You are on page 1of 8

$V(VWUXWXUDV(OHPHQWDUHVGR3DUHQWHVFR

GH&ODXGH/pYL6WUDXVV 

6LPRQHGH%HDXYRLU $DQiOLVHGH6LPRQHGH%HDXYRLUVREUHDV(VWUXWXUDV(OHPHQWDUHVGR3DUHQWHVFRIRL
XPDGDVSRXFDVUHVHQKDVSXEOLFDGDVjpSRFDGRODQoDPHQWRGHXPGRVPDLRUHV
FOiVVLFRVGDDQWURSRORJLDGRVpFXOR;;$LGpLDGHWUDGX]LODSDUWLXLQLFLDOPHQWHGH
0DUFRV/DQQDTXDQGRDLQGDSURIHVVRUGR'HSDUWDPHQWRGH$QWURSRORJLDGD8)35
2FRPHQWiULRGH0DXUR:%DUERVDGH$OPHLGDTXHDFRPSDQKDHVVHSHTXHQRWH[WR
SHUPLWH DSUHFLDU D YLJRURVD DWXDOLGDGH GD UHIOH[mR GH 6LPRQH GH %HDXYRLU TXH
FRQWLQXDDDOLPHQWDUXPGLiORJRIUXWtIHURHQWUHDHWQRORJLDHDILORVRILD2VHGLWRUHV
DJUDGHFHPD$QJpOLTXH1DEHWVHFUHWiULDGHUHGDomRGH/HV7HPSV0RGHUQHVD
6DQGUD0RUHLUDTXHLQWHUPHGLRXRVSULPHLURVFRQWDWRVFRPHVVDUHYLVWDHD6\OYLH/H
%RQGH%HDXYRLUTXHJHQWLOPHQWHFRQFHGHXDDXWRUL]DomRILQDOSDUDTXHSXGpVVHPRV
GLVSRQLELOL]DUDRVOHLWRUHVGD&DPSRVHVWHWH[WRLQpGLWRQR%UDVLO 1( 

+iEDVWDQWHWHPSRHVWDYDDVRFLRORJLDIUDQFHVDDGRUPHFLGDeQHFHVViULRVDXGDU
R OLYUR GH /pYL6WUDXVV FRPR XP HYHQWR TXH PDUFD XP EULOKDQWH GHVSHUWDU 2V
HVIRUoRVGDHVFRODGXUNKHLPLDQDSDUDRUJDQL]DUGHXPDPDQHLUDLQWHOLJtYHORVIDWRV
VRFLDLVUHYHODUDPVHGHFHSFLRQDQWHVSRLVVHEDVHDYDPHPKLSyWHVHVPHWDItVLFDV
FRQWHVWiYHLV H HP SRVWXODGRV KLVWyULFRV QmR PHQRV GXYLGRVRV FRPR UHDomR
D HVFROD DPHULFDQD SUHWHQGHX DEVWHUVH GH WRGD HVSHFXODomR HOD VH OLPLWRX D
DFXPXODUIDWRVVHPHOXFLGiORV+HUGHLURGDWUDGLomRIUDQFHVDSRUpPIRUPDGR
GHDFRUGRFRPRVPpWRGRVDPHULFDQRV/pYL6WUDXVVGHVHMRXUHWRPDUDWHQWDWLYD
GHVHXVPHVWUHVHYLWDQGRVHXVGHIHLWRVHOHWDPEpPVXS{VTXHDVLQVWLWXLo}HV
KXPDQDVVmRGRWDGDVGHVLJQLILFDomRPDVSURFXUDUiDFKDYHGHVWDQDKXPDQLGDGH
SUySULD GDTXHODV HOH FRQMXUD RV HVSHFWURV GD PHWDItVLFD PDV QmR DFHLWD SRU
RXWURODGRTXHHVWHPXQGRVHMDDSHQDVFRQWLQJrQFLDGHVRUGHPDEVXUGRVHX

75$'8d®2
VHJUHGRVHUiWHQWDUSHQVDURGDGRVHPDLQWHUYHQomRGHXPSHQVDPHQWRTXHVHMD
HVWUDQJHLURDHVWHQRFRUDomRGDUHDOLGDGHHOHGHVFREULUiRHVStULWRTXHDKDELWD
$VVLPHOHQRVUHFRQVWLWXLDLPDJHPGHXPXQLYHUVRTXHQmRWHPDQHFHVVLGDGH
&DPSRV   GHUHIOHWLURFpXSDUDVHUXPXQLYHUVRKXPDQR 
6LPRQHGH%HDXYRLU

1mRPHSHUWHQFHDWDUHIDGHFULWLFDU²HVLPDGHDSUHFLDU²HVWDREUDHVSHFLDOL]DGDPDVQmRpVRPHQWHDRV
HVSHFLDOLVWDVTXHHODVHGLULJH4XHROHLWRUTXHDEUDRYROXPHSRUDFDVRQmRVHGHL[HLQWLPLGDUSHODPLVWHULRVD
FRPSOH[LGDGH GRV GLDJUDPDV H JUiILFRV QD YHUGDGH TXDQGR R DXWRU GLVFXWH PLQXFLRVDPHQWH R VLVWHPD
PDWULPRQLDOGRV0XUQJLQRXGRV.DWFKLQpRPLVWpULRGDVRFLHGDGHFRPRXPWRGRRPLVWpULRGRKRPHPTXH
HOHVHHVIRUoDSRUGHVFREULU
2SUREOHPDDRTXDOHOHVHGHGLFDpRPDLVIDVFLQDQWHHRPDLVGHVFRQFHUWDQWHGHWRGRVRVTXHWrPPRELOL]DGR
HWQyJUDIRVHVRFLyORJRVWUDWDVHGRHQLJPDFRORFDGRSHODSURLELomRGRLQFHVWR$LPSRUWkQFLDGHVWHIDWRHVXD
REVFXULGDGHUHVXOWDPGDVLWXDomR~QLFDTXHHOHRFXSDQRFRQMXQWRGRVIDWRVKXPDQRV(VWHVVHGLYLGHPHPGXDV
FDWHJRULDVRVIDWRVGDQDWXUH]DHRVIDWRVGDFXOWXUDFHUWDPHQWHQHQKXPDDQiOLVHSHUPLWHGHVFREULUHQWUHHOHV
RSRQWRGHSDVVDJHP0DVHOHVVHGLVWLQJXHPVREXPFULWpULRVHJXURRVSULPHLURVVmRXQLYHUVDLVRVVHJXQGRV
REHGHFHPDQRUPDV$SURLELomRGRLQFHVWRpR~QLFRIHQ{PHQRTXHHVFDSDGHVVDFODVVLILFDomRSRLVHODDSDUHFH
HPWRGDVDVVRFLHGDGHVVHPH[FHomRHDRPHVPRWHPSRpXPDUHJUD$VGLIHUHQWHVLQWHUSUHWDo}HVWHQWDGDV
DWpHQWmRVHHVIRUoDUDPWRGDVSDUDPDVFDUDUHVVDDPELJLGDGH$OJXQVSHQVDGRUHVHYRFDUDPRVGRLVDVSHFWRV
²QDWXUDOHFXOWXUDO²GDOHLPDVHOHVDSHQDVHVWDEHOHFHUDPHQWUHHOHVXPDUHODomRLQWUtQVHFDVXSXVHUDPTXHXP
LQWHUHVVHELROyJLFRWHULDHQJHQGUDGRDLQWHUGLomRVRFLDORXWURVYLUDPQDH[RJDPLDXPIDWRSXUDPHQWHQDWXUDO
HODVHULDGLWDGDSRUXPLQVWLQWRRXWURVHQILPGHQWUHRVTXDLV'XUNKHLPFRQVLGHUDUDPQDH[FOXVLYDPHQWHXP
IHQ{PHQRFXOWXUDO(VVHVWUrVWLSRVGHH[SOLFDomRWrPFRQGX]LGRDLPSRVVLELOLGDGHVHFRQWUDGLo}HV1DYHUGDGH
VHDSURLELomRGRLQFHVWRpGHWmRJUDQGHLQWHUHVVHpSRUTXHHODUHSUHVHQWDRPRPHQWRPHVPRGDSDVVDJHPGD
QDWXUH]DSDUDDFXOWXUD´eRSURFHVVRSHORTXDODQDWXUH]DXOWUDSDVVDDHODPHVPDµ(VVDVLQJXODULGDGHGHFRUUH
GRFDUiWHUSDUWLFXODUGDVH[XDOLGDGHPHVPDpQRUPDOTXHDGREUDGLoDHQWUHQDWXUH]DHFXOWXUDVHHQFRQWUHQR
WHUUHQRGDYLGDVH[XDOSRLVHVWDH[WUDtGDGDELRORJLDFRORFDLPHGLDWDPHQWHRXWUHPHPMRJRQRIHQ{PHQRGD
DOLDQoDVHGHVHQYROYHHVVDGXDOLGDGHSRLVHQTXDQWRRSDUHQWHVFRpGDGRDQDWXUH]DLPS}HDDOLDQoDPDVQmR
DGHWHUPLQD3RGHPRVH[WUDLUGDTXLDPDQHLUDSHODTXDORKRPHPDVVXPLQGRVXDFRQGLomRQDWXUDOGHILQHVXD
KXPDQLGDGH3HODSURLELomRGRLQFHVWRVHH[SUHVVDPHVHUHDOL]DPDVHVWUXWXUDVIXQGDPHQWDLVVREUHDVTXDLV
VHIXQGDDVRFLHGDGHKXPDQDFRPRWDO
3ULPHLUDPHQWH D H[RJDPLD PDQLIHVWD TXH QmR KDYHULD VRFLHGDGH VHP R UHFRQKHFLPHQWR GH XPD
5HJUD &RQWUDULDPHQWH DRV PLWRV H jV LQYHUGDGHV OLEHUDLV D LQWHUYHQomR QmR HVWi VRPHQWH UHODFLRQDGD D
DOJXQV UHJLPHV HFRQ{PLFRV HOD p WmR RULJLQDO TXDQWR D KXPDQLGDGH PHVPD $ GLVWULEXLomR GRV YDORUHV
HQWUH RV PHPEURV GD FROHWLYLGDGH VHPSUH IRL H VHUi XP IHQ{PHQR FXOWXUDO SRUpP ² FRPR R DOLPHQWR DR
TXDOHODpHVWUHLWDPHQWHDVVRFLDGD²DPXOKHUpXPSURGXWRHVFDVVRHHVVHQFLDOjYLGDGRJUXSRHPPXLWDV
FLYLOL]Do}HV SULPLWLYDV R VROWHLUR p HFRQ{PLFD H VRFLDOPHQWH XP SiULD R SULPHLUR FXLGDGR GD FROHWLYLGDGH
VHUi DVVLP LPSHGLU TXH VH HVWDEHOHoD XP PRQRSyOLR GH PXOKHUHV (VWH p R VHQWLGR SURIXQGR GD SURLELomR
GR LQFHVWR DILUPDVH TXH QmR p VREUH D EDVH GH VXD UHSDUWLomR QDWXUDO TXH DV PXOKHUHV GHYHP UHFHEHU
75$'8d®2

XP XVR VRFLDO VH DR KRPHP VH LPSHGH HVFROKHU VHXV DOLDGRV HQWUH RV VHXV SDUHQWHV VH ´FRQJHODPRVµ DV
PXOKHUHVQRVHLRGDIDPtOLDpSRUTXHDGLVWULEXLomRVHID]VREUHRFRQWUROHGRJUXSRHQmRHPUHJLPHSULYDGR
$ GHVSHLWR GH VHX DVSHFWR QHJDWLYR D 5HJUD WHP QD YHUGDGH XP VHQWLGR SRVLWLYR D LQWHUGLomR LPSOLFD
LPHGLDWDPHQWH XPD RUJDQL]DomR SRLV SDUD UHQXQFLDU D VHXV SDUHQWHV p QHFHVViULR TXH R LQGLYtGXR VHMD

$V(VWUXWXUDV(OHPHQWDUHVGR3DUHQWHVFRGH&ODXGH/pYL6WUDXVV

DVVHJXUDGRGHTXHDUHQ~QFLDVLPpWULFDGHXPRXWUROKHFRQFHGDDOLDGRVRXVHMDDUHJUDpDDILUPDomRGHXPD
UHFLSURFLGDGHDUHFLSURFLGDGHpDPDQHLUDLPHGLDWDGHLQWHJUDUDRSRVLomRHQWUHPLPHRXWUHPVHPXPDWDO
LQWHJUDomRDVRFLHGDGHQmRH[LVWLULD3RUpPWDOUHODomRQmRH[LVWLULDVHSHUPDQHFHVVHDEVWUDWDVXDWUDGXomR
FRQFUHWDpDWURFDDWUDQVIHUrQFLDGHYDORUHVGHXPLQGLYtGXRDRXWURRVWUDQVIRUPDHPSDUFHLURVVRPHQWHVRE
HVVDFRQGLomRSRGHVHHVWDEHOHFHUXP´PLWVHLQµKXPDQR$FDUDFWHUtVWLFDIXQGDPHQWDOGHVWDVHVWUXWXUDVVHUHYHOD
FODUDPHQWHQRHVWXGRGDSVLFRORJLDLQIDQWLODFULDQoDID]RDSUHQGL]DGRGHVLPHVPDHGRPXQGRDSUHQGHQGR
DDFHLWDUDDUELWUDJHPGHXPRXWURTXHUGL]HUD5HJUDTXHDID]GHVFREULUDUHFLSURFLGDGHGHVFREHUWDjTXDO
HODUHDJHLPHGLDWDPHQWHSHORGRPHSHODH[LJrQFLD(VVDQRomRGHWURFD²FXMDLPSRUWkQFLD0DXVVMiKDYLD
HVWDEHOHFLGRQRVHXHQVDLRVREUHRGRPHTXHHQYROYHDVQRo}HVGHUHJUDHGHUHFLSURFLGDGH²QRVIRUQHFHD
FKDYHGRPLVWpULRGDH[RJDPLDSURLELUXPDPXOKHUDRVPHPEURVGHXPGDGRJUXSRpFRORFiODLPHGLDWDPHQWH
jGLVSRVLomRGHRXWURKRPHPDSURLELomRVHGXSOLFDHPREULJDomRDTXHODGHGDUVXDILOKDVXDPXOKHUDRXWUR
KRPHPDSDUHQWDTXHVHUHMHLWDVHRIHUHFHRIDWRVH[XDODRLQYpVGHIHFKDUVHVREUHVLDEUHXPYDVWRVLVWHPD
GH FRPXQLFDomR $ SURLELomR GR LQFHVWR VH FRQIXQGH FRP D LQVWDXUDomR GD RUGHP KXPDQD 2V KRPHQV HP
WRGDSDUWHSURFXUDUDPHVWDEHOHFHUXPUHJLPHPDWULPRQLDOWDOTXHDPXOKHUIDoDSDUWHGRVGRQVSHORVTXDLVVH
H[SUHVVDDUHODomRGHFDGDXPDRRXWURHVHDILUPDDH[LVWrQFLDVRFLDO
8PDREVHUYDomRH[WUHPDPHQWHLPSRUWDQWHLPS}HVHDTXLQmRpHQWUHRVKRPHQVHDVPXOKHUHVTXH
DSDUHFHPDVUHODo}HVGHUHFLSURFLGDGHHGHWURFDHODVVHHVWDEHOHFHPSRUPHLRGDVPXOKHUHVHQWUHRVKRPHQV
H[LVWHHVHPSUHH[LVWLXHQWUHRVVH[RVXPDSURIXQGDDVVLPHWULDHR´5HLQRGDVPXOKHUHVµpXPPLWRVXSHUDGR
TXDOTXHUTXHVHMDRPRGRGHGHVFHQGrQFLD>17ILOLDWLRQQRRULJLQDO@TXHURVILOKRVVHMDPLQFOXtGRVQRJUXSRGR
SDLRXQDTXHOHGDPmHDVPXOKHUHVSHUWHQFHPDRVPDFKRV>17PDOHVQRRULJLQDO@HID]HPSDUWHGRFRQMXQWR
GHSUHVWDo}HVTXHHOHVVHFRQVHQWHP7RGRVRVVLVWHPDVPDWULPRQLDLVLPSOLFDPTXHDVPXOKHUHVVHMDPGDGDV
SRUFHUWRVPDFKRVDRXWURVPDFKRV
+iXPFDVRRQGHDUHODomRHQWUHRFDVDPHQWRHDWURFDDSDUHFHFODUDPHQWHpRGDVRUJDQL]Do}HVGXDOLVWDV
HVWDVDSUHVHQWDPDQDORJLDVWmRIRUWHVHQWUHVLTXHVHWHQWRXjVYH]HVOKHVGDUXPDRULJHP~QLFDVHJXQGR/pYL
6WUDXVVVXDFRQYHUJrQFLDVHH[SOLFDSHODLGHQWLGDGHGHVHXFDUiWHUIXQFLRQDO1mRpRVLVWHPDGXDOLVWDTXHID]
QDVFHUDUHFLSURFLGDGHHOHDQWHVDH[SULPHGHXPDIRUPDFRQFUHWDeHVWDPHVPDSHUVSHFWLYDTXHSHUPLWLUi
H[SOLFDUDVIRUPDVGHVRFLHGDGHPDLVFRPSOH[DVHODVQmRVmRRUHVXOWDGRGHDFDVRVKLVWyULFRVHJHRJUiILFRV
WRGDVHODVPDQLIHVWDPXPDPHVPDHSURIXQGDLQWHQomRDGHLPSHGLURJUXSRGHVHIHFKDUHPVLPHVPRHGH
PDQWrORGLDQWHGHRXWURVJUXSRVFRPRVTXDLVDWURFDVHMDSRVVtYHO
2DXWRUEXVFDUiDFRQILUPDomRGHVVDVLGpLDVHPXPDPLQXFLRVDDQiOLVHGHUHDOLGDGHVVRFLDLVGDGDVpHVVH
HVWXGRTXHFRQVWLWXLDSDUWHPDLVLPSRUWDQWHGHVHXWUDEDOKR1mRVHULDTXHVWmRDTXLGHUHSDVVDURVFRPSOLFDGRV
PHDQGURVWHQWDUHLVRPHQWHLQGLFDURPpWRGRMiTXHpQDVXDDSOLFDomRPHWyGLFDTXHXPDKLSyWHVHPDQLIHVWD
VXDIHFXQGLGDGH
$ IRUPD GR FDVDPHQWR TXH IRUQHFH R YHUGDGHLUR H[SHULPHQWXP FUXFLV GR HVWXGR GDV SURLELo}HV

75$'8d®2
PDWULPRQLDLVpRFDVDPHQWRHQWUHSULPRVFUX]DGRV(PXPJUDQGHQ~PHURGHVRFLHGDGHVSULPLWLYDVRFDVDPHQWR
pSURLELGRHQWUHSULPRVSDUDOHORV²DTXHOHVSURYHQLHQWHVGHGRLVLUPmRVRXGXDVLUPmV²HUHFRPHQGDGRHQWUH
SULPRVFUX]DGRV²LVWRpDGYLQGRVGHXPLUPmRHXPDLUPmRH[WUHPRLQWHUHVVHGHVVHFRVWXPHSURYpPGR

6LPRQHGH%HDXYRLU

IDWRGHTXHJUDXVGHSDUHQWHVFRELRORJLFDPHQWHHTXLYDOHQWHVVmRFRQVLGHUDGRVGHXPSRQWRGHYLVWDVRFLDO
FRPRUDGLFDOPHQWHGHVVHPHOKDQWHVWRUQDVHSDWHQWHTXHQmRpDQDWXUH]DTXHPGLWDVXDVOHLVjVRFLHGDGH
FRPSUHHQGHQGRVH D RULJHP GHVVD DVVLPHWULD WHPVH D H[SOLFDomR GD SURLELomR GR LQFHVWR 2 FDVDPHQWR
HQWUHSULPRVFUX]DGRVLPSOLFDXPDRUJDQL]DomRGXDOLVWDGDFROHWLYLGDGHHOHVGLVWULEXHPVHGHIDWRFRPRVH
SHUWHQFHVVHPDGXDVPHWDGHVGLIHUHQWHVPDVQmRVHGHYHFUHUTXHVHMDHVWDDGLYLVmRTXHGHILQHDVUHJUDVGH
H[RJDPLDRVSULPLWLYRVQmRFRPHoDPHVWDEHOHFHQGRFODVVHVDFODVVHpXPHOHPHQWRDQDOtWLFRFRPRRFRQFHLWR
RKRPHPSHQVDDQWHVTXHROyJLFRDSUHHQGDRSHQVDPHQWRHQTXDQWRIRUPDDVVLPDVRFLHGDGHVHRUJDQL]DDQWHV
GHGHILQLURVHOHPHQWRVVHSDUDGRVTXHHVVDRUJDQL]DomRWUDUijWRQDOiRQGHVmRHQFRQWUDGDVDVFODVVHV²H
LVVRQmRpSRUWRGDSDUWH²HODVVmRPHQRVXPJUXSRGHLQGLYtGXRVFRQFHELGRVHPH[WHQVmRTXHXPVLVWHPDGH
SRVLomRQRTXDOVRPHQWHDHVWUXWXUDpFRQVWDQWHHRQGHRVLQGLYtGXRVSRGHPVHGHVORFDUGHVGHTXHDVUHODo}HV
VHMDPUHVSHLWDGDV2SULQFtSLRGDUHFLSURFLGDGHDJHGHGXDVPDQHLUDVFRPSOHPHQWDUHVFRQVWLWXLQGRFODVVHV
TXHGHOLPLWDPHPH[WHQVmRRVF{QMXJHVRXGHWHUPLQDQGRXPDUHODomRTXHSHUPLWDGL]HUVHXPLQGLYtGXRpRX
QmRXPF{QMXJHSRVVtYHOQRFDVRGRVSULPRVFUX]DGRVHVVHVGRLVDVSHFWRVGRSULQFtSLRVHUHFREUHPPDVQmR
pVHXSHUWHQFLPHQWRDGRLVJUXSRVGLIHUHQWHVTXHRVGHVWLQDDVHDOLDUHQWUHVLDRFRQWUiULRDUD]mRGHVHUGR
VLVWHPDTXHRVRS}HpDSRVVLELOLGDGHGHXPDWURFD$VPXOKHUHVDSDUHFHPLPHGLDWDPHQWHFRPRGHVWLQDGDV
DVHUHPWURFDGDVHHVWDSHUVSHFWLYDFULDLPHGLDWDPHQWHXPDRSRVLomRHQWUHGRLVWLSRVGHPXOKHUHVDLUPmHD
ILOKDTXHGHYHPVHUFHGLGDVHDHVSRVDTXHpDGTXLULGDRXVHMDDSDUHQWHHDDOLDGD1mRVHWUDWDDTXLFRPR
SHQVDYD)UD]HUGDVROXomRGHXPSUREOHPDHFRQ{PLFRRVSURFHVVRVHFRQ{PLFRVQmRVmRLVROiYHLVpXPDWR
GHFRQVFLrQFLDSULPLWLYRHLQGLYLVtYHOTXHID]DSUHHQGHUDILOKDHDLUPmFRPRXPYDORURIHUWiYHOHDILOKDHDLUPm
GHRXWUHPFRPRXPYDORUH[LJtYHO$QWHVPHVPRTXHDFRLVDDWURFDUVHDSUHVHQWHDUHODomRGHWURFDMiHVWi
GDGDDQWHVGRQDVFLPHQWRGHVXDILOKDRSDLVDEHTXHGHYHUiHQWUHJiODDRKRPHP²RXDRILOKRGRKRPHP
²GHTXHPUHFHEHXDLUPmHPFDVDPHQWR2VSULPRVFUX]DGRVVmRSURYHQLHQWHVGHIDPtOLDVTXHVHHQFRQWUDP
HPSRVLo}HVDQWDJ{QLFDVHPXPGHVHTXLOLEURGLQkPLFRTXHVRPHQWHDDOLDQoDSRGHUHVROYHUDRFRQWUiULRGXDV
LUPmVRXGRLVLUPmRVSHUWHQFHQWHVDRPHVPRJUXSRWrPHQWUHHOHVXPDUHODomRHVWiWLFDHVHXVILOKRVVHUmR
FRQVLGHUDGRVFRPRID]HQGRSDUWHGHXPPHVPRFRQMXQWRHOHVQmRSRUWDPXPHPUHODomRDRRXWURRVLQDO>17
VLJQHQRRULJLQDO@GDDOWHULGDGHQHFHVViULRDRHVWDEHOHFLPHQWRGDVDOLDQoDV
3RUpPVHQRVOLPLWDUPRVDFRQVLGHUDUDWURFDVREHVVDIRUPDUHVWULWD²RXVHMDQDPHGLGDTXHHODHVWDEHOHFH
XPDUHFLSURFLGDGHHQWUHXPFHUWRQ~PHURGHSDUHVGHXQLGDGHVWURFDGRUDVFODVVHVVHo}HVRXVXEVHo}HV
²SHUFHEHPRVTXHHODQmRSHUPLWHGDUFRQWDGDLQWHJUDOLGDGHGRVIDWRVeRTXHVHHYLGHQFLDSRUH[HPSORQD
DQiOLVHGRVIDWRVDXVWUDOLDQRVeVREVXDIRUPDJHQHUDOL]DGDTXHDLGpLDGHWURFDSRGHVHUYLUGHFKDYHSDUDR
HVWXGRGHWRGDVDVVRFLHGDGHV$WURFDJHQHUDOL]DGDpDTXHODTXHHVWDEHOHFHUHODo}HVGHUHFLSURFLGDGHHQWUH
XPQ~PHURTXDOTXHUGHSDUFHLURV>17GHVGHTXHPDLRUGRTXHGRLV@DVVLPVHXPKRPHPGRJUXSR$HVSRVD
QHFHVVDULDPHQWHXPDPXOKHU%DRSDVVRTXHXPKRPHP%HVSRVDXPDPXOKHU&RKRPHP&XPDPXOKHU
75$'8d®2

'HRKRPHP'XPDPXOKHU$HVWiVHGLDQWHGHXPVLVWHPDGHWURFDJHQHUDOL]DGDpRTXHVHSURGX]HQWUH
RXWURVQRFDVRHPTXHRFDVDPHQWRpPDWULODWHUDORXVHMDRKRPHPGHYHGHVSRVDUDILOKDGHVHXWLRPDWHUQR
(VVDUHJUDHVWDEHOHFHRGHVHQYROYLPHQWRGHXPFLFORDEHUWRQRTXDOFDGDLQGLYtGXRGHYHWHUFRQILDQoDTXDQGR
R JUXSR $ FHGH XPD PXOKHU DR % WUDWDVH GH XPD HVSHFXODomR GH ORQJR SUD]R SRLV HOH GHYH FRQWDU TXH %
 FHGHUiXPDPXOKHUD&HGHVWHD'HHVWHD$WDOFiOFXORFRPSRUWDULVFRVHpSRULVVRTXHjWURFDJHQHUDOL]DGD
$V(VWUXWXUDV(OHPHQWDUHVGR3DUHQWHVFRGH&ODXGH/pYL6WUDXVV

IUHTHQWHPHQWHVHVXSHUS}HPQRYDVIyUPXODVGHDOLDQoDFRPRRPDWULP{QLRSRUFRPSUDTXHSHUPLWHLQWHJUDU
IDWRUHVLUUDFLRQDLVVHPGHVWUXLURVLVWHPD
$ DSOLFDomR GHVVHV SULQFtSLRV GLUHWRUHV SHUPLWH D /pYL6WUDXVV GHSUHHQGHU D VLJQLILFDomR GH UHJLPHV
PDWULPRQLDLVTXHSDUHFLDPDWpHQWmRFRQWLQJHQWHVHLQLQWHOLJtYHLV$FRQFOXVmRGHVWDVDQiOLVHVTXHQRVWUDQVSRUWDP
j$XVWUiOLDj&KLQDjVÌQGLDVHjV$PpULFDVpTXHH[LVWHPGRLVWLSRVHVVHQFLDLVGHH[RJDPLD­WURFDGLUHWD
FRUUHVSRQGHRFDVDPHQWRELODWHUDORLQGLYtGXRSRGHQGRGHVSRVDUDILOKDGHVHXWLRPDWHUQRRXGHVXDWLDSDWHUQD
jWURFDLQGLUHWD RXJHQHUDOL]DGD FRUUHVSRQGHRFDVDPHQWRPDWULODWHUDOTXHDXWRUL]DDDOLDQoDH[FOXVLYDPHQWH
FRP D ILOKD GR WLR PDWHUQR >17 D DXWRUD QmR FRQVLGHUD TXH /pYL6WUDXVV WDPEpP WRPD R FDVDPHQWR FRP D
SULPDFUX]DGDSDWULODWHUDOFRPRXPPRGRGHWURFDJHQHUDOL]DGD@2SULPHLURVLVWHPDVypSRVVtYHOQRVUHJLPHV
GHVDUP{QLFRVRXVHMDRQGHDUHVLGrQFLDHDILOLDomRVHJXHPXPDOLQKDSDWHUQDHRRXWURDOLQKDPDWHUQDR
VHJXQGRDSDUHFHQRVUHJLPHVKDUP{QLFRVRQGHUHVLGrQFLDHILOLDomRVHJXHPDPHVPDOLQKDRSULPHLURSRVVXL
XPDJUDQGHIHFXQGLGDGHHPUHODomRDRQ~PHURGHVLVWHPDVTXHpFDSD]GHIXQGDUPDVVXDIHFXQGLGDGHIXQFLRQDO
p UHODWLYDPHQWH IUDFD R VHJXQGR p DR FRQWUiULR XP SULQFtSLR UHJXODGRU IHFXQGR TXH FRQGX] D XPD PDLRU
VROLGDULHGDGHRUJkQLFDQRVHLRGRJUXSRQRFDVRGDWURFDUHVWULWDpDLQFOXVmRRXDH[FOXVmRGHQWURRXIRUDGD
FODVVHTXHID]RSDSHOSULQFLSDOQRFDVRGDWURFDLQGLUHWDRJUDXGHSDUHQWHVFRRXVHMDDQDWXUH]DGDUHODomR
WHPXPDLPSRUWkQFLDSUHSRQGHUDQWHRVVLVWHPDVGHVDUP{QLFRVWrPDVVLPHYROXtGRQDGLUHomRGHRUJDQL]Do}HV
GHFODVVHVPDWULPRQLDLVHQTXDQWRRFRQWUiULRpSURGX]LGRQRVVLVWHPDVKDUP{QLFRV(VWHVFRQVWLWXHPXPFLFOR
DEHUWRORQJRDTXHOHVXPFLFORFXUWRRFDVDPHQWRELODWHUDOpXPDRSHUDomRPDLVVHJXUDPDVRFDVDPHQWR
PDWULODWHUDORIHUHFHYLUWXDOLGDGHVLQHVJRWiYHLVDH[WHQVmRGRFLFORHVWDQGRQDUD]mRLQYHUVDGHVXDVHJXUDQoDe
SRULVVRTXHXPIDWRUDOyJHQRVHVREUHS}HTXDVHVHPSUHjVIRUPDVVLPSOHVGDWURFDJHQHUDOL]DGDHQWUHJUXSRV
TXHVHODQoDPQHVVDJUDQGHDYHQWXUDVRFLROyJLFDQHQKXPpOLEHUDGRLQWHLUDPHQWHGDLQTXLHWXGHHQJHQGUDGD
SHORVULVFRVGRVLVWHPDHHOHVPDQWrPXPFHUWRFRHILFLHQWHRXPHVPRXPVtPERORGHSDWULODWHUDOLGDGH1HQKXP
VLVWHPDpSXURHOHpVLPXOWDQHDPHQWHVLPSOHVHFRHUHQWHSRUpPFHUFDGRSRURXWURVVLVWHPDV
5HVWDDFUHVFHQWDUTXHDHVWUXWXUDGHWURFDQmRpVROLGiULDGDSUHVFULomRGHXPF{QMXJHSUHIHUHQFLDOHQWUH
RXWUDVDVXEVWLWXLomRGRGLUHLWRVREUHDSULPDSHODFRPSUDGDPXOKHUSHUPLWHjWURFDVHGHVHPEDUDoDUGHVXDV
IRUPDVHOHPHQWDUHV0DVTXHUVHMDLQGLUHWDRXGLUHWDJOREDORXHVSHFtILFDFRQFUHWDRXVLPEyOLFDpVHPSUHD
WURFDTXHQyVHQFRQWUDPRVQDEDVHGDVLQVWLWXLo}HVPDWULPRQLDLV9rVHHQWmRVHFRQILUPDUDLGpLDGHTXHD
H[RJDPLDYLVDDVVHJXUDUDFLUFXODomRWRWDOHFRQWtQXDGDVPXOKHUHVHGDVILOKDVVHXYDORUQmRpQHJDWLYRPDV
SRVLWLYRQmRpTXHKDMDXPSHULJRELROyJLFRQRFDVDPHQWRFRQVDQJtQHRPDVXPEHQHItFLRVRFLDOUHVXOWDGR
FDVDPHQWRH[RJkPLFR$SURLELomRGRLQFHVWRpSRUH[FHOrQFLDDOHLGRGRPpDLQVWDXUDomRGDFXOWXUDQRVHLR
GDQDWXUH]D
´7RGRFDVDPHQWRpXPHQFRQWURGUDPiWLFRHQWUHDQDWXUH]DHDFXOWXUDHQWUHDDOLDQoDHRSDUHQWHVFR-i
TXHVHGHYHFHGHUjQDWXUH]DSDUDTXHDHVSpFLHVHSHUSHWXHHFRPHODDDOLDQoDVRFLDOpQHFHVViULRDRPHQRV
QHJiODDRPHVPRWHPSRHPTXHDFHGHPRVDHODµ(PXPVHQWLGRWRGRFDVDPHQWRpXPLQFHVWRVRFLDOMiTXH

75$'8d®2
RPDULGRDEVRUYHHPVLDOJXPEHPDRLQYpVGHGHVYLiORQDGLUHomRGHRXWUHP>17QRRULJLQDOV·pFKDSSHUYHUV
DXWUXL@DRPHQRVDVRFLHGDGHH[LJHTXHQRFHQWURGHVVHDWRHJRtVWDDFRPXQLFDomRFRPRJUXSRVHMDPDQWLGD
pSRULVVRTXHDLQGDTXHPXOKHUVHMDRXWUDFRLVDDOpPGHXPVLJQRHODpWRGDYLDFRPRDSDODYUDXPDFRLVD
TXHVHWURFD 
6LPRQHGH%HDXYRLU

$UHODomRGRKRPHPFRPDPXOKHUpWDPEpPIXQGDPHQWDOPHQWHXPDUHODomRFRPRXWURVKRPHQV²FRP
RXWUDVPXOKHUHV2VHQDPRUDGRVQXQFDHVWmRVR]LQKRVQRPXQGR2HYHQWRPDLVtQWLPRSDUDFDGDXPRDWR
VH[XDOpWDPEpPXPHYHQWRS~EOLFRHOHFRORFDHPTXHVWmRDRPHVPRWHPSRRLQGLYtGXRHDVRFLHGDGHLQWHLUDp
GDtTXHYHPVHXFDUiWHUGUDPiWLFRDTXHOHVTXHVHHVFDQGDOL]DPFRPRDUGHQWHLQWHUHVVHTXHOKHGmRRVKRPHQV
KRMHHPGLDGHPRQVWUDPJUDQGHLJQRUkQFLDDH[WUHPDLPSRUWkQFLDFRQIHULGDDRVWDEXVVH[XDLVQRVPRVWUDTXH
HVWDSUHRFXSDomRpYHOKDFRPRRPXQGRHHODHVWiORQJHGHVHUVXSpUIOXDMiTXHSHODPDQHLUDFRPRDVVXPH
VXDVH[XDOLGDGHRKRPHPGHILQHVXDKXPDQLGDGH
&HUWDPHQWHHVVDHVFROKDTXHHOHID]QmRpIUXWRGHXPDGHOLEHUDomRUHIOHWLGD0DVRSULPHLURPpULWRGR
HVWXGRGH/pYL6WUDXVVpSUHFLVDPHQWHRGHUHFXVDURYHOKRGLOHPDRXRVIDWRVKXPDQRVVmRLQWHQFLRQDLVRX
QmRSRVVXHPVLJQLILFDomR2DXWRURVGHILQHFRPRHVWUXWXUDVQDVTXDLVRWRGRSUHFHGHDVSDUWHVHFXMRSULQFtSLR
UHJXODGRUSRVVXLXPYDORUUDFLRQDOPHVPRTXDQGRQmRVHMDUDFLRQDOPHQWHFRQFHELGR'HRQGHSURYrPHVWUXWXUD
H SULQFtSLR" /pYL6WUDXVV QmR VH SHUPLWH DYHQWXUDU VREUH R WHUUHQR ILORVyILFR QmR VH VHSDUD MDPDLV GH XPD
ULJRURVDREMHWLYLGDGHFLHQWtILFDPDVVHXSHQVDPHQWRVHLQVFUHYHHYLGHQWHPHQWHQDJUDQGHFRUUHQWHKXPDQLVWD
TXHFRQVLGHUDDH[LVWrQFLDKXPDQDFRPRFRQWHQGRHPVLVXDSUySULDUD]mR1mRVHSRGHULDOHUVXDVFRQFOXV}HV
VHPVHOHPEUDUGDVSDODYUDVGRMRYHP0DU[´$UHODomRGRKRPHPFRPDPXOKHUµ
(QWUHWDQWRROLYURQmRGHVSHUWDDSHQDVUHVVRQkQFLDVPDU[LVWDVHOHPHSDUHFHXPXLWDVYH]HVUHFRQFLOLDU
GHPRGRIHOL](QJHOVH+HJHOSRLVRKRPHPQRVDSDUHFHRULJLQDOPHQWHFRPRXPDDQWLSK\VLVHRTXHUHDOL]D
VXDLQWHUYHQomRpDSRVLomRFRQFUHWDGHXPHXIDFHDXPRXWURHXVHPRTXDORSULPHLURQmRVDEHULDVHGHILQLU
7DPEpPIXLVLQJXODUPHQWHVXUSUHHQGLGDSHODFRQFRUGkQFLDGHDOJXPDVGHVFULo}HVFRPDVWHVHVVXVWHQWDGDV
SHORH[LVWHQFLDOLVPRDH[LVWrQFLDDRVHFRORFDUFRORFDVXDVOHLVHPXP~QLFRPRYLPHQWRHODQmRREHGHFH
DQHQKXPDQHFHVVLGDGHLQWHULRUHQWUHWDQWRHVFDSDjFRQWLQJrQFLDSRUDVVXPLUDVFRQGLo}HVGHVHXEURWDU6H
DSURLELomRGRLQFHVWRpXQLYHUVDOHQRUPDWLYDDRPHVPRWHPSRpSRUTXHHODWUDGX]XPDDWLWXGHRULJLQDOGR
H[LVWHQWHVHUKRPHPpVHHVFROKHUFRPRKRPHPGHILQLQGRVXDVSRVVLELOLGDGHVVREUHDEDVHGHXPDUHODomR
UHFtSURFDFRPRRXWURDSUHVHQoDGRRXWURQDGDWHPGHDFLGHQWDODH[RJDPLDEHPORQJHGHVHOLPLWDUDUHJLVWUi
ODDRFRQWUiULRDFRQVWLWXLDWUDYpVGHODVHH[SUHVVDHVHUHDOL]DDWUDQVFHQGrQFLDGRKRPHPHODpDUHFXVD
GDLPDQrQFLDDH[LJrQFLDGHXOWUDSDVViODDTXLORTXHRVUHJLPHVPDWULPRQLDLVDVVHJXUDPDRKRPHPSHOD
FRPXQLFDomRHSHODWURFDpXPKRUL]RQWHHPGLUHomRDRTXDOHOHSRVVDVHSURMHWDUVREVXDDSDUrQFLDEDUURFD
HOHVOKHDVVHJXUDPXPDOpPKXPDQR 17QRRULJLQDODXGHOiKXPDLQ 
0DV VHULD WUDLU XP OLYUR WmR LPSDUFLDO SUHWHQGHU IHFKiOR GHQWUR GH XP VLVWHPD GH LQWHUSUHWDomR VXD
IHFXQGLGDGH HVWi SUHFLVDPHQWH HP FRQYLGDU FDGD XP D UHSHQViOR D VXD PDQHLUD e SRU LVVR WDPEpP TXH
QHQKXPDUHVHQKDOKHIDULDMXVWLoDXPDREUDTXHQRVDSUHVHQWDRVIDWRVTXHLQVWDXUDXPPpWRGRHTXHVXJHUH
HVSHFXODo}HVPHUHFHTXHFDGDXPUHQRYHDGHVFREHUWDpSUHFLVROrOD
75$'8d®2

7UDGXomR0DUFRV3'/DQQD 8)6&DU H$OLQH)RQVHFD,XEHO 33*$68)35 


$V(VWUXWXUDV(OHPHQWDUHVGR3DUHQWHVFRGH&ODXGH/pYL6WUDXVV

1 2 7$ 6

 7H[WRRULJLQDO6LPRQHGH%HDXYRLU´/HV6WUXFWXUHVeOpPHQWDLUHVGHOD3DUHQWpSDU&ODXGH/pYL6WUDXVVµ/HV7HPSV0RGHUQHV
   2FWREHU 

75$'8d®2

6LPRQHGH%HDXYRLU
75$'8d®2



You might also like