Professional Documents
Culture Documents
!
4$
6 . " 3 & 7 * 4 5" % & 1 4 * $ " / « - * 4 & o * 4 4 /
5HYLVWD/DFXQDGHGH]HPEURGHQ7UDGX©¥R
agTVJALfåruIaVcN
>b7KHORJLFRIWKHVXEOLPHb@
SRU$OHQND=XSDQĀLĀ
7UDGX©¥R_b5RGULJR*RQVDOYHV
9DPRV LQLFLDU HVWD DQ£OLVH GD QR©¥R NDQWLDQD GR VXEOLPH FRP XPD IUDVH EDVWDQWH
ËVRQRUDÌFRPXPSHQVDPHQWRTXHHPVXDSUµSULDHVWUXWXUDVHLQVFUHYHHOHPHVPR
QDGLPHQV¥RGRVXEOLPH
(VVDVV¥RDVSDODYUDVFRPDVTXDLV.DQWLQLFLDVXDFRQFOXV¥RGD&U¯WLFDGDUD]¥RSXUDbH
TXHFRPRVHEHPVDEHIRUDPVXEPHWLGDV¢XPGHVWLQREDVWDQWHSDUWLFXODUHGLVWLQWR
IRUDP WDPE«P HVFROKLGDV FRPR R HSLW£ILR GR W¼PXOR GH .DQW 1¥R « QHP SUHFLVR
HQIDWL]DUTXHSDODYUDVPXLWRPDLVWULYLDLVTXHHVVDVQHVVHOXJDUJDQKDULDPXPWRP
GHJUDYLGDGHHGHXPH[FHVVRGHVHQWLGRTXHÇbHGL]HQGRLVWRQDVSDODYUDVGH.DQW
Çb SUHHQFKHP D PHQWH FRP DGPLUD©¥R H HVSDQWR $ WXPED D VHSXOWXUD R W¼PXOR
WRGRVLQFRUSRUDPXPWLSRGHËSHGUDIURQWHLUL©DÌHQWUHR$TXLHR$O«PÇHSRVVXHP
GHVVDPDQHLUDXPLPSRUWDQWHSDSHOQDGLPHQV¥RGRVXEOLPH(QWUHWDQWRDJUDYLGDGH
GHWDLVSDODYUDVQ¥RVXUJHDSHQDVGD3HGUDGDTXDOIRUDPHVFXOSLGDVVXUJHWDPE«P
GH DOJR FRPSOHWDPHQWH GLIHUHQWH GH DOJR HUU£WLFR HVTXLYR H LPSRVV¯YHO GH VH
FRQVHUWDUb GD SRVL©¥R TXH HVVDV SDODYUDV LPS·HP VREUH R VXMHLWR Ç R IDWR GH TXH
HOHHOD GHYD HQFRQWUDU VHX FDPLQKR QD LQWHUVHF©¥R GH DOJR LQDFHVVLYHOPHQWH H[WHUQR
RV F«XV HVWUHODGRV VREUH PLP GH XP ODGR H DOJR LQDFHVVLYHOPHQWH LQWHUQR D OHL
PRUDOGHQWURGHPLPGHRXWUR
0DVHXLQLFLRFRPDFLWD©¥RDFLPDWDPE«PSRUTXHHODGHOLQHLDSHUIHLWDPHQWHRFDPSR
FRPRTXDOLUHPRVFRQGX]LUDQRVVDDQ£OLVHRFDPSRTXHb«PDUFDGRSHOD&U¯WLFD GD
UD]¥RSU£WLFDGHXPODGRHSHOD&U¯WLFDGRMX¯]RGRRXWURRXSDUDFRORFDUGDPDQHLUD
PDLVVLPSOHVSRVV¯YHOHQTXDQWR«WLFDHHVW«WLFD2VXEOLPHÇbHLVVRSRGHWDPE«PVHU
OLGRFRPRXPDËWHVHGHDEHUWXUDÌÇb«XPWLSRGHFROLV¥RGHDPERVDLQWUXV¥RGHXPD
GLPHQV¥R QD RXWUD 9DOKRPH GD VHJXLQWH H[SUHVV¥R ËLQWUXV¥R GH XPD GLPHQV¥R QD
RXWUDÌ SRUTXH R TXH HVW£ HP MRJR DTXL GLIHUH FRQVLGHUDYHOPHQWH GH TXDOTXHU WLSR
ËKDUPRQLDÌ RX ËV¯QWHVHÌ HQWUH «WLFD H HVW«WLFD 2 SRQWR « SUHFLVDPHQWH TXH GH
UHSHQWH HPHUJH QR WHUULWµULR XP GR RXWUR H TXH R ID] HP XP PRPHQWR PXLWR
HVSHF¯ILFR
¿
9DPRVQRVFRQFHQWUDUDJRUDHPGXDVVLJQLILFDWLYDVHLQWHUHVVDQWHVSDVVDJHQVHPTXH
.DQWGLVFXWHRVHQWLPHQWRGRVXEOLPH$SULPHLUD«HQFRQWUDGDORJRDSµVDSDVVDJHP
TXHWRPDPRVFRPRbQRVVRSRQWRGHSDUWLGDHUHIHUHVHDRVF«XVHVWUHODGRV
$SULPHLUDYLVWDGHXPDPXOWLWXGHLQFRQW£YHOGHPXQGRVDQLTXLODSRUDVVLP
GL]HU PLQKD LPSRUW¤QFLD HQTXDQWR XPD FULDWXUD DQLPDO TXH GHYH GDU GH
YROWDDRSODQHWDHVVHPHURSRQWLQKRQRXQLYHUVRDPDW«ULDGDTXDOHVWHVDLX
D PDW«ULD TXH « SRU SRXFR WHPSR SURYLGD GH IRU©D YLWDO H QµV Q¥R VDEHPRV
FRPR>@
$VHJXQGDSDVVDJHP«GD&U¯WLFDGRMX¯]R
3RUWDQWRVHDRMXOJDUDQDWXUH]DHVWHWLFDPHQWHDFKDPDPRVGHVXEOLPHQµVR
ID]HPRV Q¥R SRUTXH D QDWXUH]D SURYRFD PHGR PDV SRUTXH HOD HYRFD QRVVD
IRU©D TXH Q¥R SHUWHQFH ¢ QDWXUH]D >GHQWUR GH QµV@ D FRQVLGHUDU HQTXDQWR
SHTXHQRVRV>REMHWRV@GHQRVVDVSUHRFXSD©·HV>QDWXUDLV@SURSULHGDGHVD¼GHH
YLGD>«@b>@
(VVDV GXDV SDVVDJHP QRV ID]HP OHPEUDU GH XP HVTXHWH GR ILOPH 2 VHQWLGR GD YLGD
GRb 0RQW\ 3\WKRQ QR TXDOb R FRQWUDVWH HQWUH RV F«XV HVWUHODGRV H R VHQWLPHQWR GH
LQVLJQLILF¤QFLDGHQRVVDYLGDRUGLQ£ULDWDPE«PGHVHPSHQKDXPSDSHOFDSLWDO&ODUR
TXHHVWDPRVOLGDQGRDTXLFRPXPDFDULFDWXUDPDVYDPRVPHVPRDVVLPH[DPLQDUD
HVTXHWHHPTXHVW¥RSRUTXHLVVRQRVDX[LOLDU£DHVSHFLILFDUFRPPDLRUQLWLGH]DOµJLFD
GRVXEOLPH
$FHQDRFRUUHQRDSDUWDPHQWRGHXPFDVDO$OJX«PWRFDDFDPSDLQKD2PDULGRDEUH
D SRUWD H GRLV KRPHQV DGHQWUDP (OHV ID]HP SDUWH GR QLFKR GH PHUFDGR GH
ËWUDQVSODQWHVGHµUJ¥RVYLYRVÌHOKHH[LJHPRVHXI¯JDGR2SREUHKRPHPVHGHIHQGH
GL]HQGRTXHHOHVW¬PRGLUHLWRGHOKHWLUDURI¯JDGRDSHQDVFDVRHOHPRUUDSRU«PRV
GRLV KRPHQV OKH DVVHJXUDP TXH HOH Q¥R VREUHYLYHU£ DR UHPRYHUHPQR $R TXH VH
VHJXHWHVWHPXQKDPRVXPPDVVDFUHVDQJXHYRDQGRSDUDWRGRVRVODGRVXPGRVGRLV
ËD©RXJXHLURVÌ DUUDVWD µUJ¥RV VDQJUDQGR GDV Y¯VFHUDV GR SDFLHQWH H RV EDODQ©D
GLDQWHb GD F¤PHUD« 0DV R TXH UHDOPHQWH QRV LQWHUHVVD DTXL « D VHJXQGD SDUWH GD
KLVWµULDTXHSRGHVHUFRQVLGHUDGDXPDYHUGDGHLUDËDQDO¯WLFDGRVXEOLPHÌ(QTXDQWR
XPGRVKRPHQVVHJXHUHWDOKDQGRRLQGHIHVRPDULGRRRXWURID]FRPSDQKLD¢HVSRVD
QDFR]LQKD(OHSHGHDHODTXHWDPE«POKHbG¬RbI¯JDGR&ODUDPHQWHHODQ¥RTXHUHHVW£
FRPPHGR(QWUHWDQWRHODPXGDGHLGHLDTXDQGR«OHYDGDDROLPLWHGRVXEOLPHLVWR«
TXDQGR HOD ËVH G£ FRQWDÌ GR TX¥R LQVLJQLILFDQWH R VHX SUREOHPD SDUHFH VHU TXDQGR
YLVWR GH XP SRQWR GH YLVWD PDLV ËHOHYDGRÌ 8P FDYDOKHLUR VDL GD JHODGHLUD H D
DFRPSDQKD GHVGH D FR]LQKD GH VXD YLGD FRWLGLDQD SDUD XP SDVVHLR SHORb XQLYHUVR
(QTXDQWRHVW¥RFDPLQKDQGRSHORVF«XVHVWUHODGRVHOHFDQWDURODVREUHRVËPLOK·HVGH
ELOK·HVÌ GH HVWUHODV H SODQHWDV H WDPE«P VREUH VHX ËLQWHOLJHQWHÌ DFRUGR HWF HWF
*UD©DV ¢TXHOD FµVPLFD H SDUD HOD VHP VRPEUD GH G¼YLGDV VXEOLPH H[SHUL¬QFLD D
PXOKHUFKHJDREYLDPHQWH¢HVSHUDGDFRQFOXV¥RTX¥RSHTXHQDHLQVLJQLILFDQWHVRX
QHVWH LQFU¯YHO H LPSHQV£YHO HVSD©R ( DJRUD TXDQGR SHUJXQWDGD QRYDPHQWH VREUH R
VHXI¯JDGRHODQ¥RPDLVKHVLWD
1SRX]T]XLSR9RMZIVWI7SRK
&RPR GLVVH DFLPD LVVR « XPD FDULFDWXUD $LQGD DVVLP D OµJLFD GHVVD KLVWµULD «
SUHFLVDPHQWH D PHVPD DSRQWDGD SRU .DQW ([LVWHP PRPHQWRV TXDQGR DOJR QRV
DGHQWUDWDQWRTXHQRVYHPRVSURQWRVSDUDHVTXHFHUHSDUDUHQXQFLDUDWXGRQRVVR
SUµSULR EHPHVWDU H WXGR R TXH Db HOH HVW£ DVVRFLDGR Ç PRPHQWRV HP TXH HVWDPRV
FRQYHQFLGRVGHTXHDQRVVDH[LVW¬QFLDYDOHDOJRDSHQDV¢PHGLGDTXHVRPRVFDSD]HV
GH VDFULILF£OD ( « GHVQHFHVV£ULR GL]HU TXH D FRLVD WRGD SDUHFH VHU ULG¯FXOD DSHQDV
SDUD R ËREVHUYDGRU GHVSUHRFXSDGRÌ TXH Q¥R VH Y¬ HPEDVEDFDGR H GHVDILDGR SHOR
PHVPR VHQWLPHQWR GR VXEOLPH (VVH PRGR HVSHF¯ILFR GH GHVDILR « FRPR YHUHPRV
PXLWRLPSRUWDQWHSDUDDOµJLFDGRVXEOLPHTXHHVWDPRVDTXLWHQWDQGRGHWHUPLQDU
2VGRLVSRQWRVHVVHQFLDLVQDVSDVVDJHQVFLWDGDVGHVFUHYHQGRDH[SHUL¬QFLDGRVXEOLPH
V¥R SRUWDQWR RV VHJXLQWHV , R VHQWLPHQWR GH QRVVD LQVLJQLILF¤QFLD QR TXH WDQJH D
ËWRGRRXQLYHUVRÌRQGHVRPRVDSHQDVXPSRQWLQKRQDLPHQVLG¥RGRXQLYHUVRH,,
DTXLORb TXH HP QRVVD YLGD FRWLGLDQD IXQFLRQD FRPR R FHQWUR GH JUDYLGDGH GD QRVVD
H[LVW¬QFLDHTXHGHUHSHQWHQRVDWLQJHFRPRDOJRWULYLDOHSRXFRLPSRUWDQWH
3RGHVH GL]HU TXH .DQW GLVWLQJXH GRLV PRPHQWRV GR VHQWLPHQWR GR VXEOLPH 2
SULPHLUR « R PRPHQWR GH DQJ¼VWLD H GHVFRQFHUWDQWH IDVF¯QLR IUHQWH Db DOJR
LQFRPSDUDYHOPHQWH PDLRU H PDLV SRGHURVR Çb DQJ¼VWLD GD TXDO R VXMHLWR HVFDSD
DSHQDVDRWUDQVIRUP£ODQRRXWURPRPHQWRQRVHQWLPHQWRGRVXEOLPHLVWR«GHVXD
VXSHULRULGDGHËVXSUDVVHQV¯YHOÌUHWRUQDUHPRV¢HVWDËG¯DGHGRVXEOLPHÌHPEUHYH
SRULVVRTXHRSUD]HUQRVXEOLPH«VHPSUHXPSUD]HUQHJDWLYR « HVVH SUD]HU TXH VH
G£bGLDQWHGHFHUWDH[SHUL¬QFLDLQWHQVDPHQWHQHJDWLYDHGHVFRQIRUWDQWH>@
1R PRPHQWR HP TXH ËUHVROYHPRVÌ R VHQWLPHQWR GH DQJ¼VWLD QR VHQWLPHQWR GR
VXEOLPHLVWR«GRHOHYDGRGDV(UKDEHQHHVWDPRVOLGDQGRHPSULPHLUROXJDUFRPD
VXEOLPLGDGH HOHYD©¥R UHODFLRQDGD D QµV PHVPRV H Q¥R DSHQDV DR PXQGR H[WHUQR
(PRXWUDVSDODYUDVRVHQWLPHQWRGRVXEOLPHRODGRRSRVWRGDTXLORTXH«VHPSUHXP
WLSRGHDQJ¼VWLDUHTXHUTXHRVXMHLWRHQFDUHXPDSDUWHGHOHPHVPRFRPRXPFRUSR
HVWUDQKRLVWR«FRPRDOJRTXHQ¥RSHUWHQFHDHOHPDVDRËPXQGRH[WHUQRÌ1µVQRV
WRUQDPRVFLHQWHVGHQRVVDËSHTXHQH]ÌHLQVLJQLILF¤QFLDPDVDRPHVPRWHPSRQRVVD
FRQVFL¬QFLD M£ HVW£ ËHYDFXDGDÌ Ç M£ HVW£ VLWXDGD QR OXJDU GD VHJXUDQ©D GH RQGH
SRGHPRV HQXQFLDU HVVH WLSR GH MXOJDPHQWR HOHYDGR H GH RQGH SRGHPRV DW« PHVPR
UHQXQFLDU D SDUWHV GH QµV PHVPRV TXH FRQVLGHUDPRV SHTXHQDV H LQVLJQLILFDQWHV (
DTXL QµV JR]DPRV GD VDWLVID©¥R QDUF¯VLFD UHVXOWDQWH GH HVWDUPRVb FRQVFLHQWHV GH VHU
FDSD]HV GH QRV ËHOHYDUPRVÌ SDUD DO«P GH QRVVDV QHFHVVLGDGHV FRWLGLDQDV
1RPHDGDPHQWH R VHQWLPHQWR GR VXEOLPH HVW£ YLQFXODGR FRPR DILUPDb .DQW FRP D
DXWRHVWLPD©¥R6HOEVWVFK¦W]XQJ>@>@
$TXHVW¥RTXHHPHUJHGHWXGRRTXHIRLGLWRDW«HQW¥R«DVHJXLQWHTXDO«DOµJLFDTXH
RSHUD QHVWD PXGDQ©D QD TXDO RV VXMHLWRV FRQYHUWHP R VHQWLPHQWR GH DQJ¼VWLD H GH
DOJXP FRQVLGHU£YHO GHVFRQIRUWR HP FHUWR JDQKR GH SUD]HU" (VVD OµJLFD GHYH QRV
OHPEUDU GDTXHOD TXH RSHUD QR PHFDQLVPR GR KXPRU RQGH VHJXQGR )UHXG QµV
HVWDPRV VHPSUH OLGDQGR FRP R SUD]HU TXH WRPD R OXJDU GR VRIULPHQWR 2 KXPRU
GLVWLQWRGDVSLDGDVHGRF¶PLFRVHJXHH[DWDPHQWHDPHVPDOµJLFD9DPRVH[DPLQDU
XPH[HPSORVXJHULGRSHORSUµSULR)UHXGTXHSRGHVHUFODVVLILFDGRWDPE«PFRPRXP
H[HPSOR GH VXEOLPLGDGH 8P FULPLQRVR FRQGHQDGR ¢ IRUFD QXPD VHJXQGDIHLUD GL]
Ë%HP HVWD VHPDQD HVW£ FRPH©DQGR EHPÌ 3LDGDV F¶PLFR H KXPRU SRVVXHP FHUWRV
WUD©RV HP FRPXP $LQGD DVVLP R KXPRU WDPE«P SRVVXL XPD FDUDFWHU¯VWLFD IDOWDQWH
QRVRXWURVGRLVPRGRVGHREWHQ©¥RGHSUD]HUSHODDWLYLGDGHLQWHOHFWXDO3RVVXLËDOJR
GH JUDQGLRVR H HOHYDGR >HWZDV *UR¡DUWLJHV XQG (UKHEHQGHV@Ì>@ ( HVVD FDUDFWHU¯VWLFD
SURVVHJXH)UHXGËFODUDPHQWHUHFDLVREUHRWULXQIRGRQDUFLVLVPRDDVVHU©¥RYLWRULRVD
GD LQYXOQHUDELOLGDGH GR HX>@ GLI¯FLO Q¥R YHU DTXL R HQTXDGUH IXQGDPHQWDO GR
VXEOLPH SRU«P R PHFDQLVPR RSHUDQWH DLQGD SHUPDQHFH HQTXDQWR XPD TXHVW¥R 2
VXMHLWR FRQIURQWDGR FRP DOJXPD SUR[LPLGDGH WUDXP£WLFD ¢ &RLVD UHVSRQGH
LQWURGX]LQGR XPD QRYD GLVW¤QFLD XP WLSR GH GHVSUHRFXSD©¥R HP IDFH GH DOJR TXH
GUDPDWLFDPHQWHOKHFRQFHUQH2TXHWHPRVDTXL«H[DWDPHQWHDTXLORDRTXH.DQWVH
UHIHUHFRPRVHQGRRSDWKRVGDDSDWLD0DVQRTXHHVVDGLVW¤QFLDVHDSRLD"$UHVSRVWD
GH)UHXG«TXHHODVHDSRLDQRVXSHUHX$DWLWXGHHPTXHVW¥RFRQVLVWHQRVXMHLWRWHQGR
GH ËDIDVWDU R DFHQWR I¯VLFR GR HX H WUDQVS¶OR SDUD R VXSHUHX 3DUD R VXSHUHX HQW¥R
LQIODGR R HX SRGH SDUHFHU SHTXHQLQR H ID] WRGRV RV VHXV LQWHUHVVHV SDUHFHUHP
WULYLDLVÌ>@2VXMHLWRDVVXPHXPWLSRGHSRQWRGHYLVWDGLVWDQWHRXËHOHYDGRÌDFHUFDGR
PXQGRHGHVLSUµSULRHQTXDQWRSDUWHGHVVHPXQGR
/RJR FKHJDPRV DR SRQWR PHQFLRQDGR DFLPD R SRQWR RQGH QR FDPSR GD HVW«WLFD
HPHUJH XPD DJ¬QFLD PRUDO RX «WLFD Çb R VXSHUHX (P WHUPRV GH XPD PHW£IRUD
HVSDFLDOSRGHVHUGLWRTXHRVXSHUHX«RORFDOGHQDVFLPHQWRGRVHQWLPHQWRGRVXEOLPH
ÇXPDGHFODUD©¥RTXHQ¥RGHYHULDQRVVXUSUHHQGHU$GRPLQD©¥RTXHbRVXMHLWRVHQWH
VREUHVLPHVPRHVXDËH[LVW¬QFLDQDWXUDOÌ«SUHFLVDPHQWHDFDSDFLGDGHGRVXSHUHXGH
IRU©DURVXMHLWRDSHVDUGHWRGDVDVGHPDQGDVGDUHDOLGDGHDDJLUFRQWUDULDPHQWHDR
VHXSUµSULREHPHVWDUHDUHQXQFLDUDRVVHXVLQWHUHVVHVQHFHVVLGDGHVHSUD]HUHVHD
WXGRDTXLORbTXHRDWDDRËPXQGRVHQV¯YHOÌ
(QWUHWDQWRRVHQWLPHQWRGHVXEOLPHFRQVLVWHQ¥RDSHQDVQDLQGLFD©¥RGHSUR[LPLGDGH
FRPD&RLVDFRPRDPHD©DGRUDDRVXMHLWRHOH«WDPE«PDRPHVPRWHPSRXPPRGR
GHHYLWDURHQFRQWURFRPHOD(«MXVWDPHQWHHVVHËLQIODUÌGRVXSHUHXTXHDVVXPHDTXL
R SDSHO HVWUDW«JLFR SDUD HYLWDU D &RLVD >GDV 'LQJ@ D SXOV¥R GH PRUWH HP VHX ÈHVWDGR
SXURÉ Çb PHVPR TXH HVVD ËLQIOD©¥RÌ FRQGX]D HOD SUµSULD ILQDOPHQWH ¢ PRUWH FRPR
YLPRV.DQWGL]TXHRVXMHLWRHVW£SURQWRSDUDDEULUP¥RGDSURSULHGDGHGDVD¼GHH
DW«PHVPRGDYLGD3RU«PRIDWRGHQRVHQWLPHQWRGRVXEOLPHRVXMHLWRVHDSRLDU
HPb FHUWR SRQWR QXP DJHQWH PRUDO Q¥R « QHP GH SHUWR XPD LQGLFD©¥R GH TXH HVVD
D©¥R « XP DWR PRUDO RX «WLFR 2V VDFULI¯FLRV TXHb R VXMHLWR HVW£ SURQWR SDUD ID]HU QR
FDPSR GR VXEOLPH Q¥R V¥R GD PHVPD RUGHP GDTXHOHV UHTXHULGRV HP XP SXUR DWR
PRUDO&RORFDQGRGDPDQHLUDPDLVVLPSOHVSRVV¯YHODFRQGL©¥RGRDWR«WLFRSXURTXH
VHG£«DSURQWLG¥RGRVXMHLWRHPbËFRQVHQWLUÌFRPVXDSUµSULDUDVXUDVLPEµOLFDFRPD
UDVXUD QR VLPEµOLFR LVWR « D UDVXUD TXH Q¥R FRQFHUQH DSHQDV ¢ VXD H[LVW¬QFLD
HPS¯ULFD&RQWU£ULRDWDODWLWXGHRTXHHVWDPRVSURQWRVSDUDVDFULILFDUQRFDPSRGR
VXEOLPHVHUYHH[DWDPHQWHSDUDHYLWDUDËPRUWHVLPEµOLFDÌÇbPHVPRVHRSUH©RDVH
SDJDU SRU LVVR VHMD QRVVD YLGD HPS¯ULFD VDFULILFDPRV QRVVR ËVHU HPS¯ULFRÌ TXH
FRQVLGHUDPRV SHTXHQR H LQVLJQLILFDQWH SDUD QRV LQVFUHYHUPRV QR 6LPEµOLFR QD
+LVWµULD« TXHUHPRV ID]HU DOJR ËJUDQGLRVRÌ H ËLPSRUWDQWHÌ FRP QRVVDV YLGDV H Q¥R
QRVSHUGHUPRVQRULWPRURWLQHLURGRVK£ELWRVGL£ULRV4XDQGRRVXSHUHXUHVSRQGHD
HVVHGHVDILRÇbHRGHVDILR«SHQVRHXHVVHQFLDODRVHQWLPHQWRGRVXEOLPHÇVXEPHWH
RVXMHLWR¢GLDO«WLFDJRYHUQDGDSHODOµJLFDLQH[RU£YHOGDOHLVXSHUHJRLFD
(P VHXV SUµSULRV WHUPRV R SUµSULR .DQW WDPE«P DOFDQ©D HVVH PHVPR SRQWR RQGH D
DJ¬QFLDPRUDOHPHUJHQRVXEOLPH(OHFKHJDDW«HVVHbSRQWRDROLGDUFRPRSUREOHPD
GDXQLYHUVDOLGDGH$RMXOJDUXPIHQ¶PHQRHVW«WLFRQ¥RHVWRXSRVWXODQGRRDFRUGRGH
WRGRVHXH[LMRHVVHDFRUGRGHWRGRV>@(QWUHWDQWRDRH[LJLULVVRGHYRPHDSRLDUHP
DOJRHHVVHËDOJRÌ«QRFDVRGRVXEOLPHSUHFLVDPHQWHDDJ¬QFLDPRUDO
>8P MXOJDPHQWR DFHUFD GR VXEOLPH@ WHP VXD IXQGDPHQWD©¥R QD QDWXUH]D
KXPDQD « DOJR TXH MXQWR FRP R VHQVR FRPXP QµV SRGHPRV H[LJLU H
GHPDQGDUGHWRGRVQRPLQDOPHQWHDSUHGLVSRVL©¥RDRVHQWLPHQWRSDUDLGHLDV
SU£WLFDVLVWR«RVHQWLPHQWRPRUDO>@
DVVLP TXH QD WHRULD GH .DQW R PRPHQWR «WLFR VXUJH QR FDPSR GD HVW«WLFD 0DV R
ËVXSHUHXÌWDPE«PSRVVXLFRPRSRGHPRVYHURXWURSDSHOQRVHQWLPHQWRGRVXEOLPH
$JRUD SRGHPRV QRV LQGDJDU R TXH « D &RLVD FXMD SUR[LPLGDGH LQVSLUD QR VXMHLWR
DQJ¼VWLDHSRUYH]HVKRUURU"b2TXH«DFRLVDTXHSURYRFDQDLPDJLQD©¥RGRVXMHLWR
FHUWD DSDUL©¥R GH IDVF¯QLR H KRUURU DR PHVPR WHPSR" 1RVVD WHVH « D GH TXH QD
SHUVSHFWLYD NDQWLDQD R FRQIURQWR FRP DOJR TXH « ËHP VLÌ VLPSOHVPHQWH DVVXVWDGRU
ÇbSRUH[HPSORHSDUDQRVYDOHUPRVGRH[HPSORGH.DQWRVËIXUDF·HVFRPWRGDDVXD
GHYDVWD©¥RTXHGHL[DPSDUDWU£VÌÇbDFRPHWHRVXMHLWRFRPRXPWLSRGHLQFRUSRUD©¥R
GLDQWHGRFUXHOVHOYDJHPHDPHD©DGRUVXSHUHXFRPRRËODGRUHDORXSHUYHUVRÌGDOHL
PRUDOHPQµVGRVXSHUHXHQTXDQWROXJDUGDMRXLVVDQFH(VVHSRGHUGHVWUXWLYR«GH
DOJXP PRGR IDPLOLDU DR VXMHLWR ( « SUHFLVDPHQWH QHVVH SRQWR TXH UHFDL R IDVF¯QLR
FRPHVVHWLSRGHËHVSHW£FXORÌ1DVSDODYUDVGH.DQW
GH IDWR GLI¯FLO SHQVDU QXP VHQWLPHQWR SDUD R VXEOLPH QD QDWXUH]D VHP
FRQHFWDUFRPDH[SLD©¥RPHQWDOVLPLODU¢GRVHQWLPHQWRPRUDO>@
3UHYLDPHQWHQµVQRVYDOHPRVGRH[HPSORGRVXEOLPHGLQ¤PLFRÇbIXUD©·HVFRPWRGD
D GHYDVWD©¥R TXH GHL[DP SDUD WU£V 3RU«P D UHOD©¥R TXH HVWDPRV WHQWDQGR
HVWDEHOHFHU DTXL « Y£OLGD WDPE«P SDUD RXWUR J¬QHUR GH VXEOLPH R VXEOLPH
PDWHP£WLFR6HRVXEOLPHGLQ¤PLFRLQFRUSRUDRDVSHFWRFUXHOPHQWHLQH[RU£YHOHOHWDO
GDDJ¬QFLDPRUDONDQWLDQDSRGHPRVGL]HUSDUDRVXEOLPHPDWHP£WLFRÇbTXHEXVFDD
HWHUQLGDGH H D LQILQLGDGH Ç TXH HOH FRORFD ¢ IUHQWH D GLPHQV¥R GD ËWDUHID LQILQLWDÌ
LPSRVWD VREUH R VXMHLWR GD OHL PRUDO R IDWR GH TXH WXGR R TXH SRGHPRV ID]HU « QRV
DSUR[LPDU LQ LQILQLWXP GR DWR SXUR PRUDO 2X HQW¥R TXH VH FRORFDUPRV HVVD OµJLFD
VRE D SHUVSHFWLYD VDGLDQD HOD VXVWHQWD D IDQWDVLD GR VRIULPHQWR LQILQLWR D IDQWDVLD
QHVVHHQTXDGUHRQGHWRGRFRUSRIXQFLRQDFRPRbFRUSRVXEOLPH
2VHQWLPHQWRGRVXEOLPH«SRVV¯YHODSHQDVQDEDVHGRTXH«UHSULPLGRHUDVXUDGRGR
DVSHFWRPRUDOGDFRQVWLWXL©¥RGRVXMHLWRRTXHSRGHVHUGHVLJQDGRGHPDOGDGHUDGLFDO
ÇbPDOGDGHTXHQ¥RFRQVLVWHQDWUDQVJUHVV¥RGDOHLPDVTXH«DPDOGDGHGDSUµSULD
OHL PRUDO 2 VXEOLPH ËVHQGR DVVLP UHYHOD D VL PHVPR FRPR DOJR LQTXLHWDQWHPHQWH
SUµ[LPR ¢ PDOGDGH D GLPHQV¥R TXH DQXQFLD D VL PHVPD QR FDRV VXEOLPH >«@ « D
PHVPDGLPHQV¥RUDGLFDOGDPDOGDGHHPRXWUDVSDODYUDVGHXPPDOFXMDQDWXUH]D«
SXUDPHQWHÈHVSLULWXDOÉVXSUDVVHQV¯YHOQ¥RËSDWROµJLFDÌ>@
5HWRUQHPRVDJRUD¢FLWD©¥RTXHLQLFLRXHVWHDUWLJRRVËF«XVHVWUHODGRVVREUHPLPÌV¥R
H[DWDPHQWHDËLPDJHPHVSHOKDGDÌGDËOHLPRUDOVREUHPLPÌ1¥R«DPHW£IRUDGHXPD
OHL PRUDO GR VXSHUHX HQTXDQWR XPD DJ¬QFLD «WLFD HOD DFRPHWH R VXMHLWR FRPR VXD
LQFRUSRUD©¥R H VXD UHDO SUHVHQ©D Çb W¥R UHDO TXDQWR SRGH VHU DR Q¯YHO GD LPDJHP (
QµV SRGHPRV FRQFOXLU HVVD OLQKD GH SHQVDPHQWR VHJXLQGR D VHJXLQWH DILUPD©¥R
TXDQWRbPDLVIRUWHIRURVXSHUHXGRVXMHLWRVXDDJ¬QFLDPRUDOPDLVHVVHVXMHLWRVHU£
VHQV¯YHODRVHQWLPHQWRGRVXEOLPHHPDLVGUDVWLFDPHQWHHVWHLU£UHFRQKHFHURDVSHFWR
LQTXLHWDQWHGHVVHHQFRQWURHDVVLPPDLVIRUWHPHQWHHVWHLU£QRWDURTX¥RLQWHUQROKH
«HVVHH[WHULRU>@
$W« DTXL GLVFXWLPRV VREUH D VLWXD©¥R HP TXH QR FDPSR GD HVW«WLFD HPHUJLULD XPD
DJ¬QFLD «WLFD 2OKHPRV DJRUD SDUD R ODGR RSRVWR HP TXH QR FDPSR GD «WLFD HPHUJH
FHUWDFDWHJRULDHVW«WLFD
6H QRV YROWDUPRV SDUD R VHPLQ£ULR GD WLFD GD SVLFDQ£OLVH GH -DFTXHV /DFDQ
R VHJXLQWH IHQ¶PHQR QRV VXUSUHHQGH QR PHLR GH VXD IDOD VREUH «WLFD
TXDQGR HVW£ GLVFRUUHQGR VREUH $QW¯JRQD H FRPR VHX DWR LQVFUHYHVH QR UHJLVWUR GD
«WLFD /DFDQ VXELWDPHQWH FRPH©D D IDODU VREUH D LPDJHP GH $QW¯JRQD H FRQWLQXD D
XWLOL]DU HVVD H[SUHVV¥R SRU WRGR R UHVWR GH VXD DQ£OLVH (OH GHVFUHYH $QW¯JRQD FRP
SDODYUDV TXH VHP G¼YLGD DOJXPD SHUWHQFHP DR FDPSR GD HVW«WLFD IDOD VREUH VXD
VXEOLPH EHOH]D VREUH VHX LQVXSRUW£YHO HVSOHQGRU >«FODW@ TXH FHJD LUUDGLDGR HP VXD
LPDJHP R HVSOHQGRU TXH DWUDL H DVVXVWD DR PHVPR WHPSR (OH FRPHQWD VREUH D
LPDJHPTXHQRVSXULILFDQRVHQWLGRFDW£UWLFRHDLPDJHPFHQWUDOUHODWLYDDWRGDVDV
RXWUDVTXHGHUHSHQWHSDUHFHPUHFDLUVREUHHVWDHGHVDSDUHFHU(OHGHILQH$QW¯JRQD
FRPR D LPDJHP IDVFLQDQWH TXH « DEVROXWDPHQWH SULYLOHJLDGD HP UHOD©¥R DR UHVWR GR
HVSHW£FXOR
3DUD VHU KRQHVWR Q¥R WHQKR FHUWH]D VH R HVSHFWDGRU DOJXPD YH] WUHPH WDQWR
DVVLP0DVHXHQWUHWDQWRWHQKRFHUWH]DTXHHOH«IDVFLQDGRSHODLPDJHPGH
$QW¯JRQD1LVWRHOH«XPHVSHFWDGRU>«@1¥RFRQIXQGDPRVHVVDUHOD©¥RFRPD
LPDJHPSULYLOHJLDGDHRHVSHW£FXORFRPRXPWRGR2WHUPRÈHVSHFWDGRUÉTXH«
QRUPDOPHQWHXWLOL]DGRSDUDGLVFXWLURHIHLWRGDWUDJ«GLDSDUHFHPHDOWDPHQWH
SUREOHP£WLFRVHQ¥RGHOLPLWDUPRVRFDPSRDRTXDOVHUHIHUH1RQ¯YHOGRTXH
RFRUUH HP UHDOLGDGH « XP DXGLWRU TXH HVW£ HQYROYLGR DR LQY«V GH XP
HVSHFWDGRU>@
$GHPDLV GL] /DFDQ WRGD D WUDJ«GLD Ë« DTXLOR TXH VH HVSDOKD SDUD IRUD SDUD TXH D
LPDJHP SRVVD VHU SURGX]LGDÌ>@ 1HVVD HTXLYDO¬QFLD HQWUH $QW¯JRQD H D LPDJHP QD
GHFODUD©¥R GH TXH Ë$QW¯JRQD « D LPDJHPÌ R DFHQWR HVW£ QDTXLOR TXH HVFDSD ¢
HTXD©¥R $QW¯JRQD « D LPDJHP DR SDVVR TXH HOD « D ¼QLFDLPDJHP HQTXDQWR WRGR R
UHVWRQ¥R«DLPDJHPPDVVLPDOJRËVRQRURÌ(DTXLQRVYHPRVGLDQWHGRPRPHQWR
LQFRPSDU£YHO W¥R LPSRUWDQWH SDUD D WHRULD GR VXEOLPH GH .DQW ËR VXEOLPH « DTXLOR
HPFRPSDUD©¥RDRTXDOWRGRRUHVWR«PHQRUÌÇXPDGDVGHILQL©·HVGRVXEOLPHSDUD
.DQW0DVHVVHQ¥R«R¼QLFRSRQWRHPTXH/DFDQGHYHDOJRDb.DQW2SUµSULR.DQWM£
KDYLD VXJHULGR XPD UHVSRVWD ¢ TXHVW¥R GR TX¥R SRVV¯YHO « R VXUJLPHQWR GH XPD
FDWHJRULDHVW«WLFDQRFDPSRGD«WLFD
2REMHWRGHJRVWRGDLQWHOHFWXDOLGDGHSXUDHLQFRQGLFLRQDGD«DOHLPRUDOHP
VXDSRW¬QFLDDIRU©DTXHH[HUFHVREUHFDGDXPGHQµVHVREUHWRGRVDTXHOHV
LQFHQWLYRV GD PHQWH TXH D SUHFHGHP 1D UHDOLGDGH WDO IRU©D UHYHODVH
HVWHWLFDPHQWH DSHQDV SRU PHLR GR VDFULI¯FLR TXH « XPD SULYD©¥R Çb HPERUD
VHMD XPD TXH VLUYD QRVVD OLEHUGDGH LQWHULRU Çb HP WURFD GDTXLOR TXH UHYHOD
HP QµV XPD LQVRQG£YHO SURIXQGLGDGH GHVVH SRGHU VXSUDVVHQV¯YHO FXMDV
FRQVHTX¬QFLDVY¥RSDUDDO«PGDTXLORTXHFRQVHJXLPRVSUHYHU>@
2 VDFULI¯FLR « D FRLVD TXH LQWURGX] R PRPHQWR HVW«WLFR QD «WLFD H HVWD WDPE«P « D
H[SOLFD©¥R GH /DFDQ SDUD HVVH IHQ¶PHQR /DFDQ DWULEXL R IDVFLQDQWH FDU£WHU GD
LPDJHPGH$QW¯JRQDDRIDWRGHTXHHODVHU£HQWHUUDGDYLYDVLWXDGDQRFDPSRËHQWUH
GXDVPRUWHVÌÇHDVVLPVHQGRSRUHODVHUHVVDËWHUU¯YHOREVWLQDGDY¯WLPDÌ
6DEHPRVPXLWREHPTXHDFLPDHSDUDDO«PGRGL£ORJRDFLPDHSDUDDO«PGDV
TXHVW·HVGHIDP¯OLDHGR(VWDGRDFLPDHSDUDDO«PGRVDUJXPHQWRVPRUDLV«D
SUµSULD $QW¯JRQD TXH QRV IDVFLQD $QW¯JRQD HP VHX LQVXSRUW£YHO HVSOHQGRU
(OD SRVVXL D TXDOLGDGH TXH QRV DWUDL WDQWR TXDQWR QRV LQFRPRGD QR VHQWLGR
HPTXHQRVLQWLPDGDHVVDWHUU¯YHOREVWLQDGDY¯WLPDQRVSHUWXUED>@
(SRGHPRVQRVSHUJXQWDURTXH«HVVHDVSHFWRGRVDFULI¯FLRRXGDËY¯WLPDREVWLQDGDÌ
TXH SRU PHLR GH FHUWD QHFHVVLGDGH LQWHULRU SURGX] WDO LPDJHP D VXEOLPH LPDJHP"
>@
3DUD HVSHFLILFDU D UHOD©¥R HQWUH R VDFULI¯FLR H D LPDJHP WHPRV GH GHPDUFDU DTXL D
SULQFLSDOGLIHUHQ©DHQWUHREHORHRVXEOLPH.DQWDVVRFLDREHORFRPRTXHFKDPDPRV
GH D ËSURSRVLWLYLGDGH VHP SURSµVLWRÌ ,VVR TXHU GL]HU TXH FRLVDV EHODV Q¥R W¬P
SURSµVLWRSDUDDO«PGHODVPHVPDVDLQGDDVVLPHVW¥RHVWUXWXUDGDVFRPRVHWLYHVVHP
$PDLVVLPSOHVGHILQL©¥RGHEHORSRGHVHUDGHTXHVHMDXPDIRUPDSOHQDbGHVHQWLGR>@
TXH UHWLUD R VHX IDVF¯QLR GR IDWR GH TXH VDEHPRV TXH HVVD IRUPD « LQWHLUDPHQWH
IRUWXLWDFRQWLQJHQWHHVHPLQWHQ©¥R6HFRPRSURS·H.DQWWRPDUPRVXPH[HPSORGD
QDWXUH]DFRPRDEHOH]DGHXPFULVWDOQµVSRGHPRVGL]HUTXHDEHOH]DQRVDIHWDFRPR
XP WLSR GH SURYD GH TXH D QDWXUH]D VDEH R TXH HVW£ ID]HQGR 3RU RXWUR ODGR R
VXEOLPH«H[SOLFLWDPHQWHXPDIRUPDVHPVHQWLGRDOJRFRPRDHQFDUQD©¥RGRFDRVD
HUXS©¥RGHXPYXOF¥RDWXUEXO¬QFLDRFH¤QLFDXPDWHPSHVWDGHQRWXUQD«$SDUHFH
FRPR SXUR H[FHVVR FRPR D HUXS©¥R GD ËMRXLVVDQFHÌ RX HQW¥R HQTXDQWR SXUR UHVWR
(PRXWUDVSDODYUDVVHGLVVHUPRVTXHREHOR«ROXJDURQGHD1DWXUH]DVDEHSRGHPRV
GL]HUTXHRVXEOLPH«ROXJDURQGHD1DWXUH]DJR]DH«SUHFLVDPHQWHHVVDMRXLVVDQFH
GR2XWURDMRXLVVDQFHTXHQ¥RVHUYHDbQDGDTXHQRVIDVFLQD6HGHUPRVDVFRVWDVDR
VXEOLPH TXH HPHUJH GR QRVVR WHVWHPXQKR GR DWR VDFULILFLDO R GH $QW¯JRQD SRU
H[HPSOR SRGHPRV GHILQLOR FRPR XPD UHVSRVWD DR TXH DSDUHFH FRPR ËSXUDPHQWH
VHPVHQWLGR>@ÌQRVWHUPRVGRSULQF¯SLRGDUHDOLGDGH(VWDPRVIDODQGRDTXLVREUHR
DWR HP TXH IDOWD XPD FDXVD ËUHDOÌ DVVLP FRPR XP SURSµVLWR ˼WLOÌ RX PDLV
SUHFLVDPHQWH XP DWR TXH HP VXD UHDOL]D©¥R GH DWR VDFULILFLDO HQFHQD XPD IDOWD
HQTXDQWRWDO.DQWXVDDTXLRWHUPRËSULYD©¥RÌ(«SRULVVRTXHHVVHDWRVHDSUHVHQWD
DSHQDV HP WHUPRV OLP¯WURIHV GD LPDJHP RX VHMD FRPR XP EULOKR XP FLQWLODU XPD
DXUD
8PGRVPDLVVRILVWLFDGRVH[HPSORVGDUHOD©¥RGDLPDJHPVXEOLPHFRPRËDELVPRGD
MRXLVVDQFHÌ QR FHQ£ULR GR TXDO HPHUJH TXH DQXQFLD H DR PHVPR WHPSR HP TXH
SUR¯EHVHXDFHVVR«SURYDYHOPHQWHRFRQWRË2VIDWRVQRFDVRGRb6U9DOGHPDUÌGH3RH
(VVDUHOD©¥R«SUHFLVDPHQWHHQWUHDPDVVDUHSXOVLYDHGLVIRUPHDGLVVROX©¥RQRMHQWD
DVXEVW¤QFLDGDMRXLVVDQFHHPTXHRFRUSRGH9DOGHPDU«WUDQVIRUPDGRQRPRPHQWR
HPTXHDFRUGDGRWUDQVHPHVP«ULFRHSRURXWURODGRRFRUSRVXEOLPHGH9DOGHPDU
PDQWLGR SRU VHWH PHVHV QR HVWDGR GH WUDQVH PHVP«ULFR VRE R GLVIDUFH GDTXLOR TXH
LUUHSUHHQVLYHOPHQWH WUDQVIRUPDVH QD &RLVD QR VHQWLGR XWLOL]DGR WDQWR SRU )UHXG
TXDQWR SRU -RKQ &DUSHQWHU ËMD]LD XPD TXDVH O¯TXLGD PDVVD GH QRMHQWD H GHWHVW£YHO
SXWUHVF¬QFLDÌ>@
2LQTXLHWDQWHQDLPDJHPVXEOLPHGRFRUSRGH9DOGHPDUHPVHXVRQR«DVXDYR]VXD
YR]SDUDGR[DOTXHVXSRVWDPHQWHWHVWHPXQKDULDTXHRVHXSRUWDGRUDLQGDHVW£YLYR
PDV«DSHQDVFDSD]GHSURQXQFLDUUHSHWLGDPHQWHWU¬VSDODYUDVË(XHVWRXPRUWRÌ2
TXH QRV DWLQJH DTXL FRPR LQTXLHWDQWH « D LQVFUL©¥R R WUD©R GH ¯QWLPD OLJD©¥R D
LQVXSRUW£YHO LGHQWLGDGH GR HVSOHQGRU GD LPDJHP VXEOLPH H GH XP SXUR QRMR
LQRPLQ£YHO 2 TXH « LQTXLHWDQWH Q¥R « DSHQDV HVVD PDVVD UHSXOVLYD PDV D FRQH[¥R
SDUDGR[DOHQWUHRDVFRHRVXEOLPH(VVD«WDPE«PDUD]¥RSHODTXDORIHQ¶PHQRGR
VXEOLPH DVVLP FRPR R GR LQTXLHWDQWH HVW¥R UHODFLRQDGRV FRP R IHQ¶PHQR GD
DQDPRUIRVHRQGHHVW¥RFRQWLGDVGXDVLPDJHQVHPXPDVµLPSRUWDQWHUHVVDOWDUTXH
DVXEOLPLGDGHPHVPRQDOLWHUDWXUDFRPRYLPRVQRFDVRGH$QW¯JRQDLVWR«QRWH[WR
HVFULWR SURGX] VHPSUH XPD LPDJHP SUHFLVDPHQWH R LPDJLQ£YHO GR WH[WR TXH
SURGX]DLPDJHPHDSURGX]QDIRUPDGRGDV6FKHLQEULOKRRXHVSOHQGRU$LPDJHPH
VXDLPSRVVLELOLGDGHRXVXDLQWHUGL©¥RWUDEDOKDPMXQWDVDTXL(VVDSRGHVHUXPDGDV
UD]·HVSHODVTXDLV.DQWDILUPDË7DOYH]DPDLVVXEOLPHSDVVDJHPQD/HL-XGDLFDVHMDR
PDQGDPHQWR1¥RIDU£VSDUDWLLPDJHPGHHVFXOWXUDQHPDOJXPDVHPHOKDQ©DGRTXH
K£QRVF«XVRXQDWHUUDQHPGHEDL[RGDWHUUDÌ>@
3RGHVHGL]HUTXHRVXEOLPH«VHPSUHDOJRTXH«VLWXDGRHQWUHDUHDOLGDGHHDËFDUHWD
GR 5HDOÌ QR VHQWLGR ODFDQLDQR (P RXWUD GH VXDV KLVWµULDVË$ TXHGD GD &DVD GH
8VKHUÌ3RHLQFOXLXPSRHPDTXHVHHQFHUUDQRVVHJXLQWHVYHUVRV
3HODSRUWDS£OLGD
8PDPXOWLG¥RPHGRQKDVDLFRUUHQGRHWHUQDPHQWH
(ULÇVHPMDPDLVVRUULU
6H DFUHVFHQWDUPRV DV SDODYUDV GH -HDQ (SVWHLQ TXH IH] XP H[FHOHQWH ILOPH EDVHDGR
QHVVD KLVWµULD SDODYUDV TXH VHJXHP GD VHJXLQWH PDQHLUD Çb Ë2V URVWRV GRV PRUWRV
SRVVXHPXPROKDUHQ¥RPDLVSRVVXHPROKRVÌ>@bÇFRQVHJXLPRVDVVLPFRPSUHHQGHU
PHOKRURTXHËDFDUHWDGR5HDOÌSRGHULDVHU2VXEOLPH«SUHFLVDPHQWHROXJDURQGHD
UHDOLGDGH ID] IURQWHLUD FRP R FDPSR HP TXH DV IDFHV GRV PRUWRV ULHP VHP MDPDLV
VRUULUSRVVXHPXPROKDUVHPWHUHPROKRV
¿
1RYLJ«VLPRVH[WRSDU£JUDIRGD&U¯WLFDGRMX¯]Rb.DQWIRUPXODDOJRTXHSRGHVHUDTXL
UHIHULGR HQTXDQWR ËR SULPHLUR WHRUHPD GR VXEOLPHÌ (OH RIHUHFH XPD HVS«FLH GH
HVTXHPDXPHVER©RP¯QLPRGHFRPRRVXEOLPHRSHUD'DGRRIDWRGHHVVDSDVVDJHP
HVWDUb ORFDOL]DGD QD VH©¥R RQGH VH GLVFXWH R ËPDWHPDWLFDPHQWH VXEOLPHÌ R SRQWR
FHQWUDOHPWRUQRGRTXDOJLUDWRGDDFRQFHLWXD©¥R«RGDPDJQLWXGH6RPRVOHPEUDGRV
GLVVRORJRQRW¯WXORGRSDU£JUDIRHPTXHVW¥RË6REUHHVWLPDUDPDJQLWXGHGDVFRLVDV
GD QDWXUH]D FRPR GHYHPRV ID]¬OR SDUD D ,GHLD GH 6XEOLPHÌ $ HVWLPD©¥R GD
PDJQLWXGH « D FKDYH SDUD D ,GHLD GH 6XEOLPH (VVD IRUPXOD©¥R Q¥R « QHP GH SHUWR
µEYLDPDVVLPVXUSUHHQGHQWH(QWUHWDQWRDQWHVGHIRFDUPRVQHVVHSRQWRHHPVXDV
LPSOLFD©·HV H[DPLQHPRV R TXH FKDPDPRV GH SULPHLUR WHRUHPD GR VXEOLPH H D
PDQHLUD FRPR .DQW DOFDQ©D HVVD IRUPXOD©¥R 3ULPHLUDPHQWH HOH FRQWUDS·H
HVWLPD©·HV GH PDJQLWXGHV PDWHP£WLFDV H HVW«WLFDV SDUD SRVWHULRUPHQWH IRUPXODU D
¼OWLPDHQTXDQWREDVHGDDQWHULRU%UHYHPHQWHDHVWLPD©¥RPDWHP£WLFDGHPDJQLWXGH
RSHUDVREUHFRQFHLWRVQXP«ULFRVHQTXDQWRDHVWLPD©¥RHVW«WLFDGHPDJQLWXGHLPSOLFD
DFRPSUHHQV¥RGDPDJQLWXGHH[FOXVLYDHVLPSOHVPHQWHHPLQWXL©¥R$QVFKDXXQJÇH
« FRPR DILUPDb .DQW Ë1DFK GHP $XJHQPDVVHÌ ËFRUWDGR ¢ PHGLGD GR ROKRÌ 1µV
SRGHPRVWRPDUXPGHWHUPLQDGRFRQFHLWRGRTX¥RJUDQGHDOJR«DSHQDVSRUHVWLPDU
VXDPDJQLWXGHPDWHP£WLFDLVWR«QRVXWLOL]DQGRGHQ¼PHURVTXHSRGHPSURJUHGLUDR
LQILQLWR (QWUHWDQWR SDUD D HVWLPD©¥R GH PDJQLWXGH PDWHP£WLFD SUHFLVDPRV GH XPD
PHGLGD LQLFLDO RX SULPHLUD XPD XQLGDGH TXH VLUYD FRPR PHLRV SDUD WRGDV DV
PHGLGDV ( HVVD PHGLGD LQLFLDO VRPHQWH SRGH VHU FRPSUHHQGLGD QD LQWXL©¥R 7RGRV
HVVHVF£OFXORVPDWHP£WLFRVFLHQW¯ILFRVV¥REDVHDGRVHP¼OWLPDDQ£OLVHQDHVWLPD©¥R
HVW«WLFDGHPDJQLWXGHTXHUHSUHVHQWDDLUUHGXWLELOLGDGHSU«FLHQW¯ILFDRXRPRPHQWR
ËWUDQVFHQGHQWDOÌ GD PDWHP£WLFD GD FL¬QFLD $ XQLGDGH GH PHGLGD R 8P , QR TXDO
WRGRV RV F£OFXORV VXEVHTXHQWHV V¥R EDVHDGRV « VHPSUH DOJR TXH SRGH VHU FDSWXUDGR
DSHQDVSRULQWXL©¥R1¥R«RËXPÌGDV«ULHQXP«ULFD««RËXPÌTXHSUHFHGH
TXDOTXHUFRQWDJHPHTXHDWRUQDSRVV¯YHO$VVLPWUDWDVHGHXPDPDJQLWXGHDEVROXWD
Q¥RSRGHPRVGL]HUTXH«GHVVDbRXGDTXHODPDJQLWXGH«VLPSOHVPHQWHPDJQLWXGHÇ
HQFDUQD SRU DVVLP GL]HU R VHU GD SUµSULD PDJQLWXGH $ FRPSUHHQV¥R HVW«WLFD GD
PDJQLWXGH « R JHVWR TXH EDOL]D D PHGLGD E£VLFD FRP D DMXGD GD TXDO RSHUD D
LPDJLQD©¥RTXDQGRDSUHVHQWDPVHFRQFHLWRVQXP«ULFRV(QWUHWDQWRÇbHDTXLHVWDPRV
M£ SUµ[LPRV GR QRVVR ËWHRUHPDÌ Ç VH Q¥R K£ P£[LPR SDUD D HVWLPD©¥R PDWHP£WLFD
GH PDJQLWXGH Q¼PHURV SRGHP SURJUHGLU LQILQLWDPHQWH K£ XP P£[LPR SDUD D
HVWLPD©¥RHVW«WLFDGHPDJQLWXGH>@2TXHVHVHJXHDJRUD«XPDILJXUDGHOLQJXDJHP
EDVWDQWHSDUWLFXODUTXHQRVVXUSUHHQGHHVSHFLDOPHQWHVHHVWDPRVKDELWXDGRVFRPD
PDQHLUD FRP D TXDO .DQW HVFUHYH FRPb XPD GLF©¥R FRPSOHWDPHQWH GLIHUHQWH Ë8QG
YRQGLHVHQVDJHLFKÌGL].DQWËHDUHVSHLWRGLVVRGLJRÌ(X,PPDQXHO.DQWFRQYRFR
WRGDDPLQKDDXWRULGDGHILORVµILFDSDUDRbVHJXLQWHD[LRPD
2UDFLRF¯QLRGH.DQWFRPRSXGHPRVDFRPSDQKDUDW«RPRPHQWRSRGHVHUUHVXPLGR
QR ËMXOJDPHQWR HVSHFXODWLYRÌ D PDJQLWXGH DEVROXWD 2 Ë8PÌ R XP ¼QLFR D
XQLGDGHGHPHGLGDTXHSUHFHGHTXDOTXHUPHGLGD«SUHFLVDPHQWHRPHLRSHORTXDOD
LQILQLWXGH«ËLQFOX¯GDÌQRILQLWRHDWUDY«VGDFRLVDPDLVILQLWDHOLPLWDGDTXHSRGHPRV
QRV GHSDUDU QR SDUDGLJPD GD PDJQLWXGH DEVROXWD QR FDVR GD LQWXL©¥R DILQDO
HVWDPRV OLGDQGR FRP D PDLV WULYLDO ËOLPLWD©¥R I¯VLFDÌ Çb R OLPLWH GR QRVVR FDPSR GH
YLV¥RSRUH[HPSOR$LQWXL©¥RTXHFRUUHVSRQGH¢PHGLGDGRROKRHFXMROLPLWHQHVVH
FDVR«ROLPLWHGHËUHFRQKHFLPHQWRÌGDPDJQLWXGHDEVROXWDGRQRVVRSUµSULRFDPSR
GHYLV¥RPDVXPDPDJQLWXGHDEVROXWDTXHR«LVWR«DEVROXWDDSHQDVSDUDRVXMHLWR
TXHMXOJD(VVDPDJQLWXGHDEVROXWDVXEMHWLYDPHQWHLQFLWDDLGHLDGRVXEOLPHHPQµV
SRUTXHDLGHLDGRVXEOLPHHPVL«GHILQLGDHQTXDQWRDTXHODGHPDJQLWXGHDEVROXWD$
GHILQL©¥R QRPLQDO GR VXEOLPH PDWHP£WLFR SURSRVWR SRU .DQW « HVWD Ë1µV SRGHPRV
FKDPDUGHVXEOLPHRTXH«DEVROXWDPHQWHJUDQGHÌ/HYDUHPRVHPFRQVLGHUD©¥RbXP
GRV H[HPSORV GH VXEOLPH HPb .DQW (QWUHWDQWR DQWHV GH ID]¬OR LUHPRV FRQVLGHUDU
DOJXPDVFDUDFWHU¯VWLFDVIXQGDPHQWDLVGRPDWHPDWLFDPHQWHVXEOLPH
2VXEOLPHSRGHVHUGHFRPSRVWRHPGRLVPRPHQWRVE£VLFRV$QR©¥RHRËPHFDQLVPRÌ
GR VXEOLPH LPSOLFDP XPD FHUWD G¯DGH 2 TXH VHULD HVVD ËG¯DGH GR VXEOLPH"Ì 2 TXH
WHPRVDTXLWUDWDVHGDDUWLFXOD©¥RHVSHF¯ILFDGDTXLORTXH/DFDQHPVHXIDPRVR
HVFULWRVHUHIHUHHQTXDQWRRWHPSROµJLFR,VVRbTXH«UHFRUGDPRVDTXLFRPSRVWRSRU
WU¬V FRPSRQHQWHV R LQVWDQWH GR ROKDU OÉLQVWDQW GX UHJDUG R WHPSR GH
FRPSUHHQGHU>@OHWHPSVSRXUFRPSUHQGUHbHRPRPHQWRGHFRQFOXLUOHPRPHQWGH
FRQFOXUH$HVSHFLILFLGDGHGDTXLORTXHSRGHPRVFKDPDUGHËWHPSROµJLFRGRVXEOLPHÌ
FRQVLVWH EUHYHPHQWH QD VXVSHQV¥R GR VHJXQGR FRPSRQHQWH R WHPSR GH
FRPSUHHQGHU1RVXEOLPHFRPRDSRQWD.DQWQ¥RK£WHPSRGHFRPSUHHQGHUQ¥RK£
GXUD©¥R GH WHPSR RQGH R VXMHLWR SRVVD PHGLU FRP VHXV ROKRV H FRPSUHHQGHU RX
HQWHQGHU DTXLOR TXH HVW£ REVHUYDQGR 6REUDP DSHQDV R LQVWDQWH GR ROKDU H R
PRPHQWR GH FRQFOXLU .DQW GHVFUHYH R LQVWDQWH GR ROKDU FRPR ËXPD PRPHQW¤QHD
LQLEL©¥RGDVIRU©DVYLWDLVÌ>@(OHWDPE«PGHVFUHYHFRPRXPDDJLWD©¥RËTXHSRGHVHU
FRPSDUDGD FRP XPD YLEUD©¥R LVWR « FRP XPD U£SLGD DOWHUQ¤QFLD GH UHSXOV¥R H
DWUD©¥RSRUXPVµHPHVPRREMHWRÌ>@2VHJXQGR«RPRPHQWRTXDQGRPHGRXFRQWD
GDLQDGHTXD©¥RGRDSUHVHQWDGR9RUVWHOOXQJDEUD©DQGRRDEVROXWRHDVVLPFKHJDQGR
DXPDFRQFOXV¥RVREUHRVXSUDVVHQV¯YHOHPPLPPHVPR(VVHPRPHQWRHVW£bOLJDGRDR
KXPRU>@GRVXMHLWRTXH.DQWGHVFUHYHFRPRËDXWRHVWLPD©¥RÌHËDHPR©¥RGRJRVWDUÌ
XP PRPHQWR GH ËSUD]HU PHGLDGRÌ SUD]HU QD GRU RQGH R VXMHLWR JR]D GD
VXSHULRULGDGHGHVXDEDVHVXSUDVVHQV¯YHOGLDQWHGHWXGRDTXLORTXH«VHQV¯YHO
9HMDPRV DJRUD HP XP GRV H[HPSORV GH .DQW GR VXEOLPH XP H[HPSOR FXMD
SUHJQ¤QFLDb UHFDL QR IDWR GH TXH Q¥R « W¥R ËLQRFHQWHÌ RX QHXWUR TXDQWR SRGHULD
DSDUHQWDU ¢ SULPHLUD YLVWD H DVVLP QRV GL] PDLV VREUH R VXEOLPH GR TXH PXLWRV
RXWURVH[HPSORV
2 H[HPSOR « PHGLDGR SHOR HQTXDGUDPHQWR GH XPD QDUUDWLYD D OHQGD TXH .DQW
XVXUSDbGH6DYDU\>@(PVXDV&DUWDVVREUHR(JLWR>/HWWUHVVXUOÉ(J\SWH@VHJXQGR.DQW
6DYDU\ FRPHQWD TXH SDUD WHU R HIHLWR HPRFLRQDO FRPSOHWR GD PDJQLWXGH GDV
SLU¤PLGHV Q¥R VH GHYH QHP FKHJDU W¥R SHUWR QHP W¥R ORQJH 3RLV VH VH ILFD ORQJH
GHPDLV DV SDUWHV DV SHGUDV TXH DV FRQVWURHP PRVWUDPVH DSHQDV REVFXUDPHQWH H
DVVLP VXD DSUHVHQWD©¥R Q¥R FDXVD HIHLWR QR MX¯]R HVW«WLFR GR VXMHLWR H VHb VH
FKHJDbSHUWRGHPDLVRROKRSUHFLVDGHXPFHUWRWHPSRSDUDFRPSOHWDUDDSUHHQV¥RGD
EDVH DR WRSR PDV DR ORQJR GHVVH WHPSR DOJXPDV GDV SDUWHV SULPHLUDV
LQYDULDYHOPHQWH GLVVROYHP GD LPDJLQD©¥R DQWHV TXH VH DSUHHQGD DV SUµ[LPDV Ç H
DVVLP D FRPSUHHQV¥R QXQFD « FRPSOHWD 2 HVSHFWDGRU SURVVHJXH .DQW SRVVXL D
VHQVD©¥Rb GH TXH VXD LPDJLQD©¥R « LQDGHTXDGD SDUD H[LELU D LGHLD GH XP WRGR XPD
VHQVD©¥R QD TXDOb D LPDJLQD©¥R DOFDQ©D R VHX P£[LPR DIXQGD HP VL PHVPD PDV
FRQVHTXHQWHPHQWHSDVVDDVHQWLUXPJRVWRTXHHTXLYDOHDXPDHPR©¥R>@
(VVD«DQDUUDWLYDGH6DYDU\VRPDGDDDOJXPDVFRQVHTX¬QFLDVDSRQWDGDVSRU.DQW-£
QHVVH HQTXDGUDPHQWR E£VLFR HQFRQWUDPRV XP DU GH PLVW«ULR GH LQTXLHWXGH TXH «
EDVWDQWHLPSRUWDQWHQRVHQWLPHQWRGRVXEOLPH&DUWDVVREUHR(JLWRbÇbDQDUUDWLYDD
KLVWµULDÇQ¥RFRQVLVWHbMXVWDPHQWHbHPbWUDQVPLWLUXPPLVW«ULRQHVVHFDVRRPLVW«ULR
GDVSLU¤PLGHV"$VSLU¤PLGHVSHUWHQFHQWHVDbRXWURWHPSRHRXWUROXJDUV¥RWDPE«P
FDWDFXPEDVHODELULQWRVHODVVHPSUHQRVFRQIURQWDPFRPDOJXPHQLJPD
$V SLU¤PLGHV VHPSUH IRUDP WHPD GH KLVWµULDV H OHQGDV 1R OLYUR /ÉLQWHUI«UHQFHb >$
LQWHUIHU¬QFLD@0LFKHO6HUUHVLQWHUURJDHQWUHRXWUDVFRLVDVXPDGHVVDVËOHQGDVÌ
TXH HVW¥R GH SHUWR FRQHFWDGDV DRV SUREOHPDV FRP TXH HVWDPRV OLGDQGR DTXL DV
TXHVW·HVGHHVWLPD©¥RGDPDJQLWXGHGRWHPSRHVSD©RHGRPLVWHULRVR0DLVXPDYH]
WXGR FRPH©D FRP D PXOWLSOLFLGDGH GH LQVW¤QFLDV GD HQXQFLD©¥R 'LµJHQHV GH /D«UFLR
GL]Ë-HU¶QLPRGLVVHTXH7DOHVPHGLXDVSLU¤PLGHVPHGLQGRVXDVVRPEUDVGHSRLVTXH
GHVFREULXDTXHKRUDVQRVVDSUµSULDVRPEUD«LJXDO¢QRVVDSUµSULDDOWXUDÌ
$IRUPD¼QLFDPRVWUDVHSDUDDQRVVDREVHUYD©¥RHPXPHVRPHQWHbXPPRPHQWRGR
GLD TXDQGR D FRLVD FRLQFLGH FRP D VXD SUµSULD VRPEUD D VRPEUD TXH 7DOHV
GHPDUFDbTXDQGRRLQDFHVV¯YHOFRLQFLGHFRPRDFHVV¯YHO2SULQFLSDOSUREOHPDDTXL«
SUHFLVDPHQWHHVVHMRJRHQWUHDFHVV¯YHOHLQDFHVV¯YHOYDUL£YHOHLQYDUL£YHO
2 LQYDUL£YHO « D SLU¤PLGH TXH HVW£ K£ V«FXORVb VRE R VRO HJ¯SFLR $V YDUL£YHLV V¥R RV
PRYLPHQWRV DSDUHQWHV GR VRO D GXUD©¥R H D SRVL©¥R GD VRPEUD 'D¯ D LGHLD GR
UHOµJLRHGHPHGLURWHPSR8PDSLU¤PLGH«RJQ¶PRQHVHXWUD©RPRVWUDRWHPSR$
PHGL©¥R GR HVSD©R « DTXL D PHGL©¥R GH WHPSR ( QHVVH FRQWH[WR 7DOHV UHSUHVHQWD
XPD UDGLFDO VXEYHUV¥R VXD LGHLDEDVHb « UHYROXFLRQ£ULD WUD] ¢ OX] XP WLSR GH
ËLQYHUV¥RVXEOLPHÌ&RPRDSRQWD6HUUHV>@DRLQY«VGHGHL[DUDSLU¤PLGHIDODUGRVRO
H GR FXUVR GR WHPSR RQGH R FRQKHFLPHQWR LQYDUL£YHO GLWDULD D PHGLGD GR YDUL£YHO
HOH GHPDQGD TXH R VRO IDOH GD SLU¤PLGH HOH GHPDQGD GD YDUL£YHO TXH HVWD IDOH
FRQWLQXDPHQWH GDTXLOR TXH SHUPDQHFH LPXW£YHO 2 LQYDUL£YHO Q¥R « PDLV R TXH QRV
SHUPLWH GLVWLQJXLU RV GHVYLRV H GLYHUJ¬QFLDV GR YDUL£YHO $R FRQWU£ULR GLVVR 7DOHV
GLVWLQJXHHPPHLRDRbYDUL£YHODGHVFRQKHFLGDFRQVWDQWHGRLQYDUL£YHO(PXPGDGR
PRPHQWR HOH GHPDUFD D VRPEUD R FRQWRUQR GH SDVVDJHP (P RXWUDV SDODYUDV HOH
SDXVDRWHPSRSDUDPHGLURHVSD©R(PXPPRPHQWR¼QLFRHOHSDUDRPRYLPHQWRGR
VROHOHFRQJHODRWHPSRQRLQVWDQWHHPTXHDVRPEUDQDDUHLDWUDQVIRUPDVHQDFRLVD
HP VL TXDQGR R YDUL£YHO HP VL DFHUWD D FRQVWDQWH GR LQYDUL£YHO H PXGD DVVLP RV
SDS«LVGDYDUL£YHOHGDLQYDUL£YHO
(VVD VHJXQGD KLVWµULD D KLVWµULD VREUH 7DOHV PHGLQGR DV SLU¤PLGHV SHODV VXDV
VRPEUDVGHSRLVGHGHVFREULUTXDQGRVXDVSUµSULDVRPEUD«LJXDO¢VXDDOWXUDDMXGD
QRVDFRPSUHHQGHUDSULPHLUDKLVWµULDTXH.DQWXWLOL]DSDUDGHVHQYROYHUDVXDWHRULD
GRVXEOLPH
(VWDPRV GLDQWH GD SLU¤PLGH H QµV VRPRV RV HVSHFWDGRUHV LVVR TXHU GL]HU TXH D
HVWDPRV YHQGR HQTXDQWR HVWD ËPDQLIHVWDVH SDUD R ROKRÌ ( HVWD VH PDQLIHVWD FRPR
VHQGRPXLWRJUDQGHLQDFHVV¯YHOHLPSRVV¯YHOGHVHUFDSWXUDGDHPDSHQDVXPROKDU2
TXHPDLVKDYHULDGHID]HUSDUDDLPDJLQD©¥RFRQVLGHUDQGRTXH«UHVWULWD¢LQWXL©¥RH
Q¥RSRGHFRQWDUFRPFRQFHLWRVPDVUHSHWLQGRRËWUXTXHÌGH7DOHVHODSDXVDRWHPSR
SDUD TXH FRQVLJD PHGLU R HVSD©R 8PD YH] TXH R ROKR UHTXHU XP FHUWR WHPSR SDUD
FRPSUHHQGHURWRGRDVVLPSHUGHQGRWDQWRGHXPODGRTXDQGRJDQKDQGRGRRXWURD
LPDJLQD©¥R SHUFHEH SRU DVVLP GL]HU TXH LVVR Q¥R LU£ IXQFLRQDU $ LPDJLQD©¥R
ËSHUFHEHÌTXHQ¥R«IHLWDGDPHGLGDLQYDUL£YHOGDLGHLDPDVSHODPHGLGDYDUL£YHO
GRV VHQWLGRV (P VHX HVIRU©R GH H[SDQGLU HVVH TXDGUR GD VHQVLELOLGDGH DIXQGD GH
YROWD HP VL PHVPR H SURGX] DVVLP D LGHLD GH VXEOLPLGDGH 2 PRPHQWR GHFLVLYR «
SUHFLVDPHQWH R PRPHQWR GR HVIRU©R %HVWUHEXQJ $TXL D LPDJLQD©¥R ËVHJXUD VXD
UHVSLUD©¥RÌSDUDRWHPSRSDXVDRPRYLPHQWRGRVRO1RSUµSULRVHQV¯YHODRORQJRGR
WHPSRGHPDUFDRPRPHQWRVHPWHPSRQRTXDObPHQVXUDRHVSD©R
7HPSR H HVSD©R V¥R ËIHQ¶PHQRVÌ ¼QLFRV TXH Q¥R SRVVXHP VHX FRUUHODWR ËHP VLÌ RX
PDLVSUHFLVDPHQWHFDGDXPGHOHVbRSRVVXLQRRXWURWHPSRHPVLb«HVSD©RHHVSD©R
HPVL«WHPSRSRULVVRTXHVHJXQGR.DQWQ¥RV¥RIHQ¶PHQRVPDVIRUPDVDSULRUL
GRVHQV¯YHOV¥RLQWXL©·HVTXHDSHQDVFULDPIHQ¶PHQRVFRPRREMHWRVSRVV¯YHLVSDUDD
H[SHUL¬QFLD(RTXHDFRQWHFHFRPRVXEOLPH"$TXLDLQWXL©¥RÇbHQTXDQWRVXVSHQGHR
FXUVRGRWHPSRHQTXDQWRWDPE«PVXVSHQGHVXDSUµSULDFRQGL©¥RHEDVHVXDSUµSULD
IRUPD SDUD TXH FRQVLJD UHDOL]DU XPD FRPSUHHQV¥R VLPXOW¤QHD Çb DIXQGD VREUH VL
PHVPD DIXQGD QR SUµSULR WHPSR QR Q¥R WHPSR QR HVSD©R 5HVYDOD SDUDb R WHPSR
RQGH « QHFHVV£ULR FRPH©DU QRYDPHQWH GR QDGD 5HVYDOD SDUD R WHPSR GH FUHDWLR H[
QLKLOR5HVYDODbSDUDRSRQWRTXH«VHSRGHPRVGL]HUDW«ËPDLVWUDQVFHQGHQWDOÌTXHD
V¯QWHVH WUDQVFHQGHQWDO GD DSUHHQV¥R QD LQWXL©¥R Ç VHXV UHVXOWDGRV V¥R RV REMHWRV
SRVV¯YHLVGDH[SHUL¬QFLD5HVYDODSDUDRSRQWRTXHUHSUHVHQWDDOJXPWLSRGHFRUUHODWR
HVW«WLFRGHQR©¥RVDGLDQDGHFULPHUDGLFDOÇFULPHTXHOLEHUDULDDQDWXUH]DGHVXDV
DPDUUDVHGHVXDVOHLV1DH[SHUL¬QFLDGRVXEOLPHRVXMHLWRVHDSUR[LPDGDEHLUDGDGD
VHJXQGD PRUWH>@ XPD PRUWH TXH Q¥R « D PRUWH GD SHVVRD PDV D GR VXMHLWR
NDQWLDQRHQTXDQWRWDO
1R VHPLQ£ULR $ «WLFD GD SVLFDQ£OLVH QD VHVV¥R GHGLFDGD ¢ TXHVW¥R GD VXEOLPD©¥R
/DFDQ LQWURGX] D &RLVD GDV 'LQJ XVDQGR R H[HPSOR KHLGHJJHULDQR GR YDVR TXH «
SUHFLVDPHQWHËXPEXUDFRFRPDOJRHPYROWDÌ2TXHFRQVWLWXLRYDVR«DSHQDVRYD]LR
HPVHXQ¼FOHRQHVVHSRQWRTXH/DFDQLQWURGX]DQR©¥RGHFUHDWLRH[QLKLORTXHGL]
VHURPRWLYRHVVHQFLDORXDILJXUDGDVXEOLPD©¥R1¥R«SRVV¯YHOGL]HUTXHQDVRPEUD
GD SLU¤PLGH R TXH R VXMHLWR H[SHULPHQWD « R PLVW«ULR GD FULD©¥R HOH DSUHQGH TXH D
FRLVD HP VL IRUD GR HVSD©R H WHPSR Q¥R « QDGD VHQ¥R R QLKLO R QDGD QR FHQWUR GRV
IHQ¶PHQRVRQDGDFRPTXHRVIHQ¶PHQRVV¥RFULDGRVQDV¯QWHVHHVSD©RWHPSRUDO(OH
DSUHQGHTXHDVRPEUDQ¥R«DSHQDVRFRQWRUQRGDËFRLVDHPVLÌVREDOX]GRVROPDV
DOJRTXHEDUUDDSUµSULDËFRLVDHPVLÌ$VVLPQDLQWXL©¥RDUHOD©¥R«PHGLGDHQWUHR
VHJUHGRTXHËILFDÌQDSLU¤PLGHÇRHQLJPDGDVXDFULD©¥RHGDDOWXUDLQDFHVV¯YHOÇH
R VHJUHGR HQFRQWUDGR QR SUµSULR HVSHFWDGRU R VHJUHGR QRPHDGR SRU .DQW FRPR
ËFDPSRVXSUDVVHQV¯YHOÌGRVXMHLWRTXHVHUHYHODQRVXEOLPHz
1NSNqPdJVAr
)5(8' 6LJPXQG Ë+XPRUÌ ,Qb $UW DQG OLWHUDWXUHb /RQGUHV 7KH 3HOLFDQ )UHXG
/LEUDU\
.$17 ,PPDQXHO.$17 ,PPDQXHO b &ULWLTXH RI SUDFWLFDO UHDVRQb 7UDG / :KLWH
%HFN1RYD<RUN0DFPLOODQ
$OHQND=XSDQĀLĀ«XPDILORVRIDODFDQLDQDHWHµULFDVRFLDO3URIHVVRUDGH3VLFDQ£OLVH
H)LORVRILDSHOD(XURSHDQ*UDGXDWH6FKRRO(*6HSURIHVVRUDGD8QLYHUVLGDGHGH1RYD
*RULFD =XSDQĀLĀ WDPE«P « RULHQWDGRUD GH SHVTXLVD H SURIHVVRUD SHOR &HQWUR GH
3HVTXLVD GD $FDGHPLD (VORYHQD GH &L¬QFLDV H $UWH -XQWR ¢ 6ODYRM æLçHN H 0ODGHQ
'RODU =XSDQĀLĀ « XP GRV PHPEURV SURHPLQHQWHV GD Ë(VFROD GH 3VLFDQ£OLVH GH
/MXEOMDQDÌ 7HPDV FHQWUDLV GH VXD SHVTXLVD LQFOXHP UHOD©·HV HQWUH VH[XDOLGDGH
RQWRORJLDHRLQFRQVFLHQWHFU¯WLFD¢WHRULDGHVXMHLWRHDH[SORUD©¥RWHµULFDGRFRQFHLWR
ODFDQLDQR GH 5HDO =XSDQĀLĀ « FRHGLWRUD GH FROH©·HV GH REUDV H HGLWRUD FKHIH GR
SHULµGLFR ELPHVWUDO VREUH WHRULD SVLFDQDO¯WLFD ILORVRILD H HVWXGRV FXOWXUDLV (OD «
RULHQWDGRUD GR FRQVHOKR GH )LORVRILD H 6RFLHGDGH H WDPE«P PHPEUR GR &HQWUR GH
(VWXGRV$YDQ©DGRVGR6XGHVWH(XURSHX&HQWHUIRU$GYDQFHG6WXGLHVRI6RXWKHDVWHUQ
(XURSH QD 8QLYHUVLGDGH GH 5LMHND QD &UR£FLD 'HVGH RV DQRV QRYHQWD =XSDQĀLĀ
SXEOLFD FRQWLQXDPHQWH WH[WRV VREUH SVLFDQ£OLVH H ILORVRILD SDUD GLYHUVRV SHULµGLFRV
FRPR )LOR]RIVNL YHVWQLN 1HZ )RUPDWLRQV 7KH $PHULFDQ -RXUQDO RI 6HPLRORJ\
3UREOHPL5D]SRO8PEUD/DFDQLDQ,QN,GHQWLWHWL3DUDOOD[HRXWURV
0DFPLOODQS
>@b,GHP
>@
.$17 ,PPDQXHO b &ULWLTXH RI MXGJPHQW 7UDGb :b 6 3OXKDU ,QGLDQDSROLV
+DFNHWW3XEOLVKLQJ&RPSDQ\S
>@ &I .$17 ,PPDQXHO b &ULWLTXHRIMXGJPHQW 7UDGb :b 6 3OXKDU ,QGLDQDSROLV
+DFNHWW3XEOLVKLQJ&RPSDQ\S
>@b(VVHËWHVRXURÌGHVLPHVPRSRVWRHPPRYLPHQWRTXHSRGHUHPHWHUDRPDLV¯QWLPR
HWDPE«PDFHUWRVHQWLPHQWRGHVROLG¥R1GR7
>@
.$17 ,PPDQXHO b &ULWLTXH RI MXGJPHQW 7UDGb :b 6 3OXKDU ,QGLDQDSROLV
+DFNHWW3XEOLVKLQJ&RPSDQ\S
/LEUDU\S
>@b,ELGSSb
>@,ELGSS
>@,ELGS
>@b,ELGS
>@5HWRUQDUHPRVGHQRYRDHVVDUHOD©¥RHQWUHDDJ¬QFLDPRUDOHRVXEOLPHHQTXDQWR
FDPSRGHIDVF¯QLRGRVXMHLWR
>@ /$&$1 -DFTXHV b 7KH HWKLFV RI SV\FKRDQDO\VLVb 7UDGb ' 3RUWHU /RQGUHV
5RXWHGJHS
>@b,ELGS
>@ .$17 ,PPDQXHO b &ULWLTXH RI MXGJPHQW 7UDGb :b 6 3OXKDU ,QGLDQDSROLV
+DFNHWW3XEOLVKLQJ&RPSDQ\S
>@ /$&$1 -DFTXHV b 7KH HWKLFV RI SV\FKRDQDO\VLVb 7UDGb ' 3RUWHU /RQGUHV
5RXWHGJHS
>@ 3DUD HYLWDU FRQIXV·HV GHYHPRV PDUFDU DTXL D GLIHUHQ©D HQWUH R VDFULI¯FLR TXH
>@ËVHQVHIXOOÌQRRULJLQDO1GR7
>@ËQRQVHQVHÌQRRULJLQDO1GR7
>@ .$17 ,PPDQXHO b &ULWLTXH RI MXGJPHQW 7UDGb :b 6 3OXKDU ,QGLDQDSROLV
+DFNHWW3XEOLVKLQJ&RPSDQ\S
>@ËMXGJLQJVXEMHFWÌQRRULJLQDOR6XMHLWRGD5D]¥R1GR7
>@ .$17 ,PPDQXHO b &ULWLTXH RI MXGJPHQW 7UDGb :b 6 3OXKDU ,QGLDQDSROLV
+DFNHWW3XEOLVKLQJ&RPSDQ\SS
>@b,ELGS
>@ /<27$5' -HDQ)UDQ©RLV b /H©RQV VXU OÉDQDO\WLTXH GX VXEOLPHb 3DULV *DOLOHH
SS
>@ $TXL WRPR OLEHUGDGH GH PRGLILFDU D WUDGX©¥R HVWDEHOHFLGD GR LQJO¬V RQGH HVVH
PRPHQWR«WUDGX]LGRHQTXDQWRËRWHPSRSDUDHQWHQGHUÌ1GR7
>@ .$17 ,PPDQXHO b &ULWLTXH RI MXGJPHQW 7UDGb :b 6 3OXKDU ,QGLDQDSROLV
+DFNHWW3XEOLVKLQJ&RPSDQ\S
>@b,ELGS
>@ËPRRGÌQRRULJLQDO1GR7
>@
*HQHUDO IUDQF¬V GLSORPDWD H ILQDOPHQWH PLQLVWUR GH SRO¯WLFDV GHb 1DSROH¥R
%RQDSDUWH6DYDU\SDUWLFLSRXGDVH[SHGL©·HVGH%RQDSDUWHDR(JLWR
>@/DFDQUHIHULQGRVHD6DGHGHILQHDbËVHJXQGDPRUWHÌHQTXDQWRË2SRQWRHPTXHRV
SUµSULRV FLFORV GH WUDQVIRUPD©¥R GD QDWXUH]D HVW¥R DQLTXLODGRVÌ - /DFDQb >
@b7KHHWKLFVRISV\FKRDQDO\VLVb7UDGb'3RUWHU/RQGUHV5RXWHGJHS
5HODFLRQDGR
(P&DUWD
3XEOLFDGRHPQ7UDGX©¥RHHWLTXHWDGRFRPR$OHQND$QW¯JRQD.DQW/DFDQ
6HPLQ£ULR6XEOLPH)DYRULWHRSHUPDOLQN
%ORJQR:RUG3UHVVFRP