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LQWHQomR 'H TXH RV FRORQRV DVVLP LQWHUSUHWDVVHP D PHQVDJHP GRV SiVVDURV QmR Ki
HYLGrQFLDVDWpSRUTXHHVVDPHQVDJHPVXEOLPLQDUORJRGDUiOXJDUDXPDDomRPDWHULDO
1mRpSUHFLVRGL]HUTXHRFRORQL]DGRUQmRUHVSHLWDTXDOTXHULQVWLWXLomRGRFRORQL]DGR
DILQDOVXDLQWHQomRpSURYDUTXHVmRLQIHULRUHVHSRUWDQWRQmRPHUHFHULDPPHVPRTXDOTXHU
GHIHUrQFLD1RFRQWRLVVRDSDUHFHFRPRMiIRLGLWRDWUDYpVGRFRPHQWiULRGDPmHGH7LDJR
 'LVSDUDWH  TXH GHVDXWRUL]D D VDEHGRULD GD FXOWXUD DIULFDQD ( HLV TXH FKHJD D YH] GR
RXWURRVSiVVDURVYmRIXJLUGDVJDLRODVHDOpPGHDUURPEDURDUPiULRGDVDUPDVQDFDVDGRV
6LOYDV H HVSDOKDU DOSLVWH QD JDYHWD GH GRFXPHQWRV GRV 3HL[RWRV YmR PDFXODU R VtPEROR GD
DGPLQLVWUDomR FRORQLDO 1R ODU GR SUHVLGHQWH GR PXQLFtSLR  2V VpULRV UHTXHULPHQWRV
PXQLFLSDLV FKHLRV GH FDJDQLWDV    9HMDP HVWH FDJDGR PHVPR QD HVWDPSLOKD RILFLDO
&2872S 
2PpWRGRDQWURSRIiJLFRTXHRQHJURYLQKDGHVHQYROYHQGRYDLDJRUDDWLQJLUVHXDXJH
2DWDTXHID]HQGRXVRGHUHFXUVRVWRPDGRVDRSUySULRDWDFDGRMiKDYLDDFRQWHFLGRTXDQGRR
SDVVDULQKHLUR SURYRFDUD GHVDYHQoDV IDPLOLDUHV XVDQGR RV ILOKRV GRV FRORQRV FRPR VHXV
DJHQWHV DSyV WrORV KDELOPHQWH LPEXtGRV GDV FUHQoDV DIULFDQDV $JRUD QR PRPHQWR GR
DQWDJRQLVPR SRU H[FHOrQFLD R PRPHQWR GH VXSULPLU D H[LVWrQFLD GR LQLPLJR SRGHVH QRWDU
GRLVSRQWRVGHH[HPSODUVDJDFLGDGH
2SULPHLURpQmRVXMDUDVPmRVQRDWRGHYLROrQFLD1D SUiWLFDRVDVVDVVLQRVVmRRV
SUySULRVSRUWXJXHVHV0DVSRUWUiVGRDWRPDWHULDOKiWRGDXPDGHOLEHUDomRTXHRPRWLYDUi
FRLVDTXHH[LPHGHH[FOXVLYLGDGHRSHQVDPHQWRGRVTXHDFUHGLWDPTXHDPRUWHGRJDURWRIRL
XPD IDWDOLGDGH IUXWR GR DFDVR +i LQGtFLRV QR ILQDO GR FRQWR GH TXH DTXHOH GHVIHFKR IRL
SUHSDUDGR4XDQGRRYHOKRVRPHGDSULVmRSRUH[HPSORSDUHFHOyJLFRTXHRPHQLQRYROWDULD
DR HPERQGHLUR SDUD SURFXUiOR 1R FDPLQKR p DFRPSDQKDGR SHODV DYHV HP FRUWHMR GH
SLDomR &2872S FRPRVHHODVDFRPSDQKDVVHPXPHQWHUUR&KHJDQGRDRRFRGD
iUYRUHSRUVLVyXPVtPERORXWHULQR7LDJRYDLWRFDUDPXVNDTXHSHUWHQFHUD DRQHJURTXH
QmR Vy FKDPD D DWHQomR GRV FRORQRV FRPR LPSHGH TXH D DSUR[LPDomR GHVWHV VHMD RXYLGD
'HVWDIHLWDPHLRTXHKLSQRWL]DGRQRYHQWUHGRHPERQGHLURRQGHGHVDWDUDXPVRQKRR
SRUWXJXHVLQKRVyLUiSHUFHEHURIRJRTXDQGRMiIRULPSRVVtYHOVHGHVYHQFLOKDUGDVHGXomRGD
FLQ]D &2872  S   ( R VHJXQGR SRQWR D TXH VH UHIHULX FRPR GH H[HPSODU
VDJDFLGDGH GR FRORQL]DGR p R DWR GH SURYRFDU D PRUWH MXVWDPHQWH GH XPD FULDQoD TXH QXP
SULPHLURPRPHQWRFRPRYLVWROKHVHUYLUDGHDUPD
&RQVLGHUDo}HV)LQDLV
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'HDFRUGRFRPDHVWUDWpJLDGHOHLWXUDSyVFRORQLDOTXHVHWHQWRXGHVFUHYHUQHVWHDUWLJR
QmR Ki FRPR GHVFRQVLGHUDU XP GDGR TXH ILFD QDV HQWUHOLQKDV GR WH[WR ,QFLWDGR SHOR QHJUR
7LDJR DFUHGLWD TXH R HPERQGHLUR HP GHVHVSHUR VH VXLFLGD SRU YLD GDV FKDPDV 6HP
QLQJXpPS{UIRJR &2872S FUHQoDGDTXDOVHXVSDLVQmRFRPSDUWLOKDP EDVWD
OHPEUDU R FRPHQWiULR GD PmH  e GH FUHU HQWmR TXH QXP YLUWXDO ~OWLPR PRPHQWR GH
FRQVFLrQFLD DQWHV GH HPLJUDU EHOtVVLPR HXIHPLVPR  TXDQGR VHQWLX D IHULGD GDV
ODEDUHGDV &2872 S 7LDJRWHQKDDFKDGRTXHRQHJURIDODUDDYHUGDGHDRSDVVR
TXH VHXV SDLV PHQWLUDP 8PD YH] TXH QmR VDELD TXH LQFHQGLDYDP D iUYRUH R PHQLQR
SRVVLYHOPHQWH SHQVDVVH TXH HOD HVWDYD VH VXLFLGDQGR ILFDQGR QR ~OWLPR PRPHQWR GH VXD
YLGD FRP D LPSUHVVmR GH FUpGLWR GD FXOWXUD GR FRORQL]DGR HP GHWULPHQWR GD VXD H GH VHXV
SDLVEUDQFRV
$ HVFULWXUD GH 0LD &RXWR SRGH DWp VH PRVWUDU GH XP MHLWR SDUD WUDQVIRUPDU
0RoDPELTXHQXPUHLQRGHIDGDV &$67(//2 PDVVXDVUDt]HVDTXHODSDUWHRFXOWD
TXHGiVXVWHQWDomRHVWmREHPILQFDGDVQRFKmRGRUHDOWHVWHPXQKDVGDOXWDGRSRYR'HSRLV
GHWDQWRVHU H[SORUDGR RSRYRQDILJXUDGRYHOKRFRPSUHHQGHTXH DLGHQWLGDGHSUHFLVDGH
XP DOLFHUFH DLQGD TXH WDPEpP SRVVD VHU FRQVWUXtGD H UHPRGHODGD FRQVWDQWHPHQWH  H XP
LQGLYtGXR GHVORFDGR H LQIHULRUL]DGR SHUGHVH HP PHLR D LQIRUPDo}HV FRQWUDGLWyULDV TXH RV
RXWURVGmRVREUHVXDSHVVRDHFXOWXUD
&RPSUHHQGHUHUHWRPDURVHXGHYLGROXJDU ROXJDUTXHOKHGHYHP pGDUPRVWUDV
GR DPDGXUHFLPHQWR LQWHOHFWXDO QHFHVViULR j FRQVWUXomR GH XPD QRYD LGHQWLGDGH GH QDomR
XPDQDomRSyVFRORQLDOQmRVRPHQWHQRVHQWLGRFURQROyJLFRGRWHUPRPDVXPDQDomRFRP
FLGDGmRVOLYUHVGRMXJRFRORQLDOTXHSHVDYDVREUHVXDVWHUUDVHVXDVPHQWHV


5HVXPHQ(OREMHWLYRGHHVWHWUDEDMRHVPRVWUDUHPODREUDGHOPRoDPELFDQR0LD&RXWRORV
GLVSRVLWLYRV XWLOL]DGRV SDUD TXH GHWUiV DO GLVFXUVR PiJLFR  PDUDYLOORVR \ FRQVWUXLGR XQD
SRVLFLyQVyOLGDGHODUHVLVWHQFLD\TXL]iVUHSUHVDOLDGHORVFRORQL]DGRVDOFRORQL]DGRU$UDt]
GHO SHQVDPLHQWR GH $OEHUW 0HPPL   TXH LGHQWLILFD ODV GLVWLQWDV HWDSDV GHO SURFHVR GH
GHVFRORQL]DFLyQ\)UDQ])DQRQ  SDUDTXLHQHVWHSURFHVRHVVLHPSUHYLROHQWRHOWUDEDMR
SHUFRUUHHOFDPLQRGHODFRQFLHQFLDSRUHOQHJURGHVXSDSHOHPODVRFLHGDGGH0R]DPELTXH
$VtHOQHJURVLHPSUHSXHVWRHQXQOXJDUVXEDOWHUQRSRUHOGLVFXUVRFRORQLDORFXSDVXOXJDU
HQODWLHUUDGRQGHYLYH

3DODEUDVFODYH0LD&RXWR/LWHUDWXUDPRoDPELFDQD(VWXGLRVSRVFRORQLDOHV


5HIHUrQFLDV
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