You are on page 1of 4

:22570$11(OOHQ) RUJ 6LJQLILFDGRVGDWHUUD%UDVtOLD

(GLWRUD8Q%SS

3DXOR5REHUWR+RPHQ 6LJQLILFDGRVGDWHUUDUH~QHHVWXGRVTXHDEUDQJHPSRUPHLRGHYDULDGDVDERUGDJHQV
GH*yHV XPDVLJQLILFDWLYDJDPDGHJUXSRVVRFLDLVUXUDLVGHGLIHUHQWHVUHJL}HVGRSDtV2V
1$3(58)35 HVWXGRVWmRGLYHUVRVQDPHWRGRORJLDXWLOL]DGDSRVVXHPHPFRPXPDSUHRFXSDomR
FRPDUHODomRHVWDEHOHFLGDHQWUHRJUXSRVRFLDOSHVTXLVDGRHDFDWHJRULDWHUUDTXH
SRGHVHUFRPSUHHQGLGDFRPRLQGLVVRFLiYHOGRVYDORUHVWUDEDOKRHIDPtOLDFRPR
HQWUHRVFRORQRVGHDVFHQGrQFLDDOHPmQR6XOGRSDtVRXVHUGHILQLGDHPWHUPRVGH
WHUULWyULRDSDUWLUGHXPDXQLGDGHHVWDEHOHFLGDSHODOHJLWLPLGDGHDOFDQoDGDSRUFHUWRV
SDMpV²RX´VDFDFDVµ²FRPRHQWUHDVFRPXQLGDGHVUHPDQHVFHQWHVGHTXLORPERV
GDUHJLmRDPD]{QLFD
&RP SHUVSHFWLYDV GLIHUHQWHV RV GRLV SULPHLURV FDStWXORV DERUGDP R
SURFHVVR GHLPLJUDomRHXURSpLDRFRUULGR DSDUWLUGHPHDGRVGRVpFXOR;,; SDUD
WHUUDVORFDOL]DGDVHPVXDPDLRULDQDUHJLmR6XOGRSDtV2SULPHLURGHDXWRULDGH
(OOHQ :RRUWPDQQ SDUWH GH XP HVWXGR GH FDVR UHDOL]DGR DWUDYpV GH XP UHFRUWH
GLDFU{QLFRGDVFDWHJRULDV/DQG WHUUD H*XWHV/DQG ERDWHUUD HQWUHLPLJUDQWHVGH
RULJHPDOHPmTXHVHLQVWDODUDPQR9DOHGR5LRGRV6LQRV 56 $WUDYpVGDDQiOLVH
GHGLWDGRVHFDUWDVHQWUHRXWURVPDWHULDLVDDXWRUDEXVFDRVLJQLILFDGRGDFDWHJRULD
WHUUDSDUDHVVHVFRORQRVHQIRFDQGRDFRQVWUXomRGDLGHQWLGDGHGHFDPSRQrVDSDUWLU
GDUHODomRGHVWHFRPRWUDEDOKRDJUtFROD2YDORUGRWUDEDOKRHGDWHUUD²FDWHJRULDV
TXDVHLQVHSDUiYHLVpUHIRUoDGRSHODVFRQFHSo}HVUHOLJLRVDVGHVWDVFRPXQLGDGHV
DQFRUDGDVQXPDpWLFDSURWHVWDQWHDOLPHQWDGDSRUXPIRUWHHVStULWRFRPXQLWiULR(VVH
HVStULWRFRPXQLWiULRVXEPHWHDWHUUDHRSDWULP{QLRIDPLOLDUDUHJUDVGHKHUDQoDH
LQGLYLVLELOLGDGH TXH WRUQDP LPRUDO VXD QHJRFLDomR HVSHFLDOPHQWH TXDQGR IHLWD D
SHVVRDVHVWUDQKDVjFRO{QLDDWRHVVHFRQVLGHUDGRWUDLomR1HVWHFRQWH[WRVRFLDO
WUDWDUD/DQGFRPRPHUFDGRULDpUHWLUDUGHODXPVHQWLGRPDLVDPSORFRQFHGLGRSHOR
&DPSRV   SUySULR'HXV 
3DXOR5REHUWR+RPHQGH*yHV

2PHVPRSURFHVVRGHFRORQL]DomRPDVDJRUDHQIDWL]DQGRRGLVFXUVRRILFLDOpREMHWRGRHVWXGRKLVWRULRJUiILFR
GH*LUDOGD6H\IHUWK1HVWHDUWLJRDDXWRUDDQDOLVDDVSROtWLFDVFRORQL]DGRUDVGR,PSpULRDVFRQFHVV}HVGHSHTXHQRV
ORWHVDRVLPLJUDQWHVHXURSHXVHRSDSHOGDVDJrQFLDVFRORQL]DGRUDVSDUWLFXODUHVQHVWHSURFHVVR&RPRWUtSOLFH
REMHWLYRGHLPSODQWDURPRGHORIDUPHUGHSHTXHQDSURSULHGDGHFDSLWDOLVWDRFXSDURWHUULWyULRFRPXPDSRSXODomR
FRQVLGHUDGDPDLVDSWDDRSURJUHVVRHjFLYLOL]DomR²DIDVWDQGRDVVLPDSUHVHQoDLQGtJHQDHFDERFODDRWHPSR
TXHJHUDQGRXPDSURGXomRYROWDGDDRDEDVWHFLPHQWRLQWHUQRHDXPHQWDURFRQWLQJHQWHGHVROGDGRVEUDQFRVQDV
WURSDVWHQGRHPYLVWDDUHVVRQkQFLDGDUHYROXomRQHJUDRFRUULGDQR+DLWLQRVSULPHLURVDQRVGR;,;DVDJrQFLDV
FRORQL]DGRUDVGHVLJQDYDPSHVVRDVSDUD´UHFUXWDUµHQWUHRXWURVVXtoRVDOHPmHVHSRORQHVHVHPVXDVWHUUDVQDWDLV
IRUQHFHQGROKHVDSDVVDJHPHORWHVQRQRYRSDtV&RPRPXLWDVYH]HVHVVDVSRSXODo}HVHQIUHQWDYDPVLWXDo}HV
PLVHUiYHLVDRIHUWDHUDWHQWDGRUD2VORWHVIRUQHFLGRVSHOR,PSpULRFRPXPHQWHHVWDYDPORFDOL]DGRVHPiUHDVGH
GLItFLODFHVVRHSRVVXtDPWHUUDVSRXFRSURGXWLYDVIDWRTXHDFDERXSRUJHUDUXPWLSRGHSURGXomRFDPSRQHVDPDLV
SUy[LPDGDVXEVLVWrQFLDGRTXHGRPRGHORFDSLWDOLVWDGHVHMDGRDOpPGHWRUQDURHVWDEHOHFLPHQWRGDVFRO{QLDV
EDVWDQWH LQVWiYHO $ JUDGDWLYD GLPLQXLomR GR WDPDQKR GRV ORWHV RIHUHFLGRV SHODV DJrQFLDV TXH Mi HP PHDGRV
GRVpFXOR;,;GLILFLOPHQWHXOWUDSDVVDYDRVKHFWDUHVDFDERXSRUWRUQDUDPLJUDomRXPSURFHVVRGLUHWDPHQWH
GHFRUUHQWHGDFRORQL]DomRSRLVXPORWHGHVWDVSURSRUo}HVQmRFRPSRUWDDVJHUDo}HVYLQGRXUDVTXHVDHPHP
EXVFDGHQRYDVWHUUDVFRPRGHPRQVWUDDDXWRUDQRHVWXGRGHFDVRVREUHDRFXSDomRGR9DOHGR,WDMDt 6& 
 $JrQFLDVFRORQL]DGRUDVUHDSDUHFHPQRDUWLJRGH0iUFLD6SUDQGHOTXHFRPEDVHHWQRJUiILFDDQDOLVDRV
´SODQRVGHRUJDQL]DomRVRFLDOµGRVFKDPDGRV´EUDVLJXDLRVµDSRQWDQGRSDUDXPDVREUHSRVLomRGDWHUUDGHWUDEDOKR
²DVVRFLDGDDRSODQRGHSDUHQWHVFR²VREUHDVIURQWHLUDVQDFLRQDLV$RSomRGHVVHVFDPSRQHVHVRULXQGRVHPJUDQGH
SDUWHGRVHVWDGRVGR6XOGRSDtVSHOR3DUDJXDLDSDUHFHFRPRIUXWRGDSUR[LPLGDGHHVSDFLDOGDH[SHULrQFLDDQWHULRUGH
IDPLOLDUHVHGDSURSDJDQGDGDVFRPSDQKLDVFRORQL]DGRUDVTXHILQDQFLDYDPDYLDJHPDWpD3XHQWH.\KMDORFDOLGDGH
QDGLYLVDFRPR%UDVLO$VLWXDomRGDWHUUDQmRHUDPXLWDVYH]HVDSURPHWLGDPDVRVFDPSRQHVHVSHUPDQHFHUDP
QDVLWXDomRGHDUUHQGDWiULRVDWpTXDQGRRQ]HJUXSRVVHRUJDQL]DUDPSDUDUHWRUQDUFROHWLYDPHQWHDR%UDVLO
UHLYLQGLFDQGRWHUUDVYLDUHIRUPDDJUiULDDWUDYpVGHXPGLVFXUVRTXHUHIRUoDYDDXQLGDGHGRV´EUDVLJXDLRVµ7DLVJUXSRV
VHDVVHQWDUDPQRVDUUHGRUHVGH0XQGR1RYR 06 HSDUDWDQWRDWLYDUDPR´FROHWLYRµTXHDWpHQWmRSHUPDQHFLDHP
´HVWDGRGHODWrQFLDµQDVUHSUHVHQWDo}HVFDPSRQHVDVSRLVHVVDVFRPXPHQWHYDORUL]DPDVWUDMHWyULDVLQGLYLGXDLVGDV
IDPtOLDVQHJDQGRR´FROHWLYRµHDFRQGLomRGH´H[SXOVRVµ
5(6(1+$6

 2SURFHGLPHQWRGHUHJXODUL]DomRGDVWHUUDVLQGtJHQDVpH[SOLFLWDGRSRU5RTXHGH%DUURV/DUDLDTXH
WHQGRSRUEDVHVXDH[SHULrQFLDQD)XQDLHGDGRVGHOHYDQWDPHQWRVUHFHQWHVSHUSDVVDXPSRXFRGRKLVWyULFRGD
UHODomRGR,PSpULRHGD5HS~EOLFDFRPDVSRSXODo}HVHWHUULWyULRVLQGtJHQDVDWpRWDUGLRUHFRQKHFLPHQWRGHVVDV
 WHUUDVRFRUULGRHPFRPDFULDomRGD6RFLHGDGH3URWHWRUDGRÌQGLR&RPRHQIDWL]DRDXWRUDLPSRUWkQFLDGRV
6LJQLILFDGRVGDWHUUD

WHUULWyULRVWUDGLFLRQDLVpWDOTXHVHPHVVHVDVREUHYLYrQFLDGDVVRFLHGDGHVLQGtJHQDVILFDHPPXLWRDPHDoDGD
VHQmRLPSRVVLELOLWDGD
 2VFRQIOLWRVHQWUHSUiWLFDVFXOWXUDLVGHFRPXQLGDGHVUHPDQHVFHQWHVGHTXLORPERVHDVOHLVDPELHQWDLV
H[HFXWDGDVSRUDJHQWHVGR,EDPDTXHWLYHUDPLQtFLRFRPDFULDomRGHXQLGDGHVGHFRQVHUYDomRRQGHWUDGLFLRQDOPHQWH

KDELWDYDPHVVDVSRSXODo}HVDQFRUDPDGLVFXVVmRGH(OLDQH2·'Z\HU$DXWRUDSUREOHPDWL]DDTXHVWmRGDFRQVWUXomR
GDLGHQWLGDGHQHJUDHGHVHX´LVRODPHQWRFRQVFLHQWHµGLDQWHGRSRGHUKHJHP{QLFR$KLVWyULDDWHUULWRULDOLGDGH
DVSUiWLFDVFXOWXUDLVHDLGHQWLGDGHGHVVDVSRSXODo}HVDGTXLUHPXQLGDGHGHPDUFDQGRDVIURQWHLUDVGRJUXSR
WHQGRSRUEDVHUHIHUrQFLDVFRVPROyJLFDVDVVHJXUDGDVSHODOHJLWLPLGDGHGRV´VDFDFDVµ²OtGHUHVUHOLJLRVRVTXHVmR
UHFRQKHFLGRVSRUVHXVSRGHUHVYLVLRQiULRVHGHFXUD3RUpPQDGDGLVWRpUHDOL]DGRGHPDQHLUDLVRODGDGRSRGHU
KHJHP{QLFR1HVWHSRQWRDDXWRUDWHFHXPDFUtWLFDjFRQFHSomRFRPXPGDFXOWXUDFRPRGLPHQVmRDXWRFRQWLGD
EXVFDQGRGHPRQVWUDUTXHRLVRODPHQWRHDFRQVWUXomRGDLGHQWLGDGHFXOWXUDOUHYHODPHVWUDWpJLDVGHUHVLVWrQFLD
QXPFRQWH[WRRQGHDVSUiWLFDVFXOWXUDLVWUDGLFLRQDLVSDVVDUDPDVHUFRQVLGHUDGDVWUDQVJUHVVmR
 $UHIRUPDDJUiULDpDERUGDGDQRVGRLVDUWLJRVTXHILQDOL]DPROLYUR(P´7HUUDVHUHIRUPDDJUiULDµ-RVp
5REHUWR3HUHLUDH[SOLFLWDDVPDWUL]HVWHyULFDVGDV´FRQFHSo}HVVRFLRFXOWXUDLVGDWHUUDµTXHSHUPHLDPRVFRQIOLWRV
HGLiORJRVGRVSURFHVVRVGHUHIRUPDDJUiULDGHILQLQGRDVFRPRKROtVWLFDRXWUDGLFLRQDOTXHVHULDDTXHODUHODomR
GHUHFLSURFLGDGHTXHRFDPSRQrVHVWDEHOHFHFRPDWHUUDLQGLYLGXDOLVWDRXPRGHUQDUHSUHVHQWDGDSHODUHODomR
PHUFDQWLOHVRFLDOLVWDRQGHDWHUUDSRVVXLDSHQDVYDORUGHXVRPDVTXHpGLUHFLRQDGRjFROHWLYLGDGH2DXWRUSDUWH
GHVWDVPDWUL]HVSDUDDQDOLVDURFDVRGRDVVHQWDPHQWR6DQWD0DULDORFDOL]DGRQRPXQLFtSLRGH3DUDQDFLW\ 35 
1HVVHDVVHQWDPHQWRDRVHEXVFDUXPDUHODomRVRFLDOLVWDFRPDWHUUDDEROLXVHRGLUHLWRGHKHUDQoDFULDQGRXPD
VLWXDomRHPTXHRVILOKRVGRVDVVHQWDGRVQmRSRVVXHPJDUDQWLDVGHSHUPDQHFHUQDWHUUD7DOVLWXDomRDFDERXSRU
JHUDUXPFRQIOLWRHQWUHR´YDORULJXDOGDGHµDFLRQDGRSHODLGHRORJLDVRFLDOLVWDHR´YDORUKLHUDUTXLDµWmRDUUDLJDGR
QRVDVVHQWDGRVTXHSRUVXDRULJHPFDPSRQHVDWUDGLFLRQDOPHQWHFRQFHEHPDWHUUDFRPRSDWULP{QLRIDPLOLDU
 (VVHFKRTXHGHYDORUHVUHDSDUHFHQRDUWLJRGH0DULD,QH]0DUTXHVSRUpPRVFRQIOLWRVHGLiORJRVDTXL
VHHVWDEHOHFHPHQWUHRVYDORUHVFDPSRQHVHVGRVDVVHQWDGRVHRVYDORUHVGDPRGHUQLGDGHSUDWLFDGRVSHOR,QFUD
7DOUHODomRHQWUHRVDJHQWHVGR(VWDGRHRVFDPSRQHVHVSHUPHLDWRGRRSURFHVVRGHOXWDSHODWHUUD$QDOLVDQGRR
3URJUDPDGH5HIRUPD$JUiULDGR,QFUDDDXWRUDLGHQWLILFDDVSROtWLFDVDGRWDGDVQRGHFRUUHUGHWRGRRSURFHVVRGH
DVVHQWDPHQWR²TXHDEUDQJHDVIDVHVGHLPSODQWDomRFRQVROLGDomRHHPDQFLSDomRïFRPRXPDEXVFDGHLQVHUomR
5(6(1+$6

GRVVHPWHUUDQDHFRQRPLDFDSLWDOLVWDDWUDYpVGDSHTXHQDSURSULHGDGHIDPLOLDUSRUPHLRGHXPDSURSRVWDGH
WHFQLILFDomRHPHFDQL]DomRTXHYLVDRPi[LPRGHSURGXWLYLGDGH'HVWDIRUPDDJHVWmRGR,QFUDWUDWDRVDVVHQWDGRV
FRPRSRWHQFLDLVHPSUHHQGHGRUHVTXDQGRQDUHDOLGDGHHQWUHHOHVSUHGRPLQDPDVFRQFHSo}HVFDPSRQHVDVQD
UHODomRFRPDWHUUDVHJXQGRDVTXDLVHVVDpFRPSUHHQGLGDFRPRXPSDWULP{QLRIDPLOLDUH´PRUDGDGDYLGDµHQmR 
3DXOR5REHUWR+RPHPGH*yHV

FRPRVLPSOHVPHLRGHSURGXomR7DLVFRQFHSo}HVVmRLOXVWUDGDVQDSRXFDGLVSRVLomRGRVDVVHQWDGRVHPDXPHQWDU
RXPRGLILFDUDVEDVHVWpFQLFDVGDSURGXomRHQRVGHSRLPHQWRVTXHFRPXPHQWHHQIDWL]DPDQHFHVVLGDGHGHUHQGD
FRPRPHLRGHPDQWHUDSUy[LPDJHUDomRQDWHUUD0DVSULQFLSDOPHQWHSHORIDWRGHDLQVHUomRVRFLDOSRUHOHV
DOFDQoDGDSDVVDUDQWHVSHODIL[DomRHHQUDL]DPHQWRQDWHUUDHSHODLQWHJUDomRGRFKHIHGHIDPtOLDjVRFLHGDGHORFDO
HPFRQWUDSRVLomRjLQVHUomRQDVUHODo}HVGHPHUFDGRFRPRSUHVVXS}HPDVSROtWLFDVDGRWDGDVSHOR,QFUD
 e GLDQWH GD SHUFHSomR GHVWH GHVFRPSDVVR H[LVWHQWH HQWUH DV UHSUHVHQWDo}HV FRQWLGDV QDV SROtWLFDV
DGRWDGDVSHODVGLYHUVDVLQVWLWXLo}HVJRYHUQDPHQWDLVHDTXHODVGRVJUXSRVVRFLDLVDRVTXDLVHVVDVSROtWLFDVVmR
GHVWLQDGDVTXHDREUDDGTXLUHDLQGDPDLRUYDORUQRVHQWLGRGHFRQVWLWXLUXPHVIRUoRGHUHODWLYL]DUDUHODomRFRP
DWHUUDFRVWXPHLUDPHQWHFRPSUHHQGLGDH[FOXVLYDPHQWHHPWHUPRVPHUFDQWLVQmRDSHQDVSHODJUDQGHSURGXomR
PDVWDPEpPSHORVSUySULRVDJHQWHVGR(VWDGREUDVLOHLUR
5(6(1+$6

3DXOR5REHUWR+RPHQGH*yHVpPHPEURGR1~FOHRGH
$QWURSRORJLDGD3ROtWLFDGR(VWDGRHGDV5HODo}HVGH0HUFDGR
1$3(5 GD8)35HEROVLVWDGRSURJUDPD&13T3,%,&


You might also like