You are on page 1of 11



7251$,9263$5$0,0
Zacarias 1.1-6

26(1+25VHLURXHPH[WUHPRFRQWUDYRVVRVSDLV3RUWDQWRGL]HOKHV$VVLP
GL]R6(1+25GRV([pUFLWRV7RUQDLYRVSDUDPLPGL]R6(1+25GRV([pUFL
WRVHHXPHWRUQDUHLSDUDYyVRXWURVGL]R6(1+25GRV([pUFLWRV =F 

8
PDGDVJUDQGHVSHUJXQWDVGDYLGDp³&RPRYDPRVUHFRPH
oDUWXGRGR]HUR"´(VWDpXPDSHUJXQWDTXHWRGRSHFDGRUHQ
IUHQWDHPDOJXPPRPHQWRGDYLGD3HVVRDVFRPFDVDPHQWRV
GHVIHLWRVHQIUHQWDPDSHUJXQWDDVVLPFRPRSHVVRDVFRPDPL]DGHVTXHEUDGDV
HVRQKRVIUXVWUDGRV(UDXPDSHUJXQWDTXHRVPRUDGRUHVGH-XGiID]LDPQD
pSRFDGH=DFDULDVRSURIHWDSyVH[tOLFRRTXDOIRLFRPLVVLRQDGRSDUDSUHJDU
HPQRPHGH'HXVDXPSRYRTXHSURFXUDYDUHFRPHoDUWXGRGR]HUR2UHOD
FLRQDPHQWRGRSRYRFRP'HXVWLQKDVLGRTXHEUDGRDDOLDQoDWLQKDVLGRWUDQV
JUHGLGD'HSRLVGHYROWDUGDRSUHVVmRGDORQJtQTXD%DELO{QLDDTXHODJHUDomR
HVWDYDVHSHUJXQWDQGR³&RPRSRGHPRVUHFRPHoDUWXGRGR]HUR"´
$SDVVDJHPLQLFLDOGHVWHOLYURQRVPRVWUDFRPRRSURIHWDDERUGDDTXHV
WmR&RPHoDQGRFRPRYHUVtFXORGRFDStWXOR=DFDULDVDSRQWDDVSHV
VRDVSDUDR6HQKRU7UrVYH]HVHPGRLVYHUVtFXORVHOHRVFRQIURQWDFRPR
QRPH³6HQKRUGRV([pUFLWRV´3DUDWUDWDUGRSDVVDGRHSRUWDQWRGRSUH
VHQWHHGRIXWXURHOHGL]TXHDVSHVVRDVSUHFLVDPYROWDUVHD'HXV,VVR
VHPSUHIRLYHUGDGH2SRGHUGHUHVWDXUDURTXHHVWiTXHEUDGRFRPHoDUGH
QRYRRTXHHVWiDFDEDGRHUHHUJXHURTXHHVWiHPUXtQDVVHPSUHHVRPHQWH
pSRVVtYHOQR6HQKRU³&RPRSRGHPRVQRVFRUULJLUSHUDQWH'HXVHRTXH
LVVRVLJQL¿FDUiSDUDQyVVHR¿]HUPRV"´eDtTXH=DFDULDVLQLFLDHHVWDHUDD

(%B=DFDULDVBILQDOLQGG 
   (678'26%Ë%/,&26(;326,7,926(0=$&$5,$6
TXHVWmRTXHHQIUHQWDYDPDTXHOHVTXHUHWRUQDYDPGRH[tOLRSDUDUHFRPHoDU
WXGRRXWUDYH]FRPR6HQKRU

$ERUGDJHQVDRHVWXGRGH=DFDULDV
'HYHPRV FRPHoDU QRVVR HVWXGR GH =DFDULDV HVSHFL¿FDQGR DV DERUGD
JHQV TXH QRV SRVVLELOLWDUmR LQWHUSUHWDU FRUUHWDPHQWH HVWH OLYUR GDV (VFUL
WXUDV3ULPHLURYDPRVDERUGDU=DFDULDVKLVWRULFDPHQWH6HPSUHGHYHPRV
OHYDUHPFRQWDDSHUVSHFWLYDKLVWyULFDHPQRVVRHVWXGRGDV(VFULWXUDVXPD
YH]TXHRVOLYURVGD%tEOLDIRUDPGDGRVSRU'HXVSRUPHLRGHKRPHQVUHDLV
QRFRQWH[WRGHYHUGDGHLUDVFLUFXQVWkQFLDVHUHDOLGDGHV&RQVHTXHQWHPHQWH
QRVVRHVWXGRGH=DFDULDVDXPHQWDUiQRVVRFRQKHFLPHQWRGDKLVWyULDGR$Q
WLJR 7HVWDPHQWR 9DPRV QRV IDPLOLDUL]DU FRP LPSRUWDQWHV ¿JXUDV GHVFR
QKHFLGDVGHPXLWRVFULVWmRV6HVED]DUSUtQFLSHGH-XGi=RUREDEHO¿OKR
GH6DODWLHOGDGLQDVWLDGH'DYLHDQFHVWUDOGHQRVVR6HQKRU-HVXVRVXPR
VDFHUGRWH-RVXpGDOLQKDJHPGH=DGRTXHDVVLPFRPR=DFDULDVHVHXFRP
SDQKHLURGHSURIHFLDV$JHX
6HJXQGRYDPRVWUDWDUGROLYURQDSHUVSHFWLYDGRXWULQiULD$SHVDUGHHVWH
OLYURDVVLPFRPRWRGROLYURGDV(VFULWXUDVFKHJDUDQyVDSDUWLUGHXPFRQ
WH[WRKLVWyULFRHOHWDPEpPID]SDUWHGHWRGDD%tEOLDGDGDSRU'HXVSDUD
QRVVDLQVWUXomRFRPYLVWDVjVDOYDomR2OLYURGH=DFDULDVDSUHVHQWDGLDQWH
GHQyVPXLWDVYHUGDGHVPDUDYLOKRVDVGRXWULQDVGHIpTXHVHHQFRQWUDYDPHP
XPHVWiJLRSDUWLFXODUGHGHVHQYROYLPHQWRQRSURJUHVVRGDREUDUHGHQWRUDGH
'HXV'HVHMDPRVLQYHQWDULDUVHXHQVLQRWDQWRjOX]GHFRPRIRLDSUHVHQWDGR
QDTXHODpSRFDTXDQWRFRPRGLYHUVRVDVVXQWRVVHULDPHP~OWLPDLQVWkQFLD
UHXQLGRVQRFkQRQWRWDOGDV(VFULWXUDV
7HUFHLUR±HSDUWLFXODUPHQWHUHIHUHQWHDROLYURGH=DFDULDV±DERUGD
UHPRV HVWH PDWHULDO QD SHUVSHFWLYD FULVWROyJLFD 0RVWUDUHPRV D OLQKD GH
SHQVDPHQWR TXH FRQGX] D -HVXV &ULVWR R 0HVVLDV DJXDUGDGR QR$QWLJR
7HVWDPHQWRHR6DOYDGRUTXHFXPSUHVXDVSURPHVVDVHUHVSRQGHVXDVSHU
JXQWDV2VLQGLFDGRUHVTXHDSRQWDPSDUD&ULVWRHP=DFDULDVVmRWmRIUH
TXHQWHVHGUDPiWLFRVTXHROLYURSRGHVHULQWLWXODGR2(YDQJHOKRVHJXQGR
=DFDULDV)UHTXHQWHPHQWHVHGL]TXHQR$QWLJR7HVWDPHQWRRHYDQJHOKR
HVWiRFXOWRHQR1RYR7HVWDPHQWRUHYHODGR4XDQGRFKHJDPRVDROLYURGH
=DFDULDV&ULVWRGL¿FLOPHQWHHVWiRFXOWRSHORFRQWUiULRHVWiPXLWDVYH]HV
RVWHQVLYDPHQWHUHYHODGRDRVROKRVGDTXHOHVFDSDFLWDGRVSHODVUHYHODo}HV
SRVWHULRUHVGR1RYR7HVWDPHQWR
4XDUWRDERUGDUHPRVROLYURQDSHUVSHFWLYDSUiWLFDREMHWLYDQGRDSOLFDU
VXDPHQVDJHPDRQRVVRSUySULRFRQWH[WRHYLGDD¿PGHH[WUDLUVHXSOHQR
EHQHItFLR$SHVDUGHHVWDUPRVVHSDUDGRVSHORWHPSRHSHODVFLUFXQVWkQFLDV

(%B=DFDULDVBILQDOLQGG 
7 2 5 1 $ ,  9 2 6  3$ 5 $  0 , 0      
GRSURIHWDHVXDJHUDomRDVTXHVW}HVGHIpH¿GHOLGDGHQmRVHDOWHUDUDP
7XGRRTXH'HXVUHYHODQHVWHOLYURSDUDRVLQGLYtGXRVHSDUDDQDomRGH
,VUDHOFRPRXPWRGRVHDSOLFDDRVFULVWmRVHjLJUHMDFRQWHPSRUkQHD

2FRQWH[WRKLVWyULFRGH=DFDULDV
3ULPHLURpLPSRUWDQWHOHYDUHPFRQWDRFRQWH[WRKLVWyULFRGHRQGHVH
RULJLQDHVWHOLYURGDV(VFULWXUDV8PERPSRQWRGHSDUWLGDpRDQRGH
D& TXDQGR R FRQTXLVWDGRU EDELO{QLFR 1DEXFRGRQRVRU VXEMXJRX H GHV
WUXLX D FDSLWDO LVUDHOLWD -HUXVDOpP (VWH IRL XP DFRQWHFLPHQWR SURJQRVWL
FDGRKiPXLWRWHPSRSHORVHVFULWRVSURIpWLFRVPDLVHVSHFL¿FDPHQWHSHOR
SURIHWD-HUHPLDVFXMRWtWXORGH³SURIHWDTXHFKRUD´OKHIRLDWULEXtGRGHYLGR
jVXDSDUWLFLSDomRQHVVHVWHUUtYHLVDFRQWHFLPHQWRV1RLQtFLRGHVXDSURIH
FLD-HUHPLDVH[SOLFDWXGRRTXHKDYHULDGHVHVXFHGHUHSRUTXr

'LVVHPHR6(1+25'R1RUWHVHGHUUDPDUiRPDOVREUHWRGRVRVKDELWDQWHV
GD WHUUD 3RLV HLV TXH FRQYRFR WRGDV DV WULERV GRV UHLQRV GR 1RUWH GL] R
6(1+25HYLUmRHFDGDUHLQRSRUiRVHXWURQRjHQWUDGDGDVSRUWDVGH-HUXVD
OpPHFRQWUDWRGRVRVVHXVPXURVHPUHGRUHFRQWUDWRGDVDVFLGDGHVGH-XGi
3URQXQFLDUHL FRQWUD RV PRUDGRUHV GHVWDV DV PLQKDV VHQWHQoDV SRU FDXVD
GHWRGDDPDOtFLDGHOHVSRLVPHGHL[DUDPDPLPHTXHLPDUDPLQFHQVRD
GHXVHVHVWUDQKRVHDGRUDUDPDVREUDVGDVVXDVSUySULDVPmRV -U 

$SHVDUGHUHSHWLGDVDGYHUWrQFLDVGHXPSURIHWDHRXWURRGLD¿QDOPHQWH
FKHJRXTXDQGRR6HQKRUH[HFXWRXMXt]RFRQWUDVHXSRYRSRUVHXVSHFDGRV
SDUWLFXODUPHQWHRSHFDGRGDLGRODWULDDRTXDOHVWDYDPWmRDIHLWRV1R¿P
D VLWXDomR VH FXPSULX FRQIRUPH DQXQFLDUD R OLYUR LQFRQIRUPDGR GDV /D
PHQWDo}HVGH-HUHPLDV³&RPRMD]VROLWiULDDFLGDGHRXWURUDSRSXORVD
R6(1+25DDÀLJLXSRUFDXVDGDPXOWLGmRGDVVXDVSUHYDULFDo}HVRVVHXV
¿OKLQKRVWLYHUDPGHLUSDUDRH[tOLRQDIUHQWHGRDGYHUViULR´ /P 
-HUXVDOpPMD]LDHPUXtQDVGHVRODGDPXURVGHVWUXtGRVHDVHGL¿FDo}HV
TXHLPDGDV )RL DVVLP TXH VH HQFHUURX XP HVWiJLR LPSRUWDQWH GD KLVWyULD
GRSRYRGH'HXVXPDKLVWyULDTXHFRPHoRXEULOKDQWHPHQWHFRPRr[RGR
DYDQoRXPDMHVWRVDPHQWHVRERUHL'DYLPDVIRLOHYDGDjUXtQDSHORVSH
FDGRVGHVHXREVWLQDGRSRYR$SHVDUGHVXDSRVLomRFRPRSRYRGH'HXV
DSHVDUGDSUHVHQoDGH'HXVHPVHXPHLRDSHVDUGDVLQVWLWXLo}HVGDWHRFUD
FLDGRWHPSORHGRSDOiFLRUHDOHDSHVDUGRVDQWRPRQWH6LmRRQGH,VUDHO
DGRUDYDD'HXVQHPPHVPRRVLVUDHOLWDVIRUDPSRXSDGRVGRMXOJDPHQWR
SRUVHXVSHFDGRV$TXHGDGH-HUXVDOpPSHUPDQHFHFRPRWHVWHPXQKRSHU
SpWXRGDLQVHQVDWDSUHVXQomRHGDVFRQVHTXrQFLDVGRSHFDGR

(%B=DFDULDVBILQDOLQGG 
   (678'26%Ë%/,&26(;326,7,926(0=$&$5,$6
2VLVUDHOLWDVIRUDPDRH[tOLRSDUDSUDQWHDUjVPDUJHQVGRVULRVGD%DEL
O{QLDHQTXDQWRD7HUUD3URPHWLGDHUDRFXSDGDSRURXWURVSRYRV 6O 
&RQWXGR'HXVSURPHWHXFRQFHGHUJUDoDDVHXSRYRHPPHLRjVVXDVWULVWH
]DV3RULQWHUPpGLRGH-HUHPLDVHOHGLVVH

$VVLPGL]R6(1+25/RJRTXHVHFXPSULUHPSDUDD%DELO{QLDVHWHQWDDQRV
DWHQWDUHLSDUDYyVRXWURVHFXPSULUHLSDUDFRQYRVFRDPLQKDERDSDODYUD
WRUQDQGRDWUD]HUYRVSDUDHVWHOXJDU(XpTXHVHLTXHSHQVDPHQWRVWHQKR
DYRVVRUHVSHLWRGL]R6(1+25SHQVDPHQWRVGHSD]HQmRGHPDOSDUDYRV
GDUR¿PTXHGHVHMDLV(QWmRPHLQYRFDUHLVSDVVDUHLVDRUDUDPLPHHX
YRVRXYLUHL%XVFDUPHHLVHPHDFKDUHLVTXDQGRPHEXVFDUGHVGHWRGRR
YRVVRFRUDomR6HUHLDFKDGRGHYyVGL]R6(1+25HIDUHLPXGDUDYRVVD
VRUWHFRQJUHJDUYRVHLGHWRGDVDVQDo}HVHGHWRGRVRVOXJDUHVSDUDRQGH
YRVODQFHLGL]R6(1+25HWRUQDUHLDWUD]HUYRVDROXJDUGRQGHYRVPDQGHL
SDUDRH[tOLR -U 

2XWUDV SURIHFLDV GH HVSHUDQoD HQFRQWUDPVH QRV ~OWLPRV FDStWXORV GH


,VDtDVHVFULWRVFHUFDGHGX]HQWRVDQRVDQWHV$VSUHGLo}HVGH,VDtDVIRUDPWmR
HVSHFt¿FDVTXHHOHDWpFLWDRQRPHGRJRYHUQDQWHTXHUHVWDXUDULDDVRUWHGH
,VUDHO³(XQDPLQKDMXVWLoDVXVFLWHLD&LURHWRGRVRVVHXVFDPLQKRVHQGL
UHLWDUHLHOHHGL¿FDUiDPLQKDFLGDGHHOLEHUWDUiRVPHXVH[LODGRV´ ,V 
2V FUtWLFRV GDV (VFULWXUDV XVDP HVVD SURIHFLD SDUD DUJXPHQWDU TXH RV
~OWLPRVFDStWXORVGH,VDtDVVmRGRSHUtRGRSyVH[tOLFRSUHVVXSRQGRTXHp
SUDWLFDPHQWHLPSRVVtYHOKDYHUSUHQ~QFLRVFRPRHVWH0DVRSURSyVLWRPD
QLIHVWRGH'HXVIRLGDUFRQ¿DQoDDRVHXSRYRHPXPWHPSRHPTXHPXLWRV
GXYLGDYDPGHVXDFDSDFLGDGHGHVDOYDU4XDQGRHVVDSUHGLomRHVSHFt¿FD
VHFXPSULXIRLXPDSURYDVXUSUHHQGHQWHGDVREHUDQLDGH'HXV³(XVRX
'HXV´HOHLQVLVWH³HQmRKiRXWURHXVRX'HXVHQmRKiRXWURVHPHOKDQWH
DPLPTXHGHVGHRSULQFtSLRDQXQFLRRTXHKiGHDFRQWHFHUHGHVGHDDQ
WLJXLGDGHDVFRLVDVTXHDLQGDQmRVXFHGHUDPTXHGLJRRPHXFRQVHOKR
SHUPDQHFHUiGHSpIDUHLWRGDDPLQKDYRQWDGH´ ,V 
&LURR*UDQGHIRLRLPSHUDGRUPHGRSHUVDTXHFRQTXLVWRXD%DELO{QLD
HRUGHQRXTXHRVLVUDHOLWDVUHWRUQDVVHPjVXDWHUUD YHMD(G &RQVH
TXHQWHPHQWHHPD&DQRVDSyVDTXHGDGH-HUXVDOpP6HVED]DU
UHFHEHXGH&LURRVXWHQVtOLRVGRWHPSORHFRPDQGRXRUHWRUQRGRSULPHLUR
JUXSRGHH[LODGRVGHYROWDjVUXtQDVGH-HUXVDOpP)RLXPHSLVyGLRGHPH
PRUiYHOLPSRUWkQFLDHPXLWRGUDPiWLFR

(VVDSURIHFLDIRLFXPSULGDPDLVFODUDPHQWHTXDQGRRWHPSORIRLUHFRQVWUXtGRHPD&VHWHQWD


DQRV GHSRLV GH RV H[LODGRV FKHJDUHP j %DELO{QLD )RL VRPHQWH HQWmR TXH R UHWRUQR IRL SOHQDPHQWH
FXPSULGR

(%B=DFDULDVBILQDOLQGG 
7 2 5 1 $ ,  9 2 6  3$ 5 $  0 , 0      
6HVED]DU¿OKRGH-RDTXLPR~OWLPROHJtWLPRUHLGH-XGiDQWHVHGXUDQWH
RH[tOLRMiHVWDYDPXLWRLGRVRQHVVDpSRFD1mRKiPXLWDLQIRUPDomRVREUH
HOHQDV(VFULWXUDVH[FHWRTXHHOHIRLEHPVXFHGLGRHPODQoDURVDOLFHUFHV
SDUDDUHFRQVWUXomRGRWHPSORQRPRQWH6LmR (G 
2VHJXQGRFDStWXORGH(VGUDVTXHMXQWDPHQWHFRP1HHPLDVpRSULQ
FLSDO UHJLVWUR KLVWyULFR GHVVH SHUtRGR QRV GL] TXH R SULPHLUR JUXSR TXH
UHWRUQRXD-HUXVDOpPHUDIRUPDGRGHLVUDHOLWDV$SHVDUGH&LURWHU
GHVLJQDGR6HVED]DUSDUDHVWDUQRFRPDQGRSDUHFHFODURTXHGHVGHRLQtFLR
R OtGHU HP DomR HUD R MRYHP H VXSRVWDPHQWH PDLV KiELO =RUREDEHO ¿OKR
GH6DODWLHOLUPmRPDLVYHOKRGH6HVED]DUMXQWDPHQWHFRP-RVXpRVXPR
VDFHUGRWH(VVHVGRLVUHSUHVHQWDYDPDVOLQKDJHQVUHDOHVDFHUGRWDOTXHUH
PRQWDYDPD'DYLH=DGRTXHVHX¿HOVDFHUGRWH
8PGRVLQGLYtGXRVHPPHLRDHVVDPXOWLGmRHUD=DFDULDVTXHSURYDYHO
PHQWHHUDEHPMRYHPRXPHQLQRQDpSRFDGRUHWRUQRGRH[tOLR1RYHUVt
FXORHOHpLGHQWL¿FDGRFRPR¿OKRGH%DUDTXLDVHQHWRGH,GR1RUHJLVWUR
GH1HHPLDV=DFDULDVHVWiUHODFLRQDGRFRPRFKHIHGDFDVDGH,GRSRU
LVVRPXLWRVFRPHQWiULRVVXJHUHPORJLFDPHQWHTXHRSDLGH=DFDULDVGHYH
WHUPRUULGRDLQGDMRYHPGHL[DQGRRFRPRKHUGHLURSULQFLSDOGDFDVDGH
,GR=DFDULDVHUDGHIDPtOLDGHVDFHUGRWHVDOJRTXHWLQKDHPFRPXPFRP
RVSURIHWDV-HUHPLDVH(]HTXLHO
21RYR7HVWDPHQWRDFUHVFHQWDPDLVXPGHWDOKHjLQIRUPDomRELRJUi¿FD
UHODFLRQDGDjPRUWHGH=DFDULDV(P0DWHXVTXDQGR-HVXVSURIHULDVHXV
DLVFRQWUDRVIDULVHXVHFRQWUD-HUXVDOpPHOHUHOHPEUDRKLVWyULFRGRSRYR
GHPDWDUSURIHWDV³3DUDTXHVREUHYyV´HOHFODPD³UHFDLDWRGRRVDQJXH
MXVWRGHUUDPDGRVREUHDWHUUDGHVGHRVDQJXHGRMXVWR$EHODWpDRVDQJXH
GH=DFDULDV¿OKRGH%DUDTXLDVDTXHPPDWDVWHVHQWUHRVDQWXiULRHRDOWDU´
Y 2VFUtWLFRVFRQVLGHUDPLVVRXPHUURQD%tEOLDXPDYH]TXH&U{QL
FDVUHJLVWUDDPRUWHGHRXWUR=DFDULDVPRUWRQRSiWLRGRWHPSOR
PXLWRWHPSRDQWHVGHVWHSURIHWD6XS}HVHTXHQmRKRXYHVVHGRLVSURIHWDV
GLIHUHQWHV FRP R PHVPR QRPH DLQGD TXH =DFDULDV VHMD XP QRPH PXLWR
FRPXPQDV(VFULWXUDV GHPRGRTXH-HVXVWLYHVVHVHFRQIXQGLGR(PYH]
GHSUHVVXSRUDIDOLELOLGDGHGH-HVXVpPHOKRUDFHLWDUVXDSDODYUDHFRQFOXLU
TXH HVWH =DFDULDV R SURIHWD SyVH[tOLFR SHUGHX VXD YLGD SHODV PmRV GR
SRYRQRSUySULRWHPSORHPIDYRUGRTXDO'HXVRXVRXGHIRUPDPDJQt
¿FDSDUDYHUFRQFOXtGR&RPRWDOHOHIRLR~OWLPRSURIHWDDVVDVVLQDGRQR
$QWLJR7HVWDPHQWRXPDVXFHVVmRLQLFLDGDIRUDGRMDUGLPGReGHQFRPR
DVVDVVLQDWRGH$EHOSRUVHXLUPmR&DLP
'H]HVVHLVDQRVVHSDVVDUDPGHVGHRSULPHLURUHWRUQRGH,VUDHOSDUDR
ODQoDPHQWRGRVDOLFHUFHVGRWHPSORHPD&HRLQtFLRGRPLQLVWpULR
GH=DFDULDV6XDSURIHFLDFRQIRUPHQRVpLQIRUPDGRFRPHoD³1RRLWDYR

(%B=DFDULDVBILQDOLQGG 
   (678'26%Ë%/,&26(;326,7,926(0=$&$5,$6
PrVGRVHJXQGRDQRGH'DULR´  ±LVWRpQRDQRD&'DULRIRLXP
JHQHUDOTXHWRPRXRWURQRSHUVDGHSRLVGHXPDFRQVSLUDomRTXHUHVXOWRX
QRVXSRVWRVXLFtGLRGH&DPELVHV¿OKRHVXFHVVRUGH&LURTXHKDYLDVHDX
VHQWDGRHPSHQKDGRHPVXDFRQTXLVWDGR(JLWR$HVVDDOWXUDXPDFRPXQL
GDGHGHVDQLPDGDFRPDUHVWDXUDomRHP-HUXVDOpPMiVHDIXQGDYDHVSLULWXDO
HPDWHULDOPHQWH8PDXWRUGL]

6HRVH[LODGRVTXHUHWRUQDUDPHVSHUDYDPDPDQLIHVWDomRGRUHLQDGRXQL
YHUVDOGH<DKZHKFRPRVMXGHXVHJHQWLRVDÀXLQGRD-HUXVDOpPVXDVHVSH
UDQoDVGHVIDOHFHUDP2VMXGHXVQmRGHL[DUDPRVFHQWURVSRSXODFLRQDLVGD
>%DELO{QLD@ HP JUDQGHV Q~PHURV H D LQWHUIHUrQFLD GRV DQWLJRV KDELWDQWHV
GDWHUUDIUXVWUDYDPRVHVIRUoRVGHUHFRQVWUXomRFDXVDQGRDSDUDOLVDomRGD
FRQVWUXomRGRWHPSOR

'RLVPHVHVDQWHVTXH=DFDULDVUHFHEHVVHDSULPHLUDYLVmRGDSDUWHGH
'HXVRSURIHWD$JHXTXHEURXRVLOrQFLRHFRQYRFRXRSRYRDDJLU³6XEL
DRPRQWH´HOHGLVVH³WUD]HLPDGHLUDHHGL¿FDLDFDVDGHODPHDJUDGDUHL
H VHUHL JORUL¿FDGR GL] R 6(1+25´ $J   (QTXDQWR$JHX HQIDWL]DYD D
QHFHVVLGDGHGHDVSHVVRDVYLUHPFRQVWUXLURWHPSORGR6HQKRU'HXVYHLRD
=DFDULDVHRRULHQWRXjUHFRQVWUXomRGRSRYRHVXDIp

9ROWDLSDUDPLP
$VSULPHLUDVGHFODUDo}HVGH=DFDULDVUHVVDOWDPXPWHPDGRXWULQiULRLP
SRUWDQWHHPWRGRROLYURDUUHSHQGLPHQWR=DFDULDVH[SOLFDDVLWXDomR³2
6(1+25VHLURXHPH[WUHPRFRQWUDYRVVRVSDLV3RUWDQWRGL]HOKHV$VVLPGL]
R6(1+25GRV([pUFLWRV7RUQDLYRVSDUDPLPGL]R6(1+25GRV([pUFLWRVH
HXPHWRUQDUHLSDUDYyVRXWURVGL]R6(1+25GRV([pUFLWRV´ =F 6R
PRVOHPEUDGRVDTXLGRHQVLQRGR6HQKRU-HVXVTXDQGRFRPHoRXDSURFODPDU
RHYDQJHOKRDQRVGHSRLVGRSURIHWD³$UUHSHQGHLYRV´-HVXVSUHJDYD
³SRUTXHHVWiSUy[LPRRUHLQRGRVFpXV´ 0W 
$SDUWLUGHVWDSDVVDJHPpSRVVtYHOGHVWDFDUSHORPHQRVTXDWURDVSHFWRV
VREUH R DUUHSHQGLPHQWR 2 SULPHLUR p D QHFHVVLGDGH GR DUUHSHQGLPHQWR
(VVDQHFHVVLGDGHpHVWDEHOHFLGDSHORIDWRGHTXH'HXVMXOJDWRGRSHFDGR
2SUREOHPDGRVDQFHVWUDLVGRVLVUDHOLWDVpTXHHOHVGXYLGDYDPGRMXt]RGH
'HXVHSRUWDQWRQHJDYDPDQHFHVVLGDGHGHVHXDUUHSHQGLPHQWR8PDYH]
TXHHOHVHUDPRSRYRHVFROKLGRGH'HXVHXPDYH]TXHSRVVXtDPLQVWLWXL
o}HV GLYLQDPHQWH HVWDEHOHFLGDV FRPR R WHPSOR HOHV DFKDYDP TXH 'HXV

0F&RPLVNH\7KRPDV(7KH0LQRU3URSKHWV$Q([HJHWLFDODQG([SRVLWRU\&RPPHQWDU\9RO


*UDQG5DSLGV%DNHUS

(%B=DFDULDVBILQDOLQGG 
7 2 5 1 $ ,  9 2 6  3$ 5 $  0 , 0      
QXQFDRVFDVWLJDULDeSRULVVRTXHGHVSUH]DYDPHPXLWDVYH]HVSHUVHJXLDP
RVSURIHWDVTXH'HXVOKHVHQYLDYD$TXHGDGH-HUXVDOpPHRFDWLYHLURED
ELO{QLRIRUDPDUHVSRVWDGDGDSRU'HXVjREVWLQDomRGRSRYRHPUHVLVWLUDR
DUUHSHQGLPHQWR$JHUDomRGH=DFDULDVSHUJXQWDYD³&RPRSRGHPRVUHFR
PHoDUXPDYH]TXHQRVVRUHODFLRQDPHQWRFRP'HXVHVWiPDQFKDGRSHOR
SHFDGR"´(VWDpXPDSHUJXQWDTXHPXLWRVID]HPKRMH$UHVSRVWDpFRPHoDU
FRPDUUHSHQGLPHQWR
=DFDULDVH[LJLDGHVXDSUySULDJHUDomRDQHFHVVLGDGHGHDUUHSHQGLPHQWR
UHFRUGDQGRDUHFHQWHKLVWyULDGHVXDQDomR(OHDGYHUWLX³1mRVHMDLVFRPR
YRVVRVSDLVDTXHPFODPDYDPRVSULPHLURVSURIHWDVGL]HQGR$VVLPGL]
R6(1+25GRV([pUFLWRV&RQYHUWHLYRVDJRUDGRVYRVVRVPDXVFDPLQKRVH
GDVYRVVDVPiVREUDVPDVQmRRXYLUDPQHPPHDWHQGHUDPGL]R6(1+25´
=F (PVHJXLGDHOHOHYDQWRXSHUJXQWDVFKDYHVD¿PGHUHVVDOWDUVHX
DUJXPHQWR³9RVVRVSDLVRQGHHVWmRHOHV"(RVSURIHWDVDFDVRYLYHPSDUD
VHPSUH"´ =F $UHVSRVWDHUDyEYLDSDUDTXHPHVWDYDGLDQWHGDVUXt
QDVGHXPDFLGDGHRXWURUDPDJQt¿FD6HXVDQWHSDVVDGRVIRUDPOHYDGRVj
HVFUDYLGmRHH[tOLRHDWpPHVPRRVSURIHWDVMiQmRH[LVWLDP)LQDOPHQWH
=DFDULDVFRQFOXLXFRPDUHDOLGDGHGDSDODYUDSURIpWLFDGH'HXV³&RQWXGR
DVPLQKDVSDODYUDVHRVPHXVHVWDWXWRVTXHHXSUHVFUHYLDRVSURIHWDVPHXV
VHUYRVQmRDOFDQoDUDPDYRVVRVSDLV"´ =F 
$SHVDUGHHVVHVDFRQWHFLPHQWRVHVWDUHPQRSDVVDGRD3DODYUDGR6H
QKRUSUHYDOHFHXHVHPDQLIHVWRXQRSUHVHQWH&RPR,VDtDVKDYLDGHFODUDGR
³WRGDDFDUQHpHUYDVHFDVHDHUYDHFDLDVXDÀRUPDVDSDODYUDGHQRVVR
'HXVSHUPDQHFHHWHUQDPHQWH´ ,V 6HKiDOJRTXHQXQFDVHSHUGH
ULDHUDD3DODYUDGH'HXVH=DFDULDVDHVWDYDSURFODPDQGRSDUDHVVDQRYD
JHUDomR2QRPHGH=DFDULDVVLJQL¿FD³R6HQKRUVHOHPEUD´GHXPODGR
'HXVOHPEUDVHGHVHXSRYRPDVGRRXWURHOHVHOHPEUDGHVXDVSDODYUDV
HGHFUHWRVRVTXDLVSUHFLVDPVHPSUHVHUOHYDGRVHPFRQWDWDQWRQDTXHOD
pSRFDTXDQWRDJRUD
2YHUVtFXORGL]³9HLRDSDODYUDGR6(1+25DRSURIHWD=DFDULDV´6H
KiXPD~QLFDPHQVDJHPTXHFDUDFWHUL]DYDDPLVVmRSURIpWLFD±DSHQDVXPD
³SDODYUD GR 6HQKRU´ ± p HVVH FKDPDGR DR DUUHSHQGLPHQWR$SHVDU GH RV
SURIHWDVGDDQWLJXLGDGHQmRHVWDUHPPDLVYLYRV'HXVOHYDQWRXXPQRYR
SURIHWDSDUDUHDOL]DUDPHVPDWDUHIDHFRPXQLFDUDPHVPDPHQVDJHP2V
DQWHSDVVDGRV GHVFREULUDP LVVR QR H[tOLR TXDQGR Mi HUD WDUGH GHPDLV DU
UHSHQGHQGRVH H GL]HQGR ³&RPR R 6(1+25 GRV ([pUFLWRV IH] WHQomR GH
QRVWUDWDUVHJXQGRRVQRVVRVFDPLQKRVHVHJXQGRDVQRVVDVREUDVDVVLP
HOHQRVIH]´ =F 'DQLHOFRQWpPXPDFODUDH[SUHVVmRGHRUDomRGH
DUUHSHQGLPHQWRGHSHORPHQRVDOJXQVGRVH[LODGRVQDTXDORSURIHWDQR
H[tOLRH[SOLFDHVVDVPHVPDVSDODYUDV2GHVHMRGHDUUHSHQGLPHQWRGHOHH

(%B=DFDULDVBILQDOLQGG 
   (678'26%Ë%/,&26(;326,7,926(0=$&$5,$6
GHRXWURVGHL[RXDTXHODJHUDomRSRVWHULRUGHVHXVGHVFHQGHQWHVVHPGHV
FXOSDVSDUDVHQHJDUHPDID]HURPHVPR
6H D SULPHLUD OLomR FRQVLVWH GD QHFHVVLGDGH GR DUUHSHQGLPHQWR D VH
JXQGDGL]UHVSHLWRjGH¿QLomRGHDUUHSHQGLPHQWR$UUHSHQGLPHQWRLPSOLFD
WDQWRGHL[DURSHFDGRTXDQWRYROWDUVHD'HXV'HXVWLQKDGLWRDJHUDo}HV
DQWHULRUHV ³&RQYHUWHLYRV DJRUD GRV YRVVRV PDXV FDPLQKRV´ =F  
,VVR QmR p QDGD GLIHUHQWH GR TXH VH UHTXHU KRMH 2 DUUHSHQGLPHQWR LP
SOLFDDEDQGRQRGRSHFDGRWDQWRGRFDPLQKRDRSHFDGRTXDQWRGDVREUDV
GRSHFDGR2DUUHSHQGLPHQWRGL]UHVSHLWRWDQWRjVQRVVDVDo}HVTXDQWRjV
QRVVDVDWLWXGHV7HPRVDWHQGrQFLDGHSHQVDUTXHQRVDUUHSHQGHPRVVHDSH
QDVPRGHUDPRVOLJHLUDPHQWHQRVVRFRPSRUWDPHQWRPDVRDUUHSHQGLPHQWR
HQYROYHQRVVRFRUDomRHGHVHMRVFRPR=DFDULDVH[SOLFD³&RQYHUWHLYRV
DJRUDGRVYRVVRVPDXVFDPLQKRV´$OpPGHDEDQGRQDURSHFDGRVRPRV
FKDPDGRVDYROWDUQRVD'HXV=DFDULDVH[SUHVVDFODUDPHQWH³7RUQDL
YRVSDUDPLPGL]R6(1+25GRV([pUFLWRVHHXPHWRUQDUHLSDUDYyVRX
WURVGL]R6(1+25GRV([pUFLWRV´
(VVHVGRLVHOHPHQWRVVmRLQVHSDUiYHLV±DEDQGRQDURSHFDGRHYROWDUVH
SDUD'HXV'HXPODGRQmRSRGHPRVYROWDUSDUD'HXVVHPDEDQGRQDUR
SHFDGRTXHHOHRGHLDGRRXWURDWpTXHYROWHPRVSDUD'HXVVLPSOHVPHQWH
QmRWHPRVIRUoDVSDUDYHQFHURSHFDGRTXHQRVHVFUDYL]D6RPHQWHDVXDOX]
SRGHODQoDUIRUDDVWUHYDVHPQyV
$VSDODYUDVGH=DFDULDVVmRSDUWLFXODUPHQWHLPSUHVVLRQDQWHVjOX]GR
S~EOLFRHVSHFt¿FRDTXHPHOHVHGLULJLD(VVDVHUDPDVSHVVRDVTXHWLQKDP
UHWRUQDGRjWHUUD$PDLRULDGHVHXVFRPSDWULRWDVWLQKDSHUPDQHFLGRFRQ
IRUWDYHOPHQWH LQVWDODGD QD %DELO{QLD RQGH RV MXGHXV WLQKDP VH WRUQDGR
SUyVSHURV&RQWXGRFRPRDSURIHFLDGH$JHXGHL[DFODURRFRUDomRGRV
TXHUHWRUQDUDPQmRHVWDYDWRWDOPHQWHGHGLFDGRDR6HQKRU(OHVWLQKDPFD
PLQKDGRGHYROWDSHODORQJDMRUQDGDDWpDFLGDGHGH'HXVFRQWXGRQmR
FKHJDUDP DWp R SUySULR 'HXV (P SDUWH GHYLGR j RSRVLomR GRV LQLPLJRV
DRUHGRUHHPSDUWHGHYLGRjVVXDVSUySULDVLQGLIHUHQoDVDFRPXQLGDGH
GDUHVWDXUDomRWLQKDSHUGLGRLQWHUHVVHQDUHFRQVWUXomRGRWHPSORGH'HXV
790RRUHGHVFUHYHDVLWXDomRDQWHULRUD=DFDULDVQRVVHJXLQWHVWHUPRV

(OHWLQKDWHVWHPXQKDGRRFUHVFLPHQWRGDTXHOHGHVHMRHJRtVWDGHVHXVSUy
SULRVLQWHUHVVHVSDUWLFXODUHVHRGHVSUH]RSHORVLQWHUHVVHVGDUHOLJLmRTXH
HUDWmRODPHQWDYHOPHQWHXPDFDUDFWHUtVWLFDGHVVHSHUtRGR$JRUDXPDYH]
TXHRWHPSORUHSUHVHQWDYDRJUDQGHVLQDOGDUHOLJLmRUHYHODGDDLQGLIHUHQoD
SDUDFRPRWHPSORHUDVLQWRPDLQHJiYHOGHDSRVWDVLDHGHFOtQLRHVSLULWXDO

0RRUH79+DJJDL=HFKDULDK 0DODFKL(GLPEXUJR%DQQHURI7UXWKS


(%B=DFDULDVBILQDOLQGG 
7 2 5 1 $ ,  9 2 6  3$ 5 $  0 , 0      
³9ROWDL SDUD PLP´ GL] R 6HQKRU H HVWD p D RUGHQDQoD TXH QyV WDP
EpPSUHFLVDPRVREVHUYDU1mREDVWDQRVGHQRPLQDUPRVFULVWmRVHIUHTXHQ
WDUPRV RV OXJDUHV RQGH 'HXV p DGRUDGR H FXOWXDGR 3UHFLVDPRV GH IDWR
DGRUiORHVHUYLORGHFRUDomR³9ROWDLSDUDPLP´IRLRTXH'HXVGLVVHD
HVVHSRYRTXHMiKDYLDFKHJDGRjFLGDGHSRUpPVHXVFRUDo}HVKDYLDPVH
HVIULDGRHPUHODomRDHOH³9ROWDLSDUDPLPHHXYROWDUHLSDUDYyVRXWURV´
(VWDpDUHJUDSHUPDQHQWHGDYLGDHErQomRHVSLULWXDO
,VVR QRV OHYD DR WHUFHLUR DVSHFWR GR DUUHSHQGLPHQWR 'HXV JUDFLRVD
PHQWHDFROKHWRGRVRVTXHVHYROWDPDHOH³(XYROWDUHLSDUDYyVRXWURV´
HOH SURPHWH 4XmR DEHQoRDGRUDV HVVDV SDODYUDV GHYHP WHU VRDGR SDUD RV
¿OKRVGHXPDJHUDomRLGyODWUD¿OKRVGHXPDJHUDomRDG~OWHUDDTXHP'HXV
SRGHULDPXLWREHPWHUUHSXGLDGRGH¿QLWLYDPHQWH&RQWXGRHVWDpDJUDoD
TXHVHPSUHFDUDFWHUL]DRFRUDomRGHQRVVR'HXV5HGHQWRU0HVPRDQWHVGR
H[tOLRHOHWLQKDGDGRLQ~PHUDVRSRUWXQLGDGHVSDUDRSRYRVHDUUHSHQGHU
FRQYLGDQGRRDYROWDUVHDHOHFRPIp

9DL SRLV H DSUHJRD HVWDV SDODYUDV SDUD R ODGR GR 1RUWH H GL]H 9ROWD y
SpU¿GD,VUDHOGL]R6(1+25HQmRIDUHLFDLUDPLQKDLUDVREUHWLSRUTXHHX
VRXFRPSDVVLYRGL]R6(1+25HQmRPDQWHUHLSDUDVHPSUHDPLQKDLUD7mR
VRPHQWHUHFRQKHFHDWXDLQLTXLGDGHUHFRQKHFHTXHWUDQVJUHGLVWHFRQWUDR
6(1+25WHX'HXVHWHSURVWLWXtVWHFRPRVHVWUDQKRVGHEDL[RGHWRGDiUYRUH
IURQGRVDHQmRGHVWHRXYLGRVjPLQKDYR]GL]R6(1+25 -U 

(VWHpRJUDQGHLQFHQWLYRDRDUUHSHQGLPHQWRDVDEHUTXHQmRLPSRUWD
TXmR JUDYHV VHMDP QRVVR SHFDGR H QRVVR DIDVWDPHQWR 'HXV HVWi SURQWR
SDUDUHFHEHUDTXHOHVTXHYrPDHOHPHGLDQWHDUUHSHQGLPHQWRHIp(VWHp
RHYDQJHOKRVHJXQGR=DFDULDVDERDQRYDGHJUDQGHDOHJULDGHTXH'HXV
UHFHEHUiDOHJUHPHQWHDTXHOHVTXHVHYROWHPDHOHHPDUUHSHQGLPHQWRHIp
-HVXVHQVLQRXHVWDSDUiERODGR¿OKRSUyGLJR2¿OKRSUyGLJRWRPRXVXD
SDUWHGDVSRVVHVGRSDLDVTXDLVGHVSHUGLoRXFRPVXDYLGDSURPtVFXDDWp
VHYHUHPDSXURGHVHVSHUDGRU'HVHVSHUDGRPDVWRPDGRGHMXt]RUHVROYHX
YROWDUDRVHXSDLVXSOLFDQGRSRUPLVHULFyUGLD0DV-HVXVGLVVH

9LQKDHOHDLQGDORQJHTXDQGRVHXSDLRDYLVWRXHFRPSDGHFLGRGHOHFRU
UHQGRRDEUDoRXHEHLMRX(R¿OKROKHGLVVH3DLSHTXHLFRQWUDRFpXH
GLDQWHGHWLMiQmRVRXGLJQRGHVHUFKDPDGRWHX¿OKR2SDLSRUpPGLVVH
DRVVHXVVHUYRV7UD]HLGHSUHVVDDPHOKRUURXSDYHVWLRSRQGHOKHXPDQHO
QRGHGRHVDQGiOLDVQRVSpVWUD]HLWDPEpPHPDWDLRQRYLOKRFHYDGR&R
PDPRV H UHJR]LMHPRQRV SRUTXH HVWH PHX ¿OKR HVWDYD PRUWR H UHYLYHX
HVWDYDSHUGLGRHIRLDFKDGR(FRPHoDUDPDUHJR]LMDUVH /F 

(%B=DFDULDVBILQDOLQGG 
   (678'26%Ë%/,&26(;326,7,926(0=$&$5,$6
(VWHpRQRVVR'HXVSRUTXHDOJXpPKDYHULDGHUHMHLWDUVHXERQGRVRDPRU"
,VWRQRVOHYDDRTXDUWRH~OWLPRDVSHFWRVREUHRDUUHSHQGLPHQWRpVR
PHQWHSRUPHLRGRVDQJXHGH-HVXV&ULVWRTXH'HXVSHUGRDDTXHOHVTXH
VHDUUHSHQGHP0HQFLRQDPRVTXHQRVVDDERUGDJHPDROLYURGH=DFDULDVp
FULVWROyJLFDHHVWHpRFDVRGHFRPRRVSULPHLURVYHUVtFXORVDSRQWDPSDUD
&ULVWR2FKDPDGRGH'HXVDRDUUHSHQGLPHQWRHVWDYDGLUHWDPHQWHUHODFLR
QDGRjUHHGL¿FDomRGRWHPSOR+iXPDUD]mRSDUDLVVRSRLVHUDQRWHPSOR
TXHRVVDFULItFLRVGHVDQJXHHUDPRIHUHFLGRVD¿PGHWUDWDURSUREOHPDGR
SHFDGR'HXVp'HXVVDQWRSRULVVRHOHVHPSUHFRQGHQDRSHFDGR3RUWDQWR
'HXVQmRSRGLDDFHLWDUDTXHOHVSHFDGRUHVDQmRVHUTXHKRXYHVVHH[SLDomR
HPIDYRUGHOHV1DpSRFDGH=DFDULDVH[LJLDVHTXHRVDQJXHGHFRUGHLURV
IRVVHGHUUDPDGRQRPHVPRWHPSORTXHHOHVHVWDYDPUHFRQVWUXLQGRPDV
SRU¿PIRLSUHFLVR-HVXV&ULVWRPRUUHUVREUHDFUX]-HVXVpRYHUGDGHLUR
FRUGHLURGH'HXVHIRLRVHXVDQJXHTXHIRLGHUUDPDGRSDUDUHPLVVmRGR
QRVVR SHFDGR 2 WHyORJR - , 3DFNHU H[SOLFD ³(QWUH QyV SHFDGRUHV H D
DPHDoDGDLUDGLYLQDHVWiDFUX]GR6HQKRU-HVXV6HSHUWHQFHPRVD&ULVWR
PHGLDQWHDIpHQWmRVRPRVMXVWL¿FDGRVSRUPHLRGHVXDFUX]HDLUDQmR
QRVDWLQJLUiPDLVQHPQRSUHVHQWHQHPQDYLGDIXWXUD-HVXVµOLYUDQRVGD
LUDYLQGRXUD¶ 7V ´
3RUWDQWRTXDQGRQRVDUUHSHQGHPRVSUHFLVDPRVYLUSRUPHLRGDIpHP
-HVXV &ULVWR H HP VHX VDQJXH R TXDO WUDQVIRUPD D LUD MXVWD GH 'HXV HP
DOHJUHDFHLWDomRHDPRU8PDYH]TXH-HVXVIRLPRUWRVREUHDFUX]SRUQyV
'HXVQRVUHYHVWHGHVXDMXVWLoDHVHDOHJUDHPQRVDFROKHUFRPEUDoRVDEHU
WRVHPDEXQGDQWHJUDoDjPHGLGDTXHUHWRUQDPRVHPIpSHQLWHQWH

8PDSHORXUJHQWH
1RVVDDERUGDJHPD=DFDULDVpKLVWyULFDGRXWULQiULDFULVWROyJLFDHWDP
EpP SUiWLFD 3RUWDQWR SUHFLVDPRV DSOLFDU HVVDV SDODYUDV j QRVVD SUySULD
VLWXDomR³7RUQDLYRVSDUDPLPGL]R6(1+25GRV([pUFLWRVHXPHWRUQDUHL
DYyVRXWURV´ =F 
$JHUDomRDQWHULRUGHLVUDHOLWDVSHQVDYDTXH'HXVQmRRVMXOJDULDSRU
VHXVSHFDGRVDVUXtQDVGHVXDFLGDGHVHUYLDPGHWHVWHPXQKDVHORTXHQWHV
GHVXDLQVHQVDWH]1RVVDJHUDomRWDPEpPDPRQWRDUXtQDVSRUFDXVDGHVXD
LQVHQVDWH]PHVPRGHQWURGDLJUHMD³1mRYRVHQJDQHLV´3DXORHVFUHYH³GH
'HXVQmRVH]RPEDSRLVDTXLORTXHRKRPHPVHPHDULVVRWDPEpPFHLIDUi
3RUTXHRTXHVHPHLDSDUDDVXDSUySULDFDUQHGDFDUQHFROKHUiFRUUXSomR
PDVRTXHVHPHLDSDUDR(VStULWRGR(VStULWRFROKHUiYLGDHWHUQD´ *O 

3DFNHU-,.QRZLQJ*RG'RZQHUV*URYH,/,QWHU9DUVLW\S


(%B=DFDULDVBILQDOLQGG 
7 2 5 1 $ ,  9 2 6  3$ 5 $  0 , 0      
6H YRFr p FULVWmR PDV VH DIDVWRX SRU FDXVD GR SHFDGR H GH GHFOtQLR
HVSLULWXDOOHPEUHVHGDOLomRGDKLVWyULDTXH=DFDULDVH[S{VjVXDJHUDomR
2VHXSHFDGRQmRWUDUiErQomRPDVUXtQDSRUPDLVHQFDQWDGRUTXHVHMD
DRV VHXV RXYLGRV R VRP GH VHX HQJDQR 6H SHUVLVWLU QR SHFDGR YRFr QR
PtQLPRWUDUiVREUHVLPHVPRRFDVWLJRGH'HXVHSLRUDLQGDSURYDUiTXH
QXQFDFUHXYHUGDGHLUDPHQWHHQR¿PFROKHUiDGHVWUXLomRTXHDJRUDHVWi
VHPHDQGR FRP D VHPHQWH GR SHFDGR 1D YHUGDGH HVVH FRQYLWH GH 'HXV
PDQLIHVWDDJUDoDDWRGRFULVWmRWRGRVRVGLDV±DIDVWDGRVRXQmR1RVDOWRV
HEDL[RVGHQRVVDYLGDHVSLULWXDOTXmRPDUDYLOKRVRpYHU'HXVGHEUDoRV
DEHUWRVHQFRUDMDQGRFRQWtQXRDUUHSHQGLPHQWRHFRQ¿DQoD
6HYRFrQmRpFULVWmRHVVDVSDODYUDVVHGHVWLQDPHVSHFLDOPHQWHDYRFr
6H'HXVRGHLDWDQWRRSHFDGRDSRQWRGHFDVWLJDUVHXSUySULRSRYRRTXH
YRFrDFKDTXHDFRQWHFHUiFRPYRFr"6H'HXVSHUPLWLXTXHVHXSRYRHV
FROKLGR,VUDHO±DQDomRHOHLWDSRUVHXSUySULRDPRUHSURSyVLWR±IRVVH
GHUURWDGROHYDGRDFRUUHQWDGRHYLVVHVXDFLGDGHHWHPSORVHUUHGX]LGRVD
UXtQDVTXDOVHUiRVHXGHVWLQRVHUHVROYHUSHUPDQHFHUHPUHEHOGLDYRFrTXH
QmRWHPGLUHLWRGHUHLYLQGLFDUDVXDDIHLomR"$OLomRpFODUD9RFrSUHFLVDVH
DUUHSHQGHULPHGLDWDPHQWHDEDQGRQDURSHFDGRHYROWDUVHDHVVH'HXVGD
JUDoDTXHRIHUHFHDWRGRVDVDOYDomRSRUPHLRGRVDQJXHGR6DOYDGRU-HVXV
&ULVWR6HYRFrVHDUUHSHQGHUHYROWDUVHDHOHFRPIpVHXVSHFDGRVVHUmR
SHUGRDGRVLPHGLDWDPHQWHHYRFrWHUiDYLGDHWHUQD
³9ROWDLSDUDPLP´GL]QRVVR'HXV³HHXYROWDUHLDYyVRXWURV´³9ROWH
VHDPLP´HOHSURS}H³9ROWH´$TXHOHVTXHVHFRQYHUWHUHPHQFRQWUDUmR
'HXVSURQWRDSHUGRDUSRUPHLRGH-HVXV&ULVWRSURQWRDUHVWDXUDUHSURQWR
DDEHQoRDUQRSURIXQGRGHVXDJUDoDDEXQGDQWH1mRLPSRUWDFRPRYRFr
WHP YLYLGR RX R TXH YRFr WHPSDVVDGR DR YROWDUVH D 'HXV YRFrSRGHUi
YHUGDGHLUDPHQWHFRPHoDUGHQRYRSRUTXH'HXVVHYROWDUiDYRFr

(%B=DFDULDVBILQDOLQGG 

You might also like