You are on page 1of 206

)LyGRU'RVWRLpYVNL

5HFRUGDo}HVGD&DVDGRV0RUWRV


7tWXOR

ËQGLFH

,QWURGXomR

35,0(,5$3$57(

±$&$6$'26025726

±35,0(,5$6,035(66®(6

±35,0(,5$6,035(66®(6 FRQWLQXDomR

±35,0(,5$6,035(66®(6 FRQWLQXDomR

±235,0(,520Ç6

±235,0(,520Ç6 FRQWLQXDomR

±12926&21+(&,'26±3(7529

±2³)$&Ë125$´/8.$

±,6$,)20,7&+±2%$1+2±$+,67Ï5,$'(%$./8&+,1(

±1$7$/

±2(63(7È&8/2

6(*81'$3$57(

±2+263,7$/

±2+263,7$/ FRQWLQXDomR

±2+263,7$/ FRQWLQXDomR
±20$5,'2'($.8/.$±+LVWyULD

±35,0$9(5$

±26$1,0$,6'235(6Ë',2

±$48(,;$

±&203$1+(,526

±80$(9$6­2

±$6$Ë'$'235(6Ë',2

1RWDV
,QWURGXomR


/i QDV UHPRWDV UHJL}HV GD 6LEpULD SRU HQWUH D HVWHSH DV PRQWDQKDV H DV IORUHVWDV
LPSHQHWUiYHLVHQFRQWUDVHDTXLHDOpPXPSRYRDGR0DOWrPXPDVGXDVPLODOPDVFRQVWDQGR
FDGD XP DSHQDV GH IHLDV FDVLQKRODV GH PDGHLUD H GXDV LJUHMDV XPD QR FHQWUR RXWUD QR
FHPLWpULR 3DUHFHP PDLV XP VLPSOHV DUUXDGR GRV DUUDEDOGHV GH 0RVFRX TXH XPD FLGDGH (P
JHUDO VmR EHP VRUWLGRV GHLVSUDYQLNVDVVHVVRUHVHGHPDLVIXQFLRQiULRV VXEDOWHUQRV 3RU PDLV
IULDTXHVHMDD6LEpULDRVHUYLoRS~EOLFRVHPSUHQRVDTXHFHEHPQRVHXUHJDoR2VKDELWDQWHV
VmRDOPDVVLQJHODVHEHPLQWHQFLRQDGDVVHXVFRVWXPHVVmRSDWULDUFDLVFRQVDJUDGRVSRUVpFXORV
GH WUDGLomR 2V IXQFLRQiULRV TXH FRP UD]mR UHSUHVHQWDP UHDOPHQWH D QREUH]D ORFDO RX VmR
VLEHULDQRVGDJHPDRXUXVVRVTXHQDPDLRULDYrPGLUHWDPHQWHGDVFDSLWDLVDWUDtGRVSHORVDOWRV
YHQFLPHQWRVSHODVJHQHURVDVDMXGDVGHFXVWRSDUDGHVSHVDVGHYLDJHPRXSRUEHODVSHUVSHFWLYDV
GH IXWXUR (QWUH HVVHV ~OWLPRV RV PDLV HVSHUWRV RV TXDLV VDEHP UHVROYHU R SUREOHPD GD YLGD
DJUDGDPVH GD WHUUD H QHOD VH IL[DP GHILQLWLYDPHQWH 'HSUHVVD FRQVHJXHP IRUWXQD H SRVLomR
0DVRVRXWURVRVHVWRXYDGRVTXHQDGDHQWHQGHPGRHQLJPDGDH[LVWrQFLDPRHPVHGHQRVWDOJLD
H YLYHP D SHUJXQWDU GHVGH D FKHJDGD ³4XH GLDER YLP ID]HU QD 6LEpULD"´ ( FXPSUHP FRP
LPSDFLrQFLD RV WUrV DQRV REULJDWyULRV GR VHUYLoR SHGHP UHPRomR H UHLQWHJUDP RV SHQDWHV
GL]HQGR GD 6LEpULD FREUDV H ODJDUWRV 7RGRV ODERUDP HP HUUR 3RLV H[FOXLQGRVH PHVPR DV
YDQWDJHQVTXHWUD]jFDUUHLUDIXQFLRQDOpD6LEpULDSRUWRGRVRVUHVSHLWRVD7HUUDGD3URPLVVmR
2FOLPDpPDJQtILFR/iVHHQFRQWUDPFRPHUFLDQWHVULTXtVVLPRVQRWiYHLVSHODKRVSLWDOLGDGHDV
UDSDULJDV VmR FRUDGDV FRPR URVDV H KRQHVWDV FRPR YHVWDLV $ FDoD FRUUH SHODV UXDV H YHP VH
DWLUDUDRVSpVGRFDoDGRU2FKDPSDQKDpEHELGRHPDEXQGkQFLDRFDYLDUpGHOLFLRVRRWULJR
HP FHUWDV ]RQDV Gi FROKHLWDV GH TXLQ]H SRU XP (P UHVXPR D WHUUD p GH XPD IHUDFLGDGH
DVVRPEURVDPDVFDUHFHTXHDVDLEDPH[SORUDU(RVVLEHULDQRVVDEHPH[SORUiOD
1XPDGHVVDVFLGDGH]LQKDVDOHJUHVTXHVHEDVWDPDVLSUySULDVHFXMDDPiYHOSRSXODomRPH
GHL[RX QD OHPEUDQoD XPD UHFRUGDomR HQWHUQHFLGD WUDYHL DPL]DGH FRP XP H[ILGDOJR H
SRPHFKWFKLN  UXVVR $OH[DQGU 3HWURYLWFK *RULDQWFKLNRY FRQGHQDGR DRV WUDEDOKRV IRUoDGRV GH
VHJXQGDFDWHJRULD HPSXQLomRDRDVVDVVLQDWRGHVXDHVSRVD)LQGDDSHQDGHSRLVGHGH]DQRVGH
SUHVtGLR LQVWDODUDVH GLVFUHWD H SODFLGDPHQWH QD FLGDGH GH . 2ILFLDOPHQWH GHYHULD UHVLGLU
QXPD GDV FRPXQDV VXEXUEDQDV PDV p TXH HP . HOH JDQKDYD D YLGD FRPR PHVWUHHVFROD
3URIHVVRUHV GHVVD FDVWD QmR VmR UDURV QD 6LEpULD H QLQJXpP RV PHQRVSUH]D (QVLQDP
SULQFLSDOPHQWH D OtQJXD IUDQFHVD LQGLVSHQViYHO D TXHP WHP DPELo}HV VRFLDLV ± H VHP HOHV
QLQJXpPQDTXHOHVILQVGHPXQGRSRGHULDWHUGRIUDQFrVDPHQRUQRomR$SULPHLUDYH]HPTXH
DYLVWHLFRP$OH[DQGU3HWURYLWFKIRLHPFDVDGHXPWFKQLYQLN ,YDQ,YDQLWFK*YRVGLNRYYHOKR
EXURFUDWD KRQUDGR H KRVSLWDOHLUR SDL GH FLQFR ILOKDV TXH VXJHULDP OLQGDV HVSHUDQoDV $OH[DQGU
3HWURYLWFKLDOiTXDWURYH]HVSRUVHPDQDGDUOLo}HVjVUDSDULJDVjUD]mRGHWULQWDFRSHTXHVGH
SUDWD SRUKRUD6HXDVSHFWRH[WHULRUPHLQWHUHVVRX(UDXPKRPHQ]LQKRIUDQ]LQRWHUULYHOPHQWH
SiOLGR H PDJUR PDV DLQGD PRoR H YHVWLGR VHPSUH FRP HVPHUR j PRGD HXURSHLD 4XDQGR D
JHQWH OKH IDODYD HOH QRV ILWDYD FRP XP ROKDU GH IL[LGH] H[WUDRUGLQiULD H DFRPSDQKDYD FRP
HVFUXSXORVD FRUWHVLD FDGD XPD GDV SDODYUDV TXH VH OKH GL]LD FRPR VH OKH SURSXVpVVHPRV XP
HQLJPD RX TXLVpVVHPRV YLRODU VHXV VHJUHGRV 5HVSRQGLD GHSRLV FRP DOJXPDV IUDVHV UiSLGDV H
FODUDV WmR SRQGHUDGDV WmR FLUFXQVSHFWDV TXH D JHQWH LPHGLDWDPHQWH VH VHQWLD PDO H QmR
GHVHMDYDVHQmRDFDEDUDFRQYHUVD
/RJRTXHSXGHLQWHUURJXHL,YDQ,YDQLWFKDUHVSHLWRGRKRPHP6RXEHTXH*RULDQWFKLNRYYLYLD
GHPRGRLUUHSUHHQVtYHO±VHPLVVRHOHQmROKHFRQILDULDDHGXFDomRGDVILOKDV±PDVPXLWtVVLPR
UHWUDtGR ,QVWUXLGtVVLPR OHQGR PXLWR IXJLD GR FRQYtYLR VRFLDO H IDODYD WmR SRXFR
HVSRQWDQHDPHQWH TXH QLQJXpP FRQVHJXLD WUDYDU FRP HOH XPD SDOHVWUD GHPRUDGD $OJXQV R
VXSXQKDP ORXFR ± SRUpP QmR YLDP QLVVR XP GHIHLWR JUDYH 2V PDJQDWDV GD FLGDGH QD VXD
PDLRULD R YLDP FRP ERQV ROKRV 2 KRPHP OKHV SUHVWDYD jV YH]HV VHUYLoRV LPSRUWDQWHV
UHGLJLQGRSHWLo}HVSRUH[HPSOR6XVSHLWDYDPQRGHSHUWHQFHUDXPDIDPtOLDGHUHOHYRGHDOWD
SRVLomRWDOYH]PDVVDELDVHWDPEpPTXHGHSRLVGDGHSRUWDomRFRUWDUDWRGDVDVUHODo}HVFRP
RVVHXV±HPUHVXPRSUHMXGLFDUDVHPXLWR7RGRRPXQGRDOLiVOKHFRQKHFLDDKLVWyULDORJRQR
SULPHLUR DQR GR FDVDPHQWR PDWDUD D HVSRVD OHYDGR SHOR FL~PH GHSRLV HQWUHJDUDVH
YROXQWDULDPHQWHjMXVWLoD±RTXHOKHSURSRUFLRQDUDDVFLUFXQVWkQFLDVDWHQXDQWHV(PJHUDOHVVHV
FULPHV VmR HQFDUDGRV FRPR GHVJUDoDV H RV VHXV DXWRUHV GHVSHUWDP SLHGDGH (QWUHWDQWR HVWH
H[FrQWULFRVHHQWHUUDYDQRVHXFDQWRHGHOHQmRVDtDVHQmRSDUDGDUDXODV
$SULQFtSLRQmROKHGHGLTXHLDWHQomRHVSHFLDOPDVVDEH'HXVSRUTXrSRXFRDSRXFRIXLPH
LQWHUHVVDQGRSRUDTXHODHQLJPiWLFDFULDWXUD1mRFRQVHJXLID]rORSDOHVWUDU5HVSRQGLDGLUHLWRjV
PLQKDVLQWHUSHODo}HVSDUHFLDDWpFRQVLGHUDUXPGHYHUID]rORSRUpPVXDPDQHLUDGHUHSOLFDU
PHSURYRFDYDXPFRQVWUDQJLPHQWRWmRLQWHQVRTXHHXQmRRXVDYDUHSHWLUDVSHUJXQWDVYHQGROKH
RURVWRFDUUHJDGRGHIDGLJDHVRIULPHQWR1XPDOLQGDQRLWHGHYHUmROHPEURPHDLQGDVDtPRV
MXQWRV GD FDVD GH ,YDQ ,YDQLWFK &RQYLGHLR UHSHQWLQDPHQWH D YLU j PLQKD FDVD IXPDU XP
FLJDUUR1mRFRQVLJRUHSURGX]LURSDYRUTXHVHSLQWRXQRVVHXVROKRV'HVFRQFHUWDGREDOEXFLRX
DOJXPDVSDODYUDVVHPQH[RHGHV~ELWRFRPRVROKRVW~PLGRVGHyGLRS{VVHDFRUUHUQDGLUHomR
RSRVWD)LTXHLLPyYHODW{QLWR'HVGHHQWmRVHPSUHTXHPHHQFRQWUDYDHOHPHROKDYDGHUHYpV
PHGURVR0DVHXQmRPHVDWLVIL]FRPLVVRKDYLDDOJRTXHPHLPSHOLDSDUD*RULDQWFKLNRYHXP
PrVGHSRLVVHPSUHWH[WRSODXVtYHOGLULJLPHjVXDFDVD&RQIHVVRTXHHVVHJRVWRHUDLQVHQVDWRH
SRXFRGHOLFDGR(OHPRUDYDQRH[WUHPRGDFLGDGHHPFDVDGHXPDYHOKDFXMDILOKDXPDSREUH
WtVLFDOKHGHUDXPDQHWLQKDEDVWDUGDJDURWDGHXQVGH]DQRVULVRQKDHPLPRVD1RPRPHQWRHP
TXH HQWUHL QR TXDUWR GH $OH[DQGU 3HWURYLWFK HOH VHQWDGR MXQWR j SHTXHQD OKH HQVLQDYD D OHU
$YLVWDQGRPH SHUWXUERXVH FRPR VH HX R KRXYHVVH DSDQKDGR HP IODJUDQWH GHOLWR OHYDQWRXVH
SUHFLSLWDGDPHQWHHILWRXHPPLPRVROKRVDVVXVWDGRV$ILQDOVHQWDPRQRV6HXROKDUIL[RVREUH
RPHXPHLQWHUURJDYDFRPLQVLVWrQFLDFRPRVHIDUHMDVVHHPPLPDVSLRUHVLQWHQo}HVVHFUHWDV
$GLYLQKHL TXH VXD GHVFRQILDQoD FKHJDYD TXDVH j ORXFXUD (QFDUDYDPH FRP KRVWLOLGDGH WmR
HYLGHQWHTXHTXDVHPHSHUJXQWDYD³6HUiTXHQmRWHYDLVHPERUD"´)DOHLGDQRVVDFLGDGH]LQKD
GDV QRYLGDGHV H HOH PDO PH UHVSRQGLD HVERoDQGR XP VRUULVR LUULWDGR 'HSUHVVD GHVFREUL TXH
LJQRUDYDRVDFRQWHFLPHQWRVPDLVQRWyULRVHPHVPRTXHQHQKXPGHOHVRLQWHUHVVDYD)DOHLOKH
GHSRLVGRQRVVRSDtVGDVVXDVQHFHVVLGDGHVHOHPHHVFXWDYDVHPUHSOLFDUFRPRPHVPRROKDU
GHIL[LGH]WmRHVWUDQKDTXHDFDEHLODPHQWDQGRWHULQLFLDGRDFRQYHUVD0DVTXDVHFRQVHJXLWLUi
ORGRVHXWRUSRUTXDQGROKHRIHUHFLDLQGDLQWDFWRVRVOLYURVHUHYLVWDVTXHDFDEDUDGHUHFHEHUQR
FRUUHLR/DQoRXOKHVXPROKDUiYLGRSRUpPLPHGLDWDPHQWHVHFRQWHYHHRVUHFXVRXDOHJDQGR
IDOWDGHWHPSR'HVSHGLPHDILQDOHDRVDLUVHQWLPHDOLYLDGRGXPSHVRLQVXSRUWiYHO3DUHFLD
PH YHUJRQKRVR SDUHFLDPH DEVXUGR LU DWRUPHQWDU XP KRPHP FXMR SULQFLSDO FXLGDGR HUD VH
PDQWHURPDLVSRVVtYHODIDVWDGRGRFRQYtYLRVRFLDO0DVDWROLFHHVWDYDIHLWD(XREVHUYDUDTXH
HOHSRVVXtDPXLWRVSRXFRVOLYURVHQWmRQmRHUDYHUGDGHTXHOHVVHPXLWR'XDVYH]HVHQWUHWDQWR
SDVVDQGRGHFDUURPXLWRWDUGHGHIURQWHjVVXDVMDQHODVDYLVWHLOX]DFHVD4XH IDULD HOH DVVLP
DFRUGDGRDWpPDGUXJDGD"(VFUHYHULD"(VHRID]LDTXHFRLVDVHVFUHYHULD"
)XL REULJDGR D PH DXVHQWDU GXUDQWH DOJXQV PHVHV ± XQV WUrV 4XDQGR YROWHL QR ULJRU GR
LQYHUQRVRXEHTXH$OH[DQGU3HWURYLWFKPRUUHUDGXUDQWHRRXWRQRHPDEVROXWDVROLGmRVHPQHP
XPDYH]WHUFRQVXOWDGRRPpGLFR-iRKDYLDPHVTXHFLGRTXDVHFRPSOHWDPHQWH6HXDORMDPHQWR
ILFDUD YDJR )XL VHP WDUGDU YLVLWDU D VHQKRULD H D LQWHUURJXHL DFHUFD GRV DID]HUHV GR GHIXQWR
'HLOKHXPDPRHGDGHYLQWHFRSHTXHVHHODPHHQWUHJRXHPWURFDXPDFHVWDFKHLDGHSDSpLV
FRQIHVVDQGRPHFRQWXGRTXHMiGHVWUXtUDGRLVGDTXHOHVFDGHUQRV(UDXPDYHOKDWDFLWXUQDPDO
HQFDUDGDTXHQDGDPHFRQWRXGHQRYRVREUHRILQDGRORFDWiULR6HJXQGRHODRKRPHPQmRVH
RFXSDYD QXQFD HP TXDVH QDGD H OHYDYD PHVHV VHP WRFDU QXP OLYUR RX QXPD SHQD 3DVVDYD
QRLWHV LQWHLUDV D DQGDU SHOR TXDUWR PHUJXOKDGR QDV VXDV FLVPDV IDODQGR VR]LQKR $GRUDYD D
JDURWLQKD.DWLD±SULQFLSDOPHQWHGHSRLVTXHOKHVRXEHUDRQRPH7RGRVRVDQRVQRGLDGH6DQWD
&DWDULQDPDQGDYDGL]HUXPDPLVVDSRUDOPDGHXPDSHVVRDTXHXVDUDHVVHQRPH1mRWROHUDYD
YLVLWDVQmRVDtDVHQmRSDUDGDUDXODVHDWpjYHOKDROKDYDFRPPDXVROKRVTXDQGRXPDYH]SRU
VHPDQDHODOKHYLQKDDUUXPDUXPSRXFRRTXDUWRGXUDQWHRVWUrVDQRVHPTXHIRUDVHXLQTXLOLQR
TXDVHQXQFDOKHGLULJLUDDSDODYUD3HUJXQWHLD.DWLDVHWLQKDVDXGDGHVGRSURIHVVRU$SHTXHQD
PHROKRXVHPUHVSRQGHUGHSRLVYROWDQGRVHSDUDDSDUHGHS{VVHDFKRUDU$VVLPSRLVDSHVDU
GHWXGRDTXHOHKRPHPFRQVHJXLUDID]HUVHDPDU
$SDQKHLRVSDSpLVHSDVVHLXPGLDLQWHLURHPFDVDRUGHQDQGRRV7UrVTXDUWDVSDUWHVGHOHV
HUDP UDVFXQKRV VHP LPSRUWkQFLD WHPDV GH DXOD FRUULJLGRV (QILP GHVFREUL XP FDGHUQR
YROXPRVR FREHUWR SRU XPD FDOLJUDILD ILQD HVWDYD SRUpP LQDFDEDGR DEDQGRQDGR GHFHUWR SRU
VHX DXWRU HUD D QDUUDWLYD GRV VHXV GH] DQRV GH SUHVtGLR 1HVVD QDUUDWLYD LQFRPSOHWD VH
LQWHUFDODYDP IUDJPHQWRV HVWUDQKRV UHFRUGDo}HV DERPLQiYHLV HYRFDGDV GHVRUGHQDGDPHQWH
FRQYXOVLYDPHQWH FRPR QXP GHVDEDIR /LD UHOLD H FKHJXHL TXDVH j FRQFOXVmR GH TXH KDYLD
VLGRUHGLJLGDQXPDFULVHGHORXFXUD0DVDVQRWDVVREUHRSUHVtGLRDTXHODV³&HQDVGD&DVDGRV
0RUWRV´FRPRRSUySULR$OH[DQGU3HWURYLWFKDVLQWLWXODHPFHUWRWUHFKRGRVHXPDQXVFULWRQmR
PHSDUHFHUDPIDOKDVGHLQWHUHVVH2PXQGRGRVGHFDtGRVPXQGRDEVROXWDPHQWHQRYRDWpKRMH
LPSHQHWUiYHO D HVWUDQKH]D GH FHUWRV IDWRV DOJXPDV REVHUYDo}HV EL]DUUDV FDWLYDUDPPH D
DWHQomR H D FXULRVLGDGH 7RGDYLD WDOYH] HX PH HQJDQH TXDQWR DR YDORU GD REUD 3XEOLFR SRLV
DTXLDOJXQVFDStWXORVGHVVDQDUUDWLYDRS~EOLFRMXOJDUi
35,0(,5$3$57(





$&$6$'26025726


2QRVVRSUHVtGLRILFDYDQRVOLPLWHVGDIRUWDOH]DMXQWRDREDOXDUWH4XDQGRDWUDYpVGDVIHQGDV
GDSDOLoDGDSURFXUiYDPRVDYLVWDURPXQGRHQWUHYtDPRVDSHQDVXPDQHVJDHVWUHLWDGHFpXHXP
DOWR EDUUDQFR GH WHUUD LQYDGLGR SHOR PDWR DOWR QRLWH H GLD SHUFRUULGR SHODV VHQWLQHODV ( QyV
SHQViYDPRVORJRTXHQmRDGLDQWDYDSDVVDUHPVHRVGLDVYHUtDPRVVHPSUHROKDQGRSRUDTXHODV
IHQGDVDPHVPDPXUDOKDRPHVPRVROGDGRDPHVPDQHVJDGHFpX±QmRRFpXGDIRUWDOH]D
PDVXPRXWURXPFpXPDLVORQJtQTXRXPFpXOLYUH
,PDJLQDLXPYDVWRSiWLRGHGX]HQWRVSDVVRVGHFRPSULPHQWRHFHQWRHFLQTXHQWDGHODUJXUD
FRP D IRUPD GXP KH[iJRQR LUUHJXODU 8PD SDOLoDGD IHLWD GH DOWRV PRLU}HV SURIXQGDPHQWH
HQFUDYDGRVQRVRORIRUWHPHQWHOLJDGRVXQVDRVRXWURVHWDOKDGRVHPSRQWD±URGHDYDSRUWRGRVRV
ODGRVRQRVVRSUHVtGLR1XPGRVODGRVGDSDOLoDGDXPSRUWmRVHPSUHIHFKDGRVHPSUHJXDUGDGR
SRU XPD VHQWLQHOD QmR VH DEUH VHQmR j YLVWD GH XPD RUGHP D ILP GH GDU SDVVDJHP DRV
SUHVLGLiULRVTXHYmRSDUDRWUDEDOKR
$OpP GHVVH SRUWmR KDYLD R PXQGR OXPLQRVR GD OLEHUGDGH ( GH GHQWUR DTXHOH PXQGR QRV
SDUHFLDFRPRXPFRQWRGHIDGDVFRPRXPDPLUDJHP2QRVVRPXQGRQDGD WLQKD GH DQiORJR
FRPHVVHRXWURHUDPOHLVFRVWXPHVKiELWRVFDUDFWHUtVWLFRVXPDFDVDPRUWDYLYDXPDYLGDj
SDUWHGHKRPHQVjSDUWH(pHVVHUHFDQWRTXHGHVHMRGHVFUHYHU
4XDQGRVHSHQHWUDQRUHFLQWRGLVWLQJXHPVHOiGLYHUVDVFRQVWUXo}HV'RVGRLVODGRVGRJUDQGH
SiWLRVHHUJXHPDPSODVFRQVWUXo}HVGHPDGHLUDGHXPVyDQGDU6mRDVFDVHUQDV/iYLYHPRV
IRUoDGRV VHSDUDGRV HP FDWHJRULDV 1R IXQGR GR SiWLR VH HOHYD XPD HGLILFDomR GR PHVPR
JrQHUR D FR]LQKD GLYLGLGD HP GXDV SHoDV H PDLV DWUiV XP EDUUDFmR TXH VRE R PHVPR WHWR
DEULJDDDGHJDDGHVSHQVDHRFHOHLUR2FHQWURGRSiWLRIRUPDXPDHVSpFLHGHSUDoDDPSOD
QXDHSODQD2VGHWHQWRVOiVHUH~QHPSDUDDFKDPDGDSHODPDQKmDRPHLRGLDHjWDUGHHjV
YH]HV DWp H[WHPSRUDQHDPHQWH TXDQGR RV VROGDGRV GD JXDUGD VmR GHVFRQILDGRV RX JRVWDP GH
ID]HUFRQWDV(QWUHDVFRQVWUXo}HVHDSDOLoDGDDLQGDKiXPHVSDoRFRQVLGHUiYHO1HVVHWUHFKRp
TXHQDVKRUDVGHGHVFDQVRDOJXQVGHWHQWRVVRPEULRVSRXFRVRFLiYHLVYmRSDVVHDUHORQJHGH
WRGRVRVROKRVPHUJXOKDPQRVVHXVSHQVDPHQWRV4XDQGRHXRVHQFRQWUDYDQRGHFRUUHUGHVVHV
SDVVHLRV JRVWDYD GH OKHV SHUVFUXWDU RV URVWRV VRPEULRV H HVWLJPDWL]DGRV D OKHV LPDJLQDU DV
SUHRFXSDo}HV 8P GHOHV SDVVDYD R VHX WHPSR OLYUH D FRQWDU DV HVWDFDV GD FHUFD (UDP
TXLQKHQWDV FRQWXGR HOH DV FRQKHFLD GH FRU &DGD XPD GDV HVWDFDV OKH VLJQLILFDYD XP GLD
'HVFRQWDYDXPDGLDULDPHQWHHDVVLPFRQWDQGRDVTXHUHVWDYDPSRGLDFRPXPROKDUFDOFXODUR
WHPSR TXH DLQGD SDVVDULD QRV WUDEDOKRV 4XDQGR WHUPLQDYD XP GRV ODGRV GR KH[iJRQR QmR
HVFRQGLDDVXDDOHJULDUHVWDYDOKHDLQGDPDLVGHXPDQRGHHVSHUDPDVRSUHVtGLRpXPDERD
HVFRODGHSDFLrQFLD$VVLVWLFHUWDYH]DXPSUHVLGLiULROLEHUWRDSyVYLQWHDQRVGHSHQDGHVSHGLU
VH GRV FROHJDV $OJXQV DLQGD OKH UHFRUGDYDP D FKHJDGD TXDQGR MRYHP GHVFXLGRVR QmR VH
SUHRFXSDYDFRPRFULPHQHPFRPRFDVWLJR(HLORTXHSDUWLDDJRUDFRPDFDEHoDJULVDOKDXP
URVWR VRPEULR H WULVWH GH YHOKR 3DVVRX VLOHQFLRVDPHQWH SRU QRVVRV VHLV DORMDPHQWRV TXDQGR
SHQHWUDYD HP FDGD XP GHOHV PXUPXUDYD XPD RUDomR GLDQWH GR tFRQH GHSRLV ID]LD XPD
UHYHUrQFLD SURIXQGD DWp j FLQWXUD GLDQWH GRV GHWHQWRV SHGLQGROKHV TXH QmR JXDUGDVVHP GH VL
XPD OHPEUDQoD Pi /HPEURPH WDPEpP GH XP SUHVR XP FDPSRQrV VLEHULDQR TXH IRUD
DEDVWDGR 8PD WDUGH FKDPDUDPQR j SRUWD 6HLV PHVHV DQWHV HOH VRXEHUD PDJRDGR TXH VXD
PXOKHUWRUQDUDDFDVDU$JRUDHUDHODSUySULDTXHRPDQGDYDFKDPDUSDUDOKHGDUXPDHVPROD
&RQYHUVDUDPGRLVPLQXWRVUHEHQWDUDPHPSUDQWRHGHVSHGLUDPVHSDUDVHPSUH$LQGDOKHYHMR
RURVWRTXDQGRYROWRXjFDVHUQD6LPUHDOPHQWHRSUHVtGLRpXPDERDHVFRODGHSDFLrQFLD
4XDQGR FKHJDYD R FUHS~VFXOR IHFKDYDPQRV D WRGRV QDV QRVVDV FDVHUQDV ( QXQFD PH
GHL[RXGHVHUSHQRVRVDLUGRSiWLRSDUDRDORMDPHQWR&DQGHLDVGHVHERHVSDOKDYDPXPDOX]EDoD
SHODVDODFRPSULGDEDL[DVDWXUDGDGXPRGRUQDXVHDEXQGR1mRFRQVLJRFRPSUHHQGHUKRMHHP
GLDFRPRSXGHSDVVDUDOLGH]DQRV1DHVSpFLHGHWDULPEDTXHVHUYLDGHOHLWRFRPXPDWULQWDGH
QyVWRGRRPHXGRPtQLRVHUHGX]LDDRHVSDoRGHWUrVWiEXDV
4XHURFUHUTXHQDTXHODVDODWRGDYDULHGDGHGHFULPHVVHDFKDYDUHSUHVHQWDGD$PDLRUSDUWH
GRVGHWHQWRVVHFRPSXQKDGHFRQGHQDGRVFLYLV(VVHVLQGLYtGXRVSULYDGRVSDUDVHPSUHGRVVHXV
GLUHLWRVGHFLGDGmRVPHPEURVDPSXWDGRVGDVRFLHGDGHWLQKDPRURVWRPDUFDGRFRPIHUURHP
EUDVD HVWLJPD HWHUQR GR UpSURER 'HPRUDYDP GH RLWR D GH] DQRV QR SUHVtGLR GHSRLV HUDP
PDQGDGRVQDTXDOLGDGHGHFRORQRVSDUDTXDOTXHUUHFDQWRHVTXHFLGRGD6LEpULD+DYLDWDPEpP
FULPLQRVRV YLQGRV GR H[pUFLWR PDV VHJXQGR R FRVWXPH GDV ³FRPSDQKLDV FRUUHFLRQDLV´ HVVHV
FRQVHUYDYDPRVVHXVGLUHLWRVFLYLV&RQGHQDGRVSRUXPODSVRGHWHPSREDVWDQWHFXUWRXPDYH]
FXPSULGD D SHQD UHLQWHJUDYDP R VHX SRVWR QXP EDWDOKmR VLEHULDQR 0XLWRV GHQWUH HOHV QmR
WDUGDYDP D UHDSDUHFHU DSyV QRYR FULPH JUDYH ± PDV SRU YLQWH DQRV GHVVD YH] )RUPDYDP D
VHomRGRV³UHLQFLGHQWHV´TXHWDPEpPQmRHUDPSULYDGRVGRVVHXVGLUHLWRVFLYLV
1RLQYHUQRIHFKDYDPQRVPXLWRFHGRSDVVDYDPVHSHORPHQRVTXDWURKRUDVDQWHVTXHWRGRV
GRUPtVVHPRV ( DWH HQWmR TXDQWRV JULWRV TXDQWDV ULVDGDV TXDQWR SDODYUmR 2 UHWLQLU GDV
JULOKHWDV R FKHLUR QDXVHDEXQGR D IXPDUDGD HVSHVVD DV FDEHoDV UDVSDGDV DV FDUDV PDUFDGDV
FRPIHUURHPEUDVDDVURXSDVHPIDUUDSRVWXGRUHVVXPDYDYHUJRQKDLQIkPLD$tRKRPHP
WHPDYLGDEHPULMD³8PVHUTXHVHKDELWXDDWXGR´pVHJXQGRRFUHLRDPHOKRUGHILQLomRTXH
VHSRVVDGDUGRKRPHP
1RVVR SUHVtGLR UHXQLD XPD PpGLD GH GX]HQWRV H FLQTXHQWD GHWHQWRV XQV FKHJDYDP RXWURV
VDtDPRXWURVPRUULDP4XDQWDJHQWHKDYLDOi&DGDSURYtQFLDFDGDUHJLmRGD5~VVLDFUHLREHP
TXHWLQKDDOLRVHXUHSUHVHQWDQWH9LDPVHDWpDOJXQVQDWLYRVGDVPRQWDQKDVGR&iXFDVR(UDP
WRGRVFODVVLILFDGRVGHDFRUGRFRPDJUDYLGDGHHDGXUDomRGDSHQD+DYLDHQILPXPD~OWLPD
VHomR EDVWDQWH QXPHURVD D GRV YHWHUDQRV GR FULPH QD PDLRULD PLOLWDUHV (UD FKDPDGD D
³VHomRHVSHFLDO´3DUDOiHQYLDYDPFULPLQRVRVGHWRGDD5~VVLD,JQRUDQGRROLPLWHGDVXDSHQD
FRQVLGHUDYDPVHDVLSUySULRVFRQGHQDGRVDSULVmRSHUSpWXD6HJXQGRDOHLGHYHULDPIRUQHFHU
XPWUDEDOKRGXSORRXWUtSOLFH(UDPPDQWLGRVQRSUHVtGLRHQTXDQWRHVSHUDYDPDRUJDQL]DomRGH
WUDEDOKRVIRUoDGRVSDUWLFXODUPHQWHSHQRVRV³9RFrVHVWmRDTXLSRUDOJXPWHPSRGL]LDVHOHVDRV
RXWURVSUHVLGLiULRVQyVHVWDPRVSDUDDYLGDLQWHLUD´6HJXQGRRXYLGL]HUHVVDVHomRIRLVXSULPLGD
WHULDP PDQGDGR HPERUD WRGRV RV GHWHQWRV FLYLV FRQVHUYDQGR DSHQDV RV PLOLWDUHV 0XGDQoD GH
DGPLQLVWUDomRpOyJLFR2TXHGHVFUHYRSRUWDQWRVmRFRLVDVGHRXWURUDSUiWLFDVDEROLGDVIDWRV
MiKiPXLWRHVTXHFLGRV
6LP Mi Ki PXLWR WHPSR 7XGR LVVR KRMH PH SDUHFH XP VRQKR 5HFRUGR PLQKD FKHJDGD DR
SUHVtGLR(UDXPDWDUGHGHGH]HPEURDQRLWHLDFDLURVSUHVLGLiULRVYROWDYDP GD WDUHID GLiULD
SUHSDUDYDPVH SDUD D FKDPDGD 8P VXERILFLDO GH JUDQGHV ELJRGHV DEULXPH D SRUWD GDTXHOD
HVWUDQKDPRUDGLDRQGHHXGHYHULDSDVVDUWDQWRVDQRVVXSRUWDUHPRo}HVGHWDORUGHPTXHVHULD
LQFDSD]GHFRPSUHHQGrODVVHDVQmRH[SHULPHQWDVVH3RUH[HPSORQmRSRGHULDFRQFHEHUQXQFD
RWRUPHQWRHVSDQWRVRGHQmRSRGHUILFDUVy±XPPLQXWRTXHIRVVH±GXUDQWHRVGH]DQRVHPTXH
HVWLYHSUHVR1RWUDEDOKR±XPHVFROWDQDSULVmR±DFRPSDQKLDGHGX]HQWRVRXWURVSUHVRVHQHP
XPDYH]DVROLGmR(GHTXDOTXHUPRGRWLQKDTXHPHDID]HUDLVVR
+DYLD Oi DVVDVVLQRV RFDVLRQDLV H PDWDGRUHV GH SURILVVmR PDODQGURV H FDSLWmHV GH EDQGLGRV
+DYLD JDWXQRV EDWHGRUHV GH FDUWHLUDV YDJDEXQGRV FDYDOHLURV GH LQG~VWULD H YLJDULVWDV +DYLD
WDPEpPDOJXQVGHOHVTXHQRVGHL[DYDPSHUSOH[RVSRUTXHHVWDULDPDOL"&RQWXGRFDGDXPWLQKDD
VXDKLVWyULDKLVWyULDWmRSHUWXUEDGDHFRQIXVDTXDQWRRDPDQKHFHUDSyVXPDQRLWHGHEHEHGHLUD
$OLiV HOHV SRXFR IDODYDP GR SDVVDGR QmR JRVWDYDP GH R QDUUDU SURFXUDYDP DWp QmR R
UHPHPRUDU MDPDLV &RQKHFL HQWUH RV SUHVLGLiULRV DOJXQV DVVDVVLQRV WmR VDWLVIHLWRV WmR
GHVFXLGRVRVTXHQXQFD SRGHUVHLDDSRVWDUFRPVHJXUDQoD DFRQVFLrQFLDRVDWRUPHQWDUDXP
VyLQVWDQWH0DVKDYLDWDPEpPRXWURVGHURVWRVRPEULRTXDVHVHPSUHPXGRV(PUHVXPRTXDVH
QLQJXpPIDODYDVREUHDYLGDSUHWpULWDHDFXULRVLGDGHQmRSHUWHQFLDQHPDRVFRVWXPHVQHPjV
UHJUDVGDFDVD7RGDYLDGHWHPSRVHPWHPSRVXPGHWHQWRTXHTXHULDGHVDEDIDUFRQILDYDXP
VHJUHGRTXDOTXHUDXPYL]LQKRTXHRRXYLDIULDPHQWHGHFDUDIHFKDGD1LQJXpPDOLSRGHULD
FDXVDUHVSDQWRDQLQJXpP³1yVFiVDEHPRVOHUHHVFUHYHU´GL]LDPRVSUHVRVFRPXPDHVSpFLH
GHFtQLFDVDWLVIDomR
/HPEURPHTXHXPGLDXPEDQGLGRErEDGR DUUDQMDVHEHELGDDOJXPDVYH]HVQRSUHVtGLR 
VHS{VDFRQWDUFRPRDVVDVVLQDUDXPJDURWRGHFLQFRDQRVVHGX]LUDRFRPXPEULQTXHGRGHSRLV
OHYDUDRSDUDXPJDOSmRHOiRGHJRODUD$FDVHUQDLQWHLUDTXHDSULQFtSLRULUDGDVVXDVSLOKpULDV
VROWRX XP EUDGR H R KRPHP IRL REULJDGR D FDODU D ERFD DTXHOH EUDGR XQkQLPH QmR HUD XP
VLQWRPDGHLQGLJQDomR6LJQLILFDYDDSHQDVTXHQmRVHGHYLDIDODU³QDTXLOR´TXHIDODU³QDTXLOR´
HUDLQDGPLVVtYHO'HYRREVHUYDUDOLiVTXHDTXHODJHQWHWLQKDDOJXPDLQVWUXomRQRVHQWLGROLWHUDO
GD SDODYUD 3HOR PHQRV D PHWDGH GHQWUH HOHV VDELD OHU H HVFUHYHU ( RQGH QD 5~VVLD HP
TXDOTXHUDJUXSDPHQWRSRSXODUVHHQFRQWUDUmRGX]HQWRVHFLQTXHQWDLQGLYtGXRVPHWDGHGRVTXDLV
VDLEDOHUHHVFUHYHU"6RXEHGHSRLVTXHDOJXpPFRQFOXLXVHJXQGRHVVHVGDGRVTXHDLQVWUXomR
SHUGHRVKRPHQV(UURJUDYHFUHLRHXeSUHFLVRSURFXUDUHPRXWUDFDXVDDVUD]}HVGHVVHGHVYLR
PRUDO&RPHIHLWRDLQVWUXomRSURYRFDDSUHVXQomRQRSRYRPDVLVVRQRPHXHQWHQGHUQmRp
XPGHIHLWRHDEXQGDHPWRGDSDUWH
'LVWLQJXLDPVH DV VHo}HV SHORV WUDMHV (P XPD GDV VHo}HV PHWDGH GR FDVDFR HUD SDUGR
HVFXUDHDRXWUDFLQ]DHQTXDQWRDVFDOoDVWLQKDPXPDSHUQDFLQ]DHDRXWUDSDUGRHVFXUD8P
GLDGXUDQWHRWUDEDOKRXPDUDSDULJDYHQGHGRUDGHNDODWFKDSUR[LPRXVHGRVGHWHQWRVROKRX
RVORQJDPHQWHHS{VVHDULU
±$LFRPRpIHLR±H[FODPDYD1mRWLQKDPSDQRTXHFKHJDVVHSDUDDURXSDGHOHVQHPGR
SUHWRQHPGRSDUGR
2XWURV XVDYDP XP FDVDFR GH Om FLQ]HQWD FRP PDQJDV SDUGDV 7DPEpP DV FDEHoDV HUDP
UDVSDGDV GH PDQHLUDV GLYHUVDV HP DOJXQV D PHWDGH GR FUkQLR UDVSDGR LD GH DOWR D EDL[R HP
RXWURVLDGHWUDYpV
$RSULPHLURROKDUGHVFREULDVHXPDLPHQVDVHPHOKDQoDHQWUHRVPHPEURVGDTXHODHVWUDQKD
IDPtOLD$VSHUVRQDOLGDGHVPDLVVDOLHQWHVDVPDLVRULJLQDLVRVTXHGRPLQDYDPPDOJUDGRVHX±
SURFXUDYDP HVEDWHUVH DGDSWDUVH DR GLDSDVmR GR SUHVtGLR 6DOYR DOJXQV LQGLYtGXRV FXMD
LQHVJRWiYHODOHJULDJUDQMHDYDRGHVSUH]RJHUDOWRGRVRVSUHVRVHUDPVRPEULRVDULVFRVLQYHMRVRV
SUHVXQoRVRV IDQIDUU}HV VXVFHSWtYHLV H H[WUHPDPHQWH IRUPDOLVWDV 3DUD HOHV D VXSUHPD
TXDOLGDGHFRQVLVWLDHPQmRVHHVSDQWDUHPGHQDGD9LYLDPDSHQDVSHODVDSDUrQFLDV0DVPXLWDV
YH]HV FRP HVSDQWRVD UDSLGH] D FDUD PDLV LQVROHQWH FHGLD OXJDU D XPD H[SUHVVmR GH FKDSDGD
FRYDUGLD+DYLDSRUOiKRPHQVQDWXUDOPHQWHIRUWHVHUDPVLPSOHVHVHPURGHLRV3RUpPFRLVD
HVWUDQKD DOJXQV GDYDP PRVWUDV GH XPD YDLGDGH TXDVH GRHQWLD $ JORUtROD D H[WHULRULGDGH
WLQKDPSULRULGDGHVREUHWXGR$PDLRULDGHOHVHUDDSDYRUDQWHPHQWHSHUYHUWLGD$VFDO~QLDVRV
PH[HULFRVQmRSDUDYDPQXQFDDTXLORHUDXPLQIHUQRXPDYHUGDGHLUDUHSURGXomRGRWiUWDUR
1LQJXpPHQWUHWDQWRRXVDULDLQVXUJLUVHFRQWUDDVUHJUDVHKiELWRVFRQVDJUDGRV$OJXQVHVStULWRV
GHIRUPDomRHVSHFLDOWLQKDPGLILFXOGDGHVHPVHVXEPHWHUFRQWXGRVXEPHWLDPVH&KHJDYDP
QRVLQGLYtGXRVTXHGRPLQDGRVSHODYDLGDGHKDYLDPXOWUDSDVVDGRWRGRVRVOLPLWHVHSHUSHWUDGRRV
VHXVFULPHVFRPRTXHLQYROXQWDULDPHQWHFRPRQXPGHOtULRFRPRQXPDHPEULDJXH]0DVQyV
GHSUHVVDRVGRPiYDPRV±GRPiYDPRVDWpDTXHOHVTXHWLQKDPVLGRRWHUURUGHFLGDGHVHDOGHLDV
2OKDQGR HP WRUQR GH VL R ³QRYDWR´ GHSUHVVD FRPSUHHQGLD TXH QmR FDtUD HP OXJDU SURStFLR D
VXUSUHVDVHQmRGHPRUDYDDDGRWDURWRPFRPXP(VVHWRPVHFDUDFWHUL]DYDSRUXPDGLJQLGDGH
HVWUDQKD H HVSHFLDOtVVLPD TXH QHQKXP GRV KDELWDQWHV GR SUHVtGLR SRGHULD DEDQGRQDU 'LUVHLD
TXHDVLWXDomRGHSUHVLGLiULRUHSUHVHQWDYDXPWtWXORHDWpPHVPRXPWtWXORGHKRQUD1HQKXP
VLQDOGHYHUJRQKDRXDUUHSHQGLPHQWR1RWDYDVHHQWUHWDQWRXPVLPXODFURGHGRFLOLGDGH±PDLV
RX PHQRV RILFLDO ± FHUWR UDFLRFtQLR WUDQTXLOR ³6RPRV FRQGHQDGRV QmR VRXEHPRV YLYHU HP
OLEHUGDGHDJRUDWHPRVTXHQRVDUUDVWDUDWUDYpVGD
UXDYHUGH
WHPRVTXHILFDUHPILODSDUDD
FKDPDGD4XHPQmRGHXRXYLGRVDRSDLHjPmHDFDEDREHGHFHQGRDRUXIDUGRWDPERU4XHP
QmRDSUHQGHXDERUGDUFRPILRGHRXURDFDEDTXHEUDQGRSHGUD´7XGRLVVRVHGL]LDHVHUHSHWLD
PXLWDVYH]HVFRPRPi[LPDVFRPRDQH[LQVPDVQXQFDHPWRPVpULR(UDPDSHQDVSDODYUDV
+DYHULD XP ~QLFR SUHVLGLiULR TXH UHFRQKHFHVVH D SUySULD GHOLQTXrQFLD" 6H DOJXpP GH IRUD VH
DWUHYHVVHDFHQVXUDUDXPSUHVRRVVHXVGHOLWRVRXRLQMXULDVVH FRLVDDOLiVUDUDQRFDUiWHUUXVVR 
UHFHEHULD LQVXOWRV VHP ILP ( TXH PHVWUHV HUDP RV SUHVLGLiULRV HP PDWpULD GH LQVXOWRV H
LQYHFWLYDV ,QMXULDYDP UHTXLQWDGDPHQWH VXWLOPHQWH DUWLVWLFDPHQWH /HYDYDP R LQVXOWR DWp j
FLrQFLD DSOLFDYDPVH HP GHVFREULU SDODYUDV PHQRV RIHQVLYDV SHOD IRUPD TXH SHOD LGHLD SHOR
VHQWLGR SHOR HVStULWR HUD SHUIHLWR FRPR XP YHQHQR ( DV UL[DV SHUSpWXDV GHVHQYROYLDP
FRQVWDQWHPHQWH HVVD FLrQFLD &RPR WUDEDOKDYDP VRE R D]RUUDJXH WRGD DTXHOD JHQWH HUD
SUHJXLoRVDHGHSUDYDGD6HQmRRHUDPDQWHULRUPHQWHGHSUHVVDRILFDYDP5HXQLGRVDOLFRQWUD
DYRQWDGHFRQWLQXDYDPVHPSUHHVWUDQKRVXQVDRVRXWURV
³2GLDERJDVWRXWUrVSDUHV GHODSWLSDUDQRVWUD]HUDTXL´GL]LDPUHIHULQGRVHDVLSUySULRV
SRULVVRDFDO~QLDDLQWULJDRVPH[HULFRVDLQYHMDRyGLRRFXSDYDPRSULPHLURSODQRQDTXHOD
YLGDFRQGHQDGD$PDLVLQWULJDQWHGDVFRPDGUHVGHVXE~UELRQmRWHULDDOiELDGHDOJXQVGDTXHOHV
EDQGLGRV
(QFRQWUDYDPVHHQWUHHOHVUHSLWRRDOPDVGHERDWrPSHUDGHXPDLQWUHSLGH]DWRGDSURYD
KDELWXDGRVDGREUDURVRXWURVGLDQWHGHVL(VVHVJR]DYDPGHXPDHVWLPDHVSRQWkQHDHSRUVHX
ODGRHPERUDPXLWRXIDQRVGDVXDJOyULDHVIRUoDYDPVHSRUQmRPROHVWDUQLQJXpPSRUMDPDLV
VH ODQoDUHP HP EULJDV LQ~WHLV SRUWDYDPVH FRP DEVROXWD GLJQLGDGH HUDP TXDVH VHPSUH
FRUGDWRVHREHGLHQWHVjVRUGHQV±QmRSRUSULQFtSLRRXSRUFRQVFLrQFLDGRGHYHUPDVSRUXPD
HVSpFLHGHWUDWDGRGRTXDOUHFRQKHFLDPDVYDQWDJHQVUHFtSURFDV(DDGPLQLVWUDomRFRPHVVHV
VDELDVHUSUXGHQWH/HPEURPHTXHXPGRVQRVVRVFROHJDVKRPHPYDOHQWHFRPWHQGrQFLDVGH
IHUD IRL FKDPDGR XP GLD SDUD R YHUJDOKR (UD QR YHUmR QD KRUD GR GHVFDQVR &RPR FKHIH
LPHGLDWR GR SUHVtGLR R PDMRU FRPSDUHFHX DR FRUSR GD JXDUGD TXH ILFDYD MXQWR j SRUWD GH
HQWUDGDDILPGHDVVLVWLUjSXQLomR(VVHPDMRUHUDSDUDRVGHWLGRVXPHQWHIDWDOFRQVHJXLDID]r
ORV WUHPHU GLDQWH GH VL 6XD VHYHULGDGH UDLDYD j H[WUDYDJkQFLD H HOH ³VH DWLUDYD j JHQWH´
VHJXQGRDH[SUHVVmRGRVSUHVRV2VHXPDLRUUHFXUVRSDUDFDXVDUWHUURUHUDRROKDUGHOLQFHDR
TXDOQDGDVHSRGLDHVFRQGHU$TXHOHKRPHPYLDDWpPHVPRVHPROKDU0DOHQWUDYDQRSUHVtGLR
MiVDELDRTXHVHHVWDYDSDVVDQGRQRH[WUHPRRSRVWRGRUHFLQWR2VSUHVRVOKHFKDPDYDP³2LWR
2OKRV´(VHXVLVWHPDGHQDGDDGLDQWDYDSRLVDTXHOHVSURFHVVRVGLDEyOLFRVVHUYLDPDSHQDVSDUD
WRUQDU RV KRPHQV DLQGD PDLV IXULRVRV 6H QmR KRXYHVVH DFLPD GHOH XP JRYHUQDGRU
FRQGHVFHQGHQWH UD]RiYHO TXH OKH PRGHUDYD RV LPSXOVRV VHOYDJHQV R PDMRU WHULD SURYRFDGR
JUDQGHV GHVJUDoDV 1HP FRPSUHHQGR PHVPR FRPR p TXH S{GH FKHJDU VmR H VDOYR DR ILP GD
FDUUHLUDpYHUGDGHTXHVyIRLUHIRUPDGRGHSRLVGHSDVVDUSRUXPMXOJDPHQWR
2SUHVRILFRXOtYLGRTXDQGRRFKDPDUDP(PJHUDORIHUHFLDFRUDMRVDPHQWHRGRUVRjVYDUDV
DWXUDYD R FDVWLJR VHP GL]HU SDODYUD GHSRLV HUJXLDVH FRPR VH QDGD DFRQWHFHUD LJXDO D XP
ILOyVRIRTXHHQFDUDIULDPHQWHDVXDSRXFDVRUWH(DOLiVFRPHOHWRPDYDPVHSUHFDXo}HV0DV
GDTXHOD YH] R KRPHP VH MXOJDYD QR VHX GLUHLWR )LFRX OtYLGR SRLV H VHP TXH RV VROGDGRV GD
HVFROWDRSHUFHEHVVHPWHYHWHPSRGHHQILDUQDPDQJDXPWULQFKHWHGHVDSDWHLURPXLWRDILDGR
$V IDFDV H RXWURV LQVWUXPHQWRV FRUWDQWHV QRV HUDP SURLELGRV 1mR UHOD[DYDP D HVVH UHVSHLWR
GDYDP EXVFDV IUHTXHQWHV LPSUHYLVWDV PLQXFLRVDV H RV GHOLQTXHQWHV LQFRUULDP HP SXQLo}HV
FUXpLVeSRUpPGLILFtOLPRDSDQKDURTXHXPODGUmRLQWHQWRXHVFRQGHUDGHVSHLWRGDVEXVFDVDV
IDFDV H RXWURV LQVWUXPHQWRV LQGLVSHQViYHLV QmR GHVDSDUHFLDP ( RV TXH HUDP FRQILVFDGRV
LPHGLDWDPHQWHVHYLDPVXEVWLWXtGRV
2VGHWLGRVWRGRVFRUUHUDPDRSiWLRGHFRUDomREDWHQGRSDUDROKDUDFHQD &DGD XP VDELD
TXHGDTXHODYH]3HWURYQmRWHQFLRQDYDVHGHLWDUVREDVYDUDVHTXHFKHJDUDDGHUUDGHLUDKRUD
GR PDMRU 0DV QR ~OWLPR PRPHQWR R PDMRU VXELX DR FDUUR H IRL HPERUD HQFDUUHJDQGR GD
H[HFXomR GD SHQD RXWUR RILFLDO ³)RL 'HXV TXH R VDOYRX´ H[FODPDUDP RV GHWHQWRV 4XDQWR D
3HWURY VXSRUWRX SDVVLYDPHQWH RV DoRLWHV 6HX IXURU DEUDQGDUD FRP D SDUWLGD GR KRPHP 2
GHWHQWR PDQWpPVH KXPLOGH H REHGLHQWH DWp FHUWR OLPLWH SRUpP HVVH OLPLWH QmR GHYH VHU
XOWUDSDVVDGR 1mR Ki QDGD PDLV FXULRVR TXH RV VHXV V~ELWRV DUUDQFRV GH LUULWDomR GH UHDomR
'DGRLQGLYtGXRTXHGXUDQWHDQRVSODFLGDPHQWHVXSRUWRXRVFDVWLJRVPDLVDWUR]HVVHHQIXUHFHGH
UHSHQWHSRUXPDQLQKDULDSRUXPDEDJDWHODSRUXPQDGD8PHVWUDQKRSRGHFRQVLGHUiORGRLGR
±HUHDOPHQWHPXLWRVDVVLPRMXOJDP
-iGLVVHTXHGXUDQWHRVPHXVDQRVGHSUHVtGLRMDPDLVFRQVWDWHLHQWUHRVPHXVFRPSDQKHLURVR
PHQRUUHPRUVRRPHQRUUHEDWHGHFRQVFLrQFLDQRVHXI{URtQWLPRDPDLRULDGHOHVFRQVLGHUDYD
TXH DJLUD EHP ,VVR p XP IDWR (YLGHQWHPHQWH D YDLGDGH RV PDXV H[HPSORV DV EUDYDWDV R
UHVSHLWRKXPDQRGHYHPQHVVHFDVRVHUOHYDGRVHPFRQVLGHUDomR0DVSRURXWURODGRTXHPVH
SRGHJDEDUGHKDYHUVRQGDGRHVVDVDOPDVGHFDtGDVGHWHUGHVFREHUWRQRVHXPLVWpULRRTXHILFD
HVFRQGLGRDRXQLYHUVRLQWHLUR"'HTXDOTXHUIRUPDSRUpPQRGHFRUUHUGHWDQWRVDQRVHXGHYHUD
WHUVXUSUHHQGLGRHPDOJXQVGDTXHOHVFRUDo}HVXPLQGtFLRTXDOTXHUGHVRIULPHQWRGHGHVHVSHUR
( SRVLWLYDPHQWH QDGD GHVFREUL e FODUR TXH QmR VH GHYHP ID]HU MXOJDPHQWRV GH DFRUGR FRP
LGHLDV SUHFRQFHELGDV H GHFHUWR D ILORVRILD GR FULPH p PDLV FRPSOH[D GR TXH VH LPDJLQD 2
SUHVtGLR RV WUDEDOKRV IRUoDGRV QmR PHOKRUDP R FULPLQRVR DSHQDV R FDVWLJDP H JDUDQWHP D
VRFLHGDGHFRQWUDRVDWHQWDGRVTXHHOHDLQGDSRGHULDFRPHWHU2SUHVtGLRRVWUDEDOKRVIRUoDGRV
GHVHQYROYHP QR FULPLQRVR DSHQDV R yGLR D VHGH GRV SUD]HUHV SURLELGRV H XPD WHUUtYHO
LQGLIHUHQoD HVSLULWXDO 3RU RXWUR ODGR HVWRX FRQYHQFLGR GH TXH R IDPRVR VLVWHPD FHOXODU
FRQVHJXH DWLQJLU DSHQDV XP UHVXOWDGR HQJDQDGRU DSDUHQWH 6XJD D VHLYD YLWDO GR LQGLYtGXR
HQHUYDOKH D DOPD HQIUDTXHFHR DVVXVWDR H GHSRLV QRV DSUHVHQWD FRPR XP PRGHOR GH
UHJHQHUDomRGHDUUHSHQGLPHQWRRTXHpDSHQDVXPDP~PLDUHVVHTXLGDHPHLRORXFD
eFODURTXHRGHOLQTXHQWHUHEHODGRFRQWUDDVRFLHGDGHDRGHLDFRQVLGHUDTXDVHVHPSUHTXHp
HOHTXHPWHPUD]mRHHODTXHHUUD2FDVWLJRTXHOKHLPSXVHUDPSHUPLWHOKHDOLiVFRQVLGHUDUVH
DEVROYLGRTXLWHSDUDFRPRVKRPHQV3RGHVHDILQDOHQFDUDUDFRLVDVREXPkQJXORTXHGiD]R
TXDVHDLQRFHQWDURFXOSDGR(QWUHWDQWRWRGRRPXQGRUHFRQKHFHUiTXHHPWRGDSDUWHGHVGHR
LQtFLRGDVHUDVHVRETXDOTXHUOHJLVODomRKRXYHFULPHVTXHVHPSUHIRUDPFRQVLGHUDGRVFULPHV
HTXHVHUmRROKDGRVFRPRWDLVHQTXDQWRRKRPHPIRUKRPHP(VyQRSUHVtGLRRXYLFRQWDUFRP
XPD ULVDGD LQIDQWLO LUUHVLVWLYHOPHQWH DOHJUH DV Do}HV PDLV HVSDQWRVDV PDLV GHVQDWXUDGDV DV
IDoDQKDV PDLV PRQVWUXRVDV PDLV LQIDPHV &HUWR SDUULFLGD HVSHFLDOPHQWH MDPDLV PH VDLUi GD
OHPEUDQoD'HRULJHPILGDOJDHDQWLJRIXQFLRQiULRS~EOLFRH[HUFHUDMXQWRDRSDLVH[DJHQiULRR
SDSHOGHILOKRSUyGLJR6HXSURFHGLPHQWRHUDWmRGHVUHJUDGRVXDVGtYLGDVWmRHVFDQGDORVDVTXHR
SDLPDLVGHXPDYH]WHYHTXHRFRQWHUHFHQVXUDU0DVRYHOKRSRVVXtDXPDJUDQMDXPDFDVDH
RILOKRRVXVSHLWDYDGHJXDUGDUHFRQRPLDVPDWRXR2FULPHVyIRLGHVFREHUWRXPPrVGHSRLV
'XUDQWHWRGRHVVHPrVRFULPLQRVR TXHDOLiVDYLVDUDDVDXWRULGDGHVGDGHVDSDULomRGRYHOKR
HQWUHJRXVH j PDLV GHVHQIUHDGD RUJLD (QILP QD VXD DXVrQFLD D SROtFLD GHVFREULX R FRUSR
FREHUWR GH WiEXDV QXP FDQDO GH HVJRWR TXH DWUDYHVVDYD R SiWLR HP WRGD D VXD H[WHQVmR 2
FDGiYHUHVWDYDYHVWLGRSUHSDUDGRDFDEHoDHQFDQHFLGDGHJRODGDIRUDFRORFDGDQRVHXOXJDU
VREUH R WURQFR H VRE HOD R DVVDVVLQR SXVHUD XP WUDYHVVHLUR 2 UDSD] QmR FRQIHVVRX IRL
GHJUHGDGR SULYDGR GRV VHXV WtWXORV GH QREUH]D FRQGHQDGR D YLQWH DQRV GH WUDEDOKRV IRUoDGRV
'XUDQWHWRGRRWHPSRHPTXHRFRQKHFLQXQFDRYLVHQmRHPH[FHOHQWHGLVSRVLomRGHHVStULWR
MRYLDOtVVLPR 6HP VHU XP WROR D FULDWXUD PDLV HVWRXYDGD PDLV OHYLDQD PDLV GHVFXLGRVD GHVWH
PXQGR 1XQFD REVHUYHL QHOH QHQKXP WUDoR HVSHFLDO GH FUXHOGDGH 2V GHWHQWRV R GHVSUH]DYDP
QmR SHOR FULPH QR TXDO HOH QmR IDODYD QXQFD PDV SRU VXD OHYLDQGDGH SRU VXD IDOWD GH
FRPSRVWXUD1DSDOHVWUDDFRQWHFLDOKHUHIHULUVHDRSDL8PDYH]IDODQGRPHGRUREXVWRItVLFR
KHUHGLWiULRGDIDPtOLDGLVVH³&LWRFRPRH[HPSORRDXWRUGRVPHXVGLDVTXHDWpDRILPMDPDLVVH
TXHL[RXGHXPDGRHQoD´8PDLQVHQVLELOLGDGHWmREHVWLDOSDUHFHTXDVHLPSRVVtYHO&KHJDDVHU
XP IHQ{PHQR -i QmR p XP FULPH p XPD IDOKD RUJkQLFD XPD PRQVWUXRVLGDGH ItVLFD H PRUDO
DLQGD QmR FODVVLILFDGD SHOD FLrQFLD (X QmR SRGLD p OyJLFR DFUHGLWDU QD FXOSDELOLGDGH GDTXHOH
PRoRPDVDOJXPDVSHVVRDVGDVXDSURYtQFLDTXHGHYLDPHVWDUDSDUGRVIDWRVFRQWDUDPPHD
KLVWyULDFRPPLQ~FLDVWmRSUHFLVDVTXHHUDPLVWHUTXHHXPHUHQGHVVHjHYLGrQFLD2VGHWHQWRV
XPDYH]RXYLUDPQRJULWDUHPVRQKR³6HJXUDVHJXUD$FDEHoDFRUWDOKHDFDEHoD´
4XDVHWRGRVVRQKDYDPHGLYDJDYDPGXUDQWHRVRQRHRTXHPDLVIUHTXHQWHPHQWHVHRXYLD
HQWmRHUDPSUDJDVJULWRVHPFDOmRUHIHUrQFLDVDIDFDVHPDFKDGRV
³6RPRVFULDWXUDVPDOWUDWDGDV´GL]LDPHOHV³HVWDPRVHVPDJDGRVSRUGHQWURHpSRULVVRTXH
JULWDPRVGHQRLWH´
2V WUDEDOKRV IRUoDGRV QmR HUDP XPD RFXSDomR PDV XPD SHQLWrQFLD 'HSRLV GH FXPSULU R
Q~PHURGHKRUDVIL[DGRSHODOHLRVGHWHQWRVYROWDYDPSDUDRSUHVtGLR2GLDYDPDVVXDVWDUHIDV
6HPRVDID]HUHVSHVVRDLVDRVTXDLVVHGHGLFDFRPWRGDDDOPDFRPWRGRRHVStULWRRIRUoDGRQmR
UHVLVWLULD &RPR UHDOPHQWH DUUDQFDGDV j VRFLHGDGH H D XPD H[LVWrQFLD QRUPDO FULDWXUDV
IRUWHPHQWH SURSHQVDV D YLYHU GHVHMRVDV GH YLYHU SRGHULDP VH SRUWDU QRUPDOPHQWH
QDWXUDOPHQWHFRPERDYRQWDGHHERPKXPRU"
%DVWDULD D RFLRVLGDGH SDUD GHVHQYROYHU QHOHV RV LQVWLQWRV YLFLRVRV GRV TXDLV QmR WLQKDP
FRQVFLrQFLDDQWHV6HPWUDEDOKRVVHPOHLVVHPQDGDTXHOKHSHUWHQoDHVSHFLDOPHQWHRKRPHP
QmRpPDLVHOHSUySULRDYLOWDVHWRUQDVHXPDQLPDO(HLVSRUTXHOHYDGRSRUVXDVFDSDFLGDGHV
QDWXUDLVHSRUXPFRQIXVRVHQWLPHQWRGHFRQVHUYDomRFDGDIRUoDGRWLQKDXPRItFLR'XUDQWHR
YHUmRRVWUDEDOKRVSUHHQFKLDPLQWHLUDPHQWHRVORQJRVGLDVHDVQRLWHVFXUWDVPDOQRVGHL[DYDP
WHPSR SDUD GRUPLU 1R LQYHUQR SRUpP R UHJXODPHQWR SUHVFUHYLD R LQWHUQDPHQWR GRV GHWLGRV
ORJR DR FDLU GR VRO 4XH VH KDYHULD GH ID]HU GXUDQWH DTXHODV WHGLRVDV H LQWHUPLQiYHLV QRLWHV"
$SHVDUSRLVGRUHJXODPHQWRFDGDFDVHUQDVHWUDQVIRUPDYDQXPDYDVWDRILFLQD9HUGDGHTXHR
WUDEDOKR SHVVRDO QmR HUD LQWHUGLWR PDV SURLELDPQRV VHYHUDPHQWH D H[LVWrQFLD GH TXDLVTXHU
XWHQVtOLRVRTXHWRUQDYDLPSRVVtYHOWRGDDRFXSDomR(QWmRWUDEDOKDYDVHHVFRQGLGRHHPFHUWRV
FDVRV D SUySULD DGPLQLVWUDomR ID]LD YLVWD JURVVD 0XLWRV GH QyV FKHJDYDP DR SUHVtGLR VHP D
PHQRUQRomRGXPRItFLRWRGDYLDDSUHQGLDPFRPRRVRXWURVHTXDQGRVRDYDDKRUDGDOLEHUGDGH
LDP HPERUD SURYLGRV GXP ERP JDQKDSmR 7tQKDPRV Oi VDSDWHLURV PDUFHQHLURV FDUSLQWHLURV
JUDYDGRUHVGRXUDGRUHV(DWpPHVPRFHUWRMXGHX,VDL%XPFKWHLQGHVFREULXDPDQHLUDGHVHU
VLPXOWDQHDPHQWH RXULYHV H XVXUiULR 7RGRV SURFXUDYDP JDQKDU DOJXQV FRSHTXHV 9LQKDP
HQFRPHQGDVGDFLGDGH2GLQKHLURHPVLMiUHSUHVHQWDOLEHUGDGHPDVSDUDRKRPHPUHDOPHQWH
SULYDGRGDOLEHUGDGHRGLQKHLURILFDFRPRYDORUHOHYDGRDRGpFXSOR%DVWDDJHQWHSRGHUWLOLQWDU
DVPRHGDVQREROVRHPHVPRTXHQmRDVSRVVDGHVSHQGHUVHQWHVHFRQVRODGRSHODPHWDGH(
FRQVHJXHVH GH TXDOTXHU PRGR JDVWDU R GLQKHLUR ± SULQFLSDOPHQWH SRUTXH R IUXWR SURLELGR QRV
SDUHFH VHPSUH GXDV YH]HV PDLV VDERURVR $Wp QR SUHVtGLR p SRVVtYHO FRQVHJXLU EHELGDV 2V
FDFKLPERVHUDPULJRURVDPHQWHSURLELGRVFRQWXGRWRGRRPXQGRIXPDYD2GLQKHLURHRIXPR
VDOYDYDPRVSUHVRVGRHVFRUEXWRHGHRXWUDVGRHQoDVRWUDEDOKRRVVDOYDYDGRFULPHVHPHOHVH
HQWUHGHYRUDULDP FRPR DUDQKDV IHFKDGDV QXP IUDVFR 7RGDYLD SURLELDPVH R WUDEDOKR H R
GLQKHLUR )UHTXHQWHPHQWH GXUDQWH D QRLWH HUD UHDOL]DGD GH FKRIUH XPD EXVFD H OHYDYDPVH
WRGRVRVREMHWRVLQWHUGLWRV3RUPHOKRUHVFRQGLGRTXHHVWLYHVVHRGLQKHLURFDtDDOJXPDVYH]HVQDV
PmRVGRVJXDUGDV(HPSDUWHSRUHVVDUD]mRHPYH]GHHFRQRPL]DUQyVQRVDSUHVViYDPRVD
EHEHU 'Dt R FRQVXPR GH YRGFD 'HSRLV GH FDGD EXVFD DOpP GD FRQILVFDomR GRV VHXV EHQV R
FXOSDGR VRIULD XPD SXQLomR H[HPSODU 0DV GH FDGD YH] SUHHQFKLDVH LPHGLDWDPHQWH R FODUR
LQWURGX]LDPVH QRYDPHQWH REMHWRV H D YLGD UHWRPDYD R VHX FXUVR $ DGPLQLVWUDomR QmR R
LJQRUDYD H RV GHWHQWRV SRU VHX ODGR QmR PXUPXUDYDP FRQWUD D SXQLomR ± HPERUD XPD YLGD
GDTXHODVVHSXGHVVHDVVHPHOKDUjTXHVHOHYDQDVIDOGDVGR9HV~YLR
$TXHOHVTXHQmRWLQKDPRItFLRHQWUHJDYDPVHDRFXSDo}HVPXLWtVVLPRRULJLQDLV$OJXQVSRU
H[HPSORFRPHUFLDYDPHWURFDYDPFRLVDVTXHIRUDGDOLQmRRFRUUHULDDQLQJXpPWUDILFDUFRP
HODV QHP PHVPR OKHV HPSUHVWDU D PtQLPD YDOLD 2 SUHVtGLR SRUpP HUD WmR SREUH H TXmR
LQGXVWULRVR 2 PDLV tQILPR GRV WUDSRV WLQKD R VHX SUHoR H HQFRQWUDYD XVR $ PLVpULD GDYD DR
GLQKHLURXPYDORUPXLWRGLYHUVRGRTXHHOHWHPOiIRUD8PWUDEDOKRHQRUPHHGLItFLOSDJDYDVH
FRP XPD RX GXDV PRHGDV GH FREUH 2XWURV ID]LDP HPSUpVWLPRV FRP YHQFLPHQWR VHPDQDO 2
GHWHQWRSUyGLJRRXDUUXLQDGROHYDYDRVHXGHUUDGHLURREMHWRDRXVXUiULRTXHOKHHPSUHVWDYDVRE
SHQKRU DOJXQV FRSHTXHV D MXURV PRQVWUXRVRV 6H R FOLHQWH QmR UHVJDWDYD R REMHWR QD GDWD
PDUFDGD YLDR YHQGLGR VHP SLHGDGH $ XVXUD IORUHVFLD D WDO SRQWR TXH VH HPSHQKDYDP DWp
PHVPR RV REMHWRV VXMHLWRV j LQVSHomR URXSD EUDQFD PDUFDGD ERWDV H RXWURV SHUWHQFHV TXH D
DGPLQLVWUDomR SRGHULD UHFODPDU D TXDOTXHU PRPHQWR 0DV SRU RFDVLmR GHVVHV HPSUpVWLPRV D
FRLVDDVVXPLDjVYH]HVXPDVSHFWRLPSUHYLVWR QmRWmRLPSUHYLVWRDOLiV $VVLPTXHUHFHELDR
GLQKHLURR³FOLHQWH´LDSURFXUDURVXERILFLDOTXHHUDRPDLVDFHVVtYHOGRVGLULJHQWHVGDSULVmRH
OKH GHQXQFLDYD D SHQKRUD GH REMHWRV H GH XQLIRUPH ( R VXERILFLDO VHP UHFRUUHU VHTXHU j
DGPLQLVWUDomR WRPDYD GR SUHVWDPLVWD RV REMHWRV HPSHQKDGRV &RLVD FXULRVD QHVVHV FDVRV QmR
VXUJLDQHQKXPDEULJD2XVXUiULRGHYROYLDHPVLOrQFLRRTXHUHFODPDYDPFRPRTXHPHVSHUDYD
SRUDTXLOR7DOYH]UHFRQKHFHVVHQRtQWLPRTXHQROXJDUGR³FOLHQWH´DJLULDGDPHVPDIRUPD(
VH GHSRLV MXOJDYD QHFHVViULR SUDJXHMDU ID]LDR VHP FHULP{QLD SRU VLPSOHV GHVFDUJR GH
FRQVFLrQFLD
(P JHUDO RV SUHVRV URXEDYDP WUHPHQGDPHQWH HQWUH VL 4XDVH WRGRV JXDUGDYDP QXP ED~
IHFKDGRDFDGHDGRRVREMHWRVTXHOKHVGDYDDDGPLQLVWUDomR(VVHVFRIUHVHUDPWROHUDGRVPDV
QmR RIHUHFLDP JDUDQWLD DOJXPD 1mR p GLItFLO LPDJLQDU TXH DUWLVWDV GR URXER VH HQFRQWUDYDP
HQWUH QyV 8P FRPSDQKHLUR TXH PH HUD VLQFHUDPHQWH DIHLoRDGR FRQWRR FRP WRGD D
VLQJHOH]D URXERXPHXPD%tEOLDR~QLFRREMHWRFXMRXVRPHIRUDDXWRUL]DGR(FRQIHVVRXPHR
URXER QR SUySULR GLD HP TXH R FRPHWHX QmR SRU DUUHSHQGLPHQWR PDV SRU Gy DR PH YHU
SURFXUDU GHPRUDGDPHQWH R OLYUR 2XWURV H[HUFLDP D SURILVVmR GH ERWHTXLQHLUR H UDSLGDPHQWH
HQULTXHFLDP 0DLV DGLDQWH IDODUHL DFHUFD GHVVH FRPpUFLR HVSHFLDO H EDVWDQWH FXULRVR &RPR
WtQKDPRV QR SUHVtGLR YiULRV FRQGHQDGRV SRU FRQWUDEDQGR QmR Ki UD]mR SDUD TXH VH DGPLUH D
HQWUDGDOiGHYRGFDDGHVSHLWRGDVEXVFDVHGDYLJLOkQFLD2FRQWUDEDQGRpXPFULPHjSDUWH2
LQWHUHVVH ± TXHP R Ki GH FUHU" ± GHVHPSHQKD QHVVH FDVR DSHQDV XP SDSHO VHFXQGiULR 2
FRQWUDEDQGLVWDWUDEDOKDSRUYtFLRSRUYRFDomReXPSRHWDDRVHXPRGR$UULVFDWXGRDIURQWDRV
SLRUHVSHULJRVJDVWDDVW~FLDHQJHQKRDJLOLGDGHLQFUtYHLVDOJXPDVYH]HVVXDVDo}HVSDUHFHPDWp
LQVSLUDGDV e XPD SDL[mR WmR IRUWH TXDQWR D GR MRJR &RQKHFL XP IRUoDGR GH HVWDWXUD FRORVVDO
SRUpP WmR PDQVR WmR VRVVHJDGR WmR EHP KXPRUDGR TXH VXD HVWDGD HQWUH QyV SDUHFLD XP
HQLJPD 1XQFD ± PDV QXQFD ± GXUDQWH WRGR R VHX SHUtRGR GH SULVmR WHYH XPD EULJD TXDOTXHU
FRP QLQJXpP (UD RULJLQiULR GD IURQWHLUD RFLGHQWDO IRUD GHSRUWDGR FRPR FRQWUDEDQGLVWD H p
FODURQmRSRGLDVHFRLELUGHH[HUFHURWUiILFRVHFUHWRGHYRGFD4XDQWRVFDVWLJRVVRIUHXSRULVVR
HTXHSDYRUWLQKDHOHGRVDoRLWHV&RQWLQXDYDWRGDYLDQRRItFLRDSHVDUGROXFURLUULVyULRSRLVVy
TXHP HQULTXHFLD HUD R GRQR GDV EHELGDV 2 SREUH UDSD] DPDYD D DUWH SHOD DUWH &KRUmR FRPR
XPDPXOKHUMXUDYDDWRGRVRVGHXVHVGHSRLVGHFDGDIXVWLJDomRTXHMDPDLVWRUQDULDDRYtFLR
¬VYH]HVPDQWLQKDRMXUDPHQWRXPPrVLQWHLURGHSRLVGHL[DYDVHFDLUHPWHQWDomR(JUDoDVD
LQGLYtGXRVGDVXDHVSpFLHDDJXDUGHQWHQmRQRVIDOWDYDMDPDLVQRSUHVtGLR
2V GHWHQWRV WLQKDP DLQGD RXWUD UHQGD TXH VHP RV HQULTXHFHU QmR HUD PHQRV UHJXODU H
EHQpILFD UHILURPH jV HVPRODV $V QRVVDV DOWDV FODVVHV VRFLDLV QmR ID]HP D PHQRU LGHLD GRV
FXLGDGRV FRP TXH RV FRPHUFLDQWHV RV SHTXHQRV EXUJXHVHV H D SOHEH HP JHUDO FHUFDP RV
³GHVJUDoDGRV´FRPRHOHVGL]HP$HVPRODVHID]GHPRGRFRQWtQXRTXDVHVHPSUHVRERIRUPD
GH SmHV RXNDODWFKL H PDLV UDUDPHQWH HP PRHGDV GH SHTXHQR YDORU 6H QmR IRVVHP HVVDV
HVPRODV FHUWRV SUHVRV HVSHFLDOPHQWH RV TXH DLQGD HVWmR GHSHQGHQGR GH MXOJDPHQWR H TXH
VRIUHPUHJLPHPDLVVHYHURTXHRVFRQGHQDGRVGLILFLOPHQWHSRGHULDPYLYHU$HVPRODVHGLYLGH
UHOLJLRVDPHQWH HQWUH RV GHWHQWRV 6H QmR Ki EDVWDQWH SDUD WRGRV FRUWDVH XPNDODWFK HP SDUWHV
LJXDLVjVYH]HVHPVHLVSHGDoRVPDVFDGDXPJDQKDRVHXTXLQKmR
/HPEURPHEHPGDSULPHLUDHVPRODTXHUHFHEL)RLSRXFRDSyVPLQKDFKHJDGD(XYLQKDGR
WUDEDOKR GD PDQKm FRP XP ~QLFR VROGDGR GH HVFROWD &DPLQKDYDP DR PHX HQFRQWUR XPD
PXOKHUFRPDILOKLQKD±PHQLQDGHGH]DQRVOLQGDFRPRXPDQMRMiHXDVYLUDDQWHV$PmHHUD
YL~YDGHXPUDSD]XPVROGDGRTXHGHSRLVGHVHUVXEPHWLGRDFRQVHOKRGHJXHUUDPRUUHUDQR
KRVSLWDO QR SDYLOKmR GRV GHWHQWRV RQGH HX SUySULR HVWDYD HP WUDWDPHQWR 0mH H ILOKD WLQKDP
YLQGRGL]HUOKHDGHXVDPEDVFKRUDQGRDPDUJDVOiJULPDV4XDQGRPHDYLVWRXDJDURWLQKDILFRX
UXEUDHPXUPXURXDOJXPDVSDODYUDVjPmHDPXOKHUVHGHWHYHSURFXURXQRFHVWRXPTXDUWRGH
FRSHTXHHGHXDPRHGDjFULDQoDTXHFRUUHXSDUDPLP
±7RPD³GHVJUDoDGR´UHFHEHHVWHFREUHSRUDPRUGH1RVVR6HQKRU±JULWRXHODHQILDQGR
PHDPRHGDQDPmR
5HFHEL R GLQKHLUR H D SHTXHQD VDWLVIHLWD YROWRX SDUD MXQWR GD PmH 'XUDQWH PXLWR WHPSR
FRQVHUYHLDPRHGLQKD


35,0(,5$6,035(66®(6


2 SULPHLUR PrV H GH PRGR JHUDO R LQtFLR GD PLQKD YLGD GH SULVLRQHLUR GHVHQKDPVH
YLYDPHQWH DQWH D PLQKD LPDJLQDomR PDV RV DQRV VHJXLQWHV GHL[DUDPPH DSHQDV UHFRUGDo}HV
FRQIXVDV $OJXPDV OHPEUDQoDV DWp VH IXQGLUDP GHVERWDUDP H QmR JXDUGHL GHODV VHQmR XPD
LGHLD JHUDO GH SHVR GH XQLIRUPLGDGH GH VXIRFDomR ,VVR DOLiV p XP IHQ{PHQR DEVROXWDPHQWH
QRUPDO
2TXHPHLPSUHVVLRQRXORJRTXHHQWUHLQHVVDYLGDIRLOHPEURPHEHPQmRSRGHUGHVFREULU
QHOD QDGD GH H[WUDRUGLQiULR RX PHOKRU QDGD GH LQHVSHUDGR 7XGR DTXLOR SDUHFLD Mi PH KDYHU
GHVILODGR DQWH R HVStULWR TXDQGR GH FDPLQKR SDUD D 6LEpULD HX PH HVIRUoDYD SRU DGLYLQKDU D
VRUWHTXHPHDJXDUGDYD0DVORJRDSyVXPDELVPRGHIDWRVPDLVTXHVXUSUHHQGHQWHVPDLVTXH
PRQVWUXRVRV D FDGD SDVVR PH IRL GHWHQGR 'HSRLV GH YLYHU ORQJRV DQRV QR SUHVtGLR DFDEHL SRU
FRPSUHHQGHUWRGRRHOHPHQWRLPSUHYLVWRGDTXHODH[LVWrQFLDWRGDYLDQHPSRULVVRGHL[HLGHPH
HVSDQWDUDQWHHOH'HYRFRQIHVVDUTXHHVVHHVSDQWRPHDFRPSDQKRXGXUDQWHWRGRRSHUtRGRGH
SULVmRQXQFDPHSXGHDID]HUjTXHOHFHQiULR
(QWUDQGR QR SUHVtGLR D PLQKD SULPHLUD LPSUHVVmR IRL SULQFLSDOPHQWH GH KRUURU FRQWXGR ±
FRLVDHVWUDQKD±DYLGDPHSDUHFHXPXLWRPDLVIiFLOGRTXHHXDLPDJLQDULDGXUDQWHDYLDJHP
(PERUDXVDVVHPDJULOKHWDDRVSpVRVGHWHQWRVFLUFXODYDPOLYUHPHQWHSUDJXHMDYDPFDQWDYDP
WUDEDOKDYDP SRU FRQWD SUySULD IXPDYDP FDFKLPER DOJXQV DWp HVVHV HP PXLWR SHTXHQR
Q~PHUR  EHELDP YRGFD H j QRLWH MRJDYDP FDUWDV 4XDQWR DRV WUDEDOKRV SDUHFHUDPPH PXLWR
PHQRVGXURVPXLWRPHQRV³WUDEDOKRVIRUoDGRV´GRTXHVHULDGHSHQVDUVyPXLWRWHPSRGHSRLV
FRPSUHHQGLRYHUGDGHLURFDUiWHUGHVVHVWUDEDOKRVPHQRVSHQRVRVSRUVXDGXUH]DHFRQWLQXLGDGH
TXHSHORIDWRGHVHUHP³LPSRVWRV´REULJDWyULRVFXPSULGRVVRERD]RUUDJXH
eLQHJiYHOTXHRQRVVRPXMLTXHODEXWDPXLWRPDLVTXHXPIRUoDGRHP DOJXQV SHUtRGRV GR
DQR VREUHWXGR QR YHUmR p REULJDGR D WUDEDOKDU HP VHU}HV TXH OKH WRPDP D QRLWH LQWHLUD 0DV
HVIRUoDVHSRUVXDFRQWDQRVHXLQWHUHVVHHSRULVVRVHVHQWHLQFRPSDUDYHOPHQWHPHQRVIDWLJDGR
GRTXHRIRUoDGRTXHUHDOL]DXPDWDUHIDTXHOKHpLPSRVWDDEVROXWDPHQWHLPSURGXWLYDSDUDVL
-i PH RFRUUHX XPD YH] TXH VH VH SURFXUDVVH DQLTXLODU HVPDJDU FDVWLJDU XP KRPHP GD
PDQHLUD PDLV LPSODFiYHO VH VH TXLVHVVH ID]HU FRP TXH DQWH HVVH FDVWLJR R SLRU GRV IDFtQRUDV
WUHPHVVH DQWHFLSDGDPHQWH ± EDVWDULD GDU DR VHX WUDEDOKR XP FDUiWHU GH LQWHLUR DEVXUGR GH
DEVROXWDLQXWLOLGDGH2VWUDEDOKRVIRUoDGRVDWXDLVSRUPDLVGHVSLGRVGHLQWHUHVVHTXHVHMDPSDUD
RV FRQGHQDGRV SHOR PHQRV QmR VmR LQWHLUDPHQWH GHVSURYLGRV GXP VHQWLGR 2 IRUoDGRRSHUiULR
IDEULFD WLMRORV FDYD R VROR ID] DUJDPDVVD HGLILFD H QHVVDV WDUHIDV Ki XPSHQVDPHQWR Ki XP
ILWR $OJXPDV YH]HV DWp HOH VH LQWHUHVVD SRU VXD REUD SURFXUD UHDOL]iOD PHOKRU PDLV
KDELOPHQWH0DVVHRHPSUHJDUHPSRUH[HPSORDFDUUHJDUDiJXDGXPWRQHOSDUDXPRXWURH
GRVHJXQGRSDUDRSULPHLURRXDHVPDJDUDUHLDRXDWUDQVSRUWDUWHUUDGDTXLSDUDDOLHGHYROYr
ODGHSRLVDRVtWLRSULPLWLYR±FUHLRTXHDRFDERGHSRXFRVGLDVHOHVHHQIRUFDUiRXFRPHWHUiPLO
GHVWLQRV D ILP GH PHUHFHU D PRUWH H HVFDSDU jTXHOH UHEDL[DPHQWR jTXHOD YHUJRQKD jTXHOH
WRUPHQWR $OLiV HVVD HVSpFLH GH FDVWLJR VLJQLILFDQGR DSHQDV WRUWXUD H YLQJDQoD VHULD LQVHQVDWR
SRUTXH XOWUDSDVVDULD R VHX ILP &RQWXGR TXDOTXHU WUDEDOKR REULJDWyULR FRQWpP D VXD SDUWH GH
WRUWXUD GH DEVXUGR GH KXPLOKDomR H p HVVH R PRWLYR TXH WRUQD RV WUDEDOKRV IRUoDGRV
LQFRPSDUDYHOPHQWHPDLVSHQRVRVTXHRVRXWURV
$OLiVFRPRFKHJXHLDRSUHVtGLRQRPrVGHGH]HPEURQmRSXGHIRUPDUQHQKXPDLGHLDGDV
WDUHIDV GH YHUmR FLQFR YH]HV PDLV SHVDGDV TXH DV GH LQYHUQR 1R LQYHUQR QD QRVVD IRUWDOH]D
KDYLD PXLWR SRXFR WUDEDOKR UHJXODPHQWDU 2V SUHVRV LDP SDUD DV PDUJHQV GR ,UW\ FK GHPROLU
YHOKDVEDUFDoDVGRJRYHUQRWUDEDOKDYDPQDVRILFLQDVYDUULDPGRVHGLItFLRVDQHYHDPRQWRDGD
SHODV YHQWDQLDV TXHLPDYDP H PRtDP DODEDVWUR HWF 2V GLDV HUDP FXUWRV D ODEXWD WHUPLQDYD
ORJRWRGRVQyVYROWiYDPRVFHGRDRSUHVtGLRRQGHILFDUtDPRVTXDVHjWRDVHQmRIRUDRWUDEDOKR
SHVVRDO TXH FDGD XP DUUDQMDYD SDUD VL 0DV DSHQDV XP WHUoR GRV SUHVRV VH HQWUHJDYD D XPD
RFXSDomR UHJXODU RV RXWURV YDJDEXQGHDYDP DQGDYDP SHORV DORMDPHQWRV EULJDYDP
PH[HULFDYDPHPEULDJDYDPVHFDVRGLVSXVHVVHPGHXPSRXFRGHGLQKHLUR¬QRLWHDUULVFDYDP
QR EDUDOKR DWp D FDPLVD GR FRUSR WXGR SRU WpGLR SRU RFLRVLGDGH SDUD PDWDU R WHPSR
&RPSUHHQGL GHSRLV TXH DOpP GD SULYDomR GD OLEHUGDGH H GD LPSRVLomR GR WUDEDOKR R GHWHQWR
DLQGDVRIUHGHXPRXWURVXSOtFLRPDLVSHQRVRDFRDELWDomRREULJDWyULD$YLGDHPFRPXPH[LVWH
GHFHUWRHPRXWURVOXJDUHVSRUpPRVFRPSDQKHLURVGHSUHVtGLRHPJHUDOQmRVHULDPHVFROKLGRV
FRPR WDLV SRU QLQJXpP H WHQKR FHUWH]D GH TXH WRGRV RV SUHVRV LQFRQVFLHQWHPHQWH HPERUD
VRIULDPFRPDTXHODSURPLVFXLGDGH
$FRPLGDPHSDUHFHXWDPEpPPXLWRWROHUiYHO2VSUHVRVPHJDUDQWLUDPTXHQmRVHIRUQHFH
FRPLGD WmR ERD QDV ³FRPSDQKLDV FRUUHFLRQDLV´  GD 5~VVLD (XURSHLD FRLVD HP TXH QmR SRVVR
RSLQDUSRUTXHQmRDVFRQKHoR$OLiVPXLWRVWLQKDPGLQKHLURSDUDREWHUFRPLGDDRVHXJRVWR$
FDUQH QRV FXVWDYD GRLV FRSHTXHV SRU OLEUD H GXUDQWH R YHUmR WUrV FRSHTXHV 2V TXH WLQKDP
GLQKHLUR SRGLDP SRLV FRPSUDU FDUQH $ PDLRULD HQWUHWDQWR FRPLD GR UDQFKR 4XDQGR RV
IRUoDGRV HORJLDYDP D FRPLGD UHIHULDPVH DR SmR H QRWDYDP VDWLVIHLWRV TXH QRV GDYDP SmHV
LQWHLURV H QmR SRU SHVR FRUWDGRV HP SHGDoRV 2 UDFLRQDPHQWR LQGLYLGXDO RV DSDYRUDYD WHULD
GHL[DGRSHORPHQRVXPWHUoRGHOHVIDPLQWRVHQTXDQWRRIRUQHFLPHQWRHPEORFRID]LDFRPTXH
FKHJDVVH SDUD WRGRV 1RVVR SmR HUD DIDPDGR DWp QD FLGDGH DWULEXtDVH R VHX VDERU j IHOL]
FRQVWUXomRGRVIRUQRV$VRSDDRFRQWUiULR±DWUDGLFLRQDOVRSDGHFRXYHD]HGD±QmRHUDEHP
UHSXWDGD &R]LQKDYDPQD QXP FDOGHLUmR HQJURVVDYDPQD GH OHYH FRP FHQWHLR R TXH QmR D
LPSHGLDGHVHUPXLWRUDODHVREUHWXGRQRVGLDVGHWUDEDOKRGHL[DUDEDUULJDDURQFDUGHYD]LD
1DPLQKDRSLQLmRRPDLVUHSHOHQWHGHWXGRHUDRQ~PHURLQFRQFHEtYHOGHEDUDWDVTXHQDGDYDP
QHODPDVRVGHWHQWRVQmRVHLPSRUWDYDP
1RV WUrV SULPHLURV GLDV QmR IXL DR WUDEDOKR GHL[DYDP TXH WRGRV RV UHFpPYLQGRV
GHVFDQVDVVHP GD YLDJHP (QWUHWDQWR ORJR DR GLD VHJXLQWH GD FKHJDGD IL]HUDPPH VDLU GD
IRUWDOH]D SDUD PH SRUHP RV JULOK}HV 2V TXH HX WUD]LD QmR HUDP RV UHJXODPHQWDUHV ³VRDYDP
ILQR´VHJXQGRDH[SUHVVmRGRVGHWHQWRVHDSDUHFLDPVREUHDURXSD2PRGHORXVDGRDILPGH
SHUPLWLURWUDEDOKRQmRVHFRPSXQKDGHDUJRODVPDVGHTXDWURKDVWHVGHIHUURGDJURVVXUDGH
XP GHGR PDQWLGDV MXQWDV SRU TXDWUR DQpLV GHYLDP VHU XVDGDV VRE DV FDOoDV 1R DQHO GR PHLR
HQILDYDVHXPDFRUUHQWHTXHSRUVXDYH]VHDILYHODYDjFLQWXUDVREUHDFDPLVD
5HFRUGR EHP PLQKD SULPHLUD PDQKm QR SUHVtGLR 1R FRUSR GD JXDUGD MXQWR DR SRUWmR R
WDPERUUXIDYDDDOYRUDGDHGH]PLQXWRVGHSRLVRRILFLDOGHGLDDEULDDVFDVHUQDV'HVSHUWDPRV
¬OX]GpELOGHXPDFDQGHLDRVSUHVRVVHHUJXHUDPWLULWDQWHVGHIULR$PDLRULDHVWDYDWDFLWXUQDH
PDOKXPRUDGD %RFHMDYDP HVSUHJXLoDYDPVH IUDQ]LDP D WHVWD PDUFDGD SHOR IHUUR 8QV VH
EHQ]LDPRXWURVEULJDYDP2DEDIDPHQWRHUDDERPLQiYHO1RPRPHQWRHPTXHVHDEULXDSRUWD
R DU IULR GR LQYHUQR HQWURX HP ERUERW}HV IRUPDQGR QXYHQV GH YDSRU Oi GHQWUR 2V KRPHQV VH
UHXQLUDP HP WRUQR GRV EDOGHV GH iJXD FDGD XP SRU VXD YH] WRPDYD D FDQHFD ERFKHFKDYD
PROKDYDRURVWRHDVPmRV$iJXDIRUDSRVWDDOLGHVGHDYpVSHUDSHORSDUDFKQLN WtWXORGDGRDR
SUHVRHVFROKLGRHQWUHRVRXWURVSDUDRVHUYLoRGRDORMDPHQWR'LVSHQVDGRGRWUDEDOKRH[WHUQRHOH
FXLGDYD GR DVVHLR GD VDOD ODYDYD H HVIUHJDYD R FKmR H DV WDULPEDV WUD]LD H OHYDYD D FXED
PDQWLQKDDiJXDOLPSDQRVEDOGHV±GHPDQKmSDUDRDVVHLRFRUSRUDOGHQRLWHSDUDEHEHU
± 1mR HPSXUUD FDUD GH PDFDFR ± URVQDYD XP SUHVR PDJUR WULJXHLUR PHODQFyOLFR FRP
HVWUDQKDVSURWXEHUkQFLDVQRFUkQLRUDVSDGRHPSXUUDQGRXPRXWURIRUoDGRGHSHTXHQDHVWDWXUD
HQWURQFDGRULMRGHFDUDYHUPHOKDHMRYLDO
±3DUDTXHHVVHEHUUHLUR"$OXJDVWHROXJDU"'HVLQIHWDGDTXLREHOLVFR2UDYHMDPR
( R SDODYUmR TXH GL]LD SURYRFDYD R VHX HIHLWR RV RXWURV UHEHQWDYDP HP JDUJDOKDGDV (UD
MXVWDPHQWH R TXH TXHULD R FRUDGR WURFLVWD TXH HYLGHQWHPHQWH GHVHPSHQKDYD QD FDVHUQD R
SDSHOGHEXImR2SUHVRDOWRRHQFDUDYDFRPGHVSUH]RSURIXQGR
± &DUD GH YDFD 'HFHUWR HQJRUGDVWH FRP R SmR EUDQFR GDTXL 1R 1DWDO KiV GH SDULU SHOR
PHQRVXPDG~]LDGHOHLW}HVKHLQ"
±(WXTXHUDoDGHSiVVDURSHQVDVTXHpV"±JULWDYDGHUHSHQWHRRXWURMiUXEUR
±,VVRPHVPRQmRVRXXPDOHLWRDFRPRWXVRXXPSiVVDUR
±4XHTXDOLGDGHGHSiVVDUR"
±,VVRpFRPLJR
±1mRGL]HDQGDTXHSiVVDUR"
(VHGHYRUDYDPFRPRVROKRV2YHUPHOKmRHVSHUDYDDUHVSRVWDGHSXQKRVIHFKDGRVFRPR
SURQWR SDUD D OXWD (X HVWDYD FHUWR GH TXH HOHV VH LULDP DJDUUDU H DTXHOH HVSHWiFXOR QRYR PH
DoXODYDDFXULRVLGDGH6RXEHGHSRLVTXHHVVDVFHQDVLQWHLUDPHQWHLQRFHQWHVHUDPUHSUHVHQWDGDV
SDUDGLYHUWLPHQWRJHUDO4XDVHQXQFDSDVVDYDPGHSDODYUDV0DVWXGRDTXLORHUDFDUDFWHUtVWLFRH
UHIOHWLDDPHQWDOLGDGHGDSULVmR
2SUHVRDOWRPDQWLQKDVHVRVVHJDGRHPDMHVWRVR6DELDTXHRROKDYDPHVXDUHVSRVWDVHULD
VXDGHVRQUDRXVXDJOyULD'HYLDVXVWHQWDURTXHGLVVHUDPRVWUDUTXHHUDUHDOPHQWHXPSiVVDUR
/DQoRX XP ROKDU GH YLpV DR DGYHUViULR H FRP LQH[SULPtYHO GHVGpP ILWDQGRR SRU FLPD GR
RPEURFRPRDXPLQVHWROHQWDPHQWHVLJQLILFDWLYDPHQWHDUWLFXORX
±3RLVVRXXPNDJDQ
8PDJDUJDOKDGDUHWXPEDQWHDFROKHXHVVDDILUPDomR
± 2 TXH pV p XP PDODQGUR H QmR XPNDJDQ ± JDJXHMRX R YHUPHOKmR TXH VHQWLQGRVH
YHQFLGRDWLQJLUDRJUDXPDLVDOWRGRIXURU
4XDQGRSRUpPDFRLVDFRPHoDYDDILFDUVpULDWUDWDUDPGHDPDQVDURVDGYHUViULRV
±4XHIRLTXHGHXQHOHV"±JULWDUDP
±6HULDPHOKRUTXHYRFrVEULJDVVHPDPXUURHQmRFRPDOtQJXD±IDORXDOJXpPOiGRVHX
FDQWR
± 6HJXUD RV GRLV VHQmR VH DJDUUDP ± REVHUYRX XP RXWUR ± &DGD TXDO p PDLV YDOHQWH Vy
EULJDPGHVHWHFRQWUDXP
±6LPVmRXQVDQMLQKRVXPHVWiDTXLSRUFDXVDGHXPDOLEUDGHSmRHRRXWUREHEHXRVRUR
GROHLWHGHXPDYHOKDHSRULVVRPHWHUDPOKHRFQXWH
± -i FKHJD ± EUDGRX R LQYiOLGR TXH H[HUFLD DV IXQo}HV GH YLJLODQWH H GRUPLD QXP FDQWR
QXPDWDULPEDHVSHFLDO
± ÈJXD PHXV ILOKRV 2 ³1HYiOLGR´  3HWURYLWFK Mi DFRUGRX %RP GLD PHX LUPmR]LQKR
³1HYiOLGR´3HWURYLWFK
± 6H HX IRVVH WHX LUPmR QyV EHEtDPRV MXQWRV ± URVQRX R LQYiOLGR HVWLUDQGR DV PDQJDV GR
FDSRWH
3UHSDUiYDPRQRVSDUDDFKDPDGD2VROQDVFLD2VGHWHQWRVVHDJORPHUDYDPQDFR]LQKD-i
SURQWRVSDUDRWUDEDOKRFRPRFDSRWHRVJRUURVGHGXDVFRUHVHVSHUDYDPMXQWRDRSmRTXHXP
GRV FR]LQKHLURV GLYLGLD (VVHV FR]LQKHLURV HOHLWRV HQWUH RV SUHVRV j UD]mR GH GRLV SRU FR]LQKD
HUDP HQFDUUHJDGRV GD JXDUGD GD ~QLFD IDFD TXH VHUYLD SDUD FRUWDU R SmR H D FDUQH $OJXQV
IRUoDGRVWLQKDPGLDQWHGHVLXPDFDQHFDGHNYDVV(VIDUHODYDPRSmRDOLGHQWURHGHSUHVVDR
HQJROLDP2EDUXOKRHUDLQVXSRUWiYHOPDVQRVFDQWRVDFRQYHUVDHUDGLVFUHWDVRVVHJDGD
± 3DL]LQKR $QWRQLWFK SmR H VDO VD~GH ± H[FODPRX XP SUHVR MRYHP FXPSULPHQWDQGR XP
IRUoDGRWULVWRQKRHGHVGHQWDGR
±%RPGLDVHQmRHVWiVGHWURoD±UHVSRQGHXRYHOKRWHVHPHUJXHURVROKRVFRQWLQXDQGRD
PDVWLJDURSmRFRPDVJHQJLYDV
±,PDJLQD$QWRQLWFKHHXTXHSHQVDYDTXHWXWLQKDVPRUULGR'HYHUDV
±$LQGDQmR9DLQDIUHQWHPHPRVWUDURFDPLQKR
6HQWHLPH SHUWR GHOHV ¬ PLQKD GLUHLWD FRQYHUVDYDP GRLV RXWURV SUHVRV VRVVHJDGRV
SURFXUDQGRDPERVPDQWHUXPDUGHGLJQLGDGH
±(XWHJDUDQWRTXHQmRPHKmRGHURXEDU±GL]LDXP±ePDLVIiFLOVHUHXTXHPURXEHDRV
RXWURV
±3RLVWDPEpPpERPTXHQLQJXpPPHWDDVPmRVQRTXHpPHXVHQmRDFRLVDHQJURVVD
±(QWmRpDVVLP"7XpVGLIHUHQWHGHQyV"6RVVHJD1mRSDVVDPRVGHJDOpVHQDGDPDLV(ODp
TXH WH Ki GH HPEUXOKDU VHP QHP GL]HU PXLWR REULJDGD 'H PLP WDPEpP PHX ILOKR HOD
VXUUXSLRX TXDWUR FRSHTXHV $SDUHFHX DTXL RXWUR GLD 0DV RQGH KDYHULD GH PHWHUPH FRP HOD"
3HQVHLQXPDGMXWyULRGH)HGNDRFDUUDVFRHOHDLQGDWLQKDDPHVPDFDVDQRVXE~UELR±DFDVD
TXHFRPSURXGH6DORPRQNDDTXHOHMXGHXSLROKHQWRTXHVHHQIRUFRX
± (X VHL (UD ERWHTXLQHLUR DTXL Ki WUrV DQRV DWUiV QyV R FKDPiYDPRV ³*ULFKNDERGHJD
HVFXUD´(XVHL
±1mRQmRVDEHV2³ERGHJDHVFXUD´HUDRXWUR
±4XHRXWUR(VWiVORXFRUDSD]3RVVRWHDSUHVHQWDUWDQWRVWHVWHPXQKRVTXDQWRVTXHLUDV
±3RGHVWUD]HU'HRQGHpTXHYHQV"6HUiTXHVDEHVTXHPVRXHX"
±4XHPWX"1mRpSDUDPHJDEDUPDVMiWHGHLXPDVERDVVRYDV2UDTXHPpVWX
± -i PH GHVWH VRYDV WX" $LQGD HVWi SDUD QDVFHU DTXHOH TXH PH Ki GH GDU XP VRYD HVWiV
RXYLQGR"(DTXHOHTXHPHVRYRXMiHVWiHQWHUUDGR
±2UDPiSHVWHWHPDWH
±(DOHSUDTXHWHURD
±9DLDWUiVGHXPWXUFRTXHWHPHWDRVDEUH
(FKRYLDPRVLQVXOWRV
±%DVWDEDVWD4XHEHUUHLURpHVVH"±JULWDYDPDRUHGRU±9RFrVQmRVDELDPYLYHUVROWRVH
DJRUDHVWmRVDWLVIHLWRVSRUTXHDTXLWHPSmRIUHVFR%DVWD
6HSDUDUDPQRV UDSLGDPHQWH 2V LQVXOWRV RV GHVDIRURV WROHUDPVH GH ERP JUDGR SRUTXH
VHUYHPGHGLVWUDomRSDUDRDXGLWyULR4XDQWRjVUL[DVVyVmRDXWRUL]DGDVHPFDVRVH[FHSFLRQDLV
$VYLDVGHIDWRSRGHPVHUGHQXQFLDGDVDRPDMRUTXHYHPSHVVRDOPHQWHID]HUXPLQTXpULWRR
LQTXpULWRVLJQLILFDDERUUHFLPHQWRVSDUDWRGRVHGHYHSRUWDQWRVHUHYLWDGR$OLiVTXDVHVHPSUHRV
DGYHUViULRVWURFDPGHVDIRURVSRUGLVWUDomRSRUDPRUjDUWH)UHTXHQWHPHQWHRVDQJXHOKHVVREH
jFDEHoDILFDPIXULRVRVHDJHQWHSHQVDTXHVHYmRDJDUUDUPDVQmRDVVLPTXHDUDLYDGHXP
H RXWUR DWLQJH FHUWR GLDSDVmR VHSDUDPVH 7XGR LVVR D SULQFtSLR PH SURYRFRX XPD
H[WUDRUGLQiULD VXUSUHVD )RL GH SURSyVLWR TXH FLWHL HVWH H[HPSOR GH SDOHVWUD KDELWXDO HQWUH RV
IRUoDGRV 1mR FRPSUHHQGLD TXH DOJXpP SXGHVVH WURFDU LQVXOWRV SRU SUD]HU HQFRQWUDU QHVVH
PLVWHU XP HQFDQWR XP GHOHLWH XP GLYHUWLPHQWR 1mR VH GHYH HVTXHFHU WDPEpP D SDUWH TXH
FDEH j YDLGDGH R FROHFLRQDGRU GH SUDJDV VREH QD HVWLPD JHUDO XP SRXFR PDLV H p DSODXGLGR
FRPRDWRU
/RJRjSULPHLUDWDUGHQRWHLTXHPHILWDYDPGHYLpVDSDQKHLPHVPRDOJXQVROKDUHVVLQLVWURV
3RURXWURODGRGHVFRQILDQGRTXHHXWUD]LDGLQKHLURDOJXQVGHWHQWRVPHURQGDYDP2IHUHFHUDP
PHORJRRVVHXVVHUYLoRVHQVLQDUDPPHDFDUUHJDURVIHUURVQRYRVREWLYHUDPPH±PHGLDQWH
GLQKHLUR p FODUR ± XP ED~ FRP FDGHDGR SDUD DUUXPDU QHOH R PHX HQ[RYDO GH SUHVLGLiULR H D
SRXFD URXSD EUDQFD TXH WURX[HUD 0DV ORJR QR GLD VHJXLQWH URXEDUDPPH WXGR H JDVWDUDP R
SURGXWRHPEHELGD
8PGRVPHXVDVVDOWDQWHVWRUQRXVHPDLVWDUGHSUHFLRVtVVLPRSDUDPLPHPERUDFRQWLQXDVVH
VHPSUHDIXUWDURTXHHUDPHXWRGDYH]TXHDRFDVLmROKHSDUHFLDDGHTXDGD&RPHWLDRURXER
VHPRPHQRUDFDQKDPHQWRFRPRSRUREULJDomRHHXQmROKHSRGLDJXDUGDUUDQFRU
(QWUH RXWUDV FRLVDV DTXHOHV FROHJDV VHUYLoDLV PH LQIRUPDUDP GH TXH D JHQWH SRGHULD WHU R
VHX FKi VHULD SRLV DWR ~WLO SDUD PLP D FRPSUD GH XPD FKDOHLUD ( HVSHUDQGR D FRPSUD
SRGHULDP PH DOXJDU XPD 5HFRPHQGDUDPPH WDPEpP XP FR]LQKHLUR TXH PHGLDQWH WULQWD
FRSHTXHV SRU PrV PH SUHSDUDULD DV UHIHLo}HV VH HX TXLVHVVH FRPHU j SDUWH &RPR HUD GH
HVSHUDU SHGLUDPPH GLQKHLUR HPSUHVWDGR H ORJR QR SULPHLUR GLD FDGD XP GHOHV UHQRYRX RV
HPSUpVWLPRVGXDVHWUrVYH]HV
2VH[ILGDOJRVVmRHPJHUDOPXLWRPDOYLVWRVQRSUHVtGLR(PERUDWHQKDPSHUGLGRRVGLUHLWRV
FLYLV H VHMDP DOL LJXDLV D WRGRV RV RXWURV RV IRUoDGRV VH UHFXVDP D HQFDUiORV FRPR
FRPSDQKHLURV $OLiV QmR GHFRUUH LVVR GH QHQKXP SUHFRQFHLWR PDV GH XPD RSLQLmR LQDWD $RV
VHXV ROKRV FRQWLQXDPRV VHPSUH D VHU ILGDOJRV R TXH QmR RV LPSHGH GH JR]DU D QRVVD TXHGD
³$JRUDDFDERX$LQGDRQWHP3LRWUDQGDYDEULOKDQGRHP0RVFRX$JRUD3LRWUWRUFHDFRUGDTXH
YDLXVDUQRSHVFRoR´HRXWUDVFRLVDVGHVVHMDH]
*R]DYDP RV QRVVRV VRIULPHQWRV HQWUHWDQWR ID]tDPRV WXGR SDUD RV HVFRQGHU GHOHV (UD
SULQFLSDOPHQWH QRV SULPHLURV WHPSRV TXH OKHV DWUDtDPRV DV ]RPEDULDV SRUTXH FRPR D QRVVD
IRUoDQmRHUDLJXDOjGHOHVQmRRVSRGtDPRVHTXLYDOHUQRWUDEDOKReGLILFtOLPRREWHUDFRQILDQoD
GRSRYRVREUHWXGRGDTXHODTXDOLGDGHGHJHQWHGRSRYRHOKHVFRQTXLVWDUDDIHLomR
7tQKDPRV QR SUHVtGLR YiULRV ILGDOJRV 3DUD FRPHoDU FLQFR SRODFRV GRV TXDLV IDODUHL PDLV
WDUGH 2V GHWHQWRV RV GHWHVWDYDP DLQGD PDLV TXH DRV QREUHV UXVVRV 2V SRODFRV UHILURPH DRV
FRQGHQDGRVSROtWLFRV WUDWDYDPRVFROHJDVGHSULVmRFRPXPDGHOLFDGH]DPHWLFXORVDH[DJHUDGD
DOWLYDQmRSRGLDPGLVVLPXODUDUHSXJQkQFLDTXHDVXDFRQYLYrQFLDOKHVLQVSLUDYD
2VIRUoDGRVFRPSUHHQGLDPLVVRPXLWREHPHOKHVSDJDYDPQDPHVPDPRHGD
3UHFLVHL SDVVDU TXDVH GRLV DQRV QR SUHVtGLR SDUD FRQVHJXLU D ERD YRQWDGH GH DOJXQV SUHVRV
&RQWXGRQRILPGDSHQDDPDLRULDGHOHVJRVWDYDGHPLPHPHFRQVLGHUDYDXP³ERPVXMHLWR´
([FOXLQGRVH D PLQKD SHVVRD D ILGDOJXLD UXVVD WLQKD QR SUHVtGLR TXDWUR UHSUHVHQWDQWHV (P
SULPHLUROXJDUXPVXMHLWRFUDSXORVRPHGRQKDPHQWHFRUURPSLGRHVSLmRHGHODWRUGHRItFLRGH
TXHPHXMiRXYLUDIDODUDQWHVGDPLQKDFKHJDGDHFRPRTXDOFRUWHLUHODo}HVORJRQRSULPHLUR
GLD 2 VHJXQGR HUD R SDUULFLGD GH TXHP Mi IDOHL 2 WHUFHLUR FKDPDYDVH $NLP $NLPLWFK
5DUDPHQWHWHQKRYLVWRXPRULJLQDOGDTXHOHVILFDUiSDUDVHPSUHJUDYDGRQDPLQKDOHPEUDQoD
(UDXPKRPHQ]DUUmRRVVXGRGHHVStULWRIUDFRLJQRUkQFLDFUDVVDPHWyGLFRHSUHVRjUHJUDFRPR
XP DOHPmR 2V SUHVRV R ULGLFXODUL]DYDP PDV DOJXQV HYLWDYDP LUULWiOR WHPHQGROKH R JrQLR
EULJXHQWR'HVGHRLQtFLRQLYHODUDVHFRPRVRXWURVUL[DQGRVHDJDUUDQGRVHDWpFRPHOHV(UD
GH XPD KRQHVWLGDGH IHQRPHQDO H DVVLP TXH FRQVWDWDYD XPD LQMXVWLoD YRDYD D FRUULJLOD H
PXLWDV YH]HV VH LPLVFXtD HP QHJyFLRV TXH DEVROXWDPHQWH QmR HUDP GD VXD FRQWD 6XD
LQJHQXLGDGH HUD SURGLJLRVD SRU H[HPSOR TXDQGR EULJDYD FRP RV GHWHQWRV FHQVXUDYDOKHV DV
ODGURDJHQV H RV FRQFLWDYD DR DUUHSHQGLPHQWR )RUD DOIHUHV QR H[pUFLWR GR &iXFDVR )L]HPRV
DPL]DGHORJRQRSULPHLURGLDHHOHLPHGLDWDPHQWHPHFRQWRXDVXDKLVWyULD&RPHoDUDDYLGDOi
PHVPRQR&iXFDVRFRPRVXERILFLDOYROXQWiULRQXPUHJLPHQWRGHOLQKDHVSHUDUDGXUDQWHPXLWR
WHPSRDSURPRomRDRILFLDOPDVDILQDOPDQGDUDPQRFRPRFRPDQGDQWHSDUDXPYHOKRIRUWLP
8P SUtQFLSH WULEXWiULR GRV DUUHGRUHV LQFHQGLRX HVVH IRUWLP H WHQWRX XP DWDTXH QRWXUQR VHP
QHQKXP r[LWR DOLiV $NLP $NLPLWFK SRU DVW~FLD ILQJLX TXH QmR VDELD TXHP IRUD R DXWRU GR
DWDTXH2FDVRIRLDWULEXtGRDRVGLVVLGHQWHVXPPrVGHSRLV$NLP$NLPLWFKFRQYLGRXRSUtQFLSH
SDUD XPD YLVLWD GH FRUGLDOLGDGH ( R SUtQFLSH FRPSDUHFHX VHP GHVFRQILDU GH QDGD $NLP
$NLPLWFK IRUPRX VXD JXDUQLomR HP OLQKD GH EDWDOKD H FRQIXQGLX SXEOLFDPHQWH R YLVLWDQWH
ODQoDQGROKHHPURVWRDVXDIHORQLD([SOLFRXOKHPLXGDPHQWHDFRQGXWDTXHGRUDYDQWHGHYHULD
WHUFRPRSUtQFLSHWULEXWiULRHGHSRLVjJXLVDGHFRQFOXVmRIX]LORXR(QRILPGHWXGRPDQGRX
XPUHODWyULRFLUFXQVWDQFLDGRDRVVHXVFKHIHV)RLDFRQVHOKRGHJXHUUDFRQGHQDGRjPRUWHWHYH
DSHQDFRPXWDGRSDUDWUDEDOKRVIRUoDGRVGHVHJXQGDFDWHJRULDHIRLPDQGDGRSDVVDUGR]HDQRV
QD6LEpULD5HFRQKHFLDTXHDVXDFRQGXWDIRUDLOHJDOJDUDQWLXPHDWpTXHVDELDGLVVRDQWHVGH
PDQGDU IX]LODU R SUtQFLSH QmR LJQRUDYD TXH R SUtQFLSH GHYHULD VHU MXOJDGR VHJXQGR D SUD[H
FRQWXGRQmRFRQVHJXLDFRPSUHHQGHUHPTXHFRQVLVWLDRVHXFULPH
±0DVYHMDRSUtQFLSHWLQKDLQFHQGLDGRRPHXIRUWLP1DVXDRSLQLmRHXDLQGDGHYHULDGL]HU
PXLWRREULJDGRKHLQ"±UHVSRQGLDHOHDWRGDVDVPLQKDVREMHo}HV
2VIRUoDGRVSRUPDLVTXH]RPEDVVHPGH$NLP$NLPLWFKHRFKDPDVVHPGHORXFRWLQKDP
HPDOWDFRQWDRVHXHVStULWRGHRUGHPHDVVXDVSUHQGDV$NLP$NLPLWFKVDELDWRGRVRVRItFLRVHUD
PDUFHQHLUR VDSDWHLUR SLQWRU GRXUDGRU VHUUDOKHLUR H WRGDV DTXHODV DUWHV DSUHQGHUDDV QR
SUHVtGLR$XWRGLGDWDQDWREDVWDYDOKHYHUXPREMHWRSDUDRLPLWDU&RQIHFFLRQDYDWDPEpPXPD
HQRUPHYDULHGDGHGHFDL[DVFHVWRVODQWHUQDVEULQTXHGRVHRVYHQGLDQDFLGDGH,VVROKHUHQGLD
DOJXP GLQKHLUR TXH HOH HPSUHJDYD LPHGLDWDPHQWH QD DTXLVLomR GH URXSD EUDQFD RX GH XP
WUDYHVVHLUR PDLV PDFLR &RQVHJXLUD DWp PHVPR IDEULFDU SDUD VL XP FROFKmR GREUDGLoR &RPR
RFXSDYDRPHVPRDORMDPHQWRTXHHXDMXGRXPHPXLWRGXUDQWHRVSULPHLURVPHVHVGDPLQKD
GHWHQomR
$QWHVGHVDtUHPGDIRUWDOH]DSDUDRORFDOGRWUDEDOKRRVSUHVRVIRUPDYDPGRLVDGRLVGLDQWH
GR FRUSR GD JXDUGD ¬ IUHQWH H j FDXGD GD IRUPDomR FRORFDYDPVH RV VROGDGRV GD HVFROWD GH
DUPDV HPEDODGDV $SDUHFLD HQWmR XP RILFLDO GH HQJHQKDULD FRQGXWRU GRV WUDEDOKRV H DOJXQV
VDSDGRUHV GHVLJQDGRV FRPR PRQLWRUHV 2 FRQGXWRU FRQWDYD RV SUHVRV GHSRLV RV PDQGDYD HP
SHORW}HVSDUDRVORFDLVGHVLJQDGRV
-XQWDPHQWH FRP RXWURV GHVWLQDUDPPH j RILFLQD GH HQJHQKDULD FRQVWUXomR EDL[D WRGD GH
SHGUDVLWXDGDQRPHLRGXPJUDQGHSiWLRDWXOKDGRSRUXPDLQILQLGDGHGHPDWHULDLV9LDPVHDOL
XPDIRUMDWHQGDVGHPDUFHQHLURGHVHUUDOKHLURGHOXVWUDGRUHWF$NLP$NLPLWFKWUDEDOKDYDQR
HQYHUQL]DPHQWR HVTXHQWDYD R yOHR PRtD DV WLQWDV H SLQWDYD PHVDV H RXWURV PyYHLV GH FRU GH
QRJXHLUD
(QTXDQWRHVSHUDYDDVPLQKDVQRYDVJULOKHWDVFRPXQLTXHLOKHDVPLQKDVUHFHQWHVLPSUHVV}HV
± 6LP p YHUGDGH ± FRQILUPRX ± HOHV QmR JRVWDP GRV QREUHV SULQFLSDOPHQWH TXDQGR VmR
FRQGHQDGRVSROtWLFRVVyOKHVIDOWDFRPrORVYLYRVeIiFLOGHFRPSUHHQGHU3DUDFRPHoDUYRFrV
HHOHVQDGDWHPGHFRPXP(PVHJXQGROXJDUDQWHVGHYLUHPSDUDFiHUDPWRGRVSREUHVVHUYRV
RXVLPSOHVVROGDGRV-XOJXHSRUVLVHSRGHPJRVWDUGHQREUHV$TXL±VRXHXTXHOKHGLJR±DYLGD
pGXUDPDVQDVFRPSDQKLDVFRUUHFLRQDLVGD5~VVLD(XURSHLDpEHPSLRU2VTXHYrPGHOiSDUD
FiDFKDPTXHSDVVDUDPGRLQIHUQRSDUDRFpX(QmRpTXHRWUDEDOKRVHMDPDLVSHQRVR3DUHFH
DWp TXH Oi D SULPHLUD FDWHJRULD QmR WHP XPD GLUHomR HVWULWDPHQWH PLOLWDU WUDWDP RV SUHVRV GH
PRGRPXLWRGLYHUVRGDTXLRVGHSRUWDGRVSRGHPDWpWHUDVXDFDVLQKDQmRYLFRPPHXVROKRV
SRUpPIRLRTXHPHGLVVHUDP1mRUDVSDPDFDEHoDQmRREULJDPDXQLIRUPHWRGDYLDDFKRDWp
ERP TXH RV SUHVRV WHQKDP D FDEHoD UDVSDGD H XVHP XQLIRUPH D RUGHP p PHOKRU H p PDLV
DJUDGiYHO j YLVWD 0DV p LVVR MXVWDPHQWH R TXH GHVDJUDGD D HVVHV FDPDUDGDV ( WDPEpP TXH
EDQGRVGHYDJDEXQGRV&LUFDVVLDQRVUDVNROQLNLERQVFULVWmRVRUWRGR[RVTXHGHL[DUDPQDDOGHLD
PXOKHUHILOKRVMXGHXVERrPLRVH'HXVVDEHTXHPPDLVREULJDGRVWRGRVDYLYHUEHPXQVFRP
RVRXWURVDFRPHUQDPHVPDJDPHODDGRUPLUQDPHVPDWDULPED(TXHOLEHUGDGH2FRPHU
GD JHQWH p SUHFLVR HQJROLOR jV HVFRQGLGDV FDGD YLQWpP p JXDUGDGR QR IXQGR GDV ERWDV QmR
SUHFLVDGL]HUPDLVSUHVtGLRpSUHVtGLR(TXHUDJHQWHTXHLUDTXHUQmRDFDEDPHLRORXFR
$TXLOR HX Mi VDELD (UD SULQFLSDOPHQWH D UHVSHLWR GR QRVVR PDMRU TXH HX TXHULD LQWHUURJDU
$NLP$NLPLWFK(OHQmRPHGLVVLPXORXQDGDHDLPSUHVVmRTXHPHILFRXQmRIRLDEVROXWDPHQWH
DJUDGiYHO
7LYHTXHSDVVDUGRLVDQRVVREDVRUGHQVGHVVHLQGLYtGXRHWXGRTXHQRSULPHLURGLDPHGLVVH
$NLP $NLPLWFK VH UHYHORX H[DWR ± FRP D GLIHUHQoD DSHQDV GH TXH D VHQVDomR GLUHWD VHPSUH
XOWUDSDVVD D LPSUHVVmR SURYRFDGD SRU XPD VLPSOHV QDUUDWLYD (UD XP KRPHP DSDYRUDQWH
VREUHWXGRJUDoDVjDXWRULGDGHDEVROXWDTXHH[HUFLDVREUHGX]HQWDVSHVVRDVSRUTXHHOHHPVLQmR
HUDVHQmRGHVRUGHQDGRHPDX&RQVLGHUDYDRVGHWHQWRVFRPRVHXVLQLPLJRVQDWXUDLVHUDHVVHR
VHXSULPHLURHSULQFLSDOHQJDQR
6XDSRXFDFDSDFLGDGHVXDVSUySULDVTXDOLGDGHVVHGHVYLDYDPHWRPDYDPXPDGLUHomRPi
9LROHQWRLPSXOVLYRFUXHOSUHFLSLWDYDVHFRPRXPDERPEDQDIRUWDOH]DDWpPHVPRDOWDQRLWHH
VH REVHUYDYD DOJXP SUHVR GRUPLQGR GR ODGR HVTXHUGR SXQLDR QR GLD VHJXLQWH SHOD PDQKm
³6HJXQGR DV PLQKDV RUGHQV GHYHVH GRUPLU GR ODGR GLUHLWR´ (UD RGLDGR H WHPLGR FRPR
SHoRQKD 7LQKD XPD FDUD YHUPHOKDoD H HQIDUUXVFDGD 7RGRV VDELDP TXH R PDMRU HUD XP
MRJXHWH QDV PmRV GR VHX RUGHQDQoD )HGND 6HX ~QLFR DPRU QHVWH PXQGR HUD R FDFKRUULQKR
7UHVRUND HTXDVHHQORXTXHFHXTXDQGRRDQLPDO]LQKRFDLXGRHQWH6ROXoDYDFRQWDPFRPRVHVH
WUDWDVVHGXPILOKR([SXOVRXXPYHWHULQiULRGHSRLVGHOKHKDYHUGDGRXPDVXUUDVHJXQGRRVHX
KiELWR0DVVDEHQGRSRULQWHUPpGLRGH)HGNDTXHKDYLDQRSUHVtGLRXPFXUDQGHLURTXHVHPSUH
VHVDtDPXLWREHPPDQGRXFKDPiORLQFRQWLQHQWL
±6DOYDR±JULWDYDHOH±&XUDRPHX7UHVRUNDHHXWHFXEURGHGLQKHLUR
2 KRPHP XP PXMLTXH VLEHULDQR DVWXWR LQWHOLJHQWH H PXLWR ERP YHWHULQiULR FRQWRX PDLV
WDUGHDRVFRPSDQKHLURVDVXDYLVLWDjFDVDGRPDMRU±DOLiVVyRIH]PXLWRPDLVWDUGHTXDQGRR
FDVRHVWDYDTXDVHHVTXHFLGR
± 2OKHL SDUD 7UHVRUND TXH HVWDYD QR VRIi HP FLPD GH XPD DOPRIDGD PXLWR DOYD YL
LPHGLDWDPHQWHTXHVRIULDGHXPDLQIODPDomRHVHULDSUHFLVRVDQJUiORSDUDRVDOYDU0DVSHQVHL
WDPEpP ³( VH HX IUDFDVVR H R FmR UHEHQWD"´ (QWmR IDOHL ³([FHOrQFLD PDQGRXPH FKDPDU
PXLWRWDUGH2QWHPRXDQWHRQWHPHXDLQGDRSRGHULDVDOYDUSRUpPDJRUDQmRWHPPDLVMHLWR´
(DVVLPILQRXVH7UHVRUND
&RQWDUDPPHWDPEpPFRPPXLWRVSRUPHQRUHVTXHXPIRUoDGRTXLVHUDPDWDURPDMRU-i
KiPXLWRVDQRVQRSUHVtGLRHVVHKRPHPGDYDPRVWUDVGHXPDVXEPLVVmRH[HPSODU1RWDYDVH
TXH MDPDLV GLULJLD D SDODYUD D QLQJXpP SDVVDYD DWp SRU GpELO PHQWDO 6DELD OHU H HVFUHYHU H
OHYDUDRDQRDQWHULRUDOHUD%tEOLDGLDHQRLWH1RPHLRGDQRLWHTXDQGRWRGRVGRUPLDPHUJXLD
VH DFHQGLD XPD YHOD LQVWDODYDVH MXQWR j HVWXID DEULD R OLYUR H OLD DWp R DPDQKHFHU 8P GLD
GHFODURXDRVXERILFLDOGHJXDUGDTXHVHUHFXVDYDDLUSDUDRWUDEDOKR$YLVDUDPRPDMRUTXHVH
HQIXUHFHXHFRUUHXDRDORMDPHQWR2SUHVROKHDWLURXXPWLMRORTXHMiWLQKDFRQVLJRFRPHVVD
LQWHQomR 0DV HUURX $JDUUDUDPQR MXOJDUDPQR DoRLWDUDPQR 3DVVRXVH WXGR FRP JUDQGH
UDSLGH] 7UrV GLDV GHSRLV R GHVJUDoDGR IDOHFLD QR KRVSLWDO $QWHV GH PRUUHU GHFODURX TXH QmR
TXHULD PDO D QLQJXpP TXH WLQKD DSHQDV SURFXUDGR R PDUWtULR 1mR SHUWHQFLD HQWUHWDQWR D
QHQKXPD VHLWD GLVVLGHQWH ( QXQFD PDLV VXD OHPEUDQoD IRL HYRFDGD VHP FHUWD FRPRomR
UHVSHLWRVD
(QTXDQWR PH SXQKDP DV QRYDV JULOKHWDV DV YHQGHGRUDV GHNDODWFK HQWUDUDP HP ILOD QD
RILFLQD +DYLD HQWUH HODV DWp FULDQFLQKDV HQTXDQWR HUDP SHTXHQDV YLQKDP PHUFDU RVNDODWFKL
TXH DV PmHV ID]LDP 'HSRLV GH FUHVFLGDV FRQWLQXDYDP D YLU PDV VHP PHUFDGRULD (QWUH DV
YHQGHGRUDV KDYLD WDPEpP PXOKHUHV FDVDGDV 2NDODWFK YDOLD GRLV FRSHTXHV H TXDVH WRGRV RV
SUHVRVFRPSUDYDPGHOHV
5HSDUHLQXPGRVIRUoDGRVPDUFHQHLURGHSURILVVmRMiJULVDOKRPDVGHFDUDUXELFXQGDTXH
SLOKHULDYD FRP DV YHQGHGRUDV $QWHV GD HQWUDGD GHODV DPDUUDUD DR SHVFRoR XP OHQoR
HQFDUQDGR8PDPXOKHURQDJRUGDFRPDFDUDWRGDSLFDGDGHEH[LJDVIRLVHQWDUQRVHXEDQFRH
VHWUDYRXHQWUHHOHVDVHJXLQWHFRQYHUVD
±3RUTXHYRFrQmRIRLRQWHP"±SHUJXQWRXRKRPHPFRPXPVRUULVRIiWXR
±)XLVLPHOHYHLREROR±UHWUXFRXHODGHVSDFKDGD
± 3UHFLVDUDP GD JHQWH VH QmR IRVVH LVVR HVWDUtDPRV WRGRV Oi 0DV DQWHRQWHP YRFrV
FRUUHUDPWRGDV
±4XHPIRL"
±4XHP"$0DULDFKNDD.DYURFKNDD7FKHNXQGDD'YXJURFKHYDLD
±(VFXWH±SHUJXQWHLD$NLP$NLPLWFK±VHUiSRVVtYHOTXH"
± $FRQWHFH VLP ± UHVSRQGHXPH $NLP EDL[DQGR PRGHVWDPHQWH RV ROKRV SRUTXH HUD
SXGLFtVVLPR
$TXLOR DFRQWHFLD UHDOPHQWH PDV GH UDUR HP UDUR H FRP LPHQVDV GLILFXOGDGHV 'H PRGR
JHUDO KDYLD PDLV DSUHFLDGRUHV GD EHELGD TXH GHVVD RXWUD GLYHUVmR DSHVDU GD GXUH]D GDTXHOD
YLGD 3DUD FRQVHJXLU DOJXP GRV SUHVRV DSUR[LPDUVH GH XPD PXOKHU SUHFLVDYD HVFROKHU R
PRPHQWRRORFDOPDUFDURHQFRQWURFRQVHJXLUILFDUVy±FRLVDPDLVGLItFLODLQGD±HPVXPD
JDVWDU XP GLQKHLUR UHDOPHQWH LQVHQVDWR $SHVDU GLVVR DFRQWHFHXPH PDLV WDUGH WHVWHPXQKDU
FHQDV GH DPRU /HPEURPH GH FHUWD YH] QR YHUmR HP TXH QyV HVWiYDPRV QXP JDOSmR jV
PDUJHQVGR,UW\ FKTXHLPDQGRXPIRUQRGHWLMRORV2VYLJLODQWHVHUDPERQVUDSD]HV/RJRPDLV
DSDUHFLDPGXDVVRXIIOHXVHVFRPRDVFKDPDYDPRVGHWHQWRV
± 3RU TXH YLHUDP WmR WDUGH" (VWDYDP FRP RV =YHUNRYL" ± SHUJXQWRXOKHV R SUHVR ± -i DV
HVSHUDYDKiPXLWRWHPSR
± (X" 1XQFD 0DLV GHPRUD XPD JUDOKD QXPD iUYRUH GR TXH HX FRP HOHV ± UHSOLFRX
MRYLDOPHQWHDUDSDULJD
(UD D 7FKHNXQGD ± D YLUDJR PDLV KRUUHQGD GHVWH PXQGR 7UD]LD FRQVLJR D VXD DPLJD
'YXJURFKHYDLD(VVDHQWmRGHVDILDYDTXDOTXHUSLQWXUD
± -i ID] WHPSR TXH D JHQWH QmR VH Yr ± FRQWLQXRX R JDOm GLULJLQGRVH j 'YXJURFKHYDLD ±
9RFrDQGDPDJULQKD
±eLVVR'DQWHVHXHUDJRUGRWDKRMHSDUHFHTXHHQJROLXPDDJXOKD
±(DQGDVHPSUHFRUUHQGRDWUiVGRVVROGDGRV"
±4XDO,VVRpOtQJXDFRPSULGDGHDOJXpP0DVDYHUGDGHpTXHDLQGDTXHDJHQWHILTXHVHP
XPILRGHVHXQmRKiFRPRXPVROGDGR
±'HL[HPGHSHQVDUHPVROGDGRVHYHQKDPFRPDJHQWH1yVSHORPHQRVWHPRVGLQKHLUR
3DUDFRPSOHWDURTXDGURpSUHFLVRLPDJLQDURJDOmFRPDFDEHoDUDVSDGDDOLEUpGHGXDV
FRUHVDJULOKHWDDRVSpVVHQWLQHODjYLVWD
'HVSHGLPHGH$NLP$NLPLWFKHVDEHQGRTXHSRGHULDYROWDUSHGLXPYLJLODQWHHIXLHPERUD
(UDDKRUDGRUHJUHVVR2VWDUHIHLURVVmRRVTXHYmRHPSULPHLUROXJDU$~QLFDPDQHLUDGHWLUDU
VHUYLoR GXP IRUoDGR p OKH LPSRU XPD WDUHID 0HVPR TXDQGR p SHVDGD GHPDLV HOH D WHUPLQD
GXDVYH]HVPDLVGHSUHVVDGRTXHVHODEXWDVVHVHPGHWHQoDDWpDRVRDUGRWDPERU)LQGDDWDUHID
RSUHVRYROWDSDUDDFDVHUQDHQLQJXpPPDLVFXLGDHPOKHS{UHPSHFLOKRV
1mRVHMDQWDYDHPJUXSRTXHPFKHJDYDSULPHLURWRPDYDOXJDUjYRQWDGH$OLiVDFR]LQKD
QmR FRPSRUWDULD WRGRV DR PHVPR WHPSR 3URYHL D VRSD PDV SRU IDOWD GH KiELWR QmR D SXGH
HQJROLUHHVSHUHLRFKi6HQWDPRQRVjSRQWDGDPHVD(XWLQKDFRPLJRXPFRPSDQKHLUR±H[
ILGDOJRWDPEpP 
2V GHWHQWRV HQWUDYDP H VDtDP +DYLD PXLWR OXJDU IDOWDQGR DLQGD WDQWRV &LQFR SUHVRV
IRUPDYDPXPJUXSRVHSDUDGR2FR]LQKHLUROKHVVHUYLXGXDVWLJHODVGHVRSDHS{VQDPHVDXPD
IULJLGHLUDFKHLDGHSHL[HIULWR'HFHUWRHVWDYDPVHEDQTXHWHDQGRHPFRPHPRUDomRGHTXDOTXHU
DQLYHUViULR2OKDYDPQRVGHYLpV8PGRVSRODFRVFKHJRXHYHLRVHVHQWDUDRQRVVRODGR
± (X QmR HVWDYD Oi PDV VHL GH WXGR ± H[FODPRX XP SUHVR DOWR SHQHWUDQGR QD FR]LQKD H
ROKDQGRHPFtUFXORWRGRVRVKRPHQVSUHVHQWHV
&LQTXHQWDDQRVPDLVRXPHQRVPDJURPXVFXORVRWLQKDXPDFDUDDRPHVPRWHPSRDVWXWDH
MRYLDO2OiELRLQIHULRUSHVDGRSHQGHQWHGDYDOKHDRURVWRXPDH[SUHVVmRPXLWRF{PLFD
± 6D~GH ERP SURYHLWR 6D~GH DRV PRoRV GH .XUVN ± FRQWLQXRX HOH VHQWDQGRVH SHUWR GRV
FRQYLYDV±3mRHVDO5HFHEDPEHPRKyVSHGH
±1mRVRPRVGH.XUVNUDSD]
±(QWmRVmRGH7DPERY"
±1HPGH7DPERY1mRDUUDQMDVQDGDDTXLPDQR6HTXHUHVSHGLUHVPRODFRUUHDWUiVGXP
ULFDoR
± +RMH PDQR YHOKR QD PLQKD EDUULJD ,YDQ 7DVNXQ H 0DULD ,NRWLFKQD DQGDP jV WXUUDV 
2QGHDFKDUHLHVVHULFDoR"
±/iHVWi*D]LQHTXHpFKHLRGRVFREUHV9DLDWUiVGHOH
± *D]LQH" (VWi GH IDUUD KRMH PDQLQKR HVWi ErEDGR FRPR XP SRUFR ± EHEHX R VRUWLPHQWR
WRGR
±'HYHWHUXQVYLQWHUXEORV±REVHUYRXRXWUR±7RGRRPXQGRVDEHTXHXPERWHTXLPQmRp
PDXQHJyFLR
±(QWmRQmRPHTXHUHPPHVPR"7HQKRTXHFRPHUSRUFRQWDGDFDVD"
±6LPFDLIRUD9DLSHGLUFKiDRVEDULQHVQDRXWUDPHVD
±4XHEDULQHV"1mRKiEDULQHQHQKXPDTXL$JRUDVmRLJXDLVjJHQWH±UHVPXQJRXXPRXWUR
JDOpTXHHVWDYDVHQWDGRORQJHHDLQGDQmRGHUDSDODYUD
± %HP TXHULD HX WRPDU FKi 0DV QmR VRX KRPHP SDUD SHGLU ± WHQKR YHUJRQKD QD FDUD ±
GHFODURXRSUHVRGREHLoRJURVVRROKDQGRQRVFRPDFDUDERQDFKRQD
±6HTXHUFKiFRPWRGRJRVWROKHRIHUHoR±IDOHLHX±4XHU"
±6HTXHUR"3RLVQmR±(DSUR[LPRXVHGHQyV
±(K(PFDVDGHOHWRPDYDVRSDVHPFROKHUHDJRUDEHEHFKiFRPRVEDULQHV±FRQWLQXRXR
SUHVRUHVPXQJmR
±6HUiTXHQLQJXpPDTXLWRPDFKi"±SHUJXQWHL0DVHOHQmRDFKRXTXHPHGHYLDUHVSRQGHU
±.DODWFKL2OKDRVNDODWFKL4XHURXPWDPEpP
8P MRYHP GHWHQWR HQWUDYD UHDOPHQWH FRP XP URViULR GHNDODWFKL TXH LD YHQGHQGR SHOR
DORMDPHQWR$YHQGHGRUDOKHGDYDGHJUDoDXPHPFDGDYH]SDUDOKHSDJDURWUDEDOKRHFRP
LVVRHOHMDQWDYD
±.DODWFKLNDODWFKLTXHQWLQKRV±JULWDYDRUDSD]HQWUDQGRQDFR]LQKD±4XHPTXHUNDODWFKL
OLQGRVNDODWFKL GH 0RVFRX" (X EHP TXH RV FRPHULD PDV SUHFLVR GRV FREUHV 9DPRV ILOKRV Vy
PHUHVWDXP4XHPWHYHPmH"
(VVHDSHORDRDPRUPDWHUQRSURYRFRXULVDGDVHOKHFRPSUDUDPDOJXQVNDODWFKL
±(VFXWHPUDSD]HV±IDORXHOH±*D]LQHHVWUHSRXVH(VWiErEDGRFRPRXPDYDFD±VyIDOWD
DSDUHFHUPHVWUH³2LWR2OKRV´
±2PHOKRUpHVFRQGHU*D]LQH0DVHVWiPHVPRFKXPEDGR"
±(VWipIXULRVR
±(QWmRSUHFLVDGXQVWDSDV
±'HTXHPHVWmRIDODQGR"±LQGDJXHLGRSRODFRVHQWDGRDRPHXODGR
±'H*D]LQHXPSUHVRTXHYHQGHEHELGDV4XDQGRMXQWDXQVFREUHVHPEULDJDVHHILFDXPD
IHUD6HPEHELGDpTXLHWRPDVTXDQGRHVWiErEDGRPRVWUDRTXHpDWLUDVHDRVRXWURVGHIDFD
QDPmR(HQWmRRDTXLHWDP
±&RPR"
±8QVGH]GRVRXWURVVHDWLUDPDHOHHVPXUUDPQRDWpTXHILTXHGHVDFRUGDGR±TXDVHPRUWR
'HSRLVRHVWLUDPQDWDULPEDFREHUWRFRPRFDSRWH
±0DVQmRFRUUHPULVFRGHRPDWDU"
±6LPHRXWURTXDOTXHUOHYDULDRGLDER±HOHQmReIRUWHFRPRXPWRXUR0DLVIRUWHTXHRV
RXWURVWRGRVTXDQGRIRUDPDQKmGHPDQKmOHYDQWDVHFRPRVHQmRKRXYHVVHQDGD
±'LJDSRUIDYRU±SHUJXQWHLDLQGDDRSRODFR±DTXHOHVDOLFRPHPHPVHSDUDGRHHXHVWRX
EHEHQGRFKiVLPSOHV(HQWUHWDQWRSDUHFHTXHPHLQYHMDPRFKi3RUTXr"
±2KQmRpSRUFDXVDGRFKi±H[SOLFRXRSRODFR±pREDULQHTXHHOHVKRVWLOL]DP7HPUDLYD
GRVEDULQHVSRUTXHQmRVHSDUHFHPFRPHOHV4XDOTXHUXPILFDULDFRQWHQWHHPRRIHQGHULUULWDU
KXPLOKDU9DLYHURGLDERSRUDTXL3RGHFUHUDYLGDDTXLpGXUDHPXLWtVVLPRPDLVGXUDSDUD
QyV GR TXH SDUD RV RXWURV e SUHFLVR PXLWR ERD YRQWDGH SDUD VH DFRVWXPDU 9DL WHU PXLWRV
DERUUHFLPHQWRVVRIUHUPDLVGHXPLQVXOWRSRUTXHWRPDFKiHQmRFRPHQDJDPHOD±HPERUD
PXLWRVSUHVRVFRPDPjSDUWHHWRPHPFKiPDVHOHVSRGHPQyVQmR
'L]HQGRLVVRGHL[RXPH$OJXQVPLQXWRVGHSRLVVXDVSUHGLo}HVVHUHDOL]DUDP


35,0(,5$6,035(66®(6 FRQWLQXDomR


$VVLP TXH 0±FNL R SRODFR  DFDEDYD GH VDLU *D]LQH LQWHLUDPHQWH ErEDGR LUURPSHX QD
FR]LQKD
(P SOHQR GLD GH WUDEDOKR GXUDQWH R TXDO GHYHULDP WRGRV HVWDU FXPSULQGR DV VXDV WDUHIDV
FRPXPFKHIHVHYHURTXHSRGHULDDSDUHFHUDTXDOTXHULQVWDQWHFRPXPVXERILFLDOGHVHUYLoRH
RVLQYiOLGRVHWRGRRSHVVRDOGDYLJLOkQFLDDHQWUDGDGDTXHOHpEULRSXQKDHPFKRTXHFRPSOHWRDV
LGHLDVTXHHXKRXYHUDIRUPDGRVREUHDYLGDQRSUHVtGLR$OLiVILTXHLPXLWRWHPSRVHPFRQVHJXLU
H[SOLFDomRSDUDIDWRVGHVVHJrQHURTXHPHSDUHFLDPGHLQtFLRYHUGDGHLURVHQLJPDV
-i FRQWHL TXH FDGD XP GRV IRUoDGRV WLQKD D VXD RFXSDomR SHVVRDO ,VVR UHSUHVHQWD XPD
H[LJrQFLDQDWXUDOtVVLPDGDYLGDQDSULVmRDGHPDLVIiORJDQKDUGLQKHLURHRGHWHQWRSUH]DWDQWR
RGLQKHLURTXDQWRDOLEHUGDGHVHQWHXPFRQVRORHPID]HUUHWLQLUDOJXPDVPRHGDVGHQWURGREROVR
ILFD SRXFR j YRQWDGH WULVWH LQTXLHWR GHVDQLPDGR TXDQGR QmR WHP GLQKHLUR QHP PHLRV GH R
REWHU(QWUHWDQWRHPERUDRGLQKHLURUHSUHVHQWHXPWHVRXURLQDSUHFLiYHORVHXIHOL]SRVVXLGRUQmR
R FRQVHUYD QXQFD FRQVLJR (P SULPHLUR OXJDU FRPR R HVFRQGHU GH PRGR TXH QmR VHMD QHP
URXEDGR QHP FRQILVFDGR" 2 PDMRU PDO GHVFREULD DOJXP SHF~OLR QDV VXDV EXVFDV UHSHQWLQDV
GHOHVHDSRVVDYDLPHGLDWDPHQWH7DOYH]RHPSUHJDVVHQRPHOKRUDPHQWRGDUDomRPDVWRPDYD
R &RP PDLV IUHTXrQFLD SRUpP HUD R GLQKHLUR URXEDGR 6HULD LPSRVVtYHO WHU FRQILDQoD HP
DOJXpP'HVFREULPRVDILQDOXPPpWRGRGHRJXDUGDUVHPSHULJRHQWUHJiYDPRORDXPYHOKR
TXH SHUWHQFLD j FRQIUDULD GH 9LHWND KRMH UHIXJLDGD HQWUH RV PXMLTXHV GH 6WDURGXERY ( QmR
SRVVR GHL[DU GH GL]HU DOJXPDV SDODYUDV D UHVSHLWR GHVVH YHOKR HPERUD VDLD XP SRXFR GR PHX
DVVXQWR
(UD XP KRPHQ]LQKR HQFDQHFLGR GH XQV VHVVHQWD DQRV 'HVSHUWRX LQWHQVDPHQWH D PLQKD
FXULRVLGDGH ORJR j FKHJDGD SRUTXH GLIHULD HP WXGR GRV RXWURV SUHVRV 6HX ROKDU WLQKD XPD
H[SUHVVmR WmR PHLJD WmR FDOPD TXH HX FRQWHPSODYD VHPSUH FRP XP SUD]HU HVSHFLDO DTXHOHV
ROKRVFODURVOXPLQRVRVDXUHRODGRVGHSHTXHQDVUXJDV&RQYHUViYDPRVIUHTXHQWHPHQWHHUDUDV
YH]HV WHQKR HQFRQWUDGR WDQWD ERQGDGH WDQWD PDQVLGmR &RPHWHUD HQWUHWDQWR XP FULPH
JUDYtVVLPR 7LQKDPVH UHJLVWUDGR HQWUH RV VHXV FRPSDQKHLURV GH FUHQoD YiULDV GHVHUo}HV R
JRYHUQR HVWLPXODYD EDVWDQWH RV WUkQVIXJDV H WXGR ID]LD SDUD REWHU QRYDV FRQYHUV}HV 2 QRVVR
YHOKRHDOJXQVRXWURVIDQiWLFRVGRVHXJUXSRUHVROYHUDP³PDQWHUDYHUGDGHLUDIp´FRPRGL]LDP
4XDQGR VH TXLV HGLILFDU XPD LJUHMD RUWRGR[D HOHV D LQFHQGLDUDP 3UHVR FRPR XP GRV
LQVWLJDGRUHV GR FULPH IRL R YHOKR PDQGDGR SDUD RV WUDEDOKRV IRUoDGRV QD 6LEpULD (UD XP
FRPHUFLDQWHDEDVWDGRHWLQKDPXOKHUHILOKRV$EDQGRQDUDWXGRSDUDWRPDURFDPLQKRGRH[tOLR
±DFKDQGRQDVXDFHJXHLUDTXHHVWDYDVRIUHQGRSHODIp9LYHQGRMXQWRDHOHDJHQWHPHGLWDYD
LQYROXQWDULDPHQWH TXDO D UD]mR SRU TXH DTXHOH KRPHP UHVLJQDGR WtPLGR FRPR XPD FULDQoD
SXGHUD UHYROWDUVH" ,QWHUSHOHLR YiULDV YH]HV D UHVSHLWR GD VXD ³Ip´ (OH QmR DEDQGRQDYD XPD
OLQKDGDVVXDVFRQYLFo}HVPDVDVUpSOLFDVTXHGDYDQmRWUDtDPMDPDLVDPtQLPDDQLPRVLGDGH
&RQWXGRTXHLPDUDXPDLJUHMDHQmRRQHJDYDSRLVDRVVHXVROKRVDTXHOHDWRDTXHOH³PDUWtULR´
FRQVWLWXtDP XPD KRQUD XPD JOyULD (QWUHWDQWR HP YmR R VRQGHL HP YmR R LQWHUURJXHL QXQFD
GHVFREUL QHOH R PHQRU WUDoR GH RUJXOKR RX GH YDLGDGH 7tQKDPRV HQWUH QyV RXWURV ³YHOKRV
FUHQWHV´VLEHULDQRVQDPDLRULDEDVWDQWHLQVWUXtGRVERQVGLDOpWLFRVjVXDPDQHLUDH[WUHPDPHQWH
DIHUUDGRVDRWH[WRVDJUDGRSRUpPLQWROHUDQWHVFKHLRVGHDVW~FLDHSUHVXQomR1RVVRYHOKRQmRRV
LPLWDYD HP QDGD 9HUVDGR QDV (VFULWXUDV PDLV TXH TXDOTXHU XP GHOHV IXJLD QR HQWDQWR jV
FRQWURYpUVLDV 7LQKD R JrQLR H[WUHPDPHQWH FRPXQLFDWLYR HVWDYD VHPSUH DOHJUH ULD
IUHTXHQWHPHQWH ± QmR FRP D JDUJDOKDGD JURVVHLUD H FtQLFD GRV IRUoDGRV ± PDV FRP XP ULVR
PDQVR H FODUR TXH FRUUHVSRQGLD EHP j VXD FDEHoD JULVDOKD H QR TXDO VH VHQWLD XPD JUDQGH H
LQJrQXD VLPSOLFLGDGH 3RVVR HQJDQDUPH WRGDYLD PH SDUHFH TXH D JHQWH SRGH FRQKHFHU XP
KRPHP SHOR VHX ULVR H TXH VH DR SULPHLUR HQFRQWUR XP GHVFRQKHFLGR UL DQWH QyV GH XPD
PDQHLUD DJUDGiYHO VXD DOPD p ERD 2 QRVVR YHOKR JR]DYD GXP UHVSHLWR XQkQLPH GR TXDO
DEVROXWDPHQWHQmRVHRUJXOKDYD2VIRUoDGRVTXHRFKDPDYDP³DY{´QmRRRIHQGLDPMDPDLV
(LVVRH[SOLFDYDHPSDUWHDLQIOXrQFLDSRUHOHH[HUFLGDVREUHRVVHXVFRUUHOLJLRQiULRV(QWUHWDQWR
DSHVDUGRHVWRLFLVPRUHDOFRPTXHVXSRUWDYDRVWUDEDOKRVIRUoDGRVXPDWULVWH]DFUHVFLDGHQWUR
GHOHWULVWH]DSURIXQGDLQFXUiYHOTXHGLVVLPXODYDRPHOKRUTXHSRGLD1yVGRLVRFXSiYDPRVR
PHVPR DORMDPHQWR 8PD QRLWH SHODV WUrV KRUDV HVFXWHL DOJXpP FKRUDU EDL[LQKR 2 SREUH
FRLWDGRVHQWDGRMXQWRDRIRJDUHLURQDTXHOHPHVPROXJDURFXSDGRRXWURUDSHOROHLWRUGD%tEOLD
TXH TXLVHUD PDWDU R PDMRU OLD RUDo}HV QXP FDGHUQR PDQXVFULWR 6ROXoDYD H GH WHPSRV HP
WHPSRVGL]LD³6HQKRUQmRPHDEDQGRQHV6HQKRUGiPHIRUoDV0HXVILOKRVPHXVILOKLQKRV
QXQFDPDLVRVWRUQDUHLDYHU´1mRSRVVRH[SULPLURGyTXHDTXHODFHQDPHFDXVRX
)RLSRLVDHVVHYHOKRTXHSRXFRDSRXFRRVIRUoDGRVLDPHQWUHJDQGRRVHXGLQKHLUR(PERUD
IRVVHPWRGRVODGU}HVFDGDXPWLQKDDFHUWH]DGHTXHFRPR³DY{´SRGLDILFDUVRVVHJDGR6DELD
VHTXHHOHGLVSXQKDGXPHVFRQGHULMRQXPOXJDURQGHQLQJXpPRGHVFREULULD0DLVWDUGHRYHOKR
FRQILRXRVHXVHJUHGRDDOJXQVGRVSRODFRVHDPLPQXPDGDVHVWDFDVGDSDOLoDGDKDYLDXPQy
QD PDGHLUD TXH SDUHFLD HVWDU VROLGDPHQWH OLJDGR DR WURQFR PDV SRGLD VHU UHWLUDGR R TXH
GHVFREULD XP RFR EDVWDQWH SURIXQGR HOH Oi GHSXQKD R GLQKHLUR H GHSRLV UHFRORFDYD R Qy GH
PRGRWmRSHUIHLWRTXHQLQJXpPMDPDLVGHVFRQILRXGHQDGD
0DVDIDVWHLPHGRPHXDVVXQWR7tQKDPRVILFDGRQLVWRSRUTXHRGLQKHLURGHPRUDWmRSRXFR
WHPSR QR EROVR GXP IRUoDGR" e TXH QmR Vy OKH p GLItFLO FRQVHUYiOR FRPR R SUHVtGLR SURYRFD
XPD WULVWH]D WmR JUDQGH 2 IRUoDGR SRU VXD SUySULD QDWXUH]D WHP XPD VHGH WmR JUDQGH GH
OLEHUGDGHHSRUVXDSRVLomRVRFLDOpWmRGHVFXLGRVRWmRGHVRUGHQDGRTXHOKHYHPQDWXUDOPHQWHD
LGHLDGHDRPHQRVXPDYH]GDUDOHJULDDRFRUDomRDIRJDUWRGRRGHVJRVWRHPEDUXOKRHP~VLFD
DILPGHHVTXHFHUXPPLQXWRWDOYH]DVXDGHVJUDoDDERPLQiYHO1DGDPDLVHVWUDQKRTXHYHU
DOJXQVGHOHVDWUDEDOKDUPHVHVHPHVHVVHPIROJDFRPRILWR~QLFRGHGHVSHQGHUQXPVyGLDWRGR
R OXFUR REWLGR GHSRLV GLVVR QRYDPHQWH VH FXUYDP QRYDPHQWH VH HQFDUQLoDP QD ODEXWD DWp D
SUy[LPDEDPERFKDWD
0XLWRV GHOHV JRVWDYDP GH XVDU URXSD YLVWRVD PDLV RX PHQRV HVTXLVLWD FDOoDV SUHWDV GH
IDQWDVLDFDIHWmVFXUWRVjPRGDVLEHULDQD7DPEpPHVWDYDPPXLWRHPPRGDFDPLVDVGHFKLWDH
FLQWXU}HV FRP ILYHODV GH FREUH 2V SUHVRV VH HQIHLWDYDP DRV GRPLQJRV H[LELDPVH HP WRGR R
HVSOHQGRUDWUDYpVGRDORMDPHQWR&KHJDYDDVHULQIDQWLODVDWLVIDomRTXHVHQWLDPFRPRVHXWUDMR
QRYR $OLiV HP PXLWRV DVSHFWRV QmR SDVVDYDP RV JDOpV GH FULDQoDV JUDQGHV )DODU YHUGDGH
WRGRV DTXHOHV RXURSpLV UDSLGDPHQWH GHVDSDUHFLDP DOJXPDV YH]HV QDTXHOD PHVPD QRLWH R VHX
SURSULHWiULRRVHPSHQKDYDRXYHQGLDSRUTXDVHQDGD6HPSUHKDYLDDOLiVSUHWH[WRSDUDIHVWDV
RX SRUTXH HUD GLD VDQWR RX SRUTXH HUD DTXHOH R GLD RQRPiVWLFR GH XP GRV GHWHQWRV 2
DQLYHUVDULDQWHDVVLPTXHDFRUGDYDDFHQGLDXPDYHODGHIURQWHDRtFRQHHID]LDDVVXDVRUDo}HV
GHSRLVHQGRPLQJDYDVHHQFRPHQGDYDXPDUHIHLomR±FDUQHSHL[HHSUDWRVjPRGDVLEHULDQD±
HDGHYRUDYDFRPRXPELFKRHVIRPHDGRHPJHUDOVySRLVUDUDPHQWHFRQYLGDYDXPDPLJRSDUD
OKHSDUWLOKDURIHVWLP(QWmRDSDUHFLDDYRGFD 2IRUoDGREHELDFRPRXPRGUHHDQGDYDSHODV
FDVHUQDV WLWXEHDQGR WURSHoDQGR PDV DOWLYR SRU PRVWUDU D WRGRV TXH ³HVWDYD GH IDUUD´ ± SRLV
DTXLOR OKH HUD XPD JDUDQWLD GD HVWLPD JHUDO 2 SRYR UXVVR VHQWH XPD HVWUDQKD VLPSDWLD SHOR
ErEDGRSRUpPQRSUHVtGLRHVVDVLPSDWLDFKHJDYDDWpDRUHVSHLWRRVSDXVG
iJXDSHUWHQFLDPD
XPDHVSpFLHGHDULVWRFUDFLD$VVLPTXHVHVHQWLDDOHJUHRIRUoDGRH[LJLDP~VLFD+DYLDHQWUH
QyVXPSRODFRFRQGHQDGRSRUGHVHUomR±XPFUiSXODDEHPGL]HUPDVTXHSRVVXtDXPYLROLQRH
WRFDYD &RPR QmR WLQKD QHQKXPD SURILVVmR R VHX ~QLFR UHFXUVR FRQVLVWLD HP VH DOXJDU D XP
DQLYHUVDULDQWHHWRFDUSDUDHOHDOHJUHVP~VLFDVGDQoDQWHV(VVDIXQomRRREULJDYDDDFRPSDQKDU
RVHXpEULRSDWUmRGHDORMDPHQWRHPDORMDPHQWRDUUDQKDQGRDUDEHFDFRPTXDQWDIRUoDWLQKD
0XLWDVYH]HVRURVWROKHWUDGX]LDRWpGLRRGHVHVSHURRFDQVDoRPDVDRHVFXWDURJULWR³7RFD
GLDERJDQKDRWHXGLQKHLUR´ID]LDRTXHSRGLDDPDQREUDURDUFR2IHVWHLURVDELDPXLWREHP
TXHVHSRUDFDVRILFDVVHSRUGHPDLVUXLGRVRWHULDTXHPFXLGDVVHGHVLGHLWiORLDPHVFRQGrOR
LDP PDO DSDUHFHVVH XP FKHIH H DTXLOR VHULD IHLWR FRP DEVROXWR GHVLQWHUHVVH 3RU VHX ODGR RV
VXERILFLDLVHRVLQYiOLGRVTXH]HODYDPSHODRUGHPLQWHUQDSRGHULDPILFDUVRVVHJDGRVRErEDGR
QmRSURYRFDULDQHQKXPDFRPSOLFDomRSRLVWRGRRVHXDORMDPHQWRWHULDQHOHRVROKRV
$R PHQRU EDUXOKR j PHQRU UHYROWD WLQKDP PHLRV GH R ID]HU FDODU RX VLPSOHVPHQWH R
DPDUUDYDP 3RU HVVD UD]mR RV VXERILFLDLV IHFKDYDP RV ROKRV VDELDP PXLWR EHP TXH VH QmR
WROHUDVVHPDYRGFDDOLGHQWURDVFRLVDVDQGDULDPPXLWRSLRUHV0DVFRPRDREWLQKDPRVSUHVRV"
$ YRGFD HUD FRPSUDGD GHQWUR GR SUySULR SUHVtGLR D GHWHQWRV DSHOLGDGRV ³ERWHTXLQHLURV´ H
FXMRV QHJyFLRV FDPLQKDYDP PXLWR EHP HPERUD RV QRVVRV EHEHUU}HV IRVVHP HP SHTXHQR
Q~PHURDTXHODVRUJLDVFXVWDYDPFDURHQyVWtQKDPRVJUDQGHGLILFXOGDGHHPREWHUGLQKHLUR2
FRPpUFLR GH YRGFD VH LQLFLDYD GHVHQYROYLDVH H VH FRQFOXtD GH PDQHLUD UHDOPHQWH RULJLQDO
9HMDPRV XP GHWHQWR VHP SURILVVmR GHILQLGD H SRXFR GDGR DR WUDEDOKR KDYLD GHVVHV  PDV
GHVHMRVR H LPSDFLHQWH SRU HQULTXHFHU &RPR SRVVXL DOJXQV FRSHTXHV UHVROYH FRPHUFLDU FRP
DJXDUGHQWH±HPSUHVDEDVWDQWHDXGDFLRVD*UDQGHpRULVFRSRGHSDJiORQD³UXDYHUGH´HDR
PHVPR WHPSR YHU GLQKHLUR H PHUFDGRULD FRQILVFDGRV (QWUHWDQWR R ERWHTXLQHLUR QmR KHVLWD $
SULQFtSLRQmRGLVSRQGRVHQmRGHDOJXQVFREUHVHOHSUySULRLQWURGX]DYRGFDGDTXDOpOyJLFRVy
VHGHVID]FRPJUDQGHOXFUR5HSHWHDH[SHULrQFLDVHJXQGDWHUFHLUDYH]VHQmRpDSDQKDGRHP
EUHYH SRVVXL XP SHF~OLR TXH OKH SHUPLWH GDU H[SDQVmR DR QHJyFLR 7RUQDVH QHJRFLDQWH
FDSLWDOLVWD WHP DJHQWHV H DX[LOLDUHV DUULVFDVH PXLWR PHQRV H HQULTXHFH PXLWR PDLV 6mR RV
DX[LOLDUHVTXHVHH[S}HPQRVHXOXJDU
+i VHPSUH QR SUHVtGLR DOJXQV ORXFRV TXH R MRJR RX RV H[FHVVRV DUUXLQDUDP GH WRGR JHQWH
VHPRItFLRODPHQWiYHOHVIDUUDSDGDPDVGHFHUWDPDQHLUDGRWDGDGHDXGiFLDHHQHUJLD(VVDV
FULDWXUDV QmR SRVVXHP VHQmR XPD FRLVD DV FRVWDV H DTXLOR DLQGD SRGH WHU XPD XWLOLGDGH 2
GHVJUDoDGRUHVROYHSRUWDQWRODQoDUPmRGHVVH~OWLPRFDSLWDOHQWHQGHVHFRPXPERWHTXLQHLUR
SURS}HVHDOKHFRQWUDEDQGHDUYRGFD(WRGRERWHTXLQHLURULFRXWLOL]DPXLWRVHPSUHJDGRVGHVVD
HVSpFLH 7HP QD FLGDGH UHODo}HV FRP XP LQGLYtGXR TXDOTXHU XP VROGDGR XP DUWHVmR XPD
PHUHWUL]TXHPHGLDQWHFRPLVVmRUHODWLYDPHQWHHOHYDGDFRPSUDQXPERWHTXLPDDJXDUGHQWHGR
QRVVR UHYHQGHGRU H YDL GHSRLV HVFRQGrOD SHUWR GR ORFDO RQGH WUDEDOKDP RV IRUoDGRV (VVH
LQWHUPHGLiULRFRPHoDVHPSUHSURYDQGRDTXDOLGDGHGDPHUFDGRULDHVXEVWLWXLLPSODFDYHOPHQWH
SRU iJXD SXUD D SRUomR FRQVXPLGD QHVVD SURYD 2V VHXV IUHJXHVHV QmR SRGHP WHU H[LJrQFLDV
GHYHPVHGDUSRUIHOL]HVHPDUUDQMDUYRGFDVHMDTXDOIRU2IRUQHFHGRUYrHQWmRDFKHJDGDGRV
FDUUHJDGRUHVLQGLFDGRVSHORERWHTXLQHLUR(VVHVWUD]HPFRQVLJRDOJXPDVWULSDVGHERLTXHIRUDP
DQWHFLSDGDPHQWHODYDGDVHFKHLDVGHiJXDSDUDILFDUHPIUHVFDVHPDFLDV'HSRLVTXHDYRGFDp
PXGDGDGHUHFLSLHQWHRVFDUUHJDGRUHVHQURODPDVWULSDVHPUHGRUGRFRUSR±QRVOXJDUHVPDLV
VHFUHWRV HP TXH p SRVVtYHO DWiODV e Dt TXH VH PRVWUD WRGD D DVW~FLD WRGD D KDELOLGDGH GR
FRQWUDEDQGLVWD 6XD KRQUD HVWi HP MRJR e SUHFLVR HQJDQDU YLJLODQWHV H VHQWLQHODV H HOH RV
HQJDQD8PERPFRQWUDEDQGLVWDVHPSUHVHDUUDQMDGHPRGRTXHRVROGDGRGDHVFROWD HPJHUDO
XPUHFUXWD GHQDGDGHVFRQILHeFODURTXHSDUDFRPHoDURIRUoDGRHVWXGDEHPDSVLFRORJLDGR
VROGDGR OHYD WDPEpP HP FRQWD D KRUD H R ORFDO GD VXD WDUHID 6H SRU H[HPSOR p IRJXLVWD QD
RODULDWUHSDQRIRUQRTXHPpTXHYDLHQ[HUJDURTXHHOHHVWiID]HQGR"4XDQGRYROWDDRSUHVtGLR
WUD]VHPSUHQDPmRXPDPRHGDGHTXLQ]HRXYLQWHFRSHTXHVSDUDDGRoDURVSRVVtYHLVULJRUHVGR
FDER GD JXDUGD TXH HVWi DR SRUWmR H p HQFDUUHJDGR GH H[DPLQDU RV SUHVRV TXH UHWRUQDP GR
WUDEDOKRDQWHVTXHGHHPHQWUDGDQRUHFLQWRGDIRUWDOH]D2SRUWDGRUGHYRGFDHVSHUDTXHQmROKH
LQIOLMDPDYHUJRQKDGHDSDOSiORPLQXFLRVDPHQWHHPFHUWRVOXJDUHV±PDVDFRQWHFHjVYH]HV
TXH XP FDER PDLV LQVLVWHQWH YDL GLUHWR jTXHOHV GLWRV OXJDUHV H GHVFXEUD R FRQWUDEDQGR 5HVWD
HQWmR XPD GHUUDGHLUD HVSHUDQoD DR GHVJUDoDGR jV HVFRQGLGDV GR VROGDGR GD HVFROWD HQILD QD
PmRGRFDERDPRHGDTXHWUD]LDFRQVLJR(VVDPDQREUDTXDVHVHPSUHOKHSHUPLWHSHQHWUDUVmRH
VDOYRQRSUHVtGLR$OJXPDVYH]HVSRUpPRQHJyFLRDFDEDPDOHOHHQWmRWHPTXHFRQWDUFRPR
VHX~OWLPRFDSLWDO±LVWRpDVFRVWDV)D]VHXPUHODWyULRDRPDMRUDoRLWDVHLPSLHGRVDPHQWHR
FDSLWDO H FRQILVFDVH R FRUSR GH GHOLWR 1HVVHV FDVRV R FRQWUDEDQGLVWD DVVXPH WRGD D
UHVSRQVDELOLGDGH H HYLWD FXLGDGRVDPHQWH GHQXQFLDU R ERWHTXLQHLUR QmR TXH UHFHLH ILFDU
GHVRQUDGR SHOD GHODomR PDV VLPSOHVPHQWH SRUTXH DTXHOD GHODomR GH QDGD OKH VHUYLUi 6HUi
IXVWLJDGR GR PHVPR PRGR H VHX ~QLFR FRQVROR VHUi YHU R QHJRFLDQWH DSDQKDU DR VHX ODGR (
DILQDOGHFRQWDVDLQGDSUHFLVDGRSDWUmRHPERUDVHJXQGRRVXVRVHRFRQWUDWRSUHYLDPHQWHIHLWR
QmRWHQKDRFDUUHJDGRUGLUHLWRDLQGHQL]DomRDOJXPDSHORVDoRLWHVUHFHELGRV
$OLiV DV GHODo}HV VmR QR SUHVtGLR FRLVD FRPXQtVVLPD 2 GHODWRU QmR p REMHWR GH QHQKXP
GHVSUH]RQmRSURYRFDQHQKXPDLQGLJQDomRQLQJXpPRHYLWDSHORFRQWUiULRpDWpXPDDPL]DGH
SURFXUDGD 6H DOJXpP WHQWDVVH PRVWUDU DRV IRUoDGRV TXDQWD YLODQLD Ki QXPD GHODomR HOHV
GHFHUWRQmRRFRPSUHHQGHULDP$TXHOHH[ILGDOJRVyUGLGRHYLFLDGRFRPTXHPURPSLUHODo}HV
GHVGHRSULPHLURGLDHUDDPLJRGH)HGNDDRUGHQDQoDGRPDMRU6HUYLDOKHGHHVSLmRH)HGND
FRQWDYDDRFRPDQGDQWHWXGRRTXHRRXWUROKHFRPXQLFDYD1LQJXpPLJQRUDYDHVVHIDWRQXQFD
HQWUHWDQWR XP GRV SUHVRV FXLGRX HP FDVWLJDU HVVH FDQDOKD QHP PHVPR HP OKH ID]HU D PHQRU
FHQVXUD
0DV HLVPH GH QRYR DIDVWDGR GR PHX DVVXQWR 4XDQGR D DJXDUGHQWH p LQWURGX]LGD VHP
WURSHoRV R QHJRFLDQWH VH DSRGHUD GDV WULSDV FKHLDV SDJD RV FRQWUDEDQGLVWDV H S}HVH D ID]HU
FiOFXORV&RQVLGHUDQGRTXHDPHUFDGRULDOKHVDLPXLWRFDUDDFKDMXVWRDXPHQWDUXPSRXFRRV
VHXV IXWXURV OXFURV DFUHVFHQWDQGROKH PDLV XPD ERD SRUomR GH iJXD 'HSRLV GH WXGR SURQWR
HVSHUDHQWmRDIUHJXHVLD1RGRPLQJRVHJXLQWHjVYH]HVPDLVFHGRRFOLHQWHVHDSUHVHQWDVRED
IRUPD GXP GHWHQWR TXH WUDEDOKRX YiULRV PHVHV FRPR XP ERL GH FDQJD H UHXQLX YLQWpP SRU
YLQWpP R GLQKHLUR QHFHVViULR DRV VHXV SUD]HUHV -i Ki PXLWR WHPSR GXUDQWH R VRQR GXUDQWH R
WUDEDOKRRPLVHUiYHOSHQVDHQFDQWDGRQDTXHOHGLD$LGHLDGDIHVWDHPSHUVSHFWLYDRDPSDUD
DWUDYpVGDGXUH]DGDVXDYLGD(QILPDFDEDGHOX]LUDDXURUDGDGDWDIHVWLYDHFRPRRGLQKHLUR
MXQWR QmR IRL URXEDGR QHP FRQILVFDGR HQWUHJDR DR ERWHTXLQHLUR 2 QHJRFLDQWH OKH VHUYH D
YRGFD GD PDLV SXUD TXH p SRVVtYHO ± LVWR p EDWL]DGD DSHQDV GXDV YH]HV PDV j PHGLGD TXH VH
HVYD]LDDJDUUDIDYDLHQFKHQGRDFRPiJXD1HVVDVFRQGLo}HVFRPRDGRVHpSDJDFLQFRRXVHLV
YH]HVPDLVFDUDGRTXHQRVERWHTXLQVGHYHUGDGHpIiFLOFRQFHEHUTXDQWRpSUHFLVREHEHUTXDQWR
GLQKHLUR p PLVWHU JDVWDU SDUD FKHJDU j HPEULDJXH] (QWUHWDQWR GDGD D IDOWD GH KiELWR H D
DEVWLQrQFLDDQWHULRURIRUoDGRVHHPEHEHGDPXLWRGHSUHVVDPDVHPJHUDOFRQWLQXDDEHEHUDWp
QmR WHU PDLV XP UHDO FRQVLJR (QWmR FRPR R ERWHTXLQHLUR WDPEpP H[HUFH D XVXUD R
DQLYHUVDULDQWHHPSHQKDWRGDDURXSDHPSULPHLUROXJDUDVXDOLQGDEOXVDQRYDGHSRLVRVWUDSRV
YHOKRV HQILP RV REMHWRV TXH UHFHEHX GR JRYHUQR %HELGR DILQDO R GHUUDGHLUR IDUUDSR R
³HVSRQMD´VHGHLWDHTXDQGRQRGLDVHJXLQWHVHOHYDQWDUFRPDLQHYLWiYHOUHVVDFDSHGLUiHPYmR
DR ERWHTXLQHLUR TXH OKH DUUDQMH XPD JRWD GH YRGFD SDUD OKH FRUULJLU R PDOHVWDU (QWmR
WULVWHPHQWHWHUiTXHVXSRUWDURVVHXVLQF{PRGRVHYROWDUiLQFRQWLQHQWLDRWUDEDOKR(GHQRYRYDL
VH PDWDU GXUDQWH PHVHV FRP YLYDV VDXGDGHV GDTXHOH GLD IHOL] 3RXFR D SRXFR QR HQWDQWR VH
UHDQLPDUi HVSHUDUi RXWUR GLD VHPHOKDQWH DLQGD ORQJtQTXR WDOYH] PDV TXH DFDEDUi DILQDO SRU
QDVFHU
4XDQWRDRERWHTXLQHLURGHSRLVGHID]HUIRUWXQD±DOJXPDVGH]HQDVGHUXEORV±SUHSDUDXPD
~OWLPD SURYLVmR GH YRGFD ± VHP EDWLVPR GHVVD YH] SRUTXH p GHVWLQDGD D VL SUySULR %DVWD GH
QHJyFLRVDJRUDWHPGLUHLWRGHVHGLYHUWLU(FRPHoDHQWmRDIHVWDQoDEHELGDVFRPLGDHP~VLFD
(OH WHP GLQKHLUR SRGH FRPSUDU D DTXLHVFrQFLD GDV DXWRULGDGHV VXEDOWHUQDV $ IHVWD GXUD jV
YH]HVDOJXQVGLDV1RWHVHTXHDSURYLVmRGHYRGFDGHSUHVVDpHVJRWDGDHOHHQWmRYDLSURFXUDU
RV FROHJDV TXH Mi R HVSHUDYDP H FRQWLQXD D EHEHU HQTXDQWR WLYHU XPD PRHGD QR EROVR $
GHVSHLWR GD YLJLOkQFLD GRV GHWHQWRV DFRQWHFH jV YH]HV TXH XP GRV ErEDGRV FDL VRE RV ROKRV GR
PDMRU RX GXP RILFLDO OHYDPQR HQWmR DR FRUSR GD JXDUGD FRQILVFDPOKH R GLQKHLUR VH DLQGD
WUD]DOJXPFRQVLJRHILQDOPHQWHSDVVDPQRSHODVYDUDV(OHVRIUHRFDVWLJRHUJXHVHVDFRGH
VHYROWDjFDVHUQDHGHQWURGHSRXFRVGLDVUHWRPDRVHXRItFLRGHERWHTXLQHLUR(QFRQWUDPVHjV
YH]HVHQWUHHVVHVGLVVLSDGRUHVTXHURGL]HUHQWUHRVULFRVDOJXQVDSUHFLDGRUHVGREHORVH[R3RU
XPERPGLQKHLURRJDOmHPSHUVSHFWLYDFRUURPSHRVROGDGRGDHVFROWDHDPERVHPYH]GHVH
HQFDPLQKDUHPDRWUDEDOKRWRPDPjVHVFRQGLGDVSRUXPFDUUHLURLVRODGR/iQDOJXPFDQWLQKR
VRVVHJDGRQRVILQVGDFLGDGHHQWmRDIHVWDpJURVVDHRVFRSHTXHVFRUUHPVHPFRQWD2GLQKHLUR
GHXPSUHVRQmRpPDLVVXMRGRTXHRGHRXWURTXDOTXHUKRPHPDOLiVRVROGDGRGDHVFROWDp
WDPEpPXPFDQGLGDWRDRVWUDEDOKRVIRUoDGRV&RPRGLQKHLURWXGRVHDUUDQMDHHVVDVVRUWLGDV
VmRHPJHUDOPDQWLGDVVHFUHWDVeSUHFLVRHQWUHWDQWRFRQIHVVDUTXHFXVWDPFDURHVmRUDUDV2V
DPDQWHVGREHORVH[RWrPRXWURVUHFXUVRVPHQRVGLVSHQGLRVRV
1RLQtFLRGRPHXWHPSRGHSUHVtGLRXPMRYHPGHWHQWRPXLWRVLPSiWLFRFKDPDGR6LURWNLQH
PHGHVSHUWRXSDUWLFXODUPHQWHDFXULRVLGDGHSDUHFLDHQLJPiWLFRDPXLWRVUHVSHLWRV$EHOH]DGR
VHXURVWRPHLPSUHVVLRQDUD1mRGHYLDWHUPDLVGHYLQWHHWUrVDQRV&RPRID]LDSDUWHGDVHomR
HVSHFLDOWLQKDTXHVHUFRQVLGHUDGRXPFULPLQRVRGDSLRUHVSpFLH&DOPRGHOLFDGRIDODYDSRXFR
HUDUDPHQWHVRUULD7LQKDRVROKRVD]XLVIHLo}HVUHJXODUHVDSHOHDOYDHRVFDEHORVGXPORXUR
DFLQ]HQWDGR$FDEHoDPHLRUDVSDGDQmRRDIHWDYDWmRERQLWRHUDRKRPHP1mRWLQKDQHQKXPD
SURILVVmR SRUpP TXDVH VHPSUH GLVSXQKD GH GLQKHLUR HP SHTXHQDV TXDQWLGDGHV ,QVLJQH SHOD
SUHJXLoD 6LURWNLQH QmR VH SUHRFXSDYD FRP RV WUDMRV PDV VH SRU DFDVR DOJXpP OKH GDYD GH
SUHVHQWHXPDEOXVDYHUPHOKDSRUH[HPSORRUDSD]QmRHVFRQGLDRVHXSUD]HUHLDVHH[LELUSRU
WRGRRDORMDPHQWR1mREHELDQmRMRJDYDQmREULJDYDTXDVHQXQFD3DVVHDYDjVYH]HVSRUWUiV
GDV EDUUDFDV FRP DV PmRV QRV EROVRV WUDQTXLOD H SHQVDWLYDPHQWH (P TXH SHQVDULD" 6H R
FKDPDYDPVHOKHID]LDPXPDSHUJXQWDUHVSRQGLDORJRFRPXPDHVSpFLHGHGHIHUrQFLDSRXFR
FRPXP DOL H R ID]LD FRP DOJXPDV SDODYUDV UiSLGDV VHP WDJDUHOLFH LQ~WLO IL[DQGR QD JHQWH R
ROKDUGHXPDFULDQoDGHGH]DQRV6HWLQKDDOJXPGLQKHLURQmRDGTXLULDQDGD~WLOQmRPDQGDYD
UHPHQGDU R FDVDFR QmR FRPSUDYD ERWDV QRYDV FRPSUDYDNDODWFKLRXSmRGRFHTXH GHYRUDYD
FRPR XP JDURWLQKR ( RV RXWURV IRUoDGRV OKH GL]LDP ³(L 6LURWNLQH &RLWDGLQKR GR yUImR GH
.D]DQ´ 
1DV KRUDV GH IROJD DTXHOH GHVRFXSDGR VROLWiULR YDJXHDYD GXPD FDVHUQD j RXWUD HQWUH RV
FRPSDQKHLURV HQWUHJXHV DRV VHXV RItFLRV SDUWLFXODUHV 4XDQGR TXDOTXHU XP OKH DWLUDYD XPD
]RPEDULD H ID]LDP PXLWD WURoD GHOH 6LURWNLQH GDYD PHLD YROWD VHP UHVSRQGHU H WRFDYD SDUD
RXWURDORMDPHQWRjVYH]HVTXDQGRDSLOKpULDHUDSRUGHPDLVIHULQDHOHFRUDYD(HXSHUJXQWDYD
D PLP SUySULR TXH FULPH WHULD FRPHWLGR DTXHOH PRoR SDFtILFR H VLPSOHV 'XUDQWH XPD GDV
PLQKDVHVWDGDVQRKRVSLWDOWLYH6LURWNLQHFRPRYL]LQKRGHOHLWR(FHUWDRFDVLmRHOHVHDQLPRX
FRQWRX FRPR KDYLDP IHLWR GH VL XP VROGDGR FRPR VXD PmH R DFRPSDQKDUD FKRUDQGR RV
WRUPHQWRVTXHVRIUHUDQREDWDOKmR1XQFDVHS{GHKDELWXDUjYLGDGHTXDUWHOSRUFDXVDGDULVSLGH]
GRVFKHIHVVHPSUHGHVFRQWHQWHVFRPRVVHXVVHUYLoRV
± ( GHSRLV" ± SHUJXQWHL ± 4XH IRL TXH WH WURX[H DTXL" ( SDUD D VHomR HVSHFLDO DLQGD SRU
FLPD$K6LURWNLQH6LURWNLQH
± e YHUGDGH $OH[DQGU 3HWURYLWFK SDVVHL DSHQDV XP DQR QR EDWDOKmR ( HVWRX DTXL SRUTXH
PDWHL*ULJRUL3HWURYLWFKPHXFDSLWmR
± (VWRX RXYLQGR 6LURWNLQH FRQWXGR QmR DFUHGLWR QR TXH GL]HV (QWmR p PHVPR YHUGDGH TXH
PDWDVWHXPKRPHP"
±eYHUGDGH$OH[DQGU3HWURYLWFKHXMiQmRSRGLDPDLV
±0DVWRGRVRVRXWURVUHFUXWDVVHDFRVWXPDPeFODURTXHRFRPHoRpGLItFLOSRUpPDJHQWH
VHKDELWXDHDFDEDVHQGRXPERPVROGDGR7XDPmHIRLTXHWHHVWUDJRXFULRXWHFRPSmRGHOyH
GRFHGHOHLWHDWpDRVGH]RLWRDQRV
± e YHUGDGH TXH PLQKD PmH JRVWDYD PXLWR GH PLP 4XDQGR IXL VHU VROGDGR HOD FDLX GH
FDPDHVHJXQGRPHFRQWDUDPQXQFDPDLVVHOHYDQWRX(HXQmRSRGLDPDLV2FDSLWmRWLQKD
PH WRPDGR yGLR FDVWLJDYDPH R WHPSR WRGR ( SRU TXr" (X REHGHFLD D TXHP PH PDQGDYD
FXLGDYDGRPHXVHUYLoRQmREHELDQmRWLQKDYtFLRVSRUTXHYHMDEHP$OH[DQGU3HWURYLWFKp
PXLWRUXLPXPKRPHPWHUYtFLRV7RGRRPXQGRHUDPDOYDGRHHXQmRWLQKDQLQJXpPFRPTXHP
GHVDEDIDU PHXV GHVJRVWRV ¬V YH]HV PHWLDPH QXP FDQWR SDUD FKRUDU j YRQWDGH 8P GLD
WLQKDPPHSRVWRGHVHQWLQHODMXQWRDRGHSyVLWRGHDUPDV6RSUDYDXPYHQWRGHRXWRQRHDQRLWH
HVWDYDWmRHVFXUDTXHQmRVHHQ[HUJDYDGRLVGHGRVGLDQWHGRVROKRV$KTXHDJRQLDPHDSHUWRXR
FRUDomR TXH DJRQLD 'H UHSHQWH WLUHL D EDLRQHWD GD DUPD GHLWHLD DR PHX ODGR GHVFDOFHL D
ERWLQDGRSpGLUHLWRHDSHUWHLRJDWLOKRFRPRGHGRJUDQGH0DVRWLURIDOKRX([DPLQHLRIX]LO
SXV FDUJD QRYD GH SyOYRUD DMHLWHL D SHGHUQHLUD H QRYDPHQWH HQFRVWHL R FDQR DR SHLWR 4XH
KRXYH RXWUD YH]" $ SyOYRUD TXHLPRX SRUpP R WLUR QmR VDLX &DOFHL D ERWD DMXVWHL GH QRYR D
EDLRQHWDHFRQWLQXHLDGDUJXDUGDFDODGR)RLQHVVHPRPHQWRTXHPHUHVROYLDDFDEDUPLOYH]HV
D6LEpULDTXHDTXHODYLGDGHVJUDoDGD'HSRLVGHPHLDKRUDRFDSLWmRTXHID]LDDURQGDFDLXPH
HPFLPD³(QWmRpDVVLPTXHVHID]VHQWLQHOD"´3HJXHLRIX]LOHHQWHUUHLQHOHDEDLRQHWDDWpR
SXQKR5HFHELSRULVVRTXDWURPLODoRLWHVHPHPDQGDUDPSDUDDVHomRHVSHFLDO
1mRHVWDYDPHQWLQGR0DVSRUTXHRKDYLDPPDQGDGRSDUDDVHomRHVSHFLDO"(PJHUDOHVVH
FULPHSURYRFDXPFDVWLJRPHQRVVHYHUR(QWUHRVTXLQ]HLQGLYtGXRVTXHIRUPDYDPDTXHODVHomR
6LURWNLQH HUD R ~QLFR GH EHOD DSDUrQFLD 6DOYR GXDV RX WUrV FDUDV PDLV RX PHQRV WROHUiYHLV RV
RXWURV WRGRV GDYDP PHGR GH ROKDU RUHOKDV FRPSULGDV FDEDQDV IHLo}HV PHGRQKDV URXSD HP
GHVRUGHP +DYLD HQWUH HOHV DOJXPDV FDEHoDV EUDQFDV 6H DV FLUFXQVWkQFLDV R SHUPLWLUHP
IDODUHLGHWLGDPHQWHVREUHHVVHVKRPHQV
6LURWNLQH HUD JUDQGH DPLJR GH *D]LQH R TXDO QR LQtFLR GHVWH FDStWXOR YLPRV HQWUDU
FDPEDOHDQGR QD FR]LQKD FRP R ILP ~QLFR SHOR TXH SDUHFLD GH GHVWUXLU DV LGHLDV TXH HX
DQWHULRUPHQWHIRUPDUDDFHUFDGRSUHVtGLR
$TXHOHKRUUHQGRLQGLYtGXRSURYRFDYDHPWRGRVXPDLPSUHVVmRGHDQJ~VWLDHSDYRU6HPSUH
PHSDUHFHXLPSRVVtYHOHQFRQWUDUFULDWXUDPDLVIHUR]PDLVDERPLQiYHO9LHP7REROVNREDQGLGR
.DPHQLHYFXMRVFULPHVVmRFpOHEUHV9LGHSRLVRGHVHUWRU6RNRORYPHGRQKRPDWDGRUWDPEpP
0DVQHPXPQHPRXWURPHLQVSLURXWDPDQKDUHSXJQkQFLDFRPR*D]LQH3DUHFLDPHjVYH]HV
TXHHVWDYDjIUHQWHGHXPDDUDQKDHQRUPHJLJDQWHVFDGRWDPDQKRGXPKRPHP(UDXPWiUWDUR
FXMD IRUoD PRQVWUXRVD XOWUDSDVVDYD D GH WRGRV RV RXWURV IRUoDGRV (VWDWXUD DFLPD GH PHGLDQD
FRP P~VFXORV GH +pUFXOHV FDEHoD GLVIRUPH GHVPHVXUDGD FDPLQKDYD FRP DV FRVWDV
DUUHGRQGDGDVHPFRUFXQGDHRVROKRVQRFKmR&RUULDPHVWUDQKDVKLVWyULDVDVHXUHVSHLWRVDELD
VHTXHYLQKDGRH[pUFLWRPDVDOJXQVGHWHQWRVSUHWHQGLDPFRPRXVHPUD]mRTXHHOHVHHYDGLUD
GH1HUWFKLQVNGHSRUWDGRSDUDD6LEpULDPDLVXPDYH]FRQVHJXLUDIXJLUHWURFDUGHQRPHSDUD
DFDEDUILQDOPHQWHQDQRVVDVHomRHVSHFLDO&RQWDYDVHWDPEpPTXHHOHVHGLYHUWLDRXWURUDHP
PDVVDFUDU FULDQFLQKDV DUUDVWDYDDV SDUD XP OXJDU SURStFLR DWRUPHQWDYDDV PDUWLUL]DYDDV H
GHSRLV GH OKHV JR]DU DPSODPHQWH R SDYRU R SkQLFR PDWDYDDV OHQWDPHQWH GHOLEHUDGDPHQWH
VDERUHDQGRRVHXSUD]HU7XGRLVVRWDOYH]IRVVHPDSHQDVFRQWRVGHFDURFKLQKDHQJHQGUDGRVSHOD
GHVDJUDGiYHOLPSUHVVmRTXH*D]LQHSURYRFDYDHPWRGRVQyVPDVDTXHODVLQYHQo}HVVHFDVDYDP
EHPFRPRVVHXVPRGRVFRPDVXDFDUD(QWUHWDQWRTXDQGRHOHQmRHVWDYDErEDGRSRUWDYDVH
GHPDQHLUDPXLWRUD]RiYHO,PSHUWXUEiYHOVHPSUHVHPSURFXUDUEULJDVFRPQLQJXpPHYLWDQGR
GLVSXWDVSDUHFLDGHVSUH]DURVFRPSDQKHLURVHVHFRQVLGHUDUPXLWRDFLPDGHOHV3RXFRORTXD]RX
DQWHV LQWHQFLRQDOPHQWH WDFLWXUQR 6HXV PRYLPHQWRV HUDP OHQWRV WUDQTXLORV GHWHUPLQDGRV RV
ROKRV WUDtDP LQWHOLJrQFLD H DVW~FLD H[WUDRUGLQiULDV H R URVWR R VRUULVR WLQKDP XPD H[SUHVVmR
XQLIRUPHPHQWH DUURJDQWH HVFDUQLQKD FUXHO (UD XP GRV PDLV ULFRV ERWHTXLQHLURV GR SUHVtGLR
FRQWXGRGXDVYH]HVSRUDQREHELDjODUJDHPRVWUDYDjOX]GRVRODEHVWLDOLGDGHGDVXDQDWXUH]D
4XDQWRPDLVVHHPEULDJDYDPDLVDVVDOWDYDRVRXWURVFRP]RPEDULDVPRUWLILFDQWHVVDELDPHQWH
FDOFXODGDV H TXH SDUHFLDP SUHSDUDGDV FRP JUDQGH DQWHFHGrQFLD &KHJDQGR DR SDUR[LVPR GD
HPEULDJXH] ILFDYD IXULRVR DSDQKDYD XPD IDFD H VH DWLUDYD DRV GHWHQWRV &RQKHFHQGROKH D
IRUoDSURGLJLRVDHOHVIXJLDPGHOHHVHHVFRQGLDPSRLV*D]LQHDWDFDYDWRGRVTXHOKHFDtDPQDV
PmRV 0DV GHSUHVVD FRQVHJXLDP PHLRV GH R GRPLQDU 8PD GH]HQD GH KRPHQV VH SUHFLSLWDYD
VREUH HOH PRtDR GH SDQFDGDV QR SHLWR QR YHQWUH SRU VREUH R FRUDomR QR HVW{PDJR QmR VH
SRGHULD LPDJLQDU FRLVD PDLV FUXHO ( LVVR DWp TXH HOH ILFDVVH GHVDFRUGDGR (UD WUDWDPHQWR TXH
PDWDULD TXDOTXHU RXWUR TXH QmR IRVVH *D]LQH PDV FRP HOH QmR KDYLD HVVH ULVFR 'HSRLV GD
SDQFDGDULD HQURODYDPQR QD VXD SHOH GH FDUQHLUR H R GHLWDYDP QD WDULPED ³'HL[D HVVH
PDODQGUR FR]LQKDU DJRUD D YRGFD TXH EHEHX´ 1R GLD VHJXLQWH FRP HIHLWR HOH VH OHYDQWDYD
TXDVH FXUDGR H LD SDUD R WUDEDOKR FRP D FDUD IHFKDGD HP VLOrQFLR &DGD YH] TXH *D]LQH VH
GLYHUWLDWRGRVVDELDPFRPRRVHXGLDLULDWHUPLQDU(OHWDPEpPRVDELDFRQWXGRVHHPEULDJDYD
GD PHVPD PDQHLUD $OJXQV DQRV VH SDVVDUDP DVVLP DILQDO UHJLVWURXVH XPD PXGDQoD HP
*D]LQHTXHL[DYDVHGHWRGDHVSpFLHGHGRHQoDVHPDJUHFLDYLVLYHOPHQWHIUHTXHQWDYDFDGDGLD
PDLVRKRVSLWDO³(VWiGDQGREDL[D´GL]LDPGHOHRVGHWHQWRV1RGLDGHPLQKDFKHJDGD*D]LQH
HQWURX QD FR]LQKD HQTXDQWR HX DLQGD HVWDYD Oi VHJXLGR SHOR VyUGLGR SRODFR UDEHTXLVWD TXH RV
ErEDGRVFRQWUDWDYDPSDUDOKHVFRPSOHWDURVSUD]HUHV'HWHYHVHQRPHLRGDSHoDHHQFDURXHP
VLOrQFLRWRGRVTXHOiVHHQFRQWUDYDP$YLVWDQGRPHSRUILPMXQWRDRPHXFDPDUDGDIL[RXHP
QyV XP ROKDU HVFDUQLQKR FUXHO H FRP R VRUULVR VDWLVIHLWR GH DOJXpP TXH SUHSDURX XPD ERD
SLOKpULDDSUR[LPRXVHDFDPEDOHDUGDQRVVDPHVD
±6HUiRXVDGLDSHUJXQWDUVHRVVHXVUHQGLPHQWRVOKHVSHUPLWHPEHEHUFKiDTXL"
7URTXHLXPROKDUFRPRPHXYL]LQKRFRPSUHHQGHPRVDPERVTXHVHULDPHOKRUILFDUPRVHP
VLOrQFLR¬SULPHLUDFRQWUDGLomRRIXURUGRpEULRVHGHVHQFDGHDULD
±(QWmRWrPGLQKHLUR"±FRQWLQXRXHOH±7HPXQVERQVFREUHVKHLQ"0DVGLJDPXPDFRLVD
IRLSDUDWRPDUFKD]LQKRVTXHYLHUDPSDUDD6LEpULD"5HVSRQGDPPHVHXVILOKRVGD
9HQGRQRV UHVROYLGRV D QmR OKH GDU UHVSRVWD D QmR OKH SUHVWDU QHQKXPD DWHQomR HOH ILFRX
UXEURHS{VVHDWUHPHUGHI~ULD'HVFREULXDRVHXODGRQXPFDQWRXPDSHVDGDWiEXDQDTXDO
DUUXPDYDPRVSHGDoRVGHSmRGHVWLQDGRVjQRVVDFRPLGD7LQKDWDPDQKRVXILFLHQWHSDUDFRQWHU
DVUDo}HVGHPHWDGHGRVSUHVRVQDTXHOHPRPHQWRHVWDYDYD]LDH*D]LQHDJDUURXDFRPDVGXDV
PmRV EUDQGLQGRD VREUH DV QRVVDV FDEHoDV 0DLV XP LQVWDQWH H QRV TXHEUDULD R FUkQLR 8PD
PRUWHRXWHQWDWLYDGHPRUWHSURYRFDYDVHPSUHRVPDLRUHVDERUUHFLPHQWRVLQTXpULWRVEXVFDV
VHYHULGDGHUHGREUDGD3RULVVRWLQKDPRVGHWHQWRVRPi[LPRLQWHUHVVHHFXLGDGRHPHYLWDUWDLV
H[FHVVRV (QWUHWDQWR QHQKXP VH PH[HX 1HP XPD YR] VH HOHYRX SDUD QRV GHIHQGHU QHP XP
JULWR VH HUJXHX FRQWUD *D]LQH 2 yGLR GH WRGRV FRQWUD RVEDULQHV HUD WmR LQWHQVR TXH VH
DOHJUDYDPDRYrORVHPSHULJR0DVDFRLVDDVVXPLXXPDVSHFWRLQHVSHUDGRQRPRPHQWRHP
TXH*D]LQHLDDEDWHUDWiEXDDOJXpPJULWRXGDSRUWD
±*D]LQHURXEDUDPDWXDYRGFD
2WiUWDURGHL[RXFDLUDWiEXDQRFKmRHVHSUHFLSLWRXFRPRXPORXFRSDUDIRUDGDFR]LQKD
±)RL'HXVTXHVDOYRXDTXHOHVGRLV±GLVVHUDPHQWUHVLRVRXWURVHGXUDQWHPXLWRWHPSRDLQGD
UHSHWLUDPDDILUPDomR
1XQFDSXGHVDEHUVHRURXERGDYRGFDIRLUHDORXVHRVLPXODUDPSDUDQRVVDOYDU
1HVVD QRLWH DQWHV GR IHFKDPHQWR GDV FDVHUQDV IXL SDVVHDU DR ORQJR GRV PXURV GHQWUR GD
HVFXULGmRFUHSXVFXODU8PDSHVDGDWULVWH]DPHHVPDJDYDDDOPDXPDWULVWH]DWmRJUDQGHTXH
GXUDQWHWRGDPLQKDHVWDGDQRSUHVtGLRMDPDLVVHQWLRXWUDLJXDO2SULPHLURGLDGHLQWHUQDPHQWRp
SDUWLFXODUPHQWH GRORURVR GH VXSRUWDU VHMD QXPD SULVmR QXP TXDUWHO RX QXP SUHVtGLR 0DV VH
EHPPHOHPEURHXMiUXPLQDYDXPSUREOHPDTXHPHDWRUPHQWRXVHPGHVFDQVRGXUDQWHWRGRR
SHUtRGR GD PLQKD UHFOXVmR SUREOHPD TXH DLQGD KRMH PH SDUHFH HP SDUWH LQVRO~YHO ± LVWR p D
GHVLJXDOGDGH GR FDVWLJR SDUD FULPHV VLPLODUHV 3RUTXH QD YHUGDGH QHQKXP FULPH p
LQWHLUDPHQWH VHPHOKDQWH D RXWUR 9HMDPRV SRU H[HPSOR GRLV DVVDVVLQDWRV SHVDUDPVH WRGDV DV
FLUFXQVWkQFLDV H VH LQIOLJLX DRV GRLV FXOSDGRV XP FDVWLJR TXDVH LGrQWLFR DSHVDU GDV GLIHUHQoDV
PXLWRVHQVtYHLVTXHH[LVWHPHQWUHDPERV8PGHOHVSURWDJRQLVWDGHXPDOHQGDTXHFRUUHHQWUH
RVIRUoDGRVPDWRXjWRDSRUXPQDGDSRUXPDFHERODHPERVFDGRQDHVWUDGDDVVDVVLQRXXP
SREUHGLDERTXHSDVVDYDHQmROKHHQFRQWURXQRVEROVRVVHQmRXPDPtVHUDFHEROD³$LSDL]LQKR
WXPHPDQGDVWHFKDPDUPDWHLXPFULVWmRHVyDFKHLFRPHOHXPDFHEROD´±,GLRWDOKHGL]R
GHP{QLR XPD FHEROD YDOH XP FRSHTXH FHP DOPDV VmR FHP FHERODV ( FHP FHERODV VmR XP
UXEOR´ eDVVLPTXHUH]DDWDOOHQGD 2RXWURPDWRXXPOLEHUWLQRWLUkQLFRSDUDVDOYDUDKRQUDGD
VXDQRLYDGDVXDLUPmHGDVXDILOKD8PWHUFHLURVHUYRIXJLWLYRPHLRPRUWRGHIRPHWDOYH]
PDWRXXPGRVSROLFLDLVDWLUDGRVHPEDQGRjVXDSHUVHJXLomRPDWRXSDUDGHIHQGHUDOLEHUGDGHH
DYLGD$TXHOHRXWURSRUVLPSOHVGLYHUWLPHQWRGHJRODFULDQFLQKDVHJR]DXPSUD]HULQWHQVRDR
OKHV VHQWLU R VDQJXH WpSLGR FRUUHU QDV PmRV GiOKH SUD]HU R SDYRU GHODV GiOKH SUD]HU D VXD
GHUUDGHLUD FRQYXOVmR GH SRPELQKRV VDFULILFDGRV (QWUHWDQWR XQV H RXWURV VmR SXQLGRV FRP D
PHVPDSHQD+iUHDOPHQWHXPDYDULDQWHQDLQWHQVLGDGHGRFDVWLJR±PDVHVVDYDULDQWHpPXLWR
SUHFiULD HP UHODomR j GLYHUVLGDGH QD PHVPD HVSpFLH GH FULPHV 7DQWRV TXDQWRV IRUHP DV
FDUDFWHUHV WDQWDV VHUmR DV GLIHUHQoDV +mR GH PH REMHWDU TXH VHULD GLItFLO DSODLQDU HVVDV
GLIHUHQoDVTXHHODVUHSUHVHQWDPXPHQLJPDTXDVHWmRLQVRO~YHOFRPRDTXDGUDWXUDGRFtUFXOR
3RLV FRQFRUGHPRV FRP HVVD GHVLJXDOGDGH SDVVHPRV D H[DPLQDU RXWUD GHVLJXDOGDGH D GDV
FRQVHTXrQFLDV GR FDVWLJR 8P GRV FRQGHQDGRV VH FRQVRPH GHUUHWHVH FRPR XPD YHOD RXWUR
QmR GHVFRQILDUD QXQFD TXH KRXYHVVH QR PXQGR YLGD WmR GLYHUWLGD JUXSR WmR DJUDGiYHO GH
HVSOrQGLGRVFDPDUDGDVSRUTXHQRSUHVtGLRDWpJHQWHFRPHVVHVVHQWLPHQWRVVHHQFRQWUD2XWUR
GHWHQWR KRPHP FXOWLYDGR SUHVD GRV UHPRUVRV GH XPD FRQVFLrQFLD UHTXLQWDGD WRUWXUDGR SRU
VRIULPHQWRVPRUDLVGLDQWHGRVTXDLVHPSDOLGHFHTXDOTXHURXWURFDVWLJRLQIOLJHDRVHXFULPHXP
MXOJDPHQWR PXLWR PDLV LPSODFiYHO GR TXH DTXHOH FRP R TXDO D PDLV VHYHUD GDV OHLV R SRGHULD
SXQLU ( R RXWUR DR VHX ODGR QHP SRU XP VHJXQGR GXUDQWH WRGD D SHQD VH SUHRFXSDUD FRP R
FULPH FRPHWLGR DFKD PHVPR TXH DJLX FRP UD]mR $OJXQV FKHJDP DWp D H[HFXWDU XP FULPH
XQLFDPHQWH SDUD WHUHP DEHUWDV DV SRUWDV GR SUHVtGLR H VH GHVHPEDUDoDUHP DVVLP GH XPD
H[LVWrQFLDPXLWRSLRU(POLEHUGDGHRGHVJUDoDGRYLYLDWDOYH]QDPDLVWRUSHPLVpULDQmRFRPLD
QXQFDRVXILFLHQWHSDUDPDWDUDIRPHWUDEDOKDYDjVRUGHQVGHXPSDWUmRGDPDGUXJDGDjQRLWH
1R SUHVtGLR R ODERU p PHQRV SHVDGR R SmR PDLV DEXQGDQWH H GH PHOKRU TXDOLGDGH FRPHVH
FDUQHDRVGRPLQJRVHGLDVGHIHVWDUHFHEHPVHHVPRODVSRGHPVHJDQKDUDOJXQVFREUHV(TXH
FRPSDQKHLURV *HQWH HVSHUWD KDELOLGRVD TXH VDEH WXGR &RP HIHLWR XP GHVVHV GHVJUDoDGRV D
TXH DOXGR HQFDUD RV FROHJDV FRP DGPLUDomR UHVSHLWRVD QXQFD YLX JHQWH LJXDO FRQVLGHUDRV D
QDWD GD KXPDQLGDGH &RQFHEHVH SRLV TXH VH LPSRQKD R PHVPR FDVWLJR D SHVVRDV WmR
GLIHUHQWHV" 0DV TXH DGLDQWD QRV SUHRFXSDUPRV FRP SUREOHPDV VHP VROXomR 2 WDPERU HVWi
UXIDQGRpSUHFLVRHQWUDUQRDORMDPHQWR


35,0(,5$6,035(66®(6 FRQWLQXDomR


&RPHoRXVHD~OWLPDFKDPDGDGHSRLVGDTXDOVHDIHUUROKDUDPDVFDVHUQDVFDGDXPDFRP
XPFDGHDGRHVSHFLDOHRVSUHVRVILFDUDPWUDQFDGRVDRVJUXSRVDWpRDPDQKHFHU
$ FKDPDGD HUD IHLWD SRU XP VXERILFLDO H GRLV VROGDGRV $OJXPDV YH]HV R RILFLDO GD JXDUGD
DVVLVWLD D HOD H RV IRUoDGRV VH HQILOHLUDYDP HQWmR QR SiWLR 0DV HP JHUDO R FRQWUROH HUD
UHDOL]DGRVHPQHQKXPDFHULP{QLDQRVDORMDPHQWRV(DVVLPVXFHGHXQDSULPHLUDQRLWHGHSRLV
GD PLQKD FKHJDGD 2V HQFDUUHJDGRV GD FRQWDJHP PXLWDV YH]HV VH HQJDQDYDP QRV Q~PHURV H
ORJR TXH VDtDP WLQKDP GH YROWDU SDUD QRYD FKDPDGD 1HVVD QRLWH WHQGR DILQDO RV SREUHV
YLJLODQWHVDWLQJLGRRQ~PHURSUHFLVRIHFKDUDPGHILQLWLYDPHQWHDFDVHUQD$QRVVDFRQWLQKDXQV
WULQWD IRUoDGRV HVWURSLDGRV GH FDQVDoR GHLWDGRV FRP EDVWDQWH DSHUWR QDV WDULPEDV $LQGD HUD
PXLWR FHGR SDUD GRUPLU &DGD XP SDUHFLD WHU QHFHVVLGDGH GH XPD RFXSDomR TXDOTXHU 1mR
ILFDYD FRQRVFR RXWUR YLJLODQWH DOpP GR LQYiOLGR D TXH Mi PH UHIHUL &DGD DORMDPHQWR FRQWDYD
WDPEpPFRPXP³PRQLWRU´HVFROKLGRSHVVRDOPHQWHSHORPDMRUHPDWHQomRjVXDERDFRQGXWD
¬V YH]HV FRQWXGR HVVH PRQLWRU FRPHWLD DV VXDV IDOWDV H HUD DoRLWDGR GHPLWLGR VXEVWLWXtGR
([HUFLDRFDUJRHQWmR$NLP$NLPLWFKTXHSDUDJUDQGHVXUSUHVDPLQKDUDOKDYDjYRQWDGHFRP
RVSUHVRV(VWHVHPJHUDOOKHUHVSRQGLDPFRPSLOKpULDV0DLVSUXGHQWHTXH$NLPR³1HYiOLGR´
QmRVHHQYROYLDFRPFRLVDDOJXPDVHFKHJDYDDGL]HUXPDSDODYUDHUDDQWHVSRUGHVFDUJRGH
FRQVFLrQFLD'HFyFRUDVQDWDULPEDUHPHQGDYDHPVLOrQFLRXPDVERWLQKDVYHOKDV2VIRUoDGRV
QmROKHSUHVWDYDPDPtQLPDDWHQomR
1HVVHGLDIL]XPUHSDURFXMDH[DWLGmRSXGHFRQVWDWDUPDLVWDUGH7RGRVTXHWUDWDPFRPRV
GHWHQWRVDFRPHoDUSHORVYLJLODQWHVDGRWDPHPUHODomRDHOHVXPDDWLWXGHIDOVDGmRDLGHLDGH
TXH HVWmR VH DUULVFDQGR D UHFHEHU XPD IDFDGD D WRGR LQVWDQWH H SRU Gi Fi DTXHOD SDOKD 2V
IRUoDGRV VH DSHUFHEHP PXLWR EHP GR PHGR TXH LQVSLUDP R TXH OKHV DoXOD DV EUDYDWDV
(QWUHWDQWR R PHOKRU FKHIH p MXVWDPHQWH DTXHOH TXH QmR RV WHPH H RV SUHVRV Vy VH VHQWHP j
YRQWDGHTXDQGRGHVSHUWDPFRQILDQoD3RGHVHDWpSRUHVVDPDQHLUDOKHVFRQTXLVWDUDDIHLomR
'XUDQWHDPLQKDGHWHQomRGHYRGL]rORUDUDPHQWHXPGRVFKHIHVHQWURXQDSHQLWHQFLiULDVHP
HVFROWDHTXDQGRLVVRDFRQWHFLDHUDGHYHUVHDHVWXSHIDomRGRVQRVVRV$OLiVHVVHVYLVLWDQWHV
LQWUpSLGRV FRQTXLVWDP VHPSUH R UHVSHLWR GRV KRPHQV H VH UHDOPHQWH XPD GHVJUDoD GHYHVVH
DFRQWHFHU QmR VHULD QD VXD SUHVHQoD 2 PHGR TXH R JDOp LQVSLUD p XQLYHUVDO 7RGDYLD QmR
FRPSUHHQGHHPTXHVHEDVHLD3URYpPGHFHUWRGDFDUDGRSUHVRGRVHXUHQRPHGHIDFtQRUD(
GHSRLVWRGDFULDWXUDTXHYLVLWDXPSUHVtGLRVHQWHTXHDTXHOHPRQWmRGHJHQWHQmRHVWiDOLSRUVHX
JRVWR H TXH SRU PDLV TXH VH WRPHP PHGLGDV GH SUHFDXomR QLQJXpP WHP R GLUHLWR GH
WUDQVIRUPDUHPFDGiYHUXPKRPHPYLYRXPIRUoDGRVHMDHOHTXHPIRUSRGHFRQVHUYDUVHXV
VHQWLPHQWRV VHX GHVHMR GH YLYHU VXD VHGH GH YLQJDQoD WRGDV DV VXDV SDL[}HV MXQWR FRP D
QHFHVVLGDGHLPSHULRVDGHDVVDWLVID]HU1RHQWDQWRUHSLWRRpHUUDGRWHPrOR8PKRPHPQmR
VH DWLUD DVVLP WmR UiSLGD H IDFLOPHQWH VREUH RXWUR FRP D IDFD QD PmR HVVHV DFLGHQWHV Vy HP
UDURV FDVRV VH SURGX]HP H GHYHVH SRUWDQWR FRQYLU TXH R SHULJR p QHQKXP 1mR PH UHILUR p
FODUR VHQmR DRV IRUoDGRV Mi HP FXPSULPHQWR GH SHQD HQWUH RV TXDLV PXLWRV VH VHQWHP QR
SUHVtGLRFRPRQXPSRUWRVHJXURHHVWmRSURQWRVDYLYHUDOLHPVRVVHJRHVXEPLVVmR WmRJUDQGHp
RDWUDWLYRTXHSRGHWHUXPDYLGDQRYD HRVSUySULRVWXUEXOHQWRVGHSUHVVDVmRDTXLHWDGRVSHORV
FRPSDQKHLURV SRUTXH R PDLV DXGDFLRVR H R PDLV LQVROHQWH GRV JDOpV VH DVVXVWD FRP XP QDGD
4XDQWRDRFULPLQRVRTXHDLQGDQmRUHFHEHXRVHXFDVWLJRRFDVRpRXWURHVWHSRGHPXLWREHP
DWDFDUVHPPRWLYRTXDOTXHUSHVVRDQDYpVSHUDGDIXVWLJDomRDILPGHFULDUQRYRFDVRHUHWDUGDU
D KRUD IDWDO $ DJUHVVmR WHP XPD FDXVD XP ILP p SUHFLVR ID]HU FRP TXH D VRUWH GHULYH GH
TXDOTXHU PDQHLUD H R PDLV UDSLGDPHQWH SRVVtYHO &RQKHoR DOLiV D HVVH UHVSHLWR XP FDVR GH
SVLFRORJLDEDVWDQWHHVWUDQKD
+DYLD QD VHomR PLOLWDU XP IRUoDGR FRQGHQDGR D GRLV DQRV GH SUHVtGLR VHP SULYDomR GRV
GLUHLWRV FLYLV 7UDWDYDVH GH XP IDQIDUUmR RGLRVR XP QRWDELOtVVLPR FRYDUGH (P JHUDO D
IDQIDUURQDGDHDFRYDUGLDVyUDUDPHQWHVHHQFRQWUDPQRVROGDGRUXVVRVHPSUHWmRRFXSDGRTXH
QHP SDUD JDEROLFHV WHP WHPSR &RQWXGR TXDQGR VH GHVFREUH DOJXP GHVVD HVSpFLH p TXDVH
VHPSUH XP FRYDUGH LQWHJUDO 'HSRLV GH FXPSULU SHQD 'XWRY ± DVVLP VH FKDPDYD R GHWHQWR ±
YROWRXDRVHXEDWDOKmR$FRQWHFHUDOKHRPHVPRTXHDWRGRVRVVHXVFROHJDVTXHVmRPDQGDGRVj
SULVmRDILPGHVHFRUULJLUHPYROWDPGHOiLQILQLWDPHQWHPDLVSHUYHUWLGRV(DOJXQVGHOHVDSyV
QRPi[LPRXPDVGXDVRXWUrVVHPDQDVGHOLEHUGDGHWRUQDPDVHUMXOJDGRVHVmRGHYROYLGRVDR
SUHVtGLR PDV GHVVD YH] YmR SDUD D VHomR GRV UHLQFLGHQWHV SRU TXLQ]H RX YLQWH DQRV $VVLP
DFRQWHFHX FRP 'XWRY &HUFD GH WUrV VHPDQDV DSyV VXD OLEHUWDomR FRPHWHX XP URXER FRP
YLROrQFLD GHX HVFkQGDOR UHYROWRXVH &RQGHQDUDPQR D VHYHUD SXQLomR FRUSRUDO FXMD
SHUVSHFWLYD R DSDYRURX 1R ~OWLPR PRPHQWR QD YpVSHUD GR GLD HP TXH GHYHULD SDVVDU VRE DV
FKLEDWDVGDVXDFRPSDQKLDRFRQGHQDGRDJUHGLXFRPXPDIDFDRRILFLDOGDJXDUGDQRLQVWDQWH
HPTXHHVWHSHQHWUDYDQDFHODGRVGHWHQWRV'XWRYGHFHUWRFRPSUHHQGLDPXLWREHPTXHRVHXDWR
OKH DJUDYDULD PXLWtVVLPR R FDVR 0DV SUHFLVDYD GH TXDOTXHU PRGR DGLDU SRU DOJXQV GLDV SRU
DOJXPDV KRUDV DR PHQRV R SDYRURVR PRPHQWR GR FDVWLJR (UD WmR FRYDUGH TXH QmR FKHJRX
VHTXHUDIHULURRILFLDODSHQDVILQJLXDDJUHVVmRFRPR~QLFRILWRGHSHUSHWUDUQRYRFULPHTXH
OKHSURSRUFLRQDULDQRYRMXOJDPHQWR
2 PLQXWR TXH SUHFHGH D H[HFXomR p HYLGHQWHPHQWH SDYRURVR 'XUDQWH RV PHXV DQRV GH
SUHVtGLRWLYHRFDVLmRGHYHULQ~PHURVFRQGHQDGRVQDYpVSHUDGRGLDIDWDO(PJHUDOHQFRQWUDYD
RVQRKRVSLWDOQRSDYLOKmRGRVSUHVRVRQGHHXWDPEpPRFXSDYDXPOHLWRGRHQWH±FRLVDTXHPH
DFRQWHFLDFRPJUDQGHIUHTXrQFLD(PWRGDD5~VVLDRVSULVLRQHLURVVDEHPTXHDFRPSDL[mRGRV
PpGLFRVQmROKHVSHUPLWHFRQVLGHUDURVIRUoDGRVGLIHUHQWHVGRVRXWURVKRPHQVFRPRHPJHUDO
ID]DPDLRULDGDVSHVVRDVH[FHWXDQGRVHDJHQWHKXPLOGH1XQFDXPKRPHPGRSRYRFHQVXUD
TXDOTXHUFRLVDDXPIRUoDGRSRUPDLVKRUUHQGRTXHVHMDRVHXFULPHHOHRSHUGRDSHQVDQGRQR
FDVWLJRTXHDTXHOHKRPHPVRIUHHSRUFDXVDGDVXD³GHVJUDoD´1mRpjWRDTXHRSRYRFKDPD
DR FULPH XPD ³GHVJUDoD´ H DR FULPLQRVR XP ³GHVJUDoDGR´ (VVD H[SUHVVmR SURIXQGDPHQWH
FDUDFWHUtVWLFDWHPLPSRUWkQFLDPDLRUSUHFLVDPHQWHSRUTXHpLQFRQVFLHQWHLQVWLQWLYD4XDQWRDRV
PpGLFRV UHSUHVHQWDP UHDOPHQWH HP PXLWRV FDVRV D SURYLGrQFLD GRV JDOpV VREUHWXGR SDUD
DTXHOHVTXHDLQGDQmRUHFHEHUDPRVHXFDVWLJR±FDWHJRULDVXEPHWLGDDXPUHJLPHPXLWRPDLV
VHYHUR 4XDQGR Yr DSUR[LPDUVH R GLD HP TXH VHUi H[HFXWDGD D VHQWHQoD R FRQGHQDGR
IUHTXHQWHPHQWH VH GHFODUD HQIHUPR QD HVSHUDQoD GH DIDVWDU SRU TXDOTXHU SUHoR R WHUUtYHO
PRPHQWR4XDQGRRGHYROYHPGDHQIHUPDULDHOHHVSHUDFRPWRGDDFHUWH]DUHFHEHURVDoRLWHV
QD PDQKm VHJXLQWH H SRU LVVR PDQLIHVWD XPD DJLWDomR WUHPHQGD $OJXQV SRU DPRUSUySULR
SURFXUDP HVFRQGrOD PDV D MDFWkQFLD GHVDMHLWDGD TXH H[LEHP QmR HQJDQD RV FRPSDQKHLURV
7RGRVFRPSUHHQGHPRTXHRDJLWDHILFDPFDODGRVSRUFRPSDL[mR&RQKHFLXPMRYHPVROGDGR
DVVDVVLQRFRQGHQDGRDRQ~PHURPi[LPRGHDoRLWHV7mRJUDQGHHUDRVHXPHGRTXHUHVROYHUD
EHEHUXPDWDPSDGHJDPHODFKHLDGHYRGFDRQGHSXVHUDUDSpGHLQIXVmR$OLiVRFRQGHQDGR
VHPSUH EHEH EDVWDQWH DJXDUGHQWH DQWHV GD H[HFXomR GR FDVWLJR 2EWpP YRGFD FRP JUDQGH
DQWHFHGrQFLD PHVPR D SUHoR H[RUELWDQWH SULYDUVHi GR LQGLVSHQViYHO GXUDQWH VHLV PHVHV
HFRQRPL]DUiFXVWHRTXHFXVWDUDILPGHFRPSUDUXPTXDUWLOKRGHDJXDUGHQWHTXHKiGHEHEHU
TXLQ]HPLQXWRVDQWHVGDH[HFXomR(VWmRFRQYHQFLGRVRVSUHVRVGHTXHRKRPHPErEDGRVHQWH
FRPPHQRVLQWHQVLGDGHDVSDQFDGDVGDVYDUDVRXGRFQXWH0DVYROWRjPLQKDKLVWyULD(QJROLGDD
YRGFDRSREUHUDSD]DGRHFHXGHYHUGDGHWHYHXPDKHPRUUDJLDHRWUDQVSRUWDUDPDRKRVSLWDO
TXDVHLQDQLPDGRRY{PLWRGHVDQJXHSRUWDOIRUPDOKHGHYDVWRXRSHLWRTXHDWtVLFDQmRWDUGRXD
VHGHFODUDUHHOHPRUUHXDRFDERGHVHLVPHVHV2VPpGLFRVTXHRWUDWDUDPQmRVRXEHUDPQXQFD
TXDOIRUDDFDXVDGDVXDPROpVWLD
$RODGRGHVVDIDOWDGHFRUDJHPGLDQWHGRFDVWLJRHQFRQWUDPVHWDPEpPGHYRGL]rORFDVRV
DVVRPEURVRVGHLQWUHSLGH]$RHVFUHYHULVWRSHQVRHPFHUWRVJHVWRVGHDWUHYLPHQWRYL]LQKRVGD
LQVHQVLELOLGDGH JHVWRV PHQRV UDURV TXH R TXH VH SRGH VXSRU 3RVVR FLWDU HVSHFLDOPHQWH FHUWR
EDQGROHLUR R IDPRVR GHVHUWRU 2UORY 1XP GLD GH YHUmR HVSDOKRXVH R ERDWR GH TXH HOH VHULD
FDVWLJDGR j QRLWH H TXH GHSRLV GD H[HFXomR R OHYDULDP DR KRVSLWDO 2V GRHQWHV JDUDQWLDP TXH
2UORY VHULD DoRLWDGR VHP Gy 7RGRV VH PRVWUDYDP PDLV RX PHQRV IHEULV GH WDO PRGR TXH IRL
FRPHQRUPHFXULRVLGDGHTXHILTXHLjHVSHUDGDTXHODFHOHEULGDGHGRFULPH-iKiPXLWRWHPSR
RXYLD FRQWDU FDVRV LQDXGLWRV D VHX UHVSHLWR (VVH IDFtQRUD GH HVSpFLH UDUD WUXFLGDYD IULDPHQWH
YHOKRVHPRoRVGRWDGRGHH[WUDRUGLQiULDIRUoDGHYRQWDGHWLQKDRRUJXOKRHDFRQVFLrQFLDGHVVD
IRUoD'HSRLVGHFRQIHVVDUXPJUDQGHQ~PHURGHDVVDVVtQLRVYLXVHHOHFRQGHQDGRDRVDoRLWHV
-iILFDUDHVFXURHMiHVWDYDPDFHVDVDVFDQGHLDVTXDQGRRWURX[HUDPTXDVHGHVDFRUGDGRR
URVWR OtYLGR VRE D JUHQKD HVSHVVD FDFKHDGD H QHJUD FRPR SLFKH $V FRVWDV HP FDUQH YLYD
HVWDYDPLQIODPDGDVUR[DV'XUDQWHWRGDDQRLWHRVFRPSDQKHLURVVHRFXSDUDPGHOHPXGDQGR
OKH DV FRPSUHVVDV YLUDQGRR GXP ODGR H GH RXWUR GDQGROKH XPD SRomR FRPR VH VH WUDWDVVH
GXPSDUHQWHSUy[LPRRXGXPEHQIHLWRU1RGLDVHJXLQWHRKRPHPUHFXSHURXWRGD D OXFLGH] H
GHXXPDRXGXDVYROWDVSHODVDOD$TXLORPHVXUSUHHQGHXHOHUHFHEHUDGXPDVyYH]DPHWDGHGR
FDVWLJRSRLVRPpGLFRVyVXVSHQGHUDDH[HFXomRTXDQGRVHFRQYHQFHXGHTXHDPHVPDSRGHLUD
OHYDUDXPGHVHQODFHIDWDO
(QWUHWDQWR2UORYHUDGHEDL[DHVWDWXUDHVHXHVWDGRJHUDOIRUDGHELOLWDGRSHODORQJDGHWHQomR
&RPR WRGRV RV FRQGHQDGRV DR DoRLWH WLQKD D FDUD OtYLGD H[DXVWD HVJRWDGD H R ROKDU IHEULO
&RQWXGR UDSLGDPHQWH PHOKRURX HYLGHQWHPHQWH D VXD DOPD HQpUJLFD DMXGDYD D QDWXUH]D 1mR
DTXHOHKRPHPQmRHUDXPDFULDWXUDRUGLQiULD$FXULRVLGDGHPHLPSHOLXDFRQKHFrORPHOKRUH
R HVWXGHL GXUDQWH XPD VHPDQD LQWHLUD 3RVVR DILUPDU TXH QXQFD HP PLQKD YLGD HQFRQWUHL
FDUiWHU GH PHOKRU WrPSHUD PDLV LQIOH[tYHO $YLVWHLPH HP 7REROVN FRP XPD FHOHEULGDGH GD
PHVPDHVSpFLH.RUHQLHYYHUGDGHLURDQLPDOIHUR]EDVWDYDROKiORHPHVPRVHPRFRQKHFHUD
JHQWH DGLYLQKDYD QDTXHOH KRPHP XPD FULDWXUD PRQVWUXRVD 0DV QD VXD HVW~SLGD DXVrQFLD GH
DOPD VHQWLDVH ORJR DR SULPHLUR ROKDU TXH D PDWpULD GRPLQDYD DOL $TXHOH KRPHP QmR VHQWLD
QDGDDOpPGDVHGHGRVDSHWLWHVItVLFRVDVHQVXDOLGDGHDOX[~ULD7HQKRDFHUWH]DGHTXHDTXHOH
.RUHQLHYFDSD]GHGHJRODUXPKRPHPVHPSHVWDQHMDUGHVPDLDULDHWUHPHULDGHPHGRGLDQWH
GRFQXWH2UORYDRFRQWUiULRHQFDUQDYDDYLWyULDGRHVStULWRVREUHDFDUQHSRGLDGRPLQDUVHDWp
R ILP GHVSUH]DYD WRGRV RV WRUPHQWRV H WRGDV DV SXQLo}HV QmR WHPLD DEVROXWDPHQWH QDGD
(PDQDYDGHVLXPDHQHUJLDVHPOLPLWHV6HQWLDVHQHOHXPDVHGHGHYLQJDQoDHXPDDWLYLGDGH
LQDEDOiYHO SDUD DWLQJLU RV VHXV ILQV 6HXV PRGRV HVWUDQKDPHQWH DOWLYRV TXH QDGD WLQKDP GH
SURSRVLWDOTXHOKHHUDPQDWXUDLVPHGHL[DUDPDW{QLWRV&HUWRTXHQLQJXpPQRPXQGRRSRGHULD
LQIOXHQFLDU&RQVLGHUDYDDVFRLVDVFRPDSODFLGH]GDVFULDWXUDVDVTXDLVQDGDHVSDQWD$GPLWLQGR
FODUDPHQWHTXHWRGRVRVGHWHQWRVRUHVSHLWDVVHPQXQFDHQWUHWDQWRVHMDFWRXDQWHHOHV7RGDYLDD
IDWXLGDGHDJORUtRODVmRQDWXUDLVHPTXDVHWRGRVRVIRUoDGRV(UDLQWHOLJHQWHHGHXPDHVWUDQKD
IUDQTXH]D HPERUD SRXFR ORTXD] ¬V PLQKDV SHUJXQWDV UHVSRQGLD VHP URGHLRV TXH HVSHUDYD
FXUDUVH SDUD VRIUHU R UHVWR GD SHQD H TXH GH LQtFLR UHFHDUD QmR D SRGHU VXSRUWDU ³$JRUD
DFUHVFHQWRXFRPXPSLVFDUGHROKRVDFRLVDHVWiOLTXLGDGD$JXHQWRRUHVWRGRVDoRLWHVHORJR
GHSRLVPDQGDPPHSDUD1HUWFKLQVNHHPFDPLQKRIXMR±IXMRFRPWRGDFHUWH]D&RQWDQWRTXH
PLQKDVFRVWDVFLFDWUL]HPGHSUHVVD´(GXUDQWHFLQFRGLDVHOHHVSHURXFRPDYLGH]RPRPHQWRGH
SDUWLU0RVWUDYDVHHPJHUDOPXLWRDOHJUHHGHPXLWRERPKXPRU7HQWHLOHYDUDFRQYHUVDSDUD
DV VXDV DYHQWXUDV H HPERUD IUDQ]LVVH XP SRXFR R FHQKR jV PLQKDV SHUJXQWDV HOH VHPSUH
UHVSRQGLD DEHUWDPHQWH (QWUHWDQWR TXDQGR GHVFREULX TXH HX OKH VRQGDYD D FRQVFLrQFLD SDUD
GHVFREULUQHODDOJXPVLQDOGHDUUHSHQGLPHQWRROKRXPHFRPXPDUWmRDOWLYRGHWDQWRGHVSUH]R
TXHPHVHQWLGLDQWHGHOHFRPRXPJDURWRHVW~SLGRFRPRTXDODJHQWHQmRVHGiDRWUDEDOKRGH
GLVFXWLU/LDVHQRURVWRGRKRPHPXPDHVSpFLHGHFRPSDL[mRSRUPLP8PPLQXWRPDLVWDUGH
HOHGDYDJDUJDOKDGDVGHWRGRRFRUDomRVHPDPHQRULURQLDHWHQKRDFHUWH]DGHTXHPDLVGH
XPDYH]UHFRUGDQGRPLQKDVSDODYUDVKiGHWHUULGRVR]LQKR(QILPVHPHVSHUDUTXHVXDVFRVWDV
HVWLYHVVHPFRPSOHWDPHQWHFLFDWUL]DGDVUHFODPRXRUHVWRGDSHQD(XWDPEpPWLYHUDDOWDQHVVD
GDWD 6DtPRV MXQWRV GD HQIHUPDULD HX SDUD D FDVHUQD HOH SDUD R FRUSR GD JXDUGD RQGH Mi R
WLQKDP SUHQGLGR DQWHV 'HL[DQGRPH DSHUWRXPH D PmR R TXH GH VXD SDUWH HUD XP VLQDO GH
DOWD FRQILDQoD &UHLR TXH DJLX DVVLP SRUTXH HVWDYD QDTXHOH PRPHQWR PXLWtVVLPR VDWLVIHLWR
FRQVLJRSUySULR1DUHDOLGDGHGHYHULDQHFHVVDULDPHQWHPHGHVSUH]DUHQFDUDUPHFRPRDXPD
FULDWXUDYHQFLGDIUDFDODPHQWiYHOLQIHULRUDHOHHPWRGRVRVUHVSHLWRV(ORJRQRGLDVHJXLQWH
UHFHEHXDRXWUDPHWDGHGDSXQLomR
'HSRLV GH IHFKDGD D QRVVD FDVHUQD WRPDYD LPHGLDWDPHQWH RXWUR DVSHFWR D GH XPD
YHUGDGHLUDPRUDGLD6yHQWmRHXSRGLDYHURVGHWHQWRVjYRQWDGHFRPRVHHVWLYHVVHPHPFDVD
'HGLDRVVXERILFLDLVRVYLJLODQWHVRXTXDOTXHURXWURFKHIHSRGHULDPDSDUHFHUGHUHSHQWHHSRU
HVVD UD]mR WRGR R PXQGR ILFDYD PDLV RX PHQRV DOHUWD WRGR R PXQGR YLYLD QXP HVWDGR GH
H[SHFWDWLYD SHUSpWXD QXPD HVSpFLH GH LQTXLHWDomR ODWHQWH 0DV DVVLP TXH IHFKDYDP D SRUWD
TXDVHWRGRVSURFXUDYDPRVHXOXJDUHVHHQWUHJDYDPDRWUDEDOKR2DORMDPHQWRVHLOXPLQDYDGH
V~ELWR FDGD XP WLQKD D VXD YHOD SUHVD QXP FDVWLoDO GH PDGHLUD 8P ID]LD ERWLQDV RXWUR
FRVWXUDYDURXSDV2DUFRQILQDGRLDILFDQGRVHPSUHPDLVLUUHVSLUiYHO8PJUXSRGHMRJDGRUHVVH
LQVWDODYDQXPFDQWRHPUHGRUGXPWDSHWHGHVHQURODGR(PFDGDFDVHUQDXPGHWHQWRSRVVXtDXP
WDSHWHUDORXPDFDQGHLDHXPEDUDOKRSDYRURVDPHQWHVHEHQWRHVVHVXWHQVtOLRVWLQKDPRQRPHGH
PDLGDQH 2SURSULHWiULRUHFHELDGRVMRJDGRUHVTXLQ]HFRSHTXHVSRUQRLWHHLVVRFRQVWLWXtDDVXD
SURILVVmR 7LQKDP FXUVR DSHQDV MRJRV GH D]DU &DGD MRJDGRU SXQKD GLDQWH GH VL XPD SLOKD GH
PRHGDVGHFREUH±RFRQWH~GRWRWDOGRVVHXVEROVRV±HVyVHOHYDQWDYDGHSRLVGHSHUGHUWXGRRX
WXGR JDQKDU 2 MRJR VH SURORQJDYD jV YH]HV DWp j PDGUXJDGD DWp DR SUySULR LQVWDQWH HP TXH
YLQKDPDEULUDFDVHUQD1DQRVVDFRPRHPWRGDVDVRXWUDVKDYLDVHPSUHSREUHW}HVTXHWLQKDP
EHELGR RX SHUGLGR WRGDV DV VXDV HFRQRPLDV ± QR FDVR GH MDPDLV KDYHUHP SRVVXtGR HFRQRPLDV
(UDPSREUHW}HV³QDWRV´&KDPRRV³QDWRV´HDFHQWXRSDUWLFXODUPHQWHDH[SUHVVmR&RPHIHLWR
QRQRVVRSRYRTXDOTXHUTXHVHMDDFRQGLomRRXDVLWXDomRVRFLDOVHPSUHKRXYHHKDYHUiHVVHV
HVWUDQKRV LQGLYtGXRV TXH XP WHPSHUDPHQWR SDFtILFR H LQGROHQWH GHVWLQD D XPD HWHUQD
PHQGLFLGDGH6mRHWHUQDPHQWHXQVSREUHVGLDERVXQVSHUSpWXRVHVPROHUHV6HPSUHHVPDJDGRV
QXPD HVSpFLH GH DSDWLD VHUYHP GH ERGH H[SLDWyULR RX GH IDFWyWXP D WRGRV jV YH]HV D XP
OLEHUWLQR jV YH]HV D XP QRYRULFR jV YH]HV D XP DPELFLRVR 4XDOTXHU HVIRUoR OKHV SHVD
LQFRPRGD RSULPH 3DUHFH TXH YLHUDP DR PXQGR VRE D FRQGLomR GH QDGD FRPHoDUHP SRU VL
SUySULRVGHQmRWHUHPYRQWDGHSHVVRDOPDVYLYHUHPSDUDVHURSROLFKLQHORRWtWHUHGHDOJXpP
6XDPLVVmRQRPXQGRFRQVLVWHDSHQDVHPH[HFXWDUDVRUGHQVGHDOJXpP&LUFXQVWkQFLDQHQKXPD
IRUWXLWD TXH IRVVH FRQVHJXLULD HQULTXHFrORV PtVHURV VmR PtVHURV GHYHP PRUUHU (QFRQWUHL
GHVVHVLQGLYtGXRVQmRVyQDSOHEHPDVHPWRGDVDVHVIHUDVVRFLDLVQRVSDUWLGRVQDVDVVRFLDo}HV
QRV JUXSRV OLWHUiULRV 7tQKDPRV GHOHV HP FDGD XP GRV DORMDPHQWRV H DVVLP TXH FRPHoDYD R
PDLGDQHORJRXPVHYLQKDS{UDVHUYLoRGRVMRJDGRUHV1HQKXPPDLGDQHSRGHULDGLVSHQVDUHVVHV
DMXGDQWHV 'H RUGLQiULR HUDP FRQWUDWDGRV SDUD D QRLWH LQWHLUD PHGLDQWH R RUGHQDGR GH FLQFR
FRSHTXHV6XDIXQomRFRQVLVWLDHPILFDUGHVHQWLQHODGXUDQWHVHLVRXVHWHKRUDVOiQRHVFXURGD
HQWUDGDQXPDWHPSHUDWXUDGHWULQWDJUDXVDEDL[RGH]HURHHVFXWDUTXDOTXHUYR]TXDOTXHUSDVVR
TXH VRDVVH QR SiWLR 2 PDMRU RX R RILFLDO GD JXDUGD ID]LDP jV YH]HV XPD URQGD QRLWH DOWD
FKHJDYDP QD SRQWD GRV SpV H VXUSUHHQGLDP RV MRJDGRUHV RV WUDEDOKDGRUHV DV FDQGHLDV
SDUWLFXODUHV TXH DOLiV VH DYLVWDYDP GR SUySULR SiWLR 4XDQGR VH HVFXWDYD UDQJHU D FKDYH QD
IHFKDGXUDGDSRUWDTXHGDYDHQWUDGDSDUDRSiWLRQmRVHWLQKDWHPSRVHTXHUGHDSDJDUDVOX]HVH
HVWLUDUVH QD WDULPED &RPR SRUpP RPDLGDQH FREUDYD FDUR D QHJOLJrQFLD GR VHX YLJLD WDLV
VXUSUHVDV HUDP PXLWtVVLPR UDUDV 0HVPR QR SUHVtGLR FLQFR FRSHTXHV FRQVWLWXHP XP VDOiULR
tQILPRHLUULVyULRSRUWDQWRQHVVHFDVRFRPRHPRXWURVDLPSODFiYHOGXUH]DGRV³SDWU}HV´TXHR
SDJDYDP VHPSUH PH LPSUHVVLRQRX ³5HFHEHVWH GLQKHLUR ID]H R WHX VHUYLoR´ (VVH DUJXPHQWR
QmRWROHUDYDQHQKXPDFRQWUDGLomR(PYLUWXGHGDTXHOHVVyUGLGRVFREUHVRDOXJDGRUWLUDYDGRVHX
³HPSUHJDGR´WXGRRTXHSRGLD±HDLQGDSRUFLPDVHFRQVLGHUDYDFRPRVHXEHQIHLWRU4XDOTXHU
SUyGLJR TXDOTXHU ErEDGR TXH HP RXWUDV RFDVL}HV DWLUDYD R GLQKHLUR SHODV MDQHODV VHPSUH
DFKDYD HQWUHWDQWR TXH SDJDYD GHPDLV jTXHOH HVFUDYR ,VVR HX REVHUYHL HP PDLV GH XPD
FDVHUQDHHPPDLVGHXPPDLGDQH
7RGRV SRUWDQWR VH HQWUHJDYDP PDLV RX PHQRV DR WUDEDOKR )RUD RV MRJDGRUHV DSHQDV XQV
TXDWURRXFLQFRILFDYDPVHPID]HUQDGDGHLWDYDPVHLPHGLDWDPHQWH(XRFXSDYDXPDSRQWDGD
WDULPED SHUWLQKR GD SRUWD 'R ODGR RSRVWR FRP D FDEHoD DR QtYHO GD PLQKD ILFDYD $NLP
$NLPLWFK(QWUHWLQKDVHGDVGH]jVRQ]HHPSLQWDUXPDODQWHUQDFKLQHVDPXOWLFRU±HQFRPHQGD
TXH OKH VHULD EHP SDJD )DEULFDYD ODQWHUQDV FRPR XP PHVWUH GR RItFLR WUDEDOKDQGR
PHWRGLFDPHQWHVHPGHWHQoDV$RDFDEDUJXDUGDYDRVVHXVXWHQVtOLRVFRPFXLGDGRGHVHQURODYD
R FROFKmR UH]DYD H GHLWDYDVH QD FDPD FRPR XP MXVWR /HYDYD D RUGHP H D PLQ~FLD DWp R
SHGDQWLVPR FRPR WRGRV RV KRPHQV HVW~SLGRV H OLPLWDGRV GHYHUVHLD VXSRU PXLWR LQWHOLJHQWH
'HVDJUDGRXPH GHVGH R SULPHLUR GLD HPERUD PH IRUQHFHVVH GHSRLV PDWHULDO SDUD PHGLWDomR
HVSDQWDYDPHYHUQRSUHVtGLRXPKRPHPTXHSDUHFLDIDGDGRDYHQFHUQDYLGD$OLiVDLQGDWHUHL
RSRUWXQLGDGHGHIDOWDUHP$NLP$NLPLWFK
'LJDPRV DJRUD DOJXPDV SDODYUDV D UHVSHLWR GRV RFXSDQWHV GH QRVVD FDVHUQD &RPR HX
GHYHULDSDVVDUYiULRVDQRVHPVXDFRPSDQKLDDFXULRVLGDGHLQWHQVDFRPTXHHQFDUDYDRVPHXV
FDPDUDGDV p PXLWtVVLPR FRPSUHHQVtYHO 8P JUXSR GH PRQWDQKHVHV FDXFDVLDQRV ± GRLV
OH]JKLDQRV XPWFKHWFKHQJH H WUrV WiUWDURV GR 'DJXHVWmR ± FRQGHQDGRV TXDVH WRGRV SRU
EDQGROHLULVPR RFXSDYD D WDULPED GD HVTXHUGD 2WFKHWFKHQJH LQGLYtGXR WDFLWXUQR H VRPEULR
TXDVHQmRIDODYDFRPQLQJXpPDWLUDYDVHPSUHROKDUHVGHYLpVHPWRUQRGHVLHILWDYDRVRXWURV
FRP XP VRUULVR PDX YHQHQRVR ]RPEHWHLUR 8P GRVOH]JKLDQRV KRPHP YHOKR GH FRPSULGR
QDUL]DTXLOLQRWLQKDXPDDXWrQWLFDILVLRQRPLDGHEDQGLGR3RUpPRRXWUR1XUUDGHXPHORJRGH
LQtFLRDPDLVIDYRUiYHODPDLVDJUDGiYHOGDVLPSUHVV}HV(UDDLQGDPRoRGHHVWDWXUDPHGLDQD
PDVVHQKRUGHIRUoDKHUF~OHDPXLWRORXURFRPROKRVGXPD]XOFODUtVVLPRQDUL]DUUHELWDGRFDUD
GHILQODQGrVHSHUQDVDUTXHDGDVGHFDYDOHLUR7LQKDRFRUSRULVFDGRGHFLFDWUL]HVPDUFDGRGH
JROSHV GH EDLRQHWD 1R &iXFDVR HPERUD SHUWHQFHVVH D XPD WULER VXEPLVVD UHXQLDVH
VRUUDWHLUDPHQWH DRV UHEHOGHV SDUD MXQWR FRP HOHV UHDOL]DU UD]LDV FRQWUD RV UXVVRV 7RGRV HQWUH
QyVOKHTXHUtDPRVEHP'XPJrQLRVHPSUHLJXDOHUDGHOLFDGRSDUDFRPWRGRVHWUDEDOKDYDVHP
VHTXHL[DU$SHVDUGRVHXWHPSHUDPHQWRVRVVHJDGRHDOHJUHPXLWDVYH]HVDJHQWHOKHYLDRQRMR
SHODYLGDDEMHWDGRVIRUoDGRVDVODGURHLUDVDEHEHGLFHRLQGLJQDYDPDWpRIXURUDGHVRQHVWLGDGH
RSXQKDIRUDGHVLPDVDIDVWDYDVHVHPSURFXUDUEULJDFRPQLQJXpP'XUDQWH WRGR R SHUtRGR
HPTXHHVWHYHUHFOXVRQXQFDIXUWRXQDGDQHPFRPHWHXDPtQLPDLQGLJQLGDGH5HOLJLRVRDWpR
IDQDWLVPRUH]DYDFRPIHUYRUREVHUYDYDWRGRVRVMHMXQVTXHSUHFHGHPjVIHVWDVPDRPHWDQDVH
SDVVDYDQRLWHVLQWHLUDVHPRUDomR7RGRRPXQGRRHVWLPDYDWRGRVOKHSUH]DYDPDKRQHVWLGDGH
³1XUUD p XP OHmR´ GL]LDP RV IRUoDGRV ± H R DSHOLGR OKH ILFRX &RQYHQFLGR GH TXH GHSRLV GH
OLEHUWRYROWDULDjVXDWHUUDQR&iXFDVRHOHYLYLDDSHQDVQHVVDHVSHUDQoDH VH OKD URXEDVVHP
FUHLR TXH PRUUHULD $WUDLXPH DV VLPSDWLDV GHVGH R SULPHLUR GLD HQWUH DV FDUDV PDOLJQDV
VRPEULDVVDUG{QLFDVGRVRXWURVGHWHQWRVDTXHOHURVWRERQGRVRHVLPSiWLFRQmRPHSRGHULDSDVVDU
GHVSHUFHELGR(XHVWDYDOiKDYLDXPDPHLDKRUDTXDQGR1XUUDPHYHLREDWHUQRRPEURULQGR
FRPERQGDGHHROKDQGRPHQRIXQGRGRVROKRV1mRRFRPSUHHQGLEHPDSULQFtSLRSRUTXHHOH
VHH[SULPLDPXLWRPDOHPUXVVR0DVORJRGHSRLV1XUUDWRUQRXVRUULQGRHGHQRYRPHGHXXPD
SDOPDGDDPLJiYHOQRRPEUR(VVDPtPLFDVHUHQRYRXFRPIUHTXrQFLDQRVWUrVSULPHLURVGLDVH
VLJQLILFDYDVHJXQGRRDGLYLQKHLHQWmRHFRPSUHHQGLPDLVWDUGHTXH1XUUDWLQKDGyGHPLPTXH
VHQWLDDGLILFXOGDGHTXHHXWHULDHPPHDFRVWXPDUDRSUHVtGLRTXHPHTXHULDWHVWHPXQKDUVXD
VLPSDWLDHVWLPXODUPHSURPHWHUPHVXDSURWHomR%RPHLQJrQXR1XUUD
2VWUrVWiUWDURVGR'DJXHVWmRHUDPLUPmRV'RLVMiKDYLDPDWLQJLGRDLGDGHPDGXUDPDVR
WHUFHLUR$OLWLQKDDSHQDVYLQWHHGRLVDQRVHSDUHFLDPDLVPRoRDLQGD6HXOXJDUQDWDULPEDHUD
YL]LQKR DR PHX (QFDQWRXPH DR SULPHLUR ROKDU R VHX EHOR URVWR IUDQFR LQWHOLJHQWH LQJrQXR H
DJUDGHFLDVRUWHTXHPRGHUDFRPRYL]LQKRLPHGLDWR0RVWUDYDDDOPDDQXQDTXHOHEHOR±SRGH
VHGL]HUQDTXHOHPDJQtILFRURVWR2VRUULVRWUDGX]LDDFRQILDQoDHDVLPSOLFLGDGHGDMXYHQWXGHH
XPDWmRJUDQGHPHLJXLFHOKHLPSUHJQDYDRVROKRVSUHWRVTXHVyRIDWRGHROKiORVPHDOLYLDYDD
WULVWH]D ± FRQWRR VHP R PHQRU H[DJHUR 1D DOGHLD QDWDO R VHX LUPmR PDLV YHOKR WLQKD FLQFR
LUPmRVRVRXWURVGRLVIRUDPFRQGHQDGRVjVPLQDV RUGHQRXOKHXPGLDTXHDSDQKDVVHRLDWDJm
PRQWDVVH D FDYDOR H R VHJXLVVH 2 UHVSHLWR SHORV PDLV YHOKRV p WmR JUDQGH QHVVDV IDPtOLDV
PRQWDQKHVDV TXH R UDSD] MDPDLV VH DWUHYHULD D SHUJXQWDU DRQGH LULDP 2V PDLV YHOKRV QmR
MXOJDUDP QHFHVViULR LQIRUPiOR ,DP DVVDOWDU QD HVWUDGD XP ULFR QHJRFLDQWH DUPrQLR &RP
HIHLWR DVVDVVLQDUDPQR EHP FRPR DRV KRPHQV GD HVFROWD H GHLWDUDP PmRV jV PHUFDGRULDV
7RGDYLDGHVFREULXVHDFRLVDRVVHLVIRUDPDSDQKDGRVDoRLWDGRVHGHSRUWDGRVSDUDD6LEpULD2
WULEXQDO QmR PRVWURX LQGXOJrQFLD VHQmR SDUD $OL TXH IRL FRQGHQDGR j SHQD PtQLPD LVWR p D
TXDWURDQRVGHSUHVtGLR$DIHLomRTXHOKHWLQKDPRVLUPmRVHUDFRPRXPDPRUGHSDL(UDR
FRQVROR TXH HOHV WLQKDP QR H[tOLR H VHPSUH WmR VRPEULRV WmR WULVWHV FRPR HUDP VRUULDP DR
ROKiORHTXDQGRFRQYHUVDYDPFRP$OL UDUDPHQWHDOLiVSRUTXHGHFHUWRRFRQVLGHUDYDPPXLWR
PRoR SDUD OKH SRGHUHP FRQILDU TXDOTXHU FRLVD VpULD  DV FDUDV PHODQFyOLFDV VH LOXPLQDYDP
DEUDQGDYDPHSHORSLVFDUGRVROKRVSHORVVRUULVRVEHPKXPRUDGRVTXHWURFDYDPDRRXYLORHX
DGLYLQKDYD TXH VH GLULJLDP D HOH FRPR D XP JDURWR FRP TXHP VH EULQFD 4XDQWR D $OL PDO
RXVDYDGLULJLUDSDODYUDDRVRXWURVWDORUHVSHLWRTXHOKHVYRWDYDeGLItFLOGHFRQFHEHUFRPRHP
YH] GH VH FRUURPSHU DTXHOH PRoR SXGHUD FRQVHUYDU QR SUHVtGLR XP FRUDomR WmR PDQVR XPD
KRQHVWLGDGHWmRVLPSiWLFD(UDDOLiVXPDQDWXUH]DIRUWHDSHVDUGDYLVtYHOPDQVLGmRGRVHXJrQLR
FRPRPDLVWDUGHRYHULILTXHL3XGLFRFRPRXPDUDSDULJDTXDOTXHUDomRYLOFtQLFDUHSXJQDQWH
RX LQMXVWD ID]LD FRP TXH OX]LVVHP GH LQGLJQDomR RV VHXV ROKRV PDJQtILFRV 0DV HOH WDPEpP
HYLWDYD GLVSXWDV H LQM~ULDV HPERUD QmR IRVVH KRPHP FDSD] GH FRQVHQWLU TXH R UHEDL[DVVHP
$OLiVQmRSRGHULDWHUTXHVW}HVFRPQLQJXpPWRGRRPXQGRRDGXODYDWRGRRPXQGRRDGRUDYD
'H LQtFLR IRL DSHQDV GHOLFDGR FRPLJR SRUpP SRXFR D SRXFR FKHJDPRV D FRQYHUVDU DOJXQV
PHVHVOKHKDYLDPEDVWDGRSDUDDSUHQGHUDVHH[SULPLUFRUUHWDPHQWHHPUXVVRRTXHRVLUPmRV
MDPDLVFRQVHJXLUDPID]HU3DUHFHXPHLQWHOLJHQWtVVLPRPXLWRPRGHVWRHGHOLFDGRHDRPHVPR
WHPSR IRUWH H VHQVDWR (P UHVXPR FRQVLGHURR FRPR FULDWXUD DFLPD GR FRPXP H VHPSUH
HYRFR R VHX HQFRQWUR FRPR XP GRV PHOKRUHV GD PLQKD YLGD +i GHVVDV QDWXUH]DV EHODV GH
QDVFHQoDWmRULFDPHQWHGRWDGDVSRU'HXVTXHDLGHLDGHDVYHUFRUURPSLGDVSDUHFHDEVXUGD$
JHQWH VHPSUH ILFD WUDQTXLOD D VHX UHVSHLWR 6LQWRPH WUDQTXLOR TXDQWR j VRUWH GH $OL 2QGH
HQWUHWDQWRHVWDUiHOHDJRUD"
8PD YH] EDVWDQWH WHPSR DSyV PLQKD FKHJDGD DR SUHVtGLR HX HVWDYD HVWLUDGR QD WDULPED
SUHVDGHGRORURVRVSHQVDPHQWRV(PERUDDLQGDIRVVHFHGRSDUDGRUPLU$OLVHPSUHDWLYRQDGD
ID]LD QDTXHOD QRLWH SRUTXH RV LUPmRV REVHUYDYDP HQWmR XPD IHVWD PXoXOPDQD (X HVWDYD
GHLWDGRFRPXPEUDoRVREDFDEHoDHPHGLWDYD
±3RUTXHWHVHQWHVWmRWULVWH"
2OKHLRVXUSUHVRFRQVLGHUDQGRHVWUDQKDDTXHODSHUJXQWDSDUWLGDGH$OLVHPSUHWmRGHOLFDGR
WmRFKHLRGHWDWRGHFRUDomRWmRLQWHOLJHQWH0DVROKDQGRRFRPPDLVDWHQomRYLOKHQRURVWRR
UHIOH[RGHWRGDDGRUWRGDDDQJ~VWLDGDVDXGDGHHFRPSUHHQGLLPHGLDWDPHQWHTXDQWRRPRoR
WDPEpPVHVHQWLDLQIHOL]QDTXHOHPRPHQWR'HXXPVXVSLURSURIXQGRHVRUULXDPDUJDPHQWH(X
JRVWDYD GR VRUULVR GHOH VHPSUH WmR DIiYHO TXH GHVFREULD GXDV ILOHLUDV GH GHQWHV DOYtVVLPRV
FDSD]HVGHID]HULQYHMDjPDLVEHODUDSDULJDGRPXQGR
± 'L]H $OL HVWiV SHQVDQGR QD IHVWD TXH VH FHOHEUD KRMH QD WXD WHUUD QR 'DJXHVWmR" /i p
PXLWROLQGR"
±2KVLP±UHVSRQGHXHOHH[DOWDGRHQTXDQWRRVVHXVROKRVVHLOXPLQDYDP±3RUTXHYLVWH
TXHHXHVWDYDSHQVDQGRQDIHVWD"
±2UDJUDQGHGLILFXOGDGH&RPRVHDJHQWHQmRIRVVHPDLVIHOL]HPFDVDGRTXHDTXL
±2K3RUTXHPHGL]HVLVVR"
±$JRUDTXDQWDIORUQmRGHYHKDYHUQDWXDWHUUDTXHSDUDtVRKiGHVHUOi
±2KFDODWHFDODWH
6XDDJLWDomRHVWDYDQRDXJH
±(VFXWD$OLWLQKDVDOJXPDLUPm"
±6LPSRUTXr"
±'HYHVHUERQLWDVHVHSDUHFHFRQWLJR
±1mRVHFRPSDUDFRPLJReWmRERQLWDTXHQmRWHPQHQKXPDLJXDOHPWRGRR'DJXHVWmR
$KFRPRpERQLWD1XQFDYLVWHPXOKHUWmROLQGD$OLiVPLQKDPmHWDPEpPHUDERQLWD
±(WXJRVWDVPXLWRGHWXDPmH"
±$LTXHPHHVWiVSHUJXQWDQGR'HFHUWRPRUUHXGHGHVJRVWRSRUPLQKDFDXVD(XHUDRVHX
SUHIHULGR JRVWDYD PDLV GH PLP GH TXH GH PLQKD LUPm H GH PHXV LUPmRV (VWD QRLWH VRQKHL
FRPHODHVWDYDFKRUDQGR
&DORXVH H QmR GLVVH PDLV QDGD GXUDQWH WRGR R UHVWR GD QRLWH 0DV GHSRLV GHVVD RFDVLmR
SURFXUDYDWRGDVDVRSRUWXQLGDGHVSDUDIDODUFRPLJRDSHVDUGRUHVSHLWRTXHHXOKHLQVSLUDUDQHP
VHLEHPSRUTXrHTXHRLPSHGLDGHPHGLULJLUDSDODYUDHPSULPHLUROXJDU(HXWDPEpPTXH
DOHJULDVHQWLDTXDQGRRLQWHUURJDYDVREUHR&iXFDVRVREUHDVXDYLGDSDVVDGD2VLUPmRVQmRR
LPSHGLDPGHFRQYHUVDUFRPLJRHSDUHFLDDWpTXHILFDYDPFRQWHQWHVTXDQGRRYLDPUHVSRQGHU
DR TXH OKH SHUJXQWDYD ( TXDQGR FRQVWDWDUDP TXH HX GLD D GLD PDLV PHDIHLoRDYD D $OL
WRUQDUDPVHFDGDYH]PDLVGHOLFDGRVSDUDFRPLJR
$OLPHDMXGDYDQRWUDEDOKRSUHVWDYDPHWRGRVRVVHUYLoRVTXHSRGLDQDFDVHUQD6HQWLDVH
TXHOKHGDYDSUD]HUVHUPHDJUDGiYHODX[LOLDUPHXPSRXTXLQKRTXHIRVVH(QmRKDYLDQLVVR
GD VXD SDUWH QHP VHUYLOLVPR QHP SURFXUD GH XPD YDQWDJHP TXDOTXHU PDV DSHQDV XP
VHQWLPHQWRGHDUGRURVDDPL]DGHTXHMiQmRGLVVLPXODYD&RPRWLQKDPXLWDFDSDFLGDGHSDUDRV
WUDEDOKRVPDQXDLVDSUHQGHXDFRVWXUDUPXLWREHPURXSDEUDQFDHERWLQDVHGHSRLVWDQWRTXDQWR
HUDSRVVtYHOPDUFHQDULD2VLUPmRVPXLWRRUJXOKRVRVSHORr[LWRGRUDSD]RIHOLFLWDYDPSRULVVR
±(VFXWD$OL±GLVVHOKHHXFHUWDQRLWH±3RUTXHQmRDSUHQGHVDOHUHDHVFUHYHUHPUXVVR"
+iGHVHUWHPXLWR~WLOPDLVWDUGHQD6LEpULD
±(XEHPTXHULDPDVFRPTXHP"
±$TXLQmRIDOWDTXHPVDLED6HTXHUHVHXWHHQVLQR
±2KSRUIDYRUHQVLQDPH
(UJXHXVHGDWDULPEDMXQWRXDVPmRVHPHROKRXFRPDUV~SOLFH
&RPHoDPRV QR GLD VHJXLQWH j WDUGH (X SRVVXtD XPD WUDGXomR UXVVD GR 1RYR 7HVWDPHQWR
OLYURDXWRUL]DGRQRSUHVtGLR6HPDEHFHGiULRFRPRDX[tOLR~QLFRGHVVHOLYUR$OLHPDOJXPDV
VHPDQDV DSUHQGHX D OHU FRUUHQWHPHQWH 7UrV PHVHV GHSRLV FRPSUHHQGLD PXLWtVVLPR EHP D
OLQJXDJHPHVFULWD(VWXGDYDFRPDUGRUFRPH[DOWDomR
&HUWD YH] OHPRV MXQWRV R 6HUPmR GD 0RQWDQKD 2EVHUYHL TXH OKH LQWHUHVVDYDP
SDUWLFXODUPHQWH DOJXPDV SDVVDJHQV ( SHUJXQWHL VH OKH DJUDGDUD R TXH DFDEDUD GH OHU (OH PH
ODQoRXXPROKDUYLYRHDFRUOKHVXELXDRURVWR
±2KVLP,VVD pXPVDQWRSURIHWD,VVDIDODDVSDODYUDVGH'HXVePXLWRERQLWR
±4XHpTXHPDLVWHDJUDGD"
± 2 WUHFKR RQGH HOH GL] SHUGRD DPD QmR RIHQGDV HVWLPD R WHX LQLPLJR $K FRPR HOH GL]
EHPLVVR
9LURXVHSDUDRVLUPmRVTXHQRVHVFXWDYDPHIDODYDPFRPDQLPDomR)LFDUDPDFRQYHUVDU
RV WUrV PXLWR WHPSR VHULDPHQWH FRP JHVWRV DILUPDWLYRV GD FDEHoD 'HSRLV VRUULQGR FRP XP
VRUULVR DR PHVPR WHPSR JUDYH H EHQpYROR ± R SXUR VRUULVR PXoXOPDQR FXMD JUDYLGDGH PH
HQFDQWD HVSHFLDOPHQWH ± YROYHUDPVH SDUD PLP H FRQILUPDUDP TXH ,VVD HUD XP SURIHWD GH
'HXV H REUDUD JUDQGHV PLODJUHV GHSRLV GH HVFXOSLU XP SiVVDUR GH DUJLOD VRSUDUD QHOH H R
SiVVDURYRDUDLVVRHVWDYDHVFULWRQXPGRVOLYURV 'L]LDP HVVDV FRLVDV FHUWRV GH TXH ORXYDQGR
,VVDPHGDYDPJUDQGHSUD]HU4XDQWRD$OLHVWDYDUDGLDQWHRVLUPmRVWLQKDPFRQYHUVDGRFRP
HOHHWLQKDPVHGLJQDGRDSURYDUPH
7LYHLJXDOPHQWHJUDQGHr[LWRQRHQVLQRGDHVFULWDD$OL$UUDQMRXSDSHO QmRSHUPLWLXTXHHX
OKRFRPSUDVVHFRPPHXGLQKHLUR SHQDVWLQWDHGHQWURGHGRLVPHVHVHVFUHYLDSHUIHLWDPHQWH
EHP2VLUPmRVILFDUDPHPEDVEDFDGRV6XDDOHJULDVHXRUJXOKRXOWUDSDVVDUDPWRGRVRVOLPLWHV
QmRVDELDPFRPRPHDJUDGHFHU'XUDQWHDVWDUHIDVVHQRVDFRQWHFLDHVWDUMXQWRVHOHVID]LDP
WXGRSDUDPHDX[LOLDUHFRQVLGHUDYDPDTXLORXPDIHOLFLGDGH-iQmRIDORGH$OLTXHVHDIHLoRRX
DPLPTXDVHWDQWRTXDQWRDRVLUPmRV1mRHVTXHFHUHLMDPDLVDVXDSDUWLGD$UUDVWRXPHSDUD
IRUDGDFDVHUQDHDJDUURXVHDRPHXSHVFRoRFKRUDQGR1XQFDDQWHVPHDEUDoDUDHQXQFDHX
RYLUDGHUUDPDUXPDOiJULPD
±)L]HVWHWDQWRSRUPLPIL]HVWHWDQWRSRUPLP±GL]LD±0DLVTXHPHXSDLPDLVTXHPLQKD
PmH)L]HVWHGHPLPXPKRPHP'HXVWHUHFRPSHQVDUiHHXQmRWHHVTXHFHUHLQXQFD
2QGHHVWDUiVDJRUDTXHULGRDQJHOLFDOHPHLJR$OL"
$OpP GRV FLUFDVVLDQRV QRVVD FDVHUQD DEULJDYD DLQGD DOJXQV SRODFRV )RUPDYDP XP JUXSR
LQWHLUDPHQWHjSDUWHHQmRVHGDYDPFRPRVRXWURVIRUoDGRV-iOKHVGHVFUHYLRH[FOXVLYLVPRMi
H[SOLTXHLTXHRGHVSUH]RGHOHVSHORVGHWHQWRVUXVVRVOKHVKDYLDJUDQMHDGRRyGLRJHUDO7LQKDPR
WHPSHUDPHQWR DWRUPHQWDGR H GRHQWLR (UDP HP Q~PHUR GH VHLV ± H DOJXQV GHOHV KRPHQV GH
LQVWUXomR IDODUHL PDLV GHWLGDPHQWH GHVWHV ~OWLPRV $OJXPDV YH]HV GXUDQWH RV GHUUDGHLURV DQRV
GDPLQKDUHFOXVmRPHHPSUHVWDUDPOLYURVRSULPHLURTXHOLPHSURYRFRXXPDLPSUHVVmRIRUWH
HVWUDQKDHVSHFLDOtVVLPDGDTXDOIDODUHLPDLVWDUGH&RQVLGHURHVVDVVHQVDo}HVPXLWRFXULRVDVH
WHQKRDFHUWH]DGHTXHPXLWDVSHVVRDVQDGDSRGHULDPFRPSUHHQGHUGHODV6HPDVH[SHULPHQWDU
DJHQWHQmRSRGHMXOJDUFHUWDVFRLVDV%DVWDGL]HUTXHRVVRIULPHQWRVPRUDLVVmRPXLWtVVLPRPDLV
SHVDGRVTXHRVVRIULPHQWRVItVLFRV1RSUHVtGLRRKRPHPVLPSOHVHVWiQRVHXPHLR±WDOYH]DWp
QXP PHLR PDLV DGLDQWDGR TXH R VHX (YLGHQWHPHQWH HOH SHUGHX PXLWR ± D VXD DOGHLD D VXD
IDPtOLDWXGRVHRTXLVHUPRVPDVQmRPXGRXGHDPELHQWH2KRPHPLQVWUXtGRSXQLGRSHODOHL
GRPHVPRPRGRTXHRU~VWLFRSHUGHLQFRQWHVWDYHOPHQWHPXLWRPDLVGHYHUHSULPLUWRGDVDVVXDV
QHFHVVLGDGHV WRGRV RV VHXV KiELWRV GHYH DSUHQGHU D UHVSLUDU XP DU LQWHLUDPHQWH HVWUDQKR e
FRPRXPSHL[HWLUDGRGDiJXDHMRJDGRjDUHLD0XLWDVYH]HVRFDVWLJRTXHDOHLGLWDLJXDOSDUD
WRGRVWRUQDVHSDUDHOHXPWRUPHQWRPXOWLSOLFDGRSRUGH](LVVRpYHUGDGHPHVPRVHPVHOHYDU
HPFRQWDRVDFULItFLRGRVKiELWRVPDWHULDLV
$VVLPSRLVRVSRODFRVWLQKDPXPJUXSRjSDUWH(QWUHWRGRVRVGHWHQWRVHVWLPDYDPDSHQDVR
QRVVR MXGHX VLPSOHVPHQWH SRUTXH HOH RV GLYHUWLD (VVH MXGHX DOLiV JR]DYD GD DIHLomR JHUDO
HPERUDRVIRUoDGRVVHPH[FHomRROHYDVVHPQDWURoD(UDR~QLFRGDVXDUDoDHQmRRSRVVR
UHFRUGDU VHP ULU 6HPSUH TXH R ROKDYD ID]LDPH OHPEUDU DTXHOH <DQNHO GR 7DUDVV %XOED  GH
*RJROTXHXPDYH]GHVSLGRHSURQWRDHQWUDUMXQWRFRPDVXDMXGLDQXPREMHWRTXHSDUHFLDXP
DUPiULRILFDGHUHSHQWHLJXDODXPIUDQJRGHSHQDGR-iLGRVR±DQGDYDSHUWRGRVFLQTXHQWD±
HUD GH SHTXHQD HVWDWXUD GH FRQVWLWXLomR IUDFD DVWXWR H HVW~SLGR LPSHUWLQHQWH H FRYDUGH DR
PHVPR WHPSR 2 URVWR YLQFDGR GH UXJDV PRVWUDYD QD IURQWH H QDV IDFHV DV PDUFDV GR
SHORXULQKR -DPDLV FRQVHJXL FRPSUHHQGHU FRPR p TXH HOH SXGHUD VXSRUWDU VHVVHQWD DoRLWHV GH
FQXWH3RUTXHHVWDYDSUHVRSRUFULPHGHPRUWH*XDUGDYDFRQVLJRPXLWREHPHVFRQGLGDXPD
UHFHLWDTXHRXWURVMXGHXVOKHKDYLDPREWLGRORJRGHSRLVGDH[HFXomRGRFDVWLJR7UDWDYDVHGXP
EiOVDPRTXHGHSRLVGHXQVTXLQ]HGLDVGHXVRDSDJDYDDVPDUFDVGRSHORXULQKR(OHQmRRXVDYD
XWLOL]iORQDSULVmRHSDUDH[SHULPHQWDUDVYLUWXGHVGDWDOUHFHLWDHVSHUDYDDFDEDURVYLQWHDQRV
GH WUDEDOKRV IRUoDGRV GHSRLV GRV TXDLV VHULD GHVWHUUDGR SDUD XPD DOGHLD ³6HP LVVR QmR PH
SRGHUHLFDVDU´GL]LDQRVHXVRWDTXH³HIDoRTXHVWmRDEVROXWDGHWHUPXOKHU´eUDPRVQyVGRLV
PXLWRDPLJRV(OHHVWDYDVHPSUHQDVPHOKRUHVGLVSRVLo}HVGHHVStULWR$YLGDQRSUHVtGLRQmROKH
HUDDEVROXWDPHQWHSHQRVDRXULYHVGHSURILVVmRRVKDELWDQWHVGDFLGDGH±TXHQmRGLVSXQKDPGH
QHQKXP MRDOKHLUR ± R HQFKLDP GH WUDEDOKR H HOH DVVLP HVFDSDYD DRV ODERUHV PDLV SHVDGRV
&RPR VHULD GH HVSHUDU WDPEpP SUDWLFDYD D XVXUD H HPSUHVWDYD D MXURV j FDVHUQD LQWHLUD
(QWUDUDQRSUHVtGLRDQWHVGHPLPHXPGRVSRODFRVPHGHVFUHYHXXPGLDDVXDFKHJDGDeXPD
KLVWyULD GLYHUWLGD TXH PDLV WDUGH FRQWDUHL SRUTXH PDLV GH XPD YH] WHUHL TXH IDODU HP ,VDL
)RPLWFK
+DYLDDLQGDQRQRVVRDORMDPHQWRTXDWURUDVNROQLNLRX³YHOKRVFUHQWHV´DQFLmHVYHUVDGRVQDV
6DQWDV (VFULWXUDV HQWUH RV TXDLV VH HQFRQWUDYD R YHOKR GH 6WDURGXERY 'RLV RX WUrV SHTXHQRV
UXVVRV JHQWH GH WHPSHUDPHQWR VRPEULR XP IRUoDGR PXLWR MRYHP GH QDUL] SRQWXGR TXH D
GHVSHLWRGRVVHXVYLQWHHWUrVDQRVMiDVVDVVLQDUDRLWRSHVVRDV8PEDQGRGHPRHGHLURVIDOVRVGRV
TXDLV XP QRV VHUYLD GH ERER ( HQILP PDLV DOJXQV LQGLYtGXRV WDFLWXUQRV H PDOHQFDUDGRV
UDVSDGRV RX GHVILJXUDGRV LQIHOL]HV H LQYHMRVRV UHVROYLGRV D VH PRVWUDUHP FRPR WDO FHQKR
IUDQ]LGRERFDFRVWXUDGDDOPDRGLHQWDGXUDQWHDLQGDORQJRVDQRVGXUDQWHWRGRRWHPSRGDVXD
UHFOXVmR
(LVRTXDGURTXHPHGHVILORXDQWHRVROKRVGXUDQWHHVVDSULPHLUDWDUGHVHPDOHJULDGDPLQKD
QRYDH[LVWrQFLD9LRDWUDYpVGDIXPDoDHGRDUVXIRFDQWHGDVSUDJDVGRFLQLVPRLQGHVFULWtYHO
GR FKHLUR IpWLGR H GR WLOLQWDU GDV JULOKHWDV GDV ULVDGDV HVWULGHQWHV H GDV PDOGLo}HV (VWLUHLPH
VREUH D WiEXD QXD GD WDULPED SXV D URXSD GHEDL[R GD FDEHoD QmR WLQKD DLQGD WUDYHVVHLUR 
HQUROHLPHQDSHOHGHFDUQHLURHSRUPDLVH[DXVWRSRUPDLVH[WHQXDGRTXHHVWLYHVVHJUDoDVjV
LPSUHVV}HV PRQVWUXRVDV H LQHVSHUDGDV GHVVH SULPHLUR GLD QmR FRQVHJXL DGRUPHFHU $TXLOR QR
HQWDQWR HUD DSHQDV R FRPHoR 0XLWDV RXWUDV FRLVDV PH HVSHUDYDP FRLVDV TXH HX QmR SRGHULD
QXQFDSUHYHUQHPDGLYLQKDU


235,0(,520Ç6


7UrVGLDVGHSRLVGDPLQKDFKHJDGDUHFHELRUGHPGHLUWUDEDOKDU(VVHGLDPHILFRXJUDYDGR
QDOHPEUDQoDHPERUDQDGDWHQKDDFRQWHFLGRGHHVSHFLDO±SHORPHQRVVHOHYDUPRVHPFRQWDR
TXHPLQKDSUySULDVLWXDomRWLQKDGHH[WUDRUGLQiULR
0DVHUDPLPSUHVV}HVQRYDVHHXDLQGDHQFDUDYDDVFRLVDVFRPDYLGH]$FDEDYDGHSDVVDU
WUrV GLDV SUHVD GDV HPRo}HV PDLV SHQRVDV ³&KHJXHL DR ILP GD YLDJHP HVWRX QR SUHVtGLR´
UHSHWLDHXGHPLQXWRHPPLQXWR³(LVPHQRSRUWRRQGHSDVVDUHLORQJRVORQJRVDQRV(VWiDTXLR
PHXFDQWR&KHJRFRPRFRUDomRIHULGRFKHLRGHDSUHHQVmRHGHVFRQILDQoD(TXHPVDEHVH
GDTXLKiPXLWRWHPSRQRPRPHQWRGHSDUWLUQmRWHUHLVDXGDGHV´DFUHVFHQWDYDHVWLPXODGRSRU
HVVD SpUILGD QHFHVVLGDGH TXH jV YH]HV QRV ID] PDJRDU XPD IHULGD DWp R VHX SRQWR PDLV
SURIXQGRSDUDVDERUHDUDGRULQWHQVDSDUDJR]iODHPWRGDDVXDLPHQVLGDGH2SHQVDPHQWRGH
TXH XP GLD HX WHULD VDXGDGHV GDTXHOH OXJDU HQFKLDPH GH DQJXVWLDGR KRUURU 'HVGH HQWmR
SUHVVHQWLDTXDQWRRKRPHPpIHLWRGHKiELWRV,VVRWRGDYLDUHSUHVHQWDYDDLQGDRIXWXURHQTXDQWR
TXHQRSUHVHQWHWXGRTXHPHFHUFDYDPHSDUHFLDKRVWLODERPLQiYHOSHORPHQRVVHQmRRHUD
FRPSOHWDPHQWHDVVLPHXRHQ[HUJDYD$TXHODVHOYDJHPFXULRVLGDGHFRPTXHFRQWHPSODYDRV
IRUoDGRV PHXV QRYRV FRPSDQKHLURV D GXUH]D GHOHV SDUD FRP REDULQH IHLWR DJRUD VHX LJXDO ±
GXUH]DTXHFKHJDYDTXDVHDVHUyGLR±DWRUPHQWDYDPHWDQWRTXHHXDUGLDSRULUPDLVGHSUHVVD
SDUDRWUDEDOKRDILPGHSHQHWUDUGHXPDYH]DWpDRIXQGRGDPLQKDGHVJUDoDGHPHS{UDYLYHU
FRPRHOHVGHSX[DUFRPHOHVSHODPHVPDWUHOD1mRSRVVRGL]HUTXDQWRVIDWRVPHHVFDSDUDP
HQWmR H TXmR SRXFR PH DSHUFHELD HX GR TXH VH SDVVDYD VRE R PHX SUySULR QDUL] DR ODGR GD
KRVWLOLGDGH SRU GHPDLV YLVtYHO QmR PH DSHUFHELD GH QDGD FRQVRODGRU FRQWXGR IRL QHVVH
PRPHQWR TXH HQFRQWUHL DOJXPDV FULDWXUDV DPiYHLV FXMD DFROKLGD PH GHX FRUDJHP 2 PDLV
DPiYHORPDLVDFROKHGRUIRL$NLP$NLPLWFK1DPXOWLGmRGHURVWRVWULVWRQKRVHSRXFRDPLJRV
GRVRXWURVIRUoDGRVIXLREULJDGRDQRWDUDOJXPDVERDVFDUDV3RUWRGDSDUWHKiJHQWHUXLPPDV
QHP WRGDV DV RYHOKDV GXP UHEDQKR VmR SHVWHDGDV GHSUHVVD GLVVH HX D PLP PHVPR SDUD PH
FRQVRODU³4XHPVDEH"7DOYH]HVWHVLQGLYtGXRVQmRVHMDPPXLWRSLRUHVTXHRVGHPDLVTXHHVVHV
TXH YLYHP Oi IRUD GR RXWUR ODGR GRV PXURV GD IRUWDOH]D´ ( SHQVDQGR QLVVR HX PHQHDYD D
FDEHoD±HQWUHWDQWRPHX'HXVQHPGHORQJHGHVFRQILDYDGHTXHDTXLORHUDDYHUGDGHSXUD
(LVXPH[HPSORRFRQGHQDGR6XFKLORYOHYHLYiULRVDQRVSDUDRFRQKHFHUUHDOPHQWHHPERUD
HVWLYHVVHDWRGRWHPSRDRPHXODGR([DWDPHQWHQRPRPHQWRHPTXHHXGL]LDTXHDOJXQVQmRVmR
SLRUHV GR TXH RV RXWURV HUJXHVH D VXD OHPEUDQoD QD PLQKD PHPyULD 6HUYLDPH GH DLR
MXQWDPHQWH FRP 2VVLS XP RXWUR GHWHQWR TXH GHVGH R LQtFLR $NLP $NLPLWFK PH LQFXOFDUD
DILUPDQGRTXHSRUWULQWDFRSHTXHVPHQVDLVPHSUHSDUDULDXPDUHIHLomRVHRUDQFKRGRSUHVtGLR
PHLQVSLUDVVHH[FHVVLYDUHSXJQkQFLDHVHHXWLYHVVHPHLRVGHFRPHUSRUFRQWDSUySULD2VVLSHUD
XP GRV TXDWUR FR]LQKHLURV HOHLWRV SHORV SUHVRV SDUD WRPDUHP FRQWD GDV QRVVDV GXDV FR]LQKDV
(VVHV HOHLWRV DOLiV SRGHULDP DFHLWDU RX UHFXVDU R RItFLR H PHVPR DFHLWDQGRR DEDQGRQDU R
OXJDU QR GLD VHJXLQWH VH OKHV GHVVH QD YHQHWD 2V FR]LQKHLURV ILFDYDP GLVSHQVDGRV GR WUDEDOKR
IRUoDGR Vy VH RFXSDYDP HP FR]HU R SmR H SUHSDUDU D VRSD 1mR HUDP FKDPDGRV FR]LQKHLURV
PDV ³FR]LQKHLUDV´ QmR SRU GHVSUH]R SRLV HUDP HVFROKLGRV SDUD D FR]LQKD RV KRPHQV PDLV
KRQHVWRVHLQWHOLJHQWHVTXHHUDSRVVtYHOHQFRQWUDU PDVSRUXPDIDPLOLDULGDGHTXHDEVROXWDPHQWH
QmR RV RIHQGLD 'XUDQWH YiULRV DQRV 2VVLS IRL ³FR]LQKHLUD´ TXDVH VHP LQWHUUXSo}HV Vy
DEDQGRQDYDRHPSUHJRTXDQGRRDWRUPHQWDYDRWpGLRRXOKHGDYDPGHVHMRVGHFRQWUDEDQGHDU
YRGFD SRLV HVVH FRQWUDEDQGLVWD GH SURILVVmR HUD KRPHP GH XPD KRQHVWLGDGH H XPD ERQGDGH
UDUDV-iIDOHLXPSRXFRDVHXUHVSHLWR±HUDRWDOUDSDJmRDTXHPRVDoRLWHVLQVSLUDYDPSDYRU
WmRJUDQGH6RVVHJDGRDPiYHOSDFLHQWHLQFDSD]GHSURPRYHUXPDEULJDQmRSRGLDDSHVDUGDV
VXDV DSUHHQV}HV GHL[DU GH LQWURGX]LU DJXDUGHQWH TXDQGR R DVVDOWDYD D SDL[mR GR FRQWUDEDQGR
(QWUHJDYDVHSRLVDRWUiILFRGHYRGFDLJXDODRVVHXVFROHJDVPDVHPSURSRUo}HVPDLVPRGHVWDV
TXH *D]LQH FXMD DXGiFLD DPRU GR ULVFR QmR SDUWLOKDYD 6HPSUH PDQWLYH PXLWR ERDV UHODo}HV
FRP2VVLS$VUHIHLo}HVHPVHSDUDGRQmRVDtDPPXLWRFDUDVFUHLRQmRPHHQJDQDUDILUPDQGR
TXHHXQmRJDVWDYDPDLVGHXPUXEORSRUPrVFRPPLQKDDOLPHQWDomRVHPFRQWDUFRPRSmRp
FODURIRUQHFLGRSHODFDVDHDOJXPDVYH]HVDVRSDTXHWRPDYDTXDQGRHVWDYDFRPPXLWDIRPH±
SRLV DFDEDUD SRU GHVDSDUHFHU D UHSXJQkQFLD TXH HOD GH LQtFLR PH LQVSLUDUD (P JHUDO HX
FRPSUDYD XP SHGDoR GH FDUQH GH XPD OLEUD ± TXH QR LQYHUQR FXVWDYD GRLV FRSHTXHV 8P GRV
LQYiOLGRV YLJLODQWH QD FDVHUQD HQFDUUHJDYDVH GHVVD FRPSUD 7RGRV RV LQYiOLGRV
HVSRQWDQHDPHQWHVHRIHUHFLDPSDUDDVFRPSUDVQmRUHFHELDPSRULVVRQHQKXPDUHPXQHUDomR
VDOYRXPDQLQKDULDDTXLRXDOpP$JLDPDVVLPSRUDPRUGRVHXSUySULRVRVVHJRSRUTXHGHRXWUD
PDQHLUD QmR VH SRGHULDP DJXHQWDU 7UD]LDP IXPRWDEOHWWHV GH FKi  FDUQHNDODWFKL H PDLV
RXWURV JrQHURV VDOYR D YRGFD TXH QLQJXpP OKHV SHGLD SDUD WUD]HU HPERUD GH YH] HP TXDQGR
HOHV DFHLWDVVHP WRPDU XP WUDJR 'XUDQWH YiULRV DQRV VHJXLGRV 2VVLS PH SUHSDURX R PHVPR
SHGDoRGHFDUQHSRXFRLPSRUWDRPRGRFRPRRID]LD&RLVDFXULRVDSRUWRGRHVVHWHPSRQmR
FRQVHJXL QXQFD DUUDQFDUOKH GXDV SDODYUDV 7HQWDYD jV YH]HV LQLFLDU XPD FRQYHUVD PDV HOH
SDUHFLDLQFDSD]GHVXVWHQWDUTXDOTXHUGLiORJRVHJXLGR6RUULDUHVSRQGLDSRUVLPRXSRUQmRHHUD
WXGR $TXHOH +pUFXOHV FRP R HVStULWR GH XP JDURWR GH RLWR DQRV PH SURGX]LD XPD LPSUHVVmR
HVWUDQKD
6XFKLORY WRUQRXVH SRLV D PLQKD RUGHQDQoD (X QmR R SURFXUDUD QHP HVFROKHUD )RL HOH
HVSRQWDQHDPHQWHTXHVHOLJRXDPLPQHPPHOHPEURPDLVTXDQGRQHPFRPR3{VVHDODYDU
PLQKDURXSDEUDQFDKDYLDSRUWUiVGDVEDUUDFDVXPJUDQGHWDQTXHRQGHRV GHWHQWRV ID]LDP D
VXD EDUUHOD HP WLQDV GLVSRVWDV HVSHFLDOPHQWH SDUD HVVH ILP ( DIRUD D ODYDJHP 6XFKLORY
DUUDQMDYDPHLRVGHPHSUHVWDUPLORXWURVVHUYLoRVSHTXHQRVSUHSDUDYDPHDFKDOHLUDFRUULDD
GDU PHXV UHFDGRV DUUDQMDYD DV FRLVDV GH TXH HX SUHFLVDYD OHYDYD R PHX FDVDFR SDUD R
UHPHQGmR HQJUD[DYDPH DV ERWDV TXDWUR YH]HV SRU PrV ( ID]LD LVVR WXGR FRP ]HOR FRP DIm
FRPRVHVHWUDWDVVHVDEH'HXVGHTXHREULJDo}HV(PUHVXPROLJDUDLQWHLUDPHQWHDVXDVRUWHj
PLQKDHWRPDUDjVVXDVFRVWDVWXGRTXHPHFRQFHUQLD3RUH[HPSORQmRGLULDQXQFD³9RFrWHP
WDQWDVFDPLVDVVHXFDVDFRHVWiUDVJDGR´HVLP³1yVWHPRVDJRUDWDQWDVFDPLVDVQRVVRFDVDFR
HVWi UDVJDGR´ (X YLYLD SRLV VRE RV VHXV FXLGDGRV H HYLGHQWHPHQWH HOH FRQVLGHUDYD DTXLOR D
ILQDOLGDGHGDVXDYLGD&RPRQmRH[HUFLDQHQKXPDSURILVVmRVyGHPLPSRGHULDHVSHUDUDOJXQV
FRSHTXHV 3DJDYDOKH WDQWR TXDQWR SRGLD ± LVWR p XPDV WULVWHV PRHGDV GH FREUH XPD PLVpULD
HQWUHWDQWRMDPDLVRYLPDOVDWLVIHLWR(OHQmRSRGHULDYLYHUVHPVHUYLUDOJXpPHPHHVFROKHUD
VXSRQKRSRUTXHHXHUDPDLVLQGXOJHQWHTXHRVRXWURVHPDLVMXVWRDROKHDYDOLDURVJDQKRV(UD
XP GHVVHV KRPHQV TXH QmR FRQVHJXHP QXQFD OLEHUWDUVH GD PLVpULD GDTXHOHV TXH SRU XPD
PRHGD GH FLQFR FRSHTXHV VH ID]HP JXDUGDV GHPDLGDQH ± TXH SRGLDP ILFDU GXUDQWH KRUDV
LQWHLUDVLPyYHLVQDDQWHFkPDUDJHODGDHVFXWDQGRTXDOTXHUUXtGRYLQGRGRSiWLRRXDFKHJDGD
GRPDMRUHTXHHPFDVRGHGLVWUDomRSHUGHPWXGRHUHVSRQGHPFRPDVSUySULDVFRVWDV-iIDOHL
GHVVDV FULDWXUDV 6XD FDUDFWHUtVWLFD p D DWLWXGH KXPLOGH D IDOWD FRPSOHWD GH SHUVRQDOLGDGH
GHVHPSHQKDPVHPSUHHHPTXDOTXHUOXJDUXPSDSHOGHVHJXQGDHPHVPRWHUFHLUDFDWHJRULD$
QDWXUH]DRVFULRXDVVLP6XFKLORYHUDXPSREUHGLDERLQWHLUDPHQWHLUUHVSRQViYHOKXPLOGHFRPR
XPFmRDoRLWDGRHPERUDQLQJXpPOKHEDWHVVHGHYLDWHUGHQDVFHQoDDTXHOHDU6HPSUHVHQWLGy
SRUHOH1mRRFRQVHJXLDROKDUVHPVHQWLUXPDLQH[SOLFiYHOLPSUHVVmR±LQH[SOLFiYHODWpPHVPR
SDUD PLP 1XQFD SXGH WDPEpP ID]rOR FRQYHUVDU (OH QmR VDELD H[SULPLUVH HUDOKH XP
HVIRUoRSHQRVRHVFXWDUHGDUUHVSRVWDHDQLPDYDVHTXDQGRSDUDDFDEDUDJHQWHOKHSHGLDSDUD
FRUUHUDDOJXPOXJDURXID]HUTXDOTXHUFRLVD$FDEHLSRUPHFRQYHQFHUGHTXHVyXPPDQGDGR
OKH SRGHULD GDU DOJXP SUD]HU 1mR HUD QHP DOWR QHP EDL[R QHP IHLR QHP ERQLWR DORXUDGR
OHYHPHQWH SLFDGR GH EH[LJDV 1DGD VH SRGHULD GL]HU GH GHILQLGR D VHX UHVSHLWR VHQmR WDQWR
TXDQWR HUD SRVVtYHO MXOJDU  TXH HOH SHUWHQFLD j PHVPD UDoD GH HVStULWRV GH 6LURWNLQH H HVVD
FRQYLFomR QRV IRUD LQFXOFDGD SHOR VHX DU GH WROHLPD LUUHVSRQViYHO $OJXPDV YH]HV RV RXWURV
SUHVRV R GHELFDYDP FRQWDQGR TXH GXUDQWH D PDUFKD SDUD D 6LEpULD HOH VH ³WURFDUD´ SRU XPD
EOXVDYHUPHOKDHXPDPRHGDGHXPUXEOR2TXHSURYRFDYDDVULVDGDVHUDRtQILPRSUHoRGD
YHQGD³7URFDU´pWRPDURQRPHGHDOJXPRXWURFRQGHQDGRHSRUFRQVHTXrQFLDDVXDVRUWH3RU
PDLVPRQVWUXRVRTXHRIDWRSDUHoDQHPSRULVVRGHL[DGHVHUUHDOQRPHXWHPSRHVVHFRVWXPH
YLJRUDYD DLQGD FRP WRGD D IRUoD HQWUH DV FROXQDV GH GHSRUWDGRV FRQVDJUDGR SHOD WUDGLomR $
SULQFtSLRUHFXVHLPHDFUHUPDVGHSRLVUHQGLPHjHYLGrQFLD
(LV FRPR VH SDVVDYDP DV FRLVDV XP FRPERLR VH S}H D FDPLQKR Ki QHOH XPD JUDQGH
YDULHGDGH±SUHVLGLiULRVFRQGHQDGRVjVPLQDVVLPSOHVGHSRUWDGRV(PTXDOTXHUOXJDUSHUWRGH
3HUP SRU H[HPSOR XP IRUoDGR SURFXUD VH ³WURFDU´ FRP XP RXWUR 9DPRV TXH VHMD XP
0LNKDLORYTXDOTXHUFRQGHQDGRSRUDVVDVVtQLRRXRXWURFULPHFDSLWDODXPJUDQGHQ~PHURGH
DQRV QR SUHVtGLR FRLVD TXH HYLGHQWHPHQWH OKH GHVDJUDGD 6XSRQKDPROR XP KRPHP DVWXWR
LQHVFUXSXORVR LPHGLDWDPHQWH SURFXUD HQFRQWUDU QR FRPERLR DOJXP LQGLYtGXR VLPSOyULR
DERUGiYHO VHP GHIHVD FXMD FRQGHQDomR VHMD EUDQGD ± SRU H[HPSOR DV PLQDV GXUDQWH DOJXQV
DQRVRXDGHSRUWDomRSDUDDOJXPDDOGHLDRXPHVPRRSUHVtGLRSRUSRXFRWHPSR(QILPDFDED
SRUGHVFREULUXP6XFKLORY6XFKLORYVHUYRGHQDVFLPHQWRIRLFRQGHQDGRDSHQDVjGHSRUWDomR-i
WHP PLO H TXLQKHQWDV YHUVWDV QDV SHUQDV H QHP XP FRSHTXH QR EROVR SRUTXH p FODUR TXH RV
6XFKLORY MDPDLV WUD]HP FRQVLJR XP YLQWpP &DPLQKD HPEUXWHFLGR H[DXVWR HP JHUDO PDO
DOLPHQWDGR VHP QHP DR PHQRV TXDOTXHU FRLVD SDUD PDVWLJDU WUD]HQGR VREUH VL DSHQDV RV
IDUUDSRVGRXQLIRUPH±SURQWRDVHUYLUVHMDSDUDRTXHIRUHPWURFDGHDOJXQVFREUHV0LNKDLORY
LQVLQXDVHDRVHXODGRWUDYDFRQYHUVDFRQTXLVWDOKHDDPL]DGHHDILQDOQDSDUDGDSDJDOKHXP
WUDJR&KHJRXRPRPHQWRGHOKHSURSRUDWURFD³(XPHFKDPR0LNKDLORYYRXSDUDRSUHVtGLR
LVWRpQmRpSURSULDPHQWHRSUHVtGLRpDVHomRHVSHFLDOOiQmRKiWUDEDOKRVIRUoDGRVPDVFRLVD
GLIHUHQWH PXLWR PHOKRU´ $ SURSyVLWR GD VHomR HVSHFLDO KRMH VXSUHVVD GHYR GL]HU TXH PXLWRV
DOWRV IXQFLRQiULRV DWp PHVPR HP 3HWHUVEXUJR LJQRUDYDP DR FHUWR R TXH HOD VLJQLILFDYD
/RFDOL]DYDVH QDOJXP UHFDQWR ORQJtQTXR GD 6LEpULD FRPSXQKDVH GH SRXFDV SHVVRDV QR PHX
WHPSRFHUFDGHVHVVHQWDGHWHQWRV GHIRUPDTXHHUDGLItFLODFRPSDQKDUOKHRUDVWUR'HSRLVGH
PLQKDOLEHUWDomRHQFRQWUHLSHVVRDVTXHFRQKHFLDPPXLWREHPD6LEpULDSRUTXHKDYLDPVHUYLGR
Oi H TXH VRXEHUDP SRU PHX LQWHUPpGLR GD H[LVWrQFLD GD VHFomR HVSHFLDO 2 FyGLJR FRQWpP
DSHQDV VHLV OLQKDV D VHX UHVSHLWR ³(VSHUDQGR TXH VH RUJDQL]HP QD 6LEpULD WUDEDOKRV IRUoDGRV
HVSHFLDLV ILFD DQH[DGD D HVVD FDVD GH GHWHQomR XPD VHomR LJXDOPHQWH HVSHFLDO GHVWLQDGD D
GHOLQTXHQWHVPDLVSHULJRVRV´0HVPRRVGHWHQWRVGHVVDVHomRQmRVDELDPVHHODHUDWHPSRUiULD
RXSHUSpWXD'L]LDP³1mRWHPRVWHUPRLQGLFDGRHVSHUDPRVDSHQDVDRUJDQL]DomRGRVWUDEDOKRV
IRUoDGRV HVSHFLDLV LVVR TXHU GL]HU VHUi SRU SRXFR WHPSR´ 1HP 6XFKLORY QHP QLQJXpP GR
FRPERLRVDELDTXDOTXHUFRLVDDUHVSHLWRGHVVDVHFomRVDOYRWDOYH]0LNKDLORYTXHIRUDHQYLDGR
SDUDOiHFXMRKRUUHQGRFULPHMiOKHSURSRUFLRQDUDWUrVRXTXDWURPLODoRLWHVGL]LDOKHRIDUR
TXHROXJDUQmRSRGHLUDVHUJUDQGHFRLVD6XFKLORYDRFRQWUiULRLDDSHQDVSDUDXPDDOGHLDVy
LVVR³4XHUHVWURFDUFRPLJR"´6XFKLORYFRUDomRVLQJHORPHLRWRQWRHFKHLRGHUHFRQKHFLPHQWR
SDUDFRP0LNKDLORYTXHRREVHTXLDUDQmRVHDWUHYLDDUHFXVDU$OLiVMiRXYLXGL]HUTXHDTXLORVH
ID]FRPIUHTXrQFLDTXHQDGDWHPGHH[WUDRUGLQiULR(DFHLWDDSURYHLWDQGRVHGDVLPSOLFLGDGH
GRFDPDUDGD0LNKDLORYOKHFRPSUDROXJDUSRUXPDEOXVDYHUPHOKDHXPDPRHGDGHXPUXEOR
TXHWHPRFXLGDGRGHOKHHQWUHJDUGLDQWHGHWHVWHPXQKDV1RGLDVHJXLQWH6XFKLORYMiQmRHVWi
ErEDGRPDVQRYDPHQWHRHPEULDJDPDOLiVWRUQDVHGLItFLOYROWDUDWUiVGRWUDWRRUXEORMiIRL
EHELGR H D EOXVD YHUPHOKD QmR WDUGRX QDGD HP DFRPSDQKiOR ³1mR TXHUHV PDLV"´ (QWmR
GHYROYHRGLQKHLUR´'HRQGHWLUDUiGLQKHLURRSREUH6XFKLORY"6HQmRTXLVHU GHYROYHU R UXEOR
WHUiRDUWHOTXHRREULJDUiDLVVRSRUTXHUHLQDVHYHULGDGHHPWDLVFDVRV$GHPDLVWRGDSDODYUD
GDGDGHYHVHUPDQWLGD±pDUHJUDGRDUWHOTXHYHODSRULVVRXPGHOLQTXHQWHQmRWHUiUHSRXVR
ILFDUiFRPDYLGDLQWROHUiYHOVHUiDWRUPHQWDGRWDOYH]DWpPRUWR&RPHIHLWRVHXPD~QLFDYH]R
DUWHOGHVVHPRVWUDVGHLQGXOJrQFLDWDLVWURFDVQmRVHSRGHULDPUHDOL]DU6HIRVVHSRVVtYHOUHQHJDU
XPDSURPHVVDHGHVPDQFKDUXPQHJyFLRGHSRLVGHUHFHELGRRGLQKHLURTXHPHQWmRFXPSULULD
RVDFRUGRV"(PVXPDDFROXQDLQWHLUDWRPDRQHJyFLRjVXDFRQWDHSRUHVVDUD]mRVHPRVWUD
LPSLHGRVD (QILP 6XFKLORY VH DSHUFHEH GH TXH Mi QmR SRGH YROWDU DWUiV TXH VXDV V~SOLFDV VmR
LQ~WHLV UHVROYH FRQFRUGDU VHP UHVWULo}HV $QXQFLDVH R FDVR DR FRPERLR LQWHLUR H VH KRXYHU
QHFHVVLGDGHGiVHXPDJRUMHWDjTXHOHVTXHSRGHULDPIDODUGHPDLV4XHLPSRUWDDOLiVjTXHOHV
PLVHUiYHLVTXHRSUHVLGLiULRVHMD6XFKLORYRX0LNKDLORY"3RGHPPXLWREHPLUSDUDRGLDERWRGRV
RVGRLVVHDVVLPRTXHUHP(GHSRLVGHUHFHEHUHPDJRUMHWDRMHLWRTXHWrPpFDODUDERFD1D
SDUDGD VHJXLQWH j KRUD GD FKDPDGD TXDQGR FKDPDP 0LNKDLORY 6XFKLORY UHVSRQGH
³3UHVHQWH´TXDQGRFKDPDP6XFKLORYUHVSRQGH0LNKDLORY³3UHVHQWH´&RQWLQXDVHRFDPLQKR
HDWURFDHVWiIHLWD(P7REROVNRVGHSRUWDGRVVmRHVFROKLGRV³0LNKDLORY´YDLSDUDDFRO{QLDH
³6XFKLORY´ FRP IRUWH HVFROWD WRPD R FDPLQKR GD VHomR HVSHFLDO -i QHQKXP SURWHVWR p PDLV
SRVVtYHO$OLiVTXHSURYDVVHSRGHULDPDSUHVHQWDU"4XDQWRVDQRVVHDUUDVWDULDRSURFHVVR"4XH
QRYR FDVWLJR VRIUHULD R GHVJUDoDGR" 2QGH DUUDQMDULD WHVWHPXQKDV" 6H DV HQFRQWUDVVH HODV VH
UHFXVDULDP D GHSRU ( SRU ILP GH FRQWDV HLV FRPR D WURFR GH XPD EOXVD YHUPHOKD H GH XPD
PRHGDGHXPUXEORRSREUH6XFKLORYHVWiLQVWDODGRQDVHomRHVSHFLDO
2VGHWHQWRVROHYDUDPQDWURoDQmRSRUTXHWURFDUDGHSHUVRQDOLGDGHFRPRRXWURPDVSRUTXH
HUDP JHUDOPHQWH GHVSUH]DGDV WRGDV DV SHVVRDV TXH VH GHL[DYDP HPEUXOKDU =RPEDYDP GHOH
SRUTXHUHFHEHUDSHODWURFDDSHQDVXPDEOXVDYHUPHOKDHXPUXEOR±LQGHQL]DomRLUULVyULD(P
JHUDODWURFDVHRSHUDPHGLDQWHTXDQWLDVUHODWLYDPHQWHHOHYDGDV±DOJXPDVGH]HQDVGHUXEORVjV
YH]HV&RQWXGRRSREUH6XFKLORYWmRQXORWmRDSDJDGRWmRLQVLJQLILFDQWHQmRSRGHULDVHQmRVHU
OHYDGRDULGtFXOR
9LYHPRVPXLWRWHPSRMXQWRV6XFKLORYHHX3RXFRDSRXFRHOHVHOLJRXDPLPHHXWRPHLR
KiELWRGHRYHUDRPHXODGR8PGLD±QXQFDRSHUGRDUHLDPLPSUySULR±DSHVDUGHWHUUHFHELGR
GLQKHLURGHPLQKDPmRHOHQmRIH]RTXHOKHSHGLUDHWLYHDSHUYHUVLGDGHGHOKHGL]HU
±6XFKLORYYRFrVySUHVWDSDUDUHFHEHUGLQKHLUR
(OHQmRUHVSRQGHXFRUUHXDID]HURTXHHXTXHULDPDVILFRXVXELWDPHQWHWULVWH3DVVDUDPVH
GRLV GLDV (X QmR SRGHULD VXSRU TXH HOH KRXYHVVH WRPDGR WmR D SHLWR DV PLQKDV SDODYUDV 6DELD
TXH XP GHWHQWR $QWRQH 9DVVLOLHY R DWRUPHQWDYD FRQWLQXDPHQWH FREUDQGROKH XPD GtYLGD
tQILPD³'HFHUWRSHQVHL6XFKLORYSUHFLVDGHGLQKHLURHQmRVHDWUHYHDYLUSHGLUPH´1RILPGH
WUrVGLDVSHUJXQWHL
±6XFKLORYYRFrTXHULDPHSHGLUXQVFREUHVDILPGHSDJDUD$QWRQH9DVVLOLHYQmR"7RPH
(XHVWDYDQDWDULPEDH6XFKLORYGHSpjPLQKDIUHQWH3DUHFLDPXLWRFRPRYLGRFRPDRIHUWD
TXH OKH ID]LD H VXUSUHVR SRU PH KDYHU OHPEUDGR GR VHX DSHUWR SULQFLSDOPHQWH SRUTXH QD VXD
RSLQLmRQHVWHV~OWLPRVWHPSRVHOHMiPHWRPDUDH[FHVVLYRGLQKHLURHPSUHVWDGRHQmRRXVDYD
UHFHEHUPDLVQDGD2OKRXDVPRHGDVILWRXPHHGHUHSHQWHGHXPHLDYROWDHVDLX7XGRDTXLOR
PHVXUSUHHQGHXPXLWtVVLPR)XLSURFXUiORHRHQFRQWUHLOiDWUiVGDVFDVHUQDV(VWDYDHQFRVWDGR
jSDOLoDGDDFDEHoDHRVEUDoRVDSRLDGRVDXPDHVWDFD
± 6XFKLORY TXH KRXYH" ± SHUJXQWHLOKH (OH QmR PH ROKRX H JUDQGHPHQWH VXUSUHVR YL TXH
HVWDYDSUHVWHVDFKRUDU
± $OH[DQGUH 3HWURYLWFK YRFr SHQVD ± FRPHoRX FRP YR] WUrPXOD WHQWDQGR HYLWDU R PHX
ROKDU±SHQVDTXHHXTXHpSRUGLQKHLURHHXHXHXDK
'L]HQGRLVVRYROWRXVHSDUDDHVWDFDHFRPWDQWRHVWRXYDPHQWRTXHEDWHXDFDEHoDHVHS{V
D VROXoDU (UD D SULPHLUD YH] TXH HX YLD XP IRUoDGR FKRUDQGR 7LYH PXLWR WUDEDOKR SDUD R
FRQVRODU'HSRLVGLVVR6XFKLORYPRVWURXVHDLQGDPDLV]HORVRTXHDQWHVGRPHX³VHUYLoR´±FDVR
LVVR DLQGD IRVVH SRVVtYHO FXLGDYDPH PDV SRU VLQDLV TXDVH LPSHUFHSWtYHLV YHULILFDYD TXH HOH
DLQGD QmR PH SXGHUD SHUGRDU DTXHOD FHQVXUD (QWUHWDQWR RV RXWURV R FREULDP GH HVFiUQLRV
ID]LDPOKHSLFXLQKDVDUHVSHLWRGHWXGRLQMXULDYDPQRjVYH]HVUXGHPHQWHHHOHYLYLDFRPWRGRV
HPERQVWHUPRVVHPVHRIHQGHUQXQFD&RPRpGLItFLOFRQKHFHUXPKRPHPPHVPRGHSRLVGH
ORQJRVDQRVGHYLGDHPFRPXP
(LVSRUTXHRSUHVtGLRQmRPHDSDUHFHXGHHQWUDGDQRVHXYHUGDGHLURDVSHFWR(LVSRUTXH
Mi R GLVVH HPERUD HQFDUDQGR WXGR FRP WmR iYLGD H LQWHQVD DWHQomR QmR PH DSHUFHEL GH
LQ~PHURVIDWRVTXHVHSDVVDYDPVRERPHXQDUL]6yRVPDLVDSDUHQWHVPHLPSUHVVLRQDUDPPDV
FRPRHXRVFRQVLGHUDYDVREXPkQJXORGLIHUHQWHHOHVWDPEpPQmRPHSRGLDPGHL[DUQDDOPD
VHQmRXPDVHQVDomRGHSHVRGHWULVWH]DGHGHVHVSHUR2TXHFRQWULEXLXPXLWRSDUDHVVHHVWDGR
GHHVStULWRIRLRPHXHQFRQWURFRP$±YGHWHQWRFKHJDGRSRXFRWHPSRDQWHVGHPLPTXHPH
SURGX]LXXPDLPSUHVVmRSDUWLFXODUPHQWHDWUR]ORJRDSyVPHXLQJUHVVRQDSULVmR7LQKDPPHQR
HQWDQWRSUHYHQLGRGHTXHRHQFRQWUDULDOi(OHPHHQYHQHQRXDTXHOHVSULPHLURVGLDVMiGHVLWmR
SHQRVRVHSRUWDOPRGRDJUDYRXPHXVVRIULPHQWRVPRUDLVTXHQmRSRGHUHLILFDU FDODGR D VHX
UHVSHLWR
(UD R H[HPSOR PDLV UHSXJQDQWH GH EDL[H]D GH DYLOWDPHQWR HP TXH SRGH FDLU XP KRPHP
PRVWUDYD DWp TXH SRQWR D JHQWH SRGH PDWDU GHQWUR GH VL VHP OXWD H VHP UHPRUVRV TXDOTXHU
VHQWLPHQWRGHKRQUD(VVH$HUDRMRYHPILGDOJRDRTXDOMiDOXGLHTXHSRUDPL]DGHD)HGNDD
RUGHQDQoD GR PDMRU VHUYLD GH HVSLmR QD FDVHUQD 3RVVR UHVXPLUOKH D KLVWyULD HP SRXFDV
SDODYUDV $QWHV GH DFDEDU RV HVWXGRV HOH URPSHX FRP RV SDLV ± DVVXVWDGRV SRU VHXV
GHVUHJUDPHQWRV±HGHL[RX0RVFRXSRU6mR3HWHUVEXUJR/iDILPGHREWHUGLQKHLURQmRUHFXRX
QHPGLDQWHGHXPDVyUGLGDGHODomR([SOLFRPHSRVVXtGRSHODVHGHGHVHQIUHDGDLQVDFLiYHOGH
SUD]HUHV EHVWLDLV REWHYH GLQKHLUR YHQGHQGR D YLGD GH GH] KRPHQV $ FDSLWDO VHXV FDIpV VHXV
ERWHTXLQV VXDV FDVDV VXVSHLWDV R VHGX]LUDP GH WDO PDQHLUD TXH D GHVSHLWR GD LQWHOLJrQFLD TXH
LQHJDYHOPHQWHSRVVXtDHOHVHDUULVFRXDHVVDLQVHQVDWDHPSUHVD)RLUDSLGDPHQWHGHVPDVFDUDGR
H FRPR VXD GHQ~QFLD IDOVD FRPSURPHWLD SHVVRDV LQRFHQWHV H HUD XP HVFiUQLR jV DXWRULGDGHV
FRQGHQDUDPQRDGH]DQRVGHSUHVtGLR(OHDLQGDHUDPXLWRMRYHP±HVWDYDDSHQDVQRLQtFLRGD
YLGD (UD GH FUHU TXH WmR SDYRURVR FDVWLJR R FRPRYHVVH OKH GHVSHUWDVVH QR tQWLPR XPD
UHVLVWrQFLDTXDOTXHUOKHSURYRFDVVHXPDFULVH0DVHOHDFHLWRXVXDQRYDFRQGLomRVHPRPHQRU
SHMR VHP PHVPR D PHQRU UHSXJQkQFLD QmR VH UHYROWRX PRUDOPHQWH QmR VH PRVWURX VHQVtYHO
VHQmR DR SDYRU GR WUDEDOKR j REULJDomR GH GDU DGHXV DRV VHXV KiELWRV GH OLEHUWLQR 1mR YLD QR
WtWXOR GH IRUoDGR VHQmR D SRVVLELOLGDGH GH DPSOLDU R FDPSR GDV VXDV YLODQLDV H EDL[H]DV ³6H
WHPRV TXH VHU XP JDOp VHMDPROR GH WRGR ( TXDQGR D JHQWH p XP IRUoDGR WHP GLUHLWR GH
UDVWHMDUSHORFKmRVHPSXGRU´(UDHVVDOLWHUDOPHQWHDVXDFRQFHSomRGHYLGD(YRFRFRPRXP
IHQ{PHQR DTXHOD UHSXJQDQWH FULDWXUD 9LYL YiULRV DQRV HQWUH DVVDVVLQRV FHOHUDGRV FRQIHVVRV
OLEHUWLQRVPDVJDUDQWRTXHQXQFDWHVWHPXQKHLTXHGDPRUDOPDLVFRPSOHWDFRUUXSomRPDLVWRWDO
EDL[H]DPDLVFtQLFD7tQKDPRVHQWUHQyVXPSDUULFLGDGHRULJHPQREUH±MiIDOHLQHOHWDPEpP±
WRGDYLDSXGHPHFRQYHQFHUSRUPHLRGHPXLWRVIDWRVHSDODYUDVGHTXHDWpPHVPRHVVHLQGLYtGXR
HUD LQFRPSDUDYHOPHQWH PDLV HOHYDGR H PDLV KXPDQR GR TXH $ 'XUDQWH WRGR R SHUtRGR GH
PLQKDUHFOXVmRHVVHGHVJUDoDGRMDPDLVIRLVHQmRXPSHGDoRGHFDUQHFRPGHQWHVHYHQWUHH
FRPXPDVHGHLQVDFLiYHOSHORVSUD]HUHVPDLVVyUGLGRVHUDFDSD]GHWXGRGHVGHTXHQmRFRUUHVVH
QHQKXP ULVFR 1mR H[DJHUR GH PRGR DOJXP (VWXGHL $ SURIXQGDPHQWH H UHFRQKHFL QHOH XP
HVSpFLPHFRPSOHWRGDDQLPDOLGDGHTXHQmRREHGHFHDQHQKXPDQRUPDDQHQKXPDOHL(TXH
UHSXOVD PH FDXVDYD R VRUULVR HWHUQDPHQWH HVFDUQLQKR GDTXHOH PRQVWUR GDTXHOH 4XDVtPRGR
PRUDO $OLiV DOpP GD VXD DVW~FLD H GD VXD LQWHOLJrQFLD DTXHOD IHUD SRVVXtD FHUWD EHOH]D XP
SRXFRGHLQVWUXomRHDOJXPDVFDSDFLGDGHV1mR±DQWHVRLQFrQGLRDQWHVDIRPHHDSHVWHGRTXH
D SUHVHQoD QD VRFLHGDGH GXP LQGLYtGXR GH WDO HVSpFLH -i FRQWHL TXH QR SUHVtGLR WRGRV VH
GHSUDYDYDPWDQWRTXHDHVSLRQDJHPHDGHQ~QFLDIORUHVFLDPjVROWDHDQLQJXpPLQIDPDYDP
3HOR FRQWUiULR RV GHWHQWRV VH PRVWUDYDP PXLWR PDLV DPiYHLV FRP $ GR TXH FRQRVFR 2V
IDYRUHVTXHOKHGLVSHQVDYDRQRVVRPDMRUErEDGRGDYDPOKHYDORUHLPSRUWkQFLDDRVROKRVGRV
GHPDLV(OHDILUPDUDDRPDMRUHQWUHRXWUDVFRLVDVTXHVDELDSLQWDUID]HUUHWUDWRV DRVGHWHQWRV
FRQWDYD TXH HUD WHQHQWH GD JXDUGD  R PDMRU OLEHUWRXR GR WUDEDOKR H R PDQGRX HVFROWDU j VXD
FDVD D ILP GH OKH DSURYHLWDU RV WDOHQWRV 9HQGRVH Oi $ VH DFDPDUDGRX FRP )HGND D
RUGHQDQoDTXHWLQKDXPDH[WUDRUGLQiULDLQIOXrQFLDVREUHRVHXFKHIHHFRQVHTXHQWHPHQWHVREUH
RSUHVtGLRLQWHLUR($SDVVRXHQWmRDID]HUDWpUHODWyULRVDQRVVRUHVSHLWRDSHGLGRGRSUySULR
PDMRU TXH QDV VXDV KRUDV GH EHEHGHLUD R HVERIHWDYD R LQMXULDYD R FKDPDYD GH HVSLmR GH
VDEXMR0XLWDVYH]HVGHSRLVGHRHVSDQFDURPDMRUVHLQVWDODYDQXPDFDGHLUDHRUGHQDYDD$
TXHFRQWLQXDVVHRUHWUDWR1RVVRPDMRUDGHVSHLWRGHRFRQVLGHUDUXPSLQWRUQRWiYHOTXDVHXP
%UXOORY SRLV RXYLUD IDODU QHVVH PHVWUH  DFKDYDVH WRGDYLD QR GLUHLWR GH OKH EDWHU QR URVWR ±
SRUTXH³SRUPHOKRUSLQWRUTXHVHMDVHVWiVQRSUHVtGLRHPHVPRTXHIRVVHV%UXOORYHPSHVVRD
QHPSRULVVRHXGHL[DULDGHVHURWHXFKHIHHGHWHURGLUHLWRGHID]HUGHWLRTXHHQWHQGHVVH´
8WLOL]DYDRDWpSDUDOKHWLUDUDVERWDVHFDUUHJDURVHXYDVRQRWXUQR(QWUHWDQWRGHPRURXPXLWR
WHPSR D FRQYHQFHUVH GH TXH R PLVHUiYHO QmR SRVVXtD QHQKXP WDOHQWR DUWtVWLFR 2 UHWUDWR
DUUDVWRXVH TXDVH XP DQR LQWHLUR 2 PDMRU DFDERX SRU DGLYLQKDU TXH R OXGLEULDYDP H
FRPSUHHQGHX TXH ORQJH GH ILFDU SURQWR HP FDGD VHVVmR ILFDYD R UHWUDWR PDLV GLIHUHQWH
=DQJRXVHVRYRXRSLQWRUHRGHYROYHXDRVHUYLoRSHVDGR$WLQKDEDVWDQWHVPRWLYRVGHTXHL[D
VHQWLDVDXGDGHVGRVGLDVGHYDJDEXQGDJHPGRVSUHVHQWLQKRVGDVVREUHPHVDVIXUWDGDVjPHVDGR
PDMRUGRVHX)HGNDTXHULGRHGDERDYLGDTXHOHYDYDPRVGRLVQDFR]LQKD
'HSRLVGDTXHGDGH$RPDMRUGHL[RXGHSHUVHJXLURGHWHQWR0FRQWUDTXHPRFDQDOKDR
LUULWDYDLQFHVVDQWHPHQWHSHODUD]mRVHJXLQWHQRPRPHQWRTXH$FKHJDUDDRSUHVtGLR0YLYLD
VyHSUHVDGHGHVHVSHUR1DGDWLQKDHPFRPXPFRPRVRXWURVJDOpVHRVROKDYDFRPKRUURU
FRPUHSXJQkQFLD1mRUHSDUDYDQHPREVHUYDYDQHOHVQDGDTXHRSXGHVVHDWUDLURGLDYDRVHP
YH]GHVHDSUR[LPDUGHOHV±HHUDSDJRQDPHVPDPRHGDeHVSDQWRVDDVLWXDomRGHVVHVKRPHQV
0LJQRUDYDDFDXVDTXHWURX[HUD$DOLHQTXDQWR$DGLYLQKDQGRFRPTXHPWUDWDYDOKHJDUDQWLX
ORJRTXHHVWDYDQRSUHVtGLRQmRLQFXOSDGRGHGHODomRIDOVDPDVHPYLUWXGHGRPHVPRGHOLWRTXH
DFDUUHWDUD D SHQD GH 0 2 SREUH 0 DOYRURoRXVH SRU HQFRQWUDU HQILP XP FRPSDQKHLUR XP
LUPmR'XUDQWHRVSULPHLURVGLDVVXSRQKRTXHRRXWURGHYHULDVRIUHUPXLWRWUDWRXRFRQVRORXR
GHXOKH RV VHXV ~OWLPRV YLQWpQV IrOR FRPHU VHSDUDGR SDUWLOKRX FRP HOH RV VHXV REMHWRV PDLV
LQGLVSHQViYHLV0DV$OKHWRPRXDYHUVmRGHVGHORJRMXVWDPHQWHSRUFDXVDGHVVDJHQHURVLGDGH
GR RXWUR GR VHX KRUURU D TXDOTXHU EDL[H]D GD VXD IDOWD GH LGHQWLGDGH FRQVLJR SUySULR ( WXGR
DTXLORTXHQDVVXDVSULPHLUDVFRQILGrQFLDV0OKHUHYHODUDVREUHRSUHVtGLRHRFKHIHDVVLPTXH
WHYHXPPRPHQWRSURStFLR$VHDSUHVVRXHPRWUDQVPLWLUDRPDMRU2PDMRUWRPRXyGLRD0
HVHQmRIRVVHDDXWRULGDGHGRJRYHUQDGRUWHULDGHFHUWRGDGRFDERGHOH($QmRVyQmRPRVWURX
QHQKXPDFRQIXVmRTXDQGRPDLVWDUGH0OKHGHVFREULXDIHORQLDFRPRDWpSURFXUDYDHQFRQWUi
OR SDUD R HVFDUPHQWDU FRP R VHX VRUULVR LU{QLFR (VVH IHLWR OKH FDXVDYD XPD DOHJULD YLVtYHO
0XLWDV YH]HV 0 PH IH] UHSDUDU QLVVR $TXHOH LQIDPH FDQDOKD IXJLX WHPSRV GHSRLV HP
FRPSDQKLD GH XP RXWUR IRUoDGR H XP YLJLODQWH PDLV DOpP IDODUHL GHVVD DYHQWXUD 4XDQGR
FKHJXHLDRSUHVtGLRHOHVHS{VORJRDPHURGHDUSHQVDQGRTXHOKHLJQRUDYDDKLVWyULD(UHSLWR
R HQYHQHQRX RV SULPHLURV GLDV GD PLQKD HVWDGD QD SULVmR H PH DXPHQWRX R GHVHVSHUR
+RUURUL]DYDPHDQWHDLJQRPtQLDQDTXDOPHYLDPHUJXOKDGR6XSXQKDTXHDOLQmRKDYLDVHQmR
VRUGLGH]DEMHomRPDVHVWDYDHQJDQDGRpTXHHXMXOJDYDWRGRVRVRXWURVSUHVRVSHORH[HPSORGH
$
'XUDQWHRVWUrVSULPHLURVGLDVQmRIL]RXWUDFRLVDVHQmRPHDUUDVWDUSHODIRUWDOH]DRXHVWLUDU
PH QD WDULPED (QWUHJXHL DR GHWHQWR TXH PH IRUD LQGLFDGR SRU $NLP $NLPLWFK D ID]HQGD
GHVWLQDGDDPHFRVWXUDUHPFDPLVDV SDJDYDDOJXPDVPRHGDVSRUFDPLVDIHLWD GHSRLVJXLDGR
VHPSUH SRU $NLP $NLPLWFK DUUDQMHL XP FROFKmR GREUDGLoR GH IHOWUR IRUUDGR GH SDQR
GHOJDGtVVLPRHXPWUDYHVVHLURUHFKHDGRGHOmGXURGHPDLVSDUDTXHPQmRHVWDYDDFRVWXPDGRD
HOH$NLP$NLPLWFKGHVSHQGHXEDVWDQWHHVIRUoRSDUDPHDUUDQMDULVVRWXGRHFRPVXDVSUySULDV
PmRVFRVWXURXPHXPFREHUWRUIHLWRGHIDUUDSRVGDHVWDPHQKDGRVXQLIRUPHVUHVWRVGHFDVDFRV
H FDOoDV JDVWDV DWp DR ILR TXH FRPSUHL GH YiULRV GHWHQWRV 4XDQGR FRPSOHWDP FHUWR WHPSR RV
XQLIRUPHV VH WRUQDP SURSULHGDGH GRV IRUoDGRV TXH LPHGLDWDPHQWH RV UHYHQGHP QR SUySULR
SUHVtGLR SRU PDLV URWD TXH SDUHoD XPD URXSD YHOKD QmR GHL[D GH UHQGHU TXDOTXHU FRLVD
PXGDQGRGHGRQR$TXLORWXGRPHHVSDQWRXPXLWtVVLPR(UDRPHXSULPHLURFRQWDWRUHDOFRPR
SRYR(XPHWRUQDUDGHUHSHQWHWmRGD³SOHEH´WmR³SUHVLGLiULR´TXDQWRHOHVWRGRV6HXVKiELWRV
VXDV RSLQL}HV VHXV FRVWXPHV WRUQDYDPVH SRU DVVLP GL]HU RV PHXV SHOR PHQRV SHOD IRUPD H
SHOD OHL PHVPR TXH QmR RV SDUWLOKDVVH QD UHDOLGDGH 7LQKDPPH SUHYHQLGR H HX VDELD R TXH
HVSHUDU PDV QmR ILFDULD PDLV VXUSUHVR QHP PDLV HQYHUJRQKDGR VH QDGD KRXYHVVH HVSHUDGR
GDTXLOR DQWHV $ UHDOLGDGH SURGX] XPD LPSUHVVmR PXLWR GLIHUHQWH GDTXLOR TXH Vy FRQKHFHPRV
SRURXYLUGL]HU6XSRULDHXMDPDLVSRUH[HPSORTXHIDUUDSRVVXMRVTXHWUDSRVYHOKRVSXGHVVHP
WHUDOJXPYDORU"(QWUHWDQWRXWLOL]DYDRVSDUDID]HUXPDFREHUWDeGLItFLOH[SOLFDUFRPRpRSDQR
FRPRTXDOYHVWHPRVIRUoDGRV$SDUHQWHPHQWHSDUHFHOmEXUHOHVWDPHQKDGHVROGDGRHVSHVVD
H JURVVHLUD PDO D JHQWH R YHVWH VH GHVILD H VH IXUD ODPHQWDYHOPHQWH 'DYDPQRV XQLIRUPHV
QRYRVWRGRVRVDQRVHGXUDQWHHVVHODSVRGHWHPSRHUDFRPHVIRUoRTXHRVFRQVHUYiYDPRV2
GHWHQWR WUDEDOKD FDUUHJD SHVRV D URXSD VH JDVWD H VH UDVJD PXLWR GHSUHVVD 6y UHQRYDYDP DV
QRVVDVSHOHVGHFDUQHLURGHWUrVHPWUrVDQRVFRQWXGRWLQKDPTXHQRVVHUYLUGHFDSDGHFREHUWRU
H FROFKmR (PERUD XPD SHOH GH FDUQHLUR VHMD VyOLGD DOJXPDV GHODV HVSHFLDOPHQWH QR ILP
FRQVWLWXtDP DSHQDV XP ~QLFR UHPHQGR 4XDQGR DWLQJLDP RV WUrV DQRV XVDGDV TXH IRVVHP DR
Pi[LPR SRVVtYHO YDOLDP DLQGD XQV TXDUHQWD FRSHTXHV $OJXPDV PDLV EHP FRQVHUYDGDV
FKHJDYDPDVHVVHQWDHVHWHQWDFRSHTXHVTXDQWLDHOHYDGDSDUDRSUHVtGLR
2GLQKHLURWDPEpP±MiIL]DLVVRXPDUiSLGDUHIHUrQFLD±WLQKDXPYDORUH[WUDRUGLQiULRXP
SRGHU DVVXVWDGRU 3RGHVH DILUPDU TXH XP SUHVR SRVVXLGRU GH DOJXQV UHFXUVRV VRIUH GH] YH]HV
PHQRVTXHDTXHOHTXHQDGDWHP4XDQGRRJRYHUQRIRUQHFHWXGRSDUDTXHVHTXHUGLQKHLUR"e
DVVLPTXHDQRVVDDGPLQLVWUDomRUDFLRFLQD(QWUHWDQWRUHSLWRRVHRVGHWHQWRVIRVVHPSULYDGRV
GDIDFXOGDGHGHSRVVXLUDOJXPGLQKHLURHQORXTXHFHULDPRXPRUUHULDPFRPRPRVFDV HPERUD
³SURYLGRVGHWXGR´ RXHQWmRHQWUHJDUVHLDPDRVSLRUHVGHVPDQGRVXQVSRUGHVHVSHURRXWURV
SDUDPDLVGHSUHVVDVHUHPSXQLGRVHDQLTXLODGRVHGHVVHPRGRPXGDUHPGHTXDOTXHUIRUPDR
FXUVRGRSUySULRGHVWLQR ³PXGDUGHVRUWH´pDH[SUHVVmRWpFQLFD 6HGHSRLV GH JDQKDU DOJXQV
FRSHTXHV VXDQGR VDQJXH H iJXD RX GHSRLV GH REWHU R GLQKHLUR SRU DOJXPD DVW~FLD DMXGDGD
PXLWDVYH]HVSHODIUDXGHRXSHORURXERRGHWHQWRVHS}HDJDVWDUjWRDFRPRGHVFXLGRGHXPD
FULDQoDLVVRQmRTXHUGL]HU±HPERUDRSDUHoDjSULPHLUDYLVWD±TXHHOHQmRVDEHRSUHoRGR
TXHJDQKRX2JDOpWHPSHORGLQKHLURXPDDYLGH]TXHYDLDWpDRHVSDVPRDWpjREQXELODomRGR
MXt]RVHTXDQGRVHGLYHUWHRDWLUDjGLUHLWDHjHVTXHUGDFRPRFDYDFRVVRERFHSLOKRpSDUDVH
DSURSULDU GH DOJR DLQGD PDLV SUHFLRVR ( TXH FRLVD p HVVD PDLV SUHFLRVD SDUD HOH GR TXH R
GLQKHLUR" $ OLEHUGDGH RX SHOR PHQRV D LOXVmR GD OLEHUGDGH SHUGLGD 2V IRUoDGRV VmR JUDQGHV
VRQKDGRUHV)DODUHLGLVVRPDLVWDUGHMiSRUpPTXHDSDODYUD³VRQKR´PHFDLXGDSHQDSRVVR
DILUPDUTXHRXYLFRQGHQDGRVDYLQWHDQRVPHGL]HUHPHPWRPSHUIHLWDPHQWHFDOPRIUDVHVGHVWD
QDWXUH]D³(VSHUDXPSRXFRTXDQGRHXDFDEDUPHXWHPSRVH'HXVTXLVHUHQWmRYDLVYHU´$
LGHLDWUDGX]LGDSHODSDODYUD³GHWHQWR´pRKRPHPSULYDGRGRVHXOLYUHDUEtWULR0DVTXDQGRHVVH
KRPHPJDVWDRVHXGLQKHLURID]RTXHTXHU$SHVDUGDVWHVWDVPDUFDGDVDIRJRGDVJULOKHWDVGR
PXURRGLDGRTXHOKHWLUDDYLVWDGRXQLYHUVRHRIHFKDFRPRXPDQLPDOIHUR]QDMDXOD±HOHSRGH
REWHU DJXDUGHQWH LVWR p XP SUD]HU SHOR TXDO LQFRUUH HP FDVWLJR VHYHUR 3RGH DUUDQMDU XPD
PXOKHU H jV YH]HV HPERUD QHP VHPSUH  VXERUQDU RV YLJLODQWHV R LQYiOLGR RX PHVPR R
VXERILFLDO TXH IDUmR YLVWD JURVVD DQWH VXD LQIUDomR j GLVFLSOLQD 3RGH DWp ± H DGRUD LVVR ±
SDYRQHDUVHGLDQWHGRVFROHJDVLVWRpSHUVXDGLORVFRPRVHSHUVXDGHDVLSUySULRGHTXHpOLYUH
±HPERUDSRUWHPSROLPLWDGR7HPQHFHVVLGDGHGHVXSRUHGHID]HUVXSRUTXHVXDOLEHUGDGHHVXD
LPSRUWkQFLD WrP XP DOFDQFH LQILQLWDPHQWH PDLV H[WHQVR GR TXH SDUHFH TXH HOH WHP OLEHUGDGH
SDUD VH GLYHUWLU SDUD ID]HU EDUXOKR RIHQGHU RV RXWURV DWp REULJiORV D VH PHWHUHP GHEDL[R GR
FKmR VH OKH GHU QD YHQHWD (QILP R GHVJUDoDGR SURFXUD FRQYHQFHUVH H FRQYHQFHU RV RXWURV
GDTXLOR TXH VDEH LPSRVVtYHO 'Dt YHP SURYDYHOPHQWH PHVPR HQWUH RV GHWHQWRV VyEULRV HVVD
WHQGrQFLDSDUDDJDEROLFHSDUDDWHPHULGDGHSDUDXPF{PRGRXPLQJrQXRH[DJHURGDSUySULD
SHUVRQDOLGDGH DLQGD TXH DTXLOR SDUD HOHV SUySULRV QmR SDVVH GH XPD PLUDJHP 7RGRV HVVHV
SUD]HUHVDILQDOFRPSRUWDPXPULVFR±PDVSURSRUFLRQDPXPDLOXVmRGHOLEHUGDGH(TXHpTXH
QmRVHGiSHODOLEHUGDGH"4XDORPLOLRQiULRTXHYHQGRVHHVWUDQJXODGRSRUXPQyFRUUHGLRQmR
WURFDULDWRGRVRVVHXVPLOK}HVSRUXPDJROIDGDGHDU"
2 SHVVRDO GD DGPLQLVWUDomR VH HVSDQWD jV YH]HV TXDQGR GHSRLV GH YiULRV DQRV GH YLGD
VRVVHJDGD XP GHWHQWR ± QRPHDGR DWp ³PRQLWRU´ JUDoDV j VXD ERD FRQGXWD ± VHP QHQKXP
SUHWH[WR SODXVtYHO FRPR OHYDGR SHOR GHP{QLR VH S}H D ID]HU DVQHLUDV D EHEHU D DOWHUFDU D
FRPHWHU DWp PHVPR FULPHV FDSLWDLV FRPR IDOWD GH UHVSHLWR DRV VXSHULRUHV HVWXSUR DVVDVVtQLR
HWF (VSDQWDVH H QR HQWDQWR D FDXVD GDTXHOD H[SORVmR V~ELWD TXH QLQJXpP HVSHUDULD GH WDO
LQGLYtGXRSURYpPWDOYH]GHXPDLQVLGLRVDPiJRDGDVDXGDGHGHXPDDQJ~VWLDLQVWLQWLYDGHXPD
QHFHVVLGDGHGHDILUPDURVHXHXKXPLOKDGRGHL[DQGRWUDQVERUGDUFHJDPHQWHWRGRRVHXyGLRDWp
DRSDUR[LVPRDWpDRIXURUDWpDRHVSDVPRGDHSLOHSVLD$VVLPWDOYH]SURFHGH R KRPHP TXH
GHVSHUWDIHFKDGRYLYRQXPFDL[mRHVPXUUDDWDPSDGRFDWDIDOFRHUH~QHWRGDVDVVXDVIRUoDV
SDUDRGHVSHGDoDU1mRUHIOHWHQmRSURFXUDFRQYHQFHUVHGHTXHWRGRVRVVHXVHVIRUoRVVHUmR
LQ~WHLV SRLV D UD]mR DEVROXWDPHQWH QmR LQWHUYpP QHVVHV FDVRV e SUHFLVR DLQGD FRQVLGHUDU TXH
TXDOTXHU PDQLIHVWDomR GH SHUVRQDOLGDGH SDUWLQGR GH XP IRUoDGR p TXDOLILFDGD FRPR FULPH
SRXFROKHLPSRUWDSRLVDH[WHQVmRGRGHVDVWUHFDXVDGRSRUDTXHODUHSHQWLQDUHYHODomRTXHID]
GHVLSUySULR6HDGLVVLSDomRDRUJLDMiUHSUHVHQWDPXPULVFRSRGHVHPXLWREHPDUULVFDUWXGR
GHXPDYH]LUDWpDRILPDWpDRFULPH%DVWDDSHQDVFRPHoDUEDVWDRKRPHPHPEULDJDUVH
'HSRLVGLVVRQDGDPDLVOKHVHUYHGHEDUUHLUDQDGDPDLVRUHWpP(LVSRUTXHVHULDPHOKRUQmR
OHYDUDRGHVHVSHURHVVHKRPHP5HSUHVHQWDULDDWUDQTXLOLGDGHSDUDWRGRV
6LP±FRPRSRUpPRFRQVHJXLU"


235,0(,520Ç6 FRQWLQXDomR


3RU RFDVLmR GH PLQKD FKHJDGD DR SUHVtGLR SRVVXtD HX DOJXP GLQKHLUR PDV WUD]LD FRPLJR
DSHQDV XPD SHTXHQD TXDQWLD FRP UHFHLR GH TXH D FRQILVFDVVHP 3RU VHJXUDQoD FRODUD
DOJXPDV QRWDV QD HQFDGHUQDomR GR PHX (YDQJHOKR ~QLFR OLYUR Oi DGPLWLGR (VVH OLYUR FRP R
GLQKHLURHVFRQGLGRGHQWURPHIRUDGDGRHP7REROVNSRUDOJXQVGHSRUWDGRVTXHH[LODGRVMiKi
GH]HQDV GH DQRV VH WLQKDP KDELWXDGR D YHU HP FDGD ³GHVJUDoDGR´ XP LUPmR +i QD 6LEpULD
SHVVRDV FXMD ~QLFD SUHRFXSDomR p DMXGDU IUDWHUQDOPHQWH RV ³GHVJUDoDGRV´ ,QTXLHWDPVH
VRIUHP SRU VXD FDXVD FRPR VH VH WUDWDVVH GRV VHXV SUySULRV ILOKRV VHQWHP SRU HOHV XPD
FRPSDL[mR GHVLQWHUHVVDGD 'HYR GL]HU DTXL DOJXPDV SDODYUDV D UHVSHLWR GH XP HQFRQWUR FRP
XPD GHVVDV SHVVRDV 1D FLGDGH RQGH ILFDYD R QRVVR SUHVtGLR PRUDYD XPD YL~YD 1DWiOLD
,YDQRYQDFRPTXHPpFODURQHQKXPGHQyVSRGHULDHVWDEHOHFHUUHODo}HV(VVDPXOKHUSDUHFLD
KDYHUFRQVDJUDGRDYLGDDVRFRUUHURVH[LODGRVHSULQFLSDOPHQWHRVIRUoDGRV7HULDSRUDFDVR
VRIULGRQDVXDIDPtOLDXPDGHVJUDoDLJXDOjQRVVDDOJXPHQWHTXHULGRVHXWHULDUHFHELGRFDVWLJR
LGrQWLFR" ,JQRURR PDV D VXD IHOLFLGDGH FRQVLVWLD HP ID]HU SRU QyV WXGR TXH OKH HVWDYD DR
DOFDQFH3RXFRDOLiVSRUTXHHUDSDXSpUULPD(HQWUHWDQWRQyVRVHQFDUFHUDGRVVHQWtDPRVTXH
GRRXWURODGRGRVPXURVGDIRUWDOH]DYLYLDXPDDPLJDILHO(ODQRVID]LDFKHJDUQRWtFLDVSDUDQyV
PXLWRLPSRUWDQWHV4XDQGRGHL[HLRSUHVtGLRFRPGHVWLQRDRXWUDFLGDGHWLYHRSRUWXQLGDGHGHD
YLVLWDU 9LYLD QXP ILP GH UXD HP FDVD GXP SDUHQWH SUy[LPR 1mR HUD QHP PRoD QHP YHOKD
QHPERQLWDQHPIHLDQmRVHSRGHULDVHTXHUDGLYLQKDUVHHUDLQWHOLJHQWHRXHGXFDGD1RWDYDVH
DSHQDV HP FDGD XP GRV VHXV DWRV XPD ERQGDGH LQILQLWD XP GHVHMR LUUHVLVWtYHO GH VHUYLU GH
DOLYLDUGHVHUDJUDGiYHO7XGRLVVRVHOLDQRVVHXVROKRVERQGRVRVHPHLJRV3DVVHLHPVXDFDVD
TXDVH XP VHUmR WRGR MXQWR FRP DOJXQV FRPSDQKHLURV (OD QRV ILWDYD QRV ROKRV ULD TXDQGR
UtDPRVSDUWLOKDYDGDVQRVVDVRSLQL}HVHHVIRUoDYDVHDRPi[LPRSDUDQRVREVHTXLDUGDPHOKRU
PDQHLUD SRVVtYHO 2 FKi IRL VHUYLGR FRP XPD PHUHQGD H DOJXQV GRFHV 9LDVH EHP TXH VH
SRVVXtVVH HOD DOJXQV PLOKDUHV GH UXEORV D VXD PDLRU IHOLFLGDGH VHULD UHFRQIRUWDU RV QRVVRV
FDPDUDGDVTXHILFDUDPQRSUHVtGLRDOLYLiORV1DKRUDGDGHVSHGLGDGHXQRVFRPRUHFRUGDomR
XPDVFLJDUUHLUDV(ODSUySULDDVUHFRUWDUDHPSDSHOmRHFRODUDSRUFLPD±VDEH'HXVFRPR±
SDSHO FRORULGR GHVVHV TXH FREUHP RV FRPSrQGLRV GH DULWPpWLFD XVDGRV QDV HVFRODV WDOYH]
KRXYHVVHUHDOPHQWHXWLOL]DGRXPDDULWPpWLFD (PWRUQRSRUHOHJkQFLDSXVHUDXPHVWUHLWRIULVR
GHSDSHOGRXUDGRFRPSUDGRGHFHUWRQDORMDSDUDHVVHILP³2VVHQKRUHVIXPDPQmRpPHVPR"
(QWmR LVWR DTXL WDOYH] OKHV VLUYD´ GLVVHQRV HOD WLPLGDPHQWH FRPR VH SHGLVVH GHVFXOSDV SHOD
PRGLFLGDGHGRSUHVHQWH$OJXQVSUHWHQGHP MiROLHRXYLGL]HU TXHRPDLVHOHYDGRDPRUTXH
SRVVDPRV WHU SHOR QRVVR SUy[LPR QmR SDVVD GXP LPHQVR HJRtVPR 3RLV QmR FRPSUHHQGR
DEVROXWDPHQWHTXHTXDOLGDGHGHHJRtVPRSRGHULDGLWDUDFRQGXWDGDTXHOHPXOKHU
(PERUD QmR IRVVH QDGD ULFR j PLQKD FKHJDGD DR SUHVtGLR QmR PH SRGLD ]DQJDU GHYHUDV
FRQWUDDOJXQVIRUoDGRVTXHPHORJUDUDPTXDVHQRSULPHLURLQVWDQWHHYROWDYDPFLQLFDPHQWHD
SHGLU GLQKHLUR HPSUHVWDGR VHJXQGD WHUFHLUD H DWp TXLQWD YH] 0DV GHYR UHFRQKHFrOR
IUDQFDPHQWH R TXH PH YH[DYD p TXH WRGDV DTXHODV FULDWXUDV FRP VXDV LQJrQXDV DVW~FLDV PH
WRPDYDP VHP G~YLGD SRU XP WROR H ]RPEDYDP GH PLP SUHFLVDPHQWH SRUTXH HX OKHV GHUD R
GLQKHLURSHODTXLQWDYH]6XSXQKDPTXHPHHQJDQDYDPFRPVXDVPHQWLUDVHSHQVDYDPTXHQmR
HUD PLVWHU VH FRQVWUDQJHUHP FRPLJR H VH DR FRQWUiULR HX RV KRXYHVVH UHSHOLGR FRP GXUH]D
WHULDFHUWDPHQWHFRQTXLVWDGRDHVWLPDJHUDO&RQWXGRSRUPDLVTXHPHLUULWDVVHQmRFRQVHJXLD
UHFXVDU PLQKD LUULWDomR SURYLQKD MXVWDPHQWH GD LQTXLHWDomR TXH PH DVVDOWDYD HP UHODomR j
DWLWXGH TXH GHYHULD PDQWHU SDUD FRP HOHV (X VHQWLD FRPSUHHQGLD QDTXHOH PHLR LQWHLUDPHQWH
QRYRSDUDPLPTXHPHHQFRQWUDYDHPSOHQDQRLWHHTXHDYLGDpLPSRVVtYHOQDVWUHYDV(UD
SRUWDQWR LPSHULRVR TXH PH SUHSDUDVVH ( SDUD LVVR HX UHVROYHUD DJLU IUDQFDPHQWH GHL[DQGR
PHJXLDUSRUPHXVVHQWLPHQWRVtQWLPRVHPLQKDFRQVFLrQFLD(QWUHWDQWRVDELDWDPEpPTXHWXGR
LVVR QmR SDVVDYD GXP DIRULVPR H TXH GLDQWH GH PLP VH DSUHVHQWDYD D PDLV GHVFRQKHFLGD GDV
H[SHULrQFLDVSUiWLFDV
$VVLP GR ODGR GDV SHTXHQDV SUHRFXSDo}HV UHIHUHQWHV j PLQKD LQVWDODomR QD FDVHUQD
SUHRFXSDo}HVDTXHMiPHUHIHULHQDVTXDLVHUDJXLDGRSRU$NLP$NLPLWFK LDSRVVXLQGRPH
XPD DQJ~VWLD FDGD GLD PDLV DWUR] ³$ FDVD GRV PRUWRV´ UHSHWLD HX ROKDQGR DWUDYpV GR
FUHS~VFXORSHODSRUWDGDFDVHUQDRVIRUoDGRVTXHYROWDYDPGRWUDEDOKRHTXHYDJXHDYDPSHOR
SiWLRLQGRHYLQGRGRVDORMDPHQWRVSDUDDVFR]LQKDV3HODVDWLWXGHVHSHODVFDUDVHVIRUoDYDPH
SRUOKHVDGLYLQKDURVFDUDFWHUHV3DVVDYDPHUHSDVVDYDPGLDQWHGHPLPFRPDWHVWDIUDQ]LGDRX
VLPXODQGR XPD UXLGRVD DOHJULD (VVHV GRLV DVSHFWRV VmR RV PDLV IUHTXHQWHV H SRGHP PHVPR
FDUDFWHUL]DURSUHVtGLR 3UDJXHMDYDPRXIDODYDPVLPSOHVPHQWHHQWUHVLRXHQWmRVHDIDVWDYDP
FRPR SDUD PHUJXOKDU HP PHGLWDo}HV VROLWiULDV XQV FRP DU WUDQTXLOR FDOPR RXWURV FRP MHLWR
DEDWLGRHGLVSOLFHQWHHDOJXQV DWpPHVPROi FRPDUIiWXRRERQpGXPODGRDSHOHGHFDUQHLUR
DWLUDGDDXPRPEURRROKDULQVROHQWHHHVFDUQLQKRRVRUULVRFLQLFDPHQWH]RPEHWHLUR³$JRUDp
HVWHRPHXDPELHQWHpHVWDDPLQKDVRFLHGDGHPHGLWDYDTXHUHXRTXHLUDTXHUQmRpDTXLTXH
GHYR YLYHU´ 7LQKD YRQWDGH GH LQWHUURJDU $NLP $NLPLWFK D UHVSHLWR GHOHV *RVWDYD PXLWR GH
WRPDUFKiHPVXDFRPSDQKLDDILPGHPHVHQWLUPHQRVVy'LJDVHGHSDVVDJHPGXUDQWHHVVHV
SULPHLURVGLDVRFKiIRLSUDWLFDPHQWHDPLQKD~QLFDDOLPHQWDomR$NLP$NLPLWFKQmRUHFXVDYD
QXQFDRVFRQYLWHVHSUHSDUDYDHOHSUySULRRPtVHURVDPRYDUGHODWDXWHQVtOLRLPSURYLVDGRTXH
0 PH HPSUHVWDUD $GRoDYD HP JHUDO XP FRSR GH FKi SRLV $NLP DWp FRSRV SRVVXtD  HP
VLOrQFLR FHULPRQLRVDPHQWH GHSRLV EHELDR GXP WUDJR DJUDGHFLD H LPHGLDWDPHQWH YROWDYD j
FRQIHFomR GR PHX FREHUWRU 0DV R TXH HX WLQKD QHFHVVLGDGH GH VDEHU HOH QmR PH SRGLD
FRPXQLFDU QmR FRPSUHHQGLD SRU TXH PH LQWHUHVVDYD WDQWR SHOR FDUiWHU GRV IRUoDGRV TXH QRV
FHUFDYDPHVFXWDYDPHFRPXPVRUULVRILQyULRGHTXHDLQGDKRMHPHUHFRUGR³1mRQmRGHYR
SHUJXQWDUQDGDFDGDXPWHPTXHID]HUVR]LQKRDVVXDVH[SHULrQFLDV´UHIOHWLDHX
1RTXDUWRGLDGRPHVPRPRGRFRPRQDPDQKmHPTXHPHWURFDUDPDJULOKHWDRVIRUoDGRV
EHPFHGLQKRVHUHXQLUDPHPGXDVILOHLUDVQRSiWLRHPIUHQWHDRFRUSRGDJXDUGDSHUWRGDSRUWD
GHHQWUDGD'LDQWHHSRUWUiVGHOHVHVWHQGLDPVHGXDVRUGHQVGHVROGDGRVGHDUPDVHPEDODGDV
EDLRQHWDVFDODGDV4XDOTXHUVROGDGRWHPGLUHLWRGHDWLUDUQXPGHWHQWRVHHVWHID]PHQomRGHVH
HYDGLU (P FRPSHQVDomR ILFD UHVSRQViYHO SHOR WLUR VH QmR R GHIODJURX HP FDVR GH DEVROXWD
QHFHVVLGDGH$FRQWHFHRPHVPRQRVPRWLQVGRVIRUoDGRVPDVTXHPRXVDULDIXJLUQDIUHQWHGH
WRGRRPXQGR"
8P RILFLDO GH HQJHQKDULD GLUHWRU GRV WUDEDOKRV DSDUHFHX HP FRPSDQKLD GH DOJXQV
VXERILFLDLV H VDSDGRUHV GD PHVPD DUPD GHVLJQDGRV FRPR PRQLWRUHV )H]VH D FKDPDGD 2V
GHWHQWRV TXH WUDEDOKDYDP QD RILFLQD GH FRVWXUD SDUWLUDP DQWHV GRV RXWURV HVVHV DOIDLDWHV GR
SUHVtGLR QmR GHSHQGLDP GD HQJHQKDULD 'HSRLV GHOHV IRUDPVH RV TXH WLQKDP RItFLR H DILQDO
FKHJRX D YH] GRV VLPSOHV WDUHIHLURV XQV YLQWH KRPHQV PDLV RX PHQRV HQWUH RV TXDLV PH
HQFRQWUDYD $WUiV GD IRUWDOH]D VREUH R ULR JHODGR KDYLD GRLV YHOKRV EDUFRV SURSULHGDGH GR
JRYHUQR  TXH HUD SUHFLVR GHVPRQWDU SDUD OKHV DSURYHLWDU SHOR PHQRV D PDGHLUD $OLiV HVVH
PDWHULDO QmR YDOLD QDGD SRLV D PDGHLUD HUD EDUDWtVVLPD QD QRVVD FLGDGH URGHDGD GH LPHQVDV
IORUHVWDV 0DQGDYDP SDUD Oi RV IRUoDGRV XQLFDPHQWH SDUD RV LPSHGLU GH FUX]DU RV EUDoRV H
FRPRHOHVRFRPSUHHQGLDPPXLWREHPHPSUHHQGLDPVHPSUHHVVDWDUHIDFRPPROH]DHDSDWLD
6XFHGLD FRLVD PXLWR GLYHUVD TXDQGR R WUDEDOKR WLQKD XPD UD]mR XPD ILQDOLGDGH VREUHWXGR
TXDQGR RV QRVVRV KRPHQV FRQVHJXLDP REWHU XPD WDUHID GHWHUPLQDGD ,PHGLDWDPHQWH VH
DQLPDYDPHHPERUDQmRGHYHVVHPUHFHEHUQHQKXPSURYHQWRSHORODERUIHLWRSXGHFRQVWDWDU
TXDQWR VH HVIRUoDYDP SDUD R FRQFOXLU GHSUHVVD H EHP p TXH HQWUDYD HP MRJR R VHX DPRU
SUySULR0DVQHVVDODEXWDDTXHPHUHILURIHLWDPDLVSRUIRUPDOLGDGHTXHSRUQHFHVVLGDGHVHULD
GLItFLOSHGLUXPDWDUHIDHUDSUHFLVRSRUWDQWROLGDUDWpRUXIDUGRWDPERUTXHjVRQ]HKRUDVGD
PDQKmDQXQFLDYDDYROWD
2QRVVRJUXSRLQWHLURVHGLULJLXSDUDDPDUJHPQXPWLOLQWDUGHJULOKHWDVSRUTXHHODVHPERUD
HVFRQGLGDV VRE D URXSD SURGX]LDP D FDGD SDVVR XP VRP FODUR H EUHYH 'RLV RX WUrV KRPHQV
IRUDPDSDQKDUQRGHSyVLWRRVXWHQVtOLRVLQGLVSHQViYHLV(XFDPLQKDYDFRPHOHVHPHVHQWLDPDLV
DQLPDGRHQILPLDYHUFRPPHXVROKRVHPTXHFRQVLVWLDPRVWUDEDOKRVIRUoDGRVHFRPRVHULD
TXHHXTXHMDPDLVXWLOL]DUDDVPLQKDVPmRVQRWUDEDOKRLULDPHVDLUGDHPSUHLWDGD"
5HFRUGR RV PDLV tQILPRV GHWDOKHV GHVVD PDQKm (P FDPLQKR HQFRQWUDPRV XP VXMHLWR GH
EDUELFKDTXHVHGHWHYHHPHUJXOKRXDPmRQREROVR,PHGLDWDPHQWHXPGHWHQWRVHGHVWDFRXGR
JUXSRWLURXRJRUURUHFHEHXDHVPROD±FLQFRFRSHTXHV±HYROWRXOHVWDPHQWHDRVHXOXJDU2
KRPHPVHSHUVLJQRXHFRQWLQXRXRFDPLQKR1DTXHODPHVPDPDQKmRVFLQFRFRSHTXHVIRUDP
JDVWRVQDFRPSUDGHNDODWFKLSDUWLOKDGRVLJXDOPHQWHHQWUHWRGRV
1R QRVVR JUXSR XQV VH PRVWUDYDP VRPEULRV WDFLWXUQRV RXWURV LQGLIHUHQWHV LQHUWHV RXWURV
FRQYHUVDYDP DSDWLFDPHQWH 8P GH QyV DWp IUDQFDPHQWH DOHJUH FDQWDYD H GDQoDYD HP
FDPLQKRID]HQGRDFDGDVDOWRUHVVRDUHPRVIHUURV(UDDTXHOHPHVPRSUHVRDWDUUDFDGRTXHQD
PDQKmGHPLQKDFKHJDGDDRSUHVtGLREULJDUDFRPRRXWURIRUoDGRTXHSUHWHQGLDVHUXPNDJDQ
&KDPDYDVH6NXUDWRYHHQWRDYDXPDFDQWLJDDJUDGiYHOGDTXDOUHFRUGRRHVWULELOKR

³(XHVWDYDQRPRLQKR
³TXDQGRPHFDVDUDP
³VHPPHFRQVXOWDU´

6yOKHIDOWDYDXPDEDODODLFD
6HXH[WUDRUGLQiULRERPKXPRUWHYHRFRQGmRGHLUULWDUDOJXQVGRVFRPSDQKHLURVTXHGHUDP
ODUJDVjVXDLQGLJQDomR
±3DUDFRPHVVHVODWLGRV±URVQRXXPIRUoDGRTXHQmRWLQKDQDGDFRPDKLVWyULD
±2ORERVyVDEHXPDFDQWLJDHDVVLPPHVPRHOHDLPLWD1mRpjWRDTXHYHPGH7XOD±
GLVVHXPGRVPDOKXPRUDGRVFRPVRWDTXHGD8FUkQLD
±7HQKRPXLWDKRQUDHPVHUGH7XOD±UHVSRQGHXLPHGLDWDPHQWH6NXUDWRY±0DVYRFrVGH
3ROWDYDFKHLUDPDJDOXFKNL±DLQGDWrPDJRHODFKHLDGHJDOXFKNL 
± 0HQWLURVR ( WX VDEHV D TXH p TXH FKHLUD R WHX IRFLQKR" 'HFHUWR FKHLUDYDV RV WHXV
WDPDQFRV
±(DJRUDRGLDERRFHYDFRPEDODVGHULIOH±DFUHVFHQWRXXPWHUFHLUR
±9RXFRQWDUDYHUGDGHDYRFrVUDSD]HV±UHVSRQGHX6NXUDWRY±)XLXPPHQLQRPLPDGR
(GHXXPOHYHVXVSLURSDUDVLJQLILFDUTXHDVXDHGXFDomRHIHPLQDGDRID]LDVRIUHU'HSRLV
GLULJLQGRVHDWRGRVFRQWLQXRX
± 6H EHP PH OHPEUR IXL HGXFDGR PXLWR EHP FULHLPH FRP ³PmH PHODGD´ H
³GHVFRPSRVWD´ 6NXUDWRYHVWURSLDYDGHOLEHUDGDPHQWHDVSDODYUDV³PDUPHODGD´H³FRPSRWD´
+RMH PHXV LUPmRV WrP HVWDEHOHFLPHQWR HP 0RVFRX YHQGHP SDVWpLV GH EULVD H HVWmR
ULTXtVVLPRV
±(WXTXHpTXHYHQGLDV"
±9HQGLDGHWXGR4XDQGRUHFHELRVSULPHLURVGX]HQWRV
±5XEORV"6HUiSRVVtYHO"±LQWHUURPSHXXPFXULRVRVDOWDQGRTXDVHDRRXYLUIDODUHPTXDQWLD
WmRJUDQGH
±1mRPDQRYHOKRQmRIRUDPGX]HQWRVUXEORVIRUDPGX]HQWRVDoRLWHV$K/XND/XND
±'REUDDOtQJXDYrOiVHPHSRGHVFKDPDUGH/XNDFKDPRPH/XND.XVPLWFK±UHSOLFRX
RIHQGLGRXPSUHVRSHTXHQRHPDJURGHQDUL]SRQWXGR
±6LP/XND.XVPLWFKHTXHWHOHYHRGLDER
±6LP/XND.XVPLWFKPDVWXPHGHYHVFKDPDU³WLR.XVPLWFK´
±'LDERVWHFDUUHJXHPDWLHDRWHXWLR1mRDGLDQWDQDGDWHFRQWDUFRLVDQHQKXPD(HXTXH
HVWDYDVHQGRGHOLFDGRFRQWLJR(HQWmRSHVVRDOQmRSXGHGHPRUDUPXLWRWHPSRHP0RVFRXHOHV
PHREVHTXLDUDPJHQWLOPHQWHFRPTXLQ]HDoRLWHVGHFQXWHHPHPDQGDUDPSDUDFi(QWmR
±4XHpTXHWLQKDVIHLWR"±REVHUYRXXPGHWHQWRTXHRXYLDFRPDWHQomR
± 1mR IDoDV TXDUHQWHQD QmR EHEDV QR JDUJDOR QmR WH PHWDV D HQJUDoDGR ( SRU LVVR
DPLJRVQmRPHHUDSRVVtYHOID]HUIRUWXQDHP0RVFRX(HXTXHTXHULDWDQWRHQULTXHFHU1HP
SRVVRGL]HUTXDQWDYRQWDGHWLQKD
0XLWRV VH SXVHUDP D ULU 6NXUDWRY HUD XPD GHVVDV FULDWXUDV EHPKXPRUDGDV GHVVHV JDLDWRV
TXH DFDEDP REULJDQGR D ULU WRGR R PXQGR DWp RV PDLV WULVWHV H HP WURFD QmR UHFHEHP VHQmR
GHVDIRURV 3HUWHQFLD D XP WLSR GH IRUoDGR QRWiYHO H PXLWR VLQJXODU GR TXDO WDOYH] DLQGD PH
RFXSH
± 6LP H DJRUD SRGHV VHU HVIRODGR FRPR XPD ]LEHOLQD ± UHWUXFRX /XND .XVPLWFK ± 6y WXD
URXSDGDYDEHPXQVFHPUXEORV
6NXUDWRY XVDYD FRP HIHLWR D PDLV JDVWD D PDLV UHPHQGDGD D PDLV UDSDGD GDV SHOHV GH
FDUQHLURGHWRGRVRVODGRVOKHSHQGLDPIDUUDSRV(OHROKRXDGHDOWRDEDL[RFRPDULQGLIHUHQWH
SRUpPDWHQWR
±eYHUGDGH±FRQFRUGRX±PDVHPFRPSHQVDomRPLQKDFDEHoDYDOHHPRXURRTXHSHVD
4XDQGRPHGHVSHGLGH0RVFRXRTXHDLQGDPHFRQVRORXIRLWHUPLQKDSUHFLRVDFDEHoDHPFLPD
GRV RPEURV $GHXV 0RVFRX YLYDP WHXV EDQKRV WXUFRV H WHXV ERQV DUHV YLYD DWp D VXUUD TXH
OHYHL4XDQWRjPLQKDSHOHGHFDUQHLURSDL]LQKRVHQmRDROKDUHVHODQmRWHGRHUiQRVROKRV
±(QWmRDJHQWHVySRGHROKDUSDUDWXDOLQGDFDEHoD"
± ( VH DR PHQRV D FDEHoD IRVVH GHOH ± GHELFRX /XND .XVPLWFK ± )RLOKH GDGD GH HVPROD
TXDQGRRFRPERLRSDVVRXSRU7LXPHQH
±(VFXWD6NXUDWRYWLQKDVDRPHQRVXPRItFLR"
± 2ItFLR HOH" (UD JXLD GH FHJR ± GLVVH XP GRV LUULWDGRV ± ( HQTXDQWR R FHJR FDQWDYD RV
EHQGLWRVHOHXQKDYDDVF{GHDVTXHOKHSXQKDPQRSUDWR
± &RP HIHLWR ± UHVSRQGHX 6NXUDWRY TXH QmR OLJDUD LPSRUWkQFLD j PDOHGLFrQFLD GR RXWUR ±
DLQGDWHQWHLFRVWXUDUERWDVHQWUHWDQWRQmRSDVVHLGRSULPHLURSDU
±2TXr"(WHFRPSUDUDPHVVHSDU"
± 'HFHUWR 3DVVHLR D XP VXMHLWR TXH QmR UHVSHLWDYD SDL QHP PmH QHP WLQKD WHPRU GH
'HXVPDVIRLFDVWLJDGRFRPSURXPHRSDUGHERWDV
5RPSHUDPULVDGDVHPUHGRUGH6NXUDWRY
±$TXLXPDYH]H[SHULPHQWHLGHQRYRVHUVDSDWHLUR±FRQWLQXRX6NXUDWRYFRPLPSHUWXUEiYHO
FDOPD±5HPHQGHLDVERWDVGRWHQHQWH6WHSDP)LRGRURYLWFK3RPRUWVHY
±(HOHILFRXVDWLVIHLWR"
±,QIHOL]PHQWHQmR'LVVHPHRVSLRUHVGHVDIRURVHDLQGDPHGHXXPDMRHOKDGDQRORPER
)LFRXXPDIHUD$LPHXVFRUGHLULQKRVTXHGHVJRVWRVWHPVLGRHVWDGURJDGDPLQKDYLGD

³'HSRLVGHXPERPPRPHQWR
³2PDULGRGH$NXOLQD
³$SDUHFHXQRSiWLR´

&DQWDURODYDGHQRYREDWHQGRRWDFmRHPWHUUDHVDOWLWDQGR
±2KTXHLGLRWD±URVQRXRXFUDQLDQRTXHFDPLQKDYDDPHXODGRODQoDQGRSDUD6NXUDWRY
XPROKDUGHRGLHQWRGHVSUH]R
±1mRYDOHQDGD±GLVVHRXWURHPWRPGHILQLWLYR
1mRFRPSUHHQGLSRUTXHHOHVWLQKDPUDLYDGH6NXUDWRYSRUpPMiWLYHUDWHPSRGHREVHUYDU
TXH DOL RV KRPHQV DOHJUHV JR]DYDP GH XP GHVSUH]R JHUDO 2 yGLR GR XFUDQLDQR H GRV RXWURV
SDUHFLDPH SURYLU GH DOJXP UHVVHQWLPHQWR 0DV HVWDYD HQJDQDGR 7LQKDPOKH UDLYD SRUTXH VH
SRUWDYD PDO SRUTXH FDUHFLD GDTXHOH DU GH IDOVD GLJQLGDGH GR TXDO VH FRQWDJLDP WRGRV RV
IRUoDGRV H TXH RV LPSUHJQDYD DWp D DIHWDomR (P VXPD VHJXQGR D H[SUHVVmR GHOHV 6NXUDWRY
³QmR YDOLD QDGD´ (QWUHWDQWR QHP WRGRV RV HQJUDoDGRV HUDP WUDWDGRV FRPR 6NXUDWRY H PDLV
DOJXQV0DLVGHXPFRPHIHLWRVHID]LDUHVSHLWDUHQTXDQWRRERPUDSD]VHPPDOtFLDVyFROKLD
GHVGpQVRJDLDWRTXHPRVWUDYDRVGHQWHVHQmRFRQVHQWLDTXHQLQJXpPOKHSLVDVVHRSpLPSXQKD
UHVSHLWR +DYLD SUHFLVDPHQWH XP HQJUDoDGR GHVVH ~OWLPR IHLWLR QR QRVVR JUXSR WRGDYLD Vy R
FRQKHFL VRE VHX YHUGDGHLUR DVSHFWR XP SRXFR PDLV WDUGH (UD XP FDPDUDGD GH H[WHULRU EHP
DJUDGiYHO FRP XPD JUDQGH YHUUXJD QD IDFH H XP URVWR GHOLFDGR H ERQLWR PDV GH H[SUHVVmR
PXLWRF{PLFD&KDPDYDPQR³([SORUDGRU´SRUWHURXWURUDVHUYLGRQRVEDWDOK}HVGHHQJHQKDULD
3HUWHQFLDjVHomRHVSHFLDO$LQGDIDODUHLDVHXUHVSHLWR
&RQWXGR QHP WRGRV RV IRUoDGRV ³VpULRV´ HUDP WmR H[SDQVLYRV QHP WmR LUULWDGLoRV TXDQWR R
KRPHP GD 8FUkQLD $OJXQV SURFXUDYDP FRQTXLVWDU D SUHHPLQrQFLD SRU VXD KDELOLGDGH QR
WUDEDOKR SHOR FDUiWHU SHOD LQWHOLJrQFLD SHOR HVStULWR $ PXLWRV GHOHV FRP HIHLWR QmR IDOWDYD
QHP LQWHOLJrQFLD QHP HQHUJLD SDUD DWLQJLUHP R ILP YLVDGR ± LVWR p UHQRPH H XPD JUDQGH
LQIOXrQFLD PRUDO HQWUH RV FROHJDV (VVDV HVSpFLHV GH YLUWXRVHV HUDP PXLWDV YH]HV LQLPLJRV
ILJDGDLVXQVGRVRXWURVHFDGDXPVR]LQKRFULDYDDRVHXUHGRUPXLWRVLQYHMRVRV2OKDYDPSDUDRV
VLPSOHVIRUoDGRVGRDOWRGDVXDLPSRUWkQFLDHQmRVHPGHVSUH]RHYLWDYDPEULJDVLQ~WHLVHUDP
PXLWR EHP FRWDGRV H GH FHUWR PRGR GLULJLDP RV WUDEDOKRV 1HQKXP GHOHV GLVFXWLULD FRP RV
RXWURV SRU FDXVD GH XPD FDQWLJD QmR VH UHEDL[DYDP D LVVR &RPLJR HVVHV SUtQFLSHV VH
PRVWUDYDP GH XPD DPDELOLGDGH DEVROXWD GXUDQWH WRGR R SHUtRGR GD PLQKD GHWHQomR PDV
WDPEpP ODF{QLFRV ± TXHVWmR GH GLJQLGDGH FHUWDPHQWH 7HUHL TXH IDODU GH QRYR VREUH HVVHV
DLQGD
&KHJDPRV j PDUJHP (PEDL[R QR ULR R YHOKR EDUFR D GHPROLU HVWDYD SUHVR QR JHOR 'R
RXWURODGRGRULRDHVWHSHD]XODGDVHHVWLUDYDYD]LDHWULVWH3HQVHLTXHWRGRRPXQGRVHLULDDWLUDU
DRWUDEDOKRWRGDYLDQLQJXpPFXLGDYDQLVVR$OJXQVVHVHQWDUDPQXPDVYLJDVTXHSRUOiURODYDP
TXDVH WRGRV WLUDYDP GD ERWD XPD WDEDTXHLUD ± FKHLD GDTXHOH HVSHVVR IXPR VLEHULDQR TXH HUD
FRPSUDGRHPIROKDVDWULQWDFRSHTXHVDOLEUD±HXPFDFKLPERFXUWRGHPDGHLUDGHVDOJXHLUR
IHLWRQRSUySULRSUHVtGLR3XVHUDPVHDIXPDURVVROGDGRVGDHVFROWDQRVURGHDUDPHPFtUFXOR
HFRPHoDUDPDVXDYLJLOkQFLDFRPDUHQWHGLDGR
±4XHLGHLDGHVPDQFKDUHVVHEDUFR±UHVPXQJRXXPGRVJDOpVVHPVHGLULJLUDQLQJXpP±
6HUiTXHSUHFLVDPGHPDGHLUD"
±'HFHUWRTXHPVHOHPEURXGLVVRIRLDOJXpPTXHQmRWHPPHGRGHQyV±UHWUXFRXXPRXWUR
± 3DUD RQGH GLDER LUmR DTXHOHV PXMLTXHV" ± LQGDJRX R TXH IDODUD HP SULPHLUR OXJDU VHP
PDLV SHQVDU QD VXD SHUJXQWD H VHP HVFXWDU D UHVSRVWD DSRQWDQGR FRP R GHGR DR ORQJH XP
JUXSRGHLQGLYtGXRVTXHFDPLQKDYDPHPILODSRUVREUHDQHYHLPDFXODGD7RGRVVHPSUHVVDVH
YROYHUDP SDUD R ODGR LQGLFDGR H SRU GHVIDVWLR FREULUDP GH DSRGRV RV PXMLTXHV 8P GRV
SDVVDQWHV FDPLQKDYD GH PRGR PXLWR HQJUDoDGR DIDVWDQGR RV EUDoRV H LQFOLQDQGR D FDEHoD
FREHUWDFRPXPDOWRJRUURGHSHOHUHGRQGRFRPRXPDEURD
± 2OKD FRPSDGUH FRPR p TXH R PDQR 3HWURYLWFK FDPLQKD ± SLOKHULRX XP RXWUR
DUUHPHGDQGRDIDODGRVPXMLTXHV
&RLVDFXULRVDHPERUDPHWDGHGHOHVIRVVHSURYHQLHQWHGHDOGHLDVWRGRVRVIRUoDGRVROKDYDP
SRUFLPDGRRPEURRVFDPSRQHVHV
±2OKDRGHWUiVQmRSDUHFHTXHHVWiSODQWDQGRQDERV"
±$TXHOHJRUGR"(VWiFRPDPROHLUDSHVDGDGHFHUWRWHPGLQKHLURGHPDLV
7RGRVGHVDWDUDPDULUPDVFRPXPULVRDUUDVWDGRVHPDOHJULD1HVVHPRPHQWRDSDUHFHX
XPDYHQGHGRUDGHNDODWFKLDOHJUHHHVSHUWD
&RPSUDUDPOKHRVFLQFRFRSHTXHVTXHRKRPHPGHUDGHHVPRODHGLYLGLUDPDFRPSUDFRP
WRGDDHTXLGDGH
2 UDSD] TXH UHYHQGLD RVNDODWFKL QD FDVHUQD DGTXLULX GXDV G~]LDV H H[LJLX WUrVNDODWFKL GH
FRPLVVmRHPYH]GRVGRLVTXHKDELWXDOPHQWHUHFHELD$PXOKHUSRUpPQmROKHGHXRXYLGRV
±(QWmRWXWDPEpPYHQGHVDTXLOR"
±$TXLORRTXr"
±$TXLORTXHRUDWRQmRUyL"
±(VSHUDVHPYHUJRQKD±UHVSRQGHXDYHQGHGRUDFRPXPDJDUJDOKDGD
(QILPDSDUHFHXFRPXPDEHQJDODQDPmRRQRVVRVXERILFLDOHQFDUUHJDGRGRVWUDEDOKRV
±4XHpTXHHVWmRHVSHUDQGR"&RPHFHP
± %HP ,YDQ 0DWYHLWFK Gr j JHQWH XPD WDUHID ± GLVVH XP GRV PRQLWRUHV HUJXHQGRVH
OHQWDPHQWHGRVHXOXJDU
±1mRSRGLDPSHGLUWDUHIDPDLVFHGR"$WDUHIDDJRUDpGHVPRQWDUREDUFR
(UJXHUDPVHDILQDORVIRUoDGRVHFDPLQKDUDPVHPSUHVVDSDUDROHLWRGRULR$SDUHFHUDP
QR JUXSR RV PRQLWRUHV ± TXH R HUDP SHOR PHQRV QR QRPH 'HPRQVWUDUDP TXH QmR VH GHYLD
GHVPDQFKDU R EDUFR D WRUWR H D GLUHLWR PDV WDQWR TXDQWR IRVVH SRVVtYHO FRQVHUYDU DV WiEXDV H
VREUHWXGRDVFRVWHODVYHUWLFDLVIL[DVSRUPHLRGHFDYLOKDVHPWRGRRFRPSULPHQWR GR EDUFR ±
WUDEDOKRORQJRHIDVWLGLRVR
±(PSULPHLUROXJDUDUUDQTXHPPHHVVDYLJDSHTXHQD9DPRVUDSD]HV±SURS{VXPGRV
IRUoDGRVTXLHWRSRXFRFRQYHUVDGRUHTXHDWpHQWmRQmRGHUDXPSLR(LQFOLQDQGRVHVHJXURX
FRPDPEDVDVPmRVXPDYLJDJURVVDHVSHUDQGRDX[tOLR1LQJXpPHQWUHWDQWRRDMXGRX
±([SHULPHQWD1mRDOHYDQWDVVR]LQKRHPHVPRTXHRXUVRGRWHXDY{HVWLYHVVHDTXLQmR
FUHLRTXHDOHYDQWDVVH±URVQRXDOJXpP
±0DVHQWmRPLQKDJHQWHSRURQGHVHFRPHoD"±FRQWLQXRXHPWRPODVWLPRVRDTXHOHTXH
LQLFLDUDRWUDEDOKR/DUJRXDYLJDHVHHQGLUHLWRX
± 'H TXDOTXHU MHLWR WX VR]LQKR QmR YDLV GDU FRQWD GR WUDEDOKR 1mR DGLDQWD WH ID]HUHV GH
HVSHUWR
±1mRVDEHGDUPLOKRDWUrVJDOLQKDVHHVWiDTXLVHID]HQGRGHVDELGR2OKHPHVVHDQmR
±2UDRXoDPHXLDGL]HQGR±WHQWRXH[SOLFDURKRPHP
±(QWmRFRPRp"9RXS{UYRFrVGHEDL[RGHXPDUHGRPDRXPDQGRVDOJDUDWRGRVGXUDQWHR
LQYHUQR"±JULWRXRVXERILFLDOROKDQGRFRPFHUWRPDOHVWDUSDUDDTXHOHVYLQWHKRPHQVUHXQLGRV
TXHQmRVDELDPRTXHID]HUGHVL9DPRVDQGHP7RTXHPFRPLVVR
±$JHQWHFRPSUHVVDQmRID]QDGDGLUHLWR,YDQ0DWYHLWFK
±(pSRULVVRTXHHVSHUDV"$QGD6DYHOLHYpFRQWLJRTXHHVWRXIDODQGROtQJXDGHWUDSR(VWiV
HVSHUDQGRRTXr"3RUTXHDUUHJDODVRVROKRV"$QGDFRPLVVR
±4XHpTXHHXSRVVRID]HUVR]LQKR"
±0DUTXHXPDWDUHID,YDQ0DWYHLWFK
±-iGLVVHTXHQmRKiWDUHID'HVPDQFKHPREDUFRGHSRLVYROWHP$QGHP
3XVHUDPVHDILQDODWUDEDOKDUPDVVHPJRVWRVHPMHLWR(UDWULVWHYHUKRPHQVWmRYLJRURVRV
DSDUHQWHPHQWH LQFDSD]HV GH GDU FRQWD GDTXHOH WUDEDOKR 0DO WLQKDP FRPHoDGR D GHVWDFDU D
SULPHLUD H D PHQRU GDV FRVWHODV H HOD VH TXHEURX ³4XHEURXVH VR]LQKD´ GLVVHUDP FRPR
MXVWLILFDWLYD DR YLJLODQWH 1mR VH SRGLD SRLV FRQWLQXDU GDTXHOH PRGR ( VHJXLXVH XPD ORQJD
GLVFXVVmRHQWUHRVGHWHQWRVDFHUFDGDPDQHLUDGHWUDEDOKDU3RXFRDSRXFRIRUDPVHRXYLQGR
LQVXOWRVHDFRLVDDPHDoDYDLUPDLVORQJH
2YLJLODQWHWRUQRXDJULWDUDJLWDQGRREDVWmRHQTXDQWRRXWUDWULQFDGHQRYRVHTXHEUDYD
9HULILFDUDPHQWmRTXHIDOWDYDPPDFKDGRVHTXHHUDSUHFLVRDLQGDWUD]HUPDLVQmRVHLTXH
XWHQVtOLRLQGLVSHQViYHO,PHGLDWDPHQWHIRUDPGRLVIRUoDGRVHVFROWDGRVDWpjIRUWDOH]DHQTXDQWR
HVSHUDYDP RV RXWURV VHQWDUDPVH VRVVHJDGDPHQWH QR EDUFR WLUDUDP DV WDEDTXHLUDV H RV
FDFKLPERVHUHFRPHoDUDPDIXPDU
2VXERILFLDOFXVSLXGHUDLYD
±6LPHVWiVHYHQGRTXHQHQKXPGHYRFrVKiGHPRUUHUGHWUDEDOKDU4XHJHQWHTXHJHQWH
± EXIRX R KRPHP 'HSRLV FRP JHVWR LPSRWHQWH UHWRPRX R FDPLQKR GD IRUWDOH]D DJLWDQGR R
EDVWmR
2GLULJHQWHGRVWUDEDOKRVFKHJRXXPDKRUDDSyV(VFXWRXFDOPDPHQWHDVTXHL[DVGRVSUHVRV
DQXQFLRXTXHGDYDTXDWURWULQFDVSDUDGHVFDYLOKDUVHPTXHEUDUFRPRWDUHIDHPDLVDLQGDXP
ERPSHGDoRGREDUFRDGHVID]HUGHSRLVGLVVRSRGHUtDPRVYROWDU$WDUHIDHUDSHVDGDPDVRK
PHX'HXVFRPRVHDWLUDUDPDHOD-iQmRKDYLDLQpUFLDMiQmRKDYLDKHVLWDomRRVPDFKDGRV
HQWUDUDPDGDQoDUDUUDQFDUDPVHDVFDYLOKDV2VTXHQmRWLQKDPPDFKDGRVSXQKDPHVFRUDV
VRE DV WULQFDV H YLQWH PmRV SHVDQGR VREUH HODV VLPXOWDQHDPHQWH DV WULQFDV VDOWDYDP GR OXJDU
GLUHLWLQKRDUWLVWLFDPHQWHHSDUDVXUSUHVDPLQKDDEVROXWDPHQWHLQWDFWDV2WUDEDOKRVHDGLDQWDYD
UDSLGDPHQWH7RGRVGHFKRIUHSDUHFLDPDSWRVSDUDDODEXWD-iQmRVHRXYLDPSUDJDVMiQmRVH
RXYLDPGLVFXVV}HVLQ~WHLVFDGDXPVDELDTXHJHVWRID]HUTXHFRQVHOKRGDU0HLDKRUDDQWHVGR
UXIDUGRWDPERUHVWDYDIHLWDDWDUHIDHRVIRUoDGRVYROWDUDPDRSUHVtGLRFDQVDGRVPDVVDWLVIHLWRV
$TXHODPHLDKRUDJDQKDVREUHRWHPSRGHVHUYLoRRVSXVHUDDWRGRVGHERPKXPRU
4XDQWRDPLPIL]XPDREVHUYDomRFXULRVD3RUWRGDSDUWHRQGHHXPHTXHULDPHWHUSDUDRV
DMXGDUHUDDIDVWDGRQmRVHUYLDHPSDUWHQHQKXPDLQFRPRGDYDHPWRGDSDUWHPDQGDYDPPH
HPERUDGHWRGROXJDUTXDVHFRPLQVXOWRV2SLRUHVIDUUDSDGRRPDLVU~VWLFRODEUHJRTXHQmRVH
DWUHYLDDGL]HUXPDSDODYUDGLDQWHGRVFRPSDQKHLURVPDLVGHVHQYROWRVDFKDYDVHQRGLUHLWRGH
PH DWLUDU GHVDIRURV VH HX SDUDYD SHUWR GHOH H SUHWHQGLD TXH R LQFRPRGDYD (QILP XP GRV
³GHVSDFKDGRV´PHIDORXEUXWDOPHQWH
±1mRILTXHVSDUDGRDt3DUDTXHYHQVWHPHWHURQGHQmRpVFKDPDGR"
±(QJROHHVVD±DSURYRXORJRXPRXWUR
± $UUDQMD XP PHDOKHLUR H YDL SHGLU HVPROD SDUD D FRQVWUXomR GD LJUHMD H D GHUUXEDGD GD
WDEHUQD$TXLQmRWHQVQDGDTXHID]HU±EUDGRXXPWHUFHLUR
e GHVDJUDGiYHO ILFDU GH Sp FRP RV EUDoRV EDODQoDQGR TXDQGR WRGRV WUDEDOKDP (
HQWUHWDQWRTXDQGRTXLVUHDOPHQWHPHDIDVWDUSDUDRRXWURH[WUHPRGREDUFRUHFRPHoDUDPRV
JULWRV
±1DYHUGDGHERQVDMXGDQWHVQRVGmR0DODJHQWHOKHVHQWUHJDXPVHUYLoRFDHPIRUD
7XGR DTXLOR HUD IHLWR GH SURSyVLWR 6HQWLDP SUD]HU HP KXPLOKDU REDULQH TXH HX HUD H
DSURYHLWDYDPDRFDVLmR
&RQFHEHVHDJRUDSRUTXHDSULPHLUDSHUJXQWDTXHHXIL]DPLPSUySULRIRLSDUDVDEHUFRPR
PHFRPSRUWDULDFRPDTXHODHVSpFLH$SHVDUGLVVRUHVROYLQmRDOWHUDUQDGDQRSODQRGHFRQGXWD
TXH PH WUDoDUD H TXH VDELD FRUUHWR (LV QR TXH FRQVLVWLD HVVH SODQR SRUWDUPH R PDLV
VLPSOHVPHQWHSRVVtYHOPDQWHUPHLQGHSHQGHQWHQmRID]HURPHQRUHVIRUoRSDUDPHDSUR[LPDU
GHOHVPDVWDPEpPQmRRVUHSHOLUVHPHSURFXUDVVHPQmROKHVUHFHDUQHPDVDPHDoDVQHPR
yGLRDJLUFRPRVHGHOHVQmRPHDSHUFHEHVVHQmROKHVFKHJDUSHUWRHPFHUWRVPRPHQWRVQHP
PHFXPSOLFLDUGHFHUWRVFRVWXPHVHKiELWRVVHXVHPVXPDQmRSURFXUDUHVSRQWDQHDPHQWHDVXD
FDPDUDGDJHP(XDGLYLQKDUDDRSULPHLURROKDUTXHHOHVILFDULDPPHGHVSUH]DQGRGHLQtFLRVH
HX DJLVVH GH PRGR GLYHUVR 3RUTXH QD RSLQLmR JHUDO VRXEHR PDLV WDUGH FRP FHUWH]D  PLQKD
RULJHP QREUH PH DXWRUL]DYD D DUURWDU LPSRUWkQFLD j IUHQWH GRV RXWURV ± LVWR p SURFXUDU
FRQVLGHUDo}HVPRVWUDUPHVXVFHWtYHOHH[LJHQWHHQmRID]HUQDGDFRPRVPHXVGH]GHGRV(VVH
SURFHGLPHQWRPHWHULDJUDQMHDGRLQVXOWRVDEHUWRVHRtQWLPRUHVSHLWRGHWRGRV3RUpPHUDSDSHO
TXH QmR PH FRQYLQKD QXQFD DVVXPL SDUD FRP HOHV DV PDQHLUDV TXH HUDP FRQVLGHUDGDV
DGHTXDGDV D XPEDULQH PDV HP FRPSHQVDomR MXUHL D PLP SUySULR QXQFD UHEDL[DU SRU XPD
FRQFHVVmRPLQKDHGXFDomRHPHXVSHQVDPHQWRVtQWLPRV6HPHKRXYHVVHPLVWXUDGRFRPHOHV
VH PH KRXYHVVH SURSRVWR D JUDQMHDU DV VXDV ERDV JUDoDV SRU PHLR GH IDPLOLDULGDGHV H
FRQGHVFHQGrQFLDVFRQFOXLULDPLPHGLDWDPHQWHTXHHXDJLDDVVLPSRUFRYDUGLDHPHWUDWDULDP
GHDFRUGRFRPHVVDFRQFOXVmR$±YQmRHUDH[HPSORTXHVHSXGHVVHVHJXLUGHQXQFLDYDRVDR
PDMRU H HUD WHPLGR SRU WRGRV 3RU RXWUR ODGR HX QmR GHVHMDYD FRPR RV SRODFRV LVRODUPH
QXPD IULH]D H QXPD SROLGH] DOWLYDV 9LD PXLWR EHP QDTXHOH PRPHQWR TXH HOHV HVWDYDP FRP
UDLYDSRUTXHHXSURFXUDYDPHWRUQDU~WLOHPYH]GHID]HUFDUHWDVHPHTXHL[DU&HUWRHPERUD
GHTXHPDLVWDUGHVHULDPREULJDGRVDPXGDUGHLGHLDDPHXUHVSHLWRQmRGHL[DYDHQWUHWDQWRGH
PHVHQWLUPRUWLILFDGRSHORVLPSOHVIDWRGHGHVHMDUWUDEDOKDUHQmRVDEHUFRPRRID]HUMiOKHV
GDYDRGLUHLWRGHPHGHVSUH]DUHP
4XDQGR YROWHL j WDUGH URtGR GH IDGLJD YLPH WRPDGR SRU XPD SXQJHQWH WULVWH]D ³4XDQWRV
PLOKDUHV GH GLDV LGrQWLFRV WHQKR GLDQWH GH PLP VHPSUH RV PHVPRV WRGRV LPXWDYHOPHQWH
XQLIRUPHV"´FLVPDYD(PVLOrQFLRVREDQRLWHTXHFDtDHXYDJXHDYDVR]LQKRSHODVFDVHUQDVDR
ORQJRGDSDOLoDGDTXDQGRRQRVVR&KDULNFRUUHXDRPHXHQFRQWUR&KDULNHUDRFmRGRSUHVtGLR
SRLVKiFmHVGHSUHVtGLRFRPRRVKiGHFRPSDQKLDGHEDWHULDRXGHHVTXDGUmR9LYLDDOLMiKi
WHPSR LQGHWHUPLQDGR FRQVLGHUDQGR D WRGRV FRPR VHXV GRQRV H DOLPHQWDQGRVH GRV UHVWRV GD
FR]LQKD (UD XP PDVWLP EHP JUDQGH DLQGD QmR PXLWR YHOKR FRP R SHOR SUHWR PRVTXHDGR GH
EUDQFR FDXGD SHOXGD ROKRV LQWHOLJHQWHV 1LQJXpP OKH ID]LD XPD IHVWD QLQJXpP VHTXHU OKH
SUHVWDYD DWHQomR /RJR DR SULPHLUR GLD HX R FRQTXLVWDUD GDQGROKH XPD F{GHD GH SmR H
HQTXDQWRHXRDFDULFLDYDHOHQmRVHPH[LDROKDYDPHFRPFDULQKRHVDFXGLDDFDXGDSDUDPH
PRVWUDU R SUD]HU TXH OKH GDYD &RPR VH KDYLDP SDVVDGR DOJXQV GLDV VHP TXH HOH PH YLVVH D
PLP TXH GHSRLV GH DQRV IRUD D SULPHLUD SHVVRD TXH OKH IL]HUD XPD IHVWD &KDULN FRUUHX HP
EXVFD GH PLP QR PHLR GRV RXWURV H GHVFREULQGRPH SRU WUiV GDV FDVHUQDV VDOWRX ODGUDQGR
DOHJUHPHQWHDRPHXHQFRQWUR1mRVHLRTXHVHSDVVRXFRPLJRPDVDEULRVEUDoRVSDUDRFmR
VHJXUHLOKH D FDEHoD HQTXDQWR HOH SXQKD DV GXDV SDWDV VREUH PHXV RPEURV H PH SURFXUDYD
ODPEHURURVWR
³(VWiDTXLRDPLJRTXHPHPDQGDRGHVWLQR´SHQVDYDHX(WRGDVDVWDUGHVGXUDQWHHVVDV
SULPHLUDVVHPDQDVGHVRIULPHQWRDVVLPTXHFKHJDYDGRWUDEDOKRFRUULDSDUDWUiVGDVFDVHUQDV
YLQKD DRV VDOWRV ODGUDYD FXPSULPHQWDQGRPH HX OKH VHJXUDYD D FDEHoD FREULD GH EHLMRV
HQTXDQWRXPVHQWLPHQWRVXDYtVVLPRHDRPHVPRWHPSRXPSXQJHQWHDPDUJRUPHDSHUWDYDPR
FRUDomR/HPEURPHEHPTXHPHFRPSUD]LDQDTXHOHWRUPHQWRVHQWLDXPHVWUDQKRSUD]HUHP
SHQVDUTXHQmRPHUHVWDYDVHQmRXPDPLJRQRPXQGRRERPRILHO&KDULN


12926&21+(&,'26±3(7529


&RQWXGRLDPVHSDVVDQGRRVGLDVHSRXFRDSRXFRHXPHKDELWXDYDjTXHODQRYDYLGDFXMDV
FHQDV FRWLGLDQDV D SULQFtSLR PH PRUWLILFDYDP WDQWR 2V DFRQWHFLPHQWRV R DPELHQWH RV
LQGLYtGXRVWXGRPHGHL[DYDLQGLIHUHQWH3DUHFLDPHLPSRVVtYHOKDELWXDUPHjTXHODH[LVWrQFLDH
HQWUHWDQWR HUD PDLV TXH FKHJDGR R WHPSR GH PH KDELWXDU XPD YH] TXH HVWDYD GLDQWH GR
LQHYLWiYHO'LVVLPXODYDPLQKDVLQTXLHWDo}HVQRUHFHVVRPDLVSURIXQGRGDPLQKDDOPDMiQmR
YDJXHDYD PDLV FRPR XP WRQWR QmR GHL[DYD PDLV TXH YLVVHP D PLQKD GRU 2V ROKDUHV
IHUR]PHQWHFXULRVRVGRVIRUoDGRVMiQmRVHGHWLQKDPFRPDPHVPDIUHTXrQFLDVREUHDPLQKD
SHVVRD H GLPLQXtD D H[DJHUDGD LQVROrQFLD FRP TXH PH WUDWDYDP HX WDPEpP OKHV ILFDUD
LQGLIHUHQWHFRLVDTXHPXLWtVVLPRPHDOHJUDYD
(X LD H YLQKD FRPR GHQWUR GH PLQKD FDVD QR SUHVtGLR &RQKHFLD R PHX OXJDU QD WDULPED
DFRVWXPDUDPH FRP FRLVDV TXH VXSXQKD QmR SRGHU DFHLWDU QXQFD 'H RLWR HP RLWR GLDV LD DR
EDUEHLUR SDUD TXH PH UDVSDVVH PHWDGH GD FDEHoD QRV ViEDGRV GXUDQWH R QRVVR SHUtRGR GH
UHSRXVRID]LDPQRVSDVVDUXPDXPQRFRUSRGHJXDUGD GHL[DUGHFRPSDUHFHUHUDPRWLYRSDUD
SXQLomR  RQGH RV EDUEHLURV GR EDWDOKmR GHSRLV GH QRV HQVDERDU D FDEHoD FRP iJXD IULD
UDVSDYDPQDVHPGyFRPQDYDOKDVFKHLDVGHPRVVDVVyDOHPEUDQoDGHVVDWRUWXUDDLQGDKRMH
PH DUUHSLD 7RGDYLD GHSUHVVD GHVFREUL XP UHPpGLR SDUD LVVR $NLP $NLPLWFK PH LQGLFRX XP
GHWHQWR GD VHomR PLOLWDU TXH PHGLDQWH XP FRSHTXH GH SDJDPHQWR UDVSDYD D JHQWH GH DFRUGR
FRP R UHJXODPHQWR XVDQGR XPD QDYDOKD GH VXD SURSULHGDGH TXH FRQVWLWXtD R VHX JDQKDSmR
7LQKD YiULRV FOLHQWHV HQWUH RV IRUoDGRV JHQWH GXUD TXH SRUpP ID]LD WXGR SDUD HVFDSDU DRV
EDUEHLURVRILFLDLV&KDPiYDPRVDRQRVVRFROHJDEDUEHLUR³PDMRU´±PDVQmRVHLHPTXHSRGHULD
HOH UHFRUGDU R PDMRU DXWrQWLFR (QTXDQWR HVFUHYR HVWDV OLQKDV UHYHMRR PHQWDOPHQWH DR
³PDMRU´UDSDJmRPDJURHVLOHQFLRVRWDOYH]HVW~SLGRVHPSUHHQWUHJXHjVXDREULJDomRWHQGRQD
PmR XPD FRUUHLD QD TXDO QRLWH H GLD DILDYD FRQWLQXDPHQWH XPD QDYDOKD DGPLUDYHOPHQWH
DPRODGDGHFHUWRHQFRQWUDUDQDTXHODSURILVVmRDPHWDGHILQLWLYDGDVXDH[LVWrQFLD0RVWUDYDVH
IUDQFDPHQWH UDGLDQWH TXDQGR DOJXpP VH YLQKD HQWUHJDU DRV VHXV FXLGDGRV WLQKD VHPSUH D
QDYDOKD DILDGtVVLPD D iJXD GH VDEmR TXHQWH D PmR PDFLD FRPR YHOXGR $ JHQWH YLD TXH HOH
WLQKD RUJXOKR GD SUySULD SHUtFLD 5HFHELD FRP DU GLVWUDtGR D PRHGD JDQKD H SDUHFLD WUDEDOKDU
PDLVSRUDPRUGDDUWHTXHSHORGLQKHLUR$SDVVRXPDOXPGLDHPTXHDRID]HURVHXUHODWyULRD
TXHP GH GLUHLWR FKDPRX LPSUXGHQWHPHQWH R QRVVR EDUEHLUR SHOR DSHOLGR 2 YHUGDGHLUR PDMRU
HQIXUHFHXVHFRPRXPORXFR
± (QWmR QmR VDEHV FUiSXOD R TXH p XP PDMRU" ± EHUURX GHLWDQGR HVFXPD SHOD ERFD H
DSOLFDQGR HP $ XP FDVWLJR j VXD PRGD ± &RPSUHHQGHV R TXH p XP PDMRU" e LQFRQFHEtYHO
&KDPDUGHPDMRUDTXDOTXHUSUHVLGLiULRLPXQGRHQDPLQKDSUHVHQoD
6y$VHULDFDSD]GHHQWHQGHUDTXHOHKRPHP
/RJR QR SULPHLUR GLD FRPHFHL D VRQKDU FRP D OLEHUWDomR 0LQKD RFXSDomR IDYRULWD ILFRX
VHQGR FRQWDU R WHPSR TXH PH UHVWDYD D FXPSULU GH PLO GLIHUHQWHV PDQHLUDV 1mR FRQVHJXLD
SHQVDUQRXWUDFRLVDHFUHLRTXHWRGDVDVSHVVRDVSULYDGDVGHOLEHUGDGHDJHPGDPHVPDPDQHLUD
,JQRUDYD VH RV RXWURV IRUoDGRV SHQVDYDP RX FRQWDYDP FRPR HX PDV ORJR DR SULPHLUR GLD D
LQFRQFHEtYHO OHYLDQGDGH GDV VXDV HVSHUDQoDV PH LPSUHVVLRQRX PXLWR $V HVSHUDQoDV GH XP
SULVLRQHLUR QDGD WrP TXH YHU FRP DV HVSHUDQoDV GH XP KRPHP OLYUH 2 KRPHP OLYUH SRGH
HVSHUDUSRUXPDPXGDQoDGHVRUWHRXSHODUHDOL]DomRGHXPDDPELomRTXDOTXHUSRUpPYLYH
DJHHDYLGDUHDORDUUDVWDVHPFHVVDU-iQmRDFRQWHFHRPHVPRFRPRSULVLRQHLUR$GPLWDPRV
TXH D YLGD GD SULVmR R SUHVtGLR WDPEpP p YLGD PDV VHMD TXDO IRU R IRUoDGR H VHMDP TXDLV
IRUHP RV DQRV GH VXD GHWHQomR HOH VH UHFXVD LQVWLQWLYDPHQWH D FRQVLGHUDU VXD VRUWH FRPR
SRVLWLYD GHILQLWLYD FRPR ID]HQGR SDUWH GD VXD H[LVWrQFLD 1R SUHVtGLR TXDOTXHU IRUoDGR VHQWH
TXHQmR³HVWiHPVXDFDVD´VXS}HVHSRUDVVLPGL]HUHPYLVLWD(QFDUDRVYLQWHDQRVGDVXDSHQD
FRPRVHIRVVHXQLFDPHQWHGRLVHVWiFRQYHQFLGRGHTXHDRVFLQTXHQWDDQRVTXDQGRVRDUDKRUD
GD VXD OLEHUWDomR VHUi WmR MRYHP TXDQWR DJRUD DRV WULQWD H FLQFR DSHQDV ³$LQGD WHUHL PXLWR
WHPSR ERP D YLYHU´ FLVPD HOH H[SXOVD REVWLQDGDPHQWH WRGDV DV G~YLGDV WRGRV RV WULVWHV
SHQVDPHQWRV TXH R DVVDOWDP D HVVH UHVSHLWR ( DWp PHVPR RV FRQGHQDGRV D JDOp SHUSpWXD DWp
PHVPRRVGDVHomRHVSHFLDOWrPFRPRFHUWRTXHXPEHORGLDYLUiGH3LWHU XPDRUGHPTXHR
PDQGDUi SDUD DV PLQDV GH 1HUWFKLQVN H D YLGD QR FRPERLR p EHP PHOKRU TXH QR SUHVtGLR H
GHSRLV ILQGR R VHX WHPSR HP 1HUWFKLQVN HQWmR (VFXWHL YHOKRV GH FDEHORV EUDQFRV
UDFLRFLQDUHPDVVLP
9L HP 7REROVN KRPHQV FKXPEDGRV j SDUHGH DR ODGR GR FDWUH SRU XPD FRUUHQWH GH XPD
VDJHQD GHFRPSULPHQWR6mRSXQLGRVDVVLPSRUDOJXPFULPHKRUUHQGRFRPHWLGRMiQD6LEpULD
DSyV D GHSRUWDomR H ILFDP DOL FLQFR GH] DQRV (UDP QD PDLRULD EDQGROHLURV GH HVWUDGDV 8P
~QLFR TXH IRUD HPSUHJDGR QmR VHL HP TXr DSDUHQWDYD XP PHOKRU DVSHFWR IDODYD FRP XP
VRUULVR DGRFLFDGR XP WRP UHVLJQDGR H VLELODQWH PRVWURXQRV D FRUUHQWH GLVVH TXDO D PDQHLUD
PDLVF{PRGDGHGRUPLUFRPHOD(UDPHVPRXPDDYHHVWUDQKD7RGRVVHSRUWDPPXLWREHPH
SDUHFHPGHERPKXPRUHPERUDHVWHMDPURtGRVSHORGHVHMRGHYHUHPWHUPLQDGRRVHXWHPSR
QD FRUUHQWH 3DUD TXr" GiQRV YRQWDGH GH SHUJXQWDU 0DV HQWmR HOH VDLUi GDTXHOD PDVPRUUD
VXIRFDQWHGHWHWREDL[RHPDUFDGDVGHWLMRORSRGHUiSDVVHDUQRSiWLR,VVRDSHQDVLVVRSRUTXH
MDPDLV SRGHUi WUDQVSRU DV SRUWDV GR SUHVtGLR 2 SUHVR VDEH PXLWR EHP TXH RV TXH HVWmR
DFRUUHQWDGRVILFDUmROiTXHPRUUHUmRSUHVRVjVJULOKHWDV
6DEHRHHQWUHWDQWRGHVHMDDUGHQWHPHQWHWHUPLQDURVHXWHPSRQRVIHUURV(FRPHIHLWR
VHPHVVDHVSHUDQoDSRGHULDXPKRPHPILFDUDFRUUHQWDGRFLQFRVHLVDQRVHQmRPRUUHUQmR
HQORXTXHFHU"3RGHULDHOHUHVLVWLUUHDOPHQWH"
4XDQWRDPLPHXFRPSUHHQGLDTXHVyRWUDEDOKRPHSRGHULDSUHVHUYDUDVD~GHHRFRUSR$
LQTXLHWDomRPRUDOSHUSpWXDDLUULWDomRGRVQHUYRVRDUPHItWLFRGDVFDVHUQDVPHWHULDPDEDWLGR
FRPSOHWDPHQWH ³2 DU OLYUH D IDGLJD R KiELWR GH FDUUHJDU IDUGRV SHVDGRV ± LVWR p TXH PH
VDOYDUi SHQVHL +i GH PH PDQWHU R YLJRU H D MXYHQWXGH DWp R LQVWDQWH GD OLEHUWDomR´ 1mR PH
HQJDQDYD R WUDEDOKR H R PRYLPHQWR PH IRUDP PXLWR ~WHLV 9L FRP WHUURU XP GRV PHXV
FRPSDQKHLURVH[ILGDOJR FRQVXPLUVH QR SUHVtGLR FRPR XPD YHOD HQWUDUD DR PHVPR WHPSR
TXH HX DLQGD MRYHP EHOR H IRUWH TXDQGR VDLX HUD DSHQDV XP IDUUDSR GH KRPHP DVPiWLFR
HQFDQHFLGR SHUQDV WUrPXODV ³1mR GL]LDPH HX ROKDQGRR TXHUR YLYHU H YLYHUHL´ 'H LQtFLR
GXUDQWH ORQJRV PHVHV PHX DUGRU QR WUDEDOKR PH JUDQMHRX GD SDUWH GRV IRUoDGRV XP JUDQGH
GHVSUH]R LQILQLWDV LQGLUHWDV PDV HX QmR PH LPSRUWDYD H LD DOHJUHPHQWH SDUD RQGH PH
PDQGDYDPTXHLPDUHPRHUDODEDVWURSRUH[HPSOR(VVHRItFLRXPGRVSULPHLURVTXHDSUHQGL
pPXLWRIiFLO$OLiVRVRILFLDLVGHHQJHQKDULDDOLYLDYDPRPDLVTXHSRGLDPDVWDUHIDVGHVLJQDGDV
SDUDRVEDULQHVHLVVRPHQRVSRULQGXOJrQFLDTXHSRUHVStULWRGHMXVWLoD6HULDHVWUDQKRH[LJLUGH
XPKRPHPPXLWtVVLPRPHQRVYLJRURVRHGHVDELWXDGRjODEXWDPDQXDORPHVPRHVIRUoRTXHVH
H[LJHGHXPWUDEDOKDGRU(VVD³SRXSDQoD´SRUpPHUDIHLWDTXDVHjVHVFRQGLGDVSRUTXHpUDPRV
YLJLDGtVVLPRV&RPIUHTXrQFLDHUDDWDUHIDH[FHVVLYDPHQWHSHQRVDHHQWmRRVQREUHVVRIULDP
GXDVYH]HVPDLVTXHRVRXWURVIRUoDGRV(UDPHPJHUDOPDQGDGRVSDUDRDODEDVWURWUrVRXTXDWUR
KRPHQVLGRVRVRXSRXFRYLJRURVRVDHOHVQRVUHXQLDPPDVWtQKDPRVFRPRPRQLWRUXPRSHUiULR
GHYHUGDGHTXHFRQKHFLDRRItFLR'XUDQWHYiULRVDQRVVHJXLGRVRQRVVRPRQLWRUIRLVHPSUHR
PHVPR FHUWR $OPD]RY LQGLYtGXR VHYHUR WULJXHLUR PDJUR Mi YHOKR FDODGR H H[LJHQWH QR
WUDEDOKR 'HVSUH]DYDQRV SURIXQGDPHQWH FRPR SRUpP QmR JRVWDYD GH IDODU QmR VH GDYD DR
WUDEDOKR GH QRV SDVVDU GHVFRPSRVWXUDV 2 JDOSmR QR TXDO PRtDPRV R DODEDVWUR HUJXLDVH QD
PDUJHP HVFDUSDGD H GHVHUWD GR ,UW\ FK 1R LQYHUQR SULQFLSDOPHQWH GXUDQWH RV GLDV HVFXURV D
YLVWD GR ULR H GD RXWUD PDUJHP ORQJtQTXD SURYRFDYD XPD JUDQGH QRVWDOJLD 8PD LPSUHVVmR
GHVSHGDoDGRUDGHWULVWH]DHPDQDYDGDTXHODHVWHSHiULGDHYD]LD0DVHUDDLQGDSLRUTXDQGRXP
VROFODURGDUGHMDYDVHXVUDLRVVREUHRLPHQVRFDPSRGHQHYHDJHQWHVHQWLDRORXFRGHVHMRGHVH
HYDGLUSDUDDTXHODSODQXUDGLVWDQWHTXHFRPHoDYDQDRXWUDPDUJHPHVHDORQJDYDHPGLUHomR
DRVXOFRPRXPDWRDOKDLQILQLWDQXPHVSDoRGHPLOHTXLQKHQWDVYHUVWDV2VLOHQFLRVRRVHYHUR
$OPD]RYSXQKDVHDWUDEDOKDUQyVQRVHQYHUJRQKiYDPRVSRUTXHQmRRSRGtDPRVDMXGDUVHJXQGR
DVVXDVUHJUDVHHOHFRQWXGRQRVGLVSHQVDYDPXLWRGHSURSyVLWRFRPRVHQRVTXLVHVVHID]HUVHQWLU
D QRVVD FRPSOHWD LQXWLOLGDGH 2 WUDEDOKR FRQVLVWLD GH LQtFLR VLPSOHVPHQWH HP DTXHFHU R IRUQR
GHSRLV WUD]tDPRV DODEDVWUR VXILFLHQWH SDUD HQFKrOR 1R GLD VHJXLQWH R DODEDVWUR HVWDYD
LQWHLUDPHQWHFDOFLQDGRHHUDUHWLUDGRGRFDORU&DGDXPGHQyVWRPDYDHQWmRXPDSHVDGDPmR
GH SLOmR HQFKLD GH DODEDVWUR XP GHSyVLWR Mi GHVWLQDGR D HVVH ILP H SXQKDVH D SLODU 1mR HUD
WUDEDOKRTXHRIHUHFHVVHGLILFXOGDGH2DODEDVWURIULiYHOIDFLOPHQWHVHHVIDUHODYDHGHSUHVVDVH
WUDQVIRUPDYD QXP Sy EUDQFR H EULOKDQWH )D]tDPRV XP EDUXOKR WmR JUDQGH D SLODU TXH QyV
SUySULRVQRVDGPLUiYDPRV4XDQWRPDLVDXPHQWDYDDIDGLJDPDLVOHYHQRVVHQWtDPRVRVDQJXH
QRVVXELDDRURVWRDFLUFXODomRVHDFHOHUDYD$OPD]RYHQWmRQRVROKDYDFRPDFRQGHVFHQGrQFLD
TXH D JHQWH WHP FRP FULDQFLQKDV SXQKDVH D IXPDU R FDFKLPER FRP DU LQGXOJHQWH PDV QmR
SRGLDGHL[DUGHURVQDUDVVLPTXHDEULDDERFD$OLiVSURFHGLDGHVVHPRGRFRPWRGRRPXQGRQR
IXQGRWDOYH]IRVVHXPKRPHPERP
8WLOL]DUDPPHGHSRLVSDUDPRYLPHQWDUDURGDGRWRUQRHUDXPDURGDSHVDGDHJUDQGHTXH
H[LJLD PXLWR HVIRUoR SDUD VHU JLUDGD VREUHWXGR TXDQGR R WRUQHLUR XP VDSDGRU GH HQJHQKDULD
IDEULFDYDXPEDOD~VWUHGHHVFDGDSDUDDOJXPIXQFLRQiULRRXXQVSpVGHPHVDRTXHH[LJLDXP
WURQFR GH iUYRUH TXDVH LQWHLUR 1HVVHV FDVRV XP ~QLFR KRPHP QmR WHULD IRUoD VXILFLHQWH SDUD
JLUDUDURGDGDYDPPHHQWmRFRPRDX[LOLDURPHXFROHJD%)L]HPRVHVVHWUDEDOKRYiULRVDQRV
VHJXLGRVWRGDYH]TXHKDYLDTXDOTXHUFRLVDSDUDWRUQHDU%HUDXPUDSD]GRHQWLRHPDJULFHOD
PRoRDLQGDSRUpPGRHQWHGRSHLWR&KHJDUDDRSUHVtGLRXPDQRDQWHVGHPLPFRPGRLVRXWURV
FRPSDQKHLURVGHLQIRUW~QLRXP±XPYHOKLQKRTXHYLYLDDUH]DU RTXHOKHFRQTXLVWDUDDHVWLPD
GRVIRUoDGRV PRUUHXGXUDQWHPLQKDUHFOXVmRRRXWURUREXVWRHFRUDMRVRDGROHVFHQWHGHFDUD
YHUPHOKD GXUDQWH D FDPLQKDGD TXHU GL]HU GXUDQWH VHWHFHQWDV YHUVWDV  FDUUHJDUD jV FRVWDV R
VHXFRPSDQKHLUR%TXHFDtUDGHIDGLJDGHSRLVGHPHLDMRUQDGDYDOLDDSHQDYHUDDIHLomRTXH
WLQKDPXPDRRXWUR%HUDKRPHPGHILQDHGXFDomRFDUiWHUQREUHHJHQHURVRPDVDGRHQoDR
WRUQDYDLUULWDGLoR1yVMXQWRVFRQVHJXtDPRVID]HUJLUDUDURGDHRH[HUFtFLRQRVLQWHUHVVDYDHXR
FRQVLGHUDYDH[FHOHQWHSDUDDVD~GH
'RTXHPDLVJRVWDYDHUDGHOLPSDUDQHYHGHSRLVGDVERUUDVFDV±FRLVDIUHTXHQWHQRLQYHUQR
%DVWDYDXPGLDSDUDTXHRVWXUELOK}HVGHQHYHFREULVVHPDVFDVHUQDVjVYH]HVDWpPHWDGHGDV
MDQHODVRXHQWmRLQWHLUDPHQWH$VVLPTXDQGRRIXUDFmRSDVVDYDHUHDSDUHFLDRVROHQYLDYDP
QRV HP EDQGR DFRQWHFLD DWp LUPRV WRGRV  GHVLPSHGLU RV HGLItFLRV HVFRQGLGRV VRE D QHYDVFD
'DYDP D FDGD XP GH QyV XPD Si H QRV PDUFDYDP XPD WDUHID WmR JUDQGH TXH SDUHFLD
LPSRVVtYHO GDU FRQWD GHOD 7RGRV VH HQWUHJDYDP DOHJUHPHQWH j ODEXWD $ QHYH TXDVH HP Sy
DLQGDQmRXQLGDPDOJHODGDQDVXSHUItFLHHOHYDYDVHHPPRQWHVHQRUPHVTXHtDPRVDWLUDQGR
SRU SHUWR WUDQVIRUPDGD HP QXYHQV GH SRHLUD UHOX]HQWH $V SiV VH HQWHUUDYDP IDFLOPHQWH QD
HVSHVVXUD EULOKDQWH TXH OX]LD DR VRO H RV GHWHQWRV JRVWDYDP GDTXHOH WUDEDOKR 2 DU IUHVFR RV
PRYLPHQWRV OKHV HVWLPXODYDP DV ULVDGDV RV GLWRV DV SLOKpULDV DWLUDYDP ERODV GH QHYH XQV QRV
RXWURVPDVDRFDERGXPLQVWDQWHRVPDLVDMXL]DGRVTXHGHWHVWDYDPRULVRHDDOHJULDSXQKDP
VHDJULWDUHDDQLPDomRWHUPLQDYDJHUDOPHQWHHPGHVDIRURV
3RXFRDSRXFRVHIRLDPSOLDQGRRFtUFXORGDVPLQKDVUHODo}HV3RUPLPSUySULRHXQmRDV
SURFXUDYD GHL[DYDPH HVWDU LQTXLHWR WULVWH GHVFRQILDGR $ FRLVD VH ID]LD VR]LQKD 2 SULPHLUR
TXH PH YHLR YLVLWDU IRL 3HWURY )DOHL ³YLVLWDU´ H FKDPR D DWHQomR SDUD R YRFiEXOR 3HWURY
SHUWHQFLD j VHomR HVSHFLDO TXH RFXSDYD D FDVHUQD PDLV DIDVWDGD GD PLQKD 1HQKXP ODoR
HYLGHQWHPHQWHSRGHULDH[LVWLUHQWUHQyVQDGDWtQKDPRVQHPSRGHUtDPRVDEVROXWDPHQWHWHUHP
FRPXP (QWUHWDQWR QRV SULPHLURV WHPSRV 3HWURY DVVXPLX D REULJDomR GH LU GLDULDPHQWH PH
SURFXUDUQRPHXDORMDPHQWRRXHQWmRPHGHWHUGXUDQWHRVSDVVHLRVTXDQGRHXDQGDYDSRUWUiV
GRV HGLItFLRV R PDLV ORQJH SRVVtYHO GH WRGRV RV ROKDUHV 6XDV YLVLWDV D SULQFtSLR PH HUDP
GHVDJUDGiYHLV PDV GH WDO PRGR VH SRUWRX HOH TXH HP EUHYH Mi DV FRQVLGHUDYD XP GLVWUDomR
HPERUDHOHQmRIRVVHQDGDFRPXQLFDWLYR'HHVWDWXUDPpGLDFRQVWLWXLomRUREXVWDPRYLPHQWRV
IiFHLV FRP XP URVWR SiOLGR EDVWDQWH DJUDGiYHO S{PXORV VDOLHQWHV ROKDU DWUHYLGR GHQWHV
SHTXHQRVEUDQFRVHPXLWRXQLGRVHOHPDVFDYDLQFHVVDQWHPHQWHXPSRXFRGHWDEDFRURODQGRR
HQWUHDJHQJLYDHROiELRLQIHULRU±KiELWRFXOWLYDGRSRUPXLWRVGRVSUHVRV3DUHFLDPDLVMRYHPGR
TXH R HUD WLQKD TXDUHQWD DQRV H D JHQWH OKH GDYD WULQWD )DODYD FRPLJR VHP R PHQRU
FRQVWUDQJLPHQWRHVHSRUWDYDFRPRPHXLJXDOPRVWUDQGRWRGDYLDFRPSRVWXUDHGHOLFDGH]D6H
SRUH[HPSORQRWDYDTXHHXGHVHMDYDHVWDUVyGHL[DYDPHGHQWURGHGRLVPLQXWRVDJUDGHFHQGR
PH D VLPSDWLD TXH OKH WHVWHPXQKDYD ± FRLVDV TXH GHFHUWR MDPDLV GLVVHUD D DOJXpP GHVGH TXH
HVWDYDQRSUHVtGLR(FXULRVRHVVDVQRVVDVUHODo}HVVHPDQWLYHUDPDVVLPGXUDQWHYiULRVDQRV
VHPQXQFDVHWRUQDUHPtQWLPDVHPERUD3HWURYPHWLYHVVHVLQFHUDDIHLomR$LQGDKRMHHXQmR
VHULDFDSD]GHGHILQLUH[DWDPHQWHRTXHYLQKDHOHSURFXUDUDRPHXODGRHTXDODUD]mRTXHPH
SURSRUFLRQDYD D KRQUD FRWLGLDQD GD VXD YLVLWD $FRQWHFLDOKH URXEDUPH ³VHP TXHUHU´ QR
HQWDQWRHTXDVHQXQFDPHSHGLDGLQKHLURHPSUHVWDGRQmRHUDSRUWDQWRRLQWHUHVVHTXHRLPSHOLD
1HP VHL EHP SRUTXr PDV HOH QmR PH GDYD D LPSUHVVmR GH YLYHU QR QRVVR SUHVtGLR H VLP
ORQJH QD FLGDGH ± WDO HUD R VHX MHLWR GH DSDUHFHU FRPR TXH SRU DFDVR SDUD VDEHU QRWtFLDV
LQGDJDU GR TXH HUD IHLWR GH PLP SHGLU LQIRUPDo}HV VREUH D QRVVD PDQHLUD GH YLYHU &KHJDYD
VHPSUH FRP R DU GH DOJXpP TXH GHL[RX VXVSHQVR XP QHJyFLR LPSRUWDQWH ( FRQWXGR QmR VH
DSUHVVDYDDEVROXWDPHQWHDVDLU6HXROKDUXPSRXFRDWUHYLGRH]RPEHWHLURWLQKDXPDHVWUDQKD
IL[LGH]2OKDYDGHORQJHSRUVREUHRVREMHWRVFRPRSDUDGLVWLQJXLURTXHILFDYDSDUDDOpPGDV
FRLVDV3DUHFLDVHPSUHGLVWUDtGR$OJXPDVYH]HVHXSHUJXQWDYDDPLPSUySULR³3DUDRQGHLUi
3HWURYTXDQGRVDLUGDTXL"2QGHRHVSHUDPFRPWDQWDLPSDFLrQFLD"´(HOHLDDSHQDVSDUDXPGRV
DORMDPHQWRV RX XPD GDV FR]LQKDV H Oi DSUR[LPDQGRVH GXP JUXSR TXH FRQYHUVDYD HVFXWDYD
FRPDWHQomRH[DOWDYDVHGDYDXPDSDUWHGHSRLVFDODYDVHGHV~ELWR0DVTXHUPHIDODVVHTXHU
ILFDVVHHPVLOrQFLRYLDVHFODUDPHQWHTXHVHGHWLYHUDGHSDVVDJHPTXHWLQKDRXWURVLQWHUHVVHVj
VXD HVSHUD 2 PDLV HVWUDQKR p TXH HOH QmR WLQKD QXQFD D PHQRU RFXSDomR QmR ID]LD
DEVROXWDPHQWHQDGD DIRUDRWUDEDOKRREULJDWyULRpFODUR QmRHQWHQGLDGHQHQKXPRItFLRQmR
SRVVXtDTXDVHQXQFDGLQKHLURRTXHDOLiVQmRRHQWULVWHFLD(VREUHTXHPHIDODYD"6XDSDOHVWUD
HUD TXDVH WmR HVWUDQKD TXDQWR D VXD SHVVRD 6H PH YLD D DQGDU QR SiWLR SRU WUiV GDV FDVHUQDV
GDYDXPDV~ELWDPHLDYROWDSDUDFKHJDUDRPHXODGR&DPLQKDYDVHPSUHHPJUDQGHVSDVVDGDV
HDTXHODVPHLDVYROWDVHUDPWmRUiSLGDVTXHGDYDPDLPSUHVVmRGXPLQtFLRGHFRUULGD
±%RPGLD
±%RPGLD
±1mRHVWRXDWUDSDOKDQGR"
±'HPRGRDOJXP
± (VFXWH TXHUR OKH ID]HU XPD SHUJXQWD D UHVSHLWR GH 1DSROHmR ,,, e SDUHQWH GDTXHOH TXH
HVWHYHQD5~VVLDHP" 3HWURYDQWLJRVROGDGRVDELDOHUHHVFUHYHU
±6LPpVREULQKR
±(SRUTXHHQWmRRFKDPDPGHSUHVLGHQWH"&RPRSRGHVHULVVR"
)D]LDVHPSUHLQGDJDo}HVUHSHQWLQDVFRPRVHUHDOPHQWHWLYHVVHXUJrQFLDHPVHLQIRUPDUR
PDLV UDSLGDPHQWH SRVVtYHO VREUH DTXHOH DVVXQWR WmR LPSRUWDQWH TXH QmR SRGHULD WROHUDU XP
DWUDVR
([SOLTXHLOKH TXH HVSpFLH GH SUHVLGHQWH HUD 1DSROHmR H DFUHVFHQWHL TXH GHFHUWR HP EUHYH
VHULDLPSHUDGRU
±&RPR"
([SXVDFRLVDQDPHGLGDGRSRVVtYHO3HWURYHVFXWDYDFRPDWHQomRLQWHQVDRRXYLGRLQFOLQDGR
SDUDPLPHFRPSUHHQGHQGRWXGRFRPJUDQGHUDSLGH]
± +XP 7DPEpP TXHULD OKH SHUJXQWDU $OH[DQGUH 3HWURYLWFK VH p YHUGDGH R TXH FRQWDP
TXHKiPDFDFRVGRWDPDQKRGHKRPHQVFRPEUDoRVTXHWRFDPQDSRQWDGRVSpV"
±6LPpYHUGDGH
±(FRPRpTXHHOHVVmR"
'L]LDOKHRTXHVDELDDUHVSHLWR
±(RQGHpTXHYLYHP"
±1RVSDtVHVGHFOLPDTXHQWHQDLOKDGH6XPDWUD
±)LFDQD$PpULFDQmRp"/iRQGHGL]HPTXHDVSHVVRDVFDPLQKDPGHFDEHoDSDUDEDL[R"
±1mRpGHFDEHoDSDUDEDL[RVmRRVDQWtSRGDV
(HXOKHH[SOLFDYDRTXHVmRD$PpULFDHRVDQWtSRGDV(OHPHRXYLDFRPDPHVPDDWHQomR
FRPRVHVyPHKRXYHVVHSURFXUDGRSDUDVDEHUGDTXLOR
±$SURSyVLWRGLJDPHXPDFRLVDOLQRDQRSDVVDGRDKLVWyULDGD&RQGHVVDGHOD9DOOLqUH)RL
R DMXGDQWH $UHILHY TXH PH HPSUHVWRX R OLYUR e KLVWyULD GH YHUGDGH RX LQYHQomR" 2 DXWRU VH
FKDPD'XPDV
±eFODURTXHpLQYHQomR
±(QWmRDWpjYLVWDHPXLWRREULJDGR
(3HWURYGHVDSDUHFLD$IDODUYHUGDGHTXDVHQXQFDFRQYHUVDPRVGHRXWUDPDQHLUD
7RPHL LQIRUPDo}HV D VHX UHVSHLWR 4XDQGR VRXEH GDV QRVVDV UHODo}HV 0 PH DGYHUWLX
DILUPRXPHTXHVHPXLWRVIRUoDGRVOKHKDYLDPSURYRFDGRKRUURUVREUHWXGRGHLQtFLRQHQKXP
QHPPHVPR*D]LQH RLPSUHVVLRQDUDWDQWRTXDQWR3HWURY
±eRPDLVRXVDGRRPDLVWHPtYHOGRVEDQGLGRV±DYLVRXPHHOH±eFDSD]GHWXGRQDGDR
GHWpP TXDQGR TXHU VDWLVID]HU R PtQLPR FDSULFKR 1mR KHVLWDULD HP R GHJRODU VH OKH GHVVH QD
YHQHWDVLPpKRPHPSDUDRDVVDVVLQDUVHPXPHVWUHPHFLPHQWRVHPUHPRUVRDOJXP6XSRQKR
DWpTXHpPHLRORXFR
(VVDGHFODUDomRPHLQWHUHVVRXPXLWR0DV0QmRIRLFDSD]GHPHH[SOLFDUDVUD]}HVGHWmR
LPSODFiYHOFRQFHLWR(FRLVDFXULRVDGHSRLVGLVVRDYLVWHLPHFRP3HWURYHFRQYHUVDPRVTXDVH
GLDULDPHQWHSRUTXHHOHQDYHUGDGHVHDIHLoRDUDDPLPQXQFDHXRVRXEHSRUTXr/HYDYDYLGD
VRVVHJDGDQmRFRPHWLDQHQKXPDWRUHSUHHQVtYHOHHQWUHWDQWRFDGDYH]TXHHOHVHDSUR[LPDYD
HX QmR R SRGLD ROKDU QHP OKH IDODU VHP SHQVDU TXH 0 GLVVHUD D YHUGDGH TXH 3HWURY HUD R
KRPHPPDLVWHPtYHORPDLVLQWUpSLGRRPDLVGLItFLOGHGRPLQDUGRSUHVtGLRLQWHLUR(SRUTXH
SHQVDYDHXLVVR"1mRRVHLDEVROXWDPHQWH
(VVH 3HWURY HUD SUHFLVDPHQWH R IRUoDGR TXH TXLVHUD PDWDU R PDMRU TXDQGR R FKDPDUDP
SDUD VRIUHU RV DoRLWHV -i FRQWHL TXH R PDMRU ± VDOYR SRU PLODJUH VHJXQGR D H[SUHVVmR GRV
GHWHQWRV ± UHWLURXVH H[DWDPHQWH QR PRPHQWR TXH SUHFHGHX D H[HFXomR GR FDVWLJR 4XDQGR
DLQGD HUD KRPHP OLYUH H VROGDGR 3HWURY IRL HVSDQFDGR SHOR FRURQHO GXUDQWH XPD PDQREUD
'HFHUWRMiOKHKDYLDPEDWLGRPXLWDVYH]HVDQWHVPDVGDTXHODYH]3HWURYQmRHVWDYDGLVSRVWRD
DWXUDUSDQFDGDVHVHDWUDFRXFRPRFRURQHODEHUWDPHQWHjOX]GRVROGLDQWHGHWRGDDWURSDHP
IRUPDWXUD ,JQRUR RV GHWDOKHV GD KLVWyULD SRUTXH HOH QXQFD D FRQWRX D PLP 7RGDYLD HVVDV
H[SORV}HVRQGHDVXDQDWXUH]DUHDODSDUHFLDDQXHUDPUDUDVPRVWUDYDVHHPJHUDOUD]RiYHOH
SDFtILFR 6XDV SDL[}HV DUGLDP IRUWHV LQGRPiYHLV FRQWXGR XP SRXFR GH FLQ]D FREULD DTXHOHV
FDUY}HVHPEUDVD-DPDLVREVHUYHLHP3HWURYFRPRHPLQ~PHURVRXWURVIRUoDGRVXPDVRPEUD
GHYDLGDGHGHIDQIDUURQDGD%ULJDYDUDUDPHQWHQmRWLQKDDPL]DGHVFRPQLQJXpPVDOYRFRP
6LURWNLQH H DSHQDV TXDQGR GHOH SUHFLVDYD (QWUHWDQWR YLR GHVDWLQDGR XP GLD HP TXH OKH
UHFXVDUDP DOJR TXH UHFODPDYD 6HX DQWDJRQLVWD HUD XP FRQGHQDGR FLYLO 9DVVLOL $QWRQRY
HVSpFLH GH KpUFXOHV PDX UL[HQWR DWUHYLGR H QDGD FRYDUGH *ULWDUDP GXUDQWH PXLWR WHPSR H
SHQVHL TXH D EULJD DFDEDULD FRPR WRGDV DV RXWUDV GR PHVPR JrQHUR FRP VLPSOHV ERIHW}HV
SRUTXH3HWURYjVYH]HVWDPEpPEULJDYDDPXUURVFRPRRGHUUDGHLURGRVJDOpV0DVDFRLVDGH
V~ELWR WRPRX XP DVSHFWR GLIHUHQWH 3HWURY ILFRX OtYLGR VHXV OiELRV WUHPHUDP D]XODUDP D
UHVSLUDomR WRUQRXVH RIHJDQWH (QGLUHLWRXVH GHYDJDU PXLWR GHYDJDU H VHP UXtGR QR YHUmR
JRVWDYDGHDQGDUGHVFDOoR DSUR[LPRXVHGH$QWRQRY,QVWDQWDQHDPHQWHRUXtGRGDFDVHUQDGHX
OXJDU DR VLOrQFLR RXYLUVHLD R YRR GH XPD PRVFD 7RGRV HVSHUDYDP $QWRQRY VDOWRX FRQWUD
3HWURYTXHMiQmRWLQKDPDLVFDUDKXPDQD1mRSXGHVXSRUWDUDFHQDHVDt7LQKDFHUWH]DGH
TXHTXDQGRFKHJDVVHjSRUWDRXYLULDRHVWHUWRUGXPKRPHPVDQJUDQGR1mRKRXYHQDGDSRUpP
$QWHV TXH 3HWURY R DJDUUDVVH $QWRQRY OKH DWLURX VHP GL]HU SDODYUD R REMHWR HP OLWtJLR ± XP
PtVHUR IDUUDSR 'HSRLV GH GH] PLQXWRV $QWRQRY VH S{V D SUDJXHMDU PDV QmR PXLWR
VLPSOHVPHQWH SRU GHVFDUJR GH FRQVFLrQFLD SDUD QmR GHUURJDU KiELWRV SDUD PRVWUDU TXH QmR
WLYHUD PHGR 4XDQWR D 3HWURY QmR FRQFHGHX D PtQLPD LPSRUWkQFLD jV SUDJDV GR RXWUR QHP
PHVPRDVRXYLX3DODYUHDGRQmRRLQWHUHVVDYDUHFXSHUDUDRIDUUDSRGHTXHFDUHFLDJXDUGDUDR
FRQVLJRRUHVWRSRXFRLPSRUWDYD8PTXDUWRGHKRUDGHSRLVHOHYDJXHDYDFRPRGHKiELWRFRP
DUVRVVHJDGRjSURFXUDGHXPJUXSRRQGHGLVVHVVHPFRLVDVLQWHUHVVDQWHVHRQGHSXGHVVHGDUXP
SDOSLWH 7XGR SDUHFLD LQWHUHVViOR H HQWUHWDQWR PDQWLQKDVH LQGLIHUHQWH D WXGR H DUUDVWDYD
LQFHVVDQWHPHQWH D VXD LQGROrQFLD GXP ODGR D RXWUR GR SUHVtGLR 3RGHULD VHU FRPSDUDGR D XP
GHVVHV RSHUiULRV YLJRURVRV GHYRUDGRUHV GH WUDEDOKR PDV TXH VH VHQWD H VH S}H D EULQFDU FRP
FULDQoDVHQTXDQWRHVSHUDDWDUHID-DPDLVFRPSUHHQGLSRUTXHHOHVHGHL[DYDHVWDUDOLSRUTXH
QmR IXJLD 3HWURY QmR KHVLWDULD HP VH HYDGLU ± EDVWDYD DSHQDV OHPEUDUVH GLVVR $ UD]mR Vy
JRYHUQD HQWHV FRPR 3HWURY HQTXDQWR D YRQWDGH GRUPH GHQWUR GHOHV SRUTXH TXDQGR GHVHMDP
TXDOTXHUFRLVDQDGDOKHVVHUYHGHREVWiFXOR7HQKRFRQYLFomRGHTXHHOHVDEHULDIXJLUHHQJDQDU
WRGR R PXQGR H SDVVDU GHSRLV XPD VHPDQD VHP FRPHU QR PHLR GD PDWD RX QRV MXQFDLV GD
PDUJHP GR ULR PDV HYLGHQWHPHQWH DLQGD QmR WLYHUD QHP R GHVHMR QHP D LGHLD GLVVR 1XQFD
REVHUYHLQHOHQHPXPUDFLRFtQLRVyOLGRQHPPXLWRERPVHQVR*HQWHGHVVDHVSpFLHQDVFHFRP
XPDLGHLDTXDOTXHUTXHRVDWLUDGXPODGRSDUDRXWURVHPTXHHOHVRHQWHQGDPEHP9DJXHLDP
DVVLPHQTXDQWRQmRHQFRQWUDPDOJRTXHOKHVGHVSHUWHXPDYLROHQWDFRELoDSRUpPFKHJDGRR
PRPHQWRQmRUHJDWHLDPULVFRV(XPHHVSDQWDYDjVYH]HVSRUYHUDTXHOHKRPHP±TXHSDUD
YLQJDUVHGXQVDoRLWHVDVVDVVLQDUDRFRURQHO±VXSRUWDUWmRGRFLOPHQWHDVYDUDV3RUTXHHOHHUD
DoRLWDGRWRGDYH]HPTXHRDSDQKDYDPDLQWURGX]LUDJXDUGHQWHHPSUHVDDTXDOVHDYHQWXUDYDGH
WHPSRV HP WHPSRV FRPR WRGRV RV GHVRFXSDGRV 'REUDYDVH VHP SURWHVWRV SDUD UHFHEHU R
YHUJDOKR FRP VH VH UHFRQKHFHVVH FXOSDGR 'H RXWUD PDQHLUD SUHIHULULD GHL[DUVH PDWDU D
GHL[DUVHDoRLWDU(VSDQWDYDPHWDPEpPTXHDGHVSHLWRGDVXDYLVtYHODIHLomRSRUPLPQmRVH
DEVWLYHVVH GH PH URXEDU $TXLOR R DVVDOWDYD FRPR XP DFHVVR GH WRVVH )RL DVVLP TXH URXERX
PLQKD%tEOLDTXHHXOKHSHGLUDSDUDJXDUGDUQRPHXOXJDU(PERUDHOH SUHFLVDVVH GDU DSHQDV
DOJXQV SDVVRV SDUD PH ID]HU HVVH IDYRU DFKRX PHLRV GH GHVFREULU XP FRPSUDGRU YHQGHU D
%tEOLDHEHEHURGLQKHLUR'HFHUWRWLQKDQDTXHOHLQVWDQWHXPYLROHQWRGHVHMRSRUEHELGDGHVHMR
TXHHUDPLVWHUVDWLVID]HUGHTXDOTXHUPDQHLUD1HVVHVPRPHQWRVXPDFULDWXUDFRPRHOHpFDSD]
GH DVVDVVLQDU XP KRPHP SRU XPD PRHGD GH YLQWH H FLQFR FRSHTXHV XQLFDPHQWH SDUD REWHU
YRGFD(PTXDOTXHURXWUDRFDVLmRGHVGHQKDULDFHPPLOUXEORV1DPHVPDQRLWHFRQIHVVRXPHR
URXERPDVVHPDPtQLPDFRQIXVmRRXUHPRUVRFRPDEVROXWDLQGLIHUHQoDFRPRVHVHWUDWDVVH
GXPDFLGHQWHRUGLQiULR7HQWHLUDOKDUFRPHOHXPSRXFRSRUTXHD%tEOLDPHID]LDIDOWD2XYLX
PH VHP VH ]DQJDU FDOPDPHQWH UHFRQKHFHX TXH D %tEOLD p XP OLYUR XWLOtVVLPR H ODPHQWRX
VLQFHUDPHQWH D SHUGD TXH HX VRIUHUD VHP FRQWXGR VH DUUHSHQGHU GR VHX URXER 2OKDYDPH
FRPWDQWDVHJXUDQoDTXHSDUHLFRPPLQKDVFHQVXUDV(OHDVWROHUDUDFRQVLGHUDQGRFHUWDPHQWH
TXHSRUVHXDWRDVPHUHFHUDTXHRVGHVDIRURVDOLYLDPDDOPDTXHQRIXQGRSRUpPXPKRPHP
GH MXt]R QmR SRGH VH SUHQGHU D WDLV QLQKDULDV &UHLR DOLiV TXH HOH PH FRQVLGHUDYD FRPR XP
JDURWLQKR TXH QDGD HQWHQGH GDV FRLVDV PDLV VLPSOHV GHVWH PXQGR 6H SRU H[HPSOR OKH
FRPHoDYDDIDODUGHRXWUDFRLVDTXHQmRIRVVHFLrQFLDRXOLYURVHOHPHUHVSRQGLDDSHQDVSRU
VLPSOHVGHOLFDGH]DFRPDOJXPDVSDODYUDVUiSLGDV0XLWDVYH]HVSHUJXQWHLDPLPSUySULRRTXHR
LQWHUHVVDYD QHVVHV OLYURV VREUH RV TXDLV PH LQWHUURJDYD $FRQWHFLDPH GXUDQWH DV QRVVDV
FRQYHUVDVROKiORGHYLpVSDUDYHULILFDUVHRKRPHPQmRHVWDYD]RPEDQGRGH PLP 0DV QmR
HVFXWDYDPXLWRDVpULRHPERUDFRPXPDDWHQomRSRXFRFRQVWDQWHRTXHjVYH]HVPHDERUUHFLD
)D]LD VXDV SHUJXQWDV FRP FODUH]D FRP SUHFLVmR H QmR VH PRVWUDYD QXQFD QHP VXUSUHVR QHP
HPEDUDoDGRFRPDVH[SOLFDo}HVTXHOKHGDYD6HPG~YLGDVHFRQYHQFHUDGHXPDYH]SRUWRGDV
GHTXHQmRGHYHULDIDODUFRPLJRFRPRDRVRXWURVHTXHIRUDGRVOLYURVHXGHQDGDHQWHQGLD
7HQKRFRQWXGRFHUWH]DGHTXHPHTXHULDEHPHLVVRVHPSUHPHDGPLURX7RPDYDPHSRU
XPPHQLQRSRUXPKRPHPLQFRPSOHWRVHQWLDHPUHODomRDPLPHVVDHVSpFLHGHFRPSDL[mR
TXHRVIRUWHVVHQWHPSHORVIUDFRV"1mRVHL0DVVHXVVHQWLPHQWRVTXDLVTXHUTXHIRVVHPQmRR
LPSHGLDP GH PH URXEDU H HVWRX FHUWR GH TXH HOH WLQKD SHQD GH PLP QR PRPHQWR HP TXH
SHUSHWUDYD R IXUWR ³2UD DILQDO GH FRQWDV LVVR R HQVLQDUi D WRPDU FRQWD GDV VXDV FRLVDV´ GLULD
WDOYH]QDRFDVLmR0DVpSRVVtYHOWDPEpPTXHJRVWDVVHGHPLPMXVWDPHQWHSRUTXHHXQmRVDELD
FXLGDU GDV PLQKDV FRLVDV 'HFODURXPH DWp XPD YH] FRPR LQYROXQWDULDPHQWH TXH HX WLQKD ³D
DOPD ERD GHPDLV´ ³9RFr p WmR VLPSOHV WmR VLPSOHV TXH DWp FDXVD Gy 3RUpP QmR VH RIHQGD
$OH[DQGUH3HWURYLWFKDFUHVFHQWRXORJRGHSRLVGLVVHLVVRVHPPiLQWHQomR´
,QGLYtGXRV GD HVSpFLH GH 3HWURY WrP jV YH]HV RSRUWXQLGDGH SDUD DSDUHFHU EUXVFDPHQWH
WRWDOPHQWHQRVPRPHQWRVGHSHUWXUEDo}HVGHUHYROXomR&RPRQmRWrPRGRPGDSDODYUDQmR
VmR QXQFD LQVSLUDGRUHV VmR RV H[HFXWDQWHV ID]HP DV FRLVDV DQGDU $JHP FRP WRGD D
VLPSOLFLGDGH H VHP UXtGR VmR RV SULPHLURV TXH VH DWLUDP DRV REVWiFXORV VHP UHIOH[mR VHP
UHFHLR MRJDPVH FRQWUD DV EDLRQHWDV H XP D XP SUHFLSLWDPVH FHJDPHQWH DWp MXQWR jV
PXUDOKDVRQGHHPJHUDOSHUGHPDYLGD1mRFUHLRTXH3HWURYDFDEHEHPPRUUHUiXPGLDRX
RXWURGHPRUWHYLROHQWDLVVRDLQGDQmROKHDFRQWHFHXSRUTXHQmRKRXYHRFDVLmR(TXHPVDEH
DILQDOVHQmROKHFKHJDUmRRVFDEHORVEUDQFRVHHOHPRUUHUiSDFLILFDPHQWHGHYHOKLFHGHSRLV
GHYDJXHDUSHORPXQGRVHPGHVWLQR"(QWUHWDQWRQDPLQKDRSLQLmR0QmRHUUDYDDRFRQVLGHUDU
3HWURYRPDLVWHPtYHOKDELWDQWHGRSUHVtGLR


2³ )$&Ë125$´/8.$


1mRpIiFLOIDODUGRV³IDFtQRUDV´TXHDOLiVHUDPWmRSRXFRVQRSUHVtGLRTXDQWRHPTXDOTXHU
RXWUDSDUWH7rPDVSHFWRGHKRPHQVIHUR]HVHSHQVDQGRQRVKRUURUHVTXHOKHVVmRDWULEXtGRVD
JHQWHRVHYLWD'HLQtFLRXPVHQWLPHQWRLUUHVLVWtYHOPHREULJDYDDIXJLUGHOHV&RPRWHPSRPHX
PRGR GH MXOJDU PRGLILFRXVH PXLWR PHVPR D UHVSHLWR GRV SLRUHV EDQGLGRV +i FHUWR LQGLYtGXR
TXH QXQFD PDWRX QLQJXpP FRQWXGR p PDLV GH WHPHU GR TXH XP RXWUR FXMD FRQVFLrQFLD HVWi
VREUHFDUUHJDGDSRUVHLVFULPHV+iGHOLWRVTXHDJHQWHGLILFLOPHQWHFRQFHEHWDODHVWUDQKH]DGD
VXD UHDOL]DomR H p SRU LVVR TXH DILUPR TXH QR QRVVR SRYR FHUWRV FULPHV WrP DV FDXVDV PDLV
VXUSUHHQGHQWHV e PXLWR FRPXP SRU H[HPSOR HVWH WLSR GH DVVDVVLQR XP PXMLTXH XP FULDGR
XPDUWHVmRXPVROGDGRDWpHQWmRYLYHQGRVRVVHJDGDPHQWHHVXSRUWDQGRFRPUHVLJQDomRDVXD
VRUWH GH UHSHQWH FRPR VH TXDOTXHU FRLVD VH DEULVVH GHQWUR GH VL VHQWH TXH D VXD UHVHUYD GH
SDFLrQFLDDFDERXHHQILDXPDIDFDQRSHLWRGRVHXRSUHVVRURXGRVHXLQLPLJR(pHVVHRSRQWR
GHSDUWLGDGHXPDQRYDH[LVWrQFLD'DTXHOHPRPHQWRHPGLDQWHRQRVVRKRPHPSHUGHUiWRGD
QRomR GH PHGLGD 'D SULPHLUD YH] PDWRX R VHX WLUDQR R VHX LQLPLJR p XP FULPH SRUpP
FRPSUHHQVtYHO FXMD FDXVD p HYLGHQWH GHSRLV Mi QmR PDWD LQLPLJR QHQKXP PDV R SULPHLUR
WUDQVHXQWH TXH HQFRQWUD H R TXH p SLRU SUDWLFD DTXHOD IDoDQKD SRU SUD]HU SRU FDXVD GH XPD
SDODYUD iVSHUD XP ROKDU GHVDJUDGiYHO SDUD FRPSOHWDU D VXD FRQWD RX VLPSOHVPHQWH SDUD
FRQILUPDURVHXJULWRGHJXHUUD³7RPDFXLGDGRROKDTXHYRXSDVVDQGR´'LUVHLDXPErEDGR
RX XP ORXFR IXULRVR 8PD YH] TXH WUDQVS{V D OLQKD IDWDO SDUHFH FRPSUD]HUVH FRP D LGHLD GH
TXHQDGDPDLVOKHpVDJUDGR3DUHFHTXHHVWiLPSDFLHQWHSRUVDOWDUVREUHTXDOTXHUOHLTXDOTXHU
EDUUHLUD H JR]DU GH XPD OLEHUGDGH VHP OLPLWHV GXPD OLEHUGDGH WmR GHVHQIUHDGD TXH D HOH
SUySULR DSDYRUD GHL[DQGROKH R FRUDomR WUrPXOR H SDUDGR ( VHQWH DOLiV TXH XP FDVWLJR
LPSODFiYHO R DJXDUGD 6XDV VHQVDo}HV OHPEUDP WDOYH] D GXP KRPHP TXH GHEUXoDGR QR DOWR
GXPD WRUUH VRIUH D YHUWLJHP GD DOWXUD DWp TXHUHU VH DWLUDU GDOL GH FDEHoD SDUD EDL[R $V
FULDWXUDV PDLV SDFtILFDV PDLV LQVLJQLILFDQWHV VmR jV YH]HV SUHVDV GHVVH GHOtULR 'HSRLV GR
SULPHLURLPSXOVRFRPS}HPHQWmRXPDDWLWXGH4XDQWRPDLVRKRPHPVHVHQWHDYLOWDGRPDLVVH
HUJXH PDLV SURFXUD FDXVDU SDYRU *R]D DTXHOH SDYRU JR]D D UHSXJQkQFLD TXH SURYRFD QRV
RXWURVeXPDHVSpFLHGHGHVHVSHURTXHRLPSHOHDUGHSRUDFDEDUFRPWXGRSRUYHUUHVROYLGDD
VXDVLQDSRUVHUFDVWLJDGRSDUDQmRWHUTXHFDUUHJDUVR]LQKRRIDUGRGDVXDLQLTXLGDGHRIDUGR
HVPDJDGRU GR VHX GHVHVSHUR &RLVD HVSDQWRVD HVVD H[DOWDomR R PDQWpP HP JHUDO DWp DR
SHORXULQKRPDVHQWmRGHVDSDUHFHFRPRVHKRXYHVVHDQWHFLSDGDPHQWHPDUFDGRXPSUD]RSDUD
ILQGDU 1R SHORXULQKR R KRPHP VH DFDOPD UHSHQWLQDPHQWH DQXODVH WRUQDVH XP IDUUDSR
FKRUDPLQJD SHGH SHUGmR j WXUED ( TXDQGR DILQDO HVWi QR SUHVtGLR QLQJXpP GLULD TXH DTXHOH
FKRUmRDTXHOHEDERVRDTXHODFULDWXUDDSDYRUDGDIRLFDSD]GHPDWDUFLQFRRXVHLVSHVVRDV
eFODURTXHDOJXQVGHQWUHHOHVQmRVHDFDOPDPWmRGHSUHVVD&RQVHUYDPDLQGD FHUWR DU GH
EUDYDWD FHUWD IDWXLGDGH ³2OKHP TXH QmR VRX EHP R TXH LPDJLQDP 7HQKR VHLV PRUWHV QDV
FRVWDV´7RGDYLDDFDEDPVXEPHWHQGRVHGHTXDOTXHUPDQHLUD'HWHPSRVHPWHPSRVFRQVROD
VHOHPEUDQGRVHGDVVXDVIDoDQKDVHGRVGHVUHJUDPHQWRVGHRXWURUDGRVWHPSRVHPTXHHUDXP
³IDFtQRUD´ H VH HQFRQWUD XP EDVEDTXH GLYHUWHVH HP VH SDYRQHDU FRQWDQGROKH RV IHLWRV
SDVVDGRV3URFXUDHQWUHWDQWRGLVIDUoDUHVVDQHFHVVLGDGHGHMDFWDUVH(FRPRVHYLJLDTXDQWD
SUXGrQFLD XVD TXH UHTXLQWHV GH DPRU SUySULR TXH GLVSOLFrQFLD QDV QDUUDWLYDV TXH ViELD
SUHVXQomRQRWRPQDPtQLPDSDODYUD2QGHWHUiHOHDSUHQGLGRDTXLORWXGR"
'XUDQWH XP GRV FRPSULGRV VHU}HV GRV SULPHLURV WHPSRV GH PLQKD UHFOXVmR GHLWDGR QD
WDULPEDGHVRFXSDGRHWULVWHHVFXWHLFHUWDYH]XPDFRQYHUVDHQWUHHOHVFDUHFLGRGHH[SHULrQFLD
WRPDYD R QDUUDGRU SRU XP FHOHUDGR GH DOWD HQYHUJDGXUD SRU XPD DOPD GH EURQ]H H FKHJDYD
TXDVHD]RPEDUGH3HWURY/XND.XVPLWFKRSURWDJRQLVWDVHPRXWURPRWLYRVHQmRRFDSULFKR
IL]HUD R ³VHUYLoR´ FRP XP PDMRU /XND .XVPLWFK HUD DTXHOH KRPHQ]LQKR GH QDUL] DILODGR D
TXHP Mi PH UHIHUL (PERUD IRVVH UXVVR QDVFHUD QD 8FUkQLD FUHLR TXH QD FRQGLomR GH VHUYR
GRPpVWLFR (PDQDYD GHOH DOJR GH GRPLQDGRU DOWLYR OHPEUDYD XP SiVVDUR GH SHTXHQR SRUWH
PDVEHPSURYLGRGHELFRHJDUUDVYLVWRVHUH[WUDRUGLQDULDPHQWHVXVFHWtYHO
$OLiV RV GHWHQWRV TXH WLQKDP IDUR SDUD RV KRPHQV GHGLFDYDPOKH SUHFiULD HVWLPD 1HVVD
QRLWHVHQWDGRjEHLUDGRFDWUHHOHFRVLDXPDFDPLVDSRLVVHXRItFLRHUDFRVWXUDUURXSDEUDQFD
7LQKDDRODGRRVHXYL]LQKRGHWDULPED.RE\ OLQHUDSDJmRIRUWHHVW~SLGRSRUpPDIHWXRVRHERP
3RUFDXVDGDYL]LQKDQoD/XNDIUHTXHQWHPHQWHUL[DYDFRPHOHHRWUDWDYDDOWLYDPHQWHFRPXPD
LURQLDHXPGHVSRWLVPRGRVTXDLVRSREUH.RE\ OLQHQmRVHDSHUFHELD1HVVHPRPHQWR.RE\ OLQH
WHFLDXPDPHLDGHOmHVFXWDQGRGLVWUDLGDPHQWH/XND/XNDIDODYDHPYR]DOWDHFODUDTXHULDVHU
RXYLGRSRUWRGRVPDVILQJLDIDODUDSHQDVD.RE\ OLQH
± 3RLV HX PDQR IXL PDQGDGR GH 7FK PLQKD WHUUD SRU YDJDEXQGDJHP ± FRPHoRX
HQTXDQWRSX[DYDDDJXOKD
±)D]PXLWRWHPSR"±LQGDJRX.RE\ OLQH
±4XDQGRDPDGXUHFHUHPDVHUYLOKDVIDUiRXWURDQR'HSRLVFKHJDQGRD.±YSXVHUDPPH
QD FDGHLD SRU XQV WHPSRV $R FKHJDU YHULILTXHL R SHVVRDO (VWDYD Oi FRPLJR XPD G~]LD GH
UDSD]HV ± WRGRV GD 8FUkQLD ± DOWRV IRUWHV FRPR XQV WRXURV ( WmR TXLHWLQKRV ( DOpP GLVVR D
FRPLGDQmRYDOLDQDGD2PDMRUPDQHMDYDDUDSD]LDGDFRPRTXHULD)LTXHLFRP HOHV XP GLD
GRLV GLDV H YL ORJR TXH WLQKDP XP PHGR GDQDGR GR KRPHP 3HUJXQWHL SRU TXH UD]mR HOHV
SXQKDPRUDERHQWUHDVSHUQDVDVVLPTXHYLDPDTXHOHFUHWLQR³9DLIDODUFRPHOH´IRLRTXHPH
GLVVHUDPULQGRQDPLQKDFDUD)LTXHLFDODGR3RLVILTXHPVDEHQGRSHVVRDOWLQKDOiXPVXMHLWR
HQJUDoDGR±FRQWLQXRX/XNDDEDQGRQDQGRVXELWDPHQWH.RE\ OLQHSDUDVHGLULJLUDDWRGRV±(VVH
VXMHLWRFRQWDYDFRPRpTXHWLQKDVLGRMXOJDGRTXHpTXHWLQKDUHVSRQGLGRDRM~ULHFRPRpTXH
FKRUDPLQJDUDIDODQGRQDPXOKHUHQRVILOKRV(UDXPKRPHQ]DUUmRMiWRGRJULVDOKR³(HXGL]LD
HOHTXHFRQWDYD 1mRVHQKRUHVWRXLQRFHQWH0DVRGLDERGRILOKRGHXPDFDGHODFRQWLQXDYD
HVFUHYH TXH HVFUHYH ( HQWmR HOH TXH GL]LD  WmR FHUWR FRPR HX HVWRX LQRFHQWH WX YDLV WH
HVWUHSDU PLVHUiYHO ( R EDQGLGR VHPSUH QD SRUFDULD GD HVFULWD (QWmR ILTXHL ORXFR HOH TXH
GL]LD ´9DVVLDPHGiOLQKD(VWDHVWiSRGUH
±3RLVYHPGDFLGDGH±UHVSRQGHX9DVVLDHVWHQGHQGROKHRQRYHORGHOLQKD
±$OLQKDTXHWHPRVQDRILFLQDpPHOKRU(VWDGDTXLpR³1HYiOLGR´TXHWUD]YiOiDOJXpP
VDEHUGHTXHPDUDIRQDHOHFRPSUDOLQKD±FRQWLQXRX/XNDHUJXHQGRDDJXOKDSDUDDOX]DILP
GHDHQILDU
±'HFHUWRHPFDVDGDFRPDGUHGHOH
±'HFHUWR
± ( HQWmR TXH IRL TXH DFRQWHFHX FRP R PDMRU" ± SHUJXQWRX .RE\ OLQH TXH Mi HVWDYD
FRPSOHWDPHQWHHVTXHFLGR
/XND Vy HVSHUDYD SRU LVVR (QWUHWDQWR QmR YROWRX LPHGLDWDPHQWH j KLVWyULD QHP SDUHFLD
PHVPR SUHVWDU DWHQomR D .RE\ OLQH 3ULPHLUR HQILRX YDJDURVDPHQWH D DJXOKD FUX]RX
GLVSOLFHQWHPHQWHDVSHUQDVHWRUQRXDILQDO
± 7DQWR DSHUUHL D UDSD]LDGD GD 8FUkQLD TXH HOHV DFDEDUDP ID]HQGR FRP TXH R PDMRU
DSDUHFHVVH'HPDQKmHXWLQKDDEDIDGRXPDIDTXLQKDGXPFRPSDQKHLURHDHVFRQGHUDSDUDR
TXHGHVVHHYLHVVH(RPDMRUFKHJRXIHLWRXPDIHUD(XHQWmRIDOHL³(VFXWHPYRFrVTXHVmRGD
8FUkQLDQDGDGHUDERHQWUHDVSHUQDV´0DVMiHVWDYDPWRGRVPRUUHQGRGHPHGR2PDMRUYHLR
DRVJULWRVErEDGRFRPRXPDYDFD³4XHPIRLTXHPHFKDPRX"4XHHVWiVHSDVVDQGRDTXL"eD
PLPTXHSURFXUDP"6DEHPTXHDTXLHXVRXRF]DUVRX'HXV´±(QWmRHQTXDQWRHOHGL]LDTXH
HUDRF]DUTXHHUD'HXV±SURVVHJXLX/XND±HXPHDGLDQWHLFRPRSXQKDOQDPDQJDGDEOXVD
³1mR([FHOrQFLDVRXHXTXHOKHGLJR´HHQTXDQWRLVVRLDPHFKHJDQGRGHPDQVRSHUWLQKR
FDGD YH] PDLV SHUWLQKR ³1mR QmR p SRVVtYHO ([FHOrQFLD FRPR p TXH R VHQKRU SRGHULD VHU
QRVVRF]DUHQRVVR'HXV"´±³$KEHUURXRPDMRUHQWmRpVWXRFDEHoD"´±³1mRGLVVHHXHPH
DSUR[LPHL DLQGD PDLV ± QmR ([FHOrQFLD H[LVWH DSHQDV XP 'HXV 2QLSRWHQWH TXH HVWi HP WRGD
SDUWH(TXDQWRDRQRVVRF]DU([FHOrQFLDWHPRVDSHQDVXPHIRL1RVVR6HQKRUHPSHVVRDTXHR
FRORFRX SRU FLPD GH WRGRV QyV (VVH p TXH p R QRVVR VHQKRU VRX HX TXH OKH GLJR ( TXDQWR DR
VHQKRU ([FHOrQFLD p DSHQDV QRVVR PDMRU QDGD PDLV H LVVR SHOD JUDoD GR F]DU H GRV VHXV
PpULWRV´±³2TXr"2TXr"´JDJXHMDYDRKRPHPQmRSRGLDPDLVQHPIDODUQHPYROWDUDVL
³,VVRPHVPR´UHSHWL(SOXI(QWHUUHLOKHRSXQKDODWpRFDEREHPQRPHLRGDEDUULJD)RLXPD
IXUDGDHWDQWR2GHVJUDoDGRFDLXDOLPHVPRVyIH]FLVFDUXPSRXFRFRPRVSpV(HXDWLUHLIRUD
DDUPDHJULWHLSDUDRVUDSD]HV±³$JRUDPHXVSDWUtFLRVPHDSDQKHPDTXHOHSXQKDO´
'HYR ID]HU DTXL XPD OLJHLUD GLJUHVVmR ,QIHOL]PHQWH DV SDODYUDV ³6RX R 'HXV DTXL VRX R
F]DU´ HUDP HPSUHJDGDV FRP PXLWD IUHTXrQFLD DQWLJDPHQWH SRU FHUWRV FKHIHV PLOLWDUHV
'HYHPRV UHFRQKHFHU TXH KRMH UHVWDP SRXFRV GHVVD HVSpFLH RX WDOYH] QHQKXP e SUHFLVR
FRQIHVVDUWDPEpPTXHHVVHVTXHVHMDFWDYDPDVVLPSURYLQKDPHPJHUDOGDWURSD2VJDO}HVGH
RILFLDORVHQFKLDPGHYHQWRWLUDYDPOKHVDFDEHoDGROXJDU'HSRLVGHPXLWRWHPSRGHSUDoD
YLDPVH GH UHSHQWH SURPRYLGRV D RILFLDLV D ILGDOJRV ( p OyJLFR TXH SRU IDOWD GH KiELWR QD
SULPHLUDHPEULDJXH]GRr[LWRH[DJHUDYDPDLPSRUWkQFLDGRSUySULRSRGHU±FODURTXHDSHQDV
HP UHODomR DRV VXERUGLQDGRV 3RUTXH HP SUHVHQoD GRV VXSHULRUHV FRQVHUYDYDP R PHVPR
VHUYLOLVPR ± Mi DJRUD LQ~WLO H DWp PHVPR GHVDJUDGiYHO $OJXQV OHYDYDP D REVHTXLRVLGDGH DR
SRQWRGHGL]HUDRFKHIHQXPWRPVLQJXODUPHQWHPHORVRTXHFRPRKDYLDPSDVVDGRSRUWRGRVRV
SRVWRVVXEDOWHUQRVVDELDPFRQKHFHURVHXOXJDU0DVFRPRVSHTXHQRVWLUDYDPDVXDIRUUDHVH
SRUWDYDPFRPXPGHVSRWLVPRLQDXGLWR1mRGHFHUWRMiQmRKiPDLVVXMHLWRVFDSD]HVGHJULWDU
³6RX R F]DU VRX 'HXV´ ( FRQWXGR GHYR REVHUYDU TXH QDGD LUULWD WDQWR R GHWHQWR RX TXDOTXHU
RXWUR VXEDOWHUQR FRPR VHPHOKDQWHV H[SUHVV}HV SDUWLQGR GXP FKHIH (VVD IDWXLGDGH HVVD IDOVD
FRQYLFomRGHLPSXQLGDGHGHVSHUWDRyGLRQRPDLVVXEPLVVRGRVKRPHQVHROHYDDRGHVHVSHURe
XPD VRUWH TXH DEXVRV GHVVD HVSpFLH HVWHMDP TXDVH GHVDSDUHFLGRV DOLiV PHVPR QRV WHPSRV
DQWLJRVKDYLDPHGLGDVVHYHUDVFRQWUDRVFXOSRVRVGHWDLVIDOWDV&RQKHoRPDLVGHXPH[HPSOR
(P JHUDO QDGD LUULWD PDLV RV VXERUGLQDGRV TXH VH YHUHP WUDWDGRV FRP GHVSUH]R &HUWDV
SHVVRDVVXS}HPTXHDOLPHQWDQGRHWUDWDQGRRVSUHVRVGHDFRUGRFRPDOHLMiIL]HUDPREDVWDQWH
eWDPEpPXPHUUR3RUPDLVDYLOWDGRTXHHVWHMDWRGRLQGLYtGXRH[LJHLQVWLQWLYDPHQWHRUHVSHLWR
SHOD VXD GLJQLGDGH GH KRPHP 6DEH TXH p XP JDOp XP UpSURER FRQKHFH D GLVWkQFLD TXH R
VHSDUDGRVVHXVVXSHULRUHVPDVQHPDVJULOKHWDVQHPDVFLFDWUL]HVGRFQXWHOKHID]HPHVTXHFHU
TXH p XP KRPHP ( Mi TXH p XP KRPHP GHYH VHU WUDWDGR FRPR WDO ( DL PHX 'HXV 8P
WUDWDPHQWR ³KXPDQR´ SRGH VRHUJXHU DWp PHVPR DTXHOHV DRV TXDLV R LPDJHP GD GLYLQGDGH
DSDUHFH HPSDQDGD e SUHFLVDPHQWH FRP HVVHV GHVJUDoDGRV TXH QRV GHYHPRV SRUWDU R PDLV
KXPDQDPHQWHSRVVtYHOSRUDPRUGHVXDVDOYDomRHGHVXDDOHJULD(QFRQWUHLFKHIHVGRWDGRVGH
JUDQGH FRUDomR H YL R HIHLWR TXH HOHV SURGX]LDP VREUH RV KXPLOKDGRV &RP DOJXPDV SDODYUDV
DIiYHLVUHVVXVFLWDYDPPRUDOPHQWHRVVHXVKRPHQV2XYLQGRRVRVGHWHQWRVVHDOHJUDYDPFRPR
FULDQoDVHFRPRFULDQoDVVHSXQKDPDDGRUiORV)DoRQRWDUDTXLTXHRIRUoDGRQmRDSUHFLDGD
SDUWH GR FKHIH QHP D FRQGHVFHQGrQFLD QHP D IDPLOLDULGDGH H[DJHUDGD $TXLOR R OHYD j
LUUHYHUrQFLD ± D HOH TXH WHP WDQWD QHFHVVLGDGH GH UHVSHLWDU 2 SUHVR VHQWHVH RUJXOKRVR SRU
H[HPSOR VH WHP XP FKHIH FRQGHFRUDGR ERQLWR EHP UHSXWDGR JRVWD GHOH VHYHUR LPSRUWDQWH
MXVWR GLJQR *RVWD GH XP FKHIH TXH VDEH R TXH YDOH SRUTXH XP KRPHP GHVVHV QmR RIHQGHUi
QXQFDDQLQJXpPHWXGRFRUUHUiGDPHOKRUPDQHLUD
± ( HQWmR SRU FDXVD GLVVR WH FR]LQKDUDP D IRJR EUDQGR KHLQ" ± SHUJXQWRX FDOPDPHQWH
.RE\ OLQH
±6LPUHDOPHQWHPHFR]LQKDUDPPDQRYHOKRPHFR]LQKDUDPGHYHUGDGH$OLSDVVDPHD
WHVRXUD(VFXWDSHVVRDOQmRKiPDLGDQHKRMH"
± -i IRL WXGR EHELGR ± H[SOLFRX 9DVVLD ± VH D VHGH QmR IRVVH WmR JUDQGH GHFHUWR KDYLD
PDLGDQH
±6HVH(P0RVFRXSDJDPRV³VH´DFHPUXEORVRDOTXHLUH±]RPERX/XND
±0DVTXDQWRVWHGHUDPSHOR³VHUYLoR´QRPDMRU"±LQVLVWLX.RE\ OLQHREVWLQDGRQDVXDLGHLD
± 4XLQKHQWRV DoRLWHV PDQLQKR 3RUpP GHFODUR DR SHVVRDO TXH VH HOHV QmR PH PDWDUDP
DQGDUDP EHP SHUWR ± H[FODPRX /XND DEDQGRQDQGR QRYDPHQWH .RE\ OLQH ± /HYDUDPPH HP
SURFLVVmR SDUD UHFHEHU DV PLQKDV TXLQKHQWDV YDUDGDV ( HX DWp HQWmR QmR VDELD R TXH HUD XP
DoRLWH -XQWRX JHQWH GH WRGD D SDUWH Vy VH YLD R SRYDUpX FRUUHQGR ³9mR DoRLWDU R EDQGLGR R
DVVDVVLQR´1HPVHSRGHPHVPRGL]HUFRPRRSRYRpEXUUR2FDUUDVFRPHGHVSLXPHHVWLURX
HJULWRX³3UHSDUDRORPERTXHYDLVVHUDVVDGR´)LTXHLHVSHUDQGRHVDEHPRTXHDFRQWHFHX"
4XDQGREDWHXDSULPHLUDODPEDGDHXTXLVJULWDUDEULUDERFDPDVQmRWLQKDYR]3HUGLDIDOD
4XDQGRPHGHXDVHJXQGDDFUHGLWHTXHPTXLVHUPDVRXYLGL]HU³'RLV´'DtTXDQGRYROWHLD
PLPRXYLFRQWDU³'H]HVVHWH´'HSRLVGLVVRPHQLQRVPHOHYDQWDUDPTXDWURYH]HVGRFDYDOHWH
SDUDHXWRPDUXPSRXFRGHI{OHJRHPHDWLUDUDPiJXDIULDSRUFLPD(XROKDYDSDUDWRGRVFRP
RVROKRVHVEXJDOKDGRVHSHQVDYD³+RMHGHL[RRFRXURDTXL´
±(QmRPRUUHVWH"±SHUJXQWRXLQJHQXDPHQWH.RE\ OLQH
/XNDRHQYROYHXFRPXPROKDUGHGHVGpPDEVROXWRHVWURQGDUDPDVJDUJDOKDGDV
±1mRVHSRGHVHUPDLVEXUUR
± (VVH WHP XPD DUDQKD QR PLROR ± HVFDUQHFHX /XND TXH SDUHFLD ODPHQWDU KDYHU WUDYDGR
FRQYHUVDFRPXPLQGLYtGXRGDTXHODHVSpFLH
±eWHPRPLRORPROH±FRQFRUGRX9DVVLD
/XNDTXHWLQKDVHLVFULPHVQDFRQVFLrQFLDQmRID]LDPHGRDQLQJXpPQRHQWDQWRJRVWDULDGH
VHUXP³WHUURU´


,6$,)20,7&+±2%$1+2±$+,67Ï5,$'(%$./8&+,1(


$SUR[LPDYDVHR1DWDO2VGHWHQWRVDJXDUGDYDPDVIHVWDVFRPXPDHVSpFLHGHVROHQLGDGH
HYHQGRRVHXQmRSRGLDGHL[DUGHHVSHUDUFRPRHOHVTXDOTXHUFRLVDH[WUDRUGLQiULD4XDWURGLDV
DQWHV IRUDP OHYDGRV RV SUHVRV SDUD R EDQKR GH YDSRU 1R PHX WHPSR VREUHWXGR GXUDQWH R
SULPHLURDQRRVGHWHQWRVUDUDPHQWHVHEDQKDYDP7RGRVSRUWDQWRVHDOHJUDUDPHLQLFLDUDPRV
SUHSDUDWLYRV'HYtDPRVLUSDUDREDQKRGHSRLVGRUDQFKRHQDTXHODWDUGHQmRKDYHULDWUDEDOKR
1D QRVVD FDVHUQD QHQKXP VH DIDQDYD WDQWR QHQKXP VH DOHJUDYD WDQWR TXDQWR ,VDL )RPLWFK
%XPFKWHLQ R SUHVR MXGHX GH TXHP Mi IDOHL QR FDStWXOR ,9 (OH JRVWDYD GH WUDQVSLUDU DWp DR
HVSDVPRDWpDRGHVIDOHFLPHQWR&DGDYH]TXHKRMHHPGLDYROYRjVYHOKDVUHFRUGDo}HVTXDQGR
HYRFR DV HVWXIDV H HODV PHUHFHP HVVH WUDEDOKR  QR SULPHLUR SODQR GR TXDGUR DSDUHFH
LPHGLDWDPHQWHRURVWRGRGLJQRGRLQHVTXHFtYHO,VDLPHXFDPDUDGDGHSUHVtGLRHPHXYL]LQKR
GHDORMDPHQWR6HQKRUTXHJURWHVFRLQH[SULPtYHOTXHHUD-iGLVVHDOJXPDVSDODYUDVVREUHRVHX
DVSHFWRFLQTXHQWDDQRVGpELOHQUXJDGRFRPKRUUHQGRVHVWLJPDVQDIURQWHHQDVIDFHVPDJUR
GRHQWLRXPFRUSROtYLGRGHIUDQJR6HXURVWRH[SULPLDXPDSHUSpWXDVDWLVIDomRFRQVLJRSUySULR
XPD DXWRVVXILFLrQFLD TXDVH EHDWtILFD 1mR SDUHFLD ODPHQWDU VHX GHVWLQR &RPR HUD RXULYHV GH
SURILVVmRHQDFLGDGHQmRKDYLDQHQKXPRXWURWUDEDOKDYDLQFHVVDQWHPHQWHSDUDRVIXQFLRQiULRVH
DWp PHVPR SDUD SDUWLFXODUHV R TXH OKH UHQGLD DOJXPDV PRHGDV 1mR OKH IDOWDYD QDGD YLYLD
³FRPR ULFR´ VHP WRGDYLD JDVWDU GHPDLV GR VHX GLQKHLUR TXH HUD HPSUHVWDGR FRP XVXUD DR
SUHVtGLRWRGR3RVVXtDXPVDPRYDUXPFROFKmR[tFDUDVHWDOKHUHV(PYH]GHRUHQHJDUHPRV
MXGHXVGDFLGDGHRSURWHJLDP1RVViEDGRVHOHLDFRPHVFROWDDRVHUYLoRGDVLQDJRJD FRPRR
DXWRUL]DDOHL 9LYLDLQWHLUDPHQWHIHOL]HPERUDHVSHUDVVHFRPLPSDFLrQFLDRILPGRVVHXVGR]H
DQRV GH SHQD SDUD ³FDVDUVH´ (UD XPD F{PLFD PHVFOD GH LQJHQXLGDGH WROLFH DVW~FLD
LPSHUWLQrQFLDVLPSOLFLGDGHWLPLGH]IDWXLGDGHHLPSUXGrQFLD6XUSUHHQGLDPHPXLWRYHUTXHRV
IRUoDGRV QmR R ULGLFXODUL]DYDP DSHQDV LPSOLFDYDP FRP HOH GH WHPSRV HP WHPSRV GH
EULQFDGHLUD,VDL)RPLWFKOKHVVHUYLDGHSHUSpWXDGLVWUDomR³6yWHPRVHVWHDTXLGHL[HPQRHP
SD]´GL]LDP(,VDL)RPLWFKHPERUDFRPSUHHQGHVVHSRUTXHGL]LDPDTXLORILFDYDXIDQRFRPD
VXD QRWRULHGDGH H QDGD GLYHUWLD PDLV RV SUHVRV )L]HUD VXD HQWUDGD QR SUHVtGLR GH PDQHLUD
H[WUDRUGLQDULDPHQWHHQJUDoDGD LVVRVXFHGHUDDQWHVGDPLQKDFKHJDGDPDVDOJXpPPHFRQWRX 
&HUWDQRLWHQDKRUDGRGHVFDQVRHVSDOKRXVHRERDWRGHTXHKDYLDPWUD]LGRXPLXSLP SDUD R
FRUSR GD JXDUGD TXH OKH HVWDYDP UDVSDQGR D FDEHoD H HP EUHYH DSDUHFHULD 2 SUHVtGLR QmR
FRQWDYD GHQWUR GDV VXDV SDUHGHV HQWmR QHQKXP MXGHX H RV GHWHQWRV TXH R HVSHUDYDP FRP
LPSDFLrQFLDFHUFDUDPQRORJRTXHHOHVXUJLXjHQWUDGD2VXERILFLDOFRQGX]LXRjSULVmRFLYLOH
OKHPRVWURXRVHXOXJDUQDWDULPED,VDL)RPLWFKFDUUHJDYDXPVDFRFRPSHoDVGHXQLIRUPHHRV
VHXV SUySULRV REMHWRV 'HS{V R VDFR VXELX j WDULPED VHQWRXVH FRP DV SHUQDV GREUDGDV VRE R
FRUSR VHP RXVDU OHYDQWDU RV ROKRV SDUD QLQJXpP $R VHX UHGRU RV IRUoDGRV HVWUXJLDP HP
JDUJDOKDGDVGL]HQGRSLOKpULDVVREUHDUDoDGRQRYDWR'HUHSHQWHXPMRYHPGHWHQWRTXHWLQKD
QDVPmRVXPDYHOKDFDOoDVXMDUDVJDGDUHPHQGDGDFRPIDUUDSRVDWUDYHVVRXRJUXSRWRPRX
OXJDUDRODGRGH,VDL)RPLWFKHOKHEDWHXQRRPEUR
±$KPHXYHOKRKiVHLVDQRVTXHWHHVSHUR4XDQWRPHGiVSRULVWR"±(PRVWUDYDDFDOoD
YHOKDDRUHFpPFKHJDGR
$VVLPTXHYLXRSHQKRUTXHOKHDSUHVHQWDYDP,VDL)RPLWFK±WmRLQWLPLGDGRDQWHVTXHQHP
RXVDYD GL]HU SDODYUD RX HUJXHU RV ROKRV SDUD D WXUED GH URVWRV ]RPEHWHLURV IHUUHWHDGRV
DVVXVWDGRUHV UHXQLGRV DR VHX UHGRU ± ,VDL )RPLWFK HVWUHPHFHX GH FKRIUH H S{VVH D DSDOSDU R
IDUUDSRFRPRVGHGRViJHLV2OKRXRjOX]GDFDQGHLD7RGRVHVSHUDYDPRTXHHOHLDGL]HU
±'HFHUWRQmRYDLVTXHUHUHPSUHVWDUXPUXEORSRULVWRHQWUHWDQWRDVFDOoDVEHPRYDOHP±
FRQWLQXRXRTXHSHGLDRHPSUpVWLPRSLVFDQGRRROKR
±8PUXEORSUDWDQmRSRVVRSRUpPVHWHFRSHTXHVDLQGDYDL
)RUDPHVVDVDVSULPHLUDVSDODYUDVGH,VDL)RPLWFKWRGRRPXQGRHVWDORXHPJDUJDOKDGDV
±6HWHFRSHTXHV%RODV'iGHXPDYH]0DVFXLGDEHPGRPHXSHQKRU5HVSRQGHVSRUHOH
FRPWXDFDEHoD
±&RPWUrVFRSHTXHVGHMXURVVHUmRGH]TXHPHILFDVGHYHQGR±SURVVHJXLXRMXGHXHPYR]
DUTXHMDQWHHWUrPXODPHUJXOKDQGRDPmRQREROVRHROKDQGRWLPLGDPHQWHRVRXWURV7LQKDXP
PHGRKRUUtYHOFRQWXGRTXHULDIHFKDURQHJyFLR
±6mRSRUDQRRVWUrVFRSHTXHV
±1mRSRUDQRQmRSRUPrV
±eVXPODGUmRMXGHX&RPRWHFKDPDV"
±,VDL)RPLWFK
±3RLVEHP,VDL)RPLWFKKiVGHYHQFHUDTXL$WpjYLVWD
,VDL )RPLWFK H[DPLQRX PDLV XPD YH] R SHQKRU GREURXR H HQILRXR FXLGDGRVDPHQWH QR
VDFRVREDULVDGDLQFHVVDQWHGRVIRUoDGRV
(FRPHIHLWRHPERUDIRVVHPTXDVHWRGRVVHXVGHYHGRUHVRVGHWHQWRVSDUHFLDPJRVWDUGHOH
QLQJXpPRRIHQGLD$OLiVHOHHUDPHQRVFDSD]GHHQUDLYHFHUTXHXPSLQWR4XDQGRFRQVWDWRXRV
VHQWLPHQWRV TXH GHVSHUWDYD IH]VH IDQIDUUmR PDV FRP ERP KXPRU VXILFLHQWHPHQWH F{PLFR
SDUDQmRDJDVWDUQLQJXpP/XNDTXHHPRXWURVWHPSRVFRQKHFHUDPXLWRVMXGHXVRHVSLFDoDYD
IUHTXHQWHPHQWH PDV VHP DQLPRVLGDGH DSHQDV SRU GLVWUDomR FRPR D JHQWH EULQFD FRP XP
FmR]LQKR XP SDSDJDLR XP DQLPDO HQVLQDGR ,VDL )RPLWFK TXH R FRPSUHHQGLD EHP QmR VH
IRUPDOL]DYDFRPDTXLORHUHVSRQGLDQDDOWXUD
±7RPDMHLWRLXSLPROKDTXHWHGRXXPDVXUUD
± 3RU FDGD SDQFDGD TXH PH GHUHV UHFHEHUiV GH] GH WURFR ± UHSOLFDYD EUDYDPHQWH ,VDL
)RPLWFK
±6DUQHQWRGRVGLDERV
±4XHPDOWHID]TXHHXVHMDVDUQHQWR"
±-XGHXSLROKHQWR
±3RVVRVHUSLROKHQWRPDVWHQKRGLQKHLUR7HQKRRVPHXVFREUHV±FDQWDURODYD ,VDL QD VXD
IDODFHFHDGD
±9HQGLOKmRGH&ULVWR
±,VVRPHVPR
±%UDYR,VDL)RPLWFK1mRRHVWUDJXHV/XNDTXHVyWHPRVHVWH±JULWDYDPRVGHWHQWRV
±2TXHWXHVWiVSUHFLVDQGRpGHFQXWHMXGHX&QXWHH6LEpULD
±-iHVWRXQD6LEpULD
±,UiVDLQGDPDLVORQJH
±'HXVWDPEpPQmRHVWiOi"
±%HPOiLVVRHVWi
±(QWmRQmRID]PDOWHQGR'HXVHGLQKHLURQDGDPDLVpSUHFLVR
±%UDYR,VDL)RPLWFK%HPVHYrTXHpVXPYDOHQWH±EUDGDYDPGHQRYR
( D GHVSHLWR GDV ]RPEDULDV ,VDL )RPLWFK FRQWLQXDYD D EUDYDWHDU 2V FXPSULPHQWRV OKH
FDXVDYDP WDQWD VDWLVIDomR TXH HOH VH SXQKD D FDQWDU DWUDYpV GD FDVHUQD QXPD YR] GpELO GH
VRSUDQR³/iOiOi´QXPDPHORGLDF{PLFDHHVW~SLGD(QTXDQWRGXURXVXDGHWHQomRQmRFDQWRX
QXQFD RXWUD FRLVD DIRUD HVVD P~VLFD VHP OHWUD 0DLV WDUGH TXDQGR WUDYRX FRQKHFLPHQWR PDLV
tQWLPR FRPLJR JDUDQWLXPH VRE MXUDPHQWR TXH DTXHOH HUD R KLQR HQWRDGR SHORV VHLVFHQWRV PLO
KHEUHXV ± GR PDLV PRoR DR PDLV YHOKR ± GXUDQWH D WUDYHVVLD GR 0DU 9HUPHOKR H TXH WRGR
LVUDHOLWDWHPRUGHPGHRFDQWDUQRVPRPHQWRVVROHQHVGHWULXQIRVREUHRLQLPLJR
7RGD VH[WDIHLUD j QRLWH RV SUHVRV GDV RXWUDV FDVHUQDV YLQKDP SDUD D QRVVD DSUHFLDU ,VDL
)RPLWFKDFHOHEUDURVDEi(HOHHUDGHXPDYDLGDGHWmRLQJrQXDTXHHVVDFXULRVLGDGHJHUDOR
OLVRQMHDYD PXLWR &RP H[WUDRUGLQiULD DIHWDomR H XPD PDMHVWDGH HVWXGDGDV FREULD D VXD
PHVLQKD DR FDQWR DEULD R OLYUR DFHQGLD GXDV YHODV H UHVPXQJDQGR SDODYUDV PLVWHULRVDV
HQYHUJDYDXPDHVSpFLHGHHVWROD FXMRQRPHQmRVDELDSURQXQFLDU (UDXPDHVSpFLHGHPDQW{
GH Om FRORULGD TXH HOH FRQVHUYDYD FXLGDGRVDPHQWH QR ED~ 3XQKD QRV SXOVRV XQV EUDFHOHWHV GH
FRXUR H QD FDEHoD VHJXUDQGRD FRP XP FRUGmR XPD HVSpFLH GH FDL[LQKD TXH SDUHFLD OKH
QDVFHU GD WHVWD FRPR XP FRUQR JURWHVFR ( FRPHoDYD HQWmR VXDV GHYRo}HV UHFLWDYD
OHQWDPHQWH VROWDYD JULWRV HVFDUUDYD GXP ODGR SLUXHWDYD JHVWLFXODYD GH PRGR HVWUDQKR H
F{PLFR 1D UHDOLGDGH R ULWXDO TXH HOH REVHUYDYD Vy VH WRUQDYD ULGtFXOR GHYLGR j H[LELomR DRV
DUHVTXHDVVXPLD&REULDDFDEHoDFRPDVPmRVHVHSXQKDDOHUHPYR]HQWUHFRUWDGDGHVROXoRV
TXHLDPDXPHQWDQGRDWpDRSDUR[LVPRHQILPH[DXVWRTXDVHXLYDQGRLQFOLQDYDVREUHROLYURD
FDEHoDDGRUQDGDFRPRWDOFRUQRGHSRLVSDUDQGRGHFKRIUHRVVROXoRVDUTXHMDGRVGHVDWDYDD
ULU H YROWDYD D VDOPRGLDU HP YR] DJRUD WULXQIDQWH H WUrPXOD GH DOHJULD ³(OH DFDED VH
GHVFRQMXQWDQGR´GL]LDPRVGHWHQWRV
,QGDJXHL XP GLD GH ,VDL )RPLWFK R TXH VLJQLILFDYDP RV VHXV VROXoRV UHSHQWLQDPHQWH
LQWHUURPSLGRV SHOD IHOLFLGDGH WULXQIDO 2 MXGHX GHOLFLDYDVH SRU OKH ID]HU HVVDV SHUJXQWDV
([SOLFRXPHLPHGLDWDPHQWHTXHRPHGRHRVVROXoRVHUDPSURYRFDGRVSHODUXtQDGH-HUXVDOpP
HSRUHVVHPRWLYRD/HLRUGHQDYDTXHRVILpLVJHPHVVHPHEDWHVVHPQRSHLWRFRPTXDQWDIRUoD
SXGHVVHP PDV QR LQVWDQWH GR PDLV YLROHQWR GHVHVSHUR HOH ,VDL )RPLWFK GHYHULDGH V~ELWR H
FRPR LQFRQVFLHQWHPHQWH DTXHOHGH V~ELWR HUD WDPEpP SUHVFULWR SHOD /HL  UHFRUGDU TXH XPD
SURIHFLD SURPHWH DRV ILOKRV GH ,VUDHO D VXD YROWD SDUD -HUXVDOpP 7LQKD HQWmR TXH PDQLIHVWDU
DOHJULD FRP FkQWLFRV H ULVR GDU j VXD YR] XPD HQWRQDomR GH YLYR SUD]HU H DR URVWR XPD
H[SUHVVmRVROHQH(VVDPXGDQoDUHSHQWLQDHVVDREULJDomRLQGLVSHQViYHOHQFDQWDYD,VDL)RPLWFK
YLD QDTXLOR XPD REUDSULPD GH HQJHQKR H PH H[SOLFDYD FRP LPHQVR RUJXOKR HVVD SUHVFULomR
VXWLOGD/HL8PGLDQRPRPHQWRPDLVSDWpWLFRGDVXDRUDomRRPDMRUHQWURXQRDORMDPHQWR
HP FRPSDQKLD GR RILFLDO GH JXDUGD H GRV VROGDGRV GD HVFROWD (QTXDQWR RV GHPDLV IRUoDGRV
ILFDYDP HP FRQWLQrQFLD GHIURQWH jV WDULPEDV ,VDL )RPLWFK UHGREURX D JULWDULD &RPR R
UHJXODPHQWRDXWRUL]DYDDSUiWLFDGRVFXOWRVHOHVDELDTXHQmRVHDUULVFDYDDEVROXWDPHQWHDQDGD
FRQWLQXRX D EHUUDU FRPR XP SRVVHVVR 0DV R TXH PDLV R HQFDQWDYD HUD WHU R GLUHLWR GH
HVJDQLoDU H JHVWLFXODU DVVLP GLDQWH GR PDMRU (VWH VH DSUR[LPRX FKHJRX DWp D XP SDVVR GH
GLVWkQFLD GR MXGHX ,VDL )RPLWFK GHX DV FRVWDV j PHVD H GH Sp GLDQWH GR RILFLDO HQWRRX
JHVWLFXODQGR R VHX KLQR WULXQIDO &RPR D UHOLJLmR OKH RUGHQDYD TXH QHVVH PRPHQWR PRVWUDVVH
XPDH[SUHVVmRGHQREUH]DHIHOLFLGDGHSHUIHLWDVHOHWUDWRXGHREHGHFHUSLVFDQGRRROKRULQGRH
EDODQoDQGRDFDEHoDSDUDRYLVLWDQWH(RPDMRUDSULQFtSLRHVSDQWDGRDFDERXULQGRHSDVVRX
DGLDQWHFKDPDQGRRMXGHXGHLGLRWDHQTXDQWR,VDL)RPLWFKSURVVHJXLDQRVVHXJULWRVGHWULXQIR
8PDKRUDPDLVWDUGHHQTXDQWRHOHFHDYDSHUJXQWHL
±(VHRPDMRUHVW~SLGRFRPRpVH]DQJDVVHFRPYRFr"
±4XHPDMRU"
±2TXr4XHPDMRU"(QWmRQmRRYLX"
±1mR
±2UDHOHHVWDYDGRLVGHGRVjIUHQWHGRVHXQDUL]
0DV,VDL)RPLWFKPHJDUDQWLXIRUPDOPHQWHTXHHPDEVROXWRQmRVHDSHUFHEHUDGDSUHVHQoD
GR PDMRU VXDV RUDo}HV R PHUJXOKDYDP QXPD HVSpFLH GH r[WDVH H HOH QDGD YLD QHP RXYLD GR
TXHVHSDVVDYDDRVHXUHGRU
$LQGD KRMH SDUHFH TXH HVWRX D YHU ,VDL )RPLWFK SDVVDU R ViEDGR LQWHLUR YDJXHDQGR SHOD
IRUWDOH]D FXLGDQGR HP QmR ID]HU QDGD VHJXQGR DV SUHVFULo}HV GD /HL SDUD R GLD GH VDEi 4XH
DQHGRWDV LPSRVVtYHLV TXH HOH PH UHSHWLD TXDQGR YLQKD GD VLQDJRJD TXH QRWtFLDV TXH ERDWRV
H[WUDYDJDQWHV YLQGRV GH 3HWHUVEXUJR ± FHUWR GH TXH RV VHXV FRUUHOLJLRQiULRV UHFHELDP GH
SULPHLUDPmRWXGRTXHOKHFRQWDYDP
0DVMiIDODPRVGHPDLVHP,VDL)RPLWFK
$ FLGDGH SRVVXtD DSHQDV GRLV HVWDEHOHFLPHQWRV GH EDQKRV 8P PDQWLGR SRU XP MXGHX HUD
UHVHUYDGRDRVQRWiYHLVWLQKDFDELQDVGHFLQTXHQWDFRSHTXHV2RXWURGHVWLQDGRjSOHEHHUDVXMR
GHWHULRUDGRHVFXUR(UDSDUDOiTXHQRVOHYDUDPQXPGLDIULRPXLWRIULRPDVGHVRO2VGHWHQWRV
VH DOHJUDYDP FRP D LGHLD GH VDtUHP GR SUHVtGLR H ROKDUHP D FLGDGH GH IRUPD TXH DV
EULQFDGHLUDVHDVULVDGDVQmRSDUDUDPGXUDQWHWRGRRFDPLQKR8PJUDQGHSHORWmRGHVROGDGRV
QRVHVFROWDYDGHDUPDVHPEDODGDVHVSDQWDQGRDJHQWHGDUXD4XDQGRFKHJDPRVDRVEDQKRV
IRPRV VHSDUDGRV HP GRLV JUXSRV 'DGD D HVWUHLWH]D GH HVSDoR XP GRV JUXSRV HVSHUDULD QR
YHVWtEXOR JODFLDO HQTXDQWR R RXWUR VH ODYDULD $SHVDU GLVVR D VDOD HUD WmR PLQ~VFXOD TXH
LQGDJiYDPRVFRPRFDEHULDDOLDPHWDGHGHQyV0DV3HWURYQmRPHODUJDYDVHPHVSHUDUSRU
FRQVHQWLPHQWRGHPLQKDSDUWHDFRUUHXHPPHXDX[tOLRHVHRIHUHFHXDWpSDUDPHHVIUHJDU6HX
H[HPSOR IRL VHJXLGR SRU RXWUR IRUoDGR GD VHomR HVSHFLDO %DNOXFKLQH TXH HUD FKDPDGR R
³([SORUDGRU´HTXHPHILFRXJUDYDGRQDOHPEUDQoDFRPRRPDLVDOHJUHHRPDLVDJUDGiYHOGRV
FRPSDQKHLURV -i pUDPRV FRQKHFLGRV 3HWURY DMXGRXPH DWp D PH GHVSLU SRUTXH SRU IDOWD GH
KiELWRHXDQGDYDGHYDJDUGHPDLVHQDDQWHFkPDUDID]LDTXDVHWDQWRIULRTXDQWRQRSiWLR8P
GHWHQWRQRYLoRVHQWHJHUDOPHQWHHQRUPHGLILFXOGDGHHPVHGHVSLUVR]LQKR(PSULPHLUROXJDUp
SUHFLVRGHVDWDUGHSUHVVDDVFRUUHLDVTXHSUHQGHPDVJULOKHWDVVmRFRUUHLDVGXQVTXDWURYHUFKRN 
GH FRPSULPHQWR TXH VH XVDP HPEDL[R GD URXSD EUDQFD SRU VRE R DQHO GH IHUUR TXH URGHLD D
SHUQD(PERUDXPSDUGHVVDVFRUUHLDVFXVWHVHVVHQWDFRSHTXHVFDGDIRUoDGRDVDGTXLUHSRUVXD
FRQWDSRLVGHRXWUDPDQHLUDVHUOKHLDLPSRVVtYHOFDPLQKDURDQHOGDJULOKHWDQmRDSHUWDPXLWR
SRGHVH DWp LQWURGX]LU XP GHGR HQWUH HOH H D SHOH PDV R IHUUR EDWHQGR GH HQFRQWUR j SHUQD
DFDEDIHULQGRDGHWDOVRUWHTXHDRILPGXPGLDRIRUoDGRTXHQmRXVDFRUUHLDVWHPXPDFKDJD
DEHUWD QR OXJDU GD JULOKHWD $OLiV D GLILFXOGDGH QmR FRPHoD FRP DV FRUUHLDV FRPHoD FRP D
FHURXODSUHVDVRERDQHOGHIHUUR3DUDGHVSLODpPLVWHUVHUSUHVWLGLJLWDGRU
4XDQGRVHWLUDDFHURXODGRSpHVTXHUGRSRUH[HPSORpSUHFLVRDSULQFtSLRLUSX[DQGRHQWUH
RSpHRDURGDJULOKHWDGHSRLVGHL[DQGROLYUHRSpYDLVHHUJXHQGRDSHUQDGDFHURXODDWpRDUR
TXDQGRRSpHVTXHUGRHVWiOLYUHDFHURXODpSDVVDGDSRUEDL[RSDUDRSpGLUHLWRHDILQDOSHOR
PHVPR DUR WLUDVH WXGR SDUD FLPD ( R WUDEDOKR SDUD YHVWLU p R PHVPR TXH SDUD GHVSLU 8P
QRYDWR QmR VDEH FRPR Ki GH ID]HU 2 SULPHLUR SURIHVVRU TXH WLYH IRL HP 7REROVN R IRUoDGR
.RUHQLHY TXH SDVVDUD FLQFR DQRV QD FRUUHQWH 8PD YH] DGTXLULGR R KiELWR D JHQWH VH DUUDQMD
VHP GLILFXOGDGH 'HL DOJXQV FRSHTXHV D 3HWURY SDUD TXH PH FRPSUDVVH VDEmR H XP GRV
SHGDFLQKRVGHHVWRSDFRPTXHRVSUHVRVVHHVIUHJDPeYHUGDGHTXHQRVGLVWULEXtUDPXPSHGDoR
GHVDEmRDFDGDXPPDVGRWDPDQKRGHXPDPRHGDGHGRLVFRSHTXHVHILQRFRPRDVIDWLDVGH
TXHLMRTXHVHUYHPQDVPHVDVGHJHQWHSREUH9HQGLDVHVDEmRQDSUySULDVDODGHHQWUDGDEHP
FRPVELWHQNDODWFKLHiJXDIHUYHQGR6HJXQGRDVFRQYHQo}HVHVWDEHOHFLGDVFRPRSURSULHWiULR
FDGDIRUoDGRWLQKDRGLUHLWRDXPMDUURGHiJXDTXHQWH4XHPID]LDTXHVWmRGHVHDVVHDUPHOKRU
SRGLDPHGLDQWHRSDJDPHQWRGHGRLVFRSHTXHVDGTXLULUXPVHJXQGRMDUURTXHHUDSDVVDGRGD
HQWUDGD SDUD D VDOD GH EDQKRV SRU XP SRVWLJR Mi DEHUWR SDUD HVVH ILP 'HSRLV GH PH GHVSLU
3HWURYPHWRPRXQRVEUDoRVREVHUYDQGRTXHVHULDSDUDPLPGLItFLOFDPLQKDUFRPDVJULOKHWDV
± 3X[H R IHUUR SDUD FLPD SDUD D EDUULJD GDV SHUQDV ± GLVVH HOH VHJXUDQGRPH FRPR XPD
DPDVHJXUDXPDFULDQFLQKD±(DTXLFXLGDGRFRPRGHJUDX
(XHVWDYDHQYHUJRQKDGtVVLPRFRPWDQWRVFXLGDGRVHJRVWDULDPXLWRGHPRVWUDUD3HWURYTXH
SRGHULDDQGDUVyPDVHOHQmRPHDFUHGLWDULD7LQKDSDUDFRPLJRRVFXLGDGRVTXHDJHQWHDFKD
GHYLGRVDXPPHQLQRSHTXHQRHGHVDMHLWDGR3HWURYQmRWLQKDQDGDGXPODFDLRQHPRSURFXUDYD
VHU VH R RIHQGHVVH HOH VDEHULD PXLWR EHP FRPR VH SRUWDU (X QDGD OKH SURPHWHUD SHORV VHXV
VHUYLoRVHHOHQDGDPHSHGLX4XHOKHLQVSLUDULDWDQWDVROLFLWXGH"
4XDQGRDEULPRVDSRUWDGDHVWXIDSDUHFLDPHTXHHQWUDYDQRLQIHUQR,PDJLQHVHXPDVDOD
GH GR]H SDVVRV GH FRPSULPHQWR H RXWURV WDQWRV GH ODUJR RQGH HVWDYDP MXQWRV VH QmR XQV FHP
KRPHQVSHORPHQRVRLWHQWDSRLVpUDPRVGX]HQWRVGLYLGLGRVHPGRLVJUXSRV2YDSRUQRVFHJDYD
RVXMRDODPDDIDOWDGHHVSDoRHUDPWDLVTXHQmRVHVDELDRQGHS{URVSpV$VVXVWDGRHXTXLV
UHFXDUPDV3HWURYORJRPHVRVVHJRX&RPGLILFXOGDGHLQDXGLWDDEULPRVFDPLQKRDWpXPEDQFR
SDVVDQGR SRU FLPD GD FDEHoD GRV SUHVRV VHQWDGRV HPEDL[R DRV TXDLV SHGtDPRV TXH VH
FXUYDVVHP SDUD QRV GDU SDVVDJHP 3RUpP WRGRV RV OXJDUHV HVWDYDP RFXSDGRV 3HWURY PH
H[SOLFRX GHSRLV TXH HX GHYHULD FRPSUDU XP H HQWURX ORJR HP QHJRFLDo}HV FRP XP GHWHQWR
VHQWDGRSHUWRGRSRVWLJR0HGLDQWHXPFRSHTXHRKRPHPPHFHGHXROXJDUDJDUURXGHSUHVVDD
PRHGD TXH 3HWURY Mi WLQKD QD PmR H HVFRUUHJRX EHP SRU EDL[R GH PLP SDUD R HVFXUR H D
VXMHLUD GH VRE RV EDQFRV H HPERUD Mi VH SDWLQKDVVH DOL QD ODPD FRP EHP XP GHGR GH DOWXUD
IRUPLJDYDGHJHQWH1mRKDYLDQRSLVRHVSDoRSDUDDSDOPDGHXPDVyPmR$OJXQVIRUoDGRVGH
FyFRUDVGHVSHMDYDPVREUHVLDiJXDGRMDUUR2XWURVGHSpHQWUHRVDFRFRUDGRVVHJXUDYDPR
MDUURFRPXPDGDVPmRVHFRPDRXWUDVHHVIUHJDYDP$iJXDVXMDTXHOKHVHVFRUULDGRFRUSR
FDtDGLUHWDPHQWHVREUHDVFDEHoDVUDVSDGDVTXHILFDYDPSRUEDL[R2VGHJUDXVTXHOHYDYDPDRV
EDQFRVHVWDYDPWDPEpPIHUYLOKDQGRGHKRPHQVTXHHQURODGRVVREUHVLSUySULRVVHEDQKDYDPR
PHOKRUTXHSRGLDP0DVDODYDJHPHUDSRXFDRKRPHPGRSRYRQmRDEXVDQHPGDiJXDTXHQWH
QHP GR VDEmR SURFXUD VXDU WUHPHQGDPHQWH H GHSRLV GLVVR VH HQFKDUFD GH iJXD IULD ± R TXH
FRQVWLWXLRVHXPpWRGRGHEDQKDUVH1REDQFRDVYDVVRXUDVGHEpWXODEDL[DYDPVHHVHHUJXLDP
HPFDGrQFLD8QVFLQTXHQWDIRUoDGRVVHIXVWLJDYDPXQVDRVRXWURVDWpDRHVJRWDPHQWR2YDSRU
DXPHQWDYD GH PLQXWR HP PLQXWR -i QmR VH HVWDYD QXP EDQKR GH YDSRU PDV QXPD IRUQDOKD
7RGRVEHUUDYDPWRGRVXUUDYDPHQWUHRUDQJHUGDIHUUDJHPTXHEDWLDQRVRDOKR
$RSDVVDUDOJXQVDJDUUDYDPDVXDJULOKHWDQDJULOKHWDGRRXWUREDWLDPQDVFDEHoDVGRVTXH
HVWDYDP DJDFKDGRV HPEDL[R FDtDP SUDJXHMDYDP DUUDVWDQGR QD TXHGD DTXHOHV DRV TXDLV VH
DJDUUDYDP$iJXDLPXQGDFRUULDSRUWRGDSDUWH2VKRPHQVILFDYDPQXPDHVSpFLHGHHVWUDQKD
EHEHGHLUD RV XLYRV RV JULWRV VH FUX]DYDP 1R SRVWLJR GD HQWUDGD SRU RQGH SDVVDYD D iJXD
TXHQWHDWXUEDHUDDLQGDPDLVGHQVD$OLDVSUDJDVHRVHPSXUU}HVHUDPPDLVWHUUtYHLV$QWHVGH
FKHJDU DR VHX GHVWLQR D iJXD TXHQWH VH HQWRUQDYD QD FDEHoD GRV TXH HVWDYDP HPEDL[R GH
FyFRUDV'HWHPSRVHPWHPSRVQDMDQHODRXQDSRUWDHQWUHDEHUWDXPVROGDGREDUEXGRFRPR
IX]LO QD PmR YHULILFDYD VH QmR HVWDYD DFRQWHFHQGR DOJXPD FRLVD GH DQRUPDO $V FDEHoDV
UDVSDGDV H RV FRUSRV YHUPHOKRV GH VXRU SDUHFLDP DLQGD PDLV PRQVWUXRVRV 1DV FRVWDV
DPROHFLGDV SHOR YDSRU DV FLFDWUL]HV GR FQXWH RX GDV YDUDV VREUHVVDtDP FRP WDQWD QLWLGH] TXH
SDUHFLDP UHFHQWtVVLPDV +RUUHQGDV FLFDWUL]HV 'DYDPH DUUHSLRV VLPSOHVPHQWH ROKiODV
7RUQDYDPDDWLUDUiJXDVREUHDSHGUDDUGHQWHGRIRUQRHXPYDSRUHVSHVVRHQFKLDDHVWXIDFRP
XPD QXYHP FKDPHMDQWH 7RGRV JDQLDP JULWDYDP (QWUH R QHYRHLUR DSDUHFLDP GRUVRV
UHPHQGDGRV FDEHoDV UDVSDGDV GHGRV FULVSDGRV GH PmRV HP JDUUD SHUQDV WRUWDV 3DUD
FRPSOHWDURTXDGUR,VDL)RPLWFKEHUUDYDRPDLVDOWRTXHSRGLDWUHSDGRQREDQFRPDLVHOHYDGR
7UDQVSLUDYDDWpGHVIDOHFHUSRUpPFDORUQHQKXPOKHSDUHFLDEDVWDQWH3DJRXXPFRSHTXHDXP
HVIUHJDGRUPDVRKRPHPVHPSRGHUPDLVDWLURXIRUDDYDVVRXUDHFRUUHXDVHLQXQGDUGHiJXD
IULD ,VDL )RPLWFK QmR GHVDQLPRX FRQWUDWRX XP VHJXQGR XP WHUFHLUR VHP HQFDUDU GHVSHVDV ±
FKHJRX D FLQFR HVIUHJDGRUHV ³)D] EHP VXDU UHPRoD KHLQ ,VDL )RPLWFK"´ EUDGDYDPOKH RV
IRUoDGRVGHEDL[R1DTXHOHPRPHQWR,VDL)RPLWFKVHQWLDVHDFLPDGRSUHVtGLRLQWHLURPDLVDOWR
TXHWRGRVRVIRUoDGRVSDYRQHDYDVHHFRPYR]UDFKDGDHVJDQLoDYDXPOiOiOiTXHWLQKDIRUoD
VXILFLHQWHSDUDFREULUWRGDVDVYR]HV2FRUUHPHTXHVHXPGLDWLYHUPRVTXHQRVUHXQLUWRGRVQR
,QIHUQR±OiKiGHVHUPXLWRSDUHFLGRFRPROXJDURQGHQRVHQFRQWUDPRVDJRUD1mRSRVVRGHL[DU
GH FRPXQLFDU HVVH SHQVDPHQWR D 3HWURY ± HOH HQWUHWDQWR ROKD DSHQDV HP WRUQR GH VL H QmR
UHVSRQGH
4XLVSDJDUSDUDHOHXPOXJDUFRQWtJXRjTXHOHHPTXHHVWRXPDV3HWURYVHLQVWDORXDRVPHXV
SpV H GHFODURX TXH HVWDYD PXLWR EHP (QTXDQWR LVVR %DNOXFKLQH Mi QRV FRPSUDYD iJXD H LD
WUD]HQGRDjPHGLGDTXHDJDVWiYDPRV3HWURYDQXQFLRXPHTXHLDPHODYDUGRVSpVjFDEHoD
SDUD PH GHL[DU ³OLPSLQKR´ H PH LQWLPRX D WUDQVSLUDU EHP FRLVD TXH QmR PH DWUDtD
DEVROXWDPHQWH(QVDERRXPHWRGR³HDJRUDYRXSDVVDUVDEmRQRVSH]LQKRV´(XTXLVUHVSRQGHU
TXH PH SRGHULD ODYDU Vy PDV Mi QmR HVWDYD FDSD] GH R FRQWUDGL]HU H PH DEDQGRQHL
FRPSOHWDPHQWH j VXD YRQWDGH 1R GLPLQXWLYR ³SH]LQKRV´ QmR GHVFREUL QHQKXP WRP GH
VHUYLOLVPR3HWURYVLPSOHVPHQWHQmRSRGLDFKDPDUPHXVSpVGHIRUPDGLIHUHQWH2VRXWURVRV
KRPHQVGHYHUGDGHSRGLDPWHUSpVPDVHX
'HSRLVGHPHHQ[DJXDUFRPRPHVPRFHULPRQLDOLVWRpVHJXUDQGRPHHYLJLDQGRFDGDXP
GRVPHXVSDVVRVFRPRVHHXIRVVHGHSRUFHODQDOHYRXPHGHYROWDjDQWHFkPDUDHPHDMXGRXD
YHVWLUDURXSDEUDQFDHHQILPTXDQGRDFDERXWXGRSUHFLSLWRXVHSDUDDHVWXIDDILPGHSRUVXD
YH]WUDQVSLUDU
4XDQGRYROWDPRVRIHUHFLOKHXPFRSRGHFKiTXHHOHQmRUHFXVRX2FRUUHXPHRIHUHFHU
OKH XP SRXFR GH YRGFD +DYLD DJXDUGHQWH QD QRVVD FDVHUQD 3HWURY PRVWURXVH
H[WUDRUGLQDULDPHQWHIHOL]HQJROLXRFRQWH~GRGRFRSRGXPWUDJRURVQRXGHSUD]HUGHFODURXTXH
HXOKHKDYLDGDGRYLGDQRYDHVHSUHFLSLWRXSDUDDFR]LQKDFRPRVHOiQLQJXpPSXGHVVHUHVROYHU
QDGDGHLPSRUWDQWHVHPVXDSUHVHQoD
/RJRGHSRLVDSUHVHQWRXVHRXWUDYLVLWD%DNOXFKLQHR³([SORUDGRU´TXHHXFRQYLGDUDGXUDQWH
REDQKR1XQFDHQFRQWUHLFULDWXUDGHJrQLRPDLVGHOLFDGRTXHRVHX3DUDIDODUDYHUGDGHHUD
PXLWRVXVFHWtYHOHEULJDYDFRPIUHTXrQFLD'HWHVWDYDSULQFLSDOPHQWHYHUDOJXpPVHPHWHUFRP
D VXD YLGD HP VXPD VDELD GHIHQGHUVH 0DV QXQFD VH ]DQJDYD SRU PXLWR WHPSR 7RGRV
SDUHFLDP OKH TXHUHU EHP SRU RQGH LD HUD UHFHELGR FRP SUD]HU $OLiV DWp PHVPR QD FLGDGH
JR]DYD GH XPD UHSXWDomR GH ERP VXMHLWR VHPSUH MRYLDO (UD XP UDSDJmR GXQV WULQWD DQRV GH
FDUDLQJrQXDHFkQGLGDPXLWRERQLWDHPERUDHVWUDJDGDSRUXPDYHUUXJD7LQKDRGRPGHID]HU
FDUHWDVGHPRGRWmRF{PLFRLPLWDQGRTXDOTXHUSHVVRDTXHVHDSLQKDYDPJUXSRVGHJHQWHDRVHX
UHGRU H QLQJXpP SRGLD GHL[DU GH ULU )RUPDYD HQWUH RV HQJUDoDGRV GR SUHVtGLR SRUpP QmR VH
GHL[DYDYHQFHUSHORD]HGXPHGRVUL[HQWRVLQLPLJRVGDDOHJULDDVVLPQLQJXpPOKHSLVDYDRSp
QLQJXpP R FKDPDYD GH ³GHVPLRODGR´ GH VXMHLWR jWRD´ 7UDQVERUGDYD GH YLWDOLGDGH /RJR j
QRVVD SULPHLUD HQWUHYLVWD FRQWRXPH TXH GH VROGDGR GH LQIDQWDULD SDVVDUD D VDSDGRU GH
HQJHQKDULDHTXHYiULDVSHUVRQDJHQVLPSRUWDQWHVOKHWLQKDPDPL]DGHHUHSDUDYDPQHOHFRLVD
SHOD TXDO VHQWLD XP JUDQGH RUJXOKR UHWURVSHFWLYR GHSRLV LQWHUURJRXPH PLQXFLRVDPHQWH D
UHVSHLWR GH 3HWHUVEXUJR /LD DWp DOJXQV OLYURV 4XDQGR YHLR WRPDU FKi HP PLQKD FRPSDQKLD
FRPHoRXID]HQGRULUWRGRRDORMDPHQWRFRQWDQGRFRPRQDTXHODSUySULDPDQKmRWHQHQWH&K
PDOWUDWDUDRQRVVRPDMRU(GHSRLVGHLQVWDODGRDRPHXODGRDQXQFLRXPHVDWLVIHLWRTXHRWHDWUR
Mi HUD FRLVD FHUWD 5HDOPHQWH RV GHWHQWRV DQGDYDP SODQHMDQGR XPD UHSUHVHQWDomR SDUD DV
IHVWDV 7LQKDPVH DUUDQMDGR DWRUHV H XP RX GRLV FHQiULRV $OJXPDV SHVVRDV GD FLGDGH
SURPHWLDP HPSUHVWDU WUDMRV DWp PHVPR SDUD RV SDSpLV IHPLQLQRV 3RU LQWHUPpGLR GH XP
EDJDJHLURHVSHUDYDPREWHUXPDIDUGDGHRILFLDOFRPSOHWDLQFOXVLYHDVGUDJRQDV&RQWDQWRTXH
RPDMRUQmRDFDEDVVHFRPDIXQomRFRPRRIL]HUDQR1DWDOSDVVDGR$TXHOHGHP{QLRDQGDUD
GHPDXKXPRUQHVVHWHPSRSHUGHUDQRMRJRHQmRKRXYHUDEDUXOKRQRSUHVtGLRDVVLPGHUDLYD
DFDEDUD FRP D IHVWD 'HVWD YH] HVSHUDYDVH TXH HVWLYHVVH PDLV PDQVR (P VXPD %DNOXFKLQH
VHQWLDVHDQLPDGtVVLPR9LDVHTXHHUDXPGRVSULQFLSDLVLQVWLJDGRUHVGDUHSUHVHQWDomRDTXDO
GHLOKH PLQKD SDODYUD TXH DVVLVWLULD 6XD LQJrQXD DOHJULD PH FRPRYHX ( DRV SRXFRV IRPRV
FRQYHUVDQGR FRP PDLV LQWLPLGDGH (OH HQWmR PH FRQIHVVRX TXH SDVVDUD WRGR R VHX WHPSR GH
VHUYLoR PLOLWDU HP 3HWHUVEXUJR XPD IDOWD TXDOTXHU IL]HUD FRP TXH R PDQGDVVHP SDUD D
JXDUQLomRGH5FRPDSDWHQWHGHVXERILFLDO
±(GHOiPHGHSRUWDUDPSDUDFi±DFUHVFHQWRX
±3RUTXr"±SHUJXQWHL
±3RUTXr"1mRpFDSD]GHDGLYLQKDU$OH[DQGUH3HWURYLWFK3RUTXHPHDSDL[RQHL
± 0DV TXH p LVVR" 1XQFD YL GHSRUWDUVH XP KRPHP SRUTXH HVWi DSDL[RQDGR ± FRPHQWHL
ULQGR
±eYHUGDGHSRUpPGHYLGRDLVVRGHLXPWLURGHSLVWRODQRGLDERGXPDOHPmRTXHDQGDYDSRU
Oi6HUiMXVWRPHPDQGDUHPSDUDRSUHVtGLRSRUFDXVDGXPDOHPmR"-XOJXHSRUVL
±&RPRIRLDKLVWyULD"&RQWHTXHGHYHVHULQWHUHVVDQWH
±ePHVPRXPDKLVWyULDHQJUDoDGD$OH[DQGUH3HWURYLWFK
±0HOKRUHQWmRFRQWH
±4XHUPHVPRRXYLU"3RLVOiYDL
(DKLVWyULDGRFULPHTXHRXYLHUDVHQmRHQJUDoDGDSHORPHQRVEDVWDQWHHVWUDQKD
± $FRQWHFHX DVVLP ± FRPHoRX %DNOXFKLQH ± 4XDQGR PH PDQGDUDP SDUD 5 TXH IRL TXH
HQFRQWUHL Oi" 8PD FLGDGH JUDQGH ERQLWD PDV FRP DOHPmHV GHPDLV (X TXH DLQGD HUD PRoR
QHVVHWHPSRGDYDQDYLVWDXVDYDRJRUURGHEDQGDHPHGLYHUWLDjODUJD±FRPSUHHQGHQmR"
$UUDVWDYD D DVD jV DOHPmV H WLQKD XPD FKDPDGD /XtVD TXH PH DJUDGDYD PXLWR (UDP
HQJRPDGHLUDVHODHDWLD±PDVHQJRPDGHLUDVGHURXSDILQD$WLDHUDXPDEUX[DYHOKDSRUpPD
SHTXHQDHQFKLDRVROKRV'HFRPHoRSDVVHLSHODMDQHODID]HQGRSRVHGHSRLVILFDPRVDPLJRV
/XtVDIDODYDUXVVRPXLWREHP±VyFRPXPSRXFRGHVRWDTXH(HUDPXLWRHQJUDoDGLQKD1mR
HQFRQWUHLQXQFDRXWUDLJXDO(QWmR±MiVDEH±IXLSHGLQGRHODSRUpPPHGLVVH³1mR6DFKD
LVVRQmRTXHURJXDUGDUPLQKDLQRFrQFLDHFDVDUFRQWLJR´3DVVDYDWRGRRWHPSRPHDFDULQKDQGR
H GDQGR ULVDGD 7LQKD XP ULVR WmR DOHJUH (QILP ± p FODUR ± XPD UDSDULJD WmR ERQLWLQKD WmR
OLPSD±WLQKDTXHPHDJUDGDUPDLVTXHTXDOTXHURXWUD(ODpTXHTXHULDVHFDVDU±HFRPRpTXH
HXSRGHULDGL]HUQmRKHLQ"(PHSUHSDUHLSDUDSHGLUDXWRUL]DomRDRFRURQHO0DVGHUHSHQWHTXH
IRLTXHDFRQWHFHX"/XtVDIDOWRXDXPHQFRQWURDRXWURGHSRLVHDPDLVRXWUR0DQGHLOKHXPD
FDUWDHQDGDGHUHVSRVWDHQWmRSHQVHL³4XHpTXHKi"6HHODHVWLYHVVHPHHQJDQDQGRGDULDXP
MHLWRSDUDUHVSRQGHUjFDUWDRXYLUDRVHQFRQWURVPDVQmRVDEHPHQWLUHURPSHXVLPSOHVPHQWH
'HYH VHU FRLVD GD WLD´ 1mR PH DWUHYL D LU j FDVD GD YHOKD HOD VDELD TXH QyV QDPRUiYDPRV
SRUpPDJHQWHVHHVFRQGLDSDUDGHVSLVWDU(XHVWDYDFRPRORXFRHVFUHYLPDLVXPDFDUWDD/XtVD
HGLVVH³6HWXQmRDSDUHFHVYRXjFDVDGDWXDWLD´(ODWHYHPHGRHYHLR(HQWmRPHFRQIHVVRX
FKRUDQGR TXH KDYLD XP DOHPmR FKDPDGR 6FKXOW] VHX SDUHQWH DIDVWDGR UHORMRHLUR ULFR TXH
TXHULDFDVDUFRPHOD±SDUDID]rODIHOL](UDVyRTXHTXHULDID]rODIHOL]HDRPHVPRWHPSR
QmRYLYHUVHPPXOKHUQDYHOKLFH(/XtVDGLVVHPDLV³-iID]PXLWRWHPSRTXH6FKXOW]JRVWDGH
PLPTXHHVWiFRPLVVRQDFDEHoDPDVQmRWLQKDFRUDJHPGHFDVDUFRPLJRFDORXVHHHVSHURX
WX FRPSUHHQGHV 6DFKD PDV p ULFR H p SDUD PLQKD IHOLFLGDGH 7X QmR TXHUHV LPSHGLU TXH HX
VHMDIHOL]TXHUHV"´2OKHLSDUDHODHVWDYDFKRUDQGRPHEHLMDQGRHSHQVHLTXHDILQDODSHTXHQD
WLQKDUD]mRTXHOKHDGLDQWDYDFDVDUFRPXPVROGDGRIRVVHHPERUDVXERILFLDOFRPR HX HUD" ±
³%HPIDOHL±DGHXV/XtVDHTXH'HXVWHDEHQoRH1mRTXHURLPSHGLUWXDIHOLFLGDGH&RPRp
HVVH DOHPmR" %RQLWR"´ ± ( HOD UHVSRQGHX ³1mR p XP YHOKR QDULJXGR´ ( GHX XPD ULVDGD
'HL[HLD H SHQVHL ³e SRUTXH QmR HUD PLQKD VRUWH´ 1R GLD VHJXLQWH SDVVHL GLDQWH GD ORMD GH
6FKXOW] ± HOD PH KDYLD GLWR HP TXH UXD ILFDYD 2OKHL SHOD YLWULQD H YL XP DOHPmR UHPH[HQGR
QXP UHOyJLR 7LQKD XQV TXDUHQWD H FLQFR DQRV QDUL] GH SDSDJDLR ROKRV HVEXJDOKDGRV H XP
IUDTXHGHJRODDOWD±DOWtVVLPD$TXLORPHGHXXPQRMR7LYHYRQWDGHGHOKHTXHEUDUDYLWULQDQD
FDUD 0DV SHQVHL ³3DUD TXr" 1mR DGLDQWD ID]HU EDUXOKR WXGR Mi IRL SRU iJXD DEDL[R´ 9ROWHL
SDUDRTXDUWHOjQRLWLQKDHVWLUHLPHQDWDULPEDHKiGHFUHU$OH[DQGUH3HWURYLWFK"GHUHSHQWH
PHSXVDFKRUDU
³3DVVRXVHXPGLDHRXWURPDLVHXPWHUFHLUR1mRYLPDLV/XtVD)RLHQWmRTXHVRXEHSRU
XPDDPLJD XPDYHOKDHQJRPDGHLUDTXH/XtVDjVYH]HVYLVLWDYD TXHRDOHPmRWLYHUDFLrQFLDGR
QRVVRQDPRURHHVWDYDDSUHVVDQGRRFDVDPHQWRSRUFDXVDGLVVR6HQmRIRVVHDVVLPHVSHUDULD
DLQGDXPDQRRXGRLV3DUHFHTXHHOHWLQKDIHLWRFRPTXH/XtVDMXUDVVHQXQFDPDLVPHSURFXUDU
3DUHFHWDPEpPTXHHOHDSHUWDYDDWLDH/XtVDSRUPLQKDFDXVD(ODGHFHUWRDLQGDQmRUHIOHWLUD
EHPQmRVHUHVROYHUD$YHOKDWDPEpPPHGLVVHTXHQRRXWURGLDGRPLQJRLDPDVGXDVWRPDU
XPFDIpHPFDVDGRQRLYRLULDDLQGDXPSDUHQWHYHOKRDQWLJRFRPHUFLDQWHFDtGRQDPLVpULDH
TXH DJRUD YLJLD QXPD WDYHUQD 4XDQGR FRPSUHHQGL TXH QR GRPLQJR FHUWDPHQWH D FRLVD WRGD
ILFDULDUHVROYLGDILTXHLQXPDI~ULDWmRJUDQGHTXHQmRVDELDPDLVGHPLP'XUDQWHWRGRHVVHGLD
H QR GLD VHJXLQWH QmR SHQVHL HP RXWUD FRLVD (UD FDSD] GH HQJROLU YLYR R GHVJUDoDGR GDTXHOH
DOHPmR
³1RGRPLQJRGHPDQKmHXDLQGDQmRGHFLGLUDRTXHKDYHULDGHID]HUPDVDVVLPTXHDFDERX
D PLVVD YHVWL R FDSRWH H WRTXHL SDUD D FDVD GR DOHPmR 7LQKD QD PHQWH HQFRQWUDU WRGRV Oi
SRUpPMXURTXHQmRVDELDSDUDTXHRVTXHULDQHPDGLYLQKDYDTXHLDGDUFDERGHDOJXpP3RUYLD
GDVG~YLGDVOHYHLQREROVRXPDSLVWROD±XPDSLVWRODGHQDGDFRPXPJDWLOKRjPRGDDQWLJDTXH
HX WLQKD FRPLJR GHVGH PHQLQR -i QmR YDOLD FRLVD QHQKXPD 0DV SXVOKH FDUJD GH TXDOTXHU
PRGR SRUTXH SHQVDYD
9mR PH WRFDU SDUD IRUD YmR VHU JURVVHLURV FRPLJR HQWmR HX WLUR R
EULQTXHGRGREROVRHIDoRXPSRXFRGHPHGRQRSHVVRDO
(QWUHLQDORMDQLQJXpP(VWDYDPQRV
IXQGRVVR]LQKRVVHPFULDGD2VXMHLWRWLQKDDOLiVXPDFR]LQKHLUDDOHPm$WUDYHVVHLDORMDHGHL
FRPXPDSRUWDIHFKDGD±XPDSRUFDULDGXPDSRUWDYHOKDWUDQFDGDFRPXPDWUDPHOD3DUHL
FRPRFRUDomREDWHQGRIRUWHHHVFXWHLHVWDYDPIDODQGRDOHPmR'HLXPSRQWDSpQDSRUWDFRP
WRGDDIRUoDHLPHGLDWDPHQWHHODVHDEULX9LDPHVDSRVWDHHPFLPDXPDFDIHWHLUDHQRUPHH
RFDIpIHUYHQGRQXPDOkPSDGDGHiOFRRO%LVFRLWRVQXPSUDWRXPDJDUUDIDGHYRGFDDUHQTXHV
XPVDOVLFKmRHPDLVRXWUDJDUUDIDGHQmRVHLTXHYLQKR/XtVDHDWLDHVWDYDPVHQWDGDVQRVRIi
WRGDVQRWULQTXHGHIURQWHGHODVQXPDFDGHLUDRDOHPmRRQRLYRWRGRSHQWHDGRFRPRIUDTXH
GH JROD DOWD QR FDQWR GD PHVD RXWUR DOHPmR XP YHOKR JRUGR GH FDEHOR EUDQFR PXLWR TXLHWR
(QWUHL/XtVDILFRXGDFRUGHFHUDDWLDGHXXPVDOWRHWRUQRXDVHQWDURDOHPmRIHFKRXDFDUD
/HYDQWRXVHPDOVDWLVIHLWRHFDPLQKRXSDUDPLP
³±4XHGHVHMDDTXLVROGDGR"±SHUJXQWRX
³(XGHYLDHVWDUDWUDSDOKDGRPDVDUDLYDPHGHXFRUDJHP
³±4XHGHVHMR"4XHPHUHFHEDVHPHRIHUHoDVEHELGD9LPDTXLGHYLVLWD
³2DOHPmRSHQVRXHGLVVH
³±6HQWHVH
³6HQWHLPHHIDOHL
³±9DPRVVHUYHPHEHELGD
³(HOHUHVPXQJRX
³±(VWiDTXLDYRGFDEHEDSRUIDYRU
³±6LPIDOHLPDVHVWDYRGFDSUHVWD"
³$PRVWDUGDMiHVWDYDPHVXELQGRDRQDUL]
³±ePXLWRERD
³(OHPHHVSLDYDSRUFLPDGRRPEURHDTXLORPHID]LDIHUYHURVDQJXH(RSLRUMiVHVDEH
HUDYHU/XtVDPHROKDU(QJROLDYRGFDHGLVVH
³±3RUTXHHVWiVFRPWDQWDJURVVHULDDOHPmR"7HQVTXHVHUPHXDPLJR3DUDLVVRYLPDTXL
³±1mRSRVVRVHUVHXDPLJR±UHVSRQGHXHOH±9RFrQmRSDVVDGXPVROGDGR
³(QWmRILTXHLXPDIHUD
³±&DUDGHHVSDQWDOKR±JULWHL±VDOVLFKHLURGHXPDILJDQmRHVWiVYHQGRTXHHXDJRUDSRVVR
ID]HUGHWLRTXHTXLVHU"(VWiVYHQGRHVWDSLVWROD"4XHUHVTXHWHUHEHQWHDFDEHoDFRPHOD"
³7LUHLDSLVWRODGREROVRHDSRQWHLEHPSDUDRPHLRGDFDUDGHOH2VRXWURVROKDYDPPDLV
PRUWRVTXHYLYRVQmRWLQKDPFRUDJHPQHPGHUHVSLUDU2YHOKRWUHPLDFRPRXPDIROKDVHP
GDUXPSLREUDQFRGHPHGR
³2DOHPmRHVWDYDDQWHVDGPLUDGRPDVGHTXDOTXHUPRGRVHUHIH]GHSUHVVD
³±1mRWHQKRPHGRGHYRFrIDORXHOH(VHpXPKRPHPEHPHGXFDGRSHoROKHTXHDFDEH
MiFRPHVVDEULQFDGHLUD1mRPHID]PHGRQHQKXP
³±0HQWLUD±EUDGHL±(VWiVFRPPHGR
³eYHUGDGHTXHHOHQmRVHDWUHYLDDPH[HUFRPDFDEHoDGHEDL[RGDSLVWRODQmRPRYLDXP
GHGR
³±1mRRVHQKRUQmRWHPDEVROXWDPHQWHRGLUHLWRGHID]HULVVR
³±(SRUTXHpTXHQmRWHQKRGLUHLWR"
³±3RUTXHpSURLELGRHGHSRLVWHULDTXHSDJDUSHORTXHIH]
³'LDERV OHYHP R EXUUR GDTXHOH DOHPmR 6H HOH QmR PH IL]HVVH SHUGHU DV HVWULEHLUDV DLQGD
HVWDULDYLYR)RLDGLVFXVVmRTXHSURYRFRXWXGR
³±$K±UHSOLTXHL±HQWmRHVWiVSHQVDQGRTXHHXQmRPHDWUHYR"
³±1QmR
³±1mRPHDWUHYR"
³±1mRVHDWUHYHDEVROXWDPHQWH
³±3RLVHQWmRWRPDFDUDGHVDOVLFKDWRPD
³'HLRWLURHRVXMHLWRHVFRUUHJRXGDFDGHLUDHQTXDQWRRVRXWURVVHSXVHUDPDEHUUDU
³(QILHLDSLVWRODQREROVRHPHUDVSHLGHOi&KHJDQGRDRTXDUWHODWLUHLDSLVWRODQDVXUWLJDV
SHUWRGDHQWUDGD
³(QWUHL PH HVWLUHL QD FDPD H SHQVHL
9mR PH SHJDU
 0DV SDVVRXVH XPD KRUD RXWUD H
QDGD -i HUD QRLWH TXDQGR PH YHLR XPD PiJRD XPD GRU WmR JUDQGH TXH TXDVH PH UHEHQWD
7LQKD TXH HQFRQWUDU /XtVD QDTXHOH PHVPR LQVWDQWH 3DVVHL SHOD UHORMRDULD YL Oi XP SRYDUpX
HQRUPH H D SROtFLD 3HGL j YHOKD TXH FKDPDVVH /XtVD HVSHUHL XP SRXFR H /XtVD FKHJRX
$JDUURXVHFRPLJRFKRUDQGR
6RXHXDFXOSDGDSRUTXHIXLHVFXWDURVFRQVHOKRVGHPLQKDWLD

(FRQWRXHPVHJXLGDTXHORJRGHSRLVGDKLVWyULDDWLDYROWDUDSDUDFDVDGRHQWHGHPHGRLQFDSD]
GH GL]HU XPD SDODYUD
1mR TXLV IDODU QDGD D QLQJXpP H IH] FRP TXH HX MXUDVVH TXH FDODYD D
ERFD$YHOKDHVWDYDPRUUHQGRGHPHGR)DoDPHOHVRTXHTXLVHUHP1LQJXpPQRVYLXOiHOH
WLQKD PDQGDGR HPERUD D FULDGD WLQKD PHGR GHOD HUD FDSD] GH OKH DUUDQFDU RV ROKRV TXDQGR
VRXEHVVH TXH R SDWUmR LD FDVDU FRPLJR 2V HPSUHJDGRV WDPEpP QmR HVWDYDP ± HOH PHVPR
SUHSDURXRFDIpHDPHUHQGD(RSDUHQWHYHOKRVHPSUHFDODGRDYLGDLQWHLUDKiGHFRQWLQXDU
FDODGRDJRUD4XDQGRDFRLVDDFRQWHFHXDSDQKRXRFKDSpXHVDLXVHPGL]HUQDGD

³7XGR VH SDVVRX DVVLP PHVPR 'XUDQWH XQV TXLQ]H GLDV QLQJXpP PH SUHQGHX QLQJXpP
VXVSHLWRXGHPLP(GXUDQWHHVVHWHPSRDFUHGLWHVHTXLVHU$OH[DQGU3HWURYLWFKQXQFDIXLWmR
IHOL]QDPLQKDYLGD9LD/XtVDWRGRVRVGLDVHTXHFDULQKRTXHHODPHGLVSHQVDYD&KRUDYDH
GL]LD
9RX SDUD TXDOTXHU OXJDU RQGH WH PDQGDUHP 'HL[R WXGR SRU WL
 (X Mi SHQVDYD DWp HP
DFDEDU FRP D YLGD WDQWD SHQD TXH HOD PH GDYD PDV GHSRLV GHVVDV GXDV VHPDQDV PH
SUHQGHUDP2YHOKRHDWLDFRQOXLDUDPVHHPHGHQXQFLDUDP´
±(VFXWH%DNOXFKLQH±LQWHUURPSL±8PFDVRGHVVHVSRGLDOKHDUUDQMDUXQVGH]DGR]HDQRV
QDVHomRFLYLO&RQWXGRYRFrHVWiQDVHomRHVSHFLDO3RUTXr"
±,VVRMipRXWUDKLVWyULD4XDQGRIXLDFRQVHOKRGHJXHUUDRFDSLWmRPHGLVVHXPDSRUomRGH
SDODYU}HVGLDQWHGRVMXt]HV(XQmRSXGHDWXUDUDTXLORHJULWHL³3RUTXHPHLQVXOWDVGHVVHPRGR"
2QGH p TXH SHQVDV TXH HVWiV" 1mR HVWiV YHQGR R
HVSHOKR GD MXVWLoD
 QD WXD IUHQWH DQLPDO"´
-XQWDUDPXPDKLVWyULDFRPDRXWUDSHJXHLTXDWURPLOYDUDGDVHDVHomRHVSHFLDO0DVTXDQGR
PHOHYDUDPSDUDVRIUHURFDVWLJRRFDSLWmRWDPEpPHVWDYDOi(XVRIULRVDoRLWHV(OHSRUpP
IRL GHJUDGDGR H PDQGDGR SDUD R &iXFDVR FRPR VLPSOHV SUDoD $Wp ORJR $OH[DQGU 3HWURYLWFK
QmRIDOWHDRQRVVRWHDWUR


1$7$/


(QILP FKHJRX R 1DWDO 'HVGH DV YpVSHUDV RV SUHVRV TXDVH QmR WUDEDOKDYDP RV DOIDLDWHV H
RXWURVRILFLDLVIRUDPSDUDDVRILFLQDVSRUpPRVGHPDLVVHUHXQLUDPSDUDDFKDPDGDHYROWDUDP
TXDVHLPHGLDWDPHQWHGHXPHPXPRXDRVJUXSRV'HSRLVGDUHIHLomRQLQJXpPVHPH[HXPDLV
$OLiVGHVGHSHODPDQKmDPDLRULDGRVGHWHQWRVQmRVHRFXSDYDVHQmRGRVVHXVSUySULRVQHJyFLRV
8QV FRQVSLUDYDP D SURSyVLWR GD YRGFD TXH HUD SUHFLVR ID]HU HQWUDU RX HQFRPHQGDU DLQGD
2XWURV SHGLDP SHUPLVVmR SDUD YLVLWDU DPLJRV RX DPLJDV DOJXQV UHFROKLDP SDUD DV IHVWDV DV
SHTXHQDV TXDQWLDV TXH KDYLDP JDQKR FRP R VHX WUDEDOKR SDUWLFXODU %DNOXFKLQH H D WXUPD
HQFDUUHJDGD GR WHDWUR SURFXUDYDP FRQYHQFHU DOJXQV LQGHFLVRV VREUHWXGR HQWUH DV RUGHQDQoDV
GRV RILFLDLV TXH WLQKDP SRVVLELOLGDGH GH OKHV HPSUHVWDU WUDMRV $OJXQV LDP H YLQKDP FRP DU
DEVRUWR H DSUHVVDGR PDV DSHQDV SRUTXH YLDP RV RXWURV DEVRUWRV H DSUHVVDGRV QmR WLQKDP
QHQKXPGLQKHLURHPSHUVSHFWLYDWRGDYLDFRPSRUWDYDPVHFRPRVHRHVSHUDVVHPGDVPmRVGRV
GHYHGRUHV (P UHVXPR WRGRV DJXDUGDYDP R GLD VHJXLQWH FRPR XP DFRQWHFLPHQWR
H[WUDRUGLQiULR¬WDUGHRVLQYiOLGRVYROWDUDPGDFLGDGHFRPDVHQFRPHQGDVGRVSUHVRVWUD]LDP
YiULRVFRPHVWtYHLVFDUQHOHLW}HVHDWpJDQVRV$OJXQVGRVQRVVRVHQWUHRVPDLVVLPSOHVHRVPDLV
HFRQ{PLFRV DWp PHVPR DTXHOHV TXH GXUDQWH R DQR LQWHLUR LDP MXQWDQGR XP D XP RV VHXV
FRSHTXHVVHQWLDPVHREULJDGRVDDIURX[DURVFRUG}HVGDEROVDHDFRPHPRUDUFRQGLJQDPHQWHD
IHVWD21DWDOUHSUHVHQWDYDSDUDRVIRUoDGRVXPDVROHQLGDGHGHTXHQLQJXpPRVSRGHULDSULYDU
TXH D OHL OKHV UHFRQKHFLD IRUPDOPHQWH (UD XP GRV WUrV GLDV GR DQR HP TXH QLQJXpP WLQKD R
GLUHLWRGHRVID]HUWUDEDOKDU
$ILQDO SRGHVH FRQFHEHU TXDQWDV UHFRUGDo}HV DJLWDYDP DV DOPDV GDTXHOHV UpSURERV QDV
SUR[LPLGDGHVGR1DWDO$JHQWHGRSRYRFXOWLYDGHVGHDLQIkQFLDRUHVSHLWRSHODVIHVWDVVROHQHV
GXUDQWHDVTXDLVVHDEDQGRQDDUXGHODEXWDHFRQJUHJDPVHDVUHXQL}HVGHIDPtOLD1RSUHVtGLR
RQGH D FRPHPRUDomR GDV IHVWDV QmR SRGHULD SURYRFDU VHQmR VDXGDGH HVVH FXOWR DVVXPLD XP
DVSHFWR LPSRQHQWH 6y DOJXQV GHWHQWRV EHELDP D PDLRULD VH PDQWLQKD JUDYH FRPR TXH
SUHRFXSDGD DSHVDU GD VXD DEVROXWD GHVRFXSDomR 2V SUySULRV EHEHUU}HV VH HVIRUoDYDP SRU
PDQWHUXPDUVpULR$VULVDGDVSDUHFLDPSURLELGDV5HLQDYDHPWRGRRSUHVtGLRXPDDWPRVIHUD
GHVXVFHWLELOLGDGHGHLQWROHUkQFLDHTXHPPHVPRLQYROXQWDULDPHQWHSHUWXUEDYDDFRPSRVWXUD
JHUDOHUDFKDPDGRjRUGHPSRUJULWRVSRULQM~ULDV]DQJDYDPVHFRQWUDHOHFRPRVHIDOWDVVHDR
UHVSHLWR j SUySULD IHVWD (VVH HVWDGR GH HVStULWR HUD WmR FRPRYHQWH TXDQWR FXULRVR $OpP GD
YHQHUDomR LQWUtQVHFD TXH VHQWH QHVVH JUDQGH GLD R IRUoDGR VH DSHUFHEH LQFRQVFLHQWHPHQWH GH
TXH D VXD FRSDUWLFLSDomR QD IHVWD R S}H HP FRPXQKmR FRP R UHVWR GR PXQGR H TXH SRU
FRQVHTXrQFLD Mi QmR p HOH XP UpSURER XP GHFDtGR XP IDUUDSR VHP GRQR PDV HPERUD QR
IXQGRGRSUHVtGLRDLQGDpXPKRPHP&DGDXPRVHQWLDHDTXLORHUDYLVtYHOFRPSUHHQVtYHO
2SUySULR$NLP$NLPLWFKVHSUHSDUDYDDWLYDPHQWH1mRWLQKDUHFRUGDo}HVGHIDPtOLDSRLVVH
FULDUD yUImR HP FDVD GH HVWUDQKRV H DRV TXLQ]H DQRV LQLFLDUD RV GXURV WUDEDOKRV GR VHUYLoR
PLOLWDU6XDYLGDQmRFRQWDUDQXQFDDOHJULDVHVSHFLDLVSRUTXHHOHDSDVVDUDQDUHJXODULGDGHQD
URWLQDQRUHFHLRGHLQIULQJLUTXDOTXHUtQILPRGHYHUTXHOKHHUDLPSRVWR1mRHUDPXLWRUHOLJLRVR
XPD YH] TXH R IRUPDOLVPR OKH DEVRUYHUD WRGRV RV GRQV KXPDQRV WRGDV DV SDL[}HV WRGRV RV
GHVHMRVERQVHPDXV3UHSDUDYDVHSRUWDQWRVHPQHQKXPVHQWLPHQWRIHEULOVHPHPRomRVHP
D PtQLPD HVSpFLH GH VDXGDGH 0DV WLQKD DOL H[FHOHQWH RSRUWXQLGDGH SDUD DSOLFDU VXD PHWyGLFD
SRQWXDOLGDGHQRVGHYHUHVLPSRVWRVSRUXPDIHVWDGHWUDGLomRLQGLVFXWtYHO$OLiV$NLP$NLPLWFK
QmRJRVWDYDGHUHIOHWLU$LPSRUWkQFLDGRVIDWRVOKHGHL[DYDRFpUHEURHPUHSRXVREDVWDYDTXH
XPDRUGHPOKHIRVVHGDGDSDUDDFXPSULUFRPUHOLJLRVLGDGHHPLQ~FLD6HQRGLDVHJXLQWHOKH
GHVVHP QRYD RUGHP LQWHLUDPHQWH DQWDJ{QLFD j GD YpVSHUD REHGHFHULD FRP D PHVPD
GRFLOLGDGH R PHVPR FXLGDGR &HUWD YH] XPD ~QLFD YH] QD VXD YLGD DJLUD SRU VXD SUySULD
FDEHoDHDTXLORROHYDUDDRSUHVtGLR$OLomRQmRVHSHUGHUD3RUPDLVLQFDSD]TXHIRVVHHOHGH
FRPSUHHQGHU HP TXH FRQVLVWLUD R VHX FULPH WLUDUD GDTXHOD DYHQWXUD XPD UHJUD VDOXWDU QmR
UDFLRFLQDU QXQFD SRUTXH UDFLRFLQDU QmR HUD ³QHJyFLR´ VHX 'HYRWR FHJR GDV IyUPXODV
FRQVLGHUDYD FRP DQWHFLSDGR UHVSHLWR R OHLWmR TXH UHFKHDUD FRP FHQWHLR H TXH FRP VXDV
SUySULDV PmRV DVVDUD QR IRUQR ± SRLV DWp FR]LQKDU VDELD 1mR R FRQVLGHUDYD XP VLPSOHV OHLWmR
TXH VH SRGH HP TXDOTXHU WHPSR FRPSUDU H DVVDU PDV XP DQLPDO FULDGR HVSHFLDOPHQWH SDUD
IHVWHMDU R 1DWDO 'HFHUWR KDELWXDGR GHVGH D LQIkQFLD D YHU ILJXUDU XP OHLWmR QD FHLD GR 1DWDO
FRQFOXtUD TXH HVVH DQLPDO HUD LQGLVSHQViYHO j FHOHEUDomR GR GLD HVWRX FRQYHQFLGR GH TXH VH
$NLP$NLPLWFKQmRSXGHVVHFRPHUOHLWmRQDQRLWHGHIHVWDVDTXHOHGHYHUQmRFXPSULGROKHGDULD
UHPRUVRVSDUDRUHVWRGDYLGD7UDMDYDDWpHQWmRXPFDVDFRYHOKRHXPDVFDOoDVTXHDSHVDUGH
WRGRV RV FXLGDGRVRV UHPHQGRV WLQKDP FKHJDGR DR ~OWLPR JUDX GH XVXUD 'HVFREUL TXH Mi Ki
TXDWURPHVHVHOHJXDUGDYDSUHFLRVDPHQWHGREUDGRQRED~RXQLIRUPHQRYRFRPRILP~QLFRGH
R HVWUHDU QR 1DWDO 1D YpVSHUD GHVVH JUDQGH GLD $NLP R WLURX GR ED~ HVWHQGHXR ROKRXR
HVFRYRXRDVVRSURXRH[DPLQRXRFRVWXUDSRUFRVWXUDHDILQDORH[SHULPHQWRXSDUDYHUFRPR
ILFDYD&RQVWDWRXTXHILFDYDEHPTXHHVWDYDGHFHQWHTXHRVFROFKHWHVIHFKDYDPDWpHPFLPD
TXH R FRODULQKR GXUR FRPR FDUWROLQD OKH PDQWLQKD R TXHL[R HOHYDGR 2 WUDMR WLQKD XPD FHUWD
OLQKDPLOLWDUQRFRUWHH$NLP$NLPLWFKFRPXPPHLRVRUULVRGHVDWLVIDomRYLUDYDVHHUHYLUDYD
VHOHVWDPHQWHGLDQWHGRVHXHVSHOKLQKRFXMDPROGXUDMiKiPXLWRWHPSRQXPDKRUDGHIROJD
HOH SUySULR GRXUDUD 6y XP FROFKHWH GR FRODULQKR QmR SDUHFLD Oi PXLWR EHP SUHJDGR $NLP
$NLPLWFKRGHVFREULXHUHVROYHXPXGiORGHOXJDU'HSRLVGHUHSUHJDURFROFKHWHH[SHULPHQWRX
GHQRYRRFDVDFRHYLXTXHHVWDYDLUUHSUHHQVtYHO7UDQTXLOL]DGRHQWmRGREURXDURXSDHWRUQRXD
JXDUGiODFXLGDGRVDPHQWHQRED~(VWDYDFRPDFDEHoDEHPUDVSDGDWRGDYLDGHSRLVGHVHYHUR
H[DPHDRHVSHOKRREVHUYRXTXHRDOWRGRFUkQLRQmRVHPRVWUDYDLQWHLUDPHQWHOLVRDYLVWDYDPVH
DOJXQVFDEHORVXPSRXFRFUHVFLGRVIRLLPHGLDWDPHQWHSURFXUDUR³PDMRU´SDUDUDVSDUDFDEHoD
GLUHLWRGHDFRUGRFRPRUHJXODPHQWR1LQJXpPGHFHUWRRLULDUHYLVWDUQRGLDVHJXLQWHPDVHOH
SURFHGLDDVVLPSRUDOtYLRGHFRQVFLrQFLDDILPGHFXPSULUVHXVGHYHUHVSDUDFRPDIHVWD'HVGH
FULDQoD WUD]LD JUDYDGD QD DOPD D YHQHUDomR SHOR ERWmR RV DODPDUHV DV GUDJRQDV VHX HVStULWR
HVWDYDSUHVRDHVVDVPDUFDVH[WHUQDVGRGHYHUHDVFXOWXDYDQRtQWLPRFRPRDLPDJHPGDPDLV
SHUIHLWD HOHJkQFLD TXH SRGH VHU FRELoDGD SRU XP KRPHP GH ERPWRP 'HSRLV GH SURFHGHU D
WRGDV HVVDV YHULILFDo}HV QD VXD TXDOLGDGH GH PRQLWRU PDQGRX WUD]HU SDOKD H ILVFDOL]RX D VXD
PHWyGLFD GLVSRVLomR VREUH R FKmR 3URFHGLDVH j PHVPD RSHUDomR HP WRGRV RV RXWURV
DORMDPHQWRV 1mR VHL SRU TXH TXDQGR FKHJDYD R 1DWDO SXQKDP SDOKD QR FKmR $FDEDGRV RV
WUDEDOKRV $NLP $NLPLWFK UH]RX DV VXDV RUDo}HV HVWLURXVH QD WDULPED H DGRUPHFHX
LPHGLDWDPHQWHQRVRQRVXDYHGDLQIkQFLDSDUDGHVSHUWDURPDLVFHGRSRVVtYHOQRGLDVHJXLQWH
)RL DOLiV R TXH WDPEpP IL]HUDP RV GHPDLV GHWHQWRV (P WRGRV RV DORMDPHQWRV IRLVH GRUPLU
PXLWRPDLVFHGRTXHQRVRXWURVGLDV2VWUDEDOKRVFRPXQVGHVHUmRIRUDPDEDQGRQDGRVTXDQWR
DRPDLGDQHQHPVHSHQVDYDQLVVR&DGDXPYLYLDQDH[SHFWDWLYDGRGLDVHJXLQWH
(QILP R GLD FKHJRX 0XLWR FHGR DQWHV GD PDGUXJDGD EDWHXVH D DOYRUDGD DEULUDPVH DV
FDVHUQDVHRVXERILFLDOTXHYHLRID]HUDFKDPDGDQRVGHVHMRXERDVIHVWDV(HPWRPDPiYHOOKH
UHWULEXtPRVRVYRWRV$FDEDGDVDVUH]DV$NLP$NLPLWFKHYiULRVRXWURVVHSUHFLSLWDUDPSDUDD
FR]LQKD D ILP GH YLJLDU R SUHSDUR GR VHX JDQVR RX GR VHX OHLWmR 1D VRPEUD DWUDYpV GDV
MDQHOLQKDVWDSDGDVSHODQHYHHSHORJHORYLDPVHOX]LURVVHLVIRJ}HVGDVFR]LQKDVDFHVRVGHVGHD
PDGUXJDGD 1R SiWLR HVFXUR SDVVDYDP RV GHWHQWRV FRP R FDSRWH DWLUDGR DR RPEUR DWUDtGRV
WRGRVSHORVIRJ}HV$OJXQV±HPSHTXHQRQ~PHURSRUpP±MiWLQKDPWLGRWHPSRSDUDYLVLWDURV
ERWHTXLQHLURV(UDPRVPDLVLPSDFLHQWHV$PDLRULDVHSRUWDYDFRPGLJQLGDGHFRPGHFrQFLD
PXLWRPHOKRUTXHGHKiELWR1mRVHRXYLDQLQJXpPDSUDJXHMDURXDEULJDUFRPRVHPSUH7RGRV
FRPSUHHQGLDPDJUDQGH]DDVROHQLGDGHGDIHVWD$OJXQVLDPjVRXWUDVFDVHUQDVSDUDGDUERDV
IHVWDV DRV DPLJRV H FRQKHFLGRV VHQWLDVH QDV YR]HV GDTXHOHV KRPHQV XP VHQWLPHQWR TXH VH
SDUHFLDPXLWRFRPDPL]DGH'LJDVHGHSDVVDJHPTXHRVIRUoDGRVQmRVHDIHLoRDPDQLQJXpP
p PXLWR UDUR YHU DOJXP WRUQDUVH DPLJR GH RXWUR $ DPL]DGH TXDVH QmR H[LVWLD HQWUH QyV DV
UHODo}HV HQWUH RV GHWHQWRV PDQWLQKDPVH VHPSUH iVSHUDV VHFDV HUD HVVH R WRP DGRWDGR H
YLJRUDQWHSUDWLFDPHQWHVHPH[FHo}HV
4XDQGRSRUPLQKDYH]VDtGDFDVHUQDRGLDFRPHoDYDDQDVFHUDVHVWUHODVHPSDOLGHFLDPH
XPDOHYHQHEOLQDFRQJHODGDLDVHHUJXHQGRGDWHUUD$IXPDoDVDtDHPDXWrQWLFDVFROXQDVSHODV
FKDPLQpV GDV FR]LQKDV 2V SRXFRV FRPSDQKHLURV TXH HQFRQWUHL YLQKDP HVSRQWkQHD H
DPDYHOPHQWHHPGDUERDVIHVWDV(HXDJUDGHFLHUHWULEXtRVERQVYRWRV
$OJXQVPHGLULJLDPDSDODYUDSHODSULPHLUDYH]
1DSRUWDGDVFR]LQKDVHQFRQWUHLXPGHWHQWRGDVHomRPLOLWDUFRPDSHOHGHFDUQHLURDWLUDGD
DR RPEUR 'R PHLR GR SiWLR DYLVWDQGRPH HOH JULWDUD ³$OH[DQGU 3HWURYLWFK $OH[DQGU
3HWURYLWFK´(VHSUHFLSLWDUDSDUDDVFR]LQKDV'HWLYHPHSDUDRHVSHUDU(UDXPUDSD]GHFDUD
UHGRQGDROKDUFDOPRPXLWRSRXFRFRQYHUVDGRUQXQFDPHGLULJLUDDSDODYUDQHPPHSUHVWDUDD
PtQLPD DWHQomR H HX QmR OKH VDELD VHTXHU R QRPH &KHJRX DIRJXHDGR UHVIROHJDQGR H ILFRX
SDUDGRGLDQWHGHPLPVRUULQGRHILWDQGRPHFRPRVROKRVHVW~SLGRV
± 4XH GHVHMD" ± SHUJXQWHLOKH QmR VHP HVSDQWR YHQGR TXH HOH QmR VH PH[LD H PH ROKDYD
VHPHQFRQWUDUSDODYUDV
±0DVpDIHVWD±JDJXHMRXDILQDOHFRPSUHHQGHQGRTXHQDGDPDLVWLQKDDPHGL]HU
GHXPHLDYROWDHHQWURXQDFR]LQKD
)DUHL QRWDU DTXL TXH GHVGH HVVH GLD DWp DR ILP GD PLQKD GHWHQomR QmR QRV HQFRQWUDPRV
SUDWLFDPHQWHQXQFDPDLV
1DVFR]LQKDVMXQWRDRVIRJ}HVDTXHFLGRVDWpDRUXEURXPYHUGDGHLURIRUPLJXHLURVHDJLWDYD
&DGD XP WRPDYD FRQWD GR TXH HUD VHX HQTXDQWR RV FR]LQKHLURV SUHSDUDYDP D FRPLGD JHUDO
SRUTXH QHVVH GLD D KRUD GDV UHIHLo}HV HUD DGLDQWDGD (QWUHWDQWR QLQJXpP VH VHQWDYD j PHVD
DSHVDUGRVGHVHMRVGHDOJXQV(VSHUDYDVHRSDGUHSRLVRMHMXPVyGHYHULDWHUPLQDUGHSRLVGD
VXDYLVLWD2VRODLQGDQmRFODUHDUDGHWRGRTXDQGRQRSRUWmRGHHQWUDGDVRRXRJULWRGRFDERGH
VHUYLoR FKDPDQGR RV FR]LQKHLURV 2 PHVPR JULWR HFRRX D WRGR LQVWDQWH GXUDQWH SHUWR GH GXDV
KRUDV FKDPDYD SDUD TXH VH UHFHEHVVHP DV HVPRODV PDQGDGDV GH WRGRV RV FDQWRV GD FLGDGH
(QYLDYDP HP TXDQWLGDGHV HQRUPHVNDODWFKL SmHV SDVWpLV GH TXHLMR IULWXUDV GRFHV GH WRGD
HVSpFLH3HQVRTXHQmRKDYLDQDFLGDGHXPDYHQGHLUDXPDEXUJXHVDTXHQmRPDQGDVVHFRPR
IHVWDV XPD HVPROD SDUD RV ³GHVJUDoDGRV´ $OJXPDV HVPRODV HUDP RSXOHQWDV FRPR SRU
H[HPSORSmHVGHIORUGHIDULQKDRXWUDVPHVTXLQKDVXPSmR]LQKRUHGRQGRGHGRLVFRSHTXHVRX
XPD WRUWD ODPEX]DGD GH FUHPH D]HGR DTXLOR HUD R SUHVHQWH GR SREUH DR SREUH PDV R GRDGRU
JDVWDUD QHOH R VHX ~OWLPR FRSHTXH 5HFHELDVH WXGR FRP R PHVPR UHFRQKHFLPHQWR VHP ID]HU
GLVWLQo}HVHQWUHRVGRQDWLYRVRXHQWUHRVGRDGRUHV2VGHWHQWRVTXHUHFHELDPHVPRODVWLUDYDPR
JRUUR LQFOLQDYDPVH SDUD VDXGDU RV GRDGRUHV GHVHMDQGROKHV ERDVIHVWDV H OHYDYDP SDUD DV
FR]LQKDVRTXHOKHVKDYLDVLGRHQWUHJXH4XDQGRUHXQLDPJUDQGHVPRQWHVGHSmRFKDPDYDPVH
RV PRQLWRUHV H HOHV RV UHSDUWLDP HP SDUWHV LJXDLV HQWUH WRGRV RV DORMDPHQWRV $ SDUWLOKD QmR
SURYRFDYD EULJDV QHP GHVFRPSRVWXUDV ID]LDVH KRQHVWD HTXLWDWLYDPHQWH $NLP $NLPLWFK
DMXGDGR SRU RXWUR SUHVR QRV GLVWULEXtD R TXLQKmR GR QRVVR DORMDPHQWR GLYLGLDPVH FRP VXDV
SUySULDVPmRVHHQWUHJDYDPDFDGDXPDVXDSDUWH1mRKRXYHDPtQLPDUHFODPDomRFDGDXP
VH FRQVLGHUDYD VDWLVIHLWR QHQKXP VHQWLD LQYHMD QHQKXP SHQVDYD TXH DV HVPRODV KDYLDP VLGR
HVFRQGLGDVRXGLYLGLGDVVHPLJXDOGDGH
4XDQGR WHUPLQRX RV VHXV SUHSDUDWLYRV GH FR]LQKD $NLP $NLPLWFK YHVWLXVH FRP FXLGDGR H
JUDYLGDGHVHPGHL[DUGHVDERWRDGRRPHQRUFROFKHWHGHSRLVIRLUH]DUQRTXHGHPRURXEDVWDQWH
WHPSR(UDPVREUHWXGRRVPDLVYHOKRVTXHGHVHPSHQKDYDPRVVHXVGHYHUHVUHOLJLRVRV(QWUHRV
MRYHQVPXLWRVVHFRQWHQWDYDPHPID]HURVLQDOGDFUX]DRVHOHYDQWDUHPPHVPRQRVGLDVGH
IHVWD $FDEDGD D UH]D $NLP $NLPLWFK PH SURFXURX H PH GHX DV ERDVIHVWDV FRP FHUWD
JUDYLGDGH&RQYLGHLRDWRPDUFKiHHOHPHFRQYLGRXDFRPHUGRVHXOHLWmR8PSRXFRGHSRLV
3HWURYFRUUHXSDUDPLPSDUDPHRIHUHFHUWDPEpPVHXVERQVYRWRV3DUHFLDMiWHUEHELGRXP
SRXFR VHP I{OHJR SRU FDXVD GD FRUULGD QmR PH IDORX PXLWR ILFRX DOJXQV VHJXQGRV SDUDGR
GHIURQWHGHPLPFRPRVHHVSHUDVVHDOJXPDFRLVDHPHGHL[RXUDSLGDPHQWHSDUDFRUUHUDWpj
FR]LQKD 1HVVH tQWHULP QD SULVmR PLOLWDU ID]LDPVH RV SUHSDUDWLYRV SDUD D UHFHSomR GRSRSH
(VVDFDVHUQDQmRHUDFRQVWUXtGDGHPRGRLJXDOjVRXWUDVDWDULPEDHUDDRFRPSULGRGDSDUHGH
HPYH]GHILFDUQRPHLRFRPRQDVGHPDLV(UDSRLVD~QLFDTXHQmRWLQKDRFHQWURRFXSDGR
7LQKDPQDDUUXPDGRDVVLPSDUDRVFDVRVHPTXHKRXYHVVHQHFHVVLGDGHGHUHXQLURVIRUoDGRV
3XVHUDP QR PHLR GD VDOD XPD PHVLQKD FREHUWD FRP XP SDQR EUDQFR GHSRLV FRORFDUDP HP
FLPDXPtFRQHHDFHQGHXVHXPDODPSDULQD(QILPHQWURXRSRSHFDUUHJDQGRDFUX]HDiJXD
EHQWD DSyV UH]DU H FDQWDU GLDQWH GD LPDJHP VDQWD GHIURQWRX RV GHWHQWRV TXH FRP VHQWLGD
FRPSXQomR GHVILODUDP SHUDQWH HOH D ILP GH EHLMDUHP D FUX] 2SRSH DWUDYHVVRX HP VHJXLGD
WRGDVDVFDVHUQDVHDVLDDVSHUJLQGRGHiJXDEHQWD1DFR]LQKDIHOLFLWRXQRVSHORQRVVRSmRTXH
HUDJDEDGRDWpQDFLGDGHLPHGLDWDPHQWHOKHVRIHUHFHPRVGRLVSmH]LQKRVTXHDFDEDYDPGHVDLU
GRIRUQRHHQFDUUHJDPRVXPGRVLQYiOLGRVGHRVOHYDUDWpjFDVDGRSRSH(GHVSHGLPRQRVGD
FUX] FRP R PHVPR UHVSHLWR FRP TXH D KDYtDPRV DFROKLGR (QWmR TXDVH QR PHVPR LQVWDQWH
DSDUHFHUDP R PDMRU H R JRYHUQDGRU (VWH TXH HUD TXHULGR SRU WRGR R PXQGR YLVLWRX RV
DORMDPHQWRV HP FRPSDQKLD GR PDMRU GHVHMRX IHOL] 1DWDO DRV IRUoDGRV SDVVRX SHOD FR]LQKD H
SURYRXDVRSDGHFRXYHVVXFXOHQWDQDTXHOHGLDSRUTXHWLQKDPSRVWRQHODFHUFDGHXPDOLEUDGH
FDUQHSRUGHWHQWR$GHPDLVXPFR]LGRGHPLOKRRQGHDPDQWHLJDQmRIRUDSRXSDGDIHUYLDQR
IRJR'HSRLVGHOHYDUjSRUWDRJRYHUQDGRURPDMRUGHXRVLQDOSDUDDUHIHLomRPDVRVSUHVRVVH
HVIRUoDYDP SRU QmR OKH ILFDU VRE DV YLVWDV WHPLDP R ROKDU RGLHQWR TXH SRU WUiV GRV yFXORV
SDVVHDYD j GLUHLWD H j HVTXHUGD SURFXUDQGR DWp PHVPR QDTXHOH PRPHQWR XPD GHVRUGHP D
UHSULPLURXXPFXOSDGRDFDVWLJDU
6HQWDPRQRVjPHVD2OHLWmRGH$NLP$NLPLWFKHVWDYDRWLPDPHQWHDVVDGR1mRVHLFRPRIRL
TXH LVVR VH GHX PDV FLQFR PLQXWRV QmR WLQKDP GHFRUULGR GHSRLV GD SDUWLGD GR PDMRU TXDQGR
GHVFREULPRV TXH JUDQGH Q~PHUR GH KRPHQV Mi HVWDYD ErEDGR ± H HQWUHWDQWR QD SUHVHQoD GR
FKHIHQLQJXpPSDUHFLDWHUWRPDGRQDGD0XLWDVFDUDVILFDYDPYHUPHOKDVHOXVWURVDVDSDUHFHX
XPD EDODODLFD R SRODFR GR YLROLQR IRUD FRQWUDWDGR SDUD WRGR R GLD H VHJXLD XP IROLmR
DUUDQKDQGRDOHJUHVP~VLFDVGHGDQoD$FRQYHUVDVHIH]PDLVDQLPDGDPDLVUXLGRVDFRQWXGRD
UHIHLomR DFDERX VHP JUDQGH WXPXOWR 7RGRV HVWDYDP IDUWRV $ PDLRULD GRV YHOKRV GRV PDLV
VpULRV IRL ORJR VH GHLWDU R PHVPR IH] $NLP $NLPLWFK FRQVLGHUDQGR GHFHUWR TXH QDV JUDQGHV
IHVWDVDVHVWDpGHULJRU2YHOKRUDVNROQLNLGH6WDUDGXERYFRFKLORXXPSRXFRGHSRLVHVWLURXVH
QDHVWXIDDEULXROLYURHS{VVHDUH]DUILFRXDVVLPVHPVHLQWHUURPSHUDWpDQRLWHIHFKDUGH
WRGR (UDOKH SHQRVR R HVSHWiFXOR GDTXHOD ³YHUJRQKD´ DVVLP GHVLJQDYD D HPEULDJXH] FROHWLYD
GRV SUHVRV  2V FLUFDVVLDQRV IRUDP WRGRV VHQWDUVH QD HQWUDGD H FRQWHPSODYDP FRP FXULRVD
UHSXJQkQFLD RV GHVSDXWpULRV GRV ErEDGRV (QFRQWUHLPH FRP 1XUUD ³,DPDQ LDPDQ 0DO
PDO ´ GLVVHPH HOH DEDQDQGR D FDEHoD FRP KRQHVWD LQGLJQDomR ³2KLDPDQ $Oi YDL VH
]DQJDU´,VDL)RPLWFKFRPDUSURYRFDQWHHREVWLQDGRDFHQGHXXPDYHODHVH S{V D WUDEDOKDU
SDUDWRUQDUEHPSDWHQWHTXHQDGDWLQKDFRPDTXHODIHVWD1RVFDQWRVRUJDQL]DYDPVHSDUWLGDV
GH MRJR QmR VH WHPLDP RV LQYiOLGRV HQWUHWDQWR SRU FDXVD GR VXERILFLDO TXH DOLiV IHFKDYD RV
ROKRVSXVHUDPVHVHQWLQHODVjHQWUDGD2RILFLDOGHJXDUGDDSDUHFHXWUrVYH]HVID]HQGRDURQGD
¬ VXD FKHJDGD HVFRQGLDPVH RV ErEDGRV GHVDSDUHFLDP RVPDLGDQHV ± H HOH SUySULR SDUHFLD
UHVROYLGRDQmRHQ[HUJDUDVOHYHVLQIUDo}HVDRUHJXODPHQWR(PGLDGHIHVWDDHPEULDJXH]QmR
HUD FRQVLGHUDGD FULPH 3RXFR D SRXFR DXPHQWDYD D DQLPDomR H FRPHoDYDP DV EULJDV 0DV
FRPRRPDLRUQ~PHURVHFRQVHUYDUDVyEULRQmRIDOWDYDTXHPWRPDVVHFRQWDGRVpEULRV(VWHV
UHDOPHQWH VH H[FHGLDP *D]LQH WULXQIDYD 3DVVHDYD FRPR XP UHL DR UHGRU GR VHX OXJDU
$FDEDYDH[DWDPHQWHGHWUDQVSRUWDUSDUDGHEDL[RGDWDULPEDDDJXDUGHQWHDWpHQWmRPXLWREHP
GLVVLPXODGD QXP HVFRQGHULMR SRU WUiV GDV FDVHUQDV VRE D QHYH 'DYD XPD ULVDGLQKD ODGLQD
ROKDQGRRVTXHYLQKDPFRPSUDUEHELGDPDVQmRWRFDYDQXPDJRWDGHYRGFDSRLVVXDLQWHQomR
HUD GLYHUWLUVH DSyV WHU HVYD]LDGR GH WRGR D DOJLEHLUD GRV FRPSDQKHLURV $V FDVHUQDV YLEUDYDP
FRP DV FDQo}HV SRUpP D EHEHGHLUD WRUQDYDVH LQIHUQDO H DV FDQWLJDV SDUHFLDP SUDQWR 0XLWRV
SDVVHDYDPDRVEDQGRVDSHOHGHFDUQHLURDWLUDGDGLVSOLFHQWHPHQWHjVFRVWDVGHGLOKDQGRFRPDU
FDVTXLOKRDVFRUGDVGDEDODODLFD1DVHomRHVSHFLDOXQVRLWRKRPHQVWLQKDPDWpRUJDQL]DGRXP
FRURFDQWDYDPPXLWREHPDFRPSDQKDGRVSRUEDODODLFDVHJXLWDUUDV0DVDVFDQWLJDVUHDOPHQWH
SRSXODUHVID]LDPH[FHomRUHFRUGRPHDSHQDVGHXPDDGPLUDYHOPHQWHFDQWDGD

³2XWURUDTXDQGRPRoR
³DPXLWDVIHVWDVIXL´

H GD TXDO JXDUGHL GH PHPyULD XPD YDULDQWH TXH DLQGD QmR FRQKHFLD 1R ILQDO GD WRDGD
DFUHVFHQWDYDDOJXQVYHUVRV
³4XDQGRHXHUDPRoR
³%RDFDVDWLQKD
³7XGROLPSRDVVHDGR´
³$ODYDJHPGRVSUDWRV
³(QJURVVDYDDVRSD
³1RVHERGRGHJUDX
³6HIULWDYDDEURD´

&DQWDYDPVHSULQFLSDOPHQWHDVFDQo}HVFKDPDGDV³GRSUHVtGLR´TXHWRGRRPXQGRFRQKHFH
8PDGHODVLQWLWXODGD³2XWURUD´HUDHQJUDoDGtVVLPDFRQWDDKLVWyULDGHXPKRPHPTXHGDQWHV
VH GLYHUWLD H YLYLD FRPREDULQH H DFDERX GDQGR FRP RV RVVRV QR SUHVtGLR 2XWURUD EHELD
FKDPSDQKDHDJRUD

³'mRPHFRXYHVFRPiJXD
³TXHTXDQGRDVPRUGRPH[RDWpDVRUHOKDV´

$RXWUDFDQomRFRQKHFLGtVVLPDHVWDYDHPJUDQGHPRGD

³2XWURUDYLYLDHX
³JDURWRIHOL]QRPXQGR
³7LQKDXPFDSLWDOJXDUGDGR
³PDVDLYHLRDSRXFDVRUWH
³HRPHXFDSLWDOYRRX
³$JRUDMiSHUGLWXGR
³SHUGLPHVPRDOLEHUGDGH
³HSHQRQRFDWLYHLUR´

(DVVLPSRUGLDQWH$SHQDVHQWUHQyVSURQXQFLDYDVHFRSLWDOHQmRFDSLWDOFDUUHJDQGRQRR
SRUTXHGHULYDYDPDSDODYUDGHFRSLW HFRQRPL]DU &DQWDYDPVHWDPEpPFDQWLJDVWULVWHV8PD
GHODVFDUDFWHUtVWLFDFDQomRGHSUHVtGLRSDUHFHPHTXHpFRQKHFLGDIRUDGHOH

³$FHQGHVHDOX]GRFpX
³HRWDPERUUXIDDDOYRUDGD
³$YHOKDSRUWDVHDEUH
³ID]DFKDPDGDRVDUJHQWR
³1LQJXpPYrSRUWUiVGRVPXURV
³FRPRYLYHPRVDTXL
³0DV'HXVVHPSUHHVWiFRQRVFR
³HPERUDQRVJXDUGHDTXL´

8PDRXWUDFDQomRPDLVWULVWHDLQGDFXMDP~VLFDpPDJQtILFDHPERUDDOHWUDVHMDLQFXOWDH
VHP EHOH]D IRL IHLWD GHFHUWR SRU XP SUHVR TXDOTXHU $OJXQV GRV YHUVRV DLQGD PH RFRUUHP j
OHPEUDQoD
³0HXVROKRVQmRPDLVDYLVWDP
³DSURYtQFLDRQGHQDVFL
³$QGRSHQDQGRLQRFHQWH
³FRQGHQDGRDHVWHPDUWtULR
³$GHXVDPRUHVDQWLJRV
³1RWHOKDGRFKRUDRPRFKR
³HDPDWDHFRDRVHXSUDQWR
³2PHXFRUDomRVHDSHUWD
³1XQFDPDLVDLQXQFDPDLV
³KHLGHUHYHUPLQKDWHUUD´

&DQWDYDPQD IUHTXHQWHPHQWH PDV HP VROR MDPDLV HP FRUR 1DV KRUDV GH GHVFDQVR XP
IRUoDGR YDL DWp j SRUWD GD FDVHUQD VHQWDVH PHGLWD FRP R URVWR HQWUH DV PmRV H HQWRD HVVD
TXHL[DQXPWRPDJXGRGHIDOVHWHHDWULVWH]DTXHHPDQDGDFDQWLJDGLODFHUDDDOPDGDJHQWH
1mRIDOWDYDPERQLWDVYR]HVHQWUHQyV
(QILPFDLXRFUHS~VFXOR$DQJ~VWLDDGRURSHVDGRWpGLRUHWRUQDYDPDWUDYpVGDRUJLDGD
EHEHGHLUD $TXHOH TXH XPD KRUD DQWHV HVWDYD ULQGR VROXoDYD DJRUD QXP FDQWR GHSRLV GH
DWUDYHVVDU RV OLPLWHV GD VLPSOHV HPEULDJXH] $OJXQV Mi WLQKDP WLGR WHPSR GH WURFDU SDQFDGDV
GXDV RX WUrV YH]HV 2XWURV DLQGD OtYLGRV PDO VH VHJXUDQGR QDV SHUQDV YDJXHDYDP RVFLODQWHV
DWUDYpVGDVFDVHUQDVSURYRFDQGREULJDV2VTXHRYLQKRHQWULVWHFLDSURFXUDYDPREVWLQDGDPHQWH
DPLJRV TXHULDP DOLYLDU D DOPD H GHVDEDIDU DV PiJRDV TXH R iOFRRO HUJXHUD j WRQD $TXHOHV
GHVJUDoDGRVWLQKDPGHVHMDGRWDQWRGLYHUWLUVHSDVVDUDOHJUHPHQWHDJUDQGHIHVWDH±PHX'HXV
±TXHSHVRTXHHVPDJDPHQWRSDUDTXDVHWRGRV&DGDXPTXLVHUDQDTXHOHJUDQGHGLDHPEDODU
VHFRPXPDHVSHUDQoDPDVDHVSHUDQoDQmRVHUHDOL]DUD'XDVYH]HVDLQGD3HWURYPHSURFXURX
%HEHUD PXLWR SRXFR H SDUHFLD TXDVH VyEULR GH WRGR SRUpP HVSHUDYD R DFRQWHFLPHQWR TXH
GHYHULDQHFHVVDULDPHQWHRFRUUHU±DWpDRGHUUDGHLURPLQXWRVHULDTXDOTXHUFRLVDH[WUDRUGLQiULD
VROHQHSURIXQGDPHQWHDOHJUH1mRGL]LDLVVRPDVOLDVHDH[SHFWDWLYDQRVVHXVROKRV&RUULDVHP
GHVFDQVR GXPD FDVHUQD D RXWUD H FRQWXGR QDGD GH HVSHFLDO VXFHGLD QmR HQFRQWUDYD VHQmR
ErEDGRVFULDWXUDVTXHYRFLIHUDYDPSUDJDVLPEHFLVFDUDVLQIODPDGDVSHORiOFRRO&RPR3HWURY
6LURWNLQH YHVWLGR FRP XPD EOXVD YHUPHOKD QRYD HP IROKD URQGDYD SHODV FDVHUQDV HOHJDQWH H
OLPSR HOH WDPEpP SDUHFLD HVSHUDU LQJHQXDPHQWH 3RXFR D SRXFR D DWPRVIHUD GR PHX
DORMDPHQWRVHWRUQRXLUUHVSLUiYHOQDXVHDEXQGD1mRIDOWDYDPHVSHWiFXORVF{PLFRVPDVHXPH
VHQWLDWmRWULVWHWLQKDWDQWRGyGDTXHOHVGHVJUDoDGRVTXHVXIRFDYD
'RLVDOLEULJDYDPSDUDGHFLGLUTXHPREVHTXLDULDRRXWURDFRLVDMiGXUDKiPXLWRWHPSRH
HVWmR SURQWRV D WURFDU PXUURV 8P GHOHV WHP XPD UL[D YHOKD FRP R RXWUR H TXHL[DVH
UHPH[HQGRDOtQJXDSDVWRVD
(VIRUoDYDVHSRUGHPRQVWUDUTXHDFDEDGHVRIUHUXPDLQMXVWLoDGXUDQWHR~OWLPRFDUQDYDOR
FRPSDQKHLUR OKH YHQGHX XP FDSRWH H R GLQKHLUR VXPLX 0DV QmR p Vy LVVR 2 TXHL[RVR p XP
UDSDJmR PXVFXORVR VRVVHJDGR LQWHOLJHQWH PDV WRGD YH] TXH EHEH SURFXUD XP DPLJR SDUD
GHVDEDIDU$SHVDUGDVSUDJDVGDVRIHQVDVTXHDOHJDVHQWHVHRVHXGHVHMRGHID]HUDVSD]HVFRP
RRXWURIRUoDGRDILPGHVHDSUR[LPDUHPPDLV(HVWHIRUWHDWDUUDFDGRWHPDFDUDUHGRQGD
XP DU DVWXWR GH LQWULJDQWH WDOYH] WHQKD EHELGR PDLV TXH R FRPSDQKHLUR SRUpP PDO VH OKH
GHVFREUH D HPEULDJXH] e KRPHP VpULR H SDVVD SRU ULFR QmR TXHU LUULWDU PDLV R FROHJD
H[FHVVLYDPHQWHH[SDQVLYRHOHYDRDRERWHTXLQHLUR2UDSD]VXVWHQWDVHPSUHTXHWHPGLUHLWRGH
UHFHEHUVXDGtYLGDHTXHRRXWURWHPREULJDomRGHOKHRIHUHFHUEHELGD³VHpTXHpVXPKRPHP
KRQUDGR´
'HPRQVWUDQGRDOJXPDFRQVLGHUDomRSHORKRPHPTXHSDJDHXPOHYHGHVSUH]RSHORIRUoDGR
H[SDQVLYR TXH UHFHEH GR RXWUR HP YH] GH EHEHU SRU FRQWD SUySULD R ERWHTXLQHLUR DSDQKD XP
FiOLFHHRHQFKH
± 1mR 6WLRSND WX p TXH SDJDV ± GL] R IRUoDGR H[SDQVLYR YHQGRVH FRQYLGDGR ± p D WXD
REULJDomR
±1mRDGLDQWDHVWUDJDUDOtQJXDIDODQGRFRQWLJR±UHWUXFD6WLRSND
± 1mR 6WLRSND HVWiV PHQWLQGR ± VXVWHQWD R UDSD] UHFHEHQGR R FiOLFH GDV PmRV GR
ERWHTXLQHLUR±6DEHVTXHPHGHYHVRXHQWmRQmRWHQVFRQVFLrQFLD1mRWHQVFRQVFLrQFLD1mR
WHQV FRQVFLrQFLD H WH IDOWD XP ROKR ± DWp R ROKR HPSHQKDVWH (PSHQKDV WXGR eV XP FDQDOKD
6WLRSNDXPFDQDOKDQmRSDVVDVGXPFDQDOKD
± $LQGD QmR SDUDVWH GH FKRUDPLQJDU" 2OKD HVWiV HQWRUQDQGR D YRGFD (QFKL R WHX FRSR
EHEH±JULWDRERWHTXLQHLURjTXHOHErEDGRSRUGHPDLVUXLGRVR±7HQKRTXHHVSHUDUDWpDPDQKm"
±6LPHVWRXEHEHQGRQmRSUHFLVRTXHPHJULWHV%RDVIHVWDVHERDVD~GH6WHSDQ'RURIHLWFK
± IDOD GHOLFDGDPHQWH R pEULR FRP XPD PHVXUD FRUWrV 'HSRLV ROKDQGR SDUD DTXHOH D TXHP
PRPHQWRVDQWHVFKDPDUD³FDQDOKD´FRQWLQXDFRPRFRSRjPmR±'HVHMRWHPDLVFHPDQRV
GHYLGDIRUDRVTXHMiWHQV
%HEHURVQDGHVDWLVIDomROLPSDDERFD
±$QWHVPLQKDJHQWHHXYLUDYDXPDERDSRUomRGHYRGFD±GHFODURXFRPGLJQLGDGHVHPVH
GLULJLU HVSHFLDOPHQWH D QLQJXpP ± PDV DJRUD HVVH WHPSR SDVVRX 0XLWR REULJDGR 6WHSDQ
'RURIHLWFK
±1mRKiGHTXr
± ( DJRUD 6WLRSND GHL[DPH FRQWLQXDU 1D PLQKD RSLQLmR pV XP JUDQGtVVLPR PDODQGUR
SRUpPDLQGDWHGLJR
±(HVWiDTXLRTXHHXYRXWHGL]HUVHXErEDGRGHXPDILJD±LQWHUURPSH6WLRSNDLUULWDGR±
(VFXWDEHPPLQKDVSDODYUDVROKDRPXQGRjQRVVDIUHQWHYDPRVGLYLGLORHPGXDVPHWDGHV(X
WRPR SRU XPD H WX SHOD RXWUD $QGD H TXH HX QXQFD PDLV WH SRQKD RV ROKRV HP FLPD (VWRX
IDUWR
±(QmRPHSDJDVPHXGLQKHLUR"
±4XHGLQKHLURKHLGHWHSDJDUVHXErEDGR"
±0XLWREHPVHRYLHUHVGHYROYHUQRRXWURPXQGRQmRRUHFHER1RVVRGLQKHLURpRQRVVR
WUDEDOKR QRVVR VXRU QRVVDV PmRV FDOHMDGDV 7X KiV GH PH SDJDU RV PHXV FLQFR FRSHTXHV QR
RXWURPXQGR
±&DLIRUD'LDERVWHOHYHP
±1mRPHDoRLWHV1mRVRXFDYDORGHDUDGR
±$QGDDQGDFDLIRUD
±6XMR
±)RUoDGRjWRD
(DVLQM~ULDVFKRYLDPPXLWRPDLViVSHUDVTXHDQWHVGDEHELGD
1D WDULPED GRLV DPLJRV HVWmR VHQWDGRV QmR ORQJH XP GR RXWUR 8P p DOWR UREXVWR
PXVFXORVRXPDOHJtWLPDFDUDGHDoRXJXHLUR(VWiTXDVHGHVIHLWRHPSUDQWRSRLVVXDHPRomRp
HQRUPH2RXWURGpELOIUDQ]LQRWHPRQDUL]FRPSULGRGHRQGHSDUHFHJRWHMDUTXDOTXHUFRLVDH
ROKLQKRV D]XLV IL[RV QR FKmR )RL HVFULYmR RXWURUD p LQVWUXtGR H PDOYDGR H WUDWD R DPLJR FRP
FHUWDDOWLYH]RTXHQmRGHL[DGHRRIHQGHULQWLPDPHQWH%HEHUDPMXQWRVRGLDLQWHLUR
± (OH VH SRUWRX SHVVLPDPHQWH FRPLJR ± EHUUD R JUDQGDOKmR VDFXGLQGR YLROHQWDPHQWH D
FDEHoDGRHVFULYmRTXHVHJXUDUDFRPDPmRHVTXHUGD±³3RUWDUVHPDO´VLJQLILFD³EDWHU´±2
IRUoDGR JUDQGDOKmR DQWLJR VXERILFLDO LQYHMDYD VHFUHWDPHQWH R VHX PDJUR DPLJR H SRU LVVR
WUDYDPXPGXHORGHSDODYUDVUHEXVFDGDV
± ( HX WH JDUDQWR TXH QmR WHQV IXQGDPHQWR QR TXH GL]HV ± FRPHoD HP WRP GRJPiWLFR R
HVFULYmRPDQWHQGRIL[DHJUDYHPHQWHRVROKRVSUHVRVQRVROR
±(OHEDWHXHPPLPHVWiVRXYLQGR"±LQVLVWHRRXWURVDFXGLQGRPDLVIRUWHPHQWHDFDEHoDGR
DPLJRGRSHLWR±$JRUDWXpVR~QLFRTXHPHUHVWDQHVWHPXQGRHVWiVRXYLQGR"6RXHXTXHWH
GLJRHOHVHSRUWRXPDOFRPLJR
±(HXPDLVXPDYH]WHUHSLWRPHXFDURXPDKLVWyULDWmRWULVWHVyWHSRGHFREULUGHYHUJRQKD
± UHSOLFD SROLGDPHQWH R HVFULYmR HP YR] GpELO ± 2OKD PHX DPLJR VHULD PHOKRU TXH
UHFRQKHFHVVHVTXHWRGDHVVDEHEHGHLUDpXPVLPSOHVUHVXOWDGRGDWXDLQFRQVWkQFLD
2 JUDQGDOKmR RVFLOD XP SRXFR SDUD WUiV FRQVLGHUD FRP ROKRV EDoRV GH ErEDGR R HVFULYmR
PDJUHORHFRQWHQWHFRQVLJRHGHFKRIUHQRPRPHQWRHPTXHRRXWURPHQRVHVSHUDRHVPXUUD
QDIDFHFRPWRGDDIRUoDGRVHXHQRUPHSXQKR(DVVLPDFDEDXPDDPL]DGHTXHGXURXXPGLD
LQWHLUR2TXHULGRDPLJRURODGHVDFRUGDGRSHODWDULPED
0DVHLVTXHSHQHWUDQRDORMDPHQWRXPGRVPHXVFRQKHFLGRVGDVHomRHVSHFLDO±XPVXMHLWR
VHPSUHEHPKXPRUDGRTXHQmRWHPQDGDGHWROREULQFDOKmRVHPPDOGDGHHGHDVSHFWRPXLWR
VLPSOHV)RUDHOHTXHPQRGLDGDPLQKDFKHJDGDSURFXUDUDXPULFDoRQDFR]LQKDDILUPDQGR
TXHWLQKDRVHXDPRUSUySULRHTXHHXRFRQYLGDUDDWRPDUFKiFRPLJR7HPTXDUHQWDDQRVXPD
EHLoRUUD HQRUPH XP QDUL] HVERUUDFKDGR H SLFDGR GH HVSLQKDV 6HJXUD XPD EDODODLFD FXMDV
FRUGDV YDL WDQJHQGR GHVFXLGRVDPHQWH 8P RXWUR SUHVR GH EDL[D HVWDWXUD QRWiYHO SHOD FDEHoD
HQRUPH DFRPSDQKDR FRPR XP FmR (VVH PDO R FRQKHoR $OLiV QLQJXpP UHSDUD QDTXHOD
FULDWXUDeXPLQGLYtGXRHVWUDQKRGHVFRQILDGRWDFLWXUQRVHPSUHVpULRTXHWUDEDOKDQDRILFLQD
GH FRVWXUD H SURFXUD YLYHU VROLWiULR VHP VH DSUR[LPDU GH QLQJXpP $JRUD TXH HVWi ErEDGR
JUXGRXVH D 9DUODPRY FRPR XPD VRPEUD PDV DFRPSDQKDR DJLWDGtVVLPR JHVWLFXODQGR
HVPXUUDQGRDVSDUHGHVHDVWDULPEDVFRPXPSRXFRPDLVHVWDUiFKRUDQGR9DUODPRYSDUHFH
QmROKHQRWDUDH[LVWrQFLD&RLVDFXULRVDDTXHOHVGRLVKRPHQVQDGDWLQKDPHPFRPXPQHPQR
WUDEDOKRQHPQRJrQLRSHUWHQFLDPDGHPDLVDGXDVVHo}HVHGXDVFDVHUQDVGLIHUHQWHV2PHQRU
FKDPDYDVH%XONLQH
/RJRTXHPHDYLVWRX9DUODPRYVRUULX(XHVWDYDVHQWDGR jEHLUDGDPLQKDWDULPEDMXQWRDR
IRJmR HOH VH GHWHYH D DOJXPD GLVWkQFLD UHIOHWLX WLWXEHRX DSUR[LPRXVH PDLV FRP SDVVDGDV
LQFHUWDVHHVSLJDQGRREXVWRDUUDQKDQGRDVFRUGDVGDEDODODLFDEDWHQGRQRFKmRFRPDERWD
S{VVHDUHFLWDU

³&DUDUHGRQGDFDUDEUDQFD
³FDQWDFRPRRURX[LQRO
³PHXEHQ]LQKR
³&RPVHXYHVWLGRURGDGR
³EDUUDGRGHFHWLP
³pOLQGDFRPRXPDUDLQKD´

(VVD FDQomR WHYH FRPR UHVXOWDGR HQIXUHFHU LQWHLUDPHQWH %XONLQH ID]HQGR PROLQHWHV H
GLULJLQGRVHDWRGRVHOHH[FODPRX
± 6mR PHQWLUDV Vy PHQWLUDV UDSD]HV PHQWLUDV VRPHQWH 1mR GL] XPD ~QLFD SDODYUD GH
YHUGDGHVyPHQWLUDV
±0HXVUHVSHLWRVDR³YHOKR´$OH[DQGUH3HWURYLWFK±GL]9DUODPRYROKDQGRPHQRIXQGRGRV
ROKRVGHSRLVFRPXPULVRFDQDOKDLQFOLQRXVHFRPRSDUDPHEHLMDU(VWDYDFRPDVXDFRQWDGH
YRGFD$H[SUHVVmR³RYHOKR)XODQR´pXPVLQDOGHUHVSHLWRHPSUHJDGRSHODJHQWHGRSRYRQD
6LEpULDPHVPRTXDQGRpGLULJLGDDXPUDSD]GHYLQWHDQRV$SDODYUD³YHOKR´WHPXPVHQWLGRGH
HVWLPDGHUHVSHLWRDWpPHVPRGHOLVRQMD
±(FRPRYDLYRFr9DUODPRY"
±ÏWLPR6DWLVIHLWtVVLPRFRPDIHVWDHErEDGRGHVGHTXHDPDQKHFHX9iGHVFXOSDQGR
9DUODPRYIDODYDDUUDVWDQGRXPSRXFRDVSDODYUDV
±-iHVWiGHQRYRFRPDPHQWLUDGD±JULWRX%XONLQHSUHVDGHXPGHVHVSHURVLQFHURGDQGR
PXUURVQDWDULPED
0DVRRXWURSDUHFHTXHMXUDUDQmROKHSUHVWDUDPtQLPDDWHQomR(RPDLVHQJUDoDGRpTXH
GHVGHTXHDPDQKHFHUD%XONLQHQmRGHL[DYDRVFDOFDQKDUHVGH9DUODPRYDILPGHRLPSHGLUGH
FRQYHUVDU 9DJXHDYD DWUiV GHOH FRPR XPD VRPEUD GLVFXWLDOKH WRGDV DV SDODYUDV WRUFLD RV
EUDoRV EDWLD QDV SDUHGHV H QDV WDULPEDV DWp HQVDQJXHQWDU DV PmRV H VRIULD VRIULD UHDOPHQWH
SRUTXH QD VXD RSLQLmR 9DUODPRY PHQWLD FRPR XP FRQGHQDGR 6H WLYHVVH FDEHORV QD FDEHoD
DUUDQFiORVLD GH SXUR GHVHVSHUR 3RGHUVHLD VXSRU TXH HOH WRPDUD VREUH RV RPEURV D
UHVSRQVDELOLGDGHGDVDo}HVGH9DUODPRYHTXHFDGDIDOWDGRRXWUROKHSHVDYDQDFRQVFLrQFLD(
RSLRUGHWXGRpTXH9DUODPRYQHPRHQ[HUJDYD
±7XGRpPHQWLUDPHQWLUDGD1HPXPDSDODYUDpYHUGDGH±EHUUDYD%XONLQH
±(TXHpTXHWXWHQVFRPLVVR"±H[FODPDYDPRVRXWURVIRUoDGRVGLYHUWLGRV
±4XHURTXHILTXHVDEHQGR$OH[DQGUH3HWURYLWFKTXHIXLXPOLQGRUDSD]DVPXOKHUHVHUDP
ORXFDVSRUPLP±FRPHoRXGHUHSHQWH9DUODPRY
± 0HQWLURVR 2OKD R PHQWLURVR ± LQWHUURPSHXR %XONLQH QXPD HVSpFLH GH XLYR 7RGRV RV
GHWHQWRVURPSHUDPHPJDUJDOKDGDV
± ( HX VDELD OX[DU WLQKD XPD EOXVD HQFDUQDGD FDOoDV GH YHOXGR EHP ODUJDV H PH GHLWDYD
FRPRRFRQGH%XWLONLQErEDGRFRPRXPVXHFR$ILQDOGHFRQWDVQmRVHSRGHTXHUHUPDLV
±0HQWLUD±DILUPRXHQHUJLFDPHQWH%XONLQH
±1HVVHWHPSRHXWLQKDDFDVDGHPHXSDLXPDFDVDGHGRLVDQGDUHV0DVGHQWURGHGRLVDQRV
RV GRLV DQGDUHV YLHUDP DEDL[R H ILTXHL Vy FRP D SRUWD VHP RV SRUWDLV 4XH KDYLD GH ID]HU"
'LQKHLURpFRPRRVSRPERVTXDQGRYRRXYRRXHVWiDFDEDGR
±0HQWLUDPHQWLUD±JDUDQWLX%XONLQHDLQGDPDLVHQpUJLFR
± 4XDQGR FKHJXHL DTXL PDQGHL XPD FDUWD FKRURQD DRV SDUHQWHV D ILP GH TXH PH
PDQGDVVHPXPGLQKHLULQKR(SHQVDUTXHHXSURFHGLFRQWUDDYRQWDGHGHPLQKDJHQWHTXHOKHV
IDOWHLFRPRUHVSHLWR(MiID]EHPVHWHDQRVTXHPDQGHLHVVDFDUWD
±(QmRUHFHEHXUHVSRVWD"±LQGDJXHLVRUULQGR
± 1mR QmR UHFHEL UHVSRVWD QHQKXPD ± SURVVHJXLX HOH VRUULQGR WDPEpP H DSUR[LPDQGR R
QDUL]GRPHX±(DTXL$OH[DQGU3HWURYLWFKWHQKRXPDQDPRUDGD
±8PDQDPRUDGD"$TXL"
±2QXIULHYHVWDYDGL]HQGRRXWURGLD³$PLQKDSRGHVHUIHLDSLFDGDGHEH[LJDPDVWHPRV
VHXVWUDSLQKRVHDWXDSRGHVHUERQLWDSRUpPpXPDPHQGLJDYHVWLGDGHVDFR´
±6HUiSRVVtYHO"
±eYHUGDGHHODSHGHHVPRODV±UHVSRQGHX9DUODPRYFRPXPULVRVLOHQFLRVR
2 DORMDPHQWR LQWHLUR WDPEpP ULD WRGRV UHDOPHQWH FRQKHFLDP D OLJDomR GH 9DUODPRY FRP
XPDPHQGLJDDTXHPHOHGHUDQRPi[LPRXQVGH]FRSHTXHVGXUDQWHVHLVPHVHV
±(HQWmR"±SHUJXQWHLGHVHMRVRGHPHOLYUDUGRErEDGR
9DUODPRYILFRXQXPVLOrQFLRUHWLFHQWHGHSRLVIDORXDSLQKDQGRRVOiELRV
± 6HUi TXH SRU FDXVD GLVVR WXGR QmR PH HPSUHVWDUi XQV FREUHV SDUD EHEHU XP WUDJR
$OH[DQGU3HWURYLWFK"2OKHSDVVHLRGLDLQWHLUREHEHQGRXQLFDPHQWHFKi±DFUHVFHQWRXDPiYHO
UHFHEHQGR R PHX GLQKHLUR ± (VWRX GH FKi DWp DTXL -i ILTXHL VHP I{OHJR H PLQKD EDUULJD
VDFROHMDFRPRXPDJDUUDID
1RPRPHQWRHPTXHPHWLDRGLQKHLURQREROVRRGHVHVSHURGH%XONLQHXOWUDSDVVDYDWRGRVRV
OLPLWHV(VWDYDTXDVHFKRUDQGRHJHVWLFXODYDFRPRXPSRVVHVVR
± &ULDWXUDV GH 'HXV ± EHUUDYD HOH SDUD R DORMDPHQWR WRGR ± YHMDP HVVH KRPHP 6y GL]
PHQWLUDV0HQWLUDVHPDLVPHQWLUDVVyPHQWLUDV
± 0DV TXH p TXH WX WHQV FRP LVVR" ± SHUJXQWDUDPOKH GH QRYR RV RXWURV HVSDQWDGRV FRP
DTXHOHIXURU±6HUiTXHHVWiVPDOXFR"
± 1mR QmR FRQVLQWR TXH HOH PLQWD GHVVH MHLWR ± XUURX DLQGD %XONLQH UHYLUDQGR RV ROKRV H
GHVSHMDQGRXPPXUURHQRUPHQDWDULPED±1mRDGPLWRWDQWDPHQWLUD
5HEHQWDUDPGHQRYRDVULVDGDV9DUODPRYGHSRLVGHUHFHEHURTXHTXHULDLQFOLQRXVHGLDQWH
GH PLP H WUDWRX GH VDLU GD FDVHUQD WURSHoDQGR SDUD LU GLUHWDPHQWH DR ERWHTXLQHLUR p OyJLFR
1HVVHLQVWDQWHSDUHFHTXHDYLVWDUD%XONLQHSHODSULPHLUDYH]
±9DPRVDQGD±GLVVHGHWHQGRVHQDSRUWDDILPGHRHVSHUDUFRPRVHDTXHOHGRLGROKHIRVVH
LQGLVSHQViYHO ± &DEHoD GH SDX ± H[FODPRX HPSXUUDQGR %XONLQH GLDQWH GH VL FRP DU GH
GHVSUH]RHWRFDQGRGHQRYRDEDODODLFD
&RPR SRUpP GHVFUHYHU R WXPXOWR GDTXHOH GLD VXIRFDQWH" $FDERX DILQDO 2V GHWHQWRV VH
HVWLUDP SHVDGDPHQWH QDV WDULPEDV IDODP UHVPXQJDP VRQKDP PDLV TXH GH FRVWXPH $TXL H
DOpPMRJDVHXPSRXFRPDVDIHVWDDIHVWDWmRORQJDPHQWHHVSHUDGDMiWHUPLQRX$PDQKmp
GHQRYRGLD~WLOVHUiGHQRYRRWUDEDOKR


2(63(7È&8/2


1R WHUFHLUR GLD GDV IHVWDV j QRLWH QRVVR WHDWUR GHX R VHX SULPHLUR HVSHWiFXOR )RUDP
LQ~PHURV H DUGHQWHV RV FRQFLOLiEXORV UHIHUHQWHV j RUJDQL]DomR PDV RV DWRUHV JXDUGDUDP WDQWD
UHVHUYDVREUHRVVHXVSUREOHPDVTXHQyVQmRVDEtDPRVVHTXHURTXHLULDPUHSUHVHQWDU'XUDQWH
HVVHVWUrVGLDVTXDQGRLDPDRWUDEDOKRHVIRUoDYDPVHRVDWRUHVSRUWUD]HUDPDLRUTXDQWLGDGHGH
WUDMRVSRVVtYHO4XDQGRPHHQFRQWUDUDP%DNOXFKLQHHVWDODYDRVGHGRVEHPDOWRSDUDVLJQLILFDUR
VHX FRQWHQWDPHQWR 2 PDMRU SDUHFLD HVWDU GXP UHODWLYR ERP KXPRU FRQWXGR QLQJXpP SRGHULD
VDEHUVHHVWDYDDSDUGHWXGRVHGHUDVHXFRQVHQWLPHQWRRXVHDSHQDVUHVROYHUDIHFKDURVROKRV
GHSRLV GH VH FHUWLILFDU GH TXH DV FRLVDV FRUUHULDP FRQYHQLHQWHPHQWH &UHLR TXH R KRPHP QmR
SRGHULDLJQRUDUDH[LVWrQFLDGRWHDWURPDVQmRTXHULDVHHQYROYHUQRFDVRFRPSUHHQGHQGRTXH
VH R SURLELVVH SRGHULDP VXUJLU VXUSUHVDV GHVDJUDGiYHLV RV IRUoDGRV VH UHYROWDULDP RX VH
HPEULDJDULDPHSHVDGRWXGRPHOKRUYDOLDGHL[iORVHQWUHJXHVjVXDGLVWUDomR
$WULEXRHVWHUDFLRFtQLRDRPDMRUSRUTXHpRPDLVQDWXUDOHRPDLVOyJLFR3RGHVHDILUPDU
TXHVHGXUDQWHDVIHVWDVRVGHWHQWRVQmRGLVSXVHVVHPGRWHDWURRXGHTXDOTXHUFRLVDDQiORJDSDUD
RVGLVWUDLUDDGPLQLVWUDomRWHULDTXHRUJDQL]DUXPVDUDX0DVFRPRRQRVVRPDMRUVHGLVWLQJXLD
SRU LGHLDV LQWHLUDPHQWH RSRVWDV jV GD PDLRULD GD KXPDQLGDGH HX p TXH GRX SURYDV GH XPD
JUDQGHIDOWDGHGLVFHUQLPHQWRSUHWHQGHQGRTXHRKRPHPVDELDEHPRTXHID]LD8PLQGLYtGXR
FRPRRQRVVRPDMRUVHPSUHHSRUWRGDSDUWHWHPQHFHVVLGDGHGHHVPDJDUDOJXpPGHUHWLUDU
TXDOTXHU FRLVD GH VXSULPLU XP GLUHLWR HP UHVXPR GH PDQWHU XPD RUGHP ULJRURVD 7RGD D
FLGDGHRFRQKHFLDVREHVVHDVSHFWR3RXFROKHLPSRUWDYDTXHVXDRSUHVVmRDFDUUHWDVVHRULVFRGH
SURYRFDUXPDUHYROWD³([LVWHXPFDVWLJRSDUDRVUHEHOGHV pDVVLPTXHUDFLRFLQDPRVKRPHQV
GRPHVPRFDOLEUHTXHRQRVVRPDMRU HFRPHVVHVIRUoDGRVLPXQGRVDJHQWHGHYHDSOLFDUDOHL
VHYHUDLPSLHGRVDPHQWHDRSpGDOHWUD±QDGDGHPDLVQDGDGHPHQRV´(VVHVH[HFXWRUHVFHJRV
QmR FRPSUHHQGHP H MDPDLV VHUmR FDSD]HV GH FRPSUHHQGHU TXH D DSOLFDomR GD OHL DR Sp GD
OHWUDVHPSUHRFXSDo}HVSHORVHXHVStULWROHYDGLUHWDPHQWHjUHEHOLmR±HQHPSRGHOHYDUDRXWUD
FRLVD³$OHLRGL]±TXHpTXHTXHUPDLV"´H[FODPDPHOHVVLQFHUDPHQWHVXUSUHVRVDQWHDOJXpP
TXH OKHV SHoD XP SRXFR GH ERP VHQVR H VREULHGDGH MXQWR FRP D DSOLFDomR GD OHL (VVD ~OWLPD
FRQGLomR±VREULHGDGH±pDTXHOKHVSDUHFHPDLVVXSpUIOXDHUHYROWDQWHFRQVLGHUDPQDFRPR
XPYH[DPHXPDIDOWDGHWROHUkQFLDSDUDFRQVLJR
6HMDFRPRIRURVXERILFLDOQmRVHRS{VDRVGHVHMRVGRVIRUoDGRVHUDWXGRRTXHOKHSHGLDP
( DILUPR TXH R WHDWUR H D FRQGHVFHQGrQFLD TXH R WROHURX IRUDP D UD]mR SHOD TXDO GXUDQWH DV
IHVWDV QmR KRXYH QHP GHVRUGHQV QHP URXERV 7HVWHPXQKHL D PDQHLUD SHOD TXDO RV IRUoDGRV
WRPDYDP FRQWD GRV ErEDGRV H GRV LQFRQYHQLHQWHV H RV ID]LDP GHVDSDUHFHU DOHJDQGR TXH SRU
FDXVD GHOHV SRGHULDP SURLELU D UHSUHVHQWDomR 2 VXERILFLDO IH] FRP TXH RV GHWHQWRV OKH
JDUDQWLVVHP TXH WXGR GHFRUUHULD EHP H HP FDOPD (OHV FRQFRUGDUDP OLVRQMHDGRV SRU HVVD
FRQILDQoDHPDQWLYHUDPUHOLJLRVDPHQWHDSURPHVVDeSUHFLVRDFUHVFHQWDUTXHRFRQVHQWLPHQWR
GDGR QmR DFDUUHWDYD QHQKXPD GHVSHVD j DGPLQLVWUDomR RV OXJDUHV WLQKDP VLGR PDUFDGRV
DQWHFLSDGDPHQWHDFHQDVHPRQWDYDHVHGHVPRQWDYDWRGDQXPTXDUWRGHKRUDDIXQomRGHYHULD
GXUDU KRUD H PHLD H VH VREUHYLHVVH EUXVFDPHQWH RUGHP GH LQWHUURPSrOD WXGR GHVDSDUHFHULD
QXP DEULU H IHFKDU GH ROKRV RV WUDMRV VHULDP HVFRQGLGRV QRV ED~V GRV GHWHQWRV 0DV DQWHV GH
GHVFUHYHURVFHQiULRVHRVWUDMRVTXHURGL]HUDOJXPDVSDODYUDVVREUHRSURJUDPD±LVWRpVREUH
DVSHoDVTXHGHYHULDPVHUUHSUHVHQWDGDV
1mRKDYLDSURJUDPDHVFULWR(QWUHWDQWRjVHJXQGDRXjWHUFHLUDUHSUHVHQWDomRDSDUHFHXXP
FRPSRVWR SRU %DNOXFKLQH SDUD XVR GRV VHQKRUHV RILFLDLV H RXWURV IUHTXHQWDGRUHV TXH GHVGH R
SULPHLURGLDKRQUDUDPRQRVVRWHDWURFRPVXDSUHVHQoD1RVVRVHVSHWiFXORVDSULQFtSLRIRUDP
DFRPSDQKDGRVSHORRILFLDOGHJXDUGDXPDYH]DWpRRILFLDOGDURQGDGLJQRXVHFRPSDUHFHUGH
RXWUD YH] IRL R QRVVR RILFLDO GH HQJHQKDULD H HP KRQUD GHVVHV JUDQGHV SHUVRQDJHQV p TXH VH
SUHSDURXRSURJUDPD
,PDJLQiYDPRV TXH D IDPD GR QRVVR WHDWUR VH HVSDOKDULD Oi SRU IRUD WDQWR PDLV SRUTXH QD
FLGDGH QmR KDYLD QHQKXP RXWUR Vy GH UDUR HP UDUR DOJXP HVSHWiFXOR GH DPDGRUHV ( FRPR
YHUGDGHLUDV FULDQoDV RV IRUoDGRV VH DOHJUDYDP FRP LVVR H VH HQYDLGHFLDP SHOR PDLV tQILPR
r[LWR
³4XHPVDEH"´FRFKLFKDYDVHHQWUHQyV³SRGHVHUTXHRVFKHI}HVVDLEDPGRWHDWURHYHQKDP
DSUHFLiORHHQWmRYmRILFDUDGPLUDGRVDRYHURTXHYDOHPRVIRUoDGRV2TXHQyVID]HPRVQmR
WHPQDGDGHVHPHOKDQWHFRPHVVHVWHDWULQKRVIHLWRVSHORVVROGDGRVQmRXVDPRVQHPPDQHTXLQV
QHPEDUTXLQKRVIOXWXDQWHVQHPXUVRVQHPERGHVDPHVWUDGRVDTXLWHPRVDWRUHVGHYHUGDGHTXH
UHSUHVHQWDP XPD FRPpGLD GH
FDYDOKHLURV
 H D FLGDGH QmR WHP QHQKXP WHDWUR SDUHFLGR 8PD
YH]KRXYHXPDUHSUHVHQWDomRHPFDVDGR*HQHUDO$EURVVLPRYHSDUHFHTXHYmRGDURXWUDPDV
H[FHWR QRV WUDMRV HOHV QmR QRV YHQFHP HP PDLV QDGD SRUTXH QR GLiORJR QmR WrP QDGD GH
PHOKRUTXHQyV(SRGHDWpFKHJDUDRVRXYLGRVGRJRYHUQDGRURERDWRGRTXHVDEHPRVID]HUH
TXHPVDEHVHHOHQmRYHPYHU"1DFLGDGHQmRKiPHVPRWHDWURQHQKXP´(PVXPDVREUHWXGR
GHSRLVGRSULPHLURr[LWRDLPDJLQDomRGRVIRUoDGRVVXELXDRDXJHFKHJDUDPTXDVHDHVSHUDU
UHFRPSHQVDVRXGLPLQXLomRGHSHQD±DRPHVPRWHPSRTXHWLQKDPEDVWDQWHMXt]RSDUDULUGDV
SUySULDV GLYDJDo}HV 6LP HUDP FULDQoDV DXWrQWLFDV FULDQoDV HPERUD D PDLRULD GHQWUH HOHV Mi
KRXYHVVHSDVVDGRGRVTXDUHQWDDQRV
$SHVDU GD DXVrQFLD GH SURJUDPD HX VDELD PDLV RX PHQRV R TXH LUtDPRV YHU $ SULPHLUD
SHoD WLQKD FRPR WtWXOR)LODWND H 0LURFKND 5LYDLV 8PD VHPDQD DQWHV GD UHSUHVHQWDomR
%DNOXFKLQH VH JDEDUD GLDQWH GH PLP GH TXH GHVHPSHQKDULD R SDSHO GH )LODWND PHOKRU GR TXH
MDPDLV R UHSUHVHQWDULDP QRV SDOFRV GH 3HWHUVEXUJR 3DVVHDYD SHODV FDVHUQDV H VH MDFWDYD
GHVSXGRUDGDPHQWH HPERUD VHPSUH GH ERP KXPRU ¬V YH]HV DVVXPLD GH UHSHQWH XPD DWLWXGH
³GH DUWLVWD´ RX SXQKDVH D GHFODPDU XP WUHFKR GR VHX SDSHO H WRGR R PXQGR UHEHQWDYD HP
JDUJDOKDGDV IRVVH D WLUDGD HQJUDoDGD RX QmR e SUHFLVR QRWD DOLiV TXH RV GHWHQWRV VDELDP
PDQWHUUHVHUYDHFRQVHUYDUDGLJQLGDGHSDUDDSUHFLDUDVWLUDGDVGH%DNOXFKLQHRXIDODUGRWHDWUR
HP SUHSDUDomR HUD SUHFLVR RX VHU XP PRFLQKR OHYLDQR RX XP GHWHQWR FXMD DXWRULGDGH WLQKD
EDVHVyOLGDHFXMRVVHQWLPHQWRVVHSRGLDPH[SULPLUVHPURGHLRVQXVHFUXVSRUPDLVLQJrQXRV
TXH IRVVHP FRLVD TXH QR SUHVtGLR UHSUHVHQWD R SLRU GHIHLWR  2V RXWURV GHL[DYDP SDVVDU HP
VLOrQFLRRVFRPHQWiULRVVHPMXOJDUVHPFRQWUDGL]HUWRPDQGRWRGRRFXLGDGRHPHVFXWDUFRP
LQGLIHUHQoDHDWpPHVPRFRPGHVGpP6yQR~OWLPRPRPHQWRQRSUySULRGLDGDUHSUHVHQWDomR
p TXH FDGD XP FRPHoRX D VH LQWHUHVVDU TXH KDYHULD" 4XH GLULD R PDMRU" 6DLULD WXGR WmR EHP
FRPRGRLVDQRVDWUiV"(DVVLPSRUGLDQWH%DNOXFKLQHPHJDUDQWLXTXHDHVFROKDGRVDWRUHVIRUD
H[FHOHQWHTXHWRGRVHVWDULDP³QROXJDUGHYLGR´TXHKDYHULDDWpPHVPRXPSDQRGHERFDTXH
6LURWNLQH IDULD R SDSHO GD QRLYD GH )LODWND ³9DL YHU FRPR DV VDLDV OKH DVVHQWDP´ DFUHVFHQWRX
SLVFDQGR R ROKR H HVWDODQGR D OtQJXD $ ³EDULQLD EHQIHLWRUD´ XVDULD XP YHVWLGR GH IROKRV XPD
SHOHULQH WUDULD XPD VRPEULQKD QD PmR R ³QREUH EHQIHLWRU´ YHVWLULD IDUGD GH RILFLDO FRP
GUDJRQDVHXPUHEHQTXH
(PVHJXQGROXJDUGHYHUVHLDUHSUHVHQWDURGUDPD.HGULOR*OXWmR(VVHWtWXORPHLQWULJRX
PXLWRPDVQmRPHDGLDQWDUDPSHUJXQWDVQDGDFRQVHJXLDSXUDUDQWHV6RXEHDSHQDVTXHDSHoD
QmRIRUDWLUDGDGHOLYURSRUpPGHXPD³HVFULWXUD´FRSLDGDSRUXPVXERILFLDOUHIRUPDGRRWDO
VXERILFLDOGHFHUWRLQWHUSUHWDUDDOJXPSDSHOQXPDGDVUHSUHVHQWDo}HVGDSHoDGDGDSRUXPJUXSR
GHDPDGRUHVPLOLWDUHV1DVQRVVDVFLGDGHVHSURYtQFLDVGLVWDQWHVHQFRQWUDPVHUHDOPHQWHSHoDV
GHVVH JrQHUR TXH SURYDYHOPHQWH ILFDUmR SDUD VHPSUH LQpGLWDV QmR IRUDP QXQFD LPSUHVVDV ±
DSDUHFHP DSHQDV SDUD VHUYLU DR WHDWUR SRSXODU )DOHL ³WHDWUR SRSXODU´ H VHULD UHDOPHQWH ERP
TXH RV QRVVRV HVFULWRUHV VH RFXSDVVHP FRP SHVTXLVDV QRYDV H PDLV REMHWLYDV QHVVH JrQHUR GH
WHDWURTXHpPXLWRPDLVYLYRHPDLVULFRGRTXHRLPDJLQDPRV'LVVRPHFRQYHQFLGLDQWHGHWXGR
TXH YL QRVVRV IRUoDGRV ID]HUHP SDUD R VHX HVSHWiFXOR +i WUDGLo}HV PpWRGRV QRo}HV Mi
HVWDEHOHFLGDVTXHVHWUDQVPLWHPGHXPDJHUDomRDRXWUD6HULDSRVVtYHOOKHVVHJXLURVUDVWURVSRU
PHLR GRV VROGDGRV GRV RSHUiULRV GH XVLQDV H DWp HQWUH RV KDELWDQWHV GRV SHTXHQRV YLODUHMRV
ORQJtQTXRV &RQVHUYDPVH WDPEpP QR FDPSR H QDV FDSLWDLV GH SURYtQFLDV HQWUH R SHVVRDO
GRPpVWLFR GRV JUDQGHV ODWLIXQGLiULRV &UHLR PHVPR TXH PXLWDV SHoDV DQWLJDV Vy WLYHUDP
DPSOLWXGHHVyVHGLVVHPLQDUDPDWUDYpVGD5~VVLDJUDoDVDHVVHVDWRUHVLPSURYLVDGRV2VJUDQGHV
SURSULHWiULRV H VHQKRUHV PRVFRYLWDV GH RXWURUD WLQKDP R VHX HOHQFR SDUWLFXODU FRPSRVWR GH
DUWLVWDV VHUYRV ( HVVHV WHDWURV IRUDP R EHUoR GH QRVVD DUWH GUDPiWLFD SRSXODU DUWH FXMD
H[LVWrQFLD p LQGLVFXWtYHO 1R TXH VH UHIHUH D.HGULOR*OXWmR DSHVDU GH WRGRV RV PHXV GHVHMRV
QDGD SXGH VDEHU GH SUHFLVR VHQmR TXH DSDUHFHULDP GHP{QLRV HP FHQD TXH OHYDULDP .HGULO
SDUD R LQIHUQR 0DV TXH VLJQLILFDULD HVVH QRPH ³.HGULO´" ( SRU TXH.HGULO HP YH] GH.\ULO
&LULOR " $ SHoD VHULD UXVVD RX HVWUDQJHLUD" 1mR SXGH REWHU QHQKXPD LQIRUPDomR SUHFLVD
$QXQFLRXVH TXH SDUD WHUPLQDU KDYHULD XPD ³SDQWRPLPD PXVLFDGD´ 2 FRQMXQWR SRLV
SURPHWLD PXLWR 2V DWRUHV HUDP HP Q~PHUR GH TXLQ]H WRGRV HVSHUWRV H GHVSDFKDGRV
(VIRUoDYDPVH H[WUDRUGLQDULDPHQWH HQVDLDYDP jV YH]HV DWUiV GDV FDVHUQDV ID]LDPVH GH
PLVWHULRVRVHPVXPDSUHSDUDYDPQRVDOJXPDVXUSUHVDH[WUDRUGLQiULD
1RVGLDVGHWUDEDOKRIHFKDYDPVHRVDORMDPHQWRVDRFDLUGDQRLWH3RUH[FHomRGXUDQWHDV
IHVWDVGH1DWDOVyHUDPWUDQFDGDVDVSRUWDVGHSRLVGRWRTXHGHUHFROKHU(VVHIDYRUHVSHFLDOIRUD
FRQFHGLGRSRUFDXVDGRWHDWUR'XUDQWHRWHPSRGDVIHVWDVWRGDVDVQRLWHVPDQGDYDVHSHGLUDR
RILFLDO GH JXDUGD TXH DXWRUL]DVVH D UHSUHVHQWDomR H GHL[DVVH DEHUWDV DV FDVHUQDV PDLV WHPSR
H[SOLFDQGROKHTXHQDYpVSHUDTXDQGRKRXYHUDHVSHWiFXORVHKDYLDPIHFKDGRWDUGHDVSRUWDV
VHPTXHVHUHJLVWUDVVHGHVRUGHPDOJXPD2RILFLDOGHJXDUGDGL]LDHQWmR³2QWHPFRPHIHLWR
QmRVHSDVVRXQDGDGHJUDYHHVHHOHVPHGmRDSDODYUDGHTXHQmRKDYHUiQHQKXPDLQIUDomRj
GLVFLSOLQD H TXH HOHV SUySULRV IDUmR R SROLFLDPHQWR ILFR GH DFRUGR H HVSHUR TXH HVVH
SROLFLDPHQWRVHMDPXLWRPDLVULJRURVRTXHRQRVVR$OLiVVHSURtERDUHSUHVHQWDomRSRGHVHOi
VDEHURTXHDFRQWHFHFRPHVVDJHQWH"'HFHUWRKDYHUiHQFUHQFDHHPERDFRPSOLFDomRHVWDUHL
PHWLGR$GHPDLVpPXLWRDERUUHFLGRPRQWDUJXDUGDWHQKRRGLUHLWRGHDVVLVWLUDHVVHHVSHWiFXOR
GDGRQmRSRUVLPSOHVVROGDGRVPDVSRUSUHVRVTXHVmRJHQWHPXLWRPDLVFXULRVD9DPRVYHUR
TXHpTXHHOHVVmRFDSD]HVGHDUUXPDU´(UHDOPHQWHRRILFLDOGHJXDUGDVHPSUHWLQKDRGLUHLWR
GHLUYHU
$OLiVVHRRILFLDOGHURQGDLQGDJDYD³2QGHHVWiRRILFLDOGHJXDUGD"´UHVSRQGLDPOKH³)RL
ID]HUDFKDPDGDHIHFKDUDVFDVHUQDV´RTXHHUDXPDUHVSRVWDH[DWDHXPDIiFLOMXVWLILFDWLYD
$VVLPGXUDQWHDVIHVWDVRHVSHWiFXORIRLDXWRUL]DGRHQmRVHIHFKDYDPDVFDVHUQDVVHQmRjKRUD
GHUHFROKHU2VIRUoDGRVVDELDPGHDQWHPmRTXHDJXDUGDQmRHQWUDYDULDQDGDPRWLYRSHORTXDO
VHVHQWLDPWUDQTXLORV
3HODV VHLV KRUDV 3HWURY PH YHLR SURFXUDU H VDtPRV MXQWRV SDUD D IXQomR 7RGD D QRVVD
FDVHUQD HVWDYD Oi H[FHWR R ³YHOKR FUHQWH´ GH 7FKHUQLJRY H RV SRODFRV (VWHV ~OWLPRV Vy VH
UHVROYHUDPDYLUQRGHUUDGHLURGLDGHMDQHLURGHSRLVTXHOKHVJDUDQWLUDPGHWDOKDGDPHQWHTXH
WXGR HUD GHFHQWH DOHJUH H VHP SHULJR 2 GHVGpP GRV SRODFRV LUULWDYD RV QRVVRV IRUoDGRV GH
IRUPD TXH RV UHFHEHUDP FRP XPD SROLGH] H[WUDRUGLQiULD LQVWDODUDPQRV DWp QRV PHOKRUHV
OXJDUHV3DUDRVFLUFDVVLDQRVHSULQFLSDOPHQWHSDUD,VDL)RPLWFKRWHDWURIRLXPDGHOtFLD7RGRV
RVGLDVRMXGHXVDFULILFDYDWUrVFRSHTXHVQR~OWLPRGLDFKHJRXDGHSRUQRSUDWRXPDPRHGDGH
GH]FRSHTXHV±HDJHQWHOLDRGHVOXPEUDPHQWRQRVHXURVWR7LQKDPUHVROYLGRRVUHVSRQViYHLV
TXH D DVVLVWrQFLD SDJDULD R TXH TXLVHVVH SDUD FREULU DV GHVSHVDV H SDUD ³HVWLPXODU´ RV DWRUHV
3HWURY JDUDQWLXPH TXH R WHDWUR ILFDVVH j FXQKD SRUTXH VDEHQGRPH PDLV ULFR TXH RV RXWURV
HVSHUDYDPTXHHXGHVVHFRQWULEXLomRPDLVJHQHURVD±HWDPEpPSRUTXHPHFRQVLGHUDYDPXP
HQWHQGLGR(DVVLPVXFHGHX9RXSULPHLURGHVFUHYHUDVDODHRDUUDQMRGRWHDWUR
$ FDVHUQD GD VHomR PLOLWDU QD TXDO IRUD LQVWDODGR R SDOFR WLQKD TXLQ]H SDVVRV GH
FRPSULPHQWR 6XELDVH GR SiWLR SDUD XP SyUWLFR TXH GDYD SDUD XPD VDOLQKD GH HQWUDGD
SUHFHGHQGRDVDODSURSULDPHQWHGLWD&RPRMiRH[SOLTXHLHVVDFDVHUQDIRUDDUUXPDGDGHPRGR
GLYHUVR GDV RXWUDV D WDULPED ILFDYD DR FRPSULGR GDV SDUHGHV H R PHLR GR VDOmR HUD OLYUH $
PHWDGHGDFDVHUQDGRODGRGDHQWUDGDIRUDUHVHUYDGDSDUDRVHVSHFWDGRUHVHDVHJXQGDPHWDGH
TXHFRPXQLFDYDFRPXPDRXWUDSHoDVHUYLDGHSDOFR$SULPHLUDFRLVDTXHPHLPSUHVVLRQRX
IRL R SDQR GH ERFD TXH VH HVWHQGLD GH] SDVVRV DWUDYpV GD VDOD (UD GH XPD RSXOrQFLD LQDXGLWD
DTXHOD FRUWLQD IRUD SLQWDGD D yOHR H QHOD VH YLDP iUYRUHV FDUDPDQFK}HV ODJRV HVWUHODV
&RPSXQKDVH GH SDQR QRYR H XVDGR DR DFDVR GRV GRQDWLYRV YHOKDV WLUDV GH HQURODU RV SpV
FDPLVDV YHOKDV UHPHQGDGDV QXP OHQoRO HQRUPH 1RV WUHFKRV HP TXH IDOWDYD R SDQR WLQKDP
VLPSOHVPHQWHIHLWRRVUHPHQGRVFRPSDSHOPHQGLJDGRIROKDSRUIROKDQRVGLYHUVRVHVFULWyULRV
GDIRUWDOH]D1RVVRVSLQWRUHVQDSULPHLUDILODGRVTXDLVVHGLVWLQJXLDRQRVVR³%UXOORY´LVWRp$±
Y HPSUHJDUDP WRGR R VHX HQJHQKR HP GHFRUiOR H FRORULOR 2 HIHLWR XOWUDSDVVDYD TXDOTXHU
H[SHFWDWLYD $TXHOH OX[R VDWLVIH] DWp PHVPR RV PDLV VRUXPEiWLFRV H RV PDLV H[LJHQWHV GRV
IRUoDGRV TXH DOLiV GHVGH R FRPHoR GR HVSHWiFXOR VH PRVWUDUDP WmR LQIDQWLV TXDQWR RV PDLV
LPSDFLHQWHVHH[DOWDGRV(VWDYDPWRGRVGHyWLPRKXPRUGLUHLDWpGHXPERPKXPRURUJXOKRVR
7RFRV GH YHOD FRQVWLWXtDP D LOXPLQDomR 'LDQWH GD FRUWLQD ILFDYDP GRLV EDQFRV WLUDGRV GD
FR]LQKDHGXDVRXWUrVFDGHLUDVWRPDGDVjVDODGRVVXERILFLDLV$VFDGHLUDVWLQKDPVLGRSRVWDVDOL
SUHYHQGRXPDSRVVtYHOYLVLWDGRVRILFLDLVVXSHULRUHV2VEDQFRVHUDPGHVWLQDGRVDRVVXERILFLDLV
VHFUHWiULRVGHHQJHQKDULDFDSDWD]HVHRXWURVFKHIHVVHPSDWHQWHGHRILFLDO±VHOKHVRFRUUHVVHYLU
GDUXPDROKDGHOD±RTXHMXVWDPHQWHDFRQWHFHXPDLVRXPHQRVQXPHURVRVRVYLVLWDQWHVGHIRUD
QmRIDOWDUDPGXUDQWHWRGRVRVHVSHWiFXORVQD~OWLPDQRLWHQmRILFRXQRVEDQFRVXP~QLFROXJDU
GHVRFXSDGR $WUiV GRV EDQFRV FRPSULPLDPVH RV IRUoDGRV GH Sp HP VLQDO GH UHVSHLWR SDUD
FRP DV YLVLWDV VHP JRUUR GH FDVDFR RX GH FDSRWH DSHVDU GD IXPDoD H GR FDORU VXIRFDQWH
(VWDYDP OLWHUDOPHQWH DPRQWRDGRV XQV VREUH RV RXWURV VREUHWXGR QDV ~OWLPDV ILODV H RFXSDYDP
DLQGDDVWDULPEDVHRVEDVWLGRUHVDOJXQVHVSHFWDGRUHVDWpUHXQLGRVQDVHJXQGDSHoDSRUWUiVGR
SDOFRROKDYDPGHOiDIXQomRDWUDYpVGRVEDVWLGRUHVGRIXQGR1DSULPHLUDPHWDGHGDFDVHUQDR
DSHUWRHUDWmRJUDQGHTXDQWRRTXHHXYLUDQRVEDQKRV$SRUWDGDDQWHFkPDUDHVWDYDDEHUWD/i
GHQWUR ID]LD YLQWH JUDXV GH IULR FRQWXGR WDPEpP HOD HVWDYD FKHLD (PSXUUDUDPQRV
LPHGLDWDPHQWH SDUD GLDQWH D 3HWURY H D PLP DWp DRV EDQFRV RQGH VH DYLVWDYD D FHQD PXLWR
PHOKRU TXH QR IXQGR GD VDOD &RQVLGHUDYDPPH ERP MXL] XP HQWHQGLGR TXH Mi HVWLYHUD HP
JUDQGHV WHDWURV WLQKDP YLVWR %DNOXFKLQH YiULDV YH]HV PH YLU SHGLU FRQVHOKRV H PRVWUDU
GHIHUrQFLD SDUD FRPLJR GHYHULDP SRUWDQWR PH KRQUDU FRP XP OXJDU ERP 2V IRUoDGRV VmR
JHQWHYDLGRVDLQVHQVDWDDSHQDVSRUpPQDVXSHUItFLH3RGLDP]RPEDUGRPHVTXLQKRRSHUiULR
TXHHXHUDXP$OPD]RYWLQKDGLUHLWRGHQRVHQFDUDUFRPGHVSUH]R±DQyVRVEDULQHV±HJDEDU
VH GLDQWH GH QyV GH VXD KDELOLGDGH HP FDOFLQDU DODEDVWUR PDV VXDV ]RPEDULDV VHXV HVFiUQLRV
SURYLQKDPGHRXWUDFDXVDQyVWtQKDPRVVLGRQREUHVSHUWHQFtDPRVjPHVPDFODVVHTXHRVVHXV
DQWLJRVVHQKRUHVGRVTXDLVQmRFRQVHUYDYDPQHQKXPDERDOHPEUDQoD(QWUHWDQWRDOLQRWHDWUR
DIDVWDYDPVH SDUD PH FHGHU OXJDU 5HFRQKHFLDP TXH QDTXHOH DVVXQWR HX HQWHQGLD PDLV TXH
HOHV 2V PHQRV EHP GLVSRVWRV SDUD FRPLJR VRXEHR GH IRQWH OLPSD  GHVHMDYDP DJRUD RXYLU
PLQKDRSLQLmRVREUHRHVSHWiFXORHVHPRPHQRUVHUYLOLVPRPHHPSXUUDYDPSDUDDSULPHLUD
ILOD $QDOLVR KRMH LVVR GH DFRUGR FRP DV PLQKDV LPSUHVV}HV GH HQWmR 1DTXHOH PHVPR
PRPHQWR FRPSUHHQGL ± UHFRUGRR PXLWR EHP ± TXH QR MXOJDPHQWR VHQVDWR TXH HOHV ID]LDP
VREUH VL SUySULRV QmR KDYLD QHQKXPD KXPLOGDGH PDV DQWHV R VHQWLPHQWR GR SUySULR PpULWR 2
WUDoRPDLVFDUDFWHUtVWLFRHPDLVLPSUHVVLRQDQWHGRQRVVRSRYRpVXDFRQVFLrQFLDHVXDVHGHGH
MXVWLoD )D]HUVH GH JDOR DGLDQWDUVH GLVSXWDU R SULPHLUR OXJDU TXHU VHMD GLJQR RX QmR GH R
RFXSDU±HVVHGHIHLWRQmRVHOKHSRGHDWLUDUjIDFH$VVLPTXHDJHQWHOKHWLUDDJURVVHLUDFDVFDH
HVWXGDDWHQWDPHQWHHVHPSUHFRQFHLWRVRTXHHVWiHPJHUPHSRUEDL[RGHVFREUHTXDOLGDGHVGDV
TXDLVQmRGHVFRQILDYDDEVROXWDPHQWH1RVVRVPRUDOLVWDVQmRWrPPXLWDFRLVDDOKHHQVLQDU'LUHL
PDLVRVQRVVRVPRUDOLVWDVSRGHULDPDSUHQGHUPXLWRHPFRQWDWRFRPRSRYR
3HWURYPHDILUPDLQJHQXDPHQWHTXHPHGHL[DULDPSDVVDUjIUHQWHSRUTXHHXSDJDULDPDLV
1mRKDYLDSUHoRIL[RFDGDXPGDYDOLYUHPHQWHRTXHSRGLDPDVWRGRVSXVHUDPSHORPHQRVXP
FRSHTXHQRSUDWRTXDQGRHVWHFLUFXORX1DUHDOLGDGHVHPHGHL[DUDPSDVVDUjIUHQWHQDFHUWH]D
GHTXHGDULDPDLVTXHRVRXWURVLVVRWDPEpPSURYLQKDGXPVHQWLPHQWRSDUWLFXODUGHGLJQLGDGH
³7XpVPDLVULFRTXHHXSDVVDjIUHQWHFRQTXDQWRVHMDPRVLJXDLVDTXLSDJDVPHOKRUHSRUWDQWR
HVSHFWDGRUHV FRPR WX VmR PDLV DJUDGiYHLV DRV DWRUHV 2FXSD R SULPHLUR OXJDU SRUTXH QmR
HVWDPRV DTXL GHYLGR DR QRVVR GLQKHLUR PDV HP FRQVLGHUDomR DRV DWRUHV TXH UHSUHVHQWDP QyV
PHVPRVVDEHPRVFODVVLILFDUQRV´4XHDOWLYH]QHVVDPDQHLUDGHDJLU3URFHGHQmRGRUHVSHLWR
DR GLQKHLUR SRUpP GR UHVSHLWR SUySULR $OLiV QR SUHVtGLR QmR VH WLQKD JUDQGH GHIHUrQFLD SHOD
ULTXH]DVREUHWXGRVHDJHQWHHQFDUDRVGHWHQWRVHPEORFR(DWpPHVPRSDVVDQGRRVHPUHYLVWD
GH XP HP XP QmR PH UHFRUGR GH WHU YLVWR XP ~QLFR KXPLOKDUVH SRU FDXVD GH GLQKHLUR 1mR
IDOWDYDPRVSHGLQFK}HV±HPXLWDVYH]HVIXLYtWLPDGHOHVWRGDYLDDJLDPPDLVSRUHVSHUWH]DTXH
FXSLGH] 6DELDP SHGLU FRP JUDoD FRP LQIDQWLOLGDGH 1mR VHL VH PH H[SUHVVR FRP FODUH]D
&RQWXGRYROWHPRVDRWHDWURTXHMiLDHVTXHFHQGR
$QWHVGHOHYDQWDURSDQRDVDODDSUHVHQWDYDXPTXDGURGHHVWUDQKDDQLPDomR(PSULPHLUR
OXJDU D PXOWLGmR GH HVSHFWDGRUHV DPRQWRDGRV DSLQKDGRV DFXPXODGRV HP WRGD SDUWH FRP DV
FDUDVLPSDFLHQWHVHIHOL]HVHVSHUDQGRRLQtFLR1DV~OWLPDVILODVKRPHQVWUHSDGRVXQVHPFLPD
GRV RXWURV 0XLWRV WLQKDP WUD]LGR WRURV GH OHQKD GD FR]LQKD HQFRVWDUDPQRV jV SDUHGHV H
WUHSDGRVVREUHHOHVDSRLDQGRRVEUDoRVQRVRPEURVGRVTXHHVWDYDPSRUEDL[RPDQWLYHUDPVH
GXUDQWHKRUDVQHVVDSRVLomRVDWLVIHLWtVVLPRVFRQVLJRSUySULRVHFRPRVVHXVOXJDUHV2XWURVFRP
DVSHUQDVDSRLDGDVjERUGDLQIHULRUGDHVWXIDILFDUDPDVVLPWRGRRWHPSRVXVWHQWDGRVSHORVTXH
OKHVILFDYDPjIUHQWH(RPHVPRDFRQWHFLDFRPDV~OWLPDVILODVMXQWRjSDUHGH'HODGRQDV
WDULPEDV KDYLD WDPEpP XPD PXOWLGmR IRUPLJDQWH H FRPSDFWD TXH URGHDYD RV P~VLFRV /i
HVWDYDP DOLiV RV PHOKRUHV OXJDUHV &LQFR KRPHQV WLQKDP WUHSDGR H VH HVWLUDGR SRU VREUH D
HVWXIDGHRQGHROKDYDPSDUDEDL[RHVVHVQDGDYDPHPEHDWLWXGH1RVSRUWDLVGDVRXWUDVSDUHGHV
ILFDYDDWXUEDGRVUHWDUGDWiULRVGRVTXHQDGDKDYLDPFRQVHJXLGRGHPHOKRU7RGRVVHSRUWDYDP
GHFHQWHPHQWHVHPID]HUEDUXOKRFDGDXPTXHULDPRVWUDUVHVREXPERPDVSHFWRDRVEDULQHV H
jV³YLVLWDV´$VFDUDVYHUPHOKDVHOXVWURVDVGHVXRUGHYLGRDRFDORUVXIRFDQWHH[SULPLDPDPDLV
LQJrQXD LPSDFLrQFLD 4XH HVWUDQKR UHIOH[R GH DOHJULD LQIDQWLO TXH FRQWHQWDPHQWR UDGLRVR
HPDQDYDGDTXHODVIURQWHVPDUFDGDVGHFLFDWUL]HVIHUUHWHDGDVGRVROKDUHVGDTXHOHVKRPHQVDWp
HQWmR GHVRODGRV H VRPEULRV ± ROKDUHV RQGH RXWURUD EULOKDUDP FODU}HV WHUUtYHLV 'R ODGR GLUHLWR
RQGHHXHVWDYDDVFDEHoDVVHPJRUURPHDSDUHFLDPFRPSOHWDPHQWHUDVSDGDV0DVGHUHSHQWH
QD FHQD REVHUYDVH XP PRYLPHQWR XP UXPRU 2 SDQR YDL VXELU$ RUTXHVWUD LQLFLD D
RXYHUWXUH(VVDRUTXHVWUDPHUHFHPHQomRHVSHFLDO'HXPODGRQDWDULPEDYLDVHXPJUXSR
GHRLWRPXVLFLVWDVGRLVYLROLQRV XPSHUWHQFHQWHDXPGHWHQWRHRXWURDUUDQMDGR QD IRUWDOH]D ±
SRUpP R DUWLVWD HUD XP GRV QRVVRV  WUrV EDODODLFDV ± REUD GRV IRUoDGRV GXDV JXLWDUUDV H XP
WDPERULO ID]HQGR DV YH]HV GH FRQWUDEDL[R 2V YLROLQRV UDQJLDP JXLQFKDYDP DV JXLWDUUDV QmR
YDOLDP QDGD PDV HP FRPSHQVDomR DV EDODODLFDV HUDP LQFRPSDUiYHLV $ DJLOLGDGH GRV GHGRV
TXHWDQJLDPDVFRUGDVWLQKDDOJRGHSUHVWLGLJLWDomR7RFDYDPSULQFLSDOPHQWHP~VLFDVGHGDQoD
1DV SDVVDJHQV PDLV PRYLPHQWDGDV RV P~VLFRV EDWLDP FRP RV GHGRV IHFKDGRV QD PDGHLUD GR
LQVWUXPHQWR R WRP D H[HFXomR WXGR HUD RULJLQDO WXGR WUDtD R SUHVtGLR 8P GRV JXLWDUULVWDV
WDPEpP HQWHQGLD PDUDYLOKRVDPHQWH GR VHX LQVWUXPHQWR HUD HOH R MRYHPEDULQH SDUULFLGD 2
SDQGHLURID]LDPDUDYLOKDVRUDJLUDYDRGLVFRQRVGHGRVRUDID]LDUHVVRDUDSHOHFRPRSROHJDU
RUD VH RXYLDP SDQFDGDV FODUDV OtPSLGDV PRQyWRQDV RUD LUURPSLD GHOH XP UXPRU VRQRUR TXH
FDtDFRPRXPDFDVFDWDHVHHVSDOKDYDQXPGLO~YLRGHSHTXHQRVUXtGRVWUrPXORVHPULFRFKHWH
(QILP KDYLD DLQGD GXDV VDQIRQDV 3DODYUD GH KRQUD HX DWp HQWmR QmR WLQKD D PtQLPD LGHLD GR
SDUWLGRTXHVHSRGHWLUDUGHVVHJURVVHLURLQVWUXPHQWRSRSXODUDKDUPRQLDGRVVRQVDH[HFXomRH
VREUHWXGR D H[SUHVVmR D FRPSUHHQVmR SHUIHLWD GRV PRWLYRV HUDP YHUGDGHLUDPHQWH
H[WUDRUGLQiULRV)RLHQWmRTXHGHVFREULTXDQWRDEDQGRQRLQILQLWRTXDQWRDPRUGRULVFRWUDGX]HP
DV VXJHVWLYDV P~VLFDV GH GDQoD GD 5~VVLD $ILQDO HUJXHVH R SDQR 7RGRV HVWUHPHFHUDP
LQTXLHWDUDPVHRVGHWUiVOHYDQWDUDPVHQDSRQWDGRVSpVDOJXpPFDLXGXPWRURHGRSULPHLUR
DR ~OWLPR HVSHFWDGRU ILFDUDP WRGRV GH ERFD DEHUWD H ROKRV DUUHJDODGRV 5HLQDYD XP DEVROXWR
VLOrQFLR$IXQomRFRPHoDUD
$R PHX ODGR HVWDYD $OL QR JUXSR GRV LUPmRV H GRV RXWURV FLUFDVVLDQRV 7RGRV VH
DSDL[RQDYDPSHORHVSHWiFXORQmRIDOWDUDPDXPD~QLFDGDVUHSUHVHQWDo}HV&RPRMiRREVHUYHL
PDLV GH XPD YH] RV PXoXOPDQRV WiUWDURV HWF VmR JUDQGHV DSUHFLDGRUHV GR WHDWUR $R ODGR
GHOHV ,VDL )RPLWFK ORJR DR VXELU GR SDQR HVWLFDYD R URVWR H[WDVLDGR SDUD RV PLODJUHV TXH VH
LULDPSURGX]LU4XHGHVRODomRVHVRIUHVVHXPDGHFHSomR2EHORURVWRGH$OLUHVSODQGHFLDFRP
XP SUD]HU GH PHQLQR WmR ERQLWR TXH GDYD JRVWR GH YrOR 7RGD YH] TXH XPD GDV WLUDGDV
GLYHUWLGDVGRVDWRUHVSURYRFDYDRULVRJHUDOHXLQYROXQWDULDPHQWHPHYROWDYDSDUDRROKDU(OH
QmR PH HQ[HUJDYD FXLGDYD GH FRLVD EHP GLYHUVD -XQWR D PLP GR ODGR HVTXHUGR HVWDYD XP
IRUoDGRGHFHUWDLGDGHVHPSUHVRPEULRGHVFRQWHQWHUHVPXQJmR(OHWDPEpPUHSDUDUDHP$OL
H PDLV GH XPD YH] YLR YLUDUVH FRP XP PHLR VRUULVR SDUD FRQWHPSODU DTXHOH URVWR WmR
DJUDGiYHO1mRVHLSRUTXrFKDPDYDR$OL6HPLRQLWFK
3ULQFLSLDUDP SRU)LODWND H 0LURFKND %DNOXFKLQH UHSUHVHQWDYD FRP SHUIHLomR R SDSHO GH
)LODWND 9LDVH TXH PHGLWDUD FDGD IUDVH FDGD PRYLPHQWR $ PHQRU GDV SDODYUDV TXH GL]LD R
PtQLPRJHVWRWRPDYDPXPVHQWLGRLQWHLUDPHQWHGHDFRUGRFRPRFDUiWHUGRSDSHO$FUHVFHQWH
VH D HVVH HVIRUoR D HVVH HVWXGR XPD DOHJULD VXUSUHHQGHQWH LUUHVLVWtYHO H VLPSOLFLGDGH
QDWXUDOLGDGH4XHPTXHUTXHYLVVH%DNOXFKLQHHQWmRDILUPDULDLPHGLDWDPHQWHTXHHVWDYDGLDQWH
GHXPYHUGDGHLURDWRUGHXPDWRUQDWRGRWDGRGHXPHQRUPHWDOHQWR$VVLVWLPDLVGHXPDYH]j
)LODWNDHP0RVFRXH3HWHUVEXUJRHDILUPRTXHQHQKXPGRVFRPHGLDQWHVGHDPEDVDVFDSLWDLV
VH LJXDODYD D %DNOXFKLQH FRPSDUDGRV D HOH HUDP FDPSRQHVHV j IUDQFHVD H QmR DXWrQWLFRV
PXMLTXHV9LDVHRHVIRUoRTXHID]LDPSDUDPHWHUVHQDSHOHGRSHUVRQDJHP%DNOXFKLQHWLQKD
DGHPDLV R DFLFDWH GD HPXODomR WRGRV VDELDP TXH QD VHJXQGD SHoD R SDSHO GH .HGULO VHULD
GHVHPSHQKDGR SRU XP WDO GH 3RWVHLNLQH FRQVLGHUDGR QmR VHL SRUTXr PHOKRU FRPHGLDQWH TXH
%DNOXFKLQH±H%DNOXFKLQHVRIULDFRPRXPDFULDQoDSRUFDXVDGHVVDSUHIHUrQFLD4XDQWDVYH]HV
QRV ~OWLPRV GLDV QmR YHLR GHVDEDIDU QR PHX SHLWR RV VHXV FL~PHV 'XDV KRUDV DQWHV GD
UHSUHVHQWDomR WLULWDYD GH IHEUH $QWH DV ULVDGDV H RV JULWRV GD DVVLVWrQFLD ³%UDYR %DNOXFKLQH
,VVR 0XLWR EHP´ R VHX URVWR UHVSODQGHFLD H D LQVSLUDomR OKH EULOKDYD QRV ROKRV $ FHQD GRV
EHLMRVFRP0LURFKNDTXDQGR)LODWNDOKHUHFRPHQGDDQWHVTXHVHOLPSHHDFDEDOLPSDQGRVHDVL
SUySULR IRL GXPD FRPLFLGDGH SHUIHLWD 7RGR R PXQGR H[SORGLX QXPD JDUJDOKDGD &RQWXGR R
PDLV LQWHUHVVDQWH SDUD PLP HUDP RV DVVLVWHQWHV VH DEDQGRQDUHP VHP QHQKXPD FHQVXUD 2V
JULWRV GH DSURYDomR UHVVRDYDP FDGD YH] PDLV FRSLRVRV &i HVWi XP IRUoDGR TXH HPSXUUD R
YL]LQKRFRPRFRWRYHORHOKHFRPXQLFDYLYDPHQWHDVVXDVLPSUHVV}HVVHPVDEHUVHTXHUDTXHP
VH HVWi GLULJLQGR 8P RXWUR QD VXD H[DOWDomR QR LQtFLR GH XPD FHQD F{PLFD YLUDVH SDUD D
DVVLVWrQFLDDEDUFDDFRPRROKDUYLYRJHVWLFXODFRPRVHDHVWLPXODVVHDULUGHSRLVWRUQDDIL[DU
DYLGDPHQWH RV DWRUHV 8P WHUFHLUR HVWDOD D OtQJXD H RV GHGRV QmR SRGH HVWDU VRVVHJDGR PDV
FRPR OKH p LPSRVVtYHO PH[HUVH ILFD PDUFDQGR SDVVR QXP Sp H QRXWUR 1R ILP GD SHoD D
DOHJULDDWLQJHRDXJH1mRH[DJHURDEVROXWDPHQWH,PDJLQHVHDSULVmRRVIHUURVRFDWLYHLURRV
ORQJRVDQRVWULVWHVTXHGHYHPVHUSDVVDGRVOiQDTXHODYLGDPRQyWRQDVHPHOKDQWHjFKXYDTXH
FDL JRWD D JRWD QXP HVFXUR GLD GH RXWRQR ± H GH UHSHQWH WRGDV DTXHODV FULDWXUDV DSULVLRQDGDV
DIHUUROKDGDVFRQVHJXHPGXUDQWHXPDKRUDSHUPLVVmRSDUDVHH[SDQGLUHPSDUDVHDOHJUDUHP
SDUDHVTXHFHUHPRVHXSHVDGHORHRUJDQL]DUHPXPHVSHWiFXORFDSD]GHGHVSHUWDUDLQYHMDHD
DGPLUDomR GD FLGDGH LQWHLUD ³2OKHP RV IRUoDGRV´ 7XGR DSDL[RQDYD D FRPHoDU SHORV WUDMRV
(UDSDUDHOHVH[WUHPDPHQWHLQWHUHVVDQWHSRUH[HPSORYHUHP9DQND2WSLHWRX1LHWVYLHWDLHYRX
%DNOXFKLQHFRPURXSDGLIHUHQWHGDTXHHOHVHVWmRKDELWXDGRVDXVDUGLDULDPHQWHMiKiDQRVe
XP IRUoDGR QDGD PDLV TXH XP IRUoDGR UHVVRQDQGR DV JULOKHWDV H HLOR TXH HQWUD QR SDOFR
YHVWLQGR VREUHFDVDFD FDUWROD H VREUHWXGR FRPR XP FDYDOKHLUR ( SLQWRX XP ELJRGH H WHP
FDEHOHLUD7LUDGREROVRXPOLQGROHQoRYHUPHOKRHID]JHVWRVILGDOJRVFRPRVHIRVVHXPEDULQH
DXWrQWLFR 2 HQWXVLDVPR FKHJD DR DXJH 2 ³QREUH EHQIHLWRU´ HQWUD HP FHQD FRP D IDUGD GH
DMXGDQWH GH RUGHQV ± EHP JDVWD p YHUGDGH PDV FRP GUDJRQDV ± JRUUR FRP WRSH PLOLWDU H
SURGX] XP HIHLWR LQGHVFULWtYHO 2 SDSHO WHYH GRLV FDQGLGDWRV ± H TXHP R DFUHGLWDULD" ± DPERV
EULJDUDPFRPRJDURWRVSDUDYHUTXHRREWLQKDWmRJUDQGHGHVHMRWLQKDPGHVHH[LELUQDIDUGDGH
RILFLDO2VRXWURVDWRUHVWLYHUDPTXHRVVHSDUDUDPDLRULDGRVYRWRVGHXRSDSHOD1LHWVYLHWDLHY±
QmR SRUTXH IRVVH PDLV ERQLWR RX SDUHFHVVH PDLV FRP XP QREUH PDV SHUVXDGLUDRV GH TXH
DUUDQMDULD XP UHEHQTXH FRP R TXDO IDULD PROLQHWHV EDWHULD QR FKmR H[DWDPHQWH FRPR XP
EDULQHOHJtWLPRFRPRXPHOHJDQWHDXWrQWLFRFRLVDTXH9DQNDQmRSRGHULDID]HUSRLVMDPDLVVH
DYLVWDUD GH SHUWR FRP XP ILGDOJR ( UHDOPHQWH TXDQGR DSDUHFHX FRP D VXD GDPD SHUDQWH R
S~EOLFR1LHWVYLHWDLHYSDVVRXRWHPSRWRGRGDQGRYROWDVQRDUFRPXPOHYHUHEHQTXHGHEDPEX
TXH HOH DUUDQMDUD VDEH 'HXV RQGH FHUWR GH TXH DVVLP GDYD SURYDV GH DOWD HGXFDomR GH XPD
HOHJkQFLD LQFRQWHVWiYHO 'HFHUWR QD LQIkQFLD SHTXHQLQR VHUYR GHVFDOoR YLUD XP FDYDOKHLUR
HOHJDQWHPHQWHYHVWLGRGLYHUWLUVHHPJLUDUFRPXPUHEHQTXHILFRXOKHJUDYDGDDLPSUHVVmRH
WULQWDDQRVGHSRLVVHUYLDVHGHODSDUDVHGX]LUHHQFDQWDURSUHVtGLRLQWHLUR
1LHWVYLHWDLHYHVWDYDWmRDEVRUWRHPVXDRFXSDomRTXHQmRYLDQDGDQHPQLQJXpPHIDODYD
FRPRVROKRVIL[RVQDEDULQLD$³QREUHEHQIHLWRUD´WDPEpPHUDQRWiYHODRVHXPRGR$SDUHFHX
FRPXPYHOKRYHVWLGRGHPXVVHOLQDTXHPDLVSDUHFLDXPIDUUDSREUDoRHFRORQXVXPDFDUD
HVWUDQKD SLQWDGD GH YHUPHOKR H EUDQFR XPD WRXFD GH GRUPLU GH FKLWD DPDUUDGD GHEDL[R GR
TXHL[R&RPXPDGDVPmRVVHJXUDYDXPDVRPEULQKDHFRPDRXWUDVHDEDQDYDFRPXPOHTXH
GHSDSHOYLVWRVR8PDVDOYDGHJDUJDOKDGDVDUHFHEHXHDQREUHVHQKRUDHODSUySULDSHUGHQGRD
JUDYLGDGHGLYHUVDVYH]HVS{VVHDULU2SDSHOHUDGHVHPSHQKDGRSRUXPWDOGH,YDQRY6LURWNLQH
YHVWLGRGHUDSDULJDHVWDYDHQFDQWDGRU(FDQWRXPXLWtVVLPREHPDVVXDVFRSODV(PUHVXPRD
SHoDWHUPLQRXFRPJHUDODJUDGR1mRKRXYHDPHQRUFUtWLFDQHPSRGHULDKDYHU
7RFRXVH PDLV XPD YH] D RXYHUWXUH6RPEUDV0LQKDV6RPEUDV H R SDQR VXELX SDUD.HGULO
.HGULOpXPDHVSpFLHGH'RQ-XDQSRLVQRILPGDSHoDDPRHFULDGRVmROHYDGRVSDUDRLQIHUQR
2 PDQXVFULWR IRL UHSUHVHQWDGR VHP FRUWHV PDV VHQWLDVH TXH HVWDYD LQFRPSOHWR VHP FRPHoR
QHPILPVHPSpQHPFDEHoD$DomRVHSDVVDYDQXPORFDOTXDOTXHUGD5~VVLDQXPDHVWDODJHP
GH SRVWD R HVWDODMDGHLUR OHYD SDUD XP TXDUWR XP VHQKRU TXH XVD FDSD H FKDSpX UHGRQGR 1DV
VXDVSHJDGDVFDPLQKDRFULDGR.HGULOXVDFDSRWHHXPJRUURGHOLEUppHOHRJOXWmR3RWVHLNLQHR
FRQFRUUHQWH GH %DNOXFKLQH ID]LD R SDSHO HQTXDQWR ,YDQRY ³D QREUH EHQIHLWRUD´ GD SULPHLUD
SHoD UHSUHVHQWDYD R DPR 2 HVWDODMDGHLUR 1LHWVYLHWDLHY  DYLVD REDULQH GH TXH R TXDUWR p
DVVRPEUDGR SRU GHP{QLRV GHSRLV UHWLUDVH 2 FDYDOKHLUR SUHRFXSDGR VRPEULR UHVPXQJD j
SDUWH TXH Mi VDEH GLVVR Ki PXLWR WHPSR 2UGHQD D .HGULO TXH DUUXPH D EDJDJHP H SUHSDUH D
FHLD.HGULOpXPFRYDUGHHXPJOXWmR(VFXWDQGRIDODUHPGHP{QLRVHPSDOLGHFHHWUHPHFRPR
XPD IROKD 7HP YRQWDGH GH IXJLU PDV WDPEpP WHP PHGR GR DPR $GHPDLV HVWi ORXFR SDUD
FRPHU $GRUD HPSDQWXUUDUVH p HVW~SLGR FRYDUGH DVWXWR DR VHX PRGR HQJDQD R DPR D WRGR
PRPHQWRDSHVDUGRPHGRTXHHVWHOKHLQVSLUD1HVVHWLSRQRWiYHOGHODFDLRDJHQWHHQFRQWUDXP
YDJR H ORQJtQTXR SDUHQWHVFR FRP /HSRUHOOR 2 SDSHO HVWDYD UHDOPHQWH PXLWR EHP
GHVHPSHQKDGR3DL3RWVHLNLQHWLQKDXPWDOHQWRLQGLVFXWtYHOVXSHULRUDWpDRGH%DNOXFKLQHeFODUR
TXH TXDQGR QR GLD VHJXLQWH PH DYLVWHL FRP %DNOXFKLQH QmR OKH WUDQVPLWL HVVH PHX MXt]R WHULD
PDJRDGR PXLWR R FRLWDGR 2 SUHVR TXH UHSUHVHQWDYD R DPR WDPEpP VH VDLX PXLWR EHP VHX
SDODYUyULRGHVDOLQKDYDGRQmRVLJQLILFDYDQDGDSRUpPDGLFomRHUDSUHFLVDRVJHVWRVDGHTXDGRV
(QTXDQWR.HGULOFXLGDGDPDOHWDRVHQKRUYDLHYHPSHORSDOFRHDQXQFLDDRVTXDWURYHQWRVTXH
DTXHOD QRLWH SRUi ILP DRV VHXV GHVUHJUDPHQWRV .HGULO HVFXWD FRP FXULRVLGDGH ID] FDUHWDV Gi
DSDUWHV SURYRFD HVWURQGRVDV JDUJDOKDGDV 1mR VHQWH QHQKXPD FRPSDL[mR SHOR DPR PDV
RXYLQGRIDODUHPGLDERVTXHUVDEHUFRPRVmRHID]SHUJXQWDVVREUHSHUJXQWDV2DPRDILQDOOKH
H[SOLFD TXH HQFRQWUDQGRVH RXWURUD HP GLILFXOGDGHV SHGLX DX[tOLR DR LQIHUQR 2V GHP{QLRV R
DMXGDUDPROLEHUWDUDPPDVKRMHpRGLDPDUFDGRSDUDRILPHVHJXQGRRSDFWRGHFHUWRHOHV
YLUmRSDUDOKHFDUUHJDUDDOPD.HGULOS}HVHDWUHPHUGHYHUGDGHFRQWXGRRDPRQmRSHUGHD
FRUDJHP H PDQGDR GH QRYR WUDWDU GD FHLD 2XYLQGR IDODU HP FHLD .HGULO VH DQLPD
GHVHPEUXOKD R IUDQJR WLUD XPD JDUUDID GHVRVVD R ELFKR QmR VHP SURYDU GHOH 2 S~EOLFR
JDUJDOKD'HUHSHQWHUDQJHDSRUWDRYHQWRVDFRGHDVMDQHODV.HGULOHVWUHPHFH H jV SUHVVDV
TXDVH LQYROXQWDULDPHQWH PHWH QD ERFD XP WmR JUDQGH SHGDoR GH IUDQJR TXH QmR FRQVHJXH
HQJROLU1RYDVULVDGDV³(VWiSURQWR"´LQGDJDRDPRHQWUDQGRGHQRYRQRTXDUWR³8PLQVWDQWH
EDULQHHVWRXSUHSDUDQGR´UHVSRQGH.HGULOTXHHVWiSRQGRDPHVDHFRPWRGDDWUDQTXLOLGDGH
VH SURS}H D GHYRUDU D FHLD GR ILGDOJR 2 S~EOLFR DGPLUD D SRXFD YHUJRQKD H D DVW~FLD GHVVH
ODFDLRTXHGHWDOPRGROXGLEULDRDPR'HYHVHGL]HUTXH3RWVHLNLQHPHUHFLDWRGRVRVHORJLRV$V
SDODYUDV ³8P LQVWDQWHEDULQHHVWRXSUHSDUDQGR´IRUDPDGPLUDYHOPHQWHGLWDV'HVGHTXH
HOHFRPHoDDS{UDPHVDS}HVHWDPEpPDGHYRUDUVREUHVVDOWDGRDFDGDSDVVRGRDPRTXHOKH
SRGHULDGHVFREULUDVEDQGDOKHLUDV&DGDYH]TXHREDULQHVHYROWD.HGULOVHHVFRQGHGHEDL[RGD
PHVDHSX[DXPSHGDoRGHIUDQJR3RUILPVDFLDXPSRXFRRDSHWLWHHSRGHFXLGDUQDFHLDGR
SDWUmR³.HGULOHVWiSURQWR"´JULWDREDULQH³(VWiSURQWR´UHVSRQGH.HGULOFRPYLYDFLGDGHPDV
YHULILFDTXHQmRUHVWDVHQmRXPDFR[DQRSUDWR6HPSUHDEVRUWRVRPEULRRILGDOJRVHQWDVHj
PHVDVHPQDGDSHUFHEHUGHDQRUPDOH.HGULOPXQLGRGHXPJXDUGDQDSRSODQWDVHSRUWUiVGR
VHXVHQKRU&DGDSDODYUDFDGDJHVWRFDGDFDUHWDGH.HGULOTXDQGRSRUH[HPSORYROWDGRSDUDR
S~EOLFRDEDQDDFDEHoDDQWHDWROLFHGREDULQHSURYRFDULVDGDVLQH[WLQJXtYHLV0DVH[DWDPHQWH
QRPRPHQWRHPTXHRDPRFRPHoDDUHIHLomRDSDUHFHPRVGLDERV$SDUWLUGDtQmRKiPDLV
MHLWR GH FRPSUHHQGHU FRLVD QHQKXPD RV GLDERV QmR WrP DEVROXWDPHQWH QDGD GH KXPDQRV D
SRUWDGRODGRVHDEUHXPDFRLVDEUDQFDDSDUHFHFRPXPDODQWHUQDDFHVDQROXJDUGDFDEHoD
VHJXHDXPVHJXQGRIDQWDVPDTXHWDPEpPWHPFRPRFDEHoDXPDODQWHUQDHQDPmRVHJXUD
XPD IRLFH 3RU TXH DV ODQWHUQDV SRU TXH D IRLFH SRU TXH RV GLDERV GH EUDQFR" 1LQJXpP SRGH
H[SOLFDU7LQKDTXHVHUDVVLPHQDGDPDLV2ILGDOJRVHPRVWUDEHPYDOHQWHHQFDUDRVGLDERVH
GL]TXHHVWiSURQWRTXHHOHVVyFDUHFHPWRPDURTXHpVHX.HGULODRFRQWUiULRpSROWUmRFRPR
XPFRHOKRHVFRQGHVHGHEDL[RGDPHVDPDVDSHVDUGRVHXSDYRUQmRVHHVTXHFHGHDSDQKDUD
JDUUDID2VGLDERVGHVDSDUHFHPXPLQVWDQWH.HGULOVDLGRHVFRQGHULMR1RPRPHQWRHPTXHR
DPR YROWD DR IUDQJR UHDSDUHFHP WUrV GLDERV DJDUUDPQR OHYDPQR FRQVLJR ³.HGULO PH
DFRGH´ EUDGD REDULQH .HGULO WHP RXWURV FXLGDGRV D JDUUDID R SUDWR R SUySULR SmR TXH
FDUUHJDSDUDGHEDL[RGDPHVD(QILPHLORVyMiQmRKiGLDERVMiQmRKiDPR.HGULOHUJXHVH
ROKDHPWRUQRGHVLXPVRUULVRDPSOROKHLOXPLQDDFDUD&DQDOKDTXHpSLVFDRROKRVHQWDVHQR
OXJDUGREDULQHHEDODQoDQGRDFDEHoDSDUDRS~EOLFRGL]DPHLDYR]
±0XLWREHP$JRUDMiQmRWHQKRVHQKRU
7RGRRPXQGRULSRUYrORVHPDPRHQWmRHOHDFUHVFHQWDVHPSUHDPHLDYR]GLULJLQGRVH
FRQILGHQFLDOPHQWHDRS~EOLFRFRPROKDUHVFDGDYH]PDLVDOHJUHV
±2VGHP{QLRVRFDUUHJDUDP
2 HQWXVLDVPR GRV HVSHFWDGRUHV WRUQDVH LQGHVFULWtYHO $OpP GR IDWR GH WHUHP RV GHP{QLRV
FDUUHJDGR REDULQH DV SDODYUDV IRUDP GLWDV QXP MHLWR WmR FDQDOKD FRP XPD FDUHWD WmR
]RPEHWHLUD H WULXQIDQWH TXH QLQJXpP S{GH GHL[DU GH DSODXGLU $ IHOLFLGDGH GH .HGULO SRUpP
QmRGXUDPXLWR0DODSDQKRXDJDUUDIDHHQFKHXRFRSRRVGLDERVUHWRUQDPGHVOL]DPSRUWUiV
GHOHQDSRQWDGRVSpVHRVHJXUDPSHODVFRVWDV3DWLIHGHPDLVSDUDVHYROWDU.HGULOEHUUDFRP
WRGDDIRUoDGHTXHGLVS}H(QmRSRGHGHIHQGHUVHHVWiFRPDVPmRVRFXSDGDVSHODJDUUDIDH
SHORFRSRGRVTXDLVQmRWHPFRUDJHPGHVHVHSDUDU&RPDERFDHVFDQFDUDGDGHKRUURUILFD
FHUFDGHPHLRPLQXWRGHROKRVDUUHJDODGRVFRPXPDWDOH[SUHVVmRGHFRYDUGHDSDYRUDGRTXH
GHFLGLGDPHQWH PHUHFH XP TXDGUR (QILP DUUDVWDPQR FDUUHJDPQR FRP D JDUUDID TXH HOH
QmR ODUJD JULWD VHP SDUDU VHXV JULWRV HFRDP QRV EDVWLGRUHV 0DV FDL R SDQR FRP XPD
JDUJDOKDGDJHUDO$RUTXHVWUDGiSULQFtSLRj.DPDULQVNDLD
&RPHoD QXP SLDQtVVLPR TXH PDO VH HVFXWD GHSRLV R PRWLYR VH DPSOLILFD R FRPSDVVR VH
DFHOHUDRVGHGRVGREUDGRVEDWHPRXVDGRVQDPDGHLUDGDEDODODLFDeD.DPDULQVNDLDHPWRGRR
VHXIXURUHVHULDERPVH*OLQNDSRUDFDVRDRXYLVVHQRSUHVtGLR(QWmRLQLFLDVHDSDQWRPLPD$
.DPDULQVNDLD DFRPSDQKDD GXUDQWH WRGD D VXD GXUDomR $ FHQD UHSUHVHQWD R LQWHULRU GH XP
PRLQKR6HQWDGRDXPFDQWRRPROHLURFRQVHUWDXPDUUHLRHQTXDQWRDPXOKHUILFDQXPRXWUR
FDQWR6LURWNLQHUHSUHVHQWDYDRSDSHOGDPXOKHU1LHWVYLHWDLHYRGRPROHLUR
)DUHL QRWDU TXH RV FHQiULRV HUDP SDXSpUULPRV 1HVVD SHoD FRPR QDV SUHFHGHQWHV HUD
SUHFLVRFRPSOHWDUFRPDLPDJLQDomRRTXHRVROKRVYLDP(POXJDUGHSDUHGHQRIXQGRSHQGLD
XPDHVSpFLHGHWDSHWHRXPDQWDGHFDYDORjGLUHLWDWLQKDPSRVWRXPELRPERGHVPDQWHODGRR
ODGR HVTXHUGR TXH QDGD WDSD GHL[D YHU D WDULPED 0DV RV HVSHFWDGRUHV QmR VmR H[LJHQWHV H
HVWmRGLVSRVWRVDFRPSOHWDUHPSHQVDPHQWRDVGHILFLrQFLDVGDUHDOLGDGH'HVGHTXHOKHVGL]HP
³LVVR Dt p XP MDUGLP XP TXDUWR XPD LVEi´ ± QmR SUHFLVD PDLV QmR DGLDQWD WDQWD FHULP{QLD
6LURWNLQH QR SDSHO GD PRoD PROHLUD HVWi XP HQFDQWR PXUPXUDPVH DOJXQV HORJLRV HQWUH RV
HVSHFWDGRUHV 2 PROHLUR DFDED R TXH HVWi ID]HQGR DSDQKD R FKDSpX H R FKLFRWH GLULJHVH j
PXOKHUHOKHH[SOLFDSRUPtPLFDTXHSUHFLVDVDLUHVHGXUDQWHDDXVrQFLDHODUHFHEHUDOJXpP
HQWmRHPRVWUDOKHRFKLFRWH(ODSDUHFHHQWHQGHUPXLWREHPGRTXHVHWUDWDSRLVDVVHQWHFRP
D FDEHoD 6DL R PROHLUR 0DO WUDQVS}H R XPEUDO D PXOKHU R DPHDoD FRP R SXQKR IHFKDGR
%DWHP D SRUWD VH DEUH H XP YL]LQKR PROHLUR WDPEpP HQWUD e XP PXMLTXH EDUEXGR YHVWLGR
QXPFDIHWm7UD]GHSUHVHQWHXPOHQoRYHUPHOKR$PXOKHUULPDVQRPRPHQWRHPTXHHOHYDL
DEUDoiODEDWHPGHQRYR4XHID]HU"(ODRHVFRQGHSUHFLSLWDGDPHQWHGHEDL[RGDPHVDHYROWDD
ILDU $SUHVHQWDVH QRYR DGPLUDGRU p XP IXUULHO IDUGDGR $ SDQWRPLQD DWp HQWmR IRL
LUUHSUHHQVtYHO H FDGD JHVWR SHUIHLWDPHQWH H[DWR 2OKDQGRVH DTXHOHV DWRUHV LPSURYLVDGRV D
JHQWHWHPTXHVHHVSDQWDUHGL]HUPDOJUDGRVHX³4XDQWDIRUoDTXDQWRWDOHQWRSHUGLGRQDQRVVD
5~VVLD HQWHUUDGRV SRU XPD LQVLJQLILFkQFLD jV YH]HV QR IXQGR GRV SUHVtGLRV RX GR GHJUHGR´
3RUpP R IRUoDGR TXH UHSUHVHQWDYD R IXUULHO DVVLVWLUD GHFHUWR D DOJXPD UHSUHVHQWDomR ± WDOYH]
QXPDFLGDGHGHSURYtQFLDWDOYH]QXPWHDWURGHEDULQHVDFKDYDGHFHUWRTXHRVQRVVRVDWRUHVGR
SULPHLUR DR ~OWLPR QmR HQWHQGLDP QDGD GH SDOFR H QmR VH DSUHVHQWDYDP GLUHLWR HP FHQD
([HFXWRX SRLV D VXD HQWUDGD j PDQHLUD GRV KHUyLV GR YHOKR UHSHUWyULR FOiVVLFR GHSRLV GH XPD
YDVWDSDVVDGDHPSHUWLJRXDFDEHoDHREXVWRODQoRXHPWRUQRGHVLXPRUJXOKRVRROKDUFLUFXODU
H H[HFXWRX DILQDO D VHJXQGD SDVVDGD WmR PDMHVWRVD TXDQWR D SULPHLUD 8P DQGDU GDTXHOHV Mi
JURWHVFRQRVKHUyLVFOiVVLFRVILFDYDRDLQGDPDLVQXPIXUULHOIDUGDGRUHSUHVHQWDQGRHPFHQD
F{PLFD 0DV R QRVVR S~EOLFR SHQVDYD TXH GHYLD VHU DVVLP PHVPR H DFHLWDYD FRPR IDWR
FRQVXPDGRDVSDVVDGDVGRKRPHPVHPVRPEUDGHFUtWLFD0DORIXUULHOWHYHWHPSRGHFKHJDU
DRPHLRGDVDODEDWHUDPQRYDPHQWH$GRQDGDFDVDSHUGHXGHQRYRDFDEHoD2TXHID]HUGR
KRPHP" (VFRQGHR QXP ED~ TXH SRU IHOLFLGDGH HVWi DEHUWR 'HVVD YH] DSDUHFH XPD YLVLWD
LPSRUWDQWHXPJDOmGHHVSpFLHUDUDpXPEUkPDQH YHVWLGRDULJRU2IRUoDGR.RFKNLQHTXH
WHP D FDUD SDUD R SDSHO UHSUHVHQWD PDUDYLOKRVDPHQWH GH ERQ]R 'HVFUHYH FRP JHVWRV D
DUGrQFLD GR VHX DPRU HUJXH RV EUDoRV SDUD R FpX DSHUWDRV DR SHLWR VREUH R FRUDomR 1R
PRPHQWR HP TXH VH YDL WRUQDU PDLV DIRLWR XPD SDQFDGD YLROHQWD UHVVRD QD SRUWD 3HOR PRGR
FRPR EDWHP UHFRQKHFHVH TXH p R GRQR GD FDVD $ PXOKHU WUHPH GH SDYRU R ERQ]R VH DJLWD
FRPRXPSRVVHVVRHVXSOLFDTXHRHVFRQGD(ODDFDEDSRUHQILiORGHTXDOTXHUPRGRGHQWURGR
DUPiULR PDV HVTXHFHQGRVH GH DEULU D SRUWD DWLUDVH j URFD ILDQGR ILDQGR VHP HVFXWDU DV
UHSHWLGDV SDQFDGDV GR PDULGR 3HUGHX GH WDO PRGR D FDEHoD TXH WRUFH HQWUH DV PmRV XP ILR
LQH[LVWHQWHHID]RJHVWRGHJLUDURIXVRTXHHVWiFDtGRQRFKmR6LURWNLQHUHSUHVHQWDYDPXLWREHP
R SDYRU GD PXOKHU 2 PROHLUR DUURPED D SRUWD D SRQWDSpV H VH DWLUD j HVSRVD FRP R FKLFRWH
HUJXLGR9LXWXGRSRUTXHHVWDYDHVFRQGLGRHPRVWUDSRUWDQWRSHORVGHGRVTXHHODHVFRQGHXWUrV
QDPRUDGRV 3URFXUDRV HQFRQWUD R SULPHLUR R YL]LQKR TXH p H[SXOVR FRP XP SRQWDSp QDV
FRVWHODV2IXUULHODSDYRUDGRTXHUIXJLUOHYDQWDFRPDFDEHoDDWDPSDGRED~JHVWRTXHRWUDLR
PROHLURRDEDUFDFRPRFKLFRWHHGHVVDYH]RJDODQWHPLOLWDUHVTXHFHDVSDVVDGDVFOiVVLFDV5HVWD
RERQ]RTXHRPROHLURSURFXUDPXLWRWHPSRHQILPGHVFREUHRQRFDQWRSRUWUiVGRDUPiULR
)D]OKHXPDPHVXUDFRUWrVVHJXUDRSHODEDUEDHRDUUDVWDSDUDRPHLRGDFHQD2ERQ]RWHQWD
GHIHQGHUVH H JULWD ³0DOGLWR 0DOGLWR´ p D ~QLFD SDODYUD GLWD GXUDQWH WRGD D SDQWRPLPD  2
PDULGR QmR OKH Gi RXYLGRV ID]OKH MXVWLoD DR VHX PRGR 9HQGR TXH DILQDO FKHJRX VXD YH] D
PXOKHUDWLUDORQJHRILRHRIXVRHIRJHGDVDODGHUUXEDQGRRWDPERUHWH2VIRUoDGRVHVWDODPHP
ULVDGDV 6HP PH ROKDU $OL PH SX[D SHOD PDQJD H GL] ³2OKD R ERQ]R R ERQ]R´ 1mR VH SRGH
PDQWHUHPSpGHWDQWRULU&DLRSDQR&RPHoDRXWUDFHQD
7RGDYLDQmRSRVVRGHVFUHYrODVWRGDV+RXYHDLQGDGXDVRXWUrVWRGDVGHFDUiWHUF{PLFRH
FRP HIHLWR HQJUDoDGtVVLPDV 6H RV IRUoDGRV QmR DV KDYLDP FRPSRVWR SHOR PHQRV OKHV
DFUHVFHQWDYDP PXLWR GH VHX 4XDVH WRGRV RV DWRUHV LPSURYLVDYDP GH PRGR TXH D FDGD
UHSUHVHQWDomRRPHVPRSDSHOHUDGHVHPSHQKDGRGHPDQHLUDGLYHUVD$~OWLPDSDQWRPLPDGH
JrQHURIDQWDVPDJyULFRDFDEDYDSRUXPEDLODGRGXUDQWHRTXDOHQWHUUDYDPXPPRUWR2ERQ]R
DFRPSDQKDGR SRU XPD LQILQLGDGH GH VHUYRV ID] VREUH R FDL[mR XPD SRUomR GH JHVWRV LQ~WHLV
$ILQDOVRDDP~VLFDGR6RO3RHQWHRPRUWRVHUHDQLPDWRGRVWUHSLGDPGHDOHJULD2ERQ]RGDQoD
FRPRPRUWRPDVjVXDPRGDVDFHUGRWDO(DVVLPWHUPLQDRHVSHWiFXORDWpjSUy[LPDQRLWH
6HSDUDPRQRV ULVRQKRV VDWLVIHLWRV HORJLDQGR RV DWRUHV DJUDGHFHQGR DR VXERILFLDO 1HQKXPD
EULJD7RGRVHVWmRQXPERPKXPRUUDURWRGRVVHVHQWHPFRPRTXHIHOL]HVHDGRUPHFHPQmR
FRPRVRQRKDELWXDOSRUpPFRPDDOPDTXDVHWUDQTXLOD,VVRQmRpLQYHQomRGHPLQKDIDQWDVLD
p D YHUGDGH D H[DWD YHUGDGH )RL SHUPLWLGR jTXHODV SREUHV FULDWXUDV YLYHU HPERUD SRU DOJXQV
LQVWDQWHVYLYHUjYRQWDGHGLYHUWLUHPVHSDVVDUDOJXPDVKRUDVHVTXHFLGDVGHTXHVmRJDOpV±H
HVVHVUiSLGRVPLQXWRVRVWUDQVILJXUDUDPPRUDOPHQWH
0DVDQRLWHMiYDLDOWD(VWUHPHoRHDFRUGRGHFKRIUH-XQWRjHVWXIDRYHOKRUH]DHUH]DUi
DWpRDPDQKHFHU$OLUHSRXVDVXDYHPHQWHDRPHXODGR5HFRUGRDVXDFRQYHUVDFRPRVLUPmRVD
UHVSHLWRGRWHDWURDVULVDGDVTXHGDYDDQWHVGHDGRUPHFHU0DOJUDGRPHXILFRDPLUDUDTXHOH
URVWR SOiFLGR GH FULDQoD 3RXFR D SRXFR WXGR PH YROWD DR HVStULWR UHYHMR RV ~OWLPRV GLDV DV
IHVWDVRPrVTXHVHDFDEDGHSDVVDU7RPDGRGHKRUURUHUJRDFDEHoDROKRRVDGRUPHFLGRV
PHXV FRPSDQKHLURV j OX] WUrPXOD GD FDQGHLD DGPLQLVWUDWLYD 2OKR DV FDUDV OtYLGDV R FDWUH
PLVHUiYHOVXDQXGH]VXDVPLVpULDVH[SRVWDV2OKRRVEHPSDUDWHUDFHUWH]DGHTXHQmRVRIURGH
XPSHVDGHORDERPLQiYHOPDVYHMRDUHDOLGDGH5HVVRDXPJHPLGRDOJXpPDJLWDSHVDGDPHQWH
XP EUDoR VDFRGH D JULOKHWD 8P GHWHQWR VH VREUHVVDOWD H VH S}H D UHVPXQJDU HQTXDQWR Oi QD
HVWXIDRYHOKRUH]DSRUWRGRVRV³FULVWmRVRUWRGR[RV´RXoRDVSDODYUDVGDRUDomRTXHHOHDUWLFXOD
OHQWDPHQWHVXDYHPHQWHHPFRPSDVVR³6HQKRUPHX'HXVWHQGHSLHGDGHGHQyV´
³1mR YRX ILFDU DTXL SDUD VHPSUH´ FLVPR ³(VWRX DTXL DSHQDV SRU DOJXQV DQRV´ ( GHL[R
UHFDLUDFDEHoDVREUHRWUDYHVVHLUR
6(*81'$3$57(





2+263,7$/


3RXFR WHPSR GHSRLV GDV IHVWDV FDt GRHQWH H PDQGDUDPPH SDUD R KRVSLWDO PLOLWDU VLWXDGR
QXP ORFDO TXH ILFDYD D XQV TXLQKHQWRV PHWURV GD IRUWDOH]D (UD XP FRPSULGR HGLItFLR WpUUHR
SLQWDGRGHDPDUHOR1RYHUmRTXDQGRFKHJDYDRWHPSRGDVUHSDUDo}HVJDVWDYDPDUHSLQWiOR
XPD TXDQWLGDGH H[WUDRUGLQiULD GH RFUH 1R JUDQGH SiWLR ILFDYDP DV GHSHQGrQFLDV D FDVD GD
GLUHomR PpGLFD H DV RXWUDV FRQVWUXo}HV QHFHVViULDV 1XPHURVDV HQIHUPDULDV RFXSDYDP RV
HGLItFLRV SULQFLSDLV GXDV DSHQDV HUDP UHVHUYDGDV DRV GHWHQWRV H HVWDYDP VHPSUH FKHLDV
SULQFLSDOPHQWH QR YHUmR 0XLWDV YH]HV DWp HUD SUHFLVR UHXQLU RV OHLWRV (QFKLDPVH HVVDV GXDV
VDODV FRP RV ³GHVJUDoDGRV´ GH WRGD HVSpFLH RV QRVVRV RV GHWHQWRV PLOLWDUHV SURYHQLHQWHV GRV
GLYHUVRV FRUSRV GH JXDUGD LQGLYtGXRV HP LQVWkQFLD GH FRQGHQDomR GHSRUWDGRV GH SDVVDJHP
(QYLDYDPVH WDPEpP RV GRHQWHV GDV FRPSDQKLDV FRUUHFLRQDLV HVWUDQKD LQVWLWXLomR RQGH VmR
UHXQLGRVRVVROGDGRVGHPDXSURFHGLPHQWRSDUDVHUHPFRUULJLGRV±HGHWDOPDQHLUDDJHPTXH
VDHPGHOiRVPDLVFRPSOHWRVEDQGLGRVTXHpSRVVtYHOLPDJLQDU7RGDPDQKmRIRUoDGRTXHVH
VHQWH GRHQWH SUHYLQH R VXERILFLDO ,PHGLDWDPHQWH VHX QRPH p LQVFULWR QXP UHJLVWUR H HOH p
PDQGDGRDRKRVSLWDOPLOLWDUHVFROWDGRSRUXPVROGDGRTXHOHYDRUHJLVWUR/iRPpGLFRH[DPLQD
DWHQWDPHQWHRVGRHQWHVHQYLDGRVSRUWRGDVDVXQLGDGHVDFDQWRQDGDVQDIRUWDOH]DHGHSRLVGHRV
LGHQWLILFDU DXWRUL]DRV D ILFDU ,QVFUHYHUDPPH SRLV QR UHJLVWUR H FHUFD GH XPD KRUD DSyV D
SDUWLGD GRV QRVVRV KRPHQV SDUD R WUDEDOKR GD WDUGH HQFDPLQKHLPH SDUD R KRVSLWDO 2 GHWHQWR
HQIHUPROHYDYDHPJHUDOFRQVLJRRPi[LPRSRVVtYHOGHSmRHGLQKHLUR±SRUTXHQRSULPHLURGLD
QmRSRGLDHVSHUDUUHFHEHUUDomRGRKRVSLWDOFRQGX]LDDPDLVXPFDFKLPERXPDWDEDTXHLUDXP
LVTXHLUR ± WXGR FXLGDGRVDPHQWH HVFRQGLGR QD ERWD 3HQHWUDQGR QR UHFLQWR GR KRVSLWDO VHQWL
GHVSHUWDUHPPLPFHUWDFXULRVLGDGHSRUHVVHQRYRDVSHFWRGDQRVVDYLGDGHJDOpV
(UDXPGHVVHVGLDVTXHQWHVWULVWHVHQFREHUWRVHPTXHRVHGLItFLRVGDTXHODHVSpFLHDVVXPHP
XP DVSHFWR PDLV VRPEULR H PDLV UHEDUEDWLYR (QWUDPRV R VROGDGR GD HVFROWD H HX QD VDOD GH
YLVLWDVRQGHVHYLDPGXDVEDQKHLUDVGHFREUHHRQGHMiHVSHUDYDPGRLVHQIHUPRVODGHDGRVSHOD
HVFROWD 2 HQIHUPHLUR DSDUHFHX ROKRXQRV GLVSOLFHQWHPHQWH FRP DU SURWHWRU H PDLV
GLVSOLFHQWHPHQWHDLQGDIRLSUHYHQLURPpGLFRGHVHUYLoR2PpGLFRSRUVXDYH]QRVH[DPLQRX
FRPEDVWDQWHDIDELOLGDGHHQRVHQWUHJRX³RVFDUW}HVGHPROpVWLD´QRVTXDLVHVWDYDPHVFULWRVRV
QRVVRVQRPHV2TXHVHGHYHULDVHJXLU±GLDJQyVWLFRLQGLFDo}HVGHWUDWDPHQWRUHJLPHHWFHUD
WUDEDOKRGRLQWHUQRTXHGLULJLDDVDODGRVIRUoDGRV2XYLRVIRUoDGRVFREULUHPGHORXYRUHVVHXV
PpGLFRV³6mRXQVSDLVSDUDQyV´GLVVHPHXPGHOHVTXDQGRPHSUHSDUDYDSDUDLUDRKRVSLWDO
(QWUHWDQWR WLUDUDPQRV D URXSD H[WHUQD H LQWHUQD TXH YHVWtDPRV GHUDPQRV URXSD EUDQFD GR
KRVSLWDOHPDLVXPDVPHLDVFRPSULGDVFKLQHODVXPJRUURGHDOJRGmRXPURXSmRGHJURVVDOm
FLQ]D IRUUDGR GH QmR VHL TXr SDUHFHQGR HVWRSD RX HPSODVWUR ± R VHX JUDX GH VXMHLUD HUD WmR
JUDQGHTXHXOWUDSDVVDYDWRGRVRVOLPLWHVWRGDYLDDSUHFLHLREDVWDQWHGHSRLVTXHRYHVWL)RPRV
HQWmROHYDGRVSDUDDHQIHUPDULDGRVIRUoDGRV$OLPSH]DH[WHULRUHUDDJUDGiYHOGHYHU±SHOR
PHQRVWLYHDLPSUHVVmRGHDVVHLRYLQGRGRSUHVtGLR2VGRLVRXWURVGHWHQWRVSDVVDUDPSDUDDVDOD
GD GLUHLWD H HX SDUD D GD HVTXHUGD 'LDQWH GD SRUWD IHFKDGD SRU XPD EDUUD GH IHUUR HVWDYD D
VHQWLQHOD DUPDGD H QmR ORQJH GH Oi R VHX VXEVWLWXWR 8P MRYHP FDER TXH SHUWHQFLD DR SRVWR
PLOLWDUGRKRVSLWDOGHXRUGHPSDUDPHLQWURGX]LUHPQXPDHQIHUPDULDFRPSULGDHHVWUHLWDRQGH
GHDPERVRVODGRVDRORQJRGDVSDUHGHVRVOHLWRVVHDOLQKDYDPKDYLDYLQWHHGRLV±HHQWUHHOHV
WUrVRXTXDWURGHVRFXSDGRV(UDPFDWUHVGHPDGHLUDSLQWDGRVGHYHUGH±YHOKRVFRQKHFLGRVGH
WRGRRPXQGRQDQRVVDERD5~VVLD±GHVVHVFDWUHVTXHSRUXPDHVSpFLHGHIDWDOLGDGHQmRSRGHP
H[LVWLUVHPSHUFHYHMRV2FXSHLXPTXHILFDYDMXQWRjVMDQHODV
&RPRMiRGLVVHXQVSRXFRVGRVQRVVRVFRPSDQKHLURVHVWDYDPOiDOJXQVPHFRQKHFLDPRX
SHORPHQRVMiPHKDYLDPYLVWR0DVRVGRHQWHVHPLQVWkQFLDGHFRQGHQDomRHRVGDFRPSDQKLD
FRUUHFLRQDO HUDP HP Q~PHUR PXLWR PDLRU +DYLD SRXFRV JUDYHPHQWH HQIHUPRV ± LVWR p
LQFDSD]HV GH GHL[DU R OHLWR 2 DU VXIRFDQWH QDXVHDQWH H[DODYD R FKHLUR FDUDFWHUtVWLFR GRV
KRVSLWDLV 7RGDV DV HVSpFLHV GH HPDQDo}HV GHOHWpULDV GH FKHLUR GH SRo}HV R LQIHFWDYDP D
GHVSHLWRGDHVWXIDTXHDUGLDDXPFDQWRGXUDQWHTXDVHWRGRRGLD8PDFROFKDOLVWUDGDPHFREULD
D FDPD DYLVWHL SRU EDL[R XP FREHUWRU GH EDHWD JURVVD H XQV OHQoyLV GH HVWDPHQKD GH DVVHLR
GXYLGRVR$RODGRGDFDPDILFDYDXPDPHVLQKDFRPXPMDUURHXPFDQHFRGHHVWDQKR7XGR
LVVRSRUKLJLHQHHUDFREHUWRFRPXPSHGDoRGHSDQRTXHSDUDHVVHILPPHIRLGDGR'HEDL[R
GD PHVD ILFDYD XPD SUDWHOHLUD RQGH RV EHEHGRUHV GH FKi ± XPD PLQRULD ± DUUXPDYDP D
FKDOHLUD H RV EHEHGRUHV GHNYDVV R VHX S~FDUR &DGD XP DWp PHVPR RV WtVLFRV SRVVXtD R VHX
FDFKLPERHDVXDWDEDTXHLUDTXHHUDPHVFRQGLGRVVRERFROFKmR2PpGLFRHRVJXDUGDVTXDVH
QXQFD RV SHVTXLVDYDP H VH VXUSUHHQGLDP DOJXP IXPDQGR ILQJLDP QmR YHU $OLiV RV GRHQWHV
WRPDYDPVXDVSUHFDXo}HVHLDPFDFKLPEDUDRODGRGDHVWXID4XDVHQmRIXPDYDPQDFDPD
VHQmRjQRLWHSRUTXHMiHQWmRQmRKDYLDPDLVURQGDVH[FHWRjVYH]HVDGRRILFLDOFRPDQGDQWH
GRSRVWRGRKRVSLWDO
&RPRHXMDPDLVPHWUDWDUDQXPKRVSLWDOLQWHUHVVDYDPHSRUWXGRTXHYLDDRPHXUHGRU$
SULQFtSLR FRPSUHHQGL TXH PLQKD HQWUDGD SURYRFDYD FHUWD FXULRVLGDGH 7LQKDP RXYLGR IDODU GH
PLP H PH ROKDYDP VHP FRQVWUDQJLPHQWR DWp PHVPR FRP DU GH VXSHULRULGDGH FRPR VmR
ROKDGRVRVQRYDWRVQDVHVFRODVRXRVSHGLQWHVQDVDQWHFkPDUDVPLQLVWHULDLV(XWLQKDSRUYL]LQKR
GDGLUHLWDXPHVFULYmRILOKRQDWXUDOGHXPFDSLWmRUHIRUPDGRSUHVRFRPRPRHGHLURIDOVRHTXH
HVWDYDKiXPDQRVREREVHUYDomR3DUHFLDQmRVRIUHUGHQDGDHGL]LDPRVPpGLFRVTXHWLQKDXP
DQHXULVPD$OLiVFRQVHJXLUDRVHXILWRHYLWRXRSUHVtGLRHDIXVWLJDomRHXPDQRPDLVWDUGHIRL
WUDQVIHULGRSDUD7RQGHRKRVSLWDOL]DUDP(UDXPUDSD]GHYLQWHHRLWRDQRVDWDUUDFDGRHIRUWH
PDODQGUR LQWHJUDO TXH FRQKHFLD WRGRV RV DUFDQRV GR FyGLJR LQWHOLJHQWtVVLPR H[WUHPDPHQWH
LQHVFUXSXORVRSUHVXQoRVRGXPDPRUSUySULRGRHQWLR&RQYHQFLGRGHVXDDEVROXWDKRQHVWLGDGH
MDPDLVVHUHFRQKHFLDFXOSDGRQmRVHDIDVWDQGRQXQFDGHVVDQHJDWLYD)RLRSULPHLURDPHGLULJLU
D SDODYUD ,QWHUURJRXPH FRP FXULRVLGDGH H PH GHX LQIRUPDo}HV PLQXFLRVDV VREUH RV KiELWRV
LQWHUQRVGRKRVSLWDO$QWHVGHWXGRpFODURIH]PHVDEHUTXHHUDILOKRGXPFDSLWmR*RVWDULDTXH
HX R WRPDVVH SRU XP QREUH RX SHOR PHQRV SRU XP KRPHP EHPQDVFLGR 'HSRLV GHOH RXWUR
GRHQWHGDFRPSDQKLDFRUUHFLRQDOYHLRPHGL]HUTXHFRQKHFHUDYiULRVGHSRUWDGRVQREUHVHRV
LQGLFRX SRU QRPH H VREUHQRPH (UD XP DQWLJR VROGDGR FKDPDGR 7FKHNXQRY D VXD FDUD
UHVSLUDYDKLSRFULVLDVHPHSURFXUDYDDVERDVJUDoDVpSRUTXHIDUHMDYDRPHXGLQKHLUR7HQGR
DYLVWDGRFKiHDo~FDUQDPLQKDSUDWHOHLUDRIHUHFHXPHLPHGLDWDPHQWHRVVHXVVHUYLoRVSDUDPH
REWHU XPD FKDOHLUD H PH ID]HU IHUYHU iJXD 0±FNL SURPHWHUD PDQGDU QR GLD VHJXLQWH PLQKD
FKDOHLUDSRULQWHUPpGLRGRVIRUoDGRVTXHYLULDPWUDEDOKDUQRKRVSLWDO0DV7FKHNXQRYDUUDQMRX
WXGR2EWHYHXPDFKDOHLUDGHIROKDDWpPHVPRXPD[tFDUDIH]IHUYHUDiJXDHSUHSDURXRFKi±
HPUHVXPRVHUYLXPHFRPWDQWR]HORTXHDWUDLXRVFRPHQWiULRVHVFDUQLQKRVGXPWDO8VWLDQWVHY
WXEHUFXORVR TXH RFXSDYD D FDPD GHIURQWH (UD DTXHOH PHVPR VROGDGR FRQGHQDGR DRV DoRLWHV
TXH SRU PHGR GR FDVWLJR EHEHUD XPD LQIXVmR GH WDEDFR H YRGFD $Wp HQWmR HVWDYD GHLWDGR
VLOHQFLRVRUHVSLUDQGRFRPGLILFXOGDGHHQFDUDQGRPHHDFRPSDQKDQGRFRPROKRVLQGLJQDGRVDV
PDQREUDV GH 7FKHNXQRY 8P DU H[WUDRUGLQDULDPHQWH VpULR OKH WRUQDYD F{PLFD D LQGLJQDomR
$ILQDOQmRVHS{GHFRQWHU
± 2OKHP HVVH ODFDLR $UUDQMRX XPEDULQH SDUD VHUYLU ± DUWLFXORX FRP YR] HQWUHFRUWDGD H
VHPWLPEUHSRUTXHMiHVWDYDSHUWRGRILP
7FKHNXQRYRIHQGLGRYROWRXVHSDUDHOH
±4XHPpODFDLRDTXL"±GLVVHODQoDQGRXPROKDUGHGHVSUH]R
± 7X ± UHSOLFRX 8VWLDQWVHY HP WRP ILUPH FRPR VH WLYHVVH DPSOR GLUHLWR GH UDOKDU FRP
7FKHNXQRYHFRPRVHIRVVHVHXGHYHUID]rOR
±/DFDLRHX"
±6LPWX(VFXWHPUDSD]HVHOHDFKDTXHQmRpODFDLR-iVHYLX
± 7UDWD GD WXD YLGD 1mR HVWiV YHQGR TXH REDULQH QmR VDEH ID]HU QDGD TXH REDULQH HVWi
DFRVWXPDGR D VHU VHUYLGR 6H HVWRX DMXGDQGR QLQJXpP WHP QDGD D YHU FRP LVVR IRFLQKR
SHOXGR
±4XHPpIRFLQKRSHOXGR"
±7X
±(X"
±6LPWX
±(WX"3HQVDVTXHpVPXLWRERQLWR"6HHXWHQKRIRFLQKRFDEHOXGRWXWHQVIRFLQKRGHXPRYR
SRGUH
±&DEHOXGRFDEHOXGR2OKHPMiHVWiFRPRSpQDFRYDHDLQGDDSRTXHQWDRVRXWURV2UDTXH
HVSHUWLQKR
±6LPVRXHVSHUWR3UHILURPHFXUYDUGLDQWHGHXPDVERWDVDPHFXUYDUGLDQWHGHXPSDUGH
ODSWL0HXSDLQmRJRVWDYDGHGREUDUDHVSLQKDGLDQWHGHQLQJXpPHPHHQVLQRXDPHVPDFRLVD
(X
4XDQGR LD FRQWLQXDU WRPRXR XP DFHVVR GH WRVVH TXH R VDFXGLX GXUDQWH DOJXQV PLQXWRV
SURYRFDQGRXPHVFDUURGHVDQJXH/RJRGHSRLVXPIULRVXRUGHHVJRWDPHQWROKHSRUHMRXQDWHVWD
HVWUHLWD$SHVDUGDWRVVHTXHRWRUWXUDYDDLQGDTXHULDUL[DUGHTXDOTXHUPRGRYLDVHQRVVHXV
ROKRVDQHFHVVLGDGHGHFRQWLQXDUFRPDVLQM~ULDV0DVHVJRWDGRQmRS{GHID]HUVHQmRXPJHVWR
FRPDPmRH7FKHNXQRYDFDERXSRUHVTXHFrOR
(XVHQWLDPXLWREHPTXHRyGLRGDTXHOHWtVLFRVHGLULJLDPXLWRPDLVDPLPTXHD7FKHNXQRY
1LQJXpPRFHQVXUDULDGHVSUH]DULDSRUHPSUHJDUVHXVERQVRItFLRVSDUDJDQKDUDOJXQVFRSHTXHV
7RGRVFRPSUHHQGLDPPXLWREHPTXHHOHQmRYLVDYDVHQmRPHXGLQKHLUR$HVVHUHVSHLWRDSOHEH
QmR WHP IDOVR SXGRU H VDEH S{U DV FRLVDV QRV VHXV GHYLGRV OXJDUHV 2 TXH GHVDJUDGDUD D
8VWLDQWVHYIRUDRPHXGLQKHLURRPHXFKiHUDRIDWRGHDSHVDUGDJULOKHWDHXFRQWLQXDUDVHUR
EDULQHLQFDSD]GHGLVSHQVDUFULDGRV(QWUHWDQWRHXQmRSURFXUDUDDEVROXWDPHQWHDUUDQMDUTXHP
PHVHUYLVVHTXHULDVHPSUHDJLUSRUPLPSUySULRID]HUFRPTXHQmRPHWRPDVVHPSRUQHQKXP
EDULQHFKHLRGHOX[RVGHPmRVGHOLFDGDVGHPDLVSXQKDQLVVRWRGRRPHXDPRUSUySULRVHHVVD
H[SUHVVmRSRGHFDEHUDt7RGDYLD±QmRFRPSUHHQGRFRPRIRLTXHLVVRVHSURGX]LX±QXQFDPH
SXGH OLEHUWDU GRV YiULRV FRPSDQKHLURV FRQGHVFHQGHQWHV RX SUHVWLPRVRV TXH YLQKDP
HVSRQWDQHDPHQWH j PLQKD SURFXUD H TXH PH DFDEDYDP WUDWDQGR FRPR VH IRVVHP HOHV PHXV
DPRVHHXRVHUYLGRU(±TXLVHVVHPRXQmR±FRQWLQXDYDDVHUSDUDWRGRVXPYHUGDGHLUREDULQH
LQFDSD]GHGLVSHQVDUFRQIRUWRQHPFULDGRV7XGRLVVRPHGHVJRVWDYDPXLWR0DV8VWLDQWVHYHUD
XP WXEHUFXORVR LUDVFtYHO 2V RXWURV GRHQWHV WRPDUDP XP DU GH GHVGHQKRVD LQGLIHUHQoD SDUD
FRPLJR 1DTXHOD WDUGH HUDP WRGRV SUHVD GD PHVPD SUHRFXSDomR &RPSUHHQGL HVFXWDQGRRV
FRQYHUVDUTXHLDPWUD]HUSDUDDHQIHUPDULDXPFRQGHQDGRTXHQHVVHPRPHQWRHVWDYDDVRIUHU
RV DoRLWHV 2V IRUoDGRV HVSHUDYDP R QRYDWR FRP FHUWD FXULRVLGDGH 3UHWHQGLDP TXH D SXQLomR
HUDOHYH±TXLQKHQWRVDoRLWHVDSHQDV
3RXFR D SRXFR IXLPH DPELHQWDQGR 6HJXQGR SXGH FRPSUHHQGHU D PDLRULD GRV PHXV
FRPSDQKHLURV GH HQIHUPDULD VRIULD GH HVFRUEXWR H GRHQoDV GRV ROKRV PROpVWLDV FDUDFWHUtVWLFDV
GDTXHODUHJLmR2VRXWURVRV³GRHQWHVGHYHUGDGH´HVWDYDPDWDFDGRVSRUDIHFo}HVGRSHLWRRX
IHEUHVGLYHUVDV
1RVVD VDOD WLQKD D FDUDFWHUtVWLFD GH UHFHEHU WRGD HVSpFLH GH HQIHUPRV DWp RV GH PROpVWLDV
YHQpUHDV )DOHL HP GRHQWHV ³GH YHUGDGH´ SRUTXH KDYLD HQWUH QyV DOJXQV IRUoDGRV TXH WLQKDP
FRQVHJXLGR YLU ³SDUD GHVFDQVR´ H TXH RV PpGLFRV DGPLWLDP SRU FRPSDL[mR VREUHWXGR TXDQGR
KDYLDPXLWRVOHLWRVYDJRV$SHVDUGDHQIHUPDULDVHUIHFKDGDDSHVDUGDVXDDWPRVIHUDPHItWLFD
DYLGDGRKRVSLWDOSDUHFLDDJUDGiYHOGHSRLVGRVULJRUHVGRSUHVtGLRHGRFRUSRGDJXDUGDHSRU
LVVRPXLWRVGHWHQWRVVHID]LDPSDVVDUSRUGRHQWHV+DYLDPHVPRYHUGDGHLURVKDELWXpVGRVOHLWRV
YLQGRVQDPDLRULDGDFRPSDQKLDFRUUHFLRQDO([DPLQHLFRPDWHQomRPHXVQRYRVFRPSDQKHLURV
PDVPLQKDFXULRVLGDGHIRLHVSHFLDOPHQWHDWUDtGDSRUXPGRVQRVVRVSUHVLGLiULRVXPDJRQL]DQWH
TXHRFXSDYDRSULPHLUROHLWRDRODGRGH8VWLDQWVHYHSRUFRQVHTXrQFLDILFDYDGHIURQWHGHPLP
&KDPDYDVH0LNKDLORYHTXLQ]HGLDVDQWHVHXRYLUDDLQGDQDIRUWDOH]D'RHQWHKiPXLWRWHPSR
GHYHULD WHUVH WUDWDGR SRUpP FRP XPD HVSpFLH GH GHVSUH]R H XPD REVWLQDomR LQWHLUDPHQWH
LQ~WHLVGRPLQDYDVHHQJROLDGRUHVHVyQR1DWDOEDL[RXjHQIHUPDULDSDUDPRUUHUWUrVVHPDQDV
GHSRLV GH WXEHUFXORVH JDORSDQWH 'HUUHWHUDVH FRPR FHUD DR IRJR Mi QmR HUD VHQmR XP
HVTXHOHWR $LQGD OKH YHMR R URVWR GHVFDUQDGR ± XP GRV TXH PH FKDPDUDP D DWHQomR ORJR j
FKHJDGD $R VHX ODGR HVWDYD GHLWDGR XP SUHVR GD FRPSDQKLD FRUUHFLRQDO Mi YHOKR KRUUtYHO
UHSXJQDQWHGHVXMHLUD0DVQmRSRVVRUHDOPHQWHHQXPHUiORVWRGRV6HPHUHFRUGRGHVVHYHOKR
p SRUTXH QR PRPHQWR PH SURGX]LD XPD PDLRU LPSUHVVmR H SRU HOH IXL LQLFLDGR HP DOJXPDV
SDUWLFXODULGDGHVGDHQIHUPDULD$WLQJLGRSRUXPGHIOX[RIRUWHHOHHVSLUUDYDVHPSDUDU QmRIH]
RXWUDFRLVDGXUDQWHDVHPDQDVHJXLQWH PHVPRGXUDQWHRVRQRGDYDYHUGDGHLUDVVDOYDVGHFLQFR
D VHLV WLURV H GH FDGD YH] UHSHWLD FRQVFLHQFLRVDPHQWH ³6HQKRU 7HQGH SLHGDGH TXH FDVWLJR´
1HVVDVRFDVL}HVVHQWDYDVHQROHLWRHWRPDYDDYLGDPHQWHXPUDSpTXHJXDUGDYDQXPFDQXGRGH
SDSHO D ILP GH HVSLUUDU PDLV IRUWH H FRP PDLV PpWRGR (VSLUUDYD QXP OHQoR GH [DGUH] VXD
SURSULHGDGHSDUWLFXODUHMiGHVERWDGRGHWDQWDODYDJHP2QDUL]SHTXHQRVHSUHJXHDYDGHIRUPD
HVSHFLDODFDUDVHHQFKLDGXPQ~PHURLQILQLWRGHUXJDVHPRVWUDYDDOJXQV GHQWHV QHJURV QDV
JHQJLYDVYHUPHOKDVHVFRUUHQGRVDOLYD$SyVHVSLUUDUDEULDROHQoRROKDYDFRPPXLWDDWHQomRR
FDWDUURFRSLRVRHGHSRLVRHVIUHJDYDQRURXSmRSDUGRHGHWDOIRUPDOKHSDVVDYDWRGDDJRVPD
TXHROHQoRILFDYDDSHQDVOHYHPHQWH~PLGR9LRID]HULVVRGXUDQWHXPDVHPDQDLQWHLUD(VVD
LQGLJQLGDGH SDUD HFRQRPL]DU XP REMHWR SHVVRDO HP SUHMXt]R GRV GR JRYHUQR QmR GHVSHUWDYD
SURWHVWRQHQKXPGDSDUWHGRVRXWURVGRHQWHVHPERUDDOJXPGHOHVWDOYH]IRVVHREULJDGRGHSRLVD
YHVWLURPHVPRURXSmR0DVDQRVVDJHQWHGRSRYRGiSURYDVGHXPDDXVrQFLDGHUHSXJQkQFLD
UHDOPHQWH HVSDQWRVD ,VVR PH LPSUHVVLRQRX WDQWR TXH SDVVHL D ROKDU FRP QRMR H FXULRVLGDGH R
URXSmRTXHHXSUySULRYHVWLUD1RWHLSULPHLURRRGRUIRUWHRSDQRMiWLYHUDWHPSRGHHVTXHQWDU
QR PHX FRUSR H FKHLUDYD FDGD YH] PDLV D UHPpGLRV D HPSODVWURV H VHJXQGR PH SDUHFHX  D
SXVFRPRVHGHVGHWHPSRVLPHPRULDLVHVWLYHVVHDYHVWLUFRUSRVGHGRHQWHV7DOYH]OKHWLYHVVHP
ODYDGRRIRUURDOJXPDYH]FRQWXGRQmRRRXVDULDDILUPDU'HTXDOTXHUPRGRHUDVHPHDGRSRU
QyGRDVHVWUDQKDVHPEHELGRGHH[VXGDo}HVPDLVRXPHQRVJRUGXURVDVVDtGDVGHYHVLFDWyULRVGH
XQJXHQWRVGHFDWDSODVPDVHWF&RPRIUHTXHQWHPHQWHQRVFKHJDYDPIRUoDGRVTXHDFDEDYDP
GHSDVVDUSHOD³UXDYHUGH´FRPDVFRVWDVFREHUWDVGHHTXLPRVHVHUDPWUDWDGRVFRPHStWHPDVH
FRPSUHVVDV ± H RV URXS}HV YHVWLGRV SRU VREUH DV FDPLVDV ~PLGDV QmR SRGHULDP GHL[DU GH VH
LPSUHJQDU GH WXGR 'XUDQWH RV PHXV ORQJRV DQRV GH GHWHQomR FDGD YH] TXH GHYLD YROWDU DR
KRVSLWDO R TXH DFRQWHFLD IUHTXHQWHPHQWH  YHVWLD VHPSUH RV URXS}HV FRP XPD GHVFRQILDQoD
PHGURVD(VVDGHVFRQILDQoDSURYLQKDWDPEpPGRVSLROKRVTXHSXOXODYDPQHOHVHTXHDWLQJLDP
XPWDPDQKRHQRUPH2VIRUoDGRVRVHVPDJDYDPFRPVDWLVIDomRHTXDQGRRVHVWDODYDPHQWUH
DVXQKDVDGLYLQKDYDVHSHODFDUDGRFDWDGRURSUD]HUTXHVHQWLD&RPRRVSUHVRVWDPEpPQmR
JRVWDYDPGHSHUFHYHMRVWRGRVMXQWRVVHRFXSDYDPHPGHVWUXtORVQRVORQJRVHWULVWHVVHU}HVGH
LQYHUQR &RQWXGR D GHVSHLWR GR RGRU IpWLGR UHLQDYD XP FHUWR DVVHLR QD VDOD SHOR PHQRV QD
DSDUrQFLD QmR VH GHYHULD ROKiOD PXLWR GH SHUWR 2V GRHQWHV HVWDYDP KDELWXDGRV D FRQVLGHUDU
QDWXUDO DTXHOD RUGHP GH FRLVDV $GHPDLV RV UHJXODPHQWRV QmR HVWLPXODYDP R DVVHLR IDODUHL
GLVVRPDLVWDUGH
4XDQGR 7FKHNXQRY PH VHUYLX R FKi GLUHL GH SDVVDJHP TXH D iJXD GD QRVVD HQIHUPDULD
WUD]LGD XPD YH] FDGD YLQWH H TXDWUR KRUDV FRQWDPLQDYDVH UDSLGDPHQWH HP FRQWDWR FRP R DU
DPELHQWH  D SRUWD VH DEULX GH FKRIUH H R VROGDGR TXH DFDEDUD GH VHU DoRLWDGR HQWURX VRE ERD
HVFROWD(UDDSULPHLUDYH]TXHHXYLDXPKRPHPIXVWLJDGR'HSRLVWURX[HUDPPXLWRVRXWURV±
DOJXQV DWp IRUDP WUD]LGRV DSyV SXQLomR SRU GHPDLV VHYHUD H VHPSUH R SUHVR DoRLWDGR
UHSUHVHQWDYD JUDQGH GLVWUDomR SDUD RV GRHQWHV 5HFHELDPVH HVVHV LQIHOL]HV FRP DXVWHUD
H[SUHVVmR GH JUDYLGDGH H FRP PXLWD GLVFULomR $ UHFHSomR GHSHQGLD HP SDUWH GR JUDX GD
LPSRUWkQFLDGRFULPHHFRQVHTXHQWHPHQWHGRQ~PHURGHDoRLWHVUHFHELGRV2VFRQGHQDGRVTXH
UHFHELDP DoRLWHV PDLV VHYHURV RV IDFtQRUDV OHJtWLPRV JR]DYDP GH XPD FRQVLGHUDomR TXH QmR
HUD GLVSHQVDGD D XP SREUH UHFUXWD SXQLGR SRU WHQWDWLYD GH GHVHUomR ± H HUD HVVH R FDVR GR
GHVJUDoDGRTXHQHVVHGLDWUD]LDP0DVQHPXQVQHPRXWURVSURYRFDYDPGyQHPGDYDPOXJDUD
QHQKXPDREVHUYDomRPDOVRQDQWH$MXGDYDVHRIXVWLJDGRWUDWDYDVHGHOHHPVLOrQFLRVREUHWXGR
TXDQGR R GHVJUDoDGR QmR SRGLD GLVSHQVDU VRFRUURV 2V HQIHUPHLURV VDELDP EHP TXH RV
GHSXQKDP HP PmRV SHULWDV 2V FXLGDGRV FRQVLVWLDP SULQFLSDOPHQWH QD PXGDQoD FRQWtQXD GH
FRPSUHVVDVIHLWDVFRPXPDFDPLVDRXFRPXPWUDSRTXDOTXHUPROKDGRHTXHVHFRORFDYDP
QDV FRVWDV PDJRDGDV VH R SDFLHQWH QmR HVWDYD HP FRQGLo}HV GH DV DSOLFDU SHVVRDOPHQWH HUD
SUHFLVR DOpP GLVVR WLUDU GDV FKDJDV DV IHOSDV GH PDGHLUD TXH Oi VH LQWURGX]LDP WRGDV DV YH]HV
TXH DV YDUDV VH TXHEUDYDP (VVD ~OWLPD RSHUDomR HUD GRORURVtVVLPD 0DV D H[WUDRUGLQiULD
UHVLVWrQFLD GRV IXVWLJDGRV VHPSUH PH GHL[RX DW{QLWR (QWUH WRGRV RV TXH YL DOJXQV WLQKDP VLGR
KRUULYHOPHQWH PDOWUDWDGRV H SRVVR DILUPDU TXH EHP SRXFRV VH SHUPLWLDP JHPHU 6y R URVWR
OtYLGRSDUHFLDGLIHUHQWHRVROKRVEULOKDYDPSRUpPFRPXPFODUmRGHVYDLUDGRHRGHVJUDoDGR
HUD jV YH]HV REULJDGR D PRUGHU RV OiELRV DWp GHLWDU VDQJXH SDUD RV LPSHGLU GH WUHPHU 2
VROGDGRTXHDFDEDYDGHHQWUDUHUDXPEHORUDSD]GHYLQWHHWUrVDQRVDOWRHVEHOWRWULJXHLUREHP
IHLWR6HXGRUVRIRUDWRGRHVFDODYUDGR&RPRFRUSRQXDWpjFLQWXUDWUD]LDQRVRPEURVXPSDQR
PROKDGRVRERTXDOWUHPLDGHIHEUHHGXUDQWHFHUFDGHKRUDHPHLDQmRIH]VHQmRDQGDUGXP
ODGR SDUD RXWUR GD VDOD (X R ILWDYD DWHQWDPHQWH SDUHFLD QmR SHQVDU HP QDGD VHXV ROKRV
IXJLGLRV SHUGLGRV WLQKDP GLILFXOGDGH HP VH IL[DU HP TXDOTXHU FRLVD $GLYLQKHL TXH PLQKD
FKDOHLUD R DWUDtD 2 FKi HVWDYD TXHQWH D IXPDoD VXELD GD [tFDUD H R SREUH GLDER WLULWDYD
FDVWDQKRODQGR RV GHQWHV 2IHUHFLOKH R FKi 6HP XP ROKDU FRP XPD YROWD UHSHQWLQD HOH PH
HQFDURX VHJXURX D [tFDUD HQJROLX D LQIXVmR VHP Do~FDU jV SUHVVDV HVIRUoDQGRVH
WUHPHQGDPHQWH SDUD QmR PH ROKDU 'HSRLV GH EHEHU UHSRXVRX D [tFDUD HP VLOrQFLR QmR IH]
VHTXHU XP VLQDO FRP D FDEHoD YROWRX D DQGDU SHOD HQIHUPDULD 1mR HVWDYD HP HVWDGR GH
DJUDGHFHU QHP GH ID]HU UHYHUrQFLDV 4XDQWR DRV IRUoDGRV WRGRV D SULQFtSLR HYLWDUDP IDODU
FRP R UHFUXWD SXQLGR DSOLFDUDPOKH DV FRPSUHVVDV GHSRLV ILQJLUDP QmR OKH SUHVWDU DWHQomR
SURFXUDQGR SURYDYHOPHQWH GHL[iOR HP SD] QmR R LPSRUWXQDU FRP SHUJXQWDV QHP FRP
³FRPSDL[mR´±RTXHHUDSUHFLVDPHQWHRGHVHMRGRKRPHP
(QWUHWDQWR FKHJRX D QRLWH H DFHQGHUDP D ODPSDULQD $OJXQV GRHQWHV PDLV RX PHQRV
QXPHURVRVSRVVXtDPFDQGHLDV2PpGLFRIH]DYLVLWDQRWXUQDRVXERILFLDOGHJXDUGDFRQWRXRV
GRHQWHV H IHFKDUDP D VDOD GHSRLV GH WUD]HUHP D FXED SDUD DV QHFHVVLGDGHV QRWXUQDV 6RXEH
VXUSUHVR TXH R WDO YDVR VHUYLD DOL D QRLWH LQWHLUD HPERUD DV ODWULQDV ILFDVVHP DSHQDV D GRLV
SDVVRVGDQRVVDSRUWDQRFRUUHGRU$VVLPRTXHULDRUHJXODPHQWR'XUDQWHRGLDGHL[DYDPVDLU
GDHQIHUPDULDRVIRUoDGRVSRUXPPLQXWRQmRPDLVSRUpPjQRLWHQmRVHWROHUDYDPVDtGDVVRE
QHQKXP SUHWH[WR $V HQIHUPDULDV GRV IRUoDGRV QmR HVWDYDP VRE UHJXODPHQWR FRPXP XP
GHWHQWR PHVPR GRHQWH GHYH VRIUHU R VHX FDVWLJR ,JQRUR D TXHP VH GHYH VHPHOKDQWH
UHJXODPHQWRVyOKHFRQKHoRDDEVXUGDDSOLFDomRMDPDLVRSHGDQWLVPRGDEXURFUDFLDVHH[LELX
PHOKRUGRTXHQHVVHFDVR7DLVPHGLGDVQmRHPDQDYDPGHFHUWRGRVPpGLFRVDTXHPUHSLWRRV
GHWHQWRVQmRVHFDQVDYDPGHORXYDUHTXHHUDPUHVSHLWDGRVYHQHUDGRVFRPRSDLV5HSHOLGRVSRU
WRGRV RV IRUoDGRV VDELDP DSUHFLDU DV ERDV SDODYUDV H D DIHLomR GRV PpGLFRV VHQWLDPOKHV D
ERQGDGHHDIUDQTXH]DVREDVPDLVVLPSOHVSDODYUDVVRERVJHVWRVDIiYHLVTXHSRGHULDPPXLWR
EHP QmR VHU IHLWRV 1LQJXpP VH OHPEUDULD GH WHU UDLYD GRV GRXWRUHV VH HOHV VH PRVWUDVVHP
JURVVHLURV RX EUXWDLV HUDP TXHULGRV SRUTXH HUDP KXPDQRV &RPSUHHQGLDP EHP TXH XP
IRUoDGR WHP WDQWD QHFHVVLGDGH GH DU SXUR TXDQWR TXDOTXHU RXWUR HQIHUPR PHVPR GH SDWHQWH
HOHYDGD 2V FRQYDOHVFHQWHV GDV RXWUD VDODV SRU H[HPSOR SRGLDP SDVVHDU OLYUHPHQWH QRV
FRUUHGRUHVPH[HUVHXPSRXFRUHVSLUDUXPDUPHQRVSHVWHDGRTXHRGDHQIHUPDULDVDWXUDGR
VHPSUHGHHPDQDo}HVGHOHWpULDV1mRSRGHULDKDYHUQDGDPDLVLQIHFWRTXHRDUSRGUHGDQRVVD
VDOD GHSRLV TXH R YDVR GD QRLWH HUD Oi SRVWR TXDQWR PDLV DYDQoDYD D QRLWH PDLV HVVH DU VH
WRUQDYD LUUHVSLUiYHO JUDoDV j DOWD WHPSHUDWXUD H jV IUHTXHQWHV QHFHVVLGDGHV SURYRFDGDV SRU
FHUWDVGRHQoDV6HHXGLVVHTXHRIRUoDGRVRIUHDVXDSHQDDWpQDGRHQoDQmRTXHURID]HUVXSRU
TXHRUHJXODPHQWRYLVDVVHDSHQDVRFDVWLJR6HULDGHPLQKDSDUWHXPDFDO~QLDVHPIXQGDPHQWR
1mR KDYHULD QHFHVVLGDGH GH SXQLU XP GRHQWH (P FRQVHTXrQFLD p GH FUHU TXH XP PRWLYR
LPSHULRVRLPS}HjDGPLQLVWUDomRHVVDPHGLGDWmRFUXHO4XHPRWLYRSRUpPVHUiHVVH"2TXHKi
GH SUHFLVDPHQWH LUULWDQWH QR FDVR p TXH QLQJXpP HVWi HP FRQGLo}HV GH H[SOLFDU WDO PHGLGD
FRPR DOLiV YiULDV RXWUDV WmR LQHSWDV H LOyJLFDV TXH GHVDILDP TXDOTXHU FRPSUHHQVmR &RPR
UHDOPHQWHH[SOLFDUFUXHOGDGHWmRLQ~WLO"3HQVDUmRHOHVTXHRVIRUoDGRVVHGHFODUDPGRHQWHVFRP
D LQWHQomR ~QLFD GH HQJDQDU RV PpGLFRV H DSURYHLWDU D QRLWH SDUD IXJLU GR KRVSLWDO" 0DV HVVD
VXSRVLomR QmR UHVLVWH D XP H[DPH 3RU RQGH IXJLULDP FRP TXH URXSD" 'XUDQWH R GLD Vy VH
SHUPLWH VDLU GD VDOD XP KRPHP GH FDGD YH] SRGHUVHLD ID]HU R PHVPR j QRLWH -XQWLQKR GD
SRUWD D GRLV SDVVRV GDV ODWULQDV ILFD XPD VHQWLQHOD DUPDGD (OD WHP DGHPDLV R GLUHLWR GH
DFRPSDQKDURGRHQWHHQmRRDEDQGRQDUGHYLVWD1XPDGDVFORDFDVKiXPDMDQHODGHYLGUDoD
GXSODFRPEDUUDVGHIHUUR%HPGHEDL[RGHVVDMDQHODQRSiWLRHVREDVMDQHODVGDHQIHUPDULD
GRVSUHVRVXPDRXWUDVHQWLQHODYDLHYHP3DUDSDVVDUSRUDOLVHULDSUHFLVRTXHEUDUDVYLGUDoDVH
DVEDUUDV4XHPRSHUPLWLULD"0DVVXSRQKDPRVTXHXPGRHQWHPDWDVLOHQFLRVDPHQWHDVHQWLQHOD
VHP GHVSHUWDU QHQKXPD VXVSHLWD DGPLWDPRV HVVD LPSRVVLELOLGDGH SUHFLVDUi DLQGD TXHEUDU RV
YLGURVHDVEDUUDV2EVHUYHPRVDLQGDTXHEHPDRODGRGRUPHPRVHQIHUPHLURVHGH]SDVVRV
DOpPGLDQWHGDRXWUDVDODGHGHWHQWRVYHODPDLQGDXPDVHQWLQHODDUPDGDHRVHXVXEVWLWXWR,VVR
VRPDPXLWRVJXDUGDV(SDUDRQGHIXJLUQRFRUDomRGRLQYHUQRGHPHLDVHFKLQHODVFRPURXSmR
HJRUURGHGRUPLU"6HSRUWDQWRRSHULJRGHIXJDpPtQLPRRXSRUDVVLPGL]HULQH[LVWHQWHSDUD
TXHWUDQFDURVGRHQWHVSDUDTXHPRDUSXURpPDVQHFHVViULRTXHRVVmRV"&RPTXHILP"1XQFD
RSXGHFRPSUHHQGHU
7RGDYLDMiTXHSURSXVHVVDSHUJXQWD±SDUDTXr"±QmRSRVVRGHL[DUGHGL]HUXPDSDODYUDD
UHVSHLWRGHRXWURSUREOHPDTXHMDPDLVFRQVHJXLUHVROYHU4XHURIDODUGDVJULOKHWDVGDVTXDLVR
PDLVGRHQWHGRVIRUoDGRVQmRVHSRGHOLEHUWDU0HVPRRVWXEHUFXORVRVDFXMDPRUWHDVVLVWLDLQGD
DV FDUUHJDYDP 7RGRV HVWDYDP KDELWXDGRV D HODV WRGRV DV FRQVLGHUDYDP XPD QHFHVVLGDGH
LQHOXWiYHO 'XUDQWH R PHX WHPSR GH SUHVtGLR QXQFD TXH HX VRXEHVVH SHVVRD QHQKXPD WHYH D
LGHLDGHVROLFLWDUDGLVSHQVDGDJULOKHWDDXPGRHQWH±SULQFLSDOPHQWHDXPWXEHUFXORVRSUy[LPR
GDPRUWH3DUDIDODUIUDQFDPHQWHDVFDGHLDVQmRVmRWmRSHVDGDVDVVLP±QmRSHVDPPDLVGH
RLWR D GR]H OLEUDV R TXH UHSUHVHQWD XP IDUGR VXSRUWiYHO SDUD XP KRPHP YiOLGR (QWUHWDQWR
GLVVHUDPPHTXHDRFDERGHDOJXQVDQRVDVSHUQDVFRPHoDPDGHILQKDU1mRVHLVHLVVRpH[DWR
PDVLQFOLQRPHDFUHUTXHRVHMDIL[DGRSDUDVHPSUHjSHUQDXPIHUURHPERUDOHYHDSHQDVGH
GH]OLEUDVDXPHQWDGHTXDOTXHUIRUPDRSHVRGRPHPEURGHXPDPDQHLUDDQRUPDOHGHSRLVGH
DOJXPWHPSRSURYRFDSHUWXUEDo}HVSHULJRVDV$GPLWDPRVFRQWXGRTXHDVJULOKHWDVVHMDPXPD
EDJDWHOD SDUD XP KRPHP TXH JR]H ERD VD~GH 6rORmR LJXDOPHQWH SDUD XP HQIHUPR"
$GPLWDPRVDLQGDTXHHODVQmRSHVHPTXDVHQDGDSDUDXPGRHQWHFRPXP3RUpPUHSLWRSDUD
GRHQWHVJUDYHVSDUDRVWtVLFRVFXMRVEUDoRVHSHUQDVVHGHVFDUQDPTXDOTXHUSDOKDVHUiSHVDGD
5HDOPHQWHVHDDGPLQLVWUDomRPpGLFDUHFODPDVVHDWLUDGDGRVIHUURVDRPHQRVSDUDRVWtVLFRV
WHULD GLUHLWR D JUDQGH JUDWLGmR $OJXpP GLUi WDOYH] TXH RV IRUoDGRV VmR PRQVWURV TXH QmR
PHUHFHPQHQKXPDEHQHYROrQFLDPDVVHUiQHFHVViULRUHGREUDURFDVWLJRGDTXHOHVREUHTXHPMi
SHVD D PmR GH 'HXV" 1mR VH SRGH DFUHGLWDU TXH WDO PDQHLUD GH DJLU YLVH DSHQDV SXQLU D OHL
SHUGRD DR WXEHUFXORVR DV SHQDV FRUSRUDLV 7UDWDVH SRUWDQWR GH XPD PLVWHULRVD PHGLGD
SUHYHQWLYDTXHILPYLVDUiDRFHUWR"%HPLQWHOLJHQWHVHUiTXHPRDGLYLQKHSRLVQLQJXpPSRGH
UHFHDU D IXJD GXP WXEHUFXORVR $ TXHP SRGHULD RFRUUHU VHPHOKDQWH LGHLD SULQFLSDOPHQWH
TXDQGRRHQIHUPRMiHVWiJUDYHPHQWHDWLQJLGR"2VGRHQWHVGHVVDHVSpFLHQmRSRGHPHQJDQDURV
PpGLFRV±VmRUHFRQKHFtYHLVDRSULPHLURROKDU$GHPDLVSUHQGHPVHFDGHLDVjVSHUQDVGHXP
KRPHPXQLFDPHQWHSDUDTXHHOHQmRIXMDHQmRSRVVDFRUUHU"$EVROXWDPHQWH$JULOKHWDpXP
VLQDOGHLQIkPLDXPDYHUJRQKDXPIDUGRItVLFRHPRUDO±pSHORPHQRVDVVLPTXHDFRQVLGHUDP
±PDVQXQFDLPSHGLXQLQJXpPGHIXJLU2PDLVHVW~SLGRRPDLVGHVDMHLWDGRGRVSUHVRVQmRWHP
GLILFXOGDGHHPVHUUDURXHPTXHEUDUFRPXPDSHGUDRHORGHIHUURTXHRSUHQGH2VIHUURVVmR
SRLVXPDSUHFDXomRLQ~WLOHMiTXHQmRUHSUHVHQWDPVHQmRXPFDVWLJRQRYDPHQWHSHUJXQWRSRU
TXHPRUWLILFDUDWpRVPRULEXQGRV"
(VFUHYHQGRHVWDVOLQKDVUHYHMRXPWtVLFRDJRQL]DQWHDTXHOHPHVPR0LNKDLORYTXHVHGHLWDUD
GHIURQWH D PLP QmR ORQJH GH 8VWLDQWVHY H TXH VH EHP PH OHPEUR PRUUHX TXDWUR GLDV DSyV
PLQKD FKHJDGD DR KRVSLWDO ( WDOYH] DJRUD IDODQGR GH WtVLFRV HX HVWHMD D UHSHWLU
LQYROXQWDULDPHQWHDVLGHLDVTXHPHRFRUUHUDPSRURFDVLmRGHVVDPRUWH(XFRQKHFLDSRXFRHVVH
0LNKDLORY UDSD] GH YLQWH H FLQFR DQRV QR Pi[LPR DOWR HVEHOWR GH EHOtVVLPD DSDUrQFLD H TXH
SHUWHQFLDjVHomRHVSHFLDO)D]LDVHQRWDUSRUXPDHVWUDQKDWDFLWXUQLGDGHSRUXPDWULVWH]DPHLJD
H WUDQTXLOD 7LQKD SRVLWLYDPHQWH ³VHFDGR´ QD SULVmR FRPR D VHX UHVSHLWR GL]LDP RV IRUoDGRV
HQWUH RV TXDLV GHL[RX XPD ERD UHFRUGDomR 5HYHMR RV VHXV ROKRV PDJQtILFRV PDV D IDODU D
YHUGDGHQmRFRPSUHHQGRSRUTXHJXDUGHLGHOHXPDLPDJHPWmRFODUD([SLURXSHODVWUrVKRUDV
GDWDUGHXPGLDPXLWRFODURHIULRFRPRVRODEULOKDUQDVYLGUDoDVHVYHUGHDGDVHFKHLDVGHJHOR
GDVQRVVDVMDQHODV8PDYHUGDGHLUDWRUUHQWHGHOX]LQXQGDYDRGHVJUDoDGR0RUUHXDSyVSHUGHUD
OXFLGH]HGHSRLVGHDJRQL]DUGXUDQWHYiULDVKRUDV'HVGHDPDQKmILFRXFRPRVROKRVYLGUDGRVH
QmR UHFRQKHFHX PDLV RV TXH VH DSUR[LPDYDP GR VHX OHLWR 4XHULDP DOLYLiOR SRLV
FRPSUHHQGLDP TXH HOH VRIULD PXLWR (VWDYD FRP D UHVSLUDomR SHQRVD DUTXHMDQWH URXFD 6HX
SHLWRVHHUJXLDPXLWRDOWRFRPRVHRDUOKHIDOWDVVH$IDVWRXSULPHLURRFREHUWRUGHSRLVDURXSD
H S{VVH DILQDO D HVJDUoDU D FDPLVD 1DGD PDLV SDYRURVR GR TXH YHU DTXHOH FRUSR FRPSULGR
FRP SHUQDV H EUDoRV GHVFDUQDGRV YHQWUH FDYDGR SHLWR VRHUJXLGR FRP DV FRVWHODV VDOLHQWHV
FRPRDVGXPHVTXHOHWR1mRWLQKDPDLVVREUHVLVHQmRXPDFUX]GHPDGHLUDXPEUHYHGHSDQRH
DVJULOKHWDVGDVTXDLVDVSHUQDVUHVVHTXLGDVSRGHULDPVDLUVHPGLILFXOGDGH8PTXDUWRGHKRUD
DQWHVGDVXDPRUWHHVWDEHOHFHXVHXPVLOrQFLRQDVDODQmRVHIDODYDVHQmRFRFKLFKDQGRQmRVH
FDPLQKDYDVHQmRQDSRQWDGRVSpV2VIRUoDGRVWURFDYDPUDUDVSDODYUDVVREUHDVVXQWRVDOKHLRV
ODQoDQGRROKDUHVGHHVJXHOKDDRPRULEXQGRTXHDUTXHMDYDFDGDYH]PDLVDOWR$ILQDOFRPPmR
WUrPXODHLQFHUWDHOHSURFXURXREUHYHQRSHLWRSDUDRDUUDQFDUFRPRVHDTXLORIRVVHXPIDUGR
TXHRDWRUPHQWDVVHRHVPDJDVVH7LUDUDPQR'H]PLQXWRVDSyVRKRPHPH[SLURX%DWHPRVQD
SRUWDDILPGHSUHYHQLUDVHQWLQHOD9HLRRJXDUGDROKRXRPRUWRHVWXSLGDPHQWHHIRLSURFXUDUR
HQIHUPHLUR (VWH ~OWLPR ERP UDSD] PXLWR SUHRFXSDGR FRP VHX ItVLFR ± DOLiV DJUDGiYHO ±
GHSUHVVDDSDUHFHXHPSDVVRVUiSLGRVTXHUHVVRDYDPQRVLOrQFLRGDHQIHUPDULDDFHUFRXVHGR
PRUWRHQWmRFRPDUGHVHQYROWRFRPRTXHSUHSDUDGRGHDQWHPmRWRPRXOKHRSXOVRWDWHRXR
IH] XP JHVWR LPSRWHQWH H VH UHWLURX /RJR GHSRLV IRUDP SUHYHQLU R SRVWR GD JXDUGD FRPR R
FULPLQRVRSHUWHQFLDjVHomRHVSHFLDODFRQVWDWDomRGRyELWRH[LJLDIRUPDOLGDGHVGHFHUWDRUGHP
(QTXDQWRVHHVSHUDYDXPGRVIRUoDGRVRSLQRXTXHVHGHYHULDPIHFKDURVROKRVGRGHIXQWR8P
RXWURTXHRXYLDDWHQWDPHQWHDYDQoRXVHPGL]HUSDODYUDHOKHEDL[RXDVSiOSHEUDV$YLVWDQGRD
FUX] TXH HVFRUUHJDUD SDUD R WUDYHVVHLUR VHJXURXD ROKRXD EHP H D UHS{V QR SHVFRoR GH
0LNKDLORY H DILQDO EHQ]HXVH 2V WUDoRV GR PRUWR LDP VH HQGXUHFHQGR XP UDLR GH VRO OKH
EULQFDYDQRURVWRSHODERFDHQWUHDEHUWDGXDVILOHLUDVGHGHQWHVEUDQFRVUHOX]LDPHQWUHRVOiELRV
ILQRVFRODGRVjVJHQJLYDV(QILPRVXERILFLDOGDJXDUGDFKHJRXDUPDGRHGHFDSDFHWHVHJXLGR
SRUGRLVJXDUGDV$SUR[LPRXVHGLPLQXLQGRFDGDYH]PDLVRDQGDUHROKDQGRFRPHPEDUDoRRV
GHWHQWRVTXHGHWRGRVRVODGRVRILWDYDPHPVLOrQFLRFRPDUVRPEULR$XPSDVVRGRPRUWRVH
LPRELOL]RX FRPR LQWLPLGDGR H SUHJDGR QR OXJDU $TXHOH FDGiYHU FRPSOHWDPHQWH QX H
UHVVHTXLGRFDUUHJDGRDLQGDGHIHUURVRLPSUHVVLRQDYDEUXVFDPHQWHOHYDQWRXDMXJXODUWLURXR
FDSDFHWH±FRLVDDTXHQmRHUDDEVROXWDPHQWHREULJDGR±HIH]XPDPSORVLQDOGDFUX](UDXP
URVWRJUDYHHJULVDOKRRGDTXHOHVROGDGRLGRVR$RVHXODGRHVWDYD7FKHNXQRYJULVDOKRWDPEpP
QmRGHL[DYDGHILWDURVXERILFLDOHDFRPSDQKDUFDGDXPGRVVHXVJHVWRV FRP XPD REVWLQDomR
REVHGDQWH(QWUHWDQWRVHXVROKRVVHHQFRQWUDUDPHGHUHSHQWHROiELRLQIHULRUGH7FKHNXQRYS{V
VHDWUHPHU2SUHVRPRUGHXRDWpID]HUVDQJXHWULQFRXRVGHQWHVGHSRLVFRPRTXHPDOJUDGR
VHXFRPXPJHVWRLQYROXQWiULRGDFDEHoDLQGLFRXRPRUWRDRVXERILFLDOHH[FODPRXYLYDPHQWH
±(VVHWDPEpPWLQKDPmH
$FDEDQGRGHGL]HULVVRDIDVWRXVH
/HPEURPHTXHHVVDVSDODYUDVPHWUHVSDVVDUDP3RUTXHDVGLVVHUDHOHHFRPROKHYLHUDP
DRHVStULWR"3RUpPMiYLQKDPDSDQKDURFDGiYHU(UJXHUDPQRFRPRFDWUHHDSDOKDHVWDORX
1R VLOrQFLR JHUDO DV JULOKHWDV UHVVRDYDP DUUDVWDQGRVH SHOR VRDOKR 5HSXVHUDPQDV QR OXJDU
/HYDUDPRFRUSR(LPHGLDWDPHQWHWRGRVVHSXVHUDPDIDODUDRPHVPRWHPSRPXLWRDOWR'R
FRUUHGRU QRV FKHJDYD DLQGD D YR] GR VXERILFLDO TXH PDQGDYD FKDPDU R IHUUHLUR HUD SUHFLVR
GHVIHUUDURPRUWR
0DVVDtGRPHXDVVXQWR


2+263,7$/ FRQWLQXDomR


$ YLVLWD GRV PpGLFRV VH ID]LD SHOD PDQKm DSDUHFLDP WRGRV MXQWRV SHODV RQ]H KRUDV
DFRPSDQKDQGRRFKHIHGHFOtQLFDPDVKRUDHPHLDDQWHVGHOHVRLQWHUQRID]LDURQGDVGRVOHLWRV
1HVVD RFDVLmR WtQKDPRV FRPR LQWHUQR XP UDSD] PXLWR H[SHGLWR VHPSUH DIiYHO H PDQVR 2V
IRUoDGRV OKH TXHULDP PXLWR EHP H Vy YLDP QHOH XP GHIHLWR R GH VHU ³VRVVHJDGR GHPDLV´
5HDOPHQWHFRPRQmRWLQKDRGRPGDSDODYUDHOHSDUHFLDLQWLPLGDGRFRUDYDDSUHVVDYDVHHP
PRGLILFDU RV UHJtPHQV DR SULPHLUR SHGLGR GRV GRHQWHV GDYD D LPSUHVVmR TXH OKHV UHFHLWDUD
DSHQDVRVUHPpGLRVTXHHOHVTXLVHVVHPWRPDU1RIXQGRHUDXPH[FHOHQWHUDSD]eSUHFLVRQRWDU
TXHPXLWRVGRVQRVVRVPpGLFRVJR]DPGDHVWLPDHGDDIHLomRSRSXODUSHORTXHVHLDMXVWRWtWXOR
&RPSUHHQGR TXH HVWDV SDODYUDV SDUHFHP XP SDUDGR[R PRUPHQWH VH VH HQFDUD D IDOWD GH
FRQILDQoD GR QRVVR SRYR SDUD FRP WXGR TXH VH UHIHUH j PHGLFLQD H DRV UHPpGLRV GH RULJHP
HVWUDQJHLUD 'H SUHIHUrQFLD D UHFRUUHU DR PpGLFR DR KRVSLWDO XP KRPHP GR SRYR HPERUD
DWDFDGR SRU GRORURVDV HQIHUPLGDGHV WUDWDUVHi GXUDQWH ORQJRV DQRV FRP XPD IHLWLFHLUD RX VH
HQFKHUi FRP RV PDLV SULPiULRV UHPpGLRV GH FRPDGUH TXH DOLiV QmR GHYHP VHU GHVSUH]DGRV 
(VVD SUHYHQomR WHP XPD FDXVD H[WUHPDPHQWH JUDYH LQWHLUDPHQWH DOKHLD j PHGLFLQD SURYpP
GD GHVFRQILDQoD JHUDO GR QRVVR SRYR SRU WXGR TXH WUD] XPD HVWDPSLOKD RILFLDO e SUHFLVR
FRQIHVVDUWDPEpPTXHHOHWHPSUHYHQomRFRQWUDRKRVSLWDOJUDoDVDXPDLQILQLGDGHGHQDUUDWLYDV
SDYRURVDVTXHRXYH±IUHTXHQWHPHQWHHVW~SLGDVHGHVSLGDVGHTXDOTXHUIXQGDPHQWR2TXHOKH
LQVSLUD PDLV UHSXJQkQFLD VmR RV KiELWRV DOHPmHV HP YLJRU QRV QRVVRV KRVSLWDLV DV SHVVRDV
HVWUDQKDVTXHRVFHUFDPGXUDQWHDVGRHQoDVDVHYHULGDGHGDGLHWDRVERDWRVVREUHDGXUH]DGDV
HQIHUPHLUDV H GRV PpGLFRV VREUH D GLVVHFDomR H DXWySVLD GRV FDGiYHUHV HWF 2 SRYR SHQVD
WDPEpP TXH WHUi XPEDULQH D WUDWiOR SRLV DILQDO GH FRQWDV WRGRV RV GRXWRUHV VmREDULQHV
4XDQGRSRUpPWUDYDPDLVDPSORFRQKHFLPHQWRFRPRVPpGLFRV KiH[FHo}HVHPERUDSRXFR
QXPHURVDV  WRGDV HVVDV UHSXJQkQFLDV FDHP SRU VL JUDoDV FUHLR HX j SURELGDGH GRV QRVVR
FOtQLFRV ± SDUWLFXODUPHQWH RV PRoRV $ PDLRULD GHOHV VDEH JUDQMHDU D HVWLPD H DWp PHVPR R
DPRUGDJHQWHGRSRYR(PWRGRFDVRHVFUHYRVREUHRTXHYLHH[SHULPHQWHLPDLVGHXPDYH]H
HPPXLWRVOXJDUHVHQmRWHQKRUD]mRSDUDFUHUTXHHPRXWUDSDUWHDVFRLVDVVHSDVVHPGHPRGR
GLIHUHQWH 6HL TXH HP DOJXPDV ORFDOLGDGHV ORQJtQTXDV RV PpGLFRV SRGHP VHU DFXVDGRV GH
PHUFHQiULRVDEXVDPGRVUHQGLPHQWRVGRVKRVSLWDLVQHJOLJHQFLDPRVGRHQWHVHFKHJDPPHVPR
D HVTXHFHU LQWHLUDPHQWH D PHGLFLQD ,VVR Mi VH WHP YLVWR 0DV TXHUR IDODU DTXL GD PDLRULD GR
FRUSRPpGLFRTXHVHLQVSLUDQXPHVStULWRQRYRTXHVHUHJHQHUDGLDDGLD4XDQWRDRVDSyVWDWDV
GD SURILVVmR DRV ORERV GR UHGLO HPEDOGH WHQWDUmR MXVWLILFDUVH DFXVDQGR R PHLR
UHVSRQVDELOL]DQGRRSRUVXDGHVJUDoDKiGHILFDUVHPSUHQRHUURVREUHWXGRVHMiSHUGHUDPWRGD
DKXPDQLGDGH3RUTXHDKXPDQLGDGHDDIDELOLGDGHDFRPSDL[mRIUDWHUQDOSDUDFRPRVGRHQWHV
VmRjVYH]HVPDLVHILFD]HVTXHRVUHPpGLRV-ipWHPSRGHS{UWHUPRjVQRVVDVTXHL[DVDSiWLFDV
FRQWUD R PHLR TXH QRV JDQJUHQD $GPLWDPRV TXH HVVDV TXHL[DV WHQKDP EDVH TXH R PHLR QRV
GHIRUPD PXLWR HQWUHWDQWR XP FDQDOKD DVWXWR TXH FRQKHFH R VHX QHJyFLR DFXVD HVVH PHVPR
PHLRHVXDLQIOXrQFLDDILPGHGLVVLPXODUQmRVyDVSUySULDVIUDTXH]DVFRPRWDPEpPDSUySULD
LQGLJQLGDGHSULQFLSDOPHQWHTXDQGRVDEHIDODUEHPHHVFUHYHUPHOKRU0DVHVWRXGHQRYRDPH
DIDVWDUGRPHXDVVXQWR4XHULDPHOLPLWDUDGL]HUTXHDJHQWHVLPSOHVWHPPHQRVKRVWLOLGDGHH
GHVFRQILDQoDSDUDFRPRVFOtQLFRVGRTXHSDUDFRPDDGPLQLVWUDomRPpGLFD9HQGRRVPpGLFRV
DWUDEDOKDUHOHVSHUGHPDPDLRULDGRVVHXVSUHFRQFHLWRV(PPXLWRVGHWDOKHVDDGPLQLVWUDomR
GRVQRVVRVKRVSLWDLVQmRHVWiHPKDUPRQLDFRPRHVStULWRGRQRVVRSRYRYDLGHHQFRQWURDRVVHXV
KiELWRVHQmROKHVDEHJUDQMHDUDFRQILDQoDHDHVWLPDeSHORPHQRVRTXHSXGHFRQFOXLUGDV
PLQKDVREVHUYDo}HVSHVVRDLV
1RVVR LQWHUQR WLQKD R KiELWR GH VH GHWHU GLDQWH GH FDGD GRHQWH LQWHUURJiOR VpULD H
DWHQWDPHQWHDQWHVGHOKHSUHVFUHYHURUHJLPHHRUHPpGLR¬VYH]HVQRWDYDTXHR³HQIHUPR´
HVWDYDGHERDVD~GHPDVGHL[DYDRILFDUDVVLPPHVPR$TXHOHGHVJUDoDGRYLQKDGHVFDQVDUGR
WUDEDOKRIRUoDGRRXGRUPLUQXPFROFKmRHPYH]GHQXPDWiEXDQXDQXPDVDODDTXHFLGDHP
YH]GHQXPFRUSRGHJXDUGD~PLGRRQGHVmRDWLUDGRVHPPDVVDRVSUHVRVSUHYHQWLYRVSiOLGRVH
GHVFDUQDGRV (P WRGD D 5~VVLD RV GHWHQWRV TXH VRIUHP SULVmR SUHYHQWLYD VmR SiOLGRV H
GHVFDUQDGRVRTXHSURYDTXDQWRRVHXVXVWHQWRPRUDOHPDWHULDOpLQIHULRUDRGRVFRQGHQDGRV (
SRULVVRRQRVVRLQWHUQRID]LDVHPUHVPXQJDUDLQVFULomRGRIDOVRGRHQWHGHFODUDYDRDIHWDGRSRU
XP DIHEULV FDWDUUKDOLV GHSRLV GHL[DYDR WRPDU IpULDV GXUDQWH XPD ORQJD VHPDQD (VVDIHEULV
FDWDUUKDOLVGLYHUWLDWRGRRPXQGR6DELDVHPXLWREHPTXHSRUXPDFRUGRWiFLWRHQWUHRPpGLFR
H R VHX GRHQWH D IyUPXOD GHVLJQDYD XPD GRHQoD VLPXODGD ³D IHEUH GH HPHUJrQFLD´ FRPR
WUDGX]tDPRVQyV
$OJXPDV YH]HV R GRHQWH DEXVDQGR GD LQGXOJrQFLD GR LQWHUQR ILFDYD DOL DWp TXH R
H[SXOVDVVHP(UDHQWmRTXHYDOLDDSHQDYHURQRVVRLQWHUQRSDUHFLDLQWLPLGDGRHQYHUJRQKDGR
GHGL]HUGLUHWDPHQWHDRHQIHUPRTXHMiTXHHVWDYDFXUDGRWLQKDGHSHGLURVHXEROHWLPGHDOWD
FRQWXGR SRGHULD VHP D PHQRU H[SOLFDomR VHP D PHQRU FRQVLGHUDomR REULJiOR D SDUWLU
HVFUHYHQGRQDSDSHOHWD6DQDWHVW$SULQFtSLRHOHLQVLQXDYDGHSRLVSURFXUDYDFRQYHQFrOR³-i
DFDERXKHLQ"$QGDMiILFDVWHERP(DTXLHVWiIDOWDQGROXJDU´(DVVLPSRUGLDQWHDWpTXHR
GRHQWH VHQWLD DILQDO DOJXQV UHPRUVRV H VH UHVROYLD D SHGLU R SDSHO GH DOWD 2 PpGLFRFKHIH
KRPHPFRPSDVVLYRHKRQHVWR HWDPEpPPXLWRTXHULGR HUDPXLWRPDLVVHYHURHPDLVUHVROXWR
TXHRLQWHUQRHPFHUWRVFDVRVPRVWUDYDXPDGXUH]DUHEDUEDWLYDTXHDOLiVOKHFRQTXLVWDYDXPD
HVWLPDHVSHFLDOGRVSUHVRV&KHJDYDDFRPSDQKDGRSRUWRGRRSHVVRDOPpGLFRGRKRVSLWDOGHSRLV
GR LQWHUQR WHU IHLWR D VXD URQGD H VH SXQKD D YLVLWDU RV GRHQWHV XP DSyV R RXWUR GHWHQGRVH
ORQJDPHQWH MXQWR jTXHOHV TXH VRIULDP PDLV ( VHPSUH WLQKD XP SDODYUD HVWLPXODQWH SDUD OKHV
GL]HU ± XPD SDODYUD TXH SHQHWUDYD DWp j DOPD H SURYRFDYD XPD H[FHOHQWH LPSUHVVmR 1mR
UDOKDYD QXQFD FRP RV UHFpPYLQGRV DWDFDGRV GH ³IHEUH GH HPHUJrQFLD´ PDV VH XP GHVVHV
JDLDWRV VH REVWLQDYD HP GHPRUDU PDLV TXH D FRQWD DVVLQDYDOKH VLPSOHVPHQWH D VHQWHQoD
³9DPRV PHX YHOKR FKHJD GH GHVFDQVR QmR VH GHYH DEXVDU´ 2V WHLPRVRV HUDP RX IRUoDGRV
TXH UHFODPDYDP FRQWUD R VHUYLoR GXUDQWH D pSRFD GH PDLRU FDORU RX RV FRQGHQDGRV HP
LQVWkQFLD GH FDVWLJR /HPEURPH TXH HP UHODomR D XP GHVVHV IRL SUHFLVR XVDU GH VHYHULGDGH
HVSHFLDOHDWpPHVPRGHFUXHOGDGH(OHYHLRWUDWDUGDYLVWDHVWDYDFRPRVROKRVYHUPHOKRVH
TXHL[DYDVH GH XPD GRU ODQFLQDQWH 3XVHUDPOKH YHVLFDWyULRV VDQJXHVVXJDV LQMHWDUDPOKH QR
ORFDOXPOtTXLGRFRUURVLYRWRGDYLDRVROKRVGRKRPHPFRQWLQXDYDPLQIODPDGRV3RXFRDSRXFR
RVPpGLFRVSHUFHEHUDPTXHHVWDYDPjVYROWDVFRPXPVLPXODGRUDLQIODPDomRHVWDFLRQDUDHR
FDVR WRUQRXVH VXVSHLWR -i Ki PXLWR WHPSR RV IRUoDGRV VDELDP TXH R FDPDUDGD UHSUHVHQWDYD
XPDIDUVDHPERUDHOHQmRKRXYHVVHIDODGRQLVVRDQLQJXpP(UDXPUDSDJmREHPERQLWRPDV
TXHSURYRFDYDHPWRGRVQyVXPDLPSUHVVmRGHVDJUDGiYHOVRQVRVRPEULRQmRFRQYHUVDYDFRP
RV RXWURV VHPSUH GH ROKRV EDL[RV VHPSUH DIDVWDGR FRPR VH GHVFRQILDVVH GH WRGR R PXQGR
/HPEURPHDWpTXHRFRUUHXDDOJXQVGHQyVTXHHOHWDOYH]SUHSDUDVVHXPDSHoD(UDXPVROGDGR
FRQGHQDGRSRUXPURXERJUDYHDPLODoRLWHVHjFRPSDQKLDFRUUHFLRQDO&RPRMiRFRQWHLSDUD
DIDVWDU D KRUD GR FDVWLJR RV FRQGHQDGRV VH UHVROYHP jV YH]HV D WUHPHQGRV GLVSDUDWHV QD
YpVSHUDGRGLDIDWDOGmRSRUH[HPSORXPDIDFDGDQXPFKHIHRXQXPFRPSDQKHLURRTXHOKHV
DFDUUHWDQRYRMXOJDPHQWRHUHFXDXPRXGRLVPHVHVDH[HFXomRGDSHQD(DVVLPDWLQJHPR
VHXILWR1mRVHSUHRFXSDPDRVDEHUTXHGHSRLVGRVGRLVPHVHVVXDSHQDOLGDGHVHUiGXSOLFDGDRX
WULSOLFDGDEDVWDTXHRPLQXWRDPHDoDGRUVHMDDIDVWDGRSRUTXDOTXHUSUHoRGXUDQWHDOJXQVGLDV±
GHWDOPRGRHVVHVGHVJUDoDGRVFDUHFHPGHFRUDJHPSDUDRDIURQWDU$OJXQVGRVQRVVRVGRHQWHV
PXUPXUDYDP TXH VHULD ERP YLJLDU R KRPHP SDUD R LPSHGLU GH DVVDVVLQDU DOJXpP GXUDQWH D
QRLWH7RGDYLDILFRXWXGRHPFRQYHUVDHPHVPRRVVHXVYL]LQKRVGHOHLWRQmRWRPDUDPQHQKXPD
SUHFDXomR7LQKDPQRYLVWRGXUDQWHDQRLWHHVIUHJDURVROKRVFRPDFDOUDVSDGDjSDUHGHHFRP
RXWUDFRLVDPDLVDILPGHRVPDQWHUYHUPHOKRV(QILPRPpGLFRFKHIHDPHDoRXRGHOKHID]HU
XPVHGHQKR4XDQGRXPGRHQWHGRVROKRVUHVLVWHDRWUDWDPHQWRTXDQGRWRGRVRVPHLRVPpGLFRV
Mi IRUDP HPSUHJDGRV SDUD OKH VDOYDU D YLVWD RV PpGLFRV VH UHVROYHP D HVVD SURYLGrQFLD
HQpUJLFDWUDWDPRGRHQWHFRPRXPFDYDORHOKHID]HPXPVHGHQKRHOHHQWmRVHGHL[DFXUDU
0DVRUDSD]HUDWmRREVWLQDGRRXWmRFRYDUGHTXHDWpPHVPRRVHGHQKRHPERUDGRORURVROKH
SDUHFHXSUHIHUtYHOjVYDUDV3DUDHVVDRSHUDomRDJDUUDVHRSDFLHQWHSRUWUiVVHJXUDVHOKHR
FRXUR GD QXFD SX[DPQR R PDLV SRVVtYHO SDUD R DIDVWDU GD FDUQH HQWHUUDVH R ELVWXUL QDTXHOH
OXJDU GH PRGR D SURGX]LU XP FRUWH FRPSULGR H ODUJR TXH RFXSD WRGD D ODUJXUD GD QXFD H
DWUDYpVGHVVHFRUWHVHID]SDVVDUXPDPHFKDGHDOJRGmRGDJURVVXUDGXPGHGRGHSRLVWRGRVRV
GLDVQXPDFHUWDKRUDSX[DVHDPHFKDFRPRSDUDDEULUQRYDPHQWHDIHULGDDILPGHDID]HU
VXSXUDU H LPSHGLU D FLFDWUL]DomR 2 SREUH GLDER VXSRUWRX REVWLQDGDPHQWH GXUDQWH YiULRV GLDV
HVVDWRUWXUDDERPLQiYHODQWHVGHVHFRQIRUPDUDSHGLUDOWD8PEHORGLDVHXVROKRVDSDUHFHUDP
LQWHLUDPHQWH FODURV H DVVLP TXH D QXFD VDURX GHYROYHUDPQR DR FRUSR GD JXDUGD TXH HOH
GHL[RXQRGLDVHJXLQWHSDUDLUUHFHEHURVVHXVPLODoRLWHV
2PLQXWRTXHSUHFHGHRFDVWLJRpKRUULYHOPHQWHSHQRVRHUUHLSRLVHPGL]HUTXHRPHGRGRV
FRQGHQDGRV SURYpP GD FRYDUGLD 'HYH UHDOPHQWH VHU XP PRPHQWR HVSDQWRVR Mi TXH HOHV
DUULVFDP XPD GXSOD WULSOD SXQLomR D ILP GH R DGLDU -i IDOHL HQWUHWDQWR GRV FRQGHQDGRV TXH
SHGHP TXH VH OKHV Gr R UHVWR GRV DoRLWHV VHP HVSHUDU TXH DV FRVWDV FLFDWUL]HP GHSRLV GH
UHFHELGDDSULPHLUDSDUWHGRFDVWLJR4XHUHPDFDEDURPDLVUDSLGDPHQWHSRVVtYHOFRPWRGDD
SHQDOLTXLGDQGRDVVLPDSULVmRSUHYHQWLYD±GHWDOPRGRDYLGDQRFRUSRGDJXDUGDOKHVSDUHFH
PDLV GXUD TXH QRV WUDEDOKRV IRUoDGRV 0DV SRQGR GH SDUWH D GLIHUHQoD GRV WHPSHUDPHQWRV R
KiELWRLQYHWHUDGRGHUHFHEHUSDQFDGDVHFDVWLJRVFRUSRUDLVGHVHPSHQKDXPJUDQGHSDSHOQHVVD
GHFLVmRLQWUpSLGD2VTXHMiIRUDPPXLWRDoRLWDGRVWrPDDOPDHDVFRVWDVFXUWLGDVDFDEDPSRU
HQFDUDU DV SXQLo}HV FRP FHWLFLVPR TXDVH FRPR XP SHTXHQR LQF{PRGR TXH Mi QmR SURYRFD
QHQKXP PDOHVWDU (LV XP H[HPSOR XP GRV QRVVRV IRUoDGRV GD VHomR HVSHFLDO XPNDOPXN
EDWL]DGR$OH[DQGUHRX$OH[DQGUD FRPRRFKDPiYDPRVHQWUHQyV±UDSD]HVWUDQKRHQJUDoDGR
DWUHYLGRVHPSUHGHERPKXPRUFRQWRXPHVHPGHL[DUGHULUHSLOKHULDUTXHUHFHEHUDTXDWUR
PLODoRLWHVSRUpPMXURXPHTXHVHGHVGHDPDLVWHQUDLQIkQFLDQmRRKRXYHVVHPDFRVWXPDGR
FRP FKLFRWDGDV QD VXD KRUGD VH DV FRUUHLDV Mi QmR OKH KRXYHVVHP PDUFDGR DV FRVWDV FRP
FLFDWUL]HV LQGHOpYHLV QmR SRGHULD QXQFD VXSRUWDU HVVHV TXDWUR PLO DoRLWHV ( FRQWDQGRPH LVVR
SDUHFLD UHFRQKHFLGR j VXD EUXWDO HGXFDomR 8PD QRLWH HP TXH HVWDYD VHQWDGR QR PHX FDWUH
IDORX DVVLP ³2OKH $OH[DQGUH 3HWURYLWFK EDWLDP HP PLP SRU FDXVD GH WXGR H SRU FDXVD GH
QDGDHLVVRGXURXVHPSDUDUTXLQ]HDQRVDILRWmRORQJHTXDQWRSRVVRPHOHPEUDUIXLDoRLWDGR
YiULDV YH]HV SRU GLD WRGRV TXH WLQKDP YRQWDGH SRGLDP EDWHU HP PLP GH PRGR TXH DFDEHL
DFRVWXPDQGR´-iQmRUHFRUGRPDLVRFDVRTXHRIL]HUDVROGDGRSRUTXHQRIXQGRHOHGHYHULD
VHPSUHWHUVLGRXPYDJDEXQGRWRGDYLDDLQGDRRXoRFRQWDUPHRPHGRTXHVHQWLUDTXDQGRVHYLX
FRQGHQDGR D TXDWUR PLO DoRLWHV SRU WHU DVVDVVLQDGR XP VXSHULRU ³(X VDELD TXH LULDP PH D
FDVWLJDU GH ULMR TXH WDOYH] PRUUHVVH GHEDL[R GDV YDUDV (UD KDELWXDGR D SDQFDGDV PDV TXDWUR
PLODLQGDDVVLPpTXDOTXHUFRLVDHDOpPGRPDLVRVFKHIHVWRGRVHVWDYDPXPDVIHUDVGHYLGR
jKLVWyULD(XVHQWLDVDELDPXLWREHPTXHDFRLVDQmRLULDFRUUHUPDFLDTXHGHL[DULDRFRXURDOL
(QWmR WUDWHL GH PH EDWL]DU SHQVDQGR
7DOYH] PH SHUGRHP
 2V FRPSDQKHLURV WLQKDP PH
SUHYHQLGR TXH QmR DGLDQWDYD EDWLVPR TXH QmR PH SHUGRDULDP PDV HX FXLGHL
1mR ID] PDO
H[SHULPHQWRHOHVKmRGHWHUPDLVSHQDGHXPFULVWmRTXHGHXPPXoXOPDQR
(IRLDVVLPTXH
PH EDWL]DUDP PH SXVHUDP R QRPH GH $OH[DQGUH PDV DV YDUDV VmR VHPSUH DV YDUDV H QmR
SHUGRDUDPXPDVyYDUDGD(LVVRPHRIHQGHXWDQWRTXHMXUHLDPLPPHVPRTXHHOHVPHKDYLDP
GH SDJDU ( DFUHGLWH $OH[DQGUH 3HWURYLWFK DSDQKHLRV (X VDELD ILQJLU GH PRUWR ± PRUWR
SURSULDPHQWH QmR SRUpP PRULEXQGR /HYDUDPPH SDUD R SHORXULQKR QD IUHQWH GR EDWDOKmR
'HUDPPHRVSULPHLURVPLODoRLWHVSDUHFLDIRJRHHXJULWDYDGHUDPPHRVHJXQGRPLOKHLURH
HXYLTXHRPHXILPHVWDYDFKHJDQGR7LQKDSHQGLGRDFDEHoDDVSHUQDVVHGREUDYDPGHEDL[R
GRFRUSRHHXLDGHVIDOHFHQGRPHXVROKRVUHYLUDYDPPLQKDFDUDHVWDYDUR[DHXQmRUHVSLUDYD
PDLV WLQKD D ERFD FKHLD GH HVSXPD R PpGLFR FKHJRX SHUWR H GLVVH
(OH HVWi PRUUHQGR

/HYDUDPPHSDUDRKRVSLWDOHORJRWRUQHLDPLP'HSRLVGLVVRFRPHoDUDPPDLVGXDVYH]HV±
HVWDYDP FRP yGLR GH PLP HVWDYDP IXULRVRV LVVR OKH JDUDQWR 0DV GDV GXDV RXWUDV YH]HV
FRQVHJXLHQJDQDUQRYDPHQWHDHOHVWRGRVQRILPGRWHUFHLURPLOKHLURWRUQHLDPRUUHUSRUpPp
SUHFLVRQRWDUTXHTXDQGRFKHJRXRTXDWURPLOKHLURFDGDSDQFDGDYDOLDSRUWUrVHUDFRPRXPD
IDFD TXH PH HQWHUUDVVHP EHP QR PHLR GR FRUDomR WDO D GRU (VWDYDP HQFDUQLoDGRV FRQWUD
PLPDTXHOHFDFKRUURTXHGDYDR~OWLPRPLOKHLUR±GLDERVRFDUUHJXHP±YDOLDSHORVWUrVRXWURV
MXQWRVHVHHXQmRPHKRXYHVVHILQJLGRGHPRUWRDQWHVGRILP VyIDOWDYDPGX]HQWRV WLQKDPPH
DFDEDGR GH YHUGDGH PDV QmR GHL[HL TXH HOHV PH OLTXLGDVVHP GHVVD YH] FRPR GDV RXWUDV ±
UHYLUHLRVROKRV±HEXPED3HQVDUDPTXHHXWLQKDPRUULGR(FRPRQmRKDYHULDPGHDFUHGLWDU
VH HUD R PpGLFR TXH HVWDYD GL]HQGR" 0DV DLQGD IDOWDYDP GX]HQWRV H HOHV GHUDP HVVHV ~OWLPRV
FRP WRGD D YRQWDGH ± SRGHVH GL]HU TXH GX]HQWRV DoRLWHV IRUDP GRLV PLO H DLQGD DVVLP QmR
FRQVHJXLUDP PH OLTXLGDU PHVPR ( SRU TXH LVVR" 6LPSOHVPHQWH SRUTXH PH FULHL GHEDL[R GH
FKLFRWH6HDLQGDHVWRXYLYRKRMHHPGLDGHYRRDLVVR$LVLPVHLEHPRTXHpOHYDUSDQFDGD´
DMXQWRX SHQVDWLYR FRPR VH SURFXUDVVH UHFDSLWXODU WRGDV DV VXUUDV TXH UHFHEHUD ³1mR WRUQRX
GHSRLVGHXPPLQXWRGHVLOrQFLRQLQJXpPVHULDFDSD]GHFRQWDUDVSDQFDGDVTXHGHUDPQHVWDV
FRVWDV ( DGHPDLV SDUD TXH FRQWDU" 1mR KDYHULD Q~PHUR TXH FKHJDVVH´ 2OKRXPH H VROWRX
XPDJDUJDOKDGDRQGHVHUHYHODYDWDQWRERPKXPRUTXHQmRSXGHGHL[DUGHOKHUHWULEXLUFRP
XP VRUULVR ³6DEH $OH[DQGUH 3HWURYLWFK TXDQGR VRQKR GH QRLWH SHQVR VHPSUH TXH HVWmR PH
DoRLWDQGR±QmRWHQKRQXQFDRXWURVRQKR´5HDOPHQWHPXLWDVYH]HVGXUDQWHDQRLWHHOHVHSXQKDD
XUUDU jV YH]HV PXLWR DOWR H HUD SUHFLVR TXH R DFRUGDVVHP jV SUHVVDV ³-i SDUDVWH GH EHUUDU
ELFKR GR LQIHUQR"´ (UD XP FDPDUDGD GH HVWDWXUD PpGLD iJLO DOHJUH IiFLO GH YLYHU FRP XQV
TXDUHQWD H FLQFR DQRV GH LGDGH FRPR WLQKD XPD WHQGrQFLD IRUWH SDUD R URXER LVVR OKH
SURSRUFLRQDYDIUHTXHQWHSDQFDGDULD$OLiVTXHPGHQWUHQyVQmRDSDQKDYDQmRUHFHELDDoRLWHV
SRUHVVDUD]mR"
1mRDFUHVFHQWDUHLVHQmRXPDSDODYUDDH[WUDRUGLQiULDERQRPLDDIDOWDGHUDQFRUFRPTXH
RV DoRLWDGRV FRQWDYDP FRPR H SRU TXH WLQKDP LGR jV YDUDV VHPSUH PH HVSDQWDUDP 1HVVDV
QDUUDWLYDV TXH jV YH]HV PH ID]LDP SDOSLWDU R FRUDomR FRPR ORXFR QmR VH SHUFHELD R PHQRU
LQGtFLRGHUDQFRURXGHyGLR0DVDFRQWHFLDFRLVDPXLWRGLIHUHQWHFRP0±FNLTXDQGRHOHIDODYD
HP IXVWLJDomR &RPR QmR HUD QREUH OHYRX TXLQKHQWRV DoRLWHV HX VRXEH GLVVR SRU RXWURV H OKH
SHUJXQWHL VH HUD YHUGDGH (OH FRQILUPRX FRP GXDV SDODYUDV UiSLGDV FRP XPD HVSpFLH GH
VRIULPHQWRtQWLPRHVIRUoDQGRVHSRUQmRPHROKDU)LFRXFRPRURVWRVXELWDPHQWHUXEUR'HSRLV
GH PHLR PLQXWR OHYDQWRX RV ROKRV TXH UHOX]LDP DR IRJR GR yGLR YLOKH RV OiELRV D WUHPHU GH
LQGLJQDomR H VHQWL TXH HOH MDPDLV SRGHULD HVTXHFHU HVVD SiJLQD GR VHX SDVVDGR 4XDQWR DRV
QRVVRVIRUoDGRV pOyJLFRTXHKDYLDH[FHo}HV YLDPHVVDVFRLVDVSRUXPkQJXORPXLWRGLYHUVR
1mR p SRVVtYHO SHQVDYD HX jV YH]HV TXH HOHV VH UHFRQKHoDP IUDQFDPHQWH FXOSDGRV H
FRQVLGHUHP D SXQLomR MXVWD VREUHWXGR VH SHFDUDP FRQWUD RV FKHIHV H QmR FRQWUD RV
FRPSDQKHLURV $ PDLRULD GHQWUH HOHV QmR VH DFXVDYD DEVROXWDPHQWH 1XQFD UHSLWR REVHUYHL
HQWUHRVPHXVFRPSDQKHLURVUHPRUVRVGHFRQVFLrQFLDPHVPRQRVFDVRVHPTXHRFULPHIRUD
SHUSHWUDGR FRQWUD RV GH VXD SUySULD FODVVH 4XDQWR DRV FULPHV FRPHWLGRV FRQWUD VXSHULRUHV
QHVVHVQHPIDOR3DUHFHXPHFRPSUHHQGHUTXHRVIRUoDGRVWLQKDPDWDOUHVSHLWRXPPRGRGH
YHU HVSHFLDO H SRU DVVLP GL]HU HPStULFR OHYDYDP HP FRQVLGHUDomR R GHVWLQKR R IDWR
FRQVXPDGRHLVVRVHPUHIOHWLULQFRQVFLHQWHPHQWHHUDQHOHVXPDHVSpFLHGHIp1HVVDHVSpFLH
GH FULPHV R FULPLQRVR Gi VHPSUH UD]mR D VL PHVPR H D TXHVWmR GH VXD FXOSDELOLGDGH QHP VH
SURS}HDQWHHOHSUySULRHQWUHWDQWRVDEHPXLWREHPTXHRVVHXVVXSHULRUHVQmRHQFDUDPRGHOLWR
FRPRVPHVPRVROKRVFRPTXHHOHRYrHSRUWDQWRGHYHVRIUHUXPFDVWLJRSDUDILFDUHPDVGXDV
SDUWHVGHFRQWDVVDOGDGDV$OXWDDtpUHFtSURFD2FULPLQRVRSHQVDTXHXPWULEXQDOFRQVWLWXtGR
SRU JHQWH KXPLOGH GD VXD WHUUD RX R DEVROYHULD RX SHOR PHQRV R MXVWLILFDULD HP JUDQGH SDUWH
FRQWDQWR TXH R FULPH QmR WHQKD VLGR SHUSHWUDGR FRQWUD VHXV LUPmRV FRQWUD RV VHXV FRQWUD D
SOHEH )RUWLILFDGR SRU VXD FRQVFLrQFLD ILFD WRGDYLD VRVVHJDGR H VHP UHPRUVRV e R SULQFLSDO
6HQWHVHSRUDVVLPGL]HUQXPWHUUHQRVyOLGRHJUDoDVDHVVDFRQYLFomRRFDVWLJRVHWUDQVIRUPD
QXPD GHVJUDoD LQHYLWiYHO H PDLV QDGD (OH QmR p R SULPHLUR QHP R ~OWLPR D VRIUHU WDO
GHVYHQWXUD 'XUDQWH PXLWR WHPSR PXLWR WHPSR DLQGD SURVVHJXLUi R FRPEDWH XP FRPEDWH
REVWLQDGR LPSRVWR SHOD IRUoD 2 VROGDGR QmR WHP yGLR SHOR WXUFR FRP TXHP HVWi HP JXHUUD
FRQWXGRRWXUFRRPDWDDJROSHVGHVDEUHRXGHEDLRQHWDDWLURVGHIX]LO
7RGDV DV KLVWyULDV DOLiV QmR UHYHODP R PHVPR VDQJXH IULR D PHVPD LQGLIHUHQoD 3RU
H[HPSORQmRVHIDODYDQXQFDGR7HQHQWH-HUHELDWQLNRYVHPFHUWDLQGLJQDomRUHFDOFDGD7UDYHL
UHODo}HVFRPRWHQHQWHGXUDQWHDPLQKDSULPHLUDHVWDGDQRKRVSLWDO±SRULQWHUPpGLRGDVKLVWyULDV
GRVIRUoDGRVFRPSUHHQGHVH9LRPDLVWDUGHHPFDUQHHRVVRXPDYH]TXHHOHFRPDQGDYDQD
IRUWDOH]D'HYHULDWHUXQVWULQWDDQRV(UDDOWRJRUGRYHUPHOKRGHVWLODQGRJUD[DFRPXQVGHQWHV
EUDQFRV H D ULVDGD HVWURQGRVD LQWHUPLWHQWH XP ULVR j 1R]GULRY 2 URVWR OKH UHIOHWLD R YiFXR
DEVROXWRGDVLGHLDV$GRUDYDFDVWLJDUGDUYDUDGDVTXDQGRRGHVLJQDYDPFRPRH[HFXWRUGHXPD
VHQWHQoD 2V RXWURV RILFLDLV ± DSUHVVRPH HP GL]rOR ± FRQVLGHUDYDP R 7HQHQWH -HUHELDWQLNRY
FRPRXPPRQVWURHRVIRUoDGRVPDQWLQKDPVREUHHOHLGrQWLFDRSLQLmR(YLGHQWHPHQWHKRXYHUD
QRVERQVWHPSRVGHDQWDQKR³FXMDWUDGLomRHPERUDFXVWHFUrORDLQGDHVWiYLYD´  H[HFXWRUHV
TXHJRVWDYDPGHUHDOL]DUHVFUXSXORVDPHQWHDVXDWDUHID0DVHPJHUDODVYDUDVHUDPYLEUDGDV
FRPVLPSOLFLGDGHVHPQHQKXPDHVSHFLDOL]DomRQHPSUD]HUSDUDRH[HFXWRU(VVHWHQHQWHSRLV
HUDXPDHVSpFLHGHJDVWU{QRPRUHILQDGRXPFRQQDLVVHXUQRPDLVDPSORVHQWLGRGDH[SUHVVmR
7LQKD D SDL[mR GD VXD DUWH H DPDYD D DUWH SHOD DUWH &RPSUD]LDVH QHOD FRPR XP SDWUtFLR
HQWHGLDGR GD 5RPD ,PSHULDO LQYHQWDYD WRGD HVSpFLH GH UHTXLQWHV VXWLV D ILP GH HVWLPXODU
DQLPDUXPSRXFRDVXDDOPDDIXQGDGDQDEDQKD
(LV -HUHELDWQLNRY HQFDUUHJDGR GH XPD H[HFXomR XP ROKDU DWLUDGR j ORQJD ILOD GH VROGDGRV
DUPDGRV GH JURVVDV YDUDV EDVWD SDUD R HQFKHU GH LQVSLUDomR 3HUFRUUH D ILOD FRP DU VDWLVIHLWR
UHLWHUDDRUGHPSDUDTXHWRGRVFXPSUDPFRQVFLHQFLRVDPHQWHRVHXGHYHUVHQmR2VVROGDGRV
VDELDPDQWHFLSDGDPHQWHRTXHVLJQLILFDYDDTXHOH³VHQmR´2FULPLQRVRpWUD]LGRHVHDWpHQWmR
HOH QmR WUDYRX FRQKHFLPHQWR FRP -HUHELDWQLNRY VH QLQJXpP R S{V DR FRUUHQWH GR TXH VH YDL
SDVVDUYHMDVHDSHoDTXH-HUHELDWQLNRYOKHSUHJDpDSHQDVXPDSHoDHQWUHPLOSRUTXHjTXHOH
WHQHQWHQmRIDOWDYDLQYHQWLYD(QTXDQWROKHGHVQXGDPDVFRVWDVHOKHDWDPDVPmRVjFRURQKDGR
IX]LOSRUPHLRGRTXDORVVXERILFLDLVRDUUDVWDPGHSRLVDRORQJRGD³UXDYHUGH´WRGRFRQGHQDGR
VHS}HVHPSUHHPYR]GHFKRURDVXSOLFDUDRVH[HFXWRUHVTXHQmREDWDPFRPPXLWDIRUoDTXH
QmRUHGREUHPRFDVWLJRFRPXPDVHYHULGDGHVXSpUIOXD
±([FHOrQFLD±JULWDRGHVJUDoDGR±WHQKDSLHGDGHPRVWUHRVHXFRUDomR GH SDL GHL[HPH
URJDUD'HXVHWHUQDPHQWHSRUVLQmRPHGHVJUDFHWHQKDGy
-HUHELDWQLNRYTXHQmRHVSHUDYDVHQmRHVVDVSDODYUDVVXVSHQGHLPHGLDWDPHQWHDH[HFXomRH
QXPWRPVHQWLPHQWDOHQWDEXODFRPRIRUoDGRRVHJXLQWHGLiORJR
±0HXTXHULGRDPLJRTXHTXHUHVTXHHXIDoD"1mRVRXHXTXHWHFDVWLJRpD/HL
±([FHOrQFLDWXGRGHSHQGHGHVLVHMDFRPSDVVLYR
± ( SHQVDV TXH QmR VRX FRPSDVVLYR" 3HQVDV TXH WHQKR SUD]HU HP YHU WH DoRLWDUHP" (X
WDPEpPVRXXPKRPHP9HMDPRVVRXXPKRPHPRXQmRVRX"
±6Hp([FHOrQFLDVHp$YHUGDGHpTXHRVRILFLDLVVmRRVSDLVHQyVVRPRVRVILOKRVPRVWUH
RVHXFRUDomRSDWHUQR([FHOrQFLD±EUDGDRSUHVRIUHPHQWHGHHVSHUDQoD
±0DVPHXDPLJRMXOJDSRUWLSUySULRWHQVXPFpUHEURSDUDUHIOHWLU6HLPXLWREHPTXHR
VHQWLPHQWRGHKXPDQLGDGHPHRUGHQDTXHWHROKHDWLSHFDGRUFRPSLHGDGHFRPPLVHULFyUGLD
±2TXH9RVVD([FHOrQFLDGL]pDSXUDYHUGDGH
±6LPHGHYRWHROKDUFRPPLVHULFyUGLDSRUPDLVSHFDGRUTXHVHMDV3RUpPQmRVRXHXpD
/HL TXH WH FDVWLJD 5HIOHWH 7HQKR TXH VHUYLU D 'HXV H j PLQKD SiWULD H FRPHWR XP JUDQGH
SHFDGRVHDVVXPRDUHVSRQVDELOLGDGHGHDWHQXDUDOHL3HQVDQLVVR
±([FHOrQFLD
±(QWmRQmRID]PDO3DVVDSRUHVWDYH]6HLTXHHVWRXHUUDGRPDVQmRID]PDO(HQWUHWDQWR
VHHXWHIL]HULVVRSUHVWRWHXPSpVVLPRVHUYLoR3RLVVHWHSHUGRRVHVyWHFDVWLJRXPSRXTXLQKR
ILFDUiVSHQVDQGRTXHGHRXWUDYH]pDPHVPDFRLVD7RUQDUiVDID]HUDVQHLUDVHHQWmRFRPRKi
GHVHU")LFDUiHVVHSHVRQDPLQKDFRQVFLrQFLD
± ([FHOrQFLD MXUR TXH QmR PH Ki GH FDVWLJDU XP VHJXQGD YH] -XURR GLDQWH GR WURQR GH
'HXV
±0XLWREHPHQWmRPXLWREHP-XUDTXHYDLVWHSRUWDUGLUHLWLQKR
±'HXVWRGRSRGHURVRTXHPHFDVWLJXHHTXHQRRXWURPXQGR
±1mRMXUHTXHpSHFDGR$FUHGLWRVHPHGHUHVDWXDSDODYUD
±([FHOrQFLD
±(VWiEHPYRXWHSHUGRDUSRUFDXVDGDVWXDVOiJULPDVGHyUImR3RUTXHpVyUImRQmRp"
±ÏUImR([FHOrQFLDVyQRPXQGRVHPSDLQHPPmH
±0XLWREHPSHUGRRWHSRUFDXVDGDVWXDVOiJULPDVGHyUImRPDVpSHOD~OWLPDYH]YrEHP
/HYHPQR ± GL] FRP YR] WmR FRPRYLGD TXH R IRUoDGR Mi QHP VDEH FRP TXH SDODYUDV Ki GH
DJUDGHFHU D 'HXV SRU R KDYHU HQWUHJXH D XP RILFLDO GRWDGR GH WmR ERP FRUDomR 0DO R
DPHDoDGRU FRUWHMR VH S}H HP PDUFKD D RUGHP p GDGD R WDPERU UXID D SULPHLUD YDUD VH
HUJXH
± 'XUR FRP HOH ± JULWD -HUHELDWQLNRY FRP WRGDV DV VXDV IRUoDV ± 6XUUHPQR EHP
$UUDQTXHPOKHDSHOH0DLVFRPPDLVIRUoDOLTXLGHPRyUImROLTXLGHPRFDQDOKD6LUYDPOKH
DVXDUDomRVLUYDPQREHP
2V VROGDGRV GmR DV YDUDGDV FRP WRGD D IRUoD RV ROKRV GR SREUH GLDER VROWDP IDtVFDV HOH
FRPHoDDXUUDUH-HUHELDWQLNRYFRUUHjVXDIUHQWHDRORQJRGD³UXDYHUGH´ULGiJDUJDOKDGDV
VHJXUD DV FRVWHODV FRP DV GXDV PmRV UL WDQWR TXH DWp VH VHQWH PDO (VWi QR VpWLPR FpX DFKD
DTXLORXPDGHOtFLD'HWHPSRVHPWHPSRVXPDULVDGDIRUPLGiYHOHVRQRUDVHXULVRFDVFDWHDQWH
GHKRPHPJRUGRUHWLQHGHQRYRHGHQRYRHOHEHUUD
± $UUDQTXHPOKH D SHOH 4XHUR YrOR HVIRODGR (VIROHPPH HVVH FDQDOKD 3HOHPPH R
ORPERGRyUImR
+DYLD DLQGD RXWUDV YDULDQWHV GHVVH PRWLYR QR VHX UHSHUWyULR 2 IRUoDGR TXH YDL DSDQKDU
FRPHoDFRPDVV~SOLFDV-HUHELDWQLNRYQmRID]DVSDOKDoDGDVFRVWXPHLUDVHOKHGL]IUDQFDPHQWH
± 1mR PHX FDUR YRX WH FDVWLJDU VHJXQGR DV UHJUDV FRQIRUPH R PHUHFHVWH 0DV Ki XPD
FRLVDTXHSRVVRID]HUSRUWLQmRWHPDQGRDPDUUDU9DLVFDPLQKDUVR]LQKRjPRGDQRYD%DVWD
DSHQDVTXHFRUUDVEHPGHSUHVVDSHODOLQKDGHVROGDGRV1mRWHOLYUDUiVGDVSDQFDGDVpYHUGDGH
SRUpPDFRLVDDQGDUiPDLVGHSUHVVD4XHDFKDV"4XHUHVH[SHULPHQWDU"
2 IRUoDGR HVFXWD LQFHUWR GHVFRQILDGR GHSRLV PHGLWD ³4XHP VDEH" 7DOYH] VHMD PHVPR
YDQWDJHP SDUD PLP 6H HX FRUUHU FRP WRGD D IRUoD D FRLVD GXUDUi SHOR PHQRV FLQFR YH]HV
PHQRVHWDOYH]QHPWRGDVDVYDUDGDVPHDSDQKHP´
±(VWiEHP([FHOrQFLDFRQFRUGR
±(HXWDPEpP9DPRVPDUFKD$WHQomRYRFrVOiDWHQomR1mRHVWmRDTXLSDUDGRUPLU±
JULWDSDUDRVVROGDGRVHPERUDVDLEDPXLWREHPTXHQHQKXPGRVDoRLWHVGHL[DUi GH DSDQKDU R
ORPERGRFXOSDGRVHXPVROGDGRHUUDRDoRLWHVDEHSRUH[SHULrQFLDRTXHRHVSHUD2IRUoDGR
S}HVHSRUWDQWRDJDORSDUSHOD³UXDYHUGH´PDVQmRSDVVDPDLVGHTXLQ]HILODVSRUTXHDVYDUDV
VLELODPQRDUDVSDQFDGDVFKRYHPFRPRJHDGDQDVVXDVFRVWDVHRSREUHGLDERVHDEDWHQXP
XUURFRPRDSDQKDGRSRUXPDEDOD
± 1mR ([FHOrQFLD SUHILUR TXH VLJDP R UHJXODPHQWR ± VXSOLFD HOH HUJXHQGRVH FRP
GLILFXOGDGH OtYLGR GH SDYRU HQTXDQWR -HUHELDWQLNRY TXH VDELD DQWHFLSDGDPHQWH R UHVXOWDGR
GDTXHODERDSDUWLGDULDVXIRFDU
&RQWXGRHXQmRSRGHULDGHVFUHYHUWRGDVDVGLUHo}HVGHVVHRILFLDOQHPWRGDVDVKLVWyULDVTXH
FRUUHPDVHXUHVSHLWR
'HPRGRPXLWRGLYHUVRIDODYDPHQWUHQyVGRWHQHQWH6PHNDORYTXHSUHFHGHUDRDWXDOPDMRU
QDVIXQo}HVGHFRPDQGDQWHGDSUDoD
'LVFRUULDPVREUH-HUHELDWQLNRYQXPWRPFDOPRVHPOKHJDEDUDVIDoDQKDVVHPyGLRQmRR
HVWLPDYDPGHVSUH]DYDPQR(RGHVSUH]DYDPSRUDVVLPGL]HU±GHFLPD±HQTXDQWRQLQJXpP
HYRFDYDDOHPEUDQoDGRWHQHQWH6PHNDORYVHPOKHID]HURHORJLRHQWXVLiVWLFR6HQGRRRSRVWRGR
DSUHFLDGRU GDV YDUDV HVVH WHQHQWH QDGD WLQKD SRLV HP FRPXP FRP -HUHELDWQLNRY 1mR TXH HOH
GHVGHQKDVVHSXQLUDRFRQWUiULRHPSUHJDYDPXLWREHPDVYDUDVPDVHPYH]GHOKHJXDUGDUHP
UDQFRURVSUHVRVVHHQWHUQHFLDP(VVHKRPHPVRXEHUDDJUDGDUDRVIRUoDGRV&RPROKHVWHULD
JUDQMHDGRDHVWLPD"1RVVRVIRUoDGRVFRPRTXDVHWRGDJHQWHGDSOHEHHVWmRSURQWRVDHVTXHFHU
RVSLRUHVVRIULPHQWRVSRUDPRUGHXPDERDSDODYUDOLPLWRPHDFRQVWDWDURIDWRVHPSURFXUDU
DQDOLViOR 1DGD p PHQRV GLItFLO TXH DJUDGDU D HVVD JHQWH 0DV R WHQHQWH 6PHNDORY JR]DYD GH
XPD SRSXODULGDGH HVSHFLDO SRLV DWp VXDV H[HFXo}HV HUDP PHQFLRQDGDV FRP HQWHUQHFLPHQWR
³(UD ERP FRPR XP SDL´ GL]LDP GHOH RV JDOpV H VROWDYDP XP VXVSLUR FRPSDUDQGR 6PHNDORY
FRPRQRVVRPDMRU³4XHERDDOPD´(UDXPKRPHPVLPSOHVHVHPG~YLGDERPDRVHXPRGR
&RQWXGRDFRQWHFHjVYH]HVQLQJXpPTXHUHUEHPHPHVPRVHID]HUWURoDGHDOJXQVKRPHQVERQV
±]RPEDPDWpGDVXDPLVHULFyUGLDQRFRPDQGR2IDWRpTXH6PHNDORYGHWDOPRGRVHSRUWDYD
TXHWRGRVRVGHWHQWRVUHFRQKHFLDPQHOHR³VHXKRPHP´HGHYHVHGL]HUTXHLVVRUHSUHVHQWDXP
JUDQGH GRP XPD FDSDFLGDGH LQDWD GD TXDO PXLWDV YH]HV DTXHOHV TXH D SRVVXHP QmR VH
DSHUFHEHP&RLVDHVWUDQKDHQWUHRVRILFLDLVKiDOJXQVTXHVHPVHUHPERQVDWUDHPXPDJUDQGH
SRSXODULGDGHVLPSOHVPHQWHSRUTXHQmRGHVSUH]DPRSRYRSRUTXHQmRRWUDWDPFRPDOWLYH]1mR
VHVHQWHQHOHVQHPREDULQHPLPDGRGHPmRVEUDQFDVQHPRHVStULWRGHFDVWDHPDQDGDVVXDV
SHVVRDV XPD HVSpFLH GH FKHLUR HVSHFLDO GH VLPSOLFLGDGH LVWR OKHV p FRQJrQLWR H PHX 'HXV
FRPRVDEHRSRYRIDUHMDUHVVHFKHLUR4XHGHGLFDomRQmRpFDSD]GHVHQWLUSRUWDOHVSpFLHGH
FULDWXUDV&RPTXHUDSLGH]VDFULILFDUiRFKHIHPDLVKXPDQRSDUDHVFROKHURPDLVVHYHUR(VHR
SHUVRQDJHP HP TXH R SRYR IDUHMD HVVH FKHLUR HVSHFLDO p DGHPDLV XPD ERD SHVVRD HQWmR QmR
WHPPDLVSUHoR
&RPRMiRGLVVHRWHQHQWH6PHNDORYjVYH]HVFDVWLJDYDFRPGXUH]DPDVVDELDFRPRRID]HU
HHPYH]GHOKHJXDUGDUHPUDQFRUWRGRVRVSUHVRVGRPHXWHPSRHYRFDYDPULQGRDVVXDV³ERDV
SHoDV´ 3HoDV TXH DOLiV QmR HUDP PXLWR YDULDGDV SRLV R WHQHQWH FDUHFLD LQWHLUDPHQWH GH
IDQWDVLDDUWtVWLFD1DUHDOLGDGHGXUDQWHXPDQRLQWHLURHOHQmRVHGLYHUWLUDVHQmRFRPXPD~QLFD
HPHVPDIDUVDTXHWDOYH]GHYDRVHXSUHVWtJLRDRIDWRGHVHU~QLFD1mROKHIDOWDYDLQJHQXLGDGH
2GHOLQTXHQWHpWUD]LGR6PHNDORYGHYHDVVLVWLUSHVVRDOPHQWHjH[HFXomR9DLSDUDOiEULQFDQGR
ULQGR LQWHUURJDQGR R FXOSDGR VREUH FRLVDV LQGLIHUHQWHV VREUH VHXV QHJyFLRV SHVVRDLV VREUH RV
VHXVWUDEDOKRVHLVVRVHPLQWHQomR]RPEHWHLUDVHPLGHLDSUHFRQFHELGD³WmRVySRUTXHOKHDSUD]
ILFDUDSDUGRVQHJyFLRVGDTXHOHKRPHP´7UD]HPDVYDUDVHXPDFDGHLUDSDUD6PHNDORY(OH
VHQWDVHDFHQGHRFDFKLPER FDFKLPERPXLWRFRPSULGRDOLiV 2IRUoDGRFRPHoDDVV~SOLFDV
±1mRPHXDPLJRYDPRVGHLWDWHTXHIRLTXHWHGHX"±UHVPXQJD6PHNDORY
2IRUoDGRVXVSLUDHVHGHLWD
±(VFXWDPHXDPLJRVDEHVDVWXDVRUDo}HV"
±'HFHUWR([FHOrQFLD6RXEDWL]DGRDSUHQGLDUH]DUTXDQGRDLQGDHUDGDDOWXUDGDVXDERWD
±%HPHQWmRUH]D
2IRUoDGRMiVDEHRTXHYDLUH]DUHRTXHVHVHJXLUiSRUTXHDEULQFDGHLUDMiIRLUHSHWLGDSHOR
PHQRV XPDV WULQWD YH]HV 2 SUySULR 6PHNDORY QmR LJQRUD TXH R SUHVR VDEH GLVVR H TXH RV
VROGDGRV TXH HVSHUDP FRP DV YDUDV HUJXLGDV VREUH R FXOSDGR HVWLUDGR QR FKmR WDPEpP R
VDEHP PDV LVVR QmR R LPSHGH GH VH UHSHWLU $ EULQFDGHLUD OKH DJUDGRX GH YH] H WDOYH] HOH D
DSUHFLH SULQFLSDOPHQWH SRU YDLGDGH GH DXWRU 2 GHVJUDoDGR FRPHoD D UHFLWDU VXDV UH]DV RV
VROGDGRVVHLPRELOL]DPFRPDVYDUDVH6PHNDORYTXHMiQmRVHSRGHFRQWHUOHYDQWDDPmRSDUD
GHIXPDUHVSUHLWDDSDODYUDHVSHUDGD2IRUoDGRDDUWLFXODDILQDO³QRFpX´ 
eDSDODYUDGHRUGHP
±$OWR±JULWDRWHQHQWHFXMRURVWRVHLQIODPDEUXVFDPHQWHFRPXPJHVWRLQVSLUDGRGLULJH
VHDRKRPHPTXHYDLEDWHUHPSULPHLUROXJDUHEUDGD±3DUDRFpXYiHOH
(VROWDXPDJDUJDOKDGD2VVROGDGRVWDPEpPVRUULHPRIXVWLJDGRUVRUULRSUySULRIXVWLJDGR
VHSUHSDUDSDUDVRUULU±HPERUDjRUGHPGH³SDUDRFpX´DYDUDWHQKDVLELODGRQRDUHYHQKD
FRUWDU FRPR XPD QDYDOKD R ORPER GR SDFLHQWH (QWUHWDQWR 6PHNDORY HVWi VDWLVIHLWR SRUTXH D
SLOKpULDpGHVXDLQYHQomRHOKHDJUDGDPXLWtVVLPR(YDLSDUDXPODGRHQFDQWDGRHQTXDQWRR
IXVWLJDGR VHJXH SHOR RXWUR VDWLVIHLWR FRQVLJR SUySULR H FRP 6PHNDORY 0HLD KRUD PDLV WDUGH
FRQWDVHHPWRGDIRUWDOH]DTXHDIDPRVDSLOKpULDIRLGHQRYRGLWDSHODWULJpVLPDSULPHLUDYH]
³$LDTXHOHHUDPHVPRXPKRPHPGHYHUGDGH´
¬VYH]HVDVORXYDPLQKDVGHGLFDGDVDHVVHWHQHQWHFKHJDYDPDDERUUHFHU
±/HPEUDPVHUDSD]HVjVYH]HVTXDQGRDJHQWHLDWUDEDOKDU± FRQWDXPIRUoDGRFXMRURVWR
VHLOXPLQDDQWHDUHFRUGDomR ±YLDRWHQHQWHVHQWDGRQDMDQHODGHURXSmRFDFKLPERQDERFD
WRPDQGR FKi 7LUiYDPRV R JRUUR ³3DUD RQGH YDLV DVVLP $NVLRQRY"´ HOH GL]LD ± ³9RX SDUD R
WUDEDOKR 0LNKDLO 9DVVLOLWFK PDV DQWHV WHQKR TXH SDVVDU QD RILFLQD´ (OH HQWmR SXQKDVH D ULU
6XMHLWRERP&RUDomRGHRXUR
±'HVVDHVSpFLHMiQmRRVID]HPPDLV±DFUHVFHQWDYDSHQVDWLYRXPGRVRXYLQWHV


2+263,7$/ FRQWLQXDomR


6HIDOHLORQJDPHQWHVREUHDVSXQLo}HVHVREUHDTXHOHVTXHDVDGPLQLVWUDPpSRUTXHGXUDQWH
PLQKD HVWDGD QR KRVSLWDO WHVWHPXQKHL FRP PHXV SUySULRV ROKRV FRLVDV TXH QmR FRQKHFLD VHQmR
SRURXYLUGL]HU  7UD]LDP SDUD DV QRVVDV GXDV HQIHUPDULDV RV FRQGHQDGRV jV YDUDV GH WRGRV RV
EDWDOK}HV FRPSDQKLDV FRUUHFLRQDLV H RXWUDV XQLGDGHV DFDQWRQDGDV QD FLGDGH H QR GLVWULWR TXH
GHOD GHSHQGLD 'XUDQWH RV SULPHLURV GLDV TXDQGR HX HVWXGDYD DLQGD FRP JUDQGH DYLGH] RV
FRVWXPHVGRSUHVtGLRWRGRVHVVHVDoRLWDGRVWRGRVHVVHVKRPHQVQDH[SHFWDWLYDGD³UXDYHUGH´
PHGDYDPXPDLPSUHVVmRKRUUtYHO(XILFDYDFRPRYLGRSHUWXUEDGRDWHUURUL]DGR/HPEURPH
GHTXHHQWmRPHSXVDUHIOHWLUIHEULOPHQWHHPWRGRVRVGHWDOKHVGHVVHVIDWRVQRYRVSDUDPLPD
HVFXWDU DV FRQYHUVDV H DV KLVWyULDV TXH D HOHV VH UHIHULDP D ID]HU SHUJXQWDV DRV IRUoDGRV
TXHUHQGRGHVFREULUXPDVROXomRSDUDHVVHHVWDGRGHFRLVDV
'HVHMDYDHPHVSHFLDOFRQKHFHUPLQXFLRVDPHQWHRVJUDXVGDVGLYHUVDVFRQGHQDo}HVWRGDVDV
GLIHUHQWHV FDPELDQWHV GH FDVWLJR FRP RV PRGRV GH YHU GRV FRQGHQDGRV D HVVH UHVSHLWR
(VIRUoDYDPHSRULPDJLQDURHVWDGRGHDOPDGRVTXHSDUWLDPSDUDRVXSOtFLReUDUtVVLPRMiR
FRQWHLTXHXPFRQGHQDGRFRQVHUYHRVDQJXHIULRDWpDRPRPHQWRIDWDOHPERUDMiWHQKDVRIULGR
YiULDV RXWUDV IXVWLJDo}HV 1HVVH LQVWDQWH HOH VHQWH XP WHUURU SXUDPHQWH ItVLFR DJXGR
LQYROXQWiULRLQFRQVFLHQWHHHVVHWHUURURDWXUGH'XUDQWHPHXVORQJRVDQRVGHSUHVtGLRWLYHPDLV
GHXPDYH]DRSRUWXQLGDGHGHREVHUYDUDOJXQVGHVVHVFRQGHQDGRVTXHHQWUDQGRQRKRVSLWDOFRP
DVFRVWDVHPFDUQHYLYDGHSRLVGHVRIUHUHPDSULPHLUDPHWDGHGDSXQLomRVHLQVFUHYLDPSDUDD
DOWDORJRQRGLDVHJXLQWHDILPGHPDLVGHSUHVVDDIURQWDURUHVWR(VVDLQWHUUXSomRQRFDVWLJRp
VHPSUHGHYLGDjVRUGHQVGRPpGLFRTXHDVVLVWHjH[HFXomR4XDQGRRQ~PHURGHDoRLWHVDRTXDO
IRL FRQGHQDGR R FULPLQRVR SDUHFH HOHYDGR GHPDLV SDUD VHU UHFHELGR WRGR GH XPD YH] p HOH
GLYLGLGRHPGRLVRXWUrVVHJXQGRDRSLQLmRGRPpGLFRTXHQRGHFRUUHUGDH[HFXomRYHULILFDVH
R IXVWLJDGR HVWi HP FRQGLo}HV GH VXSRUWDU D SHQD VHP SHULJR GH YLGD 4XLQKHQWRV PLO PLO H
TXLQKHQWRV DoRLWHV SRGHP VHU DGPLQLVWUDGRV GH XPD YH] PDV GRLV PLO DoRLWHV VmR HP JHUDO
GLVWULEXtGRV HP GXDV RX WUrV SRUo}HV (P JHUDO DTXHOHV TXH FRP DV FRVWDV PDO FLFDWUL]DGDV
VDtDP SDUD UHFHEHU D VHJXQGD PHWDGH GR FDVWLJR WRUQDYDPVH GHVGH D YpVSHUD GD SDUWLGD
VRPEULRV WULVWRQKRV WDFLWXUQRV 2EVHUYDYDVH QHOHV XPD HVSpFLH GH HPEUXWHFLPHQWR XPD
GLVWUDomR VLQJXODU 1mR WRPDYDP SDUWH QDV FRQYHUVDV H QD PDLRULD GR WHPSR ± FDUDFWHUtVWLFD
FXULRVD±RVFRPSDQKHLURVHYLWDYDPIDODUFRPHOHVHYLWDYDPID]HUDPHQRUDOXVmR DR TXH RV
DJXDUGDYD1HQKXPFRQVRORQHQKXPDSDODYUDLQ~WLOSDUHFLDTXHWRGRVWLQKDPFRPELQDGRQmR
OKHVSUHVWDUDPHQRUDWHQomR(HUDPXLWRPHOKRUDVVLP+DYLDFRQWXGRH[FHo}HV±2UORYSRU
H[HPSORGHTXHPMiIDOHL'HSRLVGDSULPHLUDPHWDGHGDVXDSXQLomRHOHQmRSDUDYDGHJHPHU
SRUTXH VXDV FRVWDV QmR VDUDYDP EDVWDQWH GHSUHVVD 7DUGDYDOKH DFDEDU H VHU PHWLGR QXP
FRPERLRGHGHSRUWDGRVSRUTXHFRQWDYDIXJLUGXUDQWHRFDPLQKR(VVHQmRYLDVHQmRRILPTXH
YLVDYDDWLQJLUH'HXVVDEHGRTXHHUDFDSD]XPQDWXUH]DGDTXHODVWmRDSDL[RQDGDWmRDUGHQWH
1RGLDHPTXHFKHJRXSDUHFLDVDWLVIHLWRHPXLWRH[FLWDGRHPERUDVHHVIRUoDVVHSRUGLVVLPXODU
VHXVVHQWLPHQWRV1DYHUGDGH2UORYFXLGDUDQmRVREUHYLYHUjSULPHLUDPHWDGHGRFDVWLJRQmRVH
SRGHU OHYDQWDU GH VRE DV YDUDV 'XUDQWH D SULVmR SUHYHQWLYD FKHJDUDPOKH DRV RXYLGRV ERDWRV
VREUH DV PHGLGDV WRPDGDV D VHX UHVSHLWR SHOD DGPLQLVWUDomR H WLQKDVH SUHSDUDGR SDUD R ILP
0DVRIDWRGHVXSRUWDUDSULPHLUDPHWDGHGHYROYHUDOKHDHVSHUDQoD4XDQGRFKHJRXDRKRVSLWDO
HVWDYD VHPLPRUWR -DPDLV YL QD PLQKD YLGD XPDV FRVWDV WmR FKDJDGDV FRQWXGR D DOHJULD OKH
WRPDYDRFRUDomR(VWDYDFHUWRDJRUDGHTXHOKHWLQKDPFRQWDGRERDWRVIDOVRVHTXHVHVDLULDGD
VHJXQGDYH]FRPRVHVDtUDGDSULPHLUD'HSRLVGDORQJDUHFOXVmRSUHYHQWLYDQmRVRQKDYDVHQmR
FRPRIXWXURFRPERLRQRTXDOVHULDLQFOXtGRQDYLDJHPTXHIDULDQDHYDVmRQDOLEHUGDGHQDV
HVWHSHVHIORUHVWDV(GRLVGLDVDSyVVXDVDtGDGRKRVSLWDOYROWRXSDUDPRUUHUQRSUySULROHLWRTXH
GHL[DUDQmRSXGHUDUHVLVWLUjVHJXQGDPHWDGHGRFDVWLJR-iIDOHLSRUpPDHVVHUHVSHLWR
7RGDYLD HVVHV FRQGHQDGRV PHVPR RV PDLV SXVLOkQLPHV DWRUPHQWDGRV QRLWH H GLD SHOD
H[SHFWDWLYD GR PRPHQWR IDWDO VXSRUWDYDP D VXD GRU FRP FRUDJHP XPD YH] FKHJDGD D KRUD
5DUDPHQWH RV RXYL JHPHU GXUDQWH D QRLWH TXH VH VHJXLD j IXVWLJDomR SRU PDLV ULJRURVRV TXH
KRXYHVVHP VLGR RV DoRLWHV ± WmR JUDQGH p D IRUoD GH UHVLVWrQFLD GR QRVVR SRYR ,QWHUURJXHL
PXLWtVVLPR RV PHXV FRPSDQKHLURV DFHUFD GRV VRIULPHQWRV FDXVDGRV SHORV DoRLWHV 4XHULD
LQWHLUDUPHGDVXDLQWHQVLGDGHHVDEHUDTXHSRGHULDPHOHVVHUFRPSDUDGRV1mRVHLUHDOPHQWH
TXHUD]mRPHLPSHOLDPDVUHFRUGREHPTXHQmRHUDVLPSOHVFXULRVLGDGH5HSLWRRDHPRomRH
R SDYRU PH HVWUDQJXODYDP 3RU PDLV TXH LQGDJDVVH SRUpP QXQFD REWLYH XPD UHVSRVWD
VDWLVIDWyULD ³4XHLPD FRPR IRJR´ UHVSRQGLDP VHPSUH ³4XHLPD ± H p Vy´ 1RV SULPHLURV
WHPSRVTXDQGRPHDSUR[LPHLGH0±FNLLQWHUURJXHLRWDPEpP³'yLKRUULYHOPHQWHFRQIHVVRX
HOHVHQWHVHXPDLPSUHVVmRGHTXHLPDGXUDFRPRVHJUHOKDVVHPDVFRVWDVGDJHQWHQRIRJRGR
,QIHUQR´$VVLPWRGRVVHH[SULPLDPGHPDQHLUDXQkQLPH/HPEURPHGHWHUIHLWRHQWmRXPD
REVHUYDomR HVWUDQKD FXMD H[DWLGmR DOLiV QmR JDUDQWR PDV TXH R FRQVHQVR JHUDO GRV IRUoDGRV
FRQILUPDYDXPDVHYHUDIODJHODomRGHYDUDVFRQVWLWXLRPDLVWHUUtYHOGRVVXSOtFLRVHPXVRHQWUH
QyV $ SULPHLUR ROKDU D DILUPDomR SDUHFH DEVXUGD HQWUHWDQWR TXLQKHQWRV DoRLWHV TXDWURFHQWRV
PHVPREDVWDPSDUDPDWDUXPKRPHPDFLPDGHTXLQKHQWRVDPRUWHpSRUDVVLPGL]HUFHUWDH
R PDLV UREXVWR GRV LQGLYtGXRV QmR SRGH HQIUHQWDU GH XPD YH] Vy PLO YDUDGDV 'H FKLEDWD SHOR
FRQWUiULR VXSRUWDPVH TXLQKHQWRV DoRLWHV VHP SHULJR SDUD D YLGD 8P KRPHP FRQVWLWXLomR
PpGLD SRGH DJXHQWDU PLO FKLEDWDGDV GXDV PLO DWp VH HVWi GH ERD VD~GH 7RGRV RV IRUoDGRV
FRQVLGHUDYDP DV YDUDV LQILQLWDPHQWH PDLV DVVXVWDGRUDV TXH D FKLEDWD ³$V YDUDV GRHP PXLWR
PDLV TXHLPDP PDLV´ H[SOLFDYDP HOHV e HYLGHQWH TXH WRUWXUDP PXLWR PDLV SRUTXH DWDFDP
PXLWRPDLVRVQHUYRVLUULWDPHDEDODPDRPDLVDOWRJUDXRRUJDQLVPRGRSDFLHQWH1mRVHLVH
DLQGDH[LVWHPKRMHPDVKDYLDRXWURUDFDYDOKHLURVTXHVHGHOHLWDYDPHPIXVWLJDUDVYtWLPDV±SRU
H[HPSORR0DUTXrVGH6DGHHD%ULQYLOOLHUV$HPRomRGRHVSHWiFXORSURYRFDYDVHJXQGRFUHLR
XPDHVSpFLHGHGHVIDOHFLPHQWRH[WiWLFRTXHpDRPHVPRWHPSRSHUYHUVmRHGHOtFLD+iSHVVRDV
TXHFRPRRVWLJUHVODPEHPDYLGDPHQWHRVDQJXHTXHGHUUDPDUDP$TXHOHTXHHPERUDXPD
~QLFDYH]H[HUFHXXPSRGHULOLPLWDGRVREUHDFDUQHRVDQJXHDDOPDGRVHXVHPHOKDQWH±VREUH
RFRUSRGRVHXLUPmRVHJXQGRDOHLGH&ULVWR±DTXHOHTXHJR]RXGDIDFXOGDGHGHDYLOWDUDRJUDX
Pi[LPR XP RXWUR HQWH IHLWR j LPDJHP GH 'HXV HVVH DOJXpP WRUQDVH HVFUDYR GH VXDV
VHQVDo}HV $ WLUDQLD p XP KiELWR GRWDGR GH H[WHQVmR SRGHVH GHVHQYROYHU H DFDEDU DILQDO VH
WUDQVIRUPDQGRHPGRHQoD6XVWHQWRTXHRPHOKRUGRVKRPHQVSRGHJUDoDVDRKiELWRHQGXUHFHU
VH DWp VH WUDQVIRUPDU QXP DQLPDO IHUR] 2 VDQJXH H R SRGHU HPEULDJDP HQJHQGUDP D
EUXWDOLGDGHHDSHUYHUVmRID]HQGRFRPTXHDDOPDHRHVStULWRVHWRUQHPDFHVVtYHLVDRVSUD]HUHV
PDLVDQRUPDLV2KRPHPHRFLGDGmRVHHFOLSVDPSDUDVHPSUHQRWLUDQR(DYROWDjFRQVFLrQFLD
KXPDQDDRDUUHSHQGLPHQWRjUHVVXUUHLomRVHOKHWRUQDTXDVHLPSRVVtYHO$FUHVFHQWHPRVTXHR
SRGHU LOLPLWDGR GH JR]R WHP XPD VHGXomR SHUQLFLRVD TXH DJH SRU FRQWiJLR VREUH WRGD D
VRFLHGDGH$VRFLHGDGHTXHHQFDUDFRPLQGLIHUHQoDDo}HVGHVVHMDH]MiHVWiFRQWDPLQDGDDWp
DRFHUQH(PVXPDRGLUHLWRGHSXQLomRFRUSRUDOTXHXPKRPHPH[HUFHVREUHXPRXWURpXPD
GDVFKDJDVGDVRFLHGDGHpXPPHLRVHJXURGHDEDIDUDLQGDHPJHUPHTXDOTXHUFLYLVPRHOKH
SURYRFDUDGHFRPSRVLomR
$ VRFLHGDGH GHVSUH]D R FDUUDVFR SURILVVLRQDO SRUpP QmR RJHQWOHPDQFDUUDVFR 4XLVHUDP
UHFHQWHPHQWH SUHWHQGHU R FRQWUiULR PDV GH PDQHLUD LQWHLUDPHQWH DEVWUDWD LQWHLUDPHQWH
OLYUHVFD2VTXHH[SULPLUDPHVVHFRQFHLWRQmRWLQKDPWLGRDLQGDWHPSRGHPDWDUGHQWURGHVLR
LQVWLQWRGHGRPtQLR4XDOTXHULQGXVWULDOTXDOTXHUGLUHWRUGHHPSUHVDGHYHIUHTXHQWHPHQWHVHQWLU
XPD HVSpFLH GH VDWLVIDomR H[DVSHUDGD TXDQGR UHFRUGD TXH PXLWRV RSHUiULRV FDUUHJDGRV GH
IDPtOLDQmRGHSHQGHPVHQmRGHVL1mRpUDSLGDPHQWHTXHDVJHUDo}HVH[WLUSDPRVVHXVYtFLRV
KHUHGLWiULRV QHP TXH R KRPHP UHQXQFLD DR TXH WHP QD PDVVD GR VDQJXH DR TXH SRU DVVLP
GL]HUVXJRXQROHLWHPDWHUQR1HQKXPDUHYROXomRVHID]jVSUHVVDV1mREDVWDFRQIHVVDURVHX
HUURRVHXSHFDGRRULJLQDOpPLVWHUHOLPLQiORFRPSOHWDPHQWH(LVVRQmRVHREWpPVHQmRFRPR
WHPSR
)DOHL HP FDUUDVFR 2V LQVWLQWRV EHVWLDLV HVWmR HP JHUPH HP TXDVH WRGRV RV QRVVRV
FRQWHPSRUkQHRV PDV QmR VH GHVHQYROYHP XQLIRUPHPHQWH HP FDGD LQGLYtGXR ( TXDQGR
VXIRFDPRVGHPDLVLQVWLQWRVGHXPKRPHPHVWHVHWRUQD±pFODUR±XPPRQVWURDERPLQiYHO+i
GXDVHVSpFLHVGHFDUUDVFRVRVFDUUDVFRVYROXQWiULRVHRVFDUUDVFRVjIRUoDRXSRUREULJDomR2V
FDUUDVFRV YROXQWiULRV VmR p FODUR LQIHULRUHV VRE WRGRV RV DVSHFWRV DRV FDUUDVFRV LQYROXQWiULRV
(VWHV ~OWLPRV HQWUHWDQWR LQVSLUDP DR SRYR XPD UHSXJQkQFLD TXH UDLD DR KRUURU XP UHFHLR
LUUHIOHWLGRHTXDVHPtVWLFR'HRQGHSURYpPHVVHPHGRVXSHUVWLFLRVRSRUXPHHVVDLQGLIHUHQoD
TXDVH DSUREDWLYD SHOR RXWUR" +i FDVRV SDUWLFXODUPHQWH HVWUDQKRV &RQKHFL LQGLYtGXRV ERQV
KRQHVWRVHVWLPDGRVQRVHXPHLRTXHMXOJDYDPLQGLVSHQViYHOTXHRFRQGHQDGRJULWDVVHGHEDL[R
GRFQXWHTXHLPSORUDVVHSHUGmR,VVRHUDSDUDHOHVXPDFRLVDHVWDEHOHFLGDUHJXODUQHFHVViULD
$VVLP XP H[HFXWRU PHX FRQKHFLGR TXH HP TXDOTXHU RXWUD RFDVLmR SDVVDULD SRU XP ERP
VXMHLWR VHQWLXVH XP GLD SHVVRDOPHQWH RIHQGLGR SRUTXH D VXD YtWLPD QmR VH GLJQDYD JULWDU 'H
LQtFLR QmR WLQKD LQWHQomR GH FDVWLJDU GH ULMR QmR HVFXWDQGR SRUpP QHQKXPD GDV SDODYUDV
KDELWXDLV³([FHOrQFLDSDL]LQKRWHQKDSLHGDGHURJDUHLHWHUQDPHQWHD'HXVSRUVL´±SHUGHXR
VDQJXHIULRHPDQGRXGDUFLQTXHQWDDoRLWHVDPDLVQRUHFDOFLWUDQWHSDUDOKHDUUDQFDURVJULWRVH
DVV~SOLFDVGHULJRU±HDUUDQFRXRV
³(UD LPSRVVtYHO DJLU GH RXWUD PDQHLUD D LQVROrQFLD GR KRPHP XOWUDSDVVDYD RV OLPLWHV´
H[SOLFRXPHHOHFRPJUDQGHVHULHGDGH
4XDQWR DR YHUGXJR GH SURILVVmR VDEHVH GH RQGH HOH VDL e XP FRQGHQDGR TXH REWHYH
FRPXWDomR GH SHQD FRPHoRX FRPR DSUHQGL] MXQWR D RXWURV FDUUDVFRV H XPD YH] VHQKRU GR
RItFLRLQVWDORXVHYLWDOLFLDPHQWHQXPSUHVtGLRWHPVHXDORMDPHQWRSDUWLFXODUVHXTXDUWRHDWp
PHVPRRVHXODUPDVDQGDTXDVHVHPSUHVREHVFROWD8PKRPHPYLYRQmRpDILQDOGHFRQWDV
XPDPiTXLQDHPERUDFRPHFHDDoRLWDUSRUGHYHUDFRQWHFHOKHVHUDVVDOWDGRSHORIXURUHVHQWLU
SUD]HUQDVSDQFDGDVTXHGiVHPSRULVVRDOLPHQWDUyGLRFRQWUDDVXDYtWLPD$QHFHVVLGDGHGH
SURYDU TXH p KiELO QD SURILVVmR TXH HQWHQGH GR RItFLR D QHFHVVLGDGH GH VH H[LELU SHUDQWH RV
FRPSDQKHLURVHGLDQWHGRS~EOLFRHVWLPXODPOKHR]HOR7UDEDOKDSRUDPRUGDDUWH1mRLJQRUD
TXHDRVROKRVGHWRGRVpXPUpSURERTXHXPWHUURUVXSHUVWLFLRVRRDFROKHHRDFRPSDQKDSRU
WRGDSDUWHFRLVDTXHVHPG~YLGDpEDVWDQWHSDUDOKHDXPHQWDUDI~ULDHRVLQVWLQWRVEHVWLDLV$Wp
PHVPR DV FULDQoDV VDEHP TXH HOH ³QmR FRQKHFH SDL QHP PmH´ )DWR HVWUDQKR WRGRV RV
FDUUDVFRV TXH PH IRL GDGR FRQKHFHU GHL[DYDPPH D LPSUHVVmR GH LQGLYtGXRV LQWHOLJHQWHV GH
SDODYUD IiFLO GRWDGRV GXP DPRUSUySULR H[FHVVLYR 2 RUJXOKR FUHVFHUD QHOHV SDUD UHVLVWLU DR
GHVSUH]RJHUDOIRUWLILFDUDVHJUDoDVDRPHGRTXHLQVSLUDYDPjVVXDVYtWLPDVSHORVHQWLPHQWRGR
VHX SRGHU VREUH HODV" 1mR R VHL $ HQFHQDomR WHDWUDO FRP D TXDO VH PRVWUDP DR S~EOLFR QR
SHORXULQKRFRQWULEXLWDOYH]SDUDGHVHQYROYHUQHOHVFHUWDSUHVXQomR7LYHRFDVLmRGHREVHUYDUGH
SHUWR XP GRV QRVVRV YHUGXJRV (UD XP TXDGUDJHQiULR GH HVWDWXUD PHGLDQD VHFR PXVFXORVR
FDEHOR FUHVSR URVWR SRGHVH GL]HU IUDQFR DIiYHO 7LQKD XQV DUHV JUDYHV GH SHVVRD GH
LPSRUWkQFLD VXDV UHVSRVWDV HUDP EUHYHV FKHLDV GH ERP VHQVR DPiYHLV PDV DPiYHLV FRP
DOWLYH]FRPRVHHOHQmRVHSHUPLWLVVHDEULUPmRGDSUySULDLPSRUWkQFLD2V RILFLDLV GH JXDUGD
QmR GHVGHQKDYDP IDOKDUOKH H OKH WHVWHPXQKDYDP DWp XPD HVSpFLH GH UHVSHLWR 2 KRPHP R
FRPSUHHQGLD SHUIHLWDPHQWH SRU LVVR TXDQGR HP FRQWDWR FRP HOHV UHGREUDYD GH SROLGH] GH
IULH]D GH GLJQLGDGH 4XDQWR PDLV GHOLFDGDPHQWH OKH IDODYD XP FKHIH PDLV HOH SDUHFLD
LQDERUGiYHO VHP QXQFD VH DIDVWDU GH XPD SHUIHLWD DPHQLGDGH (VWRX FHUWR GH TXH QHVVHV
PLQXWRV VH FRQVLGHUDYD LQFRPSDUDYHOPHQWH VXSHULRU jTXHOH TXH OKH GLULJLD D SDODYUD OLDVH D
FRQVFLrQFLDGLVVRQRVHXURVWR¬VYH]HVQXPEHORGLDGHYHUmRPDQGDYDPQRVREHVFROWDPDWDU
FRP XPD YDUD FRPSULGD RV FmHV YDGLRV TXH VH PXOWLSOLFDYDP QD FLGDGH FRP VXUSUHHQGHQWH
UDSLGH]HTXHGXUDQWHRFDORUIRUWHVHWUDQVIRUPDYDPQXPSHULJRS~EOLFR(VVDIXQomRVyUGLGD
QmRSDUHFLDDEVROXWDPHQWHKXPLOKDURVHQKRUFDUUDVFR(UDGHYHURDUJUDYHFRPTXHSHUFRUULD
DVUXDVGDFLGDGHDFRPSDQKDGRSHORVHXYLJLODQWHPRUWRGHIDGLJDHVSDQWDYDFRPRROKDUDV
PXOKHUHVHDVFULDQoDVTXHHQFRQWUDYDHILWDYDGHDOWRWRGRVRVWUDQVHXQWHV$OLiVRVYHUGXJRV
WrP YLGD IiFLO QmR OKHV IDOWD GLQKHLUR VmR EHP DOLPHQWDGRV H EHEHP D VXD YRGFD $V VXDV
UHQGDV SURYrP GDV JRUMHWDV FRP TXH RV SUHVRV FLYLV OKHV DEUDQGDP D PmR DQWHV GD SHQD 2V
FRQGHQDGRVSREUHVXVDPSDUDHVVHILPRVHXGHUUDGHLURFRSHTXH4XDQWRDRVULFRVRFDUUDVFR
PHVPROKHVH[WRUTXHXPDTXDQWLDGHDFRUGRFRPDVVXDVSRVVHVFREUDOKHVWULQWDUXEORVHDWp
PDLV4XDQWRPDLVULFRpRFRQGHQDGRPDLRUpRSUHoR(VWiFODURTXHRFDUUDVFRQmRSRGHEDWHU
GH OHYH SRLV VXD SUySULD SHOH UHVSRQGH SRU LVVR 0DV HP WURFD GR GLQKHLUR UHFHELGR
FRPSURPHWHVHDQmREDWHUFRPIRUoDGHPDVLDGD(RVSDFLHQWHVRXRVVHXVFRQVHQWHPTXDVH
VHPSUH QDV H[LJrQFLDV GR FDUUDVFR SRUTXH VH DV Yr UHFXVDGDV HOH DoRLWD FRPR XP DXWrQWLFR
EiUEDURRTXHHVWiDPSODPHQWHGHQWURGRVVHXVSRGHUHV&RQVHJXHDWpDUUDQFDUGRVFRQGHQDGRV
PDLV SREUHV TXDQWLDV LPSRUWDQWHV RV SDUHQWHV YrP OKH ID]HU V~SOLFDV UHJDWHLDP R SDJDPHQWR
GHVJUDoDGR GH TXHP QmR R VDWLVID] 1HVVHV FDVRV R PHGR VXSHUVWLFLRVR TXH LQVSLUD DMXGD
PXLWtVVLPRRYHUGXJR'HTXHQmRVHDFXVDXPH[HFXWRU"2VIRUoDGRVPHDILUPDUDPTXHOKHp
SRVVtYHOPDWDUXPKRPHPDRSULPHLURDoRLWHDILQDOGHFRQWDVQmRpFRLVDLQYHURVVtPLOHPERUD
HXQmRGLVSRQKDGHQHQKXPH[HPSORDFLWDUHDYHUGDGHpTXHRQRVVRFDUUDVFRSUHWHQGLDVHU
FDSD] GH R ID]HU 2V IRUoDGRV FRQWDYDP DLQGD TXH R YHUGXJR p FDSD] GH FKLEDWDU FRP WRGD D
IRUoDDVFRVWDVGRFULPLQRVRVHPOKHID]HUDPHQRUPDUFDVHPOKHFDXVDUDPtQLPDGRU7RGRV
HVVHVWUXTXHVSRUpPVmRSRUGHPDLVFRQKHFLGRVSDUDTXHVHMDQHFHVViULRLQVLVWLU1DUHDOLGDGH
VHRFDUUDVFRUHFHEHXPDJRUMHWDSDUDEDWHUFRPPHQRVIRUoDQmRVHH[LPHGHGDURSULPHLUR
DoRLWHFRPWRGDDUXGH]DeRXVR$GPLQLVWUDRVDoRLWHVVHJXLQWHVFRPPDLVEUDQGXUDVREUHWXGR
VHOKHSDJDUDPEHP0DVTXDQWRDRSULPHLURJROSHTXHUOKHWHQKDPSDJRTXHUQmRYLEUDRFRP
WRGD D VXEVWkQFLD ,JQRUR SRU TXH SURFHGH DVVLP 4XHU SUHSDUDU EUXWDOPHQWH D YtWLPD SDUD RV
DoRLWHV IXWXURV FRP D LGHLD GH TXH GHSRLV GH XPD SULPHLUD YHUJDVWDGD FUXHO DV VHJXLQWHV
SDUHFHUmRPHQRVGRORURVDVHPHQRVYLROHQWDV"$JHDVVLPXQLFDPHQWHSDUDPRVWUDURVHXYLJRU
SDUDDVVXVWDUDYtWLPDSDUDDPRUWLILFDUGHVGHRLQtFLRID]HUOKHFRPSUHHQGHUFRPTXHPHVWi
WUDWDQGR" 2 IDWR p TXH DQWHV GH FRPHoDU D H[HFXomR R FDUUDVFR VH VHQWH VXSHUH[FLWDGR WHP
FRQVFLrQFLD GD VXD IRUoD H GR VHX SDSHO WRUQDVH XP DWRU TXH LQVSLUD DR S~EOLFR DGPLUDomR H
PHGR H QmR p VHP VDWLVIDomR TXH JULWD SDUD D YtWLPD ³$JXHQWD TXH LVVR TXHLPD´ 3DODYUDV
VDFUDPHQWDLVGRPRPHQWR$JHQWHGLILFLOPHQWHLPDJLQDDWpTXHSRQWRXPHQWHKXPDQRSRGHVH
GHVQDWXUDU
1RVSULPHLURVWHPSRVGHPLQKDHVWDGDQRKRVSLWDOHXDJXoDYDRRXYLGRSDUDWRGDVDVKLVWyULDV
TXHFRQWDYDP6HQWtDPRVWRGRVRPHVPRWpGLRHPILFDUGHLWDGRVHFDGDGLDWmRVHPHOKDQWHDR
RXWUR HUD GH XPD PRQRWRQLD WUHPHQGD 3HOD PDQKm DLQGD QRV GLVWUDtDPRV FRP D YLVLWD GRV
PpGLFRVHORJRGHSRLVFRPDFKHJDGDGDFRPLGDTXH±FRPSUHHQGHVH±GHVHPSHQKDYDXP
SDSHO GD PDLRU LPSRUWkQFLD QD QRVVD YLGD 2V UHJLPHV YDULDYDP VHJXQGR RV HQIHUPRV 8QV
UHFHELDP DSHQDV VRSD RXWURV VRPHQWH XP PLQJDX GH FHYDGD H RXWURV VrPROD GH TXH HUDP
WRGRV JXORVRV DOLiV QR KRVSLWDO RV IRUoDGRV DFDEDP ILFDQGR JXORVRV VREUHWXGR TXDQGR Oi
GHPRUDPPXLWRWHPSR$OJXQVUHFHELDPXPSHGDoRGHFR]LGR³YDFD´FRPRVHGL]LDHQWUHQyV
2VPHOKRUHVSUDWRVHUDPUHVHUYDGRVSDUDRVGRHQWHVGHHVFRUEXWR±ELIHFRPFHERODRXUiEDQR
DFRPSDQKDGRjVYH]HVGHXPFRSRGHYRGFD$GLVWULEXLomRGRSmRYDULDYDWDPEpPVHJXQGRD
PROpVWLD±jVYH]HVSmRSUHWRjVYH]HVSmREUDQFRPDVVHPSUHEHPSUHSDUDGR2VSUHVRVGH
WDQWRYLYHUHPDFDPDGRVLDPILFDQGRPHOLQGURVRVHID]LDPTXHVWmRGHEDQTXHWHDUVH6HDOJXQV
GRHQWHV QmR WLQKDP DSHWLWH RXWURV R WLQKDP GH VREUD ( WURFDYDP RV TXLQK}HV GH PRGR TXH R
UHJLPHGHVWLQDGRDXPLDUHJXODUPHQWHSDUDRXWUR2VTXHHVWDYDPHPGLHWDHUHFHELDPDSHQDV
XPDUDomRPDJUDFRPSUDYDPFDUQHDRVGRHQWHVGHHVFRUEXWRHDUUDQMDYDPNYDVV D FHUYHMD
GR KRVSLWDO FRP RV GRHQWHV TXH D REWLQKDP $OJXQV FRPLDP UDo}HV GXSODV $V UDo}HV VH
WURFDYDPSRUGLQKHLURDFDUQHWLQKDSUHoREDVWDQWHDOWRDWpFLQFRFRSHTXHVDUDomR6HQDQRVVD
HQIHUPDULDQLQJXpPWLQKDQDGDDYHQGHUPDQGDYDVHRYLJLODQWHLQGDJDUQDRXWUDVDODHVHOi
HOH QmR HQFRQWUDYD QDGD SDVVDYD DR VDOmR GRV VROGDGRV ³DRV OLYUHV´ FRPR HUDP FKDPDGRV
HQWUHQyV(QFRQWUDYDPVHVHPSUHSHVVRDVTXHHVWLPDYDPYHQGHUDVXDUDomRHTXHSRUDPRU
GHDOJXQVYLQWpQVFRPLDPRSmRVHFR$SREUH]DHUDLQFRQWHVWDYHOPHQWHJHUDOWRGDYLDRVTXH
GLVSXQKDPGHDOJXPGLQKHLURSRGLDPPDQGDUDGTXLULUQRPHUFDGRNDODWFKL H RXWUDV JXORGLFHV
1RVVRVYLJLODQWHVGDYDPFRQWDGRVPDQGDGRVFRPXPWRWDOGHVLQWHUHVVH
2 PRPHQWR PDLV SHQRVR GR GLD HUD R TXH VH VHJXLD j UHIHLomR XQV WHQWDYDP GRUPLU SDUD
PDWDURWHPSRRXWURVFRQYHUVDYDPUL[DYDPFRQWDYDPKLVWyULDVHPYR]DOWD6HQmRFKHJDYD
QHQKXPGRHQWHQRYRRWpGLRDLQGDHUDPDLVRSUHVVLYR$HQWUDGDGXPQRYDWRSURYRFDYDVHPSUH
XPDGLYHUVmRVREUHWXGRVHQLQJXpPRFRQKHFLDH[DPLQDYDPQRSURFXUDYDPVDEHUTXHPHUD
GH RQGH YLQKD R TXH R OHYDUD DR SUHVtGLR 2V PDLV LQWHUHVVDQWHV SURYLQKDP GRV FRPERLRV GH
FRQGHQDGRV (VVHV WLQKDP DOJXPD FRLVD D QDUUDU PDV p FODUR QXQFD VREUH RV VHXV SUySULRV
QHJyFLRV ( VH QmR FRQWDYDP KLVWyULD QHQKXPD HVSRQWDQHDPHQWH D HVVH UHVSHLWR QLQJXpP RV
LQWHUURJDYD 3HUJXQWDYDPOKH DSHQDV ³'H RQGH YHLR" 3RU TXDO HVWUDGD" &RP TXHP" ,D SDUD
RQGH"´HWF
$OJXQVHVFXWDQGRRTXHGL]LDPRVQRYDWRVUHFRUGDYDPGHV~ELWRFHUWRVLQFLGHQWHVGHHVWUDGD
DQLPDYDPVH IDODYDP VREUH FRPERLRV VREUH YLJLODQWHV VROGDGRV GD HVFROWD 2V KRPHQV TXH
KDYLDP VLGR IXVWLJDGRV FKHJDYDP QR ILP GD WDUGH FRPR Mi R FRQWHL SURGX]LDP VHPSUH XPD
LPSUHVVmRIRUWH
0DVQRVGLDVHPTXHQmRVHSDVVDYDQDGDRWpGLRHUDLQWROHUiYHO7RGRVSDUHFLDPIDWLJDGRV
FRPDSUHVHQoDLPXWiYHOGDVPHVPDVFDUDVHILQGDYDPSRUSURFXUDUEULJD3RUHVVDUD]mRQyV
UHFHEtDPRVFRPLQWHUHVVHRVORXFRVTXHQRVHUDPWUD]LGRV$OJXQVHVSHUWRVVLPXODYDPORXFXUD
SDUD HVFDSDU DR DoRLWH $ PDLRULD GHOHV HUD UDSLGDPHQWH GHVPDVFDUDGD RX DQWHV UHVROYLDVH
HVSRQWDQHDPHQWHDPXGDUGHWiWLFDHGHSRLVGHGRLVRXWUrVGLDVGH H[WUDYDJkQFLDV R ³ORXFR´
UHFXSHUDYDGHFKRIUHRERPVHQVRHDFDOPDHVRPEULRSHGLDDH[HFXomRGDVHQWHQoD1HPRV
IRUoDGRV QHP RV PpGLFRV OKHV ID]LDP FHQVXUDV QHP VHTXHU RV KXPLOKDYDP UHFRUGDQGR DV
VDQGLFHV(UDPLQVFULWRVHPVLOrQFLRHPVLOrQFLRDJHQWHRVDFRPSDQKDYDFRPDYLVWDHGRLVRX
WUrVGLDVDSyVHOHVUHDSDUHFLDPGHSRLVGHVRIULGDDSXQLomR$OLiVRVFDVRVGHVVHJrQHURHUDP
UDURV (P FRPSHQVDomR RV DOLHQDGRV UHDLV SRVWRV HP REVHUYDomR QD QRVVD HQIHUPDULD HUDP
YHUGDGHLUD FDODPLGDGH 5HFHEtDPRV D SULQFtSLR TXDVH FRP HQWXVLDVPR DTXHOHV TXH WLQKDP D
ORXFXUD H[SDQVLYD RV DOHJUHV RV YLYD]HV RV TXH FDQWDYDP JULWDYDP FKRUDYDP ³3HOR PHQRV
YDPRV QRV GLYHUWLU´ GL]LDP RV HQIHUPRV ROKDQGR SDUD DV FRQWRUo}HV GR UHFpPYLQGR 0DV D
PLPRHVSHWiFXORTXHGDYDPHVVHVGHVJUDoDGRVHUDVHPSUHWHUULYHOPHQWHSHQRVRQXQFDSXGH
ROKDU FRP VDQJXH IULR SDUD ORXFRV 4XDQWR DRV RXWURV VXFHGLD TXH VHP GHPRUD HP YH] GH
SURYRFDURULVRDVFDUHWDVSHUSpWXDVHRVPRYLPHQWRVFRQVWDQWHVGRGRLGRRVFDQVDYDP±HDR
FDERGHGRLVGLDVHVWDYDPWRGRVIDUWRV8PGHVVHVGHVJUDoDGRVILFRXWUrVVHPDQDVFRQRVFRGH
WDO PRGR TXH Mi QmR VDEtDPRV PDLV RQGH QRV HVFRQGHU 1HVVH LQWHUYDOR FRPR GH SURSyVLWR
PDQGDUDPQRV XP RXWUR TXH PH SURYRFRX XPD LPSUHVVmR HVSHFLDOtVVLPD ,VVR VH SDVVRX QR
PHXWHUFHLURDQRGHSUHVtGLR'XUDQWHRPHXSULPHLURDQRRXPDLVH[DWDPHQWHGXUDQWHRVPHXV
SULPHLURV PHVHV GH SULVmR QD SULPDYHUD HX LD SDUD R WUDEDOKR FRP XP JUXSR GH SUHVRV
IRUQHLURV DRV TXDLV GHYHULD VHUYLU GH DMXGDQWH )LFDYD R ORFDO GH WUDEDOKR D GXDV YHUVWDV GH
GLVWkQFLDQXPDRODULDFXMRIRUQRSUHFLVDYDVHUUHSDUDGRSDUDRYHUmR1HVVDPDQKm0±FNLH%
PH WLQKDP DSUHVHQWDGR DR QRVVR YLJLODQWH R VXERILFLDO 2VWUR]NL (UD XP SRODFR GXQV VHVVHQWD
DQRVDOWRPDJURH[FHVVLYDPHQWHEHPSDUHFLGRHDWpPHVPRLPSRQHQWH6HUYLDQD6LEpULDMi
KiPXLWRWHPSR(PERUDIRVVHGHEDL[DRULJHP±HUDXPGRVLQVXUUHWRVGH±0±FNLH%OKH
TXHULDPEHPHRHVWLPDYDP9LYLDVHPSUHPHUJXOKDGRQDOHLWXUDGD%tEOLD&RQYHUVHLFRPHOH
3DOHVWUDYD DPDYHOPHQWH FRP VHQVDWH] FRP LQWHUHVVH HQFDUDQGR R LQWHUORFXWRU FRP IUDQFD
EHQHYROrQFLD (X Mi QmR R UHYLD Ki GRLV DQRV PDV VDELD TXH HVWDYD VXEPHWLGR D XP LQTXpULWR
TXDQGRGHUHSHQWHRWURX[HUDPSDUDDQRVVDHQIHUPDULDHQORXTXHFHUD(QWURXVROWDQGRXLYRVH
JDUJDOKDGDV H VH S{V LPHGLDWDPHQWH D GDQoDU HPSUHJDQGR RV JHVWRV PDLV REVFHQRV PDLV
FDQDOKDV SDUD JUDQGH GLYHUWLPHQWR GRV IRUoDGRV 4XDQWR D PLP ILTXHL PXLWR WULVWH 'HSRLV GH
WUrVGLDVQyVQmRVDEtDPRVRTXHID]HU(OHEULJDYDWURFDYDPXUURVXUUDYDFDQWDYDQRLWHHGLD
VXDVUHSXJQDQWHVLQYHQo}HVQRVSURYRFDYDPQiXVHDV(DOpPGLVVRQmRWLQKDPHGRGHQLQJXpP
0HWHUDPQRQDFDPLVDGHIRUoDPDVQRVVDVLWXDomRSLRURXDLQGDPDLVSRUTXHQHPSRULVVRR
ORXFRGHL[RXGHUL[DUHGHTXHUHUWURFDUSDQFDGDFRPWRGRRPXQGR1RILPGHWUrVVHPDQDVD
HQIHUPDULDQXPEUDGRXQkQLPHVXSOLFRXDRPpGLFRFKHIHTXHWUDQVIHULVVHDTXHOHWHVRXURSDUD
RVQRVVRVYL]LQKRV'HOiWUrVGLDVDSyVRGHYROYHUDPSDUDQyV)LFDPRVHQWmRFRPGRLVDJLWDGRV
DR PHVPR WHPSR GRLV EULJ}HV DPERV LQTXLHWDQWHV H FRPR HUDP UHJXODUPHQWH GHYROYLGRV GH
XPDVDODjRXWUDQmRID]tDPRVVHQmRWURFDUGHGRLGR(OHVVHHTXLYDOLDPHWRGRVVROWDPRVXP
VXVSLURGHDOtYLRTXDQGRQRVOLYUDUDPGDTXHODFRPSDQKLD
*XDUGHL OHPEUDQoD GH RXWUR PDOXFR 7URX[HUDPQRV FHUWR GLD XP SUHVR SUHYHQWLYR GH XQV
TXDUHQWD H FLQFR DQRV VXMHLWR IRUWH FRP D FDUD PDUFDGD GH EH[LJD ROKLQKRV YHUPHOKRV
LQIODPDGRVHH[SUHVVmRH[FHVVLYDPHQWHVRPEULD,QVWDODUDPQRDRPHXODGR0RVWURXVHPXLWR
TXLHWR QmR GLULJLXVH UHSHQWLQDPHQWH D PLP 'LUHWDPHQWH VHP SUHkPEXOR PDV FRPR VH PH
IRVVH UHYHODU XP VHJUHGR LPSRUWDQWH FRQWRXPH TXH GHYHULD HP EUHYH UHFHEHU PLO DoRLWHV H
TXHHQWUHWDQWRDH[HFXomRQmRVHUHDOL]DULDSRUTXHDILOKDGRFDSLWmR*HUDVXDSURWHWRUD2OKHL
RLQTXLHWRHUHVSRQGLTXHDPHXYHUDILOKDGRFDSLWmRQDGDSRGLDID]HUQXPFDVRGHVVHV(XQmR
GHVFRQILDUDDLQGDGDYHUGDGHSRUTXHHOHIRUDKRVSLWDOL]DGRFRPRVLPSOHVGRHQWH3HUJXQWHLOKH
TXDO D VXD PROpVWLD H HOH PH GHFODURX TXH QmR R VDELD TXH QmR YLD SRU TXH R PDQWLQKDP QD
HQIHUPDULDTXHHVWDYDGHSHUIHLWDVD~GHHTXHDILOKDGRFDSLWmRRDGRUDYD4XLQ]HGLDVDQWHVDR
SDVVDUGLDQWHGRFRUSRGDJXDUGDQRPRPHQWRHPTXHROKDYDSHODMDQHOLQKD JUDGHDGD HOD VH
DSDL[RQDUDSRUHOH'HVGHHQWmRVREGLIHUHQWHVSUHWH[WRVDPRoDYROWDUDWUrVYH]HVDRFRUSRGD
JXDUGDQDSULPHLUDDFRPSDQKDYDRSDLHYLQKDYLVLWDURLUPmRHQWmRRILFLDOGHGLDQDFDVHUQD
QDVHJXQGDYLHUDFRPDPmHWUD]HUHVPRODVDRVSULVLRQHLURVHDRSDVVDUMXQWRGHOHOKHGLVVHUD
DRRXYLGRTXHRDPDYDHROLEHUWDULD1DGDPDLVFXULRVRTXHDPLQ~FLDFRPDTXDOHOHH[SXQKD
RV GHWDOKHV GHVVD DEVXUGD KLVWyULD QDVFLGD H GHVHQYROYLGD QR VHX FpUHEUR GHVDUUDQMDGR
$FUHGLWDYDSLDPHQWHTXHVHULDSHUGRDGRLQVLVWLDFRPVHJXUDQoDLPSHUWXUEiYHOQDSDL[mRTXHD
UDSDULJD VHQWLD SRU HOH 2 FRUDomR GD JHQWH VH DSHUWDYD DR RXYLU DTXHOH TXLQTXDJHQiULR FRP
FDUD WmR KRUUHQGD WmR PDOWUDWDGD IRUMDU SRQWR SRU SRQWR WmR H[WUDYDJDQWH URPDQFH GH DPRU
PRVWUDYD PXLWR EHP R TXH R SDYRU GR FDVWLJR SRGH HQJHQGUDU QXPD DOPD IUDFD 7DOYH] FRP
HIHLWR HOH KRXYHVVH DYLVWDGR DOJXpP SHOD OXFDUQD H D ORXFXUD TXH FUHVFLD GHQWUR GH VL
DOLPHQWDGDSHORPHGRHQFRQWURXXPDVDtGDXPDIRUPD(VVHGHVJUDoDGRVROGDGRTXHGHFHUWR
GXUDQWHVXDYLGDWRGDQmRVRQKDUDQXQFDFRPOLQGDVEDULQLDVLQYHQWDYDGHV~ELWRXPURPDQFHH
DHOHVHDJDUUDYDIXULRVDPHQWH3UHYHQLRVRXWURVSUHVRVPDVTXDQGRHVWHVOKHTXLVHUDPID]HU
SHUJXQWDV R KRPHP JXDUGRX XP VLOrQFLR SXGLFR 1R GLD VHJXLQWH R PpGLFR R LQWHUURJRX
ORQJDPHQWH H FRPR HOH SUHWHQGLD QmR VRIUHU GH PROpVWLD QHQKXPD H D DXVFXOWDomR QDGD
UHYHODYD LQVFUHYHUDPQR SDUD D VDtGD 'HSRLV GD SDUWLGD GRV PpGLFRV TXDQGR Mi QmR HUD
SRVVtYHOSUHYHQLORVGRTXHVHWUDWDYDYHULILFDPRVTXHHOHVKDYLDPHVFULWRQDSDSHOHWD6DQDW HVW
$OLiVTXHSRGHUtDPRVQyVID]HUQDGDVDEHQGRGHSUHFLVR"$UHVSRQVDELOLGDGHGRFDVRFDELDj
QRVVDDGPLQLVWUDomRTXHQmRLQGLFDUDSRUTXHPRWLYRIRUDDTXHOHKRPHPPDQGDGRDRKRVSLWDO
&RPHWHUDPXPDQHJOLJrQFLDLPSHUGRiYHO&RQWXGRDTXHOHVTXHRKDYLDPFRQVLGHUDGRGRHQWH
GHVFRQILDYDP GHFHUWR GH DOJXPD FRLVD SRLV WLQKDP TXHULGR S{U R GHVJUDoDGR HP REVHUYDomR
6HMD FRPR IRU DR FDER GH GRLV GLDV IRL HOH IXVWLJDGR 3DUHFH TXH D SXQLomR R GHL[RX DW{QLWR
TXDQGR R WURX[HUDP DQWH RV VROGDGRV FRPHoRX D JULWDU SHGLQGR VRFRUUR 'HVVD YH] QmR R
PDQGDUDPSDUDDQRVVDHQIHUPDULDRQGHIDOWDYDPOHLWRVLQVWDODUDPQRQDRXWUD,QGDJXHLGHOH
HVRXEHTXHGXUDQWHRLWRGLDVQmRSURIHULUDXPDSDODYUDGHWDOIRUPDVHVHQWLDHQYHUJRQKDGRH
WULVWH$ILQDOTXDQGRILFRXFRPDVFRVWDVVDUDGDVPDQGDUDPQRQmRVHLSDUDRQGH1XQFDPDLV
RXYLIDODUQRVHXQRPH
1R TXH VH UHIHUH D WUDWDPHQWR H UHPpGLRV WDQWR TXDQWR R SXGH MXOJDU RV SUHVRV TXH QmR
HVWDYDPJUDYHPHQWHGRHQWHVQmRREHGHFLDPQXQFDDRUHFHLWXiULRHQmRWRPDYDPRVUHPpGLRV
PDVRVGRHQWHVJUDYHVJRVWDYDPGHVHWUDWDUHHQJROLDPSRQWXDOPHQWHDVSRo}HVRVSyVHPERUD
JXDUGDQGR SUHIHUrQFLD SHORV PHGLFDPHQWRV GH XVR H[WHUQR 6XSRUWDYDP GH ERP JUDGR H QmR
VHPFHUWRSUD]HUDVYHQWRVDVDVVDQJXHVVXJDVDVFDWDSODVPDVDVVDQJULDVWDOpDFHJDFRQILDQoD
TXHRSRYRWHPQLVVRWXGR8PIDWRFXULRVRWDPEpPPHGHVSHUWRXLQWHUHVVHFHUWRVFDPDUDGDV
TXH VXSRUWDYDP FRP SDFLrQFLD DV GRUHV DERPLQiYHLV GD IODJHODomR WRUFLDPVH JHPLDP FRP
XPDVLPSOHVYHQWRVD7HULDPILFDGRDVVLPWmRVHQVtYHLVRXDSHQDVVLPXODYDP"eSUHFLVRQRWDU
TXHDVQRVVDVYHQWRVDVHUDPGHXPIRUPDWRHVSHFLDO1XPDpSRFDTXHQLQJXpPPDLVUHFRUGDYD
XPHQIHUPHLURHVWUDJDUDDPiTXLQDTXHID]FRPTXHDSHOHVHDEUDLQVWDQWDQHDPHQWH±RXWDOYH]
D PiTXLQD VH TXHEUDUD VR]LQKD (UD SRLV QHFHVViULR UHFRUUHU j ODQFHWD 3DUD XPD YHQWRVD VmR
SUHFLVDVGR]HLQFLV}HVTXHIHLWDVjPiTXLQDQmRGRHPPXLWRXPDG~]LDGHOkPLQDVIHUHDSHOH
GXPVyJROSHVHPTXHVHWHQKDWHPSRSDUDVHQWLUDGRU1mRDFRQWHFHRPHVPRFRPDODQFHWD
TXH FRUWD OHQWDPHQWH H ID] VRIUHU PXLWR VH SRU H[HPSOR SDUD GH] YHQWRVDV VmR IHLWDV QD SHOH
FHQWR H YLQWH LQFLV}HV D FRLVD p GXUD QHFHVVDULDPHQWH (X SUySULR R H[SHULPHQWHL HUD EHP
GHVDJUDGiYHO GH VXSRUWDU PDV QmR D SRQWR GR SDFLHQWH QmR VH SRGHU GRPLQDU H JHPHU 1DGD
PDLV F{PLFR TXH YHU DTXHOHV UDSDJ}HV IRUWHV ODPHQWDUHPVH WRUFHUHPVH 3RGLDP VHU
FRPSDUDGRVDHVVHVKRPHQVTXHVmRLPSDVVtYHLVQRVQHJyFLRVJUDYHVHTXHHPFDVDVHPRVWUDP
LQFHVVDQWHPHQWH FDSULFKRVRV UHVPXQJ}HV ]DQJDPVH SRU XP QDGD QmR TXHUHP TXH VH OKHV
VLUYD D FRPLGD H[DOWDPVH TXHL[DPVH WXGR HVWi HUUDGR WXGR RV RIHQGH RV DWRUPHQWD ± HP
VXPD p D IDUWXUD TXH RV LUULWD VHJXQGR GL] D H[SUHVVmR SRSXODU 1R SUHVtGLR SRU FDXVD GD
FRDELWDomRIRUoDGDRVWHPSHUDPHQWRVGHVVDHVSpFLHHUDPSRUGHPDLVIUHTXHQWHV(RUHPpGLR
QDQRVVDHQIHUPDULDHUDOHYDUDULGtFXORXPGHVVHVLPSHUWLQHQWHVRXVLQJHODPHQWHFREULORGH
LQVXOWRVHOHVHFDODYDHQWmRFRPRVHVyKRXYHVVHHVSHUDGRDTXLORSDUDIHFKDUDERFD8VWLDQWVHY
SULQFLSDOPHQWH GHWHVWDYD FDUHWDV H QmR SHUGLD RSRUWXQLGDGH GH UL[DU FRP RV GH ³SHOH ILQD´
$OLiV QmR VH HVTXHFLD QXQFD GH FKDPDU RV RXWURV j RUGHP ,VVR HUD QHOH XPD QHFHVVLGDGH
FULDGDWDQWRSHODGRHQoDFRPRSHODHVWXSLGH]$FRQWHFLDOKHROKDUIL[DPHQWHDOJXpPHGHSRLV
OKH SUHJDU XP VHUPmR FRP YR] SOiFLGD H FRQYLFWD 5HSUHHQGLD WmR EHP TXH SDUHFLD
HQFDUUHJDGRGDERDRUGHPJHUDO
±7HPTXHPHWHURELFRHPWRGDSDUWH±GL]LDPULQGRRVIRUoDGRV&RQWXGRSRXSDYDPQR
HYLWDYDPEULJDUFRPHOHHQmROKHID]LDPVHQmRDOJXPD]RPEDULDGHUDURHPUDUR
±&RPRIDODeKRPHPSDUDHQFKHUWUrVFDUUDGDVGHPHQWLUDV
±$JHQWHHVWUDJDI{OHJRIDODQGRFRPHVVHFUHWLQR3RUTXHJULWDVFRPDODQFHWD"&RPHVWHD
FDUQHHDJRUDUyLRVRVVRV$JXHQWDILUPH
±4XHpTXHWHQVFRPLVVRDILQDO"
±1mRPHXVILOKRV±LQWHUURPSLDXPGRVSUHVRV±YHQWRVDQmRpQDGDMiSURYHLGHODV2SLRU
GHWXGRpTXDQGRSX[DPDRUHOKDGDJHQWHPXLWRWHPSR
7RGRVGHVDWDUDPDULU
±-iWHSX[DUDPDVRUHOKDVWDQWRDVVLP"
±(QWmR
±eSRULVVRTXHHODVVmRGHVVHWDPDQKR"
2GHWHQWRTXHLQWHUURPSHUDDGLVFXVVmRFHUWR&KDSNLQHWLQKDFRPHIHLWRRUHOKDVHQRUPHVH
VDOLHQWHV (UD XP YDJDEXQGR DLQGD PRoR DMXL]DGR PDQVR IDODYD VHPSUH FRP LPSHUWXUEiYHO
VHULHGDGHSRUpPFRPXPERPKXPRUGLVIDUoDGRTXHGDYDJUDQGHFRPLFLGDGHjVVXDVKLVWyULDV
±0DVVHXEXUURFRPRpTXHYRFrTXHUTXHHXVDLEDTXHOKHSX[DUDPDVRUHOKDV"±LPLVFXtD
VHGHQRYR8VWLDQWVHYYROWDQGRVHLQGLJQDGRSDUDRVODGRVGH&KDSNLQHHPERUDHVWHVHKRXYHVVH
GLULJLGRDWRGRVFRQWXGR&KDSNLQHQmRVHGLJQDYDSUHVWDUOKHDWHQomR
±(TXHPIRLTXHDVSX[RX"±SHUJXQWRXDOJXpP
± 4XHP" 2UD TXHP )RL R FDSLWmR ,VSUDYQLN 1R PHX WHPSR GH YDJDEXQGDJHP UDSD]HV
(VWiYDPRVHQWmRHP.QyVGRLVHXHXPRXWUR±XPYDJDEXQGRWDPEpP&KDPDYDVH,HILPH
(PFDPLQKRHP7ROPLQDHPFDVDGXPPXMLTXHQRVVRDPLJRDJHQWHVHHVTXHQWRXXPSRXFR
+iSRUOiXPDDOGHLDTXHVHFKDPDDVVLPPHVPR7ROPLQD&KHJDPRVHGHPRVXPDHVSLDGD
HPUHGRUSDUDYHUVHKDYLDDOJXPDFRLVDDID]HU7RGRRPXQGRFRQKHFHFRPRpQRFDPSRD
JHQWHWHPVXDVTXDWUROLEHUGDGHVPDVQDFLGDGHpXPKRUURU1LQJXpPVDEHRTXHID]HU(QWmR
HQWUDPRVQXPERWHTXLPROKDPRVHYLPRVYLUHPQRVVDGLUHomRXPKRPHPFRPWUrVEXUDFRV
QRFRWRYHORURXSDjPRGDDOHPm9HLRORJRGL]HQGR
³±&RPOLFHQoDWUD]HPRVVHXVGRFXPHQWRV"
³±1mRQmRWHPRVGRFXPHQWRV
³±$KyWLPR(XWDPEpPQmRRVWHQKR$QGDPFRPLJRGRLVFRPSDQKHLURVHQJDMDGRVFRPR
FRURQHO.XNXFKNLQ $VVLP TXHUtDPRV SHUJXQWDU VH SRGLDP QRV RIHUHFHU XP JROH HVWDPRV D
QHQKXP
³±&RPJUDQGHSUD]HU±UHVSRQGHPRV(QWmREHEHPRV(OHQRVIDORXQXPERPJROSHDGDU
QXPDFDVDQRILPGDFLGDGHRQGHXPEXUJXrVULFRPRUDYDQRPHLRGHWDQWDFRLVDERDTXHDWpVH
SHUGLD(UHVROYHPRVLUOijQRLWH0DVDSHQDVFKHJDPRVQyVFLQFRIRPRVDJDUUDGRV/HYDUDP
QRVjGHOHJDFLDjSUHVHQoDGRLVSUDYQLN
9RXLQWHUURJiORVSHVVRDOPHQWH
GLVVHHOH9LQKDFRP
R FDFKLPER H OKH WURX[HUDP XPD [tFDUD GH FKi (UD XP KRPHQ]DUUmR JRUGR HVWDODQGR GH
VD~GH D FDUD HQIHLWDGD GH VXtoDV 6HQWRXVH )RUD QyV WLQKDP WUD]LGR PDLV WUrV SiVVDURV
YDJDEXQGRV WDPEpP %LFKR HVTXLVLWR p YDJDEXQGR SHVVRDO QmR VH OHPEUD DEVROXWDPHQWH GH
QDGDQHPTXHOHYHXPDSDXODGDQDFDEHoDQmRVDLFRLVDQHQKXPDHVTXHFHWXGR
³(GHUHSHQWHRLVSUDYQLNSHJRXVHFRPLJR
³±4XHPpVWX"±EHUUDYDFRPRXPWRQHOYD]LR(pFODURTXHHXUHVSRQGLFRPRRVRXWURV
³±1mRVHL([FHOrQFLDHVTXHFL
³±(VSHUDXPSRXFRTXHDLQGDWHGLJRTXHPWXpV&RQKHoRRWHXIRFLQKR±IDORXPHROKDQGR
QREUDQFRGRVROKRV0DVHXQXQFDOKHSXVHUDDYLVWDHPFLPD2KRPHPYLURXVHSDUDRXWUR
³±(WXTXHPpV"
³±6RXR3HUQDSDUDTXHWHTXHUR([FHOrQFLD
³±eHVVHRWHXQRPH3HUQDSDUDTXHWHTXHUR"
³±6LPpRPHXQRPH([FHOrQFLD
³±%HPYiOi3HUQDSDUDTXHWHTXHUR(WX"±SHUJXQWRXDXPWHUFHLUR
³±(X"9RXFRPHOH([FHOrQFLD
³±6LPSRUpPFRPRWHFKDPDV"
³±eFRPRHXGLVVHFKDPRPH9RXFRPHOH([FHOrQFLD
³±(TXHPWHS{VHVVHQRPHFDFKRUUR"
³± *HQWH PXLWR ERD ([FHOrQFLD 1mR IDOWD JHQWH ERD QHVWH PXQGR p FRLVD VDELGD
([FHOrQFLD
³±2UDTXHPHUDHVVDJHQWHERD"
³±1mRWHQKRQHQKXPDPHPyULD([FHOrQFLDTXHLUDWHUDERQGDGHGHPHSHUGRDU
³±(QWmRHVTXHFHVWHHVVDJHQWH"
³±,VVRPHVPR([FHOrQFLD
³±0DVGHFHUWRWLYHVWHSDLHPmH"&RPFHUWH]DWHOHPEUDVGHOHV"
³±eGHFUHUTXHWHQKDWLGR([FHOrQFLDPDVQmRPHOHPEURHVTXHFLWXGR
³±%HP(RQGHYLYHVWHDWpDJRUD"
³±1DPDWD([FHOrQFLD
³±6HPSUHQDVPDWDV"
³±6LPVHPSUH
³±(QRLQYHUQR"
³±1RLQYHUQR"1mRVHLRTXHpLVVR([FHOrQFLD
³±(VWiEHP(WXFRPRWHFKDPDV"
³±0DFKDGLQKD([FHOrQFLD
³±(WX"
³±&RPHHQmRSLD([FHOrQFLD
³±(WX"
³±6DLGDt([FHOrQFLD
³±(QWmRHVWmRWRGRVGHVPHPRULDGRV"
³±,VVRPHVPR([FHOrQFLD
³2KRPHPVHS{VGHSpVRUULXGHWDOPRGRTXHQyVQmRSXGHPRVGHL[DUGHVRUULUWDPEpP
³0DV GH RXWUDV YH]HV D FRLVD QmR FRUUH WmR IiFLO %DWHP QD JHQWH EHP QR PHLR GD ERFD
TXHEUDQGRRVGHQWHVVySDUDHVWUDJDUDFDUDeXPSHVVRDOTXHYLYHJRUGRHVDGLR
³±/HYHPHVVDWXUPDSDUDR[DGUH]TXHGHSRLVFXLGRGHOHV
³(RLVSUDYQLNYLURXVHSDUDPLP
³±7XILFDVHQWDGRDt
³2OKHKDYLDXPDPHVDSDSHOSHQD3HQVHL
4XHpTXHHOHTXHUDUUXPDU"

³±6HQWDWHjPHVD±GLVVHRKRPHP±WRPDHVVDSHQDHVFUHYHDQGD
³6HJXURXPHDRUHOKD(S{VVHDSX[DUSRUHOD2OKHLRFRPRRGLDERROKDULDSDUDRSRSH H
IDOHL
³±1mRVHLHVFUHYHU([FHOrQFLD
³±(VFUHYHGHTXDOTXHUPRGR
³±7HQKDGy([FHOrQFLD
³±(VFUHYHFRPRSXGHUHVDQGDHVFUHYH
³( PH SX[DYD D RUHOKD WRGR R WHPSR 3X[DYD H WRUFLD ,VVR PHVPR PHXV LUPmRV JDUDQWR
TXHSUHIHULDWUH]HQWRVDoRLWHVjTXLOR(VWDYDYHQGRHVWUHODV(HOHVyID]LDUHSHWLU
(VFUHYHDQGD
HVFUHYH
´
±(VWDYDGRLGRRXRTXHHUD"
± 'RLGR QDGD 0DV FHUWR WHPSR DQWHV HP 7 XP HVFULYmR GHUD XP JROSH DSDQKRX WRGR R
GLQKHLURHPFDL[DHIXJLX2VXMHLWRWLQKDRUHOKDVFDEDQDVPDQGDUDPRVLQDOSDUDWRGDSDUWHH
HXFRUUHVSRQGLDjLQGLFDomR3RULVVRRLVSUDYQLNTXHULDVDEHUFRPRpTXHHXHVFUHYLD
±4XHVXMHLWR(GRtD"
±6HGRtD
1RYDJDUJDOKDGDHVWURQGRX
±(HQWmRHVFUHYHVWH"
±4XHUGL]HUTXHIL]DSHQDDQGDUHPFLPDGRSDSHOHDILQDOHOHPHODUJRX'HXPHXPDV
GH]ERIHWDGDVHGHSRLVPHPDQGRXSDUDR[DGUH]pFODUR
±(WXVDEHVHVFUHYHUUHDOPHQWH"
±$SUHQGLKiPXLWRWHPSRPDVGHSRLVTXHHVWmRXVDQGRSHQDVGHDoRQmRWHQKRPDLVMHLWR
(LV FRP TXH KLVWyULDV RX PHOKRU FRP TXH WDJDUHOLFH D JHQWH PDWDYD R WHPSR 0HX 'HXV
TXHWpGLRPRUWDO2VGLDVHUDPFRPSULGRVDEDIDQWHVPRQyWRQRV6HDRPHQRVWLYpVVHPRVOLYURV
)UHTXHQWHPHQWH GH LQtFLR HX LD SDUD R KRVSLWDO jV YH]HV SRU GRHQoD jV YH]HV SDUD UHSRXVDU
SDUD VDLU GR SUHVtGLR RQGH D YLGD HUD DLQGD PDLV GXUD VHPSUH D PDOGDGH D LQLPL]DGH R yGLR
VHPSUH URVWRV iVSHURV DPHDoDGRUHV VHPSUH DTXHODV OXWDV DTXHODV UL[DV FRP TXH QRV
SHUVHJXLDPDQyVRVEDULQHV1RKRVSLWDOSHORPHQRVHVWiYDPRVHPSpGHLJXDOGDGHYLYtDPRV
FRPRFRPSDQKHLURV
2PRPHQWRPDLVWULVWHGXUDQWHRGLDWRGRHUDRFDLUGDWDUGHHRFRPHoRGDQRLWHjOX]GDV
FDQGHLDV'HLWiYDPRQRVFHGR8PDODPSDULQDEDoDEULOKDYDDRORQJHSHUWRGDSRUWDFRPRXP
SRQWR OXPLQRVR H QR QRVVR FDQWR HUD FRPSOHWD D HVFXULGmR 2 DU VH WRUQDYD QDXVHDQWH 8P
GRHQWHTXHQmRFRQVHJXHDGRUPHFHUOHYDQWDVH)LFDKRUDHPHLDVHQWDGRQDFDPDGHURXSmR
JRUURGHGRUPLUDFDEHoDLQFOLQDGDFRPRPHUJXOKDGRHPVXDVUHIOH[}HV2OKRRGXUDQWHXPD
KRUDHSDUDPDWDURWHPSRSURFXURDGLYLQKDURTXHHOHSHQVD2XHQWmRSRQKRPHDVRQKDUD
UHYLYHU R SDVVDGR 2 JUDQGH R OXPLQRVR TXDGUR GDV UHFRUGDo}HV VH GHVHQKD H UHYHMR FHUWRV
GHWDOKHV TXH HP RXWURV WHPSRV WHULD HVTXHFLGR RX VHQWLGR FRP PHQRV IRUoD ( PDLV WDUGH
LPDJLQRRIXWXUR4XHPHDFRQWHFHUiGHSRLVGRSUHVtGLR"3DUDRQGHLUHLGHSRLV"3RGHUHLYROWDUj
PLQKDWHUUD"3HQVRSHQVRWDQWRTXHPLQKDDOPDIUHPHGHHVSHUDQoD2XWUDYH]SRQKRPHD
FRQWDU XP GRLV WUrV SDUD FKDPDU R VRQR &KHJXHL DOJXPDV YH]HV D FRQWDU DVVLP DWp TXDWUR
PLOVHPFRQVHJXLUDGRUPHFHU8PGRHQWHVHPH[H8VWLDQWVHYWRVVHFRPDTXHODWRVVHHVSHVVD
GHWtVLFRGHSRLVJHPHIUDFDPHQWHHUHVPXQJD³6HQKRUSHTXHL´2KFRPRpKRUUtYHOHVFXWDU
QRPHLRGRVLOrQFLRJHUDODTXHODYR]GHVIDOHFHQWHHTXHEUDGD1RFDQWROiDRIXQGRWDPEpP
QmR VH GRUPH GRLV GRHQWHV FRQYHUVDP HVWLUDGRV QD FDPD 8P GHOHV VH S}H D GHVILDU R VHX
SDVVDGRIDODGHFRLVDVORQJtQTXDVHVTXHFLGDVGDVVXDVYDJDEXQGDJHQVGRVILOKRVGDPXOKHUGD
VXDYLGDDUUXPDGDGHRXWURUD$GLYLQKDVHSHORVVHXVPXUP~ULRVTXHWXGRGHTXHRKRPHPIDOD
QmRWRUQDUiPDLVTXHHOHMiQmRSDVVDGXPPHPEURGHFHSDGRUHMHLWDGR2RXWURHVFXWDFDODGR
2XYHVH DSHQDV XP FRFKLFKR PRQyWRQR UHJXODU FRPR R PDUXOKR GH iJXD TXH PLQD GD WHUUD
/HPEURPHGHTXHHXWDPEpPQXPDLQWHUPLQiYHOQRLWHGHLQYHUQRHVFXWHLDVVLPXPDKLVWyULD
TXHDSULQFtSLRPHSDUHFHXXPSHVDGHORDERPLQiYHOHQJHQGUDGRSHORGHOtULRHSHODIHEUH


20$5,'2'($.8/.$±+LVWyULD


(UD KRUD WDUGLD ± PHLDQRLWH WDOYH] $FRUGHL VREUHVVDOWDGR GHSRLV GH XP VRQR FXUWR $ OX]
LQFHUWD GD ODPSDULQD GHL[DYD D HQIHUPDULD QXPD SHQXPEUD 4XDVH WRGRV RV GRHQWHV Mi
UHSRXVDYDP LQFOXVLYH 8VWLDQWVHY 2XYLDVH DWUDYpV GR VLOrQFLR VXD UHVSLUDomR SHQRVD R VHX
HVWHUWRU D FDGD JROIDGD GH DU 2 SDVVR GD VHQWLQHOD TXH VH DSUR[LPDYD SDUD VXEVWLWXLU D RXWUD
UHVVRRXGHV~ELWRQRIXQGRGRFRUUHGRU8PDFRURQKDEDWHXSHVDGDPHQWHQRVRDOKR$EULUDPD
VDOD2FDERYHLRID]HURFRQWUROHGRVGRHQWHVFDPLQKDQGRFRPSUHFDXomR8PPLQXWRDSyVD
SRUWDIHFKRXVHFRORFDUDPDVHQWLQHODQRYDDSDWUXOKDVHDIDVWRXHIRLUHVWDEHOHFLGRRVLOrQFLR
6yHQWmRQRWHLSHUWRGHPLPjHVTXHUGDGRLVKRPHQVTXHQmRGRUPLDPHFRQYHUVDYDPQXP
VXVVXUUR$FRQWHFHjVYH]HVQDVVDODVGHKRVSLWDOILFDUHPGRLVKRPHQVGHLWDGRVGXUDQWHGLDVH
PHVHVXPDRODGRGRRXWURVHPWURFDUSDODYUDGHSRLVGHUHSHQWHFRPR VH REHGHFHVVHP DR
VRUWLOpJLRGDKRUDQRWXUQDWUDYDPFRQYHUVD(HQWmRXPSULQFLSLDDGHVHQURODUGLDQWHGRRXWUR
WRGRRVHXSDVVDGR
$SDOHVWUDGHYHULDGXUDUMiKiPXLWRWHPSR2FRPHoRPHHVFDSDUDHQHPWRGDVDVSDODYUDV
PH DOFDQoDYDP GLVWLQWDPHQWH PDV SRXFR D SRXFR PH KDELWXHL DR VRP GHODV H DFDEHL
HQWHQGHQGRWXGR1mRWLQKDYRQWDGHGHGRUPLUTXHKDYLDGHID]HUVHQmRHVFXWDU"8PGRVGRHQWHV
FRQWDYDFRPFDORUVHPLGHLWDGRQROHLWRFRPDFDEHoDHUJXLGDHYROWDGDSDUDRODGRGRRXWUR
9LDVH TXH VH VHQWLD DWRUPHQWDGR VXSHUH[FLWDGR SUHVD GD QHFHVVLGDGH GH GHVDEDIDU 6HX
FRQILGHQWH HVWDYD VHQWDGR QD FDPD DV SHUQDV HVWLUDGDV QXPD DWLWXGH VRPEULD H LQGLIHUHQWH
5RVQDYDGHWHPSRVHPWHPSRVXPDYDJDUHVSRVWDRXXPVLQDOGHDVVHQWLPHQWRPDVID]LDRSRU
SROLGH]HHPWRGRRWHPSRPHWLDRVGHGRVQDWDEDTXHLUDGHFKLIUHHHQFKLDRQDUL]GHUDSp(UD
7FKHUHYLQH XP FRUUHFLRQDO GXQV FLQTXHQWD DQRV KRUULYHOPHQWH SHUQyVWLFR IULR DUJXPHQWDGRU
SUHWHQVLRVRUHVVXPDQGRDPRUSUySULR&KLFKNRYRQDUUDGRUHUDKRPHPGXQVWULQWDDQRVXPGH
QRVVRV IRUoDGRV FLYLV HPSUHJDGR QD RILFLQD GH FRVWXUD $Wp HQWmR HX TXDVH QmR OKH SUHVWDUD
DWHQomRQHQKXPDHGHSRLVGXUDQWHRUHVWRGDPLQKDSHQDQmRPHGHVSHUWRXQXQFDRPtQLPR
LQWHUHVVHSRUFDXVDGDVXDYDLGDGHHGRVHXHVWDEDQDPHQWR¬VYH]HVILFDYDWDFLWXUQRDPXDGR
DVVXPLD XPD DWLWXGH JURVVHLUD H SDVVDYD VHPDQDV VHP IDODU 2XWUD YH]HV HQJROIDYDVH WRGR
QXPD KLVWyULD TXDOTXHU LQIODPDYDVH j WRD FRUULD GH DORMDPHQWR HP DORMDPHQWR SDUD UHSHWLU
PH[HULFRVFDO~QLDVTXHSDUHFLDPS{ORIRUDGHVL'HSUHVVDID]LDFRPTXHRHVSDQFDVVHPHGH
QRYR VH FDODYD SRUTXH HUD FRYDUGH H IUDFR 7RGRV R WUDWDYDP FRP JUDQGH DOWLYH] (UD GH
HVWDWXUDPpGLDPXLWRPDJURFRPROKRVRUDDEVWUDWRVRUDHVWXSLGDPHQWHSHQVDWLYRV$VVLPTXH
FRQWDYDDOJXPDFRLVDHQIHEUHFLDHJHVWLFXODYD(QmRLDPXLWRORQJH±LQWHUURPSLDVHPXGDYD
GH DVVXQWR HPEUXOKDYDVH QRV GHWDOKHV RX SHUGLD R ILR GD KLVWyULD 5L[DYD FRP IUHTXrQFLD
TXDQGR LQMXULDYD DOJXpP DFXVDYDR ORJR GH OKH TXHUHU PDO ILQJLD HQWmR XP DU FRPRYLGR H
FKRUDPLQJDYD7RFDYDEDODODLFDPXLWREHPHGXUDQWHDVIHVWDVHUDIiFLOID]rORGDQoDU$OLiV
HUDIiFLOHUiSLGROHYiORDID]HUTXDOTXHUFRLVDQmRTXHIRVVHREHGLHQWHPDVSRUTXHJRVWDYDGH
FRQTXLVWDUFDPDUDGDVHOKHVVHUDJUDGiYHO
'XUDQWHPXLWRWHPSRQmRFRPSUHHQGLQDGDGRTXH&KLFKNRYFRQWDYD3DUHFLDPHTXHHOHD
WRGDKRUDVHDIDVWDYDGRDVVXQWR7DOYH]KRXYHVVHREVHUYDGRTXH7FKHUHYLQHVyOKHSUHVWDYDXPD
DWHQomRGLVWUDtGDHPYH]GHVHPRVWUDUWRGRRXYLGRVHQWUHWDQWRSUHIHULDLJQRUDUHVVDLQGLIHUHQoD
DIRUPDOL]DUVH
±4XDQGRHOHLDjIHLUD±QDUUDYD&KLFKNRY±WRGRRPXQGRRVDXGDYDOKHWLUDYDRFKDSpX
(UDXPULFDoR
±1HJRFLDYD"
±6LPQHJRFLDYD(OiHQWUHQyVDSREUH]DpJUDQGH8PDPLVpULD$VPXOKHUHVYmREXVFDU
iJXD QR ULR SDUD UHJDU DV KRUWDV ODEXWDP TXH p XP KRUURU H DVVLP PHVPR TXDQGR FKHJD R
RXWRQRQmRWrPXPSpGHFRXYHSDUDDVRSDeXPDGHVJUDoD3RUpPHVVHFDPDUDGDSRVVXtD
XPERPSHGDoRGHWHUUDWUrVWUDEDOKDGRUHVYHQGLDPHOHJDGRHUDSRUWRGRVPXLWRFRQVLGHUDGR
0DVMiHVWDYDFRPVHWHQWDDQRVEHPYHOKRHRVRVVRVOKHSHVDYDP7LQKDDFDEHoDWRGDEUDQFD
4XDQGRFKHJDYDQDIHLUDFRPRFDSRWHGHSHOHGHUDSRVDWRGRRPXQGRRFXPSULPHQWDYD6y
VH RXYLD LVWR ³%RP GLD SDL]LQKR $QNXGLPH 7URSKLP\ WFK´ ( HOH UHVSRQGLD ³%RP GLD PHX
DPLJR´1mRID]LDSRXFRGHQLQJXpP³6D~GH$QNXGLPH7URSKLP\ WFK´±³(RVWHXVQHJyFLRV
FRPR YmR"´ SHUJXQWDYD HOH ± ³2V QHJyFLRV YmR FRPR QR]HV EUDQFDV ( RV VHXV"´ ± ³(K ±
WRUQDYDRYHOKR±QyVWDPEpPYLYHPRVSRUPDOGRVQRVVRVSHFDGRVSX[DQGRRGLDERSHORUDER´
±³'HXVRJXDUGH$QNXGLPH7URSKLP\ WFK´3DUDHQFXUWDUDKLVWyULDILFDVDEHQGRTXHHOHQmR
GHVSUH]DYD QLQJXpP H TXDQGR IDODYD FDGD SDODYUD TXH GL]LD YDOLD XP UXEOR /LD PXLWR VDELD
PXLWR H HQWHQGLD GRV OLYURV VDQWRV TXH HUD XPD EHOH]D 0DQGDYD D YHOKD GHOH VHQWDU H GL]LD
³(VFXWDPXOKHUSURFXUDFRPSUHHQGHU´HH[SOLFDYDWXGR$YHOKDpERPGL]HUQmRHUDDVVLP
WmRYHOKDSRLV$QNXGLPHFDVDUDGXDVYH]HVSDUDWHUILOKRV$SULPHLUDPXOKHUIRUDHVWpULOPDVD
VHJXQGD0DULD6WHSDQRYQDWLQKDOKHGDGRXPFDVDOR~OWLPR9DVVLDQDVFHUDTXDQGRRSDLMi
WLQKDPDLVGHVHVVHQWDDQRVSRUpPDILOKD$NXONDHUDUDSDULJDGXQVGH]RLWRDQRV
±(HUDHVVDDWXDPXOKHU"
± (VSHUD XP SRXFR )RL Dt TXH )LOND 0RUR]RY IRL IDODU FRP R YHOKR ³9DPRV ID]HU FRQWDV
$QNXGLPH GHYROYHPH RV TXDWURFHQWRV UXEORV Mi QmR VRX WHX WUDEDOKDGRU QmR TXHUR PDLV
QHJyFLRVFRQWLJRQHPTXHURPDLVVDEHUGDWXD$NXOND$JRUDTXHURpJR]DUDYLGD0HXVSDLV
PRUUHUDPYRXEHEHUPHXVFREUHVGHSRLVTXDQGRDFDEDUDVVHQWRSUDoDHGHQWURGHGH]DQRV
YROWRDTXLIHLWRPDUHFKDOGHFDPSR´$QNXGLPHGHYROYHXOKHRGLQKHLURWXGRTXHWLQKDGHOHSRLV
QHJRFLDUDGHVRFLHGDGHFRPRSDLGH)LOND³7XpVXPSHUGLGR´YLURXVHRYHOKRSDUD)LOND(
)LONDUHVSRQGHX³1mRPHLPSRUWRHVWRXIDUWRGDWXDFDVDYHOKREDUEXGRYHOKRODGUmR1DWXD
FDVDDJHQWHDSUHQGHDWpDEHEHUOHLWHFRPXPDVRYHOD7XHFRQRPL]DVGRLVYLQWpQVHMXQWDVDWp
DVYDUUHGXUDVFRPRVHTXLVHVVHVID]HUDVRSDFRPHODV3RLVYRXYLYHUFRPRHQWHQGRHQmRPH
FDVR FRP D WXD $NXOND -i GRUPL FRP HOD VHP SUHFLVDU GH FDVDPHQWR´ ± ³2 TXr" %HUURX
$QNXGLPH 7HQV FRUDJHP GH RIHQGHU XP SDL KRQUDGR H XPD PRoD KRQUDGD" 4XDQGR IRL TXH
GRUPLVWHFRPHODFDFKRUURYHOKDFRYDJDEXQGR"´2YHOKRWUHPLDGHWDQWDUDLYD±IRL)LONDTXHR
FRQWRX PDLV WDUGH ± ³,VVR PHVPR UHSOLFRX )LOND H QmR D GHVHMR PDLV ( DJRUD $NXOND QmR
DFKDUiPDLVTXHPDTXHLUDSRUTXHHVWiGHVRQUDGD±QHPPHVPR0LNLWD*ULJRULWFKDTXHUHUi
'HVGH R RXWRQR SDVVDGR TXH QyV DQGDPRV MXQWRV $JRUD QmR D DFHLWR QHP SRU FHP
FDUDQJXHMRV)D]HDSURYDGiPHRVFHPFDUDQJXHMRVHYHUiVTXHQmRD TXHUR PHVPR´ (
GHSRLVRUDSD]FRPHoRXXPDRUJLDSDYRURVD)D]LDWUHPHUDWHUUDWmRJUDQGHHUDDIDUUD7LQKD
DPLJRVWLQKDGLQKHLURGXUDQWHWUrVPHVHVVHJXLGRVGHVPDQGRXVHVHPSDUDU(GL]LD³(VSHUHP
XPSRXFRTXDQGRRFREUHVHDFDEDUHXYHQGRDFDVDOLTXLGRWXGRHHPVHJXLGDDVVHQWRSUDoD
RX YLUR YDJDEXQGR´ 9LYLD ErEDGR GH PDQKm j QRLWH H SDVVHDYD GH FDUUR FRP JXL]RV QR
SHVFRoRGRVFDYDORV$VUDSDULJDVDQGDYDPORXFDVSRUHOH6DELDWRFDUFtWDUDPXLWREHP
±(HOHWLQKDHQWmRDQGDGRPHVPRFRP$NXOND"
±&DODDERFD(VSHUDTXHHXFRQWH(XWDPEpPWLQKDHQWHUUDGRPHXSDLPLQKDPmHID]LD
GRFHVWUDEDOKDYDSDUD$QNXGLPHHDVVLPtDPRVWHQGRFRPTXHFRPHUHPDLVQDGD$VFRLVDV
QmR DQGDYDP PXLWR EHP Oi HP FDVD 7tQKDPRV XP FDPSR SRU GHWUiV GD PDWD H QHOH
SODQWiYDPRVWULJRPDVGHSRLVGDPRUWHGRPHXSDLYHQGHPRVWXGRSRUTXHHXWDPEpPDQGDYD
QDIDUUD(WLUDYDRVFREUHVGDYHOKDjIRUoDGHSDQFDGD
±)D]LDVPXLWRPDOLVVRpXPSHFDGRPXLWRIHLR
± 2OKD UDSD] HP JHUDO PH DFRQWHFLD HVWDU ErEDGR GH PDQKm DWp j QRLWH 1D QRVVD FDVD
SRGLDPVHDWpID]HUFDoDGDVGHQWUR(VWDYDWRGDLQGRDEDL[RSRUpPHUDQRVVDjVYH]HVDJHQWH
SDVVDYD IRPH ILFDYD PDVWLJDQGR WUDSRV GXUDQWH VHPDQDV 0LQKD PmH PH HQFKLD GH
GHVFRPSRVWXUDV PDV HX SRXFR PH LPSRUWDYD 1HVVH WHPSR QmR PH VHSDUDYD GH )LOND XP
LQVWDQWH(OHGL]LD³7RFDDEDODODLFDHGDQoDTXHHXYRXILFDUGHLWDGRHWHMRJRGLQKHLURSRUTXH
VRX XP ULFDoR´ ( DV FRLVDV TXH HOH LQYHQWDYD 0DV QmR UHFHELD QDGD TXH IRVVH URXEDGR ³(X
JDUDQWLDHOHQmRVRXQHQKXPODGUmRVRXXPKRPHPGHEHP´³$JRUDIDORXXPDYH]YDPRV
VXMDU GH DOFDWUmR D SRUWD GH $NXOND  SRUTXH QmR TXHUR TXH HOD VH FDVH FRP 0LNLWD *ULJRULWFK
/HYRLVVRPXLWRDSHLWR´-iKiPXLWRWHPSRRYHOKRTXHULDGDUDILOKDD0LNLWD*ULJRULWFK(VVH
0LNLWD HUD RXWUR YHOKR YL~YR TXH XVDYD yFXORV H WDPEpP FRPHUFLDYD 0DV DVVLP TXH RXYLX
FRQWDU HVVDV KLVWyULDV D UHVSHLWR GH $NXOND S{VVH GH IRUD ([SOLFRX DR DPLJR ³3DUD PLP
$QNXGLPH 7URSKLP\ WFK VHULD XPD JUDQGH YHUJRQKD H DOpP GLVVR QD PLQKD LGDGH QmR IDoR
TXHVWmRGHFDVDU´(SLQWDPRVGHDOFDWUmRDSRUWDGH$NXOND3RUFDXVDGLVVRRVSDLVGHUDPOKH
XPD VXUUD PDV TXH VXUUD 0DULD 6WHSDQRYQD JULWDYD ³'RX FDER GHOD´ ( R YHOKR
³$QWLJDPHQWHQRWHPSRGRVVDQWRVSDWULDUFDVHXSRGHULDPDWiODDPDFKDGRHPFLPDGHXPD
IRJXHLUDSRUpPKRMHHPGLDRPXQGRpDSHQDVFRUUXSomRHWUHYDV´¬VYH]HVRVYL]LQKRVGDUXD
LQWHLUD HVFXWDYDP RV JULWRV GH $NXOND SRUTXH D DoRLWDYDP GD PDQKm j QRLWH ( )LOND DLQGD SRU
FLPDJULWDYD³$PRoDpGHOX[RPHXVDPLJRV0XLWROLPSDFRPURXSDEUDQFDERQLWD±QmRVH
SRGHSHGLUPDLV,VVRPHVPRMiDWLUHLjFDUDGRYHOKRSDUDTXHQmRRHVTXHoD´&HUWDYH]SRU
HVVDpSRFDHQFRQWUHL$NXONDFDUUHJDGDFRPGRLVEDOGHVHJULWHL³%RPGLD$NXOLQD.XGLPRYD
6D~GHEHOH]D'HL[DGHRUJXOKRHGL]HFRPTXHPHVWiVYLYHQGRDJRUD´)DOHLVyLVVRHHODPH
ILWRXFRPXQVROKRVPDLRUHVTXHGRLVSRU}HV$OLiVHVWDYDPDJUDFRPRXPSDOLWR(QTXDQWRHOD
PHROKDYDDPmHSHQVRXTXHDPRoDHVWDYDGHSURVDFRPLJRHJULWRXGDSRUWD³0RVWUDOKHRV
GHQWHVVHPYHUJRQKD´(QHVVHGLDGHUDPOKHRXWUDVXUUD¬VYH]HVDoRLWDYDPQDGXUDQWHXPD
KRUD LQWHLUD ³'RXOKH GH FKLFRWH DWp OLTXLGiOD JULWDYD D PmH SRUTXH Mi QmR p PDLV PLQKD
ILOKD´
±0DVHVFXWDHODYLYLDPHVPRQDSRXFDYHUJRQKD"
±(VSHUDHVFXWDDLQGDPHXYHOKR)LONDHHXQmRSDUiYDPRVGHQRVHPEULDJDUMXQWRV8PD
YH]TXDQGRHXHVWDYDGHLWDGRFKHJRXPLQKDPmHUDOKDQGR³3RUTXHHVWiVDtGHSDSRSDUDRDU
GHVJUDoDGRSRUFDULDVXMHLUD2TXHGHYHULDVID]HUHUDFDVDU&DVDFRP$NXONDHOHVWHUmRPXLWR
JRVWRHPVHOLYUDUGDILOKDHWXUHFHEHUiVWUH]HQWRVUXEORVVHPFRQWDURPDLVTXHYLUiGHSRLV´
(X UHVSRQGL ³0DV WRGR R PXQGR VDEH TXH HOD IRL GHVRQUDGD´ ³,PEHFLO UHWUXFRX D YHOKD D
FRURD DUUDQMDWXGR1mRSHUGHVQDGDVHHODSHFRXKiGHHWHUQDPHQWHWHUPHGRGHWL(DJHQWH
HQGLUHLWD D YLGD FRP R GRWH -i IDOHL D 0DULD 6WHSDQRYQD H HOD QmR GLVVH TXH QmR´ ( HQWmR
DFHLWHL ³3RQKD YLQWH UXEORV HP FLPD GD PHVD TXH HX PH FDVR´ 4XHU DFUHGLWHV RX QmR D
YHUGDGHpTXHDWpRGLDGRFDVDPHQWRHVWLYHWRGRRWHPSRGHSLOHTXH0DV)LOND0RUR]RYYLYLD
PH DPHDoDQGR ³4XDQGR IRUHV PDULGR GH $NXOND TXHEURWH DV FRVWHODV H GRUPLUHL WRGDV DV
QRLWHV FRP HOD´ ³,VVR Vy YHQGR FDUQH GH FmR´ ± 3RUpP HOH PH LQVXOWRX WDQWR GLDQWH GD UXD
LQWHLUDTXHFRUULOiHPFDVDHGLVVH³1mRFDVRPDLVVHQmRPHGHUHPMiFLQTXHQWDUXEORV´
±(GHUDPWHRVFLQTXHQWDUXEORV"
±3RUTXHQmR"1yVQmRpUDPRVJHQWHjWRD0HXSDLSHUWRGHPRUUHUIRLDUUXLQDGRSRUXP
LQFrQGLR FRQWXGR DQWHV GLVVR HUD WDOYH] PDLV ULFR TXH HOHV $QNXGLPH YHLR QRV FKDPDU GH
PLVHUiYHLVGHHVIDUUDSDGRV³(VXDSRUWD UHVSRQGLHX QmRHVWiVXMDGHSLFKH"´2YHOKRWRUQRX
³7RSHWHpRTXHQmRWHIDOWD3URYDTXHDPLQKDILOKDHVWiGHVRQUDGD$JHQWHQmRSRGHWDSDUD
ERFDGRSRYRFRPXPOHQoR3HODVFKDJDVGH&ULVWRYDLWHHPERUDGDTXL0DVGHYROYHRPHX
GLQKHLUR´(QWmRFRPELQHLFRP)LONDPDQGDUGL]HUDRYHOKRSRULQWHUPpGLRGH0LWUL%\ NRYTXH
RKDYHULDGHDUUDVWDUQDUXDGDDPDUJXUDHDWpRGLDGRFDVDPHQWRQmRSRGHVFDOFXODUTXDQWR
EHEL UDSD] 6y QD LJUHMD IRL TXH YROWHL D PLP 4XDQGR QRV WURX[HUDP GHSRLV GR FDVDPHQWR
PDQGDUDPQRVVHQWDUH0LWURSKDQH6WHSDQLWFKTXHHUDWLRGHODIDORX³(PERUDRQHJyFLRQmR
WHQKDVLGRKRQHVWRHVWiIHFKDGRHDFDERXEHP´2YHOKR$QNXGLPHEHEHUDRVHXJROH]LQKRH
FKRUDYDWDQWRTXHDVOiJULPDVOKHGHVFLDPSHODEDUED0DVHXTXHQmRHUDWRORPHWLXPFKLFRWH
QREROVRDQWHVGHLUSDUDDLJUHMD7LQKDROHYDGRSDUDRXVDUHP$NXONDSDUDHODILFDUVDEHQGR
TXH QmR VH GHYH DSDQKDU PDULGR FRP HQJDQRV GHVRQURVRV H TXH HX QmR HUD R LGLRWD TXH HOD
SHQVDYD
±0XLWREHPTXHULDVTXHHODSURYDVVHORJRGRTXHDHVSHUDYD
± $K PHX YHOKR WX FRQFOXLV PXLWR GHSUHVVD HVSHUD H YHUiV (P FDVD ORJR TXH VDtPRV GD
LJUHMDOHYDUDPRVUHFpPFDVDGRVSDUDXPTXDUWRHQTXDQWRRVRXWURVEHELDPHHVSHUDYDP(
HQWmRILTXHLVR]LQKRFRP$NXONDQDDOFRYD(ODHVWDYDVHQWDGDVHPVHPH[HUVHPXPDJRWDGH
VDQJXH QR URVWR 7LQKD XP PHGR SDYRURVR 2V FDEHORV FODURV FRPR OLQKR H RV ROKRV HQRUPHV
1mRGL]LDQXQFDXPDSDODYUDQLQJXpPOKHRXYLDDIDODHUDFRPRXPDPXGDGHQWURGHFDVD
5DSDULJD HQJUDoDGD 3RLV EHP ± KiV GH FUHU" ± HX HVWDYD FRP R FKLFRWH SURQWR HP FLPD GD
FDPDHDLQRFHQWHQmRWLQKDFXOSDQHQKXPDQHQKXPDHUDSXUDFRPRXPDQMR
±1mRpSRVVtYHO
±3XUDSXUDVRXHXTXHWHGLJR+RQHVWDFRPRXPDILOKDKRQHVWDGHFDVDKRQHVWD(SRUTXH
VRIUHUDWRGRVDTXHOHVWRUPHQWRV"3RUTXH)LOND0RUR]RYDGLIDPDUDGLDQWHGHWRGRRPXQGR"
±6LPVLP
±(QWmRVDOWHLGDFDPDSXVPHGHMRHOKRVMXQWHLDVPmRVHH[FODPHL³3HUGRDPH$NXOLQD
.XGLPRYDIXLXPLGLRWDHPWHUDFUHGLWDGRQLVVRWXGRSHUGRDDREDQGLGRTXHHXVRX´(ODHVWDYD
VHQWDGDQDPLQKDIUHQWHQDFDPDROKDYDPHFRPDVGXDVPmRVQRVPHXVRPEURVHS{VVHD
ULU FKRUDQGR DR PHVPR WHPSR $K VHX PDQR FKRUDYD H ULD (QWmR IXL SURFXUDU RV RXWURV
³(VFXWHPGLVVHHX)LONDTXHIXMDGHVHHQFRQWUDUFRPLJRSRUTXHMXURTXHQmRKiGHYLYHUPXLWR
WHPSRQHVWHPXQGR´2VYHOKRVILFDUDPVHPVDEHUDTXHVDQWRDFHQGHULDPYHODV$PmHTXDVH
VHDWLURXDRVSpVGDILOKDVROXoDQGRHRYHOKRIDORX³6HQyVVRXEpVVHPRVQmRVHULDXPPDULGR
FRPRHVVHTXHWHGDUtDPRVPLQKDILOKDTXHULGD´4XDQGRQRGRPLQJRVHJXLQWHIRPRVMXQWRVj
LJUHMDHXOHYDYDXPJRUURGHSHOHGHFRUGHLURXPOLQGRFDIHWmGHSDQRILQRHXPDFDOoDGH
YHOXGR(ODXVDYDXPDEULJRQRYRGHSHOHGHOHEUHXPILFKXGHVHGD±HQILPHVWiYDPRVGLJQRV
XPGRRXWUR1mRVRXPDOSDUHFLGRH$NXONDQmRHUDSLRUTXHDVGHPDLVSRGHVHGL]HUTXHYDOLD
SRUGH]VHPJDEROLFH
±(QWmRWXGRLDSHORPHOKRU
±(VSHUDRUHVWR1RGLDVHJXLQWHDRFDVDPHQWRHPERUDErEDGRGHL[HLRVFRQYLGDGRVHFRUUL
SHODUXDWRGDJULWDQGR³7UDJDPPHDTXL)LOND0RUR]RYDSDUHoDPHDTXLHVVHYHOKDFR´(IXL
JULWDQGRDVVLPDWpDRPHUFDGR0DVFRPRHXWHFRQWHLHVWDYDErEDGRHIXLEHUUDUQDSRUWDGD
FDVDGRV9ODVVRYLDJDUUDUDPPHHWUrVKRPHQVPHWURX[HUDPjIRUoDSDUDFDVD7RGRRPXQGR
IDODYDQDTXLORQDFLGDGHHDVUDSDULJDVTXDQGRVHHQFRQWUDYDPQRPHUFDGRFRFKLFKDYDP³-i
VRXEHVWH KHLQ" $NXOND DLQGD WLQKD D LQRFrQFLD GHOD´ $OJXP WHPSRV GHSRLV GLDQWH GH XPD
SRUomR GH JHQWH HQFRQWUHL )LOND TXH PH GLVVH ³9HQGHPH D WXD PXOKHU TXH WHUiV FRP TXH
EHEHU)D]HFRPRRVROGDGR,DFKNDTXHFDVRXGHSURSyVLWRSDUDLVVRQmRVHGHLWRXQXQFDFRPD
PXOKHUHGXUDQWHWUrVDQRVQmRILFRXDVHFRXPLQVWDQWH´(HXOKHUHVSRQGL³7XpVXPVXMR´±
³( WX UHSOLFRX HOH QmR SDVVDV GXP JUDQGtVVLPR FUHWLQR &DVDUDPWH TXDQGR HVWDYDV ErEDGR
KHLQ"´ &KHJXHL HP FDVD H JULWHL SDUD R SHVVRDO ³9RFrV DUUDQMDUDP XP MHLWmR GH PH FDVDU
TXDQGR HX HVWDYD ErEDGR´ $ PmH GH $NXOND DJDUURXVH FRPLJR PDV HX OKH GLVVH ³7X
PmH]LQKDWHQVDVRUHOKDVWDSDGDVFRPRWHXRXUR7UD]H$NXONDDTXL´(QWmRGXUDQWHGXDVKRUDV
VHJXLGDVEDWLQHODEDWLDWpURODUQRFKmR'HSRLVGLVVR$NXONDILFRXWUrVVHPDQDVGHFDPDVHP
SRGHUVHOHYDQWDU
± e FODUR ± DSURYRX IOHXPDWLFDPHQWH 7FKHUHYLQH ± TXDQGR D JHQWH QmR OKHV Gi SDQFDGDV
HODV(QWmRWXDHQFRQWUDVWHFRPXPQDPRUDGR"
±1mRLVVRQmRSRVVRGL]HU±FRQIHVVRXFRPPiJRD&KLFKNRYGHSRLVGHXPVLOrQFLR±(X
SRUpP HVWDYD IXULRVR IXULRVR 7RGR R PXQGR ]RPEDYD GH PLP H R FKHIH GD WURoD HUD )LOND
³7XDPXOKHUIRLIHLWDSDUDRVROKRVGRVKRPHQV´GL]LDHOH8PGLDFRQYLGRXQRVSDUDEHEHUHP
VXD FDVD H S{VVH D IDODU ³0LQKD PXOKHU WHP ERP FRUDomR p EHP HGXFDGD EHP SDUHFLGD
GHOLFDGDDPiYHOSDUDWRGRRPXQGR´pHVWDDFDQWLJDGHOHDJRUD(QWUHWDQWRQmRID]WHPSRTXH
IRL VXMDU GH SLFKH D SRUWD GH $NXOND 0DV FRPR HX HVWDYD ErEDGR QHVVD KRUD HOH PH VHJXURX
SHOR FDEHOR H PH GHUUXERX ³'DQoD PDULGLQKR GH $NXOND GDQoD HQTXDQWR WH VHJXUR SHORV
FDEHORVGDQoDSDUDPHGLVWUDLU´±³&DFKRUUREDQGLGR´JULWHL(HOH³9RXFRQWLJRDWXDFDVDH
QD WXD IUHQWH GDUHL WDQWD SDOPDGD HP $NXOND WDQWDV TXDQWR R FRUDomR PH SHoD´ ( Dt TXHU
DFUHGLWHVRXQmRQmRPHDWUHYLDSRURVSpVIRUDQDUXDGXUDQWHXPPrVLQWHLURWDORPHGRTXH
HXWLQKDTXHHOHPHYLHVVHID]HUGHVRUGHPHPFDVD(WDPEpPIRLSRUFDXVDGLVVRTXHFRPHFHL
DHVSDQFiOD
±3RUTXHDHVSDQFDYDVFRPWDQWDIRUoD"$JHQWHSRGHDPDUUDUDVPmRVGDVPXOKHUHVPDV
QmRDOtQJXD1mRVHGHYHVXUUiODVGHPDLV&RUULJLUXPSRXFRHGHSRLVDFDULQKDUeDVVLPTXH
HODVJRVWDP3DUDLVVRIRUDPIHLWDV
&KLFKNRYFDORXVHXPPRPHQWR
±1mRSRGLDHQJROLUDTXHODKLVWyULD±WRUQRXHOH±HDFDEHLPHKDELWXDQGRDHVSDQFiODHP
FHUWRV GLDV EDWLDOKH GD PDQKm j QRLWH SRUTXH HOD QmR VH OHYDQWDYD QD KRUD SRUTXH QmR
FDPLQKDYD GR PHX JRVWR 4XDQGR QmR D VXUUDYD ID]LDPH IDOWD ¬V YH]HV HOD ILFDYD VHQWDGD
MXQWRGDMDQHODFKRUDQGRFRPRXPD0DGDOHQDHGRtDPHYrODFKRUDUWLQKDSHQDGHODSRUpP
EDWLD DVVLP PHVPR ( PLQKD PmH PH GHVFRPSXQKD SRU FDXVD GHOD ³%DQGLGR GL]LD D YHOKD
FULPLQRVR´(HXEHUUDYDHQWmR³6LPDLQGDDPDWRHYRFrQmRWHPGLUHLWRGHPHGL]HUQDGD
SRLVIRLTXHPPHPHWHXQLVVR´1RFRPHoRRYHOKR$QNXGLPHWDPEpPTXLVGDUSDOSLWH³'HXV
QmRWHIH]GLIHUHQWHGRVRXWURVKHLGHDUUDQMDUXPMHLWRGHWHGDUMXt]R´0DVWHYHTXHGDUSDUD
WUiV ( 0DULD 6WHSDQRYQD WDPEpP ILRX ILQR FRPLJR XP GLD YHLR PH LPSORUDU EDQKDGD HP
SUDQWR³,YDQ6HPLRQLWFKTXHURWHSHGLUXPDFRLVDSDUDWLQmRpQDGDPDVSDUDPLPpPXLWR´
(VHDMRHOKRXDRVPHXVSpV³$EUDQGDHVVHFRUDomRSHUGRDDPLQKDILOKD(VVDJHQWHUXLPIDOD
PDO GHOD FRQWXGR EHP VDEHV FRPR D UHFHEHVWH´ ( ILFRX HVWLUDGD QR FKmR FKRUDQGR (QWmR
ILTXHLGDQDGR³&DOHHVVDERFDQmRTXHURRXYLUQDGD$JRUDYRXID]HURTXHPHGHUQDFDEHoD
ILTXHLGRLGRGRLGRRXYLX"()LOND0RUR]RYpPHXDPLJR±PHXPHOKRUDPLJR´
±(QWmRYRFrVDQGDYDPGHQRYREHEHQGRMXQWRV"
± -XQWRV" (X QmR FKHJDYD QHP SHUWR GHOH )LOND Mi EHEHUD WXGR R TXH SRVVXtD H LD DVVHQWDU
SUDoDQROXJDUGRILOKRGXPULFDoR/iQDQRVVDWHUUDTXDQGRDJHQWHDVVHQWDSUDoDQROXJDUGH
DOJXpPILFDHPFDVDGRHQJDMDGRUFRPRQDFDVDGDVRJUDHID]VHRTXHVHTXHU5HFHEHVHR
GLQKHLURWRGRGHXPDYH]QDKRUDGDSDUWLGDPDVHQTXDQWRVHHVSHUDILFDVHQDFDVDGRSDLGR
UHFUXWD jV YH]HV DWp VHLV PHVHV 2 TXH HVVHV UDSD]HV LQYHQWDP R TXH DUUDQMDP SDUD GDQDU R
SHVVRDOQHPVHSRGHFRQFHEHU2VYHOKRVVyRTXHSRGHPID]HUpFREULURVtFRQHVGDVSDUHGHVH
GDUOXJDUDRKRPHP(HOHEHUUD³9RFrVTXHUHPPXLWRTXHHXYiVHUVROGDGRQROXJDUGRVHX
ILOKRQmRp"(QWmRWrPTXHPHFRQVLGHUDUVHXEHQIHLWRUHPHDJUDGHFHUPXLWRVHQmRQDGDIHLWR
HYRXFDLQGRIRUD´(DVVLPRQRVVR)LONDLDFRPHQGRGRERPHGRPHOKRUQDFDVDGRULFDoR
GRUPLD FRP D PRoD H WRGDV DV QRLWHV GHSRLV GR MDQWDU SX[DYD DV EDUEDV GR YHOKR 'LYHUWLDVH
FRPRGLDER'LDULDPHQWHTXHULDXPEDQKRHFRPYDSRUGHYRGFDDLQGDSRUFLPD$VPXOKHUHV
WLQKDPTXHRFDUUHJDUQRFROR4XDQGRYROWDYDGDRUJLDILFDYDEHUUDQGRQRPHLRGDUXD³1mR
TXHURHQWUDUSHODSRUWDSRQKDPDFHUFDDEDL[R´(QWmRDEULDVHXPDSDVVDJHPDRODGRGDSRUWD
HHOHHQWUDYDSRUOi0DVWXGRWHPXPILP(OHWHYHTXHLUPHVPRSDUDRTXDUWHOHDFDERXVHD
EHEHGHLUD 7LQKD XP JHQWmR HQRUPH QD UXD SDUD DVVLVWLU j SDUWLGD GH )LOND TXH ID]LD
FXPSULPHQWRV SDUD WRGRV RV ODGRV 1HVVH PRPHQWR $NXOND YLQKD GD KRUWD $VVLP TXH )LOND D
DYLVWRX HOD YLQKD FKHJDQGR HP IUHQWH j QRVVD SRUWD  JULWRX DR FRFKHLUR ³3DUD´ ( VDOWRX GD
WHOHJD &DPLQKRX SDUD HOD H VH FXUYRX DWp WRFDU R FKmR ³0LQKD OLQGH]D PLQKD DOPD PHX
PRUDQJXLQKRFRPDo~FDUDPHLWHGXUDQWHGRLVDQRVHDJRUDHVWmRPHOHYDQGRFRPEDQGDGH
P~VLFDSDUDRTXDUWHO3HUGRDPHILOKDKRQHVWDGXPSDLKRQHVWRSRUTXHPXLWRSHTXHLFRQWUDWL
(VWHTXHHVWiDTXLjWXDIUHQWHpXPFDQDOKDXPSHUGLGR(XpTXHIXLRFXOSDGRGHWXGR´(GH
QRYR VH FXUYRX DWp DR FKmR $NXOND D SULQFtSLR DVVXVWRXVH PXLWR GHSRLV IDORX ID]HQGR XPD
PHVXUD ³3HUGRDPH WDPEpP QmR WHQKR TXHL[D QHQKXPD FRQWUD WL´ ( HX HQWmR HQWUHL DWUiV
GHODHPFDVD³2TXHIRLTXHOKHGLVVHVWHFDFKRUUD"´SHUJXQWHL(HODDFUHGLWHVRXQmRDFUHGLWHV
ROKRXPHGHFDUDHFRQIHVVRX³6LPJRVWRGHOHPDLVTXHGHWXGRQHVWHPXQGR´
±1mRpSRVVtYHO
± ( HX GXUDQWH R GLD LQWHLUR QmR DEUL D ERFD 6y TXDQGR HVFXUHFHX IRL TXH GLVVH ³$NXOND
DLQGDWHPDWR´6LPIDOHLLVVR¬QRLWHQmRSXGHSUHJDUROKRVDtGRTXDUWRILTXHLEHEHQGRNYDVV
DWpRURPSHUGRGLD(QWmRYROWHLDRTXDUWR³$NXONDFKDPHLDFRUGDYDPRVSDUDRFDPSR´-i
ID]LD DOJXP WHPSR TXH HUD PHVPR SUHFLVR LU YHU R FHQWHLR GH PRGR TXH D PLQKD YHOKD ILFRX
VDWLVIHLWD ³,VVR PHVPR UHVSRQGHX HOD e SUHFLVR ID]HU D FROKHLWD H Mi Ki XQV GRLV GLDV R
WUDEDOKDGRUDQGDGRHQWH´3UHSDUHLDWHOHJDVHPGL]HUQDGD1RILPGDQRVVDFLGDGHPHVPRQD
VDtGDGDUXDFRPHoDXPDPDWDGXPDVTXLQ]HYHUVWDVHGHSRLVGDPDWDILFDYDRQRVVRFDPSR
4XDQGRHVWiYDPRVWUrVYHUVWDVGHQWURGDPDWDSDUHLRFDYDOR$NXONDPHROKRXDVVXVWRXVHH
ILFRXGHSpVHPGL]HUQDGD³(VWRXIDUWRGHWLFRQWLQXHLDQGDID]HWXDVRUDo}HV´6HJXUHLDSHOR
FDEHOR ± DV WUDQoDV GHOD HUDP JURVVDV DVVLP HQUROHLDV QD PmR DSHUWHLOKH R FRUSR HQWUH RV
MRHOKRVSX[HLDPLQKDIDFDGHUUXEHLVXDFDEHoDSDUDWUiVHHQWHUUHLOKHDIDFDQDJDUJDQWD(OD
GHXXPJULWRHRVDQJXHHVSLUURX(QWmRDWLUHLIRUDDIDFDGHLWHLDQRFKmRPHDEUDFHLFRPHOD
EHLMHLD H ILTXHL EHUUDQGR FRPR XP SRVVHVVR (OD JULWDYD VHPSUH HX WDPEpP H HOD WUHPLD
HVWUHEXFKDYDHRVDQJXHPHVDOSLFDYDWRGR'HUHSHQWHPHLQYDGLXXPPHGRGDQDGRODUJXHLD
DEDQGRQHL R FDYDOR SXVPH D FRUUHU FRUUL DWp FKHJDU HP FDVD (QWUHL SHOD SRUWD GH WUiV H IXL
SDUDREDQKHLURGRTXLQWDO(UDXPEDQKHLURYHOKRTXDVHFDLQGR'HLWHLPHQREDQFRHILTXHLOi
1mRPHPH[LDWpTXHDQRLWHILFRXEHPHVFXUD
±($NXOND"
± (OD" $K VLP 'HSRLV TXH FRUUL OHYDQWRXVH GHFHUWR TXHUHQGR WDPEpP YROWDU SDUD FDVD
SRLVDHQFRQWUDUDPPDLVRXPHQRVDXQVFHPSDVVRVGROXJDURQGHDIHUL
±4XHUGL]HUTXHQmRHVWDYDGHJRODGDGLUHLWR"
±6LP
(&KLFKNRYFDORXVHXPPRPHQWR
± e YHUGDGH ± REVHUYRX 7FKHUHYLQH ± D JHQWH WHP XPD YHLD TXH VH QmR p FRUWDGD ORJR DR
SULPHLURJROSHDFULDWXUDFRQWLQXDYLYHQGRHSRUPDLVVDQJXHTXHGHUUDPHQmRPRUUH
±(ODSRUpPPRUUHX)RLHQFRQWUDGDjQRLWH'HUDPRDODUPDSURFXUDUDPSRUPLPHPH
SUHQGHUDPOiPHVPRQREDQKHLUR-iID]XQVTXDWURDQRVTXHHVWRXDTXL±DFUHVFHQWRXGHSRLV
GHXPVLOrQFLR
± +XP $ YHUGDGH p TXH TXDQGR D JHQWH QmR DV HVSDQFD QmR DUUDQMD QDGD ± GHFODURX
7FKHUHYLQHQXPWRPIULRHVHQWHQFLRVR7RUQDUDDDEULUDHWHUQDWDEDTXHLUD'HPRURXWRPDQGR
XPDSLWDGDID]HQGRSDXVD±(QWUHWDQWRUDSD]IRVWHXPWROR(XWDPEpPDSDQKHLPLQKDPXOKHU
FRPXPQDPRUDGR&KDPHLDSDUDXPDOSHQGUHGREUHLHPGXDVXPDFRUUHLDHGLVVH³$TXHP
IRLTXHMXUDVWHVHUILHO"$TXHPKHLQ"´(GHLOKHFRPDFRUUHLDGHLFRPWRGDDIRUoDGREUDoR
GXUDQWH XPD ERD KRUD H PHLD DWp TXH HOD JULWRX ³/DYR RV WHXV SpV H EHER D iJXD GHSRLV´
&KDPDYDVH$YGRWLDPHQLQR


35,0$9(5$


-i FRPHoDUD DEULO H HVWDYD SUy[LPD D 6HPDQD 6DQWD 3RXFR D SRXFR tDPRV LQLFLDQGR RV
WUDEDOKRV GH YHUmR &DGD GLD R VRO LD VH WRUQDQGR PDLV TXHQWH PDLV EULOKDQWH R DU FKHLUDYD D
SULPDYHUDHDWXDYDVREUHRVQRVVRVQHUYRV$DSUR[LPDomRGDSULPDYHUDSHUWXUEDDWpRVKRPHQV
TXHHVWmRGHEDL[RGDJULOKHWDGHVSHUWDOKHVGHVHMRVDUGRUHVXPDVDXGDGHWULVWtVVLPD3HQVDVH
FRP PXLWR PDLV IRUoD QD OLEHUGDGH VRE RV UDLRV EULOKDQWHV GR VRO TXH GXUDQWH DV QHYDGDV GR
LQYHUQRRXQRVGLDVFKXYRVRVGRRXWRQReXPIDWRTXHVHSRGHREVHUYDUHQWUHRVGHWHQWRVXP
GLD ERQLWR H FODUR RV DOHJUD PDV RV WRUQD WDPEpP PDLV LPSDFLHQWHV PDLV LUULWDGRV &RQVWDWHL
FRPHIHLWRTXHGXUDQWHDSULPDYHUDDXPHQWDYDPDVEULJDV2XYLDPVHPDLVIUHTXHQWHPHQWH
EDUXOKRV H JULWRV VXUJLDP KLVWyULDV H DR PHVPR WHPSR VXUSUHHQGLDVH GH V~ELWR HP SOHQR
WUDEDOKRDOJXpPIL[DUREVWLQDGDPHQWHRROKDUQDGLVWkQFLDTXHD]XODYDDRORQJHOiHPEDL[RQD
RXWUD PDUJHP GR ,UW\ FK QD TXDO QD H[WHQVmR GH PLO H TXLQKHQWDV YHUVWDV VH GHVGREUDYD D
YDVWLGmR LQFRPHQVXUiYHO GDV HVWHSHVNLUJKL]HV ( XP SHVDGR VXVSLUR VXELD DR SHLWR GR KRPHP
FRPRVHHOHHVWLYHVVHLUUHVLVWLYHOPHQWHDWUDtGRSRUDTXHODSODQtFLHGHDUOLYUHTXHOKHKDYHULDGH
FXUDU D DOPD HVPDJDGD H DSULVLRQDGD ³$L PHX 'HXV´ H[FODPDYD R IRUoDGR H FRPR SDUD
VDFXGLURVVRQKRVVHJXUDYDFRPJHVWRUXGHDHQ[DGDRXRVWLMRORVTXHGHYHULDWUDQVSRUWDUGXP
OXJDUSDUDRXWUR'HSRLVGHXPLQVWDQWHHVTXHFLDDTXHODLPSUHVVmRIXJLWLYDHSXQKDVHDULURXD
SUDJXHMDUGHDFRUGRFRPRVHXJrQLRRXHQWmRDWDFDQGRDWDUHIDFRP XPD IHEUH UHSHQWLQD
LQWHLUDPHQWHLQVyOLWDHGHVPHGLGDHQFDUQLoDYDVHQRWUDEDOKRDILPGHVXIRFDUjIRUoDGHIDGLJD
RWRUPHQWRtQWLPRTXHRURtD2VIRUoDGRVVmRKRPHQVYLJRURVRVDPDLRULDQDIORUGDLGDGHHP
SOHQD SRVVH GDV VXDV HQHUJLDV &RQWXGR FRPR OKHV SHVDP WUHPHQGDPHQWH RV IHUURV QHVVD
HVWDomR 1mR HVWRX SRHWL]DQGR H JDUDQWR D DXWHQWLFLGDGH GR TXH GLJR 4XDQGR FKHJDP RV GLDV
ERQLWRVTXDQGRRVROFODUHLDTXDQGRVHRXYHHVHQWHHPWRUQRGHQyVFRPWRGDDDOPDFRPWRGR
RFRUSRDUHVVXUUHLomRGDQDWXUH]DHDVXDLPHQVLGmR±RSUHVtGLRRVYLJLODQWHVDVXEPLVVmRj
YRQWDGHDOKHLDHVPDJDPPXLWRPDLV$OpPGLVVRpFRPDSULPDYHUDpFRPDSULPHLUDFRWRYLD
TXHSRUWRGDD6LEpULDSRUWRGDD5~VVLDFRPHoDPDDQGDURVYDJDEXQGRVpHQWmRTXHRV³ILOKRV
GR 1RVVR 6HQKRU´ IRJHP GDV SULV}HV VRPHPVH QDV IORUHVWDV 'HSRLV GR DPELHQWH VXIRFDQWH
GHSRLVGRVMXOJDPHQWRVGDVJULOKHWDVGRVDoRLWHVHOHVYDJXHLDPjYRQWDGHDROpXYmRRQGHOKHV
DSUD] EHEHP H FRPHP R TXH HQFRQWUDP R TXH 'HXV PDQGD H TXDQGR FKHJD D QRLWH
DGRUPHFHPWUDQTXLODPHQWHHPTXDOTXHUSDUWHQXPFDQWRGHERVTXHQXPIXQGRGHWULJDOVHP
SUHRFXSDo}HVVHPDQJ~VWLDGDSULVmRFRPRRVSiVVDURVGDQGRERDQRLWHjVHVWUHODVGRFpXVRE
DJXDUGDGRVHX&ULDGRU+iPRPHQWRVpFODURHPTXHQHPWXGRVmRURVDVDIRPHDSHUWD±SRLV
RVHUYLoRGRJHQHUDO.XNXFKNLQFRPSRUWDDVVXDVIDGLJDV3DVVDPVHGLDVLQWHLURVVHPXPF{GHD
GH SmR p SUHFLVR IXJLU GH WRGR R PXQGR HVFRQGHUVH HP EXUDFRV p SUHFLVR URXEDU VDTXHDU
PDWDUjVYH]HV³2FRORQRpFRPRFULDQoDDWLUDVHDWXGRTXHYr´GL]VHQD6LEpULD(VVHGLWDGR
VH SRGH DSOLFDU FRP WRGD D VXD IRUoD H FRP PDLV H[DWLGmR DLQGD DRV YDJDEXQGRV 6mR
UDUDPHQWH EDQGLGRV SRUpP TXDVH VHPSUH ODGU}HV PDLV SRU QHFHVVLGDGH TXH SRU SUD]HU
FRPSUHHQGHVH +i YDJDEXQGRV HPSHGHUQLGRV $OJXQV IRJHP GHSRLV GH WHUPLQDGD D SHQD QR
SUHVtGLRTXDQGRMiVHWUDQVIRUPDUDPHPFRORQRV$OJXpPSRGHULDLPDJLQDUTXHHOHVVHVHQWHP
IHOL]HVQDVXDQRYDVLWXDomRQDVHJXUDQoDGHTXHWrPSmRJDUDQWLGRPDVQmR±KiDOJRTXHHVWi
ORQJHHRVFKDPD$YLGDQDIORUHVWDPLVHUiYHOHWHUUtYHOSRUpPOLYUHHDYHQWXURVDWHPSDUDRV
TXH DOJXPD YH] D H[SHULPHQWDUDP XP HQFDQWR PLVWHULRVR VHP R TXDO QmR SRGHP PDLV YLYHU
(QWUH HVVHV IXJLWLYRV D JHQWH VH HVSDQWD DR HQFRQWUDU LQGLYtGXRV VRVVHJDGRV ODYUDGRUHV Mi
SUyVSHURV¬VYH]HVpXPGHVWHUUDGRFDVDGRSDLGHIDPtOLDIL[DGRQRPHVPRORFDOKiXQVTXDWUR
RXFLQFRDQRVTXHXPEHORGLDGHVDSDUHFHDEDQGRQDQGRPXOKHUILOKRVODYUD0RVWUDUDPPH
QR QRVVR SUHVtGLR XP GHVVHV IXJLWLYRV 1mR WLQKD QHQKXP JUDQGH GHOLWR QD FRQVFLrQFLD ± SHOR
PHQRV QLQJXpP DOXGLD D QDGD JUDYH DR IDODU QHOH ± PDV GHVHUWDUD GHVHUWDUD GXUDQWH D YLGD
LQWHLUD(VWLYHUDQDIURQWHLUDUXVVDGRVXOGRRXWURODGRGR'DQ~ELRQDHVWHSHTXLUJXL]QD6LEpULD
2ULHQWDOHQR&iXFDVR±DQGDUDSRUWRGDSDUWH4XHPVDEHVHXPKRPHPGDTXHOHVHPRXWUDV
FRQGLo}HV H FRP D PHVPD SDL[mR SRU YLDJHQV QmR VH WRUQDULD XP VHJXQGR 5RELQVRQ &UXVRp"
7XGRLVVRPHIRLQDUUDGRSRURXWURVIRUoDGRVSRUTXHHOHIDODYDSRXFRQmRDEULDDERFDVHQmR
HP FDVR GH QHFHVVLGDGH DEVROXWD (UD XP KRPHP SHTXHQR GH XQV FLQTXHQWD DQRV GH LGDGH
PXLWRTXLHWRFRPRURVWRWmRSOiFLGRTXHSDUHFLDLGLRWD1RYHUmRJRVWDYDGHVHQWDUVHDRVROH
ORJRVHSXQKDDUHVPXQJDUXPDFDQWLJDPDVWmREDL[LQKRTXHDFLQFRSDVVRVGHGLVWkQFLDQmRVH
HVFXWDYDQDGD2VWUDoRVGRVHXURVWRHVWDYDPSRUDVVLPGL]HUSHWULILFDGRVFRPLDSRXFRHHP
JHUDO Vy FRPLD SmR SUHWR MDPDLV FRPSUDYDNDODWFKL RX YRGFD 7HULD GLQKHLUR DFDVR" ( VH R
SRVVXtVVH VHULD FDSD] GH R FRQWDU" 0RVWUDYDVH HP WXGR GH XP LQGLIHUHQoD DEVROXWD ¬V YH]HV
DWLUDYDXPSRXFRGHFRPLGDDRVFmHVGRSUHVtGLRDQLPDLVTXHQLQJXpPSHQVDYDHPDOLPHQWDU
(PJHUDORUXVVRWHPXPDUHSXJQkQFLDLQVWLQWLYDHPGDUFRPLGDDRVFmHV &RQWDYDVHTXHHUD
FDVDGRTXHDWpPHVPRRIRUDGXDVYH]HVHTXHWLQKDILOKRVHPDOJXPOXJDU4XHGHOLWRH[SLDYD"
1mRVHL7RGRVQyVHVSHUiYDPRVYrORIXJLUHQWUHWDQWRWDOYH]SRUTXHQmRVXUJLVVHRFDVLmRWDOYH]
SRUTXHRVDQRVMiOKHSHVDVVHPHOHFRQWLQXDYDDYLYHUGREUDGRVREUHVLSUySULRILWDQGRGRDOWR
DTXHOHDPELHQWHHVWUDQKRTXHRFHUFDYD&RQWXGRQmRVHGHYHULDFRQILDUPXLWRQDTXHOHVRVVHJR
TXHLQWHUHVVHSRUpPWHULDRKRPHPHPIXJLU"
$YHUGDGHpTXHWRPDGDHPFRQMXQWRDYLGDQDIORUHVWDDYLGDGHYDJDEXQGRpXPSDUDtVR
FRPSDUDGDjGRSUHVtGLR1HQKXPDDSUR[LPDomRpDOLiVSRVVtYHOHQWUHDYLGDGRSUHVtGLRHDYLGD
OLYUHGLItFLOHPERUDPDVOLYUH(HLVDUD]mRSRUTXHHPWRGDDQRVVDTXHULGD5~VVLDTXDOTXHU
GHWHQWRVHMDTXDOIRURORFDOGDVXDSULVmRILFDLQTXLHWRQRVSULPHLURVGLDVGHSULPDYHUDFRPRV
SULPHLURVUDLRVVRUULGHQWHVGRVRO1RHQWDQWRWRGRVHVWmRPXLWRORQJHGDLQWHQomRGHIXJLU3RGH
VHDILUPDUTXHGDGDVDVGLILFXOGDGHVHRVULVFRVXPVyHQWUHFHPVHGHFLGHjIXJDPDVLVVRQmR
LPSHGHRVQRYHQWDHQRYHUHVWDQWHVGHVRQKDUFRPDHYDVmRGHSURFXUDURQGHHFRPRSRGHULDP
WHQWDUDHPSUHVDHVWXGDUXPORFDORQGHREWHULDPUHI~JLR(VVDHVSHUDQoDVXUGDRVDQLPDWrP
QHFHVVLGDGH GH FDOFXODU VXDV SRVVLELOLGDGHV $OJXQV WLUDP FRUDJHP GD OHPEUDQoD GH XPD IXJD
DQWLJD6yPHUHILURDTXLDRVFRQGHQDGRV3RUTXHHQWUHRVSUHVRVSUHYHQWLYRVpPXLWRPDLRUR
Q~PHUR GRV TXH VH UHVROYHP D IXJLU 2V FRQGHQDGRV HP JHUDO Vy R ID]HP QR LQtFLR GD VXD
PLVHUiYHOYLGD'HSRLVGHGRLVRXWUrVDQRVGHSUHVtGLRRIRUoDGRFRPHoDDDSUHFLDURVPHVHVGH
SHQDMiSRUHOHFXPSULGRVHSRXFRDSRXFRDFKDTXHVHUiPHOKRUWHUPLQDUOHJDOPHQWHDSHQDH
WRUQDUVHPDLVWDUGHFRORQRQXPDDOGHLDGRTXHVHGHVJUDoDUHPFDVRGHIUDFDVVR(RIUDFDVVR
pVHPSUHSRVVtYHO8QLFDPHQWHXPIRUoDGRHQWUHGH]FRQVHJXHHYDGLQGRVH³PXGDUGHVRUWH´
2V TXH VH UHVROYHP D IXJLU VmR HP JHUDO RV FRQGHQDGRV D ORQJDV SHQDV TXLQ]H YLQWH DQRV
SDUHFHPHWHUQRVHHVVDVFULDWXUDVHVWmRVHPSUHSURQWDVD³PXGDUGHVRUWH´PHVPRDRFDERGH
GH]DQRVGHSULVmR(QILPRIHUUHWHQDWHVWDWDPEpPFRQVWLWXLXPREVWiFXOR³0XGDUGHVRUWH´p
DH[SUHVVmRWpFQLFDeHVVDDDPELomRTXHRIRUoDGRFRQIHVVDQRLQWHUURJDWyULRVHpDSDQKDGR
$H[SUHVVmRXPSRXFROLYUHVFDDSOLFDVHH[FHOHQWHPHQWHDRDWRTXHGHVLJQD7RGRHYDGLGRQmR
YLVD SUHFLVDPHQWH D OLEHUGDGH FRPSOHWD TXH HOH VDEH TXDVH LPSRVVtYHO SUHWHQGH
SULQFLSDOPHQWHRXSDVVDUSDUDRXWUDSULVmRRXYHUVHPDQGDGRSDUDXPDDOGHLDRXVHUMXOJDGR
RXWUDYH]SRUXPFULPHFRPHWLGRDRYDJDEXQGDU±HPVXPDLUSDUDTXDOTXHUSDUWHFRQTXDQWR
QmRVHMDSDUDDPHVPDLQWROHUiYHOFDGHLDGHRQGHHVFDSRX6HGXUDQWHRYHUmRHVVHVIXJLWLYRV
QmRHQFRQWUDPXPDEULJRLQHVSHUDGRSDUDRLQYHUQRDFKHJDUVHQmRGHVFREUHPSRUH[HPSOR
XPFDPSRQrVTXHFRQVLQWDHPDVLOiORVPHGLDQWHXPDUUDQMRTXDOTXHURXVHQmRFRQVHJXHP
jVYH]HVDWpPHGLDQWHXPFULPHXPSDVVDSRUWHTXHOKHVSHUPLWDYLYHURQGHTXLVHUHP±WRGRV
TXDQGR FKHJD R RXWRQR D PHQRV TXH WHQKDP VLGR DSDQKDGRV DQWHV WRUQDP HP EDQGRV
QXPHURVRVjVFLGDGHVHjVIRUWDOH]DVHVHID]HPLQWHUQDUQDVSULV}HVSDUDOiSDVVDUHPRLQYHUQR
FODURTXHQmRVHPDHVSHUDQoDGHIXJLUHPQRYDPHQWHTXDQGRFKHJDDSULPDYHUD
6REUH PLP WDPEpP D SULPDYHUD H[HUFLD D VXD LQIOXrQFLD 9HMRPH GH QRYR HVSLDQGR
DYLGDPHQWHRPXQGROLYUHDWUDYpVGDVIHQGDVGDSDOLoDGDILFDYDGHSpFRPDFDEHoDDSRLDGDD
XPDHVWDFDFRQWHPSODQGRFRPREVWLQDomRLQVDFLiYHODHUYDTXHYHUGHMDYDDRORQJRGRIRVVRGR
UHFLQWRHRFpXORQJtQTXRTXHVHWRUQDYDFDGDYH]PDLVD]XO0LQKDLQTXLHWDomRPLQKDDQJ~VWLD
DXPHQWDYDP GLD D GLD H R SUHVtGLR LDVH WRUQDQGR XP LQIHUQR VHPSUH SLRU 2 yGLR TXH PLQKD
TXDOLGDGH GHEDULQH PH JUDQMHDUD JUDWXLWDPHQWH HQWUH RV IRUoDGRV GXUDQWH RV SULPHLURV DQRV
HQYHQHQDUDPHDYLGDHHXMiQmRDVDELDWROHUDU0XLWDVYH]HVHQWmRSHGLDHQWUDGDQRKRVSLWDO
VHP QHFHVVLGDGH YHUGDGHLUD WmRVRPHQWH SDUD PH OLEHUWDU GDTXHOH yGLR REVWLQDGR H JHUDO TXH
QDGDSRGLDDPRUWHFHU³9RFrVEDULQHVWrPELFRVGHDoRSDUDQRVDFDEDUFRPDUDoD´GL]LDP
QRVRVSUHVRV&RPRHXLQYHMDYDjVYH]HVRVKRPHQVGDSOHEHTXHFKHJDYDPDRSUHVtGLR(VVHV
ORJRGHLQtFLRVHYLDPWUDWDGRVFRPRFRPSDQKHLURV
$VVLP QD SULPDYHUD R IDQWDVPD GD OLEHUGDGH HQWUHYLVWD D DOHJULD GH WRGD D QDWXUH]D VH
WUDGX]LDPSDUDPLPQXPDWULVWH]DQXPDLUULWDELOLGDGHDXPHQWDGDV'XUDQWHDVHPDQDGD3DL[mR
LQFOXtUDPPH HQWUH RV TXH GHYHULDP ID]HU D 3iVFRD 2 YHOKR VXERILFLDO GLYLGLUD R SUHVtGLR HP
VHWH VpULHV FRUUHVSRQGHQWHV jV VHWH VHPDQDV GD 4XDUHVPD &DGD JUXSR HUD FRPSRVWR GH XQV
WULQWD KRPHQV TXH GHYHULDP ID]HU VXFHVVLYDPHQWH DV VXDV GHYRo}HV H SDUD HVVH ILP HUDP
GLVSHQVDGRV GRV WUDEDOKRV (VVD VHPDQD GH GHVFDQVR PH IH] PXLWR EHP ËDPRV j LJUHMD TXH
ILFDYDDSHTXHQDGLVWkQFLDGDIRUWDOH]D±GXDVHDWpPHVPRWUrVYH]HVSRUGLD-iKiPXLWRWHPSR
TXH HX QmR HQWUDYD QXPD LJUHMD 2V RItFLRV GD 4XDUHVPD WmR IDPLOLDUHV j PLQKD LQIkQFLD QD
FDVDGHPHXSDLDVRUDo}HVVROHQHVDVSURVWUDo}HVWXGRLVVRPHUHYROYLDQDDOPDUHFRUGDo}HV
GHKiPXLWRDSDJDGDVWXGRPHWUD]LDHYRFDo}HVGDPHQLQLFH5HYLYRDLQGDRSUD]HUTXHVHQWLD
TXDQGRSHODPDQKmSLVDQGRDWHUUDJHODGDSHORIULRGDQRLWHQyVQRVGLULJtDPRVVREHVFROWDSDUD
DFDVDGH'HXV)LFiYDPRVQXPJUXSRSHUWRGDSRUWDQR~OWLPROXJDUQmRHVFXWiYDPRVTXDVHD
YR]JUDYHGRGLiFRQRHGHWHPSRVHPWHPSRVDYLVWiYDPRVSRUVREUHDWXUEDDFDVXODQHJUDRXR
FUkQLRFDOYRGRSRSH(QWmRHXPHUHYLDFULDQoDROKDQGRSDUDDJHQWHGRSRYRTXHIRUPDYDXP
JUXSR DSLQKDGR QD SRUWD GD LJUHMD H TXH UHFXDYD VHUYLOPHQWH DQWH XPD GUDJRQD GRXUDGD XP
VHQKRUEDUULJXGRRXXPDVHQKRUDGHYRWDGHVDLDURoDJDQWH±RVGRQRVGDVSULPHLUDVILODV/iQD
SRUWDMXQWRjHQWUDGDDRTXHPHSDUHFLDHQWmRDVSHVVRDVQmRGHYHULDPUH]DUFRPRQRVOXJDUHV
TXH QyV RFXSiYDPRV SURVWUDGDV QR FKmR RUDYDP FRP IHUYRU UHVLJQDGR FRP SHUIHLWD
FRQVFLrQFLDGDSUySULDKXPLOGDGH(DJRUDHUDHXTXHOKHVRFXSDYDROXJDU±HQHPVHTXHUR
PHVPR OXJDU QyV FDUUHJiYDPRV FDGHLDV pUDPRV RV UpSURERV WRGRV VH DIDVWDYDP GH QyV
SDUHFLDP QRV WHPHU GDYDPQRV HVPRODV H GLDULDPHQWH HX GHVFREULD QDTXLOR XPD VHQVDomR
DJUDGiYHO HVSHFLDOtVVLPD XP FRQWHQWDPHQWR HVWUDQKR H UHTXLQWDGR ³(VWi PXLWR EHP´ GL]LD D
PLP SUySULR 2V IRUoDGRV UH]DYDP FRP JUDQGH IHUYRU H WRGRV HOHV GLD DSyV GLD WUD]LDP j
LJUHMDRVHXPLVHUiYHOFRSHTXHSDUDXPFtULRRXSDUDRSHGLWyULR³(XWDPEpPVRXXPKRPHP
SHQVDYDP GHFHUWR HQTXDQWR GDYDP D HVPROD GLDQWH GH 'HXV VRPRV WRGRV LJXDLV´
&RPXQJDPRVQDSULPHLUDPLVVD4XDQGRRSDGUHVHJXUDQGRRFLEyULRUHFLWRXDRUDomR³&RPR
R ODGUmR HX YRV GLJR OHPEUDLYRV GH PLP 6HQKRU TXDQGR HVWLYHUGHV QR YRVVR UHLQR´ TXDVH
WRGR R QRVVR JUXSR VH SURVWHUQRX FRP XP WLOLQWDU GH IHUURV WRPDQGR HVVDV SDODYUDV DR Sp GD
OHWUD
0DV DILQDO FKHJRX D 3iVFRD $ DGPLQLVWUDomR QRV PDQGRX GDU D FDGD XP XP RYR H XP
SHGDoRGHSmREUDQFR1RYDPHQWHDVHVPRODVFKRYHUDPVREUHRSUHVtGLRRXWUDYH]UHFHEHPRVD
YLVLWDGRSRSHFRPDFUX]HDYLVLWDGRVFKHIHVGHQRYRWLYHPRVDJRUGDVRSDGHFRXYHVGRVGLDV
GHIHVWDEHEHGHLUDRGLDYDGLRFRPRQR1DWDO±FRPD~QLFDGLIHUHQoDGHTXHDJRUDDJHQWH
SRGLDSDVVHDUQRSiWLRHVHDTXHFHUDRVRO7XGRSDUHFLDPDLVFODURPDLVYDVWRTXHQRLQYHUQRH
WDPEpPPDLVWULVWH2VORQJRVGLDVGHSULPDYHUDHUDPLQWHUPLQiYHLVVREUHWXGRQRVIHULDGRVDV
KRUDVGHWUDEDOKRSDVVDPPXLWRPDLVGHSUHVVDJUDoDVDRODERUTXHDVHQFXUWD
2VWUDEDOKRVGRHVWLRFRPHIHLWRVHUHYHODUDPPXLWRPDLVSHQRVRVTXHDODEXWDGRLQYHUQR
2FXSDYDPVH SULQFLSDOPHQWH RV IRUoDGRV QDV FRQVWUXo}HV GH HQJHQKDULD 8QV HGLILFDYDP RX
FDYDYDP D WHUUD FRORFDYDP WLMRORV UHDOL]DYDP WUDEDOKRV GH VHUUDOKHULD GH PDUFHQDULD GH
SLQWXUD 2V RXWURV LDP jV RODULDV SUHSDUDU RV WLMRORV ± FRLVD TXH FRQVLGHUiYDPRV FRPR D PDLV
SHQRVDGDVWDUHIDV$RODULDILFDYDDTXDWURYHUVWDVGRSUHVtGLR¬VVHLVKRUDVGDPDQKmHPFDGD
GLD GD HVWDomR ERQLWD XP JUDQGH JUXSR GH IRUoDGRV ± FHUFD GH FLQTXHQWD KRPHQV ± VH GLULJLD
SDUDOi(VFROKLDPVHSDUDHVVHJrQHURGHVHUYLoRRVVLPSOHVWUDEDOKDGRUHVEUDoDLVLVWRpRVTXH
QmRWLQKDPRItFLRHSRUWDQWRQmRSHUWHQFLDPDQHQKXPDRILFLQD/HYDYDPFRQVLJRRSmRSRLVD
GLVWkQFLDDTXHILFDYDDRODULDLPSRVVLELOLWDYDDYROWDSDUDDUHIHLomRDVVLPSDUDVHSRXSDUHPj
FDPLQKDGD GH RLWR YHUVWDV LQ~WHLV Vy FRPLDP R MDQWDU D QRLWH TXDQGR UHJUHVVDYDP )L[DYDP
OKHV SHOD PDQKm D WDUHID GR GLD PDV WDUHID WmR JUDQGH TXH GLILFLOPHQWH D H[HFXWDYDP (UD
SUHFLVRSULPHLURDUUDQFDUREDUURFDUUHJiORSDUDDIRVVDHPVHJXLGDWUD]HUiJXDSDUDPROKDU
DTXHOHEDUURHDPDVViORFRPRVSpVGHSRLVHQILPGLYLGLORQXPQ~PHURUHVSHLWiYHOGHWLMRORV
GX]HQWRV RX GX]HQWRV H FLQTXHQWD VH EHP PH OHPEUR 6y GXDV YH]HV IXL SDUD HVVH WUDEDOKR 2V
TXH j QRLWH YROWDYDP GD RODULD HVWDYDP H[WHQXDGRV PDO VDWLVIHLWRV H D WRGR R PRPHQWR VH
DFXVDYDPUHFLSURFDPHQWHGHVHSRXSDUHPHPSUHMXt]RGRVGHPDLV'HYHULDPHQFRQWUDUQDTXLOR
XPDHVSpFLHGHFRQVROR(QWUHWDQWRDOJXQVLDPGHERPJUDGRSDUDDRODULDOiGRRXWURODGRGD
FLGDGH QXP ORFDO GHVFREHUWR j PDUJHP GR ,UW\ FK DYLVWDYDVH XPD SDLVDJHP PXLWR PDLV
DJUDGiYHODRVROKRVTXHDVFRQVWUXo}HVGRJRYHUQRDGHPDLVSRGLDVHIXPDUOLYUHPHQWHHDWp
PHVPRVHVWHDUGXUDQWHXPDPHLDKRUD
4XDQWR D PLP LD FRPR DQWHV WUDEDOKDU QXPD RILFLQD RX SUHSDUDU DODEDVWUR RX FDUUHJDU
WLMRORVSDUDRVSHGUHLURVQDVFRQVWUXo}HV(PFHUWDpSRFDHXWLQKDTXHWUDQVSRUWDUPLQKDFDUJD
GHWLMRORVDWpjPDUJHPGR,UW\ FKDXPTXDUWHOTXHHVWDYDVHQGRHGLILFDGRDFHQWRHFLQTXHQWD
PHWURVGRULRGHYLDDWUDYHVVDURIRVVRGDQRVVDIRUWDOH]DDQWHVGHOiFKHJDU(VVHWUDEDOKRGXURX
GRLVPHVHVVHPLQWHUUXSomR7RPHLSRUHOHFHUWRJRVWRHPERUDDFRUGDFRPDTXDODPDUUDYDRV
WLMRORV PH IHULVVH RV RPEURV 6HQWLD TXH DV IRUoDV PH FUHVFLDP D SULQFtSLR QmR SRGLD VHQmR
FDUUHJDURLWRWLMRORVTXHSHVDYDPFHUFDGHGR]HOLEUDVGHSRLVFRQVHJXLFKHJDUDXPDG~]LDH
DWpPHVPRDTXLQ]HWLMRORV±FRLVDTXHPHHQFDQWDYD3DUDVXSRUWDUWRGDV DV PLVpULDV GDTXHOD
YLGDPDOGLWDDIRUoDItVLFDQmRpPHQRVQHFHVViULDTXHDIRUoDPRUDO
eTXHHXDLQGDTXHULDYLYHUGHSRLVGRSUHVtGLR
6HHQFRQWUDYDSUD]HUQHVVHWUDEDOKRQmRHUDDSHQDVSRUTXHHOHPHIRUWLILFDYDPDVSRUTXH
VHUHDOL]DYDQDPDUJHPGR,UW\ FK(UDR~QLFRORFDO±HSRULVVRIDORQHOHFRPWDQWDIUHTXrQFLD±
GH RQGH VH SRGLD HQWUHYHU R XQLYHUVR RV KRUL]RQWHV OXPLQRVRV DV OLYUHV HVWHSHV GHVHUWDV FXMD
QXGH]PHSURYRFDYDXPDLPSUHVVmRHVWUDQKD(UDWDPEpPR~QLFRORFDOGHRQGHVHSRGLDGDUDV
FRVWDV j IRUWDOH]D SRUTXH WRGRV RV RXWURV SRQWRV GH WUDEDOKR VH HQFRQWUDYDP QD YL]LQKDQoD
LPHGLDWD RX QR LQWHULRU GDTXHOD FDVD VLQLVWUD 'HVGH RV SULPHLURV GLDV HX OKH WRPDUD yGLR
SULQFLSDOPHQWH D DOJXPDV GDV VXDV GHSHQGrQFLDV D UHVLGrQFLD GR QRVVR PDMRU PH SDUHFLD XP
ORFDOPDOGLWRDERPLQiYHOHFDGDYH]TXHOKHSDVVDYDGHIURQWHDWLUDYDOKHXPROKDULUDGR1D
PDUJHPGR,UW\ FKHXSRGLDHVTXHFHULVVRWXGRHGHIURQWDQGRDYDVWLGmRLQILQLWDROKDYDDFRPR
RSULVLRQHLURHVSLDSDUDRPXQGROLYUHSHODVHWHLUDGDVXDFHOD7XGRDOLPHHUDTXHULGR±RVUDLRV
FHJDQWHV GR VRO QRV DELVPRV D]XLV GR FpX DV FDQWLJDV ORQJtQTXDV GRVNLUJKL]HV TXH VXELDP GD
PDUJHP RSRVWD 4XDQGR D JHQWH ROKDYD FRP SDFLrQFLD DFDEDYD DYLVWDQGR D SREUH\XUWH
HQIXPDoDGDGXPDEDLJXFKH TXDOTXHUFRQWHPSODVHDIXPDoDTXHVDLGDWHQGDHXPDPXOKHU
NLUJKL]HTXHOLGDDRUHGRUGHGRLVFDUQHLURV7XGRDTXLORpSREUHHVHOYDJHPPDVOLYUH$YLVWDVH
XPSDVVDULQKRQRD]XOWUDQVSDUHQWHGRFpXHORQJDHREVWLQDGDPHQWHDFRPSDQKDVHRVHXYRR
FRPRROKDUHLORTXHURoDDiJXDHLORTXHVHSHUGHQRD]XOHLOROiORQJHFRPRXPSRQWLQKR
PLQ~VFXOR0HVPRDIORULQKDGRHQWLDTXHHXHQFRQWUDYDQRFRPHoRGDSULPDYHUDHPDOJXPD
IHQGDGHURFKDPHDWUDtDDDWHQomRPRUELGDPHQWH$DQJ~VWLDGDTXHOHSULPHLURDQRGHSUHVtGLR
HUD LQWROHUiYHO HQHUYDQWH KRUULYHOPHQWH DPDUJD ,PSHGLDPH GH REVHUYDU XPD SRUomR GH
FRLVDV DR PHX UHGRU )HFKDYD RV ROKRV UHFXVDYDPH D YHU (QWUH RV PHXV FRPSDQKHLURV WmR
KRVWLVWmRRGLHQWRVQmRYLDQmRGHVFREULDSHVVRDVFDSD]HVGHVHQWLUHSHQVDU DSHVDU GD FDVFD
UHSXJQDQWH TXH OKHV GLVVLPXODYD D QDWXUH]D UHDO (QWUH DV IUDVHV YHQHQRVDV QmR VDELD WDPEpP
GLVWLQJXLU DV SDODYUDV DPLJiYHLV DIHWXRVDV WDQWR PDLV DSUHFLiYHLV SRUTXH PXLWDV YH]HV YLQKDP
GLUHWDPHQWHGRFRUDomRGHXPKRPHPTXHVRIUHUDPDLVGRTXHHX$LSDUDTXHPHDORQJDUD
HVVH UHVSHLWR" 6HQWLDPH PXLWR IHOL] TXDQGR YROWDYD SDUD D IRUWDOH]D H[DXVWR SHOR PHQRV
GRUPLULD3RUTXHQRYHUmRRVRQRHUDPDLVWRUPHQWRVRVHQmRSLRUTXHQRLQYHUQR3DUDIDODUD
YHUGDGH QyV WtQKDPRV jV YH]HV EHOtVVLPDV WDUGHV 2 VROTXH QmR SDUDUD GH EDQKDU R SiWLR GD
IRUWDOH]D GHLWDYDVH DILQDO 2 DU UHIUHVFDYD H GHSUHVVD D IULD QRLWH GDV HVWHSHV ± IULD
UHODWLYDPHQWH ± QRV HQYROYLD 2V SUHVRV HVSHUDQGR TXH RV WUDQFDVVHP SDVVHDYDP HP EDQGR
SHOR SiWLR $ PDLRULD HQWUHWDQWR DJUXSDYDVH GH SUHIHUrQFLD QDV FR]LQKDV /i GHEDWLDPVH
TXHVW}HV GH RUGHP JHUDO GLVFXWLDVH LVWR DTXLOR UHFROKLDPVH DOJXQV ERDWRV PXLWDV YH]HV
DEVXUGRVPDVTXHGHVSHUWDYDPH[WUDRUGLQiULDFXULRVLGDGHQDTXHOHVHQWHVVHJUHJDGRVGRPXQGR
GRVYLYRVDVVLPSRUH[HPSORFRQWDYDVHTXHRQRVVRPDMRUIRUDWUDQVIHULGR2VIRUoDGRVVmR
FUpGXORVFRPRFULDQoDVVDEHPPXLWREHPTXHDQRWtFLDpDEVXUGDTXH.YDVVRYVHXSRUWDGRUp
XP WDJDUHOD QRWyULR XP PHQWLURVR LQFDSD] GH GL]HU XPD SDODYUD D TXDO VH SRVVD GDU FUpGLWR
HQWUHWDQWRWRGRVWRPDPFRQWDGDQRWtFLDHPLWHPRSLQLmRUHMXELODPVHHQRILPHQYHUJRQKDP
VHSRUVHKDYHUHPGHL[DGRHQJDQDUSRU.YDVVRY
±(TXHPRPDQGDULDHPERUD"±H[FODPDXPIRUoDGR±³2LWR2OKRV´WHPDVFRVWDVODUJDV
KiGHDSDUDURJROSH
±6LPPDVDWpHOHWDPEpPWHPFKHIHV±EUDGDXPUDSD]DUGHQWHTXHQmRWHPQDGDGHWROR
TXHMiYLXPXLWDFRLVDHGiDYLGDSRUGLVFXWLU
± 2V ORERV QmR VH FRPHP XQV DRV RXWURV ± UHVPXQJD XP WHUFHLUR KRPHP GH FDEHOR
JULVDOKRTXHWRPDDVXDVRSDVR]LQKRDXPFDQWR
±(WXDFKDVTXHRVFKHIHVYLUmRSHGLUWXDRSLQLmRSDUDVDEHUVHSRGHPPDQGDURPDMRUjV
IDYDV" ± DFUHVFHQWD FRP LPSDFLrQFLD XP TXDUWR SUHVR YLEUDQGR FRP LQGLIHUHQoD XPD GDV
FRUGDVGDEDODODLFD
±(SRUTXHQmRVHQRVMXQWDUPRVWRGRV"±WRUQDRVHJXQGRH[DOWDGR±0DVDTXLRSHVVRDOVy
SUHVWDSDUDEDWHUFRPDOtQJXDQRVGHQWHVTXDQGRVHFKHJDDRVIDWRVMiQmRKiPDLVQLQJXpP
±(VVHFRLWDGRSDUHFHTXHQmRVDEHTXHHVWiQRSUHVtGLR±UHWUXFDRWRFDGRUGHEDODODLFD
±2XWURGLD±FRQWLQXRXRGLVFXWLGRUVHPRHVFXWDU±VREURXXPSRXFRGHIDULQKD-XQWDUDP
DWp R ~OWLPR SXQKDGR H OHYDUDP SDUD YHQGHU ± HUD XP UHVWLQKR QmR UHQGHULD QDGD 3RUpP HOH
VRXEH)L]HUDPXPUHODWyULRHDIDULQKDIRLFRQILVFDGD±³PHGLGDGHHFRQRPLD´,VVRVHUiMXVWR"
±0DVDTXHPpTXHWXTXHULDVWHTXHL[DU"
±$TXHP"$RLQVSHWRUTXHHVWiSDUDFKHJDU
±4XHLQVSHWRU"
±eYHUGDGHTXHHVWiSDUDFKHJDUXPLQVSHWRULUPmRV±H[SOLFRXXPPRoRIRUoDGRPXLWR
EHP SRVWR LQVWUXtGR DQWLJR HVFUHYHQWH GH EDWDOKmR TXH Mi OHUD D'XTXHVD GH /D 9DOOLqUH  RX
TXDOTXHU RXWUR IROKHWLP GR JrQHUR (UD XP SDOKDoR HWHUQR PDV RV IRUoDGRV JRVWDYDP GR VHX
GHVHPEDUDoR ( VHP SUHVWDU QHQKXPD DWHQomR j FXULRVLGDGH JHUDO GHVSHUWDGD SHOD QRWtFLD GD
IXWXUDFKHJDGDGRLQVSHWRUHOHVHGLULJLXDRIRJmRDILPGHSHGLUj³FR]LQKHLUD´XPDSRUomRGH
ItJDGR2VFR]LQKHLURVYHQGLDPVHPSUHSUDWRVGHVVDHVSpFLHFRPSUDYDPSRUH[HPSORXPERP
SHVR GH ItJDGR TXH LDP FRUWDQGR HP SHGDoRV H IULWDYDP SDUD RV IRUoDGRV TXH RV SRGLDP
FRPSUDU
±'RLVRXTXDWURFRSHTXHV"±LQGDJRXD³FR]LQKHLUD´
± &RUWD SDUD TXDWUR FRSHTXHV 6H DOJXpP ILFDU FRP D ERFD FKHLD GH iJXD QmR WHQKR QDGD
FRPLVVR±UHVSRQGHXRIRUoDGR±8PJHQHUDOPHXLUPmRXPJHQHUDOGH3HWHUVEXUJRHVWiD
FDPLQKRYHPSDVVDUUHYLVWDHPWRGDD6LEpULDeYHUGDGHGLVVHUDPLVVRQDFDVDGRJRYHUQDGRU
$ QRWtFLD SURYRFRX XPD VHQVDomR H[WUDRUGLQiULD 'XUDQWH XP TXDUWR GH KRUD FUX]DUDPVH
SHUJXQWDV VREUH TXHP VHULD HVVH JHQHUDO TXH WtWXOR XVDULD VH VHULD PDLV LPSRUWDQWH TXH RV
JHQHUDLVGDTXL)DODUGHSDWHQWHVHFKHIHVVDEHUTXHPWHPSUHFHGrQFLDTXHSRGHID]HUFRP
TXHRVRXWURVVHFXUYHPGLDQWHGHTXHPRFRPDQGDQWHWHUiTXHVHLQFOLQDU±VmRDVVXQWRVTXHRV
IRUoDGRV JRVWDP GH GLVFXWLU e XP DVVXQWR TXH RV HQWUHWpP PXLWR GLVFXWHP D]HGDPHQWH
LQMXULDPVHFKHJDPTXDVHDVHDJDUUDUSRGHVHVXSRUTXHQmRWrPQLVVRQHQKXPLQWHUHVVHPDV
p SHOR FRQKHFLPHQWR PLQXFLRVR GRV IDWRV DGPLQLVWUDWLYRV TXH VH PHGH HQWUH HOHV R JUDX GH
LQWHOLJrQFLDGRVLQGLYtGXRVGDLQVWUXomRDGTXLULGDDQWHVGDSULVmRGROXJDURFXSDGRQDVRFLHGDGH
IDODUGDVDOWDVHVIHUDVGiLJXDOPHQWHXPDUHSXWDomRGHVHULHGDGHHHOHJkQFLD
±9RFrVHVWmRYHQGRPHVPRTXHpYHUGDGHUDSD]HVRPDMRUYDLVHUSRVWRSDUDIRUDGDTXL±
REVHUYD.YDVVRYRKRPHQ]LQKRYHUPHOKDoRH[DOWDGRHHVW~SLGRTXHIRUDRSULPHLURDDJLWDUD
KLVWyULD
± 2UD (OH VROWD RV FREUHV H Gi XP MHLWLQKR ± FRPHQWRX FRP YR] UHVIROHJDQWH R SUHVR
YHOKXVFRTXHDFDEDUDGHWRPDUDVXDVRSDGHFRXYHV
±6LPEHPSRGHVHU±DMXQWDXPRXWUR±)D]PXLWRWHPSRTXHHOHHFRQRPL]DSRLVMiHUD
PDMRU DQWHV TXH QyV FKHJiVVHPRV DTXL 8OWLPDPHQWH DQGRX DUUDVWDQGR D DVD j ILOKD GR
SURWRSRSH 
± 0DV QmR FDVRX 0RVWUDUDPOKH D SRUWD R TXH SURYD TXH ³2LWR2OKRV´ QmR WHP YLQWpP
,PDJLQHTXHOLQGRQRLYR4XDQGRVHOHYDQWDGDFDGHLUDVHXJXDUGDURXSDWRGRVHOHYDQWDFRP
HOH1D3iVFRDSHUGHXWXGRQRMRJR)RL)HGNDTXHFRQWRX
± ,VVR PHVPR 2 FDPDUDGD QmR JRVWD GH VROWDU RV FRSHTXHV SRUpP GHVWD YH] ILFRX D
QHQKXP
±$LLUPmRVFRLVDUXLPpFDVDPHQWRSDUDTXHPpSREUH(QWHQGRXPSRXFRGLVVR$QRLWH
GHQ~SFLDVpFXUWDGHPDLV±FRPHQWD6NXUDWRYTXHDFDEDGHHQWUDUQDFRQYHUVD
±6XS}HVWDOYH]TXHHVWDPRVIDODQGRGHWL"±UHWUXFDRUDSD]GHVSDFKDGRRDQWLJRHVFUHYHQWH
± 7X .YDVVRY pV XP FUHWLQR VH SHQVDV TXH XP PDMRU SRVVD VXERUQDU XP JHQHUDO H TXH XP
JHQHUDOYHQKDDTXLSDUDLQVSHFLRQDURPDMRUeVPHVPRXPLGLRWDUDSD]
±(TXHpTXHWHP"8PJHQHUDOQmRSRGHUHFHEHUQXQFDXPDJRUMHWD"±LQGDJDXPFpWLFR
±&HUWDPHQWHTXHQmR(VHUHFHEHQmRpQHQKXPDERODFKDTXHEUDGD
±&ODURTXHDERODGDpJUDQGH±YDLFUHVFHQGRGHDFRUGRFRPDSDWHQWH
±8PJHQHUDOUHFHEHJUDWLILFDomRGHTXDOTXHUXP±DILUPD.YDVVRYFRPVREHUEDVHJXUDQoD
±-iGHVWHJRUMHWDDDOJXPJHQHUDO±JR]D%DNOXFKLQHTXHHQWUDGHV~ELWR±2TXHHXTXHUR
VDEHUpLVWRRQGHIRLTXHMiYLVWHXPJHQHUDO"
±6LPMiYLXP
±0HQWLURVR
±0HQWLURVRpVWX
± %HP UDSD]HV VH HOH Mi YLX XP YDL QRV FRQWDU GH TXH MHLWR p R KRPHP $QGD IDOD HX
FRQKHoRWRGDTXDOLGDGHGHJHQHUDLV
±9LRJHQHUDO6LHEHUW±UHVSRQGHX.YDVVRYHPWRPKHVLWDQWH
±6LHEHUW"1mRKiJHQHUDOQHQKXPFRPHVVHQRPH'HFHUWRHVWiVIDODQGRQXPTXHWHROKRXR
ORPERTXDQGRWHDoRLWDYDP6LHEHUWSRGHULDVHUQRPi[LPRWHQHQWHFRURQHO)RLRWHXPHGRTXH
OKHGHXSDWHQWHGHJHQHUDO
± 1mR HVFXWD ± JULWD 6NXUDWRY ± 6RX XP KRPHP VpULR VRX XP KRPHP FDVDGR +DYLD XP
JHQHUDO 6LHEHUW HP 0RVFRX HUD DOHPmR PDV DJRUD p UXVVR 7RGRV RV DQRV GLD GD $VVXQomR
FRQIHVVDYDVH D XPSRSH (QFKLDVH GH iJXD FRPR XP SDWR ± TXDUHQWD FRSRV GH iJXD GR
0RVFRYDWRGRVRVGLDV'L]LDVHTXHHQJROLDHVVHiJXDWRGDSDUDVHFXUDUGXPDGRHQoDIRLRVHX
FULDGRGHTXDUWRTXHPHFRQWRX
±6HUiTXHHOHWLQKDSHL[LQKRVQDWULSD"±LQGDJRXRSUHVRGDEDODODLFD
±(VWiDt$JHQWHIDODQGRDVpULRHHOHVYrPFRPFDQDOKLVPR4XHPpHVVHLQVSHWRULUPmR"
±SHUJXQWRX0DUWLQRYXPYHOKRGDVHomRPLOLWDUTXHIRUDKXVVDUGR
± 7XGR LVVR p PHQWLUD ± DILUPRX XP GRV FpWLFRV ± 'H RQGH p TXH HVVD JHQWH LQYHQWD WDQWD
PHQWLUD"
±1mRpPHQWLUDQHQKXPD±H[SOLFRXGRJPDWLFDPHQWH.XOLNRYTXHDWpHQWmRVHPDQWLYHUD
QXPVLOrQFLRPDMHVWRVR
(UD XP VXMHLWR SHVDGmR GXQV FLQTXHQWD DQRV GH LGDGH FRP IHLo}HV H[WUDRUGLQDULDPHQWH
FRUUHWDVHPRGRVGHVGHQKRVRV±FRLVDGHTXHPXLWRVHRUJXOKDYD7LQKDVDQJXHFLJDQRQDVYHLDV
9HWHULQiULR GH SURILVVmR WUDWDYD GRV FDYDORV GD FLGDGH R TXH QmR LPSHGLD GH QD SULVmR VHU
ERWHTXLQHLUR7LQKDYLVWRPXLWDFRLVDHUDLQWHOLJHQWHHGHL[DYDFDLUDVSDODYUDVGHERFDFRPRVH
IRVVHPGHRXUR
±eDYHUGDGHSXUDLUPmRV±FRQWLQXRXQRVHXWRPVRVVHJDGR±1DVHPDQDSDVVDGDRXYL
FRQWDULVVRPHVPR8PJHQHUDOHVWiPHVPRDFDPLQKR±JHQHUDOGRVGHJDOmRJUDQGHDILPGH
LQVSHFLRQDUD6LEpULDGHFDERDUDER+iGHVHUDFRLVDGHVHPSUHYDLUHFHEHUVHXVSUHVHQWLQKRV
SRUpPQmRGRQRVVRPDMRU³2LWR2OKRV´(VVHQmROKHKiGHFKHJDUQHPSHUWR+iJHQHUDLVHKi
JHQHUDLVLUPmRV+iJHQHUDLVGHWRGDHVSpFLH0DVSRVVRJDUDQWLUDYRFrVTXHTXDQWRDRQRVVR
PDMRU ILFD SRU DTXL PHVPR 1yV YDPRV ILFDU GH ELFR FDODGLQKR FRPR VHPSUH H QHP RV
JUDQGRODVGDTXLVHDWUHYHUmRDGHQXQFLiOR2LQVSHWRUFRUUHUiWRGDDIRUWDOH]DHLUiHPERUDVHP
GL]HUQDGDGHSRLVIDUiXPUHODWyULRFRQWDQGRTXHHQFRQWURXWXGRDTXLHPSHUIHLWDRUGHP
± 6LP HQWUHWDQWR R PDMRU HVWi FRP PHGR QmR p j WRD TXH DQGD ErEDGR GHVGH TXH R GLD
DPDQKHFH
±(KRMHjWDUGHWRPRXFDUJDQRYDIRL)HGNDTXHFRQWRX
±1mRDGLDQWDHVIUHJDUXPFDYDORSUHWRSDUDYHUVHHOHILFDEUDQFR6HUiTXHYRFrVQXQFD
YLUDPRPDMRUErEDGRDQWHV"
±'HTXDOTXHUIRUPDVHUiXPD]DUVHRJHQHUDOQmRIL]HUQDGD3RUTXHHVWDYDQDKRUDGHGDU
XPILPQDTXHOHEDQGLGR±FRPHQWDYDPRVIRUoDGRVDQLPDGtVVLPRV
$ QRWtFLD GD YLQGD GR LQVSHWRU HVSDOKRXVH QXP SLVFDU GH ROKRV 1R SiWLR RV KRPHQV D
UHSHWLDP FRP SUHFLSLWDomR 3URFXUDYDP DOJXQV PRVWUDU VLOrQFLR H VDQJXH IULR SDUD VH GDUHP
DUHV GH LPSRUWkQFLD 2XWURV ILFDYDP LQGLIHUHQWHV 1DV SRUWDV GDV FDVHUQDV LQVWDODYDPVH RV
WRFDGRUHV GH EDODODLFD $OJXQV FRQWLQXDYDP D WDJDUHODU HQTXDQWR RXWURV HQWRDYDP FDQWLJDV ±
WRGRVSRUpPQDTXHOHVHUmRVHPRVWUDYDPH[FLWDGtVVLPRV
3HODV GH] KRUDV GHSRLV GD FKDPDGD HUDP DIHUUROKDGRV QDV FDVHUQDV $SHVDU GDV QRLWHV
FXUWDV ID]LDPQRV OHYDQWDU jV FLQFR KRUDV PDV QLQJXpP DGRUPHFLD DQWHV GDV RQ]H $Wp HQWmR
KDYLD VHPSUH R YDLYpP GDV FRQYHUVDV H DOJXPDV SDUWLGDV GH MRJR FRPR QR LQYHUQR (PERUD
HQWUDVVHDUIUHVFRSHODMDQHODDEHUWDRDEDIDPHQWRHUDLQWROHUiYHO2VGHWHQWRVVHDJLWDYDPQDV
WDULPEDV FRPR VH GHOLUDVVHP 0LOK}HV GH SXOJDV QRV SLFDYDP -i QXPHURVDV QR LQYHUQR HODV
SXOXODYDP QD SULPDYHUD HP SURSRUo}HV LQLPDJLQiYHLV H TXDQGR PDLV DYDQoDYD R FDORU PDLV
DJUHVVLYDVLDPILFDQGR$JHQWHSRGHVHDFRVWXPDUjVSXOJDV±VHLGLVVRSRUH[SHULrQFLDSUySULD±
PDVRDSUHQGL]DGRpH[WUHPDPHQWHSHQRVRRWRUPHQWRVHWRUQDWmRLQVXSRUWiYHOTXHDWpIHEUH
Gi H DWUDYpV GR VRQR D JHQWH VDEH TXH HP YH] GH GRUPLU HVWi GHOLUDQGR (QILP TXDQGR j
DSUR[LPDomR GD PDGUXJDGD DV SXOJDV IDUWDV VH DTXLHWDYDP H XP VRQR VXDYH QRV WRPDYD D
LPSODFiYHODOYRUDGDUXIDYDQRVWDPERUHV$JHQWHVHHQURODYDQDSHOHGHFDUQHLURHHVFXWDYD
FRPSUDJDVDVSDQFDGDVLQWHUFDODGDVGRWDPERUFRPRVHIRVVHSUHFLVRFRQWiODVHDRPHVPR
WHPSR DWUDYpV GR UHVWR GR VRQR YLQKDQRV D LGHLD GHVDJUDGDELOtVVLPD GH TXH DPDQKm VHULD D
PHVPD FRLVD H GHSRLV GH DPDQKm H GXUDQWH PXLWRV DQRV VHJXLGRV DWp j KRUD GD OLEHUWDomR
4XDQGRVRDUiHVVDKRUD"$JHQWHFLVPD(HQTXDQWRHVSHUDpPLVWHUDFRUGDU D EDUXOKDGD R
UDPHUUmRFRVWXPHLURVHLQLFLDPRVKRPHQVVHYHVWHPSUHFLVDPVDLUGHSUHVVDSDUDRWUDEDOKR
3RUIHOLFLGDGHSRGHUVHiID]HUXPDKRUDGHVHVWD
$ KLVWyULD GD YLQGD GR LQVSHWRU HUD YHUGDGHLUD 2V ERDWRV VH FRQILUPDYDP GLDULDPHQWH H
DILQDO GH FRQWDV VRXEHVH FRP WRGD D FHUWH]D TXH XP DOWR IXQFLRQiULR GH 3HWHUVEXUJR XP
JHQHUDOYLQKDLQVSHFLRQDUD6LEpULDLQWHLUDTXHMiFKHJDUDTXHMiHVWDYDHP7REROVN&DGDGLD
QRYDVPLQ~FLDVDSDUHFLDPQRSUHVtGLR7UD]LDPVHERDWRVGDFLGDGHFRQWDYDVHTXHOiRSHVVRDO
DGPLQLVWUDWLYRWUHPLDTXHWRGRVRVIXQFLRQiULRVVHHVIRUoDYDPSRUPRVWUDUVHVREERPDVSHFWR
TXH DV DOWDV HVIHUDV RUJDQL]DYDP j SRUILD IHVWDV EDLOHV UHFHSo}HV 0DQGDYDPVH JUXSRV
FRPSDFWRVGHIRUoDGRVDSODLQDUDVUXDVGDIRUWDOH]DDUUDQFDUFDSLPHHUYDVUHSLQWDUDSDOLoDGD
HDVHVWDFDVUHPHQGDUSDUHGHVFDLiODVHPVXPDSURFXUDYDPHQGLUHLWDUQXPDEULUHIHFKDUGH
ROKRV WXGR TXH SRGHULD VHU YLVWR 2V IRUoDGRV FRPSUHHQGLDP D FRXVD PXLWR EHP H VXDV
GLVFXVV}HVLDPILFDQGRFDGDGLDPDLVDUGHQWHVPDLVDXGDFLRVDV6XDIDQWDVLDXOWUDSDVVDYDWRGRV
RV OLPLWHV (VWDYDP GLVSRVWRV D H[SRU VXDV TXHL[DV DVVLP TXH R JHQHUDO OKHV SHUJXQWDVVH VH
HVWDYDPVDWLVIHLWRV,VVRQmRRVLPSHGLDGHEULJDUQHPGHWURFDULQVXOWRV2PDMRUHVWDYDVREUH
EUDVDV 9LQKD FRP PXLWR PDLV IUHTXrQFLD ID]HU LQVSHo}HV JULWDYD PDLV DWLUDYDVH FRP PDLRU
IXURUVREUHDVFULDWXUDVPDQGDYDDVSDUDRFRUSRGDJXDUGDSRUXPQDGDTXDOTXHUILVFDOL]DYD
LPSHUWLQHQWHPHQWH R DVVHLR H D RUGHP 1HVWH PRPHQWR FRPR GH SURSyVLWR VXFHGHX XP FDVR
TXHORQJHGHFRPRYHURQRVVRFKHIHFRPRVHULDGHHVSHUDUOKHGHXJUDQGHSUD]HU'XUDQWHXPD
EULJDXPJDOpIHULXXPRXWURHQILDQGROKHXPDVRYHODEHPSHUWRGRFRUDomR
2 IRUoDGR TXH FRPHWHUD R GHOLWR FKDPDYDVH /RPRY R IHULGR *DYULOND XP GHVVHV
YDJDEXQGRV HPSHGHUQLGRV GH TXH Mi IDOHL ,JQRUR VH WLQKD RXWUR QRPH SRLV HQWUH QyV Vy OKH
GDYDPHVVH/RPRYHUDXPPXMLTXHDEDVWDGRGDSURYtQFLDGH7GLVWULWRGH.7RGRVRV/RPRYL
YLYLDPMXQWRVRYHOKRRVWUrVILOKRVHXPLUPmR3DVVDYDPSRUULFRV&RUULDOiSHODDOGHLDTXH
SRVVXtDP SHOR PHQRV WUH]HQWRV PLO UXEORV HP SDSHO /DYUDYDP D WHUUD FXUWLDP SHOHV
FRPHUFLDYDP PDV VXD SULQFLSDO IRQWH GH UHQGD HUD D XVXUD UHFHSWDomR GH REMHWRV URXEDGRV
UHI~JLR DRV FULPLQRVRV HYDGLGRV H RXWUDV LQG~VWULDV GR PHVPR WLSR 0HWDGH GRV PXMLTXHV GR
GLVWULWR OKHV SHGLUD HPSUpVWLPRV H VH GHEDWLD HP VXDV JDUUDV 'L]LDVH TXH HUDP LQWHOLJHQWHV H
DVWXWRVSRUpPDFDEDUDPILFDQGRPXLWRVREHUERVSULQFLSDOPHQWHTXDQGRXPDOWRSHUVRQDJHPVH
WRPRXGHDPL]DGHSHORYHOKRSRUFDXVDGDVXDILQXUDGDVXDHVSHUWH]DHGHXSDUDVHKRVSHGDU
HP VXD FDVD TXDQGR GH YLDJHP 2V /RPRYL MXOJDUDP HQWmR TXH QmR SUHFLVDYDP WHPHU PDLV
FRLVDDOJXPDHFDGDGLDVHDIXQGDUDPPDLVHPQHJyFLRVHVFXVRV7RGRRPXQGRUHVPXQJDYD
FRQWUD HOHV ID]LDPVH YRWRV GH TXH VH VXPLVVHP D FHP SpV GHEDL[R GR FKmR ± PDV HOHV LDP
VHPSUH HUJXHQGR D FDEHoD FDGD YH] PDLV DOWR QHP D SROtFLD QHP RV MXt]HV OKHV ID]LDP PDLV
WHPRU(QILPSHUGHUDPRSpHFDtUDPQRIXQGRGRSUHFLStFLRVHPTXHRPRWLYRIRVVHRPDO
TXH KDYLDP IHLWR RX RV VHXV FULPHV FODQGHVWLQRV XPD DFXVDomR LQIXQGDGD EDVWRX SDUD RV
GHVJUDoDU 3RVVXtDP D GH] OpJXDV GD DOGHLD XPD JUDQGH SURSULHGDGH RQGH VHLV WUDEDOKDGRUHV
NLUJKL]HV TXH HOHV Ki PXLWR WHPSR KDYLDP UHGX]LGR j VHUYLGmR IRUDP SDVVDU R RXWRQR 8PD
QRLWH HQFRQWUDUDPVH RV VHLV KRPHQV DVVDVVLQDGRV &RPHoRXVH XP LQTXpULWR TXH GXURX PXLWR
WHPSR H WURX[H HVWUDQKDV UHYHODo}HV 2V /RPRYL IRUDP DFXVDGRV GD PRUWH GRV VHXV
WUDEDOKDGRUHV
(OHVSUySULRVWLQKDPFRQWDGRHVVDKLVWyULDGHPRGRTXHWRGRRSUHVtGLRDFRQKHFLD2SRYR
PDOGDUD TXH HOHV GHYLDP PXLWR GLQKHLUR DRV WUDEDOKDGRUHV H DSHVDU GD VXD IRUWXQD QRWyULD D
DYDUH]DGHOHVQRWyULDWDPEpPRVWRUQRXVXVSHLWRVGHVHKDYHUHPGHVHPEDUDoDGRGRVNLUJKL]HVD
ILPGHQmROKHVSDJDUHPRVVDOiULRV'XUDQWHRLQTXpULWRHDSULVmRSUHYHQWLYDWRGRVRVVHXVEHQV
VHGLVVLSDUDP2YHOKRPRUUHXRVILOKRVIRUDPGHSRUWDGRV8PGRVILOKRVHRWLRGHUDPFRPRV
RVVRV QD QRVVD IRUWDOH]D FRP VHQWHQoD GH GR]H DQRV ( FRQWXGR HVWDYDP DEVROXWDPHQWH
LQRFHQWHV GR FULPH TXH OKHV IRUD LPSXWDGR 8P EHOR GLD XP GRV QRVVRV GHWHQWRV *DYULOND
PDODQGURYDJDEXQGRFRQWXPD]GHJrQLRPXLWRDQLPDGRHDOHJUHJDERXVHGHVHURDXWRUGDV
PRUWHV 1mR VHL VH HOH IL]HUD FRQILVVmR FRPSOHWD HQWUHWDQWR WRGR R SUHVtGLR R FRQVLGHUDYD R
DVVDVVLQR GRV VHLVNLUJKL]HV 1R GHFRUUHU GDV VXDV YDJDEXQGDJHQV *DYULOND VH DFXPSOLFLDUD jV
YH]HVFRPRV/RPRYL(VWDYDSUHVRFRPRVROGDGRGHVHUWRUHYDJDEXQGR(PFRPSDQKLDGHWUrV
RXWURVGDVXDODLDGHJRODUDRVNLUJKL]HVHVSHUDQGRHQFRQWUDUERDVFRLVDVQDSURSULHGDGH
1mRVHLEHPSRUTXrPDVRV/RPRYLQmRJR]DYDPGHHVWLPDHQWUHQyV2VREULQKRHUDUDSD]
QRYRHLQWHOLJHQWHPXLWRGDGRHQTXDQWRRWLRTXHDFDEDYDGHIHULU*DYULONDFRPDVRYHODHUD
XP VXMHLWR YLROHQWR H HVW~SLGR H EULJDYD D WRGD KRUD FRP RV RXWURV TXH DOLiV R HVSDQFDYDP j
YRQWDGH4XDQWRD*DYULONDVHXJrQLRDOHJUHOKHFRQTXLVWDUDDDIHLomRJHUDO2V/RPRYLVDELDP
PXLWR EHP TXH HUD HOH R DXWRU GR FULPH SHOR TXDO WLQKDP VLGR FRQGHQDGRV SRUpP QmR R
SURYRFDYDPQHPPHVPROKHFKHJDYDPSHUWR(PJHUDO*DYULONDQmROKHVSUHVWDYDQHQKXPD
DWHQomR$VXDEULJDFRPRWLR/RPRYLUURPSHUDEUXVFDPHQWHSRUFDXVDGHXPDPXOKHUS~EOLFD
*DYULOND VH JDEDUD GRV IDYRUHV TXH HOD OKH FRQFHGHUD H FHUWD WDUGH R YHOKR HQFLXPDGR
HQWHUURXOKHDVRYHODHPSOHQRSHLWR
(PERUDDUUXLQDGRVSHODMXVWLoDRV/RPRYLDLQGDWLQKDPIDPDGHULFRV'HYHULDPJXDUGDU
DOJXP GLQKHLUR SRUTXH SRVVXtDP XP VDPRYDU H EHELDP FKi 1RVVR PDMRU TXH VDELD GLVVR
GHWHVWDYDRVGRLVKRPHQVPXOWLSOLFDYDOKHVDVYH[Do}HV2V/RPRYLGDYDPFRPRPRWLYRGHVVH
yGLRRGHVHMRTXHWLQKDRPDMRUGHTXHHOHVOKHSDVVDVVHPDOJXQVFREUHVWRGDYLDUHFXVDYDPVH
REVWLQDGDPHQWHDLVVR
eFODURTXHVHDVRYHODKRXYHVVHSHQHWUDGRXPSRXFRPDLV*DYULONDVHULDGHIXQWR&RQWXGRD
IHULGD QmR SDVVRX GXP DUUDQKmR )H]VH XP UHODWyULR DR PDMRU 9HMRR DLQGD LUURPSHU QR
SUHVtGLRHVIRJXHDGRUDGLDQWH'LULJLXVHD*DYULONDQXPWRPGHJUDQGHFDULQKRFRPRXPSDL
DRILOKR
± (QWmR SDL]LQKR VHUi TXH SRGHV LU FDPLQKDQGR DWp R KRVSLWDO" 1mR p PHOKRU PDQGDU XP
FDUUR9mRGHSUHVVD±JULWRXSDUDRVXERILFLDOFRPYR]DUTXHMDQWH
±0DV([FHOrQFLDQmRWHQKRQDGDIRLVyXPDSLFDGD
± 1XQFD VH VDEH PHX ILOKR Oi p TXH HOHV YHUmR )RVWH IHULGR HP OXJDU SHULJRVR 7XGR
GHSHQGH GLVVR HOH SURFXURX R FRUDomR R EDQGLGR (VSHUD DQGD HVSHUD ± EHUURX YROWDQGRVH
SDUD/RPRY±9DLVWHKDYHUFRPLJRUDSD]3DUDRFRUSRGDJXDUGD
( FRP HIHLWR FXPSULX D SURPHVVD /RPRY IRL MXOJDGR (PERUD D IHULGD IRVVH GDV PDLV
EHQLJQDVDSUHPHGLWDomRHUDHYLGHQWH2FULPLQRVRWHYHVXDSHQDDXPHQWDGDHVRIUHXGRLVPLO
DoRLWHV2PDMRUILFRXHQFDQWDGRFRPRLQFLGHQWH
)LQDOPHQWHFKHJRXRLQVSHWRU
/RJRQRGLDVHJXLQWHYHLRLQVSHFLRQDUDIRUWDOH]D'HFUHWDUDVHIHULDGR-iDOJXQVGLDVDQWHV
HVWDYD WXGR ODYDGR OLPSR UHOX]HQWH 2V IRUoDGRV FRP D FDEHoD UHFpPUDVSDGD YHVWLDP XP
XQLIRUPH LPDFXODGR 2 UHJXODPHQWR SUHVFUHYLD SDUD R YHUmR FDOoDV H FDVDFR GH OLQKR 7RGRV
OHYDYDPFRVWXUDGRQRPHLRGDVFRVWDVGRFDVDFRXPFtUFXORGHID]HQGDSUHWDGHGRLVYLRUFKNDV
GHGLkPHWUR'XUDQWHXPDKRUDLQWHLUDQRVIRUDPHQVLQDGDVDVUHVSRVWDVTXHGHYHULDPVHUGDGDV
QDKLSyWHVHGRJHQHUDOQRVGLULJLUDSDODYUD)L]HUDPVHDWpHQVDLRV2PDMRUVHDJLWDYDFRPRR
GLDER QD iJXD EHQWD 8PD KRUD DQWHV GD DSDULomR GR JHQHUDO WRGRV RV SUHVRV HVWDYDP HP
IRUPDWXUDFRPDPmRQDFRVWXUDGDVFDOoDVHQILPSHODXPDKRUDGDWDUGHRKRPHPIH]VXD
HQWUDGD (UD XP JHQHUDO PDMHVWRVR WmR PDMHVWRVR TXH RV IXQFLRQiULRV GD 6LEpULD RFLGHQWDO
GHYHULDP HVWUHPHFHU GH PHGR DR YrOR 0RVWURXVH JUDYH H VREHUER DFRPSDQKDGR SRU XPD
HVFROWD LPSRQHQWH VROtFLWD IRUPDGD SRU WRGRV RV DOWRV PDJLVWUDGRV GD FLGDGH H PDLV DOJXQV
JHQHUDLV H FRURQpLV (QWUH HOHV VH HQFRQWUDYD WDPEpP XP SDLVDQR ERQLWR KRPHP GH HOHYDGD
HVWDWXUD GH FDVDFD VDSDWRV YLQGR WDPEpP GD FDSLWDO (VWH SHUVRQDJHP WLQKD XP MHLWR
VLQJXODUPHQWH GHVHPEDUDoDGR H R JHQHUDO IUHTXHQWHPHQWH OKH GLULJLD D SDODYUD FRP H[WUHPD
FRUWHVLD2VIRUoDGRVpFODURTXHILFDUDPLQWULJDGtVVLPRVWDQWDFRQVLGHUDomRSRUXPSDLVDQRH
SDUWLQGRGHXPJHQHUDOWmRLPSRUWDQWH0DLVWDUGHVRXEHPRVOKHRQRPHHDTXDOLGDGHPDVDWp
HQWmRDVOtQJXDVIL]HUDPRVHXRItFLR1RVVRPDMRURVWHQWDQGRDVFRQGHFRUDo}HVQDIDUGDFRUGH
ODUDQMDVREDFDUDFRUGHWLMRORSDUHFHQmRWHUSURGX]LGRQRJHQHUDOXPDLPSUHVVmRPXLWRERD
&RPRVLQDOHVSHFLDOGHUHVSHLWRjDXWRULGDGH³2LWR2OKRV´SXVHUDGHSDUWHRVyFXORV0DQWLQKD
VH j GLVWkQFLD HUHFWR FRPR XPD HVWDFD HVSHUDQGR IHEULOPHQWH QXPD DWHQomR WHQVtVVLPD R
PRPHQWRHPTXHRFKDPDVVHPTXDQGRHQWmRVDOWDULDSDUDDFHGHUDRGHVHMRGH6XD([FHOrQFLD
0DVQmRIRUDPSUHFLVRVRVVHXVVHUYLoRV6HPGL]HUSDODYUDRJHQHUDOSHUFRUUHXRVDORMDPHQWRV
GHX XPD ROKDGHOD jV FR]LQKDV FKHJRX D SURYDU D VRSD GH FRXYHV 0RVWUDUDPPH D HOH
H[SOLFDQGROKHTXHPHXHUDHRTXHPHWURX[HUDDRSUHVtGLR±DPLPXPQREUH
±$K±UHVSRQGHXRJHQHUDO±(FRPRVHSRUWDHOHDJRUD"
±3RURUDSRUWDVHVDWLVIDWRULDPHQWH([FHOrQFLD
2 JHQHUDO PHQHRX D FDEHoD H GRLV PLQXWRV GHSRLV VDtD GR SUHVtGLR GHL[DQGR RV JDOpV
GHVOXPEUDGRVpFODURPDVXPSRXFRGHVDSRQWDGRVWDPEpP4XDQWRDTXHL[DUHPVHGRQRVVR
WLUDQRQmRVHULDSRVVtYHODOLiVMiGHDQWHPmRRPDMRUVDELDGLVVR


26$1,0$,6'235(6Ë',2


$FRPSUDGR*QLHGNR TXH VH IH] SRXFR WHPSR GHSRLV UHSUHVHQWRX SDUD RV IRUoDGRV XPD
GLVWUDomRPXLWRPDLVDJUDGiYHOTXHDYLVLWDGRJHQHUDO1yVHPSUHJiYDPRVRFDYDORSDUDWUD]HU
iJXDOHYDUROL[RHWF8PGRVSUHVRVHUDHQFDUUHJDGRGHRWUDWDUHGLULJLUHVFROWDGRSRUXPD
VHQWLQHODQDWXUDOPHQWH'XUDQWHRGLDLQWHLURRSREUHDQLPDOWLQKDEDVWDQWHRTXHID]HU(UDXP
ERP FDYDOR PDV Mi JDVWR SHOR GHPDVLDGR VHUYLoR 8P EHOR GLD H[DWDPHQWH QD YpVSHUD GH 6
3HGUR*QLHGNRDRWUD]HUDiJXDGDWDUGHFDLXHPRUUHXQRHVSDoRGHDOJXQVPLQXWRV7RGRVOKH
FKRUDUDP D IDOWD 7RGRV VH UHXQLUDP SDUD OKH FRPHQWDU D PRUWH 2V TXH KDYLDP VHUYLGR QD
FDYDODULDRVFLJDQRVRYHWHULQiULRHDOJXQVRXWURVTXHH[LELDPFRQKHFLPHQWRVHVSHFLDOL]DGRVD
UHVSHLWR GD UDoD HTXLQD ± FKHJDUDP DWp D EULJDU XQV FRP RV RXWURV 0DV LVVR QmR UHVVXVFLWDYD
*QLHGNRHVWDYDDOLHVWLUDGRQRFKmRHWRGRVVHFRQVLGHUDYDPQRGHYHUGHOKHFDOFDUFRPRGHGR
D EDUULJD LQIODPDGD ,QIRUPRXVH R PDMRU DFHUFD GR DFLGHQWH H HOH UHVROYHX ORJR TXH VH
FRPSUDVVHQRYRDQLPDO'LDGH63HGURSHODPDQKmGHSRLVGDPLVVDTXDQGRHVWiYDPRVWRGRV
UHXQLGRV WURX[HUDP RV FDYDORV j YHQGD D HVFROKD HUD GHL[DGD DRV IRUoDGRV +DYLD HQWUH QyV
DXWrQWLFRVSHULWRVHGHYHULDVHUGLItFLOORJUDUGX]HQWRVHFLQTXHQWDKRPHQVTXHQDVXDPDLRULDVH
WLQKDPRFXSDGRRXWURUDFRPEDUJDQKDVGHDQLPDLV$SDUHFHUDPYHQGHGRUHVNLUJKL]HVFLJDQRVH
FRPHUFLDQWHV GD FLGDGH 2V IRUoDGRV DOHJUHV FRPR FULDQoDV HVSHUDYDP FRP LPSDFLrQFLD R
DSDUHFLPHQWR GH FDGD QRYR DQLPDO 2 TXH PDLV RV OLVRQMHDYD HUD VHUOKHV GDGR FRPSUDU R
FDYDORFRPRSHVVRDVOLYUHVFRPRSDUDVHXXVRSDUWLFXODU5HFXVDUDPVHWUrVURFLQVDQWHVGHVHU
GHFLGLGDDFRPSUD2VYHQGHGRUHVROKDYDPHPWRUQRGHVLFRPFHUWDSHUSOH[LGDGHHODQoDYDP
DRV VROGDGRV HQFDUUHJDGRV GH RV DFRPSDQKDU ROKDUHV QmR GHVSLGRV GH PHGR $TXHOHV GX]HQWRV
LQGLYtGXRVGHFDEHoDUDVSDGDPDUFDGRVDIHUURHPEUDVDFDUUHJDGRVGHJULOKHWDVGHQWURGHVXD
SUySULDFDVDQRVHXQLQKRGHSUHVLGLiULRVFXMRXPEUDOQmRSRGHULDVHUWUDQVSRVWRSRUQLQJXpP
WLQKDPTXHLPSULPLUFHUWRUHVSHLWRDRVHXPRGR2VQRVVRVXVDYDPXPDLQILQLGDGHGHDVW~FLDV
SDUDH[DPLQDUFDGDFDYDORRIHUHFLGR&RQVLGHUDYDPQRSRUWRGRVRVkQJXORVDSDOSDYDPQRHP
WRGD SDUWH FRP SHUVLVWrQFLD FRP DU SUHRFXSDGR VpULR GLOLJHQWH FRPR VH D SURVSHULGDGH GR
SUHVtGLRGHSHQGHVVHGDTXHODFRPSUD2VFLUFDVVLDQRVFKHJDYDPDWpDOKHVDOWDUjJDUXSDFRPRV
ROKRVIDLVFDQWHVHGLVFXWLDPYLYDPHQWHHQWUHVLQDVXDOtQJXDLQFRPSUHHQVtYHOGHVFREULQGRRV
GHQWHV EUDQFRV PHQHDQGR DV FDEHoDV PRUHQDV GH QDUL] FXUYR $OJXQV GRV QRVVRV UXVVRV
PRVWUDYDPWDQWRLQWHUHVVHSHODFRQYHUVDGRVFLUFDVVLDQRVTXHSUDWLFDPHQWHRVGHYRUDYDPFRP
RV ROKRV 1mR FRPSUHHQGLDP XPD ~QLFD SDODYUD PDV SURFXUDYDP DGLYLQKDU DWUDYpV GD
H[SUHVVmRGRVKRPHQVDVXDRSLQLmRVREUHRYDORUGRDQLPDO8PDDWHQomRWmRLQWHQVDSRGHULD
SDUHFHUHVWUDQKDDRHVSHFWDGRUGHVLQWHUHVVDGRTXHDGLDQWDJDVWDUWDQWRDUGRUHFXLGDGRTXDQGR
QmR VH SDVVD GH XP JDOp GH XP SREUH IRUoDGR DSiWLFR GRPDGR TXH PHVPR GLDQWH GRV VHXV
SUySULRVFRPSDQKHLURVQmRVHDWUHYHDDEULUDERFD"3DUHFHDWpTXHRDGTXLUHSDUDVLHDILQDOGH
FRQWDVOKHGHYHVHULQGLIHUHQWHTXHVHFRPSUHHVWHRXDTXHOHFDYDOR$OpPGRVFLUFDVVLDQRVRV
FLJDQRV H RV DQWLJRV QHJRFLDQWHV GH FDYDOR VH GLVWLQJXLDP HVSHFLDOPHQWH IRUDOKHV GDGD D
SULPHLUD ILOD H HOHV WLQKDP D VXD SDODYUD D GL]HU +RXYH DWp XPD HVSpFLH GH GXHOR HQWUH GRLV
SUHVRV R FLJDQR .XOLNRY DQWLJR WUDILFDQWH H ODGUmR GH FDYDORV H XP DVWXWR PXMLTXH VLEHULDQR
YHWHULQiULRSRUYRFDomRFKHJDGRKDYLDSRXFRWHPSRDRSUHVtGLRHTXHMiFRQVHJXLUDVXUULSLDUDR
FLJDQR TXDVH WRGD D IUHJXHVLD GD FLGDGH e SUHFLVR QRWDU TXH RV QRVVRV YHWHULQiULRV ³FXULRVRV´
HUDPPXLWRDSUHFLDGRVQmRVySHORVEXUJXHVHVHQHJRFLDQWHVPDVDWpSHORVDOWRVIXQFLRQiULRV
TXH RV FKDPDYDP GH SUHIHUrQFLD DRV YHWHULQiULRV GLSORPDGRV .XOLNRY DQWHV GD FKHJDGD GH
,RONLQHRPXMLTXHVLEHULDQRQmRHQFRQWUDUDQXQFDFRQFRUUHQWHVSRVVXtDXPDULFDFOLHQWHODTXH
EHP HQWHQGLGR OKH WHVWHPXQKDYD R VHX UHFRQKHFLPHQWR HP HVSpFLH VRQDQWH 0DV DXWrQWLFR
FLJDQR H FKDUODWmR FRQKHFLD R RItFLR PXLWR PHQRV GR TXH R SUHWHQGLD 6HXV UHQGLPHQWRV
WRUQDYDPQRHQWUHQyVXPDHVSpFLHGHDULVWRFUDWD6XDH[SHULrQFLDVHXHVStULWRVXDDXGiFLDVXD
GHFLVmRWLQKDPOKHFRQTXLVWDGRKiPXLWRWHPSRDHVWLPDGHWRGRVRVIRUoDGRV(OHDOLiVIDODYD
PXLWRSRXFRHVyGDYDRSLQLmRQRVFDVRVPDLVLPSRUWDQWHV(UDXPIiWXRSRUpPGRWDGRGHUHDO
HQHUJLD (PERUD Mi YHOKR FRQVHUYDYD D EHOH]D H D LQWHOLJrQFLD GH PRoR &UHLR TXH YHVWLGR
FRQYHQLHQWHPHQWHHDSUHVHQWDGRFRPRFRQGHHPTXDOTXHUXPGRVFOXEHVGH3HWHUVEXUJRWHULD
GHVHPSHQKDGRPXLWREHPRVHXSDSHOMRJDULDXtVWHDEULULDDERFDGHWHPSRVHPWHPSRV±FRP
SRXFD IUHTXrQFLD ± D ILP GH SURQXQFLDU DOJXPDV SDODYUDV HVFROKLGDV FRPR R GHYH ID]HU XP
KRPHPGLVWLQWRHGXUDQWHWRGRRVHUmRQLQJXpPGHVFRQILDULDTXHRSUHWHQVRFRQGHQmRSDVVDYD
GH XP FLJDQR jWRD )DOR D VpULR VHX HVStULWR VHX WDWR VXD UDSLGH] GH DGDSWDomR HUDP
VXUSUHHQGHQWHVVXDVPDQHLUDVGHXPDGLVWLQomRSHUIHLWD3URYDYHOPHQWHYLUDPXLWRPXQGRHP
VXDYLGDSRUpPMDPDLVGHVYHQGDYDDOJXPUHFDQWRGRSDVVDGR3HUWHQFLDjVHFomRHVSHFLDO&RP
D FKHJDGD GR PXMLTXH ,RONLQH ³YHOKR FUHQWH´ GXQV FLQTXHQWD DQRV GH LGDGH HVSHUWR FRPR
QLQJXpP D JOyULD YHWHULQiULD GH .XOLNRY HPSDOLGHFHX %DVWDUDP GRLV PHVHV D ,RONLQH SDUD OKH
DUUHEDWDUDIUHJXHVLDRVFDYDORVTXHRRXWURMiDEDQGRQDUDKiPXLWRWHPSRHUDPUDSLGDPHQWH
FXUDGRVSHORVLEHULDQRID]LDVDUDUDWpRVTXHRVYHWHULQiULRVGLSORPDGRVGHFODUDYDPLQFXUiYHLV
(OHQRVIRUDPDQGDGRFRPXPEDQGRGHPRHGHLURVIDOVRVFXULRVDLGHLDQDVXDLGDGHPHWHUVH
HPVHPHOKDQWHYHVSHLUD&RQWRXQRV]RPEDQGRGHVLSUySULRTXHHUDPQHFHVViULDVWUrVPRHGDV
DXWrQWLFDVGHRXURSDUDIDEULFDUXPDIDOVD.XOLNRYWLQKDPRWLYRVSDUDVHLUULWDUFRPRr[LWRGR
UHFpPYLQGRSRUTXHRVHXSUHVWtJLRHQWUHRVGHWHQWRVTXDVHGHFOLQDUDHOHTXHVXVWHQWDYDDPDQWH
QDFLGDGHTXHXVDYDXPFDIHWmGHYHOXGRDQHOGHSUDWDEULQFRVQDVRUHOKDVERWDVFRPFDQRGH
FRU±GHYLGRjTXHODUHYLUDYROWDGDIRUWXQDIRLREULJDGRDVHID]HUERWHTXLQHLUR(VSHUDYDVHSRLV
TXH RV GRLV LQLPLJRV DSURYHLWDVVHP D FRPSUD GR FDYDOR SDUD FKHJDUHP D YLDV GH IDWR ( D
FXULRVLGDGHDXPHQWDYDGHYXOWRSRUTXHWLQKDPDPERVRVVHXVSDUWLGiULRV-iRVFKHIHVGRVGRLV
FOmV VH LQMXULDYDP DEXQGDQWHPHQWH Mi XPD FDUHWD VDUFiVWLFD FULVSDYD D FDUD GH UDSRVD GH
,RONLQHPDVDVFRLVDVVHSDVVDUDPGHPRGRLQHVSHUDGR.XOLNRYHYLWRXEULJDVHVDLXVHGRFDVR
FRPQRWiYHOKDELOLGDGH$SULQFtSLRVLPXORXGDUSUHIHUrQFLDDRULYDOFXMDVFUtWLFDVHVFXWRXFRP
GHIHUrQFLD GHSRLV R DSDQKRX VXELWDPHQWH SHOD SDODYUD H HP WRP PRGHVWR PDV ILUPH IrOR
QRWDU TXH VH HQJDQDUD 6HP GDU DR RXWUR WHPSR SDUD PXGDU GH LGHLD GHPRQVWURXOKH R HUUR
IRUQHFHQGR PLQ~FLDV SUHFLVDV (P UHVXPR ,RONLQH OHYRX XP [HTXH GDGR GD PDQHLUD PDLV
UiSLGDHPDLVKiELOHHPERUDWHQKDILFDGRGHFLPDQRDSXUDUGDVFRQWDVRSDUWLGRGH.XOLNRY
VHQWLXVHVDWLVIHLWtVVLPR
±1mRPHXVILOKRVHVVHQmRDSDQKDIDFLOPHQWHVDEHRTXHID]±GL]LDPXQV
±,RONLQHWDPEpPVDEHRQGHWHPRQDUL]±UHWRUTXLDPRXWURVGHPRGRFRQFLOLDGRU
$PERVRVSDUWLGRVGLVFXWLDPDJRUDHPWRPGHFRQFHVVmRUHFtSURFD
±1mRpTXHHOHVDLEDPXLWR±PDVWHPDPmRPDLVIHOL](HPPDWpULDGHFDYDORV.XOLNRY
QmRWHPPHGRGHQLQJXpP
±eWmRIRUWHDVVLP"
±&ODUR1mRWHPTXHPRLJXDOH
(QILPIRLHVFROKLGRRQRYR*QLHGNR(UDXPDQLPDOERQLWRMRYHPYLJRURVRGHDSDUrQFLD
PXLWRDJUDGiYHO3DUHFLDLUUHSUHHQVtYHOVREWRGRVRVSRQWRVGHYLVWD&RPHoDUDPLPHGLDWDPHQWH
RV UHJDWHLRV 2V GRQRV TXHULDP WULQWD UXEORV QyV RIHUHFtDPRV YLQWH H FLQFR 'LVFXWLXVH FRP
FDORU ORQJD H DFUHPHQWH FHGHQGR GH XPD SDUWH H DFUHVFHQWDQGR QD RXWUD $ILQDO RV SUySULRV
IRUoDGRVSXVHUDPVHDULU
±4XHpTXHDJHQWHWHPFRPLVVR"6HUiTXHYDLVDLUGRQRVVREROVR"±GL]LDP±4XHDGLDQWD
UHJDWHDU"
±(VWDPRVSRXSDQGRRGLQKHLURGRJRYHUQRKHLQ"
±'HTXDOTXHUPRGRLUPmRVRGLQKHLURWDPEpPpQRVVR
±1RVVR"2UDERODV1mRSHORTXHYHMRUDoDGHFUHWLQRVQmRSUHFLVDQLQJXpPSODQWDU±QDVFH
VR]LQKD
(QWUDUDP ILQDOPHQWH HP DFRUGR SRU YLQWH H RLWR UXEORV 0DQGDUDP LQIRUPDU R PDMRU H D
FRPSUDHIHWLYRXVH7URX[HUDPRSmRHRVDOHRQRYR*QLHGNRIRLFRQGX]LGRHPWULXQIRSDUDR
LQWHULRUGDIRUWDOH]D1mRFUHLRTXHXP~QLFRIRUoDGRWHQKDGHL[DGRGHYLUGDUOKHVSDOPDGDVQR
SHVFRoRRXOKHID]HUIHVWDVQRIRFLQKR1HVVHPHVPRGLDDWUHORXVH*QLHGNRHWRGRVROKDUDP
FXULRVDPHQWHRPRGRSHORTXDOHOHDUUDVWDYDDSLSD1RVVRDJXDGHLUR5RPDQHILWDYDRDQLPDO
FRPH[WUDRUGLQiULDVDWLVIDomR(UDXPODEUHJRGXQVFLQTXHQWDDQRVFDODGRFLUFXQVSHFWR$OLiV
WRGRV RV FRFKHLURV UXVVRV VmR VpULRV H DWp PHVPR WDFLWXUQRV FRPR SDUD FRQILUPDU D RSLQLmR
FRUUHQWH VHJXQGR D TXDO R FRQYtYLR FRQVWDQWH FRP RV FDYDORV DFDED SRU GDU MXt]R DR KRPHP
5RPDQHHUDSRLVVRVVHJDGRDIiYHOFRPWRGRVSRXFRFRQYHUVDGRUWRPDYDUDSpQXPWDEDTXHLUD
GHFKLIUHHGHVGHWHPSRVLPHPRULDLVFXLGDYDHGLULJLDRFDYDORGRSUHVtGLRMiHVWDYDDJRUDQR
WHUFHLUR DQLPDO 1D QRVVD RSLQLmR Vy XP FDYDOR EDLR VHUYLD SDUD D IRUWDOH]D H SRU QDGD QR
PXQGRWHUtDPRVFRPSUDGRXPFDYDORUXoRSRUH[HPSOR5RPDQHFRPSDUWLOKDYDLQWHLUDPHQWH
GHVVDRSLQLmR4XDQWRDROXJDUGHDJXDGHLURFDELDOKHHPYLUWXGHGHQmRVHLTXHGLUHLWRHQXQFD
DQHQKXPGHQyVRFRUUHULDOKRGLVSXWDU1RPRPHQWRHPTXHRYHOKR*QLHGNRPRUUHXQLQJXpP
QHPPHVPRRPDMRUSHQVRXHPDFXVDU5RPDQH'HXVDVVLPRTXLVHUDHQHPSRULVVR5RPDQH
GHL[DYDGHVHUXPERPFRFKHLUR(PEUHYHRQRYR*QLHGNRWRUQRXVHRIDYRULWRGRSUHVtGLR2V
GHWHQWRVHPERUDKRPHQVUXGHVLDPIUHTXHQWHPHQWHID]HUOKHIHVWDV¬VYH]HVYROWDQGRGRULR
HQTXDQWR 5RPDQH IHFKDYD R SRUWmR TXH OKH IRUD DEHUWR SHOR VXERILFLDO GH JXDUGD *QLHGNR
GHSRLV GH SHQHWUDU QR UHFLQWR FRP D VXD SLSD SDUDYD D HVSHUiORV SLVFDQGR R ROKR SDUD R
FRFKHLUR
±$GLDQWH±JULWDYD5RPDQHH*QLHGNRLDHPERUDVR]LQKRDWpGHIURQWHGDVFR]LQKDVOiVH
LPRELOL]DYDDJXDUGDQGRTXHDV³FR]LQKHLUDV´YLHVVHPDSDQKDUDiJXD
±*QLHGNRpXPPDODQGUR±H[FODPDYDPRVSUHVRV±6DEHDQGDUVR]LQKR(QWHQGHWXGR
±6LPFRPHIHLWRHVVHDQLPDOHQWHQGHWXGR
±&DYDORLQWHOLJHQWH*QLHGNR
2FDYDORUHOLQFKDYDPHQHDQGRDFDEHoDFRPRSDUDPRVWUDUTXHVDELDDSUHFLDUDVOLVRQMDV
(DOJXpPLPHGLDWDPHQWHOKHWUD]LDSmRHVDO4XDQGRDFDEDYDGHFRPHU*QLHGNROHYDQWDYDGH
QRYR R IRFLQKR H SDUHFLD GL]HU ³%HP TXH WH FRQKHoR %HP TXH WH FRQKHoR (X VRX XP ERP
FDYDORHWXpVXPERPVXMHLWR´
7DPEpPLDjVYH]HVOHYDUSmRDR*QLHGNR*RVWDYDGHROKDURVHXIRFLQKRVHQWLUQDSDOPD
GDPmRRVVHXVEHLoRVPDFLRVHTXHQWHVTXHODPELDPPLQKDRIHUWD
1RVVRV GHWHQWRV WLQKDP PXLWR FDSDFLGDGH SDUD DPDU DQLPDLV H VH OKHV IRVVH SHUPLWLGR
WHULDPGHERPJUDGRHQFKLGRDIRUWDOH]DGHELFKRVGRPpVWLFRVHSiVVDURV4XHRXWUDRFXSDomR
VHULDPDLVLQGLFDGDSDUDDEUDQGDUHQREUHFHURFDUiWHUGHSUDYDGRHEUXWDOGRVJDOpV"0DVQmR
OKHVHUDSHUPLWLGRID]rOR1HPRUHJXODPHQWRQHPRHVSDoRRFRQVHQWLDP
(QWUHWDQWRQRPHXWHPSRDOJXQVDQLPDLVHQFRQWUDUDPDEULJRQRSUHVtGLR$OpPGH*QLHGNR
QyVWLYHPRVFmHVJDQVRVRERGH9DVNDHDWpPHVPRGXUDQWHDOJXPWHPSRXPDiJXLD
&RPRFDFKRUURWLWXODUSRVVXtDPRV&KDULNGHTXHMiIDOHLFmRGHVWHPLGRHLQWHOLJHQWHPXLWR
PHX DPLJR 0DV D JHQWH GR SRYR Yr QR FmR XP DQLPDO LPSXUR SHOR TXDO QmR FRQYpP FULDU
HVWLPD H TXDVH QLQJXpP FXLGDYD HP &KDULN (OH YLYLD DR DFDVR D VXD YLGD GH FmR GRUPLD QR
SiWLRFRPLDDVVREUDVGDFR]LQKDQmRGHVSHUWDYDQHQKXPDVLPSDWLDFRQWXGRFRQVLGHUDYDFRPR
VHXVGRQRVWRGRVRVKDELWDQWHVGRSUHVtGLR1DKRUDHPTXHYROWiYDPRVGRWUDEDOKRORJRTXHHOH
RXYLD JULWDU ³&DER GD JXDUGD´ ± DYDQoDYD SDUD R SRUWmR H DFROKLD FDGD JUXSR DEDQDQGR D
FDXGDHILWDQGRDOHJUHPHQWHRVROKRVGRVIRUoDGRVQDH[SHFWDWLYDGXPFDULQKR7RGDYLDGXUDQWH
YiULRVDQRVMDPDLVUHFHEHXFDULQKRVGHQLQJXpPH[FHWRGHPLP(SRUHVVDUD]mRPHSUHIHULD
DWRGRV
1mR PH OHPEUR DJRUD FRPR IRL TXH WURX[HPRV %LHOND R RXWUR FmR 4XDQWR DR WHUFHLUR
.XOWLDSNDHXSUySULRRLQWURGX]LUDFHUWDYH]HPTXHYROWDYDGRWUDEDOKRjWDUGH%LHONDHUDXP
DQLPDOHVWUDQKR8PDFDUURoDOKHSDVVDUDVREUHRPHLRGRFRUSRHOKHFXUYDUDWDQWRDHVSLQKD
GRUVDOTXHGHORQJHROKDQGRRFRUUHUDJHQWHVXSXQKDYHUGRLVFmHVEUDQFRVDPDUUDGRVXPDR
RXWUR $GHPDLV WLQKD VDUQD RV ROKRV OKH VXSXUDYDP H D FDXGD SHODGD SHQGLD FRQVWDQWHPHQWH
0DOWUDWDGRSHODVRUWHUHVLJQDUDVHDRVLOrQFLR-DPDLVODGUDYDRXJUXQKLDFRQWUDQLQJXpPFRPR
VHUHFHDVVHID]rOR9LYLDVREUHWXGRGHSmRTXHFRPLDSRUWUiVGDVFDVHUQDV6HDOJXPGHQyVVH
DSUR[LPDYD GHOH DQWHV TXH FKHJDVVH MXQWR %LHOND SURFXUDYD PRVWUDUVH DPiYHO URODYD GH
FRVWDV FRPR SDUD GL]HU ³)D]H GH PLP R TXH TXLVHUHV TXH HX QmR PH GHIHQGHUHL´ ( WRGRV RV
IRUoDGRVGLDQWHGHTXHPHOHURODYDDVVLPFRQVLGHUDYDPGRVHXGHYHUOKHGDUXPSRQWDSp³Ð
FDFKRUURLPXQGR´0DV%LHONDQmRVHTXHL[DYDVyVHDGRUIRVVHPXLWRIRUWHVROWDYDXPJDQLGR
UDSLGDPHQWH DEDIDGR %LHOND GDYD VXDV FDPEDOKRWDV GLDQWH GH &KDULN RX PHVPR GH TXDOTXHU
RXWUR FmR TXH YLHVVH HP EXVFD GH DYHQWXUDV GHIURQWH j IRUWDOH]D $FKDWDYDVH KXPLOGHPHQWH
PHVPR TXDQGR XP JUDQGH PDVWLP VH DWLUDYD FRQWUD HOH URVQDQGR e GH FUHU TXH RV FmHV
DSUHFLDP D KXPLOGDGH H R UHVSHLWR GD SDUWH GRV VHXV VHPHOKDQWHV SRUTXH R PDVWLP IXULRVR
LPHGLDWDPHQWHVHDSODFDYDHPHGLWDWLYRGHWLQKDVHDQWHRDQLPDOHVWHQGLGRDRVVHXVSpVFRPDV
SDWDVQRDUHHQWmROHQWDPHQWHFXULRVDPHQWHIDUHMDYDRSRUWRGRVRVODGRV³(VWHPDOYDGRLUi
PH PRUGHU"´ SHQVDYD GHFHUWR %LHOND WUrPXOR 3RUpP GHSRLV GH R IDUHMDU FRP FXLGDGR R
PDVWLPDEDQGRQDYDRQmRHQFRQWUDQGRDOLQDGDGLJQRGDVXDFXULRVLGDGH,PHGLDWDPHQWH%LHOND
VHHUJXLDQDVTXDWURSDWDVHPDQTXHMDQGRVHPSUHMXQWDYDVHDRJUXSRGRVRXWURVTXHSDUWLDP
QD SLVWD GH DOJXPD FDGHOD &HUWR GH DQWHPmR GH MDPDLV WUDYDU UHODo}HV tQWLPDV FRP D GLYD
VHJXLDGHORQJHDVVLPPHVPRFRPRVHQLVVRHQFRQWUDVVHDOJXPFRQVROR6REUHKRQHVWLGDGHVy
SRVVXtDQRo}HVSRUGHPDLVYDJDV7HQGRUHQXQFLDGRDTXDOTXHUHVSHUDQoDGHIXWXURFRQWHQWDYD
VHHPWUD]HUFKHLDDSDQoDHQDGDPDLV7HQWHLFHUWDYH]ID]HUOKHIHVWD0DVSDUDHOHRIDWRIRL
WmRQRYRWmRLQHVSHUDGRTXHVHURMRXSRUWHUUDHIUHPHQWHS{VVHDJDQLUGHVDWLVIDomR,VVR
PHGHXSLHGDGHHGHVGHHQWmRILTXHLOKHID]HQGRIHVWDVVHPSUHSRULVVRDVVLPTXHPHDYLVWDYD
%LHONDLQLFLDYDGHORQJHRVVHXVODGULGRVODFULPRVRV6XDYLGDDFDERXIRUDGRSUHVtGLRQREDVWLmR
RQGHIRLGHVWURoDGRSHORVRXWURVFmHV
.XOWLDSND WLQKD R JrQLR LQWHLUDPHQWH GLYHUVR 1mR VHL SRU TXH HX R WURX[H SDUD R SUHVtGLR
FHUWDWDUGHOHYDQGRRGDRILFLQDRQGHHOHQDVFHUD6HQWLDSUD]HUHPDOLPHQWiORHFULiOR&KDULN
LPHGLDWDPHQWHWRPRX.XOWLDSNDGHEDL[RGDVXDSURWHomRHRID]LDGRUPLUFRQVLJR&RQVHQWLDDWp
PDLVWDUGHTXHRFDFKRUULQKROKHPRUGLVFDVVHRSHORHDVRUHOKDVFRPRHPJHUDORID]HPRV
JUDQGHVFmHVFRPRVILOKRWHV&RLVDHVWUDQKD.XOWLDSNDQmRFUHVFLDTXDVHQDGDHPDOWXUDPDV
DSHQDVHPODUJXUDHFRPSULPHQWR7LQKDRSHORHVSHVVRGXPERQLWRFLQ]HQWRFRUGHUDWRHXPD
GDV VXDV RUHOKDV ILFDYD SHQGHQWH HQTXDQWR D RXWUD VH HUJXLD (UD LJXDO D WRGRV RV FmHV MRYHQV
TXH QD DOHJULD GH DYLVWDU R GRQR VH S}HP D ODGUDU D VDOWDUOKH DR URVWR SDUD R ODPEHU D
H[SDQGLUGLDQWHGHOHVHXDUGRUHHQWXVLDVPR³&RQWDQWRTXHUHSDUHPQDPLQKDDOHJULDSRXFRPH
LPSRUWR FRP DV FRQYHQLrQFLDV´ 2QGH TXHU TXH HX HVWLYHVVH VH FKDPDVVH .XOWLDSND HOH
DSDUHFLDDRVVDOWRVFRPRVHVDtVVHGXPDOoDSmRHFRPODGULGRVUXLGRVRVDWLUDYDVHVREUHPLP
LJXDODXPDERODTXHYDLURODQGRSRUXPGHFOLYH(HXPHDIHLoRHLDHVVHPRQVWULQKR$VRUWH
SDUHFLDWrORFULDGRXQLFDPHQWHSDUDDDOHJULDHDIHOLFLGDGH3RUpPXPEHORGLDSDUDGHVJUDoD
VXD.XOWLDSNDDWUDLXDDWHQomRHVSHFLDOGRIRUoDGR1HXVWUXLHYTXHIDEULFDYDFDOoDGRVGHPXOKHU
FRP SHOHV TXH HOH SUySULR FXUWLD 2 KRPHP FKDPRX .XOWLDSND WDWHRXOKH R SHOR GHLWRXR
ID]HQGROKH IHVWLQKDV .XOWLDSND VHP GHVFRQILDU JDQLD GH SUD]HU QD PDQKm VHJXLQWH
GHVDSDUHFHUD3URFXUHLRPXLWRWHPSRVHPHQFRQWUDUHPOXJDUQHQKXPHVyVRXEHGDYHUGDGH
TXLQ]HGLDVPDLVWDUGH2SHORGH.XOWLDSNDVHGX]LUD1HXVWUXLHYTXHOKHWLUDUDHFXUWLUDSDUDFRP
HOHIRUUDUXPDVERWLQDVGHYHOXGRHQFRPHQGDGDVSHODPXOKHUGRDXGLWRUGRFRQVHOKRGHJXHUUD
(OHSUySULRPHPRVWURXDVERWLQDVTXDQGRDVFRQFOXLXRLQWHULRUIRUUDGRILFDUDXPDPDUDYLOKD
3REUH.XOWLDSND
0XLWRV IRUoDGRV VH RFXSDYDP HP FXUWLU SHOHV H WUD]LDP GH IRUD FmHV GH SHOR ORQJR TXH
ID]LDPGHVDSDUHFHUQXPDEULUHIHFKDUGHROKRV5RXEDYDPXQVFRPSUDYDPRXWURV8PDYH]
DWUiV GDV FR]LQKDV YL GRLV GHWHQWRV FRQVSLUDQGR 2 SULPHLUR WUD]LD SHOD WUHOD XP FmR HQRUPH
PDJQtILFRGHyWLPDUDoD8PODFDLRODGUmRRURXEDUDDRDPRHRYHQGHUDSRUWULQWDFRSHTXHV
DRV QRVVRV VDSDWHLURV (VWDYDP WUDWDQGR GH R HVWUDQJXODU $ RSHUDomR QmR RIHUHFLD QHQKXPD
GLILFXOGDGH (VIRODYDVH R FmR H GHSRLV VH DWLUDYD R FDGiYHU QR JUDQGH IRVVR TXH ILFDYD QRV
IXQGRV GD IRUWDOH]D H TXH QR YHUmR GXUDQWH R FDORU GHVSUHQGLD XP FKHLUR WHUUtYHO SRLV
UDUDPHQWH R OLPSDYDP 2 GHVJUDoDGR ELFKR SDUHFLD FRPSUHHQGHU D VRUWH TXH OKH GHVWLQDYDP
2OKDYDSDUDQyVWUrVFRPDUSHUVFUXWDGRUHGHWHPSRVHPWHPSRVVHDYHQWXUDYDHPDJLWDUD
ORQJD FDXGD HP VLQDO GH FRQILDQoD $IDVWHLPH jV SUHVVDV HQTXDQWR RV GRLV F~PSOLFHV
WHUPLQDYDPjYRQWDGHDH[HFXomR
2VJDQVRVVHWLQKDPHVWDEHOHFLGRSRUDFDVRQRSUHVtGLR4XHPRVFULDUD"$TXHPUHDOPHQWH
SHUWHQFLDP"1mRRVHLPDVGXUDQWHDOJXPWHPSRHOHVGLYHUWLUDPRVIRUoDGRVHIRUDPDVVXQWRGH
FRQYHUVD DWp QD FLGDGH 1DVFLGRV QD IRUWDOH]D WLQKDP FUHVFLGR QXPD GDV FR]LQKDV 4XDQGR
ILFDUDPDGXOWRVREDQGRLQWHLURWRPRXRFRVWXPHGHQRVDFRPSDQKDUDRWUDEDOKR$VVLPTXHR
WDPERU UXIDYD H RV IRUoDGRV VH UHXQLDP RV JDQVRV FRUULDP DR QRVVR HQFRQWUR JUDVQDQGR
DJLWDQGRDVDVDV
6DOWDYDPXPDWUiVGRRXWURRGHJUDXDOWRGRSRUWmRHFRUULDPSDUDDIUHQWHGDVILOHLUDVOiVH
DJUXSDYDP DJXDUGDQGR R ILP GRV SUHSDUDWLYRV GD HVFROWD ,DPVH VHPSUH FRP R FRQWLQJHQWH
PDLRU H GXUDQWH R WUDEDOKR HVJUDYDWDYDP SHODV SUR[LPLGDGHV $VVLP TXH RV GHWHQWRV VH
SUHSDUDYDP SDUD YROWDU HOHV QRYDPHQWH UHLQWHJUDYDP R FRUWHMR (VSDOKRXVH SRU WRGD D
YL]LQKDQoDRERDWRGHTXHRVJDQVRVDFRPSDQKDYDPRVSUHVRVDRWUDEDOKR2VSDVVDQWHVTXHRV
YLDP FRPHQWDYDP 2OKHP RV JDOpV H RV JDQVRV &RPR IRL TXH HQVLQDUDP LVVR D HOHV" ³7RPH
SDUDRVVHXVJDQVRV´DFUHVFHQWDYDXPRXWURGDQGRQRVXPDHVPROD1RHQWDQWRDSHVDUGDVXD
GHGLFDomRIRUDPRVSREUHVJDQVRVVDFULILFDGRVVHPGyQRILPGD4XDUHVPD
4XDQWRD9DVNDQRVVRERGHEUDQFRQLQJXpPVHUHVROYHULDDPDWiORVHQmRKRXYHVVHVXUJLGR
XP FLUFXQVWkQFLD HVSHFLDO 1mR VHL GL]HU GH RQGH HOH YLHUD QHP TXHP RV WURX[HUD DR SUHVtGLR
DLQGD FDEULWLQKR 'HQWUR GH DOJXQV GLDV WRGRV R DGRUDYDP WRUQDUDVH R QRVVR GLYHUWLPHQWR
'HVFREULXVHXPSUHWH[WRSDUDRJXDUGDUHUDLQGLVSHQViYHOXPERGHQDFDYDODULoD  (QWUHWDQWR
QmR HUD QD FDYDODULoD TXH HOH YLYLD H VLP SULPHLUR QDV FR]LQKDV GHSRLV HP WRGD SDUWH (VVD
FULDWXUDJUDFLRVDHHVWRXYDGDDFRUULDjSULPHLUDFKDPDGDVDOWDYDVREUHEDQFRVHPHVDVOXWDYD
DFKLIUDGDVFRPRVIRUoDGRVSURYRFDYDLQFHVVDQWHPHQWHDOHJULDHULVDGDV&HUWRGLDTXDQGRRV
FKLIUHVGH9DVNDMiKDYLDPDWLQJLGRXPWDPDQKRUHJXODU%DEDLR OH]JKLDQRTXHHVWDYDVHQWDGR
QDHQWUDGDGHXPDGDVFDVHUQDVUHVROYHXOXWDUFRPHOHIUHQWHDIUHQWH 'XUDQWH PXLWR WHPSR
PHGLUDPIRUoDVHUDHVVHRSDVVDWHPSRIDYRULWRGRVIRUoDGRV'HV~ELWR9DVNDVDOWRXQRGHJUDX
PDLV DOWR H VHP GHL[DU DR DGYHUViULR R WHPSR GH VH S{U HP JXDUGD HUJXLGR VREUH DV SDWDV
WUDVHLUDVPDUURXFRPRVFKLIUHVQDQXFDGH%DEDLFRPWDQWDGHVWUH]DHIRUoDTXH%DEDLURORX
HVFDGDDEDL[RSDUDJUDQGHDOHJULDGRVDVVLVWHQWHVHGRSUySULRYHQFLGR(UDPWRGRVORXFRVSHOR
DQLPDO4XDQGR9DVNDDWLQJLXDLGDGHQ~ELOUHVROYHUDPGHSRLVGHFRQVXOWDJHUDOVHUtVVLPDTXHR
ERGH VHULD VXEPHWLGR D XPD GHWHUPLQDGD RSHUDomR TXH RV QRVVRV YHWHULQiULRV VDELDP SUDWLFDU
FRP PHVWULD ³3HOR PHQRV DVVLP QmR Ki GH IHGHU´ H[SOLFDYDP RV SUHVRV $SyV D RSHUDomR
9DVNDHQJRUGRXGHPDLV$OLiVHQFKLDPQRGHFRPLGD(QILPWUDQVIRUPRXVHQXPOLQGRERGH
JUDQGH H JRUGR FRP FKLIUHV GH QRWiYHO JURVVXUD *RVWDYD GH GDU FDEULRODV DR FDPLQKDU (OH
WDPEpP QRV DFRPSDQKDYD DR WUDEDOKR SDUD GLYHUWLPHQWR GRV IRUoDGRV H GDV SHVVRDV TXH
HQFRQWUiYDPRV 7RGR R PXQGR FRQKHFLD 9DVND R ERGH GR SUHVtGLR ¬V YH]HV SRU H[HPSOR VH
WUDEDOKiYDPRVjPDUJHPGRULRXPGHQyVFROKLDUDPRVGHMXQFRHRXWUDVIROKDJHQVRXIORUHV
QRIRVVRSDUDHQIHLWDU9DVND(QWUHODoDYDPOKHIORUHVHUDPRVHPWRUQRGRVFKLIUHVWHFLDPOKH
JULQDOGDVHPUHGRUGRFRUSR1DKRUDGDYROWD9DVNDFDPLQKDYDVHPSUHHPIUHQWHGDFROXQD
SLPSmRHQIHLWDGRHRVGHWHQWRVTXHOKHDFRPSDQKDYDPRSDVVRRUJXOKDYDPVHGHOHDRFUX]DU
FRP RV WUDQVHXQWHV 2 DPRU TXH WLQKDP SHOR ERGH HUD WmR LQWHQVR TXH DOJXQV GH QyV FRPR
FULDQoDV SHQVDUDP HP OKH GRXUDU RV FKLIUHV 3HUJXQWHL XP GLD D $NLP $NLPLWFK R PHOKRU
GRXUDGRU GR SUHVtGLR GHSRLV GH ,VDL )RPLWFK VH UHDOPHQWH D FRLVD HUD SUDWLFiYHO $NLP ILWRX R
DQLPDOFRPDWHQomRUHIOHWLXXPERPLQVWDQWHGLVVHTXHVHULDSRVVtYHOVLPPDVTXHRGRXUDGR
QmR VHJXUDULD H R UHVXOWDGR QmR SDJDULD R WUDEDOKR ( R SURMHWR ILFRX QLVVR 9DVND SRGHULD WHU
YLYLGR PXLWR H PRUUHULD GH DVPD H YHOKLFH WDOYH] 8P GLD SRUpP R PDMRU QR VHX FDUUR
HQFRQWURX QD HVWUDGD XP JUXSR GH IRUoDGRV TXH YROWDYDP GR WUDEDOKR SUHFHGLGRV SRU 9DVND
HQJULQDOGDGRHDOWLYR
±3DUD±EHUURXHOH±'HTXHPpHVVHERGH"
([SOLFDUDPOKH
±2TXr"8PERGHQRSUHVtGLR"6HPSHUPLVVmRPLQKD"6XERILFLDO
2VXERILFLDODSDUHFHXHUHFHEHXRUGHPLPHGLDWDGHDEDWHURERGH$SHOHVHULDYHQGLGDQR
PHUFDGRDTXDQWLDDSXUDGDUHFROKLGDjFDL[DGRSUHVtGLRHDFDUQHUHIRUoDULDDVRSDGRVSUHVRV
'LVFXWLXVHPXLWRODPHQWRXVH9DVNDPDVQLQJXpPVHDWUHYHXDLQIULQJLUDVRUGHQVGRPDMRU
0DWDUDPSRLVRQRVVRERGHOiGRRXWURODGRGDIRVVDGROL[R6XDFDUQHFRPSUDGDHPEORFRSRU
XPGRVGHWHQWRVQRVUHQGHXXPUXEORHFLQTXHQWDFRSHTXHV±GLQKHLURTXHVHULDHPSUHJDGRHP
NDODWFKL'HSRLVGHSUHSDUDUXPVDERURVRDVVDGRRFRPSUDGRUGH9DVNDRYHQGHXDUHWDOKRH
WRGRVTXHGHOHFRPHUDPRDFKDUDPH[FHOHQWH
'XUDQWH DOJXP WHPSR SRVVXtPRV WDPEpP XPD iJXLD GDV HVWHSHV GH WDPDQKR SHTXHQR
$OJXpPDWURX[HUDIHULGDHHPPiVFRQGLo}HV7RGRVRVIRUoDGRVDIRUDPYHUSRUTXHDiJXLD
QmRSRGLDYRDU6XDDVDGLUHLWDSHQGLDSRUWHUUDHXPDGDVJDUUDVHVWDYDTXHEUDGD$LQGDUHYHMR
RV ROKRV IXULRVRV TXH HOD GHLWDYD DR JUXSR GH KRPHQV DR VHX UHGRU 7LQKD R ELFR UHFXUYR
HQWUHDEHUWRSURQWDDYHQGHUFDURDYLGD4XDQGRDTXLVHUDPH[DPLQDUDIDVWRXVHPDQFDQGR
VDOWLWDQGRQXPDSHUQDHDJLWDQGRDDVDYiOLGDSURFXUDQGRRSRQWRPDLVDIDVWDGRGRUHFLQWRHVH
HQFRVWRXjFHUD3DVVRXWUrVPHVHVVHJXLGRVVHPVDLUGROXJDU1RFRPHoRRVSUHVRVLDPYLVLWi
ODIUHTXHQWHPHQWHDoXODQGRFRQWUDHODRQRVVR&KDULN2FmRVHDWLUDYDjiJXLDFRPIXURUPDV
WHPLDHYLGHQWHPHQWHDSUR[LPDUVHPXLWRRTXHGLYHUWLDH[WUDRUGLQDULDPHQWHRVIRUoDGRV³4XH
DQLPDO´ GL]LDP ³1mR p QHQKXP WROR´ $RV SRXFRV HQWUHWDQWR &KDULN FXUDQGRVH GR PHGR
FRPHoRXDDWRUPHQWDUUHDOPHQWHDiJXLDVHJXUDQGRDSHODDVDGRHQWH$DYHVHGHIHQGLDDOWLYD
HVHOYDJHPHQWHFRPWRGDVDVIRUoDVFRPRELFRHDVJDUUDVFRPRXPDUDLQKDIHULGDHQFRVWDGD
DR VHX FDQWR IL[DYD RV FXULRVRV TXH OKH FKHJDYDP SHUWR (QILP FDQVDUDPVH GHOD
DEDQGRQDUDPQDHVTXHFHUDPQD&RQWXGRGLDULDPHQWHVHYLDQRVHXFDQWRXPSHGDoRGHFDUQH
IUHVFD H XPD WLJHOD GH iJXD DOJXpP DLQGD D FXLGDYD 'XUDQWH DOJXQV GLDV HOD QmR TXLV VH
DOLPHQWDU GHSRLV DFHLWRX D FRPLGD PDV QXQFD GDV PmRV GH QLQJXpP QHP QD SUHVHQoD GH
TXDOTXHU XP 0DLV GH XPD YH] D REVHUYHL GH ORQJH 9HQGR R YD]LR ID]HUVH DR VHX UHGRU
VXSRQGRVHVR]LQKDHODVHUHVROYLDDVDLUGRVHXFDQWRHVDOWLWDYDGH]SDVVRVDRORQJRGDSDOLoDGD
YROWDYDGHSRLVDRSRQWRGHVDtGDFRPRVHHVWLYHVVHID]HQGRXPSDVVHLRKLJLrQLFR$VVLPTXHPH
DYLVWDYD FRUULD FDSHQJDQGR VDOWDQGR FRPR OKH HUD SRVVtYHO DWp R VHX FDQWR LPXWiYHO (
LPHGLDWDPHQWHFRPDFDEHoDHUJXLGDRELFRDEHUWRDSOXPDJHPHULoDGDSUHSDUDYDVHSDUDR
FRPEDWH 0HXV FDULQKRV IRUDP LQ~WHLV QmR FRQVHJXL DPDQViOD HOD ELFDYD GHEDWLDVH
UHFXVDYDVHDWRFDUQDFDUQHTXHHXOKHHVWHQGLDHHQTXDQWRPHPDQWLQKDLQFOLQDGRVREUHHOD
QmRGHL[DYDGHPHILWDUFRPVHXROKDUIHUR]HSHQHWUDQWH2GLHQWDHVROLWiULDHVSHUDYDDPRUWH
WRGDYLDFRQWLQXDYDDGHVDILDUWRGRRPXQGRDVHPDQWHULQFRQFLOLiYHO$ILQDODSyVGRLVPHVHVGH
HVTXHFLPHQWR RV IRUoDGRV D UHFRUGDUDP H D RQGD GH VLPSDWLD UHYHORXVH GH PDQHLUD
LQHVSHUDGDUHVROYHUDPFDUUHJiODGDOL
±$WpSDUHFHFRQRVFR±H[FODPRXXPGRVSUHVRV
±2UDRUDGHVFREULVWHLVVRVR]LQKR"0DVDiJXLDpXPDDYHHQTXDQWRQyVVRPRVJHQWH
±$iJXLDLUPmRVpDUDLQKDGDVIORUHVWDV±IRLFRPHoDQGR6NXUDWRYFRQWXGRGDTXHODYH]
QLQJXpPTXHULDHVFXWiOR
8PD WDUGH TXDQGR R WDPERU UXIDYD SDUD D VDtGD DR WUDEDOKR VHJXUDUDP D DYH HQIHUPD
DSHUWDUDPOKHRELFRFRPDPmRSRUTXHHODSURFXUDYDGHEDWHUVHHELFDUHDOHYDUDPDWpDR
EDVWLmR2VGR]HIRUoDGRVTXHIRUPDYDPRJUXSRHVWDYDPFXULRVtVVLPRVSRUYHUDRQGHDiJXLD
LULD&RLVDHVWUDQKDHVWDYDPWmRVDWLVIHLWRVTXDQWRVHHOHVSUySULRVHVWLYHVVHPVHQGRVROWRV
± Ï GHVJUDoDGD D JHQWH OKH TXHU ID]HU XP EHP H HOD Gi ELFDGD ± GLVVH R KRPHP TXH
VHJXUDYDDiJXLDFRQWHPSODQGRTXDVHFRPDPRUDDYHPDOpYROD
±6ROWDD0LNLWND
±1HPRGLDERDVHJXUDYD(VVDSUHFLVDGHOLEHUGDGHVyTXHUOLEHUGDGH
'RDOWRGRWDOXGHDWLUDUDPDiJXLDSDUDDHVWHSH(UDQRILPGRRXWRQRRGLDHVWDYDIULRH
QHYRHQWR2YHQWRVRSUDYDQDHVWHSHQXDHJHPLDDWUDYpVGRVDOWRVIHWRVHGDHUYDUHVVHTXLGD$
iJXLDS{VVHORJRDDQGDUVDFXGLQGRDDVDPDFKXFDGDFRPRVHWLYHVVHSUHVVDHPIXJLUWmRORQJH
TXDQWR VHXV ROKRV DOFDQoDYDP 2V IRUoDGRV OKH VHJXLDP FXULRVDPHQWH D FDEHoD TXH HPHUJLD
DFLPDGRPDWRUDVWHLUR
±+HLQ2OKHPDTXL±H[FODPRXXPGHOHVSHQVDWLYR
±1HPVHYROWDSDUDWUiV1HPXPDYH]VHYROWRXSDUDWUiVLUPmRVWDQWDSUHVVDWHPGHIXJLU
±-XOJDYDVTXHHODKDYLDGHVHYLUDUSDUDWHGL]HUPXLWRREULJDGD"
±(ODHVWiVHQWLQGRRFKHLURGDOLEHUGDGHHVWiIDUHMDQGRRFpX
±6LPDOLEHUGDGH
±3HUGHXVHGHYLVWD
±4XHpTXHYRFrVHVWmRHVSHUDQGR"$FDPLQKR±JULWDUDPRVVROGDGRVHRVIRUoDGRVWRGRV
VHHQFDPLQKDUDPHPVLOrQFLRSDUDRWUDEDOKR


$48(,;$


&RPHoDQGR HVWH FDStWXOR R HGLWRU GDV PHPyULDV GR IDOHFLGR $OH[DQGU 3HWURYLWFK
*RULDQWFKLNRY VHQWHVH QR GHYHU GH WUDQVPLWLU DR OHLWRU D VHJXLQWH FRPXQLFDomR QR SULPHLUR
FDStWXOR GDV5HFRUGDo}HVGD&DVDGRV0RUWRVIRUDPIHLWDVFHUWDVUHIHUrQFLDVDXPSDUULFLGDGH
RULJHPQREUHDSDUHFHXFRPRH[HPSORGHLQVHQVLELOLGDGHFRPTXHDOJXQVIRUoDGRVDOXGHPDRV
FULPHVTXHSHUSHWUDUDP(VVHSDUULFLGDVHJXQGRRYLPRVMDPDLVFRQIHVVRXRDVVDVVtQLRSRUpP
DV QDUUDWLYDV GDV SHVVRDV TXH FRQKHFLDP PLQXFLRVDPHQWH WRGD D KLVWyULD GR FDVR OKH
HVWDEHOHFLDP D FXOSDELOLGDGH GH PRGR WmR LUUHIXWiYHO TXH QLQJXpP R SRGHULD S{U HP G~YLGD
(VVDV PHVPDV SHVVRDV FRQWDUDP DR DXWRU GDV5HFRUGDo}HV TXH R FXOSDGR HUD XP LQGLYtGXR
GHVUHJUDGRFULYDGRGHGtYLGDVHPDWDUDRSDLDFHVRSHODkQVLDGHKHUGDUPDLVGHSUHVVD$OLiV
WRGD D FLGDGH QDWDO GR SDUULFLGD HUD XQkQLPH HP QDUUDU D KLVWyULD FRLVD GH TXH R HGLWRU GDV
5HFRUGDo}HVVHLQIRUPRXDPSODHYHULGLFDPHQWH(QILPRDXWRUGDV5HFRUGDo}HVDILUPDYDTXH
QRSUHVtGLRRDVVDVVLQRPDQWLQKDXPERPKXPRUFRQVWDQWHTXHVHPRVWUDYDOHYLDQRHVWRXYDGR±
PDVQDGDWLQKDGHWRORHQmRVHQRWDYDQHOHQHQKXPDFUXHOGDGHHVSHFLDO(HQWmRRDXWRUGDV
5HFRUGDo}HVFRPHQWDYD³(SRULVVRHXQmRSRGLDDFUHGLWDUQDVXDFXOSDELOLGDGH´
+iDOJXQVGLDVRHGLWRUGDV5HFRUGDo}HVUHFHEHXGD6LEpULDDQRWtFLDGHTXHHVVH³SDUULFLGD´
WLQKD DV PmRV OLPSDV GH VDQJXH H FXPSULUD GH] DQRV GH SHQD QR SUHVtGLR VHP RV PHUHFHU $
SUySULDMXVWLoDRILFLDOSURFODPRXOKHDLQRFrQFLDRVYHUGDGHLURVDVVDVVLQRVIRUDPGHVFREHUWRVH
FRQIHVVDUDPRFULPHRLQIHOL]IRLVROWR2HGLWRUQmRS{GHS{UHPG~YLGDDDXWHQWLFLGDGHGHVVD
QRWtFLD 0DV p LQ~WLO GLVFXWLOD PDLV 4XH DGLDQWD GHSORUDU HVVD H[LVWrQFLD PXWLODGD HP SOHQD
MXYHQWXGHSRUDFXVDomRWmRKRUUHQGD4XHDGLDQWDDORQJDUPRQRVVREUHDSURIXQGLGDGHWUiJLFD
GHVVHIDWR(OHVR]LQKRIDODDOWREDVWDQWHHWRUQDGHVQHFHVViULRLQVLVWLU3HQVDPRVHQWUHWDQWRTXH
VHWDLVHUURVRFRUUHPDVXDVLPSOHVSRVVLELOLGDGHGiXPQRYRHSRGHURVRUHOHYRjVFHQDVGD&DVD
GRV0RUWRV
-iGLVVHTXHDFDEHLDILQDOSRUPHKDELWXDUjPLQKDVLWXDomR7RGDYLDHVVH³DILQDO´IRLGXURGH
DWLQJLUH[LJLXPHTXDVHXPDQRRDQRPDLVDERPLQiYHOGDPLQKDYLGD(SRULVVRHVVHDQRVH
JUDYRX HP PLQKD PHPyULD QRV VHXV GHWDOKHV PDLV tQWLPRV 3DUHFHPH TXH FDGD KRUD XPD
DWUiV GD RXWUD PH GHL[RX PDUFD -i FRQWHL DOLiV TXH QHQKXP IRUoDGR VH SRGHULD ³KDELWXDU´
jTXHOD YLGD /HPEURPH TXH QR GHFRUUHU GHVVH SULPHLUR DQR PXLWDV YH]HV SHUJXQWHL D PLP
PHVPR³(RVRXWURVWHUmRDDOPDWmRFDOPDTXDQWRSDUHFHjSULPHLUDYLVWD"´(VVDTXHVWmRPH
SUHRFXSDYDPXLWR&RPRMiRPHQFLRQHLWRGRVRVIRUoDGRVYLYLDPDOLQmRFRPRHPVXDFDVD
PDVFRPRQXPDHVWDODJHPFRPRQXPDSDUDGD2VSUySULRVFRQGHQDGRVjSULVmRSHUSpWXDTXHU
IRVVHP DJLWDGRV RX DSiWLFRV VRQKDYDP FRP TXDOTXHU FRLVD LPSRVVtYHO TXH SRUpP OKHV
DFRQWHFHULD (VVD FRQWtQXD LQTXLHWDomR VLPXOWDQHDPHQWH GLVVLPXODGD H SHUFHSWtYHO HVVH
HVWUDQKRHVVHLPSDFLHQWHDUGRUGHHVSHUDQoDTXHVHWUDtDLQYROXQWDULDPHQWHHHUDWmRTXLPpULFR
TXH VH DVVHPHOKDYD D XP GHOtULR ± WXGR WLQKD HP VL HOHPHQWRV EDVWDQWHV SDUD HVSDQWDU DWp DV
SHVVRDV PDLV SUiWLFDV (UDP WUDoRV TXH GDYDP jTXHOH ORFDO XP DVSHFWR H XP FDUiWHU
H[FHSFLRQDLV HOHV FRQVWLWXtDP WDOYH] D VXD PDLRU RULJLQDOLGDGH 6HQWLDVH TXDVH LPHGLDWDPHQWH
TXH QDGD GH VHPHOKDQWH H[LVWLD DOKXUHV 1mR KDYLD DOL VHQmR VRQKDGRUHV H HVVD HYLGrQFLD TXH
VDOWDYDDRVROKRVSURGX]LDVREUHRVQHUYRVXPDLPSUHVVmRWDQWRPDLVYLYDSRUTXHHVVHGHYDQHLR
GDYDjPDLRULDGDTXHOHVKRPHQVXPDUGHGRHQWHVPRURVRV$PDLRULDUDEXJHQWRVHWDFLWXUQRV
DWpRyGLRQmRJRVWDYDGHH[SRUjOX]GRGLDVXDVHVSHUDQoDV'HVSUH]DYDPDLQJHQXLGDGHHD
IUDQTXH]D R VRQKDGRU SHUFHELD TXH VXDV HVSHUDQoDV WRFDYDP jV UDLDV GR LQDFHVVtYHO PDV QmR
ORJUDYDUHQXQFLDUDHODVVHSXOWDYDDVQRPDLVSURIXQGRUHFHVVRGHVLPHVPRFRPXPDWHLPRVLD
HXPSXGRUIHUR]HV7DOYH]VHHQYHUJRQKDVVHGHODV4XHPVDEHOi"2WHPSHUDPHQWRUXVVRpWmR
SRVLWLYRWmRVyEULRHPVXDPDQHLUDGHHQFDUDUDVFRLVDVWmR]RPEHWHLURSDUDFRPVHXVSUySULRV
GHIHLWRV
$KRVWLOLGDGHDLUULWDomRGHVVHVKRPHQVHPVXDVUHODo}HVFRWLGLDQDVSURYLQKDSURYDYHOPHQWH
GHVVH FRQWtQXR DXWRGHVFRQWHQWDPHQWR 6H SRU H[HPSOR XP GH QyV PDLV SXHULO RX PDLV
LPSDFLHQWHVHSXQKDUHSHQWLQDPHQWHDGHVFREULUVHXVVRQKRVDSURFODPDURTXHWRGRVSHQVDYDP
HPYR]EDL[DLPHGLDWDHEUXWDOPHQWHRFDODYDPFREULDPQRGHDSRGRVPDVWHQKRDFHUWH]DGH
TXHRVVHXVSHUVHJXLGRUHVPDLVHQFDUQLoDGRVHUDPMXVWDPHQWHRVTXHFRQVWUXtDPDVyVRVPDLV
LQVHQVDWRV FDVWHORV QR DU -i FRQWHL DOLiV TXH RV LQGLYtGXRV VLQFHURV H VLPSOHV GH HVStULWR HUDP
FRQVLGHUDGRVHQWUHQyVFRPRVLQLVWURVLPEHFLVPHUHFHGRUHVDSHQDVGHGHVSUH]R&DGDTXDOHUD
VXILFLHQWHPHQWH D]HGR VXILFLHQWHPHQWH VXVFHWtYHO SDUD QmR RGLDU j SULPHLUD YLVWD WRGR ERP
FDPDUDGD GHVSURYLGR GH DPRUSUySULR $IRUD HVVHV SRXFRV WDJDUHODV LQJrQXRV H VHP PDOtFLD
WRGRRUHVWRGRVJDOpV±LVWRpRVGHJrQLRUHVHUYDGR±VHGLYLGLDFODUDPHQWHHPGXDVFDWHJRULDV
RVERQVHRVPDXVRVWULVWHVHRVDOHJUHV2VWULVWHVHPDXVIRUPDYDPLQFRQWHVWDYHOPHQWHRJUXSR
PDLRUVHHQWUHHOHVVHHQFRQWUDYDDOJXPWHPSHUDPHQWRH[SDQVLYRWUDWDVHVHPSUHGXPVyUGLGR
PH[HULTXHLURXPLQTXLHWRLQYHMRVR0DVTXDQWRPDLVVHHQYROYLDQRTXHQmRHUDGDVXDFRQWD
WDQWR PDLV UHFDOFDYD GHQWUR GH VL R TXH OKH GL]LD UHVSHLWR SHVVRDOPHQWH R TXH VH UHIHULD j VXD
DOPDHjVVXDVLGHLDVVHFUHWDV1mRHUDXVRQLQJXpPVHH[SDQGLU2VERQV±HPQ~PHURtQILPR±
WLQKDP PRGRV WUDQTXLORV 'LVVLPXODYDP SURIXQGDPHQWH DV VXDV HVSHUDQoDV H p FODUR WLQKDP
SDUDRGHYDQHLRXPDWHQGrQFLDPXLWRPDLVIRUWHTXHRVPDXV'HYLDWDPEpPKDYHUQRSUHVtGLR
FULDWXUDV GHVSRMDGDV GH TXDOTXHU HVSHUDQoD ± FRPR SRU H[HPSOR R YHOKR GH 6WDURGXERY ±
SRUpPHUDPHPQ~PHURPXLWRGLPLQXWR$SHVDUGRVDUHVVRVVHJDGRVGHVVHYHOKRFRPSUHHQGL
HQWUHWDQWRSRUFHUWRVLQGtFLRVTXHHUDKRUUtYHORVHXHVWDGRGHDOPD5HVWDYDOKHXPFRQVRORXP
UHFXUVRDSUHFHDLGHLDGDPRUWLILFDomR2OHLWRUSHUSpWXRGD%tEOLDGHTXHPMiIDOHLXPEHOR
GLD HQORXTXHFHX H DWLURX XP WLMROR QR PDMRU GHYHULD WDPEpP VHU XP GDTXHOHV D TXHP D
HVSHUDQoD DEDQGRQDUD &RPR IRVVH LPSRVVtYHO YLYHU VHP HVSHUDQoD SURFXUDUD D PRUWH SRU
LQWHUPpGLR GHVVH PDUWtULR YROXQWiULR 'HFODURX TXH DWDFDUD R PDMRU VHP yGLR VLPSOHVPHQWH
OHYDGRSHORGHVHMRGHVRIUHU(TXHPVDEHRWUDEDOKRTXHVHSURFHVVDUDHPVXDDOPD"+RPHP
DOJXP SRGH YLYHU VHP XP DOYR TXH VH HVIRUFH SRU DWLQJLU VH QmR WHP PDLV ILQDOLGDGH QHP
HVSHUDQoDRGHVHVSHURID]GHOHXPPRQVWUR$PHWDGHWRGRVQyVHUDDOLEHUWDomRDVDtGDGD
IRUWDOH]D
(VWRX WHQWDQGR QHVWH PRPHQWR FODVVLILFDU HP FDWHJRULDV R QRVVR SUHVtGLR PDV D WDUHID p
LPSRVVtYHO$UHDOLGDGHpLQILQLWDPHQWHGLYHUVDHVFDSDjVHQJHQKRVDVGHGXo}HVGRSHQVDPHQWR
DEVWUDWRQmRVXSRUWDQHQKXPDDUUHJLPHQWDomRSUHFLVDHHVWUHLWD$UHDOLGDGHWHPWHQGrQFLDSDUD
RHVIDOHFLPHQWRSHUSpWXRSDUDDYDULHGDGHLQILQLWD0HVPROiHQWUHQyVFDGDXPPDQWLQKDD
VXDYLGDGLVWLQWDSULYDGDDRODGRGDYLGDRILFLDOUHJXODPHQWDU
&RPR Mi R FRQWHL SDUFLDOPHQWH ORJR j PLQKD FKHJDGD HX QmR VRXEH SHQHWUDU QDV
SURIXQGLGDGHVGHVVDYLGDLQWHULRUHSRUHVVDUD]mRWRGDVDVVXDVPDQLIHVWDo}HVPHSURYRFDYDP
XPD DQJ~VWLD LQGL]tYHO ¬V YH]HV RGLDYD DTXHOHV VHUHV TXH FRQWXGR VRIULDP WDQWR TXDQWR HX
$FRQWHFLDPH DWp LQYHMiORV DPDOGLoRDU PLQKD VRUWH ,QYHMDYDRV SRUTXH DSHVDU GH WXGR
YLYLDP HQWUH VL FRPR FDPDUDGDV FDSD]HV GH VH FRPSUHHQGHUHP PXWXDPHQWH HQWUHWDQWR QD
UHDOLGDGH WRGRV VH VHQWLDP WmR IDWLJDGRV FRPR HX WRGRV VH VHQWLDP HQRMDGRV GDTXHOH
FRPSDQKHLULVPR GHEDL[R GR DoRLWH GDTXHOD SURPLVFXLGDGH REULJDWyULD WRGRV VHQWLDP DYHUVmR
XQVSHORVRXWURVHQmRSURFXUDYDPVHQmRLVRODUVH5HSLWRRDLQGDHVVHyGLRTXHPHREVHGDYD
QRV SLRUHV PRPHQWRV WLQKD PRWLYRV OHJtWLPRV HUUDPRV TXDQGR SUHWHQGHPRV TXH RV QREUHV QDV
SULV}HVQmRVRIUHPWDQWRTXDQWRRVGDSOHEH2XYLXOWLPDPHQWHVXVWHQWDGDHVVDDILUPDWLYDOLDWp
DUWLJRVGHLPSUHQVDGHIHQGHQGRD0DVRSULQFtSLR³7RGRVRVKRPHQVVmRLJXDLV´ SULQFtSLRDOLiV
MXVWR H JHQHURVR  p SRU GHPDLV DEVWUDWR 3HUGH GH YLVWD XPD LQILQLGDGH GH IDWRV SUiWLFRV
LPSRVVtYHLVGHFRPSUHHQGHUTXDQGRQyVPHVPRVQmRRVSURYDPRV1mRYRXTXHUHUDILUPDUTXH
R KRPHP GH FODVVH VXSHULRU R KRPHP LQVWUXtGR VLQWD DV FRLVDV PDLV LQWHQVDPHQWH PDLV
GRORURVDPHQWH SHOR IDWR GH VHU PDLV GHVHQYROYLGR $ DOPD H VHX GHVHQYROYLPHQWR QmR VH
PHGHPSRUGDGRVIL[RV$SUySULDLQVWUXomRQHVVHVFDVRVQmRSRGHULDVHUYLUGHPHGLGD6RXR
SULPHLUR D UHFRQKHFHU TXH HQWUH DV SHVVRDV PHQRV LQVWUXtGDV PDLV KXPLOGHV PDLV PLVHUiYHLV
GHVFREUL WUDoRV GR PDLV SHUIHLWR GHVHQYROYLPHQWR PRUDO $VVLP SRLV QR SUHVtGLR FRQKHFL RV
PHVPRV KRPHQV GXUDQWH YiULRV DQRV 'HVSUH]HLRV GH LQtFLR QmR HQ[HUJDQGR QHOHV VHQmR
DQLPDLV IHUR]HV ( GH UHSHQWH QR PRPHQWR PDLV LQHVSHUDGR D DOPD GHVVHV KRPHQV
LQYROXQWDULDPHQWH VH H[SDQGLD 5HYHODYD XPD WmR JUDQGH ULTXH]D GH VHQWLPHQWRV WDQWD
FRUGLDOLGDGH XPD FRPSUHHQVmR WmR FODUD GR SUySULR VRIULPHQWR H GRV VRIULPHQWRV DOKHLRV TXH
QRVSULPHLURVLQVWDQWHVQmRDFUHGLWDYDQHPQRVPHXVROKRVQHPQRVPHXVRXYLGRV2FRQWUiULR
WDPEpPVXFHGHRKRPHPFXOWLYDGRGHVHQYROYHjVYH]HVXPDEDUEiULHHXPFLQLVPRTXHQRV
SURYRFDP QiXVHDV H SRU PDLV LQGXOJHQWH SRU PDLV SUHYHQLGR TXH VH HVWHMD QmR VH SRGHULD
GHVFREULUQHOHQHPMXVWLILFDomRQHPGHVFXOSD
'HL[DUHL GH SDUWH D PXGDQoD GH KiELWRV GH JrQHUR GH YLGD GH DOLPHQWDomR TXH SDUD XP
KRPHPGHFHUWRQtYHOVRFLDOpLQILQLWDPHQWHPDLVSHQRVDTXHSDUDXPPXMLTXH(VWHQDSULVmR
SHOR PHQRV FRPH R EDVWDQWH SDUD VDWLVID]HU D IRPH 1mR TXHUR SRUpP GLVFXWLU D WDO UHVSHLWR
(PERUD HVVD EDJDWHOD QmR VHMD WmR LQVLJQLILFDQWH TXDQWR VH SHQVD DGPLWDPRV TXH QmR WHQKD
QHQKXPDLPSRUWkQFLDSDUDXPKRPHPGHIRUoDGHYRQWDGH0DVKiXPDHVSpFLHGHVRIULPHQWR
GLDQWHGRTXDOWXGRHPSDOLGHFHGHPDQHLUDTXHMiQmRVHDWHQWDQDVXMHLUDLQIHWDTXHQRVURGHLD
QHPQDVUHVWULo}HVTXHQRVHVPDJDPQHPQDFRPLGDSDUFDHUHSXOVLYD'HSRLVGHWUDEDOKDUR
GLDLQWHLURYHUWHQGRRVXRUGRVHXURVWRFRPRQXQFDRIH]HPOLEHUGDGHRPDLVHIHPLQDGRHQWUH
RV HIHPLQDGRV REDULQH GH PmRV PDLV EUDQFDV FRPH VHP UHFODPDU R SmR QHJUR H D VRSD
IHUYLOKDQWH GH EDUDWDV $ JHQWH VH KDELWXD D WXGR FRPR R UHFRUGD MRFRVDPHQWH D FDQWLJD GRV
IRUoDGRVVREUHRH[ILGDOJRFKHLRGHPLPRVTXHFDLQRSUHVtGLR

³'mRPHFRXYHVFRPiJXD
³HHXQHODVPHWRRGHQWH´
1mRRSULQFLSDOpTXHGXDVKRUDVGHSRLVGHHQWUDUQRSUHVtGLRRKRPHPGRSRYRTXDOTXHU
TXHVHMDHOHVHQWHVHFRORFDGRQRPHVPRSRQWRTXHRVRXWURVHVWiHPVXDFDVDWHPRVPHVPRV
GLUHLWRV TXH RV VHXV FRPSDQKHLURV SHUWHQFH j FRPXQLGDGH GRV IRUoDGRV e FRPSUHHQGLGR SRU
WRGRVHDWRGRVFRPSUHHQGHWRGRVRUHFRQKHFHPWRGRVRFRQVLGHUDPXPGRVVHXV1mRDFRQWHFH
RPHVPRFRPXPKRPHPGHFODVVHVRFLDOVXSHULRU3RUPDLVFRUUHWRERPLQWHOLJHQWHTXHVHMD
YHUVHi RGLDGR H GHVSUH]DGR GXUDQWH DQRV LQWHLURV SHORV JDOpV HP PDVVD TXH QmR R
FRPSUHHQGHP H FRLVD PDLV JUDYH QHOH QmR FRQILDP 1mR p QHP VHX DPLJR QHP VHX
FRPSDQKHLURHVHFRPRWHPSRFRQVHJXHDILQDOTXHQmRRPROHVWHPQHPSRULVVRFRQWLQXDD
VHUPHQRVHVWUDQKRSDUDRVGHPDLV(WHUQDHGRORURVDPHQWHWHPTXHFRQIHVVDUDVLPHVPRTXH
FRQWLQXDVROLWiULRTXHpPDQWLGRSDUDVHPSUHVHJUHJDGR2YiFXRVHID]DRVHXUHGRUjVYH]HV
VHP Pi LQWHQomR GD SDUWH GRV SUHVRV 2 QRYDWR QmR p GD LJXDOKD GHOHV ± H p Vy 1DGD PDLV
KRUURURVRTXHQmRVHYLYHUQRSUySULRDPELHQWH7UDQVSODQWDGRGH7DJDQURJD3HWURSDYORVN R
KRPHPGRSRYRHQFRQWUDUiLPHGLDWDPHQWHRXWURVKRPHQVGRSRYRFRPRVTXDLVGHSUHVVDVHKi
GHHQWHQGHUHDUUDQMDU$RFDERGHGXDVKRUDVHVWDUiLQVWDODGRHQWUHHOHVGDIRUPDPDLVSDFtILFD
QDPHVPDLVEiRXVREDPHVPDWHQGD1DGDGHVHPHOKDQWHDFRQWHFHFRPXPKRPHPHGXFDGR
8P DELVPR SURIXQGR R VHSDUD GR KRPHP GD SOHEH LVVR VH REVHUYD DPSODPHQWH TXDQGR HOH
SHUGHRVVHXVGLUHLWRVSULPLWLYRVHTXDQGRHQWUDHIHWLYDPHQWHQDVILOHLUDVGRSRYR(PHVPRTXH
GXUDQWHDYLGDLQWHLUDWHQKDREDULQHIUHTXHQWDGRRVPXMLTXHVPHVPRTXHGXUDQWHTXDUHQWDDQRV
WHQKDHVWDGRHPFRQWDWRFRPHOHVRXFRPRIXQFLRQiULRRXSHORVLPSOHVGHVHMRGHFRQYLYHUGH
REVHTXLDU MDPDLV RV FRQKHFHUi D IXQGR WXGR VHUi DSHQDV LOXVmR GH yWLFD 6HL PXLWR EHP TXH
DOJXQVOHLWRUHVGHVWDVOLQKDVSUHWHQGHUmRTXHHVWRXH[DJHUDQGRPDVVHLTXHWHQKRUD]mR0LQKD
FHUWH]DQmRVHEDVHLDHPOLYURVRXHPWHRULDVEDVHLDVHHPIDWRVHMiWLYHWHPSRVXILFLHQWHSDUD
DFRPSURYDU7DOYH]PDLVWDUGHVHUHFRQKHoDRIXQGDPHQWRGHVWDVDILUPDWLYDV
&RPR XP IDWR SURSRVLWDO RV DFRQWHFLPHQWRV FRQILUPDUDP PLQKDV REVHUYDo}HV IHLWDV ORJR
DRVSULPHLURVGLDVHDJLUDPFUXHOPHQWHVREUHRVPHXVQHUYRV'XUDQWHRSULPHLURYHUmRQmRIL]
VHQmR YDJXHDU H TXDVH VHPSUH Vy 0HX HVWDGR GH HVStULWR QmR PH SHUPLWLD DSUHFLDU QHP
PHVPRGLVWLQJXLURVIRUoDGRVTXHPDLVWDUGHVHDIHLoRDUDPDPLPHTXHHQWUHWDQWRMDPDLVPH
WUDWDUDPHPSpGHLJXDOGDGH$OJXQVGRVPHXVFRPSDQKHLURVKDYLDPFRPRHXSHUWHQFLGRjV
FODVVHVVXSHULRUHVPDVVHXFRQYtYLRQmRPHDWUDtD(XQmRTXHULDYHUQLQJXpPQHPSRGLDIXJLU
SDUDOXJDUQHQKXP9RXFLWDUFRPRH[HPSORXPLQFLGHQWHTXHPHIH]FRPSUHHQGHUORJRWRGDD
HVWUDQKH]DWRGDDVROLGmRHPTXHHXFDtUD1RPrVGHDJRVWRGHVVHYHUmRSRUXPGLDFODURH
TXHQWH Oi SHOD XPD KRUD GD WDUGH TXDQGR GH KiELWR D JHQWH ID]LD D VHVWD DQWHV GH YROWDU DR
WUDEDOKR RV IRUoDGRV VH OHYDQWDUDP UHSHQWLQDPHQWH WRGRV D XP Vy WHPSR H VH UHXQLUDP QR
SiWLR (X DWp HQWmR QDGD SHUFHEHUD GH DQRUPDO $OLiV QHVVD pSRFD DQGDYD jV YH]HV WmR
SURIXQGDPHQWHPHUJXOKDGRQRVPHXVSHQVDPHQWRVTXHQmRSUHVWDYDDWHQomRDOJXPDDRTXHPH
FHUFDYD&RQWXGRKDYLDMiWUrVGLDVRSUHVtGLRVHDJLWDYDLQWHQVDPHQWH(VVDDJLWDomRHUDDOLiV
PXLWR PDLV DQWLJD VHJXQGR GHSRLV R GHVFREUL UHFRUGDQGR WUHFKRV GH FRQYHUVD R PDX KXPRU
HYLGHQWHGRVIRUoDGRVDLUULWDomRFUHVFHQWHGHTXHGDYDPSURYDV(XDWULEXtDLVVRDRWUDEDOKRSRU
GHPDLV SHQRVR DRV ORQJRV GLDV HVPDJDGRUHV GD HVWDomR TXHQWH DRV VRQKRV LQYROXQWiULRV GH
YDJDEXQGDJHP QD IORUHVWD HP OLEHUGDGH jV QRLWHV FXUWDV GXUDQWH DV TXDLV QmR SRGtDPRV
VDWLVID]HU R VRQR 7RGDV HVVDV FDXVDV WDOYH] UHXQLGDV SURYRFDUDP XPD H[SORVmR V~ELWD FXMR
SUHWH[WRIRLDPiDOLPHQWDomR)D]LDDOJXPWHPSRMiTXHRVKRPHQVVHTXHL[DYDPHPYR]DOWD
UHFODPDYDP SHODV FDVHUQDV VREUHWXGR j YROWD GDV FR]LQKDV GHSRLV GR MDQWDU H GD FHLD
GHVFRQWHQWHVFRPDV³FR]LQKHLUDV´WLQKDPDWpWHQWDGRWURFDUXPGHOHVPDVIRLSUHFLVRGHPLWLU
LPHGLDWDPHQWHRQRYDWRHYROWDUDRDQWLJR(PVXPDRPDXKXPRUHUDJHUDO
±$JHQWHWUDEDOKDGHPRUUHUHVyQRVGmRSRUFDULDV±UHVPXQJDYDXPQDVFR]LQKDV
±6HDJRURUREDQmRWHDJUDGDHQFRPHQGDPDQMDUEUDQFR±SLOKHULDYDXPRXWUR
±1mRKiQDGDPHOKRUGRTXHFRXYHFRPVHERLUPmRV±REVHUYDYDXPWHUFHLUR
±(VHWHGHVVHPFRXYHVFRPVHERDYLGDLQWHLUDFRQWLQXDULDVJRVWDQGR"
±eYHUGDGHEHPTXHSRGtDPRVFRPHUXPSHGDoRGHFDUQH±FRPHQWRXXPTXDUWRSUHVR±
$ JHQWH VH HVWURPSD WUDEDOKDQGR QD IiEULFD H TXDQGR FKHJD SUHFLVD S{U XP ERFDGR QD ERFD
(VVDSRUFDULDQmRpFRPLGD
±(TXDQGRQmRpVHERTXHQRVGmRVmRPL~GRV
±6LPRXVHERRXPL~GRV$ERLDpVyLVVR6HUiMXVWR"
±eXPDLPXQGtFLH
±(RFDFKRUURYDLHQFKHQGRREROVR
±1mRWHQVQDGDFRPLVVR
±(SRUTXHQmR"$EDUULJDpPLQKD6HIL]HUPRVTXHL[DWRGRVDRPHVPRWHPSRKmRGHYHU
±)L]HUPRVTXHL[D"
±,VVRPHVPR
±(VWiVHYHQGRTXHDLQGDQmRDSDQKDVWHEDVWDQWHSRUFDXVDGHTXHL[DVFUHWLQR
±eLVVR±UH]LQJRXXPRXWURTXHDWpHQWmRVHPDQWLYHUDHPVLOrQFLR±4XHPPXLWRTXHUWXGR
SHUGH4XHpTXHSUHWHQGHVGL]HUMiTXHpVWmRHVSHUWR"3RLVIDODWXDQGD
±eFODURTXHIDOR6HWRGRVIRUHPFRPLJRHXIDOR4XHPpSREUHVRIUH$TXLWHPJHQWHTXH
HQFKHDEDUULJDGRERPHGRPHOKRUHQTXDQWRDWULSDGRVSREUHVURQFD
±6XMHLWRLQYHMRVR9LYHGHROKRFRPSULGRQDFRPLGDGRVRXWURV
±1LQJXpPSRQKDRROKRQRSUDWRDOKHLRDFRUGHFHGRHFR]LQKHRVHX
±2UDERODV1yVGRLVSRGHUtDPRVGLVFXWLULVVRDWpILFDUGHFDEHoDEUDQFD4XHPWHYrILFD
SHQVDQGRTXHpVULFR
±6LPULFRFRPR,HURFKNDTXHWHPXPFDFKRUURHXPJDWR
±eYHUGDGHLUPmRVTXHpTXHDJHQWHHVSHUD"-iFKHJDGHSDVVDUPDO(VWmRQRVWLUDQGRR
FRXURHRFDEHOR3RUTXHQmRYDPRVIDODU"
±3DUDTXr"3HQVDVTXH³2LWR2OKRV´YDLWHPHWHUERQVERFDGLQKRVQRELFR"1mRPHXYHOKR
ODPEHRVEHLoRV/HPEUDWHTXHHVWDPRVQRSUHVtGLR±HRUHVWRpIXPDoD
±eVHPSUHRPHVPR'HXVPDWDGHIRPHRSREUHHHQJRUGDRYRLYRGD
±,VVRPHVPR³2LWR2OKRV´HVWiHQJRUGDQGR&RPSURXXPDSDUHOKDGHFDYDORVUXoRV
±(EHEHUQmROKHDJUDGDKHLQ"
±)D]GLDVTXHHOHHRYHWHULQiULRQmRVHDSDUWDPGXPEDUDOKR
± 3DVVDUDP D QRLWH MRJDQGR ( GXUDQWH PDLV GH GXDV KRUDV R PDMRU QmR WHYH XP WUXQIR QD
PmR
±1mRDGPLUDHQWmRTXHDJHQWHVyWHQKDVRSDGHVHER
±%DQGRGHLGLRWDV6HQmRHVWLYHVVHPDtGHERFDDEHUWDRXWURJDORQRVFDQWDULD
±0DVVHIRUPRVOiWRGRVMXQWRVYDPRVYHUTXHpTXHHOHGL]9DPRVYDPRVGHXPDYH]
±(TXHpTXHRPDMRUYDLGL]HU"7HQVYRQWDGHGHOHYDUXPPXUURQDVYHQWDV"
±(LUQRYDPHQWHDMXOJDPHQWR"
$DJLWDomRLDSRLVHPFUHVFHQGR1DTXHOHPRPHQWRFRPHIHLWRDFRPLGDDQGDYDSDYRURVD
7XGRDOLiVFRQFRUULDSDUDSURYRFDUDH[SORVmRDDQJ~VWLDVXUGDRVHFUHWRVRIULPHQWRSHUSpWXR
HQFKLDP DV PHGLGDV 2V IRUoDGRV SRU QDWXUH]D VmR UL[HQWRV H UHEHOGHV PDV DV UHYROWDV HP
PDVVDVmRUDUDVQRSUHVtGLRGHYLGRDRHWHUQRGHVDFRUGRHQWUHRVKRPHQV(LVVRWRGRVRVHQWLDP
PXLWREHPHLVSRUTXHKDYLDHQWUHQyVPDLVSDODYUDVTXHDWRV(QWUHWDQWRGHVVDYH]DDJLWDomR
WHYH FRQVHTXrQFLDV &RPHoDUDP D VH UHXQLU HP JUXSRV SXVHUDPVH D GLVFXWLU QDV FDVHUQDV D
UHFODPDU D UHFDSLWXODU FRP yGLR WRGD D DGPLQLVWUDomR GR PDMRU D VRQGiOD D IXQGR DWp R
kPDJR$OJXQVSULQFLSDOPHQWHVHDJLWDYDPPXLWR1DVTXHVW}HVGHVVHJrQHURWDQWRQDVSULV}HV
FRPRQDVFRUSRUDo}HVRSHUiULDVRXQRVGHVWDFDPHQWRVGHVROGDGRHWFKiVHPSUHLQVWLJDGRUHV
FDXGLOKRVLQGLYtGXRVHPJHUDOFXULRVtVVLPRVHSHUWHQFHQWHVWRGRVDXPWLSRLGrQWLFR6mRDOPDV
DUGHQWHV iYLGDV GH MXVWLoD ± XPD MXVWLoD GD TXDO HVSHUDP R PDLV LQJHQXDPHQWH R PDLV
KRQHVWDPHQWHSRVVtYHOXPDDSOLFDomRDEVROXWDLQIDOtYHOVREUHWXGRLPHGLDWD1mRWrPQDGDGH
WRORV VmR jV YH]HV DWp PXLWR PDLV LQWHOLJHQWHV TXH RV GHPDLV SRUpP VRIUHP GXP DUGRU
H[FHVVLYR TXH QmR OKHV FRQVHQWH DJLU FRP DVW~FLD H SUXGrQFLD 6H QRV FDVRV GHVVH JrQHUR VH
HQFRQWUDP VHPSUH KRPHQV TXH VDEHP GLULJLU D PDVVD H UHVROYHU WXGR EHP p SRUTXH HOHV
SHUWHQFHPDRXWURWLSRGHFKHIHVSRSXODUHVPXLWRUDURVHQWUHQyV3RUpPHVVHVGHTXHPHVWRX
IDODQGRDJRUDHVVHVLQVWLJDGRUHVGH³TXHL[DV´SHUGHPTXDVHVHPSUHDSDUWLGDHYmRHQFKHUDV
FDGHLDV H RV SUHVtGLRV $ LPSHWXRVLGDGH GHOHV RV SHUGH TXDQGR OKHV Gi LQIOXrQFLD VREUH DV
PDVVDV6mRGHERDPHQWHDFRPSDQKDGRV6HXDUGRUVXDKRQHVWDLQGLJQDomRDJHPVREUHWRGRVH
DWp PHVPR RV PDLV LUUHVROXWRV RV DFRPSDQKDP 6XD Ip FHJD QR r[LWR VHGX] DWp RV PDLV
HPSHGHUQLGRVFpWLFRVHPERUDIUHTXHQWHPHQWHHVVDIpWHQKDEDVHVWmRSRXFRILUPHVWmRLQIDQWLV
TXHDJHQWHSHUJXQWDDVLSUySULDFRPRIRLTXHHODRVS{GHLQVSLUDU2VHJUHGRGDVXDLQIOXrQFLD
HVWiHPPDUFKDUHPjIUHQWHHQmRWHUHPPHGRGHQDGD$YDQoDPFRPRWRXURVFDEHoDEDL[D
GHIHVDVSDUDFLPDVHPVDEHUHPVHTXHUGRTXHVHWUDWDVHPRMHVXLWLVPRSUiWLFRJUDoDVDRTXDO
RPDLVYLORPDLVUHSXJQDQWHGRVKRPHQVjVYH]HVWHPJDQKRGHFDXVDHVDLGDFKXYDVHPVH
PROKDU ( GHVVH PRGR TXHEUDP LQIDOLYHOPHQWH D FDEHoD 1D YLGD FRWLGLDQD HVVD HVSpFLH GH
JHQWHpELOLRVDGHGLItFLOFRQYLYrQFLDLUULWDGLoDLQWROHUDQWHHQDPDLRULDPXLWRREWXVD±RTXH
DOLiV p XP GRV IDWRUHV GD VXD IRUoD 2 PDLV ODPHQWiYHO p TXH jV YH]HV HP OXJDU GH VH
HQFDPLQKDUHPGLUHWDPHQWHjPHWDVHSUHFLSLWDPSDUDRVODGRVHVTXHFHPRHVVHQFLDOSDUDVH
SUHQGHUHPjVPLQ~FLDVHSRULVVRVHSHUGHP(QWUHWDQWRVmRFRPSUHHQGLGRVSHODPDVVDHpHVVD
DVXDIRUoD
eSUHFLVRGL]HUDOJXPDVSDODYUDVVREUHDVLJQLILFDomRGRWHUPR³TXHL[DV´
$OJXQVGRVQRVVRVIRUoDGRVWLQKDPMXVWDPHQWHVLGRFRQGHQDGRVSRUXPFDVRGHVVDHVSpFLH
HUDP RV PDLV H[FLWiYHLV VREUHWXGR XP GHOHV 0DUW\ QRY DQWLJR KXVVDUGR KRPHP DUGRURVR
LQTXLHWR GHVFRQILDGR HPERUD KRQHVWR H GH ERDIp &LWDUHL DLQGD XP RXWUR 9DVVLOL $QWRQRY
LQGLYtGXRTXHDVDQJXHIULRH[LELDXPROKDUVDUFiVWLFRXPVRUULVRDOWLYR± PXLWR HVSHUWR DOLiV
PDV LJXDOPHQWH FRUUHWR 1mR RV SRVVR FLWDU WRGRV LQIHOL]PHQWH SRLV HUDP QXPHURVtVVLPRV
3HWURYLDHYLQKDHVFXWDQGRRVJUXSRVVHPIDODUPXLWRPDVSURYDYHOPHQWHDQLPDGtVVLPRSRLV
IRLHOHRSULPHLURDYLUSDUDIRUDGDFDVHUQDTXDQGRFRPHoDUDPDVHUHXQLURVSUHVRV
1RVVR VXERILFLDO TXH GHVHPSHQKDYD DV IXQo}HV GH VDUJHQWRPDMRU  FKHJRX ORJR PXLWR
SUHRFXSDGR 8PD YH] IRUPDGRV RV JDOpV GHOLFDGDPHQWH OKH VROLFLWDUDP R IDYRU GH GL]HU DR
PDMRU TXH R ³SUHVtGLR´ OKH GHVHMDYD IDODU H SHGLU DOJXPDV H[SOLFDo}HV 3RU WUiV GR VXERILFLDO
SXVHUDPVHHPILODWRGRVRVLQYiOLGRVGHIURQWHDRVIRUoDGRV2UHFDGRGDGRDRVDUJHQWRHUDWmR
H[WUDRUGLQiULRTXHRHQFKHXGHHVSDQWR0DVHUDOKHLPSRVVtYHOGHL[DUGHLPHGLDWDPHQWHUHODWDU
RV IDWRV DR PDMRU (P SULPHLUR OXJDU VH R SUHVtGLR VH UHEHODVVH SRGHUVHLD HVSHUDU WXGR H
DGHPDLVRVQRVVRVFKHIHVHUDPEDVWDQWHSROWU}HVTXDQGRVHWUDWDYDGHHQIUHQWDURVSUHVRV(P
VHJXQGROXJDUVHQDGDVHSDVVDYDGHJUDYHVHGHQWURHPSRXFRRVGHWHQWRVPXGDVVHPGHLGHLDH
VHGLVSHUVDVVHPRVXERILFLDOFRQWLQXDYDGRPHVPRPRGRREULJDGRDUHGLJLUVHXUHODWyULR0XLWR
SiOLGRHWUHPHQGRGHPHGRHOHVHSUHFLSLWRXSDUDDFDVDGRPDMRU VHP ID]HU LQWHUURJDWyULRV
VHPGLVFXWLUFRPRVSUHVRV&RPSUHHQGHUDTXHQmRHUDFRPHOHTXHTXHULDP³IDODU´
,JQRUDQGRGRTXHVHWUDWDYDFRORTXHLPHWDPEpPHPILOD6yPDLVWDUGHVRXEHGDVPLQ~FLDV
GRFDVR1DTXHOHPRPHQWRSHQVDYDTXHLDPSURFHGHUDTXDOTXHUFKDPDGDQmRYHQGRSRUpP
RV VROGDGRV TXH GH RUGLQiULR VH HQFDUUHJDYDP GLVVR DGPLUHLPH H SXVPH D HVSLDU DR PHX
UHGRU1RWHLTXHPXLWRVPHROKDYDPFRPJUDQGHVXUSUHVDPDVVHDIDVWDYDPVHPGL]HUSDODYUD
1mRSRGLDPDFUHGLWDUTXHHXWDPEpPWLYHVVHTXHL[DVDDUWLFXODU(QWUHWDQWRORJRGHSRLVTXDVH
WRGRVTXHPHFHUFDYDPIL[DUDPHPPLPXPROKDULQWHUURJDGRU
±4XHID]HVDt"±SHUJXQWRXPHjGLVWkQFLDHPYR]DOWDHHPWRPJURVVHLUR9DVVLOL$QWRQRY
HTXHDWpHQWmRVHPSUHPHWUDWDUDSRU³VHQKRU´HFRPJUDQGHFRUWHVLD
2OKHLRSHUSOH[RSURFXUDQGRSHUFHEHURTXHVLJQLILFDYDDTXLORMiDGLYLQKDQGRFRQWXGRTXH
VHSDVVDYDTXDOTXHUFRLVDGHDQRUPDO
±6LPpYHUGDGHTXHID]HVDTXL"9ROWDSDUDRDORMDPHQWR±IDORXPHXPVRVVHJDGRUDSD]GD
VHomRPLOLWDUTXHHXDWpHQWmRQmRFRQKHFLD±1mRWHQVQDGDTXHID]HUMXQWRGHQyV
±0DVHVWmRWRGRVIRUPDGRV±UHVSRQGL±1mRYmRID]HUFKDPDGD"
±9HMDP$TXHOHWDPEpPVDLXGDWRFD±JULWRXDOJXpP
±1DUL]GHIHUUR±EUDGRXRXWUR
± 3DSDPRVFDV ± EHUURX XP WHUFHLUR FRP LQH[SULPtYHO GHVSUH]R (VVH QRYR GLWR SURYRFRX
ULVDGDVJHUDLV
±9DLSDUDDFR]LQKD±DFUHVFHQWRXXP
±(VWHVRQGHTXHUTXHHVWHMDPHVWmRPXLWREHP$TXLQRSUHVtGLRSDSDPSmRGRFHHOHLWmRGH
IRUQR1mRFRPHVVHSDUDGR"4XHHVWiVID]HQGRDTXL"
±$TXLQmRpRVHXOXJDU±DWDOKRXHPWRPDPLVWRVR.XOLNRY(WRPDQGRPHREUDoRPHIH]
VDLUGDILOD
(VWDYDPXLWRSiOLGRRVVHXVROKRVSUHWRVIDLVFDYDPHPRUGLDROiELRLQIHULRU'HFHUWRQmR
HVSHUDYD R PDMRU D VDQJXH IULR (X JRVWDYD PXLWR GH R ROKDU QHVVDV HPHUJrQFLDV SRLV HQWmR
UHYHODYDVHWRGR
(VWDYD UHSUHVHQWDQGR FRPR QXP SDOFR PDV DJLD &UHLR TXH LULD SDUD R VXSOtFLR FRP D
HOHJkQFLD GH XP JUmRVHQKRU 1DTXHOHV PRPHQWRV HP TXH WRGRV PH WUDWDYDP SRU WX H PH
LQVXOWDYDPHOHVHHVIRUoDYDHPUHGREUDUGHJHQWLOH]DVSDUDFRPLJR$RPHVPRWHPSRDVVXDV
SDODYUDVHUDPWmRILUPHVWmRDOWLYDPHQWHUHVROXWDVTXHQmRWROHUDYDPUpSOLFD
± (VWDPRV DTXL SDUD WUDWDU GDV QRVVDV FRLVDV $OH[DQGU 3HWURYLWFK R VHQKRU QmR WHP QDGD
FRPLVVR$IDVWHVHYiHVSHUDURQGHTXLVHU2OKHRVVHXVFROHJDVHVWmRQDFR]LQKDYiSDUDOi
±(VWmRQRTXHQWLQKROiGHQWUR
3HOD MDQHOD HQWUHDEHUWD GD FR]LQKD YL UHDOPHQWH RV SRODFRV H VHJXQGR PH SDUHFHX PXLWD
JHQWH FRP HOHV &RPSOHWDPHQWH GHVFRQFHUWDGR IXL SDUD Oi $V ULVDGDV DV LQM~ULDV RV HVWDOLGRV
FRPDOtQJXD TXHQRSUHVtGLRVXEVWLWXHPRVDVVRELRV DFRPSDQKDUDPPH
±1mRDJUDGRXDREDULQH7LXWLXWLX$QGDDJDUUD
-DPDLVDWpHQWmRIRUDWmRJUDYHPHQWHRIHQGLGRSHORVIRUoDGRVHGDTXHODYH]DFRLVDPH
IHULXSURIXQGDPHQWHeTXHHXVXUJLUDQXPPRPHQWRFUtWLFR1DHQWUDGDGDFR]LQKDHQFRQWUHL
7±VNLXPMRYHPILGDOJRVHPJUDQGHLQVWUXomRPDVGHFDUiWHUILUPHHJHQHURVR±RPHVPRTXH
HUD FHJDPHQWH GHGLFDGR D % 2V IRUoDGRV DEULDP XPD H[FHomR D VHX IDYRU H TXDVH VH SRGH
GL]HU TXH OKH TXHULDP EHP &DGD XP GRV JHVWRV GDTXHOH PRoR GHQRWDYD EUDYXUD FRUDJHP
YLJRU
±4XHIRL*RULDQWFKLNRY"9HQKDFi±JULWRXHOH
±0DVTXHpTXHKi"
±4XHUHPVHTXHL[DUQmRVDELD"$OLiVQmRYmRFRQVHJXLUQDGDTXHPDFUHGLWDHPIRUoDGRV"
2 PDMRU PDQGD SURFXUDU RV LQVWLJDGRUHV H VH HVWLYHUPRV HQWUH HOHV VHUi VREUH QyV TXH Ki GH
UHFDLU D FXOSD /HPEUHVH GR TXH QRV WURX[H SDUD Fi (OHV VHUmR DSHQDV IXVWLJDGRV PDV QyV
VHUHPRV OHYDGRV D MXOJDPHQWR ³2LWR2OKRV´ QRV RGHLD H ILFDUi VDWLVIHLWR VH QRV GHVJUDoDU
6HUHPRVDVXDMXVWLILFDomR
±(RV³FROHJDV´VHUmRRVSULPHLURVDQRVHQWUHJDUGHSpVHPmRVDWDGRV±DFUHVFHQWRX0±FNL
TXDQGRHQWUDPRVQDFR]LQKD
±&ODURQmRWHUmRGyQHPSLHGDGH±FRQILUPRX7±VNL
$OpPGRVQREUHVXQVWULQWDSUHVRVVHKDYLDPUHIXJLDGRQDVFR]LQKDVXQVFRYDUGHVGHPDLV
SDUD TXHL[DV RXWURV FRQYHQFLGRV GD LQXWLOLGDGH GD PHGLGD (VWDYD Oi $NLP $NLPLWFK LQLPLJR
ILGDOJDO GH TXDOTXHU PDQLIHVWDomR FRQWUiULD j ERD RUGHP H j GLVFLSOLQD HVSHUDYD VHP GL]HU
SDODYUDQXPDFDOPDDEVROXWDWmRSRXFRRSUHRFXSDYDRGHVHQODFHGRFDVRFRQYLFWRGRWULXQIR
LQHYLWiYHOGDRUGHPHGDDXWRULGDGH&RPDFDEHoDEDL[DHPXLWRLQTXLHWR,VDL)RPLWFKHVFXWDYD
FRP DYLGH] PHGURVD DV QRVVDV FRQYHUVDV 7RGRV RV U~VWLFRV SRODFRV KDYLDP FRQVLGHUDGR ERP
DJUXSDUHPVH HP WRUQR GRV VHXV ILGDOJRV $OJXQV IRUoDGRV UXVVRV WtPLGRV ± JHQWH DSiWLFD
VLOHQFLRVD GHSULPLGD TXH QmR RXVDYD WRPDU SDUWH HP QDGD ± HVSHUDYDP FRP DQJ~VWLD R
UHVXOWDGRGDUHFODPDomR(QWUHHOHVYLDVHFHUWRQ~PHURGHLQGLYtGXRVGHJrQLRWULVWRQKRHJUDYH
DOLPHQWDYDP D REVWLQDGD FHUWH]D GH TXH R FDVR QmR OHYDULD D QDGD TXH GHOH Vy VDLULD PDO
&RQWXGR HPERUD FRQYHQFLGRV GH TXH VXDV SUHYLV}HV TXDQWR DR UHVXOWDGR GD TXHL[D VH
FRQILUPDULDP RTXHRVIDWRVFRUURERUDUDP VHQWLDPVHFRQVWUDQJLGRVHSDUHFHXPHTXHRVHX
ROKDU FDUHFLD GH VHJXUDQoD &RQVLGHUDYDPVH UHQHJDGRV TXH KDYLDP WUDtGR D FRUSRUDomR H
YHQGLGRRVVHXVFRPSDQKHLURVDRPDMRU(QWUHHOHVGLVWLQJXLDVH,RONLQHDTXHOHDVWXWRPXMLTXH
VLEHULDQRFRQGHQDGRFRPRPRHGHLURIDOVRHTXHURXEDUDDFOLHQWHODGH.XOLNRY9LWDPEpPR
³YHOKR FUHQWH´ GH 6WDURGXERY 1HQKXPD GDV ³FR]LQKHLUDV´ VH PH[HUD MXOJDYDP GHFHUWR TXH
SHUWHQFHQGRjDGPLQLVWUDomRQmRSRGHULDPWRPDUSDUWLGRFRQWUDHOD
±(QWUHWDQWR±GLVVHHXGLULJLQGRPHHPEDUDoDGRD0±FNL±IRUDHVWHVWRGRVHVWmROi
±6LPPDVTXHWHPRVQyVFRPLVVR"±URVQRX%
±$UULVFDUtDPRVPXLWRPDLVTXHHOHVLQGRSDUDOiHFRPTXHILP"-HKDLVFHVEULJDQGV ±
DMXQWRX0±FNLHPIUDQFrV9RFrDFKDTXHDUHLYLQGLFDomRGHOHVGDUiHPDOJXPDFRLVD"9mRVH
FRPSOLFDU±pVyRTXHOXFUDUmR
±eYHUGDGHGLVVRQmRYDLVDLUQDGDGHERP±DSRLRXXPGRVRXWURVIRUoDGRVXPYHOKRGH
JrQLRD]HGRHWHLPRVR
$OPD]RYTXHWDPEpPHVWDYDHQWUHQyVDSUHVVRXVHHPFRQFRUGDUYHHPHQWHPHQWH
±e8QVFLQTXHQWDSHORPHQRVLUmRjVYDUDV±GHFODURX
±(VWiDtRPDMRU±JULWRXDOJXpPHWRGRVVHSUHFLSLWDUDPSDUDDVMDQHODV
2 PDMRU DFRUULD IXULRVR GHVHVSHUDGR UXEUR FRP RV yFXORV QD FDUD 6HP XPD SDODYUD
SRUpPGHFLGLGRDYDQoRXDWpSHUWRGRVKRPHQVHQILOHLUDGRV1HVVHVFDVRVVXDEUDYXUDHUDUHDOH
QmROKHIDOWDYDSUHVHQoDGHHVStULWR$OLiVHVWDYDTXDVHVHPSUHHPEULDJDGR$WpPHVPRRVHX
JRUUR VHEHQWR FRP EDUUD DODUDQMDGD H DV GUDJRQDV GH SUDWD WLQKDP QDTXHOH LQVWDQWH TXDOTXHU
FRLVD GH VLQLVWUR 6HJXLDR R IXUULHO 'LDWORY SHUVRQDJHP H[WUHPDPHQWH LPSRUWDQWH TXH GLULJLD
WXGR QR SUHVtGLR H WLQKD PDLV LQIOXrQFLD TXH R SUySULR PDMRU (UD XP YHOKDFR PDV VHP
PDOGDGHVHRVIRUoDGRVVHQWLDPVHVDWLVIHLWRVFRPHOH$WUiVGH'LDWORYYLQKDRQRVVRVDUJHQWR
TXH GHFHUWR OHYDUD XPD ERD HQVDERDGHOD H HVSHUDYD RXWUD GH] YH]HV SLRU 7UrV RX TXDWUR
VROGDGRV RV VHJXLDP 2V SUHVRV TXH HVWDYDP GH FDEHoD GHVFREHUWD GHVGH R PRPHQWR HP TXH
KDYLDP PDQGDGR FKDPDU R PDMRU HQGLUHLWDUDPVH UDSLGDPHQWH HQULMDUDPVH QDV SHUQDV
GHSRLVVHLPRELOL]DUDPDJXDUGDQGRDSULPHLUDSDODYUDRXPHOKRURSULPHLURJULWRGRFKHIH
1mR WLYHUDP TXH HVSHUDU PXLWR Mi j VHJXQGD VtODED R PDMRU EHUUDYD FRPR XP SRVVHVVR
VLELODYDWmRJUDQGHHUDRVHXIXURU'DMDQHODSRGtDPRVYrORFRUUHUDRORQJRGDILODDWLUDUVH
SDUDDIUHQWHLQWHUURJDU(VWiYDPRVHQWUHWDQWRDIDVWDGRVGHPDLVSDUDOKHHQWHQGHUDVSHUJXQWDV
EHPFRPRDVUpSOLFDVGRVIRUoDGRV(VFXWiYDPRVOKHDSHQDVRJULWDUFRPYR]HVWULGHQWH
±8PDUHEHOLmR¬VYDUDVRVFDEHoDV7XTXHpVFDEHoDGLVVRWX±XLYRXDWLUDQGRVHD
XPKRPHP
1mRVHRXYLXDUHVSRVWD0DVDRFDERGXPPRPHQWRYLPRVXPIRUoDGRGHL[DUDILOHLUDHVDLU
SDUDRFRUSRGDJXDUGD8PLQVWDQWHDSyVXPRXWURRVHJXLXGHSRLVXPWHUFHLUR
± 7RGRV D MXOJDPHQWR (X ( TXH HVWi KDYHQGR QD FR]LQKD" ± VLOYRX HOH DYLVWDQGRQRV
DWUDYpVGDVMDQHODVDEHUWDV±7RGRVDTXL7UDJDPPHWRGRV
2IXUULHO'LDWORYYHLRDWpjFR]LQKD$OJXQVGRVQRVVRVOKHGHFODUDUDPTXHQmRWLQKDPTXHL[D
QHQKXPDDIRUPXODU(OHVHDIDVWRXLPHGLDWDPHQWHDILPGHGDUSDUWHDRPDMRU
± $K HVVHV QmR WrP QDGD TXH GL]HU ± FRPHQWRX R FKHIH HP YR] EDL[D HYLGHQWHPHQWH
VDWLVIHLWR±1mRID]PDOWRGRVDTXL
6DtPRV9LTXHVHQWtDPRVDOJXPDYHUJRQKDDRID]rORSRLVHVWiYDPRVWRGRVGHFDEHoDEDL[D
±3URNRILHY,RONLQHHWX$OPD]RYSRUDTXLSRUDTXLUH~QDPVH±RUGHQRXRQRVVRWLUDQR
HP YR] DUTXHMDQWH PDV DEUDQGDGD ILWDQGRQRV FRP WHUQXUD ± 0±FNL WX WDPEpP $QGD WRPD
QRWD GRV QRPHV 'LDWORY 7RPD QRWD Mi GRV QRPHV GRV LQGLYtGXRV VDWLVIHLWRV H RV QRPHV GRV
GHVFRQWHQWHV WRGRV RV QRPHV DWp R ~OWLPR H PH Gi D OLVWD 9RX OHYiORV WRGRV D FRQVHOKR GH
JXHUUD9RXPRVWUDUGRTXHVRXFDSD]VHXVFUiSXODV
$OLVWDSURGX]LXRVHXHIHLWR
±1yVHVWDPRVVDWLVIHLWRV±JULWRXXPGRVGHVFRQWHQWHVPDVHPYR]VRPEULDHLQFHUWD
±$KDK6DWLVIHLWR4XHPPDLVHVWiVDWLVIHLWR"4XHPHVWLYHUVDWLVIHLWRTXHDYDQFH
±6DWLVIHLWRVDWLVIHLWR±EUDGDUDPDOJXPDVYR]HV
± 6DWLVIHLWRV" 4XHU GL]HU TXH IRUDP DoXODGRV SRU DOJXpP" 4XHU GL]HU TXH WrP HQWUH VL
FDEHoDVUHEHOGHV"3LRUSDUDHOHV
±6HQKRUTXHVLJQLILFDLVVR±H[FODPRXXPDYR]QRPHLRGRVKRPHQV
±4XHPJULWRX"4XHPIRL"±UXJLXRPDMRUSUHFLSLWDQGRVHSDUDRODGRGHRQGHVDtUDDYR]±
)RVWHWXTXHJULWDVWH5DVWRUJXLHY"3DUDRFRUSRGDJXDUGD
5DVWRUJXLHYXPPRoRJRUGXFKRVDLXGDILODHHQWURXOHQWDPHQWHQRFRUSRGDJXDUGD1mR
IRUDHOHTXHJULWDUDPDVFRPRRPDMRURKDYLDGHVLJQDGRQmRRXVRXFRQWUDGL]HU
± (VWmR UHEHQWDQGR GH JRUGRV SRU LVVR UHFODPDP ± XUURX ³2LWR2OKRV´ HUJXHQGRVH QRV
WDF}HVGDVERWDV±2OKHPHVVHIRFLQKRUROLoRQmRVHOKHGiDYROWDHPWUrVGLDV+HLGHDSDQKi
ORVWRGRV6DLDPRVTXHHVWmRVDWLVIHLWRV
±6DWLVIHLWRV([FHOrQFLD±DUWLFXODUDPDOJXPDVGH]HQDVGHYR]HVVXUGDV2UHVWRPDQWHYHXP
VLOrQFLRREVWLQDGR7RGDYLDRPDMRUQDGDPDLVGHVHMDYD2TXHPHOKRUOKHFRQYLQKDHUDOLTXLGDU
HVVHQHJyFLRRPDLVUDSLGDPHQWHSRVVtYHO
±$KDJRUDWRGRVHVWmRVDWLVIHLWRV±GLVVHHOHjVSUHVVDV±(XEHPTXHRVDELD$FXOSDpGRV
FDEHoDV&ODURTXHKiFDEHoDVGHPRWLPHQWUHHOHV±FRQWLQXRXGLULJLQGRVHD'LDWORY±7HPRV
TXHGHVFREULORVWRGRV(DJRUDDJRUDHVWiQDKRUDGRWUDEDOKR7DPERUWRFD
(OH SUySULR DVVLVWLX j IRUPDomR GRV JUXSRV 7ULVWHPHQWH HP VLOrQFLR RV IRUoDGRV SDUWLUDP
SDUD R WUDEDOKR IHOL]HV SHOR PHQRV HP IXJLU DR ROKDU WHUUtYHO GR FKHIH 'HSRLV GD SDUWLGD GRV
SHORW}HV R PDMRU VH GLULJLX YDJDURVDPHQWH SDUD R FRUSR GD JXDUGD RQGH WRPRX VXDV PHGLGDV
FRQWUDDVFDEHoDVPHGLGDVDOLiVQmRPXLWRFUXpLV&RQWDUDPPDLVWDUGHTXHXPGHOHVTXHSHGLX
SHUGmRIRLGHVFXOSDGRLPHGLDWDPHQWH2PDMRURXWLQKDSUHVVDRXQmRVHVHQWLDPXLWRVHJXUR
4XHP VDEH QmR HVWDYD FRP PHGR" 8PD UHLYLQGLFDomR p VHPSUH FRLVD HVSLQKRVD $ IDODU
YHUGDGHDTXHL[DGRVIRUoDGRVQmRSRGHULDHTXLYDOHUDXPDUHLYLQGLFDomRSRUTXHIRUDGLULJLGD
QmR j DGPLQLVWUDomR VXSHULRU PDV DR SUySULR PDMRU 1HP SRU LVVR FRQWXGR GHL[DYD GH VHU
GHVDJUDGiYHOGHYLGRjXQDQLPLGDGHGRVGHVFRQWHQWHV(UDSUHFLVRSRLVDEDIDUDFRLVDDTXDOTXHU
SUHoR 'HSUHVVD VROWDUDP RV FDEHoDV /RJR D FRPLGD IRL PHOKRUDGD ± LQIHOL]PHQWH SRU PXLWR
SRXFR WHPSR 1RV GLDV VHJXLQWHV R PDMRU YHLR FRP PDLV IUHTXrQFLD LQVSHFLRQDU R SUHVtGLR H
WDPEpP PDLV IUHTXHQWHPHQWH HQFRQWURX GHVRUGHQV D UHSULPLU 1RVVR VDUJHQWR LD H YLQKD
SUHRFXSDGRGHVRULHQWDGRFRPRVHSHUVLVWLVVHQRVHXHVWXSRU4XDQWRDRVIRUoDGRVFXVWDUDPDVH
DTXLHWDUHQWUHWDQWRDDJLWDomRVLOHQFLRVDGHOHVQmRVHSDUHFLDFRPDGRVSULPHLURVGLDVPDVR
VHX VLOrQFLR QmR WUDtD PHQRV LQTXLHWDomR H HPEDUDoR $OJXQV VH PDQWLQKDP GH FDEHoD EDL[D
$OJXQVUHVPXQJDYDPHDOXGLDPLQYROXQWDULDPHQWHDRFDVR$PDLRULD]RPEDYDDPDUJDPHQWH
XQVGRVRXWURVFRPRSDUDVHSXQLUHPGRPRWLP
±7RPDPDQRYHOKRWRPDFRPH±GHERFKDYDSRUH[HPSORXPGHOHV
±4XHPVHPHLDYHQWRVFROKHWHPSHVWDGHV
±2QGHHVWiRUDWRTXHDPDUUDYDRFKRFDOKRQRUDERGRJDWR"±LQVLQXDYDXPWHUFHLUR
±1yVFiVRPRVFRQYHQFLGRVDSRGHUGHYDUD±WRGRRPXQGRVDEHGLVVR)RLVRUWHTXHHOHQmR
QRVPDQGDVVHDoRLWDUDWRGRV
±6HDJHQWHVRXEHVVHDVFRLVDVDGLDQWDGRIDODULDPHQRVHVHSRUWDULDPHOKRU±REVHUYRXXP
RXWURQmRVHPD]HGXPH
±4XHUHVGDUDOJXPDOLomR"2OKDRSURIHVVRU
±,VVRPHVPRTXHURWHGDUXPDOLomR
±$QWHVGLVVRSRGHVPHGL]HUGHRQGHYHQV"
±3RVVRWHGL]HUTXHHXHXVRXXPKRPHPHWXRTXHpV"
±8PRVVRGHFDFKRUURpRTXHpV
±2VVRGHFDFKRUURpVWX
± %DVWD EDVWD Mi EHUUDUDP GHPDLV ± JULWDYDP YR]HV GH WRGRV RV ODGRV DFDOPDQGR RV
UL[HQWRV
1RPHVPRGLDGDTXHL[DDRYROWDUGRWUDEDOKRHQFRQWUHL3HWURYSRUWUiVGDVFDVHUQDV(OHMi
PH SURFXUDYD $SUR[LPDQGRVH GH PLP UHVPXQJRX GXDV RX WUrV H[FODPDo}HV
LQFRPSUHHQVtYHLV GHSRLV FDORXVH FRP DU HPEDUDoDGR H S{VVH D FDPLQKDU DR PHX ODGR
PDTXLQDOPHQWH 7RGR R FDVR DLQGD PH SHVDYD FRP IRUoD VREUH R FRUDomR SDUHFLDPH TXH
3HWURYPHSRGHULDGDUFHUWDVH[SOLFDo}HV
±&RQWD3HWURYYRFrVQmRHVWmRFRPUDLYDGHQyV"
±5DLYDGHTXHP"±SHUJXQWRXHOHFRPRVHDFRUGDVVHGHV~ELWR
±9RFrVGHWHQWRVGHQyVRVQREUHV
±(SRUTXHOKHVKDYHUtDPRVGHTXHUHUPDO"
±3RUTXHQmRRVDFRPSDQKDPRVQDTXHL[D
±(SRUTXHQRVKDYLDPGHDFRPSDQKDU"±UHSOLFRXHVIRUoDQGRVHSRUHQWHQGHUPH±9RFrV
FRPHPVHSDUDGR
±2UDRUD+iPXLWRVGHYRFrVTXHFRPHPVHSDUDGRHTXHHQWUHWDQWRVHDPRWLQDUDP(QyV
GHYHUtDPRVWDPEpPSRUFRPSDQKHLULVPR
±2UD&RPRpTXHYRFrVSRGHULDPVHUQRVVRVFRPSDQKHLURV"±LQGDJRX3HWURYPXLWtVVLPR
VXUSUHVR
$WLUHLOKH XP UiSLGR ROKDU (OH GHFLGLGDPHQWH QmR PH FRPSUHHQGLD QmR LD DWp RQGH HX
TXHULDFKHJDU(PFRPSHQVDomRHXRFRPSUHHQGLDSHUIHLWDPHQWH3HODSULPHLUDYH]XPDLGHLD
TXH PH SHUVHJXLD Ki PXLWR VHP FRQVHJXLU WRPDU FRUSR VH SUHFLVDYD QR PHX SHQVDPHQWR
,QWHLUHLPH GXPDFRLVD GD TXDO DWp HQWmR WLYHUD DSHQDV XPD LQWXLomR FRQIXVD FRPSUHHQGL TXH
MDPDLVRVIRUoDGRVPHFRQVLGHUDULDPXPFRPSDQKHLURPHVPRTXHHXSDVVDVVHDOLRUHVWRGD
YLGD PHVPR TXH SHUWHQFHVVH j VHomR HVSHFLDO $ H[SUHVVmR TXH VH SLQWRX QR URVWR GH 3HWURY
TXDQGRHOHPHGLVVH³&RPRpTXHYRFrVSRGHULDPVHUQRVVRVFRPSDQKHLURV"´HVVDH[SUHVVmR
PH ILFRX JUDYDGD QD OHPEUDQoD +DYLD QHOD WmR IUDQFD LQJHQXLGDGH WmR VLQJHOD VXUSUHVD TXH
SHUJXQWHLDPLPPHVPRVHQmRGLVVLPXODYDDLURQLDRyGLRRHVFiUQLR0DVQmR±HXQmRHUD
FRPSDQKHLURGHOHVHQDGDPDLV³6HJXHWHXFDPLQKRTXHHXVLJRRPHXWUDWDGRVWHXVQHJyFLRV
TXHHXWUDWRGRVPHXV´
&RPHIHLWRSHQVHLTXHGHSRLVGDTXHL[DHOHVVHSXVHVVHPWRGRVDQRVPRUWLILFDUDQRVWRUQDU
DYLGDLPSRVVtYHO1mRKRXYHSRUpPDPtQLPDLQM~ULDDPHQRUFHQVXUDQHQKXPDDQLPRVLGDGH
HVSHFLDO &RQWLQXDUDP D QRV GHELFDU GH ERP KXPRU TXDQGR VH DSUHVHQWDYD RFDVLmR 1mR
JXDUGDUDP UDQFRU QHP DRV TXH VH PDQWLYHUDP DIDVWDGRV QHP DRV TXH HP SULPHLUR OXJDU VH
KDYLDPSURFODPDGRVDWLVIHLWRV1LQJXpPPHVPRGHXSDODYUDDWDOUHVSHLWR
(HUDSULQFLSDOPHQWHHVVHVLOrQFLRTXHPHGHL[DYDDW{QLWR


&203$1+(,526


(QWUHRVFRPSDQKHLURVRVTXHDSULQFtSLRPDLVPHDWUDtDPHUDPpFODURRVPHXVLJXDLV±RV
QREUHV3RUpPHQWUHRVWUrVUHSUHVHQWDQWHVGDQREUH]DUXVVDTXHVHHQFRQWUDYDPQRSUHVtGLR±
$NLP$NLPLWFKRHVSLmR$HRRXWURFRQGHQDGRFRPRSDUULFLGD±WUDYHLDPL]DGHDSHQDVFRP
$NLP $NLPLWFK $ IDODU IUDQFR Vy R SURFXUDYD HP GHVHVSHUR GH FDXVD QRV PRPHQWRV PDLV
DQJXVWLRVRV GH WpGLR TXDQGR VXSXQKD QmR PH SRGHU HQWHQGHU FRP QLQJXpP PDLV 7HQWHL QRV
FDStWXORVDQWHULRUHVGLYLGLURVIRUoDGRVHPFDWHJRULDVPDVDRUHFRUGDUPHGH$NLP$NLPLWFK
FUHLR GHYHU DFUHVFHQWDU XPD FDWHJRULD D TXDO DOLiV HOH SUHHQFKHUi VR]LQKR p D GRV IRUoDGRV
LQGLIHUHQWHVDTXHOHVDRVTXDLVSRXFRLPSRUWDUYLYHUHPOLEHUGDGHRXQRSUHVtGLR(VVDHVSpFLHGH
FULDWXUDV QmR SRGHULD H[LVWLU HQWUH QyV VHQmR QD TXDOLGDGH GH H[FHomR $NLP $NLPLWFK SRLV
FRQVWLWXtDHOHVyDH[FHomRLQVWDODUDVHQRSUHVtGLRFRPRVHGHYHVVHSDVVDUDOLWRGDDH[LVWrQFLD
7XGR TXH R FHUFDYD R FROFKmR R WUDYHVVHLUR RV XWHQVtOLRV HVWDYD VyOLGD H FXLGDGRVDPHQWH
DUUXPDGR SDUD VHPSUH QDGD VXJHULD XPD YLGD SURYLVyULD GH DFDPSDPHQWR $NLP $NLPLWFK
GHYHULD SDVVDU DLQGD PXLWRV DQRV QR SUHVtGLR PDV FUHLR TXH QXQFD VRQKRX FRP D OLEHUWDomR
(QWUHWDQWR VH VH DFRPRGDUD j UHDOLGDGH HUD PHQRV SRU ERP FRUDomR TXH SRU HVStULWR GH
GLVFLSOLQD±RTXHSDUDHOHGDYDQRPHVPR(VVHERPVXMHLWRPHDPSDURXGHLQtFLRHQFKHXPH
GH FRQVHOKRV SUHVWRXPH JUDQGHV VHUYLoRV PDV DOJXPDV YH]HV FRQIHVVRR PH SURYRFDYD XP
DERUUHFLPHQWR SURIXQGR DJUDYDYD FRP D VXD SUHVHQoD D PLQKD GHVPHGLGD WHQGrQFLD SDUD D
DQJ~VWLD HVVD PHVPD DQJ~VWLD TXH SURFXUDYD HVTXHFHU TXDQGR GHOH PH DSUR[LPDYD +DYLD
PRPHQWRV HP TXH HX WLQKD VHGH GH RXYLU SDODYUDV YLYDV PHVPR UXGHV PHVPR LPSDFLHQWHV
PHVPR GXUDV SRGHUtDPRV GHVDEDIDU MXQWRV VREUH D GHVJUDoD GR QRVVR GHVWLQR HOH SRUpP
FDODYDVHHID]LDVHLQGLIHUHQWHRXHQWmRQDUUDYDPLQXFLRVDPHQWHDUHYLVWDPLOLWDUTXHWLQKDVLGR
IHLWDQRDQRWDOFLWDYDRVQRPHVHRVREUHQRPHGRFKHIHGHGLYLVmRQDUUDYDDVDWLVIDomRRXR
GHVFRQWHQWDPHQWR WHVWHPXQKDGR SRU HVVH SHUVRQDJHP GLVFULPLQDYD DV FRQWLQrQFLDV WURFDGDV
7XGR LVVR HP YR] LJXDO PRQyWRQD FRPR iJXD TXH HVFRUUH JRWD D JRWD $QLPDYDVH Vy XP
SRXTXLQKRPDLVTXDQGRPHFRQWDYDTXHHPUHWULEXLomRDRSDSHOSRUHOHGHVHPSHQKDGRHPQmR
VHLTXHDFRQWHFLPHQWRQR&iXFDVRMXOJDUDPQRGLJQRGHUHFHEHUDFRQGHFRUDomRGH6DQWD$QD
1HVVH PLQXWR VXD YR] VH WRUQDYD H[WUDRUGLQDULDPHQWH JUDYH H VpULD EDL[DYDD XPD RLWDYD H
DVVXPLD XP DU PLVWHULRVR SDUD GL]HU ³6DQWD $QD´ (QWmR GXUDQWH SHOR PHQRV WUrV PLQXWRV
JXDUGDYD VHYHUR VLOrQFLR 'XUDQWH R SULPHLUR DQR SDVVHL SRU LQVWDQWHV DEVXUGRV HP TXH GH
FKRIUHHXRGLDYDTXDVHHVHPRPHQRUPRWLYRRFRLWDGR$NLP$NLPLWFKHHQWmRDPDOGLoRDYD
HP VLOrQFLR D Pi VRUWH TXH QRV IL]HUD GRUPLU YL]LQKRV QD PHVPD WDULPED 3DVVDGD XPD KRUD
HQYHUJRQKDYDPH GHVVD LUULWDomR $OLiV Vy D VRIUL QR SULPHLUR DQR 'HSRLV DFRVWXPHLPH DR
JrQLR GH $NLP $NLPLWFK H GHL[HL GH VRIUHU GRV DQWLJRV DFHVVRV GH ORXFXUD $FKR TXH QXQFD
EULJDPRVDEHUWDPHQWH
$OpP GHVVHV WUrV UXVVRV WLYH FRPR FRPSDQKHLURV GH LQIRUW~QLR PDLV RLWR ILGDOJRV ± WRGRV
SRODFRV7UDYHLUHODo}HVPXLWRDJUDGiYHLVFRPDOJXQVGHOHVPDVQmRFRPWRGRV2VPHOKRUHV
HUDP GRHQWLRV H[LJHQWHV LPSDFLHQWHV DR PDLV DOWR JUDX &RP GRLV GHVVHV DFDEHL URPSHQGR
GHILQLWLYDPHQWH UHODo}HV 7UrV DSHQDV HUDP UHDOPHQWH SHVVRDV GH LQVWUXomR %±VNL 0±FNL H R
YHOKR -±NL RXWURUD SURIHVVRU GH 0DWHPiWLFD yWLPR YHOKR PXLWR RULJLQDO H PXLWR SRXFR
LQWHOLJHQWHDSHVDUGRVHXVDEHU0±FNLH%±VNLHUDPLQWHLUDPHQWHGLYHUVRVXPGRRXWUR&RP0±
FNLHXPHHQWHQGLORJRGHLQtFLRHQXQFDWURFDPRVXPDSDODYUDPDLViVSHUDHVWLPDYDRPXLWR
PDVTXDQWRDOKHTXHUHUEHPDPHDIHLoRDUDHOHGLVVRQXQFDIXLFDSD]3URIXQGDPHQWHD]HGRH
GHVFRQILDGR HOH FRQVHUYDYD FRQWXGR XP JUDQGH GRPtQLR VREUH VL SUySULR (VVH FRQWUROH
SURSRVLWDO±WDOYH]H[FHVVLYDPHQWHSURSRVLWDO±HUDMXVWDPHQWHRTXHPHGHVDJUDGDYDVHQWLDVH
TXHMDPDLVSRUDPRUGHQLQJXpPHOHSRULDVXDDOPDDQX(QWUHWDQWRWDOYH]HXPHHQJDQHSRLV
HOHWLQKDXPDQDWXUH]DIRUWHHQREUH6XDKDELOLGDGHH[WUDRUGLQiULDWDOYH]XPSRXFRMHVXtWLFD
VXD UHVHUYD QDV UHODo}HV FRP RV RXWURV WUDtDP XP SURIXQGR FHWLFLVPR 7RGDYLD DTXHOH FpWLFR
PDQWLQKD XPD Ip LQDEDOiYHO HP FHUWDV FRQYLFo}HV HP FHUWDV HVSHUDQoDV (VVD GXDOLGDGH
UHSUHVHQWDYDRVHXWRUPHQWR$SHVDUGRVHXWDWRYLYLDHPJXHUUDDEHUWDFRP0±FNLH7±VNL%±
VNL HUD GRHQWH SUHGLVSRVWR j WtVLFD LUULWDGLoR QHUYRVR SRUpP QR IXQGR JHQHURVR H ERP 6XD
LUULWDELOLGDGHRWRUQDYDjVYH]HVWmRFDSULFKRVRTXDQWRXPDFULDQoD1mRPHSXGHDFRVWXPDUDR
VHXJrQLRHDIDVWHLPHGH%±VNLVHPFRQWXGRGHL[DUGHRDSUHFLDU&RP0±FNLMDPDLVWLYHXP
URPSLPHQWRjVFODUDVPDVQmRJRVWDYDGHOH3RUFDXVDGH%±VNLDIDVWHLPHWDPEpPGH7±VNL
DTXHOH UDSD] GH TXHP Mi IDOHL QR FDStWXOR SUHFHGHQWH D SURSyVLWR GD QRVVD TXHL[D ,VVR PH
DERUUHFHXPXLWRSRUTXH7±VNLHPERUDGHLQVWUXomRSUHFiULDHUDYDOHQWHJHQHURVRHQFDQWDGRU
$GRUDYD %±VNL YHQHUDYDR WDQWR TXH WRGRV RV TXH FRP HOH URPSLDP WRUQDYDPVH
DXWRPDWLFDPHQWH VHXV LQLPLJRV 6HSDURXVH WDPEpP GH 0±FNL PDV GLILFLOPHQWH VH UHVROYHX D
LVVR 'HYR QRWDU TXH WRGRV DTXHOHV KRPHQV WLQKDP R PRUDO HQIHUPR R JrQLR DPDUJR R
WHPSHUDPHQWR VRPEULR ( LVVR VH FRQFHEH R SUHVtGLR HUD SDUD HOHV PDLV SHQRVR TXH SDUD QyV
(VWDYDPPXLWRORQJHGDSiWULDDOJXQVKDYLDPVLGRGHSRUWDGRVSRUPXLWRWHPSRGH]GR]HDQRV
( FRLVD PDLV JUDYH YHQFLGRV SRU XP SUHFRQFHLWR LQGHVWUXWtYHO QmR YLDP QRV IRUoDGRV VHQmR
DQLPDLV IHUR]HV H QmR SRGLDP QHP OKHV TXHULDP UHFRQKHFHU QHQKXP VLQDO GH KXPDQLGDGH
&RLVD FRPSUHHQVtYHO WDPEpP R VHX GHVWLQR j IRUoD GDV FLUFXQVWkQFLDV RV OHYDYD SRU HVVH
FDPLQKRRVRIULPHQWRRVVXIRFDYD$IiYHLVFRPRVFLUFDVVLDQRVRVWiUWDURVFRP,VDL)RPLWFK
IXJLDPFRPKRUURUGHWRGRVRVGHPDLVGHWHQWRV6yRYHOKRFUHQWHGH6WDURGXERYOKHVFRQTXLVWDUD
DHVWLPD(QWUHWDQWR±FRLVDQRWiYHO±GXUDQWHWRGRRPHXWHPSRGHSUHVtGLRQXQFDQHQKXPGRV
RXWURV SUHVRV OKHV FHQVXURX D RULJHP QHP D UHOLJLmR QHP DV FRQYLFo}HV FRPR R ID]
IUHTXHQWHPHQWH R QRVVR SRYR QDV VXDV UHODo}HV FRP HVWUDQJHLURV VREUHWXGR FRP DOHPmHV
YtWLPDVSULQFLSDLVGH]RPEDULDV1RVVRVIRUoDGRVPRVWUDYDPPXLWRPDLVUHVSHLWRSHORVSRODFRV
TXH SRU QyV UXVVRV UDUDPHQWH OKHV DWLUDYDP UHPRTXHV FRLVD HP TXH DOLiV RV SRODFRV QmR VH
GLJQDYDPUHSDUDU
0DVYROWHPRVD7±VNL)RUDHOHTXHPSRURFDVLmRGDVXDWUDQVIHUrQFLDSDUDRQRVVRSUHVtGLR
FDUUHJDUD QRV EUDoRV GXUDQWH TXDVH WRGD D QRLWH R VHX DPLJR %±VNL GH VD~GH H FRQVWLWXLomR
GpEHLVH[WHQXDGRDRFDERGHPHLDMRUQDGD2OXJDUSDUDRQGHRVGHSRUWDYDPIRUDDSULQFtSLR
8±JRUVN RQGH VHJXQGR FRQWDYDP YLYLDP EHP SHOR PHQRV PXLWtVVLPR PHOKRU TXH HQWUH QyV
&RPR SRUpP WLQKDP LQLFLDGR FRUUHVSRQGrQFLD ± DOLiV LQRFHQWtVVLPD ± FRP H[LODGRV GH RXWUD
FLGDGH DV DXWRULGDGHV MXOJDUDP QHFHVViULR WUDQVIHULU RV WUrV SDUD D YLJLOkQFLD GLUHWD GR QRVVR
FRPDQGDQWH VXSHULRU $Wp j FKHJDGD GHOHV 0±FNL YLYHUD Vy TXDQWR QmR GHYHUD WHU VRIULGR
GXUDQWHHVVHSULPHLURDQRGHGHSRUWDomR
7RGRVRVQRVVRVSUHVRVSROtWLFRVHUDPMRYHQV$SHQDV-±NLDTXHOHYHOKRGHTXHPMiIDOHLTXH
YLYLD HWHUQDPHQWH D UH]DU FKHJDYD DRV FLQTXHQWD DQRV (VVH KRPHP GHFHUWR KRQUDGtVVLPR
PRVWUDYD DOJXPDV VLQJXODULGDGHV 6HXV FRPSDQKHLURV %±VNL H 7±VNL QmR R DSUHFLDYDP QmR OKH
IDODYDP TXDVH QXQFD DSRGDYDPQR GH WHLPRVR H IHULQR 1mR VHL DWp TXH SRQWR WLQKDP UD]mR
8P SUHVtGLR FRPR TXDOTXHU RXWUR OXJDU RQGH DV SHVVRDV HVWmR UHXQLGDV j IRUoD H QmR
HVSRQWDQHDPHQWH SDUHFHPH OXJDU DGHTXDGR DR QDVFLPHQWR GH TXHVW}HV H yGLR PXLWDV FDXVDV
SDUDLVVRFRQFRUUHP$OLiV-±NLUHDOPHQWHHUDSHVVRDGHHVStULWRREWXVRGHVDJUDGiYHOQHQKXP
GRV FRPSDQKHLURV FRP HOH VH HQWHQGLD 1XQFD EULJDPRV SRUpP QRVVDV UHODo}HV QXQFD IRUDP
tQWLPDV 'HYLD VHU ERP PDWHPiWLFR /HPEURPH TXH XP GLD VH HVIRUoRX QD VXD OtQJXD VHPL
UXVVDSRUPHH[SOLFDUXPVLVWHPDDVWURQ{PLFRGHVXDLQYHQomR'LVVHUDPPHTXHRXWURUDHOH
LPSULPLUD XPD REUD VREUH HVVH DVVXQWR PDV TXH WRGR R PXQGR FLHQWtILFR R OHYDUD QD WURoD
7DOYH] WLYHVVH R MXt]R XP SRXFR LQFHUWR 3DVVDYD GLDV LQWHLURV D RUDU GH MRHOKRV R TXH OKH
FRQTXLVWDUD R UHVSHLWR GH WRGR R SUHVtGLR UHVSHLWR TXH FRQVHUYRX DWp j PRUWH SRLV PRUUHX QR
QRVVR KRVSLWDO VRE PLQKDV YLVWDV DR ILP GH WRUPHQWRVD PROpVWLD &RQTXLVWDUD D YHQHUDomR GRV
IRUoDGRVORJRQRGLDGDVXDFKHJDGDGHYLGRDXPDKLVWyULDTXHKRXYHHQWUHHOHH³2LWR2OKRV´
'XUDQWHDYLDJHPHQWUH8JRUVNHQRVVDIRUWDOH]DQmRKDYLDPUDVSDGRDFDEHoDQHPDFDUDGRV
GHSRUWDGRVDEDUEDOKHVFUHVFHUDHFRPRIRUDPOHYDGRVGLUHWDPHQWHSDUDRPDMRUHVWHDRYr
ORV HQIXUHFHXVH DQWH DTXHOD LJQRPLQLRVD LQIUDomR j GLVFLSOLQD GD TXDO HQWUHWDQWR HUDP WRGRV
LQRFHQWHV
±2OKDHVVDVFDUDV±UXJLXRFKHIH±3DUHFHPYDJDEXQGRVEDQGROHLURV
3RU HVVD pSRFD -±NL DLQGD FRPSUHHQGLD R UXVVR PXLWR PDO SHQVRX TXH OKH SHUJXQWDYDP
³4XHPVmRYRFrV"´HUHVSRQGHX
±1mRVRPRVYDJDEXQGRVVRPRVGHSRUWDGRVSROtWLFRV
± 2 TXr" $LQGD YHQV FRP LQVROrQFLD" ± EHUURX R PDMRU ± 3DUD R FRUSR GD JXDUGD &HP
YHUJDVWDGDV
)XVWLJDUDPRYHOKR(OHVHHVWLURXVREDVYDUDVPRUGHXDPmRHUHFHEHXRFDVWLJRVHPXP
JULWR VHP DR PHQRV VH PRYHU 1HVVH tQWHULP %±VNL H 7±VNL FKHJDYDP j FDVHUQD 0±FNL RV
HVSHUDYD j SRUWD $SHUWRXRV QRV EUDoRV HPERUD MDPDLV RV KRXYHVVH YLVWR 5HYROWDGRV FRP D
UHFHSomRGRPDMRUHOHVOKHFRQWDUDPRTXHDFRQWHFHUDD-±NL2XoRDLQGD0±FNLDPHQDUUDUD
KLVWyULD³(XHVWDYDIRUDGHPLPMiQmRPHFRQWLQKDPDLVGHWDQWDI~ULDWUHPLDGHIHEUH)XL
HVSHUDU -±NL j HQWUDGD GHYHULD YROWDU GLUHWDPHQWH GR FRUSR GD JXDUGD RQGH HVWDYD VHQGR
IXVWLJDGR 'H UHSHQWH DEULUDP D SRUWD 6HP ROKDU SDUD QLQJXpP -±NL GHVFREHUWR RV OiELRV
SiOLGRVHWUrPXORVSDVVRXGLDQWHGRVSUHVRVTXHHVWDYDPQRSiWLRHTXHMiVDELDPTXHVHKDYLD
IXVWLJDGRXPEDULQH(QWURXQDFDVHUQDIRLSDUDRVHXOXJDUGHSRLVVHPGL]HUSDODYUDDMRHOKRX
VH H FRPHoRX D UH]DU 2V IRUoDGRV VHQWLUDPVH QmR Vy VXUSUHVRV PDV FRPRYLGRV 4XDQGR YL
DTXHOH YHOKR DTXHOH KRPHP GH FDEHORV EUDQFRV VHSDUDGR GD HVSRVD GRV ILOKRV TXH ILFDUDP
WRGRVQDWHUUDQDWDOTXDQGRRYLDMRHOKDUVHHUH]DUDSyVDLQtTXDSXQLomRXPDFyOHUDWHUUtYHO
PH VXIRFRX FRUUL SDUD WUiV GDV FDVHUQDV H GXUDQWH GXDV KRUDV ILTXHL Oi HPEUXWHFLGR FRPR
ErEDGR´
'HVGHHQWmRRVIRUoDGRVFRQTXLVWDGRVSRUVHXVLOrQFLRGHEDL[RGRDoRLWHPRVWUDUDPSRU-±NL
XPDFRQVLGHUDomRWRGDHVSHFLDO
6HMDPRV MXVWRV HQWUHWDQWR H QmR MXOJXHPRV SRU HVVH H[HPSOR D FRQGXWD GD DGPLQLVWUDomR
SDUDFRPRVGHSRUWDGRVGHRULJHPQREUHUXVVRVRXSRODFRV9rVHDSHQDVTXHXPKRPHPPDX
VHpRFRPDQGDQWHSRGHDJUDYDUVLQJXODUPHQWHDVRUWHGXPH[LODGRTXDQGRHVWHOKHGHVDJUDGD
0DVFRQIHVVHPRORRDOWRFRPDQGRGD6LEpULDGRTXDOGHSHQGHDFRQGXWDGRVVXEDOWHUQRVGi
SURYDVGHGLVFHUQLPHQWRQRTXHVHUHIHUHDRVGHSRUWDGRVGHVVDHVSpFLHHPFHUWDVRSRUWXQLGDGHV
DWp SRU FDXVDV EHP FODUDV ± OKHV PRVWUD PDLV LQGXOJrQFLD TXH DRV RXWURV (P SULPHLUR OXJDU
HVVHVFKHIHVWDPEpPVmRILGDOJRVHPVHJXQGRFLWDPVHFDVRVHPTXHRVQREUHVGHSUHIHUrQFLD
D UHFHEHUHP RV DoRLWHV VH DWLUDULDP DRV H[HFXWRUHV R TXH DFDUUHWDULD ODPHQWiYHLV
FRQVHTXrQFLDV HP WHUFHLUR OXJDU GH XQV WULQWD H FLQFR DQRV SDUD Fi D 6LEpULD UHFHEHX XPD
JUDQGH TXDQWLGDGH GH ILGDOJRV (VVHVEDULQHV FRQTXLVWDUDP R UHVSHLWR JHUDO H VH IL]HUDP WmR
DSUHFLDGRV TXH QR PHX WHPSR JUDoDV D XP KiELWR Mi DQWLJR D DGPLQLVWUDomR HQFDUDYD RV
FULPLQRVRVGHRULJHPQREUHFRPROKRVEHPGLYHUVRVGRVTXHWLQKDPSHORVGHSRUWDGRVFRPXQV
(VVDDWLWXGHSDVVDUDGRDOWRFRPDQGRDRVFKHIHVVXEDOWHUQRVRVTXDLVFDOFDPVHXVPRGRVHDWRV
SHORV GRV VXSHULRUHV (QWUHWDQWR PXLWRV GHQWUH RV LQIHULRUHV FULWLFDYDP VHP URGHLRV R
SURFHGLPHQWRGRVFKHIHVHPUHODomRDRVQREUHV)LFDULDPHQFDQWDGRVVHOKHVIRVVHGDGDFDUWD
EUDQFDHPYH]GHVHVHQWLUHPDVVLPFRDJLGRV7HQKRSHORPHQRVIRUWHVUD]}HVSDUDFUHUQLVVRH
HLODVDTXLDVHJXQGDFDWHJRULDGRSUHVtGLRDTXDOHXSHUWHQFLDHTXHHUDFRPSRVWDSRUIRUoDGRV
RXWURUDVHUYRVVXEPHWLGRVjDXWRULGDGHPLOLWDUHUDLQILQLWDPHQWHPDLVVHYHUDTXHDVGXDVRXWUDV
LVWR p D WHUFHLUD WUDEDOKRV GH XVLQD  H D SULPHLUD WUDEDOKRV GH PLQDV  H LVVR QmR Vy SDUD RV
QREUHV PDV SDUD WRGRV RV IRUoDGRV SUHFLVDPHQWH SRUTXH VXD RUJDQL]DomR PLOLWDUL]DGD VH
LGHQWLILFDYDjGDVFRPSDQKLDVFRUUHFLRQDLVGD5~VVLD2UHJLPHPLOLWDUpPDLVVHYHURDRUGHPp
PDLVHVWULWDQXQFDVHGLVSHQVDPDVJULOKHWDVQHPRVYLJLODQWHVQHPRVIHUUROKRVRTXHQmRVHYr
FRPULJRULGrQWLFRQDVRXWUDVFDWHJRULDV(UDSHORPHQRVRTXHDILUPDYDPRVQRVVRVIRUoDGRVH
QmRIDOWDYDPHQWHQGLGRVHQWUHHOHV7HULDPSDVVDGRFRQWHQWHVSDUDDSULPHLUDFDWHJRULDTXHD
OHLFRQVLGHUDYDQRHQWDQWRFRPRDPDLVSHQRVDHPDLVGHXPDWpVRQKDYDFRPHVVDPXGDQoD
$TXHOHVGHQWUHRVQRVVRVTXHWLQKDPHVWDGRQRVSUHVtGLRVGD5~VVLDIDODYDPDVHXUHVSHLWR
FRPKRUURUXQkQLPHJDUDQWLDPTXHHPFRPSDUDomRDYLGDQD6LEpULDHUDXPSDUDtVR6HSRLV
DSHVDU GD VHYHULGDGH GR QRVVR UHJLPH PLOLWDU H GD SUHVHQoD GR SUySULR JRYHUQDGRUJHUDO VH
DSHVDU GR WHPRU GH TXH DOJXQV IXQFLRQiULRV OHYDGRV SRU H[FHVVR GH ]HOR SRU LQYHMD RX SRU
PDOGDGH PDQGDVVHP UHODWyULRV VHFUHWRV VREUH DV WUDQVJUHVV}HV GH XP RX GH RXWUR FKHIH ± VH
QHVVDVFLUFXQVWkQFLDVDLQGDVHHQFDUDYDPRVFULPLQRVRVQREUHVFRPPDLVEHQHYROrQFLDTXHRV
RXWURVIRUoDGRVGHYHULDPWUDWiORVFRPPXLWRPDLRULQGXOJrQFLDQDVGXDVRXWUDVVHo}HV
'DGR R OXJDU HP TXH HX PH HQFRQWUDYD FUHLR SRGHU GHGX]LU R TXH VH SDVVDYD HP WRGD D
6LEpULD$VQRWtFLDVDVQDUUDWLYDVTXHPHFKHJDUDPDHVVHUHVSHLWRSRULQWHUPpGLRGRVIRUoDGRV
GD SULPHLUD H GD WHUFHLUD FDWHJRULD FRQILUPDP PLQKDV FRQFOXV}HV 1D UHDOLGDGH D
DGPLQLVWUDomR GDYD SDUD FRQRVFR SURYDV GH FHUWD KDELOLGDGH 1yV QmR JR]iYDPRV p FODUR GH
LPXQLGDGH QHQKXPD QR TXH VH UHIHULD DR WUDEDOKR H j UHFOXVmR D PHVPD WDUHID DV PHVPDV
JULOKHWDVRVPHVPRVIHUUROKRVWXGRFRQRVFRHUDLJXDODRGRVGHPDLVIRUoDGRV(UDLPSRVVtYHO
DJLU GH RXWUD PDQHLUD VHL TXH QXPD pSRFD SRXFR ORQJtQTXD RV GHODWRUHV RV LQWULJDQWHV RV
FDYDGRUHVGHPLQDVVRERVSpVGRVRXWURVSXOXODYDPQDFLGDGHHDDGPLQLVWUDomRVHPDQWLQKD
DOHUWDFRQVLGHUDYDVHXPFULPHTXDOTXHULQGXOJrQFLDFRPFHUWDFODVVHGHGHWHQWRV1RPHGRGH
VH SUHMXGLFDUHP GH SHUGHUHP R OXJDU RV FKHIHV QRV WUDWDYDP SRLV GR PHVPR PRGR TXH DRV
RXWURVIRUoDGRVPDVID]LDPH[FHo}HVTXDQWRjVSXQLo}HVFRUSRUDLV$IDODUYHUGDGHVHUtDPRV
IXVWLJDGRVGLUHLWLQKRVHRPHUHFrVVHPRVLVWRpVHFRPHWrVVHPRVDPHQRUIDOWDRUHJXODPHQWR
H[LJLDTXHDLJXDOGDGH(QWUHWDQWRQmRVHDWUHYHULDPDQRVSXQLUVHPPRWLYR(DSXQLomRVHP
PRWLYR QmR HUD QHQKXP PLWR H SHUPLWLD D FHUWRV FKHIHV VXEDOWHUQRV SRU GHPDLV LQFOLQDGRV DR
]HORH[FHVVLYRDSOLFiODDWRUWRHDGLUHLWR6RXEHPRVTXHDRLQWHLUDUVHGRVXFHGLGRFRPRYHOKR
-±NLRJRYHUQDGRUVHLQGLJQDUDFRPRPDMRUHRLQWLPDUDVHYHUDPHQWHDFRQWHUVH7RGRVPH
IDODUDPQLVVR6DEtDPRVTXHRPDMRUOHYDUDXPDUHSULPHQGDGRJRYHUQDGRUJHUDOHPSHVVRD±
FRQWXGRRJRYHUQDGRUWLQKDFRQILDQoDQRPDMRU(RQRVVRWLUDQRQmRVHHVTXHFHUDGLVVR7HULD
PXLWR JRVWR HP IXVWLJDU 0±FNL D TXHP RGLDYD SRU FDXVD GDV GHODo}HV GH $ PDV QXQFD
FRQVHJXLXVDWLVID]HUHVVHGHVHMRDGHVSHLWRGDVSURYRFDo}HVTXHOKHID]LDGDHVSLRQDJHPDTXH
RVXEPHWLD7RGDDFLGDGHGHSUHVVDILFRXDSDUGRFDVRGH-±NLHRPDMRUWHYHFRQWUDVLWRGDD
RSLQLmRS~EOLFDPXLWRVRFHQVXUDUDPDOJXQVDWpOKHIL]HUDPDIURQWDV
5HFRUGR PXLWR EHP R PHX SULPHLUR HQFRQWUR FRP R PDMRU 'XUDQWH D QRVVD HVWDGD HP
7REROVN WLQKDPQRV FRQWDGR WHUUtYHLV KLVWyULDV VREUH R JrQLR SDYRURVR GHVVH KRPHP $OJXQV
ILGDOJRV GHSRUWDGRV TXH PRUDYDP HP 7REROVN KDYLD YLQWH H FLQFR DQRV H QRV YLHUDP YLVLWDU
YiULDV YH]HV HQTXDQWR GHVFDQViYDPRV GD MRUQDGD IL]HUDP TXHVWmR GH QRV SUHYHQLU SDUD TXH
WRPiVVHPRVFXLGDGR7LQKDPWDPEpPQRVSURPHWLGRSURFXUDUSRULQWHUPpGLRGHYiULDVSHVVRDV
SRXSDUQRV jV SHUVHJXLo}HV GR PDMRU ( UHDOPHQWH HVFUHYHUDP jV WUrV ILOKDV GR JRYHUQDGRU
JHUDOYLQGDVGD5~VVLDHPYLVLWDDRSDLHTXHSURYDYHOPHQWHOKHIDODUDPHPQRVVRIDYRU0DV
TXH SRGHULD ID]HU R JRYHUQDGRU" 6LPSOHVPHQWH DGYHUWLU R PDMRU GH TXH PRVWUDVVH PDLV
FRPSRVWXUD)RLSHODVWUrVKRUDVTXHPHXFRPSDQKHLURHHXFKHJDPRVjFLGDGHRVVROGDGRVGD
HVFROWD QRV OHYDUDP GLUHWDPHQWH j SUHVHQoD GR WLUDQR )LFDPRV HP Sp HVSHUDQGRR QD
DQWHFkPDUD -i KDYLDP SUHYHQLGR R VXERILFLDO $VVLP TXH HVWH DSDUHFHX VXUJLX WDPEpP R
PDMRU$TXHODFDUDYHUPHOKDoDDYLQKDGDKRVWLOQRVFDXVRXXPDLPSUHVVmRGRORURVDSDUHFLD
XPDDUDQKDIHUR]SURQWDDGHYRUDUXPDSREUHPRVFDSUHVDQDWHLD
± 7HX QRPH" ± SHUJXQWRX DR PHX FRPSDQKHLUR )DODYD HP YR] FRUWDQWH GHVWDFDGD TXH
YLVDYDSURGX]LUXPGHWHUPLQDGRHIHLWR
±)XODQR
±(WX"±FRQWLQXRXHOHGLULJLQGRVHDPLPHIL[DQGRPHDWUDYpVGRVyFXORV
±%HOWUDQR
± 6XERILFLDO 4XH VHMDP OHYDGRV LPHGLDWDPHQWH DR SUHVtGLR GHYHP UDVSDU QR FRUSR GD
JXDUGD R FDEHOR j SDLVDQD LVWR p PHWDGH GD FDEHoD 2V IHUURV VHUmR PXGDGRV DPDQKm 4XH
FDSRWHV VmR HVVHV H GH RQGH YrP" ± LQGDJRX GH FKRIUH DYLVWDQGR RV FDSRWHV FLQ]HQWRV FRP
FtUFXORV DPDUHORV QDV FRVWDV TXH QRV KDYLDP VLGR HQWUHJXHV HP 7REROVN H FRP RV TXDLV QRV
DSUHVHQWiYDPRVVREDLQVSHomRGRVVHXVyFXORVEULOKDQWHV±eXQLIRUPHQRYR"'HFHUWRHVWiHP
HVWXGR" 2UGHP GH 3HWHUVEXUJR" ± LURQL]DYD ID]HQGRQRV JLUDU FDGD XP SRU VXD YH] ± 1mR
WUD]HPQDGDFRQVLJR"±SHUJXQWRXGHSRLVDXPGRVJXDUGDVTXHQRVFRPERLDYD
±7rPDVVXDVSUySULDVURXSDV([FHOrQFLD±UHVSRQGHXRJXDUGDTXHVHHQGLUHLWRXORJRHDWp
PHVPRHVWUHPHFHXGHOHYH7RGRVRFRQKHFLDPWRGRVRWHPLDP
±7RPHPFRQWDGHWXGRGHL[HPDSHQDVDURXSDEUDQFD6HDURXSDGHEDL[RIRUGHFRUHQmR
EUDQFDWRPHPWDPEpP2UHVWRVHUiYHQGLGRHPOHLOmR2GLQKHLURVHUiLQVFULWRQDUHFHLWD8P
IRUoDGR QmR SRVVXL QDGD ± DFUHVFHQWRX ILWDQGRQRV FRP VHYHULGDGH ± ( FXLGDGR SRUWHPVH
EHP1mRTXHURRXYLUQDGDVHQmRFDVWLJRFRUSRUDO$RPHQRUGHOLWR±DVYDUDV
3RU IDOWD GH KiELWR DTXHOD UHFHSomR PH GHL[RX PHLR GRHQWH GXUDQWH TXDVH WRGD D QRLWH 2
TXHYLGHSRLVQRLQWHULRUGRSUHVtGLRVyPHIH]DJUDYDURPDOHVWDUPDVMiIDOHLQLVVRWXGR
$FDERGHGL]HUTXHpUDPRVWUDWDGRVHPSpGHLJXDOGDGHFRPRVRXWURVIRUoDGRV8PDYH]
HQWUHWDQWRSURFXUDUDPQRVDX[LOLDUGXUDQWHWUrVPHVHVFRQVHFXWLYRVIRPRVHPSUHJDGRV%±VNLH
HX FRPR VHFUHWiULRV QR HVFULWyULR GH HQJHQKDULD $ FRLVD IRL IHLWD HP VHJUHGR SRU RUGHP GR
HQJHQKHLURFKHIH±TXHUGL]HUDTXHOHVTXHGHYHULDPVDEHUGDQRVVDSUHVHQoDOiILQJLDPLJQRUi
OD2FDVRVHSDVVRXVRERFRPDQGRGRWHQHQWHFRURQHO*±NRYTXHQRVFDLXSRUDVVLPGL]HUGR
FpX PDV TXH GHPRURX PXLWR SRXFR WHPSR ± VHLV PHVHV QR Pi[LPR VH EHP PH OHPEUR ± H
UHWRUQRXj5~VVLDGHL[DQGRXPDUHFRUGDomRLQGHOpYHOQRFRUDomRGHWRGRVRVIRUoDGRV3RGHVH
GL]HU TXH R DPDYDP TXH R DGRUDYDP VH FDEH DTXL HVWD SDODYUD ,JQRUR FRPR HOH R IL]HUD
SRUpP RV VRXEHUD FRQTXLVWDU j SULPHLUD YLVWD ³8P SDL XP YHUGDGHLUR SDL´ H[FODPDYDP RV
SUHVRVDFDGDLQVWDQWHYHQGRRGLULJLURVWUDEDOKRVGHHQJHQKDULD(UDXPKRPHPGHSHTXHQD
HVWDWXUDDOHJUHGHROKRVDWUHYLGRVIDUULVWDGHVSXGRUDGRTXHVHPRVWUDYDSDUDFRPRVIRUoDGRV
GHXPDDPDELOLGDGHTXHURoDYDjWHUQXUD$PDYDRVUHDOPHQWHFRPRXPSDL1mRVRXFDSD]GH
H[SOLFDUDVUD]}HVGHVVHDPRUPDVRIDWRpTXHHOHQmRSRGLDDYLVWDUXPGHWHQWRVHPOKHGL]HU
XPD SDODYUD DIiYHO VHP ULU H EULQFDU FRP HOH H DJLD VHP PRVWUDU R PtQLPR HVStULWR GH
FRPDQGR QDGD TXH OHPEUDVVH R FKHIH RX DSHQDV D FRQGHVFHQGrQFLD GR FKHIH 6HQWLDVH
UHDOPHQWHQHOHXPFDPDUDGDXPLJXDO(DSHVDUGHVVHGHPRFUDWLVPRLQWHQVRQHPXPD~QLFD
YH] RV IRUoDGRV VH DWUHYHUDP D OKH IDOWDU FRP R UHVSHLWR RX j PHQRU IDPLOLDULGDGH $SHQDV R
URVWR GRV GHWHQWRV VH LOXPLQDYD TXDQGR DYLVWDYDP R FRPDQGDQWH WLUDYDP R JRUUR VRUULDP
DPSODPHQWHVyDRYrORFKHJDU6HRFRPDQGDQWHOKHVGLULJLDDSDODYUDSDUHFLDTXHOKHVGHUD
XPSUHVHQWH(LVRVHIHLWRVGDSRSXODULGDGH7LQKDXPROKDUGHFULDQoDFDPLQKDYDFRPJUDQGHV
SDVVDGDV³3DUHFHXPDiJXLD´FRPHQWDYDPRVIRUoDGRV(OHQmRRVSRGLDDX[LOLDUpFODURQmR
OKHVSRGLDPLQRUDUDVRUWHSRUTXHGLULJLDDSHQDVRVWUDEDOKRVGHHQJHQKDULDH[HFXWDGRVVHJXQGR
IRUPDV OHJDLV HVWDEHOHFLGDV Mi GHILQLWLYDPHQWH 0DV VH SRU DFDVR HQFRQWUDYD XP SHORWmR GH
IRUoDGRVFXMDWDUHIDWHUPLQDUDHPYH]GHRVSUHQGHULQXWLOPHQWHPDQGDYDRVHPERUDDQWHVGR
UXIDUGRWDPERU2VIRUoDGRVDGRUDYDPDFRQILDQoDTXHHOHOKHVWHVWHPXQKDYDVHXHVStULWRVHP
PHVTXLQKDULDV VHX SURFHGLPHQWR LUUHSUHHQVtYHO QDV VXDV UHODo}HV GH FKHIH SDUD FRP RV
VXERUGLQDGRV6HRFRPDQGDQWHSHUGHVVHPLOUXEORVHRPDLVHPSHGHUQLGRGRVQRVVRVODGU}HVRV
HQFRQWUDVVHFUHLRTXHRVGHYROYHULD6LPWHQKRFHUWH]DGLVVR,PDJLQHVHSRLVFRPTXHSURIXQGD
HPRomR VRXEHUDP TXH R ³QRVVR´ FRPDQGDQWH HVWDYD URPSLGR GH IRJR H VDQJXH FRP R RGLRVR
PDMRU)RLQRSULPHLURPrVGHSRLVGDVXDFKHJDGD2PDMRUQmRVHLTXDQGRIRUDFRPSDQKHLUR
GHDUPDVGRFRPDQGDQWH4XDQGRVHWRUQDUDPDHQFRQWUDUDSyVORQJDVHSDUDomRFRPHoDUDPD
GLYHUWLUVH MXQWRV PDV HP FRQVHTXrQFLD GH XPD GLVFXVVmR *±NRY ILFRX LQLPLJR ILGDJDO GR
DQWLJRFDPDUDGD&RUUHXDWpRUXPRUGHTXHKDYLDPFKHJDGRDYLDVGHIDWRFRLVDPXLWRSRVVtYHO
FRP R QRVVR PDMRU TXH WLQKD D PmR OHYH $VVLP TXH RV IRUoDGRV VRXEHUDP GD KLVWyULD VXD
DOHJULDFKHJRXDRDXJH³&ODURTXH
2LWR2OKRV
QmRSRGHULDVHGDUFRPXPKRPHPGDTXHOHV
1RVVR FRPDQGDQWH p XPD iJXLD HQTXDQWR R PDMRU p´ ± D SDODYUD TXH R TXDOLILFDYD IHUH
SURIXQGDPHQWHDGHFrQFLD(RVSUHVRVGHVHMDYDPDSDL[RQDGDPHQWHVDEHUTXDOGRVGRLVKRPHQV
YHQFHUD R SXJLODWR TXH OKHV HUD LPSXWDGR 6H R ERDWR IRVVH GHVPHQWLGR WHULDP VRIULGR XP
HQRUPHGHVDSRQWDPHQWR³'HFHUWRRFRPDQGDQWHHVFDQJDOKRXRPDMRU´GL]LDP³HOHSRGHVHU
SHTXHQRPDVQmRVDEHRTXHpPHGRRRXWURpFDSD]GHVHWHUPHWLGRGHEDL[RGDFDPDSDUDVH
HVFRQGHU´ 3RUpP HP EUHYH *±NRY IRL HPERUD SDUD OXWR GR SUHVtGLR LQWHLUR e SUHFLVR
UHFRQKHFHU TXH RV FRPDQGDQWHV GH HQJHQKDULD HUDP WRGRV H[FHOHQWHV SHVVRDV 'XUDQWH R PHX
WHPSR PXGDUDPQRV WUrV RX TXDWUR YH]HV ³1mR QXQFD YHUHPRV XP LJXDO´ DILUPDYDP RV
IRUoDGRV³(UDXPDiJXLDXPDQMRGDJXDUGD´
)RLSRLVHVVH*±NRYTXHQRVPDQGRXD%HDPLPWUDEDOKDUDOJXPWHPSRQRHVFULWyULRSRU
VLPSDWLDDQWHRVVRIULPHQWRVGRVGHSRUWDGRVQREUHV'HSRLVGHVXDSDUWLGDQRVVDVLWXDomRILFRX
GH FHUWR PRGR UHJXODUL]DGD $OJXQV RILFLDLV GH HQJHQKDULD XP GHOHV VREUHWXGR  HUDP PXLWR
ERQGRVRV FRQRVFR 'HYtDPRV FRSLDU UHODWyULRV H QRVVD FDOLJUDILD LD PHOKRUDQGR TXDQGR GH
V~ELWR YHLR RUGHP VXSHULRU GHWHUPLQDQGR TXH YROWiVVHPRV LPHGLDWDPHQWH jV QRVVDV RFXSDo}HV
DQWHULRUHV$OJXpPVHGHUDDRWUDEDOKRGHQRVGHQXQFLDU1mRQRVHQWULVWHFHPRVSRUTXHDYLGD
QRV HVFULWyULRV FRPHoDYD D VHU IDWLJDQWH 'HSRLV GXUDQWH GRLV DQRV VHJXLGRV ILFDPRV QDV
RILFLQDV &RQYHUViYDPRV IDOiYDPRV GDV QRVVDV HVSHUDQoDV GDV QRVVDV FRQYLFo}HV 2 PHX
H[FHOHQWH % WLQKD jV YH]HV RSLQL}HV HVWUDQKtVVLPDV PXLWR H[FOXVLYDV &RP IUHTXrQFLD SHVVRDV
LQWHOLJHQWHVVHREVWLQDPHPGHIHQGHUHVSDQWRVRVSDUDGR[RVpTXHVRIUHUDPWDQWRSRUVXDVLGHLDV
TXHOKHVVHULDSRUGHPDLVSHQRVRTXDVHLPSRVVtYHOUHQXQFLDUDHODV$PHQRUREMHomRIHULD%
TXHVHPSUHPHUHSOLFDYDFRPD]HGXPH7DOYH]PXLWDVYH]HVHOHHQ[HUJDVVHPDLVFODURGRTXH
HXPDVSRUILPWLYHPRVGHQRVVHSDUDUFRLVDTXHPHIH]VRIUHUHQRUPHPHQWHSRUTXHWtQKDPRV
PXLWRVSRQWRVHPFRPXP
(QWUHWDQWR FRP R SDVVDU GRV DQRV 0±FNL WRUQDYDVH FDGD YH] PDLV VRPEULR 2 GHVJRVWR R
FRQVXPLD1RVSULPHLURVPHVHVGHPLQKDGHWHQomRHOHHUDPDLVFRPXQLFDWLYRPRVWUDYDPDLV
FODUDPHQWH VHXV SHQVDPHQWRV &RPHoDYD HQWmR VHX WHUFHLUR DQR GH SUHVtGLR $ SULQFtSLR
LQWHUHVVDYDVH SULQFLSDOPHQWH SHOR TXH VH SDVVDUD QR PXQGR GXUDQWH RV ~OWLPRV GRLV DQRV
LQWHUURJDYDPH RXYLD DSDL[RQDYDVH 0DV SRXFR D SRXFR WRUQRXVH PDLV IHFKDGR Mi QmR VH
H[SDQGLD2H[WHULRUDUGHQWHFREULDVHGHFLQ]DV$DPDUJXUDFUHVFLDQHOHPDLVHPDLV³-H KDLV
FHVEULJDQGV´ UHSHWLD HOH HP IUDQFrV ROKDQGR FRP KRUURU RV IRUoDGRV TXH HX Mi DSUHQGHUD D
FRQKHFHU QHQKXPD GDV PLQKDV H[SOLFDo}HV D IDYRU GDTXHODV FULDWXUDV WLQKD LQIOXrQFLD QR VHX
HVStULWR(OHQmRFRPSUHHQGLDRTXHHXIDODYDVHFRQFRUGDYDGLVWUDtGRQHPSRULVVRGHL[DYDGH
UHSHWLUQRGLDVHJXLQWH³-HKDLVFHVEULJDQGV´&RPRIUHTXHQWHPHQWHFRQYHUViYDPRVMXQWRVHP
IUDQFrVXPYLJLODQWHGRVWUDEDOKRVRVROGDGRGHHQJHQKDULD'UDQLFKQLNRYDSHOLGRXQRVQmRVHL
SRUTXr GH ³RV HQIHUPHLURV´ 0±FNL Vy VH DQLPDYD TXDQGR IDODYD HP VXD PmH ³(VWi YHOKD
GRHQWHJRVWDGHPLPPDLVGRTXHGHWXGRQRPXQGRHHXQmRVHLVHDLQGDpYLYDRXPRUWD)RL
XPJROSHIRUWHGHPDLVSDUDHODVDEHUTXHPHKDYLDPDoRLWDGR´&RPR0±FNLQmRHUDQREUH
WLYHUD TXH VRIUHU DQWHV GD UHFOXVmR R FDVWLJR FRUSRUDO 1mR R UHFRUGDYD QXQFD VHP WULQFDU RV
GHQWHVHGHVYLDURVROKRV1RV~OWLPRVWHPSRVSURFXUDYDFDGDYH]PDLVDVROLGmR8PDRFDVLmR
DRPHLRGLDPDQGDUDPQRFKDPDUHPFDVDGRJRYHUQDGRUTXHRUHFHEHXFRPXPVRUULVRQRV
OiELRV
±(QWmR0±FNLFRPTXHVRQKDVWHHVWDQRLWH"±LQGDJRXRJRYHUQDGRU
³4XDQGR HOH PH SHUJXQWRX LVVR HVWUHPHFL FRQWRX 0±FNL DR YROWDU (UD FRPR VH PH
WUDVSDVVDVVHPRFRUDomR´
±6RQKHLTXHUHFHELDXPDFDUWDGHPLQKDPmH±UHVSRQGHXHOH
±0HOKRUTXHLVVRPXLWRPHOKRU±UHSOLFRXRJRYHUQDGRU±(VWiVOLYUH7XDPmHIH]XPD
V~SOLFDHVXDV~SOLFDIRLOHYDGDHPFRQVLGHUDomR(VWiDTXLDFDUWDGHODHHVWiDTXLDWXDRUGHP
GHVROWXUDYDLVGHL[DULPHGLDWDPHQWHRSUHVtGLR
(OH YROWRX SDUD MXQWR GH QyV OtYLGR DEDODGtVVLPR SHOD QRWtFLD )HOLFLWDPROR H 0±FNL QRV
DSHUWRXDVPmRVFRPRVGHGRVWUrPXORVHJHODGRV0XLWRVIRUoDGRVOKHGHUDPRVSDUDEpQV
)RLVHUFRORQRHILFRXQDQRVVDSUySULDFLGDGHRQGHOKHDUUDQMDUDPORJRXPHPSUHJR'H
LQtFLR YLQKD IUHTXHQWHPHQWH QRV YLVLWDU H TXDQGR R SRGLD FRPXQLFDYDQRV DV QRWtFLDV R TXH
PDLVRLQWHUHVVDYDHUDDSROtWLFD
'RVTXDWURRXWURVSRODFRV IRUD0±FNL7±VNL%±VNLH-±NL GRLVMRYHQVGHSRUWDGRVSRUSRXFR
WHPSRHUDPLJQRUDQWHVSRUpPKRQHVWRVVLPSOHVHIUDQFRV2WHUFHLUR$±F]XNRYVNLHUDPXLWR
YXOJDUPDVRTXDUWR%±PKRPHPGHLGDGHQRVSURGX]LXXPDLPSUHVVmRDERPLQiYHO1mRSXGH
FRPSUHHQGHU D SUHVHQoD GHOH HQWUH DTXHOHV FRQGHQDGRV H HOH SUySULR QHJDYD TXDOTXHU
SDUWLFLSDomRQRPRYLPHQWR(UDXPDDOPDJURVVHLUDPHVTXLQKDPHQWHEXUJXHVDFRPKiELWRVH
LGHLDVGHYHQGHLURHQULTXHFLGRYLQWpPDYLQWpP'HVSURYLGRGHLQVWUXomRQmRVHLQWHUHVVDYDSRU
QDGD VDOYR SRU VHX RItFLR GH SLQWRU QR TXDO HUD DOLiV XP PHVWUH $ DGPLQLVWUDomR GHSUHVVD VH
LQWHLURXGDVXDKDELOLGDGHHWRGDDFLGDGHRUHFODPRXSDUDGHFRUDUSDUHGHVHWHWRV(PGRLVDQRV
HOHS{VQRYDVHPIROKDTXDVHWRGDVDVUHVLGrQFLDVGRVIXQFLRQiULRVSDJDYDPOKHEHPGHPRGR
TXHQXQFDOKHIDOWDYDGLQKHLUR0DVRPHOKRUGDKLVWyULDIRLTXHOKHFRQFHGHUDPDX[LOLDUHV'H
WDQWR R DFRPSDQKDU GRLV GRV DMXGDQWHV DFDEDUDP DSUHQGHQGR R RItFLR H XP GHOHV 7±F]HYVNL
WRUQRXVH WmR ERP SLQWRU TXDQWR R PHVWUH 1RVVR PDMRU TXH PRUDYD QXPD FDVD GR JRYHUQR
SHGLXSRUVXDYH]D%±PTXHOKHSLQWDVVHDVSDUHGHVHRWHWR%±PVHHVIRUoRXWDQWRTXHQHP
PHVPRDUHVLGrQFLDGRJRYHUQDGRUJHUDOVHFRPSDUDYDFRPDGRPDMRU(UDXPDYHOKDFDVD
WpUUHD GH PDGHLUD GH DVSHFWR GHFDGHQWH H PLVHUiYHO TXDQGR YLVWD GH IRUD SRUpP GHFRUDGD
LQWHULRUPHQWH FRPR XP SDOiFLR R PDMRU ILFRX UDGLDQWH (VIUHJDYD DV PmRV FRQWDYD D TXHP
TXHULDRXYLUTXHLDFDVDUVH³&RPXPDFDVDDVVLPQmRKiRXWUDFRLVDDID]HU´DFUHVFHQWDYD
HP WRP JUDYH ( HVWDYD HQFDQWDGR FRP %±P H VHXV DMXGDQWHV 2 WUDEDOKR GXURX XP PrV
GXUDQWHRTXDO³2LWR2OKRV´PXGRXFRPSOHWDPHQWHGHLGHLDDQRVVRUHVSHLWRHFRPHoRXDWpD
QRVSURWHJHU/HYRXDVFRLVDVWmRORQJHTXHXPEHORGLDPDQGRXFKDPDU-±NL
± -±NL ± IDORX ± HX WH RIHQGL PDQGHL WH IXVWLJDU VHP UD]mR VHL GLVVR H R ODPHQWR
&RPSUHHQGHV"(XHXRODPHQWR
-±NLUHVSRQGHXTXHFRPSUHHQGLD
±&RPSUHHQGHVTXHHXWHXFKHIHWHPDQGHLFKDPDUSDUDWHSHGLUSHUGmR"6HQWHVLVVR"4XHP
pV WX GLDQWH GH PLP" 8P YHUPH 0HQRV TXH XP YHUPH 8P IRUoDGR ( HX VRX PDMRU SHOD
JUDoDGH'HXV 0DMRUFRPSUHHQGHVEHP"
-±NLUHVSRQGHXTXHWDPEpPRFRPSUHHQGLD
±%HPHQWmRDJRUDIDoRDVSD]HVFRQWLJRPDVHVWiVVHQWLQGRLVVRHVWiVVHQWLQGRGHYHUGDGH"
(PWRGDDVXDJUDQGH]D"6HUiVFDSD]GHRFRPSUHHQGHUHRVHQWLU",PDJLQDDSHQDVHXHXXP
PDMRU
(DVVLPSRUGLDQWH
2SUySULR-±NLFRQWRXDFHQD9LDVHSRLVTXHDOJRGHKXPDQRGRUPLDDLQGDGHQWURGDTXHOD
EHVWD DYLQKDGD H IHUR] 6H WRPDUPRV HP FRQVLGHUDomR VXDV HVWUHLWtVVLPDV LGHLDV VHX HVStULWR
OLPLWDGR GHYHPRV FRQYLU TXH DTXHOH JHVWR QmR FDUHFLD GH FHUWD JUDQGH]D GH DOPD 7RGDYLD R
iOFRROFRQWULEXtUDPXLWRFHUWDPHQWHSDUDDUHDOL]DomRGDFHQDWRGD
2VRQKRGRPDMRUQmRVHUHDOL]RX1mRVHFDVRXHPERUDHVWLYHVVHUHVROYLGRDLVVRQDRFDVLmR
HPTXHWHUPLQDUDPDVUHSDUDo}HVGDUHVLGrQFLD(PYH]GHHVSRQVDLVIRLOHYDGRDMXOJDPHQWRH
REULJDGRDSHGLUGHPLVVmR9HOKRVFULPHVVHXVWLQKDPYROWDGRjWRQDHOHIRUDRXWURUDFRPLVViULR
GH SROtFLD GD QRVVD FLGDGH 2 JROSH OKH IRL YLEUDGR LQRSLQDGDPHQWH $ QRWtFLD SURYRFRX QD
IRUWDOH]D XPD WUDQVERUGDQWH DOHJULD KRXYH XPD IHVWD XPD YHUGDGHLUD VROHQLGDGH &RQWDYDVH
TXH R PDMRU JHPLD H FKRUDPLQJDYD FRPR XPD YHOKD 0DV HP YmR WHYH TXH VH UHVLJQDU
GHPLWLUVH H SHGLU UHIRUPD 9HQGHX D SULQFtSLR D SDUHOKD GH FDYDORV UXoRV GHSRLV WXGR R TXH
SRVVXtD H DFDERX FDLQGR QD PLVpULD 1yV R HQFRQWUiYDPRV jV YH]HV GH VREUHFDVDFD SXtGD H
JRUURFRPWRSH2OKDYDQRVGHYLpV3RUpPVHXSUHVWtJLRGHVDSDUHFHUDFRPDIDUGD'HIDUGD
HOHHUDXPGHXV'HVREUHFDVDFDSRGHULDVHUWRPDGRSRUXPODFDLR&RPTXDQWRVRXWURVVHGiR
PHVPR2KiELWRpTXHID]RPRQJH


80$(9$6­2


3RXFRGHSRLVGDGHPLVVmRGRPDMRUUHYLUDUDPGHDOWRDEDL[RRQRVVRSUHVtGLR6XSULPLUDP
RVWUDEDOKRVIRUoDGRVHHPYH]GHOHVFULDUDPXPDFRPSDQKLDFRUUHFLRQDOVHJXQGRRPRGHOR
GDVGD5~VVLD,VVRVLJQLILFDYDTXHQmRKDYHULDPDLVQDIRUWDOH]DFRQGHQDGRVHGHSRUWDGRVDJDOpV
GDVHJXQGDFDWHJRULDVyLDPSDUDOiSUHVRVPLOLWDUHVLVWRpKRPHQVSULYDGRV GRV VHXV GLUHLWRV
FLYLV(UDPVROGDGRVLJXDLVDRVRXWURVVROGDGRVPDVTXHKDYLDPVLGRIXVWLJDGRVHFRQGHQDGRVD
VHLVDQRVGHSULVmRQRPi[LPRTXDQGROLEHUWRVYROWDYDPGHSOHQRGLUHLWRSDUDRUHJLPHQWRGH
RQGH KDYLDP VDtGR (QWUHWDQWR RV TXH DSDUHFLDP QD TXDOLGDGH GH UHLQFLGHQWHV HUDP FRPR
RXWURUD FRQGHQDGRV D YLQWH DQRV $QWHV GHVVD WUDQVIRUPDomR QyV Mi SRVVXtDPRV XPD VHomR
PLOLWDUPDVRVVROGDGRVHUDPGHSRUWDGRVSDUDOiSRUIDOWDGHRXWURVtWLRSUySULRFRQWXGRDJRUD
HVVD VHFomR WRPDUD FRQWD GR SUHVtGLR WRGR e FODUR TXH RV IRUoDGRV ± RV DXWrQWLFRV RV TXH
HVWDYDPSULYDGRVGHWRGRVRVVHXVGLUHLWRVUDVSDGRVDQDYDOKDHPDUFDGRVFRPIHUURHPEUDVD±
ILFDUDPOiDWpjH[SLUDomRGDSHQDFRPRQmRHUDPSRUpPWUD]LGRVQRYRVFRQWLQJHQWHVGHVVD
HVSpFLHGHQWURGHGH]DQRVDIRUWDOH]DQmRGHYHULDFRQWHUPDLVQHQKXPIRUoDGRFLYLO$VHomR
HVSHFLDO WDPEpP IRL FRQVHUYDGD H jV YH]HV FKHJDYD SDUD HOD XP FULPLQRVR LPSRUWDQWH
FRQGHQDGRSHORFRQVHOKRGHJXHUUDjHVSHUDGDRUJDQL]DomRQD6LEpULDGHWUDEDOKRVIRUoDGRV
SDUWLFXODUPHQWH ULJRURVRV 'HVVH PRGR QRVVD YLGD FRQWLQXRX H[DWDPHQWH FRPR QR SDVVDGR D
PHVPD GLVFLSOLQD R PHVPR WUDEDOKR H SRXFR PDLV RX PHQRV R PHVPR UHJXODPHQWR 6y D
DGPLQLVWUDomR IRUD UHQRYDGD H FRPSOLFDGD 1RPHRXVH XP RILFLDO VXSHULRU FRPDQGDQWH GH
FRPSDQKLDFRPTXDWURRILFLDLVTXHVXFHVVLYDPHQWHILFDYDPFRPDJXDUGD6XEVWLWXtUDPVHRV
LQYiOLGRV SRU GR]H VXERILFLDLV 'LYLGLUDPVH RV GHWHQWRV HP HVTXDGUDV GH GH] KRPHQV
FRPDQGDGDV FDGD XPD SRU XP FDER HVFROKLGR HQWUH HOHV SUySULRV ± FDER DSHQDV QR QRPH
VHJXQGRpIiFLOGHLPDJLQDU&RPRHUDMXVWR$NLP$NLPLWFKIRLORJRXPGRVFDERV7RGDHVVD
QRYDRUJDQL]DomR±DIRUWDOH]DRV³FDERV´RVIRUoDGRV±FRQWLQXRXFRPRDQWHVVREDDXWRULGDGH
GH XP JRYHUQDGRU ( DV FRLVDV ILFDUDP QLVVR 'H FRPHoR RV IRUoDGRV VH DJLWDUDP PXLWR
GLVFXWLUDP SURFXUDUDP HVWXGDU RV QRYRV FKHIHV PDV TXDQGR YLUDP TXH QD UHDOLGDGH WXGR
FRQWLQXDYDLPXWiYHODTXLHWDUDPVHHDYLGDSURVVHJXLXRVHXFXUVR3HORPHQRVWtQKDPRVXP
OXFURFRQVHJXtUDPRVQRVGHVHPEDUDoDUGRPDMRU&DGDXPGHQyVUHVSLUDYDPDLVOLYUHPHQWHH
UHFXSHUDYDFRUDJHP2SDYRUGHVDSDUHFHUDWRGRVVDELDPTXHDJRUDHPFDVRGHQHFHVVLGDGHD
JHQWH SRGHULD VH H[SOLFDU FRP RV FKHIHV H VDOYR XP HUUR RV LQRFHQWHV QmR SDJDULDP SHORV
FXOSDGRV$YHQGDGHYRGFDFRQWLQXRXGDPHVPDPDQHLUDDSHVDUGDVXEVWLWXLomRGRVLQYiOLGRV
SRUVXERILFLDLV(VVHVVXERILFLDLVUHYHODUDPVHQDPDLRULDKRPHQVVpULRVHGHMXt]RFDSD]HVGH
FRPSUHHQGHU D VLWXDomR e YHUGDGH TXH D SULQFtSLR KRXYH XP RX GRLV TXH WHQWDUDP WUDWDUQRV
FRPR D VROGDGRV PDV GHSUHVVD FRPSUHHQGHUDP FRP TXHP OLGDYDP 2V PDLV UHFDOFLWUDQWHV
IRUDP FRUULJLGRV SHORV SUySULRV IRUoDGRV R TXH SURYRFRX DOJXQV LQFLGHQWHV 7HQWiYDPRV RV
VXERILFLDLV RIHUHFHQGROKHV EHELGD GHSRLV TXDQGR OKHV SDVVDYD D EHEHGHLUD D JHQWH RV ID]LD
FRPSUHHQGHUDRQRVVRPRGRTXHVHSRGLDPHPEULDJDUVHFRPRVIRUoDGRVQDGDYDOLDPSRU
FRQVHTXrQFLD ( RV VXERILFLDLV DFDEDUDP SRU ROKDU FRP LQGLIHUHQoD RX PHOKRU DFDEDUDP
HVIRUoDQGRVHSRUQmRHQ[HUJDUPDLVDVWULSDVFKHLDVGHYRGFD0HOKRUTXHLVVRID]LDPFRPR
RXWURUDRVLQYiOLGRVLDPDRPHUFDGRWUD]HUNDODWFKLSDUDRVSUHVRVFDUQHHRXWURVDUWLJRVWXGR
TXH SRGHULD VHU LQWURGX]LGR QR SUHVtGLR VHP OKHV UHEDL[DU PXLWR D GLJQLGDGH 3DUD TXH VHUYLD
DTXHODWUDQVIRUPDomRHPSULVmRPLOLWDU"1mRRVHL$PXGDQoDVHRSHURXQRILPGHPLQKDSHQD
FRQWXGRWLYHTXHYLYHUDLQGDGRLVDQRVVRERQRYRUHJLPH
'HYRGHVFUHYHUDTXLWRGDDPLQKDYLGDGXUDQWHHVVHVDQRVGHSULVmR"1mRRFUHLR6HGHYHVVH
FRQWDU SRU RUGHP WXGR TXH YL H VHQWL GXUDQWH HVVH WHPSR WHULD TXH GXSOLFDU RX DWp PHVPR
WULSOLFDU R Q~PHUR GHVWDV SiJLQDV $GHPDLV D GHVFULomR VH WRUQDULD IDVWLGLRVD 7RGRV RV
DFRQWHFLPHQWRV DVVXPLDP XP Vy H ~QLFR DVSHFWR VREUHWXGR VH SHOD OHLWXUD GRV FDStWXORV
DQWHULRUHV R OHLWRU Mi IH] XPD LGHLD VXILFLHQWHPHQWH FODUD GD YLGD GRV IRUoDGRV GH VHJXQGD
FDWHJRULD(XJRVWDULDGHGHVFUHYHUQXPTXDGURLPSUHVVLRQDQWHSHODYHUDFLGDGHDQRVVDIRUWDOH]D
H WXGR TXH VRIUL DOL GXUDQWH ORQJRV DQRV &RQVHJXL HVVH ILWR" ,JQRURR HX SUySULR QmR R SRGHULD
MXOJDUPDVVLQWRTXHSRVVRWHUPLQDUDTXLUHYROYHQGRHVVDVOHPEUDQoDVDPiJRDPHVXIRFDH
FRPRSRGHULDHXUHFRUGDUWRGDVDVPLQ~FLDVGDTXHODYLGD"2V~OWLPRVWHPSRVSRUDVVLPGL]HU
GHVERWDUDP QD PLQKD PHPyULD 0XLWDV FRLVDV HVTXHFL GH WRGR (QWUHWDQWR HVVHV DQRV WmR
XQLIRUPHV DUUDVWDUDPVH WRGRV VRPEULRV WULVWHV 7HQKR OHPEUDQoD GH ORQJRV GLDV GH WpGLR
VHPHOKDQWHVjVJRWDVTXHGHSRLVGDFKXYDFDHPGHXPDHPXPDGXPWHWR8PLQWHQVRDUGHQWH
GHVHMR GH UHVVXUUHLomR GH UHQRYDomR GH YLGD WUDQVIRUPDGD PH GDYD FRUDJHP SDUD WHU
SDFLrQFLD H HVSHUDU 1R ILP HX FRQVHJXLUD PH HQULMHFHU HVSHUDYD D SDVVDJHP GH FDGD GLD
SDUD R GHVFRQWDU HPERUD PH UHVWDVVH DLQGD XP ERP PLOKDU GHOHV D SDVVDU QR SUHVtGLR HUD
VHPSUH FRP VDWLVIDomR TXH HX FRUWDYD XP DOJDULVPR D HVVH PLOKDU &DGD GLD GHFRUULGR
DFRPSDQKDYDOKH R HQWHUUR YLDR GHVFHU DR W~PXOR H DOHJUHPHQWH PH SUHSDUDYD SDUD D
FKHJDGD GR GLD VHJXLQWH GL]LD D PLP PHVPR TXH WLUDQGRVH XP GH PLO ILFDP DSHQDV
QRYHFHQWRVHQRYHQWDHQRYH/HPEURPHWDPEpPGHTXHGXUDQWHWRGRHVVHWHPSRDSHVDUGDV
FHQWHQDVGHFRPSDQKHLURVTXHPHFHUFDYDPHXYLYLDQXPDVROLGmRHVWUDQKDHHVWLPDYDHVVD
VROLGmR 6y FRP PLQKD DOPD FRQVLGHUDYD PLQKD YLGD DQWHULRU DQDOLVDYDD QRV PDLV tQILPRV
GHWDOKHV H PH FRQGHQDYD VHYHUDPHQWH VHP SLHGDGH (P FHUWRV PRPHQWRV DWp DEHQoRDYD D
VRUWHTXHPHFRQFHGHUDDTXHODVROLGmRVHPDTXDOQmRSRGHULDPHGLWDUDVVLPQHPID]HUXPD
VHYHUD UHYLVmR GR SDVVDGR 4XH HVSHUDQoDV PH JHUPLQDYDP HQWmR QR SHLWR (X SHQVDYD
UHVROYLDMXUDYDTXHQDPLQKDYLGDIXWXUDQmRKDYHULDQHQKXPGRVHUURVQHQKXPDGDVTXHGDVGH
RXWURUD WUDoDYD XP SURJUDPD FRPSOHWR DR TXDO SURPHWLD ILUPHPHQWH REHGHFHU 'HVHQYROYLD
HPPLQKDDOPDDIpFHJDGHUHDOL]DUGHSRGHUUHDOL]DUHVVHSURJUDPD(VSHUDYDDQVLDYDSHOD
OLEHUGDGH TXHULD HQVDLDU PLQKDV IRUoDV QXPD QRYD OXWD ¬V YH]HV XPD LPSDFLrQFLD IHEULO PH
FRQVWUDQJLD0DVPHpPXLWRGRORURVRUHFRUGDULVVRWXGRTXHDOLiVVyLQWHUHVVDDPLP6HR
GHVFUHYRpSRUTXHVXSRQKRTXHPHKmRGHFRPSUHHQGHUKiGHVHQWLUDPHVPDFRLVDWRGRVRV
TXHVmRDWLUDGRVQXPDSULVmRQDIORUGDPRFLGDGHHGRYLJRU
&RQWXGR SDUD TXH LQVLVWLU QHVWH DVVXQWR" ( SDUD QmR WHUPLQDU DVVLP GH FKRIUH YRX DLQGD
QDUUDU DOJXPD FRLVD e R PHOKRU TXH SRVVR ID]HU D ILP GH QmR WHUPLQDU HVWDV QRWDV GH PRGR
H[FHVVLYDPHQWHEUXVFR
2FRUUHPHTXHWDOYH]DOJXpPSHUJXQWHVHVHULDLPSRVVtYHOXPFRQGHQDGRIXJLUGRSUHVtGLR
VHGXUDQWHWDQWRVDQRVQHQKXPDHYDVmRVHGHX&RPRMiRFRQWHLXPGHWHQWRTXHSDVVRXGRLVRX
WUrVDQRVQXPDIRUWDOH]DFRPHoDDGDUYDORUDHVVHODSVRGHWHPSRHS}HVHLQYROXQWDULDPHQWH
DSHQVDUTXHPHOKRUVHUiILFDUDOLDWpDRILPVHPWUDSDOKDGDVVHPSHULJRVWHUPLQDGDDSHQD
VDLUFRPRFRORQROLYUHOHJDOPHQWH0DVXPFiOFXORGHVVDQDWXUH]DVySRGHRFRUUHUDRVIRUoDGRV
FXMDFRQGHQDomRpFXUWD2VTXHWrPjVXDIUHQWHORQJRVDQRVGHGHWHQomRHVWmRSURQWRVDFRUUHU
WRGRVRVULVFRV(QWUHWDQWRQRQRVVRSUHVtGLRQLQJXpPVHHYDGLDHVHULDGLItFLOGL]HUSRUTXrVHP
G~YLGD GHYHVH DWULEXLU HVVD UHVHUYD DR PHGR LQVSLUDGR SHOD LQIOH[tYHO GLVFLSOLQD PLOLWDU RX j
VLWXDomRGDFLGDGHGDTXDOGHSHQGtDPRV±HPSOHQDHVWHSH+RXYHWRGDYLDXPFDVRGHHYDVmR
QRPHXWHPSRGRLVIRUoDGRVDWHQWDUDPDPERVFULPLQRVRVGHLPSRUWkQFLD
'HSRLVGDSDUWLGDGRQRVVRPDMRURVHXHVSLmR$YLXVHFRPSOHWDPHQWHDEDQGRQDGRHVHP
SURWHomR 2 WHPSR OKH HQGXUHFHUD R FDUiWHU PXLWR PRoR DLQGD HUD FtQLFR PDOLFLRVR VHP
HVFU~SXORVGHFLGLGRDWXGR6HOKHKRXYHVVHPGDGRDOLEHUGDGHFRQWLQXDULDGHFHUWRDH[HUFHUD
HVSLRQDJHPHDID]HUGLQKHLURGHWRGDVDVPDQHLUDVPDVVHPVHGHL[DUDSDQKDUHVWXSLGDPHQWH
FRPR GD SULPHLUD YH] H VHP SDJDU D WROLFH FRP WUDEDOKRV IRUoDGRV /i QR SUHVtGLR SUDWLFDYD
SDUDRIXWXURIDEULFDQGRSDVVDSRUWHVIDOVRV$OLiVQmRSRVVRJDUDQWLUPXLWRLVVRSRUTXHRXYLDD
KLVWyULD GD ERFD GH RXWURV IRUoDGRV D OKHV GDU FUpGLWR HOH Mi H[HUFLD R RItFLR GH IDOViULR QD
FR]LQKDGRPDMRUQRVWHPSRVHPTXHLDOiRTXHOKHSURGX]LDSLQJXHVUHQGLPHQWRV(PVXPD
HVWDYDUHVROYLGRDWXGRSDUDPXGDUGHVRUWH3XGHREVHUYiOREHPHRVHXFLQLVPRTXHUDLDYD
SHODPDLVUHYROWDQWHDEMHomRSHODPDLVIULDDXGiFLDGHVSHUWDYDPHXPKRUURULQYHQFtYHO&UHLR
TXH WHQGR YRQWDGH GH EHEHU XPD JDUUDID GH YRGFD H QmR SRGHQGR REWrOD VHQmR JUDoDV D XP
DVVDVVLQDWR HOH QmR UHFXDULD GLDQWH GR FULPH FRQWDQWR TXH R SXGHVVH H[HFXWDU HP VHJUHGR
HVFRQGLGRGHWRGRV1RSUHVtGLRDSUHQGHUDDFDOFXODU)RLQDVXDSHVVRDTXH.XOLNRYGDVHomR
HVSHFLDOIL[RXDHVFROKDSDUDFRPSDQKHLUR-iIDOHLHP.XOLNRY+RPHPPDGXURPDQWLQKDVH
IRUWHDSDL[RQDGRDWLYRFRPFDSDFLGDGHVH[WUDRUGLQiULDVHGLYHUVDV3DUHFLDGHVVDVSHVVRDVTXH
FRQVHUYDPDWpjPDLVH[WUHPDYHOKLFHDYRQWDGHHDIRUoDGHYLYHU(XPHVHQWLULDVXUSUHVRVHR
YLVVHUHVLJQDGRDILFDUDOLFRPRRVRXWURV3RUpP.XOLNRYMiWRPDUDDVXDGHFLVmR4XDOGRVGRLV
WHYHPDLVLQIOXrQFLDVREUHRRXWUR",JQRURPDVDPERVVHHTXLYDOLDPPXLWREHP)HLWRVXPSDUD
RRXWURGHSUHVVDHVWUHLWDUDPDDPL]DGHSHQVRTXH.XOLNRYFRQWDYDFRP$SDUDOKHREWHUXP
SDVVDSRUWH $ HUD GH QREUH IDPtOLD H LVVR DXWRUL]DYD WRGDV DV HVSHUDQoDV ± FRP D VLPSOHV
FRQGLomR GH FRQVHJXLUHP FKHJDU j 5~VVLD 'H TXDOTXHU PRGR HVVDV HVSHUDQoDV GHYHULDP LU
PDLVORQJHTXHDVLPSOHVURWLQDGDYDJDEXQGDJHPVLEHULDQD.XOLNRYFRPHGLDQWHQDWRSRGHULD
GHVHPSHQKDUPXLWRVSDSpLVQDYLGDSHORPHQRVFRQWDYDFRPDYDULHGDGHGDVVXDVDSWLG}HV2
SUHVtGLRVXIRFDSHVVRDVGHVVDHVSpFLH(FRPELQDUDPSRUWDQWRDHYDVmR
0DVVHPDFRQLYrQFLDGRYLJLODQWHTXDOTXHUIXJDVHULDLPSRVVtYHO(UDSUHFLVRHQWHQGHUHP
VH FRP R KRPHP 1XP GRV EDWDOK}HV VHGLDGRV HQWUH QyV HQFRQWUDYDVH XP SRODFR HQpUJLFR
GLJQRWDOYH]GHPHOKRUVRUWHLQGLYtGXRGHFHUWDLGDGHSRUpPVHYHURVpULR(QYLDGRSDUDVHUYLU
QD 6LEpULD TXDQGR PRoR D VDXGDGH R YHQFHX H R UDSD] GHVHUWRX )RL DSDQKDGR IXVWLJDGR H
FRQGHQDGRDGRLVDQRVGHEDWDOKmRGLVFLSOLQDU4XDQGRRGHYROYHUDPjWURSDWLYHUDWHPSRSDUD
UHIOHWLUHQWUHJRXVHDRVHUYLoRFRPXPLQWHUHVVHXP]HORTXHOKHYDOHUDPDVGLYLVDVGHFDER
7LQKDXPDH[DJHUDGDFRQVFLrQFLDGRVHXYDORUVHXVPRGRVVXDVSDODYUDVUHVSLUDYDPRUJXOKR
FRQILDQoDSUySULD0XLWDVYH]HVGXUDQWHWRGRVDTXHOHVDQRVHXUHSDUHLQHOHHQWUHRVVROGDGRVGD
QRVVD HVFROWD $OLiV RV SRODFRV PH KDYLDP IDODGR QR VHX QRPH 3DUHFHPH TXH D VDXGDGH GD
SiWULDDQRVWDOJLDVHKDYLDPPXGDGRHPyGLRVXUGRLUUHFRQFLOLiYHO(VVHKRPHPHUDFDSD]GH
WXGR H .XOLNRY PRVWURX IDUR HVFROKHQGRR SDUD F~PSOLFH &KDPDYDVH .ROOHU 2V WUrV VH
FRQOXLDUDP H PDUFDUDP XP GLD (VWiYDPRV QR PrV GH MXQKR 2 FOLPD GD FLGDGH HUD TXDVH
XQLIRUPH VREUHWXGR QR YHUmR R FDORU SHUVLVWHQWH DMXGD RV YDJDEXQGRV &RPR p IiFLO GH
FRQFHEHUGHPRGRQHQKXPSRGHULDPRVF~PSOLFHVVDtUHPGLUHWDPHQWHGDIRUWDOH]D$FLGDGH
ILFD QXPD FROLQD DV SUR[LPLGDGHV VmR GHVFDPSDGDV H QXPD H[WHQVmR EDVWDQWH YDVWD IORUHVWD
DOJXPDSUHQGHRROKDU(UDSUHFLVRSRLVWURFDUGHURXSDHSDUDLVVRWLQKDPTXHLUDREDLUURRQGH
.XOLNRYMiKiPXLWRWHPSRSRVVXtDXPHVFRQGHULMR1mRVHLVHRVVHXVDPLJRVGRWDOHVFRQGHULMR
HVWDYDP WRWDOPHQWH D SDU GR VHJUHGR 3RGHPVH ID]HU VXSRVLo}HV PDV D FRLVD QXQFD IRL
GHYLGDPHQWH HVFODUHFLGD 1HVVH DQR QXP GRV UHFDQWRV GR DUUDEDOGH XPD UDSDULJD PRoD H
DJUDGiYHOFKDPDGD³9DQNDQND´FRPHoDUDFDUUHLUDGDYDJUDQGHVHVSHUDQoDV±HVSHUDQoDVTXH
DOLiV FXPSULX HP SDUWH &KDPDYDPQD WDPEpP ³/DEDUHGD´ 'HFHUWR HVVD PXOKHU
GHVHPSHQKRX XP SDSHO QR FDVR SRLV .XOLNRY Mi Ki XP DQR ID]LD ORXFXUDV SRU HOD 1RVVRV
KRPHQVVHDSUHVHQWDUDPGHPDQKmjFKDPDGDHIL]HUDPFRPTXHRVGHVVHPFRPRDMXGDQWHV
DRIRUoDGR&KLONLQHIRUQHLURHJHVVHLURGHSURILVVmRTXHHVWDYDHQWmRWUDEDOKDQGRQXPTXDUWHO
YD]LRRVVROGDGRVTXHRKDELWDYDPMiKDYLDPXLWRYLYLDPDFDPSDGRVVREWHQGDV.ROOHUDUUDQMRX
WDPEpP XP MHLWR GH VHU HVFROKLGR SDUD D HVFROWD GRV WUrV PDV FRPR SDUD WUrV IRUoDGRV R
UHJXODPHQWR H[LJH GXDV VHQWLQHODV GHUDP D .ROOHU VROGDGR DQWLJR H FDER XP UHFUXWD TXH HOH
GHYHULDLQLFLDUQRVHUYLoR(UDPLVWHUTXHRVQRVVRVIRUoDGRVH[HUFHVVHPXPDHQRUPHLQIOXrQFLD
VREUH.ROOHUHOKHLQVSLUDVVHPGHVPHGLGDFRQILDQoDSDUDTXHDTXHOHYHOKRVROGDGRFRPWDQWRV
DQRVGHH[SHULrQFLDJUDGXDGRDXVWHURDMXL]DGRVHUHVROYHVVHDDFRPSDQKiORV
&KHJDUDPDRTXDUWHOjVVHLVKRUDVGDPDQKm2ORFDOHVWDYDGHVHUWR'HSRLVGHWUDEDOKDUXPD
KRUD.XOLNRYH$GLVVHUDPD&KLONLQHTXHLULDPjRILFLQDDOHJDQGRDSULQFtSLRTXHTXHULDPYHU
QmRVHLTXHHGHSRLVTXHLDPDSDQKDUXPDIHUUDPHQWDTXHOKHVIDOWDYD3UHFLVDYDPDJLUFRP
DVW~FLD ± LVWR p FRP QDWXUDOLGDGH ± HQTXDQWR WUDWDYDP FRP &KLONLQH &KLONLQH HUD XP GHVVHV
DVWXWRVDUWHVmRVPRVFRYLWDVLQWHOLJHQWHPDVGHSRXFDVSDODYUDVGHDVSHFWRGpELOHGHVFDUQDGR
IHLWRV SDUD XVDU D YLGD LQWHLUD R FROHWH H D EOXVD GD PRGD QD ERD FLGDGH GH 0RVFRX SRUpP R
GHVWLQRUHVROYHUDRXWUDVFRLVDVDVHXUHVSHLWRGHSRLVGHORQJDVSHUHJULQDo}HVHOHDFDEDUDFDLQGR
HP SULVmR SHUSpWXD QD VHomR HVSHFLDO RX VHMD HQWUH RV PDLV SHULJRVRV UHLQFLGHQWHV GD MXVWLoD
PLOLWDU,JQRURRSRQWRGHSDUWLGDGHFDUUHLUDWmRODPHQWiYHOPDV&KLONLQHMDPDLVGHPRQVWUDYDD
PtQLPD DFULP{QLD R PHQRU PDX KXPRU GH WHPSRV HP WHPSRV HPEULDJDYDVH FRPR XPD
HVSRQMDIRUDLVVRVHXSURFHGLPHQWRQDGDGHL[DYDDGHVHMDU&RPRHOHQmRHVWDYDQRVHJUHGRH
QmR HUD QHQKXP WROR .XOLNRY OKH SLVFRX R ROKR GDQGR D HQWHQGHU TXH LULD EXVFDU DJXDUGHQWH
HVFRQGLGDQDRILFLQDGHVGHDYpVSHUD$LGHLDDJUDGRXD&KLONLQHILFRXVyFRPRUHFUXWDVHP
DOLPHQWDUDPHQRUVXVSHLWD($.XOLNRYH.ROOHUDIDVWDUDPVHHPGLUHomRGRWDODUUDEDOGH
3DVVRXVHPHLDKRUD&RPRRVDXVHQWHVQmRUHWRUQDYDP&KLONLQHVXELWDPHQWHDODUPDGRH
TXHMiYLUDPXLWDFRLVDQHVWHPXQGRS{VVHDUHIOHWLUHWDQWRUHIOHWLXTXHVHQWLXTXHDVERWDVOKH
FRPLFKDYDP/HPEURXVHGHTXH.XOLNRYVHPRVWUDUDQXPHVWDGRGHHVStULWRDQRUPDO3RUGXDV
YH]HV YLUD $ OKH FRFKLFKDU TXDOTXHU FRLVD H QDV GXDV YH]HV .XOLNRY UHVSRQGHUD DR F~PSOLFH
FRPXPDEDWLGDGHSiOSHEUDVVLJQLILFDWLYDGLVVR&KLONLQHHVWDYDFHUWRLQWHLUDPHQWHFHUWR.ROOHU
WDPEpPOKHFKDPDUDDDWHQomRSRUTXHDQWHVGHVHDIDVWDUFRPRVGRLVIRUoDGRVSHUGHUDWHPSR
D HQVLQDU FRLVDV DR UHFUXWD D OKH H[SOLFDU FRPR GHYHULD DJLU QD VXD DXVrQFLD IDWR LQVyOLWR
VREUHWXGR SDUWLQGR GH KRPHP GDTXHOD WrPSHUD (P VXPD TXDQWR PDLV &KLONLQH H[DPLQDYD DV
FLUFXQVWkQFLDV PDLV D GHVFRQILDQoD OKH DXPHQWDYD ( FRPR R WHPSR LD SDVVDQGR H QLQJXpP
YROWDYD D VXD LQTXLHWDomR DFDERX SRU XOWUDSDVVDU WRGRV RV OLPLWHV &RPSUHHQGLD PXLWR EHP RV
ULVFRV TXH FRUULD QDTXHOH FDVR DV VXVSHLWDV GRV FKHIHV SRGHULDP UHFDLU VREUH D VXD SHVVRD
DFXViORLDPGHKDYHUSHUPLWLGRTXHRVFRPSDQKHLURVSDUWLVVHPSRUHVWDUGHFRQLYrQFLDFRPD
IXJD 6H GHPRUDVVH D GHQXQFLDU R GHVDSDUHFLPHQWR GH .XOLNRY H $ HVVDV VXVSHLWDV WRPDULDP
DLQGD PDLRU FRQVLVWrQFLD 1mR WLQKD SRLV XP LQVWDQWH D SHUGHU (QWmR VH OHPEURX GH TXH QRV
~OWLPRVWHPSRV.XOLNRYH$VHWLQKDPWRUQDGRDPLJRVtQWLPRVSDVVDYDPRWHPSRFRFKLFKDQGR
MXQWRVHLDPFRQYHUVDUSRUWUiVGDVFDVHUQDVORQJHGHWRGRVRVROKDUHV5HFRUGRXVHDWpGHTXH
HVVH IDWR OKH GHVSHUWDUD D FXULRVLGDGH 2OKRX HQWmR SDUD D VHQWLQHOD R UDSD] ERFHMDYD
HQFRVWDGR DR IX]LO H IXUDFDYD R QDUL] FRP R GHGR QXP MHLWR WmR LQRFHQWH TXH &KLONLQH QmR
FRQVLGHURXRSRUWXQRGHVYHQGDUOKHRVVHXVSHQVDPHQWRV3HGLXOKHDSHQDVTXHRDFRPSDQKDVVH
jRILFLQD4XHULDVDEHUVHRVFRPSDQKHLURVKDYLDPFKHJDGROiTXDQGRYHULILFRXTXHQLQJXpPRV
YLUDVXDVG~YLGDVVHFRQILUPDUDP³6HHOHVWLYHVVHPLGRDSHQDVEHEHUHGLYHUWLUVHXPSRXFRQD
FLGDGH FRPR .XOLNRY R ID]LD jV YH]HV SRU TXH PH HVFRQGHULDP LVVR"´ SHQVDYD &KLONLQH
5HVROYHXVHHQWmRDEDQGRQDQGRRWUDEDOKRGLULJLXVHGLUHWDPHQWHSDUDRSUHVtGLR
(UDPFHUFDGHQRYHKRUDVTXDQGR&KLONLQHVHDSUHVHQWRXDRVDUJHQWRHOKHH[SOLFRXDVFDXVDV
GRVHXUHWRUQR2VXERILFLDODVVXVWRXVHHDSULQFtSLRUHFXVRXDFUHGLWDU&KLONLQHpFODURVyOKH
DSUHVHQWRX D FRLVD VRE IRUPD GH PHUD VXVSHLWD 2 VDUJHQWR YRRX j FDVD GR PDMRU R PDMRU
FRUUHXjGRJRYHUQDGRUHXPTXDUWRGHKRUDGHSRLVWLQKDPVLGRWRPDGDVDVPHGLGDVQHFHVViULDV
)L]HUDP XP UHODWyULR DR JRYHUQDGRUJHUDO 2V FULPLQRVRV HUDP GH LPSRUWkQFLD H GHYHUVHLD
WHPHU XPD UHSULPHQGD VHYHUD GH 3HWHUVEXUJR %HP RX PDO $ ID]LD SDUWH GRV FRQGHQDGRV
SROtWLFRV 4XDQWR D .XOLNRY SHUWHQFLD j VHomR HVSHFLDO LVWR p j VHomR GRV VXSHUFULPLQRVRV GD
TXDO DWp HQWmR QLQJXpP FRQVHJXLUD IXJLU H DOpP GR PDLV HUD PLOLWDU 5HFRUGDUDP TXH GH
DFRUGRFRPRUHJXODPHQWRWRGRVRVKRPHQVGHVVDVHomRTXDQGRLDPSDUDRWUDEDOKRGHYHULDP
OHYDUXPHDWpGRLVVROGDGRVGHHVFROWD2UHJXODPHQWRQmRIRUDSRLVFXPSULGRRTXHDJUDYDYDR
FDVR 0DQGDUDPVH FRUUHLRV D WRGDV DV FDSLWDLV GH GLVWULWR jV FLUFXQYL]LQKDQoDV D WRGRV RV
SRYRDGRVJUDQGHVHSHTXHQRV)H]VHFRQKHFHUSRUWRGDSDUWHDQRWtFLDGDIXJDHIRUDPGDGRV
RV VLQDLV FDUDFWHUtVWLFRV GRV HYDGLGRV PDQGDUDPVH FRVVDFRV QR VHX UDVWUR (QILP XP SDYRU
KRUUtYHOVHGLVVHPLQRX'XUDQWHHVVHWHPSRQRLQWHULRUGDIRUWDOH]DDDJLWDomRHUDJUDQGH¬
PHGLGDTXHLDPYROWDQGRGRWUDEDOKRRVIRUoDGRVVDELDPGDQRWtFLDTXHMiFRUULDGHERFDHP
ERFDHFDGDXPDUHFHELDFRPXPDDOHJULDVHFUHWDPDVLQWHQVD7RGRVVHQWLDPRFRUDomROKHV
EDWHUFRPIRUoD$TXHODHYDVmRURPSLDDPRQRWRQLDGDYLGDQRSUHVtGLRDJLWDYDRIRUPLJXHLUR
'HVSHUWDYDXPHFRIUDWHUQDOQRSHLWRGHWRGRVRVGHWHQWRVYLEUDYDQHOHVFHUWDVFRUGDVKiPXLWR
WHPSRDGRUPHFLGDV$HVSHUDQoDDDXGiFLDDSRVVLELOLGDGHGH³PXGDUGHVRUWH´ID]LDPIUHPLU
DV DOPDV ³6H HOHV SXGHUDP IXJLU SRU TXH QmR R SRGHUHL HX"´ ( FDGD XP D HVVH SHQVDPHQWR
ILWDYD QR YL]LQKR RV ROKRV SURYRFDQWHV FDGD XP VH VHQWLD EUXVFDPHQWH WRPDGR GH RUJXOKR H
HQFDUDYDGHFLPDRVVXERILFLDLVeFODURTXHLPHGLDWDPHQWHDSDUHFHUDPRVRILFLDLV2SUySULR
JRYHUQDGRUDSUHVHQWRXVH1yVQRVGLYHUWtDPRVjJUDQGHHQFDUiYDPRVRVFKHIHVFRPVLOHQFLRVD
JUDYLGDGH H FRP FHUWR GHVSUH]R ³4XDQGR D JHQWH TXHU´ (VSHUDQGR XPD EXVFD WtQKDPRV
FRUULGR D HVFRQGHU R TXH HUD QRVVR SRUTXH QLQJXpP LJQRUDYD TXH QHVVHV FDVRV RV FKHIHV
WUDWDULDP GH WXGR FRP JUDQGH UDSLGH] ( DV SUHYLV}HV PRVWUDUDPVH H[DWDV KRXYH XP JUDQGH
UHEXOLoRSXVHUDPWXGRGHSHUQDVSDUDRDUSHVTXLVDUDPLQGLYLGXDOPHQWHFDGDSUHVRVHPQDGD
HQFRQWUDU p OyJLFR ¬ WDUGH PDQGDUDP RV IRUoDGRV SDUD R WUDEDOKR VRE HVFROWD UHGREUDGD ¬
QRLWH RV RILFLDLV GH JXDUGD IL]HUDP URQGDV FRQWtQXDV 3URFHGHXVH D GXDV FKDPDGDV FRQWUD R
FRVWXPHHQRYRUHEXOLoRVHUHJLVWURXPDQGDUDPQRVIRUPDUQRSiWLRSDUDQRVFRQWDURXWUDYH]
HGHSRLVQRYDPHQWHYHULILFDUDPGHQWURGRDORMDPHQWR$DJLWDomRDQGDYDSRLVQRDXJH
0DVLVVRTXDVHQmRLQTXLHWDYDRVSUHVRV7LQKDPDVVXPLGRDUHVLQGLIHUHQWHVHFRPRVHPSUH
QHVVHVFDVRVGH³FRUULGDV´SRUWDUDPVHPXLWREHPGXUDQWHWRGDDQRLWH³3HORPHQRVQmRYmR
SRGHUFXOSDUDJHQWH´(SRUVHXODGRRVFKHIHVPHGLWDYDP³1mRWHUmRILFDGRDOJXQVF~PSOLFHV
DTXL"´)RUDPGDGDVRUGHQVQmRVySDUDYLJLDURVIRUoDGRVFRPRSDUDOKHVHVSLRQDUDVSDODYUDV
,VVRVyRVIH]GLYHUWLU³(OHVQmRVHULDPWmRWRORVTXHIRVVHPGHL[DUF~PSOLFHVHVVHVJROSHVVH
SUHSDUDP QD VXUGLQD &DPDUDGDV GR HVWRIR GH .XOLNRY H GH $ QmR YmR PRVWUDU UDVWUR VDEHP
HVFRQGHURMRJR1LQJXpPVRXEHQHPYLXeJHQWHTXHSDVVDSRUXPEXUDFRGHUDWRTXDQWRPDLV
SRU XPD SRUWD IHFKDGD´ (P UHVXPR D IDPD GH .XOLNRY H GH $ DXPHQWDYD VHPSUH WRGRV
WLQKDPRUJXOKRSRUHOHVFDOFXODYDVHTXHDIDoDQKDGRVGRLVSDVVDULDjPDLVUHPRWDSRVWHULGDGH
TXHVREUHYLYHULDDRSUHVtGLR
±6mRXQVPHVWUHV
± ( RV FKHIHV TXH SHQVDYDP TXH QLQJXpP SRGH VXPLU GDTXL $JRUD Mi HVWmR RV GRLV EHP
ORQJH±DFUHVFHQWDYDPRXWURV
±eHVWmRORQJH±UHSHWLDXPWHUFHLURFRPDUHVLPSRUWDQWHV±PDVLVVRVyDTXHOHVGRLVHUDP
FDSD]HVGHID]HU1mRYDLVWHFRPSDUDUFRPHOHVKHLQ"
(PTXDOTXHURXWURPRPHQWRRGHWHQWRDTXHPVHGLULJLDDSHUJXQWDWHULDUHSOLFDGRDFHVRQD
GHIHVD GD SUySULD KRQUD 'HVWD YH] PDQWLQKD XP VLOrQFLR PRGHVWR ³e YHUGDGH D JHQWH QmR p
LJXDODHOHVpSUHFLVRSDVVDUSRUPXLWDFRLVDDQWHV´
± $ILQDO LUPmRV SDUD TXH ILFDU DTXL" ± GLVVH XP TXDUWR TXH DWp HQWmR RXYLUD HP VLOrQFLR
VHQWDGRVRVVHJDGDPHQWHQDMDQHODGDFR]LQKD(VIUHJDYDDIDFHFRPDSDOPDGDPmRHIDODYD
FRP YR] XP SRXFR DUUDVWDGD H PROH TXH WUDtD XP VHFUHWR VHQWLPHQWR GH VDWLVIDomR ± 4XH
HVWDPRVID]HQGRDTXL"6RPRVYLYRVVHPYLGDHPRUWRVTXHQmRIRUDPHQWHUUDGRVQmRpPHVPR"
±2SUHVtGLRQmRpXPDERWDTXHDJHQWHSRVVDGHVFDOoDUjWRDQmR"
±2UD.XOLNRYHQWUHWDQWR±UHSOLFRXXPPRFLQKRFKHLRGHDUGRU
±.XOLNRY"±LQWHUURPSHXXPRXWURSLVFDQGRRROKRFRPGHVSUH]RSDUDRODGRGRPRFLQKR±
.XOLNRYPHXILOKRHUD.XOLNRY
,VVRVLJQLILFDYDTXHRV.XOLNRYLQmRVmRIDEULFDGRVjVG~]LDV
±0DV$WDPEpPWHPRVHXYDORUQmR"
± $ p HVSHUWR FRPR XP JDWR e FDSD] GH HQJDQDU DWp .XOLNRY H REULJiOR D YHU D OXD DR
PHLRGLD
±6HUiTXHHOHVMiHVWmRORQJH",VVRpTXHHXTXHULDVDEHU
(ORJRVHSXVHUDPDIDODUGRFDPLQKRTXHRVIXJLWLYRVSRGHULDPWHUSHUFRUULGR4XHGLUHomR
WRPDULDP" 3DUD RQGH VHULD PHOKRU HQFDPLQKDUHPVH" 4XDO D FLGDGH PDLV SUy[LPD"
'HVFREULUDPVH IRUoDGRV TXH FRQKHFLDP D UHJLmR H VXDV H[SOLFDo}HV IRUDP DYLGDPHQWH
HVFXWDGDV )DODUDP QRV KDELWDQWHV GDV DOGHLDV YL]LQKDV GHFODUDUDPQRV LQVHJXURV 3HUWR GDV
FLGDGHVRSHVVRDOpHVSHUWRQLQJXpPKiGHTXHUHUDMXGDUIXJLWLYRVDSDQKDPQRVHRVHQWUHJDP
VHPGy
±6HYRFrVVRXEHVVHPPHQLQRVTXDQWDJHQWHUXLPKiQHVWHPXQGR
±(VVHVVLEHULDQRVVmRXPDVIHUDV
±*HQWHPXLWRjWRD
±(VVHVVLEHULDQRVQmRWrPVDOQDVRUHOKDVVHDJHQWHOKHVFDLQDVXQKDVDGHXV
±ePDVRVQRVVRVGRLVUDSD]HV
±6LPFRPHOHVDFRLVDpGXUD1mRpFRPHOHVTXHKiGHVHUIiFLO
±(VSHUD6HQmRPRUUHUPRVORJRRVDEHUHPRV
±$FKDVPHVPRTXHQmRVHUmRDSDQKDGRV"
±(XSRUPLPWHQKRDFHUWH]DGHTXHQmRRVDSDQKDUmRQXQFD±DILUPRXXPGRVH[FLWDGRV
GDQGRXPPXUURQDPHVD
±+XP,VVRGHSHQGHGHFRPRDQGDUmRDVFRLVDV
±3RLVHVWiDTXLRTXHDFKRSHVVRDO±GLVVH6NXUDWRY±(XVHIXJLUQXQFDPDLVQLQJXpPPH
SHJD
±7X"
3XVHUDPVHDULUHDOJXQVILQJLUDPUHFXVDUVHDRXYLUPDLV3RUpP6NXUDWRYHVWDYDDQLPDGR
±1XQFDPHKDYHULDPGHDSDQKDU±UHSHWLXHQHUJLFDPHQWH±3HQVRWDQWRQLVVRLUPmRVTXH
jVYH]HVDWpPHDGPLUR3UHIHULDPHHQILDUQXPEXUDFRGHUDWRDGHL[DUPHSRUHPDPmRHP
FLPD
±2UDVHHVWLYHVVHVPRUUHQGRGHIRPHDFDEDYDVSHGLQGRXPSHGDoRGHSmRSRUHVPROD
1RYDVJDUJDOKDGDV
±3HGLUHVPROD%XUULFH
±%XUURpVWX7XHRYHOKR9DVVLDYLQJDUDPD³PRUWHGDYDFD´ HSRULVVRHVWmRDTXL
$VJDUJDOKDGDVUHGREUDUDP2VIRUoDGRVVpULRVDVVXPLDPXPDUFDGDYH]PDLVLQGLJQDGR
±0HQWLURVR±JULWRX6NXUDWRY±0LNLWNDpXPPHQWLURVRHLQYHQWRXLVVRFRQWUDPLPHFRQWUD
PHXWLR9DVVLD6HLTXHPHFRPSOLFDUDPQHVVDKLVWyULD6RXGH0RVFRXHGHVGHSHTXHQRFRUUR
PXQGR 4XDQGR R VDFULVWmR TXHULD PH HQVLQDU D OHU SX[DYDPH DV RUHOKDV H GL]LD ³5HSHWH
3RXSDLPH 6HQKRU QD YRVVD PLVHULFyUGLD´ HX UHSHWLD ³3RXSDLPH 6HQKRU GD PLVpULD H GD
FRUGD´$VVLPpTXHVRXGHVGHSHTXHQLQR
$VULVDGDVFRQWLQXDUDP(UDLVVRTXH6NXUDWRYSURFXUDYD*RVWDYDGHVHUYLUGHSDOKDoR0DV
GHSUHVVD R GHL[DUDP GH PmR SDUD YROWDUHP j FRQYHUVD VpULD 2V SHULWRV HP HYDV}HV HPLWLDP
SDUHFHUHVRVPDLVMRYHQVHRVPDLVFDOPRVHVFXWDYDPVDWLVIHLWRVRSHVFRoRHVWHQGLGRRVROKRV
IL[DGRV QHOHV +DYLD XPD PXOWLGmR QD FR]LQKD SRUpP QHQKXP VXERILFLDO HVWDYD Oi SRLV GR
FRQWUiULR RV SUHVRV PRVWUDULDP PDLV UHVHUYD (QWUH RV TXH VH UHMXELODYDP REVHUYHL R WiUWDUR
0DPHWNDKRPHQ]DUUmRGHS{PXORVVDOLHQWHVHDVSHFWRH[WUDRUGLQDULDPHQWHF{PLFR0DOIDODYD
RUXVVRHQmRFRPSUHHQGLDTXDVHQDGDGRTXHRVGHPDLVGL]LDPHQWUHWDQWRHVWLUDYDDFDEHoDSRU
FLPDGRVRXWURVHDJXoDYDRRXYLGRFRPDWHQomRFRPEHDWLWXGH
± +HLQ 0DPHWNDLDNFKL TXH ERP  ± IDODYD 6NXUDWRY YROWDQGRVH SDUD R WiUWDUR
$EDQGRQDGRSRUWRGRVDJDUUDYDVHHPGHVHVSHURGHFDXVDjTXHOHRXYLQWH
±,DNFKLXFKLDNFKL±DSURYRXDUGHQWHPHQWH0DPHWNDDEDQDQGRDFDEHoDJURWHVFDSDUDR
ODGRGH6NXUDWRY
±1mRRVDSDQKDPLRN" QmR"
±,RNLRN
(GHVWDYH]0DPHWNDVHS{VDUHVPXQJDUJHVWLFXODQGR
±,VVRTXHUGL]HUTXHVHXPPHQWHRRXWURQmRRGHVPHQWHQmRp"
±ep,DNFKL±UHVSRQGHX0DPHWNDPHQHDQGRVHPSUHDFDEHoD
±(QWmRVHMDLDNFKL
( SDUD UHIRUoDU RLDNFKL 6NXUDWRY OKH HQWHUURX R JRUUR DWp DRV ROKRV GHSRLV GHL[DQGR DOL
0DPHWNDDW{QLWRVDLXGDFR]LQKDPXLWREHPKXPRUDGR
'XUDQWH D VHPDQD LQWHLUD SURVVHJXLUDP DV SURYLGrQFLDV VHYHUDV QD IRUWDOH]D EHP FRPR
EDWLGDVPLQXFLRVDVQRVDUUHGRUHV2VGHWHQWRVLPHGLDWDPHQWHILFDUDPDSDU±QmRVHLFRPR±GH
WRGDVDVPHGLGDVWRPDGDVSDUDDUHFXSHUDomRGRVIXJLWLYRV1RVSULPHLURVGLDVDVQRWtFLDVHUDP
IDYRUiYHLVDRVWUkQVIXJDVWLQKDPGHVDSDUHFLGRVHPGHL[DUUDVWUR1HQKXPLQGtFLRQDGD1RVVRV
IRUoDGRVQmRVHFDQVDYDPGH]RPEDUGRVFKHIHV1mRVHQWLDPDPtQLPDLQTXLHWDomRSHODVRUWH
GH.XOLNRYH$
±1mRQLQJXpPRVHQFRQWUD1mRRVDSDQKDP±UHSHWLDPXQVDRVRXWURVVDWLVIHLWRV
±6XPLUDPFRPRXPDEDOD
±$WpEUHYHHVHPSUHDPLJRVQmR"
1mRVDEtDPRVTXHWRGRVRVPXMLTXHVGRVDUUHGRUHVKDYLDPVLGRSUHYHQLGRVYLJLDYDPWRGRV
RVOXJDUHVVXVSHLWRVEDWLDPIORUHVWDVHUDYLQDV
±3DUDTXHLVWR"±WURoDYDPRVIRUoDGRV±'HFHUWRHOHVWrPXPHVFRQGHULMRHPDOJXPOXJDU
±&ODUR±DSURYDYDXPRXWUR±2VUDSD]HVWRPDUDPDVVXDVSUHFDXo}HV
$VVXSRVLo}HVIRUDPPDLVORQJH3UHWHQGLDVHTXHRVIXJLWLYRVDLQGDHVWDYDPHVFRQGLGRVQXP
DUUDEDOGHGDFLGDGHQRIXQGRGHXPDDGHJDHVSHUDQGRTXHSDVVDVVHDHIHUYHVFrQFLDHTXHR
FDEHORUDVSDGRFUHVFHVVH,VVRSRGHULDGXUDUVHLVPHVHVXPDQRHGHSRLVHOHVVDLULDPGRFDQWR
7RGRV VH PRVWUDYDP GH KXPRU LQYHQWLYR H URPDQHVFR 0DV GH UHSHQWH RLWR GLDV DSyV D
HYDVmR HVSDOKRXVH R ERDWR GH TXH WLQKDP HQFRQWUDGR XPD ERD SLVWD (VVH ERDWR HVW~SLGR IRL
ORJLFDPHQWHGHVPHQWLGRFRPGHVSUH]RHQWUHWDQWRQDPHVPDQRLWHLDWRPDQGRFRQVLVWrQFLDHRV
IRUoDGRV FRPHoDUDP D VH DJLWDU 1D PDQKm VHJXLQWH FRQWDUDP QD FLGDGH TXH RV IXJLWLYRV
WLQKDP VLGR DSDQKDGRV TXH HUDP WUD]LGRV GH YROWD 'HSRLV GR MDQWDU FRQKHFHUDPVH LQIRUPHV
PDLVFLUFXQVWDQFLDGRVWLQKDPVLGRSUHVRVHPFHUWDDOGHLDDVHWHQWDYHUVWDVGHGLVWkQFLD(QILP
FKHJRXQRV D KLVWyULD DXWrQWLFD 2 VDUJHQWR YROWDQGR GD FDVD GR PDMRU QRWLFLRX TXH QDTXHOD
PHVPD QRLWH VHULDP RV IXJLWLYRV FRQGX]LGRV DR FRUSR GD JXDUGD 1mR VH SRGLD PDLV DOLPHQWDU
G~YLGDV6HULDGLItFLOGHVFUHYHUDLPSUHVVmRTXHHVVDQRYDSURYRFRXQRVIRUoDGRVDSULQFtSLRIRL
H[DVSHUDomRGHSRLVGHVkQLPRHDILQDOHVFiUQLR&RPHoDUDPD]RPEDUQmRGRVSHUVHJXLGRUHV
PDVGRVSHUVHJXLGRV
'H LQtFLR DOJXQV DSHQDV HVFDUQHFHUDP SRUpP GHSUHVVD WRGRV IL]HUDP FRUR 6y XQV GRLV RX
WUrV SUHVRV ILFDUDP HP VLOrQFLR HUDP KRPHQV VpULRV H REVWLQDGRV TXH QmR VH GHL[DYDP
LPSUHVVLRQDUSRU]RPEDULDVHILWDYDPFRPGHVSUH]RRJUXSRHVWRXYDGRGRVGLVFXWLGRUHV
7DOFRPRKDYLDPHUJXLGRjQXYHQV.XOLNRYH$GRPHVPRPRGRVHHVIRUoDYDPDJRUDHP
UHEDL[iORV3DUHFLDDWpTXHRVGRLVDFDEDYDPGHFRPHWHUXPDDIURQWDFRQWUDWRGRV2VQRVVRV
FRQWDYDPFRPDUGHGHVSUH]RTXHLQFDSD]HVGHVXSRUWDUDIRPHHQWUDUDPDPERVQXPDDOGHLDD
ILPGHHVPRODUSmR±FRLVDTXHUHSUHVHQWDR~OWLPRJUDXGRUHEDL[DPHQWRSDUDXPYDJDEXQGR
$OLiVHVVDVKLVWyULDVHUDPIDOVDV9HQGRVHFDoDGRVRVIXJLWLYRVVHHVFRQGHUDPQXPDPDWDTXH
HP EUHYH IRL WRGD FHUFDGD FRPR QmR GLVSXQKDP GH PHLR QHQKXP SDUD IXJLU UHQGHUDPVH
HVSRQWDQHDPHQWH1mROKHVUHVWDYDTXDOTXHUDOWHUQDWLYD
0DV TXDQGR j QRLWH RV WURX[HUDP GH SpV H PmRV DWDGRV HVFROWDGRV SHORV JXDUGDV WRGRV RV
IRUoDGRV VH HQFRVWDUDP j SDOLoDGD SDUD YHU DWUDYpV GDV IHQGDV R TXH OKHV LULDP ID]HU 1mR
DYLVWDUDP p FODUR VHQmR RV FDUURV GR JRYHUQDGRU H GR PDMRU SDUDGRV j IUHQWH GR FRUSR GD
JXDUGD 2V HYDGLGRV IRUDP SRVWRV QD VROLWiULD IHUUDGRV RXWUD YH] H QR GLD VHJXLQWH
FRPSDUHFHUDP DQWH RV MXt]HV $ ]RPEDULD H R GHVSUH]R GRV IRUoDGRV GHSUHVVD FDtUDP SRU VL
SUySULRV6RXEHVHPHOKRUGRTXHKRXYHUDVRXEHVHTXH.XOLNRYH$WLQKDPVLGRREULJDGRVDVH
UHQGHUHWRGRVVHSXVHUDPDDFRPSDQKDUDYLGDPHQWHDPDUFKDGRSURFHVVR
±9mRWRPDUSHORPHQRVPLO±GL]LDXP
± 0LO ± UHSOLFDYD XP RXWUR ± (VWiV EULQFDQGR" 9mR DSDQKDU DWp PRUUHU 3RGH VHU TXH $
WRPHDSHQDVPLOPDVRRXWURYDLGHL[DURFRXURQDVYDUDVPHXYHOKRSRUTXHpGDHVSHFLDO
(QWUHWDQWR QmR KDYLDP FDOFXODGR GLUHLWR $ VDLXVH FRP TXLQKHQWRV DoRLWHV HUD R VHX
SULPHLUR GHOLWR H IRL OHYDGR HP FRQVLGHUDomR R VHX ERP SURFHGLPHQWR DQWHULRU 4XDQWR D
.XOLNRY FUHLR TXH UHFHEHX PLO H TXLQKHQWRV DoRLWHV $ SXQLomR IRL DILQDO GH FRQWDV EDVWDQWH
VXDYH&RPRKRPHQVVHQVDWRVQmRGHQXQFLDUDPQLQJXpP'HFODUDUDPFODUDHUHVROXWDPHQWH
TXHWLQKDPIXJLGRVHPVHGHWHUHPSDUWHQHQKXPD4XHPPDLVODPHQWHLIRL.ROOHUSHUGHXDWpD
~OWLPDHVSHUDQoDHRVHXFDVWLJRXOWUDSDVVRXRVGRVRXWURVHPVHYHULGDGHOHYRXGRLVPLODoRLWHV
HIRLHQYLDGRFRPRJDOpSDUDXPRXWURSUHVtGLR4XDQWRD$JUDoDVDRVPpGLFRVQmRUHFHEHXR
FDVWLJRVHQmRTXDVHSUyIRUPD3RUpPQRKRVSLWDOS{VVHDDUURWDUIDQIDUURQDGDVDVHGHFODUDU
SURQWR SDUD WXGR QmR UHFXDULD GLDQWH GH QDGD H DLQGD GDULD TXH IDODU .XOLNRY SRUWRXVH FRPR
VHPSUH±KRPHPGHMXt]RGHFHQWH$RYROWDUDRSUHVtGLRGHSRLVGHVHUIXVWLJDGRSDUHFLDTXH
QXQFD VDtUD GDOL 0DV QLQJXpP R ROKDYD PDLV FRP RV PHVPRV ROKRV HPERUD HOH VRXEHVVH
VHPSUH H HP WRGD SDUWH PDQWHUVH QR VHX OXJDU 1R VHX IRUR tQWLPR RV IRUoDGRV OKH WLQKDP
SHUGLGR R UHVSHLWR WUDWDYDPQR DJRUD GH LJXDO SDUD LJXDO FRP XPD IDPLOLDULGDGH VHP
FRQVLGHUDomR2r[LWRYDOHWDQWRQHVWHPXQGR


$6$Ë'$'235(6Ë',2


7XGRLVVRVHSDVVRXQRPHX~OWLPRDQRGHSULVmR(VVH~OWLPRDQRVREUHWXGRQRILPPHILFRX
WmRIRUWHPHQWHJUDYDGRQDPHPyULDTXDQWRRSULPHLUR0DVSDUDTXHGDUPLQ~FLDV"'LUHLDSHQDV
TXH DSHVDU GD PLQKD LPSDFLrQFLD HVVH DQR IRL R PHQRV SHQRVR GH WRGR R PHX SHUtRGR GH
SUHVtGLR(PSULPHLUROXJDUHXWLQKDYiULRVDPLJRVHQWUHRVIRUoDGRVERQVFDPDUDGDVTXHPH
FRQVLGHUDYDP WRGRV XP yWLPR VXMHLWR 0XLWRV GHOHV PH HUDP GHGLFDGRV WLQKDPPH VLQFHUD
DIHLomR2RUGHQDQoD%DNOXFKLQHVHQWLXYRQWDGHGHFKRUDUTXDQGRQRVDFRPSDQKRXDPLPHDR
PHXFRPSDQKHLURSDUDIRUDGDSULVmRHFRPRGHSRLVHPERUDMiOLEHUWRVQyVGHYrVVHPRVSDVVDU
XP PrV QD FLGDGH QXP HVWDEHOHFLPHQWR GR JRYHUQR HOH Oi DSDUHFLD GLDULDPHQWH FRP R ILP
~QLFRGHIDODUFRQRVFR'HXVVDEHSRUTXHHQWUHWDQWRFHUWRVLQGLYtGXRVUHEDUEDWLYRVQXQFDDWp
DRILPPHGLULJLUDPDSDODYUD3DUHFLDTXHXPDEDUUHLUDVHHUJXLDHQWUHQyV
1RV ~OWLPRV WHPSRV JR]HL GH PXLWR PDLV LPXQLGDGHV TXH QRV RXWURV SHUtRGRV GH PLQKD
GHWHQomR 7LQKD HQFRQWUDGR FRQKHFLGRV HQWUH RV RILFLDLV HP VHUYLoR QD FLGDGH DQWLJRV
FRPSDQKHLURV GH HVFROD  H UHHQWDEXODUD UHODo}HV FRP HOHV 3RU VHX LQWHUPpGLR GLVSXQKD GH
PDLV GLQKHLUR SRGLD HVFUHYHU j PLQKD IDPtOLD H REWHU OLYURV -i KDYLD DQRV TXH QmR OLD XP Vy
OLYUR H VHULD GLItFLO UHSURGX]LU D LPSUHVVmR HVWUDQKD H D HPRomR TXH PH FDXVRX R SULPHLUR
YROXPH ± XP Q~PHUR GH UHYLVWD OHPEURPH GH R WHU FRPHoDGR D OHU j QRLWH DVVLP TXH
IHFKDUDP DV FDVHUQDV H FRQWLQXDU QD OHLWXUD DWp j PDGUXJDGD (UD FRPR XP PHQVDJHLUR GH
RXWUR PXQGR TXH KRXYHVVH YRDGR DWp PLP PLQKD YLGD GH RXWURUD HUJXLDVH GLDQWH GRV PHXV
ROKRV QXP FODUmR OtPSLGR H HX SURFXUDYD DGLYLQKDU DWUDYpV GD OHLWXUD VH PH WLQKD DWUDVDGR
GHPDLVVHHOHVWLQKDPYLYLGRLQWHQVDPHQWHVHPPLPOiQRPXQGR&RPTXHVHDJLWDYDPDJRUD"
4XH TXHVW}HV GHEDWLDP" ± GHWLQKDPH QDV SDODYUDV OLD QDV HQWUHOLQKDV SURFXUDYD GHVFREULU RV
SHQVDPHQWRV VHFUHWRV DV DOXV}HV DR SDVVDGR SURFXUDYD RV WUDoRV GR TXH RXWURUD SHUWXUEDYD H
FRPRYLDRVHVStULWRV(TXHWULVWH]DPHSRVVXLXTXDQGRWLYHTXHUHFRQKHFHUDWpTXHSRQWRHVWDYD
HX DOKHLR j YLGD DWXDO (UD XP PHPEUR PXWLODGR GD VRFLHGDGH 7LQKD TXH PH KDELWXDU jV
LQRYDo}HVWUDYDUFRQKHFLPHQWRFRPDQRYDJHUDomR(QIURQKHLPHHVSHFLDOPHQWHQXPDUWLJR
DVVLQDGRSRUXPQRPHFRQKHFLGRRQRPHGXPKRPHPGHTXHPHVWLYHUDDSUR[LPDGR0DVMi
RXWURVQRPHVHUDPIDPRVRVQRYRVWUDEDOKDGRUHVKDYLDPRFXSDGRRVOXJDUHVDQWLJRVDSUHVVHL
PH HP WUDYDU FRQKHFLPHQWR FRP HOHV GHVHVSHUDQGRPH SRU WHU WmR SRXFRV OLYURV HP PmR H
WDQWDGLILFXOGDGHHPREWrORV$QWHVQRWHPSRGRQRVVRDQWLJRPDMRUHUDJUDYHULVFRLQWURGX]LU
OLYURVQRSUHVtGLR(PFDVRVGHEXVFDIDUSHDYDPDJHQWHGHLQWHUURJDo}HV³'HRQGHYHPHVWH
OLYUR"2QGHRDSDQKDVWH"4XDLVVmRWHXVF~PSOLFHV"´(TXHSRGHULDHXUHVSRQGHUDLVVRWXGR"'H
IRUPDTXHYLYHUDVHPOLYURVGREUDGRVREUHPLPPHVPRPDOJUDGRPHX4XDQWDVSHUJXQWDVIL]
D PLP SUySULR VHP SRGHU HOXFLGiODV DSHVDU GRV WRUPHQWRV TXH PH SURYRFDYDP 3RUpP LVVR
WXGRpLPSRVVtYHOGHH[SULPLU
&RPRHXFKHJDUDDRSUHVtGLRGXUDQWHRLQYHUQRGHYHULDWDPEpPVHUOLEHUWDGRQHVVDHVWDomR
QRDQLYHUViULRGHPLQKDHQWUDGD&RPTXHLPSDFLrQFLDDJXDUGHLHVVHLQYHUQRFRPTXHDOHJULD
YLPRUUHURYHUmRDVIROKDVDPDUHOHFHUHPQDViUYRUHVDHUYDUHVVHFDUQDHVWHSH0DVHQILPR
YHUmR DFDERX 2 YHQWR GH RXWRQR JHPLD R SULPHLUR IORFR GH QHYH YROLWDYD 2 LQYHUQR WmR
ORQJDPHQWHHVSHUDGRFKHJDUD2LPHQVRSUHVVHQWLPHQWRGDOLEHUGDGHPHID]LDEDWHURFRUDomR
HP SDQFDGDV VXUGDV YLROHQWDV ( FRLVD HVWUDQKD TXDQWR PDLV R WHPSR SDVVDYD PDLV VH
DSUR[LPDYDRPRPHQWRPDLVHXPHWRUQDYDSDFLHQWHPDLVPHDFDOPDYD'XUDQWHRV~OWLPRV
GLDV HVSDQWDYDPH DFXVDYDPH GH LQGLIHUHQoD MXOJDYDPH GH JHOR 0XLWRV GRV IRUoDGRV
TXDQGRPHHQFRQWUDYDPQRSiWLRQDKRUDGRUHSRXVRYLQKDPPHIDODUIHOLFLWDU
±(QWmRYDLHPERUD$OH[DQGU3HWURYLWFK$OLEHUGDGHFKHJDEUHYHHVWDUiDtYRFrYDLQRV
GHL[DUYDLODUJDURVSREUHVGLDERVGRVVHXVFRPSDQKHLURV
±(YRFrWDPEpP0DUW\ QRYPXLWREUHYHFKHJDUiVXDYH]±UHVSRQGLDHX
±2KPXLWREUHYHQmRDLQGDWHQKRTXHWLUDUVHWHDQRV
(HOHVXVSLUDYDGHWLQKDVHROKDYDGLDQWHGHVLFRPDUGLVWUDtGRFRPRVHIL[DVVHRIXWXUR
6LP PXLWRV PH IHOLFLWDYDP IUDQFD H FRUGLDOPHQWH 7RGRV PH SDUHFLDP PRVWUDU PDLV
DIDELOLGDGHVHQWLDVHTXHHXMiQmRHUDPDLVXPGHOHVTXHMiVHKDYLDPGHVSHGLGRGHPLP.±
F]LQVNLXPMRYHPILGDOJRSRODFRPDQVRHGHOLFDGRJRVWDYDGHFRPRHXSDVVHDUSHORSiWLRQDV
KRUDV GH UHSRXVR 3HQVDYD TXH R DU SXUR H R PRYLPHQWR OKH FRQVHUYDULDP D VD~GH R
FRPSHQVDULDPGDVQRLWHVVXIRFDQWHVGDFDVHUQD
±(VSHURFRPLPSDFLrQFLDDVXDSDUWLGD±GLVVHPHHOHXPGLDVRUULQGRGXUDQWHXPSDVVHLR
±)LFDUHLVDEHQGRHQWmRTXHPHUHVWDDSHQDVXPDQR
1RWHL GH SDVVDJHP TXH JUDoDV j ORQJD SULYDomR H j QRVVD WHQGrQFLD SDUD R GHYDQHLR D
OLEHUGDGHYLVWDGDIRUWDOH]DQRVSDUHFLDPDLVDEVROXWDGRTXHRHUDQDYLGDWDQJtYHOHUHDO2V
IRUoDGRV YLDPQD SRU GHPDLV HPEHOH]DGD FRLVD EDVWDQWH QDWXUDO QXP SULVLRQHLUR 4XDOTXHU
EDJDJHLUR GH RILFLDO QRV SDUHFLD TXDVH XP UHL TXDVH R LGHDO GR KRPHP OLYUH VLPSOHVPHQWH
SRUTXHLDDRQGHTXHULDVHPJULOKHWDVHPHVFROWDVHPDFDEHoDUDVSDGD
1D YpVSHUD GR ~OWLPR GLD DR FUHS~VFXOR GHL SHOD GHUUDGHLUD YH] YROWD j SDOLoDGD 4XDQWRV
PLOKDUHV GH YH]HV IL]HUD HX DTXHOH FDPLQKR" $OL SRU WUiV GDV FDVHUQDV YDJXHDUD VROLWiULR
DEDQGRQDGRGHVHVSHUDGRGXUDQWHWRGRRSULPHLURDQRGDPLQKDYLGDGHSUHVtGLR5HFRUGDYDD
pSRFDHPTXHDLQGDFRQWDYDSRUPLOKDUHVRVGLDVTXHPHUHVWDYDPD FXPSULU 6HQKRU TXDQWR
WHPSRID]LDTXHLVWRVHSDVVDUD&iHVWiRFDQWRRQGHVHGHEDWLDDQRVVDiJXLD±DTXLpTXH3HWURY
YLQKD VHPSUH DR PHX HQFRQWUR 3HWURY DOLiV QmR PH GHL[DYD PDLV FRUULD DR PHX HQFRQWUR
DGLYLQKDQGRWDOYH]PHXVSHQVDPHQWRVHVSDQWDGRPDOJUDGRVHXFDPLQKDYDHPVLOrQFLRDRPHX
ODGR 'HVSHGLPH GH WRGDV DV YLJDV HQHJUHFLGDV H PDO HVTXDGUHMDGDV GD QRVVD FDVHUQD &RPR
PHSDUHFLDPUHEDUEDWLYDVHQWmRQRVSULPHLURVWHPSRV6HPG~YLGDWLQKDPHQYHOKHFLGRDLQGD
PDLV HX SRUpP QmR R SRGLD QRWDU ( TXDQWD MXYHQWXGH HQWHUUDGD QDTXHODV PXUDOKDV TXDQWD
IRUoDLQXWLOPHQWHSHUGLGDVHPSURYHLWRQHQKXP6LPGHYRGL]rORWRGRVDTXHOHVKRPHQVWLQKDP
GHQWUR GH VL UHFXUVRV PDUDYLOKRVRV HUDP WDOYH] RV PDLV GRWDGRV RV PDLV HQpUJLFRV ILOKRV GR
QRVVR SRYR PDV VXDV FDSDFLGDGHV VREHUDQDV YLDPVH DQLTXLODGDV VHP UHPLVVmR 'H TXHP D
FXOSD"
6LPGHTXHPHUDDFXOSD"
&HGLQKRQRGLDVHJXLQWHDQWHVGDKRUDGDSDUWLGDGRVKRPHQVSDUDRWUDEDOKRORJRTXHRVRO
IRLQDVFHQGRGHLYROWDjVFDVHUQDVSDUDPHGHVSHGLUGHWRGRVRVGHWHQWRV0XLWDVPmRVFDORURVDV
H UXGHV VH HVWHQGHUDP FRUGLDOPHQWH SDUD PLP 0DV RV TXH PH DSHUWDUDP D PmR FRPR
FRPSDQKHLURVQmRHUDPQXPHURVRV&RPSUHHQGLDPTXHHXLULDLPHGLDWDPHQWHPHWRUQDURXWUR
KRPHP 6DELDP TXH HX WLQKD UHODo}HV QD FLGDGH TXH GHQWUR HP SRXFR LULD j FDVD GH DOJXQV
EDULQHV MXQWR DRV TXDLV WRPDULD OXJDU FRPR VHX VHPHOKDQWH &RPSUHHQGLDP LVVR H HPERUD R
VHX DSHUWR GH PmR IRVVH FRUGLDO VHQWL TXH QmR VH GHVSHGLDP GXP GRV VHXV PDV GXPEDULQH
$OJXQV PH GHUDP DV FRVWDV H WHLPDUDP HP QmR UHVSRQGHU j PLQKD VDXGDomR 2XWURV PH
ODQoDUDPROKDUHVGHyGLR
2WDPERUUXIDYDWRGRVSDUWLUDPSDUDRWUDEDOKRHHXILTXHLVy6XFKLORY TXH QHVVD PDQKm
DFRUGDUD DQWHV GH WRGRV RV RXWURV DUUDQMDUD WHPSR SDUD PH SUHSDUDU R FKi 3REUH 6XFKLORY
&KRURX TXDQGR OKH GHL RV PHXV SHUWHQFHV GH SUHVR DV FDPLVDV DV FRUUHLDV GH VHJXUDU DV
JULOKHWDVHXPSRXFRGHGLQKHLUR
±1mRpSRULVVRQmRpSRULVVR±PXUPXUDYDHOHDWUDYpVGDVOiJULPDVPRUGHQGRRVOiELRV
WUrPXORV ± &RPR YRX VXSRUWDU VXD SHUGD $OH[DQGU 3HWURYLWFK" &RPR SRVVR YLYHU VHP YrOR
DTXL"
'HVSHGLPHGH$NLP$NLPLWFK
±%UHYHVHUiVXDYH]±GLVVHOKHHX
±$LQGDPHUHVWDEDVWDQWHWHPSREDVWDQWHWHPSR±PXUPXURX$NLPDSHUWDQGRPHDPmR
$WLUHLPHDRVVHXVEUDoRVHQRVEHLMDPRV
'H]PLQXWRVDSyVDSDUWLGDGRVIRUoDGRVHXHRFRPSDQKHLURFRPTXHPYLHUDSDUDRSUHVtGLR
GHL[DPRVDIRUWDOH]DSDUDQXQFDPDLVOiWRUQDU)RPRVGLUHWDPHQWHjIRUMDDILPGHQRVWLUDUHP
RV IHUURV PDV Mi QmR OHYiYDPRV HVFROWD DUPDGD H XP ~QLFR VXERILFLDO QRV DFRPSDQKDYD
)RUDP IRUoDGRV TXH QRV GHVHPEDUDoDUDP GRV IHUURV QD RILFLQD GH HQJHQKDULD (VSHUHL TXH
WLUDVVHPRJULOKmRGRPHXFRPSDQKHLURGHSRLVPHDSUR[LPHLGDIRUMD2VIHUUHLURVPHIL]HUDP
YROWDU DV FRVWDV VHJXUDUDPPH D SHUQD SRU WUiV HVWLUDUDPQD HP FLPD GD ELJRUQD
(VIRUoDYDPVHHPUHDOL]DURWUDEDOKRGDPHOKRUPDQHLUDSRVVtYHO
± 2OKD D SRQWD GR FUDYR YLUD R SULPHLUR D SRQWD GR FUDYR ± RUGHQRX R PHVWUH IHUUHLUR ±
6HJXUDDVVLPIRUoD$JRUDXPDPDUWHODGD
&DtUDPRVIHUURV(UJXLRV4XHULDVHJXUiORVFRPPLQKDVPmRVROKiORVXPD~OWLPDYH]
0DUDYLOKDYDPHQmRRVVHQWLUPDLVQDVSHUQDV
± %HP YmR FRP 'HXV 9mR FRP 'HXV ± UHSHWLUDP RV IRUoDGRV FRP VXDV YR]HV UXGHV
HQWUHFRUWDGDVQDVTXDLVPHSDUHFLDSHUFHEHUXPDQRWDDOHJUH
6LP tDPRV FRP 'HXV 3DUD D OLEHUGDGH 9LGD QRYD UHVVXUUHLomR GH HQWUH RV PRUWRV
0DUDYLOKRVRPRPHQWR
1RWDV



,QWURGXomR

 $SROtFLDGLVWULWDOHUDHQWUHJXHDXPFDSLWmRLVSUDYQLNHOHLWRSHODQREUH]D(VVHPDJLVWUDGR
SUHVLGLDRWULEXQDOGDSROtFLDUXUDORTXDOVHFRPSXQKDGHGRLVFDPSRQHVHVQRPHDGRVSHORSRGHU
FHQWUDOHGRLVDVVHVVRUHVHOHLWRVSHODQREUH]D 17
 3URSULHWiULRUXUDO 17
 4XHUGL]HU³WUDEDOKRVIRUoDGRVQXPDIRUWDOH]D´(GLILFDYDVHHQWmRQD6LEpULDXPOLQKDGH
IRUWLQVGHVWLQDGRVDSUHYHQLURVOHYDQWHVVHPSUHSRVVtYHLVSURYRFDGRVSHODVTXHVW}HVUDFLDLV$
SULPHLUDFDWHJRULDDPDLVGXUDHUDPRV³WUDEDOKDGRUHVGHPLQDV´HDWHUFHLUDRV³WUDEDOKRVGH
XVLQD´2VWUDEDOKRVIRUoDGRVHPJHUDOLQFOXtDPDSHQDGHH[tOLRSHUSpWXRQD6LEpULD 17
  3URYDYHOPHQWH .X]QHWVN QD SURYtQFLD GH $NPROLQVN RQGH HP IHYHUHLUR GH 
'RVWRLpYVNLFRQWUDLXRVHXSULPHLURFDVDPHQWRFRP0DULD'PLWULHYQD,VVDLHY 17
 )XQFLRQiULRS~EOLFR 17
 2UXEORSUDWDYDOLDTXDWURYH]HVPDLVTXHRUXEORSDSHO6DOYRLQGLFDo}HVHPFRQWUiULRDV
UHIHUrQFLDV D UXEORV QHVWH URPDQFH VHUmR VHPSUH D UXEORVSUDWD &RPR VH VDEH R UXEOR WHP
FHPFRSHTXHV 17

35,0(,5$3$57(

±$&$6$'26025726

 3mR]LQKRGHWULJRHPIRUPDGHFDGHDGR2VNDODWFKLGH0RVFRXVmRDIDPDGRV 17
 $H[SOLFDomRGHVVDH[SUHVVmRYHPDR&DStWXOR6HJXQGD3DUWH 17
 (VSpFLHGHDOSDUJDWDVIHLWDVHPJHUDOGHFRUWLoDGHEpWXOD 17
 'RVWRLpYVNLFRSLRXHVVHVWLSRVGDYLGDUHDO2QRPHGRPDMRUHUD.ULYWVRYRJRYHUQDGRU
HUDR*HQHUDO*UDYH 17

±35,0(,5$6,035(66®(6

  7UDWDVH GDV ³FRPSDQKLDV FRUUHFLRQDLV FLYLV´ FULDGDV HP  VHJXQGR R PRGHOR GDV
FRPSDQKLDV FRUUHFLRQDLV PLOLWDUHV 0DQGDYDPVH SDUD HODV RV LQGLYtGXRV FRQGHQDGRV j
GHSRUWDomRSRUFULPHVUHODWLYDPHQWHGHSHTXHQDJUDYLGDGHEHPFRPRRVPHPEURVGDVFODVVHV
SULYLOHJLDGDV FRQGHQDGRV SRU FULPHV DWp PHVPR FDSLWDLV 2V GHWHQWRV VXEPHWLGRV j GLVFLSOLQD
PLOLWDU HUDP XWLOL]DGRV HP GLYHUVRV WUDEDOKRV GH XWLOLGDGH S~EOLFD SDYLPHQWDomR GH UXDV
FDQDOL]DomRFRQVWUXomRGHSRQWHVHWF VHPQHQKXPDUHPXQHUDomR
'HDFRUGRFRPXPUHJXODPHQWRGHDFRQGHQDomRjVFRPSDQKLDVFRUUHFLRQDLVYHLRD
VHU D PDLV JUDYH PHGLGD FRHUFLWLYD SDUD RV LQGLYtGXRV FRQGHQDGRV DRV FDVWLJRV FRUSRUDLV
SDUDOHODPHQWHjGHSRUWDomRSDUDD6LEpULDSDUDRVPHPEURVGDVFODVVHVSULYLOHJLDGDV 17
 /LPSDGRUGHSULYDGDV 17
  1mR Ki QHQKXP SiVVDUR FRP HVVH QRPH $ SDODYUDNDJDQ HQWUH DOJXQV SRYRV RULHQWDLV
VLJQLILFDFKHIHSUtQFLSHHHQWUHRXWURVJUXSRVGHVLEHULDQRVVLJQLILFD³UDSRVD´3DUDRIRUoDGR
TXH HVFXWRX D SDODYUD VHP D HQWHQGHU EHP RNDJDQ VLJQLILFDULD GHFHUWR XP VHU VXSHULRU XP
SiVVDURGDVDOWXUDV 17
 'HWXUSDomRGH³LQYiOLGR´ 17
 %HELGDIHUPHQWDGDIHLWDGHSmRSUHWRHPDOWH 17
 ³9HOKRVFUHQWHV´2³5DVNRO´IRLXPFLVPDSURYRFDGRSHORSDWULDUFD1LNRQTXHHP
FRUULJLXRVOLYURVVDJUDGRV 17
 'LPLQXWLYRUXVVRGDSDODYUDIUDQFHVD7UpVRU 7HVRXUR  17
 7FKHNXQGD³eEDUDWR´±'YXJURFKHYDLD³'RLVJURFKHV´ 17
  6 ) 'XURY FRQGHQDGR DR PHVPR WHPSR TXH 'RVWRLpYVNL H FRP TXHP R URPDQFLVWD
DQGRXEULJDGRGXUDQWHWRGDDVXDHVWDGDQRSUHVtGLR1mRRQRPHLDQXQFDQRGHFRUUHUGDVVXDV
5HFRUGDo}HVHVyID]GXDVRXWUrVDOXV}HVjVXDSHVVRD 17
 $OHJRULDSRSXODUTXHVLJQLILFDIRPH 17

±35,0(,5$6,035(66®(6 FRQWLQXDomR 

  1R ILP GR VpFXOR ;9,, 9LHWND EXUJR VLWXDGR HQWmR QR WHUULWyULR SRORQrV H TXH KRMH ID]
SDUWH GD SURYtQFLD UXVVD GH 0RKLORY FRQVWLWXLX GXUDQWH PHLR VpFXOR R SULQFLSDO UHI~JLR GRV
³ULWXDOLVWDV´RXDGYHUViULRVGDVUHIRUPDVOLW~UJLFDVSUHFRQL]DGDVSHORSDWULDUFD1LNRQ'XUDQWHD
JXHUUD GH VXFHVVmR GD 3RO{QLD   DV WURSDV UXVVDV GHVWUXtUDP HVVH UHI~JLR H 6WDURGXERY
VLWXDGRQDSURYtQFLDGH7FKHUQLJRYOKHKHUGRXDLQIOXrQFLD2VGLVVLGHQWHVGH6WDURGXERYHUDP
FKDPDGRVUDVNROQLNLRX³YHOKRVFUHQWHV´ 17
 $JXDUGHQWHIHLWDGHFHUHDLV 17
  6LURWNLQH GHULYD GHVLURWD yUImR $ H[SUHVVmR ³yUImR GH .D]DQ´ TXH WHP XPD RULJHP
KLVWyULFDGHVLJQDRUGLQDULDPHQWHRVIDOVRVSREUHV 17
 &LGDGHGD7UDQVEDLNDOLDGHQWURGDUHJLmRPLQHLUDSDUDRQGHHUDPGHSRUWDGRVRVIRUoDGRV
GDSULPHLUDFDWHJRULD 17

±35,0(,5$6,035(66®(6 FRQWLQXDomR 

 ,QIHUQR 17
 'HIRUPDomRUXVVDGH,LVXV -HVXV  17
  (VVD OHQGD FULVWm HVWi FRP HIHLWR UHJLVWUDGD QR &RUmR ,,,  &KHJRX DRV iUDEHV SRU
LQWHUPpGLRGDYHUVmRiUDEHGRSVHXGRHYDQJHOKRGH67RPp 17
 $PHPyULDGH'RVWRLpYVNLRWUDLX1DUHDOLGDGHRHSLVyGLRFLWDGRQmRVHUHIHUHD<DQNHO
PDV DR MXGHX UXLYR TXH JXLD %XOED QD QRLWH GD VXD FKHJDGD D 9DUVyYLD (LV R WH[WR UHDO ³-i
DQRLWHFHUD 2 GRQR GD FDVD R MXGHX GD FDUD VDUGHQWD WURX[H XP FROFKmR VyUGLGR FREHUWR GH
XPD HVWHLUD DLQGD SLRU GHVWLQDGRV D %XOED <DQNHO VH GHLWRX QR FKmR QXP FROFKmR LGrQWLFR 2
MXGHX UXLYR HQJROLX XP FiOLFH GH DJXDUGHQWH H GHVSLX R FDIHWm GH FHURXODV H VDSDWRV
DVVHPHOKDYDVHYDJDPHQWHDXPIUDQJRGHSRLVMXQWRFRPVXDMXGLDSHQHWURXQXPREMHWRTXH
VHDVVHPHOKDYDYDJDPHQWHFRPXPDUPiULR´±*RJRO7DUDVV%XOEDFDStWXOR;, 17

±235,0(,520Ç6

  1D 6LEpULD FRQVRPHVH R FKi IRUWHPHQWH FRPSULPLGR VHQGR YHQGLGR HP IRUPD GH
WDEOHWWHV 17
 (VSpFLHGHFRPLWrGHYLJLOkQFLDHGLUHomRIRUPDGRHQWUHRVGHSRUWDGRV 17
  3LQWRU UXVVR   GHVFHQGHQWH GH XPD IDPtOLD GH KXJXHQRWHV IUDQFHVHV
%UXOHOHDX 5HSUHVHQWDQWHGRDFDGHPLVPRURPkQWLFRJR]DYDQHVVDpSRFDXPUHQRPHTXHQRV
SDUHFH KRMH EDVWDQWH LQMXVWR 6HXV UHWUDWRV DOLiV VmR PXLWtVVLPR VXSHULRUHV DRV VHXV TXDGURV
KLVWyULFRV 17

±235,0(,520Ç6 FRQWLQXDomR 

  2 URPDQFLVWD VH UHIHUH DRV LQVXUUHWRV GH GH]HPEUR GH  FRQKHFLGRV SHOR QRPH GH
³GHFHPEULVWDV´ 17
  2V KDELWDQWHV GH 7XOD VmR DFRLPDGRV GH ODGU}HV GHYHP VHP G~YLGD HVVD UHSXWDomR DRV
RSHUiULRV UHFUXWDGRVjIRUoDSRUWRGDSDUWH GDVFpOHEUHVIRUMDVIXQGDGDVSRU3HGURR*UDQGH
QDFDSLWDOGDSURYtQFLD
2VGH3ROWDYDVmRH[WUHPDPHQWHJXORVRVGHXPERORGHFDUQHDTXHFKDPDPJDOXFKNLPXLWR
VHPHOKDQWHjVQRVVDVDOP{QGHJDV
6mRPXLWRFRPXQVHVVDV]RPEDULDVHQWUHRVQDWXUDLVGDVGLYHUVDVSURYtQFLDV 17

±12926&21+(&,'26±3(7529

 3HWHUVEXUJR 17
 $WRHVDUXVVDP 17
 'XURY9HUQRWDQž&DStWXOR3ULPHLUD3DUWH 17
 0HGLGDLWLQHUiULDHTXLYDOHQWHDPHWURV 17
  (QJDQR WDOYH] GR DXWRU SRUTXH 'XPDV QmR HVFUHYHX URPDQFH QHQKXP FRP HVVH WtWXOR
'HFHUWRVHWUDWDGXPSpVVLPROLYURGH0PGH*HQOLV/D'XFKHVVHGH/D9DOOLqUH  TXHIRL
WUDGX]LGRFRPJUDQGHVXFHVVRSDUDRUXVVR*RJROUHIHUHVHWDPEpPDHOH9 $OPDV0RUWDV 
SDUWHFDS; 17

±2³)$&Ë125$´/8.$
±,6$,)20,7&+±2%$1+2±$+,67Ï5,$'(%$./8&+,1(

 -XGHX 17
 2WDOHGHULWXDO 17
  7UDWDVH HYLGHQWHPHQWH GRV WHILOLQV ILODFWpULRV TXH RV HVWULWRV REVHUYDGRUHV GD /HL MXGLD
DPDUUDPDRVSXOVRVHjWHVWDVHJXQGRDVSUHVFULo}HVGRÇ[RGR ;,,,H HGR'HXWHURQ{PLR
9,±;,  17
 2YHUFKRNpXPDPHGLGDHTXLYDOHQWHDFHQWtPHWURV 17
 %HELGDIHLWDFRPiJXDPHOHHVSHFLDULDVKLGURPHO 17
 1DPHVDGHWRGRVRVWULEXQDLVUXVVRVKDYLDXP
HVSHOKRGDMXVWLoD
 ]HUWVDOR ±SULVPDGH
YLGUR WULDQJXODU HQFLPDGR SRU XPD iJXLD H HP FXMDV WUrV IDFHV HUDP FRODGRV WUrV XFDVVHV RX
GHFUHWRVGH3HGURR*UDQGHUHIHUHQWHVDRSURFHVVRHDRVGLUHLWRVGRVFLGDGmRV 17

±1$7$/

 $OHJRULDTXHVHUYHSDUDGHVLJQDUDJDUUDID 17

±2(63(7È&8/2

 &pOHEUHFDQomRSRSXODU 17
  0~VLFD GH GDQoD SRSXODU TXH LQVSLURX DR FRPSRVLWRU )LRGRU *OLQND   XPD
³IDQWDVLD´FpOHEUH$OHWUDGD.DPDULQVNDLDpEDVWDQWHHVFDEURVD2PXMLTXHGH.RPDULQRpXP
YDJDEXQGRRULJLQiULRGH6LHYVNDQWLJROXJDUGHGHSRUWDomRGDSURYtQFLDGH2UHO'RVWRLpYVNLIDOD
PDLV ORQJDPHQWH VREUH HVVD FDQomR QR OLYUR$ $OGHLD GH 6WHSDQWFKLNRYR *RJRO WDPEpP D
FRPHQWDHP$OPDV0RUWDV 17
 'HYHVHHQWHQGHUSRUEUkPDQHRXERQ]RXPSRSH2DXWRUWHPLDDFHQVXUD 17

6(*81'$3$57(

±2+263,7$/

 2XVHMDPGHWUrVTXLORVHPHLRDFLQFRHPHLR 17

±2+263,7$/ FRQWLQXDomR 

 $EUHYLDomRGHVDQDWXVHVW 17
 7XUJXHQHYREVHUYDHP0HPyULDVGHXP&DoDGRU TXH D ³JHQWH GR SRYR FRQVLGHUD PDLV
FDULQKRVRGDUDXPSUHQRPHPDVFXOLQRXPDWHUPLQDomRIHPLQLQD´ 17
 *RJRO±$OPDV0RUWDV±3ULPHLUDSDUWHFDStWXOR,9 17
 9HUVRGH*ULERLHGRYTXHVHWRUQRXSURYHUELDO 17
 7UDWDVHHYLGHQWHPHQWHGRSDGUHQRVVRPDVFRPUHFHLRGDFHQVXUDDFLWDomRpYDJD 1
7

±2+263,7$/ FRQWLQXDomR 

 2TXHFRQWHLVREUHFDVWLJRVFRUSRUDLVSDVVDYDVHQRPHXWHPSR2XYLGL]HU TXH WXGR IRL


PXGDGRRXHVWiHPYLDVGHPXGDQoD 1RWDGR$XWRU
  $OHJRULD VLJQLILFDQGR D IORUHVWD RQGH FDQWD R FXFR 4XHU GL]HU TXH WDPEpP VmR
YDJDEXQGRV 1RWDGR$XWRU

±20$5,'2'($.8/.$±+LVWyULD

 3URYpUELRUXVVRTXHGHQRWDLPSRVVLELOLGDGH 17
 &RVWXPHSRSXODUDSRQWDQGRDRGHVSUH]RS~EOLFRDVUDSDULJDVTXHKDYLDPSHFDGRFRQWUDD
FDVWLGDGH 17
 $FRURDQXSFLDOTXHDVQRLYDVUXVVDVXVDYDPSRURFDVLmRGDVERGDV 17

±35,0$9(5$

 &HUFDGHFLQFRTXLORVHPHLR 17
  $\XUWHpDWHQGDGRVNLUJKL]HV SRYR Q{PDGH FXMRVEDLJXFKHV FRQVWLWXHP D FODVVH PDLV
SREUH 17
 2DUFLSUHVWH 17
 8PYLRUFKNDWHPFHQWtPHWURV 17

±26$1,0$,6'235(6Ë',2

 'LPLQXWLYRGHJQLHGRL EDLR  17


 2ERGHpFRQVLGHUDGRPDVFRWHQDVFDYDODULoDVUXVVDV 17

±$48(,;$

 7DJDQURJILFDjVPDUJHQVGRPDUGH$]RYFHUFDGHGRLVPLOTXLO{PHWURVGH3HWURSDYORVN
QD6LEpULDRFLGHQWDO 17
 $WXDOPHQWHRVDUJHQWRHQFDUUHJDGRGDFRQWDELOLGDGH 17
 ³2GHLRHVWHVEDQGLGRV´HPIUDQFrVQRRULJLQDO 17

±&203$1+(,526

 6HPG~YLGDRDXWRUVHUHIHUHD8VW±.DPHQRJRUVNQDSURYtQFLDGH6HPLSDODWLQVN 17
 2DXWRUUHIHUHVHQRYDPHQWHDRV³GHFHPEULVWDV´ 17
 1RPHXWHPSRQmRVyRPDMRUFRPRYiULRVRXWURVFKHIHVVXEDOWHUQRVSULQFLSDOPHQWHRV
TXHKDYLDPFRPHoDGRFRPRVROGDGRVUDVRVHPSUHJDYDPHVVDH[SUHVVmR 1RWDGR$XWRU

±80$(9$6­2

 4XHUGL]HUTXHPDWDUDPXPPXMLTXHRXXPDEDEDVXVSHLWRVGHGHLWDUHPPDXROKDGRDR
JDGR+DYLDQRQRVVRSUHVtGLRXPFULPLQRVRGHVVDHVSpFLH 1RWDGR$XWRU

±$6$Ë'$'235(6Ë',2

 3ULQFLSDOPHQWHXPDPHLDG~]LDGHJXDUGDVPDULQKDFXMDVRSLQL}HVDYDQoDGDVRVKDYLDP
GHSRUWDGRHPSDUDRVEDWDOK}HVGDJXDUQLomRGH2PVN 17

You might also like