFLDOGHVWLWXLUR&RQVHOKHLUR,QGHSHQGHQWHVRPHQWHSRUMXVWDFDXVDFRQWDQWRTXHDQRWLILFDomRGDUHIHULGD
DVVHPEOHLD FRQYRFDGD FRP D ILQDOLGDGH GH GHVWLWXLU XP &RQVHOKHLUR ,QGHSHQGHQWH FRQWHQKD XPD GHFODUDomR GD
LQWHQomRGHDVVLPRID]HUHVHMDHQWUHJXHDRUHIHULGR&RQVHOKHLUR,QGHSHQGHQWHFRPDQWHFHGrQFLDPtQLPDGHGLDV
GDGDWDGDDVVHPEOHLDHTXHQDUHIHULGDDVVHPEOHLDR&RQVHOKHLUR,QGHSHQGHQWHWHQKDRGLUHLWRGDSDODYUDVREUHD
PRomRGHGHVWLWXLomRGRUHVSHFWLYR&RQVHOKHLUR,QGHSHQGHQWHHERVGHWHQWRUHVGH$o}HV&ODVVH%SRGHUmRHP
TXDOTXHU$VVHPEOHLD*HUDO([WUDRUGLQiULDFRQYRFDGDHUHDOL]DGDHPFRQIRUPLGDGHFRPHVVH(VWDWXWR6RFLDOGHVWLWXLU
XP &RQVHOKHLUR FRQWDQWR TXH D QRWLILFDomR GD UHIHULGD DVVHPEOHLD FRQYRFDGD FRP D ILQDOLGDGH GH GHVWLWXLU XP
&RQVHOKHLUR FRQWHQKD XPD GHFODUDomR GD LQWHQomR GH DVVLP R ID]HU H VHMD HQWUHJXH DR UHIHULGR &RQVHOKHLUR FRP
DQWHFHGrQFLDPtQLPDGHGLDVGDGDWDGDDVVHPEOHLDHTXHQDUHIHULGDDVVHPEOHLDR&RQVHOKHLURWHQKDRGLUHLWR
GDSDODYUDVREUHDPRomRGHGHVWLWXLomRGRUHVSHFWLYR&RQVHOKHLUR
6HXP&RQVHOKHLURIRUGHVWLWXtGRGR&RQVHOKRDRDEULJRGRGLVSRVWRQHVVH(VWDWXWR6RFLDORV6yFLRVFRPGLUHLWR
DYRWRQDUHIHULGD$VVHPEOHLD*HUDOSRGHUmRSUHHQFKHUDYDJDQDDVVHPEOHLDHPTXHR&RQVHOKHLURIRUGHVWLWXtGR
3DUD HIHLWRV GD SUHVHQWH &OiXVXOD ³MXVWD FDXVD´ VLJQLILFDUi D FRQGHQDomR SRU XP FULPH HQYROYHQGR
GHVRQHVWLGDGHRX FRQGXWD TXHOHYH DRGHVFUpGLWRGR &RQVHOKHLUR RXGD6RFLHGDGHRXUHVXOWHHP SUHMXt]R PDWHULDO
SDUD D 6RFLHGDGH TXDOTXHU FRQIOLWR GH LQWHUHVVH HYLGHQWH TXH SRVVD WHU VXUJLGR RX TXDOTXHU FRQIOLWR GH LQWHUHVVH
ODWHQWH TXDLVTXHU Do}HV RX RPLVV}HV TXH SRVVDP WHU SRWHQFLDOPHQWH FDXVDGR SUHMXt]R j 6RFLHGDGH RX TXH D
OHYDUDP D SHUGHU XPD RSRUWXQLGDGH GH QHJyFLRV QHJOLJrQFLD LQWHQomR GRORVD GH SUHMXGLFDU GHVUHVSHLWR DRV
PHOKRUHVLQWHUHVVHVGD6RFLHGDGHDEDQGRQRGHVXDVIXQo}HVFRQIRUPHQRPHDGRSHOR3UHVLGHQWH
2FDUJRGH&RQVHOKHLURILFDUiYDJRFDVRR&RQVHOKHLURDVHMDGHVWLWXtGRGRFDUJRHPFRQVRQkQFLDFRPHVWH
(VWDWXWR6RFLDORXVHMDLPSHGLGRGHH[HUFHUVXDIXQomRSRUOHLEHVWHMDRXVHWRUQHLQVROYHQWHRXHQWUHHPDOJXP
DFRUGR RXFRPSRVLomR FRPVHXVFUHGRUHV GHPRGR JHUDOFHVWHMDRXVH WRUQH PHQWDOPHQWHLQFDSD]RX YHQKDD
IDOHFHUGUHQXQFLHDRFDUJRSRUPHLRGHQRWLILFDomRHVFULWDj6RFLHGDGH
2VWLWXODUHVGDV$o}HV&ODVVH%SRGHUmRQRPHDUTXDOTXHUSHVVRDSDUDRFDUJRGH&RQVHOKHLURFRPRLQWXLWRGH
SUHHQFKHURFDUJRTXHILFDUYDJRQR&RQVHOKRHPGHFRUUrQFLDGDPRUWHLQFDSDFLWDomRGHVTXDOLILFDomRRXUHQ~QFLD
GHTXDOTXHU&RQVHOKHLUR
2V WLWXODUHV GDV $o}HV &ODVVH % WHUmR SRGHUHV SDUD QRPHDU TXDOTXHU SHVVRD SDUD R FDUJR GH &RQVHOKHLUR
,QGHSHQGHQWH FRP R LQWXLWR GH SUHHQFKHU R FDUJR TXH ILFDU YDJR QR &RQVHOKR HP GHFRUUrQFLD GD PRUWH
LQFDSDFLWDomRGHVTXDOLILFDomRRXUHQ~QFLDGHTXDOTXHU&RQVHOKHLUR,QGHSHQGHQWHFRQWDQWRTXHHVVD3HVVRDWHQKD
DVTXDOLILFDo}HVGHVFULWDVQHVWHLQVWUXPHQWRSDUDH[HUFHURUHIHULGRFDUJR
5HPXQHUDomRGRV&RQVHOKHLURV
'H DFRUGR FRP D FOiXVXOD D UHPXQHUDomR VH KRXYHU GH FDGD XP GRV &RQVHOKHLURV QD TXDOLGDGH GR
UHIHULGRFDUJRVHUiVXJHULGDSHOR&RQVHOKRHGHWHUPLQDGDSHODDVVHPEOHLDJHUDOGRVWLWXODUHVGDV$o}HV&ODVVH%
VHQGRDFXPXODGDGLDULDPHQWH
2V &RQVHOKHLURV WDPEpP SRGHUmR UHFHEHU SDJDPHQWR GH GHVSHVDV FRP YLDJHQV KRWpLV H RXWURV JDVWRV
GHYLGDPHQWH LQFRUULGRVSRUHOHV DRFRPSDUHFHUHPHYROWDUHPGHUHXQL}HVGR &RQVHOKR GHFRPLWrVQRPHDGRV SRU
HOH GH DVVHPEOHLDV JHUDLV GD 6RFLHGDGH RX D HOD UHODFLRQDGDV RX JDVWRV LQFRUULGRV HP VXDV DWULEXLo}HV FRPR
&RQVHOKHLURVRXPHPEURVGHFRPLWrVGHPRGRHPJHUDO
'HVLJQDomR,UUHJXODUGH&RQVHOKHLUR
7RGRVRVDWRVSUDWLFDGRVGHERDIpSHOR&RQVHOKRRXSRUXPFRPLWrQmRREVWDQWHSRVWHULRUPHQWHVHGHVFXEUD
LUUHJXODULGDGHVQD QRPHDomRGH TXDOTXHU &RQVHOKHLURRX SHVVRDDWXDQGR FRPR WDORX D VXD IDOWDGHTXDOLILFDomR
GHYHUmR VHU YiOLGRV FRPR VH FDGD XPD GDV SHVVRDV WLYHVVH VLGR GHYLGDPHQWH QRPHDGD H IRVVH TXDOLILFDGD SDUD
H[HUFHURFDUJRGH&RQVHOKHLUR
$GPLQLVWUDomRGRV1HJyFLRVSHORV&RQVHOKHLURV
2V QHJyFLRV H DV DWLYLGDGHV GD 6RFLHGDGH VHUmR DGPLQLVWUDGRV H FRQGX]LGRV SHOR &RQVHOKR (P UHODomR j
DGPLQLVWUDomR GRV QHJyFLRV GD 6RFLHGDGH R &RQVHOKR SRGHUi H[HUFHU WRGRV RV SRGHUHV GD 6RFLHGDGH FXMRV
H[HUFtFLRVQmRVHMDPUHVHUYDGRVSRUOHLRXSRUHVWH(VWDWXWR6RFLDODRV6yFLRVHPDVVHPEOHLDVJHUDLVREVHUYDGRV
WRGDYLDHVWHPHVPR(VWDWXWR6RFLDOHDVGLVSRVLomRGDVOHLV
(PREVHUYkQFLDDHVWHLQVWUXPHQWRR&RQVHOKRSRGHUiGHOHJDUDTXDOTXHUVRFLHGDGHILUPDSHVVRDFRPLWrRX
JUXSRGHSHVVRDVTXDLVTXHUSRGHUHVGR&RQVHOKRLQFOXVLYHRSRGHUGHVXEGHOHJDU
3RGHUHVGR&RQVHOKRGH$GPLQLVWUDomR
(P REVHUYkQFLD H VHP SUHMXt]R GRV SRGHUHV HVWDEHOHFLGRV HP RXWUDV GLVSRVLo}HV GHVWH (VWDWXWR 6RFLDO R
&RQVHOKR WHUi SRGHU H DXWRULGDGH SDUD D QRPHDU VXVSHQGHU RX GHVWLWXLU DGPLQLVWUDGRUHV VHFUHWiULRV SHVVRDO
DGPLQLVWUDWLYR SUHSRVWRV RX HPSUHJDGRV GD 6RFLHGDGH SRGHQGR IL[DU VXD UHPXQHUDomR H GHWHUPLQDU DV VXDV
DWULEXLo}HVEH[HUFHUWRGRVRVSRGHUHVGD6RFLHGDGHSDUDFRQWUDLUHPSUpVWLPRVHPGLQKHLURHKLSRWHFDURXRQHUDU
VHX HPSUHHQGLPHQWR EHQV H FDSLWDO QmR FKDPDGR RX TXDOTXHU SDUFHOD GHVWHV SRGHQGR HPLWLU GHErQWXUHV
GHErQWXUHVFRQYHUVtYHLVHRXWURVYDORUHVPRELOLiULRVHPFDUiWHUDEVROXWRRXDWtWXORGHJDUDQWLDGHTXDOTXHUGtYLGD
UHVSRQVDELOLGDGHRXREULJDomRGD6RFLHGDGHRXGHDOJXPWHUFHLURFQRPHDUXPRXPDLV&RQVHOKHLURVSDUDRFDUJR
GHGLUHWRUSUHVLGHQWHGD6RFLHGDGHRTXDOGHYHUiVRERFRQWUROHGR&RQVHOKRVXSHUYLVLRQDUHDGPLQLVWUDUHPJHUDO
WRGDVDVDWLYLGDGHVHQHJyFLRVGD6RFLHGDGHGQRPHDUXPDSHVVRDSDUDDWXDUFRPRDGPLQLVWUDGRUGDVDWLYLGDGHV
FRWLGLDQDV GD 6RFLHGDGH SRGHQGR FRQILDU H FRQIHULU D WDO DGPLQLVWUDGRU RV SRGHUHV H DWULEXLo}HV TXH MXOJDU
DSURSULDGRVSDUDRH[HUFtFLRRXDFRQGXomRGHWDLVDWLYLGDGHVHPHGLDQWHSURFXUDomRQRPHDUTXDOTXHU3HVVRDRX
JUXSR GH SHVVRDV TXHU GHVLJQDGDV GLUHWD RX LQGLUHWDPHQWH SHOR &RQVHOKR SDUD DWXDUHP FRPR SURFXUDGRUHV GD
6RFLHGDGHSDUDRVILQVHFRPRVSRGHUHVDDXWRULGDGHHDVSUHUURJDWLYDVQmRPDLRUHVGRTXHDTXHOHVGHTXHVH
LQYHVWLU R &RQVHOKR RX FXMR H[HUFtFLR D HOH FRXEHU H SHOR SUD]R H HP REVHUYkQFLD GDV FRQGLo}HV TXH YHQKD R
&RQVHOKR D MXOJDU DGHTXDGRV SRGHQGR TXDOTXHU GHVVDV SURFXUDo}HV FRQWHU GLVSRVLo}HV SDUD D SURWHomR H
FRQYHQLrQFLD GH SHVVRDV TXH WUDWHP FRP TXDOTXHU GHVVHV SURFXUDGRUHV FRQIRUPH R &RQVHOKR YHQKD D MXOJDU
DGHTXDGDV SRGHQGR WDPEpP DXWRUL]DU TXDOTXHU SURFXUDGRU HP TXHVWmR D VXEVWDEHOHFHU WRGRV RX TXDLVTXHU GRV
SRGHUHV DXWRULGDGH H SUHUURJDWLYDV TXH DVVLP OKH VHMDP FRQIHULGRV 2 SURFXUDGRU HP TXHVWmR SRGHUi VH DVVLP
DXWRUL]DGR SHOR &RQVHOKR DVVLQDU TXDOTXHU HVFULWXUD RX LQVWUXPHQWR VRE R VHX VHOR SHVVRDOFRPR XP LQVWUXPHQWR
IRUPDO HP QRPHGD 6RFLHGDGH K SURFXUDU ID]HU FRP TXH D 6RFLHGDGH SDJXH WRGDV DV GHVSHVDV LQFRUULGDV QD
SURPRomRHFRQVWLWXLomRGD6RFLHGDGHIGHOHJDUTXDOTXHUGRVVHXVSRGHUHVLQFOXVLYHRSRGHUGHVXEGHOHJDUDXP
FRPLWr VDOYR GLVSRVLomR HP FRQWUiULR FRQWLGD QHVWH (VWDWXWR 6RFLDO GHVLJQDGR SHOR &RQVHOKR R TXDO SRGHUi VHU
FRPSRVWRQRWRGRRXHPSDUWHSRUQmR&RQVHOKHLURVUHVVDOYDQGRVHTXHWRGRHTXDOTXHUXPGHVVHVFRPLWrVGHYHUi
DWXDUHPFRQIRUPLGDGHFRPDVRULHQWDo}HVTXHR&RQVHOKROKHLPSXVHUHUHVVDOYDQGRVHDLQGDTXHDVUHXQL}HVH
RV WUDEDOKRV GH TXDOTXHU GHVVHV FRPLWrV GHYHUmR VXMHLWDUVH jV GLVSRVLo}HV GHVWH (VWDWXWR 6RFLDO D UHVSHLWR GDV
UHXQL}HVHWUDEDOKRVGR&RQVHOKRjPHGLGDTXHDSOLFiYHLVHQmRVHMDPVXEVWLWXtGDVSRURULHQWDo}HVLPSRVWDVSHOR
&RQVHOKRJGHOHJDUTXDOTXHUXPGHVHXVSRGHUHVLQFOXVLYHRSRGHUGHVXEGHOHJDUDTXDOTXHUSHVVRDQRVWHUPRV
H GD PDQHLUD TXH R &RQVHOKR YHQKD D MXOJDU DGHTXDGRV K DSUHVHQWDU TXDOTXHU SHWLomR H ID]HU TXDOTXHU
UHTXHULPHQWR UHODFLRQDGR FRP D OLTXLGDomR RX UHFXSHUDomR MXGLFLDO RX H[WUDMXGLFLDO GD 6RFLHGDGH N HP UHODomR j
HPLVVmRGHTXDOTXHUDomRSDJDUDFRPLVVmRHDFRUUHWDJHPTXHYLHUHPDVHUSHUPLWLGDVSRUOHLMDXWRUL]DUTXDOTXHU
3HVVRDRXJUXSRGH3HVVRDVDDWXDUHPQRPHGD6RFLHGDGHSDUDTXDOTXHUILPHVSHFtILFRHSDUDHVVHHIHLWRILUPDU
TXDOTXHUFRQWUDWRGRFXPHQWRRXLQVWUXPHQWRHPQRPHGD6RFLHGDGHHMDSURYDUDDGRomRGHSODQRVGHRSomRGH
FRPSUDGHDo}HVHDFHOHEUDomRGHTXDLVTXHUFRQWUDWRVRXLQVWUXPHQWRVGHOHVGHFRUUHQWHV
/LYURGH5HJLVWURGH&RQVHOKHLURVH'LUHWRUHV
2 &RQVHOKR SURYLGHQFLDUi D PDQXWHQomR QD VHGH GD 6RFLHGDGH GH XP /LYUR GH 5HJLVWUR GH &RQVHOKHLURV H
'LUHWRUHVGHYHQGRQHOHLQVFUHYHUDVLQIRUPDo}HVH[LJLGDVSHOD/HL
1RPHDomRH$WULEXLo}HVGRV'LUHWRUHV
'HQWUH RV GLUHWRUHV GD 6RFLHGDGH HVWDUmR XP 3UHVLGHQWH QD TXDOLGDGH GH &RQVHOKHLUR XP 6HFUHWiULR H RV
GHPDLVGLUHWRUHVGD6RFLHGDGHTXHR&RQVHOKRYHQKDGHWHPSRVHPWHPSRVDGHWHUPLQDU7RGRVRV'LUHWRUHVVHUmR
HOHLWRVSDUDXPPDQGDWRGHDQRV
2V'LUHWRUHVWHUmRRVSRGHUHVHH[HUFHUmRDVDWULEXLo}HVTXDQWRjDGPLQLVWUDomRDRVQHJyFLRVHjVDWLYLGDGHV
GD6RFLHGDGHTXHOKHVVHMDPGHWHPSRVHPWHPSRVGHOHJDGRVSHOR&RQVHOKR
5HPXQHUDomRGRV'LUHWRUHV
(P REVHUYkQFLD DR $UWLJR RV 'LUHWRUHV LQFOXVLYH RV &RQVHOKHLURV TXH WDPEpP DWXDUHP FRPR 'LUHWRUHV
UHFHEHUmR D UHPXQHUDomR TXH R &RQVHOKR YLHU D GHWHUPLQDU 2 &RQVHOKR GHWHUPLQDUi TXDQWR GR SHUFHQWXDO GHVVD
GLVWULEXLomR GHYHUi VHU DORFDGR D FDGD 'LUHWRU VHQGR D SDUFHOD UHPDQHVFHQWH DORFDGD SHORV 'LUHWRUHV DRV
IXQFLRQiULRVHWUDEDOKDGRUHVGD6RFLHGDGHTXHQmRVHMDP'LUHWRUHV
2 &RQVHOKHLURTXHWLYHULQWHUHVVHGLUHWRRXLQGLUHWR HPXPFRQWUDWR RXSURSRVWDGHFRQWUDWRRXDFRUGRFRPD
6RFLHGDGHGHYHUiGHFODUDUDQDWXUH]DGHVVHLQWHUHVVHFRQIRUPHH[LJLGRSRU/HL
$SyVWHUVLGRIHLWDXPDGHFODUDomRQRVWHUPRVGHVWD&OiXVXODHVDOYRVHGHVTXDOLILFDGRSHORSUHVLGHQWHGDPHVD
GD UHXQLmR GR &RQVHOKR SHUWLQHQWH SRGHUi XP &RQVHOKHLUR YRWDU HP UHODomR D TXDOTXHU FRQWUDWR RX SURSRVWD GH
FRQWUDWRRXDFRUGRQRTXDOWHQKDLQWHUHVVHSRGHQGRHOHWDPEpPFRPSDUHFHUHVHUFRQWDGRSDUDILQVGRTXRUXPGD
UHXQLmRHPTXHVWmR
,QGHQL]DomRH([RQHUDomRGRV&RQVHOKHLURVH'LUHWRUHV
2V&RQVHOKHLURVR6HFUHWiULRHGHPDLV'LUHWRUHVWHUPRTXHGHYHUiFRPSUHHQGHUTXDOTXHUSHVVRDGHVLJQDGD
SDUD TXDOTXHU FRPLWr SHOR &RQVHOKR TXH QD pSRFD DWXDUHP HP UHODomR D TXDLVTXHU DWLYLGDGHV GD 6RFLHGDGH
TXDOTXHUGHVXDVVXEVLGLiULDVHROLTXLGDQWHRXRVDGPLQLVWUDGRUHVMXGLFLDLVVHKRXYHUTXHQD pSRFDDWXDUHPHP
UHODomRDTXDLVTXHUDWLYLGDGHVGD6RFLHGDGHRXGHTXDOTXHUGHVXDVVXEVLGLiULDVHFDGDXPGHOHVDVVLPFRPRVHXV
KHUGHLURVWHVWDPHQWHLURVHLQYHQWDULDQWHVGHYHUmRVHULQGHQL]DGRVHH[LPLGRVXWLOL]DQGRVHSDUDWDQWRRVEHQVGD
6RFLHGDGH GH WRGDV H TXDLVTXHU Do}HV FXVWRV HQFDUJRV SUHMXt]RV SHUGDV H GDQRV H GHVSHVDV TXH HOHV RX
TXDOTXHU GHOHV VHXV KHUGHLURV WHVWDPHQWHLURV RX LQYHQWDULDQWHV YHQKDP RX SRVVDP YLU D LQFRUUHU RX VRIUHU HP
GHFRUUrQFLD RX HP UD]mR GD SUiWLFD DSURYDomR RX RPLVVmR GH TXDOTXHU DWR QR H[HUFtFLR RX D UHVSHLWR GH VXDV
DWULEXLo}HV RX VXSRVWDV DWULEXLo}HV RX QRV VHXV UHVSHFWLYRV FDUJRV RX LQFXPErQFLDV QmR GHYHQGR QHQKXP GHOHV
UHVSRQGHU SHORV DWRV UHFHELPHQWRV QHJOLJrQFLDV RX LQDGLPSOHPHQWRV GRV GHPDLV GHQWUH HOHV WDPSRXFR SRU
SDUWLFLSDU GH TXDLVTXHU UHFHELPHQWRV SDUD ILQV GH FRQIRUPLGDGH RX HP UHODomR D TXDLVTXHU EDQTXHLURV RX RXWUDV
SHVVRDVjVTXDLVTXDLVTXHULPSRUWkQFLDVRXEHQVGHSURSULHGDGHGD6RFLHGDGHVHMDPRXSRVVDPYLUDVHUHQWUHJXHV
RXVREFXMDFXVWyGLDVHMDPGHSRVLWDGRVRXHPUHODomRjLQVXILFLrQFLDRXGHILFLrQFLDGHTXDOTXHUJDUDQWLDFRPEDVH
QDTXDOTXDLVTXHULPSRUWkQFLDVRXEHQVGD6RFLHGDGHVHMDPHPSUHVWDGRVRXLQYHVWLGRVRXHPUHODomRDTXDOTXHU
RXWUDSHUGDUHYpVRXGDQRTXHSRVVDRFRUUHUQRH[HUFtFLRRXDUHVSHLWRGHVHXVUHVSHFWLYRVFDUJRVRXLQFXPErQFLDV
5(66$/9$1'26( 48(HVVDLQGHQL]DomRQmRVHUiH[WHQVLYD DQHQKXPD TXHVWmRTXH HQYROYD DOJXPDIUDXGHRX
GHVRQHVWLGDGHDWULEXtYHODTXDOTXHUGDVUHIHULGDVSHVVRDV&DGD6yFLRFRQFRUGDHPUHQXQFLDUDWRGDSUHWHQVmRRX
GLUHLWRGHDomRTXHOKHFDLEDTXHULQGLYLGXDOPHQWHTXHUSRULQWHUPpGLRGD6RFLHGDGHRXSRUGLUHLWRGHVWDHPIDFHGH
TXDOTXHU&RQVHOKHLURRX'LUHWRUSRUFRQWDGHDOJXPDWRSUDWLFDGRSHORUHIHULGR&RQVHOKHLURRX'LUHWRURXSRUGHL[DU
WDO &RQVHOKHLUR RX 'LUHWRU GH SUDWLFDU DOJXP DWR QR H[HUFtFLR GH VXDV DWULEXLo}HV QD 6RFLHGDGH RX HP UHODomR j
6RFLHGDGHRXTXDOTXHUGHVXDVVXEVLGLiULDV5(66$/9$1'26(48(HVVDUHQ~QFLDQmRVHUiH[WHQVLYDDQHQKXPD
TXHVWmRTXHGLJDUHVSHLWRDDOJXPDIUDXGHRXGHVRQHVWLGDGHDWULEXtYHODR&RQVHOKHLURRX'LUHWRUHPTXHVWmR
$6RFLHGDGHSRGHUiFRQWUDWDUHPDQWHUVHJXURHPEHQHItFLRGHTXDOTXHU&RQVHOKHLURRX'LUHWRUGD6RFLHGDGH
FRQWUDTXDOTXHUUHVSRQVDELOLGDGHSRUHOHLQFRUULGDQRVWHUPRVGD/HLHPVXDTXDOLGDGHGH&RQVHOKHLURRX'LUHWRUGD
6RFLHGDGH RX TXH LQGHQL]H WDO &RQVHOKHLUR RX 'LUHWRU GH TXDOTXHU SUHMXt]R RX UHVSRQVDELOLGDGH TXH OKH FDLED SRU
IRUoDGHTXDOTXHUQRUPDGHGLUHLWRHPUHODomRDTXDOTXHUQHJOLJrQFLDLQDGLPSOHPHQWRYLRODomRGHGHYHURXTXHEUD
GH FRQILDQoD GH TXH R &RQVHOKHLUR RX 'LUHWRU SRVVD VHU FXOSDGR SHUDQWH D 6RFLHGDGH RX TXDOTXHU GH VXDV
VXEVLGLiULDV
$6RFLHGDGHSRGHUiDGLDQWDUUHFXUVRVILQDQFHLURVDXP&RQVHOKHLURRX'LUHWRUHPIXQomRGRVFXVWRVHQFDUJRV
HGHVSHVDVLQFRUULGRVSHOR&RQVHOKHLURRX'LUHWRUQDGHIHVDGHTXDOTXHUSURFHVVRFLYLORXSHQDOPRYLGRHPIDFHGHOH
VREDFRQGLomRGHTXHR&RQVHOKHLURRX'LUHWRUHPTXHVWmRUHVWLWXDRYDORUDGLDQWDGRFDVRTXDOTXHUDOHJDomRGH
IUDXGHRXGHVRQHVWLGDGHFRQWUDVLVHMDFRPSURYDGD
5HXQL}HVGR&RQVHOKR
2&RQVHOKRSRGHUiVHUHXQLUSDUDGLVFXWLURVDVVXQWRVDGLDUHUHJHUGHRXWURPRGRVXDVUHXQL}HVFRQIRUPHHOH
FRQVLGHUDUDGHTXDGR&DGD&RQVHOKHLURGHYHUiWHUXPYRWRVREUHTXDOTXHUGHOLEHUDomRDSUHVHQWDGDSDUDYRWDomRHP
XPD UHXQLmR GR &RQVHOKR 6XMHLWR jV GLVSRVLo}HV GHVWH (VWDWXWR 6RFLDO H D TXDOTXHU GHOLEHUDomR DGRWDGD SHOR
&RQVHOKRXPDGHOLEHUDomRDSUHVHQWDGDSDUDYRWDomRHPXPDUHXQLmRGR&RQVHOKRGHYHUiVHUGHFLGLGDSHORVYRWRV
DILUPDWLYRV GHXPD PDLRULDGRVYRWRVDSXUDGRVHQR FDVRGHXPHPSDWHGHYRWRV RSUHVLGHQWHGR&RQVHOKR TXH
GHYHUiVHUQRPHDGRSRUXPDPDLRULDGRV&RQVHOKHLURVTXHQmRIRUHP&RQVHOKHLURV,QGHSHQGHQWHVGHYHUiWHUXP
YRWRGH0LQHUYD
2&RQVHOKRVHUHXQLUiRUGLQDULDPHQWHQRILQDOGHFDGDWULPHVWUHHR3UHVLGHQWHR9LFH3UHVLGHQWHRXQRPtQLPR
WUrV&RQVHOKHLURVSRGHUmRHPTXDOTXHURXWURPRPHQWRFRQYRFDUXPDUHXQLmRGR&RQVHOKR $QRWLILFDomRGHXPD
UHXQLmRGR&RQVHOKRGHYHUiVHUFRQVLGHUDGDFRPRGHYLGDPHQWHHQWUHJXHDXP&RQVHOKHLURVHHODIRUFRPXQLFDGDRX
HQYLDGDDHVVH&RQVHOKHLURSRUFRUUHLRFDERJUDPDWHOH[ID[HPDLORXRXWURPRGRGHUHSUHVHQWDomRGHSDODYUDV
HP IRUPDOHJtYHOSDUDR~OWLPRHQGHUHoRFRQKHFLGRGR &RQVHOKHLURRXTXDOTXHU RXWURHQGHUHoRIRUQHFLGRSRUHVVH
&RQVHOKHLUR SDUD D 6RFLHGDGH SDUD HVVH ILP 8PD QRWLILFDomR SUpYLD GH QR PtQLPR GLDV VREUH XPD VHJXQGD
FRQYRFDomRGHXPDUHXQLmRGR&RQVHOKRGHYHUiVHUHQWUHJXHDFDGD&RQVHOKHLUR
2V &RQVHOKHLURVSRGHUmRSDUWLFLSDU GHTXDOTXHUUHXQLmRGR &RQVHOKRSRUWHOHIRQH FRPXQLFDomR HOHWU{QLFDRX
RXWURVPHLRVGHFRPXQLFDomRTXHSHUPLWDPTXHWRGDVDVSHVVRDVTXHSDUWLFLSDUHPGDUHXQLmRVHFRPXQLTXHPXPDV
FRP DV RXWUDV GH IRUPD VLPXOWkQHD H LQVWDQWkQHD H D SDUWLFLSDomR QHVVD UHXQLmR GHYHUi FRQVWLWXLU SUHVHQoD
SHVVRDOPHQWHQHVVDUHXQLmR
2 TXyUXP QHFHVViULR SDUD D GLVFXVVmR GRV DVVXQWRV HP XPD UHXQLmR GR &RQVHOKR GHYHUi VHU D HP XPD
SULPHLUDFRQYRFDomRGRLV&RQVHOKHLURVVHQGRTXHXPGHOHVGHYHUiVHUR3UHVLGHQWHHEQDVHJXQGDFRQYRFDomR
QRPtQLPRWUrV&RQVHOKHLURV
2 &RQVHOKR SRGHUi DJLU QmR REVWDQWH TXDOTXHU YDJD HP VHX Q~PHUR SRUpP VH H HQTXDQWR VHX Q~PHUR IRU
LQIHULRUDRQ~PHURGHWHUPLQDGRSRUHVWH(VWDWXWR6RFLDOFRPRRTXyUXPQHFHVViULRSDUDDGLVFXVVmRGRVDVVXQWRV
HPUHXQL}HVGR&RQVHOKRR&RQVHOKHLURRX&RQVHOKHLURVUHVWDQWHVSRGHUmRDJLUFRPDILQDOLGDGHGHLFRQYRFDUXPD
DVVHPEOHLDJHUDOGD6RFLHGDGHRXLLSUHVHUYDURVDWLYRVGD6RFLHGDGH
2 3UHVLGHQWHGHYHUiVHURSUHVLGHQWHGHWRGDVDVUHXQL}HVGR&RQVHOKR1DDXVrQFLDGR3UHVLGHQWHHPXPD
UHXQLmR GR &RQVHOKR VRPHQWH R 3UHVLGHQWH SRGHUi QRPHDU SRU HVFULWR D SHVVRD TXH DWXDUi HP VHX OXJDU GH
SUHVLGHQWHGHVVDUHXQLmR
8PDGHOLEHUDomRDVVLQDGDSRUWRGRVRV&RQVHOKHLURVTXHSRGHUiVHUHPYLDVGHYHUiVHUWmRYiOLGDTXDQWRVH
HOD WLYHVVH VLGR DGRWDGD HP XPD UHXQLmR GR &RQVHOKR GHYLGDPHQWH FRQYRFDGD H FRQVWLWXtGD H HVVD GHOLEHUDomR
HQWUDUiHPYLJRUQDGDWDQDTXDOR~OWLPR&RQVHOKHLURDVVLQDUDGHOLEHUDomR
1HQKXPUHJXODPHQWRRX DOWHUDomRD HVWH (VWDWXWR 6RFLDO IHLWDSHOD6RFLHGDGHHP DVVHPEOHLD JHUDOLQYDOLGDUi
TXDOTXHUDWRDQWHULRUGR&RQVHOKRTXHWHULDVLGRYiOLGRVHHVVHUHJXODPHQWRRXDOWHUDomRQmRWLYHVVHVLGRIHLWR
2&RQVHOKRGHYHUiSURYLGHQFLDUSDUDTXHDWDVVHMDPGHYLGDPHQWHODQoDGDVQRVOLYURVIRUQHFLGRVSDUDRILPD
GHWRGDVDVHOHLo}HVHQRPHDo}HVGR&RPLWr([HFXWLYRHGRV'LUHWRUHVEGRVQRPHVGRV&RQVHOKHLURVSUHVHQWHV
HPFDGDUHXQLmRGR&RQVHOKRGR&RPLWr([HFXWLYRRXTXDOTXHURXWURFRPLWrQRPHDGRSHOR&RQVHOKRHLLLWRGDVDV
GHOLEHUDo}HV H SURFHGLPHQWRV GH DVVHPEOHLDV JHUDLV GRV $FLRQLVWDV UHXQL}HV GR &RQVHOKR H UHXQL}HV GR &RPLWr
([HFXWLYRRXTXDLVTXHURXWURVFRPLWrVQRPHDGRVSHOR&RQVHOKR
$VDWDVSUHSDUDGDVGHDFRUGRFRPD/HLHHVWH(VWDWXWR6RFLDOGHYHUmRVHUPDQWLGDVSHOR6HFUHWiULRQDVHGH
GD6RFLHGDGH
6HOR
2VHORGD6RFLHGDGHGHYHUiVHUQRPRGHORTXHR&RQVHOKRYLHUDGHWHUPLQDU2&RQVHOKRSRGHUiDGRWDUXPRX
PDLVVHORVGXSOLFDGRVSDUDXVRGHQWURRXIRUDGDV%HUPXGDV
8P VHOR SRGHUi PDV QmR SUHFLVDUi VHU DIL[DGR D TXDOTXHU HVFULWXUD LQVWUXPHQWR FHUWLILFDGR GH DomR RX
GRFXPHQWRHVHRVHORIRUDIL[DGRDHOHVHOHGHYHUiVHUDWHVWDGRSHODDVVLQDWXUDLGHTXDOTXHU&RQVHOKHLURRXLL
GHTXDOTXHUGLUHWRURXLLLGR6HFUHWiULRRXLYGHTXDOTXHUSHVVRDDXWRUL]DGDSHOR&RQVHOKRSDUDHVVHILP
8P 5HSUHVHQWDQWH 5HVLGHQWH SRGHUi PDV QmR SUHFLVDUi DIL[DU R VHOR GD 6RFLHGDGH SDUD FHUWLILFDU D
DXWHQWLFLGDGHGHTXDLVTXHUFySLDVGHGRFXPHQWRV
&RQWDV
2&RQVHOKRGHYHUiSURYLGHQFLDUSDUDTXHVHMDPPDQWLGRVUHJLVWURVFRQWiEHLVDGHTXDGRVDUHVSHLWRGHWRGDVDV
RSHUDo}HVGD6RFLHGDGHHGHIRUPDHVSHFtILFDDUHVSHLWRDGHWRGDVDVTXDQWLDVHPGLQKHLURUHFHELGDVHJDVWDV
SHOD6RFLHGDGHHGDVTXHVW}HVDUHVSHLWRGDVTXDLVRUHFHELPHQWRHDGHVSHVDVHUHODFLRQDUHPEWRGDVDVYHQGDV
HFRPSUDVGHPHUFDGRULDVSHOD6RFLHGDGHHFWRGRVRVDWLYRVHSDVVLYRVGD6RFLHGDGH
(VVHV UHJLVWURV FRQWiEHLV GHYHUmR VHU PDQWLGRV QD VHGH GD 6RFLHGDGH RX VXMHLWR jV GLVSRVLo}HV GD /HL HP
RXWUR ORFDO TXH R &RQVHOKR FRQVLGHUDU DGHTXDGR H GHYHUmR HVWDU GLVSRQtYHLV SDUD LQVSHomR SHORV &RQVHOKHLURV
GXUDQWHRKRUiULRFRPHUFLDOQRUPDO
2&RQVHOKRGHYHUiVHUUHVSRQViYHOSRUJDUDQWLUDFRQIRUPLGDGHHPWHPSRRSRUWXQRSHOD6RFLHGDGHFRPWRGDV
HTXDLVTXHUH[LJrQFLDVGHDSUHVHQWDomRGHUHODWyULRVHRXWUDVH[LJrQFLDVDSOLFiYHLVLPSRVWRVHPFDGDMXULVGLomRH
SHODV DXWRULGDGHV JRYHUQDPHQWDLV FRPSHWHQWHV LQFOXLQGR EROVDV GH YDORUHV H FRPLVVmR GH YDORUHV PRELOLiULRV QD
TXDODV$o}HVRXDUHVSHFWLYDSDUWLFLSDomRGHGHSyVLWRIRUHPUHJLVWUDGDVSDUDQHJRFLDomRRXOLVWDJHP
2ILQDOGRH[HUFtFLRILQDQFHLURGD6RFLHGDGHSRGHUiVHUGHWHUPLQDGRSRUGHOLEHUDomRGR&RQVHOKRHQDDXVrQFLD
GHVVDGHOLEHUDomRGHYHUiVHUGHGH]HPEURGHFDGDDQR
6XMHLWRDTXDLVTXHUGLUHLWRVGHUHQXQFLDUDDSUHVHQWDomRGHFRQWDVRXQRPHDomRGHXP$XGLWRUGHDFRUGRFRPD
/HLDVFRQWDVGD6RFLHGDGHGHYHUmRVHUDXGLWDGDVQRPtQLPRXPDYH]DFDGDDQR
6XMHLWR jV GLVSRVLo}HV GD /HL QD DVVHPEOHLD JHUDO RUGLQiULD GRV $FLRQLVWDV RX HP XPD DVVHPEOHLD JHUDO
VXEVHTXHQWH GRV $FLRQLVWDV D FDGD H[HUFtFLR XPD HPSUHVD GH DXGLWRULD LQGHSHQGHQWH H TXDOLILFDGD GHYHUi VHU
QRPHDGDSHORV$FLRQLVWDVFRPR$XGLWRUDGDVFRQWDVGD6RFLHGDGH
2 $XGLWRUSRGHUi VHUXP$FLRQLVWD PDVQHQKXP&RQVHOKHLUR'LUHWRURXIXQFLRQiULR GD6RFLHGDGH GHYHUi
GXUDQWHVXDSHUPDQrQFLDQRFDUJRVHUHOHJtYHOSDUDDJLUFRPR$XGLWRUGD6RFLHGDGH
$UHPXQHUDomRGR$XGLWRUGHYHUiVHUIL[DGDSHOD6RFLHGDGHHPDVVHPEOHLDJHUDORXGHRXWUDIRUPDTXHRV
$FLRQLVWDVYLHUHPDGHWHUPLQDU
$VGHPRQVWUDo}HVILQDQFHLUDVSUHYLVWDVQHVWH(VWDWXWR6RFLDOGHYHUmRVHUDXGLWDGDVSHOR$XGLWRUGHDFRUGR
FRP RV SULQFtSLRV GH DXGLWRULD JHUDOPHQWH DFHLWRV 2 $XGLWRU GHYHUi ID]HU XP SDUHFHU SRU HVFULWR VREUH LVVR GH
DFRUGRFRPRVSDGU}HVGHDXGLWRULDJHUDOPHQWHDFHLWRV
2VSDGU}HVGHDXGLWRULDJHUDOPHQWHDFHLWRVPHQFLRQDGRVQHVWD&OiXVXODSRGHUmRVHUDTXHOHVGHXPSDtV
RXMXULVGLomRH[FHWRDV%HUPXGDVRXRXWURVSDGU}HVGHDXGLWRULDJHUDOPHQWHDFHLWRVTXHYLHUHPDVHUSUHYLVWRVQD
/HL1HVVHFDVRDVGHPRQVWUDo}HVILQDQFHLUDVHRSDUHFHUGR$XGLWRUGHYHUmRLGHQWLILFDURVSDGU}HVGHDXGLWRULD
JHUDOPHQWHDFHLWRVXVDGRV
2$XGLWRUGHYHUiHPWRGRVRVPRPHQWRVUD]RiYHLVWHUDFHVVRDWRGRVRVOLYURVPDQWLGRVSHOD6RFLHGDGHH
DWRGDVDVFRQWDVHFRPSURYDQWHVUHODFLRQDGRVDHODVHR$XGLWRUSRGHUiVROLFLWDUDRV&RQVHOKHLURVRX'LUHWRUHV
GD 6RFLHGDGH TXDLVTXHU LQIRUPDo}HV TXH HVWLYHUHP HP VXD SRVVH FRP UHODomR DRV OLYURV RX DWLYLGDGHV GD
6RFLHGDGH
6XMHLWRDTXDLVTXHUGLUHLWRVGHUHQXQFLDUDDSUHVHQWDomRGDVFRQWDVGHDFRUGRFRPDVGLVSRVLo}HVGD/HL
DV GHPRQVWUDo}HV ILQDQFHLUDV H[LJLGDV SHOD /HL GHYHUmR VHU DSUHVHQWDGDV DQWHV DRV $FLRQLVWDV HP DVVHPEOHLD
JHUDO
2SDUHFHUGR$XGLWRUGHYHUiVHUDSUHVHQWDGRDRV$FLRQLVWDVHPDVVHPEOHLDJHUDO
6HRFDUJRGR$XGLWRUVHWRUQDUYDJRHPYLUWXGHGHUHQ~QFLDRXIDOHFLPHQWRGR$XGLWRURXHPYLUWXGHGHR
$XGLWRUVHWRUQDULQFDSD]GHDJLUHPXPPRPHQWRQRTXDORVVHUYLoRVGR$XGLWRUIRUHPQHFHVViULRVDYDJDFULDGD
SRULVVRGHYHUiVHUSUHHQFKLGDGHDFRUGRFRPD/HL
/LTXLGDomR
6HD6RFLHGDGHIRUOLTXLGDGDROLTXLGDQWHSRGHUiFRPDDSURYDomRGHXPDGHOLEHUDomRGRV$FLRQLVWDVGLYLGLU
HQWUHRV$FLRQLVWDVHPHVSpFLHRXGLQKHLURWRGRVRXTXDOTXHUSDUWHGRVDWLYRVGD6RFLHGDGHTXHUHOHVFRQVLVWDP
GHEHQVGRPHVPRWLSRRXQmRHSRGHUmRSDUDHVVHILPHVWDEHOHFHURYDORUTXHHOHFRQVLGHUDUMXVWRDTXDOTXHU
EHPDVHUGLYLGLGRFRQIRUPHPHQFLRQDGRDFLPDHSRGHUiGHWHUPLQDUFRPRHVVDGLYLVmRGHYHUiVHUUHDOL]DGDHQWUH
RV $FLRQLVWDV RX GLIHUHQWHV FODVVHV GH $FLRQLVWDV 2 OLTXLGDQWH SRGHUi FRP DSURYDomR VLPLODU FRQILDU WRGRV RX
TXDOTXHU SDUWH GHVVHV DWLYRV D ILGXFLiULRV HP ILG~FLDV HP EHQHItFLR GRV $FLRQLVWDV TXH R OLTXLGDQWH FRQVLGHUDU
DGHTXDGRVSRUpPGHIRUPDTXHQHQKXP$FLRQLVWDVHMDREULJDGRDDFHLWDUTXDLVTXHUDo}HVRXRXWURVWtWXORVRX
DWLYRVVREUHRVTXDLVKRXYHUTXDOTXHUUHVSRQVDELOLGDGH
$OWHUDomR(QFHUUDPHQWR
1HQKXPDFOiXVXODGHYHUiVHUDQXODGDDOWHUDGDRXPRGLILFDGDHQHQKXPDQRYD&OiXVXODGHYHUiVHUUHGLJLGD
DWpTXHHODWHQKDVLGRDSURYDGDSRUXPDGHOLEHUDomRGR&RQVHOKRHSRUXPDGHOLEHUDomRGDDVVHPEOHLDJHUDOGRV
$FLRQLVWDVFRPGLUHLWRDYRWRGHDFRUGRFRPHVWHLQVWUXPHQWR
2&RQVHOKRSRGHUiH[HUFHUWRGRVRVSRGHUHVGD6RFLHGDGHSDUDHQFHUUDUD6RFLHGDGHSDUDXPDMXULVGLomR
IRUDGDV%HUPXGDVGHDFRUGRFRPD/HL
2IHUWDVGH&RPSUD
8PD 9HQGD GH &RQWUROH GD 6RFLHGDGH VHUi SHUPLWLGD VXMHLWR j FRQGLomR GH TXH R FRPSUDGRU GR &RQWUROH
2IHUWDQWHDSUHVHQWDUXPDRIHUWDGHFRPSUDGHDFRUGRFRPHVWD&OiXVXOD2IHUWDGH&RPSUD7DJ$ORQJSDUD
DGTXLULU D WRWDOLGDGH GDV $o}HV &ODVVH $ LQFOXLQGR Do}HV GHSRVLWiULDV RX RXWUDV SDUWLFLSDo}HV EHQHILFLiULDV
UHSUHVHQWDQGR $o}HV GHWLGDV SRU WRGRV RV RXWURV $FLRQLVWDV $FLRQLVWDV 7DJ$ORQJ $ FRPSUD GHYHUi VHU GH
DFRUGR FRP RV PHVPRV WHUPRV H FRQGLo}HV LQFOXLQGR R SUHoR SRU DomR TXH IRUHP UHFHELGRV SHOR YHQGHGRU GR
&RQWUROH$2IHUWDGH&RPSUD7DJ$ORQJGHYHUiVHUDSUHVHQWDGDHPGLDVGDGDWDGDFRQVXPDomRGD9HQGDGH
&RQWUROH H GHYHUi VHJXLU QD PHGLGD HP TXH QmR IRU LQFRQVLVWHQWH FRP HVWH (VWDWXWR 6RFLDO DV QRUPDV H
UHJXODPHQWRVDSOLFiYHLVHPFDGDXPDGDVMXULVGLo}HVQDVTXDLVDV$o}HVRXUHVSHFWLYDVSDUWLFLSDo}HVGHGHSyVLWR
IRUHP QHJRFLDGDV RX OLVWDGDV LQFOXLQGR DV QRUPDV H UHJXODPHQWRV GDV EROVDV GH YDORUHV H FRPLVV}HV GH YDORUHV
PRELOLiULRVSHUWLQHQWHV
&DVR RV $FLRQLVWDV DGRWHP XPD GHOLEHUDomR SDUD ID]HU FRP TXH DV $o}HV RX UHVSHFWLYDV SDUWLFLSDo}HV HP
GHSyVLWR WHQKDP VHX UHJLVWUR FDQFHODGR QD %ROVD GH 9DORUHV GH /X[HPEXUJR H %0) %RYHVSD 6$ %ROVD GH
9DORUHV0HUFDGRULDVH)XWXURVRVPHPEURVTXHYRWDUHPDIDYRUGRFDQFHODPHQWRGHVVDVDo}HVGHYHUmRHP
GLDVGDGDWDQDTXDOHVVDGHOLEHUDomRIRUDGRWDGDVHUREULJDGRVDID]HUXPDRIHUWDGHFRPSUDGHWRGDVDV$o}HV
LQFOXLQGR Do}HV GH GHSRVLWiULR SRUpP H[FOXLQGR DV $o}HV LQFOXLQGR Do}HV GH GHSRVLWiULRV GRV $FLRQLVWDV TXH
YRWDUDPDIDYRUGDGHOLEHUDomRGHFDQFHODPHQWRVHUHJLVWURDV$o}HVDVHUHPFRPSUDGDVGHVVDIRUPDGRUDYDQWH
GHQRPLQDGDV$o}HV &RPSUDGDV(VVDRIHUWDGHFRPSUDGHYHUiVHJXLUQDPHGLGDHPTXHQmR IRU LQFRQVLVWHQWH
FRPHVWH(VWDWXWR6RFLDODVQRUPDVHUHJXODPHQWRVDSOLFiYHLVHFDGDXPDGDVMXULVGLo}HVQDVTXDLVDV$o}HVRX
UHVSHFWLYDVSDUWLFLSDo}HVGHGHSyVLWRIRUHPQHJRFLDGDVRXOLVWDGDVLQFOXLQGRDVQRUPDVHUHJXODPHQWRVGDVEROVDV
GH YDORUHV SHUWLQHQWHV H FRPLVV}HV VREUH RV WtWXORV (VWD GLVSRVLomR QmR VHUi DSOLFiYHO D QHQKXPD DTXLVLomR GDV
$o}HVIHLWDVSRUHVVH$FLRQLVWD&RQWURODGRURXXPD$ILOLDGDGHOHDUHVSHLWRGHTXDOTXHURSHUDomRGRWLSRHVSHFLILFDGR
QD&OiXVXODHDEDL[R
6H XP $FLRQLVWD &RQWURODGRU RX XPD $ILOLDGD GHOH LQGLYLGXDOPHQWH RX QR WRWDO DGTXLULU $o}HV RX Do}HV
GHSRVLWiULDVUHSUHVHQWDQGRPDLVGRTXHXPWHUoRGDV$o}HVHP%ROVDVH[LVWHQWHVH[FOXLQGRSDUDRVILQVGHVWD
&OiXVXODDV$o}HVRXDo}HVGHSRVLWiULDVUHFRPSUDGDVSHOD6RFLHGDGHGHWHPSRVHPWHPSRVHVVH$FLRQLVWD
&RQWURODGRU GHYHUi VHU REULJDGR D ID]HU XPD RIHUWD GH FRPSUD SDUD FRPSUDU WRGDV DV $o}HV LQFOXLQGR Do}HV
GHSRVLWiULDVGDV$o}HVHP%ROVDVSRU XPSUHoRLJXDO DR9DORU(FRQ{PLFRGHVVDV $o}HVRX Do}HVGHSRVLWiULDV
(VVDRIHUWDGHFRPSUDGHYHUiFXPSULUQDPHGLGDHPTXHQmRIRULQFRQVLVWHQWHFRPHVWH(VWDWXWR6RFLDODVQRUPDV
H UHJXODPHQWRV DSOLFiYHLV HP FDGD XPD GDV MXULVGLo}HV QDV TXDLV DV $o}HV RX UHVSHFWLYDV SDUWLFLSDo}HV GH
GHSyVLWRIRUHPQHJRFLDGDVRXOLVWDGDVLQFOXLQGRDVQRUPDVHUHJXODPHQWRVGDVEROVDVGHYDORUHVHFRPLVV}HVGH
YDORUHVPRELOLiULRVSHUWLQHQWHV
6XMHLWRjVH[FHo}HVSUHYLVWDVQD&OiXVXODHDEDL[RD6RFLHGDGH
DQmRGHYHUiHPLWLUYHQGHURXWURFDUFRQFRUGDUHPRXVHREULJDUDHPLWLUYHQGHURXWURFDURXUHVHUYDURXVHSDUDU
SDUD HPLVVmR YHQGD RX WURFD Do}HV GD 6RFLHGDGH TXDOTXHU RSomR E{QXV GH VXEVFULomR RX RXWUR GLUHLWR GH
VXEVFUHYHUFRPSUDURXDGTXLULUGHRXWURPRGRDo}HVRXTXDLVTXHUWtWXORVSDVVtYHLVGHFRQYHUVmRWURFDRXH[HUFtFLR
SRU Do}HVGD 6RFLHGDGH HP FDGD FDVRDPHQRVTXHD 6RFLHGDGHWHQKDSULPHLUDPHQWH RIHUHFLGRD YHQGDGHVVHV
WtWXORVRV7tWXORVGD1RYD(PLVVmRDRV$FLRQLVWDVQRPRPHQWR2IHUWDGR3UHIHUHQFLDOSUHYLVWRVQRSDUiJUDIRE
DEDL[R
EGHYHUiRIHUHFHUSDUDYHQGDDFDGD2IHUWDGR3UHIHUHQFLDOTXHGHWLYHUDo}HVGDPHVPDFODVVHTXHRV7tWXORVGD
1RYD (PLVVmR VXD 3RUFHQWDJHP 3URSRUFLRQDO GH TXDOTXHU HPLVVmR GH 7tWXORV GD 1RYD (PLVVmR SURSRVWD RX QR
FDVRGHHVVHV7tWXORVGD1RYD(PLVVmRUHSUHVHQWDUHPXPDFODVVHGHSDUWLFLSDo}HVQD6RFLHGDGHTXHQmRDV$o}HV
XPDSRUFHQWDJHPGHVVHV7tWXORVGD1RYD(PLVVmRLJXDOj3RUFHQWDJHP3URSRUFLRQDOGR2IHUWDGR3UHIHUHQFLDOGDV
$o}HV &ODVVH $ RX &ODVVH % GHWLGDV SRU HVVH 2IHUWDGR 3UHIHUHQFLDO FRQIRUPH IRU R FDVR DR PHVPR SUHoR H GH
DFRUGR FRP RV PHVPRV WHUPRV TXH D 6RFLHGDGH SURS}H YHQGHU HVVHV 7tWXORV GD 1RYD (PLVVmR TXH WLYHUHP VLGR
HVSHFLILFDGRVSHOD6RFLHGDGHHPXPDRIHUWDSRUHVFULWRHQWUHJXHDRV2IHUWDGRV3UHIHUHQFLDLVHVWDEHOHFHQGRWRGRVRV
WHUPRVHFRQGLo}HVGDRIHUWDGRV7tWXORVGD1RYD(PLVVmRD1RWLILFDomRGH'LUHLWR3UHIHUHQFLDOVHQGRTXHHVVD
RIHUWDSRUVHXVWHUPRVGHYHUiSHUPDQHFHUDEHUWDHLUUHYRJiYHOIRUXPSHUtRGRGHGLDVDFRQWDUGRUHFHELPHQWR
GD1RWLILFDomRGH'LUHLWR3UHIHUHQFLDO$RIHUWDGD6RFLHGDGHSDUDYHQGHURV7tWXORVGD1RYD(PLVVmRGHYHUiH[SLUDU
DSyVHVVHSHUtRGRGHGLDV
F 1RWLILFDomR GH $FHLWDomR (P GLDV DSyV R UHFHELPHQWR GD 1RWLILFDomR GH 'LUHLWR 3UHIHUHQFLDO R 2IHUWDGR
3UHIHUHQFLDO GHYHUi HQWUHJDU XPD QRWLILFDomR j 6RFLHGDGH VREUH VXD LQWHQomR GH DFHLWDU XPD 1RWLILFDomR GH
$FHLWDomRDRIHUWDGD6RFLHGDGHGHFRPSUDUVXD3RUFHQWDJHP3URSRUFLRQDORXXPDTXDQWLGDGHPHQRUGH7tWXORVGD
1RYD (PLVVmR VHQGR TXH HVVD FRPXQLFDomR GHYHUi VHU HQWUHJXH j 6RFLHGDGH SRU HVFULWR 6H D 6RFLHGDGH QmR
UHFHEHU XPD 1RWLILFDomR GH $FHLWDomR GHQWUR GHVVH SHUtRGR GH GLDV D UHVSHLWR GH TXDLVTXHU 7tWXORV GD 1RYD
(PLVVmR HVVH 2IHUWDGR 3UHIHUHQFLDO GHYHUi VHU FRQVLGHUDGR FRPR VH WLYHVVH UHQXQFLDGR j VXD RSRUWXQLGDGH GH
FRPSUDU HVVHV 7tWXORV GD 1RYD (PLVVmR H D 6RFLHGDGH HVWDUi OLYUH SDUD HPLWLU H YHQGHU HVVHV 7tWXORV GD 1RYD
(PLVVmRSDUDTXDOTXHU3HVVRDGHDFRUGRFRPRVWHUPRVHFRQGLo}HVSUHYLVWRVQD1RWLILFDomRGH'LUHLWR3UHIHUHQFLDO
HPTXDOTXHUPRPHQWRHPGLDVDSyVRYHQFLPHQWRGHVVHSHUtRGRGHGLDV4XDLVTXHU7tWXORVGD1RYD(PLVVmR
QmR YHQGLGRV HP GLDV DSyV R YHQFLPHQWR GHVVH SHUtRGR GH GLDV GHYHUmR FRQWLQXDU D HVWDU VXMHLWRV jV
H[LJrQFLDVGHVWD&OiXVXOD
G )HFKDPHQWR 0HGLDQWH R IHFKDPHQWR GH TXDOTXHU UHIHULGD FRPSUD GH 7tWXORV GD 1RYD (PLVVmR TXH GHYHUi
LQFOXLURSDJDPHQWRWRWDOj6RFLHGDGHGRUHVSHFWLYRSUHoRGHFRPSUDTXHQmRGHYHUiVHULQIHULRUDRYDORUQRPLQDO
GHVVHV7tWXORVGD1RYD(PLVVmRR2IHUWDGR3UHIHUHQFLDOGHYHUiVXEVFUHYHUHD6RFLHGDGHGHYHUiGLVWULEXLUHHPLWLU
SDUDHVVH2IHUWDGR3UHIHUHQFLDORQ~PHURGH7tWXORVGD1RYD(PLVVmRHVSHFLILFDGRQD1RWLILFDomRGH$FHLWDomRGR
2IHUWDGR3UHIHUHQFLDOGHDFRUGRFRPRVWHUPRVHFRQGLo}HVHVSHFLILFDGRVQD1RWLILFDomRGH'LUHLWR3UHIHUHQFLDO
H ([FHo}HV 2V GLUHLWRV GRV 2IHUWDGRV 3UHIHUHQFLDLV GH DFRUGR FRP HVWD &OiXVXOD QmR VHUmR DSOLFiYHLV D
QHQKXP7tWXORGD1RYD(PLVVmRHPLWLGR
$FRPRHPLVVmRGHE{QXVRXPHGLDQWHTXDOTXHUVXEGLYLVmRFRQVROLGDomRRXFRPELQDomRRXUHFDSLWDOL]DomRVLPLODU
GHDo}HV
% GH DFRUGR FRP R H[HUFtFLR FRQYHUVmR RX WURFD GH TXDLVTXHU WtWXORV GLUHLWRV RSo}HV RX E{QXV GH VXEVFULomR
SDVVtYHLVGHFRQYHUVmRRXWURFDHPFLUFXODomRQDpSRFD
&DUHVSHLWRGHTXDOTXHURIHUWDS~EOLFDGH7tWXORVGD1RYD(PLVVmR
'FRPUHODomRj[IXVmRFLVmRRXLQFRUSRUDomRRXFRPELQDomRGHDo}HVGD6RFLHGDGHRX\FRPSUDGHDWLYRV
RXFDSLWDOVRFLDORXRXWUDSDUWLFLSDomRDFLRQiULDGHRXWUD3HVVRDHPFDGDFDVRHPXPDRSHUDomRGHERDIpHP
FRQGLo}HVQRUPDLVGHPHUFDGR
(FRPUHODomRDILQDQFLDPHQWRVGHGtYLGDRSHUDo}HVGHSDUFHULDFRUSRUDWLYDDUUHQGDPHQWRVGHHTXLSDPHQWRVRX
DTXLVLo}HVGHHPSUHVDVGHERDIpHPFRQGLo}HVQRUPDLVGHPHUFDGR
)FRPRRSo}HVRXE{QXVGHVXEVFULomRDUHVSHLWRGHWRPDGDVGHHPSUpVWLPRGHERDIpHPFRQGLo}HVQRUPDLVGH
PHUFDGR RX ILQDQFLDPHQWRV GH DUUHQGDPHQWR RX FRPR Do}HV HPLWLGDV PHGLDQWH R H[HUFtFLR FRQYHUVmR RX WURFD
GHVVDVRSo}HVRXE{QXVGHVXEVFULomR
* FRP UHODomR D TXDLVTXHU RXWUDV RSHUDo}HV GH ERDIp TXHU VHMDP GR WLSR GHVFULWR DFLPD RX GH RXWUR PRGR
GHWHUPLQDGDVSHOR&RQVHOKRFRPRVHQGRSULQFLSDOPHQWHHVWUDWpJLFDVSRUQDWXUH]DHTXDOTXHUGHFLVmRWRPDGDSHOR
&RQVHOKRGHTXHXPDRSHUDomRpGHERDIpHSULQFLSDOPHQWHHVWUDWpJLFDSRUQDWXUH]DGHYHUiVHUILQDOHYLQFXODWLYDH
QmRVXMHLWDDUHYLVmRRX
+DRVIXQFLRQiULRVFRQVXOWRUHVFRQVHOKHLURVRXGLUHWRUHVGD6RFLHGDGHRXGHTXDOTXHUXPDGHVXDVDILOLDGDVGH
DFRUGRFRPRSODQRGHRSomRGHDomRRXE{QXVGHVXEVFULomRGD6RFLHGDGHRXGHDFRUGRFRPRVSODQRVRXDFRUGRV
GHFRPSUDGHDo}HVRXRSomRGHDomR
>127$ 2 WH[WR DFLPD p XPD YHUVmR WUDGX]LGD GR (VWDWXWR 6RFLDO %\H/DZV GD /DHS ,QYHVWPHQWV /WG ³/DHS
,QYHVWPHQWV´ 2 GRFXPHQWR RULJLQDO IRL ODYUDGR HP LQJOrV H GHYLGDPHQWH DUTXLYDGR HP %HUPXGDV 7UDWDVH GH
WUDGXomROLYUHSDUDRSRUWXJXrVSDUDILQVLQIRUPDWLYRVGHGHWHQWRUHVGHUHFLERVUHSUHVHQWDWLYRVGHDo}HV&ODVVH$GD
&RPSDQKLD(PFDVRGHGLYHUJrQFLDGHYHSUHYDOHFHURWH[WRRULJLQDOHRILFLDOHPOtQJXDLQJOHVDFRQIRUPHDSURYDGR
SHORV$FLRQLVWDVGD/DHS,QYHVWPHQWVUHXQLGRVHP$VVHPEOHLD*HUDO$LQWHUSUHWDomRGRFRQWH~GRGR(VWDWXWR6RFLDO
GHYHVHUIHLWDHPFRQMXQWRFRPDOHJLVODomRHUHJXODPHQWDomRDSOLFiYHOGH%HUPXGDVVREUHWXGRR&RPSDQLHV$FW
GHeUHFRPHQGiYHODDVVHVVRULDGHDJHQWHMXUtGLFRFDSDFLWDGRHKDELOLWDGR@
Download

Estatuto LAEP_AGE 14Jan11_vfportugues