Professional Documents
Culture Documents
7(;726',9(5626)5$6(6H3529e5%,26
UHWRUQD HVSDxRO
7H[WR([FHUWRVGROLYUR&DUWDVGRV0DKDWPDVSDUD$36LQQHWW
([FHUWRVGROLYUR&DUWDVGRV0DKDWPDVSDUD$36LQQHWW
9RO,H,,
(GLWRUD7HRVyILFD%UDVtOLD
HG
$V FDUWDV IRUDP HVFULWDV SDUD $3 6LQQHWW HQWUH RV DQRV GH D SULQFLSDOPHQWH SHOR
0DKDWPD.RRW+RRPL
92/80(,
4XDQWR j QDWXUH]D KXPDQD HP JHUDO HOD p LJXDO DJRUD D FRPR HUD Ki XP PLOKmR GH DQRV DWUiV
SUHFRQFHLWREDVHDGRQRHJRtVPRXPDUHVLVWrQFLDJHQHUDOL]DGDDUHQXQFLDUjRUGHPHVWDEHOHFLGDGDV
FRLVDV HP IXQomR GH QRYRV PRGRV GH YLGD H GH SHQVDPHQWR H R HVWXGR RFXOWR UHTXHU WXGR LVVR H
PXLWRPDLVRUJXOKRHXPDWHLPRVDUHVLVWrQFLDj9HUGDGHTXDQGRHODDEDODDVVXDVQRo}HVSUpYLDV
GDVFRLVDVWDLVVmRDVFDUDFWHUtVWLFDVGDVXDpSRFD
&DUWDQRHVFULWDSRU.+
$TXHOHTXHTXLVHUHUJXHUDOWRDEDQGHLUDGRPLVWLFLVPRHSURFODPDUTXHRVHXUHLQRHVWiSUy[LPRWHP
TXHGDURH[HPSORDRVRXWURV(OHGHYHVHURSULPHLURDPXGDURVVHXVSUySULRVPRGRVGHYLGDH
FRP UHODomR DR IDWR GH TXH R HVWXGR GRV PLVWpULRV RFXOWRV p R GHJUDX PDLV DOWR GD HVFDGD GR
&RQKHFLPHQWR WHP TXH SURFODPDU LVVR HP YR] DOWD DSHVDU GD FLrQFLD H[DWD H GD RSRVLomR GD
VRFLHGDGH25HLQRGR&pXpREWLGRSHODIRUoDGL]HPRVPtVWLFRVFULVWmRVeVRPHQWHFRPXPDDUPD
QDPmRHGLVSRVWRDYHQFHURXPRUUHUTXHRPtVWLFRPRGHUQRSRGHWHUDH[SHFWDWLYDGHDOFDQoDUVHX
REMHWLYR
2SULQFLSDOREMHWLYRGD6RFLHGDGH7HRVyILFD67QmRpWDQWRVDWLVID]HUDVSLUDo}HVLQGLYLGXDLVHVLP
VHUYLU DRV QRVVRV VHPHOKDQWHV H R YDORU UHDO GD SDODYUD HJRtVWDV TXH SRGH VRDU PDO DRV VHXV
RXYLGRVWHPSDUDQyVXPVLJQLILFDGRSHFXOLDUTXHSRGHQmRH[LVWLUSDUDYRFrSRUWDQWRHPSULPHLUR
OXJDU YRFr QmR GHYH HQWHQGHU D SDODYUD GH RXWUD IRUPD D QmR VHU QR VHQWLGR DFLPD 7DOYH]
FRPSUHHQGD PHOKRU R QRVVR VLJQLILFDGR DR VDEHU TXH GR QRVVR SRQWR GH YLVWD DV PDLV HOHYDGDV
DVSLUDo}HVSHOREHPHVWDUGDKXPDQLGDGHILFDPPDQFKDGDVSHORHJRtVPRVHQDPHQWHGRILODQWURSR
DLQGDKRXYHUXPDVRPEUDGHGHVHMRGHDXWREHQHItFLRRXXPDWHQGrQFLDSDUDID]HULQMXVWLoDPHVPR
TXDQGRHOHpLQFRQVFLHQWHGLVVR
&DUWDQRHVFULWDSRU.+
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
6HL TXH VHXV PRWLYRV VmR VLQFHURV H YHUGDGHLURV H TXH XPD PXGDQoD UHDO QD GLUHomR FRUUHWD
RFRUUHX HP YRFr HPERUD HOD SDUHoD LPSHUFHSWtYHO DWp D YRFr PHVPR ( RV &KHIHV VDEHP GLVVR
WDPEpP 0DV GL]HP HOHV RV PRWLYRV VmR YDSRURVRV WmR WrQXHV FRPR D XPLGDGH DWPRVIpULFD H
DVVLPFRPRHVWD~OWLPDWHPHQHUJLDGLQkPLFDXWLOL]iYHOSHORKRPHPVyTXDQGRHVWiFRQFHQWUDGDH
DSOLFDGDQDIRUPDGHYDSRURXIRUoDKLGUiXOLFDDVVLPWDPEpPRYDORUSUiWLFRGDVERDVLQWHQo}HVp
PHOKRUYLVWRTXDQGRHODVWRPDPDIRUPDGHDo}HV1yVHVSHUDUHPRVSDUDYHUGL]HPHOHV
&DUWDQRHVFULWDSRU.+
QmRHVTXHoDDVSDODYUDVTXHMiOKHHVFUHYLVREUHDTXHOHVTXHVHGHGLFDPjV&LrQFLDV2FXOWDV
TXHDTXHOHTXHRID]GHYHDOFDQoDUDPHWDRXSHUHFHU8PDYH]FRPHoDGRR&DPLQKRSDUDRJUDQGH
&RQKHFLPHQWRGXYLGDUpFRUUHURULVFRGHSHUGHUDUD]mRSDUDUpFDLUUHWURFHGHUpFDLUSDUDWUiVGH
FDEHoDSDUDEDL[RQXPDELVPR1DGDWHPDVHYRFrpVLQFHURHRpDJRUD9RFrWHPDPHVPD
VHJXUDQoDHPUHODomRDRIXWXUR"
,VVR VH DSOLFD LJXDOPHQWH DR FDVR GH ORUGH &URZIRUG H %DOFDUHV XP H[FHOHQWH FDYDOKHLUR
DSULVLRQDGR SHOR PXQGR (OH WHP XPD QDWXUH]D VLQFHUD H QREUH HPERUD SRVVD VHU XP SRXFR
UHSULPLGR(OHSHUJXQWDTXHHVSHUDQoDSRGHWHU(XGLJRWRGDHVSHUDQoDSRLVHOHWHPGHQWURGHVL
DOJR TXH Vy XQV SRXFRV SRVVXHP XPD IRQWH LQHVJRWiYHO GH IOXLGR PDJQpWLFR TXH VH HOH WLYHVVH R
WHPSRQHFHVViULRSRGHULDPDQLIHVWDUWRUUHQFLDOPHQWHHQmRQHFHVVLWDULDRXWURPHVWUHDQmRVHUDVL
SUySULR2VSUySULRVSRGHUHVGHOHIDULDPRWUDEDOKRHDVXDJUDQGHH[SHULrQFLDVHULDXPJXLDVHJXUR
0DV HOH WHULD TXH VH SUHVHUYDU GH WRGD LQIOXrQFLD HVWUDQKD HVSHFLDOPHQWH GDTXHODV TXH VmR
DQWDJ{QLFDV DR QREUH HVWXGR GR +20(0 FRPR XP %UDKPDP LQWHJUDO R PLFURFRVPR OLYUH H
LQWHLUDPHQWH LQGHSHQGHQWH WDQWR GR DX[tOLR FRPR GR FRQWUROH GRV DJHQWHV LQYLVtYHLV TXH D QRYD
GLVSHQVDomRH[SUHVVmRERPEiVWLFDFKDPDGH(VStULWRV
&DUWDQRHVFULWDSRU.+
$TXHOHVTXHUHDOPHQWHGHVHMDPDSUHQGHUGHYHPDEDQGRQDUWXGRHYLUDWpQyVHPYH]GHSHGLURX
HVSHUDUTXHQyVDYDQFHPRVDWpHOHV0DVFRPRLVVRSRGHVHUIHLWRHPVHXPXQGRHVXDDWPRVIHUD"
&DUWDQRHVFULWDSRU.+
1yVDVLiWLFRVVHPLVHOYDJHQVMXOJDPRVXPKRPHPSHODVVXDVLQWHQo}HVHDVVXDVVmRWRGDVVLQFHUDV
HERDV0DVYRFrWHPTXHOHPEUDUTXHHVWiQXPDHVFRODPXLWRGXUDHWUDWDQGRDJRUDFRPXPPXQGR
LQWHLUDPHQWH GLIHUHQWH GR VHX (VSHFLDOPHQWH YRFr WHP TXH WHU HP PHQWH TXH D PDLV OHYH FDXVD
SURGX]LGDPHVPRLQFRQVFLHQWHPHQWHHFRPTXDOTXHULQWHQomRQmRSRGHVHUGHVIHLWDQHPpSRVVtYHO
LQWHUFHSWDURSURJUHVVRGHVHXVHIHLWRVQHPFRPDIRUoDFRPELQDGDGHPLOK}HVGHGHXVHVGHP{QLRV
HKRPHQV
&DUWDQRHVFULWDSRU.+
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
1yV PRUDGRUHV GDV FKRXSDQDV LQGRWLEHWDQDV QXQFD HQWUDPRV HP FRQIOLWR LVWR p HP UHVSRVWD D
DOJXQV SHQVDPHQWRV H[SUHVVDGRV HP UHODomR DR DVVXQWR 'HL[DPRV RV FRQIOLWRV H PHVPR DV
GLVFXVV}HVSDUDDTXHOHVTXHLQFDSD]HVGHDYDOLDUXPDVLWXDomRQXPUHODQFHVmRSRULVVRIRUoDGRV
DQWHVGHFKHJDUDXPDGHFLVmRILQDOHPUHODomRDTXDOTXHUFRLVDDDQDOLVDUHDYDOLDUXPDXPHYiULDV
YH]HV FDGD GHWDOKH 6HPSUH TXH QyV SHOR PHQRV DTXHOHV HQWUH QyV TXH VmR GLNVKLWD ,QLFLDGRV
SDUHFHPRV SRUWDQWR D XP HXURSHX QmR LQWHLUDPHQWH VHJXURV HP UHODomR DRV QRVVRV IDWRV LVVR
SRGHIUHTHQWHPHQWHVHUGHYLGRjVHJXLQWHSHFXOLDULGDGHDTXLORTXHDPDLRULDGDVSHVVRDVFRQVLGHUD
FRPRXPIDWRQmRQRVSDUHFHPDLVGRTXHXPVLPSOHV5(68/7$'2XPDYLVmRGRSDVVDGRTXH
QmR PHUHFH D QRVVD DWHQomR DWUDtGD JHUDOPHQWH SRU IDWRV SULPiULRV $ YLGD HVWLPDGRV 6DKLEV
PHVPR TXDQGR SURORQJDGD LQGHILQLGDPHQWH p GHPDVLDGR FXUWD SDUD TXH VREUHFDUUHJXHPRV QRVVRV
FpUHEURV FRP SHTXHQRV GHWDOKHV PHUDV VRPEUDV $R REVHUYDU R GHVHQYROYLPHQWR GH XPD
WHPSHVWDGHQyVIL[DPRVQRVVRROKDUQDFDXVDTXHDSURGX]HDEDQGRQDPRVDVQXYHQVDRFDSULFKRGR
YHQWR TXH OKHV Gi IRUPD 7HQGR VHPSUH PHLRV j PmR SDUD WUD]HU j QRVVD FRQVFLrQFLD TXDQGR
UHDOPHQWHQHFHVViULRRVGHWDOKHVPHQRUHVQyVQRVRFXSDPRVDSHQDVGRVIDWRVSULQFLSDLV3RULVVR
GLILFLOPHQWH SRGHUtDPRV HVWDU DEVROXWDPHQWH HTXLYRFDGRV FRPR VRPRV FRP IUHTrQFLD DFXVDGRV
SRUYRFrVSRLVDVQRVVDVFRQFOXV}HVMDPDLVVmREDVHDGDVHPGDGRVVHFXQGiULRVPDVQDVLWXDomR
FRPRXPWRGR
3RU RXWUR ODGR RV KRPHQV FRPXQV PHVPR RV PDLV LQWHOHFWXDLV DR GDUHP WRGD VXD DWHQomR DR
VLJQLILFDGRGDVDSDUrQFLDVHGDIRUPDH[WHUQDLQFDSD]HVFRPRVmRGHSHQHWUDUDSULRULDWpRFHUQH
GDV FRLVDV WHQGHP D DYDOLDU HUUDGDPHQWH WRGD D VLWXDomR VHQGR FRQGHQDGRV D Vy GHVFREULU R VHX
HQJDQRTXDQGRMipWDUGHGHPDLV
'H IDWR QmR Ki HP QHQKXP OXJDU GD QDWXUH]D ItVLFD XP DELVPR HQWUH PRQWDQKDV WmR
GHVHVSHUDGDPHQWHLQWUDQVSRQtYHOHFKHLRGHGLILFXOGDGHVSDUDRYLDMDQWHFRPRHVVHDELVPRHVSLULWXDO
TXHRVPDQWpPDIDVWDGRVGHPLP>3DODYUDVGH.+FLWDGDVSRU0RU\D@
HDTXHOHTXHTXHUVDEHUFRPREHQHILFLDUDKXPDQLGDGHHDFUHGLWDTXHpFDSD]GHLGHQWLILFDUR
FDUiWHU GDV RXWUDV SHVVRDV WHP TXH FRPHoDU DQWHV GH WXGR D DSUHQGHU D FRQKHFHU D VL PHVPR D
SHUFHEHURYHUGDGHLURYDORUGHVHXSUySULRFDUiWHU
9RFrV GRLV WrP D HVWUDQKD LPSUHVVmR GH TXH QyV SRGHPRV QRV LPSRUWDU H PHVPR QRV LPSRUWDPRV
FRPDOJXPDFRLVDTXHVHGLJDRXSHQVHGHQyV7LUHPHVWHHUURGDVVXDVPHQWHVHOHPEUHPTXHD
SULPHLUDH[LJrQFLDPHVPRSDUDXPVLPSOHVIDTXLUpTXHHOHGHYHWHUWUHLQDGRDVLPHVPRDWpVDEHU
SHUPDQHFHULQGLIHUHQWHWDQWRjGRUPRUDOFRPRDRVRIULPHQWRItVLFR1DGDSRGHFDXVDUHP1Ï6GRU
RXSUD]HUSHVVRDO
&DUWDQRHVFULWDSRU0RU\D
9RFrGHYHS{UGHODGRFRPSOHWDPHQWHRHOHPHQWRSHVVRDOVHTXLVHUSURJUHGLUQRHVWXGRRFXOWRH
SRUXPFHUWRWHPSRPHVPRHPUHODomRD(OHLVWRpHPUHODomRDR0DKDWPD.+&RPSUHHQGD
PHX DPLJR TXH RV DIHWRV SHVVRDLV WrP SRXFD RX QHQKXPD LQIOXrQFLD VREUH TXDOTXHU DGHSWR
YHUGDGHLUR QR FXPSULPHQWR GH VHX GHYHU ¬ PHGLGD TXH HOH VH HOHYD HP GLUHomR DR SHUIHLWR
DGHSWDGRDVIDQWDVLDVHDQWLSDWLDVGRVHXHXDQWHULRUVmRHQIUDTXHFLGDVHOHDFROKHWRGDDKXPDQLGDGH
HPVHXFRUDomRHDFRQVLGHUDHPFRQMXQWR
$WDUHIDpGLItFLOH.+HPKRPHQDJHPDRVYHOKRVWHPSRVTXDQGRJRVWDYDGHUHFLWDUSRHVLDSHGH
PHTXHHQFHUUHDFDUWDFRPRVHJXLQWHSDUDYRFr
2FDPLQKRVHUSHQWHLDPRQWDQKDDFLPDRWHPSRWRGR"
6LPDWpRILQDO
(RWUDMHWRGHFDGDGLDWRPDRGLDWRGR"
'DPDQKmjQRLWHPHXDPLJR
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
2 FRQKHFLPHQWR SDUD D PHQWH FRPR R DOLPHQWR SDUD R FRUSR GHVWLQDVH D QXWULU H DMXGDU R
FUHVFLPHQWRPDVQHFHVVLWDVHUEHPGLJHULGRHTXDQWRPDLVFRPSOHWDHOHQWDPHQWHIRUHQFDPLQKDGR
RSURFHVVRPHOKRUVHUiSDUDRFRUSRHDPHQWH
&DUWDQRHVFULWDSRU0RU\D
eLVVRDPLJR2FDPLQKRDWUDYpVGDYLGDWHUUHQDFRQGX]DPXLWRVFRQIOLWRVHWHVWHVPDVDTXHOHTXH
QDGD ID] SDUD YHQFrORV QmR SRGH HVSHUDU QHQKXP WULXQIR $VVLP SRLV TXH D SHUVSHFWLYD GH XPD
LQWURGXomR PDLV FRPSOHWD HP QRVVRV PLVWpULRV VRE FLUFXQVWkQFLDV PDLV IDYRUiYHLV FXMD
PDWHULDOL]DomR GHSHQGH LQWHLUDPHQWH GH YRFr PHVPR OKH Gr SDFLrQFLD SDUD HVSHUDU SHUVHYHUDQoD
SDUD FRQWLQXDU R HVIRUoR H SOHQD SUHSDUDomR SDUD UHFHEHU D DEHQoRDGD UHDOL]DomR GH WRGRV RV VHXV
GHVHMRV(SDUDLVVRWHPGHVHDFRUGDUTXHTXDQGR.+OKHGLVVHU6XEDDWpDTXLYRFrWHPTXH
HVWDUSURQWR
&DUWDQRHVFULWDSRU0RU\D
0DVRTXHpRHX"6yXPKyVSHGHSDVVDJHLURFXMDVSUHRFXSDo}HVVmRWRGDVFRPRXPDPLUDJHPQR
JUDQGHGHVHUWR
0 H[SUHVVRXVH EHP H FRP WRGD YHUGDGH TXDQGR GLVVH TXH XP DPRU SRU WRGD D KXPDQLGDGH p D
FUHVFHQWH LQVSLUDomR GHOH H TXH VH TXDOTXHU SHVVRD GHVHMD DWUDLU VXD DWHQomR GHYHUi YHQFHU D
WHQGrQFLDGLVSHUVLYDFRPXPDIRUoDPDLVYLJRURVDGRTXHHOD
&DUWDQRHVFULWDSRU.+
1mRVHGHL[HOHYDUSRUSUHRFXSDo}HVVREUHTXHPDOHVSRGHULDPRFRUUHUVHDVFRLVDVQmRDYDQoDVVHP
FRPRDVXDVDEHGRULDPXQGDQDUHFRPHQGDQmRGXYLGHSRUTXHHVWDDSDUrQFLDGHG~YLGDGHVDQLPDH
GLILFXOWDRSURJUHVVR7HUXPDDOHJUHFRQILDQoDHHVSHUDQoDpFRPSOHWDPHQWHGLIHUHQWHGHHQWUHJDUVH
DRRWLPLVPRFHJRHLQVHQVDWRRKRPHPViELRQXQFDFRPEDWHRLQIRUW~QLRDGLDQWDGDPHQWH
'HL[H TXH D HYROXomR VLJD R VHX FXUVR QDWXUDO SDUD TXH QmR D GHVYLHPRV SURGX]LQGR PRQVWURV
HQTXDQWRSHQVDPRVTXHDHVWDPRVJXLDQGR
&DUWDQRHVFULWDSRU0RU\D
/HPEUHVHXPDH[SHFWDWLYDGHPDVLDGRDQVLRVDQmRVySURGX]WpGLRPDVWDPEpPpSHULJRVD&DGD
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
EDWLGDPDLVFiOLGDHUiSLGDGRFRUDomRGHVSHUGLoDPXLWDYLGD$TXHOHTXHEXVFD6$%(5QmRGHYHVHU
LQGXOJHQWHFRPDVSDL[}HVHDIHWRVSRUTXHHOHVGHVJDVWDPRFRUSRWHUUHVWUHFRPRVHXSUySULRSRGHU
VHFUHWRHDTXHOHTXHGHVHMDDOFDQoDURVHXSURSyVLWRGHYHVHUIULR1mRGHYHQHPPHVPRGHVHMDU
GHPDVLDGR LQWHQVDPHQWH RX GHPDVLDGR DSDL[RQDGDPHQWH R REMHWLYR TXH DVSLUD DOFDQoDU GR
FRQWUiULRRSUySULRGHVHMRLPSHGLUiDSRVVLELOLGDGHGDVXDUHDOL]DomRHQDPHOKRUGDVKLSyWHVHVR
UHWDUGDUiHRSUHVVLRQDUiSDUDWUiV
&DUWDQRHVFULWDSRU.+
$~QLFDFRLVDTXHYRFrSRGHID]HUpSUHSDUDURLQWHOHFWRRLPSXOVRSDUDDFXOWXUDGDDOPDGHYHVHU
GDGR SHOR LQGLYtGXR 7UrV YH]HV IHOL]HV VmR DTXHOHV TXH URPSHP R FtUFXOR YLFLRVR GD LQIOXrQFLD
PRGHUQDHVXUJHPDFLPDGDVQpYRDV
&DUWDQRHVFULWDSRU.+
'HYRWDPEpPDFUHVFHQWDUDTXLTXHTXDOTXHUFRLVDSDUHFLGDDXPHVWDGRPHQWDORVFLODQWHHPUHODomR
jUHDOLGDGHGD&LrQFLD2FXOWDHjHILFiFLDGRSURFHVVRLQGLFDGRSURYDYHOPHQWHLPSHGLUiDSURGXomR
GRUHVXOWDGRGHVHMDGR
&DUWDQRHVFULWDSRU76XEED5RZ
0HXFDURDPLJRHXRDFRQVHOKRHQIDWLFDPHQWHDQmRHPSUHHQGHUDJRUDXPDWDUHIDTXHHVWiDOpPGDV
VXDVIRUoDVHGRVVHXVPHLRVSRLVXPDYH]WHQGRDVVXPLGRRFRPSURPLVVRVHYRFrTXHEUDVVHDVXD
SURPHVVD LVVR R DIDVWDULD SRU DQRV VH QmR SDUD VHPSUH GH TXDOTXHU SURJUHVVR D PDLV &RPR
YRFr SRGHULD HP VXD VLWXDomR DVVXPLU WDO WUDEDOKR" &RP R 2FXOWLVPR QmR p SRVVtYHO EULQFDU (OH
H[LJHWXGRRXQDGD
&DUWDQRHVFULWDSRU.+
'HSHQGHGHYRFrSRUWDQWRLPRUWDOL]DURVHXQRPHGHPRGRDIRUoDUDVIXWXUDVUDoDVPDLVHOHYDGDV
DGLYLGLUDQRVVDHUDHFKDPDUDVXEGLYLVmRGHSHUtRGR3OHLVWR6LQQpWLFR>WURFDGLOKRFRPRQRPHGH
6LQQHWWHPUHODomRDRWHUPRSOHLVWRFrQLFRTXHVLJQLILFDRSHUtRGRJHROyJLFRUHFHQWHRXSOHLVWRFHQR
HPTXHKDYLDDRFRUUrQFLDSHULyGLFDGHHUDVJODFLDLV@PDVLVVRMDPDLVSRGHUiRFRUUHUHQTXDQWRYRFr
WUDEDOKDUPDQWHQGRDLPSUHVVmRGHTXHRVSURSyVLWRVTXHWHPRVHPYLVWDSRGHPVHUDOFDQoDGRVFRP
XPD WHPSHUDQoD H XPD GLVFLSOLQD UD]RiYHLV $ &LrQFLD 2FXOWD p XPD DPDQWH FLXPHQWD H QmR
SHUPLWH XPD VRPEUD GH DXWRLQGXOJrQFLD H HOD p DOJR IDWDO QmR Vy SDUD D YLGD FRPXP GH XPD
SHVVRDFDVDGDPDVWDPEpPSDUDRFRQVXPRGHFDUQHHYLQKR
&DUWDQRHVFULWDSRU.+
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
+iKRPHQVTXHEXVFDPFRQKHFLPHQWRDWpVHQWLUHPXPFDQVDoRPRUWDOPDVPHVPRHVWHVQmRVHQWHP
PXLWDLPSDFLrQFLDSRUDMXGDURVHXSUy[LPRFRPRTXHVDEHPGLVVRVXUJHXPDIULH]DXPDP~WXD
LQGLIHUHQoD TXH WRUQD DTXHOH TXH VDEH LQFRHUHQWH FRQVLJR PHVPR H GHVDUPRQLRVR FRP R TXH R
URGHLD9LVWRGRQRVVRSRQWRGHYLVWDRPDOpPXLWRPDLRUQRODGRHVSLULWXDOTXHQRODGRPDWHULDOGR
KRPHP
0DVSDUDDREWHQomRGRREMHWLYRDTXHYRFrVHSURS}HLVWRpSDUDXPDFRPSUHHQVmRPDLVFODUDGDV
WHRULDV H[WUHPDPHQWH DEVWUXVDV H LQLFLDOPHQWH LQFRPSUHHQVtYHLV GD QRVVD GRXWULQD RFXOWD QXQFD
GHL[H TXH D VHUHQLGDGH GH VXD PHQWH VHMD SHUWXUEDGD GXUDQWH VXDV KRUDV GH WUDEDOKR OLWHUiULR QHP
DQWHV GH FRPHoDU D WUDEDOKDU e VREUH D VHUHQD H SOiFLGD VXSHUItFLH GD PHQWH LPSHUWXUEDGD TXH DV
YLV}HVFDSWDGDVGRPXQGRLQYLVtYHOHQFRQWUDPXPDUHSUHVHQWDomRQRPXQGRYLVtYHO'HRXWURPRGR
YRFrEXVFDULDHPYmRDTXHODVYLV}HVDTXHOHVUDLRVGHOX]V~ELWDTXHMiDMXGDUDPDUHVROYHUWDQWRV
SUREOHPDVPHQRUHVHTXHVmRRV~QLFRVTXHSRGHPFRORFDUDYHUGDGHGLDQWHGRVROKRVGDDOPDe
FRP]HORVRFXLGDGRTXHWHPRVGHSURWHJHUQRVVRSODQRPHQWDOGHWRGDVDVLQIOXrQFLDVDGYHUVDVTXH
VXUJHPGLDULDPHQWHHPQRVVDSDVVDJHPSHODYLGDWHUUHVWUH
&DUWDQRHVFULWDSRU.+
2SRWHQFLDOSDUDRPDOpWmRJUDQGHQRKRPHPTXDQWRODPHQWDYHOPHQWHDWpPDLRUTXHRSRWHQFLDO
SDUDREHP
&DUWDQR&HVFULWDSRU.+
(VWHRXWURQRPHp3529$d2DOJRSHORTXDOWRGRFKHODTXHQmRTXHUSHUPDQHFHUVLPSOHVPHQWH
RUQDPHQWDOWHPQROHQVYROHQV>4XHUHQGRRXQmRHPODWLP@TXHSDVVDUGXUDQWHXPSHUtRGRPDLVRX
PHQRVSURORQJDGR
8P FKHOD HP SURYDomR WHP SHUPLVVmR SDUD SHQVDU H ID]HU R TXH TXLVHU (OH p DGYHUWLGR H
LQIRUPDGRSUHYLDPHQWH9RFrVHUiWHQWDGRHHQJDQDGRSHODVDSDUrQFLDVGRLVFDPLQKRVVHDEULUmR
GLDQWH GH YRFr RV GRLV OHYDQGR j PHWD TXH YRFr HVWi WHQWDQGR DOFDQoDU XP IiFLO H HVWH R OHYDUi
PDLV UDSLGDPHQWH DR FXPSULPHQWR GDV RUGHQV TXH YRFr SRGH UHFHEHU R RXWUR PDLV iUGXR PDLV
ORQJRXPFDPLQKRFKHLRGHSHGUDVHHVSLQKRVTXHRIDUiSLVDUHPIDOVRPDLVGHXPDYH]HQRILQDO
GRTXDOYRFrSRGHWDOYH]FKHJDUDXPIUDFDVVRGHSRLVGHWXGRHVHULQFDSD]GHH[HFXWDUDVRUGHQV
GDGDV SDUD XP SHTXHQR WUDEDOKR SDUWLFXODU PDV HQTXDQWR HVWH FDPLQKR IDUi FRP TXH DV
GLILFXOGDGHVHQIUHQWDGDVSRUYRFrGHYLGRDHOHVHMDPWRGDVFRQWDELOL]DGDVDVHXIDYRUDORQJRSUD]R
RRXWURRFDPLQKRIiFLOVySRGHRIHUHFHUDYRFrXPDJUDWLILFDomRPRPHQWkQHDXPDUHDOL]DomRIiFLO
GD WDUHID 2 FKHOD WHP WRGD OLEHUGDGH H IUHTHQWHPHQWH PXLWDV UD]}HV GR SRQWR GH YLVWD GDV
DSDUrQFLDV SDUD VXVSHLWDU TXH VHX *XUX p XP LPSRVWRU XPD SDODYUD HOHJDQWH 0DLV TXH LVVR
TXDQWRPDLRUHPDLVVLQFHUDVXDLQGLJQDomRVHMDHODH[SUHVVDGDFRPSDODYUDVRXHVWHMDIHUYHQGRHP
VHXFRUDomRWDQWRPDLVDGHTXDGRHOHpHPDLVTXDOLILFDGRSDUDWRUQDUVHXPDGHSWR(OHpOLYUHSDUD
XVDU H QmR WHUi TXH UHVSRQGHU SHOR IDWR GH HPSUHJDU DWp PHVPR DV SDODYUDV H H[SUHVV}HV PDLV
DEXVLYDVHPUHODomRjVDo}HVHRUGHQVGRVHXJXUXXPDYH]TXHHOHVDLDYLWRULRVRGDSURYDomRXPD
YH]TXHHOHUHVLVWDDWRGDVHFDGDXPDGDVWHQWDo}HVTXHUHMHLWHWRGDVDVVHGXo}HVHFRPSURYHTXH
QDGD QHP PHVPR D SURPHVVD GDTXLOR TXH HOH FRQVLGHUD PDLV YDOLRVR TXH D YLGD GDTXHOD ErQomR
H[WUHPDPHQWHSUHFLRVDVHXIXWXURDGHSWDGRpFDSD]GHID]HUFRPTXHHOHVHGHVYLHGRFDPLQKRGD
YHUGDGHHGDKRQHVWLGDGHRXIRUoiORDWRUQDUVHXPHQJDQDGRU
QyV WUDEDOKDPRV H QRV HVIRUoDPRV H GHL[DPRV TXH QRVVRV FKHODV VHMDP WHPSRUDULDPHQWH
HQJDQDGRV SDUD GDUOKHV PHLRV GH QXQFD PDLV VHUHP HQJDQDGRV D SDUWLU GH DJRUD H GH YHU WRGD D
PDOGDGHGDIDOVLGDGHHGDPHQWLUDQmRVyQHVWDYLGDPDVHPPXLWDVYLGDVGHSRLVGHVWD1yVRV
FULWLFDGRV H PDOHQWHQGLGRV ,UPmRV WHQWDPRV OHYDU RV KRPHQV D VDFULILFDU VXD SHUVRQDOLGDGH XP
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
UHOkPSDJR SDVVDJHLUR SHOR EHPHVWDU GH WRGD D KXPDQLGDGH SRUWDQWR SHORV VHXV SUySULRV (JRV
LPRUWDLVTXHVmRSDUWHGHODDVVLPFRPRDKXPDQLGDGHpSDUWHGRWRGRLQWHJUDODRTXDOVHUHXQLUi
XPGLD
2 TXH YRFr SHQVDULD GH XP FDYDOKHLUR RX GDPD FXMD DIiYHO SROLGH] GH PDQHLUDV H VXDYLGDGH GH
OLQJXDJHP QmR FREULVVH IDOVLGDGH DOJXPD DOJXpP TXH DR HQFRQWUDU YRFr OKH GLULD GLUHWD H
DEUXSWDPHQWHRTXHSHQVDGHYRFrRXGHTXDOTXHURXWUDSHVVRD"(RQGHYRFrSRGHHQFRQWUDUDTXHOD
SpUROD GH FRPHUFLDQWH KRQHVWR RX DTXHOH SDWULRWD WHPHQWH D 'HXV RX SROtWLFR RX XP VLPSOHV
YLVLWDQWHFDVXDOVHXTXHQmRHVFRQGHVHXVSHQVDPHQWRVWRGRRWHPSRHpREULJDGRVRESHQDGHVHU
YLVWR FRPR XP EUXWR XP ORXFR D PHQWLU GHOLEHUDGDPHQWH H FRP XPD H[SUHVVmR IDFLDO HQIiWLFD
DVVLPTXHpIRUoDGRDGL]HURTXHSHQVDGHYRFrDPHQRVTXHSRUPLODJUHVHXVVHQWLPHQWRVUHDLVQmR
H[LMDPVHUHVFRQGLGRV"7XGRpPHQWLUDWXGRIDOVLGDGHDRUHGRUGHQyVHHPQyVPHXLUPmRHpSRU
LVVRTXHYRFrSDUHFHWmRVXUSUHVRVHQmRDEDODGRVHPSUHTXHHQFRQWUDXPDSHVVRDTXHGL]DYRFr
FDUDDFDUDDGXUDYHUGDGHHWDPEpPpSRULVVRTXHSDUHFHLPSRVVtYHODYRFrFRPSUHHQGHUTXHXP
KRPHPSRGHQmRWHUQHQKXPPDXVHQWLPHQWRFRQWUDYRFrHDWpPHVPRJRVWDUGHYRFrHUHVSHLWiOR
SRUFHUWDVFRLVDVHQRHQWDQWRGL]HUOKHIUHQWHDIUHQWHRTXHSHQVDKRQHVWDHVLQFHUDPHQWHGHYRFr
9RFr WHULD XPD LGpLD PHOKRU GHOH >HVWi VH UHIHULQGR DR PHVWUH 0RU\D@ VH HOH HVFRQGHVVH VXD
UDLYD PHQWLVVH SDUD VL PHVPR H SDUD RV GH IRUD H DVVLP SHUPLWLVVH TXH HOHV OKH DWULEXtVVHP XPD
YLUWXGHTXHHOHQmRWHP"eXPDWRPHULWyULRH[WLUSDUFRPVXDVUDt]HVWRGRVRVVHQWLPHQWRVGHUDLYD
GH PRGR D QXQFD VHQWLU R PHQRU SDUDGR[LVPR GH XPD SDL[mR TXH WRGRV QyV FRQVLGHUDPRV
SHFDPLQRVDPDVpXPSHFDGRDLQGDPDLVJUDYHSDUDQyVILQJLUTXHDUDLYDIRLH[WLUSDGD(QR
HQWDQWRQDVLGpLDVRFLGHQWDLVWXGRpUHGX]LGRjVDSDUrQFLDVPHVPRQDUHOLJLmR8PFRQIHVVRUQmR
SHUJXQWDDVHXSHQLWHQWHVHHOHVHQWLXUDLYDPDVVHHOHPRVWURXUDLYDDDOJXpP
RSULPHLURGHYHUGHXPFKHODpRXYLUVHPUDLYDRXPiIpTXDOTXHUFRLVDTXHRJXUXSRVVDGL]HU
&RPR SRGHPRV DOJXPD YH] HQVLQDU RX YRFr DSUHQGHU VH WLYHUPRV TXH PDQWHU XPD DWLWXGH
FRPSOHWDPHQWHDOKHLDDQyVHDQRVVRVPpWRGRVDGHGRLVKRPHQVGHVRFLHGDGH"6HUHDOPHQWHTXHU
VHU XP FKHOD LVWR p WRUQDUVH UHFLSLHQWH GRV QRVVRV PLVWpULRV YRFr WHP GH VH DGDSWDU jV QRVVDV
PDQHLUDVHQmRQyVDVVXDV
YRFr QmR SHQVD TXH HOH >0RU\D@ YDOH GH] YH]HV PDLV R VHX SHVR HP RXUR TXH XP 5HVLGHQWH
LQJOrVXPFDYDOKHLURTXHGHVWUyLVXDUHSXWDomRQDVVXDVFRVWDVHTXHVRUULHDSHUWDVXDPmRFRP
IRUoDVHPSUHTXHRHQFRQWUD"
>8P0HVWUH@7HPDSHQDVGHID]HUFRPTXH>RFKHOD@VHMDWHVWDGRWHQWDQGRHH[DPLQDQGRSRUWRGRV
RV PHLRV GH PRGR TXH VXD UHDO QDWXUH]D VHMD DWUDtGD SDUD IRUD 1mR p VXILFLHQWH VDEHU
FRPSOHWDPHQWHRTXHRFKHODpFDSD]GHID]HURXQmRQDpSRFDHVREDVFLUFXQVWkQFLDVGRSHUtRGRGH
SURYDomR 1yV WHPRV GH VDEHU GR TXH HOH SRGH VHU FDSD] GLDQWH GH WRGRV RV GLIHUHQWHV WLSRV GH
RSRUWXQLGDGHV
&DUWDQRHVFULWDSRU.+
&RPR-HDQ3DXO5LFKWHUGL]HPDOJXPOXJDUDSDUWHPDLVGRORURVDGDQRVVDGRUItVLFDpDTXHODTXHp
LQFRUSyUHDRXLPDWHULDOLVWRpQRVVDLPSDFLrQFLDHDLOXVmRGHTXHHODGXUDUiSDUDVHPSUH
&DUWDQRHVFULWDSRU.+
92/80(,,
1RVVDV LGpLDV D UHVSHLWR GR PDO 2 PDO QmR WHP H[LVWrQFLD SHU VH >SRU VL PHVPR@ H p DSHQDV D
DXVrQFLDGREHPHH[LVWHDSHQDVSDUDDTXHOHTXHpWUDQVIRUPDGRHPYtWLPDVXD(OHVXUJHGHGXDV
FDXVDVHWDQWRTXDQWRREHPQmRpXPDFDXVDLQGHSHQGHQWHQDQDWXUH]D$QDWXUH]DpGHVWLWXtGDGH
ERQGDGHRXPDOGDGHHODVHJXHDSHQDVOHLVLPXWiYHLVTXDQGRGiYLGDHDOHJULDRXPDQGDVRIULPHQWR
H PRUWH GHVWUXLQGR R TXH KDYLD FULDGR $ QDWXUH]D WHP XP DQWtGRWR SDUD FDGD YHQHQR H VXDV OHLV
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
SRVVXHPXPDUHFRPSHQVDSDUDFDGDVRIULPHQWR$ERUEROHWDGHYRUDGDSHORSiVVDURVHWRUQDDTXHOH
SiVVDUR H R SHTXHQR SiVVDUR PRUWR SRU XP DQLPDO DOFDQoD XPD IRUPD PDLV HOHYDGD (VVD p D OHL
FHJDGDQHFHVVLGDGHHGDHWHUQDDGHTXDomRGDVFRLVDVHSRUWDQWRQmRSRGHVHUFRQVLGHUDGDXP0DO
QD 1DWXUH]D 2 YHUGDGHLUR PDO VXUJH GD LQWHOLJrQFLD KXPDQD H VXD RULJHP HVWi LQWHLUDPHQWH QR
KRPHPTXHUDFLRFLQDHTXHVHGLVVRFLDGDQDWXUH]D6yDKXPDQLGDGHSRUWDQWRpDYHUGDGHLUDIRQWH
GR PDO 2 PDO p R H[DJHUR GR EHP SURGXWR GR HJRtVPR H GD JDQkQFLD KXPDQRV 3HQVH
SURIXQGDPHQWHHGHVFREULUiTXHFRPDH[FHomRGDPRUWHTXHQmRpXPPDOPDVXPDOHLQHFHVViULD
HGHDFLGHQWHVTXHVHPSUHWHUmRVXDUHFRPSHQVDHPXPDYLGDIXWXUDDRULJHPGHFDGDPDOVHMD
SHTXHQRRXJUDQGHHVWiQDDomRKXPDQDQRKRPHPFXMDLQWHOLJrQFLDID]GHOHR~QLFRDJHQWHOLYUH
GD QDWXUH]D 1mR p D QDWXUH]D TXH FULD GRHQoDV PDV R KRPHP $ PLVVmR H R GHVWLQR GHOH QD
HFRQRPLD GD QDWXUH]D p WHU XPD PRUWH QDWXUDO SURYRFDGD SHOD YHOKLFH VDOYR DFLGHQWHV QHP XP
KRPHP VHOYDJHP QHP XP DQLPDO VHOYDJHP OLYUH PRUUHP GHYLGR D GRHQoDV &RPLGD UHODo}HV
VH[XDLV EHELGD VmR WRGDV QHFHVVLGDGHV QDWXUDLV GD YLGD QR HQWDQWR R H[FHVVR GHODV WUD] GRHQoDV
PLVpULDVRIULPHQWRPHQWDOHItVLFR(HVWHV~OWLPRVVmRWUDQVPLWLGRVFRPRRVPDLRUHVPDOHVSDUDDV
JHUDo}HV IXWXUDV RV GHVFHQGHQWHV GRV FXOSDGRV $ DPELomR H R GHVHMR GH DVVHJXUDU IHOLFLGDGH H
FRQIRUWRSDUDDTXHOHVTXHDPDPRVDWUDYpVGDREWHQomRGHKRQUDVHULTXH]DVVmRVHQWLPHQWRVQDWXUDLV
GLJQRV GH HORJLRV PDV TXDQGR HOHV WUDQVIRUPDP R KRPHP HP XP WLUDQR FUXHO H DPELFLRVR XP
PLVHUiYHO XP HJRtVWD WUD]HP PLVpULD LQGHVFULWtYHO SDUD RV TXH HVWmR DR UHGRU GHOH H SDUD QDo}HV
WDQWR TXDQWR SDUD LQGLYtGXRV 7XGR LVVR HQWmR FRPLGD ULTXH]D DPELomR H RXWUDV PLO FRLVDV TXH
GHL[DPRV GH PHQFLRQDU VH WRUQD IRQWH H FDXVD GR PDO VHMD SRU FDXVD GD VXD DEXQGkQFLD VHMD
GHYLGRjDXVrQFLD7RUQHVHXPJOXWmRXPGHYDVVRXPWLUDQRHYRFrVHWUDQVIRUPDHPXPJHUDGRU
GH GRHQoDV GH VRIULPHQWR H PLVpULD KXPDQRV 'HL[H GH ODGR WXGR LVVR H YRFr SDVVD IRPH p
GHVSUH]DGRFRPRXPQLQJXpPHDPDLRUSDUWHGRUHEDQKRRVVHXVVHPHOKDQWHVWUDQVIRUPDYRFrHP
XPVRIUHGRUDYLGDWRGD3RUWDQWRQmRpDQDWXUH]DQHPXPD'LYLQGDGHLPDJLQiULDTXHGHYHPVHU
DFXVDGDVPDVDQDWXUH]DKXPDQDWUDQVIRUPDGDSHORHJRtVPRHPDOJRPDX3HQVHEHPVREUHHVWDV
SRXFDVSDODYUDVLGHQWLILTXHDFDXVDGHFDGDPDOHPTXHYRFrSRGHSHQVDUHORFDOL]HDVXDRULJHPH
WHUiUHVROYLGRXPDWHUoDSDUWHGRSUREOHPDGRPDO
&DUWDQRHVFULWDSRU.+
7RGRVHUKXPDQRFRQWpPGHQWURGHVLYDVWDVSRWHQFLDOLGDGHVHpGHYHUGRVDGHSWRVURGHDURSRVVtYHO
FKHOD FRP FLUFXQVWkQFLDV TXH R FDSDFLWDUmR SDUD WRPDU R FDPLQKR GD GLUHLWD VH HOH WLYHU D
FDSDFLGDGHGHQWURGHVL1mRWHPRVRGLUHLWRGHUHWLUDUDFKDQFHGHXPSRVWXODQWHDVVLPFRPRQmR
SRGHPRVJXLiORHGLULJLORSHORFDPLQKRFRUUHWR1DPHOKRUGDVKLSyWHVHVSRGHPRVDSHQDVPRVWUDU
DHOHGHSRLVTXHVHXSHUtRGRGHSURYDomRWHUPLQRXH[LWRVDPHQWHTXHVHHOHIL]HULVVRLUiEHPVH
IL]HUDTXLORLUiPDO0DVDWpTXHHOHKDMDSDVVDGRSRUHVVHSHUtRGRQyVGHL[DPRVTXHHOHWUDYHVXDV
EDWDOKDVGRPHOKRUPRGRTXHSXGHUHWHPRVTXHID]HURPHVPRRFDVLRQDOPHQWHFRPFKHODVPDLV
DGLDQWDGRVHLQLFLDGRVFRPR+3%XPDYH]TXHOKHVpSHUPLWLGRWUDEDOKDUQRPXQGRRTXHWRGRV
QyVHYLWDPRVPDLVRXPHQRV
&DUWDQRHVFULWDSRU.+
$V REMHo}HV GR DQR SDVVDGR HVWmR UHVVXUJLQGR WDPEpP YRFr WHP XPD FDUWD PLQKD HP TXH
H[SOLFR SRU TXH QyV QXQFD JXLDPRV QRVVRV FKHODV PHVPR RV PDLV DYDQoDGRV QHP RV DYLVDPRV
DQWHFLSDGDPHQWHPDVGHL[DPRVTXHRVHIHLWRVSURGX]LGRVSHODVFDXVDVFULDGDVSRUHOHVHQVLQHPOKHV
XPD PHOKRU H[SHULrQFLD 3RU IDYRU OHYH HP FRQWD DTXHOD FDUWD HP HVSHFLDO $QWHV TXH R FLFOR
WHUPLQHFDGDFRQFHSomRHUU{QHDGHYHVHUHOLPLQDGD
&DUWDQRHVFULWDSRU.+
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
'HYR WHU IDOKDGR GH PRGR ODPHQWiYHO QD WUDQVPLVVmR GR VLJQLILFDGR FRUUHWR H WHQKR GH FRQIHVVDU
PLQKD LQFDSDFLGDGH GH GHVFUHYHU R LQGHVFULWtYHO (VWD ~OWLPD p XPD WDUHID GLItFLO ERP DPLJR $
PHQRV TXH DV SHUFHSo}HV LQWXLWLYDV GH XP FKHOD WUHLQDGR SRVVDP DMXGDU QHQKXPD TXDQWLGDGH GH
GHVFULo}HVSRUPDLVYtYLGDVTXHVHMDPVHUiVXILFLHQWH'HIDWRQmRKiSDODYUDVDGHTXDGDVSDUD
H[SUHVVDUDGLIHUHQoDHQWUHXPHVWDGRPHQWDOQDWHUUDHXPHVWDGRPHQWDOIRUDGDVXDHVIHUDGHDomR
QmR Ki WHUPRV HP OtQJXD LQJOHVD TXH HTXLYDOKDP DRV QRVVRV QmR Ki QDGD H[FHWR SUHFRQFHLWRV
LQHYLWiYHLV GHYLGR j HGXFDomR RFLGHQWDO QD LQIkQFLD SRUWDQWR OLQKDV GH SHQVDPHQWR HP GLUHomR
HTXLYRFDGD QDGD QD PHQWH GR DSUHQGL] TXH QRV DMXGH QHVWD LQRFXODomR GH LGpLDV LQWHLUDPHQWH
QRYDV
&RPRHQWmRSRVVRH[SOLFDUDYRFrDTXLORTXHQmRSRGHVHUVHQWLGRMiTXHYRFrSDUHFHLQFDSD]
GHFRPSUHHQGrOR",PDJHQVILQLWDVVmRLQDGHTXDGDVSDUDH[SUHVVDURDEVWUDWRHRLQILQLWRWDPSRXFR
SRGHRREMHWLYRMDPDLVUHIOHWLURVXEMHWLYR
&DUWDQRHVFULWDSRU.+
3RU TXH GHYR HX PHVPR DJRUD SDUD FRORFDU DV VXD LGpLDV QR UXPR FRUUHWR OHPEUiOR GH WUrV
FDVRVGHLQVDQLGDGHHPVHWHPHVHVHQWUHFKHODVOHLJRVSDUDQmRPHQFLRQDURIDWRGHTXHXPGHOHV
WRUQRXVH ODGUmR" 2 VU 6LQQHWW SRGH FRQVLGHUDUVH IHOL] SRU VHX FKHODGR OHLJR HVWDU DSHQDV HP
IUDJPHQWRVHSRUTXHHXGHVHQFRUDMHLWmRILUPHPHQWHRVVHXVGHVHMRVGHXPUHODFLRQDPHQWRPDLV
HVWUHLWR QD FRQGLomR GH FKHOD DFHLWR 3RXFRV KRPHQV FRQKHFHP VXDV WHQGrQFLDV LQHUHQWHV Vy D
SURYDomR GR iVSHUR FKHODGR DV GHVHQYROYH /HPEUHVH GHVWDV SDODYUDV HODV WrP XP VLJQLILFDGR
SURIXQGR
&DUWDQRHVFULWDSRU.+
4XHHOHVDLEDTXHRVHXHVWRTXH>GHGHVFREHUWDV@QmRWHUPLQRXHTXHDFLrQFLDRFLGHQWDODLQGD
WHPWUrVHVWDGRVDGLFLRQDLVGHPDWpULDSRUGHVFREULU0DVSDUDHQFRQWUDUR0DQDVGDPDWpULDHOH
WHULDTXHID]HUXPYRWRGHVHJUHGRPDLVVpULRGRTXHHOHSDUHFHLQFOLQDGRDDFHLWDU9RFrFRQKHFH
QRVVROHPD>2XVDUTXHUHUDJLUHPDQWHUVLOrQFLR@HVDEHTXHVXDDSOLFDomRSUiWLFDWHPDSDJDGRD
SDODYUDLPSRVVtYHOGRGLFLRQiULRGRRFXOWLVWD6HHOHQmRFDQVDUGHWHQWDUSRGHGHVFREULURPDLV
QREUHGHWRGRVRVIDWRVVHXYHUGDGHLUR(80DVWHUiTXHDWUDYHVVDUPXLWRVQtYHLVDWpFKHJDUD(OH(
SDUDFRPHoDUTXHHOHVHOLEHUWHGDPD\DGHTXHTXDOTXHUKRPHPYLYRSRGHID]HUH[LJrQFLDVDRV
$GHSWRV 3RGH FULDU DWUDo}HV LUUHVLVWtYHLV H FRPSHOLU D DWHQomR GHOHV PDV LVVR VHUi HVSLULWXDO QmR
PHQWDORXLQWHOHFWXDO(VWHFRQVHOKRVHDSOLFDHpGLULJLGRDYiULRVWHRVRILVWDVLQJOHVHVHSRGHVHU~WLO
DHOHVFRQKHFrOR8PDYH]VHSDUDGRGDVLQIOXrQFLDVFRPXQVGD6RFLHGDGHQDGDQRVDSUR[LPDGH
HVWUDQKR DOJXP H[FHWR R GHVHQYROYLPHQWR GD VXD HVSLULWXDOLGDGH 3RGH VHU XP %DFRQ RX XP
$ULVWyWHOHVHPFRQKHFLPHQWRHPHVPRDVVLPDVXDFRUUHQWHQmRVHUiVHQWLGDVHTXHUFRPRRSHVRGH
XPDSOXPDSRUQyVVHVHXSRGHUHVWLYHUFRQILQDGRD0DQDV$VXSUHPDHQHUJLDUHVLGHHP%XGGKL
ODWHQWH TXDQGR HVWi DVVRFLDGD DSHQDV D $WPDQ H DWLYD H LUUHVLVWtYHO TXDQGR JDOYDQL]DGD SHOD
HVVrQFLDGH0DQDVHTXDQGRQDGDGDHVFyULDGHVWD~OWLPDVHPLVWXUDFRPDTXHODSXUDHVVrQFLDSDUD
OHYiODSDUDEDL[RFRPVXDQDWXUH]DILQLWD0DQDVSXURHVLPSOHVpGHXPQtYHOLQIHULRUHGDWHUUDH
DVVLP RV VHXV PDLRUHV KRPHQV FRQWDP DSHQDV FRPR QmRH[LVWrQFLDV QD DUHQD RQGH D JUDQGH]D p
PHGLGDSHORSDGUmRGHGHVHQYROYLPHQWRHVSLULWXDO4XDQGRRVDQWLJRVIXQGDGRUHVGDVVXDVHVFRODV
ILORVyILFDV YLQKDP DR 2ULHQWH SDUD WHU DFHVVR DR FRQKHFLPHQWR GRV QRVVRV DQWHSDVVDGRV HOHV QmR
WLQKDP UHLYLQGLFDo}HV H[FHWR XPD ~QLFD VHX VLQFHUR H DOWUXtVWD GHVHMR GH DOFDQoDU D YHUGDGH 6H
DOJXpPDVSLUDDJRUDDIXQGDUQRYDVHVFRODVGHFLrQFLDHILORVRILDRPHVPRSODQRWHUir[LWRVH RV
EXVFDGRUHVWLYHUHPHPVLPHVPRVRVHOHPHQWRVGRr[LWR
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
&DUWDQRHVFULWDSRU.+
&RPRGL]VLJQLILFDWLYDPHQWHRQRVVRFKHODGH3RQGLFKHU\QHPDYRFrQHPDTXDOTXHURXWUR
KRPHPGRRXWURODGRGROLPLDUVHUiMDPDLVHQVLQDGDWRGDWHRULDGD(YROXomRQHPHOHDREWHUiD
PHQRVTXHDDGLYLQKHSRUVLPHVPR6HDOJXpPSXGHUGHVHPDUDQKiODDSDUWLUGRVILRVFRQIXVRVTXH
OKH VmR GDGRV PXLWR EHP H HVWD VHULD XPD yWLPD SURYD GH IDWR GD VXD YLVmR HVSLULWXDO $OJXQV
FKHJDUDP PXLWR SHUWR GLVVR 0DV VHPSUH Ki PHVPR FRP RV PHOKRUHV GHOHV HUURV VXILFLHQWHV
GLVWRUomR H Pi FRPSUHHQVmR D VRPEUD GH 0DQDV SURMHWDQGRVH SHOR FDPSR GH %XGGKL SDUD
FRPSURYDU D HWHUQD OHL VHJXQGR D TXDO Vy R (VStULWR OLYUH GH WRGRV RV JULOK}HV YHUi DV FRLVDV GR
(VStULWRVHPXPYpX1HQKXPDPDGRUGHVWUHLQDGRSRGHULDMDPDLVFRPSDUDUVHDRSURILFLHQWHQHVWH
UDPR GH SHVTXLVD QR HQWDQWR RV YHUGDGHLURV 5HYHODGRUHV GR PXQGR WrP VLGR SRXFRV H RV VHXV
SVHXGR6DOYDGRUHVLQ~PHURVHpXPDIHOLFLGDGHTXDQGRRVYLVOXPEUHVSDUFLDLVTXHHOHVREWrPGD
OX]QmRVmRFRPRQRFDVRGR,VODPLPSRVWRVFRPDSRQWDGDHVSDGDRXFRPRQRFDVRGD7HRORJLD
&ULVWmHQWUHDVFKDPDVGDVIRJXHLUDVHHPVDODVGHWRUWXUD
7HQWH-DPDLVVHSHUGHXDOJRSRUWHQWDU9RFrFRPSDUWLOKDFRPWRGRVRVLQLFLDQWHVDWHQGrQFLD
GH H[WUDLU FRQFOXV}HV GHPDVLDGR DEVROXWDPHQWH IRUWHV GH VXJHVW}HV SDUFLDOPHQWH FDSWDGDV H GH
GRJPDWL]DUDUHVSHLWRGHODVFRPRVHWLYHVVHVLGRGLWDD~OWLPDSDODYUDDUHVSHLWR9RFrFRUULJLUiLVWR
QR VHX GHYLGR WHPSR 9RFr SRGH FRPSUHHQGHUQRV PDO H PXLWR SURYDYHOPHQWH R IDUi SRUTXH D
QRVVD OLQJXDJHP GHYH VHU VHPSUH PDLV RX PHQRV D OLQJXDJHP GD SDUiEROD H GD VXJHVWmR TXDQGR
FDPLQKDPRVVREUHWHUUHQRSURLELGRQyVWHPRVQRVVRVSUySULRVPRGRVSHFXOLDUHVGHH[SUHVVmRHR
TXHHVWiSRUWUiVGDFHUFDGDVSDODYUDVpDLQGDPDLVLPSRUWDQWHGRTXHDTXLORTXHYRFrOr0DVDLQGD
DVVLP7(17(
&DUWDQRHVFULWDSRU.+
0DVHVWHMDDOHUWDPHXDPLJRSRUTXHHVWDQmRpD~OWLPDGDVVXDVSURYDo}HV1mRVRXHXTXHP
DV FULD PDV YRFr PHVPR SRU VXD OXWD SHOD OX] H SHOD YHUGDGH FRQWUD DV HVFXUDV LQIOXrQFLDV GR
PXQGR6HMDPDLVFXLGDGRVRFRPRTXHYRFrIDODVREUHWHPDVSURLELGRV
&DUWDQRHVFULWDSRU.+
e VXILFLHQWH TXH YRFr VDLED TXH D OXWD GHOD FRQWUD D YLYLVVHFomR H D VXD GLHWD HVWULWDPHQWH
YHJHWDULDQD DWUDtUDP LQWHLUDPHQWH SDUD R ODGR GHOD R QRVVR VHYHUR 0HVWUH (OH Gi DLQGD PHQRV
LPSRUWkQFLDTXHQyVDTXDOTXHUVHQWLPHQWRRXH[SUHVVmRH[WHUQDRXPHVPRLQWHUQDGHGHVUHVSHLWR
SDUDFRPRV0DKDWPDV4XHHODFXPSUDVHXGHYHUQD6RFLHGDGHTXHVHMDILHODRVVHXVSULQFtSLRVH
WXGRRPDLVYLUiHPVHXGHYLGRWHPSR(ODpPXLWRMRYHPHDVXDYDLGDGHSHVVRDOHRXWUDVIDOKDV
IHPLQLQDVGHYHPVHUDWULEXtGDVDRVU0DLWODQGHDRFRURJUHJRGRVVHXVDGPLUDGRUHV
0ROpFXODVTXHRFXSDPXPOXJDUQRLQILQLWRVmRXPDSURSRVLomRLQFRQFHEtYHO$FRQIXVmRVXUJH
GDWHQGrQFLDRFLGHQWDOGHFRORFDUHVWUXWXUDREMHWLYDQRTXHpSXUDPHQWHVXEMHWLYR2OLYURGH.LXWH
QRVHQVLQDTXHRHVSDoRpDSUySULDLQILQLWXGH(OHpVHPIRUPDLPXWiYHOHDEVROXWR&RPRDPHQWH
KXPDQDTXHpXPJHUDGRULQHVJRWiYHOGHLGpLDVD0HQWH8QLYHUVDORXHVSDoRWHPVXDLGHDomRTXHp
SURMHWDGD QD REMHWLYLGDGH QR WHPSR FHUWR PDV R HVSDoR HP VL QmR p DIHWDGR SRU HOD 0HVPR R
+DPLOWRQ GH YRFrV
GHPRQVWURX TXH R LQILQLWR QXQFD SRGHULD VHU FRQFHELGR DWUDYpV GH TXDOTXHU
VpULHGHDGLo}HV6HPSUHTXHYRFrIDODGHXPOXJDUQRLQILQLWRYRFrGHVWURQDRLQILQLWRHGHJUDGDR
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
VHXFDUiWHUDEVROXWRLQFRQGLFLRQDGR
2VOLYURVGH.LXWHVmRFRQVLGHUDGRVDIRQWHGDV(VWkQFLDVGH']\DQWUDGX]LGDVHFRPHQWDGDVQD
REUD$'RXWULQD6HFUHWDGH+3%1HGEUDV
3URYDYHOPHQWHVLU :LOOLDQ +DPLOWRQ ILOyVRIRHVFRFrV DXWRU GRWH[WR3KLORVRSK\ RI
WKH8QFRQGLWLRQHG1HGEUDV
&DUWDQRHVFULWDSRU.+
eXPIDWRXQLYHUVDOPHQWHDFHLWRTXHRVXFHVVRPDUDYLOKRVRGD6RFLHGDGH7HRVyILFDQDËQGLDVH
GHYH LQWHLUDPHQWH DR SULQFtSLR UHFtSURFR GH WROHUkQFLD ViELD H UHVSHLWRVD GDV RSLQL}HV H FUHQoDV GH
XQV H GH RXWURV 1HP PHVPR R SUHVLGHQWHIXQGDGRU WHP GLUHLWR QHP GLUHWD QHP LQGLUHWDPHQWH GH
LQWHUIHULUQDOLEHUGDGHGHSHQVDPHQWRGRPHPEURPDLVKXPLOGHHPXLWRPHQRVGHWHQWDULQIOXHQFLDU
D VXD RSLQLmR SHVVRDO e VRPHQWH QD DXVrQFLD GHVWD JHQHURVD FRQVLGHUDomR TXH DWp D PDLV SiOLGD
VRPEUD GH GLIHUHQoD DUPD RV EXVFDGRUHV GD PHVPD YHUGDGH HP RXWURV DVSHFWRV GHGLFDGRV H
VLQFHURV FRP R FKLFRWH GR yGLR FRQWUD RV VHXV LUPmRV LJXDOPHQWH VLQFHURV H GHGLFDGRV 9tWLPDV
LOXGLGDVGDYHUGDGHGLVWRUFLGDHOHVHVTXHFHPRXQXQFDVRXEHUDPTXHDGLVFyUGLDpDKDUPRQLDGR
XQLYHUVR $VVLP QD 6RFLHGDGH 7HRV FDGD SDUWH FRPR QDV IXJDV JORULRVDV GR LPRUWDO 0R]DUW
SHUVHJXHLQFHVVDQWHPHQWHDRXWUDHPKDUPRQLRVDGLVFRUGkQFLDSHORVFDPLQKRVGRSURJUHVVR(WHUQR
SDUD HQFRQWUDUHPVH H ILQDOPHQWH IXQGLUHPVH QR OLPLDU GD PHWD EXVFDGD IRUPDQGR XP WRGR
KDUPRQLRVRDQRWDFKDYHQDQDWXUH]D
&DUWDQRHVFULWDSRU.+
0HXGHVHMRpTXHYRFrYiUHXQLQGRWRGDVDVUHVHUYDVGHIRUoDVGRVHXVHUGHPRGRTXHSRVVD
HUJXHUVHjGLJQLGDGHHLPSRUWkQFLDGDFULVH3RUSRXFRTXHYRFrSDUHoDDOFDQoDUSVLTXLFDPHQWH
QHVWDYLGDOHPEUHVHGHTXHRVHXFUHVFLPHQWRLQWHULRUSURVVHJXHDFDGDLQVWDQWHHTXHSUy[LPRDR
ILQDOGDVXDYLGDFRPRHPVHXSUy[LPRQDVFLPHQWRRVHXPpULWRDFXPXODGRWUDUiDYRFrWXGRDTXH
DVSLUD
&DUWDQRHVFULWDSRU.+
3DUHFHSRXFRDYRFrTXHRDQRDQWHULRUWHQKDVLGRHPSUHJDGRDSHQDVHPVHXVGHYHUHVIDPLOLDUHV"
1mRTXHPHOKRUFDXVDSDUDUHFRPSHQVDTXHPHOKRUGLVFLSOLQDTXHRFXPSULPHQWRGRGHYHUDFDGD
KRUDHDFDGDGLD"&UHLDPHPHXDOXQRRKRPHPRXDPXOKHUTXHpFRORFDGRSHOR&DUPDQRPHLR
GHGHYHUHVVDFULItFLRVHDPDELOLGDGHVSHTXHQRVHGHILQLGRVLUiDWUDYpVGRILHOFXPSULPHQWRGHOHV
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
HUJXHUVHjGLPHQVmRPDLRUGR'HYHUGR6DFULItFLRHGDFDULGDGHSDUDFRPWRGDDKXPDQLGDGH4XH
PHOKRUFDPLQKRSDUDDLOXPLQDomREXVFDGDSRUYRFrTXHDYLWyULDGLiULDVREUHR(XDSHUVHYHUDQoD
DSHVDU GD DXVrQFLD GH SURJUHVVR SVtTXLFR YLVtYHO R VXSRUWDU GD PiVRUWH FRP DTXHOD VHUHQD
UHVLVWrQFLDTXHDWUDQVIRUPDHPYDQWDJHPHVSLULWXDOMiTXHREHPHRPDOQmRSRGHPVHUPHGLGRV
SRU DFRQWHFLPHQWRV GR SODQR LQIHULRU RX ItVLFR" 1mR ILTXH GHVHQFRUDMDGR SRUTXH VXD SUiWLFD FDL
DEDL[R GDV VXDV H[SHFWDWLYDV QR HQWDQWR QmR VH VDWLVIDoD DSHQDV DGPLWLQGR LVVR Mi TXH YRFr
FODUDPHQWHUHFRQKHFHTXHVXDWHQGrQFLDpFRPGHPDVLDGDIUHTrQFLDHPGLUHomRjLQGROrQFLDPHQWDO
H PRUDO LQFOLQDQGRVH PDLV D DYDQoDU i GHULYD FRP DV FRUUHQWHV GD YLGD TXH D GHILQLU VHX SUySULR
UXPRGLUHWR6HXSURJUHVVRHVSLULWXDOpPXLWRPDLRUGRTXHYRFrVDEHRXSRGHFRPSUHHQGHUHYRFr
ID]EHPHPDFUHGLWDUTXHHVWHGHVHQYROYLPHQWRpHPVLPHVPRPDLVLPSRUWDQWHTXHDFRPSUHHQVmR
GHOH SHOD VXD FRQVFLrQFLD GR SODQR ItVLFR 1mR HQWUDUHL DJRUD HP RXWURV DVVXQWRV Mi TXH HVWDV VmR
DOJXPDVOLQKDVGHDSURYDomRHUHFRQKHFLPHQWRGRVVHXVHVIRUoRVHGHIRUWHHVWtPXORSDUDTXHYRFr
PDQWHQKDXPHVWDGRGHHVStULWRFDOPRHFRUDMRVRGLDQWHGRVDFRQWHFLPHQWRVH[WHUQRVQRSUHVHQWHH
SDUDTXHWHQKDHVSHUDQoDQRIXWXURHPWRGRVRVSODQRV
&DUWDQRHVFULWDSRU.+
0HXSREUHHFHJRDPLJRYRFrTXHpLQWHLUDPHQWHLQDGHTXDGRSDUDRRFXOWLVPRSUiWLFR$VVXDVOHLV
VmR LPXWiYHLV H QLQJXpP SRGH YROWDU DWUiV GHSRLV GH GDU XPD RUGHP (OD QmR SRGH HQFDPLQKDU
FDUWDVSDUDPLPHDFDUWDGHYHULDWHUVLGRGDGDD0RKLQL1RHQWDQWRHXDOLHHVWRXGHFLGLGRDID]HU
PDLVXPHVIRUoRR~OWLPRTXHPHpSHUPLWLGRSDUDDEULUVXDLQWXLomRLQWHUQD6HPLQKDYR]D
YR]GHDOJXpPTXHIRLVHPSUHDPLJRVHXQRSULQFtSLRKXPDQRGRVHXGHYHUQmRSXGHUFKHJDUD
YRFrFRPRWHPRFRUULGRIUHTHQWHPHQWHHQWmRQRVVDVHSDUDomRQRSUHVHQWHHHPWRGRVRVWHPSRV
IXWXURV VH WRUQDUi LQHYLWiYHO 6RIUR SRU YRFr FXMR FRUDomR OHLR WmR EHP DSHVDU GH WRGDV DV
REMHo}HV H G~YLGDV GD VXD QDWXUH]D SXUDPHQWH LQWHOHFWXDO H GD VXD IULD UD]mR RFLGHQWDO 0DV PHX
SULPHLURGHYHUpSDUDFRPPHX0HVWUH(RGHYHUGHL[HPHGL]HUOKHpSDUDQyVPDLVIRUWHGRTXH
TXDOTXHUDPL]DGHRXPHVPRDPRUMiTXHVHPHVWHSULQFtSLRSHUPDQHQWHRFLPHQWRLQGHVWUXWtYHOTXH
WHP XQLGR GXUDQWH WDQWRV PLOrQLRV RV JXDUGL}HV HVSDUVRV GRV JUDQGHV VHJUHGRV GD QDWXUH]D QRVVD
)UDWHUQLGDGH H PDLV D QRVVD SUySULD GRXWULQD WHULDP VH GHVPDQFKDGR Ki PXLWR HP iWRPRV
LUUHFRQKHFtYHLV ,QIHOL]PHQWH SRU PDLRU TXH VHMD R VHX LQWHOHFWR SXUDPHQWH KXPDQR DV VXDV
LQWXLo}HVHVSLULWXDLVVmRREVFXUDVHYDJDVHQXQFDIRUDPGHVHQYROYLGDV$VVLPVHPSUHTXHYRFrVH
YrGLDQWHGHXPDDSDUHQWHFRQWUDGLomRSRUXPDGLILFXOGDGHXPDHVSpFLHGHLQFRHUrQFLDGHQDWXUH]D
RFXOWD FDXVDGD SRU QRVVDV OHLV H GRXWULQDV WmR FRQILUPDGDV SHOR WHPSR IDWR GR TXDO YRFr QDGD
VDEHMiTXHRVHXWHPSRDLQGDQmRFKHJRXLPHGLDWDPHQWHDVVXDVG~YLGDVHPHUJHPVXDVVXVSHLWDV
EURWDP H GHVFREUHVH TXH HODV ]RPEDP GD VXD PHOKRU QDWXUH]D TXH p ILQDOPHQWH HVPDJDGD SRU
WRGDVHVWDVDSDUrQFLDVHQJDQRVDVGDVFRLVDVH[WHUQDV9RFrQmRWHPDIpQHFHVViULDSDUDSHUPLWLUTXH
DVXD9RQWDGHVHHUJDGHVDILDQGRHGHVSUH]DQGRVHXLQWHOHFWRSXUDPHQWHPXQGDQRHGDQGRDYRFr
XPD FRPSUHHQVmR PHOKRU GDV FRLVDV RFXOWDV H GDV OHLV GHVFRQKHFLGDV 9HMR TXH YRFr p LQFDSD] GH
IRUoDUDVVXDVPHOKRUHVDVSLUDo}HVDOLPHQWDGDVSHODFRUUHQWHGHXPDUHDOGHYRomRSHOD0D\DTXH
YRFrSUySULRIH]GHPLPXPVHQWLPHQWRTXHVHPSUHPHWRFRXSURIXQGDPHQWHDHUJXHUDFDEHoD
FRQWUDDUD]mRIULDHHVSLULWXDOPHQWHFHJDDSHUPLWLUDRVHXFRUDomRTXHSURFODPHHGLJDDOWRTXHDWp
DJRUDHOHVyWHPWLGRDXWRUL]DomRSDUDPXUPXUDU3DFLrQFLDSDFLrQFLD8PJUDQGHSODQRQXQFDIRL
DSUHQGLGRGHLPHGLDWR-iIRLGLWRDYRFrQRHQWDQWRTXHRFDPLQKRSDUDDV&LrQFLDV2FXOWDVWHP
GHVHUWULOKDGRODERULRVDPHQWHHSHUFRUULGRFRPSHULJRGHYLGDTXHFDGDQRYRSDVVRQHOHTXHOHYDj
PHWD ILQDO p URGHDGR SRU DUPDGLOKDV H HVSLQKRV FUXpLV TXH R SHUHJULQR TXH VH DYHQWXUD SRU HOH p
REULJDGRSULPHLURDFRQIURQWDUHYHQFHUDVPLOHXPDI~ULDV
TXHJXDUGDPVHXVSRUW}HVHVXDHQWUDGD
DGDPDQWLQRV
I~ULDV FKDPDGDV '~YLGD &HWLFLVPR 'HVSUH]R 5LGtFXOR ,QYHMD H ILQDOPHQWH
7HQWDomRHVSHFLDOPHQWHD~OWLPDHTXHDTXHOHTXHTXLVHUYHUPDLVDOpPWHPSULPHLURGHGHVWUXLU
HVWHPXURYLYRGHYHWHUXPFRUDomRHXPDDOPDYHVWLGRVGHDoRHXPDGHWHUPLQDomRGHIHUURTXH
QXQFDIDOKDHQRHQWDQWRGHYHVHUDPiYHOHJHQWLOKXPLOGHHGHYHWHUH[SXOVDGRGRVHXFRUDomRWRGD
SDL[mRKXPDQDTXHOHYDDRPDO9RFrpWXGRLVWR"$OJXPDYH]FRPHoRXXPWUHLQDPHQWRTXHOHYDULD
D LVWR" 1mR YRFr VDEH GLVWR WDQWR TXDQWR HX 9RFr QmR QDVFHX SDUD LVWR H WDPSRXFR HVWi HP
FRQGLo}HV XP KRPHP GH IDPtOLD FRP HVSRVD H ILOKR SDUD VXVWHQWDU FRP WUDEDOKR SRU ID]HU
DGHTXDGDVGHPRGRDOJXPSDUDOHYDUDYLGDGHXPDVFHWDHQHPPHVPRGHXP0RKLQL
(QWmR
SRUTXHYRFrGHYHULDUHFODPDUTXHQmROKHVmRGDGRVSRGHUHVHTXHDWpPHVPRSURYDVGRVQRVVRV
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
SUySULRVSRGHUHVFRPHoDPDIDOWDUDYRFrHWF"
)~ULDVQDPLWRORJLDFOiVVLFDGLYLQGDGHVIHPLQLQDVTXHSXQLDPFULPHVLQVWLJDGDVSHODVYtWLPDVH
YLQJDYDPRVGHXVHV1HGEUDV
$GDPDQWLQRVLVWRpIHLWRGHGLDPDQWH1HGEUDV
0RKLQL0&KDWWHUMHHQDpSRFDFKHODGH.+
&DUWDQRHVFULWDSRU.+
0HXERPDPLJR6KDNHVSHDUHGLVVHFRUUHWDPHQWHTXHQRVVDVG~YLGDVVmRWUDLGRUDV3RUTXHYRFr
WHPGHGXYLGDURXFULDUHPVXDPHQWHPRQVWURVFDGDYH]PDLRUHV"8PSRXFRPDLVGHFRQKHFLPHQWR
GDVOHLVRFXOWDVWHULDGHL[DGRVXDPHQWHHPSD]KiPXLWRWHPSRWHULDHYLWDGRPDLVGHXPDOiJULPD
GHVXDJHQWLOHVSRVDHGRUHVSDUDYRFrPHVPR6DLEDSRLVTXHLQFOXVLYHRVFKHODVGRPHVPRJXUX
VmRIUHTXHQWHPHQWHVHSDUDGRVHPDQWLGRVjSDUWHGXUDQWHORQJRVPHVHVHQTXDQWRRFRUUHRSURFHVVR
GH GHVHQYROYLPHQWR VLPSOHVPHQWH GHYLGR DRV GRLV PDJQHWLVPRV FRQWUiULRV TXH DWUDLQGR XP DR
RXWUR HYLWDP R GHVHQYROYLPHQWR P~WXR H ,1',9,'8$/,=$'2 HP GHWHUPLQDGD GLUHomR 1mR Ki
LQWHQomR GH RIHQGHU QHP LVWR VHULD SRVVtYHO $ LJQRUkQFLD GLVVR FDXVRX XOWLPDPHQWH LPHQVR
VRIULPHQWRHPWRGRVRVODGRV4XDQGRpTXHYRFrFRQILDUiLPSOLFLWDPHQWHHPPHXFRUDomRVHQmR
HP PLQKD VDEHGRULD SDUD D TXDO HX QmR UHLYLQGLFR UHFRQKHFLPHQWR GD VXD SDUWH" e H[WUHPDPHQWH
SHQRVR YHU YRFr SHUDPEXODQGR SRU XP HVFXUR ODELULQWR FULDGR SRU VXDV SUySULDV G~YLGDV GR TXDO
FDGDVDtGDYRFrIHFKDDOpPGLVVRFRPVXDVSUySULDVPmRV
&DUWDQRHVFULWDSRU.+
$OJXQVGHYRFrVWHRVRILVWDVVmRDWLQJLGRVDSHQDVHPVXDKRQUDRXHPVHXVEROVRVPDVRVTXH
HUJXLDPDVIRQWHVGHOX]QDVJHUDo}HVDQWHULRUHVSDJDYDPFRPVXDVYLGDVSHORVHXFRQKHFLPHQWR
&RUDJHP SRLV WRGRV YRFrV TXH TXHUHP VHU JXHUUHLURV GD 9HUGDGH XQD H GLYLQD SURVVLJDP FRP
YDOHQWLDHFRQILDQoDDOLPHQWHPVXDIRUoDPRUDOQmRDGHVSHUGLFHPFRPIXWLOLGDGHVPDVXVHPQD
HPJUDQGHVRFDVL}HVFRPRDDWXDO
(VWRX EHP FRQVFLHQWH GD PXGDQoD TXH XOWLPDPHQWH KRXYH HP YRFr PDV LVWR QmR PXGD D
TXHVWmRSULQFLSDO6HTXLVHUFRQWLQXDUFRPVHXVHVWXGRVRFXOWRVHWUDEDOKROLWHUiULRDSUHQGDDVHU
OHDO j ,GpLD PDLV GR TXH DR PHX SREUH HX 4XDQGR DOJRGHYHVHU IHLWRQXQFD VH SHUJXQWH VHHXR
GHVHMRDQWHVGHDJLUHXGHVHMRWXGRRTXHSRGHHPJUDXPDLRURXPHQRUOHYDUSDUDDGLDQWHHVWD
LQTXLHWDomR
&DUWDQRHVFULWDSRU.+
1mRSRGHPRVDOWHUDUR&DUPDPHXERPDPLJRGHRXWURPRGRQyVGLVVLSDUtDPRVDQXYHPDWXDO
TXHKiVREUHVHXFDPLQKR0DVID]HPRVWXGRRTXHpSRVVtYHOQHVWDVTXHVW}HVPDWHULDLV1HQKXPD
HVFXULGmRSRGHGXUDUSDUDVHPSUH7HQKDHVSHUDQoDHIpHSRGHUHPRVHOLPLQiOD1mRKiPDLVPXLWRV
ILpLVDRSURJUDPDRULJLQDO(YRFrUHFHEHXPXLWRVHQVLQDPHQWRVHSRVVXLPXLWDFRLVDTXHpHVHUi
~WLO
&DUWDQRHVFULWDSRU0
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
(VWDpD~OWLPDFDUWDUHFHELGDSRU6LQQHWWGLUHWDPHQWHGR0DKDWPD
&RUDJHPSDFLrQFLDHHVSHUDQoDPHXLUPmR
&DUWDQRHVFULWDSRU.+
1mR p VXILFLHQWH ORXYDU D RUJDQL]DomR H VXDV ORMDV FRPR HVFRODV GH PRUDOLGDGH VDEHGRULD H
EHQHYROrQFLDSRUTXHHODVVHPSUHVHUmRMXOJDGDVSHORPXQGRH[WHUQRSHORVVHXVIUXWRVHQmRSHODV
VXDVSUHWHQV}HVQmRSHORTXHHODVGL]HPPDVSHORTXHID]HP$ORMDVHPSUHHVWHYHQHFHVVLWDGDGH
WUDEDOKDGRUHVHILFLHQWHVHFRPRHPWRGDVDVRUJDQL]Do}HVRWUDEDOKRGHSHQGLDGHDOJXQVSRXFRV
'HVWHVSRXFRVDSHQDVXPWLQKDXPREMHWLYRGHILQLGRHPPHQWHHEXVFDYDRILUPHHFRQVWDQWHPHQWH
92&Ç1RHQWDQWRDVXDQDWXUDOUHVHUYDHRIRUWHFRPSRQHQWHGH6RFLHGDGHPXQGDQDGHQWURGR
RUJDQLVPR 2FXOWR R VHQWLGR LQJOrV GH LQGLYLGXDOLGDGH H GR TXH p DGHTXDGR SRU SDUWH GH FDGD
PHPEUR LPSHGLUDP YRFr GH XP ODGR GH DILUPDU VHXV SUySULRV GLUHLWRV FRPR GHYHULD WHU IHLWR H
IL]HUDP FRP TXH RV RXWURV VH VHSDUDVVHP PXLWR GH YRFr FDGD XP GHFLGLQGR DJLU FRPR HOH RX HOD
SHQVDYD VHU PHOKRU SDUD DVVHJXUDU VXD SUySULD VDOYDomR H VDWLVID]HU VXDV DVSLUDo}HV WUDEDOKDQGR
FDUPLFDPHQWHHPXPSODQRPDLVHOHYDGRVHJXQGRDWRODIUDVHTXHDJRUDFLUFXODHQWUHHOHV
$JRUDWHQWHSRUSLHGDGHGHVSHUWDUGHXPDYH]SRUWRGDVVXDLQWXLomRVHSXGHU6RIURSRUYRFrH
IDULDTXDOTXHUFRLVDSDUDDMXGiOR0DVYRFrPHLPSHGH
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
/RMDGH/RQGUHVGD6RFLHGDGH7HRVyILFD
&DUWDQRHVFULWDSRU+3%ODYDWVN\
9RFrGL]TXHH[LVWHPSRXFDViUHDVGDFLrQFLDGDVTXDLVQmRSRVVXLFRQKHFLPHQWRPDLRURXPHQRUH
TXHDFUHGLWDHVWDUID]HQGRFHUWDTXDQWLGDGHGHEHPWHQGRDGTXLULGRDVFRQGLo}HVGHID]rORDWUDYpV
GHORQJRVDQRVGHHVWXGR1mRKiG~YLGDVVREUHLVVR0DVYRFrPHSHUPLWHHVERoDUOKHFRPPDLV
FODUH]DDGLIHUHQoDHQWUHRVPpWRGRVGDVFLrQFLDVItVLFDVPXLWDVYH]HVFKDPDGDVH[DWDVFRPRHORJLR
H DV PHWDItVLFDV" (VWDV ~OWLPDV FRPR VDEH VHQGR LQFDSD]HV GH FRPSURYDomR GLDQWH GH SODWpLDV
PLVWXUDGDVVmRFODVVLILFDGDVSHORVU7\QGDOOFRPRILFo}HVSRpWLFDV$FLrQFLDUHDOLVWDGRVIDWRVSRU
RXWURODGRpLQWHLUDPHQWHSURVDLFD3RLVEHPSDUDQyVSREUHVILODQWURSRVGHVFRQKHFLGRVQHQKXP
IDWR GH TXDLVTXHU GHVVDV FLrQFLDV p LQWHUHVVDQWH D QmR VHU QD PHGLGD GD SRVVLELOLGDGH GH SURGX]LU
UHVXOWDGRV PRUDLV H QD SURSRUomR GH VXD XWLOLGDGH SDUD D KXPDQLGDGH ( HP VHX LVRODPHQWR
RUJXOKRVR QDGD SRGH VHU PDLV FRPSOHWDPHQWH LQGLIHUHQWH D WRGRV H D WRGDV DV FRLVDV RX PDLV
LQFOLQDGRDFRLVDDOJXPDIRUDGRVUHTXLVLWRVHJRtVWDVGRVHXDYDQoRGRTXHHVVDFLrQFLDPDWHULDOLVWD
GRVIDWRV
(QyVQmRHOHV>KRPHQVGDFLrQFLD@YHPRVXPDGLIHUHQoDQtWLGDHQWUHDHQHUJLDQRPRYLPHQWR
GRYHQWRHQRGHXPDURGDTXHJLUD3RUTXr"3RUTXHFDGDSHQVDPHQWRGRKRPHPDRVHUSURGX]LGR
SDVVDDRPXQGRLQWHUQRHVHWRUQDXPDHQWLGDGHDWLYDDVVRFLDQGRVHDPDOJDPDQGRVHSRGHUtDPRV
GL]HU FRP XP HOHPHQWDO LVWR p FRP XPD GDV IRUoDV VHPLLQWHOLJHQWHV GRV UHLQRV (OH VREUHYLYH
FRPRLQWHOLJrQFLDDWLYDXPDFULDWXUDJHUDGDSHODPHQWHSRUXPSHUtRGRPDLVFXUWRRXPDLVORQJR
SURSRUFLRQDOPHQWHjLQWHQVLGDGHGDDomRFHUHEUDOTXHRJHURX'HVVHPRGRXPERPSHQVDPHQWRp
SHUSHWXDGR FRPR IRUoD DWLYD H EHQpILFD XP PDX SHQVDPHQWR FRPR GHP{QLR PDOpILFR $VVLP R
KRPHPHVWiFRQVWDQWHPHQWHRFXSDQGRVXDFRUUHQWHQRHVSDoRFRPVHXSUySULRPXQGRXPPXQGR
SRYRDGRFRPDSUROHGHVXDVIDQWDVLDVGHVHMRVLPSXOVRVHSDL[}HVXPDFRUUHQWHTXHUHDJHVREUH
TXDOTXHU RUJDQL]DomR VHQVtYHO RX QHUYRVD TXH HQWUH HP FRQWDWR FRP HOD QD SURSRUomR GD VXD
LQWHQVLGDGHGLQkPLFD$LVWRRVEXGLVWDVFKDPDP6NDQGKD2VKLQGXVOKHGmRRQRPHGH&DUPD
2DGHSWRSURGX]HVVDVIRUPDVFRQVFLHQWHPHQWHRVRXWURVKRPHQVDVDWLUDPIRUDLQFRQVFLHQWHPHQWH
3DUD VHU EHPVXFHGLGR H FRQVHUYDU VHX SRGHU R DGHSWR GHYH PRUDU HP VROLGmR H PDLV RX PHQRV
GHQWUR GH VXD SUySULD DOPD $ FLrQFLD H[DWD SHUFHEH DLQGD PHQRV TXH HQTXDQWR D IRUPLJD
WUDEDOKDGRUDDDEHOKDRFXSDGDHRSiVVDURTXHID]VHXQLQKRDFXPXODPFDGDXPGHOHVDVHXPRGR
KXPLOGHWDQWDHQHUJLDFyVPLFDSRWHQFLDOTXDQWRXP+D\GQXP3ODWmRRXXPODYUDGRUTXHWUDEDOKD
VXD WHUUD GRV VHXV PRGRV R FDoDGRU TXH PDWD SRU SUD]HU RX SRU OXFUR R SRVLWLYLVWD TXH XVD VHX
LQWHOHFWRSDUDSURYDUTXH[ HVWmRGHVSHUGLoDQGRHHVSDOKDQGRHQHUJLDQmRPHQRVGRTXHR
WLJUHTXHVDOWDVREUHVXDSUHVD7RGRVHOHVURXEDPD1DWXUH]DHPYH]TXHHQULTXHFrODHWRGRVHOHV
QDPHGLGDGDVXDLQWHOLJrQFLDYHULILFDUmRTXHWHUmRTXHSDJDUSRULVVR
6XDSULQFLSDOPHWDpH[WLUSDUDVDWXDLVVXSHUVWLo}HVHRFHWLFLVPRHUHWLUDUGHIRQWHVDQWLJDVHKi
PXLWRWHPSRIHFKDGDVDVSURYDVGHTXHRKRPHPSRGHFULDUVHXSUySULRGHVWLQRIXWXURHVDEHUFRP
VHJXUDQoDTXHHOHSRGHYLYHUPDLVDOpPEDVWDQGRTXHHOHTXHLUDHTXHWRGRVRVIHQ{PHQRVVmR
DSHQDVPDQLIHVWDo}HVGDOHLQDWXUDOHTXHWHQWDUFRPSUHHQGHUHVWDOHLpGHYHUGHWRGRVHULQWHOLJHQWH
9RFrGHYRWRXSHVVRDOPHQWHPXLWRVDQRVDXPWUDEDOKRFRQFHELGRGHPRGREHQpYRORHUHDOL]DGRFRP
VHULHGDGH 'r D VHXV VHPHOKDQWHV PHWDGH GD DWHQomR TXH YRFr GHGLFRX D VHXV SDVVDULQKRV H
FRPSOHWDUiXPDYLGD~WLOFRPXPWUDEDOKRJUDQGLRVRHQREUH
UHWRUQD HVSDxRO
(VWD KRPHSDJH p GHGLFDGD j GLYXOJDomR GH 3ULQFtSLRV &RVPRVyILFRV (VRWpULFRV 7HRVyILFRV HWF
FRPRLQWXLWRGHFRODERUDUQDEXVFDGR&DPLQKR,QWHULRU1HODWDPEpPSRGHUmRVHUHQFRQWUDGRVH
DGTXLULGRV RV /LYURV H RV &'V GRV (VWXGRV 3DUWLOKDV H 0~VLFDV UHDOL]DGRV SRU 5REHUWR ' )
$PHVWR\
&DEH GHVWDFDU TXH VH SRU YHQWXUD RXWUR VLWH QRV UHIHUHQFLDU LVVR QmR TXHU GL]HU TXH FRQFRUGHPRV
FRPWXGRRTXHHVVHVLWHYHLFXOD
E\5REHUWRUREHUWR#FRVPRVRILDFRP
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO
&260262),$
KWWSZZZFRVPRVRILDFRPWH[WRVKWPO