Livro Seth Speaks - A Eterna Validade D

6(7+63($.
6

,1752'8d2
(VWHOLYURIRLHVFULWRSRUXPDSHUVRQDOLGDGHFKDPDGD6HWKTXHGHVFUHYHDVLPHVPRFRPRXPD
HVVrQFLDGHHQHUJLDGDSHUVRQDOLGDGHTXHMiQmRWHPIRUPDItVLFD'XUDQWHPDLVGHVHWHDQRV
IDORXDWUDYpVGHPLPHPVHVV}HVGHWUDQVHGXDVYH]HVSRUVHPDQD0LQKDLQLFLDomRSVtTXLFD
FRPHoRXUHDOPHQWHQXPDQRLWHGHVHWHPEURGHTXDQGRHVWDYDVHQWDGDHVFUHYHQGRSRHVLD
'HUHSHQWHPLQKDFRQVFLrQFLDDEDQGRQRXPHXFRUSRHPLQKDPHQWHIRLLQYDGLGDSRUXPD
LQXQGDomRGHLGpLDVVXUSUHHQGHQWHVHQRYDVSDUDPLPQDTXHODpSRFD4XDQGRYROWHLSDUDPHX
FRUSRGHVFREULTXHPLQKDPmRWLQKDSURGX]LGRXPDHVFULWDDXWRPiWLFDTXHH[SOLFDYDPXLWRVGRV
FRQFHLWRVTXHPHWLQKDPVLGRGDGRV,QFOXVLYHWLQKDSRVWRXPWtWXORDHVVDVQRWDV2XQLYHUVR
ItVLFRFRPRDLQWHUSUHWDomRGHXPDLGpLD

3RUFDXVDGHVVDH[SHULrQFLDFRPHFHLDLQYHVWLJDUDDWLYLGDGHSVtTXLFDHSODQHMHLHVFUHYHUXP
OLYURVREUHHVVHWHPD$VVLPIRLFRPRPHXPDULGR5REHHXH[SHULPHQWDPRVFRPXPDWDEHODGH
HVSLULWLVPR7iEXD2XLMDDRILQDOGH$RFDERGHXPDVSRXFDVVHVV}HVRSRQWHLURFRPHoRX
DVROHWUDUPHQVDJHQVTXHGL]LDPYLUGHXPDSHUVRQDOLGDGHFKDPDGD6HWK

1HP5REQHPHXWtQKDPRVWLGRH[SHULrQFLDSVtTXLFDDOJXPDHTXDQGRFRPHFHLDSUHYHUDV
UHVSRVWDVGRWDEXOHLURGDYDSRUFHUWRTXHYLQKDPGHPHXVXEFRQVFLHQWH$OJXPWHPSRGHSRLV
VHQWLDQHFHVVLGDGHGHSURQXQFLDUDVSDODYUDVHPYR]DOWDHXPPrVPDLVWDUGH6HWKIDODYD
DWUDYpVGHPLPHPHVWDGRGHWUDQVH

$VPHQVDJHQVSDUHFLDPFRPHoDURQGHWHUPLQDYDDLQWHUSUHWDomRGHXPDLGpLDHPDLVWDUGH
6HWKQRVGLVVHTXHPLQKDH[SHULrQFLDGHH[SDQVmRGHFRQVFLrQFLDWLQKDUHSUHVHQWDGRVXDSULPHLUD
WHQWDWLYDGHFRQWDWR'HVGHHQWmR6HWKGLWRXGHIRUPDFRQWLQXDGDXPPDQXVFULWRTXHDJRUDWHP
PDLVGHVHLVPLOSiJLQDVGDWLORJUDIDGDV&KDPDPRVGH³0DWHULDO6HWK´HWUDWDGHPDWpULDVFRPRj
QDWXUH]DGDUHDOLGDGHItVLFDRWHPSRDUHDOLGDGHRFRQFHLWRGHGHXVRVXQLYHUVRVSURYiYHLVD
VD~GHHDUHHQFDUQDomR$LQHJiYHOTXDOLGDGHGRPDWHULDOQRVDWUDLXGHVGHRFRPHoRHIRLHVWDD
UD]mRTXHQRVIH]FRQWLQXDU

$SDUWLUGDSXEOLFDomRGHPHXSULPHLUROLYURQHVWHFDPSRFRPHoDUDPDFKHJDUFDUWDVGH
GHVFRQKHFLGRVTXHVROLFLWDYDPDDMXGDGH6HWK&RPHoDPRVDPDQWHUVHVV}HVSDUDDTXHOHVTXH
WLQKDPXPDPDLRUQHFHVVLGDGHGHDMXGD$OJXPDVGHVVDVSHVVRDVQmRSRGLDPLUjVVHVV}HVSRLV
YLYLDPHPRXWUDSDUWHGRSDtVPDVDSHVDUGLVVRRFRQVHOKRGH6HWKOKHVVHUYLDGHDMXGDHD
LQIRUPDomRTXHGiYDPRVSRUFRUUHLRVREUHRVDQWHFHGHQWHVLQGLYLGXDLVGHVWDVSHVVRDVUHVXOWDUDP
VHUFRUUHWDV

5REVHPSUHWRPDQRWDVGDVVHVV}HVGH6HWKXWLOL]DQGRVHXSUySULRVLVWHPDWDTXLJUiILFR0DLV
WDUGHDVGDWLORJUDIDHDVDQH[DDQRVVDFROHomRGR0DWHULDO6HWK$VH[FHOHQWHVQRWDVGR5RE
PRVWUDPDVFLUFXQVWkQFLDVHPTXHWrPOXJDUDVVHVV}HV6HXDSRLRHHVWtPXORPHIRUDPVHPSUHGH
JUDQGHYDORU

6HJXQGRQRVVDPDQHLUDGHSHQVDUWLYHPRVPDLVGHVHLVFHQWDVHQWUHYLVWDVFRPRXQLYHUVRHPERUD
5REQXQFDRGHVFUHYHVVHDVVLP(VWDVHQWUHYLVWDVWrPOXJDUHPQRVVRDPSORHEHPLOXPLQDGR
VDOmRHPERUDHPWHUPRVPDLVSURIXQGRVWUDQVFRUUHPQDiUHDGDSHUVRQDOLGDGHKXPDQDTXHHVWi
IRUDGRHVSDoR

1mRpPLQKDLQWHQomRLQVLQXDUTXHSRVVXtPRVDSHGUDDQJXODUGDYHUGDGHRXGDUDLPSUHVVmRGH
TXHHVSHUDPRVLPSDFLHQWHPHQWHFRQKHFHUVHJUHGRVQmRGHVYHQGDGRVVREUHDVHUDVTXHYLUmR6HL
TXHWRGRPXQGRWHPDFHVVRDRFRQKHFLPHQWRLQWXLWLYRHSRGHREWHULQIRUPDo}HVGDUHDOLGDGH
LQWHUQD2XQLYHUVRIDODFRPFDGDXPGHQyVDHVWHUHVSHLWRHPQRVVRFDVRRID]DWUDYpVGDV
VHVV}HVGH6HWK

1R0DWHULDOGH6HWKSXEOLFDGRHPH[SOLTXHLHVWHVDFRQWHFLPHQWRVHH[SXVDVRSLQL}HVGH
6HWKVREUHXPDJUDQGHYDULHGDGHGHWHPDVH[WUDtGRVGHQRVVDVVHVV}HV7DPEpPGHVFUHYLRV
HQFRQWURVTXHPDQWLYHPRVFRPSVLFyORJRVHSDUDSVLFyORJRVHPXPDWHQWDWLYDGHHQWHQGHUQRVVDV
H[SHULrQFLDVHFRORFiODVQRFRQWH[WRGDYLGDQRUPDODVVLPFRPRDVSURYDVTXHIL]HPRVSDUD
YHULILFDUDFDSDFLGDGHFODULYLGHQWHGH6HWK3DUHFHQRVTXH6HWKDSDUHFHVHPSUHHPPHLRGHXPD
VLQIRQLDGHFRUHV

5HVXOWRXQRVH[WUHPDPHQWHGLItFLOHQFRQWUDUSHULWRVHPWRGDVDVPDWpULDVTXHFRPS}HPRVHPSUH
FUHVFHQWHFRUSRGRWUDEDOKRGH6HWK(VWDpDUD]mRSHORTXHQHFHVVDULDPHQWHR0DWHULDO6HWK
GHL[DPXLWDVTXHVW}HVVHPUHVSRVWDHPXLWRVWHPDVVHPH[SORUDU(QWUHWDQWRGXDVVHPDQDVGHSRLV
GHDFDEiOR6HWKQRVGLWRXRHVERoRGRSUHVHQWHPDQXVFULWRPHGLDQWHRTXDOHOHVHULDOLYUHGH
SRGHUH[SUHVVDUVXDVLGpLDVjVXDPDQHLUD

+iDTXLXPDFySLDGHVVHHVERoRTXHIRLGDGRQDVHVVmRGHGHMDQHLURGH&RPR
SRGHUmRYHU6HWKPHFKDPD5XEXUWH-RVHSK5RE(VWHVQRPHVUHSUHVHQWDPDWRWDOLGDGHGH
QRVVDSHUVRQDOLGDGHSDUDSRGHUGLVWLQJXLUDGHQRVVRVHUDWXDORULHQWDGRILVLFDPHQWH

³1HVWHPRPHQWRHVWRXWUDEDOKDQGRHPRXWURPDWHULDOTXHOKHVVHUiHQWUHJXHPDLVDGLDQWH$VVLP
WHUmRTXHPHDJHQWDUGXUDQWHDOJXPWHPSRPDLV(XJRVWDULDGHOKHVGDUXPDLGpLDVXSHUILFLDOGR
FRQWH~GRGHPHXOLYUR7UDWDUiGHWHPDVGLYHUVRV2OLYURLQFOXLUiXPDGHVFULomRGDPDQHLUDHP
TXHVHHVWiHVFUHYHQGRHRVSURFHGLPHQWRVQHFHVViULRVSDUDWUDQVPLWLUPLQKDVSUySULDVLGpLDVD
5XEXUWGHWDOPRGRTXHHOHSRVVDH[SUHVViODVHPSDODYUDV´

³1mRWHQKRFRUSRItVLFRHPHVPRDVVLPHVWRXHVFUHYHQGRHVWHOLYUR1RSULPHLURFDStWXOR
H[SOLFDUHLFRPRHSRUTXH´$JRUDHVFUHYHX5REHPVXDVQRWDVRULWPRGH-DQHKDYLDVH
UHGX]LGRJUDQGHPHQWHHIHFKDYDRVROKRVIUHTHQWHPHQWH)D]LDPXLWDVSDXVDVDOJXPDVPXLWR
ORQJDV

³2FDStWXORVHJXLQWHGHVFUHYHUiRTXHYRFrVFKDPDULDPGHPHXDPELHQWHDWXDOPLQKDV
µFDUDFWHUtVWLFDV¶SUHVHQWHVHDGHPHXVDVVRFLDGRV$VVLPFKDPRjTXHODVSHVVRDVFRPDVTXDLV
PHUHODFLRQR´

³2VHJXLQWHIDODUiGHPHXWUDEDOKRHGDTXHODVGLPHQV}HVGDUHDOLGDGHjVTXHPHFRQGX]SRUTXH
WDOFRPRYLDMRjVXDUHDOLGDGHWDPEpPRIDoRDRXWUDVSDUDFXPSULUFRPXPSURSyVLWRPHXTXH
GHYRFRPSOHWDU´

³2VHJXLQWHWUDWDUiGHPHXSDVVDGRHVREUHDOJXPDVGDVSHUVRQDOLGDGHVTXHIXLHFRQKHFL
7DPEpPTXHURHVFODUHFHUTXHRSDVVDGRRSUHVHQWHHRIXWXURQmRH[LVWHPHH[SOLFDUTXHQmRp
FRQWUDGLWyULRRIDWRGHTXHHXPHUHILUDjVH[LVWrQFLDVSDVVDGDV7XGRLVWRSRGHULDHVWHQGHUVHD
GRLVFDStWXORV´

³2VHJXLQWHLUiH[SRUDKLVWyULDGHPHXHQFRQWURFRP5XEXUW±DSDUWLUGHPHXSRQWRGHYLVWDp
yEYLRHDPDQHLUDSHODTXDOHVWDEHOHFLFRQWDWRFRPVXDFRQVFLrQFLDLQWHUQDPXLWRDQWHVTXH
DOJXPGHYRFrVVRXEHVVHVREUHIHQ{PHQRVSVtTXLFRVRXVREUHPLQKDH[LVWrQFLD´

³2FDStWXORVHJXLQWHWUDWDUiGDH[SHULrQFLDGHTXDOTXHUSHUVRQDOLGDGHQRPRPHQWRGDPRUWHHDV
GLVWLQWDVYDULDo}HVGHVVDDYHQWXUDIXQGDPHQWDO8VDUHLDOJXPDVGHPLQKDVSUySULDVPRUWHVFRPR
H[HPSOR´

³2VHJXLQWHIDODUiGDH[SHULrQFLDSRVWHULRUjPRUWHFRPWRGDVDVVXDVYDULDQWHV$PERVRV
FDStWXORVDERUGDUmRDUHHQFDUQDomRUHIHUHQWHjPRUWHFRPHVSHFLDODWHQomRjPRUWHTXHVREUHYpP
DRILQDOGD~OWLPDHQFDUQDomR´

³2VHJXLQWHVHUHIHULUijUHDOLGDGHHPRFLRQDOGRDPRUHjVUHODo}HVHQWUHDVGLVWLQWDV
SHUVRQDOLGDGHVHDRTXHOKHVRFRUUHGXUDQWHDVVXFHVVLYDVUHHQFDUQDo}HVMiTXHDOJXQVFDHPQR
FDPLQKRHRXWURVILFDPUHWLGRV´

³2FDStWXORVHJXLQWHWUDWDUiGHVXDUHDOLGDGHItVLFDWDOHFRPRDSDUHFHDQWHPLPHDQWHRXWURV
FRPRHX(VWHFDStWXORFRQWHUiDOJXQVSRQWRVIDVFLQDQWHVMiTXHDOpPGHIRUPDUSDUWHGD
UHDOLGDGHItVLFDTXHFRQKHFHPWDPEpPVmRSDUWHVGHRXWURVDPELHQWHVLJXDOPHQWHYiOLGRVHP
RXWUDVUHDOLGDGHVJUDoDVDVHXVSHQVDPHQWRVGHVHMRVHHPRo}HVDWXDLV´

³2VHJXLQWHIDODUiGDHWHUQDYDOLGDGHGRVVRQKRVFRPRSRUWDGHHQWUDGDSDUDRXWUDVUHDOLGDGHVH
FRPRiUHDVDEHUWDVDWUDYpVGDVTXDLVRµVHULQWHULRU¶YLVOXPEUDDVP~OWLSODVIDFHWDVGHVXDSUySULD
H[SHULrQFLDHVHFRPXQLFDFRPRXWURVQtYHLVGHVXDUHDOLGDGH´

³2VHJXLQWHVHDSURIXQGDUiQHVWHWHPDSDUDRTXDOUHODWDUHLDVGLVWLQWDVPDQHLUDVHPTXHHQWUHL
HPVRQKRVDOKHLRVFRPRLQVWUXWRUHJXLD´

³2VHJXLQWHH[SOLFDUiRVPpWRGRVEiVLFRVGHFRPXQLFDomRTXHXVDPTXDOTXHUWLSRGH
FRQVFLrQFLDGHDFRUGRFRPVHXJUDXGHHYROXomRHQFRQWUHVHRXQmRHPXPFRUSRItVLFR,VVRQRV
UHPHWHUijFRPXQLFDomREiVLFDXVDGDSHODVSHUVRQDOLGDGHVKXPDQDVFRPRYRFrVDVHQWHQGHPH
PRVWUDUHLTXHDVFRPXQLFDo}HVLQWHUQDVLQGHSHQGHPGRVVHQWLGRVItVLFRVRVTXDLVVmRPHUDV
H[WHQV}HVItVLFDVGDSHUFHSomRLQWHUQD´

³([SOLFDUHLDROHLWRUFRPRYrRTXHYrHRXYHRTXHRXYHHSRUTXr3URSRQKRPHOKHGHPRQVWUDU
TXHHOHpXPVHULQGHSHQGHQWHGHVXDLPDJHPItVLFDHHVSHURVHUFDSD]GHOKHGDUDOJXPPpWRGR
TXHSRVVDOKHSURYDUPLQKDWHVH´

³2FDStWXORSRVWHULRUUHODWDUiDVGLVWLQWDVH[SHULrQFLDVTXHWLYHHPWRGDVDVPLQKDVH[LVWrQFLDV
FRPHVVDVJHVWDOW´HPSLUkPLGHGDVTXDLVIDODUHLQRWUDQVFXUVRGROLYURHVHUHIHULUijPLQKD
SUySULDUHODomRFRPDSHUVRQDOLGDGHTXHYRFrVFKDPDP6HWK'RLVHFRPRXWUDVFRQVFLrQFLDV
PXOWLGLPHQVLRQDLVPXLWRPDLVHYROXtGDVTXHDPLQKD´

³(VVDVHUiPLQKDPHQVDJHPDROHLWRUµ(VVHQFLDOPHQWHVXDSHUVRQDOLGDGHQmRpPDLVItVLFDTXHD
PLQKDHTXDQGROKHVUHODWDUFRPRpPLQKDUHDOLGDGHHVWDUHLOKHVUHODWDQGRWDPEpPDVXD¶´

³+DYHUiXPFDStWXORVREUHDVUHOLJL}HVGRPXQGRHVREUHDVYHUGDGHVHGLVWRUo}HVTXHHQFHUUDP
IDODUHLGRVWUrV&ULVWRVHGHDOJXPDVYHUGDGHVFRQFHUQHQWHVDXPDUHOLJLmRSHUGLGDTXHSHUWHQFHX
DXPSRYRGRTXDOQmRWrPLQIRUPDomR(VWHSRYRYLYHXHPXPSODQHWDTXHHVWDYDQRPHVPR
HVSDoRTXHDJRUDRFXSDVXD7HUUDµDQWHVTXHH[LVWLVVH¶VHXSODQHWD(OHVRGHVWUXtUDPSRUFDXVD
GHVHXVSUySULRVHQJDQRVHUHHQFDUQDUDPXPDYH]TXHVHXSODQHWDHVWDYDSURQWR6XDV
OHPEUDQoDVFRQIRUPDULDPHPVHJXLGDDEDVHSDUDRQDVFLPHQWRGDUHOLJLmRFRPRDFRQFHEHP
DJRUD´

³+DYHUiXPFDStWXORVREUHGHXVHVSURYiYHLVHVLVWHPDVSURYiYHLV+DYHUiWDPEpPXPFDStWXOR
GHSHUJXQWDVHUHVSRVWDV(KDYHUiXPFDStWXORILQDOQRTXDOSHGLUHLDROHLWRUTXHIHFKHRVROKRVH
WRPHFRQVFLrQFLDGDUHDOLGDGHHPTXHH[LVWHHGHVXDSUySULDUHDOLGDGHLQWHUQD7DPEpPOKHGDUHL
RPpWRGRSDUDID]rOR1HVVHFDStWXORFRQYLGDUHLDROHLWRUDXVDUVHXVµVHQWLGRVLQWHUQRV¶SDUDTXH
PHSRVVDYHUjVXDPDQHLUD´

³(PERUDPLQKDVFRPXQLFDo}HVFKHJDUmRH[FOXVLYDPHQWHDWUDYpVGR5XEXUWSDUDSURWHJHUD
LQWHJULGDGHGRPDWHULDOFRQYLGDUHLDROHLWRUDTXHVHIDoDFRQVFLHQWHGHPLQKDSUySULD
SHUVRQDOLGDGHDILPGHTXHSRVVDGDUVHFRQWDGHTXHpSRVVtYHODFRPXQLFDomRFRPRXWUDV
UHDOLGDGHVHTXHHOHHVWiWDPEpPDEHUWRDSHUFHSo}HVTXHQmRVmRItVLFDV´

³(VWHpRHVTXHPDGROLYURPDVVypXPHVERoRGHPLQKDVLQWHQo}HV1mRGRXXPHVTXHPDPDLV
FRPSOHWRSRUTXHQmRTXHURTXH5XEXUWPHDQWHFLSH9HUHPRVFRPWRGRGHWDOKHDGLILFXOGDGHTXH
HQFHUUDPHVWDVFRPXQLFDo}HVHGHL[DUHLFODURTXHDVFKDPDGDVFRPXQLFDo}HVSDUDQRUPDLVYrP
GHGLVWLQWRVQtYHLVGDUHDOLGDGHHGHVFUHYHPDUHDOLGDGHHPTXHH[LVWHP3RUWDQWRGHVFUHYHUHLD
PLQKDSUySULDHRXWUDVTXHWDPEpPFRQKHoR&RPLVWRQmRTXHURGL]HUTXHQmRH[LVWDPRXWUDV
GLPHQV}HVTXHGHVFRQKHoR'LWDUHLROLYURGXUDQWHQRVVDVVHVV}HV´

³(VWHVHUiRWtWXORGHQRVVROLYURVRUULVR6HWK)DOD$HWHUQD9DOLGDGHGD$OPD8VRRWHUPR
µDOPD¶SRUTXHpXPFRQFHLWRTXHWHPVLJQLILFDGRSDUDDPDLRULDGRVOHLWRUHV6XJLUROKHVTXHVH
HTXLSHPFRPERDVSOXPDVHFDQHWDV´

&RPRFRQKHoRRHVIRUoRTXHUHTXHUHVFUHYHUXPOLYURVHQWLFHUWDFDXWHODTXDQGR6HWKIDORXGH
HVFUHYHURVHXSUySULR(PERUDVRXEHVVHSHUIHLWDPHQWHTXHHOHSRGLDID]rORXPDSDUWHG~ELD
PLQKDGL]LD³6HPG~YLGDµ20DWHULDO6HWK¶pUHDOPHQWHVLJQLILFDWLYRPDVRTXHVDEH6HWKGH
HVFUHYHUXPOLYURRXVREUHDRUJDQL]DomRTXHLVVRUHTXHURXVREUHFRPRGLULJLUVHDRS~EOLFR"³

5REPHGL]LDFRQVWDQWHPHQWHTXHQmRPHSUHRFXSDVVH0HXVDPLJRVHRVDOXQRVGHPLQKDV
FODVVHVHVWDYDPDW{QLWRVGHTXHIRUDSUHFLVDPHQWHHXDTXHDEULJDVVHG~YLGDVPDVHXPHGL]LD
TXHHUDDSHVVRDPDLVLQGLFDGDSDUDDEULJiODV%RPMiKDYLDXPDGHFODUDomRGHLQWHQo}HV6HULD
6HWKFDSD]GHVHJXLUDGLDQWH"

6HWKFRPHoRXDGLWDUROLYURQDVHJXLQWHVHVVmRDHPGHMDQHLURGHHRDFDERXQD
HPGHDJRVWRGH(QWUHWDQWRQmRWRGDVHVVDVVHVV}HVIRUDPGHGLFDGDVDGLWDUROLYUR
DOJXPDVWLYHUDPDVVXQWRVSUySULRRXWUDVDGHWHUPLQDGDVSHVVRDVTXHQHFHVVLWDYDPGHDMXGDH
RXWUDVDUHVSRQGHUSHUJXQWDVILORVyILFDVVHPFRQH[mRFRPROLYUR7DPEpPWLUHLXPDVSHTXHQDV
IpULDVPDVDSHVDUGHWRGDVHVWDVLQWHUUXSo}HV6HWKVHPSUHUHWRPDYDRGLWDGRQRSRQWRSUHFLVR
RQGHRWLQKDGHL[DGR

'XUDQWHRWHPSRHPTXH6HWKWUDEDOKDYDHPVHXOLYURHXWUDEDOKDYDTXDWURKRUDVDRGLDHPXP
ULWPRSUySULRWLQKDPLQKDVDXODVVHPDQDLVGH3(63HUFHSomR([WUDVHQVRULDOHDOpPGLVVR
HVWDYDVDWXUDGDSHODFRUUHVSRQGrQFLDTXHGHVSHUWRXDSXEOLFDomRGR0DWHULDO6HWK7DPEpP
FRPHFHLDGDUXPDDXODVHPDQDOVREUHHVFULWDFULDWLYD

3RUSXUDFXULRVLGDGHGHLXPDROKDGDQRVSULPHLURVFDStWXORVGROLYURGH6HWKPDVORJRPHPDQWLYH
VHSDUDGDGHOH5REPHIDODYDGHYH]HPTXDQGRGHDOJXPDSDVVDJHPTXHSHQVDYDTXHSRGHULD
LQWHUHVVDUDPHXVDOXQRV$OpPGLVVRQmRSUHVWHLDWHQomRDOJXPDDROLYURSHUPLWLQGRTXH6HWKR
UHDOL]DVVH4XHUGL]HUDSDUWHLVHXWUDEDOKRGHPLQKDFDEHoDHjVYH]HVQmRYLDRPDQXVFULWR
GXUDQWHYiULRVPHVHV

$OHLWXUDGROLYURDFDEDGRIRLXPDH[SHULrQFLDGHOLFLRVD(PVXDWRWDOLGDGHPHUHVXOWDYDDOJR
FRPSOHWDPHQWHQRYRDSHVDUGHTXHFDGDXPDGHVXDVSDODYUDVWLQKDVDtGRDWUDYpVGHPHXVOiELRV
HWLQKDGHGLFDGRPXLWDVQRLWHVHPHVWDGRGHWUDQVHjVXDSURGXomR,VWRPHUHVXOWDYD
HVSHFLDOPHQWHHVWUDQKRMiTXHFRPRHVFULWRUDHVWDYDDFRVWXPDGDDRUJDQL]DUPHXSUySULR
PDWHULDOVHJXLUDSLVWDHFKRFiORFRPRXPDJDOLQKDSRHGHLUD

'HYLGRDPLQKDH[SHULrQFLDSHVVRDOFRPRHVFULWRUDVRXFRQVFLHQWHGHTXmRGLItFLOUHVXOWDWUDGX]LU
PDWHULDOGRLQFRQVFLHQWHjUHDOLGDGHFRQVFLHQWH,VVRVHID]DLQGDPDLVyEYLRTXDQGRHVWRX
HVFUHYHQGRXPSRHPD6HMDRTXHVHMDRTXHVXSRQKDROLYURGH6HWKFHUWDPHQWHUHTXHUXPD
JUDQGHTXDQWLGDGHGHDWLYLGDGHLQFRQVFLHQWHRSHUDQGRWRGDDPiTXLQD(UDSRUWDQWRQDWXUDOTXH
IL]HVVHFRPSDUDo}HVHQWUHPLQKDSUySULDH[SHULrQFLDFULDWLYDFRQVFLHQWHHRSURFHVVRGHWUDQVH
UHTXHULGRSDUDHVFUHYHUROLYURGH6HWK4XHULDGHVFREULUSRUTXHVHQWLDTXHROLYURGH6HWKHUDVHX
OLYURGLYRUFLDGRGRPHXSUySULR6HDPERVSURYLQKDPGRPHVPRLQFRQVFLHQWHFRPRpTXH
HQFRQWUDYDGLIHUHQoDVVXEMHWLYDVHPPHXVVHQWLPHQWRV"

(VWDVGLIHUHQoDVVHIL]HUDPHYLGHQWHVGHVGHRFRPHoR4XDQGRHVWRXHVFUHYHQGRXPSRHPDHPH
FKHJDjLQVSLUDomRHPEDUJDPHDHPRomRHPHLQYDGHPVHQWLPHQWRVGHXUJrQFLDH
GHVFREULPHQWR0DVMXVWRDQWHVTXHLVWRRFRUUDDSUHVHQWDVHXPDLGpLDQmRVHVDEHGHRQGH
FRQIRUPHDSDUHFHFRPRVHPHIRVVHGDGD6LPSOHVPHQWHDSDUHFHHGHODHPDQDPQRYDV
FRQH[}HVFULDWLYDV

6LQWRPHDOHUWDHUHFHSWLYDVXVSHQVDHPXPHVWUDQKRHVWDGRGHHODVWLFLGDGHSVtTXLFDHQWUHD
DWHQomRVHUHQDHDSDVVLYLGDGH4XDQGRHVWRXQHVVHSRQWRRSRHPDHPVLPHVPRRXDLGpLDVmRRV
~QLFRVDLPSRUWDUQRPXQGReRJUDQGHFRPSURPLVVRSHVVRDORWUDEDOKRHRMRJRUHTXHULGRSDUD
DMXGDUjLGpLDD³HPHUJLU´RTXHID]TXHRSRHPDVHMDPHX

(VWRXDFRVWXPDGDDHVWHWLSRGHH[SHULrQFLDVGHVGHPLQKDLQIkQFLDHHODVFRQVWLWXHPDSHGUD
DQJXODUGHPLQKDH[LVWrQFLD6HPHODVRXTXDQGRQmRHVWRXWUDEDOKDQGRQHVVHWHUUHQRVLQWRPH
DSiWLFDHWULVWH'HDOJXPMHLWRDJRUDH[SHULPHQWRRPHVPRVHQWLGRGHFULDomRSHVVRDOHQTXDQWR
HVFUHYRHVWDLQWURGXomR3HUWHQFHPH

1mRPHVHQWLDFRQHFWDGDGHVVDPDQHLUDDROLYURGH6HWKHQmRWLQKDFRQVFLrQFLDGRSURFHVVR
FULDWLYRUHTXHULGR(XHQWUDYDHPWUDQVHTXHIDoRGHPDQHLUDUHJXODUHPQRVVDVVHVV}HV6HWK
GLWDYDROLYURDWUDYpVGHPLPIDODQGRSRUPHXVOiELRV2WUDEDOKRFULDWLYRHUDWmRDOKHLRDPLP
TXHDHVVHUHVSHLWRQmRSRGLDUHFRQKHFrORFRPRSUySULR(PWURFDPHGDYDROLYURGH6HWKFRPR
XPSURGXWRFRPSOHWRHH[FHOHQWHSHORTXDOPHVLQWRFHUWDPHQWHH[WUHPDPHQWHDJUDGHFLGD

0HVPRDVVLPFKHJXHLjFRQFOXVmRGHTXHVyPHXVHVFULWRVPHSURSRUFLRQDPDFODVVHGH
VDWLVIDomRFULDWLYDGHTXHQHFHVVLWRTXHUGL]HUDLPSOLFDomRFRQVFLHQWHFRPRPDWHULDO
LQFRQVFLHQWHHDHPRomRGDFDoD2IDWRGHTXH6HWKIDoDVHXWUDEDOKRQmRPHDEVROYHGHID]HU
RPHX6HQWLULDTXHPHIDOWDDOJRVHQmRSXGHVVHFRQWLQXDUPHXOLYUR

4XDOTXHUXPSRGHULDGL]HUpyEYLRTXHQROLYURGH6HWKRVSURFHVVRVRFXOWRVHVWmRWmRDIDVWDGRV
GHPLQKDSUySULDFRQVFLrQFLDTXHRSURGXWRILQDOVySDUHFHYLUGHRXWUDSHUVRQDOLGDGH
8QLFDPHQWHSRVVRPDQLIHVWDUDTXLPHXVVHQWLPHQWRVHDVVLQDODUTXHROLYURGH6HWKHRPDQXVFULWR
GHVHLVPLOSiJLQDVGR0DWHULDO6HWKQmRWrPQDGDDYHUFRPPLQKDSUySULDUHVSRQVDELOLGDGHRX
H[SUHVVmRFULDWLYD6HDPERVYLHUHPGRPHVPRLQFRQVFLHQWHVHULDOyJLFRTXHQmRKRXYHVVH
GLIHUHQoDVHQWUHDFDSDFLGDGHSURGXWLYD

$SHVDUGHWXGRVRXFRQVFLHQWHGRIDWRGHTXHHXHUDQHFHVViULDSDUDSRGHUSURGX]LUROLYURGH
6HWK(OHQHFHVVLWDGHPLQKDKDELOLGDGHFRPDVSDODYUDVHLQFOXVLYHDFUHGLWRGHPLQKDPDQHLUD
GHSHQVDU0LQKDH[SHULrQFLDFRPRHVFULWRUDDMXGDDSURGXomRGHVHXPDWHULDOHWDPEpPDOKHGDU
IRUPDHPERUDWXGRLVVRVHIDoDGHXPDPDQHLUDLQFRQVFLHQWH'HVWHPRGRVmRLPSRUWDQWHVFHUWDV
FDUDFWHUtVWLFDVSHVVRDLVVXSRQKRFRPRSRUH[HPSORDKDELOLGDGHFRPTXHSRVVRWURFDURFHQWUR
GHDWHQomRGHPLQKDFRQVFLrQFLD

6HWKRGiDHQWHQGHUQRTXDUWRFDStWXORTXDQGRGL]$JRUDDLQIRUPDomRGHVWHOLYURHVWiGLULJLGD
GHFHUWDPDQHLUDSHORVVHQWLGRVLQWHUQRVGDPXOKHUTXHHVWiHPWUDQVHHQTXDQWRHXRGLWR7DO
HVIRUoRpRUHVXOWDGRGHXPDSUHFLVmRLQWHUQDDOWDPHQWHRUJDQL]DGDHXPJUDQGHWUHLQDPHQWR
>(OD@QmRSRGHULDUHFHEHUDLQIRUPDomRGHPLP±QmRSRGHULDWUDGX]tODQHPLQWHUSUHWiOD±VH
HVWLYHVVHLQWHQVDPHQWHFRQFHQWUDGDQRDPELHQWHItVLFR

(QWUHWDQWRVHRROKDUPRVVLPSOHVPHQWHFRPRH[HPSORGHSURGXomRLQFRQVFLHQWHROLYURGH6HWK
PRVWUDFODUDPHQWHTXHDRUJDQL]DomRRGLVFHUQLPHQWRHRUDFLRFtQLRQmRVmRVyTXDOLGDGHVGD
PHQWHFRQVFLHQWHRTXHPRVWUDSRUVXDYH]RDOFDQFHHDDWLYLGDGHGHTXHpFDSD]RVHULQWHULRU
1mRDFUHGLWRTXHHXVR]LQKDSXGHVVHID]HUDOJRVHPHOKDQWHDROLYURGH6HWK2PDLVTXHSRGHULD
WHUFRQVHJXLGRVHULDSRVVLYHOPHQWHDOJXPSRHPDRXHQVDLRQRWiYHOHDVVLPPHVPROKHWHULD
IDOWDGRDXQLGDGHFRQWLQXLGDGHHRUJDQL]DomRJOREDLVTXH6HWKGHXDROLYUR

$OpPGLVVRHVWRXDFRVWXPDGDDWHUH[SHULrQFLDVHVSHFLDLVGXUDQWHDVVHVV}HVTXHSDUHFHP
FRPSHQVDUPLQKDIDOWDGHFRQVFLrQFLDGXUDQWHRSURFHVVRFULDWLYR)UHTHQWHPHQWHSDUWLFLSRGD
JUDQGHHQHUJLDHVHQVRGHKXPRUGH6HWKSRUH[HPSORRTXDOPHSHUPLWHJR]DUGHXPDULTXH]D
HPRFLRQDOHPHFRQHFWDUFRPVXDSHUVRQDOLGDGHHPHVWUDQKRVQtYHLV3RVVRVHQWLUFODUDPHQWHVXDV
PXGDQoDVGHkQLPRHYLWDOLGDGHHPERUDQmRHVWHMDPGLULJLGDVDPLPDQmRVHUjSHVVRDFRPD
TXDO6HWKVHFRPXQLFDQHVVHPRPHQWR3RVVRVHQWLODVTXDQGRSDVVDPDWUDYpVGHPLP

&RPRPRVWUDPDVQRWDVGR5REFRPIUHTrQFLDWHQKRRXWURWLSRGHH[SHULrQFLDVTXDQGRIDOR
FRPR6HWK(PRFDVL}HVWHQKRYLV}HVLQWHUQDVTXHXPDVYH]HVLOXVWUDPRTXHGL]6HWK±GHPRGR
TXHUHFHERLQIRUPDomRGHGXDVPDQHLUDVGLVWLQWDV±HRXWUDVVmRWRWDOPHQWHLQGHSHQGHQWHVGD
PHQVDJHP7DPEpPWLYHH[SHULrQFLDV³IRUDGRFRUSR´GXUDQWHDVVHVV}HVQDVTXHYL
DFRQWHFLPHQWRVTXHHPUHDOLGDGHDFRQWHFLDPDPLOKDUHVGHTXLO{PHWURV

6HWKPRVWUDQHVWHOLYURTXHDHVVrQFLDKXPDQDpPXOWLGLPHQVLRQDOTXHUGL]HUTXHH[LVWLPRVHP
YiULDVUHDOLGDGHVGHXPDYH]HTXHDDOPDRXVHULQWHULRUQmRpDOJRVHSDUDGRGHQyVVHQmRR
YHUGDGHLURPHLRTXHQRVSHUPLWHH[LVWLU(OHLQVLVWHTXHD³YHUGDGH´QmRVHHQFRQWUDUiLQGRGH
PHVWUHHPPHVWUHGHLJUHMDHPLJUHMDRXGHGLVFLSOLQDHPGLVFLSOLQDPDVVLPROKDQGRGHQWURGR
VHU2FRQKHFLPHQWRtQWLPRGDFRQVFLrQFLDRV³VHJUHGRVGRXQLYHUVR´QmRVmRSRUWDQWRYHUGDGHV
HVRWpULFDVHVFRQGLGDVGDVSHVVRDV6mRWmRQDWXUDLVDRKRPHPFRPRRDUHHVWmRGLVSRQtYHLVSDUD
DTXHOHVTXHDVEXVTXHPFRPVLQFHULGDGHREVHUYDQGRVXDIRQWHLQWHUQD

6HWKWHPHVFULWRXPOLYURTXHpHPPLQKDRSLQLmRXPFOiVVLFRHPVHXJrQHUR$SHVDUGHPH
UHIHULUDHOHFDXWHORVDPHQWHFRPR³XPDSHUVRQDOLGDGH´VLQWRPHREULJDGDDDFUHVFHQWDUTXH6HWK
pXPERPILOyVRIRHXPSVLFyORJRVDJD]JUDQGHFRQKHFHGRUGDVFXUYDVGDSHUVRQDOLGDGHKXPDQD
HGRVWULXQIRVHGHUURWDVGDFRQVFLrQFLDKXPDQD

6LQWRPHFHUWDPHQWHLQWULJDGDSHORIDWRGHTXHHVWHOLYURWHQKDVLGRHVFULWRDWUDYpVGHPLPVHP
TXHPLQKDPHQWHFRQVFLHQWHHVWLYHVVHSUHVHQWHHPFDGDPRPHQWRSURFXUDQGRRUJDQL]DQGRH
FULWLFDQGRDQVLRVDPHQWHFRPRID]FRPPHXSUySULRWUDEDOKR1HVVHFDVRHPERUDPLQKD
FDSDFLGDGHFULDWLYDHLQWXLWLYDJR]HGHSOHQDOLEHUGDGHDPHQWHFRQVFLHQWHH[HUFHWRWDOFRQWUROH
0DVHVWHOLYURQmRIRLHVFULWR³SRUVLPHVPR´FRPRSDUHFHDFRQWHFHUFRPDOJXQVGHPHXV
SRHPDV)UHTHQWHPHQWHXPHVFULWRUGL]TXHFHUWROLYUR³VHHVFUHYHXVR]LQKR´HHXVHLDRTXHVH
UHIHUH(VWHHPWURFDSURFHGHGHXPDIRQWHHVSHFtILFDHQmRGH³SRUDtDIRUD´HWUDQVPLWHDOpP
GLVVRDSHUVRQDOLGDGHGHVHXDXWRUTXHQmRpDPLQKD

(VWDDYHQWXUDFULDWLYDSRGHULDVHUDLQLFLDomRGHXPDSHUVRQDOLGDGH6HWKTXHHVFUHYHOLYURV6HWK
SRGHULDVHUSRUVXDYH]XPDFULDomRWDOTXDOpHVWHOLYUR1HVVHFDVRVHULDXPH[HPSOR
H[FHOHQWHGHDUWHPXOWLGLPHQVLRQDOIHLWRHPXPQtYHOWmRDOWRGHLQFRQVFLrQFLDTXHR³DUWLVWD´QmR
WHPFRQKHFLPHQWRGHVHXSUySULRWUDEDOKRHVHVXUSUHHQGHDQWHHOHFRPRTXDOTXHURXWUDSHVVRD

7UDWDVHGHXPDKLSyWHVHLQWHUHVVDQWH'HIDWR6HWKIDODVREUHDUWHPXOWLGLPHQVLRQDOQHVWHOLYUR
PDVHPUHDOLGDGHID]DOJRPDLVTXHHVFUHYHUOLYURVeXPDSHUVRQDOLGDGHWRWDOPHQWHGHVHQYROYLGD
TXHVHLQWHUHVVDSRUGLVWLQWDVPDWpULDVHVFUHYHUHQVLQDUHDMXGDUDRXWURV6HXVHQVRGHKXPRUp
PXLWRSDUWLFXODUHPXLWRGLVWLQWRGRPHXeH[WUHPDPHQWHSHUVSLFD]DVXDPDQHLUDpPDLV
WHUUHVWUHTXHHWpUHD&RQKHFHDDUWHGHH[SOLFDUWHRULDVFRPSOH[DVGHXPDPDQHLUDVLPSOHVH
GLUHWDGHSHVVRDDSHVVRDHRTXHpDLQGDPDLVLPSRUWDQWHpFDSD]GHUHODFLRQDUHVVDVLGpLDV
FRPRYLYHUFRWLGLDQR

6HWKHVWiDFRVWXPDGRDDSDUHFHUHPVRQKRVDPHXVDOXQRVHOKHVGiLQVWUXo}HVGHWUDEDOKR¬V
YH]HVVmRPpWRGRVSDUDGHVHQYROYHUVXDVFDSDFLGDGHVHRXWUDVSDUDFRQVHJXLUFHUWDVPHWDV
4XDVHWRGRVRVPHXVDOXQRVWrPIUHTHQWHPHQWH³VRQKRVGHHQVLQR´QRVTXH6HWKVHGLULJHDHOHV
FRPRDXPJUXSRFRPRTXHUHDOL]DH[SHULPHQWRVRQtULFRV(PRFDVL}HVHOHVRYrHPWDOFRPR5RE
RGHVFUHYHHRXWUDVYH]HVOKHVIDODDWUDYpVGHPLQKDLPDJHPFRPRQDVVHVV}HVQRUPDLV0XLWDV
YH]HVPHGHVSHUWHLHQTXDQWRHVWDVVHVV}HVRQtULFDVWLQKDPOXJDUFRPDVSDODYUDVGH6HWKDLQGDQR
IXQGRGHPLQKDPHQWH

1mRpLQFRPXPTXHPHXVDOXQRVVRQKHPFRP6HWKRXLQFOXVLYHFRPLJRPDVFHUWDPHQWH6HWK
PDQWpPDVHXVROKRVXPDSRVLomRLQGHSHQGHQWHHVHFRQYHUWHXHPXPYHtFXORGHLQVWUXomRDWpHP
HVWDGRGHVRQKR(PRXWUDVSDODYUDVQmRVySURGX]LX20DWHULDO6HWKHHVWHOLYURPDVWDPEpP
HQWUDQDPHQWHHQDFRQVFLrQFLDGHPXLWDVSHVVRDV

(LVVRHPDSHQDVVHWHDQRVRTXHQmRGHL[DGHVHUXPJUDQGHOXFURSDUDTXDOTXHUSHUVRQDOLGDGH
VHMDTXDOIRUVHXHVWDGR0DVSDUDXPDSHUVRQDOLGDGHQmRItVLFDpYHUGDGHLUDPHQWH
H[WUDRUGLQiULR$WULEXLUWRGDHVWDDWLYLGDGHDXPDTXLPHUDGRLQFRQVFLHQWHSDUHFHPXLWR'XUDQWH
HVVHWHPSRSXEOLTXHLGRLVOLYURVWHUPLQDGRRXWURHFRPHoDGRXPTXDUWR0HQFLRQRLVWRSDUD
PRVWUDUTXH6HWKQmRLQWHUIHULXHPPLQKDFULDWLYLGDGH

5REHHXQXQFDQRVUHIHULPRVD6HWKFRPDSDODYUD³HVStULWR´SRLVQmRJRVWDPRVGDFRQRWDomRGR
WHUPR(PUHDOLGDGHRTXHREMHWDPRVpDLGpLDFRQYHQFLRQDOGRTXHpXPHVStULWRSRUVHUXPD
H[WHQVmRGHXPFRQFHLWREDVWDQWHOLPLWDGRGDSHUVRQDOLGDGHKXPDQDVyTXHSURMHWDGDTXDVHVHP
PXGDQoDVQRPDLVjIUHQWH3RGHFRQVLGHUDUVHTXH6HWKpXPDUHSUHVHQWDomRGUDPiWLFDGR
LQFRQVFLHQWHRXXPDSHUVRQDOLGDGHLQGHSHQGHQWH3HVVRDOPHQWHQmRYHMRSRUTXHHVWDV
DILUPDo}HVWrPTXHVHUFRQWUDGLWyULDV6HWKSRGHULDVHUXPDUHSUHVHQWDomRGUDPiWLFDTXHDWXDHP
XPSDSHOUHDOHTXHWUDWDGHQRVH[SOLFDUVXDDPSODUHDOLGDGHQRV~QLFRVWHUPRVTXHQyVSRGHPRV
HQWHQGHU(VWDpPLQKDRSLQLmRDWpRPRPHQWR

'HYLGRDPLQKDH[SHULrQFLDSHVVRDOSULQFLSDOPHQWHHPYLDJHQVDVWUDLVHVWRXFRQYHQFLGDGHTXHD
FRQVFLrQFLDQmRGHSHQGHGDPDWpULDItVLFDeFHUWRTXHDH[SUHVVmRItVLFDpDJRUDPLQKDPDQHLUD
SULQFLSDOGHH[LVWrQFLDPDVLVVRQmRPHID]SHQVDUTXHWRGRWLSRGHFRQVFLrQFLDVHMDItVLFD
$FUHGLWRTXHVyXPHJRtVPRFHJRVHDWUHYHULDDGHILQLUDUHDOLGDGHHPVHXVSUySULRVWHUPRVRXD
SURMHWDUVXDVSUySULDVOLPLWDo}HVHH[SHULrQFLDVDRXWURWLSRGHH[LVWrQFLDV

$FHLWRDLGpLDGH6HWKVREUHDSHUVRQDOLGDGHPXOWLGLPHQVLRQDOFRPRDGHVFUHYHQHVWHOLYURSRUTXH
PLQKDSUySULDH[SHULrQFLDHDGHPHXVDOXQRVSDUHFHPFRQILUPiOD(SHQVRWDPEpPTXHQHVVH
VLVWHPDGHFRQVFLrQFLDWmRDEHUWRHGHWmRLOLPLWDGDIRQWHKiXP6HWKLQGHSHQGHQWHTXHRSHUDGH
PDQHLUDPXLWRGLVWLQWDGDQRVVD

'HTXHPDQHLUD"3DUDVHUIUDQFDGHYRGL]HUTXHQmRVHL$PHOKRUH[SOLFDomRGHPHXSRQWRGH
YLVWDH[SUHVVHLHPXPEUHYHWUDEDOKRLQWXLWLYRTXHHVFUHYLSDUDXPDGHPLQKDVFODVVHVGH3(6
RQGHWHQWDYDHVFODUHFHUPLQKDVLGpLDVQmRVySDUDPLPPHVPDPDVWDPEpPSDUDPHXV
HVWXGDQWHV5REPHWLQKDPHQFLRQDGRRV2UDGRUHVFRPR6HWKRVFKDPDQHVWHOLYUR
SHUVRQDOLGDGHVTXHIDODUDPFRQWLQXDPHQWHDRKRPHPDWUDYpVGRVVpFXORVSDUDOKHUHFRUGDUVXD
VDEHGRULDLQWHUQDDILPGHTXHHVWHQXQFDVHHVTXHoD(VWDLGpLDVXJHVWLYDIRLDTXHPHLQVSLURXD
HVFUHYHURFXUWRHQVDLRTXHLQFOXRDTXLQRTXHH[SRQKRRDPELHQWHHPTXHQRPHXHQWHQGHU6HWK
HRXWURVFRPRHOHSRGHULDPH[LVWLU

³)RUPDPRQRVGHXPDPDQHLUDTXHQmRHQWHQGHPRV(VWDPRVFRPSRVWRVGHHOHPHQWRV
VXEVWkQFLDVTXtPLFDVHiWRPRVHPHVPRDVVLPFRQVHJXLPRVIDODUHWHUXPQRPH'HDOJXPPRGR
RUJDQL]DPRVQRVVDPDWpULDLQWHUQDHH[WHUQDSDUDTXHHPVHJXLGDVHFRQGHQVHHVHFRQYHUWDHP
FDUQHHRVVR1RVVDSHUVRQDOLGDGHRXLGHQWLGDGHEURWDGHXPDIRQWHTXHGHVFRQKHFHPRV´

³3RVVLYHOPHQWHRTXHUHDOPHQWHVRPRVHVSHURXVHPSUHHVFRQGLGRQDVSRVVLELOLGDGHVGHFULDomR
GLVSHUVRHGHVFRQKHFLGRQDFKXYDHQRYHQWRTXHDVVRODUDPD(XURSDQRVpFXOR;,,,QDVDOWDV
FRUGLOKHLUDVQDVQXYHQVTXHSHUFRUUHUDPRVFpXVGHRXWURVWHPSRVHOXJDUHV&RPRSDUWtFXODVGH
SySRVVLYHOPHQWHWHQKDPRVHQWUDGRQDVFDVDVJUHJDV7DOYH]IRPRVSUHFLSLWDGRVGHQWURHIRUDGD
FRQVFLrQFLDHDLQFRQVFLrQFLDPLOK}HVGHYH]HVLQYDGLGRVSRUXPGHVHMRSRUXPDQVHLRGH
FULDWLYLGDGHHSHUIHLomRTXHHVFDVVDPHQWHDOFDQoDPRVDFRPSUHHQGHU´

³3RULVVRDFUHGLWRTXHpSRVVtYHOTXHDJRUDKDMDRXWURVFRPR6HWKWDPEpPVHPLPDJHPPDV
FRPFRQKHFLPHQWRRXWURVTXHIRUDPRTXHVRPRVHLQFOXVLYHPDLVRXWURVTXHUHFRUGDPRTXHQyV
HVTXHFHPRV7DOYH]SRUPHLRGHXPDDFHOHUDomRGDFRQVFLrQFLDWHQKDPGHVFREHUWRRXWUDV
GLPHQV}HVGDUHDOLGDGHGDVTXDLVWDPEpPQyVIRUPDPRVSDUWH´

³$VVLPTXHOKHVGDPRVXPQRPHDDTXHOHVTXHQmRRWrPDRLJXDODQyVVRPRV
IXQGDPHQWDOPHQWHDQ{QLPRV(RVHVFXWDPRVPDVQRUPDOPHQWHWUDWDPRVGHFRQYHUWHUVXDV
PHQVDJHQVHPFRQFHLWRVTXHQRVUHVXOWHPFRPSUHHQVtYHLVDOpPGHFRQYHUWrORVHPYHOKDV
LPDJHQVHVWHUHRWLSDGDV0DVHOHVRVTXHIDODPHVWmRVHPSUHDtQRYHQWRHQDViUYRUHVFRP
IRUPDRXVHPHODHGHDOJXPMHLWRSRVVLYHOPHQWHPXLWRPDLVYLYRVGRTXHRHVWDPRVQyV´

³$WUDYpVGHVWDVYR]HVGHVWDVLQWXLo}HVGHVWDVYLV}HVHGHVWDVPHQVDJHQVLQWHUQDVRXQLYHUVRIDOD
SHVVRDOPHQWHFRPFDGDXPGHQyV(VWmRVHGLULJLQGRDWLHWDPEpPDPLP$SUHQGHSDUDRXYLU
VXDVSUySULDVPHQVDJHQVVHPGLVWRUFrODVHVHPWHQWDUWUDGX]tODVDYHOKRVDOIDEHWRV´

³'XUDQWHDVFODVVHVHIUHTHQWHPHQWHWDPEpPQDYLGDDFUHGLWRTXHUHVSRQGHPRVDHOHVjV
YH]HVLQFOXVLYHRVUHSUHVHQWDPRVFRPVDEHGRULDLQIDQWLOFRPSRPRVFRPHOHVXQVGUDPDV
SULPLWLYRVHLQGLYLGXDLVGUDPDVTXHWrPHPQRVVRLQWHULRUXPVLJQLILFDGRTXHQmRSRGHPRV
H[SUHVVDUFRPSDODYUDV´

³(VWDSRGHULDVHURWLSRGHSHoDGHWHDWURTXHRV³GHXVHV´FRQVHQWHPGDTXHHPDQDPFULDo}HV
TXHVHHVWHQGHPHPWRGDVDVGLUHo}HV7DOYH]UHVSRQGDPRVSRUQRVVDFRQWDDRVGHXVHVLQWHUQRV
FRPHVVHVEULOKRVtQWLPRVGHFRPSUHHQVmRTXHGHVDILDPDQRVVRVFRQKHFLPHQWRVWULGLPHQVLRQDLV´

³3RVVLYHOPHQWH6HWKQRVHVWHMDOHYDQGRIRUDGHQRVVRVOLPLWHVXVXDLVSDUDRXWURVUHLQRVTXHVmR
QRVVRVSRUGLUHLWRLQGLVSHQViYHLVWDQWRVHHVWLYHUPRVGHQWURFRPRIRUDGDPDWpULD2XSRGHULDVHU
HOHDYR]GRFRQMXQWRGHQRVVRVVHUHVTXHQRVGL]µ'XUDQWHRVSHUtRGRVHPTXHWrPFRUSRV
FRQVFLHQWHVUHFRUGHPFRPRHUDHFRPRVHUiRQmRWHUFRUSRRVHUXPDHQHUJLDHPOLEHUGDGHVHP
QRPHPDVFRPXPDYR]TXHQmRQHFHVVLWDOtQJXDFRPXPDFULDWLYLGDGHWDOTXHQmRQHFHVVLWD
FDUQH1yVVRPRVFRPRYRFrVPDVDRLQYHUVR¶´

0DVVHMDPTXDLVIRUHPPLQKDVLGpLDVVREUH6HWKRXVREUHDQDWXUH]DGDUHDOLGDGHHVWH
PDQXVFULWRGHYHVHUFRQVLGHUDGRXPOLYURHPVLPHVPR&HUWDPHQWHOHYDDPDUFDGD
SHUVRQDOLGDGHGH6HWKFRPRWRGROLYUROHYDLQGHOHYHOPHQWHLPSUHVVRRVHORGHVHXDXWRU$VLGpLDV
TXHFRQWpPPHUHFHPVHUHVFXWDGDVVHPLPSRUWDUDIRQWHGDTXDOSURFHGHPHVREUHWXGRGHYLGRD
HOD

$RSULQFtSLRGHQRVVDVVHVV}HVSHQVHLHPSXEOLFDUFRPRVHRPDWHULDOIRVVHPHXVHPID]HU
QHQKXPDUHIHUrQFLDGHVXDSURFHGrQFLDSDUDTXHRDFHLWDVVHSRUVXDYDOLD0DVORJRQmRPH
SDUHFHXMXVWRSRUTXHDPDQHLUDHPTXHVHSURGX]RPDWHULDO6HWKpSDUWHGHVXDPHQVDJHPH
DOpPRUHIRUoD

5HSURGX]LPRVRGLWDGRGH6HWKQDPHVPDRUGHPHPTXHRUHFHEHPRVHQmRWLUDPRVQHP
DFUHVFHQWDPRVQDGD&HUWDPHQWHHOHFRQKHFHDGLIHUHQoDHQWUHDOLQJXDJHPIDODGDHDHVFULWD
6XDVFODVVHVVmRPXLWRPDLVHVSRQWkQHDVHQHODVKiXPDOWRQtYHOGHSDUWLFLSDomR2HVWLORGR
OLYURVHSDUHFHPDLVDRGHQRVVDVVHVV}HVSULYDGDVQDVTXH6HWKQRVWUDQVPLWHRFRUSRGHVHX
PDWHULDO'HILQLWLYDPHQWHGiPDLRUrQIDVHDRFRQWH~GRUHFDOFDPDLVTXmRHVFULWRRIDODGR

1mRWURFDPRVDHVWUXWXUDGDVIUDVHVGH6HWKjH[FHomRGHFRQWDGDVRFDVL}HVDOJXPDYH]SDUWLHP
GXDVXPDIUDVHPXLWRORQJDSRUH[HPSOR(OHQRVLQGLFRXTXDVHWRGDDSRQWXDomRGHPRGRTXH
QRVOLPLWDPRVDS{URVSRQWRVHDVYtUJXODVRVKtIHQVHRVSDUrQWHVHVRQGHHOHRVXJHULD
VXSULPLQGRVXDVLQVWUXo}HVSDUDQmRGLVWUDLUDROHLWRU6HWKWDPEpPQRVSHGLXTXHVXEOLQKDVVH
FHUWDVSDODYUDV

6XDVIUDVHVVmRIUHTHQWHPHQWHORQJDVHVSHFLDOPHQWHSDUDDFRPXQLFDomRYHUEDOPDVHOHQXQFD
VHSHUGHQHPFRQIXQGHVHXVHQWLGRRXDVLQWD[H4XDQGRQRVSDUHFLDTXHLVVRWLQKDVXFHGLGR
UHSDVViYDPRVDVQRWDVRULJLQDLVGDVHVVmRHHQFRQWUiYDPRVTXHRHQJDQRVHFRPHWHXQD
WUDQVFULomR'HVWDFRLVWRSRUTXHWHQWHLGLWDUPLQKDVFDUWDVDXPPDJQHWyIRQRFRPSRXFRr[LWR
'HSRLVGHXPDVSRXFDVIUDVHVWLQKDJUDQGHVGLILFXOGDGHVHPUHFRUGDURTXHKDYLDGLWRRXPLQKD
PDQHLUDGHH[SUHVViOR

,QFOXtPRVjVYH]HVDOJXPPDWHULDOTXHQmRpGROLYURTXDQGRFRQVLGHUDPRVTXHHUDUHOHYDQWHTXH
DUURMDYDDOJXPDOX]VREUHRPpWRGRGHDSUHVHQWDomRRXTXHQRVSHUPLWLDFRQKHFHURSUySULR6HWK
&RPRLQGLFDPDVQRWDVGR5REHUW6HWKFRPHoRXDGLWDURDSrQGLFHORJRTXHWHUPLQRXROLYUR
&XULRVDPHQWHQmRPHGDYDFRQWDGHTXHWLQKDFRPHoDGRDGLWiORHHVWLYHYiULRVGLDVPH
SHUJXQWDQGRTXHPLULDHQFDUUHJDUVHGHOHHVHHUD6HWKTXDQGRLDFRPHoiOR

(ILQDOPHQWHXPD~OWLPDQRWDGHLQWHUHVVHVREUHRPHVPRWHPD1RUPDOPHQWHHVFUHYRWUrV
UDVFXQKRVGHPHXWUDEDOKRHLQFOXVLYHDVVLPjVYH]HVILFRLQVDWLVIHLWD(VWHOLYURIRLHVFULWRD
SDUWLUGRSULPHLURUDVFXQKR$OpPGLVVR6HWKIRLFDSD]GHVHJXLUPDLVILHOPHQWHVHXHVTXHPDGH
WUDEDOKRGRTXHRIDoRHXHPERUDjVYH]HVVHGHVYLDVVHXPSRXFRGHOHGHDFRUGRFRPRGLUHLWR
TXHDVVLVWHDWRGRDXWRU

$SDUWLUGDTXL6HWKIDODSRUVLPHVPR

-DQH5REHUWV
(OPLUD1HZ<RUNGH6HWHPEURGH

6HWK)DOD$(WHUQD9DOLGDGHGD$OPDF-DQH5REHUWV
'ROLYURHPHVSDQKRO+DEOD6HWK/D(WHUQD9DOLGH]'HO$OPD

7UDGXomR3DXOR5REHUWR.DPPHU%UDVLO

&$3Ë78/2
127(1+280&2532)Ë6,&2($,1'$$66,0(6728(6&5(9(1'2(66(
/,952

9RFrRXYLXIDODUVREUHFDoDGRUHVGHIDQWDVPDV3UDWLFDPHQWHSRVVRTXDVHVHUFKDPDGRGHXP
IDQWDVPDHVFULWRU1mRDSURYRRWHUPR³IDQWDVPDéYHUGDGHTXHQRUPDOPHQWHQmRVRXYLVWRHP
WHUPRVItVLFRV1mRJRVWRGDSDODYUD³HVStULWR´WDPEpPDLQGDDVVLPVHVXDGHILQLomRGDSDODYUD
LPSOLFDQDLGpLDGHXPDSHUVRQDOLGDGHVHPXPFRUSRItVLFRHQWmRHXWHULDTXHFRQFRUGDUTXHD
GHVFULomRpDGHTXDGDDPLP

'LULMRPHDXPDDXGLrQFLDQmRYLVWD3RUpPVHLTXHPHXVOHLWRUHVH[LVWHPSRUWDQWRSHoRDFDGD
XPGHOHVDJRUDTXHPHFRQFHGDPRPHVPRSULYLOpJLR

(VFUHYRHVWHOLYURSHORVSUHVViJLRVGHXPDPXOKHUDTXHPPHWRUQHLEDVWDQWHDIHLoRDGR$RV
RXWURVSDUHFHHVWUDQKRTXHHXDFKDPHGH5XEXUWHGHHOHPDVRIDWRpTXHHXDFRQKHFLHP
RXWURVWHPSRVHOXJDUHVSRURXWURVQRPHV

(ODMiIRLDPERVXPKRPHPHXPDPXOKHUHWRGDDLGHQWLGDGHTXHYLYHXHVWDVYLGDVVHSDUDGDV
SRGHVHUGHVLJQDGDSHORQRPHGH5XEXUW

3RUpPQRPHVQmRVmRLPSRUWDQWHV0HXQRPHp6HWK1RPHVVmRVLPSOHVPHQWHGHVLJQDo}HV
VtPERORVHGHVGHTXHYRFrSUHFLVHXViORVHXWDPEpPGHYR(VFUHYRHVWHOLYURFRPD
FRRSHUDomRGH5XEXUWTXHIDODDVSDODYUDVSDUDPLP1HVWDYLGD5XEXUWpFKDPDGDGH-DQHHR
PDULGRGHOD5REHUW%XWWVHVFUHYHDVSDODYUDVTXH-DQHIDOD(XRFKDPRGH-RVHSK

0HXVOHLWRUHVSRGHPVXSRUTXHVmRFULDWXUDVItVLFDVTXHVDHPGHFRUSRVItVLFRVSULVLRQHLURVGH
RVVRVGHFDUQHHGHSHOH6HYRFrDFUHGLWDTXHVXDH[LVWrQFLDpGHSHQGHQWHGHVVDLPDJHP
FRUSyUHDHQWmRYRFrVHVHQWHHPSHULJRGHH[WLQomRSRLVQHQKXPDIRUPDItVLFDGXUDSDUDVHPSUH
HQHQKXPFRUSRPHVPRERQLWRHPMRYLDOLGDGHUHWpPRPHVPRYLJRUHHQFDQWDPHQWRQDLGDGH
VHQLO6HYRFrVHLGHQWLILFDFRPVXDSUySULDMXYHQWXGHRXEHOH]DRXLQWHOHFWRRXUHDOL]Do}HV
HQWmRKiRFRQVWDQWHFRQKHFLPHQWRFRUURVLYRGHTXHHVVHVDWULEXWRVSRGHPHLUmRGHVDSDUHFHU

(VWRXHVFUHYHQGRHVVHOLYURSDUDOKHDVVHJXUDUTXHHVVHQmRpRFDVR%DVLFDPHQWHYRFrQmRpXP
VHUItVLFRPDLVGRTXHVRXHYHVWLHGHVFDUWHLPDLVFRUSRVGRTXHPHSUHRFXSRHPFRQWDU
3HUVRQDOLGDGHVTXHQmRH[LVWHPQmRHVFUHYHPOLYURV6RXEDVWDQWHLQGHSHQGHQWHGHXPDLPDJHP
ItVLFDHDVVLPpYRFr

$FRQVFLrQFLDFULDDIRUPD1mRpDRFRQWUiULR7RGDVDVSHUVRQDOLGDGHVQmRVmRItVLFDVe
VRPHQWHSRUTXHYRFrHVWiWmRRFXSDGRSUHRFXSDGRFRPRVSUREOHPDVGLiULRVTXHYRFrQmR
SHUFHEHTXHKiXPDSRUomRGHYRFrTXHVDEHTXHVHXVSUySULRVSRGHUHVVmRPXLWRVXSHULRUHV
jTXHOHVPRVWUDGRVSHORVHURUGLQiULR

&DGDXPGHYRFrVYLYHXRXWUDVH[LVWrQFLDVHHVVHFRQKHFLPHQWRHVWiGHQWURGHYRFrHPERUDYRFr
QmRHVWHMDFRQVFLHQWHGLVVR(VSHURTXHHVVHOLYUROKHVLUYDSDUDOLEHUWDURHXSURIXQGDPHQWH
LQWXLWLYRGHQWURGHFDGDXPGHPHXVOHLWRUHVHTXHOKHWUDJDSDUDRSULPHLURQtYHOGHFRQVFLrQFLD
LQGHSHQGHQWHGRVFULWpULRVSDUWLFXODUHVTXHPDLVOKHVVHUYLUmR

&RPHoRHVVHOLYURQRILQDOGH-DQHLURGHVHXWHPSR5XEXUWpHVEHOWRFDEHORVSUHWRVXPD
PXOKHUiJLODJRUDTXHVHVHQWDHPXPDFDGHLUDGHEDODQoRHIDODHVVDVSDODYUDVSRUPLP

0LQKDFRQVFLrQFLDHVWiUD]RDYHOPHQWHIRFDGDGHQWURGRFRUSRGH5XEXUWeXPDQRLWHIULD(VWDp
QRVVDSULPHLUDH[SHULrQFLDHPHVFUHYHUXPOLYURFRPSOHWRHPWUDQVHH5XEXUWHVWDYDXPSRXFR
QHUYRVRDQWHVGHDVHVVmRFRPHoDU1mRpDSHQDVXPDVVXQWRVLPSOHVWHUHVVDPXOKHUIDODQGRSRU
PLP+iPXLWDVPDQLSXODo}HVQHFHVViULDVHDMXVWHVSVLFROyJLFRV(VWDEHOHFHPRVRTXHPHUHILUR
FRPRSRQWHSVLFROyJLFDHQWUHQyV±TXHUGL]HUHQWUH5XEXUWHHXPHVPR

(XQmRIDORDWUDYpVGH5XEXUWFRPRDOJXpPTXHIDODSRUXPWHOHIRQH$RLQYpVGLVVRKiXPD
H[WHQVmRSVLFROyJLFDXPDSURMHomRGHFDUDFWHUtVWLFDVGHDPEDVDVSDUWHVHXVRLVVRSDUDQRVVD
FRPXQLFDomR0DLVWDUGHH[SOLFDUHLFRPRHVVHTXDGURSVLFROyJLFRpFULDGRHPDQWLGRSRLVpFRPR
XPDHVWUDGDTXHSUHFLVDVHUPDQWLGDOLPSDGHHVFRPEURV

6HULDPHOKRUYRFrOHUHVVHOLYURSHUJXQWDQGRVHTXHPpYRFrDRLQYpVGHSHUJXQWDUTXHPVRXSRLV
YRFrQmRSRGHHQWHQGHURTXHVRXDPHQRVTXHYRFrHQWHQGDDQDWXUH]DGDSHUVRQDOLGDGHHDV
FDUDFWHUtVWLFDVGDFRQVFLrQFLD

6HYRFrDFUHGLWDILUPHPHQWHTXHVXDFRQVFLrQFLDHVWiWUDQFDGDHPDOJXPOXJDUGHQWURGHVHX
FUkQLRHpLPSRWHQWHSDUDHVFDSDUGLVWRVHYRFrVHQWHTXHVXDFRQVFLrQFLDWHUPLQDQROLPLWHGH
VHXFRUSRHQWmRYRFrVHYHQGHSRUSRXFRHYRFrSHQVDUiTXHVRXXPDLOXVmR1mRVRXXPDLOXVmR
PDLVGRTXHYRFrpHHVVDSRGHVHUXPDIUDVHFDUUHJDGD>JUDYDGDFRPRXPDUTXLYRGH
FRPSXWDGRU17@

3RVVRGL]HUKRQHVWDPHQWHDFDGDXPGHPHXVOHLWRUHV6RXPDLVYHOKRGRTXHYRFrDRPHQRVHP
WHUPRVGHLGDGHFRPRYRFrSHQVD

6HXPHVFULWRUSRGHVHTXDOLILFDUFRPRTXDOTXHUWLSRGHDXWRULGDGHHPWHUPRVGHLGDGHHQWmR
GHYRREWHUXPDPHGDOKD6RXDHVVrQFLDGHXPDSHUVRQDOLGDGHHQHUJpWLFD1mRPDLVIRFDGDQR
PXQGRItVLFR$VVLPHVWRXFRQVFLHQWHGHDOJXPDVYHUGDGHVTXHPXLWRVGHYRFrVSDUHFHPWHU
HVTXHFLGR

(VSHURID]rORVOHPEUDUHPVHGHODV1mRIDORWDQWRFRPDSDUWHGHYRFrTXHYRFrSHQVDFRPR
YRFrPDVjSDUWHGHYRFrTXHYRFrQmRFRQKHFHTXHGHDOJXPDIRUPDYRFrQHJRXHDDOJXPDV
SDUWHVHVTXHFLGDV(VVDSDUWHGHYRFrOrHVVHOLYURFRPRYRFrOr

)DORSDUDDTXHOHVTXHDFUHGLWDPHPXPGHXVHSDUDDTXHOHVTXHQmRDFUHGLWDPSDUDDTXHOHVTXH
DFUHGLWDPTXHDFLrQFLDHQFRQWUDUiWRGDVDVUHVSRVWDVFRPRDQDWXUH]DGDUHDOLGDGHHSDUD
DTXHOHVTXHQmR(VSHUROKHGDUGLFDVTXHRFDSDFLWDUmRDHVWXGDUDQDWXUH]DGDUHDOLGDGHSDUDVL
PHVPRFRPRYRFrQXQFDHVWXGRXDQWHV

+iYiULDVFRLVDVTXHSHoRTXHYRFrHQWHQGD9RFrQmRHVWiSUHVRQRWHPSRFRPRXPDPRVFDHP
XPDJDUUDIDIHFKDGDFXMDVDVDVVmRLQ~WHLV
9RFrQmRSRGHFRQILDUHPVHXVVHQWLGRVItVLFRVSDUDOKHGDUXPDYHUGDGHLUDQRomRGDUHDOLGDGH
(OHVVmRPHQWLURVRVDGRUiYHLVFRPXPFRQWRWmRIDQWiVWLFRDOKHFRQWDUTXHYRFrDFUHGLWDVHP
GXYLGDU

¬VYH]HVYRFrpPDLVViELRPDLVFULDWLYRHPXLWRPDLVFRQKHFHGRUTXDQGRHVWiGRUPLQGRGRTXH
TXDQGRHVWiDFRUGDGR

(VWDVGHFODUDo}HVSRGHPSDUHFHUDOWDPHQWHGXYLGRVDVDJRUDSDUDYRFrPDVTXDQGRWHUPLQDUPRV
HVSHURTXHYRFrYHMDTXHHODVVmRGHFODUDo}HVFODUDVGRVIDWRV

2TXHOKHIDODUHLMiIRLIDODGRDQWHVDRORQJRGRVVpFXORVHIDODGRQRYDPHQWHTXDQGRIRL
HVTXHFLGR(VSHURHVFODUHFHUPXLWRVSRQWRVTXHIRUDPGLVWRUFLGRVDWUDYpVGRVDQRV2IHUHoR
PLQKDLQWHUSUHWDomRRULJLQDOGHRXWURVSRLVQHQKXPFRQKHFLPHQWRH[LVWHHPXPYiFXRHWRGDVDV
LQIRUPDo}HVGHYHPVHULQWHUSUHWDGDVHGHYHPVHUFRORULGDVSHODSHUVRQDOLGDGHTXHDPDQWpPHD
SDVVDDGLDQWH(QWmRGHVFUHYRDUHDOLGDGHFRPRDFRQKHoRHPLQKDH[SHULrQFLDHPPXLWDV
FDPDGDVHGLPHQV}HV

,VVRQmRVLJQLILFDTXHRXWUDVUHDOLGDGHVQmRH[LVWHP7HQKRVLGRFRQVFLHQWHPXLWRDQWHVGHVXD
7HUUDVHUIRUPDGD3DUDHVFUHYHUHVVHOLYUR±HQDPDLRULDGHPLQKDVFRPXQLFDo}HVFRP5XEXUW±
DGRWRLQIRUPDo}HVGHPHXSUySULREDQFRGHSHUVRQDOLGDGHVSDVVDGDVFXMDVFDUDFWHUtVWLFDV
SDUHFHPVHUDSURSULDGDV+iPXLWRVGHQyVSHUVRQDOLGDGHVFRPRHXPHVPRQmRIRFDGDQRSODQR
ItVLFRRXWHPSR1RVVDH[LVWrQFLDSDUHFHHVWUDQKDSDUDYRFrVDSHQDVSRUTXHYRFrVQmRSHUFHEHP
RSRWHQFLDOYHUGDGHLURGDSHUVRQDOLGDGHHYRFrVHVWmRKLSQRWL]DGRVSRUVHXVSUySULRVFRQFHLWRV
OLPLWDQWHV

3ULPDULDPHQWHVRXXPPHVWUHPDVQmRVRXXPKRPHPGHOHWUDVSHUVL3ULPDULDPHQWHVRXXPD
SHUVRQDOLGDGHFRPXPDPHQVDJHP9RFrFULDRPXQGRTXHYRFrFRQKHFH9RFrIRLSUHVHQWHDGR
WDOYH]FRPRPHOKRUSUHVHQWHGHWRGRVDKDELOLGDGHGHSURMHWDUVHXVSHQVDPHQWRVQDIRUPDItVLFD

2SUHVHQWHWUD]XPDUHVSRQVDELOLGDGHHPXLWRVGHYRFrVVmRWHQWDGRVDVHHORJLDUHPVREUHR
VXFHVVRGHVXDVYLGDVHFXOSDU'HXVRGHVWLQRHDVRFLHGDGHSRUVXDVIDOKDV'DPHVPDPDQHLUD
DKXPDQLGDGHWHPDWHQGrQFLDGHSURMHWDUVXDSUySULDFXOSDHVHXVSUySULRVHUURVQDLPDJHPGH
XPGHXVSDLTXHSDUHFHHVWDUFUHVFHQGRQRFDQVDoRGHPXLWDVUHFODPDo}HV

2IDWRpTXHFDGDXPGHYRFrVFULDVXDSUySULDUHDOLGDGHItVLFDHHPPDVVDYRFrVFULDPDPERV
DVJOyULDVHRVWHUURUHVTXHH[LVWHPHXVXDH[SHULrQFLDWHUUHQD$WpTXHYRFrVSHUFHEDPTXHVmR
RVFULDGRUHVLUmRUHFXVDUDFHLWDUHVVDUHVSRQVDELOLGDGH1LQJXpPSRGHFXOSDUXPGLDERSHORV
LQIRUW~QLRVGRPXQGR9RFrVMiFUHVFHUDPEDVWDQWHHPVRILVWLFDomRSDUDSHUFHEHUTXHRGLDERp
XPDSURMHomRGHVXDSUySULDSVLTXHPDVQmRFUHVFHUDPREDVWDQWHHPVDEHGRULDSDUDDSUHQGHU
FRPRXVDUVXDFULDWLYLGDGHFRQVWUXWLYDPHQWH

$PDLRULDGHPHXVOHLWRUHVHVWiIDPLOLDUL]DGDFRPRWHUPRVDOWRPXVFXODU´&RPRHVSpFLHYRFrV
FUHVFHUDPHP³VDOWRGRHJR´DRLQYpVGHVDOWDUHPPDQWHQGRXPDULJLGH]HVSLULWXDOFRPDV
SRUo}HVLQWXLWLYDVGRHXQHJDGDVRXGLVWRUFLGDVDOpPGHTXDOTXHUUHFRQKHFLPHQWR

$KRUDHVWiVHDSUR[LPDQGR$PERVRVPHXVDPLJRVSUHFLVDPVHOHYDQWDUFHGRGHPDQKm5XEXUW
HVWiWUDEDOKDQGRHPGRLVOLYURVGHVXDSUySULDDXWRULDHSUHFLVDGRUPLU$QWHVGHWHUPLQDUHVVD
VHVVmRSHoROKHTXHQRVLPDJLQHSRLV5XEXUWPHGLVVHTXHXPHVFULWRUSUHFLVDVHUFXLGDGRVRHP
FRPSRURFHQiULR

)DORDWUDYpVGH5XEXUWGXDVYH]HVSRUVHPDQDjVVHJXQGDVHjVTXDUWDVIHLUDVQHVVDPHVPD
JUDQGHVDOD$VOX]HVHVWmRVHPSUHDFHVDV(VVDQRLWHPHpDJUDGiYHOROKDUDWUDYpVGRVROKRVGH
5XEXUWSDUDDOpPGRLQYHUQR

$UHDOLGDGHItVLFDVHPSUHPHWHPVLGRUHVWDXUDGRUDHDWUDYpVGDFRRSHUDomRGH5XEXUWHTXDQGR
HVFUHYRHVVHOLYURYHMRTXHHXHVWDYDFRUUHWRHPDSUHFLDUVHXFKDUPHLQLJXDOiYHO+iXPDRXWUD
FDUDFWHUtVWLFDDVHUPHQFLRQDGDDTXL:LOO\RJDWRXPPRQVWURDPDGRTXHDJRUDHVWiGRUPLQGR

$QDWXUH]DGDFRQVFLrQFLDDQLPDOHPVLPHVPDpXPDVVXQWRDOWDPHQWHLQWHUHVVDQWHHTXH
FRQVLGHUDUHPRVGHSRLV2JDWRHVWiFRQVFLHQWHGHPLQKDSUHVHQoDHHPYiULDVRFDVL}HVUHDJLXGH
IRUPDQRWyULDDLVVR

1HVVHOLYURHVSHURPRVWUDUOKHDVFRQVWDQWHVLQWHUDo}HVTXHRFRUUHPHQWUHWRGDVDVXQLGDGHVGH
FRQVFLrQFLDDFRPXQLFDomRTXHVHLQVLQXDDOpPGDVEDUUHLUDVGDVHVSpFLHVHHPDOJXPDVGHVWDV
GLVFXVV}HVXVDUHPRV:LOO\FRPRUHIHUrQFLD

&RQVLGHUDQGRTXHPHQFLRQDPRVDQLPDLVGHL[HPHGL]HUTXHHOHVSRVVXHPXPWLSRGHFRQVFLrQFLD
TXHQmROKHVSHUPLWHWDQWDOLEHUGDGHTXDQWRDVXD$LQGDDVVLPDRPHVPRWHPSRHOHVQmRVmR
LPSHGLGRVGHXViODSRUFHUWDVFDUDFWHUtVWLFDVTXHQRUPDOPHQWHLPSHGHPRSRWHQFLDOSUiWLFRGD
FRQVFLrQFLDKXPDQD

$FRQVFLrQFLDpXPPRGRGHSHUFHEHUDVYiULDVGLPHQV}HVGDUHDOLGDGH$FRQVFLrQFLDFRPR
YRFrDFRQKHFHpDOWDPHQWHHVSHFLDOL]DGD2VVHQWLGRVItVLFRVOKHSHUPLWHPSHUFHEHURPXQGR
WULGLPHQVLRQDOHDLQGDSHODPHVPDQDWXUH]DSRGHPLQLELUDSHUFHSomRGHRXWUDVGLPHQV}HV
LJXDOPHQWHYiOLGDV$PDLRULDGHYRFrVLGHQWLILFDFRPVHXHXGLiULRILVLFDPHQWHRULHQWDGR9RFrV
QmRSHQVDULDPHPLGHQWLILFDUFRPXPDSRUomRGHVHXFRUSRHLJQRUDUWRGDVDVRXWUDVSDUWHVH
DLQGDDVVLPYRFrHVWiID]HQGRDPHVPDFRLVDTXDQGRLPDJLQDTXHRHXHJRtVWDFDUUHJDRIDUGRGH
VXDLGHQWLGDGH

(VWRXOKHIDODQGRTXHYRFrQmRpXPDEROVDFyVPLFDGHRVVRVHFDUQHMRJDGRVMXQWRVDWUDYpVGH
DOJXPDPLVWXUDGHHOHPHQWRVHGHVXEVWkQFLDVTXtPLFDV(VWRXOKHIDODQGRTXHVXDFRQVFLrQFLD
QmRpXPSURGXWRtJQHRIRUPDGRPHUDHDFLGHQWDOPHQWHSHORWUDEDOKRLQWHUDWLYRGHFRPSRQHQWHV
TXtPLFRV9RFrQmRpXPUDPRDEDQGRQDGRGHPDWpULDItVLFDQHPVXDFRQVFLrQFLDHVWiGHVWLQDGD
DGHVDSDUHFHUFRPRXPDOXIDGDGHIXPDoD$RLQYpVGLVVRYRFrIRUPDRFRUSRItVLFRTXHYRFr
FRQKHFHQXPQtYHOSURIXQGDPHQWHLQFRQVFLHQWHFRPJUDQGHGLVFULPLQDomRPLODJURVDFODUH]DHR
tQWLPRFRQKHFLPHQWRLQFRQVFLHQWHGHFDGDFpOXODTXHFRPS}HHVVDIRUPDomR,VVRQmRWHPXP
VLJQLILFDGRVLPEyOLFR

$JRUDSRUFDXVDGHVXDPHQWHFRQVFLHQWHFRPRYRFrDSHQVDYRFrQmRHVWiFRQVFLHQWHGHVVDV
DWLYLGDGHVYRFrQmRVHLGHQWLILFDFRPHVVDSRUomRLQWHULRUGHVLPHVPR9RFrSUHIHUHVH
LGHQWLILFDUFRPDSDUWHGHYRFrTXHROKDDWHOHYLVmRRXFR]LQKDRXWUDEDOKD±DSDUWHGHYRFrTXH
YRFrDFKDTXHVDEHRTXHHVWiID]HQGR0DVHVVDSRUomRDSDUHQWHPHQWHLQFRQVFLHQWHGHYRFr
PHVPRpPXLWRPDLVLQVWUXtGDHWRGDVXDH[LVWrQFLDItVLFDGHSHQGHGRIXQFLRQDPHQWRUHJXODUGHOD

(VWDSRUomRHVWiFRQVFLHQWHDWHQWDDOHUWDeYRFrPXLWRIRFDGRHPVXDUHDOLGDGHItVLFDTXHQmR
HVFXWDjVXDYR]TXHQmRHQWHQGHTXHHODpDJUDQGHIRUoDSVLFROyJLFDGHTXDOVHXHXILVLFDPHQWH
RULHQWDGREURWD

&KDPRDHVWDDSDUHQWHPHQWHLQFRQVFLrQFLDGH³HJRLQWHULRU´SRLVHOHGLULJHDVDWLYLGDGHV
LQWHUQDV(OHFRUUHODFLRQDDLQIRUPDomRTXHpSHUFHELGDQmRDWUDYpVGRVVHQWLGRVItVLFRVPDV
DWUDYpVGHRXWURVFDQDLVLQWHULRUHVeRREVHUYDGRULQWHUQRGDUHDOLGDGHTXHH[LVWHDOpPGD
WULGLPHQVLRQDOLGDGH(OHFDUUHJDHPVLDPHPyULDGHFDGDXPDGHVXDVH[LVWrQFLDVSDVVDGDV(OH
ROKDSDUDDVGLPHQV}HVVXEMHWLYDVTXHVmROLWHUDOPHQWHLQILQLWDVHDSDUWLUGHVVDVGLPHQV}HV
VXEMHWLYDVWRGDVDVUHDOLGDGHVREMHWLYDVIOXHP

7RGDVDVLQIRUPDo}HVQHFHVViULDVOKHVmRGDGDVDWUDYpVGHVVHVFDQDLVLQWHULRUHVHDV
LQDFUHGLWiYHLVDWLYLGDGHVLQWHULRUHVJDQKDPOXJDUGLDQWHGHYRFrFRPRROHYDQWDUGHXPGHGRR
IHFKDUGHXPDSiOSHEUDRXDOHLWXUDGHVVDVHQWHQoDQHVVDSiJLQD(VWDSRUomRGHVXDLGHQWLGDGHp
WRWDOPHQWHFODULYLGHQWHHWHOHSiWLFDGHIRUPDTXHYRFrpDGYHUWLGRGHGHVDVWUHVDQWHVTXH
RFRUUDPDFHLWHYRFrRXQmRDPHQVDJHPGHIRUPDFRQVFLHQWHHWRGDDFRPXQLFDomRJDQKD
HVSDoRPXLWRDQWHVGHXPDSDODYUDVHUIDODGD

2HJRH[WHULRUHRHJRLQWHUQRRSHUDPMXQWRVXPOKHSHUPLWLQGRPDQLSXODURPXQGRTXHYRFr
FRQKHFHRXWURWUD]HQGROKHHVVDVSHUFHSo}HVLQWHULRUHVGHOLFDGDVVHPDVTXDLVDH[LVWrQFLD
ItVLFDQmRVHULDPDQWLGD

+iXPDSRUomRGHYRFrSRUpPDLGHQWLGDGHPDLVSURIXQGDTXHIRUPDDDPERVRHJRLQWHUQRHR
HJRH[WHUQRTXHGHFLGLUDPTXHYRFrVHULDXPVHUItVLFRQHVWHOXJDUHWHPSR(VWHpRkPDJRGH
VXDLGHQWLGDGHDVHPHQWHSVtTXLFDGDTXDOYRFrEURWRXDSHUVRQDOLGDGHPXOWLGLPHQVLRQDOGDTXDO
YRFrpSDUWH

3DUDHVVHVGHYRFrVTXHGHVHMDPVDEHURQGHFRORFRRVXEFRQVFLHQWHFRPRRVSVLFyORJRV
FRQVLGHUDPYRFrSRGHLPDJLQDUFRPRXPOXJDUGHUHXQLmRJURVVRPRGRIDODQGRHQWUHRVHJRV
H[WHUQRHLQWHUQR9RFrSUHFLVDHQWHQGHUTXHQmRKiGLYLV}HVUHDLVGRHXHQWmRIDODPRVGHYiULDV
SRUo}HVDSHQDVSDUDIRUPDUPRVDLGpLDEiVLFDPDLVFODUD

-iTXHHVWDPRVQRVGLULJLQGRDLQGLYtGXRVTXHVHLGHQWLILFDPFRPD³FRQVFLrQFLDQRUPDOGRHX´
OHYDQWRHVVHVDVVXQWRVQHVVHSULPHLURFDStWXORSRUTXHHVWDUHLXVDQGRRVWHUPRVPDLVDGLDQWHQHVVH
OLYURHSRUTXHTXHURHVWDEHOHFHURIDWRGDSHUVRQDOLGDGHPXOWLGLPHQVLRQDORPDLVEUHYHSRVVtYHO

9RFrVQmRSRGHPVHHQWHQGHUHQmRSRGHPDFHLWDUPLQKDH[LVWrQFLDLQGHSHQGHQWHDWpTXHVH
OLEHUWHPGDQRomRGHTXHDSHUVRQDOLGDGHpXPDWULEXWRGDFRQVFLrQFLDGR³DTXLHDJRUD´$JRUD
DOJXPDVGDVFRLVDVTXHSRVVRGL]HUVREUHDUHDOLGDGHItVLFDQHVWHOLYURSRGHPDVVXVWiORVPDV
OHPEUHPVHTXHHVWRXYHQGRLVWRGHXPSRQWRGHYLVWDFRPSOHWDPHQWHGLIHUHQWH

9RFrHVWiSUHVHQWHHLQWHLUDPHQWHIRFDGRQLVVRSHQVDQGRWDOYH]³HVHQmRKRXYHUQDGDOiIRUD"´
(XHVWRXOiIRUDUHWRUQDQGRPRPHQWDQHDPHQWHDXPDGLPHQVmRTXHFRQKHoRHDPR3RUpPQmR
VRXHPVHXVWHUPRVXPUHVLGHQWH(PERUDHXWHQKDXP³SDVVDSRUWHSVtTXLFR´KiDLQGDDOJXQV
SUREOHPDVGHWUDGXomRLQFRQYHQLrQFLDVGHHQWUDGDFRPRVTXDLVWHQKRTXHOXWDU

0XLWDVSHVVRDVHXRXoRYLYHUDPGXUDQWHDQRVGHQWURGDFLGDGHGH1HZ<RUNHQXQFDIL]HUDP
XPDH[FXUVmRDWpR(PSLUH6WDWHHQTXDQWRPXLWRVHVWUDQJHLURVHVWmRIDPLOLDUL]DGRVFRPHOH

$VVLPHPERUDYRFrWHQKDXPHQGHUHoRItVLFRHXDLQGDSRVVRPRVWUDUDOJXPDVHVWUXWXUDVPXLWR
HVWUDQKDVHPLUDFXORVDVSVtTXLFDVHSVLFROyJLFDVGHQWURGHVHXSUySULRVLVWHPDGHUHDOLGDGHTXH
YRFrLJQRUD

(VSHURPXLWRIUDQFDPHQWHID]HUPXLWRPDLVTXHLVWR(VSHUROHYiORDXPDH[FXUVmRSHORVQtYHLV
GHUHDOLGDGHTXHHVWmRGLVSRQtYHLVDYRFrHJXLiORHPXPDYLDJHPSHODVGLPHQV}HVGHVXD
SUySULDHVWUXWXUDSVLFROyJLFD±DEULUiUHDVLQWHLUDVGHVXDSUySULDFRQVFLrQFLDGDVTXDLVYRFrWHP
VLGRUHODWLYDPHQWHLQFRQVFLHQWH(VSHURHQWmRQmRDSHQDVH[SOLFDURVDVSHFWRVPXOWLGLPHQVLRQDLV
GDSHUVRQDOLGDGHPDVGDUDFDGDXPGHPHXVOHLWRUHVXPYLVOXPEUHGDTXHODJUDQGHLGHQWLGDGHTXH
pGHOHPHVPR

2HXTXHYRFrFRQKHFHQmRpVHQmRXPIUDJPHQWRGHWRGDVXDLGHQWLGDGH3RUpPHVVHV
IUDJPHQWRVGRHXQmRVmRDPDUUDGRVMXQWRVFRPRFRQWDVQXPILR(OHVVmRPDLVFRPRDVYiULDV
FDPDGDVGHXPDFHERODRXVHJXLPHQWRVGDFDVFD>HPHVSLUDO@GHXPDODUDQMDWRGDVFRQHFWDGDV
DWUDYpVGHXPDYLWDOLGDGHHFUHVFHQGRSDUDIRUDHPYiULDVUHDOLGDGHVHQTXDQWREURWDPGDPHVPD
IRQWH

1mRHVWRXFRPSDUDQGRDSHUVRQDOLGDGHDXPDODUDQMDRXDXPDFHERODPDVTXHURHQIDWL]DUTXH
FRPRHVWDVFRLVDVFUHVFHPGHHQWURSDUDIRUDDVVLPDFRQWHFHFRPFDGDIUDJPHQWRGHWRGRRHX
9RFrREVHUYDRDVSHFWRH[WHUQRGRVREMHWRV6HXVVHQWLGRVItVLFRVOKHSHUPLWHPREVHUYDUDV
IRUPDVH[WHULRUHVjVTXDLVYRFrHQWmRUHDJHPDVVHXVVHQWLGRVItVLFRVDWpFHUWRSRQWROKH
IRUoDPDSHUFHEHUDUHDOLGDGHGHVVDPDQHLUDHDYLWDOLGDGHLQWHUQDGRWHPDHGDIRUPDQmRpWmR
DSDUHQWH

3RVVROKHGL]HUSRUH[HPSORTXHKiFRQVFLrQFLDPHVPRHPXPDXQKDPDVSRXFRVGHPHXV
OHLWRUHVPHOHYDUmRDVHULRREDVWDQWHSDUDSDUDUQRPHLRGDVHQWHQoDHGL]HU³ERPGLD´RX³ERD
WDUGH´SDUDDSUy[LPDXQKDTXHDFKDUHPSUHVDHPXPSHGDoRGHPDGHLUD

1mRREVWDQWHRViWRPRVHPROpFXODVGHQWURGDXQKDSRVVXHPRSUySULRWLSRGHFRQVFLrQFLD2V
iWRPRVHPROpFXODVTXHFRPS}HPDVSiJLQDVGHVWHOLYURWDPEpPVmRGHQWURGHVHXSUySULRQtYHO
FRQVFLHQWHV1DGDH[LVWH±VHMDSHGUDPLQHUDOSODQWDDQLPDORXRDU±TXHDQRHVWHMDUHSOHWRGH
FRQVFLrQFLDGHVHXSUySULRWLSR$VVLPYRFrHVWiQRPHLRGHXPDFRPRomRYLWDOFRQVWDQWHXPD
FRQIRUPDomR>JHVWDOW@GHFRQVFLrQFLDHQHUJpWLFDHYRFrVVmRILVLFDPHQWHFRPSRVWRVGHFpOXODV
FRQVFLHQWHVTXHFDUUHJDPFRQVLJRPHVPDVDUHDOL]Do}HVGHVXDVSUySULDVLGHQWLGDGHVTXH
FRRSHUDPSURQWDPHQWHFRPDIRUPDomRGDHVWUXWXUDFRUSRUDOTXHpVHXFRUSRItVLFR

(VWRXGL]HQGRFODURTXHQmRKiWDOFRLVDFRPRPDWpULDPRUWD1mRKiQHQKXPREMHWRTXHQmRVHMD
IRUPDGRSRUFRQVFLrQFLDHFDGDFRQVFLrQFLDHPUHODomRDRVHXQtYHOVHUHJR]LMDQDVHQVDomRH
FULDWLYLGDGH9RFrQmRSRGHHQWHQGHURTXHYRFrpDPHQRVTXHHQWHQGDWDODVVXQWR

3RUFRQYHQLrQFLDYRFrVHIHFKDjQXPHURVLGDGHGDVFRPXQLFDo}HVLQWHUQDVTXHEURWDPGDVSDUWHV
PDLVPLQ~VFXODVGHVXDFDUQHFRQWXGRPHVPRFRPRFULDWXUDVItVLFDVYRFrVVmRDWpFHUWRSRQWR
XPDSRUomRGHRXWUDFRQVFLrQFLD1mRKiOLPLWDo}HVDRHX1mRKiOLPLWDo}HVDVHXVSRWHQFLDLV
3RUpPYRFrSRGHDGRWDUOLPLWDo}HVDUWLILFLDLVDWUDYpVGHVXDSUySULDLJQRUkQFLD9RFrSRGHSRU
H[HPSORVHLGHQWLILFDUFRPVHXHJRH[WHULRUVR]LQKRHVHSULYDUGDVKDELOLGDGHVTXHVmRXPD
SDUWHGHYRFr9RFrSRGHQHJDUPDVQmRSRGHPXGDURVIDWRV$SHUVRQDOLGDGHp
PXOWLGLPHQVLRQDOHPERUDPXLWDVSHVVRDVHVFRQGDPVXDVFDEHoDVILJXUDWLYDPHQWHIDODQGRQD
DUHLDGDH[LVWrQFLDWULGLPHQVLRQDOHILQMDPTXHQmRKiQDGDPDLV

1mRSUHWHQGRVXEHVWLPDURHJRH[WHULRU9RFrVLPSOHVPHQWHRVXSHUHVWLPRX1HPVXDYHUGDGHLUD
QDWXUH]DIRLUHFRQKHFLGD

7HUHPRVPDLVDGL]HUHPUHODomRDHVVHDVVXQWRPDVSRUDJRUDpREDVWDQWHSHUFHEHUTXHVHX
VHQVRGHLGHQWLGDGHHFRQWLQXLGDGHQmRHGHSHQGHQWHGRHJR
$JRUDjVYH]HVHVWDUHLXVDQGRDWHUPRFDPXIODJHPUHIHULQGRPHDRPXQGRItVLFRFRPRTXDO
RHJRH[WHULRUVHUHODFLRQDSRLVDIRUPDItVLFDpXPDGDVFDPXIODJHQVTXHDUHDOLGDGHDGRWD$
FDPXIODJHPpUHDOHDLQGDDVVLPKiXPDUHDOLGDGHPXLWRPDLRUQLVWR±DYLWDOLGDGHTXHGHX
IRUPDDLVWR6HXVVHQWLGRVItVLFRVOKHSHUPLWHPSHUFHEHUHVWDFDPXIODJHPSRLVHOHVVmR
VLQWRQL]DGRVFRPHODGHXPDPDQHLUDDOWDPHQWHHVSHFLDOL]DGD0DVVHQWLUDUHDOLGDGHGHQWURGD
IRUPDUHTXHUXPGLIHUHQWHWLSRGHDWHQomRHPDQLSXODo}HVPDLVGHOLFDGDVGRTXHRVVHQWLGRV
ItVLFRVSURYrHP

2HJRpXPGHXVFLXPHQWRHTXHUVHXVLQWHUHVVHVDWHQGLGRV(OHQmRTXHUDGPLWLUDUHDOLGDGHGH
QHQKXPDGLPHQVmRH[FHWRDTXHODHPTXHHOHVHVHQWHFRQIRUWiYHOHTXHSRGHHQWHQGHU(OHIRL
LQWHQFLRQDGRSDUDVHUXPDX[tOLRPDVOKHIRLSHUPLWLGRVHWRUQDUXPWLUDQR0HVPRDVVLPpPXLWR
PDLVIOH[tYHOHDQVLRVRSDUDDSUHQGHUGRTXHJHUDOPHQWHpVXSRVWR(OHQmRpQDWXUDOPHQWHUtJLGR
FRPRSDUHFH6XDFXULRVLGDGHSRGHVHUGHJUDQGHYDORU6HYRFrWLYHUXPDFRQFHSomROLPLWDGDGD
QDWXUH]DGDUHDOLGDGHHQWmRVHXHJRIDUiRPHOKRUSDUDPDQWrORQDSHTXHQDiUHDIHFKDGDGD
UHDOLGDGHTXHYRFrDFHLWD3RURXWURODGRVXDLQWXLomRHLQVWLQWRVFULDWLYRVWHUmRSHUPLVVmRSDUDD
OLEHUGDGHHQWmRHOHVFRPXQLFDUmRXPSRXFRGHFRQKHFLPHQWRGDVJUDQGHVGLPHQV}HVDHVVD
SRUomRPDLVILVLFDPHQWHRULHQWDGDGHVXDSHUVRQDOLGDGH

(VWHOLYURpDSURYDGHTXHRHJRQmRWHPRFRQWUROHLQWHLURGDSHUVRQDOLGDGHSDUDVLPHVPRSRLV
QmRKiGXYLGDGHTXHHOHHVWiVHQGRSURGX]LGRSRUDOJXPDRXWUDSHUVRQDOLGDGHTXHQmRDGD
HVFULWRUDFRQKHFLGDFRPR-DQH5REHUVW'HVGHTXH-DQH5REHUWVQmRWHPKDELOLGDGHVTXHQmRVmR
LQHUHQWHVjVHVSpFLHVFRPRXPWRGRHQWmRDRPHQRVGHYHVHUDGPLWLGRTXHDSHUVRQDOLGDGH
KXPDQDWHPPXLWRPDLVDWULEXWRVGRTXHRVXVXDOPHQWHGHVFULWRV(VSHURH[SOLFDURTXHHVWDV
KDELOLGDGHVVmRHPRVWUDURVPRGRVTXHFDGDLQGLYtGXRSRGHXVDUSDUDOLEHUDUHVWHVSRWHQFLDLV

$SHUVRQDOLGDGHpXPDFRQIRUPDomR>JHVWDOW@GHSHUFHSomRYDULiYHOeDSDUWHGDLGHQWLGDGHTXH
SHUFHEH1mRIRUoRPLQKDVSHUFHSo}HVVREUHDPXOKHUDWUDYpVGHTXHPIDORWDPSRXFRVXD
FRQVFLrQFLDpGHVWUXtGDGXUDQWHQRVVDVFRPXQLFDo}HV$RFRQWUiULRKiXPDH[SDQVmRGD
FRQVFLrQFLDGHODHXPDSURMHomRGHHQHUJLDTXHpGLULJLGDjGLVWkQFLDDSDUWLUGDUHDOLGDGH
WULGLPHQVLRQDO

(VWDFRQFHQWUDomRGLVWDQWHDSDUWLUGRVLVWHPDItVLFRSRGHID]HUSDUHFHUFRPRVHDFRQVFLrQFLD
GHODHVWHMDVHQGRGHVWUXtGD$RFRQWUDULRPDLVpVRPDGDjHOD$JRUDDSDUWLUGHPHXSUySULR
FDPSRGHUHDOLGDGHIRFRPLQKDDWHQomRHPGLUHomRjPXOKHUPDVDVSDODYUDVTXHHODIDOD±
HVVDVSDODYUDVVREUHDVSiJLQDV±QmRVmRLQLFLDOPHQWHYHUEDLV

(PSULPHLUROXJDUDOLQJXDJHPFRPRYRFrFRQKHFHpXPRItFLROHQWROHWUDSRUOHWUDVHTHQFLDGD
SDUDIRUPDUXPDSDODYUDHSDODYUDVSDUDIRUPDUVHQWHQoDVRUHVXOWDGRGRSHQVDPHQWRSDGUmR
OLQHDU$OLQJXDJHPFRPRYRFrFRQKHFHpSDUFLDOHJUDPDWLFDOPHQWHRSURGXWRGHVXDV
VXFHVV}HVGHWHPSRItVLFR9RFrVySRGHVHIRFDUXPDYH]HPPXLWDVFRLVDVHVXDHVWUXWXUDGH
OLQJXDJHPQmRpGDGDjFRPXQLFDomRGHH[SHULrQFLDVLQWULQFDGDVHVLPXOWkQHDV

(VWRXFRQVFLHQWHGHXPWLSRGLIHUHQWHGHH[SHULrQFLDQmROLQHDUHSRVVRIRFDUHUHDJLUDXPD
YDULHGDGHLQILQLWDGHHYHQWRVVLPXOWkQHRV5XEXUWQmRRVSRGHULDH[SUHVVDUDVVLPHOHVGHYHPVHU
QLYHODGRVHPH[SUHVVmROLQHDUVHRREMHWLYDUHPVHUFRPXQLFDGRV(VWDKDELOLGDGHSDUDSHUFHEHUH
UHDJLUDHYHQWRVVLPXOWkQHRVLOLPLWDGRVpXPDFDUDFWHUtVWLFDEiVLFDGHFDGDHXFRPSOHWRRX
HQWLGDGH(QWmRQmRUHLYLQGLFRLVWRFRPRDOJXPIHLWRH[FOXVLYDPHQWHPHX

&DGDOHLWRUHVWDQGRSUHVHQWHPHQWHHVFRQGLGRHPXPDIRUPDItVLFDSUHVXPRFRQKHFHDSHQDVXPD
SHTXHQDSRUomRGHVLPHVPR±FRPRPHQFLRQHLDQWHV$HQWLGDGHpDLGHQWLGDGHJOREDOGDTXDOD
SHUVRQDOLGDGHpXPDPDQLIHVWDomR±XPDSRUomRYiOLGDLQGHSHQGHQWHHHWHUQD1HVWHV
FRPXQLFDo}HVSRUWDQWRDFRQVFLrQFLDGH5XEXUWVHH[SDQGHHDLQGDVHIRFDHPXPDGLPHQVmR
GLIHUHQWHXPDGLPHQVmRHQWUHDUHDOLGDGHGHOHHDPLQKDXPFDPSRUHODWLYDPHQWHOLYUHGH
GLVWUDomR$TXLHXLPSULPRFHUWRVFRQFHLWRVQHOHFRPDSHUPLVVmRHFRQVHQWLPHQWRGHOH(OHVQmR
VmRQHXWURVHPWRGRRFRQKHFLPHQWRRXLQIRUPDomRKiRVHORGDSHUVRQDOLGDGHTXHRPDQWpPRX
RSDVVDDGLDQWH

5XEXUWS}HVHXFRQKHFLPHQWRYHUEDOGLVSRQtYHOSDUDQRVVRXVRHDXWRPDWLFDPHQWHQyVMXQWRV
SURYRFDPRVDVYiULDVSDODYUDVTXHVHUmRIDODGDV'LVWUDo}HVSRGHPDFRQWHFHUFRPRTXDOTXHU
LQIRUPDomRSRGHVHUGLVWRUFLGD3RUpPHVWDPRVKDELWXDGRVDWUDEDOKDUMXQWRVDJRUDHDV
GLVWRUo}HVVmRPXLWRSRXFDV

8PSRXFRGHPLQKDHQHUJLDpWDPEpPSURMHWDGDDWUDYpVGH5XEXUWHVXDHQHUJLDHDPLQKDDPEDV
DWLYDPVXDIRUPDItVLFDGXUDQWHQRVVDVVHVV}HVHDJRUDTXDQGRIDORHVVDVVHQWHQoDV+iPXLWDV
RXWUDVUDPLILFDo}HVTXHGLVFXWLUHLGHSRLV

(QWmRQmRVRXXPSURGXWRGDVXEFRQVFLrQFLDGH5XEXUWQmRPDLVGRTXHHOHpXPSURGXWRGH
PLQKDPHQWHVXEFRQVFLHQWH7DPSRXFRVRXXPDSHUVRQDOLGDGHVHFXQGiULDWHQWDQGRKDELOPHQWH
DUUXLQDUXPHJRSUHFiULR1DUHDOLGDGHFXLGHLSDUDTXHWRGDVDVSRUo}HVGDSHUVRQDOLGDGHGH
5XEXUWIRVVHPEHQHILFLDGDVHTXHQRVVDLQWHJULGDGHIRVVHPDQWLGDHKRQUDGD

+iQDSHUVRQDOLGDGHGH5XEXUWXPDIDFLOLGDGHEDVWDQWHVLQJXODUTXHID]SRVVtYHOQRVVDV
FRPXQLFDo}HV7HQWDUHLGL]HULVWRWmRVLPSOHVTXDQWRSRVVtYHOQDSVLTXHGH5XEXUWKiRTXHp
HTXLYDOHQWHDXPDXUGLGXUDGLPHQVLRQDOWUDQVSDUHQWHTXHVHUYHTXDVHFRPRXPDMDQHODDEHUWD
DWUDYpVGDTXDORXWUDVUHDOLGDGHVSRGHPVHUREVHUYDGDVXPDDEHUWXUDPXOWLGLPHQVLRQDOTXHGH
FHUWDIRUPDHVFDSRXGHVHUQXEODGDSHODVRPEUDGRIRFRItVLFR

2VVHQWLGRVItVLFRVQRUPDOPHQWHOKHVHQFREUHPHVWHVFDQDLVDEHUWRVSRLVHOHVVySHUFHEHPD
UHDOLGDGHHPVXDSUySULDLPDJHP$WpFHUWRSRQWRSRUWDQWRHQWURHPVXDUHDOLGDGHSRUXPD
XUGLGXUDSVLFROyJLFDHPVHXHVSDoRHWHPSR'HFHUWDIRUPDHVVHFDQDODEHUWRVHUYHWDQWRTXDQWR
XPFDPLQKRHQWUHDSHUVRQDOLGDGHGH5XEXUWHDPLQKDDVVLPDFRPXQLFDomRpSRVVtYHOSRUHVVH
PHLR7DLVXUGLGXUDVSVLFROyJLFDVHSVtTXLFDVHQWUHDVGLPHQV}HVGDH[LVWrQFLDQmRVmRUDUDV(ODV
VmRPHUDPHQWHUHFRQKHFLGDVFRPRUDULGDGHVHXWLOL]DGDVPHQRVDLQGD

7HQWDUHLGDUOKHVDOJXPDLGpLDGHPLQKDSUySULDH[LVWrQFLDQmRItVLFD4XHLVVRVLUYDSDUDOKH
OHPEUDUGHTXHVXDSUySULDLGHQWLGDGHEiVLFDpWmRQmRItVLFDTXDQWRDPLQKD

&$3Ë78/2
0(8$0%,(17($78$/75$%$/+2($7,9,'$'(6

(PERUDPHXDPELHQWHGLILUDHPLPSRUWDQWHVDVSHFWRVGRGHPHXVOHLWRUHVSRVVROKHDVVHJXUDU
FRPLU{QLFDDWHQXDQWHTXHHOHpWmRYtYLGRYDULDGRHYLWDOTXDQWRDH[LVWrQFLDItVLFDePDLV
GHOHLWRVR±HPERUDPLQKDVLGpLDVGHJR]RWHQKDPPXGDGRXPSRXFRGHVGHTXHHXIXLXPVHUItVLFR
PDLVUHFRPSHQVDGRUHRIHUHFHPDLRUHVRSRUWXQLGDGHVSDUDDUHDOL]DomRFULDWLYD

0LQKDH[LVWrQFLDSUHVHQWHpDPDLVGHVDILDGRUDTXHFRQKHoRHFRQKHoRPXLWDVDPEDV±ItVLFDH
QmRItVLFD1mRKiDSHQDVXPD~QLFDGLPHQVmRQDTXDODFRQVFLrQFLDQmRItVLFDUHVLGDQmRPDLV
GRTXHHPVHXSDtVRXSODQHWDRXQRVSODQHWDVGRVHXVLVWHPDVRODU0HXDPELHQWHDJRUDQmRpR
~QLFRQRTXDOYRFrVHHQFRQWUDUiLPHGLDWDPHQWHDSyVDPRUWH1mRFRQVLJRQmRIDODU
KXPRULVWLFDPHQWHPDVYRFrSUHFLVDPRUUHUPXLWDVYH]HVDQWHVGHHQWUDUQHVVHSODQRSDUWLFXODUGH
H[LVWrQFLD2QDVFLPHQWRpPXLWRPDLVFKRFDQWHGRTXHDPRUWH¬VYH]HVTXDQGRYRFrPRUUH
YRFrQmRSHUFHEHPDVRQDVFLPHQWRTXDVHVHPSUHLPSOLFDQXPUHFRQKHFLPHQWRLPSHWXRVRH
UHSHQWLQR$VVLPQmRKiQHFHVVLGDGHGHWHPHUDPRUWH(HXTXHMiPRUULPDLVYH]HVGRTXHPH
SUHRFXSRFRQWDUHVFUHYRHVVHOLYURSDUDOKHGL]HULVVR

0HXWUDEDOKRQHVWHDPELHQWHSURYrPXLWRPDLVGHVDILRVGRTXHTXDOTXHUXPGHYRFrVVXS}HHHOH
WDPEpPQHFHVVLWDGDPDQLSXODomRGHPDWHULDLVFULDWLYRVTXHHVWmRTXDVHDOpPGHVXD
FRPSUHHQVmRDWXDO)DODUHLPDLVGLVVRHPEUHYH3ULPHLURYRFrSUHFLVDHQWHQGHUTXHQHQKXPD
UHDOLGDGHREMHWLYDH[LVWHPDVDTXHODTXHpFULDGDSHODFRQVFLrQFLD$FRQVFLrQFLDVHPSUHFULD
IRUPDVHQmRRFRQWUiULR$VVLPPHXDPELHQWHpXPDUHDOLGDGHGDH[LVWrQFLDFULDGDSRUPLP
PHVPRHSRURXWURVFRPRHXHHOHUHSUHVHQWDDPDQLIHVWDomRGHQRVVRGHVHQYROYLPHQWR

1mRXVDPRVHVWUXWXUDVSHUPDQHQWHV1mRKiXPDFLGDGHRXXPFHQWURGHFLGDGHSRUH[HPSORQR
TXDOHXPRUH1mRTXHURGL]HUTXHLVVRLPSOLTXHHPTXHHVWHMDPRVHPXPHVSDoRYD]LR3RLVQmR
SHQVDPRVHPHVSDoRGDIRUPDTXHYRFrVSHQVDPHIRUPDPRVTXDOTXHULPDJHPGRTXHTXHUHPRV
TXHQRVFHUTXH(ODVVmRFULDGDVSRUQRVVRVSDGU}HVPHQWDLVFRPRVXDSUySULDUHDOLGDGHItVLFDp
FULDGDHPUpSOLFDSHUIHLWDGHVHXVSHQVDPHQWRVHGHVHMRVLQWHULRUHV9RFrSHQVDTXHREMHWRV
H[LVWHPLQGHSHQGHQWHPHQWHGHYRFrQmRSHUFHEHQGRTXHHOHVVmRDPDQLIHVWDomRSVLFROyJLFDH
SVtTXLFDGHYRFrVPHVPRV3HUFHEHPRVTXHIRUPDPRVQRVVDSUySULDUHDOLGDGHHSRUWDQWR
ID]HPRVLVVRFRPFRQVLGHUiYHODOHJULDHDEDQGRQRFULDWLYR(PPHXDPELHQWHYRFrHVWDULD
DOWDPHQWHGHVRULHQWDGRSRLVHOHOKHSDUHFHULDFRPRVHDHOHIDOWDVVHFRHUrQFLD6RPRV
FRQVFLHQWHVGDVOHLVLQWHUQDVTXHJRYHUQDPWRGDVDV³PDWHULDOL]Do}HV´QRHQWDQWR3RVVRWrORGH
GLDRXGHQRLWHHPVHXVWHUPRVFRPRSUHILUR±RXHPTXDOTXHUSHUtRGRGLJDPRVGHVXDKLVWyULD
(VVDVIRUPDVYDULiYHLVGHIRUPDQHQKXPDDERUUHFHPPHXVFRPSDQKHLURVSRLVHOHVDVHQWHQGHP
FRPROLJDo}HVGHPHXKXPRUVHQWLPHQWRVHLGpLDV

3HUPDQrQFLDHHVWDELOLGDGHQmRWrPEDVLFDPHQWHQDGDDYHUFRPDIRUPDPDVFRPDLQWHJUDomR
GRSUD]HUGRSURSyVLWRGRDOFDQFHHGDLGHQWLGDGH³9LDMR´SDUDPXLWRVRXWURVQtYHLVGH
H[LVWrQFLDGHIRUPDDDWHQGHUPHXVGHYHUHVTXHVmRSULPDULDPHQWHRVGHSURIHVVRUHHGXFDGRUH
XVRTXDOTXHUDMXGDHWpFQLFDTXHPHVLUYDPHOKRUQDTXHOHVVLVWHPDV

(PRXWUDVSDODYUDVSRVVRHQVLQDUDPHVPDOLomRGHPXLWRVPRGRVGLIHUHQWHVGHDFRUGRFRPDV
KDELOLGDGHVHVXSRVLo}HVLQHUHQWHVDTXDOTXHUVLVWHPDQRTXDOHXWHQKDTXHRSHUDU8VRXPD
SRUomRGHPLPPHVPRDSDUWLUGHPXLWDVSHUVRQDOLGDGHVGLVSRQtYHLVDPLQKDLGHQWLGDGHQHVVDV
FRPXQLFDo}HVHQHVVHOLYUR(PRXWURVVLVWHPDVGHUHDOLGDGHHVVDSHUVRQDOLGDGH6HWKSDUWLFXODU
TXHVRXDLGHQWLGDGHJHUDOGH6HWKDGRWDGDDTXLQmRVHULDFRPSUHHQGLGD

7RGRVRVVLVWHPDVGHUHDOLGDGHQmRVmRILVLFDPHQWHRULHQWDGRVHDOJXQVVmRWRWDOPHQWHDOKHLRVj
IRUPDItVLFD1HPpRVH[RFRPRYRFrRHQWHQGHQDWXUDODHOHV&RQVHTXHQWHPHQWHQmRPH
FRPXQLFDULDFRPXPDSHUVRQDOLGDGHPDVFXOLQDTXHYLYHXPXLWDVH[LVWrQFLDVItVLFDVHPERUDHVVD
VHMDXPDSRUomROHJtWLPDHYiOLGDGHPLQKDLGHQWLGDGH

(PPHXDPELHQWHGRPpVWLFRDVVXPRTXDOTXHUIRUPDTXHPHDJUDGDHSRGHYDULDUHYDULDFRPD
QDWXUH]DGHPHXVSHQVDPHQWRV9RFrSRUpPIRUPDVXDSUySULDLPDJHPItVLFDQXPQtYHOGH
LQFRQVFLrQFLDPDLVRXPHQRVGDPHVPDPDQHLUDPDVFRPDOJXPDVGLIHUHQoDVLPSRUWDQWHV9RFr
QRUPDOPHQWHQmRSHUFHEHTXHVHXFRUSRItVLFRpFULDGRSRUYRFrHPFDGDPRPHQWRFRPRXP
UHVXOWDGRGLUHWRGDFRQFHSomRLQWHUQDGRTXHYRFrpRXGHTXHHOHPXGDGHIRUPDVTXtPLFDVH
HOHWURPDJQpWLFDVLPSRUWDQWHVFRPRPRYLPHQWRGHVHXSUySULRSHQVDPHQWR

7HQGRKiPXLWRWHPSRUHFRQKHFLGRDGHSHQGrQFLDGDIRUPDVREUHDFRQVFLrQFLDVLPSOHVPHQWH
QRVWRUQDPRVFDSD]HVGHPXGDUQRVVDVIRUPDVFRPSOHWDPHQWHGHPDQHLUDTXHHODVVLJDPPDLV
ILHOPHQWHFDGDQXDQFHGHQRVVDH[SHULrQFLDLQWHULRU

(VWDKDELOLGDGHSDUDPXGDUDIRUPDpXPDFDUDFWHUtVWLFDLQHUHQWHDTXDOTXHUFRQVFLrQFLD6yR
JUDXGHSURILFLrQFLDHHIHWXDomRYDULD9RFrSRGHYHULVWRHPVHXSUySULRVLVWHPDHPXPDYHUVmR
UHGX]LGDTXDQGRYRFrREVHUYDDVIRUPDVYDULiYHLVYLYHQGRDWUDYpVGHVXDKLVWyULD³HYROXWLYD´

$JRUDQyVWDPEpPSRGHPRVOHYDUXPDYH]YiULDVIRUPDVFRPRTXHPGL]PDVYRFrWDPEpP
SRGHID]HULVWRHPERUDYRFrJHUDOPHQWHQmRSHUFHEHLVWR6XDIRUPDItVLFDSRGHPHQWLUHQTXDQWR
GRUPLQGRHLQHUWHQDFDPDHQTXDQWRVXDFRQVFLrQFLDYLDMDHPXPDIRUPDGHVRQKRSDUDOXJDUHV
EDVWDQWHGLVWDQWH6LPXOWDQHDPHQWHYRFrSRGHFULDUXPDIRUPDGHSHQVDPHQWRGHYRFrLGrQWLFR
VREWRGRVRVDVSHFWRVHLVWRSRGHVHDSDUHFHUWRWDOPHQWHQRTXDUWRGHXPDPLJRVHPVXD
FRQVFLrQFLDFRQVFLHQWH$VVLPFRQVFLrQFLDQmRHVWiOLPLWDGDVREUHDVIRUPDVTXHSRGHFULDUHP
TXDOTXHUGHWHUPLQDGRPRPHQWR

)DODQGRHPWHUPRVSUiWLFRVHVWDPRVPDLVDYDQoDGRVHPUHODomRDLVVRGRTXHYRFrHTXDQGR
FULDPRVWDLVIRUPDVQyVID]HPRVLVVRFRPWRWDOFRQVFLrQFLD'LYLGRPHXFDPSRGHH[LVWrQFLDFRP
RXWURVTXHWrPPDLVRXPHQRVRVPHVPRVGHVDILRVRVPHVPRVSDGU}HVJHUDLVGHGHVHQYROYLPHQWR
$OJXQVTXHFRQKHoRHRXWURVTXHQmRFRQKHoR&RPXQLFDPRQRVWHOHSDWLFDPHQWHPDV
QRYDPHQWHWHOHSDWLDpDEDVHGHVHXVLGLRPDVRVTXDLVVHPVLPEROLVPRQmRWHULDPVHQWLGR

3RUTXHQRVFRPXQLFDPRVGHVWDPDQHLUDQmRVLJQLILFDQHFHVVDULDPHQWHTXHXVDPRVSDODYUDV
PHQWDLVSRLVQmRRID]HPRV&RPXQLFDPRQRVDWUDYpVGRTXHSRVVRFKDPDUGHLPDJHQVWpUPLFDV
HHOHWURPDJQpWLFDVTXHVmRFDSD]HVGHVXSRUWDUPXLWRPDLVVLJQLILFDGRHPXPDVHTrQFLD$
LQWHQVLGDGHGDFRPXQLFDomRpGHSHQGHQWHGDLQWHQVLGDGHHPRFLRQDODWUiVGHODHPERUDDIUDVH
LQWHQVLGDGHHPRFLRQDOSRVVDVHUPDOLQWHUSUHWDGD

1yVVHQWLPRVXPHTXLYDOHQWHDRTXHYRFrVFKDPDPGHHPRo}HVHPERUDQmRVHMDDPRURXyGLR
RXUDLYDGRMHLWRTXHYRFrVFRQKHFHP6HXVVHQWLPHQWRVSRGHPVHUPHOKRUGHVFULWRV
PDWHULDOL]Do}HVWULGLPHQVLRQDLVGHJUDQGHHYHQWRVSVLFROyJLFRVHH[SHULrQFLDVUHODFLRQDGRVDRV
³VHQWLGRVLQWHULRUHV´

([SOLFDUHLHVWHVVHQWLGRVLQWHULRUHVPDLVWDUGHQRILQDOGHVVHFDStWXOR%DVWDGL]HUTXHWHPRV
H[SHULrQFLDVHPRFLRQDLVIRUWHVHPERUDHODVGLILUDPJUDQGHPHQWHGDVVXDV6mRPXLWRPHQRV
OLPLWDGDVHPXLWRPDLVH[SDQVLYDVQDVTXDLVVRPRVWDPEpPFRQVFLHQWHVHUHVSRQViYHLVHP
UHODomRDR³FOLPD´HPRFLRQDOFRPRXPWRGR

6RPRVPXLWRPDLVOLYUHVSDUDVHQWLUHH[SHULHQFLDUSRUTXHQmRWHPHPRVVHUYDUULGRVSHORV
VHQWLPHQWRV

1RVVDVLGHQWLGDGHVQmRVHVHQWHPDPHDoDGDVSRUH[HPSORSHODVIRUWHVHPRo}HVIRUWHVGHRXWURV
3RGHPRVYLDMDUDWUDYpVGDVHPRo}HVGHXPDIRUPDTXHQmRpQDWXUDODJRUDSDUDYRFrH
WUDGX]LODVHPRXWUDVIDFHWDVGHFULDWLYLGDGHTXHVmRGLIHUHQWHVGDVFRPTXHYRFrVWrP
IDPLOLDULGDGH1mRVHQWLPRVDQHFHVVLGDGHGHHVFRQGHUHPRo}HVSRLVVDEHPRVTXHpEDVLFDPHQWH
LPSRVVtYHOHLQGHVHMiYHO(PVHXVLVWHPDHODVSRGHPDSDUHFHUSUREOHPiWLFDVSRUTXHYRFrVDLQGD
QmRDSUHQGHUDPDXViODV$JRUDHVWDPRVDSUHQGHQGRRFRPSOHWRSRWHQFLDOGHODVHRVSRGHUHVGD
FULDWLYLGDGHFRPDTXDOHODVVmRFRQHFWDGDV'HVGHTXHSHUFHEHPRVTXHQRVVDLGHQWLGDGHQmRp
GHSHQGHQWHGDIRUPDHQWmRpFODURQmRWHPHPRVPXGiODVVDEHQGRTXHSRGHPRVDGRWDU
TXDOTXHUIRUPDTXHGHVHMDPRV

1mRFRQKHFHPRVDPRUWHHPVHXVWHUPRV1RVVDH[LVWrQFLDQRVOHYDDPXLWRVRXWURVDPELHQWHV
QRVPLVWXUDPRVDHOHV6HJXLPRVDVUHJUDVGDVIRUPDVH[LVWHQWHVQHVVHVDPELHQWHV7RGRVDTXL
VRPRVSURIHVVRUHVHDGDSWDPRVQRVVRVPpWRGRVWDPEpPGHIRUPDTXHHOHVIDoDPVHQWLGRSDUDDV
SHUVRQDOLGDGHVFRPLGpLDVYDULDGDVGHUHDOLGDGH

$FRQVFLrQFLDQmRpGHSHQGHQWHGDIRUPDFRPRHXGLVVHHDLQGDDVVLPHODVHPSUHSURFXUDFULDU
XPDIRUPD1mRH[LVWLPRVHPTXDOTXHUHVWUXWXUDWHPSRUDOFRPRYRFrFRQVLGHUD0LQXWRVKRUDV
RXDQRVSHUGHUDPVHXVLJQLILFDGRHIDVFtQLR(VWDPRVEDVWDQWHFLHQWHVGDFRQGLomRGHWHPSRQRV
RXWURVVLVWHPDVHSUHFLVDPRVOHYiORVHPFRQVLGHUDomRHPQRVVDVFRPXQLFDo}HV&DVRFRQWUiULR
RTXHGL]HPRVQmRVHULDHQWHQGLGR

1mRKiQHQKXPDEDUUHLUDUHDOSDUDVHSDUDURVVLVWHPDVGRVTXDLVIDOR$~QLFDVHSDUDomRp
SURYRFDGDSHODVYDULDGDVKDELOLGDGHVGHSHUVRQDOLGDGHVDSHUFHEHUHPDQLSXODU9RFrH[LVWHQR
PHLRGHPXLWRVRXWURVVLVWHPDVGHUHDOLGDGHSRUH[HPSORPDVYRFrQmRRVSHUFHEH

(PHVPRTXDQGRDOJXPHYHQWRVHLQWURPHWHDSDUWLUGHVVHVVLVWHPDVGHQWURGHVXDSUySULD
H[LVWrQFLDWULGLPHQVLRQDOYRFrQmRpFDSD]GHLQWHUSUHWiORSRLVHOHpGLVWRUFLGRSHORPHVPRIDWR
GDHQWUDGD>DFRQWHFLPHQWR17@

(XOKHGLVVHTXHQyVQmRH[SHULPHQWDPRVVXDVHTrQFLDGHWHPSR9LDMDPRVDWUDYpVGH
LQWHQVLGDGHV1RVVRWUDEDOKRGHVHQYROYLPHQWRHH[SHULrQFLDWRGRVDFRQWHFHPGHQWURGRTXH
FKDPRGH³SRQWRGRPRPHQWR´$TXLGHQWURGRSRQWRGRPRPHQWRRPHQRUSHQVDPHQWRp
DSURYHLWDGRDPDLVOHYHSRVVLELOLGDGHpH[SORUDGDDVSUREDELOLGDGHVDVH[DPLQDGDVWRWDOPHQWHR
PHQRURXPDLVIRUWHVHQWLPHQWRpYLJRURVDPHQWHFRQVLGHUDGR

eGLItFLOH[SOLFDULVWRFODUDPHQWHHDLQGDDVVLPRSRQWRGRPRPHQWRpDHVWUXWXUDFRPDTXDO
WHPRVQRVVDH[SHULrQFLDSVLFROyJLFD&RPHOHDo}HVVLPXOWkQHDVVHJXHPOLYUHPHQWHDWUDYpVGH
SDGU}HVDVVRFLDWLYRV

3RUH[HPSORILQMDTXHHXSHQVRHPYRFr-RVHSK$RID]HULVVRLPHGLDWDPHQWHH[SHULHQFLR±H
FRPSOHWDPHQWH±VHXSDVVDGRSUHVHQWHHIXWXURHPVHXVWHUPRVHWRGDVDTXHODVHPRo}HVIRUWHV
RXHPRo}HVGHWHUPLQDQWHVHPRWLYDo}HVTXHRUHJHUDP3RVVRYLDMDUSRUHVVDVH[SHULrQFLDVFRP
YRFrVHHXHVFROKHULVVR3RGHPRVVHJXLUXPDFRQVFLrQFLDDWUDYpVGHWRGDVDVVXDVIRUPDVSRU
H[HPSORHHPVHXVWHUPRVFRPRODPSHMRGHXPROKDU

$JRUDLVVRSUHFLVDGHHVWXGRGHVHQYROYLPHQWRHH[SHULrQFLDDQWHVGHDOJXpPSRGHUDSUHQGHU
FRPRPDQWHUVXDSUySULDHVWDELOLGDGHIUHQWHDWDLVHVWtPXORVFRQVWDQWHVHPXLWRVGHQyVVHSHUGHP
QLVVRDWpPHVPRHVTXHFHQGRGHTXHPIRPRVDWpTXHGHVSHUWDPRVPDLVXPDYH]DQyVPHVPRV

0XLWRGLVWRDJRUDpEDVWDQWHDXWRPiWLFRSDUDQyV1DVLQILQLWDVYDULHGDGHVGHFRQVFLrQFLDDLQGD
HVWDPRVFRQVFLHQWHVGHXPDSHTXHQDSRUFHQWDJHPGHWRGRVRVEDQFRVGHSHUVRQDOLGDGHV
H[LVWHQWHV3RLVHPQRVVDV³IpULDVÝLVLWDPRVVLPSOHVIRUPDVGHYLGDHQRVPLVWXUDPRVDHODV

$HVWDLQVWkQFLDQRVYLFLDPRVHPUHOD[DUHGRUPLUSRLVSRGHPRVJDVWDUXPVpFXORFRPRXPD
iUYRUHRXFRPRXPDIRUPDGHYLGDGHVFRPSOLFDGDHPRXWUDUHDOLGDGH'HOHLWDPRVQRVVD
FRQVFLrQFLDFRPRSUD]HUGDVLPSOHVH[LVWrQFLD3RGHPRVFULDUFRPRYRFrYrDIORUHVWDQDTXDO
FUHVFHPRV1RUPDOPHQWHSRUpPVRPRVDOWDPHQWHDWLYRVQRVVDVHQHUJLDVWRGDVVHIRFDPHP
QRVVRWUDEDOKRHHPQRYRVGHVDILRV

3RGHPRVIRUPDUGHQyVPHVPRVGHQRVVDVSUySULDVWRWDOLGDGHVSVLFROyJLFDVGHRXWUDV
SHUVRQDOLGDGHVVHPSUHTXHGHVHMDPRV3RUpPHVWHVWrPTXHVHUGHVHQYROYLGRVGHDFRUGRFRPR
SUySULRPpULWRXVDQGRDVKDELOLGDGHVFULDWLYDVLQHUHQWHVDHOHV(OHVVmROLYUHVSDUDID]HUHPR
SUySULRFDPLQKR3RUpPQmRUHDOL]DPRVLVVRjVFHJDV

&DGDOHLWRUpXPDSRUomRGHVXDSUySULDHQWLGDGHHVHGHVHQYROYHHPGLUHomRjPHVPDIRUPDGH
H[LVWrQFLDTXHFRQKHoR1DLQIkQFLDHQRHVWDGRGHVRQKRFDGDSHUVRQDOLGDGHHVWiDWpFHUWR
SRQWRFRQVFLHQWHGDYHUGDGHLUDOLEHUGDGHTXHSHUWHQFHDVXDSUySULDFRQVFLrQFLDLQWHULRU(VVDV
KDELOLGDGHVGDVTXDLVIDORHQWUHWDQWRVmRFDUDFWHUtVWLFDVLQHUHQWHVGDFRQVFLrQFLDFRPRXPWRGR
GHFDGDSHUVRQDOLGDGH

0HXDPELHQWHFRPRHXGLVVHPXGDFRQVWDQWHPHQWHDVVLPFRPRRVHX9RFrUDFLRQDOL]DGH
IRUPDEDVWDQWHDXWrQWLFDHFRPDSHUFHSomRLQWXLWLYDQHVVDVRFDVL}HV3RUH[HPSORVHXPTXDUWR
GHUHSHQWHSDUHFHSHTXHQRHDSHUWDGRSDUDYRFrYRFrWHPFHUWH]DGHTXHHVVDPXGDQoDGH
GLPHQVmRpLPDJLQDWLYDHGHTXHRTXDUWRQmRPXGRXLQGHSHQGHQWHGHVHXVVHQWLPHQWRV

2IDWRpTXHRTXDUWRVREWDLVFRQGLo}HVWHUiPXGDGRHHPDVSHFWRVLPSRUWDQWHVPXLWRHPERUD
DVGLPHQV}HVItVLFDVDLQGDPHoDPRPHVPR7RGRRLPSDFWRSVLFROyJLFRGRTXDUWRWHUiVLGR
DOWHUDGR(VVHHIHLWRVHUiVHQWLGRSRURXWURVDRVHXODGR(HOHDWUDLUiFHUWDPHQWHRXWURVWLSRVGH
HYHQWRVPDLVGRTXHRXWURVHDOWHUDUiVXDSUySULDHVWUXWXUDSVLFROyJLFDHSURGXomRKRUPRQDO
9RFrUHDJLUiDRHVWDGRDOWHUDGRGRTXDUWRGHPXLWDVIRUPDVItVLFDVHPERUDVXDODUJXUDRX
FRPSULPHQWRRXFHQWtPHWURVSRVVDPSDUHFHUQmRWHUHPPXGDGR

3HGLDQRVVRERPDPLJR-RVHSKSDUDVXEOLQKDUDSDODYUDSDUHFHUSRUTXHVHXVLQVWUXPHQWRVQmR
PRVWUDULDPQHQKXPDDOWHUDomRItVLFD±MiTXHRVLQVWUXPHQWRVGHQWURGRTXDUWRMiWHULDPVLGR
DOWHUDGRVSDUDRPHVPRQtYHO9RFrHVWiPXGDQGRFRQVWDQWHPHQWHGHIRUPDWDPDQKRFRQWRUQRH
RVLJQLILFDGRGHVHXFRUSRItVLFRHGRPDLVtQWLPRDPELHQWHHPERUDYRFrIDoDVHXPHOKRUSDUD
LJQRUDUHVVDVFRQVWDQWHVDOWHUDo}HV3RURXWURODGRQyVRVSHUPLWLPRVFRPSOHWDPHQWHVDEHQGR
TXHVRPRVPRWLYDGRVSRUXPDHVWDELOLGDGHLQWHULRUTXHSRGHPXLWREHPVXVWHUDHVSRQWDQHLGDGHH
FULDomRHSHUFHEHQGRTXHDVLGHQWLGDGHVHVSLULWXDOHSVLFROyJLFDVmRGHSHQGHQWHVGDPXGDQoD
FULDWLYD

1RVVRDPELHQWHpFRPSRVWRGHGHVHTXLOtEULRVSULPRURVRVRQGHDPXGDQoDWHPSHUPLVVmR
FRPSOHWD6XDSUySULDHVWUXWXUDGHWHPSRRHQJDQDHPVXDVLGpLDVGHSHUPDQrQFLDUHODWLYDD
DVVXQWRVItVLFRVHYRFrIHFKDVHXVROKRVjVFRQVWDQWHVDOWHUDo}HVQHOH6HXVVHQWLGRVItVLFRVR
OLPLWDP±ID]HQGRRPHOKRUTXHFRQVHJXH±jSHUFHSomRGHXPDUHDOLGDGHDOWDPHQWHIRUPDOL]DGD
$SHQDVDWUDYpVGRXVRGDVLQWXLo}HVHQRVHVWDGRVGHVRQRHVRQKRFRPRUHJUDYRFrSRGH
SHUFHEHURSUD]HUGHVXDSUySULDPXWDomRHGHTXDOTXHUFRQVFLrQFLD

8PGHPHXVGHYHUHVpRGHLQVWUXtORVHPWDLVDVVXQWRV3UHFLVDPRVXVDUFRQFHLWRVTXHVmRQR
PtQLPREDVWDQWHIDPLOLDUL]DGRVDYRFrV$RID]HULVVRXVDPRVSRUo}HVGHQRVVDVSUySULDV
SHUVRQDOLGDGHVFRPDVTXDLVYRFrVSRVVDPDWpFHUWRSRQWRID]HUUHODo}HV1mRKiILPHPQRVVR
DPELHQWH(PVHXVWHUPRVQmRKDYHULDQHQKXPDIDOWDGHHVSDoRRXWHPSRFRPRVTXDLVRSHUDU
$JRUDLVVRWUDULDWUHPHQGDSUHVVmRSDUDTXDOTXHUFRQVFLrQFLDVHPXPGHVHQYROYLPHQWRRX
KLVWyULFRDSURSULDGR1mRWHPRVXPXQLYHUVRVLPSOHVFRQIRUWiYHOQRTXDOSRVVDPRVQRVHVFRQGHU

$LQGDHVWDPRVDOHUWDVDRXWURVVLVWHPDVEDVWDQWHHVWUDQJHLURVGHUHDOLGDGHTXHODPSHMDPQRV
PHVPRVDUUHGRUHVGHFRQVFLrQFLDFRPRDFRQKHFHPRV

+iYiULRVWLSRVGHFRQVFLrQFLDVGRTXHKiGHIRUPDVItVLFDVFDGDXPDFRPVHXVSUySULRVSDGU}HV
GHSHUFHSomRKDELWDQGRVHXVSUySULRVVLVWHPDVGHFDPXIODJHP$LQGDWRGRVHVVHVWrP
FRQKHFLPHQWRtQWLPRGDUHDOLGDGHTXHH[LVWHHPWRGDVDVFDPXIODJHQVHTXHFRPS}HPTXDOTXHU
UHDOLGDGHQmRLPSRUWDSRUTXDOQRPHVHMDFKDPDGR

$JRUDPXLWDVGHVWDVOLEHUGDGHVVmREDVWDQWHQDWXUDLVDYRFrQRHVWDGRGHVRQKRHYRFrIRUPD
IUHTHQWHPHQWHDPELHQWHVGHVRQKRSDUDH[HUFLWDUWDLVSRWHQFLDLV'HSRLVWHUHLDRPHQRV
DOJXPDVREVHUYDo}HVDID]HUHPUHODomRjVPDQHLUDVSHODVTXDLVYRFrSRGHDSUHQGHUDUHFRQKHFHU
VXDVSUySULDVSURH]DVSDUDFRPSDUiODVFRPVXDSURILFLrQFLDQDYLGDItVLFDGLiULD

9RFrSRGHDSUHQGHUDPXGDUVHXDPELHQWHItVLFRDSUHQGHQGRDPXGDUHPDQLSXODUVHXDPELHQWHQR
VRQKR9RFrWDPEpPSRGHVHVXJHULUVRQKRVHVSHFtILFRVQRVTXDLVXPDPXGDQoDGHVHMDGDpYLVWD
HVREFHUWDVFRQGLo}HVHODVLUmRDSDUHFHUHPVXDUHDOLGDGHItVLFD$JRUDQRUPDOPHQWHYRFrID]
LVVRVHPSHUFHEHU

7RGDFRQVFLrQFLDDGRWDYiULDVIRUPDV1mRpQHFHVViULRVHPSUHHVWDUGHQWURGHXPDIRUPD7RGDV
DVIRUPDVQmRVmRIRUPDVItVLFDV$OJXPDVSHUVRQDOLGDGHVQXQFDIRUDPItVLFDV(ODVHYROXtUDPDR
ORQJRGHOLQKDVGLIHUHQWHVHVXDVHVWUXWXUDVSVLFROyJLFDVVHULDPHVWUDQJHLUDVSDUDYRFrV

'HFHUWDIRUPDHXWDPEpPYLDMRDWUDYpVGHWDLVDPELHQWHV$FRQVFLrQFLDSUHFLVDPRVWUDUVH
HQWUHWDQWR(ODQmRSRGH³QmRVHU´(ODQmRpItVLFDSUHFLVDHQWmRPRVWUDUVXDUDGLDomRGHRXWUDV
IRUPDV(PDOJXQVVLVWHPDVSRUH[HPSORHODIRUPDSDGU}HVDOWDPHQWHLQWHJUDGRVPDWHPiWLFDH
PXVLFDOPHQWHTXHVmRHODVPHVPDVHVWtPXORVSDUDRXWURVVLVWHPDVXQLYHUVDLV1mRHVWRXEHP
LQIRUPDGRVREUHHVVDVSRUpPHQmRSRVVRIDODUGHODVFRPJUDQGHIDPLOLDULGDGH

6HPHXDPELHQWHQmRpSHUPDQHQWHPHQWHHVWUXWXUDGRHQWmRFRPRIDOHLWDPEpPQmRpRVHX6H
HXHVWLYHUFRQVFLHQWHQDFRPXQLFDomRDWUDYpVGH5XEXUWGHIRUPDVGLIHUHQWHVFDGDXPGHYRFrV
WHOHSDWLFDPHQWHVHFRPXQLFDFRPHDWUDYpVGHRXWUDVSHUVRQDOLGDGHVHPERUDFRPSRXFR
FRQKHFLPHQWRGHVVDUHDOL]DomR

2VVHQWLGRVTXHYRFrXVDGHXPDPDQHLUDPXLWRUHDOFULDRDPELHQWHTXHYRFrSHUFHEH6HXV
VHQWLGRVItVLFRVQHFHVVLWDPGDSHUFHSomRGHXPDUHDOLGDGHWULGLPHQVLRQDO$FRQVFLrQFLDp
HTXLSDGDFRPDOJXQVSHUFHSWRUHVLQWHUQRV(OHVVmRLQHUHQWHVDWRGDVDVFRQVFLrQFLDVHPUHODomR
DVHXGHVHQYROYLPHQWR(VVHVSHUFHSWRUHVRSHUDPGHIRUPDEDVWDQWHLQGHSHQGHQWHGDTXHOHVTXH
SRGHPVHUDVVXPLGRVTXDQGRXPDFRQVFLrQFLDDGRWDXPDIRUPDHVSHFLDOL]DGDFRPRXPFRUSR
ItVLFRGHIRUPDDRSHUDUHPXPVLVWHPDSDUWLFXODU

&DGDOHLWRUQRHQWDQWRWHPVHXVVHQWLGRVLQWHUQRVHDWpFHUWRSRQWRRVXVDFRQVWDQWHPHQWH
HPERUDQmRFRQVFLHQWHGHHVWDUID]HQGRLVVRQXPQtYHOHJRWLVWD$JRUDQyVXVDPRVRVVHQWLGRV
LQWHUQRVPXLWRFRQVFLHQWHHOLYUHPHQWH6HYRFrIL]HVVHLVVRYRFrSHUFHEHULDRPHVPRWLSRGH
DPELHQWHQRTXDOHXWHQKRPLQKDH[LVWrQFLD9RFrYHULDXPDVLWXDomRQmRFDPXIODGDQDTXDORV
HYHQWRVHIRUPDVIRVVHPOLYUHVVHPSUHQGrORQRVPROGHVGRWHPSR3RUH[HPSORYRFrYHULDVHX
TXDUWRDWXDOQmRDSHQDVFRPRXPFRQJORPHUDGRGHPREtOLDTXHSDUHFHSHUPDQHQWHPDVPXGDULD
VHXIRFRHYHULDDLPHQVDHFRQVWDQWHGDQoDGDVPROpFXODVHRXWUDVSDUWtFXODVTXHFRPS}HPRV
YiULRVREMHWRV

9RFrSRGHULDYHUXPDIRVIRUHVFrQFLDLQFDQGHVFHQWHGDDXUDDDXUDGDVHVWUXWXUDV
HOHWURPDJQpWLFDVTXHFRPS}HDVPROpFXODVHPVLPHVPDV9RFrSRGHULDVHTXLVHVVHFRQGHQVDU
VXDFRQVFLrQFLDDWpTXHIRVVHSHTXHQRREDVWDQWHSDUDYLDMDUDWUDYpVGHXPD~QLFDPROpFXODHGR
PXQGRGDPROpFXODWHUXPDYLVmRRFXODUGRXQLYHUVRGRTXDUWRHGDJDOi[LDJLJDQWHVFDGDVIRUPDV
LQWHUUHODFLRQDGDVPRYHQGRVHFRQWLQXDPHQWHFRPRDVIRUPDVHVWHODUHV

$JRUDWRGDVHVVDVSRVVLELOLGDGHVUHSUHVHQWDPXPDUHDOLGDGHOHJtWLPD$VXDQmRpPDLVOHJtWLPD
GRTXHTXDOTXHURXWUDPDVpD~QLFDTXHYRFrSHUFHEH

8VDQGRRVVHQWLGRVLQWHULRUHVQRVWRUQDPRVFULDGRUHVFRQVFLHQWHVFRFULDGRUHV0DVYRFrVVmR
FRFULDGRUHVLQFRQVFLHQWHVVDLEDGLVVRRXQmR6HVHXDPELHQWHSDUHFHGHVHVWUXWXUDGRSDUDYRFr
pDSHQDVSRUTXHYRFrQmRHQWHQGHDYHUGDGHLUDQDWXUH]DGDRUGHPTXHQmRWHPQDGDDYHUFRPD
IRUPDSHUPDQHQWHPDVDSHQDVSDUHFHWHUIRUPDDSDUWLUGHVXDSHUVSHFWLYD

1mRKiQHQKXPDTXDWURKRUDVGDWDUGHRXQRYHKRUDVGDPDQKmHPPHXDPELHQWH&RPLVVR
TXHURGL]HUTXHQmRHVWRXUHVWULWRjVHTrQFLDGRWHPSR1mRKiQDGDPHLPSHGLQGRGH
H[SHULHQFLDUWDLVVHTrQFLDVVHHVFROKR([SHULHQFLDPRVWHPSRRXRTXHYRFrFKDPDGH
HTXLYDOHQWHGLVVRQDQDWXUH]DHPWHUPRVGHLQWHQVLGDGHVGHH[SHULrQFLD±XPWHPSRSVLFROyJLFR
FRPVXDVSUySULDVYDULDo}HV

,VVRpDOJRVLPLODUjVXDVSUySULDVVHQVDo}HVTXDQGRRWHPSRSDUHFHLUPXLWRUiSLGRRXPXLWR
GHYDJDUPDVpYDVWDPHQWHGLIHUHQWHHPDOJXQVGHWDOKHV1RVVRWHPSRSVLFROyJLFRSRGHULDVHU
FRPSDUDGRHPWHUPRVGHDPELHQWHjVSDUHGHVGHXPTXDUWRPDVHPQRVVRFDVRDVSDUHGHV
HVWDULDPPXGDQGRFRQVWDQWHPHQWHHPWHUPRVGHFRUHVWDPDQKRDOWXUDSURIXQGLGDGHHODUJXUD

1RVVDVHVWUXWXUDVSVLFROyJLFDVVmRGLIHUHQWHVIDODQGRHPWHUPRVSUiWLFRVQHODVQyVXWLOL]DPRV
FRQVFLHQWHPHQWHXPDUHDOLGDGHSVLFROyJLFDPXOWLGLPHQVLRQDOTXHYRFrVLQHUHQWHPHQWHSRVVXHP
PDVFRPDTXDOQmRWHPIDPLOLDULGDGHQXPQtYHOHJRWLVWDeQDWXUDOHQWmRTXHVHXDPELHQWHQmR
WHQKDDVTXDOLGDGHVPXOWLGLPHQVLRQDLVTXHRVVHQWLGRVItVLFRVQXQFDSHUFHEHULDP

$JRUDSURMHWRXPDSRUomRGHPLQKDUHDOLGDGHFRQIRUPHGLWRHVVHOLYURSDUDXPQtYHOQmR
GLVFULPLQDGRHQWUHRVVLVWHPDVUHODWLYDPHQWHOLYUHGHFDPXIODJHPeXPDiUHDLQDWLYD
FRPSDUDWLYDPHQWHIDODQGR6HYRFrHVWLYHVVHSHQVDQGRHPWHUPRVGHUHDOLGDGHItVLFDHQWmRHVVD
iUHDVHULDOLJDGDjRXWUDLPHGLDWDPHQWHDFLPDGDDWPRVIHUDGHVXDWHUUD

1RHQWDQWRHVWRXIDODQGRGHDWPRVIHUDVSVLFROyJLFDVHSVtTXLFDVHHVVDiUHDHVWiVXILFLHQWHPHQWH
GLVWDQWHGRHXILVLFDPHQWHRULHQWDGRGH5XEXUWDVVLPDVFRPXQLFDo}HVSRGHVHUUHODWLYDPHQWH
FRPSUHHQGLGDV

7DPEpPHVWiGHFHUWDIRUPDGLVWDQWHGHPHXSUySULRDPELHQWHSRLVHPPHXSUySULRDPELHQWHHX
WHULDDOJXPDVGLILFXOGDGHVHPUHODFLRQDULQIRUPDo}HVHPWHUPRVILVLFDPHQWHRULHQWDGRV9RFr
GHYHHQWHQGHUTXHSRUGLVWkQFLDQmRHVWRXPHUHIHULQGRDHVSDoR

&ULDomRHSHUFHSomRHVWmRPXLWRPDLVLQWLPDPHQWHFRQHFWDGDVGRTXHTXDOTXHUXPGHVHXV
FLHQWLVWDVSRGHSHUFHEHU

eEDVWDQWHYHUGDGHTXHVHXVVHQWLGRVItVLFRVFULDPDUHDOLGDGHTXHSHUFHEHP8PDiUYRUHpDOJR
EHPGLIHUHQWHSDUDXPPLFUyELRXPSiVVDURXPLQVHWRHXPKRPHPTXHVHS}HDEDL[RGHOD1mR
HVWRXGL]HQGRTXHDiUYRUHDSHQDVSDUHFHVHUGLIHUHQWHeGLIHUHQWH9RFrSHUFHEHVXDUHDOLGDGH
DWUDYpVGHXPFRQMXQWRGHVHQWLGRVDOWDPHQWHHVSHFLDOL]DGRV,VVRQmRVLJQLILFDTXHVXDUHDOLGDGH
H[LVWHPDLVQDTXHODIRUPDEiVLFDGRTXHQRIRUPDWRSHUFHELGRSHORPLFUyELRLQVHWRRXSiVVDUR
9RFrQmRSRGHSHUFHEHUDUHDOLGDGHYiOLGDGDiUYRUHHPTXDOTXHUFRQWH[WRH[FHWRQRVHXPH[R
,VVRVHDSOLFDDTXDOTXHUFRLVDQRVLVWHPDItVLFRTXHYRFrFRQKHFH

1mRpTXHDUHDOLGDGHItVLFDpIDOVDeTXHDLPDJHPItVLFDpVLPSOHVPHQWHXPDGRLQILQLWRJUXSR
GHSRVVLELOLGDGHVGHIRUPDVSHUFHSWLYDVDWUDYpVGDTXDOFRQVFLrQFLDVHH[SUHVVD2VVHQWLGRV
ItVLFRVOKHIRUoDPDWUDGX]LUDH[SHULrQFLDVREDSHUFHSomRItVLFD2VVHQWLGRVLQWHULRUHVOKHDEUHP
DH[WHQVmRGDSHUFHSomROKHSHUPLWLQGRLQWHUSUHWDUDH[SHULrQFLDGHXPDPDQHLUDPXLWRPDLVOLYUH
HDFULDUQRYDVIRUPDVHQRYRVFDQDLVDWUDYpVGRVTXDLVYRFrRXTXDOTXHUFRQVFLrQFLDSRVVD
FRQKHFrOD

$FRQVFLrQFLDpHQWUHRXWUDVFRLVDVXPH[HUFtFLRHVSRQWkQHRGDFULDWLYLGDGH9RFrHVWi
DSUHQGHQGRDJRUDQXPFRQWH[WRWULGLPHQVLRQDODVIRUPDVSHODVTXDLVVXDH[LVWrQFLDHPRFLRQDOH
SVtTXLFDSRGHPFULDUYDULHGDGHVGHIRUPDVItVLFDV

9RFrPDQLSXODFRPRDPELHQWHItVLFRHHVVDVPDQLSXODo}HVVmRDXWRPDWLFDPHQWHLPSUHVVDVQR
PROGHItVLFR$JRUDQRVVRDPELHQWHHVWiQDSUySULDFULDWLYLGDGHGHPDQHLUDGLIHUHQWHGRVHX

6HXDPELHQWHpFULDWLYRHPUHODomRjVDUYRUHVFDUUHJDGDVGHIUXWDVKiXPSULQFLSLR
DXWRVXVWHQWiYHOTXHID]DWHUUDDOLPHQWDUVHDVLPHVPDSRUH[HPSOR2VDVSHFWRVQDWXUDOPHQWH
FULDWLYRVVmRDVPDWHULDOL]Do}HVGDVLQFOLQDo}HVSVtTXLFDVHVSLULWXDLVHItVLFDVPDLVSURIXQGDVGDV
HVSpFLHVRUJDQL]DGDVHPVHXVWHUPRVKiHUDVDWUiVHXPDSDUWHGREDQFRUDFLDOGH
FRQKHFLPHQWRSVtTXLFR

1yVGRDPRVRVHOHPHQWRVGHQRVVRDPELHQWHFRPXPDJUDQGHFULDWLYLGDGHTXHpGLItFLOGH
H[SOLFDU1mRWHPRVIORUHVTXHFUHVFHPSRUH[HPSOR0DVDLQWHQVLGDGHDIRUoDSVtTXLFD
FRQGHQVDGDGHQRVVDVQDWXUH]DVSVLFROyJLFDVIRUPDQRYDVGLPHQV}HVGHDWLYLGDGH6HYRFrSLQWDU
XPTXDGURGHQWURGHH[LVWrQFLDWULGLPHQVLRQDOHQWmRDSLQWXUDGHYHHVWDUHPXPDVXSHUItFLHSODQD

6LPSOHVPHQWHLQGLFDQGRDH[SHULrQFLDWULGLPHQVLRQDOTXHYRFrQmRSRGHLQVHULUQHOD(PQRVVR
DPELHQWHSRUpPQyVSRGHUtDPRVFULDUTXDOTXHUHIHLWRGLPHQVLRQDOTXHGHVHMDPRV7RGDVHVWDV
KDELOLGDGHVQmRVmRDSHQDVQRVVDV(ODVVmRVXDKHUDQoD&RPRYRFrYHUiGHSRLVQHVWHOLYURYRFr
H[HUFLWDVHXVSUySULRVVHQWLGRVLQWHUQRVHKDELOLGDGHVPXOWLGLPHQVLRQDLVPDLVIUHTHQWHPHQWHGR
TXHSRGHULDSDUHFHUHPRXWURVHVWDGRVGHFRQVFLrQFLDTXHRQRUPDOGRTXHRGHVSHUWR

&RQVLGHUDQGRTXHPHXSUySULRDPELHQWHQmRWHPHOHPHQWRVItVLFRVGHILQLGRVYRFrVHUiFDSD]GH
HQWHQGHUVXDQDWXUH]DSHODLQIHUrQFLDFRPRH[SOLFRHPDOJXQVWySLFRVUHODFLRQDGRVDRORQJRGHVWH
OLYUR

6HXSUySULRDPELHQWHItVLFRSDUHFHFRPRSDUHFHDYRFrSRUFDXVDGHVXDSUySULDHVWUXWXUD
SVLFROyJLFD

6HYRFrWLYHVVHJDQKRVHXVHQVRGHFRQWLQXLGDGHSHVVRDODWUDYpVGHSURFHVVRVSULPiULRV
DVVRFLDWLYRVDRLQYpVGHVHUXPUHVXOWDGRGDIDPLOLDULGDGHGRHXVHPRYHQGRDWUDYpVGRWHPSR
HQWmRYRFrH[SHULHQFLDULDDUHDOLGDGHItVLFDGHXPDIRUPDFRPSOHWDPHQWHGLIHUHQWH

2VREMHWLYRVGRSDVVDGRHGRSUHVHQWHSRGHULDPVHUSHUFHELGRVGHXPDYH]VXDVSUHVHQoDV
MXVWLILFDGDVDWUDYpVGHFRQH[}HVDVVRFLDWLYDV'LJDPRVTXHVHXSDLDWUDYpVGDYLGDGHOH
DFXPXORXRLWRFDGHLUDVIDYRULWDV6HVHXPHFDQLVPRGHSHUFHSomRIRVVHSULPDULDPHQWHHVWUXWXUDGR
FRPRXPUHVXOWDGRGDDVVRFLDomRLQWXLWLYDDRLQYpVGDVHTrQFLDGRWHPDHQWmRYRFrSHUFHEHULD
WRGDVHVVDVFDGHLUDVGHXPD~QLFDYH]RXYHQGRXPDYRFrHVWDULDFLHQWHGDVRXWUDV$VVLPR
DPELHQWHQmRpXPDFRLVDVHSDUDGDHPVLPHVPDPDVRUHVXOWDGRGHSDGU}HVGHSHUFHSomRH
HVVHVVmRGHWHUPLQDGRVSHODHVWUXWXUDSVLFROyJLFD

$VVLPVHYRFrTXHUVDEHUFRPRpPHXDPELHQWHYRFrWHUiTXHHQWHQGHURTXHHXVRX'HIRUPDD
H[SOLFDUGHYRIDODUVREUHDQDWXUH]DGDFRQVFLrQFLDHPJHUDO$RID]HULVVRGHYRWHUPLQDU
GL]HQGROKHEDVWDQWHDUHVSHLWRGHYRFrPHVPR$VSRUo}HVLQWHULRUHVGHVXDLGHQWLGDGHMiHVWmR
FRQVFLHQWHVGRPXLWRTXHOKHGLUHL3DUWHGHPHXSURSyVLWRpIDPLOLDUL]DUVHXHXHJRWLVWDFRPR
FRQKHFLPHQWRTXHMipFRQKHFLGRHPXPDHQRUPHSRUomRSRUVXDSUySULDFRQVFLrQFLDTXHYRFr
WHPLJQRUDGRKiPXLWR

9RFrROKDSDUDRXQLYHUVRItVLFRHLQWHUSUHWDDUHDOLGDGHGHDFRUGRFRPDLQIRUPDomRUHFHELGDSRU
VHXVVHQWLGRVH[WHUQRV(VWDUHLGHSpILJXUDWLYDPHQWHIDODQGRQDUHDOLGDGHItVLFDHROKDUHLSDUD
GHQWURGHYRFrHGHVFUHYHUHLHVVDVUHDOLGDGHVGHFRQVFLrQFLDHH[SHULrQFLDVTXHYRFrHVWi
IDVFLQDGRSRUYHU3RLVYRFrHVWiIDVFLQDGRFRPDUHDOLGDGHItVLFDHHPWUDQVHWmRSURIXQGRDJRUD
FRPRDPXOKHUDWUDYpVGHTXHPHVFUHYRHVVHOLYUR

7RGDDVXDDWHQomRHVWiIRFDGDGHXPDIRUPDDOWDPHQWHHVSHFLDOL]DGDVREUHXPDOX]XPSRQWR
EULOKDQWHTXHYRFrFKDPDGHUHDOLGDGH+iRXWUDVUHDOLGDGHVWRGDVVREUHYRFrPDVYRFrLJQRUD
VXDVH[LVWrQFLDVHYRFrGHVWUyLWRGRVRVHVWtPXORVTXHYrPGHODV+iXPDUD]mRSDUDWDOWUDQVH
FRPRYRFrGHVFREULUiPDVSRXFRDSRXFRYRFrWHPTXHDFRUGDU0HXSURSyVLWRpDEULUVHXVROKRV
LQWHUQRV

0HXDPELHQWHLQFOXLpFODURDTXHODVRXWUDVSHUVRQDOLGDGHVFRPDVTXDLVHQWURHPFRQWDWR
&RPXQLFDomRSHUFHSomRHDPELHQWHSRGHPVHUDUGXDPHQWHVHSDUDGRV(QWUHWDQWRRWLSRGH
FRPXQLFDomRTXHpOHYDGDDGLDQWHSRUPLPHSRUPHXVDVVRFLDGRVpH[WUHPDPHQWHLPSRUWDQWHHP
TXDOTXHUGLVFXVVmRGHVHXDPELHQWH

1RFDStWXORVHJXLQWHHVSHUROKHGDUXPDLGpLDEDVWDQWHVLPSOHVGHQRVVDH[LVWrQFLDGRWUDEDOKR
QRTXDOHVWDPRVHQYROYLGRVGDGLPHQVmRQDTXDOH[LVWLPRVGRSURSyVLWRTXHPDQWHPRV
DPRURVDPHQWHHPDLVTXHWXGRGDVSUHRFXSDo}HVTXHFRPS}HPQRVVDH[SHULrQFLD

&$3Ë78/2
0(875$%$/+2((66$6',0(16®(6'(5($/,'$'(¬648$,6(/(0(/(9$

$JRUDHXWHQKRDPLJRVFRPRYRFrVWrPHPERUDHOHVVHMDPGHORQJDVGDWDV9RFrWHPTXH
HQWHQGHUTXHYLYHQFLDPRVQRVVDSUySULDUHDOLGDGHGHXPDIRUPDEHPGLIHUHQWHGDGHYRFrV6RPRV
FRQVFLHQWHVGHQRVVDVYLGDVSDVVDGDVTXHpFRPRYRFrVFKDPDULDPGDVSHUVRQDOLGDGHVTXH
WHPRVDGRWDGRHPYiULDVRXWUDVH[LVWrQFLDV3RUTXHQyVXVDPRVWHOHSDWLDSRGHPRVHVFRQGHUXP
SRXFRXPGRRXWURPHVPRTXDQGRGHVHMDPRV,VVRHVWRXFHUWRSDUHFHXPDLQYDVmRGH
SULYDFLGDGHSDUDYRFrHDLQGDDVVLPOKHDVVHJXURTXHPHVPRDJRUDQHQKXPGHVHXVSHQVDPHQWRV
HVWmRHVFRQGLGRVPDVVmRFRQKHFLGRVFRPEDVWDQWHFODUH]DSDUDQRVVDIDPtOLDHDPLJRV±HSRVVR
GL]HULQIHOL]PHQWHTXHDTXHOHVTXHYRFrFRQVLGHUDLQLPLJRVWDPEpP9RFrVLPSOHVPHQWHQmRp
FRQVFLHQWHGHVVHIDWR

,VVRQmRVLJQLILFDTXHFDGDXPGHQyVpFRPRXPOLYURDEHUWRSDUDRRXWUR0XLWRSHORFRQWUiULR
+iXPDFRLVDTXHSRGHVHUHQWHQGLGDFRPRHWLTXHWDPHQWDOERDVPDQHLUDVPHQWDLV6RPRVPXLWR
PDLVFRQVFLHQWHVGHQRVVRVSUySULRVSHQVDPHQWRVGRTXHYRFrVVmR3HUFHEHPRVQRVVDOLEHUGDGH
SDUDHVFROKHUQRVVRVSHQVDPHQWRVHRVHVFROKHPRVFRPDOJXPDGLVFULPLQDomRHILQH]D

2SRGHUGHQRVVRVSHQVDPHQWRVWHPVHPRVWUDGRFODURSDUDQyVDWUDYpVGDWHQWDWLYDHHUURHP
RXWUDVH[LVWrQFLDV'HVFREULPRVTXHQLQJXpPSRGHHVFDSDUGDYDVWDFULDWLYLGDGHGDLPDJHP
PHQWDORXGDHPRomR,VVRQmRVLJQLILFDTXHQmRVRPRVHVSRQWkQHRVRXTXHSUHFLVDPRVGHOLEHUDU
HQWUHXPSHQVDPHQWRRXRXWURDQVLRVDPHQWHSUHRFXSDGRVVREUHDQHJDWLYLGDGHRXSRGHUGHVWUXWLYR
GHXPSHQVDPHQWR,VVRHPVHXVWHUPRVHVWiDOpPGHQyV

1RVVDHVWUXWXUDSVLFROyJLFDVLJQLILFDTXHQyVSRGHPRVQRVFRPXQLFDUHPPXLWRPDLVHGLYHUVDV
IRUPDVGRTXHHVVDVFRPDVTXDLVYRFrVHVWmRIDPLOLDUL]DGRV,PDJLQHSRUH[HPSORTXHYRFr
HQFRQWURXXPDPLJRGHLQIkQFLDTXHYRFrQmRHVTXHFHX$JRUDYRFrVSRGHPWHUSRXFRHP
FRPXP

$LQGDDVVLPYRFrVWrPXPDGLVFXVVmRDJUDGiYHOGXUDQWHDWDUGHFHQWUDGDQRVYHOKRVSURIHVVRUHV
HFROHJDVGHHVFRODHHVWDEHOHFHPXPDFHUWDFRQFRUGkQFLD
$VVLPTXDQGRHXPHHQFRQWURFRPRXWURHXSRVVRVHUFDSD]GHUHODFLRQiORPXLWRPHOKRUFRP
EDVHHPXPDH[SHULrQFLDSDUWLFXODUGHXPDYLGDSDVVDGDPHVPRTXHHPPHX³DJRUD´WHQKDPRV
SRXFRHPFRPXP3RGHPRVWHUQRVFRQKHFLGRSRUH[HPSORFRPRSHVVRDVFRPSOHWDPHQWH
GLIHUHQWHVQRGpFLPRTXDUWRVpFXORHSRGHPRVQRVFRPXQLFDUPXLWREHPGLVFXWLQGRHVVDV
H[SHULrQFLDVFRPRYRFrHVHXKLSRWpWLFRDPLJRGHLQIkQFLDTXHHVWDEHOHFHUDPXPDFRQFRUGkQFLD
OHPEUDQGRVHGHVHXSDVVDGR

6HUHPRVEDVWDQWHFRQVFLHQWHVGHTXHVRPRVQyVQRHQWDQWR±DVSHUVRQDOLGDGHVPXOWLGLPHQVLRQDLV
TXHSDUWLOKDUDPPDLVRXPHQRVXPDPELHQWHHPFRPXPQXPQtYHOGHQRVVDH[LVWrQFLD&RPR
YRFrYHUiHVVDDQDORJLDpXPEDVWDQWHVLPSOHVSRUTXHSDVVDGRSUHVHQWHHIXWXURUHDOPHQWHQmR
H[LVWHPQHVVHVWHUPRV
1RVVDH[SHULrQFLDQRHQWDQWRQmRLQFOXLDVGLYLV}HVGHWHPSRFRPDVTXDLVYRFrVVmRIDPLOLDUHV
7HPRVPXLWRPDLVDPLJRVHDVVRFLDGRVGRTXHYRFrVWHPVLPSOHVPHQWHSRUTXHHVWDPRV
FRQVFLHQWHVGDYDULHGDGHGHFRQH[}HVTXHFKDPDPRVSRUDJRUDGHHQFDUQDo}HVSDVVDGDV
7HPRVpFODURPDLVFRQKHFLPHQWRHPQRVVDVPmRVJURVVRPRGRIDODQGR1mRKiSHUtRGRGH
WHPSRHPVHXVWHUPRVTXHYRFrSRVVDPHQFLRQDUPDVDOJXQVGHQyVIRPRVGHOiHFDUUHJDPRV
GHQWURGHQRVVDVPHPyULDVDLQGHOpYHOH[SHULrQFLDTXHIRLJDQKDQDTXHOHFRQWH[WRHPSDUWLFXODU

1mRVHQWLPRVDQHFHVVLGDGHGHHVFRQGHUQRVVDVHPRo}HVRXSHQVDPHQWRVGRVRXWURVSRUTXHWRGRV
QyVUHFRQKHFHPRVEHPDQDWXUH]DFRRSHUDWLYDGHWRGDVDVFRQVFLrQFLDVHGDUHDOLGDGHHQRVVD
SDUWHQHODV6RPRVDOWDPHQWHPRWLYDGRV(VStULWRVSRGHULDPVHUTXDOTXHURXWUDFRLVD"
6LPSOHVPHQWHSRUWHUPRVDQRVVRFRPDQGRRFRPSOHWRXVRGHQRVVDHQHUJLDHODQmRpGHVYLDGD
HPFRQIOLWRV1mRDIUDJPHQWDPRVSRUDtPDVDXWLOL]DPRVSDUDSURSyVLWRVVLQJXODUHVHLQGLYLGXDLV
TXHVmRDSDUWHEiVLFDGHQRVVDH[SHULrQFLDSVLFROyJLFD

$JRUDFDGDHXFRPSOHWRRXSHUVRQDOLGDGHPXOWLGLPHQVLRQDOWHPVHXVSUySULRVSURSyVLWRV
PLVV}HVHHPSHQKRVFULDWLYRVTXHVmRSDUWHVLQLFLDLVHEiVLFDVGHVLPHVPRVHLVVRGHWHUPLQDDV
TXDOLGDGHVTXHID]HPHVVHHXHWHUQDPHQWHYiOLGRVHHWHUQDPHQWHEXVFDGRUHV)LQDOPHQWHVRPRV
OLYUHVSDUDXVDUQRVVDHQHUJLDQHVVDVGLUHo}HV(QFDUDPRVPXLWRVGHVDILRVGHQDWXUH]DEDVWDQWH
PRPHQWkQHDHSHUFHEHPRVTXHQRVVRVSURSyVLWRVQmRVmRDSHQDVLPSRUWDQWHVSRUVLPHVPRVPDV
SDUDDVVXUSUHHQGHQWHVUDPLILFDo}HVTXHGHVHQYROYHPQRVVRVHVIRUoRVHPSRVVXtORV
$RWUDEDOKDUQRVVRVSURSyVLWRVSHUFHEHPRVTXHHVWDPRVDEULQGRFDPLQKRVTXHWDPEpPSRGHPVHU
XVDGRVSRURXWURV

7DPEpPVXVSHLWDPRVFHUWDPHQWHHXVLPTXHRVSURSyVLWRVWHUmRUHVXOWDGRVVXUSUHHQGHQWHV
FRQVHTrQFLDVHVSDQWRVDVTXHQXQFDSHUFHEHPRVHTXHHOHVLUmRPHUDPHQWHQRVFRQGX]LUDQRYRV
FDPLQKRV3HUFHEHULVVRQRVDMXGDDPDQWHURVHQVRGHKXPRU4XDQGRDOJXpPQDVFHHPRUUH
PXLWDVYH]HVHVSHUDQGRDH[WLQomRDFDGDPRUWHHTXDQGRHVVDH[SHULrQFLDpVHJXLGDSHOD
SHUFHSomRGHTXHDH[LVWrQFLDDLQGDFRQWLQXDHQWmRRVHQVRGDGLYLQDFRPpGLDDSDUHFH
(VWDPRVFRPHoDQGRDDSUHQGHUDDOHJULDFULDWLYDGRMRJR(XDFUHGLWRSRUH[HPSORTXHWRGD
FULDWLYLGDGHHFRQVFLrQFLDQDVFHQDTXDOLGDGHGRMRJRDRLQYpVGRHVIRUoRQRMRJRQD
HVSRQWDQHLGDGHLQWXLWLYDDFHOHUDGDTXHYHMRFRPRXPDFRQVWDQWHDWUDYpVGHWRGDVDVPLQKDV
SUySULDVH[LVWrQFLDVHQDH[SHULrQFLDGDTXHOHVTXHFRQKHoR

(XPHFRPXQLFRFRPVXDGLPHQVmRSRUH[HPSORQmRSRUPLQKDLQFOLQDomRDVHXQtYHOGH
UHDOLGDGHPDVSRULPDJLQDUPHDt7RGDVDVPLQKDVPRUWHVVHULDPDYHQWXURVDVVHHXWLYHVVH
SHUFHELGRRTXHVHLDJRUD3RUXPODGRYRFrVOHYDPDYLGDPXLWRVHULDPHQWHHSRURXWURODGR
YRFrVQmROHYDPDH[LVWrQFLDGLYHUWLGDVHULDPHQWHREDVWDQWH
1yVGHVIUXWDPRVGHXPVHQWLGRGHGLYHUVRTXHpDOWDPHQWHHVSRQWkQHDHDLQGDVXSRQKRTXHYRFrV
FKDPDULDPLVVRGHMRJRUHVSRQViYHO&HUWDPHQWHHVVHpXPMRJRFULDWLYR

1yVEULQFDPRVSRUH[HPSORFRPDPRELOLGDGHGHQRVVDFRQVFLrQFLDYHQGRTXmRORQJHDOJXpP
SRGHLU(VWDPRVFRQVWDQWHPHQWHVXUSUHVRVSHORVSURGXWRVGHQRVVDSUySULDFRQVFLrQFLDFRPDV
GLPHQV}HVGDUHDOLGDGHDWUDYpVGDTXDOSRGHPRVEULQFDUFRPRQXPMRJRGHDPDUHOLQKD

3RGHSDUHFHUTXHXVDPRVQRVVDFRQVFLrQFLDjWRDHPWDOMRJRHDLQGDQRYDPHQWHRVFDPLQKRV
TXHID]HPRVFRQWLQXDPH[LVWLQGRHSRGHPVHUXVDGRVSRURXWURV'HL[DPRVPHQVDJHQVDTXDOTXHU
XPTXHYHQKDDWUDYpVGHLQGLFDo}HVPHQWDLV
3RGHPRVHVWDUDOWDPHQWHPRWLYDGRVQRHQWDQWRHDLQGDXVDUHHQWHQGHURXVRFULDWLYRGRMRJR
DPERVFRPRPpWRGRVGHDWLQJLUQRVVRVREMHWLYRVHSURSyVLWRVHFRPRXPHPSHQKRVXUSUHHQGHQWH
HFULDWLYRHPVLPHVPR

$JRUDHPPHXWUDEDOKRFRPRSURIHVVRUYLDMRSDUDPXLWDVGLPHQV}HVGHH[LVWrQFLDDWpPHVPR
FRPRXPSURIHVVRUDPEXODQWHTXHSRGHULDGDUFRQIHUHQFLDVHPYiULRVHVWDGRVRXSDtVHV$TXL
SRUpPDVHPHOKDQoDWHUPLQDHPJUDQGHSDUWHMiTXHDQWHVTXHHXSRVVDFRPHoDUDWUDEDOKDU
SUHFLVRHVWDEHOHFHUHVWUXWXUDVSVLFROyJLFDVSUHOLPLQDUHVHDSUHQGHUDFRQKHFHUPHXVDOXQRVDQWHV
PHVPRGRHQVLQDPHQWRFRPHoDU

7HQKRTXHWHUXPFRQKHFLPHQWRFRPSOHWRGRVLVWHPDSDUWLFXODUGHUHDOLGDGHQDTXDOPHXDOXQR
RSHUDGRVHXVLVWHPDGHSHQVDPHQWRGRVVtPERORVTXHVmRVLJQLILFDWLYRV$HVWDELOLGDGHGD
SHUVRQDOLGDGHGRDOXQRGHYHVHUPHGLGDFRUUHWDPHQWHSRUPLP$VQHFHVVLGDGHVGDTXHOD
SHUVRQDOLGDGHQmRSRGHPVHULJQRUDGDVPDVSUHFLVDPVHUOHYDGDVHPFRQVLGHUDomR

2DOXQRSUHFLVDVHUHQFRUDMDGRPDVQmRHVWHQGLGRH[FHVVLYDPHQWHHQTXDQWRRGHVHQYROYLPHQWR
FRQWLQXD0HXPDWHULDOSUHFLVDVHUDSUHVHQWDGRGHWDOIRUPDTXHIDoDVHQWLGRQRFRQWH[WRQRTXDOR
DOXQRHQWHQGHDUHDOLGDGHSDUWLFXODUPHQWHQRVHVWiJLRVLQLFLDLV*UDQGHFXLGDGRSUHFLVDVHU
XWLOL]DGRPHVPRDQWHVTXHRHQVLQDPHQWRVpULRSRVVDFRPHoDUSRLVWRGRVRVQtYHLVGD
SHUVRQDOLGDGHVHGHVHQYROYHPDXPDWD[DPDLVRXPHQRVFRQVWDQWH

1RUPDOPHQWHRPDWHULDOTXHDSUHVHQWRLUiLQLFLDOPHQWHVHUGDGRVHPQHQKXPVLQDOGHPLQKD
SUHVHQoDDSDUHQWHPHQWHFRPRXPDUHYHODomRVXUSUHHQGHQWH3RLVQmRLPSRUWDTXmR
FXLGDGRVDPHQWHHXDSUHVHQWHRPDWHULDOHOHDLQGDUHSUHVHQWDXPSXORQDPXGDQoDGHLGpLDV
SDVVDGDVTXHVmRXPDSDUWHIRUWHGDSHUVRQDOLGDGHGRDOXQR2TXHGLJRpXPDFRLVDPDVR
DOXQRpFODURpHPSXUUDGRSDUDDH[SHULrQFLDHSDUDRFRPSRUWDPHQWRSVLFROyJLFRHSVtTXLFRTXH
SRGHPSDUHFHUEDVWDQWHDOLHQtJHQDVSDUDHOHHPXPFHUWRQtYHOGHFRQVFLrQFLD

2VSUREOHPDVYDULDPGHDFRUGRFRPRVLVWHPDQRTXDOPHXDOXQRWHPVXDH[LVWrQFLD(PQRVVR
VLVWHPDSRUH[HPSORHHPFRQH[mRFRPDPXOKHUDWUDYpVGHTXHPHVFUHYRHVVHOLYUR
LQLFLDOPHQWHRFRQWDWRGHPLQKDSDUWHIRLIHLWRPXLWRDQWHVTXHQRVVDVVHVV}HVFRPHoDVVHP

$SHUVRQDOLGDGHQXQFDHVWHYHFRQVFLHQWHGHQRVVRFRQWDWRLQLFLDO(ODVLPSOHVPHQWHH[SHULHQFLRX
GHUHSHQWHQRYRVSHQVDPHQWRVHMiTXHHODpXPDSRHWLVDHOHVDSDUHFHUDPFRPRLQVSLUDo}HV
SRpWLFDV8PDYH]KiDOJXQVDQRVDWUiVQXPDFRQIHUrQFLDGHHVFULWRUHVHODILFRXHQYROYLGDHP
FLUFXQVWkQFLDVTXHSRGHULDPWrODJXLDGRDVHXGHVHQYROYLPHQWRSVtTXLFRDQWHVTXHHODHVWLYHVVH
SURQWD2FOLPDSVLFROyJLFRQDTXHOHWHPSRHGRGDTXHOHVHQYROYLGRVLQLFLDUDPDVFRQGLo}HVH
VHPSHUFHEHURTXHHVWDYDSDUDID]HUQRVVDDPLJD-DQHHQWURXHPWUDQVH
&RQKHoRVHXVGRQVSVtTXLFRVGHVGHVXDLQIkQFLDPDVRVLQVLJKWVQHFHVViULRVIRUDPFDQDOL]DGRV
DWUDYpVGDSRHVLDDWpTXHDSHUVRQDOLGDGHDWLQJLXRFRQKHFLPHQWRSUHFLVRQHVVHFDVRSDUWLFXODU

1RDFRQWHFLPHQWRKiSRXFRPHQFLRQDGRQRHQWDQWRHXHVWDYDLQIRUPDGRHFXLGHLSDUDTXHR
HSLVRGLHWHUPLQDVVHHQmRIRVVHUHDOL]DGR

)RLXPUDURLQFLGHQWHGHSHUIRUPDQFHQRHQWDQWR4XDVHVHPVDEHUDSHUVRQDOLGDGHGHFLGLXWHQWDU
VXDVDVDVILJXUDWLYDPHQWHIDODQGR&RPRXPDSDUWHGHPHXWUDEDOKRHQWUHWDQWRWHQKRWUHLQDGRD
MRYHPPXOKHUGHXPDIRUPDRXRXWUDGHVGHVXDLQIkQFLD±HWXGRLVVRFRPRDOJRSUHOLPLQDUDR
VpULRWUDEDOKRTXHFRPHoDPRVFRPQRVVDVVHVV}HV

(VVDpXPDSDUWHQRUPDOGHPLQKDDWLYLGDGHHPYiULRVQtYHLVGHH[LVWrQFLDeXPWUDEDOKR
DOWDPHQWHGLYHUVLILFDGRSRLVDVHVWUXWXUDVGDSHUVRQDOLGDGHYDULDP(QTXDQWRHPXQVVLVWHPDVQRV
TXDLVWUDEDOKRWUDEDOKRHPFHUWDVVLPLODULGDGHVEiVLFDVHPDOJXPDVGLPHQV}HVQmRHVWRX
HTXLSDGRSDUDVHUXPSURIHVVRUVLPSOHVPHQWHSRUTXHRVFRQFHLWRVEiVLFRVGDH[SHULrQFLDVHULDP
HVWUDQJHLURVjPLQKDQDWXUH]DHRVSURFHVVRVGHDSUHQGL]DGRHPVLHVWmRDOpPGHPLQKDSUySULD
H[SHULrQFLD

$JRUDVXDVLGpLDVGHHVSDoRVmRDOWDPHQWHHUU{QHDV(PPHXVFRQWDWRVFRPVXDHVIHUDGH
DWLYLGDGHHXQmRSDVVRYDUUHQGRRFpXEULOKDQWHPHQWHGRXUDGRFRPRDOJXPVXSHUKRPHP
HVSLULWXDOGHVHXSUySULRGRPtQLR
)DODUHLGLVVRQXPFDStWXORSRVWHULRUPDVGHXPDIRUPDPXLWRUHDORHVSDoRFRPRYRFrR
SHUFHEHVLPSOHVPHQWHQmRH[LVWH1mRDSHQDVpXPDLOXVmRGHHVSDoRFDXVDGDSRUVHXVSUySULRV
PHFDQLVPRVGHSHUFHSomRItVLFDPDVWDPEpPSURYRFDGRSRUSDGU}HVPHQWDLVTXHYRFrDFHLWRX±
SDGU}HVTXHVmRDGRWDGRVSHODFRQVFLrQFLDTXDQGRHODDWLQJHFHUWRHVWiJLRGH³HYROXomR´HPVHX
VLVWHPD

4XDQGRYRFrFKHJDRXHPHUJHQDYLGDItVLFDQmRDSHQDVVXDPHQWHpFRPRXPDORXVDHP
EUDQFRHVSHUDQGRDVOHWUDVTXHDH[SHULrQFLDHVFUHYHUiPDVYRFrMiHVWiHTXLSDGRFRPXPEDQFR
GHPHPyULDVTXHXOWUDSDVVDGHORQJHTXDOTXHUFRPSXWDGRU9RFrHQFDUDVHXSULPHLURGLDQR
SODQHWDFRPDGHVWUH]DHDKDELOLGDGHMiFRQVWUXtGDVHPERUDHODVSRVVDPRXQmRVHUXVDGDVH
HODVQmRVmRPHUDPHQWHRUHVXOWDGRGHVXDKHUHGLWDULHGDGHFRPRYRFrSRGHSHQVDU

9RFrSRGHSHQVDUTXHVXDDOPDRXHQWLGDGH±HPERUDEUHYHPHQWHHSRUFDXVDGHVVDDQDORJLD±
FRPRDOJRFRPRXPFRPSXWDGRUFRQVFLHQWHHYLYRGLYLQDPHQWHLQVSLUDGRTXHSURJUDPDVXDV
SUySULDVH[LVWrQFLDVHYLGDV0DVHVVHFRPSXWDGRUpWmRDOWDPHQWHGRWDGRGHFULDWLYLGDGHTXHFDGD
XPDGDVYiULDVSHUVRQDOLGDGHVTXHHOHSURJUDPDEURWDGDFRQVFLrQFLDHFDQWDHSRUVXDYH]FULD
UHDOLGDGHVLQLPDJLQiYHLVSHORFRPSXWDGRUHPVLPHVPR

&DGDXPDGHWDLVSHUVRQDOLGDGHVQRHQWDQWRYHPFRPXPDLGpLDFRQVWUXtGDGDUHDOLGDGHQDTXDO
RSHUDUiHVHXHTXLSDPHQWRPHQWDOpULJRURVDPHQWHIHLWRVREPHGLGDSDUDVHFRPSDWLELOL]DUFRP
RVDPELHQWHVHVSHFtILFRV(OHWHPFRPSOHWDOLEHUGDGHPDVSUHFLVDVHURSHUDGRQRFRQWH[WRGD
H[LVWrQFLDSDUDRTXDOIRLSURJUDPDGR&RPDSHUVRQDOLGDGHQRHQWDQWRQRVPDLVVHFUHWRV
GHWDOKHVHVWiRFRQKHFLPHQWRFRQGHQVDGRTXHUHVLGHQRFRPSXWDGRUFRPRXPWRGR3UHFLVR
HQIDWL]DUTXHQmRHVWRXIDODQGRTXHDDOPDRXDHQWLGDGHVHMDXPFRPSXWDGRUPDVDSHQDV
SHGLQGROKHTXHROKHSDUDRDVVXQWRVREHVVHkQJXORGHIRUPDDPHOKRUDUDFRPSUHHQVmRGHYiULRV
SRQWRV

&DGDSHUVRQDOLGDGHWHPHPVLDKDELOLGDGHQmRDSHQDVGHDGTXLULUXPQRYRWLSRGHH[LVWrQFLDQR
DPELHQWH±HPVHXFDVRQDUHDOLGDGHItVLFD±PDVGHVRPDUFULDWLYDPHQWHDPHVPDTXDOLGDGHj
VXDSUySULDFRQVFLrQFLDHDRID]HULVVRWUDEDOKDUVHXFDPLQKRDWUDYpVGRVLVWHPDHVSHFLDOL]DGR
TXHEUDQGRDVEDUUHLUDVGDUHDOLGDGHFRPRHOHDFRQKHFH

$JRUDKiXPSURSyVLWRHPWXGRLVVRTXHWDPEpPVHUiGLVFXWLGRPDLVjIUHQWH0HQFLRQRWRGRHVVH
DVVXQWRDTXLQRHQWDQWRSRUTXHTXHURTXHYRFrYHMDTXHVHXDPELHQWHQmRpUHDOQRVWHUPRVTXH
YRFrLPDJLQDTXHVHMD4XDQGRYRFrQDVFHYRFrMiHVWi³FRQGLFLRQDGR´DSHUFHEHUDUHDOLGDGHGH
XPDPDQHLUDSDUWLFXODUHDLQWHUSUHWDUDH[SHULrQFLDGHXPDPDQHLUDPXLWROLPLWDGDPDVLQWHQVD

3UHFLVRH[SOLFDULVVRDQWHVGHSRGHUOKHGDUXPDLGpLDFODUDGHPHXDPELHQWHRXGRVRXWURV
VLVWHPDVGHUHDOLGDGHQRVTXDLVRSHUR1mRKiHVSDoRHQWUHPHXDPELHQWHHRVHXSRUH[HPSOR
QHPIURQWHLUDVItVLFDVTXHQRVVHSDUHP'HXPPRGRPXLWRUHDOGLUHWDPHQWHIDODQGRVHXFRQFHLWR
GHUHDOLGDGHFRQIRUPHYLVWRSRUVHXVVHQWLGRVItVLFRVLQVWUXPHQWRVFLHQWtILFRVRXjTXHOHVQRV
TXDLVYRFrFKHJRXSRUGHGXomRWrPSRXFDVHPHOKDQoDFRPRVIDWRV±HRVIDWRVVmRGLItFHLVGH
VHUHPH[SOLFDGRV

6HXVLVWHPDSODQHWiULRH[LVWHVLPXOWDQHDPHQWHQRWHPSRHQRHVSDoR2XQLYHUVRTXHSDUHFHVHU
SHUFHELGRSRUYRFrYLVXDORXLQVWUXPHQWDOPHQWHSDUHFHVHUFRPSRVWRGHJDOi[LDVHVWUHODVH
SODQHWDVGLVWDQWHGHYRFrV%DVLFDPHQWHQRHQWDQWRLVVRpXPDLOXVmR6HXVVHQWLGRVHVXD
H[LVWrQFLDFRPRFULDWXUDVItVLFDVOKHSURJUDPDPSDUDSHUFHEHURXQLYHUVRGHVVDIRUPD2
XQLYHUVRFRPRYRFrRFRQKHFHpVXDLQWHUSUHWDomRGRVHYHQWRVGHFRPRHOHVSHQHWUDPHPVXD
UHDOLGDGHWULGLPHQVLRQDO2VHYHQWRVVmRPHQWDLV,VVRQmRVLJQLILFDTXHYRFrQmRSRVVDYLDMDU
SDUDRXWURVSODQHWDVSRUH[HPSORGHQWURGHVVHXQLYHUVRItVLFRPDLVGRTXHLVVRVLJQLILFDTXHYRFr
QmRSRGHXVDUPHVDVRQGHUHSRXVDUVHXVOLYURVyFXORVHODUDQMDVHPERUDDPHVDQmRWHQKD
TXDOLGDGHVVyOLGDVHPVLPHVPD

4XDQGRHQWURHPVHXVLVWHPDPRYRPHDWUDYpVGHXPDVpULHGHHYHQWRVPHQWDLVHSVtTXLFRV
9RFrLQWHUSUHWDULDHVVHVHYHQWRVFRPRHVSDoRHWHPSRHQRUPDOPHQWHHXSUHFLVRXVDUHVVHV
WHUPRVSRLVHXSUHFLVRXVDUVXDOLQJXDJHPPDLVGRTXHDPLQKDSUySULD

$VVXSRVLo}HVHQUDL]DGDVVmRHVVDVLGpLDVFRQVWUXtGDVGHUHDOLGDGHGDVTXDLVIDOHLHVVHVDFRUGRV
VREUHRVTXDLVYRFrVEDVHLDPVXDVLGpLDVGHH[LVWrQFLD(VSDoRHWHPSRSRUH[HPSORVmR
VXSRVLo}HVHQUDL]DGDV&DGDVLVWHPDGHUHDOLGDGHWHPVHXSUySULRMRJRGHVVHVDFRUGRV4XDQGRHX
PHFRPXQLFRHPVHXVLVWHPDSUHFLVRXVDUHHQWHQGHUDVVXSRVLo}HVHQUDL]DGDVVREUHDVTXDLVHOH
pEDVHDGR&RPRXPSURIHVVRUPLQKDSDUWHGRWUDEDOKRpHQWHQGHUHXViODVHWLYHH[LVWrQFLDVHP
PXLWRVVLVWHPDVFRPRHVVHFRPRXPDSDUWHGRTXHYRFrVSRGHPFKDPDUGHPHXWUHLQDPHQWR
EiVLFRHPERUDHPVHXVWHUPRVPHXVDVVRFLDGRVHHXGDPRVRXWURVQRPHVSDUDHOHV

$HQWLGDGHRXDDOPDWHPXPDQDWXUH]DPXLWRPDLVFULDWLYDHFRPSOLFDGDGRTXHDWpVXDV
UHOLJL}HVLPDJLQDUDP
(ODXWLOL]DLQ~PHURVPpWRGRVGHSHUFHSomRHWHPDVHXFRPDQGRPXLWRVRXWURVWLSRVGH
FRQVFLrQFLD6XDLGpLDGHDOPDUHDOPHQWHpOLPLWDGDSRUVHXVFRQFHLWRVWULGLPHQVLRQDLV

$DOPDSRGHPXGDURIRFRGHVXDSUySULDFRQVFLrQFLDHXVDDFRQVFLrQFLDFRPRYRFrXVDRVROKRV
HPVXDFDEHoD$JRUDHPPHXQtYHOGHH[LVWrQFLDVRXVLPSOHVPHQWHFRQVFLHQWHGRIDWRWmR
HVWUDQKRTXDQWRSRVVDSDUHFHUTXHQmRVRXPLQKDFRQVFLrQFLD0LQKDFRQVFLrQFLDpXPDWULEXWRD
VHUXVDGRSRUPLP,VWRVHDSOLFDDFDGDXPGRVOHLWRUHVGHVWHOLYURHPERUDRFRQKHFLPHQWRSRVVD
VHUHVFRQGLGR$OPDRXHQWLGDGHHQWmRVmRPDLVTXHFRQVFLrQFLD

4XDQGRHQWURHPVHXDPELHQWHGLUHFLRQRPLQKDFRQVFLrQFLDHPVXDGLUHomR'HFHUWDIRUPD
WUDQVIRUPRRTXHVRXHPXPHYHQWRTXHYRFrSRGHHQWHQGHUGHFHUWRPRGR'HXPDPDQHLUD
PXLWRPDLVOLPLWDGDTXDOTXHUDUWLVWDID]DPHVPDFRLVDTXDQGRWUDQVIRUPDRTXHHOHpRXXPD
SRUomRGHOHHPXPDLPDJHP$RPHQRVKiXPDDQDORJLDHYRFDWLYDDTXL

4XDQGRHQWURHPVHXVLVWHPDSHQHWURQDUHDOLGDGHWULGLPHQVLRQDOHYRFrSUHFLVDLQWHUSUHWDURTXH
DFRQWHFHjOX]GHVXDSUySULDVXSRVLomRHQUDL]DGD$JRUDYRFrSHUFHEDRXQmRFDGDXPGHYRFrV
SHQHWUDHPRXWURVVLVWHPDVGHUHDOLGDGHHPVHXVHVWDGRVGHVRQKRVVHPDSDUWLFLSDomRWRWDOGD
FRQVFLrQFLDQRUPDOGHVHXHX1XPDH[SHULrQFLDVXEMHWLYDYRFrGHL[DSDUDWUiVDVXDH[LVWrQFLD
ItVLFDHDWXDQRVWHPSRVFRPIRUWHSURSyVLWRHYDOLGDGHFULDWLYDQRVVRQKRVTXHYRFrHVTXHFHQR
PRPHQWRHPTXHDFRUGD

4XDQGRYRFrSHQVDQRSURSyVLWRGHVXDH[LVWrQFLDYRFrSHQVDQRVWHUPRVGRGHVSHUWDUGLiULRGD
YLGDHHQWmRYRFrHVWiHPFRPXQLFDomRFRPDVRXWUDVSRUo}HVGHVXDSUySULDHQWLGDGH
WUDEDOKDQGRFRPHPSHQKRH[DWDPHQWHFRPRRVLJXDLVDYRFrQRDFRUGDUGDYLGD

4XDQGRFRQWDWRVXDUHDOLGDGHpFRPRVHHXIRVVHHQWUDUHPXPGHVHXVVRQKRV3RVVRHVWDU
FRQVFLHQWHGHPLPPHVPRTXDQGRGLWRHVVHOLYURDWUDYpVGH-DQH5REHUWVHDLQGDWDPEpP
FRQVFLHQWHGHPLPPHVPRHPPHXSUySULRDPELHQWHSRLVHQYLRDSHQDVXPDSRUomRGHPLP
PHVPRSDUDFiFRPRYRFrWDOYH]HQYLDXPDSRUomRGHVXDFRQVFLrQFLDTXDQGRHVFUHYHXPDFDUWD
SDUDXPDPLJRHDLQGDHVWiFRQVFLHQWHVGDVDODQDTXDOHVWiVHQWDGR

(QYLRPDLVGRTXHYRFrHPXPDFDUWDSRLVXPDSRUomRGHPLQKDFRQVFLrQFLDDJRUDHVWiQD
PXOKHUHPWUDQVHFRQIRUPHGLWRPDVDDQDORJLDpSUy[LPDREDVWDQWH

0HXDPELHQWHFRPRPHQFLRQHLDQWHVQDRpRGHXPDSHUVRQDOLGDGHUHFHQWHPHQWHIDOHFLGDHP
VHXVWHUPRVPDVPDLVWDUGHGHVFUHYHUHLRTXHYRFrSRGHHVSHUDUVREHVVDVFRQGLo}HV8PD
JUDQGHGLIHUHQoDHQWUHVXHDPELHQWHHRPHXpTXHYRFrSUHFLVDPDWHULDOL]DUDWRVPHQWDLV
ILVLFDPHQWHFRPRPDWpULDItVLFD(QWHQGHPRVDUHDOLGDGHGRVDWRVPHQWDLVHUHFRQKHFHPRVVXD
EULOKDQWHYDOLGDGH1yVRDFHLWDPRVSHORTXHHOHVVmRHFRQVHTXHQWHPHQWHHVWDPRVDOpPGD
QHFHVVLGDGHGHPDWHULDOL]iORVHLQWHUSUHWiORGHIRUPDWmRUtJLGD

6XD7HUUDIRLPXLWRTXHULGDSRUPLP$JRUDSRVVRPXGDURIRFRGHPLQKDFRQVFLrQFLDDGLDQWHH
VHHVFROKHUH[SHULHQFLiODFRPRYRFrID]PDVSRVVRWDPEpPSHUFHErODGHPXLWDVIRUPDVTXH
YRFrQmRSRGHHPVHXWHPSR

$JRUDDOJXQVGHYRFrVTXHHVWmROHQGRHVVHOLYURLUmRLPHGLDWDHLQWXLWLYDPHQWHFRPSUHHQGHUR
TXHHVWRXGL]HQGRSRLVMiWHUmRVXVSHLWDGRTXHHVWmRYHQGRDVH[SHULrQFLDVDWUDYHVGHOHQWHV
ILJXUDWLYDVDOWDPHQWHGLVWRUFLGDVHPERUDFRORULGDV/HPEUHVHWDPEpPTXHVHDUHDOLGDGHItVLFD
pHPJUDQGHVHQWLGRXPDLOXVmRpXPDLOXVmRSURYRFDGDSRUXPDJUDQGHUHDOLGDGH$LOXVmRHP
VLPHVPDWHPXPSURSyVLWRHVLJQLILFDGR7DOYH]VHMDPHOKRUGL]HUTXHDUHDOLGDGHItVLFDpGD
IRUPDTXHDUHDOLGDGHVHDSUHVHQWD(PVHXVLVWHPDQRHQWDQWRYRFrHVWiIRFDGRPXLWRPDLV
LQWHQVDPHQWHVREUHXPSHTXHQRDVSHFWRUHODWLYRGDH[SHULrQFLD

3RGHPRVYLDMDUOLYUHPHQWHDWUDYpVGHQ~PHURVYDULiYHLVGHWDLVUHDOLGDGHV1RVVDH[SHULrQFLD
QHVVHSRQWRLQFOXLQRVVRWUDEDOKRHPFDGDXP1mRTXHURPLQLPL]DUDLPSRUWkQFLDGHVXDV
SHUVRQDOLGDGHVDWXDLVQHPDH[LVWrQFLDItVLFD$RFRQWUiULR$H[SHULrQFLDWULGLPHQVLRQDOpXP
HVWDGRLQHVWLPiYHOSDUDWUHLQR

6XDSHUVRQDOLGDGHFRPRYRFrDFRQKHFHSHUVHYHUDUiHFRPVXDVPHPyULDVPDVHODpDSHQDV
XPDSDUWHGHWRGDVXDLGHQWLGDGHFRPRVXDLQIkQFLDHPVXDYLGDpXPDSDUWHH[WUHPDPHQWH
LPSRUWDQWHHPVXDSHUVRQDOLGDGHDWXDOHPERUDDJRUDYRFrPXLWRPDLVTXHXPDFULDQoD
9RFrFRQWLQXDUiFUHVFHQGRHVHGHVHQYROYHQGRHYRFrVHWRUQDUiFRQVFLHQWHGHRXWURVDPELHQWHV
FRPRTXDQGRYRFrGHL[RXVXDLQIkQFLD0DVDPELHQWHVQmRVmRFRLVDVREMHWLYDVFRQJORPHUDGRVGH
REMHWRVTXHH[LVWHPLQGHSHQGHQWHPHQWHGHYRFr$RLQYpVGLVVRYRFrRVIRUPDHHOHVVmR
SUDWLFDPHQWHH[WHQV}HVGHYRFrPHVPRDWRVPHQWDLVPDWHULDOL]DGRVTXHVHHVWHQGHPDOpPGHVXD
FRQVFLrQFLD

(XOKHGLUHLH[DWDPHQWHFRPRYRFrIRUPDVHXDPELHQWH(XIRUPRRPHXVHJXLQGRDVPHVPDV
UHJUDVHPERUDYRFrILQDOL]HFRPREMHWRVItVLFRVHHXQmR
6HXVFLHQWLVWDVHVWmRILQDOPHQWHDSUHQGHQGRRTXHRVILOyVRIRVMiVDELDPSRUVpFXORV±TXHDPHQWH
SRGHLQIOXHQFLDUDPDWpULD(OHVDLQGDWrPTXHGHVFREULURIDWRGHTXHDPHQWHFULDHIRUPDD
PDWpULD

$JRUDVHXPDLVSUy[LPRDPELHQWHILVLFDPHQWHIDODQGRpVHXFRUSR(OHQmRpFRPRXP
PDQHTXLPQRTXDOYRFrHVWiDSULVLRQDGRTXHH[LVWHjSDUWHGHYRFrFRPRXPLQYyOXFUR6HX
FRUSRQmRpERQLWRRXIHLRSHUIHLWRRXGHIRUPDGRYHOR]RXYDJDURVRVLPSOHVPHQWHSRUTXHHVVHpR
WLSRGHFRUSRTXHIRLLPSRVWRDYRFrLQGLVFULPLQDGDPHQWHQRQDVFLPHQWR$RLQYpVVXDIRUPD
ItVLFDVHXDPELHQWHFRUSyUHRSHVVRDOpDPDWHULDOL]DomRItVLFDGHVHXVSUySULRVSHQVDPHQWRV
HPRo}HVHLQWHUSUHWDo}HV

4XDVHOLWHUDOPHQWHR³VHULQWHULRUÍRUPDRFRUSRSHODWUDQVIRUPDomRPiJLFDGRVSHQVDPHQWRVH
HPRo}HVHPFRQWUDSDUWHVItVLFDV9RFrFRQVWUyLRFRUSR$FRQGLomRGHOHHVSHOKDSHUIHLWDPHQWH
VHXHVWDGRVXEMHWLYRDTXDOTXHUGDGRPRPHQWR8VDQGRiWRPRVHPROpFXODVYRFrHVWUXWXUDVHX
FRUSRIRUPDQGRHOHPHQWRVEiVLFRVHPXPDIRUPDTXHYRFrFKDPDGHVXD

9RFrHVWiLQWXLWLYDPHQWHFRQVFLHQWHGHTXHIRUPDVXDLPDJHPHGHTXHYRFrpLQGHSHQGHQWHGHOD

9RFrQmRSHUFHEHTXHFULDVHXDPSORDPELHQWHHRPXQGRItVLFRFRPRYRFrRFRQKHFHSHOD
SURSXOVmRGHVHXVSHQVDPHQWRVHHPRo}HVSDUDPDWpULDXPDEULUFDPLQKRVQDYLGD
WULGLPHQVLRQDO2VHULQWHULRUQRHQWDQWRLQGLYLGXDOPHQWHHHPPDVVDHQYLDVXDHQHUJLDItVLFD
IRUPDQGRWHQWiFXORVTXHVHDJOXWLQDHPIRUPD

&DGDHPRomRHSHQVDPHQWRWHPVXDSUySULDUHDOLGDGHHOHWURPDJQpWLFDFRPSOHWDPHQWH~QLFD(OHV
VmRDOWDPHQWHHTXLSDGRVSDUDVHFRPELQDUXQVFRPRVRXWURVGHDFRUGRFRPDVYiULDVWD[DVGH
LQWHQVLGDGHTXHLVVRSRGHLQFOXLU'HFHUWDIRUPDRVREMHWRVGDWULGLPHQVLRQDOLGDGHVmRIRUPDGRV
PDLVRXPHQRVGDPHVPDIRUPDTXHDVLPDJHQVTXHYRFrYrHPVXDWHODGHWHOHYLVmRPDVFRP
XPDJUDQGHGLIHUHQoD(YRFrQmRHVWiVLQWRQL]DGRFRPDTXHODIUHTrQFLDSDUWLFXODUYRFrQmR
SHUFHEHUiRVREMHWRVItVLFRVGHTXDOTXHUIRUPD

&DGDXPGHYRFrVDJHFRPRWUDQVIRUPDGRUHVLQFRQVFLHQWHPHQWHDXWRPDWLFDPHQWHWUDQVIRUPDQGR
XQLGDGHVHOHWURPDJQpWLFDVDOWDPHQWHVRILVWLFDGDVHPREMHWRVItVLFRV9RFrHVWiQRPHLRGHXP
VLVWHPDGHPDWpULDFRQFHQWUDGDFHUFDGRSRUDVVLPGL]HUSRUiUHDVPDLVIUDFDVQDVTXDLVRTXH
YRFrFKDPDULDGH³SVHXGRPDWpULD´SHUVLVWH&DGDSHQVDPHQWRHHPRomRHVSRQWDQHDPHQWHH[LVWHP
FRPRXPDVLPSOHVRXFRPSOH[DXQLGDGHHOHWURPDJQpWLFD±DLQGDQmRSHUFHELGDLQFLGHQWDOPHQWH
SRUVHXVFLHQWLVWDV

$LQWHQVLGDGHGHWHUPLQDDIRUoDHDSHUPDQrQFLDGDLPDJHPItVLFDQDTXDORSHQVDPHQWRRX
HPRomRVHUiPDWHULDOL]DGR(PPHXSUySULRPDWHULDOH[SOLFRLVVRDIXQGR$TXLPHUDPHQWH
TXHURTXHYRFrHQWHQGDTXHRPXQGRTXHYRFrFRQKHFHpRUHIOH[RGHXPDUHDOLGDGHLQWHULRU

9RFrpIHLWREDVLFDPHQWHGRVPHVPRVLQJUHGLHQWHVGHXPDFDGHLUDGHXPDSHGUDXPSpGH
DOIDFHXPSiVVDUR
(PXPHPSHQKRFRRSHUDWLYRJLJDQWHVFRWRGDVDVFRQVFLrQFLDVVHXQHPSDUDID]HUDVIRUPDVTXH
YRFrSHUFHEH$JRUDFRPRLVVRpGRQRVVRFRQKHFLPHQWRSRGHPRVPXGDUQRVVRVDPELHQWHVH
QRVVDVIRUPDVItVLFDVFRQIRUPHGHVHMDPRVHVHPFRQIXVmRSRLVSHUFHEHPRVDUHDOLGDGHTXH
UHSRXVDVREWXGRLVVR

1yVWDPEpPSHUFHEHPRVTXHDSHUPDQrQFLDGDIRUPDpXPDLOXVmRMiTXHWRGDDFRQVFLrQFLD
GHYHHVWDUHPXPHVWDGRGHPXGDQoD1yVSRGHPRVHVWDUHPVHXVWHUPRVHPYiULRVOXJDUHVDR
PHVPRWHPSRSRUTXHSHUFHEHPRVDYHUGDGHLUDPRELOLGDGHGDFRQVFLrQFLD$JRUDVHPSUHTXH
YRFrSHQVDHPRFLRQDOPHQWHHPRXWUDSHVVRDYRFrHQYLDXPDFRQWUDSDUWHGHYRFrVRED
LQWHQVLGDGHGDPDWpULDPDVHPXPDIRUPDGHILQLGD(VVDIRUPDSURMHWDQGRRH[WHUQRGHVXD
SUySULDFRQVFLrQFLDHVFDSDFRPSOHWDPHQWHGHVXDDWHQomRHJRWLVWD4XDQGRHXSHQVR
HPRFLRQDOPHQWHHPRXWUDSHVVRDIDoRDPHVPDFRLVDH[FHWRTXHXPDSRUomRGHPLQKD
FRQVFLrQFLDHVWiGHQWURGDLPDJHPHSRGHVHFRPXQLFDU

$PELHQWHVVmRSULQFLSDOPHQWHFULDo}HVPHQWDLVGDFRQVFLrQFLDLPSXOVLRQDGRDVSDUDIRUDHP
GLYHUVDVIRUPDV7HQKRXPHVWXGRGRGpFLPRTXDUWRVpFXORPHXIDYRULWRHPTXHHXHVWRXPXLWR
FRQWHQWHSRUH[HPSOR(PVHXVWHUPRVItVLFRVLVVRQmRH[LVWHHHXVHLPXLWREHPTXHpPLQKD
SURGXomRPHQWDO$LQGDDVVLPHXJRVWRGLVVRHIUHTHQWHPHQWHHOHWRPDXPDIRUPDItVLFDGH
IRUPDDVHQWDUVHjHVFULYDQLQKDHROKDUSDUDIRUDSHODMDQHODQD]RQDUXUDO

$JRUDYRFrID]DPHVPDFRLVDTXDQGRVHVHQWDHPVXDVDODGHHVWDUPDVQmRSHUFHEHRTXHHVWi
ID]HQGRQLVVRYRFrHVWiDWXDOPHQWHUHVWULWR4XDQGRPHXVDVVRFLDGRVHHXQRVHQFRQWUDPRV
IUHTXHQWHPHQWHWUDGX]LPRVRVSHQVDPHQWRVXQVGRVRXWURVHPYiULRVIRUPDWRVHPRGHORVGHSXUR
SUD]HUFRPHVVDSUiWLFD)D]HPRVRTXHYRFrVSRGHULDPFKDPDUGHMRJRH[LJLQGRFHUWDSHUtFLD
RQGHSDUDQRVVDSUySULDGLYHUVmRYHPRVTXDLVGHQyVSRGHWUDGX]LUTXDOTXHUSHQVDPHQWRQDVPDLV
QXPHURVDVIRUPDVSRVVtYHO

+iTXDOLGDGHVVXWLVTXHDIHWDPDQDWXUH]DGHWRGRRSHQVDPHQWRFRPRJUDGDo}HVHPRFLRQDLV
QXQFDLGrQWLFDV±HLQFLGHQWDOPHQWHQHQKXPREMHWRItVLFRHPVHXVLVWHPDpXPDGXSOLFDWDH[DWD
GHTXDOTXHURXWUR2ViWRPRVHPROpFXODVTXHRVFRPS}HP±TXDOTXHUREMHWR±WrPVXDVSUySULDV
LGHQWLGDGHVTXHFRORUHPHTXDOLILFDPTXDOTXHUREMHWRTXHIRUPDP

9RFrDFHLWDSHUFHEHHIRFDOL]DVREUHFRQWLQXLGDGHVHVHPHOKDQoDVFRQIRUPHYRFrSHUFHEH
REMHWRVItVLFRVGHTXDOTXHUWLSRHGHXPDPDQHLUDPXLWRLPSRUWDQWHYRFrVHIHFKDHLJQRUD
GHVVHPHOKDQoDVIRUDGHXPGHWHUPLQDGRFDPSRGHUHDOLGDGH(QWmRYRFrGLVFULPLQDDOWDPHQWH
DFHLWDQGRFHUWDVTXDOLGDGHVHLJQRUDQGRRXWUDV6HXVFRUSRVQmRPXGDPDSHQDVDFDGDVHWHDQRV
SRUH[HPSOR(OHVPXGDPFRQVWDQWHPHQWHDFDGDUHVSLUDomR

'HQWURGDFDUQHiWRPRVHPROpFXODVFRQVWDQWHPHQWHPRUUHPHVmRVXEVWLWXtGRV2VKRUP{QLRV
HVWmRHPXPHVWDGRFRQVWDQWHGHPRYLPHQWRHDOWHUDomR3URSULHGDGHVHOHWURPDJQpWLFDVGDSHOHH
FpOXODVPRYHPVHFRQWLQXDPHQWHHPXGDPHDWpVHLQYHUWHP$PDWpULDItVLFDTXHFRPS}HVHX
FRUSRXPPRPHQWRDWUiVpGLIHUHQWHGHPDQHLUDVLPSRUWDQWHVGDPDWpULDTXHIRUPDVHXFRUSR
QHVVHLQVWDQWH6HYRFrSHUFHEHVVHDPXGDQoDFRQVWDQWHGHQWURGHVHXFRUSRFRPWDQWD
SHUVLVWrQFLDTXDQWRYRFrSUHVWDDWHQomRjVXDQDWXUH]DDSDUHQWHPHQWHSHUPDQHQWHHQWmRYRFr
ILFDULDSDVPRSRUMiWHUFRQVLGHUDGRVHXFRUSRFRPRXPDHQWLGDGHPDLVRXPHQRVFRQVWDQWHPDLV
RXPHQRVFRHVLYD0HVPRVXEMHWLYDPHQWHYRFrVHIRFDVREUHDLGpLDGHXPHXUHODWLYDPHQWH
HVWiYHOHSHUPDQHQWH9RFrGirQIDVHDHVVDVLGpLDVHSHQVDPHQWRVHDWLWXGHVTXHYRFrVH
OHPEUDGDVH[SHULrQFLDVSDVVDGDVFRPRVXDVLJQRUDQGRFRPSOHWDPHQWHDTXHOHVTXHXPDYH]
IRUDP³FDUDFWHUtVWLFRV´HDJRUDGHVYDQHFHUDPVH±LJQRUDQGRWDPEpPRIDWRTXHYRFrQmRSRGH
VHJXUDUPDQWHURSHQVDPHQWR2SHQVDPHQWRGHXPPRPHQWRDQWHVHPVHXVWHPRVVHGHVYDQHFH

9RFrWHQWDPDQWHUXPHXFRQVWDQWHItVLFDHUHODWLYDPHQWHSHUPDQHQWHGHIRUPDDPDQWHUXP
DPELHQWHUHODWLYDPHQWHFRQVWDQWHHUHODWLYDPHQWHSHUPDQHQWH$VVLPYRFrHVWiVHPSUHHPXPD
SRVLomRGHLJQRUDUWDOPXGDQoD(VVHVTXHYRFrVHUHFXVDFRQKHFHUVmRSUHFLVDPHQWHHVVHVTXH
OKHGDULDPXPHQWHQGLPHQWRPXLWRPHOKRUGDYHUGDGHLUDQDWXUH]DGDUHDOLGDGHGDVXEMHWLYLGDGH
LQGLYLGXDOHGRDPELHQWHItVLFRTXHSDUHFHFHUFDUYRFr

2TXHDFRQWHFHDXPSHQVDPHQWRTXDQGRHOHGHL[DVXDPHQWHFRQVFLHQWH"(OHQmRGHVDSDUHFH
VLPSOHVPHQWH9RFrSRGHDSUHQGHUDVHJXLORPDVQRUPDOPHQWHYRFrWHPHWLUDUVXDDWHQomRGD
LQWHQVLGDGHGRIRFRGHOHQDH[LVWrQFLDWULGLPHQVLRQDO(QWmRSDUHFHTXHRSHQVDPHQWRGHVDSDUHFH
7DPEpPSDUHFHTXHVXDVXEMHWLYLGDGHWHPXPDPLVWHULRVDTXDOLGDGHGHVFRQKHFLGDHPUHODomRD
LVVRHTXHPHVPRTXHVXDYLGDPHQWDOWHPXPDWHQGrQFLDLQVLGLRVDjTXHGDXPDTXHGDVXEMHWLYD
QDVTXDLVRVSHQVDPHQWRVHPHPyULDVFDHPSDUDGHVDSDUHFHUQRQDGD(QWmRSDUDVHSURWHJHU
SDUDSURWHJHUVXDVXEMHWLYLGDGHGDGHULYDYRFrHULJHYiULDVEDUUHLUDVSVLFRORJLDVDRTXHYRFr
VXS}HUHSUHVHQWDUSHULJR$RLQYpVGLVVRYRFrYrYRFrSRGHVHJXLUHVVHVSHQVDPHQWRVHHPRo}HV
VLPSOHVPHQWHSHUFHEHQGRTXHVXDSUySULDUHDOLGDGHFRQWLQXDHPRXWUDGLUHomRDRODGRGRVTXH
YRFrLGHQWLILFD3RLVHVVHVSHQVDPHQWRVHHPRo}HVTXHGHL[DUDPVXDPHQWHFRQVFLHQWHOKHJXLDUmR
DRXWURVDPELHQWHV
(VVDVDEHUWXUDVVXEMHWLYDVDWUDYpVGDVTXDLVRVSHQVDPHQWRVSDUHFHPGHVDSDUHFHUVmRGHIDWR
FRPRXUGLGXUDVItVLFDVFRQHFWDQGRRHXTXHYRFrFRQKHFHFRPRXWURVXQLYHUVRVGHH[SHULrQFLDV±
UHDOLGDGHVDRQGHRVVtPERORVYrPiYLGDHSHQVDPHQWRVQmRQHJDPVHXSRWHQFLDO

+iXPDFRPXQLFDomRHQWUHHVVDVRXWUDVUHDOLGDGHVHYRFrPHVPRHPVHXHVWDGRGHVRQKRHXPD
LQWHUDomRFRQVWDQWHHQWUHDPERVRVVLVWHPDV6(KiDOJXPSRQWRDRQGHVXDFRQVFLrQFLDSDUHoD
LOXGLUVHHHVTXLYDUVHGHYRFrRXVHKiDOJXPSRQWRDRQGHVXDFRQVFLrQFLDSDUHoDWHUPLQDU
HQWmRHVVHVVmRRVSRQWRVRQGHYRFrHVWDEHOHFHXEDUUHLUDVSVtTXLFDHSVLFROyJLFDVHVVDVVmR
SUHFLVDPHQWHDViUHDVTXHGHYHPVHUH[SORUDGDV&DVRFRQWUiULRYRFrVHQWHFRPRVHVXD
FRQVFLrQFLDHVWLYHVVHHQFDSVXODGDHPVHXFUkQLRLPyYHOHFRQWUDtGDHFDGDSHQVDPHQWRSHUGLGR
RXPHPyULDHVTXHFLGDDRPHQRVVLPEROLFDPHQWHVHSDUHFHDXPDSHTXHQDPRUWH(HVVHQmRpR
FDVR

&$3Ë78/2
'5$0$65((1&$51$&,21$,6

6HXSUySULRDPELHQWHLQFOXLEHPPDLVGRTXHYRFrSRGHVXSRU$QWHULRUPHQWHHXPHUHIHULDVHX
DPELHQWHHPWHUPRVGHH[LVWrQFLDItVLFDGLiULDHFLUFXQVWkQFLDVjVTXDLVYRFrHVWiSUHVHQWHPHQWH
FRQHFWDGR1DYHUGDGHYRFrHVWiFLHQWHGHPXLWRSRXFRGHVHXDPSORPXLWRH[WHQVRDPELHQWH
&RQVLGHUHVHXHXSUHVHQWHFRPRXPDWRUHPXPDSHoDXPDGLItFLOHQRYDDQDORJLDPDVDGHTXDGD
$FHQDpHVWDEHOHFLGDQRVpFXORYLQWH9RFrFULDDVSURSULHGDGHVRVFHQiULRVRVWHPDVGHIDWR
YRFrHVFUHYHSURGX]HDWXDHPWRGDDSURGXomR±YRFrHTXDOTXHURXWURLQGLYtGXRTXHDWXDQD
SHoD

9RFrHVWiWmRIRFDGRHPVHXVSDSpLVQRHQWDQWRWmRLQWULJDGRSHODUHDOLGDGHTXHFULRXWmR
HQWUDQKDGRQRVSUREOHPDVQRVGHVDILRVQDVHVSHUDQoDVHDIOLo}HVGHVHXVSDSpLVSDUWLFXODUHVTXH
HVTXHFHXTXHHOHVVmRVXDVSUySULDVFULDo}HV(VVHGUDPDLQWHQVDPHQWHFRPRYHQWHFRPWRGDVDV
VXDVDOHJULDVHWUDJpGLDVSRGHVHUFRPSDUDGRjVXDYLGDSUHVHQWHVHXDPELHQWHSUHVHQWHDPERV
LQGLYLGXDLVHHPPDVVD

0DVKiRXWUDVSHoDVDFRQWHFHQGRVLPXOWDQHDPHQWHQDVTXDLVYRFrWHPXPDSDUWHDDWXDU(VVDV
WrPVHXVSUySULRVFHQiULRVVXDVSUySULDVSURSULHGDGHV(ODVJDQKDPOXJDUHPGLIHUHQWHVSHUtRGRV
GHWHPSR8PDSRGHVHUFKDPD³$YLGDQRVpFXORYLQWH$'´2XWUDSRGHVHUFKDPD³9LGDQR
VpFXORGH]RLWR´RX³1RVDQRV$&´RX³1RDQR'&´9RFrWDPEpPFULDHVVDVFHQDV
HDWXDQHODV(VVDVSHoDVWDPEpPUHSUHVHQWDPVHXDPELHQWHRDPELHQWHTXHFHUFDWRGDVXD
SHUVRQDOLGDGH

(QWUHWDQWRHVWRXIDODQGRGHVXDSRUomRTXHHVWiWRPDQGRSDUWHQHVVDSDUWHGHVVHSHUtRGR
SDUWLFXODUHHVVDSRUomRSDUWLFXODUGHWRGDVXDSHUVRQDOLGDGHHVWiIRFDGDQHVVHGUDPDQRTXDO
YRFrQmRHVWiFLHQWHGRVRXWURVHPTXHYRFrWDPEpPUHSUHVHQWDXPSDSHO9RFrQmRHQWHQGHVXD
SUySULDUHDOLGDGHPXOWLGLPHQVLRQDOSRUWDQWRHODSDUHFHHVWUDQKDRXLQDFUHGLWiYHOTXDQGRHXOKH
GLJRTXHYRFrYLYHPXLWDVH[LVWrQFLDVGHXPD~QLFDYH]

eGLItFLOSDUDYRFrVHLPDJLQDUHVWDQGRHPGRLVOXJDUHVDRPHVPRWHPSRPXLWRPHQRVHPGRLVRX
PDLVOXJDUHVRXHPVpFXORV

$JRUDFRORFDGRVLPSOHVPHQWHWHPSRQmRpXPDVpULHGHPRPHQWRV$VSDODYUDVTXHYRFrIDOD
RVDWRVTXHYRFrUHDOL]DSDUHFHJDQKDUOXJDUQRWHPSRFRPRXPDFDGHLUDRXPHVDSDUHFHP
RFXSDUHVSDoR(VVDVVHPHOKDQoDVHQWUHWDQWRVmRXPDSDUWHGDVSURSULHGDGHVFRPSOLFDGDVTXH
YRFrHVWDEHOHFHXDQWHFLSDGDPHQWHHFRPDFHQDTXHYRFrSUHFLVDDFHLWDUFRPRUHDO

4XDWURGDWDUGHpXPDUHIHUHQFLDEHPDFHVVtYHO9RFrSRGHGL]HUDXPDPLJR³(XRHQFRQWUDUHL
jVTXDWURGDWDUGHQDHVTXLQD´RXHPXPUHVWDXUDQWHSDUDEHEHUPRVDOJRRXSDUDEDWHUPRVXP
SDSRRXSDUDDOPRoDUPRVHVHXDPLJRVDEHUiSUHFLVDPHQWHRQGHHTXDQGRHQFRQWUDUiYRFr,VVR
DFRQWHFHUiDGHVSHLWRGRIDWRGHTXHTXDWURKRUDVGDWDUGHQmRWHPXPVHQWLGREiVLFRPDVpXP
DFRUGRPXWXDPHQWHGHVLJQDGR±XPDFRUGRGHFDYDOKHLURVVHYRFrSUHIHULU6(YRFrIRUDRWHDWUR
iVQRYHGDQRLWHPDVDVDo}HVGDSHoDDFRQWHFHPQDPDQKmHQWmRRVDWRUHVVmRPRVWUDGRV
WRPDQGRVHXFDIpYRFrDFHLWDRWHPSRFRPRXPGDGRGDFHQD9RFrWDPEpPILQJHTXHpGH
PDQKm

&DGDXPGHYRFrVHVWiDJRUDHQYROYLGRQXPDSURGXomRPXLWRDPSODQDTXDOWRGRVFRQFRUGDP
FRPFHUWDVVXSRVLo}HVEiVLFDVTXHVHUYHPjHVWUXWXUDQDTXDODFHQDRFRUUH$VVXSRVLo}HV
LPSOLFDPHPTXHWHPSRpXPDVpULHGHPRPHQWRVDSyVRXWURVHPTXHXPPXQGRREMHWLYRH[LVWH
LQGHSHQGHQWHPHQWHGHVXDSUySULDFULDomRHSHUFHSomRGHOHHPTXHYRFrpHQFDSVXODGRGHQWUR
GRVFRUSRVItVLFRVTXHYRFrVWrPXVDGRHHPTXHYRFrVHVWmROLPLWDGRVSHORWHPSRHHVSDoR
2XWUDVVXSRVLo}HVDFHLWDVSHODVPHVPDVUD]}HVLQFOXHPDLGpLDGHTXHWRGDVDVSHUFHSo}HVYrP
DWUDYpVGHVHXVVHQWLGRVItVLFRVHPRXWUDVSDODYUDVTXHWRGDVDVLQIRUPDo}HVOKHVYrPGRQDGD
GHIRUDHGHTXHQHQKXPDLQIRUPDomRYHPGHGHQWUR
(QWmRYRFrpIRUoDGRDIRFDULQWHQVDPHQWHVREUHDVDo}HVTXHSUDWLFD$JRUDHVVHVYiULRVMRJRV
HVVHVSHGDoRVSHULyGLFRVGHFULDWLYLGDGHUHSUHVHQWDPRTXHYRFrFKDPDULDGHYLGDV
UHHQFDUQDWyULDV

7RGDVHODVH[LVWHPEDVLFDPHQWHGHXPDVyYH]$TXHOHVTXHDLQGDHVWmRHQYROYLGRVQHVVH
VHPLQiULRDOWDPHQWHFRPSOLFDGRHSDVVLRQDOFKDPDGRH[LVWrQFLDVUHHQFDUQDWyULDVDFKDPGLItFLO
YHUDOpPGHODV$OJXQVGHVFDQVDQGRHQWUHDVSURGXo}HVFRPRIRUDPWHQWDPVHFRPXQLFDUFRP
DTXHOHVTXHDLQGDHVWmRUHSUHVHQWDQGRVXDVSDUWHVQRMRJRPDVHOHVPHVPRVHVWmRjGHULYDSRU
DVVLPGL]HUHSRGHPYHUDSHQDVPXLWRGLVWDQWHPHQWH
$VFHQDVSDUHFHPWRPDUOXJDUXPDDSyVRXWUDHHVVDVFRPXQLFDo}HVSDUHFHPLQWHQVLILFDUDIDOVD
LGpLDGHTXHRWHPSRpXPDVpULHGHPRPHQWRVDFRQWHFHQGRHPXPDOLQKDVLQJXODUDSDUWLUGHXP
FRPHoRLQFRQFHEtYHOSDUDDOJXPILQDOLJXDOPHQWHLQFRQFHEtYHO

,VVROKHOHYDDSHQVDUHPHUPRVGHXPSURJUHVVREDVWDQWHOLPLWDGRHPWHUPRVLQGLYLGXDLVGHVXD
HVSpFLHFRPRXPWRGR9RFrSHQVDYRFrVTXHWrPFRQVLGHUDGRDUHHQFDUQDomR³EHPFHUWDPHQWH
DUDoDGHYHWHUSURJUHGLGRPDLVTXHD,GDGH0HGLD´HPERUDYRFrWHQKDXPJUDQGHWHPRUGHTXH
QmRSURJUHGLXRXYRFrVHYLUDSDUDRSURJUHVVRWHFQROyJLFRHGL]³DRPHQRVSURJUHGLPRVQHVVH
DVVXQWR´

9RFrSRGHVRUULUHSHQVDUFRQVLJRPHVPRTXHpXPSRXFRGLItFLOLPDJLQDUXPVHQDGRUURPDQRVH
GLULJLQGRjVPXOWLG}HVDWUDYpVGHXPPLFURIRQHSRUH[HPSORRVILOKRVGHOHDVVLVWLQGRD
SHUIRUPDQFHQDWHOHYLVmR0DVWXGRLVVRpXPJUDQGHHUUR2SURJUHVVRQmRH[LVWHPDLVQRVWHUPRV
HPTXHYRFrRFRQVLGHUDGRTXHQRWHPSR

(PFDGDSHoDDPERVLQGLYLGXDOHHPPDVVDSUREOHPDVGLIHUHQWHVVmRHVWUXWXUDGRV2SURJUHVVR
SRGHVHUPHGLGRHPWHUPRVGHPDQHLUDVSDUWLFXODUHVQDVTXDLVDTXHOHVSUREOHPDVIRUDPRXQmR
UHVROYLGRV*UDQGHVDYDQoRVVmRIHLWRVHPFHUWRVSHUtRGRV3RUH[HPSORJUDQGHVUDPLILFDo}HV
DSDUHFHUDPTXHDSDUWLUGHVHXSRQWRGHYLVWDSRGHPQmRVHUFRQVLGHUDGRVSURJUHVVRV

(PDOJXPDVSHoDVGHXPPRGRJHUDORVDWRUHVHVWmRFDGDXPWUDEDOKDQGRHPXPDSRUomRGH
XPJUDQGHSUREOHPDTXHRMRJRPHVPRUHVROYH

(PERUDDTXLHXXVHDDQDORJLDGHXPGUDPDHVVHV³MRJRV´VmRMRJRVGHQDWXUH]DDOWDPHQWH
HVSRQWkQHDQRVTXDLVRVDWRUHVWrPFRPSOHWDOLEHUGDGHQDHVWUXWXUDGRMRJR(JDUDQWLQGRHVVDV
VXSRVLo}HVHVWDEHOHFLGDVQmRKiUHSHWLo}HV

+iREVHUYDGRUHVFRPRYRFrYHUiPDLVjIUHQWHHPQRVVROLYUR&RPRHPTXDOTXHUERDSURGXomR
WHDWUDOKiXPWHPDJHUDOHPFDGDMRJR2VJUDQGHVDUWLVWDVSRUH[HPSORQmRHPHUJLUDPGHXP
WHPSRSDUWLFXODUVLPSOHVPHQWHSRUTXHQDVFHUDPQHOHRXSRUTXHDVFRQGLo}HVIRUDPIDYRUiYHLV

2MRJRHPVLPHVPRIRLHVWUXWXUDGREDVHDGRQDYHUGDGHLQWXLWLYDjTXDOYRFrSRGHULDFKDPDUGH
IRUPDDUWtVWLFDFRPWDOYDVWLGmRGHFULDWLYLGDGHHH[WHQVmRGHUHVXOWDGRVTXHVHUYLULDPSDUD
DFRUGDUDVKDELOLGDGHVODWHQWHVHPFDGDDWRUHWDPEpPFRPRPRGHORGHFRPSRUWDPHQWR

2VSHUtRGRVGHUHQDVFHQoD±HVSLULWXDODUWtVWLFRRXItVLFR±RFRUUHPSRUTXHRLQWHQVRIRFRLQWHULRU
GRVHQYROYLGRVQRGUDPDpGLUHFLRQDGRjTXHODVILQDOLGDGHV2GHVDILRSRGHVHUGLIHUHQWHHPFDGD
SHoDPDVRVJUDQGHVWHPDVVmREDOL]DGRVSDUDWRGDVDVFRQVFLrQFLDV(OHVVHUYHPFRPRPRGHORV

2SURJUHVVRQmRWHPQDGDDYHUFRPWHPSRPDVFRPRIRFRSVtTXLFRHHVSLULWXDO&DGDSHoDp
WRWDOPHQWHGLIHUHQWHGDRXWUD

1mRpFRUUHWRQRHQWDQWRVXSRUTXHVXDVDo}HVQHVVDYLGDVmRFDXVDGDVSRUXPDH[LVWrQFLDSUpYLD
RXTXHYRFrHVWiVHQGRSXQLGRQHVVDYLGDSRUFULPHVGHXPDYLGDSDVVDGD$VYLGDVVmR
VLPXOWkQHDV6XDSUySULDSHUVRQDOLGDGHPXOWLGLPHQVLRQDOpWmRGRWDGDTXHSRGHWHUHVVDV
H[SHULrQFLDVHDLQGDUHWHUVXDLGHQWLGDGH(ODpFODURDIHWDGDSHODVYiULDVRXWUDVSHoDVQDVTXDLV
WRPDSDUWH+iXPDFRPXQLFDomRLQVWDQWkQHDHVHYRFrSUHIHULUXPVLVWHPDGHFDXVDHHIHLWR
LQVWDQWkQHR

(VVDVSHoDVGLILFLOPHQWHVmRVHPSURSyVLWR1HODVDSHUVRQDOLGDGHPXOWLGLPHQVLRQDODSUHQGH
DWUDYpVGHVXDVSUySULDVDo}HV(ODWHQWDXPDYDULHGDGHLQILQLWDGHSRVWXUDVFRPSRUWDPHQWRV
SDGURQL]DGRVDWLWXGHVHSURYRFDDPXGDQoDQRVRXWURVFRPRUHVXOWDGR
$SDODYUD³UHVXOWDGR´DXWRPDWLFDPHQWHLQIHUHHPFDXVDHHIHLWR±DFDXVDDFRQWHFHQGRDQWHVGR
HIHLWRHLVVRpVLPSOHVPHQWHXPSHTXHQLQRH[HPSORGRSRGHUGHWDLVGLVWRUo}HVHGDVGLILFXOGDGHV
LQHUHQWHVHQYROYLGDVFRPRSHQVDPHQWRYHUEDOSRLVLVVRVHPSUHLPSOLFDHPXPHVERoRGHOLQKD
VLQJXODU

9RFrpRHXPXOWLGLPHQVLRQDOTXHWHPHVVDVH[LVWrQFLDVTXHFULDHWRPDSDUWHQHVVDVFHQDV
DSDL[RQDGDPHQWHFyVPLFDVSRUDVVLPGL]HUeVRPHQWHSRUTXHYRFrIRFDQHVVHSDSHOSDUWLFXODU
DJRUDTXHYRFrLGHQWLILFDWRGRRVHXVHUFRPHOH9RFrHVWDEHOHFHHVVHVSDSpLVSDUDVLPHVPRSRU
XPDUD]mR(DFRQVFLrQFLDHVWiQXPHVWDGRGHWRUQDUVH>YLUDVHU17@HDVVLPHVVHHX
PXOWLGLPHQVLRQDOGRTXDOIDORQmRpXPDHVWUXWXUDSVLFROyJLFDFRPSOHWDHWHUPLQDGD(ODWDPEpP
HVWiQXPHVWDGRGHYLUDVHU

(OHHVWiDSUHQGHQGRDDUWHGDUHDOL]DomRHWHPFRQVLJRUHFXUVRVFULDWLYRVLQILQLWRVSRVVLELOLGDGHV
LOLPLWDGDVGHGHVHQYROYLPHQWR0DVDLQGDWHPTXHDSUHQGHURVLJQLILFDGRGHUHDOL]DomRHSUHFLVD
HQFRQWUDUHPVLPHVPRIRUPDVGHWUD]HUSDUDDH[LVWrQFLDDTXHODVFULDo}HVQmRPHQFLRQDGDVTXH
HVWmRGHQWURGHOD

$VVLPHODFULDYDULHGDGHVGHFRQGLo}HVQDVTXDLVRSHUDUHHVWDEHOHFHGHVDILRVSUySULRVDOJXQV
IDGDGRVDIDOKDUHPHPVHXVWHUPRVDRPHQRVLQLFLDOPHQWHSRUTXHHODSULPHLURSUHFLVDFULDUDV
FRQGLo}HVTXHWUDUmRQRYDVFULDo}HVUHODFLRQDGDV(WXGRLVVRpIHLWRFRPJUDQGHHVSRQWDQHLGDGHH
DOHJULDLOLPLWDGD

3RUHVVDUD]mRYRFrFULDPXLWRPDLVDPELHQWHVGRTXHSHUFHEH$JRUDFDGDDWRUDWXDQGRQR
SDSHOIRFDGRQDSHoDSRVVXLXPDOLQKDRULHQWDGRUDLQWHULRU&RQVHTXHQWHPHQWHHOHQmRp
GHL[DGRDEDQGRQDGRHPXPDFHQDHPTXHHVTXHFHXVXDSUySULDFULDomR(OHWHPFRQKHFLPHQWRH
LQIRUPDomRTXHYHPDHOHDWUDYpVGRTXHHXFKDPRGHVHQWLGRVLQWHULRUHV

&RQVHTXHQWHPHQWHHOHWHPRXWUDVIRQWHVGHLQIRUPDomRDOpPGDVOLPLWDGDVjSURGXomR&DGDDWRU
VDEHLVVRLQVWLQWLYDPHQWHHKiSHUtRGRVHVWDEHOHFLGRVHSHUPLWLGRVSDUDTXHRLQWHULRUMRJXHQR
TXDOFDGDDWRUGHVFDQVDGHIRUPDDUHVWDXUDUDVLPHVPR1HVVHVSHUtRGRVHOHpLQIRUPDGR
DWUDYpVGRVVHQWLGRVLQWHULRUHVVREUHVHXVRXWURVSDSpLVHHOHSHUFHEHTXHHOHpPXLWRPDLVGRTXH
DDXWRDSDUrQFLDHPTXDOTXHUSHoD

1HVVHVSHUtRGRVHOHHQWHQGHTXHWHYHVXDPmRQDHVFULWDGDSHoDHTXHpOLYUHGHVVDVVXSRVLo}HV
TXHRRSULPHPHQTXDQWRHOHHVWiDWLYDPHQWHFRQFHQWUDGRQDVDWLYLGDGHVGRGUDPD(VVHVSHUtRGRV
pFODURFRLQFLGHPFRPVHXHVWDGRGHVRQRHFRQGLo}HVGHVRQKRPDVWDPEpPKiRXWUDVVLWXDo}HV
TXDQGRFDGDDWRUYrEHPFODUDPHQWHTXHHOHHVWiFHUFDGRSHODVSURSULHGDGHVHTXDQGRDYLVmR
GHOHGHUHSHQWHWUHVSDVVDDDSDUHQWHUHDOLGDGHGDSURGXomR

,VVRQmRVLJQLILFDTXHDSHoDQmRpUHDORXTXHQmRGHYHVHUOHYDGDVHULDPHQWH,VVRVLJQLILFD
HQFHQDUXPSDSHO±XPSDSHOLPSRUWDQWH&DGDDWRUWHPTXH±HOHPHVPR±SHUFHEHUQRHQWDQWRD
QDWXUH]DGHVXDSURGXomRHVXDSDUWHQHOD(OHWHPTXHDWXDOL]DUIRUDGRFRQILQDPHQWR
WULGLPHQVLRQDOGRVDWRVGDSHoD

+iXPDJUDQGHFRRSHUDomRDWUiVGHWDLVSURGXo}HVPRPHQWkQHDVHDRDWXDUHPVHXSDSHOFDGD
DWRUSULPHLURVHDWXDOL]DFRPDUHDOLGDGHWULGLPHQVLRQDO2HXPXOWLGLPHQVLRQDOQmRSRGHDWXDU
GHQWURGDUHDOLGDGHWULGLPHQVLRQDODWpTXHVHPDWHULDOL]HXPDSRUomRGHVLPHVPRGHQWURGHOH

'HQWURGHVVDUHDOLGDGHHOHWUD]DRVHXUHGRUWRGRVRVWLSRVGHFULDWLYLGDGHHGHVHQYROYLPHQWRTXH
QmRSRGHDSDUHFHUGHRXWUDIRUPD(OHSUHFLVDHQWmRLPSXOVLRQDUDVLPHVPRGHVVHVLVWHPDQR
HQWDQWRDWUDYpVGHRXWURDWRRXWUDDWXDOL]DomRGDSDUWHGRVLPHVPRTXHpWULGLPHQVLRQDO

'XUDQWHVXDH[LVWrQFLDWULGLPHQVLRQDOHOHDMXGDRXWURVGHPDQHLUDVTXHHOHVQmRVHULDPDMXGDGRVH
HOHPHVPRpEHQHILFLDGRHGHVHQYROYLGRGHPRGRVTXHVHULDPLPSRVVtYHLVGHRXWUDPDQHLUD

2VLJQLILFDGRGDSHoDHVWiGHQWURGHYRFrQRHQWDQWReDSHQDVVXDSRUomRFRQVFLHQWHTXHDWXD
PXLWREHPHHODHVWiVHJXUDPHQWHIRFDGDGHQWURGDVHVWUXWXUDVGDSURGXomR

2SURSyVLWRGHTXDOTXHUYLGDHVWiGLVSRQtYHODYRFrRFRQKHFLPHQWRVREDVXSHUItFLHGRHJR
FRQVFLHQWHTXHYRFrFRQKHFH7RGRVRVWLSRVGHVXJHVW}HVHSLVWDVWDPEpPHVWmRGLVSRQtYHLV
9RFrWHPRFRQKHFLPHQWRGHWRGDVXDSHUVRQDOLGDGHPXOWLGLPHQVLRQDOjVXDGLVSRVLomR4XDQGR
YRFrSHUFHEHTXHWHPHVVHFRQKHFLPHQWROKHSHUPLWHUHVROYHURVSUREOHPDVRXHQIUHQWDURV
GHVDILRVTXHYRFrHVWDEHOHFHXUDSLGDPHQWHHPVHXVWHUPRVHWDPEpPiUHDVDGLFLRQDLVGD
FULDWLYLGDGHSHODVTXDLVWRGDDFHQDRXSURGXomRSRGHVHUHQULTXHFLGD

&RPRXPDH[WHQVmRHQWmRGRIOX[RDWUDYpVGRHXFRQVFLHQWH±TXHYRFrSHUPLWHjVLQWXLo}HVH
FRQKHFLPHQWRGRHXPXOWLGLPHQVLRQDODWpHVWHSRQWRQmRDSHQDVYRFrH[HFXWDPDLVHIHWLYDPHQWH
VHXSDSHOQDSHoDPDVWDPEpPDFUHVFHQWDQRYDHQHUJLDFRPSUHHQVmRHFULDWLYLGDGHjGLPHQVmR
FRPSOHWD

$JRUDSDUHFHDYRFrFODURTXHYRFrpD~QLFDSDUWHFRQVFLHQWHGHVLPHVPRSRLVYRFrHVWiVH
LGHQWLILFDQGRFRPRDWRUQHVVDSURGXomRSDUWLFXODU$VRXWUDVSRUo}HVGHVXDSHUVRQDOLGDGH
PXOWLGLPHQVLRQDOQHVVDVRXWUDVSHoDVUHHQFDUQDWyULDVVmRWDPEpPFRQVFLrQFLD(SRUTXHYRFrp
XPDFRQVFLrQFLDPXOWLGLPHQVLRQDOYRFrWDPEpPpFRQVFLrQFLDHPRXWUDVUHDOLGDGHVDRODGR
GHVVDV
6XDSHUVRQDOLGDGHPXOWLGLPHQVLRQDOVXDYHUGDGHLUDLGHQWLGDGHRYRFrUHDOpFRQVFLrQFLDGHVL
PHVPDFRPRVLPHVPDHPTXDLVTXHUGHVWHVSDSpLV

(VWHVSHGDoRVGHSHUtRGRJHUDOPHQWHWHPXPSURSyVLWRSDUWLFXODU3HODPHVPDQDWXUH]DGD
FRQVFLrQFLDHODSURFXUDPDWHULDOL]DUDVLPHVPDHPWDQWDVGLPHQV}HVTXDQWRSRVVtYHO±SDUDFULDU
DSDUWLUGHVLPHVPDQRYRVQtYHLVGHFRQVFLrQFLDQRYDVUDPLILFDo}HV)D]HQGRLVVRHODFULDWRGD
DUHDOLGDGH$UHDOLGDGHHVWiVHPSUHQXPHVWDGRGHYLUDVHU

2VSHQVDPHQWRVTXHYRFrWHPSRUH[HPSORHPVHXSDSHOGHDWRUDLQGDVmRFRPSOHWDPHQWH
~QLFRVHFRQGX]DXPDQRYDFULDWLYLGDGH&HUWRVDVSHFWRVGHVXDSUySULDFRQVFLrQFLDQmRSRGHULDP
VHUSUHHQFKLGRVGHRXWURPRGR

4XDQGRYRFrSHQVDHPUHHQFDUQDomRYRFrVXS}HXPDVpULHVGHSURJUHVV}HV$RLQYpVGLVVRDV
YiULDVYLGDVFUHVFHPGRTXHVHXHXLQWHULRUp(OHVQmRVmRHPSXUUDGRVSDUDYRFrSRUDOJXPD
DJrQFLDH[WHUQD(OHVVmRXPGHVHQYROYLPHQWRPDWHULDOFRQIRUPHVXDFRQVFLrQFLDVHDEUHHVH
H[SUHVVDGHPXLWRVPRGRVSRVVtYHLV,VVRQmRpUHVWULWRDXPDYLGDWULGLPHQVLRQDOQHPpUHVWULWRj
H[LVWrQFLDWULGLPHQVLRQDOVR]LQKD

6XDFRQVFLrQFLDHQWmRDVVXPHPXLWDVIRUPDVHHVVDVIRUPDVQmRSUHFLVDPVHUVHPHOKDQWHVD
TXDLVTXHURXWUDVGLJDPRVFRPRXPDODJDUWDTXHVHWUDQVIRUPDHPERUEROHWD$DOPDRX
HQWLGDGHWHPFRPSOHWDOLEHUGDGHGHH[SUHVVmR(ODPXGDVXDIRUPDSDUDVHDGHTXDUjVXDSUySULD
H[SUHVVmRHHODIRUPDDPELHQWHVFRPRHVWiJLRVHVWUXWXUDGRVHPXQGRVSDUDVHDGHTXDUjVHXV
SURSyVLWRV&DGDHVWUXWXUDWUD]QRYRVGHVHQYROYLPHQWRV

$DOPDRXHQWLGDGHpHQHUJLDHVSLULWXDODOWDPHQWHHVSLULWXDOL]DGD(ODIRUPDTXDOTXHUFRUSRTXH
DJRUDYRFrXVDHpRSRGHURVRPRWLYRDWUiVGHVXDVREUHYLYrQFLDItVLFDSRLVGHODYRFrWLUDVXD
YLWDOLGDGH$FRQVFLrQFLDQXQFDpSDVVLYDPDVEXVFDDFULDWLYLGDGHLQFHVVDQWHPHQWH

$DOPDQRHQWDQWRRXHQWLGDGHGRWDDUHDOLGDGHWULGLPHQVLRQDOHRHXWULGLPHQVLRQDOFRPVHXV
SUySULRVDWULEXWRV$VKDELOLGDGHVGDHQWLGDGHUHVLGHPGHQWURGRHXWULGLPHQVLRQDO2HX
WULGLPHQVLRQDORDWRUWHPDFHVVRDHVVDLQIRUPDomRHDHVVHVSRWHQFLDLVDRDSUHQGHUD
UHGHVFREULUVXDUHODomRFRPDHQWLGDGHRHXWULGLPHQVLRQDODXPHQWDRQtYHOGHFRPSUHHQVmR
UHDOL]DomRHFULDWLYLGDGH2HXWULGLPHQVLRQDOVHWRUQDPDLVGRTXHHOHFRQKHFH

1mRDSHQDVDHQWLGDGHpIRUWDOHFLGDPDVSRUo}HVGHODWHQGRVLGRDWXDOL]DGDQDH[LVWrQFLD
WULGLPHQVLRQDODJRUDVRPDGDjPHVPDTXDOLGDGHHQDWXUH]DGDH[LVWrQFLD6HPHVVDFULDWLYLGDGH
DYLGDSODQHWiULDHPVHXVWHUPRVVHPSUHVHULDHVWpULO

$DOPDRXHQWLGDGHGiXPVXVSLURDRFRUSRHDRHXWULGLPHQVLRQDOLQWHULRU2HXWULGLPHQVLRQDO
HQWmRDWXDVREUHVHXSURSyVLWRGHDEHUWXUDDQRYDViUHDVGDFULDWLYLGDGH

$VHQWLGDGHVRXDOPDVHPRXWUDVSDODYUDVHQYLDSRUo}HVGHVLPHVPDVSDUDDEULUDYHQLGDVGH
UHDOLGDGHTXHQmRH[LVWLULDPVHIRVVHRFRQWUDULR2VHXVWULGLPHQVLRQDLVH[LVWLQGRQHVVDV
UHDOLGDGHVWHPTXHIRFDUVXDDWHQomRDOLFRPSOHWDPHQWH8PDFRQVFLrQFLDLQWHUQDOKHVGiXPD
IRQWHGHHQHUJLDHIRUoD3RUpPHOHVWrPTXHYLUDHQWHQGHUVHXVSDSpLVFRPRDWRUHVILQDOPHQWH
DSDUWLUGHVHXVSDSHLVHDWUDYpVGHRXWURDWRGHFRPSUHHQVmRXPUHWRUQRjHQWLGDGH

+iDTXHOHVTXHSDUHFHPFRPSOHWDPHQWHFRQVFLHQWHVQHVVDVSHoDV(VVDVSHUVRQDOLGDGHV
SURSHQVDVDUHSUHVHQWDUSDSHLVVDEHQGRTXHHOHVVmRSDSHLVGHIRUPDDFRQGX]LUDRXWURVDWUDYpV
GDFRPSUHHQVmRHGHVHQYROYLPHQWRQHFHVViULRV(ODVFRQGX]HPRVDXWRUHVDYHUHPDOpPGRVHXVH
FHQiULRVTXHFULDUDP(VVDVSHUVRQDOLGDGHVDSDUWLUGHRXWURVQtYHLVGHH[LVWrQFLDYLJLDPDSHoD
SRUDVVLPGL]HUHDSDUHFHPHQWUHRVDWRUHV2SURSyVLWRGHODVpDEULUGHQWURGRVHXV
WULGLPHQVLRQDLVHVVDVSRUWDVGHHQWUDGDSVLFROyJLFDVTXHOLEHUDUmRRHXWULGLPHQVLRQDOSDUD
GHVHQYROYLPHQWRVIXWXURVHPRXWURVLVWHPDGHUHDOLGDGH

9RFrVHVWmRDSUHQGHQGRDVHUFRFULDGRUHV9RFrVHVWmRDSUHQGHQGRDVHUGHXVHVFRQIRUPHYRFrV
HQWHQGHPRWHUPRDJRUD9RFrVHVWmRDSUHQGHQGRDUHVSRQVDELOLGDGH±DUHVSRQVDELOLGDGHGH
TXDOTXHUFRQVFLrQFLDLQGLYLGXDOL]DGD9RFrVHVWmRDSUHQGHQGRDOLGDUFRPDHQHUJLDTXHVmRSDUD
SURSyVLWRVFULDWLYRV

9RFrVHUiOLJDGRDRVTXHDPDHDRVTXHRGHLDHQWUHWDQWRYRFrDSUHQGHUiDOLEHUDUSHUGHUHD
GLVVLSDURyGLR9RFrDSUHQGHUiDXVDUFULDWLYDPHQWHRyGLRHDWUDQVIRUPiORSDUDSURSyVLWRVPDLV
DOWRVSDUDWUDQVIRUPiORILQDOPHQWHHPDPRU)DUHLLVVRPDLVFODURQRVFDStWXORVSRVWHULRUHV

$VHVWUXWXUDVHPVHXDPELHQWHItVLFRVDDPRURVDSDUDIHUQiOLDWHPSRUiULDRVDVSHFWRVItVLFRVGD
YLGDFRPRYRFrFRQKHFHVmRWRGDVFDPXIODJHQVDVVLPHXFKDPRVXDUHDOLGDGHItVLFDGHXPD
FDPXIODJHP$LQGDDVVLPHVWDVFDPXIODJHQVVmRFRPSRVWDVGDYLWDOLGDGHGRXQLYHUVR3HGUDV
URFKDVPRQWDQKDVHWHUUDVmRFDPXIODJHQVYLYDVHQWUHODoDGDVHPWHLDVSVtTXLFDVIRUPDGDVSRU
PLQ~VFXODVFRQVFLrQFLDVTXHYRFrVQmRFRQVHJXHPSHUFHEHUFRPRWDO2ViWRPRVHPROpFXODV
QHODVWrPVXDVSUySULDVFRQVFLrQFLDVFRPRWrPRViWRPRVHPROpFXODVHPVHXFRUSR-iTXHWRGRV
YRFrVWrPXPDSDUWLFLSDomRQDIRUPDomRGHVVHFHQiULRItVLFRHMiTXHYRFrVHVWmRDEULJDGRVQXPD
IRUPDItVLFDHQWmRXWLOL]DQGRRVVHQWLGRVItVLFRVYRFrVLUmRDSHQDVSHUFHEHUHVVDHVWUXWXUD
IDQWiVWLFD$UHDOLGDGHTXHH[LVWHGHQWURHDOpPGLVVRLOXGLUiYRFr1HPVHTXHURDWRUp
FRPSOHWDPHQWHWULGLPHQVLRQDO(OHpXPDSDUWHGHXPHXPXOWLGLPHQVLRQDO

1HOHKiPpWRGRVGHSHUFHSomRTXHRSHUPLWHPYHUDWUDYpVGDHVWUXWXUDGDFDPXIODJHPYHUDOpP
GRHVWiJLR(OHXVDHVVHVVHQWLGRVLQWHULRUHVFRQVWDQWHPHQWHHPERUDDSDUWHDWRUGHOHPHVPRVHMD
GHWDQWDLQWHQomRVREUHDSHoDTXHLVVRHVFDSDGHOH

'HXPDIRUPDJHUDORVVHQWLGRVItVLFRVQDYHUGDGHIRUPDPDUHDOLGDGHItVLFDTXHHOHVSDUHFHP
DSHQDVSHUFHEHU(OHVPHVPRVVmRSDUWHGDFDPXIODJHPPDVHOHVVmRFRPROHQWHVVREUHVXDV
SHUFHSo}HVLQWHUQDVQDWXUDLVTXHRVIRUoDPD³YHU´XPFDPSRGHDWLYLGDGHGLVSRQtYHOFRPR
PDWpULDItVLFDHDVVLPHOHVSRGHPVHUFRQILiYHLVDSHQDVSDUDOKHGL]HURTXHHVWiDFRQWHFHQGR
GHXPDIRUPDVXSHUILFLDO9RFrSRGHGL]HUDSRVLomRGRVRXWURVDWRUHVSRUH[HPSORRXRWHPSR
SHORUHOyJLRPDVHVVHVVHQWLGRVItVLFRVQmROKHGLUmRTXHRWHPSRHPVLPHVPRpXPDFDPXIODJHP
RXTXHDTXHODVIRUPDVFRQVFLHQFLDLVIRUPDPRVRXWURVDWRUHVRXTXHDVUHDOLGDGHVTXHYRFrQmR
SRGHYHUH[LVWHPVREUHHDOpPGDPDWpULDItVLFDTXHpWmRDSDUHQWH

9RFrQRHQWDQWRXVDQGRVHXVVHQWLGRVLQWHULRUHVSHUFHEHDUHDOLGDGHFRPRHODH[LVWHjSDUWHGD
SHoDHGHVHXSDSHOQHOD'HIRUPDDID]HULVVRYRFrSUHFLVDpFODURPRPHQWDQHDPHQWHDR
PHQRVYROWDUVXDDWHQomRSDUDORQJHGDDWLYLGDGHFRQVWDQWHTXHHVWiHPDQGDPHQWR±GHVDWLYDURV
VHQWLGRVItVLFRVTXHVHMD±HYROWDUVXDDWHQomRSDUDDTXHOHVHYHQWRVTXHOKHHVFDSDUDP
DQWHULRUPHQWH

6LPSOLILFDQGREDVWDQWHRHIHLWRVHULDDOJRFRPRWURFDUXPSDUGHyFXORVSRUXPRXWURSRLVRV
VHQWLGRVItVLFRVVmRWmRDUWLILFLDLVEDVLFDPHQWHIDODQGRSDUDRVHULQWHULRUFRPRXPSDUGHyFXORV
RXXPDSDUHOKRDXGLWLYRpSDUDRHXItVLFR2VVHQWLGRVItVLFRVSRUWDQWRVmRUDUDPHQWHXVDGRV
FRQVFLHQWHPHQWHHPVXDLQWHLUH]D9RFrILFDULDPDLVGHVRULHQWDGRSRUH[HPSORPDVEDVWDQWH
DSDYRUDGRVHHQWUHXPPRPHQWRHRSUy[LPRVHXDPELHQWHIDPLOLDUFRPRYRFrRFRQKHFH
GHVDSDUHFHVVHVHQGRVXEVWLWXtGRSRURXWUDVHVWUXWXUDVGHLQIRUPDomR±SDUDDVTXDLVYRFrQmR
HVWLYHVVHSURQWRDFRPSUHHQGHUPXLWDLQIRUPDomRGRVVHQWLGRVLQWHULRUHVSUHFLVDULDPVHU
WUDGX]LGRVSDUDTXHYRFrSXGHVVHFRPSUHHQGHU(PRXWUDVSDODYUDVWDLVLQIRUPDo}HVSUHFLVDULDP
GHDOJXPPRGRID]HUVHQWLGRSDUDYRFrFRPRHXWULGLPHQVLRQDO

6XDHVWUXWXUDGHFDPXIODJHPSDUWLFXODUQmRpD~QLFDHVWUXWXUD2XWUDVUHDOLGDGHVWrPVLVWHPDV
LQWHLUDPHQWHGLIHUHQWHVPDVWRGDVDVSHUVRQDOLGDGHVWrPVHQWLGRVLQWHULRUHVTXHVmRDWULEXWRVGH
FRQVFLrQFLDHDWUDYpVGHVVHVVHQWLGRVLQWHULRUHVFRPXQLFDo}HVVmRPDQWLGDVVREUHDVTXDLVRHX
FRQVFLHQWHQRUPDOPHQWHFRQKHFHSRXFR3DUWHGHPHXSURSyVLWRpID]HUFRQKHFLGDVDOJXPDV
GHVVDVFRPXQLFDo}HV

$DOPDRXHQWLGDGHHQWmRQmRpRHXTXHOrHVVHOLYUR6HXDPELHQWHQmRpVLPSOHVPHQWHR
PXQGRVREUHYRFrVFRPRYRFrVRFRQKHFHPPDVWDPEpPFRQVLVWHGRVDPELHQWHVGHYLGDV
SDVVDGDVVREUHDVTXDLVDJRUDYRFrQmRHVWiIRFDQGR6HXDPELHQWHUHDOpFRPSRVWRGHVHXV
SHQVDPHQWRVHHPRo}HVSRLVDSDUWLUGHOHVYRFrIRUPDQmRDSHQDVHVVDUHDOLGDGHPDVFDGD
UHDOLGDGHQDTXDOYRFrWRPDSDUWH

6HXDPELHQWHUHDOpLQRFHQWHGHHVSDoRHWHPSRFRPRYRFrRVFRQKHFH(PVHXDPELHQWHUHDO
YRFrQmRWHPQHFHVVLGDGHGHSDODYUDVSRLVDFRPXQLFDomRpLQVWDQWkQHD6HPHXDPELHQWHUHDO
YRFrIRUPDRPXQGRItVLFRTXHYRFrFRQKHFH2VVHQWLGRVLQWHUQRVOKHSHUPLWLUmRSHUFHEHUD
UHDOLGDGHTXHpLQGHSHQGHQWHGDIRUPDItVLFD

(XSHGLUHLDYRFrVWRGRVTXHDEDQGRQHPPRPHQWDQHDPHQWHVHXVSDSHLVHWHQWHPHVVHVLPSOHV
H[HUFtFLR

$JRUDILQMDTXHYRFrHVWiHPXPHVWiJLRLOXPLQDGRRHVWDGRHVHURF{PRGRQRTXDOYRFrHVWi
VHQWDGRDJRUD)HFKHVHXVROKRVHILQMDTXHDVOX]HVIRUDPHPERUDTXHDVHVWUXWXUDV
GHVDSDUHFHUDPHTXHYRFrHVWiVR]LQKR

7XGRHVWiHVFXUR)LTXHTXLHWR,PDJLQHWmRYLYLGDPHQWHTXDQWRSXGHUDH[LVWrQFLDGRVVHQWLGRV
LQWHULRUHV3RUDJRUDILQMDTXHHOHVFRUUHVSRQGHPDVHXVVHQWLGRVItVLFRV/LPSHGHVXDPHQWH
WRGRVRVSHQVDPHQWRVHSUHRFXSDo}HV6HMDUHFHSWLYR0XLWRJHQWLOPHQWHHVFXWHQmRDRVVRQV
ItVLFRVPDVDRVVRQVTXHYrPDWUDYpVGHVHXVVHQWLGRVLQWHULRUHV

$VLPDJHQVSRGHPFRPHoDUDDSDUHFHU$FHLWHDVFRPRYLV}HVWmRYiOLGDVTXDQWRDVTXHYRFrYr
ILVLFDPHQWH)LQMDTXHKiXPPXQGRLQWHULRUHTXHHOHOKHVHUiUHYHODGRTXDQGRYRFrDSUHQGHUD
SHUFHErORFRPHVVHVVHQWLGRVLQWHULRUHV

)LQMDTXHYRFrWHPHVWDGRFHJRDHVVHPXQGRWRGDDVXDYLGDHHVWiDJRUDYDJDURVDPHQWH
JDQKDQGRDYLVmRLQWHUQDGHOH1mRMXOJXHWRGRRPXQGRLQWHUQRSHODVLPDJHQVGHVDUWLFXODGDVTXH
YRFrSRGHHVWDUSHUFHEHQGRRXSHORVVRQVTXHYRFrSRGHLQLFLDOPHQWHHVWDUHVFXWDQGRSRLVYRFr
DLQGDHVWDUiXVDQGRVHXVVHQWLGRVLQWHULRUHVEHPLPSHUIHLWDPHQWH

)DoDHVVHVLPSOHVH[HUFtFLRSRUDOJXQVPRPHQWRVDQWHVGHGRUPLURXHPXPHVWDGRGHGHVFDQVR
(OHSRGHWDPEpPVHUIHLWRPHVPRQRPHLRGHXPDWDUHIDRUGLQiULDTXHQmRH[LMDWRGDDVXD
DWHQomR

9RFrVLPSOHVPHQWHHVWDUiDSUHQGHQGRDIRFDUHPXPDQRYDGLPHQVmRGHFRQVFLrQFLDGHIRUPD
UiSLGDHLQVWDQWkQHDHPXPDPELHQWHHVWUDQKR

/HPEUHVHTXHYRFrDSHQDVSHUFHEHUiIUDJPHQWRV6LPSOHVPHQWHRVDFHLWHPDVQmRWHQWHID]HU
QHQKXPMXOJDPHQWRJHQHUDOL]DGRRXLQWHUSUHWDo}HVQHVVHHVWiJLR

'H]PLQXWRVSRUGLDSDUDFRPHoDUpRVXILFLHQWH$JRUDDLQIRUPDomRQHVVHOLYURHVWiVHQGR
GLULJLGDSDUDDOJXPDH[WHQVmRDWUDYpVGRVVHQWLGRVLQWHULRUHVGDPXOKHUTXHHVWiHPWUDQVHTXDQGR
HVFUHYRLVVR7DOHPSHQKRpRUHVXOWDGRGDSUHFLVmRLQWHUQDDOWDPHQWHRUJDQL]DGDHGHWUHLQR
5XEXUWSRGHULDQmRUHFHEHUDLQIRUPDomRGHPLPDLQIRUPDomRSRGHULDQmRVHUWUDGX]LGDRX
LQWHUSUHWDGDHQTXDQWRHODHVWiLQWHQVDPHQWHIRFDGDQRDPELHQWHItVLFR$VVLPRVVHQWLGRVLQWHUQRV
VmRFDQDLVTXHSURSLFLDPDFRPXQLFDomRHQWUHDVYiULDVGLPHQV}HVGDH[LVWrQFLD0HVPRDVVLP
DTXLDLQIRUPDomRWHPTXHVHUGLVWRUFLGDGHDOJXPDIRUPDTXDQGRpWUDGX]LGDSDUDRVWHUPRV
ItVLFRV$RFRQWUDULRQDGDSRGHULDVHUSHUFHELGR

8VHLEDVWDQWHWHPSRHQIDWL]DQGRRIDWRGHTXHFDGDXPGHQyVIRUPDQRVVRSUySULRDPELHQWH
SRUTXHTXHURTXHYRFrSHUFHEDTXHDUHVSRQVDELOLGDGHSRUVXDYLGDHDPELHQWHpVXDPHVPR

6HYRFrDFUHGLWDUQRFRQWUDULRHQWmRYRFrpOLPLWDGRVHXDPELHQWHUHSUHVHQWDDVRPDWRWDOGR
FRQKHFLPHQWRHGDH[SHULrQFLD4XDQWRPDLVYRFrDFUHGLWDUTXHVHXDPELHQWHpREMHWLYRH
LQGHSHQGHQWHGHYRFrPHVPRHPXPDODUJDH[WHQVmRYRFrVHVHQWLUiLPSRWHQWHSDUDPXGiOR
SDUDYHUDOpPGHOHRXSDUDLPDJLQDURXWUDVDOWHUQDWLYDVTXHSRGHPVHUPHQRVDSDUHQWHV0DLV
WDUGHQHVVHOLYURH[SOLFDUHLYiULRVPpWRGRVTXHOKHSHUPLWLUmRPXGDUVHXDPELHQWHEHQpILFDH
GUDVWLFDPHQWH

7DPEpPGLVFXWLDUHHQFDUQDomRHPWHUPRVGHDPELHQWHSRUTXHPXLWDVHVFRODVGRSHQVDPHQWR
VXSHUHQIDWL]DPRVHIHLWRVGDVH[LVWrQFLDVUHHQFDUQDWyULDVHOHVFRQVWDQWHPHQWHH[SOLFDPDV
FLUFXQVWkQFLDVGDYLGDSUHVHQWHFRPRXPUHVXOWDGRGHSDGU}HVUtJLGRVHGHVFRPSURPLVVDGRV
GHWHUPLQDGRVQXPDYLGDSDVVDGD

9RFrVHVHQWLUiUHODWLYDPHQWHLQFRPSHWHQWHSDUDOLGDUFRPDUHDOLGDGHGDYLGDItVLFDSUHVHQWH
SDUDDOWHUDUVHXDPELHQWHVHVHQWLUTXHHVWijPHUFrGDVFRQGLo}HVVREUHDVTXDLVYRFrQmRWHP
FRQWUROH

$VUD]}HVGDGDVSDUDWDLVVXEMXJDo}HVLPSRUWDPSRXFRQDORQJDMRUQDGDSRLVDVUD]}HVPXGDP
FRPRWHPSRHFRPVXDFXOWXUD9RFrQmRHVWiVREXPDVHQWHQoDFRORFDGDVREUHYRFrSRUXP
SHFDGRRULJLQDOSRUQHQKXPHYHQWRQDLQIkQFLDRXSRUXPDH[SHULrQFLDGHYLGDSDVVDGD6XDYLGD
SRUH[HPSORSRGHVHUPXLWRPHQRVSOHQDGRTXHYRFrSHQVDTXHSUHIHULULD9RFrSRGHVHUPHQRV
TXDQGRVHULDPDLVPDVYRFrQmRHVWiVREXPDPRUWDOKDFRORFDGDVREUHVXDSVLTXHQHPSRUXP
SHFDGRRULJLQDOXPDVtQGURPHLQIDQWLOIUHXGLDQDRXVRELQIOXrQFLDVGHYLGDVSDVVDGDV7HQWDUHL
H[SOLFDUDVLQIOXHQFLDVGHYLGDVSDVVDGDVXPSRXFRPDLVFODUDPHQWHDTXL(ODVOKHDIHWDPFRPR
TXDOTXHUH[SHULrQFLDRID]2WHPSRQmRHVWiIHFKDGR±HOHHVWiDEHUWR8PDYLGDQmRpHQWHUUDGD
QRSDVVDGRGHVFRQHFWDGDGRHXSUHVHQWHHGHTXDOTXHUHXIXWXURLJXDOPHQWH

&RPRH[SOLTXHLDQWHDVYLGDVRXDVSHoDVHVWmRDFRQWHFHQGRLPHGLDWDPHQWH$FULDWLYLGDGHHD
FRQVFLrQFLDQXQFDVmRUHDOL]Do}HVOLQHDUHV(PFDGDYLGDYRFrHVFROKHHFULDVXDVSUySULDV
HVWUXWXUDVRXDPELHQWHVHQHODVYRFrHVFROKHVHXVSDSHLVHTXDLVTXHULQFLGHQWHVGDLQIkQFLDTXH
YLUmRSDUDVXDH[SHULrQFLD9RFrHVFUHYHXRURWHLUR

&RPRXPYHUGDGHLURSURIHVVRUGLVWUDtGRRHXFRQVFLHQWHHVTXHFHWXGRLVVRSRUpPDVVLPTXDQGR
DWUDJpGLDDSDUHFHQRURWHLURGLILFXOGDGHVRXGHVDILRVRHXFRQVFLHQWHSURFXUDDOJXpPRXDOJR
SDUDFXOSDU$QWHVGHHVWHOLYURHVWDUFRPSOHWRHVSHUROKHPRVWUDUSUHFLVDPHQWHFRPYRFrFULD
FDGDPLQXWRGHVXDH[SHULrQFLDDVVLPYRFrSRGHFRPHoDUDPDQLIHVWDUVXDYHUGDGHLUD
UHVSRQVDELOLGDGHFULDWLYDHPXPQtYHOFRQVFLHQWH±RXTXDVH

&RQIRUPHYRFrOrHVVHOLYURROKHHPWRUQRGHYRFrQDVDODRQGHYRFrVHQWD&DGHLUDVHPHVDVR
WHWRHRFKmRSRGHPSDUHFHUEHPUHDLVHVyOLGRV±EDVWDQWHSHUPDQHQWHV±HQTXDQWRYRFrDR
FRQWUiULRSRGHVHVHQWLUDOWDPHQWHYXOQHUiYHOSHJRHPXPPRPHQWRHQWUHRQDVFLPHQWRHD
H[WLQomR9RFrSRGHDWpVHVHQWLUFRPLQYHMDTXDQGRSHQVDUVREUHLVVRLPDJLQDQGRTXHRXQLYHUVR
ItVLFRFRQWLQXDUiDH[LVWLUPXLWRWHPSRGHSRLVGHYRFrWHUSDUWLGR3HORILPGHQRVVROLYURQR
HQWDQWRHVSHURTXHYRFrSHUFHEDDHWHUQDYDOLGDGHGHVXDSUySULDFRQVFLrQFLDHDLPSHUPDQrQFLD
GHVVHVDVSHFWRVItVLFRVGHVHXDPELHQWHHGHVHXXQLYHUVRTXHDJRUDSDUHFHPWmRVHJXURV

&$3Ë78/2
&202263(16$0(1726)250$0$0$7e5,$±321726&225'(1$7,926

4XDQGRYRFrOrDVSDODYUDVQHVVDSiJLQDYRFrSHUFHEHTXHDLQIRUPDomRTXHHVWiUHFHEHQGRQmR
pXPDWULEXWRGDVOHWUDVGDVSDODYUDVHPVLPHVPDV$OLQKDLPSUHVVDQmRFRQWpPLQIRUPDomR(OD
WUDQVPLWHLQIRUPDomR2QGHHVWiDLQIRUPDomRTXHHVWiVHQGRWUDQVPLWLGDHQWmRVHQmRHVWiQD
SDJLQD"

$PHVPDSHUJXQWDpFODURVHDSOLFDTXDQGRYRFrOrXPMRUQDOHTXDQGRYRFrIDODFRPRXWUD
SHVVRD6XDVSDODYUDVDWXDLVFDUUHJDPLQIRUPDo}HVVHQWLPHQWRVRXSHQVDPHQWRV2EYLDPHQWHRV
SHQVDPHQWRVRXRVVHQWLPHQWRVHDVSDODYUDVQmRVmRDPHVPDFRLVD$VOHWUDVQDSiJLQDVmR
VtPERORVHYRFrFRQFRUGRXFRPYiULRVVLJQLILFDGRVFRQHFWDGRVDHODV9RFrDVWHPSRUJDUDQWLD
VHPDRPHQRVSHQVDUTXHRVVtPERORV±DVOHWUDV±QmRVmRDUHDOLGDGH±DLQIRUPDomRRX
SHQVDPHQWRVTXHHODVWHQWDPWUDQVPLWLU

$JRUDGDPHVPDIRUPDHVWRXOKHGL]HQGRTXHRVREMHWRVWDPEpPVmRVtPERORVTXHUHSUHVHQWDP
XPDUHDOLGDGHFXMRVLJQLILFDGRRVREMHWRVFRPRDVOHWUDVWUDQVPLWHP$YHUGDGHLUDLQIRUPDomR
QmRHVWiQRVREMHWRVPDLVGRTXHRSHQVDPHQWRHVWiQDVOHWUDVRXQDVSDODYUDV

3DODYUDVVmRPpWRGRVGHH[SUHVVmR$VVLPRVREMHWRVItVLFRVQXPWLSRGLIHUHQWHGHPpGLXP9RFr
HVWiKDELWXDGRjLGpLDTXHXVDSDUDVHH[SUHVVDUGLUHWDPHQWHDWUDYpVGDVSDODYUDV9RFrSRGHVH
HVFXWDUIDODQGRDV9RFrSRGHVHQWLURVP~VFXORVVHPRYHQGRHPVXDJDUJDQWDHVHHVWLYHU
FRQVFLHQWHSRGHSHUFHEHUQXPHURVDVUHDo}HVGHQWURGHVHXSUySULRFRUSR±Do}HVTXH
DFRPSDQKDPVXDIDOD

2EMHWRVItVLFRVVmRRUHVXOWDGRGHRXWURWLSRGHH[SUHVVmR9RFrRVFULDWmRVHJXUDPHQWHTXDQWR
FULDSDODYUDV(XQmRTXHURGL]HUTXHYRFrRVFULDDSHQDVFRPVXDVPmRVRXDWUDYpVGD
PDQXIDWXUD4XHURGL]HUTXHREMHWRVVmRVXESURGXWRVQDWXUDLVjHYROXomRGHVXDVHVSpFLHVFRPR
DVSDODYUDV([DPLQHSRUXPPRPHQWRVHXFRQKHFLPHQWRVREUHVHXSUySULRGLVFXUVR

(PERUDYRFrHVFXWHDVSDODYUDVHUHFRQKHoDVXDVSURSULHGDGHVHHPERUDHODVSRVVDPWHUPDLVRX
PHQRVDSUR[LPDGDPHQWHXPDH[SUHVVmRGHVHXVHQWLPHQWRHODVQmRVmRVHXVVHQWLPHQWRVH
SUHFLVDKDYHUXPHVSDoRHQWUHVHXSHQVDPHQWRHVXDH[SUHVVmRGHOH

$IDPLOLDULGDGHGRGLVFXUVRFRPHoDDGHVYDQHFHUTXDQGRYRFrSHUFHEHTXHYRFrYRFrPHVPR
TXDQGRFRPHoDXPDVHQWHQoDQmRVDEHSUHFLVDPHQWHFRPRLUiWHUPLQiODRXPHVPRFRPRYRFr
IRUPDDVSDODYUDV9RFrFRQVFLHQWHPHQWHQmRVDEHFRPRPDQLSXODDLQDFUHGLWiYHOSLUkPLGHGH
VtPERORVSHJDQGRGHODSUHFLVDPHQWHDTXHOHVTXHYRFrSUHFLVDSDUDH[SUHVVDUXPGDGR
SHQVDPHQWR3RULVVRYRFrQmRVDEHFRPRYRFrSHQVD

9RFrQmRVDEHFRPRWUDGX]HVVHVVtPERORVQHVVDSiJLQDHPSHQVDPHQWRVHRVDUPD]HQDRXRV
ID]VHXVPHVPR8PDYH]TXHRPHFDQLVPRGRGLVFXUVRQRUPDOpWmRSRXFRFRQKHFLGRSDUDYRFr
HPXPQtYHOFRQVFLHQWHHQWmRQmRpVXUSUHVDTXHYRFrVHMDLJXDOPHQWHLQFRQVFLHQWHGDVPDLV
FRPSOLFDGDVWDUHIDVTXHYRFrWDPEpPUHDOL]D±FRPRDFULDomRFRQVWDQWHGHVHXDPELHQWHItVLFR
FRPRXPPpWRGRGHFRPXQLFDomRHH[SUHVVmR

eDSHQDVDSDUWLUGHVVHSRQWRGHYLVWDTXHDYHUGDGHLUDQDWXUDOGDPDWHULDOItVLFDSRGHVHU
HQWHQGLGDeDSHQDVSHODFRPSUHHQVmRGDQDWXUH]DGHVVDWUDGXomRFRQVWDQWHGHSHQVDPHQWRVH
GHVHMRV±QmRHPSDODYUDVDJRUDPDVHPREMHWRVItVLFRV±TXHYRFrSRGHSHUFHEHVXD
LQGHSHQGrQFLDYHUGDGHLUDGDVFLUFXQVWkQFLDVWHPSRHDPELHQWH

$JRUDpIiFLOYHUTXHYRFrWUDGX]VHQWLPHQWRVHPSDODYUDVRXH[SUHVV}HVFRUSRUDLVHJHVWRVPDV
QmRWmRIiFLOFRPRSHUFHEHUTXHYRFrIRUPDVHXFRUSRItVLFRWmRIiFLOHLQFRQVFLHQWHPHQWHFRPR
WUDGX]VHQWLPHQWRVHPVtPERORVTXHVHWRUQDPSDODYUDV

9RFrMiHVFXWRXHVVDH[SUHVVmRDQWHVHVWRXFHUWRGHTXHRDPELHQWHH[SUHVVDXPDSHUVRQDOLGDGH
LQGLYLGXDOSDUWLFXODU(VWRXOKHGL]HQGRTXHHVVDpXPDYHUGDGHOLWHUDOQmRVLPEyOLFD$VOHWUDV
VREUHDSiJLQDWrPDSHQDVDUHDOLGDGHGDWLQWDHGRSDSHO$LQIRUPDomRTXHHODVFDUUHJDPp
LQYLVtYHO

&RPRXPREMHWRHVVHOLYURpDSHQDVSDSHOHWLQWD(OHpXPPHQVDJHLURGDLQIRUPDomR

9RFrSRGHWDOYH]DUJXPHQWDUTXHROLYURIRLPDQXIDWXUDGRILVLFDPHQWHHTXHQmRDSDUHFHXGH
UHSHQWHGRFUkQLRGH5XEXUWMiLPSUHVVRHSURQWR9RFrSRUVXDYH]WHYHTXHWRPDUHPSUHVWDGR
RXFRPSUDUROLYURDVVLPYRFrSRGHSHQVDUFRPFHUWH]DQmRFULHLROLYURFRPRFULHLPLQKDV
SDODYUDV´0DVDQWHVGHWHUPLQDUYHUHPRVTXHIDODQGRSUDWLFDPHQWHFDGDXPGHYRFrVFULDUDPR
OLYURTXHPDQWrPHPVXDVPmRVHTXHWRGRRVHXDPELHQWHItVLFRYHPWmRQDWXUDOPHQWHGHVXD
PHQWHLQWHULRUFRPRDVSDODYUDVYrPGHVXDVERFDVHTXHRKRPHPIRUPDREMHWRVItVLFRVWmR
LQFRQVFLHQWHHDXWRPDWLFDPHQWHTXDQWRIRUPDVXDSUySULDUHVSLUDomR

2VDVSHFWRVSHFXOLDUHVSDUWLFXODUHVGHVHXPXQGRItVLFRVmRGHSHQGHQWHVGHVXDH[LVWrQFLDHGH
VHXIRFRQHOHV2XQLYHUVRItVLFRQmRFRQWpPREMHWRVItVLFRVVyOLGRVFRPODUJXUDHSURIXQGLGDGH
SRUH[HPSORSDUDRVTXHQmRWrPVXDH[LVWrQFLDGHQWURGHOH
2XWURVWLSRVGHFRQVFLrQFLDFRH[LVWHPQRPHVPR³HVSDoR´HPTXHVHXPXQGRKDELWD(OHVQmR
SHUFHEHPVHXVREMHWRVItVLFRVSRLVDUHDOLGDGHGHOHVpFRPSRVWDGHXPDHVWUXWXUDGHFDPXIODJHP
GLIHUHQWH9RFrQmRRVSHUFHEHHIDODQGRJHQHULFDPHQWHHOHVQmRSHUFHEHPYRFr(VVDpXPD
GHFODUDomRJHUDOQRHQWDQWRSRLVYiULRVSRQWRVGHVXDVUHDOLGDGHVSRGHPHFRLQFLGHPSRUDVVLP
GL]HU

(VWHVSRQWRVQmRVmRUHFRQKHFLGRVFRPRWDLVPDVVmRSRQWRVTXHYRFrSRGHULDFKDPDUGH
UHDOLGDGHGXSOLFDGDFRQWHQGRJUDQGHSRWHQFLDOGHHQHUJLDSRQWRVFRRUGHQDGRVDLQGDDVVLPRQGH
DVUHDOLGDGHVVHIXQGHP+iSRQWRVGHFRRUGHQDomRSULQFLSDLVSXUDPHQWHPDWHPiWLFRVUHFXUVRV
GHHQHUJLDIDQWiVWLFDHSRQWRVFRRUGHQDGRVVXERUGLQDGRVYDVWRVHPQ~PHURV

+iTXDWURSRQWRVDEVROXWDPHQWHFRRUGHQDGRVTXHHQWUHFUX]DPWRGDVDVUHDOLGDGHV(VVHVSRQWRV
FRRUGHQDGRVWDPEpPDJHPFRPRFDQDLVDWUDYpVGRVTXDLVDHQHUJLDIOXLHVmRFRPRWUDPDVRX
FDPLQKRVLQYLVtYHLVGHXPDUHDOLGDGHSDUDRXWUD

(OHVWDPEpPDJHPFRPRWUDQVIRUPDGRUHVHSURYrHPPXLWRGDHQHUJLDJHUDGRUDTXHID]GDFULDomR
XPFRQWLQXXPHPVHXVWHUPRV

6HXHVSDoRpFKHLRGHVWHVSRQWRVVXERUGLQDGRVHFRPRYRFrYHUiDGLDQWHHOHVVmRLPSRUWDQWHV
SDUDOKHSHUPLWLUWUDQVIRUPDUSHQVDPHQWRVHHPRo}HVHPPDWpULDItVLFD4XDQGRXPSHQVDPHQWR
RXHPRomRDWLQJHXPDFHUWDLQWHQVLGDGHDXWRPDWLFDPHQWHDWUDLRSRGHUGHXPGHVVHVSRQWRV
VXERUGLQDGRVHFRQVHTXHQWHPHQWHpDOWDPHQWHFDUUHJDGRHGHXPDIRUPDDPSOLDGDHPERUDQmR
HPWDPDQKR(VVHVSRQWRVFROLGHPQRTXHYRFrFKDPDGHWHPSRRXGHHVSDoR+iFHUWRVSRQWRV
QRWHPSRHHVSDoRDLQGDHPVHXVWHUPRVTXHVmRPDLVFRQGXFHQWHVTXHRXWURVRQGHDPEDVDV
LGpLDVHPDWpULDVHUmRPDLVFDUUHJDGDV)DODQGRHPWHUPRVSUiWLFRVLVVRVLJQLILFDTXHDV
HVWUXWXUDVGXUDUmRPDLVWHPSRHPVHXFRQWH[WRDTXHODVLGpLDVTXHVHFDVDUDPSDUDFRQVWUXLU
VHUmRUHODWLYDPHQWHHWHUQDV$VSLUkPLGHVSRUH[HPSORVmRXPFDVR

(VVHVSRQWRVFRRUGHQDGRV±DEVROXWRVSULQFLSDLVRXVXERUGLQDGRV±UHSUHVHQWDPDF~PXORVGH
WUDoRVGHSXUDHQHUJLDGHXPPLQXWRSDUDXPH[WUHPRFDVRYRFrHVWHMDSHQVDQGRHPWHUPRVGH
WDPDQKR±PHQRUHVGRTXHTXDOTXHUSDUWtFXODTXHVHXVFLHQWLVWDVVDEHPSRUH[HPSORPDV
FRPSRVWRVGHSXUDHQHUJLD(DLQGDDVVLPHVVDHQHUJLDWHPTXHVHUDWLYDGD(ODHVWiGRUPHQWHDWp
HQWmR±HQmRSRGHVHUDWLYDGDILVLFDPHQWH

$OJXPDVSLVWDVDTXLSRGHPOKHDMXGDURXDRVPDWHPiWLFRV+iXPDDOWHUDomRGHDSHQDVXP
PLQXWRQDJUDYLGDGHGDVIRUoDVQDYL]LQKDQoDGHWRGRVHVVHVSRQWRVPHVPRQRVVXERUGLQDGRVH
WRGDVDVGHQRPLQDGDVOHLVItVLFDVDWpFHUWRSRQWRVHHQFRQWUDUmRSDUDFDXVDUXPDRQGDGHHIHLWR
QHVVDVYL]LQKDQoDV

2VSRQWRVVXERUGLQDGRVWDPEpPVHUYHPGHFHUWRPRGRFRPRVXSRUWHVMiTXHDLQWHQVLILFDomR
HVWUXWXUDOQmRYLVWDGHQWURGRWHFLGRGHHQHUJLDIRUPDWRGDVDVUHDOLGDGHVHPDQLIHVWDo}HV
(PERUDHOHVVHMDPWUDoRVRXDF~PXORVGHSXUDHQHUJLDKiXPDJUDQGHGLIHUHQoDHQWUHDTXDQWLD
GHHQHUJLDGLVSRQtYHOQRVYiULRVSRQWRVVXERUGLQDGRVHHQWUHRVSRQWRVDEVROXWRVHSULQFLSDLV

(QWUHWDQWRHVVHVVmRSRQWRVGHHQHUJLDFRQFHQWUDGD2VSRQWRVVXERUGLQDGRVVmRPXLWRPDLV
FRPXQVIDODQGRHPWHUPRVSUiWLFRVHDIHWDPVXDVSUHRFXSDo}HVGLiULDV+iOXJDUHVPHOKRUHVTXH
RXWURVSDUDFRQVWUXLUFDVDVRXHVWUXWXUDV±SRQWRVRQGHDVD~GHHDYLWDOLGDGHVmRGXUDGRXUDV
RQGHFRPDVRXWUDVFRLVDVpLJXDODVSODQWDVFUHVFHUmRHIORUHVFHUmRHRQGHWRGDVDVFRQGLo}HV
EHQpILFDVSDUHFHPVHHQFRQWUDU

$OJXPDVSHVVRDVSRGHPSHUFHEHUWDLVOXJDUHVLQVWLQWLYDPHQWH(OHVRFRUUHPHPDOJXQVFHUWRV
kQJXORVIHLWRVSHORVSRQWRVFRRUGHQDGRV2VSRQWRVREYLDPHQWHQmRVmRItVLFRVLVWRpHOHVQmR
VmRYLVtYHLVHPERUDHOHVSRVVDPVHUPDWHPDWLFDPHQWHGHGX]LGRV(OHVVmRVHQWLGRVQRHQWDQWR
FRPRHQHUJLDLQWHQVLILFDGD

1XPGDGRF{PRGRDVSODQWDVFUHVFHUmRPDLVHIHWLYDPHQWHHPXPDiUHDSDUWLFXODUGRTXHHP
RXWUDViUHDVSURSLFLDQGRHVVDViUHDVWDLVUHTXHULPHQWRVQHFHVViULRVFRPRDOX]7RGRRVHX
HVSDoRpSHUPHDGRSRUHVVHVSRQWRVFRRUGHQDGRVHQWmRFHUWRVkQJXORVLQYLVtYHLVVmRIRUPDGRV

,VVRpDOWDPHQWHVLPSOLILFDGRPDVDOJXQVkQJXORVVHUmR

,VWRHVWiDOWDPHQWHVLPSOLILFDGRPDVDOJXQVkQJXORVHVWDUmRPDLV³QDVH[WUHPLGDGHV´GRTXH
RXWURVHVHUmRPHQRVIDYRUiYHLVSDUDWRGDVDVFRQGLo}HVGHFUHVFLPHQWRHDWLYLGDGH)DODQGR
GHVWHVkQJXORVRVWUDWDUHPRVFRPRWULGLPHQVLRQDLVHQWUHWDQWRHOHVVmRFODURPXOWLGLPHQVLRQDLV
&RPRDQDWXUH]DGHVWHVkQJXORVQmRpRWySLFRSULQFLSDOGHPHXOLYURQmRpSRVVtYHOH[SOLFiORV
FRPSOHWDPHQWHDTXL(OHVSDUHFHUmRVHUHPPDLVIRUWHVGXUDQWHFHUWRVWHPSRVGRTXHHPRXWURV
HQWUHWDQWRHVWDVGLIHUHQoDVQmRWrPQDGDDYHUFRPDQDWXUH]DGRVSRQWRVFRRUGHQDGRVRXFRPD
QDWXUH]DGRWHPSR2XWURVHOHPHQWRVRVDIHWDPPDVSUHFLVDPRVQmRQRVSUHRFXSDUFRPHOHV
DJRUD

2VSRQWRVGHHQHUJLDFRQFHQWUDGDVmRDWLYDGRVSHODVLQWHQVLGDGHVHPRFLRQDLVTXHHVWmREHP
GHQWURGHVXDJDPDQRUPDO6XDVSUySULDVHPRo}HVRXVHQWLPHQWRVDWLYDUmRHVVDVFRRUGHQDGDV
VDLEDYRFrGHOHVRXQmR

*UDQGHHQHUJLDSRUWDQWRVHUiVRPDGDDRSHQVDPHQWRRULJLQDORXVHQWLPHQWRHVXDSURMHomRQD
PDWpULDItVLFDDFHOHUDGD$JRUDLVVRVHDSOLFDLQGHSHQGHQWHGDQDWXUH]DGRVHQWLPHQWRDSHQDV
VXDLQWHQVLGDGHHVWiHQYROYLGDDTXL

(VVHVSRQWRVVmRFRPRSODQWDVGHSRGHULQYLVtYHLVHPRXWUDVSDODYUDVDWLYDGDVTXDQGRTXDOTXHU
VHQWLPHQWRRXSHQVDPHQWRGHLQWHQVLGDGHVXILFLHQWHHQWUDHPFRQWDWR2VSRQWRVSRUVLVy
LQWHQVLILFDPTXDOTXHUFRLVDTXHRVDWLYHGHXPDPDQHLUDEDVWDQWHQHXWUD,VVRHVWiDOWDPHQWH
VLPSOLILFDGRPDVDH[SHULrQFLDVXEMHWLYDGHTXDOTXHUFRQVFLrQFLDpDXWRPDWLFDPHQWHH[SUHVVD
FRPRXQLGDGHVHOHWURPDJQpWLFDVGHHQHUJLD(VVDVH[LVWHP³VRE´DJDPDGDPDWpULDItVLFD(ODV
VmRVHYRFrSUHIHULUSDUWtFXODVLQFLSLHQWHVTXHDLQGDQmRHPHUJLUDPQDPDWpULD

(VWDVXQLGDGHVVmRHPDQDo}HVQDWXUDLVGHWRGRVRVWLSRVGHFRQVFLrQFLD(ODVVmRDVIRUPDo}HV
LQYLVtYHLVUHVXOWDGRGDUHDomRGHTXDOTXHUWLSRGHHVWtPXOR0XLWRUDUDPHQWHHODVH[LVWHP
LVRODGDVPDVXQLGDVVREFHUWDVOHLV(ODVPXGDPVXDVIRUPDHSXOVDomR6XD³GXUDomRÚHODWLYD
GHSHQGHGDLQWHQVLGDGHRULJLQDOSRUWUiVGHODV±TXHUGL]HUDWUiVGRSHQVDPHQWRRULJLQDOGD
HPRomRGRHVWtPXORRXGDUHDomRTXHDVWURX[HUDPSDUDR³VHU´

1RYDPHQWHDOWDPHQWHVLPSOLILFDGRVREFHUWDVFRQGLo}HVHVWDVXQLGDGHVVHFRDJXODPHPPDWpULD
(VVDVXQLGDGHVHOHWURPDJQpWLFDVGHLQWHQVLGDGHDOWDREDVWDQWHDWLYDPRVSRQWRVFRRUGHQDGRV
VXERUGLQDGRVGRVTXDLVIDOHL(ODVVmRQRHQWDQWRDFHOHUDGDVHSURSXOVLRQDGDVHPPDWpULDPXLWR
PDLVUDSLGDPHQWHHPVHXVWHUPRVGRTXHXQLGDGHVGHPHQRULQWHQVLGDGH$VPROpFXODV
DSDUHFHULDPWmRJUDQGHVFRPRSODQHWDVSDUDHVVDVXQLGDGHVÈWRPRVHPROpFXODVHSODQHWDVH
HVVDVXQLGDGHVHOHWURPDJQpWLFDVGHHQHUJLDVmRVLPSOHVPHQWHPDQLIHVWDo}HVGLIHUHQWHVGRV
PHVPRVSULQFtSLRVTXHWUD]HPDVXQLGDGHVPHVPDVSDUDRVHUeDSHQDVVXDSRVLomRUHODWLYDVHX
IRFRQRHVSDoRDSDUHQWHHQRWHPSRTXHID]LVVRSDUHFHUWmRLPSURYiYHO

&DGDSHQVDPHQWRRXHPRomRQRHQWDQWRH[LVWHFRPRXPDXQLGDGHHOHWURPDJQpWLFDGHHQHUJLDRX
FRPRXPDFRPELQDomRGHODVVREFHUWDVFRQGLo}HVHJHUDOPHQWHFRPDDMXGDGHVVHVSRQWRV
FRRUGHQDGRVHODVHPHUJHPSDUDEORFRVFRQVWUXtGRVGHPDWpULDItVLFD(VWHDSDUHFLPHQWRQD
PDWpULDRFRUUHFRPRXPUHVXOWDGRQHXWURLQGHSHQGHQWHGDQDWXUH]DGHTXDOTXHUSHQVDPHQWRRX
HPRomR,PDJHQVPHQWDLVDFRPSDQKDGDVSRUXPDIRUWHHPRomRVmRIRWRFySLDVVREUHDVTXDLV
DSDUHFHPXPREMHWRItVLFRFRUUHVSRQGHQWHRXXPDFRQGLomRXPHYHQWRHPVHXVWHUPRV$
LQWHQVLGDGHGHXPVHQWLPHQWRRXGHXPSHQVDPHQWRRXGHXPDLPDJHPPHQWDOp
FRQVHTXHQWHPHQWHXPHOHPHQWRLPSRUWDQWHQDGHWHUPLQDomRGHVXDVXEVHTHQWHPDWHULDOL]DomR
ItVLFD

$LQWHQVLGDGHpRkPDJRVREUHDTXDODVXQLGDGHVGHHQHUJLDHOHWURPDJQpWLFDVVHIRUPDP(P
VHXVWHUPRVTXDQWRPDLVLQWHQVRRkPDJRPDLVUiSLGDDPDWHULDOL]DomRItVLFD,VVRVHDSOLFDQR
FDVRGHXPDLPDJHPPHQWDOVHUXPDGHPHGRRXXPDGHDOHJULD$JRUDKiXPSUREOHPD
LPSRUWDQWHDTXLVHYRFrYROWDUVXDPHQWHGHIRUPDDOWDPHQWHLQWHQVDHSHQVDUHPLPDJHQV
PHQWDLVHPRFLRQDLVYtYLGDVHODVSURQWDPHQWHVHWUDQVIRUPDUmRHPHYHQWRVItVLFRV6HYRFr
WDPEpPWLYHUXPDQDWXUH]DDOWDPHQWHSHVVLPLVWDGDQGRSHQVDPHQWRVHHPRo}HVGHGHVDVWUHV
SRWHQFLDLVHQWmRHVVHVSHQVDPHQWRVVHUmRILHOPHQWHUHSURGX]LGRVQDH[SHULrQFLD

4XDQWRPDLVLQWHQVDIRUVXDLPDJLQDomRHVXDH[SHULrQFLDLQWHULRUHQWmRPDLVLPSRUWDQWHpTXH
YRFrSHUFHEDRVPpWRGRVSHORVTXDLVVXDH[SHULrQFLDLQWHULRUVHWRUQDXPDUHDOLGDGHItVLFD6HXV
SHQVDPHQWRVHHPRo}HVFRPHoDPVXDGHOHVMRUQDGDQDDWXDOL]DomRItVLFDQRPRPHQWRGD
FRQFHSomR6HYRFrPRUDQXPDiUHDRQGHRDPELHQWHGRVSRQWRVFRRUGHQDGRVpIRUWHXPDGHVVDV
iUHDVVREUHDVTXDLVIDOHLFRPRLQYXOJDUPHQWHFRQGXFHQWHVHQWmRHODOKHSDUHFHUiWUDQVERUGDQWH
GHGRHQoDRXGHGHVDVWUHVVHHVVDIRUDQDWXUH]DGHVHXVSHQVDPHQWRVSRUTXHWRGRSHQVDPHQWRp
PXLWRIpUWLOQHVVHDPELHQWH

6HSRURXWURODGRVHXVVHQWLPHQWRVHH[SHULrQFLDVXEMHWLYDVmREHPHTXLOLEUDGRVEHPRWLPLVWDVH
FULDWLYRVHPWHUPRVFRQVWUXWLYRVHQWmRHODOKHSDUHFHUiTXHYRFrpDEHQoRDGRFRPVRUWH
LQFRPXPSRLVVXDVVXSRVLo}HVDJUDGiYHLVHPHUJLUmRUDSLGDPHQWH

'HIRUPDEUHYHHPVHXSUySULRSDtVD&RVWD2HVWHSRUo}HVGD&RVWD/HVWH8WDKRV*UDQGHV
/DJRVDiUHDGH&KLFDJRDiUHDGH0LQQHDSROLVHDOJXPDVRXWUDViUHDVGRVXGRHVWHVmRHVVDV
iUHDVGHH[FHOHQWHDWLYLGDGHGRVSRQWRVFRRUGHQDGRVSHODVUD]}HVMiPHQFLRQDGDV$
PDWHULDOL]DomRLUiDSDUHFHUUDSLGDPHQWHHFRQVHTXHQWHPHQWHRVSRWHQFLDLVSDUDRVHOHPHQWRV
FRQVWUXWLYRVHGHVWUXWLYRVVmRDOWRV

(VVHVSRQWRVFRRUGHQDGRVSRUVLPHVPRVDWLYDPRFRPSRUWDPHQWRGHiWRPRVHPROpFXODVFRPR
GLJDPRVSRUH[HPSORRDX[LOLRGRVROSDUDRFUHVFLPHQWRGDVSODQWDV2VFRRUGHQDGRVDWLYDPR
FRPSRUWDPHQWRJHUDWLYRGRViWRPRVHGDPROpFXODVHHQFRUDMDPJUDQGHPHQWHVXDVKDELOLGDGHV
FRRSHUDWLYDVDWHQGrQFLDSDUDDDJUHJDomR>GHRUJDQLVPRVFHOXODUHV17@SRUDVVLPGL]HUHP
JUXSRVRUJDQL]DFLRQDLVHHVWUXWXUDLV

2VSRQWRVFRRUGHQDGRVDXPHQWDPRXLQWHQVLILFDPRFRPSRUWDPHQWRRVODWHQWHVH
HVSRQWDQHDPHQWHLQHUHQWHVQDVSURSULHGDGHVGDPDWpULDItVLFD(OHVDJHPFRPRJHUDGRUHV
SVtTXLFRVHQTXDQWRLPSHOHPRTXHDLQGDQmRpItVLFRSDUDDIRUPDItVLFD

$JRUDHVWHOLYURQmRpXPOLYURWpFQLFRSRUWDQWRHVVHQmRpRWHPSRRXOXJDUSDUDGLVFXWLUD
DomRRFRPSRUWDPHQWRRXRVHIHLWRVGHVVHVSRQWRVFRRUGHQDGRVQHPGDVXQLGDGHV
HOHWURPDJQpWLFDVGHHQHUJLD±DTXHODVHPDQDo}HVQDWXUDLVGHFRQVFLrQFLDTXHPHQFLRQHL4XHUR
TXHVHMDFRQKHFLGRQRHQWDQWRTXHSHQVDPHQWRVHHPRo}HVVmRIRUPDGRVHPPDWpULDItVLFDSRU
PpWRGRVEHPGHILQLGRVHDWUDYpVGHOHLVEDVWDQWHYiOLGDVHPERUDHOHVSRVVDPVHUSUHVHQWHPHQWH
GHVFRQKHFLGRV

(PRXWUDVSRUo}HVGRPDWHULDO6HWKHVVHVSURFHVVRVHVWDUmREHPFODURVSDUDDTXHOHVGHYRFrVTXH
GHVHMDPDFRPSDQKDUDTXHVWmRPDLVSURIXQGDPHQWHRXSDUDDTXHOHVTXHSRGHPWHULQWHUHVVHD
SDUWLUGHXPSRQWRGHYLVWDFLHQWLILFR$TXLHVWDPRVGLVFXWLQGRWDLVSUREOHPDVDSHQDVSRUTXHHOHV
WRFDPRDVSHFWRPXOWLGLPHQVLRQDOGDSHUVRQDOLGDGH(OHVOKHSHUPLWHPPDWHULDOL]DUFHUWDV
H[SHULrQFLDVVXEMHWLYDVQDUHDOLGDGHWULGLPHQVLRQDO$QWHVGHGHL[DUHVVHWHPDQRHQWDQWR
GHL[HPHOHPEUiORTXHHVVDVHPDQDo}HVHPYiULRVQtYHLVVHHOHYDPGHWRGDVDVFRQVFLrQFLDV
QmRVLPSOHVPHQWHGDVXDSUySULD,VVRLQFOXLDVFRQVFLrQFLDVFHOXODUHVWDPEpPDTXHODUHGH
LQYLVtYHOGHXQLGDGHVHOHWURPDJQpWLFDVTXHSHUPHLDWRGDVXDDWPRVIHUDHVREUHHVVDWHLDHD
SDUWLUGHODDVSDUWtFXODVGHPDWpULDItVLFDTXHpHQWmRIRUPDGD

8POLYURLQWHLURSRGHULDVHUIDFLOPHQWHHVFULWRDUHVSHLWRGHVVHWHPD,QIRUPDo}HVVREUHDV
³ORFDOL]Do}HV´GRVSRQWRVFRRUGHQDGRVDEVROXWRVHSULQFLSDLVSRGHULDVHUDOWDPHQWHYDQWDMRVRSRU
H[HPSOR9RFrVVHRUJXOKDPGHVXDWHFQRORJLDHGDSURGXomRGHEHQVGXUiYHLVSUpGLRVHHVWUDGDV
HDLQGDDVVLPPXLWRGLVVRpLQVLJQLILFDQWHTXDQGRFRPSDUDGRFRPRXWUDVHVWUXWXUDVGR³SDVVDGR´

8PDYHUGDGHLUDFRPSUHHQVmRGDIRUPDTXHXPDLGpLDVHWRUQDPDWpULDItVLFDUHVXOWDULDQXPD
FRPSOHWDUHIRUPDGHVXDFKDPDGDWHFQRORJLDPRGHUQDHGDVFRQVWUXo}HVGDVHVWUDGDVHGHRXWUDV
HVWUXWXUDVTXHH[FHGHULDHPPXLWRHVVDVTXHDJRUDYRFrVWrP(QTXDQWRDUHDOLGDGHSVtTXLFDDWUiV
GDPDWpULDItVLFDIRULJQRUDGDYRFrQmRSRGHXVDUHVVHVPpWRGRVHIHWLYDPHQWHTXHH[LVWHPQHP
SRGHREWHUYDQWDJHPGHOHV9RFrQmRFRQVHJXHHQWHQGHUDUHDOLGDGHSVtTXLFDTXHpRYHUGDGHLUR
tPSHWRSDUDVXDH[LVWrQFLDItVLFDDPHQRVTXHYRFrSULPHLURSHUFHEDVXDSUySULDUHDOLGDGH
SVtTXLFDHLQGHSHQGrQFLDGDVOHLVItVLFDV

0HXSULPHLURSURSyVLWRSRUWDQWRpID]HUFRPTXHYRFrHVWHMDFLHQWHGDLGHQWLGDGHLQWHULRUGD
TXDOYRFrpSDUWHHFODUHDUDOJXQVHQWXOKRVLQWHOHFWXDLVHVXSHUVWLFLRVRVTXHRLPSHGHPGH
UHFRQKHFHUVXDVSUySULDVSRWHQFLDOLGDGHVHOLEHUGDGH(QWmRWDOYH]YRFrSRVVDFRPHoDUD
DSUHQGHUDVPXLWDVIRUPDVSHODVTXDLVDOLEHUGDGHSRGHVHUXVDGD

&$3,78/2
$$/0$($1$785(=$'(68$3(5&(3d2

&RPRSHTXHQRKLVWyULFRQRTXDODYDQoDPRVEDVWDQWHSRGHPRVDRPHQRVFRPHoDUDGLVFXWLUR
WHPDGHVVHOLYURDHWHUQDYDOLGDGHGDDOPD0HVPRTXDQGRHVWDPRVH[SORUDQGRRXWURVWHPDV
HVWDUHPRVWHQWDQGRLOXVWUDURDVSHFWRPXOWLGLPHQVLRQDOGHVVHVHULQWHULRU+iPXLWRVFRQFHLWRV
HUU{QHRVUHODFLRQDGRVDLVVRHSULPHLURGHWXGRGHYHPRVWHQWDUGHVFDUWiORV
3ULPHLURXPDDOPDQmRpDOJRTXHYRFrWHQKD(ODpDOJRTXHYRFrp1RUPDOPHQWHXVRRWHUPR
³HQWLGDGH´DRLQYpVGRWHUPR³DOPD´VLPSOHVPHQWHSRUTXHHVVHVFRQFHLWRVHUU{QHRVQmRVmR
SDUWLFXODUPHQWHUHODFLRQDGRVjSDODYUD³HQWLGDGH´HVXDVFRQRWDo}HVVmRPHQRVUHOLJLRVDVHP
WHUPRVGHVHQWLGRRUJDQL]DFLRQDO

2SUREOHPDpTXHQRUPDOPHQWHYRFrFRQVLGHUDDDOPDRXHQWLGDGHFRPRXPDFRLVDILQGD
HVWiWLFDTXHOKHSHUWHQFHPDVTXHQmRpYRFr$DOPDRXHQWLGDGH±HPRXWUDVSDODYUDVVXDPDLV
LQWLPDHSRGHURVDLGHQWLGDGHLQWHULRUHVWiHSUHFLVDHVWDUVHPSUHPXGDQGR1mRpDOJRQRHQWDQWR
FRPRXPDSHoDGHKHUDQoDDSUHFLDGDeYLYDUHVSRQVLYDFXULRVD(ODIRUPDDYLYLGH]HRPXQGR
TXHYRFrFRQKHFHHHODHVWiQXPHVWDGRGHYLUDVHU

$JRUDQDUHDOLGDGHWULGLPHQVLRQDOQDTXDOVHXHJRWHPVHXIRFRSULQFLSDOYLUDVHUSUHVVXS}H
FKHJDGDRXXPGHVWLQR±XPILQDOSDUDRTXDOH[LVWHRHVWDGRGHYLUDVHU0DVDDOPDRX
HQWLGDGHWHPVXDH[LVWrQFLDEDVLFDPHQWHHPRXWUDVGLPHQV}HVHQHODVDFRPSOHWXGHQmRGHSHQGH
GDFKHJDGDDQHQKXPSRQWRHVSLULWXDORXDRFRQWUDULR

$DOPDRXHQWLGDGHHVWiVHPSUHQXPHVWDGRGHIOX[RRXGHDSUHQGL]DGRHGHGHVHQYROYLPHQWRV
TXHWrPDYHUFRPDH[SHULrQFLDVXEMHWLYDPDLVGRTXHFRPRWHPSRRXHVSDoR,VVRQmRpWmR
PLVWHULRVRTXDQWRSRGHVRDU&DGDXPGHPHXVOHLWRUHVMRJDXPMRJRQRTXDODFRQVFLrQFLDHJRWLVWD
GRHXILQJHQmRVDEHURTXHRHXFRPSOHWRGHILQLWLYDPHQWHVDEH&RQVLGHUDQGRTXHRHJRp
GHILQLWLYDPHQWHXPDSDUWHGRHXFRPSOHWRHQWmRQHFHVVDULDPHQWHHOHGHYHHVWDUEDVLFDPHQWH
DWHQWRDWDOFRQKHFLPHQWR

(PVHXLQWHQVRIRFRQDUHDOLGDGHItVLFDSRUpPILQJHQmRVDEHUDWpTXHVHVLQWDFDSD]GHXWLOL]DU
DLQIRUPDomRHPWHUPRVItVLFRV

9RFrWHPDFHVVRDRVHULQWHULRUQRHQWDQWR9RFrpFRUWDGRDEUXSWDPHQWHGHVXDDOPDRX
HQWLGDGH2HJRSUHIHUHFRQVLGHUDUDVLPHVPRRFDSLWmRQROHPHSRUDVVLPGL]HUMiTXHpRHJR
TXHQDPDLRULDGDVYH]HVOLGDFRPRVWXPXOWRVPDUtWLPRVPRPHQWkQHRVGDUHDOLGDGHItVLFDHHOH
QmRTXHUVHUGLVWUDtGRQHVWDWDUHID

&DQDOL]Do}HVSVLFROyJLFDVHItVLFDVVHPSUHH[LVWHPHQYLDQGRFRPXQLFDo}HVDTXLHDOLDWUDYpV
GRVYiULRVQtYHLVGRHXHRHJRDFHLWDHVVDLQIRUPDomRQHFHVViULDGDSRUomRGRLQWHULRUGD
SHUVRQDOLGDGHVHPTXHVWLRQDU6XDSRVLomRGHIDWRGHSHQGHHPJUDQGHSDUWHGHVVDDFHLWDomR
VHPTXHVWLRQDPHQWRVGDLQIRUPDomRLQWHULRU

2HJRHPRXWUDVSDODYUDVRHX³H[WHULRU´TXHYRFrSHQVDFRPRVHXHX±DTXHODSRUomRGHYRFr
PDQWpPVXDVHJXUDQoDHVHXDSDUHQWHFRPDQGRSUHFLVDPHQWHSRUTXHDVFDPDGDVLQWHULRUHVGHVXD
SUySULDSHUVRQDOLGDGHFRQVWDQWHPHQWHRDSyLDPPDQWHQGRRFRUSRItVLFRHPRSHUDomRHPDQWHQGR
FRPXQLFDomRFRPRVQXPHURVRVHVWtPXORVTXHYrPGHDPERVRVODGRVGDVFRQGLo}HVLQWHULRUHVH
GDVFRQGLo}HVH[WHULRUHV$DOPDRXHQWLGDGHQmRpGLPLQXtGDPDVH[SDQGLGDDWUDYpVGDV
UHHQFDUQDo}HVDWUDYpVGDH[LVWrQFLDHGDH[SHULrQFLDQDVUHDOLGDGHVSURYiYHLV±DOJRTXH
H[SOLFDUHLDGLDQWH

eDSHQDVSRUTXHYRFrWHPXPDFRQFHSomRDOWDPHQWHOLPLWDGDGHVXDSUySULDHQWLGDGHTXHYRFr
LQVLVWHQDTXDVHHVWpULOVLQJXODULGDGH+iPLOK}HVGHFpOXODVHPVHXFRUSRPDVYRFrFKDPDVHX
FRUSRGHXPDXQLGDGHHRFRQVLGHUDVHXPHVPR9RFrRIRUPDGHGHQWURSDUDIRUDHDLQGDDVVLP
YRFrRIRUPDGHVXEVWDQFLDYLYDHFDGDSDUWtFXODPtQLPDWHPVXDSUySULDFRQVFLrQFLDGHYLGD+i
SDUWtFXODVGHPDWpULDHDHVVHUHVSHLWRKiSDUWtFXODVGHFRQVFLrQFLDLQGLYLGXDLVFDGDXPDGHODV
FRPVHXSUySULRGHVWLQRKDELOLGDGHVHSRWHQFLDLV

1mRKiOLPLWDo}HVSDUDVXDSUySULDHQWLGDGHFRQVHTXHQWHPHQWHFRPRVXDHQWLGDGHRXDOPDWHULD
IURQWHLUDVSRLVIURQWHLUDVIHFKDULDPQDHOKHQHJDULDPDOLEHUGDGH

*HUDOPHQWHSDUHFHTXHDDOPDpSHQVDGDFRPRXPDSHGUDSUHFLRVDDVHUDSUHVHQWDGDILQDOPHQWH
FRPRXPSUHVHQWHSDUD'HXVRXFRQVLGHUDGDFRPRDOJXPDVPXOKHUHVFRVWXPDYDPFRQVLGHUDU
VXDVYLUJLQGDGHV±DOJRDOWDPHQWHSUHPLDGRTXHSUHFLVDVHUSHUGLGRDSHUGDGLVVRVHQGR
VLJQLILFDGDFRPRXPERPSUHVHQWHSDUDTXHPUHFHEH

(PPXLWDVILORVRILDVHVVHWLSRGHLGpLDDLQGDpUHWLGD±DDOPDUHWRUQDQGRSDUDXPGRDGRU
SULPiULRRXVHQGRGLVVROYLGDQRHVWDGRQHEXORVRGHDOJXPOXJDUHQWUHVHUHQmRVHU3RUpPDDOPD
pHPSULPHLUROXJDUFULDWLYD(ODSRGHVHUGLVFXWLGDDSDUWLUGHPXLWRVSRQWRVGHYLVWD6XDV
FDUDFWHUtVWLFDVSRGHPVHUGDGDVDWpFHUWRSRQWRHUHDOPHQWHDPDLRULDGHPHXVOHLWRUHV
HQFRQWUDULDHVVDVFDUDFWHUtVWLFDVSRUVLPHVPRVVHHOHVHVWLYHVVHPDOWDPHQWHPRWLYDGRVREDVWDQWH
HVHHVVDIRVVHVXDSULQFLSDOSUHRFXSDomR$DOPDRXHQWLGDGHpDPDLVDOWDPHQWHPRWLYDGDD
PDLVDOWDPHQWHHQHUJL]DGDHDPDLVSRWHQWHXQLGDGHGHFRQVFLrQFLDFRQKHFLGDHPTXDOTXHU
XQLYHUVR

eHQHUJLDFRQFHQWUDGDQXPQtYHOEDVWDQWHLQDFUHGLWiYHOSDUDYRFr(ODFRQWpPSRWHQFLDLV
LOLPLWDGRVPDVHODSUHFLVDWUDEDOKDUVXDSUySULDLGHQWLGDGHHIRUPDVHXVSUySULRVPXQGRV'HQWUR
GHVLHODFDUUHJDRIDUGRGHWRGRRVHU&RQVLJRHVWmRRVSRWHQFLDLVGHSHUVRQDOLGDGHDOpPGHVXD
FRPSUHHQVmR/HPEUHVHLVVRpVXDSUySULDDOPDRXHQWLGDGHGDTXDOHVWRXIDODQGREHPFRPR
GDDOPDRXHQWLGDGHHPJHUDO9RFrpXPDPDQLIHVWDomRGHVXDSUySULDDOPD4XDQWRVGHYRFrV
TXHUHULDPOLPLWDUVXDUHDOLGDGHWRGDVXDUHDOLGDGHjH[SHULrQFLDTXHDJRUDYRFrFRQKHFH"9RFr
ID]LVVRTXDQGRLPDJLQDTXHVHXHXDWXDOpVXDSHUVRQDOLGDGHLQWHLUDRXLQVLVWHHPTXHVXD
LGHQWLGDGHVHMDPDQWLGDLQDOWHUDGDDWUDYpVGDLQILQLWDHWHUQLGDGH7DOHWHUQLGDGHUHDOPHQWHHVWDULD
PRUWD6REPXLWDVIRUPDVDDOPDpXPGHXVLQFLSLHQWHHPDLVjIUHQWHQHVWHOLYURGLVFXWLUHPRVR
FRQFHLWRGHXV´

3RUDJRUDSRUpPHVWDUHPRVLQWHUHVVDGRVVLPSOHVPHQWHQDHQWLGDGHRXDOPDRHXPDLRUTXH
VXVVXUUDDWpPHVPRDJRUDQRVUHFHVVRVHVFRQGLGRVGDH[SHULrQFLDGHFDGDOHLWRU(VSHURQHVVH
OLYURQmRDSHQDVDVVHJXUDUOKHGDHWHUQDYDOLGDGHGHVXDDOPDRXHQWLGDGHPDVDMXGiORDVHQWLU
VXDUHDOLGDGHYLWDOGHQWURGHVLPHVPR3ULPHLURSRUpPYRFrSUHFLVDWHUDOJXPDLGpLDGHVXD
SUySULDSVLFRORJLDHHVWUXWXUDItVLFD4XDQGRYRFrHQWHQGHUTXHDWpFHUWRSRQWRTXHPYRFrpHQWmR
SRGHUHLH[SOLFDUPDLVFODUDPHQWHTXHPHRTXHHXVRX(VSHUROKHIDPLOLDUL]DUFRPHVVHVDVSHFWRV
SURIXQGDPHQWHFULDWLYRVGHVHXSUySULRVHUDVVLPYRFrSRGHXViORVSDUDHVWHQGHUHH[SDQGLUWRGD
VXDH[SHULrQFLD

0XLWRVLQGLYtGXRVLPDJLQDPTXHDDOPDVHMDXPHJRLPRUWDOL]DGRHVTXHFHQGRVHTXHRHJRFRPR
YRFrRFRQKHFHpDSHQDVXPDSHTXHQDSRUomRGRHXDVVLPHVVDVHomRGDSHUVRQDOLGDGHp
VLPSOHVPHQWHSURMHWDGDSURJUHVVLYDPHQWHDGLQILQLWXPSRUDVVLPGL]HU3RUTXHDVGLPHQV}HVGH
VXDUHDOLGDGHVmRWmRSRXFRHQWHQGLGDVVHXVFRQFHLWRVVmRFRPSHOLGRVjOLPLWDomR$RFRQVLGHUDU
³LPRUWDOLGDGH´RJrQHURKXPDQRSDUHFHHVSHUDUSRUXPGHVHQYROYLPHQWRHJRtVWDHDLQGDHOH
FRQWHVWDDLGpLDGHTXHWDOGHVHQYROYLPHQWRSRGHHQYROYHUPXGDQoD(OHGL]DWUDYpVGHVXDV
UHOLJL}HVTXHWHPXPDDOPDUHDOPHQWHVHPPHVPRSHUJXQWDURTXHXPDDOPDpHIUHTXHQWHPHQWH
HOHSDUHFHFRQVLGHUDUQRYDPHQWHDDOPDFRPRXPREMHWRGHVXDSRVVHVVmR

$JRUDDSHUVRQDOLGDGHPHVPRFRPRYRFrDFRQKHFHFRQVWDQWHPHQWHPXGDHQHPVHPSUHGH
PRGRVDQWHFLSDGRV±IUHTHQWHPHQWHQDUHDOLGDGHGHPRGRVLPSUHYLVtYHLV9RFrWHLPDHPIRFDU
VXDDWHQomRVREUHDVVHPHOKDQoDVTXHVmRWHFLGDVDWUDYpVGHVHXSUySULRFRPSRUWDPHQWRHVREUH
HVVDVVHPHOKDQoDVYRFrFRQVWUyLXPDWHRULDGHTXHRHXVHJXHXPSDGUmRTXHYRFrDRFRQWUiULR
WUDQVS{V(RSDGUmRWUDQVSRVWROKHLPSHGHGHYHURHXFRPRHOHUHDOPHQWHp(QWmRYRFrWDPEpP
SURMHWDHVVHSRQWRGHYLVWDGLVWRUFLGRHPVXDFRQFHSomRGDUHDOLGDGHGDDOPD

(QWmRYRFrSHQVDQDDOPDVREDOX]GHFRQFHSo}HVHUU{QHDVTXHYRFrPDQWpPFRQVLGHUDQGRDWp
PHVPRDQDWXUH]DGHVHXHXPRUWDO

$WpPHVPRRHXPRUWDOYRFrYrpPDLVPLODJURVRHPDUDYLOKRVRGRTXHYRFrSHUFHEHHSRVVXL
PXLWRPDLVKDELOLGDGHVGRTXHYRFrLPSXWDDHOH9RFrDLQGDQmRHQWHQGHDYHUGDGHQDWXUH]DGD
SHUFHSomRQHPPHVPRQRTXHRHXPRUWDOHVWiLQWHUHVVDGRHSRULVVRYRFrPDOSRGHHQWHQGHUDV
SHUFHSo}HVGDDOPD3RLVDDOPDDFLPDGHWXGRSHUFHEHHFULD/HPEUHVHQRYDPHQWHTXHYRFrp
XPDDOPDDJRUD$DOPDGHQWURGHYRFrSRUWDQWRHVWiSHUFHEHQGRDJRUD6HXVPpWRGRVGH
SHUFHSomRVmRRVPHVPRVDJRUDTXHIRUDPDQWHVGHVHXQDVFLPHQWRItVLFRHFRPRVHUmRDSyVVXD
PRUWHItVLFD%DVLFDPHQWHVXDSRUomRLQWHUQDDVFRLVDVGDDOPDQmRPXGDUiUHSHQWLQDPHQWHVHXV
PpWRGRVGHSHUFHSomRWDPSRXFRVXDVFDUDFWHUtVWLFDVDSyVDPRUWHItVLFD

9RFrSRGHGHVFREULURTXHDDOPDpDJRUDSRUWDQWR(ODQmRpDOJRHVSHUDQGRSRUYRFrHPVXD
PRUWHWDPSRXFRDOJRTXHYRFrSUHFLVDVDOYDURXUHPLUHHODWDPEpPQmRpDOJRTXHYRFrSRVVD
SHUGHU2WHUPR³SHUGHURXVDOYDUVXDDOPD´WHPVLGRJURVVHLUDPHQWHPDOLQWHUSUHWDGRH
GLVWRUFLGRSRLVHODpDVXDSDUWHTXHUHDOPHQWHpLQGHVWUXWtYHO(QWUDUHPRVQHVVHDVVXQWR
SDUWLFXODUQXPDSDUWHGROLYURRQGHIDODPRVVREUHUHOLJLmRHRFRQFHLWRGHXV

6XDSUySULDSHUVRQDOLGDGHFRPRYRFrDFRQKHFHDTXHODSRUomRGHYRFrTXHYRFrFRQVLGHUDPXLWR
SUHFLRVDH[FOXVLYDPHQWHYRFrWDPEpPQXQFDVHUiGHVWUXtGDRXSHUGLGReXPDSRUomRGDDOPD
1mRVHUiHQJROLGDSHODDOPDQHPDSDJDGDSRUHODWDPSRXFRSRURXWURODGRSRGHDRPHQRVVHU
VHSDUDGD(ODpQmRREVWDQWHR~QLFRDVSHFWRGHVXDDOPD6XDLQGLYLGXDOLGDGHLQGHSHQGHQWHGD
IRUPDFRPRYRFrDSHQVHFRQWLQXDDH[LVWLUHPVHXVWHUPRV
(ODFRQWLQXDDFUHVFHUHDVHGHVHQYROYHUPDVVHXFUHVFLPHQWRHGHVHQYROYLPHQWRVmRDOWDPHQWH
GHSHQGHQWHVGHVXDUHDOL]DomRTXHHPERUDVHMDGLVWLQWDHLQGLYLGXDOpWDPEpPXPDPDQLIHVWDomR
GDDOPD

1DH[WHQVmRHPTXHHODHQWHQGHLVVRHODDSUHQGHDVHGHVGREUDUHPFULDWLYLGDGHHDXVDUHVVDV
KDELOLGDGHVTXHVmRLQHUHQWHVDHOD

$JRUDLQIHOL]PHQWHVHULDPXLWRPDLVIiFLOVLPSOHVPHQWHOKHGL]HUTXHVXDLQGLYLGXDOLGDGH
FRQWLQXDDH[LVWLUHGHL[DUSRULVWR(PERUDLVVRFRPSXVHVVHXPDSDUiERODEDVWDQWHUD]RiYHOIRL
GLWRGHVVDIRUPDSDUWLFXODUDQWHVHKiSHULJRVQDPHVPDVLPSOLFLGDGHGRFRQWR$YHUGDGHpTXHD
SHUVRQDOLGDGHTXHYRFrpDJRUDHDSHUVRQDOLGDGHTXHYRFrWHPVLGRHVHUi±QRVWHUPRVHPTXH
YRFrHQWHQGH³WHPSR´±WRGDVHVVDVSHUVRQDOLGDGHVVmRPDQLIHVWDo}HVGDDOPDGHVXDDOPD

6XDDOPDHQWmRDDOPDTXHYRFrp±DDOPDGHTXHPYRFrpSDUWH±HVVDDOPDpXPIHQ{PHQR
PXLWRPDLVFULDWLYRHPLUDFXORVRGRTXHYRFrSUHYLDPHQWHVXS{V(TXDQGRLVVRQmRpFODUDPHQWH
HQWHQGLGRHTXDQGRRFRQFHLWRpHQIUDTXHFLGRHPFDXVDGDVLPSOLFLGDGHFRPRPHQFLRQDGR
DQWHULRUPHQWHHQWmRDLQWHQVDYLWDOLGDGHGDDOPDQXQFDSRGHVHUHQWHQGLGD6XDDOPDHQWmR
SRVVXLDVDEHGRULDDLQIRUPDomRHRFRQKHFLPHQWRTXHpSDUWHGDH[SHULrQFLDGHWRGDVHVVDV
RXWUDVSHUVRQDOLGDGHVHYRFrWHPGHQWURGHVLRDFHVVRDHVVDLQIRUPDomRPDVDSHQDVVHYRFr
SHUFHEHDYHUGDGHQDWXUH]DGHVXDUHDOLGDGH'HL[HPHHQIDWL]DUQRYDPHQWHTXHHVVDV
SHUVRQDOLGDGHVH[LVWHPLQGHSHQGHQWHPHQWHQRtQWLPRHVmRSDUWHVGDDOPDHFDGDXPDGHODVp
OLYUHSDUDFULDUHVHGHVHQYROYHU

+iXPDFRPXQLFDomRLQWHUQDSRUpPHRFRQKHFLPHQWRGHXPDHVWiGLVSRQtYHOSDUDTXDOTXHURXWUD
±QmRGHSRLVGHPRUWHItVLFDPDVDJRUDHPVHXPRPHQWRSUHVHQWH$JRUDDSUySULDDOPDFRPR
PHQFLRQDGRDQWHULRUPHQWHQmRpHVWiWLFD(ODFUHVFHHVHGHVHQYROYHDWpPHVPRDWUDYpVGD
H[SHULrQFLDGHVVDVSHUVRQDOLGDGHVTXHDFRPS}HPHHODpSDUDVHUWmRVLPSOHVTXDQWRSRVVtYHO
PDLVGRTXHDVRPDGHVXDVSDUWHV

$JRUDQmRKiQHQKXPVLVWHPDIHFKDGRQDUHDOLGDGH(PVHXVLVWHPDItVLFRDQDWXUH]DGHVXDV
SHUFHSo}HVOLPLWDVXDLGpLDGHUHDOLGDGHDWpFHUWRSRQWRSRUTXHYRFrSURSRVLWDOPHQWHGHFLGH
IRFDUGHQWURGHXPGHWHUPLQDGRORFDO

0DVIDODQGREDVLFDPHQWHDFRQVFLrQFLDQXQFDSRGHVHUXPVLVWHPDIHFKDGRHWRGDVDVEDUUHLUDV
GHWDOQDWXUH]DVmRLOXVmR(QWmRDSUySULDDOPDQmRpXPVLVWHPDIHFKDGR3RUpPTXDQGRYRFr
FRQVLGHUDDDOPDYRFrQRUPDOPHQWHSHQVDQHODHPWDOOX]±LQDOWHUiYHOXPDIRUWDOH]DItVLFDRX
HVSLULWXDO0DVIRUWDOH]DVQmRDSHQDVPDQWpPLQYDVRUHVGLVWDQWHVHODVWDPEpPSUHYLQHPD
H[SDQVmRHRGHVHQYROYLPHQWR

+iPXLWRVDVVXQWRVDTXLPXLWRGLItFHLVGHH[SUHVVDUHPSDODYUDVSRLVYRFrpWmRWHPHURVRGHVHX
VHQVRGHLGHQWLGDGHTXHUHVLVWHjLGpLDGHTXHDDOPDSRUH[HPSORpXPVLVWHPDHVSLULWXDODEHUWR
XPSRoRGHHQHUJLDGHFULDWLYLGDGHTXHVHODQoDHPWRGDVDVGLUHo}HV±HDLQGDpUHDOPHQWHHVWH
RFDVR

'LJROKHLVWRHDRPHVPRWHPSRROHPEURGHTXHVXDSHUVRQDOLGDGHSUHVHQWHQXQFDpSHUGLGD
$JRUDRXWUDSDODYUDSDUDDDOPDpHQWLGDGH9RFrYrQmRpXPDVLPSOHVTXHVWmRGHOKHGDUXPD
GHILQLomRGHXPDDOPDRXHQWLGDGHSDUDDRPHQRVWHUXPYLVOXPEUHHPWHUPRVOyJLFRVGHTXH
YRFrDHQWHQGHULDHPWHUPRVHVSLULWXDLVSVtTXLFRVHHOHWURPDJQpWLFRVHHQWHQGHVVHDQDWXUH]D
EiVLFDGDFRQVFLrQFLDEHPFRPRGDDomR0DVYRFrSRGHLQWXLWLYDPHQWHGHVFREULUDQDWXUH]DGD
DOPDRXHQWLGDGHHGHPXLWRVPRGRVRFRQKHFLPHQWRLQWXLWLYRpVXSHULRUDTXDOTXHURXWURWLSR

8PDFRQGLomRSUpYLDSDUDWDOFRPSUHHQVmRLQWXLWLYDGDDOPDpRGHVHMRGHDOFDQoiOD6HRGHVHMR
IRUEDVWDQWHIRUWHHQWmRYRFrVHUiFRQGX]LGRDXWRPDWLFDPHQWHDH[SHULrQFLDVTXHUHVXOWDUmRHP
FRQKHFLPHQWRYtYLGRLQFRQIXQGLYHOPHQWHVXEMHWLYR+iPpWRGRVTXHRSHUPLWLUmRID]HULVWRHHX
OKHGDUHLDOJXQVPDLVDRILPGHVWHOLYUR

3RUDJRUDHLVXPH[HUFtFLREDVWDQWHHIHWLYRPDVVLPSOHV)HFKHVHXVROKRVDSyVGHWHUOLGRHVWH
FDStWXORQHVWHSRQWRHWHQWHVHQWLUGHQWURGHYRFrDIRQWHGHSRGHUGDTXDOVXDSUySULDUHVSLUDomRH
IRUoDVGHYLGDYrP$OJXQVGHYRFrIDUmRLVWRFRPVXFHVVRQDSULPHLUDWHQWDWLYD2XWURVSRGHP
OHYDUPDLVWHPSR

4XDQGRYRFrVHQWLUGHQWURGHVLPHVPRHVVDIRQWHHQWmRWHQWHVHQWLUHVWHIOX[RGHSRGHUH[WHUQR
DWUDYpVGHWRGRRVHXVHUItVLFRDWUDYpVGDVSRQWDVGRVGHGRVGDVPmRVHGRVSpVDWUDYpVGRV
SRURVGHVHXFRUSRHPWRGDVDVGLUHo}HVFRQVLJRPHVPRFRPRFHQWUR,PDJLQHRVUDLRVVHP
GLPLQXtORVDOFDQoDQGRDWUDYpVGDVIROKDJHQVHGDVQXYHQVDFLPDDWUDYpVGRFHQWURGDWHUUD
DEDL[RHVWHQGHQGRVHDWpPHVPRSDUDDOFDQFHVPDLVGLVWDQWHVGRXQLYHUVR

$JRUDQmRTXHURGL]HUTXHHVVHVHMDXPH[HUFtFLRPHUDPHQWHVLPEyOLFRSRLVHPERUDHOHSRVVD
FRPHoDUFRPDLPDJLQDomRHOHpEDVHDGRHPIDWRVHDVHPDQDo}HVGHVXDFRQVFLrQFLDHD
FULDWLYLGDGHGHVXDDOPDDOFDQoDPRH[WHUQRUHDOPHQWHGHVVDPDQHLUD2H[HUFtFLROKHGDUi
DOJXPDLGpLDGDYHUGDGHLUDQDWXUH]DFULDWLYLGDGHHYLWDOLGDGHGDDOPDDSDUWLUGDTXDOYRFrSRGH
WLUDUVXDSUySULDHQHUJLDHGDTXDOYRFrpXPDSRUomRLQGLYLGXDOH~QLFD

(VWDGLVFXVVmRQmRWHPDLQWHQomRGHVHUXPDDSUHVHQWDomRHVRWpULFDFRPXPSRXFRGHVHQWLGR
SUiWLFRHPVXDYLGDGLiULD2IDWRpTXHHQTXDQWRYRFrPDQWpPFRQFHLWRVOLPLWDGRVGHVXDSUySULD
UHDOLGDGHHQWmRYRFrQmRSRGHSUDWLFDPHQWHWLUDUYDQWDJHPGHPXLWDVKDELOLGDGHVTXHVmRVXDVH
HPERUDYRFrWHQKDXPFRQFHLWROLPLWDGRGDDOPDHPFHUWRSRQWRYRFrVHSULYDGDIRQWHGHVHX
SUySULRVHUHGDFULDWLYLGDGH

$JRUDHVWDVKDELOLGDGHVRSHUDPVDLEDYRFrGLVVRRXQmRPDVIUHTXHQWHPHQWHHODVRSHUDPD
GHVSHLWRGHYRFrPHOKRUDLQGDFRPVXDFRRSHUDomRFRQVFLHQWHHIUHTXHQWHPHQWHTXDQGRYRFrVH
SHJDXVDQGRDVYRFrVHWRUQDDPHGURQWDGRGHVRULHQWDGRRXFRQIXVR1mRLPSRUWDRTXHOKHIRL
HQVLQDGRYRFrSUHFLVDHQWHQGHUSRUH[HPSORTXHEDVLFDPHQWHIDODQGRSHUFHSo}HVQmRVmR
ItVLFDVQDIRUPDFRPRRWHUPRpFRPXPHQWHXVDGR6HYRFrVHSHJDUSHUFHEHQGRDLQIRUPDomR
DWUDYpVGHRXWURVTXHQmRVHMDPVHXVVHQWLGRVItVLFRVHQWmRYRFrSUHFLVDDFHLWDURIDWRGHTXH
HVVDpDIRUPDFRPRDSHUFHSomRWUDEDOKD

2TXHIUHTHQWHPHQWHDFRQWHFHpTXHVXDFRQFHSomRGHUHDOLGDGHpWmROLPLWDGDTXHYRFrWHPH
VHPSUHTXHSHUFHEHTXDOTXHUH[SHULrQFLDTXHQmRVHDMXVWDjVXDFRQFHSomR$JRUDQmRHVWRX
IDODQGRPHUDPHQWHGDVKDELOLGDGHVOLYUHPHQWHFKDPDGDVGH³SHUFHSomRH[WUDVHQVRULDO´(VVDV
H[SHULrQFLDVOKHSDUHFHPH[WUDRUGLQiULDVDSHQDVSRUTXHYRFrQHJRXSRUPXLWRWHPSRDH[LVWrQFLD
GHTXDOTXHUSHUFHSomRTXHQmRYLQKDDWUDYpVGRVVHQWLGRVItVLFRV

$GHQRPLQDGDSHUFHSomRH[WUDVHQVRULDOOKHGiXPDLGpLDFUXDHGLVWRUFLGDGDVIRUPDVEiVLFDV
QDVTXDLVRVHULQWHULRUUHFHEHDLQIRUPDomRPDVRVFRQFHLWRVFRQVWUXtGRVDRUHGRUGDSHUFHSomR
H[WUDVHQVRULDOVmRQRPtQLPRSUy[LPRVGDYHUGDGHHFRPRWDLVUHSUHVHQWDPXP
DSHUIHLoRDPHQWRVREUHDLGpLDGHTXHWRGDSHUFHSomRpEDVLFDPHQWHItVLFD

$JRUDpTXDVHLPSRVVtYHOVHSDUDUXPDGLVFXVVmRVREUHDQDWXUH]DGDDOPDGHXPDGLVFXVVmR
VREUHDQDWXUH]DGDSHUFHSomR0XLWREUHYHPHQWHGHL[HQRVUHYLVDUDOJXQVSRQWRV9RFrIRUPDD
PDWpULDItVLFDHRPXQGRItVLFRTXHYRFrFRQKHFH1DYHUGDGHSRGHVHUGLWRTXHRVVHQVRVItVLFRV
FULDPRPXQGRItVLFRQLVVRHOHVRIRUoDPDSHUFHEHUXPFDPSRGLVSRQtYHOGHHQHUJLDHP
FRQGLo}HVItVLFDVHLPS}HXPSDGUmRDOWDPHQWHHVSHFLDOL]DGRQHVWHFDPSRGHUHDOLGDGH8VDQGR
RVVHQVRVItVLFRVYRFrSRGHSHUFHEHUUHDOLGDGHGHQHQKXPRXWURPRGR

1DYHUGDGHSRGHVHUGLWRTXHRVVHQWLGRVItVLFRVFULDPRPXQGRItVLFRQRTXDORIRUoDPD
SHUFHEHUXPFDPSRGLVSRQtYHOGHHQHUJLDHPWHUPRVItVLFRVHLPS}HPXPSDGUmRDOWDPHQWH
HVSHFLDOL]DGRQHVWHFDPSRGHUHDOLGDGH8VDQGRRVVHQWLGRVItVLFRVYRFrQmRSRGHSHUFHEHUD
UHDOLGDGHVREQHQKXPRXWURPRGR

(VWDSHUFHSomRItVLFDQmRDOWHUDDSHUFHSomROLYUHQDWDEiVLFDTXHpDFDUDFWHUtVWLFDGRVHU
LQWHULRUDSRUomRGRVHULQWHULRUGDDOPDTXHHVWiGHQWURGHYYRFr2VHULQWHULRUFRQKHFHVXD
UHODomRFRPDDOPD(OHpXPDSRUomRGRHXTXHDWXDYRFrSRGHULDGLULDFRPRXPPHQVDJHLUR
HQWUHDDOPDHDSHUVRQDOLGDGHSUHVHQWH

9RFrSUHFLVDWDPEpPSHUFHEHTXHHPERUDHXXVHWHUPRVFRPR³DOPD´RX³HQWLGDGH´³VHU
LQWHULRU´H³SHUVRQDOLGDGHSUHVHQWHÍDoRLVVRDSHQDVHPFDXVDGDFRQYHQLrQFLDSRLVXPpSDUWH
GRRXWURQmRKiQHQKXPSRQWRRQGHXPFRPHFHHRXWURWHUPLQH

9RFrSRGHYHULVVRIDFLOPHQWHSRUVLPHVPRVHYRFrFRQVLGHUDUDIRUPDFRPDTXDORVSVLFyORJRV
XVDPRVWHUPRV³HJR´³VXEFRQVFLHQWH´HDWpPHVPR³LQFRQVFLHQWH´2TXHSDUHFHVXEFRQVFLHQWH
QXPLQVWDQWHSRGHVHUFRQVFLHQWHQRSUy[LPR8PPRWLYRLQFRQVFLHQWHSRGHWDPEpPVHU
FRQVFLHQWHQXPFHUWRSRQWR0HVPRQHVVHVWHUPRVVXDH[SHULrQFLDGHYHOKHGL]HUTXHDVSDODYUDV
SRUVLPHVPDVID]HPGLYLV}HVTXHQmRH[LVWHPHPVXDSUySULDH[SHULrQFLD

9RFrYrSDUDSHUFHEHUH[FOXVLYDPHQWHDWUDYpVGHVHXVVHQWLGRVItVLFRVHDLQGDDVVLPYRFrWHP
DSHQDVTXHHVWHQGHUVXDVLGpLDVHJRtVWLFDVGDUHDOLGDGHHHQFRQWUDUiVHXVHUHJRtVWDDFHLWDQGR
EDVWDQWHSURQWDPHQWHDH[LVWrQFLDGDLQIRUPDomRQmRItVLFD

4XDQGRLVVRDFRQWHFHVXDVSUySULDVLGpLDVVREUHVXDSUySULDQDWXUH]DPXGDUmRDXWRPDWLFDPHQWHH
VHH[SDQGLUmRSRLVYRFrUHPRYHXDVOLPLWDo}HVGHVHXFUHVFLPHQWR$JRUDTXDOTXHUDWRGD
SHUFHSomRPXGDRSHUFHEHGRUHPXGDDDOPDFRQVLGHUDGDFRPRXPSHUFHEHGRUWDPEpPSUHFLVD
PXGDU1mRKiGLYLV}HVUHDLVHQWUHRSHUFHEHGRUHDFRLVDDSDUHQWHPHQWHSHUFHELGD'HPXLWRV
PRGRVDFLRVDSHUFHELGDpXPDH[WHQVmRGRSHUFHEHGRU,VVRSRGHSDUHFHHVWUDQKRPDVWRGRVRV
DWRVVmRPHQWDLVRXVHYRFrSUHIHULUDWRVSVtTXLFRV(VVDpXPDH[SOLFDomRH[WUHPDPHQWH
VLPSOHVPDVRSHQVDPHQWRFULDDUHDOLGDGH(QWmRRFULDGRUGRSHQVDPHQWRSHUFHEHRREMHWRH
QmRHQWHQGHDFRQH[mRHQWUHVLPHVPRHDFRLVDDSDUHQWHPHQWHVHSDUDGD

(VVDFDUDFWHUtVWLFDGHPDWHULDOL]DUSHQVDPHQWRVHHPRo}HVHPUHDOLGDGHVItVLFDVpXPDWULEXWRGD
DOPD$JRUDHPVXDUHDOLGDGHHVVHVSHQVDPHQWRVVmRIHLWRVItVLFRV(PRXWUDVUHDOLGDGHVHOHV
SRGHPVHU³FRQVWUXtGRV´GHXPDIRUPDLQWHLUDPHQWHGLIHUHQWH6XDDOPDTXHpYRFrFRQVWUyLVXD
UHDOLGDGHItVLFDGLiULDSDUDYRFrDSDUWLUGDQDWXUH]DGHVHXVSHQVDPHQWRVHH[SHFWDWLYD

(QWmRYRFrSRGHYHUSURQWDPHQWHTXmRLPSRUWDQWHVHXVVHQWLPHQWRVVXEMHWLYRVUHDOPHQWHVmR(VWH
FRQKHFLPHQWR±GHTXHVHXXQLYHUVRpFRQVWUXomRGHLGpLD±SRGHLPHGLDWDPHQWHOKHGDUSLVWDV
TXHRSHUPLWHPPXGDUVHXDPELHQWHHDVFLUFXQVWkQFLDVYDQWDMRVDPHQWH4XDQGRYRFrQmRHQWHQGH
DQDWXUH]DGDDOPDHQmRSHUFHEHTXHVHXVSHQVDPHQWRVHVHQWLPHQWRVIRUPDPDUHDOLGDGHItVLFD
HQWmRYRFrVHVHQWHLPSRWHQWHSDUDPXGDULVWR(PFDStWXORVSRVWHULRUHVGHVWHOLYURHVSHUROKHGDU
DOJXPDVLQIRUPDo}HVSUDWLFDVTXHOKHSHUPLWLUmRDOWHUDUSUDWLFDPHQWHDPHVPDQDWXUH]DH
HVWUXWXUDGDYLGDGLiULD

$DOPDSHUFHEHWRGDDH[SHULrQFLDGLUHWDPHQWH$PDLRULDGDVH[SHULrQFLDVGDTXDOYRFrHVWi
DWHQWRYHPHPSDFRWDGRHPHQYROWyULRItVLFRHYRFrSHJDRHQYROWyULRSHODH[SHULrQFLDHPVLHQmR
SHQVDHPROKDUGHQWURGRSDFRWH2PXQGRTXHYRFrFRQKHFHpXPGHPDWHULDOL]Do}HVLQILQLWDV
GHGX]LGRSHODFRQVFLrQFLDHFRPRWDOpYiOLGR

3RUpPDDOPDQmRSUHFLVDVHJXLUDVOHLVHSULQFtSLRVTXHVmRXPDSDUWHGDUHDOLGDGHItVLFDHLVWR
QmRGHSHQGHGHSHUFHSomRItVLFD$VSHUFHSo}HVGDDOPDVmRGHDWRVHHYHQWRVTXHVmRPHQWDLV
TXHPHQWHPSRUDVVLPGL]HUVREHYHQWRVItVLFRVFRPRYRFrRVFRQKHFH$VSHUFHSo}HVGDDOPD
QmRVmRGHSHQGHQWHVGRWHPSRSRUTXHRWHPSRpXPDFDPXIODJHPItVLFDHQmRVHDSOLFDj
UHDOLGDGHQmRItVLFD

$JRUDpGLItFLOOKHH[SOLFDUFRPRDH[SHULrQFLDGLUHWDQDYHUGDGHWUDEDOKDSRLVHODH[LVWH±XP
FDPSRWRWDOPHQWHSHUFHSWLYRLQRFHQWHGDVSLVWDVItVLFDVFRPRFRUWDPDQKRSHVRHVHQWLGRVFRP
RVTXDLVVmRSHUFHSomRItVLFDpYHVWLGD

3DODYUDVVmRXVDGDVSDUDFRQWDUXPDH[SHULrQFLDPDVHODVREYLDPHQWHQmRVmRDH[SHULrQFLDTXH
WHQWDPGHVFUHYHU6XDH[SHULrQFLDVXEMHWLYDItVLFDpWmRHQYROYLGDFRPSHQVDPHQWRVHPSDODYUDV
QRHQWDQWRTXHpTXDVHLPSRVVtYHOSDUDYRFrFRQFHEHUXPDH[SHULrQFLDTXHQmRVHMDXP
SHQVDPHQWRRULHQWDGRDWUDYpVGHSDODYUDV

$JRUDFDGDHYHQWRDRTXDOYRFrHVWiDWHQWRMipXPDWUDGXomRGHXPHYHQWRLQWHULRUXPHYHQWR
SVtTXLFRRXPHQWDOTXHpSHUFHELGRGLUHWDPHQWHSHODDOPDPDVWUDGX]LGRSHODVSRUo}HV
ILVLFDPHQWHRULHQWDGDVGRHXHPWHUPRVGHVHQWLGRVItVLFRV

6HPFRQWDUTXHDDOPDQmRUHTXHUXPFRUSRItVLFRSDUDRVSURSyVLWRVGDSHUFHSomRTXHD
SHUFHSomRQmRpGHSHQGHQWHGRVVHQWLGRVItVLFRVTXHDH[SHULrQFLDFRQWLQXDHVWHMDYRFrQHVVD
YLGDRXQRXWUDHWDPEpPTXHRVPpWRGRVEiVLFRVGDSHUFHSomRGDDOPDHVWmRWDPEpPRSHUDQGR
FRPYRFrDJRUDPHVPRHPTXHYRFrHVWiOHQGRHVVHOLYUR
6XDH[SHULrQFLDQRVLVWHPDItVLFRpGHSHQGHQWHGDIRUPDItVLFDHGRVVHQWLGRVItVLFRV±QRYDPHQWH
SRUTXHHOHVLQWHUSUHWDPDUHDOLGDGHHWUDGX]HPQDHPLQIRUPDo}HVItVLFDV$OJXPDVVXJHVW}HVGD
H[SHULrQFLDGLUHWDGDDOPDSRGHPVHUJDQKDVDWUDYpVGRQmRXVRPRPHQWkQHRGRVVHQWLGRVItVLFRV
±UHFXVDQGRVHDXViORVFRPRSHUFHEHGRUHVHXVDQGRRXWURVPpWRGRV$JRUDYRFrID]LVVRQXP
FHUWRSRQWRQRHVWDGRGHVRQKRPDVPHVPRDtHPPXLWRVVRQKRVYRFrDLQGDWHQGHDWUDGX]LUD
H[SHULrQFLDHPWHUPRVItVLFRVDOXFLQDWyULRV$PDLRULDGRVVRQKRVGRVTXDLVYRFrVHUHFRUGDp
GHVVDQDWXUH]D

(PFHUWRVQtYHLVGRVRQRQRHQWDQWRDSHUFHSomRGDDOPDRSHUDUHODWLYDPHQWHOLYUHGHREVWiFXORV
9RFrEHEHSRUDVVLPGL]HUGRSXUREHPGDSHUFHSomR9RFrVHFRPXQLFDFRPRVQtYHLVGHVHX
SUySULRVHUHFRPDIRQWHGHVXDFULDWLYLGDGH

(VWDVH[SHULrQFLDVQmRVHQGRWUDGX]LGDVILVLFDPHQWHQmRSHUPDQHFHPGHPDQKm9RFrQmRVH
OHPEUDGHODVFRPRVRQKRV6RQKRVQRHQWDQWRSRGHPVHUIRUPDGRVGDLQIRUPDomRDGTXLULGD
GXUDQWHRTXHFKDPDUHPRVGH³SURIXQGLGDGHGDH[SHULrQFLD´(VVHVQmRVHUmRH[DWRVRXFRPXPD
WUDGXomRSUy[LPDGDH[SHULrQFLDPDVPDLVSUy[LPRVGDQDWXUH]DGHSDUiERODVGRVRQKR±XPD
FRLVDLQWHLUDPHQWHGLIHUHQWH$JRUDHVVHQtYHOSDUWLFXODUGHFRQVFLrQFLDRFRUULGRQRHVWDGRGH
VRQRQmRIRLGHILQLGRSRUVHXVFLHQWLVWDV'XUDQWHHVVHQtYHOHQHUJLDpJHUDGDTXHID]FRPTXHR
HVWDGRGHVRQKRHPVLPHVPRVHMDSRVVtYHO

6HYRFrQmRSRGHVHUHQFRQWUDGRQHPPHVPRSRUYRFrPHVPRGHQWURGHVHXFRUSRHQWmRRQGH
HVWiHVVDVXDLGHQWLGDGHTXHUHLYLQGLFDPDQWHUDVFpOXODVHyUJmRVFRPRVHXVPHVPR"6XD
LGHQWLGDGHREYLDPHQWHWHPDOJXPDFRQH[mRFRPVHXFRUSRMiTXHYRFrQmRWHPSUREOHPDHP
GLVWLQJXLUHQWUHVHXFRUSRHDFDGHLUDGLJDPRVVREUHDTXDOYRFrSRGHVHQWDU
'HXPDPDQHLUDJHUDODLGHQWLGDGHGDDOPDSRGHVHUYLVWDDSDUWLUGRPHVPRSRQWRGHYLVWD(OD
VDEHTXHPpHpPDLVFHUWDGHVXDSUySULDLGHQWLGDGHGHIDWRGRTXHVHXHXItVLFRpGDLGHQWLGDGH
GHOH(DLQGDDJRUDRQGHQHVWHFDPSRGHHQHUJLDHOHWURPDJQpWLFDDLGHQWLGDGHGDDOPDSRGHVHU
HQFRQWUDGD"

(ODUHJHQHUDWRGDVDVRXWUDVSRUo}HVGHVLPHVPRHOKHGiDLGHQWLGDGHTXHpVXDSUySULD(
TXDQGRVHSHUJXQWDDHOD³TXHPpYRFr"´HODVLPSOHVPHQWHUHVSRQGHULD³(XVRXHX´HHVWRX
UHVSRQGHQGRSRUYRFrWDPEpP

$JRUDHPWHUPRVSVLFROyJLFRVFRPRYRFrHQWHQGHDDOPDSRGHULDVHUFRQVLGHUDGDFRPRXPD
LGHQWLGDGHSULQFLSDOTXHpHPVLPHVPDXPDJHVWDOWGHPXLWDVRXWUDVFRQVFLrQFLDV±XPHX
LOLPLWDGRTXHpDLQGDFDSD]GHVHH[SUHVVDUHPPXLWDVIRUPDVHPRGRVHDLQGDPDQWHUVXD
SUySULDLGHQWLGDGHVHXSUySULRHVWDGRGH³VHULQILQLWR´HPERUDHODHVWHMDFRQVFLHQWHGHTXHVHX
HVWDGRGHLQILQLWXGHSRVVDVHUXPDSDUWHGHRXWUDSDUWHLQILQLWD$JRUDHVWRXFHUWRTXHLVVRSRGH
VHULQFRQFHEtYHOSDUDYRFrPDVRIDWRpTXHHVVDLQILQLWXGHpUHWLGDPXLWRHPERUDSRVVDHVWDU
ILJXUDWLYDPHQWHIDODQGRDJRUDIXQGLGDHYLDMDQGRDWUDYpVGHRXWURVFDPSRVGHHQHUJLD+iHP
RXWUDVSDODYUDVXPDLQWHUFDPELDomRHQWUHDOPDVRXHQWLGDGHVHSRVVLELOLGDGHVLQILQLWDVDPEDVGH
GHVHQYROYLPHQWRHH[SDQVmR1RYDPHQWHDDOPDQmRpXPVLVWHPDIHFKDGR

eDSHQDVSRUTXHVXDSUHVHQWHH[LVWrQFLDpWmRDOWDPHQWHIRFDGDQXPDiUHDHVWUHLWDTXHYRFr
FRORFDWDLVOLPLWDo}HVVHYHUDVVREUHVXDVGHILQLo}HVHRHXHHQWmRSURMHWDHVVDVOLPLWDo}HVVREUH
VHXVFRQFHLWRVGHDOPD

9RFrVHSUHRFXSDFRPVXDLGHQWLGDGHItVLFDHOLPLWDDH[WHQVmRGHVXDVSHUFHSo}HVSRUPHGRGH
QmRSRGHUOLGDUFRPPDLVHUHWHURTXHFRPS}HPVHXHX

$DOPDQmRpWHPHURVDGHVXDLGHQWLGDGH(ODpVHJXUDVREUHVLPHVPD'HIDWRHODVHSURFXUD
(ODQmRWHPHVHURSULPLGDSHODH[SHULrQFLDGDSHUFHSomR

6HYRFrWLYHVVHXPHQWHQGLPHQWRPDLVFRPSOHWRVREUHQDWXUH]DGHLGHQWLGDGHYRFrQmRWHPHULD
SRUH[HPSORDWHOHSDWLDSRLVDWUiVGHVVHLQWHUHVVHHVWiDSUHRFXSDomRGHTXHVXDLGHQWLGDGHVHUi
YDUULGDSHODVVXJHVW}HVRXSHQVDPHQWRVDOKHLRV

1HQKXPVLVWHPDSVLFROyJLFRpIHFKDGRQHQKXPDFRQVFLrQFLDpIHFKDGDDGHVSHLWRGHTXDLVTXHU
DSDUrQFLDVFRQWUDULDHPVHXSUySULRVLVWHPD$DOPDpXPYLDMDQWHHDVVLPWHPVLGRGLWR
IUHTXHQWHPHQWHPDVHODpWDPEpPDFULDGRUDGHWRGDDH[SHULrQFLDHGHWRGRVRVGHVWLQRVHP
VHXVWHUPRV(ODFULDPXQGRVSRUDVVLPGL]HU
$JRUDHVVDpDYHUGDGHLUDQDWXUH]DGRVHUSVLFROyJLFRGRTXDOYRFrpSDUWH&RPRPHQFLRQDGR
DQWHULRUPHQWHPDLVjIUHQWHQHVVHOLYUROKHGDUHLDOJXPDVVXJHVW}HVSUiWLFDTXHOKHSHUPLWLUmR
UHFRQKHFHUDOJXPDVGHVXDVSUySULDVKDELOLGDGHVPDLVLQWLPDVHSRGHUiXWLOL]iODVSDUDVHXSUySULR
GHVHQYROYLPHQWRSUD]HUHHGXFDomR

$FRQVFLrQFLDEDVLFDPHQWHQmRpFRQVWUXtGDVREUHHVVHVSUHFHLWRVGHEHPHPDOTXHWDQWROKH
SUHRFXSDP&RQVHTXHQWHPHQWHWDPSRXFRDDOPD,VVRQmRVLJQLILFDTXHHPVHXVLVWHPDHHP
DOJXQVRXWURVHVVHVSUREOHPDVQmRH[LVWDPHTXHREHPQmRVHMDSUHIHUtYHODRPDO,VVRVLJQLILFD
VLPSOHVPHQWHTXHDDOPDVDEHTXHREHPHRPDOVmRDSHQDVGLIHUHQWHVPDQLIHVWDo}HVGHXPD
UHDOLGDGHPXLWRPDLRU

4XHURHQIDWL]DUQRYDPHQWHTXHHPERUDWXGRLVVRVRHGLItFLODRVHUGLWRILFDPXLWRPDLVFODUR
LQWXLWLYDPHQWHTXDQGRYRFrDSUHQGHDH[SHULrQFLDGRTXHYRFrpSRLVVHYRFrQmRSRGHYLDMDU
GHQWURGHVHXFRUSRItVLFRSDUDHQFRQWUDUVXDLGHQWLGDGHYRFrSRGHYLDMDUDWUDYpVGHVHXHX
SVLFROyJLFR

+iPDUDYLOKDVPXLWRPDLRUHVDVHUHPSHUFHELGDVDWUDYpVGHVVDH[SORUDomRLQWHULRUGRTXHYRFr
SRGHSRVVLYHOPHQWHDFUHGLWDUDWpTXHYRFrFRPHFHWDOMRUQDGDSRUVLPHVPR9RFrpXPDDOPD
YRFrpXPDPDQLIHVWDomRSDUWLFXODUGHXPDDOPDHpWROLFHSHQVDUTXHYRFrSUHFLVDSHUPDQHFHU
LJQRUDQGRVREUHDQDWXUH]DGHVHXSUySULRVHU9RFrSRGHQmRVHUFDSD]GHFRORFDUVHX
FRQKHFLPHQWRFODUDPHQWHHPSDODYUDVPDVLVVRQmRQHJDUiGHIRUPDQHQKXPDRYDORURXD
YDOLGDGHGDH[SHULrQFLDTXHVHUiVXDXPDYH]TXHYRFrFRPHFHDROKDULQWHULRUPHQWH

$JRUDYRFrSRGHFKDPDULVVRGHH[SORUDomRHVSLULWXDOSVLFROyJLFDRXSVtTXLFDFRPRYRFr
SUHIHULU9RFrQmRHVWDUiWHQWDQGRHQFRQWUDUVXDDOPD$HVVHUHVSHLWRQmRKiQDGDDHQFRQWUDU
(ODQmRHVWiSHUGLGDYRFrQmRHVWiSHUGLGR$VSDODYUDVTXHYRFrXVDSRGHPQmRID]HUGLIHUHQoD
PDVVXDLQWHQomRUHDOPHQWHID]

&$3Ë78/2
26327(1&,$,6'$$/0$

3DUDYRFrSDUHFHTXHKiDSHQDVXPDIRUPDDItVLFDTXHYRFrSHUFHEHHQHQKXPDRXWUD3DUHFH
WDPEpPTXHVXDIRUPDSRGHHVWDUDSHQDVHPXPOXJDUSRUYH]9RFrWHPGHIDWRRXWUDVIRUPDV
TXHYRFrQmRSHUFHEHHYRFrWDPEpPFULDYiULRVWLSRVGHIRUPDVSDUDYiULRVSURSyVLWRVHPERUD
YRFrQmRSHUFHEDLVVRILVLFDPHQWH

6HXSULQFLSDOVHQWLGRGHLGHQWLGDGHHVWiHQYROYLGRFRPVHXFRUSRItVLFRGHIRUPDTXHpSRU
H[HPSORH[WUHPDPHQWHGLItFLOSDUDYRFrVHLPDJLQDUVHPHOHRXIRUDGHOHRXGHTXDOTXHUIRUPD
GHVFRQHFWDGRGHOH$IRUPDpRUHVXOWDGRGDHQHUJLDFRQFHQWUDGDRSDGUmRSDUDHODpFDXVDGRSRU
LPDJHQVGHLGpLDVHPRFLRQDLVRXSVtTXLFDVYLYLGDPHQWHGLUHFLRQDGDV

$LQWHQVLGDGHpFRPSOHWDPHQWHLPSRUWDQWH3RUH[HPSORVHYRFrWHPXPGHVHMRDOWDPHQWHYtYLGR
GHHVWDUHPDOJXPOXJDUHQWmRVHPSHUFHEHULVVRFRQVFLHQWHPHQWHXPDIRUPDSVHXGRItVLFD
LGrQWLFDDYRFrPHVPRSRGHDSDUHFHUQHVVHPRPHQWR2GHVHMRLUiFDUUHJDUDLPSUHVVmRGHVXD
SHUVRQDOLGDGHHLPDJHPPXLWRHPERUDYRFrSHUPDQHoDLQFRQVFLHQWHGDLPDJHPRXGHVXD
DSDUrQFLDHPRXWURORFDO

(PERUDHVVHSHQVDPHQWRLPDJHPQRUPDOPHQWHQmRVHMDYLVWRSRURXWURVpEDVWDQWHSRVVtYHOTXH
QRIXWXURLQVWUXPHQWRVFLHQWtILFRVSRVVDPSHUFHErOR&RPRpWDOLPDJHPSRGHVHUSHUFHELGDSRU
DTXHOHVTXHGHVHQYROYHUDPRXVRGRVVHQWLGRVLQWHULRUHV4XDOTXHUDWRPHQWDOLQWHQVR±
SHQVDPHQWRRXHPRomR±QmRDSHQDVVHUiFRQVWUXtGRGHDOJXPPRGRItVLFRRXSVHXGRItVLFRPDV
WDPEpPFRQGX]LUiDWpFHUWRSRQWRDLPSUHVVmRGDSHUVRQDOLGDGHTXHRULJLQDOPHQWHRFRQFHEHX

+iPXLWDVIRUPDVLQFLSLHQWHVRXODWHQWHV3DUDOKHDMXGDUDLPDJLQDUVREUHRTXHHVWRXIDODQGR
YRFrSRGHSHQVDUQHODVFRPRLPDJHQVIDQWDVPDVRXLPDJHQVGHVRPEUDVHPERUDLVVRVHMDDSHQDV
HPFDXVDGDDQDORJLD±IRUPDVSRUH[HPSORHPWHUPRVGHDSDUrQFLDTXHDLQGDQmRHPHUJLUDP
FRPSOHWDPHQWHQDUHDOLGDGHItVLFDFRPRYRFrDFRQKHFHPDVQmRREVWDQWHVmRYtYLGDVREDVWDQWH
SDUDVHUHPFRQVWUXtGDV

9RFrDVSHQVDULDEDVWDQWHUHDLVGHIDWRVHSXGHVVHYrODV

&DGDLQGLYtGXRQDYHUGDGHHQYLDWDLVUpSOLFDVLPDJpWLFDVGHVLPHVPRIUHTHQWHPHQWHHPERUDR
QtYHOGHPDWHULDOL]DomRSRVVDGLIHULUDOJXPDVIRUPDVSRUH[HPSORVHQGRPDLVRXPHQRV
QHEXORVDTXHRXWUDV3RUpPHVVDVIRUPDVQmRVmRPHUDVSURMHo}HV±LPDJHQV³SODQDV´(ODVWrP
XPHIHLWRGHILQLGRVREUHDDWPRVIHUD(ODVID]HPRHVSDoRSDUDVLPHVPDVGHPRGRXPSRXFR
GLItFLOGHH[SOLFDUHPERUDSRVVDPFRH[LVWLUQRWHPSRFRPREMHWRVRXIRUPDVItVLFDVRXSRVVDP
DWpPHVPRVHUVREUHSRVWDVDHVWHV1HVVHFDVRKiXPDLQWHUDomRGHILQLGD±XPLQWHUFkPELRTXH
pQRYDPHQWHLQIHULRUjSHUFHSomRItVLFD

9RFrSRGHUHSHQWLQDPHQWHGHVHMDUIRUWHPHQWHHVWDUSHUWRGHXPHQWHDPDGRPDVGLVWDQWHQXPD
FRVWDPDUtWLPDSRUH[HPSOR(VVHGHVHMRLQWHQVRHQWmRDJLULDFRPRXPDHVSpFLHGHQ~FOHRGH
HQHUJLDSURMHWDGDH[WHULRUPHQWHIRUDGHVXDSUySULDPHQWHRULJLQDQGRXPDIRUPDDVXDIRUPD2
OXJDUTXHYRFrWLYHVVHYLVLRQDGRDWUDLULDDIRUPDHLQVWDQWDQHDPHQWHHODHVWDULDDOL,VVRDFRQWHFH
FRPJUDQGHIUHTrQFLD

,VVRQmRVHULDYLVWRVREFLUFXQVWkQFLDVKDELWXDLV3RURXWURODGRVHRGHVHMRIRVVHDLQGDPDLV
LQWHQVRRQ~FOHRGHHQHUJLDVHULDPDLRUHXPDSRUomRGHVHXSUySULRIOX[RGHFRQVFLrQFLDVHULD
FRQFHGLGRjIRUPDDVVLPSRUXPPRPHQWRYRFrHPVXDVDODSRGHULDUHSHQWLQDPHQWHVHQWLUR
FKHLURGRDUVDOJDGRRXGHRXWURPRGRSHUFHEHURDPELHQWHQRTXDOHVVDSVHXGRLPDJHPVHVLWXD

$H[WHQVmRGDSHUFHSomRYDULDUiGDTXLSDUDXPQtYHOPDLRU3DUDFRPHoDUVXDIRUPDItVLFDpR
UHVXOWDGRGHXPJUDQGHIRFRHPRFLRQDO$IDQWiVWLFDHQHUJLDGHVXDSVLTXHQmRDSHQDVFULRXVHX
FRUSRItVLFRPDVRPDQWpP1mRpXPDFRLVDFRQWtQXDHPERUDSDUDYRFrSDUHoDSHUPDQHQWHR
EDVWDQWHHQTXDQWRHODGXUD1mRREVWDQWHHODHVWiHPXPHVWDGRFRQVWDQWHGHSXOVmRHSRUFDXVD
GDQDWXUH]DGDHQHUJLDHGHVXDFRQVWUXomRRFRUSRGHIDWR

(VWiQmRREVWDQWHHPXPHVWDGRFRQVWDQWHGHSXOVDomRHSRUFDXVDGDQDWXUH]DGHHQHUJLDHVXD
FRQVWUXomRHVWiSLVFDQGRGHIDWRGHYH]HPTXDQGRRFRUSRIODPHMDQXPPRYLPHQWRVLPLODUD
DSDJDUHDFHQGHUFRQWLQXDPHQWH

eGLItFLOH[SOLFDULVVRHSDUDQRVVRSURSyVLWRDWXDOQmRpLQWHLUDPHQWHQHFHVViULRTXHFHQWHQGDDV
UD]}HVSDUDHVVDSXOVDomRPDVPHVPRILVLFDPHQWHYRFrQmRHVWi³DTXL´WmRIUHTXHQWHPHQWH
FRPRYRFrHVWi6XDLQWHQVLGDGHHPRFLRQDOHVHXIRFRFULDPIRUPDVDOpPGHVHXFRUSRItVLFRQR
HQWDQWRDGXUDomRHQtYHOVmRGHSHQGHQWHVGDLQWHQVLGDGHGHTXDOTXHUGHWHUPLQDGDRULJHP
HPRFLRQDO

6HXHVSDoRFRQVHTXHQWHPHQWHpUHSOHWRGHIRUPDVLQFLSLHQWHVEDVWDQWHYtYLGDVPDVDTXpPGD
HVWUXWXUDUHJXODUGDPDWpULDTXHYRFrSHUFHEH

(VWDVSURMHo}HVHQWmRQDYHUGDGHVmRHQYLDGDVFRQVWDQWHPHQWH$OJXQVLQVWUXPHQWRVFLHQWtILFRV
PDLVVRILVWLFDGRVTXHYRFrWHPDJRUDPRVWUDULDPFODUDPHQWHQmRVyDH[LVWrQFLDGHVWDVIRUPDV
PDVWDPEpPYLEUDo}HVHPRQGDVYDULDGDVGHLQWHQVLGDGHFHUFDQGRHVVHVREMHWRVItVLFRVTXHYRFr
SHUFHEH

3DUDGHL[DULVVRPDLVFODURROKHSDUDTXDOTXHUPHVDHPIUHQWHGHYRFrQDVDOD(ODpItVLFD
VyOLGDHYRFrSHUFHEHLVWRIDFLOPHQWH$JRUDjWtWXORGHDQDORJLDLPDJLQHVHYRFrSXGHUTXH
DWUiVGDPHVDH[LVWHRXWUDH[DWDPHQWHLJXDODHODPDVQmRQHFHVVDULDPHQWHItVLFDHTXHDWUiV
GHVVDKiRXWUDHRXWUDDWUiVGHFDGDXPDPDLVGLItFLOGHSHUFHEHUGHVYDQHFHQGRVHHP
LQYLVLELOLGDGH(HPIUHQWHjPHVDKiXPDPHVDH[DWDPHQWHLJXDODHODDSDUHFHQGRDSHQDVXP
SRXFRPHQRVItVLFDGRTXHDPHVD³UHDO´±HODWDPEpPWHQGRXPDVXFHVVmRGHPHVDVPHQRV
ItVLFDVHVWHQGHQGRVHH[WHUQDPHQWH(RPHVPRDFRQWHFHQGRSDUDFDGDODGRGDPHVD

$JRUDTXDOTXHUFRLVDDSDUHFHHPWHUPRVItVLFRVH[LVWHHPRXWURVWHUPRVTXHYRFrQmRSHUFHEH
9RFrSHUFHEHDSHQDVUHDOLGDGHVTXDQGRHODVDOFDQoDPXPFHUWR³QtYHO´TXDQGRHODVSDUHFHP
IXQGLUVHHPPDWpULD0DVHODVYHUGDGHLUDPHQWHH[LVWHPHVmREDVWDQWHYDOLGDVDRXWUDV
FRQGLo}HV

7DPEpPKiUHDOLGDGHVTXHVmRUHODWLYDPHQWHPDLVYiOLGDVTXHDVXDSUySULDHPFRPSDUDomR
HVWULWDPHQWHSDUDXPDDQDORJLDSRUH[HPSORVXDPHVDItVLFDDSDUHFHULDFRPRXPDVRPEUDHP
FRQWUDVWHTXDVHFRPRDTXHODVPHVDVVRPEULDVTXHLPDJLQDPRV9RFrWHULDXPDHVSpFLHGH
³VXSHUPHVD´QHVVHVWHPRV2VHXQmRpXPVLVWHPDGHUHDOLGDGHIRUPDGDSHODPDLRULDGD
FRQFHQWUDomRLQWHQVDGHHQHUJLDSRUpPeVLPSOHVPHQWHDTXHODSDUDDTXDOYRFrHVWiYLUDGR
SDUWHHSDUFHODGHOD9RFrSHUFHEHDVLPSOHVPHQWHSRUHVVDUD]mR

2XWUDVSRUo}HVGHYRFrPHVPRQRHQWDQWRGDVTXDLVYRFrQmRHVWiFRQVFLHQWHPHQWHDOHUWD
KDELWDPRTXHFKDPDULDGHXPVXSHUVLVWHPDGDUHDOLGDGHQRTXDODFRQVFLrQFLDDSUHQGHDOLGDUH
SHUFHEHUPDLVIRUWHVFRQFHQWUDo}HVGHHQHUJLDHDFRQVWUXLUUHDOPHQWH³IRUPDV´GHXPD
QDWXUH]DGLIHUHQWH

6XDLGpLDGHHVSDoRpHQWmRDOWDPHQWHGLVWRUFLGDMiTXHRHVSDoRSDUDYRFrpVLPSOHVPHQWHRQGH
QDGDpSHUFHELGR(OHpREYLDPHQWHUHSOHWRGHWRGRVRVWLSRVGHIHQ{PHQRVTXHQmRFDXVDP
QHQKXPDLPSUHVVmRVREUHVHXVPHFDQLVPRVGHSHUFHSomR$JRUDHPYiULDVIRUPDVHRFDVL}HV
YRFrSRGHVHYLUDUSDUDHVVDVRXWUDVUHDOLGDGHVHPDOJXPQtYHO±HYRFrID]LVVR
HVSDVPRGLFDPHQWHHPERUDHPPXLWRVFDVRVDH[SHULrQFLDVHMDSHUGLGDSRUTXHQmRpUHJLVWUDGD
ILVLFDPHQWH

3HQVHQRYDPHQWHQHVWDIRUPDTXHYRFrHQYLRXDRRFHDQR(PERUDQmRHVWLYHVVHHTXLSDGDFRP
VHXVSUySULRVVHQWLGRVItVLFRVHUDYRFrDWpFHUWRSRQWRFDSD]GHSHUFHEHU9RFrSURMHWRXD
GHVFRQKHFLGDPHQWHPDVDWUDYpVGHOHLVEDVWDQWHQDWXUDLV$IRUPDFRQVWUXtGDDSDUWLUGRLQWHQVR
GHVHMRHPRFLRQDGR$LPDJHPHQWmRVHJXHVXDVSUySULDVOHLVGDUHDOLGDGHHDWpFHUWRSRQWRH
QXPQtYHOPHQRUGRTXHYRFrWHPXPDFRQVFLrQFLD

9RFrpXVDQGRQRYDPHQWHXPDDQDORJLDHQYLDGRSRUXPVXSHUHXTXHGHVHMRXIRUWHPHQWHD
H[LVWrQFLDQDIRUPDItVLFD

9RFrQmRpQHQKXPERQHFRGHVVHVXSHUHX9RFrVHJXLUiVXDVSUySULDVOLQKDVGHGHVHQYROYLPHQWR
HDWUDYpVGHPHLRVEDVWDQWHGLItFHLVGHH[SOLFDUDTXLYRFrVRPDjH[SHULrQFLDGRVXSHUHXH
WDPEpPHVWHQGHDQDWXUH]DGDUHDOLGDGHGHVWHVXSHUHX9RFrWDPEpPDVVHJXUDVHXSUySULR
GHVHQYROYLPHQWRHpFDSD]GHXWLOL]DUDVKDELOLGDGHVGRVXSHUHX

1HPYRFrVHUiHQJROLGRSHORHXTXHQHVVHVWHUPRVSDUHFHWmRVXSHULRU3RUTXHYRFrH[LVWHYRFr
HQYLDSURMHo}HVGHVLPHVPRFRPRPHQFLRQDGRDQWHULRUPHQWH1mRKiXPILQDOSDUDDUHDOLGDGH
GDFRQVFLrQFLDWDPSRXFRUD]mRSDUDVXDPDWHULDOL]DomR1HPKiDOJXPILPSDUDRSRVVtYHO
GHVHQYROYLPHQWRGHFDGDLGHQWLGDGH

'HL[HPHID]HULVVRFODURQRYDPHQWH6XDSHUVRQDOLGDGHSUHVHQWHFRPRYRFrSHQVDTXHpGH
IDWRLQGHOpYHOHFRQWLQXDDFUHVFHUHDVHGHVHQYROYHUDSyVDPRUWH

0HQFLRQRLVVRQRYDPHQWHQRPHLRGHQRVVDSUHVHQWHGLVFXVVmRDVVLPYRFrQmRVHVHQWHSHUGLGR
RXQHJDGRRXLQVLJQLILFDQWH+iREYLDPHQWHXPQ~PHURLQILQLWRGHJUDGDo}HVQRVWLSRVHPRGRV
GDVIRUPDVGDVTXDLVWHPRVIDODGR(VVDHQHUJLDTXHpSURMHWDGDGHQRVVR³VXSHUHX´TXHUHOX]
GHLQWHQVDLGHQWLGDGHTXHUHVXOWDHPQRVVRQDVFLPHQWRItVLFRDTXHOHtPSHWR~QLFRGHXPPRGR
WHPPXLWDVVLPLODULGDGHVFRPRYHOKRFRQFHLWRGHDOPD±H[FHWRTXHFRQWpPDSHQDVXPDSDUWHGD
KLVWyULD

(PERUDYRFrFRQWLQXHDH[LVWLUHDVHGHVHQYROYHUFRPRXPLQGLYtGXRWRGRRVHXHXRXDOPDWHP
WDOYDVWRSRWHQFLDOTXHQXQFDSRGHVHUH[SUHVVRFRPSOHWDPHQWHDWUDYpVGHXPDSHUVRQDOLGDGH
FRPRDJRUDKiSRXFRIRLH[SOLFDGRQXPFDStWXORDQWHULRU

$JRUDDWUDYpVGHXPIRFRHPRFLRQDOEDVWDQWHLQWHQVRYRFrSRGHFULDUXPDIRUPDHSURMHWiOD
SDUDRXWUDSHVVRDTXHSRGHHQWmRSHUFHErOD,VVRSRGHVHUIHLWRFRQVFLHQWHRX
LQFRQVFLHQWHPHQWHHLVVRpPXLWRLPSRUWDQWH(VVDGLVFXVVmRQmRVHUHIHUHjFKDPDGDIRUPD
DVWUDOTXHpDOJRLQWHLUDPHQWHGLIHUHQWH2FRUSRItVLFRpDPDWHULDOL]DomRGDIRUPDDVWUDO

3RUpPLVVRQmRDEDQGRQDRFRUSRDTXDOTXHUFRPSULPHQWRGHWHPSRHQmRpLVWRTXHpSURMHWDGR
HPFDVRVFRPRDDQDORJLDPDUtWLPDXVDGDDQWHULRUPHQWH9RFrHVWiSUHVHQWHPHQWHIRFDGRQmR
DSHQDVHPVHXFRUSRItVLFRPDVVHDILQDQXPIUHTrQFLDSDUWLFXODUGHHYHQWRVTXHYRFrLQWHUSUHWD
FRPRWHPSR2XWURVSHUtRGRVKLVWyULFRVH[LVWHPVLPXOWDQHDPHQWHHPIRUPDVEDVWDQWHYiOLGDVH
HPRXWURVHXVUHHQFDUQDFLRQDLV1RYDPHQWHYRFrVLPSOHVPHQWHQmRHVWiVLQWRQL]DGRDHVVDV
IUHTrQFLDV

9RFrSRGHVDEHURTXHDFRQWHFHXQRSDVVDGRHWHUKLVWyULDVSRUTXHGHDFRUGRFRPDVUHJUDVGR
MRJRTXHYRFrDFHLWRXYRFrDFUHGLWDTXHRSDVVDGRPDVQmRRIXWXURSRGHVHUSHUFHELGR9RFr
SRGHULDWHUKLVWyULDVGRIXWXURQRSUHVHQWHVHDVUHJUDVGRMRJRIRVVHPGLIHUHQWHV

(PRXWURVQtYHLVGHUHDOLGDGHDVUHJUDVGRMRJRPXGDP$SyVDPRUWHHPVHXVWHUPRVYRFrp
EDVWDQWHOLYUHSHUFHSWLYDPHQWH2IXWXURVHSDUHFHWmRFODURTXDQWRRSDVVDGR3RUpPLVVRp
DOWDPHQWHFRPSOLFDGRSRLVQmRKiDSHQDVXPSDVVDGR9RFrDFHLWDFRPRUHDLVDSHQDVFHUWDV
FODVVLILFDo}HVGHHYHQWRVHLJQRUDRXWUDV0HQFLRQDPRVHYHQWRV+iWDPEpPSDVVDGRVSURYiYHLV
TXHH[LVWHPWRWDOPHQWHIRUDGHVXDFRPSUHHQVmR9RFrHVFROKHXPJUXSRSDUWLFXODUGHOHVHIHFKD
QHVVHJUXSRGHHYHQWRVFRPRRV~QLFRVSRVVtYHLVQmRSHUFHEHQGRTXHVHOHFLRQRXDSDUWLUGHXPD
YDULHGDGHLQILQLWDGHHYHQWRVSDVVDGRV

+iHQWmRREYLDPHQWHIXWXURVSURYiYHLVHSUHVHQWHVSURYiYHLV(VWRXWHQWDQGRGLVFXWLULVWRHP
VHXVWHUPRVMiTXHEDVLFDPHQWHYRFrWHPTXHHQWHQGHUTXHDVSDODYUDV³SDVVDGRSUHVHQWHH
IXWXURQmRVmRWmRVLJQLILFDWLYDVMiTXHDH[SHULrQFLDpPDLVLQWHUHVVDQWHGRTXHDVSDODYUDV
³HJR´³FRQVFLrQFLD´RX³LQFRQVFLrQFLD´

1mRDSHQDVYRFrpXPDSDUWHGHRXWURVHXVLQGHSHQGHQWHVFDGDXPIRFDGRHPVXDSUySULD
UHDOLGDGHPDVKiXPDUHODomRVLPSiWLFDH[LVWHQWH3RUH[HPSORSRUFDXVDGHVVDUHODomRVXD
H[SHULrQFLDQmRSUHFLVDVHUOLPLWDGDSHORVPHFDQLVPRVItVLFRVSHUFHSWLYRV9RFrSRGHXWLOL]DUR
FRQKHFLPHQWRTXHSHUWHQFHDHVWHVRXWURVHXVLQGHSHQGHQWHV

9RFrSRGHDSUHQGHUIRFDUVXDDWHQomRORQJHGDUHDOLGDGHItVLFDSDUDDSUHQGHUQRYRVPpWRGRVGH
SHUFHSomRTXHOKHSHUPLWLUmRDXPHQWDUVHXFRQFHLWRGHUHDOLGDGHHH[SDQGLUJUDQGHPHQWHVXD
SUySULDH[SHULrQFLD

eVRPHQWHSRUTXHYRFrDFUHGLWDTXHDH[LVWrQFLDItVLFDpD~QLFDTXHpYiOLGDTXHQmROKHRFRUUH
SURFXUDUSRURXWUDVUHDOLGDGHV&RLVDVFRPRWHOHSDWLDHFODULYLGrQFLDSRGHPOKHGDUSLVWDVGH
RXWURVWLSRVGHSHUFHSo}HVPDVYRFrWDPEpPpEDVWDQWHHQYROYLGRHPPXLWDVH[SHULrQFLDV
EDVWDQWHGHILQLGDVTXDQGRHVWiGHVSHUWDQGRHTXDQGRHVWiDGRUPHFLGR2FKDPDGRIOX[RGH
FRQVFLrQFLDpVLPSOHVPHQWHLVVR±XPSHTXHQRIOX[RGHSHQVDPHQWRVLPDJHQVHLPSUHVV}HV±TXH
pSDUWHGHXPULRPDLVSURIXQGRGHFRQVFLrQFLDTXHUHSUHVHQWDGHORQJHVXDSUySULDH[LVWrQFLDH
H[SHULrQFLD9RFrJDVWDWRGRRVHXWHPSRH[DPLQDQGRHVVHSHTXHQRIOX[RDVVLPYRFrVHWRUQD
KLSQRWL]DGRSRUVHXIOX[RHHQFDQWDGRSRUVHXPRYLPHQWR

6LPXOWDQHDPHQWHHVVHVRXWURVIOX[RVGHSHUFHSomRHFRQVFLrQFLDDFRQWHFHPVHPYRFrSHUFHEHUH
DLQGDVmRUHDOPHQWHXPDSDUWHGHYRFrHHOHVUHSUHVHQWDPDVSHFWRVPXLWRYiOLGRVHYHQWRVDo}HV
HPRo}HVFRPDVTXDLVYRFrWDPEpPHVWiHQYROYLGRHPRXWUDVFDPDGDVGDUHDOLGDGH

9RFrpWmRDWLYRHYLYLGDPHQWHLQWHUHVVDGRQHVWDVUHDOLGDGHVFRPRRpQDTXDOSUHVWDPDLVDWHQomR
DJRUD$JRUDFRPRYRFrHVWiPHUDPHQWHSUHRFXSDGRFRPVHXFRUSRItVLFRHFRPRHXItVLFRFRPR
XPDUHJUDYRFrGiDWHQomRDRIOX[RGDFRQVFLrQFLDTXHSDUHFHOLGDUFRPLVVR3RUpPHVWHVRXWURV
IOX[RVGHFRQVFLrQFLDHVWmRFRQHFWDGRVFRPRXWURVHXIRUPDVTXHYRFrQmRSHUFHEH(PRXWUD
SDODYUDVRFRUSRpVLPSOHVPHQWHXPDPDQLIHVWDomRGRTXHYRFrpHPXPDUHDOLGDGHPDVQHVWDV
RXWUDVUHDOLGDGHVYRFrWHPRXWUDVIRUPDV

'HTXDOTXHUPRGREDVLFDPHQWHYRFrQmRHVWiGLYRUFLDGRGHVVHVRXWURVIOX[RVGHFRQVFLrQFLD
DSHQDVVHXIRFRGHDWHQomROKHWLUDGHOHVHGRVHYHQWRVQRVTXDLVHOHVHVWmRHQYROYLGRV

6HYRFrSHQVDHPVHXIOX[RGHFRQVFLrQFLDFRPRWUDQVSDUHQWHFRQVHTXHQWHPHQWHHQWmRYRFr
SRGHDSUHQGHUDROKDUDWUDYpVHDTXpPGHOHSDUDRVTXHUHSRXVDPHPRXWURVFDWUHVGHUHDOLGDGH
9RFrWDPEpPSRGHDSUHQGHUDVHHOHYDUDFLPDGHVHXIOX[RSUHVHQWHGHFRQVFLrQFLDHSHUFHEHU
RXWURVTXHDFRQWHFHPHPFDXVDGDDQDORJLDSDUDOHODPHQWH$YHUGDGHpTXHYRFrpOLPLWDGR
DSHQDVDRHXTXHYRFrFRQKHFHVHYRFrSHQVDUTXHpHVHYRFrQmRSHUFHEHLVVRDTXHOHHXHVWi
ORQJHGHVXDLQWHLUDUHDOLGDGH

$JRUDIUHTXHQWHPHQWHYRFrVHVLQWRQL]DQHVVHVRXWURVIOX[RVGHFRQVFLrQFLDVHPSHUFHEHUTXHR
IH]±SRLVQRYDPHQWHHOHVVmRXPDSDUWHGRPHVPRULRGHVXDLGHQWLGDGH7RGRV
FRQVHTHQWHPHQWHHVWmRFRQHFWDGRV

4XDOTXHUWUDEDOKRFULDWLYRHQYROYHYRFrQXPSURFHVVRFRRSHUDWLYRQRTXDOYRFrDSUHQGHD
PHUJXOKDUQHVWHVRXWURVIOX[RVGHFRQVFLrQFLDHYROWDFRPXPDSHUFHSomRTXHWHPPXLWRPDLV
GLPHQV}HVGRTXHRTXHVHHOHYDGRIOX[RHVWUHLWRGRIOX[RXVXDOGHFRQVFLrQFLDTXHYRFr
FRQKHFH$JUDQGHFULDWLYLGDGHpHQWmRPXOWLGLPHQVLRQDOSRUHVVDUD]mR6XDRULJHPQmRpD
DGYLQGDGHXPDUHDOLGDGHPDVGHPXLWDVHHODpWLQJLGDFRPDPXOWLSOLFLGDGHGDTXHODRULJHP$
JUDQGHFULDWLYLGDGHVHPSUHSDUHFHVHUPDLRUGRTXHVXDGLPHQVmRItVLFDSXUDHGRTXHDUHDOLGDGH

3RUFRQWUDVWHFRPDFKDPDGDQRUPDOLGDGHHODDSDUHFHTXDVHFRPRXPLQWUXVR(ODSUHQGHD
UHVSLUDomR7DOFULDWLYLGDGHDXWRPDWLFDPHQWHOHPEUDDFDGDKRPHPGHVXDSUySULDUHDOLGDGH
PXOWLGLPHQVLRQDO$VSDODYUDV³FRQKHFHWHDWLPHVPR´FRQVHTXHQWHPHQWHVLJQLILFDPXLWRPDLV
GRTXHDPDLRULDGDVSHVVRDVVXS}H

$JRUDHPPRPHQWRVGHVROLGmRYRFrSRGHVHGDUFRQWDGHDOJXQVGHVWHVRXWURVIOX[RVGH
FRQVFLrQFLD9RFrSRGHjVYH]HVSRUH[HPSORRXYLUSDODYUDVRXYHULPDJHQVTXHSDUHFHPIRUD
GHFRQWH[WRFRPVHXVSUySULRVSHQVDPHQWRV'HDFRUGRFRPVXDHGXFDomRFRQYLFo}HVH
H[SHULrQFLDDQWHULRUYRFrSRGHLQWHUSUHWiORVGHGLYHUVDVIRUPDV3RLVDTXHOHDVVXQWRSRGHWHU
RULJHPDSDUWLUGHYiULDVIRQWHV

(PPXLWDVRFDVL}HVSRUpPYRFrLQDGYHUWLGDPHQWHVHVLQWRQL]RXHPXPGDTXHOHVRXWURVIOX[RV
GHFRQVFLrQFLDDEULXPRPHQWDQHDPHQWHXPFDQDOSDUDDTXHOHVRXWURVQtYHLVGHUHDOLGDGHQDV
TXDLVRXWUDVSRUo}HVGHYRFrUHVLGHP

$OJXPDVGHVWDVSRGHPHQYROYHURVSHQVDPHQWRVGHFRPRYRFrSRGHULDFKDPDUXPHX
UHHUFDQDFLRQDOIRFDGRHPRXWURSHUtRGRGDKLVWyULDFRPRYRFrDFRQKHFH9RFrSRGHULDDR
FRQWUiULRSHJDUXPHYHQWRQRTXDOXPSURYiYHOHXHVWLYHVVHHQYROYLGRGHDFRUGRFRPVXD
LQFOLQDomRIOH[LELOLGDGHSVtTXLFDFXULRVLGDGHGHVHMRSRUFRQKHFLPHQWR(PRXWUDVSDODYUDVYRFr
SRGHVHWRUQDUFLHQWHGHXPDUHDOLGDGHPDLRUGRTXHDTXHDJRUDYRFrFRQKHFHXVDUKDELOLGDGHV
TXHYRFrQmRSHUFHEHTXHSRVVXLFRQKHFHUDOpPGHWRGDG~YLGDTXHVXDSUySULDFRQVFLrQFLDH
LGHQWLGDGHpLQGHSHQGHQWHGRPXQGRQRTXDODJRUDYRFrIRFDVXDDWHQomRSULPiULD6HWXGRLVVR
QmRIRVVHYHUGDGHHXQmRHVWDULDHVFUHYHQGRHVVHOLYURHYRFrQmRHVWDULDOHQGRR

(VWDVRXWUDVH[LVWrQFLDVVXDVRFRUUHPEDVWDQWHDOHJUHPHQWHHQTXDQWRYRFrHVWiDFRUGDGRRX
GRUPLQGRPDVHPERUDYRFrHVWHMDRUGLQDULDPHQWHDFRUGDGRYRFrRVEORTXHLD1RHVWDGRGHVRQR
YRFrpPXLWRPDLVFRQVFLHQWHGHODVHPERUDKDMDXPSURFHVVRILQDOGHVRQKRTXHIUHTXHQWHPHQWH
PDVFDUHDLQWHQVDH[SHULrQFLDSVLFROyJLFDHSVtTXLFDHLQIHOL]PHQWHRTXHYRFrQRUPDOPHQWH
UHFRUGDpDYHUVmRILQDOGHVVHVRQKR

1HVWDYHUVmRILQDODH[SHULrQFLDEiVLFDpFRQYHUWLGDWDQWRTXDQWRSRVVtYHOHPWHUPRVItVLFRV
3RUWDQWRpGLVWRUFLGD(VVHSURFHVVRILQDOFRPRYHQWHQmRpUHDOL]DGRSHODVSURIXQGDVFDPDGDVGR
HXPDVpPXLWRPDLVSUy[LPRGHXPSURFHVVRFRQVFLHQFLDOGRTXHYRFrSHUFHEH

8PSHTXHQRSRQWRSRGHULDH[SOLFDURTXHTXHURGL]HUDTXL6HYRFrQmRTXLVHUVHOHPEUDUGHXP
VRQKRSDUWLFXODUYRFrPHVPRFHQVXUDDPHPyULDHPQtYHLVSUy[LPRVGDFRQVFLrQFLD
)UHTHQWHPHQWHYRFrSRGHDWpPHVPRVHSHJDUQRDWRGHSURSRVLWDGDPHQWHGHVLVWLUGDPHPyULDGR
VRQKR2SURFHVVRFRPRYHQWHRFRUUHTXDVHQRPHVPRQtYHOHPERUDQmRWRWDOPHQWH

$TXLDH[SHULrQFLDEiVLFDpYHVWLGDDSUHVVDGDPHQWHWDQWRTXDQWRSRVVtYHOHPYHVWHVItVLFDV,VWR
QmRpSRUTXHYRFrTXHUHQWHQGHUDH[SHULrQFLDPDVSRUTXHYRFrVHUHFXVDDDFHLWiODFRPR
EDVLFDPHQWHQmRItVLFD7RGRVRVVRQKRVQmRVmRGHVVDQDWXUH]D$OJXQVVRQKRVHPVLPHVPRV
DFRQWHFHPHPiUHDVSVtTXLFDVRXPHQWDLVFRQHFWDGDVFRPVXDVDWLYLGDGHVGLiULDVFDVRVHPTXHR
SURFHVVRGDYHVWLPHQWDpQHFHVViULR0DVHPDOFDQFHVPXLWRSURIXQGRVGDH[SHULrQFLDGHVRQR±
DTXHOHVTXHLQFLGHQWDOPHQWHDLQGDQmRIRUDPWRFDGRVSHORVFLHQWLVWDVQRVFKDPDGRVODERUDWyULRV
GRVRQR±YRFrHVWiHPFRPXQLFDomRFRPDVRXWUDVSRUo}HVGHVXDSUySULDLGHQWLGDGHHFRPDV
RXWUDVUHDOLGDGHVQDTXDLVHODVH[LVWHP

1HVWHHVWDGRYRFrWDPEpPSURFXUDWUDEDOKRVHSRUHPSHQKRVTXHSRGHPHVWDURXQmRFRQHFWDGRV
FRPVHXVLQWHUHVVHVFRPRYRFrRVFRQKHFH9RFrHVWiDSUHQGHQGRHVWXGDQGRDWXDQGRYRFrHVWi
TXDOTXHUFRLVDPHQRVDGRUPHFLGRFRPRYRFrSHQVDRWHUPR9RFrpDOWDPHQWHDWLYR9RFrHVWi
HQYROYLGRQRWUDEDOKRVXEWHUUkQHRQRkPDJRGDTXHVWmRGDH[LVWrQFLD

$JRUDGHL[HPHHQIDWL]DUDTXLTXHYRFrVLPSOHVPHQWHQmRHVWiLQFRQVFLHQWH$SHQDVSDUHFHTXH
YRFrHVWiSRUTXHFRPRXPDUHJUDYRFrQmRVHOHPEUDGLVVRGHPDQKm3RUpPDWpFHUWRSRQWR
DOJXPDVSHVVRDVHVWmRDWHQWDVDHVWDVDWLYLGDGHVHWDPEpPKiPpWRGRVTXHRSHUPLWLUmRVH
UHFRUGDUGHODVDWpFHUWRSRQWR

1mRTXHURPLQLPL]DUDLPSRUWkQFLDGHVHXHVWDGRGHFRQVFLrQFLDFRPRSRUH[HPSORYRFrOrHVWH
OLYURSUHVXPLYHOPHQWHYRFrHVWiDFRUGDGRPDVHPPXLWDVIRUPDVTXDQGRYRFrHVWiDFRUGDGR
HVWiGHVFDQVDQGRPXLWRPDLVGRTXHTXDQGRHVWiHPVHXFKDPDGRHVWDGRQRWXUQRLQFRQVFLHQWH
$VVLPQXPDH[WHQVmRPDLRUYRFrSHUFHEHVXDSUySULDUHDOLGDGHHpOLYUHSDUDXVDUDVKDELOLGDGHV
TXHGXUDQWHRGLDYRFrLJQRUDRXQHJD

$XPQtYHOPXLWRVLPSOHVSRUH[HPSORVXDFRQVFLrQFLDIUHTXHQWHPHQWHGHL[DVHXFRUSRQRHVWDGR
GHVRQR

9RFrVHFRPXQLFDFRPSHVVRDVHPRXWURVQtYHLVGHUHDOLGDGHTXHYRFrFRQKHFHXPDVPXLWRDOpP
GHVVDYRFrFULDWLYDPHQWHPDQWpPHUHYLWDOL]DVXDLPDJHPItVLFD9RFrSURFHVVDH[SHULrQFLD
GLiULDSURMHWDLVVRSDUDRTXHHQWHQGHFRPRIXWXURHHVFROKH±DSDUWLUGHXPDLQILQLGDGHGH
HYHQWRVSURYiYHLV±DTXHOHVTXHYRFrUHDOL]DUiILVLFDPHQWHHFRPHoDRVSURFHVVRVPHQWDLVH
SVtTXLFRVTXHRVWUDUmRSDUDRPXQGRGDVXEVWkQFLD

$RPHVPRWHPSRYRFrID]HVWDVLQIRUPDo}HVGLVSRQtYHLVSDUDWRGDVHVWDVRXWUDVSRUo}HVGHVXD
LGHQWLGDGHTXHUHVLGHPHPUHDOLGDGHVLQWHLUDPHQWHGLIHUHQWHVHYRFrUHFHEHGHODVLQIRUPDo}HV
FRPSDUDWLYDV9RFrQmRSHUGHFRQWDWRFRPVHXHXRUGLQiULRGHVSHUWR9RFrVLPSOHVPHQWHQmRVH
IRFDQLVWR9RFrWLUDVXDDWHQomR

'HGLDYRFrVLPSOHVPHQWHLQYHUWHRSURFHVVR6HYRFrHVWLYHVVHROKDQGRSDUDVHXHXGLXUQR
QRUPDOGHRXWURSRQWRGHYLVWD±XVDQGRXPDDQDORJLDDTXL±YRFrSRGHULDDFKDUDTXHOHHX
ILVLFDPHQWHDWXDQWHWmRHVWUDQKRTXDQWRDFKDRHXDGRUPHFLGRDJRUD$DQDORJLDQmRSDUDUiQR
HQWDQWRVLPSOHVPHQWHSRUTXHHVWHVHXHXDGRUPHFLGRpPDLVLQWHOLJHQWHGRTXHRHXDWXDQWHGR
TXDOYRFrpWmRRUJXOKRVR

$DSDUHQWHGLYLVmRQmRpDUELWUiULDRXLPSRVWDDYRFr(ODpVLPSOHVPHQWHSURYRFDGDSRUVHX
HVWiJLRSUHVHQWHGHGHVHQYROYLPHQWRHHODYDULD0XLWDVSHVVRDVID]HPH[FXUV}HVHPRXWUDV
UHDOLGDGHVQDGDPSRUDVVLPGL]HUDWUDYpVGHRXWURVIOX[RVGHFRQVFLrQFLDFRPRXPDSDUWHGH
VXDVYLGDVQRUPDLVDWXDQWHV¬VYH]HVSHL[HVHVWUDQKRVSXODPQHVVDViJXDV

$JRUDREYLDPHQWHVRXXPDVVLPHPVHXVWHUPRVQDGDQGRDWUDYpVGHRXWUDVGLPHQV}HVGD
UHDOLGDGHHREVHUYDQGRXPDGLPHQVmRGHH[LVWrQFLDTXHpPDLVVXDGRTXHPLQKDSUySULD+iQR
HQWDQWRFDQDLVTXHH[LVWHPHQWUHWRGRVHVWHVIOX[RVGHFRQVFLrQFLDWRGRVHVVHVULRVVLPEyOLFRVGH
H[SHULrQFLDSVLFROyJLFDHSVtTXLFDHKiMRUQDGDVTXHSRGHPVHUIHLWDVDSDUWLUGHPLQKDGLPHQVmR
WDQWRTXDQWRDSDUWLUGDVXD

,QLFLDOPHQWH5XEXUW-RVHSKHHXIRPRVXPDSDUWHGDPHVPDHQWLGDGHRXLGHQWLGDGHJOREDOH
DVVLPVLPEROLFDPHQWHIDODQGRKiFRUUHQWHVSVtTXLFDVTXHQRVXQHP7RGDVVHIXQGHPQRTXH
IUHTXHQWHPHQWHWHPVLGRFRPSDUDGRDXPRFHDQRGHFRQVFLrQFLDXPEHPGRTXDOWRGDDUHDOLGDGH
IORUHVFH&RPHFHFRPTXDOTXHUFRQVFLrQFLDVLQJXODUHWHRULFDPHQWHYRFrHQFRQWUDUiWRGDVDV
RXWUDV

$JRUDIUHTHQWHPHQWHRHJRDJHFRPRXPDUHSUHVDSDUDVHJXUDUDVRXWUDVSHUFHSo}HV±QmR
SRUTXHHVVDIRVVHDLQWHQomRRXSRUTXHHVWiQDQDWXUH]DGHXPHJRVHFRPSRUWDUGHWDOIRUPD
PDVVLPSOHVPHQWHSRUTXHYRFrIRLHQVLQDGRTXHRSURSyVLWRGHXPHJRpUHVWULWLYRDRLQYpVGHVHU
H[SDQVLYR9RFrQDYHUGDGHLPDJLQDTXHRHJRpXPDSRUomRPXLWRIUDFDGRHXTXHHOHWHPTXH
VHGHIHQGHUFRQWUDDVRXWUDViUHDVGRHXTXHVmRGHORQJHPDLVIRUWHVHPDLVSHUVXDVLYDVHGHIDWR
PDLVSHULJRVDVDVVLPYRFrVHWUHLQRXSDUDXVDUWDSDROKRVHVHUWRWDOPHQWHFRQWUDVXDV
LQFOLQDo}HVQDWXUDLV

2HJRTXHUHQWHQGHUHLQWHUSUHWDUDUHDOLGDGHItVLFDHVHUHODFLRQDUFRPLVWR(OHTXHUOKHDMXGDUD
VREUHYLYHUGHQWURGDH[LVWrQFLDItVLFDPDVSRQGRWDSDROKRVVREUHHOHYRFrLPSHGHVXDSHUFHSomR
HIOH[LELOLGDGHQDWDV(QWmRFRPRHOHpLQIOH[tYHOYRFrGL]TXHHVWDpDIXQomRQDWXUDOHD
FDUDFWHUtVWLFDGRHJR

(OHQmRSRGHVHUHODFLRQDUFRPXPDUHDOLGDGHTXHYRFrQmRSHUPLWLUiTXHHOHSHUFHED(OHSRGH
SREUHPHQWHOKHDMXGDUDVREUHYLYHTXDQGRYRFrQmRSHUPLWLUTXHHOHXVHDVKDELOLGDGHVGHOHSDUD
GHVFREULUHVVDVFRQGLo}HVYHUGDGHLUDVjVTXDLVHOHWHPTXHPDQLSXODU9RFrS}HWDSDROKRVQHOHH
HQWmRGL]TXHHOHQmRSRGHYHU

&$3Ë78/2
6212621+26(&216&,Ç1&,$

$VSHVVRDVYDULDPQDTXDQWLGDGHGHVRQRGHTXHSUHFLVDPHQHQKXPDStOXODOKHVGLVSHQVDUi
LQWHLUDPHQWHRVRQRSRLVPXLWRWUDEDOKRpIHLWRQHVWHHVWDGR3RUpPLVVRSRGHULDVHUIHLWRPXLWR
PDLVHIHWLYDPHQWHFRPGRLVPHOKRUGRTXHFRPXPSHUtRGRVGHVRQRGHPHQRUGXUDomR

'RLVSHUtRGRVGHWUrVKRUDVFDGDVHULDPEDVWDQWHVXILFLHQWHVSDUDDPDLRULDGDVSHVVRDVVH
VXJHVW}HVDSURSULDGDVIRVVHPGDGDVDQWHVGHGRUPLU±VXJHVW}HVTXHSRGHULDPDVVHJXUDUD
FRPSOHWDUHFXSHUDomRGRFRUSR(PPXLWRVFDVRVGH]KRUDVGHVRQRSRUH[HPSORpUHDOPHQWH
GHVYDQWDMRVRUHVXOWDQGRHPXPDOHQWLGmRGHDPERVPHQWHHFRUSR1HVVHFDVRRHVStULWR
VLPSOHVPHQWHHVWHYHORQJHGRFRUSRSRUPXLWRWHPSRUHVXOWDQGRHPSHUGDGHIOH[LELOLGDGH
PXVFXODU

0XLWRVODQFKLQKRVOHYHVVHULDPQDYHUGDGHPXLWRPHOKRUGRTXHWUrVJUDQGHVUHIHLo}HVSRUGLD
DVVLPFRFKLORVFXUWRVVmRPDLVHIHWLYRVGRTXHSHUtRGRVHVWHQGLGRV+DYHULDRXWURVEHQHItFLRV2
HXFRQVFLHQWHVHOHPEUDULDPDLVGHVHXVVRQKRVDYHQWXURVRVFRPRGHFRVWXPHHJUDGXDOPHQWH
HOHVVHULDPVRPDGRVjWRWDOLGDGHGDH[SHULrQFLDFRPRRHJRRFRQVLGHUD

&RPRUHVXOWDGRGHSHUtRGRVGHVRQRPDLVIUHTHQWHVPDLVEUHYHVKDYHULDWDPEpPSLFRVPDLV
DOWRVGHIRFRFRQVFLHQWHHXPDUHQRYDomRPDLVVyOLGDGDVDWLYLGDGHVItVLFDHSVtTXLFD1mR
KDYHULDXPDGLYLVmRGHILQLGDHQWUHDVYiULDViUHDVRXQtYHLVGRHX+DYHULDXPXVRPDLV
HFRQ{PLFRGHHQHUJLDHWDPEpPXPXVRPDLVHIHWLYRGHQXWULHQWHV$FRQVFLrQFLDFRPRYRFrD
FRQKHFHWDPEpPVHWRUQDULDPDLVIOH[tYHOHPyYHO

,VWRQmRFRQGX]LULDDXPREVFXUHFHUGDFRQVFLrQFLDRXIRFR$RLQYpVGLVVRDPDLRUIOH[LELOLGDGH
UHVXOWDULDHPXPDSHUIHLomRGHIRFRFRQVFLHQWH$DSDUHQWHJUDQGHGLYLVmRHQWUHRHXGHVSHUWRHR
HXDGRUPHFLGRpJUDQGHPHQWHXPUHVXOWDGRGDGLYLVmRQDIXQomRRVGRLVVHUHVVmRJUDQGHPHQWH
VHSDUDGRV±XPEORFRGHWHPSRVHQGRDORFDGRSDUDXPHXPJUDQGHEORFRGHWHPSRSDUDRXWUR
(OHVVmRPDQWLGRVVHSDUDGRVHQWmRSRUFDXVDGHVHXXVRGRWHPSR

,QLFLDOPHQWHVXDYLGDFRQVFLHQWHVHJXLDFRPDOX]GRGLD$JRUDFRPOX]DUWLILFLDOHVWD
QHFHVVLGDGHQmRpRFDVR+iRSRUWXQLGDGHVDTXLHQWmRDVHUHPJDQKDVDSDUWLUGHVXDWHFQRORJLD
GDTXDOYRFrQmRHVWiSUHVHQWHPHQWHWLUDQGRYDQWDJHP'RUPLUWRGRRGLDHWUDEDOKDUWRGDDQRLWH
QmRpDUHVSRVWDpVLPSOHVPHQWHDLQYHUVmRGHVHXVKiELWRVSUHVHQWHV0DVVHULDPXLWRPDLV
HIHWLYRHHILFLHQWHGLYLGLURSHUtRGRGHYLQWHHTXDWURKRUDVGHXPDIRUPDGLIHUHQWH

1DUHDOLGDGHKiPXLWDVYDULDo}HVTXHVHULDPPHOKRUHVGRTXHVHXVLVWHPDSUHVHQWH,GHDOPHQWH
GRUPLQGRFLQFRKRUDVGHFDGDYH]YRFrJDQKDREHQHItFLRPi[LPRHTXDOTXHURXWUDFRLVDGXUDQWH
HVWHWHPSRSUDWLFDPHQWHQmRp~WLO$TXHOHVTXHSUHFLVDPGHPDLVVRQRUHOD[DULDPGLJDPRV
DVVLPQXPFRFKLORGHGXDVKRUDV3DUDRVRXWURVXPEORFRGHXPDVHVVmRGHTXDWURKRUDVHGRLV
FRFKLORVVHULDDOWDPHQWHEHQpILFR&RPVXJHVWmRSURSULDPHQWHGDGDRFRUSRSRGHUHFXSHUDUVHHP
PHWDGHGRWHPSRTXHDJRUDpGHGLFDGRSDUDGRUPLU(PWRGRFDVRpPXLWRPDLVWRQLILFDQWHH
HILFLHQWHWHURFRUSRItVLFRDWLYRGRTXHLQDWLYRSRUGLJDPRVRLWRDGH]KRUDV

9RFrWUHLQRXVXDFRQVFLrQFLDSDUDVHJXLUFHUWRVSDGU}HVTXHQmRVmRQHFHVVDULDPHQWHQDWXUDLVH
HVVHVSDGU}HVDXPHQWDPRVHQWLGRGHDOLHQDomRHQWUHRHXGHVSHUWRHRTXHVRQKD$WpFHUWRSRQWR
YRFrGURJDRFRUSRFRPVXJHVWmRGHIRUPDTXHHOHDFUHGLWDTXHWHPTXHGRUPLUXPDFHUWDTXDQWLD
GHKRUDVHPXPEORFR$QLPDLVGRUPHPTXDQGRHVWmRFDQVDGRVHGHVSHUWDPGHXPDIRUPDPXLWR
PDLVQDWXUDO

9RFrUHWHULDGHORQJHXPERPSRWHQFLDOGHPHPyULDGHVXDVH[SHULrQFLDVVXEMHWLYDVHVHXFRUSR
VHULDPDLVVDXGiYHOVHHVVHVSDGU}HVGHVRQRIRVVHPPRGLILFDGRV6HLVDRLWRKRUDVGHVRQRQR
WRWDOVHULDPVXILFLHQWHVFRPSDGU}HVGHFRFKLORVPRGHODGRV(PHVPRRVTXHSHQVDPTXH
SUHFLVDULDPGHPDLVVRQRGRTXHHVVHYHULDPTXHQmRSUHFLVDPVHWRGRRWHPSRQmRIRVVHJDVWR
QXP~QLFREORFR2VLVWHPDLQWHLURItVLFRPHQWDOHSVtTXLFRVHEHQHILFLDULD

$VGLYLV}HVHQWUHRHXSUDWLFDPHQWHQmRVHULDPDVVLPVHYHUDV2WUDEDOKRItVLFRHPHQWDOVHULDP
PDLVIiFHLVHRFRUSRPHVPRJDQKDULDSHUtRGRVHVWiYHLVGHUHOD[DPHQWRHGHVFDQVR$JRUDFRPR
UHJUDHOHSUHFLVDHVSHUDUHPUHODomRjVXDFRQGLomRQRPtQLPRSHODVSUy[LPDVVHLVKRUDV3RU
RXWUDVUD]}HVUHODWLYDVjVUHDo}HVTXtPLFDVGXUDQWHRHVWDGRGHVRQKRDVD~GHFRUSRUDOVHULD
DSHUIHLoRDGDHHVVHFDOHQGiULRSDUWLFXODUWDPEpPDX[LOLDULDQDHVTXL]RIUHQLDHQRJHUDODMXGDULD
SHVVRDVFRPSUREOHPDVGHGHSUHVVmRRXDTXHODVFRPLQVWDELOLGDGHPHQWDO

6HXVHQVRGHWHPSRWDPEpPVHULDPHQRVULJRURVRHUtJLGR$VKDELOLGDGHVFULDWLYDVVHULDP
DJLOL]DGDVHRJUDQGHSUREOHPDGDLQV{QLDTXHH[LVWHSDUDPXLWDVSHVVRDVVHULDJUDQGHPHQWH
PLQLPL]DGR±SRLVRTXHHODVWHPHPpIUHTHQWHPHQWHRJUDQGHSHUtRGRGHWHPSRQRTXDOD
FRQVFLrQFLDFRPRHODVDSHQVDPSDUHFHULDWHUVHH[WLQJXLGR

3HTXHQDVUHIHLo}HVRXODQFKHVVHULDPWRPDGRVDRVHOHYDQWDU(VVHPpWRGRGHFRPHUHGRUPLU
VHULDPGHJUDQGHDMXGDSDUDDVYiULDVGLILFXOGDGHVPHWDEyOLFDVHWDPEpPDMXGDULDQR
GHVHQYROYLPHQWRGDVKDELOLGDGHVHVSLULWXDOHSVtTXLFDV3RUPXLWDVUD]}HVDVDWLYLGDGHVItVLFDV
QRWXUQDVWrPXPHIHLWRGLIHUHQWHVREUHRFRUSRHPUHODomRjDWLYLGDGHItVLFDGXUDQWHRGLDH
LGHDOPHQWHDPERVRVHIHLWRVVmRQHFHVViULRV

(PFHUWRVPRPHQWRVGXUDQWHDQRLWHRVtRQVQHJDWLYRVQRDUVmRPXLWRPDLVIRUWHVRXQXPHURVRV
GRTXHGXUDQWHRGLDSRUH[HPSORHDDWLYLGDGHGXUDQWHHVVHWHPSRSDUWLFXODUPHQWHQD
FDPLQKDGDRXQXPDDWLYLGDGHIRUDGHFDVDVHULDDOWDPHQWHEHQpILFRGHXPSRQWRGHYLVWDGDVD~GH

$JRUDRSHUtRGRORJRDQWHVGHDPDQKHFHUIUHTHQWHPHQWHUHSUHVHQWDXPSRQWRGHFULVHSDUD
SHVVRDVVHYHUDPHQWHGRHQWHV$FRQVFLrQFLDHVWHYHORQJHGRFRUSRSRUXPORQJRSHUtRGRHWDO
UHWRUQRGLILFXOWDjFRQVFLrQFLDOLGDUFRPRVPHFDQLVPRVGRHQWHVGRFRUSR$SUiWLFDKRVSLWDODUGH
GURJDURVSDFLHQWHVGHIRUPDTXHHOHVGXUPDPSRUWRGDDQRLWHpSUHMXGLFLDOSRULVVR

(PPXLWRVFDVRVLVVRUHVWULQJHDPHQWHQRSURFHVVRGRUHWRUQRGDFRQVFLrQFLDHPWHUPRVGH
DVVXPLUQRYDPHQWHRPHFDQLVPRGRHQWH

7DLVPHGLFDPHQWRVWDPEpPSUHYLQHPIUHTHQWHPHQWHFHUWRFLFORGHVRQKRTXHSRGHVHU
QHFHVViULRjUHFXSHUDomRGRFRUSRHDFRQVFLrQFLDHQWmRVHWRUQDDOWDPHQWHGHVRULHQWDGD
$OJXPDVGDVGLYLV}HVHQWUHSRUo}HVGLIHUHQWHVGRHXFRQVHTXHQWHPHQWHQmRVmREDVLFDPHQWH
QHFHVViULDVPDVVmRRUHVXOWDGRGRFRVWXPHHGDFRQYHQLrQFLD

(PSHUtRGRVDQWHULRUHVQRWHPSRHPERUDQmRKRXYHVVHQHQKXPDOX]HOpWULFDSRUH[HPSORRVRQR
QmRHUDWmRORQJRHFRQWtQXRjQRLWHSRUTXHRVTXDUWRVGHGRUPLUQmRHUDPWmRVHJXURV3RU
H[HPSORRKRPHPGDFDYHUQDHQTXDQWRGRUPLDHVWDYDHPDOHUWDSRUFDXVDGRVSUHGDGRUHV2V
DVSHFWRVPLVWHULRVRVGDQRLWHQDWXUDOHPDPELHQWHVH[WHUQRVRPDQWLQKDPSDUFLDOPHQWHDOHUWD(OH
DFRUGDIUHTXHQWHPHQWHHLQVSHFLRQDYDRVDUUHGRUHVHVHXSUySULRDEULJR

(OHQmRGRUPLDHPEORFRVORQJRVFRPRYRFrID]6HXVSHUtRGRVGHVRQRDRFRQWUiULRHUDPGH
GXDVRXWUrVKRUDVHVWLFDGRVGXUDQWHDQRLWHGRDQRLWHFHUDRDPDQKHFHUPDVDOWHUQDGRSRU
SHUtRGRVGHDOWDYLJLOkQFLDHDWLYLGDGHDOHUWD(OHWDPEpPUDVWHMDYDSDUDIRUDGDFDYHUQDSDUD
EXVFDUFRPLGDTXDQGRHVSHUDYDTXHVHXVSUHGDGRUHVHVWLYHVVHPGRUPLQGR

,VWRUHVXOWRXHPXPDPRELOLGDGHGHFRQVFLrQFLDTXHUHDOPHQWHDVVHJXURXDVREUHYLYrQFLDItVLFD
GHOHHHVVDVLQWXLo}HVTXHDSDUHFLDPDHOHQRHVWDGRGHVRQKRHUDPOHPEUDGDVHYDQWDJHPHUD
REWLGDQRHVWDGRGHVSHUWR

$JRUDPXLWDVGRHQoDVVLPSOHVPHQWHVmRFDXVDGDVSRUHVWDGLYLVmRGHVHXHXHGHVVHORQJR
SHUtRGRGHLQDWLYLGDGHItVLFDGRFRUSRHHVWHIRFRHVWHQGLGRGHDWHQomRWDQWRQDUHDOLGDGHGHVSHUWD
TXDQWRQDGHVRQKR6XDFRQVFLrQFLDQRUPDOSRGHVHEHQHILFLDUGDVH[FXUV}HVHGHVFDQVDUQRV
RXWURVFDPSRVGDUHDOLGDGHHPTXHHQWUDTXDQGRYRFrGRUPHHDFKDPDGDFRQVFLrQFLDGRUPHQWH
WDPEpPVHEHQHILFLDUiFRPDVH[FXUV}HVIUHTHQWHVQRHVWDGRGHVSHUWR

([SRQKRHVVHVDVVXQWRVDTXLSRUTXHWDLVPXGDQoDVGHSDGU}HVKDELWXDLVGHILQLWLYDPHQWH
UHVXOWDULDPQXPJUDQGHHQWHQGLPHQWRGDQDWXUH]DGRHX$SRUomRLQWHULRUGDSHUVRQDOLGDGHTXH
VRQKDSDUHFHHVWUDQKDDYRFrQmRDSHQDVSRUFDXVDGHXPDGLIHUHQoDEiVLFDGHIRFRPDVSRUTXH
YRFrFODUDPHQWHGHYRWDSRUo}HVRSRVWDVGHXPFLFORGHYLQWHHTXDWURiUHDVDHVVDViUHDVGRHX

9RFrRVVHSDUDWDQWRTXDQWRSRVVtYHO$RID]HULVVRYRFrGLYLGHVXDVKDELOLGDGHVLQWXLWLYDV
FULDWLYDVHSVtTXLFDVEDVWDQWHQLWLGDPHQWHGHVXDVKDELOLGDGHVItVLFDVPDQLSXODWLYDVHREMHWLYDV
1mRID]GLIHUHQoDTXDQWDVKRUDVGHVRQRYRFrSHQVDTXHSUHFLVD9RFrVHULDPXLWRPHOKRU
GRUPLQGRSHTXHQRVSHUtRGRVFXUWRVHQDYHUGDGHYRFrSUHFLVDULDGHEHPPHQRVWHPSR$PDLRU
XQLGDGHGHVRQRGHYHULDVHUjQRLWH0DVQRYDPHQWHDHILFLrQFLDGRVRQRpPLQRUDGDH
SUHMXGLFDGDDSyVVHLVDRLWRVKRUDVGHLQDWLYLGDGHItVLFD

$VIXQo}HVGRVKRUP{QLRVHVXEVWkQFLDVTXtPLFDVHGRVSURFHVVRVDGUHQDLVHPSDUWLFXODU
IXQFLRQDULDPFRPPDLRUHIHWLYLGDGHFRPHVWHVSHUtRGRVUHYH]DGRVGHDWLYLGDGHVFRPRPHQFLRQHL
2GHVJDVWHGRFRUSRVHULDPLQLPL]DGRHQTXDQWRDRPHVPRWHPSRWRGRVRVSRGHUHVUHJHQHUDWLYRV
VHULDPXVDGRVDRPi[LPR$PERVRVFRPXPDOWRHRVFRPXPEDL[RPHWDEROLVPRVH
EHQHILFLDULDP

2VFHQWURVSVtTXLFRVVHULDPDWLYDGRVPDLVIUHTHQWHPHQWHHWRGDDLGHQWLGDGHGDSHUVRQDOLGDGH
VHULDPHOKRUIRUWDOHFLGDHPDQWLGD$PRELOLGDGHUHVXOWDQWHHDIOH[LELOLGDGHGDFRQVFLrQFLD
SURYRFDULDPXPGLYLGHQGRVRPDGRHPFRQFHQWUDomRFRQVFLHQWHDXPHQWDGDHQtYHLVGHIDGLJD
VHPSUHSHUPDQHFHULDPDEDL[RGHSRQWRVGHSHULJR8PDPDLRULJXDODomRItVLFDHPHQWDO
UHVXOWDULDGLVVR

$JRUDWDLVKRUiULRVSRGHULDPVHUDGRWDGRVEDVWDQWHIDFLOPHQWH2VTXHWUDEDOKDPQRVLVWHPDGH
KRUDDPHULFDQRSRUH[HPSORSRGHULDPGRUPLUGHTXDWURDVHLVKRUDVSRUQRLWHGHDFRUGRFRPDV
YDULDo}HVLQGLYLGXDLVHFRFKLODUDSyVDFHLD

4XHURGHL[DUFODURQRHQWDQWRTXHTXDOTXHUFRLVDDFLPDGHVHLVDRLWRKRUDVGHSHUtRGRGHVRQR
FRQWtQXRIXQFLRQDFRQWUDYRFrHXPSHUtRGRGHGH]KRUDVSRUH[HPSORSRGHVHUEDVWDQWH
GHVYDQWDMRVR$RGHVSHUWDUIUHTHQWHPHQWHHQWmRYRFrQmRVHVHQWHGHVFDQVDGRPDVFRPRVH
WLYHVVHDHQHUJLDHVFRDGD9RFrQmRWHPSUHVWDGRDWHQomRjIiEULFD6HYRFrQmRHQWHQGHTXHHP
SHUtRGRVGHVRQRVXDFRQVFLrQFLDDWXDOGHL[DVHXFRUSRHQWmRRTXHHXGLVVHVHUiVHPVHQWLGR

$JRUDVXDFRQVFLrQFLDUHWRUQDjVYH]HVSDUDFRQIHULURVPHFDQLVPRVItVLFRVHDVLPSOHV
FRQVFLrQFLDGRiWRPRHFpOXODGDFRQVFLrQFLDGRFRUSRHVWiVHPSUHFRPRFRUSR±SRUWDQWRHOH
QmRHVWiGHVRFXSDGR0DVDVSRUo}HVJUDQGHPHQWHFULDWLYDVGRHXGHL[DPRFRUSRHSRUJUDQGHV
SHUtRGRVGHWHPSRTXDQGRYRFrGRUPH

$OJXQVFDVRVGHIRUWHFRPSRUWDPHQWRQHXUyWLFRUHVXOWDPGHVHXVKiELWRVDWXDLVGHVRQR
6RQDPEXOLVPRDWpFHUWRSRQWRWDPEpPHVWiUHODFLRQDGRDTXL$FRQVFLrQFLDTXHUYROWDUDRFRUSR
PDVIRLKLSQRWL]DGDQDLGpLDTXHRFRUSRQmRGHYHGHVSHUWDU$HQHUJLDQHUYRVDH[FHVVLYDVHHOHYD
HOHYDQWDRVP~VFXORVSDUDDDWLYLGDGHSRUTXHRFRUSRVDEHTXHHVWiLQDWLYRSRUPXLWRWHPSRH
FRQVHTXHQWHPHQWHVHYHUDVFkLPEUDVPXVFXODUHVUHVXOWDPGLVVR

2PHVPRVHDSOLFDDVHXVKiELWRVDOLPHQWDUHV9RFrVHHVWXIDHHQWmRRVWHFLGRVVRIUHPGH
IRPH,VWRWHPHIHLWRVGHILQLGRVQDQDWXUH]DGHVXDFRQVFLrQFLDHPVXDFULDWLYLGDGHHPVHXJUDX
GHFRQFHQWUDomR$RORQJRGHVWDFRQGXWDSRUH[HPSORYRFrOLWHUDOPHQWHVRIUHGHIRPHjQRLWHH
DFUHVFHQWDHQYHOKHFLPHQWRDVHXFRUSRQHJDQGROKHFRPLGDDRORQJRGHVVDVORQJDVKRUDV7XGR
LVWRVHUHIOHWHQDIRUoDHQDWXUH]DGHVXDFRQVFLrQFLD

6XDFRPLGDGHYHULDVHUGLYLGLGDGHQWURGRSHUtRGRGHYLQWHHTXDWURKRUDVHQmRDSHQDVGXUDQWHR
WHPSRGHYLJLOkQFLD±RXVHMDVHRVSDGU}HVGHVRQRIRUDPPXGDGRVFRPRVXJHULYRFrSRGHULD
WDPEpPFRPHUGXUDQWHDOJXPDVKRUDVQRWXUQDV

9RFrFRPHULDEHPPHQRVQRVKRUiULRVGHUHIHLomRQRHQWDQWR3HTXHQDVTXDQWLGDGHVGHFRPLGD
PDLVIUHTXHQWHPHQWHVHULDPXLWRPDLVEHQpILFRGRTXHVXDSUiWLFDDWXDOHPWHUPRVItVLFRVPHQWDLV
HSVtTXLFRV

0XGDQGRRVSDGU}HVGHVRQRPXGDULDPDXWRPDWLFDPHQWHRVSDGU}HVDOLPHQWDUHV9RFrYHULDTXH
pXPDXQLGDGHPXLWRPDLVtQWHJUD9RFrVHGDULDFRQWDGHVXDVKDELOLGDGHVFODULYLGHQWHVH
WHOHSiWLFDVSRUH[HPSORQXPQtYHOPXLWRPDLRUHQmRVHQWLUDDSURIXQGDVHSDUDomRTXHDJRUD
VHQWHHQWUHRHXTXHVRQKDHRTXHHVWiGHVSHUWR(PXPJUDQGHQtYHOHVVHVHQWLGRGHDOLHQDomR
GHVDSDUHFHULD

6HXSUD]HUHPUHODomRjQDWXUH]DWDPEpPDXPHQWDULDSRLVFRPRXPDUHJUDYRFrHVWi
JUDQGHPHQWHDOKHLRjQRLWH9RFrSRGHULDWLUDUPHOKRUYDQWDJHPGRFRQKHFLPHQWRLQWXLWLYRTXH
RFRUUHQRHVWDGRGHVRQKRHRFLFORGHVHXKXPRUQmRYDULDULDWDQWRFRPRYDULD9RFrVHVHQWLULD
PXLWRPDLVFRQILDQWHHVHJXURHPWRGDVDViUHDVGDH[LVWrQFLD

7DPEpPVHULDPUHGX]LGRVRVSUREOHPDVGDVHQLOLGDGHSRLVRVHVWtPXORVQmRVHULDPPLQLPL]DGRV
SRUWmRORQJRWHPSR(DFRQVFLrQFLDFRPXPDPDLRUIOH[LELOLGDGHFRQKHFHULDPDLVGRVHX
SUySULRVHQWLGRGHSUD]HU

eEHPFRQKHFLGRTXHDVIOXWXDo}HVGHFRQVFLrQFLDHVHQWLGRGHDOHUWDH[LVWHPQRHVWDGRGHVRQR
$OJXQVSHUtRGRVGDDWLYLGDGHGHVRQKRUHDOPHQWHVXEVWLWXHPDOJXQVGDTXHOHVGHHVWDGRGHVSHUWR
0DVKiWDPEpPIOXWXDo}HVQDFRQVFLrQFLDQRUPDOGHVSHUWDULWPRVGHLQWHQVDDWLYLGDGHVHJXLGRV
SRUPHQRUHVSHUtRGRVGHDWLYLGDGHGDFRQVFLrQFLD

$OJXQVHVWDGRVGHVSHUWRVpFODURVHWRUQDPEHPSDUHFLGRVDRVHVWDGRVGHVRQR(VWHVPLVWXUDPD
SHVVRDHPRXWUDGHIRUPDTXHRULWPRIUHTXHQWHPHQWHSDVVDGHVSHUFHELGR(VVDVJUDGDo}HVGH
FRQVFLrQFLDVmRDFRPSDQKDGDVSRUPXGDQoDVQRRUJDQLVPRItVLFR1RVSHUtRGRVPDLVOHQWRVGH
FRQVFLrQFLDGHVSHUWDKiXPDIDOWDGHFRQFHQWUDomRXPFRUWHGHHVWtPXORVSDUDJUDXVYDULDGRVXP
DXPHQWRGHDFLGHQWHVHJHUDOPHQWHXPDWRQLFLGDGHFRUSRUDOPDLVEDL[D

3RUFDXVDGHVHXVKiELWRVGHSHUtRGRGHVRQRHVWHQGLGRVHJXLGRSRUXPSHUtRGRGHHVWDGRGHVSHUWR
HVWHQGLGRYRFrQmRWLUDSURYHLWRGHVWHVULWPRVGHFRQVFLrQFLD2VDOWRVSLFRVVmRVXIRFDGRVDWp
FHUWRSRQWRRXDWpPHVPRDFRQWHFHPGHVSHUFHELGDPHQWH2VFRQWUDVWHVO~FLGRVHDDOWD
HILFLrQFLDGDFRQVFLrQFLDQDWXUDOGHVSHUWDVmRHVFDVVDPHQWHXWLOL]DGRV

$JRUDHVWRXGDQGRWRGRHVWHPDWHULDODTXLSRUTXHOKHDMXGDUiDHQWHQGHUHDXVDUVXDVKDELOLGDGHV
SUHVHQWHV9RFrHVWiSHGLQGRPXLWRGHVXDFRQVFLrQFLDGHVSHUWDQRUPDOGHVOL]DQGRGRVYDOHVH
FXPHVGDDWLYLGDGHHPDOJXQVFDVRVH[LJLQGRPXLWRHVWDQGRQXPSHUtRGRPtQLPRQHJDQGRVHD
JUDQGHPRELOLGDGHGDFRQVFLrQFLDTXHpSRVVtYHO

$VVXJHVW}HVGDGDVDQWHULRUPHQWHQHVVHFDStWXORHPUHODomRDRVKiELWRVGHVRQRUHVXOWDUmRQXP
XVRQDWXUDOGHVVHVULWPRV2VFXPHVVHUmRH[SHULHQFLDGRVPDLVIUHTXHQWHPHQWH$FRQFHQWUDomR
VHUiDXPHQWDGDRVSUREOHPDVVHUmRYLVWRVPDLVFODUDPHQWHHDVFDSDFLGDGHVGHDSUHQGL]DGR
VHUmRPHOKRUXWLOL]DGDV

(VWHSHUtRGRHVWHQGLGRGHWHUPLQDGRSHODFRQVFLrQFLDGHVSHUWDVHPSHUtRGRVGHGHVFDQVRIDEULFD
VXEVWkQFLDVTXtPLFDVQRVDQJXHTXHVmRGHVFDUUHJDGDVQRVRQR0DVQRPHLRWHPSRHODVID]HP
FRPTXHRFRUSRVHWRUQHOHQWRHUHWDUGDDFRQFHQWUDomRGDFRQVFLrQFLD2SHUtRGRGHVRQRORQJR
DRTXDOYRFrHVWiDFRVWXPDGRHQWmRVHWRUQDQHFHVViULR8PFtUFXORYLFLRVRHQWmRpIRUPDGR
,VVRIRUoDDVXSHUHVWLPXODomRGXUDQWHDQRLWHDXPHQWDQGRRWUDEDOKRGRFRUSRID]HQGRFRPTXH
HOHH[HFXWHFRQWLQXDPHQWHGXUDQWHXPWHPSRHVWHQGLGRSXULILFDo}HVItVLFDVTXHLGHDOPHQWH
DFRQWHFHULDPHPSHUtRGRVPDLVEUHYHVGHGHVFDQVR2HJRVHVHQWHDPHDoDGRSHOD³ORQJD
OLFHQoD´DTXHSUHFLVDVHHQWUHJDUVHWRUQDFDXWHORVRQRVRQRHHVWDEHOHFHEDUUHLUDVFRQWUDR
HVWDGRGHVRQKR0XLWRGLVVRpDOWDPHQWHDUWLILFLDO

8PDDSDUHQWHGXDOLGDGHpRUHVXOWDGRHXPDGHVFRQILDQoDGHXPDSDUWHGRHXHPUHODomRDR
RXWUR0XLWRPDWHULDOFULDWLYRGHYDORUEDVWDQWHSUiWLFRpSHUGLGRQRSURFHVVR

2VSURFHGLPHQWRVPHQFLRQDGRVSHUPLWLULDPXPDFHVVRPXLWRPDLRUDWDOLQIRUPDomRHRHX
GHVSHUWRVHULDPDLVYtYLGR2VLPEROLVPRQRVVRQKRVDSDUHFHULDFRPJUDQGHFODUH]DQmRVHQGR
SHUGLGRSRUH[HPSORDWUDYpVGDVPXLWDVKRUDVTXHDJRUDYRFrGHGLFDDRVRQR

$IRUoDPXVFXODUVHEHQHILFLDULD2VDQJXHVHULDOLPSRPDLVHIHWLYDPHQWHGRTXHTXDQGRRFRUSR
VHGHLWDSURSHQVRDWDOWHPSR3ULQFLSDOPHQWHKDYHULD±VHYRFrPHGiDOLFHQoD±PHOKRU
FRPXQLFDomRHQWUHDVFDPDGDVVXEMHWLYDVGRHXXPDXPHQWRGRVHQVRGHVHJXUDQoDH
SDUWLFXODUPHQWHFRPDVFULDQoDVXPDUHYLILFDomRGDVKDELOLGDGHVGDFULDWLYLGDGH

8PDFRQVFLrQFLDFODUDRUJDQL]DGDOXPLQRVDHSRGHURVDSUHFLVDGHSHUtRGRVGHGHVFDQVRV
IUHTHQWHVVHIRUSDUDVXDHILFLrQFLDVHUPDQWLGDHVHIRUSDUDLQWHUSUHWDUDUHDOLGDGH
FRUUHWDPHQWH&DVRFRQWUiULRHODGLVWRUFHRTXHpSHUFHELGR

'HVFDQVRRXFXUDVQRVRQR±SHUtRGRVGHVRQRPXLWRHVWHQGLGRV±WrPVLGRGHDX[LOLRSDUDD
WHUDSLDHPDOJXQVFDVRVQmRSRUTXHRVRQRHVWHQGLGRVHMDHPVLPHVPREHQpILFRPDVSRUTXH
PXLWDVWR[LQDVIRUDPFULDGDVHDTXHOHVSHUtRGRVHVWHQGLGRVGHVRQRIRUDPUHTXHULGRV

3URFHVVRVGHDSUHQGL]DGRVmRGHILQLWLYDPHQWHLPSHGLGRVSRUFDXVDGHVHXVSUHVHQWHVKiELWRVSRLV
KiFHUWRVSHUtRGRVTXDQGRDFRQVFLrQFLDHVWiDILQDGDSDUDRDSUHQGL]DGRHDLQGDDVVLPYRFr
WHQWDVHIRUoDUDDSUHQGHUGXUDQWHSHUtRGRVPtQLPRVQmRUHFRQKHFLGRV+DELOLGDGHVFULDWLYDVH
SVtTXLFDVVmRHPSXUUDGDVSDUDRIXQGRVLPSOHVPHQWHSRUFDXVDGHVVDGLYLVmRDUWLILFLDO
5HVXOWDPVHGXDOLGDGHVTXHDIHWDPWRGDVDVVXDVDWLYLGDGHV

(PDOJXQVFDVRVYRFrOLWHUDOPHQWHVHIRUoDDGRUPLUTXDQGRVXDFRQVFLrQFLDSRGHULDHVWDUQD
DWLYLGDGHPi[LPDGHOD,VWRDFRQWHFHLQFLGHQWHPHQWHQRSHUtRGRGRDOYRUHFHU(PFHUWDVKRUDVGD
WDUGHDFRQVFLrQFLDHVWiYDJDURVDHSUHFLVDGHGHVFDQVRTXHpQHJDGR

6HIRVVHPH[DPLQDGDVDVIDVHVGRGHVSHUWDUGDFRQVFLrQFLDFRPRDVIDVHVGRVRQRHVWmRVHQGR
H[DPLQDGDVDWXDOPHQWHSRUH[HPSORYRFrHQFRQWUDULDXPQtYHOGHDWLYLGDGHPXLWRPDLRUGRTXHp
VXVSHLWDGR&HUWDVIDVHVGHWUDQVLomRVmRFRPSOHWDPHQWHLJQRUDGDV'HPXLWRVPRGRVSRGHVHU
GLWRTXHDFRQVFLrQFLDUHDOPHQWHIODPHMDHYDULDHPLQWHQVLGDGH(ODQmRpFRPRXPDWRFKD
HVWiYHOSRUH[HPSOR

$FRQVFLrQFLDWHPPXLWDVFDUDFWHUtVWLFDVDOJXPDVpFODURVmRFRQKHFLGDVDYRFr0XLWDVGDV
FDUDFWHUtVWLFDVGDFRQVFLrQFLDSRUpPQmRVmRWmRDSDUHQWHVMiTXHSUHVHQWHPHQWHYRFrXVDVXD
SUySULDFRQVFLrQFLDGHPDQHLUDTXHDVSHUFHSo}HVGHODVHSDUHFHPPXLWRFRP³GLVIDUFHV
QDWXUDLV´9RFrHVWiDWHQWRDVXDSUySULDFRQVFLrQFLDHPRXWUDVSDODYUDVDWUDYpVGRPHFDQLVPR
PpGLRGHVHXSUySULRItVLFR9RFrTXDVHQmRHVWiDWHQWRHPUHODomRjVXDSUySULDFRQVFLrQFLD
TXDQGRHODQmRHVWiRSHUDQGRSULPDULDPHQWHDWUDYpVGRVPHFDQLVPRVGRFRUSRFRPRTXDQGRHOD
RSHUDQRVHVWDGRVIRUDGRFRUSRHHPDOJXPDVFRQGLo}HVGHVDVVRFLDGDV

$VFDUDFWHUtVWLFDVGDFRQVFLrQFLDVmRDVPHVPDVHVWHMDYRFrHPXPFRUSRRXIRUDGHXP2V
SLFRVHYDOHVGDFRQVFLrQFLDTXHHXPHQFLRQHLH[LVWHPHPDOJXPQtYHOHPWRGDVDVFRQVFLrQFLDV
DGHVSHLWRGDIRUPDDGRWDGDDSyVDPRUWH$QDWXUH]DGHVXDFRQVFLrQFLDQmRpGLIHUHQWH
EDVLFDPHQWHGRTXHpDJRUDHPERUDYRFrSRVVDQmRHVWDUDWHQWRDPXLWDVGDVFDUDFWHUtVWLFDV
GHOD

$JRUDDVXDFRQVFLrQFLDpWHOHSiWLFDHFODULYLGHQWHSRUH[HPSORHPERUDYRFrSRVVDQmR
SHUFHEHULVWR1RVRQRTXDQGRYRFrIUHTXHQWHPHQWHSUHVXPHTXHHVWiLQFRQVFLHQWHYRFrSRGH
HVWDUPXLWRPDLVFRQVFLHQWHGRTXHHVWiDJRUDPDVVLPSOHVPHQWHXVDQGRKDELOLGDGHVGD
FRQVFLrQFLDTXHYRFrQmRDFHLWDFRPRUHDLVRXYiOLGDVQDYLGDGHVSHUWD9RFrFRQVHTHQWHPHQWH
DVEDQHGHVXDH[SHULrQFLDFRQVFLHQWH$FRQVFLrQFLDVXDHPLQKDpEDVWDQWHLQGHSHQGHQWHGH
WHPSRHHVSDoR(DSyVDPRUWHYRFrVLPSOHVPHQWHHVWiDWHQWRDRVJUDQGHVSRGHUHVGD
FRQVFLrQFLDTXHH[LVWHHPYRFrRWHPSRWRGR

(MiTXHHOHVH[LVWHPpFODURYRFrSRGHGHVFREULORVDJRUDHDSUHQGHUDXViORV,VVRLUiDMXGiOR
GLUHWDPHQWHQDH[SHULrQFLDSyVPRUWH9RFrSUDWLFDPHQWHQmRILFDUiDVVXVWDGRSHODQDWXUH]DGH
VXDVSUySULDVUHDo}HVVHHQWHQGHUDQWHVSRUH[HPSORTXHVXDFRQVFLrQFLDQmRDSHQDVQmRHVWi
DSULVLRQDGDSRUVHXFRUSRItVLFRPDVTXHSRGHFULDURXWUDVSRUo}HVjYRQWDGH2VTXH³VXSHU
LGHQWLILFDP´VXDVFRQVFLrQFLDVFRPVHXVFRUSRVSRGHPVRIUHUWRPHQWRVFULDGRVSRUVLPHVPRVVHP
QHQKXPDUD]mRGHPRUDQGRVHQRFRUSRUHDOPHQWHDDOPDWRWDOPHQWHDEDQGRQDGDSHQVDQGRTXH
QmRWHPQHQKXPRXWUROXJDUSDUDLU

9RFrpFRPRHXGLVVHDQWHVXPHVStULWRDJRUDHHVVHHVStULWRWHPXPDFRQVFLrQFLD$
FRQVFLrQFLDSHUWHQFHHQWmRDRHVStULWRPDVRVGRLVQmRVmRRPHVPR2HVStULWRSRGHGHVOLJDUH
OLJDUVXDSUySULDFRQVFLrQFLD3RUVXDQDWXUH]DDFRQVFLrQFLDSRGHFKDPHMDUHIOXWXDUPDVR
HVStULWRQmRRID]

3DUWLFXODUPHQWHQmRJRVWRGDSDODYUD³HVStULWR´SRUFDXVDGDVYiULDVLPSOLFDo}HVTXHHODSRGHWHU
PDVHODVHUYHDQRVVRVSURSyVLWRVQRVHQWLGRGHTXHDSDODYUDLPSOLFDHP³LQGHSHQGrQFLDGDIRUPD
ItVLFD´

$FRQVFLrQFLDQmRVHUHYLJRUDDVLPHVPDQRVRQR(ODPHUDPHQWHVHYLUDSDUDRXWUDGLUHomR$
FRQVFLrQFLDQmRGRUPHQHVVHVWHUPRVHHQTXDQWRHHPERUDHODSRVVDHVWDUGHVOLJDGDHODQmRp
FRPRDOX]

'HVOLJiODQmRDH[WLQJXHQDIRUPDFRPRDOX]GHVDSDUHFHTXDQGRXPLQWHUUXSWRUpDFLRQDGR
6HJXLQGRDDQDORJLDVHDFRQVFLrQFLDIRVVHFRPRXPDOX]TXHSHUWHQFHVVHDYRFrDWpPHVPR
TXDQGRYRFrDGHVOLJDVVHKDYHULDXPWLSRGHFUHS~VFXORPDVQmRDHVFXULGmR

(QWmRRHVStULWRQXQFDHVWiHPXPHVWDGRGH³QDGD´FRPVXDFRQVFLrQFLDH[WLQWD3RUWDQWRp
PXLWRLPSRUWDQWHTXHLVVRVHMDSHUFHELGR

$QWHULRUPHQWHHXOKHGLVVHTXHYRFrHVWiIDPLOLDUL]DGRDSHQDVFRPHVVDVFDUDFWHUtVWLFDVGHVXD
SUySULDFRQVFLrQFLDTXHYRFrXVDDWUDYpVGDFDSDFLGDGHPpGLDGHVHXFRUSR

9RFrFRQILDQRFRUSRSDUDH[SUHVVDUDVSHUFHSo}HVGHVXDFRQVFLrQFLD9RFrWHQGHQRYDPHQWHD
LGHQWLILFDUDH[SUHVVmRGHVXDFRQVFLrQFLDFRPRFRUSR

$LQGDDFRQVFLrQFLDSRGHVHUSHUPLWLGDDVHUHWLUDUHDWpFHUWRSRQWRFRPHoDDDXVHQWDUVHGH
VXDGHODH[SUHVVmRItVLFD9RFrQmRHVWDULDDWHQWRFRQVFLHQWHPHQWHGHVVDSHUPLVVmR
VLPSOHVPHQWHSRUTXHHVVHWLSRGHGHPRQVWUDomRQmRSRGHULDVHUPDQWLGRVHDFRQVFLrQFLDGHVSHUWD
QRUPDOVRXEHVVHGLVVR(ODDXWRPDWLFDPHQWHILFDULDDPHGURQWDGD4XDQGRHXIDODYDVREUHR
HVFXUHFHUGHFRQVFLrQFLD-RVHSKYLYHQFLRXLVWR

1DYHUGDGHHVVHSRGHVHUXPH[HUFtFLRGHPDQLSXODomRGDFRQVFLrQFLD3Uy[LPRjPRUWHHVVH
PHVPRWLSRGHFRLVDDFRQWHFHHPYiULRVQtYHLVTXDQGRDFRQVFLrQFLDSHUFHEHTXHQmRSRGHPDLV
VHH[SUHVVDUDWUDYpVGDFDSDFLGDGHGRFRUSR6HDSHVVRDTXHHVWiPRUUHQGRVHVXSHULGHQWLILFDU
FRPRFRUSRHQWmRHODSRGHIDFLOPHQWHHQWUDUHPSkQLFRSHQVDQGRTXHWRGDDH[SUHVVmR
FRQVHTXHQWHPHQWHHVWiFRUWDGDHSRULVVRVXDFRQVFLrQFLDHVWiDSRQWRGHVHUH[WLQWD

7DOFRQYLFomRGHH[WLQomRWDOFHUWH]DGHTXHDLGHQWLGDGHHVWiSDUDVHUGHVWUXtGDQRSUy[LPR
PRPHQWRpXPDH[SHULrQFLDSVLFROyJLFDWmRVHYHUDTXHHODPHVPDSRGHWUD]HUUHDo}HVLQIHOL]HV
2TXHDFRQWHFHpTXHYRFrDFKDDFRQVFLrQFLDPXLWRLQWDFWDHDH[SUHVVmRGHODpEHPPHQRV
OLPLWDGDGRTXHHUDDQWHV

(VWDUHPRVOLGDQGRDJRUDDSyVRTXHHVSHURVHMDXPPDWHULDOVDWLVIDWyULRFRPDOJXQVFDStWXORVGD
QDWXUH]DGDH[LVWrQFLDDSyVDPRUWHItVLFDjVSRUWDVGDPRUWHHHQYROYHQGRDPRUWHItVLFDILQDO
DWpRILQDOGRFLFORUHHQFDUQDFLRQDOeLPSRUWDQWHTXHYRFrHQWHQGDDOJRVREUHDQDWXUH]DH
FRPSRUWDPHQWRGHVXDSUySULDFRQVFLrQFLDDQWHVGHFRPHoDUPRV

&$3Ë78/2
$H[SHULrQFLDGD³PRUWH´

2TXHDFRQWHFHQRSRQWRGDPRUWH"$TXHVWmRpPXLWRPDLVIiFLOGHVHUSHUJXQWDGDGRTXH
UHVSRQGLGD%DVLFDPHQWHQmRKiQHQKXPSRQWRSDUWLFXODUGHPRUWHQHVVHVWHUPRVPHVPRQRFDVR
GHXPDFLGHQWHUHSHQWLQR

7HQWDUHLOKHGDUXPDUHVSRVWDSUiWLFDDRTXHYRFrSHQVDGHVVDSHUJXQWDSUiWLFD2TXHDSHUJXQWD
UHDOPHQWHVLJQLILFDSDUDDPDLRULDGDVSHVVRDVpRTXHDFRQWHFHUiTXDQGRHXQmRPDLVHVWLYHU
YLYRHPWHUPRVItVLFRV"2TXHVHQWLUHL"(XDLQGDVHUHLHX"$VHPRo}HVTXHLPSHOLUDPPLQKDYLGD
FRQWLQXDUmRDID]rOR"+iXPFpXRXXPLQIHUQR"(XVHUHLVDXGDGRSRUGHXVHVRXGHP{QLRV
LQLPLJRVRXSHORVTXHDPR"0DLVLPSRUWDQWHDTXHVWmRVLJQLILFD4XDQGRHXHVWLYHUPRUWRHX
DLQGDVHUHLTXHPVRXDJRUDHDLQGDPHOHPEUDUHLGRVTXHPHVmRFDURVDJRUD"

5HVSRQGHUHLDVSHUJXQWDVQHVWHVWHUPRVWDPEpPHQWmRPDVDQWHVGHID]HULVVRKiYiULDV
FRQVLGHUDo}HVDSDUHQWHPHQWHQmRSUiWLFDVUHODWLYDVjQDWXUH]DGDYLGDHGDPRUWHFRPDVTXDLV
WHPRVTXHOLGDU

(PSULPHLUROXJDUGHL[HQRVFRQVLGHUDURIDWRKiSRXFRPHQFLRQDGR1mRKiXPSRQWRGHPRUWH
HVSHFtILFRVHSDUDGRLQGLYLVtYHO$YLGDpXPHVWDGRGH³YLUDVHU´HDPRUWHpSDUWHGHVVH
SURFHVVRGHYLUDVHU9RFrHVWiYLYRDJRUDXPDFRQVFLrQFLDVDEHGRUDGHVLPHVPD
FRJQLWLYDPHQWHEULOKDQGRHQWUHHVFRPEURVGHFpOXODVPRUWDVHRXWUDVTXHHVWmRPRUUHQGRYLYD
HQTXDQWRRViWRPRVHPROpFXODVGHVHXFRUSRPRUUHPHUHQDVFHP9RFrHVWiYLYRSRUWDQWRQR
PHLRGHSHTXHQDVPRUWHVSRUo}HVGHVXDSUySULDLPDJHPVHHVPLJDOKDPPRPHQWRDPRPHQWRH
VmRVXEVWLWXtGDVHYRFrUDUDPHQWHGiDWHQomRDRDVVXQWR$VVLPDWpFHUWRSRQWRYRFrHVWiYLYR
DJRUDQRPHLRGDPRUWHGHVLPHVPR±YLYRDGHVSHLWRGLVVRHDLQGDSRUFDXVDGDVQXPHURVDV
PRUWHVHQXPHURVRVUHQDVFLPHQWRVTXHRFRUUHPHPVHXFRUSRHPWHUPRVItVLFRV

6HDVFpOXODVQmRPRUUHVVHPHQmRIRVVHPSUHHQFKLGDVDLPDJHPItVLFDQmRFRQWLQXDULDDH[LVWLU
SRUWDQWRQRSUHVHQWHFRPRYRFrRFRQKHFHVXDFRQVFLrQFLDFKDPHMDVREUHVXDLPDJHPFRUSyUHD
HPFRQVWDQWHPXWDomR

'HPXLWDVPDQHLUDVYRFrSRGHFRPSDUDUVXDFRQVFLrQFLDFRPRYRFrDFRQKHFHDJRUDDXP
YDJDOXPHSRLVHPERUDHODOKHSDUHoDFRQWtQXDHODQmRp(ODWDPEpPDFHQGHHDSDJDFRPR
PHQFLRQDPRVDQWHVHODQXQFDpFRPSOHWDPHQWHH[WLQWD3RUpPVHXIRFRQmRpTXDVHWmR
FRQVWDQWHTXDQWRYRFrVXS}H$VVLPFRPRYRFrHVWiYLYRQRPHLRGHVXDVSUySULDVSHTXHQDV
PRUWHVQXPHURVDVHPERUDYRFrQmRSHUFHEDYRFrHVWiIUHTXHQWHPHQWH³PRUWR´DWpPHVPRQR
PHLRGDYLGDFLQWLODQWHGHVXDSUySULDFRQVFLrQFLD

(VWRXXVDQGRVHXVSUySULRVWHUPRVDTXL3RU³PRUWH´FRQVHTXHQWHPHQWHTXHURGL]HU
³FRPSOHWDPHQWHGHVIRFDGRGDUHDOLGDGHItVLFD´$JRUDVXDFRQVFLrQFLDEDVWDQWHVLPSOHVPHQWH
QmRHVWiILVLFDPHQWHYLYDILVLFDPHQWHRULHQWDGDH[DWDPHQWHQDPHVPDTXDQWLGDGHGHWHPSRHP
TXHHODHVWiILVLFDPHQWHYLYDHRULHQWDGD,VVRSRGHSDUHFHUFRQIXVRPDVHVSHUDQoRVDPHQWH
SRGHPRVID]HULVVRPDLVFODUR+iSXOVDo}HVGHFRQVFLrQFLDHPERUDQRYDPHQWHYRFrSRVVDQmR
HVWDUDWHQWRGHODV

&RQVLGHUHHVWDDQDORJLD3RUXPPRPHQWRVXDFRQVFLrQFLDHVWiYLYDIRFDGDQDUHDOLGDGHItVLFD
$JRUDQRSUy[LPRPRPHQWRHVWiIRFDGDHPRXWUROXJDUFRPSOHWDPHQWHHPXPVLVWHPDGLIHUHQWH
GHUHDOLGDGH(VWiQmRYLYDRX³PRUWD´SDUDVHXPRGRGHSHQVDU1RSUy[LPRPRPHQWRHVWi
QRYDPHQWHYLYDIRFDGDHPVXDUHDOLGDGHPDVYRFrQmRHVWiDWHQWRDRPRPHQWRGRLQVWDQWH
QmRYLYRLQWHUYHQLHQWH6HXVHQVRGHFRQWLQXLGDGHHQWmRpFRQVWUXtGRLQWHLUDPHQWHHPRXWUD
SXOVDomRGHFRQVFLrQFLD

/HPEUHVHGHTXHLVVRpXPDDQDORJLDDVVLPDSDODYUD³PRPHQWR´QmRGHYHVHUHQFDUDGDPXLWR
OLWHUDOPHQWH+iHQWmRRTXHFKDPDPRVGHXP³VXEODGR´GDFRQVFLrQFLD

$JRUDGDPHVPDIRUPDRViWRPRVHPROpFXODVH[LVWHPHHVWmR³PRUWRV´RXLQDWLYRVGHQWURGH
VHXVLVWHPDHQWmR³YLYRV´RX³DWLYRV´PDVYRFrQmRSRGHSHUFHEHURPRPHQWRQRTXDOHOHVQmR
H[LVWHP-iTXHVHXVFRUSRVHWRGRRVHXXQLYHUVRItVLFRVmRFRPSRVWRVSRUiWRPRVHPROpFXODV
HQWmRHVWRXGL]HQGROKHTXHWRGDDHVWUXWXUDH[LVWHGDPHVPDPDQHLUD(PRXWUDVSDODYUDVHOD
FKDPHMDGHVOLJDQGRVHHOLJDQGRVHHHPFHUWRULWPRFRPRSRUDVVLPGL]HURULWPRGD
UHVSLUDomR

+iULWPRVJOREDLVHGHQWURGHOHVXPDLQILQLGDGHGHYDULDo}HVLQGLYLGXDLVTXDVHFRPRXP
PHWDEROLVPRFyVPLFR1HVVHVWHUPRVRTXHYRFrFKDPDGH³PRUWH´pVLPSOHVPHQWHDLQVHUomRGH
XPDGXUDomRPDLVORQJDGDTXHODSXOVDomRGDTXDOYRFrQmRHVWiFLHQWHXPDORQJDSDXVDQDTXHOD
RXWUDGLPHQVmRSRUDVVLPGL]HU

$PRUWHGLJDPRVGRWHFLGRItVLFRpPHUDPHQWHXPDSDUWHGRSURFHVVRGDYLGDFRPRYRFrD
FRQKHFHHPVHXVLVWHPDXPDSDUWHGRSURFHVVRGR³YLUDVHU´(DSDUWLUGHVVHVWHFLGRVFRPR
YRFrFRQKHFHQRYDYLGDIORUHVFHUi

$FRQVFLrQFLD±DFRQVFLrQFLDKXPDQDQmRpGHSHQGHQWHGRVWHFLGRVHDLQGDQmRKiDVVXQWR
ItVLFRTXHQmRVHMDWUD]LGRSDUDRVHUSRUDOJXPDSDUWHGDFRQVFLrQFLD3RUH[HPSORTXDQGRVXD
FRQVFLrQFLDLQGLYLGXDOGHL[DRFRUSRGHVVDIRUPDTXHH[SOLFDUHLEUHYHPHQWHHQWmRDVLPSOHV
FRQVFLrQFLDGRViWRPRVHPROpFXODVSHUPDQHFHHQmRpDQLTXLODGD

(PVXDSUHVHQWHVLWXDomRYRFrFRQVLGHUDDUELWUDULDPHQWHVHUGHSHQGHQWHGHXPDGHWHUPLQDGD
LPDJHPItVLFDYRFrVHLGHQWLILFDFRPVHXFRUSR

&RPRPHQFLRQDGRDQWHULRUPHQWHWXGRGXUDQWHWRGDVXDYLGDSRUo}HVGDTXHOHFRUSRPRUUHPHR
FRUSRTXHYRFrWHPDJRUDQmRFRQWpPXPDSDUWtFXODGDPDWpULDItVLFDTXHWHYHGLJDPRVGH]DQRV
DWUiV6HXFRUSRpFRPSOHWDPHQWHGLIHUHQWHDJRUDHQWmRGRTXHHUDKiGH]DQRVDWUiV2FRUSR
TXHYRFrWLQKDKiGH]DQRVDWUiVPHXVFDURVOHLWRUHVHVWiPRUWR$LQGDREYLDPHQWHYRFrQmR
VHQWHTXHHVWiPRUWRHYRFrpEDVWDQWHFDSD]GHOHUHVVHOLYURFRPRVROKRVTXHVmRFRPSRVWRV
FRPSOHWDPHQWHGHQRYDPDWpULD

$VSXSLODVDVSXSLODV³LGrQWLFDV´TXHYRFrWHPDJRUDQmRH[LVWLDPGH]DQRVDWUiVHDLQGD
SDUHFHTXHQmRKRXYHXPJUDQGHLQWHUYDORHPVXDYLVmR

(VWHSURFHVVRFRPRYRFrYrFRQWLQXDWmRVXDYHPHQWHTXHYRFrQmRHVWiDWHQWRDHOH$V
SXOVDo}HVPHQFLRQDGDVDQWHULRUPHQWHVmRWmRFXUWDVHPGXUDomRTXHVXDFRQVFLrQFLDVDOWDVREUH
HODVDOHJUHPHQWHHDLQGDDVVLPVXDSHUFHSomRItVLFDSDUHFHQmRSRGHUDWUDYHVVDURLQWHUYDOR
TXDQGRRULWPRPDLVORQJRGDSXOVDomRRFRUUH(DVVLPHVVHpRWHPSRTXHYRFrSHUFHEHFRPR
PRUWH2TXHYRFrTXHUVDEHUQRHQWDQWRpRTXHDFRQWHFHTXDQGRVXDFRQVFLrQFLDHVWiGLULJLGD
SDUDDOpPGDUHDOLGDGHItVLFDHTXDQGRPRPHQWDQHDPHQWHHODSDUHFHQmRWHULPDJHPSDUDXVDU

)DODQGRGHIRUPDEDVWDQWHSUiWLFDQmRKiXPDUHVSRVWDSRLVFDGDXPGHYRFrVpXPLQGLYtGXR
)DODQGRGHIRUPDJHQHUDOL]DGDpFODURKiXPDUHVSRVWDTXHVHUYLUiSDUDFREULUDVSDUWHV
SULQFLSDLVGHVVDH[SHULrQFLDPDVRVWLSRVGHPRUWHVWrPPXLWRDYHUFRPDH[SHULrQFLDTXHD
FRQVFLrQFLDVRIUH(VWiHQYROYLGRWDPEpPRGHVHQYROYLPHQWRGDSUySULDFRQVFLrQFLDHVHXPpWRGR
FDUDFWHUtVWLFRJOREDOGHFRQWURODUDH[SHULrQFLD

$VLGpLDVTXHYRFrWHPHQYROYHQGRDQDWXUH]DGDUHDOLGDGHFRORULUmRIRUWHPHQWHVXDV
H[SHULrQFLDVSRLVYRFrDVLQWHUSUHWDUijOX]GHVXDVFUHQoDVFRPRDJRUDYRFrLQWHUSUHWDDYLGD
GLiULDGHDFRUGRFRPVXDVLGpLDVVREUHRTXHpSRVVtYHORXQmR6XDFRQVFLrQFLDSRGHVHUHWLUDUGH
VHXFRUSROHQWDPHQWHRXUDSLGDPHQWHGHDFRUGRFRPPXLWDVYDULiYHLV

(PPXLWRVFDVRVGHVHQLOLGDGHSRUH[HPSORDVSRUo}HVIRUWHPHQWHRUJDQL]DGDVGDSHUVRQDOLGDGH
MiGHL[DUDPRFRUSRHHVWmRFRQKHFHQGRDVFLUFXQVWkQFLDVQRYDV2PHGRGDPRUWHHPVLSRGH
FDXVDUWDOSkQLFRSVLFROyJLFRTXHQRVHQWLGRGDDXWRSUHVHUYDomRHGHIHVDYRFrGLPLQXLVXD
FRQVFLrQFLDGHIRUPDTXHILFDHPXPHVWDGRGHFRPDHSRGHOHYDUDOJXPWHPSRSDUDVH
UHFXSHUDU

8PDFUHQoDQRVIRJRVGRLQIHUQRSRGHID]HUFRPTXHYRFrILTXHDOXFLQDGRHPWHUPRVLQIHUQDLV

8PDFUHQoDHPXPFpXHVWHUHRWLSDGRSRGHUHVXOWDUQXPDDOXFLQDomRHPWHUPRVGLYLQRV9RFr
VHPSUHIRUPDVXDSUySULDUHDOLGDGHGHDFRUGRFRPVXDVLGpLDVHH[SHFWDWLYDV(VVDpDQDWXUH]D
GDFRQVFLrQFLDHPTXDOTXHUUHDOLGDGHHPTXHHODVHHQFRQWUH7DLVDOXFLQDo}HVDVVHJXUROKHVmR
WHPSRUiULDV

$FRQVFLrQFLDWHPTXHXVDUVXDVKDELOLGDGHV2HQIDGRHHVWDJQDomRGHXPFpXHVWHUHRWLSDGRQmR
VHUiSRUORQJRWHPSRFRQWH~GRSDUDHVIRUoRGDFRQVFLrQFLD+iSURIHVVRUHVSDUDH[SOLFDUDV
FRQGLo}HVHFLUFXQVWkQFLDV9RFrQmRpGHL[DGRVR]LQKRSRUWDQWRSHUGLGRHPODELULQWRVGH
DOXFLQDo}HV9RFrSRGHRXQmRSHUFHEHULPHGLDWDPHQWHTXHHVWiPRUWRHPWHUPRVItVLFRV

9RFrVHDFKDUiHPRXWUDIRUPDXPDLPDJHPTXHVHSDUHFHUiILVLFDPHQWHFRPYRFrHPXP
JUDQGHJUDXFRQWDWRTXHYRFrQmRWHQWHPDQLSXODURVLVWHPDItVLFRFRPHOD(QWmRDVGLIHUHQoDV
HQWUHHODHRFRUSRItVLFRVHWRUQDUmRREYLDV

6HYRFrDFUHGLWDILUPHPHQWHTXHVXDFRQVFLrQFLDpXPSURGXWRGHVHXFRUSRItVLFRHQWmRYRFr
SRGHWHQWDUDJDUUiOD3RUpPKiXPDRUGHPGHSHUVRQDOLGDGHVXPDJXDUGDKRQRUiULDSRUDVVLP
GL]HUTXHMiHVWiSURQWDSDUDHPSUHVWDUDMXGDHDMXGDU

$JRUDHVWDJXDUGDKRQRUiULDpFRPSRVWDSRUSHVVRDVHPVHXVWHUPRVYLYHQWHVHPRUWDV$TXHOHV
TXHHVWmRYLYHQGRHPVHXVLVWHPDGHUHDOLGDGHH[HFXWDPHVVDVDWLYLGDGHVHPXPDH[SHULrQFLD
IRUDGRFRUSRHQTXDQWRRFRUSRItVLFRGRUPH(ODVHVWmRIDPLOLDUL]DGDVFRPDSURMHomRGD
FRQVFLrQFLDFRPDVVHQVDo}HVHQYROYLGDVHHODVDMXGDPRULHQWDQGRDTXHOHVTXHQmRHVWDUmR
UHWRUQDQGRDRFRUSRItVLFR

(VWDVSHVVRDVVmRSDUWLFXODUPHQWH~WHLVSRUTXHHODVDLQGDHVWmRHQYROYLGDVFRPDUHDOLGDGHItVLFD
HWrPXPHQWHQGLPHQWRPDLVLPHGLDWRGRVVHQWLPHQWRVHHPRo}HVHQYROYLGRVDVHXILP7DLV
SHVVRDVSRGHPRXQmRWHUXPDPHPyULDGHVXDVGHODVDWLYLGDGHVQRWXUQDV([SHULrQFLDVFRP
SURMHomRGHFRQVFLrQFLDHFRQKHFLPHQWRGDPRELOLGDGHGDFRQVFLrQFLDVmRSRUWDQWRPXLWR~WHLV
FRPRSUHSDUDo}HVSDUDDPRUWH

9RFrSRGHH[SHULHQFLDURDPELHQWHSyVPRUWHSRUDVVLPGL]HUDQWHFLSDGDPHQWHHDSUHQGHUDV
FRQGLo}HVTXHVHUmRHQFRQWUDGDV

,VWRQmRSHGHLQFLGHQWHPHQWHQHFHVVDULDPHQWHTXDOTXHUWLSRGHHPSHQKRVRPEULRQHPRV
DPELHQWHVSyVPRUWHVmRVRPEULRV$RFRQWUiULRHOHVVmRJHUDOPHQWHPXLWRPDLVLQWHQVRVH
DOHJUHVGRTXHDUHDOLGDGHTXHYRFrFRQKHFHDJRUD

9RFrHVWDUiDSUHQGHQGRDRSHUDUHPXPDPELHQWHQRYRQRTXDOOHLVGLIHUHQWHVVHDSOLFDPHDV
OHLVVmREHPPHQRVOLPLWDQWHVGRTXHDVItVLFDVFRPDVTXDLVYRFrRSHUDDJRUD(PRXWUDV
SDODYUDVYRFrWHPTXHDSUHQGHUDHQWHQGHUHXVDUQRYDVOLEHUGDGHV

3RUpPPHVPRHVWDVH[SHULrQFLDVYDULDUmRHDWpPHVPRHVWHHVWDGRpXPHVWDGRGHYLUDVHUSRLV
PXLWRVFRQWLQXDUmRHPRXWUDVYLGDVItVLFDV$OJXQVH[LVWLUmRHGHVHQYROYHUmRVXDVGHOHV
KDELOLGDGHVHPVLVWHPDVGHUHDOLGDGHVGLIHUHQWHVMXQWDVHDVVLPSRUXPWHPSRFRQWLQXDUmRQHVVH
HVWDGR³LQWHUPHGLiULR´

3DUDHVVHVGHYRFrVTXHVmRSUHJXLoRVRVQmRSRVVRRIHUHFHUQHQKXPDHVSHUDQoDDPRUWHQmROKHV
WUDUiXPOXJDUGHGHVFDQVRHWHUQR9RFrSRGHGHVFDQVDUVHHVWHpVHXGHVHMRGXUDQWHDOJXP
WHPSR1mRDSHQDVYRFrWHPTXHXVDUVXDVKDELOLGDGHVDSyVDPRUWHPDVYRFrWHPTXHHQFDUDU
DTXHOHVDTXHPYRFrQmRHQFDUDYDGXUDQWHVXDH[LVWrQFLDSUpYLD

$TXHOHVGHYRFrVTXHWLQKDPIpQDYLGDDSyVDPRUWHVHUiPXLWRPDLVIiFLOVHDFRVWXPDUjVQRYDV
FRQGLo}HV$TXHOHVGHYRFrVTXHQmRWrPWDOIpSRGHPJDQKiODGHXPDIRUPDGLIHUHQWHDWUDYpV
GRVH[HUFtFLRVTXHOKHVGDUHLPDLVjIUHQWHQHVVHOLYURSRLVHOHVRFDSDFLWDUmRDHVWHQGHUVXDV
SHUFHSo}HVDHVVDVRXWUDVFDPDGDVGHUHDOLGDGHVHYRFrIRUSHUVLVWHQWHWLYHUH[SHFWDWLYDHIRU
GHWHUPLQDGR

$JRUDDFRQVFLrQFLDFRPRYRFrDFRQKHFHpXVDGDSDUDHVVHVEUHYHVLQWHUYDORVGH
QmRH[LVWrQFLDItVLFDPHQFLRQDGRVDQWHULRUPHQWH,QWHUYDORVORQJRVDGHVRULHQWDPHPJUDXV
YDULiYHLVPDVHVWHVQmRVmRLQFRPXQV4XDQGRRFRUSRItVLFRGRUPHDFRQVFLrQFLD
IUHTXHQWHPHQWHGHL[DRVLVWHPDItVLFRSRUSHUtRGRVEDVWDQWHORQJRVHPVHXVWHUPRV

0DVFRPRDFRQVFLrQFLDQmRHVWiQRUPDOPHQWHQRHVWDGRGHVSHUWRILVLFDPHQWHQmRHVWiFLHQWH
GHVVHVLQWHUYDORVHHVWiUHODWLYDPHQWHGHVLQWHUHVVDGD

6HDFRQVFLrQFLDGHVRFXSDVVHRFRUSRSHODPHVPDTXDQWLGDGHGHWHPSRGHXPHVWDGRQRUPDOH
ILVLFDPHQWHGHVSHUWRHODVHFRQVLGHUDULDPRUWDSRLVHODQmRSRGHULDUDFLRQDOL]DURLQWHUYDORGD
GLPHQVmRHGDH[SHULrQFLD(QWmRQRHVWDGRGHVRQRFDGDXPGHYRFrVVRIUHULDPDWpFHUWRSRQWR
RPHVPRWLSRGHDXVrQFLDGHFRQVFLrQFLDGDUHDOLGDGHItVLFDTXHYRFrVRIUHGXUDQWHDPRUWH

1HVWHVFDVRVYRFrYROWDDRFRUSRPDVLJQRURXROLPLDUGHVWDVRXWUDVH[LVWrQFLDVPXLWDVPXLWDV
YH]HVDVVLPQmRVHUiWmRGHVFRQKHFLGRSDUDYRFrFRPRYRFrSRGHVXSRUDJRUD([SHULPHQWRVGH
VRQKRVOHPEUDGRVHRXWUDVGLVFLSOLQDVPHQWDLVDVHUHPPHQFLRQDGDVPDLVWDUGHIDUmRHVVHVSRQWRV
PDLVFODURVSDUDWRGRVYRFrVTXHHPEDUFDPQRVH[HUFtFLRVSURSRVWRV

$JRUDYRFrSRGHRXQmRVHUVDXGDGRSRUDPLJRVRXSDUHQWHVLPHGLDWDPHQWHDSyVDPRUWH(VVDp
XPDTXHVWmRSHVVRDOFRPRVHPSUH$OpPGRPDLVYRFrSRGHHVWDUPXLWRPDLVLQWHUHVVDGRQDV
SHVVRDVTXHYRFrFRQKHFHXHPYLGDVSDVVDGDVGRTXHQDTXHODVSUy[LPDVDYRFrQDYLGDSUHVHQWH
SRUH[HPSOR

6HXVHQWLPHQWRYHUGDGHLURHPUHODomRDRVSDUHQWHVTXHWDPEpPHVWmRPRUWRVVHUiFRQKHFLGRSDUD
YRFrHSDUDHOHV1mRKiKLSRFULVLD9RFrQmRILQJHDPDUXPSDLTXHIH]SRXFRSDUDJDQKDUVHX
UHVSHLWRRXDPRU$WHOHSDWLDRSHUDVHPGLVWRUomRQHVVHSHUtRGRGHSyVPRUWHDVVLPYRFrWHPTXH
OLGDUFRPDVUHODo}HVYHUGDGHLUDVTXHH[LVWHPHQWUHYRFrHWRGRVRVSDUHQWHVHDPLJRVTXH
HVSHUDPYRFr

9RFrSRGHDFKDUTXHDOJXpPTXHYRFrPHUDPHQWHFRQVLGHURXXPLQLPLJRQDYHUGDGHPHUHFLD
VHXDPRUHUHVSHLWRSRUH[HPSORHYRFrRWUDWDUiHQWmRDGHTXDGDPHQWH6HXVSUySULRVPRWLYRV
VHUmRFULVWDOLQDPHQWHFODURV9RFrUHDJLUiDHVWDFODUH]DSRUpPGHVHXSUySULRPRGR9RFrQmR
VHUiDXWRPDWLFDPHQWHViELRVHQmRHUDDVVLPDQWHVPDVQHPKDYHUiDOLXPDIRUPDGHHVFRQGHUVH
GHVHXVSUySULRVVHQWLPHQWRVHPRo}HVRXPRWLYRV

6HYRFrDFHLWDRXQmRPRWLYRVLQIHULRUHVHPVLPHVPRRXDSUHQGHFRPHOHVDLQGDpFRPYRFr
3RUpPDVRSRUWXQLGDGHVSDUDRFUHVFLPHQWRHGHVHQYROYLPHQWRVmRPXLWRULFDVHRVPpWRGRVGH
DSUHQGL]DGRjVXDGLVSRVLomRVmRPXLWRHIHWLYRV

9RFrH[DPLQDRWHFLGRGDH[LVWrQFLDTXHYRFrGHL[RXHDSUHQGHDHQWHQGHUFRPRVXDV
H[SHULrQFLDVIRUDPRUHVXOWDGRGHVHXVSUySULRVSHQVDPHQWRVHHPRo}HVHTXDQWRHOHVDIHWDUDPRV
RXWURV$WpHVVHH[DPHHVWHMDWHUPLQDGRYRFrQmRHVWiDLQGDFLHQWHGDVJUDQGHVSRUo}HVGHVXD
SUySULDLGHQWLGDGH4XDQGRYRFrSHUFHEHDVLJQLILFDomRHVLJQLILFDGRGDYLGDTXHYRFrDFDERXGH
GHL[DUHQWmRYRFrHVWiSURQWRSDUDRFRQKHFLPHQWRFRQVFLHQWHGHVXDVRXWUDVH[LVWrQFLDV

9RFrVHGiFRQWDHQWmRGHXPDFRQVFLrQFLDH[SDQGLGD2TXHYRFrpFRPHoDDLQFOXLURTXH
YRFrWHPVLGRHPRXWUDVYLGDVHYRFrFRPHoDDID]HUSODQRVSDUDVXDSUy[LPDH[LVWrQFLDItVLFDVH
YRFrVHGHFLGLUSRUXPD9RFrSRGHDRLQYpVGLVWRHQWUDUHPRXWURQtYHOGHUHDOLGDGHHHQWmR
UHWRUQDUjH[LVWrQFLDItVLFDVHHVFROKHUDVVLP

6XDFRQVFLrQFLDFRPRYRFrDSHQVDSRGHpFODURGHL[DUVHXFRUSRFRPSOHWDPHQWHDQWHVGD
PRUWHItVLFD&RPRPHQFLRQDGRDQWHVQmRKiXPSRQWRSUHFLVRGHPRUWH(VWRXIDODQGRFRPRVH
WLYHVVHHPIXQomRGHVXDFRQYHQLrQFLD

6XDFRQVFLrQFLDGHL[DRRUJDQLVPRItVLFRGHYiULRVPRGRVGHDFRUGRFRPDVFRQGLo}HV(P
DOJXQVFDVRVRSUySULRRUJDQLVPRDLQGDpFDSD]GHIXQFLRQDUQXPFHUWRQtYHOHPERUDVHP
OLGHUDQoDRXRUJDQL]DomRTXHSUHYLDPHQWHH[LVWLUDP$VLPSOHVFRQVFLrQFLDGHiWRPRVFpOXODVH
yUJmRVFRQWLQXDPH[LVWLQGRGHSRLVTXHDFRQVFLrQFLDSULQFLSDOSDUWLXSRUDOJXPWHPSR

3RGHKDYHURXQmRGHVRULHQWDomRGHVXDSDUWHGHDFRUGRFRPVXDVFUHQoDVHGHVHQYROYLPHQWR
$JRUDQmRTXHURQHFHVVDULDPHQWHGL]HUGHVHQYROYLPHQWRLQWHOHFWXDO

2LQWHOHFWRGHYHULDLUGHPmRVGDGDVFRPDVHPRo}HVHLQWXLo}HVPDVVHHOHVHGHEDWHFRQWUD
HVWHVPXLWRIRUWHPHQWHDVGLILFXOGDGHVSRGHPVXUJLUTXDQGRDFRQVFLrQFLDUHFpPOLEHUWDVHDJDUUD
jVVXDVLGpLDVVREUHUHDOLGDGHSyVPRUWHDRLQYpVGHHQIUHQWDUDUHDOLGDGHSDUWLFXODUQDTXDOVH
HQFRQWUD(PRXWUDVSDODYUDVHODSRGHQHJDURVHQWLPHQWRHDWpPHVPRWHQWDUGLVFXWLUVXD
SUHVHQWHLQGHSHQGrQFLDGRFRUSR

1RYDPHQWHFRPRPHQFLRQDGRDQWHVXPLQGLYtGXRSRGHHVWDUWmRFHUWRGHTXHDPRUWHpRILPGH
WXGRTXHSRGHSURYRFDURHVTXHFLPHQWRHPERUDWHPSRUiULR(PPXLWRVFDVRVLPHGLDWDPHQWHDR
GHL[DURFRUSRKipFODURVXUSUHVDHXPUHFRQKHFLPHQWRGDVLWXDomR2SUySULRFRUSRSRGHVHU
YLVWRSRUH[HPSORHPXLWRVIXQHUDLVWrPXPFRQYLGDGRGHKRQUDHQWUHDFRPSDQKLD±HQLQJXpP
FRQWHPSODDIDFHGRFDGiYHUFRPWDQWDFXULRVLGDGHHPDUDYLOKD

1HVWHPRPHQWRPXLWDVYDULDo}HVGHFRPSRUWDPHQWRHPHUJHPFDGDXPFRPRUHVXOWDGRGR
KLVWyULFRLQGLYLGXDOGRFRQKHFLPHQWRHGRKiELWR2VDPELHQWHVQRVTXDLVDPRUWHRVHQFRQWUDP
YDULDUmRIUHTHQWHPHQWH$OXFLQDo}HVYtYLGDVSRGHPIRUPDUH[SHULrQFLDVEDVWDQWHUHDLVFRPR
TXDOTXHURXWUDGDYLGDPRUWDO$JRUDHXOKHGLVVHTXHRVSHQVDPHQWRVHHPRo}HVIRUPDPD
UHDOLGDGHItVLFDHIRUPDPDH[SHULrQFLDSyVPRUWH,VVRQmRVLJQLILFDTXHDVH[SHULrQFLDVQmRVmR
YiOLGDVRXTXHDYLGDItVLFDQmRpYiOLGD

&HUWDVLPDJHQVIRUDPXVDGDVSDUDVLPEROL]DUWDOWUDQVLomRGHXPDH[LVWrQFLDSDUDRXWUDHPXLWDV
GHVVDVVmRH[WUHPDPHQWHYDOLRVDVSRLVSURSRUFLRQDPXPDHVWUXWXUDGHUHIHUHQFLDVFRPSUHHQVtYHO
2FUX]DUGR5LR(VWLJHpXPD2VTXHHVWmRPRUUHQGRHVSHUDPTXHFHUWRVSURFHGLPHQWRVRFRUUDP
PDLVRXPHQRVQXPDRUGHPFRQKHFLGD2VPDSDVIRUDPSUHYLDPHQWHFRQKHFLGRV1DPRUWHD
FRQVFLrQFLDDOXFLQRXHPUHODomRDRULRYLYLGDPHQWH3DUHQWHVHDPLJRVTXHMiHVWDYDPPRUWRV
HQWUDUDPQRULWXDOTXHHUDXPDFHULP{QLDSURIXQGDWDPEpPSRUSDUWHGHOHV2ULRHUDWmRUHDO
TXDQWRTXDOTXHUXPTXHYRFrFRQKHFHFRPRXPWUDLoRHLURDXPYLDMDQWHVROLWiULRFRPVHXSUySULR
FRQKHFLPHQWR

*XLDVHVWDYDPVHPSUHQRULRSDUDDMXGDUWDLVYLDMDQWHVQDWUDYHVVLD

,VVRQmRpSDUDGL]HUTXHWDOULRpXPDLOXVmR2VtPERORpUHDOYRFrYr2FDPLQKRIRLSODQHMDGR
$JRUDDTXHOHPDSDSDUWLFXODUQmRpPDLVXVDGR2VYLYRVQmRVDEHPFRPROrOR2FULVWLDQLVPR
DFUHGLWRXQXPFpXHQXPLQIHUQRQXPSXUJDWyULRHRVFRQVLGHUDPDVVLPQDPRUWHSDUDHVVHV
TXHDFUHGLWDPQHVWHVVtPERORVRXWUDFHULP{QLDpRUGHQDGDHRVJXLDVDVVXPHPRVGLVIDUFHV
GHVVDVDPDGDVILJXUDVGHVDQWRVFULVWmRVHKHUyLV

(QWmRFRPLVWRFRPRXPDHVWUXWXUDHHPWHUPRVTXHHOHVSRGHPHQWHQGHUFRQWDPDYHUGDGHLUD
VLWXDomRSDUDWDLVLQGLYtGXRV0RYLPHQWRVGHPDVVDVUHOLJLRVDVWrPSRUVpFXORVDWHQGLGRjTXHOH
SURSyVLWRHPGDUDRKRPHPDOJXPSODQRDVHUVHJXLGR3RXFRLPSRUWDTXHPDLVWDUGHRSODQR
IRVVHYLVWRFRPRXPOLYURGHOHLWXUDLQIDQWLOXPOLYURGHLQVWUXo}HVFRPSOHWDVFRPFRQWRV
FRORULGRVSRLVRSURSyVLWRSULQFLSDOIRLDWLQJLGRHDGHVRULHQWDomRHUDSHTXHQD

(PSHUtRGRVRQGHQHQKXPDLGpLDGHPDVVDpPDQWLGDKiPDLVGHVRULHQWDomRHTXDQGRDYLGD
DSyVPRUWHpFRPSOHWDPHQWHQHJDGDRSUREOHPDpGHDOJXPDIRUPDDPSOLDGR0XLWRVpFODUR
ILFDPPXLWtVVLPRIHOL]HVSRUVHHQFRQWUDUHPDLQGDF{QVFLRV2XWURVWrPTXHDSUHQGHUWXGR
QRYDPHQWHVREUHFHUWDVOHLVGHFRPSRUWDPHQWRSRLVHOHVQmRSHUFHEHPRSRWHQFLDOFULDWLYRGH
VHXVSHQVDPHQWRVRXHPRo}HV

7DOLQGLYtGXRSRGHVHDFKDUHPGH]DPELHQWHVGLIHUHQWHVGHQWURGDOX]EUX[XOHDQWHGHXPFtOLRSRU
H[HPSORVHPLGpLDGDUD]mRDWUiVGDVLWXDomR(OHQmRYHUiQHQKXPDFRQWLQXLGDGHHVHQWHTXHVH
DUUHPHVVRXVHPULWPRRXUD]mRGHXPDH[SHULrQFLDSDUDRXWUDQXQFDSHUFHEHQGRTXHVHXV
SUySULRVSHQVDPHQWRVHVWmRLPSHOLQGRRPXLWROLWHUDOPHQWH

(VWRXIDODQGRDJRUDGRVHYHQWRVLPHGLDWRVTXHVHVHJXHPjPRUWHSRLVKiRXWURVHVWiJLRV2V
JXLDVGHDMXGDLUmRVHWRUQDUXPDSDUWHGHVXDDOXFLQDomRGHIRUPDDDMXGiORDVDLUGDOLPDVHOHV
SUHFLVDPSULPHLURJDQKDUVXDFRQILDQoD

8PDYH]HPVHXVWHUPRVHXPHVPRDJLFRPRWDOJXLDFRPRHPHVWDGRGHVRQR5XEXUWDJRUD
VHJXHDPHVPDYLD$VLWXDomRpEDVWDQWHHQJDQDGRUDGRSRQWRGHYLVWDGRJXLDSRLV
SVLFRORJLFDPHQWHDPi[LPDGLVFULomRGHYHVHUXVDGD20RLVpVGHXPKRPHPFRPRHXGHVFREUL
SRGHQmRVHUR0RLVpVGHRXWURKRPHP(XVHUYLFRPRXP0RLVpVEDVWDQWHUHVSHLWiYHOHPYiULDV
RFDVL}HV±HXPDYH]HPERUDLVVRVHMDGLItFLOGHDFUHGLWDUSDUDXPiUDEH

2iUDEHHUDXPVXMHLWRPXLWRLQWHUHVVDQWHDSURSyVLWRHSDUDLOXVWUDUDOJXPDVGDVGLILFXOGDGHV
HQYROYLGDVHXOKHIDODUHLVREUHHOH(OHRGLDYDRVMXGHXVPDVGHDOJXPDPDQHLUDHOHHUD
REFHFDGRSHODLGpLDGHTXH0RLVpVHUDPDLVSRGHURVRTXH$OiHGXUDQWHDQRVHVWHIRLRSHFDGR
VHFUHWRQDFRQVFLrQFLDGHOH(OHJDVWRXDOJXPWHPSRHP&RQVWDQWLQRSODQDpSRFDGDV&UX]DGDV
(OHIRLFDSWXUDGRHWHUPLQRXFRPXPJUXSRGH7XUFRVSDUDVHUHPWRGRVH[HFXWDGRVSHORVFULVWmRV
QHVWHFDVRPXLWRKRUULYHOPHQWH3DUDFRPHoDUHOHVRIRUoDUDPDDEULUDERFDHDHQFKHUDPFRP
FDUYmRTXHQWH(OHFODPRXSRU$OiHHQWmRHPJUDQGHGHVHVSHURD0RLVpVHTXDQGRVXD
FRQVFLrQFLDGHL[RXVHXFRUSR0RLVpVHVWDYDDOL

(OHDFUHGLWRXHP0RLVpVPDLVTXHDFUHGLWRXHP$OiHHXQmRVDELDDWpRXOWLPRPRPHQWRTXH
IRUPDHXGHYHULDDVVXPLU(OHHUDXPVXMHLWRPXLWRDJUDGiYHOHGDGDVDVFLUFXQVWkQFLDVQmRQRWHL
TXDQGRHOHSDUHFLDHVSHUDUXPDEDWDOKDSRUVXDDOPD0RLVpVH$OiGHYLDPOXWDUSRUHOH(OHQmR
SRGLDVHOLEHUWDUGDLGpLDGHIRUoDHPERUDKRXYHVVHPRUULGRSHODIRUoDHQDGDSRGHULDGLVVXDGLOR
DDFHLWDUTXDOTXHUWLSRGHSD]RXM~ELORRXTXDOTXHUGHVFDQVRDWpTXHDOJXPWLSRGHEDWDOKDIRVVH
IRUMDGR

8PDPLJRHHXFRPDOJXQVRXWURVRUJDQL]RXDFHULP{QLDHDSDUWLUGHQXYHQVRSRVWDVQRFpX
$OiHHXJULWDPRVQRVVRFODPRUSHODDOPDGHOH±HQTXDQWRHOHSREUHKRPHPVHHQFROKLDQRFKmR
HQWUHQyV$JRUDHQTXDQWRHXFRQWRHVVDKLVWyULDGHIRUPDEHPKXPRUDGDYRFrWHPTXHHQWHQGHU
TXHDFUHQoDGRKRPHPSURYRFRXLVWRHWUDEDOKDPRVDVVLPSDUDOLEHUWiOR

&ODPHLD-HRYiPDVVHPSURYHLWRSRUTXHQRVVRiUDEHQmRVDELDGH-HRYiVyGH0RLVpVHHUD
HP0RLVpVTXHHOHS{VVXDIp$OiSX[RXGHXPDHVSDGDFyVPLFDHHXDFRORTXHLHPFKDPDVGH
IRUPDTXHHOHDGHUUXEDVVH(ODFDLXQRFKmRHIRUPRXXPDURGDGHIRJR1RVVRiUDEHFODPRX
QRYDPHQWH(OHYLXOLJDVGHVHJXLGRUHVDWUiVGH$OiHOLJDVGHVHJXLGRUHVDSDUHFHUDPDWUiVGH
PLP1RVVRDPLJRHVWDYDFRQYHQFLGRTXHXPGHQyVWUrVSUHFLVDYDVHUGHVWUXtGRHWHPLD
SRGHURVDPHQWHTXHHOHSXGHVVHVHUDYLWLPD

)LQDOPHQWHDVQXYHQVDGYHUViULDVQDVTXDLVQyVDSDUHFHPRVVHDSUR[LPDUDPPDLV(PPLQKD
PmRHXVHJXUDYDXPDWiEXDTXHGL]LD³7XQmRPDWDUiV´$OiVHJXUDYDXPDHVSDGD&RQIRUPHQRV
DSUR[LPiYDPRVWURFDPRVHVVHVLWHQVHQRVVRVVHJXLGRVVHIXQGLUDP)LFDPRVMXQWRVIRUPDQGRD
LPDJHPGHXPVROHGLVVHPRV³1yVVRPRVXP´

$VGXDVLGpLDVGLDPHWUDOPHQWHRSRVWDVWLYHUDPTXHVHIXQGLURXRKRPHPQmRWHULDWLGRSD]H
DSHQDVTXDQGRHVVDVRSRVLo}HVIRUDPXQLGDVQyVSRGHUtDPRVFRPHoDUDH[SOLFiORVXDVLWXDomR

3DUDVHUXPJXLDGHVVHVpUHTXHULGRJUDQGHGLVFLSOLQDHWUHLQR

$QWHVGRHYHQWRKiSRXFRPHQFLRQDGRSRUH[HPSORHXWLQKDJDVWRPXLWDVYLGDVDWXDQGRFRPRXP
JXLDVREDWXWHODGHRXWURHPPHXVHVWDGRVGHVRQRGLiULRV

eSRVVtYHOSRUH[HPSORSHUGHUVHPRPHQWDQHDPHQWHQDVDOXFLQDo}HVTXHVmRIRUPDGDVHHPWDLV
FDVRVRXWURSURIHVVRUSUHFLVDWLUDUYRFrGHOD8PDGHOLFDGDVRQGDJHPGRVSURFHVVRVSVLFROyJLFRV
pQHFHVViULDHDYDULHGDGHGDVDOXFLQDo}HVQDVTXDLVYRFrSRGHVHHQYROYHUpLQILQLWD9RFrSRGH
SRUH[HPSORDVVXPLUDIRUPDGDLQGLYLGXDOLGDGHGHXPDPDGRDQLPDOGHHVWLPDomRPRUWR

7RGDVHVWDVDWLYLGDGHVDOXFLQDWyULDVQRUPDOPHQWHDFRQWHFHPQXPFXUWRWHPSRLPHGLDWDPHQWHDSyV
DPRUWH$OJXQVLQGLYtGXRVHVWmRFRPSOHWDPHQWHFRQVFLHQWHVGHVXDVFLUFXQVWkQFLDVSRUpPSRU
FDXVDGRWUHLQRSUpYLRHGRGHVHQYROYLPHQWRHOHVHVWmRSURQWRVDSyVXPGHVFDQVRVHGHVHMDUHP
SURJUHGLUSDUDRXWURVHVWiJLRV

3RUH[HPSORHOHVSRGHPVHGDUFRQWDGRVSUySULRVHXUHHQFDUQDFLRQDLVUHFRQKHFHQGREDVWDQWH
SURQWDPHQWHDVSHUVRQDOLGDGHVTXHFRQKHFHUDPHPRXWUDVYLGDVVHDTXHODVSHUVRQDOLGDGHVQmR
HVWLYHUHPDWUDEDOKR(OHVSRGHPDJRUDGHOLEHUDGDPHQWHDOXFLQDUHPRXSRGHP³UHYLYHU´FHUWDV
SRUo}HVGDVYLGDVSDVVDGDVVHHVFROKHUHPDVVLP(QWmRKiXPSHUtRGRGHDXWRH[DPHXP
EDODQoRGHFRQWDVJURVVRPRGRIDODQGRQRTXDOHOHVVmRFDSD]HVGHYHUVXDVSHUIRUPDQFHV
FRPSOHWDVVXDVKDELOLGDGHVHSRQWRVIUDFRVHGHFLGLUHPVHLUmRRXQmRUHWRUQDUjH[LVWrQFLD
ItVLFD

4XDOTXHULQGLYtGXRSRGHH[SHULHQFLDUTXDOTXHUXPGHVVHVHVWiJLRVH[FHWRSHORDXWRH[DPH
PXLWRVSRGHPVHUHYLWDGRVFRPSOHWDPHQWH-iTXHDVHPRo}HVVmRWmRLPSRUWDQWHVpGHJUDQGH
DMXGDVHDPLJRVHVWLYHUHPHVSHUDQGRSRUYRFr

&RQVLGHUDQGRTXHDVHPRo}HVVmRWmRLPSRUWDQWHVpGHJUDQGHEHQHItFLRVHRVDPLJRVHVWLYHUHP
HVSHUDQGRSRUYRFr(PPXLWRVFDVRVSRUpPHVWHVDPLJRVSURJUHGLUDPSDUDRXWUDVIDVHVGH
DWLYLGDGHHIUHTHQWHPHQWHXPJXLDVHGLVIDUoDUiFRPRXPDPLJRGXUDQWHDOJXPWHPSRGHIRUPD
TXHYRFrVHVLQWDPDLVFRQILDQWH

eFODURTXHpDSHQDVSRUTXHPXLWDVSHVVRDVDFUHGLWDPTXHYRFrQmRSRGHGHL[DUVHXFRUSRTXH
YRFrQmRWHPXPDH[SHULrQFLDH[WUDFRUSyUHDFRQVFLHQWHPHQWHFRPTXDOTXHUIUHTrQFLDHPVXDV
YLGDVIDODQGRHPWHUPRVJHUDLV7DLVH[SHULrQFLDVVHIDPLOLDUL]DULDPEDVWDQWHFRPYRFrPDLVGR
TXHDVSDODYUDVFRPDOJXPHQWHQGLPHQWRGDVFRQGLo}HVTXHVHULDPHQFRQWUDGDV

/HPEUHVHTXHGHFHUWDIRUPDVXDH[LVWrQFLDItVLFDpRUHVXOWDGRGDDOXFLQDomRGHPDVVD9DVWRV
JROIRVH[LVWHPHQWUHDUHDOLGDGHGHXPKRPHPHDGHRXWUR$SyVDPRUWHDH[SHULrQFLDWHP
YiULRVQtYHLVGHRUJDQL]DomRDOWDPHQWHFRPSOH[RVHGHOLFDGRVFRPRYRFrFRQKHFHDJRUD9RFr
WHPVXDVDOXFLQDo}HVSULYDGDVDJRUDDSHQDVYRFrQmRSHUFHEHRTXHHODVVmR

7DLVDOXFLQDo}HVFRPRWHQKRIDODGRHQFRQWURVVLPEyOLFRVLQWHQVRVWDPEpPSRGHPRFRUUHUQRV
HVWDGRGHVRQRTXDQGRDSHUVRQDOLGDGHHVWiQXPWHPSRGHJUDQGHPXGDQoDRXTXDQGRLGpLDV
RSRVWDVSUHFLVDPVHUXQLILFDGDVRXVHDOJXpPWHPTXHGDUFDPLQKRDRXWUR(VWHVVmRHYHQWRV
SVLFROyJLFRVHSVtTXLFRVVLJQLILFDQWHVDOWDPHQWHFDUUHJDGRVDFRQWHoDPDQWHVRXGHSRLVGDPRUWH

$FRQWHFHQGRQRHVWDGRGHVRQKRHODVSRGHPPXGDURFXUVRGHXPDFLYLOL]DomR'HSRLVGDPRUWH
XPLQGLYtGXRSRGHYLVXDOL]DUDYLGDGHOHFRPRXPDQLPDOFRPRTXDOHOHWHPTXHVHDILQL]DUHWDO
EDWDOKDRXHQFRQWURWHPFRQVHTrQFLDVGHORQJRDOFDQFHSRLVRKRPHPSUHFLVDVHKDUPRQL]DU
FRPWRGDVDVSRUo}HVGHVLPHVPR1HVVHFDVRVHDDOXFLQDomRWHUPLQDFRPHOHPRQWDQGRR
DQLPDOID]HQGRDPL]DGHFRPHOHGRPHVWLFDQGRRRXVHQGRPRUWRSRUHOHFDGDDOWHUQDWLYDp
SHVDGDFXLGDGRVDPHQWHHRVUHVXOWDGRVWHUmRPXLWRDYHUFRPRIXWXURGHVHQYROYLPHQWRGHOH

(VWD³VLPEROL]DomRGHYLGDSRGHVHUDGRWDGDSRUDTXHOHVTXHGHUDPSRXFDDWHQomRDRDXWRH[DPH
GXUDQWHVXDVYLGDVeXPDSDUWHGRSURFHVVRGHDXWRH[DPHSRUWDQWRQRTXDOXPLQGLYtGXRIRUPD
VXDYLGDHPXPDLPDJHPHHQWmROLGDFRPHOD7DOPpWRGRQmRpXVDGRSRUWRGRV¬VYH]HVXPD
VpULHGHWDLVHSLVyGLRVpQHFHVViULD

8PGRVDOXQRVGH5XEXUWGHVHMDYDVDEHUVHKDYLDRXQmRTXDOTXHUWLSRGHRUJDQL]DomRQDV
H[SHULrQFLDVLPHGLDWDPHQWHSyVPRUWH&RQVLGHUDQGRTXHHVWDpXPDSHUJXQWDTXHHVWiHPPXLWDV
PHQWHVWUDEDOKDUHLFRPLVWRDTXL

(PSULPHLUROXJDUGHYHULDVHUyEYLRGRTXHHXGLVVHTXHKiQHQKXPDUHDOLGDGHSyVPRUWHPDV
TXH>FDGD@DH[SHULrQFLDpGLIHUHQWH)DODQGRHPWHUPRVJHUDLVSRUpPKiGLPHQV}HVQDVTXDLV
HVWDVH[SHULrQFLDVLQGLYLGXDLVPDORJUDUmR3RUH[HPSORKiXPDIDVHLQLFLDOSDUDHVVHVTXHDLQGD
VmRIRUWHPHQWHIRFDGRVQDUHDOLGDGHItVLFDHSDUDRVTXHSUHFLVDPGHXPSHUtRGRGHUHFXSHUDomRH
GHVFDQVR1HVVHQtYHOKDYHUiKRVSLWDLVHFDVDVGHUHSRXVR2VSDFLHQWHVQmRSHUFHEHPTXHKi
DOJRHUUDGRFRPHOHV

(PDOJXQVFDVRVDLGpLDGDGRHQoDpWmRIRUWHTXHHOHVFRQVWUXtUDPVHXVDQRVWHUUHQRVDRUHGRU
GHVWHFHQWURSVLFROyJLFR(OHVSURMHWDPFRQGLo}HVGRHQWHVQRQRYRFRUSRFRPRIL]HUDPQRYHOKR
(OHVVmRWUDWDGRVFRPYiULRVWLSRVGHWUDWDPHQWRVGHQDWXUH]DSVtTXLFDHOKHVGL]HPTXHD
FRQGLomRGDTXHOHFRUSRpUHVXOWDGRGDQDWXUH]DGHVXDVSUySULDVFUHQoDV

$JRUDPXLWRVLQGLYtGXRVQmRSUHFLVDPSDVVDUSRUHVWHSHUtRGRSDUWLFXODU$FRQWHFHVHPSUHFLVDU
GL]HUOKHVTXHDTXHOHVKRVSLWDLVHFHQWURVGHWUHLQDPHQWRVQmRVmRItVLFRVHPVHXVWHUPRV(OHV
VmRGHIDWRIUHTXHQWHPHQWHPDQWLGRVHPPDVVDSHORVJXLDVTXHFXLGDPGRVSODQRVQHFHVViULRV
$JRUDYRFrSRGHFKDPDULVVRGHDOXFLQDomRHPPDVVDVHYRFrTXLVHU2IDWRpTXHSDUDHVWHV
TXHHQFRQWUDPHVVDUHDOLGDGHRVHYHQWRVVmREDVWDQWHUHDLV

+iWDPEpPFHQWURVGHWUHLQDPHQWR1HVWHVDQDWXUH]DGDUHDOLGDGHpH[SOLFDGDGHDFRUGRFRPD
KDELOLGDGHGHHQWHQGLPHQWRHSHUFHSomRGRLQGLYtGXR$VSDUiERODVIDPLOLDUHVSDUDDOJXQVDLQGD
VHUmRXVDGDVDRPHQRVLQLFLDOPHQWHHHQWmRHVVHVLQGLYtGXRVLUmRJUDGXDOPHQWHVHGHVDSHJDQGR
GHODV1HVVHVFHQWURVKiFHUWDVFODVVHVQDVTXDLVDLQVWUXomRpGDGDSDUDREHQHILFLRGDTXHOHVTXH
HVFROKHPUHWRUQDUDRDPELHQWHItVLFR

(PRXWUDVSDODYUDVOKHVVmRHQVLQDGRVRVPpWRGRVTXHOKHVSHUPLWHPWUDGX]LUDHPRomRH
SHQVDPHQWRHPUHDOLGDGHItVLFD1mRKiQHQKXPDWUDVRGHWHPSRMiTXHSUHFLVDHVWDUQRVLVWHPD
WULGLPHQVLRQDOHQWUHDLQLFLDomRGHWDLVSHQVDPHQWRVHVXDVPDWHULDOL]Do}HV

7XGRLVWRDFRQWHFHPDLVRXPHQRVDXPQtYHOHPERUDYRFrWHQKDTXHHQWHQGHUTXHHVWRX
VLPSOLILFDQGRRVDFRQWHFLPHQWRVDWpFHUWRSRQWR3RUH[HPSORDOJXQVLQGLYtGXRVQmRVHVXEPHWHP
DWDLVSHUtRGRVPDVSRUFDXVDGRGHVHQYROYLPHQWRHSURJUHVVRGXUDQWHVXDVYLGDVSDVVDGDVHOHV
MiHVWmRSURQWRVSDUDFRPHoDUSURJUDPDVPDLVDPELFLRVRV

$JRUDIDOHLDQWHULRUPHQWHVREUHWDOGHVHQYROYLPHQWR$OJXQVGHPHXVOHLWRUHVQmRHVWDQGR
WDOYH]DWHQWRVGHTXDOTXHUKDELOLGDGHSVtTXLFDSUySULDSRGHULDPSHQVDUHQWmRTXHHVWmRSRU
PXLWRWHPSRQXPSHUtRGRGHPRUDGRGHWUHLQRSyVPRUWH'HL[HPHDSUHVVDUSDUDOKHGL]HUTXH
WDLVKDELOLGDGHVQmRVmRQHFHVVDULDPHQWHFRQVFLHQWHVHTXHPXLWRGLVVRDFRQWHFHGXUDQWHRHVWDGR
GHVRQRTXDQGRYRFrVLPSOHVPHQWHQmRHVWiFLHQWH

9RFrSRGHDSyVDPRUWHUHFXVDUWRWDOPHQWHDDFUHGLWDUTXHHVWiPRUWRHFRQWLQXDUDIRFDUVXD
HQHUJLDHPRFLRQDOHPGLUHomRjTXHOHVTXHYRFrFRQKHFHXHPYLGD

6HYRFrIRLREFHFDGRSRUXPSURMHWRSDUWLFXODUSRUH[HPSORYRFrSRGHWHQWDUFRPSOHWiOR
6HPSUHKiJXLDVSDUDOKHDMXGDUDHQWHQGHUVXDVLWXDomRPDVYRFrSRGHHVWDUWmRDEVRUWRTXHQmR
SUHVWDQHQKXPDDWHQomRDHOHV

&REULUHLRDVVXQWRGRVIDQWDVPDVVHSDUDGDPHQWHFHUWDPHQWHQHVVHFDStWXOReREDVWDQWHGL]HU
TXHJUDQGHVFDPSRVGHIRFRHPRFLRQDOHPGLUHomRjUHDOLGDGHItVLFDSRGHPLPSHGLUYRFrGHVH
GHVHQYROYHU

4XDQGRDFRQVFLrQFLDGHL[DRFRUSRHILFDIRUDSRUDOJXPWHPSRHQWmRDFRQH[mRppFODUR
LQWHUURPSLGD1RVHVWDGRVH[WUDFRUSyUHRVDFRQH[mRDLQGDVHPDQWpP$JRUDpSRVVtYHOSDUDXP
LQGLYtGXRTXHWHQKDPRUULGRLQWHUSUHWDUFRPSOHWDPHQWHPDODH[SHULrQFLDHWHQWDUHQWUDUQR
FDGiYHU,VVRSRGHDFRQWHFHUTXDQGRDSHUVRQDOLGDGHLGHQWLILFDVHTXDVHTXHH[FOXVLYDPHQWHFRP
DLPDJHPItVLFD

1mRpFRPXP0DVQmRREVWDQWHVREYiULDVFLUFXQVWkQFLDVWDLVLQGLYtGXRVWHQWDUmRUHDWLYDUR
PHFDQLVPRItVLFRWRUQDQGRVHPDLVDSDYRUDGDTXDQGRGHVFREUHPDFRQGLomRGRFRUSR$OJXQV
SRUH[HPSORODPHQWDPVREUHRFDGiYHUPXLWRWHPSRDSyVDSDUWLGDGRVTXHRVSUDQWHDUDPQmR
SHUFHEHQGRTXHHOHVPHVPRVHVWmRFRPSOHWDPHQWHLQWHLURV±RQGHSRUH[HPSORRFRUSRSRGHWHU
HVWDGRGRHQWHRXRVyUJmRVORQJHGHVHUHPUHSDUDGRV

(OHVVmRFRPRXPFDFKRUURTXHVHSUHRFXSDFRPXPRVVR2VTXHQmRLGHQWLILFDUDP
FRPSOHWDPHQWHDSUySULDFRQVFLrQFLDFRPRFRUSRDFKDPPXLWRIiFLOGHL[iOR2VTXHRGLDUDPR
FRUSRVHQWHPSRULQFUtYHOTXHSDUHoDTXHLPHGLDWDPHQWHDSyVDPRUWHVmRSX[DGRVSDUDHOH

7RGDVHVWDVFLUFXQVWkQFLDVHQWmRSRGHPRXQmRDFRQWHFHUGHDFRUGRFRPRLQGLYtGXRHQYROYLGR
3RUpPDSyVGHL[DURFRUSRItVLFRYRFrLPHGLDWDPHQWHVHHQFRQWUDUiHPRXWUR(OHpGRPHVPR
WLSRHPIRUPDQRTXDOYRFrYLDMDQDVSURMHo}HVH[WUDFRUSyUHDVHQRYDPHQWHGHL[HPHOHPEUDUD
PHXVOHLWRUHVTXHFDGDXPGHOHVGHL[DRFRUSRSRUDOJXPWHPSRGXUDQWHRVRQRGHFDGDQRLWH

(VWDIRUPDSDUHFHUiItVLFD1RHQWDQWRHODQmRVHUiYLVWDSRUDTXHOHVTXHDLQGDHVWmRQRFRUSR
ItVLFRIDODQGRHPWHUPRVJHUDLV(ODSRGHID]HUTXDOTXHUFRLVDTXHYRFrID]DJRUDHPVHXV
VRQKRV3RUWDQWRHODYRDDWUDYHVVDREMHWRVVyOLGRVHVHPRYHGLUHWDPHQWHSRUVXDYRQWDGH
OHYDQGROKHGLJDPRVGHXPORFDODRXWURFRQIRUPHYRFrSHQVDQHVWHVORFDLV

6HYRFrLPDJLQDRTXHDWLD6DOO\HVWiID]HQGRGLJDPRVHP3RXJKNHHSVLH1HZ<RUNHQWmRYRFr
VHHQFRQWUDUiDOL1RHQWDQWRYRFrQmRSRGHFRPRUHJUDPDQLSXODUREMHWRVItVLFRV9RFrQmR
SRGHSHJDUXPDOkPSDGDRXODQoDUXPSUDWR(VVHFRUSRpVHXLQVWDQWDQHDPHQWHPDVQmRpD
~QLFDIRUPDTXHYRFrWHUi3RULVVRHVVDLPDJHPQmRpXPDQRYD(ODpXPDLQWHUVLQXRVLGDGH
FRPVHXFRUSRItVLFRDJRUDPDVYRFrQmRSHUFHEHLVVR6HJXLQGRDPRUWHHODVHUiR~QLFRFRUSR
GRTXDOYRFrHVWDUiFLHQWHSRUDOJXPWHPSR
0XLWRSRVWHULRUPHQWHHHPPXLWRVQtYHLVYRFrILQDOPHQWHDSUHQGHUiDDVVXPLUPXLWDVIRUPDV
FRQIRUPHYRFrHVFROKHUFRQVFLHQWHPHQWH'HFHUWDIRUPDYRFrID]LVVRDJRUDYRFrVDEH
WUDGX]LQGRVXDH[SHULrQFLDSVLFROyJLFDVHXVSHQVDPHQWRVHHPRo}HV±EDVWDQWHOLWHUDOPHQWHPDV
LQFRQVFLHQWHPHQWHHPREMHWRVItVLFRV

9RFrSRGHDFKDUTXHTXDQGRVHLPDJLQDFRPRXPDFULDQoDGHSRLVGDPRUWHTXHGHUHSHQWHYRFr
WHPDIRUPDGDFULDQoDTXHYRFrIRL3RUFHUWRSHUtRGRGHWHPSRSRUWDQWRYRFrSRGHPDQLSXODU
HVVDIRUPDHQWmRHODDVVXPHTXDOTXHUDSDUrQFLDTXHHODWLQKDTXDQGRHVWDYDFRQHFWDGDFRPVXD
IRUPDItVLFDQDYLGDItVLFDLPHGLDWDPHQWHDQWHULRU9RFrSRGHPRUUHUDRVRLWHQWDDQRVHDSyVD
PRUWHSHQVDUQDPRFLGDGHHYLWDOLGDGHTXHWLQKDDRVYLQWHHHQWmRYHUTXHVXDIRUPDPXGDSDUD
FRUUHVSRQGHUDHVVDLPDJHPLQWHULRU

$PDLRULDGRVLQGLYtGXRVDSyVDPRUWHHVFROKHXPDLPDJHPPDLVPDGXUDTXHQRUPDOPHQWH
FRUUHVSRQGHDRiSLFHGDVKDELOLGDGHVItVLFDVHPUHODomRjLGDGHTXDQGRRiSLFHItVLFRIRL
DOFDQoDGR2XWURVHVFROKHPDRLQYpVGLVVRDVVXPLUDIRUPDTXHWLQKDPHPXPSRQWRSDUWLFXODU
TXDQGRPDLRUiSLFHPHQWDOHHPRFLRQDOIRLDWLQJLGRHPUHODomRjEHOH]DRXjLGDGHTXH
FDUDFWHUL]DYDDIRUPD

9RFrVHVHQWLUiFRQIRUWiYHOFRPDIRUPDTXHHVFROKHUQRHQWDQWRHYRFrQRUPDOPHQWHDXVDUi
TXDQGRTXLVHUVHFRPXQLFDUFRPRXWURVTXHFRQKHFHXHPERUDSDUDWDLVFRPXQLFDo}HVFRPRV
YLYRVYRFrSRVVDDRFRQWUiULRDGRWDUDIRUPDTXHWLQKDTXDQGRYRFrVVHFRQKHFHUDP±SDUD
FRQWDWDURLQGLYtGXRTXHYRFrTXHUFRQWDWDU

(VWHVDPELHQWHVSyVPRUWHQmRH[LVWHPQHFHVVDULDPHQWHHPRXWURVSODQHWDV(OHVQmRRFXSDP
HVSDoRUHVSRQGHQGRjTXHVWmR³RQGHWXGRLVVRDFRQWHFH"´(VVDTXHVWmRQmRWHPVHQWLGRHP
WHUPRVEiVLFRV,VVRpRUHVXOWDGRGHVXDVPiVLQWHUSUHWDo}HVGDQDWXUH]DGDUHDOLGDGH1mRKi
SRUWDQWRXPOXJDUQHQKXPORFDOHVSHFtILFR(VVHVDPELHQWHVH[LVWHPQmRSHUFHSWLYDPHQWHSRU
YRFrHQWUHRPXQGRItVLFRTXHYRFrFRQKHFH6HXVPHFDQLVPRVSHUFHSWLYRVVLPSOHVPHQWHQmROKH
SHUPLWHPVHVLQWRQL]DUFRPRkPELWRGHOHV9RFrUHDJHDXPFDPSRDOWDPHQWHHVSHFtILFRPDV
OLPLWDGR&RPRPHQFLRQHLDQWHVRXWUDVUHDOLGDGHVFRH[LVWHPFRPDVXDSUySULDQDPRUWHSRU
H[HPSOR9RFrVLPSOHVPHQWHVHGHVSHGDSDUDIHUQiOLDItVLFDVLQWRQL]DGRHPFDPSRVGLIHUHQWHVH
UHDJHDRXWURVMRJRVGHVXSRVLo}HV

'HVWHRXWURSRQWRGHYLVWDYRFrSRGHDWpFHUWRSRQWRSHUFHEHUDUHDOLGDGHItVLFD3RUpPKi
FDPSRVGHHQHUJLDTXHDVVHSDUDP7RGRVHXFRQFHLWRGHHVSDoRpWmRGLVWRUFLGRTXHTXDOTXHU
H[SOLFDomRYHUGDGHLUDpDOWDPHQWHGLItFLO'rQRVXPPRPHQWR

&RPRVHXVPHFDQLVPRVSHUFHSWLYRVLQVLVWHPTXHRVREMHWRVVmRVyOLGRVSRUH[HPSORHQWmRHOHV
LQVLVWHPTXHWDOFRLVDFRPRRHVSDoRH[LVWH$JRUDRTXHVHXVVHQWLGRVOKHIDODPVREUHDQDWXUH]D
GRDVVXQWRpLQWHLUDPHQWHHUU{QHDHRTXHHOHVOKHIDODPVREUHHVSDoRpLJXDOPHQWHHUUDGR±
HUUDGRHPWHUPRVGHUHDOLGDGHEiVLFDPDVH[DWRDRPDQWHURFXUVRGRVFRQFHLWRVWULGLPHQVLRQDLV
1DVH[SHULrQFLDVH[WUDFRUSyUHDVQRHVWDGRYLYRPXLWRVGRVSUREOHPDVVmRHQFRQWUDGRVHPWHUPRV
GHHVSDoRTXHVHUmRHQFRQWUDGRVDSyVDPRUWH(HPWDLVHSLVyGLRVHQWmRDYHUGDGHLUDQDWXUH]D
GHWHPSRHHVSDoRVHWRUQDPDLVDSDUHQWH$SyVDPRUWHQmROHYDWHPSRSDUDVHORFRPRYHU
DWUDYpVGRHVSDoRSRUH[HPSOR2HVSDoRQmRH[LVWHHPWHUPRVGHGLVWDQFLD,VVRpXPDLOXVmR
+iEDUUHLUDVPDVHODVVmREDUUHLUDVPHQWDLVRXItVLFDV3RUH[HPSORKiLQWHQVLGDGHVGH
H[SHULrQFLDTXHVmRLQWHUSUHWDGDVHPVXDUHDOLGDGHFRPRGLVWDQFLDHPPLOKDV

$SyVDPRUWHYRFrSRGHVHDFKDUHPXPFHQWURGHWUHLQDPHQWR$JRUDWHRULFDPHQWHHVVHFHQWUR
SRGHULDHVWDUQRPHLRGHVXDVDODGHHVWDUDWXDOQRHVSDoRItVLFRPDVDGLVWkQFLDHQWUHYRFrHRV
PHPEURVGHVXDIDPtOLDDLQGDYLYD±VHQWDGDWDOYH]SHQVDQGRHPYRFrRXOHQGRXPSDSHO±QmR
WHULDQDGDDYHUFRPHVSDoRFRPRYRFrRFRQKHFH9RFrHVWDULDPDLVVHSDUDGRGHOHVGRTXHVH
YRFrHVWLYHVVHGLJDPRVQDOXD9RFrSRGHULDWDOYH]PXGDUVHXSUySULRIRFRGHDWHQomRSDUD
ORQJHGRFHQWURHWHRULFDPHQWHYHUDVDODHVHXVKDELWDQWHVHDLQGDDVVLPHVVDGLVWkQFLDQmRWHP
QDGDDYHUFRPDVPLOKDVTXHHVWDULDPHQWUHYRFrV

&$3Ë78/2
&RQGLo}HVGH³PRUWH´HPYLGD

([SHULrQFLDVGHSyVPRUWHQmRSDUHFHUmRWmRDOLHQtJHQDVRXLQFRPSUHHQVtYHLVVHYRFrSHUFHEHU
TXHHQFRQWUDVLWXDo}HVVLPLODUHVFRPRXPDSDUWHQRUPDOGHVXDH[LVWrQFLDDWXDO

1RVHVWDGRVGHVRQRHVRQKRYRFrHVWiHQYROYLGRQDPHVPDGLPHQVmRGDH[LVWrQFLDQDTXDOWHUi
VXDVH[SHULrQFLDVSyVPRUWH9RFrQmRVHOHPEUDGDVSDUWHVPDLVLPSRUWDQWHVGHVVDVDYHQWXUDV
QRWXUQDVHDVTXHYRFrVHOHPEUDSDUHFHPEL]DUUDVRXFDyWLFDVFRPRXPDUHJUD,VVRp
VLPSOHVPHQWHSRUTXHHPVHXHVWDGRDWXDOGHGHVHQYROYLPHQWRYRFrQmRpFDSD]GHPDQLSXODU
FRQVFLHQWHPHQWHHPVLPHVPRPDLVGRTXHXPDPELHQWH

3RUpPYRFrH[LVWHFRQVFLHQWHPHQWHHPXPHVWDGRFRHUHQWHSURSRVLWDOPHQWHFULDWLYRHQTXDQWRR
FRUSRItVLFRGRUPHHYRFrFXLGDGDVPXLWDVDWLYLGDGHVTXHHXOKHGLVVHTXHYRFrHQFRQWUDULDDSyV
DPRUWH9RFrVLPSOHVPHQWHGLUHFLRQDRIRFRSULQFLSDOGHVXDDWHQomRSDUDXPDGLPHQVmR
GLIHUHQWHGHDWLYLGDGHXPDQDTXDOYRFrUHDOPHQWHRSHUDFRQWLQXDPHQWH

$JRUDFRPRYRFrWHPOHPEUDQoDGHVXDYLGDGHVSHUWDHFRPRYRFrUHWpPXPJUDQGHFRUSRGHWDLV
PHPyULDVSDUDRVHQFRQWURVItVLFRVGLiULRVHFRPRHVVDIRQWHGHPHPyULDOKHSURYrFRPXP
VHQWLGRGHFRQWLQXLGDGHGLiULDDVVLPWDPEpPDFRQWHFHFRPVHXHXVRQKDGRUTXHWHPLJXDOPHQWH
XPJUDQGHFRUSRGHOHPEUDQoDV&RPRKiFRQWLQXLGDGHHPVXDYLGDGLiULDWDPEpPKi
FRQWLQXLGDGHHPVXDYLGDGRUPHQWH

(QWmRXPDSRUomRGHYRFrHVWiDWHQWDGHFDGDHGHWRGRHQFRQWURGHVRQKRHH[SHULrQFLD2V
VRQKRVQmRVmRPDLVDOXFLQDWyULRVGRTXHVXDYLGDItVLFDRp6HXHXItVLFRGHVSHUWRpRVRQKDGRU
WDQWRTXDQWRVHXHXVRQKDGRURpHPUHODomRD9RFrpRVRQKDGRUTXHHOHHQYLDHPVHXFDPLQKR
6XDVH[SHULrQFLDVGLiULDVVmRRVVRQKRVTXHHOHVRQKDDVVLPTXDQGRYRFrROKDSDUDVHXHXTXH
VRQKDRXRFRQVLGHUDYRFrID]LVVRFRPXPROKRDOWDPHQWHSUHFRQFHLWXRVRWHQGRSRUJDUDQWLDTXH
VXD³UHDOLGDGH´pUHDOHDUHDOLGDGHGHOHpLOXVmR

$UHDOLGDGHGHOHpPXLWRPDLVQDWDDVHXVHUSRUpP6HYRFrQmRHQFRQWUDFRHUrQFLDQRHVWDGRGH
VRQKRLVVRpSRUTXHYRFrVHKLSQRWL]RXQDFUHQoDGHTXHQDGDH[LVWHeFODURTXHYRFrWHQWD
WUDGX]LUVXDVDYHQWXUDVQRWXUQDVHPWHUPRVItVLFRVDRGHVSHUWDUHWHQWDDGHTXiODVHPVXDV
IUHTHQWHVGLVWRUo}HVOLPLWDGDVGDQDWXUH]DGDUHDOLGDGH

$WpFHUWRSRQWRLVWRpQDWXUDO9RFrHVWiIRFDGRHPXPDYLGDGLiULDSRUXPDUD]mR9RFrDGRWRX
LVWRFRPRXPGHVDILR0DVGHQWURGHVXDHVWUXWXUDYRFrWDPEpPWHPDLQWHQomRGHFUHVFHUHVH
GHVHQYROYHUHHVWHQGHURVOLPLWHVGHVXDFRQVFLrQFLDePXLWRGLItFLODGPLWLUTXHYRFrVHMDHP
PXLWDVIRUPDVPDLVHIHWLYRHFULDWLYRQRHVWDGRGHVRQRTXHQRHVWDGRGHVSHUWRHDWpFHUWRJUDX
DEDODGRSDUDDGPLWLUTXHRFRUSRVRQKDGRUSRGHGHIDWRYRDUGHVDILDQGRRWHPSRHRHVSDoRe
PXLWRIiFLOILQJLUTXHWRGDVHVVDVH[SHULrQFLDVVmRVLPEyOLFDVHQmROLWHUDLVSDUDHYROXLUWHRULDV
SVLFROyJLFDVFRPSOLFDGDVSRUH[HPSORSDUDH[SOLFDURVVRQKRVYRDGRUHV

2IDWRVLPSOHVpTXHTXDQGRYRFrVRQKDTXHHVWiYRDQGRIUHTHQWHPHQWHHVWi1RHVWDGRGH
VRQKRYRFrRSHUDPDLVRXPHQRVVREDVPHVPDVFRQGLo}HVTXHVmRQDWDVjFRQVFLrQFLDQmRIRFDGD
QDUHDOLGDGHItVLFD0XLWDVGHVXDVH[SHULrQFLDVFRQVHTXHQWHPHQWHVmRSUHFLVDPHQWHDTXHODVTXH
YRFrSRGHHQFRQWUDUDSyVDPRUWH9RFrSRGHIDODUFRPDPLJRVPRUWRVRXSDUHQWHVUHYLVLWDUR
SDVVDGRVDXGDUYHOKRVFROHJDVGHFODVVHDQGDUSRUUXDVTXHH[LVWLUDPFLQTHQWDDQRVDWUiVQR
WHPSRItVLFRYLDMDUDWUDYpVGRHVSDoRVHPOHYDUQHQKXPWHPSRItVLFRSDUDID]HULVVRVHU
FRQKHFLGRSHORVJXLDVVHULQVWUXtGRHQVLQDURXWURVUHDOL]DUWUDEDOKRVLJQLILFDWLYRUHVROYHU
SUREOHPDVDOXFLQDU

1DYLGDItVLFDKiXPDWUDVRHQWUHDFRQFHSomRGHXPDLGpLDHVXDFRQVWUXomRItVLFD1DUHDOLGDGH
GRVRQKRQmRpDVVLP(QWmRDPHOKRUPDQHLUDGHVHWRUQDUIDPLOLDUL]DGRFRPDUHDOLGDGH
SyVPRUWHGHDQWHPmRSRUDVVLPGL]HUpH[SORUDUHHQWHQGHUDQDWXUH]DGHVHXSUySULRHX
VRQKDGRU1mRPXLWDVSHVVRDVTXHUHPVHGDURWHPSRRXHQHUJLD

3RUpPRVPpWRGRVHVWmRGLVSRQtYHLVHDTXHOHVTXHRVXVDPQmRVHDFKDUmRDOLHQDGRVTXDQGRWRGR
RIRFRGHVXDVDWHQo}HVHVWLYHUYROWDGRSDUDDTXHODGLUHomRDSyVDPRUWH

&RQVLGHUDQGRTXHVXDPHPyULDFRQVFLHQWHHVWiWmRIRUWHPHQWHFRQHFWDGDFRPDFRQVFLrQFLD
GHQWURGRFRUSRHPERUDYRFrGHL[DRFRUSRTXDQGRHOHGRUPHDFRQVFLrQFLDGHVSHUWD
QRUPDOPHQWHQmRWHPQHQKXPDOHPEUDQoDGLVWR

1RHVWDGRGRUPHQWHYRFrWHPOHPEUDQoDGHWRGRPXQGRFRPTXHPYRFrDOJXPDYH]VHHQFRQWURX
HPVHXVVRQKRVHPERUDYRFrSRVVDRXQmRWHUFRQKHFLGRDOJXPDVGHVWDVSHVVRDVHPVXD
H[LVWrQFLDQDSDUWHGRGLD1RHVWDGRGRUPHQWHYRFrSRGHWHUH[SHULrQFLDFRQVWDQWHDWUDYpVGRV
DQRVFRPSDUFHLURVTXHSRGHPYLYHULQWHLUDPHQWHHPRXWUDSRUomRGRPXQGRHVHUHPHVWUDQKRVDF
QRHVWDGRGHVSHUWR

&RPRVHXVHPSUHHQGLPHQWRVGLiULRVWrPVLJQLILFDGRHSURSyVLWRDVVLPWDPEpPVXDVDYHQWXUDVQR
HVWDGRGHVRQKRHQHVWHVWDPEpPYRFrDWLQJHYiULDVPHWDVSUySULDV(VWHVYRFrFRQWLQXDUiQD
H[SHULrQFLDSyVPRUWH$IRUoDGDYLWDOLGDGHDYLGDHDFULDWLYLGDGHDWUiVGHVXDH[LVWrQFLDItVLFD
VmRJHUDGDVQHVVDRXWUDGLPHQVmR(PRXWUDVSDODYUDVGHPXLWDVPDQHLUDVYRFrpXPDSURMHomR
YtYLGDGHVHXHXVRQKDGRU

2HXVRQKDGRUFRPRYRFrRFRQFHEHpDSHQDVXPDVRPEUDGHVXDSUySULDUHDOLGDGHSRLVRHX
VRQKDGRUpXPSRQWRSVLFROyJLFRGHUHIHUHQFLDHHPVHXVWHUPRVGHFRQWLQXLGDGHTXHUH~QHWRGDV
DVSRUo}HVGHVXDLGHQWLGDGH'HVXDSURIXQGDQDWXUH]DDSHQDVRVPDLVGHVHQYROYLGRVHVWmR
FLHQWHV(OHUHSUHVHQWDHPRXWUDVSDODYUDVDXQLmRGHXPDIRUWHIDFHWDGHWRGDVXDLGHQWLGDGH
6XDVH[SHULrQFLDVVmRWmRYtYLGDVHVXD³SHUVRQDOLGDGH´pPXLWRULFD±QDUHDOLGDGHPDLVULFD±QR
FRQWH[WRTXDQWRDSHUVRQDOLGDGHItVLFDTXHYRFrFRQKHFH

)LQMDSRUXPPRPHQWRTXHYRFrpXPDFULDQoDHHXHVWRXWHQWDQGRHPSUHHQGHUDWDUHIDSDUWLFXODU
GHH[SOLFDULVVRDYRFrH[SOLFDUFRPRRVHXHXPDLVGHVHQYROYLGRVHXHXDGXOWRVHUi±HHP
PLQKDH[SOLFDomRGLJRTXHHVVHHXDGXOWRDWpFHUWRSRQWRMipXPDSDUWHGHYRFrXPUHVXOWDGR
RXXPDSURMHomRGRTXHYRFrp(DFULDQoDGL]³0DVRTXHDFRQWHFHUiFRPLJR"(XSUHFLVRPRUUHU
SDUDPHWRUQDUHVVHRXWURHX"(XQmRTXHURPXGDU&RPRSRGHUHLVHUHVVHHXDGXOWRMiTXHQmRpR
TXHHXVRXDJRUDVHPPDWDURTXHVRXDJRUD"´

(VWRXSUDWLFDPHQWHQDPHVPDSRVLomRTXDQGRWHQWROKHH[SOLFDUDQDWXUH]DGRHXLQWHULRUSRLV
HPERUDYRFrSRVVDVHWRUQDUFRQVFLHQWHGHOHQRVVRQKRVYRFrQmRSRGHYHUGDGHLUDPHQWHDSUHFLDU
DPDWXULGDGHRXKDELOLGDGHVGHOHDLQGDDVVLPHODVVmRVXDVGDPHVPDPDQHLUDTXHDV
KDELOLGDGHVGRKRPHPSHUWHQFHUDPjFULDQoD1RHVWDGRGHVRQKRYRFrDSUHQGHHQWUHRXWUDV
FRLVDVFRPRFRQVWUXLUVXDSUySULDUHDOLGDGHItVLFDGLDDGLDVLPSOHVPHQWHFRPRDSyVDPRUWHYRFr
DSUHQGHFRPRFRQVWUXLUVXDSUy[LPDYLGDItVLFD

1RVVRQKRVYRFrUHVROYHRVSUREOHPDV'HGLDYRFrHVWiFRQVFLHQWHPHQWHDWHQWRDRVPpWRGRVGR
SUREOHPDUHVROYHQGRRTXHDSUHQGHXQRVRQR1RVVRQKRVYRFrHVWDEHOHFHVHXVREMHWLYRVDVVLP
FRPRDSyVDPRUWHYRFrHVWDEHOHFHREMHWLYRVSDUDRXWUDHQFDUQDomR

$JRUDQHQKXPDHVWUXWXUDSVLFROyJLFDpIiFLOGHVHUGHVFULWDHPSDODYUDV6LPSOHVPHQWHSDUD
H[SOLFDUDQDWXUH]DGHSHUVRQDOLGDGHFRPRHODpJHUDOPHQWHFRQKHFLGDWRGRVRVWLSRVGHWHUPRV
VmRXVDGRVLGVXEFRQVFLHQWHHJRVXSHUHJRWXGRLVVRSDUDGLIHUHQFLDUDVDo}HVHQWUHODoDGDVTXH
FRPS}HPDSHUVRQDOLGDGHItVLFD2HXVRQKDGRUpWmRFRPSOH[RTXDQWR

9RFrSRGHGL]HUTXHFHUWDVSRUo}HVGHOHOLGDPFRPDUHDOLGDGHItVLFDFRPDPDQLSXODomRGD
UHDOLGDGHHFRPRVSODQRVDOJXQVFRPQtYHLVPXLWRSURIXQGRVGDFULDWLYLGDGHHGDUHDOL]DomRTXH
DVVHJXUDPDVREUHYLYrQFLDItVLFDDOJXQVFRPDFRPXQLFDomRFRPHOHPHQWRVPDLVH[WHQVRVDWp
GDSHUVRQDOLGDGHGHDJRUDHJHUDOPHQWHGHVFRQKHFLGDDOJXQVFRPDFRQWLQXLGDGHGDH[SHULrQFLD
HH[LVWrQFLDGRTXHYRFrSRGHFKDPDUGHDOPDRXGHIRUPDJHUDODHQWLGDGHLQGLYLGXDOR
YHUGDGHLURHXPXOWLGLPHQVLRQDO

$DOPDFULDDH[LVWrQFLDItVLFD2FULDGRUDSHQDVROKDSRUVXDFULDomR$DOPDFULDDH[LVWrQFLD
ItVLFDSRUXPDUD]mRHDH[LVWrQFLDItVLFDSRUXPDUD]mRDVVLPQDGDGLVVRpSDUDFRQGX]LUYRFrD
XPGHVJRVWRSHODYLGDItVLFDQHPHPGLUHomRDXPDIDOWDGHDSUHFLDomRSRUHVVDVDOHJULDV
VHQVXDLVFRPDVTXDLVYRFrHVWiFHUFDGR4XDOTXHUMRUQDGDLQWHULRUGHYHSHUPLWLUOKHHQFRQWUDU
JUDQGHVLJQLILFkQFLDEHOH]DHVLJQLILFDGRQDYLGDFRPRYRFrDFRQKHFHDJRUDPDVDDOHJULD
SOHQDHRGHVHQYROYLPHQWRWDPEpPVLJQLILFDPTXHYRFrHVWiXVDQGRWRGDVDVVXDVKDELOLGDGHVTXH
YRFrH[SORUDDVGLPHQV}HVLQWHULRUHVFRPPXLWRr[WDVHHHQWXVLDVPR&RPDFRPSUHHQVmR
DSURSULDGDHQWmRpEDVWDQWHSRVVtYHOYRFrVHWRUQDUEHPIDPLOLDUL]DGRDJRUDFRPDVSDLVDJHQV
SyVPRUWHHRVDPELHQWHVHDVH[SHULrQFLDV9RFrRVDFKDUiWmRYtYLGRVFRPRTXDOTXHUXPGH
YRFrVRVVDEHP7DLVH[SORUDo}HVDOWHUDUmRFRPSOHWDPHQWHSUHFRQFHLWRVVRPEULRVVREUHD
H[LVWrQFLDSyVPRUWHePXLWRLPSRUWDQWHTXHYRFrVHGLVSDGHWDQWRVSUHFRQFHLWRVTXDQWRSRVVtYHO
QRHQWDQWRSRLVHOHVLPSHGLUmRVHXSURJUHVVR

)DODQGRHPWHUPRVJHUDLVVHYRFrHVWLYHUEDVWDQWHFRQWHQWHVREUHVXDUHDOLGDGHItVLFDYRFrHVWi
QXPDPHOKRUSRVLomRSDUDHVWXGDUHVVHVDPELHQWHVLQWHUQRV

6HYRFrYrRPDOHPWRGDSDUWHQDYLGDItVLFDHVHHOHSDUHFHWHUPDLVYDORUTXHREHPHQWmRYRFr
QmRHVWiSURQWR

9RFrQmRGHYHULDHPEDUFDUHPXPDH[SORUDomRSRUHVWDVDYHQWXUDVQRWXUQDVVHYRFrHVWLYHU
GHSULPLGRSRLVQHVWHPRPHQWRVHXSUySULRHVWDGRSVtTXLFRHVWiSUHGLVSRVWRDH[SHULrQFLDV
GHSUHVVLYDVHVWHMDGHVSHUWRRXDGRUPHFLGR9RFrQmRGHYHHPEDUFDUHPWDLVHVWXGRVVHYRFr
HVSHUDUVXEVWLWXLUDH[SHULrQFLDLQWHULRUSHODH[SHULrQFLDItVLFD

6HVXDVLGpLDVGHEHPHPDOIRUHPULJRURVDVLQIOH[tYHLVHQWmRYRFrQmRWHPDFRPSUHHQVmRGH
TXHpQHFHVViULRSDUDTXDOTXHUPDQLSXODomRFRQVFLHQWHQHVVDRXWUDGLPHQVmR(PRXWUDV
SDODYUDVYRFrGHYHVHUWmRIOH[tYHOPHQWDOSVLFROyJLFDHHVSLULWXDOPHQWHTXDQWRSRVVtYHODEHUWRD
QRYDVLGpLDVFULDWLYRHQmRPXLWRGHSHQGHQWHGHRUJDQL]Do}HVRXGRJPDV

9RFrGHYHULDVHUEDVWDQWHFRPSHWHQWHHVLPSiWLFR$RPHVPRWHPSRYRFrGHYHULDVHUVRFLiYHOR
EDVWDQWHHPVHXDPELHQWHItVLFRGHIRUPDDVHUFDSD]GHOLGDUFRPVXDYLGDFRPRHODp9RFr
SUHFLVDGHWRGRVRVVHXVUHFXUVRV,VVRpSDUDVHUXPDH[SORUDomRDWLYDHHPSUHHQGHGRUDQmRXPD
UHWLUDGDSDVVLYDHFHUWDPHQWHQmRXPDUHWLUDGDFRYDUGH$WpRILPGHVVHOLYURPpWRGRVVHUmR
GDGRVSDUUDRVTXHHVWmRLQWHUHVVDGRVDVVLPYRFrSRGHH[SORUDUHVVDVFRQGLo}HVSyVPRUWH
FRQVFLHQWHPHQWHWHQGRDOJXPFRQWUROHVREUHVXDVH[SHULrQFLDVHSURJUHVVRV

$TXLSRUpPTXHURGHVFUHYHUHVWDVFRQGLo}HVXPSRXFRPDLVLQWHLUDPHQWH

$JRUDQDYLGDItVLFDYRFrYrRTXHTXHUYHU9RFrSHUFHEHGRFDPSRGLVSRQtYHOGHUHDOLGDGH
FHUWRVGDGRV±GDGRVVHOHFLRQDGRVFXLGDGRVDPHQWHSRUYRFrFRQIRUPHVXDVLGpLDVGRTXHD
UHDOLGDGHp9RFrFULDRVGDGRVSDUDFRPHoDU

6HYRFrDFUHGLWDTXHWRGRVRVKRPHQVVmRPDXVYRFrVLPSOHVPHQWHQmRH[SHULHQFLDUiDERQGDGH
QRVKRPHQV9RFrHVWDUiFRPSOHWDPHQWHIHFKDGRDLVVR(OHVHPWURFDLUmROKHPRVWUDUDSLRU
SDUWHGHOHV7HOHSDWLFDPHQWHYRFrYHUiTXHRVRXWURVUHSXJQDPYRFrHYRFrSURMHWDUiVXDDQWLSDWLD
QHOHV

6XDH[SHULrQFLDHPRXWUDVSDODYUDVVHJXHVXDVH[SHFWDWLYDV$JRUDRPHVPRVHDSOLFDj
H[SHULrQFLDSyVPRUWHHjVH[SHULrQFLDVGHVRQKRHDTXDOTXHUHQFRQWURH[WUDFRUSyUHR

6HYRFrIRUREFHFDGRFRPDLGpLDGRPDOHQWmRYRFrHQFRQWUDUiPiVFRQGLo}HV6HYRFrDFUHGLWDU
HPGLDERVHQWmRYRFrRVHQFRQWUDUi&RPRPHQFLRQHLDQWHULRUPHQWHKiXPDJUDQGHOLEHUGDGH
TXDQGRDFRQVFLrQFLDQmRHVWiILVLFDPHQWHGLUHFLRQDGD3HQVDPHQWRVHHPRo}HVVmRFRQVWUXtGRV
QRYDPHQWHQDUHDOLGDGHVHPRODSVRGRWHPSRItVLFR$VVLPVHYRFrDFUHGLWDYRFrVHUi
HQFRQWUDGRSRUXPGHP{QLRYRFrFULDUiVXDSUySULDIRUPDSHQVDPHQWRGHXPQmRSHUFHEHQGRTXH
HOHpVXDSUySULDFULDomR

(QWmRVHYRFrVHHQFRQWUDUFRQFHQWUDQGRVHVREUHRVPDOHVGDH[LVWrQFLDItVLFDGHWDOPDQHLUD
HQWmRYRFrQmRHVWiSURQWRSDUDWDLVH[SORUDo}HVeSRVVtYHOpFODURVREWDLVFRQGLo}HVHQFRQWUDU
XPDIRUPDSHQVDPHQWRSHUWHQFHQWHDRXWUDSHVVRDPDVVHYRFrQmRDFUHGLWDHPGHP{QLRVSDUD
FRPHoDUYRFrVHPSUHUHFRQKHFHUiDQDWXUH]DGRIHQ{PHQRHHVWDUiLOHVR

6HIRUVXDSUySULDIRUPDSHQVDPHQWRHQWmRQDYHUGDGHYRFrSRGHDSUHQGHUGHODSHUJXQWDQGRVH
RTXHHODUHSUHVHQWDTXHSUREOHPDVYRFrPDWHULDOL]RX$JRUDYRFrSRGHDOXFLQDUFRPRPHVPR
WLSRGHFRLVDDSyVDPRUWHXVDQGRLVVRFRPRXPVtPERORHHQIUHQWDUXPDEDWDOKDHVSLULWXDOTXHp
FODURSRGHULDQmRVHUQHFHVViULRFRPSUHHQGHU9RFrWUDEDOKDUiVXDVLGpLDVSUREOHPDVHGLOHPDV
QRVHXSUySULRQtYHOGHFRPSUHHQVmR

$PELHQWHVSyVPRUWHH[LVWHPHPWRGDSDUWHDJRUD3RQWRILQDO

eFRPRVHVXDVLWXDomRSUHVHQWHHWRGRVRVIHQ{PHQRVItVLFRVGHODIRVVHPSURMHWDGDVGRLQWHULRU
GHYRFrPHVPRSDUDIRUDGDQGROKHXPILOPHFRQWtQXRIRUoDQGROKHDSHUFHEHUDSHQDVDTXHODV
LPDJHQVTXHIRUDPWUDQVSRVWDV(VWDVVHSDUHFHPWmRUHDLVTXHYRFrVHHQFRQWUDQDSRVLomRGH
UHDJLUDHODVFRQVWDQWHPHQWH

(OHVVHUYHPSDUDPDVFDUDURXWUDVUHDOLGDGHVEDVWDQWHYiOLGDVTXHH[LVWHPDRPHVPRWHPSR
SRUpPHGHIDWRGHVWDVRXWUDVUHDOLGDGHVYRFrJDQKDRSRGHUHRFRQKHFLPHQWRSDUDRSHUDUDV
SURMHo}HVPDWHULDLV9RFrSRGH³GHL[DUDPiTXLQDSDUDGD´SRUDVVLPGL]HUSDUDURPRYLPHQWR
DSDUHQWHHYROWDUVXDDWHQomRjHVVDVUHDOLGDGHV

(PSULPHLUROXJDUYRFrWHPTXHSHUFHEHUTXHHODVH[LVWHP&RPRXPDLQWURGXomRDRVPpWRGRV
TXHOKHGDUHLPDLVWDUGHpXPDERDLGpLDSHUJXQWDUVHGHYH]HPTXDQGR³'RTXHHVWRX
UHDOPHQWHFRQVFLHQWHDJRUD"´)DoDLVVRTXDQGRVHXVROKRVVHDEUHPHQRYDPHQWHTXDQGRHOHVVH
IHFKDP

4XDQGRVHXVROKRVHVWLYHUHPDEHUWRVQmRWHQKDSRUJDUDQWLDTXHDSHQDVRVREMHWRVLPHGLDWDPHQWH
SHUFHELGRVH[LVWHP2OKHSDUDRVHVSDoRVTXHSDUHFHPYD]LRVHHVFXWHQRPHLRGRVLOrQFLR+i
HVWUXWXUDVPROHFXODUHVHPWRGDSROHJDGDGHHVSDoRYD]LRPDVYRFrVHHQVLQRXDQmRSHUFHErODV
+iRXWUDVYR]HVPDVYRFrFRQGLFLRQRXVHXVRXYLGRVSDUDQmRRXYLODV9RFrXVDVHXVVHQWLGRV
LQWHUQRVTXDQGRHVWiQRHVWDGRGHVRQKRHRVLJQRUDTXDQGRHVWiDFRUGDGR

2VVHQWLGRVLQWHULRUHVVmRHTXLSDGRVSDUDSHUFHEHUGDGRVTXHQmRVmRItVLFRV(OHVQmRVmR
OXGLEULDGRVSHODVLPDJHQVTXHYRFrSURMHWDQDUHDOLGDGHWULGLPHQVLRQDO$JRUDHOHVSRGHP
SHUFHEHUREMHWRVItVLFRV6HXVVHQWLGRVItVLFRVVmRH[WHQV}HVGHVWHVPpWRGRVLQWHULRUHVGH
SHUFHSomRHDSyVDPRUWHpQHOHVTXHYRFrFRQILDUi(OHVVmRXVDGRVQDVH[SHULrQFLDV
H[WUDFRUSyUHDV(OHVRSHUDPFRQVWDQWHPHQWHVREDFRQVFLrQFLDQRUPDOGHVSHUWDDVVLPYRFrSRGH
DWpVHWRUQDUIDPLOLDUFRPDQDWXUH]DGDSHUFHSomRSyVPRUWHDJRUD3RQWRILQDO

(PRXWUDVSDODYUDVRDPELHQWHDVFRQGLo}HVHPpWRGRVGDSHUFHSomRQmRVHUmRDOLHQtJHQDV
9RFrQmRpHPSXUUDGRGHUHSHQWHSDUDXPGHVFRQKHFLGRDTXHOHGHVFRQKHFLGRpXPDSDUWHGH
YRFrDJRUD(UDXPDSDUWHGHYRFrDQWHVGHVVHQDVFLPHQWRItVLFRHVHUiDSyVDPRUWHItVLFD(VVDV
FRQGLo}HVSRUWDQWRIRUDPERUUDGDVHPVXDFRQVFLrQFLDQRSULQFLSDODRORQJRGDKLVWyULDItVLFD2
JrQHURKXPDQRWHPWLGRYiULDVFRQFHSo}HVGHVXDSUySULDUHDOLGDGHPDVHOHSURSRVLWDOPHQWH
SDUHFHGLVWDQFLRXVHGLVVRQR~OWLPRVpFXOR+iPXLWDVUD]}HVSDUDLVWRHWHQWDUHPRVFREULU
DOJXPDVGHODV

(PPXLWDVIRUPDVHQWmRYRFrHVWiPRUWRDJRUD±HWmRPRUWRTXDQWRHVWDUi

(QTXDQWRYRFrYDLSDUDVXDVWDUHIDVHHPSUHHQGLPHQWRVGLiULRVVREDFRQVFLrQFLDGHVSHUWDYRFr
HVWiFRQVWDQWHPHQWHIRFDGRHPRXWUDVUHDOLGDGHVWDPEpPUHDJLQGRDRHVWtPXORGRTXHVXD
FRQVFLrQFLDItVLFDQmRHVWiFLHQWHSHUFHEHQGRFRQGLo}HVDWUDYpVGRVVHQWLGRVLQWHULRUHVH
H[SHULHQFLDQGRHYHQWRVTXHQmRVmRDRPHQRVUHJLVWUDGRVQRFpUHEURItVLFR7RGDHVWDXOWLPD
SRUomRGHYHULDVHUVXEOLQKDGD

$SyVDPRUWHYRFrVLPSOHVPHQWHHVWiFLHQWHGHVVDVGLPHQV}HVGHDWLYLGDGHTXHDJRUDYRFrLJQRUD
$JRUDDH[LVWrQFLDItVLFDSUHGRPLQD(QWmRQmRSUHGRPLQDUi3RUpPQHPVHUiSHUGLGDGHYRFr
VXDVOHPEUDQoDVSRUH[HPSORVHUDRUHWLGDV9RFrVLPSOHVPHQWHVDLUiGHXPDHVWUXWXUDSDUWLFXODU
GHUHIHUrQFLD6REFHUWDVFRQGLo}HVYRFrHVWDUiDWpPHVPROLYUHSDUDXVDURVDQRVDSDUHQWHPHQWH
GDGRVDYRFrGHIRUPDVGLIHUHQWHV

3RUH[HPSOR(XOKHGLVVHTXHRWHPSRQmRFRQVLVWHGHXPDVpULHGHPRPHQWRVXPDQWHVGRRXWUR
HPERUDYRFrQmRRSHUFHEDGHVWHPRGR2VHYHQWRVQmRVmRFRLVDVTXHOKHDFRQWHFHP(OHVVmR
H[SHULrQFLDVPDWHULDOL]DGDVIRUPDGDVSRUYRFrGHDFRUGRFRPVXDVH[SHFWDWLYDVHFUHQoDV$V
SRUo}HVLQWHULRUHVGHVXDSHUVRQDOLGDGHSHUFHEHPLVVRDJRUD$SyVDPRUWHYRFrQmRVH
FRQFHQWUDUiVREUHDVIRUPDVItVLFDVHPSUHJDGDVSHORWHPSRHHYHQWRV9RFrSRGHXVDURVPHVPRV
HOHPHQWRVFRPRXPSLQWRUSRGHULDXVDUVXDVFRUHV

7DOYH]VHXSHUtRGRGHYLGDRFRUUDSRUVHWHQWDHVHWHDQRV$SyVDPRUWHYRFrSRGHVREFHUWDV
FRQGLo}HVHVHYRFrHVFROKHUH[SHULHQFLDUHYHQWRVGHVVHVVHWHQWDHVHWHDQRVTXDQGRTXLVHUPDV
QmRQHFHVVDULDPHQWHHPWHUPRVGHFRQWLQXLGDGH9RFrSRGHDOWHUDURVHYHQWRV9RFrSRGH
PDQLSXODUGHQWURGDTXHODGLPHQVmRSDUWLFXODUGHDWLYLGDGHTXHUHSUHVHQWRXVHXVVHWHQWDHVHWH
DQRV

6HYRFrDFKDUHUURVVHYHURVGHMXOJDPHQWRYRFrSRGHHQWmRFRUULJLORV9RFrSRGHDSHUIHLoRDU
HPRXWUDVSDODYUDVPDVQmRSRGHQRYDPHQWHHQWUDUQDTXHOHTXDGURGHUHIHUrQFLDFRPRXPD
FRQVFLrQFLDFRPSOHWDPHQWHSDUWLFLSDQWHVHJXLQGRGLJDPRVDVWHQGrQFLDVKLVWyULFDVGHWHPSR
XQLQGRVHjH[LVWrQFLDGDPDVVDDOXFLQDGDTXHUHVXOWDGRGDFRQVFLrQFLDDSOLFDGDGHVHXHXHGH
VHXVFRQWHPSRUkQHRV

$OJXQVHVFROKHPLVWRHPOXJDUGHUHHQFDUQDURXPXLWRFRPRXPHVWXGRDQWHVGHXPDQRYD
UHHQFDUQDomR(VWDVSHVVRDVVmRIUHTHQWHPHQWHPXLWRSHUIHFFLRQLVWDV(ODVSUHFLVDPYROWDU
DWUiVHFULDU(ODVSUHFLVDPFRUULJLUVHXVHUURV(ODVXVDPDYLGDLPHGLDWDPHQWHSDVVDGDFRPR
XPDWHODHFRPDPHVPD³WHOD´HODVWHQWDPXPSLQWXUDPHOKRU(VVHpXPH[HUFtFLRPHQWDOH
SVtTXLFRHPSUHHQGLGRSRUPXLWRVH[LJLQGRJUDQGHFRQFHQWUDomRHQmRpPDLVDOXFLQDWyULRGRTXH
TXDOTXHUH[LVWrQFLD

9RFrSRGHVHQWLUTXHTXHUUHYLYHUFHUWRVHSLVyGLRVGHVXDYLGDGHIRUPDTXHSRVVDHQWHQGrORV
PHOKRU6XDH[SHULrQFLDGHYLGDHQWmRpVXDPHVPR7DLVFRQGLo}HVFHUWDPHQWHQmRVmR
DOLHQtJHQDV1DYLGDRUGLQiULDYRFrIUHTXHQWHPHQWHVHLPDJLQDFRPSRUWDQGRVHGHXPDPDQHLUD
GLIHUHQWHGDTXHXVRXRXHPVXDPHQWHUHYLYHHYHQWRVGHIRUPDDJDQKDUPDLRUHQWHQGLPHQWR
GHOHV6XDYLGDpVXDSUySULDSHUVSHFWLYDGHH[SHULrQFLDSHVVRDOHTXDQGRQDPRUWHYRFrDWLUDGR
FRQWH[WRGHPDVVDGHWHPSRItVLFRHQWmRYRFrSRGHH[SHULHQFLiODGHPXLWRVPRGRV(YHQWRVH
REMHWRVQmRVmRDEVROXWRVUHOHPEUHVHPDVSOiVWLFRV

(YHQWRVSRGHPVHUPXGDGRVDQWHVHGHSRLVGDRFRUUrQFLD(OHVQXQFDVmRHVWiYHLVRX
SHUPDQHQWHVPXLWRHPERUDGHQWURGRFRQWH[WRGDUHDOLGDGHWULGLPHQVLRQDOSRVVDPVHDSDUHFHUTXH
VmR

4XDOTXHUFRLVDGDTXDOYRFrHVWiFLHQWHQDH[LVWrQFLDWULGLPHQVLRQDOpDSHQDVXPDSURMHomRGH
XPDUHDOLGDGHPDLRUGHQWURGHVWDGLPHQVmR2VHYHQWRVGRVTXDLVYRFrHVWiFRQVFLHQWHVmRDSHQDV
DTXHOHVIUDJPHQWRVGDVDWLYLGDGHVTXHVHLQWURPHWHPRXDSDUHFHPSDUDVXDFRQVFLrQFLDQRUPDO
GHVSHUWD

2XWUDVSRUo}HVGHVWHVHYHQWRVVmREDVWDQWHFODUDVSDUDYRFrWDQWRQRHVWDGRGHVRQKRFRPRVRED
FRQVFLrQFLDGHVSHUWDGXUDQWHRGLD

6HYRFrTXHUVDEHURTXHDPRUWHpHQWmRVHWRUQHFLHQWHGHVXDSUySULDFRQVFLrQFLDMiTXHHOD
HVWiGLYRUFLDGDGDVDWLYLGDGHVItVLFDV9RFrYHUiTXHHODpDOWDPHQWHDWLYD&RPDSUiWLFDYRFr
GHVFREULUiTXHVXDFRQVFLrQFLDQRUPDOGHVSHUWDpDOWDPHQWHOLPLWDGDHTXHRTXHYRFrSHQVRXXPD
YH]FRPRFRQGLo}HVGHPRUWHSDUHFHPPXLWRPDLVFRPFRQGLo}HVGHYLGD

2XWUDVWDLVH[LVWrQFLDVHUHDOLGDGHVFRPRGHVFULWDVKiSRXFRFRH[LVWHPFRPDVXDSUySULDHQR
HVWDGRGHVSHUWRYRFrQmRHVWiFLHQWHGHODV$JRUDIUHTXHQWHPHQWHHPVHXVVRQKRVYRFrpFDSD]
GHSHUFHEHUWDLVRXWUDVVLWXDo}HVPDVYRFrIUHTXHQWHPHQWHDVYHQWLODSDUDDSDUDIHUQiOLDGHVHXV
VRQKRVFDVRVHPTXHDRGHVSHUWDUYRFrWHPSRXFDVOHPEUDQoDVFODUDV

'DPHVPDPDQHLUDQRPHLRGDYLGDYRFrPRUDFRPRVFKDPDGRVIDQWDVPDVHDSDULo}HVHHP
UHODomRDRDVVXQWRYRFrVPHVPRVVHSDUHFHPDDSDULo}HVSDUDRVRXWURVSDUWLFXODUPHQWHTXDQGR
YRFrHQYLDIRUWHVIRUPDVSHQVDPHQWRVGHVLPHVPRVDSDUWLUGRHVWDGRGHVRQRRXDWpPHVPR
TXDQGRLQFRQVFLHQWHPHQWHYRFrYLDMDSDUDIRUDGHVHXFRUSRItVLFR

+iREYLDPHQWHPXLWRVWLSRVGHIDQWDVPDVHDSDULo}HVTXDQWRKiSHVVRDV(OHVVmRWmRDOHUWDVRX
QmRDOHUWDVjVLWXDomRGHOHVFRPRYRFrpjVXDSUySULD(OHVQmRHVWmRFRPSOHWDPHQWHIRFDGRVQD
UHDOLGDGHItVLFDSRUpPWDPSRXFRQDSHUVRQDOLGDGHRXQDIRUPDHLVVRpRTXHSULQFLSDOPHQWHRV
GLVWLQJXH$OJXPDVDSDULo}HVVmRIRUPDVSHQVDPHQWRHQYLDGDVSRUSHUVRQDOLGDGHVVREUHYLYHQWHV
GHSURIXQGDDQVLHGDGHSURORQJDGD(ODVUHWUDWDPRPHVPRWLSRGHFRPSRUWDPHQWRFRPSXOVLYRTXH
SRGHVHUYLVWRHPPXLWRVH[HPSORVGHVXDH[SHULrQFLDRUGLQiULD

2PHVPRPHFDQLVPRTXHID]FRPTXHXPDPXOKHUWUDQVWRUQDGDGLJDPRVH[HFXWHXPDDomR
UHSHWLWLYDFRPRODYDUHUHODYDUFRQVWDQWHPHQWHDVPmRVWDPEpPSURYRFDXPWLSRSDUWLFXODUGH
DSDULomRGHUHWRUQDUDRWHPSRGHQRYRHGHQRYRDXPOXJDU

(PWDLVFDVRVRFRPSRUWDPHQWRpIUHTXHQWHPHQWHFRPSRVWRGHDomRUHSHWLWLYD

3RUYiULDVUD]}HVWDOSHUVRQDOLGDGHQmRDSUHQGHXDDVVLPLODUVXDSUySULDH[SHULrQFLD$V
FDUDFWHUtVWLFDVGHWDLVDSDULo}HVVHJXHPHVVHVGHXPDSHUVRQDOLGDGHWUDQVWRUQDGD±FRPDOJXPDV
H[FHo}HVSRUpP$FRQVFLrQFLDLQWHLUDQmRHVWiSUHVHQWH$SUySULDSHUVRQDOLGDGHSDUHFHHVWDU
WHQGRXPSHVDGHORRXXPDVpULHGHVRQKRVUHFRUUHQWHVGXUDQWHRVTXDLVUHWRUQDDRDPELHQWH
ItVLFR$SUySULDSHUVRQDOLGDGHHVWiVmHVDOYDPDVFHUWDVSRUo}HVGHODWUDEDOKDPSUREOHPDV
QmRUHVROYLGRVHGHVFDUUHJDHQHUJLDGHVVDIRUPD

(ODVVmRHPVLPHVPDVEDVWDQWHLQRIHQVLYDV$SHQDVVXDLQWHUSUHWDomRGDVDo}HVGHODVSRGH
FDXVDUGLILFXOGDGHV$JRUDQRPHLRGDYLGDGDVFRQGLo}HVGHYLGDYRFrWDPEpPHPRFDVL}HV
DSDUHFHFRPRIDQWDVPDVHPRXWURVQtYHLVGDUHDOLGDGHRQGHVXDSVHXGRDSDUrQFLDSURYRFDDOJXQV
FRPHQWiULRVHpUD]mRSDUDPXLWRVPLWRV±HYRFrQHPHVWiDWHQWRDLVVR$JRUDHVWRXIDODQGRHP
WHUPRVJHUDLV1RYDPHQWHKiH[FHo}HVRQGHDOHPEUDQoDpUHWLGDPDVFRPRXPDUHJUD
IDQWDVPDVHDSDULo}HVQmRHVWmRPDLVFRQVFLHQWHVGHVHXVHIHLWRVVREUHRVRXWURVGRTXHYRFrHVWi
TXDQGRDSDUHFHEDVWDQWHLQFRQVFLHQWHPHQWHFRPRIDQWDVPDHPPXQGRVTXHVHULDPEDVWDQWH
HVWUDQKRVDYRFr

$FRPELQDomRGHSHQVDPHQWRHPRomRHGHVHMRFULDIRUPDSRVVXLHQHUJLDHpIHLWDGHHQHUJLD
,VVRVHPRVWUDUiHPWDQWDVPDQHLUDVTXDQWRSRVVtYHO9RFrVyUHFRQKHFHDVPDWHULDOL]Do}HV
ItVLFDVPDVFRPRPHQFLRQDGRDQWHULRUPHQWHQHVWHOLYURYRFrHQYLDSVHXGRIRUPDVGHYRFr
PHVPRYLQGDVGHYRFrPHVPRGDVTXDLVYRFrQmRHVWiFLHQWHHLVVRHVWiFRPSOHWDPHQWHjSDUWH
GDH[LVWrQFLDGDYLDJHPDVWUDORXSURMHomRRTXHpXPDFRQWHFLPHQWRPXLWRPDLVFRPSOH[R

9RFrDSDUHFHVREIRUPDDVWUDOHPUHDOLGDGHVTXHVmRFRPSDUDWLYDPHQWHPDLVDYDQoDGDVGRTXHD
VXDSUySULD9RFrpQRUPDOPHQWHUHFRQKHFLGRSRUFDXVDGHVXDGHVRULHQWDomR9RFrQmRVDEH
FRPRPDQLSXODU

9RFrQmRFRQKHFHRVFRVWXPHV0DVVHYRFrWHPXPDIRUPDItVLFDRXQmRVHYRFrWLYHUHPRo}HV
RXVHQWLPHQWRVHVWHVDVVXPLUmRXPDIRUPD(OHVWrPXPDUHDOLGDGH6HYRFrSHQVDUIRUWHPHQWH
HPXPREMHWRHPDOJXPOXJDUHOHDSDUHFHUi

6HYRFrSHQVDUIRUWHPHQWHHPHVWDUHPRXWURORFDOXPDSVHXGRLPDJHPGHYRFrVHUiSURMHWDGD
IRUDGHYRFrSDUDDTXHOHOXJDUHODVHMDRXQmRSHUFHELGDHYRFrHVWHMDFRQVFLHQWHRXQmRGHODRX
FRQVFLHQWHQHOD,VVRVHDSOLFDjTXHOHVTXHGHL[DUDPVHXVLVWHPDItVLFRHjTXHOHVTXHHVWmRQHOH

7RGDVHVWDVIRUPDVVmRFKDPDGDVFRQVWUXo}HVVHFXQGiULDVSRLVFRPRUHJUDDFRQVFLrQFLD
FRPSOHWDGDSHUVRQDOLGDGHQmRHVWiQHODV(ODVVmRSURMHo}HVDXWRPiWLFDV$JRUDHPFRQVWUXo}HV
SULPiULDVQRUPDOPHQWHXPDFRQVFLrQFLDFRPSOHWDPHQWHDOHUWDDGRWDXPDIRUPD±QmRDVXD
³QDWD´±HFRQVFLHQWHPHQWHDSURMHWDIUHTHQWHPHQWHHPRXWURQtYHOGHUHDOLGDGH$WpPHVPR
HVWHpXPHPSUHHQGLPHQWRFRPSOH[RHUDUDPHQWHDOJXpPXVRXSDUDSURSyVLWRVGHFRPXQLFDomR

+iPXLWRVRXWURVPpWRGRVPDLVIiFHLV(XH[SOLTXHLDWpFHUWRSRQWRDPDQHLUDFRPRDVLPDJHQV
VmRFRQVWUXtGDVGHXPFDPSRGHHQHUJLDGLVSRQtYHO9RFrSHUFHEHDSHQDVVXDVSUySULDV
FRQVWUXo}HV6HXP³IDQWDVPD´TXHUFRQWDWDUYRFrHQWmRHOHSRGHID]HULVVRDWUDYpVGDWHOHSDWLD
HYRFrPHVPRSRGHFRQVWUXLUDLPDJHPFRUUHVSRQGHQWHVHYRFrGHVHMDU2XRLQGLYtGXRSRGHOKH
HQYLDUXPDIRUPDSHQVDPHQWRQRPHVPRWHPSRHPTXHHOHVHFRPXQLFDWHOHSDWLFDPHQWHFRP
YRFr6XDVVDODVDJRUDHVWmRFKHLDVGHIRUPDVSHQVDPHQWRTXHYRFrQmRSHUFHEHHQRYDPHQWH
YRFrpPXLWRFRPRXPIHQ{PHQRIDQWDVPDJyULFRFRPRVHUiDSyVDPRUWH9RFrVLPSOHVPHQWHQmR
HVWiFLHQWHGRIDWR

9RFrLJQRUDFHUWDVYDULDo}HVGHWHPSHUDWXUDHDJLWDomRGRDUFRPRVHIRVVHPFRLVDVGD
LPDJLQDomRTXHVmRDRLQYpVGLVVRLQGLFDWLYRVGHWDLVIRUPDVSHQVDPHQWR9RFrUHOHJDSDUDR
KLVWyULFRGDVFRPXQLFDo}HVWHOHSiWLFDVTXHIUHTXHQWHPHQWHDFRPSDQKDPWDLVIRUPDVHVHDXVHQWD
GHWRGDVDVSLVWDVGHTXHRXWUDVUHDOLGDGHVH[LVWHPEDVWDQWHYDOLGDPHQWHFRPDVXDSUySULDHGH
TXHQRPHLRGHXPDH[LVWrQFLDYRFrpFHUFDGRSRUHYLGrQFLDLQWDQJtYHOPDVYiOLGD$VPHVPDV
SDODYUDV³YLGD´H³PRUWH´VHUYHPSDUDOLPLWDUVXDFRPSUHHQVmRSDUDOHYDQWDUEDUUHLUDVRQGHQDGD
LQWULQVHFDPHQWHH[LVWH

$OJXQVDPLJRVPRUWRVHSDUHQWHVRYLVLWDPSURMHWDQGRGRSUySULRQtYHOGHUHDOLGDGHSDUDDVXD
PDVYRFrQmRSRGHFRPRXPDUHJUDSHUFHEHUDIRUPDGHOHV(OHVQmRVmRPDLVIDQWDVPDJyULFRV
RX³PRUWRV´SRUpPGRTXHYRFrpTXDQGRYRFrVHSURMHWDSDUDDUHDOLGDGHGHOHV±FRPRYRFr
ID]DSDUWLUGRHVWDGRGHVRQR

&RPRXPDUHJUDSRUpPHOHVSRGHPSHUFHEHUYRFrQHVVDVRFDVL}HV2TXHYRFrHVTXHFH
IUHTHQWHPHQWHpTXHWDLVLQGLYtGXRVHVWmRHPYiULRVHVWiJLRVGHGHVHQYROYLPHQWR$OJXQVWrP
IRUWHVFRQH[}HVFRPRVLVWHPDItVLFRPDLVGRTXHRXWURV$H[WHQVmRGHWHPSRHPTXHXP
LQGLYtGXRWHPHVWDGRPRUWRHPVHXVWHPRVWHPSRXFRDYHUFRPYRFrVHURXQmRWmRYLVLWDGRPDV
EDVWDQWHFRPDLQWHQVLGDGHGDUHODomR

&RPRPHQFLRQDGRDQWHULRUPHQWHSRUpPQRHVWDGRGHVRQRYRFrSRGHDMXGDUDVSHVVRDV
UHFHQWHPHQWHPRUWDVHVWUDQKRVFRPSOHWRVDVHDGHTXDUHPjVFRQGLo}HVSyVPRUWHPXLWRHPERUD
HVWHFRQKHFLPHQWRQmRHVWHMDGLVSRQtYHODYRFrSHODPDQKm$VVLPRXWURVHVWUDQKRVSRGHPVH
FRPXQLFDUFRPYRFrTXDQGRYRFrHVWiGRUPLQGRHDWpPHVPRJXLDUYRFrDWUDYpVGHYiULRV
SHUtRGRVGHVXDYLGD

1mRpXPDTXHVWmRVLPSOHVH[SOLFDUDVFRQGLo}HVGHYLGDFRPRYRFrDVFRQKHFHDVVLPp
H[WUHPDPHQWHGLItFLOGLVFXWLUDVFRPSOH[LGDGHVGDVTXDLVYRFrQmRHVWiFLHQWH

2SRQWRSULQFLSDODTXHTXHURFKHJDUQHVWHFDStWXORpTXHMiWHPIDPLOLDULGDGHFRPWRGDVDV
FRQGLo}HVTXHHQFRQWUDUiDSyVDPRUWHHTXHYRFrSRGHVHWRUQDUFRQVFLHQWHPHQWHFLHQWHGHVWHV
DWpFHUWRSRQWR

&$3Ë78/2
(VFROKDVSyVPRUWHHRVPHFDQLVPRVGDWUDQVLomR

+iLOLPLWDGDVYDULHGDGHVGHH[SHULrQFLDVDEHUWDVSDUDYRFrDSyVDPRUWHWRGDVSRVVtYHLVPDV
DOJXPDVPHQRVSURYiYHLVGRTXHRXWUDVGHDFRUGRFRPVHXGHVHQYROYLPHQWR0XLWRJHUDOPHQWH
DJRUDKiWUrViUHDVSULQFLSDLVHQWUHWDQWRH[FHo}HVHFDVRVH[WUDRUGLQiULRVSRGHPOHYDUDRXWUDV
YLDV

9RFrSRGHGHFLGLUVHSRURXWUDUHHQFDUQDomR$RLQYpVGLVVRYRFrSRGHVHGHFLGLUSRUVXDYLGD
SDVVDGDXVDQGRDFRPRPDWHULDOGHXPDQRYDH[SHULrQFLDFRPRPHQFLRQDGRSUHYLDPHQWH
FULDQGRYDULDo}HVGHHYHQWRVFRPRYRFrRVFRQKHFHXFRUULJLQGRDVVHYRFrHVFROKHUDVVLP2X
YRFrSRGHHQWUDULQWHLUDPHQWHHPRXWURVLVWHPDGHSUREDELOLGDGHHLVWRHVWiEHPjSDUWHGHXPD
H[LVWrQFLDUHHQFDUQDFLRQDO9RFrHVWDUiGHL[DQGRWRGRVRVSHQVDPHQWRVGHFRQWLQXLGDGHGHWHPSR
DWUiVGHVLHPWDOFDVR

$JRUDDOJXQVLQGLYtGXRVDOJXPDVSHUVRQDOLGDGHVSUHIHUHPXPDRUJDQL]DomRGHYLGDPRGHUDGD
VREUHRSDVVDGRSUHVHQWHHIXWXURHPXPDHVWUXWXUDDSDUHQWHPHQWHOyJLFDHHVWDVSHVVRDV
QRUPDOPHQWHHVFROKHPDUHHQFDUQDomR2XWURVFDQGLGDPHQWHSUHIHUHPH[SHULHQFLDURVHYHQWRV
GHXPDPDQHLUDH[WUDRUGLQDULDPHQWHLQWXLWLYDFRPDRUJDQL]DomRVHQGRSURYLGDSHORVSURFHVVRV
DVVRFLDWLYRV(VWHVHVFROKHUmRXPVLVWHPDGHSUREDELOLGDGHVSDUDVHX>GHOHV@SUy[LPRSULQFLSDO
HPSUHHQGLPHQWR

$OJXQVVLPSOHVPHQWHQmRDFKDPVLVWHPDItVLFRDJUDGiYHODHOHVHHPWDOFDVRRGHL[DP,VVRQmR
SRGHVHUIHLWRSRUpPDWpTXHRFLFORUHHQFDUQDFLRQDOXPDYH]HVFROKLGRHVWHMDFRPSOHWRDVVLP
DXOWLPDHVFROKDH[LVWHSDUDDTXHOHVTXHGHVHQYROYHUDPVXDVKDELOLGDGHVDWUDYpVGDUHHQFDUQDomR
WDQWRTXDQWRSRVVtYHOGHQWURGDTXHOHVLVWHPD

$OJXQVWHUPLQDGDVDVUHHQFDUQDo}HVSRGHPHVFROKHUUHHQWUDUQRFLFORDWXDQGRFRPRSURIHVVRUHV
HHPWDLVFDVRVDOJXPUHFRQKHFLPHQWRGDPDLVDOWDLGHQWLGDGHHVWiVHPSUHSUHVHQWH

$JRUDKiXPHVWiJLRLQWHUPHGLiULRGHUHODWLYDLQGHFLVmRXPSODQRPHGLDQRGHH[LVWrQFLDXPD
iUHDGHGHVFDQVRFRPSDUDWLYDPHQWHIDODQGRHpDSDUWLUGHVVDiUHDTXHDPDLRULDGDFRPXQLFDomR
YLQGDGRVSDUHQWHVRFRUUH(VWHQRUPDOPHQWHpRQtYHOTXHpYLVLWDGRSHORVYLYRVQDVSURMHo}HVD
SDUWLUGRHVWDGRGHVRQKR

$QWHVGRWHPSRGDHVFROKDSRUpPKiXPSHUtRGRGHDXWRH[DPHHWRGDVXDKLVWyULDVHWRUQD
GLVSRQtYHODYRFr9RFrFRPSUHHQGHDQDWXUH]DGDHQWLGDGHHpDYLVDGRSHODVRXWUDVSRUo}HV
GDTXHODHQWLGDGHPDLV³DYDQoDGDV´GRTXHYRFrPHVPR

9RFrVHGDUiFRQWDGHVHXVRXWURVHXVUHHFDUQDFLRQDLVSRUH[HPSOR+DYHUiODoRVHPRFLRQDLV
FRPRXWUDVSHUVRQDOLGDGHVDTXHPYRFrFRQKHFHXHPYLGDVSDVVDGDVHDOJXPDVGHVWDVSRGHP
VXEVWLWXLUVXDVUHODo}HVQDYLGDLPHGLDWDPHQWHSDVVDGD3RUpPHVVHpXPOXJDUGHHQFRQWURSDUD
LQGLYtGXRVGHVHXSUySULRVLVWHPDWDPEpP

7RGDVDVH[SOLFDo}HVQHFHVViULDVVmRGDGDVjTXHOHVTXHHVWmRGHVRULHQWDGRV¬TXHOHVTXHQmR
SHUFHEHPTXHHVWmRPRUWRVOKHVpFRQWDGRGHVXDVYHUGDGHLUDVFRQGLo}HVHWRGRVRVHVIRUoRVVmR
IHLWRVSDUDUHIUHVFDUOKHVDVHQHUJLDVHRVHVStULWRVeXPWHPSRGHHVWXGRHFRPSUHHQVmReGHVVD
iUHDTXHDOJXPDVSHUVRQDOLGDGHVSHUWXUEDGDVWrPRVVRQKRVGHUHWRUQDUDRDPELHQWHItVLFR

eXPOXJDUGHFRPpUFLRHQWUHVLVWHPDVSRUDVVLPGL]HU$VFRQGLo}HVHGHVHQYROYLPHQWRVmR
LPSRUWDQWHVPDLVGRTXHRWHPSRTXHXPLQGLYtGXRSHUPDQHFHQHVVDiUHDeXPSDVVR
LQWHUPHGLiULRPDVXPLPSRUWDQWH(PVHXVVRQKRVYRFrHVWHYHDTXL

$UHHQFDUQDomRHQYROYHPXLWRPDLVTXHXPDVLPSOHVGHFLVmRGHVRIUHURXWUDH[LVWrQFLDItVLFD1R
PHLRGHVVHSHUtRGRGRTXDOHVWRXIDODQGRPXLWDVVLWXDo}HVVmRFRQVLGHUDGDV4XDQGRDPDLRULD
GDVSHVVRDVSHQVDHPUHHQFDUQDomRHODSHQVDHPWHUPRVGHXPDSURJUHVVmRSHVVRDOQDTXDOD
DOPDVHDSHUIHLoRDHPFDGDYLGDVXFHVVLYD(VWDpXPDVLPSOLILFDomRJURVVHLUD+iYDULHGDGHV
LQILQLWDVGHVVHPHVPRWHPDYDULDo}HVLQGLYLGXDLV

2SURFHVVRGDUHHQFDUQDomRpXVDGRGHPXLWDVPDQHLUDVSRUWDQWRHQHVWHWHPSRGHGHVFDQVRRV
LQGLYtGXRVWrPTXHGHFLGLUTXDOVHUiD~QLFDIRUPDQDTXDODUHHQFDUQDomRVHUiXVDGD

3RUH[HPSORDOJXQVHVFROKHPLVRODUYiULDVFDUDFWHUtVWLFDVHPXPDGHWHUPLQDGDYLGDHWUDEDOKDP
QHVWDVTXDVHH[FOXVLYDPHQWHEDVHDGRXPDGHWHUPLQDGDH[LVWrQFLDVREUHGLJDPRVXPWHPD
SULQFLSDO9LVWRGHXPkQJXORItVLFRWDOSHUVRQDOLGDGHSDUHFHULDEDVWDQWHXQLODWHUDOHORQJHGHXP
ERPGHVHQYROYLPHQWRLQGLYLGXDO

(PXPDYLGDRLQWHOHFWRSRGHVHUSURSRVLWDOPHQWHPXLWRDOWRHDTXHOHVSRGHUHVGDPHQWHVHUHP
OHYDGRVWmRORQJHTXDQWRRLQGLYtGXRFRQVHJXLU(VVDVKDELOLGDGHVVmRHQWmRHVWXGDGDV
FRPSOHWDPHQWHSRUWRGDDSHUVRQDOLGDGHQRVDVSHFWRVEHQpILFRVHSUHMXGLFLDLVGRLQWHOHFWR
SHVDGRVFXLGDGRVDPHQWH$WUDYpVGDH[SHULrQFLDHPRXWUDYLGDHVVHPHVPRWLSRGHLQGLYtGXR
SRGHVHHVSHFLDOL]DUQRGHVHQYROYLPHQWRHPRFLRQDOHSURSRVLWDGDPHQWHQmRLPSRUWDQFLDOL]DUDV
KDELOLGDGHVLQWHOHFWXDLV

1RYDPHQWHRTXDGURItVLFRQmRVHULDQHFHVVDULDPHQWHDTXHOHGHXPERPGHVHQYROYLPHQWRRXGH
XPDSHUVRQDOLGDGHHTXLOLEUDGD+DELOLGDGHVFULDWLYDVHVSHFtILFDVSRGHPVHUHVSHFLDOL]DGDVGD
PHVPDPDQHLUD6HYRFrROKDVVHSDUDHVVDVYLGDVFRPRXPDVpULHGHSURJUHVV}HVHPWHUPRV
XVXDLVHQWmRYRFrWHULDPXLWDVTXHVW}HVQmRUHVSRQGLGDV1mRREVWDQWHRGHVHQYROYLPHQWR
DFRQWHFHPDVRVLQGLYtGXRVHVFROKHPRPRGRSHORTXDOSUHIHUHPTXHHVWHDFRQWHFLPHQWR
DFRQWHoD

1HJDQGRVHDVLPHVPRVGLJDPRVRGHVHQYROYLPHQWRLQWHOHFWXDOHPXPDGHWHUPLQDGDYLGDDV
SHUVRQDOLGDGHVWDPEpPDSUHQGHPRYDORUHSURSyVLWRGRTXHHODVQmRSRVVXHP2GHVHMRSRULVWR
QDVFHHQWmRGHQWURGHOHV±VHSRUH[HPSORSUHYLDPHQWHHOHVQmRHQWHQGHPRVSURSyVLWRVGR
LQWHOHFWR$VVLPQRPHVPRWHPSRGDHVFROKDSHUVRQDOLGDGHVGHFLGHPRVPRGRVFRPRLUmRVH
GHVHQYROYHUQDHQFDUQDomRVHJXLQWH

$OJXQVHVFROKHUmRDSURJUHVVmRDXPQtYHOPDLVIiFLOHGHXPDPDQHLUDPDLVHTXLOLEUDGD

(OHVDMXGDUmRDPDQWHUWRGDVDVUDPLILFDo}HVGDSHUVRQDOLGDGHWUDEDOKDQGRGHXPDYH]SRUDVVLP
GL]HUPHVPRTXHHQFRQWUHPQRYDPHQWHHQRYDPHQWHDVSHVVRDVTXHFRQKHFHUDPHPRXWUDVYLGDV
(OHVWUDEDOKDUmRRVSUREOHPDVQXPQtYHOIiFLODRLQYpVGHGLJDPRVGHXPDPDQHLUDH[SORVLYD
(OHVLUmRQRSDVVRDSDVVRFRPRRVGDQoDULQRVID]HP

1HVWHWHPSRGHGHVFDQVRHHVFROKDWRGRVRVFRQVHOKRVVmRGDGRV$OJXPDVSHUVRQDOLGDGHV
UHHQFDUQDPDQWHVGHVHUHPDYLVDGDVSRUPXLWDVUD]}HV1RUPDOPHQWHLVWRpXPDLQIHOLFLGDGHD
FXUWRSUD]RSRLVRSODQHMDPHQWRQHFHVViULRDLQGDQmRJDQKRXOXJDU0DVDORQJRSUD]RJUDQGHV
OLo}HVDLQGDVHUmRDSUHQGLGDVDSDUWLUGRV³HUURV´1mRKiXPDGDWDPDUFDGDHDLQGDDVVLPp
PXLWRLQFRPXPTXHXPLQGLYtGXRHVSHUHSRUTXDOTXHUFRLVDPDLVTXHWUrVVpFXORVHQWUHDVYLGDV
SRLVLVVRID]FRPTXHDRULHQWDomRVHMDPXLWRGLItFLOHRVODoRVHPRFLRQDLVFRPDWHUUDVH
HQIUDTXHoDP

$VUHODo}HVSDUDDSUy[LPDYLGDWrPTXHVHUUHVROYLGDVHLVWRHQYROYHDFRPXQLFDomRWHOHSiWLFD
FRPWRGRVDTXHOHVTXHHVWDUmRHQYROYLGRV(VVHpXPWHPSRSRUWDQWRGHPXLWDVSURMHo}HV+i
DTXHOHVTXHVLPSOHVPHQWHVmRVROLWiULRVTXHUHHQFDUQDPVHPQHQKXPJUDQGHVHQWLPHQWRGH
SHUtRGRVKLVWyULFRVWHUUHQRV+iRXWURVTXHJRVWDPGHUHWRUQDUTXDQGRVHXVFRQWHPSRUkQHRVGH
DOJXPWHPSRSDVVDGRGHKLVWyULFRSDUWLFXODUUHWRUQDPQRYDPHQWHHHQWmRKiJUXSRVSDGURQL]DGRV
TXHHQYROYHPFLFORVUHHQFDUQDFLRQDLVQRVTXDLVPXLWRVPDVQmRWRGRVHVWmRHQYROYLGRV

+iFLFORVSHVVRDLVpFODURQRVTXDLVIDPtOLDVSRGHPUHHQFDUQDUUHODFLRQDQGRVHGLIHUHQWHPHQWH
XQVFRPRVRXWURVHYRFrHVWiHQYROYLGRHPYiULRVGHVWHV

+iGLIHUHQWHVQtYHLVDVHUHPHVTXDGULQKDGRVHPH[LVWrQFLDVUHHQFDUQDFLRQDLV$OJXQVHVFROKHP
³VHJXLUWRGRRFDPLQKR´(VVDVSHUVRQDOLGDGHVVHHVSHFLDOL]DPHPH[LVWrQFLDItVLFDHVHX
FRQKHFLPHQWRGHVVHVLVWHPDpPDLVFRPSUHHQVLYR3RLVQHVVHVKiXPPRYLPHQWRDWUDYpVGHFDGD
WLSRUDFLDO±XPDH[LJrQFLDTXHQmRpSRVWDSDUDDPDLRULD+iXPDSUHRFXSDomRLQWHQVDFRP
SHUtRGRVKLVWyULFRV

0XLWDVGHVWDVSHUVRQDOLGDGHVYLYHPFRPSDUDWLYDPHQWHYLGDVFXUWDVPDVPXLWRLQWHQVDVHHODV
H[SHULHQFLDPPDLVYLGDVGRTXHDPDLRULDGRVRXWURVLQGLYtGXRV(ODVUHWRUQDPHPRXWUDV
SDODYUDVHPWDQWRVWHPSRVKLVWyULFRVTXDQWRSRVVtYHODMXGDQGRILQDOPHQWHDPROGDURPXQGR
FRPRYRFrRFRQKHFH

'HXPDPDQHLUDRXGHRXWUDYRFrVWRGRVVmRYLDMDQWHVDQWHVPHVPRGHFRPHoDUVHXSULPHLURFLFOR
UHHQFDUQDFLRQDO3DUDID]HULVWRWmRVLPSOHVTXDQWRSRVVRGLUHLTXHYRFrVQmRWrPRVPHVPRV
KLVWyULFRVQHFHVVDULDPHQWHTXDQGRHQWUDPQRVLVWHPDItVLFRGDUHDOLGDGH&RPRPHQFLRQHLDQWHV
DH[LVWrQFLDWHUUHQDpXPSHUtRGRGHWUHLQRHDLQGDWDQWRTXDQWRSRVVtYHOJRVWDULDTXHYRFr
HVTXHFHVVHDVLGpLDVRUGLQiULDVGHSURJUHVVmR

2PHOKRUTXHLGpLDVFRPRERPRXPHOKRUTXHSRGHPFRQGX]LUYRFrSDUDIRUDGRFDPLQKRSRU
H[HPSOR9RFrHVWiDSUHQGHQGRDVHUWmRFRPSOHWRTXDQWRSRVVtYHO9RFrHVWiDSUHQGHQGRDVH
FULDU$RID]HULVVRGXUDQWHRFLFORUHHQFDUQDFLRQDOYRFrHVWiIRFDQGRVXDVKDELOLGDGHVSULQFLSDLV
QDYLGDItVLFDGHVHQYROYHQGRTXDOLGDGHVHFDUDFWHUtVWLFDVKXPDQDVDEULQGRQRYDVGLPHQV}HVGH
DWLYLGDGH,VVRQmRVLJQLILFDTXHRERPQmRH[LVWDRXTXHHPVHXVWHUPRVYRFrQmR³SURJULGD´
PDVVHXVFRQFHLWRVVREUHERPHSURJUHVVmRVmRH[WUHPDPHQWHGLVWRUFLGRV

$JRUDPXLWDVSHUVRQDOLGDGHVWrPWDOHQWRVH[WUDRUGLQiULRVDRORQJRGHOLQKDVHVSHFtILFDVHHVWDV
SRGHPDSDUHFHUQRYDPHQWHHQRYDPHQWHHPH[LVWrQFLDVVXFHVVLYDV(ODVSRGHPVHUFRPELQDGDV
XVDGDVHPYiULDVFRQGLo}HVHDLQGDGHPDQHLUDJHUDOSHUPDQHFHUFRPRDPDLVIRUWHPDUFDGD
SHUVRQDOLGDGHGDLQGLYLGXDOLGDGHHVLQJXODULGDGH(QTXDQWRDPDLRULDGDVSHVVRDVDGRWDGLIHUHQWHV
LQWHUFDPELDo}HVRFXSDo}HVHLQWHUHVVHVSRUH[HPSORDRORQJRGRFLFORUHHQFDUQDFLRQDOFRP
DOJXQVKDYHUiXPDOLQKDPXLWRQRWiYHOGHFRQWLQXLGDGH(ODSRGHVHUTXHEUDGDRFDVLRQDOPHQWH
PDVHVWiVHPSUHDOL(ODVSRGHPVHUSDGUHVRXSURIHVVRUHVSRUH[HPSORTXDVHH[FOXVLYDPHQWH

+DYHUiXPSRXFRPDLVGHPDWHULDOQHVWHOLYURHQIDWL]DQGRDUHHQFDUQDomRHVSHFLILFDPHQWHPDV
DTXLHXTXHURDVVLQDODUTXHQHVVHWHPSRGHHVFROKDHQWUHDVYLGDVPXLWRPDLVDVVXQWRVHVWiHP
MRJRGRTXHXPDVLPSOHVSURSRVWDGHUHQDVFLPHQWR

1DRFDVLmRDOJXPDVSHUVRQDOLGDGHVSRGHPVHUXPDH[FHomRjUHJUDJHUDOHUHFHEHUXPDOLFHQoD
GDVUHHQFDUQDo}HVXPDYLDJHPDGLDGDSRUDVVLPGL]HUSDUDRXWUDFDPDGDGDUHDOLGDGHHHQWmR
RUHWRUQR7DLVFDVRVQmRVmRFRPXQVQRHQWDQWR7DLVDVVXQWRVWDPEpPVmRGHFLGLGRVQHVVH
WHPSR$TXHOHVTXHHVFROKHPGHL[DUHVVHVLVWHPDFXMRVFLFORVUHHQFDUQDFLRQDLVHVWmRWHUPLQDGRV
WrPPXLWRPDLVGHFLV}HVDWRPDU

$H[SHULrQFLDSVLFROyJLFDYDULDFRQVLGHUDYHOPHQWHHPUHODomRDRTXHYRFrFRQKHFHHDLQGD
DVVLPKiSLVWDVGHODHPVXDSUySULDSVLTXH$TXLDSHUVRQDOLGDGHWHPTXHDSUHQGHUDDJUXSDU
HYHQWRVGHXPDIRUPDLQWHLUDPHQWHGLIHUHQWHHFRPSOHWDPHQWHGHVSURYLGDGHTXDOTXHUFRQILDQoD
QDHVWUXWXUDGRWHPSRFRPRYRFrDFRQKHFH

1HVWHFRPRHPQHQKXPDRXWUDUHDOLGDGHKDELOLGDGHVLQWHOHFWXDLVHLQWXLWLYDVILQDOPHQWH
WUDEDOKDPWmREHPMXQWDVTXHKiSRXFDGLVWLQomRHQWUHHODV2HXTXHGHFLGHVREUHDH[LVWrQFLD
UHHQFDUQDFLRQDOpRPHVPRHXTXHHVFROKHH[SHULrQFLDVFRPRSURYiYHOVLVWHPD$HVWUXWXUDGD
SHUVRQDOLGDGHSRUpPGHQWURGRVLVWHPDpEDVWDQWHGLIHUHQWH$VHVWUXWXUDVGDSHUVRQDOLGDGHFRP
DVTXDLVYRFrHVWiIDPLOLDUL]DGRQmRVmRVHQmRXPDYDULHGDGHGDVPXLWDVIRUPDVGHFRQVFLrQFLD
GLVSRQtYHLVDYRFr

(QWmRRSURYiYHOVLVWHPDpWmRFRPSOH[RFRPRRUHHQFDUQDFLRQDO$JRUDHXOKHGLVVHTXHWRGD
DomRpVLPXOWkQHDHQWmRSRUXPODGRYRFrH[LVWHLPHGLDWDPHQWHHPDPERVRVVLVWHPDV3RUpP
H[SOLFDUDYRFrTXHGHFLV}HVHVWmRHQYROYLGDVHSDUDVHSDUDUHVWHVHYHQWRVWHQKRTXH
VLPSOLILFiORVDWpFHUWRSRQWR&RORTXHPRVGHVVDIRUPDXPDSRUomRGHWRGRRHXVHIRFDHP
FLFORVUHHQFDUQDFLRQDLVHOLGDFRPRVGHVHQYROYLPHQWRVDOL2XWUDSRUomRVHIRFDHP
SUREDELOLGDGHVHOLGDFRPRVGHVHQYROYLPHQWRVDOL

7DPEpPKiXPVLVWHPDSURYiYHOpFODURQRTXDOQHQKXPFLFORUHHQFDUQDFLRQDOH[LVWHHXPFLFOR
GHUHHQFDUQDo}HVQRTXDOQmRH[LVWHPSUREDELOLGDGHV$IUDQTXH]DHIOH[LELOLGDGHGD
SHUVRQDOLGDGHVmRDOWDPHQWHLPSRUWDQWHV(QWUDGDVSDUDH[LVWrQFLDVSRGHPVHUDEHUWDVHD
SHUVRQDOLGDGHSRGHVHUHFXVDUDYrODV

3RURXWURODGRWRGDH[LVWrQFLDSURYiYHOHVWiDEHUWDHDFRQVFLrQFLDSRGHFRQVWUXLUXPDSRUWDRQGH
QmRKDYLDQHQKXPDQDTXHOHVWHUPRV+iJXLDVHSURIHVVRUHVQHVVHWHPSRGHHVFROKDHGHFLV}HV
SDUDPRVWUDUDOWHUQDWLYDVHSDUDH[SOLFDUDQDWXUH]DGDH[LVWrQFLD7RGDVDVSHUVRQDOLGDGHVQmR
HVWmRQRPHVPRQtYHOGHGHVHQYROYLPHQWR+iHQWmRSURIHVVRUHVDYDQoDGRVHSURIHVVRUHVHP
QtYHLV³PDLVEDL[RV´

0DVHVWHQmRpXPWHPSRGHFRQIXVmRPDVGHJUDQGHLOXPLQDomRHGHLQFUtYHOGHVDILR+DYHUi
PDWHULDOGHSRLVQHVWHOLYURVREUHRFRQFHLWRGLYLQRTXHRDMXGDUiDHQWHQGHUDOJXPDVFRLVDVTXH
SHUPDQHFHPQmRGLWDVQHVWHFDStWXOR

$JRUDSDUDDTXHOHVTXHHVFROKHPUHFRPELQDU³PLVWXUDURXLJXDODU´RVHYHQWRVGDYLGD
LPHGLDWDPHQWHSDVVDGD±SDUDWHQWiODGHQRYDVIRUPDVSRUH[HPSOROLo}HVWrPTXHVHUGDGDV
(PPXLWRVGHVWHVFDVRVKiXPSUREOHPDVpULRHFHUWDULJLGH]DFRSODGDjVFDUDFWHUtVWLFDV
SHUIHFFLRQLVWDVPHQFLRQDGDVDQWHULRUPHQWH

2VDQRVWHUUHQRVVHUmRH[SHULHQFLDGRVQRYDPHQWHPDVQmRQHFHVVDULDPHQWHGHIRUPDFRQWtQXD
2VHYHQWRVSRGHPVHUXVDGRVGHTXDOTXHUIRUPDTXHRLQGLYtGXRHVFROKDDOWHUDGRVUHYLYLGRVGD
IRUPDFRPRHOHVDFRQWHFHUDPSRUFRQWUDVWHFRPRWDOYH]XPDWRUDWXDULDQXPYHOKRILOPHQR
TXDOHOHDSDUHFHVVHQRYDPHQWHGHIRUPDDHVWXGiORV6yTXHQHVVHFDVRpFODURRDWRUSRGH
PXGDUVXDDWXDomRRXRILQDO(OHWHPSOHQDOLEHUGDGHFRPRVHYHQWRVGHVWHVDQRV

2VRXWURVDWRUHVSRUpPVmRIRUPDVSHQVDPHQWRDPHQRVDOJXQVFRQWHPSRUkQHRVUHXQLGRVQRV
DFRQWHFLPHQWRV

6REHVVDVFRQGLo}HVDSHUVRQDOLGDGHPDQLSXODRVHYHQWRVFRQVFLHQWHPHQWHpFODURHHVWXGDRV
YiULRVHIHLWRV2IRFRH[LJLGRpEDVWDQWHLQWHQVLYR

$HOHpGLWRGDQDWXUH]DGHVVHVTXHSDUWLFLSDPFRPHOH(OHSHUFHEHTXHHOHVVmR
IRUPDVSHQVDPHQWRSRUH[HPSORHHOHPHVPRPDVQRYDPHQWHIRUPDVSHQVDPHQWRSRVVXHP
FHUWDUHDOLGDGHHFRQVFLrQFLD(ODVQmRVmRDWRUHVGHSDSHOmRTXHHOHVLPSOHVPHQWHPRYLPHQWHj
YRQWDGH(OHWHPTXHSRUWDQWROHYiODVHPFRQVLGHUDomRHHOHWHPFHUWDUHVSRQVDELOLGDGHSDUD
FRPHODV

(OHVFUHVFHUmRHPFRQVFLrQFLDHFRQWLQXDUmRVXDVSUySULDVOLQKDVGHGHVHQYROYLPHQWRHP
GLIHUHQWHVQtYHLV'HXPPRGRVRPRVWRGRVIRUPDVSHQVDPHQWRHLVVRVHUiH[SOLFDGRPDLV
DGLDQWHQRPDWHULDOTXHWUDWDGRVFRQFHLWRVGLYLQRV(QWHQGDSRUpPTXHQmRTXHURGL]HUTXHQRV
IDOWHQRVVDSUySULDLQLFLDWLYDSDUDDDomRLQGLYLGXDOPHQWHRXGHSURSyVLWR±HOHPEUHVHWDPEpP
TXHDTXLYRFrYLYHRDYHVVRFRPRVHQWLGRGHTXHYLYHPRVXPDUHDOLGDGHLQWHUQDGDUHDOLGDGH
UHDO±DGDFRQVFLrQFLDUHDOTXHFKDPDPRVGHLQFRQVFLHQWH17(QWmRWDOYH]DGHFODUDomRWHQKD
XPVLJQLILFDGRPDLRUSDUDYRFr

$JRUDQHVWHWHPSRGHHVFROKDWRGRVHVVHVDVVXQWRVVmRFRQVLGHUDGRVHSUHSDUDo}HVDGHTXDGDV
VmRIHLWDVPDVRSUySULRSODQHMDPHQWRpQRWRGRXPDSDUWHGDH[SHULrQFLDHGRGHVHQYROYLPHQWR
$H[LVWrQFLDLQWHUPHGLiULDSRUWDQWRpWmRLPSRUWDQWHTXDQGRRSHUtRGRTXHpHVFROKLGR9RFr
DSUHQGHDSODQHMDUVXDVH[LVWrQFLDVHPRXWUDVSDODYUDV9RFrWDPEpPID]DPLJRVHFRQKHFLGRV
QHVWHVSHUtRGRVGHGHVFDQVRTXHYRFrHQFRQWUDGHQRYRHGHQRYR±HWDOYH]DSHQDVGXUDQWHDV
H[LVWrQFLDVLQWHUPHGLiULDV

&RPHOHVYRFrSRGHGLVFXWLUVXDH[SHULrQFLDGXUDQWHFLFORVUHHQFDUQDFLRQDLV(VWHVVmRFRPR
YHOKRVDPLJRV2VSURIHVVRUHVSRUH[HPSORHVWmRGHQWURGHXPFLFOR2VPDLVDYDQoDGRVMi
HQFRQWUDUDPRVVLVWHPDVGDUHHQFDUQDomRHSUREDELOLGDGHVHHOHVPHVPRVGHFLGHPVREUHD
QDWXUH]DGHVXDVSUySULDVH[SHULrQFLDV³IXWXUDV´$VHVFROKDVGHOHVQRHQWDQWRQmRVmRVXDV
HVFROKDV(PERUDHXSRVVDPHQFLRQDUDOJXQVRXWURVUHLQRVGHH[LVWrQFLDDEHUWRVDHOHVHPXP
FDStWXORSRVWHULRUQmRQRVHQYROYHUHPRVFRPHOHVDTXL
2WHPSRGDHVFROKDpGHSHQGHQWHGDFRQGLomRHFLUFXQVWkQFLDVGDWUDQVLomRLQGLYLGXDOVHJXLQWHD
SDUWLUGDYLGDItVLFD$OJXQVOHYDPPDLVWHPSRTXHRXWURVSDUDHQWHQGHUDYHUGDGHLUDVLWXDomR

2XWURVWrPTXHVHUGHVSLGRVGHPXLWDVLGpLDVHVtPERORVLPSHGLWLYRVFRPRH[SOLFDGRV
DQWHULRUPHQWH2WHPSRGDHVFROKDSRGHDFRQWHFHUTXDVHLPHGLDWDPHQWHHPVHXVWHUPRVRXSRGH
VHUGHL[DGRSRUXPSHUtRGRPXLWRPDLVORQJRHQTXDQWRRWUHLQDPHQWRRFRUUH2VLPSHGLPHQWRV
SULQFLSDLVTXHVHVLWXDPQRWHPSRGDHVFROKDVmRpFODURLGpLDVGLVWRUFLGDVPDQWLGDVSRUTXDOTXHU
LQGLYtGXR

8PDFUHQoDHPFpXRXLQIHUQRVREFHUWDVFRQGLo}HVSRGHVHULJXDOPHQWHGHVYDQWDMRVD$OJXQVVH
UHFXVDUmRDDFHLWDUDLGpLDGHWUDEDOKRDGLFLRQDOGHVHQYROYLPHQWRHGHVDILRDFUHGLWDQGRDR
FRQWUiULRTXHVLWXDo}HVFRQYHQFLRQDLVQRFpXVmRDV~QLFDVSRVVLELOLGDGHV3RUDOJXPWHPSRHOHV
SRGHPGHIDWRKDELWDUWDODPELHQWHDWpTXHDSUHQGDPDWUDYpVGDSUySULDH[SHULrQFLDTXH
H[LVWHPH[LJrQFLDVUHODFLRQDGDVDRGHVHQYROYLPHQWRHTXHWDOFpXVHULDHVWpULOHQIDGRQKRHGH
IDWR³PRUWDO´

(QWmRHVWmRSURQWRVSDUDRWHPSRGDHVFROKD2XWURVSRGHPLQVLVWLUTXHSRUFDXVDGHVXDV
WUDQVJUHVV}HVVHUmRODQoDGRVQRLQIHUQRHSRUFDXVDGDIRUoDGHWDOFRQYLFomRSRGHPGHIDWR
GXUDQWHDOJXPWHPSRHQFRQWUDUWDLVFRQGLo}HV(PTXDOTXHUFDVRSRUpPVHPSUHKiSURIHVVRUHV
GLVSRQtYHLV(OHVWHQWDPDMXGDUDWUDYpVGHVVDVIDOVDVFUHQoDV

1DVFRQGLo}HVGH,QIHUQRRVLQGLYtGXRVFKHJDPXPSRXFRPDLVGHSUHVVDDVHXVVHQWLGRV6HXV
SUySULRVPHGRVOKHVDODYDQFDPDOLEHUDomRGDVUHVSRVWDV6XDVQHFHVVLGDGHVHPRXWUDVSDODYUDV
DEUHPPDLVUDSLGDPHQWHDVSRUWDVLQWHUQDVGRFRQKHFLPHQWR6HXVHVWDGRVQRUPDOPHQWHQmRGXUD
WDQWRSRUpPFRPRQRHVWDGRGHFpX

3RUpPTXDOTXHUHVWDGRSURWHODRWHPSRGDHVFROKDHDSUy[LPDH[LVWrQFLD+iXPSRQWRTXHHX
JRVWDULDGHPHQFLRQDUDTXLHPWRGRVRVFDVRVRLQGLYtGXRFULDDSUySULDH[SHULrQFLD'LJRLVWR
QRYDPHQWHVRERULVFRGHPHUHSHWLUSRUTXHHVVHpXPIDWREiVLFRGHWRGDFRQVFLrQFLDH
H[LVWrQFLD

+iXPSRQWRTXHHXJRVWDULDGHPHQFLRQDUDTXLHPWRGRVRVFDVRVRLQGLYtGXRFULDDSUySULD
H[SHULrQFLD'LJRLVWRQRYDPHQWHVRERULVFRGHPHUHSHWLUSRUTXHHVVHpXPIDWREiVLFRGHWRGD
FRQVFLrQFLDHH[LVWrQFLD1mRKi³OXJDUHV´HVSHFLDLVRXVLWXDo}HVRXFRQGLo}HVUHVHUYDGDVDSyV
DPRUWHItVLFDQDTXDOTXDOTXHUSHUVRQDOLGDGHGHWHUPLQDGDWHQKDTXHH[SHULHQFLDU

6XLFtGLRVFRPRXPDFDWHJRULDSRUH[HPSORQmRWHPDYHUFRPQHQKXPD³SXQLomR´SDUWLFXODU
GDGDDDOJXpPWDPSRXFRpFRQGLomRSULRULGHOHV(OHVVmRWUDWDGRVFRPRLQGLYtGXRV4XDOTXHU
SUREOHPDTXHQmRIRLHQFDUDGRQHVVDYLGDSRUpPVHUiHPRXWUD3RUpPLVVRLPSOLFDQmRDSHQDV
DRVVXLFLGDV

8PVXLFtGLRSRGHSURYRFDUDSUySULDPRUWHGDSHVVRDSRUTXHHODUHMHLWDDH[LVWrQFLDHPTXDLVTXHU
FRQGLo}HVHVFROKLGDVSRUHODPHVPD6HHVVHIRURFDVRHQWmRpFODURHODWHUiTXHDSUHQGHUGH
IRUPDGLIHUHQWH0XLWRVRXWURVSRUpPHVFROKHPQHJDUDH[SHULrQFLDHQTXDQWRGHQWURGRVLVWHPD
FRPHWHQGRVXLFtGLRFRPEDVWDQWHIUHTrQFLDHQTXDQWRDLQGDQDYLGDItVLFD

$VFRQGLo}HVUHODFLRQDGDVDRDWRGHVXLFtGLRWDPEpPVmRLPSRUWDQWHVDVVLPFRPRDUHDOLGDGH
LQWHULRUHDUHDOL]DomRGRLQGLYtGXR0HQFLRQRLVWRDTXLSRUTXHPXLWDVILORVRILDVHQVLQDPTXH
VXLFtGLRVVmRFRQKHFLGRVFRPRXPWLSRGHGHVWLQRHVSHFLDOTXDVHYLQJDWLYRHWDOQmRpRFDVR
3RUpPVHXPDSHVVRDVHPDWDUDFUHGLWDQGRTXHRDWRDQLTXLODUiDFRQVFLrQFLDGHODSDUDVHPSUH
HQWmRHVWDIDOVDLGpLDSRGHLPSHGLUVHYHUDPHQWHRSURJUHVVRGHODSRLVLVWRVHUiLQWHQVLILFDGRPDLV
DGLDQWHSHODFXOSD

1RYDPHQWHSURIHVVRUHVHVWmRGLVSRQtYHLVSDUDH[SOLFDUDYHUGDGHLUDVLWXDomR9iULDVWHUDSLDVVmR
XVDGDV3RUH[HPSORDSHUVRQDOLGDGHSRGHVHUFRQGX]LGDDRVHYHQWRVSDVVDGRVDQWHVGDGHFLVmR
GRVXLFtGLR(QWmRjSHUVRQDOLGDGHpSHUPLWLGRPXGDUDGHFLVmR8PHIHLWRGHDPQpVLDpLQGX]LGR
GHIRUPDTXHRSUySULRVXLFtGLRpHVTXHFLGR6yPDLVWDUGHpTXHRLQGLYtGXRpLQIRUPDGRGRDWR
TXDQGRHVWiPHOKRUFDSDFLWDGRDHQIUHQWDULVWRHDHQWHQGHU

3RUpPREYLDPHQWHHVWDVFRQGLo}HVVmRWDPEpPLPSHGLPHQWRVDRWHPSRGDHVFROKDeFRPRGL]HU
TXHXPDREVHVVmRFRPSUHRFXSDo}HVWHUUHQDVWDPEpPIXQFLRQDGDPHVPDPDQHLUD
)UHTHQWHPHQWHHPWDLVVLWXDo}HVDSHUVRQDOLGDGHWHLPDUiHPVHIRFDUQDVKDELOLGDGHV
SHUFHSWLYDVHQDVHQHUJLDVHPGLUHomRjH[LVWrQFLDItVLFD(VWDpXPDUHFXVDSVtTXLFDHPDFHLWDUR
IDWRGDPRUWH2LQGLYtGXRVDEHEDVWDQWHEHPTXHHVWiPRUWRHPVHXVWHUPRVPDVVHUHFXVDD
FRPSOHWDUDVHSDUDomRSVtTXLFD

+iFDVRVpFODURRQGHRVLQGLYtGXRVLQWHUHVVDGRVQmRSHUFHEHPRIDWRGDPRUWH1mRpXPD
TXHVWmRGHVHUHFXVDUDDFHLWiODPDVXPDIDOWDGHSHUFHSomR1HVWHHVWDGRWDOLQGLYtGXRWDPEpP
HVWDUiREFHFDGRFRPDVSUHRFXSDo}HVWHUUHQDVHGLYDJDWDOYH]SHUWXUEDGRFRPVXDSUySULDFDVD
RXFLUFXQVWkQFLDV2WHPSRGDHVFROKDVHUipFODURQHFHVVDULDPHQWHDGLDGR

2VPHFDQLVPRVGDWUDQVLomRSRUWDQWRVmRDOWDPHQWHYDULiYHLVFRPRVPHFDQLVPRVGDYLGDItVLFD
0XLWRVGRVLPSHGLPHQWRVTXHPHQFLRQHLLPSHGHPRSURJUHVVRQmRDSHQDVDSyVDPRUWHPDV
GXUDQWHVXDSUySULDH[LVWrQFLDItVLFD,VVRGHYHULDFHUWDPHQWHVHUOHYDGRHPFRQWD8PDIRUWH
LGHQWLILFDomRFRPDVFDUDFWHUtVWLFDVVH[XDLVWDPEpPSRGHLPSHGLURSURJUHVVR6HXPLQGLYtGXR
FRQVLGHUDDLGHQWLGDGHIRUWHPHQWHHPWHUPRVGHLGHQWLGDGHPDVFXOLQDRXIHPLQLQDHQWmRWDO
SHVVRDSRGHVHUHFXVDUDDFHLWDURIDWRGDVPXGDQoDVVH[XDLVTXHRFRUUHPQDVH[LVWrQFLDV
UHHQFDUQDFLRQDLV(VVHWLSRGHLGHQWLILFDomRVH[XDOSRUWDQWRWDPEpPLPSHGHRGHVHQYROYLPHQWR
GDSHUVRQDOLGDGHGXUDQWHDYLGDItVLFD

(PERUDIDODQGRHPWHUPRVJHUDLVRVDVVXQWRVPHQFLRQDGRVRSHUHPFRPRLPSHGLWLYRVVHPSUHKi
H[FHo}HV8PDFUHQoDQRFpXQmRpXPDFUHQoDREVHVVLYDTXHSRGHVHUXVDGDFRPRXPDHVWUXWXUD
~WLOFRPRDEDVHGHXPDRSHUDomRTXHXPLQGLYtGXRDFHLWHIDFLOPHQWHDVQRYDVH[SOLFDo}HVVHUmR
RIHUHFLGDV

$WpPHVPRXPDFUHQoDHPXPGLDGHMXOJDPHQWRpXPDHVWUXWXUD~WLOGHPXLWDVIRUPDVSRLV
HPERUDQmRKDMDSXQLomRGDGDHPVHXVWHPRVRLQGLYtGXRpSUHSDUDGRSRUDOJXPWLSRGHH[DPH
HVSLULWXDOHDYDOLDomR

$TXHOHVTXHHQWHQGHPFRPSOHWDPHQWHTXHDTXHODUHDOLGDGHpDXWRFULDGDWHUmRPHQRVGLILFXOGDGH
2VTXHDSUHQGHUDPDHQWHQGHUHRSHUDQRVPHFDQLVPRVGRHVWDGRGHVRQKRWHUmRJUDQGH
YDQWDJHP8PDFUHQoDHPGHP{QLRVpDOWDPHQWHGHVYDQWDMRVDDSyVDPRUWHDVVLPFRPRGXUDQWH
DH[LVWrQFLDItVLFD8PDWHRORJLDVLVWHPDWL]DGDFRPEDVHHPRSRVWRVpWDPEpPSUHMXGLFLDO

6HYRFrDFUHGLWDSRUH[HPSORTXHWRGRREHPGHYHVHUHTXLOLEUDGRDWUDYpVGRPDOHQWmRYRFrVH
OLJDHPXPVLVWHPDGHUHDOLGDGHTXHpDOWDPHQWHOLPLWDQWHHTXHFRQWpPHPVLDVVHPHQWHVGHXP
JUDQGHWRUPHQWR

(PWDOVLVWHPDPHVPRREHPVHWRUQDVXVSHLWRSRUTXHXPPDOLJXDOpFRQVLGHUDGRVHJXLQGRHVVH
EHP2GHXVYHUVXVGLDERDQMRVYHUVXVGHP{QLRV±RDELVPRHQWUHDQLPDLVHDQMRV±WRGDVHVWDV
GLVWRUo}HVVmRLPSHGLPHQWRV(PVHXVLVWHPDGHUHDOLGDGHDJRUDYRFrHVWDEHOHFHJUDQGHV
FRQWUDVWHVHIDWRUHVRSRVLWRUHV(VWHVRSHUDPFRPRVXSRVLo}HVHQUDL]DGDVHPVXDUHDOLGDGH

(OHVVmRH[WUHPDPHQWHVXSHUILFLDLVHHPJUDQGHSDUWHRUHVXOWDGRGHKDELOLGDGHVLQWHOHFWXDLVPDO
XVDGDV2LQWHOHFWRVR]LQKRQmRSRGHHQWHQGHURTXHDVLQWXLo}HVFHUWDPHQWHHQWHQGHP2
LQWHOHFWRDRWHQWDUGDUVHQWLGRHPVHXVWHUPRVGHH[LVWrQFLDItVLFDHVWDEHOHFHHVVHVIDWRUHV
RSRVLWRUHV2LQWHOHFWRGL]³VHKiREHPWHPTXHKDYHURPDO´SRLVHOHTXHUDVFRLVDVH[SOLFDGDV
HPEORFRVEHPRUJDQL]DGRV6HKiXP³SDUDFLPD´GHYHKDYHUXP³SDUDEDL[R´'HYHKDYHU
HTXLOtEULR2VHULQWHULRUSRUpPSHUFHEHLVVRHPWHUPRVPXLWRPDLVDPSORVRPDOpVLPSOHVPHQWH
DLJQRUkQFLDDTXHOHV³SDUDFLPD´H³SDUDEDL[R´VmRWHUPRVRUJDQL]DGRVDSOLFDGRVDRHVSDoRTXH
QmRFRQKHFHQHQKXPDGLUHomRGHVVHWLSR

8PDIRUWHFUHQoDHPWDLVIRUoDVRSRVWDVpDOWDPHQWHSUHMXGLFLDOSRUpPSRLVHODSUHYLQHXPD
FRPSUHHQVmRGRVIDWRV±RVIDWRVGDXQLGDGHLQWHULRUHGDVLQJXODULGDGHGDVLQWHUFRQH[}HVHGD
FRRSHUDomR8PDFUHQoDSRUWDQWRXPDFUHQoDREVHVVLYDHPWDLVIDWRUHVRSRVLWRUHVpWDOYH]R
HOHPHQWRPDLVSUHMXGLFLDOQmRDSHQDVDSyVDPRUWHPDVGXUDQWHTXDOTXHUH[LVWrQFLD

+iDOJXQVLQGLYtGXRVTXHQXQFDH[SHULPHQWDUDPGXUDQWHDYLGDItVLFDDTXHOHVHQVRGHKDUPRQLDH
GHXQLGDGHQRTXDOWDLVIDWRUHVRSRVLWRUHVVHIXQGHP7DLVLQGLYtGXRVWrPPXLWDVIDVHVDVHUHP
YLYHQFLDGDVDWUDYpVGDWUDQVLomRVHJXLQWHHQRUPDOPHQWHPXLWDVRXWUDVYLGDVItVLFDVjIUHQWH
GHOHV

4XDQGRYRFrIRUPDVXDH[LVWrQFLDItVLFDLQGLYLGXDOHFROHWLYDPHQWHDSyVRWHPSRGDHVFROKD
YRFrVHUH~QHDRXWURVTXHGHFLGLUDPRPHVPRWLSRJHUDOGHH[SHULrQFLD

8PDIRUWHDYHQWXUDFRRSHUDWLYDpLQLFLDGDHQWmRFRQIRUPHRVSUHSDUDWLYRVVmRIHLWRV(VWHV
YDULDUmRGHDFRUGRFRPRWLSRGHH[LVWrQFLDHVFROKLGD+iSDGU}HVJHUDLVSRUWDQWR$UHDOLGDGHGH
XPLQGLYtGXRQmRpLGrQWLFDjGHRXWURHDLQGDKiDJUXSDPHQWRVJOREDLV

%DVWDQWHVLPSOHVPHQWHXPDFUHQoDQREHPVHPXPDFUHQoDQRPDOSRGHSDUHFHUDOWDPHQWHLUUHDO
DYRFr(VVDFUHQoDSRUpPpRPHOKRUWLSRGHVHJXURTXHYRFrSRGHWHUWDQWRGXUDQWHDYLGD
ItVLFDTXDQWRSRVWHULRUPHQWH

,VWRSRGHVHUXPDDIURQWDSDUDVHXLQWHOHFWRHDHYLGrQFLDGHVHXVVHQWLGRVItVLFRVSRGHJULWDUTXH
LVWRpIDOVRFRQWXGRXPDFUHQoDQREHPVHPXPDFUHQoDQRPDOpGHIDWRDOWDPHQWHUHDOtVWLFRMi
TXHQDYLGDItVLFDHODPDQWpPVHXFRUSRPDLVVDXGiYHOPDQWpPYRFrSVLFRORJLFDPHQWHOLYUHGH
PXLWRVPHGRVHGHGLILFXOGDGHVPHQWDLVHOKHWUD]XPVHQWLPHQWRGHIDFLOLGDGHHHVSRQWDQHLGDGH
QRTXDORGHVHQYROYLPHQWRGHVXDVKDELOLGDGHVSRVVDPVHUPHOKRUDWLQJLGDV$SyVDPRUWHLVVRR
OLEHUDUiGDFUHQoDHPGHP{QLRVHLQIHUQRHGHXPDSXQLomRIRUoDGD9RFrHVWDUiPHOKRU
SUHSDUDGRSDUDHQWHQGHUDQDWXUH]DGDUHDOLGDGHFRPRHODp

(QWHQGRTXHRFRQFHLWRUHDOPHQWHRIHQGDVHXLQWHOHFWRHTXHVHXVVHQWLGRVSDUHoDPQHJiOR$LQGD
DVVLPYRFrMiGHYHULDWHUSHUFHELGRTXHVHXVVHQWLGRVOKHGL]HPPXLWDVFRLVDVTXHQmRVmR
YHUGDGHLUDVHOKHGLJRTXHVHXVVHQWLGRVItVLFRVSHUFHEHPXPDUHDOLGDGHTXHpXPUHVXOWDGRGH
VXDVFUHQoDV

$FUHGLWDQGRQRPDOYRFrpFODURRSHUFHEHUi6HXPXQGRQmRWHQWRXDH[SHULrQFLDDWpDJRUD
TXHRSRGHULDVDOYDU2&ULVWLDQLVPRIRLXPDGLVWRUomRGHVVDYHUGDGHSULQFLSDO±TXHUGL]HUR
FULVWLDQLVPRRUJDQL]DGRFRPRYRFrRFRQKHFH1mRHVWRXIDODQGRDTXLVLPSOHVPHQWHGRVSUHFHLWRV
RULJLQDLV(OHVUHFHEHUDPXPDUDUDFKDQFHHGLVFXWLUHPRVLVVRSRVWHULRUPHQWHQHVVHOLYUR

$H[SHULrQFLDTXHWUDQVIRUPDULDVHXPXQGRRSHUDULDQDLGpLDEiVLFDGHTXHYRFrFULDVXDSUySULD
UHDOLGDGHGHDFRUGRFRPDQDWXUH]DGHVXDVFUHQoDVHTXHWRGDDH[LVWrQFLDHUDDEHQoRDGDHTXH
RPDOQmRH[LVWLDQHOD6HHVWDVLGpLDVIRVVHPVHJXLGDVLQGLYLGXDOPHQWHHFROHWLYDPHQWHHQWmRD
HYLGrQFLDGHVHXVVHQWLGRVItVLFRVQmRHQFRQWUDULDFRQWUDGLo}HV(OHVSHUFHEHULDPRPXQGRHD
H[LVWrQFLDFRPRERQV

(VWDpDH[SHULrQFLDTXHQmRIRLH[SHULPHQWDGDHHVWDVVmRDVYHUGDGHVTXHYRFrWHPTXH
DSUHQGHUGHSRLVGDPRUWHItVLFD$OJXQVGHSRLVGDPRUWHHQWHQGHQGRHVWDVYHUGDGHVHVFROKHP
YROWDUjH[LVWrQFLDItVLFDHDVH[SOLFDU3HORVVpFXORVHVWHWHPVLGRRPRGR1RVLVWHPDGDV
SUREDELOLGDGHVTXHRULJLQDPDUHDOLGDGHItVLFDHVWHWDPEpPRFDVR

+iVLVWHPDVGHSUREDELOLGDGHQmRFRQHFWDGRVFRPVHXSUySULRVLVWHPDPXLWRPDLVDYDQoDGRTXH
TXDOTXHUXPTXHYRFrLPDJLQDDJRUDHQHVWHVDVYHUGDGHVGDVTXDLVWHQKRIDODGRVmREHP
FRQKHFLGDV1HOHVLQGLYtGXRVFULDWLYDHSURSRVLWDGDPHQWHFULDPUHDOLGDGHVVDEHQGRFRPRID]HU
LVVRHGDQGRUpGHDVVROWDVjVKDELOLGDGHVFULDWLYDVGDFRQVFLrQFLD

0HQFLRQRLVWRDTXLVLPSOHVPHQWHSDUDPRVWUDUTXHKiPXLWDVRXWUDVFRQGLo}HVSyVPRUWHQmR
FRQHFWDGDVFRPVHXVLVWHPD4XDQGRYRFrDSUHQGHUVXDFDSDFLGDGHQHVVHPHLRWHPSRYRFr
HVWDUiSURQWRSDUDRSURJUHVVR

2SUySULRSHUtRGRLQWHUPHGLiULRSRUpPWHPPXLWDVGLPHQV}HVGHDWLYLGDGHHGLYLV}HVGH
H[SHULrQFLD&RPRYRFrSRGHYHUFRORFDQGRLVVRWmRVLPSOHVTXDQWRSRVVtYHOQLQJXpP³FRQKHFH´
RRXWUR

$RLQYpVGHSDtVHVRXGLYLV}HVItVLFDVYRFrWHPHVWDGRVSVLFROyJLFRV3DUDXPLQGLYtGXRHPXPR
RXWURSRGHULDSDUHFHUEDVWDQWHHVWUDQJHLUR(PPXLWDVFRPXQLFDo}HVFRPHVWHVQHVWHVHVWDGRV
WUDQVLWLYRVDVPHQVDJHQVDWUDYpVGHPpGLXQVSRGHPSDUHFHUDOWDPHQWHFRQWUDGLWyULDV$
H[SHULrQFLDGR³PRUWR´QmRpDPHVPD$VFRQGLo}HVHVLWXDo}HVYDULDP8PLQGLYtGXR
H[SOLFDQGRVXDUHDOLGDGHSRGHDSHQDVH[SOLFDURTXHHOHFRQKHFH1RYDPHQWHWDOPDWHULDO
IUHTXHQWHPHQWHRIHQGHRLQWHOHFWRTXHH[LJHUHVSRVWDVVLPSOHVFODUDVHGHVFULo}HVSUHFLVDV

$PDLRULDGRVLQGLYtGXRVGHVWDVIDVHVTXHVHFRPXQLFDFRPSDUHQWHVYLYRVQmRDOFDQoRXR
WHPSRGDHVFROKDDLQGDFRPRWDPEpPQmRFRPSOHWRXVHXWUHLQDPHQWR

(OHVDLQGDSRGHPHVWDUSHUFHEHQGRDUHDOLGDGHHPWHUPRVGHVXDVYHOKDVFUHQoDV4XDVHWRGDVDV
FRPXQLFDo}HVYrPGHVWHQtYHOSDUWLFXODUPHQWHTXDQGRKiXPODoRGHUHODFLRQDPHQWRFRPXPD
YLGDLPHGLDWDPHQWHSUpYLD0HVPRQHVWHQtYHOSRUpPWDLVPHQVDJHQVVHUYHPDXPSURSyVLWR$V
FRPXQLFDo}HVSRGHPLQIRUPDUDRVSDUHQWHVYLYRVTXHDH[LVWrQFLDFRQWLQXDHHOHVSRGHPID]HU
LVVRDWUDYpVGHWHUPRVTXHRVYLYRVSRGHPFRPSUHHQGHU

(OHVSRGHPUHODWDUDRVYLYRVGHVGHTXHIUHTXHQWHPHQWHVXDVFUHQoDVVHMDPDLQGDDVPHVPDV
HPFLUFXQVWkQFLDVDIRUWXQDGDVHOHVSRGHPFRPXQLFDUVHXVFRQKHFLPHQWRVFRQIRUPHDSUHQGHP
3RUpPJUDGXDOPHQWHRSUySULRLQWHUHVVHGHOHVPXGD(OHVDVVXPHPQRYDVUHODo}HVHPVXDVQRYDV
H[LVWrQFLDV

1RWHPSRGHHVFROKHUHPSRUWDQWRDSHUVRQDOLGDGHMiHVWiSUHSDUDGDSDUDSDUWLUSRURXWUD
H[LVWrQFLD(PVHXVWHUPRVGHWHPSRHVVHSHUtRGRLQWHUPHGLiULRSRGHGXUDUVpFXORV

3RGHGXUDUVyDOJXQVDQRV3RUpPQRYDPHQWHKiH[FHo}HV+iFDVRVQRVTXDLVXPD
SHUVRQDOLGDGHHQWUDPXLWRGHSUHVVDHPRXWUDYLGDItVLFDHPWDOYH]XPDTXHVWmRGHKRUDV

,VWRQRUPDOPHQWHpLQIHOL]HSURYRFDGRSRUXPGHVHMRREVHVVLYRGHUHWRUQDUjYLGDItVLFD

7DOUHWRUQRUiSLGRSRUpPWDPEpPSRGHDFRQWHFHUFRPXPDSHUVRQDOLGDGHTXHHVWijFDUJRGH
JUDQGHVSURSyVLWRVTXHGHVFRQVLGHUDRXGHVFDUWDXPYHOKRFRUSRItVLFRHUHQDVFHTXDVHTXH
LPHGLDWDPHQWHHPXPQRYRGHIRUPDDILQDOL]DUXPSURMHWRLPSRUWDQWHHQHFHVViULRMiFRPHoDGR

+iDOJXQVSRQWRVTXHHXJRVWDULDGHDFUHVFHQWDUDTXL2WHPSRGDHVFROKDpDOJRXPSRXFRPDLV
FRPSOLFDGRVHRXOWLPRFLFORUHHQFDUQDFLRQDOHPVHXVWHUPRVHVWLYHUFRPSOHWR

(PSULPHLUROXJDUYRFrWHPTXHHQWHQGHUQRYDPHQWHTXHDJRUDYRFrQmRSHUFHEHVXDYHUGDGHLUD
LGHQWLGDGH$RFRQWUiULRYRFrDLGHQWLILFDFRPVHXHJRDWXDODVVLPTXDQGRYRFrSHQVDHPWHUPRV
GHYLGDDSyVDPRUWHYRFrUHDOPHQWHHQWHQGHFRPRXPDYLGDIXWXUDGRHJRTXHYRFrFRQKHFH1R
ILQDOGRFLFORUHHQFDUQDFLRQDOYRFrHQWHQGHEDVWDQWHFRPSOHWDPHQWHTXHYRFrDLGHQWLGDGHEiVLFD
RkPDJRLQWHULRUGHVHXVHUpPDLVGRTXHDVRPDGHVXDVSHUVRQDOLGDGHVUHHQFDUQDFLRQDLV

9RFrSRGHULDGL]HUTXHDVSHUVRQDOLGDGHVHQWmRVmRGLYLV}HVGHVHXHXDTXL1mRKiQHQKXPD
FRPSHWLomRHQWUHHODV1XQFDKRXYHTXDOTXHUGLYLVmRUHDOPDVDSHQDVXPDGLYLVmRDSDUHQWHQD
TXDOYRFrUHSUHVHQWRXYiULRVSDSpLVGHVHQYROYHXGLIHUHQWHVKDELOLGDGHVDSUHQGHXDFULDUGHXPD
QRYDHGHGLYHUVDVPDQHLUDV(VWDVSHUVRQDOLGDGHVUHHQFDUQDFLRQDLVFRQWLQXDPDVHGHVHQYROYHU
PDVHODVWDPEpPHQWHQGHPTXHDSULQFLSDOLGHQWLGDGHGHODVpWDPEpPVXD

(QWmRTXDQGRRFLFORHVWiILQDOL]DGRYRFrWHPXPFRQKHFLPHQWRFRPSOHWRGHVXDVYLGDV
SDVVDGDV$LQIRUPDomRH[SHULrQFLDHKDELOLGDGHVHVWmRQDVSRQWDVGHVHXVGHGRV,VVRVLJQLILFD
PHUDPHQWHTXHYRFrHQWHQGHVXDUHDOLGDGHPXOWLGLPHQVLRQDOHPWHUPRVSUiWLFRV7HQKRXVDGRD
SDODYUD³PXOWLGLPHQVLRQDO´FRPIUHTrQFLDHYRFrYrTXHTXHURGL]HUTXHHODpEDVWDQWHOLWHUDO
SRLVVXDUHDOLGDGHH[LVWHQmRDSHQDVHPWHUPRVGHH[LVWrQFLDVUHHQFDUQDFLRQDLVPDVWDPEpPQDV
UHDOLGDGHVSURYiYHLVPHQFLRQDGDVDQWHULRUPHQWH

(QWmRTXDQGRRWHPSRGDHVFROKDFKHJDDVHVFROKDVGLVSRQtYHLVVmRPXLWRPDLVGLYHUVDVGRTXH
DVRIHUHFLGDVRXSRVVtYHLVSDUDSHUVRQDOLGDGHVTXHDLQGDWrPTXHUHHQFDUQDU6HPSUHKiD
RSRUWXQLGDGHGHHQVLQDUVHYRFrWLYHUDLQFOLQDomRHFDSDFLGDGHPDVRHQVLQRPXOWLGLPHQVLRQDOp
EDVWDQWHGLIHUHQWHGRTXHRHQVLQRFRPRYRFrFRQKHFHDJRUDHH[LJHXPWUHLQDPHQWRULJRURVR

7DOSURIHVVRUWHPTXHVHUFDSD]GHLQVWUXLUYiULDVSRUo}HVGHXPDHQWLGDGHHPVHXVWHUPRVDR
PHVPRWHPSR'LJDPRVSRUH[HPSORTXHXPDHQWLGDGHSDUWLFXODUWHPUHHQFDUQDo}HVQRGpFLPR
TXDUWRVpFXOR>HP@$&QRDQR'&HQRWHPSRGD$WOkQWLGD8PSURIHVVRUHQWUDULD
VLPXOWDQHDPHQWHHPFRQWDWRFRPHVWDVYiULDVSHUVRQDOLGDGHVVHFRPXQLFDQGRFRPHODVHP
WHUPRVTXHHODVSXGHVVHPHQWHQGHU7DOFRPXQLFDomRH[LJHXPFRPSOHWRFRQKHFLPHQWRGDV
VXSRVLo}HVHQUDL]DGDVHPWDLVHUDVHGRDPELHQWHJHUDOILORVyILFRHFLHQWLILFRGRSHQVDPHQWRQD
pSRFD

$HQWLGDGHEHPSRGHULDHVWDUH[SORUDQGRYiULRVVLVWHPDVSURYiYHLVWDPEpPHHVWDV
SHUVRQDOLGDGHVWDPEpPWHULDPTXHVHUDOFDQoDGDVHFRQWDWDGDV$TXDQWLDGHFRQKHFLPHQWRH
WUHLQDPHQWRQHFHVViULRID]HPFRPTXHDFDUUHLUDGHFRPXQLFDGRUGHWDOSURIHVVRUVHMD
H[WUHPDPHQWHH[LJHQWHPDVHVWHpXPGRVFXUVRVGLVSRQtYHLV2SURFHVVRGHDSUHQGL]DGRGHWDO
LQIRUPDomRQHFHVVDULDPHQWHDFUHVFHQWDDRGHVHQYROYLPHQWRHKDELOLGDGHVGRSURIHVVRU8PD
GHOLFDGDPDQLSXODomRGHHQHUJLDpUHTXHULGDHYLDJHQVFRQVWDQWHVDWUDYpVGHGLPHQV}HV8PDYH]
TXHWDOHVFROKDpIHLWDRWUHLQDPHQWRFRPHoDLPHGLDWDPHQWHVHPSUHVREDOLGHUDQoDGHXPSHULWR
SUiWLFR$YRFDomRSRLVLVWRpXPDYRFDomRFRQGX]WDOSURIHVVRUDWpPHVPRSDUDRXWURVUHLQRVGH
UHDOLGDGHDOpPGRVTXHHOHSUHYLDPHQWHVDELDH[LVWLUHP

2XWURVWHUPLQDGDVVXDVUHHQFDUQDo}HVHGHXPDQDWXUH]DJOREDOGLIHUHQWHSRGHPFRPHoDUD
ORQJDYLDJHPTXHFRQGX]jYRFDomRGHXPFULDGRU(PXPSODQRPXLWRGLIHUHQWHLVWRSRGHVHU
FRPSDUDGRDJrQLRVHPFDPSRVFULDWLYRVGHQWURGHVXDSUySULDUHDOLGDGHItVLFD

$RLQYpVGHSLQWXUDVSLJPHQWRVSDODYUDVQRWDVPXVLFDLVRVFULDGRUHVFRPHoDPDH[SHULPHQWDU
FRPGLPHQV}HVGHUHDOLGDGHGDQGRFRQKHFLPHQWRGHPXLWDVIRUPDVTXDQWRSRVVtYHLV±HQmRTXHUR
GL]HUIRUPDVItVLFDV2TXHYRFrFKDPDGHWHPSRpPDQLSXODGRFRPRXPDUWLVWDPDQLSXODULDXP
SLJPHQWR2TXHYRFrFKDPDULDGHHVSDoRpUHXQLGRMXQWRGHIRUPDVGLIHUHQWHV

$DUWHpFULDGDHQWmRXVDQGRRWHPSRSRUH[HPSORFRPRXPDHVWUXWXUD(PVHXVWHUPRVR
WHPSRHHVSDoRSRGHULDPVHUPLVWXUDGRV$VEHOH]DVGHYiULDVLGDGHVDVEHOH]DVQDWXUDLVDV
SLQWXUDVHHGLItFLRVVmRWRGDVUHFULDGDVFRPRPpWRGRVGHDSUHQGL]DGRSDUDHVVHVDSUHQGL]HV8PD
GHVXDVPDLRUHVSUHRFXSDo}HVpFULDUEHOH]DTXHVHLPSULPDHPPXLWDVYiULDVGLPHQV}HVGH
UHDOLGDGHTXDQWRSRVVtYHO

7DOWUDEDOKRVHULDSHUFHELGRHPVHXVLVWHPDFRPRXPDFRLVDSRUH[HPSORPDVWDPEpPVHULD
SHUFHELGRHPUHDOLGDGHVSURYiYHLVHPERUDWDOYH]GHXPPRGRFRPSOHWDPHQWHGLIHUHQWHXPD
DUWHGHPXOWLGLPHQVLRQDOYRFrYrWmROLYUHHHOHPHQWDUTXHDSDUHFHULDVLPXOWDQHDPHQWHHP
PXLWDVUHDOLGDGHV

eLPSRVVtYHOGHVFUHYHUWDODUWHHPSDODYUDV2FRQFHLWRQmRWHPQHQKXPDHTXLYDOrQFLDYHUEDO
3RUpPHVWHVFULDGRUHVWDPEpPHVWmRHQYROYLGRVHPLQVSLUDUDTXHOHVHPWRGRVRVQtYHLVGH
UHDOLGDGHGLVSRQtYHLVSDUDHOHV3RUH[HPSORDLQVSLUDomRHPVHXVLVWHPDpIUHTHQWHPHQWHR
WUDEDOKRGHWDLVFULDGRUHV

(VWHVWLSRVGHDUWHVmRIUHTHQWHPHQWHUHSUHVHQWDo}HVVLPEyOLFDVGDQDWXUH]DGDUHDOLGDGH(OHV
VHUmRLQWHUSUHWDGRVGHYiULRVPRGRVGHDFRUGRFRPDVKDELOLGDGHVGRVTXHRVSHUFHEHP

(PVHXVWHUPRVHOHVSRGHPVHUGUDPDVYLYRV(OHVVHPSUHVHUmRHVWUXWXUDVSVtTXLFDVSRUpP
H[LVWLQGRjSDUWHGHTXDOTXHUVLVWHPDGHUHDOLGDGHGHWHUPLQDGRPDVDRPHQRVSDUFLDOPHQWH
SHUFHELGRVSRUPXLWRV$OJXQVH[LVWHPQRTXHYRFrSRGHFRQVLGHUDUFRPRSODQRDVWUDOHYRFrRV
SHUFHEHHPYLVLWDVGXUDQWHRHVWDGRGHVRQR

2XWURVVmRSHUFHELGRVHPYLVOXPEUHVRXSHGDoRVRXERFDGRVSRUVXDPHQWHWHPSRUDOHQTXDQWR
YRFrHVWiTXDVHGRUPLQGRTXDVHDFRUGDGRRXHPRXWURVSHUtRGRVGHGLVVRFLDomR+iYiULRVWLSRV
GHDUWHPXOWLGLPHQVLRQDOHSRUWDQWRPXLWRVQtYHLVQDVTXDLVRVFULDGRUHVWUDEDOKDP7RGDD
KLVWyULDGH&ULVWRIRLXPDFULDomRDVVLP

7DPEpPKiDTXHOHVTXHHVFROKHPVHURVFXUDQGHLURVHFODURLVWRHQYROYHPXLWRPDLVTXHFXUDU
FRPRYRFrHVWiIDPLOLDUL]DGR(VWHVFXUDQGHLURVWrPTXHSRGHUWUDEDOKDUFRPWRGRVRVQtYHLVGD
H[SHULrQFLDGDHQWLGDGHGLUHWDPHQWHDMXGDQGRDVSHUVRQDOLGDGHVTXHVmRXPDSDUWHGDTXHOD
1RYDPHQWHLVVRHQYROYHXPDPDQLSXODomRDWUDYpVGHSDGU}HVUHHQFDUQDFLRQDLVHDTXL
QRYDPHQWHJUDQGHGLYHUVLILFDomR8PFXUDQGHLURFRPHoDFRPRVHXVUHHQFDUQDFLRQDLVFRP
YiULDVGLILFXOGDGHV$FXUDHQYROYLGDpVHPSUHSVtTXLFDHHVSLULWXDOHHVWHVFXUDQGHLURVHVWmR
GLVSRQtYHLVSDUDDMXGDUFDGDSHUVRQDOLGDGHHPVHXVLVWHPDFRPRYRFrRFRQKHFHHPVHXWHPSR
SUHVHQWHHHPRXWURVVLVWHPDV

(PXPFRQWH[WRPDLRUHFRPPDLRUWUHLQDPHQWRFXUDQGHLURVDYDQoDGRVOLGDPFRPPDOHV
HVSLULWXDLVGHXPYDVWRQXPHURGHSHUVRQDOLGDGHV+iDTXHOHVTXHFRPELQDPDVTXDOLGDGHVGH
SURIHVVRUFULDGRUHFXUDQGHLUR2XWURVHVFROKHPOLQKDVGHGHVHQYROYLPHQWRTXHVmR
SDUWLFXODUPHQWHDGHTXDGDVjVVXDVSUySULDVFDUDFWHUtVWLFDV

1mRTXHURGLVFXWLURSURSyVLWRGDH[LVWrQFLDFRQWtQXDGDFRQVFLrQFLDRXRGHVHQYROYLPHQWRQHVWH
FDStWXORSRUpP6LPSOHVPHQWHTXHURWRUQDULVWRPDLVFODURTXHYDVWDVSRVVLELOLGDGHVGHSURJUHVVR
VmRSRVVtYHLVHHQIDWL]DURIDWRGHTXHFDGDSHUVRQDOLGDGHWHPSOHQDOLEHUGDGH

2VGHVHQYROYLPHQWRVGDFRQVFLrQFLDTXHDFRQWHFHPVmRDWULEXWRVQDWXUDLVIDVHVQDWXUDLV1mR
KiQHQKXPDFRHUomRDSOLFDGD7RGRVRVGHVHQYROYLPHQWRVDGLFLRQDLVVmRLQHUHQWHVjSHUVRQDOLGDGH
TXHYRFrFRQKHFHFRPRRHVWDGRDGXOWRpLQHUHQWHDRHVWDGRLQIDQWLO

$JRUDHVWDVGHVFULo}HVGHHYHQWRVSyVPRUWHSRGHPVRDUPXLWRFRPSOLFDGDVSDUWLFXODUPHQWHVH
YRFrIRLHVWiDFRVWXPDGRDKLVWRULDVVLPSOHVGHFpXRXGHVFDQVRHWHUQR,QIHOL]PHQWHDVSDODYUDV
IDOKDPSDUDGHVFUHYHUPXLWRGREiVLFRTXHJRVWDULDTXHYRFrHQWHQGHVVH9RFrWHPGHQWURGHVL
SRUpPDKDELOLGDGHGHOLEHUDUVXDLQWXLomRHUHFHEHUFRQKHFLPHQWRLQWHULRU

1HVWHOLYURTXHYRFrHVWiOHQGRDVSDODYUDVWrPDLQWHQomRGHOLEHUDUVXDVSUySULDVKDELOLGDGHV
LQWXLWLYDV4XDQGRYRFrHVWiOHQGRRVHXVSUySULRVVRQKRVOKHGDUmRLQIRUPDo}HVH[WUDVHHVWDUmR
HPVXDPHQWHDVVLPTXHYRFrDFRUGDUVHYRFrHVWLYHUDOHUWDSDUDHODV1mRKiWDOFRLVDFRPRXP
ILQDOVLPSOHVSDUDDYLGDTXHYRFrFRQKHFH>FRPR@DVKLVWRULDVGHFpX+iDOLEHUGDGHSDUDTXH
YRFrHQWHQGDVXDSUySULDUHDOLGDGHSDUDGHVHQYROYHUVXDVKDELOLGDGHVHSDUDVHQWLUPDLV
SURIXQGDPHQWHDQDWXUH]DGHVXDSUySULDH[LVWrQFLDFRPRXPDSDUWHGR7XGR4XHe

&$3Ë78/2
5HODFLRQDPHQWRVUHHQFDUQDFLRQDLV

$RORQJRGHVXDVH[LVWrQFLDVUHHQFDUQDFLRQDLVYRFrH[SDQGHVXDFRQVFLrQFLDVXDVLGpLDVVXDV
SHUFHSo}HVVHXVYDORUHV9RFrTXHEUDUHVWULo}HVDXWRDGRWDGDVHFUHVFHHVSLULWXDOPHQWHFRQIRUPH
DSUHQGHDGDUSDVVDJHPDRVFRQFHLWRVOLPLWDGRUHVHDGRJPDV

6XDWD[DGHDSUHQGL]DGRGHSHQGHLQWHLUDPHQWHGHYRFrSRUpP&RQFHLWRVOLPLWDGRVGRJPiWLFRV
RXUtJLGRVGHEHPHPDOSRGHPHVWRUYDUOKH,GpLDVPXLWRHVWUHLWDVVREUHDQDWXUH]DGDH[LVWrQFLD
SRGHPOKHVHJXLUSRUYiULDVYLGDVVHYRFrQmRHVFROKHVHUHVSLULWXDOHSVLTXLFDPHQWHIOH[tYHO

(VWDVLGpLDVUtJLGDVUHDOPHQWHSRGHPDJLUFRPRFRUUHLDVGHIRUPDTXHYRFrpIRUoDGRDFLUFXODU
FRPRXPILOKRWHGHFDFKRUURDPDUUDGRQXPUDLRPXLWRSHTXHQR(PWDLVFDVRVDWUDYpVWDOYH]GH
XPJUXSRGHH[LVWrQFLDVYRFrVHHQFRQWUDUiOXWDGRFRQWUDLGpLDVGHEHPHPDOVHGHEDWHQGRQXP
FLUFXORGHFRQIXVmRG~YLGDHDQVLHGDGH

6HXVDPLJRVHFRQKHFLGRVHVWDUmRSUHRFXSDGRVFRPRVPHVPRVSUREOHPDVSRLVYRFrWUDUiSDUDVL
DTXHOHVFRPDVPHVPDVSUHRFXSDo}HV(VWRXOKHGL]HQGRQRYDPHQWHTXHPXLWDVGHVXDVLGpLDV
GHEHPHPDOVmRDOWDPHQWHGLVWRUFLGDVHVRPEUHLDPWRGDFRPSUHHQVmRTXHYRFrWHPGDQDWXUH]D
GDUHDOLGDGH

6HYRFrDOLPHQWDUXPDFXOSDHPVXDPHQWHHQWmRHODpXPDUHDOLGDGHSDUDYRFrHYRFrWHPTXH
WUDEDOKDULVWR0DVPXLWRVGHYRFrDOLPHQWDPFXOSDVSDUDDVTXDLVQmRKiFDXVDVDGHTXDGDVH
YRFrVHFRORFDXPDVHODFRPHVVDVFXOSDVVHPUD]mR(PVXDGLPHQVmRGHDWLYLGDGHSDUHFHKDYHU
XPVRUWLPHQWRDEVXUGRGHPDOHV'HL[HPHGL]HUOKHTXHDTXHOHTXHRGHLDXPPDOVLPSOHVPHQWH
FULDRXWUR

'HVHXSRQWRGHUHIHUrQFLDpQRUPDOPHQWHGLItFLOSDUDYRFrSHUFHEHUTXHWRGRVRVHYHQWRV
WUDEDOKDPHPGLUHomRjFULDWLYLGDGHRXFRQILDUQDFULDWLYLGDGHHVSRQWkQHDGHVXDVSUySULDV
QDWXUH]DV(PVHXVLVWHPDPDWDUpREYLDPHQWHXPFULPHPRUDOPDVPDWDURRXWURFRPRSXQLomR
pDSHQDVXPHUURRULJLQDO

$OJXpPPXLWREHPFRQKHFLGRTXHHVWDEHOHFHXXPDLJUHMDVHYRFrSUHIHULUXPDFLYLOL]DomR
XPDYH]GLVVH
6HOKHEDWHUHPQXPDIDFHRIHUHoDDRXWUD¶2VLJQLILFDGRRULJLQDOGDTXHOD
REVHUYDomRSRUpPGHYHULDVHUHQWHQGLGR9RFrGHYHULDYLUDUDRXWUDIDFHSRUTXHYRFrSHUFHEH
TXHEDVLFDPHQWHRDWDFDQWHVyDWDFDDVLPHVPR

(QWmRYRFrHVWiOLYUHHDUHDomRpXPDUHDomRERD6HYRFrYLUDUDRXWUDIDFHVHPHVVH
HQWHQGLPHQWRSRUpPHVHVHQWLUUHVVHQWLGRRXVHYRFrYLUDUDRXWUDIDFHFRPXPVHQWLPHQWRGH
VXSHULRULGDGHSVHXGRPRUDOHQWmRDUHDomRHVWiGLVWDQWHGDDGHTXDomR

$JRUDWXGRLVWRSRGHVHUDSOLFDGRjVXDVUHODo}HVHPVXDVH[LVWrQFLDVUHHQFDUQDFLRQDLVHpFODUR
WDPEpPpDOWDPHQWHSHUWLQHQWHDVXDH[SHULrQFLDGLiULDSUHVHQWH6HYRFrRGHLDXPDSHVVRDHVVH
yGLRSRGHOLJiORDTXHPYRFrRGHLDDWUDYpVGHPXLWDVYLGDVMiTXHYRFrSHUPLWHTXHHOHR
FRQVXPD9RFrDWUDLSDUDVLQHVVDH[LVWrQFLDHHPWRGDVDVRXWUDVDVTXDOLGDGHVVREUHDVTXDLV
YRFrFRQFHQWUDVXDDWHQomR6HYRFrVHLQWHUHVVDYLYLGDPHQWHSRULQMXVWLoDVTXHDFKDWHUHPVLGR
IHLWDVDYRFrHQWmRYRFrDWUDLPDLVGHWDOH[SHULrQFLDHVHLVVRFRQWLQXDHQWmRLVVRVHUiUHIOHWLGR
HPVXDSUy[LPDH[LVWrQFLDeYHUGDGHTXHHQWUHDVYLGDVKiXP³WHPSR´SDUDHQWHQGLPHQWRH
FRQWHPSODomR

2VTXHQmRWLUDPYDQWDJHPGHWDLVRSRUWXQLGDGHVHPVXDVYLGDVIUHTXHQWHPHQWHQmRRID]HP
TXDQGRVXDVYLGDVHVWmRWHUPLQDGDV$FRQVFLrQFLDVHH[SDQGLUi(ODFULDUi(ODVHYLUDUiSDUD
GHQWURSDUDID]HULVVR1mRKiQDGDIRUDGHYRFrTXHRIRUoDUiDHQWHQGHUHVVHVDVVXQWRVRX
HQFDUiORV

eLQ~WLOSRUWDQWRGL]HU4XDQGRHVWDYLGDHVWLYHUWHUPLQDGDROKDUHLPLQKDH[LVWrQFLDHPXGDUHL
PHXMHLWR´,VVRpFRPRXPMRYHPGL]HU³4XDQGRHXILFDUYHOKRHPHDSRVHQWDUXVDUHLWRGDVHVVDV
KDELOLGDGHVTXHQmRHVWRXGHVHQYROYHQGRDJRUD´9RFrHVWiHVWDEHOHFHQGRRHVWiJLRSDUDVXD
³SUy[LPDÝLGDDJRUD2VSHQVDPHQWRVTXHYRFrWHPKRMHLUmRGHXPMHLWRRXRXWURVHWRUQDUR
WHFLGRGHVXDSUy[LPDH[LVWrQFLD

1DKiSDODYUDVPiJLFDVTXHRIDoDPViELRTXHRSUHHQFKDPFRPFRPSUHHQVmRHFRPSDL[mRTXH
H[SDQGDPVXDFRQVFLrQFLD

6HXVSHQVDPHQWRVHH[SHULrQFLDFRWLGLDQDFRQWrPDVUHVSRVWDV4XDOTXHUVXFHVVRQHVWDYLGD
TXDOTXHUKDELOLGDGHWrPVLGRWUDEDOKDGRDWUDYpVGDVH[SHULrQFLDVSDVVDGDV6mRVXDVSRUGLUHLWR
9RFrWUDEDOKRXSDUDGHVHQYROYrORV6HYRFrROKDUSDUDYRFrSDUDVHXVSDUHQWHVDPLJRV
FRQKHFLGRVSDUFHLURVGHQHJyFLRVYRFrWDPEpPYHUiTXHWLSRGHSHVVRDYRFrpSRLVYRFrp
DWUDtGRSDUDHOHVDVVLPFRPRHOHVVmRDWUDtGRVSDUDYRFrDWUDYpVGHVLPLODULGDGHVLQWHULRUHV
EDVWDQWHEiVLFDV

6HYRFrH[DPLQDUVHXVSHQVDPHQWRVGXUDQWHFLQFRPLQXWRVSRUYiULRVPRPHQWRVGXUDQWHRGLDSRU
YiULRVGLDVGXUDQWHXPPrVYRFrUHDOPHQWHUHFHEHUiXPDLPSUHVVmRFRUUHWDGRWLSRGHYLGDTXH
YRFrWHPDUUDQMDGRSDUDVLPHVPRQDSUy[LPDH[LVWrQFLD6HYRFrQmRHVWLYHUFRQWHQWHFRPRTXH
GHVFREULUHQWmRpPHOKRUFRPHoDDPXGDUDQDWXUH]DGHVHXVSHQVDPHQWRVHVHQWLPHQWRV

&RPRYRFrYHUiPDLVjIUHQWHQHVVHOLYURYRFrSRGHID]HULVVR1mRKiQHQKXPDUHJUDGL]HQGR
TXHHPFDGDYLGDYRFrSUHFLVDVHHQFRQWUDUGHQRYRFRPDTXHOHVTXHYRFrFRQKHFHXDQWHVH
DLQGDDVVLPDWUDYpVGDQDWXUH]DGDDWUDomRHVVHpIUHTHQWHPHQWHRFDVR

9RFrSRGHWHUQDVFLGRHPVXDIDPtOLDDWXDOSRUPXLWDVUD]}HV9RFrSRGHGHVFREULUDSyVDPRUWH
XPDUHODomRHPRFLRQDOPXLWRIRUWHFRPXPDSHUVRQDOLGDGHGHXPDYLGDSDVVDGD6HYRFrIRU
FDVDGRSRUH[HPSORHQmRWHPXPDERDKDUPRQLDFRPVHXSDUFHLURYRFrSRGHHQFRQWUDUXPD
HVSRVDGHXPDYLGDSDVVDGDRXXPPDULGRHVSHUDQGRSRUYRFr

0XLWDVYH]HVPHPEURVGHYiULRVJUXSRV±JUXSRVPLOLWDUHVJUXSRVGHLJUHMDJUXSRVGHFDoDGRUHV
LUmRHPRXWUDYLGDIRUPDUUHODo}HVIDPLOLDUHVQDVTXDLVWUDEDOKDUmRVHXVSUREOHPDVGHQRYRV
PRGRV)DPtOLDVGHYHPVHUFRQVLGHUDGDVFRPRFRQJORPHUDGRVGHDWLYLGDGHSVtTXLFDHOHVWrPXPD
LGHQWLGDGHVXEMHWLYDGDTXDOQHQKXPPHPEURSDUWLFXODUGRJUXSRSRGHHVWDUFRQVFLHQWH

)DPtOLDVWrPSURSyVLWRVVXEFRQVFLHQWHVHPERUDRVPHPEURVLQGLYLGXDLVGDIDPtOLDSRVVDP
SURFXUDUHVWHVSURSyVLWRVVHPFLrQFLDFRQVFLHQWH7DLVJUXSRVVmRHVWDEHOHFLGRVDOpPGRWHPSR
SRUDVVLPGL]HUQDVH[LVWrQFLDVItVLFDVLQWHUPHGLiULDV0XLWDVYH]HVTXDWURRXFLQFRLQGLYtGXRVVH
HVWDEHOHFHUmRXPGHWHUPLQDGRGHVDILRHGHVLJQDUmRDYiULRVPHPEURVGLIHUHQWHVSDUWHVDVHUHP
UHSUHVHQWDGDV(QWmRQXPDH[LVWrQFLDItVLFDRVSDSpLVVHUmRWUDEDOKDGRV

2HXLQWHULRUHVWiVHPSUHFLHQWHGRVPHFDQLVPRVHVFRQGLGRVQHVWHVJUXSRVIDPLOLDUHV2VTXH
HVWmRLQWLPDPHQWHHQODoDGRVDWUDYpVGHFRUGDVHPRFLRQDLVIUHTXHQWHPHQWHSUHIHUHPSHUPDQHFHU
LQWLPDPHQWHRXOLYUHPHQWHDWDGRVDUHODFLRQDPHQWRVItVLFRVTXHFRQWLQXDPDWUDYpVGHPXLWDV
YLGDV1RYDVUHODo}HVVmRVHPSUHHQFRUDMDGDVSRUpPSRLVYRFrWHP³IDPtOLDVÚHHQFDUQDFLRQDLV
HQFUDYDGDV0XLWRVGHVWHVIRUPDPRUJDQL]Do}HVItVLFDVTXHVmRQDYHUGDGHPDQLIHVWDo}HVGH
JUXSRVLQWHULRUHV

)DOHLDQWHULRUPHQWHVREUHFRQFHLWRVUtJLGRVGHFHUWRHHUUDGR+iDSHQDVXPDPDQHLUDGHHYLWDU
HVVHSUREOHPD$SHQDVDYHUGDGHLUDFRPSDL[mRHRDPRUJXLDUmRSDUDXPDFRPSUHHQVmRGD
QDWXUH]DGRERPHDSHQDVHVVDVTXDOLGDGHVVHUYLUmRSDUDDQLTXLODURVFRQFHLWRVHUU{QHRVH
GLVWRUFLGRVGHPDO

2IDWRVLPSOHVpTXHWDQWRTXDQWRYRFrDFUHGLWHQRFRQFHLWRGHPDOHOHVHWRUQDXPDUHDOLGDGH
HPVHXVLVWHPDHYRFrVHPSUHRHQFRQWUDUiPDQLIHVWDGR6XDFUHQoDQHOHSRUpPSDUHFHUi
DOWDPHQWHMXVWLILFDGD6HYRFrFDUUHJDUHVVHFRQFHLWRDWUDYpVGHJHUDo}HVVXFHVVLYDVDWUDYpVGDV
UHHQFDUQDo}HVHQWmRYRFrRVRPDUijVXDUHDOLGDGH

'HL[HPHWHQWDUMRJDUDOJXPDOX]VREUHRTXHHVWRXWHQWDQGROKHGL]HU3ULPHLURRDPRUVHPSUH
HQYROYHOLEHUGDGH6HXPKRPHPGL]TXHHOHOKHDPDHDLQGDDVVLPQHJDDYRFrDVXDOLEHUGDGH
HQWmRYRFrQRUPDOPHQWHRRGLDUi$LQGDDVVLPSRUFDXVDGDVSDODYUDVGHOHYRFrQmRVHQWHD
MXVWLILFDomRQDHPRomR(VVHWLSRGHFRQIXVmRHPRFLRQDOSRGHFRQGX]LUDHPEDUDoRVDWUDYpVGH
YiULDVYLGDV

6HYRFrRGHLDRPDOHQWmRWRPHFXLGDGRFRPVXDFRQFHSomRVREUHDSDODYUD2yGLRpUHVWULWLYR
(OHHVWUHLWDVXDSHUFHSomR(OHpGHIDWRXPYLGURQHJURTXHMRJDVRPEUDHPWRGDVXD
H[SHULrQFLD9RFrHQFRQWUDUiPDLVHPDLVSDUDRGLDUHWUDUiRVHOHPHQWRVGHyGLRSDUDGHQWURGH
VXDH[SHULrQFLD

3RUH[HPSORVHYRFrRGHLDXPSDLHQWmRILFDEDVWDQWHIiFLORGLDUTXDOTXHUSDLSRLVQDIDFHGHOHV
YRFrYHUiHSURMHWDUiRRIHQVRURULJLQDO(PYLGDVVXEVHTHQWHVYRFrSRGHWDPEpPVHUDWUDtGR
SDUDXPDIDPtOLDHVHHQFRQWUDUFRPDVPHVPDVHPRo}HVSRLVDVHPRo}HVVmRRSUREOHPDHQmR
DTXHOHVHOHPHQWRVTXHSDUHFHPWUD]rODV

6HYRFrRGHLDDGRHQoDSRGHWUD]HUSDUDVLXPDVXFHVVmRGHYLGDVGHGRHQoDVSRUTXHRyGLRIH]
FRPTXHHODVIRVVHPDWUDtGDVSDUDYRFr6HYRFrH[SDQGHVHXVVHQWLGRVGHDPRUVD~GHHGH
H[LVWrQFLDHQWmRYRFrpDWUDtGRQHVWDYLGDHHPRXWUDVSDUDHVVDVTXDOLGDGHVQRYDPHQWHSRUTXH
HODVVmRDTXHODVQDVTXDLVYRFrVHFRQFHQWUD8PDJHUDomRTXHRGHLDDJXHUUDQmRWUDUiDSD]
8PDJHUDomRTXHDPDDSD]WUDUiDSD]

0RUUHUFRPyGLRSRUTXDOTXHUFDXVDRXSRUSHVVRDVRXSRUTXDOTXHUUD]mRpXPDJUDQGH
GHVYDQWDJHP9RFrWHPWRGRVRVWLSRVGHRSRUWXQLGDGHVDJRUDSDUDHQWUHWHUVXDH[SHULrQFLD
SHVVRDOGHPRGRVPDLVEHQpILFRVHPXGDUVHXPXQGR

1DSUy[LPDYLGDYRFrHVWDUiWUDEDOKDQGRFRPHVVDVDWLWXGHVTXHVmRVXDVDJRUD6HYRFrWHLPDU
HPDEULJDUyGLRVFRPYRFrDJRUDpPXLWRSURYiYHOTXHYRFrFRQWLQXHDID]HULVVR3RURXWURODGR
HVVHVYLVOXPEUHVGHYHUGDGHLQWXLomRDPRUDOHJULDFULDWLYLGDGHHUHDOL]DomRREWLGRVDJRUD
IXQFLRQDUmRSDUDYRFrHQWmRFRPRIXQFLRQDPDJRUD

(OHVVmRYRFrYrDV~QLFDVUHDOLGDGHVYHUGDGHLUDV(ODVVmRDV~QLFDVIXQGDo}HVUHDLVGD
H[LVWrQFLDeWRORFRPR5XEXUWXPDYH]GLVVHRGLDUXPDWHPSHVWDGHRXVDFXGLUVHXVSXQKRVjLVWR
HGDUOKHVQRPHV9RFrULVHYRFrSHQVDQDVFULDQoDVRXQDWLYRVHPWDLVDWLYLGDGHV

eLQ~WLOSHUVRQLILFDUXPDWHPSHVWDGHHWUDWiODFRPRXPGHP{QLRIRFDQGRVHVREUHVHXV
HOHPHQWRVGHVWUXWLYRVRXVREUHDTXHOHVHOHPHQWRVTXHSDUDYRFrSDUHFHPGHVWUXWLYRV

$PXGDQoDGDIRUPDQmRpGHVWUXWLYD$HQHUJLDH[SORVLYDGHXPDWHPSHVWDGHpDOWDPHQWH
FULDWLYD$FRQVFLrQFLDQmRpDQLTXLODGD8PDWHPSHVWDGHpSDUWHGDFULDWLYLGDGH9RFrYLXLVWRGH
VXDSUySULDSHUVSHFWLYDHDLQGDXPLQGLYtGXRVHQWLUiQDWHPSHVWDGHRFLFORLQWHUPLQiYHOGD
FULDWLYLGDGHHRXWURDSHUVRQLILFDUiFRPRRWUDEDOKRGRGLDER

3RUWRGDVDVVXDVYLGDVYRFrLQWHUSUHWDUiDUHDOLGDGHTXHYRFrYrGHVHXSUySULRPRGRHDTXHOH
PRGRWHUiVHXHIHLWRHPYRFrHQRVRXWURV2KRPHPTXHOLWHUDOPHQWHRGHLDLPHGLDWDPHQWH
HVWDEHOHFHVHGHVWDIRUPDHOHSUHMXOJDDQDWXUH]DGDUHDOLGDGHGHDFRUGRFRPVXDSUySULD
FRPSUHHQVmROLPLWDGD

$JRUDHVWRXHQIDWL]DQGRRDVVXQWRGHyGLRQHVWHFDStWXORVREUHUHHQFDUQDomRSRUTXHVHXV
UHVXOWDGRVSRGHPVHUPXLWRGHVDVWURVRV8PKRPHPTXHRGHLDVHPSUHVHDFUHGLWDMXVWLILFDGR(OH
QXQFDRGHLDTXDOTXHUFRLVDTXHDFUHGLWDVHUERP(OHVLPSOHVPHQWHSHQVDTXHHVWiVHQGRMXVWRHP
VHXyGLRSRUWDQWRPDVRyGLRSURSULDPHQWHIRUPDXPDSUHWHQVmRPXLWRIRUWHTXHRVHJXLUiDWUDYpV
GHVXDVYLGDVDWpTXHHOHDSUHQGDTXHDSHQDVRSUySULRyGLRpRGHVWUXLGRU

/RQJHGHPLPLQWHUURPSHUVXDFRQYHUVDomRHGLILFDQWH/HPEUHVHQRTXHYRFrVHFRQFHQWUDH
GHL[DUHPRVLVWRDVVLP$JRUDUHWRPDUHPRVRGLWDGR

*RVWDULDGHID]HUFODURTXHQmRKiQDGDDVHUJDQKRLJXDOPHQWHRGLDQGRRyGLR9RFrFDLQD
PHVPDDUPDGLOKD

2TXHpQHFHVViULRpXPDFRQILDQoDEiVLFDQDQDWXUH]DGDYLWDOLGDGHHDIpGHTXHWRGRVRV
HOHPHQWRVGDH[SHULrQFLDVmRXVDGRVSDUDXPEHPPDLRUYRFrSHUFHEDRXQmRDIRUPDQDTXDOR
³PDO´pWUDQVPXWDGRHPFULDWLYLGDGH2TXHYRFrDPDWDPEpPVHUiXPDSDUWHGHVXDH[SHULrQFLD
QHVWDYLGDHQDVRXWUDV

$LGpLDPDLVLPSRUWDQWHDVHOHPEUDUpTXHQLQJXpPHPSXUUDDH[SHULrQFLDGHTXDOTXHUYLGD
GHWHUPLQDGDVREUHYRFr(ODpIRUPDGDILHOPHQWHGHDFRUGRFRPVXDVSUySULDVHPRo}HVH
FRQYLFo}HV

2JUDQGHSRGHUHDHQHUJLDGRDPRUHGDFULDWLYLGDGHVmRDSDUHQWHVQRPHURIDWRGHVXD
H[LVWrQFLD(VWDpDYHUGDGHWmRIUHTXHQWHPHQWHHVTXHFLGD±TXHDFRPELQDomRGDFRQVFLrQFLDH
H[LVWrQFLDFRQWLQXDPHDEVRUYHPHVVHVHOHPHQWRVTXHOKHSDUHFHPWmRGHVWUXWLYRV

2yGLRpSRGHURVRVHYRFrDFUHGLWDQHOHHDLQGDHPERUDYRFrRGHLHDYLGDYRFrFRQWLQXDUiD
H[LVWLU9RFrPDUFRXFRPSURPLVVRVFDGDXPGHYRFrVTXHHVTXHFHX(OHVIRUDPPDUFDGRVSRU
DVVLPGL]HUDQWHVGHYRFrQDVFHUQHVVDH[LVWrQFLD(PPXLWRVFDVRVRVDPLJRVTXHYRFrIH]HUDP
SUy[LPRVDYRFrEHPDQWHVGHYRFrFRQKHFrORVQHVWDYLGDDWXDO

,VWRQmRVLJQLILFDTXHWRGRPXQGRHPVHXFLUFXORGHFRQKHFLPHQWRDWXDOIRLFRQKHFLGRVHXHLVVR
FHUWDPHQWHQmRLQVLQXDXPSDSHOHQIDGRQKRHQFHQDGRGHQRYRHGHQRYRHGHQRYRSRLVFDGD
HQFRQWURpXPQRYRGHVHXSUySULRPRGR/HPEUDQGRGRTXHHXGLVVHVREUHIDPtOLDVSHUFHED
WDPEpPTXHDVFLGDGHVHYLODVWDPEpPSRGHPVHUFRPSRVWDVGHKDELWDQWHVSDVVDGRVGHRXWUDV
FLGDGHVHYLODVVLPLODUHVWUDQVSRVWDVFRPQRYDVH[SHULrQFLDVHKLVWyULFRVMiTXHRJUXSRWHQWD
H[SHULPHQWRVGLIHUHQWHV

$JRUDjVYH]HVWDPEpPKiWDLVYDULDo}HVHPTXHRVKDELWDQWHVGHXPDFLGDGHSDUWLFXODUDJRUD
SRVVDPVHURVKDELWDQWHVUHQDVFLGRVGDTXHOHVTXHYLYHUDPGLJDPRVHPQXPDSHTXHQDYLOD
LUODQGHVD(OHVSRGHPVHUWUDQVSRUWDGRVSDUDXPDFLGDGHHP,GDKR

$OJXQVTXHTXLVHUDPYLDMDUGR0XQGR9HOKRSDUDR1RYRSRGHWHUUHQDVFLGRQR1RYR9RFr
WDPEpPWHPTXHVHOHPEUDUTXHDVKDELOLGDGHVGDVYLGDVSDVVDGDVHVWmRjVXDGLVSRVLomRSDUDVHX
XVRSUHVHQWH9RFrFROKHVXDVSUySULDVUHFRPSHQVDV,QIRUPDomRUHODFLRQDGDDHVWDVp
IUHTXHQWHPHQWHGDGDDYRFrQRHVWDGRGHVRQRHKiXPWLSRGHVRQKRJUXSDOXPVRQKRHQUDL]DGR
SHORTXDOFRQKHFHUFDGDXPHPYLGDVSDVVDGDVTXHDJRUDVHFRPXQLFDP

(PWDLVVRQKRVLQIRUPDomRHPPDVVDJHUDOpGDGDTXHRVLQGLYtGXRVHQWmRXVDPFRPRGHVHMDP
3ODQRVJOREDLVSDUDRGHVHQYROYLPHQWRVmRIHLWRVTXDQGRRVPHPEURVGRJUXSRGLJDPRVGHXPD
FLGDGHGHFLGHPVREUHVHXGHVWLQR

$OJXQVLQGLYtGXRVVHPSUHHVFROKHPQDVFHUFRPRSDUWHGHDOJXPJUXSR±UHQDVFHUHPRXWUDV
SDODYUDVFRPFRQWHPSRUkQHRVSDVVDGRVHQTXDQWRRXWURVGHVGHQKDPWDLVHPSUHHQGLPHQWRV
UHWRUQDQGRHPSRVLo}HVPXLWRPDLVLVRODGDV

(VWDpXPDTXHVWmRGHVHQWLPHQWRSVLFROyJLFR$OJXQVLQGLYtGXRVVmRPDLVjYRQWDGHPDLVVHJXURV
HPDLVFDSD]HVWUDEDOKDQGRFRPRXWURVQHVVHFDVR

9RFrSRGHULDFRQVLGHUDUXPDDQDORJLDQDTXDO-RKQ'RHVHJXHGHVXDFODVVHGHMDUGLPGHLQIkQFLD
DWpWRGDDHVFRODVHFXQGiULD(PXPDVLWXDomRUHHQFDUQDFLRQDOHOHVHPSUHHVFROKHUHWRUQDUFRP
VHXVFROHJDV2XWURVSRUpPVDOWDULDPGHHVFRODHPHVFRODDSDUHFHULDPVR]LQKRVIDODQGR
UHODWLYDPHQWHFRPXPDOLEHUGDGHPDLRUFRPPDLVGHVDILRPDVVHPRFRQIRUWRGDHVWUXWXUDGD
VHJXUDQoDHVFROKLGRSHORVRXWURV

(PFDGDFDVRRLQGLYtGXRpRMXL]QmRVyGHFDGDYLGDVXFHVVLYDVHXWHPSRDPELHQWHHGDWD
KLVWyULFDPDVWDPEpPGRFDUiWHUJOREDOHGRVPpWRGRVGHUHDOL]DomRGDVGDWDVKLVWyULFDV+i
PXLWRVPRGRVGLIHUHQWHVGHVHUHHQFDUQDUSRUWDQWRFRPRKiHXVLQWHULRUHVHFDGDHXLQWHULRU
HVFROKHUiVHXVySULRVPpWRGRVFDUDFWHUtVWLFRV

(PFDGDYLGDpVXSRVWRTXHYRFrFRQILUDRDPELHQWHH[WHULRUGHIRUPDDDSUHQGHUVXDFRQGLomR
LQWHULRU2H[WHUQRpXPUHIOH[RGRLQWHUQR

eVXSRVWRTXHYRFrHQWHQGDDQDWXUH]DGHVHXHXLQWHULRUHTXHRPDQLIHVWHH[WHUQDPHQWH4XDQGR
LVVRpIHLWRDVFLUFXQVWkQFLDVGHYHPPXGDUSDUDPHOKRUMiTXHRHXLQWHULRUVHWRUQDPDLV
FRQVFLHQWHGHVXDSUySULDQDWXUH]DHFDSDFLGDGHV7HRULFDPHQWHHQWmRHPFDGDYLGDYRFrILFDULD
PDLVIRUWHPDLVVDXGiYHOPDLVSUyVSHURHPDLVViELRPDVLVWRQmRIXQFLRQDGHVWHPRGRSRU
PXLWDVUD]}HV&RPRPHQFLRQDGRDQWHULRUPHQWHPXLWDVSHUVRQDOLGDGHVDGRWDPWLSRVGLIHUHQWHVGH
H[SHULrQFLDVIRFDQGRVHQRGHVHQYROYLPHQWRHPFHUWDViUHDVHVSHFtILFDVHLJQRUDQGRRXWUDV
WDOYH]SRUXPDVpULHGHYLGDV

1HQKXPDFRQVFLrQFLDWHPDVPHVPDVH[SHULrQFLDVRXDVLQWHUSUHWDGRPHVPRPRGRDVVLPFDGD
LQGLYtGXRXWLOL]DDVRSRUWXQLGDGHVUHHQFDUQDFLRQDLVjVXDSUySULDPDQHLUD0XGDQoDVGHVH[RSRU
H[HPSORVmRQHFHVViULDV$OJXQVLQGLYtGXRVDOWHUQDPRVH[RDFDGDYLGD2XWURVWrPXPDVpULH
GHYLGDVIHPLQLQDVHHQWmRXPDVpULHGHYLGDVPDVFXOLQDVRXYLFHYHUVDPDVDHVWUXWXUD
UHHQFDUQDFLRQDOLQWHLUDWHPTXHHQYROYHUDPEDVDVH[SHULrQFLDVVH[XDLV

$VKDELOLGDGHVQmRSRGHPVHUGHVHQYROYLGDVVHJXLQGRXPDOLQKD~QLFDGHVH[R'HYHKDYHU
H[SHULrQFLDVGHPDWHUQLGDGHHSDWHUQLGDGH4XDQGRYRFrFKHJDDRSRQWRHPTXHSHUFHEHTXHHVWi
IRUPDQGRVXDH[LVWrQFLDGLDDGLDHDYLGDTXHYRFrFRQKHFHHQWmRYRFrSRGHFRPHoDUDDOWHUDU
VHXVSUySULRVSDGU}HVPHQWDLVHSVtTXLFRVHHQWmRYRFrPXGDVHXDPELHQWHGLiULR

3RUpPHVWDUHDOL]DomRGHYHULDDFRQWHFHUGHPmRVGDGDVFRPXPFRQKHFLPHQWRSURIXQGDPHQWH
LQWXLWLYRGDVFDSDFLGDGHVGRHXLQWHULRU(VWHVGRLVIDWRUHVMXQWRVSRGHPOLEHUWDUYRFrGHTXDLVTXHU
GLILFXOGDGHVVXUJLGDVHPYLGDVSDVVDGDV7RGDDHVWUXWXUDGHVXDH[LVWrQFLDFRPHoDUiDPXGDU
FRPHVVDVSHUFHSo}HVHXPDDFHOHUDomRHVSLULWXDOHFUHVFLPHQWRSVtTXLFRVHGHVHQYROYHUmR

+iXPDOyJLFDLQWHUQDHPVXDVUHODo}HVDWXDLVHPVXDVDWLWXGHVHH[SHULrQFLDV3RUH[HPSORVH
HPXPDYLGDYRFrRGLRXDVPXOKHUHVYRFrSRGHPXLWREHPVHUXPDPXOKHUQDSUy[LPDYLGD6y
GHVWHPRGRYRFrYrYRFrVHULDFDSD]GHVHUHODFLRQDUFRPDH[SHULrQFLDGDIHPLQLOLGDGHH
HQWmRFRPRXPDPXOKHUHQIUHQWDUDVDWLWXGHVTXHYRFrPHVPRWHYHFRQWUDDVPXOKHUHVQR
SDVVDGR

6HYRFrQmRWHYHQHQKXPDFRQGROrQFLDSDUDFRPRGRHQWHYRFrSRGHQDVFHUHQWmRFRPXPD
GRHQoDVpULDQRYDPHQWHDJRUDDDXWRHVFROKDHVHHQFRQWUDQGRGLDQWHGDTXHODVDWLWXGHVTXHXPD
YH]IRUDPVXDV3RUpPWDOH[LVWrQFLDQRUPDOPHQWHLQFOXLULDWDPEpPRXWURVDVVXQWRV1HQKXPD
H[LVWrQFLDpHVFROKLGDSRUXPDUD]mRDSHQDVPDVWDPEpPVHUYHDPXLWDVRXWUDVH[SHULrQFLDV
SVLFROyJLFDV

3RUH[HPSORXPDH[LVWrQFLDFURQLFDPHQWHGRHQWHWDPEpPSRGHULDVHUXPDPHGLGDGHGLVFLSOLQD
SHUPLWLQGROKHRXVRGDVKDELOLGDGHVPDLVSURIXQGDVTXHYRFrLJQRURXHPXPDYLGDGHERDVD~GH
$YLGDSHUIHLWDPHQWHIHOL]SRUH[HPSORQDVXSHUItFLHSRGHSDUHFHUHVSOHQGLGDPDVWDPEpP
SRGHVHUEDVLFDPHQWHUDVDHFRQWULEXLUSRXFRFRPRGHVHQYROYLPHQWRGDSHUVRQDOLGDGH

3RUpPDH[LVWrQFLDYHUGDGHLUDPHQWHIHOL]pXPDSURIXQGDVDWLVIDomRTXHSRGHULDLQFOXLUD
VDEHGRULDHVSRQWkQHDHDDOHJULDHVSLULWXDO1mRHVWRXGL]HQGRHPRXWUDVSDODYUDVTXHR
VRIULPHQWRFRQGX]QHFHVVDULDPHQWHDXPDFRPSOHWXGHHVSLULWXDOQHPTXHWRGDGRHQoDpDFHLWDRX
HVFROKLGDSRUWDOSURSyVLWRSRLVHVVHQmRpRFDVR

$GRHQoDpIUHTHQWHPHQWHRUHVXOWDGRGDLJQRUkQFLDHGHKiELWRVPHQWDLVSUHJXLoRVRV7DO
GLVFLSOLQDSRGHVHUDGRWDGDSRUpPSRUFHUWDVSHUVRQDOLGDGHVTXHWrPTXHHQIUHQWDUIRUWHV
PHGLGDVSRUFDXVDGHRXWUDVFDUDFWHUtVWLFDV+iXPSDGUmRJOREDOGHUHODo}HVQDVYLGDVHDLQGD
LVWRQmRVLJQLILFDTXHYRFrYLDMDDWUDYpVGHYDUDLVH[LVWrQFLDVFRPRPHVPRQ~PHUROLPLWDGRH
IDPLOLDUGHDPLJRVHFRQKHFLGRVPHUDPHQWHDOWHUDGRFRPRDWRUHVFRPXPDPXGDQoDGHURVWRRX
URXSDJHQV

*UXSRVGHLQGLYtGXRVHQWUDPMXQWRVHPYiULDVYLGDVSRUSURSyVLWRVGHWHUPLQDGRVVHSDUDGRVH
SRGHPRXQmRHVWDUHPMXQWRVQRYDPHQWHHPXPWHPSRRXOXJDUGLIHUHQWHV1RYDPHQWHSRUpPQmR
KiXPDUHJUDUtJLGD$OJXPDVIDPtOLDVVmROLWHUDOPHQWHUHHQFDUQDo}HVGHVHXVDQFHVWUDLVPDV
HVVHQmRpRFDVRJHUDOGHTXDOTXHUIRUPD5HODo}HVSURIXQGDVFRQWLQXDUmRGHXPDIRUPDRXGH
RXWUD2XWUDVVLPSOHVPHQWHGHVDSDUHFHUmR

2SRQWRDTXHTXHURFKHJDUpTXHDRSRUWXQLGDGHSDUDRGHVHQYROYLPHQWRHFRQKHFLPHQWRHVWi
SUHVHQWHQHVVHPRPHQWRQHVVDYLGDDVVLPFRPRVHPSUHHVWDUi6HYRFrLJQRUDDVRSRUWXQLGDGHV
GLiULDVSDUDRGHVHQYROYLPHQWRDJRUDQLQJXpPSRGHIRUoiORDDFHLWDUHDXWLOL]DUDVKDELOLGDGHV
PDLRUHVDSyVDPRUWHRXHQWUHDVYLGDV2VSURIHVVRUHVHVWmRDOLQDH[SHULrQFLDSyVPRUWHPDV
WDPEpPKiSURIHVVRUHVDTXLHPVXDH[LVWrQFLDDJRUD

$OJXPDVIDPtOLDVYrPMXQWDVHPXPDYLGDSDUWLFXODUQmRSRUFDXVDGHXPDJUDQGHDWUDomRGH
DPRUHPXPDH[LVWrQFLDSDVVDGDPDVSRUUD]}HVRSRVWDV)DPtOLDVSRGHPVHUFRPSRVWDV
SRUWDQWRGHLQGLYtGXRVTXHUHSXJQDUDPXPDRRXWURQRSDVVDGRHYrPMXQWRVHPXPDUHODomR
tQWLPDRQGHLUmRWUDEDOKDUMXQWRVSRUXPDPHWDFRPXPDSUHQGHUDHQWHQGHUPHOKRUXPDRRXWURH
WUDEDOKDUSUREOHPDVHPXPWLSRGLIHUHQWHGHFRQWH[WR

-XQWDVFDGDJHUDomRWHPVHXSUySULRSURSyVLWReLVWRDSHUIHLoRDUFRQKHFLPHQWRLQWHULRUH
PDWHULDOL]iORH[WHUQDPHQWHWmRILHOPHQWHTXDQWRSRVVtYHOQRPXQGR$FHQDItVLFDPRGLILFDGDDR
ORQJRGRVVpFXORVFRPRYRFrRVFRQKHFHUHSUHVHQWDDVLPDJHQVLQWHUQDVTXHODPSHMDUDPDWUDYpV
GDVPHQVDJHQVGRVLQGLYtGXRVTXHYLYHUDPQRPXQGRDWUDYpVGHYiULDVpSRFDV

1mRpQHFHVViULRTXHYRFrDSUHQGDVREUHVXDVSUySULDVYLGDVSDVVDGDVHPERUDSRVVDVHU~WLOVH
YRFrHQWHQGHUTXHHVFROKHXDVFLUFXQVWkQFLDVGHVHXQDVFLPHQWRQHVWHWHPSR

6HYRFrH[DPLQDUVXDSUySULDYLGDDJRUDFXLGDGRVDPHQWHRVGHVDILRVTXHYRFrHVWDEHOHFHXSDUD
VLVHUWRUQDUmRDSDUHQWHV1mRpIiFLOID]HULVVRPDVHVWiDRDOFDQFHGHFDGDLQGLYtGXR6HYRFr
OLEHUWDUVHGRyGLRHQWmRDXWRPDWLFDPHQWHVHOLEHUWDUiGHTXDLVTXHUUHODo}HVGHyGLRQRIXWXUR±
RXGHTXDOTXHUH[SHULrQFLDEDVHDGDQRyGLR

&RQKHFHUVHXKLVWyULFRUHHQFDUQDFLRQDOPDVQmRFRQKHFHUDYHUGDGHLUDQDWXUH]DGHVHXHX
SUHVHQWHpLQ~WLO9RFrQmRSRGHMXVWLILFDURXUDFLRQDOL]DUFLUFXQVWkQFLDVSUHVHQWHVGL]HQGR³LVVR
pSRUFDXVDGHDOJRTXHHXQmRIL]QXPDYLGDSDVVDGD´SRLVHPYRFrDJRUDHVWiDKDELOLGDGHGH
PXGDUDVLQIOXHQFLDVQHJDWLYDV9RFrSRGHWHUWUD]LGRLQIOXrQFLDVQHJDWLYDVHPVXDYLGDSRUXPD
GHWHUPLQDGDUD]mRPDVDUD]mRVHPSUHWHPDYHUFRPHQWHQGHUHRHQWHQGLPHQWRUHPRYHHVVDV
LQIOXrQFLDV

9RFrQmRSRGHGL]HU2SREUHVLPSOHVPHQWHpSREUHSRUTXHHVFROKHXDSREUH]DHHQWmRQmRKi
QHFHVVLGDGHGHHXDMXGiOR´(VVDDWLWXGHSRGHIDFLOPHQWHDWUDLUSREUH]DSDUDYRFrQDSUy[LPD
H[SHULrQFLD

&DGDLQGLYtGXRQmRHVWiQHPVHTXHUQRPHVPRQtYHOGHUHDOL]DomRDRWpUPLQRGRFLFOR
UHHQFDUQDFLRQDO$OJXQVSRVVXHPFHUWDVTXDOLGDGHVTXHQmRHQFRQWUDPXPDFRQWUDSDUWHGHQWURGH
H[SHULrQFLDKXPDQD$SUySULDH[LVWrQFLDItVLFDWHPXPHIHLWRGLIHUHQWHVREUHYiULRVLQGLYtGXRV
$OJXQVDDFKDPXPH[FHOHQWHPHLRGHH[SUHVVmRHGHVHQYROYLPHQWR(OHVVHDGHTXDPDLVWR(OHV
WrPDGHVWUH]DSDUD(OHVWrPDGHVWUH]DGHVHH[SUHVVDUILHOPHQWHHPPRGRVItVLFRVHVHQWLPHQWRV
LQWHUQRVREMHWLYDGRV2XWURVDFKDPGLItFLOHDLQGDHVWHVPHVPRVLQGLYtGXRVSRGHPID]HUVHVDLU
PXLWRPHOKRUHPRXWURVQtYHLVGHUHDOLGDGH

+iDOPDVIRUWHVTXHSURVSHUDPQDUHDOLGDGHItVLFDHTXHSRGHPWHUGLILFXOGDGHVGHDGHTXDomR
HPRXWUDViUHDVQmRItVLFDVGHDWLYLGDGH(PWRGDVHVWDViUHDVSRUpPRVSURIXQGRVFRQWH[WRV
HVSLULWXDLVHHPRFLRQDLVQXQFDVmRQHJDGRV$PLJRVPXLWRtQWLPRVGHYLGDVSDVVDGDVTXHHVWmR
QXPDSRVLomRGHID]rORIUHTXHQWHPHQWHVHFRPXQLFDPFRPYRFrTXDQGRYRFrHVWiQRHVWDGRGH
VRQKRHDVUHODo}HVVmRFRQWLQXDGDVHPERUDYRFrQmRSHUFHEDLVWRFRQVFLHQWHPHQWH

1XPDEDVHLQFRQVFLHQWHYRFrHVWiFLHQWHGRQDVFLPHQWRGDYLGDItVLFDGHDOJXpPTXHYRFr
FRQKHFHXQRSDVVDGR2VHVWUDQKRVTXHYRFrHQFRQWUDHPVHXVVRQKRVVmRIUHTHQWHPHQWHp
FODURDVSHVVRDVTXHHVWmRYLYDVDJRUD±FRQWHPSRUkQHRV±TXHYRFrWDPEpPFRQKHFHXHPYLGDV
SDVVDGDV

+iWDPEpPUHODo}HVWUDQVLWyULDVFRQWDWRVIHLWRVHHQWmRGHL[DGRVGHODGR8PSDUFHLURGH
TXDOTXHUYLGDGHWHUPLQDGDSRUH[HPSORSRGHRXQmRUHSUHVHQWDUDOJXpPFRPTXHPYRFrWHYHXP
ODoRSHUPDQHQWHHSURIXQGRHQRYDPHQWHYRFrSRGHVHFDVDUFRPDOJXpPSRUFDXVDGH
VHQWLPHQWRVDOWDPHQWHDPEtJXRVHPXPDYLGDSDVVDGDHHVFROKHUXPDUHODomRPDULWDOQmR
EDVHDGDQRDPRUHPERUDRDPRUSRVVDVXUJLU

*rPHRVLQFLGHQWHPHQWHTXDVHVHPSUHHQYROYHPUHODo}HVPXLWRSURIXQGDVSVLTXLFDPHQWH
SHUPDQHQWHVGHIRUWHQDWXUH]DjVYH]HVREVHVVLYD(VWRXIDODQGRDJRUDGHJrPHRVLGrQWLFRV
2EMHWLYRVUHHQFDUQDFLRQDLVWDPEpPYDULDPJUDQGHPHQWH

4XHURHQIDWL]DUTXHDUHHQFDUQDomRpXPDIHUUDPHQWDXVDGDSHODVSHUVRQDOLGDGHV&DGDXPDD
XWLOL]DGHVXDSUySULDPDQHLUD$OJXQVGHVIUXWDPGDVH[LVWrQFLDVIHPLQLQDVRXWrPPDLRUDIHWR
SHODVYLGDVPDVFXOLQDV(PERUDDPERVSUHFLVHPVHUHQFRQWUDGRVKiXPDJUDQGHJDPDGH
HVFROKDVHDWLYLGDGHV$OJXPDVSHUVRQDOLGDGHVWHUmRGLILFXOGDGHVDRORQJRGHFHUWDVOLQKDVH
GHVHQYROYHPVHFRPUHODWLYDIDFLOLGDGHGHRXWUDVPDQHLUDV

$SUHGHWHUPLQDomRQXQFDpHQYROYLGDSRLVRGHVDILRHDVFLUFXQVWkQFLDVVmRHVFROKLGRV$OJXQV
SUREOHPDVSRGHPVHUUHVROYLGRVSRUH[HPSORSRUYiULDVH[LVWrQFLDV$OJXPDVSHUVRQDOLGDGHV
TXHUHPUHVROYHUVHXVSUREOHPDVPDLVGLItFHLVHWHUPLQiORVWDOYH]HPXPDVpULHGHH[LVWrQFLDDR
LQYpVGHWHQWDUH[LVWrQFLDVHFLUFXQVWkQFLDVH[DJHUDGDV

2XWURVGHXPDQDWXUH]DPDLVSOiFLGDUHVROYHUmRVHXVSUREOHPDVXPDFDGDYH]3HUtRGRVGH
GHVFDQVRWDPEpPSRGHPVHUDGPLWLGRVHHOHVVmRDOWDPHQWHWHUDSrXWLFRV3RUH[HPSORXPDYLGD
H[FHOHQWHVDWLVIDWyULDFRPXPPtQLPRGHSUREOHPDVSRGHVHUHVFROKLGDFRPRXPSUHO~GLRDXPD
YLGDGHGHVDILRFHQWUDGRRXFRPRXPDUHFRPSHQVDDXWRDGRWDGDSRUXPDYLGDSUpYLDGLItFLO(VVHV
TXHGHVIUXWDPFRPSOHWDPHQWHGHXPDYLGDItVLFDPpGLDVHPVHUREFHFDGRSRULVWRID]HPPXLWR
EHPUHDOPHQWH$V³OHLV´GDUHHQFDUQDomRVmRDGDSWDGDVSHODVSHUVRQDOLGDGHVLQGLYLGXDLVSDUD
TXHHODVVHDGHTXHP

&$3Ë78/2
5HHQFDUQDomRVRQKRVHRPDVFXOLQRHIHPLQLQRHVFRQGLGRVQRHX

&RPRPHQFLRQHLDQWHULRUPHQWHFDGDSHVVRDYLYHYLGDVPDVFXOLQDVHIHPLQLQDV&RPRXPDUHJUD
DPHPyULDFRQVFLHQWHGHVWHVQmRpUHWLGD3DUDSUHYHQLUXPDVXSHULGHQWLILFDomRGRLQGLYtGXRFRP
VHXVH[RSUHVHQWHQRPDFKRUHVLGHXPDSHUVRQLILFDomRLQWHULRUGHIHPLQLOLGDGH(VWD
SHUVRQLILFDomRGHIHPLQLOLGDGHQRPDFKRpRYHUGDGHLURVLJQLILFDGRGRTXH-XQJFKDPRXGH
³DQLPD´SULQFLSLRYLWDOYLGDDOPD17

$DQLPDQRPDFKRpSRUWDQWRDPHPyULDSVtTXLFDHDLGHQWLILFDomRGHWRGDVDVH[LVWrQFLDV
IHPLQLQDVSUpYLDVQDVTXDLVRHXLQWHULRUIRLHQYROYLGR(OHFRQWpPHPVLRFRQKHFLPHQWRGDV
KLVWyULDVIHPLQLQDVSDVVDGDVGRPDFKRSUHVHQWHHDFRPSUHHQVmRLQWXLWLYDGHWRGDVDVTXDOLGDGHV
IHPLQLQDVFRPDVTXDLVDSHUVRQDOLGDGHpQDWXUDOPHQWHGRWDGD

(QWmRDDQLPDpXPDSURWHomRLPSRUWDQWHSUHYHQLQGRRPDFKRGDVXSHULGHQWLILFDomRFRP
TXDLVTXHUFDUDFWHUtVWLFDVPDVFXOLQDVFXOWXUDLVTXHIRUDPSURIXQGDPHQWHLPSRVWDVDHOHDWUDYpVGR
KLVWyULFRDWXDOGRDPELHQWHHGDHGXFDomR$DQLPDQmRDSHQDVVHUYHFRPRXPDLQIOXrQFLD
SHVVRDOPDVFRPRXPDLQIOXrQFLDGDFLYLOL]DomRGHPDVVDDPDGXUHFHQGRIRUWHPHQWHDV
WHQGrQFLDVDJUHVVLYDVHVHUYLQGRWDPEpPFRPRXPDSRQWHQDFRPXQLFDomRFRPDVPXOKHUHVQXP
UHODFLRQDPHQWRIDPLOLDUHWDPEpPFRPXQLFDQGRFRPRLVWRpDSOLFDGRDWUDYpVGDVDUWHVHGD
YHUEDOL]DomR

2PDFKRVRQKDUiIUHTHQWHPHQWHFRQVLJRPHVPRQRHQWDQWRFRPRXPDIrPHD2PRGR
SDUWLFXODUSHORTXDOHOHID]LVWRSRGHGL]HUDHOHPXLWRVREUHVHXSUySULRKLVWyULFRUHHQFDUQDFLRQDO
QRTXDOHOHRSHURXFRPRXPDIrPHD$PDVFXOLQLGDGHHDIHPLQLOLGDGHQmRVmRREYLDPHQWH
RSRVWDVPDVWHQGrQFLDVTXHHPHUJHP$VDFHUGRWLVDDPmHDMRYHPEUX[DDHVSRVDHDViELD
DQFLm±HVVHVWLSRVJHUDLVVmRDUTXpWLSRVVLPSOHVPHQWHSRUTXHHOHVVmRHOHPHQWRVHQUDL]DGRV
UHSUHVHQWDQGRVLPEROLFDPHQWHRVYiULRVWLSRVGDVFKDPDGDVTXDOLGDGHVHRVYiULRVWLSRVGDV
YLGDVIHPLQLQDVTXHIRUDPYLYLGDVSRUPDFKRV

(OHVWDPEpPIRUDPYLYLGRVSRUIrPHDVFODUR3RUpPDVPXOKHUHVQmRSUHFLVDPVHUOHPEUDGDVGH
VXDIHPLQLOLGDGHPDVQRYDPHQWHGHIRUPDTXHHODVQmRVHVXSHULGHQWLILFDPFRPVHXVH[R
SUHVHQWHKiRTXH-XQJFKDPRXGH³DQLPXV´RXRPDFKRHVFRQGLGRGHQWURGDPXOKHU

3RUpPQRYDPHQWHLVWRUHSUHVHQWDDVYLGDVPDVFXOLQDVFRPTXHRHXWHPHVWDGRHQYROYLGR±R
UDSD]MRYHPRSDGUHRKRPHPVHOYDJHPHDJUHVVLYRHRDQFLmRViELR(VWHVVmRWLSRV
UHSUHVHQWDQGRJHUDOHVLPEROLFDPHQWHYLGDVPDVFXOLQDVSDVVDGDVYLYLGDVSHODVPXOKHUHV
SUHVHQWHV$VPXOKHUHVSRUWDQWRSRGHPDSUHQGHUPXLWRVREUHVHXVSDVVDGRVUHHQFDUQDFLRQDLV
FRPRKRPHQVDWUDYpVGRHVWXGRGHVWHVVRQKRVQRVTXDLVHVWHVWLSRVDSDUHFHPRXQRVTXDLVHODV
PHVPDVDSDUHFHPFRPRKRPHQV

$WUDYpVGDDQLPDHGRDQLPXVSHUVRQDOLGDGHVSUHVHQWHVDVVLPGHQRPLQDGDVVmRFDSD]HVGHWUD]HU
FRQKHFLPHQWRHLQWXLo}HVHKLVWyULFRVTXHIRUDPGHULYDGRVGHH[LVWrQFLDVSDVVDGDVFRPRRVH[R
RSRVWR(PDOJXPDVRFDVL}HVSRUH[HPSORDPXOKHUSRGHH[WUDSRODUHH[DJHUDUQDV
FDUDFWHUtVWLFDVIHPLQLQDVFDVRVHPTXHRDQLPXVRXRPDFKRQHODYHPHPVXDDMXGDWUD]HQGR
DWUDYpVGDVH[SHULrQFLDVGHVRQKRXPDDUUHPHWLGDGHFRQKHFLPHQWRTXHUHVXOWDUiHPUHDo}HV
FRPSHQVDWyULDVPDVFXOLQDV

2PHVPRVHDSOLFDDXPPDFKRTXDQGRHOHVHVXSHULGHQWLILFDFRPRTXHHOHDFUHGLWDVHUHP
FDUDFWHUtVWLFDVPDVFXOLQDVSRUTXDOTXHUUD]mR$DQLPDRXDPXOKHUQHOHVHOHYDQWDUiSDUD
Do}HVFRPSHQVDWyULDVFDXVDQGRXPDHUXSomRGHKDELOLGDGHVLQWXLWLYDVWUD]HQGRXPHOHPHQWR
FULDWLYRTXHFRPSHQVHDDJUHVVLYLGDGH

,GHDOPHQWHGHL[DGDVVyVHVVDVRSHUDo}HVUHVXOWDULDPQXPHTXLOtEULRLQGLYLGXDOHHPPDVVDRQGH
DDJUHVVLYLGDGHVHPSUHVHULDXVDGDFULDWLYDPHQWHFRPRUHDOPHQWHSRGHHGHYHVHU

2DQLPXVHDDQLPDVmRpFODURSVLTXLFDPHQWHDOWDPHQWHFDUUHJDGDVPDVDRULJHPGHVWHFXVWR
SVtTXLFRHDIDVFLQDomRLQWHULRUVmRRUHVXOWDGRGHXPDLGHQWLILFDomRLQWHUQDEDVWDQWHOHJtWLPDFRP
HVWDVFDUDFWHUtVWLFDVSHUVRQLILFDGDVGRRXWURVH[R

(ODVDSHQDVQmRWrPXPDUHDOLGDGHQDSVLTXHSRUWDQWRPDVVmRIL[DGDVQRVGDGRVJHQHWLFDPHQWH
FODVVLILFDGRVSHORHXLQWHULRU±XPDPHPyULDJHQpWLFDGRVHYHQWRVSVtTXLFRVSDVVDGRV±
WUDQVSRVWRVSDUDDPHPyULDJHQpWLFDGDVPHVPDVFpOXODVTXHFRPS}HPRFRUSR

&DGDHXLQWHULRUDGRWDQGRXPQRYRFRUSRLPS}HVREUHHOHHVREUHWRGDDVXDJHQpWLFDPHPyULD
GDVIRUPDVItVLFDVSDVVDGDVQDVTXDLVHVWHYHHQYROYLGR$JRUDDVFDUDFWHUtVWLFDVSUHVHQWHV
QRUPDOPHQWHREVFXUHFHPDVSDVVDGDV(ODVVmRGRPLQDQWHVPDVDVRXWUDVFDUDFWHUtVWLFDVHVWmR
RFXOWDVHSUHVHQWHVFRQVWUXtGDVGHQWURGRSDGUmR2SDGUmRItVLFRGRFRUSRSUHVHQWHHQWmRpXPD
PHPyULDJHQpWLFDGRSDVVDGRGDVIRUPDVItVLFDVGRHXHGHVXDVIRUoDVHIUDTXH]DV

7HQWDUHLFRORFDULVWRWmRVLPSOHVTXDQWRSRVVtYHO+iFDPDGDVSUHVHQWHPHQWHLQYLVtYHLVQRFRUSR
DFDPDGDPDLVDOWDTXHYRFrYrUHSUHVHQWDpFODURDIRUPDItVLFDSUHVHQWH0DVHPDUDQKDGD
GHQWURGHVWDKiRTXHpDTXDQWLDGDVFDPDGDVLQYLVtYHLV³VRPEULDV´FDPDGDVRFXOWDVTXH
UHSUHVHQWDPLPDJHQVItVLFDVSDVVDGDVTXHSHUWHQFHUDPjSHUVRQDOLGDGH

(ODVVmRPDQWLGDVHPVXVSHQVRSRUDVVLPGL]HU(ODVVmRHOHWURPDJQHWLFDPHQWHFRQHFWDGDVj
HVWUXWXUDDW{PLFDGRFRUSRSUHVHQWH3DUDVHXPRGRGHSHQVDUHODVHVWmRQmRIRFDGDV(ODVVmR
XPDSDUWHGHVXDKHUDQoDSVtTXLFDSRUpP

)UHTHQWHPHQWHYRFrSRGHFKDPDUXPDIRUoDSDVVDGDGHXPFRUSRSUpYLRSDUDDMXGDUD
FRPSHQVDUXPDIUDTXH]DSUHVHQWH2FRUSRQmRVyFDUUHJDDPHPyULDELROyJLFDGHVXDSUySULD
FRQGLomRSDVVDGDQHVWDYLGDSRUWDQWRPDVLQGHOHYHOPHQWHFRPHODDWpPHVPRILVLFDPHQWHHVWmR
DVPHPyULDVGRVRXWURVFRUSRVTXHDSHUVRQDOLGDGHIRUPRXHPUHHQFDUQDo}HVSUHYLDV

2DQLPDHRDQLPXVVmRLQWLPDPHQWHFRQHFWDGRVFRPHVVDVLPDJHQVGRFRUSRLQWHULRU(VWDV
LPDJHQVGRFRUSRVmRDOWDPHQWHFDUUHJDGDVSVLTXLFDPHQWHHWDPEpPDSDUHFHPQRHVWDGRGH
VRQKR(ODVRSHUDPFRPRFRPSHQVDo}HVHOHPEUDQoDVSDUDOKHSUHYHQLUGHVHVXSHULGHQWLILFDU
FRPVHXFRUSRItVLFRSUHVHQWH

(ODVVmRpFODURPDFKRHIrPHD4XDQGRYRFrHVWiGRHQWHQRHVWDGRGHVRQKRYRFrWHP
H[SHULrQFLDVIUHTHQWHVQDVTXDLVYRFrSDUHFHVHURXWUDSHVVRDFRPXPFRUSRFRPSOHWDPHQWH
VDXGiYHO)UHTHQWHPHQWHWDOVRQKRpWHUDSrXWLFR8PFRUSRUHHQFDUQDFLRQDO³PDLVYHOKRÝHLR
HPVHXDX[LOLRDSDUWLUGRTXDOYRFrWLURXIRUoDDWUDYpVGDPHPyULDGHVD~GHGHOH

([SHULrQFLDVUHHQFDUQDFLRQDLVVmRSDUWHGDHVWUXWXUDGRHXXPDIDFHGDUHDOLGDGH
PXOWLGLPHQVLRQDOGDYLGDSVtTXLFD(VWDVH[SHULrQFLDVLUmRSRUWDQWRHVWDUUHIOHWLGDVQmRDSHQDVQR
HVWDGRGHVRQKRPDVHPRXWUDVFDPDGDVGHDWLYLGDGH

2WHFLGRGRHXSUHVHQWHpHQWUHODoDGRFRPHVWHV³SDVVDGRVÚHHQFDUQDFLRQDLVHDSDUWLUGHOHVR
HXSUHVHQWHWLUDLQFRQVFLHQWHPHQWHGHVHXSUySULREDQFRGHFDUDFWHUtVWLFDVGHSHUVRQDOLGDGH
DWLYLGDGHVHLQVLJKWV)UHTHQWHPHQWHUHFRUGDo}HVGHYLGDSDVVDGDVYrPjVXSHUItFLHPDVQmRVmR
UHFRQKHFLGDVFRPRWDLVMiTXHDSDUHFHPHPIRUPDGHIDQWDVLDRXVmRSURMHWDGDVHPFULDo}HV
DUWtVWLFDV

3RUH[HPSORPXLWRVHVFULWRUHVGHSHoDVKLVWyULFDVHVWmRHVFUHYHQGRGHXPDH[SHULrQFLDGLUHWD
QDTXHOHVWHPSRV7DLVH[HPSORVUHSUHVHQWDPXPWUDEDOKRKDUP{QLFRGHFRQFRUGkQFLDHQWUHRHX
SUHVHQWHHDLQFRQVFLrQFLDTXHWUD]HPHVWDVPHPyULDVjVXSHUItFLHGHWDOPDQHLUDTXHDYLGD
SUHVHQWHpHQULTXHFLGD0XLWRIUHTXHQWHPHQWH)UHTHQWHPHQWHDYHUGDGHLUDFRQVFLrQFLDGD
VLWXDomRVHWRUQDTXDVHFRQVFLHQWHHVyVREDFRQVFLrQFLDRLQGLYtGXRFRQKHFHDIRQWHGD
DXWHQWLFLGDGHGHVHXPDWHULDO

(PVRQKRVPXLWRIUHTHQWHPHQWHHVWHPDWHULDOUHHQFDUQDFLRQDOpODQoDGRGHIRUPDVLPLODUHP
XPPROGHGUDPiWLFR6REWXGRLVVRDDQLPDHRDQLPXVWUDEDOKDPMXQWRVQRYDPHQWHQmRHP
RSRVLomRPDVPLVWXUDQGRFDUDFWHUtVWLFDV-XQWRVpFODURHOHVUHSUHVHQWDPDIRQWHGHFULDWLYLGDGH
WDQWRSVtTXLFDTXDQWRILVLFDPHQWH

$DQLPDUHSUHVHQWDDLQWHULRULGDGHLQLFLDOQHFHVViULDRHVWDGRPHGLWDWLYRFXLGDGRVRLQWXLWLYR
DVFDUDFWHUtVWLFDVYROWDGDVLQWHULRUPHQWHRIRFRLQWHUQRGRTXDODFULDWLYLGDGHYHP

$SDODYUDSDVVLYRpXPDSDODYUDSREUHSDUDGHVFUHYHUDVFDUDFWHUtVWLFDVGDDQLPDQHODKiD
VXJHVWmRGDIDOWDGHPRYLPHQWRHHVWHUDUDPHQWHpRFDVReYHUGDGHTXHDDQLPDVHSHUPLWHVHU
YLYHQFLDGDDVVLPPDVRPRWLYRSRUWUiVGLVWRpRGHVHMRHDQHFHVVLGDGHGHVLQWRQL]DomRSDUDFRP
RXWUDVIRUoDVTXHVmRVXSUHPDPHQWHSRGHURVDV

2GHVHMRGDUDSLGH]QRHQWDQWRpWmRIRUWHQDDQLPDFRPRRGHVHMRRSRVWRSHORGHVFDQVR$V
FDUDFWHUtVWLFDVGRDQLPXVSURYrHPRtPSHWRDJUHVVLYRTXHUHPHWHDSHUVRQDOLGDGHGHYROWDGR
H[WHUQRSDUDDVDWLYLGDGHVItVLFDVPDQWHQGRWULXQIDQWHPHQWHRVSURGXWRVGDFULDWLYLGDGHTXHDV
FDUDFWHUtVWLFDVGDDQLPDDVVHJXUDUDP

7RGRRHXpREYLDPHQWHDVRPDGHVWDVFDUDFWHUtVWLFDVHPDLV$SyVDHQFDUQDomRILQDORWLSR
VH[XDOItVLFRGHFULDWLYLGDGHVLPSOHVPHQWHQmRpPDLVQHFHVViULR9RFrQmRSUHFLVDUHSURGX]LU
ILVLFDPHQWHHPRXWUDVSDODYUDV(PWHUPRVVLPSOHVWRGRRHXFRQWpPFDUDFWHUtVWLFDVPDVFXOLQDV
HIHPLQLQDVILQDPHQWHVLQWRQL]DGDVMXQWDVPLVWXUDGDVGHIRUPDTXHDYHUGDGHLUDLGHQWLGDGHSRGH
HQWmRVHHOHYDU±SRLVQmRSRGHTXDQGRXPJUXSRGHFDUDFWHUtVWLFDVWHPTXHVHUHQIDWL]DGRVREUH
RRXWURJUXSRFRPRGHYHVHUGXUDQWHVXDH[LVWrQFLDItVLFDSUHVHQWH

+iPXLWDVUD]}HVSHODVTXDLVDVHSDUDomRIRLDGRWDGDHPVXDGLPHQVmR$VUD]}HVWrPDYHUFRP
RPRGRSDUWLFXODUQRTXDORJrQHURKXPDQRHVFROKHXHYROXLUHXVDUVXDVKDELOLGDGHVHWHUHLPDLVD
GL]HUHPUHODomRDHVWHSRQWRPDVLVWRQmRSHUWHQFHDHVWHFDStWXOR

$SURMHomRGDDQLPDGRKRPHPRXRHXIrPHDHVFRQGLGRVREUHVXDV>GHOH@UHODo}HVVmREDVWDQWH
QDWXUDLVHQmRVyOKHSHUPLWHHQWHQGrODVPHOKRUPDVDVHUHODFLRQDUFRPDVRXWUDVSUySULDV
H[LVWrQFLDVIHPLQLQDV>GHOH@2PHVPRpYHUGDGHHPUHODomRjSURMHomRGRDQLPXVGDPXOKHU
VREUHRVSDUHQWHVHDPLJRVPDVFXOLQRV$UHDOLGDGHGDDQLPDHGRDQLPXVpPXLWRPDLVSURIXQGD
HQWRDGRTXH-XQJVXS{V)DODQGRVLPEROLFDPHQWHRVGRLVMXQWRVUHSUHVHQWDPWRGRRHXFRPVXDV
GLYHUVDVKDELOLGDGHVGHVHMRVHFDUDFWHUtVWLFDV

-XQWRVHOHVDJHPFRPRXPIDWRULQFRQVFLHQWHHPEXWLGRHVWDELOL]DQWHRSHUDQGRDWUiVGDVIDFHVGH
VXDFLYLOL]DomRQmRDSHQDVLQGLYLGXDOPHQWHPDVFXOWXUDOPHQWH

$SHUVRQDOLGDGHFRPRYRFrDFRQKHFHQmRSRGHVHUHQWHQGLGDDPHQRVTXHRYHUGDGHLUR
VLJQLILFDGRGDDQLPDHGRDQLPXVVHMDOHYDGRHPFRQVLGHUDomR2SDGUmRUHHQFDUQDFLRQDOp
IDODQGRHPWHUPRVJHUDLVXPSDGUmRDEHUWRQRTXDOKiXPDVDODSDUDDGLYHUVLGDGH&DGDHXWRWDO
WHPVXDVSUySULDVFDUDFWHUtVWLFDVLQGLYLGXDLV(OHSRGHYLYHUVXDVYLGDVFRQIRUPHVHDGHTXDUjV
GLUHWUL]HV3RGHKDYHUXPDVpULHGHH[LVWrQFLDVPDFKRVRXIrPHDVFRQWtQXD7DOHVFROKDWHP
DOJXQVREVWiFXORV

3RUpPQmRKiQHQKXPDUHJUDGLWDQGRRGHVHQYROYLPHQWRVH[XDOHPHQFDUQDo}HVYDULDGDVDQmR
VHUTXHDH[SHULrQFLDFRPDPERVRVVH[RVWHQKDTXHVHUFRQVLGHUDGDHDVYiULDVFDUDFWHUtVWLFDV
GHVHQYROYLGDV,VVRQmRVLJQLILFDTXHXPLJXDOQ~PHURGHYLGDVPDFKRVHIrPHDVGHYDVHUYLYLGD
3RUH[HPSORDOJXQVDFKDPPXLWRIiFLOGHVHQYROYHUVHVREXPVH[RRXVRERXWURHSUHFLVDUmRGH
PDLVRSRUWXQLGDGHVSDUDH[SHULHQFLDUVRERVH[RFRPRTXDODFKDDH[SHULrQFLDGLItFLO

2DQLPXVHDDQLPDVHWRUQDPPDLVLPSRUWDQWHVQHVWDVVLWXDo}HVTXDQGRXPDVpULHGHYLGDVVRE
XPVH[RIRLHVFROKLGD2SDGUmRRULJLQDOSDUDRDQLPXVHDDQLPDYHPGDLQWHLUH]DGRHXDQWHVGDV
UHHQFDUQDo}HV2DQLPXVHDDQLPDQDVFHPQRLQGLYtGXRFRPDSULPHLUDYLGDItVLFDHVHUYHFRPR
XPSDGUmRLQWHULRUOHPEUDQGRjSHUVRQDOLGDGHGHVXDXQLGDGHEiVLFD(LVXPDRXWUDUD]mRSDUDR
FRPDQGRSVtTXLFRDWUiVGHVWHVVtPERORVHTXDOLGDGHVGLYLQDVTXHSRGHPVHUWUDQVPLWLGRVH
SURMHWDGRV

2PDFKRDQVHLDSHODDQLPDSRUTXHHODUHSUHVHQWDSDUDDSURIXQGDLQFRQVFLrQFLDHVVDVRXWUDV
FDUDFWHUtVWLFDVGDLQWHLUH]DGRHXTXHSRUXPODGRUHSRXVDODWHQWHHTXHSRURXWURODGROXWDSDUD
OLEHUWDUVH$WHQVmRHQWUHRVGRLVROHYDDPRGHUDUDDJUHVVLYLGDGHFRPFULDWLYLGDGHRXDXVDUD
DJUHVVLYLGDGHFULDWLYDPHQWH

$JRUDKiSURIXQGDVFRUUHODo}HVHQWUHHVWHVVtPERORVHDOXWDQDTXDORJrQHURKXPDQRHVWi
HQYROYLGR6XDFRQVFLrQFLDFRPRYRFrDFRQKHFHVHXWLSRSDUWLFXODUGHFRQVFLrQFLDSUHVHQWHp
XPDPDQLIHVWDomRGHFRQVFLrQFLDWUD]LGDjWRQDSRUXPWLSRSDUWLFXODUGHWHQVmRXPWLSR
HVSHFtILFRGHIRFRTXHVHHOHYDGDYHUGDGHLUDLQFRQVFLrQFLDGHWRGRRHX

$YHUGDGHLUDLQFRQVFLrQFLDQmRpLQFRQVFLHQWH$RFRQWUiULRHODpWmRSURIXQGDHLQHIDYHOPHQWH
FRQVFLHQWHTXHERUEXOKDSRUWRGRVRVODGRV$YLGDTXHYRFrFRQKHFHpVLPSOHVPHQWHXPDGDV
PXLWDViUHDVGDVTXDLVHODpFRQVFLHQWH(PFDGDIDFHWDGDSUySULDFRQVFLrQFLDXPSRGHU
OLWHUDOPHQWHWUHPHQGRHHTXLOLEUDGRSUHFLVDVHUPDQWLGRSDUDID]HUFRPTXHHVVDH[SHULrQFLD
SDUWLFXODUGDFRQVFLrQFLDVHMDPDQWLGDDGHVSHLWRGHWRGDVDVRXWUDV

6XDUHDOLGDGHH[LVWHHPXPDiUHDSDUWLFXODUGHDWLYLGDGHQDTXDOTXDOLGDGHVDJUHVVLYDV
FDUDFWHUtVWLFDVLQWHUQDVTXHYrPjWRQDVmRVXSUHPDPHQWHQHFHVViULDVSDUDSUHYHQLUXPDTXHGD
HPGLUHomRjVLQILQLWDVSRVVLELOLGDGHVDSDUWLUGDVTXDLVYRFrHPHUJLXKiSRXFR$LQGDDVVLP
GHVVHOHLWRLQFRQVFLHQWHGHSRVVLELOLGDGHVGHULYDVXDIRUoDVXDFULDWLYLGDGHHRIUiJLODLQGD
SRGHURVRWLSRGHFRQVFLrQFLDLQGLYLGXDOTXHpVHXPHVPR

$GLYLVmRGRLVVH[RVIRLDGRWDGDVHSDUDQGRHHTXLOLEUDQGRHVWDVWHQGrQFLDVPDLVQHFHVViULDV
HPERUDDSDUHQWHPHQWHDGYHUViULDV$SHQDVFRQVFLrQFLDVLQLFLDQWHVSUHFLVDPGHVWHVWLSRVGH
FRQWUROH$DQLPDHRDQLPXVSRUWDQWRHVWmRSURIXQGDPHQWHHPEXWLGRVFRPVXDVWHQGrQFLDV
QHFHVVDULDPHQWHFRPSOHPHQWDUHVPDVDSDUHQWHPHQWHDGYHUViULDVHVmRDOWDPHQWHLPSRUWDQWHV
SDUDDPDQXWHQomRGDPHVPDQDWXUH]DGHVXDFRQVFLrQFLDKXPDQD

7DPEpPKiXPDWHQVmRQDWXUDOHQWmRHQWUHRVVH[RVTXHpEDVHDGDEDVWDQWHSURIXQGDPHQWHHP
FDXVDVRXWUDVTXHDVItVLFDV$WHQVmRUHVXOWDGDQDWXUH]DGHVXDFRQVFLrQFLDTXHVHHOHYDGD
DQLPDPDVGHSHQGHSDUDVXDFRQWLQXDomRGD³DJUHVVLYLGDGH´GRDQLPXV

7HQKRSDUDPLPTXHH[SOLTXHLH[WHQVDPHQWHDIDVFLQDomRTXHXPWHPSRURXWURFRPRVHVHUYLVVH
GRFRQKHFLPHQWRLQWHULRUGHWRGRRHXTXHVHHVIRUoDSDUDDWLQJLUDYHUGDGHLUDLGHQWLGDGHMiTXH
HOHOXWDSDUDFRPELQDUHFRPSOHWDUDVWHQGrQFLDVDSDUHQWHPHQWHRSRVWDVTXHVmRSDUWHGHOH

$RWpUPLQRGRFLFORUHHQFDUQDFLRQDOWRGRRHXHVWiPXLWRPDLVGHVHQYROYLGRGRTXHDQWHV(OH
SHUFHEHXHH[SHULHQFLRXDVLPHVPRHPXPDGLPHQVmRGHUHDOLGDGHDQWHVGHVFRQKHFLGDGHOHHDR
ID]HULVVRpFODURDSHUIHLoRRXVHXVHU1mRpXPDTXHVWmRHQWmRGHXPHXLQWHLURTXHVHGLYLGH
DRPHLRHTXHVLPSOHVPHQWHUHWRUQDDVLPHVPR

$JRUDKiPXLWDVTXHVW}HVUHODWLYDVjQDWXUH]DGHFRQFHSomRTXHGHYHULDPVHUGLVFXWLGDVDTXL
3RUpPQRYDPHQWHKiFRQGLo}HVHPXLWDVYDULDo}HV1RUPDOPHQWHHQWUHYLGDVYRFrVHVFROKHP
GHDQWHPmRVHXVILOKRVHHOHVRVHVFROKHPFRPRSDLV

6HYRFrIRUQDVFHUFRPRXPPDFKRHQWmRDPmHVHUYHFRPRXPHVWtPXORSDUDDWLYDURVtPERORGR
DQLPDHPYRFrGHIRUPDTXHRSDGUmRGHVXDVSUySULDVYLGDVIrPHDVVHWRUQDXPDSRUomRGHVXD
SUy[LPDH[LVWrQFLD6XDPmHVHYRFrDFRQKHFHXQRSDVVDGRWHUiHPVHXQDVFLPHQWRXPD
LUUXSomRGHVRQKRVHQYROYHQGRRXWUDVH[LVWrQFLDVQDVTXDLVYRFrVGRLVHVWLYHUDPMXQWRV

(OHVSRGHPQmRVHUUHJLVWUDGRVFRQVFLHQWHPHQWHPDVHPPXLWRVFDVRVVmRHHQWmRVmR
HVTXHFLGRV$VSUySULDVYLGDVSDVVDGDVGHPDFKRGHODDDMXGDUmRDUHODFLRQDUYRFrFRPRRILOKR
GHOD(PDOJXQVFDVRVPmHVSHODSULPHLUDYH]SRGHPVHQWLUVHDOWDPHQWHDJUHVVLYDVHQHUYRVDV
(VVHVVHQWLPHQWRVjVYH]HVVmRGHYLGRDRIDWRGHTXHRILOKRPDFKRSURYRFDXPDDWLYDomRQR
DQLPXVGHODFRPXPUHVXOWDGRFDUUHJDGRGHVHQWLPHQWRVDJUHVVLYRV

2ViWRPRVTXHFRPS}HPRIHWRWrPRSUySULRWLSRGHFRQVFLrQFLDGHOHV$YROiWLOFRQVFLrQFLD
GHVSHUWDTXHH[LVWHLQGHSHQGHQWHPHQWHGRDVVXQWRIRUPDXPWHFLGRGHDFRUGRFRPDKDELOLGDGHH
JUDXGHOHV2IHWRSRUWDQWRWHPVXDSUySULDFRQVFLrQFLDRVLPSOHVFRPSRQHQWHGDFRQVFLrQFLD
IHLWDGRViWRPRVTXHRFRPS}HP

,VVRH[LVWHDQWHVGHTXDOTXHUSHUVRQDOLGDGHUHHQFDUQDWLYDHQWUDUQHOH$FRQVFLrQFLDGRDVVXQWR
HVWiSUHVHQWHHPTXDOTXHUDVVXQWRQXPIHWRQXPDSHGUDQXPDIROKDGHJUDPDQXPDXQKD

$SHUVRQDOLGDGHUHHQFDUQDQWHHQWUDQRQRYRIHWRGHDFRUGRFRPVXDVSUySULDVLQFOLQDo}HVGHVHMRV
HFDUDFWHUtVWLFDVFRPDOJXPDVSURWHo}HVHPEXWLGDV3RUpPQmRKiQHQKXPDUHJUDGLJDPRVSDUD
GL]HUTXHDSHUVRQDOLGDGHUHHQFDUQDQWHWHPTXHDVVXPLUDQRYDIRUPDSUHSDUDGDSDUDHODQRSRQWR
GDFRQFHSomRQRVPHVHVPDLVSUHPDWXURVGRFUHVFLPHQWRGRIHWRRXDWpPHVPRQRSRQWRGR
QDVFLPHQWR

2SURFHVVRpJUDGXDOLQGLYLGXDOHGHWHUPLQDGRSHODH[SHULrQFLDHPRXWUDVYLGDVe
SDUWLFXODUPHQWHGHSHQGHQWHGHFDUDFWHUtVWLFDVHPRFLRQDLVQmRQHFHVVDULDPHQWHGR~OWLPRHX
HQFDUQDGRPDVGDVWHQV}HVHPRFLRQDLVSUHVHQWHVFRPRXPUHVXOWDGRGHXPJUXSRGHH[LVWrQFLDV
SDVVDGDV

9iULRVPpWRGRVGHHQWUDGDVmRDGRWDGRV6HKiXPDIRUWHUHODomRHQWUHRVSDLVHRVILOKRVTXH
VHUmR>ILOKRV17@HQWmRDSHUVRQDOLGDGHSRGHHQWUDUQRSRQWRGDFRQFHSomRVHHODHVWLYHU
H[WUHPDPHQWHDQVLRVDSDUDVHMXQWDUDHOHV0HVPRDTXLSRUpPJUDQGHVSRUo}HVGRHXFRQVFLHQWH
FRQWLQXDPDRSHUDUQDGLPHQVmRGDHQWUHYLGD

1RSULQFtSLRRHVWDGRGR~WHURVREHVWDVFRQGLo}HVpFRPRHPXPVRQKRFRPDSHUVRQDOLGDGH
DLQGDIRFDGDSULQFLSDOPHQWHQDH[LVWrQFLDHQWUHYLGD*UDGXDOPHQWHDVLWXDomRVHLQYHUWHDWpTXH
VHWRUQHPDLVGLItFLOUHWHUXPDFODUDFRQFHQWUDomRQDVLWXDomRHQWUHYLGD

1HVWDVFLUFXQVWkQFLDVTXDQGRDSHUVRQDOLGDGHVHSUHQGHjFRQFHSomRTXDVHVHPH[FHomRKi
IRUWHVFRQH[}HVGHYLGDVSDVVDGDVHQWUHSDLVHILOKRVRXKiXPLQFHVVDQWHHTXDVHREVHVVLYR
GHVHMRGHUHWRUQDUjVLWXDomRWHUUHQD±RXSRUXPSURSyVLWRHVSHFtILFRRXSRUTXHDSHUVRQDOLGDGH
UHHQFDUQDQWHHVWiSUHVHQWHPHQWHREFHFDGDFRPDH[LVWrQFLDWHUUHVWUH,VWRQmRpQHFHVVDULDPHQWH
SUHMXGLFLDO

$SHUVRQDOLGDGHSRGHVLPSOHVPHQWHSHUFHEHUTXHYLYHQFLDEHPDH[SHULrQFLDItVLFDTXHDJRUDp
WHUUHQDPHQWHRULHQWDGDHDFKDDDWPRVIHUDWHUUHQDXPDGLPHQVmRULFDSDUDRFUHVFLPHQWRGHVXDV
SUySULDVKDELOLGDGHV

$OJXPDVSHUVRQDOLGDGHVVmRSX[DGDVSDUDHQWUDUQDFRQFHSomRFRPRXPUHVXOWDGRGHPRWLYRV
DSDUHQWHPHQWHGHPHQRUPHUHFLPHQWRJDQkQFLDSRUH[HPSORRXXPGHVHMRREVHVVLYR
SDUFLDOPHQWHFRPSRVWRSURSUREOHPDVQmRUHVROYLGRV2XWUDVSHUVRQDOLGDGHVTXHQXQFD
FRPSOHWDUDPDH[LVWrQFLDWHUUHQDSRGHPVXVSHQGHUDHQWUDGDFRPSOHWDSRUDOJXPWHPSRHPHVPR
DVVLPVHPSUHSHUPDQHFHDXPDFHUWDGLVWkQFLDGRFRUSR1XPRXWURH[WUHPRGDHVFDODDQWHVGD
PRUWHRPHVPRVHDSOLFDRQGHDOJXQVLQGLYtGXRVUHPRYHPVHXVIRFRVGDYLGDItVLFDGHL[DQGRD
FRQVFLrQFLDGRFRUSRFRQVFLHQWHVR]LQKD2XWURVSHUPDQHFHPFRPRFRUSRDWpRXOWLPRPRPHQWR
1RVGLDVLQLFLDLVGDLQIkQFLDQmRKiXPIRFRIL[RGDSHUVRQDOLGDGHQRFRUSRHPQHQKXPFDVR

(PWRGRVRVFDVRVDVGHFLV}HVIRUDPWRPDGDVGHDQWHPmRFRPROKHVIDOHL(QWmRDSHUVRQDOLGDGH
UHHQFDUQDQWHHVWiFRQVFLHQWHTXDQGRDFRQFHSomRSHODTXDOHODHVWiHVSHUDQGRJDQKDOXJDU(
HPERUDHODSRVVDRXQmRHVFROKHUHQWUDUQDTXHOHSRQWRHODpLUUHVLVWLYHOPHQWHSX[DGDSDUD
DTXHOHWHPSRHSRQWRQRHVSDoRHHPFDUQH

1DRFDVLmREHPDQWHVGHDFRQFHSomRJDQKDUOXJDUDSHUVRQDOLGDGHTXHWHUPLQDUiFRPRD
FULDQoDIXWXUDYLVLWDUiDTXHOHDPELHQWHGHDPERVRVIXWXURVSDLVSX[DGDQRYDPHQWH,VVRp
EDVWDQWHQDWXUDO

8PLQGLYtGXRHQWUHYLGDVSRGHYHUIODVKHVGDH[LVWrQFLDIXWXUDQmRQHFHVVDULDPHQWHGHHYHQWRV
SDUWLFXODUHVPDVH[SHULPHQWDDHVVrQFLDGDQRYDUHODomRHHPH[SHFWDWLYDOHPEUDVHGRGHVDILR
TXHVHHVWDEHOHFHX1HVWHVWHUPRVRVIDQWDVPDVGRIXWXURVmRWmRUHDLVHPVXDVFDVDVFRPRRV
IDQWDVPDVGRSDVVDGR

9RFrQmRWHPTXHHVYD]LDURDVVXQWRSDUDHVWDUFRPSOHWRQLVWRDQRYDSHUVRQDOLGDGHSDLUDGHQWUR
IRUDDRUHGRUSDUWLFXODUPHQWHDSyVDFRQFHSomRHFRPJUDQGHIUHTrQFLDHLQWHQVLGDGHDSyVHOD
2FKRTXHGRQDVFLPHQWRWHPYiULDVFRQVHTrQFLDVSRUpPTXHQRUPDOPHQWHSX[DDSHUVRQDOLGDGH
QXPDH[SORVmRSRUDVVLPGL]HUSDUDDUHDOLGDGHItVLFD

$QWHVGLVWRDVFRQGLo}HVVmREDVWDQWHXQLIRUPHV$FRQVFLrQFLDGRFRUSRpFULDGDTXDVH
DXWRPDWLFDPHQWHUHDJLQGRIRUWHPHQWHPDVVREFRQGLo}HVDOWDPHQWHFRQWURODGDV

1RQDVFLPHQWRWXGRLVWRpUHSHQWLQDPHQWHVXEOLPDGRHQRYRHVWLPXORpLQWURGX]LGRFRPXPD
UDSLGH]TXHDFRQVFLrQFLDGRFRUSRQXQFDH[SHULPHQWRXjTXHOHSRQWR

eJUDQGHPHQWHQHFHVViULRXPIDWRUHVWDELOL]DGRU3UHYLDPHQWHDFRQVFLrQFLDGRFRUSRIRL
HQULTXHFLGDHSURIXQGDPHQWHDSRLDGDSHODLGHQWLILFDomRELROyJLFDHWHOHSiWLFDFRPDPmH$
FRPXQLFDomRGDVFpOXODVYLYDVpPXLWRPDLVSURIXQGDGRTXHYRFrLPDJLQD$LGHQWLILFDomRp
TXDVHFRPSOHWDDQWHVGRQDVFLPHQWRDWpRQGHLQWHUHVVDDSHQDVjFRQVFLrQFLDGRFRUSR

$WpTXHDQRYDSHUVRQDOLGDGHHQWUHRIHWRVHFRQVLGHUDFRPRXPDSDUWHGRRUJDQLVPRGDPmH
(VWHDSRLRpUHSHQWLQDPHQWHQHJDGRQRQDVFLPHQWR6HDQRYDSHUVRQDOLGDGHQmRHQWURXPDLVFHGR
FRPSOHWDPHQWHHPTXDOTXHUH[WHQVmRLVWRQRUPDOPHQWHDFRQWHFHQRQDVFLPHQWRGHIRUPDD
HVWDELOL]DURQRYRRUJDQLVPR,VWRFRQIRUWDRQRYRRUJDQLVPRHPRXWUDVSDODYUDV$QRYD
SHUVRQDOLGDGHSRUpPH[SHULHQFLDUiRQDVFLPHQWRHPYiULRVQtYHLVGHDFRUGRFRPTXDQGRHQWURX
QHVWDGLPHQVmR

4XDQGRHODHQWUDUQRSRQWRGRQDVFLPHQWRpEDVWDQWHLQGHSHQGHQWHQmRWHQGRDLQGDVH
LGHQWLILFDGRFRPDIRUPDHPTXHHQWURXHDJLQGRHPXPSDSHOHQFRUDMDGRU6HDSHUVRQDOLGDGH
HQWURXQDFRQFHSomRRXDVYH]HVDQWHVGRQDVFLPHQWRHQWmRHODHPFHUWRSRQWRVHLGHQWLILFRX
FRPDFRQVFLrQFLDGRFRUSRFRPRIHWR(ODMiFRPHoRXDGLULJLUDSHUFHSomR±HPERUDD
SHUFHSomRWHQKDFRPHoDGRRXQmRHODpGLULJLGD±HH[SHULHQFLDUiRFKRTXHGRQDVFLPHQWRHP
WHUPRVLPHGLDWRVGLUHWRV

1mRKDYHUiQHQKXPDGLVWkQFLDHQWUHDSHUVRQDOLGDGHHDH[SHULrQFLDGHQDVFLPHQWRHQWmR$
SHUVRQDOLGDGHUHFpPHQWUDGDFRPRXPDFRQVFLrQFLDFKDPHMDQHODKiXPWHPSRDQWHVTXHD
HVWDELOL]DomRDFRQWHoD4XDQGRDFULDQoDSDUWLFXODUPHQWHDFULDQoDMRYHPHVWiGRUPLQGRSRU
H[HPSORDSHUVRQDOLGDGHIUHTXHQWHPHQWHGHVRFXSDRFRUSRVLPSOHVPHQWH*UDGXDOPHQWHD
LGHQWLILFDomRFRPDVLWXDomRHQWUHYLGDHQFROKHTXDVHDWpTXHWRGRRIRFRUHVLGDQRFRUSRItVLFR

+iREYLDPHQWHRVTXHLGHQWLILFDPRFRUSRPXLWRPDLVFRPSOHWDPHQWHGRTXHRXWURV)DODQGRHP
WHUPRVJHUDLVKiXPyWLPRSRQWRGHIRFRQDUHDOLGDGHItVLFDXPSHUtRGRGHLQWHQVLILFDomRTXHQmR
WHPQDGDDYHUFRPDGXUDomR3RGHGXUDUXPDVHPDQDRXWULQWDDQRVHDSDUWLUGDtSDUDDIUHQWH
FRPHoDDHQFROKHUHLPSHUFHSWLYHOPHQWHFRPHoDDDOWHUDomRSDUDRXWUDVFDPDGDVGDUHDOLGDGH

$JRUDXPDFULVHSDUWLFXODUPHQWHQRVDQRVLQLFLDLVRXPXLWRWDUGLRVQDYLGDSRGHTXHEUDUD
LGHQWLILFDomRGDSHUVRQDOLGDGHFRPRFRUSRTXHGHVRFXSDWHPSRUDULDPHQWH(ODSRGHID]HUXPDRX
YiULDVFRLVDV(ODSRGHGHL[iORWmRFRPSOHWDPHQWHTXHRFRUSRHQWUDHPFRPDVHDFRQVFLrQFLD
GRFRUSRWDPEpPVRIUHXXPFKRTXH6HRFKRTXHpSVLFROyJLFRHDFRQVFLrQFLDGRFRUSRDLQGDHVWi
RSHUDQGRPDLVRXPHQRVQRUPDOPHQWHHQWmRHODSRGHUHYHUWHUDXPDSHUVRQDOLGDGHUHHQFDUQDWyULD
SUpYLD

(PWDOFDVRLVWRpXPDVLPSOHVUHJUHVVmRTXHIUHTHQWHPHQWHSDVVD$TXLQRVWRUQDPRV
LQWHUHVVDGRVQRYDPHQWHSHORDQLPXVHSHODDQLPD6HXPDSHUVRQDOLGDGHDFUHGLWDTXHHVWi
ID]HQGRXPWUDEDOKRSREUHQXPDYLGDPDVFXOLQDHODSRGHDWLYDUDVTXDOLGDGHVGDDQLPD
DVVXPLQGRDVFDUDFWHUtVWLFDVGHXPDH[LVWrQFLDIHPLQLQDSDVVDGDQDTXDOVHVDLXEHP,QYHUWHQGR
RTXDGURRPHVPRSRGHDFRQWHFHUDXPDPXOKHU

3RURXWURODGRVHDSHUVRQDOLGDGHDFKDTXHVHVXSHULGHQWLILFRXFRPVHXSUHVHQWHVH[RSHORTXDO
VXDLQGLYLGXDOLGDGHpDPHDoDGDSURIXQGDPHQWHHQWmRHODWDPEpPSRGHWUD]HUjIUHQWHRTXDGUR
RSRVWR>DVLWXDomRFRQWUiULD17@LQGRWmRGLVWDQWHFRPRSDUDVHLGHQWLILFDUQRYDPHQWHFRPXPD
SHUVRQDOLGDGHSDVVDGDGRVH[RRSRVWR

2PDQWHUDSHUVRQDOLGDGHVREUHRFRUSRDFRQWHFHWHQXDPHQWHQRVDQRVLQLFLDLVHYDLVH
IRUWDOHFHQGR$SHUVRQDOLGDGHSRUVXDVSUySULDVUD]}HVSRGHGHFLGLUHVFROKHUXPFRUSRTXHQmRp
HVWHWLFDPHQWHDJUDGiYHO(ODSRGHQXQFDVHUHODFLRQDUFRPHOHHHPERUDDH[LVWrQFLDVLUYDDRV
SURSyVLWRVTXHHOD>DSHUVRQDOLGDGH17@WLQKDHPPHQWHVHPSUHKDYHUiXPVHQWLGREiVLFRGH
GLVWDQFLDHQWUHRFRUSRHDSHUVRQDOLGDGHQHOH

(VVHVSUHYLDPHQWHPHQFLRQDGRVTXHHQWUDPQRSRQWRGDFRQFHSomRVmRQRUPDOPHQWHDOWDPHQWH
DQVLRVRVSHODH[LVWrQFLDItVLFD(OHVLUmRSRUWDQWRVHUPDLVFRPSOHWDPHQWHGHVHQYROYLGRVH
PRVWUDUVXDVFDUDFWHUtVWLFDVLQGLYLGXDLVPXLWRFHGR(OHVVHDJDUUDPDRQRYRFRUSRHMiRPROGDP
2FRQWUROHVREUHRWHFLGRpYLJRURVRHHOHVQRUPDOPHQWHSHUPDQHFHPQRFRUSRWDPEpPPRUUHQGR
HPDFLGHQWHVRQGHDPRUWHpLPHGLDWDRXQRVRQRRXFRPXPDGRHQoDFXMRJROSHpPXLWRUiSLGR
(OHVVmRPDQLSXODGRUHVGDPDWpULDFRPRUHJUD

(OHVVmRHPRFLRQDLV(OHVWUDEDOKDPVHXV>GHOHV@SUREOHPDVGHXPDPDQHLUDLPHGLDWDjVYH]HV
LPSDFLHQWHWDQJtYHO7UDEDOKDPEHPFRPPDWHULDLVGDWHUUDHWUDGX]HPVXDV>GHOHV@FRPJUDQGH
IRUoDHPWHUPRVItVLFRV(OHVFRQVWURHPFLGDGHVPRQXPHQWRV(OHVVmRRVDUTXLWHWRV(OHVVmR
SUHRFXSDGRVFRPDIRUPDGDPDWpULDHDPROGDPFRQIRUPHVHXVGHVHMRV

$JRUDFRPRUHJUDHVVHVTXHQmRHQWUDPHPVHXSODQRGHH[LVWrQFLDDWpRSRQWRGRQDVFLPHQWR
VmRPDQLSXODGRUHVPHQRVFDSD]HVQHVWHVWHUPRVSDUWLFXODUHV(OHVVmRRPHLRWHUPRVHWDOWHUPR
SRGHVHUXVDGRRPHLRWHUPRRXDPpGLD

$JRUDKiDOJXQVTXHUHVLVWHPjH[LVWrQFLDQRYDHPERUDDWHQKDPHVFROKLGRWDQWRTXDQWRSRVVtYHO
$WpFHUWRSRQWRHOHVSUHFLVDPHVWDUSUHVHQWHVQRQDVFLPHQWRPDVDLQGDSRGHPHVFDSDUDXPD
FRPSOHWDLGHQWLILFDomRFRPDFULDQoDQDVFLGD(OHVSDLUDPGHQWURHVREUHDIRUPDPDVPHLR
UHOXWDQWHPHQWH+iPXLWDVUD]}HVSDUDWDOFRPSRUWDPHQWR$OJXPDVSHUVRQDOLGDGHVSUHIHUHP
VLPSOHVPHQWHXPDH[LVWrQFLDHQWUHYLGDHVmRPXLWRPDLVSUHRFXSDGDVHPWHRULFDPHQWHUHVROYHU
SUREOHPDVGRTXHQDDSOLFDomRSUiWLFDQHFHVVDULDPHQWHHQYROYLGD2XWURVWrPGHVFREHUWRTXHD
H[LVWrQFLDItVLFDQmRVHFRPSDWLELOL]DFRPVXDVQHFHVVLGDGHVWmREHPTXDQWRSHQVDPTXHSRGHULD
HHOHVSURJUHGLUmRPXLWRPHOKRUHPRXWURVFDPSRVGHUHDOLGDGHHH[LVWrQFLD

3RUFDXVDGDVSUySULDVFDUDFWHUtVWLFDV>GHOHV@SRUpPDOJXQVSUHIHUHPHVWDEHOHFHUXPDFHUWD
GLVWkQFLDHQWUHHOHVHDVSUySULDVH[LVWrQFLDVItVLFDV(OHVVmRPXLWRPDLVLQWHUHVVDGRVHP
VtPERORV(OHVROKDPDYLGDWHUUHVWUHFRPRDOWDPHQWHH[SHULPHQWDO(OHVVHDSUR[LPDPGHODTXDVH
FRPROKRVLQYHMRVRVSRUDVVLPGL]HU(OHVQmRHVWmRPXLWRLQWHUHVVDGRVHPPDQLSXODUDPDWpULD
FRPRHVWmRFXULRVRVFRPDVPDQHLUDVSHODVTXDLVDVLGpLDVDSDUHFHPQDPDWpULD

1RYDPHQWHIDODQGRJHQHUDOL]DGDPHQWHHOHVVmRPDLVIDPLOLDUL]DGRVFRPLGpLDVILORVRILDVH
UHDOLGDGHVQmRWDQJtYHLV(OHVVmRSHQVDGRUHVVHPSUHjSDUWHVHXVWLSRVFRUSRUDLVPRVWUDQGRXPD
IDOWDGHGHVHQYROYLPHQWRPXVFXODU3RHWDVHDUWLVWDVHPERUDWHQKDPXPSRXFRGHVVDQDWXUH]D
FRPRXPDUHJUDVmRPDLVSURIXQGDPHQWHDSUHFLDWLYRVGRVYDORUHVItVLFRVGDH[LVWrQFLDWHUUHQD
HPERUDWHQKDPPXLWDVGDVPHVPDVFDUDFWHUtVWLFDV

$DWLWXGHSDUDFRPRFRUSRVHPSUHYDULDUiSRUWDQWR9iULRVWLSRVGHFRUSRVSRGHPVHUHVFROKLGRV
PDVDLQGDVHPSUHVHUmRDVSUHIHUrQFLDVJHUDLVGDSDUWHGDLQWHLUH]DGRHXHDVFDUDFWHUtVWLFDVTXH
JXLDUmRDLQWHLUH]DGRHXDVVLPJHUDOPHQWHDVYiULDVYLGDVYLYLGDVDLQGDWHUmRVHXSUySULRVDERU
LQGLYLGXDO

eTXDVHLPSRVVtYHOIDODUGHTXDQGRDSHUVRQDOLGDGHHQWUDQRFRUSRItVLFRVHPGLVFXWLURVPRGRV
SHORVTXDLVHODRGHL[DSRLVWXGRLVVRpDOWDPHQWHGHSHQGHQWHGDVFDUDFWHUtVWLFDVSHVVRDLVHGDV
DWLWXGHVHPUHODomRjUHDOLGDGHItVLFD'HFLV}HVHPUHODomRjVYLGDVIXWXUDVSRGHPVHUWRPDGDV
QmRDSHQDVQDVFRQGLo}HVHQWUHYLGDPDVWDPEpPQRVHVWDGRVGHVRQKRHPTXDOTXHUYLGD
GHWHUPLQDGD

9RFrMiSRGHWHUGHFLGLGRSRUH[HPSORDJRUDDVFLUFXQVWkQFLDVSDUDVXDSUy[LPDHQFDUQDomR
(PERUDHPVHXVWHUPRVVHXVQRYRVSDLVSRVVDPVHULQIDQWHVDJRUDRXHPVXDHVFDODGHWHPSR
QHPPHVPRWHUHPQDVFLGRRVDUUDQMRVDLQGDSRGHPVHUIHLWRV

&$3Ë78/2
(VWyULDVGR&RPHoRHR'HXV0XOWLGLPHQVLRQDO

&RPRDYLGDSUHVHQWHGHTXDOTXHULQGLYtGXRVHHOHYDGHGLPHQV}HVHVFRQGLGDVDOpPGHVVDV
IDFLOPHQWHDFHVVtYHLVHPWHUPRVItVLFRVHFRPRHODSX[DVXDHQHUJLDHSRGHUSDUDDJLUDSDUWLU
GDVIRQWHVLQFRQVFLHQWHVDVVLPRXQLYHUVRItVLFRSUHVHQWHFRPRYRFrRFRQKHFHVHHOHYDGH
RXWUDVGLPHQV}HV$VVLPHOHWHPVXDIRQWHHGHULYDVXDHQHUJLDGHSURIXQGDVUHDOLGDGHV$
+LVWyULDFRPRYRFrDFRQKHFHUHSUHVHQWDDSHQDVXPDOX]VLQJXODUDSDUWLUGHRQGHYRFrVHIRFD
9RFrLQWHUSUHWDRVHYHQWRVTXHYrQHODHSURMHWDVREUHVHX>GDOX]@YLVOXPEUHDVXDLQWHUSUHWDomR
GRVHYHQWRVTXHSRGHPRFRUUHU$VVLPWmRHQFDQWDGDpVXDFRQFHQWUDomRTXHTXDQGRYRFr
LPDJLQDDQDWXUH]DGDUHDOLGDGHYRFrDXWRPDWLFDPHQWHOLPLWDVXDSHUJXQWDDHVVHSHTXHQR
YLVOXPEUHPRPHQWkQHRTXHYRFrFKDPDGHUHDOLGDGHItVLFD4XDQGRYRFrSRQGHUDVREUHRV
DVSHFWRVGH'HXVYRFrLPSHQVDGDPHQWHIDODGRFULDGRUGDTXHODOX]VLQJXODU$TXHODOX]p~QLFD
HVHYRFrYHUGDGHLUDPHQWHHQWHQGHVVHRTXHpDTXLORYRFrUHDOPHQWHHQWHQGHULDDQDWXUH]DGD
YHUGDGHLUDUHDOLGDGH

$+LVWyULDFRPRYRFrDSHQVDUHSUHVHQWDXPDILQDOLQKDGHSUREDELOLGDGHVQDTXDOYRFrHVWi
SUHVHQWHPHQWHLPHUVR(ODQmRUHSUHVHQWDXPDYLGDLQWHLUDGHVXDHVSpFLHRXRFDWiORJRGDV
DWLYLGDGHVItVLFDVRXFRPHoDDFRQWDUDHVWyULDGDVFULDWXUDVItVLFDVVXDVFLYLOL]Do}HVJXHUUDV
SUD]HUHVWHFQRORJLDVRXWULXQIRV$UHDOLGDGHpPXLWRPDLVGLYHUVDPXLWRPDLVULFDHLQGHVFULWtYHO
GRTXHYRFrSRGHSUHVHQWHPHQWHVXSRURXFRPSUHHQGHU$HYROXomRFRPRYRFrDSHQVDFRPRHOD
pFDWHJRUL]DGDSRUVHXVFLHQWLVWDVUHSUHVHQWDXPDOLQKDSURYiYHOGDHYROXomRXPDQDTXDO
QRYDPHQWHYRFrHVWiSUHVHQWHPHQWHLPHUVR

3RUWDQWRKiPXLWRVRXWURVGHVHQYROYLPHQWRVHYROXWLYRVLJXDOPHQWHYiOLGRVLJXDOPHQWHUHDLVTXH
RFRUUHUDPHTXHRFRUUHPHTXHLUmRRFRUUHPWRGRVGHQWURGHRXWURVSURYiYHLVVLVWHPDVGH
UHDOLGDGHItVLFD

$VGLYHUVDVLQILQLWDVSRVVLELOLGDGHVGHGHVHQYROYLPHQWRSRVVLYHOPHQWHQXQFDSRGHULDPDSDUHFHU
GHQWURGHXPDWrQXHHVWUXWXUDGDUHDOLGDGH

&RPHVSOrQGLGDLQRFrQFLDHH[XEHUDQWHRUJXOKRYRFrLPDJLQDTXHRVLVWHPDHYROXWLYRFRPRYRFr
RFRQKHFHpR~QLFRTXHILVLFDPHQWHQmRKiQDGDPDLV$JRUDQDUHDOLGDGHItVLFDTXHYRFr
FRQKHFHKiSLVWDVHVXJHVW}HVVREUHDQDWXUH]DGHRXWUDVUHDOLGDGHVItVLFDV+iODWHQWHHPGH
VXDVSUySULDVIRUPDVItVLFDVRXWURVVHQWLGRVQmRXVDGRVTXHSRGHULDPWHUYLQGRjIUHQWHPDVHP
VXDSUREDELOLGDGHQmRYLHUDP$JRUDWHQKRIDODGRGHGHVHQYROYLPHQWRVWHUUHQRVUHDOLGDGHV
DJORPHUDGDVVREUHDVSHFWRVWHUUHQRVFRPRYRFrRVFRQKHFH

1HQKXPDOLQKDHYROXWLYDpPRUWD(QWmRVHHPVHXVLVWHPDHODGHVDSDUHFHHPHUJHGHQWURGH
RXWUD7RGDVDVPDWHULDOL]Do}HVSURYiYHLVGHYLGDHDFRQVFLrQFLDWrPRGLDGHOHVHFULDHVVDV
FRQGLo}HVGHQWURGDVTXDLVHOHVSRGHPIORUHVFHUHRGLDGHOHVHPVHXVWHUPRVpHWHUQR

(VWRXIDODQGRDJRUDQHVWHFDStWXORSULQFLSDOPHQWHVREUHVHXSUySULRSODQHWDHVLVWHPDVRODUPDV
RPHVPRVHDSOLFDDWRGRVRVDVSHFWRVGHVHXXQLYHUVRItVLFR9RFrHVWiFLHQWHHQWmRGHDSHQDV
XPDHVSHFtILFDGHOLFDGDPHQWHHTXLOLEUDGD~QLFDSRUomRGDH[LVWrQFLDItVLFD9RFrQmRVmR
DSHQDVFULDWXUDVGHVHUHVFRUSyUHRVIRUPDQGRLPDJHQVGHFDUQHHVDQJXHHPEXWLGDVQXPWLSR
SDUWLFXODUGHHVSDoRHWHPSRYRFrVWDPEpPVmRFULDWXUDVVHHOHYDQGRGHXPDGLPHQVmR
SDUWLFXODUL]DGDVGHSUREDELOLGDGHVQDVFLGRVGHGLPHQV}HVGHUHDOLGDGHVULFDPHQWHVHUYLGDVSDUD
VHXSUySULRGHVHQYROYLPHQWRHQULTXHFLPHQWRHFUHVFLPHQWR

6HYRFrWHPTXDOTXHUHQWHQGLPHQWRLQWXLWLYRFRPRDLQGDUHODWLYRjQDWXUH]DGDHQWLGDGHRXRGRHX
WRWDOYRFrYHUiTXHLVVRRFRORFDQXPDSRVLomRQDTXDOFHUWDVKDELOLGDGHVLQVLJKWVHH[SHULrQFLDV
SRGHPVHUSHUFHELGDVHQDTXDOVHXWLSR~QLFRGHFRQVFLrQFLDSRGHVHUQXWULGR6XDPtQLPD
H[SHULrQFLDWHPPDLVUHSHUFXVV}HVGHQWURGHVVHDPELHQWHPXOWLGLPHQVLRQDOGRTXHRFpUHEURItVLFR
SRGHFRQFHEHU

3RLVVHYRFrHVWiLQWHQVDPHQWHSUHRFXSDGRFRPRTXHSRGHSDUHFHUXPDVSHFWRLQILQLWDPHQWH
FXUWRGHUHDOLGDGHHPERUDYRFrSDUHoDHVWDUFRPSOHWDPHQWHHPEXWLGRQHOHDSHQDVDPDLRULDGRV
HOHPHQWRV³VXSHUILFLDLV´GRHXHVWiHQFDQWDGD1mRJRVWRGRWHUPR³VXSHUItFLH´HPUHODomRDLVWR
HPERUDHXRWHQKDXVDGRSDUDVXJHULUDVQXPHURVDVSRUo}HVGRHXTXHHVWmRDRFRQWUiULR
HQJDMDGDV±DOJXPDVGHODVWmRHQFDQWDGDVQDUHDOLGDGHGHODVFRPRYRFrQDVXD

$HQWLGDGHRYHUGDGHLURHXPXOWLGLPHQVLRQDOHVWiFLHQWHGHWRGDVDVSDUWHVGHVXDV>GHOD@
H[SHULrQFLDVHHVWHFRQKHFLPHQWRHVWiDWpFHUWRSRQWRGLVSRQtYHODHVWDVRXWUDVSRUo}HVGRHX
LQFOXLQGRpFODURRHXItVLFRFRPRYRFrRFRQKHFH(VWDVYiULDVSRUo}HVGRHXQDYHUGDGHLUmR
HYHQWXDOPHQWHHPVHXVWHUPRVVHWRUQDUFRPSOHWDPHQWHFRQVFLHQWH3RQWR(VVDFRQVFLrQFLDLUi
DXWRPDWLFDPHQWHDOWHUDURTXHDJRUDSDUHFHVHUVXDQDWXUH]DHVRPDUjPXOWLSOLFLGDGHGD
H[LVWrQFLD

+iPXLWRVVLVWHPDVSURYiYHLVGHUHDOLGDGHSRUWDQWRQRTXDORVGDGRVItVLFRVSUHGRPLQDPPDV
WDLVSUREDELOLGDGHVItVLFDVUHSUHVHQWDPXPDSHTXHQDSRUomR&DGDXPGHYRFrVWDPEpPH[LVWHHP
VLVWHPDVQmRItVLFRVHH[SOLTXHLDQWHULRUPHQWHTXHDVHXPDLVtQILPRSHQVDPHQWRRXHPRomRp
PDQLIHVWDGRHPPXLWRVRXWURVPRGRVGRTXHHPVHXSUySULRFDPSRGHH[LVWrQFLD

6yXPDSRUomRGHVXDLGHQWLGDGHLQWHLUDHVWiSUHVHQWHPHQWHIDPLOLDUL]DGDDYRFrFRPRYRFrD
FRQKHFH(QWmRTXDQGRYRFrFRQVLGHUDDTXHVWmRGHXPVHUVXSUHPRYRFrLPDJLQDXPD
SHUVRQDOLGDGHPDVFXOLQDFRPHVVDVKDELOLGDGHVTXHYRFrVPHVPRVSRVVXHPFRPJUDQGHrQIDVH
HPTXDOLGDGHVTXHYRFrPHVPRDGPLUD(VWHGHXVLPDJLQDGRWHPSRUWDQWRPXGDGRDWUDYpVGH
VHXVVpFXORVUHIOHWLQGRDVLGpLDVPXWDQWHVTXHRKRPHPWHP

'HXVIRLYLVWRFRPRFUXHOHSRGHURVRTXDQGRRKRPHPDFUHGLWRXTXHHVWDVHUDPFDUDFWHUtVWLFDV
GHVHMiYHLVQHFHVViULDVSDUWLFXODUPHQWHHPVXDVEDWDOKDVSHODVREUHYLYrQFLDItVLFD(OHSURMHWRX
HVWDVLGpLDSHVVRDLVGHXPGHXVSRUTXHHOHDVLQYHMRXHDVWHPHX9RFrODQoRXVXDLGpLDGHGHXV
SRUWDQWRHPVXDSUySULDLPDJHP

(PXPDUHDOLGDGHTXHpLQFRPSUHHQVLYHOPHQWHPXOWLGLPHQVLRQDORVYHOKRVFRQFHLWRVVREUH'HXV
VmRUHODWLYDPHQWHVHPVHQWLGR$WpPHVPRRWHUPRXPVHUVXSUHPRpHPVLPHVPRGLVWRUFLGR
SRLVYRFrQDWXUDOPHQWHSURMHWDDVTXDOLGDGHVGDQDWXUH]DKXPDQDQHOH6HHXOKHGLVVHVVHTXH
'HXVIRVVHXPDLGpLDYRFrQmRHQWHQGHULDRTXHHXTXHURGL]HUSRLVYRFrQmRHQWHQGHDV
GLPHQV}HVQDVTXDLVXPDLGpLDWHPVXDUHDOLGDGHRXDHQHUJLDTXHDSRGHRULJLQDUHLPSHOLU9RFr
QmRDFUHGLWDQDVLGpLDVGDPHVPDPDQHLUDTXHDFUHGLWDHPREMHWRVItVLFRVHQWmRVHHXOKHGLVVHU
TXH'HXVpXPDLGpLDYRFrLQWHUSUHWDUiPDOFRPRVH'HXVIRVVHPHQRVGRTXHUHDOQHEXORVR
VHPUHDOLGDGHVHPSURSyVLWRHVHPPRWLYRGHDomR

$JRUDVXDSUySULDLPDJHPItVLFDpDPDWHULDOL]DomRGHVXDLGpLDGHVLPHVPRFRPDV
SURSULHGDGHVGDPDWpULD6HPDLGpLDGHVLPHVPRVXDLPDJHPItVLFDQmRVHULDDLQGD
IUHTXHQWHPHQWHpWXGRGRTXDOYRFrHVWiFLHQWH2SRGHULQLFLDOHDHQHUJLDGDLGpLDGHVLPHVPR
PDQWpPVXDLPDJHPYLYD,GpLDVHQWmRVmRPXLWRPDLVLPSRUWDQWHVGRTXHYRFrSHUFHEH6HYRFr
WHQWDUDFHLWDUDLGpLDGHTXHVXDSUySULDH[LVWrQFLDpPXOWLGLPHQVLRQDOGHTXHYRFrKDELWDGHQWUR
GDPpGLDGDVSUREDELOLGDGHVLQILQLWDVHQWmRYRFrSRGHDSUHHQGHUXPSHTXHQRYLVOXPEUHGD
UHDOLGDGHTXHHVWiDWUiVGDSDODYUD³GHXV´HSRGHHQWHQGHUDUD]mRSHODTXDOpTXDVHLPSRVVtYHO
FDSWXUDUXPYHUGDGHLURHQWHQGLPHQWRGHVWHFRQFHLWRHPSDODYUDV

'HXVSRUWDQWRpHPSULPHLUROXJDUXPFULDGRUQmRGHXPXQLYHUVRItVLFRPDVGHXPDYDULHGDGH
LQILQLWDGHSURYiYHLVH[LVWrQFLDVPXLWRPDLVYDVWDVGRTXHHVWHVDVSHFWRVGRXQLYHUVRItVLFRFRPR
TXDOVHXVFLHQWLVWDVHVWmRIDPLOLDUL]DGRV(OHVLPSOHVPHQWHQmRHQYLRXSRUWDQWRXPILOKRSDUD
YLYHUHPRUUHUHPXPSHTXHQRSODQHWD(OHpXPDSURWXEHUkQFLDGHWRGDVDVSUREDELOLGDGHV

+iSDUiERODVFRQWDGDVHHVWyULDVGHFRPHoRV7RGDVHVWDVVmRWHQWDWLYDVGHWUDQVPLWLUXP
FRQKHFLPHQWRHPWHUPRVPDLVVLPSOHVTXDQWRSRVVtYHO

)UHTHQWHPHQWHIRUDPGDGDVUHVSRVWDVDSHUJXQWDVTXHOLWHUDOPHQWHQmRWrPQHQKXPVLJQLILFDGR
IRUDGHVHXSUySULRVLVWHPDGHUHDOLGDGH

3RUH[HPSOR1mRKRXYHQHQKXPFRPHoRHQmRKDYHUiQHQKXPILPDLQGDDVVLPDVSDUiERODVWrP
OKHGLWRGHFRPHoRVHILQDLVVLPSOHVPHQWHSRUTXHFRPVXDVLGpLDVGLVWRUFLGDVGHWHPSRFRPHoRV
HILQDLVSDUHFHPVHULQVHSDUiYHLVHYHQWRVYiOLGRV&RQIRUPHYRFrDSUHQGHDPXGDURIRFRGHVXD
DWHQomRSDUDORQJHGDUHDOLGDGHItVLFDHFRQVHTXHQWHPHQWHYLYHQFLDDOJXPDtQILPDHYLGrQFLDGH
RXWUDVUHDOLGDGHVVXDFRQVFLrQFLDSXODUiGDVYHOKDVLGpLDVTXHID]HPFRPTXHDVYHUGDGHLUDV
H[SOLFDo}HVVHMDPLPSRVVtYHLVGHFRPSUHHQGHU$FRQVFLrQFLDPXOWLGLPHQVLRQDOHVWiGLVSRQtYHO
SDUDYRFrHPVHXVVRQKRVSRUpPHPDOJXQVHVWDGRVGHWUDQVHHIUHTXHQWHPHQWHDWpPHVPRVRED
FRQVFLrQFLDRUGLQiULDTXHYRFrXVDSDUDYLYHURVHXGLD

(VWDFRQVFLrQFLDGiDH[SHULrQFLDSHVVRDOFRPDULTXH]DPXOWLGLPHQVLRQDOTXHQmRH[LVWHjSDUWH
GHODPDVPLVWXUDGDjHODGHQWURDWUDYpVHHPWRGRVHXPXQGRItVLFRGHVHQWLGRV'L]HUTXHD
YLGDItVLFDQmRpUHDOpQHJDUTXHDUHDOLGDGHSHQHWUDWRGDDSDUrQFLDHpXPDSURWXEHUkQFLDGH
WRGRDSDUHFLPHQWR'DPHVPDPDQHLUD'HXVQmRH[LVWHjSDUWHGHRXVHSDUDGRGDUHDOLGDGH
ItVLFDPDVH[LVWHQHODHFRPRXPDSURWXEHUkQFLDGHODFRPRHOHH[LVWHHPHFRPRXPD
SURWXEHUkQFLDGHWRGRVRVRXWURVVLVWHPDVGHH[LVWrQFLD

6XDILJXUDGH&ULVWRUHSUHVHQWDVLPEROLFDPHQWHVXDLGpLDGH'HXVHVHXVUHODFLRQDPHQWRV+DYLD
WUrVLQGLYtGXRVVHSDUDGRVFXMDKLVWyULDVHPLVWXURXHHOHVIRUDPFRQKHFLGRVFROHWLYDPHQWHFRPR
&ULVWRFRQVHTHQWHPHQWHPXLWDVGLVFUHSkQFLDVHPVHXVUHJLVWURV(VWHVHUDPWRGRVPDFKRV
SRUTXHjTXHOHSRQWRGHVHXGHVHQYROYLPHQWRYRFrQmRWHULDDFHLWDGRXPDFRQWUDSDUWHIHPLQLQD

(VWHVLQGLYtGXRVHUDPXPDSURWXEHUkQFLDGHXPDHQWLGDGH9RFrQmRSRGHULDLPDJLQDU'HXVVHQmR
FRPRXPSDL1XQFDWHULDOKHRFRUULGRLPDJLQDUXPGHXVHPQHQKXPRXWURWHUPRKXPDQR
&RPSRQHQWHVWHUUHQRV

(VWDVWUrVILJXUDVWUDEDOKDUDPXPGUDPDDOWDPHQWHVLPEyOLFRLPSHOLGRSRUXPDHQHUJLD
FRQFHQWUDGDGHJUDQGHIRUoD

2VHYHQWRVFRPRVmRUHJLVWUDGRVSRUpPQmRDFRQWHFHUDPQDKLVWyULD$FUXFLILFDomRGH&ULVWR
IRLXPHYHQWRSVtTXLFRQmRXPHYHQWRItVLFR,GpLDVGHPDJQLWXGHTXDVHLQLPDJLQiYHOIRUDP
HQFHQDGDV

3RUH[HPSOR-XGDVQmRIRLXPKRPHPHPVHXVWHUPRV(OHIRL±FRPRWRGRVRVRXWURVGLVFtSXORV
±XPD³SHUVRQDOLGDGHIUDJPHQWDGD´FULDGDDEHQoRDGDIRUPDGDSHODSHUVRQDOLGDGHGH&ULVWR(OH
UHSUHVHQWRXRHXWUDLGRU(OHGUDPDWL]RXXPDSRUomRGHFDGDSHUVRQDOLGDGHLQGLYLGXDOTXHVHIRFD
VREUHDUHDOLGDGHItVLFDGHXPDPDQHLUDiYLGDHTXHQHJDRHXLQWHULRUjJDQkQFLD

&DGDXPDGDVGR]HTXDOLGDGHVUHSUHVHQWDGDVGDSHUVRQDOLGDGHTXHSHUWHQFHDXPLQGLYtGXRHR
&ULVWRFRPRYRFrRFRQKHFHUHSUHVHQWDRHXLQWHULRU2VGR]HSRUWDQWRPDLV&ULVWRFRPRYRFrR
FRQKHFHXPDILJXUDFRPSRVWDSRUWUrVUHSUHVHQWDUDPXPDSHUVRQDOLGDGHLQGLYLGXDOWHUUHQD±R
HXLQWHULRUHGR]HFDUDFWHUtVWLFDVSULQFLSDLVFRQHFWDGDVFRPRHXHJRWLVWD&RPRR&ULVWRHUD
URGHDGRSHORVGLVFtSXORVDVVLPRHXLQWHULRUpURGHDGRSRUHVWDVFDUDFWHUtVWLFDVILVLFDPHQWH
RULHQWDGDVFDGDXPDSX[DGDSDUDIRUDHSDUDGHQWURQDUHDOLGDGHGLiULDSRUXPODGRHDLQGD
RUELWDQGRRHXLQWHULRU

2VGLVFtSXORVHQWmRUHFHEHUDPFDUDFWHUtVWLFDVGDUHDOLGDGHItVLFDSHORHXLQWHULRUFRPRWRGDVDV
FDUDFWHUtVWLFDVWHUUHQDVYrPGHVXDQDWXUH]DLQWHULRU(VWDHUDXPDSDUiERODYLYDIHLWDHPFDUQH
HQWUHYRFrVXPMRJRFyVPLFRWUDEDOKDGRSRUVXDFDXVDDVVHVVRUDGRHPWHUPRVTXHYRFrV
SRGHULDPHQWHQGHU

$VOLo}HVIRUDPFODUDVFRPRWRGDVDVLGpLDVDWUiVGHODVSHUVRQLILFDGDV6HYRFrSHUGRDURWHUPR
IRLFRPRXPDSHoDORFDOFRPVHQWLGRPRUDOHQFHQDGDQDHVTXLQDGHVHXXQLYHUVR,VVRQmR
VLJQLILFDTXHIRLPHQRVUHDOGRTXHYRFrSUHYLDPHQWHVXS{V'HIDWRDVLPSOLFDo}HVGRTXHpGLWR
DTXLSRGHULDPFODUDPHQWHLQGLFDURVDVSHFWRVGLYLQRVPDLVSRGHURVRV

$VWUrVSHUVRQDOLGDGHGH&ULVWRQDVFHUDPVREUHVHXSODQHWDHGHIDWRVHWRUQRXFDUQHHQWUH
YRFrV1HQKXPDGHODVIRLFUXFLILFDGD2VGR]HGLVFtSXORVHUDPPDWHULDOL]Do}HVGDVHQHUJLDV
GHVWDVWUrVSHUVRQDOLGDGHV±VXDVHQHUJLDVFRPELQDGDV(OHVIRUDPFRPSOHWDPHQWHGRWDGRVHQWmR
GHLQGLYLGXDOLGDGHSRUWDQWRPDVDWDUHIDSULQFLSDOGHOHVHUDPDQLIHVWDUFODUDPHQWHGHQWURGHOHV
PHVPRVFHUWDVKDELOLGDGHVLQHUHQWHVGHQWURGHWRGRVRVKRPHQV

2VPHVPRVWLSRVGHGUDPDVGHPRGRVGLIHUHQWHVIRUDPGHWHUPLQDGRVHHPERUDRGUDPDVHMD
VHPSUHGLIHUHQWHpVHPSUHRPHVPR,VWRQmRVLJQLILFDTXHXP&ULVWRWHQKDDSDUHFLGRHPFDGD
VLVWHPDGHUHDOLGDGH,VWRVLJQLILFDTXHDLGpLDGH'HXVVHPDQLIHVWRXHPFDGDVLVWHPDGHXP
PRGRTXHpFRPSUHHQVtYHODRVKDELWDQWHV

(VWHGUDPDFRQWLQXDH[LVWLQGR(OHQmRSHUWHQFHSRUH[HPSORDVHXSDVVDGR9RFrVyRFRORFRX
DOL,VWRQmRVLJQLILFDTXHVHPSUHUHRFRUUH2GUDPDHQWmRHVWDYDORQJHGHQmRWHUVHQWLGRHR
HVStULWRGH&ULVWRHPVHXVWHPRVpOHJtWLPReR'HXVGUDPDSURYiYHOTXHYRFrHVFROKH
SHUFHEHU+RXYHUDPRXWURVTXHIRUDPSHUFHELGRVPDVQmRSRUYRFrHKiWDLVRXWURVGUDPDV
H[LVWLQGRDJRUD7HQKDRFRUULGRDFUXFLILFDomRItVLFDRXQmRIRLXPHYHQWRSVtTXLFRHH[LVWHDVVLP
FRPRWRGRVRVRXWURVHYHQWRVFRQHFWDGRVDRGUDPD

0XLWRVHUDPItVLFRVPDVDOJXQVQmR2HYHQWRSVtTXLFRDIHWRXVHXPXQGRWRWDOPHQWHFRPRRDWp
PHVPRRItVLFRFRPRpyEYLR7RGRRGUDPDRFRUUHXFRPRXPUHVXOWDGRGDQHFHVVLGDGHGRJrQHUR
KXPDQR(OHIRLFULDGRFRPRXPUHVXOWDGRGDTXHODQHFHVVLGDGHFUHVFHXGHODPDVQmRVHRULJLQRX
GHQWURGHVHXVLVWHPDGHUHDOLGDGH

2XWUDVUHOLJL}HVIRUDPEDVHDGDVHPGUDPDVGLIHUHQWHVQRVTXDLVDVLGpLDVIRUDPDWXDGDVGHXP
PRGRFRPSUHHQVtYHOSDUDYiULDVFXOWXUDV,QIHOL]PHQWHDVGLIHUHQoDVHQWUHRVGUDPDV
IUHTHQWHPHQWHFRQGX]LUDPDPiLQWHUSUHWDo}HVHIRUDPXVDGRVFRPRGHVFXOSDVSDUDJXHUUDV
(VWHVGUDPDVWDPEpPVmRWUDEDOKDGRVSULYDGDPHQWHQRHVWDGRGHVRQKR

$VILJXUDVSHUVRQLILFDGDVGH'HXVSULPHLURIRUDPLQWURGX]LGDVDRKRPHPQRHVWDGRGHVRQKRHR
FDPLQKRHQWmRSUHSDUDGR

(PYLV}HVHLQVSLUDo}HVRVKRPHQVVRXEHUDPTXHRGUDPDGH&ULVWRVHULDRUGHQDGRH
FRQVHTHQWHPHQWHUHFRQKHFHXLVWRSHORTXHHUDTXDQGRRFRUUHULDILVLFDPHQWH6HXSRGHUHIRUoD
VHYROWDUDPHQWmRSDUDRXQLYHUVRGHVRQKR,VWRDXPHQWRXVHXYLJRUHLQWHQVLGDGHDWUDYpVGD
PDWHULDOL]DomRItVLFD1RVVRQKRVSULYDGRVRVKRPHQVHQWmRUHODFLRQDUDPDVILJXUDVSULQFLSDLV
QRGUDPDHQRHVWDGRGHVRQKRHOHVUHFRQKHFHUDPVXDYHUGDGHLUDLPSRUWDomR

'HXVpPDLVTXHDVRPDGHWRGRVRVVLVWHPDVSURYiYHLVGHUHDOLGDGHTXHHOHFULRXHDLQGDHVWi
GHQWURGHFDGDXPGHVWHVVHPH[FHomR(OHHVWiSRUWDQWRGHQWURGHFDGDKRPHPHPXOKHU(OH
WDPEpPHVWiGHQWURGHFDGDDUDQKDVRPEUDHVDSRHLVWRpRTXHKRPHPQmRJRVWDGHDGPLWLU

'HXVVySRGHVHUYLYHQFLDGRHYRFrRYLYHQFLDSHUFHEDRXQmRDWUDYpVGHVXDSUySULDH[LVWrQFLD
(OHQmRpPDFKRRXIrPHDSRUWDQWRHHXXVRRVWHUPRVDSHQDVSRUFRQYHQLrQFLD1DYHUGDGH
PDLVLQHYLWiYHO(OHQmRpKXPDQRHPVHXVWHUPRVQHPHPVHXVWHUPRV(OHpXPDSHUVRQDOLGDGH
6XDVLGpLDVGHSHUVRQDOLGDGHVmRPXLWROLPLWDGDVSDUDFRQWHUDVP~OWLSODVIDFHWDVGDH[LVWrQFLD
PXOWLGLPHQVLRQDOGH'HXV

3RURXWURODGR(OHpKXPDQRQLVWR(OHpXPDSRUomRGHFDGDLQGLYLGXDOHGHQWURGDLPHQVLGDGH
GDH[SHULrQFLDG(OH(OHPDQWpPXPDIRUPDLGpLDGH6LPHVPRFRPRKXPDQRjTXDOYRFrSRGH
VHUHODFLRQDU(OHOLWHUDOPHQWHIRLIHLWRFDUQHSDUDPRUDUHQWUHYRFrVSRLV(OHIRUPDDVXDFDUQHH
QLVWR(OHpUHVSRQViYHOSHODHQHUJLDTXHGiYLWDOLGDGHHYDOLGDGHDVHXHXSULYDGR
PXOWLGLPHQVLRQDOTXHSRUVXDYH]IRUPDVXDLPDJHPFRQIRUPHFRPVXDVSUySULDVLGpLDV

(VWHPXOWLGLPHQVLRQDOHXSULYDGRRXDDOPDWHPSRUWDQWRVXDYDOLGDGHHWHUQD(OHpDSRLDGR
VXSRUWDGRPDQWLGRSHODHQHUJLDDYLWDOLGDGHLQFRQFHEtYHOGR7XGR4XHe

1mRSRGHVHUGHVWUXtGRSRUWDQWRHVWHVHXHXLQWHULRUVHXWDPSRXFRVHUGLPLQXtGR(OHFRPSDUWLOKD
DVKDELOLGDGHVTXHVmRLQHUHQWHVDR7XGR4XHe(OHSUHFLVDSRUWDQWRFULDUFRPRpFULDGRSRLV
HVWHpDJUDQGHGiGLYDTXHHVWiSRUWUiVGHWRGDVDVGLPHQV}HVGHH[LVWrQFLDRGHUUDPDPHQWRD
SDUWLUGDIRQWHGR7XGR4XHe,GHQWLILFDUHLQRGHYLGRWHPSRDILJXUDGDWHUFHLUDSHUVRQDOLGDGHGH
&ULVWR3RUpPDJRUDHVWRXLQWHUHVVDGRQRVDVSHFWRVPXOWLGLPHQVLRQDLVGR7XGR4XHe7DO
UHDOLGDGHSRGHVHUDSHQDVH[SHULHQFLDGD1mRKiIDWRVTXHSRVVDPVHUGDGRVTXHSRVVDPUHWUDWDU
TXDOTXHUILGHOLGDGHRVDWULEXWRVGR7XGR4XHe

(VWDUHDOLGDGHHHVVHVDWULEXWRVDSDUHFHUmRGHQWURGHYiULRVVLVWHPDVGHUHDOLGDGHGHDFRUGRFRP
RVGDGRVGHFDPXIODJHPGHTXDOTXHUVLVWHPDGHWHUPLQDGR$H[SHULrQFLDLQWHULRUFRPR'HXV
PXOWLGLPHQVLRQDOSRGHVXUJLUHPGXDViUHDVSULQFLSDLV8PDpDWUDYpVGDUHDOL]DomRTXHHVWD
SULPDULHGDGHPRYHDIRUoDTXHHVWiHPWXGRTXHYRFrSRGHSHUFHEHUFRPVHXVVHQWLGRV2RXWUR
PpWRGRpSHUFHEHUTXHHVVDIRUoDPRWLYDSULPiULDWHPXPDUHDOLGDGHLQGHSHQGHQWHGHVXD>GHOD
GDIRUoD17@FRQH[mRFRPRPXQGRGDVDSDUrQFLDV

7RGRVRVFRQWDWRVSHVVRDLVFRPR'HXVPXOWLGLPHQVLRQDOWRGRVRVPRPHQWRVOHJtWLPRVGH
FRQVFLrQFLDPtVWLFDVHPSUHWHUmRXPHIHLWRXQLILFDGRU(OHVQRHQWDQWRQmRLVRODUmRRLQGLYtGXR
HQYROYLGRPDVDRFRQWUiULRDPSOLDUiVXDVSHUFHSo}HVDWpTXHHOHH[SHULHQFLHDUHDOLGDGHHD
VLQJXODULGDGHGHPXLWRVRXWURVDVSHFWRVGDUHDOLGDGHGDVTXDLVHOH>RLQGLYtGXR17@pFDSD]

(QWmRHOHVHVHQWLUiPHQRVLVRODGRHPHQRVjSDUWH(OHQmRVHUHODFLRQDUiFRPRXPVHUVREUHRV
RXWURVSRUFDXVDGDH[SHULrQFLD$RFRQWUiULRHOHUHFHEHUiXPDQRomRGHFRPSUHHQVmRQDTXDO
SHUFHEHDVLPHVPR~QLFRFRPR7XGR4XHe

&RPRKiSRUo}HVGDUHDOLGDGHTXHYRFrQmRSHUFHEHFRQVFLHQWHPHQWHHRXWURVVLVWHPDVGH
SUREDELOLGDGHVGRVTXDLVYRFrQmRHVWiFRQVFLHQWHPHQWHFLHQWHWDPEpPKiDVSHFWRVGLYLQRV
SULPiULRVTXHYRFrQmRSRGHQHVWHPRPHQWRFRPSUHHQGHU+iSRUWDQWRSURYiYHLVGHXVHVFDGD
XPUHIOHWLQGRDVHXPRGRRVDVSHFWRVPXOWLGLPHQVLRQDLVGDLGHQWLGDGHSULPiULDWmRJUDQGHH
GHVOXPEUDQWHPHQWHTXHQHQKXPDUHDOLGDGHDSDUWLUGHXPWLSRSDUWLFXODUGHH[LVWrQFLDSRGHUi
FRQWrOD

(XWHQWHLOKHGDUDOJXPDLGpLDGRVHIHLWRVFULDWLYRVGHORQJRDOFDQFHGHVHXVSUySULRVSHQVDPHQWRV
&RPLVVRHPPHQWHHQWmRpLPSRVVtYHOLPDJLQDUDVFULDWLYLGDGHVPXOWLGLPHQVLRQDLVTXHSRGHP
VHUDWULEXtGDVDR7XGR4XHe2WHUPR³7XGR4XHe´SRGHVHUXVDGRFRPRXPDGHVLJQDomRSDUD
LQFOXLUWRGDVDVSUREDELOLGDGHVGLYLQDVHPWRGDVDVPDQLIHVWDo}HVGHOD>GH'HXV17@

$JRUDWDOYH]VHMDPDLVIiFLOSDUDDOJXQVGHYRFrVHQWHQGHUHPDVVLPSOHVHVWyULDHSDUiERODVGRV
FRPHoRVGRVTXDLVIDOHL0DVRpFKHJDGRRWHPSRSDUDRJrQHURKXPDQRGDUYiULRVSDVVRV
DGLDQWHSDUDH[SDQGLUDQDWXUH]DGHVXDSUySULDFRQVFLrQFLDSDUDWHQWDUFRPSUHHQGHUXPDYHUVmR
PDLVSURIXQGDGDUHDOLGDGH

9RFrVXSHURXRWHPSRGRVFRQWRVLQIDQWLV4XDQGRVHXVSUySULRVSHQVDPHQWRVWLYHUHPXPDIRUPD
HUHDOLGDGHTXDQGRHOHVWLYHUHPYDOLGDGHPHVPRHPRXWURVVLVWHPDVGHUHDOLGDGHGDVTXDLVYRFr
HVWiLQFRQVFLHQWHHQWmRQmRVHUiGLItFLOHQWHQGHURPRWLYRSHORTXDORVRXWURVVLVWHPDVGH
SUREDELOLGDGHVWDPEpPVmRDIHWDGRVSRUVHXVSHQVDPHQWRVHHPRo}HV±QHPSRUTXHDVDo}HVGRV
SURYiYHLVGHXVHVQmRVmRDIHWDGDVSHORTXHDFRQWHFHQDVRXWUDVGLPHQV}HVGHH[LVWrQFLD

&$3Ë78/2
&LYLOL]Do}HV5HHQFDUQDFLRQDLV3UREDELOLGDGHVHPDLVVREUHR'HXV0XOWLGLPHQVLRQDO

'HFHUWRPRGRIDODQGRSRGHVHUGLWRTXHYRFrWHPFLYLOL]Do}HVUHHQFDUQDFLRQDLVDVVLPFRPR
UHHQFDUQDo}HVLQGLYLGXDLV&DGDHQWLGDGHTXHQDVFHHPFDUQHWUDEDOKDDWUDYpVGR
GHVHQYROYLPHQWRGDVKDELOLGDGHVTXHSRGHPVHUPHOKRUPDWXUDGDVHFRPSOHWDVQRDPELHQWHItVLFR
(ODWHPDUHVSRQVDELOLGDGHSDUDHSHODFLYLOL]DomRQDTXDOWHPFDGDH[LVWrQFLDSRLVDODDMXGDD
IRUPiODDWUDYpVGHVHXVSUySULRVSHQVDPHQWRVHPRo}HVHDo}HV

(OHDSUHQGHDSDUWLUGRIUDFDVVREHPFRPRDSDUWLUGRVXFHVVR9RFrSHQVDQDKLVWyULDItVLFD
FRPRXPFRPHoDQGRFRPRKRPHPGDFDYHUQDHFRQWLQXDQGRDWpRSUHVHQWHPDVKRXYHRXWUDV
JUDQGHVFLYLOL]Do}HVFLHQWtILFDVDOJXPDVPHQFLRQDGDVHPOHQGDVDOJXPDVFRPSOHWDPHQWH
GHVFRQKHFLGDV±WRGDVHPVHXVWHUPRVDJRUDGHVDSDUHFHUDP

$YRFrSDUHFHTXHYRFrWHPWDOYH]XPD~QLFDFKDQFHFRPRHVSpFLHSDUDUHVROYHUVHXV
SUREOHPDVRXVHUGHVWUXtGDSRUVXDSUySULDDJUHVVmRSRUVXDSUySULDIDOWDGHFRPSUHHQVmRH
HVSLULWXDOLGDGH&RPRYRFrWHPUHFHELGRPXLWDVYLGDVQDVTXDLVGHVHQYROYHHFRPSOHWDVXDV
KDELOLGDGHVDVVLPDFRQWHFHjVHVSpFLHVQHVWHVWHUPRVGLYLGLQGRPDLVGRTXHDOLQKDVLQJXODUGH
GHVHQYROYLPHQWRKLVWyULFRFRPDTXDOYRFrHVWiIDPLOLDUL]DGRDJRUD$HVWUXWXUDUHHQFDUQDFLRQDOp
DSHQDVXPDIDFHWHHPWRGRRTXDGURGHSUREDELOLGDGHV1HOHYRFrOLWHUDOPHQWHWHPWDQWRWHPSR
TXDQWRSUHFLVDSDUDGHVHQYROYHUHVWHVSRWHQFLDLVTXHSUHFLVDGHVHQYROYHUDQWHVGHGHL[DUDV
H[LVWrQFLDVUHHQFDUQDFLRQDLV*UXSRVGHSHVVRDVHPYiULRVFLFORVGHDWLYLGDGHVUHHQFDUQDFLRQDLV
WrPWLGRFULVHVDSyVFULVHVFKHJDPDVHXSRQWRGHGHVHQYROYLPHQWRItVLFRHLQGRDOpPRX
GHVWUXtGRVXDFLYLOL]DomRSDUWLFXODU

1HVWHFDVRHOHVUHFHEHUDPRXWUDFKDQFHWHQGRRFRQKHFLPHQWRLQFRQVFLHQWHQmRDSHQDVGHVXDV
IDOKDVPDVGDVUD]}HVSRUWUiVGHODV(OHVHQWmRFRPHoDUDPFRPXPDYDQWDJHPSVLFROyJLFD
TXDQGRIRUPDUDPQRYRVDJUXSDPHQWRVSULPLWLYRV

2XWURVWHQGRUHVROYLGRRVSUREOHPDVGHL[DUDPVHXSODQHWDItVLFRSRURXWURVSRQWRVQRXQLYHUVR
ItVLFR4XDQGRHOHVDOFDQoDUDPDTXHOHQtYHOGHGHVHQYROYLPHQWRSRUpPHVWDYDPHVSLULWXDOH
ILVLFDPHQWHPDGXURVHDSWRVDXWLOL]DUDVHQHUJLDVGDVTXDLVYRFrQmRWHPQHQKXPFRQKHFLPHQWR
SUiWLFRDJRUD

$7HUUDSDUDHOHVDJRUDpXPDFDVDOHQGiULD(OHVIRUPDUDPQRYDVUDoDVHHVSpFLHVTXHQmR
SRGHULDPPDLVDFRPRGiORVILVLFDPHQWHSRUVXDVFRQGLo}HVDWPRVIpULFDV3RUpPHOHVWDPEpP
FRQWLQXDUDPQRQtYHOUHHQFDUQDFLRQDOWDQWRTXDQWRKDELWDPDUHDOLGDGHSVtTXLFD$OJXQVGHVWHV
SRUpPVHWUDQVPXWDUDPHGHL[DUDPRFLFORUHHQFDUQDFLRQDO

(VVHVTXHGHL[DUDPRFLFORUHHQFDUQDFLRQDOHYROXtUDPSDUDDVHQWLGDGHVPHQWDLVTXHVHPSUH
IRUDPYRFrYr'HVFDUWDUDPDIRUPDPDWHULDO(VWDVHQWLGDGHVGHJUXSRDLQGDVHLQWHUHVVDPSHOD
WHUUD(OHVHPSUHVWDPjHODDSRLRHHQHUJLD'HFHUWRPRGRDJRUDHOHVSRGHULDPVHUSHQVDGRV
FRPRGHXVHVGDWHUUD(PVHXSODQHWDHOHVHVWLYHUDPHQYROYLGRVHPWUrVFLYLOL]Do}HVSDUWLFXODUHV
EHPDQWHVGRWHPSRGH$WOkQWLGDTXDQGRGHIDWRVHXSUySULRSODQHWDHVWDYDHPXPDSRVLomRXP
SRXFRGLIHUHQWH3DUWLFXODUPHQWHHPUHODomRDRVWUrVGRVRXWURVSODQHWDVTXHYRFrFRQKHFH2V
SyORVIRUDPLQYHUWLGRVHOHVIRUDPLQFLGHQWHPHQWHSRUWUrVORQJRVSHUtRGRVGHVHXSODQHWD(VWDV
FLYLOL]Do}HVHUDPDOWDPHQWHWHFQROyJLFDVRVHJXQGRVHUGHIDWRPXLWRVXSHULRUDVHXSUySULRDR
ORQJRGHVWDVOLQKDV2VRPHUDXWLOL]DGRPXLWRPDLVHIHWLYDPHQWHQmRDSHQDVSDUDFXUDHQDV
JXHUUDVPDVWDPEpPSDUDGDUSRGHUDRVYHtFXORVGHORFRPRomRHSDUDSURYRFDURPRYLPHQWRGD
PDWpULDItVLFD2VRPHUDXPWUDQVSRUWDGRUGHSHVRHPDVVD

$IRUoDGHVWDVHJXQGDFLYLOL]DomRUHSRXVDSULQFLSDOPHQWHQDViUHDVDJRUDFRQKHFLGDVFRPR
ÈIULFDH$XVWUiOLDHPERUDQDTXHOHWHPSRQmRDSHQDVRFOLPDHUDLQWHLUDPHQWHGLIHUHQWHPDV
WDPEpPDViUHDVWHUUHQDV+DYLDXPDDWUDomRGLIHUHQWHGHPDVVDWHUUHQDUHODFLRQDGDjSRVLomR
DOWHUDGDGRVSyORV3RUpPUHODWLYDPHQWHIDODQGRDFLYLOL]DomRHUDFRQFHQWUDGDHPXPDiUHDHOD
QmRWHQWRXVHH[SDQGLU(

(ODHUDDOWDPHQWHHQFUDYDGDHDILPGRSODQHWDVLPXOWDQHDPHQWHFRPXPDFXOWXUDODUJDQmR
RUJDQL]DGDGLVSHUVDSULPLWLYD

(ODQmRDSHQDVQmRIH]QHQKXPDWHQWDWLYDSDUD³FLYLOL]DU´RUHVWRGRPXQGRPDVIH]WXGRHPVHX
SRGHU±FRQVLGHUiYHOSRUXPORQJRSHUtRGRGHWHPSR±SDUDLPSHGLUWDOSURJUHVVR

2VPHPEURVGHVWDFLYLOL]DomRHUDPHPJUDQGHSDUWHXPJUXSRGHIUDQMDVGDSUyVSHUDFLYLOL]DomR
DQWHULRUDPDLRULDGRVTXDLVGHFLGLUDPFRQWLQXDUDH[LVWrQFLDHPRXWUDViUHDVGHVHXXQLYHUVR
ItVLFR(VWHVSRUpPHUDPSDUWLFXODUPHQWHDSDL[RQDGRVSHODYLGDWHUUHVWUHHWDPEpPSHQVDYDP
TXHSRGHULDPPHOKRUDUD~OWLPDH[SHULrQFLDQDTXDOHVWLYHUDPHQYROYLGRVHPERUDIRVVHPOLYUHV
SDUDVHPRYHUSDUDRXWUDVFDPDGDVGHH[LVWrQFLD

(OHVQmRHVWDYDPLQWHUHVVDGRVHPFRPHoDUGRQDGDQRYDPHQWHFRPRXPDFLYLOL]DomRLQIDQWHPDV
HPRXWUDViUHDV(QWmRPXLWRGRFRQKHFLPHQWRGHOHVHUDLQVWLQWLYRQHOHVHHVWHJUXSRSDUWLFXODU
SDVVRXHQWmRPXLWRUDSLGDPHQWHSHORTXHYRFrFKDPDULDGHDVYiULDVIDVHVWHFQROyJLFDV

1RLQtFLRHOHVHUDPSDUWLFXODUPHQWHLQWHUHVVDGRVHPGHVHQYROYHUXPVHUKXPDQRTXHWHULD
SURWHo}HVLQWHUQDVFRQWUDDYLROrQFLD&RPHOHVRGHVHMRSRUSD]IRLTXDVHRTXHYRFrFKDPDULD
GHXPLQVWLQWR+RXYHPXGDQoDVQRPHFDQLVPRItVLFR4XDQGRDPHQWHVLQDOL]DVVHIRUWHDJUHVVmR
RFRUSRQmRUHDJLULD$JRUDSVLFRORJLFDPHQWHYRFrSRGHYHUYHVWtJLRVGLVWRHPFHUWRVLQGLYtGXRV
TXHGHVIDOHFHUmRRXDWpPHVPRDWDFDUmRRSUySULRVLVWHPDItVLFRGHOHVDQWHVGHVHSHUPLWLUID]HU
RTXHSHQVDPVHUYLROrQFLDSDUDRRXWUR

(VWDFLYLOL]DomRSRUWDQWRGHL[RXHPSD]RVQDWLYRVTXHRVFHUFDYDP(OHVPDQGDUDPHPERUD
PHPEURVGRSUySULRJUXSRGHOHVSRUpPSDUDYLYHUFRPRVQDWLYRVHFDVDUHPGHQWURGDIDPtOLD
HVSHUDQGRSDFLILFDPHQWHDVVLPDOWHUDUDILVLRORJLDGDVHVSpFLHV

$HQHUJLDFRQVWDQWHPHQWHHPVHXWHPSRGDGRDYLROrQFLDVHJXLXDRLQYpVGHVHJXLUSDUDRXWUDV
DWLYLGDGHVFRPHoRXDVHYLUDUFRQWUDHOHV(OHVQmRHVWDYDPDSUHQGHQGRDOLGDUFRPDYLROrQFLD
RXDJUHVVmR

(OHVHVWDYDPWHQWDQGRS{ODVHPFXUWRFLUFXLWRILVLFDPHQWHHLVWRHOHVDFKDUDPWLQKD
FRPSOLFDo}HV

$HQHUJLDWHPTXHWHUSHUPLVVmRSDUDIOXLUOLYUHPHQWHDWUDYpVGRVLVWHPDItVLFRFRQWURODGDH
GLULJLGDPHQWDOPHQWHRXILVLFDPHQWHVHYRFrSUHIHUH

$DOWHUDomRItVLFDIRLXPDWHQVmRSDUDWRGRRVLVWHPD$VIXQo}HVEiVLFDHFULDWLYDTXHIRUDP
GLVWRUFLGDVQDLGpLDGDDJUHVVmRRGHVHMRGHDJLUQmRIRLFRPSUHHQGLGR'HFHUWDIRUPDIDODQGR
DUHVSLUDomRHPVLpXPDYLROrQFLD$LQLELomRLQWHUQDOL]DGDUHVXOWRXQXPVLVWHPDDPDUUDGRGH
FRQWUROHVP~WXRVQRTXDODH[WHQVmRGDDomRVHWRUQRXOLWHUDOPHQWHLPSRVVtYHO

8PHVWDGRPHQWDOHItVLFRH[WUHPDPHQWHFRQVFLHQFLRVRUHVWULWLYRHYROXLXQRTXDODQHFHVVLGDGH
ItVLFDHQDWXUDOGRRUJDQLVPRSRUVREUHYLYrQFLDIRLLPSHGLGDHPWRGRVRVVHQWLGRV0HQWDOPHQWHD
FLYLOL]DomRSURJUHGLX6XDWHFQRORJLDIRLH[WUHPDPHQWHDWLYDGDHLPSHOLGDSDUDIUHQWHTXDQGRVH
HVIRUoRXSDUDVHGHVHQYROYHUSRUH[HPSORDOLPHQWRVDUWLILFLDLVGHIRUPDTXHQmRIRVVHGH
TXDOTXHUPRGRQHFHVViULRPDWDUSDUDVREUHYLYHU

$RPHVPRWHPSRVHWHQWRXGHL[DURDPELHQWHLQWDFWR6HXHVWDJLRGHDXWRPyYHLVIRLSHUGLGR
FRPSOHWDPHQWHHRVYHtFXORVDYDSRUHVHFRQFHQWURXEDVWDQWHQRVRP2VRPQmRSRGHULDVHU
RXYLGRSRURUHOKDVItVLFDV

$FLYLOL]DomRIRLFKDPDGDGH/XPkQLDHRSUySULRQRPHVHWRUQRXHPOHQGDHIRLPDLVWDUGH
QRYDPHQWHXVDGR

2V/XPkQLDQVHUDPXPSRYREDVWDQWHPDJURIUDFRIDODQGRHPWHUPRVItVLFRVPDV
SVLTXLFDPHQWHRXEULOKDQWHVRXGHVSURYLGRVGHWDOHQWRV(PDOJXQVYHMDRVFRQWUROHVLQWHULRUHV
FDXVDUDPWDQWRVEORTXHLRVGHHQHUJLDHPWRGDVDVGLUHo}HVTXHPHVPRVXDDOWDKDELOLGDGH
WHOHSiWLFDQDWXUDODFDERXVRIUHQGR

(OHVIRUPDYDPFDPSRVGHHQHUJLDDRUHGRUGHVXDSUySULDFLYLOL]DomR(OHVHUDPHQWmRLVRODGRV
GRFRQWDWRFRPRXWURVJUXSRV(OHVQmRSHUPLWLUDPTXHDWHFQRORJLDRVGHVWUXtVVHSRUpP0DLVH
PDLVGHOHVSHUFHEHUDPTXHRH[SHULPHQWRQmRIRLXPVXFHVVR

$OJXQVDSyVDPRUWHItVLFDSDUWLUDPSDUDVHXQLUjTXHOHVGDSUyVSHUDFLYLOL]DomRDQWHULRUTXH
PLJURXSDUDRXWURVVLVWHPDVSODQHWiULRVQDHVWUXWXUDItVLFD

3RUpPJUDQGHVJUXSRVVLPSOHVPHQWHGHL[DUDPVXDVFLGDGHVGHVWUXtUDPRVFDPSRVGHIRUoDTXH
RVWLQKDPIHFKDGRHVHXQLUDPDPXLWRVGHSHVVRDVUHODWLYDPHQWHQmRLQFLYLOL]DGDVDFDVDODQGRVH
FRPHOHVHWHQGRILOKRV(VWHV/XPkQLDQVPRUUHUDPUDSLGDPHQWHSRLVHOHVQmRVXSRUWDYDPD
YLROrQFLDWDPSRXFRUHDJLDPDHODYLROHQWDPHQWH(OHVVHQWLDPSRUpPTXHVXDVFULDQoDVPXWDQWHV
SRGHULDPWHUXPDFRQVHTHQWHLQGLVSRVLomRHPUHODomRjYLROrQFLDPDVVHPDSURLELomRGDV
UHDo}HVGHQHUYRFRQWUROHFRPDVTXDLVHOHVHUDPGRWDGRV

)LVLFDPHQWHDFLYLOL]DomRVLPSOHVPHQWHGHVDSDUHFHX$OJXPDVSRXFDVGDVFULDQoDVPXWDQWHV
SRVWHULRUPHQWHIRUPDUDPXPSHTXHQRJUXSRTXHYLDMDYDQDViUHDVFRPRLWLQHUDQWHVQRVVpFXORV
VHJXLQWHVFRPJUDQGHVEDQGRVGHDQLPDLV(OHVFXLGDYDPXQVGRVRXWURVPXWXDPHQWHHPXLWDVGDV
OHQGDVDQWLJDVUHODFLRQDGDVDPHLRKRPHPHPHLRELFKRVLPSOHVPHQWHIRUDPYDUULGDVDWUDYpVGRV
DQRVGDPHPyULDGHVWDVDVVRFLDo}HVDQWLJDV

(VWDVSHVVRDVUHDOPHQWHFRPRUHPDQHVFHQWHVGDSULPHLUDJUDQGHFLYLOL]DomRVHPSUHOHYDUDP
GHQWURGHVLIRUWHVPHPyULDVVXEFRQVFLHQWHVGHVXDVRULJHQV(VWRXIDODQGRGRV/XPkQLDQVDJRUD
,VWRFRQWRXSDUDDUiSLGDHOHYDomRGHOHVWHFQRORJLFDPHQWHIDODQGR0DVSRUTXHRSURSyVLWRGHOHV
HUDWmRGHWHUPLQDGRSRUFDXVDGRSURSyVLWRGHOHVVHUWmR

0DVSRUTXHRSURSyVLWRGHOHVGHODVHUDWmRGHWHUPLQDGR±RHYLWDUDYLROrQFLD±PDLVGRTXH
GLJDPRVDFRQVWUXomRGRGHVHQYROYLPHQWRSDFtILFRGRSRWHQFLDOFULDWLYRDH[SHULrQFLDGHOHVIRL
DOWDPHQWHXQLODWHUDO(OHVIRUDPGLUHFLRQDGRVSRUWDOPHGRGDYLROrQFLDTXHRXVDUDPQmRSHUPLWLU
DOLEHUGDGHGRVLVWHPDItVLFRPHVPRSDUDH[SUHVViOR

$YLWDOLGDGHGDFLYLOL]DomRHUDSRUWDQWRIUDFDQmRSRUTXHDYLROrQFLDQmRH[LVWLXPDVSRUTXHD
OLEHUGDGHGDHQHUJLDHGDH[SUHVVmRIRUDPDXWRPDWLFDPHQWHEORTXHDGDVDRORQJRGHOLQKDV
HVSHFtILFDVHGDH[WHULRUL]DomRItVLFD

(OHVHQWHQGHUDPEHPRVPDOHVGDYLROrQFLDHPFRQGLo}HVWHUUHVWUHVPDVHOHVWHULDPQHJDGRR
GLUHLWRGRLQGLYtGXRGHDSUHQGHUGHVXDSUySULDPDQHLUDHDVVLPLPSHGLUDPRLQGLYtGXRGHXVDU
VHXVSUySULRVPpWRGRVFULDWLYDPHQWHSDUDWUDQVIRUPDUDYLROrQFLDHPPRGRVFRQVWUXWLYRV$OLYUH
YRQWDGHHPUHVSHLWRDLVWRIRLGHVFDUWDGD

&RPRXPDFULDQoDILVLFDPHQWHSURWHJLGDGHDOJXPDVGRHQoDVDSyVXPWHPSRHODHPHUJHGR
~WHURGHVXDPmHDVVLPSRUXPEUHYHSHUtRGRDFULDQoDpDFREHUWDGDGHDOJXQVGHVDVWUHV
SVtTXLFRVSRUXPFXUWRSHUtRGRGHWHPSRDSyVRQDVFLPHQWRHDLQGDFDUUHJDFRQVLJRSRUFDXVDGH
VHXFRQIRUWRPHPyULDVGHOXJDUHVHGHH[LVWrQFLDVSDVVDGDV$VVLPRV/XPkQLDQVSRUDOJXPDV
JHUDo}HVIRUDPDSRLDGRVSHODVSURIXQGDVPHPyULDVVXEFRQVFLHQWHVGDFLYLOL]DomRDQWHULRUTXH
SDUWLX3RUpPILQDOPHQWHHVWHVFRPHoDUDPDVHGHELOLWDU(OHVWLQKDPVHSURWHJLGRFRQWUDD
YLROrQFLDPDVQmRFRQWUDRPHGR

(OHVIRUDPSRUWDQWRVXMHLWRVGHWRGRVRVPHGRVKXPDQRVRUGLQiULRVTXHHUDPHQWmRH[DJHUDGRV
GHVGHTXH±ILVLFDPHQWH±HOHVQmRSRGLDPUHVSRQGHUQHPPHVPRFRPDQDWXUH]DGDYLROrQFLD6H
DWDFDGRVHOHVWLQKDPTXHIXJLU2SULQFtSLRGHEDWHUHFRUUHUQmRHUDDSOLFDGR(OHVQmRWLQKDP
QHQKXPUHFXUVR

2VtPERORGHGHXVGHOHVHUDPDVFXOLQRXPDILJXUDILVLFDPHQWHIRUWHGHPDFKRTXHRVSRGHULD
SURWHJHUGHVGHTXHHOHVQmRVHSURWHJHVVHP(VWDILJXUDHYROXLXDWUDYpVDVHUDVDVVLPFRPRVXDV
FUHQoDVHQHVWDILJXUDHOHVSURMHWDUDPDVTXDOLGDGHVTXHHOHVPHVPRVQmRSRGHULDPH[SUHVVDU

$ILJXUDVHSDUHFHULDPDLVWDUGHFRPRRYHOKR-HRYiR'HXVGD,UDTXHSURWHJLDR3RYR
(VFROKLGR,QLFLDOPHQWHRPHGRGDVIRUoDVQDWXUDLVSRUWDQWRHUDH[WUHPDPHQWHIRUWHQHOHVSRU
UD]}HVGHWHUPLQDGDVHWURX[HXPVHQWLPHQWRGHVHSDUDomRHQWUHRKRPHPHDVIRUoDVQDWXUDLVTXH
RDOLPHQWDYDP(OHVQmRSRGLDPFRQILDUQD7HUUDMiTXHQmRWLQKDPDSHUPLVVmRGHVHSURWHJHU
FRQWUDDVIRUoDVYLROHQWDVQHOD

$YDVWDWHFQRORJLDDLGpLDGHJUDQGHFLYLOL]DomRGHOHVHUDPDPSODPHQWHVXEWHUUkQHDV

(OHVHUDPQHVWHVWHUPRVRVWURJORGLWDVRULJLQDLVHYLHUDPGHVXDVFLGDGHVSRUFDYHUQDVWDPEpP
&DYHUQDVQmRHUDPDSHQDVOXJDUHVGHSURWHomRQDVTXDLVQDWLYRVLQiEHLVVHDJDFKDP
)UHTXHQWHPHQWHHUDPSRUWDLVGDVHSDUDDVFLGDGHVGRV/XPkQLDQV0XLWRDSyVDVFLGDGHV
HVWDUHPGHVHUWDVRVQDWLYRVVHJXLQWHVLQFLYLOL]DGRVHQFRQWUDUDPHVWDVFDYHUQDVHDEHUWXUDV

1RSHUtRGRTXHDJRUDYRFrFRQVLGHUDFRPRRGD,GDGHGD3HGUDRVKRPHQVTXHYRFrFRQVLGHUD
FRPRVHXVDQFHVWUDLVRKRPHPGDVFDYHUQDVJHUDOPHQWHHQFRQWUDYDPDEULJRQmRQDViVSHUDV
FDYHUQDVQDWXUDOPHQWHIRUPDGDVPDVHPFDQDLVPHFDQLFDPHQWHFULDGRVDOFDQoDGDVDWUiVGHODVH
HPFLGDGHVGHVHUWDVQDVTXDLVXPDYH]RV/XPkQLDQVKDELWDUDP$OJXPDVGDVIHUUDPHQWDVFULDGDV
SHORVWURJORGLWDVHUDPYHUV}HVGLVWRUFLGDVGDTXHODVTXHHOHVHQFRQWUDP

(PERUDDFLYLOL]DomRGRV/XPkQLDQVIRVVHDOWDPHQWHFRQFHQWUDGDQmRIL]HUDPQHQKXPDWHQWDWLYD
SDUDFRQTXLVWDURXWURVRXVHHVSDOKDUSDUDTXDOTXHUJUDQGHH[WHQVmRWHUULWRULDOHOHVVH
HVWDEHOHFHUDPGXUDQWHRVVpFXORVHPSRVWRVDYDQoDGRVGRVTXDLVSRGLDPHPHUJLUHPDQWHURUDVWUR
GHRXWURVSRYRVQDWLYRV

(VWHVSRVWRVDYDQoDGRVIRUDPFRQVWUXtGRVVXEWHUUDQHDPHQWH'DVFLGDGHVRULJLQDLVHJUDQGHV
HVWDEHOHFLPHQWRVKDYLDFODURFRQH[}HVVXEWHUUkQHDVXPVLVWHPDGHW~QHLVDOWDPHQWHFRPSOH[RH
GHEHODHQJHQKDULD&RQVLGHUDQGRTXHHUDXPSRYRGHKDUPRQLDHVWpWLFDRVPXURVHUDPIRUUDGRV
FRPSLQWXUDVHGHVHQKRVHHVFXOWXUDVWDPEpPHUDPH[LELGDVDRORQJRGHVWDVVHFUHWDVYLDV
LQWHUQDV

+DYLDYiULRVVLVWHPDVHVFDODGRVDOJXQVTXHFDUUHJDYDPDVSHVVRDVDSpDOJXQVTXHFDUUHJDYDP
EHQV3RUpPQmRHUDSUiWLFRFRQVWUXLUWDLVW~QHLVSDUDPXLWRVSRVWRVDYDQoDGRVRVTXDLVHUDP
FRPXQLGDGHVUD]RDYHOPHQWHSHTXHQDVHUHODWLYDPHQWHDXWRVXILFLHQWHVDOJXPDVHVWDYDPDXPD
ERDGLVWDQFLDGDViUHDVSULQFLSDLVGHFRPHUFLRHDWLYLGDGHV

(VWHVSRVWRVDYDQoDGRVHUDPVLWXDGRVHPPXLWDViUHDVHVSDOKDGDVPDVKDYLDQ~PHUREDVWDQWH
JUDQGHGHOHVQRTXHDJRUDpD(VSDQKDHRV3LULQHXV+DYLDYiULDVUD]}HVSDUDLVWRXPD
UHODFLRQDGDjH[LVWrQFLDGHKRPHQVGRWDPDQKRGHJLJDQWHVQDViUHDVPRQWDQKRVDV3RUFDXVDGD
WtPLGDQDWXUH]DGHVWHVGRV/XPkQLDQVHOHVQmRJRVWDYDPGDH[LVWrQFLDGRVSRVWRVDYDQoDGRVH
DSHQDVDRVPDLVEUDYRVHPDLVFRQILDQWHVGHOHVHUDPGDGDVWDLVWDUHIDVTXHSDUDFRPHoDUHUDP
WHPSRUiULDV

$VFDYHUQDVQRYDPHQWHVHUYLUDPFRPRSRUWDLVVHDEULQGRSDUDRH[WHUQRHJHUDOPHQWHRTXH
SDUHFLDVHUDSDUWHGHWUiVGHXPDFDYHUQDHUDDRFRQWUDULRFRQVWUXtGRGHXPPDWHULDORSDFRGH
IRUDPDVWUDQVSDUHQWHSRUGHQWUR2VQDWLYRVGDiUHDXVDQGRWDLVFDYHUQDVFRPRDEULJRQDWXUDO
FRQVHTXHQWHPHQWHSRGLDPVHUREVHUYDGRVVHPSHULJR(VWDVSHVVRDVUHDJLDPDVRQVTXHQmRVmR
DXGtYHLVDVHXVRXYLGRV6HXGHOHVPHGRSHFXOLDUGDYLROrQFLDLQWHQVLILFRXWRGRVRVVHXVGHOHV
PHFDQLVPRDXPJUDXVXUSUHHQGHQWH(OHVHVWDYDPVHPSUHDOHUWDVHHPJXDUGD

eGLItFLOGHH[SOLFDULVWRPDVHOHVSRGHULDPODQoDUXPSHQVDPHQWRPHQWDOPHQWHDRORQJRGH
FHUWDVIUHTrQFLDVXPDDUWHDOWDPHQWHGLVWLQWD±HHQWmRWUDGX]LURSHQVDPHQWRDXP
GHWHUPLQDGRGHVWLQRHPTXDLVTXHUGHXPGRVYiULRVPRGRVHPIRUPDRXFRUSRUH[HPSORRXDWp
PHVPRHPXPFHUWRWLSRGHLPDJHP2LGLRPDGHOHVHUDH[WUHPDQWHGLVFULPLQDGRUGHPDQHLUDV
TXHYRFrQmRRSRGHULDHQWHQGHUVLPSOHVPHQWHSRUFDXVDGDVJUDGDo}HVHPXVRIUHTrQFLDH
HVSDoDPHQWRHUDPEDVWDQWHSUHFLVRVHFRPSOH[RV

1DUHDOLGDGHDFRPXQLFDomRHUDXPGRVSRQWRVPDLVIRUWHVGHOHVHIRLGHWDOIRUPDGHVHQYROYLGD
DXPDOWRJUDXVLPSOHVPHQWHSRUTXHHOHVWHPLDPDYLROrQFLDWmRSURIXQGDPHQWHHYLYLDP
FRQVWDQWHPHQWHDOHUWDV(OHVVHXQLUDPHPJUDQGHVJUXSRVIDPLOLDUHVQRYDPHQWHSHODQHFHVVLGDGH
GHSURWHomR2FRQWDWRHQWUHFULDQoDVHSDLVHUDGHXPQtYHOEDVWDQWHDOWRHDVFULDQoDVHUDP
LQWHQVDPHQWHLQFRPRGDVVHIRUDGDYLVWDGHVHXVSDLVSRUTXDOTXHUVLQWRQLD

3RUHVWDVUD]}HVHVVHVLQGLYtGXRVTXHDGPLQLVWUDYDPRVSRVWRVDYDQoDGRVVHVHQWLDPQXPD
VLWXDomRPXLWRLQF{PRGD(OHVHUDPOLPLWDGRVHPQ~PHURHHPJUDQGHSDUWHHVWDYDPORQJHGDV
iUHDVSULQFLSDLVGHVXDSUySULDFLYLOL]DomR&RQVHTXHQWHPHQWHGHVHQYROYHUDPXPDDWLYLGDGH
WHOHSiWLFDDLQGDPDLRUHXPDKDUPRQLDFRPDWHUUDDFLPDGHVXDVFDEHoDVDVVLPDRPDLVOHYH
WUHPRURXSDVVRVHDRVPRYLPHQWRVPDLVPLQXFLRVRVGHFLPDTXHQmRHUDPKDELWXDLVHUDP
LQVWDQWDQHDPHQWHQRWDGRV

)UHTXHQWHPHQWHKDYLDRULItFLRVGHREVHUYDomR>FRPRRVROKRVPiJLFRVGHQRVVDVSRUWDV17@SRU
DVVLPGL]HUGDVTXDLVHOHVSRGLDPREVHUYDUHFkPHUDVVLWXDGDVDOLTXHSHUPLWLDPDVILJXUDVPDLV
SUHFLVDVQmRDSHQDVGD7HUUDPDVGDVHVWUHODV

eFODURHOHVWLQKDPUHJLVWURVFRPSOHWRVGDViUHDVGHJiVVXEWHUUkQHDVHtQWLPRFRQKHFLPHQWRGDV
FURVWDVLQWHUQDVPDQWLGDVFXLGDGRVDPHQWHREVHUYDGDVHDQWHFLSDQGRWUHPRUHVGHWHUUDH
LPSHUIHLo}HV(OHVHUDPWULXQIDQWHVVREUHVXDGHOHVGHVFLGDQDWHUUDFRPRTXDOTXHUUDoDTXH
GHL[RXDWHUUDHUD

(VWDIRLFRPROKHIDOHLDVHJXQGRHWDOYH]DPDLVLQWHUHVVDQWHGDVWUrVFLYLOL]Do}HV$SULPHLUD
VHJXLXJHQHUDOL]DGDPHQWHVXDSUySULDOLQKDGHGHVHQYROYLPHQWRHHQIUHQWRXPXLWRVGRVSUREOHPDV
TXHYRFrHQIUHQWDDJRUD(OHVHUDPDPSODPHQWHVLWXDGRVQRTXHYRFrFKDPDGHÈVLD0HQRUPDV
HOHVIRUDPWDPEpPH[SDQVLYRVHYLDMDUDPSDUDRXWUDViUHDV(VWHVVmRRVSRYRVTXHPHQFLRQHL
DQWHULRUPHQWHTXHILQDOPHQWHSDUWLUDPSDURXWURVSODQHWDVHPRXWUDVJDOi[LDVHGHTXHPYLHUDP
DVSHVVRDVGDFLYLOL]DomRGH/XPkQLD

$QWHVGHGLVFXWLUDWHUFHLUDFLYLOL]DomRKiDOJXQVSRXFRVSRQWRVTXHJRVWDULDGHWUD]HUDUHVSHLWR
GDVHJXQGD

,VWRWHPDYHUFRPDFRPXQLFDomRFRPRHODIRLDSOLFDGDDVHXVGHOHVGHVHQKRVHSLQWXUDVHD
TXHRVDOWDPHQWHGLVWLQWRVFDQDLVTXHVXDVGHOHVFRPXQLFDo}HVFULDWLYDVSXGHUDPFKHJDU'H
PXLWDVPDQHLUDVDDUWHGHOHVHUDDOWDPHQWHVXSHULRUjVXDHQmRLVRODGD

$VYiULDVIRUPDVGHDUWHSRUH[HPSORHUDPFRQHFWDGDGHXPPRGRTXHpTXDVHGHVFRQKHFLGRD
YRFrHSRUTXHYRFrpSRXFRIDPLOLDUL]DGRFRPRFRQFHLWRVHUiEHPGLItFLOGHH[SOLFDU

&RQVLGHUHSRUH[HPSORDOJRPXLWRVLPSOHV±GLJDPRVXPGHVHQKRGHXPDQLPDO9RFrR
SHUFHEHULDVLPSOHVPHQWHFRPRXPREMHWRYLVXDOPDVHVWDVSHVVRDVHUDPJUDQGHVVLQWHWL]DGRUDV
8PDOLQKDQmRHUDVLPSOHVPHQWHXPDOLQKDYLVXDOPDVGHDFRUGRFRPXPDYDULHGDGHTXDVH
LQILQLWDGHGLVWLQo}HVHGLYLV}HVUHSUHVHQWDULDWDPEpPFHUWRVVRQVTXHVHULDPWUDGX]LGRV
DXWRPDWLFDPHQWH

8PREVHUYDGRUSRGHULDWUDGX]LURVVRQVDXWRPDWLFDPHQWHDQWHVGHVHDERUUHFHUFRPDLPDJHP
YLVXDOVHTXLVHVVH1RTXHSDUHFHULDVHUXPGHVHQKRGHXPDQLPDOHQWmRDKLVWyULDLQWHLUDRXR
KLVWyULFRGRDQLPDOWDPEpPSRGHULDVHUGHWHUPLQDGR&XUYDVkQJXORVWRGDVDVOLQKDV
UHSUHVHQWDGDVDRODGRGDIXQomRREYLDPHQWHREMHWLYDQXPGHVHQKRXPDVpULHDOWDPHQWHFRPSOH[D
GHYDULDo}HVSUHVHQWHVWRQDOLGDGHHYDORURXVHSUHIHULUSDODYUDVLQYLVtYHLV

'LVWkQFLDVHQWUHDVOLQKDVHUDPWUDGX]LGDVFRPRSDXVDVGHVRPHjVYH]HVWDPEpPFRPR
GLVWkQFLDVQRWHPSR$FRUHUDXVDGDHPWHUPRVGHLGLRPDGHFRPXQLFDomRHPGHVHQKRVH
SLQWXUDVUHSUHVHQWDQGRXPSRXFRFRPRVXDSUySULDFRURID]JUDGDo}HVHPRFLRQDLV$FRU
SRUpPVHXYDORUGHLQWHQVLGDGHVHUYLDWDQWRSDUDUHILQDUFRPRSDUDGHILQLU±SRUH[HPSORSDUD
UHIRUoDUDLQGDPDLVDPHQVDJHPMiGDGDSHORYDORUREMHWLYRGDVOLQKDVkQJXORVHFXUYDVHSHOD
SDODYUDLQYLVtYHOGDVPHQVDJHQVMiH[SOLFDGDVRXDWUDYpVGDPRGLILFDomRGHVWDVHPXP
GHWHUPLQDGRQXPHURGHPDQHLUDV

2WDPDQKRGHWDLVGHVHQKRVWDPEpPIDODYDGDSUySULDPHQVDJHP'HXPPRGRHUDXPDDUWH
DOWDPHQWHHVWLOL]DGDHDLQGDDVVLPSHUPLWLXDPEDVXPDJUDQGHSUHFLVmRGHH[SUHVVmRHP
WHUPRVGHGHWDOKHVHJUDQGHOLEHUGDGHHPWHUPRVGHH[WHQVmR(UDREYLDPHQWHFRPSULPLGD(VWD
WpFQLFDIRLGHVFREHUWDGHSRLVSHODWHUFHLUDFLYLOL]DomRHDOJXQVGRVGHVHQKRVUHVWDQWHVIHLWRVHP
LPLWDomRGHOHVDLQGDH[LVWHP

0DVDVFKDYHVSDUDDLQWHUSUHWDomRIRUDPFRPSOHWDPHQWHSHUGLGDVDVVLPWXGRRTXHYRFrSRGHULD
YHUVHULDXPGHVHQKRGHVWLWXtGRGRVHOHPHQWRVPXOWLVHQVXDLVTXHOKHGHUDPWDODPSODYDULHGDGH
(ODH[LVWHPDVYRFrQmRDSRGHULDWUD]HUjYLGD

(XGHYHULDWDOYH]PHQFLRQDUDTXLTXHDOJXPDVGDVFDYHUQDVSDUWLFXODUPHQWHHPFHUWDViUHDVGD
(VSDQKDHGRV3LUHQHXVHDOJXPDVDQWHULRUHVQDÈIULFDHUDPFRQVWUXo}HVDUWLILFLDLV$JRUDHVWHV
SRYRVPRYLDPPDVVDFRPVRPHFRPROKHGLVVHDQWHULRUPHQWHGHIDWRWUDQVSRUWDYDPPDWpULD
DWUDYpVGHXPDOWRGRPtQLRGRVRP)RLDVVLPTXHVHXVW~QHLVIRUDPRULJLQDOPHQWHIRUPDGRVH
WDPEpPIRLHVWHRPpWRGRXVDGRSDUDIRUPDUDOJXPDVGDVFDYHUQDVRQGHRULJLQDOPHQWHHOHVHUDP
SRXFRV*HUDOPHQWHRVGHVHQKRVQDVSDUHGHVGDFDYHUQDHUDPLQIRUPDo}HVDOWDPHQWHHVWLOL]DGDV
TXDVHFRPRVLJQRVHPVHXVWHUPRVHPIUHQWHDHGLItFLRVS~EOLFRVUHWUDWDQGRRWLSRGHDQLPDLVH
VHUHVHPXPDiUHDGHWHUPLQDGD

(VWHVGHVHQKRVIRUDPGHSRLVXVDGRVFRPRPRGHORVSRUVHXVKRPHQVGDVFDYHUQDVQRVWHPSRV
KLVWyULFRVDRVTXDLVYRFrVQRUPDOPHQWHVHUHIHUHP

$VKDELOLGDGHVFRPXQLFDWLYDVGHOHVHFRQVHTXHQWHPHQWHDVKDELOLGDGHVFULDWLYDVHUDPPDLV
YLWDLVYLYDVHUHVSRQVLYDVGRTXHVmRDVVXDV4XDQGRYRFrHVFXWDXPDSDODYUDYRFrSRGHHVWDU
FLHQWHGHXPDLPDJHPFRUUHVSRQGHQWHHPVXDPHQWH&RPHVWHVSRYRVQRHQWDQWRRVVRQV
FRQVWUXtDPDXWRPiWLFDHLQVWDQWDQHDPHQWHXPDLPDJHPVXUSUHHQGHQWHPHQWHYtYLGDTXHQmRHUD
WULGLPHQVLRQDOGHQHQKXPPRGRHUDLQWHUQDOL]DGDPDVHUDUHDOPHQWHPXLWRPDLVYtYLGDGRTXH
VXDVLPDJHQVPHQWDLVXVXDLV

&HUWRVVRQVQRYDPHQWHIRUDPXWLOL]DGRVSDUDLQGLFDUGLVWLQo}HVVXUSUHHQGHQWHVHPWHUPRVGH
WDPDQKRIRUPDGLUHomRHGXUDomRQRDPERVHVSDoRHWHPSR(PRXWUDVSDODYUDVRVVRQV
SURGX]LDPLPDJHQVEULOKDQWHVDXWRPDWLFDPHQWH

3RUHVWDUD]mRKDYLDXPDIiFLOGLVWLQomRHQWUHRTXHHUDFKDPDGRGHYLVmRLQWHUQDHYLVmRH[WHUQD
HHUDEDVWDQWHQDWXUDOSDUDHOHVIHFKDUVHXVGHOHVROKRVQXPDFRQYHUVDGHIRUPDDVHFRPXQLFDU
PDLVFODUDPHQWHGHVIUXWDQGRGDVLPDJHQVVHPSUHHPPXWDomRHLPHGLDWDVTXHDFRPSDQKDYDP
TXDOTXHULQWHUFkPELRYHUEDO

(OHVDSUHQGLDPGHSUHVVDHDHGXFDomRHUDXPSURFHVVRH[FLWDQWHSRUTXHHVWDIDFLOLGDGH
PXOWLVHQVXDODXWRPDWLFDPHQWHLPSULPLDLQIRUPDomRQHOHVQmRVLPSOHVPHQWHDWUDYpVGHXPFDQDO
VHQVLWLYRSRUYH]PDVXWLOL]DQGRPXLWRVVLPXOWDQHDPHQWH3RUpPSRUWXGRLVWRHSHODLPHGLDomR
GHVXDVGHOHVSHUFHSo}HVKDYLDXPDIUDTXH]DLQHUHQWH$LQDELOLGDGHGHHQIUHQWDUDYLROrQFLDH
DSUHQGHUDFRQTXLVWiODVLJQLILFDYDpFODURTXHHOHVWDPEpPGLILFXOWDUDPVHYHUDPHQWHXPDFHUWD
FDUDFWHUtVWLFDGHVHHVWHQGHUHPDOpP$(QHUJLDIRLEORTXHDGDQHVWDViUHDVGHIRUPDTXHOKHV
IDOWRXXPDIRUWHTXDOLGDGHRXVHQVRGHSRGHU

1mRTXHURGL]HUQHFHVVDULDPHQWHSRGHUItVLFRSRUpPPDVWDQWRGDHQHUJLDGHOHVIRLXVDGDSDUD
HYLWDUTXDOTXHUHQFRQWURFRPDYLROrQFLDTXHHOHVQmRIRUDPFDSD]HVGHFDQDOL]DURVVHQWLPHQWRV
RUGLQiULRVDJUHVVLYRVSRUH[HPSORSDUDRXWUDViUHDV

7HQKRIDODGRVREUHR/XPkQLDQVHPDOJXQVGHWDOKHVSRUTXHHOHVVmRXPDSDUWHGHVXDKHUDQoD
SVtTXLFD$VRXWUDVGXDVFLYLOL]Do}HVIRUDPGHPXLWDVIRUPDVPDLVSUyVSHUDVHDLQGDDIRUWH
LQWHQomRDWUiVGDH[SHULrQFLDGRV/XPkQLDQVHUDH[WUHPDPHQWHYROiWLO(PERUDHOHVQmRIRVVHP
FDSD]HVGHUHVROYHURSUREOHPDGDYLROrQFLDFRPRHOHVDHQWHQGLDHPVXDGHOHVUHDOLGDGHR
GHVHMRDSDL[RQDGRGHOHVGHID]HULVWRDLQGDUHVVRDDRORQJRGHVHXDPELHQWHSVtTXLFR

3RUFDXVDGDYHUGDGHLUDQDWXUH]DGHWHPSRRV/XPkQLDQVDLQGDH[LVWHPFRPRHUDPHPVHXV
WHUPRV(OHVVmRXPDFRQVWDQWHLQWHUIHUrQFLDDVWUDODWUDYpVGDDWPRVIHUDSVtTXLFD,VWRQmR
DFRQWHFHFDVXDOPHQWHPDVTXDQGRDOJXPWLSRGHKDUPRQLDSURYRFDXPVDOWRHQWUHRVVLVWHPDVR
TXHFDVRFRQWUiULRSDUHFHPEDVWDQWHVHSDUDGRV

(DVVLPWHPKDYLGRWDLVLQWHUIHUrQFLDVDVWUDLVHQWUHVXDSUySULDFLYLOL]DomRHDGRV/XPkQLDQV

9iULDVUHOLJL}HVDQWLJDVDEVRUYHUDPDLGpLDGDILJXUDGRGHXVLPSHWXRVRGRV/XPkQLDQVSRU
H[HPSORQDTXDOHOHVFRQVHJXLUDPSURMHWDUVHXVGHOHVFRQFHLWRVGHIRUoDSRGHUHYLROrQFLDHVWH
GHXVTXHVLJQLILFDYDSURWHomRSDUDHOHVTXDQGRDQmRYLROrQFLDQmROKHVSHUPLWLDSURWHJHUHPVHD
VLPHVPRV

$JRUDKiXPDLQWHUIHUrQFLDDVWUDOQDSURGXomRGLJDPRVQDTXDORVFRQFHLWRVPXOWLGLPHQVLRQDLV
GHDUWHHFRPXQLFDomRGRV/XPkQLDQVVHUmRYLVOXPEUDGRVSRUVHXSUySULRSRYRPDVQXPDIRUPD
UXGLPHQWDU

3RUFDXVDGDQDWXUH]DGDVSUREDELOLGDGHVKiWDPEpPpFODURXPVLVWHPDGHUHDOLGDGHQRTXDORV
/XPkQLDQVWLYHUDPVXFHVVRHPVXDVGHOHVH[SHULrQFLDVFRPDQmRYLROrQFLDHQRTXDOXPWLSR
FRPSOHWDPHQWHGLIHUHQWHGHVHUHVKXPDQRVHPHUJLX

7XGRLVWRSRGHSDUHFHUPXLWRHVWUDQKRSDUDYRFrVLPSOHVPHQWHSRUTXHVHXVFRQFHLWRVGH
H[LVWrQFLDVmRWmRHVSHFtILFRVHOLPLWDQWHV,GpLDVGHUHDOLGDGHVSURYiYHLVHKRPHQVSURYiYHLVH
GHXVHVSRGHPJROSHDUDOJXQVGHYRFrFRPREDVWDQWHDEVXUGDVHDLQGDTXDQGRYRFrOrHVWHOLYUR
YRFrpXPGRVSURYiYHLVYRFr2XWURVSURYiYHLVYRFrQmRFRQVLGHUDULDPYRFrUHDOpFODURH
DOJXQVSRGHULDPTXHVWLRQDULQGLJQDGDPHQWHVXDH[LVWrQFLD1mRREVWDQWHRSURYiYHOVLVWHPDGH
UHDOLGDGHQmRpDSHQDVXPDTXHVWmRILORVyILFD6HYRFrHVWLYHULQWHUHVVDGRQDQDWXUH]DGHVXD
SUySULDUHDOLGDGHHQWmRLVWRVHWRUQDXPDVVXQWRDOWDPHQWHSHVVRDOHSHUWLQHQWH

&RPRDVYiULDVTXDOLGDGHVGR/XPkQLDQVDLQGDHVWmRSUHVHQWHVHPVXDDWPRVIHUDSVtTXLFDFRPR
DVFLGDGHVGHOHVDLQGDFRH[LVWHPHPiUHDVDJRUDFKDPDGDVGHVXDVDVVLPDVRXWUDVLGHQWLGDGHV
SURYiYHLVFRH[LVWHPFRPDVLGHQWLGDGHVTXHDJRUDYRFrFKDPDGHVXDV1RFDStWXORVHJXLQWH
GLVFXWLUHPRVYRFrHVHXVSURYiYHLVHXV

,QWHUIHUrQFLDDVWUDO±HVWDSDODYUDYHPGH³EOHHGWKURXJK´TXHHPVHXVHQWLGROLWHUDOVLJQLILFD
³HVFRUUHUSRU´³GHUUDPDUSRU´$TXLRWHUPRIRLDGDSWDGRHPIXQomRGRVLJQLILFDGRFRQWH[WXDO
SRU³LQWHUIHUrQFLDVDVWUDOLV´17

&$3Ë78/2
6LVWHPDVSURYiYHLVKRPHQVHGHXVHV

(PVXDYLGDGLiULDHPTXDOTXHUPRPHQWRGHWHUPLQDGRGHVHXWHPSRYRFrWHPXPJUDQGHQ~PHUR
GHHVFROKDGHDo}HVDOJXPDVWULYLDLVHDOJXPDVGHH[WUHPDLPSRUWkQFLD9RFrRGHSRUH[HPSOR
HVSLUUDURXQmRHVSLUUDUWRVVLURXQmRWRVVLUDQGDUDWpDMDQHODRXDWpDSRUWDDUDQKDUVHX
FRWRYHORVDOYDUXPDFULDQoDGHVHDIRJDUDSUHQGHUXPDOLomRFRPHWHUVXLFtGLRSUHMXGLFDUR
RXWURRXYLUDUVXDIDFH

3DUHFHDYRFrTXHDUHDOLGDGHpFRPSRVWDGHVVDVDo}HVTXHYRFrHVFROKHHPSUHJDU$VTXHYRFr
HVFROKHQHJDUVmRLJQRUDGDV$HVWUDGDQmRHQFHWDGDFRQWXGRSDUHFHVHUXPQmRDWRDLQGDDVVLP
FDGDSHQVDGRpDWXDOL]DGRHFDGDSRVVLELOLGDGHpH[SORUDGD$UHDOLGDGHItVLFDpFRQVWUXtGDD
SDUWLUGRTXHSDUHFHVHUXPDVpULHGHDWRVItVLFRV-iTXHHVWHpRFULWpULRKDELWXDOGHUHDOLGDGH
SDUDYRFrHQWmRRVDWRVQmRItVLFRVQRUPDOPHQWHHVFDSDPjVXDSHUFHSomRGLVFULomRH
MXOJDPHQWR

'HL[HQRVGDUXPH[HPSOR9RFrHVWiOHQGRHVWHOLYURTXDQGRRWHOHIRQHWRFD8PDPLJRTXHUTXH
YRFrVHHQFRQWUHFRPHOHjVFLQFRKRUDV9RFrVHS}HDFRQVLGHUDU(PVXDPHQWHYRFrVHYr$
GL]HQGRQmRHILFDQGRHPFDVD%GL]HQGRQmRHLQGRDRXWUROXJDURX&GL]HQGRVLPH
PDQWHQGRRFRPSURPLVVR$JRUDWRGDVHVWDVSRVVtYHLVDo}HVWrPXPDUHDOLGDGHDXPSRQWR7RGDV
VmRFDSD]HVGHVHUDWXDOL]DGDVHPWHUPRVItVLFRV$QWHVGHYRFrWRPDUVXDGHFLVmRFDGDXPD
GHVWDVSURYiYHLVDo}HVVmRLJXDOPHQWHYiOLGDV9RFrHVFROKHXPDGHVWDVHSHODVXDGHFLVmRYRFr
UHDOL]DXPDGDVWUrV(VWHHYHQWRpGHYLGDPHQWHDFHLWRFRPRXPDSRUomRGHVWHVDFRQWHFLPHQWRV
FRQVHFXWLYRVTXHFRPS}HPVXDH[LVWrQFLDQRUPDO

3RUpPDVRXWUDVDo}HVSURYiYHLVVmRWmRYiOLGDVTXDQWRMiIRUDPHPERUDYRFrQmRWHQKD
HVFROKLGRDWXDOL]iODVILVLFDPHQWH(ODVIRUDPYDUULGDVWmRHIHWLYDPHQWHTXDQWRDTXHYRFr
HVFROKHXDFHLWDU6HKRXYHVVHXPIRUWHFXVWRHPRFLRQDODWUiVGHXPDGDVSURYiYHLVDo}HV
UHMHLWDGDVSRGHULDKDYHUXPDJUDQGHYDOLGDGHFRPRXPDWRGRTXHDTXHYRFrHVFROKHX

7RGDVDVDo}HVVmRLQLFLDOPHQWHDWRVPHQWDLV(VWDpDQDWXUH]DGDUHDOLGDGH$TXHODHVFROKLGD
QmRSRGHVHUHQIDWL]DGDWmRFRPSOHWDPHQWH7RGRVRVDWRVPHQWDLVSRUWDQWRVmRYiOLGRV(OHV
H[LVWHPHQmRSRGHPVHUQHJDGRV

3RUTXHYRFrQmRDFHLWDWRGRVHOHVFRPRHYHQWRVItVLFRVYRFrQmRSHUFHEHDIRUoDRXGXUDELOLGDGH
GHOHV6XDIDOWDGHSHUFHSomRQmRSRGHGHVWUXLUDYDOLGDGHGHOHVSRUpP6HYRFrTXHULDVHUXP
PpGLFRHDJRUDHVWiHPXPDSURILVVmRGLIHUHQWHHQWmRHPXPDRXWUDUHDOLGDGHSURYiYHOYRFrpXP
PpGLFR6HYRFrWHPKDELOLGDGHVTXHQmRHVWiXVDQGRDTXLHODVHVWmRVHQGRXVDGDVHPRXWUR
OXJDU

$JRUDQRYDPHQWHHVWDVLGpLDVSRGHPSDUHFHULPSRVVLYHOPHQWHSURIXQGDVSDUDVHXFpUHEUR
ItVLFRSRUFDXVDGHVXDSURSHQVmRjFRQVHFXWLYLGDGHGHSHQVDPHQWRVHDWLWXGHVWULGLPHQVLRQDLV

$JRUDHVWHVIDWRVQmRQHJDPDYDOLGDGHGDDOPDPDVDRFRQWUiULRVRPDVHDHOD
LPHQVXUDYHOPHQWH

$DOPDSRGHVHUGHVFULWDTXDQWRDRDVVXQWRFRPRXPDWRPXOWLGLPHQVLRQDOLQILQLWRFDGD
SUREDELOLGDGHPLQXFLRVDVHQGRWUD]LGDGHDOJXPOXJDUSDUDDDWXDOLGDGHHH[LVWrQFLDXPDWR
FULDWLYRLQILQLWRTXHFULDSDUDVLPHVPRLQILQLWDVGLPHQV}HVQDVTXDLVRFXPSULPHQWRpSRVVtYHO

$WDSHoDULDGHVXDSUySULDH[LVWrQFLDpVLPSOHVPHQWHWDOTXHRLQWHOHFWRWULGLPHQVLRQDOQmRSRGH
SHUFHEHULVWR(VWHVHXVSURYiYHLVSRUpPVmRXPDSRUomRGHVXDLGHQWLGDGHRXDOPDHVHYRFr
HVWiIRUDGRFRQWDWRFRPHOHVpDSHQDVSRUTXHYRFrIRFDHYHQWRVItVLFRVHRVDFHLWDFRPRFULWpULRV
SDUDDUHDOLGDGH

$SDUWLUGHTXDOTXHUSRQWRGHWHUPLQDGRGHVXDH[LVWrQFLDSRUpPYRFrSRGHWHUXPYLVOXPEUHGH
RXWUDVUHDOLGDGHVSURYiYHLVHSHUFHEHUDVUHYHUEHUDo}HVGHDo}HVSURYiYHLVVREHVWDVGHFLV}HV
ItVLFDVTXHYRFrWRPD$OJXPDVSHVVRDVIL]HUDPLVWRHVSRQWDQHDPHQWHIUHTHQWHPHQWHQRHVWDGR
GHVRQKR$TXLDVUtJLGDVVXSRVLo}HVGDFRQVFLrQFLDQRUPDOGHVSHUWDJHUDOPHQWHHQIUDTXHFHPH
YRFrSRGHVHDFKDUH[HFXWDQGRHVWDVDWLYLGDGHVItVLFDVUHMHLWDGDVQXQFDSHUFHEHQGRTXHHVWDYD
REVHUYDQGRXPDH[LVWrQFLDSURYiYHOVXD
6HKiHXVLQGLYLGXDLVSURYiYHLVHQWmRpFODURKiWHUUDVSURYiYHLVWRGDVWRPDQGRUXPRVTXHYRFr
QmRDGRWRX&RPHoDQGRFRPXPDWRGDLPDJLQDomRQRHVWDGRGHVSHUWRYRFrSRGHjVYH]HVVHJXLU
SRUXPFDPLQKRFXUWRSDUDD³HVWUDGDQmRHVFROKLGD´

9ROWHSDUDQRVVRKRPHPDRWHOHIRQHPHQFLRQDGRDQWHULRUPHQWH'LJDPRVTXHHOHGL]DVHXDPLJR
TXHHOHQmRLUi$RPHVPRWHPSRVHHOHLPDJLQDTXHVHGHFLGLXSRURXWUDDOWHUQDWLYDHFRQFRUGRX
FRPRFRPSURPLVVRHQWmRHOHSRGHH[SHULHQFLDUXPDDEHUWXUDUHSHQWLQDGHGLPHQV}HV6HHOHWHP
VRUWHHDVFLUFXQVWkQFLDVVmRERDVHOHSRGHGHUHSHQWHVHQWLUDFRPSOHWDYDOLGDGHGHVXD
DFHLWDomRWmRIRUWHPHQWHFRPRVHWLYHVVHHVFROKLGRDILVLFDPHQWH$QWHVTXHHOHSHUFHEDRTXH
HVWiDFRQWHFHQGRHOHSRGHQDYHUGDGHVHVHQWLUGHL[DQGRVXDFDVDHHPEDUFDQGRQDTXHODVDo}HV
SURYiYHLVTXHILVLFDPHQWHHVFROKHXQmRH[HFXWDU

3RUpPQRPRPHQWRDH[SHULrQFLDFRPSOHWDVHUiDUUHPHWLGDVREUHHOH$LPDJLQDomRWHUiDEHUWRD
SRUWDHOKHGDGROLEHUGDGHSDUDSHUFHEHUPDVDDOXFLQDomRQmRHVWDUiHQYROYLGD(VWHpXP
H[HUFtFLRVLPSOHVTXHSRGHVHUWHQWDGRHPTXDVHTXDLVTXHUFLUFXQVWkQFLDVHPERUDDVROLGmRVHMD
LPSRUWDQWH

7DOH[SHULrQFLDQmRROHYDUiWmRORQJHSRUpPHRHXSURYiYHOTXHHVFROKHXDDomRTXHYRFr
QHJRXpHPDVSHFWRVLPSRUWDQWHVEHPGLIHUHQWHGRHXTXHDJRUDYRFrFRQKHFH&DGDDWRPHQWDO
DEUHXPDQRYDGLPHQVmRGHDWXDOLGDGH$WpFHUWRSRQWRVHXPDLVOHYHSHQVDPHQWRGijOX]
PXQGRV

(VWDQmRpXPDGHFODUDomRPHWDItVLFDiULGD'HYHULDGHVSHUWDUGHQWURGHYRFrRVVHQWLPHQWRVPDLV
IRUWHVGHFULDWLYLGDGHHHVSHFXODomReLPSRVVtYHODTXDOTXHUVHUVHUHVWpULOTXDOTXHULGpLD
PRUUHURXTXDOTXHUKDELOLGDGHVHULUUHDOL]iYHO

(QWmRFDGDVLVWHPDSURYiYHOGHUHDOLGDGHpFODURFULDRXWURVWDLVVLVWHPDVHTXDOTXHUDWR
SHUFHELGRWUD]XPQ~PHURLQILQLWRGHDWRV³LUUHDOL]DGRV´TXHWDPEpPHQFRQWUDUiVXDDWXDOL]DomR
$JRUDWRGRVRVVLVWHPDVGHUHDOLGDGHHVWmRDEHUWRV

$VGLYLV}HVHQWUHHOHVVmRDUELWUDULDPHQWHGHFLGLGDVSRUXPDTXHVWmRGHFRQYHQLrQFLDPDVWRGDV
H[LVWHPVLPXOWDQHDPHQWHHFDGDXPDDSyLDHVHVRPDjRXWUD$VVLPRTXHYRFrID]pWDPEpP
UHIOHWLGRHPDOJXPQtYHOQDH[SHULrQFLDGHVHXVHXVSURYiYHLVHYLFHYHUVD

¬LPSRUWkQFLDGHVXDDEHUWXUDHUHFHSWLYLGDGHYRFrSRGHVHEHQHILFLDUJUDQGHPHQWHGDVYiULDV
H[SHULrQFLDVGHVHXVSURYiYHLVHXVHSRGHJDQKDUGHVHXV>GRVHXVSURYiYHLV@FRQKHFLPHQWRVH
KDELOLGDGHV%DVWDQWHHVSRQWDQHDPHQWHQRYDPHQWHYRFrID]LVWRIUHTHQWHPHQWHQRHVWDGRGH
VRQKRHFRQVWDQWHPHQWHRTXHOKHSDUHFHVHUXPDLQVSLUDomRpXPSHQVDPHQWRH[SHULHQFLDGRPDV
QmRDWXDOL]DGRQDSDUWHGRRXWURHX9RFrVHVLQWRQL]DHVHDWXDOL]DYRFrYr

,GpLDVTXHYRFrKRVSHGRXHQmRXVRXSRGHPVHUHVFROKLGDVGDPHVPDPDQHLUDSHORVRXWURVHXV
SURYiYHLV&DGDXPGHVWHVHXVSURYiYHLVVHFRQVLGHUDPRHXUHDOpFODURHSDUDTXDOTXHUXP
GHOHVYRFrVHULDRHXSURYiYHOPDVDWUDYpVGRVVHQWLGRVLQWHULRUHVWRGRVYRFrVHVWmRFLHQWHVGH
VXDSDUWHQHVWDJHVWDOW

$DOPDQmRpXPSURGXWRILQDOL]DGR

1DUHDOLGDGHHODQmRpXPSURGXWRQHVWHVWHUPRVPDVXPSURFHVVRGHYLUDVHU27XGR4XHe
QmRpXPSURGXWRILQDOL]DGRRXDRFRQWUiULRWDPEpP+iGHXVHVSURYiYHLVFRPRKiKRPHQV
SURYiYHLVPDVHVWHVGHXVHVSURYiYHLVVmRWRGRVXPDSDUWHGRTXHYRFrSRGHFKDPDUGHDOPDGR
RXLGHQWLGDGHGR7XGR4XHeDWpPHVPRVHXVHXVSURYiYHLVVmRXPDSRUomRGHVXDDOPDRX
HQWLGDGH

$VGLPHQV}HVGDUHDOLGDGHSRVVtYHOSDUDR7XGR4XHepFODURH[FHGHHPPXLWRDTXHODV
SUHVHQWHPHQWHGLVSRQtYHLVDYRFr'HFHUWDIRUPDYRFrFULRXPXLWRVGHXVHVSURYiYHLVDWUDYpVGH
VHXVSUySULRVSHQVDPHQWRVHGHVHMRV(OHVVHWRUQDUDPHQWLGDGHVSVtTXLFDVEDVWDQWHLQGHSHQGHQWHV
YiOLGDVHPRXWURVQtYHLVGHH[LVWrQFLD27XGR4XHeHVWiFLHQWHQmRDSHQDVGHVXDSUySULD
QDWXUH]DHGDQDWXUH]DGHWRGDDFRQVFLrQFLDPDVWDPEpPHVWiFLHQWHGHVHXV>GHOH@SURYiYHLV
HXV$TXLYDPRVSDUDDVVXQWRVQRVTXDLVSDODYUDVVHWRUQDPVHPVHQWLGR

$QDWXUH]DGR7XGR4XHeSRGHDSHQDVVHUVHQWLGDGLUHWDPHQWHDWUDYpVGRVVHQWLGRVLQWHUQRVRX
HPXPDIUDFDFRPXQLFDomRDWUDYpVGDLQVSLUDomRRXLQWXLomR$FRPSOH[LGDGHPLUDFXORVDGHWDO
UHDOLGDGHQmRSRGHVHUWUDGX]LGDYHUEDOPHQWH

3UREDELOLGDGHVVmRXPDSRUomRVHPSUHSUHVHQWHGHVHXDPELHQWHSVLFROyJLFRLQYLVtYHO9RFrH[LVWH
QRPHLRGHXPVLVWHPDSURYiYHOGHUHDOLGDGH1mRpDOJRjSDUWHGHYRFr$WpFHUWRSRQWRpFRPR
XPPDUQRTXDOYRFrWHPVHXVHUDWXDO9RFrHVWiQHOHHHOHHVWiHPYRFr2FDVLRQDOPHQWHQRV
QtYHLVGHVXSHUItFLHGDFRQVFLrQFLDYRFrSRGHLPDJLQDURTXHWHULDDFRQWHFLGRVHYRFrWLYHVVH
WRPDGRRXWUDVGHFLV}HVDOpPGDVTXHWRPRXHVFROKLGRSDUFHLURVGLIHUHQWHVSRUH[HPSORRX
PRUDGRHPRXWUDVSDUWHVGRSDtV9RFrSRGHLPDJLQDURTXHWHULDDFRQWHFLGRVHWLYHVVHHQYLDGR
XPDFDUWDLPSRUWDQWHTXHGHFLGLXQmRHQYLDUHDSHQDVHPWDOLPDJLQDomRYRFrTXHVWLRQDD
QDWXUH]DGDVSUREDELOLGDGHV0DVKiSURIXQGDVFRQH[}HVHQWUHYRFrPHVPRHWRGRVDTXHOHV
LQGLYtGXRVFRPTXHPYRFrWHYHXPDUHODomRHFRPTXHPYRFrHVWHYHHQYROYLGRHPSURIXQGDV
GHFLV}HV

(VWHVQmRVmRQHEXORVRV(OHVVmRLQWHUFRQH[}HVSVLFROyJLFDVSURIXQGDVTXHVHOLJDPYRFrXQVDRV
RXWURVSDUWLFXODUPHQWHQDHVWUXWXUDWHOHSiWLFDHPERUDLVWRSRVVDHVWDUVREDFRQVFLrQFLDQRUPDO
$VFRQH[}HVItVLFDVLUUHDOL]DGDVTXHSRGHULDPRFRUUHUPDVTXHQmRRFRUUHUDPVmRWUDEDOKDGDV
HPRXWUDVFDPDGDVGDUHDOLGDGH

2DPELHQWHLQYLVtYHOGHQWURGHVXDPHQWHQmRpWmRVROLWiULRTXDQWRYRFrSRVVDSHQVDUHVHX
DSDUHQWHLVRODPHQWRLQWHULRUpSURYRFDGRSHODSHUVLVWrQFLDGDJXDUGDGRHJR(OHQmRYrUD]mRSRU
H[HPSORSHORTXDOYRFrGHYDVHULQIRUPDGRGRTXHHOHQmRFRQVLGHUDSHUWLQHQWHQDDWLYLGDGH
GLiULD

1mRJRVWRGDIUDVH³DYDQoDUFRQWXGRHPVHXVWHUPRV³DYDQoDU´FRPRXPDFRQVFLrQFLDpYLUD
VHUPDLVHPDLVFRQVFLHQWHGHVWDVRXWUDVPDWHULDOL]Do}HVGHVXDSUySULDLGHQWLGDGH2VHXV
SURYiYHLVHVWmRJDQKDQGRFRQVFLrQFLDGRVRXWURVHXVSURYiYHLVHSHUFHEHQGRTXHWRGRVVmRYiULDV
PDQLIHVWDo}HVGDLGHQWLGDGHYHUGDGHLUD

(OHVQmRHVWmRSHUGLGRVHQWHUUDGRVRXQHJDGRVHPDOJXPVXSHUHXVHPOLYUHYRQWDGH
DXWRGHWHUPLQDGRRXDXWRLQGLYLGXDOL]DGR$RFRQWUiULRDLGHQWLGDGHpRTXHHOHVVmRFRPSOHQD
OLEHUGDGHSDUDH[SUHVVDUWRGDVDVSURYiYHLVDo}HVHGHVHQYROYLPHQWRVDPERVQHVWDUHDOLGDGHH
QDVRXWUDVTXHYRFrQmRFRQKHFH

4XDQGRYRFrVHVHQWHOHQGRHVWHOLYURHPVHXPRPHQWRSUHVHQWHQRWHPSRYRFrHVWiSRVLFLRQDGR
QRFHQWURGHXPDUHGHFyVPLFDGHSUREDELOLGDGHVTXHpDIHWDGDSRUVHXPDLVOHYHDWRPHQWDORX
HPRFLRQDO

3RUWDQWRVHXVSHQVDPHQWRVHHPRo}HVVHJXHPDGLDQWHDSDUWLUGHYRFrQmRDSHQDVHPWRGDVDV
GLUHo}HVItVLFDVPDVHPGLUHo}HVTXHVmREDVWDQWHLQYLVtYHLVSDUDYRFrDSDUHFHQGRHPGLPHQV}HV
TXHYRFrSUHVHQWHPHQWHQmRHQWHQGHULD$JRUDYRFrWDPEpPpRUHFHSWRUGHRXWURVVLQDLVYLQGRV
GHRXWUDVSUREDELOLGDGHVTXHHVWmRFRQHFWDGDVFRPYRFrPHVPRPDVYRFrHVFROKHDTXHOHVGDV
Do}HVSURYiYHLVTXHYRFrTXHUWRUQDUUHDLVRXItVLFDVHPVHXVLVWHPDFRPRRVRXWURVWDPEpPWrP
DOLEHUGDGHGHHVFROKHUHPVHXV>GHOHV@VLVWHPDV

(QWmRYRFrRULJLQDLGpLDVHDVUHFHEHPDVYRFrQmRpIRUoDGRDDWXDOL]DUDWRVSURYiYHLV
LUUHDOL]DGRVTXHYrPDYRFrGHRXWURVHXVSURYiYHLV$JRUDKiXPDDWUDomRQDWXUDOHQWUHYRFr
PHVPRHRXWURVHXVSURYiYHLVFRQH[}HVHOHWURPDJQpWLFDVUHODFLRQDGDVFRPSURSXOV}HV
VLPXOWkQHDVGHHQHUJLD3RULVVRTXHURGL]HUHQHUJLDTXHDSDUHFHVLPXOWDQHDPHQWHDPEDVSDUD
YRFrHSDUDHXVSURYiYHLVHPRXWUDVUHDOLGDGHVFRQH[}HVSVtTXLFDVUHODFLRQDGDVFRPXPDUHDomR
VLQJXODUVLPSiWLFDHPRFLRQDOHXPDFRQH[mRTXHVHPRVWUDPXLWRIRUWHPHQWHQRHVWDGRGHVRQKR

1DTXHOHHVWDGRFRPDVIXQo}HVGRHJRXPSRXFRDFDOPDGDVKiXPSRXFRGHFRPXQLFDomR
FRQVLGHUiYHOHQWUHYiULDVSRUo}HVGDLGHQWLGDGHLQWHLUD(PVRQKRVYRFrSRGHWHUROKDUUiSLGRGH
HVWUDGDVSURYiYHLVTXHYRFrSRGHULDWHUOHYDGR9RFrSRGHSHQVDUTXHHVWDVmRIDQWDVLDPDVDR
LQYpVYRFrSRGHHVWDUSHUFHEHQGRXPTXDGUROHJtWLPRGHHYHQWRVGHQWURRVTXHDFRQWHFHUDPRXWUR
GHVLVWHPDGHSUREDELOLGDGHV

1HVWHHVWDGRFRPDVIXQo}HVGRHJRXPSRXFRDFDOPDGDVKiXPSRXFRGHFRPXQLFDomR
FRQVLGHUiYHOHQWUHDVYiULDVSRUo}HVGHWRGDDLGHQWLGDGH1RVVRQKRVYRFrSRGHWHUYLVOXPEUHVGH
HVWUDGDVSURYiYHLVTXHYRFrSRGHULDSHUFHEHUFRPRXPTXDGUROHJtWLPRGHHYHQWRVTXHRFRUUHUDP
GHQWURGHRXWURVVLVWHPDVGHSUREDELOLGDGHV

8PHYHQWRSRGHVHUDWXDOL]DGRSRUPDLVGHXPHXSURYiYHOSRUpPHYRFrVHDVVHPHOKDUiD
DOJXQVHXVSURYiYHLVPDLVGRTXHDRXWURV&RPRYRFrHVWiHQYROYLGRSVLFRORJLFDPHQWHQXPD
JHVWDOWFRPSOH[DFRPRHVWDHFRPRDVFRQH[}HVPHQFLRQDGDVDQWHULRUPHQWHH[LVWHPYRFrSRGHVH
EHQHILFLDUDWpFHUWRSRQWRGDVKDELOLGDGHVHFRQKHFLPHQWRVSRVVXtGRVSRUHVWDVSRUo}HVSURYiYHLV
GHVXDSHUVRQDOLGDGH

$VFRQH[}HVSURSRUFLRQDPPXLWDV³LQWHUIHUrQFLDVDVWUDLV´3RUpPXPDYH]TXHYRFrHVWHMD
DWHQWRDRVVLVWHPDVSURYiYHLVDSUHQGHUiWDPEpPDVHWRUQDUDOHUWDDRTXHDTXLFKDPDUHLGH
³LPSXOVRVLQWUXVLYRVEHQLJQRV´7DLVLPSXOVRVSDUHFHULDPHVWDUGHVFRQHFWDGRVGHVHXVSUySULRV
LQWHUHVVHVDWXDLVRXDWLYLGDGHVLQWUXVLYRVSRUVHWRUQDUHPUDSLGDPHQWHHPFRQVFLrQFLDFRPXP
VHQWLGRGHHVWUDQKH]DFRPRVHQmRIRVVHPVHXVPHVPR)UHTXHQWHPHQWHHOHVSRGHPRIHUHFHU
SLVWDVGHYiULRVWLSRV9RFrSRGHQmRVDEHUDEVROXWDPHQWHQDGDVREUHP~VLFDSRUH[HPSORH
QXPDWDUGHQRPHLRGHDOJXPDDWLYLGDGHPXQGDQDVHUJROSHDGRSRUXPV~ELWRLPSXOVRGHFRPSUDU
XPYLROLQR

7DOLPSXOVRSRGHULDVHUXPDLQGLFDomRGHTXHRXWUDSRUomRSURYiYHOGHVXDLGHQWLGDGHpWDOHQWRVD
FRPDTXHOHLQVWUXPHQWR1mRHVWRXOKHGL]HQGRSDUDFRUUHUDFRPSUDUXPPDVYRFrSRGHULDDJLU
SHORLPSXOVRWDQWRTXDQWRUD]RDYHOPHQWHSRVVtYHO±DOXJDQGRXPYLROLQRVLPSOHVPHQWHVH
IDPLOLDUL]DQGRFRPXPYLROLQRHWF

9RFrDSUHQGHULDRLQVWUXPHQWRPXLWRPDLVUiSLGRYRFrYrVHRLPSXOVRIRVVHRULJLQDGRFRPXP
HXSURYiYHO6HPGL]HUTXHHXVSURYiYHLVH[LVWHPHPVHX³IXWXUR´WDQWRTXDQWRHPVHXSDVVDGR

eXPDSROtWLFDPXLWRSREUHHQIDWL]DUDVSHFWRVGHVDJUDGiYHLVGRSDVVDGRTXHYRFrFRQKHFHSRUTXH
DOJXPDVSRUo}HVGHVHXHXSURYiYHOSRGHPDLQGDHVWDUHQYROYLGDVQDTXHOHSDVVDGR$
FRQFHQWUDomRSRGHSHUPLWLUJUDQGHVLQWHUIHUrQFLDVDVWUDLVHLGHQWLILFDomRDGYHUVDSRUTXHDTXHOD
SDUWHVHUiXPKLVWyULFRTXHYRFrWHPHPFRPXPFRPTXDLVTXHUHXVSURYiYHLVTXHSXODPGDTXHOD
IRQWHSDUWLFXODU

(QIDWL]DUDSRVVLELOLGDGHGHGRHQoDRXGHVDVWUHpSROtWLFDLJXDOPHQWHSREUHSRLVYRFrHVWDEHOHFH
UHGHVQHJDWLYDVTXHQmRSUHFLVDPRFRUUHU9RFrSRGHWHRULFDPHQWHDOWHUDUVHXSUySULRSDVVDGR
FRPRYRFrRFRQKHFHXSRLVWHPSRQmRpPDLVDOJRGLYRUFLDGRGHYRFrGRTXHDVSUREDELOLGDGHVR
VmR

2SDVVDGRH[LVWLXGHPDQHLUDVPXOWLGLPHQVLRQDLV9RFrDSHQDVH[SHULHQFLRXXPSDVVDGRSURYiYHO
0XGDQGRHVWHSDVVDGRHPVXDPHQWHDJRUDHPVHXSUHVHQWHYRFrSRGHPXGDUQmRDSHQDVD
QDWXUH]DGHOHPDVRHIHLWRGHOHHQmRDSHQDVHPVLPHVPRPDVQRVRXWURV

)LQMDTXHXPHYHQWRSDUWLFXODUDFRQWHFHXTXHRWHQKDSHUWXUEDGRJUDQGHPHQWH,PDJLQHHPVXD
PHQWHTXHLVWRVLPSOHVPHQWHQmRVHDSDJRXPDVIRLVXEVWLWXtGRSRURXWURHYHQWRGHQDWXUH]DPDLV
EHQpILFD$JRUDLVWRSUHFLVDVHUIHLWRFRPJUDQGHYLYDFLGDGHHYDOLGDGHHPRFLRQDOHSRUPXLWDV
YH]HV1mRpXPDDXWRGHFHSomR2HYHQWRTXHYRFrHVFROKHXDXWRPDWLFDPHQWHVHUiXPHYHQWR
SURYiYHOTXHGHIDWRDFRQWHFHHPERUDQmRVHMDRHYHQWRTXHYRFrHVFROKDSHUFHEHUHPVHX
GHWHUPLQDGRSURYiYHOSDVVDGR

7HOHSDWLFDPHQWHVHRSURFHVVRIRUWHUPLQDGRFRUUHWDPHQWHVXDLGpLDWDPEpPWHUiDIHWDGR
TXDOTXHUSHVVRDTXHHVWDYDFRQHFWDGDFRPRHYHQWRRULJLQDOHPERUDHODSRVVDHVFROKHUUHMHLWiOD
WDQWRTXDQWRDFHLWDUVXDYHUVmR

(VWHQmRpXPOLYURVREUHWpFQLFDVDVVLPQmRHQWUDUHLSURIXQGDPHQWHQHVWHPpWRGRSDUWLFXODU
DSHQDVPHQFLRQDQGRRDTXL3RUpPVHOHPEUHTXHGHXPPRGREDVWDQWHOHJtWLPRPXLWRVHYHQWRV
TXHQmRVmRILVLFDPHQWHSHUFHELGRVRXH[SHULHQFLDGRVVmRWmRYiOLGRVTXDQWRDTXHOHVTXHVmRH
VmRWmRUHDLVHPVHXSUySULRDPELHQWHLQYLVtYHOSVLFROyJLFR

(QWmRHPVHXVWHUPRVKiSURYiYHLVHYHQWRVIXWXURVLOLPLWDGRVSDUDRVTXDLVDJRUDYRFrHVWi
HVWDEHOHFHQGREDVHV$QDWXUH]DGRVSHQVDPHQWRVHVHQWLPHQWRVTXHYRFrRULJLQDHDTXHOHVTXH
YRFrKDELWXDORXFDUDFWHULVWLFDPHQWHUHFHEHHVWDEHOHFHPXPSDGUmRDVVLPYRFrHVFROKHUiD
SDUWLUGDTXHOHVIXWXURVSURYiYHLVRVHYHQWRVTXHILVLFDPHQWHVHWRUQDUmRVXDH[SHULrQFLD

3RUKDYHULQWHUIHUrQFLDVDVWUDLVHLQWHUFRQH[}HVpSRVVtYHOSDUDYRFrVHVLQWRQL]DUHPXP³HYHQWR
IXWXUR´GLJDPRVGHXPDQDWXUH]DLQIHOL]XPHYHQWRSDUDRTXDOYRFrpODQoDGRVHFRQWLQXDUHP
VHXFXUVRSUHVHQWH8PVRQKRVREUHHOHSRUH[HPSORSRGHOKHDPHGURQWDUWDQWRTXHYRFrHYLWDR
HYHQWRHQmRRYLYHQFLD1HVVHFDVRWDOVRQKRpXPDPHQVDJHPGHXPHXSURYiYHOTXH
H[SHULHQFLRXRHYHQWR

$VVLPXPDFULDQoDSRGHUHFHEHUQXPVRQKRWDLVFRPXQLFDo}HVGHXPHXIXWXURSURYiYHOGHWDO
QDWXUH]DTXHVXDYLGDpFRPSOHWDPHQWHPRGLILFDGD$LGHQWLGDGHLQWHLUDHVWiVHQGRDJRUD7RGDV
DVGLYLV}HVVmRPHUDPHQWHLOXV}HVDVVLPXPHXSURYiYHOSRGHRIHUHFHUXPDPmRGHDMXGDSDUD
RXWUDHDWUDYpVGHVWDVFRPXQLFDo}HVLQWHULRUHVRVYiULRVHXVSURYiYHLVHPVHXVWHUPRVFRPHoDP
DHQWHQGHUDQDWXUH]DGHVXDVSUySULDVLGHQWLGDGHV

$JRUDLVWROHYDDRXWUDVDYHQWXUDVQDVTXDLVFLYLOL]Do}HVLQWHLUDVSRGHPHVWDUHQYROYLGDVSRLV
FRPRRVLQGLYtGXRVWrPVHXVGHVWLQRVSURYiYHLVDVVLPWDPEpPRFRUUHFRPDVFLYLOL]Do}HVQDo}HV
HVLVWHPDVSODQHWiULRVKDELWDGRV6XDWHUUDKLVWyULFDFRPRYRFrDFRQKHFHVHGHVHQYROYHXHP
PXLWRVPRGRVGLIHUHQWHVHKiXPDFRQH[mRSURIXQGDPHQWHLQFRQVFLHQWHTXHXQHWRGDVHVWDV
PDQLIHVWDo}HV

'HVXDSUySULDPDQHLUDDWpPHVPRiWRPRVHPROpFXODVUHWrPXPFRQKHFLPHQWRGDVIRUPDVSHODV
TXDLVSDVVDUDPHDVVLPRVLQGLYtGXRVTXHFRPS}HPGHWHUPLQDGDVFLYLOL]Do}HVSRVVXHPGHQWURGH
VLPHVPRVRFRQKHFLPHQWRLQWHULRUGRVH[SHULPHQWRVHWHQWDWLYDVVXFHVVRVHIDOKDVQRVTXDLVDV
UDoDVWDPEpPIRUDPHQYROYLGDVDRXWURVQtYHLVGHUHDOLGDGH

(PDOJXPDVUHDOLGDGHVSURYiYHLVR&ULVWLDQLVPRFRPRYRFrRFRQKHFHQmRIORUHVFHX(P
DOJXQVRVPDFKRVQmRGRPLQDUDP(PRXWURVDPDTXLDJHPGDPDWpULDItVLFDVLPSOHVPHQWHVHJXLX
OLQKDVGLIHUHQWHV$JRUDWRGDVHVWDVSUREDELOLGDGHVVREUHYRFrHVWmRQRDUSRUDVVLPGL]HUH
GHVFUHYRDVWmRILHOPHQWHTXDQWRSRVVRPDVSUHFLVRUHODFLRQiODVFRPFRQFHLWRVFRPRVTXDLV
YRFrHVWiXPSRXFRIDPLOLDUL]DGR$WpFHUWRSRQWRHQWmRD³YHUGDGH´SUHFLVDVHUVHOHFLRQDGD
DWUDYpVGHVHXVSUySULRVSDGU}HVFRQFHLWXDLVGHIRUPDDYRFrFRPSUHHQGrOD

eREDVWDQWHGL]HUTXHFHVWiFHUFDGRSRURXWUDVLQIOXHQFLDVHHYHQWRV$OJXQVGHOHVYRFrSHUFHEH
HPVXDUHDOLGDGHWULGLPHQVLRQDO9RFrRVDFHLWDFRPRUHDOLGDGHVHPSHUFHEHUTXHHOHVVmRDSHQDV
SRUo}HVGHRXWURVHYHQWRV2QGHVXDYLVmRIDOKDYRFrSHQVDTXHDUHDOLGDGHFHVVDHQWmR
QRYDPHQWHYRFrSUHFLVDWUHLQDUVHSDUDROKDUHQWUHRVHYHQWRVHQWUHRVREMHWRVGHQWURGHVL
PHVPRTXDQGRQmRSDUHFHTXHYRFrHVWiID]HQGRTXDOTXHUFRLVD2OKHRVHYHQWRVTXHSDUHFHP
QmRWHUVHQWLGRSRLVHOHVQRUPDOPHQWHVmRSLVWDVSDUDHYHQWRVLQYLVtYHLVPDLRUHV

$QDWXUH]DGRDVVXQWRHPVLPHVPDQmRpFRPSUHHQGLGD9RFrRSHUFHEHHPFHUWR³HVWiJLR´
8VDQGRVHXVWHUPRVDJRUDHIDODQGRWmRVLPSOHVTXDQWRSRVVtYHOKiRXWUDVIRUPDVGRDVVXQWRDOpP
GHVWHVTXHYRFrYr(VWDVIRUPDVVmREDVWDQWHUHDLVHYtYLGDVEDVWDQWH³ItVLFDV´SDUDDTXHOHVTXH
UHDJHPDHVWDHVIHUDSDUWLFXODUGHDWLYLGDGH

(PWHUPRVGHSUREDELOLGDGHVHQWmRYRFrHVFROKHFHUWRVDWRVLQFRQVFLHQWHPHQWHRVWUDQVIRUPD
HPHYHQWRVItVLFRVRXREMHWRVHHQWmRRVSHUFHEH0DVDTXHOHVHYHQWRVQmRHVFROKLGRVWDPEpP
DFRQWHFHPHVmRSURMHWDGRVQHVWDVRXWUDVIRUPDV$JRUDRFRPSRUWDPHQWRGHiWRPRVHPROpFXODV
HVWiHQYROYLGRDTXLSRLVQRYDPHQWHHOHVHVWmRSUHVHQWHVDSHQDVHPVHXXQLYHUVRGXUDQWHFHUWRV
HVWiJLRV$DWLYLGDGHGHOHVpSHUFHELGDDSHQDVGXUDQWHDJDPDGHULWPRVYLEUDWyULRVSDUWLFXODUHV
4XDQGRVHXVFLHQWLVWDVRVH[DPLQDPSRUH[HPSORHOHVQmRH[DPLQDPDQDWXUH]DGLJDPRVGHXP
iWRPR

(OHVDSHQDVH[SORUDPDVFDUDFWHUtVWLFDVGHXPiWRPR>HPWHUPRVGH@FRPRHOHVDJHPRXVH
PRVWUDPHPVHXVLVWHPD$PDLRUUHDOLGDGHGHOHV>GRViWRPRV@HVFDSDFRPSOHWDPHQWHDHOHV
>FLHQWLVWDV@

9RFrFRPSUHHQGHTXHKiHVSHFWURVGHOX]$VVLPKiHVSHFWURVGHPDWpULD6HXVLVWHPDGH
UHDOLGDGHItVLFDQmRpGHQVRHPFRPSDUDomRFRPDOJXQVRXWURV$VGLPHQV}HVTXHYRFrGij
PDWpULDItVLFDHVFDVVDPHQWHFRPHoDPDPRVWUDUDVYDULHGDGHVGHGLPHQV}HVSRVVtYHLV

$OJXQVVLVWHPDVVmRGHORQJHPDLVSHVDGRVRXPDLVFODURVGRTXHRVHXHPERUDLVWRQmRSRVVD
HQYROYHUSHVRQRVWHUPRVFRPRVTXDLVYRFrWHPIDPLOLDULGDGH$o}HVSURYiYHLVHPHUJHPHQWmR
SDUDVLVWHPDVGHPDWpULDEDVWDQWHYDOLGRVFRPRRVVHXVHEDVWDQWHFRQVLVWHQWHV9RFrHVWi
DFRVWXPDGRDSHQVDUHPOLQKDVVLQJXODUHVDVVLPYRFrSHQVDQRVHYHQWRVTXHFRQKHFHFRPRFRLVDV
FRPSOHWDVRXDo}HVQmRVHGDQGRFRQWDGHTXHRTXHSHUFHEHQmRpVHQmRXPDIUDomRGHWRGD
XPDH[LVWrQFLDPXOWLGLPHQVLRQDO

(PWHUPRVPDLVDPSORVpLPSRVVtYHOVHSDUDUXPHYHQWRItVLFRGHHYHQWRVSURYiYHLVSRLVHVWHV
VmRWRGRVGLPHQV}HVGHXPDDomReEDVLFDPHQWHLPSRVVtYHOVHSDUDURYRFrTXHYRFrFRQKHFH
GRVSURYiYHLVYRFrGRVTXLVYRFrQmRHVWiFLHQWHSHODVPHVPDVUD]}HV6HPSUHKiSRUpP
FDPLQKRVLQWHULRUHVOHYDQGRDRPHLRGHHYHQWRVSURYiYHLVMiTXHWRGRVHOHVVmRPDQLIHVWDo}HVGH
XPDWRHPVHXYLUDVHUHQWmRDVGLPHQV}HVHQWUHHOHVVmRLOXV}HV

2FpUHEURItVLFRVR]LQKRQmRSRGHDSDQKDUHVWDVFRQH[}HVFRPJUDQGHVXFHVVR$PHQWHTXHpD
FRQWUDSDUWHLQWHULRUGRFpUHEURSRGHSRUYH]HVSHUFHEHUDVLPHQVDVGLPHQV}HVGHTXDOTXHU
HYHQWRGHWHUPLQDGRDWUDYpVGHXPDHFORVmRLQWXLWLYDHUHSHQWLQDRXGHXPDFRPSUHHQVmRTXHQmR
SRGHVHUDGHTXDGDPHQWHGHVFULWDQXPQtYHOYHUEDO

&RPRWHQKRGLWRIUHTHQWHPHQWHRWHPSRFRPRYRFrRSHQVDQmRH[LVWHFRQWXGRHPVHXV
WHUPRVDQDWXUH]DGRWHPSRSRGHULDVHUHQWHQGLGDVHDQDWXUH]DEiVLFDGRiWRPRKRXYHVVHVLGR
FRQKHFLGDSRUYRFr'HFHUWRPRGRXPiWRPRSRGHULDVHUFRPSDUDGRDXPPLFURVHJXQGR

eFRPRVHXPiWRPRH[LVWLVVHFRQWLQXDPHQWHSRUXPDFHUWDTXDQWLDGHWHPSR$RLQYpVGLVWR
HOHH[LVWHGHQWURHH[LVWHIRUDSRUDVVLPGL]HU(OHIOXWXDHPXPDOWRSDGUmRSUHYLVtYHOHUtWPLFR
(OHSRGHVHUSHUFHELGRHPVHXVLVWHPDDSHQDVHPFHUWRVSRQWRVQHVVDIOXWXDomRHQWmRSDUHFHDRV
FLHQWLVWDVTXHRiWRPRHVWiFRQWLQXDPHQWHSUHVHQWH(OHVQmRHVWmRFLHQWHVGHQHQKXPLQWHUYDORGH
DXVrQFLDWDQWRTXDQWRpLQHUHQWHDRiWRPR

1HVWHVSHUtRGRVGHSURMHomRQmRItVLFDRVSHUtRGRVGHVOLJDGRV>TXDQGRRViWRPRVHVWDULDPQR
PRGRGH³H[LVWLUIRUD´@GDIOXWXDomRRViWRPRV³DSDUHFHP´HPRXWURVLVWHPDGHUHDOLGDGH
1DTXHOHVLVWHPDHOHVVmRSHUFHELGRVQRTXHVmRSRQWRV³GHQWUR´GDIOXWXDomRHQDTXHOHVLVWHPD
WDPEpPRViWRPRVDSDUHFHPFRPRSHUPDQHQWHV+iPXLWRVGRVWDLVSRQWRVGHIOXWXDomRPDVVHX
VLVWHPDpFODURQmRHVWiFLHQWHGHOHVQHPGDVXOWLPDVDo}HVXQLYHUVRVHVLVWHPDVTXHH[LVWHP
GHQWURGHOH

$JRUDRPHVPRWLSRGHFRPSRUWDPHQWRDFRQWHFHHPXPSURIXQGRQtYHOSVLFROyJLFREiVLFR
VHFUHWRHLQH[SORUDGR$FRQVFLrQFLDILVLFDPHQWHRULHQWDGDUHVSRQGHQGRDXPDIDVHGDDWLYLGDGH
GRiWRPRYHPjYLGDHGHVSHUWDSDUDVXDH[LVWrQFLDSDUWLFXODUPDVQRPHLRKiRXWUDVIOXWXDo}HV
QDVTXDLVDFRQVFLrQFLDpLQWHLUDPHQWHIRFDGDVREUHGLIHUHQWHVVLVWHPDVGHUHDOLGDGHFDGDXPD
GHVWDVDFRUGDQGRHUHVSRQGHQGRHFDGDXPDQmRWHQGRVHQWLGRGHDXVrQFLDHOHPEUDQGRDSHQDV
GDTXHODVIOXWXDo}HVSDUWLFXODUHVjVTXDLVHVWmRUHVSRQGHQGR

(VWDVIOXWXDo}HVVmRUHDOPHQWHVLPXOWkQHDV3DUHFHULDDYRFrFRPRVHKRXYHVVHPHVSDoRVHQWUH
DVIOXWXDo}HVHDGHVFULomRTXHXVHLpDPHOKRUSDUDQRVVRVSURSyVLWRVPDVRVSURYiYHLVVLVWHPDV
WRGRVH[LVWHPVLPXOWDQHDPHQWHHEDVLFDPHQWHVHJXLQGRHVWDGLVFXVVmRRViWRPRVHVWmRWRGRV
HVWHVRXWURVVLVWHPDVGHXPDYH]

$JRUDWHPRVIDODGRHPWHUPRVGHSXOVRVIDQWDVWLFDPHQWHUiSLGRVRXIOXWXDo}HVWmRVXDYHVH
³EUHYHV´TXHYRFrQmRRVSHUFHEH0DVKiWDPEpPDVIOXWXDo}HV³PDLVOHQWDV´³PDLVDPSODV´D
SDUWLUGHVXDQRomRGHPHGLGD

(VWHVDIHWDPVLVWHPDVFRPSOHWDPHQWHGLIHUHQWHVGHH[LVWrQFLDGRTXHTXDOTXHUXPPDLVSUy[LPR
FRQHFWDGRDRVHXPHVPR$H[SHULrQFLDGHWDLVWLSRVGHFRQVFLrQFLDpDOWDPHQWHHVWUDQJHLUDD
YRFr8PDIOXWXDomRWDOSRGHULDOHYDUPLOKDUHVGHDQRVSRUH[HPSOR(VWHVYiULRVPLOKDUHVGH
DQRVVHULDPH[SHULHQFLDGRVGLJDPRVFRPRXPVHJXQGRGHVHXWHPSRFRPRVHYHQWRVRFRUUHQGR
QHODVVHQGRSHUFHELGRVVLPSOHVPHQWHFRPRXP³SHUtRGRSUHVHQWH´

$JRUDDFRQVFLrQFLDGHWDLVVHUHVWDPEpPFRQWHULDDFRQVFLrQFLDGHJUDQGHVQ~PHURVGHHXV
SURYiYHLVHVLVWHPDVH[SHULHQFLDGRVEDVWDQWHYtYLGDHFODUDPHQWHFRPRSUHVHQWHVP~OWLSORV(VWHV
SUHVHQWHVP~OWLSORVSRGHPVHUDOWHUDGRVDTXDOTXHUGRVDWXDLVQ~PHURVGHSRQWRVLQILQLWRV
LQILQLGDGHTXHQmRH[LVWHHPWHUPRVGHOLQKDLQGHILQLGDPDVHPWHUPRVGHLQ~PHUDV
SUREDELOLGDGHVHSRVVtYHLVFRPELQDo}HVTXHFUHVFHPGHFDGDDWRGHFRQVFLrQFLD

7DLVVHUHVFRPVHXVP~OWLSORVSUHVHQWHVSRGHPRXQmRHVWDUFLHQWHVGHVHXVLVWHPDSDUWLFXODU
2SUHVHQWHP~OWLSORGHOHVSRGHRXQmRLQFOXLURVHXVLVWHPD9RFrSRGHVHUXPDSDUWHGRP~OWLSOR
SUHVHQWHGHOHVVHPQHPPHVPRHVWDUFLHQWHGLVWR(PWHUPRVPXLWRPDLVOLPLWDGRVGHVXDV
SURYiYHLVUHDOLGDGHVKiP~OWLSORVSUHVHQWHV$LPDJHPSDUDXPDDQDORJLDpGHXPROKRGHQWURGH
XPROKRGHQWURGHXPROKRHWHUQDPHQWHUHSHWLGRSRGHVHU~WLODTXL

$SDODYUD³FpUHEURItVLFRÍRLXVDGDDTXLSDUDDSDODYUDHPLQJOrV³PHQWDOEORRG´ VDQJXH
PHQWDO17

,QWHUIHUrQFLDVDVWUDLV±HVWDSDODYUDYHPGH³EOHHGWKURXJK´TXHHPVHXVHQWLGROLWHUDO
VLJQLILFD³HVFRUUHUSRU´³GHUUDPDUSRU´$TXLRWHUPRIRLDGDSWDGRHPIXQomRGRVLJQLILFDGR
FRQWH[WXDOSRU³LQWHUIHUrQFLDVDVWUDLV´17

&$3Ë78/2
3UREDELOLGDGHVDQDWXUH]DGREHPHGRPDOHRVLPEROLVPRUHOLJLRVR

2GRJPDFULVWmRIDODGDDVFHQVmRGH&ULVWRVXEHQWHQGRVHpFODURXPDVXELGDYHUWLFDOSDUDRV
FpXVHRGHVHQYROYLPHQWRGDDOPDpIUHTXHQWHPHQWHGLVFXWLGRHPWHUPRVGHGLUHomR3DUD
SURJUHGLUpVXSRVWRDVFHQGHUHQTXDQWRRKRUURUGDSXQLomRUHOLJLRVDRLQIHUQRpYLVWRQRWRSRGH
WRGDVDVFRLVDV

$VVLPRGHVHQYROYLPHQWRpFRQVLGHUDGRHPXPDGLUHomRGHPmR~QLFDDSHQDVHPWHUPRV
FULVWmRV5DUDPHQWHSRUH[HPSORHOHpSHQVDGRHPWHUPRVKRUL]RQWDLV$LGpLDGDHYROXomRHP
VHXVLJQLILFDGRSRSXODUSURPXOJRXHVWDWHRULDFRPRSRUSURJUHVVmRJUDGXDOHPXPD~QLFDGLUHomR
RKRPHPHPHUJLXGRPDFDFR&ULVWREHPSRGHULDWDPEpPWHUGHVDSDUHFLGRGDPHVPDPDQHLUD

$UHDOLGDGHLQWHULRUGDPHQVDJHPIRLGLWDHPWHUPRVGRTXHRKRPHPGDpSRFDS{GHHQWHQGHUGH
DFRUGRFRPVXDVVXSRVLo}HVHQUDL]DGDV2GHVHQYROYLPHQWRVHGHVGREUDHPWRGDVDVGLUHo}HV$
DOPDQmRHVWiDVFHQGHQGRGHXPDVpULHGHHVWUHODVRQGHFDGDXPDUHSUHVHQWDXPQRYRHHOHYDGR
SRQWRGHGHVHQYROYLPHQWR

$RLQYpVGLVWRDDOPDILFDQRFHQWURGHVLPHVPDH[SORUDQGRHVWHQGHQGRVXDVFDSDFLGDGHVHP
WRGDVDVGLUHo}HVHQYROYLGDHPDVVXQWRVFULDWLYRVFDGDXPDOWDPHQWHOHJLWLPDGR2SURYiYHO
VLVWHPDGHUHDOLGDGHVHDEUHjQDWXUH]DGDDOPDSDUDYRFr,VWRGHYHPXGDUDVLGpLDVDWXDLVGD
UHOLJLmRFRQVLGHUDYHOPHQWH3RUHVWDUD]mRDQDWXUH]DGREHPHPDOpXPSRQWRDOWDPHQWH
LPSRUWDQWH

3RUXPODGREDVWDQWHVLPSOHVPHQWHHGHFHUWRPRGRTXHYRFrQmRSRGHHQWHQGHUDJRUDRPDOQmR
H[LVWH3RUpPYRFrpREYLDPHQWHFRQIURQWDGRFRPRTXHSDUHFHPVHUHIHLWRVEDVWDQWHPDOpILFRV
$JRUDWHPVLGRGLWRIUHTXHQWHPHQWHTXHKiXPGHXVHQWmRGHYHKDYHUXPGLDER±RXVHKiXP
EHPSUHFLVDKDYHUXPPDO,VWRpFRPRGL]HUTXHFRPRXPDPDomWHPXPWRSRHQWmRWHPTXHWHU
XPIXQGR±PDVVHPQHQKXPHQWHQGLPHQWRGRIDWRGHTXHDPERVVmRXPDSRUomRGDPDom

9ROWDPRVDQRVVRVIXQGDPHQWRV9RFrFULDDUHDOLGDGHGHVHXVVHQWLPHQWRVSHQVDPHQWRVHDo}HV
PHQWDLV

$OJXQVGHVWHVVmRPDWHULDOL]DGRVILVLFDPHQWHRXWURVVmRDWXDOL]DGRVHPVLVWHPDVSURYiYHLV9RFr
pDSUHVHQWDGRFRPXPDVpULHLQILQLWDGHHVFROKDVSDUHFHDTXDOTXHUSRQWRTXHXQVVmRPDLVRX
PHQRVIDYRUiYHLVTXHRXWURV

9RFrWHPTXHHQWHQGHUTXHFDGDDWRPHQWDOpXPDUHDOLGDGHSHODTXDOYRFrpUHVSRQViYHOeSDUD
LVWRTXHYRFrHVWiQHVWHVLVWHPDSDUWLFXODUGHUHDOLGDGH7DQWRTXDQWRYRFrDFUHGLWHHPXPGLDER
SRUH[HPSORYRFrFULDUiXPTXHpUHDOREDVWDQWHSDUDYRFrHSDUDRVRXWURVTXHFRQWLQXDP
FULDQGRR

3RUFDXVDGDHQHUJLDTXHHOHUHFHEHGHRXWURVHOHWHUiFHUWDFRQVFLrQFLDSUySULDPDVWDOGLDER
IDOVRQmRWHPSRGHURXUHDOLGDGHSDUDDTXHOHVTXHQmRDFUHGLWDPQDH[LVWrQFLDGHOHHTXHQmRGmR
DHOHHQHUJLDDWUDYpVGDSUySULDFUHQoD(OHpHPRXWUDVSDODYUDVXPDDOXFLQDomRVXSHUODWLYD
&RPRPHQFLRQDGRDQWHULRUPHQWHDTXHOHVTXHDFUHGLWDPQXPLQIHUQRHVHVXEVFUHYHPDHOH
DWUDYpVGDFUHQoDSRGHPGHIDWRH[SHULHQFLDUXPPDVFHUWDPHQWHHPQDGDFRPRWHUPRVHWHUQRV
1HQKXPDDOPDpLJQRUDQWHVHPSUH

$JRUDHVVHVTXHWrPWDLVFUHQoDVGHIDWROKHVIDOWDPXPDFRQILDQoDSURIXQGDQDQDWXUH]DGD
FRQVFLrQFLDQDGDDOPDHQDGR7XGR4XHe(OHVVHFRQFHQWUDPQmRVREUHRTXHSHQVDPFRPRR
SRGHUGREHPPDVQRPHGRVREUHRTXHSHQVDPFRPRRSRGHUGRPDO$DOXFLQDomRpFULDGD
SRUpPGRPHGRHGDUHVWULomR$LGpLDGRPDOpPHUDPHQWHDSURMHomRGHPDVVDGHFHUWRVPHGRV
±PDVVDTXHpSURGX]LGDSRUPXLWDVSHVVRDVPDVWDPEpPOLPLWDGDQRTXHVHPSUHIRLDTXHOHVTXH
UHMHLWDUDPHVWHSULQFtSLR

$OJXPDVUHOLJL}HVPXLWRYHOKDVHQWHQGHUDPDQDWXUH]DDOXFLQDWyULDGRFRQFHLWRGHGLDERPDVDWp
PHVPRHPWHPSRVHJtSFLRVDVLGpLDVPDLVVLPSOHVHPDLVGLVWRUFLGDVSUHYDOHFHUDP
SDUWLFXODUPHQWHFRPDVPDVVDVGHSHVVRDV'HDOJXQVPRGRVRVKRPHQVQDTXHOHVWHPSRVQmR
HQWHQGHUDPRFRQFHLWRGHXPGHXVVHPRFRQFHLWRGHXPGLDER

3RUH[HPSORWHPSHVWDGHVVmRHYHQWRVQDWXUDLVDOWDPHQWHFULDWLYRVHQWUHWDQWRHODVWDPEpPSRGHP
FDXVDUGHVWUXLomR2KRPHPSULPLWLYRSRGLDYHUDSHQDVDGHVWUXLomR

$OJXQVHQWHQGHUDPLQWXLWLYDPHQWHTXHTXDOTXHUHIHLWRpFULDWLYRDSHVDUGDDSDUrQFLDGHODVPDV
SRXFRVSXGHUDPFRQYHQFHURVPHPEURVGDUDoDKXPDQD

2FRQWUDVWHGHOX]HHVFXULGmRVHQRVDSUHVHQWDFRPRPHVPRWLSRGHTXDGUR2EHPIRLYLVWR
FRPROX]SRLVRVKRPHQVVHVHQWLUDPPDLVVHJXURVGXUDQWHRGLD2PDOIRLFRQVHTXHQWHPHQWH
FLUFXQVFULWRDRDQRLWHFHU1DPDVVDGHGLVWRUo}HVSRUpPHVFRQGLGRVRERGRJPDVHPSUHKRXYH
XPDSLVWDGDFULDWLYLGDGHEiVLFDGHWRGRHIHLWR

1mRKiHQWmRQHQKXPGLDERHVSHUDQGRSDUDOKHFDUUHJDUDOXJDUQHQKXPDPHQRVTXHYRFrRV
FULHSRUVLPHVPRFDVRQRTXDORSRGHUUHVLGHHPYRFrHQmRQRVIDOVRVGLDERV$&UXFLILFDomRH
GUDPDRFRUULGRIL]HUDPVHQWLGRQDRFDVLmRGHQWURGHVXDUHDOLGDGH6XUJLXQRPXQGRGDUHDOLGDGH
ItVLFDIRUDGDUHDOLGDGHLQWHUQDGDTXDOVXDVLQWXLo}HVHLQVLJKWVPDLVSURIXQGRVEURWDP

(QWmRDUDoDWURX[HRVHYHQWRVTXHPHOKRUWUDQVPLWLULDPHPWHUPRVItVLFRVHVWHSURIXQGR
FRQKHFLPHQWRQmRItVLFRGDLQGHVWUXWLELOLGDGHGDDOPD(VWHGUDPDSDUWLFXODUQmRWHULDIHLWRVHQWLGR
DRXWURVVLVWHPDVFRPVXSRVLo}HVGLIHUHQWHVHQUDL]DGDVGRTXHQRVHXPHVPR

2VLPEROLVPRGHDVFHQVmRRXTXHGDRXGHOX]HHVFXULGmRQmRWHULDVHQWLGRSDUDRXWUDV
UHDOLGDGHVFRPRXWURVPHFDQLVPRVGHSHUFHSomRGLIHUHQWHV(PERUDVXDVUHOLJL}HVVHMDP
FRQVWUXtGDVDRUHGRUGHXPQ~FOHRGXUDGRXURGHYHUGDGHRVLPEROLVPRXVDGRIRLVHOHFLRQDGR
DVWXFLRVDPHQWHSHORHXLQWHULRUHPYRJDFRPVXDV>GRHXLQWHULRU@VXSRVLo}HVHQUDL]DGDVTXHYRFr
PDQWpPFRPRYiOLGDVQRXQLYHUVRItVLFR2XWUDVLQIRUPDo}HVQRVVRQKRVSRUH[HPSORWDPEpP
OKHVHUmRGDGDVFRPRPHVPRVLPEROLVPRIDODQGRHPWHUPRVJHUDLV3RUpPRSUySULRVLPEROLVPR
IRLVLPSOHVPHQWHXVDGRSHORHXLQWHULRU(OH>RVLPEROLVPR@LQHUHQWHPHQWHQmRSHUWHQFHj
UHDOLGDGHLQWHULRU

0XLWRVVLVWHPDVSURYiYHLVWrPPHFDQLVPRVSHUFHSWLYRVPXLWRGLIHUHQWHVGRVHX1DUHDOLGDGH
DOJXQVVmREDVHDGRVHPJHVWDOWVGHFRQVFLrQFLDFRPSOHWDPHQWHHVWUDQJHLUDDYRFr

6HPSHUFHEHUSRUH[HPSORVHXHJRpXPUHVXOWDGRGDFRQVFLrQFLDGHJUXSRXPDFRQVFLrQFLDTXH
HQIUHQWDGLUHWDPHQWHRPXQGRH[WHULRUpGHSHQGHQWHGDFRQVFLrQFLDPLQXFLRVDTXHUHVLGHHPFDGD
FpOXODYLYDGHVHXFRUSRHFRPRUHJUDYRFrVyHVWiFLHQWHGHXPHJR±DRPHQRVSRUYH]

(PDOJXQVVLVWHPDVRLQGLYtGXRpEDVWDQWHFLHQWHGHWHUPDLVHJRVGRTXHXPHPVHXVWHUPRV$
RUJDQL]DomRSVLFROyJLFDLQWHLUDpGHFHUWRPRGRPDLVULFDGRTXHDVXD8P&ULVWRQmRHVWLYHVVH
DWHQWRDLVWRQmRDSDUHFHULDHPWDOVLVWHPDYRFrYr+iWLSRVGHSHUFHSomRFRPDVTXDLVYRFrQmR
HVWiIDPLOLDUL]DGRPXQGRVQRVTXDLVVXDLGpLDGHOX]QmRH[LVWHRQGHJUDGDo}HVTXDVHLQILQLWDVGH
TXDOLGDGHVWpUPLFDVVmRDEVRUYLGDVHPWHUPRVGHVHQVDomRQmRGHOX]

(PTXDLVTXHUGHVWHVPXQGRVRGUDPDGR&ULVWRQXQFDSRGHULDDSDUHFHUFRPRDSDUHFHXDYRFr
$JRUDDPHVPDFRLVDVHDSOLFDDFDGDXPDGHVXDVJUDQGHVUHOLJL}HVHPERUDFRPRHXGLVVHQR
SDVVDGRRVEXGLVWDVVmRPDLVtQWLPRVIDODQGRHPWHUPRVJHUDLVGHXPDGHVFULomRGDQDWXUH]DGD
UHDOLGDGH3RUpPHOHVQmRHQWHQGHUDPDYDOLGDGHHWHUQDGDDOPDHPWHUPRVGHVXD>GDDOPD@
GHOLFDGDLQYXOQHUDELOLGDGHQHPIRUDPFDSD]HVGHPDQWHUXPVHQWLPHQWRSRUVXD>GDDOPD@
FDUDFWHUtVWLFDtPSDU0DV%XGDFRPR&ULVWRLQWHUSUHWRXRTXHHOHTXDVHVRXEHHPWHUPRVGHVXD
SUySULDUHDOLGDGH1mRDSHQDVGHVXDSUySULDUHDOLGDGHItVLFDPDVGHVXDSUySULDUHDOLGDGHItVLFD
SURYiYHO

2VPpWRGRVRVPpWRGRVVHFUHWRVDWUiVGHWRGDVDVUHOLJL}HVWLQKDPDLQWHQomRGHJXLDURKRPHP
SDUDXPUHLQRGHFRPSUHHQVmRTXHH[LVWLXjSDUWHGRVVtPERORVHGDVHVWyULDVQDVUHDOL]Do}HV
LQWHULRUHVTXHROHYDULDP>RKRPHP@SDUDHVHPRPXQGRItVLFRTXHHOH>RKRPHP@FRQKHFLD+i
PXLWRVPDQXVFULWRVDLQGDQmRGHVFREHUWRVGHYHOKRVPRQDVWpULRVSDUWLFXODUPHQWHQD(VSDQKD
TXHFRQWDPVREUHJUXSRVVXEWHUUkQHRVHPRUGHQVUHOLJLRVDVTXHPDQWLYHUDPHVWHVVHJUHGRVYLYRV
TXDQGRRXWURVPRQJHVHVWDYDPFRSLDQGRYHOKRVPDQXVFULWRV/DWLQRV

+RXYHWULERVTXHQXQFDDSUHQGHUDPDHVFUHYHUQDÈIULFDH$XVWUiOLDTXHWDPEpPVDELDPHVWHV
VHJUHGRVHKRPHQVFKDPDGRVGH2UDGRUHVTXHRVPHPRUL]DUDPHRVHVSDOKDUDPDGLDQWH
PHVPRDRORQJRGHSRUo}HVGRQRUWHGD(XURSDDQWHVGRWHPSRGH&ULVWR

,QIRUPDOPHQWHRWUDEDOKRHQYROYLGRSRGHULDOHYDUFLQFRDQRVSRLVKDYLDYiULDVYHUV}HVHXP
JUXSRGHOLGHUHVFDGDXPVHJXLQGRHPGLIHUHQWHVGLUHo}HVTXHHQVLQDYDPVHXVSRYRV2PXQGR
HVWDYDPDLVPDGXURSDUDR&ULVWLDQLVPRSRUFDXVDGHVWHVJUXSRVGRTXHDVSHVVRDVVXS}HP$V
LGpLDVMiHVWDYDPHQWHUUDGDVDRORQJRGD(XURSD

0XLWRVFRQFHLWRVLPSRUWDQWHVIRUDPSHUGLGRVSRUpP$rQIDVHHVWDYDHPPpWRGRVSUiWLFRVGH
YLYHUEDVWDQWHVLPSOHVPHQWHUHJUDVTXHSRGHULDPVHUHQWHQGLGDVPDVDVUD]}HVSDUDHODVIRUDP
HVTXHFLGDV

2V'UXLGDVREWLYHUDPDOJXQVGHVHXVFRQFHLWRVDSDUWLUGRV2UDGRUHV$VVLPFRPRRVHJtSFLRV2V
2UDGRUHVDQWHGDWDUDPRDSDUHFLPHQWRGHTXDOTXHUUHOLJLmRTXHYRFrFRQKHFHHDVUHOLJL}HVGRV
2UDGRUHVVXUJLUDPHVSRQWDQHDPHQWHHPPXLWDViUHDVHVSDOKDGDVHHQWmRFUHVFHXFRPRXPIRJR
TXHDWXGRFRQVRPHDSDUWLUGRFRUDomRGDÈIULFDH$XVWUiOLD+DYLDXPJUXSRVHSDUDGRHPXPD
iUHDRQGHRV$VWHFDVPRUDUDPHPXPDGDWDSRVWHULRUHPERUDDPDVVDGHWHUUDIRVVHHQWmRXP
SRXFRGLIHUHQWHHDOJXPDVGDVPDLVEDL[DVFDYHUQDVKDELWiYHLVDVYH]HVILFDPVREDViJXDV

9iULRVEDQGRVGH2UDGRUHVFRQWLQXDUDPDWUDYpVGRVVpFXORV3RUTXHHOHVIRUDPWUHLQDGRVWmREHP
TXHDVPHQVDJHQVUHWLYHUDPVXD>GRV2UDGRUHV@DXWHQWLFLGDGH3RUpPHOHVDFUHGLWDYDPTXHHUD
HUUDGRHVWDEHOHFHUSDODYUDVQDIRUPDHVFULWDHHQWmRQmRDVUHJLVWUDUDP(OHVWDPEpPXVDUDPRV
VtPERORVQDWXUDLVGDWHUUDPDVFODUDPHQWHHQWHQGLDPDVUD]}HVSDUDLVWR2V2UDGRUHV
LVRODGDPHQWHH[LVWLUDPHPVHXSHUtRGRGD,GDGHGD3HGUDHIRUDPOtGHUHV6XDVKDELOLGDGHV
DMXGDUDPRKRPHPGDFDYHUQDDVREUHYLYHU3RUpPQDTXHOHVGLDVKDYLDSRXFDFRPXQLFDomRItVLFD
HQWUHRVYiULRV2UDGRUHVHDOJXQVHUDPLQFRQVFLHQWHVGDH[LVWrQFLDGHRXWURV

$PHQVDJHPGHOHVHUDWmRSXUDHYHUGDGHLUDTXDQWRSRVVtYHO3RUHVWDUD]mRSRUWDQWRDWUDYpV
GRVVpFXORVPXLWRVTXHDHVFXWDUDPWUDGX]LUDPQDHPSDUiERODVHFRQWRV$JRUDIRUWHVSRUo}HV
GDVHVFULWXUDVMXGDLFDVFDUUHJDPWUDoRVGDPHQVDJHPGHVWHVSULPHLURV2UDGRUHVPDVPHVPR
DTXLGLVWRUo}HVHVFRQGHUDPDVPHQVDJHQV

-iTXHDFRQVFLrQFLDIRUPDDPDWpULDHQmRRFRQWUiULRHQWmRRVSHQVDPHQWRVH[LVWHPDQWHVGR
FpUHEURHDSyVHOH8PDFULDQoDSRGHSHQVDUFRHUHQWHPHQWHDQWHVGHDSUHQGHURYRFDEXOiULR±
PDVQmRSRGHLPSULPLURXQLYHUVRItVLFRHPVHXVWHUPRV(VWHFRQKHFLPHQWRLQWHULRUVHPSUH
HVWHYHGLVSRQtYHOPDVHVWiSDUDVHWRUQDUILVLFDPHQWHPDQLIHVWR±OLWHUDOPHQWHIHLWRFDUQH2V
2UDGRUHVIRUDPRVSULPHLURVDLPSULPLUHVVHFRQKHFLPHQWRLQWHULRUDRVLVWHPDItVLFRDID]rOR
ILVLFDPHQWHFRQKHFLGR¬VYH]HVDSHQDVXPRXGRLV2UDGRUHVHVWDYDPYLYRVHPYiULRVVpFXORV
¬VYH]HVPXLWRV(OHVROKDYDPDRUHGRUHVDELDPTXHRPXQGRHVWDYDEURWDQGRGHVXDVUHDOLGDGHV
LQWHULRUHV(OHVGL]LDPDRVRXWURV(OHVVDELDPTXHRVREMHWRVQDWXUDLVDSDUHQWHPHQWHVyOLGRVVREUH
HOHVFRPSXQKDPVHGHPXLWDVFRQVFLrQFLDVPLQXWR

(OHVSHUFHEHUDPTXHDSDUWLUGDSUySULDFULDWLYLGDGHWUDQVIRUPDYDPLGpLDVHPPDWpULDHDPDWpULD
GDPDWpULDHUDHPVLPHVPRFRQVFLHQWHHYLYD(OHVHVWDYDPLQWLPDPHQWHIDPLOLDUL]DGRVFRPD
FRQFRUGkQFLDQDWXUDOH[LVWHQWHHQWUHHOHVPHVPRVHRDPELHQWHGHOHVHVDELDPTXHSRGLDPDOWHUDU
VHX>GHOHV@DPELHQWHDWUDYpVGHVHXV>GHOHV@SUySULRVDWRV

(PJHUDOXPDYH]2UDGRUVHPSUHXPRUDGRUHPVHXVWHUPRV(PDOJXPDVHQFDUQDo}HVDV
KDELOLGDGHVSRGHULDPVHUXVDGDVWmRSRGHURVDPHQWHTXHWRGRVRVRXWURVDVSHFWRVGDSHUVRQDOLGDGH
SHUPDQHFLDPHPVHJXQGRSODQR(PRXWURVWHPSRVDVFDSDFLGDGHVSRGHULDPVHUXVDGDV
WLPLGDPHQWH2V2UDGRUHVSRVVXHPXPDYLYDFLGDGHH[WUDRUGLQiULDGHVHQWLPHQWRHSURMHomRGH
SHQVDPHQWR

(OHVSRGHPLPSUHVVLRQDURXWURVFRPJUDQGHLPSRUWkQFLDDWUDYpVGHVXDV>GHOHV@FRPXQLFDo}HV
(OHVSRGHPVHPRYHUGRLQWHULRUSDUDDUHDOLGDGHH[WHULRUFRPIiFLOKDELOLGDGH

(OHVVDEHPLQVWLQWLYDPHQWHFRPRXVDURVLPEROLVPR(OHVVmRDOWDPHQWHFULDWLYRVHPXPQtYHO
LQFRQVFLHQWHIRUPDQGRFRQVWDQWHVTXDGURVSVtTXLFRVDOpPGDFRQVFLrQFLDQRUPDOTXHSRGHPVHU
XVDGRVSRUHOHVHSHORVRXWURVHPHVWDGRVGHVRQKRHWUDQVH(OHVDSDUHFHPIUHTHQWHPHQWHSDUD
RVRXWURVQDFRQGLomRGHVRQKRHDMXGDPRVVRQKDGRUHVQDPDQLSXODomRGDUHDOLGDGHLQWHUQD(OHV
IRUPDPLPDJHQVFRPDVTXDLVRVRQKDGRUSRGHVHUHODFLRQDULPDJHQVTXHSRGHPVHUXVDGDVFRPR
SRQWHVHHQWmRFRPRSRUWDLVHPWLSRVGHFRQVFLrQFLDVPDLVVHSDUDGDVGDVXD>GRVRQKDGRU@
PHVPR

2VLPEROLVPRGRVGHXVHVDLGpLDGRVGHXVHVQR2OLPSRSRUH[HPSORRFUX]DPHQWRGDSRQWHQR
5LR6W\[DTXHOHWLSRGHIHQ{PHQRIRLRULJLQDGRSHORV2UDGRUHV2VVLPEROLVPRVHDVHVWUXWXUDV
GDUHOLJLmRSRUWDQWRWLYHUDPTXHH[LVWLUQmRDSHQDVQRPXQGRItVLFRPDVWDPEpPQRLQFRQVFLHQWH
)RUDGHVXDSUySULDHVWUXWXUDFDVDVFRPRWDLVRXPRUDGLDVQmRVmRQHFHVViULDVHDLQGDDVVLP
HPHQFRQWURVVREWUDQVHVRXQRVHQFRQWURVHPVRQKRVFRPRXWUDVUHDOLGDGHVWDLVHVWUXWXUDVVmR
IUHTXHQWHPHQWHYLVWDV(ODVVmRWUDQVIRUPDo}HVGHLQIRUPDo}HVHPWHUPRVTXHVHUmRVLJQLILFDWLYRV
SDUDYRFr

'HSRLVGDPRUWHSRUH[HPSORXPLQGLYtGXRSRGHFRQWLQXDUFULDQGRHVWDVPDVVDVGHLQGLYtGXRV
SRGHPDWpTXHSHUFHEDPTXHDVHVWUXWXUDVQmRVmRPDLVQHFHVViULDV2V2UDGRUHVQmRIRUDP
UHVWULQJLGRVjVVXDV>GHOHV@FLYLOL]Do}HVSRUWDQWRSDUDGHVSHUWDUFRQVFLrQFLDV(PWRGRVRV
SHUtRGRVGHVHXWHPSRHOHVFXPSULUDPVHXVGHYHUHVQRHVWDGRGHVSHUWRHQRGHVRQR

0XLWRGDLQIRUPDomRPDLVSHUWLQHQWHQDUHDOLGDGHIRLPHPRUL]DGDSRUDSUHQGL]HVGXUDQWHD
FRQGLomRGHVRQKRHIRUDPSDVVDGDVGDPHVPDPDQHLUD(VWHVPDQXVFULWRVQmRHVFULWRVSRUWDQWR
IRUDPWDPEpPLOXVWUDGRVSRUDVVLPGL]HUSHODVMRUQDGDVGHVRQKRRXFDPSRVGHYLDJHQVHP
RXWURVWLSRVGHUHDOLGDGH7DOWUHLQDPHQWRDLQGDDFRQWHFH2SVtTXLFRSDUWLFXODURXDHVWyULDGD
HVWUXWXUDSRGHYDULD

3RUH[HPSORLPDJHQVFRQYHQFLRQDLVGR'HXV&ULVWmRHGRVVDQWRVSRGHPVHUXWLOL]DGDVSHORV
2UDGRUHVFRPWXGRLVWRDOWDPHQWHYtYLGR2VRQKDGRUSRGHVHHQFRQWUDUHQWmRHPXPPDJQtILFR
KDUpPRXDRFRQWUiULRHPXPFDPSREULOKDQWHPHQWHLOXPLQDGRRXQRFpX$OJXQV2UDGRUHV
UHVWULQJHPVXDV>GRV2UDGRUHV@KDELOLGDGHVDRHVWDGRGHVRQKRHGHVSHUWDQGRVmRDPSODPHQWH
LQFRQVFLHQWHVGHVXDV>GRV2UDGRUHV@SUySULDVKDELOLGDGHVRXH[SHULrQFLDV

$JRUDQmRKiVHQWLGRFKDPDUWDLVVRQKRVRXHVWDGRVGHVRQKRVGHDOXFLQDo}HVSRLVHOHVVmR
UHSUHVHQWDo}HVGHUHDOLGDGHV³REMHWLYDV´GHILQLGDVTXHYRFrQmRSRGHSHUFHEHUFRPRRVSUySULRV
GLVIDUFHVGHOHV>RV2UDGRUHV@$UHOLJLmRHJtSFLDIRLODUJDPHQWHEDVHDGDQRWUDEDOKRGRV2UDGRUHV
HJUDQGHFXLGDGRIRLGDGRDRWUHLQDPHQWRGHOHV$VPDQLIHVWDo}HVH[WHUQDVGDGDVjVPDVVDVGH
SHVVRDVVHWRUQDUDPWmRGLVWRUFLGDVSRUpPTXHDXQLGDGHRULJLQDOGDUHOLJLmRILQDOPHQWHVH
GHWHULRURX

3RUpPHVIRUoRVIRUDPIHLWRVSDUDPDSHDUDUHDOLGDGHLQWHUQDGHPDQHLUDVTXHQmRKDYLDPVLGR
WHQWDGDVDWpHQWmReYHUGDGHTXHQRHVWDGRGHVRQKRHHPDOJXQVRXWURVQtYHLVGHH[LVWrQFLD
SUy[LPDVjVXDKiXPIRUWHMRJRLQGLYLGXDOQDFULDomRGHLPDJHQVHXPPDJQtILFRXVRGR
VLPEROLVPRPDVWXGRLVWRWHYHOXJDUQRYDPHQWHHPXPDPELHQWH³REMHWLYR´GHILQLGRXP
DPELHQWHFXMDVFDUDFWHUtVWLFDVIL]HUDPWDLVIHQ{PHQRVSRVVtYHLV±XPFDPSRGHDWLYLGDGHHQWmR
FRPVXDVSUySULDVUHJUDV$JRUDRV2UDGRUHVHUDPIDPLOLDUL]DGRVFRPHVVDVUHJUDVH
IUHTHQWHPHQWHVHUYHPFRPRJXLDV$OJXPDVYH]HVHOHVWUDEDOKDUDPQDVRUJDQL]Do}HVFRPRQR
(JLWRRQGHWUDEDOKDUDPDWUDYpVGHWHPSORVHVHWRUQDUDPHQYROYLGRVFRPDVHVWUXWXUDVGHSRGHU
&RPRXPDUHJUDSRUpPHOHVVmRPXLWRPDLVVROLWiULRV

3RUFDXVDGDYHUGDGHLUDQDWXUH]DVLPXOWkQHDGRWHPSRHOHVHVWmRpFODURIDODQGRSDUDWRGRVGH
VXDVLGDGHVDRPHVPRWHPSRDWUDYpVGHVXDV>GHOHV@YiULDVPDQLIHVWDo}HV2FDVLRQDOPHQWHHOHV
WDPEpPVHUYHPFRPRPHGLDGRUHVLQWURGX]LQGRDFDGDXPDGXDVHQFDUQDo}HVGHXPD
SHUVRQDOLGDGHSRUH[HPSOR

$VUHJUDVQDUHDOLGDGHItVLFDGL]HPTXHREMHWRVSDUHFHPVHUHVWDFLRQiULRVHSHUPDQHQWHV$V
UHJUDVGHRXWUDVUHDOLGDGHVVmRIUHTHQWHVHEDVWDQWHGLIHUHQWHVSRUpP$QDWXUH]DGDVDWLYLGDGHV
PHQWDLVVHJXLUiOLQKDVGLIHUHQWHVH³FRQWLQXLGDGH´HPWHUPRVGHWHPSRQmRH[LVWLUi$
RUJDQL]DomRSHUFHSWXDOH[LVWLUiSHORXVRGHDJUXSDPHQWRVSVLFROyJLFRVGLIHUHQWHV'RH[WHULRUWDLV
VLVWHPDVSDUHFHULDPVHPVHQWLGRSDUDYRFrPHVPRVHYRFrIRVVHFDSD]GHSHUFHErORV9RFrQmR
VHULDFDSD]GHREVHUYDURVSRQWRVSLY{VVREUHRVTXDLVDVDo}HVRFRUUHULDP$VUHJUDVPXLWR
GHILQLGDVGHVWHVLVWHPDHQWmRVHULDPEDVWDQWHREVFXUDVSDUDYRFr

$JRUDRV2UDGRUHVVmRIDPLOLDUL]DGRVFRPDVUHJUDVGHPXLWRVVLVWHPDV$LQGDHQWUHWDQWRD
PDLRULDGHVWHVVLVWHPDVHPJUDQGHVWHUPRVVmRDOJRFRQHFWDGRVFRPVHXSUySULRWLSRGH
UHDOLGDGH+iXPQ~PHURLQILQLWRGHXQLYHUVRVLQWHUQRV$SHQDVDJHVWDOWGHFRQVFLrQFLDPDLVDOWD
PDLVGHVHQYROYLGDSRGHHVWDUF{QVFLDGHDOJRFRPRVXD>GDJHVWDOW@WRWDOLGDGH1HVWHFRQWH[WR
PDLRURV2UDGRUHVSRGHULDPVHUFKDPDGRVORFDOPHQWH+iDOJRFRPRXPTXDGURFDUWRJUDIDQGR
PXLWRVGRVVLVWHPDVGHUHDOLGDGHGRVDUUHGRUHVHHVSHURTXHDOJXPGLDHPVHXVWHUPRVID]rORV
GLVSRQtYHLV'HIRUPDDID]rOR5XEXUWSUHFLVDHVWDUWUHLQDGRXPSRXFRPDLVLQWHQVDPHQWH+i
SRQWRVGHFRLQFLGrQFLDRQGHVREFHUWDVFRQGLo}HVDVHQWUDGDVSRGHPVHUIHLWDVGHXPGHVWHV
VLVWHPDVRXGHRXWURV(OHVQmRSUHFLVDPH[LVWLUVHSDUDGDPHQWHQRHVSDoRFRPRYRFrFRQKHFHp
FODUR(VWHV>RVSRQWRVFRLQFLGHQWHV@VmRFKDPDGRVSRQWRVFRRUGHQDGRVRQGHXPDFDPXIODJHPVH
IXQGHHPRXWUR$OJXQVGHOHVVmRJHRJUiILFRVHPVHXVLVWHPDPDVHPWRGRVRVFDVRVXPD
VLQWRQLDGHFRQVFLrQFLDpXPDSUHOLPLQDUQHFHVViULD7DLVHQWUDGDVVySRGHPVHUIHLWDVQXPD
FRQGLomRIRUDGRFRUSR&DGDLQGLYtGXRHPVHXVRQKRWHPDFHVVRjLQIRUPDomRSRVVXtGDSHORV
2UDGRUHV

+iHVWDGRVDGMDFHQWHVGHFRQVFLrQFLDTXHRFRUUHPQRSDGUmRGHVRQRTXHQmRSRGHPVHUSHJDV
SRUVXDVDWLYLGDGHVHOHWURHQFHIDORJUDPDV±³FRUUHGRUHV´DGMDFHQWHVDWUDYpVGRVTXDLVVXD
FRQVFLrQFLDYLDMD

2VFHQWURVPDLVDOWRVGDLQWXLomRVmRDWLYDGRVHQTXDQWRDVSRUo}HVILVLFDPHQWHRULHQWDGDVGD
FRQVFLrQFLDSHUPDQHFHPFRPRFRUSR$SRUomR³DXVHQWH´GRHXQmRSRGHVHUORFDOL]DGDDWUDYpV
GRVSDGU}HVFHUHEUDLVHPERUDRSRQWRGHVXD>GRHX@SDUWLGDHRSRQWRGHVHXUHWRUQRSRVVD
PRVWUDUXPSDGUmRSDUWLFXODU2³LQWHUYDOR´HPVLPHVPRSRUpPQmRVHUiGHVFREHUWRGHTXDOTXHU
IRUPDDORFDOL]DomRPRVWUDUiDSHQDVTXDOTXHUSDGUmRFDUDFWHUtVWLFRGDGRLPHGLDWDPHQWHDQWHVGD
SDUWLGD

$JRUDLVWRDFRQWHFHHPWRGDVDVQRLWHVGHVRQR'XDViUHDVGHDWLYLGDGHVHVWmRHQYROYLGDVXPD
PXLWRSDVVLYDHRXWUDLQWHQVDPHQWHDWLYD(PXPHVWDGRHVVDSRUomRGDFRQVFLrQFLDHVWiSDVVLYD
UHFHEHQGRLQIRUPDomR1RHVWiJLRVHJXLQWHHVWiDWLYDMiTXHWRPDSDUWHDWUDYpVGDDomR±RV
FRQFHLWRVGDGRVDHODVmRHQWmRYLYLGDPHQWHSHUFHELGRVDWUDYpVGDSDUWLFLSDomRHH[HPSORV(VWD
pDiUHDPDLVSURWHJLGDGR>HVWDGRGH@VRQR$VFDUDFWHUtVWLFDVGRUHMXYHQHVFLPHQWRHQWUDPDTXLH
pGXUDQWHHVVHSHUtRGRTXHRV2UDGRUHVDWXDPFRPRSURIHVVRUHVHJXLDV

(VWDLQIRUPDomRpFRQVHTXHQWHPHQWHLQWHUSUHWDGDIUHTHQWHPHQWHSRUVXDYH]DWUDYpVGHRXWUDV
FDPDGDVGRHXFRPRRFRUSRGDFRQVFLrQFLDHGDVXEFRQVFLrQFLDRQGHpIHLWD>WUDQVIRUPDGD@HP
VRQKRVTXHWHUmRVLJQLILFDGRVSDUDHVWDViUHDVGRHXHRQGHRVHQVLQDPHQWRVJHUDLVSRUH[HPSOR
SRGHPVHUWUDGX]LGRVHPFRQVHOKRVSUiWLFRVHQYROYHQGRXPDVVXQWRSDUWLFXODU

+iYiULDVIDVHVPXLWRGHILQLGDVGHVRQRHWRGDVHODVH[HFXWDPYiULRVVHUYLoRVSDUDD
SHUVRQDOLGDGH(ODVWDPEpPVmRVLQDLVSDUDGLIHUHQWHVFDPDGDVGDFRQVFLrQFLDUHDOL]DomRH
DWLYLGDGHV(ODVVmRDFRPSDQKDGDVGHDOJXPDVYDULDo}HVItVLFDVHKiDOJXPDVYDULDo}HVTXHHVWmR
UHODFLRQDGDVjLGDGH

(PQRVVRSUy[LPRFDStWXORIDODUHLGHVWDVFRPDOJXQVGHWDOKHV3RUDJRUDpVXILFLHQWHSHUFHEHUTXH
SDVVRVHVSHFtILFRVDOWHUDo}HVGHILQLGDVRFRUUHPTXDQGRDFRQVFLrQFLDpDODYDQFDGDGDUHDOLGDGH
H[WHULRUSDUDDLQWHULRUHTXHHVWDVPXGDQoDVQmRVmRIRUWXLWDVTXHDFRQVFLrQFLDSDUWHDWUDYpVGH
XPDURWDPXLWRSUHYLVtYHOSDUDVHXV>GDFRQVFLrQFLD@PXLWRVGHVWLQRV

$WUDYpVGDVHUDVRV2UDGRUHVWrPHQVLQDGRDRVVRQKDGRUHVFRPRPDQLSXODUQHVWHVRXWURV
DPELHQWHV(OHVWrPHQVLQDGRRVFRPRWUD]HULQIRUPDo}HVTXHSRGHPVHUXVDGDVSDUDREHPGD
SHUVRQDOLGDGHDWXDO'HDFRUGRFRPDLQWHQomRSURSyVLWRDWXDOHGHVHQYROYLPHQWRXPLQGLYtGXR
SRGHHVWDUFLHQWHGHVWDVYLDJHQVHPYiULRVQtYHLV$OJXQVWrPH[FHOHQWHOHPEUDQoDSRUH[HPSOR
PDVQRUPDOPHQWHLQWHUSUHWDPPDOVXDVH[SHULrQFLDVSRUFDXVDGDVLGpLDVFRQVFLHQWHV

eEDVWDQWHSRVVtYHODXPVRQKDGRUTXHVHMDXP2UDGRULUHPDMXGDDRXWURLQGLYtGXRTXHHVWi
WHQGRDOJXPDVGLILFXOGDGHVQXPDUHDOLGDGHLQWHULRUGHQWURGRHVWDGRGHVRQKR$LGpLDGHDQMRV
JXDUGL}HVpFODURHVWiDOWDPHQWHFRQHFWDGDDTXL8PERP2UDGRUpWmRHIHWLYRHPXPDUHDOLGDGH
TXDQWRRpHPRXWUDFULDQGRHVWUXWXUDVSVtTXLFDVQDUHDOLGDGHItVLFDEHPFRPRHPDPELHQWHV
LQWHULRUHV0XLWRVDUWLVWDVSRHWDVHP~VLFRVVmR2UDGRUHVWUDGX]LQGRXPPXQGRHPWHUPRVGH
RXWURIRUPDQGRHVWUXWXUDVSVtTXLFDVTXHH[LVWHPFRPJUDQGHYLWDOLGDGH±HVWUXWXUDVTXHSRGHPVHU
SHUFHELGDVLPHGLDWDPHQWHPDLVGHXPDUHDOLGDGHGRTXHGHRXWUD

7DPEpPKiYiULRVHVWDGRVGHFRQVFLrQFLDQDYLGDGHVSHUWDVREUHDVTXDLVYRFrQmRVHIRFDH
VREUHDVTXDLVYRFrQRUPDOPHQWHHVWiEDVWDQWHLQFRQVFLHQWH&DGDHVWDGRVDEHGHVXDVSUySULDV
>GRHVWDGR@FRQGLo}HVHHVWiIDPLOLDUL]DGRFRPXPWLSRGLIHUHQWHGHUHDOLGDGH

2YRFrDWXDOWHPXPDFRQVFLrQFLDDQWLJDFHQWUDGDGDTXDO³YRFr´VHIHFKDGHVXDH[SHULrQFLD
QHVVHVHVWiJLRVGHFRQVFLrQFLDQRVTXDLVRXWUDVSRUo}HVGHVXDLQWHLUDLGHQWLGDGHHVWmR
LQWLPDPHQWHHQYROYLGDV

(VWDVRXWUDVIDVHVGHFRQVFLrQFLDFULDPDVSUySULDVUHDOLGDGHVFRPRYRFrFULDDVXDSUySULD$V
UHDOLGDGHVVmRSRUWDQWRVXESURGXWRVGDSUySULDFRQVFLrQFLD6HYRFrSXGHVVHVHGDUFRQWDGHODV
HODVSRGHULDPSDUHFHUFRPRRXWURVHVWDGRVSDUYRFrDRLQYpVGHUHLQRVRXFDPSRVGHWLSRV
GLIHUHQWHVGHDWLYLGDGHV6HYRFrLQYHVWLJDUHVWHVUHLQRVYRFrVHUiIRUoDGRDSHUFHErORVFRP
VXSRVLo}HVHQUDL]DGDVGHVHXSUySULRVLVWHPDWUDGX]LQGRVHQWLPHQWRVGHVLPSDWLDHGHFRQIRUWR
SRUH[HPSORHPLPDJHQVRXFRQVWUXo}HVGHWHUQDDPLVWRVLGDGHRXVHQWLPHQWRVGHPHGRHP
LPDJHQVGHGHP{QLRV

(PDOJXPDVRFDVL}HVPHVPRQDYLGDGHVSHUWDXPDSHUVRQDOLGDGHSRGHHVSRQWDQHDPHQWHWURFDU
DVHQJUHQDJHQVSRUDVVLPGL]HUHGHUHSHQWHVHYHUSRUXPVHJXQGRRXWDOYH]SRUDOJXQV
PRPHQWRVHPRXWURUHLQRDILP1RUPDOPHQWHRFRUUHXPDGHVRULHQWDomR+iDTXHOHVTXHID]HP
LVWREDVWDQWHGHOLEHUDGDPHQWHFRPWUHLQRPDVQRUPDOPHQWHQmRSHUFHEHPTXHHVWmRLQWHUSUHWDQGR
DVH[SHULrQFLDVTXHWrPFRPRVYDORUHVGHVXDVFRQVFLrQFLDV³KDELWXDLV´

7XGRLVWRQmRpWmRHVRWpULFRTXDQWRSRGHSDUHFHU4XDVHWRGRVRVLQGLYtGXRVWLYHUDPHVWUDQKDV
H[SHULrQFLDVFRPVXDVFRQVFLrQFLDVHVDEHPLQWXLWLYDPHQWHTXHVXDVJUDQGHVH[SHULrQFLDVQmRVmR
OLPLWDGDVjUHDOLGDGHItVLFD$PDLRULDGRVVRQKRVpFRPRFDUW}HVSRVWDLVDQLPDGRVWUD]LGRVGH
XPDMRUQDGDGDTXDOYRFrUHWRUQRXHGDTXDOHVTXHFHXHPJUDQGHSDUWHHVTXHFHX6XDFRQVFLrQFLD
MiHVWiQRYDPHQWHRULHQWDGDSDUDDUHDOLGDGHItVLFDRVRQKRXPDWHQWDWLYDGHWUDGX]LUDSURIXQGD
H[SHULrQFLDHPIRUPDVUHFRQKHFtYHLV$VLPDJHQVQRVRQKRVmRWDPEpPDOWDPHQWHFRGLILFDGDVH
VmRVLQDLVGHHYHQWRVVXEMDFHQWHVTXHEDVLFDPHQWHQmRVmRGHFLIUiYHLV

2V2UDGRUHVRDMXGDPQDIRUPDomRGRVVRQKRVTXHUHDOPHQWHVmRSURGXo}HVDUWtVWLFDV
PXOWLGLPHQVLRQDLVGHXPWLSR±VRQKRVH[LVWHPHPPDLVTXHXPDUHDOLGDGHFRPHIHLWRVTXH
GLVVHFDPYiULRVHVWiJLRVGHFRQVFLrQFLDTXHVmRUHDLVHPVHXVWHUPRVSDUDRVYLYRVHSDUDRV
PRUWRVHQRVTXDLVDPERVYLYRVHPRUWRVSRGHPSDUWLFLSDU

eSRUHVWDUD]mRTXHDVLQVSLUDo}HVHUHYHODo}HVVmRIUHTXHQWHPHQWHXPDSDUWHGDFRQGLomRGR
VRQKR

6HGLYRUFLDGRGRIRFRItVLFRYRFrILFDQXPDPHOKRUSRVLomRSDUDHVFXWDURV2UDGRUHVSDUD
WUDGX]LUDVLQVWUXo}HVGHOHVSDUDSUDWLFDUFRPDFULDomRGHLPDJHQVHSDUDVHUJXLDGRSHORV
PpWRGRVPDQWHQHGRUHVGHVD~GHGRFRUSRItVLFR1DViUHDVPDLVSURWHJLGDVGRVRQRDVDSDUHQWHV
EDUUHLUDVHQWUHDVPXLWDVFDPDGDVGDUHDOLGDGHGHVDSDUHFHP9RFrILFDFLHQWHSRUH[HPSORGH
DOJXPDVGDVSURYiYHLVUHDOLGDGHV9RFrHVFROKHTXHDWRVSURYiYHLVYRFrTXHUDWXDOL]DUHPVHX
VLVWHPD9RFrOHYDDFDERRXWURVDWRVSURYiYHLVQRHVWDGRGHVRQKR9RFrID]LVWR
LQGLYLGXDOPHQWHPDVWDPEpPRID]HPPDVVDHPQtYHLVQDFLRQDLVHJOREDLV$FRQVFLrQFLDHP
GLIHUHQWHVQtYHLVRXHVWiJLRVSHUFHEHGLIHUHQWHVWLSRVGHHYHQWRV'HIRUPDDSHUFHEHUDOJXQV
GHVWHVYRFrWHPDSHQDVTXHDSUHQGHUDPXGDURIRFRGHVXDDWHQomRGHXPQtYHOSDUDRXWUR+i
DOJXPDVDOWHUDo}HVTXtPLFDVHHOHWURPDJQpWLFDVTXHDFRPSDQKDPHVWHVHVWiJLRVGHFRQVFLrQFLDH
FHUWDVPXGDQoDVItVLFDVQRSUySULRFRUSRHPWHPRVGHSURGXomRKRUPRQDOHDWLYLGDGHSLQHDO

9RFrQRUPDOPHQWHSODQDGRHVWDGRQmRGHVSHUWRDWUDYpVGRGHVRQRVHPQHPPHVPRSHUFHEHUDV
FRQGLo}HVYDULDQWHVGDFRQVFLrQFLDDWUDYpVGDVTXDLVYRFrSDVVDDLQGDDVVLPKiYiULDV3ULPHLUR
pFODURFRPYiULRVQtYHLVGHHVSRQWDQHLGDGHKiDYROWDLQWHUQDGDFRQVFLrQFLDDOpPGDV
LQIRUPDo}HVItVLFDVGDVSUHRFXSDo}HVHLQWHUHVVHVGRGLD(QWmRKiXPQtYHOLQGLIHUHQFLDGRHQWUH
RHVWDGRQmRGHVSHUWRHRVRQR>SURSULDPHQWH@RQGHYRFrDWXDFRPRUHFHSWRU±SDVVLYRPDV
DEHUWRQRTXDOPHQVDJHQVWHOHSiWLFDVHFODULYLGHQWHVYrPDYRFrEDVWDQWHIDFLOPHQWH

6XDFRQVFLrQFLDSRGHSDUHFHUIOXWXDU+iVHQVDo}HVItVLFDVYDULDQWHVjVYH]HVFUHVFHQWHVjV
YH]HVFRPRHPTXHGD$PEDVDVVHQVDo}HVVmRFDUDFWHUtVWLFDVGRVPRPHQWRVQRVTXDLVYRFr
TXDVHVHSHJDTXDVHVHWRUQDQGRFLHQWHGHVWDiUHDLQGLIHUHQFLDGDHHQWmRWUDGX]DOJXPDVGHVXDV
H[SHULrQFLDVHPWHUPRVItVLFRV

$VHQVDomRFUHVFHQWHSRUH[HPSORpXPDLQWHUSUHWDomRItVLFDGDH[SDQVmRSVtTXLFD2
VHQWLPHQWRGHTXHGDpXPDLQWHUSUHWDomRGHXPUHWRUQRUHSHQWLQRGDFRQVFLrQFLDDRFRUSR

(VWHSHUtRGRSRGHGXUDUDSHQDVDOJXQVPRPHQWRVSRUPHLDKRUDRXSRGHUHWRUQDU

eXPHVWDJLRFRQIRUWDGRUHQFRUDMDGRUHH[SDQVLYRGDFRQVFLrQFLD6XJHVW}HVGDGDVGXUDQWHHVVH
WHPSRVmRDOWDPHQWHHIHWLYDV6HJXLQGRHVWHSHUtRGRKiXPHVWDGRDWLYRTXHSRGHRFRUUHUGH
SVHXGRVRQKRRQGHDPHQWHVHRFXSDFRPLQWHUHVVHVItVLFRVTXHPDQWHYHSDUDVHDJDUUDUDWUDYpV
GRVGRLVSULPHLURVHVWiJLRV

6HHVWHVIRUHPPXLWRYLJRURVRVRLQGLYtGXRSRGHGHVSHUWDU(VWDpXPDIDVHYtYLGDLQWHQVDPDV
QRUPDOPHQWHEUHYH2XWUDFDPDGDLQGLIHUHQFLDGDVHJXHDJRUDPDUFDGDEDVWDQWHGHILQLWLYDPHQWH
SRUYR]HVFRQYHUVDVRXLPDJHQVMiTXHDFRQVFLrQFLDVHVLQWRQL]DPDLVILUPHPHQWHFRPRXWUDV
FRPXQLFDo}HV9iULDVGHVVDVSRGHPFRPSHWLUSHODDWHQomRGRLQGLYtGXR1HVWHSRQWRRFRUSRHVWi
EDVWDQWHTXLHWR2LQGLYtGXRVHJXLUiDXPRXRXWURGHVWHVHVWtPXORVLQWHUQRVSDUDXPQtYHOPDLV
SURIXQGRGHFRQVFLrQFLDHIRUPDHPVRQKRVLOXPLQDGRVDVFRPXQLFDo}HVTXHHVWiUHFHEHQGR

(PDOJXPOXJDUGXUDQWHHVWHWHPSRHOHHQWUDUiHPXPDiUHDSURIXQGDPHQWHSURWHJLGDGRVRQR
RQGH>HOH@ILFDQROLPLDUGHRXWUDVFDPDGDVGHUHDOLGDGHHSUREDELOLGDGHV1HVWHPRPHQWRDV
H[SHULrQFLDVGHOHHVWDUmRIRUDGHWRGRRFRQWH[WRGHWHPSRFRPRYRFrFRQKHFH(OHSRGH
YLYHQFLDUDQRVHQWUHWDQWRVyPLQXWRVSDVVDUDP(OHHQWmRUHWRUQDUijUHDOLGDGHItVLFDHPXPD
iUHDPDUFDGDFRPRVRQR5(0SRUVHXVFLHQWLVWDVRQGHSURGXo}HVGHVRQKRVILVLFDPHQWH
RULHQWDGRVVHUmRFULDGRVFRORFDQGRHPXVRRFRQKHFLPHQWRTXHHOHREWHYH2FLFORVHULDHQWmR
UHSHWLGR4XDVHRVPHVPRVWLSRVGHIOXWXDo}HVHIDVHVRFRUUHPDLQGDTXHTXDQGRYRFrHVWi
GHVSHUWRYRFrHVWHMDDLQGDPHQRVFLHQWHGHOHVSRUTXHRHXHJRWLVWDDJHEDVWDQWHSURSRVLWDOPHQWH
SDUDHQFREULUHVWDVRXWUDViUHDVGHH[SHULrQFLD

$VIDVHVSUHFLVDVHVWmRSUHVHQWHVVREDFRQVFLrQFLDGHVSHUWDSRUpPHFRPDVPHVPDVIOXWXDo}HV
TXtPLFDVHOHWURPDJQpWLFDVHKRUPRQDLV9RFrVLPSOHVPHQWHQmRHVWiFLHQWHGRTXHVXD
FRQVFLrQFLDHVWiID]HQGR9RFrPHVPRQmRSRGHPDQWHUVHDOHUWDGLVWRSRUFLQFRPLQXWRV
FRPSOHWRVGHVHXWHPSR$VGLPHQV}HVGLVWRSRGHPDSHQDVVHUSHUFHELGDVSRUDTXHOHV
GHWHUPLQDGRVREDVWDQWHSDUDHPSHQKDUWHPSRHHVIRUoRUHTXHULGRVSDUDDMRUQDGDDWUDYpVGDV
SUySULDV>GRVTXHVmRGHWHUPLQDGRV@UHDOLGDGHVVXEMHWLYDV$LQGDDVVLPLQWXLWLYDPHQWHFDGD
LQGLYtGXRVDEHTXHXPDSDUWHGHVXDH[SHULrQFLDOKHHVFDSDWRGRRWHPSR4XDQGRYRFr
UHSHQWLQDPHQWHQmRSRGHVHOHPEUDUGHXPQRPHTXHGHYHULDVDEHUYRFrWHPHPHVVrQFLDR
PHVPRWLSRGHVHQWLPHQWRGRTXDOYRFrHVWiVHPSUHFLHQWHVXEFRQVFLHQWHPHQWH

2SURSyVLWRGRV2UDGRUHVpOKHDMXGDUDFRUUHODFLRQDUHHQWHQGHUHVWDH[LVWrQFLDPXOWLGLPHQVLRQDO
HWUD]HUWDQWRTXDQWRSRVVtYHOGLVWRSDUDVXDDWHQomRFRQVFLHQWH$SHQDVDSUHQGHQGRDVHQWLURXD
VHQWLURXLQWXLWLYDPHQWHSHUFHEHUDSURIXQGLGDGHGHVXDSUySULDH[SHULrQFLDpTXHYRFrSRGH
YLVOXPEUDUDQDWXUH]DGR7XGR4XHe7RUQDQGRVHPDLVFLHQWHGHVXDFRQVFLrQFLDTXDQGRHOD
RSHUDQDYLGDItVLFDYRFrSRGHDSUHQGHUDROKiODTXDQGRHODPDQLSXODDWUDYpVGHVWDVRXWUDViUHDV
PHQRVIDPLOLDUHV5HDOLGDGHVSURYiYHLVVmRDSHQDVSURYiYHLVDYRFrSRUTXHYRFrQmRHVWiFLHQWH
GHODV

7RGDVHVWDVIDVHVGHFRQVFLrQFLDVmRXPDSDUWHGHVXDSUySULDUHDOLGDGH&RQKHFrODVSRGHVHU
PXLWR~WLO9RFrSRGHDSUHQGHUDWURFDUDVHQJUHQDJHQVHVWDQGRjSDUWHGHVXDSUySULD
H[SHULrQFLDHH[DPLQiODGHXPDSHUVSHFWLYDPXLWRPHOKRU9RFrSRGHSUHSDUDUSHUJXQWDVRX
TXHVW}HVVXJHULQGRTXHVHMDPUHVROYLGRVSDUDYRFrQRHVWDGRGHVRQR9RFrSRGHVXJHULUTXH
IDODUiFRPDPLJRVGLVWDQWHVRXWUDQVPLWLUPHQVDJHQVLPSRUWDQWHVTXHWDOYH]QmRSXGHVVHWUDQVPLWLU
YHUEDOPHQWH3RUH[HPSORYRFrSRGHSURYRFDUUHFRQFLOLDo}HVHPRXWUDFDPDGDGHUHDOLGDGH
HPERUDYRFrQmRSRVVDID]HULVWRQHVWD

9RFrSRGHGLULJLUDFXUDGHVHXFRUSRGL]HQGRDVLPHVPRTXHHODVHUiUHDOL]DGDSRUYRFrHP
XPDGDVRXWUDVFDPDGDVGDFRQVFLrQFLDGRUPHQWHHYRFrSRGHSHGLUDDMXGDGHXP2UDGRUQR
VHQWLGRGHOKHGDUTXDOTXHURULHQWDomRSVLFROyJLFDQHFHVViULDSDUDPDQWHUDVD~GH6HYRFrWHP
PHWDVFRQVFLHQWHVSDUWLFXODUHVHVHHVWiUD]RDYHOPHQWHFHUWRGHTXHVmREHQpILFDVHQWmRYRFr
SRGHVXJHVWLRQDUVRQKRVQRVTXDLVHODVRFRUUDPSRLVRVSUySULRVVRQKRVDFHOHUDUmRVXDV
UHDOLGDGHVItVLFDV

$JRUDLQFRQVFLHQWHPHQWHYRFrUHDOL]DPXLWDVGHVWDVFRLVDV)UHTXHQWHPHQWHYRFrYROWDQRWHPSR
SRUDVVLPGL]HUHUHYLYHXPHYHQWRSDUWLFXODUGHIRUPDTXHHOHWHQKDXPILQDOGLIHUHQWHRXGL]
FRLVDVTXHYRFrGHVHMDULDWHUGLWR2FRQKHFLPHQWRGHXPHVWDGRGHFRQVFLrQFLDSRGHOKHDMXGDU
HPRXWURVHVWDGRV(PXPWUDQVHRVLJQLILFDGRGRVVtPERORVGRVRQKROKHVHUiGDGRVHYRFrSHGLU
SRUHOH2VVtPERORVSRGHPSRUWDQWRVHUXVDGRVFRPRPpWRGRVGHVXJHVWmRTXHVHUmRWDOKDGRV
SHVVRDOPHQWHSDUDYRFr6HYRFrGHVFREULUGLJDPRVTXHXPDIRQWHHPXPVRQKRUHSUHVHQWD
DOtYLRHQWmRTXDQGRYRFrHVWLYHUFDQVDGRRXGHSULPLGRSHQVHHPXPDIRQWH(PRXWUDFDPDGDGH
UHDOLGDGHpFODURYRFrHVWDUiFULDQGRXPD

1DViUHDVPDLVSURWHJLGDVGRVRQRYRFrHVWiOLGDQGRFRPXPDH[SHULrQFLDTXHpSXURVHQWLPHQWR
RXFRQKHFLPHQWRHGHVDVVRFLDGDGHSDODYUDVRXLPDJHQV&RPRPHQFLRQDGRDQWHVHVWDV
H[SHULrQFLDVVmRWUDGX]LGDVHPVRQKRVGHSRLVQHFHVVLWDQGRGHXPUHWRUQRDiUHDVGHFRQVFLrQFLD
PDLVIDPLOLDUHVFRPDVLQIRUPDo}HVItVLFDV$TXLXPDJUDQGHVtQWHVHFULDWLYDHXPDJUDQGH
GLYHUVLILFDomRFULDWLYDJDQKDOXJDUQDTXDOTXDOTXHULPDJHPGHWHUPLQDGRQXPVRQKRWHP
VLJQLILFDGRSDUDYiULDVFDPDGDVGRHX±HPXPQtYHOUHSUHVHQWDQGRXPDYHUGDGHTXHYRFrYLYHX
HRXWURVQtYHLVUHSUHVHQWDQGRHVVDYHUGDGHFRPRHODpPDLVHVSHFLILFDPHQWHDSOLFDGDDYiULDV
iUHDVGDH[SHULrQFLDRXGHSUREOHPDV>HVSHFtILFRV@

+DYHUiSRUWDQWRXPDPHWDPRUIRVHGHXPVtPERORVHWUDQVIRUPDQGRHPPXLWRVHDPHQWH
FRQVFLHQWHSRGHSHUFHEHUDSHQDVXPFDRVGHYiULDVLPDJHQVGHXPVRQKRSRUTXHDRUJDQL]DomRH
XQLGDGHLQWHULRUHVWmRHVFRQGLGDVHPRXWUDViUHDVGDFRQVFLrQFLDTXHDPHQWHUDFLRQDOQmR
FRQVHJXHDFRPSDQKDU

3RUpPDViUHDVLQFRQVFLHQWHVHVXEFRQVFLHQWHVHVWmRPXLWRPDLVDWHQWDVDHVVDLQIRUPDomRGRTXH
RHJRSRLVFRPRUHJUDHOHUHFHEHDSHQDVRUHVtGXRPLQXFLRVRGRPDWHULDOGRVRQKR2V
2UDGRUHVSRUWDQWRSRGHPDSDUHFHUQRVVRQKRVFRPRFDUDFWHUHVKLVWyULFRVFRPRSURIHWDVFRPR
DPLJRVFRQILiYHLVRXVRETXDOTXHUGLVIDUFHTXHLPSUHVVLRQDUiDSHUVRQDOLGDGHSDUWLFXODU

1DH[SHULrQFLDRULJLQDOSRUpPDYHUGDGHLUDQDWXUH]DGR2UDGRUpDSDUHQWH$SURGXomRGRV
VRQKRVpFRPRXPHPSHQKRVRILVWLFDGRFRPRRpDSURGXomRGRREMHWLYRGDYLGDGHXPLQGLYtGXR
HVSHFtILFR6LPSOHVPHQWHHODH[LVWHVREGLIHUHQWHVWHUPRV

(VWDVYiULDVIDVHVGDFRQVFLrQFLDHDVIOXWXDo}HVGDDWLYLGDGHSVtTXLFDWDPEpPSRGHPVHU
H[DPLQDGDVDWUDYpVGHH[SHULrQFLDVGLUHWDVDSDUWLUGRHVWDGRGHVSHUWR1RFDStWXORVHJXLQWHOKH
GHL[DUHPRVPDLVFLHQWHVGHVWDVSRUo}HVMiDWLYDVGHVXDSUySULDUHDOLGDGH

&$3Ë78/2
9iULRVHVWiJLRVGHFRQVFLrQFLD6LPEROLVPRH)RFR0~OWLSOR

'HQWURGHVXDSUySULDSHUVRQDOLGDGHFRQYHUJHPWRGDVDVIDFHWDVGHVXDFRQVFLrQFLDHVWHMDYRFr
FLHQWHRXQmRGLVWR

$FRQVFLrQFLDSRGHYLUDUVHHPPXLWDVGLUHo}HVREYLDPHQWHLQWHUQDVHH[WHUQDV9RFrHVWi
FLHQWHGDVIOXWXDo}HVHPVXDFRQVFLrQFLDQRUPDOHXPDDWHQomRPDLVLQWLPLVWDIDULDLVWREDVWDQWH
FODUR9RFrH[SDQGHRXHVWUHLWDDH[WHQVmRGHVXDDWHQomRFRQVWDQWHPHQWH¬VYH]HVYRFrSRGHVH
IRFDUVREUHXPREMHWRTXDVHjH[FOXVmRGHWXGRRPDLVGHIRUPDTXHOLWHUDOPHQWHQmRHVWHMD
FRQVFLHQWHGDVDODQDTXDOHVWi

9RFrSRGHHVWDUFRQVFLHQWHHUHDJLQGRWmRIRUWHPHQWHDXPHYHQWRUHOHPEUDGRTXHVHWRUQD
UHODWLYDPHQWHLQFRQVFLHQWHGRVHYHQWRVSUHVHQWHV9RFrWRPDWRGDVHVWDVIOXWXDo}HVSUR
JDUDQWLGDV(ODVQmRRSHUWXUEDP6HYRFrHVWiSHUGLGRHPXPOLYURRXLQFRQVFLHQWH
PRPHQWDQHDPHQWHGHVHXDPELHQWHLPHGLDWRYRFrQmRWHPPHGRGHTXHHOHRGHL[HTXDQGRYRFr
TXLVHUYROWDUVXDDWHQomRjHOH1HPHPXPVRQKRGHVSHUWRYRFrQRUPDOPHQWHVHSUHRFXSDHP
UHWRUQDUFRPVHJXUDQoDDRPRPHQWRSUHVHQWH

$WpFHUWRSRQWRWRGRVHVWHVVmRSHTXHQRVH[HPSORVGDPRELOLGDGHGHVXDFRQVFLrQFLDHGD
IDFLOLGDGHFRPTXHSRGHVHUXVDGD'HPRGRHVWUDQKRRVVtPERORVSRGHPVHUFRQVLGHUDGRVFRPR
DPRVWUDVGDPDQHLUDFRPRYRFrSHUFHEHDVYiULDVFDPDGDVGDFRQVFLrQFLD2VGLVIDUFHVYDULiYHLV
SRGHPVHUXVDGRVFRPRVLQDLV)RJRSRUH[HPSORpXPVtPERORIHLWRItVLFRDVVLPRIRJRItVLFR
OKHGL]REYLDPHQWHTXHYRFrHVWiSHUFHEHQGRDUHDOLGDGHFRPVXDFRQVFLrQFLDVLQWRQL]DGD
ILVLFDPHQWH

8PDLPDJHPPHQWDOGHXPIRJRDXWRPDWLFDPHQWHOKHGL]TXHRXWURWLSRGHFRQVFLrQFLDHVWi
HQYROYLGD$YLVmRPHQWDOGHXPIRJRTXHH[SUHVVDFDORUPDVTXHQmRTXHLPDGHVWUXWLYDPHQWH
REYLDPHQWHVLJQLILFDDOJXPDRXWUDFRLVD7RGRVRVVtPERORVVmRXPDWHQWDWLYDGHH[SUHVVDU
VHQWLPHQWRVVHQWLPHQWRVTXHQXQFDSRGHPVHUH[SUHVVRVDGHTXDGDPHQWHDWUDYpVGDOLQJXDJHP

3RUH[HPSORYRFrWHPLPDJHQVYLVXDLVTXDQGRQDVFHLPDJHQVYLVXDLVLQWHUQDVVtPERORVTXH
HVWmRDWLYDGRVQRPRPHQWRHPTXHYRFrDEUHVHXVROKRVSHODSULPHLUDYH](OHVOKHVHUYHPFRPR
PHFDQLVPRVGHDSUHQGL]DGR9RFrVHPDQWpPWHQWDQGRXWLOL]DUVHXVROKRVSURSULDPHQWHDWpTXHDV
LPDJHQVH[WHULRUHVVHFRQIRUPDPFRPRVSDGU}HVLQWHULRUHV,VWRpH[WUHPDPHQWHLPSRUWDQWHHQmR
HQWHQGLGRSRUVHXVFLHQWLVWDV

$DEHUWXUDGRROKRDWLYDRPHFDQLVPRLQWHUQR6HKiDOJRILVLFDPHQWHHUUDGRFRPRVROKRVVHHOHV
VmRFHJRVSRUH[HPSORHQWmRDTXHOHPHFDQLVPRSDUWLFXODUQmRpDWLYDGRQDTXHOHPRPHQWR$
SHUVRQDOLGDGHSRGHWHUHVFROKLGRQDVFHUFHJDSRUUD]}HVSUySULDV6HHVVDVUD]}HVPXGDUHPRXVH
RVGHVHQYROYLPHQWRVSVtTXLFRVLQWHULRUHVRFRUUHUHPHQWmRRVROKRVItVLFRVVHUmRFXUDGRVHR
PHFDQLVPRLQWHULRUDWLYDGR+iYDULHGDGHVLQILQLWDVGHFRPSRUWDPHQWRDRORQJRGHVWDVOLQKDV
3RUpPRVEDQFRVLQWHUQRVGHVtPERORVRSHUDPFRPRXPDFRQWDEDQFiULDRFXOWDDPHQRVTXH
YRFrWLUHYDQWDJHPGHOHV9RFrSHQVDDQWHVGHDSUHQGHUDOLQJXDJHPFRPRPHQFLRQHL
DQWHULRUPHQWHQHVVHOLYURPDVYRFrMiWHPQDVSRQWDVGRVGHGRVH[SHULrQFLDVSDVVDGDVGHRXWUDV
YLGDVSDUDOKHJXLDU

(VVHVTXHQDVFHPQDPHVPDQDFLRQDOLGDGHGLJDPRVGXDVYH]HVFRQVHFXWLYDPHQWHDSUHQGHPD
IDODUPXLWRUiSLGRQDVHJXQGDYH]>TXHYrPSDUDRPHVPROXJDU@$OJXPDVFULDQoDVSHQVDUmRQR
LGLRPDGHXPDYLGDSDVVDGDDQWHVGHRQRYRLGLRPDVHUDSUHQGLGR7XGRLVWRWrPDYHUFRPRXVR
GHVtPERORV

2VRPHPVLPHVPRpXPVtPEROR9RFrHQWHQGHLVVRDSDUWLUGHXPSRQWRGHVLOrQFLRRVRP
FRPHoDHYDLFUHVFHQGR2TXHYRFrQmRHQWHQGHpTXHDSDUWLUGHVWHGHWHUPLQDGRSRQWRGH
VLOrQFLRTXHpVHXSRQWRGHQmRSHUFHSomRRVVRQVWDPEpPFRPHoDPDFUHVFHUSURIXQGDH
SURIXQGDPHQWHQRVLOrQFLRFRQWXGRDLQGDWHPVLJQLILFDGRHWDQWDVYDULHGDGHVFRPRRVVRQVTXH
YRFrFRQKHFHHHVWDVWDPEpPVmRVtPERORV2SHQVDPHQWRQmRDODGRWHPXP³VRP´TXHYRFrQmR
RXYHPDVTXHpPXLWRDXGtYHODRXWURQtYHOGHUHDOLGDGHHSHUFHSomR

$ViUYRUHVTXDQGRHVWmRGHSpVmRXPVRPTXHQRYDPHQWHYRFrQmRSHUFHEH(PVHXVVRQKRVH
SDUWLFXODUPHQWHDOpPGRVTXHYRFrVHOHPEUDKiiUHDVGHFRQVFLrQFLDQDVTXDLVHVWHVVRQVVmR
DXWRPDWLFDPHQWHSHUFHELGRVHWUDGX]LGRVHPLPDJHQVYLVXDLV(OHVRSHUDPFRPRXPWLSRGH
WDTXLJUDILD&RPGHWHUPLQDGRVVRQVYRFrSRGHULDUHFULDUVHXXQLYHUVRFRQIRUPHRFRQKHFH
LQFRQVFLHQWHPHQWHHTXDOTXHUVtPERORPXOWLGLPHQVLRQDOSRGHFRQWHUWRGDDUHDOLGDGHTXHYRFr
FRQKHFH

)LVLFDPHQWHRFKHLURDYLVmRHRVVRQVVmRFRPELQDGRVMXQWRVSDUDOKHGDUGDGRVSULQFLSDLVDRV
VHQWLGRVHFRPSRUVHXVVHQWLGRVItVLFRV$RXWURVQtYHLVSRUpPHOHVVmRVHSDUDGRV2GRUHVWrP
XPDUHDOLGDGHYLVXDOHFRPRYRFrVDEHGDGRVYLVXDLVWDPEpPSRGHVHUSHUFHELGRVHPWHUPRVGH
RXWUDVSHUFHSo}HVSHORVVHQWLGRV

2VVtPERORVSRGHPHVWDUMXQWRVRXYDJDUVHSDUDGDPHQWHSRGHPVHUSHUFHELGRVVHSDUDGDPHQWHRX
FRPRXPDXQLGDGH&RPRFDGDHYHQWRWHPVHXSUySULRVtPERORSDUDYRFrDVVLPYRFrWHPVHX
PRGRFDUDFWHUtVWLFRGH>SDUD@FRPELQiORV(VWHVVtPERORVSRGHPVHUWUDGX]LGRVHSHUFHELGRVHP
PXLWRVWHUPRVFRPRXPDVpULHGHQRWDVSRUH[HPSORFRPRXPDFRPELQDomRGHVHQWLGRVFRPR
XPDVpULHGHLPDJHQV(PYiULDVIDVHVGHFRQVFLrQFLDYRFrSHUFHEHUiRVVtPERORVHPFRQGLo}HV
GLIHUHQWHV2VtPERORPXOWLGLPHQVLRQDOHPVXDWRWDOLGDGHSRUWDQWRWHPXPDUHDOLGDGHHPRXWURV
HVWDGRVGHFRQVFLrQFLDPDVWDPEpPDRXWURVQtYHLVGHUHDOLGDGHVFRPSOHWDV

9RFrRSHUDFRPRVHVHXVSHQVDPHQWRVIRVVHPVHFUHWRVHQWUHWDQWRYRFrGHYHULDVDEHUTXHDWp
DJRUDHOHVQmRVmR1mRDSHQDVVHXVSHQVDPHQWRVVmRDSDUHQWHVDWUDYpVGDVFRPXQLFDo}HV
WHOHSiWLFDVSRUH[HPSORPDVVHPVXDFRQVFLrQFLDGHVSHUWDHOHVWDPEpPIRUPDPRTXHYRFrSRGH
FKDPDUGHSVHXGRLPDJHQV³VRE´DJDPDGHWHPDVItVLFRVTXDQGRYRFrQRUPDOPHQWHDSHUFHEHHP
DOJXQVFDVRVRX³VREUH´HVWDPHVPDJDPD

3RUWDQWRLVWRpFRPRVHVHXVSHQVDPHQWRVDSDUHFHVVHPHPRXWUDVUHDOLGDGHVFRPRREMHWRV±YLYRV
HYLWDLVHPVLPHVPRVFUHVFHQGRHPRXWURVVLVWHPDVFRPRIORUHVRXDUYRUHVFUHVFHQGR
DSDUHQWHPHQWHGRQDGDSDUDRXWUDUHDOLGDGHItVLFD(VWDVSRGHPHQWmRVHUXVDGDVFRPRD
PDWpULDSULPDSRUDVVLPGL]HUHPFHUWRVRXWURVVLVWHPDV(OHVVmRRV³GDGRVQDWXUDLV´
GHWHUPLQDGRVDPDWpULDSULPDGDFULDWLYLGDGHQDVUHDOLGDGHVTXHYRFrDMXGDDVHPHDUPDVQmR
SHUFHEH

)DODQGRGHVWDPDQHLUDVHXVSHQVDPHQWRVHQWmRVHJXHPOHLV6HXV>GRVSHQVDPHQWRV@
FRPSRUWDPHQWRVVHJXHPOHLVHVXDV>GRVSHQVDPHQWRV@DWLYLGDGHV>WDPEpP@TXHYRFrQmR
HQWHQGHHPERUDYRFrFKDPHGHVHXVSUySULRVSHQVDPHQWRV(OHVVmRHQWmRPDQLSXODGRV
LQGHSHQGHQWHPHQWHGHYRFrSRURXWURVWLSRVGHFRQVFLrQFLDFRPRIHQ{PHQRVQDWXUDLVYDULiYHLV$
FRQVFLrQFLDQDWLYDHPWDLVVLVWHPDVQmRHVWiFLHQWHGDRULJHPGHVWHIHQ{PHQRQHPGHVXDSUySULD
UHDOLGDGH(OHVWRPDPDHYLGHQFLDTXHpDSDUHQWHDRVLVWHPDGHOHVFRPRUHDOLGDGHFRPRD
PDLRULDGHYRFrVID]1mRRFRUUHULDDHOHVTXHHVVHIHQ{PHQRIRLRULJLQDGRIRUDGRSUySULR
VLVWHPDGHOHV

6HHXIRVVHID]HUDPHVPDGHFODUDomRSRUH[HPSORDTXDOTXHUXPGHPHXVOHLWRUHVHXVHULD
DFXVDGRGHGL]HUTXHDUHDOLGDGHItVLFDIRLFRPSRVWDGRVGHVFDUWHVGRXQLYHUVR

1mRHVWRXGL]HQGRLVWRQHPLQVLQXDQGRLVWRQRFDVRKiSRXFRPHQFLRQDGR(PVHXVLVWHPDYRFr
WHPSULRULGDGHQDIRUPDomRGDUHDOLGDGHItVLFD6HXVGDGRVQDWXUDLVGHWHUPLQDGRVVmRRUHVXOWDGR
GRVSHQVDPHQWRVLQGLYLGXDLVGHPDVVDHFROHWLYRVGRVVHQWLPHQWRVHHPRo}HVPDWHULDOL]DGRV6HX
VLVWHPDQHVWHDVSHFWRpPDLVFULDWLYRGRTXHRVVLVWHPDVKiSRXFRPHQFLRQDGRV3RURXWURODGR
GHQWURGHVWHVRXWURVVLVWHPDVKiXPIRUWHHLQRYDGRUJUXSRGHFRQVFLrQFLDVVHGHVHQYROYHQGRQR
TXDODLGHQWLGDGHpUHWLGDPDVXPMRJRLQWHUQRPDLRUpSHUPLWLGRHQWUHRVLQGLYtGXRVXPJUDQGH
LQWHUFkPELRFULDWLYRGHVtPERORVXPGHVHQKRGHVtPERORVPHQWDLVHSVtTXLFRVGHPDLRUIDFLOLGDGH
>HPWHUPRVGHLQWHUUHODo}HVHQWUHRVVtPERORV@

3RUFDXVDGLVWRHVWHVLQGLYtGXRVUHFRQKHFHPDFRQH[mRPDLVFODUDPHQWHHQWUHDVLPDJHQV
FULDWLYDVHGHWHUPLQDGRVGDGRVGRVHQWLGR>GDSHUFHSomR@(OHVDOWHUDPSURSRVLWDOPHQWHHPXGDP
VHXVGDGRVSHUFHSWLYRVGHWHUPLQDGRVHH[SHULPHQWDPFRPHOHV>XWLOL]DQGRRV@

7XGRLVWRHQYROYHXPWUDEDOKRFRPRVVtPERORVGHXPDPDQHLUDPDLVtQWLPD$FHUWRVQtYHLVGH
VXDSHUVRQDOLGDGHYRFrHVWiFLHQWHGHWRGRVRVPRGRVGLIHUHQWHVQRVTXDLVRVVtPERORVVmRXVDGRV
QmRDSHQDVHPVHXVLVWHPDPDVHPRXWURV&RPRPHQFLRQDGRDQWHVQHQKXPVLVWHPDGHUHDOLGDGH
HVWiIHFKDGR6HXVSHQVDPHQWRVHLPDJHQVHVHQWLPHQWRVDOWHUDPRVGHWHUPLQDGRVGDGRV
SHUFHSWtYHLVHPDOJXQVRXWURVVLVWHPDV

2VSDGU}HVLQRYDGRUHVGHVHQYROYLGRVQHVVHVVLVWHPDVSRUpPSRGHPVHUSHUFHELGRVDWpFHUWR
SRQWRGHQWURGRVHXSUySULR+iXPDFRQVWDQWHLQWHUIHUrQFLDDVWUDO(PVHXVYiULRVHVWiJLRVGH
FRQVFLrQFLDYRFrSDVVDSRUiUHDVTXHSRGHPVHUFRUUHODFLRQDGDVFRPPXLWRVGHVWHVVLVWHPDV
$OJXQVHVWiJLRVDWUDYpVGRVTXDLVYRFrSDVVDVmRHVWiJLRVQDWLYRVSDUDRXWURVWLSRVGHFRQVFLrQFLD
HHQTXDQWRSDVVDDWUDYpVGHOHVYRFrVHSHJDUiXVDQGRVtPERORVGDPDQHLUDTXHpFDUDFWHUtVWLFD
jTXHOHQtYHO

6tPERORVGHYHULDPVHUIOXLGRVYDULiYHLVHPVXDVIRUPDV$OJXQV±>VmR@XVDGRVFRPRHVWUXWXUDV
SDUDDEULJDUH[SHULrQFLDVRULJLQDLVFRPRPpWRGRVGHGHFHSomRQROXJDUGHLOXPLQDomR4XDQGR
LVWRDFRQWHFHRPHGRVHPSUHHVWiHQYROYLGR

2PHGROHYDGRDRVYiULRVHVWiJLRVGDFRQVFLrQFLDDWXDFRPRXPDOHQWHTXHGLVWRUFHHVFRQGHQGR
DVGLPHQV}HVQDWXUDLVGHWRGRVRVVtPERORVDWXDQGRFRPRXPDEDUUHLUDHFRPRXPLPSHGLWLYR
SDUDROLYUHIOX[R2VVtPERORVGHXPDQDWXUH]DH[SORVLYDVHUYHPFRPRDJHQWHVOLEHUDGRUHV
HVWDEHOHFHQGRDOLEHUDomRGRTXHHVWDYDHQFDSVXODGR6HPDVWHPSHVWDGHVItVLFDVYRFr
HQORXTXHFHULD
$QDWXUH]DDJUHVVLYDGRVVtPERORVpSRXFRHQWHQGLGDQHPDUHODomRHQWUHDJUHVVmRHFULDWLYLGDGH
(VWDVHVWmRORQJHGDVFDUDFWHUtVWLFDVDGYHUViULDVHVHPXPHPSXUUmRDJUHVVLYRDRVVtPERORV
IDOWDULDVXD>GRVVtPERORV@DOWDPRELOLGDGH

(OHVH[LVWLULDPHPXPWLSRSHUPDQHQWHGHDPELHQWH

$PERVRVDVSHFWRVFULDWLYRHDJUHVVLYRGDFRQVFLrQFLDSHUPLWHPRXVRGRVVtPERORVSDUDTXHHOH
>RDPELHQWH@VHPRYDDWUDYpVGRVYiULRVQtYHLVGDH[SHULrQFLDHGDQDWXUH]DDJUHVVLYDGR
SHQVDPHQWRTXHRLPSXOVLRQDDGHVSHLWRGHVHXFRQKHFLPHQWRHPUHDOLGDGHVTXHYRFrQmR
HQWHQGH

$DJUHVVLYLGDGHHDSDVVLYLGDGHHVWmRDPEDVDWUiVGHVtPERORVGHQDVFLPHQWRSRLVDPEDVVmR
QHFHVViULDV$PEDVHVWmRDEDL[RGRVVtPERORVGHPRUWHHPERUDLVWRQmRVHMDHQWHQGLGR$LQpUFLD
UHVXOWDTXDQGRDDJUHVVLYLGDGHHDFULDWLYLGDGHQmRHVWmRHPSURSRUo}HVDGHTXDGDVTXDQGRD
FRQVFLrQFLDVHJXLDPXLWRVHYHUDPHQWHHPXPDGLUHomRRXRXWUDTXDQGRRIOX[RGRVVtPERORVp
WDPEpPPXLWRUiSLGRRXPXLWRYDJDURVRSDUDRDPELHQWHSVLFROyJLFRSDUWLFXODUQRTXDOYRFrYLYH

$VSDXVDVDFRQWHFHPHQWmR3DUDS{ULVWRWmRVLPSOHVPHQWHTXDQWRSRVVtYHOKiXPPRPHQWR
TXDVHLQFRQFHEtYHOQRTXDOXPDQmRUHDOLGDGHDFRQWHFHQDTXDOXPVtPERORpSHJRHQWUHR
PRYLPHQWRHRQmRPRYLPHQWRXPWHPSRGHLQFHUWH]D,VWRpFODURpWUDGX]LGRGHPXLWDVIRUPDV
HUHIOHWLGR(PWDLVSHUtRGRVFHUWRVVtPERORVSRGHPVHUSHUGLGRVSDUDWRGDVDVLQWHQo}HVH
SURSyVLWRVUHVYDODQGRGHXPDH[SHULrQFLDLQGLYLGXDOGHL[DQGRHVSDoRVGH>SDUDD@LQpUFLD

(VWHVHVSDoRVH[LVWHPEDVWDQWHOLWHUDOPHQWHHPPXLWRVVLVWHPDV9RFrRVHQFRQWUDHPPXLWRV
QtYHLV9RFrSRGHVHSHJDUH[SHULPHQWDQGRXPHVWDGRGHFRQVFLrQFLDSRUH[HPSORQRTXDOQDGD
SDUHFHDFRQWHFHUHQHQKXPPDSDSVLFROyJLFDRXVtPERORVUHFRQKHFtYHLVDFRQWHFHP>JDQKDP
OXJDU@(VWHVQmRVyH[LVWHPSVLFRORJLFDPHQWHRXSVLTXLFDPHQWHPDVFRPRiUHDVHPEUDQFRHP
WHUPRVGHHVSDoR2VHVSDoRVSRGHPVHUSUHHQFKLGRVILQDOPHQWHFRPVtPERORVQRYRV6HYRFrIRU
EDVWDQWHSHUFHSWLYRjVYH]HVSRGHVHSHJDUHQFRQWUDQGRWDLVHVWDGRVGHUHDOLGDGHQRVTXDLVQDGD
DSDUHFHHQHQKXPVLQDOGHTXDOTXHUFRQVFLrQFLDIRUDGHVLPHVPRpDSDUHQWH

7DLVPDQFKDVHPEUDQFRSRGHPVHUVHPHDGDVFRPQRYRVVtPERORVHVmRIUHTXHQWHPHQWHXVDGDV
FRPRFDQDLVDWUDYpVGRVTXDLVQRYDVLGpLDVFULDWLYDVHLQYHQo}HVVmRLQVHULGDV(VWHVHVSDoRV
VmRUHFRQKHFLGRVSHORVRXWURVSRUWDQWRHYLVWRVFRPRHVSDoRVHVFXURV(OHVWDPEpPUHSUHVHQWDP
iUHDVGHQmRUHVLVWrQFLDSDUDDTXHOHVYLDMDQWHVPHQWDLVTXHHVWmRVRQGDQGRUHDOLGDGHVLQWHUQDV
(OHVUHSUHVHQWDPiUHDVRUJDQL]DGDVPDVWDPEpPFDQDLVDEHUWRVLQDWLYRVHPVLPHVPRVPDVTXH
SDVVLYDPHQWHHVSHUDP$JRUDDOJXQVVtPERORVWDPEpPHVSHUDPHPWDLVPDQHLUDVSDVVLYDV
VHUHPDWLYDGRV

(OHVUHSUHVHQWDPH[SHULrQFLDIXWXUDHPVHXVWHUPRVTXHSUHVHQWHPHQWHUHSRXVDPRFXOWDV(VWDV
PDQFKDVEUDQFDVGHLQpUFLDSRUWDQWRVmRFULDWLYDVDFHUWRSRQWRQHODVHVWHVRXWURVVtPERORV
SRGHPQDGDUQDYLVmRGHOHV>GDVPDQFKDVEUDQFDV@

&$3Ë78/2
3UHVHQWHV$OWHUQDGRVH)RFR0~OWLSOR

'HL[HQRVFRPHoDUFRPRGHVSHUWDUQRUPDOGDFRQVFLrQFLDTXHYRFrFRQKHFH0DVXPSDVVRDOpP
GLVWRpXPRXWURQtYHOGHFRQVFLrQFLDQRTXDOYRFrVWRGRVSDVVDPVHPSHUFHEHU&KDPDUHPRVD
HVWHQtYHOGH³$éDGMDFHQWHjVXDFRQVFLrQFLDQRUPDOVHSDUDGRGHODPXLWROLJHLUDPHQWHH
DLQGDQLVWRHIHLWRVPXLWRGHILQLGRVSRGHPSDUHFHUTXHQmRHVWmRSUHVHQWHVHPVHXHVWDGRKDELWXDO

$HVWHQtYHOPXLWDVKDELOLGDGHVSRGHPVHUXVDGDVHRPRPHQWRSUHVHQWHSRGHVHUH[SHULHQFLDGRGH
PXLWDVPDQHLUDVGLIHUHQWHVXVDQGRFRPREDVHRVGDGRVItVLFRVFRPRVTXDLVYRFrMiHVWi
IDPLOLDUL]DGR(PVHXHVWDGRQRUPDOYRFrYrRFRUSR1R$VXDFRQVFLrQFLDSRGHHQWUDUQR
FRUSRGHRXWURHFXUiOR9RFrSRGHGDPHVPDPDQHLUDSHUFHEHURHVWDGRGHVXDSUySULDLPDJHP
ItVLFD9RFrSRGHGHDFRUGRFRPVXDVKDELOLGDGHVPDQLSXODUDPDWpULDDSDUWLUGDFRQVFLrQFLD
LQWHUQDFRPOXFLGH]HDJLOLGDGH

2$SRGHVHUXVDGRFRPRXPDSODWDIRUPDODWHUDOSRUDVVLPGL]HUDSDUWLUGDTXDOYRFrSRGHYHU
HYHQWRVItVLFRVDSDUWLUGHXPSRQWRGHYLVWDPDLVFODUR8WLOL]DQGRRYRFrpOLEHUDGR
PRPHQWDQHDPHQWHGDVSUHVV}HVFRUSRUDLVHFRPHVWDOLEHUGDGHYRFrSRGHVHPRYHUSDUD
DOLYLiORV2VSUREOHPDVTXHSDUHFHPLQVRO~YHLVSRGHPIUHTXHQWHPHQWHHPERUDQmRVHPSUHVHU
UHVROYLGRV6XJHVW}HVGDGDVVmRPXLWRPDLVHIHWLYDVePDLVIiFLOIRUPDULPDJHQVHHODVWrPXPD
PDLRUPRELOLGDGH(QWmRR$pXPPRGRjSDUWHHDLQGDDVVLPXP>PRGR@LPSRUWDQWH

$JRUDHOHSRGHVHUXVDGRFRPRDSULPHLUDGHXPDVpULHGHSDVVRVFRQGX]LQGRDHVWDGRVPDLV
SURIXQGRVGHFRQVFLrQFLD7DPEpPSRGHVHUXVDGRFRPRDSULPHLUDGHXPDVpULHGHSDVVRV
DGMDFHQWHV&DGDXPDGDVFDPDGDVPDLVSURIXQGDVGHFRQVFLrQFLDWDPEpPSRGHVHUXVDGDFRPR
SULPHLURVSDVVRVTXHFRQGX]HPDRXWURVQtYHLVDGMDFHQWHVeVLPSOHVGHHQWUDUQR$4XDQGR
HVWiHVFXWDQGRXPDP~VLFDGDTXDOJRVWDTXDQGRHVWiVHGHOLFLDQGRFRPXPDDWLYLGDGHEDVWDQWH
SUD]HURVDYRFrSRGHVHQWLURVHQWLPHQWRGLIHUHQWH3RGHVHUDFRPSDQKDGRGHVXDVSUySULDVSLVWDV
ItVLFDV

3RGHVHUDFRPSDQKDGRGHVXDVSUySULDVSLVWDVItVLFDVFDUDFWHUtVWLFDV9RFrSRGHEDWHUVHXVGHGRV
GHXPFHUWRPRGR3RGHKDYHUXPJHVWRSDUWLFXODU9RFrSRGHILWDURXROKDUVRQKDGRUDPHQWHSDUD
RODGRHVTXHUGRRXGLUHLWR

4XDOTXHUSLVWDItVLFDGRWLSRSRGHOKHDMXGDUDGLIHUHQFLDUHQWUHHVWHHVWDGRGHFRQVFLrQFLDHR
SUHGRPLQDQWHKDELWXDO9RFrVyWHPTXHUHFRQKHFrORDSUHQGHUPDQWrORHHQWmRFRQWLQXDUD
H[SHULPHQWiORHPVHX>QRQtYHO$@XVR&RPRXPDUHJUDHOHDLQGDpILVLFDPHQWHRULHQWDGR
QHOHDVKDELOLGDGHVVmRQRUPDOPHQWHGLUHFLRQDGDVSDUDDSHUFHSomRLQWHULRUHDPDQLSXODomRGD
PDWpULDRXGRDPELHQWHItVLFR9RFrSRGHSRUWDQWRSHUFHEHURPRPHQWRSUHVHQWHDSDUWLUGHXPD
YDULHGDGHGHSRQWRVGHYLVWD~QLFRVQRUPDOPHQWHQmRGLVSRQtYHLV

9RFrSRGHSHUFHEHUDUHDOLGDGHGRPRPHQWRFRPRHODH[LVWHSDUDVHXLQWHVWLQRRXVXDPmRH
H[SHULPHQWDFRPDSUiWLFDDSD]LQWHULRUSUHVHQWHHDFRPRomRTXHH[LVWHPVLPXOWDQHDPHQWHHP
VHXFRUSRItVLFR,VWRWUD]XPDJUDQGHDSUHFLDomRHPDUDYLOKDXPVHQWLGRGHXQLGDGHFRPR
PDWHULDOFRUSRUDOYLYRGRTXDOYRFrpILVLFDPHQWHFRPSRVWR&RPDSUiWLFDYRFrSRGHVHWRUQDUWmR
LQWXLWLYDPHQWHGHVSHUWRGHVHXDPELHQWHItVLFRLQWHULRUFRPRGHVHXDPELHQWHItVLFRH[WHUQR

&RPXPDSUiWLFDPDLRURVFRQWH~GRVGHVXDSUySULDPHQWHVHWRUQDUmRFRPRVHSURQWDPHQWH
GLVSRQtYHLV9RFrYHUiVHXVSHQVDPHQWRVWmRFODUDPHQWHTXDQWRVHXVyUJmRVLQWHUQRV1HVWHFDVR
YRFrRVSRGHSHUFHEHUVLPEROLFDPHQWHDWUDYpVGRVVtPERORVTXHYRFrUHFRQKHFHUiYHQGRRV
SHQVDPHQWRVPLVWXUDGRVSRUH[HPSORFRPRHUYDVGDQLQKDVTXHYRFrSRGHVLPSOHVPHQWH
GHVFDUWDU

9RFrSRGHSHGLUTXHRFRQWH~GRGHSHQVDPHQWRGHVXDPHQWHVHMDWUDGX]LGRHPXPDLQWHQVD
LPDJHPVLPEROLFDPHQWHUHSUHVHQWDQGRSHQVDPHQWRVLQGLYLGXDLVHRPDSDPHQWDOJOREDOHQWmRWLUH
RTXHYRFrQmRJRVWDHVXEVWLWXDSRULPDJHQVPDLVSRVLWLYDV,VWRQmRVLJQLILFDTXHHVWHPDSD
LQWHUQRVHPSUHGHYDHVWDUFRPSOHWDPHQWHHQVRODUDGRPDVVLJQLILFDTXHGHYHULDHVWDUEHP
HTXLOLEUDGR

8PPDSDLQWHUQRDPSORHVRPEULRGHYHOKHDOHUWDUGHPDQHLUDTXHYRFrRFRPHoDDPXGDU
LPHGLDWDPHQWH1HQKXPDGHVWDVUHDOL]Do}HVHVWiDOpPGHPHXVOHLWRUHVHQWUHWDQWRTXDOTXHUXP
SRGHDFKDUTXDOTXHUIHLWRGHWHUPLQDGRPDLVGLItFLOGRTXHRXWUR9RFrWDPEpPWHPTXHSHUFHEHU
TXHHVWRXIDODQGRHPWHUPRVSUiWLFRV9RFrSRGHFRUULJLUXPDFRQGLomRItVLFDSRUH[HPSORGH
PDQHLUDKiSRXFRGHWHUPLQDGD3RUpPQHVVHFDVRH[DPLQDQGRRPDSDLQWHUQRGHSHQVDPHQWRV
YRFrDFKDULDDTXLDIRQWHTXHLQLFLDOPHQWHSURYRFRXDGRHQoDItVLFD

2VVHQWLPHQWRVSRGHPVHUH[DPLQDGRVGDPHVPDPDQHLUD(OHVSDUHFHUmRGLIHUHQWHVFRP
PRELOLGDGHEHPPDLRU3RUH[HPSORSHQVDPHQWRVSRGHPSDUHFHUFRPRHVWUXWXUDVHVWDFLRQiULDV
FRPRIORUHVRXiUYRUHVFDVDVRXSDLVDJHQV2VVHQWLPHQWRVDSDUHFHUmRPDLVIUHTHQWHPHQWHQD
PRELOLGDGHYDULiYHOGDiJXDYHQWRWHPSRFpXVHFRUYDULiYHO4XDOTXHUGRHQoDItVLFDHQWmR
SRGHVHUSHUFHELGDQHVWHHVWDGRROKDQGRGHQWURGRFRUSRHGHVFREULQGRDHQWmRPXGDQGRRTXH
YRFrYrYRFrSRGHVHSHJDUHQWUDQGRHPVHXFRUSRRXQRGHRXWURFRPRXPDPLQLDWXUDPXLWR
SHTXHQDRXFRPRXPSRQWRGHOX]RXVLPSOHVPHQWHVHPTXDOTXHUVXEVWkQFLDDLQGDFLHQWHGR
DPELHQWHLQWHUQRGRFRUSR

9RFrPXGDRTXHSUHFLVDVHUPXGDGRHPTXDOTXHUFRLVDTXHRFRUUDDYRFrHQWmR±GLUHFLRQDQGRD
HQHUJLDGRFRUSRQDTXHODGLUHomRHQWUDQGRQDFDUQHHUHXQLQGRFHUWDVSRUo}HVTXHQHFHVVLWDP
GHVWHDMXVWHPDQLSXODQGRiUHDVGDHVSLQKD(QWmRDSDUWLUGHVWDSODWDIRUPDDGMDFHQWHGD
FRQVFLrQFLD$YRFrSHUFHEHRVSDGU}HVGRSHQVDPHQWRPHQWDLVGHVLPHVPRRXGHRXWUDSHVVRD
HPTXDOTXHUPRGRHPTXHYRFrHQFRQWUHFDUDFWHUtVWLFDVXD

9RFrSRGHSHUFHEHURVSDGU}HVGHSHQVDPHQWRFRPRVHQWHQoDVUiSLGDVEULOKDQWHVRXSDODYUDVTXH
QRUPDOPHQWHVmRYLVWDVHPVXDPHQWHRXQDPHQWHGHRXWURRXFRPROHWUDVQHJUDVTXHIRUPDP
SDODYUDV2XYRFrSRGHRXYLUDVSDODYUDVHSHQVDPHQWRVVHQGRH[SUHVVRVRXYRFrSRGHYHUR
PDSDPHQFLRQDGRDQWHULRUPHQWHQRTXDORVSHQVDPHQWRVIRUPDPVLPEROLFDPHQWHXP
SHQVDPHQWR>QHOH@

,VWRPRVWUDUiDYRFrFRPRRVSHQVDPHQWRVSURYRFDUDPDGRHQoDItVLFDHTXDOGHODVHVWLYHUDP
HQYROYLGDV$PHVPDFRLVDGHYHULDVHUIHLWDHQWmRFRPRSDGUmRGHVHQWLPHQWR,VWRSRGHVHU
SHUFHELGRFRPRUDMDGDVGHHVFXULGmRRXFRUHVFODUDVHPPRYLPHQWRRXVLPSOHVPHQWHXPD
HPRomRSDUWLFXODUGHJUDQGHIRUoDSRGHVHUVHQWLGDVREPXLWRVHWDLVGLVIDUFHV1RFDVRGHDPERV
RVSHQVDPHQWRVHDVHPRo}HVFRPJUDQGHFRQILDQoDYRFrDUUDQFDHVWDVTXHHVWmRFRQHFWDGDV
FRPDGRHQoD'HWDOPDQHLUDYRFrID]RVDMXVWDPHQWRVHPWUrVQtYHLV

2$WDPEpPSRGHVHUXVDGRFRPRXPDJUDQGHHVWUXWXUDSDUDDFULDWLYLGDGHDFRQFHQWUDomRR
HVWXGRRUHIULJpULRRGHVFDQVRHDPHGLWDomR9RFrSRGHHYROXLUVXDSUySULDLPDJHPGHVWHHVWDGR
SDUDOKHDMXGDULPDJLQDQGRRFRPRXPF{PRGR>TXDUWRVDOD@RXXPPDSDSUD]HURVRRXXPD
SODWDIRUPD(VSRQWDQHDPHQWHYRFrHQFRQWUDUiVHXSUySULRVtPERORSDUDHVWHHVWDGR

(VWHHVWDGRWDPEpPSRGHVHUXVDGRFRPRXPSDVVRSDUDRSUy[LPRHVWDGRGHFRQVFLrQFLD
FRQGX]LQGRDXPDFRQGLomRGHWUDQVHPDLVSURIXQGDDLQGDUHODFLRQDGRSRUpPDRVLVWHPDGH
UHDOLGDGHTXHYRFrFRPSUHHQGH

2XSRGHVHUXVDGRFRPRXPSDVVRTXHFRQGX]DXPQtYHODGMDFHQWHGHFRQVFLrQFLDGRLVSDVVRVj
IUHQWHSRUWDQWRQRPHVPRQtYHODSDUWLUGDUHDOLGDGHQRUPDO1HVWHFDVRHOHQmRRFRQGX]LUiD
XPH[DPHPDLVSURIXQGRHjSHUFHSomRGRPRPHQWRSUHVHQWHPDVDRFRQWUiULRSDUDXPD
FRQVFLrQFLDHUHFRQKHFLPHQWRGRTXHFKDPDUHLGHPRPHQWRVSUHVHQWHVDOWHUQDGRV

9RFrHVWDUiGDQGRSDVVRVjSDUWHGRSUHVHQWHTXHYRFrFRQKHFH,VWRFRQGX]jVH[SORUDo}HV
GHQWURGDVSUREDELOLGDGHVPHQFLRQDGDVDQWHULRUPHQWHQHVWHOLYUR(VWHHVWDGRSRGHVHU
H[WUHPDPHQWHYDQWDMRVRTXDQGRYRFrHVWLYHUWHQWDQGRUHVROYHUSUREOHPDVUHODFLRQDGRVFRP
DUUDQMRVIXWXURVGHFLV}HVTXHDIHWDUmRRIXWXURHTXDOTXHUDVVXQWRQDUHDOLGDGHQRTXDO
LPSRUWDQWHVGHFLV}HVSDUDRIXWXURGHYDPVHUWRPDGDV1HVWHHVWDGRYRFrpFDSD]GHH[SHULPHQWDU
YiULDVGHFLV}HVDOWHUQDWLYDVHDOJXQVUHVXOWDGRVSURYiYHLVQmRLPDJLQDWLYDPHQWHPDVHPWHUPRV
EDVWDQWHSUiWLFRV

(VWDVSUREDELOLGDGHVVmRUHDOLGDGHVLQGHSHQGHQWHGHTXHGHFLVmRYRFrWRPH'LJDPRVSRU
H[HPSORTXHYRFrWHQKDWUrVHVFROKDVHTXHpLPSHUDWLYRTXHYRFrVHOHFLRQHXPD8VDQGRHVWH
HVWDGRYRFrRSWDSHODSULPHLUDHVFROKD2SUHVHQWHDOWHUQDWLYRpRPRPHQWRQRTXDOYRFrID]
DTXHODHVFROKD7HQGRIHLWRDHVFROKDRSUHVHQWHHPXGDGRHEDVWDQWHFODUDPHQWHYRFrSHUFHEH
H[DWDPHQWHRPRGRSHORTXDOHOHPXGDGRHTXHDo}HVHHYHQWRVIOXLUmRDSDUWLUGDPXGDQoDSDUDR
IXWXURTXHSHUWHQFHjTXHOHSUHVHQWHDOWHUQDGRSDUWLFXODU

9RFrID]RPHVPRFRPFDGDXPDGDVRXWUDVHVFROKDVWRGDVDSDUWLUGDHVWUXWXUDGDTXHOHHVWDGR
GHFRQVFLrQFLD2VPpWRGRVHPFDGDFDVRVmRRVPHVPRV9RFrWRPDDGHFLVmR9RFrHQWmRVH
WRUQDFLHQWHGHTXDLVTXHUPRGRVTXHYRFrHVFROKDRVHIHLWRVItVLFRVHPVHXFRUSR9RFrHQWUDUQR
FRUSRFRPRIH]GDPDQHLUDTXHOKHPRVWUHLDQWHVSDUDDFXUD&RPJUDQGHVHQVLELOLGDGHYRFrp
FDSD]GHYHUTXHHIHLWRItVLFRDGHFLVmRWHUi±SHUPDQHoDRHVWDGRGRFRUSRRPHVPRRXKDMDXP
JUDQGHVHQVRGHVD~GHQHOHRXRFRPHoRLQFLSLHQWHGHJUDQGHVGLILFXOGDGHV

'HFHUWDIRUPDYRFrH[SORUDRPHQWDOHRVDVSHFWRVGRVHQWLPHQWRHQWmRYRFrYLUDVXDDWHQomR
SDUDR³H[WHUQR´SDUDRDPELHQWHTXHUHVXOWDGHVWHSUHVHQWHDOWHUQDGR0HQWDOPHQWHRVHYHQWRV
DSDUHFHUmRSDUDYRFr9RFrSRGHYLYHQFLiORVIRUWHPHQWHRXVRPHQWHYrORV(OHVSRGHPILFDUWmR
YtYLGRVTXHYRFrHVTXHFHVHGHVLPRPHQWDQHDPHQWHPDVVHYRFrPDQWLYHUVHXFRQWDWRFRPHVWH
QtYHOGHFRQVFLrQFLDLVWRUDUDPHQWHDFRQWHFHUi&RPRXPDUHJUDYRFrILFDPXLWRFLHQWHGRTXH
YRFrHVWiID]HQGR

'HDFRUGRFRPDVLWXDomRYRFrSRGHID]HUDPHVPDFRLVDSDUDGHVFREULURHIHLWRGHVWDGHFLVmR
HVSHFLILFDPHQWHQRVRXWURV9RFrHQWmRUHWRUQDjFRQVFLrQFLDQRUPDOLQGRSHORHVWDGR$TXH
YRFrXVRXFRPRXPDSUHOLPLQDU$SyVXPSHUtRGRGHGHVFDQVRUHWRUQHHWRPHDVHJXQGDGHFLVmR
HQRYDPHQWHDWHUFHLUDSHORPHVPRPRGR(QWmRHPVHXHVWDGRQRUPDOGHFRQVFLrQFLDpFODUR
YRFrWRPDDGHFLVmRTXHTXHUDSDUWLUGDLQIRUPDomRHH[SHULrQFLDTXHYRFrUHFHEHX

2VQRPHVID]HPSRXFDGLIHUHQoD(PFDXVDGDVLPSOLFLGDGHFKDPHHVWHQtYHOGHFRQVFLrQFLDGH
$D

+iXP$EYRFrYrDLQGDDGMDFHQWHDHVWHHDLQGDFRPHoDQGRIRUDGHXPSUHVHQWHDOWHUQDGR
TXHSRGHVHUXVDGRSDUDPXLWRVRXWURVSURSyVLWRV

1mRpWmRIiFLOSDUDRLQGLYtGXRRUGLQiULRHQWUDUHLVVRVHWUDWDGRVJUXSRVSUHVHQWHVFRPDV
SUREDELOLGDGHVGHPDVVDDVVXQWRVUDFLDLVRPRYLPHQWRGDFLYLOL]DomR,VWRpRTXHVHULDPDLV
EHQpILFRSDUDSROtWLFRVHHVWDGLVWDVHWDPEpPSRGHVHUXVDGRSDUDVRQGDURVSDVVDGRVSURYiYHLV
LJXDOPHQWH$TXLVHULDEHQpILFRDSUHQGHUSRUH[HPSORV>VREUH@DVDQWLJDVUXtQDVHFLYLOL]Do}HV
GHVDSDUHFLGDVPDVDSHQDVVHRHVSHFLILFRSDVVDGRSURYiYHOIRVVHVRQGDGRQDTXLORTXHH[LVWLX

2SUy[LPRQtYHODGMDFHQWHDJRUDVHULDR$FTXHpXPDH[WHQVmRGRRIHUHFLGRKiSRXFRQRTXDO
KiPDLRUOLEHUGDGHGHDomRPRELOLGDGHHH[SHULrQFLD$TXLDWpFHUWRSRQWRKiDOJXPD
SDUWLFLSDomRQRVHYHQWRVSHUFHELGRV1mRKiQHQKXPDQHFHVVLGDGHGHHQWUDUSURIXQGDPHQWHHP
TXDLVTXHUGHVWHVDOpPGHVVHSRQWRSRUTXHRUGLQDULDPHQWHYRFrQmRHVWDUiHQYROYLGRQHOHVHHOHV
VHJXHPSRUUHDOLGDGHTXHWrPSRXFDUHIHUHQFLDSDUDYRFrPHVPR(OHVVmRHVWDGRVGHFRQVFLrQFLD
PXLWRGLYRUFLDGRVHVREFLUFXQVWkQFLDVKDELWXDLVWmRORQJHTXDQWRVXDFRQVFLrQFLDSUHVHQWHHVWi
FDSD]GHLUQHVWDGLUHomRSDUWLFXODU

2SULPHLURHVWDGRR$pRPDLVSUiWLFRHPDLVIiFLOSDUDYRFrPDVIUHTXHQWHPHQWHYRFrDLQGD
WHPTXHWHUXPERPVHQWLPHQWRSHORQtYHO$DQWHVGHVHUFDSD]GHSUDWLFDURSUy[LPRSDVVR
DGMDFHQWH3RUpPHOHSHUPLWHXPDPDLRUH[SDQVmRHPVXDV>GRQtYHO@OLPLWDo}HV8VDQGRRYRFr
SRGHGHVFREULUSRUH[HPSORRTXHWHULDDFRQWHFLGRVHHXIL]HVVHLVVRRXRXWUDFRLVD
/HPEUHVHWRGRVHVWHVQtYHLVVmRDGMDFHQWHVDPSOLDQGRVHKRUL]RQWDOPHQWH

'LUHWDPHQWHVRER$DJRUDYRFrWHUiR$TXHpOLJHLUDPHQWHXPHVWDGRPDLVSURIXQGR
XVDQGRDDQDORJLDGDGLUHomRPDLVSDUDEDL[RRXPDLVSDUDFLPD(ODpPHQRVRULHQWDGD
ILVLFDPHQWHGRTXHR$

9RFrDLQGDWHPXPDOXFLGH]H[FHOHQWHHDWHQomR(VWHHVWDGRSRGHVHUXVDGRSDUDH[SORUDUR
SDVVDGRHPVHXVWHUPRVGHUHIHUrQFLDGHQWURGRVVLVWHPDVSURYiYHLVTXHYRFrFRQKHFH

$VUHHQFDUQDo}HVSDVVDGDVVmRFRQKHFLGDVDYRFrDTXLHVHDOJXPDGRHQoDSHVVRDOQmRSXGHUVHU
GLVVROYLGDDSDUWLUGR$YRFrSRGHWHUTXHLUSDUDR$GHVFREULQGRTXHHODIRLRULJLQDGDGH
XPDRXWUDH[LVWrQFLD(VWHHVWDGRpGLVWLQJXLGRSRUXPSDGUmRGHUHVSLUDomROHQWRDPHQRVTXH
RXWUDVGLUHo}HVVHMDPGDGDVSRUDOJRFRPRXPDWHPSHUDWXUDPLQLPL]DGDHRQGDVDOIDPDLV
FRPSULGDVXPDIUHTrQFLDPDLVEDL[D

$LQGDKiUHODomRFRPRDPELHQWHSRUpPHFLrQFLDGHOH,VWRSRGHVHUSURSRVLWDOPHQWHEORTXHDGR
HPFDXVDGHXPDPDLRUHILFLrQFLDPDVQmRpQHFHVViULR(PPXLWRVFDVRVRVROKRVSRGHPVHU
DEHUWRVSRUH[HPSORHPERUDVHMDPDLVIiFLOIHFKiORV$TXLDVHQVLELOLGDGHpDFHOHUDGD6HP
QHFHVVDULDPHQWHVHJXLURVPpWRGRVRIHUHFLGRVQR$RVDVSHFWRVPHQWDOItVLFRHVHQWLPHQWDLV
>HPRFLRQDLV@GHSHUVRQDOLGDGHVSDVVDGDVDSDUHFHUmR

(OHV>RVDVSHFWRV@SRGHPVHUSHUFHELGRVGHYiULRVPRGRVGHDFRUGRFRPDVFDUDFWHUtVWLFDVGR
LQGLYtGXRTXHHVWiQHVWHHVWDGR,VWRSRGHVHUXVDGRSDUDGHVFREULUDRULJHPGHXPDLGpLDQR
SDVVDGRRXSDUDHQFRQWUDUDOJXPDFRLVDTXHWHQKDVLGRSHUGLGDDOLGHVGHTXHHVWHMDHPVHX
VLVWHPDGHSUREDELOLGDGH

'LUHWDPHQWHVREHOHKiR$9RFrWHPDTXLXPDH[WHQVmROLGDQGRFRPDVVXQWRVGHPDVVD
PRYLPHQWRVWHUUHQRVDKLVWyULDGHVHXSODQHWDFRPRYRFrRFRQKHFHRFRQKHFLPHQWRGDVUDoDV
TXHRKDELWDUDPDKLVWyULDGRVDQLPDLVDVFDPDGDVGHJiVHFDUYmRHGDVYiULDVHUDVTXH
YDUUHUDPRSODQHWDHPXGDUDPQR

2$OKHWUD]SDUDXPQtYHOTXHHVWiVREDVIRUPDo}HVGDPDWpULDXPQtYHOQRTXDODVLGpLDVH
FRQFHLWRVSRGHPVHUSHUFHELGRVHPERUDVXDVUHSUHVHQWDo}HVQmRDSDUHoDPQDUHDOLGDGHItVLFD
SUHVHQWHTXHYRFrFRQKHFH

$SDUWLUGHVWDFDPDGDYrPPXLWDVGDVLQVSLUDo}HVPDLVSURIXQGDV(VWDVLGpLDVHFRQFHLWRVWHQGR
VXDSUySULDLGHQWLGDGHHOHWURPDJQpWLFDQmRREVWDQWHDSDUHFHPFRPRRPDSDVLPEyOLFRQHVWH
QtYHOGHFRQVFLrQFLDeGLItFLOH[SOLFDULVWR2VSHQVDPHQWRVQmRDSDUHFHPFRPRSVHXGRLPDJHQV
SRUH[HPSORRXDVVXPHPTXDOTXHUSVHXGRPDWHULDOL]DomRDLQGDDVVLPVmRVHQWLGRVYLYLGDPHQWH
SHUFHELGRVHHQWHQGLGRVSHODVSRUo}HVGRFpUHEURHVWDVSRUo}HVDSDUHQWHPHQWHQmRXVDGDVSDUD
DVTXDLVDFLrQFLDQmRHQFRQWURXUHVSRVWDV

(VWDVLGpLDVHFRQFHLWRVREYLDPHQWHYrPGDFRQVFLrQFLD3RUpPHOHVUHSUHVHQWDP
GHVHQYROYLPHQWRVRFXOWRVLQFLSLHQWHVTXHSRGHPRXQmRRFRUUHUQDUHDOLGDGHItVLFD(OHVSRGHP
RXQmRVHUHPSHUFHELGRVSRUTXDOTXHUGHWHUPLQDGRLQGLYtGXR2LQWHUHVVHFDUDFWHUtVWLFRHDV
KDELOLGDGHVHQYROYLGDVWHUmRPXLWRDID]HUFRPVHX>GRLQGLYtGXR@UHFRQKHFLPHQWRGDVUHDOLGDGHV
QHVWDFDPDGDGHFRQVFLrQFLD

2PDWHULDOGLVSRQtYHOSRUpPUHSUHVHQWDEORFRVGHFRQVWUXomRSDUDPXLWRVVLVWHPDVSURYiYHLV
(VWDpXPDiUHDDEHUWDjTXDOPXLWDVRXWUDVGLPHQV}HVWHPDFHVVR&RQVWDQWHPHQWHHODVHWRUQD
GLVSRQtYHOQRHVWDGRGHVRQR,QRYDo}HVFRPSOHWDV>LQWHLUDV@LQYHQo}HVPXQGLDLVVXUSUHHQGHQWHV
WXGRLVVRUHSRXVDHVSHUDQGRSRUDVVLPGL]HUQHVWHLPHQVRUHVHUYDWyULR)RUWHVFRQYHUV}HV
SHVVRDLVVmRIUHTXHQWHPHQWHDIHWDGDVDSDUWLUGHVWHQtYHO

$JRUDTXDOTXHULQGLYtGXRSRGHDWUDYHVVDUHVWHVQtYHLVHSHUPDQHFHUUHODWLYDPHQWHLQWDFWRHQmR
FLHQWHSRGHYLDMDUSRUHOHVGHVSHUFHELGRV$VLQWHQo}HVJHUDLVHDVFDUDFWHUtVWLFDVGD
SHUVRQDOLGDGHGHWHUPLQDUmRDTXDOLGDGHGDSHUFHSomRHDFRPSUHHQVmR2PDWHULDOPHQFLRQDGR
HVWiGLVSRQtYHOHPFDGDGRVQtYHLVGHFRQVFLrQFLDGHWHUPLQDGDPDVGHYHVHUSURFXUDGRRXSRU
GHVHMRFRQVFLHQWHRXIRUWHGHVHMRLQFRQVFLHQWH6HQmRIRUHQWmRRVSUHVHQWHVGLVSRQtYHLVHRV
SRWHQFLDLVVLPSOHVPHQWHSHUPDQHFHUmRQmRXVDGRVHQmRUHLYLQGLFDGRV

2VHVWDGRVGHFRQVFLrQFLDWDPEpPVHIXQGHPXPQRRXWURHpyEYLRTXHHVWRXXVDQGRRVWHUPRV
GHSURIXQGLGDGHSDUDIDFLOLWDUDGLVFXVVmR

&RPHoDQGRFRPRHJRRXFRPDFRQVFLrQFLDGHVSHUWDFRPRRHXIRFDGRHPGLUHomRGDUHDOLGDGH
H[WHULRUHVWHVHVWDGRVVmRDPSORVFRPRSODQtFLHVDVHUHPH[SORUDGDV&DGDXPSRUWDQWRDEUHVH
HPJUDQGHViUHDVDGMDFHQWHVHKiPXLWRVFDPLQKRVDVHUHPWRPDGRVGHDFRUGRFRPVHX
LQWHUHVVHHGHVHMR

&RPRVHXHVWDGRGHVSHUWRRUGLQiULRSHUFHEHXPXQLYHUVRLQWHLURGHGDGRVItVLFRVDVVLPFDGDXP
GHVWHVHVWDGRVGHFRQVFLrQFLDSHUFHEHDVUHDOLGDGHVGHPDQHLUDFRPSOLFDGDYDULDGDVHYtYLGDVe
SRULVWRTXHpWmRGLItFLOGHH[SOLFDUDVH[SHULrQFLDVSRVVtYHLVGHQWURTXDOTXHUXPDGHWHUPLQDGD

2$DEUHXPDGLPHQVmRQDTXDODFRQVFLrQFLDYLWDOGHTXDOTXHUSHUVRQDOLGDGHSRGHVHU
FRQWDWDGDSHORPHQRVWHRULFDPHQWH,VWRHQYROYHQmRVyVHFRPXQLFDUFRPSHUVRQDOLGDGHV
SDVVDGDVHPVHXVWHUPRVPDVIXWXUDV(VWHpXPQtYHOGHFRQVFLrQFLDPXLWRUDURGHVHU
DOFDQoDGR1mRpSRUH[HPSORDFDPDGDXVDGDSHODPDLRULDGRVPpGLXQVeXPOXJDUQHXWURQR
TXDOSHUVRQDOLGDGHVGHTXDOTXHUWHPSRRXOXJDURXVLVWHPDVSURYiYHLVSRGHPVHFRPXQLFDUXPDV
FRPDVRXWUDVHPWHUPRVFODURVHQWHQGLGRVSRUWRGRV

&RQVLGHUDQGRTXHSDVVDGRSUHVHQWHHIXWXURQmRH[LVWHPHVWHpXPQtYHOGHFRPXQLFDomRFODUDH
FULVWDOLQDGHFRQVFLrQFLDV(VVHVHQYROYLGRVWrPXPFRQKHFLPHQWRH[FHOHQWHGRVSUySULRV
KLVWyULFRVHKLVWyULDVpFODURPDVQHVWHHVWDGRWDPEpPSRVVXHPXPDSHUVSHFWLYDPXLWRPDLRUQD
TXDODH[SHULrQFLDSULYDGDHRVKLVWyULFRVVmRYLVWRVFRPRXPDSRUomRLQWHLUDHDPSODPHQWH
SHUFHSWtYHO

$HVWHQtYHOPHQVDJHQVOLWHUDOPHQWHODPSHMDPDWUDYpVGRVVpFXORVGHXPJUDQGHKRPHPRX
PXOKHUSDUDRXWUR2IXWXURIDODFRPRSDVVDGR2VJUDQGHVDUWLVWDVVHPSUHSXGHUDPVH
FRPXQLFDUDHVWHQtYHOHHQTXDQWRYLYLDPOLWHUDOPHQWHRSHUDUDPDHVWHQtYHOGHFRQVFLrQFLDSRU
EDVWDQWHRWHPSR$SHQDVDVSRUo}HVPDLVH[WHULRUHVGHVXDVSHUVRQDOLGDGHVVHFXUYDUDPjV
RUGHQVGRSHUtRGRKLVWyULFR

3DUDHVVHVTXHDOFDQoDPHVWHHVWDGRHRXWLOL]DPDFRPXQLFDomRpDPDLVFODUD3UHFLVDVHU
HQWHQGLGRTXHHVWDFRPXQLFDomRIXQFLRQDGHDPEDVDVPDQHLUDV/HRQDUGRGD9LQFLVDELDGH
3LFDVVRSRUH[HPSOR+iJUDQGHVKRPHQVHPXOKHUHVTXHVHJXHPGHVFRQKHFLGRV6HXV
FRQWHPSRUkQHRV>GHOHV@RVLJQRUDP

$VUHDOL]Do}HVGHOHVSRGHPVHUPDOHQWHQGLGDVRXILVLFDPHQWHSHUGLGDVPDVDHVWHQtYHOGH
FRQVFLrQFLDHOHVFRPSDUWLOKDPQHVWDVFRPXQLFDo}HVHDRXWURQtYHOGHH[LVWrQFLDVXDVUHDOL]Do}HV
VmRUHFRQKHFLGDV

1mRSUHWHQGRLQVLQXDUSRUpPTXHDSHQDVRVJUDQGHVSDUWLOKDPQHVWDFRPXQLFDomRGH
FRQVFLrQFLD8PDJUDQGHVLPSOLFLGDGHpQHFHVViULDHIRUDGHODPXLWRVGRVPDLVKXPLOGHVHP
WHUPRVKXPDQRVWDPEpPSDUWLOKDPQHVWDVFRPXQLFDo}HV+iXPDFRQYHUVDomRLQWHUPLQiYHO
DFRQWHFHQGRHPWRGDSDUWHGRXQLYHUVRH>PXLWR@VLJQLILFDWLYD$TXHOHVGHDPERVVHXSDVVDGRH
VHXIXWXURWrPXPDPmRHPVHXPXQGRSUHVHQWHHDHVWHQtYHORVSUREOHPDVTXHWrPVLGR
HQFRQWUDGRVHLUmRDFRQWHFHUHVWmRVHQGRGLVFXWLGRV(VWHpRFRUDomRGDFRPXQLFDomR(ODp
HQFRQWUDGDPDLVXVXDOPHQWHQXPQtYHOSURIXQGRSURWHJLGRGHVRQRRXHPXPHVWDGRGHWUDQVH
HVSRQWkQHR*UDQGHHQHUJLDpJHUDGD

$LQIRUPDomRUHFHELGDHPTXDOTXHUGHVWHVHVWDGRVGHFRQVFLrQFLDWHPTXHVHULQWHUSUHWDGDSHOD
FRQVFLrQFLDGHVSHUWDQRUPDOVHTXDOTXHUOHPEUDQoDItVLFDIRUPDQWLGD

(PPXLWRVFDVRVDPHPyULDSHUPDQHFHLQFRQVFLHQWHDWpRQGHRHXHVWiLQWHUHVVDGRPDVDV
SUySULDVH[SHULrQFLDVSRGHPPXGDUFRPSOHWDPHQWHDHVWUXWXUDGHXPDYLGDLQGLYLGXDO>DYLGDGH
XPLQGLYtGXR@&XUVRVGHVDVWURVRVSRGHPVHUHYLWDGRVDWUDYpVGHWDLVFRPXQLFDo}HVLQWHUQDVH
LOXPLQDo}HVHVWHMDRXQmRRHJRFLHQWHGHODV

$VH[SHULrQFLDVQHVWHVYiULRVQtYHLVSRGHPVHULQWHUSUHWDGDVVLPEROLFDPHQWH(ODVSRGHP
DSDUHFHUQDIRUPDGHIDQWDVLDILFomRRXREUDGHDUWHVHPTXHRHXFRQVFLHQWHSHUFHEDVXD
RULJHP

$JRUDDTXDOTXHUGHVWHVYiULRVHVWiJLRVGHFRQVFLrQFLDRXWURVIHQ{PHQRVSRGHPWDPEpPVHU
SHUFHELGRV±IRUPDVSHQVDPHQWRVSRUH[HPSORPDQLIHVWDo}HVHQHUJpWLFDVSURMHo}HVGR
VXEFRQVFLHQWHSHVVRDOHSURMHo}HVGRFROHWLYRLQFRQVFLHQWH4XDOTXHURXWRGRVHVWHVSRGHP
UHFHEHUIRUPDVLPEyOLFDHSRGHPSDUHFHUEHQpILFRVRXDPHDoDGRUHVGHDFRUGRFRPDDWLWXGHGD
SHUVRQDOLGDGHHQYROYLGD(OHVGHYHPVHUFRQVLGHUDGRVFRPRIHQ{PHQRVEDVWDQWHQDWXUDLV
IUHTXHQWHPHQWHQHXWURVHPLQWHQomR

)UHTHQWHPHQWHHOHVVmRIRUPDVLQFLSLHQWHVTXHUHFHEHUDPDWLYLGDGHGDSHUVRQDOLGDGHTXHRV
HQFRQWUD$QDWXUH]DGHVXDVDWLYLGDGHVSRUWDQWRVHUmRSURMHWDGDVH[WHUQDPHQWHDSDUWLUGD
SHUVRQDOLGDGHVREUHDPDWHULDOL]DomRUHODWLYDPHQWHSDVVtYHO$SHVVRDTXHDVHQFRQWUDUWHP
DSHQDVTXHYLUDUVXDDWHQomRSDUDORQJHDILPGH³GHVDWLYDU´RIHQ{PHQR,VWRQmRVLJQLILFDTXHR
IHQ{PHQRQmRpUHDO6XDQDWXUH]DVLPSOHVPHQWHpGHXPWLSRGLIHUHQWHHJUDX

(OHWHPXPDHQHUJLDSUySULDPDVSUHFLVDGHHQHUJLDDGLFLRQDOGHXPREVHUYDGRU>SHUFHEHGRU@
SDUDTXHTXDOTXHULQWHUUHODomRDFRQWHoD6HWDOPDWHULDOL]DomRSDUHFHDPHDoDGRUDHQWmR
VLPSOHVPHQWHGHVHMHDSDFLILFDHWLUHVXDDWHQomRGHOD(ODWLUDVXDHQHUJLDSULQFLSDODWLYDGHVHX
IRFRHGHDFRUGRFRPDLQWHQVLGDGHHQDWXUH]DGHVHXIRFR9RFrQmRGHYHFRQVLGHUDUDV
VXSRVLo}HVHQUDL]DGDVGHVXDH[LVWrQFLDItVLFDFRPYRFrTXDQGRYRFrYLDMDDWUDYpVGHVWHVQtYHLV
GHFRQVFLrQFLD'LVSDVHGHPXLWDVGHODVWDQWRTXDQWRSRVVtYHOSRLVHODVSRGHPID]rOR
LQWHUSUHWDUPDOVXDVH[SHULrQFLDV

+iRXWUDVFDPDGDVGHFRQVFLrQFLDVREHVWDPDVDTXLKiXPDWHQGrQFLDPDLRUSDUDTXHVHIXQGDP
XPDQDRXWUD1RSUy[LPRQtYHOSRUH[HPSORDFRPXQLFDomRpSRVVtYHOFRPYiULRVWLSRVGH
FRQVFLrQFLDTXHQXQFDIRUDPPDQLIHVWDGDVILVLFDPHQWHHPVHXVWHUPRV±SHUVRQDOLGDGHVTXHQmR
WrPXPDUHDOLGDGHItVLFDQHPHPVHXSUHVHQWHRXIXWXUR>HTXH@DLQGDHVWmRFRQHFWDGDVFRPVHX
VLVWHPDGHUHDOLGDGHFRPRJXDUGL}HVHJXDUGDV>]HODGRUHV@

4XDVHWRGDVDVH[SHULrQFLDVGHVWHQtYHOVHUmRUHSUHVHQWDGDVVLPEROLFDPHQWHSRLVDRFRQWUiULR
HODVQmRWHULDPVLJQLILFDGRSDUDYRFr7RGDVDVH[SHULrQFLDVWHUmRDYHUGHXPDPDQHLUDRXRXWUD
FRPDYLGDQmRItVLFDFRPDFRQVFLrQFLDQmRFRUSRUDOHIRUPDVHDLQGHSHQGrQFLDGDFRQVFLrQFLD
GDPDWpULD(VWDVH[SHULrQFLDVVHPSUHVHUmRHQFRUDMDGRUDV([SHULrQFLDVIRUDGRFRUSR
IUHTXHQWHPHQWHHVWDUmRHQYROYLGDVDTXLQDVTXDLVRSURMHFLRQLVWDVHHQFRQWUDHPXPDPELHQWH
VREUHQDWXUDORXXPGHJUDQGHEHOH]DHJUDQGH]D

2VPDWHULDLVGRDPELHQWHWHUmRVXDRULJHPQDPHQWHGRSURMHWLVWD>SURMHFLRQLVWD@VHQGRVtPEROR
GDSUySULDLGpLDSRUH[HPSORGDYLGDGHSRLVGHPRUWH>RSURMHFLRQLVWDVHQGRVtPERORGDLGpLDGHOH
±GRFRQFHLWRTXHPDQWpP±GHYLGDDSyVDPRUWH@8P2UDGRURX2UDGRUHVDSDUHFHUmRHP
TXDOTXHUGLVIDUFHTXHVHMDPDLVDFHLWiYHODRSURMHWLVWD>SURMHFLRQLVWD@VHMDRGLVIDUFHGHXPGHXV
XPDQMRRXXPGLVFtSXOR(VWHpRWLSRGHH[SHULrQFLDPDLVFDUDFWHUtVWLFRGHVWHQtYHO

'HDFRUGRFRPDVKDELOLGDGHVHFRPSUHHQVmRGRSURMHWLVWDSRUpPSRGHPVHUGDGDVPHQVDJHQV
PDLVFRPSOHWDVHSRGHVHUEDVWDQWHyEYLRTXHRV2UDGRUHVUHDOPHQWHVmRDSHQDVVtPERORVGH
LGHQWLGDGHVPDLRUHV$OJXQVSRGHUmRHQWHQGHUDVFRPXQLFDo}HVPDLVFODUDPHQWH$YHUGDGHLUD
QDWXUH]DGRV2UDGRUHVQmRItVLFRVSRGHHQWmRVHWRUQDUFRQKHFLGD

3URMHo}HVPDLVSURIXQGDVQDTXHOHDPELHQWHSRGHPHQWmRVHUSRVVtYHLV1HVWHHVWDGRWDPEpP
SRGHPVHUYLVWDVJUDQGHVYLV}HVGHSDVVDGRVKLVWyULFRVHIXWXURV7RGRVHVWHVQtYHLVGH
FRQVFLrQFLDVmRSUHHQFKLGRVFRPDWDSHoDULDGHYiULDVFRPXQLFDo}HVTXHSRGHPVHUOHYDGDVD
FDERGHDFRUGRFRPRSURSyVLWRGDSHUVRQDOLGDGHHQYROYLGD

(VWUXWXUDVPROHFXODUHVHQYLDPDVSUySULDVPHQVDJHQV>GHODV@HDPHQRVTXHYRFrHVWHMD
VLQWRQL]DGRSDUDSHUFHErODVHODVSRGHPVHULQWHUSUHWDGDVFRPRHVWiWLFDVRXFRPRXPEDUXOKR
VHPVHQWLGR4XDOTXHUXPGHVWHVQtYHLVGHFRQVFLrQFLDSRGHVHUFREHUWRSRUXPEULOKRHQHQKXPD
QRWLILFDomRVHUSHUFHELGDRXDRPHQRVWHRULFDPHQWH

YRFrSRGHULDJDVWDUXPDYLGDLQWHLUDH[SORUDQGRTXDOTXHUQtYHOGHWHUPLQDGR

9RFrSRGHWHUYiULDVH[SHULrQFLDVEDVWDQWHYiOLGDVSRUH[HPSORQRQtYHOTXDWURVHPTXDOTXHU
FRQVFLrQFLDGRVWUrVSULPHLURV2VHVWiJLRVHVWmRDTXLSDUDDTXHOHVTXHVDEHPRTXHHOHVVmRH
FRPRXViORV0XLWRVDFKDPRSUySULRPRGR>GHOHV@EDVWDQWHHVSRQWDQHDPHQWH$JRUDRVRXWURV
QtYHLVDGMDFHQWHVQDOLQKDKRUL]RQWDOOKHHQYROYHPHPYiULDVUHDOLGDGHVDOWHUQDGDVFDGDXPFRP
XPDGLVWkQFLDPDLRUGRVHXSUySULR0XLWRVGHVWHVHQYROYHPVLVWHPDVQRVTXDLVDYLGDHDPRUWH
FRPRYRFrFRQKHFHQmRRFRUUHRQGHRWHPSRpVHQWLGRFRPRXPSHVRVLVWHPDVQRVTXDLVDV
VXSRVLo}HVHQUDL]DGDVVmRWmRGLIHUHQWHVGHVXDVSUySULDVTXHYRFrDSHQDVDFHLWDULDTXDLVTXHU
H[SHULrQFLDVFRPRIDQWDVLD

3RUHVWDUD]mRYRFrpPXLWRPHQRVKiELODYLDMDUQHVVDVGLUHo}HV(PDOJXPDVKiLPSHGLWLYRV
HPEXWLGRV0HVPRDVSURMHo}HVDSDUWLUGHVHXXQLYHUVRSDUDXPXQLYHUVRGHDQWLPDWpULDpPDLV
GLItFLOSRUH[HPSOR$PDTXLDJHPHOHWURPDJQpWLFDDWpPHVPRGHVHXVSHQVDPHQWRVVHULD
DGYHUVDPHQWHDIHWDGDHDLQGDWHRULFDPHQWHLVWRpSRVVtYHODSDUWLUGHXPGHVWHVQtYHLVDGMDFHQWHV
GHFRQVFLrQFLD

)UHTHQWHPHQWHYRFrYLVLWDWDLViUHDVGHFRQVFLrQFLDQRHVWDGRGHVRQKRRQGHYRFrHQWUDQHOHV
HVSRQWDQHDPHQWHOHPEUDQGRVHGHPDQKmGHXPVRQKRIDQWiVWLFR$FRQVFLrQFLDWHPTXHXVDU
WXGRGHVXDV>GDFRQVFLrQFLD@SDUWHVHDWLYLGDGHVDVVLPFRPRRFRUSRSUHFLVD4XDQGRYRFrHVWi
GRUPLQGRSRUWDQWRVXDFRQVFLrQFLDVHYROWDSDUDPXLWDVGHVWDVGLUHo}HVSHUFHEHQGR
IUHTHQWHPHQWHTXHUTXHLUDTXHUQmRSHGDoRVHSHGDoRVGHUHDOLGDGHTXHHVWmRGLVSRQtYHLVSDUD
HODHPVHXVGLIHUHQWHVHVWiJLRV,VWRWDPEpPDFRQWHFHVREVHXIRFRItVLFRQRUPDODWpFHUWRSRQWR
PHVPRTXDQGRYRFrUHDOL]DVXDVDWLYLGDGHVGHVSHUWDV>GXUDQWHRGLD@2VSUHVHQWHVDOWHUQDGRVGRV
TXDLVIDOHLQmRVmRVLPSOHVPpWRGRVDOWHUQDGRVSDUDSHUFHEHUXPSUHVHQWHREMHWLYR+iPXLWRV
SUHVHQWHVDOWHUQDGRVFRPYRFrIRFDGRDSHQDVHPXPGHOHV

4XDQGRYRFrGHL[DVXDDWHQomRRVFLODUSRUpPYRFrSRGHHQWUDUIUHTHQWHPHQWHHPXPHVWDGRQR
TXDOSHUFHEHODPSHMRVGHRXWURSUHVHQWHDOWHUQDGR7RGRRHXDDOPDVDEHGHVXD>GRHXGD
DOPD@UHDOLGDGHHPWRGRV>HVWHV@WDLVVLVWHPDVHYRFrFRPRXPDSDUWHGHOH>GRHX@HVWi
WUDEDOKDQGRSDUDRPHVPRHVWDGRGHDXWRFRQVFLrQFLDHGHVHQYROYLPHQWR

4XDQGRYRFrpSURILFLHQWHYRFrQmRVHUiYDUULGRLQGHFLVDPHQWHSDUDRXWURVHVWiJLRVGH
FRQVFLrQFLDTXDQGRYRFrGRUPHPDVVHUiFDSD]GHFRPSUHHQGHUHGLUHFLRQDUHVWDVDWLYLGDGHV$
FRQVFLrQFLDpXPDWULEXWRGDDOPDXPDIHUUDPHQWDTXHSRGHVHUYLUDGD>YROWDGD@SDUDPXLWDV
GLUHo}HV9RFrQmRpVXDFRQVFLrQFLD(ODpDOJRTXHSHUWHQFHDYRFrHjDOPD9RFrHVWi
DSUHQGHQGRDXViOD¬H[WHQVmRTXHYRFrHQWHQGHHXWLOL]DRVYiULRVDVSHFWRVGDFRQVFLrQFLD
YRFrDSUHQGHUiHQWHQGHUVXDSUySULDUHDOLGDGHHRHXFRQVFLHQWHYHUGDGHLUDPHQWHVHWRUQDUi
FRQVFLHQWH

9RFrVHUiFDSD]GHSHUFHEHUDUHDOLGDGHItVLFDSRUTXHYRFrTXHULVWRVDEHQGRTXHHODpXPDGDV
PXLWDVUHDOLGDGHV9RFrQmRVHUiIRUoDGRDSHUFHEHULVWRVR]LQKRQDLJQRUkQFLD

2VYiULRVQtYHLVGDFRQVFLrQFLDGLVFXWLGRVDTXLSRGHPSDUHFHUHVWDUPXLWRGLYRUFLDGRVGRV>QtYHLV@
GHVSHUWRVRUGLQiULRV$VGLYLV}HVVmREDVWDQWHDUELWUiULDV(VWHVYiULRVHVWiJLRVWRGRVUHSUHVHQWDP
DWULEXWRVGLIHUHQWHVHGLUHo}HVLQHUHQWHVGHQWURGHVXDSUySULDDOPDSLVWDVHVXJHVW}HVGHOHV
VRPEUDVHUHIOH[}HVDSDUHFHPPHVPRQDFRQVFLrQFLDTXHYRFrFRQKHFH0HVPRDFRQVFLrQFLD
GHVSHUWDQRUPDOHQWmRQmRpLQRFHQWHGHWRGRVRVRXWURVUDVWURVGHH[LVWrQFLDRXGHVWLWXtGDGH
RXWURVWLSRVGHFRQVFLrQFLDeDSHQDVSRUTXHYRFrQRUPDOPHQWHXVDVXDFRQVFLrQFLDGHVSHUWDGH
PDQHLUDVOLPLWDGDVTXHYRFrQmRHQFRQWUDHVWDVSLVWDVFRPTXDOTXHUUHJXODULGDGH

(OHVVHPSUHHVWmRSUHVHQWHV6HJXLORVSRGHOKHGDUDOJXPDLGpLDGHVWDVRXWUDVGLUHo}HVHGHVWHV
RXWURVQtYHLVGRVTXDLVIDODPRV)UHTXHQWHPHQWHSRUH[HPSORVtPERORVDSDUHQWHPHQWHVHP
FRQH[mRRXLPDJHQVSRGHPVXUJLUHPVXDPHQWH1RUPDOPHQWHYRFrRVLJQRUD

6HDRLQYpVYRFrRVUHFRQKHFHUHYLUDUVXDDWHQomRSDUDHOHVYRFrSRGHVHJXLORVDYiULDVRXWUDV
FDPDGDVDRPHQRVSRUH[HPSORSHOD$H$FRPIDFLOLGDGH

2VVtPERORVRXLPDJHQVSRGHPPXGDUTXDQGRYRFrPXGDDVVLPYRFrSHUFHEHSRXFDVHPHOKDQoD
HQWUHGLJDPRVDLPDJHPLQLFLDOHDSUy[LPD$FRQH[mRSRGHVHUDOWDPHQWHLQWXLWLYDSRUpP
DVVRFLDWLYDHFULDWLYD)UHTHQWHPHQWHXQVSRXFRVPRPHQWRVGHUHIOH[mROKHSHUPLWLUmR
SRVWHULRUPHQWHYHUSRUTXHXPDLPDJHPVHIXQGLXQDRXWUD8PD~QLFDLPDJHPSRGHVHDEULUGH
UHSHQWHHPXPDSDLVDJHPPHQWDOLQWHLUDPDVYRFrQmRFRQKHFHUiQDGDGLVWRVHQmRUHFRQKHFHDV
SULPHLUDVSLVWDVTXHDSHQDVHVWmRVREDFRQVFLrQFLDSUHVHQWHHTXDVHWUDQVSDUHQWHVVHYRFr
DSHQDVHVWLYHUGLVSRVWRDROKDU

2IRFRDOWHUQDGRpVRPHQWHHVWDGRQRTXDOYRFrYROWDVXDFRQVFLrQFLDSDUDRXWUDGLUHomRTXHQmRD
KDELWXDODILPGHSHUFHEHUUHDOLGDGHVEDVWDQWHOHJtWLPDVTXHH[LVWHPVLPXOWDQHDPHQWHFRPDVXD
PHVPR9RFrWHPTXHDOWHUDUVXDSHUFHSomRSDUDSHUFHEHUTXDOTXHUUHDOLGDGHTXHQmRp
SUDWLFDPHQWHHQJUHQDGDHPGLUHomRjIRUPDPDWHULDO,VWRpDOJRFRPRROKDUSDUDRFDQWRGHVHX
ROKRRXPHQWHHPOXJDUGHSDUDDIUHQWH

8VDQGRRIRFRDOWHUQDGRFRPDSUiWLFDpSRVVtYHOSHUFHEHUDVIRUPDo}HVItVLFDVGLIHUHQWHVTXH
SUHHQFKHPTXDOTXHUiUHDGHWHUPLQDGDGRHVSDoRRXTXHRSUHHQFKHUiHPVHXVWHUPRV(PDOJXQV
HVWDGRVGHVRQKRYRFrSRGHYLVLWDUXPORFDOSDUWLFXODUHHQWmRSRGHSHUFHEHURORFDOFRPRHUD
GLJDPRVWUrVVpFXORVDWUiVHGDTXLDFLQFRDQRVHQXQFDHQWHQGHURTXHRVRQKRVLJQLILFDYD
3DUHFHDYRFrTXHHVSDoRSRGHVHUSUHHQFKLGRDSHQDVSRUXPLWHPGHWHUPLQDGRSRUYH]TXHXP
SUHFLVDVHUUHPRYLGRSDUDGDUOXJDUDRXWUR

$RFRQWUiULRYRFrVySHUFHEHGHVWHMHLWR12IRFRDOWHUQDGRYRFrSRGHGLVSHQVDUDVVXSRVLo}HV
HQUDL]DGDVTXHQRUPDOPHQWHJXDUGDGLUHFLRQDHOLPLWDVXDSHUFHSomR9RFrpFDSD]GHILFDUGH
ODGRGRPRPHQWRFRPRYRFrRFRQKHFHHUHWRUQDUDHOHHHQFRQWUiORDOL$FRQVFLrQFLDVyILQJH
VHFXUYDUjLGpLDGHWHPSR

$RXWURVQtYHLVJRVWDGHMRJDUFRPWDLVFRQFHLWRVHSHUFHEHUJUDQGHXQLGDGHGRVHYHQWRVTXH
RFRUUHPIRUDGRFRQWH[WRGHWHPSR±PLVWXUDQGRSRUH[HPSORRVHYHQWRVGHYiULRVVpFXORV
HQFRQWUDQGRKDUPRQLDHSRQWRVGHFRQWDWRDWUDYpVGRH[DPHGHDPELHQWHVSULYDGRVHKLVWyULFRV
DUUDQFDQGRRVGDHVWUXWXUDGHWHPSR

1RYDPHQWHYRFrID]LVWRDWpPHVPRHPVHXVRQR6HYRFrQmRIL]HULVWRQRHVWDGRGHVSHUWR
>DFRUGDGR@pSRUTXHYRFrFRQWHYHVXDFRQVFLrQFLDQXPDUpGHDPXLWRDSHUWDGD

&RPRPHQFLRQDGRXPSRXFRDQWHULRUPHQWHQHVWHOLYURHQTXDQWRVXDFRQVFLrQFLDQRUPDOGHVSHUWD
SDUHFHFRQWtQXDSDUDYRFrHYRFrQRUPDOPHQWHQmRHVWiFLHQWHGHQHQKXPDPDQFKDEUDQFDQmR
REVWDQWHHODWHPJUDQGHVIOXWXDo}HV$XPDJUDQGHH[WHQVmRHODWHPOHPEUDQoDDSHQDVGHVL
PHVPDHGHVXDVSUySULDV>GDPDFKD@SHUFHSo}HV1DFRQVFLrQFLDQRUPDOHQWmRHODVHSDUHFH
FRPRVHQmRKRXYHVVHRXWURWLSRUHDOGHFRQVFLrQFLDQHQKXPDRXWUDiUHDRXQtYHLV4XDQGRHOD
HQFRQWUDU³PDQFKDVEUDQFDV´H³UHWRUQRV´HODERUUDDFRQVFLrQFLDGHTXHRPRPHQWRGHQmR
IXQFLRQDELOLGDGHRFRUULGD

(ODHVTXHFHRODSVR1mRSRGHHVWDUDWHQWDDRVWLSRVDOWHUQDGRVGHFRQVFLrQFLDHQTXDQWRpVL
PHVPDDPHQRVTXHVHMDPDVVXPLGRVPpWRGRVTXHDSHUPLWLDPUHFXSHUDUVHGHVWDDPQpVLD

(ODEULQFDGHDPDUHOLQKDGHQWURHIRUDGDUHDOLGDGH¬VYH]HVHODVHYDLHYRFrQmRHVWiFLHQWH
GHOD(PWDLVRFDVL}HVVXDDWHQomRHVWiIRFDGDHPRXWUROXJDUQRTXHYRFrSRGHULDFKDPDUGH
PLQLVRQKRVRXDOXFLQDo}HVRXSURFHVVRVDVVRFLDWLYRVHLQWXLWLYRVGHSHQVDPHQWRVTXHDFRQWHFHP
EDVWDQWHDOpPGRIRFRQRUPDO

1HVWHVODSVRVYRFrHVWiSHUFHEHQGRRXWURVWLSRVGHUHDOLGDGH±FRPRXWURVHVWDGRVGHFRQVFLrQFLD
GHVSHUWDGLIHUHQWHVGRVQRUPDLV4XDQGRYRFrYROWDYRFrSHUGHDOLQKD>GHSHQVDPHQWR@$
FRQVFLrQFLDGHVSHUWDQRUPDOILQJHTXHQXQFDKRXYHQHQKXPDTXHEUD,VWRDFRQWHFHFRPXPSRXFR
GHUHJXODULGDGHHDJUDXVYDULDGRVGHTXLQ]HDFLQTHQWDYH]HVSRUKRUDGHDFRUGRFRPVXDV
DWLYLGDGHV

3RUYiULDVYH]HVPXLWDVSHVVRDVVHSHJDPFRPDH[SHULrQFLDVHQGRWmRYtYLGDTXHVDOWDGD
DEHUWXUDSRUDVVLPGL]HUFRPDSHUFHSomRWmRLQWHQVDTXHPHVPRDFRQVFLrQFLDQRUPDOGHVSHUWD
VHWRUQDFLHQWHGLVWR(VWHVLQWHUYDORVVmREDVWDQWHQHFHVViULRVSDUDDFRQVFLrQFLDItVLFD(OHVVmR
WHFLGRVDWUDYpVGDHVWUXWXUDGHVXDFRQVFLrQFLDWmRKDELOPHQWHHWmRLQWLPDPHQWHTXHHOHVFRORUHP
VXDSVLTXHHRVHQWLPHQWRGDDWPRVIHUD

$FRQVFLrQFLDQRUPDOGHVSHUWDWHFHGHQWURHIRUDGHVWDWHLDHQFRUDMDGRUDLQILQLWD6XDH[SHULrQFLD
LQWHUQDpWmRFRPSOH[DTXHYHUEDOPHQWHpTXDVHLPSRVVtYHOGHVFUHYHU$FRQVFLrQFLDQRUPDO
GHVSHUWDHQTXDQWRWHPPHPyULDGHVLPHVPDREYLDPHQWHQmRUHWpPWRGDDPHPyULDWRGRR
WHPSReGLWRTXHDPHPyULDGRVHYHQWRVSDVVDGRVJRWHMDGHYROWDjVXEFRQVFLrQFLD(ODDLQGDHVWi
LQWHQVDPHQWHYLYDHSRULVWRTXHURGL]HUYLYHQGRHDWLYDHPERUDYRFrQmRVHIRTXHQLVWR

3RUo}HVLQWHUQDVGHVXDSHUVRQDOLGDGHWDPEpPWrPPHPyULDGHWRGRVRVVHXVVRQKRV(VWHV
H[LVWHPVLPXOWDQHDPHQWHHVXVSHQVRVSRUDVVLPGL]HUFRPROX]HVVREUHXPDFLGDGHHVFXUD
LOXPLQDQGRYiULDVSRUo}HVGDSVLTXH(VWHVVLVWHPDVGHPHPyULDVmRWRGRVLQWHUFRQHFWDGRV$JRUD
GDPHVPDPDQHLUDYRFrWHPVXDPHPyULDGHYLGDVSDVVDGDVWRGDVEDVWDQWHFRPSOHWDVHWRGDV
RSHUDQGRQRVLVWHPDGHPHPyULDLQWHLUR

(PSHUtRGRVGH³PDQFKDVHPEUDQFRFRQVFLHQWHVRXFHUWDVIOXWXDo}HVHVWHVVLVWHPDVGH
PHPyULDVmRIUHTHQWHPHQWHSHUFHELGRV&RPRXPDUHJUDDPHQWHFRQVFLHQWHFRPVHXSUySULR
VLVWHPDGHPHPyULDQmRRVDFHLWDUi4XDQGRXPDSHUVRQDOLGDGHSHUFHEHTXHDTXHODVWDLVRXWUDV
UHDOLGDGHVH[LVWHPHTXHDTXHODVRXWUDVH[SHULrQFLDVFRPDFRQVFLrQFLDVmRSRVVtYHLVHQWmRHOD
DWLYDFHUWRVSRWHQFLDLVGHQWURGHOD(VWHVDOWHUDPDVFRQH[}HVHOHWURPDJQpWLFDVGHDPERVGHQWUR
GDPHQWHRFpUHEURHDWpPHVPRRVPHFDQLVPRVSHUFHSWLYRV(OHVUH~QHPUHVHUYDWyULRVGH
HQHUJLDHPRQWDPFDPLQKRVGHDWLYLGDGHSHUPLWLQGRjPHQWHFRQVFLHQWHDXPHQWDUVHXJUDXGH
VHQVLELOLGDGHDWDLVGDGRV

$PHQWHFRQVFLHQWHpOLEHUWDGHVLPHVPD$XPDJUDQGHPHGLGDHODVRIUHXPDPHWDPRUIRVH
DVVXPLQGRIXQo}HVPDLRUHV(ODpFDSD]GHSHUFHEHUSRXFRDSRXFRDOJXQVGRVFRQWH~GRVDQWHV
GHIHFKDUVHDHOHV(ODMiQmRSUHFLVDPDLVSHUFHEHUDV³PDQFKDVEUDQFDV´PRPHQWkQHDV
WHPHURVDPHQWHFRPRHYLGHQFLDGHLQH[LVWrQFLD

$VIOXWXDo}HVPHQFLRQDGDVDQWHULRUPHQWHIUHTHQWHPHQWHVmREDVWDQWHLQVWDQWkQHDVDLQGD
DOWDPHQWHVLJQLILFDQWHV$PHQWHFRQVFLHQWHFRQKHFHEHPVHXSUySULRHVWDGRGHIOXWXDomR4XDQGR
pOHYDGDXPDYH]DHQIUHQWDULVWRHODQmRDFKDRFDRVRXSLRUDLQH[LVWrQFLDPDVDIRQWHGHVXDV
SUySULDVKDELOLGDGHVHIRUoD$SHUVRQDOLGDGHFRPHoDDXVDUVHXSUySULRSRWHQFLDOHQWmR

3HUtRGRVGHGHYDQHLRHPRPHQWRVFULDWLYRVGHFRQVFLrQFLDDPERVUHSUHVHQWDPSDVVDJHQVGH
HQWUDGDQHVWDVRXWUDViUHDV1RHVWDGRFULDWLYRKDELWXDOGDFRQVFLrQFLDDFRQVFLrQFLDGHVSHUWD
UHJXODUpDSRLDGDGHUHSHQWHSRUHQHUJLDGHVWDVRXWUDViUHDV$FRQVFLrQFLDGHVSHUWDVR]LQKDQmR
OKHGiRHVWDGRFULDWLYR5HDOPHQWHDFRQVFLrQFLDQRUPDOGHVSHUWDSRGHVHUWmRWHPHURVDGRV
HVWDGRVFULDWLYRVFRPRpGRVHVWDGRVHPEUDQFRSRLVHODSRGHVHQWLUTXHR(XHVWiVHQGR
HPSXUUDGRGHODGRSRGHVHQWLURGHVORFDPHQWRGDHQHUJLDTXHSRGHQmRHVWDUFRPSUHHQGHQGR

(ODHVWiSUHFLVDPHQWHQRVSRQWRVEDL[RVGDIOXWXDomRTXHWDLVH[SHULrQFLDVRULJLQDPSRLVD
FRQVFLrQFLDQRUPDOHVWiPRPHQWDQHDPHQWHHPXPHVWDGRIUDFRHPXPSHUtRGRGHGHVFDQVR7RGR
RRUJDQLVPRItVLFRVRIUHWDLVIOXWXDo}HVQRYDPHQWHTXHQRUPDOPHQWHVmREDVWDQWHGHVSHUFHELGRV
(VWHVSHUtRGRVWDPEpPIOXWXDPVHJXLQGRULWPRVUHODFLRQDGRVFRPDSHUVRQDOLGDGHFDUDFWHUtVWLFD
(PDOJXPDVRQGDVGHPRYLPHQWRVmRFRPSDUDWLYDPHQWHORQJDVHOHQWDVRVYDOHVLQWHUQRVVmR
LQFOLQDGRVFRPRXWURVRFRQWUiULRpYHUGDGH

&RPDOJXQVRVODSVRVVmRPDLVQRWiYHLVIRUDGDQRUPD6HDVLWXDomRQmRIRUFRPSUHHQGLGD
HQWmRDSHUVRQDOLGDGHSRGHDFKDUGLItFLOUHODFLRQDURVHYHQWRVItVLFRV

6HHODSXGHUSHUFHEHUDVRXWUDViUHDVGDFRQVFLrQFLDSRGHVHSHJDUHPPDLVGLILFXOGDGHVDLQGD
QmRSHUFHEHQGRTXHDPERVRVVLVWHPDVGHUHDOLGDGHVmRYiOLGRV

$VIOXWXDo}HVWDPEpPVHJXHPPXGDQoDVVD]RQDLV2VHYHQWRVGHTXDOTXHUGHWHUPLQDGDFDPDGD
GHFRQVFLrQFLDVmRUHIOHWLGRVHPWRGDVDVRXWUDViUHDVFDGDXPVHQGRDWXDOL]DGRGHDFRUGRFRP
DVFDUDFWHUtVWLFDVGDFDPDGDGHWHUPLQDGD&RPRXPVRQKRpFRPRXPDSHGUDODQoDGDQDSLVFLQD
GDFRQVFLrQFLDGHVRQKRLJXDOPHQWHTXDOTXHUDWRWDPEpPDSDUHFHQHVWDSLVFLQDHP>FRP@VHX
SUySULRGLVIDUFH2IRFRDOWHUQDGROKHSHUPLWHSHUFHEHUDVPXLWDVPDQLIHVWDo}HVGHTXDOTXHUDWR
GHWHUPLQDGRDYHUGDGHLUDUHDOLGDGHPXOWLGLPHQVLRQDOGHXPGHWHUPLQDGRSHQVDPHQWR,VWR
HQULTXHFHDFRQVFLrQFLDQRUPDO

9RFrpDWLYRQHVWDVRXWUDVFDPDGDVHVWHMDRXQmRFLHQWHGLVWR9RFrQmRVyDSUHQGHQDYLGDItVLFD
HQRHVWDGRGHVRQKRFRPRWDPEpPQHVWDVH[LVWrQFLDVLQWHULRUHVGDVTXDLVQmRWHPQHQKXPD
PHPyULD$VKDELOLGDGHVFULDWLYDVGHXPDQDWXUH]DHVSHFtILFDRXKDELOLGDGHVFXUDWLYDVVmR
IUHTHQWHPHQWHWUHLQDGDVGHVWDPDQHLUDDSHQDVHQWmRHPHUJHPSDUDDUHDOLGDGHItVLFD

6HXVSHQVDPHQWRVIXWXURVHDWRVVmRWmRUHDLVQHVWDVGLPHQV}HVFRPRVHMiWLYHVVHPRFRUULGRH
PXLWRFRPRXPDSDUWHGHVHXGHVHQYROYLPHQWR9RFrpIRUPDGRQmRDSHQDVSRUVHXSDVVDGRPDV
SRUVHXIXWXURHSHODVH[LVWrQFLDVDOWHUQDGDV(VWDVJUDQGHVLQWHUDo}HVVmRDSHQDVXPDSDUWHGD
HVWUXWXUDGHVXDDOPD(QWmRYRFrSRGHPXGDUDUHDOLGDGHSUHVHQWHFRPRYRFrDHQWHQGHDSDUWLU
GHTXDOTXHUGHVWDVRXWUDVFDPDGDVGHFRQVFLrQFLD

4XDOTXHUXPGHVWDVYiULDVFDPDGDVGHFRQVFLrQFLDSRGHVHUXVDGDFRPRDFRQVFLrQFLDDWLYD
QRUPDODUHDOLGDGHTXHpYLVWDGDTXHOHSRQWRGHYLVWDHVSHFtILFR

$UHDOLGDGHItVLFDpROKDGDEUHYHPHQWHHQWmRSRURXWURVWLSRVGHSHUVRQDOLGDGHVHPRXWURV
VLVWHPDVGRSUySULRSRQWRGHYLVWD~QLFRGHODV,QYHVWLJDQGRLVWRGHVWHkQJXORSRUDVVLPGL]HU
YRFrQmRUHFRQKHFHULDLVWRFRPRVHXSUySULRVLVWHPDFDVHLUR>FRPRDTXHOHRQGHYRFrYLYH@

'HDOJXQVGHVWHVSRQWRVGHYLVWDVXDPDWpULDItVLFDWHPSHTXHQDRXQHQKXPDSHUPDQrQFLD
HQTXDQWRSDUDRXWURVVHXVSUySULRVSHQVDPHQWRVWrPXPDVSHFWRHIRUPDSHUFHELGRSHORV
REVHUYDGRUHVPDVQmRSRUYRFrVPHVPRV

9LDMDQGRSHORVHVWDGRVGHFRQVFLrQFLDHVWDVRXWUDVSHUVRQDOLGDGHVWHQWDULDPDWLQJLUDOJXPIRFRH
SHUFHEHUVHXDPELHQWHWHQWDQGRGDUVHQWLGRDRVGDGRVDPSODPHQWHHVWUDQKRVDHODV&RQVLGHUDQGR
TXHPXLWDVGHODVQmRVmRFLHQWHVGHVXDLGpLDGHWHPSRHODVDFKDULDPGLItFLOHQWHQGHUTXHYRFr
SHUFHEHRVHYHQWRVFRPLQWHUYDORVHQWUHHOHVHQmRSHUFHEHULDPDRUJDQL]DomRLQWHUQDTXHYRFr
HPSXUUDVREUHVHXDPELHQWHQRUPDO2VHXpREYLDPHQWHWDPEpPXPVLVWHPDSURYiYHOSDUDRXWURV
FDPSRVWDPEpPWRFDGRVSHORFDPSRGDVSUREDELOLGDGHV

&RPRHVWHVVLVWHPDVVmRDGMDFHQWHVDRVHXWDPEpPRVHXpDGMDFHQWHRIRFRDOWHUQDGRSHUPLWHjV
SHUVRQDOLGDGHVGHRXWUDVUHDOLGDGHVSHUFHEHUHPRVHXSUySULRSRUWDQWRFRPRHOHSRGH
WHRULFDPHQWHDRPHQRVSHUPLWLUOKHXPODPSHMRQDH[LVWrQFLDGHODV

&$3Ë78/2
2VLJQLILFDGRGDUHOLJLmR

6HPSUHKiUHDOL]Do}HVLQWHUQDVSUHVHQWHVHPWRGRRHX+iFRPSUHHQVmRGRVLJQLILFDGRGHWRGDD
H[LVWrQFLDGHQWURGHFDGDSHUVRQDOLGDGH2FRQKHFLPHQWRGDH[LVWrQFLDPXOWLGLPHQVLRQDOQmRp
DSHQDVRKLVWyULFRGHVXDDWLYLGDGHFRQVFLHQWHSUHVHQWHPDVFDGDKRPHPVDEHGHQWURGHOHTXHVXD
YLGDFRQVFLHQWHGHSHQGHGHXPDGLPHQVmRPDLRUGHUHDOLGDGH(VWDGLPHQVmRPDLRUQmRSRGHVHU
PDWHULDOL]DGDHPXPVLVWHPDWULGLPHQVLRQDOFRQWXGRRFRQKHFLPHQWRGHVWDGLPHQVmRPDLRUIOXL
H[WHUQDPHQWHDSDUWLUGRFRUDomRLQWHUQRGRVHUHpSURMHWDGRH[WHULRUPHQWHWUDQVIRUPDQGRWXGR
TXHWRFD

(VWDLQXQGDomRLQFXOFDFHUWRVHOHPHQWRVGRPXQGRItVLFRFRPXPEULOKRHLQWHQVLGDGHTXH
XOWUDSDVVDGHORQJHRQRUPDOPHQWHFRQKHFLGR2VWRFDGRVSRUHOHVmRWUDQVIRUPDGRVHPVHXV
WHUPRVHPDOJRPDLVGRTXHIRUDP(VWHFRQKHFLPHQWRLQWHULRUWHQWDHQFRQWUDUXPOXJDUSDUDVL
PHVPRQRPDSDItVLFRWUDGX]LUVHHPWHUPRVItVLFRV&DGDKRPHPSRUWDQWRSRVVXLHVVH
FRQKHFLPHQWRLQWHULRUHDWpFHUWRSRQWRRXRXWURHOHWDPEpPSURFXUDSRUFRQILUPDomRGLVWRQR
PXQGR

2PXQGRH[WHULRUpXPUHIOH[RGRLQWHULRUHPERUDGLVWDQWHHPSHUIHLomR2FRQKHFLPHQWRLQWHUQR
SRGHVHUFRPSDUDGRDXPOLYURVREUHXPDSiWULDTXHXPYLDMDQWHOHYDFRPHOHHPXPSDtV
HVWUDQKR&DGDKRPHPQDVFHFRPRDQVHLRID]HUHVWDVYHUGDGHVUHDLVSDUDVLPHVPRHPERUDHOH
YHMDXPDJUDQGHGLIHUHQoDHQWUHHOHVHRDPELHQWHQRTXDOYLYH

8PGUDPDLQWHUQRpFDUUHJDGRSRUFDGDLQGLYtGXRXPGUDPDSVtTXLFRTXHpILQDOPHQWHSURMHWDGR
H[WHUQDPHQWHFRPJUDQGHIRUoDVREUHRFDPSRGDKLVWyULD2QDVFLPHQWRGHJUDQGHVHYHQWRV
UHOLJLRVRVHPHUJHGRGUDPDUHOLJLRVRLQWHULRU2SUySULRGUDPDpGHFHUWRPRGRXPIHQ{PHQR
SVLFROyJLFRSRLVFDGDHXILVLFDPHQWHRULHQWDGRVHVHQWHHPSXUUDGRVR]LQKRHPXPDPELHQWH
HVWUDQKRVHPVDEHUVXDVRULJHQVRXGHVWLQRRXDWpPHVPRDUD]mRSDUDVXDSUySULDH[LVWrQFLD

(VWHpRGLOHPDGRHJRSDUWLFXODUPHQWHHPVHXVHVWDGRVLQLFLDLV(OHSURFXUDSRUUHVSRVWDV
H[WHUQDPHQWHSRUTXHHVWDpVXDQDWXUH]DPDQLSXODUQDUHDOLGDGHItVLFD(OHWDPEpPSHUFHEH
WRGDYLDXPDSURIXQGDHGXUDGRXUDFRQH[mRTXHQmRFRPSUHHQGHFRPRXWUDVSRUo}HVGRHXTXH
QmRHVWiVREVHXGRPtQLR(OHWDPEpPHVWiFLHQWHGHTXHHVWHHXLQWHULRUSRVVXLFRQKHFLPHQWR
VREUHRTXDOVXDSUySULD>GRHJR@H[LVWrQFLDpEDVHDGD

4XDQGRHOHFUHVFHHPVHXVWHUPRVSURFXUDFRQILUPDomRH[WHUQDSDUDHVWHFRQKHFLPHQWRLQWHULRU
2HXLQWHULRUVXVWpPRHJRFRPVHXVXSRUWH(OHIRUPDVXDVYHUGDGHVHPGDGRVILVLFDPHQWH
RULHQWDGRVFRPRVTXDLVRHJRSRGHOLGDU(OHHQWmRSURMHWDDVH[WHULRUPHQWHQDiUHDGUHDOLGDGH
ItVLFD9HQGRHVWDVYHUGDGHVDVVLPPDWHULDOL]DGDVRHJRHQWmRDFKDIiFLODFHLWiODV

$VVLPYRFrIUHTXHQWHPHQWHOLGDFRPRVHYHQWRVFRPRVTXDLVRVKRPHQVVmRWRFDGRVSRUJUDQGH
LOXPLQDomRLVRODGRVGDVPDVVDVGDKXPDQLGDGHHSUHVHQWHDGRFRPJUDQGHVSRGHUHVSHUtRGRVGD
KLVWRULDTXHDSDUHFHPTXDVHDUWLILFLDOPHQWHEULOKDQWHVHPFRQWUDVWHFRPRXWURVSURIHWDVJrQLRVH
UHLVPRVWUDGRVQXPDSURSRUomRPDLVTXHKXPDQD

$JRUDHVWDVSHVVRDVVmRHVFROKLGDVSHODVRXWUDVSDUDPDQLIHVWDUH[WHUQDPHQWHDVYHUGDGHV
LQWHULRUHVTXHWRGRVFRQKHFHPLQWXLWLYDPHQWH+iPXLWRVQtYHLVGHVLJQLILFkQFLDVDTXL3RUXP
ODGRWDLVLQGLYtGXRVUHFHEHPVXDVKDELOLGDGHVVREUHQDWXUDLVHSRGHUGHVHXVFRPSDQKHLURV
FRQWrPQRH[LEHPQRQRPXQGRItVLFRSDUDWRGRVYHUHP(OHVDWXDPDSDUWHGRHXDEHQoRDGRTXH
UHDOPHQWHQmRSRGHRSHUDUQDUHDOLGDGHItVLFDQmRFREHUWDSHODFDUQH(VWDHQHUJLDWRGDYLDpXPD
SURMHomREDVWDQWHYiOLGDGRHXLQWHULRU

$SHUVRQDOLGDGHWmRWRFDGDSRULVWRUHDOPHQWHVHWRUQDHPFHUWRVWHUPRVRTXHSDUHFHVHU(OD
HPHUJLUiFRPRXPKHUyLHWHUQRQRGUDPDH[WHUQRUHOLJLRVRFRPRRHXLQWHULRUpRHWHUQRKHUyLGR
GUDPDUHOLJLRVRLQWHULRU

$SURMHomRPtVWLFDpXPDDWLYLGDGHFRQWtQXD4XDQGRDIRUoDGHXPDJUDQGHUHOLJLmRFRPHoDD
GLPLQXLUHVHXVHIHLWRVItVLFRVVmRPLQLPL]DGRVHQWmRRGUDPDLQWHUQRFRPHoDRXWUDYH]DVH
DFHOHUDU$PDLVDOWDDVSLUDomRGRKRPHPSRUWDQWRVHUiSURMHWDGDVREUHDKLVWyULDItVLFD2V
SUySULRVGUDPDVGLIHULUmR/HPEUHVHHOHVVmRFRQVWUXtGRVLQWHUQDPHQWHSULPHLUR

(OHVVHUmRIRUPDGRVSDUDLPSUHVVLRQDUDVFRQGLo}HVGRPXQGRHPGHWHUPLQDGRWHPSRHSRUWDQWR
FHUFDGRGHVtPERORVHHYHQWRVTXHLPSUHVVLRQDUmRPDLVDSRSXODomR,VWRpIHLWRDVWXFLRVDPHQWH
SRLVRHXLQWHULRUVDEHH[DWDPHQWHRTXHLPSUHVVLRQDRHJRHTXHWLSRVGHSHUVRQDOLGDGHVVHUmRRV
PHOKRUHVSDUDSHUVRQLILFDUDPHQVDJHPHPGHWHUPLQDGRWHPSR4XDQGRWDOSHUVRQDOLGDGHDSDUHFH
QDKLVWRULDHQWmRHODpLQWXLWLYDPHQWHUHFRQKHFLGDSRLVRPRGRMiHVWiDVVHQWDGR>DUUXPDGR@H
HPPXLWRVFDVVRDVSURIHFLDVDQXQFLDQGRWDOFKHJDGDMiIRUDPGDGDV

2VLQGLYtGXRVHVFROKLGRVQmRDSDUHFHPVLPSOHVPHQWHHQWUHYRFrV(OHVQmRVmRHVFROKLGRV
DOHDWRULDPHQWH6mRLQGLYtGXRVTXHWRPDUDPVREUHVLDUHVSRQVDELOLGDGHSRUHVWHSDSHO$SyVVHX
>GHOHV@QDVFLPHQWRILFDUDPFLHQWHVGDYDULDomRGHQtYHOGHVHXVGHVWLQRVHFHUWDVH[SHULrQFLDV
LQVWLJDQWHVSRGHPDWHPSRVOHYDQWDUVHHPVXDPHPyULD>GRLQGLYtGXR@FRPSOHWD

(OHVVHUYHPEDVWDQWHFODUDPHQWHFRPRUHSUHVHQWDo}HVKXPDQDVGR7XGR4XHe$JRUDXPDYH]
TXHFDGDLQGLYtGXRpXPDSDUWHGR7XGR4XHeDWpFHUWRSRQWRFDGDXPGHYRFrVVHUYHDHVWH
PHVPRSDSHO(PWDOGUDPDUHOLJLRVRSRUpPDSHUVRQDOLGDGHSULQFLSDOpPXLWRPDLVF{QVFLDGH
VHXFRQKHFLPHQWRLQWHULRUPDLVF{QVFLDGHVXDVKDELOLGDGHVPXLWRPDLVFDSD]GHXViODVH
H[XOWDQWHPHQWHIDPLOLDUFRPVXDUHODomRFRPWRGDDYLGD

$VLGpLDVGHEHPHPDOGHXVHVHGHP{QLRVVDOYDomRHGDQDomRVmRVLPSOHVPHQWHVtPERORVGH
YDORUHVSURIXQGDPHQWHUHOLJLRVRVYDORUHVFyVPLFRVVHYRFrSUHIHULUTXHQmRSRGHPVHU
WUDGX]LGRVHPWHUPRVItVLFRV

(VWDVLGHDLVVHWRUQDPRWHPDSULQFLSDOGHVWHVGUDPDVUHOLJLRVRVGRVTXDLVWHQKRIDODGR2VDWRUHV
SRGHPUHWRUQDUQRYDPHQWHGHWHPSRVHPWHPSRVHPSDSpLVGLIHUHQWHV(PTXDOTXHUGUDPD
KLVWyULFRUHOLJLRVRGHWHUPLQDGRSRUWDQWRRVDXWRUHVSRGHPMiWHUHPDSDUHFLGRQDFHQDKLVWyULFD
HPVHXSDVVDGRRSURIHWDGHKRMHVHQGRRWUDLGRUGRGUDPDSDVVDGR

(VVDVHQWLGDGHVSVtTXLFDVVmRUHDLVSRUpPeEDVWDQWHYHUGDGHGL]HUTXHVXDVUHDOLGDGHV
FRQVLVWHPQmRDSHQDVGRkPDJRGHVXDVSUySULDVLGHQWLGDGHVPDVWDPEpPVmRUHIRUoDGDVSRU
DTXHOHVSHQVDPHQWRVSURMHWDGRVHVHQWLPHQWRVGDDXGLrQFLDWHUUHQDSRUTXHPRGUDPDpHQFHQDGR

,GHQWLILFDo}HVSVtTXLFDVRXSVLFROyJLFDVVmRGHJUDQGHLPSRUWkQFLDDTXLHUHDOPHQWHHVWmRQR
FRUDomRGHWRGRVRVWDLVGUDPDV(PXPVHQWLGRYRFrSRGHGL]HUTXHRKRPHPLGHQWLILFDVHFRP
RVGHXVHVTXHHOHPHVPRFULRX2KRPHPQmRHQWHQGHDTXDOLGDGHPDJQtILFDGHVXDSUySULD
LQYHQWLYLGDGHHSRGHUFULDWLYRSRUWDQWR(QWmRGLJDPRVTXHGHXVHVHKRPHQVFULDUDPXPDRRXWUR
HYRFrFKHJDUDDWpPHVPRPDLVSUy[LPRGDYHUGDGHPDVDSHQDVVHYRFrIRUPXLWRFXLGDGRVRHP
VXDVGHILQLo}HV±SRLVFRPRH[DWDPHQWHGHXVHVHKRPHQVGLIHUHP"

2VDWULEXWRVGRVGHXVHVVmRDTXHOHVLQHUHQWHVDRSUySULRKRPHPDPSOLDGRVWUD]LGRVSDUDRSRGHU
GDDWLYLGDGH2VKRPHQVDFUHGLWDPTXHRVGHXVHVYLYHPHWHUQDPHQWH2VKRPHQVYLYHP
HWHUQDPHQWHPDVHVTXHFHQGRVHGLVVR>WHQGRVHHVTXHFLGR@OHPEUDPVHDSHQDVGHSUHVHQWHDU
VHXVGHXVHVFRPHVVDFDUDFWHUtVWLFD2EYLDPHQWHHQWmRHVVHVGUDPDVUHOLJLRVRVKLVWyULFRVRV
DSDUHQWHVFRQWRV>GHIDGDV@UHFRUUHQWHVGHGHXVHVHKRPHQVVmRUHDOLGDGHVHVSLULWXDLV

$WUiVGRVDWRUHVQRVGUDPDVKiHQWLGDGHVPDLVSRGHURVDVTXHHVWmREDVWDQWHDOpPGDDWXDomRGR
SDSHO$VSUySULDVSHoDVHQWmRDVUHOLJL}HVTXHUHVYDODPDWUDYpVGDVHUDVHVWDVVmR
VLPSOHVPHQWHSHoDVHPERUDDX[LOLDUHV$WUiVGRTXDGURGHEHPHPDOHVWiXPYDORUHVSLULWXDO
PXLWRPDLVSURIXQGR7RGDVDVUHOLJL}HVSRUpPHQTXDQWRWHQWDPDJDUUDUDYHUGDGHWrPTXHD
DOJXPDPSORJUDXWHPHUVXDVHPSUHLQWDQJLELOLGDGH

2HXLQWHULRUVR]LQKRQRGHVFDQVRQDPHGLWDomRSRGHRFDVLRQDOPHQWHYLVOXPEUDUSRUo}HVGHVWDV
UHDOLGDGHVLQWHUQDVTXHQmRSRGHPVHUH[SUHVVDVILVLFDPHQWH(VWHVYDORUHVLQWXLo}HVRXLQVLJKWV
VmRGDGRVDFDGDTXDOGHDFRUGRFRPVHXHQWHQGLPHQWRHDVVLPDVHVWyULDVFRQWDGDVVREUHHOHV
IUHTXHQWHPHQWHYDULDUmR

3RUH[HPSORRSHUVRQDJHPSULQFLSDOHPXPGUDPDKLVWyULFRUHOLJLRVRSRGHHVWDURXQmR
FRQVFLHQWHPHQWHFLHQWHGRVPRGRVSHORVTXDLVWDLVLQIRUPDo}HVVmRGDGDVDHOH(DLQGDSRGH
SDUHFHUTXHHOHVDEHSRLVDQDWXUH]DGDRULJHPGRGRJPDVHUiH[SOLFDGDHPWHUPRVTXHHVWH
VXMHLWRSULQFLSDOSRVVDHQWHQGHU2-HVXVKLVWyULFRVDELDTXHPHOHHUDPDVWDPEpPVDELDTXHHOH
HUDXPDGDVWUrVSHUVRQDOLGDGHVFRPSRQGRXPDHQWLGDGH1XPDJUDQGHH[WHQVmRHOHFRPSDUWLOKRX
GDPHPyULDGRVRXWURVGRLV

$WHUFHLUDSHUVRQDOLGDGHPHQFLRQDGDVPXLWDVYH]HVSRUPLPHPVHXVWHUPRVDLQGDQmRDSDUHFHX
HPERUDVXDH[LVWrQFLDWHQKDVLGRSURIHWL]DGDFRPRD6HJXQGD9LQGD$JRUDHVWDVSURIHFLDV
IRUDPGDGDVHPWHUPRVGDFXOWXUDFRUUHQWHQDTXHOHWHPSRHSRUWDQWRHQTXDQWRRHVWiJLRIRL
HVWDEHOHFLGRDVGLVWRUo}HVVmRODPHQWiYHLVSRLVR&ULVWRQmRYLUiQRILPGHVHXPXQGRFRPRDV
SURIHFLDVWrPPDQWLGR

(OHQmRYLUiSDUDUHFRPSHQVDURVMXVWRVHPDQGDURVWUDQVJUHVVRUHVSDUDDPDOGLomRHWHUQD1R
HQWDQWR(OHFRPHoDUiXPQRYRGUDPDUHOLJLRVR8PDFHUWDFRQWLQXLGDGHKLVWyULFDVHUiPDQWLGD
&RPRDFRQWHFHXXPDYH]DQWHVSRUpP(OHQmRVHUiFRQKHFLGRDPSODPHQWHSRUTXHPp1mR
KDYHUiSURFODPDomRJORULRVDjTXDOWRGRRPXQGRUHYHUHQFLH(OHUHWRUQDUiSDUDIRUWDOHFHUR
FULVWLDQLVPRTXHHVWDUiQXPDGHVRUGHPQRWHPSRGHVXDFKHJDGDHSDUDHVWDEHOHFHUXPQRYR
VLVWHPDGHSHQVDPHQWRTXDQGRRPXQGRHVWLYHUVHYHUDPHQWHSUHFLVDQGRGHXP

3RUDTXHOHWHPSRWRGDVDVUHOLJL}HVHVWDUmRHPVHYHUDFULVH(OHEDODQoDUiDVRUJDQL]Do}HV
UHOLJLRVDVQmRXQLQGRDV$PHQVDJHPG(OHVHUiDTXHODGDUHODomRLQGLYLGXDOFRPR
7XGR4XHe

(OHHVWDEHOHFHUiFODUDPHQWHPpWRGRVSHORVTXDLVFDGDLQGLYtGXRSRVVDDWLQJLUXPHVWDGRGH
FRQWDWRLQWLPRFRPVXDSUySULDHQWLGDGHDHQWLGDGHDWpFHUWRSRQWRVHQGRRPHGLDGRUGRKRPHP
FRPR7XGR4XHe

3RUWXGRLVWRMiWHUiVLGRUHDOL]DGR2QDVFLPHQWRRFRUUHUiQRWHPSRGHWHUPLQDGR$VRXWUDV
PXGDQoDVRFRUUHUmRJHUDOPHQWHQRSHUtRGRGHXPVpFXORPDVRVUHVXOWDGRVVHPRVWUDUmRPXLWR
DQWHVGDTXHOHWHPSR

3RUFDXVDGDQDWXUH]DSOiVWLFDGRIXWXURHPVHXVWHUPRVDGDWDQmRSRGHVHUFRQVLGHUDGDILQDO
7RGDVDVSUREDELOLGDGHVDSRQWDPSDUDHVWDGLUHomRSRUpPSRLVRLPSXOVRLQWHUQRMiHVWiIRUPDQGR
RVHYHQWRV

9RFrSRGHID]HUXPDDQRWDomRDTXLGHTXH1RVWUDGDPXVYLXDGLVVROXomRGD,JUHMD&DWyOLFDGH
5RPDFRPRRILQDOGRPXQGR(OHQmRSRGHULDLPDJLQDUDFLYLOL]DomRVHPHODFRQVHTXHQWHPHQWH
PXLWDVGHVXDVSUHGLo}HVGHYHULDPVHUOLGDVFRPLVVRHPPHQWH

$WHUFHLUDSHUVRQDOLGDGHGH&ULVWRUHDOPHQWHVHUiFRQKHFLGDFRPRDJUDQGHSVLTXHSRLVVHUiHOH
TXHPHQVLQDUijKXPDQLGDGHDXVDUHVWHVVHQWLGRVLQWHUQRVTXHVR]LQKRVID]HPDYHUGDGHLUD
HVSLULWXDOLGDGHSRVVtYHO+RPLFLGDVHYtWLPDVPXGDUmR>WURFDUmR@RVSDSpLVTXDQGRDVPHPyULDV
UHHQFDUQDFLRQDLVVHOHYDQWDUHPSDUDDVXSHUItFLHGDFRQVFLrQFLD$WUDYpVGRGHVHQYROYLPHQWR
GHVWDVKDELOLGDGHVDVDQWLGDGHGHWRGDYLGDVHUiLQWLPDPHQWHUHFRQKHFLGDHDSUHFLDGD

$JRUDYiULRVQDVFHUmRDQWHVGDTXHOHWHPSRTXHGHYiULRVPRGRVUHDFHQGHUmRDVH[SHFWDWLYDVGR
KRPHP8PKRPHPWDOMiQDVFHXQDËQGLDHPXPDSHTXHQDSURYtQFLDSUy[LPDGH&DOFXWiPDV
VHXPLQLVWpULRVHUiYLVWRFRPRVHQGRFRPSDUDWLYDPHQWHORFDOSDUDVXD>GHOH@YLGD

2XWURQDVFHUiQDÈIULFDXPKRPHPQHJURFXMRWUDEDOKRSULQFLSDOVHUiIHLWRQD,QGRQpVLD$V
H[SHFWDWLYDVIRUDPHVWDEHOHFLGDVKiPXLWRWHPSRDWUiVHPVHXVWHUPRVHVHUmRDOLPHQWDGDVSRU
QRYRVSURIHWDVDWpTXHDWHUFHLUDSHUVRQDOLGDGHGH&ULVWRUHDOPHQWHYHQKDjWRQD

(OHFRQGX]LUiRKRPHPDWUiVGRVLPEROLVPRVREUHRTXDODUHOLJLmRWHPUHSRXVDGRSRUWDQWRV
VpFXORV(OHHQIDWL]DUiDH[SHULrQFLDHVSLULWXDOLQGLYLGXDODH[SDQVmRGDDOPDHHQVLQDUiRKRPHP
DUHFRQKHFHURVDVSHFWRVPXOWLGLPHQVLRQDLVGHVXDSUySULDUHDOLGDGH

$WHUFHLUDSHUVRQDJHPKLVWyULFDMiQDVFLGDHPVHXVWHUPRVHXPDSRUomRGDSHUVRQDOLGDGHLQWHLUD
GH&ULVWRDVVXPLUiVREUHVLPHVPDRSDSHOGHXP]HORWH

(VWDSHVVRDWHYHHQHUJLDVXSHULRUHSRGHUHJUDQGHVKDELOLGDGHVGHRUJDQL]DomRPDVIRUDPRV
HUURVTXHHODIH]LQYROXQWDULDPHQWHTXHSHUSHWXDUDPDOJXPDVGLVWRUo}HVSHULJRVDV2VUHJLVWURV
GHVWHSHUtRGRKLVWyULFRVmRGLVSHUVRVHFRQWUDGLWyULRV

2KRPHPDJRUDKLVWRULFDPHQWHHUD3DXORRX6DXOR)RLGDGRDHOHRHVWDEHOHFLPHQWRGHXPD
HVWUXWXUD0DVHUDSDUDVHUXPDHVWUXWXUDGHLGpLDVQmRGHUHJXODPHQWRVGHKRPHQVQmRGH
JUXSRV$TXLHOHFDLXHUHWRUQDUiFRPRDWHUFHLUDSHUVRQDOLGDGHKiSRXFRPHQFLRQDGDHPVHX
IXWXUR

$HVWHUHVSHLWRSRUpPQmRKiTXDWURSHUVRQDOLGDGHV

$JRUD6DXORIRLSDUDJUDQGHVGLVWDQFLDVSDUDHVWDEHOHFHUVHFRPRXPDLGHQWLGDGHVHSDUDGD6XDV
FDUDFWHUtVWLFDVSRUH[HPSORHUDPDSDUHQWHPHQWHEDVWDQWHGLIHUHQWHVGHVVDVGR&ULVWRKLVWyULFR
(OHIRL³FRQYHUWLGR´HPXPDLQWHQVDH[SHULrQFLDSHVVRDOXPIDWRTXHIRLLPSUHVVLYRSDUDHOHQR
DVSHFWRSHVVRDOHQmRQRRUJDQL]DFLRQDO$LQGDDOJXPDVIDoDQKDVGHOHHPVXDYLGDLQLFLDOIRUDP
DWULEXtGDVDR&ULVWR±QmRFRPRXPKRPHPMRYHPPDVDQWHV

7RGDVDVSHUVRQDOLGDGHVWrPOLYUHYRQWDGHHWUDEDOKDPVHXVSUySULRVGHVDILRV2PHVPRVH
DSOLFDYDD6DXOR3RUpPDVGLVWRUo}HVRUJDQL]DFLRQDLVWDPEpPIRUDPQHFHVViULDVQDHVWUXWXUD
GDKLVWyULDFRPRRVHYHQWRVVmRHQWHQGLGRV$VWHQGrQFLDVGH6DXORHUDPFRQKHFLGDVSRUpPD
RXWURQtYHO(ODVVHUYLDPDXPSURSyVLWReSRUHVWDUD]mRSRUWDQWRTXHHOHHPHUJLUiXPDYH]
PDLVGHVVDYH]SDUDGHVWUXLUHVWDVGLVWRUo}HV

$JRUDHOHQmRDVFULRXVR]LQKRHDVHPSXUURXVREUHDUHDOLGDGHKLVWyULFD(OHDVFULRXQDPHGLGD
HPTXHVHYLXIRUoDGRDDGPLWLUFHUWRVIDWRVQDTXHOHPXQGRGDTXHOHWHPSRSRGHUHVWHUUHQRVHUDP
QHFHVViULRVSDUDPDQWHUDVLGpLDVFULVWmVjSDUWHGHRXWUDVLQ~PHUDVWHRULDVHUHOLJL}HVSDUD
PDQWrODVQRPHLRGHIDFo}HVGHJXHUUD(UDWUDEDOKRGHOHIRUPDUXPDHVWUXWXUDItVLFDHPHVPR
HQWmRHOHHVWDYDFRPPHGRGHTXHDHVWUXWXUDHVWUDQJXODULDDVLGpLDVPDVHOHQmRYLXRXWURPRGR

4XDQGRDWHUFHLUDSHUVRQDOLGDGHUHHPHUJLUKLVWRULFDPHQWHSRUpPHOHQmRVHUiFKDPDGRGHYHOKR
3DXORPDVFDUUHJDUiFRQVLJRDVFDUDFWHUtVWLFDVGHWRGDVDVWUrVSHUVRQDOLGDGHV

3DXORWHQWRXQHJDUVDEHUTXHHOHHUDDWpVXDH[SHULrQFLDFRPDFRQYHUVmR$OHJRULFDPHQWH
UHSUHVHQWRXXPDIDFomRGDJXHUUDGRHXTXHOXWDFRQWUDVHXPHVPRFRQKHFLPHQWRHpRULHQWDGRGH
XPPRGRDOWDPHQWHItVLFR3DUHFLDTXHHOHLDGHXPH[WUHPRDRXWURVHQGRFRQWUDR&ULVWRHHQWmR
SRU(OH0DVDYHHPrQFLDLQWHULRUVHPSUHHVWHYHSUHVHQWHRIRJRLQWHUQRHRUHFRQKHFLPHQWRTXH
HOHWHQWRXHVFRQGHUSRUWDQWRWHPSR

$VXDHUDDSRUomRTXHOLGDYDFRPDUHDOLGDGHItVLFDHDPDQLSXODomRHDVVLPHVWDVTXDOLGDGHV
HUDPIRUWHVQHOH$WpFHUWRSRQWRHODVRGRPLQDYDP4XDQGRR&ULVWRKLVWyULFRPRUUHX3DXOR
HVWDYDSDUDLPSOHPHQWDUDVLGpLDVHVSLULWXDLVHPWHUPRVItVLFRVSDUDFRQWLQXDU)D]HQGRDVVLP
SRUpPHOHFXOWLYRXDVVHPHQWHVGHXPDRUJDQL]DomRTXHVXIRFDULDDVLGpLDV(OHKHVLWRXGHSRLVGH
&ULVWR>FRPR@-RmR%DWLVWDTXHYHLRDQWHV-XQWRVRVWUrVDWUDYHVVDUDPDOJXPSHUtRGRGHWHPSR
YRFrYr

-RmRHR&ULVWRKLVWyULFRFDGDXPH[HFXWRXVHXVSDSpLVHHVWDYDPVDWLVIHLWRVSRUWHUHPIHLWRLVVR
3DXORVR]LQKRIRLGHL[DGRQRILQDOLQVDWLVIHLWRHDVVLPpVREUHDSHUVRQDOLGDGHGHOHTXHR&ULVWR
IXWXURIRUPDUi

$HQWLGDGHGDTXDOHVWDVSHUVRQDOLGDGHVVmRSDUWHDTXHODHQWLGDGHTXHYRFrSRGHFKDPDUGH
&ULVWRHQWLGDGHHVWDYDDWHQWDDHVWHVDVVXQWRV$VSHUVRQDOLGDGHVWHUUHVWUHVQmRHVWDYDPFLHQWHV
GHOHVHPERUDHPSHUtRGRVGHWUDQVHHH[DOWDomRPXLWRIRLIHLWRFRQKHFLGRSDUDHOHV

3DXORWDPEpPUHSUHVHQWRXDQDWXUH]DPLOLWDQWHGRKRPHPTXHWHYHTXHVHUOHYDGRHP
FRQVLGHUDomRQDOLQKDGRGHVHQYROYLPHQWRGRKRPHPQDpSRFD$TXHODTXDOLGDGHPLOLWDQWHQR
KRPHPPXGDUiFRPSOHWDPHQWHVXDQDWXUH]DHVHUiGLVSHQVDGRFRPRYRFrFRQKHFHTXDQGRD
SUy[LPDSHUVRQDOLGDGHGR&ULVWRHPHUJLUeHQWmRDSURSULDGRTXH3DXORHVWHMDSUHVHQWH

1RSUy[LPRVpFXORDQDWXUH]DLQWHUQDGRKRPHPFRPHVWHVGHVHQYROYLPHQWRVVHOLEHUWDUiGH
PXLWRVFRQVWUDQJLPHQWRVTXHDDWDUDP8PDQRYDHUDUHDOPHQWHFRPHoDUi±DJRUDQmRXPFpX
HPWHUUDPDVXPPXQGRPDLVVmRHMXVWRQRTXDORKRPHPVHMDPXLWRPDLVFLHQWHGHVXDUHODomR
FRPVHXSODQHWDHGHVXDOLEHUGDGHQRWHPSR

(XJRVWDULDGHID]HUFHUWDVREVHUYDo}HVPDLVFODUDV$³QRYDUHOLJLmR´VHJXLQGRD6HJXQGD9LQGD
QmRVHUi&ULVWmHPVHXVWHUPRVHPERUDDWHUFHLUDSHUVRQDOLGDGHGH&ULVWRDLQLFLH

(VWDSHUVRQDOLGDGHVHUHIHULUiDR&ULVWRKLVWyULFRUHFRQKHFHUiDUHODomRG(OHFRPDTXHOD
SHUVRQDOLGDGHPDVGHQWURG(OHRVWUrVDJUXSDPHQWRVGHSHUVRQDOLGDGHIRUPDUmRXPDHQWLGDGH
SVtTXLFDQRYDXPJHVWDOWSVLFROyJLFRGLIHUHQWH4XDQGRHVWDPHWDPRUIRVHDFRQWHFHUWDPEpP
LQLFLDUiXPDPHWDPRUIRVHDQtYHOKXPDQRFRPRDVKDELOLGDGHVLQWHUQDVGRKRPHPVmRDFHLWDVH
GHVHQYROYLGDV

2VUHVXOWDGRVVHUmRXPWLSRGLIHUHQWHGHH[LVWrQFLD0XLWRVGHVHXVSUREOHPDVDJRUDVmRR
UHVXOWDGRGHLJQRUkQFLDHVSLULWXDO1HQKXPKRPHPROKDUiFRPLQIHULRULGDGHSDUDXPLQGLYtGXRGH
RXWUDUDoDTXDQGRHOHPHVPRUHFRQKHFHTXHVXDSUySULDH[LVWrQFLDLQFOXLWDOPHPEURWDPEpP

1HQKXPVH[RVHUiFRQVLGHUDGRPHOKRUTXHRRXWURRXTXDOTXHUSDSHOQDVRFLHGDGHTXDQGRFDGD
LQGLYtGXRHVWiFLHQWHGHVXDSUySULDH[SHULrQFLDHPPXLWRVQtYHLVGDVRFLHGDGHHGRVPXLWRV
SDSHLV8PDFRQVFLrQFLDVHPSUHDEHUWDVHQWLUiVXDVFRQH[}HVFRPWRGRVRVRXWURVVHUHVYLYRV$
FRQWLQXLGDGHGDFRQVFLrQFLDVHWRUQDUiDSDUHQWH&RPRUHVXOWDGRGHWXGRLVVRPXGDUmRDV
HVWUXWXUDVVRFLDLVHJRYHUQDPHQWDLVSRLVHODVVmREDVHDGDVHPVXDVFRQYLFo}HVDWXDLV

$SHUVRQDOLGDGHKXPDQDFROKHUiEHQHItFLRVTXHDJRUDSDUHFHULDPLQFUtYHLV8PDPHQWHVHPSUH
DEHUWDLPSOLFDUiHPXPDOLEHUGDGHPXLWRPDLRU'RQDVFLPHQWRDVFULDQoDVVHUmRHQVLQDGDVTXHD
LGHQWLGDGHEiVLFDQmRGHSHQGHGRFRUSRHTXHRWHPSRFRPRYRFrRFRQKHFHpXPDLOXVmR$
FULDQoDHVWDUiFLHQWHGHPXLWDVGHVXDVH[LVWrQFLDVSDVVDGDVHVHUiFDSD]GHLGHQWLILFDURKRPHP
LGRVRRXDPXOKHUTXHHPVHXVWHUPRVHODVHWRUQDUi

0XLWDVGDVOLo}HVTXHYrPFRPDLGDGHHVWDUmRHQWmRGLVSRQtYHLVSDUDRMRYHPPDVRLGRVRQmR
SHUGHUiDHODVWLFLGDGHHVSLULWXDOGHVXDPRFLGDGH,VWRHPVLPHVPRpLPSRUWDQWH0DVGXUDQWH
DOJXPWHPSRDHQFDUQDo}HVDLQGDVHUmRHVFRQGLGDVSRUUD]}HVSUiWLFDV

4XDQGRHVWDVPXGDQoDVRFRUUHUHPQRYDViUHDVVHUmRDWLYDGDVQRFpUHEURSDUDTXHHOHFXLGH
GHODVILVLFDPHQWH)LVLFDPHQWHHQWmRRPDSHDPHQWRFHUHEUDOVHUiSRVVtYHOQRTXDODVOHPEUDQoDV
GHYLGDVSDVVDGDVVmRHYRFDGDV7RGDVHVWDVDOWHUDo}HVVmRPXGDQoDVHVSLULWXDLVQDVTXDLVR
VLJQLILFDGRGDUHOLJLmRHVFDSDUiDVDOWRRUJDQL]DFLRQDLVWRUQDQGRVHXPDSDUWHYLYDGDH[LVWrQFLD
LQGLYLGXDOHRQGHHVWUXWXUDVSVtTXLFDVDRLQYpVGHItVLFDVIRUPDUmRDVIXQGDo}HVSDUDD
FLYLOL]DomR

$H[SHULrQFLDGRKRPHPVHUiWmRHVWHQGLGDTXHSDUDYRFrDVHVSpFLHVSDUHFHUmRWHUPXGDGRHP
RXWUDV,VWRQmRVLJQLILFDTXHQmRKDYHUiSUREOHPDV6LJQLILFDTXHRKRPHPWHUiUHFXUVRVPXLWR
PDLRUHVDVHXFRPDQGR,VWRWDPEpPSUHVVXS}HXPDHVWUXWXUDVRFLDOPXLWRPDLVULFDHPXLWRPDLV
GLYHUVD

+RPHQVHPXOKHUHVVHHQFRQWUDUmRVHUHODFLRQDQGRFRPVHXVLUPmRVQmRDSHQDVFRPRDVSHVVRDV
TXHVmRPDVFRPRDVSHVVRDVTXHIRUDP

$VUHODo}HVIDPLOLDUHVPRVWUDUmRWDOYH]DVPDLRUHVPXGDQoDV+DYHUiHVSDoRSDUDDVLQWHUDo}HV
HPRFLRQDLVQDIDPtOLDTXHDJRUDVmRLPSRVVtYHLV$PHQWHFRQVFLHQWHVHUiPDLVFLHQWHGRPDWHULDO
LQFRQVFLHQWH

(VWRXLQFOXLQGRHVWDLQIRUPDomRQHVWHFDStWXORVREUHUHOLJLmRSRUTXHpLPSRUWDQWHTXHYRFr
SHUFHEDTXHDLJQRUkQFLDHVSLULWXDOHVWiQDEDVHGHPXLWRVGHVHXVSUREOHPDVHTXHUHDOPHQWH
VXDV~QLFDVOLPLWDo}HVVmRDVHVSLULWXDLV

$PHWDPRUIRVHPHQFLRQDGDDQWHULRUPHQWHVREUHDSDUWHGDWHUFHLUDSHUVRQDOLGDGHWHUiWDOIRUoDH
SRGHUTXHFRQYRFDUiGHGHQWURGRJrQHURKXPDQRHVWDVPHVPDVTXDOLGDGHVGHGHQWURGHODPHVPD
$VTXDOLGDGHVVHPSUHHVWLYHUDPSUHVHQWHV(ODVILQDOPHQWHURPSHUmRDWUDYpVGRVYpXVGD
SHUFHSomRItVLFDHVWHQGHQGRDTXHODSHUFHSomRHPQRYRVPRGRV

$JRUDDRJrQHURKXPDQRIDOWDWDOIRFR$WHUFHLUDSHUVRQDOLGDGHUHSUHVHQWDUiDTXHOHIRFR1mR
KDYHUiLQFLGHQWHPHQWHQHQKXPDFUXFLILFDomRQDTXHOHGUDPD$TXHODSHUVRQDOLGDGHUHDOPHQWH
VHUiPXOWLGLPHQVLRQDOFLHQWHGHWRGDVDVVXDVHQFDUQDo}HV1mRVHUiRULHQWDGDHPWHUPRVGHXP
VH[RXPDFRURXXPDUDoD

(QWmRSHODSULPHLUDYH]HODURPSHUiDWUDYpVGRVFRQFHLWRVWHUUHVWUHVGDSHUVRQDOLGDGHXPD
SHUVRQDOLGDGHOLEHUWD(ODWHUiDKDELOLGDGHGHPRVWUDUHVWHVHIHLWRVGLYHUVRVFRPRHVFROKHU
+DYHUiPXLWRVTXHWHUmRPHGRGHDFHLWDUDQDWXUH]DGDSUySULDUHDOLGDGHRXGHVHUPRVWUDGRjV
GLPHQV}HVGDYHUGDGHLUDLGHQWLGDGH

3RUYiULDVUD]}HVFRPRPHQFLRQDGRSRU5XEXUWQmRTXHURGDUPDLVQHQKXPDLQIRUPDomR
GHWDOKDGDVREUHRQRPHTXHVHUiXVDGRRXVREUHDWHUUDGHQDVFLPHQWR0XLWRVSRGHULDPVHU
WHQWDGRVDSXODUQDTXHODLPDJHPSUHPDWXUDPHQWH

2VHYHQWRVQmRVmRSUHGHVWLQDGRV$HVWUXWXUDSDUDHVWHDSDUHFLPHQWRMiIRLHVWDEHOHFLGDSRUpP
GHQWURGHVHXVLVWHPDGHSUREDELOLGDGHV2DSDUHFLPHQWRGHVWDWHUFHLUDSHUVRQDOLGDGHDIHWDUi
GLUHWDPHQWHRGUDPDKLVWyULFRRULJLQDOGR&ULVWRFRPRDJRUDpFRQKHFLGR+iHGHYHKDYHU
LQWHUDo}HVHQWUHHOHV

2VGUDPDVUHOLJLRVRVH[WHULRUHVVmRpFODURUHSUHVHQWDo}HVLPSHUIHLWDVGDVUHDOLGDGHVHVSLULWXDLV
TXHVHGHVHQURODPFRQWLQXDPHQWH$VYiULDVSHUVRQDJHQVRVGHXVHVHSURIHWDVQDKLVWyULD
UHOLJLRVDHVWHVDEVRUYHPDVSURMHo}HVLQWHULRUHVGDPDVVDMRJDGDVSRUDTXHOHVTXHKDELWDPXPD
GHWHUPLQDGDPHGLGDGHWHPSR

7DLVGUDPDVUHOLJLRVRVIRFDPVHGLULJHPHHVSHUDQoRVDPHQWHFODUHLDPDVSHFWRVGDUHDOLGDGH
LQWHULRUTXHSUHFLVDVHUILVLFDPHQWHUHSUHVHQWDGD(VWHVQmRDSDUHFHPDSHQDVHPVHXSUySULR
VLVWHPD0XLWRVWDPEpPVmRSURMHWDGRVHPRXWURVVLVWHPDVGHUHDOLGDGH3RUpPDUHOLJLmRSRUVL
VHPSUHpDIDFKDGDH[WHUQDGDUHDOLGDGHLQWHUQD$H[LVWrQFLDHVSLULWXDOSULPiULDVR]LQKDGi
VLJQLILFDGRjItVLFD1RVWHUPRVPDLVUHDLVDUHOLJLmRGHYHULDLQFOXLUWRGDVDVSHUVHJXLo}HVGR
KRPHPQDSURFXUDGHOHSHODQDWXUH]DGRVLJQLILFDGRHGDYHUGDGH$HVSLULWXDOLGDGHQmRSRGHVHU
DOJRLVRODGRXPDDWLYLGDGHHVSHFLDOL]DGDRXFDUDFWHUtVWLFD

'UDPDVUHOLJLRVRVH[WHULRUHVVmRLPSRUWDQWHVHYDOLRVRVDSHQDVjH[WHQVmRHPTXHVmRUHIOHWHP
ILHOPHQWHDQDWXUH]DGDH[LVWrQFLDHVSLULWXDOLQWHUQDSULYDGD¬H[WHQVmRHPTXHXPKRPHPVHQWH
TXHVXDUHOLJLmRH[SUHVVDWDOH[SHULrQFLDLQWHULRUHOHVHQWLUiTXHHODpYiOLGD$PDLRULDGDV
UHOLJL}HVSRUVLSRUpPHVWDEHOHFHFHUWRVJUXSRVSHUPLVVtYHLVGHH[SHULrQFLDVHQTXDQWRQHJD
RXWURV(OHVVHOLPLWDPDSOLFDQGRRVSULQFtSLRVGDVDQWLGDGHGHYLGDDSHQDVjVVXDVSUySULDV
HVSpFLHVHIUHTHQWHPHQWHSDUDJUXSRVDOWDPHQWHOLPLWDGRVGHQWURGHOD

(PQHQKXPPRPHQWRTXDOTXHULJUHMDGHWHUPLQDGDpFDSD]GHH[SUHVVDUDH[SHULrQFLDLQWHULRUGH
WRGRVRVLQGLYtGXRV(PQHQKXPPRPHQWRTXDOTXHULJUHMDVHSHJDUiQDSRVLomRQDTXDOSRGH
HIHWLYDPHQWHUHGX]LUDH[SHULrQFLDLQWHULRUGHVHXVPHPEURV±HODDSHQDVSDUHFHUiID]HULVVR$V
H[SHULrQFLDVSURLELGDVVLPSOHVPHQWHVHUmRH[SUHVVDVLQFRQVFLHQWHPHQWHUHXQLGDVIRUWHPHQWHH
FRPYLWDOLGDGHHVHHOHYDUmRSDUDIRUPDUXPDSURMHomRFRQWDGDTXHLUmRHQWmRIRUPDURXWUD
QRYRVGUDPDVUHOLJLRVRVH[WHULRUHV

2VGUDPDVHPVLPHVPRVH[SUHVVDPFHUWDVUHDOLGDGHVLQWHUQDVHVHUYHPFRPROHPEUDQoDV
VXSHUILFLDLVSDUDDTXHOHVTXHQmRFRQILDPQDH[SHULrQFLDGLUHWDFRPRHXLQWHULRU(OHVDVVXPLUmR
RVVtPERORVFRPRDUHDOLGDGH4XDQGRHOHVGHVFREUHPTXHQmRpDVVLPHOHVVHVHQWHPWUDtGRV
&ULVWRIDORXHPWHUPRVGHSDLHILOKRSRUTXHHPVHXVWHUPRVQDTXHOHPRPHQWRHVWHHUDRPpWRGR
XVDGRDKLVWyULDTXHHOHFRQWRXSDUDH[SOLFDUDUHODomRHQWUHRHXLQWHULRUHRLQGLYtGXR
ILVLFDPHQWHYLYR1HQKXPDUHOLJLmRQRYDUHDOPHQWHVXUSUHHQGHTXDOTXHUXPSRLVRGUDPDMiIRL
HQFHQDGRVXEMHWLYDPHQWH

2TXHHXGLVVHpFODURVHDSOLFDPXLWRWDQWRD%XGDTXDQWRD&ULVWRDPERVDFHLWDUDPDV
SURMHo}HVLQWHULRUHVHHQWmRWHQWDUDPUHSUHVHQWiODILVLFDPHQWH(OHVIRUDPSRUpPPDLVTXHD
VRPDGHVVDVSURMHo}HV,VWRWDPEpPGHYHULDVHUHQWHQGLGR20DRPHWLVPRPDORJURX1HVWHFDVR
DVSURMHo}HVIRUDPSUHGRPLQDQWHPHQWHGHYLROrQFLD$PRUHSDUHQWHVFRHUDPVHFXQGiULRVDRTXH
UHDOPHQWHFKHJRXDREDWLVPRHFRPXQKmRDWUDYpVGDYLROrQFLDHVDQJXH

1HVWHVGUDPDVUHOLJLRVRVH[WHULRUHVFRQWtQXRVRVKHEUHXVHQFHQDUDPXPSDSHOHVWUDQKR$LGpLD
GHOHVGHXPGHXVQmRHUDQRYDSDUDHOHV0XLWDVUHOLJL}HVDQWLJDVPDQWLYHUDPDFRQYLFomRGHXP
GHXVDFLPDGHWRGRVRVRXWURV3RUpPHVWHGHXVDFLPDGHWRGRVRVRXWURVHUDXPGHXVPDLVVXDYH
GRTXHRTXHRVKHEUHXVVHJXLUDP0XLWDVWULERVDFUHGLWDUDPEDVWDQWHMXVWDPHQWHQR(VStULWR
LQWHULRUTXHSHQHWUDFDGDFRLVDYLYD(HOHVVHUHIHULUDPIUHTHQWHPHQWHDRGLJDPRVRGHXVQD
iUYRUHRXRHVStULWRQDIORU

0DVHOHVWDPEpPDFHLWDUDPDUHDOLGDGHGHXPHVStULWRJOREDOGRTXDOHVWHVHVStULWRVPHQRUHVHUDP
VHQmRXPD3DUWH7RGRVWUDEDOKDYDPMXQWRVKDUPRQLRVDPHQWH

2VKHEUHXVFRQFHEHUDPXPGHXVLQVSHWRUXPEUDYRHMXVWRHjVYH]HVXPGHXVFUXHOHPXLWDV
VHLWDVQHJDUDPHQWmRDLGpLDGHTXHRXWURVVHUHVYLYRVDOpPGRKRPHPSRVVXtUDPHVStULWRV
LQWHULRUHV$VSULPHLUDVFUHQoDVUHSUHVHQWDUDPXPDVLPEROL]DomRPHOKRUGDUHDOLGDGHLQWHULRUQD
TXDORKRPHPREVHUYDQGRDQDWXUH]DGHL[DDQDWXUH]DIDODUHUHYHODUVHXVVHJUHGRV

3RUpPRGHXVKHEUHXUHSUHVHQWRXXPDSURMHomRGHXPWLSRGLVWDQWHPHQWHGLIHUHQWH2KRPHP
HVWDYDFUHVFHQGRPDLVHPDLVFLHQWHGRHJRFRPXPVHQWLGRGHSRGHUDFLPDGRGDQDWXUH]DH
PXLWRVGRVPLODJUHVSRVWHULRUHVVmRDSUHVHQWDGRVGHWDOPRGRTXHDQDWXUH]DpIRUoDGDDVH
FRPSRUWDUGLIHUHQWHPHQWHGRVHXPRGRKDELWXDO'HXVVHWRUQDRDOLDGRGRKRPHPFRQWUDD
QDWXUH]D

2GHXVKHEUHXSULPLWLYRVHWRUQRXXPVtPERORGRHJRGHVDWUHODGRGRKRPHP'HXVVHFRPSRUWRX
H[DWDPHQWHFRPRYDLXPDFULDQoDHQIXUHFLGDWHYHHVVHVSRGHUHVHQYLDQGRWURYmRHUDLRHIRJR
FRQWUDVHXVLQLPLJRVGHVWUXLQGRRV2HJRGRKRPHPHPHUJLQGRSRUWDQWRWURX[HSUREOHPDV
HPRFLRQDLVHSVLFROyJLFRVHGHVDILRV2VHQVRGDVHSDUDomRGDQDWXUH]DFUHVFHX$QDWXUH]DVH
WRUQRXXPDIHUUDPHQWDSDUDVHUXVDGDFRQWUDRXWURV

$OJXQVGLDVDQWHVGRDSDUHFLPHQWRGRGHXVKHEUHXHVWDVWHQGrQFLDVHUDPDSDUHQWHV

(PPXLWDVUHOLJL}HVWULEDLVDQWLJDVDJRUDHVTXHFLGDVRUHFXUVRWDPEpPHUDID]HURVGHXVHV
YROWDUHPDQDWXUH]DFRQWUDRLQLPLJR$QWHVGHVWHWHPSRSRUpPRKRPHPVHQWLDXPDSDUWHGD
QDWXUH]DQmRVHSDUDGRGHOD(ODHUDFRQVLGHUDGDFRPRXPDH[WHQVmRGHVHXVHUFRPRHOHVH
VHQWLDXPDH[WHQVmRGHVXD>GDQDWXUH]D@UHDOLGDGH8PDSHVVRDQmRSRGHXVDUDVLPHVPDFRPR
XPDDUPDFRQWUDVLPHVPDQHVWHVWHUPRV

1DTXHOHVWHPSRVRVKRPHQVIDODYDPHFRQILDYDPQRVHVStULWRVGRVSiVVDURVDUYRUHVHDUDQKDV
VDEHQGRTXHVREDUHDOLGDGHLQWHULRUDQDWXUH]DGHVWDVFRPXQLFDo}HVHUDFRQKHFLGDH
FRPSUHHQGLGD1DTXHOHVWHPSRVDPRUWHQmRHUDWHPLGDFRPRpHPVHXVWHUPRVDJRUDSRLVR
FLFORGDFRQVFLrQFLDHUDFRPSUHHQGLGR

2KRPHPGHVHMRXGHXPPRGRVDLUGHVLPHVPRIRUDGDHVWUXWXUDQDTXDOHOHWLQKDVXDH[LVWrQFLD
SVLFROyJLFDSDUDWHQWDUGHVDILRVQRYRVSDUDVDLUGHXPPRGRGHFRQVFLrQFLDSDUDRXWUR(OHTXLV
HVWXGDURSURFHVVRGDSUySULDFRQVFLrQFLD'HXPPRGRLVWRVLJQLILFRXXPDVHSDUDomRJLJDQWHVFD
GDHVSRQWDQHLGDGHLQWHUQDTXHWLQKDOKHGDGRSD]HVHJXUDQoD3RURXWURODGRRIHUHFHXXPD
FULDWLYLGDGHQRYDQRVWHUPRVGHOH

1HVWHSRQWRRGHXVLQWHULRUVHWRUQRXRGHXVH[WHULRU

2KRPHPWHQWRXIRUPDUXPUHLQRQRYRDWLQJLUXPWLSRGLIHUHQWHGHIRFRHFRQVFLrQFLD$
FRQVFLrQFLDGHOHSHJRXXPDHVTXLQDIRUDGHVLPHVPD3DUDID]HULVWRHOHVHFRQFHQWURXFDGDYH]
PHQRVHPHQRVQDUHDOLGDGHLQWHULRUHHQWmRFRPHoRXRSURFHVVRGDUHDOLGDGHLQWHULRUDSHQDV
FRPRVHHODIRVVHSURMHWDGDH[WHUQDPHQWHQRPXQGRItVLFR

$QWHVRDPELHQWHHUDFULDGRVHPHVIRUoRHSHUFHELGRSHORKRPHPHWRGRVRVRXWURVVHUHVYLYRV
FRQKHFHQGRDQDWXUH]DGDXQLGDGHLQWHUQDGHOHV3DUDFRPHoDUHVWDQRYDDYHQWXUDHUDQHFHVViULR
ILQJLUTXHHVWDXQLGDGHLQWHUQDQmRH[LVWLX&DVRFRQWUiULRRQRYRWLSRGHFRQVFLrQFLDVHPSUH
FRUUHULDDWUiVGHVXD>GDXQLGDGHLQWHUQD@FDVDSRUVHJXUDQoDHFRQIRUWR$VVLPSDUHFLDTXHWRGDV
DVSRQWHVGHYHULDPVHUFRUWDGDVHQTXDQWRpFODURHUDDSHQDVXPMRJRSRUTXHDUHDOLGDGHLQWHULRU
VHPSUHSHUPDQHFHX2QRYRWLSRGHFRQVFLrQFLDVLPSOHVPHQWHWHYHTXHROKDUSDUDORQJHGLVWRSDUD
LQLFLDOPHQWHPDQWHUVLPSOHVPHQWHXPIRFRLQGHSHQGHQWH

(VWRXIDODQGRDTXLHPWHUPRVPDLVRXPHQRVKLVWyULFRVSDUDYRFr9RFrWHPTXHSHUFHEHUTXHR
SURFHVVRQmRWHPQDGDDYHUFRPWHPSRFRPRYRFrRFRQKHFHSRUpP(VWHWLSRSDUWLFXODUGH
DYHQWXUDQDFRQVFLrQFLDDFRQWHFHXDQWHVHHPVHXVWHUPRVDFRQWHFHUiQRYDPHQWH

3RUpPDSHUFHSomRGRXQLYHUVRH[WHULRUPXGRXSRUWDQWRHSDUHFLDVHUHVWUDQJHLUDHjSDUWHGR
LQGLYtGXRTXHDSHUFHEHX

(QWmR'HXVVHWRUQRXXPDLGpLDSURMHWDGDH[WHUQDPHQWHLQGHSHQGHQWHGRLQGLYtGXRGLYRUFLDGRGD
QDWXUH]D(OHVHWRUQRXDUHIOH[mRGRHJRGHVHQYROYLGRGRKRPHPFRPWRGRVHXEULOKRVHOYDJHULD
SRGHUHLQWHQomRGHGRPtQLR$DYHQWXUDIRLDOWDPHQWHFULDWLYDDSHVDUGDVGHVYDQWDJHQVyEYLDVH
UHSUHVHQWRXXPDHYROXomRGHFRQVFLrQFLDTXHHQULTXHFHXDH[SHULrQFLDVXEMHWLYDGRKRPHPH
UHDOPHQWHDFUHVFHQWRXjVGLPHQV}HVGHUHDOLGDGHDVLPHVPD

3DUDVHURUJDQL]DGDHIHWLYDPHQWHSRUpPDH[SHULrQFLDLQWHUQDHH[WHUQDWHYHTXHDSDUHFHUFRPR
VHSDUDGDHYHQWRVGHVFRQHFWDGRV+LVWRULFDPHQWHDVFDUDFWHUtVWLFDVGH'HXVPXGDUDPFRPRRHJR
GRKRPHPPXGRX3RUpPHVWDVFDUDFWHUtVWLFDVGRHJRIRUDPDSRLDGDVSRUPXGDQoDVLQWHUQDV
IRUWHV

$SURSXOVmRRULJLQDOGDVFDUDFWHUtVWLFDVLQWHUQDPHQWHH[WHUQDVQDIRUPDomRGRHJRSRGHULDVHU
FRPSDUDGDFRPRQDVFLPHQWRGHHVWUHODVLQXPHUiYHLVXPHYHQWRGHFRQVHTrQFLDVLPHQVXUiYHLV
TXHVHRULJLQDUDPHPXPQtYHOVXEMHWLYRHGHQWURGHUHDOLGDGHLQWHUQD

(QWmRRHJRQDVFLGRGHGHQWURVHPSUHWHPTXHRVWHQWDUVXDLQGHSHQGrQFLDHQTXDQWRPDQWpPD
FHUWH]DUHVPXQJRQDGHVXDRULJHPLQWHUQD

2HJRWHPHXSRUVXDSRVLomRDPHGURQWRXVHSHORIDWRGHTXHLVWRSXGHVVHGLVVROYrORQRHX
LQWHULRUGRTXDOHOHYHLR$LQGDTXHHPVHXDSDUHFLPHQWRWHQKDSURSRUFLRQDGRDRHXLQWHULRUXP
QRYRWLSRGHDYDOLDomRXPDYLVmRGLIHUHQWHQmRDSHQDVGHVLPHVPRPDVDWUDYpVGLVWRRHX
LQWHULRUHUDFDSD]GHYLVOXPEUDUSRVVLELOLGDGHVGHGHVHQYROYLPHQWRGRTXDOSUHYLDPHQWHQmRWLQKD
HVWDGRFLHQWH

(PVHXVWHUPRVSHORWHPSRGH&ULVWRRHJRHVWDYDVHJXURREDVWDQWHGHVXDSRVLomRGHIRUPDTXH
RTXDGURSURMHWDGRGH'HXVSRGHULDFRPHoDUDPXGDU

2HXLQWHULRUpXPHVWDGRGHFUHVFLPHQWRFRQVWDQWH$SRUomRLQWHUQDGHFDGDKRPHPHQWmR
SURMHWRXHVWHFRQKHFLPHQWRH[WHUQDPHQWH$QHFHVVLGDGHDQHFHVVLGDGHSVLFROyJLFDHHVSLULWXDO
GDVHVSpFLHVH[LJLXDOWHUDo}HVLQWHULRUHVHH[WHULRUHVGHJUDQGHLPSRUWkQFLD4XDOLGDGHVGH
FRPSDL[mRHFRPSUHHQVmRTXHIRUDPHQWHUUDGDVDJRUDSRGHULDPYLUjWRQD(ODVVXUJLUDPQmR
DSHQDVUHVHUYDGDPHQWHPDVHPPDVVDVRPDQGRXPtPSHWRQRYRHGDQGRXPDGLUHomRQDWXUDO
³QRYD´±FRPHoDQGRDFKDPDUWRGDVDVSRUo}HVGRHXFRPRHOHVHFRQKHFLDMXQWDV

$VVLPRFRQFHLWRGH'HXVFRPHoRXDPXGDUTXDQGRRHJRUHFRQKHFHXVXDFRQILDQoDQDUHDOLGDGH
LQWHUQDPDVRGUDPDWHYHTXHVHUWUDEDOKDGRGHQWURGDHVWUXWXUDFRUUHQWH20DRPHWLVPRIRL
EDVLFDPHQWHWmRYLROHQWRSUHFLVDPHQWHSRUTXHR&ULVWLDQLVPRIRLEDVLFDPHQWHWmRVXDYH1mRTXH
DTXHOH&ULVWLDQLVPRQmRWHQKDVHPLVWXUDGRFRPDYLROrQFLDRXTXHR0DRPHWLVPRIRVVH
GHVWLWXtGRGHDPRU0DVFRPRDSVLTXHSDVVRXSRUVHXVGHVHQYROYLPHQWRVHOXWRXFRQVLJRPHVPD
QHJDQGRDOJXQVVHQWLPHQWRVHFDUDFWHUtVWLFDVHGDQGRrQIDVHDRXWURVDVVLPRVGUDPDVUHOLJLRVRV
H[WHULRUHVKLVWyULFRVUHSUHVHQWDUDPHVHJXLUDPHVWDVDVSLUDo}HVLQWHUQDVOXWDVHSURFXUDV

7RGRHVWHPDWHULDODJRUDGDGRGHYHVHUFRQVLGHUDGRMXQWRFRPRIDWRGHTXHVREHVWHV
GHVHQYROYLPHQWRVKiRVDVSHFWRVHWHUQRVHFDUDFWHUtVWLFDVFULDWLYDVGHXPDIRUoDTXHpLQHJiYHOH
tQWLPD(PRXWUDVSDODYUDV27XGR4XHeUHSUHVHQWDDUHDOLGDGHGDTXDOWRGRVEURWDPRV2
7XGR4XHeSRU6XDQDWXUH]DWUDQVFHQGHWRGDVDVGLPHQV}HVGHDWLYLGDGHFRQVFLrQFLDRX
UHDOLGDGHHQTXDQWRpXPDSDUWHGHFDGD

$WUiVGHWRGDVDVIDFHVKiXPDIDFHFRQWXGRLVWRQmRVLJQLILFDTXHDIDFHGHFDGDKRPHPQmRp
GHOHPHVPR

2GUDPDUHOLJLRVRDGLFLRQDOGRTXDOIDOHLHPVHXVWHUPRVDLQGDDYLUUHSUHVHQWDRXWUDIDVHHP
DPERVRVGUDPDVQRLQWHUQRHQRH[WHUQRQRVTXDLVRHJRHPHUJHQWHVHWRUQDFLHQWHGRPXLWRGH
VXDKHUDQoD(QTXDQWRPDQWpPVHXSUySULRHVWDGRHOHVHUiFDSD]GHPXLWRPDLRUFRPpUFLRFRP
RXWUDVSRUo}HVGRHXHWDPEpPGHRIHUHFHUDRHXLQWHULRUDVRSRUWXQLGDGHVGHFRQVFLrQFLDTXHR
HXLQWHULRUTXHSRUVLPHVPRQmRS{GHREWHU

3RUWDQWRDVMRUQDGDVGRVGHXVHVUHSUHVHQWDPDVMRUQDGDVGDSUySULDFRQVFLrQFLDGRKRPHP
SURMHWDGDVH[WHUQDPHQWH3RUpP27XGR4XHeHVWiGHQWURGHFDGDWDODYHQWXUD6XDFRQVFLrQFLD
HVXDUHDOLGDGHHVWmRGHQWURGHFDGDKRPHPHGHQWURGRVGHXVHVTXHHOH>RKRPHP@FULRX

2VGHXVHVDWLQJHPpFODURXPDUHDOLGDGHSVtTXLFD1mRHVWRXGL]HQGRSRUWDQWRTXHHOHVQmRVmR
UHDLVPDVHVWRXDWpFHUWRSRQWRGHILQLQGRDQDWXUH]DGDUHDOLGDGHGHOHVeDWpFHUWRSRQWRYHUGDGH
GL]HU6HMDFXLGDGRVRFRPRVGHXVHVTXHYRFrHVFROKHUSRLVYRFrVUHIRUoDUmRXPDRRXWUR

7DODOLDQoDHVWDEHOHFHFHUWRVFDPSRVGHDWUDomR8PKRPHPTXHVHSUHQGHDXPGRVGHXVHV
QHFHVVDULDPHQWHHVWiVHSUHQGHQGRJUDQGHPHQWHjVVXDVSUySULDVSURMHo}HV$OJXQVHPVHXV
WHUPRVVmRFULDWLYRVHDOJXQVGHVWUXWLYRVHQWUHWDQWRRV~OWLPRVUDUDPHQWHVmRUHFRQKHFLGRVFRPR
WDLV

2FRQFHLWRDEHUWRGR7XGR4XHeSRUpPOKHOLEHUWDHPJUDQGHSDUWHGHVXDVSUySULDVSURMHo}HV
HSHUPLWHXPFRQWDWRPDLVYiOLGRFRPRHVStULWRTXHHVWiDWUiVGDUHDOLGDGHTXHYRFrFRQKHFH

1HVWHFDStWXORHXJRVWDULDWDPEpPGHPHQFLRQDUYiULRVRXWURVSRQWRVSHUWLQHQWHV

$OJXQVFRQWRVDQWLJRVTXHYLHUDPDWUDYpVGRVVpFXORVIDODPVREUHYiULRVGHXVHVHGHP{QLRVTXH
JXDUGDPRVSRUW}HVSRUDVVLPGL]HUGHRXWURVQtYHLVGHUHDOLGDGHHHVWiJLRVGHFRQVFLrQFLD
1tYHLVDVWUDLVVmRGLVSRVWRVQLWLGDPHQWHQXPHUDGRVHFDWHJRUL]DGRV

+iWHVWHVSDUDSDVVDUDQWHVGDHQWUDGD+iULWXDLVDVHUHPHQFHQDGRV$JRUDWXGRLVWRpDOWDPHQWH
WRUFLGR4XDOTXHUWHQWDWLYDSDUDWmRULJRURVDHSUHFLVDH[SUHVVmRGDUHDOLGDGHLQWHULRUHVWiIDGDGD
DVHUDERUWDGDDOWDPHQWHHQJDQRVDHHPVHXVWHUPRVjVYH]HVSHULJRVDSRLVYRFrFULDVXD
SUySULDUHDOLGDGHHDYLYHGHDFRUGRFRPVXDVFUHQoDVLQWHULRUHV(QWmRVHMDFXLGDGRVRWDPEpPD
UHVSHLWRGHVVDVFRQYLFo}HVTXHYRFrDFHLWD

'HL[HPHXVDUHVWHPRPHQWRSDUDQRYDPHQWHGHFODUDUTXHQmRKiQHQKXPGLDERRXGHP{QLRV
H[FHWRTXDQGRYRFrRVFULDHPVXDFUHQoD&RPRPHQFLRQDGRDQWHULRUPHQWHRVHIHLWRVERQVH
PDXVVmREDVLFDPHQWHLOXV}HV(PVHXVWHUPRVWRGRVRVDWRVDGHVSHLWRGDDSDUHQWHQDWXUH]D
GHOHVVmRXPDSDUWHGHXPEHPPDLRU1mRHVWRXGL]HQGRTXHXPERPILQDOMXVWLILFDRTXHYRFr
FRQVLGHUDULDFRPRXPDDomRPi(QTXDQWRYRFrDLQGDDFHLWDURVHIHLWRVGHEHPHPDOHQWmRp
PHOKRUYRFrHVFROKHUREHP

(VWRXGL]HQGRLVWRWmRVLPSOHVTXDQWRSRVVtYHO+iFRPSOLFDo}HVSURIXQGDVVREPLQKDVSDODYUDV
SRUpP2VRSRVWRVVyWrPYDOLGDGHHPVHXSUySULRVLVWHPDGHUHDOLGDGH(OHVVmRXPDSDUWHGH
VXDVVXSRVLo}HVHQUDL]DGDVHDVVLPYRFrWHPTXHOLGDUFRPHOHVFRPRWDLV

3RUpPHOHVUHSUHVHQWDPXQLGDGHVSURIXQGDVTXHYRFrQmRHQWHQGH6XDFRQFHSomRGHEHPHPDO
UHVXOWDHPJUDQGHSDUWHGRWLSRGHFRQVFLrQFLDTXHYRFrDGRWRXSUHVHQWHPHQWH9RFrQmRSHUFHEH
RWRGRPDVSRUo}HV$PHQWHFRQVFLHQWHIRFDFRPXPDOX]UiSLGDOLPLWDGDPDVLQWHQVD
SHUFHEHQGRDSDUWLUGHXPGHWHUPLQDGRFDPSRGHUHDOLGDGHDSHQDVFHUWRV³HVWtPXORV´(ODHQWmR
UH~QHHVWHVHVWtPXORVIRUPDQGRDOLJDomRGHVLPLODULGDGH4XDOTXHUFRLVDTXHHODQmRDFHLWD
FRPRXPDSRUomRGHUHDOLGDGHHODQmRSHUFHEH

2HIHLWRGRVRSRVWRVUHVXOWDHQWmRGHXPDIDOWDGHSHUFHSomR-iTXHYRFrWHPTXHRSHUDUQR
PXQGRFRPRRSHUFHEHHQWmRRVRSRVWRVDSDUHFHUmRFRPRFRQGLo}HVGDH[LVWrQFLD(VWHV
HOHPHQWRVIRUDPLVRODGRVSRUFHUWDUD]mRSRUpP(VWHVHOHPHQWRVHVWLYHUDPLVRODGRVSRUFHUWD
UD]mRSRUpP9RFrHVWiVHQGRHQVLQDGRHHVWiVHHQVLQDQGRDFRQWURODUDHQHUJLDSDUDVHWRUQDU
FRFULDGRUFRQVFLHQWHFRPR7XGR4XHeHXPGRV³HVWiJLRVGRGHVHQYROYLPHQWR´RXGRV
SURFHVVRVGHDSUHQGL]DGRLQFOXLOLGDUFRPRVRSRVWRVFRPRUHDOLGDGHV

(PVHXVWHUPRVDVLGpLDVGHEHPHPDORDMXGDPDUHFRQKHFHUDVDQWLGDGHGDH[LVWrQFLDD
UHVSRQVDELOLGDGHGDFRQVFLrQFLD$VLGpLDVGHRSRVWRVWDPEpPVmRQHFHVVDULDPHQWHJXLDVSDUDR
HJRHPGHVHQYROYLPHQWR2HXLQWHULRUVDEHEDVWDQWHEHPGDXQLGDGHTXHH[LVWH

(PTXDOTXHUGHWHUPLQDGRSHUtRGRKLVWyULFRXPGUDPDUHOLJLRVRSRGHHPHUJLUILQDOPHQWHFRPRD
UHSUHVHQWDomRH[WHULRUPDVWDPEpPKDYHUiPXLWRVGUDPDVVHFXQGiULRVSURMHo}HVTXHQmRVH
GHVHQURODPFRPSOHWDPHQWH(VWHVUHSUHVHQWDPpFODURHYHQWRVSURYiYHLV4XDOTXHUGHOHV
SRGHULDVXEVWLWXLURGUDPDH[WHULRUDWXDO1RWHPSRGH&ULVWRKDYLDPXLWRVGHVHPSHQKRVDVVLP
FRPRPXLWDVSHUVRQDOLGDGHVVHQWLULDPDIRUoDGDUHDOLGDGHLQWHUQDHUHDJLUDPDHOD

(PRXWUDVSDODYUDVKDYLD&ULVWRVSURYiYHLVYLYHQGRHPVHXVWHUPRVQDTXHOHWHPSR3RUYiULDV
UD]}HVTXHQmRPHQFLRQDUHLDTXLHVWDVSURMHo}HVQmRUHIOHWLUDPHYHQWRVLQWHUQRVILHOPHQWHR
EDVWDQWH3RUpPKDYLDXPQ~PHURGHKRPHQVQDPHVPDiUHDJHUDOILVLFDPHQWHTXHUHVSRQGHXDR
FOLPDSVtTXLFRLQWHULRUVHQWLXVREUHVLPHVPRVDDWUDomRHUHVSRQVDELOLGDGHGRKHUyLUHOLJLRVR

$OJXQVGHVWHVKRPHQVWDPEpPIRUDPWLQJLGRVWDPEpPSHJRVQRWRUPHQWRHIHUYRUGRSHUtRGRSDUD
VHHOHYDUHPVXILFLHQWHPHQWHVREUHLVWR$VFXOWXUDVRVXVDUDP(OHVQmRSXGHUDPXVDUDVYiULDV
FXOWXUDVFRPRODQoDGRUDV>DSDUWLUGRFKmR@SDUDDVLGpLDVQRYDV$RFRQWUiULRHOHVILFDUDP
SHUGLGRVQDKLVWyULDGRVWHPSRV

$OJXQVFRQWLQXDUDPVHJXLQGRRPHVPRSDGUmRDVVXPLGRSHOR&ULVWRH[HFXWDUDPIHLWRVSVtTXLFRVH
FXUDVWLYHUDPJUXSRVGHVHJXLGRUHVHDLQGDQmRIRUDPFDSD]GHPDQWHUDTXHOHIRFRSRGHURVRGD
DWHQomRSVtTXLFDTXHHUDWmRQHFHVViULD

2'HXVGH5HWLGmRDVVLPFKDPDGRHUDXPDSHVVRDWDOPDVQDWXUH]DVXSHU]HORVDRPDQWHYH
VHJXUR$ULJLGH]GHOHSUHYHQLXDHVSRQWDQHLGDGHQHFHVViULDSDUDTXDOTXHUYHUGDGHLUDJUDQGH
OLEHUDomRUHOLJLRVD(OHFDLXDRFRQWUiULRQDDUPDGLOKDGRSURYLQFLDQLVPR6HHOHWLYHVVH
H[HFXWDGRRSDSHOSRVVtYHOHOHSRGHULDWHUVLGRGHEHQHItFLRSDUD3DXOR(OHHUDXPD
SHUVRQDOLGDGHSURYiYHOGDSRUomRGH3DXORGDHQWLGDGHGR&ULVWR>FRPRVHQWLGRGHTXH'HXVHUD
XPDSRUomRGDHQWLGDGHSURYiYHOTXH3DXORWLQKDFRPRSUySULDSRUomRSDUDUHSUHVHQWDUR&ULVWR
LQWHUQR@

(VWHVKRPHQVQDWXUDOPHQWHHQWHQGLDPVXDVSDUWHVQHVWHGUDPDHWDPEpPVXDVSRVLo}HVQR
7XGR4XHe(OHVHUDPWRGRVDOWDPHQWHFODULYLGHQWHVHWHOHSiWLFRVGDGRVDYLV}HVHDHVFXWDU
YR]HV

(PVHXVVRQKRVHOHVHVWDYDPHPFRQWDWR&RQVFLHQWHPHQWH3DXORVHOHPEURXGHPXLWRVGHVWHV
VRQKRVDWpTXHVHVHQWLXSURFXUDGRSHOR&ULVWR3RUFDXVDGHXPDVpULHGHVRQKRVUHFRUUHQWHV
3DXORSHUVHJXLXRVFULVWmRV(OHVHQWLDTXH&ULVWRHUDXPWLSRGHGLDERTXHRSURFXUDYDQRVVRQKRV
GHOH>GH3DXOR@

(PXPQtYHOLQFRQVFLHQWHSRUpPHOHVDELDRVLJQLILFDGRGRVVRQKRVHVXDFRQYHUVmRpFODUR
IRLDSHQDVXPHYHQWRItVLFRVHJXLQGRXPDH[SHULrQFLDLQWHULRU

-RmR%DWLVWD&ULVWRH3DXORHVWDYDPWRGRVFRQHFWDGRVQRHVWDGRGHVRQKRH-RmRHVWDYDEHP
FLHQWHGDH[LVWrQFLDGH&ULVWRDQWHVGH&ULVWRQDVFHU

3DXORSUHFLVDYDGDIRUoDHJRWLVWDPDLVIRUWHSRUFDXVDGHVHXVGHYHUHVSDUWLFXODUHV(OHHVWDYD
PXLWRPHQRVFLHQWHFRQVFLHQWHPHQWHGHVHXSDSHOSRUHVWDUD]mR2FRQKHFLPHQWRLQWHULRUpFODUR
H[SORGLXQDH[SHULrQFLDGDFRQYHUVmRItVLFD

&$3Ë78/2
8PDGHXVHXPDLQWURGXomR$VSHFWRVGD3HUVRQDOLGDGH0XOWLGLPHQVLRQDOFRPRYLVWRDWUDYpV
GHPLQKDSUySULDH[SHULrQFLD

1RWHPSRKLVWyULFRGH&ULVWRHXHUDXPKRPHPFKDPDGR0LOOHQLXVHP5RPD1DTXHODYLGD
PLQKDRFXSDomRSULQFLSDOHUDDGHXPFRPHUFLDQWHPDVHXHUDXPFDYDOKHLURDOWDPHQWHFXULRVRH
PLQKDVYLDJHQVPHGHUDPDFHVVRDPXLWRVJUXSRVGLIHUHQWHVGHSHVVRDV

)LVLFDPHQWHHXHUDUHGRQGRHUREXVWRQmRFRPSOHWDPHQWHSDWUtFLRHPPHXSRUWHHFRP
GHWHUPLQDGRGHVOHL[RHPPHXYHVWLU7tQKDPRVXPWLSRGHUDSpIHLWRGHXPFHUWRWLSRGHSDOKD(X
XVDYDLVWRFRQVWDQWHPHQWHGHUUDPDQGRIUHTHQWHPHQWHXPSRXFRHPPLQKDURXSD>URXSmR@

0LQKDFDVDILFDYDQDSDUWHPDLVRFXSDGDQRQRURHVWHGDFLGDGHH[DWDPHQWHDOpPGRTXHYRFr
FKDPDULDRFRUDomRGDFLGDGH(QWUHPLQKDVPHUFDGRULDVHXYHQGLDVLQRVSDUDEXUURV,VWRSRGH
QmRVRDUFRPRXPSURGXWRPXLWRJUDQGLRVRHDLQGDDVVLPIDPtOLDVQDVID]HQGDVIRUDGH5RPDRV
DFKDYDPDOWDPHQWH~WHLV&DGDXPWLQKDXPVRPHVSHFLDOHXPDIDPtOLDSRGHULDGL]HUSHORVRP
GRVLQRTXDOHUDVHXSUySULREXUURQRPHLRGHLQXPHUiYHLVVLPLODUHV

%XUURVWDPEpPHUDPXVDGRVHPPXLWRVQHJyFLRVGHQWURGDSUySULD5RPDFRPRFDUUHJDGRUHVGH
IDUGRSDUWLFXODUPHQWHQDVRFXSDo}HVPDLVEDL[DV2Q~PHURGHVLQRVRVRPSDUWLFXODUGHOHVDWp
PHVPRDVFRUHVWXGRWLQKDXPVLJQLILFDGR1RWXPXOWRGDFLGDGHRVVLQRVSDUWLFXODUHVSRGHULDP
VHUUHFRQKHFLGRVHQWmRSHORSREUHHSHORVHVFUDYRVTXHHVSHUDYDPSDUDFRPSUDUSURGXWRV
IUHTHQWHPHQWHDOLPHQWRVPXUFKRVGRVFDUURVFDUUHJDGRV

2VVLQRVHUDPVyXPDSHTXHQDSRUomRGHPHXQHJyFLRTXHVHWUDWDYDHPJUDQGHSDUWHGHWHFLGRVH
WLQWXUDV>SDUDWHFLGRV@PDVHOHVPHIDVFLQDYDP3RUFDXVDGHPHXLQWHUHVVHQHOHVIL]PXLWRPDLV
YLDJHQVSDUDD]RQDUXUDOHUHJLmRGRTXHTXDOTXHUKRPHPSUXGHQWHGHYHULD2VVLQRVVHWRUQDUDP
PHXSDVVDWHPSR0LQKDFXULRVLGDGHPHOHYRXDYLDMDUjSURFXUDGHWLSRVGLIHUHQWHVGHVLQRVHPH
FRQGX]LXDRFRQWDWRFRPPXLWDVSHVVRDVTXHFDVRFRQWUiULRHXQmRWHULDHQFRQWUDGR

(PERUDHXQmRIRVVHOHWUDGRHXHUDDVWXWRHWLQKDXPDPHQWHYLYD]6LQRVHVSHFLDLVGHVFREUL
HUDPXVDGRVSRUYiULDVVHLWDVGHMXGHXVDPERVGHQWURHIRUDGH5RPD(PERUDHXIRVVHXP
URPDQRHXPFLGDGmRPLQKDFLGDGDQLDVLJQLILFDYDSRXFRH[FHWRGHPHSURSRUFLRQDUVHJXUDQoD
PtQLPDTXDQGRHXID]LDPHXFDPLQKRGLiULRHHPPHXQHJyFLRHQFRQWUHLWDQWRPXLWRVMXGHXV
TXDQWRURPDQRV6RFLDOPHQWHHXQmRHUDPXLWRGLVWDQWHGHOHV

2VURPDQRVQmRWLQKDPQHQKXPDLGpLDFODUDVREUHRQ~PHURGHMXGHXVHP5RPDQDTXHOHWHPSR
(OHVMXOJDYDPSRUFRQMHWXUDV2VVLQRVQRVEXUURVSHUWHQFHQWHVDRV=HORWHVWLQKDPVREUHHOHVR
VtPERORGHXPROKR(OHVHQWUDYDPVHFUHWDPHQWHQDFLGDGHHVFRQGHQGRVHWDQWRGRVRXWURVMXGHXV
TXDQWRGRVURPDQRV(OHVHUDPERQVSHFKLQFKHLURVHIUHTHQWHPHQWHPHSULYDYDPGHPDLVGRTXH
HXPHUHFLDSHUGHU

$SUHQGLVREUHR'HXVGD5HWLGmRDWUDYpVGHXPSULPRGHOHQRPHDGR6KHUDEDTXHHUDWmR
FODUDPHQWHTXDQWRSXGHHQWHQGHUQDRFDVLmRXPDVVDVVLQRVDJUDGR(OHHVWDYDErEDGRQDQRLWH
HPTXHIDOHLFRPHOHHPXPTXLRVTXHIHGLGRIRUDGH-HUXVDOpP)RLHOHTXHPPHFRQWRXVREUHR
VtPERORGRROKR(OHWDPEpPPHIDORXTXHRKRPHP&ULVWRIRLVHTHVWUDGRSHORV(VVrQLRV1mR
DFUHGLWHLQHOH1HPQDRFDVLmRHPTXHHOHPHFRQWRXHXQmRVDELDTXHP&ULVWRHUD

1DRFDVLmRHPTXH&ULVWRYLYHX6XDH[LVWrQFLDHUDFRQKHFLGDGHPXLWRSRXFRVIDODQGR
FRPSDUDWLYDPHQWH&RORFDQGRDEUXSWDPHQWHHFRPERPKXPRUHXVDELDTXHDOJXpPWLQKDDEROD
PDVQmRWLQKDFHUWH]DVREUHDSHVVRD(PHVWDGRVGHVRQKRDVLWXDomRILQDOPHQWHVHWRUQRX
FRQKHFLGDSDUDPLPHSDUDPXLWRVRXWURV

(PJHUDORVFULVWmRVQmRTXHULDPURPDQRVFRQYHUWLGRV0LDVWDUGHIXLXPGHVWHVHSRUFDXVDGH
PLQKDQDFLRQDOLGDGHQXQFDIXLDFUHGLWDGR0LQKDSDUWHQDTXHOHGUDPDHUDVLPSOHVPHQWHPH
IDPLOLDUL]DUFRPVXDIXQGDomRItVLFDVHUXPSDUWLFLSDQWHSRUpPSHTXHQRQDTXHODHUD

0XLWRSRVWHULRUPHQWHHPVHXVWHUPRVHXWHUPLQDULDFRPRXPSDSDPHQRUQRWHUFHLURVpFXOR
HQFRQWUDQGRQRYDPHQWHDOJXQVGDTXHOHVTXHWLQKDFRQKHFLGR±HVHYRFrPHSHUGRDUXPDQRWD
KXPRUtVWLFDPDLVXPDYH]IDPLOLDUFRPRVRPGHVLQRV

1mRpPHXSURSyVLWRHQWUDUHPPLQKDVH[LVWrQFLDVSDVVDGDVHPTXDOTXHUJUDQGHGHWDOKHPDV
XViODVSDUDID]HUFHUWDVREVHUYDo}HV(PSULPHLUROXJDUIXLPXLWDVYH]HVKRPHPHPXOKHUH
LPHUJLHPYiULDVRFXSDo}HVPDVVHPSUHFRPDLGpLDGHDSUHQGHUGHIRUPDTXHSXGHVVHHQVLQDU
7LYHXPKLVWyULFRILUPHGHH[LVWrQFLDItVLFDSRUWDQWRFRPRXPSUpUHTXLVLWRSDUDPHX³WUDEDOKR´
DWXDO

1mRDWXHLQRSDSHOGHTXDOTXHUSHUVRQDOLGDGHPXLWRLPSRUWDQWHGHQRWDKLVWyULFDPDVPHWRUQHL
H[SHULHQWHQRVGHWDOKHVDJUDGiYHLVHtQWLPRVGDYLGDGLiULDQDOXWDQRUPDOSDUDDUHDOL]DomRQD
QHFHVVLGDGHGRDPRU$SUHQGLRDQVHLRLQGHVFULWtYHOGHSDLSDUDILOKRILOKRSDUDSDLPDULGRSDUD
HVSRVDHVSRVDSDUDPDULGRHFDLLPSHWXRVDPHQWHQDVWHLDVtQWLPDVGDVUHODo}HVKXPDQDV$QWHV
GHVXDLGpLDGHKLVWyULDHXHUDXP/XPkQLDQHGHSRLVQDVFLQD$WOkQWLGD

8VDQGRVXDUHIHUrQFLDKLVWyULFDYROWHLQRWHPSRGRKRPHPGDVFDYHUQDVRSHUDQGRFRPRXP
2UDGRU$JRUDVHPSUHIXLXP2UDGRUDGHVSHLWRGHPLQKDRFXSDomRItVLFD)XLXPFRPHUFLDQWH
GHWHPSHURVQD'LQDPDUFDRQGHFRQKHFL5XEXUWH-RVHSK(PYiULDVYLGDVIXLQHJUR±XPDYH]
QRTXHDJRUDpFKDPDGRGH(WLySLDHXPDYH]QD7XUTXLD

0LQKDVYLGDVFRPRPRQJHVVHJXLUDPPLQKDH[SHULrQFLDFRPRSDSDHHPXPDGHVWDVIXLXPD
YtWLPDGDLQTXLVLomRHVSDQKROD0LQKDH[SHULrQFLDHPYLGDVIHPLQLQDVYDULRXGHXPDVROWHLURQD
KRODQGHVDFRPXPDXPDFRUWHVmQRWHPSRGR'DYLEtEOLFRSDUDYiULDVH[LVWrQFLDVFRPRXPD
KXPLOGHPmHGHFULDQoDV

$JRUDTXDQGRFRPHFHLDFRQWDWDU5XEXUWH-RVHSKHVFRQGLGHOHVRIDWRGHPLQKDVQXPHURVDV
YLGDV5XEXUWHPSDUWLFXODUQmRDFHLWDYDDUHHQFDUQDomRHDLGpLDGHWDLVH[SHULrQFLDVGHYLGD
P~OWLSODVVHULDDOWDPHQWHHVFDQGDORVDSDUDHOH

2VWHPSRVQRPHVHGDGRVQmRVmRWmRLPSRUWDQWHVTXDQWRDVH[SHULrQFLDVHHODVVmRPXLWR
QXPHURVDVSDUDOLVWDUDTXL3RUpPFXLGDUHLGLVWRHPDOJXPPRPHQWRHPTXHHVWDVHVWLYHUHP
FRPSOHWDPHQWHGLVSRQtYHLV$OJXPDVIRUDPGDGDVQDVVHVV}HVGDFODVVHGH5XEXUWHDOJXPDV
HPERUDSRXFDVDSDUHFHUDPQRSUySULR0DWHULDO6HWK

(PXPOLYURVREUHUHHQFDUQDomRHVSHURWHUFDGDXPDGHPLQKDVSHUVRQDOLGDGHVSUpYLDVIDODQGR
SRUVLPHVPDVSRLVHODVGHYHPFRQWDUVXDVSUySULDVKLVWyULDV(QWmRYRFrGHYHHQWHQGHUTXH
HVVDVSHUVRQDOLGDGHVDLQGDH[LVWHPHVmRLQGHSHQGHQWHV(PERUDRTXHHXVHMDXPDYH]SDUHFHX
HVWDUFRQWLGRQHVWDVSHUVRQDOLGDGHVIXLDSHQDVDVHPHQWHSDUDHODV(PVHXVWHUPRVSRVVRPH
OHPEUDUGHTXHPIXLHPWHUPRVPDLVDPSORVSRUpPHVWDVSHUVRQDOLGDGHVGHYLDPIDODUSRUVL
PHVPDV

7DOYH]YRFrYHMDXPDDQDORJLDDTXLTXDQGRFRPSDUDUDVLWXDomRFRPDUHJUHVVmRGHpSRFDVVRED
KLSQRVH(VVDVSHUVRQDOLGDGHVQmRHVWmRWUDQFDGDVGHQWURGRTXHVRXSRUpP(ODVSURJUHGLUDPGH
DFRUGRFRPRSUySULRPRGR(ODVQmRHVWmRQHJDGDV(PPHXVWHUPRVHODVFRH[LVWHPFRPLJR
PDVHPRXWUDFDPDGDGHUHDOLGDGH

(PYiULDVYLGDVHXHVWDYDFRQVFLHQWHPHQWHFLHQWHGHPLQKDVH[LVWrQFLDVSDVVDGDV8PDYH]
FRPRXPPRQJHPHDFKHLFRSLDQGRXPPDQXVFULWRTXHHXWLQKDHVFULWRHPRXWUDYLGD

)UHTHQWHPHQWHIXLGDGRDRDPRUHPH[FHVVRHRSRVVXL'XDVYH]HVPRUULGHIRPH6HPSUH
DFKHLPLQKDVPRUWHVDOWDPHQWHHGXFDWLYDVHPVHXVWHUPRVGHSRLV6HPSUHIRLXPDOLomRHQWUH
YLGDVORFDOL]DURVSHQVDPHQWRVHHYHQWRVTXH³FRQGX]LUDPDXPGHWHUPLQDGRIDOHFLPHQWR´

1HQKXPDGHPLQKDVPRUWHVPHSHJRXGHVXUSUHVD(XVHQWLDGXUDQWHRSURFHVVRDLQHYLWDELOLGDGH
RUHFRQKHFLPHQWRDWpPHVPRXPVHQVRGHIDPLOLDULGDGH³&ODURHVWDPRUWHSDUWLFXODUpPLQKDH
GHQHQKXPRXWUR´(DFHLWHLDWpPHVPRDVFLUFXQVWkQFLDVPDLVHVWUDQKDVVHQWLQGRTXDVHXPD
HVSpFLHGHSHUIHLomR$YLGDQmRSRGHULDVHUWHUPLQDGDFRUUHWDPHQWHVHPDPRUWH

+iXPJUDQGHVHQVRGHKXPLOGDGHHDLQGDXPJUDQGHVHQVRGHH[DOWDomRTXDQGRRHXLQWHULRU
VHQWHVXDOLEHUGDGHTXDQGRDPRUWHDFRQWHFH7RGDVDVPLQKDVPRUWHVIRUDPRFRPSOHPHQWRGH
PLQKDVYLGDVQLVVRSDUHFLDDPLPTXHQmRSRGHULDVHURFRQWUiULR

6HHXHVFROKHUHPVHXVWHUPRVHXSRVVRUHYLYHUTXDOTXHUSRUomRGHVVDVH[LVWrQFLDVPDVHVVDV
SHUVRQDOLGDGHVVHJXHPDVHXVSUySULRVFDPLQKRV

(PXPQtYHOVXEMHWLYRDJLFRPRSURIHVVRUH2UDGRUHPFDGDGHPLQKDVYLGDV(PDOJXPDVSRXFDV
H[LVWrQFLDVDOWDPHQWHLQWXLWLYDVHXHVWLYHFLHQWHGHVWHIDWR9RFrQmRHQWHQGHFRPRDLQGD>QmR
HQWHQGH@DDOWDLPSRUWkQFLDGRODGRLQIHULRUGDFRQVFLrQFLD$RODGRGHVHXSDSHOREMHWLYRHPFDGD
YLGDVHXVGHVDILRVUHHQFDUQDFLRQDLVWDPEpPHQYROYHPVHXVHVWDGRVGHVRQKRULWPRVGH
FULDWLYLGDGHTXHIOXHPHYD]DPVRERPXQGRGLiULRTXHYRFrFRQKHFH$VVLPPHWRUQHLDOWDPHQWH
YHUVDGRQHVWHPRGRFRPRXP2UDGRUHXPSURIHVVRUHPYiULDVYLGDVTXHIRUDPH[WHUQDPHQWH
GHVLQWHUHVVDQWHVSRUFRQWUDVWH

0LQKDLQIOXrQFLDWUDEDOKRHSUHRFXSDomRHPWDLVFDVRVHUDPPXLWRPDLVYDVWRVGRTXHPLQKDV
WUDQTLODVSURFXUDVREMHWLYDV'RXOKHHVWDLQIRUPDomRHVSHUDQGRDMXGiORDHQWHQGHUDYHUGDGHLUD
QDWXUH]DGHVXDSUySULDUHDOLGDGH0LQKDVH[LVWrQFLDVUHHQFDUQDFLRQDLVQmRGHILQHPRTXHVRX
SRUpPQHPDVVXDVGHILQHPYRFr

$DOPDVHFRQKHFHHQmRHVWiFRQIXVDSRUWHUPRVRXGHILQLo}HV0RVWUDQGROKHDQDWXUH]DGH
PLQKDSUySULDUHDOLGDGHHVSHUROKHHQVLQDUDQDWXUH]DGDVXDSUySULD

9RFrQmRHVWiOLJDGRDTXDOTXHUFDWHJRULDRXkQJXORGHH[LVWrQFLD6XDUHDOLGDGHQmRSRGHVHU
PHGLGDPDLVTXHDPLQKD(VSHURLOXVWUDUDIXQomRGDFRQVFLrQFLDHSHUVRQDOLGDGHHVFUHYHQGRHVWH
OLYURHDPSOLDUVHXVFRQFHLWRV

$JRUDFRPHFHLOKHIDODQGRTXHHXHVWDYDGLWDQGRHVWHPDWHULDOSHORDPSDURGHXPDPXOKHUSRU
TXHPHXHUDEDVWDQWHDIHLoRDGR'HL[HPHOKHIDODUDJRUDTXHKiRXWUDVUHDOLGDGHVHQYROYLGDV

2VSDUiJUDIRVVHJXLQWHVVHUmRHVFULWRVSRURXWUDSHUVRQDOLGDGHTXHSHUPDQHFHUHODWLYDPHQWHQD
PHVPDSRVLomRTXHHXTXDQGRPHGLULMRjPXOKHUDWUDYpVGHTXHPDJRUDHVWRXIDODQGR

1yVVRPRVDVYR]HVTXHIDODPVHPDVSUySULDVOtQJXDV1yVVRPRVIRQWHVGDTXHODHQHUJLDGDTXDO
YRFrYHP1yVVRPRVRVFULDGRUHVFRQWXGRWDPEpPIRPRVFULDGRV1yVVHPHDPRVVHXXQLYHUVR
FRPRYRFrVHPHLHRXWUDVUHDOLGDGHV

1yVQmRH[LVWLPRVHPVHXVWHUPRVKLVWyULFRVQHPFRQKHFHPRVH[LVWrQFLDItVLFD1RVVDDOHJULD
FULRXDH[DOWDomRGDTXDOVHXPXQGRYHP1RVVDH[LVWrQFLDpWDOTXHDFRPXQLFDomRGHYHVHUIHLWD
DWUDYpVGHRXWURVSDUDYRFr

6tPERORVYHUEDLVQmRWrPQHQKXPVLJQLILFDGRSDUDQyV1RVVDH[SHULrQFLDQmRpWUDGX]tYHO1yV
HVSHUDPRVTXHQRVVDLQWHQomRVHMD1DYDVWDH[WHQVmRLQILQLWDGDFRQVFLrQFLDWXGRpSRVVtYHO+i
VLJQLILFDQGRHPFDGDSHQVDPHQWR1yVSHUFHEHPRVVHXVSHQVDPHQWRVFRPROX]HV(OHVIRUPDP
SDGU}HV

3RUFDXVDGDVGLILFXOGDGHVGHFRPXQLFDomRpTXDVHLPSRVVtYHOSDUDQyVH[SOLFDUPRVQRVVD
UHDOLGDGH6yVDLEDTXHQyVH[LVWLPRV1yVHQYLDPRVYLWDOLGDGHLPHQVXUiYHODYRFrHDSRLDPRV
WRGDVDVHVWUXWXUDVGHFRQVFLrQFLDFRPDVTXDLVYRFrHVWiIDPLOLDUL]DGR9RFrQXQFDHVWiVy1yV
VHPSUHHQYLDPRVRVHPLVViULRVDYRFrVTXHHQWHQGHPVXDVQHFHVVLGDGHV(PERUDYRFrQmRQRV
FRQKHoDQyVRDSUHFLDPRV>DIUDVHWDPEpPFRPSUHHQGHRVHQWLGR³QyVFXLGDPRVGHYRFrV´@

6HWKpXPSRQWRHPPLQKDUHIHUrQFLDHPQRVVDUHIHUrQFLD(OHpXPDSRUomRDQWLJDGHQyV1yV
HVWDPRVVHSDUDGRVPDVXQLGRV2HVStULWRVHPSUHIRUPDDFDUQH

1yVFRQWLQXDUHPRV+iWLSRVGHFRQVFLrQFLDTXHQmRSRGHPVHUGHFLIUDGDVHPWHUPRVItVLFRV$
SHUVRQDOLGDGHTXHRULJLQRXRVSDUiJUDIRVYRFrOHXKiSRXFRp~QLFD

&RPRPHQFLRQDGRKiRPHVPRWLSRGHFRQH[mRHQWUHDTXHODSHUVRQDOLGDGHHHXPHVPRFRPRXPD
TXHH[LVWHHQWUH5XEXUWHHXPHVPR0DVHPVHXVWHUPRV6HWK'RLVpEDVWDQWHGLYRUFLDGRGH
PLQKDUHDOLGDGHGRTXHVRXGDGH5XEXUW9RFrSRGHLPDJLQDU6HWK'RLVFRPRXPDSRUomRIXWXUD
GHPLPVHYRFrSUHIHUHHDLQGDPXLWRPDLVHVWiHQYROYLGR

(XPHVPRHVWRXXVDQGRWHUPRVVLPSOHVDTXLSDUDWHQWDUID]HUHVWDVLGpLDVPDLVFODUDV(PXP
HVWDGRGHWUDQVH5XEXUWSRGHPHFRQWDWDU(PXPHVWDGRGHDOJXQVPRGRVVLPLODUDXPWUDQVH
SRVVRFRQWDWDU6HWK'RLV1yVHVWDPRVUHODFLRQDGRVGHPRGRVEDVWDQWHGLItFHLVGHH[SOLFDUXQLGRV
HPWHLDVGHFRQVFLrQFLD0LQKDUHDOLGDGHLQFOXLHQWmRQmRDSHQDVLGHQWLGDGHVUHHQFDUQDFLRQDLV
PDVWDPEpPRXWUDVJHVWDOWVGHVHUTXHQmRWrPQHFHVVDULDPHQWHQHQKXPDFRQH[mRItVLFD

2PHVPRVHDSOLFDDFDGDOHLWRUGHVWHOLYUR$DOPDpLOLPLWDGDHQWmR1mRpXPVLVWHPD
HVSLULWXDORXSVtTXLFR7HQWHLOKHPRVWUDUTXHDDOPDQmRpXPDFRLVDVHSDUDGDjSDUWHGHYRFr
(ODQmRHVWiPDLVGLYRUFLDGDGHYRFrGRTXH'(86HVWi

1mRKiQHQKXPDQHFHVVLGDGHGHFULDUXPGHXVVHSDUDGRTXHH[LVWDIRUDGHVHXXQLYHUVRH
VHSDUiORGLVWR>GR8QLYHUVR@QHPKiQHQKXPDQHFHVVLGDGHGHSHQVDUQDDOPDFRPRDOJXPD
HQWLGDGHGLVWDQWH'HXVRX27RGR4XHepLQWLPDPHQWHXPDSDUWHGHYRFr³6XD´HQHUJLD
IRUPDVXDLGHQWLGDGHHVXDDOPDpXPDSDUWHGHYRFrGDPHVPDPDQHLUD

0LQKDVSUySULDVSHUVRQDOLGDGHVUHHQFDUQDFLRQDLVHXVSURYiYHLVHDWpPHVPR6HWK'RLVH[LVWHP
HPPLPDJRUDFRPRHXH[LVWRQHOHV(PVHXVWHUPRV6HWK'RLVpPDLVDYDQoDGR(PVHXV
WHUPRVHOHiPDLV>FRPR@XPHVWUDQJHLUR>DOLHQ@MiTXHHOHQmRSRGHUHODFLRQDUVHFRPVXD
H[LVWrQFLDItVLFDFRPRIDoRSRUFDXVDGHPHXKLVWyULFRQHOD

$LQGDPLQKDH[SHULrQFLDHQULTXHFH6HWK'RLVHDVH[SHULrQFLDVGHOHPHHQULTXHFHPjH[WHQVmR
TXHSRVVRSHUFHEHUHWUDGX]LODVSDUDPHXSUySULRXVR'DPHVPDPDQHLUDDSHUVRQDOLGDGHGH
5XEXUWpDPSOLDGDSHODUHODomRFRPLJRHHXWDPEpPJDQKRDWUDYpVGDH[SHULrQFLDDWpPHVPR
FRPRRPHOKRUGRVSURIHVVRUHVDSUHQGHGHFDGDGLPHQVmRGHDWLYLGDGH

(PWHUPRVPDLVDPSORVPLQKDDOPDLQFOXLPLQKDVSHUVRQDOLGDGHVUHHQFDUQDFLRQDLV6HWK'RLVH
RVHXVSURYiYHLV(VWRXWmRFLHQWHGHPHXVHXVSURYiYHLVLQFLGHQWHPHQWHFRPRHVWRXGHPLQKDV
H[LVWrQFLDVUHHQFDUQDFLRQDLV6HXFRQFHLWRGH>SDUD@DOPDpVLPSOHVPHQWHOLPLWDGR

5HDOPHQWHQmRHVWRXIDODQGRHPWHUPRVGHJUXSRVGHDOPDVHPERUDHVWDLQWHUSUHWDomRWDPEpP
SRVVDVHUIHLWD

&DGDSDUWHGDDOPDFRQWpPRWRGRXPFRQFHLWRTXHHVWRXVHJXURRDVVXVWDUi4XDQGRYRFrVH
WRUQDUPDLVFLHQWHGHVXDSUySULDUHDOLGDGHVXEMHWLYDYRFrLUiSRUWDQWRVHWRUQDUIDPLOLDUFRP
JUDQGHVSRUo}HVGHVXDSUySULDDOPD4XDQGRYRFrSHQVDQDDOPDFRPRXPVLVWHPDIHFKDGRYRFr
DSHUFHEHFRPRWDOHVHIHFKDGRFRQKHFLPHQWRGHVXD>GDDOPD@PDLRUFULDWLYLGDGHH
FDUDFWHUtVWLFDV

6HWK'RLVUHSUHVHQWDRTXHHXPHWRUQDUHLDWpFHUWRSRQWRHHPVHXVWHUPRVFRQWXGRTXDQGRHX
PHWRUQDURTXHHOHpHOHVHUiDOJRGLIHUHQWH$JRUDQRVPHVPRVWHUPRVDSHQDV5XEXUWSRGHVH
WRUQDURTXHVRXPDVHQWmRHXVHUHLDOJREDVWDQWHGLIHUHQWH

&DGDXPGHYRFrVHVWiHQYROYLGRQRPHVPRWLSRGHUHODFLRQDPHQWRVHVWHMDFLHQWHRXQmRGHOHV
(PERUDOKHSDUHoDTXHH[LVWrQFLDVUHHQFDUQDFLRQDLVHQYROYHPHYHQWRVSDVVDGRVHIXWXURVHODV
H[LVWHPSDUDOHODPHQWHRXDGMDFHQWHPHQWHjVXDSUySULDYLGDSUHVHQWHH>j@FRQVFLrQFLD2XWURV
DVSHFWRVGHVXDLGHQWLGDGHPDLRUH[LVWHPIDODQGRUHODWLYDPHQWHVREUHRXDRUHGRUGHVWDV

$VUHVSRVWDVSDUDDQDWXUH]DGDUHDOLGDGHRFRQKHFLPHQWRtQWLPRGR7XGR4XHeTXHYRFr
SURFXUDHVWiHPVXDH[SHULrQFLDSUHVHQWH>GHQWURGHOD@(ODQmRVHUiHQFRQWUDGDIRUDGHYRFrV
PHVPRVPDVDWUDYpVGHXPDMRUQDGDLQWHULRUSDUDVLPHVPRDWUDYpVGHVLPHVPRHDWUDYpVGR
PXQGRTXHYRFrFRQKHFH

8PDYH]HXIXLXPDPmHFRPGR]HILOKRV,JQRUDQWHHPWHUPRVGHHGXFDomRORQJHGHVHUERQLWD
SDUWLFXODUPHQWHQRVDQRVSRVWHULRUHVFRPXPWHPSHUDPHQWRVHOYDJHPHGHYR]URXFD,VWRIRLDR
UHGRUGH-HUXVDOpPQRVH[WRVpFXOR$VFULDQoDVWLQKDPPXLWRVSDLV)L]PHXPHOKRUSDUD
SURYrORV

0HXQRPHHUD0DUVKDED9LYtDPRVRQGHTXHUTXHSXGpVVHPRVDJDFKDQGRHPHQWUDGDVH
ILQDOPHQWHWRGRVPHQGLJDQGR&RQWXGRQDTXHODH[LVWrQFLDDYLGDItVLFDWLQKDXPFRQWUDVWHXPD
DJXGH]PDLRUGRTXHTXDOTXHUTXHHXWLQKDFRQKHFLGR

8PDFURVWDGHSmRHUDPDLVGHOLFLRVDSDUDPLPGRTXHTXDOTXHUSHGDoRGHERORHPERUDEHP
JODoDGRTXHMiSXGHVVHWHUH[LVWLGRQDVYLGDVDQWHULRUHV

4XDQGRPHXVILOKRVULDPHXHUDGRPLQDGDSHORGHOHLWHHDSHVDUGHQRVVDVSULYDo}HVFDGDPDQKm
HUDXPDVXUSUHVDWULXQIDQWHSRUTXHQyVQmRWtQKDPRVPRUULGRHPQRVVRVRQRSRUQmRWHUPRV
VXFXPELGRjIRPH(VFROKLDTXHODYLGDGHOLEHUDGDPHQWHFRPRFDGDXPGHYRFrVHVFROKHFDGD
XPDGDVVXDVHIL]LVVRSRUTXHPLQKDVYLGDVSUpYLDVWLQKDPPHGHL[DGRPXLWRHQWHGLDGR7DPEpP
IXLPXLWRDOPRIDGDGR>PLPDGR@(XMiQmRIRFDYDFRPFODULGDGHQDVGHOtFLDVItVLFDV
YHUGDGHLUDPHQWHHVSHWDFXODUHVHQDVH[SHULrQFLDVTXHDWHUUDSRGHSURYHU

(PERUDHXJULWDVVHFRPPLQKDVFULDQoDVHjVYH]HVJULWHLFRPUDLYDFRQWUDRVHOHPHQWRVHXIXL
JROSHDGRSHODPDJQLILFrQFLDGDH[LVWrQFLDHDSUHQGLPDLVVREUHDYHUGDGHLUDHVSLULWXDOLGDGHGR
TXHMiIL]FRPRXPPRQJH,VWRQmRVLJQLILFDTXHDSREUH]DFRQGX]jYHUGDGHRXTXHRVRIULPHQWR
VHMDERPSDUDDDOPD0XLWRVTXHSDUWLOKDUDPGHVWDVFRQGLo}HVFRPLJRDSUHQGHUDPSRXFR,VWR
VLJQLILFDTXHFDGDXPGHYRFrVHVFROKHHVVDVFRQGLo}HVGHYLGDTXHWHPSDUD>HP@VHXSUySULR
SURSyVLWRVDEHQGRDRORQJRGRWHPSRRQGHUHSRXVDPVXDVIUDTXH]DVHIRUoDV

1DJHVWDOWGHPLQKDSHUVRQDOLGDGHFRPRHPVHXVWHUPRVHXYLYLPDLVWDUGHYLGDVPDLVULFDV
DTXHODPXOKHUHVWDYDYLYDQRYDPHQWHHPPLPFRPRSRUH[HPSORDFULDQoDHVWiYLYDQRDGXOWR
HFKHLDGHJUDWLGmRFRPSDUDGDDFLUFXQVWkQFLDVSRVWHULRUHVjVH[LVWrQFLDVLQLFLDLV(ODPH
LPSXOVLRQRXDXVDUPHOKRUPLQKDVYDQWDJHQV

$VVLPFRPYRFrHPXPDDPSODIRUPDVXDVYiULDVH[LVWrQFLDVUHHQFDUQDFLRQDLVFRDFRQWHFHP
8VDQGRDDQDORJLDGDLGDGHDGXOWDQRYDPHQWHDLQGDDVVLPGHRXWUDPDQHLUDHODMiRGHL[RXIRL
HPERUDjSDUWHGHYRFrFRPRVHIRVVHDSHQDVXPDGXOWRQRTXDODFULDQoD³VHIXQGLX´$VVLPDV
SHVVRDVTXHHXWHQKRVLGRIRUDPHPERUDHPVHXVSUySULRVFDPLQKRVFRQWXGRDLQGDVmRXPDSDUWH
GHPLPHHXGHODV

(VWRXYLYRQDPHPyULDGH6HWK'RLVFRPRXPHXDSDUWLUGRTXDOHOHEURWD&RQWXGRRHXTXHVRX
DJRUDQmRpRHXDSDUWLUGRTXDOHOHEURWD$SHQDVVXDVLGpLDVUtJLGDVGHWHPSRHFRQVFLrQFLD
ID]HPHVWDVGHFODUDo}HVSDUHFHUHVWUDQKDVDYRFrSRLVQXPFRQWH[WRPDLVDPSORQRYDPHQWH
SRVVRPHOHPEUDUGH6HWK'RLV7RGDVHVWDVFRQH[}HVSRUWDQWRHVWmRDEHUWDV7RGRVRVHYHQWRV
SVLFROyJLFRVDIHWDPWRGRVRVRXWURV

7RGDVDVH[LVWrQFLDVHFRQVFLrQFLDVHVWmRHQWUHODoDGDV$SHQDVTXDQGRYRFrSHQVDQDDOPDFRPR
DOJRGLIHUHQWHVHSDUDGRHHQWmRIHFKDGRYRFrpFRQGX]LGRDFRQVLGHUDUXPGHXVVHSDUDGRXPD
SHUVRQDOLGDGHTXHSDUHFHHVWDUjSDUWHGDFULDomR

27RGR4XHepXPDSDUWHGDFULDomRPDVPDLVGRTXHDFULDomRp+iSLUkPLGHVGHJHVWDOWVGR
VHULPSRVVtYHLVGHGHVFUHYHUFXMDFRQVFLrQFLDLQFOXLFRQKHFLPHQWRHH[SHULrQFLDGRTXHSDUHFHULD
VHUSDUDYRFrXPYDVWRQ~PHURGHRXWUDVUHDOLGDGHV1RVWHUPRVHPTXHHVWRXIDODQGRSDUDVHX
EHQHILFLRRSUHVHQWHGHODVSRUH[HPSORSRGHLQFOXLUDYLGDHDPRUWHGHVHXSODQHWDHPXP
PRPHQWRGR³WHPSR´GHODV$H[LVWrQFLDGH6HWK'RLVHVWiQDVIUDQMDVH[WHUQDVGHXPDGDVWDLV
JDOi[LDVGHFRQVFLrQFLD>FRQVFLrQFLDV@

4XDQGR6HWK'RLVIDOD5XEXUWLQLFLDOPHQWHHVWiFLHQWHGRVHJXLQWH$FRQVFLrQFLDGHOHSX[DSDUD
FLPDVHJXLQGRXPFDPLQKRSVtTXLFRLQWHUQRXPIXQLOHQHUJL]DGRDWpTXHEDVWDQWHVLPSOHVPHQWH
QmRSRGHLUDOpP3DUDHOHSDUHFHHQWmRTXHDFRQVFLrQFLDGHOHVDLIRUDGRFRUSRDWUDYpVGHXPD
SLUkPLGHLQYLVtYHOTXHVHDEUHQRWRSRHVWLFDQGRVHQRHVSDoR

$TXLHOHSDUHFHHVWDEHOHFHUFRQWDWRFRPVtPERORVLPSHVVRDLVFXMDPHQVDJHPpGHDOJXPD
PDQHLUDWUDGX]LGDDXWRPDWLFDPHQWHHPSDODYUDV$TXHOHSRQWRQDYHUGDGHUHSUHVHQWDXPD
XUGLGXUDHPGLPHQV}HVXPOXJDUHQWUHVLVWHPDVTXHWrPPDLVDYHUFRPHQHUJLDHDUHDOLGDGH
SVLFROyJLFDGRTXHFRPRHVSDoRSRLVRHVSDoRpVHPVHQWLGR

(XTXDVHVHPSUHHVWRXSUHVHQWHQHVWDVRFDVL}HVFRPRXPWUDGXWRU0HXFRQKHFLPHQWRGHDPEDV
DVUHDOLGDGHVpQHFHVViULRSDUDDFRPXQLFDomR

6HWK'RLVHVWiIDPLOLDUL]DGRFRPXPMRJRGHVtPERORVHVLJQLILFDGRVLQWHLUDPHQWHGLIHUHQWHVGH
IRUPDTXHQHVWHFDVRGXDVWUDGXo}HVHVWmRVHQGRGDGDV±XPDSRUPLPHRXWUDSRU5XEXUW

(VSHUDQoRVDPHQWHFHUWRVFRQFHLWRVVHUmRHQWUHJXHVGHVVDPDQHLUDTXHQmRSRGHULDPVHU
HQWUHJXHVVHQmRIRVVHDVVLP(VWHVPDWL]HVGHUHDOLGDGHHH[SHULrQFLDHVWDVPHQVDJHQVGHXP
VLVWHPDSDUDRXWURDFRQWHFHPFRQWLQXDPHQWHGHYiULRVPRGRVHPHUJLQGRHPVHXPXQGRVREXP
GLVIDUFHRXRXWURFRPRLQVSLUDomRGHPXLWRVWLSRV9RFrVHVWmRVHQGRDMXGDGRVHPRXWUDV
SDODYUDV

9RFrWDPEpPHVWiXVDQGRVXDVSUySULDVKDELOLGDGHVSRUpPSRLVVXDVSUySULDVFDUDFWHUtVWLFDVHP
JUDQGHSDUWHGHWHUPLQDPDTXDQWLDGHDMXGDTXHYRFrUHFHEH2VLPEROLVPRDSDUHQWHD5XEXUW
TXDQGR6HWK'RLVIDODIXQFLRQDEHPPDVRH[WHUQRpWDPEpPLQWHUQRHDVVLPDFRQVFLrQFLDYLDMD
WmRORQJHLQWHUQDPHQWHFRPRSDUHFHDHOHYLDMDUH[WHUQDPHQWH

7DLVFRQWDWRVHFRQKHFLPHQWRHVWmRGLVSRQtYHLVDFDGDLQGLYtGXR27XGR4XHeIDODFRPWRGRVDV
6XDVSDUWHVQmRFRPVRQVWURPSHWHVHIDQIDUUDVGRQDGDPDVFRPXQLFD6XDPHQVDJHPDWUDYpV
GDVFRLVDVGDVDOPDVYLYHQWHVGHFDGDFRQVFLrQFLD

9RFrQmRHVWiSUHGHVWLQDGRDVHGLVVROYHUQR7XGR4XHe2VDVSHFWRVGHVXDSHUVRQDOLGDGHFRPR
YRFrRVFRQKHFHVHUmRUHWLGRV27XGR4XHepRFULDGRUGDLQGLYLGXDOLGDGHQmRRVPHLRVGHVXD
GHVWUXLomR

0LQKDVSUySULDVSHUVRQDOLGDGHVSUpYLDVQmRHVWmRGLVVROYLGDVHPPLPPDLVGRTXHVXDV
SHUVRQDOLGDGHV³SDVVDGDV´7RGDVHVWmRYLYDVHYLWDLV7RGDVVHJXHPVHXVSUySULRVFDPLQKRV
6XDVSHUVRQDOLGDGHV³IXWXUDV´VmRWmRUHDLVTXDQWRDVVXDVSDVVDGDV$SyVXPSRXFRLVVRQmRR
LQWHUHVVDUi)RUDGDHVWUXWXUDUHHQFDUQDFLRQDOQmRKiPRUWHFRPRYRFrSHQVD

3RUpPPHXSUySULRTXDGURGHUHIHUrQFLDQmRpPDLVIRFDGRHPPLQKDVH[LVWrQFLDV
UHHQFDUQDFLRQDLV9LUHLPLQKDDWHQomRSDUDRXWUDVGLUHo}HV

-iTXHWRGDVDVYLGDVVmRVLPXOWkQHDVWRGRDFRQWHFLPHQWRGHXPDYH]HQWmRTXDOTXHUVHSDUDomRp
SVLFROyJLFD([LVWRFRPRVRXHQTXDQWRPLQKDVYLGDVUHHQFDUQDFLRQDLV±HPVHXVWHUPRV±DLQGD
H[LVWHP&RQWXGRDJRUDQmRHVWRXLQWHUHVVDGRQHODVPDVSRQKRPLQKDFRQFHQWUDomRHPRXWUDV
iUHDVGHDWLYLGDGH

$SHUVRQDOLGDGHPXGDGHQWURRXIRUDGHXPFRUSRDVVLPYRFrPXGDUiGHSRLVGDPRUWHFRPRPXGD
DQWHVGHOD1HVWHVWHUPRVpULGtFXORLQVLVWLUHPSHUPDQHFHUFRPRYRFrpDJRUDDSyVDPRUWHeR
PHVPRTXHXPDFULDQoDGL]HQGR³9RXFUHVFHUPDVQXQFDYRXPXGDUDVLGpLDVTXHWHQKRDJRUD´
$VTXDOLGDGHVPXOWLGLPHQVLRQDLVGDSVLTXHSHUPLWHPLVWRSDUDH[SHULrQFLDXPUHLQRLQILQLWRGH
GLPHQV}HV([SHULrQFLDVHPXPDGLPHQVmRGHQHQKXPPRGRQHJDDH[LVWrQFLDHPRXWUD

9RFrWHPWHQWDGRDSHUWDUDDOPDHPFRQFHLWRVFRPSDFWRVGDQDWXUH]DGDH[LVWrQFLDID]HQGRD
VHJXLUVXDVFRQYLFo}HVOLPLWDGDV$SRUWDSDUDDDOPDHVWiDEHUWDHFRQGX]DWRGDVDVGLPHQV}HV
GHH[SHULrQFLD

3RUpPVHYRFrSHQVDTXHRHXFRPRYRFrRFRQKHFHpRILPRXDVRPDGHVLPHVPRHQWmRYRFr
WDPEpPLPDJLQDVXDDOPDFRPRVHQGRXPDHQWLGDGHOLPLWDGDOLJDGDSRUVXDV>GDDOPD@SUHVHQWHV
DYHQWXUDVHPXPD~QLFDYLGDDVHUMXOJDGDDGHTXDGDPHQWHDSyVDPRUWHGRGHVHPSHQKRGHDOJXQV
SRXFRVDQRVLUULVyULRV'HPXLWRVPRGRVHVWHpXPFRQFHLWRFRQIRUWiYHOHPERUDSDUDDOJXQVLVVR
SRVVDVHUEDVWDQWHDPHGURQWDGRUFRPVXDVFRQRWDo}HVGHGDQDomRHWHUQDePXLWRPDLVDJUDGiYHO
SRUWDQWRVHLOXGLUHPUHODomRDRVULFRVRUQDPHQWRVTXHHVWmRQRFRUDomRGDGLYLQDFULDWLYLGDGH$
DOPDSHUPDQHFHGHQWURHIRUDGRWHFLGRGDYLGDItVLFDFRPRYRFrDFRQKHFH9RFrQmRHVWi
VHSDUDGRGRVDQLPDLVHGRUHVWRGDH[LVWrQFLDHPYLUWXGHGHSRVVXLUXPDFRQVFLrQFLDLQWHULRU
HWHUQD7DOFRQVFLrQFLDHVWiSUHVHQWHHPWRGRVRVVHUHVYLYRVHHPWRGDVDVIRUPDV

,QWLWXOHLHVWHFDStWXOR³8P$GHXVHXPD,QWURGXomR´2DGHXVpPHXSUySULRMiTXHDJRUDHVWRX
ILQDOL]DQGRHVWHOLYUR

$LQWURGXomRVHDSOLFDDFDGDOHLWRUSRLVHVSHURTXHDJRUDYRFrVHMDFDSD]GHVHHQFRQWUDUIDFHD
IDFHFRPXPDFRPSUHHQVmRPDLRUGHTXHPHRTXHYRFrp

*RVWDULDHQWmRGHDSUHVHQWDUYRFrDYRFrPHVPR

9RFrQmRVHDFKDUiFRUUHQGRGHSURIHVVRUDSURIHVVRUGHOLYURDOLYUR9RFrQmRVHFRQKHFHUi
VHJXLQGRTXDOTXHUPpWRGRSDUWLFXODUHVSHFLDOL]DGRGHPHGLWDomR$SHQDVROKDQGRTXLHWDPHQWHR
HXTXHYRFrFRQKHFHVXDSUySULDUHDOLGDGHSRGHUiVHUH[SHULHQFLDGDFRPDTXHODVFRQH[}HVTXH
H[LVWHPHQWUHRHXSUHVHQWHRXLPHGLDWRHDLGHQWLGDGHLQWHULRUTXHpPXOWLGLPHQVLRQDO

'HYHKDYHUXPDYRQWDGHXPDDTXLHVFrQFLDXPGHVHMR6HYRFrQmRUHVHUYDURWHPSRSDUD
H[DPLQDUVHXVSUySULRVHVWDGRVVXEMHWLYRVHQWmRYRFrQmRSRGHUHFODPDUVHPXLWDVUHVSRVWDV
SDUHFHPLOXGLOR9RFrQmRSRGHODQoDURIDUGRGDSURYDVREUHRXWURRXHVSHUDUTXHXPKRPHPRX
SURIHVVRUSURYHPDYRFrDYDOLGDGHGHVXDSUySULDH[LVWrQFLD7DOSURFHGLPHQWRpHQWUHWHFLGRSDUD
OKHFRQGX]LUDXPDDUPDGLOKDDSyVRXWUD

(QTXDQWRYRFrVHVHQWDOHQGRHVVHOLYURDVHQWUDGDVLQWHUQDVHVWmRDEHUWDV9RFrVyWHPTXH
H[SHULHQFLDURPRPHQWRFRPRYRFrRFRQKHFHWmRFRPSOHWDPHQWHTXDQWRSRVVtYHO±MiTXHHOH
H[LVWHILVLFDPHQWHQRF{PRGR>GHQWURGRF{PRGRRQGHYRFrHVWi@RXOiIRUDQDVUXDVGDFLGDGHQD
TXDOYRFrPRUD,PDJLQHDH[SHULrQFLDSUHVHQWHHPXPPRPHQWRGRWHPSRVREUHRJORERHQWmR
WHQWHDSUHFLDUDH[SHULrQFLDVXEMHWLYDGHVLPHVPRTXHH[LVWHQRPRPHQWRHDLQGDDVVLPHVFDSD
GHOHHLVWRPXOWLSOLFDGRSRUFDGDLQGLYtGXRYLYR

(VWHH[HUFtFLRVR]LQKRDEULUiVXDVSHUFHSo}HVDXPHQWDUiVXDFRQVFLrQFLDHDXWRPDWLFDPHQWH
DPSOLDUiVXDDSUHFLDomRGHVXDSUySULDQDWXUH]D

2YRFrTXHpFDSD]GHWDOH[SDQVmRGHYHVHUPDLVFULDWLYRHDSHUVRQDOLGDGHPXOWLGLPHQVLRQDO
>GR@TXHYRFrLPDJLQRXDQWHULRUPHQWH0XLWRVGRVSHTXHQRVH[HUFtFLRVVXJHULGRVFHGLGRV
DQWHULRUPHQWHQROLYURWDPEpPRDMXGDUmRDVHUWRUQDUIDPLOLDUL]DGRFRPVXDSUySULDUHDOLGDGHOKH
GDUmRH[SHULrQFLDGLUHWDFRPDQDWXUH]DGHVXDSUySULDDOPDRXHQWLGDGHHRFRORFDUiHPFRQWDWR
FRPDTXHODVSRUo}HVGHVHXVHUGDVTXDLVVXDSUySULDYLWDOLGDGHEURWD9RFrSRGHRXQmRWHU
VHXVSUySULRVHQFRQWURVFRPHXVUHHQFDUQDFLRQDLVSDVVDGRVRXHXVSURYiYHLV9RFrSRGHRXQmR
VHSHJDUQRDWRGHPXGDUQtYHLVGDFRQVFLrQFLD

3RUpPFHUWDPHQWHDPDLRULDGHPHXVOHLWRUHVWHUiVXFHVVRFRPDOJXQVGRVH[HUFtFLRVVXJHULGRV
(OHVQmRVmRGLItFHLVHHVWmRGHQWURGDVFDSDFLGDGHVGHWRGRV

3RUpPFDGDOHLWRUGHYHGHXPPRGRRXGHRXWURVHQWLUVXDSUySULDYLWDOLGDGHGHXPDPDQHLUD
EDVWDQWHQRYDSDUDHOHHHQFRQWUDUDYHQLGDVGHH[SDQVmRVHDEULQGRHPVLPHVPRjVTXDLVDQWHV
QmRSHUFHELD$PHVPDQDWXUH]DGHVWHOLYURRPpWRGRGHVXDFULDomRHHQWUHJDHPVLPHVPRV
GHYHULDPVLQDOL]DUFODUDPHQWHRIDWRGHTXHDSHUVRQDOLGDGHKXPDQDWHPPXLWRPDLVKDELOLGDGHV
GRTXHDVQRUPDOPHQWHGHVLJQDGDVDHOD3RUDJRUDYRFrGHYHULDHQWHQGHUTXHWRGDVDV
SHUVRQDOLGDGHVQmRHVWmRPDWHULDOL]DGDVILVLFDPHQWH&RPRHVVHOLYURIRLFRQFHELGRHHVFULWRSRU
XPDSHUVRQDOLGDGHQmRItVLFDHHQWmRIHLWRItVLFRDVVLPFDGDXPGHYRFrVWHPDFHVVRDJUDQGHV
KDELOLGDGHVHPpWRGRVGHFRPXQLFDomRGRTXHRVXVXDOPHQWHDFHLWRV

(XHVSHURTXHGHXPPRGRRXWURHVWHPHXOLYURWHQKDVHUYLGRSDUDGDUDFDGDXPGHYRFrVXPD
LQWURGXomRjLGHQWLGDGHLQWHULRUPXOWLGLPHQVLRQDOTXHpVXDSUySULD

),0

6HWK

3RU-DQH5REHUWV

6HWK6SHDNV

7UDGXomR/XFLHQH/LPD6mR3DXOR63%UDVLO

Livro Seth Speaks - A Eterna Validade D

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Livro Seth Speaks - A Eterna Validade D

Uploaded by

Copyright:

Available Formats

6(7+63($.

You might also like