-XOKR$JRVWRH6HWHPEURGH
3HULRGLFLGDGH7ULPHVWUDO
$QR1ž
,661
2XWXEUR'H]HPEUR
ÌQGLFH
(GLWRULDO
'H¿FLrQFLD,QWHOHFWXDO7HUPLQRORJLDH&RQFHSWXDOL]DomR
$ERUGDJHP3HGDJyJLFR(GXFDWLYD8P3HUFXUVR
&RPXQLFDomR/LQJXDJHPH)DOD23DSHOGD7HUDSLDQD
,QWHUDFomR6RFLDO
7HUDSLD2FXSDFLRQDO$$UWHHD&LrQFLDGD$FomR
$OLPHQWDomR6DXGiYHOQD'H¿FLrQFLD,QWHOHFWXDO
2&RQWULEXWRGD3VLFRPRWULFLGDGHQDV'L¿FXOGDGHV
,QWHOHFWXDLVH'HVHQYROYLPHQWDLV
$V7,&QDV'L¿FXOGDGHV,QWHOHFWXDLVH'HVHQYROYLPHQWDLV
$6H[XDOLGDGHQD'H¿FrQFLD,QWHOHFWXDO$WLWXGHVGH3DLVH
3UR¿VVLRQDLV
(VSDoR
/HJLVODomR
/LYURV
(VSDoR7,&
)RUPDomR
1RWtFLDV
)LFKD7pFQLFD
'LUHFWRUD
0DULD-RVpGH-HVXV&DPDFKR
5HGDFomR
6HUYLoRVGD'LUHFomR5HJLRQDOGH(GXFDomR(VSHFLDOH5HDELOLWDomRH&RODERUDGRUHV
([WHUQRV
5HYLVmR
'LUHFomRGH6HUYLoRVGH$SRLR*HVWmRGH5HFXUVRVH,QYHVWLJDomR
0RUDGD
5XD'-RmRQž
)XQFKDO
7HOHIRQH
)D[
(PDLO
UHYLVWDGLYHUVLGDGHV#PDGHLUDHGXSW
*UD¿VPRH
3DJLQDomR
'LUHFomRGH6HUYLoRVGH$SRLR*HVWmRGH5HFXUVRVH,QYHVWLJDomR
,661
,PSUHVVmR
2/LEHUDO
7LUDJHP
H[HPSODUHV
'LVWULEXLomR
*UDWXLWD
)RWRV
'LUHFomR5HJLRQDOGH(GXFDomR(VSHFLDOH5HDELOLWDomR
'LYHUVLGDGHV
(GLWRULDO
0DULD-RVp&DPDFKR
'LUHFWRUD5HJLRQDOGH(GXFDomR
(VSHFLDOH5HDELOLWDomR
1XPD VRFLHGDGH HP SHUPDQHQWH FRQVWUXomR RV SDUDGLJPDV TXH RULHQWDP
DQRVVDLQWHUYHQomRVRIUHPPRGL¿FDo}HVTXHFRQÀXHPQRPRGRFRPRDFWXDO
PHQWHFRQVLGHUDPRVDSRSXODomRFRPQHFHVVLGDGHVHVSHFLDLV
'LYHUVDVFRQFHSWXDOL]Do}HVWrPRULHQWDGRRFRQKHFLPHQWRVREUHDWHPiWLFD
GD'H¿FLrQFLD,QWHOHFWXDOLQFRUSRUDQGRIRUPDVGHHQWHQGLPHQWRHGHDFWXDomR
GLVWLQWDV
$PXGDQoDGHSDUDGLJPDGRPLQDQWHYHLFXODSURIXQGDVWUDQVIRUPDo}HVQDV
SUiWLFDVGHLQWHUYHQomRUHDOL]DGDVUHDOoDQGRVHDLPSRUWkQFLDGHXPDDWLWXGH
UHÀH[LYD TXH QRV SHUPLWD WUDQVIHULU H DGHTXDU RV FRQKHFLPHQWRV j UHDOLGDGH
HQYROYHQWHSRVVLELOLWDQGRDFRQJUHJDomRGHVDEHUHVGHGLYHUVDViUHDVXQLGRV
SHORODoRGDGLYHUVLGDGH
2VDYDQoRVFLHQWt¿FRVHRVUHVXOWDGRVDOFDQoDGRVHQFRUDMDPQRVDXPQRYR
ROKDUVREUHHVWDiUHDGHLQWHUYHQomR&RPDFRQYLFomRGHTXHDHUDGR³SURWHF
FLRQLVPR´VHHQFRQWUDXOWUDSDVVDGDGHOLQHDPRVRQRVVRKRUL]RQWHQDFDSDFLWD
omRHQDYDORUL]DomRGDVSHVVRDVFRP'H¿FLrQFLD,QWHOHFWXDOFRPRLPSXOVLRQD
GRUDVGDVVXDVHVFROKDVHGRVHXSHUFXUVRGHYLGDIUXWRGDVVXDVH[SHULrQFLDV
HLGLRVVLQFUDVLDV
$VVHQWHVHPHL[RVGHHVSHUDQoDDRVTXDLVGHGLFDPRVHVWHQ~PHURVRPRV
LPSHOLGRVSHODYRQWDGHGHUHSHQVDUHDGHTXDUPRGHORVHHVWUDWpJLDVTXHUHIRU
FHPDQmRGLVFULPLQDomRDSDUWLFLSDomRHDSURPRomRGDTXDOLGDGHGHYLGDGDV
SHVVRDVFRPQHFHVVLGDGHVHVSHFLDLV
&RQYLGDPRVWRGRVRVOHLWRUHVSDUWLFLSDQWHVDFWLYRVQHVWDSDUWLOKDGHFRQKH
FLPHQWRVDUHÀHFWLUTXHVWLRQDUHFULDUSUiWLFDVPDLVKXPDQLVWDVHLQFOXVLYDVH
DFRPSURPHWHUVHFRPRGHVD¿RGHRULJLQDUQRYDVSODWDIRUPDVGHGLVFXVVmR
SURPRWRUDVGHLQRYDomRHPXGDQoD
1XPRXWURHL[RGHHVSHUDQoDVREROHPD³'HVD¿DPHHHXLUHLPDLVORQJH´
FHOHEUDPRVHP'H]HPEURD6HPDQD5HJLRQDOGD3HVVRDFRP1HFHVVLGDGHV
(VSHFLDLV 1HVWH VHQWLGR SUHWHQGHPRV DOHUWDU HGHVSHUWDU DVRFLHGDGH HQYRO
YHQWHSDUDDUHDOLGDGHGDVSHVVRDVFRPQHFHVVLGDGHVHVSHFLDLVHQTXDQWRFLGD
GmRVGHSOHQRGLUHLWRFRPGLIHUHQoDVPDVFRPSRWHQFLDOLGDGHVHFDSDFLGDGHV
TXHFRPSHWHDFDGDXPGHQyVGHVFREULUHFRORFDUDRVHUYLoRGHXPPXQGRTXH
TXHUHPRVPDLVMXVWRHDFROKHGRUGDGLYHUVLGDGH
(FRPRDpSRFDQDWDOtFLDVHDYL]LQKDHQYROWRVSHORHVStULWRGHXQLmRHIUDWHU
QLGDGHDWRGRVRVOHLWRUHVGD5HYLVWD'LYHUVLGDGHVRVYRWRVGHXP)HOL]1DWDO
2XWXEUR'H]HPEUR
$UWLJRV
'HÀFLrQFLD,QWHOHFWXDO7HUPLQRORJLDH
&RQFHSWXDOL]DomR
&KDQWDO%HOR&$23+HOHQD&DULGDGH&$35LEHLUD%UDYD
/XtVD&DEUDO&$3)XQFKDO5DTXHO6RXVD&$30DFKLFR
8PDFRQVLGHUDomRIXQGDPHQWDOQRGRPtQLRGDGH YDGD FRPR XP Gp¿FH LQWHOHFWXDO GH TXH R 4, HUD D
¿FLrQFLD LQWHOHFWXDO p D GD VXD FRQFHSWXDOL]DomR$R H[SUHVVmRQXPpULFDGHQDWXUH]DLQGLYLGXDOHHWLRORJLD
ORQJR GR WHPSR WHPVH SURFXUDGR HODERUDU FULWpULRV RUJkQLFDLPXWiYHOHLQFXUiYHO
$VLQYHVWLJDo}HVVREUHGH¿FLrQFLDLQWHOHFWXDOEHP
GHGH¿QLomRFODURVFRQWXGRHVWDWDUHIDWHPVHUHYH
ODGRSDUWLFXODUPHQWHGLItFLO$VGL¿FXOGDGHVLQHUHQWHVj FRPRDVFUtWLFDVDRVWHVWHVWUDGLFLRQDLVGH4,HVWLYH
GHOLPLWDomRGHVWHFRQFHLWRWUDGX]HPDLPSRVVLELOLGDGH UDPQDRULJHPGDVFUtWLFDVDHVWDFRQFHSWXDOL]DomRH
GH LQFOXLU HP GH¿QLo}HV XQLWiULDV WRGR R HVSHFWUR GD QDEDVHGHQRYDVDERUGDJHQV
8PD SULPHLUD FUtWLFD D HVWD DERUGDJHP p WHUVH
YDULDELOLGDGH LQWHULQGLYLGXDO 1D UHDOLGDGH D KHWHUR
JHQHLGDGHGDSRSXODomRKDELWXDOPHQWHGLDJQRVWLFDGD FRQIXQGLGR D GH¿FLrQFLD LQWHOHFWXDO FRP RV OLPLDUHV
FRP GH¿FLrQFLD LQWHOHFWXDO HP WHUPRV GH HWLRORJLD GH 4, FXMD RULJHP VRFLDO H DUELWUDULHGDGH QmR IRUDP
FDUDFWHUtVWLFDV FRPSRUWDPHQWDLV QHFHVVLGDGHV HGX WLGDV HP FRQVLGHUDomR $ WtWXOR H[HPSOL¿FDWLYR HP
FDWLYDVHWFUHYHODTXHVHWUDWDGHXPSUREOHPDWHy D $PHULFDQ $VVRFLDWLRQ RI 0HQWDO 'H¿FLHQF\
ULFRSUiWLFRFRPSOH[RPXOWLGHWHUPLQDGRHPXOWLGLPHQ $$0' WUDQVIHULX R OLPLDU VXSHULRU GH 4, LQHUHQWH
VLRQDO$OEXTXHUTXH
DRGLDJQyVWLFRGDGH¿FLrQFLDLQWHOHFWXDOGHSDUD
3RU RXWUR ODGR D HYROXomR KLVWyULFD GHVWH FRQFHL GHVYLRSDGUmRDEDL[RGDPpGLDLVWRpGXP4,GH
WR GHPRQVWUD TXH DV VXDV
SDUDGHYLGRDRSUHV
GH¿QLo}HV IRUDP FRQVLGHUD (QTXDQWRTXHDVFRQGLo}HVTXHHVWmRQDRULJHPGD VXSRVWR GH TXH PHVPR
YHOPHQWH LQÀXHQFLDGDV SRU
Gp¿FHVPXLWROLJHLURVQR
GH¿FLrQFLDLQWHOHFWXDOVmRXQLYHUVDLV
DIRUPDFRPRHVWDpFRQFHSWXDOL]DGD
H[LJrQFLDVVRFLDLVFXOWXUDLV
IXQFLRQDPHQWR LQWHOHF
DYDOLDGDHFDWHJRUL]DGDHDVUHVSRVWDVSDUDDPHVPD
SROtWLFDVHDGPLQLVWUDWLYDV WXDO DFDUUHWDULDP GL¿FXO
YDULDPHQWUHSDtVHVFXOWXUDVHHFRQRPLDV
6HJXQGR
$OEXTXHUTXH
GDGHV QXPD VRFLHGDGH
)HOFHFLWSRU:RUOG+HDOWK2UJDQL]DWLRQ
VmR HVVHQFLDOPHQWH
WHFQROyJLFD5RELQVRQ
TXDWURDVFRQFHSWXDOL]Do}HV
5RELQVRQ FLW SRU
GD GH¿FLrQFLD LQWHOHFWXDO GRPLQDQWHV QR VpFXOR ;; $OEXTXHUTXH(PDUHIHULGDDVVRFLDomR
FRPRGp¿FHLQWHOHFWXDOFRPRGp¿FHLQWHOHFWXDOHGp¿ GHFLGLXHOLPLQDURJUDXGH]RQDOLPLWH•4,”QR
FHQRFRPSRUWDPHQWRDGDSWDWLYRFRPRGp¿FHFRJQLWL TXHIRLVHJXLGDHPSHOD2UJDQL]DomR0XQGLDO
YRHFRPRGp¿FHVRFLDOPHQWHGH¿QLGR
GH 6D~GH 'HVWH PRGR PXLWRV PLOK}HV GH FULDQoDV
TXHHQWUHHVWDVGXDVGDWDVSRGHULDPWHUVLGRGLDJQRV
$'H¿FLrQFLD,QWHOHFWXDOFRPR'p¿FH,QWHOHF WLFDGDVFRPGH¿FLrQFLDLQWHOHFWXDOGHL[DUDPGHRVHU
3RU~OWLPRHPDPHVPDDVVRFLDomRGHVORFDR
WXDO
OLPLDUVXSHULRUGDGH¿FLrQFLDLQWHOHFWXDOSDUDXP4,GH
,QGLVVRFLiYHO GD QRomR GH GH¿FLrQFLD LQWHOHFWXDO
/XFNDVVRQHWDOFLWSRU$OEXTXHUTXH
p D QRomR GH LQWHOLJrQFLD $VVLP QD SULPHLUD PHWD
(VWHVH[HPSORVSHUPLWHPUHODWLYL]DUDGH¿QLomRSVLFR
GHGRVpFXOR;;R4XRFLHQWHGH,QWHOLJrQFLD4,IRL
PpWULFD GD GH¿FLrQFLD LQWHOHFWXDO HP IXQomR GR FRQ
HQWHQGLGR FRPR XPD HVWLPDWLYD GH XP SRWHQFLDO LQ
WH[WRVRFLDOHUHDOoDPRFDUiFWHUSURYLVyULRGRVOLPLWHV
WHOHFWXDO LQDWR XP UHÀH[R GH XPD LQWHOLJrQFLD JHUDO
DFWXDLV
XQLGLPHQVLRQDO H XQLGHWHUPLQDGD LQDOWHUiYHO H QmR
2XWUD FUtWLFD SUHQGHVH FRP RV HUURV GH GLDJQyV
SHUPHiYHOjVLQÀXrQFLDVVRFLRFXOWXUDLVHHGXFDWLYDV
WLFR RX FODVVL¿FDomR UHVXOWDQWHV GR HPSUHJR LVRODGR
3DUDOHODPHQWH D GH¿FLrQFLD LQWHOHFWXDO IRL SHUVSHFWL
'LYHUVLGDGHV
RXSULYLOHJLDGRGRVWHVWHVGH4,(VWH~OWLPRLJQRUDULD
TXHDLQWHOLJrQFLDQmRVHFLUFXQVFUHYHjVFDSDFLGDGHV
YHUEDLVHDFDGpPLFDVYDORUL]DGDVSHORVWHVWHVGHLQWH
OLJrQFLD0DLVRVWHVWHVSVLFRPpWULFRVGHLQWHOLJrQFLD
DSUHVHQWDPHQYLH]DPHQWRVVRFLRHFRQyPLFRVHFXOWX
UDLV H RV VHXV UHVXOWDGRV SRGHUmR VHU LQÀXHQFLDGRV
SRUYDULiYHLVLQGLYLGXDLVOLQJXDJHPSHUVRQDOLGDGHH
PRWLYDomREHPFRPRSRUIDFWRUHVUHODWLYRVjSUySULD
VLWXDomRGHDYDOLDomR
&RPR'p¿FH,QWHOHFWXDOH$GDSWDWLYR
1HVWDFRQFHSWXDOL]DomR$OEXTXHUTXHUHPH
WHQRVSDUDGXDVGH¿QLo}HVGHGH¿FLrQFLDLQWHOHFWXDO
DSUHVHQWDGDV SHOD$$0'$ SULPHLUD GH¿QLomR PDQ
WHYHVH HP YLJRU HQWUH H H GL]QRV TXH D
³GH¿FLrQFLD PHQWDO VH UHIHUH D XP IXQFLRQDPHQWR
LQWHOHFWXDO VLJQL¿FDWLYDPHQWH LQIHULRU j PpGLD DFRP
SDQKDGR GH Gp¿FHV QR FRPSRUWDPHQWR DGDSWDWLYR
PDQLIHVWDGR GXUDQWH R SHUtRGR GH GHVHQYROYLPHQWR´
*URVVPDQFLWSRU$OEXTXHUTXHHHVWH
WHUPRGHVFUHYHRFRPSRUWDPHQWRDFWXDOHQmRLPSOL
FDXPSURJQyVWLFR6HJXQGRHVWDGH¿QLomRRFULWpULR
³IXQFLRQDPHQWR LQWHOHFWXDO VLJQL¿FDWLYDPHQWH LQIHULRU
jPpGLD´FRUUHVSRQGHDXP4,”VHQGRTXHHVWH
YDORU GHYHUi VHU FRQVLGHUDGR FRPR XPD OLQKD GLUHF
WUL]XPDDSUR[LPDomRVXMHLWDDDYDOLDomRFOtQLFD)RL
WDPEpP D SDUWLU GHVWD GH¿QLomR TXH VH HODERURX R
VLVWHPDGHFODVVL¿FDomRTXHYLULDDGH¿QLUTXDWURFD
WHJRULDV GH GH¿FLrQFLD LQWHOHFWXDO OLJHLUD PRGHUDGD
VHYHUD H SURIXQGD$SHVDU GHVWD FDWHJRUL]DomR SRU
4,SRGHUVHUXPJXLDSDUDRVSUR¿VVLRQDLVHLQYHVWL
JDGRUHV¿FRXFODURTXHHVWHVQmRSRGHUmRSHUGHUGH
YLVWDDYDULDELOLGDGHLQWUDHLQWHULQGLYLGXDOH[LVWHQWHQD
GH¿FLrQFLDLQWHOHFWXDO%DXPHLVWHUFLWSRU
$OEXTXHUTXH$OpPGLVVRKiDLQGDDFRQVLGH
UDUDPXOWLSOLFLGDGHGHHWLRORJLDVHDGLYHUVLGDGHGDV
PDQLIHVWDo}HVFRJQLWLYDVFRPSRUWDPHQWDLVHHGXFD
FLRQDLVDRVHUDSOLFDGRHVWHVLVWHPDFODVVL¿FDWLYR
$JUDQGHLQRYDomRGHVWDGH¿QLomRIRLDLQWURGXomR
GR FULWpULR GH Gp¿FH QR FRPSRUWDPHQWR DGDSWDWLYR
FRPRXPFULWpULRGHGLDJQyVWLFRSDUDDGH¿FLrQFLDLQ
WHOHFWXDO$LQFOXVmRGRPHVPRSUHWHQGHXGHVORFDUD
LPSRUWkQFLDDWULEXtGDDR4,SDUDRVDVSHFWRVVRFLDLV
QDFRPSUHHQVmRGDGH¿FLrQFLDLQWHOHFWXDO$LQGDTXH
FRQWLQXH D VHU GLItFLO GHOLPLWDU R FRQFHLWR GH FRPSRU
WDPHQWRDGDSWDWLYRpDFHLWHTXHHVWHGL]UHVSHLWR³j
FDSDFLGDGH GH DGDSWDomR jV H[LJrQFLDV QDWXUDLV H
VRFLDLV GRPHLR´ 0DJHURWWHFLWSRU$OEXTXHU
TXH LVWR p YLVD ³D H¿FiFLD GRV LQGLYtGXRV QD
VDWLVIDomRGDVQRUPDVGHLQGHSHQGrQFLDSHVVRDOHGH
UHVSRQVDELOLGDGHVRFLDOHVWDEHOHFLGDVSDUDDVXDLGD
GH H R VHX JUXSR FXOWXUDO´ *URVVPDQ FLW SRU
$OEXTXHUTXH(PIXQomRGHVWDGH¿QLomRIRUDP
FULDGDV YiULDV HVFDODV GH FRPSRUWDPHQWR DGDSWDWLYR
TXH DYDOLDP XPD JUDQGH DPSOLWXGH GH DSWLG}HV GH
LQGHSHQGrQFLD SHVVRDO H GH LQWHUDFomR VRFLDO EHP
FRPRDSUHVHQoDRXDXVrQFLDGHSUREOHPDVGHFRP
SRUWDPHQWR 7RGDYLD DR ORQJR GR WHPSR IRLVH WRU
QDQGR FDGD YH] PDLV YLVtYHO TXH HVWDV HVFDODV QmR
SURGX]HP DYDOLDo}HV WRWDOPHQWH H¿FD]HV H QHFHVVL
WDPGHVHUFRPSOHPHQWDGDVFRPHQWUHYLVWDVDSDLVH
SURIHVVRUHVREVHUYDomRGLUHFWDHRXWUDVIRQWHVGHLQ
IRUPDomRGLVSRQtYHLV*URVVPDQFLWSRU
$OEXTXHUTXH
$ VHJXQGD GH¿QLomR GH GH¿FLrQFLD LQWHOHFWXDO
DSUHVHQWDGDSHOD$PHULFDQ$VVRFLDWLRQRI0HQWDO5H
WDUGDWLRQ$$05GDWDGDGHpVHPHOKDQWHjSUL
PHLUDPDVDWUDYpVGHXPDDQiOLVHPDLVDSURIXQGDGD
UHYHODPVHPXGDQoDVVXEVWDQFLDLV2OLPLDUVXSHULRU
GHGH¿FLrQFLDLQWHOHFWXDOFRUUHVSRQGHDJRUDDXP4,
GHDSUR[LPDGDPHQWHDRTXHSRGHLPSOLFDUXP
LQFUHPHQWRGRQ~PHURGHSHVVRDVHOHJtYHLVSDUDXP
GLDJQyVWLFRGHGH¿FLrQFLDLQWHOHFWXDO(RVGp¿FHVJOR
EDLVQRFRPSRUWDPHQWRDGDSWDWLYRGmROXJDUDOLPLWD
o}HVFLUFXQVFULWDVDGXDVRXPDLViUHDVGHFRPSHWrQ
FLDVDGDSWDWLYDVHQWUHDVGH]SUHYLVWDVFRPXQLFDomR
FXLGDGRVSHVVRDLVDXWRQRPLDHPFDVDFRPSHWrQFLDV
VRFLDLVXWLOL]DomRGHUHFXUVRVFRPXQLWiULRVLQLFLDWLYD
HUHVSRQVDELOLGDGHVD~GHHVHJXUDQoDDSWLG}HVDFD
GpPLFDVIXQFLRQDLVOD]HUHWUDEDOKRGHPRGRDIDFLOL
WDUDHVSHFL¿FDomRHRSHUDFLRQDOL]DomRGHVWHFRQFHLWR
2XWXEUR'H]HPEUR
'RLVPRGHORVWHyULFRVRSRVWRVWrPFDUDFWHUL]DGRD
GH¿FLrQFLDLQWHOHFWXDOFRPRXPVLPSOHVDWUDVRQRGH
VHQYROYLPHQWRPRGHORGHVHQYROYLPHQWLVWDRXFRPR
D H[SUHVVmR GH Gp¿FHV TXDOLWDWLYRV HVSHFt¿FRV PR
GHORGH¿FLWiULRRXGDGLIHUHQoD
=LJOHU H RV VHXV FRODERUDGRUHV FLW SRU$OEXTXHU
TXHWrPVLGRRVSULQFLSDLVGHIHQVRUHVGRPR
GHOR GHVHQYROYLPHQWLVWD H VHJXQGR HOHV RV VXMHLWRV
FRPGH¿FLrQFLDLQWHOHFWXDOGHJUDXOLJHLURDSUHVHQWD
ULDPDPHVPDVHTXrQFLDGHHVWiGLRVGHGHVHQYROYL
PHQWR FRJQLWLYR TXH RV VXMHLWRV VHP GLDJQyVWLFR GH
GH¿FLrQFLDLQWHOHFWXDO(VWHPRGHORFRQVLGHUDTXHRV
GRLVJUXSRVGHVXMHLWRVGLIHULULDPDSHQDVHPGRLVDV
SHFWRVRVSURFHVVRVFRJQLWLYRVGRVVXMHLWRVFRPGH
¿FLrQFLDLQWHOHFWXDOGHVHQYROYHPVHDXPULWPRPDLV
OHQWRHDWLQJHPXPQtYHOFRJQLWLYR¿QDOLQIHULRUDRGRV
VXMHLWRVVHPGH¿FLrQFLDKLSyWHVHGDVHTXrQFLDVHPH
OKDQWH
8PD GDV FUtWLFDV D HVWH PRGHOR SUHQGHVH FRP R
IDFWRGHVWHH[FOXLUGDVVXDVFRPSDUDo}HVRVVXMHLWRV
FRPGH¿FLrQFLDLQWHOHFWXDOTXHPDQLIHVWHPLQGLFDo}HV
FODUDV GH HWLRORJLD RUJkQLFD FRQVLGHUDQGR TXH XPD
FRQFHSWXDOL]DomRGH¿FLWiULDpPDLVDGHTXDGDDHVWHV
FDVRV
6HJXQGR R PRGHOR GH¿FLWiULR RX GD GLIHUHQoD RV
VXMHLWRVFRPGH¿FLrQFLDLQWHOHFWXDOPDQLIHVWDPGp¿FHV
FRJQLWLYRVHVSHFt¿FRVTXHRVGLVWLQJXHPGRVVXMHLWRV
VHPGH¿FLrQFLDHTXHWUDQVFHQGHPDVPHUDVGLIHUHQ
oDVQRULWPRHQRQtYHO¿QDOGHGHVHQYROYLPHQWR(VWD
LQIHULRULGDGHVHULDSURJUHVVLYDPHQWHPDLVHYLGHQWHDR
ORQJRGRGHVHQYROYLPHQWR+iPXLWRTXHVHWHPYLQ
GRDWHQWDUGHVYHQGDURVGp¿FHVFRJQLWLYRV³FUtWLFRV´
SHORTXHDSDUWLUGRVDQRVRLQWHUHVVHGRVLQYHVWL
JDGRUHV FHQWURXVH PDLRULWDULDPHQWH QDV HVWUDWpJLDV
GH SURFHVVDPHQWR GH LQIRUPDomR GRV VXMHLWRV FRP
GH¿FLrQFLDLQWHOHFWXDOOLJHLUD2VHVWXGRVWrPHYLGHQ
FLDGRDGXSODGL¿FXOGDGHGHVVHVVXMHLWRVHPJHUDUDV
HVWUDWpJLDVQHFHVViULDVjUHVROXomRGRVSUREOHPDVH
HPWUDQVIHULODVSDUDRXWUDVVLWXDo}HVJHQHUDOL]DomR
&RPR'p¿FH&RJQLWLYR
GHYLGRDGp¿FHVPHWDFRJQLWLYRVHDRFRQWURORH[HFX
8PDGDViUHDVPDLVH[WHQVLYDPHQWHHVWXGDGDVQR
WLYR
kPELWRGDGH¿FLrQFLDLQWHOHFWXDOWHPVLGRDGRGHVHQ
$OJXQVDXWRUHVGHIHQGHPTXHRVGRLVPRGHORVVmR
YROYLPHQWR H IXQFLRQDPHQWR FRJQLWLYRV 1D YHUGDGH
FRQFLOLiYHLV YLVWR OLGDUHP FRP GLIHUHQWHV QtYHLV GH
DV SULQFLSDLV PDQLIHVWDo}HV GHVWD GH¿FLrQFLD VLWX
DQiOLVHHGHPRGDOLGDGHVGHFRPSDUDomR3DUD3DRXU
DPVH QD PHQRU H¿FLrQFLD HP VLWXDo}HV GHDSUHQGL
DGH¿FLrQFLDLQWHOHFWXDOFDUDFWHUL]DVHVLPXO
]DJHP GH DTXLVLomR GH DSWLG}HV H GH UHVROXomR GH
WDQHDPHQWH SRU XP GHVHQYROYLPHQWR FRJQLWLYR PDLV
SUREOHPDV
DEUDQJHQWHGHFRPSRUWDPHQWRDGDSWDWLYR
1R HQWDQWR D JUDQGH PRGL¿FDomR QHVWD GH¿QLomR
UHODFLRQDVH FRP R VLVWHPD GH FODVVL¿FDomR D VHU
XWLOL]DGR (P YH] GH JUDXV GH GH¿FLrQFLD LQWHOHFWXDO
FRQWHPSODVHDQHFHVVLGDGHGHDSRLRLQWHUPLWHQWHOL
PLWDGRH[WHQVLYRRXSHUVLVWHQWHDRQtYHOGHGLYHUVDV
GLPHQV}HVGRIXQFLRQDPHQWRLQWHOHFWXDODGDSWDWLYD
HPRFLRQDOHItVLFD(VWDWUDQVIRUPDomRLPSOLFDULDSRU
XPODGRTXHDGH¿FLrQFLDLQWHOHFWXDOGHL[DVVHGHVHU
SHUVSHFWLYDGDFRPRXPGp¿FHGHQDWXUH]DLQGLYLGXDO
SDUDSDVVDUDVHUFRQVLGHUDGDFRPRXPDH[SUHVVmR
GDLQWHUDFomRHQWUHRVXMHLWRHRPHLRHQYROYHQWH3RU
RXWUR ODGR GHL[DULD GH VHU SHUVSHFWLYDGD HP WHUPRV
GH Gp¿FHV SDUD VHU HQFDUDGD HP WHUPRV GH DSRLRV
QHFHVViULRVDRH[HUFtFLRGHGLIHUHQWHVSDSpLVVRFLDLV
'H XP PRGR JHUDO SRGHPRV FRQFOXLU TXH D FRQ
FHSWXDOL]DomR GH GH¿FLrQFLD LQWHOHFWXDO FRPR Gp¿FH
LQWHOHFWXDO H VRFLDO UHSUHVHQWD XP SURJUHVVR QRWiYHO
HPUHODomRjFRQFHSomRFOiVVLFDHFRQVWLWXLXPFRQWUL
EXWRLPSRUWDQWHjREWHQomRGHXPFRQVHQVRIRUPDOD
QtYHOLQWHUQDFLRQDO1mRREVWDQWHHVWDFRQFRUGkQFLDR
FULWpULRGHFRPSRUWDPHQWRDGDSWDWLYRFRQWLQXDDVXV
FLWDUDOJXPDFRQWURYpUVLD$LQH[LVWrQFLDGHXPOLPLDU
RX LQGLFDGRU TXDQWLWDWLYR GD SUHVHQoD GH Gp¿FHV QR
FRPSRUWDPHQWR DGDSWDWLYR FRPSURPHWH D LGHQWL¿FD
omRGHXPDGH¿FLrQFLDLQWHOHFWXDOOLJHLUDMiTXHQHVWH
FDVRRVGp¿FHVDGDSWDWLYRVSRGHPVHULPSHUFHSWtYHLV
H GLItFHLV GH ORFDOL]DU $VVLP SDUWLFXODUPHQWH QHV
WHV FDVRV D DYDOLDomR GRV Gp¿FHV GH FRPSHWrQFLDV
DGDSWDWLYDV GHYH EDVHDUVH HP HQWUHYLVWDV D SDLV H
SURIHVVRUHVQDREVHUYDomRGLUHFWDHPGLYHUVDVVLWXD
o}HVHHPWRGDVDVIRQWHVGHLQIRUPDomRGLVSRQtYHLV
UHDOoDQGR R SDSHO GD DSUHFLDomR FOtQLFD$R QtYHO GR
FRQWH[WRSRUWXJXrVKiDLQGDDDFUHVFHQWDURIDFWRGH
QHQKXPD GDV HVFDODV GH FRPSRUWDPHQWR DGDSWDWLYR
HP XVR WHU VLGR REMHFWR GH HVWXGRV QRUPDWLYRV SHOR
TXHVySRGHPVHULQWHUSUHWDGDVTXDOLWDWLYDPHQWH
'LYHUVLGDGHV
OHQWRHSRUXPDGLIHUHQoDQDIRUPDFRPRDVHVWUXWX
UDVFRJQLWLYDVVmRDSOLFDGDV4XDOTXHUTXHVHMDRVHX
QtYHOGHGHVHQYROYLPHQWRRVVXMHLWRVFRPGH¿FLrQFLD
LQWHOHFWXDODSUHVHQWDPJUDQGHVGL¿FXOGDGHVQDPREL
OL]DomRGDVVXDVFRPSHWrQFLDVFRJQLWLYDVRTXHSR
GHUiH[SOLFDURVGp¿FHVQDSURGXomRGHHVWUDWpJLDVD
LQIHULRULGDGHHPVLWXDo}HVGHUHVROXomRGHSUREOHPDV
H R DXPHQWR SURJUHVVLYR FRP D LGDGH GD GLIHUHQoD
FRPSDUDWLYDHPUHODomRDRVVXMHLWRVVHPGH¿FLrQFLD
GDPHVPDLGDGHPHQWDO$OEXTXHUTXH
&RPR&RQVWUXFWR6RFLDO
$GH¿QLomRGHGH¿FLrQFLDLQWHOHFWXDOWDOFRPRDFR
QKHFHPRVDFWXDOPHQWHQmRSRGHVHUHQWHQGLGDVHP
UHIHUrQFLDDYDULiYHLVVRFLRFXOWXUDLVGDGDDGLPHQVmR
VRFLDOTXHFRPSRUWD8PDYH]TXHDLQYHVWLJDomRWHP
YLQGRDGRFXPHQWDUYDULDo}HVWUDQVFXOWXUDLVQRVLJQL
¿FDGRHQDGH¿QLomRGDGH¿FLrQFLDLQWHOHFWXDO0HUFHU
FLW SRU$OEXTXHUTXH DFDERX SRU
SURSRU XPD ³SHUVSHFWLYD GH VLVWHPD VRFLDO´ RX VHMD
XPDDERUGDJHPH[FOXVLYDPHQWHVRFLDOHPTXHDGH
¿FLrQFLDLQWHOHFWXDOOLJHLUDQmRpXPDFDUDFWHUtVWLFDIH
QyPHQRRXFRQGLomRLQGLYLGXDOPDVXPHVWDWXWRHXP
SDSHOGHVHPSHQKDGRVSRUXPLQGLYtGXRQXPRXYiULRV
VLVWHPDVVRFLDLVHVSHFt¿FRV(VWDpXPDSHUVSHFWLYD
GHPDVLDGRH[WUHPLVWDTXHFDUHFHVHUUHSHQVDGDGH
XP PRGR PDLV SRQGHUDGR H ÀH[tYHO RQGH VH HQJOR
EHPFRQWH[WRVHFROyJLFRVHFDUDFWHUtVWLFDVLQGLYLGXDLV
QDVXDGH¿QLomR
3DUDOHODPHQWH D HVWD TXHVWmR H j FRQFHSWXDOL]D
omRGDGH¿FLrQFLDLQWHOHFWXDOH[LVWHIDOWDGHFRQVHQVR
DRQtYHOGDWHUPLQRORJLDHGRVFULWpULRVGHFODVVL¿FD
omR FRPR H[HPSOL¿FDP RV GDGRV GR $WODV *OREDO
5HVRXUFHV IRU 3HUVRQV ZLWK ,QWHOOHFWXDO 'LVDELOLWLHV
1RTXHGL]UHVSHLWRDRVLQVWUXPHQWRVGHGLDJQyVWLFR
RXVLVWHPDVGHFODVVL¿FDomRGDGH¿FLrQFLDLQWHOHFWXDO
FRQVWDWDVHTXHD&ODVVL¿FDomR,QWHUQDFLRQDOGH'R
HQoDV,&'IRLRLQVWUXPHQWRPDLVXWLOL]DGR
VHJXLGR GR 0DQXDO GH 'LDJQyVWLFR H (VWDWtVWLFD GDV
3HUWXUEDo}HV0HQWDLV'60,9HGDRSLQLmR
SUR¿VVLRQDORXMXOJDPHQWRFOtQLFReLPSRUWDQ
WHUHDOoDUTXHDRSLQLmRFOtQLFDQmRpSRUVLXPVLV
WHPDGHFODVVL¿FDomRRXGLDJQyVWLFR$&ODVVL¿FDomR
,QWHUQDFLRQDOGH)XQFLRQDOLGDGH&,)IRLPHQFLRQDGD
SRUDSHQDVGRVLQTXLULGRV
*Ui¿FR'LDJQRVWLFRU&ODVVL¿FDWLRQ6\VWHPXVHGLQ5HODWLRQWR
,QWHOOHFWXDO'LVDELOLWLHV
5HODWLYDPHQWHjWHUPLQRORJLDFRQVWDWDVHTXHPXL
WRVWHUPRVHGH¿QLo}HVVmRXVDGRVSDUDVHUHIHULUHPD
HVWDGH¿FLrQFLDWDLVFRPRDWUDVRPHQWDOGH¿FLrQFLD
PHQWDOGH¿FLrQFLDLQWHOHFWXDOHGp¿FHFRJQLWLYR
2 WHUPR DWUDVR PHQWDO IRL R PDLV XVDGR QDV UHV
SRVWDVGRVSDtVHVDEUDQJLGRVVHJXLGRGH
GL¿FXOGDGHV LQWHOHFWXDLV LQFDSDFLGDGH PHQ
WDOGL¿FXOGDGHPHQWDOGL¿FXOGDGHVGH
DSUHQGL]DJHP GL¿FXOGDGHV GHVHQYROYLPHQ
WDLVHGH¿FLrQFLDPHQWDO
*Ui¿FR7HUPLQRORJ\XVHGWRUHIHUWR,QWHOOHFWXDO'LVDELOLWLHV
$FWXDOPHQWHD$VVRFLDomR$PHULFDQDSDUDDV'L
¿FXOGDGHV ,QWHOHFWXDLV H 'HVHQYROYLPHQWDLV $$,''
SURS}HDXWLOL]DomRGDWHUPLQRORJLD³GL¿FXOGDGHVLQWH
OHFWXDLVHGHVHQYROYLPHQWDLV´(VWDSUHQGHVHFRPR
IDFWRGHKiPXLWRVHFRQWHVWDUDXWLOL]DomRGRWHUPRGH
¿FLrQFLDSHORVHXFRQVWUXFWRHVWLJPDWL]DQWH3RURXWUR
ODGRRWHUPR³GL¿FXOGDGH´FRPRWUDGXomRGH³GLVDELOL
W\´SRGHUiQmRVHUEHPULJRURVR3RUpPQDGpFDGDGH
2XWXEUR'H]HPEUR
TXDQGRHPHUJLXXPDJUDQGHDWHQomRDXPDQRYD
SUREOHPiWLFDGHQRPLQDGD³GL¿FXOGDGHVGHDSUHQGL]D
JHP´XPDWUDGXomRGRFRQFHLWR³OHDUQLQJGLVDELOLWLHV´
QmR VH JHURX TXDOTXHU SUREOHPD HP DFHLWiOR FRPR
FRQFHLWR4XDQWRjGHVLJQDomR³LQWHOHFWXDO´HPYH]GH
³PHQWDO´KiPXLWRTXHHVWDTXHVWmRVHDERUGDXPD
YH]TXHDDYDOLDomRUHDOL]DGDpGHIDFWRVREUHIDF
WRUHVLQWHOHFWXDLVRXVHMDIDFWRUHVYHUEDOQXPpULFR
HVSDFLDOHWFVXEMDFHQWHVDRFRQVWUXFWRGRIXQFLRQD
PHQWR GD LQWHOLJrQFLD TXH p PDLV DQDOtWLFR TXH R GD
PHQWHRXPHQWDOTXHpPDLVJOREDO(VWHVWHUPRVSRU
VHXODGRVmRGLVWLQWRVTXHUQRVHXFRQVWUXFWRTXHUQR
VHXHPSUHJR2SULPHLURpSDVVtYHOGHPHGLGDSHOR4,
R VHJXQGR p PDLV DEUDQJHQWH HP WHUPRV IXQFLRQDLV
SRUTXH VH UHODFLRQD FRP D GLQkPLFD GDV GLPHQV}HV
RUJkQLFD QHXUR¿VLROyJLFD H ELRTXtPLFD VHQGR HVWDV
DLQGDSRXFRHVFODUHFHGRUDVGDVUHODo}HVGHFDXVDOL
GDGHGHIRUPDOLQHDU
$ GH¿QLomR GH GH¿FLrQFLD LQWHOHFWXDOGL¿FXOGDGHV
LQWHOHFWXDLV LPSOLFD WUrV FRQFHLWRVFKDYH 2 SULPHLUR
GL¿FXOGDGHV UHIHUHVH jV OLPLWDo}HV TXH FRORFDP R
LQGLYtGXR HP GHVYDQWDJHP TXDQGR IXQFLRQD HP VR
FLHGDGH(VWDVGHYHPVHUFRQVLGHUDGDVDWHQGHQGRDR
FRQWH[WRHDIDFWRUHVSHVVRDLVEHPFRPRjVQHFHV
VLGDGHV GH DSRLRV LQGLYLGXDOL]DGRV $ FRQVLGHUDomR
GRV DSRLRV QHFHVViULRV p LPSRUWDQWH QD PHGLGD HP
TXH SURPRYHP R IXQFLRQDPHQWR D DXWRGHWHUPLQD
omREHPFRPRREHPHVWDUHDTXDOLGDGHGHYLGDGD
SHVVRD2VHJXQGRFRQFHLWRDLQWHOLJrQFLDHQYROYHD
FDSDFLGDGHSDUDSHQVDUSODQHDUUHVROYHUSUREOHPDV
FRPSUHHQGHUHDSUHQGHU$SHVDUGHDOJXPDVFUtWLFDV
D LQWHOLJrQFLD p UHSUHVHQWDGD SHORV UHVXOWDGRV GH 4,
REWLGRVHPWHVWHVHVWDQGDUGL]DGRVDSOLFDGRVSRUSUR
¿VVLRQDLV FRP IRUPDomR DGHTXDGD 3RU ¿P R FRP
SRUWDPHQWR DGDSWDWLYR UHSUHVHQWD DV FRPSHWrQFLDV
FRQFHSWXDLVSUiWLFDVHVRFLDLVTXHDVSHVVRDVDSUHQ
GHPSDUDVHUHPFDSD]HVGHIXQFLRQDUQRTXRWLGLDQR
$VOLPLWDo}HVVLJQL¿FDWLYDVQRIXQFLRQDPHQWRDGDSWD
WLYR WrP XP LPSDFWR QD YLGD GDV SHVVRDV H LQÀXHQ
FLDPDVXDFDSDFLGDGHSDUDUHVSRQGHUDXPDVLWXDomR
SDUWLFXODURXDRFRQWH[WR
$VVLP HYRFDQGR D DVVRFLDomR GR WHUPR ³GHVHQ
YROYLPHQWDO´FRPDGL¿FXOGDGHLQWHOHFWXDOSUHWHQGHVH
H[SUHVVDUXPFRQFHLWRPDLVREMHFWLYRSHODVXDDEUDQ
JrQFLD HP UHODomR DRV IDFWRUHV DGDSWDWLYRV FRPR
VHMDP D LQWHUDFomR SHVVRDPHLR QD VXD GLYHUVLGDGH
'LYHUVLGDGHV
FRQWH[WXDOPLFURPHVRHPDFURHUHVSHFWLYDYDOLGD
GHHFROyJLFD0RUDWR6DQWRV
6HJXQGRDGH¿QLomRSURSRVWDSHOD$$,''DGL¿FXO
GDGH LQWHOHFWXDO H GHVHQYROYLPHQWDO p FDUDFWHUL]DGD
SRUVLJQL¿FDWLYDVOLPLWDo}HVGRIXQFLRQDPHQWRLQWHOHF
WXDOHGRFRPSRUWDPHQWRDGDSWDWLYRH[SUHVVRHPWUrV
GRPtQLRV IXQGDPHQWDLV FRQFHSWXDO VRFLDO H SUiWLFR
KDELOLGDGHVDGDSWDWLYDVHPDQLIHVWDVHDQWHVGRV
DQRV6FKDORFNHWDOFLWSRU0RUDWR6DQWRV
6XEMDFHQWHDLQGDjGH¿QLomRSURSRVWDSHOD$$,''
LPSRUWDHQXQFLDUDOJXQVSUHVVXSRVWRV
$VOLPLWDo}HVREVHUYDGDVQRIXQFLRQDPHQWRDF
WXDO GHYHP VHU FRQVLGHUDGDV QR kPELWR GR FRQWH[WR
HP TXH R LQGLYtGXR VH LQVHUH FRQVLGHUDQGR D LGDGH
GRVSDUHVHDVXDFXOWXUD
8PD DYDOLDomR YiOLGD FRQVLGHUD D GLYHUVLGDGH
FXOWXUDOHOLQJXtVWLFDEHPFRPRDVGLIHUHQoDVREVHU
YiYHLV DR QtYHO GH IDFWRUHV UHODWLYRV j FRPXQLFDomR
DVSHFWRVVHQVRULDLVPRWRUHVHDGDSWDWLYRV
3DUDFDGDSHVVRDDVOLPLWDo}HVFRH[LVWHPFRP
DVFDSDFLGDGHV(VWHSUHVVXSRVWRLPSOLFDTXHVHFRQ
VLGHUH DV SHVVRDV FRP GH¿FLrQFLD LQWHOHFWXDOGL¿FXO
GDGHVLQWHOHFWXDLVSULPHLURFRPRSHVVRDVHFRPRWDO
UHFRQKHFHUTXHWrPTXHUiUHDVIRUWHVTXHUiUHDVHP
TXHQHFHVVLWDPGHDSRLR
2REMHFWLYRGDGHVFULomRGDVOLPLWDo}HVGDSHV
VRDFRPGH¿FLrQFLDGL¿FXOGDGHVLQWHOHFWXDLVpGHVHQ
YROYHU XP SODQR LQGLYLGXDOL]DGR GH DSRLRV QHFHVVi
ULRVRXVHMDRGLDJQyVWLFRVypUHOHYDQWHVHUHVXOWDU
HPDSRLRVTXHPHOKRUHPDVXDTXDOLGDGHGHYLGD
&RPDSRLRVLQGLYLGXDOL]DGRVDSURSULDGRVGXUDQ
WHXPGHWHUPLQDGRSHUtRGRDIXQFLRQDOLGDGHGDYLGD
GXPD SHVVRD FRP GL¿FXOGDGHV LQWHOHFWXDLV H GHVHQ
YROYLPHQWDLVPHOKRUDUiGHXPDIRUPDJHQHUDOL]DGD
(PVXPDpLQTXHVWLRQiYHOTXHDGH¿QLomRDFRQ
FHSWXDOL]DomRHDFODVVL¿FDomRGDGH¿FLrQFLDLQWHOHF
WXDOVHPDQWrPSUREOHPDVFRPSOH[RV1mRREVWDQWH
pXQkQLPHTXHDGH¿FLrQFLDLQWHOHFWXDOGL¿FXOGDGHVLQ
WHOHFWXDLVVHFDUDFWHUL]DPSRUOLPLWDo}HVQRIXQFLRQD
PHQWRLQWHOHFWXDOHDGDSWDWLYRRTXHUHVXOWDQDQHFHV
VLGDGH GH DSRLRV LQGLYLGXDOL]DGRV$VVLP R HQIRTXH
DFWXDOGDGH¿QLomRGDGH¿FLrQFLDLQWHOHFWXDOFRQVLGHUD
DViUHDVIRUWHVDVQHFHVVLGDGHVGHDSRLRHRFRQWH[
WR
1RWDV
5HIHUrQFLDV%LEOLRJUi¿FDV
$WtWXORH[HPSOL¿FDWLYRGHVGHD$$,''SUHVWLJLDGDRUJDQL]DomRTXHWHP
FRPRREMHFWLYRSURPRYHUSROtWLFDVSUiWLFDVLQYHVWLJDomRHGLUHLWRVQRkPELWRGDGH
¿FLrQFLD LQWHOHFWXDO DFWXDOL]RX YH]HV D GH¿QLomR GH GH¿FLrQFLD LQWHOHFWXDO FRP
EDVHHPQRYDVLQIRUPDo}HVQDDOWHUDomRGDSUiWLFDFOtQLFDRXHPQRYRVGDGRVGD
LQYHVWLJDomRFLHQWt¿FDZZZDDLGGRUJ
(PHVWDSDVVRXDGHVLJQDUVHGH$PHULFDQ$VVRFLDWLRQRQ0HQWDO5HWDU
GDWLRQ$$05HGHVGH$EULOGHHVWDDVVRFLDomRUHQRPHRXVHFRPR$VVRFLD
omR$PHULFDQDSDUDDV'L¿FXOGDGHV,QWHOHFWXDLVH'HVHQYROYLPHQWDLV$$,''
$ 2UJDQL]DomR 0XQGLDO GH 6D~GH HP SDUFHULD FRP R 0RQWUHDO 3$+2:+2
&ROODERUDWLQJ&HQWUHIRU5HVHDUFKDQG7UDLQLQJLQ0HQWDO+HDOWKFRQFHEHXHLPSOH
PHQWRXXPSURMHFWRTXHWHYHFRPRSULQFLSDOREMHFWLYRLGHQWL¿FDUUHFXUVRVHVHUYLoRV
UHODWLYDPHQWHjGH¿FLrQFLDLQWHOHFWXDOHPWRGRRPXQGR
2UHODWyULRGHVWHSURMHFWR$WODV*OREDO5HVRXUFHVIRU3HUVRQVZLWK,QWHOOHFWXDO
'LVDELOLWLHVLQFOXLLQIRUPDomRUHODWLYDjWHUPLQRORJLDHVLVWHPDVGHFODVVL¿FD
omRXWLOL]DGRVSROtWLFDVHOHJLVODomR¿QDQFLDPHQWRHEHQHItFLRVSUHYHQomRVHUYLoRV
VRFLDLVHGHVD~GHUHFXUVRVKXPDQRVHIRUPDomRGHSDtVHVUHSUHVHQWDQGR
GDSRSXODomRPXQGLDO
$OEXTXHUTXH0&$&ULDQoDFRP'H¿FLrQFLD0HQWDO/LJHLUD'LVVHUWD
omRGH'RXWRUDPHQWR&RLPEUD)DFXOGDGHGH3VLFRORJLDH&LrQFLDVGD(GXFDomRGD
8QLYHUVLGDGHGH&RLPEUD
:RUOG +HDOWK 2UJDQL]DWLRQ $WODV *OREDO 5HVRXUFHV IRU 3HUVRQV ZLWK
,QWHOOHFWXDO'LVDELOLWLHV'LVSRQtYHOQR85/ZZZZKRRUJ$FHGLGRHPGH2XWXEUR
GH
%DQFRGH'DGRV3DUDH6REUH3HVVRDVFRP'H¿FLrQFLDV'LVSRQtYHOQR85/
ZZZGHIQHWRUJEU$FHGLGRHPGH2XWXEURGH
*UpJRLUH-/¶pYDOXDWLRQFOLQLTXHGHO¶LQWHOOLJHQFHGHO¶HQIDQW±7KpRULHHW
SUDWLTXHGX:,6&,,,(G6SULPRQW3LHUUH0DUGDJD
0RUDWR36DQWRV6'L¿FXOGDGH,QWHOHFWXDOH'HVHQYROYLPHQWDO$PX
GDQoD GH SDUDGLJPD QD FRQFHSomR GD GH¿FLrQFLD PHQWDO ,Q 5HYLVWD GH (GXFDomR
(VSHFLDOH5HDELOLWDomR/LVERD(GLo}HV)0+
3UL¿WHUD$6DNORIVNH'(GV:,6&,,,&OLQLFDO8VHDQG,QWHUSUHWD
WLRQ6DQ'LHJR$FDGHPLF3UHVV
6DQWRV60RUDWR3&RPSRUWDPHQWR$GDSWDWLYR3RUWR3RUWR(GLWR
UD
7KH$PHULFDQ$VVRFLDWLRQRQ,QWHOOHFWXDODQG'HYHORSPHQWDO'LVDELOLWLHV
'LVSRQtYHOQR85/ZZZDDLGGRUJ$FHGLGRHPGH2XWXEURGH
$ERUGDJHP3HGDJyJLFR(GXFDWLYD8P3HUFXUVR
$QWRQLHWD)UDQoD&ODULQGD1XQHV'HROLQGD0DLD)iWLPD$OYHV6HUYLoR7pFQLFR
GH(GXFDomRSDUDD'H¿FLrQFLD,QWHOHFWXDO
3HUVSHFWLYDV (YROXWLYDV GR &RQFHLWR GH FRPRPXQGRHDVSHVVRDVTXHRVURGHLDP$rQIDVH
PXGRXVLJQL¿FDWLYDPHQWHGHXPDFRQGLomRTXHH[LVWLD
'H¿FLrQFLD0HQWDO
QRLQGLYtGXRSDUDXPDTXHUHSUHVHQWDXPDLQWHUDFomR
$RORQJRGRVVpFXORVDHYROXomRGRVFRQFHLWRVH
GRLQGLYtGXRFRPRPHLR.LUN*DOODJKHU
SUiWLFDVUHODWLYDVDRDWHQGLPHQWRHGXFDWLYRGHFULDQ
3DUDXPDPHOKRUFRPSUHHQVmRGRSHUFXUVRGDLQ
oDVHMRYHQVFRPGH¿FLrQFLDIRLVHJXLQGRRULHQWDo}HV
YHVWLJDomRHGHDFRUGRFRP3DFKHFRFLWSRU&XEH
LGrQWLFDV SULQFLSDOPHQWH QRV SDtVHV RFLGHQWDLV GD
URV HW DO SDUHFHQRV LPSRUWDQWH FODUL¿FDU GH
LQLFLDWLYDSULYDGDjLQWHUYHQomRGR(VWDGRGDVLQVWLWXL
IRUPDVXFLQWDDVGLIHUHQWHVFRUUHQWHVSDUDDGH¿QLomR
o}HVGHDVVLVWrQFLDjFULDomRGHHVWUXWXUDVHGXFDWLYDV
GDGH¿FLrQFLDPHQWDO
HGDVSROtWLFDVGHVHJUHJDomRjVGHLQFOXVmR0XLWRV
&RUUHQWH 3VLFROyJLFD RX 3VLFRPpWULFD ± FRQVLGHUDVH
IRUDPRVWHUPRVGHQRPLQDo}HVRXUyWXORVSDUDGHVLJ
SHVVRDFRPGH¿FLrQFLDPHQWDOWRGRRLQGLYtGXRTXHDSUH
QDU DV FULDQoDV FRP IUDFDV FDSDFLGDGHV LQWHOHFWXDLV
VHQWDXPGp¿FHRXGLPLQXLomRGDVVXDVFDSDFLGDGHVLQWH
GHPHQWH LGLRWD ROLJRIUpQLFR VXEQRUPDO LQFDSDFL OHFWXDLVPHGLGDVDWUDYpVGHWHVWHVHH[SUHVVDVHPWHUPRV
WDGR GLPLQXtGR GH¿FLHQWH SVtTXLFR GLIHUHQWH DOXQR GH4,VHQGRRVSULQFLSDLVLPSXOVLRQDGRUHVGHVWDFRUUHQWH
FRPQHFHVVLGDGHVHGXFDWLYDVHVSHFLDLV1((3DUD %LQHWH6LPRQ
OHODPHQWHPXLWDVIRUDPDVWHQWDWLYDVQRVHQWLGRGHVH
&RUUHQWH 6RFLROyJLFD RX 6RFLDO ± XWLOL]DGD SRU 'ROH
GH¿QLUDGH¿FLrQFLDPHQWDO'0SRUGLIHUHQWHViUHDV .DQQHU H 7UHGJROG HQWUH RXWURV GHIHQGH TXH D SHVVRD
HQWUHHODVPHGLFLQDSVLFRORJLDVHUYLoRVRFLDOHHGX FRPGH¿FLrQFLDPHQWDOpDTXHODTXHDSUHVHQWDHPPDLRU
FDomRFDGDXPDGHODVHQIDWL]DQGRDFRQGLomRDSDUWLU RXPHQRUPHGLGDGL¿FXOGDGHVSDUDVHDGDSWDUDRPHLRVR
GD VXD SUySULD SHUVSHFWLYD 1mR VHQGR iUHDV HVWiWL FLDOHPTXHYLYHHGHIRUPDDXWyQRPD
&RUUHQWH0pGLFDRX%LROyJLFD±VHJXQGRHVWDFRUUHQWHD
FDVHVWDVVHUYLUDPHDMXGDUDPjFRPSUHHQVmRHWUD
GH¿FLrQFLDPHQWDOSRVVXLXPVXEVWUDWRELROyJLFRDQDWyPLFR
WDPHQWRGHVVHVLQGLYtGXRVFRQWULEXLQGRWDPEpPSDUD
R DSHUIHLoRDPHQWR GD GH¿QLomR GR FRQFHLWR H SDUD RX¿VLROyJLFRHPDQLIHVWDVHGXUDQWHRVSHUtRGRVGHGHVHQ
YROYLPHQWRDWpRVDQRV
XPDPXGDQoDSDUDGLJPiWLFDDDQiOLVHGHWDOKDGDGDV
0DLVUHFHQWHPHQWHHPWHUPRVGHSHUVSHFWLYDHYR
GL¿FXOGDGHVHGDVSRVVLELOLGDGHVGRTXHFRQVHJXHP
OXWLYDVXUJLUDPRXWUDVFRUUHQWHV
RXQmRID]HUEHPFRPRGDIRUPDFRPRVHUHODFLRQDP
&RUUHQWH&RPSRUWDPHQWDOLVWD±S}HDWyQLFDQDLQÀXrQ
2XWXEUR'H]HPEUR
¿FLrQFLD PDQLIHVWDVH DQWHV GRV DQRV GH LGDGH´
0RUDWR6HJXQGRHVWHDXWRUHVWDGH¿QLomRLQ
WURGX] QmR Vy D QRomR GD LPSRUWkQFLD UHSUHVHQWDGD
SHORHQYROYLPHQWRHRVHXLPSDFWRQRGHVHQYROYLPHQ
WRKXPDQRFRPRWDPEpP³DDVVRFLDomRDOLPLWDo}HV
QR FRPSRUWDPHQWR DGDSWDWLYR TXH SHUPLWH XP PDLRU
ULJRUQRGLDJQyVWLFRGDGH¿FLrQFLDWHQWDQGRHOLPLQDU
RVHUURVDGYLQGRVGDXWLOL]DomRDEXVLYDGHXPDDYD
OLDomR H[FOXVLYDPHQWH SVLFRPpWULFD´ 0RUDWR PHQFLRQD DLQGD TXH ³R GLDJQyVWLFR FRUUHFWR GH XPD
GHVRUGHP SHUPLWH D FRQFHSWXDOL]DomR H D RSHUDFLR
QDOL]DomR PDLV DGHTXDGD GH XP SURJUDPD LQGLYLGX
DOL]DGRFRQWULEXLQGRSDUDDSURPRomRGDDXWRQRPLD
HQmRVLPSOHVPHQWHDFODVVL¿FDomRSDUDKLHUDUTXL]DU
(PERUDWRGDVDVFRUUHQWHVVHMDPFRQWULEXWRVUHDLV GL¿FXOGDGHV´FLWSRU0RUDWR
SDUDDGHWHUPLQDomRGRJUDXGHGH¿FLrQFLDVmRDLQGD
(WLRORJLDGD'0
DV WpFQLFDV SVLFRPpWULFDV TXH PDLV VH LPS}HP SDUD
HVVDFODVVL¿FDomR2VWHVWHVGHLQWHOLJrQFLDDLQGDFRQ
WLQXDPDVHUXPGRVLQVWUXPHQWRVXVDGRVFRPPDLRU
IUHTXrQFLD SDUD GHWHUPLQDU D FDSDFLGDGH LQWHOHFWXDO
$FWXDOPHQWH XPD PXGDQoD GH SDUDGLJPD LQWURGX]
RXWUDVGLPHQV}HVFRPRRFRPSRUWDPHQWRDGDSWDWLYR
TXHYDORUL]DRIXQFLRQDPHQWRHDLQWHUDFomRGRLQGLYt
GXRFRPRPHLR0RUDWR
1R HQWDQWR FRQVLGHUHPVH DV GH¿QLo}HV HPDQD
GDV SHOD 2UJDQL]DomR 0XQGLDO GH 6D~GH 206 H
SHOD$VVRFLDomR$PHULFDQDSDUDD'H¿FLrQFLD0HQWDO
$$05QmRVySHODFLHQWL¿FLGDGHGDVHQWLGDGHVPDV
WDPEpPSHODVXDDFWXDOL]DomRFRQFHSWXDOHSHORXVRH
2 FRQKHFLPHQWR GD HWLRORJLD GD '0 GHVHPSHQKD
UHFXUVRTXHRVWpFQLFRVHVSHFLDOLVWDVID]HPGDVPHV XPSDSHOIXQGDPHQWDOQRVWUDEDOKRVGHLQYHVWLJDomR
PDV$206GH¿QHDVSHVVRDVFRPGH¿FLrQFLD SHUPLWLQGR D FRPSDUDomR GRV FDVRV TXH DSDUHFHP
PHQWDOFRPR³LQGLYtGXRVFRPXPDFDSDFLGDGHLQWHOHF $SHVDU GD VXD LPSRUWkQFLD QD PDLRULD GRV FDVRV p
WXDOVHQVLYHOPHQWHLQIHULRUjPpGLDTXHVHPDQLIHVWD DLQGDGHVFRQKHFLGDDHWLRORJLDGHVWDGH¿FLrQFLDSHOR
DRORQJRGRGHVHQYROYLPHQWRHHVWiDVVRFLDGDDXPD TXH p XP DVSHFWR DLQGD FHQWUDO SDUD D LQYHVWLJDomR
FODUD DOWHUDomR GH FRPSRUWDPHQWRV DGDSWDWLYRV´ % QHVWDiUHD$FRGL¿FDomRHWLROyJLFDSHUPLWHDFRPSUH
3DFKHFRFLWSRU&XEHURVHWDO
HQVmRGDVUHODo}HVSDWR¿VLROyJLFDVHQWUHRVJUXSRVGH
'HDFRUGRFRPD$$05HWDOFRPRFRQV FDXVDVHDVHVWUDWpJLDVGHLQYHVWLJDomRHFRQVHTXHQ
WD QR '60,9 ³D GH¿FLrQFLD PHQWDO UHIHUHVH WH DERUGDJHP j GH¿FLrQFLD 3RU RXWUR ODGR D LQIRU
DOLPLWDo}HVVXEVWDQFLDLVQRIXQFLRQDPHQWRDFWXDOe PDomRHSLGHPLROyJLFDDOFDQoDGDFRPDFODVVL¿FDomR
FDUDFWHUL]DGD SRU XP IXQFLRQDPHQWR LQWHOHFWXDO VLJ GDV GH¿FLrQFLDV p LPSUHVFLQGtYHO SDUD D HODERUDomR
QL¿FDWLYDPHQWH DEDL[R GD PpGLD DVVRFLDGR D OLPLWD GHSURJUDPDVGHSUHYHQomRHSDUDIXWXURVWUDEDOKRV
o}HVUHODWLYDVDGXDVRXPDLVGDVVHJXLQWHViUHDVGR GHFRPSDUDomR0RUDWR(VWHDXWRUDFUHVFHQWD
FRPSRUWDPHQWRDGDSWDWLYRFRPXQLFDomRDXWRQRPLD TXHDHVSHFL¿FDomRGDHWLRORJLDGDGH¿FLrQFLDSHUPLWH
DFWLYLGDGHV GRPpVWLFDV VRFLDOL]DomR DXWRQRPLD QD DRVWpFQLFRVQmRVyXPGLDJQyVWLFRPDLVSUHFLVRPDV
FRPXQLGDGH UHVSRQVDELOLGDGH VD~GH H VHJXUDQoD WDPEpP XPD FRQVFLHQFLDOL]DomR VREUH DV SRVVtYHLV
KDELOLGDGHV DFDGpPLFDV OD]HU H WUDEDOKR (VWD GH FDXVDV SDUD R DSDUHFLPHQWR GD SHUWXUEDomR H FRQ
FLDGRDPELHQWHVREUHDGH¿FLrQFLDPHQWDO2Gp¿FHPHQWDO
pXPGp¿FHGHFRPSRUWDPHQWRTXHGHYHUiVHULQWHUSUHWDGR
FRPRSURGXWRGDLQWHUDFomRGHTXDWURIDFWRUHVGHWHUPLQDQ
WHVDVDEHUIDFWRUHVELROyJLFRVSDVVDGRVJHQpWLFRVSUp
QDWDLVSHULQDWDLVHSyVQDWDLVIDFWRUHVELROyJLFRVDFWXDLV
GURJDV RX IiUPDFRV FDQVDoR RX VWUHVV KLVWyULD DQWHULRU
GHLQWHUDFomRFRPRPHLRUHIRUoRHFRQGLo}HVDPELHQWDLV
SUHVHQWHVRXRXWUDVVLWXDo}HVDFWXDLV
&RUUHQWH3HGDJyJLFD±QHVWDSHUVSHFWLYDDSHVVRDFRP
GH¿FLrQFLD PHQWDO p DTXHOD TXH WHP PDLRU RX PHQRU GL¿
FXOGDGHHPVHJXLURSURFHVVRUHJXODUGHDSUHQGL]DJHPH
TXHSRULVVRWHPQHFHVVLGDGHVHGXFDWLYDVHVSHFLDLVLVWR
p QHFHVVLWD GH DSRLRV H DGDSWDo}HV FXUULFXODUHV TXH OKH
SHUPLWDP XOWUDSDVVDU DV GL¿FXOGDGHV H VHJXLU R SURFHVVR
UHJXODUGHHQVLQR%3DFKHFRFLWSRU&XEHURVHWDO
'LYHUVLGDGHV
VHTXHQWHPHQWHGHWHUPLQDRVPHLRVHWpFQLFDVPDLV
DGHTXDGRV D DSOLFDU REMHFWLYDQGRVH D PLQLPL]DomR
GDVGL¿FXOGDGHVGRVVXMHLWRV
:HVFOHU ©p GH RSLQLmR TXH Ki XPD PXOWLSOLFLGDGH
GHIDFWRUHVTXHSRGHUmRHVWDULPSOLFDGRVQRDSDUHFL
PHQWRGD'0FRPRRVIDFWRUHVELROyJLFRVJHQpWLFRV
H¿VLROyJLFRVHPSRVVtYHODVVRFLDomRFRPDVSHFWRV
VRFLRHFRQyPLFRVHRXWURV³QmRPHQVXUiYHLV´DGDSWD
omRVRFLDOHPRFLRQDOHYRFDFLRQDOªFLWSRU0RUDWR
6REUH R PHVPR DVVXQWR 3DFKHFR FLW SRU
&XEHURVHWDOFRQVLGHUDTXHDHWLRORJLDGHVWD
GH¿FLrQFLDpPXLWRGLYHUVDSRGHQGRFODVVL¿FDUVHGD
VHJXLQWHIRUPDIDFWRUHVJHQpWLFRVRVTXHDFWXDPDQ
WHVGDJHVWDomRFDXVDVGRWLSRHQGyJHQRHIDFWRUHV
H[WUtQVHFRV RV TXH DFWXDP DQWHV GXUDQWH H DSyV R
QDVFLPHQWR
3RU VXD YH] 0F/DUHQ H %U\VRQ VDOLHQWDP
TXHDGLVWLQomRHQWUHDVGXDVFDWHJRULDVRULJHPELR
OyJLFDYVGHVYDQWDJHQVSVLFRVVRFLDLVMiQmRVHYHUL
¿FDSRLVXPDJUDQGHSHUFHQWDJHPGDSRSXODomRFRP
'0PDLVGHDSUHVHQWDPDLVGRTXHXPDFDXVD
SRVVtYHO5HIRUoDPWDPEpPDLGHLDGHTXHXPHYHQWR
SRGH VHU LQHUHQWH D DPEDVDVFDXVDVPHQFLRQDQGR
R IDFWR GD GH¿FLrQFLD PHQWDO UHÀHFWLU D DFXPXODomR
GH IDFWRUHV P~OWLSORV H LQWHUDFWLYRV FLW SRU 0RUDWR
1HVWH GHEDWH FLHQWt¿FR H DLQGD GH DFRUGR FRP D
$$05 LPS}HVH XPD DERUGDJHP PXOWLGLVFLSOLQDU
PXOWLIDFWRULDOHLQWHUJHUDFLRQDOPDLVDFWXDOQHVWHFDP
SRGLVWLQJXLQGRVHTXDWURJUXSRVGHFDXVDVGLIHUHQ
WHVWRGRVHOHVFRQVLGHUDGRVDRORQJRGRSURFHVVRGH
FODVVL¿FDomR IDFWRUHV ELRPpGLFRV UHODFLRQDGRV FRP
RV SURFHVVRV ELROyJLFRV QXWULomR GHVRUGHQV JHQpWL
FDVIDFWRUHVVRFLDLVTXHLQFOXHPDLQWHUDFomRVRFLDO
H IDPLOLDU UHVSRQVDELOLGDGH H HVWLPXODomR SRU SDUWH
GRVDGXOWRVIDFWRUHVFRPSRUWDPHQWDLVSRUH[HPSOR
DEXVRGHVXEVWkQFLDVWy[LFDVHIDFWRUHVHGXFDFLRQDLV
UHODWLYRVjYLDELOLGDGHGRVDSRLRVHGXFDWLYRVTXHSUR
PRYDPRGHVHQYROYLPHQWRGRFRPSRUWDPHQWRDGDSWD
WLYR0RUDWR
WHPHQWH GR QtYHO GDV VXDV FDSDFLGDGHV LQWHOHFWXDLV
3UHWHQGH TXH WRGRV DWLQMDP R Pi[LPR GDV VXDV SR
WHQFLDOLGDGHVSDUWLFLSDQGRGHIRUPDSURGXWLYDQDVR
FLHGDGH SURPRYHQGR D FXOWXUD RV YDORUHV PRUDLV H
WRUQDQGRRVFLGDGmRVUHVSRQViYHLVHDFWLYRV
1R TXH FRQFHUQH DRV DOXQRV FRP GH¿FLrQFLD LQ
WHOHFWXDO RV REMHFWLYRV WUDGX]HPVH SULPRUGLDOPHQWH
HPYLYHUFRPTXDOLGDGHGHYLGDIXQFLRQDQGRGDIRUPD
PDLVDXWyQRPDHLQWHJUDGDSRVVtYHORXVHMDYLVDQGR
DGLJQL¿FDomRGRLQGLYtGXRFRPGH¿FLrQFLDSUHSDUDQ
GRR SDUD XPD SDUWLFLSDomR R PDLV LQGHSHQGHQWH H
IXQFLRQDOHPWRGRVRVDVSHFWRVGDVXDYLGD
1D HGXFDomR GR LQGLYtGXR FRP '0 WDPEpP QmR
SRGHPVHUHVTXHFLGRVRVSULQFtSLRVHVWDEHOHFLGRVSRU
3LDJHW H 6SHFN FLW SRU &XEHURV HW DO PDQWHQGRVHDFWXDLVQRTXHGL]UHVSHLWRjLQWHUYHQomR
FRPDGH¿FLrQFLDLQWHOHFWXDOQRPHDGDPHQWH
3ULQFtSLR DFWLYR ± SDUD TXH VH SURGX]DP DSUHQGL]D
JHQV R DOXQR WHP GH VHU FRORFDGR QXPD UHODomR GLUHFWD
FRPRVREMHFWRV
3ULQFtSLRGHHVWUXWXUDomRRHQVLQRGHYHVHUVXEGLYLGL
GRHPSHTXHQDVHWDSDVIDFLOLWDQGRRVXFHVVRLQGLYLGXDOGH
IRUPDDSRGHUDOFDQoDURVREMHFWLYRVSURSRVWRV
3ULQFtSLRGHWUDQVIHUrQFLDpQHFHVViULRUHSHWLUPXLWDV
YH]HVXPDGHWHUPLQDGDDSUHQGL]DJHPFRPELQDQGRRVRE
MHFWRVRXDVVLWXDo}HVHPFRQWH[WRVUHDLVHGLYHUVL¿FDGRV
$VVRFLDomRGDOLQJXDJHPHGDDFomRSDUDTXHKDMDDV
VRFLDomRHQWUHRVLVWHPDGHVLQDLVYHUEDLVHDH[SHULrQFLD
WRGDDDFomRGHYHHVWDUOLJDGDjSDODYUDFRUUHVSRQGHQWH
0RWLYDomR SDUD DV DSUHQGL]DJHQV VRFLDLV p SUHFLVR
FULDU VLWXDo}HV SRVLWLYDV GH DSUHQGL]DJHP QRV GRPtQLRV
FRJQLWLYRVVRFLDLVHDIHFWLYRV
7HQGR SRU EDVH HVWDV SUHPLVVDV DV HVWUDWpJLDV
SDUDDGH¿FLrQFLDPHQWDOGHYHUmRVHUDMXVWDGDVHÀH
[tYHLVGHPRGRDSHUPLWLUXPDLQWHUYHQomRHGXFDWLYD
(VWUDWpJLDV GH ,QWHUYHQomR ,PSOLFDo}HV (GX
H¿FD]HGHTXDOLGDGH
FDWLYDV
$ VHOHFomR DGHTXDomR H LPSOHPHQWDomR GHVVDV
$HGXFDomRS~EOLFDSUHFRQL]DREMHFWLYRVJOREDLVGH HVWUDWpJLDV MXQWR GRV DOXQRV FRP GH¿FLrQFLD PHQWDO
HGXFDomRHHQVLQRSDUDWRGRVRVDOXQRVLQGHSHQGHQ pGDUHVSRQVDELOLGDGHGDVHTXLSDVPXOWLGLVFLSOLQDUHV
2XWXEUR'H]HPEUR
DWHQGHQGRVHPSUHjVFDUDFWHUtVWLFDVHQHFHVVLGDGHV
GHFDGDXP(VWDVHVWUDWpJLDVGHYHUmRLQFLGLUQRWUHL
QRGHDSWLG}HVIXQFLRQDLVHQTXDGUDGDVHPGLIHUHQWHV
iUHDV RX DPELHQWHV QDWXUDLVRQGHRVPHVPRVHVWmR
LQVHULGRVGHIRUPDLQWHJUDGDHDFWLYDD¿PGHWRUQi
ORVPDLVLQGHSHQGHQWHVHSURGXWLYRV
'H DFRUGR FRP 9LHLUD H 3HUHLUD p QHFHV
ViULR TXH DV HVWUDWpJLDV H PpWRGRV GH HQVLQR VHMDP
DGHTXDGRVjV¿QDOLGDGHV$VVLPGHYHPIDFLOLWDUDJH
QHUDOL]DomR GDV DTXLVLo}HV H R DOFDQFH GH XP QtYHO
GH UHDOL]Do}HV TXH EHQH¿FLH D VXD PDQXWHQomR QR
WHPSR$HVFRODGHL[DSRLVGHVHURORFDOH[FOXVLYRH
SULYLOHJLDGRGRHQVLQRGDQGRVHLJXDOLPSRUWkQFLDDR
VHLRIDPLOLDUEHPFRPRjFRPXQLGDGHHPJHUDO
3HOR IDFWR GR ULWPR GH GHVHQYROYLPHQWR GHVWDV
FULDQoDVVHUPDLVOHQWRGRTXHDPpGLDpFUXFLDOSDUD
RVHXSURFHVVRGHDSUHQGL]DJHPTXHRVVHUYLoRVHGX
FDFLRQDLVDGHTXDGRVVHLQLFLHPRPDLVSUHFRFHPHQWH
SRVVtYHOFRQWLQXDQGRGLVSRQtYHLVDRORQJRGDYLGD
(QVLQR GLUHFWR VLVWHPiWLFR H DEUDQJHQWH RIHUHFHQGR
GLYHUVLGDGHGHDPELHQWHVH[WUDHVFRODUHV
(QVLQRHVWUXWXUDGRLPSOLFDDGH¿QLomRGHXPSURJUDPD
HGXFDWLYRSHUVRQDOL]DGRTXHHVWDEHOHoDXPDVHTXrQFLDGH
FRQWH~GRVHGHWHUPLQHRVSURFHGLPHQWRVLWXDGRVQXPFRQ
WH[WRHYROXWLYR
$SUHQGL]DJHPFRRSHUDWLYDDDMXGDP~WXDIDYRUHFHD
DSUHQGL]DJHPSDUDWDOpQHFHVViULRTXHRVGRFHQWHVHQ
FRUDMHPFRRSHUHPFRPRVDOXQRVHRVLQFHQWLYHPDDVVX
PLUWDPEpPHOHVRSDSHOGHWXWRUHV
$GDSWDomRGRFXUUtFXORjUHDOLGDGHLQGLYLGXDOHVRFLDO
GH FDGD LQGLYtGXR SRVVLELOLWDQGR D WURFD GH H[SHULrQFLDV
LQWHJUDQGRHYDORUL]DQGRDVXDFXOWXUDEDFNJURXQGQRVLV
WHPDHFXOWXUDHVFRODU
)RUPDVGHHQVLQRDSUHQGL]DJHPGRWLSRFRQVWUXWLYRH
LQWHUDFWLYR
'H¿QLomRFODUDHSUHFLVDGHPHWDVHREMHFWLYRVREVHU
YiYHLVPHQVXUiYHLVHRSHUDFLRQDLV
6HJPHQWDomRGHREMHFWLYRVDFWLYLGDGHV
7UDQVPLVVmRGHRULHQWDo}HVFODUDVHFRQFLVDV
&RODERUDomRDUWLFXODomRHPHTXLSDPXOWLGLVFLSOLQDU
$ERUGDJHQVPXOWLVHQVRULDLVFRPUHFXUVRDWpFQLFDVGH
(VWUDWpJLDVGH(QVLQR
PDQLSXODomRHDREMHFWRVFRQFUHWRV
'H XP YDVWR FRQMXQWR GH HVWUDWpJLDV DSOLFDGDV j
5HFXUVRDVLWXDo}HVGHDSUHQGL]DJHPDWUDYpVGHH[
GH¿FLrQFLD PHQWDO VHOHFFLRQiPRV DSHQDV DV PDLV SHULrQFLDVYLYHQFLDGDVHFRQFUHWDV
VLJQL¿FDWLYDVHVWUXWXUDQWHVHJOREDOL]DQWHVHPWHUPRV
GHDFomRLQWHUYHQomRHGXFDWLYD
'HWHFomR SUHFRFH GDV GL¿FXOGDGHV H GRV SUREOHPDV
GRDOXQR
,GHQWL¿FDomRGHiUHDVIRUWHVHiUHDVIUDFDVQHFHVViULD
j GH¿QLomRLPSOHPHQWDomR GR 3URJUDPD (GXFDWLYR ,QGLYL
GXDO
9DORUL]DomRGDViUHDVIRUWHVFRPRIRUPDGHSURPRYHU
RVXFHVVRHGXFDWLYRHPHOKRUDUDDXWRFRQ¿DQoD
$GHTXDomRGDLQWHUYHQomRHGXFDWLYDVHJXQGR%URZQ
FLWSRU&RVWDHWDODLQWHUYHQomRGRSURIHVVRU
GHYHDWHQGHUjVGLIHUHQoDVGHUHDOL]DomRGRVDOXQRVFRP
SUHHQGHU DV UD]}HV GDV PHVPDV H SODQHDU DV HVWUDWpJLDV
DXWLOL]DU&RQVHTXHQWHPHQWHGHYHWHUHPFRQWDDUHRUJD
QL]DomR GRV DOXQRV HP GLIHUHQWHV JUXSRV PXGDU D IRUPD
GHUHDOL]DomRGDWDUHIDDOWHUDUDH[SHFWDWLYDHPUHODomRj
UHVSRVWD GR DOXQR XWLOL]DUDGDSWDU GLIHUHQWHV PDWHULDLV RX
SURSRUFLRQDUXPDDFWLYLGDGHDOWHUQDWLYDTXHSRVVLELOLWHXPD
PDLRUSDUWLFLSDomRLQGHSHQGrQFLD
,QGLYLGXDOL]DomR GR HQVLQR H GLIHUHQFLDomR FXUULFXODU
VHJXQGR&RVWDHWDOHVWHSURFHVVRGHYHVHUVLPXO
WkQHR FHQWUDGR QR DOXQR QD LQWHUDFomR QD IDPtOLD H QD
LQWHUDFomRHQWUHVLVWHPDVFRPRREMHFWLYRGHSURPRYHUD
TXDOLGDGHGHYLGDGRDOXQR
'LYHUVLGDGHV
)LJXUD3LOHWWL
$GDSWDo}HVFXUULFXODUHVHÀH[LELOL]DomRGRVFXUUtFXORV
5HFXUVRDDGDSWDo}HVWHFQROyJLFDV
$GHTXDomRGHH[SHULrQFLDVHDFWLYLGDGHVjLGDGHFUR
QROyJLFDGRVDOXQRVDRVDPELHQWHVDRVLQWHUHVVHVHUHDOL
]Do}HVGHDOXQRVFRPRPHVPRQtYHOHWiULRQRVHQWLGRGH
UHGX]LU GLVFUHSkQFLDV HVWLJPDWL]DGRUDV HQWUH R DOXQR FRP
GH¿FLrQFLDHRXWURVVHPGH¿FLrQFLD
7UHLQRVLVWHPiWLFRHPDQXWHQomRGHREMHFWLYRVHFRP
SHWrQFLDVDGTXLULGDV
5HDOL]DomRGHWDUHIDVH[SHULrQFLDVGHFDUL]RFXSDFLR
QDOIRUPDWLYRTXHGHYHUmRVHULQFHQWLYDGDVSUHFRFHPHQWH
HGHVHQYROYLGDVDRORQJRGRSHUFXUVRHVFRODUGHPRGRD
FRQVWLWXLUXPDDFWLYLGDGHRFXSDFLRQDOHRXIRUPDWLYD(VWDV
WDUHIDVSRGHPVHUUHDOL]DGDVQDSUySULDHVFRODLQVWLWXLomR
HPVHUYLoRVGHFDUL]FXOWXUDOUHFUHDWLYRHRXWURVWHDWUREL
EOLRWHFDVS~EOLFDVORMDVEDQFRVFRUUHLRVVXSHUPHUFDGRV
HWF
$SUHQGL]DJHP GH FRPSHWrQFLDV IXQFLRQDLV FRQVLVWH
QR FRQKHFLPHQWR DSURIXQGDGR GD VLWXDomR GH FDGD FULDQ
oDQRVHXDPELHQWHQDWXUDORQGHDSDUWLOKDHQWUHRVYiULRV
DJHQWHVHGXFDWLYRVSURIHVVRUHVSDLVHRXWUDVSHVVRDVTXH
FRQYLYHPFRPDFULDQoDUHSUHVHQWDXPSDSHOQRGHVHQYRO
YLPHQWRHQDDSUHQGL]DJHPGHFRPSHWrQFLDV~WHLVSDUDR
VHXIXQFLRQDPHQWR
3URPRomRGHH[SHFWDWLYDVUHDOLVWDV
&RRSHUDomR HVFRODIDPtOLDFRPXQLGDGH HVWD DUWLFXOD
omRFRQVWLWXLXPIDFWRUHVVHQFLDOSDUDTXHRSURFHVVRHGX
FDWLYR VH UHDOL]H GH IRUPD KDUPRQLRVD HP TXH WRGRV RV
LQWHUYHQLHQWHVVHVLQWDPLPSOLFDGRVHUHVSRQVDELOL]DGRV
)DFLOLWDomRGRDVVRFLDWLYLVPRJUXSRVGHLQWHUDMXGDH
RXWUDVIRUPDVGHUHQWDELOL]DomRGHUHGHVVRFLDLVGHDSRLR
FLYLVHS~EOLFDV
&RQFOXVmR
)LJXUD3LOHWWL
$PELHQWHHRUJDQL]DomRGDVDODGHDXODGHYHPWHUSRU
EDVHRUHVSHLWRP~WXRDFRQ¿DQoDDDFHLWDomRHDFRPSUH
HQVmRGDV1((GHFDGDDOXQR8PFOLPDGHGHVLJXDOGDGH
FRPSHWLomR OXWD H WHQVmR SURGX] HIHLWRV QHJDWLYRV VREUH
D DSUHQGL]DJHP 2 WLSR GH VDOD D GLVSRVLomR GDV PHVDV
GHWUDEDOKRHDSRVLomRGRVDOXQRVVmRWDPEpPDVSHFWRV
LPSRUWDQWHV
$GDSWDomRGRVHVSDoRVItVLFRVHPDWHULDLVjV1((GRV
DOXQRVFRP'0GHYHPVHUDPSORVHOLYUHVGHEDUUHLUDVDU
TXLWHFWyQLFDVGHIRUPDDSHUPLWLUDUHDOL]DomRGHDFWLYLGD
GHVHPJUXSRVXEJUXSRVHRXLQGLYLGXDOPHQWH
2 SURIHVVRU GHYH HVWDEHOHFHU XPD UHODomR SRVLWLYD
HVWLPXODQWHHFULDWLYDFRPRDOXQRVHQGRRPHGLDGRUGDV
VXDVH[SHULrQFLDVHDSUHQGL]DJHQV
3HU¿OGRSURIHVVRUFRPSHWrQFLDVHQVLELOLGDGHHGHGL
FDomRVmRDOJXPDVTXDOLGDGHVSHVVRDLVPXLWRLPSRUWDQWHV
SDUDRH[HUFtFLRGDIXQomRTXHpD³DUWHGHHQVLQDU´
&RQVFLHQFLDOL]DomRGDUHVSRQVDELOLGDGHHQTXDQWRSUR
IHVVRUSUR¿VVLRQDOHHOHPHQWRGDHTXLSDPXOWLGLVFLSOLQDU
'DGD D FRQMXQWXUD SROtWLFRVRFLDO H HFRQyPLFD D
HVFROD GRV GLDV GH KRMH HQFRQWUD GLYHUVRV GHVD¿RV
1RHQWDQWRWDOYH]RVHXPDLRUSUREOHPDFRQVLVWDHP
HQFRQWUDUUHVSRVWDVSDUDDVQHFHVVLGDGHVHGXFDWLYDV
GH XPD SRSXODomR FDGD YH] PDLV KHWHURJpQHD HP
FRQVWUXLU XPD HVFROD HIHFWLYDPHQWH LQFOXVLYD TXH D
WRGRVDFHLWHHWUDWHGHIRUPDGLIHUHQFLDGD
7XGR LVWR LPSOLFD XPD ¿ORVR¿D RUJDQL]DFLRQDO DV
VHQWH QRV SULQFtSLRV GD LQFOXVmR LQWHJUDomR H SDUWL
FLSDomRFRPSOHPHQWDGDSDUDOHODPHQWHFRPPHGLGDV
DR QtYHO GRV YiULRV VHFWRUHV VD~GH VHJXUDQoD VR
FLDOIRUPDomRSUR¿VVLRQDOHHPSUHJR&RPRSURFHVVR
PXOWLGLPHQVLRQDO H GLQkPLFR TXH p LPSOLFD WDPEpP
DOWHUDo}HVSURIXQGDVQRSODQRGHRUJDQL]DomRFXUULFX
ODUQDJHVWmRHVFRODUQDIRUPDomRGRVGRFHQWHVHGH
RXWURVWpFQLFRVDOpPGHXPDDUWLFXODomRGRVVHUYLoRV
H[WHUQRVGHDSRLRQRVHQWLGRGHXPHQFDPLQKDPHQWR
GHUHFXUVRVDGLFLRQDLVjHVFROD
(VWD SHUVSHFWLYD DSRQWD SDUD D FRQVWUXomR GH UH
GHVDODUJDGDVGHVXSRUWHVRFLDOSRUIRUPDDPRELOL]DU
D SDUWLFLSDomR GDV IDPtOLDV GD FRPXQLGDGH H GD VR
FLHGDGHHPJHUDOQDSURPRomRGHDWLWXGHVSRVLWLYDV
HPUHODomRjLQFOXVmRGDVSHVVRDVFRPQHFHVVLGDGHV
HGXFDWLYDVHVSHFLDLV
5HIHUrQFLDV%LEOLRJUi¿FDV
(VWUDWpJLDVGH(QYROYLPHQWRGD)DPtOLD
&RQVWUXomRGHVHQWLPHQWRVGHDXWRHVWLPDGLJQLGDGH
UHVSRQVDELOLGDGHDXWRQRPLDHFRPSHWrQFLDQDIDPtOLDHP
SRZHUPHQW
'HVHQYROYLPHQWR GH FRPSHWrQFLDV GH HVWLPXODomR
DGHTXDGD
3URPRomRGHXPUHODFLRQDPHQWRSRVLWLYRHQWUHWRGRV
$Fo}HVGHHVFODUHFLPHQWRHVHQVLELOL]DomRjVIDPtOLDV
VREUHD'0
3DUWLFLSDomRDFWLYDGDVIDPtOLDVQRSURFHVVRHGXFDWLYR
HQDWRPDGDGHGHFLV}HV
&RVWD$HWDO&XUUtFXORV)XQFLRQDLV9RO/LVERD,QVWLWXWRGH,QRYDomR
(GXFDFLRQDO
&XEHURV0HWDO1HFHVVLGDGHV(GXFDWLYDV(VSHFLDLV/LVERD'LQDOLYUR
'LUHFomR *HUDO GRV (QVLQRV %iVLFR H 6HFXQGiULR &XUUtFXOR )XQFLRQDO
SDUD RV DOXQRV FRP 'H¿FLrQFLD 0HQWDO 6XJHVW}HV SDUD D VXD DSOLFDomR /LVERD
'HSDUWDPHQWRGH(GXFDomR(VSHFLDO
.LUN6*DOODJKHU-(GXFDomRGD&ULDQoD([FHSFLRQDO(GLomR
6mR3DXOR0DUWLQV)RQWHV
1LHOVHQ/1HFHVVLGDGHV(GXFDWLYDV(VSHFLDLVQD6DODGH$XOD3RUWR
3RUWR(GLWRUD
3LOHWWL13VLFRORJLD(GXFDFLRQDO6mR3DXOR(GLWRUDÈWLFD
6DQWRV60RUDWR3&RPSRUWDPHQWR$GDSWDWLYR3RUWR3RUWR(GLWRUD
9LHLUD)3HUHLUD06H+RXYHUD4XHPPH(QVLQDUD«/LVERD)XQGD
omR&DORXVWH*XOEHQNLDQ
2XWXEUR'H]HPEUR
&RPXQLFDomR/LQJXDJHPH)DOD
23DSHOGD7HUDSLDQD,QWHUDFomR6RFLDO
/XtVD*RXYHLD&$3&kPDUDGH/RERV3HWUD$OYHV&$3)XQFKDO
6XVDQD7HL[HLUD6HUYLoR7pFQLFRGH(GXFDomRSDUDD'H¿FLrQFLD,QWHOHFWXDO
$GH¿QLomRGHGH¿FLrQFLDPHQWDO'0PDLVFRPXP
PHQWHHPSUHJXHpFULDGDSHORVSULQFLSDLVPHPEURVGD
$VVRFLDomR$PHULFDQDGH'H¿FLrQFLD0HQWDO$$05
³$ 'H¿FLrQFLD 0HQWDO UHIHUHVH D OLPLWDo}HV
VXEVWDQFLDLVQRIXQFLRQDPHQWRLQWHOHFWXDOVLJQL¿FDWLYD
PHQWHDEDL[RGDPpGLDH[LVWLQGRFRQFRPLWDQWHPHQWH
FRPOLPLWDo}HVHPGXDVRXPDLVGDVVHJXLQWHViUHDV
GRFRPSRUWDPHQWRDGDSWDWLYRFRPXQLFDomRLQGHSHQ
GrQFLDSHVVRDODFWLYLGDGHVGHYLGDGLiULDFRPSRUWD
PHQWRVRFLDOXWLOL]DomRGRVUHFXUVRVGDFRPXQLGDGH
WRPDGD GH GHFLV}HV FXLGDGRV GH VD~GH H VHJXUDQ
oD DSUHQGL]DJHQV HVFRODUHV IXQFLRQDLV RFXSDomR
GRV WHPSRV OLYUHV H WUDEDOKR´ $V FULDQoDV FRP '0
VmR DFHQWXDGDPHQWH PDLV OHQWDV TXH RV VHXV SDUHV
GDPHVPDLGDGHSDUDXWLOL]DUDPHPyULDFRPH¿FiFLD
DVVRFLDU H FODVVL¿FDU LQIRUPDo}HV UDFLRFLQDU H ID]HU
MXOJDPHQWRVDGHTXDGRV9LHLUD3HUHLUD
,PSOLFDo}HV GRV 6LVWHPDV GH &ODVVL¿FDomR GD
'H¿FLrQFLD0HQWDOSDUDR7HUDSHXWDGD)DOD
27HUDSHXWDGD)DOD7)WHPXPSDSHOIXOFUDOQD
DYDOLDomR H QR IXQFLRQDPHQWR FRPXQLFDWLYR FRODER
UDQGR QR GLDJQyVWLFR GH VLWXDo}HV GH '0 $OpP GR
FRPSRUWDPHQWRDGDSWDWLYRGHYHPVHUDLQGDFRQVLGH
UDGDV RXWUDV GLPHQV}HV QRPHDGDPHQWH D SDUWLFLSD
omRLQWHUDFomRHSDSpLVVRFLDLVDVD~GHHRVFRQWH[
WRVGHGHVHQYROYLPHQWRGRLQGLYtGXR
$VVLP VHQGR R 7) LGHQWL¿FD RV IDFWRUHV TXH LUmR
DIHFWDU R IXQFLRQDPHQWR GD SHVVRD FRP '0 H FULD
FRQGLo}HV FRPXQLFDWLYDV TXH LQÀXHQFLHP GH IRUPD
SRVLWLYDRVHXGHVHPSHQKRQRVYiULRVFRQWH[WRVHFR
OyJLFRV
$ FRPXQLFDomR p R PHLR DWUDYpV GR TXDO DV
SHVVRDVVHUHODFLRQDPHPDQWrPFRQWDFWRFRPRVRX
WURVDSUHQGHPDFHUFDGRPXQGRHLQWHUDJHPSDUDWUR
FDULQIRUPDomR$FDSDFLGDGHSDUDFRPXQLFDUDWUDYpV
GDOLQJXDJHPHGDIDODpFRQVLGHUDGDFRPRXPDGDV
UHDOL]Do}HV PDLV FRPSOH[DV QR GHVHQYROYLPHQWR GD
'LYHUVLGDGHV
FULDQoD VHQGR IXQGDPHQWDO SDUD R GHVHQYROYLPHQWR
SHVVRDODRORQJRGDYLGD
6HDFHLWDUPRVTXHDFRPXQLFDomRpXPSURFHVVR
GHGHVHQYROYLPHQWRGHRULJHPVRFLDOHTXHDOLQJXD
JHPRUDOpXPYHtFXORTXHRULJLQDDFWRVGHFRPXQLFD
omRHQFRQWUDPRVQDVFULDQoDVFRP'0±PHVPRWHQ
GRGp¿FHVGLVWLQWRV±DOWHUDo}HVGRGHVHQYROYLPHQWR
GRSURFHVVRGDFRPXQLFDomR(VWDVFULDQoDVPHVPR
SRVVXLQGRDOJXPSRWHQFLDODRQtYHOGDOLQJXDJHPRUDO
GHVFRQKHFHPPXLWDVGDVYH]HVRVHXYDORUFRPRIHU
UDPHQWDGHFRPXQLFDomR$OLQJXDJHPFRQVWLWXLVHP
G~YLGDXPGRVPDLRUHVGHVD¿RVQDHGXFDomRGDSHV
VRDFRP'0(VSHFLDOLVWDVHPFRPXQLFDomRHOLQJXD
JHPWrPPRVWUDGRTXHDVVXDVFRPSHWrQFLDVOLQJXtV
WLFDVQmRDFRPSDQKDPDVFRJQLWLYDV(PFRQFUHWRQD
iUHD GD FRPXQLFDomR H OLQJXDJHP HVWHV LQGLYtGXRV
SRGHP PDQLIHVWDU HVFDVVD UHDFWLYLGDGH H LQLFLDWLYD
QDV LQWHUDFo}HV XVR GD OLQJXDJHP GH IRUPD HVWHUH
RWLSDGDHGHVDGHTXDGDDRFRQWH[WREDL[RVQtYHLVGH
FRPXQLFDomRHHVFDVVDXWLOL]DomRGDOLQJXDJHPSDUD
DV GLVWLQWDV IXQo}HV LQVWUXPHQWDO SDUD D FRQFUHWL
]DomR GH GHVHMRVQHFHVVLGDGHV UHJXODGRUD SDUD
FRQWURODU R FRPSRUWDPHQWR GRV RXWURV LQWHUDFFLRQDO
SDUDSDUWLFLSDUVRFLDOPHQWHSHVVRDOSDUDH[SUHVVDU
RSLQL}HVSHVVRDLVLPDJLQDWLYDSDUDIDQWDVLDUKHX
UtVWLFDSDUDREWHULQIRUPDo}HVHLQIRUPDWLYDSDUDGDU
LQIRUPDo}HV$OLQJXDJHPDFDEDSRUHVWDUPDLVRULHQ
WDGDSDUDDH[SUHVVmRGHGHVHMRVLQVWUXPHQWDOSDUD
DDFWXDomRVREUHRPHLRUHJXODGRUDHPDLVOLPLWDGD
SDUDWRGDVDVRXWUDVIXQo}HV
2Gp¿FHGHFRPXQLFDomRQD'0FDUDFWHUL]DVHSRU
XPGHVHQYROYLPHQWROHQWRHQmRWDQWRSRUGHVYLDQWH
XPDYH]TXHVHJXHDVPHVPDVHWDSDVTXHRGDFULDQ
oDVHPDWUDVRQRHQWDQWRQmRFKHJDDFRPSOHWDUVH
RXVHMDQmRpKRPRJpQHR
$7ULVVRPLDWHPVLGRWDOYH]RJUXSRPDLVHVWX
GDGRSDUDFDUDFWHUL]DUHLOXVWUDUHPJHUDORGHVHQYRO
YLPHQWRGDOLQJXDJHPQD'0&RPSDUDGDVFRPFULDQ
oDVGHGHVHQYROYLPHQWRQRUPDOHVWDVDSUHVHQWDPXP
DWUDVRFRQVLGHUiYHOQDOLQJXDJHPGDGRTXHDPHVPD
HVWiUHODFLRQDGDFRPDHYROXomRGHRXWUDViUHDVGH
GHVHQYROYLPHQWRDVVLPFRPRFRPDVXDFDSDFLGDGH
HRSRUWXQLGDGHGHLQWHUDFomR³$SDUWLFLSDomRGHVWDV
FULDQoDVQDLQWHUDFomRVRFLDOFRPRVRXWURVHSRUWDQWR
DVRSRUWXQLGDGHVGHDSUHQGL]DJHPQDWXUDOGDOLQJXD
JHPHGHFRQFHLWRVpLQÀXHQFLDGDSHORIDFWRGHGH
PRUDUHPPDLVGRTXHDVRXWUDVFULDQoDVDSURFHVVDUH
DUHDJLUDRVHVWtPXORVUHFHELGRVHWDPEpPSHORIDFWR
GHDSUHVHQWDUHPXPQtYHOGHDFWLYLGDGHWmREDL[RTXH
DLQWHUDFomRpFRQWURODGDSHORVDGXOWRV´5\DQ
FLWSRU7HW]FKQHU0DUWLQVHQ
,QGHSHQGHQWHPHQWH GRV DJHQWHV FDXVDGRUHV GD
'0H[LVWHPDOJXPDVFDUDFWHUtVWLFDVTXHSRGHPDMX
GDUDWUDoDURSHU¿OOLQJXtVWLFRGHVWDVFULDQoDV
2GHVHQYROYLPHQWRSUpOLQJXtVWLFRTXHRFRUUHQRU
PDOPHQWHQRVSULPHLURVPHVHVHpPDUFDGRSHOR
DSDUHFLPHQWR GDV SULPHLUDV SDODYUDV QXPD FULDQoD
FRP'0PRGHUDGDRXVHYHUDSRGHRFRUUHUDSHQDV
SRUYROWDGRVRXDQRV5RQGDO(GZDUGV
'XUDQWHHVWHSHUtRGRDFULDQoDDSUHQGHRVSULQFtSLRV
EiVLFRVGDFRPXQLFDomRKXPDQDSULPHLURDXPQtYHO
QmR YHUEDO FKRUR H[SUHVVmR IDFLDO FRQWDFWR RFXODU
EDOEXFLRHPDLVWDUGHQDSURGXomRGHSDODYUDV8PD
GDV FDUDFWHUtVWLFDV PDLV LPSRUWDQWHV GHVVD OLQJXD
JHP p D GLIHUHQoD H[LVWHQWH HQWUH D VXD FDSDFLGDGH
GH FRPSUHHQVmR H D VXD FDSDFLGDGH GH H[SUHVVmR
$GL¿FXOGDGHpIUHTXHQWHPHQWHPDLRUQDSURGXomRGH
OLQJXDJHPRXVHMDDRQtYHOGDH[SUHVVmR
1D PRUIRORJLD DSUHVHQWDP HQRUPHV GL¿FXOGDGHV
DR QtYHO GRV PRUIHPDV JUDPDWLFDLV DUWLJRV SUHSRVL
o}HVORFDWLYDVSOXUDLVUHJXODUHVHLUUHJXODUHVFRQFRU
GkQFLDHQWUHJpQHURHQ~PHURGHDUWLJRVHSURQRPHV
FRQFRUGkQFLDVYHUEDLVIRUPDVDGMHFWLYDLVFRPSDUD
WLYRHVXSHUODWLYRHDGYpUELRV1RGHVHQYROYLPHQWR
QRUPDOGDOLQJXDJHPDVFULDQoDVDSUHQGHPDPRUIR
ORJLD GH PDQHLUD LQFRQVFLHQWH DR PHVPR WHPSR TXH
IDODPHQTXDQWRTXHDVFULDQoDVFRP'0WrPPDLRUHV
GL¿FXOGDGHVSRUTXHDOpPGDVVXDVOLPLWDo}HVFRJQL
WLYDVHGHDEVWUDFomRQDFRPSUHHQVmRGDOLQJXDJHP
DSUHVHQWDPLJXDOPHQWHDOWHUDo}HVQDIDOD
2XWUD GDV PDLRUHV GL¿FXOGDGHV HQIUHQWDGDV SRU
HVWD SRSXODomR p D VLQWD[H LVWR p D JUDPiWLFD TXH
SHUPLWH RUJDQL]DU VHJXQGR GHWHUPLQDGDV QRUPDV
DVYiULDVSDODYUDVGHQWURGHXPDIUDVHDHODERUDomR
GH IUDVHV VLPSOHV H FRPSOH[DV R WLSR GH IUDVHV TXH
SRGHPVHUFRQVWUXtGDVDHVWUXWXUDHDVIXQo}HVVLQ
WiFWLFDVTXHSHUPLWHPTXHKDMDFRQFRUGkQFLDHQWUHR
VXMHLWRHRYHUEREHPFRPRDXWLOL]DomRGRVGLIHUHQ
WHVWHPSRVYHUEDLV3DUDDOJXPDVFULDQoDVFRP'0D
OHLWXUDGHVLJQRVSLFWRJUi¿FRVHGHSDODYUDVSRGHUi
VHUXPUHFXUVRYDOLRVRSDUDDMXGiODVDLQWHULRUL]DUDV
UHJUDVGDVLQWD[H
1RTXHGL]UHVSHLWRjSUDJPiWLFDTXHQRVSRVVLEL
OLWDXWLOL]DUDOLQJXDJHPQRVYiULRVFRQWH[WRVSUiWLFRV
GH LQWHUDFomR FRPXQLFDWLYD WDPEpP VH HQFRQWUDP
Gp¿FHV (VWDV FULDQoDV WrP GL¿FXOGDGH HP XWLOL]DU D
OLQJXDJHPSDUDRFRQWDFWRVRFLDORXVHMDFXPSULPHQ
WDURVVHXVLQWHUORFXWRUHVVDEHUHVSHUDUSHODVXDYH]
QD FRQYHUVDomR VHU FDSD] GH FDSWDU D DWHQomR GRV
VHXVSDUFHLURVGHFRPXQLFDomRDWUDYpVGHHVWUDWpJLDV
QmRYHUEDLVFRQWDFWRRFXODUWRFDUDSRQWDUHYHUEDLV
LQLFLDU PDQWHU HRX WHUPLQDU XP GLiORJR ID]HU PRGL
¿FDo}HVVHPkQWLFDVVLQWiFWLFDVFRQIRUPHDSHVVRDD
TXHP VH GLULJH H ¿QDOPHQWH GLYHUVL¿FDU D XWLOL]DomR
GDVYiULDVIXQo}HVFRPXQLFDWLYDV
$RQtYHOGDIDODH[LVWHXPDPDLRULQFLGrQFLDSDUD
RVSUREOHPDVDUWLFXODWyULRV$VFULDQoDVFRP'0OLJHL
UDDWrPXPDOHYHLQFLGrQFLDGHGL¿FXOGDGHV
DUWLFXODWyULDVHQTXDQWRTXHQD'0PRGHUDGDHVHYH
UDDVXUJHPJUDQGHVSUREOHPDVDUWLFXODWy
ULRV5RQGDO(GZDUGV
3RU H[HPSOR QDV FULDQoDV FRP 7ULVVRPLD Ki
XPDLQFLGrQFLDDFHQWXDGDGHSUREOHPDVDUWLFXODWyULRV
DVVRFLDGRV WDPEpP jV DOWHUDo}HV DQDWRPR¿VLROyJL
FDV FDUDFWHUL]DGDV SRU XPD FDYLGDGH EXFDO SHTXH
QDPDFURJORVVLDSURWUXVmRGDOtQJXDHKLSRWRQLDQRV
P~VFXORV GD IDOD QRPHDGDPHQWH OtQJXD OiELRV SD
ODWR PROH H P~VFXORV GD UHVSLUDomR 'H DFRUGR FRP
2XWXEUR'H]HPEUR
WRDPELHQWH'LPHQVmR96HPHOKDQWHDRVQtYHLVGH
IXQFLRQDOLGDGHGRFRUSRGD&ODVVL¿FDomR,QWHUQDFLR
QDOGD)XQFLRQDOLGDGH,QFDSDFLGDGHH6D~GH&,)H
GD2UJDQL]DomR 0XQGLDO GH6D~GH 206 D 'LPHQ
VmR,GD$$05H[LJHXPDDYDOLDomRGDIXQomRLQWHOHF
WXDOHDGHWHUPLQDomRGHXPDOLPLWDomRVLJQL¿FDWLYD$
'LPHQVmR,,pDDYDOLDomRGRFRPSRUWDPHQWRDGDSWDWL
YRFRQFHSWXDOPHQWHVHPHOKDQWHDRQtYHOGHDFWLYLGD
GHSDUDD&,)HPTXHXPDSHVVRDGHYHVHUFDSD]GH
H[HFXWDUXPDWDUHID7DOFRPRQD&,)QD'LPHQVmR,,,
VmRFRQVLGHUDGRVQDDYDOLDomRDFDSDFLGDGHGHSDUWL
FLSDomRGHLQWHUDFomRHRVSDSpLVVRFLDLVGDSHVVRD
1D'LPHQVmR,9DVD~GHpDYDOLDGDWHQGRHPHVSHFLDO
DWHQomRDDQiOLVHGDVFRQGLo}HVGHVD~GHTXHSRGHP
DIHFWDUDVGLPHQV}HVDFLPDGHVFULWDV(VWDGLPHQVmR
HVWiUHODFLRQDGDFRPDFRPSUHHQVmRGRHQYROYLPHQWR
GDVHVWUXWXUDVHIXQo}HVGRFRUSR
$ ~OWLPD 'LPHQVmR 9 p D LQÀXrQFLD GR FRQWH[WR
RQGHRLQGLYtGXRHVWiLQVHULGRVREUHRFRPSRUWDPHQWR
GR PHVPR$VVLP D$$05 H D &,) EDVHLDPVH HP
PRGHORV GH GH¿FLrQFLD TXH VmR DOWDPHQWH FRPSDUi
YHLVHSHUPLWHPDYDOLDUSODQHDUHGH¿QLURVUHFXUVRV
DGHTXDGRVSDUDHQIUHQWDUDVOLPLWDo}HVIXQFLRQDLVQD
3UiWLFDVGH$YDOLDomR
PDLRULDGDVDFWLYLGDGHVGLiULDVWDLVFRPRDFRPSUH
27)GHYHSURPRYHUDYDOLDo}HVQRkPELWRGDFR
HQVmR H XVR GD OLQJXDJHP DSUHQGL]DJHP PRELOLGD
PXQLFDomR GD OLQJXDJHP GD IDOD GD PRWULFLGDGH
GHDXWRQRPLDRULHQWDomRHFDSDFLGDGHSDUDXPDYLGD
RURIDFLDOGDGHJOXWLomRHRXWUDVWHQGRHPFRQWDRV
DXWyQRPD$V HTXLSDV QR SODQHDPHQWR GD DYDOLDomR
DVSHFWRVVRFLRFXOWXUDLVFRPRWDPEpPRSDSHOGDVID
GHYHPFRQVLGHUDU WDQWRDYLVmRJOREDO GH GH¿FLrQFLD
PtOLDVHGHRXWURVSDUFHLURVFRPXQLFDWLYRVQRSURFHV
IRUQHFLGDQRTXDGURGD&,)EHPFRPRDVPDLVHVSH
VRDYDOLDWLYR
Ft¿FDVUHODFLRQDGDVFRPDGH¿FLrQFLDPHQWDO
6KDSLURFLWSRU5RQGDO(GZDUGVDSUH
VHQWDLJXDOPHQWHSURJQDWLVPR$VGHIRUPLGDGHVGHQ
WiULDVSRGHPHVWDUSUHVHQWHVHWXGRLVWRSRGHUiRULJL
QDUDOWHUDo}HVQDRFOXVmRGHQWiULDHQDUHVVRQkQFLD
,QGXELWDYHOPHQWHDVFDSDFLGDGHVFRJQLWLYDVLQWHU
YrPGHIRUPDGHFLVLYDQDDTXLVLomRDGHTXDGDGDOLQ
JXDJHP H DFDEDP SRU DIHFWDU DV FULDQoDV FRP '0
(VWDV DSUHVHQWDP GL¿FXOGDGH HP ID]HU JHQHUDOL]D
o}HVDVXDPHPyULDDXGLWLYDpPHQRUDFXUWRSUD]R
R SURFHVVDPHQWR H FRPSUHHQVmR GR TXH HVFXWDP p
OHQWR GHPRQVWUDP GL¿FXOGDGH SDUD VHOHFFLRQDU XPD
GHWHUPLQDGDSDODYUDGRVHXFDPSROH[LFDOHVHPkQWL
FRHRVHXSHQVDPHQWRDEVWUDFWRpJHUDOPHQWHPDLV
OLPLWDGR
7RGRV HVWHV IDFWRUHV ID]HP FRP TXH DV SHVVRDV
FRP HVWD SUREOHPiWLFD GHVHQYROYDP XPD OLQJXDJHP
PDLV FRQFUHWD TXDQWR DR FRQWH~GR VHQGR R FRPSUL
PHQWRPpGLRGRVVHXVHQXQFLDGRVFXUWRHGHJUDPi
WLFDVLPSOHVRXLQFRUUHFWD(VWDVOLPLWDo}HVDFHQWXDP
VHTXDQGRDVVRFLDGDVjSUHVHQoDGHDOWHUDo}HVQD
FRPSRQHQWHSHUFHSWLYDVHQVRULDOHRXItVLFD
3UiWLFDVGH,QWHUYHQomR
2 7) SUHVWD VHUYLoRV GH DYDOLDomR H LQWHUYHQomR
HPSDUFHULDFRPRXWURVSUR¿VVLRQDLV$OHJLVODomRYL
JHQWHHDVSUiWLFDVUHFRPHQGDGDVUHTXHUHPXPSUR
FHVVRGHFRODERUDomRTXHHQYROYHXPDHTXLSDPXOWL
IDFHWDGDLQFOXLQGRIDPtOLDVSUR¿VVLRQDLVGHVD~GHGH
HGXFDomRHQWUHRXWURV(VWDVHTXLSDVHVWDEHOHFHPH
FRRUGHQDPRVVHUYLoRVTXHVmRFHQWUDGRVQDIDPtOLD
FXOWXUDOPHQWHDSURSULDGRVDEUDQJHQWHVHTXHSURGX
]HPUHVXOWDGRVVLJQL¿FDWLYRVQDVVXDVYLGDV$DERU
1HVWH VHQWLGR VmR GHVFULWDV FLQFR GLPHQV}HV GD GDJHPHPHTXLSDpFRQVLGHUDGDDPHOKRUSUiWLFDSDUD
IXQFLRQDOLGDGH GR LQGLYtGXR TXH LQFOXHP FDSDFLGD DFRPSDQKDUDSHVVRDFRPQHFHVVLGDGHVHVSHFLDLVH
GHVLQWHOHFWXDLV'LPHQVmR,FRPSRUWDPHQWRDGDSWD DV VXDV IDPtOLDV 5HFRQKHFHU H DWULEXLU R SDSHO GDV
WLYR'LPHQVmR,,SDUWLFLSDomRLQWHUDFo}HVHSDSpLV IDPtOLDVQRGHVHQYROYLPHQWRHQDDSUHQGL]DJHPGRV
VRFLDLV'LPHQVmR,,,VD~GH'LPHQVmR,9FRQWH[ LQGLYtGXRV FRP '0 SHUPLWH DR7) SUHVWDU XP DSRLR
'LYHUVLGDGHV
WHUDSrXWLFR PDLV DGHTXDGR H FULDU UHFXUVRV TXH JD
UDQWDPRSRUWXQLGDGHVGHDSUHQGL]DJHPVLJQL¿FDWLYDV
HGHVDWLVIDomRGDVIDPtOLDV
$ SUiWLFD FHQWUDGD QD IDPtOLD p XP GHVD¿R WDQWR
SDUD R 7) FRPR SDUD RV XWHQWHV H VHXV Q~FOHRV ID
PLOLDUHV 'LIHUHQoDV QDV ¿ORVR¿DV H DERUGDJHQV GH
DYDOLDomRHLQWHUYHQomRSDUDSHVVRDVFRP'0SRGHP
OHYDUDLPSDVVHVQDVHOHFomRHLPSOHPHQWDomRGHHV
WUDWpJLDVSUiWLFDV
$V GLPHQV}HV H RV FRQWH~GRV GH LQWHUYHQomR QD
iUHD GD OLQJXDJHP QmR SRGHP VHU GH¿QLGRV GH IRU
PD VLPSOLVWD QHP HVWDQGDUGL]DGD$ REVHUYDomR GR
VHJXLQWH HVTXHPD SRGHUi DMXGDU D FRPSUHHQGHU XP
SRXFRDDERUGDJHPLQWHUYHQWLYDGR7)
)LJXUD$ERUGDJHP,QWHUYHQWLYDGR7HUDSHXWDGD)DOD
$VVLPVHQGRRVREMHFWLYRVSULQFLSDLVGHVWHSUR¿V
VLRQDOVHUmR
$MXVWDU RV QtYHLV GH LQWHUDFomR FRPXQLFDWLYD HQWUH D
FULDQoDHRVSDLVIDPtOLDDMXGDQGRHVWHV~OWLPRVDLGHQWL¿
FDURQtYHOFRPXQLFDWLYRGDFULDQoDHHQVLQDQGRRVDYDORUL
]DUWRGDVDVLQLFLDWLYDVGHFRPXQLFDomR$RID]HUXPUHJLVWR
DXGLRYLVXDOGHVWDVLQWHUDFo}HVR7)SRGHUiQmRVyDMXGDU
DVIDPtOLDVDLGHQWL¿FDURSRWHQFLDOFRPXQLFDWLYRGDFULDQoD
PDV WDPEpP D VDEHU VREUHLQWHUSUHWiOR LQGR DR HQFRQWUR
GR VHX QtYHO ySWLPR GH GHVHQYROYLPHQWR OLQJXtVWLFR H DX
PHQWDQGRDVXDDFWLYLGDGHHPRWLYDomRFRPXQLFDWLYD
5HFROKHU H REWHU LQIRUPDo}HV VREUH R SRVVtYHO GLDJ
QyVWLFRGHGH¿FLrQFLDPHQWDO
)DFLOLWDUSURPRYHU DV FDSDFLGDGHV FRPXQLFDWLYDV TXH
OHYHPjDXWRQRPLDGDFULDQoD
7RUQDU D FULDQoD SDUWLFLSDQWH DFWLYD QR VHQWLGR GHOD
SUySULDVHUFDSD]GHH[HUFHULQÀXrQFLDQRVYiULRVFRQWH[WRV
DWUDYpVGDFRPXQLFDomRVHQGRDLQWHUYHQomRSUHFRFHXP
IDFWRUGHWHUPLQDQWHSDUDRVXFHVVRGDDERUGDJHPWHUDSrX
WLFDDVVXPLQGRWDPEpPXPSDSHOGHSUHYHQomR
1RTXHFRQFHUQHjSUHYHQomRHVWDFDWHJRUL]DVH
HPWUrVQtYHLV
3UHYHQomR3ULPiULD±LQFOXLLQIRUPDomRDFHUFDGHFXLGD
GRVSDUHQWDLVHFXLGDGRVGHVD~GH
3UHYHQomR6HFXQGiULD±GHWHFomRSUHFRFHHWUDWDPHQWR
GHDOWHUDo}HVGDFRPXQLFDomR$GHWHFomRHRWUDWDPHQWR
DQWHFLSDGROHYDPjHOLPLQDomRRXPLQLPL]DomRGRVSUREOH
PDVSUHYHQLQGRGHVVDIRUPDFRPSOLFDo}HVDORQJRSUD]R
3UHYHQomR 7HUFLiULD ± GHYROYHU IXQFLRQDOLGDGH HIHFWLYD
DWUDYpV GD UHDELOLWDomR H SURYLGHQFLDU VHUYLoRV D SHVVRDV
FRP GH¿FLrQFLD PHQWDO SDUD DOFDQoDU XPD FRPXQLFDomR
IXQFLRQDOySWLPD
&RPXQLFDomR$XPHQWDWLYDH$OWHUQDWLYD
3DUDSURSRUFLRQDUjFULDQoDFRP'0XPDFRPXQL
FDomRIXQFLRQDOSRGHUiQmRVHUHFRUUHUjXWLOL]DomRGH
XPDFRPXQLFDomRYHUEDORUDOIDODPDVjUHDOL]DomR
GHJHVWRVVtPERORVHVLJQRVDWUDYpVGRVTXDLVHVWD
SRVVDH[SUHVVDUDVVXDVQHFHVVLGDGHVHHVWDEHOHFHU
LQWHUDFo}HVVRFLDLV$FRPXQLFDomRDOWHUQDWLYDSRGHUi
VHUDVXDSULQFLSDOIRUPDGHFRPXQLFDomR$TXHODVTXH
DSUHVHQWDPSUREOHPDVGHIDODPHQRVJUDYHVSRGHP
SUHFLVDUGDFRPXQLFDomRDOWHUQDWLYDSDUDDSUHQGHUD
IDODURXSDUDDXPHQWDUDVXDFRPXQLFDomRWRUQDQGR
DIDODPDLVLQWHOLJtYHO$&RPXQLFDomR$XPHQWDWLYDH
$OWHUQDWLYD&$$LPSOLFDRXVRGHIRUPDVQmRIDODGDV
FRPRFRPSOHPHQWRRXVXEVWLWXWRGDOLQJXDJHPIDODGD
SRGHQGR DVVLP VHU UHOHYDQWH SDUD HVWH S~EOLFRDOYR
$OJXQVLQGLYtGXRVSHUWHQFHUmRDRJUXSRFRPQHFHVVL
GDGHGHXPPHLRGHH[SUHVVmRRXWURVQHFHVVLWDUmR
GHXPDOLQJXDJHPGHDSRLRDOWHUQDWLYD1HVWHFDVRR
REMHFWLYRGDLQWHUYHQomRDWUDYpVGD&$$pDFHOHUDUD
DTXLVLomRGDIDODHPHOKRUDUDTXDOLGDGHGDLQWHUDFomR
GXUDQWHRSHUtRGRTXHDDQWHFHGH$RPHVPRWHPSR
DVVHJXUDVHXPDOLQJXDJHPDOWHUQDWLYDSDUDDVSHV
VRDVTXHQmRGHVHQYROYHPRXTXDVHQmRFKHJDPD
GHVHQYROYHUDIDOD1mRVHSUHWHQGHTXHDXWLOL]DomR
GH VLJQRV JHVWXDLV YHQKD VXEVWLWXLU D IDOD PDV VLP
SURPRYHUDFRPSUHHQVmRHRXVRGDPHVPDIXQFLR
QDQGRFRPR³WUDPSROLP´SDUDRVHXGHVHQYROYLPHQWR
4XDQGR H[LVWH XPD GLIHUHQoD VLJQL¿FDWLYD HQWUH D
FRPSUHHQVmR H D H[SUHVVmR GD OLQJXDJHP QD GH¿
FLrQFLD PHQWDO R REMHFWLYR GD LQWHUYHQomR FRQVLVWLUi
HPSURSRUFLRQDUXPPHLRGHFRPXQLFDomRDOWHUQDWLYR
TXHVHUiDVXDIRUPDGHH[SUHVVmRDVHUXWLOL]DGRHP
WRGDVDVVLWXDo}HVHSDUDRUHVWRGDYLGD$FRPSUH
HQVmRSRGHUiQmRVHURREMHFWLYRSULQFLSDOGDLQWHUYHQ
2XWXEUR'H]HPEUR
omRYDORUL]DQGRVHDVVLPDUHODomRHQWUHDOLQJXDJHP
RUDOXWLOL]DGDQRPHLRRQGHRLQGLYtGXRHVWiLQVHULGRH
DIRUPDDOWHUQDWLYDTXHHOHXVDSDUDVHH[SUHVVDU
'H XPD IRUPD JHUDO SUHWHQGHVH TXH D LQWHUYHQ
omR VHMD HQFDUDGD FRPR XP FRQMXQWR GH QHFHVVLGD
GHV HVSHFt¿FDV GH HGXFDomRUHDELOLWDomRKDELOLWDomR
FXMR LQtFLR GHYH SURFHVVDUVH R PDLV SUHFRFHPHQWH
SRVVtYHO
$LQWHUYHQomRQDFRPXQLFDomRHVWiIRFDGDQRFRQ
WH[WRGHLQWHUDFo}HVTXHRVLQGLYtGXRVFRPGH¿FLrQFLD
PHQWDOVHGHSDUDPQRVVHXVDPELHQWHVQDWXUDLV(QVL
QDUFRPXQLFDomRQRFRQWH[WRQDWXUDOGDVFULDQoDVWHP
VpULDVYDQWDJHQV2VSDUHVWtSLFRVVHUYHPGHPRGHOR
SDUD DV FRPSHWrQFLDV GH FRPXQLFDomR H WrP PRV
WUDGR VHU EDVWDQWH H¿FD]HV QR HQVLQR GH HVWUDWpJLDV
DRVVHXVFROHJDVFRPGH¿FLrQFLDPHQWDO27)SRGH
WLUDUYDQWDJHPGDDOWDPRWLYDomRLQHUHQWHTXDQGRDV
FULDQoDVGHVHMDPHVROLFLWDPDFWLYLGDGHVQRDPELHQWH
QDWXUDO(VWDDERUGDJHPSRGHVHUDGLFLRQDGDjVQX
PHURVDV RSRUWXQLGDGHV GH HQVLQR H DSUHQGL]DJHP
TXHRFRUUHPDRORQJRGRGLDQDYDULHGDGHGHURWLQDV
HDFWLYLGDGHV2VVHUYLoRVGHWHUDSLDGDIDODHQYROYHP
RHQVLQRDWRGRVRVSUHVWDGRUHVGHFXLGDGRVSDUDIRU
QHFHUHVWUDWpJLDVGHFRPXQLFDomRQRVGLIHUHQWHVDP
ELHQWHVRQGHHVWmRLQWHJUDGDVDVIDPtOLDV
$VSUiWLFDVQDViUHDVGDFRPXQLFDomROLQJXDJHP
IDODHSHUWXUEDo}HVUHODFLRQDGDVHVWmRHPFRQVWDQWH
GHVHQYROYLPHQWR H HYROXomR SHOR TXH p QHFHVViULR
DSHUIHLoRDU FRQKHFLPHQWRV LPSOHPHQWDU WpFQLFDV GH
LQWHUYHQomR H¿FD]HV DWUDYpV GD SUHYHQomR HRX RX
WURVSURJUDPDVeIXQGDPHQWDOSDUDR7)VHJXLUQR
YDVRULHQWDo}HVHDFRPSDQKDULQYHVWLJDo}HVQDiUHD
GD HGXFDomR TXH UHSUHVHQWHP UHVSRVWDV SURGXWLYDV
FRPRREMHFWLYRGHFRUUHVSRQGHUjVQHFHVVLGDGHVGD
SHVVRDFRPGH¿FLrQFLDPHQWDOHGDVVXDVIDPtOLDV
5HIHUrQFLDV%LEOLRJUi¿FDV
$PHULFDQ6SHHFK/DQJXDJH+HDULQJ$VVRFLDWLRQ3ULQFLSOHVIRU6SHHFK
/DQJXDJH3DWKRORJLVWV6HUYLQJ3HUVRQV:LWK0HQWDO5HWDUGDWLRQ'HYHORSPHQWDO'LV
DELOLWLHV'LVSRQtYHOQR85/KWWSZZZDVKDRUJGRFVKWPO75KWPO$FHGL
GRHPGH2XWXEURGH
$PHULFDQ 6SHHFK/DQJXDJH+HDULQJ $VVRFLDWLRQ 5ROHV DQG 5HVSRQ
VLELOLWLHV RI 6SHHFK/DQJXDJH 3DWKRORJLVWV 6HUYLQJ 3HUVRQV :LWK 0HQWDO 5HWDUGD
WLRQ'HYHORSPHQWDO 'LVDELOLWLHV 'LVSRQtYHO QR 85/ KWWSZZZDVKDRUJGRFVKWPO
*/KWPO$FHGLGRHPGH2XWXEURGH
&DUYDOKR(0DFLHO'1RYD&RQFHSomRGH'H¿FLrQFLD0HQWDOVHJXQ
GRD$PHULFDQ$VVRFLDWLRQRQ0HQWDO5HWDUGDWLRQ$$056LVWHPD7HPDVGH
3VLFRORJLDGD6%3YRO%UDVtOLD
5RQGDO - (GZDUGV 6 /DQJXDJH LQ 0HQWDO 5HWDUGDWLRQ 8. :KXUU
3XEOLVKHUV/WG
7HW]FKQHU60DUWLVHQ+,QWURGXomRj&RPXQLFDomR$XPHQWDWLYDH
$OWHUQDWLYD3RUWR3RUWR(GLWRUD
9LHLUD)3HUHLUD06HKRXYHUDTXHPPHHQVLQDUDDHGXFDomRGH
SHVVRDVFRPGH¿FLrQFLDPHQWDO(GLomR/LVERD)XQGDomR&DORXVWH*XOEHQNLDQ
7HUDSLD2FXSDFLRQDO
$$UWHHD&LrQFLDGD$FomR
$(TXLSDGR6HUYLoRGH'LDJQyVWLFRH7HUDSrXWLFDÈUHDGD7HUDSLD2FXSDFLRQDO
6HQGRDWHUDSLDRFXSDFLRQDODDUWHHDFLrQFLDGH
GLULJLUDUHVSRVWDGR+RPHPDXPDDFWLYLGDGHVHOHF
FLRQDGD p HQWmR DWUDYpV GHVWD TXH DV SHVVRDV VmR
HVWLPXODGDVSDUDDUHDOL]DomRGHWDUHIDVTXHPDQWrP
UHFXSHUDPUHRUJDQL]DPRXGHVHQYROYHPDVVXDVFD
SDFLGDGHV PRWLYDo}HV H HVWLORV GH YLGD QHFHVViULRV
SDUDDVXDLQWHJUDomRHLQVHUomRVRFLDO
1RkPELWRGDDFWXDomRFRPDSHVVRDFRPGH¿FLrQ
FLDPHQWDORWHUDSHXWDRFXSDFLRQDOGLUHFFLRQDDVXD
LQWHUYHQomRLQGLYLGXDOPHQWHRXHPJUXSRFRPRRE
MHFWLYR GH SURPRYHU R EHPHVWDU UHGX]LU RX SUHYHQLU
GLVIXQo}HVHVWLPXODUHPHOKRUDUFDSDFLGDGHVIXQFLR
QDLVHVVHQFLDLVTXHWRUQDPRLQGLYtGXRPDLVDGDSWDGR
'LYHUVLGDGHV
HLQVHULGRQRVHXPHLRVRFLDO3DUDWDOpQHFHVViULR GLDDGLD
1XPD TXDUWD IDVH GHVHPSHQKR RFXSDFLRQDO GRV
DERUGDUDVXDIDPtOLDRVHXDPELHQWHTXHUVHMDPRV
FRQWH[WRV QDWXUDLV FRPR R GRPLFtOLR TXHU VHMDP RV VHXVSDSpLVDSHVVRDDVVXPHWRGRVRVSDSpLVRFX
HVSDoRVGHWUDEDOKRGHHVWXGRGHOD]HURXRXWURVH SDFLRQDLVQDVVXDVURWLQDVGLiULDVTXHUHPFDVDTXHU
QDFRPXQLGDGH$SHVVRDDGTXLUHRPDLVDOWRQtYHOGH
DVXDUHGHGHUHODo}HVVRFLDLV
$WUDYpVGDLQGLFDomRGDSUHVFULomRHGDFRQIHFomR LQGHSHQGrQFLDQRVGLYHUVRVFRQWH[WRVSHORTXHDLQ
GH DGDSWDo}HV IXQFLRQDLV IDFLOLWDVH RX DWp PHVPR WHUYHQomRGDWHUDSLDRFXSDFLRQDOpSURJUHVVLYDPHQWH
SRVVLELOLWDVHRGHVHPSHQKRGDVDFWLYLGDGHVGHYLGD GLPLQXtGD
GLiULDDOLPHQWDomRKLJLHQHYHVWXiULRORFRPRomRFR
PXQLFDomRGDVDFWLYLGDGHVGHOD]HURXODERUDLV
2WHUDSHXWDRFXSDFLRQDOWUDEDOKDFRPDSHVVRDHP
DFWLYLGDGHDYDOLDQGRRVHXGHVHPSHQKRRFXSDFLRQDO
QRTXHVHUHIHUHjKDELOLGDGHSDUDGHVHPSHQKDUWDUH
IDV 'HVWD IRUPD LQFLGH QRV SDSpLV RFXSDFLRQDLV GH
PRGRVDWLVIDWyULRHDSURSULDGRDRHVWDGRGHGHVHQYRO
YLPHQWR FXOWXUDO H DPELHQWDO GR LQGLYtGXR GH DFRUGR
FRPDGLQkPLFDLQVWLWXFLRQDO
(PUHODomRDRDWHQGLPHQWRGHFULDQoDVFRPGH¿FL
rQFLDPHQWDORWHUDSHXWDGHEUXoDVHHVVHQFLDOPHQWH
VREUH R WUHLQR GDV FRPSHWrQFLDV VHQVyULRPRWRUDV
FRJQLWLYDV H VRFLDLV SUHFRQL]DQGR D VXD LQWHJUDomR
7HQGRFRPREDVHDPHWRGRORJLDWHyULFDRWHUDSHX
QRPHLRHVFRODUHDFRPSDQKDQGRRVHXSHUFXUVRQDV
YiULDV HWDSDV GR GHVHQYROYLPHQWR FRP YLVWD D XP WDRFXSDFLRQDODYDOLDDDFomRGDSHVVRDFRPGH¿FLrQ
FLDPHQWDOHLQWHUYpPDWUDYpVGHSURJUDPDVFRPSRUWD
PHOKRUGHVHPSHQKRRFXSDFLRQDO
$ QHFHVVLGDGH GH SUDWLFDU FRPSHWrQFLDV VRFLDLV PHQWDLVDOWHUQDWLYRVWDLVFRPRFRPSHWrQFLDVVRFLDLV
SDUD SHVVRDV FRP GH¿FLrQFLD PHQWDO EDVHLDVH QD FRPSHWrQFLDVGDYLGDGLiULDHFRPSHWrQFLDVGHRULHQ
WDomRHGXFDWLYDHODERUDO
DSOLFDomR WHyULFD GR 0RGHOR GH
$WHUDSLDRFXSDFLRQDODERUGD
'HVHPSHQKR 2FXSDFLRQDO (VWH
26HU+XPDQRGHVHQYROYHDVXDYLGD
DV GLPHQV}HV ELROyJLFDV SVLFR
PRGHOR GHIHQGH TXH R WUDWDPHQWR
HPSOHQLWXGHDWUDYpVGDDFomR
OyJLFDV H VRFLDLV GD RFXSDomR
p FRQWtQXR H VH GLYLGH HP TXDWUR
$XWRUGHVFRQKHFLGR
VHPSUHHPFRQVRQkQFLDFRPDV
IDVHV
QHFHVVLGDGHV GD SHVVRD SRU
1XPD SULPHLUD IDVH PpWRGRV
DGMXYDQWHVRWHUDSHXWDRFXSDFLRQDOSUHSDUDDSHVVRD TXHDFUHGLWDTXHRVHULQWHJUDOpDTXHOHTXHSRWHQFLD
SDUDRGHVHPSHQKRRFXSDFLRQDODWUDYpVGDSURPRomR OL]DDVVXDVKDELOLGDGHVVHQVyULRPRWRUDVFRJQLWLYDV
GHH[HUFtFLRVWpFQLFDVWHUDSrXWLFDVSRVLFLRQDPHQWRV HSVLFRVRFLDLVDWUDYpVGHH[SHULrQFLDVHDFWLYLGDGHV
TXHSURPRYHPRVHQWLGRGDDXWRUHDOL]DomR
VHOHFomRGHWHFQRORJLDVGHDSRLRHQWUHRXWURV
1D VHJXQGD IDVH DFWLYLGDGHV FDSDFLWDQWHV DWUD
5HIHUrQFLDV%LEOLRJUi¿FDV
YpV GD TXDO VH UHDOL]DP DFWLYLGDGHV LQWHQFLRQDLV R
%HUPHMR%$ORQVR0$WUDVR0HQWDO0F*UDZ+LOO
WHUDSHXWDFULDPpWRGRVGHVLPXODomRH[DFWLYLGDGHV
9LHLUD ) 3HUHLUD 0 6H +RXYHUD 4XHP 0H (QVLQDUD« (GXFDomR
GHFDUSLQWDULDHQ¿DPHQWRVHQFDL[HVDFWLYLGDGHVGH GH 3HVVRDV FRP 'H¿FLrQFLD 0HQWDO  HGLomR /LVERD )XQGDomR &DORXVWH *XO
EHQNLDQ
PHVD
1HLVWDGW0:LOODUGH6SDFNPDQ7HUDSLD2FXSDFLRQDO(GLomR*XD
1D WHUFHLUD IDVH DFWLYLGDGHV LQWHQFLRQDLV VmR LQ QDEDUD.RRJDQ
FOXtGDVDFWLYLGDGHVGDYLGDGLiULDDFWLYLGDGHVHGXFD
FLRQDLV MRJRV GHVSRUWRV HQWUH RXWUDV 2 WHUDSHXWD
RFXSDFLRQDOWHPFRPRREMHFWLYRDYDOLDUIDFLOLWDUHKD
ELOLWDUDVFDSDFLGDGHVIXQFLRQDLVQRVGHVHPSHQKRVGR
2XWXEUR'H]HPEUR
$OLPHQWDomR6DXGiYHO
QD'HÀFLrQFLD,QWHOHFWXDO
$OH[DQGUD%HQWR$VVRFLDomR3RUWXJXHVDGRV1XWULFLRQLVWDV
$ GH¿FLrQFLD LQWHOHFWXDO HQFRQWUDVH HP PXLWRV
FDVRV DVVRFLDGD D GHVFRQWURORV DOLPHQWDUHV TXH VH
FDUDFWHUL]DPSRUPRPHQWRVFRPSXOVLYRVGHFRQVXPR
GHDOLPHQWRVDSHWLWHYRUD]HGHVHTXLOtEULRVQDVHQVD
omRGHDSHWLWH0XLWDVGDVFULDQoDVTXHWrPHVWHWLSR
GH SUREOHPiWLFD FDUDFWHUL]DPVH SRU WHUHP H[FHVVR
GHSHVRHREHVLGDGHVHQGRPXLWDVYH]HVGHRULJHP
KRUPRQDOPDVWDPEpPGHRULJHPDOLPHQWDU
$VVRFLDGRDHVWHVIDFWRUHVHFRPRIRUPDGHFRP
SHQVDUHVWDVSHVVRDVVmROKHVGDGDVJUDQGHVTXDQ
WLGDGHVGRVVHXVDOLPHQWRVSUHIHULGRVTXHIUHTXHQWH
PHQWH VmR ULFRV HP JRUGXUD H Do~FDU QmR KDYHQGR
XPD VHOHFomR FRUUHFWD GRV PHVPRV 3RU H[HPSOR
XPDGDVFDUDFWHUtVWLFDVGRVLQGLYtGXRVFRP7ULVVRPLD
pDPDFURJORVVLDOtQJXDDXPHQWDGDHSRULVVRp
DFRQVHOKDGD D LQJHVWmR GH DOLPHQWRV PDLV SDVWRVRV
RXOtTXLGRVULFRVHPHQHUJLDHSREUHVQXWULFLRQDOPHQ
WH
$DOLPHQWDomRSDUDLQGLYtGXRVFRPGH¿FLrQFLDLQWH
OHFWXDOGHYHVHUVDXGiYHOSDUDTXHSRVVDPFRQWURODU
R VHX DSHWLWH R VHX SHVR H DVVLP PHOKRUDU R VHX
HVWDGR GH VD~GH H D TXDOLGDGH GH YLGD e HVVHQFLDO
VHJXLUDVUHJUDVJHUDLVSDUDXPDDOLPHQWDomRHTXLOL
EUDGDQRPHDGDPHQWHYDULDURVDOLPHQWRVGHDFRUGR
FRP RV GLYHUVRV JUXSRV SUHVHQWHV QD 5RGD GRV$OL
PHQWRVHFRQVXPLORVQDVSURSRUo}HVHTXDQWLGDGHV
FRUUHFWDV3DUDDOpPGHVWDVUHJUDVpLPSRUWDQWHTXH
HVWDSRSXODomRWRPHGLDULDPHQWHRSHTXHQRDOPRoR
FRQVWLWXtGRSRUSmROHLWHHIUXWDSDUDTXHSRVVDWHUXP
ERPDSRUWHGHHQHUJLDFRPRVSULQFLSDLVQXWULHQWHV
FRPRVmRDVYLWDPLQDVRVPLQHUDLVHDV¿EUDVIDoD
'LYHUVLGDGHV
UHIHLo}HVSRUGLDQmRHVWDQGRPDLVGHKPVHP
FRPHUSDUDQmRSDVVDUPRPHQWRVGHIRPHHPDQWHUD
JOLFHPLDVDQJXtQHDGHQWURGRVYDORUHVQRUPDLVHYLWH
DOLPHQWRVHPH[FHVVRFRPDVHPSUHVRSDQRLQtFLRGR
DOPRoRHGRMDQWDUSDUDREWHU¿EUDVYLWDPLQDVHPLQH
UDLVHDVVLPFRQWURODURDSHWLWHDFRPSDQKHWRGDVDV
UHIHLo}HVSULQFLSDLVFRPOHJXPHVHKRUWDOLoDVFR]LGRV
RX VDODGD LQJLUD FHUFD GH OLWUR GH iJXD SRU GLD
DWHQGHQGRDRSDSHOIXQGDPHQWDOGDKLGUDWDomR
e LPSUHVFLQGtYHO TXH WRGRV RV LQWHUYHQLHQWHV QD
HGXFDomR GDV SHVVRDV FRP GH¿FLrQFLD LQWHOHFWXDO
WUDQVPLWDP D LPSRUWkQFLD GD DOLPHQWDomR VDXGiYHO
HHTXLOLEUDGD(VWDQmRGHYHVHUSRULVVRYLVWDFRPR
FRPSHQVDomRGDSUREOHPiWLFDPDVFRPRSDUWHLQWH
JUDQWH GD PHOKRULD GR HVWLOR GH YLGD H GR HVWDGR GH
VD~GHGHVWHVLQGLYtGXRV
3DUDDJHQWHWHUVD~GH
(VHQWLUVHHTXLOLEUDGD
eQHFHVViULRTXHPXGH
8PDFRLVDRXRXWUDHUUDGD
1RVDOPRoRVFDUQHHSHL[H
2XXPRYRWDQWRID]
(XPDVRSLQKDTXHGHL[H
$WULSD]LQKDFDSD]
)DODUGHDOLPHQWDomR
4XHUDFLRQDOGHYHVHU
4XHUGL]HUWHUDWHQomR
$RTXHYDPRVFRPHU
/iSDUDDVFLQFRGDWDUGH
/DQFKDUVHPSUHOHLWHHSmR
1mRpFRPLGDTXHIDUWH
eOLJHLUDDUHIHLomR
4XHPTXHUPDWDUDIRPH
&RPRTXHDEDUULJDLOXGH
(VFROKHQGRRTXHVHFRPH
3RGHPRVWHUPDLVVD~GH
3RUTXHORJRYHPRMDQWDU
(SUHFLVDVGHWHUIRPLQKD
&DUQHRXSHL[HHDDFRPRGDU
$UUR]EDWDWDRXPDVVLQKD
1DFULDQoDHPFUHVFLPHQWR
4XHpXPDHWDSDHVSHFLDO
7HPGHVHURDOLPHQWR
&RLVDPDLVVXEVWDQFLDO
1mRWHHVTXHoDVGDVVDODGDV
2XGRVOHJXPHVFR]LGRV
&RPDVVXDVFRUHVYDULDGDV
)D]HPSUDWRVFRORULGRV
9DPRVHQWmRHVWXGDU
8PDGLHWDDSUHFHLWR
(RVPHQLQRVHQVLQDU
$FRPHUHPFRPSURYHLWR
ÉJXDEHEHUDPL~GH
(GRFHVVyTXDQGRKiIHVWD
3DUDSRGHUFUHVFHUFRPVD~GH
3RGHQGRGRUPHDVHVWD
'HPDQKmID]EHP
8PFRSRGHOHLWHFKHLR
(SmRFRPTXHLMRWDPEpP
&RPPDQWHLJDSHORPHLR
$VVLPVHUiVJUDQGHHIRUWH
$OHJUHVmREHPGLVSRVWR
(DMXGDUiVDVRUWH
9LYHQGRVHPSUHFRPJRVWR
&RPRDPDQKmpFRPSULGD
/iSDUDDVRQ]HRQ]HHPHLD
8PDIUXWLQKDFRPLGD
eVHPSUHXPDERDLGHLD
&RQFHLomR$UHLDV
2QGHPHWRRPHXQDUL]"
2&RQWULEXWRGD3VLFRPRWULFLGDGHQDV
'LÀFXOGDGHV,QWHOHFWXDLVH'HVHQYROYLPHQWDLV
$QD,VDEHO/HLWmR'LYLVmRGH,QYHVWLJDomRHP(GXFDomR(VSHFLDO5HDELOLWDomRH6REUHGRWDomR
&DULQD/RPER3VLFRPRWULFLVWDGR,QVWLWXWRGH7HUDSLDV*OREDLV&DUPR)HUUHLUD'LYLVmRGH0RWULFLGDGH+XPDQD
'L¿FXOGDGH ,QWHOHFWXDO H 'HVHQYROYLPHQWDO GDLQWHJUDomR(VWHVLVWHPDGHFRQFHQWUDRVHX
','$0XGDQoDGH3DUDGLJPDQD&RQFHSomRGH HVIRUoRHPHVWLPDUDVLQWHQVLGDGHVGHDSRLRGHXPD
'H¿FLrQFLD0HQWDO
SHVVRD LQWHUPLWHQWH OLPLWDGD DPSOD H Pi[LPD HP
GHWULPHQWRGRQtYHOGHGH¿FLrQFLDOLJHLURPRGHUDGR
2FRQFHLWRGHGH¿FLrQFLDPHQWDOWHPVRIULGRGLYHU
VHYHURHSURIXQGRFRPRDQWHULRUPHQWH0RUDWRHWDO
VDVPRGL¿FDo}HVVREUHWXGRQDV~OWLPDVFLQFRGpFD
GDV (VWDV PRGL¿FDo}HV UHÀHFWHP R HVIRUoR TXH VH
(P D$$05 PXGD D VXD GHVLJQDomR SDUD
WHPYHUL¿FDGRQHVWDiUHDSDUDLPSOHPHQWDUXPDWHU
$PHULFDQ$VVRFLDWLRQRQ,QWHOHFWXDODQG'HYHORSPHQ
PLQRORJLDFODVVL¿FDomRHVLVWHPDVRULHQWDGRVSDUDD
WDO'LVDELOLWLHV$$,''HVXEVWLWXLRWHUPR³GH¿FLrQFLD
UHDELOLWDomR PDLV SUHFLVRV H PDLV IDFLOPHQWH DSOLFi
PHQWDO´SRU³GL¿FXOGDGHLQWHOHFWXDOHGHVHQYROYLPHQWDO´
YHLV
','6HJXQGR0RUDWRH6DQWRVHVWDPXGDQ
'HVGH D SXEOLFDomR GR 0DQXDO GH &ODVVL¿FDomR
oDGHYHVHUFRPSUHHQGLGDQRkPELWRGHXPDDQiOLVH
GH 'H¿FLrQFLD 0HQWDO *URVVPDQ FLW SRU /X
UHWURVSHFWLYDGHDYDOLDomRGRFRQKHFLPHQWRDFHUFDGR
FNDVVRQHWDODVVLVWHVHDXPDPXGDQoDVLJ
IXQFLRQDPHQWRLQWHOHFWXDOGRFRPSRUWDPHQWRDGDSWD
QL¿FDWLYD GH SDUDGLJPD QRTXDODGH¿FLrQFLDPHQWDO
WLYRHIXQGDPHQWDOPHQWHQXPDYLVmRVREUHRGHVHQ
p YLVWD QmR FRPR XP WUDoR TXH UHVXOWD VRPHQWH GD
YROYLPHQWR KXPDQR FDGD YH] PDLV FRUURERUDGD QR
SHVVRD PDV FRPR D ³H[SUHVVmR GR LPSDFWR IXQFLR
LQWHUDFFLRQLVPR
QDOGDLQWHUDFomRHQWUHDSHVVRDFRPOLPLWDo}HVQRV
VNLOOVLQWHOHFWXDLVHDGDSWDWLYRVHRHQYROYLPHQWRRQGH
$ 3VLFRPRWULFLGDGH FRPR ,PSRUWDQWH ÈUHD GH
VHLQVHUH´'DtDGYrPGXDVJUDQGHVFRQVHTXrQFLDV
,QWHUYHQomR-XQWRGD3RSXODomRFRP','
SULPHLUR DV FDWHJRULDV UHIHUHQFLDGDV DR LQGLYtGXR
EDVHDGDVQXP~QLFRDVSHFWRGHVWHVmRLQVX¿FLHQWHV
6DEHPRVKRMHTXHQDVFULDQoDVFRPRWLSRGHSUR
TXHUDXPQtYHOGHVFULWLYRTXHUDXPQtYHOSUHGLWLYR EOHPiWLFD HP HVWXGR R GHVHQYROYLPHQWR SVLFRPRWRU
VHJXQGR p QHFHVViULD PDLRU FODUH]D QD GHVFULomR VH HQFRQWUD IUHTXHQWHPHQWH DOWHUDGR SHOR TXH VH
GRVVNLOOVDGDSWDWLYRVHOLPLWDo}HVTXHLQÀXHQFLDPUH
DOPHQWHDYLGDTXRWLGLDQDSDUDTXHVHHVSHFL¿TXHP
DTXHODViUHDVTXHVmRFUtWLFDVQDLQWHUDFomRHQWUHR
LQGLYtGXRHRPHLR
'HVWH QRYR SDUDGLJPD GR TXDO VXUJLX R 6LVWHPD
GH&ODVVL¿FDomRGHGD$PHULFDQ$VVRFLDWLRQRQ
0HQWDO 5HWDUGDWLRQ $$05 VXUJHP WUrV HOHPHQWRV
FKDYHDVFDSDFLGDGHVRVHQYROYLPHQWRVHDIXQFLR
QDOLGDGH /XFNDVVRQ HW DO $SHVDU GR JUDQGH
SHVR GH WRGRV HOHV D IXQFLRQDOLGDGH p R HOHPHQWR
FHQWUDORTXHWRUQDHVWHVLVWHPDHVVHQFLDOPHQWHIXQ
FLRQDO SUHVVXSRQGR DLQGD D GHWHUPLQDomR GR SHU¿O
H LQWHQVLGDGHV GRV DSRLRV QHFHVViULRV TXH GHYHP
WHU FRPR PHWD ¿QDO DYDQoDU H HQULTXHFHU R VXFHVVR
2XWXEUR'H]HPEUR
WRUQD SHUWLQHQWH GHVGH DV LGDGHV PDLV EDL[DV XPD
DWHQomR HVSHFLDO j LQWHUYHQomR QD iUHD GD SVLFRPR
WULFLGDGHFRPRXPDGDVDERUGDJHQVUHHGXFDWLYDVRX
WHUDSrXWLFDVSDUDDSURPRomRGRVHXGHVHQYROYLPHQ
WRHUHDELOLWDomR$QRYDGH¿QLomRHVLVWHPDGHFODVVL
¿FDomRGD','YHPUHIRUoDUDLPSRUWkQFLDGRVDSRLRV
DSURSULDGRVFRPYLVWDDPHOKRUDUVLJQL¿FDWLYDPHQWHD
IXQFLRQDOLGDGHGHYLGDGHVWHVLQGLYtGXRV
,QLFLDOPHQWHHQFDUDGDFRPRSUHVFULomRGDPHGLFL
QDSVLTXLiWULFDDSVLFRPRWULFLGDGHFRPHoRXDJDQKDU
XPD GLPHQVmR WHyULFD H SUiWLFD VREUH R GHVHQYROYL
PHQWRKXPDQR$MXULDJXHUUD:DOORQFLW
SRU )RQVHFD TXH D WRUQD DFWXDOPHQWH QXPD
LQWHUYHQomR SUHYHQWLYD HGXFDWLYD UHHGXFDWLYD H SVL
FRWHUDSrXWLFD $ SVLFRPRWULFLGDGH FRQVWLWXL DVVLP
XPDDERUGDJHPPXOWLGLVFLSOLQDUGRFRUSRHGDPRWUL
FLGDGHKXPDQDTXHFRPSUHHQGHXPUDPRGHFRQKH
FLPHQWRVRQGHVHFUX]DPYiULDVFRQWULEXLo}HVFLHQWt
¿FDV SVLFRELROyJLFDV SVLFR¿VLROyJLFDV SVLFROyJLFDV
SVLTXLiWULFDV SVLFROLQJXtVWLFDV IHQRPHQROyJLFDV H
DLQGDVRFLROyJLFDV)RQVHFD
6HJXQGR 0DUWLQV RV HVWDWXWRV GR )yUXP
(XURSHX GH 3VLFRPRWULFLGDGH )(3 D¿UPDP D SVL
FRPRWULFLGDGH EDVHDGD QXPD YLVmR KROtVWLFD GR VHU
KXPDQR GH XQLGDGH GR FRUSR H SVLTXLVPR TXH LQ
WHJUD DV IXQo}HV FRJQLWLYDV HPRFLRQDLV VLPEyOLFDV
H FRUSRUDLV QD FDSDFLGDGH GR LQGLYtGXR GH VHU H GH
DJLU QXP GHWHUPLQDGR FRQWH[WR SVLFRVVRFLDO 2 )(3
VDOLHQWDLJXDOPHQWHTXHDSDUWLUGHVWHVGDGRVDSVL
FRPRWULFLGDGH GHVHQYROYHX SUiWLFDV HVSHFt¿FDV >SUR
¿OiWLFDV UHHGXFDWLYDV H WHUDSrXWLFDV@ TXH FRORFDP
HPSULPHLURSODQRDHVSHFL¿FLGDGHGDDFomRKXPDQD
DVVHQWHQDLQWHJUDomRHQWUHPRWULFLGDGHHSVLTXLVPR
$ FRQFHSomR WHyULFD H D DSOLFDomR SUiWLFD GD SVL
FRPRWULFLGDGH WrP HQIRTXH HP WUrV DERUGDJHQV IXQ
GDPHQWDLV D VDEHU 0XOWLGLVFLSOLQDU TXH DWHQGH D
TXHVW}HV HSLVWHPROyJLFDV GD LQYHVWLJDomR H GR GH
VHQYROYLPHQWRSVLFRPRWRULQWUtQVHFRGRLQGLYtGXRQR
VHQWLGRGHSURFXUDUDVLJQL¿FDomRPHQWDOHLQWHOLJtYHO
VXEMDFHQWHjPRWULFLGDGHKXPDQDQDVYiULDVYHUWHQ
WHVGHHVWXGR0XOWLH[SHULPHQWDOHPTXHDH[SHULrQ
FLDQRUPDORXDWtSLFDGRFRUSRHGDPRWULFLGDGHPH
GLDWL]DPDVUHODo}HVHQWUHRPXQGRLQWHULRUHRPXQGR
H[WHULRUGRLQGLYtGXRHDLQGD0XOWLFRQWH[WXDORXVHMD
GHVHQYROYHVHFRPRXPDIXQomRTXHGHFRUUHGDVLQ
WHUDFo}HVHQWUHRLQGLYtGXRHRVYiULRVFRQWH[WRVHQ
'LYHUVLGDGHV
YROYLPHQWDLVRQGHHVWHVHHQFRQWUDLQVHULGR)RQVHFD
3DUWLFXODULGDGHVGR'HVHQYROYLPHQWR3VLFRPR
WRUGD&ULDQoDFRP','
/RPEDHPUHIHULQGRVHDLQGDDRVLQGLYtGXRV
FRPGH¿FLrQFLDPHQWDOVDOLHQWDDH[LVWrQFLDGHXPD
JUDQGH YDULHGDGH GH FDSDFLGDGHV LQFDSDFLGDGHV
iUHDVIRUWHVHQHFHVVLGDGHVPHQFLRQDQGRFRQWXGR
TXDWURiUHDVHPTXHHVWDVFULDQoDVSRGHPDSUHVHQWDU
GLIHUHQoDVHPUHODomRjVRXWUDV6mRHODVDiUHDPR
WRUDFRJQLWLYDGDFRPXQLFDomRHVyFLRHGXFDFLRQDO
5HODWLYDPHQWH j iUHD PRWRUD VH D GL¿FXOGDGH IRU
OLJHLUDHVWDVFULDQoDVSRGHPQmRDSUHVHQWDUGLIHUHQ
oDV HP UHODomR DRV FROHJDV GD PHVPD LGDGH VHP
QHFHVVLGDGHV HGXFDWLYDV HVSHFLDLV SRGHQGR DLQGD
DVVLPGHPRQVWUDUDOWHUDo}HVQDPRWULFLGDGH¿QD(P
FDVRVPDLVJUDYHVDVGL¿FXOGDGHVPRWRUDVVmRPDLV
DFHQWXDGDV QRPHDGDPHQWH QD PRELOLGDGH IDOWD GH
HTXLOtEULR GL¿FXOGDGHV GH ORFRPRomR GH FRRUGHQD
omR H GH PDQLSXODomR &RPSDUDWLYDPHQWH DRV VHXV
SDUHVDVFULDQoDVFRPHVWDVGL¿FXOGDGHVSRGHPFR
PHoDUDDQGDUXPSRXFRPDLVWDUGHJHUDOPHQWHVmR
GHHVWDWXUDPDLVEDL[DHVmRPDLVVXVFHSWtYHLVDGR
HQoDV$SUHVHQWDPWDPEpPXPDPDLRULQFLGrQFLDGH
SUREOHPDVQHXUROyJLFRVGHYLVmRHGHDXGLomR.LUN
*DOODJKHU
1RTXHVHUHIHUHjViUHDVFRJQLWLYDHVyFLRHGXFD
FLRQDO REVHUYDPVH IUHTXHQWHPHQWH GL¿FXOGDGHV QD
DSUHQGL]DJHPGHFRQFHLWRVDEVWUDFWRVQDIRFDOL]DomR
GDDWHQomREHPFRPRDRQtYHOGDPHPyULDWHQGHP
DHVTXHFHUPDLVGHSUHVVDTXHRVVHXVFROHJDVVHP
QHFHVVLGDGHVHGXFDWLYDVHVSHFLDLV3RGHPWDPEpP
GHPRQVWUDUGL¿FXOGDGHVQDUHVROXomRGHSUREOHPDVH
QDJHQHUDOL]DomRGHVLWXDo}HVQRYDVHPERUDFRQVL
JDP JHQHUDOL]DU VLWXDo}HV HVSHFt¿FDV XWLOL]DQGR XP
FRQMXQWR GH UHJUDV 3RGHP DWLQJLU DWp FHUWR SRQWR
RV PHVPRV REMHFWLYRV HVFRODUHV TXH RV VHXV SDUHV
HPERUDGHXPDIRUPDPDLVOHQWD.LUN*DOODQJKHU
4XDQWR j iUHD GD FRPXQLFDomR DV FULDQoDV FRP
GL¿FXOGDGHV DR QtYHO LQWHOHFWXDO DSUHVHQWDP PXLWDV
YH]HVSUREOHPDVTXHUDRQtYHOGDIDODHGDVXDFRP
SUHHQVmR TXHU QR DMXVWDPHQWR VRFLDO 6DEHQGRVH
TXHRVHVWtPXORVDPELHQWDLVVmRIXQGDPHQWDLVSDUDR
GHVHQYROYLPHQWRGRLQGLYtGXR+DOODKDQ.DXIIPDQ
HFRPFRQWLQXLGDGHRTXHH[LJHXPDSODQL¿FDomRHV
WUXWXUDGDGHFDGDXPDGDVVHVV}HVSUHRFXSDomRHP
RUJDQL]DUWDUHIDVO~GLFDVHHPSURSRUFLRQDURSRUWXQL
GDGHVTXHSHUPLWDPID]HUDWUDQVIHUrQFLDSDUDDFWLYL
GDGHVGRTXRWLGLDQRWDUHIDVUHDOL]DGDVQXPDPELHQWH
GH DSUHQGL]DJHP TXH SHUPLWDP D WUDQVIHUrQFLD SDUD
RFRQWH[WRUHDOGHDSOLFDomRGDVPHVPDVDWLWXGHGR
WpFQLFRGLUHFWLYDH[LJHQWHVHQVtYHOHHPSiWLFDHPER
UD SDFLHQWH H SHUVLVWHQWH HVWDEHOHFLPHQWR GH UHJUDV
HH[LJrQFLDQRVHXFXPSULPHQWROLQJXDJHPVLPSOHV
EUHYHHFODUDWDUHIDVFRPSOH[DVGHFRPSRVWDVHPWD
UHIDV PDLV VLPSOHV UHIRUoR XWLOL]DGR FRP IUHTXrQFLD
LQWHUFDODGRFRPDFWLYLGDGHVPRWLYDQWHVHIiFHLVFRP
RXWUDV PDLV GLItFHLV H GH PHQRU DJUDGR (VSDGLQKD
$LQWHUYHQomRSVLFRPRWRUDHPPHLRDTXiWLFR0$
PHUHFHWDPEpPXPDEUHYHUHIHUrQFLDQDPHGLGDHP
TXHHVWHpXPFRQWH[WRSULYLOHJLDGRFXMDVFDUDFWHUtVWL
FDVSDUWLFXODUHVSHUPLWHPVHQVDo}HVHDFo}HV~QLFDV
SURPRWRUDVGRGHVHQYROYLPHQWRSVLFRPRWRU(VWHIDF
WR DGTXLUH HVSHFLDO LPSRUWkQFLD SHUDQWH D SRSXODomR
FRP','1RPHLRDTXiWLFRRVREMHFWLYRVGHOLQHDGRV
SDUDHVWDSRSXODomRGHYHPGL]HUUHVSHLWRjPHOKRULD
GRWyQXVPXVFXODUGDIXQFLRQDOLGDGHGRWyUD[GDIXQ
$,PSRUWkQFLDGD,QWHUYHQomR3VLFRPRWRUD
omRUHVSLUDWyULDGDFRRUGHQDomRPRWRUDJOREDOH¿QD
3HOR H[SRVWR DQWHULRUPHQWH DV FULDQoDV FRP ','
EHPFRPRjVRFLDOL]DomRHDGDSWDomRGRLQGLYtGXRGH
QHFHVVLWDP PXLWR IUHTXHQWHPHQWH GH UHHGXFDomR RX
DFRUGRFRPDVXDOLQJXDJHPFRUSRUDO'XDUWH
WHUDSLDSVLFRPRWRUD$WHUDSLDSVLFRPRWRUDWHPFRPR
JUDQGHREMHFWLYRPHOKRUDUDUHODomRGRLQGLYtGXRFRP
R FRQWH[WR HVWLPXODQGR R VHX SUySULR SURFHVVR GH
PDWXUDomR$ PHGLDomR FRUSRUDO SURFXUD HVWLPXODU R
GHVHQYROYLPHQWRGDDFWLYLGDGHSHUFHSWLYDHGDDFWLYL
GDGHVLPEyOLFDHFRQFHSWXDODWUDYpVGDH[SHULPHQWD
omRVHQVyULRPRWRUDYDORUL]DQGRDLQWHQFLRQDOLGDGHH
DFRQVFLHQFLDOL]DomRGDDFomRHH[SORUDQGRWRGDVDV
IRUPDV SRVVtYHLV GH H[SUHVVmR PRWRUD JUi¿FD YHU
EDOVRQRUDSOiVWLFDHWF0DUWLQV
$LQWHUYHQomRUHDOL]DGDFRPDVFULDQoDVFRP','
GHYH WHU HP FRQWD TXH DV DSUHQGL]DJHQV VH SURFHV
VDP GH XPD IRUPD PDLV OHQWD H FRP FDUDFWHUtVWLFDV
SUySULDV SHOR TXH GHYHPRV XWLOL]DU DOJXPDV HVWUDWp
([DPHH$YDOLDomR3VLFRPRWRUD
JLDVTXHOKHVSHUPLWDPRPHOKRUGHVHQYROYLPHQWRGR
(P TXDOTXHU SURFHVVR WHUDSrXWLFR H FRP YLVWD j
VHXSRWHQFLDO
$VVLPQRSURFHVVRGHLQWHUYHQomRKiTXHWHUHP HODERUDomRGRGLDJQyVWLFREHPFRPRDXPDDGHTXD
FRQVLGHUDomRDOJXQVDVSHFWRVGRVTXDLVGHVWDFDPRV GDSODQL¿FDomRGDLQWHUYHQomRpQHFHVViULRSURFHGHU
REMHFWLYRVDMXVWDGRVDRGHVHQYROYLPHQWRHjVFDUDF DXPDERD DYDOLDomR SVLFRPRWRUD LQIRUPDO H IRUPDO
WHUtVWLFDVSUySULDVGRLQGLYtGXRDFWLYLGDGHVFRHUHQWHV VHQGR TXH HVWD ~OWLPD GHYH VHU UHDOL]DGD FRP EDVH
HVWDVGL¿FXOGDGHVSRGHUmRVHUVHQmRDFDXVD
XP IDFWRU D FRQVLGHUDU FRP JUDQGH LQÀXrQFLD QR GH
VHPSHQKRGHVWDVFULDQoDV
$VVLPVHQGRDGLVFUHSkQFLDHQWUHDVLGDGHVPHQ
WDO H FURQROyJLFD SURYRFD XPD GLPLQXLomR GDV FDSD
FLGDGHV SDUD LQWHUDJLU VRFLDOPHQWH DJUDYDGD SHOD
IUHTXHQWHFRORFDomRGHVWDVFULDQoDVIRUDGRVJUXSRV
GDVXDIDL[DHWiULD1RHQWDQWRVDEHVHTXHDLQWHUDF
omR FRP RV VHXV SDUHV SHUPLWH D DSUHQGL]DJHP GH
FRPSRUWDPHQWRVYDORUHVHDWLWXGHVDMXVWDGRVjLGDGH
1HVWDSHUVSHFWLYDDDSUHQGL]DJHPGHFRPSHWrQFLDV
VRFLDLVWRUQDVHIXQGDPHQWDOSDUDHVWDSRSXODomR
(PVtQWHVHDFDUDFWHUL]DomRSVLFRPRWRUDGDVFULDQ
oDVFRP³Gp¿FHFRJQLWLYR´DSHVDUGHYDULDGDHQWUHVL
DSUHVHQWD GLIHUHQoDV FRQFUHWDV HP UHODomR D RXWUDV
SRSXODo}HV6HJXQGR)RQVHFDHVWDVFULDQoDV
DSUHVHQWDPIXQGDPHQWDOPHQWHGL¿FXOGDGHVQDJHQH
UDOL]DomRGHSDGU}HVPRWRUHVRTXHLQWHUIHUHFRPD
SODVWLFLGDGHHDÀH[LELOLGDGHGHSODQL¿FDomRPRWRUDH
FRPRDMXVWDPHQWRHUHDMXVWDPHQWRjVFRQGLo}HVHQ
YROYLPHQWDLVHPPXGDQoDDRTXDORPRYLPHQWRLQWHQ
FLRQDOVHGHYHDGDSWDUQRUPDOPHQWH
2XWXEUR'H]HPEUR
HP WHVWHV HVSHFt¿FRV GD iUHD VHPSUH TXH SRVVtYHO
HVWDQGDUGL]DGRV SDUD D SRSXODomR SRUWXJXHVD 3DUD
D DYDOLDomR SVLFRPRWRUD GD FULDQoD HQWUH RV H RV
DQRV GHVWDFDPRV DV %D\OH\ 6FDOHV RI ,QIDQW 'H
YHORSPHQW 'H DFRUGR FRP 1RDFN SDUD HVWD
IDL[D HWiULD H[LVWHP WDPEpP HQWUH RXWUDV D (VFDOD
GH%UXQHW/p]LQHHD(VFDODGH8]JLULV+XQW3DUDDV
FULDQoDVHQWUHRVHRVDQRVVDOLHQWDPRVD(VFDOD
GH&RRUGHQDomR0RWRUDGH&KDUOORS$WZHOO$OEDUHW
1RDFNEHPFRPRDOJXQVWHVWHVPDLVHVSHFt
¿FRVFRPRDLPLWDomRGHJHVWRVGH%HUJHVH/p]LQH
HDSHUFHSomRYLVXDOGH)URVWLJ$SDUWLU
GRV DQRV D HVFDOD 0RYHPHQW$%& +HQGHUVRQ 6XJGHQHQWUHRVHRVDQRVHR7HVWHGH
3UR¿FLrQFLD0RWRUDGH%UXLQLQNV2VHUHWVN\730%2
HQWUHRVDQRVHPHLRHRVDQRVVmRGRLVERQV
LQVWUXPHQWRVSDUDDDYDOLDomRSVLFRPRWRUD(VWHVGRLV
WHVWHVDSUHVHQWDPFDUDFWHUtVWLFDVGLIHUHQWHVRXVHMD
RSULPHLURDYDOLDDVGL¿FXOGDGHVPRWRUDVHQTXDQWRR
VHJXQGR PHGH D SUR¿FLrQFLD PRWRUD VHQGR XP WHV
WH DGHTXDGR WDQWR SDUD D GHWHFomR GH GL¿FXOGDGHV
FRPRGHWDOHQWRVQDiUHDPRWRUD
(P6tQWHVH
$V SUiWLFDV SVLFRPRWRUDV VLWXDP D DFWLYLGDGH KX
PDQDFRPRXPLQYHVWLPHQWRJOREDOGDSHUVRQDOLGDGH
GD SHVVRD HP DFomR HP TXH DV PRGL¿FDo}HV WyQL
FDV DV SRVWXUDV H RV PRYLPHQWRV VmR VLJQL¿FDQWHV
GHWRGDDKLVWyULDSHVVRDOGRLQGLYtGXRGDVVXDVUH
SUHVHQWDo}HVGDVVXDVYLYrQFLDVWyQLFRHPRFLRQDLVH
GRVHXLPDJLQiULR$SUiWLFDSVLFRPRWRUDpXQL¿FDGRUD
QRVHQWLGRHPTXHYHLFXODRVODoRVHQWUHRFRUSRHD
DFWLYLGDGH PHQWDO R UHDO H R LPDJLQiULR R HVSDoR H
RWHPSRPHOKRUDQGRRSRWHQFLDODGDSWDWLYRGRVXMHL
WRRXVHMDDVSRVVLELOLGDGHVGHUHDOL]DomRQDVWURFDV
FRPRHQYROYLPHQWR0DUWLQV
$ LQWHUYHQomR SVLFRPRWRUD UHDOL]DGD FRP LQGLYt
GXRVFRP','GHYHWHUHPDWHQomRTXHRVHXSURFHV
VRGHDSUHQGL]DJHPpPDLVOHQWRSHORTXHDOpPGD
QHFHVVLGDGH GH DWHQGHU D GLYHUVDV HVWUDWpJLDV SDUD
GHVHQYROYHU R VHX SRWHQFLDO GHYHP SURSRUFLRQDUVH
VLWXDo}HVGHDSUHQGL]DJHPSRVLWLYDVHVLJQL¿FDWLYDV
GH IRUPD D SURPRYHU D PRWLYDomR H D SUHGLVSRVLomR
SDUDDSUHQGHU
5HIHUrQFLDV%LEOLRJUi¿FDV
([LVWHP DLQGD RXWURV WHVWHV TXH IDFXOWDP DR SVL
FRPRWULFLVWDDYDOLDo}HVPDLVHVSHFt¿FDVDRQtYHOGD
HVFULWD GD DWHQomR GD LPSXOVLYLGDGH H GDV IXQo}HV
H[HFXWLYDV
$DYDOLDomRSHUPLWHVLWXDUDFULDQoDRXMRYHPUHOD
WLYDPHQWH D iUHDV IRUWHV H IUDFDV SRVVLELOLWDQGR DLQ
GDDPHGLomRGRVUHVXOWDGRV(VWDPHGLomRIDFLOLWDDR
WpFQLFRDDQiOLVHGRVHIHLWRVGDVXDSUySULDLQWHUYHQ
omRRTXHSRVVLELOLWDXPDGLVFXVVmRHQWUHSDUHVPDLV
IXQGDPHQWDGD$OEDUHW
'LYHUVLGDGHV
$OEDUHW-'LDJQyVWLFRH$YDOLDomR3VLFRPRWRUDGH2XWXEUR)XQ
FKDO0DGHLUD
'XDUWH$3VLFRPRWULFLGDGHHP0HLR$TXiWLFR,Q&XUVRGH5HDELOLWDomR
3VLFRPRWRUD )DFXOGDGH GH 0RWULFLGDGH +XPDQD 8QLYHUVLGDGH7pFQLFD GH /LVERD
GH-DQHLUR/LVERD
(VSDGLQKD$7HFQRORJLDVGH$SRLR,Q&XUVRGH5HDELOLWDomR3VLFRPR
WRUD)DFXOGDGHGH0RWULFLGDGH+XPDQD8QLYHUVLGDGH7pFQLFDGH/LVERDGH$EULO
/LVERD
)RQVHFD90DQXDOGH2EVHUYDomR3VLFRPRWRUD/LVERD(GLWRULDO1R
WtFLDV
)RQVHFD 93VLFRPRWULFLGDGH SHUVSHFWLYDV PXOWLGLVFLSOLQDUHVHG
/LVERDÆQFRUD(GLWRUD
+DOODKDQ'.DXIIPDQ-([FHSWLRQDO/HDUQHUV,QWURGXFWLRQWR6SHFLDO
(GXFDWLRQWK(GLWLRQ86$(G$OO\Q%DFRQ
.LUN 6 *DOODJKHU - (GXFDomR GD &ULDQoD ([FHSFLRQDO 6mR 3DXOR
0DUWLQV)RQWHV
/RPED-09DPRVIDODUGH'H¿FLrQFLD±'H¿QLomRGH'H¿FLrQFLD0HQ
WDO'LVSRQtYHOQR85/KWWSGH¿FLHQFLDSDJLQDVVDSRSW
/XFNDVVRQ5&RXOWHU'3ROORZD\(5HLVV66FKDORFN56QHOO06SLWDO
QLFN'6WDUN-0HQWDO5HWDUGDWLRQ'H¿QLWLRQ&ODVVL¿FDWLRQDQG6LVWHPV
RI 6XSSRUW WK (GLWLRQ :DVKLQJWRQ '&$PHULFDQ$VVRFLDWLRQ RQ 0HQWDO 5HWDUGD
WLRQ
0DUWLQV54XHVW}HVVREUHDLGHQWLGDGHGD3VLFRPRWULFLGDGH$V3UiWL
FDVHQWUHR,QVWUXPHQWDOHR5HODFLRQDO,Q9)RQVHFD50DUWLQV(GV3URJUHVVRV
HP3VLFRPRWULFLGDGH/LVERD(GLo}HV)0+
0RUDWR33HWDO$0XGDQoDGH3DUDGLJPDQD&RQFHSomRGH'H¿FLrQ
FLD0HQWDO,Q5HYLVWD,QWHJUDU
0RUDWR6DQWRV'L¿FXOGDGH,QWHOHFWXDOH'HVHQYROYLPHQWDO$0XGDQoD
GH3DUDGLJPDQD&RQFHSomRGH'H¿FLrQFLD0HQWDO,Q5HYLVWDGH(GXFDomR(VSHFLDO
H5HDELOLWDomR/LVERD(GLo}HV)0+
1RDFN1&DUDFWpULVWLTXHV3V\FKRPRWULFHVHW3ULVHHQ&KDUJHGH/¶HQ
IDQW3RUWHXUGC8QH7ULVVRPLHGH$$QV,Q5LYLpUH-/D3ULVHHQ&KDUJH3V\
FKRPRWULFH GX 1RXULVVRQ HW GX -HXQH (QIDQW 3V\FRPRWULFLWp 0DUVHLOOH
6RODOeGLWHXU
$V7,&QDV'LÀFXOGDGHV,QWHOHFWXDLVH
'HVHQYROYLPHQWDLV
)DEtROD$OYHV*UDoD)DULD6DUD0RWD6tOYLD6LOYD'LYLVmRGH$FHVVLELOLGDGH
H$GDSWDomRGDV7HFQRORJLDVGH,QIRUPDomRH&RPXQLFDomR
,QWURGXomR
$'L¿FXOGDGH,QWHOHFWXDOH'HVHQYROYLPHQWDO
$'L¿FXOGDGH,QWHOHFWXDOpRWHUPRXWLOL]DGRTXDQGR
3DUD TXH DV 7HFQRORJLDV GH ,QIRUPDomR H &RPX
QLFDomR7,&FRQWULEXDPSDUDDHGXFDomRGHDOXQRV XPDSHVVRDDSUHVHQWDFHUWDVOLPLWDo}HVQRIXQFLRQD
FRPQHFHVVLGDGHVHGXFDWLYDVHVSHFLDLV1((WRUQD PHQWRFRJQLWLYRHQRGHVHPSHQKRGHWDUHIDVFRPRDV
VHLPSUHVFLQGtYHODSRVWDUQDSURPRomRGDDFHVVLELOL GHFRPXQLFDomRFXLGDGRSHVVRDOHGHUHODFLRQDPHQ
GDGHHQXPDFRQFHSomRQmRGLVFULPLQDWyULDGDV7,& WRVRFLDO(VWDVUHVWULo}HVSURYRFDPXPDPDLRUOHQWL
$HVFRODLQFOXVLYDQDTXDORUHFRQKHFLPHQWRGDGLYHU GmRQDDSUHQGL]DJHPHQRGHVHQYROYLPHQWR$IRUPD
VLGDGHpXPYDORUHRUHVSHLWRFRQKHFHGRUGRRXWUR FRPRSHUFHSFLRQDP RPXQGR HRVREMHFWRV UHÀHFWLU
XPDUHJUDEiVLFDID]GDV7,&XPDSDUWHGDVROXomRH VHiQDFRPXQLFDomRQDVRFLDOL]DomRQDDXWRQRPLD
QD FRQVFLrQFLD GH VL SUySULD QD FRPSUHHQVmR H QD
QmRGRSUREOHPD5RGULJXHV
eIUHTXHQWHTXHDVSHVVRDVFRPGL¿FXOGDGHVLQWH UHVROXomRGHSUREOHPDV3RUFRQVHJXLQWHRVLQGLYtGX
OHFWXDLV RX GHVHQYROYLPHQWDLV ',' GHYLGR jV VXDV RVFRPHVWHWLSRGHSUREOHPiWLFDWrPGL¿FXOGDGHHP
OLPLWDo}HV DJUDYDGDV SHOD VXSHUSURWHFomR RX SHODV SHUFHEHUDVLQIRUPDo}HVUHOHYDQWHVGRPHLRHPPH
PRUL]DU HP H[SULPLUVH RX
IUDFDV H[SHFWDWLYDV DV
HP LPDJLQDU QRYRV FRQFHL
VRFLDGDV FUHVoDP LQWH
$FULDQoDFRPRVHUKXPDQRpXPVHU
WRV *HUDOPHQWH UHFRQKH
UDJLQGR GH PRGR UHVWULWR
DEHUWRjPXGDQoDGH¿FLHQWHRXQmR
FHVH TXH DV FULDQoDV FRP
FRPRPHLRHDUHDOLGDGH
SRGHPRGL¿FDUVHSRUHIHLWRVGDHGXFDomR
TXH DV FHUFDP 0XLWDV HDRPXGDUDVXDHVWUXWXUDGHLQIRUPDomRIRUPDomR HVWDV GL¿FXOGDGHV SRGHP
HWUDQVIRUPDomRGHGHVHQYROYLPHQWRSRGHDGTXLULU QHFHVVLWDU GH PDLV WHPSR
YH]HV VH QmR IRUHP GH
QRYDVSRVVLELOLGDGHVHQRYDVFDSDFLGDGHV
SDUDDSUHQGHUDIDODUDDQ
YLGDPHQWH HVWLPXODGDV
9tWRUGD)RQVHFD
GDUHDDVVLPLODUFRPSHWrQ
SRGHUmRDVVXPLUDWLWXGHV
FLDV EiVLFDV SDUD FXLGDU GH
GHSDVVLYLGDGHGLDQWHGD
UHDOLGDGH H QD UHVROXomR GH SUREOHPDV GLiULRV SHOR VLWDOFRPRYHVWLUVHRXFRPHUFRPDXWRQRPLD&RPR
IDFWR GH HVWDUHP KDELWXDGRV j DMXGD H j WRPDGD GH WDOpQDWXUDOTXHHQIUHQWHPGL¿FXOGDGHVQDHVFROD1R
GHFLVmRSRUSDUWHGHWHUFHLURV$WHQGHQGRjVGL¿FXOGD HQWDQWRDSUHQGHUmRQHFHVVLWDQGRSDUDLVVRGHPDLV
GHVHDWUDVRVTXHDSUHVHQWDPQRVHXGHVHQYROYLPHQWR WHPSR
$LQGDTXHRGLDJQyVWLFRVHMDLQGLVSHQViYHORPDLV
JOREDOpIXQGDPHQWDOSURSRUFLRQDUOKHVXPDPELHQWH
GHDSUHQGL]DJHPTXHDVDMXGHDDEDQGRQDUDDWLWXGH LPSRUWDQWHpDMXGDUHVWHVLQGtYLGXRVQDDSUHQGL]DJHP
SDVVLYD GH UHFHSWRUDV GH LQIRUPDomR 8P DPELHQWH GHFRPSHWrQFLDVHVVHQFLDLVDXPDSDUWLFLSDomRDFWLYD
RQGH VHMDP YDORUL]DGDV H HVWLPXODGDV D FULDWLYLGDGH QRVFRQWH[WRVIDPLOLDUHVFRODUHQDFRPXQLGDGHHP
HLQLFLDWLYDGHIRUPDDSHUPLWLUXPDPDLRULQWHUDFomR JHUDO$VSRVVLELOLGDGHVGHDGDSWDomRjUHDOLGDGHGH
FRP DV SHVVRDV H FRP R PHLR HP TXH YLYHP SDU SHQGHUmRGRDPELHQWHHPTXHHVWmRLQVHULGDVDVVLP
WLQGRQmRGDVVXDVOLPLWDo}HVHGL¿FXOGDGHVPDVGR FRPRGRQ~PHURHTXDOLGDGHGHH[SHULrQFLDVVLJQL¿
SRWHQFLDO GH DSUHQGL]DJHP GHFDGDXPFRQ¿DQGRH FDWLYDVFRPDVTXDLVVHSRVVDPFRQIURQWDUDRORQJR
DSRVWDQGRQDVVXDVFDSDFLGDGHVPRWLYDomRHH[SHF GDYLGD7HOPRHWDO
WDWLYDVGHGHVHQYROYLPHQWRHLQWHJUDomRQDFRPXQLGD
GH)LOKRVG
2XWXEUR'H]HPEUR
$V 7,& H DV 'L¿FXOGDGHV ,QWHOHFWXDLV H 'HVHQ
YROYLPHQWDLV
e GR FRQVHQVR JHUDO TXH DV 7,& EHQH¿FLDP HP
JHUDO WRGRV RV DOXQRV 1R HQWDQWR p VHP G~YLGD QD
iUHDGDHGXFDomRHVSHFLDOTXHHVWDVGHVHPSHQKDP
XPSDSHOSUHSRQGHUDQWHXPDYH]TXHSHUPLWHPGH
VHQYROYHU DFWLYLGDGHV TXH DQWHV HVWDYDP YHGDGDV D
DOXQRVFRP1((0RUDWR
'HXPPRGRJHUDODV7,&QDiUHDGDV1((SRGHP
FULDUPDLRUHVQtYHLVGHDXWRQRPLDVHUXPFRQWULEXWR
LQHVWLPiYHO QDV iUHDV GR GHVHQYROYLPHQWR FRJQLWLYR
SVLFRPRWRUFRQVWLWXLUXPPHLRDOWHUQDWLYRGHFRPXQL
FDomRHIDFLOLWDGRUGDUHDOL]DomRGHLQ~PHUDVWDUHIDV
FRQWULEXLUSDUDXPDPXGDQoDGHHVWUDWpJLDVTXHSRV
VLELOLWHPHQFRQWUDUUHVSRVWDVSDUDDOXQRVTXHSRVVDP
HVWDU DIDVWDGRV GD HVFRODUL]DomR VHU XPD IRUPD GH
XOWUDSDVVDUEDUUHLUDVItVLFDVHVRFLRHPRFLRQDLV0DLV
HVSHFL¿FDPHQWH DOJXPDV GHVWDV EDUUHLUDV UHIHUHP
VHjGL¿FXOGDGHGHPDQLSXODUREMHFWRVGHHVFULWDHRX
GHVHQKRDVVLPFRPRjGL¿FXOGDGHQDOHLWXUDHFRQVH
TXHQWHPHQWHHPSDUWLFLSDUHPDFWLYLGDGHVGHOLWHUDFLD
2UHFXUVRDRFRPSXWDGRUHDRVVLVWHPDVPXOWLPpGLD
SHUPLWHWUDoDUSHUFXUVRVLQGLYLGXDOL]DGRVHPTXHFDGD
DOXQRSRGHSURJUHGLUGHDFRUGRFRPRVHXULWPR
$V WHFQRORJLDV WRUQDPVH IDFLOLWDGRUDV HP YiULRV
DVSHFWRV H UHSUHVHQWDP QR FRQWH[WR GDV ',' XP
FRPSOHPHQWR QR SURFHVVR GH HQVLQRDSUHQGL]DJHP
XPD PHOKRULD TXDOLWDWLYD H TXDQWLWDWLYD GDV HVWUDWp
JLDV EHP FRPR GRV HVWLORV SDUD R GHVHQYROYLPHQWR
GDVVXDVFDSDFLGDGHV
2HQVLQRTXHUHFRUUHDRXVRGDVWHFQRORJLDVHGH
YLGDPHQWHSODQHDGRGHYHUi
DVHUEDVHDGRQDSHGDJRJLDGRRSWLPLVPRHSRU
FRQVHJXLQWHQDSVLFRSHGDJRJLDGRVXFHVVR
EDSOLFDURVSULQFtSLRVGLGiFWLFRVSUySULRVGRHQVL
QRLQGLYLGXDOL]DGRFRPRSRUH[HPSORDSDUWLFLSDomR
DFWLYDRDXPHQWRSURJUHVVLYRGRJUDXGHGL¿FXOGDGHH
DDGDSWDomRjVFDUDFWHUtVWLFDVGRLQGtYLGXR
FDSUHVHQWDUGHVD¿RVSURJUHVVLYRV
GIRPHQWDUDDWHQomRDPRWLYDomRHDFRQFHQWUD
omRHQYROYHQGRRXWLOL]DGRUQDDFWLYLGDGH
HDGDSWDUVHDRULWPRHDRSRWHQFLDOGHGHVHQYROYL
PHQWRJUDGXDOGHFDGDXPHjVXDLQGLYLGXDOLGDGH
7RGDYLDRHQVLQRDX[LOLDGRSHODVWHFQRORJLDVFROR
FDGRLVSUREOHPDVTXHQmRSRGHPVHUGHVFXUDGRV
DQHFHVVLGDGHGHKDUGZDUHDFHVVtYHOHHUJRQyPL
'LYHUVLGDGHV
FRRXVHMDDH[LVWrQFLDGHHTXLSDPHQWRVDGDSWDGRV
TXHVHMDPPDQLSXODGRVSRUFULDQoDVFRP','
D LQVX¿FLrQFLD GH SURJUDPDV TXH UHVSRQGDP jV
H[LJrQFLDVGDDSUHQGL]DJHPGHVWDSRSXODomRHVSHFt
¿FDSH3URMHFWRÆQFRUD/LQJXDJHP/RJR'2:1¶6
&200
1RTXHGL]UHVSHLWRjSULPHLUDTXHVWmRpERPUH
FRUGDUTXHH[LVWHPHTXLSDPHQWRVTXHSRGHPFRQWUL
EXLUSDUDDFRUUHFWDXWLOL]DomRGDWHFQRORJLDHFRQGX]LU
FRQVHTXHQWHPHQWHDXPDDSUHQGL]DJHPPDLVUiSLGD
DWHQGHQGRjVGL¿FXOGDGHVGHFRRUGHQDomRyFXORPD
QXDOHYLVXRHVSDFLDOTXHRVXWLOL]DGRUHVSRGHUmRHYL
GHQFLDU&RPRH[HPSORVGHDGDSWDo}HVWHFQROyJLFDV
WHPRVRVSHULIpULFRVGHDFHVVRDRFRPSXWDGRUWUDFN
EDOORXUDWRDGDSWDGRRLQWHOOLNH\VRXWHFODGRGHFRQ
FHLWRVHRHFUmWiFWLO
1RVHJXQGRFDVRIRUDPMiFRQFHELGRVSURJUDPDV
TXH SURSRUFLRQDP DR XWLOL]DGRU XP PHLR IDFLOLWDGRU
GD DSUHQGL]DJHP GD OHLWXUD GD HVFULWD H GR FiOFXOR
EHPFRPRDDTXLVLomRGDDXWRQRPLDWRUQDQGRVHXP
PRGR GH DXWRDSUHQGL]DJHP DWUDYpV GD UHDOL]DomR
GHMRJRVHVWUDWpJLDVDYHQWXUDVKDELOLGDGHV HVLPX
ODo}HV )HUQDQGHV FLW SRU 5RGULJXHV &RPR
SURJUDPDVTXHSURPRYHPDOLWHUDFLDVDOLHQWDPVH/H
WUDVH3DODYUDV3DODYUDD3DODYUD$SUHQGHUFRPRV
1~PHURVH'HD&RPRVRIWZDUHLQGLFDGRSDUD
FRQVWUXomRGHFRQWH~GRVSRGHPRVLQGLFDURVSURJUD
PDV,QWHOOL3LFV$SUHQGHUD9HU$YHQWXUDV,QYHQWR
H3RZHU3RLQWHQWUHRXWURV2VSURJUDPDVGHOHLWXUD
GH WH[WR DVVLVWLGD SRU FRPSXWDGRU SURSRUFLRQDP XP
PHOKRUGHVHPSHQKRQDOHLWXUDFRPRSRUH[HPSORR
:RUG5HDG
$LQGDDVVLPDXWLOL]DomRGDVWHFQRORJLDVSRGHFRQ
GX]LUDGXDVUHDFo}HVGLVWLQWDVDSHVVLPLVWDHDRS
WLPLVWD
$SHVVLPLVWDFRQVLGHUDDV7,&XPIDFWRUGHH[FOX
VmRTXHDJUDYDFRQVHTXHQWHPHQWHRVSUREOHPDVMi
H[LVWHQWHVWDLVFRPRDIDOWDGHFRQ¿DQoDRXGHPRWL
YDomRSRUSDUWHGRXWLOL]DGRUXPDYH]TXHSRGHUmRVHU
VLVWHPDV GHPDVLDGR IRUPDLV RX WHFQRORJLDV TXH QmR
HVWmRDGDSWDGDVDRVFRQWH[WRVFXOWXUDLVHVRFLDLV
$RSWLPLVWDHQFDUDDV7,&FRPRDOJRTXHDMXGDD
VXSHUDU DOJXPDV IRUPDV GH H[FOXVmR XPD YH] TXH
GHVHQYROYHP QRYDV IRUPDV GH DSUHQGL]DJHP H SR
GHP EHQH¿FLDU JUXSRV VRFLDLV DIDVWDGRV GR HQVLQR
WUDGLFLRQDO$VVLPVHQGRRVDOXQRVSRXFRPRWLYDGRV
HFRPPHQRUVXFHVVRVmRRVTXHDSUHVHQWDPPDLRUHV
PHOKRULDVFRPDLQWURGXomRGRFRPSXWDGRUHGRVPD
WHULDLVGLJLWDLVQRHQVLQR
$VWHFQRORJLDVGHVHPSHQKDPHQWmRXPSDSHOUH
GLVWULEXLGRUGRFRQKHFLPHQWRDRHVWLPXODUHPRULWPR
GH DTXLVLomR GH LQIRUPDomR GRV TXH VDEHP PHQRV
DSUR[LPDQGRRVGRVQtYHLVGRVTXHVDEHPPDLV,VWR
DFRQWHFH SRUTXH DV WHFQRORJLDV LQFLGHP VREUH GRLV
DVSHFWRV HVVHQFLDLV SRU XP ODGR D PRWLYDomR QR
VHQWLGR GH TXH SRU H[HPSOR D WHOHYLVmR LQWHUDFWLYD
RX D LQWHUQHW FKHJDP D S~EOLFRV PDLV UHVLVWHQWHV jV
SURSRVWDVIRUPDLVGHDSUHQGL]DJHPSRURXWURRIDF
WRU DWUDFWLYR SRU HVWDUHP DVVRFLDGDV DR OD]HU 'HVWH
PRGR SDVVDU GRV MRJRV GH FRPSXWDGRU j DSUHQGL
]DJHP WRUQDVH UHODWLYDPHQWH VLPSOHV 7DPEpP VH
FRQVLGHUD LPSRUWDQWH UHIHULU RV SURFHVVRV GH DSUHQ
GL]DJHPSHORIDFWRGDVWHFQRORJLDVPRELOL]DUHPXPD
FHUWDGLYHUVLGDGHGHSURFHVVRVFRJQLWLYRV$VVLPVHQ
GR p PDLV IiFLO XP VLVWHPD PXOWLPpGLD DGDSWDUVH D
HVWLORVGHDSUHQGL]DJHPHVSHFLDLV3RGHUiIDYRUHFHU
XPD PDLRU YDULHGDGH GH DOXQRV SURPRYHU XP DFHV
VR PDLV KRPRJpQHR DR FRQKHFLPHQWR DVVLP FRPR
SHUPLWLUXPDFRQVWUXomRPHQWDOPDLVULFDTXHRWH[WR
OLQHDUFOiVVLFR
&RQFOXVmR
2V DVSHFWRV SRVLWLYRV GR XVR GDV 7,& MXQWR GDV
FULDQoDVFRP','VmRHPWHUPRVJHUDLV
$VDWLVIDomRGDFULDQoDSRUWHUXPHFUmFXMDLPD
JHPpFRPDQGDGDHGLULJLGDSRUVLPRWLYDQGRDHIDFL
OLWDQGRDDSUHQGL]DJHPGHFRQWH~GRVPDLVH[LJHQWHV
2GHVHQYROYLPHQWRGHPDLRUFRQWURORHSUHFLVmRD
QtYHOGDPRWULFLGDGH¿QDDWHQGHQGRTXHSDUDDFHGHU
DRFRPSXWDGRUpQHFHVViULRGHVWUH]DPDQXDO
$ HVWLPXODomR GD FDSDFLGDGH GH DWHQomR H PH
PyULD
$UHGXomRGRWHPSRGHUHVSRVWD
2IDFWRGHUHFHEHUUHFRPSHQVDVGHLPHGLDWRVH
H[HFXWDUEHPDWDUHIDXPDYH]TXHDDFomRFRUUHFWD
LPSOLFDXPDUHVSRVWDSRVLWLYD2SURJUDPDGiVHPSUH
DPHVPDUHVSRVWDjPHVPDSHUJXQWDeXPSURFHV
VR OyJLFR TXH OHYD D FULDQoD D DFHLWDU XPD UHJUD GH
FRPSRUWDPHQWR $VVLP H[LVWHP GRLV WLSRV GH IHHG
EDFNXPWUDQVPLWLGRDTXDQGRGHXPDDFomRHUUDGD
WUDGX]LGD SHOR UXtGR TXH LQGLFD HUUR RXWUR H[SUHVVR
SRUVRQVDOHJUHVHHVWLPXODQWHVTXHFRPRIRUPDGH
UHFRPSHQVDHQWXVLDVPDPHPRWLYDPDVFULDQoDV
2 XVR GDV WHFQRORJLDV DGDSWDGDV jV QHFHVVLGD
GHVGDVFULDQoDVFRPGL¿FXOGDGHVLQWHOHFWXDLVRXGH
VHQYROYLPHQWDLVHPSDUWLFXODUSRGHVHUFRQVLGHUDGR
HOHPHQWRIDFLOLWDGRUGDPRWLYDomRSDUDDVDFWLYLGDGHV
HGXFDWLYDV DFWLYLGDGHV HRX HVWUDWpJLDV GD LQWHUDF
omRFRPRPHLRHPTXHYLYHGDFULDWLYLGDGHGDDXWR
FRQ¿DQoDGDFRPSUHHQVmRGHFRQFHLWRVHGHFRQKH
FLPHQWRVWHyULFRSUiWLFRVGDDXWRQRPLDQDUHVROXomR
GHSUREOHPDVEHPFRPRGRGHVHQYROYLPHQWRGRUD
FLRFtQLROyJLFR
5HIHUrQFLDV%LEOLRJUi¿FDV
'HOOD&RXUWLDGH&$&ULDQoDFRP'H¿FLrQFLDGRQDVFLPHQWRjLGDGH
HVFRODU%UHYH*XLDSDUDRV3DLV*ULIR
)LOKR 7 VG (GXFDomR (VSHFLDO H 1RYDV 7HFQRORJLDV 2$OXQR &RQVWUXLQGR
6XD$XWRQRPLD'LVSRQtYHOQR85/KWSSZZZSURIDODFRPDUWHGXFHVSKWP$FH
GLGRHPGH2XWXEURGH
0RUDWR36DQWRV6'L¿FXOGDGH,QWHOHFWXDOH'HVHQYROYLPHQWDO$0X
GDQoDGH3DUDGLJPDQD&RQFHSomRGD'H¿FLrQFLD0HQWDO,Q5HYLVWDGH(GXFDomR
(VSHFLDOH5HDELOLWDomRQž/LVERD(GLo}HV)0+
5RGULJXHV ' HW DO 3UREOHPiWLFD GR HQVLQR DVVLVWLGR SRU FRPSXWDGRU
1RYDV7HFQRORJLDVQD(GXFDomR(VSHFLDO&UX]4XHEUDGD87/,6()
5RGULJXHV'7HFQRORJLDVGH,QIRUPDomRH&RPXQLFDomRH3RSXODo}HV
(VSHFLDLVVHUSDUWHGRSUREOHPDRXSDUWHGDVROXomR",Q5HYLVWDGH(GXFDomR(VSH
FLDOH5HDELOLWDomRQž/LVERD(GLo}HV)0+
7HOPR,HWDO$&ULDQoD'LIHUHQWH0DQXDOGH$SRLRDRV(GXFDGRUHVGH
,QIkQFLDH3URIHVVRUHVGR(QVLQR%iVLFR/LVERD0LQLVWpULRGD(GXFDomRH*DELQHWH
GH(VWXGRVH3ODQHDPHQWR
2XWXEUR'H]HPEUR
$6H[XDOLGDGHQD'HILFLrQFLD,QWHOHFWXDO
$WLWXGHVGH3DLVH3URILVVLRQDLV
0DUWD$OEXTXHUTXH&HQWURGH'H¿FLHQWHVGH6DQWR(VWrYmR6XVDQD5DPRV)DFXOGDGHGH&LrQFLDVGR
'HVSRUWRH(GXFDomR)tVLFDGD8QLYHUVLGDGHGH&RLPEUD,QVWLWXWR6XSHULRU0LJXHO7RUJD
,QWURGXomR
FRQVWLWXLDLQGDXPDiUHDHQYROWDHPLQ~PHUDVUHVWUL
o}HV8PDGDVTXHVW}HVPDLVSHUWLQHQWHVUHIHUHVHj
QHJDomRGRGLUHLWRjUHDOL]DomRVH[XDOHDIHFWLYD
'HSDUDPRQRV FRP XPD WHQGrQFLD VRFLDO TXH
FRQWHPSODHVWHVLQGLYLGXRVFRPRHWHUQDVFULDQoDVH
FRPRWDOFRPRVHUHVDVVH[XDGRV
.HPSWRQ FLW SRU 5DPRV FRQVLGHUD
TXDWURSRVVtYHLVDWLWXGHVIDFHjVH[XDOLGDGHGDSHV
VRD FRP '0 HOLPLQiOD WROHUiOD DFHLWiOD H FXOWLYi
OD 0XLWDV YH]HV DV DWLWXGHV GH UHMHLomR H QHJDomR
UHVLGHPQRGHVFRQKHFLPHQWRHLQFRPSUHHQVmRUHODWL
YDPHQWHDHVWDVTXHVW}HV2XWURDXWRU'XSOD\
FLW SRU 5DPRV UHIHUH TXH ³QmR Ki GLIHUHQoDV
HVSHFt¿FDVHQWUHDVH[XDOLGDGHGRVGH¿FLHQWHVPHQ
WDLVHGRVRXWURVVHUHVKXPDQRV«QmRKiVH[XDOL
GDGHSHUIHLWDQHPFRPSOHWDPDVXPFDPLQKRGHSHU
VRQDOLGDGHVH[XDGDSDUDXPHQULTXHFLPHQWRGDVVXDV
HVWUXWXUDVSUySULDVLQWHOHFWXDLVHRUJkQLFDV´S
e IXQGDPHQWDO SHQVDUPRV QD SHVVRD FRP '0
FRPRXPVHUFDSD]GHVDWLVID]HUDVVXDVSUySULDVQH
FHVVLGDGHV FRPR TXDOTXHU RXWUR LQGLYtGXR VHQGR D
VH[XDOLGDGHXPDGHODV
1DQRVVDFXOWXUDDVH[XDOLGDGHpDLQGDXPWHPD
HQYROWRHPSUHFRQFHLWRVHGLVFULPLQDomR1XPSDVVD
GR DLQGD UHFHQWH D PRUDO VH[XDO GRPLQDQWH DWULEXtD
XPYDORUQHJDWLYRjVH[XDOLGDGHHDRHURWLVPR)UDGH
HWDO4XDQGRHVWDGLVFXVVmRVHUHSRUWDjVSHV
VRDVFRPGH¿FLrQFLDPHQWDO'0DWLWXGHVSUHFRQFHL
WXRVDVHGLVFULPLQDWyULDVLQWHQVL¿FDPVHHJHUDPSR
OpPLFDTXHUFRPRVSUySULRVLQGLYtGXRVTXHUFRPDV
IDPtOLDVHDVRFLHGDGH
$ SHVVRD FRP GH¿FLrQFLD p DLQGD PXLWDV YH]HV
ROKDGD FRPR XP VHU DVVH[XDGR VHP GLUHLWR D YLYHU
HP SOHQLWXGH D VXD VH[XDOLGDGH H RV VHXV DIHFWRV
3HUHLUD $V DWLWXGHV VRFLDLV PROGDGDV SHOR
SUHFRQFHLWRHSHODLJQRUkQFLDWUDGX]HPVHHPFRP
SRUWDPHQWRVTXHQHJDPDOJXQVGRVPDLVHOHPHQWDUHV
GLUHLWRVGDVSHVVRDVFRPGH¿FLrQFLDSULQFLSDOPHQWH
QRTXHUHVSHLWDDRVHXDVSHFWRDIHFWLYRHVH[XDO&UDIW
)pOL[ 0DUTXHV .HPSWRQ &DUDSXOR
2HQWHQGLPHQWRGDVH[XDOLGDGHFDUDFWHUL]DVH
SRUWDQWRSHORVHXFRQWRUQRQHEXORVRFRQWUDGLWyULR
$ VH[XDOLGDGH GH XP LQGLYtGXR HVWi LQWLPDPHQWH
UHODFLRQDGDFRPDVXDSHUVRQDOLGDGHRTXHDFDUDF
$WLWXGHVGH3DLVH3UR¿VVLRQDLVIDFHj6H[XDOL
WHUL]DFRPRXPIHQyPHQRFRPSOH[RHPXOWLIDFHWDGR
GDGHQD'H¿FLrQFLD0HQWDO
SHORTXHDQDOLVDUHVWDWHPiWLFDVHWRUQDXPDWDUHIDGL
1mR VHUi GLItFLO FRPSUHHQGHU TXH HVWD SRSXODomR
ItFLOPDVQHFHVViULDHSHUWLQHQWH$VVLPXUJHUHÀHFWLU
DFHUFDGDVDWLWXGHVGRVSDLVGHMRYHQVFRP'0HGRV HVWi IRUWHPHQWH FRQGLFLRQDGD SHOR VHX DPELHQWH ID
PLOLDUHVRFLDOGHYLGRjVVXDVOLPLWDo}HVLQWHOHFWXDLV
SUR¿VVLRQDLVTXHFRPHOHVWUDEDOKDP
jVXDQHFHVVLGDGHHPVHUDFHLWHSHORJUXSRGHSDUHV
HWDPEpPSHORVHXPHLRHQYROYHQWHH[FHVVLYDPHQWH
$WLWXGHVIDFHj6H[XDOLGDGH
SURWHFWRUHSDWHUQDOLVWD
/ySH]H)XHUWHVFLWSRU$OEXTXHUTXH
8PHVWXGRGHVHQYROYLGRSRU)UDQFrVFLWSRU3DQ
DSRQWDPSDUDDH[LVWrQFLDGHDWLWXGHVSRVLWLYDVHQH
GL]QRVTXHGDVIDPtOLDVPDQWrPDWLWXGHV
JDWLYDV IDFH j SUHVHQoD GH HVWHUHyWLSRV VH[XDLV D
IHFKDGDVSDUDDTXDODVH[XDOLGDGHGRV¿OKRVpXP
DWLWXGHFRQVHUYDGRUDHDDWLWXGHOLEHUDO(VWHVDXWRUHV
WHPDWDEXHDSHQDVUHYHODPDWLWXGHVPDLVDEHU
UHIRUoDPDLGHLDGHTXHVHSRGHIDODUHP³GXDVWLSROR
WDV5HLVVFLWSRU3DQUHIHUHWDPEpPTXH
JLDVEiVLFDVTXHGH¿QHPDIRUPDGHVHQWLUSHQVDUH
RVSDLVWHQGHPDDGRSWDUDWLWXGHVPDLVFRQVHUYDGRUDV
YLYHUDVH[XDOLGDGH´S
UHODWLYDPHQWHjVH[XDOLGDGHGRVVHXV¿OKRVFRPGH¿
$ SUREOHPiWLFD GD VH[XDOLGDGH QHVWD SRSXODomR
FLrQFLD'HLVKHUQRVHXHVWXGRVREUHFRPSRU
'LYHUVLGDGHV
&RQFOXV}HV
WDPHQWRVVH[XDLVFRQFOXLXTXHGDVXDDPRVWUD
FRQVWLWXtGDSRUHGXFDGRUHVFRQVLGHUDDPDVWXUEDomR
XP FRPSRUWDPHQWR QRUPDO DFDEDULD FRP HVWH
FRPSRUWDPHQWRFDVRDOJXpPRHVWLYHVVHDSUDWLFDUH
SXQLULDRFRPSRUWDPHQWRPDVWXUEDWyULR3RUVXD
YH]RVSUR¿VVLRQDLVPDQLIHVWDPKDELWXDOPHQWHXPD
DWLWXGHPDLVSRVLWLYDDEHUWDHWROHUDQWH
(P+ROPHVDSOLFRXXPD³(VFDODGH$WLWXGHV´
D XPD DPRVWUD GH SUR¿VVLRQDLV H FRQFOXLX TXH D
PDLRULDUHYHORXDWLWXGHVPDLVOLEHUDLV1RVHXHVWXGR
VREUHDWLWXGHVGHSUR¿VVLRQDLVIDFHjVH[XDOLGDGHGH
SHVVRDVFRPGH¿FLrQFLD)pOL[FRQVWDWDHPGLYHUVDV
GDWDVTXHDPDLRULDGDVXDDPRVWUDUHYHODWHUDWLWX
GHVOLEHUDLVHFHUFDGHGRVVXMHLWRVGHPRQVWUDP
DWLWXGHVFRQVHUYDGRUDV
$PRVWUDH0HWRGRORJLD
$ DPRVWUD GR QRVVR HVWXGR IRL FRQVWLWXtGD SRU VXMHLWRVSUR¿VVLRQDLVHSDLV
3DUDDUHFROKDGHGDGRVXWLOL]iPRVGRLVTXHVWLRQi
ULRVXPSDUDRVSDLVHRXWURSDUDRVSUR¿VVLRQDLVTXH
FRQWHPSODYDXPD(VFDODGH$WLWXGHV³6H[XDOLW\DQG
0HQWDOO\5HWDUGHG$WWLWXGHV,QYHQWRU\605$,´
5HVXOWDGRV
1RHVWXGRTXHUHDOL]iPRVWDPEpPVREUHDWLWXGHV
GHSDLVHSUR¿VVLRQDLVIDFHjVH[XDOLGDGHGDSHVVRD
FRP '0 HP TXH SUHWHQGHPRV GHVFUHYHU H UHÀHFWLU
VREUH HVWDV PHVPDV DWLWXGHV FRQFOXtPRV TXH GDQRVVDDPRVWUDGHSUR¿VVLRQDLVUHYHODUDPDWLWXGHV
FRQVHUYDGRUDVHDWLWXGHVOLEHUDLV5HODWLYDPHQWH
DRV SDLV HVWHV FRQVLGHUDP QD VXD PDLRULD TXH RV
¿OKRVWrPGLUHLWRDYLYHUDVXDDIHFWLYLGDGHPDVPXL
WRVWrPLQFHUWH]DVUHODWLYDPHQWHjYLYrQFLDVH[XDOGRV
PHVPRV GRV SDLV GLVFRUGDP FRP DWLWXGHV UH
SUHVVLYDVUHODWLYDVjPDVWXUEDomRGLVFRUGDP
WDPEpPFRPDSRVVLELOLGDGHGRV¿OKRVHVWDEHOHFHUHP
UHODo}HVDIHFWLYDVFRPRVH[RRSRVWR
)DODUVREUHVH[XDOLGDGHQmRpIiFLOFRQWLQXDDQmR
VHUXPDYH]TXHQHPWRGDVDVSHVVRDVDSHUFHSFLR
QDPHYLYHQFLDPGDPHVPDIRUPD)DODUGRWHPDWRU
QDVHDLQGDPDLVGLItFLOQRFRQWH[WRGD'0
2V HVWXGRV FLHQWt¿FRV QD iUHD GD VH[XDOLGDGH GD
SHVVRD FRP '0 VmR DLQGD XP GRPtQLR SRXFR DERU
GDGRWDOYH]SRUVHUDLQGDXPDWHPiWLFDHQYROWDHP
FRQWUDGLo}HV H FRQÀLWRV TXHU SDUD D IDPtOLD SDUD R
SUySULR LQGLYtGXR FRP GH¿FLrQFLD TXHU WDPEpP SDUD
RV SUR¿VVLRQDLV GDV LQVWLWXLo}HV TXH RV DFROKHP $
SHVVRDFRP'0FRQWLQXDDVHUURWXODGDFRPRDOJXpP
GLIHUHQWHGLIHUHQWHGRVSDGU}HVQRUPDLVTXHDVRFLH
GDGHFRQVLGHUDeHVWHWLSRGHDWLWXGHTXHFRQGLFLRQD
RPRGRFRPRHVWDVSHVVRDVOLGDPFRPDVXDFRQGL
omRHOLPLWDo}HVHFRQVHTXHQWHPHQWHLQÀXHQFLDPD
VXD DXWRHVWLPD D VXD DXWRFRQ¿DQoD H WRGR R VHX
GHVHQYROYLPHQWR SVLFRDIHFWLYR EHP FRPR VH[XDO
8PGRVSULQFLSDLVREMHFWLYRVGHVWHWUDEDOKRIRLDOHUWDU
HVHQVLELOL]DUROHLWRUSDUDRIDFWRGHTXHDVH[XDOLGDGH
H[LVWHQDVSHVVRDVGLIHUHQWHVHTXHWDPEpPHODVWrP
DQHFHVVLGDGHGHDVDWLVID]HU
3HVHHPERUDH[LVWDPSRXFDVLQYHVWLJDo}HVQHVWD
iUHDQmRSRGHPRVVHUQHJOLJHQWHV'HYHPRVSHQVDU
QDSHVVRDFRPGH¿FLrQFLDPHQWDOFRPRXPVHUGLJQR
GH YLYHU GD PHOKRU IRUPD SRVVtYHO WRGRV RV DVSHF
WRV GD VXD YLGD LQFOXLQGR D YLYrQFLD GD VXD SUySULD
VH[XDOLGDGHDSHVDUGDVVXDVOLPLWDo}HV
5HIHUrQFLDV%LEOLRJUi¿FDV
$OEXTXHUTXH0&$FULDQoDFRPGH¿FLrQFLDPHQWDOOLJHLUD615Qž
&UDIW$0HQWDOKDQGLFDSDQGVH[XDOLW\,VVXHVDQGSHUVSHFWLYHV.HQW&RV
WHOOR
)pOL[,$VH[XDOLGDGHQRVGH¿FLHQWHVPHQWDLV3DLV
)pOL[ , (YROXomR GD VH[XDOLGDGH DR ORQJR GD LQIkQFLD H GD DGROHVFrQFLD
,Q,)pOL[$0DUTXHV(GV,YRQH)pOL[(QyV«VRPRVGLIHUHQWHV"6H[XDOLGDGHH
HGXFDomR VH[XDO QD GH¿FLrQFLD PHQWDO  HG S /LVERD$VVRFLDomR SDUD R
3ODQHDPHQWR)DPLOLDU
)pOL[ , 6H[XDOLGDGH H HGXFDomR VH[XDO QD GH¿FLrQFLD PHQWDO )HQDFHUFL
)pOL[,$VDWLWXGHVGRVSUR¿VVLRQDLVIDFHjVH[XDOLGDGHGDVSHVVRDVSRUWDGR
UDVGHGH¿FLrQFLDPHQWDO,Q6H[XDOLGDGH3ODQHDPHQWR)DPLOLDU
)pOL[,6H[XDOLGDGHHDGH¿FLrQFLDPHQWDO,Q,QWHJUDU
)pOL[,0DUTXHV$(QyV«VRPRVGLIHUHQWHV"6H[XDOLGDGHHHGXFDomRVH
[XDOQDGH¿FLrQFLDPHQWDOHG/LVERD$VVRFLDomRSDUDR3ODQHDPHQWR)DPLOLDU
)UDGH$0DUTXHV0$OYHUFD&9LODU'(GXFDomR6H[XDOQDHVFROD
/LVERD7H[WR(GLWRUD
.HPSWRQ:&DSDUXOR)&RXVHOOLQJSDUHQWVDQGVWDIIRQWKHVH[XDOQHHGV
RIPHQWDOO\KDQGLFDSSHGSHRSOH,Q&UDIW$&UDIW06H[HGXFDWLRQDQGFRXQ
VHOOLQJIRUPHQWDOO\KDQGLFDSSHGSHRSOH.HQW&RVWHOOR
3DQ$$IHFWLYLGDGHHVH[XDOLGDGHQDSHVVRDSRUWDGRUDGHGH¿FLrQFLDPHQ
WDO6mR3DXOR(GLo}HV/R\ROD
3HUHLUD35HÀH[mRVREUHVH[XDOLGDGHHGH¿FLrQFLD,Q6RQKDU
5DPRV06H[XDOLGDGHQD'LYHUVLGDGH615Qž/LVERD
2XWXEUR'H]HPEUR
(VSDoR
´3DUDXPD7UDQVLomR)HOL]H6HJXUDµ
3URMHFWRGH$SRLRj7UDQVLomRGRžSDUDRž&LFORGR
(QVLQR%iVLFR
)LOLSD6HUUmR7kQLD1DVFLPHQWR&$3&kPDUDGH/RERV
$WUDQVLomRGHFLFORpGHVFULWDSHODOLWHUDWXUDFRPR
XP DFRQWHFLPHQWR GH YLGD TXH SRGH WHU LPSOLFDo}HV
QRIXQFLRQDPHQWRDGDSWDWLYRGDVFULDQoDVSRUVHWUD
WDUGHXPD³WUDQVLomRHFROyJLFD´TXHHQYROYHP~OWLSORV
DMXVWDPHQWRV5XGROSK/DPEHUW&ODUN.XUODNRZVNL
FLW SRU 3HUHLUD 5HLV&DQDYDUUR &DQDYDUUR 0HQGRQoD$WUDQVLomRGHFLFORHVSHFLDOPHQWH
TXDQGRDVVRFLDGDjPXGDQoDGHHVFRODFRQVWLWXLVH
QXPIDFWRUGHULVFRSDUDRGHVHQYROYLPHQWRGHSUREOH
PDVQDDSUHQGL]DJHPHQRGHVHQYROYLPHQWRSVLFROy
JLFRJOREDOeFRPXPFRQVWDWDUVHHPDOJXPDVFULDQ
oDV H SUpDGROHVFHQWHV D GLPLQXLomR GR UHQGLPHQWR
HVFRODU EDL[D DXWRHVWLPD GLPLQXLomR GD PRWLYDomR
H GHVLQWHUHVVH SHOD DSUHQGL]DJHP SUREOHPDV HPR
FLRQDLVHFRPSRUWDPHQWDLV)LQJHU6LOYHUPDQ
FLWSRU*RPHV&DUYDOKR
2WUDQVLWDUSDUDXPDPELHQWHHVFRODUHVRFLDOPXLWR
GLIHUHQWHGHVHQFDGHLDXPVHQWLPHQWRGH³FRPHoDUGH
QRYR´TXHSDUDDOJXPDVFULDQoDVSRGHVHUVLQyQLPR
GHLQVHJXUDQoDHDWpGHDOJXPVWUHVVHVFRODU1RGH
FRUUHUGHVWHSURFHVVRGHWUDQVLomRDFULDQoDGHSDUD
VHFRPYiULDVPXGDQoDVDRQtYHODFDGpPLFRHUHOD
FLRQDOTXHUFRPRVSURIHVVRUHVTXHUFRPRVSDUHV
(IHFWLYDPHQWH D FULDQoD HQFRQWUD XP PDLRU Q~PHUR
GHSURIHVVRUHVSDVVDDWHUXPDPDLRUFDUJDKRUiULD
PDLVDXODVHGLVFLSOLQDVPDLVWUDEDOKRVGHFDVDPDLV
'LYHUVLGDGHV
SURYDVGHDYDOLDomRXPKRUiULRSDUDVHJXLUFRPYi
ULRVLQWHUYDORVHVDODVURWLQDVHUHJUDVGLIHUHQWHVSDUD
FXPSULU DOPRoR QD FDQWLQD VHQKDV SDUD FRPSUDU
FDUWmRHOHFWUyQLFRSDUDFDUUHJDU*RPHV&DUYDOKR
$UHODomRFRPRVSDUHVWDPEpPFDXVDDOJXPD
LQTXLHWDomR SDUD TXHP WUDQVLWD GH FLFOR H GH HVFROD
HYLGHQFLDVH R UHFHLR GH QmR VHU DFHLWH RX VHU UHMHL
WDGRSHODDSDUrQFLDItVLFDRVLQFLGHQWHVUHODFLRQDGRV
FRPDSUHVVmRSDUDRGHVYLRHDYLROrQFLDQDHVFROD
EHPFRPRDVVLWXDo}HV GHLQFXPSULPHQWR GH UHJUDV
QDVDODGHDXOD2XWURDVSHFWRGHDSUHHQVmRSUHQGH
VHFRPRVSUREOHPDVGDSUySULDUHODomRFRPRVSUR
IHVVRUHVRVDOXQRVGHSDUDPVHFRPXPDUHODomRTXH
OKHVH[LJHXPDPDLRUDXWRQRPLDFRQWURORHGLVFLSOLQD
:HQ]*URVVHWDOFLWSRU3HUHLUDHWDO
(VWDVPXGDQoDVGHDOJXPDH[LJrQFLDItVLFDHSVL
FROyJLFD UHTXHUHP SRU SDUWH GRV DOXQRV XP JUDQGH
SRGHUGHRUJDQL]DomR DXWRQRPLD HLQLFLDWLYD XP Qt
YHO GH GHVHQYROYLPHQWR SHVVRDO H VRFLDO EHP FRPR
FRPSHWrQFLDVEiVLFDVGHDSUHQGL]DJHPDGHTXDGDVj
VXDLGDGHHQtYHOHVFRODUSDUDTXHFRQVLJDPVXSHUDU
R LPSDFWR VRFLRHPRFLRQDO GR SURFHVVR GH WUDQVLomR
3RUpP H[LVWHP PXLWDV FULDQoDV TXH QmR WrP HVWHV
SUpUHTXLVLWRV DR QtYHO GDV FRPSHWrQFLDV EiVLFDV
SDUDDVRFLDOL]DomRHSDUDDDSUHQGL]DJHPHVFRODUR
TXHDVSRGHLQWLPLGDUGL¿FXOWDQGRRVHXSURFHVVRGH
WUDQVLomR H DGDSWDomR 3HUHLUD 0HQGRQoD FLW SRU
3HUHLUD HW DO 'HVWH PRGR D WUDQVLomR HVFR
ODUPHUHFHHVSHFLDODWHQomRSRUSDUWHGDVHVFRODVH
GRVDJHQWHVHGXFDWLYRVHQYROYLGRVSHODVLPSOLFDo}HV
QR GRPtQLR HVFRODU GRV DOXQRV QRPHDGDPHQWH DR
QtYHO GR GHVHPSHQKR H GR DXWRFRQFHLWR DFDGpPLFR
3HUHLUDHWDO
7HQGR SUHVHQWH HVWDV LPSOLFDo}HV H DWHQGHQGR j
UHDOLGDGHVRFLRFXOWXUDOHHVFRODUGHDOJXQVDOXQRVGR
&RQFHOKR GH &kPDUD GH /RERV FRQVLGHURXVH SHUWL
QHQWHLPSOHPHQWDUXPSURMHFWRGHFDUiFWHUSUHYHQWLYR
TXHSURSRUFLRQDVVHDOJXPVXSRUWHVRFLDOHHPRFLRQDO
QRSURFHVVRGHWUDQVLomRHUHGX]LVVHVLPXOWDQHDPHQ
WHDSUHYDOrQFLDGHSHUWXUEDo}HVHPRFLRQDLVFRPSRU
WDPHQWDLV H GH DSUHQGL]DJHP TXH VH YHUL¿FDP FRP
PDLRUIUHTXrQFLDQRžDQRGHHVFRODULGDGH$VHVFR
ODVDEUDQJLGDVSRUHVWHSURMHFWRHQFRQWUDPVHLQVHUL
GDVQXPPHLRUXUDOLVRODGRHFXOWXUDOPHQWHGHVIDYR
UHFLGRRQGHDVGL¿FXOGDGHVGHDFHVVRjLQIRUPDomR
HH[SHULrQFLDVFRQGLFLRQDPRGHVHQYROYLPHQWRJOREDO
GR LQGLYtGXR $OpP GHVWDV GHVYDQWDJHQV VRFLRFXOWX
UDLVHVWHVDOXQRVDRWUDQVLWDUHPGHFLFORGHSDUDPVH
FRPXPDQRYDUHDOLGDGHVRFLDOHHVFRODU
1HVWH VHQWLGR R 3URMHFWR GH 7UDQVLomR GH &LFOR
GHQRPLQDGR ³3DUD XPD 7UDQVLomR )HOL] H 6HJXUD´
WHYH FRPR REMHFWLYR IDFLOLWDU D WUDQVLomR GRV DOXQRV
GRVžDQRVGDV(VFRODVGHž&LFORFRP3Up(VFR
ODUGR&XUUDOGDV)UHLUDVGRFRQFHOKRGH&kPDUDGH
/RERV (%3( GDV &DVDV 3Uy[LPDV H (%3( GD
6HDUD9HOKDSDUDD(VFROD%iVLFDGHžHž&LFOR
GH6DQWR$QWyQLRGRFRQFHOKRGR)XQFKDO2SURMHFWR
GHFRUUHXHQWUHRVPHVHVGH0DLRH-XQKRGRDQROHF
WLYR H IRL HVWUXWXUDGR HP PyGXORV FRP
VHVV}HVVHPDQDLVQDVTXDLVIRUDPWUDEDOKDGDViUHDV
FRPR R DXWRFRQFHLWR D DVVHUWLYLGDGH D WRPDGD GH
GHFLVmRDSUySULDPXGDQoDGHFLFORHRIXWXURFRQWH[
WR HVFRODU &RP R LQWXLWR GH SUHSDUDU RV DOXQRV SDUD
D PXGDQoD GR ž SDUD R ž DQR GH HVFRODULGDGH H
DMXGiORVDREWHUXPDSHUFHSomRPDLVFRQFUHWDHUHDO
GD IXWXUD HVFROD IRUDP GLQDPL]DGDV YiULDV DFWLYLGD
GHVHPDPEDVDVHVFRODVGHž&LFORPDVWDPEpP
QDGHžHž&LFORHPFRODERUDomRFRPR&RQVHOKR
([HFXWLYRGDPHVPD3DUDDWLQJLUHVWHREMHFWLYRSUR
FHGHXVH j DSUHVHQWDomR GH XP FRQMXQWR GH GLDSR
VLWLYRV GH FDUiFWHU LQIRUPDWLYR DFHUFD GD (% GH
6DQWR$QWyQLR WDQWR DRV DOXQRV FRPR DRV HQFDUUH
JDGRVGHHGXFDomR2UJDQL]RXVHXPDVHVVmRGHHV
FODUHFLPHQWR FRP R LQWXLWR GH VHQVLELOL]DU RV DOXQRV
GHžDQRSDUDDVHVSHFL¿FLGDGHVGDIXWXUDHVFRODH
GR SUySULR SURFHVVR GH PXGDQoD GH FLFOR (VWD VHV
VmRGHFRUUHXQR&HQWUR&tYLFRGR&XUUDOGDV)UHLUDV
HFRQWRXFRPDSUHVHQoDGHXPJUXSRGHDOXQRVGR
žDQRXQVRULXQGRVGR&RQFHOKRGR)XQFKDORXWURV
GD)UHJXHVLDGR&XUUDOGDV)UHLUDVSHUPLWLQGRDSDU
WLOKDGHH[SHULrQFLDVHGHLQIRUPDo}HVSHUWLQHQWHVDR
SURFHVVRGHWUDQVLomR$HVWHQtYHOUHDOL]RXVHDLQGD
HPSDUFHULDFRPR&RQVHOKR([HFXWLYRGD(%GH
6DQWR$QWyQLRXPDYLVLWDJXLDGDHXPSHGLSDSHUSDUD
TXHRVDOXQRVGDVHVFRODVGR&XUUDOGDV)UHLUDVFR
QKHFHVVHPRVHVSDoRVItVLFRVHFRQWDFWDVVHPFRPD
UHDOLGDGHGDIXWXUDHVFROD
$R ORQJR GD LPSOHPHQWDomR GHVWH SURMHFWR FRQV
WDWDUDPVHROKDUHVWtPLGRVUHFHRVRVHLQVHJXURVSH
UDQWHXPDH[SHULrQFLDTXHLULDP³DEUDoDU´QXPIXWXUR
PXLWRSUy[LPR0DVQHVVHVROKDUHVWDPEpPWUDQVSD
UHFLDXPFODURHLQWHQVREULOKRTXHGHQXQFLDYDRGH
VHMR GH TXHUHU VDEHU H FRQKHFHU DV HVSHFL¿FLGDGHV
GHVVD H[SHULrQFLD SHUPLWLQGR DVVLP XPD 7UDQVLomR
)HOL]H6HJXUD
3DUDOHODPHQWH LQLFLRXVH XP SURMHFWR GH LQYHVWL
JDomR QR kPELWR GR SURFHVVR GH WUDQVLomR GH FLFOR
FRP YLVWD D DYDOLDU RV QtYHLV GH GLVWUHVV SVLFROyJLFR
DQVLHGDGHHGHSUHVVmRGRVDOXQRVGRžDQRTXHVH
SUHSDUDYDPSDUDXPDPXGDQoDWHQWDQGRSHUFHEHUR
LPSDFWRWDQWRGDPXGDQoDFRPRGRSUySULRSURMHFWR
GHLQWHUYHQomRQDHVWDELOLGDGHHDMXVWDPHQWRHPRFLR
QDOGRVPHVPRV$IDVHGDLQYHVWLJDomRGHFRUUHX
QRLQtFLRGRPrVGH0DLRFRPDDSOLFDomRLQGLYLGXDO
GHGRLVTXHVWLRQiULRVGHDYDOLDomR&KLOGUHQ'HSUHV
VLRQ,QYHQWRU\H7KH6WDWH7UDLW$Q[LHW\,QYHQWRU\IRU
&KLOGUHQ TXH PHGHP RV QtYHLV GH GHSUHVVmR H DQ
VLHGDGH$HIDVHVGDLQYHVWLJDomRGHFRUUHUmR
QR ž H ž SHUtRGRV GR DQR OHFWLYR FRP
DDSOLFDomRGRVPHVPRVLQVWUXPHQWRV$UHFROKDGRV
GDGRV HP GLIHUHQWHV PRPHQWRV SHUPLWLUi FKHJDU D
DOJXPDV FRQFOXV}HV HP WRUQR GRV QtYHLV GH GLVWUHVV
SVLFROyJLFRHGDSHUWLQrQFLDGDFRQWLQXLGDGHGDLPSOH
PHQWDomRGHVWHWLSRGHSURMHFWRQRSURFHVVRGHWUDQ
VLomRGHFLFORHGHFRQWH[WRHVFRODU
5HIHUrQFLDV%LEOLRJUi¿FDV
3HUHLUD$3URMHFWRGH,QYHVWLJDomR(QYROYLPHQWR3DUHQWDOQD(VFRODH
$MXVWDPHQWR(PRFLRQDOH$FDGpPLFRQD,QIkQFLDXPHVWXGRORQJLWXGLQDOFRPFULDQ
oDVGRHQVLQREiVLFRQmRSXEOLFDGR)LQDQFLDGRSHOR3URJUDPDGH$SRLRD3URMHFWRV
GH3HVTXLVDQR'RPtQLR(GXFDWLYRGD)XQGDomR&DORXVWH*XOEHQNLDQHSHOD(VFROD
6XSHULRUGH(GXFDomR-RmRGH'HXV
3HUHLUD$5HLV3&DQDYDUUR-&DQDYDUUR&0HQGRQoD'6WUHVV
HVFRODUHDMXVWDPHQWRHPRFLRQDOHDFDGpPLFRQDWUDQVLomRGHHVFRODVGRžSDUDR
ž&LFORGR(QVLQR%iVLFR&RPXQLFDomRDSUHVHQWDGDHPIRUPDWRSRVWHU9,,,&RQ
JUHVVR*DODLFR3RUWXJXrVGH3VLFRSHGDJRJLD6HWHPEUR8QLYHUVLGDGHGR0LQKR
*RPHV)&DUYDOKR5³&RPHoDUEHP«GRžSDUDRžDQR´([SH
ULrQFLDGHXPSURMHFWRGHDSRLRjWUDQVLomRGRžSDUDRžFLFORGRHQVLQREiVLFR
3URSRVWDGH&RPXQLFDomRDSUHVHQWDGDj&RPLVVmR&LHQWt¿FDGR,;&RQJUHVVRGD
6RFLHGDGH3RUWXJXHVDGH&LrQFLDVGD(GXFDomR±(GXFDomRSDUDR6XFHVVR3ROtWL
FDVH$FWRUHVHGH$EULO8QLYHUVLGDGHGD0DGHLUD
&RHOKR92SDSHOGR3VLFyORJRQDVWUDQVLo}HVGHFLFOR3URJUDPDGH
7DQVLomRGH&LFOR³7UDQVLomR3RVLWLYD´,Q,9(QFRQWUR5HJLRQDOGH3VLFyORJRVGH
$EULO(VFRODGD$3(/
2XWXEUR'H]HPEUR
/HJLVODomR
$FHVVLELOLGDGH j ,QIRUPDomR SDUD
3HVVRDVFRP'HÀFLrQFLD9LVXDO
2'HFUHWR/HLQžGHGH-XOKR³HVWDEHOHFHPHGLGDVGHSURPRomRGDDFHVVLELOLGDGHjLQIRUPDomR
VREUHGHWHUPLQDGRVEHQVGHYHQGDDRS~EOLFRSDUDSHVVRDVFRPGH¿FLrQFLDVHLQFDSDFLGDGHVYLVXDLV´
$VVLP¿FDHVWDEHOHFLGRRUHJLPHGHSURPRomRHGHJDUDQWLDGHDFHVVRjLQIRUPDomRGDVFDUDFWHUtVWLFDV
GRVSURGXWRVGLVSRQLELOL]DGRVQRVHVWDEHOHFLPHQWRVGHFRPpUFLRPLVWRLVWRpQRVORFDLVRQGHVHH[HUFHPHP
VLPXOWkQHRDFWLYLGDGHVGHFRPpUFLRDOLPHQWDUHQmRDOLPHQWDU
2VHVWDEHOHFLPHQWRVGHYHUmRGLVSRUGHVHUYLoRVGHDFRPSDQKDPHQWRSHUVRQDOL]DGRSDUDDVSHVVRDVFRP
GH¿FLrQFLDHLQFDSDFLGDGHVYLVXDLVQRDFHVVRDRVSURGXWRVTXHVHHQFRQWUHPH[SRVWRVSRGHQGRHVWHVHUYLoR
VHUFRPSOHPHQWDGRSRUXPVLVWHPDGHLQIRUPDomRDGHTXDGRDHVWDSRSXODomR
1RDFWRGDFRPSUDGHYHUiVHUDVVHJXUDGDQRVHVWDEHOHFLPHQWRVLQFOXVLYHDTXHOHVTXHIRUQHoDPRVHUYLoR
GHYHQGDVSRUYLDHOHFWUyQLFDDLPSUHVVmRHPEUDLOOHQXPDHWLTXHWDSRUSURGXWRFRPDLQIRUPDomRWLGDFRPR
QHFHVViULDUHODWLYDPHQWHjGHQRPLQDomRHFDUDFWHUtVWLFDVSULQFLSDLVHjGDWDGHYDOLGDGH
3DUDDVFRPSUDVUHDOL]DGDVSRUYLDHOHFWUyQLFDRVtWLRTXHIRUQHFHRVHUYLoRGHYHQGDVGHYHLQFOXLUDRSomR
TXHJDUDQWDTXHRVSURGXWRVDGTXLULGRVVHMDPHQWUHJXHVFRPDUHIHULGDHWLTXHWDHPEUDLOOH
$SUHVWDomRGRVVHUYLoRVSUHYLVWRVQDSUHVHQWHOHLQmRSRGHLPSOLFDUTXDOTXHUFXVWR¿QDQFHLURSDUDRVVHXV
EHQH¿FLiULRVFRQVWLWXLQGRFRQWUDRUGHQDomRSXQtYHODYLRODomRGDPHVPD
2*RYHUQRSURPRYHUiXPDDYDOLDomRGDH[HFXomRHH¿FiFLDGDVPHGLGDVSUHYLVWDVQDSUHVHQWHOHLDSyV
GRLVDQRVGDVXDHQWUDGDHPYLJRU
$FHVVRGH3HVVRDVFRP'HÀFLrQFLDDR3URFHVVR
GH 5HFRQKHFLPHQWR 9DOLGDomR H &HUWLÀFDomR
GH&RPSHWrQFLDV
2'HVSDFKRQžSXEOLFDGRQRGLDGH'H]HPEURGHUHJXODRDFHVVRGHSHVVRDVFRP
GH¿FLrQFLDRXLQFDSDFLGDGHDRSURFHVVRGHUHFRQKHFLPHQWRYDOLGDomRHFHUWL¿FDomRGHFRPSHWrQFLDV59&&
DGTXLULGDVSRUYLDIRUPDOQmRIRUPDORXLQIRUPDOHDVRIHUWDVGHHGXFDomRHIRUPDomRGHDGXOWRV
1RTXDGURGDSURPRomRGHRSRUWXQLGDGHVGHHGXFDomRIRUPDomRHWUDEDOKRDRORQJRGDYLGDRSUHVHQWH
QRUPDWLYRFRQWpPRVSULQFtSLRVRULHQWDGRUHVGRDFHVVRGDVSHVVRDVFRPGH¿FLrQFLDVRXLQFDSDFLGDGHDRSUR
FHVVRGH59&&FRQGXFHQWHDXPDKDELOLWDomRHVFRODU
26LVWHPDGH59&&SHUPLWHTXHRVDGXOWRVFRPLGDGHLJXDORXVXSHULRUDDQRVHKDELOLWDo}HVHVFROD
UHVLQIHULRUHVDRVžžRXžDQRSRVVDPVROLFLWDURUHFRQKHFLPHQWRDYDOLGDomRHDFHUWL¿FDomRGRVFR
QKHFLPHQWRVHVFRODUHVSUR¿VVLRQDLVRXRXWURVTXHDGTXLULUDPQRVGLIHUHQWHVFRQWH[WRVGDVXDYLGDDRQtYHO
SHVVRDOVRFLDOHSUR¿VVLRQDO
(VWHSURFHVVRpGHVHQYROYLGRQRV&HQWURV1RYDV2SRUWXQLGDGHVHDFHUWL¿FDomRDEUDQJHiUHDVGHFRP
SHWrQFLDV/LQJXDJHPH&RPXQLFDomR0DWHPiWLFDSDUDD9LGD7HFQRORJLDVGH,QIRUPDomRH&RPXQLFDomR
&LGDGDQLDH(PSUHJDELOLGDGH
(PVXPDSDUDDOpPGRFRQWULEXWRSDUDDHPHUJrQFLDGHXPDVRFLHGDGHPDLVMXVWDHLQFOXVLYDHVWHGRFX
PHQWRMXUtGLFRQRUPDWLYRGHVHQYROYHQRFDPSRGDTXDOL¿FDomRGDSRSXODomRDGXOWDRVSULQFtSLRVFRQVDJUD
GRVQDVEDVHVJHUDLVGRUHJLPHMXUtGLFRGDSUHYHQomRKDELOLWDomRHSDUWLFLSDomRGDSHVVRDFRPGH¿FLrQFLD
'LYHUVLGDGHV
/LYURV
'H¿FLrQFLD0HQWDO6H[XDOLGDGHH)DPtOLD
$XWRU0DULD+HOHQD66SURYLHUL)UDQFLVFR%$VVXPSomR-U
(GLWRUD0DQROH
$QR
2GHVHQYROYLPHQWRVH[XDOGDVSHVVRDVFRPGH¿FLrQFLDPHQWDOpSRUYH]HVHV
WLJPDWL]DGRGHYLGRjVGL¿FXOGDGHVTXHHVWDSRSXODomRDSUHVHQWDQRVPHFDQLVPRV
GHUHSUHVVmRHDXWRFUtWLFD&RPRUHVXOWDGRGRVHXGp¿FHFRJQLWLYRDVVXDVUHOD
o}HVLQWHUSHVVRDLVH[WHULRUL]DPVHGHIRUPDVGLIHUHQWHVGHPRGRTXHTXDOTXHU
PDQLIHVWDomRGDVXDVH[XDOLGDGHpYLVWDHFRPRWDOFDWDORJDGDHWUDWDGDQRkPELWR
GRVGLVW~UELRVGHFRQGXWD1RHQWDQWRGDGDDVXDUHOHYkQFLDFRPRXPGRVDVSHFWRVFRQVWLWXLQWHVGR
LQGLYtGXRDVH[XDOLGDGHQmRSRGHVHUQHJOLJHQFLDGDUD]mRSHODTXDOHVWDREUDVHGHEUXoDVREUHRDVVXQWR
FRPFODUH]DHVHPSUpMXOJDPHQWRVSDUDDX[LOLDUSDLVIDPLOLDUHVHSUR¿VVLRQDLV
-RJRV(GXFDWLYRV
$XWRU6yQLDGH2OLYHLUD/DPDV
(GLomR/LY3VLF/HJLV(GLWRUD
$QR
2VMRJRVHGXFDWLYRVFRQVWLWXHPXPDX[LOLDUSUHFLRVRGRVHGXFDGRUHVSURIHVVRUHV
HDQLPDGRUHVSDUDGHVHQYROYHUFRPSHWrQFLDVLQWHJUDQGRRVGHVVDIRUPDQRSUR
FHVVRHGXFDWLYRVHQGRXPLQVWUXPHQWRTXHSRGHUiVHUXVDGRGHVGHRSUpHVFRODU
DWpjLGDGHDGXOWD
$PDLRUSDUWHGRVMRJRVDSUHVHQWDGRVYLVDPUHFXSHUDUDWUDGLomRSULQFLSDOPHQ
WHGDTXHOHVTXHHUDPSUDWLFDGRVHPFRQWH[WRHVFRODUQDUXDQRSDUTXHHHPIDPtOLD
3RUID]HUHPSDUWHGRQRVVRSDWULPyQLRFXOWXUDOHPDWHULDOTXHQmRSRGHPRVSHUGHUHVWHOLYURFRQWULEXLSDUD
DSURWHFomRHWUDQVPLVVmRGHPXLWRVGHVVHVYDORUHVDRVQRVVRVYLQGRXURV2SUHVHQWHOLYURYLVDDUHFXSHUD
omRGHVWHVMRJRVHVXDGLYXOJDomRQDVPDLVYDULDGDVLQVWLWXLo}HVHHVFRODVGHPRGRDTXHHVWHVIDoDPSDUWH
HVVHQFLDOGRQRVVRSDWULPyQLRFRPXP
$YDOLDomR3VLFROyJLFD,QVWUXPHQWRV9DOLGDGRVSDUDD3RSXODomR3RUWX
JXHVD9ROXPH,,,
$XWRU/HDQGUR$OPHLGD0LJXHO*RQoDOYHV0iULR6LP}HV
&ROHFomR$YDOLDomR3VLFROyJLFD
(GLWRUD4XDUWHWR(GLWRUD
$QR
$DYDOLDomRSVLFROyJLFDpXPDWDUHIDIXQGDPHQWDOHPGLIHUHQWHViUHDVSUR¿VVLR
QDLVGD3VLFRORJLDTXHGHSHQGHPXLWRDLQGDTXHQmRH[FOXVLYDPHQWHGDTXDOLGDGH
GRVLQVWUXPHQWRVGHPHGLGDGLVSRQtYHLVHFRPHVWXGRVFRQVLVWHQWHV
$VLQYHVWLJDo}HVDSUHVHQWDGDVQHVWHYROXPHFHQWUDPVHHPLQVWUXPHQWRVHVSH
Ft¿FRVHSHUVSHFWLYDPRHVWDGRGHGHVHQYROYLPHQWRGDDYDOLDomRSVLFROyJLFDHP3RUWXJDO$HVFR
OKDHRUHFXUVRDLQVWUXPHQWRVGHDYDOLDomRVmRHOHPHQWRVLQGLVVRFLiYHLVGRVDEHUDFWXDOL]DGRGRVVHXVREMHF
WLYRVFRQWH[WRVGHXWLOL]DomRJUXSRVRXSRSXODo}HVDTXHVHGHVWLQDP$VVLPHVWDREUDSUHWHQGHDVVHJXUDUD
GLYXOJDomRGHLQVWUXPHQWRVGHUHIHUrQFLDFRQYHQLHQWHPHQWHDGDSWDGRVHDIHULGRVSDUDDQRVVDSRSXODomR
2XWXEUR'H]HPEUR
(VSDoR7,&
7RELDVR3DOKDoR
2VRIWZDUH7RELDVR3DOKDoRGHVWLQDVHDFULDQoDVGRVDRVDQRVSHUPLWLQGRXPD
DSUHQGL]DJHPDWUDYpVGHDFWLYLGDGHVO~GLFDVFRPEDVHHPFLQFRMRJRVWRUQDQGRVH
DVVLPQXPDIRUPDGLYHUWLGDHHVWLPXODQWHGHHQWUDUQRPXQGRGDLQIRUPiWLFD$VDFWLYL
GDGHVSURSRVWDVVmRLQWHUDFWLYDVHWrPYiULRVQtYHLVGHGL¿FXOGDGHDQLPDo}HVHPHQ
VDJHQVIDODGDV7RGDVDVDFWLYLGDGHVSURSRVWDV&DUDV'LYHUWLGDV&DUWHLUR*HODGRV
%ORFRVGH&RQVWUXomRH-DUGLPGH0RUDQJRVDSUHVHQWDPXPDH[SOLFDomRRUDOHXPDH[HPSOL¿FDomRGHFDGD
QtYHO$VVXDVDFWLYLGDGHVSUHVVXS}HPXPFUHVFLPHQWRJUDGXDOGRFRQFUHWRSDUDRPDLVDEVWUDFWRHHVWLPXODP
DDSUHQGL]DJHPGDVFRUHVGDVIRUPDVHSDGU}HV
&RPHUFLDOL]DomR&QRWLQIRU8UEDQL]DomR3DQRUDPDORWHORMD0RQWH)RUPRVR&RLPEUD7HO)D[
(PDLOLQIR#FQRWLQIRUSW3iJLQD:HEKWWSZZZFQRWLQIRUSW
‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡
&RPSDFW
$&RPSDFWpXPDWHOHOXSDGHEROVRTXHIXQFLRQDFRPJUDQGHDPSOLDomRDWp
YH]HVHFRPXPDPSORFDPSRGHYLVmRGHVWLQDGDDSHVVRDVFRPEDL[DYLVmRRXGL
¿FXOGDGHVHPOHU(VWHDFHVVyULRSRVVXLXPHFUm7)7GHFPGHDOWRFRQWUDVWHTXH
SHUPLWHYHUPHOKRUHPTXDOTXHUVLWXDomREHPFRPRXPDSHJDGHVWDFiYHOTXHIDFLOLWD
RPDQXVHDPHQWRHLPLWDRPRGRGHXWLOL]DomRGDVOXSDVySWLFDV3RVVXLLJXDOPHQWH
PRGRVGHLPDJHPFRUHVQDWXUDLVSUHWREUDQFREUDQFRSUHWRD]XODPDUHORSUHWRDPDUHORGHIRUPDD
SHUPLWLUXPDPHOKRUOHLWXUDGHHFUmVLOXPLQDGRV
&RPHUFLDOL]DomR(OHFWURVHUWHF/GD5XD&RPEDWHQWHVGD*UDQGH*XHUUD%0RVFDYLGH7HO)D[
(PDLOLQIR#HOHFWURVHUWHFSW3iJLQD:HEKWWSZZZHOHFWURVHUWHFSW
‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡
2pXPVRIWZDUHHGXFDWLYRHDSHODWLYRDSURSULDGRSDUDRHQVLQRGRVQ~PH
URVHGDPDWHPiWLFDQRHQVLQRSUpHVFRODU(VWHRIHUHFHDFWLYLGDGHVSDUDSUDWLFDU
HUHIRUoDUDVQRo}HVHFRQFHLWRVGDXWLOL]DomRGRVQ~PHURVDWp2XWLOL]DGRUSRGH
SUDWLFDUDVRSHUDo}HVGHDGLomRHVXEWUDFomRFRPDDMXGDGHXPIHHGEDFNSRVLWLYR
FRPDQLPDo}HVHP~VLFD$VGH¿QLo}HVGRSURJUDPDSRGHPVHUDOWHUDGDVSDUDFDGD
DOXQRFRQVRDQWHDVVXDVQHFHVVLGDGHVHSRGHVHUDFHGLGRDWUDYpVGHUDWRWHFODGRRXPDQtSXORV
&RPHUFLDOL]DomR$QGLWHF 7HFQRORJLDV GH 5HDELOLWDomR /GD $ODPHGD 5RHQWJHQ & /LVERD 7HO )D[ (PDLODQGLWHF#PDLOWHOHSDFSW3iJLQD:HEKWWSZZZDQGLWHFSW
‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡
:RUG5HDG
2:RUG5HDGpXPSURJUDPDTXHXWLOL]DDVtQWHVHGHYR]SDUDWUDQVIRUPDUXPWH[WR
HPIDODHTXHSHUPLWHDOHLWXUDGRVPHVPRVHPWHPSRUHDODWUDYpVGHXPVLQWHWL]DGRU
HP3RUWXJXrVHXURSHXYR]5HDO6SHDN0DGDOHQDEHPFRPRJXDUGiORVHPIRUPDWRGH
VRP:$93HUPLWHOHUTXDOTXHUGRFXPHQWRGD0LFURVRIW:RUGHWH[WRVSURYHQLHQWHVGH
RXWURVSURFHVVDGRUHVGHWH[WRFRPRSURJUDPDVGHFRUUHLRHOHFWUyQLFRFHUWRV¿FKHLURV
3')HSURJUDPDVGHQDYHJDomRQD,QWHUQHW3RGHVHUXWLOL]DGRFRPRIHUUDPHQWDGHDSRLRjDSUHQGL]DJHPGD
OHLWXUDHHVFULWDRXFRPRWHFQRORJLDGHDSRLRjFRPXQLFDomRSDUDLQGLYtGXRVFRPGL¿FXOGDGHHPFRPXQLFDU
DWUDYpVGDYR]SHUPLWLQGRjVSHVVRDVFRPGH¿FLrQFLDYLVXDODDFHVVLELOLGDGHjLQIRUPDomR
&RPHUFLDOL]DomR$QGLWHF7HFQRORJLDVGH5HDELOLWDomR/GD$ODPHGD5RHQWJHQ&/LVERD7HO)D[
(PDLODQGLWHF#PDLOWHOHSDFSW3iJLQD:HEKWWSZZZDQGLWHFSW
'LYHUVLGDGHV
)RUPDomR
1RVSDVVDGRVGLDVHGH2XWXEURUHDOL]DUDPVHQR$XGLWyULRGR
$UTXLYR5HJLRQDOGD0DGHLUDDVDV-RUQDGDVGD7HUDSLDGD)DODVRER
WHPD9LQWHH&LQFR$QRV8P3HUFXUVR1RYRV5XPRVQXPDRUJD
QL]DomR FRQMXQWD HQWUH D 7HUDSLD GD )DOD GR 6HUYLoR GH 6D~GH GD 5$0
HGD'LUHFomR5HJLRQDO(GXFDomR(VSHFLDOH5HDELOLWDomR(VWDDFomRWHYHFRPRREMHFWLYRVDERUGDUiUHDV
FLHQWt¿FDVPXOWLGLVFLSOLQDUHVSDUWLOKDUH[SHULrQFLDVHUHÀHFWLUVREUHFRQKHFLPHQWRVDFWXDLVJHUDGRVTXHUSH
ODVH[SHULrQFLDVYLYLGDVTXHUSHODLQYHVWLJDomRQRLQWXLWRGHFRQWULEXLUSDUDRFRQKHFLPHQWRGLQDPLVPRH
HYROXomRGHVWDiUHD&RPHVWD¿QDOLGDGHRVFRQWH~GRVSURJUDPiWLFRVLQFLGLUDPVREUHDVGLIHUHQWHViUHDV
GHLQWHUYHQomRGD7HUDSrXWLFDGD)DODQRkPELWRGDOLQJXDJHPIDODYR]PRWULFLGDGHRURIDFLDOGHJOXWLomRH
FRPXQLFDomREHPFRPRVREUHRVDVSHFWRVUHODFLRQDGRVFRPDSUR¿VVmRQRVHXFRQWH[WRUHJLRQDOHQDFLRQDO
$VMRUQDGDVIRUDPGLULJLGDVDSUR¿VVLRQDLVGHVD~GHGHHGXFDomRHDIDPtOLDV
(QWUHHGH2X
WXEURGHFRUUHXQDVDOD
GHIRUPDomRGRV,OKpXV
DIRUPDomR'LDJQyVWL
FRH$YDOLDomR3VLFR
PRWRUDVREDRULHQWD
omRGR'U-HDQ0LFKHO
$OEDUUHW $ DFomR GH
IRUPDomRWHYHDGXUDomRGHKRUDVHFRQWRXFRP
DSUHVHQoDGHWpFQLFRVVXSHULRUHVGHHGXFDomR
HVSHFLDOHUHDELOLWDomR
'HFRUUHX QRV GLDV H GH 1R
YHPEUR D DFomR GH IRU
PDomR 3ULPHLURV 6R
FRUURV (VWD IRUPDomR
FRPDGXUDomRGHKR
UDV IRL GLQDPL]DGD SHOD
(QIHUPHLUD'pERUD&DODIDWLQKRHWHYHFRPRGHVWLQD
WiULRV SHVVRDO DX[LOLDU SHVVRDO WpFQLFR SUR¿VVLRQDO
GHHGXFDomRHVSHFLDOHSHVVRDOWpFQLFRGHLQIRUPi
WLFDQXPWRWDOGHSDUWLFLSDQWHV
'HFRUUHX GHDGH
1RYHPEURQDVDODGHIRUPD
omR GRV ,OKpXV D IRUPDomR
2FXSDomR GH 7HPSRV /L
YUHVGLQDPL]DGDSHOD'UD
$QD 0HQGHV$ DFomR FRP
DGXUDomRGHKRUDVFRQWRXFRPDSDUWLFLSDomRGH
WpFQLFRVSUR¿VVLRQDLVGHHGXFDomRHVSHFLDO
7HYH OXJDU QRV
GLDV H GH 1R
YHPEUR D IRUPD
omR 3UREOHPDV GH
&RPSRUWDPHQWR
QR DXGLWyULR GD (V
FROD %iVLFD GRV ž
Hž&LFORV'U+RUi
FLR %HQWR GH *RXYHLD FRP D GXUDomR GH KRUDV
$PHVPDIRLGLQDPL]DGDSHOD3URI'RXWRUD&HOHVWH
6LP}HV H SHUIH] XP WRWDO GH IRUPDQGRV HQWUH
HOHV GRFHQWHV WpFQLFRV VXSHULRUHV H WpFQLFRV GH
GLDJQyVWLFRHWHUDSrXWLFD
$ IRUPDomR VREUH 7HFQRORJLDVGH$SRLR
H 5HDELOLWDomR GH
FRUUHX GH D GH
1RYHPEUR GLQDPL]D
GD SHOD (QJHQKHLUD
-XOLDQQD$UYD$ DFomR
WHYHDGXUDomRGHKRUDVHIRLGHVWLQDGDDGRFHQ
WHVWpFQLFRVVXSHULRUHVHWpFQLFRVGHGLDJQyVWLFRH
WHUDSrXWLFD
)RUPDomRFR¿QDQFLDGDSHOR)6(DRDEULJRGR3URJUDPD58026
8QLmR(XURSHLD
)XQGR6RFLDO(XURSHX
2V0HOKRUHV58026SDUDRV&LGDGmRVGD5HJLmR
2XWXEUR'H]HPEUR
1RWtFLDV
;;$QLYHUViULRGR&HQWUR
GH)RUPDomR3URÀVVLRQDOGH
'HÀFLHQWHV
(OPD%DUUHLUR6HUYLoR7pFQLFRGH,QWHJUDomRH
)RUPDomR3UR¿VVLRQDOH(PSUHJR3URWHJLGRGH'H¿FLHQWHV
26HUYLoR7pFQLFRGH,QWHJUDomRH)RUPDomR3UR
¿VVLRQDO H (PSUHJR 3URWHJLGR GH 'H¿FLHQWHV 67,
)3(3' FHOHEURX R VHX ;; DQLYHUViULR QR SDVVDGR
GLDGH6HWHPEUR3DUDDVVLQDODUHVVDGDWDRUJD
QL]RXVHXPDVHPDQDGHDFWLYLGDGHVGHQWURHIRUDGD
,QVWLWXLomR HQYROYHQGR IRUPDQGRV FRODERUDGRUHV H
IDPLOLDUHV
5HDOL]DUDPVHGLYHUVDVDFWLYLGDGHVQRPHDGDPHQ
WHVHVV}HVGHWpQLVGHPHVDXPDIHLUDGHERORVFDVHL
URVXPDWDUGHFXOLQiULDXPZRUNVKRSVREUH³6D~GHH
'HVSRUWR´HXPDGHPRQVWUDomRGHEXVFDHVDOYDPHQ
WRSHODHTXLSDFLQRWpFQLFDGD*152SURJUDPDFRQ
WHPSORXDLQGDXPSDVVHLRGHWHOHIpULFRXPDYLVLWDDRV
-DUGLQV GR ,PSHUDGRU 0RQWH XP SHGLSDSHU H XPD
VHVVmR GH MRJRV WUDGLFLRQDLV QD3URPHQDGHGR/LGR
RQGHSDUWLFLSDUDPSDUDDOpPGRVIRUPDQGRVRVXWHQ
WHVGR&HQWURGH$FWLYLGDGHV2FXSDFLRQDLVGR)XQFKDO
H RV LGRVRV GR &HQWUR &XOWXUDO H 'HVSRUWLYR GH 6mR
-RVp'XUDQWHHVVDVHPDQDHVWHYHDEHUWDDRS~EOLFR
XPD H[SRVLomR UHWURVSHFWLYD GDV DFWLYLGDGHV GHVHQ
YROYLGDVSHOR67,)3(3'
1RGLDGRDQLYHUViULRWHYHOXJDUXPDFHULPyQLDR¿
FLDOQR*LQiVLRGD4XLQWDGR/HPHFRPDSUHVHQoDGR
6HFUHWiULR5HJLRQDOGH(GXFDomRH&XOWXUDGD'LUHF
WRUD 5HJLRQDO GH (GXFDomR (VSHFLDO H 5HDELOLWDomR
EHPFRPRGHRXWUDVHQWLGDGHVS~EOLFDVHSULYDGDV$
FHOHEUDomRFXOPLQRXFRPDHQWUHJDGRVFHUWL¿FDGRVGH
IRUPDomRSUR¿VVLRQDODIRUPDQGRVTXHFRQFOXtUDP
RVVHXVFXUVRVHP'H]HPEURGHHGR3UpPLR
GH 0pULWR j HQWLGDGH TXH VH GHVWDFRX QD LQWHJUDomR
SUR¿VVLRQDOGHSHVVRDVFRPGH¿FLrQFLD
$R ORQJR GRV ~OWLPRV DQRV HVWH VHUYLoR WHP
DFRPSDQKDGR D FRQVWUXomR GR SURMHFWR GH YLGD GH
FDGD IRUPDQGR DGHTXDQGR SURJUDPDV HVWUDWpJLDV
HPHWRGRORJLDVSDUDTXHVHWRUQHPFLGDGmRVDFWLYRV
HGHSOHQRVGLUHLWRV(FRPRVHSUHWHQGHFRQWLQXDUD
ID]HUPDLVHPHOKRUFRPDQRomRGHTXHRWUDEDOKR
QmRGHSHQGHVyGDHTXLSDWpFQLFDSDUDFRQFUHWL]DURV
REMHFWLYRVDJUDGHFHPRVHHVSHUDPRVFRQWDUVHPSUH
FRP R HQYROYLPHQWR H FRODERUDomR GH YiULRV SDUFHL
URVIDPtOLDVHSULQFLSDOPHQWHGRVIRUPDQGRV
-RJRV7RGRVD0H[HU
$(TXLSDGR6HUYLoR7pFQLFR6yFLR(GXFDWLYR
GH$SRLRj'H¿FLrQFLD3URIXQGD
'HFRUUHXQRSDVVDGRGLDGH2XWXEURQR&DPSR'HVSRUWLYRGH6
5RTXHPDLVXPDHGLomRGRV³-RJRV7RGRVD0H[HU´RUJDQL]DGDSHOR
6HUYLoR7pFQLFR6yFLR(GXFDWLYRGH$SRLRj'H¿FLrQFLD3URIXQGD
(VWHV MRJRV FRQVWLWXtUDP XP PRPHQWR GH FRQYtYLR H DQLPDomR
WHQGRFRPRHOHPHQWRFHQWUDODVVRFLDGRDHVWHHYHQWRRPRYLPHQWR
eGHGHVWDFDUQHVWD,9HGLomRRHQRUPHHQWXVLDVPRHDOHJULDGH
WRGRVRVSUHVHQWHVQDDFWLYLGDGHGHHVSXPDJHQWLOPHQWHFHGLGDSH
ORV%RPEHLURV0XQLFLSDLVGR)XQFKDO(QWUHRVFRQYLGDGRVHVWLYHUDP&$2)XQFKDO&$23&$27DEXD
&HQWURGH5HDELOLWDomR3VLFRSHGDJyJLFDGD6DJUDGD)DPtOLD&DVDGH6D~GH6-RmRGH'HXV(%3(GR
/RPER6HJXQGRHDOJXPDVIDPtOLDV(VWDDFWLYLGDGHFXOPLQRXFRPXPODQFKHFRQYtYLR
'LYHUVLGDGHV
&$2&kPDUDGH/RERV
JDODUGRDGRFRPD
%DQGHLUD9HUGH
'DYLG$WRXJXLD0LFDHOD%DOWD]DU&$2GH
&kPDUDGH/RERV
2&HQWURGH$FWLYLGDGHV2FXSDFLRQDLVGH&kPDUD
GH/RERV&$2&/REWHYHRWtWXORGH(FR(VFRODHP
UHFRQKHFLPHQWRGRWUDEDOKRGHVHQYROYLGRQRDQROHF
WLYRHPEHQHItFLRGRDPELHQWH
$ DWULEXLomR GHVWH JDODUGmR WHYH OXJDU QR GLD GH 2XWXEUR QD 3UDoD GD$XWRQRPLD HP &kPDUD GH
/RERVQXPDFHULPyQLDTXHLQLFLRXFRPRKDVWHDUGD
EDQGHLUDYHUGHDWULEXtGDjVLQVWLWXLo}HVHGXFDWLYDV
SUHPLDGDVGHVWH&RQFHOKR
2SURJUDPD(FR(VFRODVpXPSURMHFWRGHkPELWR
LQWHUQDFLRQDO TXH YLVDHQFRUDMDU RWUDEDOKRGHTXDOL
GDGH GHVHQYROYLGR SHODV HVFRODV QD iUHD GD (GXFD
omR$PELHQWDO
2&$2&/DFRQYLWHGD$XWDUTXLDORFDOSDUWLFLSRX
SHOD SULPHLUD YH] QHVWH SURMHFWR SDUD R TXDO IRL QH
FHVViULDDUHDOL]DomRGHXPGLDJQyVWLFRIDFHjVODFX
QDV GH IXQFLRQDPHQWR GR &HQWUR WHQGR HP FRQWD R
LPSDFWRDPELHQWDO'HDFRUGRFRPDVWDUHIDVTXHQRV
SURSXVHPRVUHDOL]DUQXPSODQRGHDFomRHVWUXWXUDGR
H GLQkPLFR YHUL¿FiPRV TXH IRUPXOiPRV HVWUDWpJLDV
DWLQJLPRVPHWDVPXGiPRVDWLWXGHVHVHQVLELOL]iPRV
RVXWHQWHVHDHTXLSDGR&$2&/SDUDDSUREOHPiWLFD
GD(GXFDomR$PELHQWDO(VWHFRQKHFLPHQWRGHtQGR
OHHFROyJLFDIRLIRUWDOHFLGRDWUDYpVGHDFo}HVGHVHQ
VLELOL]DomRH[SRVLo}HVYLVLWDVGHHVWXGRFRQFXUVRVH
WUDEDOKRGHFDPSR
'DGDDDFHLWDomRSRUSDUWHGRVXWHQWHVGDHTXLSD
GRVHQFDUUHJDGRVGHHGXFDomRHGHWRGDDFRPXQLGD
GHHQYROYHQWHHVWHSURJUDPDFRQWDUiFRPXPDQRYD
HGLomRQRDQROHFWLYRjTXDOMiQRVFDQGL
GDWiPRV
23ODQHWDpGHWRGRVQyV2PHVPRVHTXHUYLYR
HDFHVVtYHODWRGRVeSUHVHUYDQGRRSUHVHQWHTXHVH
JDUDQWHRIXWXUR
(VFRODGH5HIHUrQFLDSDUDD(GXFDomR%LOLQJXH
'HVGHRLQtFLRGRSUHVHQWHDQROHFWLYRD(VFROD%i
VLFDGRž&LFORFRP3Up(VFRODU3URIHVVRU(OHXWpULRGH
$JXLDUFRQVWLWXLXPDHVFRODGHUHIHUrQFLDSDUDDHGXFD
omRELOLQJXHGHDOXQRVVXUGRV7UDWDVHGHXPSURMHFWR
LQRYDGRU QR TXDO RV DOXQRV VXUGRV WrP RSRUWXQLGDGH
GHDSUHQGHUD/tQJXD*HVWXDO3RUWXJXHVD/*3FRPR
SULPHLUDOtQJXDHGHSDUWLFLSDUFRPDVFULDQoDVRXYLQWHV
HPDFWLYLGDGHVGHVHQYROYLGDVQDFRPXQLGDGHHVFRODU
$FULDomRGHHVFRODVGHUHIHUrQFLDSDUDDHGXFDomR
ELOLQJXHGHDOXQRVVXUGRVSRVVLELOLWDDDTXLVLomRHGH
VHQYROYLPHQWRGD/*3EHPFRPRRGRPtQLRGRSRUWX
JXrV HVFULWR H HYHQWXDOPHQWH IDODGR FRPR VHJXQGD
OtQJXD(VWDPHGLGDSHUPLWHDLQGDDFRQFHQWUDomRGHPHLRVKXPDQRVHPDWHULDLVTXHRIHUHFHPXPDUHVSRVWD
HGXFDWLYDGHTXDOLGDGHDVVLPFRPRDDSOLFDomRGHPHWRGRORJLDVHHVWUDWpJLDVGHLQWHUYHQomRLQWHUGLVFLSOLQD
UHVDGHTXDGDVDHVWHVDOXQRV
2XWXEUR'H]HPEUR
$EHUWXUDGR&$2
(VSHUDQoDHGR&$3
H&$2GDV7HUoDV
'LQD$YHLUR&RRUGHQDGRUDGR&$2(VSHUDQoD
1R SDVVDGR GLD GH 2XWXEUR R DQWLJR &ROpJLR
(VSHUDQoDDJRUDGHQRPLQDGR&HQWURGH$FWLYLGDGHV
2FXSDFLRQDLV (VSHUDQoD UHDEULX FRP XPD LPDJHP
³UHQRYDGD´HFRPQRYDGLUHFomRHVWDQGRDJRUDVRED
FRRUGHQDomRGD'UD'LQD$YHLUR
$ FHULPyQLD GH DEHUWXUD FRQWRX FRP D SUHVHQoD
GD 'LUHFWRUD 5HJLRQDO GH (GXFDomR (VSHFLDO H 5HD
ELOLWDomRGR'LUHFWRUGH6HUYLoRVGH5HDELOLWDomR3VL
FRVVRFLDO H 3UR¿VVLRQDO GH 'H¿FLHQWHV GD 'LUHFWRUD
GR 6HUYLoR 7pFQLFR GH$FWLYLGDGHV 2FXSDFLRQDLV GD
HTXLSDGR&$2GRVMRYHQVHVHXVIDPLOLDUHV
(VWH&HQWURFRPFDSDFLGDGHSDUDDSRLDUFHUFDGH
XWHQWHVDWHQGHMRYHQVFRPQHFHVVLGDGHVHVSH
FLDLV1(FRPLGDGHVVXSHULRUHVDDQRVQDVXD
PDLRULDUHVLGHQWHVQR&RQFHOKRGR)XQFKDO
$LQGDQRGHFRUUHUGRPrVGH2XWXEURPDLVHVSHFL
¿FDPHQWHQRGLDGHFRUUHXDLQDXJXUDomRGRQRYR
&HQWURGH$SRLR3VLFRSHGDJyJLFRHGR&HQWURGH$F
WLYLGDGHV2FXSDFLRQDLVGDV7HUoDVQD3RQWDGR6RO
HYHQWRTXHFRQWRXWDPEpPFRPDSUHVHQoDGR3UHVL
GHQWHGR*RYHUQR5HJLRQDOHGR6HFUHWiULR5HJLRQDO
GD(GXFDomRH&XOWXUD
2VUHIHULGRV&HQWURVFRRUGHQDGRVSHOD'UD2QGL
QD0DUTXHVYrPRIHUHFHUjSRSXODomRGR&RQFHOKR
GD 3RQWD GR 6RO HVWUXWXUDV GH DSRLR jV IDPtOLDV jV
HVFRODVHDRVUHVWDQWHVVHUYLoRVGDFRPXQLGDGH QR
GHVSLVWHREVHUYDomRDYDOLDomRDFRPSDQKDPHQWRH
UHVSHFWLYRHQFDPLQKDPHQWRGDSRSXODomRFRP1(
ž$QLYHUViULRGRV&$2·V3H0DFKLFR
1RGLDGH2XWXEURRV&HQWURVGH$FWLYLGDGHV2FX
SDFLRQDLV 3 H 0DFKLFR FRPHPRUDUDP R VHX ž DQL
YHUViULR2&$23UHDOL]RXXPDSHTXHQDHVLPEyOLFD
FRPHPRUDomRTXHFRQWRXFRPDSUHVHQoDGRVXWHQWHV
IDPLOLDUHVHHTXLSDLQLFLDGDFRPXPDDSUHVHQWDomRGL
QDPL]DGDSHODSVLFyORJD&KDQWDO%HOR2VSDLVHIDPL
OLDUHVWLYHUDPDRSRUWXQLGDGHGHFRQKHFHURVSURMHFWRV
GHVHQYROYLGRVDVDFWLYLGDGHVSURSRVWDVSDUDRSUHVHQ
WHDQROHFWLYRHDDFWXDOHTXLSDWpFQLFD3RVWHULRUPHQWH
DVVLVWLUDPDXPSHTXHQRYtGHRGRVMRYHQVQDVPDLVGL
YHUVDVDFWLYLGDGHVHSDUWLFLSDUDPQXPDJLQFDQD$SyV
RVMRJRVUHDOL]RXVHXPODQFKHTXHUHXQLXWRGRVRVSUH
VHQWHV'XUDQWHHVWHHYHQWRFDQWDUDPVHRVSDUDEpQVDR&$23FRPRVYRWRVGHXPERPDQRGHWUDEDOKR
2 DQLYHUViULR GR &$2 0DFKLFR IRL SUHHQFKLGR SRU DFWLYLGDGHV TXH SURFXUDUDP DFLPD GH WXGR LQ
WHUDJLU FRP D SRSXODomR GR FRQFHOKR H VHQVLELOL]iOD SDUD DV SUREOHPiWLFDV DVVRFLDGDV j GH¿FLrQ
FLD FRQWULEXLQGR SDUD XPD VRFLHGDGH PHOKRU H UHVSHLWDGRUD GD SDUWLFLSDomR GH WRGRV RV VHXV FLGDGmRV
$LQGDQRkPELWRGHVWHDQLYHUViULRQRVGLDVHGH2XWXEURIRLUHDOL]DGDXPDPRVWUDGRVWUDEDOKRVGRVXWHQ
WHVFRPRIRUPDGHFHOHEUDUPDLVXPDQRQRFDPLQKRGHLQFOXVmR
'LYHUVLGDGHV
2V0RWRUHV
GD,QFOXVmR
)DELDQD$EUHX'LYLVmRGH,QYHVWLJDomRHP(GXFDomR(VSHFLDO5HDELOLWDomRH6REUHGRWDomR
$'LUHFomR5HJLRQDOGH(GXFDomR(VSHFLDOH5H
DELOLWDomR D 6HFomR GH 'HVSRUWRV 0RWRUL]DGRV GR
&OXEH'HVSRUWLYR1DFLRQDOHDOJXQVSLORWRVGHUDPDV
PmRV SHOD LQFOXVmR QXPD LQLFLDWLYD FRQMXQWD TXH VH
UHDOL]RXQRSDVVDGRGLDGH2XWXEUR
1XPDPDQKmGHHPRo}HVQRVDUUXDPHQWRVDGMD
FHQWHV DR (VWiGLR GD0DGHLUD&KRXSDQD RVXWHQ
WHV GR 6HUYLoR 7pFQLFR GH$FWLYLGDGHV 2FXSDFLRQDLV
67$2 QRPHDGDPHQWH GR &HQWUR GH $FWLYLGDGHV
2FXSDFLRQDLV &$2 GH &kPDUD GH /RERV SXGHUDP
H[SHULPHQWDUDDGUHQDOLQDGHDQGDUQXPDYLDWXUDGH
FRPSHWLomR
6HJXQGR $QD 0HQGHV 'LUHFWRUD 7pFQLFD GR
67$2³DLGHLDSDUWLXGDWpFQLFD2WtOLD0HOLPGR&$2
GH&kPDUDGH/RERVTXHpImGHVWHGHVSRUWR´VHQGR
XPD ³H[FHOHQWH RSRUWXQLGDGH SDUD RV QRVVRV MRYHQV
VDtUHPGRFHQWURHSDUWLFLSDUHPHPQRYDVDFWLYLGDGHV
GHFDUL]PDLVUDGLFDO´
2GHVD¿R GD LQFOXVmR HVWHYHVXEMDFHQWH DWRGDD
DFomRFRQIRUPHVXEOLQKRX0LFDHOD%DOWD]DU&RRUGH
QDGRUDGR&$2³DSRSXODomRFRPQHFHVVLGDGHVHV
SHFLDLVQmRWHPWDQWDVRSRUWXQLGDGHVGHDVVLVWLUDRV
UDOLVHGHSDUWLFLSDUHPLQLFLDWLYDVGHVWDQDWXUH]D(VWH
IRLXPPRPHQWRSULYLOHJLDGRSDUDPDLVXPDYH]HV
WHVMRYHQVPRVWUDUHPTXHVmRFDSD]HVHTXHYLYHPD
DGUHQDOLQDGRDXWRPRELOLVPRFRPRWRGRVRVRXWURV´
0XLWRV IRUDP RV SLORWRV TXH DGHULUDP j LQLFLDWLYD
ID]HQGR DV GHOtFLDV GRV MRYHQV H GR S~EOLFR FRP DV
VXDV³DFHOHUDGHODV´HSH}HVDVDEHU-RDQD)HUQDQ
GHV &LWURsQ 6D[R$XUpOLR 5RGULJXHV H$QGUp 6LOYD
7R\RWD<DULV 5REHUWR &Uy )RUG 6LHUUD 9DVFR 1y
EUHJD7R\RWD&DULQD0LJXHO$QGUDGH0LQL&RRSHU
9tWRU)UHLWDV5HQDXOW7XUERH5XL1XQHV)RUG(V
FRUW2VYHtFXORVGHWRGRRWHUUHQRGR-RHO5HERTXHV
WDPEpPPDUFDUDPSUHVHQoDDMXGDQGRDDQLPDUHVWD
IHVWD
7HVWHPXQKRVPXLWRHPRWLYRVGRVXWHQWHVGR&$2
FRQ¿UPDPDVVHQVDo}HVYLYLGDV
³4XHURDQGDUPDLVXPDYH]1RYHUPHOKLQKRSRU
TXHpDTXHOHTXHID]PDLVEDUXOKR´&ULVWLDQR6DQ
WRVLQYLVXDO
³)RLXPDGDVPHOKRUHVVHQVDo}HV«1XQFDPDLV
YRXHVTXHFHUYDL¿FDUSDUDRUHVWRGDYLGD´&ULVWLQD
%DUURVLQYLVXDO
³*RVWHLPXLWRPDVIRLSRXFR´&iWLD2OLYHLUD
eGHVDOLHQWDUDJUDQGHDÀXrQFLDGHSDLVHQFDU
UHJDGRV GH HGXFDomR IDPtOLDV DPLJRV WpFQLFRV H
LJXDOPHQWH GH PXLWDV FDUDV Mi FRQKHFLGDV GR PHLR
DXWRPRELOtVWLFR UHJLRQDO TXH GH IRUPD LQIRUPDO YLH
UDPDSRLDUDLQLFLDWLYDEHQH¿FLDQGRWDPEpPGHXPD
³YROWLQKD´QDVYLDWXUDVGHFRPSHWLomR
267$2&$2GH&kPDUDGH/RERVHQGHUHoDRV
VHXVPDLVVLQFHURVDJUDGHFLPHQWRVDR&OXEH'HVSRU
WLYR1DFLRQDOHPHVSHFLDODR6U-RVp&DQKDTXHGLV
SRQLELOL]RXWRGRVRVPHLRVDRVHXDOFDQFHDRVSLOR
WRVHDR-RHO5HERTXHVTXHDPDYHOPHQWHWURX[HUDP
DV VXDV YLDWXUDV j &KRXSDQD H IRUDP LQFDQViYHLV H
H[tPLRV DQLPDGRUHV j )DEULFD GR 0HOGH&DQD GR
5LEHLUR 6rFR TXH VROLGDULDPHQWH RIHUHFHX R ODQFKH
HUHIRUoRXRHVStULWRGHFRQYtYLRHDLQGDj$XWDUTXLD
GH&kPDUDGH/RERVHjSUySULDHTXLSDWpFQLFDTXH
SURSRUFLRQDUDPRWUDQVSRUWHGRVXWHQWHV
'DGR R VXFHVVR GD LQLFLDWLYD D RUJDQL]DomR SRQ
GHUDFRQMXJDUHVIRUoRVQRVHQWLGRGHUHSHWLUHVWHWLSR
GHDFWLYLGDGHVGDQGRDRSRUWXQLGDGHDRXWURVMRYHQV
FRPQHFHVVLGDGHVHVSHFLDLVGHH[SHULPHQWDUDVHPR
o}HVGRVUDOLV
3RUTXH R DXWRPRELOLVPR p WDPEpP VLQyQLPR GH
FRQYtYLRDPL]DGHVROLGDULHGDGHH«,QFOXVmR
2XWXEUR'H]HPEUR
5(9,67$',9(56,'$'(6&202$32,2'(
'LYHUVLGDGHV
Download

Alimentação Saudável na Deficiência Intelectual