5HYLVmR
5HY3RUW2UWRS7UDXP
(VSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
0LJXHO)UHLWDV1XQR1HYHV
6HUYLoRGH2UWRSHGLD&HQWUR+RVSLWDODU6mR-RmR3RUWR3RUWXJDO
)DFXOGDGHGH0HGLFLQDGD8QLYHUVLGDGHGR3RUWR3RUWXJDO
0LJXHO)UHLWDV
$OXQRGR0HVWUDGR,QWHJUDGRHP
0HGLFLQD
1XQR1HYHV
$VVLVWHQWH+RVSLWDODUGH2UWRSHGLD
6HUYLoRGH2UWRSHGLD&HQWUR+RVSLWDODU
6mR-RmR3RUWR3RUWXJDO
)DFXOGDGHGH0HGLFLQDGD8QLYHUVLGDGH
GR3RUWR3RUWXJDO
6XEPHWLGRHPDJRVWR
5HYLVWRHPRXWXEUR
$FHLWHHPRXWXEUR
3XEOLFDomRHOHWUyQLFDHPQRYHPEUR
7LSRGHHVWXGR'LDJQyVWLFR
1tYHOGHHYLGrQFLD,9
'HFODUDomRGHFRQÀLWRGHLQWHUHVVHV
1DGDDGHFODUDU
&RUUHVSRQGrQFLD
0LJXHO3LQWRGH)UHLWDV
5XDGD4XLQWDž(VT
3RUWR
3RUWXJDO
PLJXHOSLQWRGHIUHLWDV#KRWPDLOFRP
5(6802
2EMHWLYR UHYLVmR GD OLWHUDWXUD VREUH D HVSRQGLOROLVWHVH GR
GHVHQYROYLPHQWRHVHXWUDWDPHQWR
)RQWHVGHGDGRVDLQIRUPDomRIRLSHVTXLVDGDFRPUHFXUVRjEDVH
GHGDGRV3XEPHGDWUDYpVGDVSDODYUDVFKDYH³GHYHORSPHQWDO´
³VSRQG\OROLVWKHVLV´³FODVVL¿FDWLRQ´³VXUJLFDO´³WUHDWPHQW´³JUDIW´
³IXVLRQ´$SHVTXLVDIRLUHVWULQJLGDDDUWLJRVHPLQJOrVIUDQFrVH
SRUWXJXrV$SyVVHOHomRIRUDPFRQVXOWDGRVDUWLJRVHGRLVOLYURV
LQGLFDGRVQDVUHIHUrQFLDV
6tQWHVHGHGDGRVDWXDOPHQWHH[LVWHPGRLVVLVWHPDVGHFODVVL¿FDomR
FRPJUDQGHDFHLWDomRJOREDORGH:LOWVH1HZPDQH0DF1DEHR
GH0DUFKHWWLH%DUWROR]]L(VWH~OWLPRSURS}HXPQRYRVXEWLSRGH
HVSRQGLOROLVWHVHTXHpDHVSRQGLOROLVWHVHGRGHVHQYROYLPHQWRQR
HQWDQWRHVWHVLVWHPDGHFODVVL¿FDomRQmRIRLHVWDEHOHFLGRFRPRJXLD
SDUDRWUDWDPHQWRFLU~UJLFRHQmRHUDEDVHDGRQRHTXLOtEULRVDJLWDO
HVSLQKRSpOYLFRTXHpFRQVLGHUDGRSRUGLYHUVRVDXWRUHVFRPRXP
SDUkPHWURLPSRUWDQWHQDSDWRJpQHVHHWUDWDPHQWRGDHVSRQGLOROLVWHVH
GRGHVHQYROYLPHQWRSHORTXH-HDQ0DUF0DF7KLRQJH+XEHUW
/DEHOOHSURSXVHUDPXPDQRYDFODVVL¿FDomRGHHVSRQGLOROLVWHVHGR
GHVHQYROYLPHQWRORPERVVDJUDGDHPFULDQoDVHDGROHVFHQWHVFRP
LQWXLWRGHVHUYLUGHEDVHSDUDDFULDomRGHXPDOJRULWPRGHWUDWDPHQWR
FLU~UJLFRSDUDRTXDOH[LVWHPGLYHUVDVRSo}HV
&RQFOXV}HVRIXWXURGDDERUGDJHPDHVWDSDWRORJLDSDVVDUiHQWmR
SHODUHDOL]DomRGHHVWXGRVTXHYDOLGHPXPDOJRULWPRGHWUDWDPHQWRGD
HVSRQGLOROLVWHVHGRGHVHQYROYLPHQWRFRPEDVHQXPDFODVVL¿FDomRGD
GRHQoDTXHVHMDSUiWLFDGHXWLOL]DUQDURWLQDGLiULDHJOREDOPHQWHDFHLWH
3DODYUDVFKDYH
(VSRQGLOROLVWHVHGHVHQYROYLPHQWRFODVVL¿FDomRIXVmRYHUWHEUDO
9ROXPH‡)DVFtFXOR,9‡
0LJXHO)UHLWDV1XQR1HYHV
$%675$&7
$LPUHYLHZWKHFXUUHQWOLWHUDWXUHRQGHYHORSPHQWDOVSRQG\OROLVWKHVLVDQGLWVWUHDWPHQW
6RXUFHVRI'DWDWKHLQIRUPDWLRQZDVVHDUFKHGXVLQJWKH3XE0HGGDWDEDVHXVLQJWKHNH\ZRUGV
GHYHORSPHQWDOVSRQG\OROLVWKHVLVFODVVL¿FDWLRQVXUJLFDOWUHDWPHQWJUDIWDQGIXVLRQ7KH
VXUYH\ZDVUHVWULFWHGWRDUWLFOHVLQ(QJOLVK)UHQFKDQG3RUWXJXHVH$IWHUVHOHFWLRQDUWLFOHVDQGWZR
ERRNVPHQWLRQHGLQWKH5HIHUHQFHVZHUHXVHG
6XPPDU\RI'DWDFXUUHQWO\WKHUHDUHWZRFODVVL¿FDWLRQV\VWHPVZLGHO\DFFHSWHGWKHFODVVL¿FDWLRQ
V\VWHPRI:LOWVH1HZPDQDQG0DF1DEDQGWKHRQHRI0DUFKHWWLDQG%DUWROR]]L7KHODWWHUSURSRVHVDQHZ
VSRQG\OROLVWKHVLVVXEW\SHZKLFKLVWKHGHYHORSPHQWDOVSRQG\OROLVWKHVLVKRZHYHUWKLVFODVVL¿FDWLRQV\VWHP
KDVQRWEHHQHVWDEOLVKHGDVDJXLGHWRVXUJLFDOWUHDWPHQWDQGZDVQRWEDVHGRQWKHVSLQRSHOYLFVDJLWWDO
EDODQFHZKLFKLVFRQVLGHUHGE\PDQ\DXWKRUVDVDQLPSRUWDQWSDUDPHWHULQWKHSDWKRJHQHVLVDQGWUHDWPHQW
RIGHYHORSPHQWDOVSRQG\OROLVWKHVLVWRDGGUHVVWKLV-HDQ0DUF0DF7KLRQJ+XEHUW/DEHOOHSURSRVHDQHZ
FODVVL¿FDWLRQV\VWHPRIOXPERVVDFUDOGHYHORSPHQWDOVSRQG\OROLVWKHVLVLQFKLOGUHQDQGDGROHVFHQWVLQRUGHU
WRVHUYHDVDEDVLVWRWKHFUHDWLRQRIDVXUJLFDOWUHDWPHQWDOJRULWKPIRUZKLFKWKHUHDUHYDULRXVRSWLRQV
&RQFOXVLRQVWKHIXWXUHRIWKHDSSURDFKWRWKLVFRQGLWLRQZLOOEHGHSHQGHQWXSRQVWXGLHVWKDWYDOLGDWHDQ
DOJRULWKPIRULWVWUHDWPHQWEDVHGRQDFODVVL¿FDWLRQRIWKHGLVHDVHWKDWLVSUDFWLFDOWRXVHLQGDLO\URXWLQH
DQGJOREDOO\DFFHSWHG
.H\ZRUGV
6SRQG\OROLVWKHVLVGHYHORSPHQWDOFODVVL¿FDWLRQVSLQDOIXVLRQ
,1752'8d­2
(VSRQGLOROLVWHVHpGH¿QLGDFRPRXPGHVOL]DPHQWR
RXGHVORFDPHQWRDQWHULRURXSRVWHULRUGHXPDYpUWHEUD
VREUHRXWUD$H[LVWrQFLDGHXPDOHVmRXQLRXELODWHUDO
GRLVWPRVHPGHVOL]DPHQWRGDYpUWHEUDpGHQRPLQDGD
SRUHVSRQGLOyOLVH>@
)RLGHVFULWDSHODSULPHLUDYH]HPSHOR
REVWHWUDEHOJD+HUELQLDX[FRPRXPDSURHPLQrQFLD
DQWHULRUGRVDFURTXHSURYRFDYDRHVWUHLWDPHQWRGR
FDQDOGHSDUWRVHQGRHVWDREVWUXomRFDXVDGDSHOD
VXEOX[DomRGH/VREUH6(P.LOOLDQSURS}H
RWHUPRVSRQG\OROLVWKHVLVDSDUWLUGDVSDODYUDV
JUHJDVVSRQG\ORTXHVLJQL¿FDYpUWHEUDHROLVWKHVLV
TXHVLJQL¿FDGHVOL]DPHQWR$VXDHWLRORJLDFRQWLQXD
GHFHUWDPDQHLUDREVFXUDVHQGRTXHVHFRQVLGHUDVHU
XPDGRHQoDFRPRULJHPPXOWLIDWRULDOQRPHDGDPHQWH
IDWRUHVPHFkQLFRVKRUPRQDLVHKHUHGLWiULRV>@
eXPDGRHQoDSDUDGR[DOTXHVHSRGHDSUHVHQWDU
WDQWRFRPGHVOL]DPHQWRYHUWHEUDOPtQLPRTXHSURGX]
VLQWRPDWRORJLDH[XEHUDQWHFRPRFRPGHVOL]DPHQWR
YHUWHEUDO H[XEHUDQWH PDV FRP VLQWRPDWRORJLD
PtQLPDRXLQH[LVWHQWHVHQGRDFRQGLomRGHVFREHUWD
DFLGHQWDOPHQWHHPH[DPHVLPDJLROyJLFRVIHLWRVFRP
RXWURREMHWLYReUHODWLYDPHQWHFRPXPQDSRSXODomR
JHUDO FRP XPD LQFLGrQFLD GH > @ VHQGR D
LQFLGrQFLDGXDVYH]HVVXSHULRUHPKRPHQV>@2V
VLQWRPDVPDLVIUHTXHQWHVVmRORPEDOJLDVHHPFDVRV
PDLVVHYHURVDVLQWRPDWRORJLDSRGHVHUGHRULJHP
UDGLFXODUSRUFRPSUHVVmRHVWLUDPHQWRGDVUDt]HV
9iULRVVLVWHPDVGHFODVVL¿FDomRIRUDPSURSRVWRV
VHQGRRGH:LOWVH1HZPDQH0DF1DEDTXHOHTXH
IRLXQLYHUVDOPHQWHDFHLWH(VWHGLYLGHDGRHQoDHP
VXEWLSRVtVWPLFDGLVSOiVLFDWUDXPiWLFDGHJHQHUDWLYD
H SDWROyJLFD (P 0DUFKHWWL H %DUWROR]]L
SURSXVHUDPXPQRYRVLVWHPDGHFODVVL¿FDomRTXHp
PDLVSUiWLFRQRTXHGL]UHVSHLWRDRSURJQyVWLFRHDR
WUDWDPHQWRLQFOXLQGRDGHVFULomRGHHVSRQGLOROLVWHVH
5(9,67$32578*8(6$'(25723(',$(75$80$72/2*,$
(VSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
GRGHVHQYROYLPHQWRGHDOWRHEDL[RJUDXGHGLVSODVLD
(VWHDUWLJRSUHWHQGHID]HUXPDUHYLVmRVREUHD
HVSRQGLOROLVWHVHHVHXWUDWDPHQWRQRPHDGDPHQWHQR
kPELWRGDHVSRQGLOROLVWHVHGHGHVHQYROYLPHQWR
&/$66,),&$d­2
&ODVVL¿FDomRGH:LOWVH1HZPDQH0DF1DE>@
(VWDFODVVL¿FDomRSRVVXLFDWHJRULDV
(VSRQGLOROLVWHVHGLVSOiVLFDUHVXOWDGHGLVSODVLD
FRQJpQLWDGDH[WUHPLGDGHVXSHULRUGRVDFURRXGR
DUFRQHXUDOGH/&RPRUHVXOWDGRGHVWDGLVSODVLDQmR
KiUHVLVWrQFLDVX¿FLHQWHjIRUoDH[HUFLGDSHORSHVR
GRFRUSRHFRPRWDOD~OWLPDYpUWHEUDORPEDUGHVOL]D
DQWHULRUPHQWH
(VSRQGLOROLVWHVHtVWPLFDFDUDFWHUL]DGDSRUXP
GHIHLWRELODWHUDOGRLVWPRHSHORGHVORFDPHQWRDQWHULRU
GDYpUWHEUD$OWHUDo}HVQDPRUIRORJLDGDH[WUHPLGDGH
VXSHULRUGRVDFURHGH/QmRHVWmRSUHVHQWHVQHVWH
WLSRSRGHQGRQRHQWDQWRH[LVWLUDOWHUDo}HVVHFXQGiULDV
HJDOWHUDomRGDIRUPDGRFRUSRGH/([LVWHP
VXEWLSRV
2VXEWLSROtWLFRTXHUHVXOWDGDVHSDUDomRGRLVWPR
GHYLGRDXPDIUDWXUDGHVWUHVV
2VXEWLSRFRPLVWPRLQWDFWRPDVDORQJDGR
2VXEWLSRWUDXPiWLFRUHVXOWDVHPSUHGHXPWUDXPD
VHYHUR
(VSRQGLOROLVWHVH GHJHQHUDWLYD UHVXOWD GH
LQVWDELOLGDGHLQWHUVHJPHQWDUGHORQJDGXUDomRFRP
UHPRGHODomRGDVDSy¿VHVDUWLFXODUHVDRQtYHOGDOHVmR
(VSRQGLOROLVWHVHWUDXPiWLFDpFRQVHTXrQFLDGH
XPDIUDWXUDQXPORFDOGDYpUWHEUDTXHQmRVHMDRLVWPR
HTXHSHUPLWHTXHRFRUUDRGHVOL]DPHQWRGDPHVPD
(VSRQGLOROLVWHVHSDWROyJLFDUHVXOWDGHXPDGRHQoD
yVVHDORFDORXJHUDOHPTXHRPHFDQLVPRGHJDQFKR
yVVHRTXHFRQVLVWHQRSHGtFXORLVWPRDSyILVHV
DUWLFXODUHVVXSHULRUHLQIHULRUVHWRUQDLQFDSD]GH
VXSRUWDURSHVRHRFRUUHRGHVORFDPHQWRDQWHULRUGD
YpUWHEUDeH[WUHPDPHQWHUDUD
&ODVVL¿FDomRGH0DUFKHWWLH%DUWROR]]L>@
(VWDFODVVLILFDomRIRLSURSRVWDFRPRLQWXLWR
GHIDFLOLWDUDHVFROKDGHWUDWDPHQWRHGHILQLomRGH
SURJQyVWLFRGDGRHQoDeXPVLVWHPDGHFODVVL¿FDomR
EDVHDGRQDHWLRORJLDTXHGLIHUHQFLDRVYiULRVSURFHVVRV
SDWROyJLFRVTXHFRQGX]HPjHVSRQGLOROLVWHVH1HVWD
FODVVLILFDomRH[LVWHPGXDVFDWHJRULDVSULQFLSDLVD
HVSRQGLOROLVWHVHDGTXLULGDHDHVSRQGLOROLVWHVHGR
GHVHQYROYLPHQWR
(VSRQGLOROLVWHVHDGTXLULGD
&RPRUHVXOWDGRGHSURFHVVRV
7UDXPiWLFRVIUDWXUDDJXGDGHYLGRDXPDOHVmR
~QLFDGHDOWDHQHUJLDVHQGRSURYDYHOPHQWHPHOKRU
FRQVLGHUDGDFRPRIUDWXUDOX[DomR)UDWXUDGHVWUHVV
DRQtYHOGRLVWPRQRUPDOPHQWHDSDUHFHHPDGXOWRV
MRYHQVHGHPHLDLGDGHFRPTXHL[DVGHGRUHVORPEDUHV
3yVFLU~UJLFDGLUHWDSRUGHVFRPSUHVVmRSRVWHULRU
RXFLUXUJLDGRGLVFRQRQtYHOGRGHVOL]DPHQWR,QGLUHWD
SRGHQGRRFRUUHUDXPQtYHOVXSHULRUDXPDFLUXUJLD
SUpYLDFRPRIXVmRORPERVVDJUDGDFXUWDRXHQWmR
GLVWDODXPDIXVmRWRUDFRORPEDUSRUHVFROLRVH
3DWROyJLFDORFDOVHFXQGiULDDXPSURFHVVRIRFDO
DRQtYHOGDOHVmR6LVWpPLFRFRPRUHVXOWDGRGHXPD
GRHQoDJHQHUDOL]DGDyVVHDRXGRWHFLGRFRQMXQWLYR
WDOFRPRRVWHRJpQHVHLPSHUIHLWDDGRHQoDGH(KOHU
'DQORVRXDVtQGURPHGH0DUIDQ
'HJHQHUDWLYDSULPiULDSURWyWLSRWtSLFRREVHUYDGR
QDPXOKHUGHPHLDLGDGH6HFXQGiULDHQFRQWUDGRHP
SDFLHQWHVFRPIDWRUHVTXHSUHGLVS}HPDDOWHUDo}HV
GHJHQHUDWLYDVWDLVFRPRDIXVmRFRQJpQLWDDFLPDGR
QtYHODIHWDGR
(VSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
,GHQWLILFDGD SRU GHILFLrQFLDV SULPiULDV GR
GHVHQYROYLPHQWR QD UHJLmR ORPERVVDJUDGD TXH
UHVXOWDPHPYiULRVJUDXVGHGLVSODVLD2WHUPR
HVSRQGLOROLVWHVHtVWPLFDSURSRVWRQDFODVVL¿FDomR
GH:LOWVH1HZPDQH0DF1DEGHYHVHUHYLWDGR
SRLVpXPDUHIHUrQFLDDQDWyPLFDLQHVSHFt¿FDHQmR
GLIHUHQFLDHQWUHDVIRUPDVGHHVSRQGLOROLVWHVHGR
GHVHQYROYLPHQWRHHVSRQGLOROLVWHVHDGTXLULGD$PERV
RVWLSRVSRGHPWHUGHIHLWRVQRLVWPRPDVHVWHV
UHVXOWDPGHSURFHVVRVSDWROyJLFRVGLIHUHQWHV
9ROXPH‡)DVFtFXOR,9‡
0LJXHO)UHLWDV1XQR1HYHV
$HVSRQGLOROLVWHVHGRGHVHQYROYLPHQWRSRGHVHUGH
DOWRJUDXRXGHEDL[RJUDXGHGLVSODVLDGHSHQGHQGR
HVWDGLVWULEXLomRGDSUHVHQoDGDVDOWHUDo}HVGLVSOiVLFDV
GH/H6TXHVLJQL¿FDPULVFRGHPDLRUGHVOL]DPHQWR
FLIRVHORPERVVDJUDGDVLJQLILFDWLYDYpUWHEUD/
WUDSH]RLGH HOHPHQWRV SRVWHULRUHV GH / H 6
GLVSOiVLFRVHSODWDIRUPDVXSHULRUGH6HPF~SXOD
(VWDFODVVL¿FDomRJDQKRXSRSXODULGDGHFKHJDQGR
DVHUUHFRPHQGDGDSHOD6FROLRVLV5HVHDUFK6RFLHW\
656 QR HQWDQWR QmR LQFOXL FULWpULRV SUHFLVRV
VREUH D GLIHUHQFLDomR HQWUH HVSRQGLOROLVWHVH GR
GHVHQYROYLPHQWRGHDOWRHGHEDL[RJUDX>@
&ODVVL¿FDomRGH-HDQ0DUF0DF7KLRQJH+XEHUW
/DEHOOH&ODVVLILFDomR6SLQDO'HIRUPLW\6WXG\
*URXS6'6*
$FODVVL¿FDomRRULJLQDOQmRIRLHVWDEHOHFLGDFRPR
JXLDSDUDRWUDWDPHQWRFLU~UJLFRHQmRHUDEDVHDGDQR
HTXLOtEULRVDJLWDOHVSLQKRSpOYLFRTXHpFRQVLGHUDGR
SRUGLYHUVRVDXWRUHVFRPRXPSDUkPHWURLPSRUWDQWH
QDSDWRJpQHVHHWUDWDPHQWRGDHVSRQGLOROLVWHVHGR
GHVHQYROYLPHQWR>@3RURXWURODGRPHVPRD
YDULDQWHGH+HUPDQH3L]]XWLOOR>@TXHFRPELQDYD
HOHPHQWRVGDVFODVVL¿FDo}HVDQWHULRUPHQWHUHIHULGDV
IRLSURSRVWDFRPIRFRQDHVFROKDGHWUDWDPHQWR
FRQVHUYDGRUVHQGRTXHQmRLQFOXtDSDFLHQWHVFRP
DORQJDPHQWRRXGHIHLWRVGRLVWPRQmRWLQKDHPFRQWD
RJUDXGHGLVSODVLDFODUL¿FDQGRDSHQDVDVGLIHUHQoDV
HQWUHHVSRQGLOROLVWHVHWUDXPiWLFDHHVSRQGLOROLVWHVH
GRGHVHQYROYLPHQWRtVWPLFD(PYLUWXGHGLVWR-HDQ
0DUF0DF7KLRQJH+XEHUW/DEHOOH>@SURSXVHUDP
XPQRYRVLVWHPDGHFODVVLILFDomRFRPLQWXLWRGH
IRUQHFHUXPDOJRULWPRSDUDRWUDWDPHQWRFLU~UJLFR
GDHVSRQGLOROLVWHVHGRGHVHQYROYLPHQWRGH/6HP
FULDQoDVHDGROHVFHQWHV
7HQGRHPFRQWDRVIDWRUHVGHULVFRSDUDSURJUHVVmR
GDHVSRQGLOROLVWHVHGHVFULWRVQDOLWHUDWXUDVH[R
IHPLQLQRDSUHVHQWDomRGDGRHQoDHPLGDGHMRYHP
JUDXGHVHYHULGDGHGRGHVOL]DPHQWRQDDSUHVHQWDomR
WLSRQmRtVWPLFRkQJXORGHGHVOL]DPHQWRDXPHQWDGRH
XPDOWRJUDXGHGLVSODVLDyVVHDRVDXWRUHVGH¿QHP
VXEWLSRVGHHVSRQGLOROLVWHVHGHGHVHQYROYLPHQWRTXH
VmRDSUHVHQWDGRVSRURUGHPFUHVFHQWHGHVHYHULGDGH
HPUHODomRFRPRULVFRGHSURJUHVVmRHRUHVXOWDGR
FLU~UJLFRHVSHUDGR
2VVXEWLSRVVmRGH¿QLGRVGHDFRUGRFRP
*UDXGHGHVOL]DPHQWRH!)LJXUD
(TXLOtEULR 6DFURSpOYLFR QD HVSRQGLOROLVWHVH
FRPEDL[RJUDXGHGHVOL]DPHQWRRVDXWRUHV
EDVHDUDPVHQDVVXJHVW}HVGH5RXVVRXO\HWDO>@HP
TXHLQGLYtGXRVFRPXPD,QFLGrQFLD3pOYLFD)LJXUDV
HHOHYDGD3,!ÛDVVRFLDGDDXP'HFOLYH
6DJUDGR)LJXUDVHHOHYDGR66!ÛSRVVXHP
)LJXUD*UDXGHGHVOL]DPHQWRVHYHULGDGHGHVORFDPHQWR
DQWHULRU GHXPD YpUWHEUD VREUHD RXWUD PHGLGR FRPR XPD
SHUFHQWDJHP GR PDLRU GLkPHWUR DQWHURSRVWHULRU GR FRUSR
YHUWHEUDOLQIHULRU[\[(PJUDXQmRKiGHVORFDPHQWR
HVSRQGLOyOLVHHPJUDX,KiXPGHVORFDPHQWRLQIHULRUD
GRPDLRUGLkPHWURDQWHURSRVWHULRUGDYpUWHEUDLQIHULRUHP
JUDX,,HVWHGHVORFDPHQWRHVWiHQWUHHHPJUDX,,,R
GHVORFDPHQWRWHPYDORUHVFRPSUHHQGLGRVHQWUHHHP
JUDX,9RGHVORFDPHQWRpVXSHULRUDHSRU~OWLPRHPJUDX9
HVSRQGLORSWRVHRGHVORFDPHQWRGRFRUSRYHUWHEUDOVXSHULRUVREUH
RFRUSRYHUWHEUDOLQIHULRUpFRPSOHWR%DL[RJUDXGHGHVOL]DPHQWR
VHYHULGDGHJUDXV,H,,$OWRJUDXGHGHVOL]DPHQWRVHYHULGDGH
JUDXV,,,,9H9
5(9,67$32578*8(6$'(25723(',$(75$80$72/2*,$
(VSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
IRUoDVGHFLVDOKDPHQWRVREUHRGLVFRGH/6HGH
WHQVmRVREUHRLVWPRGH/PDLRUHVHQTXDQWRHP
LQGLYtGXRVFRPXPD,QFLGrQFLD3pOYLFDHXP'HFOLYH
6DJUDGRPHQRUHV3,ÛH66ÛRVHXGHIHLWRDR
QtYHOGRLVWPRSRGHUiUHVXOWDUGHFRQÀLWRUHSHWLWLYR
GDVIDFHWDVSRVWHULRUHVGH/H6HP/GXUDQWH
PRYLPHQWRGHH[WHQVmRFKDPDGRPHFDQLVPRTXHEUD
QR]HVQXWFUDFNHU,GHQWL¿FRXVHDLQGDQXPHVWXGR
PDLVUHFHQWHXPWHUFHLURVXEJUXSRFRP3,H66FRP
YDORUHVQRUPDLV3,“ÛH66“Û>@([LVWHP
DVVLPWUrVSRSXODo}HVGHSDFLHQWHVGLVWLQWDVHFRPR
WDOH[LVWHPWUrVWLSRVGLVWLQWRVGHSDFLHQWHVFRPEDL[R
JUDXGHVHYHULGDGHRWLSRQXWFUDFNHUW\SHFRP3,
UHGX]LGR3,žRWLSRFRP3,DURQGDUYDORUHV
QRUPDLV3,!žHžHRWLSRVKHDUW\SHFRP
3,HOHYDGR3,!ž>@
1DHVSRQGLOROLVWHVHGHDOWRJUDXGHGHVOL]DPHQWR
!GH¿QLUDPGXDVSRSXODo}HVGLVWLQWDVXPJUXSR
FRPXPHTXLOtEULRUHODWLYRGRVDFURSHOYHDOWR66
EDL[D9HUVmR3pOYLFD37)LJXUDVHHRXWUR
JUXSRFRPFLIRVHORPERVVDJUDGDHGHVHTXLOtEULR
ORPERVVDJUDGRLQGLFDGRVSRUXPDSHOYHUHWURYHUWLGD
YHUWLFDOL]DomRGRVDFUREDL[R66DOWR37>@WHQGR
HVWHVGRLVJUXSRVVLGRFRQ¿UPDGRVSRVWHULRUPHQWH
SRU+UHVNRHWDO>@
(TXLOtEULR HVSLQKRSpOYLFR p LQFOXtGR QD
FODVVL¿FDomRSRLVDVXDSUHVHUYDomRHUHVWDXURWHP
LPSRUWkQFLDSULPRUGLDOQRWUDWDPHQWRGDGHIRUPLGDGH
GDFROXQD)RLGHPRQVWUDGRTXHHVWHHVWiDVVRFLDGR
)LJXUD$,QFLGrQFLD3pOYLFD3HOYLF,QFLGHQFH3,pXP
SDUkPHWURSpOYLFRTXHQmRPXGDFRQIRUPHDSRVLomRGRSDFLHQWH
Hp~QLFRSDUDFDGDLQGLYtGXRGHWHUPLQDDRULHQWDomRSpOYLFD
DVVLPFRPRRWDPDQKRGHORUGRVHORPEDUeGH¿QLGRFRPRR
kQJXORHQWUHXPDOLQKDSHUSHQGLFXODUjIDFHVXSHULRUGH6H
RXWUDOLQKDTXHOLJDRHL[RGDVFDEHoDVIHPRUDLVDRSRQWRPpGLR
GDIDFHVXSHULRUGH6'HFOLYH6DJUDGR6DFUDO6ORSH66p
RkQJXORHQWUHDIDFHVXSHULRUGRVDFURHDKRUL]RQWDO9HUVmR
3pOYLFD3HOYLF7LOW37pRkQJXORHQWUHDYHUWLFDOHXPDOLQKD
TXHYDLGHVGHRSRQWRPpGLRGDIDFHVXSHULRUGH6DWpDRFHQWUR
GDVFDEHoDVIHPRUDLV
)LJXUD3,pWDPEpPGH¿QLGRFRPRDVRPDDOJpEULFDGH66H
37TXHVmRGXDVYDULiYHLVGHSHQGHQWHVGDSRVLomRTXHGHWHUPLQDP
DRULHQWDomRSpOYLFDQRSODQRVDJLWDO&RPRWDO3,pXPIRUWH
GHWHUPLQDQWHGDSRVLomRHVSDFLDOSpOYLFDHPSRVLomRHUHWDTXDQWR
PDLRU3,PDLRUVHUiRGHFOLYHVDJUDGR6DFUDO6ORSH66kQJXOR
HQWUHDIDFHVXSHULRUGRVDFURHDKRUL]RQWDOHDYHUVmRSpOYLFD
3HOYLF7LOW37kQJXORHQWUHDYHUWLFDOHXPDOLQKDTXHYDL
GHVGHRSRQWRPpGLRGDIDFHVXSHULRUGH6DWpDRHL[RGDVFDEHoDV
IHPRUDLV'HIDFWRVH37 Į3, Įȕ66Ȗ SHODGH¿QLomR
GRVkQJXORVȕȖ SHODGH¿QLomRGRVkQJXORVYDPRVWHUTXH
ȕ 66HFRPRWDO3, 6637
9ROXPH‡)DVFtFXOR,9‡
0LJXHO)UHLWDV1XQR1HYHV
DPHOKRUTXDOLGDGHGHYLGDUHODFLRQDGDFRPDVD~GH
HPSDFLHQWHVFRPGHIRUPLGDGHGDFROXQD> @e
GHWHUPLQDGRXWLOL]DQGRDOLQKDGHSUXPRGH&OLQKD
YHUWLFDOTXHSDVVDSHORFHQWURGRFRUSRGH&VHHVWD
SDVVDUVREUHRXDWUiVGDVFDEHoDVIHPRUDLVDFROXQD
HVWiHTXLOLEUDGDVH¿FDUjIUHQWHGDVFDEHoDVIHPRUDLV
DFROXQDHVWiGHVHTXLOLEUDGD>@&RPRVHJXQGRD
H[SHULrQFLDGRVDXWRUHVDFROXQDHVWiTXDVHVHPSUH
HTXLOLEUDGDQDHVSRQGLOROLVWHVHGHEDL[RJUDXHQDGH
DOWRJUDXFRPHTXLOtEULRVDFURSpOYLFRVyVHFRQVLGHUD
HQWmRQHFHVViULRPHGLURHTXLOtEULRJOREDOVDJLWDO
HVSLQKRSpOYLFRHPVLWXDo}HVGHHVSRQGLOROLVWHVH
GHDOWRJUDXFRPGHVHTXLOtEULRVDFURSpOYLFR1D
HVSRQGLOROLVWHVHGHDOWRJUDXH[LVWHPDVVLPQRYDPHQWH
VXEGLYLV}HVRWLSRFRPSHOYHHTXLOLEUDGDDOWR
66EDL[R37RWLSR&ROXQD(TXLOLEUDGDFRP
SHOYHUHWURYHUWLGDEDL[R66DOWR37HPDQXWHQomR
GRHTXLOtEULRHVSLQKRSpOYLFRHRWLSRFROXQD
GHVHTXLOLEUDGDFRPSHOYHUHWURYHUWLGDEDL[R66DOWR
37HPTXHRHTXLOtEULRHVSLQKRSpOYLFRIRLSHUGLGR
$GLYLVmRFRPEDVHQHVWHVSDGU}HVGHHTXLOtEULR
VDJLWDOEDVHLDVHQRIDFWRGHDVIRUoDVELRPHFkQLFDV
VHUHPGLIHUHQWHVGHSDFLHQWHSDUDSDFLHQWHHFRPR
WDOFDGDSDGUmRHVSHFt¿FRGHHTXLOtEULRVDJLWDOWHP
LQIOXrQFLDQRULVFRGHSURJUHVVmRHUHVXOWDGRGR
WUDWDPHQWR
2 U L J L Q D O P H Q W H W D P E p P L Q F O X t D P Q D V X D
FODVVLILFDomRDDYDOLDomRGRJUDXGHGLVSODVLDQR
HQWDQWRYHUL¿FDUDPTXHDFRQFRUGkQFLDLQWHULQGLYLGXDO
QDUHDOL]DomRGDPHVPDHUDPRGHUDGDKDYHQGR
DOJXPDGL¿FXOGDGHHPGLVWLQJXLUHQWUHDOWRHEDL[R
JUDXGHGLVSODVLDSHORTXHRSWDUDPSRUH[FOXLUHVWH
SDUkPHWURHLQFOXtUDPDDYDOLDomRGRHTXLOtEULRJOREDO
VDJLWDO>@
)RL UHDOL]DGR XP HVWXGR SDUD FRQILUPDU D
FRQFRUGkQFLDLQWHUHLQWUDREVHUYDGRUQDDSOLFDomR
GHVWD FODVVLILFDomR DWUDYpV GH XP VRIWZDUH GH
FRPSXWDGRUHRVUHVXOWDGRVGHPRQVWUDUDPTXHHVWDHUD
VXEVWDQFLDO1RHQWDQWRRVDXWRUHVFRQVLGHUDPTXHVHUi
QHFHVViULRPHOKRUDURVRIWZDUHSDUDDXPHQWDUDLQGD
PDLVDH¿FiFLDFRPTXHRVSDFLHQWHVVmRFODVVL¿FDGRV
IDFLOLWDQGRRXVRFOtQLFRGDFODVVL¿FDomR>@
025)2/2*,$(%,20(&Æ1,&$
4XDOTXHUTXHVHMDDHWLRORJLDRDVSHWRUDGLRJUi¿FR
VHUiVHPSUHRPHVPRXPDYH]TXHDPRUIRORJLD
H DV IRUoDV ELRPHFkQLFDV DSOLFDGDV QD MXQomR
ORPERVVDJUDGDVmRFRPXQVjVGLIHUHQWHVFRQGLo}HV
SDWROyJLFDV>@
$ HVWDELOLGDGH GD FROXQD p FRQIHULGD SHOR
HTXLOtEULRJHUDOFRURQDOHVDJLWDOGDFROXQDLVWRpD
UHODomRHVSDFLDOHQWUHRVVHXVGLYHUVRVFRPSRQHQWHV
QRPHDGDPHQWHDVYpUWHEUDVHSHODLQWHJULGDGHGR
FRPSOH[RRVWHRGLVFROLJDPHQWDU
$R QtYHO ORPERVVDJUDGR D HVWDELOLGDGH p
GHSHQGHQWHGDRULHQWDomRHVSDFLDOGH/HPUHODomR
DRVDFURkQJXORORPERVVDJUDGRGHFOLYHVDJUDGRH
LQFLGrQFLDSpOYLFDDVVLPFRPRXPFRPSOH[RRVWHR
GLVFROLJDPHQWDULQWDFWR$RULHQWDomRGRVDFURHVWi
LQWHUGHSHQGHQWHGDURWDomRSpOYLFDH[WHQVmRGDFR[DH
ORUGRVHJHUDO>@HVWDQGRDLQFOLQDomRVDJUDGDQRUPDO
)LJXUDHQWUHÛ>@
$FRQILJXUDomRGDDQDWRPLDORPERVVDJUDGDQD
HVSRQGLOROLVWHVHpYDULiYHOVHQGRTXHDVPHVPDVIRUoDV
TXHFDXVDPDHVSRQGLOROLVWHVHWDPEpPSURYRFDP
GHIRUPDomRGRVDFURQDVFULDQoDVHPFUHVFLPHQWR
$VUHODo}HVHQWUHRGHFOLYHVDJUDGRYHUVmRSpOYLFD
HORUGRVHORPEDUVmRGHSHQGHQWHVGDLQFLGrQFLD
SpOYLFD(VWDDXPHQWDFRPDLGDGHHVWDELOL]DQGR
DSyVDSXEHUGDGHVHQGRQRUPDOPHQWHFHUFDGHž
$SHVDUGDRFRUUrQFLDGHHVSRQGLOROLVWHVHHXPJUDXGH
GHVOL]DPHQWRPDLRUHVWDUHPDVVRFLDGRVDXPYDORUGH
LQFLGrQFLDSpOYLFDPDLVHOHYDGRUHVXOWDHPHOHYDGDV
IRUoDVGHFLVDOKDPHQWRQDMXQomRORPERVVDJUDGD
VHJXQGRRV~OWLPRVHVWXGRVUHDOL]DGRVHVWDQmR
WHPTXDOTXHUYDORUSURJQyVWLFRSDUDDSURJUHVVmR
GDHVSRQGLOROLVWHVHVXSRQGRVHTXHSRGHUiDSHQDV
SUHGLVSRUDRFRUUrQFLDGDSDWRORJLD>@
(PYLUWXGHGHVWHLPSDVVHQRTXHWRFDjLQFLGrQFLD
SpOYLFDFRPRIDWRUGHSURJQyVWLFRDOJXQVDXWRUHV
HVWXGDUDPDDQDWRPLDVDJLWDOGRVDFURTXHWDPEpPp
LQGHSHQGHQWHGDSRVLomRH~QLFDSDUDFDGDLQGLYtGXR
=KL:DQJHWDO>@FRQFOXtUDPTXHLQGLYtGXRVFRP
HVSRQGLOROLVWHVHSRVVXtDPXPDSODWDIRUPDVXSHULRU
GRVDFURDODUJDGDPDLRUtQGH[GHSODWDIRUPDVDJUDGD
)LJXUDXPYDORUGHFLIRVHVDJUDGDPDLRUkQJXOR
5(9,67$32578*8(6$'(25723(',$(75$80$72/2*,$
(VSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
HQWUHXPDOLQKDTXHSDVVDSHORVSRQWRVPpGLRVGDV
IDFHVVXSHULRUHLQIHULRUGH6HRXWUDOLQKDTXHSDVVD
SHORSRQWRPpGLRGDVIDFHVLQIHULRUHVGH6H6R
TXHDSRLDGRSHODDQiOLVHGH6H6VXSRUWDDWHVHGH
TXHHVWDVDOWHUDo}HVyVVHDVVDJLWDLVVmRSULPiULDVH
QmRVHFXQGiULDVSRLVVHRIRVVHPOLPLWDUVHLDPD/
HjSODWDIRUPDVXSHULRUGRVDFURHTXHRkQJXORGD
SODWDIRUPDVDJUDGD)LJXUDGLPLQXtDGHDFRUGRFRP
RJUDXGHVHYHULGDGHGDHVSRQGLOROLVWHVH
,VWRDSRLDDWHRULDGHTXHRkQJXORGDSODWDIRUPD
VDJUDGDHVWDUiUHODFLRQDGRFRPDHWLRORJLDHSURJUHVVmR
GDHVSRQGLOROLVWHVHXPDYH]TXHDRFRQWUiULRGD
LQFLGrQFLDSpOYLFDHVWDSURSULHGDGHDQDWyPLFDGR
VDFURpHVWiYHOHpSRXFRDIHWDGDSHODVDOWHUDo}HV
DGDSWDWLYDVGRRVVRQRSURFHVVRGHFUHVFLPHQWR'R
SRQWRGHYLVWDELRPHFkQLFRXPYDORUPHQRUGRkQJXOR
GDSODWDIRUPDVDJUDGDWUDGX]VHQXPDXPHQWRGDV
IRUoDVGHFLVDOKDPHQWRQDMXQomRORPERVVDJUDGD>@
1XP SDFLHQWH HVTXHOHWLFDPHQWH LPDWXUR R
kQJXORGHFLIRVHORUGRVHORPERVVRJUDGDGHWHUPLQDD
SUREDELOLGDGHGHSURJUHVVmRGRGHVOL]DPHQWR9DORUHV
GHkQJXORGHGHVOL]DPHQWRIRUPDGRSHORSUDWRLQIHULRU
GH/HXPDOLQKDSHUSHQGLFXODUjIDFHSRVWHULRUGH
6pQHJDWLYRTXDQGRHPORUGRVHHSRVLWLYR
TXDQGRHPFLIRVHPDLRUHVTXHžQRUPDO
žDžUHODFLRQDPVHFRPPDLRUSUREDELOLGDGHGH
SURJUHVVmR>@'DPHVPDIRUPD'XERXVVHW>@)LJXUD
GH¿QHTXHXPkQJXORORPERVVDJUDGRPHQRUTXH
žQRUPDOGHžDžLQYDULDYHOPHQWHOHYDj
SURJUHVVmRGDHVSRQGLOROLVWHVH
)LJXUD,QFOLQDomR6DJUDGD6,UHIHUHVHjUHODomRGRVDFUR
OLQKDSDUDOHODjIDFHSRVWHULRUGH6XPDYH]TXHRUHVWRGR
VDFURpFXUYDGRFRPRSODQRYHUWLFDO1RUPDOPHQWHRVDFURHVWi
LQFOLQDGRSDUDDIUHQWHFRPDH[WUHPLGDGHVXSHULRUPDLVDQWHULRU
GRTXHDLQIHULRU¬PHGLGDTXHRVDFURVHWRUQDPDLVYHUWLFDO
FRPRSURJUHGLUGDROLVWHVHHVWHkQJXORWRUQDVHFDGDYH]PDLV
UHGX]LGR
)LJXUDËQGH[GH3ODWDIRUPD6DJUDGD6DFUDO7DEOH,QGH[
3HUFHQWDJHPGRGLkPHWURDQWHURSRVWHULRUPi[LPRGDIDFHVXSHULRU
GH6VREUHRGLkPHWURDQWHURSRVWHULRUPi[LPRGDIDFHVXSHULRU
GH/[\[eXWLOL]DGRSDUDDYDOLDURDODUJDPHQWRGDIDFH
VXSHULRUGH6
9ROXPH‡)DVFtFXOR,9‡
0LJXHO)UHLWDV1XQR1HYHV
0 D U F K H W W L H % D U W R O R ] ] L G H I L Q H P T X H Q D
HVSRQGLOROLVWHVHGHDOWRJUDXRULVFRGHSURJUHVVmR
pPDLRUSRGHQGRWDPEpPLQÀXHQFLDURUHVXOWDGRGD
FLUXUJLD>@$OWHUDo}HVGLVSOiVLFDVDIHWDPDGLUHomRHD
PDJQLWXGHGDVIRUoDVGHVWUHVVDH¿FiFLDGDVHVWUXWXUDV
GDFROXQDSRVWHULRUHDQWHULRUDVVLPFRPRRSURFHVVR
GHFUHVFLPHQWRDRQtYHOGDMXQomRORPERVVDJUDGD
SHORTXHXPLQGLYtGXRGLDJQRVWLFDGRDRVDQRVFRP
HVSRQGLOROLVWHVHGRGHVHQYROYLPHQWRGHEDL[RJUDX
SRGHUiSURJUHGLUSDUDDOWRJUDXVHFXQGDULDPHQWHDR
FUHVFLPHQWRHDOWHUDo}HVDGDSWDWLYDVHGHUHPRGHODomR
'HIDFWRRFUHVFLPHQWRDQRUPDOpWLGRFRPRDPDLRU
LQÀXrQFLDQDSURJUHVVmRGRGHVOL]DPHQWR>@
2 6SLQH 'HIRUPLW\ 6WXG\ *URXS 6'6*
UHFRPHQGD D DYDOLDomR GD ,QFLGrQFLD 3pOYLFD
'HFOLYH6DJUDGRH9HUVmR3pOYLFDSDUDFDUDFWHUL]DUD
PRUIRORJLDHRULHQWDomRSpOYLFD'LYHUVRVHVWXGRV>
@ GHPRQVWUDP TXH H[LVWHP GLIHUHQoDV QD
PRUIRORJLDVDFURSpOYLFDHQWUHXPDSRSXODomRQRUPDO
HXPDSRSXODomRFRPHVSRQGLOROLVWHVHGHIDFWRD
,QFLGrQFLD3pOYLFDDXPHQWDOLQHDUPHQWHHPUHODomR
jVHYHULGDGHGDHVSRQGLOROLVWHVH> @'HIHLWRV
UHJLRQDLVQDFKDUQHLUD/6DVVLPFRPRQDRULHQWDomR
VDFURSpOYLFDHVXDPRUIRORJLDSRGHPLQÀXHQFLDUR
HTXLOtEULRVDJLWDOJOREDOHDPDUFKDXPDYH]TXHD
JHRPHWULDVDFURSpOYLFDDFROXQDORPEDUHDFROXQD
WRUiFLFDHVWmRUHODFLRQDGDV>@&RPDSURJUHVVmR
GDHVSRQGLOROLVWHVHSRGHRFRUUHUXPDPRGL¿FDomR
GDJHRPHWULDGDFROXQDGHIRUPDDFRPSHQVDUR
GHVHTXLOtEULRHP/VDFURSpOYLFR1RUPDOPHQWHKi
XPDXPHQWRGDORUGRVHORPEDUGHIRUPDDPDQWHUR
FHQWURGHJUDYLGDGHHPFLPDDWUiVGDVDQFDVHSDUD
DPDQXWHQomRGHXPDSRVWXUDHTXLOLEUDGD&RPR
SULPHLURPHFDQLVPRGHFRPSHQVDomRDORUGRVHSRGH
VHUDXPHQWDGDDWUDYpVGHXPDXPHQWRLQWHUYHUWHEUDO
VHJPHQWDURXSHODLQFOXVmRGHPDLVYpUWHEUDVQR
)LJXUDÆQJXORGD3ODWDIRUPD6DJUDGD$36HQWUHDIDFH
VXSHULRUGH6HIDFHSRVWHULRUGH6
)LJXUDÆQJXOR/RPERVVDJUDGRGH'XERXVVHW$/'FRQVLVWH
QDUHODomRDQJXODUHQWUHRERUGRVXSHULRUGH/HRERUGRSRVWHULRU
GRVDFUR
5(9,67$32578*8(6$'(25723(',$(75$80$72/2*,$
(VSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
VHJPHQWRORUGyWLFR4XDQGRROLPLWHPi[LPRGH
ORUGRVH p DOFDQoDGR R SDFLHQWH WHQWD PDQWHU R
HTXLOtEULRDWUDYpVGDUHWURYHUVmRSpOYLFD$UHWURYHUVmR
SpOYLFDSRUÀH[mRGDVDQFDVHUHWUDomRGRVP~VFXORV
LVTXLRWLELDLV WDPEpP SRGH VHU XP PHFDQLVPR
FRPSHQVDWyULRQHXUROyJLFRSDUDDOLYLDUDFRPSUHVVmR
GHUDt]HVQHUYRVDVRXGDFDXGDHTXLQDVHFXQGiULD
jHVSRQGLOROLVWHVH(VWHVHJXQGRPHFDQLVPRGH
FRPSHQVDomRFRUUHVSRQGHDRJUXSRFRPUHWURYHUVmR
SpOYLFDVDFURYHUWLFDOEDL[R66DOWR378PDYH]
TXHRSDFLHQWHWHPXPD3,¿[DSRLVpXPSDUkPHWUR
DQDWyPLFRR66GLPLQXLHR37DXPHQWDjPHGLGD
TXHRFRUUHUHWURYHUVmRSpOYLFDHRVDFURVHWRUQD
YHUWLFDO4XDQGRROLPLWHGHVWHVGRLVPHFDQLVPRVGH
FRPSHQVDomRpDOFDQoDGRRSDFLHQWHGHVHQYROYHXP
GHVHTXLOtEULRVDJLWDOFDUDFWHUL]DGRSRUXPDLQFOLQDomR
SDUDDIUHQWHGRWURQFR
,0$*,2/2*,$
$VUDGLRJUDILDVVLPSOHVVmRDPHOKRUIRUPDGH
GLDJQRVWLFDUDGRHQoD>@(VWDVGHYHPVHUIHLWDVFRP
RSDFLHQWHGHSpSRLVFDVRHVWHMDGHLWDGRSRGHUiVHU
REVHUYDGDXPD³IDOVD´HVSRQGLOROLVHHPFDVRVFRP
PHQRUJUDXGHGHVOL]DPHQWR2LGHDOSDUDDYDOLDUR
HTXLOtEULRVDJLWDOJOREDOVHUiXPDUDGLRJUD¿DODWHUDO
HPTXHVHREVHUYHDFROXQDYHUWHEUDOFRPSOHWDLVWR
pGHVGHRFUkQLRDWpjVFDEHoDVIHPRUDLV'HIHLWRV
QRLVWPRVmRPHOKRULGHQWLILFDGRVHPUDGLRJUDILDV
REOtTXDV5DGLRJUD¿DVODWHUDLVHPÀH[mRHH[WHQVmR
SHUPLWHPLGHQWL¿FDUDSUHVHQoDGHLQVWDELOLGDGHHVWD
VHUiPHOKRULGHQWL¿FDGDFRPRSDFLHQWHHPGHF~ELWR
HQmRHPSRVLomRHUHWDVHQGRTXHRJUDXGHGRU
ORPEDUVHUHODFLRQDFRPRJUDXGHLQVWDELOLGDGHH
QmRFRPDTXDQWLGDGHGHGHVORFDPHQWRHVWiWLFRQD
HVSRQGLOROLVWHVH
&LQWLJUD¿DVyVVHDVVmR~WHLVQDLGHQWL¿FDomRGH
IUDWXUDVDJXGDVHSVHXGDUWURVHVHPiUHDVGHIXVmR
DQWLJDV
7RPRJUDILDFRPSXWRUL]DGD&7p~WLOJUDoDV
DRVFRUWHVHUHFRQVWUXo}HVTXHVHSRGHUmRID]HUQRV
SODQRV$YLVXDOL]DomRFRURQDOHVDJLWDOSHUPLWHD
LGHQWL¿FDomRGHFRPSUHVVmRGHUDt]HVQHUYRVDVSRU
WHFLGRVPROHVHDLGHQWL¿FDomRGHRVVRGHQWURHIRUD
GRFDQDOYHUWHEUDO3DUDPHOKRUREVHUYDomRGDOLVHRV
FRUWHVGHYHUmRVHUUHDOL]DGRVQRHL[RGRLVWPRLVWRp
GHYHUmRID]HUžFRPRVFRUWHVGLVFDLVFOiVVLFRV(VWH
H[DPHpSDUWLFXODUPHQWHLQWHUHVVDQWHSDUDDQDOLVDU
DQRPDOLDVGRDUFRSRVWHULRUGDVIRUPDVGLVSOiVLFDV>@
$UHVVRQkQFLDPDJQpWLFDSHUPLWHDDYDOLDomR
GDGHJHQHUDomRGRGLVFRTXHSRGHUiVHU~WLOSDUD
DGHWHUPLQDomRGRVOLPLWHVVXSHULRUHVH[WUHPRVGH
IXVmR
75$7$0(172
([LVWHP GLYHUVDV RSo}HV GH WUDWDPHQWR QD
HVSRQGLOROLVWHVHDWLWXGHH[SHFWDQWHFRPYLJLOkQFLD
SHULyGLFDGRSDFLHQWHOLPLWDomRGDVDWLYLGDGHV
H[HUFtFLRVIXQGDPHQWDOPHQWHH[HUFtFLRVGHÀH[mR
LPRELOL]DomRRUWyWHVHVHJHVVRUHSDUDomRGRGHIHLWR
tVWPLFRIXVmRGHVFRPSUHVVmRFRPVHPIXVmRHSRU
~OWLPRUHGXomRSDUFLDOWRWDOHIXVmR
$PDLRULDGRVSDFLHQWHVTXHVHDSUHVHQWDPFRP
HVSRQGLOROLVWHVHVmRDVVLQWRPiWLFRVQRHQWDQWRp
SUHFLVRWHUHPFRQWDTXHDHVSRQGLOROLVWHVHpDFDXVD
SUHGRPLQDQWHGHGRUORPEDUHFLiWLFDQDLQIkQFLDH
DGROHVFrQFLD0HVPRDVVLPRWUDWDPHQWRFRQVHUYDGRU
GHYHVHUVHPSUHDSULPHLUDRSomRHVWDQGRDFLUXUJLD
UHVHUYDGDSDUDDTXHOHVFXMRVVLQWRPDVVmRUHIUDWiULRV
DRWUDWDPHQWRFRQVHUYDGRU(VWHWLSRGHWUDWDPHQWR
HQJORED PHGLGDV FRPR DQWLLQIODPDWyULRV QmR
HVWHURLGHVEORTXHLRVHOHWLYRWHUDSLDFRPRUWyWHVHV
UHVWULomRGDVDWLYLGDGHVDWOpWLFDVHGHVFDQVRQDFDPD
¬PHGLGDTXHRSDFLHQWHPHOKRUDDVXDVLQWRPDWRORJLD
DULJLGH]FRPTXHHVWDVUHVWULo}HVVmRDSOLFDGDVSRGHUi
VHUUHGX]LGD
2VFULWpULRVJHUDLVGHLQGLFDomRSDUDWUDWDPHQWR
FLU~UJLFR LQFOXHP D SHUVLVWrQFLD GH GRU RX GH
VLQWRPDVQHXUROyJLFRVDSHVDUGHXPFXUVRDGHTXDGR
GH WUDWDPHQWR FRQVHUYDGRU> @ D SURJUHVVmR GR
GHVOL]DPHQWRPDLRUTXHJUDXGHGHVOL]DPHQWR
QDDSUHVHQWDomRVHULJXDORXPDLRUTXHJUDXGH
0H\HUGLQJ H D H[LVWrQFLD GH XPD GHIRUPLGDGH
FRVPpWLFDDVVRFLDGDDGLILFXOGDGHVSRVWXUDLVHGD
PDUFKD> @eSUHFLVRWHUHPDWHQomRTXHDSHVDU
GDVPHGLGDVFRQVHUYDGRUDVWHUHPERQVUHVXOWDGRV
HPFULDQoDVHDGROHVFHQWHVpQHVVDVLGDGHVTXH
9ROXPH‡)DVFtFXOR,9‡
0LJXHO)UHLWDV1XQR1HYHV
Ki PDLV DSUHVHQWDo}HV GH HVSRQGLOROLVWHVH GR
GHVHQYROYLPHQWRFRPDOWRJUDXGHGHVOL]DPHQWRRX
FRPSURJUHVVmRGDOHVmRVHQGRSRUWDQWRQHFHVViULD
XPDLQWHUYHQomRFLU~UJLFD>@2VIDWRUHVGHULVFR
DVVRFLDGRVFRPDSURJUHVVmRQDSRSXODomRPDLV
MRYHPVmRDLGDGHLQIHULRUDDQRVSUHVHQoDGH
GHVOL]DPHQWRVXSHULRUDOD[LGH]OLJDPHQWDU
VH[RIHPLQLQRHKLSHUPRELOLGDGHORPERVVDJUDGD
SUHVHQoDGHDUUHGRQGDPHQWRGDSODWDIRUPDVXSHULRU
GH6)LJXUDHFRQFDYLGDGHGDVXSHUItFLHLQIHULRU
GH/>@7HPVHDVVLPVHPSUHHPFRQWDTXHTXDQWR
PDLVMRYHPpRSDFLHQWHPDLRUVHUiDSUREDELOLGDGH
GHLQGLFDomRSDUDWUDWDPHQWRFLU~UJLFRVHQGRTXHR
VXFHVVRGHVWHWDPEpPVHUiPDLRUTXDQWRPDLVQRYRIRU
RSDFLHQWH1RJHUDODSHQDVGRVSDFLHQWHVFRP
HVSRQGLOROLVWHVHVLQWRPiWLFDQHFHVVLWDPGHWUDWDPHQWR
FLU~UJLFR>@
$VHOHomRGRVSDFLHQWHVpH[WUHPDPHQWHLPSRUWDQWH
QDXWLOL]DomRGHWpFQLFDVFLU~UJLFDVGHGHVFRPSUHVVmR
RXGHIXVmRHPDGXOWRV2VUHVXOWDGRVVmRPHQRV
IDYRUiYHLVHPSDFLHQWHVFRPVLQWRPDVUDGLFXODUHVH
HPIXPDGRUHV>@
$VRSo}HVFLU~UJLFDVLQFOXHPDGHVFRPSUHVVmR
IXVmRFRPVHP¿[DomRHUHGXomR
)LJXUD$UUHGRQGDPHQWRGDSODWDIRUPDVXSHULRUGRVDFUR
GH¿QLGRSHODSHUFHQWDJHPHQWUHDSURIXQGLGDGHGRDUUHGRQGDPHQWR
HDODUJXUDPi[LPDGRVDFUR[\[
$ G H V F R P S U H V V m R U H D O L ] D G D D W U D Y p V G R
SURFHGLPHQWRGH*LOOpXWLOL]DGDIXQGDPHQWDOPHQWH
HP DGXOWRV HP TXH VLQWRPDV UDGLFXODUHV HVWmR
SUHVHQWHV7HPFRPRSULQFLSDOGHVYDQWDJHPRULVFR
GHGHVOL]DPHQWRDGLFLRQDOSyVRSHUDWyULR>@
1DV FULDQoDV D GHVFRPSUHVVmR UDUDPHQWH p
LQGLFDGDHVWDQGRFRPSURYDGRTXHDIXVmRLQVLWXp
VXILFLHQWHSDUDUHVROYHURVVLQWRPDVQHXUROyJLFRV
$UHPRomRGRVHOHPHQWRVSRVWHULRUHVVHPIXVmR
DFDUUHWDXPULVFRLQDFHLWiYHOGHLQGX]LULQVWDELOLGDGH
GDFROXQDYHUWHEUDOHFRPRWDOQmRGHYHUiVHUHIHWXDGD
QDVFULDQoDV>@
(PSDFLHQWHVFRPGRUORPEDUSHUVLVWHQWHRXFRP
SURJUHVVmRGDHVSRQGLOROLVWHVHDIXVmRGRVVHJPHQWRV
HQYROYLGRVVHUi~WLO([LVWHPGLYHUVRVPpWRGRVGH
IXVmRQRPHDGDPHQWHDIXVmRLQWHUVRPiWLFDSRUYLD
DQWHULRUSRVWHULRU3/,)RX7/,)HSRVWHURODWHUDO
$YLDSRVWHULRUpSUHIHULGDHPUHODomRjDQWHULRU
SRLVpXPDWpFQLFDPDLVIOH[tYHOTXHSHUPLWHD
H[SORUDomRGRVGHIHLWRVGDVUDt]HVQHUYRVDVHGRV
GLVFRVLQWHUYHUWHEUDLVSRUH[HPSORHPSDFLHQWHVFRP
VLQWRPDVGHFRPSUHVVmRGDVUDt]HVQHUYRVDVSHUPLWH
DLQVSHomRGDVUDt]HVQHUYRVDVORFDLVQRUPDOPHQWH
GH/H6HH[FLVmRGRWHFLGR¿EURFDUWLODJLQRVR
GLVFRLQWHUYHUWHEUDOTXHWHQKDSURWUXVmRDQWHVGHVHU
UHDOL]DGDDIXVmRSUHYHQLQGRDVVLPDSHUVLVWrQFLDGH
GRUFRPLUUDGLDDSyVDIXVmR
$PDVVDGHIXVmRGHYHHVWHQGHUVHWmRSUR[LPDO
HGLVWDOPHQWHTXDQWRIRUQHFHVViULRSDUDHVWDELOL]DU
DVYpUWHEUDVHHVSDoRVLQWHUYHUWHEUDLVDIHWDGRV1D
DXVrQFLDGHFLiWLFDHFRPXPGLVFRHDUWLFXODomRGH
/DEVROXWDPHQWHQRUPDLVDIXVmRHQWUH/H6
SRGHUiVHUVX¿FLHQWH1RHQWDQWRTXDQGRRVHOHPHQWRV
SRVWHULRUHVGH/IRUHPUHPRYLGRVRXDPERVTXDUWR
HTXLQWRLQWHUHVSDoRVIRUHPH[SORUDGRVSDUDDOLYLDUD
FLiWLFDDIXVmRGHYHVHHVWHQGHUGH/DWp6HSDUD
DOJXQVDXWRUHVQDPDLRULDGDVVLWXDo}HVHVWDGHYHUiVHU
DiUHDXWLOL]DGDSDUDDIXVmR>@
$IXVmRWHPFRPRFRPSOLFDomRDRFRUUrQFLD
GH SVHXGDUWURVH> @$ WD[D GH RFRUUrQFLD
GH SVHXGDUWURVHV DXPHQWD FRP D UHDOL]DomR GH
GHVFRPSUHVVmRSRVWHULRUiUHDGLVSRQtYHOSDUDIXVmR
SRGHVHULQVXILFLHQWHHjPHGLGDTXHDXPHQWDR
Q~PHURGHQtYHLVDVHUHPIXQGLGRV$OpPGLVWRFRPR
5(9,67$32578*8(6$'(25723(',$(75$80$72/2*,$
(VSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
HVWDWpFQLFDQmRFRUULJHDDQDWRPLDORFDOIRUoDV
DQRUPDLVH[HUFLGDVHPYLUWXGHGHXPHTXLOtEULR
VDJLWDOJOREDOSDWROyJLFRSRGHPFDXVDUDSURJUHVVmR
GD GHIRUPLGDGH DSHVDU GH H[LVWLUHP PDVVDV GH
IXVmRSRVWHURODWHUDLVFRQVROLGDGDV&RPSURPLVVR
QHXUROyJLFRIRLWDPEpPGHVFULWRFRPRXPDVHTXHOD
WDUGLDGDIXVmRLQVLWX>@
([LVWHPQXPHURVRVPpWRGRVGH¿[DomRLQWHUQDTXH
VmRXWLOL]DGRVFRPLQWXLWRGHDXPHQWDUDWD[DGHIXVmR
UHSDUDUGLUHWDPHQWHRGHIHLWRGRLVWPRQDHVSRQGLOROLVH
RXHVSRQGLOROLVWHVHGHJUDX,RXHQWmRSDUDUHGX]LUR
GHVORFDPHQWRGDYpUWHEUDQDHVSRQGLOROLVWHVHGHDOWR
JUDX$LQVWUXPHQWDomRWUDQVSHGLFXODUIRLGHPRQVWUDGD
FRPRPHFDQLFDPHQWHVXSHULRUDRXWURVVLVWHPDV
GHHVWDELOL]DomRGDFROXQDORPEDUHFRPSDUDGD
FRPRXWUDVIRUPDVGHIL[DomRSHUPLWHDDSOLFDomR
VHJPHQWDUVHOHWLYDGHIRUoDjFROXQDYHUWHEUDOVHPD
QHFHVVLGDGHGHH[WHQVmRDRVQtYHLVDGMDFHQWHV
1DSRSXODomRSHGLiWULFDDLQVWUXPHQWDomRGD
FROXQDpDSHQDVXWLOL]DGDSDUDUHSDUDomRGLUHWDGR
GHIHLWRGRLVWPRRXUHGXomRGHXPGHVOL]DPHQWR
GHDOWRJUDX3DUDXPDOHVmRFRPJUDX,RXGH
0H\HUGLQJDUHSDUDomRGLUHWDSRGHVHUIHLWDDWUDYpVGD
XWLOL]DomRGHXPDUDPHjYROWDGDVDSy¿VHVWUDQVYHUVDV
HHVSLQKRVDGRVHJPHQWRDIHWDGRRXSHODFRORFDomRGH
XPSDUDIXVRQRSHGtFXORDWUDYpVGDOkPLQDHGRGHIHLWR
GRLVWPR(Q[HUWRVyVVHRVVmRXWLOL]DGRVHPFRQMXQomR
FRPDUHSDUDomR
2EHQHItFLRGHXPSURFHGLPHQWRGHUHSDUDomR
GLUHWDpTXHHOHSUHVHUYDDPRELOLGDGHGRVHJPHQWR
HQYROYLGRGLPLQXLQGRRVWUHVVDSOLFDGRQRVQtYHLV
DGMDFHQWHV(VWHSURFHGLPHQWRGHYHQRHQWDQWRVHU
DSHQDVDSOLFDGRHPJUDXRXGH0H\HUGLQJHR
GHIHLWRGHYHUiVHUPHQRUTXHPP2VSDFLHQWHV
PDLVLQGLFDGRVVHUmRDTXHOHVFRPPHQRVGH
DQRVORPEDOJLDLQFDSDFLWDQWHDSHVDUGHWUDWDPHQWR
FRQVHUYDGRUHXPGLVFRLQWHUYHUWHEUDOFRPDSDUrQFLD
QRUPDOHPUHVVRQkQFLDPDJQpWLFD>@
$UHGXomRGDHVSRQGLOROLVWHVHSRGHUiGLPLQXLU
DLQFLGrQFLDGHSVHXGDUWURVHHWDPEpPDWD[DGH
SURJUHVVmRGDGHIRUPLGDGHHUHVROYHRVSUREOHPDV
QHXUROyJLFRVSUpRSHUDWyULRVSHODUHVWDXUDomRGR
HTXLOtEULR VDJLWDO DWUDYpV GD UHGXomR GD FLIRVH
ORPERVVDJUDGDTXHSHUPLWHDGHVFRPSUHVVmRQHXURQDO
GLUHWDFRORFDQGRDPDVVDGHIXVmRVREUHPDLRU
FRPSUHVVmR$RPHOKRUDURHTXLOtEULRVDJLWDOJOREDO
PHOKRUDWDPEpPDDSDUrQFLDFRVPpWLFDSRUFRUUHomR
HVSRQWkQHDGDKLSRFLIRVHWRUiFLFDHKLSHUORUGRVH
ORPEDUHSHUPLWHDRVSDFLHQWHVTXHVHSRVLFLRQHP
FRUUHWDPHQWHGHSp>@$UHGXomRFRQWLQXDDVHU
XPDDOWHUQDWLYDSROpPLFDXPDYH]TXHHVWiDVVRFLDGD
jRFRUUrQFLDGHOHVmRQHXUROyJLFDHPDWpGRV
GRHQWHV>@
([LVWHP GLYHUVDV WpFQLFDV SDUD UHGXomR GR
GHVOL]DPHQWR1RSDVVDGRDUHGXomRSRUWUDomRHSRU
JHVVRVVXFHVVLYRVHUDPDVWpFQLFDVPDLVSRSXODUHVQR
HQWDQWRUHODFLRQDYDPVHFRPLQVXFHVVRQDUHGXomR
Gp¿FHVPRWRUHVHWUDWDPHQWRSURORQJDGR7pFQLFDV
GHUHGXomRSRUGLVWUDomRSRVWHULRUIRUDPWDPEpP
SRSXODUHVPDVHQYROYHPFLUXUJLDPDLVH[WHQVDFRP
IXVmRGDFROXQDORPEDUVXSHULRUFDXVDPKLSRORUGRVH
DVVLP FRPR WrP PDLRU ULVFR GH FRPSOLFDo}HV
QHXURQDLV$LQVWUXPHQWDomRGDFROXQDFRPSDUDIXVRV
SHGLFXODUHVUHQRYRXRLQWHUHVVHQDUHGXomRSRLV
SHUPLWHDUHDOL]DomRGDFLUXUJLDFRPXPDUHGX]LGD
WD[DGHFRPSOLFDo}HVSHUPLWLQGRH[HUFHUIRUoDVGH
GLVWUDomRPDLVHOHYDGDVFRPPHQRULQFLGrQFLDGH
FRPSURPLVVRQHXUROyJLFRGRTXHFRPGLVWUDomRYLD
JDQFKRVODPLQDUHV>@
&ODXGLR /DPDUWLQD HW DO SURS}HP XPD QRYD
WpFQLFDGHURWDomRWUDQVODomRTXHSHUPLWHDFRUUHomR
GDGHIRUPLGDGHQRVSODQRVFRURQDOHVDJLWDOFRPR
DSRLRGDFROXQDDQWHULRUHDOWDVWD[DVGHIXVmRPDV
VHPDQHFHVVLGDGHGHUHWUDomRH[FHVVLYDGRVDFR
GXUDORXGHS{UHPULVFRDVHVWUXWXUDVQHXUROyJLFDV
3URSXVHUDPWDPEpPTXHRFLUXUJLmRLGHQWL¿FDVVHXP
LQGLYtGXRFRPHVSRQGLOROLVWHVHGHGHVHQYROYLPHQWRGH
DOWRJUDXDWUDYpVGHXPtQGLFHGHVHYHULGDGH)LJXUD
VXSHULRUDLQGLYtGXRVFRPEDL[RJUDXH
QRUPDLVWrPHVWHtQGLFHLQIHULRUDVHQGRTXH
QRVLQGLYtGXRVFRPDOWRJUDXGHGLVSODVLDRWUDWDPHQWR
VHUiVHPSUHFLU~UJLFR'HYLGRjIDOWDGHFRQVHQVR
HPTXHFLUFXQVWkQFLDVVHGHYHULDLQFOXLU/QDIXVmR
VXJHULUDPTXHVHGH¿QLVVHXPD]RQDGHLQVWDELOLGDGH
)LJXUDTXHFRQVLVWHQXPTXDGUDGRFXMDEDVH
DVVHQWDQDOLQKDKRUL]RQWDOTXHSDVVDSHORFHQWURGH
6HRVOLPLWHVVmRGH¿QLGRVSHORVSRQWRVHPTXHHVWD
pFUX]DGDSHODOLQKDYHUWLFDOGHJUDYLGDGHTXHSDVVD
9ROXPH‡)DVFtFXOR,9‡
0LJXHO)UHLWDV1XQR1HYHV
SHORSRQWRPpGLRGDSODWDIRUPDLQIHULRUGH/HSHOD
OLQKDYHUWLFDOGHUHDomRGRVRORTXHSDVVDSHORFHQWUR
GDVFDEHoDVIHPRUDLVVHQGRTXHWRGDVDVYpUWHEUDV
TXHHVWHMDPGHQWURGHVWD]RQDGHLQVWDELOLGDGHGHYHUmR
VHULQFOXtGDVQRSURFHGLPHQWRGHLQVWUXPHQWDomR
HIXVmRDTXDQGRGDUHGXomRGDHVSRQGLOROLVWHVHGH
/>@
$SHVDUGHXVDUHPWpFQLFDVGLIHUHQWHVHGHQmR
GDUHP DV PHVPDVLQGLFDo}HVSDUDDFLUXUJLDGH
UHGXomR RV GLYHUVRV DXWRUHV FRQFRUGDP TXH R
LPSRUWDQWHQmRpUHGX]LURJUDXGHGHVOL]DPHQWRPDV
VLPDFLIRVHORPERVVDJUDGDGHIRUPDDUHVWDXUDUR
HTXLOtEULRVDJLWDOJOREDOHDVVLPUHVWDXUDUDTXDOLGDGH
GHYLGDUHODFLRQDGDFRPDVD~GHGRSDFLHQWHVHQGR
TXHDFRUUHomRGDFLIRVHpUHFRPHQGDGDVHPSUHTXH
kQJXORORPERVVDJUDGRGH'XERXVVHWIRUžRXR
kQJXORGHGHVOL]DPHQWR!ž>@$VVLPQRDWXDO
HVWDGRGDDUWHWRGRVRVSDFLHQWHVTXHVHDSUHVHQWHP
FRPHVSRQGLOROLVWHVHGHDOWRJUDXFRPUHWURYHUVmR
SpOYLFDEHQH¿FLDPHFRPRWDOWrPLQGLFDomRSDUDD
UHDOL]DomRGHFLUXUJLDGHUHGXomRSDUFLDOFRPIXVmR
GRVHJPHQWR>@
1RYDVWpFQLFDVWrPVLGRSURSRVWDVWRGDVFRPR
LQWXLWRGHSHUPLWLUDUHDOL]DomRGHXPDUHGXomRGR
GHIHLWRFRPRPtQLPRGHULVFRGHOHVmRQHXURQDO$
UHDOL]DomRGHXPSURFHGLPHQWRIDVHDGRGHUHGXomR
)LJXUDËQGLFHGH6HYHULGDGH6,±'H¿QLGRUHFRUUHQGRDXPD
OLQKDKRUL]RQWDOTXHSDVVDSHORFHQWURGH6QXPDUDGLRJUD¿D
ODWHUDOGHSpXPDOLQKDYHUWLFDOTXHSDVVDSHORFHQWURGDVFDEHoDV
IHPRUDLVHXPDVHJXQGDOLQKDYHUWLFDOTXHSDVVDSHORPHLRGDIDFH
LQIHULRUGH/$VVLP'pDGLVWkQFLDGRFHQWURGH6jUHFWDTXH
SDVVDSHORFHQWURGDVFDEHoDVIHPRUDLVH'pDGLVWkQFLDHQWUH
DVGXDVOLQKDVYHUWLFDLV2FiOFXORGRËQGLFHGH6HYHULGDGHVHUi
HQWmR6, '['&RPRDXPHQWRGDUHWURYHUVmRSpOYLFDKi
XPGHVORFDPHQWRDQWHULRUGDVFDEHoDVIHPRUDLVHSRUWDQWRGH'
5(9,67$32578*8(6$'(25723(',$(75$80$72/2*,$
)LJXUD=RQDGHLQVWDELOLGDGH
(VSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
SDUFLDOFRPUHFXUVRDLQVWUXPHQWDomRHIXVmRSRU
DORHQ[HUWRGHSHUyQLRVHPGLIHUHQoDQDWD[DGH
UHPRGHODomRHPUHODomRDRDXWRHQ[HUWR> @IRL
GHIHQGLGDSRUGLYHUVRVDXWRUHVVHQGRTXHHVWHV
UHIHUHPTXHGHYHUiVHUUHDOL]DGDXPDFRORFDomR
GHHQ[HUWRyVVHRHVWUXWXUDODQWHULRUHPRSRVLomRj
SRVWHULRUXPDYH]TXHHVWDSHUPLWHXPDPDLRUWD[D
GHIXVmRVyOLGDGRHQ[HUWRSRLVHVWHHVWiVREDDomR
GHIRUoDVFRPSUHVVLYDVHQmRVREUHWHQVmRWHQGRSRU
LVVRREHQHItFLRGHIRUQHFHUXPDLQWHUIDFHyVVHDVyOLGD
SDUDIXVmRHGHGDUHVWDELOLGDGHHVWUXWXUDOLPHGLDWD
jFROXQD>@(PDOWHUQDWLYDjUHGXomRSDUFLDOD
UHDOL]DomRGHIXVmRFLUFXQIHUHQFLDOFRPHQ[HUWR
SHURQLDOHLQVWUXPHQWDomRGRVVHJPHQWRVHQYROYLGRV
QDHVSRQGLOROLVWHVHGHDOWRJUDXGHGHVOL]DPHQWR
SHUPLWHREWHUUHVXOWDGRVFRPSDUiYHLVjUHGXomR
SDUFLDOFRPPHQRUULVFRGHRFRUUrQFLDGHOHVmR
QHXUROyJLFD>@
1RVGRHQWHVFRPHVSRQGLORSWRVHDPHOKRUVROXomR
VHJXQGR5REHUW:*DLQHVVHUiDUHDOL]DomRGH
YHUWHEUHFWRPLDGH/FRPUHGXomRHIXVmRGH/FRP
6VHQGRHVWDFLUXUJLDFRQKHFLGDFRPRSURFHGLPHQWR
GH*DLQHV$RORQJRGHDQRV*DLQHVUHSRUWRX
WULQWDFDVRVHPTXHUHFRUUHXDHVWHSURFHGLPHQWR
UHIHULQGRTXHRFRUUHXQHXURSUD[LDGH/HPGRV
SDFLHQWHVVHQGRTXHVyGRVpTXH¿FDUDP
FRPGp¿FHVPRWRUHVHVHQVLWLYRVSHUPDQHQWHVHVy
GHVWHVSUHFLVDGHXWLOL]DUXPDRUWyWHVHWRUQR]HORSp
SDUDWHUIXQomR1mRRFRUUHXGLVIXQomRYHVLFDOVH[XDO
HLQWHVWLQDOHPYLUWXGHGHHVWHVHUXPSURFHGLPHQWR
TXHQmRLPSOLFDRDORQJDPHQWRGDFROXQD7RGRV
RVSDFLHQWHVWLYHUDPUHVROXomRGDORPERFLDWDOJLD
HUHDELOLWDomRIXQFLRQDOHPSDUWLFXODUQRTXHWRFD
jSRVWXUDHPDUFKDLQFOLQDGDV'HIHQGHDVVLPHVWH
SURFHGLPHQWRFRPRDPHOKRUDOWHUQDWLYDGHWUDWDPHQWR
HPGRHQWHVFXMDGHIRUPLGDGHVHHQFRQWUH¿[DQRSODQR
VDJLWDO4XDQGRDGHIRUPLGDGHDLQGDWHPDOJXPD
PRELOLGDGHHVWDSRGHUiVHUWUDWDGDFRPUHGXomR
SDUFLDOFRPIXVmRFLUFXQIHUHQFLDO>@
&21&/86­2
$SHVDUGHDLQGDQmRKDYHUFRQVHQVRHPUHODomR
DGLYHUVRVSDUkPHWURVGDHVSRQGLOROLVWHVHFRPRD
VXDFODVVL¿FDomRRXTXDORWUDWDPHQWRFLU~UJLFRPDLV
DGHTXDGRQRYRVGDGRVYLHUDPDOWHUDUDIRUPDFRPR
DGRHQoDpHQFDUDGD([LVWHXPFRQVHQVRTXHpPDLV
LPSRUWDQWHFRUULJLURGHVHTXLOtEULRVDJLWDOJOREDOGR
TXHRGHIHLWRORFDOSRLVHQTXDQWRHVWHHTXLOtEULR
QmRIRUUHVWDEHOHFLGRIRUoDVDQRUPDLVFRQWLQXDUmRD
H[HUFHUDVXDLQÀXrQFLDVREUHRVGLYHUVRVVHJPHQWRV
GD FROXQD GDQGR RULJHP jV GLYHUVDV DOWHUDo}HV
DVVRFLDGDVjHVSRQGLOROLVWHVHHSURJUHVVmRGDPHVPD
(P YLUWXGH GHVWD QRYD SHUVSHWLYD HP TXH D
PRUIRORJLDVDJLWDOHVSLQKRSpOYLFDHDVGLYHUVDVIRUoDV
UHVXOWDQWHVGDPHVPDWrPLQWHUHVVHSDUDSURJQyVWLFRH
WUDWDPHQWRGDGRHQoD-HDQ0DUF0DF7KLRQJH+XEHUW
/DEHOOH6'6*SURSXVHUDPXPQRYRVLVWHPDGH
FODVVL¿FDomRGDHVSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
GH/6HPFULDQoDVHDGROHVFHQWHVEDVHDGRQD
FODVVL¿FDomRGH0DUFKHWWLH%DUWROR]]LFRPRLQWXLWR
GHGHVHQYROYHUXPDOJRULWPRSDUDRWUDWDPHQWR
FLU~UJLFR
& R P R G H V H Q Y R O Y L P H Q W R G D W p F Q L F D G H
LQVWUXPHQWDomRWUDQVSHGLFXODUIRUDPDEHUWDVQRYDV
SHUVSHWLYDVTXDQWRjUHGXomRGDHVSRQGLOROLVWHVH
HUHVWDXURGRHTXLOtEULRVDJLWDOJOREDOFRPPHQRU
ULVFRGHOHVmRQHXURQDOQRHQWDQWRRVUHVXOWDGRV
HVWDUmRPDLVUHODFLRQDGRVFRPDIDPLOLDULGDGHTXH
RFLUXUJLmRWHPFRPRSURFHGLPHQWRGRTXHFRPD
WpFQLFDXWLOL]DGD
2IXWXURGDDERUGDJHPDHVWDSDWRORJLDSDVVDUi
HQWmRSHODUHDOL]DomRGHHVWXGRVTXHYDOLGHPXP
DOJRULWPR GH WUDWDPHQWR GD HVSRQGLOROLVWHVH GR
GHVHQYROYLPHQWRFRPEDVHQXPDFODVVLILFDomRGD
GRHQoDTXHVHMDSUiWLFDGHXWLOL]DUQDURWLQDGLiULDH
JOREDOPHQWHDFHLWH
9ROXPH‡)DVFtFXOR,9‡
0LJXHO)UHLWDV1XQR1HYHV
5()(5Ç1&,$6%,%/,2*5È),&$6
,,*HRUJH::RRG6SRQG\OROLVWKHVLV>ERRNDXWK@67HUU\
&DQDOH&DPSEHOO
V2SHUDWLYH2UWKRSDHGLFVWKHGVO
0RVE\
0DF7KLRQJ-HDQ0DUF0'3K'HWDO7KH,PSRUWDQFH
RI 6DJLWWDO 6SLQR 3HOYLF $OLJQPHQW LQ /RZ *UDGH
6SRQG\OROLVWKHVLV6SLQH9RO
*DQMX$UXQD,VWKPLF6SRQG\OROLVWKHVLV1HXURVXUJHU\)RFXV
9RO
+UHVNR 07 /DEHOOH + 5RXVVRXO\ 3 %HUWKRQQDXG (
&ODVVL¿FDWLRQRIKLJKJUDGHVSRQG\OROLVWKHVHVEDVHGRQSHOYLF
YHUVLRQDQGVSLQHEDODQFHSRVVLEOHUDWLRQDOHIRUUHGXFWLRQ
6SLQH6HSWHPEHU9ROSS
6+RVVHLQ0HKGLDQ5DQJDQDWKDQ$UXQ$QHZ7KUHH
6WDJH6SLQDO6KRUWHQLQJ3URFHGXUH)RU5HGXFWLRQRI6HYHUH
$GROHVFHQW,VWKPLF6SRQG\OROLVWKHVLV63,1(9RO
SS
)UHGULFNVRQ%(%DNHU'0F+ROLFN:-HWDO7KHQDWXUDO
KLVWRU\RIVSRQG\ORO\VLVDQGVSRQG\OROLVWKHVLV-RXUQDORI
%RQHDQG-RLQW6XUJHU\$PHULFDQ(GLWLRQSS
:LOWVH/HRQ/&ODVVL¿FDWLRQWHUPLQRORJ\DQGPHDVXUHPHQWV
LQVSRQG\OROLVWKHVLV7KH,RZD2UWKRSDHGLF-RXUQDO9RO
SS
0DUFKHWWL3*%DUWROR]]L3&ODVVL¿FDWLRQRIVSRQG\OROLVWKHVLV
DVDJXLGHOLQHIRUWUHDWPHQW>ERRNDXWK@'H:DOG5%ULGZHOO
.7KHWH[WERRNRIVSLQDOVXUJHU\QGHG3KLODGHOSKLD
/LSSLQFRWW5DYHQSS
0DF7KLRQJ-HDQ0DUF$SURSRVDOIRUDVXUJLFDOFODVVL¿FDWLRQ
RISHGLDWULFOXPERVDFUDOVSRQG\OROLVWKHVLVEDVHGRQFXUUHQW
OLWHUDWXUH(XURSHDQ6SLQH-RXUQDO2FWREHU9ROSS
+DQVRQ'6%ULGZHOO.+5KHH-0HWDO&RUUHODWLRQRISHOYLF
LQFLGHQFHZLWKORZDQGKLJKJUDGHLVWKPLFVSRQG\OROLVWKHVLV
6SLQH6HSWHPEHU9ROSS
+XEHUW/DEHOOH3LHUUH5RXVVRXO\eULF%HUWKRQQDXG(QVRU
7UDQVIHOGW 0LFKDHO 2
%ULHQ 'DQLHO &KRSLQ7LPRWK\
+UHVNR-RDQQHV'LPQHW6SRQG\OROLVWKHVLV3HOYLF,QFLGHQFH
DQG6SLQRSHOYLF%DODQFH$&RUUHODWLRQ6WXG\63,1(
6HSWHPEHU9ROSS
&XU\OR/-(GZDUGV&'H:DOG5:5DGLRJUDSKLFPDUNHUVLQ
VSRQG\ORSWRVLVLPSOLFDWLRQVIRUVSRQG\OROLVWKHVLVSURJUHVVLRQ
63,1(GH6HSWHPEHUGH9ROSS
+XEHUW/DEHOOH3LHUUH5RXVVRXO\'DQLHO&KRSLQ(ULF
%HUWKRQQDXG7LPRWK\+UHVNR0LNH2
%ULHQ6SLQRSHOYLF
DOLJQPHQW DIWHU VXUJLFDO FRUUHFWLRQ IRU GHYHORSPHQWDO
VSRQG\OROLVWKHVLV(XURSHDQ6SLQH-RXUQDO6HSWHPEHU
9ROSS
+HUPDQ0DUWLQ-0'DQG3L]]XWLOOR3HWHU'6SRQG\ORO\VLV
DQG6SRQG\OROLVWKHVLVLQWKH&KLOGDQG$GROHVFHQW$1HZ
&ODVVL¿FDWLRQ&OLQLFDO2UWKRSDHGLFV5HODWHG5HVHDUFK0D\
SS
+XEHUW/DEHOOH-HDQ0DUF7KLRQJ3LHUUH5RXVVRXO\6SLQR
SHOYLFVDJLWWDOEDODQFHRIVSRQG\OROLVWKHVLVDUHYLHZDQG
FODVVL¿FDWLRQ(XURSHDQ6SLQH-RXUQDOGH$JRVWRGH
9ROSS
5RXVVRXO\ 3 *ROORJO\ 6 %HUWKRQQDXG ( /DEHOOH +
:HLGHQEDXP06DJLWWDODOLJQPHQWRIWKHVSLQHDQGSHOYLV
LQ WKH SUHVHQFH RI /V LVWKPLF O\VLV DQG ORZJUDGH
VSRQG\OROLVWKHVLV63,1(GH2FWREHUGH9ROSS
-HDQ0DUF0DF7KLRQJ+XEHOOH/DEHOOH6WHIDQ3DUHQW
0LFKDHO7LPRWK\+UHVNR9HGDW'HYLUHQ0DUN:HLGHQEDXP
DQGPHPEHUVRIWKH6SLQDO'HIRUPLW\6WXG\*URXS5HOLDELOLW\
DQGGHYHORSPHQWRIDQHZFODVVLILFDWLRQRIOXPERVDFUDO
VSRQG\OROLVWKHVLV6FROLRVLV>2QOLQH@'HFHPEHU
KWWSZZZVFROLRVLVMRXUQDOFRPFRQWHQW
-HDQ0DUF0DF7KLRQJ=KL:DQJ-DFTXHV$GH*XLVH
+XEHUW/DEHOOH3RVWXUDO0RGHORI6DJLWWDO6SLQR3HOYLF
$OLJQPHQWDQG,WV5HOHYDQFHIRU/XPERVDFUDO'HYHORSPHQWDO
6SRQG\OROLVWKHVLV63,1(2FWREHU9ROSS
0DF7KLRQJ-0'XRQJ/3DUHQW6+UHVNR07'LPDU-5
:HLGHQEDXP0/DEHOOH+5HOLDELOLW\RIWKH6SLQDO'HIRUPLW\
6WXG\*URXSFODVVL¿FDWLRQRIOXPERVDFUDOVSRQG\OROLVWKHVLV
63,1(GH-DQXDU\GH9ROSS
:LQWHU5REHUW%6SRQG\ORO\VLVDQGVSRQG\OROLVWKHVLVLQWKH
DGROHVFHQWZKHQWRGRZKDW7KH,RZD2UWKRSDHGLF-RXUQDO
SS
+DPPHUEHUJ.LP:1HZ&RQFHSWVRQWKH3DWKRJHQHVLVDQG
&ODVVL¿FDWLRQRI6SRQG\OROLVWKHVLV63,1(0DUFK
9ROSS
6FKZDE)-)DUF\-3&5R\FH'3-U7KHVDJLWWDOSHOYLFWLOW
LQGH[DVDFULWHULRQLQWKHHYDOXDWLRQRIVSRQG\OROLVWKHVLV
3UHOLPLQDU\REVHUYDWLRQV6SLQH-XO\9ROSS
+XEHUW/DEHOOH3LHUUH5RXVVRXO\eULF%HUWKRQQDXG-RDQQqV
'LPQHW0LFKDHO2
%ULHQ7KH,PSRUWDQFHRI6SLQR3HOYLF
%DODQFHLQ/6'HYHORSPHQWDO6SRQG\OROLVWKHVLV$5HYLHZ
RI3HUWLQHQW5DGLRORJLF0HDVXUHPHQWV63,1(ɣɢɥ
0DUFK9ROSS
=KL:DQJ6WHIDQ3DUHQW-HDQ0DUF0DF7KLRQJ<YDQ
3HWLW+XEHUW/DEHOOH,QIOXHQFHRI6DFUDO0RUSKRORJ\LQ
'HYHORSPHQWDO6SRQG\OROLVWKHVLV63,1(GH6HSWHPEHU
GH9ROSS
'XERXVVHW -HDQ 0'7UHDWPHQW RI 6SRQG\ORO\VLV DQG
6SRQG\OROLVWKHVLVLQ&KLOGUHQDQG$GROHVFHQWV&OLQLFDO
2UWKRSDHGLFV5HODWHG5HVHDUFK$SULOSS
-DFNVRQ533KLSSV7+DOHV&6XUEHU-3HOYLFORUGRVLVDQG
DOLJQPHQWLQVSRQG\OROLVWKHVLV63,1(-DQXDU\9RO
SS
-HDQ0DUF0DF7KLRQJ+XEHUW/DEHOOH(ULF%HUWKRQQDXG
5DQGDO5%HW]DQG3LHUUH5RXVVRXO\6DJLWWDOVSLQRSHOYLF
EDODQFHLQQRUPDOFKLOGUHQDQGDGROHVFHQWV(XURSHDQ6SLQH
-RXUQDO)HEUXDU\9ROSS
5(9,67$32578*8(6$'(25723(',$(75$80$72/2*,$
(VSRQGLOROLVWHVHGRGHVHQYROYLPHQWR
-09LWDO03HGUDP6SRQG\OROLVWKpVLVSDUO\VHLVWKPLTXH
(QF\FORSpGLH0pGLFR&KLUXUJLFDOH9RO
5LFN&6DVVR0'.DUO'6KLYHO\0'7KRPDV05HLOO\
0'7UDQVYHUWHEUDO7UDQVVDFUDO6WUXW*UDIWLQJIRU+LJKJUDGH
,VWKPLF6SRQG\OROLVWKHVLV/6ZLWK)LEXOODU$OORJUDIW
-RXUQDORI6SLQDO'LVRUGHUVDQG7HFKQLTXHV-XOKR9RO
SS
*DLQHV5REHUW:/9HUWHEUHFWRP\IRUWKHVXUJLFDOWUHDWPHQW
RI6SRQG\ORSWRVLV63,1(9ROSS
:DL0XQ<XH :ROIUDP %URGQHU 5REHUW : *DLQHV
$EQRUPDO6SLQDO$QDWRP\LQ&DVHVRI6XUJLFDOO\&RUUHFWHG
6SRQG\ORSWRVLV63,1(0DUFK9ROSS
'DUUHO6+DQVRQ0'.HLWK+%ULGZHOO0'-RKQ05KHH
0'/DZUHQFH*/HQNH0''RZHO)LEXODU6WUXW*UDIWVIRU
+LJK*UDGH'\VSODVWLF,VWKPLF6SRQG\OROLVWKHVLV63,1(
9ROSS
6FKRHQHFNHU3/&ROH+2+HUULQJ-$&DSHOOL$0%UDGIRUG
'6&DXGDHTXLQDV\QGURPHDIWHULQVLWXDUWKURGHVLVIRUVHYHUH
VSRQG\OROLVWKHVLVDWWKHOXPERVDFUDOMXQFWLRQ7KH-RXUQDORI
ERQHDQGMRLQWVXUJHU\0DUFK9ROSS
&ODXGLR/DPDUWLQD-RVHSK0=DYDWVN\0DULD3HWUX]]L
1LFROD6SHFFKLD1RYHOFRQFHSWVLQWKHHYDOXDWLRQDQG
WUHDWPHQWRIKLJKG\VSODVWLFVSRQG\OROLVWKHVLV(XU6SLQH-
$SULO9ROSS
0LFKDHO5XI+DQQMRUJ.RFK5REHUW30HOFKHU-XUJHQ
+DUPV$QDWRPLF5HGXFWLRQDQG0RQRVHJPHQWDO)XVLRQ
LQ+LJK*UDGH'HYHORSPHQWDO6SRQG\OROLVWKHVLV63,1(
)HEUXDU\9ROSS
7H[WR HP FRQIRUPLGDGH FRP DV UHJUDV GR QRYR$FRUGR 2UWRJUi¿FR GD
/tQJXD3RUWXJXHVDFRQYHUWLGRSHORSURJUDPD/LQFH‹,/7(&
9ROXPH‡)DVFtFXOR,9‡