You are on page 1of 233

/8*$5&$7,92

2VQHUYRVWLQKDPVLGRRSUREOHPDGH%XQHO$JRUD
HVWDYDVHQWDGRQXPDWDUGHGHYHUmRHSHQVDYDRTXH
HVWDULDPWRGRVRVRXWURVDID]HU(TXHRXWURVVHULDP
HPTXHRXWUDVSHVVRDVSHQVDYD"$LGHLDGR%LJ%URWKHU
$ WHOHYLVmR (VWDYDP GH IDFWR D YrOR 'HSRLV HVWDYD
QXPDSDUDJHPGHDXWRFDUUR0DLVWDUGHVHQWDGRQXPD
SROWURQDTXHDOJXpPWLQKDSRVWRIRUDQDTXHOHGLD(VWDYD
VHQGRREVHUYDGRQmRGXYLGDYD
1DGDQDTXHOHGLDSRGHULDPXGDURGHVWLQRGH%XQHO
3DUDDTXHOHGLD(OHHVWDYDDOLDUUXPDGRDXPFDQWRGD
HVWDomRGH6DQWD$SROyQLDHVSHUDQGRXPELOKHWHSDUD
XP SHQVDPHQWR SRVLWLYR XP QDFR GH FRPLGD GRV
YROXQWiULRVGDQRLWH2VHXSHQVDPHQWRIL[DYDVHQXP
SRUPHQRUGHXPDSHGUDGRFKmRQXPDEUHFKDGDSDUHGH
7DOYH]DVXDDOPDIRVVHGHPDVLDGROLYUHSDUDVHSHUGHU
HP SRUPHQRUHV 7DOYH] RV SRUPHQRUHV IRVVHP
LPSRUWDQWHV7DOYH]RSRUPHQRUQmRLPSRUWDVVHHFRPR
HOHQmRWLQKDIUHTXHQWDGRQHQKXPDHVFRODQHPVHTXHU
DHVFRODGDYLGDDOLHVWDYDPHVPRQmRVDEHQGRTXHHVWDYD
DOJXpPjVXDHVSHUD
0DV GLJDVH RV VHXV OXJDUHV QmR HUDP IL[RV &RP
DOJXPDIUHTXrQFLDVHLQVWDODYDQDVDUFDGDVGHXPSUpGLR
HPFRQVWUXomRQXPDjUHDLVRODGDTXHHPEUHYHLULDVHU
jUHD UHVLGHQFLDO GH SDUWH GD HOLWH OLVERHWD 3RU YH]HV
SHQVDYDTXHVHULDVLPSOHVVDLUGDOLYLYRFRPXQLFDUHQWUDU
QXPDGLQkPLFDTXDOTXHUFRPTXDLVTXHUSHVVRDV$LQGD
DVVLPVHQWLDVHYtWLPDGHDOJXPDFRLVDRIHQGLGR(UD
DOJXpPDTXHPWLQKDPWLUDGRDYR]DFDSDFLGDGHGHVH
GDUDPRVWUDU(LVVRpFRLVDGHYDORU"1mR VRXEHGH
UHVSRVWD j TXHVWmR QDTXHOH GLD 6HMD FRPR IRU QmR

FRQKHFLDRFDORUGHDOJXpPKiPXLWRWHPSR2FDORUGH
XPDSHUWRGHPmR9LYLDHPEUHQKDGRHPPHPyULDVTXH
QmR SDVVDYDP GLVVR PHVPR PHPyULDV 7DOYH] LVVR R
IL]HVVHVDOWDUGHOXJDUHPOXJDUHHVSHUDUDOHQWRSDUDVH
GHVID]HU GD EDUED YHVWLU URXSD QRYD DUUDQMDU XP
WUDEDOKR6HMDFRPRIRUDVSHVVRDVTXHLULDFRQKHFHUGH
KRMHHPGLDQWHQmRVHULDPDVPHVPDVTXHFRQKHFHUDQR
SDVVDGR $ QmR VHU TXH XP WHUUHPRWR VH RFDVLRQDVVH
QRVFRUDo}HVGRTXHHUDVLPSOHVPHQWHXPDSDUFHODGH
XPDUHGHGHVHQWLPHQWRV
4XHPVHDFHUFDYDGHOHVHQWLDTXHKDYLDDOJRGLIHUHQWH
FRQVLJR$VXDDOPDHVWDYDDEDQGRQDGDDVXDYLGDQmR
WLQKDVHQWLPHQWRVRXHPRo}HV$ILQDOGHFRQWDVIRUDR
SHQVDPHQWR TXHR WUDtUD HWUD]LD DVVLP SHODVUXDV 2V
GLDVHUDPXPDUHSHWLomRHVWDYDGHQWURGHXPWULkQJXOR
GDVEHUPXGDVRVRXWURVWHQWDQGRDMXGDUHHOHDOKHLRD
WXGR +DYLD HQYHOKHFLGR PDV DLQGD HUD WHPSR SDUD
DOJXPD6XVSHLWDYDTXHQRILQDOGDVXDYLGDHOHSUySULR
VHULDFDSD]GHWRPDUDVXDYLGDQDVPmRV"0DVQmRVHULD
WDUGHGHPDLV"
8PGLDQmRSUHVWDQGRDWHQomRDRFDOHQGiULRQHP
VHTXHU DR FDOHQGiULR GRV MRJRV GHVSRUWLYRV ODQoRXVH
SDUDRFHQWURGHDFROKLPHQWRGREDLUUR$tOKHGHUDP
URXSDOLPSD3{GHWRPDUEDQKR&RORFRXXPSRXFRGH
JHOJXDUGRXRVyFXORVQREROVR$QRLWHHVSHUDYDSRU
HOH 2V VRQV GD QRLWH RXYLDPVH DWUDYpV GDV SRUWDV
HQWUHDEHUWDVGRVFOXEHVQRFWXUQRV(QWURXQXPGHOHV
7LQKDVHYLVWRDRHVSHOKRHDFKDYDVHFRQILDQWH$VOX]HV
GD SLVWD GH GDQoD FRUWDYDP R VHX FRUSR 0LURX XPD
UDSDULJDTXHDOLVHFRQIXQGLDHQWUHDJHQWH&KHJRXVH
SHUWRHVRUULXHIRLFRUUHVSRQGLGR&RPHoRXDGDQoDU
$LQGDVREUHYLYLDDILQDOPDLVVHQWLDVHYLYRHQWUHRMRJR
GHHVSHOKRVTXHYLDVHUDVXDYLGD$MRYHPDSUR[LPRX

VHLQVWLQWLYDPHQWHGHOH3DUDHODWDOYH]HOHIRVVHDSHQDV
XPMRYHPFRPXPERPFRUSR3DUDHOHWDOYH]RPHVPR
2 TXH LPSRUWDYD R TXH FDGD XP WLQKD QD FDEHoD"
3XGHUDP ILQDOPHQWH VHU HVTXHFLGRV SHOR PXQGR SDUD
VHUHPOHPEUDGRVPDLVWDUGH1DPHVPDFDPDHPFDVD
GHODVRQKDUDPXPDSRUomRGHHWHUQLGDGH
(OHTXHSHQVDUDHVWDUYHOKRSRUGHQWURUHYLJRUD
VHFRPR VHQDVFHVVHGH QRYR$VSRXFDV SHVVRDVTXH
FRQKHFHUDDWpHQWmRWLQKDPOKHHQVLQDGRPXLWRGDYLGD
(OHQmRIRUDGDVSHVVRDVTXHFRQKHFHPPXLWDVSHVVRDV
(ODQmROKHID]LDSHUJXQWDVWRODV(HOHGHL[DYDFDtGDD
FDEHoDQRSHLWRGHOD



6(16(5(&21$,66$1&(
6HQWLGRH5HFRQKHFLPHQWR



­VYH]HVpGLItFLOFRPSUHHQGHUPRVDVQRVVDVDFo}HV3DUDU
SDUDSHQVDUQDTXLORTXHUHDOPHQWHLQWHUHVVD­VYH]HVWHPRVGH
SHUGRDUDQyVSUySULRV$YLGDpDEHUWDQDVGLIHUHQWHVVRFLHGDGH
GHTXHGLVSRPRVSDUDYLYHU3RGHPRVGHQWURGHFHUWRVOLPLWHV
FRPSUHHQGHQGRHDVVLPLODQGRDVUHJUDVID]HURTXHTXLVHUPRV
VHU R TXH TXLVHUPRV $ FRQILDQoD QR IXWXUR p FRLVD TXH QmR
QDVFHGHQWURGHQyV$PDWXULGDGHWUD]QRVRYtFLRR´GDUNVLGH
RI  WKH OLIHµ 2 TXH p PXLWR WULVWH p GDUPRQRV FRQWD GH TXH
YLYHPRVGHFRVWDVSDUDDUHDOLGDGHHTXHXPGLDQRVSRGHPRV
UHFRQFLOLDUFRPDOJXpPTXHHVTXHFHPRVFRPRDIHFWRTXHQRV
IRLGDGRHTXHLJQRUiPRV$FHLWDUPRVDVROLGmRFRPRXPGHVWLQR
pXPHUURKXPDQRXPDIRUPDGHVHUPRVYtWLPDVHID]HUPRV
VRIUHUDOJXpPXPDIRUPDGHFKDPDUDDWHQomR2UDQmRWHPRV
TXHFKDPDUDDWHQomR$YLGDQRVUHVHUYDXPGHVWLQRHFUHLRTXH
PRPHQWRV GH HQFDQWDPHQWR SDUD WRGRV $Wp R LQGLYtGXR TXH
GRUPHQXPFDUURSRGUHGHYHOKRVHSRVLFLRQDHPUHODomRDRV
RXWURV$LGLRVLQFUDVLDGHFDGDXPpFRLVDDDQDOLVDUHLVVRpFRLVD
TXHDSVLFRORJLDQmRID]4XDQGRRKiELWRRVKiELWRVPHQWDLV
HVWmR HQUDL]DGRV QD PHQWH p GLItFLO PXGDU 0DV QmR VHUi
IRUoRVDPHQWHDPXGDQoDGHFRQWH[WRVRFLDOHFXOWXUDOTXHQRV
SRGHUiID]HUGHVOXPEUDUIDFHjYLGDHPXGDUGHYH]UDGLFDOPHQWH
QDGLUHFomRGREHP3RGHPRVHVWDUPHVHVRXDQRVHPEUHQKDGRV
HPQyV SUySULRVH XPGLD GHVFREULPRVTXH IDFHD WRGRHVVH
WHPSRTXHFRQVLGHUDUtDPRVGHVSHUGLoDGRVRPRVDOJXPDFRLVD
'HVFREULPRVTXHDOJXpPSHQVDHPQyVDOJXpPUHFRQKHFHDTXHOD
FULDQoDTXHIRPRVHTXHDLQGDWHPRVGHQWUR6HKiDOJXPDFRLVD
GHTXHSRVVRIDODUFRPDXWRULGDGHVHUiDVROLGmR9ROXQWiULDRX

IRUoDGDXPDVROLGmRTXHpDILQDOSDUWHGDFRLVDDTXHFKDPDPRV
YLGD'L]HPRVTXDQGRQmRQRVRFRUUHQHQKXPDH[SOLFDomRVREUH
IDFWRV TXH GHVHQYROYHPRV TXH ´p D YLGDµ 0DV QHP
SURYDYHOPHQWHGDVROLGmRSRGHUHLIDODUFRPDXWRULGDGHSRUTXH
HVVHWHPSRPRUWRpYLYLGRHPIXQomRGHDOJXpPSRUFDXVDGH
DOJXpP$OJXpPTXHVHGHL[RXFRQYHUVDVTXHQmRVHDFDEDUDP
DOJXpPTXHKiGHFKHJDUXPGLDDFUHGLWDPRV1mRPHFRQKHoR
VXILFLHQWHPHQWHEHPSRUTXHQmRPHFRQIURQWHLFRPRVRXWURV
DLQGDDXPQtYHOTXHSRVVDWLUDUFRQFOXV}HV6HPSUHGHVHMHLWHU
XPDDOPDPDQVDSHUWRGHPLP3DUDPDQLSXODU"7DOYH]6HPSUH
GHVHMHLWHUXPFRUSRSHUWRGHPLPXPFRUSRIHPLQLPRSRVVR
VHUH[SOtFLWR(PYmRWHUGHVHMDGRWDOFRLVD2HVWDGRUHDOGDV
FRLVDVQmRSHUPLWHTXHGLJDTXHPHVLQWRUHDOL]DGR1mRSRVVR
GL]HUTXHWHQKRRTXHRVRXWURVWrPPDVUHFXVRPHDFRQGHQDU
PHjSDUWLGD2FDQVDoRTXHDPLQKDVLWXDomRJHURXHPPLP
UHWLURXPHIRUoDVPDVQmRPHVLQWRHVJRWDGR)L]PXLWDVFXUYDV
GLItFHLVQDHVWUDGDGDYLGDDWpDTXLHSDUHFHTXHIDORFRPRXP
YHOKR PRULEXQGR 0DV GHVHMR YLYHU PDLV DQRV H FUHLR TXH WDO
SRGHUi DFRQWHFHU $ILQDO DLQGD PH UHVWDP IRUoDV SDUD OXWDU H
PXGDU GHQWUR GRV OLPLWHV TXH FRQKHoR 3RU LVVR GLJR TXH Ki
FDGDSHVVRDGHFRPSUHHQGHUVHDVLSUySULDGHSHUGRDUVH6y
DVVLP SRGHUi UHFRQFLOLDUVH FRP RV TXH OKH HVWmR SUy[LPRV
$FUHGLWRTXHSRGHUHLDLQGDYLYHUHGDUDYLYHUPRPHQWRVFRP
HPRomR6HIRUPRVDFRQWDELOL]DUSHUGLPXLWDFDSDFLGDGHGHPH
HPRFLRQDUHFRPRYHUFRPRVIDFWRVGDYLGDFRPDPRUWHFRP
DVFXULRVLGDGHVHFRLQFLGrQFLDVGRTXRWLGLDQR0DVVRXKXPDQR
(VHHUUHLWHQKRWDPEpPDFDSDFLGDGHGHUHFRQKHFHUTXHHUUHL
$ HPRomR HVWi HVFRQGLGDJXDUGR DLQGD XPD LPDJHP GDTXLOR
TXH TXHUR GD YLGD 2 TXH HX VRX UHDOPHQWH SHUPDQHFH QXP
VXEVWUDWRGDPHPyULDRXGRVHQWLPHQWRTXHQmRSHUPLWHTXHRV
RXWURVPHYHMDPHPRFLRQDGR1XPVXEVWUDWRTXHVHSRGHUHYHODU
DLQGD7HQKRSHQVDGRSRUTXHWHQKRXPDYLVmRSXULWDQDGDYLGD
3RULVVRRVPHXVGHVYLRV7HQKRSHQVDGRSRUTXHQmRYLYHURV

GLDVVHPQDGDGHHVSHFLDOHVSHUDUGDYLGD7DOYH]DLQGDWHQKDIp
( WHQKDP VLGR SURYDV DTXLOR TXH YHQKR H[SHULPHQWDQGR
QRPHDGDPHQWHDEDWDOKDGDPLQKDPHQWHFRPRPHX(JRSRU
DVVLPGL]HU%RPYHMRTXHHVWDUHIOH[mRKDYLDVHPSUHGHLUGDU
SDUDIDODUGHPLP$ILQDOVRXHXTXHPWHFOR1XQFDQHJXHLTXH
HUDHXTXHHVWDYDGHVWHODGRGRYLGUR0HVPRQRVDFRQWHFLPHQWRV
TXHQmRVHGHVFUHYHP+iTXHWHUFRQILDQoD$ILQDOGHFRQWDV
HPQRPH GHTXr PHHQWUHJR jVROLGmR 2QGHDSUHQGL DYLYHU
DVVLPTXHpQmRYLYHU"%DVWDVDLUSHODSRUWDHHQFRQWUDUPHFRP
RVRXWURV1mRpEHPDVVLP$FRLVDpPDLVFRPSOLFDGDGHFHUWR
$YLGDLUiVHUHPWXGRGLIHUHQWHGHFRPRDSUHYHMR'LIHUHQWHGH
FRPR D H[SOLFR DTXL SRLV D HVFULWD HPRFLRQDO GLILFLOPHQWH p
IXWXULVWD(VFUHYRVREUHRSDVVDGRUHFHQWHTXHPHHVWiIUHVFR
QD PHPyULD e ERP TXH D YLGD VHMD DOJR GH FRPSOHWDPHQWH
GLIHUHQWHeVLQDOGHTXHRWHPSRSDVVDGRQmRIRLHPYmR

6LQWRVDXGDGHVGRPDU'RVVRQVGDQDWXUH]D2TXHHVWi
QDPLQKDFDEHoDpERPHPDX2PDXQmRVHDSDJDIDFLOPHQWH
6LQWRVDXGDGHVGDDQWURSRORJLDTXHSDUDPHXEHPRXPDOQmR
PH VDL GD FDEHoD 6HL TXH DLQGD SRVVR ID]HU TXDOTXHU FRLVD j
PLQKDPDQHLUD$LQGDYRXDWHPSRGHFRPHoDUTXDOTXHUFRLVD
6H VHUHL EHP VXFHGLGR LVVR Mip RXWUD KLVWyULD 1mR p PHOKRU
HVTXHFHUWXGRSHUGRDURPHXSDVVDGRHVTXHFHURSDVVDGRHVVH
SDVVDGRTXHQyVSRGHPRVODUJDUPDVTXHQXQFDQRVODUJDDQyV
7HQKR GH ID]HU GH FRQWDU TXH YRX UHFRPHoDU WXGR GH QRYR
DSUHQGHUDYLYHU&RPRVHIRVVHDLQGDFULDQoD&RPRVHWLYHVVH
DQRV*HQRYDWLQKDGH]DQRVTXDQGRFRPHoRXDSUHQGHUP~VLFD
&DQWDYDQRFRURGD,JUHMDGRLVPHVHVGHSRLV+iTXDOTXHUFRLVD
TXHID]OHPEUDURVSDVWRULQKRVGH)iWLPD8PDPHQVDJHP$
SXUH]D*HQRYDWLQKDXPDHGXFDomRDSHUWDGD2VSDLVTXHULDP

TXHHODDWLQJLVVHFHUWDVPHWDV2VHXIXWXURGLVVRVHUHVVHQWLX
$JRUDQDFDVDGRWULQWDWHPGLILFXOGDGHHPOLGDUFRPDYLGDH
HQFRQWUDVHVR]LQKDHFKHLDGHUDLYDSDUDFRPRPXQGR7DOYH]
GHYHVVHWHUVLGRPDLVLQYHQWLYDQDMXYHQWXGHQRVDQRVHPTXHR
FRQKHFLPHQWRVHDVVLPLODFRPRXPDHVSRQMD)XPDYDPDULMXDQD
DRVWULQWDHFLQFRHHQFRQWUDYDVHQROLPLDUGDVSHVVRDVGHFHQWHV
(PEUHYHFHUWDPHQWHTXHVHLULDSURVWLWXLUSDUDSDJDUDGURJD$
IDPtOLD FRQWDFWDYDD IUHTXHQWHPHQWH SRU WHOHIRQH SDUD R VHX
WHOHPyYHO0DVQmRTXHULDVDEHU0HVPRDVVLPWLQKDXPVRQKR
PHVPRQDVXDFRQGLomR9ROWRXDXPDLJUHMDXPGLDQmRSDUD
RXYLUPLVVDSDUDSURFXUDUVLOrQFLRXPVLOrQFLRSDUHFLGRDRGH
XPERVTXHLQWRFDGRSHORGHDYHVHRXWURVDQLPDLVVDOWLWDQWHV
'XDV R WUrV PXOKHUHV UH]DYDP R WHUoR (OD ROKDYD R &ULVWR
FUX[LILFDGRHVHQWLDTXHKDYLDSHUGLGRDIp2TXHOKHGL]HU"2
TXHSHQVDU"1DGDDSHQDVHVWDUDOLFRPRXPDFWRGHDPRUQDGD
GL]HU1mRGXURXPXLWRRHIHLWR'DOLDQDGDRVVHXVSHQVDPHQWRV
FDtDPHPYHUWLJHPSDUDRTXHRVKRPHQVFKDPDPRPDO0DV
QmRHVWDYDUHQGLGD6HFRQYHUVDUFRPDDVVLVWHQWHVRFLDOGHQDGD
OKH VHUYLD HP WHUPRV SUiWLFRV FRP D SVLFyORJD HUD D PHVPD
FRLVD(VWDYDFDQVDGDHWLQKDGHOXWDUXPDYH]PDLVFDGDYH]
PDLVDJRUDPDLVGRTXHQXQFD2TXHDYLGDOKHHQVLQDUDHUDD
YLYHUHPH[WUHPRVPRUDLV2HWHUQRGXHORHQWUHERQVHPDXV
HPTXHHODVLPSOHVPHQWHHUDXPDERODFKXWDGDGHXPODGRSDUD
RRXWUR$OJXpPDSDUHFHXSDUDSDUDUDERODDPHLRFDPLQKRGR
SHUFXUVR&RPRQmRSRGLDGHL[DUGHVHUDFRQWHFHXRDPRU
$UWHPLVDHUDRVHXQRPHDUWtVWLFR1mRWLQKDQDPRUDGR0DV
WDPEpPQmRHUDXPDVXSHUVWDUSRUQR5DURVHUDPRVVHXVILOPHV
YHUGDGHLUDPHQWHH[SOtFLWRV$WUDPDWLQKDSDUDSRGHUSDUWLFLSDU
GHWHUXPDKLVWyULD8PDKLVWyULDTXHFULDVVHXPDVLWXDomRXPD
H[FLWDomR&RQKHFLDWRGRRWLSRGHSHVVRDVGHVDMXVWDGDVGDQRUPD
VRFLDO7DOYH]SRUQmRDJXHQWDUPDLVVHWHQKDVXLFLGDGR7ULVWH
ILPSDUDTXHPSURFXUDOHYDUjULVFDROHPD´2FpXpROLPLWHµ
(ODGHVFRQILDYDQRVVHXVGLDVTXHKDYLDDOJRDOpPGRFpXPDV

QXQFDQHQKXPDSURYDHYLGHQWHGHVVDKLSyWHVHVHFRORFDUDGLDQWH
GRVRXWURVRXOKHDOLPHQWDUDRVSHQVDPHQWRVGXUDQWHRWHPSR
QHFHVViULRSDUDFKHJDUDIDODUDDOJXpPVREUHRDVVXQWR7ULVWH
YLGDDVXD&RPHoDUDFRPXPDGHSUHVVmRGDTXHODVTXHGL]HP
WHU RV KRPRVVH[XDLV WDUGLRV DR GHVFREULU D VXD VH[XDOLGDGH
0HGLFDPHQWRVWyQLFRVSDUDRHVStULWR([SHULPHQWDUDGHWXGR
7HYHWHPSRGHYLVLWDURVHXSDLHQFDUTXLOKDGRSHORVDQRVHPiJRD
GH QmR WHU XPD ILOKD jV GLUHLWDV TXH OKH GHVVH XP QHWR TXH
FRQWLQXDVVHDVWUDGLo}HVGDIDPtOLD2SDLUtJLGRTXDQGR$UWHPLVD
HUD SHTXHQD IL]HUD WXGR SDUD OKH GDU XPD HGXFDomR PRUDO H
FDWyOLFDFRQGL]HQWHFRPRPHLRVRFLDOHPTXHYLYLDPXPDDOGHLD
TXHDFDERXSRUVHUGHVLJQDGDGHYLODSRXFRGHSRLVGDMRYHPWHU
SDUWLGRSDUDDFDSLWDO(VWXGRXQXPDHVFRODVHFXQGiULDjQRLWH
HQTXDQWRID]LDXPDVKRUDVQXPFDIp'HSRLVFRPHoRXRVWULSWLVH
HDSURVWLWXLomRGHHOLWH(ODYLQKDGHPHLRVKXPLOGHVPDVIL]HUD
YDOHURVHXFRUSRGLDQWHGHYHOKRVTXDVHGDLGDGHGRVHXSDL
1mRHUDFRPRDVXDFROHJD$QDEHOD9D]TXHSURYLQKDGHIDPtOLDV
EXUJXHVDV GRV DUUHGRUHV GH /LVERD H TXH QmR VH SUHVWDYD D
QHQKXPHVIRUoRGHVHGXomRGLDQWHGRVFOLHQWHV$QDEHODID]LDR
TXHID]LDSRUPDOGDGH$UWHPLVDID]LDGHWXGRXPDGHVFREHUWD
3RGHULDWHUHVFROKLGRRXWURWLSRGHSHVVRDVSDUDDVVXDVUHODo}HV
PDVSUHIHULDVHUDFRQIHVVRUDGHPXLWRVKRPHQVTXHUHJHPR
SDtVVXSRUWDPDVXDHFRQRPLDHDFDEDPSRUWHUXPDYLGDGXSOD
(TXDQWRDRVKRPHQV"$RVKRPHQVGDYLGDGHVWDVPXOKHUHV"
(VWDULDPHODVFRPHVSHUDQoDHPDOJXPPRPHQWRGDVXDYLGD
HP WHU XP GLD XPD YLGD SUySULD" $V RSo}HV SDJDPVH FDURV
1mRKiTXHWHUSHQD$ILQDOGHFRQWDVIDODPRVGHSURVWLWXWDV
1mRKDYHULDFDPLQKRGHUHWRUQRSDUDQHQKXPDGHODV*HQRYD
HQYHOKHFHUDHRVHXFRUSRGHL[DUDGHWHUXWLOLGDGHSDUDDSUiWLFD
DGTXLULGDDRORQJRGRVDQRV$UWHPLVDTXHULDPRUUHUMRYHP1mR
VXSRUWDYDDLGHLDGHHQYHOKHFHU9LGDVDVFXUWDVPRUWHVDVV~ELWDV
$QDEHODSRGLDWHUGLVIUXWDGRGRVHXHVWDWXWRGHQWURGDVRFLHGDGH
PDVQmRWHYHFDEHoD0RQWRXXPQHJyFLRGHOLQJHULHUyWLFDQD

EDL[DGDFDSLWDO(QULTXHFHX1XQFDVHUHFRQFLOLRXFRPDIDPtOLD
,QWHUURJDVHROHLWRUSDUDTXHVHUYHDKLVWyULDGHYLGDGH
WUrVPXOKHUHVDVVLPSDUDRTXHVHSUHWHQGHDTXLGHODWDU'HVGH
FHGRTXHWHQKRXPDDWUDFomRSHORDELVPR(WHQGRFRQKHFLGR
PXOKHUHVFRPRHVWDVTXHWRFDUDPRPHXGHVWLQRHTXHTXHULD
GHYH]DSDJDUGDPLQKDPHQWHVHLTXHVHPSUHRTXLVID]HU1mR
HUDIiFLOFKHJDUSHUWRGHXPDMRYHPHLQLFLDUXPDFRQYHUVDTXH
GHVVH HP VH[R 6H FDOKDU SUHFLVHL GH VHU LQLFLDGR SRU PmRV
SUySULDV6HFDOKDUGHYRFRQIHVVDUGHYRSXULILFDUPH6HFDOKDU
DLQGDYRXDWHPSR(TXHQHFHVVLGDGHWHQKRHXGHUHYHODUWXGR
LVWR DR OHLWRU 4XH LQWHUHVVD DR OHLWRU D VLQXRVD FDPLQKDGD GH
XPD DOPD HP GLUHFomR D XP VDQWXiULR TXDQGR p PDLV IiFLO D
OLQHDULHGDGH"3RVVRHVWDUORQJHGHWXGRHWRGRVHVWDUGHODWDQGR
WXGRLVWRGHXPEXUDFRIXQGRRQGHQHQKXPEDOGHMDPDLVFKHJDUi
SDUDFDSWDUDjJXDTXHGHVFREUL0DVSRGHDOJXpPSRUGHVFXLGR
FDLUQRPHVPRSRoR(KDYHUiPDLVSRoRVFRPRHVWH"&UHLRTXH
VLPLPDJLQRTXHVLPTXHDVSHVVRDVTXHUHPDPDLRUSDUWHGR
WHPSROHYDUXPDYLGDjVGLUHLWDVPDVQHPVHPSUHFRQVHJXHP
VREUHWXGR SRUTXH VH HPRFLRQDP H UHDJHP GDV PDLV YDULDGDV
IRUPDV,VVRWDPEpPpVHUKXPDQR2PHXS~EOLFRRS~EOLFR
GRVPHXVOLYURVGHYHVHUSRXFRQXPHURVR0DVTXDQGRPHOHU
VDEHUiGRTXHIDORHTXHRTXHIDORpYHUGDGH(TXHHUDSUHFLVR
HX GDU FRQWD GR TXH HQIUHQWHL GR TXH PH OHYRX D DJLU GH
GHWHUPLQDGRPRGRGDVUD]}HVSRUTXHPHDIDVWRGDVSHVVRDV
GHTXHPPDLVJRVWR

3RUYH]HVHQFROKHPRQRVGHPDVLDGRHSHQVDPRVTXHQXQFD
QLQJXpPVHKiGHOHPEUDUGHQyV3HORPHQRVGRPRGRFRPR
TXHUHPRVVHUOHPEUDGRV1DQRVVDyUELWDJHUDPVHLGHLDVVREUH
RV RXWURV LGHLDV QHJDWLYDV ,VWR DFRQWHFH TXDQGR VH WHP XPD

REUD PLQLPDPHQWH RUJDQL]DGD H SHQVDGD H VH TXHU PRVWUDU D
DOJXpPTXHSRVVDDYDOLDUDHYHQWXDOLGDGHGDSXEOLFDomR4XDQGR
QmR VH HVWi QR PHLR QmR VH IDOD FRP DV SHVVRDV FHUWDV WXGR
SDUHFHPDLVGLItFLOVHQmRPHVPRLPSRVVtYHO0DVWDOYH]SRULVVR
DHVFULWDJDQKHYDORU0DVGHVJDVWD$VROLGmRPDWDGHYDJDU$
DOPD HQWULVWHFH SRU XPD YH] QmR VHU UHFRUGDGD QRV VHXV
SHQVDPHQWRVSRpWLFRV2TXHKiDID]HUTXDQGRMiVHSHUGHXR
UDVWRGRVSULPHLURVHJHQXtQRVSHQVDPHQWRVRHQWXVLDVPRMXYHQLO
HLVWRWXGRQmRIRLVXEVWLWXtGRSRUXPDVHUHQDHPDGXUDYLVmRGD
YLGD 2 TXH ID]HU TXDQGRQmR VH FRQVHJXH PDQWHU R GLiORJR
4XDQGR UHFRQKHFHPRV TXH VLPSOHVPHQWH H[LVWLPRV HVWDPRV
QXPOLPLWHHSUHFLVDPRVGHVHVSHUDGDPHQWHGHVDLUGDOLIL]pPRV
WRGDVDVWHQWDWLYDVHQDGDUHVXOWRXQDGDSDUHFHDJXHQWDUVHDV
LGHLDVWrPFXUWDGXUDomRHVIXPDPVHHPKRUDVQDGDSHUGXUDD
QmRVHUDGRUGHHVWDUPRVOHQWDPHQWHVHQGRHVTXHFLGRV0DVKi
TXHSDUWLUSDUDRXWUDeSUHFLVRDFUHGLWDUTXHDYLGDQRVUHVHUYD
VXUSUHVDV VH FRQWLQXDUPRV D DOLPHQWDU XPD HVSHUDQoD]LQKD
GHQWURGHQyVFRPRXPDSHTXHQDOkPSDGDDTXHMXQWDPRVD]HLWH
WRGRVRVGLDV(QWmROHQWDPHQWHYDLVHSHUGHQGRJHLWRSDUDD
YLGD SUiWLFD 6RQKDPRV FRP YLDJHQV TXH QRV WUDQVIRUPDULDP
QRXWUD SHVVRD TXH DSDJDULDP FRPR FRP XPD ERUUDFKD DV
SHUWXUEDo}HVSVtTXLFDV3RUTXHUHODFLRQDPRVDVFRLVDVSRUYH]HV
QmRDFUHGLWDPRVQRSRQWRHPTXHRHVWDGRGDQRVVDVD~GHPHQWDO
HVWi0DVKiTXHFRQWLQXDUID]HUXPSRXFRGHPXVLFRWHUDSLD
WDQWR TXDQWR VH WHP WHPSR 3DVVD XP GLD H R SHQVDPHQWR
GHWHULRUDVH4XDOTXHUDMXGDTXHYLHVVHVHULDUHFXVDGD&DQVDoR
HPDLVFDQVDoRSHODVREVHVV}HVGHOLPSH]DGHTXHQmRPHFRQVLJR
OLEHUWDU+iWDQWRWHPSRTXHQmRPHFRQVLJROLEHUWDUGHVWDVFRLVDV
7DOYH]DFXOSDWHQKDVLGRPHVPRPLQKD(XSHGLXPDYLGDFRP
SHQVDPHQWRV GLVWLQWDGD PRQyWRQD TXH WLQKD 3RLV EHP HOHV
DTXLHVWmRSDUDPHSUHRFXSDUeQLVWRTXHPHUHFRQKHoR1LVWR
DTXHYROWRVHPSUHXPDYH]PDLVFDGDYH]PDLV6yTXHPHVWi
GHIRUDSRGHUiXPGLDMXOJDUWXGRLVWRDVPLQKDVV~ELWDVYDULDo}HV

GH KXPRU (VWH DVSHFWR GD PLQKD YLGD QmR HVWi KXPDQL]DGR
HVVHpRSUREOHPD'HSRLVHVTXHoRRVTXHHVWmRjPLQKDYROWD
3UHSDURPHSDUDXPTXDOTXHUHYHQWRWHQWRGRPLQDURHVSDoRH
QDGDDFRQWHFH+iDQRVTXHQDGDDFRQWHFH(QmRYDOHDSHQVD
OXWDUQmRpTXHVWmRGHOXWDU0DVUHFRQKHoRTXHHVWRXGHQWURGH
XP JUDQGH ODELULQWR TXH p D PLQKD FDEHoD 6R]LQKR QHVVH
ODELULQWR *RVWDULD GH WHU RXWUDV SHVVRDV QHVVH ODELULQWR
FRPXQLFDU(GHDOJXPPRGRLVVRWHPDFRQWHFLGR0DVKiVHPSUH
XPD WHQGrQFLD SDUD SHUPDQHFHU VR]LQKR HQYROWR GH LGHLDV
DFRPSDQKDGR GH LGHLDV &RQFHSWXDOL]DU WXGR WHP VLGR XP
SUREOHPD3RUWHUXPFRUDomRWmRSHTXHQLQRFRUURRULVFRGD
VROLGmR7HQKRGHVHMDGRVHUFHJRSDUDQmRFDLUQDVUDWRHLUDVGR
SHQVDPHQWRTXHpLQGX]LGRSHORROKDU(XVHLTXHLVWRGHTXH
IDORSRGHVHUFRQVLGHUDGRDYLGLQKD0DVQmRpeRPRGRFRPR
VRXID]SDUWHGDPLQKDPDQHLUDGHHVWDUQDYLGDID]SDUWHGH
PLP7DOYH]QmRVHMDWmRJULWDQWHDUHDOLGDGHHPTXHRVRXWURV
YLYHP 7DOYH] VHMD PDLV LQWHUHVVDQWH PDLV VROLGiULD 0DV VHMD
FRPRIRUpGHXPDYLGDTXHIDOR,VVRMiGHYHVHUVXILFLHQWHSDUD
ROHLWRULPDJLQDURSDVVDQDPLQKDFDEHoDGXUDQWHGLDVGXUDQWH
KRUDV$GRUPHFHUFDQVDGRHQmRFRQVHJXLUDGRUPHFHU$FRUGDU
FDQVDGRVHPSHUVSHFWLYDV(QILPKiTXHDFHLWDUTXHQmRVHSRGH
YROWDUDWUiVTXHRSHQVDPHQWRHYROXtXRVHQWLPHQWRGHJHQHURX
QRTXHVHSRGHYHU,UHLVDLUGDTXLXPSRXFRSDUHFHQGRHVWDU
FRQGHQDGRDYROWDU1mRVHLVHYROWDUHLGHQRYRHVHPSUHjFDVD
RQGHFRQVWUXLRVPHXVGLDVRQGHUHFHERRVPHXVSHQVDPHQWRV
GDUHDOLGDGHTXHPHFHUFDDVPLQKDVSHTXHQDVFRLVDVRVPHXV
REMHFWRVTXHHVWmRSUHSDUDGRVSDUDVHUXVDGRVFRPLQWHQVLGDGH
3RGHSDUHFHUXPGLiULRDIRUPDFRPRDSUHVHQWRHVWHVHVFULWRV
3RLVHXUHFRQKHoRTXHVLP(VSHURDFRQWHFLPHQWRVHDRPHVPR
WHPSRQmRYRXDRHQFRQWURGHOHV1mRPHHVTXHoRWXGREXOH
QD PLQKD FDEHoD 7HPVH D VHQVDomR GD ORXFXUD HVWiVH QD
IURQWHLUDPDVQmRVHYDLGHILQLWLYDPHQWHGHXPODGRSDUDRRXWUR
7DOYH]VHMDPHVPRDVVLPWDOYH]VHMDQHFHVViULRSDVVDUSRUWXGR

LVWRSRUTXHGHVGHFHGRTXHFRQFHSWXDOL]HLWXGRDWpDVUHODo}HV
FRPDVSHVVRDV ,VWRpRPDLVJUDYH&RQGHQRPH HILFRVHP
KLVWyULDVSDUDFRQWDURXLPDJLQDU7DOYH]DYLGDVHMDWDPEpPHVWHV
SHQVDPHQWRVHQmRWHULDJUDoDVHPDPHQWHRWUDEDOKRLQILQGiYHO
GDPHQWH7DOYH]HODYHQKDDPLVWXUDUVHFRPDQDWXUH]DXPGLD
HVHURFDQWRGHXPSiVVDURTXHQRVFKHJDDRRXYLGRSHODPDQKm
7DOYH] JRVWH REVHVVLYDPHQWH GDPLQKD FDVD H QmR FRQVLJD
GHVDSHJDUPHGHOD3RULVVRFRPIDWDOLGDGHYROWRGLDVGHSRLV
DRV PHVPRV ULWXDLV 0DV TXH WHP LVVR GH QHJDWLYR" 'H WDQWR
SURFXUDUHVFRQGrORV GHWDQWRSUHVVLRQDU SDUDTXH GHL[HPGH
H[LVWLUOHYRHPFRQWDTXHVHPSUHIXLDVVLPXPDVYH]PDLVRXWUDV
PHQRV7DOQmR PHGHYHLQLELUQDUHODomRFRP RVRXWURV6mR
GDGRV TXH D PHQWH SURFHVVD WDLV FRPR RXWURV +DYHUi XPD
MXVWLILFDomRSURIXQGDTXHQmRPHLQWHUHVVDPDLVGHVFREULU6HL
TXHID]HPSDUWHGDPLQKDH[LVWrQFLDHTXHWHQKRGHVDEHUYLYHU
FRPHOHV6RXFRPRXPDUWLVWDWDOYH]WHQKDDOPDGHDUWLVWD2V
GLDVGRVRXWURVSRGHUmRVHUEHPPDLVLQIHUQDLV$ILQDOpGDYLGD
TXHVHWUDWD8PYLGDPXLWDVYLGDV3RULVVRQmRDGLDQWDHVFRQGHU
GLVVLPXODU &XULRVDPHQWH DV PLQKDV REVVHVV}HV UHWLUDPPH
FULDWLYLGDGHHQIUDTXHFHPDPLQKDLPDJLQDomRFRORFDPPHQXPD
SRVLomR IUDFD DOJR SRpWLFD RX IHPLQLQD 2 OHLWRU GHYHUi HVWDU
DERUUHFLGRFRPHVWHVSHQVDPHQWRVTXHDTXLGHMHFWR6HFRQKHFHU
RXWURVHVFULWRVPHXVSRGHUiILFDUDLQGDPDLVDERUUHFLGR$PLQKD
LQWHQomR p LU GDQGR FRQWD GR TXH DFKR QHFHVViULR SDUD VH
FRPSUHHQGHUXPDYLGD$TXHODGHTXHVRXGRQR2XWUDVFRLVDV
SRGHULDUHODWDUVHFKDQFHWLYHVVHSDUDLVVR6HDVFLUFXQVWkQFLDV
IRVVHPGLIHUHQWHV 6HQmR IRVVHFRPRVRX 0DVWXGR LVVRVmR
KLSyWHVHV2TXHROHLWRUWHPGHDFHLWDUpRPRGRFRPRVRXH
LVVRpFRPRDTXLPHDSUHVHQWR&ODURTXHKiTXDOTXHUFRLVDTXH
HVFDSD TXDOTXHU FRLVD TXH JXDUGDPRV SDUD R IXWXUR GH QyV
SUySULRV7HPGHVHUDVVLP6HDVVLPQmRIRVVHSHUGHUVHLDR
LQWHUHVVHGHVDEHUFRPRHXILTXHLGHSRLVGHHVFUHYHU8PGLD
GHVWHVKHLGHUHFXSHUDUDIp$IpQXPGHXVVySDUDPLPTXH

QmR VHMD LQFRPSDWtYHO FRP R GHXV TXH YiULRV JUXSRV DPDP
7DOYH]VHMDKRUDGHPHUHFRQFLOLDUFRPHVVHGHXVHVHQWLUDVXD
SUHVHQoD7DOYH]DVVLPGLPLQXDPDVPLQKDVREVHVV}HVYLROHQWDV
HTXHPHIXVWLJDPRHVStULWR2VULWXDLVUHVLGLUmRQHVVDUpVWLDGH
Ip TXH PH UHVWD" 7DOYH] 3UHFLVR GH PH HQFRQWUDU FRP TXHP
DFUHGLWHFRPTXHPWHQKDDYLGDLOXPLQDGDSHODIp$VVLPSRGHUmR
ILQGDURVHWHUQRVGLDVGHSHVRQDFDEHoDGHFULWLFLVPR$PLQKD
H[SHULrQFLD UHOLJLRVD IRL IXJD] H LQWHQVD 'HSRLV R EULOKR VH
DSDJRX HYLUHLPH SDUD DVFRLVDV GRPXQGR 0DV DOX] KDELWD
WDPEpPRPXQGRHVWiHQWUHQyVHSRGHPRVYROWDUQRVSDUDHOD
HQRVVRURVWRVHLOXPLQDUi2TXHPDLVLQWHUHVVDQDPHQVDJHP
GRGHXVFULVWmRpDVXDXQLYHUVDOLGDGH7RGRVLQGHSHQGHQWHPHQWH
GDVXDFRQGLomRDWpRVEXUJXHVHVVmRFRQYLGDGRVDSDUWLFLSDU
GH XP GHVWLQR TXH VH HQIRUPD HP JHLWR GH VROLGDULHGDGH
3RGHPRV HVWDUFRQYHUVDQGR VREUHSDVVDJHQV GD %tEOLDPDV R
QRVVRLQFRQVFLHQWHHVWiSURFHVVDQGRRXWUDVPHQVDJHQVWDLVFRPR
SHQVDPHQWRV SRVLWLYRV ( HVWHV SHQVDPHQWRV SRVLWLYRV VmR
LPSRUWDQWHV TXDOTXHU TXH VHMD D UHOLJLmR EXGLVPR WDRLVPR
FULVWLDQLVPRLVODPLVPReSUHFLVRDEDWHURFULWLFLVPRFRPTXH
LQWHUSUHWDPRVHVWDVPHQVDJHQVGHWHRUUHOLJLRVRHWHUXPSRXFR
GH FRUDomR QmR GHL[DU TXH R SHQVDPHQWR IDoD WXGR QmR
FRQILDUPRVGHPDVLDGRQDQRVVDFDEHoD7DOYH]SRUHVWDUD]mR
HXPHHQFRQWURQDVLWXDomRVRFLDOTXHHQFRQWUR(QILPQmRKi
GHVHUQDGD6HGHXVTXLVHU FXVWDPHHVFUHYrORPDVpXPDFRLVD
GLIHUHQWHTXHIDoRXPHVIRUoRHPPDQWHUDOJXPDHVSHUDQoD 
3HUJXQWDVHROHLWRUSRUTXHpTXHQmRFRQVLJRGHL[DUGHIDODUGH
PLP3RUTXHpTXHPHDFKRWmRLPSRUWDQWH2UDHVWiHPFDXVD
QHVWHV HVFULWRV IDODU GH SHVVRDV LPDJLQDGDV RX QmR PDV IDODU
WDPEpPQXPKLSyWHVHGHUHGHQomRGHVDOYDomRTXHUHSUHVHQWD
DPLQKDFRQILDQoDQRFDVDPHQWRQDXQLmRFRPXPDDOPDJpPHD
&HUWDPHQWH TXHP PH YLVLWD VHMD WHVWHPXQKD GH MHRYi VHMD
PyUPRQWHPRLQWHQWRGHYHUDOJXpPIHOL]3RUTXHQmRDFHLWDU
LVVR Mi TXH QmR FRQVLJR RULHQWDUPH VR]LQKR" $QWHV LVVR TXH

GDUFDERGDPLQKDVD~GHFRPWDEDFRFRPRFLRVLGDGHFRPIDOVDV
H[SHFWDWLYDV$QWHVLVVR
1mRGHYLDUHSHWLUULWXDLV0DVUHSLWR)HFKRRVKRUL]RQWHV
SDUDPLPQHVWDFLGDGH5HFXVRPHDYLYHU1DGDGHLPSRUWDQWH
TXH HX SRVVD FRQWDU DRV RXWURV PH DFRQWHFHX 3RU LVVR QmR
VDEHUmRFRPRIRLDPLQKDYLGDDWpDTXL$VSDODYUDVWrPHVVH
GRPGHDFRUGDUFRLVDVHVFRQGLGDV$YLGDpFKDWDpHWHUQDQXQFD
PDLVDFDED1mRTXHHXGHVHMHDPRUWH6yHVSHURTXHDVFRLVDV
VHPRGLILTXHP(TXHIDoRHXSDUDVHPRGLILFDUHP"1DUHDOLGDGH
SRXFDFRLVD(VWRXGHPDVLDGRSUHRFXSDGRFRPLJR2VGLDVQmR
VmRQRYLGDGH&DQVRPHDWpDRILPGRGLDSDUDSRGHUDGRUPHFHU
HPSD]2SUREOHPDpTXHHXGHVHMRTXHDPLQKDYLGDVHMDLJXDO
jGRVRXWURV1mRVRXGLIHUHQWHWHQKRGHWHUXPDYLGDSUySULD
GHID]HUDVFRLVDVSRUPLPSUySULRVDEHUHYLYHUSRUDTXLORTXH
PHLQWHUHVVD(VWDUDTXLHVFUHYHQGRpXPDIRUPDGHYLYHUXPD
IRUPDGHYHURPXQGRXPDIRUPDGHVREUHYLYHU&RPSUHHQGR
TXHDTXLORTXHHVFUHYRQmRWHQKDPHUFDGR3RGHVHUTXHWHQKD
GDTXLDPXLWRVGDTXLDDOJXQVDQRVeFRPGLILFXOGDGHTXHMXQWR
DVSDODYUDV7HQWRDLPSUHVVmRGHTXHGHYLDODYDUDVPmRVFRPR
VHHVFUHYHUIRVVHXPULWXDO­VWDQWDVpLVVRPHVPRHVFUHYHUp
XPULWXDOTXHWHQWRFXPSULUIUHTXHQWHPHQWHXPDGHVFDUJDGH
FRQVFLrQFLDSDUDHVYD]LDUDPHQWH2SLRUpTXHHODILFDFKHLDGH
QRYRIDFLOPHQWHHLVWRQXQFDPDLVDFDED+RMHGHYHULDWHOHIRQDU
SDUDFDVD0DVUHJUHVVDUHLHPEUHYHSDUDPDLVXPWHPSRGHQDGD
ID]HU$HVWHSRQWRQmRPHVXUJHPKLVWyULDVHHVWRXVXEPHUVR
SRUXPDGRUGHFDEHoD6HpFDVRGHOXWDUDLQGDQmRGHVLVWLQHP
MXOJR TXH GHVLVWLUHL 6RIUL GHPDVLDGR SDUD PH GDU DR OX[R GH
GHVLVWLU+iTXHSXUJDUWRGRHVWHPDOWRGRHVWHSHVRTXHRVWHQWR
(PQRPHGHTXrpRTXHVHHVWiSDUDYHU




(ODQmRVDELDTXHIRUDDWUDLoRDGD-XQWRGRFRUSRXPHQRUPH
PRQWH GH URXSD $OJXpP WLQKD SRU Oi SDVVDGR H GHL[DGR GH
LQWHUYLUQRVHXSUHVHQWH´'HVFDQVDµKDYLDGLWRDRGHVSHGLUVH
´RTXHHVSHUDVFXPSULUVHiPDVGHXPPRGRGLVWLQWRGRTXH
LPDJLQDVµ(ODILFDUDDOLUHWLUDMXQWRDRFRUSRGRVHXILOKRFRP
DPRUWHMiDVHXODGR'DMDQHODGRTXDUWRSHQVDYDYHURGHPyQLR
YHVWLGRGHYHUPHOKRHQHJUROHYDQWDUVHGHXPFHPLWpULR1XQFD
OKHKDYLDPGLWRTXHRYLGDWUD]LDVXUSUHVDVWmRJUDQGHV&RPR
HVTXHFHU R VRIULPHQWR 2V REMHFWLYRV GD VXD YLGD HVWDYDP
GHIUDXGDGRV 3HUGHUD DOJXpP TXH DMXGDUD D FULDU +RPHQV
PRYLPHQWDYDPVHHPVHXUHGRU(ODFKRUDYDHTXHULDHVTXHFHU
TXHDVQRWtFLDVKDYLDPGHYLUDS~EOLFR4XHULDVHUFDSD]GHDOL
HPGLDQWHYLYHUXPDYLGDVLOHQFLRVDHLQGHSHQGHQWHVHPHVWXGDU
RTXHDPDLRULDWHPQDFDEHoD1mRYDOLDDSHQDFRQWLQXDU7LQKD
GH FRQWLQXDU6R]LQKD (UDQHFHVViULRWHUHP FRQWDRV RXWURV
PDVHVSHUDYDSRUXPGLDHPTXHDVFRQYHUVDVVHULDPFDOPDH
QmRWHULDPHGRPHGRGHYLYHU'HTXDOTXHUPRGRKiTXHIHFKDU
DVMDQHODVFREULURURVWRFRPXPSDQRKXPHGHFLGRSDUDTXHR
HVStULWRVRVVHJXHHVVHHVStULWRTXHQmRGHVFDQVDKiDQRV9LUi
TXDOTXHUFRLVDTXHQmRKRXYHQRSDVVDGR8PDFDSDFLGDGHSDUD
DFHLWDURTXHDFRQWHFHFDGDGLD8PDVLPSOHVPXOKHUHUDXPD
VLPSOHV PXOKHU 3RGLD VHU WDPEpP XP KRPHP 8P VLPSOHV
KRPHP1mRHVWDYDPDLVGHVOXPEUDGDFRPRTXHSRGLDGL]HU
GHODHPERUDLVVRFRQWDVVHSDUDRVHX(JR0DVWLQKDGHDSUHQGHU
DGHVJRVWDUGRVRXWURV$SD]QmROKHWURX[HUDQDGDGHQRYR
0DVQmRTXHULDJXHUUHDUQmRHVWDYDQRVHXFRUDomRWDOLQWHQWR
QHPRVHXFRPSRUWDPHQWRLQGLFLDYDTXDOTXHUWUDoRGHYLROrQFLD
(VWDYDVH SUHSDUDQGR SDUD ID]HU TXDOTXHU FRLVD GD VXD YLGD
QRYDPHQWH 1mR HVSHUDYD SRU XPD UHYHODomR LQVWDQWkQHD TXH

PXGDVVHDVXDYLGDUDGLFDOPHQWH&RQWLQXDYDDJDUUDGRDSDODYUDV
QmRHVTXHFLDDVSDODYUDVDVSDODYUDVTXHSURIHULD2ULWXDOID]LD
SDUWHGD VXDYLGD( DHVFULWDSRGHULD VHUXPGHVVHV ULWXDLVVH
HVWLYHVVHFRQHFWDGRFRPDOJXpP$PHPyULDDWUDLoRXRDWpDR
GLD HP TXH UHVROYHX QR PHVPR GLD PXGDU GH FDVD GHL[DU R
WUDEDOKRPXGDUGHFRPSDQKLD2VHXGHVWLQRFRPRVHULQGLYLGXDO
HVWDYDHPFDXVD6DELDWXGRHVWDUGHSHQGHQWHGDVXDFDEHoDH
WHQWDYDFRQFHQWUDUVHQLVVR(UDWHPSRGHSURFXUDURXWUDVYLGDV
RRXURTXHGHVHMDYDKiWDQWRWHPSR1mRLULDGHVLVWLUGHYLYHUVy
SRUTXHRPXQGRQmRpSHUIHLWR6ySRUTXHDFKDYDTXHRPXQGR
QmR p OLQHDU 2 PXQGR HVVD SDODYUD SDUHFLGD FRP YLGD TXH
XVDPRVUHVXPLQGRPXLWDFRLVDHVWDYDHPPXGDQoDHHPERUDD
VXDYLGDIRVVHSUHYLVtYHOKDYLDGHVHDFUHGLWDUQDPXGDQoDTXHR
PXQGR RSHUD GLDQWH GRV ROKRV 4XDQGR VH UHJLVWDVVH RXWUR
DFRQWHFLPHQWRLPSRUWDQWHQDVXDYROWDYROWDULDSDUDFDVDYROWDULD
D IXPDU XP FLJDUUR 2 PHQLQR HVWDYD QRV VHXV EUDoRV H HOD
FKRUDYDGHLQMXVWLoD&KRUDYDFRPRKiPXLWRWHPSRQmRID]LD
(UDRPXQGRTXHHVWDYDHPFDXVD2VHXPXQGRWXGRRTXHD
LQIOXHQFLDYDHFRPTXHFRQVWUXtDDVXDYLVmRGRPXQGR

'LiULRGH%RUGR

$JRVWR7HUoD)HLUDjQRLWH

8PDIRQWHGHVFHSHODYHJHWDomR2VKiELWRVPHQWDLVPDQWrP
VHLQVLVWHQWHPHQWHHRVSHQVDPHQWRVDIOXHPDRFpUHEURTXDQGR
PHQRVHVSHUD3HQVDPHQWRVTXHQmRTXHUHPRV3UHRFXSDo}HV
SHORTXHQmRPHUHFHSUHRFXSDomR7HQKRPHGRGHILFDUSUHVRV
DHOHHGHL[DUGHYLYHUXPDYLGDQRUPDO(VWDDQJ~VWLDQmRPH
ODUJDLQLEHPHRVVHQWLPHQWRV6RXGHVGHKiWHPSRVXPDSHVVRD
VHPH[SHFWDWLYDVVHPVHQWLPHQWRVTXHQmRDOLPHQWDGHVHMRVTXH
SHUGXUHP1mRYDOHDSHQDHQJDQDUPHDPLPSUySULR(VSHUR

XPDOtYLRGDVREVHVV}HVSDUDSRGHUFRQVWUXLUKLVWyULDVKLVWyULDV
GHDPRU(UHJUHVVRIUXVWUDGRHPIUHQWHDRFRPSXWDGRUDSHQDV
DQVLDQGRRGHVFDQVRQRFWXUQRTXHPHOHYHDDOJXPOXJDU&RPR
VHUi DPDQKm 9LYHUHL DSHQDV OLYUH QRV PRPHQWRV GH DOtYLR"
3RGHUHLOXWDUFRQWUDRTXHPHLPSHGHGHVHUHXSUySULR"

GH2XWXEURGH

'HSRLVGHWHU HVFULWR´'RLV([WUHPRVµGRXFRPXPGRV
ELFRVGHODFUHPRUWRQRFKmRGDJDLROD

GH6HWHPEURGH

&RPR YHMR WHOHYLVmR VRXEH GD H[LELomR GD SHoD ´$ 5RVD
7DWXDGDµ (VSHUDYD DOJR GH PDLV SURIXQGR WDOYH] HX VHMD
SURIXQGRPDVHVWDPRVQR,3-+iWHPSRTXHQmROHLXPOLYUR
DWpDRILPHWDOYH]UH~QDDWHQomRGHVWDYH]SDUDOHUDSHoDSDUD
HQWUDU QD VHQVLELOLGDGH GRV  SHUVRQDJHQV %RP )L]pPRV
H[HUFtFLRItVLFRFRPXPHVSHFLDOLVWDHJRVWHLGHVDEHUTXHSUDWLFD
DQGHEROPRGDOLGDGHTXHDSUHFLRHSUHWHQGRGHVHQYROYHU1mR
PHOHPEURGD~OWLPDYH]TXHIL]H[HUFtFLRWDOYH]KiWUrVRXTXDWUR
PHVHVXPDFRUULGD$SDUGLVVRYRXGHTXDQGRHPYH]jSLVFLQD
ID]HUTXDOTXHUFRLVDSDUHFLGDFRPQDWDomR1RWHLDGLIHUHQoDGH
LGDGHV HQWUH QyV (VWRX XP SRXFR WRUSH QR TXH VH UHIHUH D
UHODo}HVKXPDQDV QmRpVyDRQtYHOGRH[HUFtFLRItVLFR 7DOYH]
TXHLUDFKHJDUDWRGDVDVLGDGHVDWRGDVDVVHQVLELOLGDGHVHDFDEH
SRUPHSHUGHUQDVXEMHFWLYLGDGHGRTXHHXMXOJRTXHFDGDSHVVRD
p&KHJRDFDVDHSHQHWURQRFRPSXWDGRUHDOLJDomRjLQWHUQHW
SLIRX(VWRXGDQDGRHIDoRWHQWDWLYDVSDUDUHVWDEHOHFHUDOLJDomR
(PYmRQmRVHLFRPRYRXGRUPLU+iTXHWHUSDFLrQFLD(VWRX
SUHRFXSDGRFRPRIDFWRGHWHUGHGHFRUDURH[FHUWRGH´$5RVD
7DWXDGDµ1RFDPLQKRSDUDRPHWURGRXFRPXPFmRLQGRGHOi

SDUDFiVHPSUH SHUWRGRGRQR'LJRSDUDFRPLJR TXHHVWDp
XPDH[SHULrQFLDTXHPHSRGHUiHQULTXHFHU2VPHXVGLDVVmR
IHLWRVGHIDFWRVTXHQmRFRQVWDUmRQRVDQDLVGDOLWHUDWXUD7DOYH]
QHPVHTXHURVPHXVVREULQKRVRXQHWRVVHLQWHUHVVHPSHODVQRWDV
TXHHXOKHVGHL[DU4XHVHGDQH(VSHURFRQVHJXLUYROWDUDWHU
HPRo}HVQXPIXWXURSUy[LPR$TXLHPFDVDILFRSHQVDQGRFRPR
VHUHL Oi IRUD H GXUDQWH R FXUVR )LFR SHQVDQGR DOJR DQWHV GH
DFRQWHFHU(VSHURTXHKRMHFRQVLJDPRVWUDUDPLPSUySULRTXH
SRVVRFKHJDUDXPSDWDPDUGHVDWLVIDomRSHVVRDOTXHQmRGXUH
DSHQDVDOJXQVPRPHQWRVRXDOJXPDVKRUDV$K(VWRXGHQRYR
QDLQWHUQHW4XHVDXGDGHVGHVWHYtFLR

6(07Ì78/2

6RX GHPDVLDGR DPELFLRVR H SRXFR SUiWLFR &RPR SRGH


HVSHUDUXPDQWURSyORJRTXHUHUVHUDFWRU"$FKRTXHPHYRXILFDU
SHODDQWURSRORJLDTXHWHQKRXPPXQGRjPLQKDHVSHUD'HVGH
TXHUHJUHVVRWRGRV RVGLDVjQRLWHjPHVPD FDVD2SRHWD
$O%HUWRPXGRXGHFDVDVHWHYH]HVHPYLGD3HQVRQRTXHSRGHUHL
VHUGHSRLVGDPDJLDGHDOJXQVPRPHQWRVYLYLGRVHVWDQRLWH6LQWR
TXHDVHPRo}HVHVWmRHVFRQGLGDVH[LVWHQWHVDLQGDjHVSHUDGR
PHOKRUPRPHQWRSDUDVHPDQLIHVWDUHP1mRVHLRQRPHGHWRGRV
RV PHXV FRPSDQKHLURV PDV Mi FRQKHoR R 3DXOR D 6XVDQD D
6LPRQHR5LFDUGRR*X\6LQWRTXHDPLQKDFDEHoDHVWiFKHLD
GHSHQVDPHQWRVHDOJRFRQIXVD7DOYH]RVRQRDMXGHRVRQKRD
UHFXSHUDUD RUGHPOyJLFD GHTXH SUHFLVRSDUD HQIUHQWDUD OXWD
SHODVREUHYLYrQFLDQHVWDVHODYDGHURVWRVTXHpDFLGDGHGH/LVERD
6LQWR VDXGDGHV GR FDPSR PDV QmR PH Gi OHPEUDQoD GH Oi
DSDUHFHU SDUD ID]HU DOJR GH FRQFUHWR $ )ORUEHOD WHP SX[DGR
SRUQyVePDLVIiFLOHVFUHYHUGRTXHLQYHQWDUHPRo}HV3HQVR
QRVLJQLILFDGRHQLJPiWLFRGDVSDODYUDV´DOJXPDVYH]HVIRLWDUGH
GHPDLVµ 4XH SRVVR PDLV GL]HU GR TXH DFRQWHFHX KRMH"

&RQKHFHPRQRVXPSRXFRPDLVHUHYHORXVHFDGDXPXPSRXFR
PDLV D PLP H DRV RXWURV $SHVDU GH VHQWLU TXH HVWRX DOJR
GHVORFDGRFRQWLQXDUHLID]HQGRRVPDLVQRYRVIDODUHQmRVHLVH
VHUiYiOLGRHXUHYLYHUHPRo}HVTXHWHQKRIHLWRWXGRSDUDHVTXHFHU
(VWiFODURTXHWHUHLXPORQJRFDPLQKRDSHUFRUUHUSDUDSRGHU
UHSUHVHQWDUGHQRYRSRLVSDUDLQIRUPDomRGROHLWRUDSHQDVHP
DGROHVFHQWHGL]WHDWUR&RQWXGRDFUHGLWRTXHGHVWDYH]QmRVHUi
WDUGHGHPDLV2DFWRUTXHQRVGHXOLomRIH]PHVHQWLUDIDVWDGR
GDYLGDGDUHDOLGDGH$LQGDEHP$SHVDUGHVHUXPKRPHPGH
WULQWDDQRVVLQWRTXHWHQKRPXLWRDLQGDDSHUFRUUHUQRGRPtQLRV
GDVUHODo}HVFRPSHVVRDV7LQKDDGPLUDomRSHORVDFWRUHVGHVGH
VHPSUH FRPR WRGD D JHQWH WHP PHVPR TXH QmR R FRQIHVVH
UHFHQWHPHQWHFRQFOXLTXHVHULDKLSyFULWDV4XHURGHVWULQoDUWXGR
LVWRWLUDUDPDUUDVSDUDPHOLEHUWDUGHVWDLGHLD2FDVRpTXHPH
UHFXVRDPHWHUPHQDPLQKDYLGDUHFXVRDVYR]HVGRVRXWURV
TXHVmRRUHIOH[RGHXPPRQVWURVRFLDOTXHVHPSUHFRQGLFLRQD
R FRPSRUWDPHQWR LQGLYLGXDO (QILP HVWRX WHQWDQGR YDORUL]DU
FDGDHVFXGRGDPLQKDYLGD(DDSUHQGHUDJRVWDUGHPLPWDQWR
FRPRGRVRXWURV(PEUHYHLUHLSDUWLFLSDUQDIHLWXUDGH&DUPHQ
QR 6mR &DUORV 'HSRLV GHWDQWRV FDPLQKRV H ULVFRV QD PLQKD
YLGD RUHJLVWR FRPHoD DILFDU VLQWRQL]DGR FRP WHPDVGR PHX
LQWHUHVVHeFRPRVHYROWDVVHDVHUFULDQoDVHPVHUSUHFLVRID]HU
SVLFDQiOLVH7HQKRXPPXQGRjPLQKDHVSHUDQmRPDLVRPHX
PXQGRPDVRPXQGRGRTXHVRPRVWRGRVQyVDTXLQDVDODGH
([SUHVVmR 'UDPiWLFD GR ,3- 3DVVDUDP DOJXQV GLDV 7HQKR D
LPSUHVVmR TXH DV FRPSXOV}HV H[LVWHQFLDOLVWDV QmR PH
DEDQGRQDUmR MDPDLV (QWUH R GHVHVSHUR D VROLGmR H D UDLYD D
FRUDJHPHVWi XPPHLR WHUPRTXH WHUHLGH GHVFREULU7XGR R
TXHVRXUHIOHFWHVHQRVPHXVGLDVGHIRUPDODJRGUDPiWLFDSRXFDV
YH]HVFyPLFDFRPRHXTXHULD&DGDGLiORJRpXPWHVWHTXDQGR
HXVHLTXHLVWRWXGRQmRpXPWHVWHPDVDSUySULDYLGDGHVDILDQGR
PH GL]HQGRPHTXDOTXHU FRLVD $FUHGLWR TXHR PXQGR DLQGD
PH SRGH GL]HU TXDOTXHU FRLVD TXH R VHQWLGR TXH HX GRX DRV

PHXV GHVHMRV SRGH DLQGD PDWHULDOL]DUVH SHORV PHQRV QD IDFH
GRVDPLJRV

GH6HWHPEURGH

2TXHIL]pPRVKRMHIRLLPSRUWDQWHSDUDPLPSRLVWHQKR
DQGDGR XP SRXFR DEDWLGR H SHQVDWLYR GHPDLV &RQWLQXR D
HVIRUoDUPH SRU H[SULPLU RV PHXV VHQWLPHQWRV DV PLQKDV
HPRo}HVVHMDPGHUDLYDVHMDPGHERQGDGH,PSRUWDGHL[DUGH
SHQVDUHPIRUPDGHFOLFKpVHVHJXLUHPIUHQWH'HVGHKiWHPSR
QDPLQKDYLGDTXHSURFXURDOJRGHSDUHFLGRFRPLVWRHFUHLR
TXH HVWRX SHUWR GH FKHJDU D XP SDWDPDU GH HVWDELOLGDGH TXH
SRGHUiVHJXUDUILQDOPHQWHRPHXHVStULWRHP/LVERD7URX[HD
5RVLHTXHHVWiSHUWRGHPLPHQTXDQWRHVFUHYR0DLVGRLVPHVHV
HVWDUiSURQWDSDUDDYLGDGRSiWLRHSDUDFRQKHFHURVYL]LQKRV
FDQLQRV DSHQDVSHORODGUDUMiTXHpXPDFDGHOD (VWUDQKHLR
PHX IDFLHV QR YLFLRVDPHQWH GDV QRVVDV SHUIRUPDQFHV (VWDYD
YHUPHOKR H QmR SDUHFLD HX SUySULR HP DOJXPDV RFDVL}HV (P
WXGRVLQWRTXHWLYHVVHTXHYROWDUDWUiVQRWHPSR0DVQmRHVWRX
DTXLQRSUHVHQWHHpFRPHOHHFRPRVGDGRVTXHGLVSRQKRTXH
WHQKRGHID]HURPHOKRUTXHSRVVR8PGLDWHUHLGHIDODUPDLVGH
PLPSUySULR(VSHURTXHD)ORUEHODWHQKDOLGRFRPDWHQomRR
PHX´4XHP6RX(X"µHTXHPHSRVVDWUDEDOKDUGRPRGRPDLV
SUiWLFR H HILFD] 9RX HVIRUoDUPH SRU OHYDU SRU GLDQWH RXWUDV
WDUHIDVTXHWHQKRHPYLVWD WUDEDOKRFRPRELEOLRWHFiULRHFXUVR
GH 7pFQLFR GH 0XOWLPpGLD  (P WXGR HVSHUR TXH KDMD
FRQWLQXLGDGHHPERUDHVWHMDVHQGRGLItFLOVXSRUWDUXPDVLWXDomR
ILQDQFHLUDGHOLFDGD0DVWDPEpPRTXHHVFROKLVHUpXPGHVDILR
FRPR Ki SRXFRV 3RGLD HVWDU PXLWR EHP VHQWDGLQKR D OHU RV
PHXVOLYURVHDHODERUDUWHRULDVPDVUHVROYLSDVVDUPHWHUPmRVj
REUD,VVRpXPVLQDOGHTXHYDOHDSHQDFRQWLQXDU$5RVLHGL]
TXHVLP

GH2XWXEURGH

2TXHDSUHQGLRTXHWHQKRSDUDDSUHQGHU'HIDFWRPXLWDV
YH]HVPHLOXGRTXDQWRjVPLQKDVFDSDFLGDGHV6HUiSRUWHUHVVD
FXULVRVLGDGHFRQWURODGDDTXHFKDPDPRVFLrQFLD"$QRLWHDFDERX
QDGLVFRWHFDHQWUHEHWRVHSDFLHQWHVGHLQVWLWXLo}HVVRFLDLV/LVERD
p PDLV GRFH GR TXH HX SHQVDYD $FKR PHVPR GHVQHFHVViULR
FRQKHFHU0DGULG3DULV5RPDRX$WHQDV

GH2XWXEURGH

2VGLDVSDVVDPHSRGHVHGL]HUTXHRJUXSRHVWiDPRUIR
PDV FRP OLJDo}HV LQWHUHVVDQWHV 2 TXH p TXH D H[SUHVVmR
GUDPiWLFD WHP D YHU FRQQRVFR" 9rVH QD IRUPD FRPR
H[WHULRUL]DPRVRVVHQWLPHQWRV2VVHQWLPHQWRVVmRFRLVDVTXH
QmRVHSRGHPFRORFDUQDJDYHWDFRPRJUDQGHVSDUWHGRVQRVVRV
HVFULWRV$VHPRo}HVVHJXHPVHDRVVHQWLPHQWRV1RFRQWDFWR
GRV FRUSRV QR HVFXUR VHQWLPRV PHGR VHQWLPRQRV QDV
WULQFKHLUDVGHXPDJXHUUDTXHWHPRVGHID]HUQRVVD3URFXUDPRV
REHGHFHUjYR]GD)ORUEHOD1HPVHPSUHpIiFLO2XWUDVYH]HVp
GLYHUWLGR H R FRUSR VROWDVH $ PHQWH VLPXOD YLDJHQV ORXFDV
GHVJDUUDGDV LQWXLWRV VLQFHURV 2LoRYR]HV TXHUR H QmR TXHUR
VHUDFWRU2PHXSDVVDGRQmRPHVHJXUDPDVpQHOHTXHWHQKR
GH EXVFDU IRUoDV e GLItFLO QmR FRQIHVVDU XP IUDFDVVR HVWDU j
YRQWDGH FRP DV PL~GDV LQYHQWDU XPD FRQYHUVD Ë GLItFLO QmR
HVSHUDUTXHWHQKDPSHQDGHQyV&RQWXGRKiXPDIRUoDPDLRU
HVHQmRpRLQVWLQWRGHVREUHYLYrQFLDTXHIDODEDVWD7HUXPD
YR]FRQWLQXDUDRXYLUYR]HVSHUWRRXORQJHTXHQRVPLWLJDPD
VHGH GH JHRJUDILD 1mR TXHUR VHU FRQKHFLGR 1mR TXHUR VHU
FRQKHFLGRFRPRDTXHOHTXHGHXDEULJRj5RVLH1mRTXHURVHU

FRQKHFLGRFRPRDTXHOHTXHpDQWURSyORJR1mRTXHURYLYHUQD
QRVWDOJLD GRV WHPSRV GH MXYHQWXGH 4XHUR DLQGD R WXWDQR GD
YLGD(SRUPDLVLQVLJQLILFDQWHTXHVHMDRTXHHXGHVFREULUGHQWUR
GHPLPSUySULRGHSUHIHUrQFLDTXHURWHUDOJXpPDRODGRSDUD
RXYLUQRWtFLDVPLQKDV4XHURRTXHQmRTXHURRTXHWRFRRTXH
DSUHFLRRTXHGHVHMRVHPFRQWXGRFKHJDUDDOFDQoDU3RULVVRD
FDQomRTXHLUHLVRXYLU

6(07Ì78/2

'HQWURGDFLGDGHKDELWDYDPHVStULWRVHUUDQWHVTXHQmR
WLQKDP FRQVFLrQFLD GR VHX OXJDU QR PXQGR (P FDVD KDYLD
DOJXPDSD]KDYLDP~VLFDH[FOXVLYDQXPDFDVVHWH&RQWLQXDYDP
RV KDELWDQWHV D IXPDU FLJDUURV PDO YLUDYDP DV FRVWDV j
SVLFRWHUDSLD(UDPSRXFRVHVWHVKDELWDQWHVGDFLGDGH$PDLRU
SDUWHWLQKDXPD URWLQDGLiULDH QmRXPD KLVWyULDSHVVRDO0DV

WRGD D JHQWH WHP XPD KLVWyULD SHVVRDO 1HP WRGRV WrP
FRQVFLrQFLDGLVVR1DFDVDIDOWDYDVDEmRHSDSHOKLJLpQLFR$TXHOH
HVSDoRHVWDYDJDVWRPDVQmRKDYLDDOWHUQDWLYDKDYLDTXHFRQWLQXDU
DKDELWDUDTXHODFDVD6DLUWRGRVRVGLDVYHUSHVVRDV2TXHWHULDP
HVVDVSHVVRDVQRVHXLQWHULRU$SHUVSHFWLYDTXHHXWLQKDGHVVDV
SHVVRDV QmR HUD WHUDSrXWLFD QmR HUD D GH XPD SVLFyORJD RX
SVLFRWHUDSHXWD7XGRHUDXPGDGRDGTXLULGR7XGRID]LDSDUWH
GHXPDFDPLQKDGD1XPDOLYUDULDDOWHUQDWLYDIROKHHLXPYROXPH
HP IUDQFrV VREUH R FpUHEUR 3URFXUHL ´REVVHVVLRQV HW
FRPSXOVLRQVµHOiGL]LDTXHVHWUWDYDGHXPDGRHQoD-iSRGLD
MXVWLILFDURVPHXVGLDV,VVRQmRPHLPSHGLDTXHYROWDVVHDYHUD
FLGDGH WRGRV RV GLDV 3URFXUDU OXJDUHV RQGH PH VHQWLVVH EHP
VHPVHUHPFDVDDQWHVGHGRUPLU2TXHDFRQWHFHULDVHRVHVStULWRV
VHVROWDVVHPHYRDVVHPHUUDQWHVSHODVUXDVGDFLGDGH"(VSHUDYD
SRU HVVH GLD HP TXH R FRUSR QmR HQFDUFHUDVVH PDLV D DOPD
(VSHUDYDQmRRGHVHMDYD1mRGHVHMDYDDPRUWH0DVWLQKDGH
WUDYDU XPD OXWD FRQVWDQWH SDUD QmR LU PRUUHQGR $ SVLFyORJD
LQWHUHVVDYDVH SHOD PRUWH H SHOR ´PRUUHUµ 7DOYH] HP EUHYH
PDUFDVVH FRQVXOWD (UD SUHIHUtYHO GR TXH YHU R PHX PpGLFR
TXDQGRVDELDTXHRVVLQWRPDVHVWDYDPHVWDFLRQiULRV(XVDELDR
TXH HUD 3UHFLVDYD GH HYROXLU WHU SHUVSHFWLYDV GH XPD FXUD
1LQJXpPVHLQWHUHVVDYDUHDOPHQWHDQmRVHUDPLQKDLUPmHPmH
1LQJXpPVHLQWHUHVVDYDSRUTXHQmRPHLQWHUSHODYDPQDUXDQmR
FRPR GL]LDP VH HUD ERQLWR RX IHLWR ( WRGRV RV TXH WLQKD
FRQKHFLGRHQTXDQWRHVWXGDQWHKDYLDPGHVDSDUHFLGRGDPLQKD
YLVWD(UDREULJDGRDYLYHUQXPDFLGDGHTXHQmRPHIDVFLQDYD
5HVLVWLUDJXHQWDUSURFXUDUQRYDVYLDVSDUDRHVStULWRHVVDVHULD
DPLQKDWDUHIDGHVVHGLDHPGLDQWH$FUHGLWDYDTXHXPGLDSRGLD
YROWDUDVHUMRYHP7UDWDYDVHGHXPDTXHVWmRGHHVStULWRPDV
WDPEpPXPDTXHVWmRGHFRUDomRGRPHXFRUDomRDGRUPHFLGR
KiDQRVHDQR3RVVRGL]HUTXHWLQKDGHYLYHUXPDYLGDHSURFXUDYD
OHQWDPHQWHFRPHoDUDYLYHURXWUDDWHUXPDYLVmRGLIHUHQWHGRV
RXWURV D FODVVLILFDU H VHOHFFLRQDU DV SHVVRDV VHP FRQWXGR DV

GLVFULPLQDU7LQKDDFHUWH]DTXHDPLQDDXUDHUDSHTXHQDHSRXFR
SRVLWLYD PDV HVWDYD Oi TXDOTXHU FRLVD FRPR D PLQKD
LQGLYLGXDOLGDGHDLQGD(VWDYDOiXPDVHPHQWHTXHHUDDJDUDQWLD
GHTXHGHXPDPDQHLUDRXGHRXWUDHXVREUHYLYHULDSDUDRIXWXUR
,DDFUHGLWDUTXHHVVHIXWXURIRVVHPDLVULVRQKRPHVPRWHQGR
FRQVFLrQFLDGRPHX72&8PGLDVHULDFDSD]GHFRQWDUKLVWyULDV
GH SHVVRDV FRQWDU DRV RXWURV TXDOTXHU FRLVD TXH UHYHODVVH D
SHVVRDTXHVRXQDYHUGDGHQmRDSHVVRDTXHVRXGLDDSyVGLD

6(07Ì78/2

'DQWHV QmRFRVWXPDYD VHU DVVLP (OD IRUoDYDD HQWUDGD H


FRQVHJXL FKHJDU D DOJXP OXJDU 1HVVHV GLDV D PDoDQHWD QHP
VHTXHUURGDYD+DYLDXPKLDWRQDVXDPHPyULD0DVDPHPyULD
SRXFRLQWHUHVVDYDQRFDPLQKRTXHWLQKDGHSHUFRUUHUQDVDODV
TXH WLQKD GH SHUID]HU $ VXD FDEHoD FRQWLQXDYD YDFLODQWH $
VXUSUHVDGDFKHJDGDDXPPXQGRQRYRPDVVHPSUHFRQKHFLGR
WURX[HUDOKHDOJXPDDOHJULDDRURVWR&RQWXGRRVGLDVSDVVDUDP
HWLQKDGHVDEHUFRQYLYHUFRPRVDOWRVHEDL[RVGRVGLDV0XLWDV
GLVSRVLo}HVGHHVStULWRWLQKDGXUDQWHRGLD$P~VLFDDMXGDYD2
GUXP·EDVHSRUYH]HVDMXGDYD7LQKDPHGRSRUYH]HVGHROKDU
GLUHFWDPHQWH SDUD R REMHFWR GDV VXDV REVHVV}HV 8P GLD XP
PRPHQWRSRGHULDROKDUGHVSUHRFXSDGDPHQWHVHPTXHWLYHVVHD
SXOVmR GHOi UHJUHVVDU7LQKDD SRXFRH SRXFRFRQVFLrQFLD GH
TXHWRGRVRVPRPHQWRVHUDPLPSRUWDQWHVHGHTXHDILQDOHVWDYD
YLYHQGRDYLGD(UDYHUmRHDPHQWHHUDXPDSHTXHQDGLIHUHQoD
QDYLGDGDVSHVVRDV7LQKDFKHJDGRDFRPSUHHQGHURTXHHVWDYD
SHUGHQGR3RULVVRQmRLULDGHL[DUVHLUDEDL[RQRYDPHQWHPHVPR
TXHWLYHVVHXPKLDWRQDPHQWH(ODHUDXPVHULPDJLQDGRFRP
PXLWDVSDODYUDVVHPFHVVDUGLDDSyVGLDHPTXHVHUHQRYDYDP
DV HVSHUDQoDV GH WHU QXPD SDODYUD XPD PHOKRU TXDOLGDGH GH
YLGD(PEUHYHWHULDTXHLUDRPpGLFRHDOJXPDFRLVDWHULDGHOKH
GL]HU&RPRHPFDVDGRVSDLVWXGRHUDGLItFLOSULQFLSDOPHQWHR

GLiORJR+iDQRVTXHDQGDYDQLVWRFRPRVHHVWLYHVVHDHVFUHYHU
XPJUDQGHURPDQFH+iDQRVTXHQmRVDtDGLVWR$GLYHUVLGDGH
GR PXQGRQmR OKH GDYD LPSRUWkQFLD(OVD HUD OLYUH HOHQmR D
FRQKHFHUDPDVVDELDTXHHODWLQKDVHVXLFLGDGRTXDQGR)LFDUD
FRP HVVD VXLFLGD QD FDEHoD DV VXDV UHODo}HV VRFLDLV HUDP
GLPLQXWDV0DVTXHLPSRUWD1XPDJUDQGHFLGDGHpDVVLP8P
GLD GHVWDV KDYHULD GH YHU D OLPSLGH] GD V jJXDV HVFRUUHJDQGR
VREUH DV PmRV H PROKDULD R URVWR FRPR DOJXpP FDQVDGR GH
WUDEDOKDU7DOYH]XPGLDGHVWHVVHHQFRQWUDVHQRXWURSRQWRGD
FLGDGHIXJLQGRjVSHVVRDVTXHWLQKDQDFDEHoDILQJLQGRVHVHU
OLYUH SRUTXH QLQJXpP R p 2V VHXV UHJLVWRV HVFULWRV HUDP
GLIHUHQWHVGHWRGRRUHVWR(OHHVWDYDQXPDSRVLomRGLItFLOHDFKDYD
D OLWHUDWXUD XPD FKDWLFH TXH QmR VH GDYD LPSRUWkQFLD DR TXH
LPSRUWDYD8PILOyVRIRUDUDPHQWHpHQWUHYLVWDGR
7HQGHVHD GL]HUTXHD QRVVDLQIkQFLD IRLGLItFLOH FRPLVVR
DIOLJLPRVRVMRYHQVGH KRMH7HQGHVHSRU RXWURODGRDGL]HU
TXHDLQIkQFLDIRLIHOL]HTXHWRGDVDVFULDQoDVVmRIHOL]HVTXH
QmR WrP SHUVRQDOLGDGH IRUPDGD H TXH SRU LVVR QmR PHUHFHP
WDQWDDWHQomRRVFDVRVGHGHOLQTXrQFLD$YLGDWHPPRPHQWRV
ERQVHPRPHQWRVPHQRVERQV4XHSRVVRHXGL]HUGDYLGD"2
TXH p TXH DYLGD PH WHP RIHUHFLGRVHQmR GLILFXOGDGHV H XPD
GRHQoDTXHWHLPRHPYHQFHU(ODHUDGLIHUHQWH2VSRUPHQRUHV
QmRLPSRUWDYDP3DVVDYDSHODYLGDFRPRXPDJD]HODROKDYDVy
DRPDLVLPSRUWDQWH1mRFRQKHFLDGRHQoDVFRQKHFLDREVWiFXORV
TXHXOWUDSDVVDYDVHPVHUSHODFXUD GRVRQR(UDIiFLOSDUDHOD
FULDUDPL]DGHVHDVXDYLGDQmRWLQKDSDUDGRQXPGHWHUPLQDGR
SRQWRHPTXHVHYLUDFRQIXVDSDUDSRGHUUHFRPHoDU0DVPHVPR
SDUDHODGDQWHVQmRFRVWXPDYDVHUDVVLP(PFULDQoDGHVHMDYD
VHU DGXOWDDJRUD GHVHMDYD VHUFULDQoD 1mR SRGHPRVWHU WXGR
(ODWLQKDXPDVFRQWLQXLGDGHQDVFRLVDVTXHID]LD&RPHoDYDHDV
FRLVDV WLQKDP XP PHLR H XP ILP 1mR YLYLD FRP PHGR GD
UHDOLGDGH FRP PHGR GDV SHVVRDV 1mR VH HVFRQGLD TXDQGR
YLQKDPYLVLWDVSDUDRVVHXVSDLV1RHQWDQWRYLYLDHQWUHVHUHV

KXPDQRVHQmRGHXVHV1HPHODHXFRQVLGHUDULDXPDGHXVDQmR
SRGLD VRE SHQD GH PHXV SHQVDPHQWRV VHUHV WLGRV FRPR
LQKXPDQRV(XTXHULDDSHVDUGDPLQKDSHUVRQDOLGDGHID]HUSDUWH
GRPXQGR&RPRHODID]LDSDUWHGRPXQGR
8PDSHTXHQDFRQFKDPLVWXUDYDVHFRPDDUHLDVREUHDTXDO
HVWDYDGHLWDGD1mRFRQVHJXLDLPDJLQDURXWURVPXQGRV(PEUHYH
WHULDGHVHUREULJDGDDPXGDU,USDUDRXWUDFLGDGHWHUXPDRXWUD
DWLWXGHTXHWDUGDYD6DELDTXHHUDOLYUHPDVDPHQWHDSULVLRQDYD
2FRUDomRSHTXHQRVGHPDLVQmRWLQKDDSHORV1mRDJXHQWDYD
PDLVVRIULPHQWR7LQKDGHPXGDUHTXDFLRQDUQRYDVIRUPDVGH
YLYHUDYLGD$SUySULDHVFULWDHUDGHPDVLDGRGHSUHVVLYD2VVLQDLV
GDPXGDQoDSRGHULDPHVWDUSHUWR(UDQHFHVViULRHVWDUDWHQWR
WHQWDUVHPSUHPDLVHLUDQRYRVOXJDUHV$TXHVWmRQmRHUDLQVLVWLU
RXGHVLVWLUHUDPDLVVLPSOHVDWpGRTXHLPDJLQDYD(ODDGHXVD
HUD XP VHU LPDJLQDGR FRP EDVH HP DFRQWHFLPHQWR YHUtGLFRV
3RGLDVHUDPLQKDLUPmRXDPXOKHUSRUTXHVHPSUHHVSHUHLH
GHVHVSHUHL$QGHLWRGRHVWHWHPSRWHQWDQGRSLQWDUXPTXDGUR
HQRUPHTXHPRVWUHDYLGDDWUDQVFHGrQFLDGHVHUPHVPRRTXH
HVWiSDUDDOpPGDYLGD6LPSRUYH]HVHODID]PHVHQWLUDVVLP
FRPR VH QmR IL]HVVH SDUWH GRPXQGR 2 WHPSR TXH Mi SDVVHL
QXP RXWUR PXQGR &XVWRX HQJROLU TXH QmR HUD XPD SHVVRD
QRUPDO 3RU RXWUD QmR FXVWRX SRUTXH HX Mi VXVSHLWDYD GLVVR
3RU LVVR YRX GH ERP JUDGR D FRQVXOWDV SVLTXLiWULFDV )DOR
QRUPDOPHQWHGDYLGDTXHSRGHULDWHUHQmRWHQKR(HVWRXDTXL
UHVLVWLQGRjVDUPDGLOKDVGDPHQWHFRPRXPJXHUUHLUR6LPDOJXP
PpULWRGHYRWHUDRILPGHWDQWRWHPSR1mRHQORXTXHFLSRUTXH
QmR FRQKHoR SHVVRDV 7RUQHLPH QXP VHU HVWUDQKR HVTXLVLWR
TXHVHHVTXLYDGDVSHVVRDVTXHGL]TXHQmRSUHFLVDGDVSHVVRDV
TXH TXHU YLYHU VR]LQKR XP GHVWLQR GH HVFULWD 1DGD GH PDLV
HQJDQDGRU0DVQmRpIiFLOQHVWDFLGDGH4XDQGRHVWDPRVEHP
GLVSRVWRV FRP D YLGD ROKDQGR SDUD R SRQWR FDUGHDO FHUWR Dt
HQFRQWUDPRV D GLUHFomR H VDEHPRV SRU RQGH LU (OD D GHXVD
VHUi VHPSUH D PXOKHU TXH SURFXUR H TXH QXQFD HQFRQWUDUHL

(QFRQWUDUHLRXWUDFRLVDGLIHUHQWHPHOKRUPHOKRUGRTXHDHVFULWD
GR TXH D LQWHUPLQiYHO KLVWyULD GD PLQKD DYHQWXUD H[LVWHQFLDO
FKDWDUHSHWLWLYDDERUUHFLGDVHPKLVWyULDVGHYHUGDGHLUDJHQWHH
KLVWyULDVTXHWRTXHPRFRUDomRGRVRXWURV4XDQGRGHIHQGRD
HVFULWD FRPR ULWXDO p SRUTXH HVWRX SHQVDQGR HP ULWXDLV
QRUPDOPHQWHGHODYDJHPHTXHQmRPHVDHPGDFDEHoD$HVFULWD
p FRPRXP VDFR RQGHGHVSHMDPRV SDUD HVTXHFHUFRPR GL]LD
XPSURIHVVRU7DOYH]SUHFLVHPRVGHHVTXHFHUWRGRVRVGLDVSDUD
DJXHQWDUWRGRVRVGLDVSDUDTXHDQRVVDPHQWHVHWUDQTXLOL]HH
DFUHGLWHPRVTXHHVWDPRVGHSDVVDJHPTXHQmRYDOHDSHQDIXPDU
HRXWUDVFRLVDVSRUTXHVyYDOHDSHQDREHPTXHID]HPRVDRV
RXWURV1HVWHDVSHFWRHODSRGHUiGL]HUPHTXHWHQKRVLGRHJRtVWD
1DTXHOH WHPSR GRUPLD PXLWDV KRUDV H TXDQGR HVWDYD
DFRUGDGRDVLQWHQo}HVHUDPIXJD]HV3RGLDIDFLOPHQWHGL]HUTXH
HUD IDOWD GH PRWLYDomR PDV R FHUWR p TXH FRQWLQXDYD OHUGR H
SULVLRQHLURQRVPRYLPHQWRV6HUiTXHWLQKDGHPXGDUGHFDVD
4XHULDFRQWLQXDURVHVWXGRVTXHULDWUDEDOKDUPDVQHPXPDQHP
RXWUDFRLVDYLDTXHSRGHULDID]HU5HVWDYDPHYLYHUXPGLDGH
FDGDYH]ID]HQGRRPi[LPRSRVVtYHO0DVQmRLULDPXGDUPH
SDUDMi7LQKDXPDYLDJHPDJHQGDGDSDUDGDOLDDOJXPWHPSRH
SRGLDVHUTXHPHOKRUDVVHRPHXKXPRU7LQKDGHFRQWLQXDUD
WHUHVSHUDQoDDSHVDUGHHVWDUIUiJLO+iFHUFDGHGRLVDQRVTXH
QmRID]LDQDGDSRUTXHVLPSOHVPHQWHWLQKDIDOKDGRDQWHULRUPHQWH
QDVFRLVDVTXHWLQKDWHQWDQGRID]HU3RULVVRRTXHHVWDYDID]HQGR
DJRUDHUD´DOJXPDFRLVDµ&RQWLQXDYDDWHQWDUWLQKDGHFRQWLQXDU
3RGLD ILFDU FRQGHQDGR R UHVWR GD YLGD SRU QXQFD SURFXUDU
WUDEDOKDU 2 FHUWR p TXH XPD FRQYLFomR R DFRPSDQKDYD XP
SHVRQRFRUSRFRPRVHTXLVHVVHMXVWLILFDUWRGDDVXDH[LVWrQFLDj
FXVWD GD H[LVWrQFLDGRV RXWURV (UD DLQGD DTXHOHGLD GH YHUmR
6DtXGHFDVDSDUDWRPDURFDIpFRPXPDPLJR$WHOHYLVmRSDVVDYD
R PHVPR DVVXQWR FRQFXUVRV R UHVFDOGR GH XPD GHUURWD QR
IXWHERO ( HX TXH DWp MRJDYD EHP IXWHERO DSUHQGL D QmR VHU
IDQiWLFR$SUHQGLDQmRJRVWDUGHRXWUDVFRLVDVTXHDPDLRUSDUWH

GDVRFLHGDGHJRVWDYD6HULDSUHFLVRID]HUXPDLQYHVWLJDomRTXH
QmRHUDDWpSUHFLVRVHUDSXUDGDSDUDFRQKHFHUTXHPWLYHVVHJRVWRV
GLIHUHQWHV+iVHLVDQRVKiVHLVDQRVQDPHVPDFDVDQDPHVPD
FLGDGH$JXHQWDUHUDGLItFLOHHOHDWpVHMXOJDYDKHUyLGHDOJXPD
FRLVD4XDQWRDHODHUDGLIHUHQWH1mRWLQKDQDGDGHREVHVVLYR
OLEHUWDYDVHGDVFRLVDHGRVSHQVDPHQWRVFRPRXPDDYHJUiFLOH
PDMHVWRVD7LQKDOKHLQYHMD'HVHMDYDFRQKHFrODGHYHUGDGH

6(07Ì78/2

5HVWDYDSRXFRWHPSRSDUDGHVFHUDVHVFDGDVHPGLUHFomRD
XPPXQGRTXHFRQKHFLDGHVGHKiYiULRVDQRV$VVXDVQRo}HV
KDYLDPVLGRHPHQGDGDVHFRPDOJXPDSDFLrQFLDSRGHULDYROWDUD
(VSDQKD D ,WiOLD D YHOKD H ILQD ,WiOLD (QFRQWUDYDVH 9HQWXUD
QHVWHHVWDGR$YLGDSRGHULDSDUHFHUIiFLOPDVRVVHXVQHXUyQLRV
DSRQWDYDPSDUDXPDRQGDGHSUHRFXSDomR1mRGHYLDVHUDVVLP
HQmRVHULDDVVLPHOHWLQKDDFHUWH]DRVDQMRVKDYLDPQRDYLVDGR
2VHXYHOKRDPLJRWtPLGRDGRUPHFLDHRVHXDPLJRFDQLQRMi
GRUPLD VREUH R OXJDU TXH 9HQWXUD RFXSDYD QRV VRQKRV 1mR
DGLDQWDYDSHQVDUQDVFRLVDVTXHQmRWLQKDQmRDGLDQWDYDSHQVDU
HPVHUWXGRHDFDEDUSRUQmRVHUQDGD2TXHRPDUFRXIRLGH
IDFWRXPDH[SHULrQFLDUHOLJLRVDHXPFXUVRXPFXUVRGH&LrQFLDV
6RFLDLVTXHDFDEDUDDFXVWRjVFXVWDVGHVLSUySULR2VWUDEDOKRV
GHJUXSRUHVROYHUDRVID]HUVR]LQKRVOiSDUDRILQDOSDUDRVODGRV
GD%REDGHOD$VXDPHQWHQmRHVWDYDVHPSUHDFWLYDHFHUWDPHQWH
TXH TXHLPDYD QHXUyQLRV FRP HPEUXOKRV GH QLFRWLQD 2 TXH
HVWDULDID]HQGRDVXDFROHJDTXHIRUDSDUD%URRNOLQHRVHXFROHJD
TXHHVWDYDHP&RLPEUD2TXHVHULDIHLWRGRVRXWURV3UHSDURX
R RFDVLmR FRP SDUWLFXODU LQFLGrQFLD $ VXD YLGD LQWHUURPSLGD
SRGHULDVHUUHDWDYDFRPDRFDVLmRXPDRFDVLmRHVSHFLDO3HQVDUD
MiQXPMDQWDUGHDQWLJRVDOXQRVGD(VFROD6HFXQGiULDGH/HLUHQD
1R HQWDQWR QmR DQRWDYD WXGR R TXH HUD QHFHVViULR SDUD VH
FRQVLGHUDUXPKRPHPDFWLYRSRUPDLVGHTXDWURGLDV3UHFLVDYD

/XWDYD2GLDYDWDPEpPjVYH]HV3UHFLVDYDGHRGLDUSDUDVHVHQWLU
6yLVVR2GLDYDTXHPVHHVTXHFLDGHTXHHOHHUDXPSHTXHQR
GHXVXPGHXVGDVSHTXHQDVFRLVDVHTXHDRVDQRVKDYLDHVWDGR
QD*UpFLDSRUIXURUHXPJHLWRGDPHUGD1RHQWDQWRWLQKDGH
GL]HUFHUWDVFRLVDV'HWHVWDYDDIDOWDGHHGXFDomRHUDXPFOiVVLFR
PDVJRVWDYDGDFULDWLYLGDGHHGHTXHPXVDYDERQpGXUDQWHXPD
DXOD'HXVSHUPLWLDHR'LDERDFHQDYDFRPXPDRUHOKD1DTXHOHV
GLDVQXPDFLGDGHKDYHULDPXLWRVPDLVFRPRHOHSHQVDQGRWRGR
RWHPSRRTXHID]HUFRPRWHPSR2WHPSRTXHMD]DHVSHUDTXH
RYHQKDPYHODU1mRID]LDQDGDGHQRYRFRPDVVXDVDFWLYLGDGHV
8PGLDYHULDFRPRWXGRSRGHULDVHUHYLGHQWH$VXDFRPSDQKHLUD
HUDGHWHUPLQDGDHGLYHUWLGD)D]LDRULU(VWUDQKRFRPRRVSDSpLV
VRFLDLVVHSRGHPSRUYH]HVLQYHUWHU0DVQmRpLVVRTXHHVSHUDP
DV PXOKHUHV PDLV GLJQDV H PRGHUQDV 1mR YLD R VHX SDVVDGR
FRPRXPDQyGRDTXHHODWLQKDGHDSDJDU8PGRVVHXVILOKRV
QHJDYDDSRVVLELOLGDGHGHHQYHUHGDUSRUXPDFDUUHLUDUHOLJLRVD
'HEDL[RGHXPDjUYRUHXPFmRHVWHQGLDRGRUVRHURODYDVHQR
FKmR HQTXDQWR 9HQWXUD HVWDYD VHQWDGR QXP EDQFR GH MDUGLP
SUy[LPR ( XP HVFULWRU QmR GHYLD VHU DVVLP 1mR KDYLD
QHFHVVLGDGH2FmRYHLRWHUFRPHOHH9HQWXUDRIHUHFHXOKHXP
VDFRGHRVVRVTXHOKHGHUDXPSHGLQWHTXHYDVFXOKDYDRVFDL[RWHV
GROL[R(UDWDUGHTXDQGRSDUHFHXRVHXDPLJR*15SDUDPDLV
XPDVHVVmRGHFRQYHUVD2WUDEDOKRILFDYDSDUDGDOLDGLDV&RP
RVSURJUHVVRVDFWXDLVWXGRRXTXDVHWXGRGHSHQGLDGHVVHSROtFLD
jSDLVDQDTXHDSDUHFLDHPQHYRHLURFRPRXP'RP6HEDVWLmR
GHVTXDUWHODGR(UDGHHVTXHFHUWXGRRTXHRSUHRFXSDYDGL]LD
OKHHOH(TXHHUDIHLWRGDMRYHPTXHPHPHWHUDDFDEHoDHP
jJXDHTXHDSDUHFHUDQDWHOHYLVmRFRPDQXGH]SRXFRUHFDWDGDH
TXHHPWHUPRVGHLQSXWID]LDDOJXPVHQWLGR5HJLVWRXVHQDTXHOD
QRLWHXPDFRQWXVmRHVWUDQKtVVLPDXPDFXPXODGRFRPRTXDQGR
YDPRVSDUDGRUPLUHFHUUDPRVRVROKRVYHQGRDPHQWHSOHQDGH
REVWiFXORV1mRVHYLDFODURQDTXHODDOWXUDFRPRUHIHUHDFDQomR
GR VORJDQ DR FDIp (UD XP GRPtQLR D H[SORUDU D HVYHQWUDU D

UHFRQVWLWXLUFRPRXPDSOiVWLFDHVVDDFHSomRGHTXHDVH[XDOLGDGH
H RV SVLFDQDOLVWDV VH FUX]DP 0DV SDUD IDODU D YHUGDGH R FmR
DLQGDHVWDYDSHUWRGHOHDJRUDQXPGRVFDIpVGREDLUUR1HVVH
FDIpVHVWDYDPGXDVSHVVRDVQRXWURHVWDYDPRXWUDVGXDVQRXWUR
QR9HUVDOKHVPDLVWDQWDVFRQYHUVDQGR3UHFLVDYDPDVSHVVRDV
GH FRQYHUVDU MXQWDQGR SHGDoRV GH YLGD WHQV}HV LQWHULRUHV
PRVWUDU DV HQWUDQKDV GD DOPD DR KRPHP TXH UHFHELD R FDIp
3URFySLRHQWUDUDQRFDIpGHPmRHVWHQGLGDHGHSRLVDIDJRXRV
SHORVGRFmRTXHURtDDSHUQDGDPHVDGHSOiVWLFR


2V'RLV&iJDGRV

(UD LQYHUQR 0DWLDV H )HUQDQGHV GLVFXWLDP VREUH RV


SUHSDUDWLYRV SDUD D IHVWD TXH WDUGDYD HP UHDOL]DUVH 6yQLD H
)HUQDQGDGHEDWLDPSUREOHPDVUHODWLYRVDRVILOKRVTXHXPDGHOD
DPDPHQWDYD FRP GRUHV 2 HVStULWR GR SHTXHQR -RVp DQGDYD
SHUWXUEDGR1mROKHGDYDSDUDVHUYLROHQWRFRPRPXLWRVRXWURV
UDSD]HV 2 VHX VHQWLGR GH LQLELomR QmR VH DSODFDYD FRP R
FRQYtYLRFRPDVSHTXHQDV6DQGUDH/LOL8PGLDXPDDGLYLQKD
GLVVHH)HUQDQGDTXH-RVpHUDSDWpWLFRHUDDQHJDomRGRTXHp
VHUKXPDQR
-RVpGHL[DDWHOHYLVmR1mRILTXHVDWpWDUGHROKDTXHR
SDLWHPTXHWUDEDOKDUFHGR$FKDVTXHpMXVWR"
9RXMiPmHGHL[DPHDFDEDUGHYHUHVWHILOPH
2SHTXHQRFUHVFHXFRPDWHOHYLVmRGHEDL[RGHROKR(
QXWULDSHORDSDUHOKRXPPLVWRGHDPRUyGLRTXHVHDQXODYDFRP
DH[WUHPDGHSHQGrQFLD1DHVFRODEULQFDYDFRPWRGRVRVRXWURV
PDVIDUWDYDVHFRPGHPDVLDGDIDFLOLGDGH2VSVLFyORJRVGDHVFROD
QmRFRQVHJXLDPGHWHUPLQDUTXDORWLSRGHYRFDomRTXHRMRYHP
LULDVHJXLU7HULDGHVHUHOHDHVFROKHU(VWDYDPWRGRVSUHSDUDGRV
SDUDDIHVWDPDVRDUWLVWDSULQFLSDOHVWDYDHPGHFDGrQFLDQDTXHOH
LQYHUQR 3RXFRVVDELDP GLVVRFRPHoDQGR SRU DTXHOHVTXH R
FRQKHFLDP GH SHUWR (VWDYDP WDOYH] GHPDVLDGR SHUWR +DYLD
XPDEUHFKDSRURQGHIXJLUPHVPRHPGHVSUH]RGDLQWHJULGDGH
GRFRUSR-RVpYLDFRPDWHQomRRHVSHFWiFXORTXHQXPILPGH


VHPDQDDVVHQWDUDDUULDLVQDEXVFDGHROKDUHVDWHQWRV2VHXSDL
WLQKDPRVEUDoRVSRXVDGRVQRVRPEURVHSHQVRXTXH´QXQFD
PDLV LVWR LUi DFDEDUµ +DYLD XPD FRQWUDGLomR HVSHFLDO HP
FRQWLQXDU D DOLPHQWDU HVSHUDQoDV GHVFRQH[DV &RPR VH
SURFXUDVVHP QR FpX GR VHX KRUL]RQWH XPD FRQVWHODomR TXH
DWUDtVVHDDWHQomR)HUQDQGHVHUDXPWtSLFRSRUWXJXrV$SUHFLDYD
DWRXUDGD'HYRUDYDRVDFRQWHFLPHQWRVGHVSRUWLYRV2VHXFOXEH
GRFRUDomRHUDR%HOHQHQVHVSRUTXHRYLUDVHUFDPSHmR(UDD
~OWLPDYH]TXHVHHQFRQWUDYDQDTXHODIHVWDHKDYLDGHWLUDUDOJXPD
YHUGDGHYHUGDGHLUDSDUDVLVDELDTXHWLQKDQRIXQGRGHVLUHVHUYDV
SDUD PRVWUDU VH p TXHVHULD SUHFLVR PRVWUDU TXH VDELD SHJDU
QXPWRXURSHORVFRUQRVHDPDQVDUDVXDI~ULDYLQGDGLUHFWDPHQWH
GDQDWXUH]D4XDQWRDRVTXHROKDYDPKDYLDVLGRKDELWXDGRVD
ROKDUHXPGLDDOJXpPMiIDODUDQDOXWDHQWUHDQDWXUH]DHDFXOWXUD
GHFRPRRKRPHPWHPGHVHH[FHGHUSDUDTXHVHMDHQWHQGLGR
SHODSOHEH
0DWLDVHUDVSRUWLQJXLVWD8PFOXEHFRPXPDGLPHQVmR
HP WHUPRV GH VLPSDWLD SRSXODU GLVWLQWR GH RXWURV PDV TXH
QDTXHOH DQR HVWDYD VXFHGHQGR D XP GRPtQLR DYDVVDODGRU GR
)r&r3r (P (VSDQKD WXGR HUD GLVWLQWR 'LJR LVWR SRUTXH DV
GXDVPmHVHVWDYDPVHQGRLQIRUPDGDVTXHSRUFDUWDFKHJDULD
XP FRQYLWH SDUD YLVLWDU IDPLOLDUHV SHUGLGRV QDV SODQtFLHV GD
$QGDOX]LD ( R UHYLVRU GR FRPERLR HP TXH YLDMDYDP HUD
VLPSiWLFRPDVQmRSDUDYDGHWLUDUQRWDVXPWLTXHTXHHQHUYDYD
GHYHUDV3DWUtFLDDILOKDDGROHVFHQWHGRFDVDO0DWLDVH6DQGUD
(UDPHVWDVLPSOLFDo}HVTXHWLQKDPGHHQIUHQWDUQXPDYLDJHP
GHFRPERLRDWUDYHVVDQGRDIURQWHLUDSDUDHQFRQWUDUXPPXQGR
WRWDOPHQWH QRYR HP (VSDQKD TXLoi PDLV IHFKDGR PDV
HQFDQWDGRUHEDUURFRDRVHXJHLWR0DVDYLDJHPQmRVHUHDOL]RX
1DYHUGDGH3DWUtFLDFRQWDUDRVRQKRDRSDLHHOHGHWHYHVHHP
SHQVDPHQWRV LQFDSDFLWDQWHV
$VIUDTXH]DVGRSHTXHQR-RVpVLWXDYDPVHQXPSODQRTXH
WUDQVFHQGLDRVVHXVSDLV7DOYH]HVWLYHVVHQDVXDPLUDPXGDUR

GHVWLQRHSUHYHURIXWXUR1mRWLQKDIDQWDVPDVHPHVSHFLDOH
WLQKDRVVRQKRVTXHWRGDDJHQWHWHP0DVHUDFXULRVRTXHTXDQWR
PDLVDWHQomRVHOKHGDYDPDLVDXPHQWDYDRVHXSUREOHPD6H
WLYHVVHQDVFLGRFHJRWDOYH]RPHQLQRIRVVHIHOL]HFRQKHFHVVHR
WDFWR 0DV QmR UHYHOHPRV PDLV VHJUHGRV DFHUFD GR PXQGR
NDINLDQRGHVWHPHQLQRSHUWXUEDGR
2Oi3DWUtFLD"&RPRYDLV"7HQVFRQKHFLGRPXLWDJHQWHFRPR
SUHWHQGHV"
1mRFRQWLQXRLQVDWLVIHLWD
(QWmRFRPTXr"
&RQWLJR
&RPRFRPLJR")L]WHDOJXPPDO"
1mRIL]HVWHPDODR-RVp
2VLOrQFLRDSRGHURXVHGDVVXDVDOPDV2SHTXHQLWRWLQKD
VLGRYtWLPDGDVFDUrQFLDVDIHFWLYDVGH)HUQDQGHV1mRDGPLUDYD
TXHRVHXHVStULWRDQGDVVHSHUWXUEDGRHDVXDDPLJDHUDRHVSHOKR
GHWRGRRVRIULPHQWRLQWHULRUHPTXHVHHQFRQWUDYDRPL~GR2
DGXOWRFRPHoRXDFRQWDUHQWmRDVXDKLVWyULD
3DWUtFLD HP WHPSRV WLQKD HX  DQRV HVWDYD QXP
VHPLQiULR4XHULDHVTXHFHUWXGRLVWRPDVWHQKRGHRFRQWDUD
DOJXpPHMiRFRQWHLGHIDFWRDDOJXPDVSHVVRDV(VWDYDFDUHQWH
QHVVDDOWXUDGDPLQKDYLGD1mRVDELDRTXHHUDIDODUFRPXPD
PL~GDSDVVDUXPDWDUGHFRPXPDUDSDULJDID]HUDPL]DGHFRP
XPDUDSDULJD8PSDGUHFRQYLGRXPHDLUSDUDRVHXTXDUWRRX
IXL HX PHVPR TXH IXL DWp Oi QmR PH OHPEUR SRU TXH UD]mR
&RQYHUViPRV 7URFiPRV FDUtFLDV (X DFDEHL VLPXODQGR XPD
YDJLQDFRPDVPLQKDVFR[DV3RUTXHIL]DTXLOR"(SRUTXHIL]R
TXH IL]DR -RVp" 1mROKH WRTXHLMXUR $SHQDV TXLVIDODU FRP
HOH
0DVHOHpXPDFULDQoD"&RPRSRGHVWHUHVVHWLSRGH
SHQVDPHQWRVHPUHODomRjVFULDQoDV"
(XQmRJRVWRGHFULDQoDVVHTXHUHVDSXUDUDYHUGDGH
(QWmRSRUTXHRSHUVHJXHV"3RUTXHpTXHDQGDVVHPSUH

DID]HUSHUJXQWDV"
7DOYH]VHTXHUHVTXHWHGLJDSDUDGHVFREULUDLQRFrQFLD
GRVHXHVWDGRRULJLQDO
%DK7UHWDV
$KLVWyULDGH)HUQDQGHVWDPEpPHUDFRPSOLFDGDPDVWLQKD
Mi DFRQWHFLGR 3DUD R SHTXHQR -RVp D KLVWyULD QXQFD PDLV
WHUPLQDYD7HQWDUD GHWXGR)D]LDVH GHYtWLPD GL]LDPOKHRV
DPLJRVPDLVFKHJDGRV0DVRTXHVHSRGLDHVSHUDUGHXPMRYHP
GD DOGHLD FRP SRXFD FRPXQLFDomR 0XLWD VROLGmR 3RU YH]HV
IDODUQmRFKHJDYD3RUYH]HVDVXDPmHQmRFKHJDYD7LQKDGHVH
FRQWHUREHGHFHUDUHJUDVVRFLDLV0DVTXDQWRPDLVSHQVDYDQR
DVVXQWRPDLVVHHQWHUUDYDTXDQWRPDLVVHPH[LDPDLVDVDUHLDV
PRYHGLoDV GR PXQGR R VHSXOWDYDP 7HQWDUD GH WXGR )RUD
LQWHUQDGRHPHVWDEHOHFLPHQWRVSVLTXLiWULFRVSRUGXDVYH]HV(
HVWDYD IDUWR IDUWR GH VHU D PHVPD SHVVRD IDUWR GH LQYHQWDU
H[SOLFDo}HV SDUDVL PHVPRH SDUDRV WHUDSrXWDV'H TXDOTXHU
PRGRHVFROKHUDYLYHURPXQGRFiGHIRUD2TXHTXHULDHOHV
GDVFULDQoDV"'HFHUWRTXH3DWUtFLDWLQKDUD]mR6RDYDPDODVXD
SUR[LPLGDGHFRPRSHTXHQLWR-RVp2QGHEXVFDUXPFXOSDGR"
3RUTXHSHQVDYDHOHWDQWDFRLVDHPUHODomRDVLSUySULR"4XHULD
VHUHQIRUFDGRLUSDUDUjJXLOKRWLQDHPQRPHGHFRLVDVTXHQmR
FDEH DRV KRPHQV VRQGDU PLVWpULRV TXH DFDEDP VHPSUH SRU
SHUWHQFHUjUHOLJLmR"3DWUtFLDFRPHoDYDDFRPSUHHQGHU3DUDHOD
TXHYLD7r9rVXILFLHQWHSDUDWLUDUFRQFOXV}HVWDOYH]HVWLYHVVHD
LQWHUSUHWDUPDORVVHQWLPHQWRVGH)HUQDQGHV7DOYH]HOHIRVVH
XPSREUHFRLWDGRTXHQmRWLQKDDFRVWDGRDDOPDHPOXJDUDOJXP
HDQGDYDDIOLWRjSURFXUDGHVLSUySULRQRSHTXHQLWR-RVp7DOYH]
KRXYHVVH XP GLD XP MXOJDPHQWR SDUD DV SHVVRDV TXH VH
SUHRFXSDP GHPDVLDGR FRP RV VHXV VHQWLPHQWRV 7DOYH]
KRXYHVVH XPD SDUWH GH 'HXV TXH QmR WLYHVVH VLGR GDGD DRV
KRPHQVHTXHHOHVSURFXUDYDPGHVHVSHUDGDPHQWH
8PDFDQomRGL]LDHPYLQLOTXH´$PLQKDYLQJDQoDSHVVRDO
VHUiGL]HUWHERPGLDQXPDUXDVHPSHGLQWHVHVHPDEULJR$

PLQKD YLQJDQoD SHVVRDO VHUi GDUWH HVWDV PmRVTXH XP GLD
PDOWUDWDVWHPDV TXH QXQFD GHL[DUDP GH VHU GyFHLVµ 3DWUtFLD
SHUFRUULDRVGLVFRVGH)HUQDQGHVQRVyWmRDTXHFLGRSRUXPGLD
GHFDORUFXMDVWHOKDVGHFLPHQWRRWRUQDYDPDLQGDPDLVTXHQWH
1RVHXTXDUWRHOHSHQVDYDFRPRDYLGDHUDHVSHUDQoRVDHDR
PHVPRWHPSRFKHLDGHG~YLGDVHPUHODomRDRIXWXUR)HUQDQGHV
SHUFRUULDXPDHVWUDGDVHPLOXPLQDomRFRPRVVHXVIDUyLVVHQGR
GRLVROKRVOXPLQRVRVQDHVFXULGmR
'LJRWHXPDFRLVD3DWUtFLD&RPRWHPSRDSUHQGLDVDEHU
TXH QmR p D IDPD TXH LPSRUWD 4XH QmR LPSRUWD VHUPRV
FRQKHFLGRV 2 TXH LPSRUWD VmR DV SHTXHQDV YHUGDGHV $V
SHTXHQDVYHUGDGHVYHUGDGHLUDVDTXHODVTXHQmRFDEHPQRVOLYURV
HTXHVmRIUDJPHQWRVGDQRVVDH[LVWrQFLDVREDVHVWUHODV$PDLRU
SDUWHGRWHPSRGDQRVVDYLGDDQGDPRVDQDYHJDUVROLWiULRV1XPD
ILVVXUD GRWHPSR SRU YH]HV GHVFREULPRV XPD YLEUDomR FRPR
XPFRPSRVLWRUGHVFREUHXPDPHORGLD$tVHJXUDPRQRVFRPR
VHHVWLYpVVHPRVQXPD WRUPHQWDHPDOWRPDUH RQRVVREDUFR
IRVVHFRQWUDLVVRIUiJLO
0DWLDVOXWDYDGHVHVSHUDGDPHQWHQDHVFXULGmRHQDVROLGmR
$VXDYLGDPHWLDGy(VFUHYHUDFDUWDVDRGHVEDUDWRDGXDVWUrV
PXOKHUHVWLUDGDVDRDFDVRGDVXDPHPyULD$SHQDVXPELOKHWH
FRPSRXFDVSDODYUDV,VVRIRUDFRLVDGRSDVVDGR$JRUDUHSHWLD
RVPHVPRVLQWHQWRVFRPRXWUDVSHVVRDV$VVXDVSUHRFXSDo}HV
QmRRGHL[DYDPPDVHOHSHUVLVWLDDFUHGLWDQGRXPGLDHQFRQWUDU
DPXOKHUGDVXDYLGD5LFDERQLWDLQWHOHFWXDOPHQWHHVWLPXODQWH
TXHJRVWDVVHGH VH[R2QGH VHSRGHULD HQFRQWUDUWDOPXOKHU"
2QGHQDJHRJUDILDGDVXDPHQWH"2TXHKDYLDSDUDGHVFREULU
,ULD PDQGDU DTXHODV FDUWDV" 6HULD GHFLVLYR" &DGD YH] PDLV VH
HQILDYDHPVLSUySULRHWLQKDGLILFXOGDGHHPFRPXQLFDU7LQKD
GHXVDURUHFXUVRGDLPDJLQDomRHOHWLQKDRVHXTXrGHORXFR
7DOYH]DSHQDVREVHVVLYR0DVQmRWLYHVVHHOHDFRQVFLrQFLDGH
WXGRLVVR7DOYH]WLYHVVHPHOKRUVRUWH
(UD WDUGH QR TXDUWR GHOD 3DWUtFLD OLD XP OLYUR GH FRQWRV

1RXWURTXDUWRQRXWUDFDVD0DWLDVHVFUHYLDKLVWyULDV$VKLVWyULDV
SHUPLWLGDVSHORVHXTXRWLGLDQR+DYLDXPDHVSHUDQoDTXHXP
GLDSRGHULDFRQWDUXPDKLVWyULDYHUGDGHLUDD3DWUtFLDTXDQGRHOD
MiWLYHVVHILOWUDGRWRGDDILFomR&RQWXGR0DWLDVVDELDTXHDILFomR
HUD LPSRUWDQWHSDUD HOH PDLVLPSRUWDQWH TXH DUHDOLGDGH (P
3DWUtFLD DV GXDV PHVFODYDPVH QR DUGRU GD VXD DGROHVFrQFLD
1RXWUR TXDUWR )HUQDQGHV SXQKD FRQWDV j YLGD H HP GLD D
FRQWDELOLGDGH'HSRLVGHYHUDWUDQVIHUrQFLDEDQFiULDGDFRPSUD
DFUpGLWRGHXPPLFURRQGDVEDWHXOKHDOJXpPQDSRUWD7RFRXD
FDPSDtQKD GHSRLV (UD -RQDV R VREULQKR TXH YLQKD
IUHTXHQWHPHQWHSDUDXWLOL]DURFRPSXWDGRUSDUDMRJDU)HUQDQGHV
GHL[RXRMRYHPHIRLDWpjUXDRXYLUXPSRXFRGRVVRQVGRV
FRPHUFLDQWHVHGRVFLJDQRVTXHSRQWXDYDPQXPDIHLUDDOLSHUWR
1DUXDHQFRQWURX6yQLDFRODGDDXPDPRQWUDGHYHVWXiULR1mR
HUDGLItFLOHQFRQWUDUDOJXpPFRQKHFLGRQDTXHODSHTXHQDFLGDGH
GH SURYtQFLD 'H IDFWR 0RQWH $OHJUH WLQKD DSHQDV  PLO
KDELWDQWHV&RQWXGRDVVXDVLQIUDHVWUXWXUDVHVWDYDPUHODWLYDPHQWH
EHPGHVHQYROYLGDV3RGLDGL]HUVHTXHKDYLDXPDFHUWDTXDOLGDGH
GHYLGDHVHJXUDQoDQRHPSUHJR0HVPRDVVLP)HUQDQGHVWLQKD
XPHPSUHJRDWHUPRFHUWR$ERUGRX$VXDFRQKHFLGDHIRUPD
DRFLQHPD3DVVDYDXPDSHOtFXODGH/DUV9RQ7ULHU6yQLDHUDXP
SRXFR FLQpILOD PDV )HUQDQGHVDEXVDYD GR FRQFHLWR 7RGDV DV
VHJXQGDVIHLUDV RX WRGDV DV VHPDQDV LD DR FLQHPD $ILQDO QD
QRVVD VRFLHGDGH PRGHUQD QmR Ki DVVLP WDQWRV OXJDUHV SDUD
FRQKHFHU H HQFRQWUDU JHQWH LQWHUHVVDQWH $VVLP DFRQWHFLD HP
0RQWH $OHJUH $ FLGDGH ILFDYD SUy[LPD GD IURQWHLUD FRP
(VSDQKD 'HSRLV GR FLQHPD UHVROYHUDP LU WRPDU XP FRSR D
(VSDQKD$LQGDHUDPGH]KRUDVGDQRLWHHRVEDUHVGH%DGDMR]
ILFDYDPDILQDOGHFRQWDVEHPSHUWR1mRGLVFXWLUDPPXLWRDFHUFD
GRILODPSRLVTXH6yQLDFHQVXURXD)HUQDQGHVRIDFWRGHVHUXP
FLQpILORLQYHWHUDGR7DOYH]TXLVHVVHHVWDEHOHFHUXPHTXLOtEULRHP
IXQomRGHQmRWHUXPWUDEDOKRFHUWRHDVVHQWH7DOYH]VHUHIXJLDVVH
DSHQDVQRFLQHPDFRPRIRUPDGHVRQKDUFRPPXQGRVTXHQXQFD

SRGLDYLYHU(ODHUDPXLWRWHUUDjWHUUD$GLVWkQFLDHQWUHDYLGDH
R FLQHPD SRGLD VHU HQRUPH 1XQFD XPD YLGD FKHJDULD SDUD
FRQKHFHUPXLWDFRLVDGRPXQGR1RHQWDQWRXPDYLGDWHULDGH
FKHJDUSDUDFKHJDUDDOJXPDVFRQFOXV}HV(OHFRQKHFLDDSHQDV
XPDSDUWHGDFLGDGH7LQKDYLDMDGRSRURXWURVOXJDUHVHPERUDD
VXDPHQWHRREULJDVVHDILFDUUHWLGRQRWUDEDOKR3RUYH]HVSHQVDYD
TXmRH[WHQXDQWHSRGLDHVWDUVHPID]HUQDGDFRPDFRQWHFLDQDV
IpULDVHPTXHHOHH)HUQDQGDGLVFXWLDPDPDLRUSDUWHGRWHPSR
VREUHTXHVROXomRGDUDRWHPSRGLVSRQtYHO
)HUQDQGHVILFRXQDTXHOHGLDUHWLGRHPFDVD$QmRVHUDVXD
PXOKHUQLQJXpPGRPXQGRVXVSHLWDYDTXHHOHHVWDYDDOLUHWLGR
FRQWLGR0HVPRTXHVRXEHVVHPQmRGDULDPLPSRUWkQFLDjVXD
EUHYH KLEHUQDomR 2 TXH p FHUWR p TXH QmR KDYLD QDGD GH
LQWHUHVVDQWHSDUDID]HUOiIRUD3RGLDGHIDFWRLPDJLQDUFRQKHFHU
SHVVRDVLQWHUHVVDQWHVHGHFHUWRTXHHODVH[LVWLDP1HVVDWDUGH
RV VHXV SHQVDPHQWRV HVWDYDP ORQJH SHQVDYD QR SDVVDGR HP
YH]GHHVTXHFHURTXHWLQKDVLGRSDVVDGRHTXHQmRLPSRUWDYD
SDUDRTXHHOHTXHULDID]HU'HFLGLXWHOHIRQDUD3DWUtFLD
(VWiSRVVRIDODUFRPD3DWUtFLD"
6LPTXHPIDOD"SHUJXQWRXDDYyGRRXWURODGR
)DODR)HUQDQGHVGDWLSRJUDILD
(XYRXFKDPDU2XYLUDPVHRVSDVVRVGH3DWUtFLDGHVFHQGR
DVJUDQGHVHVFDGDVTXHFRQGX]LDPDRKDOOGHHQWUDGD
2Oi)HUQDQGHVHQWmRHVWiVEHP"
(VWDYDDTXLSHQVDGRFRPRVPHXVERW}HV1mRTXHUHVSDVVDU
R6iEDGRFRPLJR"7HQKRXPDVFRLVDVSDUDWHFRQWDU
6iEDGR"'HL[DPHYHURTXHWHQVHPPHQWH"
,UDWpjSUDLDSDVVHDUXPSRXFR
(VWiEHPSDVVDUSRUDTXLSDUDPHYLUEXVFDU"
6LPjVWUrVKRUDV
8PDMXYHQWXGHSHUGLGDHXPDMXYHQWXGHjSURFXUD(UDR
TXH DFRQWHFLD TXDQGR VH GDYD DWHQomR D SRUPHQRUHV $ DOPD
SHUGLDVHHPUHFDQWRVTXHQmRSRGHPRVFKDPDUUHFDQWRVGDDOPD

2VHUKXPDQRGHVHMDYDVXEOLPDUVHID]HUVHQWLGRQDVXDFDEHoD
(VWDVGXDVYLGDVHUDPSURFXUDGDVSRUXPGHPyQLRTXHSRGLD
PXLWREHPYLUGHVDLDV$VXDILORVRILDHUDHOHPHQWDU(UDFRPR
XPDYHUWLJHPSHUGLDPVHQRVVHQWLPHQWRVGRVVHPDEULJRGDV
SURVWLWXWDVGDVSHVVRDVTXHQmRWLQKDPDRVROKRVGDPDLRULD
XPDYLGDFRPGLUHFomR(TXHPTXHUVDEHUGHOHV"$LQGDDVVLP
)HUQDQGHVDGLDYDD VXDYLGDFRPRVHWLYHVVH GHFXPSULUDOJR
TXHRVRXWURVFXPSULUDPDVHXVROKRV(3DWUtFLDHVTXLYDYDVHj
DWHQomRGH)HUQDQGHVSRUTXHWLQKDPHGRHQmRVHTXHULDDWLUDU
GH FDEHoD SDUD D UHDOLGDGH 2 SHTXHQR -RVp ROKDYD FRP
FXULRVLGDGHRVVHXVGRLVSHTXHQRVFiJDGRVDGRLVTXDUWHLU}HV
GDOL(VWHVGRLVSHUVRQDJHQVSRGLDPID]HUSDUWHGHXPHQVDLR
FRPRSHUVRQDJHQVFLQ]HQWDV3RGLDPID]HUSDUWHGHXPLQTXpULWR
VRFLROyJLFRRXGHXPHVWXGRDQWURSROyJLFR1mRID]LDFRQWXGR
HTXHPDOYHPDRPXQGRHjVVXDVDOPDVSRULVVR"-RVpHUDREMHFWR
GHDWHQomRHPHVPRDVVLPDVXDYLGDSDUHFLDSDUDGDQDLQIkQFLD
-iQDGDID]LDPPXLWRVHQWLGR3DUD)HUQDQGHVRPXQGRSDUHFLD
DFDEDUWRGRVRVGLDV(VWDYDIDUWRGHYHUWHOHYLVmRHQmRKDELWXDUD
RVVHXVILOKRVDLVVR1mRpTXHHOHWLYHVVHVLGRKDELWXDGRPDV
FDtXQHVVHHQJRGRGDGLYHUVmRHGRQDGDID]HUSRUPXLWRWHPSR
6HULDFDSD]DLQGDGHVHUHYROWDUFRQWUDXPPXQGRTXHOKHRIHUHFLD
WXGRPDVTXHQDUHDOLGDGHQmROKHGDYDDIHOLFLGDGHXPWUDEDOKR
FHUWRXPDVDWLVIDomRDRILPGRGLD"$VROLGmRWLQKDRIHLWRDVVLP
1RHQWDQWRHUDFDVDGRHSDLGHXPILOKR2TXHOKHIDOWDYD"1mR
VDELDVH LULDVHJXLUDLQGDDV SLVDGDVGRVHX SDL3UHRFXSDYDVH
DLQGDFRPLVVR7DOYH]SRUQmRWHUFRPTXHPFRQYHUVDU7DOYH]
SRU 7HU VHQWHQFLDGR D VXD YLGD DR MXOJDUVH YtWLPD 7LQKD XP
ILOKRHGHOHKDYLDGHFXLGDU(UDXPDGHOLFDGDIORUTXHHUDSUHFLVR
FRQVHUYDUDXPDGLVWkQFLDUHODWLYD(QWUHWDQWRRVGLDVSDUDVLHUD
FRQWLGRV GH SHQVDPHQWRV LQILQLWRV 1mR HUD IiFLO VHU SDL
GHVHPSUHJDGR GH XP ILOKR 0DV R TXH ID]LD QD UHDOLGDGH
)HUQDQGHV"3RXFRVHVDEHGDVXDYLGD3DWUtFLDHUDXPDGDVSRXFDV
SHVVRDV TXH FRQKHFLDP XP SRXFR GR VHX SDVVDGR 1HQKXP

MRUQDO MDPDLV SXEOLFDULD FRLVD DOJXPDD VHX UHVSHLWR 1HP XP
FULPH TXH FRPHWHVVH (VWDYD GHPDVLDGR HQIURQKDGR HP VL
SUySULRSDUDVHWRUQDUYLVtYHO3RUPDLVTXHIDoDPRVSRUYH]HV
QmRFKHJDSDUDRPXQGRQRVYHU(RTXHpRPXQGR"

8PDRX'XDV9LGDVGH*DWR

$FDVDSDUHFLD SHUGLGDQRPHLR GDIORUHVWD2V FDQDLVGH


FRPXQLFDomRHUDPDYHOKDHVWUDGDGHPDFDGDPHHDUiGLR1D
VDODSULQFLSDORYHOKR6LPDVFRQWRUFLDVHQDFDGHLUDDWLoDQGRR
OXPHFRPFDYDFDVILQDV
4XH UDLR 1D PLQKD SULPHLUD YLGD IXL XP HVFULWRU EHP
VXFHGLGR HVFUHYLD WDO FRPR D PDLRU SDUWH GRV ULRV FRUUHP
IOXHQWHPHQWHWDOFRPRRVMRYHQVTXHWrPKDELOLGDGHSDUDQRYDV
OtQJXDV
2OXPHUHIOHFWLDVHQDIDFH3HTXHQRVHVWDOLGRVHHFRDYDP
SHODVDODHRYHOKRVHQWLDRFDORUQDVSHUQDV2VHXURVWRVHJXUDYD
VHQDSDOPDGDPmRDEHUWDFRPRFRWRYHORDSRLDGRQRMRHOKR
'HSRLV GH VH VHQWLU XP SRXFR DGRUPHFLGR DFRUGRX
UHSHQWLQDPHQWH FRPR VH XPD WDUHID LPSRUWDQWH R FKDPDVVH
/HYDQWRXVHHHQFDPLQKRXVHDWpjFR]LQKD8PJDWRSUHWRFRPLD
RV UHVWRV GR MDQWDU HP FLPD GD PHVD 2 YHOKR 6LPDV QmR R
HQ[RWRX'HVOLJRXDOX]HGDOLDPRPHQWRVRJDWRYHLRWHUFRP
DWp DWp SHUWR GR OXPH 2 YHOKR WLQKD D PDQLD GDV UHSHWLo}HV
'HVWDYH]LPDJLQDYDVHDFRQYHUVDUFRPXPYHQGHGRUGHOLYURV
5HJDWHDYDRVSUHoRVDVFROHFo}HVRVSUD]RVGHHQWUHJD(VWDQGR
HOHQHVWDGLVFXVVmRHPTXHSDUHFLDWHUPHVPRDOJXpPjVXDIUHQWH
GHXFRPGRLVJDWRVID]HQGRXPDLQFXUVmRQRVHXHVSDoRSHOD
MDQHODGRTXDUWR6HJXLUDPSDUDDVDODGHMDQWDUHDGPLUiYHOHUDR
TXHWLQKDPGLDQWHGRVROKRVREULOKRYLQKDMXVWDPHQWHGRPHLR

GDVDODGHXPDPHVDTXHVXSRUWDYDXPFDQGHHLURVHYHUDPHQWH
LOXPLQDGRTXHGHVFLDGRWHFWRDWpSHUWRGHXPDPHVDWRWDOPHQWH
SRVWD'HTXHPHVWDULDRYHOKRjHVSHUDSDUDMDQWDU"'HPXLWD
JHQWHHQLQJXpPDRPHVPRWHPSR7LQKDVDXGDGHVGDVDOIDPtOLD
TXHVHJXLUDXPFDPLQKRGLIHUHQWHGRVHX(OHLVRODGRHQWUDD
IORUHVWDWLQKDSRUFRPSDQKLDRVDQLPDLVHVHULDPRVJDWRVQHVVD
QRLWHDFRPHUQDVDODSUHSDUDGD)DODYDSRULVVRVR]LQKRGL]HQGR
PDOGHWRGRVRVTXHRIRUDPDEDQGRQDQGRQRFDPLQKRGDYLGD
3DUDHOHWXGRHVWDYDHPIDVHWHUPLQDO(UDIiFLOGL]HUSRUWDQWR
PDOGRVSROtWLFRVGRTXHVXUJLDQDWHOHYLVmR3RULVVRWLQKDR
GHVHMRGHYLYHUVy7DOYH]DVVLPHVWLYHVVHPDLVSHUWRGRVKRPHQV

&RQWR&RQVLJR

8PMRYHPHQWURXQDQRLWHGHPmRVQRVEROVRVHFLJDUURQD
ERFD(UDXPMRYHPQRUPDODQRVIUHVFRVTXHFKHJRXMXQWR
GREDOFmRGR$UUHGRQGDD6DLDHSHGLXXPGHVFDIHLQDGR$WUiV
GHOH GXDV MRYHQV DOHPmV GLVFXWLDP VREUH DV VXDV YLDJHQV (OH
ROKRX GH VRVODLR H FRPSUHHQGHX TXH HVWDYD FRPSOHWDPHQWH
SHUGLGRQRPHXGDTXHODJHQWH$HPSUHJDGDGHEDOFmRPDLVIHLD
S{VOKHXPGHVFDIHLQDGRHPFLPDGREDOFmR2MRYHPROKRXVH
DR HVSHOKR H YLX XP KRPHP GHILFLHQWH $RV  DQRV XP
GHILFLHQWHTXHSURYDYHOPHQWHWmRWLQKDYLGDVH[XDO(VWDULDHOH
DVVLPWmRGHVID]DGRGRPXQGR"(QWmRS{GHOHUXPELOKHWHTXH
HOH OKH GHX H TXH WLQKD Ki PXLWR WHPSR JXDUGDGR QR EROVR
´3URFXURjQRLWHXPVLQDOGHWL3URFXURQDQRLWH3RUTXHP
QmRHVTXHFLµ2MRYHPOHXDTXLORHYHLROKHjPHPyULDWXGRR
TXHWLQKDIHLWRQDVXDYLGDSDVVDGD$VXDPHQWHSURFXUDUDGXUDQWH
PXLWRWHPSRDVHUHQLGDGHTXHSHUPLWHID]HUFRLVDV0DVDJRUDR
PXQGRHUDGLIHUHQWH6DELDTXHHUDXPVREUHYLYHQWHPDVQmRR
SRGLDGL]HUDQLQJXpP$OHLGDYLGDHUDPDGUDVWDDYLGDWLQKD
OKHVLGRPXLWRILOKDGDSXWD0DVHOHDOLPHQWDYDPHVPRDVVLP

LGHLDV GH XP GLD VDLU GD VROLGmR HP TXH R VHX FRUDomR VH
HQFRQWUDYD3XUJDULGHLDVGHVWLODULGHLDVSRUPDLVTXHRIDoDPRV
VH R ID]HPRV VR]LQKRV ILFDPRV VR]LQKRV 2 PHQGLJR Mi QmR
WLQKDPHGRGHHVWDUVR]LQKRDRSRQWRHPTXHHVWDYDKDELWXDGR
2MRYHPIH]XPDFRPSDUDomR´(VWRXDTXLFRPWDQWDFRLVD
SRUTXHQmRID]HUDOJRGHGLIHUHQWH"µ
'XDVKRUDVGHSRLVHVWDYDPVHQWDGRVQRVRIiGDVDOD1mRVH
SRGLDSHGLUPDLVKRQHVWLGDGHDXPMRYHP7DOYH]SRUTXHIRVVH
WmRSXURPHUHFHVVHDOX[~ULDPDLVGRTXHRVRXWURV&RQYHUVDUDP
VREUHDQLPRVLGDGHVHDILQLGDGHV1mRILFRXXPDJUDQGHDPL]DGH
GHSRLV GDTXHOH FRQYLWH GR MRYHP 0HVPR DVVLP R MRYHP
SHUJXQWRXOKH RQGH p TXH HOH FRVWXPDYD SDUDU SDUD R
FXPSULPHQWDU&RPRHUDSHVVRDIHFKDGDRPHQGLJRGLVVHOKH
DSHQDV´2OKHHXHVWRXDTXLEHPGLVSRVWR0DVVHLTXHPHYRX
FDQVDU D VHJXLU H GHSRLV YRX SHUQRLWDU HP PXLWRV VtWLRV 0DV
SRVVR GL]HUOKH TXH FRVWXPR SDUDU QDV DUFDGDV GD VHGH GR
PLQLVWpULRGD(FRQRPLDµ
´7iEHPSRUWHVHEHPµ
´9iFRQWRFRQVLJRµ
2MRYHPUHFROKHXVHQHVVDQRLWHQRVHXTXDUWR2DPDQKm
HUDLQFHUWRSOHQRGHG~YLGDVGHHQHUJLDGHERDVVXUSUHVDTXH
QHPVHTXHUVXVSHLWDYD2VGLDVVHJXLQWHVLULDPVHUXPDUHSHWLomR
GH XPD RGLVVHLD SHVVRDO QXPD FLGDGH RQGH QLQJXpP
YHUGDGHLUDPHQWHVHFRQKHFHSRUPDLVVHFDQWHRIDGR$TXHOHV
VHJUHGRVTXHVyFDGDXPGHQyVVDEHWDOYH]IRVVHPQHFHVViULRV
SDUDSURVVHJXLU0DVSDUDRMRYHPPDLVYDOLDQmRH[LVWLUHP


'LiORJRFRPDV6RPEUDV

2HVStULWRSRGHULDHVWDUODVVRGLVWDQFLDGRGHSUHRFXSDo}HV
PtQLPDV0DVKDYLDTXHVXSHUDUDVSHFWRVPHQRVLPSRUWDQWHVH
VHJXLUHPIUHQWHQDTXHODQRLWH8PDVRPEUDVXUJLXD'LRQtVLR
FKHJDQGRGDOX]TXHLOXPLQDYDRSDVVHLR
%RDVQRLWHV
%RDQRLWH(VWRXVXUSUHHQGLGRSRUYRVHQFRQWUDUSRUDTXL
1mRpRGLDRYRVVRDPELHQWHGHWUDEDOKR"
6LPQDWXUDOPHQWH0DVHXQmRFRQVLJRGHVFDQVDUGHPRGR
TXHYLPGDUXPDYROWDSHORSDUTXHËFRPRVHWLYHVVHSHUGLGRR
VRQRGRPHXGRQR1mRFRQVLJRHVWDUMXQWRjIRJXHLUDFRPRV
PHXV VHPHOKDQWHV e FRPR VH QDGD YDOHVVH D YLGD GR PHX
RULJLQDO
4XHPpRWHXRULJLQDO"
8PSVLFDQDOLVWD$FKRRXPDSHVVRDYD]LD1mRWHPYLGD
SUySULD1HPVHTXHUPHUHFLD7HUXPDVRPEUDFRPRHX
(VWUDQKRHFXULRVRTXDQGRIDODVQLVVR1mRVHLRTXHGLULD
GHPLPDPLQKDVRPEUD3RUDFDVRQmRDFRQKHFHV"
$FKRTXHQmR$VVRPEUDVWrPXPWUDEDOKRPXLWRSUySULR
5HXQHPVHjQRLWHHPDQWLJRVFDVWHORVRXMXQWRDUHJDWRVSDUD
H[S{UDVVXDVREVHUYDo}HVVREUHRVGRQRV)DODPRVHPIDFWRV
QmRHPQRPHV2TXHQRVLQWHUHVVDpRFRQWH~GRGDVDFo}HVD

PRWLYDomRVRFLDORXVXEMHFWLYD
3RLVHXWHGLJRTXHQmRVHLPHVPRVHWHUHLVRPEUDFRP
DOJXPD LQWHOLJrQFLD ­V WDQWDV QmR WHQKR WHPSR SDUD ID]HU
VRPEUD$EVRUYRWRWDOPHQWHDWDUHIDGDPLQKDVRPEUD6HWLYHU
XPD  VHUi XPD VRPEUD GH XP YHOKR DUTXHDGR ROKDQGR
LQVLVWHQWHPHQWH SDUD R VHX SDVVDGR QmR DFKDQGR FRHUrQFLD
DOJXPDQRVVHXVDFWRVGLiULRV
(XWHQKRIDODGRFRPRXWUDVVRPEUDVHHQFRQWUDVPHDTXL
SRUDFDVR7HQVVRUWHHPIDODUFRPLJRDHVWDVKRUDV0DVJRVWR
GRWHXDVSHFWR$WXDVRPEUDQmRGHYHVHUFRPRDSLQWDV7DOYH]
QmRVHMDDVVLPFRPRWXGL]HV3RGHVHUDWpTXHD FRQKHoD
6HULDERPGL]HUHVPHRTXHHODWHPDGL]HUGHPLPRTXH
FRQWDQDVYRVVDVDVVHPEOHLDVjQRLWH
6LPFODUR0DVTXDQGRQRVHQFRQWUDUPRVGHQRYRWDOYH]
HXYHMDQDSHOHGHRXWUDSHVVRD9RXDUUDQMDUPDQHLUDGHVDOWDU
SDUDRXWURVHUKXPDQR
(QWmRSRUTXr"
7HQKRVHPHOKDQWHVTXHGL]HPEHPGRVDQLPDLVSRUH[HPSOR
5HJLVWDPRVDFLDUGRVLQVWLQWRV2VDQLPDLVQmRVmRWmRH[LJHQWHV
FRPRRVKXPDQRV/LPLWDPVHDFXPSULUXPGHVWLQR
0DVpPRQyWRQRGHFHUWH]D
3RGH VHU PDV IXJLPRV DRV SUREOHPDV LQILQGiYHLV GRV
KXPDQRVHGRVVHXVGHVWLQRVLQGLYLGXDLV
7DOYH]
0DVQmRWHSUHRFXSHV9RXDUUDQMDUPHLRGHFRQKHFHUDWXD
VRPEUDHGLUWHHLRTXHHOHGL]DFHUFDGHWL
&HUWRTXDQGRQRVHQFRQWUDPRVGHQRYR"
8PGLDGHVWHVVXUSUHHQGHUWHHL&RPRKRMH(VWiEHP"
$GHXV

2VJULORV RXYLDPVHOiIRUDHDRORQJHRVDXWRFDUURVGD
PDGUXJDGD'HFLGLVDLUGHFDVD9H]HVHYH]HV3DVVDUDPGLDVHD
VRPEUDQmRPHDSDUHFHX1mRILTXHLDVDEHURTXHSHQVDDPLQKD

VRPEUD 7DOYH]XP GLD HOD PHDSDUHoD HP VRQKRV HPH GLJD
FRPRUHDOPHQWHVRXSDUDDVRXWUDVSHVVRDV

5XPRVH$VSLUDo}HV

'DQWHVQmRFRVWXPDYDVHUDVVLP(ODIRUoDYDDHQWUDGD
SDUDFRQVHJXLUFKHJDUDDOJXPOXJDU1HVVHVGLDVDPDoDQHWD
QHP VHTXHU URGDYD +DYLD XP KLDWR QD VXD PHPyULD 0DV D
PHPyULDSRXFRLQWHUHVVDYDQRFDPLQKRTXHWLQKDGHSHUFRUUHU
QDVDODVTXHWLQKDGHSHUID]HU$VXDFDEHoDFRQWLQXDYDYDFLODQWH
$VXUSUHVDGDFKHJDGDDXPPXQGRQRYRPDVVHPSUHFRQKHFLGR
WURX[HUDOKHDOJXPDDOHJULDDRURVWR&RQWXGRRVGLDVSDVVDUDP
HWLQKDGHVDEHUFRQYLYHUFRPRVDOWRVHEDL[RVGRVGLDV0XLWDV
GLVSRVLo}HVGHHVStULWRWLQKDGXUDQWHRGLD$P~VLFDDMXGDYD2
GUXP·EDVVSRUYH]HVDMXGDYD7LQKDDSRXFRHSRXFRFRQVFLrQFLD
GHTXHWRGRVRVPRPHQWRVHUDPLPSRUWDQWHVHGHTXHDILQDO
HVWDYDYLYHQGR DYLGD (UDYHUmRHD PHQWHHUD XPDSHTXHQD
GLIHUHQoDQDYLGDGDVSHVVRDV7LQKDFKHJDGRDFRPSUHHQGHUR
TXH HVWDYD SHUGHQGR 3RU LVVR QmR LULD GHL[DUVH LU DEDL[R
QRYDPHQWHPHVPRTXHWLYHVVHXPKLDWRQDPHQWH(ODHUDXP
VHULPDJLQDGRFRPPXLWDVSDODYUDVVHPFHVVDUGLDDSyVGLD
HPTXHVHUHQRYDYDPDVHVSHUDQoDVGHWHUQXPDSDODYUDXPD
PHOKRUTXDOLGDGHGHYLGD(PEUHYHWHULDTXHLUDRPpGLFRH
DOJXPDFRLVDWHULDGHOKHGL]HU+iDQRVTXHDQGDYDQLVWRFRPR
VHHVWLYHVVHDHVFUHYHUXPJUDQGHURPDQFH+iDQRVTXHQmR
VDtDGLVWR$GLYHUVLGDGHGRPXQGRQmROKHGDYDLPSRUWkQFLD
(OVDHUDOLYUHHOHQmRDFRQKHFHUDPDVVDELDTXHHODWLQKDVH
VXLFLGDGR9LYLDDVVLP FRPSHGDoRVGHPHPyULD )LFDUDFRP

HVVD LGHLD VXLFLGD QD FDEHoD DV VXDV UHODo}HV VRFLDLV HUDP
GLPLQXWDV0DVTXHLPSRUWD1XPDJUDQGHFLGDGHpDVVLP8P
GLD GHVWDV KDYHULDGH YHU D OLPSLGH] GDV jJXDV HVFRUUHJDQGR
VREUH DV PmRV H PROKDULD R URVWR FRPR DOJXpP FDQVDGR GH
WUDEDOKDU 6LP IDULD LVWR XP GLD7DOYH] XP GLD GHVWHV VH
HQFRQWUDVVH QRXWUR SRQWR GD FLGDGH IXJLQGR jV SHVVRDV TXH
WLQKDQDFDEHoDILQJLQGRVHVHUOLYUHSRUTXHOLYUHQLQJXpPRp
6HUiPHVPRDVVLP"2VVHXVUHJLVWRVHVFULWRVHUDPGLIHUHQWHVGH
WRGRRUHVWR(OHHVWDYDQXPDSRVLomRGLItFLOHDFKDYDDOLWHUDWXUD
XPDFKDWLFHTXHQmRVHGDYDLPSRUWkQFLDDRTXHLPSRUWDYD
7HQGHDGL]HUVHTXHDQRVVDLQIkQFLDIRLGLItFLOHFRPLVVR
DIOLJLPRVRVMRYHQVGHKRMH7HQGHVHSRURXWURODGRDGL]HU
TXHDLQIkQFLDIRLIHOL]HTXHWRGDVDVFULDQoDVVmRIHOL]HVTXH
QmRWrPSHUVRQDOLGDGHIRUPDGDH TXHSRULVVRQmRPHUHFHP
WDQWDDWHQomRRVFDVRVGHGHOLQTXrQFLD$YLGDWHPPRPHQWRV
ERQVHPRPHQWRVPHQRVERQV4XHSRVVRHXGL]HUGDYLGD"2
TXHpTXHDYLGDPHWHPRIHUHFLGRVHQmRGLILFXOGDGHV"(ODD
SHVVRDTXHPHDFRPSDQKDHUDGLIHUHQWH2VSRUPHQRUHVQmR
LPSRUWDYDP3DVVDYDSHODYLGDFRPRXPDJD]HODROKDYDVyDR
PDLV LPSRUWDQWH 1mRFRQKHFLD GRHQoDV FRQKHFLD REVWiFXORV
TXHXOWUDSDVVDYDVHPVHUSHODFXUDGRVRQR(UDIiFLOSDUDHOD
FULDUDPL]DGHVHDVXDYLGDQmRWLQKDSDUDGRQXPGHWHUPLQDGR
SRQWRHPTXHVHYLUDFRQIXVDSDUDSRGHUUHFRPHoDU0DVPHVPR
SDUDHODGDQWHVQmRFRVWXPDYDVHUDVVLP(PFULDQoDGHVHMDYD
VHUDGXOWDDJRUDGHVHMDYDVHUFULDQoD1mRSRGHPRVWHUWXGR
(OD WLQKD XPD LGHLD GH FRQWLQXLGDGH QDV FRLVDV TXH ID]LD
&RPHoDYDHDVFRLVDVWLQKDPXPPHLRHXPILP1mRYLYLDFRP
PHGR GD UHDOLGDGH FRP PHGR GDV SHVVRDV 1mR VH HVFRQGLD
TXDQGRYLQKDPYLVLWDVSDUDRVVHXVSDLV1RHQWDQWRYLYLDHQWUH
VHUHVKXPDQRVHQmRGHXVHV1HPHODHXFRQVLGHUDULDXPDGHXVD
QmRSRGLDVRESHQDGHPHXVSHQVDPHQWRVVHUHPWLGRVFRPR
LQKXPDQRV(XTXHULDDSHVDUGDPLQKDSHUVRQDOLGDGHID]HUSDUWH
GRPXQGR&RPRHODID]LDSDUWHGRPXQGR

8PDSHTXHQDFRQFKDPLVWXUDYDVHFRPDDUHLDVREUHDTXDO
HVWDYD GHLWDGD 1mR FRQVHJXLD LPDJLQDU RXWURV PXQGRV (P
EUHYH WHULDGH VHU REULJDGD DPXGDU ,U SDUD RXWUDFLGDGH WHU
XPDRXWUDDWLWXGHTXHWDUGDYD6DELDTXHHUDOLYUHPDVDPHQWH
DSULVLRQDYD2FRUDomRSHTXHQRVGHPDLVQmRWLQKDDSHORV1mR
DJXHQWDYDPDLVVRIULPHQWR7LQKDGHPXGDUHTXDFLRQDUQRYDV
IRUPDV GH YLYHU D YLGD $ SUySULD HVFULWD HUD GHPDVLDGR
GHSUHVVLYD 2V VLQDLV GD PXGDQoD SRGHULDP HVWDU SHUWR (UD
QHFHVViULRHVWDUDWHQWRWHQWDUVHPSUHPDLVHLUDQRYRVOXJDUHV
$TXHVWmRQmRHUDLQVLVWLURXGHVLVWLUHUDPDLVVLPSOHVDWpGR
TXHLPDJLQDYD(ODDGHXVDHUDXPVHULPDJLQDGRFRPEDVHHP
DFRQWHFLPHQWRYHUtGLFRV3RGLDVHUDPLQKDLUPmRXDPXOKHU
SRU TXH VHPSUH HVSHUHL HGHVHVSHUHL $QGHL WRGR HVWH WHPSR
WHQWDQGR SLQWDU XP TXDGUR HQRUPH TXH PRVWUH D YLGD D
WUDQVFHGrQFLDGHVHUPHVPRRTXHHVWiSDUDDOpPGDYLGD2VHU
SRUYH]HVpYXOJDU6LPSRUYH]HVHODID]PHVHQWLUDVVLPFRPR
VHIL]HVVHSDUWHGRPXQGR2WHPSRTXHMiSDVVHLQXPRXWUR
PXQGR&XVWRXHQJROLU TXHQmRHUDXPD SHVVRDQRUPDO3RU
RXWUDQmRFXVWRXSRUTXHHXMiVXVSHLWDYDGLVVR3RULVVRYRXGH
ERPJUDGRDFRQVXOWDVSVLTXLiWULFDV)DORQRUPDOPHQWHGDYLGD
TXHSRGHULDWHUHQmRWHQKR(HVWRXDTXLUHVLVWLQGRjVDUPDGLOKDV
GDPHQWHFRPRXPJXHUUHLUR(VWRXIDUWRPDVQmRSUHFLVRGH
JULWDU DJRUD $ PXGDQoD HVWi D DFRQWHFHU 6LP DOJXP PpULWR
GHYRWHUDRILPGHWDQWRWHPSR1mRHQORXTXHFLSRUTXHQmR
FRQKHoRSHVVRDVVXILFLHQWHSDUDID]HUXPDWHRULD
1mRpIiFLOQHVWDFLGDGH4XDQGRHVWDPRVEHPGLVSRVWRV
FRPDYLGDROKDQGRSDUDRSRQWRFDUGHDOFHUWRDtHQFRQWUDPRV
DGLUHFomRHVDEHPRVSRURQGHLU(ODDGHXVDVHUiVHPSUHD
PXOKHUTXHSURFXURHTXHQXQFDHQFRQWUDUHL(QFRQWUDUHLRXWUD
FRLVD GLIHUHQWH PHOKRU PHOKRU GR TXH D HVFULWD GR TXH D
LQWHUPLQiYHO KLVWyULD GD PLQKD DYHQWXUD H[LVWHQFLDO FKDWD
UHSHWLWLYD DERUUHFLGD VHP KLVWyULDV GH YHUGDGHLUD JHQWH H
KLVWyULDVTXHWRTXHPRFRUDomRGRVRXWURV$HVFULWDpFRPR

XPVDFRRQGHGHVSHMDPRVSDUDHVTXHFHU7DOYH]SUHFLVHPRVGH
HVTXHFHUWRGRVRVGLDVSDUDDJXHQWDUWRGRVRVGLDVSDUDTXHD
QRVVD PHQWH VH WUDQTXLOL]H H DFUHGLWHPRV TXH HVWDPRV GH
SDVVDJHPTXHQmRYDOHDSHQDIXPDUHRXWUDVFRLVDVSRUTXHVy
YDOHDSHQDREHPTXHID]HPRVDRVRXWURV

6HP7tWXOR

1DTXHOH WHPSR GRUPLD PXLWDV KRUDV H TXDQGR HVWDYD


DFRUGDGRDVLQWHQo}HVHUDPIXJD]HV3RGLDIDFLOPHQWHGL]HUTXH
HUD IDOWDGH PRWLYDomR PDV RFHUWR p TXH FRQWLQXDYDOHUGR H
SULVLRQHLURQRVPRYLPHQWRV6HUiTXHWLQKDGHPXGDUGHFDVD
4XHULD FRQWLQXDU RV HVWXGRV TXHULD WUDEDOKDU PDV QHP XPD
QHPRXWUDFRLVDYLDTXHSRGHULDID]HU5HVWDYDPHYLYHUXPGLD
GHFDGDYH]ID]HQGRRPi[LPRSRVVtYHO0DVQmRLULDPXGDU
PHSDUDMi7LQKDXPDYLDJHPDJHQGDGDSDUDGDOLDDOJXPWHPSR
HSRGLDVHUTXHPHOKRUDVVHRPHXKXPRU7LQKDGHFRQWLQXDUD
WHUHVSHUDQoDDSHVDUGHHVWDUIUiJLO+iFHUFDGHGRLVDQRVTXH
QmRID]LDQDGDSRUTXHVLPSOHVPHQWHWLQKDIDOKDGRDQWHULRUPHQWH
QDVFRLVDVTXHWLQKDWHQWDQGRID]HU3RULVVRRTXHHVWDYDID]HQGR
DJRUDHUD´DOJXPDFRLVDµ&RQWLQXDYDDWHQWDUWLQKDGHFRQWLQXDU
3RGLD ILFDU FRQGHQDGR R UHVWR GD YLGD SRU QXQFD SURFXUDU
WUDEDOKDU 2 FHUWR p TXHXPD FRQYLFomR R DFRPSDQKDYD XP
SHVRQRFRUSRFRPRVHTXLVHVVHMXVWLILFDUWRGDDVXDH[LVWrQFLD
jFXVWDGDH[LVWrQFLDGRVRXWURV(UDDLQGDDTXHOHGLDGHYHUmR
6DtXGHFDVDSDUDWRPDURFDIpFRPXPDPLJR$WHOHYLVmRSDVVDYD
R PHVPR DVVXQWR FRQFXUVRV R UHVFDOGR GH XPD GHUURWD QR
IXWHERO ( HX TXH DWp MRJDYD EHP IXWHERO DSUHQGL D QmR VHU
IDQiWLFR$SUHQGLDQmRJRVWDUGHRXWUDVFRLVDVTXHDPDLRUSDUWH
GDVRFLHGDGHJRVWDYD6HULDSUHFLVRID]HUXPDLQYHVWLJDomRTXH
QmR HUD DWp SUHFLVR VHU DSXUDGD SDUD FRQKHFHU TXHP WLYHVVH
JRVWRVGLIHUHQWHV+iVHLVDQRVKiVHLVDQRVQDPHVPDFDVDQD

PHVPDFLGDGH$JXHQWDUHUDGLItFLOHHOHDWpVHMXOJDYDKHUyLGH
DOJXPD FRLVD 4XDQWR D HOD HUD GLIHUHQWH 1mR WLQKD QDGD GH
REVHVVLYROLEHUWDYDVHGDVFRLVDHGRVSHQVDPHQWRVFRPRXPD
DYHJUiFLOHPDMHVWRVD7LQKDOKHLQYHMD'HVHMDYDFRQKHFrODGH
YHUGDGH(VHWLYHVVHXPDPXOKHU XPGLD GHVHMDYDTXH IRVVH
FRPRHOD

6HP7tWXOR

(PFDVDKDYLDDOJXPDSD]KDYLDP~VLFDH[FOXVLYDQXPD
FDVVHWH&RQWLQXDYDPRVKDELWDQWHVDIXPDUFLJDUURVPDOYLUDYDP
DVFRVWDVjSVLFRWHUDSLD(UDPSRXFRVHVWHVKDELWDQWHVGDFLGDGH
$PDLRUSDUWHWLQKDXPDURWLQDGLiULDHQmRXPDKLVWyULDSHVVRDO
0DV WRGD D JHQWH WHP XPD KLVWyULD SHVVRDO 1HP WRGRV WrP
FRQVFLrQFLDGLVVR1DFDVDIDOWDYDVDEmRHSDSHOKLJLpQLFR$TXHOH
HVSDoRHVWDYDJDVWRPDVQmRKDYLDDOWHUQDWLYDKDYLDTXHFRQWLQXDU
D KDELWDU DTXHOD FDVD 6DLU WRGRV RV GLDV YHU SHVVRDV 2 TXH
WHULDPHVVDVSHVVRDVQRVHXLQWHULRU$SHUVSHFWLYDTXHHXWLQKD
GHVVDVSHVVRDVQmRHUDWHUDSrXWLFDQmRHUDDGHXPDSVLFyORJD
RXSVLFRWHUDSHXWD7XGRHUDXPGDGRDGTXLULGR7XGRID]LDSDUWH
GHXPDFDPLQKDGD1XPDOLYUDULDDOWHUQDWLYDIROKHHLXPYROXPH
HP IUDQFrV VREUH R FpUHEUR 3URFXUHL ´REVVHVVLRQV HW
FRPSXOVLRQVµHOiGL]LDTXHVHWUDWDYDGHXPDGRHQoD-iSRGLD
MXVWLILFDURVPHXVGLDV,VVRQmRPHLPSHGLDTXHYROWDVVHDYHUD
FLGDGHWRGRV RVGLDV3URFXUDU OXJDUHVRQGHPH VHQWLVVHEHP
VHP VHU HP FDVD DQWHV GH GRUPLU 2 TXH DFRQWHFHULD VH RV
HVStULWRVVHVROWDVVHPHYRDVVHPHUUDQWHVSHODVUXDVGDFLGDGH"
(VSHUDYDSRUHVVHGLDHPTXHRFRUSRQmRHQFDUFHUDVVHPDLVD
DOPD(VSHUDYDQmRRGHVHMDYD1mRGHVHMDYDDPRUWH0DVWLQKD
GHWUDYDUXPDOXWDFRQVWDQWHSDUDQmRLUPRUUHQGR$SVLFyORJD
LQWHUHVVDYDVH SHOD PRUWH H SHOR ´PRUUHUµ 7DOYH] HP EUHYH
PDUFDVVH FRQVXOWD (UD SUHIHUtYHO GR TXH YHU R PHX PpGLFR
TXDQGRVDELDTXHRVVLQWRPDVHVWDYDPHVWDFLRQiULRV(XVDELDR

TXH HUD 3UHFLVDYD GH HYROXLU WHU SHUVSHFWLYDV GH XPD FXUD
1LQJXpPVHLQWHUHVVDYDUHDOPHQWHDQmRVHUDPLQKDLUPmHPmH
1LQJXpP VH LQWHUHVVDYD SRUTXH QmR PH LQWHUSHODYDP QD UXD
QmRFRPRGL]LDPVHHUDERQLWRRXIHLWR(WRGRVRVTXHWLQKD
FRQKHFLGRHQTXDQWRHVWXGDQWHKDYLDPGHVDSDUHFLGRGDPLQKD
YLVWD(UDREULJDGRDYLYHUQXPDFLGDGHTXHQmRPHIDVFLQDYD
5HVLVWLUDJXHQWDUSURFXUDUQRYDVYLDVSDUDRHVStULWRHVVDVHULD
DPLQKDWDUHIDGHVVHGLDHPGLDQWH$FUHGLWDYDTXHXPGLDSRGLD
YROWDUDVHUMRYHP7UDWDYDVHGHXPDTXHVWmRGHHVStULWRPDV
WDPEpPXPDTXHVWmRGHFRUDomRGRPHXFRUDomRDGRUPHFLGR
Ki DQRV H DQR 3RVVR GL]HU TXH WLQKD GH YLYHU XPD YLGD H
SURFXUDYD OHQWDPHQWH FRPHoDU D YLYHU RXWUD D WHU XPD YLVmR
GLIHUHQWHGRVRXWURVDFODVVLILFDUHVHOHFFLRQDUDVSHVVRDVVHP
FRQWXGR DV GLVFULPLQDU 7LQKD D FHUWH]D TXH D PLQD DXUD HUD
SHTXHQDHSRXFRSRVLWLYDPDVHVWDYDOiTXDOTXHUFRLVDFRPRD
PLQKDLQGLYLGXDOLGDGHDLQGD(VWDYDOiXPDVHPHQWHTXHHUDD
JDUDQWLDGHTXHGHXPDPDQHLUDRXGHRXWUDHXVREUHYLYHULD
SDUDRIXWXUR,DDFUHGLWDUTXHHVVHIXWXURIRVVHPDLVULVRQKR
PHVPRWHQGRFRQVFLrQFLDGRPHX72&8PGLDVHULDFDSD]GH
FRQWDU KLVWyULDV GH SHVVRDV FRQWDU DRV RXWURV TXDOTXHU FRLVD
TXHUHYHODVVHDSHVVRDTXHVRXQDYHUGDGHQmRDSHVVRDTXHVRX
GLDDSyVGLD

8PD3UDLDGH*HQWH

2FDUURSDURXMXQWRGHXPDSUDLD6DtPRV$FKXYDFRPHoDYD
D FDLU PLXGLQKD 2OKDYDPRV SDUD DV UDSDULJDV H ID]tDPRV
FRPHQWiULRVTXHWRGRHTXDOTXHUKRPHPID]SDUDRXWURKRPHP
VREUH PXOKHUHV (X WLQKD XPD YLGD FRPSOLFDGD HPERUD QmR
WLYHVVHHPSUHJR9LYLDGHUHQGDVQXPDFDVDFRPSUDGDSHORPHX
SDLTXDQGR QmRSRUTXH DFDEHLRPHXFXUVRXQLYHUVLWiULR3HOD
SULPHLUDYH]GHSRLVGHWDQWRLQVLVWLUHVWDYDFRQYHQFLGRGHTXH
QmRSHUWHQFLDDHVWHPXQGR8PSRXFRFRPR&ULVWR,VVRWRUQDYD

FRPSOLFDGD D UHODomR FRP DV PXOKHUHV 0DV HX WDPEpP QmR
TXHULDXPDPXOKHU TXDOTXHU)RPRVDEDQKRV $jJXDHVWDYD
VXUSUHHQGHQWHPHQWHERDHHXILTXHLSRUOiFRPDjJXDSHODV
FR[DVOHYDQGRjJXDDRURVWREDL[DQGRPHSDUDTXHDjJXDPH
FREULVVHRFRUSRHPIRUPDGHRQGD
2V PHXV SHQVDPHQWRV LQWUXVLYRV ID]LDP TXHVWmR GH PH
HVWUDJDURGLD)XPDYDXPFLJDUURTXDQGRDFKDYDTXHQmRWLQKDP
LPSRUWkQFLD H TXH QDGD GH JUDYH QRV LULD DFRQWHFHU 2V
DFRQWHFLPHQWRVYLVXDLVQmRPHWRFDYDPFRPRTXDQGRGHVSHUWHL
SDUD D DGROHVFrQFLD $t SHQVR TXH QmR WLQKD FRQVFLrQFLD GRV
RXWURVQmRRVDYDOLDYDWDQWR2VQRVVRVGLiORJRVOLPLWDYDPVH
DPXOKHUHVHYHUFDVDVGHTXHPHVWiGHEHPQDYLGD%HPGHPDLV
SDUDDQRVVDVSHUVSHFWLYD7tQKDPRVLGHLDVQHVVHGLD1RHQWDQWR
TXHPVDELDRGHVWLQRTXHQRVHVSHUDYD"eUDPRVDOGH}HVDLQGD
QR PHLR GD FLGDGH SRUTXH DGPLUiYDPRV RV HGLItFLRV H DV
PXOKHUHV $LQGD EHP TXH QmR pUDPRV OLVERHWDV (X QR PHX
tQWLPRSHQVDYDTXHHUDDOJRPDLVTXHXPOLVERHWDSHQVDYDTXH
WLQKDDSHQDVGHOLVERHWDRFRVPRSROLWLVPR6HMDFRPRIRU(UDP
TXDVHVHLVKRUDVHHXSHQVDYDTXHGHYLDGHVORFDUPHDWpDR/DUJR
GD)HLUDGD/DGUDSDUDPHHQFRQWUDUFRPVLPSDWL]DQWHVGR<RJD
9RXQmRYRXSHQVRHX$OLiV QmRWHQKRGLQKHLURSDUDLUGH
DXWRFDUUR 9RXQmR YRX *DVWHLR GLQKHLUR HPWHOHIRQH SDUD
FDVD)DOHLFRPDPLQKDPmH0DVFRPRHVWDYDGL]HQGRRFDUUR
SDURXMXQWRGDSUDLD2VROQmRDSUHFLDQHPMXOJiYDPRVTXH
KRXYHVVHPDLVJHQWHQDQRVVDYLGD9LQKDGHFDVD2FKiVHP
Do~FDUQmRPHVRXEHUDEHP&RQWLQXDYDDGLFWRDRPHXFLJDUUR
2 PHX FRPSXWDGRU HVWDYD FRP SUREOHPDV HX QmR FRQKHFLD
QHQKXP WpFQLFR GH FRPSXWDGRUHV $ILQDO WLQKD GH DGHULU jV
QRYDVWHFQRORJLDVHDRPXOWLPpGLD1mRWLQKDDWpFKHJDUjTXHOD
SUDLDJDQKRQDGDSRUVHXXPKXPDQLVWD1mRHUDMiXPMRYHP
$V PLQKDV FDSDFLGDGHV GH DSUHQGL]DJHP HVWDYDP UHGX]LGDV
FRQVLGHUDYHOPHQWH&RQWXGRWLQKDGHDUUDQMDUIRUoDVeHVWUDQKR
GL]rORPDVMXOJDYDPHXPDSHVVRDMRJDGDjUXDTXHSRUVXD

SUySULDFRQWDHULVFRWLQKDGHYLYHUGLDDSyVGLD6HQWLDPHFRPR
XPVHPDEULJR6HQWLDPHPHOKRUGRTXHQXPDVHVVmRGH\RJD
RXHPFDVD6HQWLDPHPHOKRUROKDQGRDSUDLDGHJHQWH

6RQKRDR/XDU

2PHXHVStULWRQmROHYDQWRXQHVVHGLDFRPRXPDDYHTXH
DQVHLDSRUXPDYLVmRSDQRUkPLFD1mRHVWDYDVHDUUDVWDQGRSRU
OXJDUHVSUy[LPRVHHXVHQWLDPHSRVWRDXPFDQWRRQGHWLQKD
GH GHVHQYROYHU RPHX OXJDU GH SRHVLD$FRUGDUD OHYDGR SHOR
VRQKRHSHORVRQKRVDtUDGHFDVD2PHXHVStULWREORTXHDYDHP
FHUWRVDVSHFWRV'RUPLUDjWDUGHIDOKDQGRXPDRSRUWXQLGDGH
GHLUDWpjSUDLD$FDVDDPDOGLWDFDVDHUDRPHXUHI~JLRGHVVH
SDUD R TXH GHVVH (VWDYD ORQJH GH PXLWD JHQWH &RQWXGR
HQWUHJXHLDTXHOHGRFXPHQWRSDUDPDLVWDUGHSHQVDQGRTXHGDOL
DPHVHVPHVHQWLULDPXLWRPHOKRU&RPRQRFDVDPHQWRGDPLQKD
LUPmHPTXHWLYHDFRUDJHPGHOHUDVOHLWXUDVQDPLVVD7LQKDGH
FRQWLQXDU D IDODU HP S~EOLFR (UD HVVHQFLDO SDUD PLP VHU
UHFRUGDGR SRU DOJXpP (OD SDVVDUD SHUWR GH PLP H HVWDYD
GLIHUHQWH$LQGDSHQVHLHPYROWDUSDUDWUiVSDUDOKHOHPEUDUTXH
HUDHXDTXHOHTXHXPGLDDFRQIRUWRXTXHDOLHVWDYD0DVQmR
YROWHLSDUDWUiV0DLVDGLDQWHQDPLQKDGHVORFDomRSHODFLGDGH
EHELXPVXPRGHODUDQMDHFRPLXPSDVWHOGHQDWD2FDIpRX
GHVFDIHLQDGRPHWLDPHQRMR&RPRPHPHWLDPRVSDVVHLRVTXHU
jQRLWHTXHUGHGLD&RPSUHLRPDoRGRGLDHIXPHLRSULPHLUR
FLJDUURQmRVHLRQGH9ROWHLDFDVDjPDOGLWDFDVDTXHPHWLUDD
OLEHUGDGHSDUDYRDU3HQVHLQDPLQKDPmHQRPHXLUPmRQD
PLQKDLUPm1RPHXSDLWDPEpPHPERUDQmRPDQWLYHVVHFRP
HOH XPD UHODomR GH GLiORJR (X KDYLD GH YROWDU FRPR ILOKR
SUyGLJRFRPRFRUDomRQDVPmRVFRUDomRGHPDQWHLJD3HQVHL
QRV PHXV VREULQKRV R *XLOKHUPH H R 5RGULJR TXH WrP XP
IXWXURSHODIUHQWHQR$OHQWHMR(SRUTXHQmRSDUDQmRYDULDU

SHQVHLOLYUHPHQWHHPWRGDVDVPLQKDVREVHVV}HVHQRGLUHLWRGH
H[LJLU TXDOLGDGH GH YLGD SDUD PLP 2QWHP GRLV QDPRUDGRV
HVWDYDP VH EHLMDQGR UHSHWLGDPHQWH QHUYRVDPHQWH SDUD PLP
HQTXDQWRHVSHUDYDSHOREXVGD5HGHGD0DGUXJDGD2OKDYDR
FKmRVXMRHHQFRVWDYDPHGHTXDQGRHPYH]jSDUHGH(VWDYD
DQVLRVR TXH DTXHOH DXWRFDUUR PH OHYDVVH DOJXP OXJDU 1mR
LPDJLQDYDTXHIRVVHDPLQKDFDVD(IRLDVVLPTXHFRPHoRXR
VRQKR

8032578*8È662%5( $É*8,$

5HVWDYDSRXFRWHPSRSDUDGHVFHUDVHVFDGDVHPGLUHFomRD
XPPXQGRTXHFRQKHFLDGHVGHKiYiULRVDQRV$VVXDVQRo}HV
KDYLDPVLGRHPHQGDGDVHFRPDOJXPDSDFLrQFLDSRGHULDYROWDUD
(VSDQKD D ,WiOLD D YHOKD H ILQD ,WiOLD (QFRQWUDYDVH 9HQWXUD
QHVWHHVWDGR$YLGDSRGHULDSDUHFHUIiFLOPDVRVVHXVQHXUyQLRV
DSRQWDYDPSDUDXPDRQGDGHSUHRFXSDomR1mRGHYLDVHUDVVLP
HQmRVHULDDVVLPHOHWLQKDDFHUWH]DRVDQMRVKDYLDPQRDYLVDGR
2VHXYHOKRDPLJRWtPLGRDGRUPHFLDHRVHXDPLJRFDQLQRMi
GRUPLD VREUH R OXJDU TXH 9HQWXUD RFXSDYD QRV VRQKRV 1mR
DGLDQWDYDSHQVDUQDVFRLVDVTXHQmRWLQKDQmRDGLDQWDYDSHQVDU
HPVHUWXGRHDFDEDUSRUQmRVHUQDGD2TXHRPDUFRXIRLGH
IDFWRXPDH[SHULrQFLDUHOLJLRVDHXPFXUVRXPFXUVRGH&LrQFLDV
6RFLDLVTXHDFDEDUDDFXVWRjVFXVWDVGHVLSUySULR2VWUDEDOKRV
GHJUXSRUHVROYHUDRVID]HUVR]LQKRVOiSDUDRILQDOSDUDRVODGRV
GD%REDGHOD$VXDPHQWHQmRHVWDYDVHPSUHDFWLYDHFHUWDPHQWH
TXH TXHLPDYD QHXUyQLRV FRP HPEUXOKRV GH QLFRWLQD 2 TXH
HVWDULDID]HQGRDVXDFROHJDTXHIRUDSDUD%URRNOLQHRVHXFROHJD
TXHHVWDYDHP&RLPEUD2TXHVHULDIHLWRGRVRXWURV3UHSDURX
R RFDVLmR FRP SDUWLFXODU LQFLGrQFLD $ VXD YLGD LQWHUURPSLGD
SRGHULDVHUUHDWDYDFRPDRFDVLmRXPDRFDVLmRHVSHFLDO3HQVDUD
MiQXPMDQWDUGHDQWLJRVDOXQRVGD(VFROD6HFXQGiULDGH/HLUHQD

1R HQWDQWR QmR DQRWDYD WXGR R TXH HUD QHFHVViULR SDUD VH
FRQVLGHUDUXPKRPHPDFWLYRSRUPDLVGHTXDWURGLDV3UHFLVDYD
/XWDYD2GLDYDWDPEpPjVYH]HV3UHFLVDYDGHRGLDUSDUDVHVHQWLU
6yLVVR2GLDYDTXHPVHHVTXHFLDGHTXHHOHHUDXPSHTXHQR
GHXVXPGHXVGDVSHTXHQDVFRLVDVHTXHDRVDQRVKDYLDHVWDGR
QD*UpFLDSRUIXURUHXPJHLWRGDPHUGD1RHQWDQWRWLQKDGH
GL]HUFHUWDVFRLVDV'HWHVWDYDDIDOWDGHHGXFDomRHUDXPFOiVVLFR
PDVJRVWDYDGDFULDWLYLGDGHHGHTXHPXVDYDERQpGXUDQWHXPD
DXOD'HXVSHUPLWLDHR'LDERDFHQDYDFRPXPDRUHOKD1DTXHOHV
GLDVQXPDFLGDGHKDYHULDPXLWRVPDLVFRPRHOHSHQVDQGRWRGR
RWHPSRRTXHID]HUFRPRWHPSR2WHPSRTXHMD]DHVSHUDTXH
RYHQKDPYHODU1mRID]LDQDGDGHQRYRFRPDVVXDVDFWLYLGDGHV
8PGLDYHULDFRPRWXGRSRGHULDVHUHYLGHQWH$VXDFRPSDQKHLUD
HUDGHWHUPLQDGDHGLYHUWLGD)D]LDRULU(VWUDQKRFRPRRVSDSpLV
VRFLDLVVHSRGHPSRUYH]HVLQYHUWHU0DVQmRpLVVRTXHHVSHUDP
DV PXOKHUHV PDLV GLJQDV H PRGHUQDV 1mR YLD R VHX SDVVDGR
FRPRXPDQyGRDTXHHODWLQKDGHDSDJDU8PGRVVHXVILOKRV
QHJDYDDSRVVLELOLGDGHGHHQYHUHGDUSRUXPDFDUUHLUDUHOLJLRVD
'HEDL[RGHXPDjUYRUHXPFmRHVWHQGLDRGRUVRHURODYDVHQR
FKmR HQTXDQWR 9HQWXUD HVWDYD VHQWDGR QXP EDQFR GH MDUGLP
SUy[LPR ( XP HVFULWRU QmR GHYLD VHU DVVLP 1mR KDYLD
QHFHVVLGDGH2FmRYHLRWHUFRPHOHH9HQWXUDRIHUHFHXOKHXP
VDFRGHRVVRVTXHOKHGHUDXPSHGLQWHTXHYDVFXOKDYDRVFDL[RWHV
GROL[R(UDWDUGHTXDQGRSDUHFHXRVHXDPLJR*15SDUDPDLV
XPDVHVVmRGHFRQYHUVD2WUDEDOKRILFDYDSDUDGDOLDGLDV&RP
RVSURJUHVVRVDFWXDLVWXGRRXTXDVHWXGRGHSHQGLDGHVVHSROtFLD
jSDLVDQDTXHDSDUHFLDHPQHYRHLURFRPRXP'RP6HEDVWLmR
GHVTXDUWHODGR(UDGHHVTXHFHUWXGRRTXHRSUHRFXSDYDGL]LD
OKHHOH(TXHHUDIHLWRGDMRYHPTXHPHPHWHUDDFDEHoDHP
jJXDHTXHDSDUHFHUDQDWHOHYLVmRFRPDQXGH]SRXFRUHFDWDGDH
TXHHPWHUPRVGHLQSXWID]LDDOJXPVHQWLGR5HJLVWRXVHQDTXHOD
QRLWHXPDFRQWXVmRHVWUDQKtVVLPDXPDFXPXODGRFRPRTXDQGR
YDPRVSDUDGRUPLUHFHUUDPRVRVROKRVYHQGRDPHQWHSOHQDGH

REVWiFXORV1mRVHYLDFODURQDTXHODDOWXUDFRPRUHIHUHDFDQomR
GR VORJDQDR FDIp (UDXP GRPtQLRD H[SORUDU DHVYHQWUDU D
UHFRQVWLWXLUFRPRXPDSOiVWLFDHVVDDFHSomRGHTXHDVH[XDOLGDGH
H RV SVLFDQDOLVWDV VH FUX]DP 0DV SDUD IDODU D YHUGDGH R FmR
DLQGDHVWDYDSHUWRGHOHDJRUDQXPGRVFDIpVGREDLUUR1HVVH
FDIpVHVWDYDPGXDVSHVVRDVQRXWURHVWDYDPRXWUDVGXDVQRXWUR
QR9HUVDOKHVPDLVWDQWDVFRQYHUVDQGR3UHFLVDYDPDVSHVVRDV
GH FRQYHUVDU MXQWDQGR SHGDoRV GH YLGD WHQV}HV LQWHULRUHV
PRVWUDU DV HQWUDQKDV GD DOPD DR KRPHP TXH UHFHELD R FDIp
3URFySLRHQWUDUDQRFDIpGHPmRHVWHQGLGDHGHSRLVDIDJRXRV
SHORVGRFmRTXHURtDDSHUQDGDPHVDGHSOiVWLFR
+DYLDXPDSD]SHUWRPDVSRUSRXFRWHPSR$DOPDURtDSRU
GHQWURHHVVDSD]GRPpVWLFDWHULDGHVHUXPGDGRDGTXLULGRSDUD
9HQWXUD 6RQKDYD FRP YLDJHQV DV RXWURV OXJDUHV FRPR
0DGDJiVFDUH$OEkQLD2SULPHLURSDtVSRUTXHHUDXPLOKDHGH
SHTXHQR WLQKD XPD LGHLD LGtOLFD GR OXJDU 2 VHJXQGR SRUTXH
SHUWHQFLDj(XURSDHID]LDVHQWLGRSRUTXHSHUWHQFLDDRSURJUDPD
(XUHND FRPRSDtV 3,1( WRGRV VHOHPEUDYDP GRVSDtVHV GD
HXURSDHHVWHSDtVWmRHVTXHFLGRSRUYHQWXUDRPDLVSREUHGD
HXURSDGHYHULDWHUDOJRSDUDFRQWDU(QWUHWDQWRQRVHXSHTXHQR
UHLQRDVFRLVDVSDUHFLDPIXQFLRQDUHUDXPUHLVHPWURQRXPUHL
LWLQHUDQWH H DV UHJUHV VRFLDLV SDUHFLDP HVWDU FDGD YH] PDLV
SUHVHQWHVQRVHXHVStULWRSRLVTXHQmRWLQKDGHDVFRQWRUQDUH
HYLWDU(UDPXPGDGRLQHYLWiYHOH9HQWXUDRVFLODYDHPFDPSRV
GLVWLQWRV GR FRQKHFLPHQWR FRP VDXGDGHV GRV OLYURV TXH OHUD
HPSHTXHQR1mRHVWDYDDJDUUDGRDXPFRLVDDVVXDVSHUVSHFWLYDV
WLQKDPDXPHQWDGRHRTXHRSUHQGLDHUDDTXHOHFDQLQRTXHOKH
GHVDUUXPDYDDFDVDHURtD(PEUHYHQXPDGDVPXLWDVYLDJHQV
DR$OHQWHMRRFDQLQRLULDWHUXPRXWURODURXWURVGRQRV'L]LD
PHHPSHTXHQRTXHVHXPFmRWHPRFpXGDERFDQHJURpTXHp
ERPSDUDDFDoD$FDoDIRUDXPDDFWLYLGDGHGHQREUHHKRMH
HVWDYDGLVVHPLQDGDFRPDFWLYLGDGHO~GLFDHDWpHULJLGDDIHQyPHQR
GHVSRUWLYR 2 DPLJR PDLV FKHJDGR TXH FXUVDUD HQJHQKDULD

LQIRUPiWLFDHVSDQWDUDVHSRU9HQWXUDWHUYHQGLGRSDUDGDVXD
FROHFomRGHYLQLV(OHHVWDYDSHQVDQGRHPFRPSUDUXPVLVWHPD
GHVRPXPJLUDGLVFRVHHUDXPSXULVWDDXGLyILORTXHHPERUD
GHVFRQKHFHVVHRVQRPHVPDLVVLJQLILFDWLYRVGRMD]]RXGDFOiVVLFD
VDELD GLVWLQJXLU R ERP GR PDX QR TXH UHVSHLWD D VRP
&RQYHUVDYDPVREUHLVVRHVREUHXPGHVFDIHLQDGRFRPSDXGH
FDQHOD9HQWXUDVDELDRVQRPHVHGDYDOKRDPL~GHPDVUDUDPHQWH
HVWDYD DWHQWR DR PRGR GH RXYLU EHP D P~VLFD H SRU YH]HV D
PDLRUSDUWHGDVYH]HVGHL[DYD'RPLQJDVIDODUILWDQGRXPSRQWR
QRKRUL]RQWHGRHVSDoRHPKDELWDYDPSRULQVWDQWHVHPTXHVWmR
GHSUHWH[WRSDUDSDVVDURWHPSR3HODSULPHLUDYH]QDVXDYLGD
9HQWXUDQmRHVWDYDDJDUUDGRDXPSRVWRQHPVHTXHUFRQVLGHUDYD
DYHOKLFHFRPRXPSRVWR2GLDHUDJUDQGHHGHVILODYDPQRVHXV
HVStULWRLGHLDVGDVPDLVYDULHJDGDV6DELDTXHXPGLDHQFRQWUDULD
XPD DFWLYLGDGH TXH R IXUWDVVH j WHQWDomR FDUQDO TXH HVWDYD
FRQWURODGDSRUXPDWLPLGH]HXPDQRVWDOJLDGRQDGDXPUHWHQomR
HPWRQVGHGHVLOXVmR'L]LDOKHXPVDFHUGRWHTXHUHHQFRQWUDUD
GHSRLVGH PXLWRWHPSR TXH´WHQV XPSRXFR GHWXD PmHXP
SRXFRGHWHXSDLµHHUDERPWHUGHVFREHUWRHVVDYHUGDGH1mR
HUDTXHVWmRGH GXSODSHUVRQDOLGDGH(OH KDYLDVLGR RILOKRGR
PHLRXPILOKRWDOYH]LQHVSHUDGRTXDQGRRFDVDOGHSURWHQLWRUHV
HVSHUDYD XPD PHQLQD GHSRLV GR SULPRJpQLWR (UD HVVD D VXD
LQWHUSUHWDomRRSDGUHWLQKDUD]mR(PEUHYHYROWDULDDYHUHVVH
VHXDPLJRTXHYLDMDYDHQWUHRV$oRUHV,WiOLD$OHPDQKD'HSRLV
RVSHTXHQRVFDPLQKRVTXHSHUFRUULDMiQmRWLQKDPXPFDUiFWHU
GHLQILQLWRËFHUWRTXHKDYLDORPEDVQRFDPLQKRSDUDDEUDQGDU
2VHXFDUURHUDHVSHFLDOHVWDYDDGDSWDGRjVVXDVQHFHVVLGDGH
&RPHOH ID]LDYLDJHQVD OXJDUHVSRUWXJXHVHVRQGH DLQGDWLQKD
HVSHUDQoDGHHQFRQWUDUXP3RUWXJDOJUDQGHQDVVXDVJHQWHVH
VLPSDWLDV3DUDYDRFDUURHGHSDUDYDVHFRPDQDWXUH]DLQWDFWD
QXPSURPRQWyULR4XDQWDVSHVVRDVVHWHULDPVXLFLGDGRQDTXHOH
OXJDU" $V QRWtFLDV WLQKDP VLGR PXLWDV D HVVHV UHVSHLWR H
UHPRQWDYDP DR SULQFtSLR QR VpFXOR DRV WHPSRV GD SULPHLUD

UpSXEOLFD&RUSRVTXHWLQKDPYLQGRGDUjFRVWDPLOKDVDGLDQWHH
TXHXPDQyQLPRSHVFDGRUHQFRQWUDUD+RMHHPGLDRVVXLFtGLRV
HUDPWDPEpPRFDUWmRGHYLVLWDGROXJDUR&DER(VSLFKHOPDV
R TXH DWUDtD 9HQWXUD SDUD DTXHOH OXJDU HUD XP FHUWR DU GH
VREUHQDWXUDOTXHFXULRVDPHQWHQmRHQFRQWUDUQRFRQYHQWRHQWUH
LUPmRV$TXLRXWURWLSRGHLPSUHVV}HVOKHILFDUDPUHJLVWDGDV
'RWLSRHVWUDHQIURQKDGRQRTXDUWRHLUDWpDRUHIHLWyULRODQFKDU
RMRJRGDERODDRVViEDGRVDDSDQKDGDVIUXWDVDVVHVV}HVGH
FDWHTXHVHDRVGRPLQJRVjVFULDQoDVSREUHVTXHYLYLDPSHUWRGH
0RQWDULRO+iXPUHJLVWRVRQRURTXHHOHJXDUGDFRP]HORGH
XPD YLVLWD GH VHX LUPmR  IRWRV GH XP FHQiULR JHQXLQDPHQWH
IUDQFLVFDQRRQGHXPDFUX]HQFLPDYDXPERVTXHGHjUYRUHVH
IROKDVYROXSWXRVDV­VYH]HVGL]LDPOKHFRLVDVTXHQmRTXHULD
RXYLU FDGD YH] PDQRV XPD SHUVRQDJHQV IHPLQLQD TXH VH
DSUR[LPDYDHTXHJHUDYDVXVSHQVHOHYDYDOKHDRHVStULWRWHPSR
DQWLJRVHPTXHHUDXPMRYHPDSWR1mRTXHDJRUDQmRRIRVVH
PDVRWHPSRSHVDYDHHOHVDELDTXHHVWDYDXPDIDVHGHFLVLYDHP
TXHWLQKDGHHVFROKHURVHXFDPLQKRIXWXUR0DVKDYLDDOWHUQDWLYDV
D XPD OLQKD IpUUHD DQWLJD KDYLD D VXD PHQWH D JHVWmR GDV
IOXWXDo}HVGHKXPRUHDGRUQmRWLQKDXPFDUiFWHUSHUPDQHQWH
FRPRTXDQGRVHSHUGHDOJXpP3RULVVRYDOLDDSHQVDFRQWLQXDU
D ID]HU R TXH VHPSUH IL]HUD PHVPR TXH QmR HQFRQWUDVVH
FRQWUDSRQWR QR PXQGR UHDO $V SHUVRQDJHQV HVWDYDP DOL SRU
SHUWRPXLWDVGDVYH]HVDRVHXODGRHQmRKDYLDTXHWHUSXGRU
HPUHODomRDUHIHULUDVVXDVDFWLYLGDGHV$PDLRUSDUWHGHODVHUD
O~GLFDHPHVPRDVVLP9HQWXUD FRQWLQXDYDDDFUHGLWDUQDYLGD
TXHDYLGDVHULDXPGHVDILDXPDDYHQWXUDHTXHWHULDLQWHUHVVH
GHVFREULUVHQWLGRVHTXHQmRVyDVSDODYUDVVHPXOWLSOLFDYDPDWp
DR LQILQLWR +DYLD PXLWDV VHQVDo}HV H VREUHWXGR LGHLDV TXH
GHVFRQKHFLD ,VVR H[FLWDYDR GHYHUDV $V IDFHV GD FLGDGH QR
PHWURHQRVDXWRFDUURVHUDFDGDYH]PDLVGLIHUHQWHV7RGDVHODV
GL]LDPOKHRTXHQmRGL]HPDVSDODYUDV8PDLPDJHPIDODSRU
PLOSDODYUDVHTXDQWRDLVWRHUDEHPYHUGDGH

$VXDPHQWHGLVWRUFLDVHTXDQGRSHQVDYDHPYiULDVFRLVDV
FRPRPXOKHUHVYLDJHQVGLQKHLUR'LULDHOHSUySULRDRVDPLJRV
TXH ³WHQKR LVWR´ ³WHQKR DTXLOR´ H SRGLD GHVFXOSDUVH FRP
LVVR2IDFWRpTXHDVXDVLWXDomRHUDIUiJLOHQmRVRQKDYDFRP
FRLVDVGRRXWURPXQGR&RQWXGRDVVLWXDo}HVHPTXHVHYLD
HUDPDWUDYHVVDGDVSRUXPIXQGRGHXPDWULVWH]DLQDPRYtYHO
TXHID]LDPGHOHXP]RPELHVHPLQWHUHVVH(VWDYDQDTXHODIDVH
GDYLGDGDVYLGDVHPTXHTXHULDUHFROKHUVHQDVXDFDVDOHU
XP GHWHUPLQDGR HVWDGR GH FRLVDV H QmR YHU R IXWXUR FRPR
QHJUR6LPSRUTXHTXDOTXHUFRUTXHIRVVHDEDL[RGREUDQFR
HUDSDUDHOHXPDFRUQHJDWLYD0DVQmRSRGLDVHUWXGREUDQFR
QHP VHTXHU DV VXDV SDODYUDV SURIHULGDV SRU XPD ERFD TXH
HVSHUDYDKiPXLWRUHFHEHUEHLMRV1XQFDGRUPLUDFRPXPD
PXOKHUHHVVHVHULDSRUYHQWXUDRVHXPDLRUGHVHMR1mRXPD
PXOKHUTXDOTXHUXPDPXOKHUTXHDPDVVHPDVQmRHVWDVFRLVDV
QmRVHGL]HPHVVDILJXUDTXHSRGLDQXQFDPDLVDSDUHFHUQmR
VHULDXPDPXOKHUHVSHFLDOQmRDGLDQWDYDHVWDUDSUHSDUDUR
FDPLQKRSDUDHODSDVVDU0DVVHUiTXHVyKDYLDSDUD9HQWXUD
XPDPDQHLUDGHID]HUDVFRLVDV"3RUTXHpTXHLQVLVWLDHPQmR
GL]HUTXHRPXQGRHUDIHLWRGHSRVVLELOLGDGHV"3RUTXHpTXH
QmROXWDYDSHORVVHXVVRQKRV7DOYH]VLPSOHVPHQWHSRUTXH
OKHIDOWDVVHXPSRXFRGHFRUDomRGHHPRomRWDOYH]SRUTXH
DVUDFLRQDOL]Do}HVHUDPWDQWDVTXHRWRUQDYDPXPVHUSRXFR
SURGXWLYRHPFRQIOLWRDSHQDVFRQVLJRSRXFRDWHQWRDRPXQGR
HPUHGRUDILQDO(QWUHWDQWRQmRVDLULDGROXJDURQGHHVWDYD
RQGHSHUPDQHFLDWRGRVRVGLDVHLPDJLQDYDSDODYUDV1mRWmR
FHGR$JRUDTXHWLQKDRWRXURQDPLUDLULDDJDUUiORFRPWRGDV
DVVXDVIRUoDV1LQJXpPSRGLDDMXGiORQDTXLORTXHHOHSUySULR
WLQKD GH ID]HU 6HU SDL XP GLD 8P RXWUR VRQKR TXH QmR
DGLDQWDYDIRUoDU$GHVFULomRGHVWHKRPHPOHYDULDDQRVRV
DQRVTXHHOHYLYHULDHSDUDLVVRQmRHVWiDTXLHVWDYR]&RQWXGR
GDVSDODYUDVQDVFHPSDODYUDVFRPRVHPHQWHVTXHODQoDPRV
jWHUUDHD WHUUDTXHPLVWXUDPRVFRPRDUDGR6REUHYLYLDDLQGD

DWUDYpVGRVVHXVSHQVDPHQWRVDWRUPHQWDGRSRUHVSDGDVTXH
OKH IHULDPD PHQWH WRGDVDVKRUDV6REUHYLYLD H GHTXH OKH
YDOLDDSHQDGL]HUTXHDVXDDYHQWXUDHUD~QLFDHDLQGDVHXV
ROKRVEULOKDYDPSDUDSURSyVLWRVYiOLGRVSDUDVLFRPRSHVVRD
H~WHLVSDUDDVRFLHGDGH"-iQmRHUDRKRPHPGDVYLDJHQVTXH
YROWDFRPXPDKLVWyULDFRPRYHQWHRXVLJQLILFDWLYDSDUDFRQWDU
(UDXPKRPHP GDFLGDGHTXHWRPDYDDSDODYUD HPYH]GH
WRPDUROXJDU9LYLDGDSDODYUD$SDODYUDRXYLGDDSDODYUD
OLGDDSDODYUDYLYD&RQWXGRDOJXPDVQRWDVGHP~VLFDHXPD
PHORGLDVLPSOHVDFRPSDQKDYDRQHVWHFDPLQKRTXHHVWDYR]
LUiGHVFUHYHQGR3RGLDYLUXPPXQGRGHFUtWLFDVFRQWUDHOH
TXHHOHQmRVHLPSRUWDULD1XPJHVWRXPGLDDVXDSHTXHQD
YLQJDQoD VHULD DOFDQoDGD 1mR VHULD XPD YLQJDQoD j PRGD
DQWLJDXPDYLQJDQoDQRVHQWLGRUHVWULWRGRWHUPR6HULDXPD
YLQJDQoD FRQWUD XPD SDUWH GHOH SUySULR TXH OKH WUD]LD
SHQVDPHQWRVLQFRQYHQLHQWHVHOKHLPSHGLDGHWHUXPWUDEDOKR
GHWHUUHODo}HVVRFLDLV6XSRUWDUHVWDGRUHUDSLRUGRTXHPRUUHU
SLRUGRTXHQmRH[LVWLU&RQWXGRDOX]FRQWLQXDYDDFHVDjVXD
HVSHUDSDUDOHUXPOLYURSDUDHVWDUQDVDODVHQWDGRSDUDLUDR
WUDEDOKR 1mRVH SRGLD FRQVLGHUDU XPGRHQWH FUyQLFR QHP
VHTXHUXPDSHVVRDQRUPDO$TXHOHSHUVRQDJHPLUPmRJpPHR
GH9HQWXUDUHFDSLWXODYDGLDQWHGRVVHXVRXYLGRVRVSUHWH[WRV
SRU TXH KDYHULD GH YLYHU XPD YLGD VHP QHXURVHV 7LQKD
FRQGLo}HV SDUD LVVRFRQWXGR QmR R ID]LD SRUPDLV TXH VH
HVIRUoDVVH 7DOYH] RV VHXV JHQHV IRVVHP IUDFRV 7DOYH]
VLPSOHVPHQWH SXGHVVH PDQGDU WXGR j PHUGD H PDLV TXHP
TXHULD TXH HOH SDUWLFLSDVVH GD FDUQHLUDGD JHUDO TXH HUD WHU
RSLQLmRVREUHRTXHSUHRFXSDDPDLRULDGRVSRUWXJXHVHV³1mR
QmR FRQKHoR SRUWXJXHVHV TXH VH SUHRFXSHP´ SHQVDYD XPD
QRLWHGHSRLVGHWHUHVWDGRFRPXPDDPLJD(VWDYDORQJHGH
XPD SD] TXH HVWDYD SHUWR WRGRV RV GLDV FRQWXGR QmR OKH
FKHJDYDFRPRVEUDoRVSDUDDJDUUiODDSULVLRQiODGRPHVWLFi
OD2VGLDVDFXPXODYDPVHQDVXDPHQWHHVHIDODVVHWXGRR

TXHOKHLDQDPHQWHLULDSURYDUDVXDSREUH]DGHHVStULWR7LQKD
SRULVVRUHFHLRGHVHUPDOLQWHUSUHWDGR(UDHVWHVHUFRQIOLWXRVR
FRPR .DIND PRUDOLVWD FRPR 3DVFDO UHOLJLRVR FRPR
.LHUNHJDDUGPDVFRQWXGRWmRGLVWLQWRHWmRGLVWDQWHGHOHVTXH
VHDFXPXODYDFRPRRSyGRVOLYURVQDVELEOLRWHFDV(UDXP
OLYUR HVTXHFLGR TXH FRQWLQXDYD D FRQWHU SDODYUDV VHFUHWDV
UXPLQDo}HVTXHDQLQJXpPLQWHUHVVDYDP8PGLDDJOyULDYLULD
PXLWRSDUDDOpPGDPRUWHTXDQGRVHVXLFLGDVVHHGHVFHVVHj
WHUUDSDUDVHUYLUGHDOLPHQWRDRVELFKRVTXHSRUHOHHVSHUDYDP
(VWDYD9HQWXUDIDUWRGHUHFRPHoDUIDUWRGHSHQVDUQDVPHVPDV
FRLVDGHHVSHUDUHVRQKDUTXHRPXQGRSRGLDVHUXPOXJDU
LGHDOSDUDYLYHUHTXHDLQGDLDDWHPSRWRGRVRVGLDVFDGD
QRYRGLDDLQGDLDDWHPSR(UDSHVDGRFRPRXPFRUSRPRUWR
&RQWXGR TXDQGR FDtVVH RXWUD YH] QR FKmR RXWUD YH] VH
OHYDQWDULD 8P GLD WDOYH] YROWDVVH j *UpFLD SDUD FKHJDU
DFRPSDQKDGRjEHLUDGRPDUHFRQWHPSODUGRRXWURODGRGR
PDU D FRVWD WXUFD 7DOYH] IRVVH DWp j $OEkQLD SDLV TXH VH
DXWRH[FOXtD GD HXURSD SRU GHFpQLRV H GR TXDO QLQJXpP VH
OHPEUDYD &RQWXGRVR]LQKR QmR SRGLD ID]HUWXGR 3RU LVVR
QHVWHURPDQFHKiPDLVSHUVRQDJHQV3DUDREHGHFHUDILQDODRV
FULWpULRVLQVWLWXtGRV (VWDYDD GHVSHUGLoDUD YLGDSRU IXPDU
TXHLPDQGR GLQKHLUR DR GHVEDUDWR &RQWLQXDULD D DQGDU QR
PHWURYHQGRURVWRVFLUFXQVWDQWHVEHEHQGRXPRXRXWURFDIp
FRPHQGRGRLVERORVDFRPSDQKDGRVSRUXPJDOmRDGX]HQWRV
HVFXGRV R TXH GLJDVH QDTXHOD pSRFD HUD H[WUDRUGLQiULR
&RUWDUDRFDEHORHDJRUDSDUHFLDPDLVMRYHP0DVHPEUHYH
LULDPXGDUSDUDPHOKRUXQVyFXORVSyVPRGHUQRVLULDPVHU
SRVWRV VREUH R VHX QDUL] H VDLULD GH FDVD FRP YRQWDGH GH
FRQKHFHU DOJXpP YHUGDGHLUDPHQWH (VTXHoDP R
YHUGDGHLUDPHQWH ,ULD FRQKHFHU DOJXpP VDOWDQGR VREUH RV
REVWiFXORVWRFDQGRRFKmRPDVQmRFDLQGRFRPRURVWRVHPSUH
YLUDGRSDUDDIUHQWHSDUDDOJXpPTXHVRUULVVHQRILPGRQRLWH
(UDXPULVFRWHUGHSHUGHURTXHPDLVSUHFLVDYDHQmRVHGDYD

FRQWDQRHQWDQWRSDUHFLDHVWDUDWyQLWRTXHULDHVWDU DWyQLWR
WHUHPRo}HVHPYH]GHUDFLRQDOL]Do}HVYLYLDQXPDVLWXDomR
XUJHQWH WRGRV RV GLDV H QmR VDELD FRPR FRQWDU DRV RXWURV
'HVFLDHVXELDHVFDGDVWRGRRGLDQRVHXWUDEDOKRMXQWDQGR
SDSpLV HQYLDQGR ID[HV UHVROYHQGR DVVXQWRV TXH GL]LDP
UHVSHLWRDRVRXWURVSDUDWHUQRILQDOGRPrVDOJXPPRPHQWR
GHGHVFDQVRGHJXHUUHLUR$VVXDVSUHRFXSDo}HVHUDPLQGL]tYHLV
HD SRXFRH SRXFRRVHXFRUSR HQYHOKHFLD (QYROWR QDWHLD
EXURFUiWLFDHVWDYDORQJHGHID]HURTXHVHPSUHVRQKDUD1R
HQWDQWRDLQGDHVSHUDYDDOJXPUHFROKLPHQWRGDVXDFDVDDILQDO
HUDDVXDFDVDHIRVVHRTXHIRVVHDFRQWHFHUSRGHUHLSHUPDQHFHU
D VHQGR D VDO FDVD 1mR WLQKD YDUDQGDV QHP YLVWDV GH
GHVOXPEUDUPDVHOHWUDWDYDGDVXDFDVDFRPRVHWUDWDGDVIORUHV
GHXPMDUGLP3HQVDYDSHQVDYDUHVHUYDYDXPGLDSDUDDS{U
ERQLWDHDFROKHGRUDPDVSRXFDDJHQWHDYLVLWDYD0XGDUSDUD
TXrVHXPSRXFRGHPHGLRFULGDGHDWppVDOXWDU$SHVDUGLVVR
9HQWXUDFRQWLQXDYDDWHQWRHQRVSUy[LPRVGLDVDVKLVWyULDV
KDYHULDPGHFKHJDU2VGLDVQXQFDVmRLJXDLV7DOYH]KRXYHVVH
DOJRGHLQWHUHVVDQWHQLVVR'HSRLVXPDYH]PDLVVRQKRVTXH
QmRVHFRQWDPDTXHP VHGHYH SRUTXDQWRVHHVSHUDGHXP
SHUVRQDJHP TXH QRV IDoD VRQKDU 7RGDV DV LGHLDV VmR
LPSRUWDQWHVHVHRQDUUDGRUVHFRQYHQFHVVHGLVWRHVWHURPDQFH
QmRWHULDILP+iTXHYHUHP9HQWXUDSHUVRQDJHPFHQWUDOGHVWH
HQVDLRR TXHGH PDLVLPSRUWD R TXH PDLV PRWLYD 3RXFRV
DPLJRVHPXLWDVOHWUDVLQYHQWDQGRQRGLDXPDUD]mRGHYLYHU
FRPRXPP~VLFR6HULD9HQWXUDSRUYHQWXUDXPDUWLVWD"6HULD
XPHVSHFXODWLYRTXHMDPDLVVHGDULDFRPDVPXOKHUHV"4XLVHUD
DJDUUDU RV PRPHQWRV H HVWDYD ORQJH GH TXHP FRQKHFHUD
UD]RDYHOPHQWHDRSRQWRGHGDUXPILOKR(ODVLPHODWLQKD
DJRUDXPILOKRDKFRPRVHULDWHUXPILOKR"&RPRVHULDDQWHV
GH PDLV VHU IHOL] QHFHVVLWDQGR GH DSRLR QR GLiORJR HVWDU
SUHVHQWH DOJXpP HP WRGRV RV QRVVRV PRPHQWRV $OJR TXH
QXQFD WLYHUD HUD R TXH 9HQWXUD UHLYLQGLFDYD GD VXD

FRPSDQKHLUD1RHQWDQWRRVHXSHUFXUVRGHYLGDQHJDUDWXGR
RTXHHOHTXHULD0DVQmRVHSRGLDWRUWXUDUPDLVHPSURFXUD
GH UHVSRVWDV (ODV SRGHULDP VXUJLU VH FRQWLQXDVVH DWHQWR
ID]HQGROLJDo}HVKLSHUOLJDo}HV$ILQDOGHSRLVGHDPDQKmHUD
R GLD GR H[DPH GH LQJOrV H HOH WLQKD GH HVWDU SUHSDUDGR
SUHSDUDGRSDUDWXGR1mR9HQWXUDQmROLDID]PXLWRWHPSR
8POLYURGHTXDQGRHPYH]2VDFRQWHFLPHQWRVGDVXDYLGD
UHVXPLDPVHDSRXFRVDFWRVDSRXFDVSHVVRDV9LYLDFRPRVH
WLYHVVH PHUJXOKDGR QXP ODJR FKDPDGR ³SRXFRV PDV ERQV
DPLJRV´1mRSRGLDWHUQDGDHPGHILQLWLYRQHPSRGLDHVSHUDU
SRUXPFOLTXHKDYLDGHHQFRQWUDUDVOLJDo}HVGRVHXSDVVDGR
FRPRSUHVHQWH$QWHVGRWHVWHWLQKDDLQGDXPILPGDVHPDQD
SDUDSDVVDUHP(VSDQKD1mRQLQJXpPKiGHOHULVWRXPGLD
SRULVVRSRVVRIDODUjYRQWDGHHOHGLVVHTXHHXSRGLDIDODUH
HXJULWDYDjPLQKDPmHTXHILQDOPHQWHSRGLDIDODUHQDHVFROD
QmRPHGDYDPDWHQomRGHVGHFHGRTXHQmRPHIDODYDPGH
TXHVW}HVSURIXQGDVTXDQGRHXVDELDTXHDVWLQKDGHGHVFREULU
FRQIRUPHRFUHVFLPHQWRGDVJOkQGXODVGHVHQYROYLPHQWRGR
FRUSR$PHQWHHUDRTXHOKHLQWHUHVVDYD1mRQmRWLQKDPHGR
GRPXQGRQmRHUDXPFREDUGHFRPRPXLWRVTXHSRGLDQRPHDU
PDVQmRID]SRUTXHpXPKXPDQLVWD³8P+RPHPERPpXP
+RPHPPRUWR´1HVVHGLDFRPSURXROLYURTXHRKDYHULDGH
ID]HUUHYLYHURVWHPSRVGHYROWDUjHVFRODDRVHPLQiULRRQGH
VHGLVFXWLDDYLGDHPTXDGUDQWHVFRQJHODGRVQDTXHODFDSHOD
QRJHQXIOH[yULRRQGHSRXVDYDRVMRHOKRVHRVFRWRYHORVHIDODYD
FRP-HVXV/HYRRSDUD(VSDQKDHDOJXpPROHXHQWUHPHQWHV
H OKH GHX XPD RSLQLmR 7URX[H OLYURV HP FDVWHOKDQR VREUH
WHPDV YiULRV HQWUH RV TXDLV VH[RORJLD H SVLFRORJLD 0DV
WDPEpPJHRJUDILD(HUDKRUDGHUHJUHVVDUD3RUWXJDODRWHVWH
(VWDYDTXHEUDGRPDVUHFRPS{UVHLDQRDOHJULDQR
URVWR)DOWDGHGLiORJRIDOWDHDXVrQFLDGRTXHQmRSRGLDWHU
SHODIRUoD(VWDYDORQJHGHVDEHUDOJXPDFRLVD'DYDVHFRQWD
GH TXH RV DQRV TXH WLQKDP SDVVDGR KDYLDP VLGR XPD

DSUHQGL]DJHPGHDOJRHTXHWHULDGHUHFRPHoDUWRGRVRVGLDV
WRGRV RV GLDV HUDP XPD YLVmR GR PXQGR 1D QHW QLQJXpP
SRUYHQWXUD GDYD FRQWD GHOH 3DVVDYD GLVIDUoDGR GH SHVVRD
FRPXP(UDXPDSHVVRDFRPXP1RGLDVHJXLQWHSDUWLXSDUD
XPD JUDQGH YLDJHP DXP PXQGR GHVFRQKHFLGR D $OEkQLD
8PSDtVSREUHRQGHWUDGLFLRQDOPHQWHKDYLDPDLVKRPHQVGR
TXHPXOKHUHV8PSDtVHVTXHFLGRGRVEDOFmV1mRRVDOEDQHVHV
GR .RVRYR QmR KDYLDP VLGR HVTXHFLGRV (UD XPD VLWXDomR
SDUHFLGRjGRVFXUGRV-iQRDHURSRUWROLDXPOLYURSDUDSDVVDU
RWHPSR GHSRLVGR FKHFNLQ2 VHXGHVWLQRHUD $WHQDVVy
HQWmRYLDMDULDSDUD7LUDQDeFHUWRTXHLULDVDLUGDVXDFDVDGD
VXD DGRUiYHO FDVD H 9ODG HVWDYD DJXDUGDQGR SRU HOH QR
DHURSRUWR (UD XP WLSR IUDQ]LQR GH IDFH RYDO H ROKRV
HQGLDEUDGRV)DODYDXPDOtQJXDHVWUDQKDHVHULDGHKRMHHP
GLDQWHRVHXFLFHURQHQmRTXH9HQWXUDIRVVHQHFHVVDULDPHQWH
XPD YLVLWD SURWRFRODU 3URFXUDYD REWHU SRU Oi R TXH QmR
FRQVHJXLUDHP3RUWXJDO8PDSHUVSHFWLYDGLIHUHQWHGDYLGD
(SRUTXHpTXHVHKDYLDOHPEUDGRGD$OEkQLDORJRGD$OEkQLD
3RUTXHQmRD6XpFLDRXD'LQDPDUFD"3RUTXHQmRD,WiOLDRX
D*UpFLDD(VSDQKDRXD)UDQoD"6LPSOHVPHQWHSRUTXHWLQKD
FRQVFLrQFLDGHTXHDKLVWyULDHVWDYDPDLVRXPHQRVIHLWDQHVVHV
SDtVHVHWXGRRUHVWRHUDXPIDLWGLYHUV1DTXHOHDQWLJREDVWLmR
FRPXQLVWDWXGRHVWDYDDLQGDSRUID]HUHDTXHODJHQWHSUHFLVDYD
GR ROKDU GRV HVWUDQJHLURV TXH XP GLWDGRU QHJDUD SRU WDQWR
WHPSR$HVWiWXDGH(QYHU+R[KDHVWDYDOiSUHGRPLQDQWHQD
SUDoDSULQFLSDOGH7LUDQDDLQGDQmRHOLPLQDGDQHPEHOLVFDGD
SRUQHQKXPDUHYROXomR*HJRVHWRVFRVQmRVHKDYLDPDLQGD
XQLGRFRQWUDHVVHWHUUtYHOKRPHPXPHVERoRGHSHVVRDTXH
PXLWRSLRUTXH+LWOHU6DOD]DURX(VWDOLQHFDVWUDUDRVGHVHMRV
GHXPSDtVFUHVFHU


,,

1RVHXSHTXHQRPXQGR9HQWXUDSHUGHUDRFRQWDFWR
FRPR H[WHULRUHDJRUDSHQVDYDHPUHIXJLDUVHHPVLSUySULR
ILFDU HP FDVD 2 VXLFtGLR HUD XPD KLSyWHVH HPERUD QXQFD
DGPLWLUDIDODUQHODHPDEHUWR2VVRQKRVRVVHXVVRQKRVDSHQDV
SDVVDYDP GLVVR +DYLD XPD JUDQGH GLVWkQFLD HQWUH R TXH
VRQKDYDHRTXHSRGHULDID]HU7RGRRVDQWRGLDHUDXPDOXWD
SDUDVHSURFXUDUVHQWLUEHP1LQJXpPFRPSUHHQGLDFRPRWLQKD
HOHUD]}HVSDUDQmRVHUEHPVXFHGLGR'RPRGRFRPRHVWDYD
ID]HQGR RXQmRID]HQGRQDGDVHTXHU QmRLULDFRQVHJXLUQDGD
0DVRTXHVHHVSHUDFRQVHJXLUTXDQGRMiVHSHUGHXDHVSHUDQoD
HDIRUoDHVFDVVHLD"3RUTXHpTXHWLQKDGHVHUDVVLP"2VVHXV
FROHJDVRVVHXVDPLJRVHPEUHYHILFDULDVR]LQKRPDLVXPD
YH]1mRVXSRUWDYD 1mRUHDJLD(SRUTXHQmR YLYHUFRPR
TXHWLQKDHPYH]GHVRQKDUFRPPXQGRVLPSRVVtYHLVRQGH
HOHHUDRFHQWURGDVDWHQo}HVRDUWLVWDSULQFLSDO"
2VPHFDQLVPRVGDVXDPHPyULDUHWLQKDPRVHXFRUSR
QXPHVSDoRTXHQmRFRPSUHHQGLDQHPDEUDoDYDHPERUDQmR
WLYHVVHRXWURSRLVR3RUFDXVDGDPHUGDGHXPDGRHQoDWLQKD
ILFDGRGHVHPSUHJDGRHQLQJXpPMiRXYLDDQmRVHUDLUPmFRP
TXHPGLVFXWLUDLPHQVRGXUDQWHGLDVQDTXHODFDVDjSURFXUD
GHXPSUHWH[WRSDUDRVHXFRPSRUWDPHQWR-iQmRWLQKDXP
SDGUmRGHFRPSRUWDPHQWRPDVVLPXPSDGUmRGHSHQVDPHQWR
2VHX FRUSRpFHUWR GHVHMDYDHVWDU HP SDUDJHQVFRQWtQXDV
PDVGHVGHSHTXHQRTXHVHKDELWXDUDDFRQWDURVVHXVGHVHMRV
2VHXSDLUHSUHVHQWDUDDOJXPSDSHOQHVWHDVSHFWR$VXDPmH
WDPEpP9HQWXUDSHQVDYDFRPRpTXHRLVRODPHQWRSRGLDVHU

WmRPRUWDO'HSRLVGHXPDWDUGHWHUUtYHOHPTXHWLQKDIHLWRR
HVERoR GH XP TXDGUR ILFDUD UHWLGR QD FDPD QmR TXHUHQGR
VDEHU TXH R PXQGR H[LVWLD $ILQDO HVVH GLUHLWR DLQGD WLQKD
DLQGD WLQKD R GLUHLWR GH VH UHFXVDU D YLYHU XP PXQGR GH
OLJDo}HVYLROHQWRXPPXQGRGHFRQIURQWDo}HVFRQWtQXDVRQGH
SDUHFLDMiQmRKDYHUYDORUHV'HSRLVGL]LDDGHXVDRVH[RHDR
GHVHMRDRVSRXFRV&RQWLQXDYDDIXPDUHXOWLPDPHQWHSHQVDUD
YiULDVYH]HVHPGHL[DU6HGHL[DVVHRTXHDFRQWHFHULD"1mR
FRQVHJXLDLPDJLQDUSRUWDQWRQmRLULDGHL[DU(UDFRPRXPD
SURYDGHIRUoDTXHID]LDFRPRVHXSDLFRQWLQXDPHQWHQDVXD
FDEHoD0DVYDPRVOiWHQWDUFRPSUHHQGHUVHGHIDFWRHOHQmR
WLYHVVH SHQVDPHQWR QmR SHQVDULD HP QDGD H QmR HVWDULD
HQWUHJXHDVLSUySULR2IDFWRGHWHUSHQVDPHQWRHUDLQGtFLR
GHTXHSRUXPODGRDOJRHVWDYDFHUWRPDVSHORRXWURHVWDYD
GHVIRFDGRHQUHGDGRHPWUDPDVVXEMHFWLYDVTXHQmRWLQKDP
ILP(LVVRWLUDYDOKHDIRUoDSDUDFXPSULUXPDJHRJUDILDTXH
FRQVWUXtD SDUDOHODPHQWH 1mR VH SRGLD YROWDU DWUiV XP GLD
KDYHULDP DV FRLVDV GH VHUHP GLIHUHQWHV LJXDLV QD VXD
FRPSRVLomRVLPSOHVPDVGLIHUHQWHV(HP/LVERDXPDPDQKm
QRYDXPDDXURUDSRGHULDWHURXWUREULOKRRXWURVXMHLWRXP
9HQWXUDUHQRYDGRSOHQRVGHUHODo}HVSHVVRDLVHIDPLOLDUHV
$SUR[LPDYDVHR1DWDOPDLVXP1DWDOHHOHMiQmRVDELDVH
KDYHULDGHJULWDUGHGRURXVHMiHUDWDUGHHGHYHULDFRQWHUVHH
YLYHUHJRLVWLFDPHQWHDVXDYLGD+DYLDPXLWRPDLVFRLVDVD
DSUHQGHUHTXDQWRPDLVDSUHQGLDPDLVWLQKDDLGHLDGHTXH
HVWDYDVHGLVWDQFLDQGRGRPXQGReFHUWRTXHVHDSUR[LPDYD
GHXPSDGUmRSVLFROyJLFRSUySULRGRVHVFULWRUHVVRIUHGRUHV
0DVQmRSRGLDFHGHUQmRSRGLDFRQWLQXDUDLQVLVWLUHPFRLVDV
TXH QmR LQWHUHVVDYDP SDUD R FRQWH[WR H HOH TXHULD UHDOL]DU
XPDIDPtOLDWHUILOKRVPDVORQJHORQJHGHVLHVWDYDPHVVDV
SHUVSHFWLYDV 2 VHX KRUL]RQWHHUD YDJR LQFHUWR 6HMD FRPR
IRU SUHFLVDYD XUJHQWHPHQWH GH FRQKHFHU RXWURV KRUL]RQWHV
RXWUDV YLGDV 2V VHXV EORTXHLRV GHSRLV HVWDYD Mi IDUWR GH

PpGLFRVHPpGLFRTXHUID]HUFDUUHLUDDQWURSyORJRTXHUID]HU
FDUUHLUD SRHWD H URPDQFLVWD WDPEpP ( SRUTXH VH H[FOXtD
GHVWDVFDWHJRULDV"7LQKDDVVLPWDQWDFHUWH]DGDVXDREUD"6LP
9HQWXUDWDPEpPHVFUHYLD$PHQWHGHVFRQWURODVHSRUYH]HV
SRULVVR9HQWXUDSUHFLVDYDGHWRPDUQRWDVFHUFDGRVHXGHVWLQR
7DOYH]XPGLDWDPEpPRVRXWURVSRGHULDPID]HUOLJDo}HVDR
PXQGRFRPDVVXDVSDODYUDVFRPRHOHID]LDFRPDVSDODYUDV
GRVOLYURVTXHOLDXUJHQWHPHQWH'HXVQmRH[LVWLDMiQDVXD
YLGD VDELDR SRUTXH R FKDPDUD YiULDV YH]HV 7DOYH] R VHX
SUREOHPD VH UHVXPLVVH D XPD IDOWD GH Ip 6LPSOHVPHQWH
&RQWXGRHUDDLQGDIRUWHXPIXUDYLGDVGRVSHQVDPHQWRV(UD
KLSHUVHQVtYHOHFRQKHFLDVHEHP2TXHLULDDFRQWHFHUQRGLD
VHJXLQWH" &RQWLQXDULD D LQYHQWDU GHVFXOSDV SDUD QmR VH
FRPSURPHWHUFRPRPXQGRSDUDQmRVHDVVXPLU")DOWDYDXPD
SHoDTXDOTXHUQRVHXMRJRQDVXDGHPRQVWUDomRGHYLGD8P
GLD SRGHULD YLU j WRQD UHVSLUDU HPERUD JRVWDVVH LPHQVR GH
QDGDUGHEDL[RGHjJXD
1mR DGLDQWD ID]HU D ILJXUD GR FHJLQKR SDUD HVWD
SHUVRQDJHP 9HQWXUD WLQKD LQWHOLJrQFLD VXILFLHQWH SDUD
SHUFHEHURTXHHUDRPDORTXHHUDREHPPDVVXVSHLWDYDTXH
HPEUHYHDVFRLVDVQmRLULDPVHUWmRPDQLTXHtVWDV7LQKDGH
PDQWHUDHVSHUDQoDDSHVDUGDVIRUoDVQHJDWLYDVQDVXDDOPD
VHUHPLPHQVDV7LQKDGHOXWDUFRQWUDHVVDVIRUoDVFRPWRGDD
VXD IRUoD 8P GLD YLQJDULD XP GLD HVWDULD GH HVStULWR
VRVVHJDGRGHL[DQGRRFLJDUURGHL[DQGRGHDQGDUGHXPODGR
SDUD R RXWUR GD VDOD FRPR XP SULVLRQHLUR $V QRWtFLDV GR
FHQiULR KDYLDPVH PRGLILFDGR $ IpHUD RXWUD FRLVD Ip QDV
SDODYUDVGLWDVHHVFULWDVPDLVQDVSDODYUDVHVFULWDVSRUTXHDV
GLWDV QmR WrP IXQGDPHQWDomR FLHQWtILFD ( 9HQWXUD QmR
SURFXUDYDOHJLWLPDUVHGHQWURGHQHQKXPJUXSRVGHFLHQWLVWDV
VRFLDLVRX LQYHVWLJDGRUHV8PGLDWDOYH]IL]HVVHTXHVWmRGH
IDODUFRPDVSHVVRDVXPGLDWDOYH]DVSHVVRDVIDODVVHPFRP
HOHGHRXWURPRGR&RQWXGRQmRHVSHUDYDPLODJUHV0DVXP

PLODJUHHUDSUHFLVRSDUDUHDYLYDUDFKDPDGHYLYHUDHVWHYHOKR
MRYHPFRUFRYDGRFRPRVDQRVHPIUHQWHDRFRPSXWDGRU(ODV
HVWDYDPVHQWDGDVQXPEDUHUDPVHLV(OHVRVGRLVFKHJDUDPH
DSHUFHEHUDPVHGHTXHKDYLDXPDKLSyWHVHGHVH[R'HSRLV
SXQKDVH D SHQVDU QR ILOKR TXH TXHULD WHU XP GLD H TXDQWR
PDLVSHQVDYDPDLVGLVWDQWHHVVDLGHLDHVWDYDGRVHXKRUL]RQWH
,VWR WXGR IDODQGR VHP IXQGDPHQWDomR FLHQWtILFD &ODUR HOH
HUD XP VHU KXPDQR PDV QmR HFRQRPLFDPHQWH YLiYHO 1mR
SRGLDVHUSURIHVVRUQmRSRGLDID]HULQYHVWLJDomRQmRSRGLD
HVWDUH[SRVWR(QWmRRTXHSRGHULDHOHID]HUDILQDO"7DOYH]HOH
QmRWLYHVVHPDLVREULJDomRGRTXHRVRXWURVGHVHURXYLGR
$JRUDPDLVGRTXHQXQFDeFODURTXHQmRWLQKDUHVSRVWDSDUD
WXGRQHPWLQKDGHVHUFRPRRVRXWURVHUDPRXSDUHFLDPVHU
2VHXWUDEDOKRHVWDYDSRUXPILRHSRUTXHDLQGDHVSHUDYDID]HU
DOJXPDFRLVDQDiUHDGDDQWURSRORJLDeFHUWRTXHPXLWDFRLVD
OKH HVFDSDYD SRLV HUD FRPRHUD PDV KDYLD XPD IDFHWD TXH
QmRRSUHRFXSDYDTXHHUDRIDFWRGHVHSRUVHPSUHHPFDXVD
*RVWDULD GH FRQWDFWDU SHVVRDV FRP VLWXDo}HV VHPHOKDQWHV j
VXDHGHFHUWRTXHGHGXDVXPDSRGLDPVHUPXLWDVRXSRGLDP
VHU SRXFDV 'DV GXDV XPD 2X DV GXDV $ILQDO 9HQWXUD VH
FRQVHJXLXOLYUDUGRGHPyQLRGDDQWURSRORJLDHFRPHoRXDFULDU
XPDSURVDRULJLQDODXWHQWLFDPHQWHVXDXPSRXFRFRPRID]LD
DQWHVGHID]HUDQRV


5()/(;®(6

2TXH VHUiIHLWRGH QyVTXDQGR HVTXHFHUPRV TXHDV


FLUFXQVWkQFLDVTXHQRVHQYROYHPVmRSDVVDJHLUDV"1RHQWDQWR
WHLPDPRV HP SHUVLVWLU HP HUURV DQWLJRV KiELWRV GD PHQWH
PHVPRTXHD UHDOLGDGHVHMDGLItFLO3HUGHPRVRIXOJRUGRV
DQRVJDQKDPRVHPGRUHVGHFDEHoDPDVLVVRDLQGDVHDJXHQWD
1RHQWDQWRHVWDPRVDEHUWRVDQRYDVRSRUWXQLGDGHV$PDQKm
WXGRSRGHUiVHUGLIHUHQWH8PPRPHQWRSRGHUQRViDEDWHU
PDVYDOHDSHQDFRQWLQXDU(VVHVHQWLPHQWRHVVDSHUVLVWHQWH
WHQGrQFLDHQYROYLD1DUFLVR (OHQmRTXHULDYROWDU DWUiV1D
LGDGHGHMRYHPTXDQGRHVWDYDDH[SORGLUUHFROKHXVHHQmR
IDORX $JRUD HUD WDUGH 7DUGH SDUD YROWDU D XP WHPSR GH
HPRo}HVSHUGLGDVDFUDYDGDVQRVHVSDoRVTXHSHUFRUUHUD1R
GLDVHJXLQWHYROWRXRUHFROKLPHQWRSLHGRVRTXHPDQGDYDD
VXDSHUVRQDOLGDGH&RQWXGRDFUHGLWDYDTXHKDYLDDOJRPDLV
GDYLGDTXH DYLGDQmROKHSRGLDVRPHQWH GDUVROLGmR(UD
WDUGHHRWRGDVDVRXWUDVSHVVRDVGRUPLDP3RUTXHPRWLYRV
HVWDULDPDFRUGDGRVDOJXQV"3RGLDLPDJLQDU$ILQDOGHFRQWDV
DLQGDHUDOLYUH6DEHUXVDUGDOLEHUGDGHpXPGRPRXDSUHQGH
VH
 ,QWHUURJRPH VREUH R TXH QmR DFRQWHFH 7DOYH] PH
GHYHULDLQWHUURJDUVREUHDYLGDTXHWHQKRHPPLQKDVPmRVHR
TXHSRGHULDID]HUSDUDDPRGLILFDU
 5HIOH[}HV
 9LYHPRVVR]LQKRVPDVQmRQDVFHPRVVR]LQKRV1mR
YLYHPRVVR]LQKRVPDVQDVFHPRVVR]LQKRV

(VSDoR3URWHJLGR
%LJ%URWKHULV<RX

'HUHSHQWHGHXPHYRQWDGHGHGL]HUPDOGHWRGDDJHQWH
3ULQFLSDOPHQWHGHWRGDDJHQWHTXHYLDQDWHOHYLVmR3DUHFHTXHp
SUHFLVRID]HUWHOHYLVmRID]HUWHDWURID]HUILOPHVSDUDPRVWUDUPRV
TXHH[LVWLPRV2SUREOHPDHVWiHPTXHQmREDVWDID]HUSDUWH
TXHH[LVWLPRVWHPRVGHPRVWUDUDRVRXWURVLVVRGRTXHVRPRV
IHLWRVHSDUWLOKDUHPRo}HV(VWDYDVHQWDGRQRPHXFDUURFRPDV
SHUQDVSDUDIRUDDSRLDGDVQRFKmRFRPDSRUWDDEHUWD2PHX
HVSDoR KDYLD VLGR GXUDQWH GRLV GLDV R PHVPR RV GLiORJRV RV
PHVPRVLGDVHYLQGDVGHOiSDUDFi1mRGHVFUHYLDYLDJHQVTXH
WLYHVVH IHLWR 1mR HUD DOYR GH DGPLUDomR GH DOJXpP 3RXFR
LPSRUWD(VWDYDQRPHXFDQWLQKRFRPRPHXELFKRGHHVWLPDomR
GH TXH JRVWR RV ROKRV 2V FDUURV SDVVDYDP SRU PLP D DOWD
YHORFLGDGHHQmRGHVFRQILDYDPHVVDVPHQWHVRTXHVHSDVVDYD
FRPDPLQKDIDUGRTXHHXWHQKRGHFDUUHJDUWRGDDYLGDHTXH
QXQFDPDLVPHOLEHUWD6HQWLDTXHWLQKDDQGDGRHPFtUFXORVYLQGR
WHUDRPHVPRGHVWLQRTXHHUDXPGHVILODGHLUR%DVWDYDWLUDUR
WUDYmR GH PmR H QXQFD PDLV SUHFLVDYD GH FRQWDU KLVWyULDV
&RQWXGR DFUHGLWDYD QDV PROpFXODV QR HVWLJPD GD IUHTXrQFLD
SVLTXLiWULFDTXH QRVID]VHQWLUYLYRV HVHUREMHFWR GHDWHQomR
1XQFDPDLVWHULDGHVHUDFWRUQDYLGD'HFLGLLVVR7HULDGHVHUHX
SUySULR ( MXOJDYDPH SHUIHLWR 'HIDFWR HUD 1R PHX HVSDoR
SURWHJLGRQDGDH[LVWLDDRDFDVR1HPHXSUySULR7DOYH]YLYHVVH
HP IXQomR GRV PHXV REMHFWRV H SRXFDV YH]HV RV ROKDYD FRP
VREUDQFHULD0DVRXWUDVYH]HVFRQIXQGLDPHFRPHOHVHPLQKD
DOPDLPSUHJQDYDVH QD VXD FRQVWLWXLomRItVLFD (UD DVVLP FRP
XPDSHTXHQDHVWiWXDTXHGHVHMDYDSLQWDUKiVHPDQDV7LQKDD

DGTXLULGRQXPDORMDGHEDJDWHODV(UDGHEDUUR8PGLDMXQWHLDV
WLQWDV VHLV VHWH FRUHV H GHFLGL RFXSDU DOJXP GR PHX WHPSR
SLQWDQGRDHVWiWXD(ODUHSUHVHQWDYDXPGRVPLOKDUHVGHKRPHQV
GH XPH[pUFLWR HP WHUUDPRWRGHVFREHUWRV QD &KLQD'Dt QmR
KDYLDQHQKXPDLODFomRDWLUDU(UDDSHQDVXPDHVWiWXDGHEDUUR
DLQGDSRUFLPDRFD6HFDtVVHDRFKmRQHPRWDSHWHDVDOYDULD
'LDDSyVGLDIXLDFUHVFHQWDGRXPDFRU&RPSUHLPDLVHVWiWXDV
LJXDLVHDPRoDGDORMDQmRHVWUDQKDYDQHPXPSRXFRHXOHYDU
WUrVHTXDWURGHFDGDYH]&RPSUHLDWpVHHVJRWDUHP'XUDQWH
PHVHVGHGLTXHLPHjTXHODWDUHIDWHUDSrXWLFDjTXHOHKREELHFRPR
OKHTXHLUDPRVFKDPDU(FRPTXHDUGRUHPHWLFXORVRGDGH$
SULPHLUDHVWiWXD TXHWLQKD VHLVVHWH FRUHVHVWDYD DJRUDQXPD
ORMDGHDUWLJRVGHGHFRUDomR7LQKDPDLVSDUDYHQGHUHHUDRTXH
IDULD  2 TXH IDULD FRP DV GH]HQDV TXH DFXPXODUD HP FDVD"
&RQWLQXDUDYHQGHU$Wpj~OWLPD1R~OWLPRGLDIXPHLXPFLJDUUR
VREUHDREUDWDOFRPRVXSRVWDPHQWHVHIXPDGHSRLVGHVH[R2
PHX HVSDoR SURWHJLGR HVWDYD VHQGR R PHX LQLPLJR $ ~OWLPD
SHoDDTXHODTXHPHGHL[DULDUHFRUGDo}HVVREUHRPHXWUDEDOKR
IRL SRU PLP HVWLOKDoDGD FRQWUDXPD SDUHGH &RPHoHL HQWmR D
GHVWUXLUYiULRVREMHFWRVGDPLQKDVDODIHFKHLDFDVDGHEDQKRj
FKDYHHMRJXHLDFKDYHIRUD'HSRLVGHFDQVDGRGHWDQWRGHVWUXLU
VHQWHLPHHSHQVHLQDVPLQKDVSDODYUDVTXHQmRVDtDPQDUHYROWD
LQWHULRUTXHVHQWLDSRUHVWDUIUDFDVVDQGRFRPRVHUKXPDQR(GH
TXH PH SRGHUHL TXHL[DU" $FHQD YROWRX DWUiV QXP UHZLQG H
WXGRIRLUHFRQVWLWXtGR(VWDYDSURQWRSDUDFRPHoDUGHQRYR6H
QmRIRVVHFRPHVWiWXDVWDOYH]IRVVHFRPPXOKHUHVWDOYH]XP
GLDPHWRUQDVVHLPSODFiYHOHQmRWLYHVVHPDLVDPRUDRPHXHVSDoR
SURWHJLGR 2 PHX DUGRU D PLQKD HPRomR VDtD SHORV SRURV H
FDGD YH] PDLV PH FRQIXQGLD WDO FRPR XP FDPDOHmR FRP R
DPELHQWH(UDDJUHVVLYRPDVQmRIHULDQLQJXpP(UDHVSRQWkQHR
HQmRWLQKDUHFHLRGDVFUtWLFDV(UDXPKRPHPFRPQRPHGH
JHQWH7DOYH]RVGLiORJRVVXUJLVVHPXPGLDGHVWHVHVSHUDQGRRX
VXUSUHHQGLGR (VWDYD GDQGR YROWDV FRP R FDUUR RFXSDGR QD

GLVWULEXLomRWXGRVHSDVVDUDGHQWURGDPLQKDFDVDPDVRPHX
FDUURQmRUHVSRQGLDHSDUHFLDQmRWHUPRWRU)HFKDYDPHFDGD
YH]PDLVDRVFRQWDFWRVFRPRH[WHULRUHQmRPHGDYDFRQWDGLVVR
0DV TXH SRGLDID]HU QXPD FLGDGH VHQmR UHYROWDUPHH VHU HX
PHVPR"'HFLGLDUUDQFDUPHVPRVHPPRWRUQR FDUURIHFKHLD
SRUWDHOiYRXHXGHVFLGDDEDL[R2PRWRUVXUJLXGHSRLVHDV
PXGDQoDVDWpTXHHUDPDXWRPiWLFDV1XPIODVKHVWDYDORQJHGR
PHX HVSDoR QRXWUR HVSDoR VHQWLQGR R YHQWR QD PLQKD IDFH
VHPVDXGDGHVGRTXHHUDPDVJRVWDQGRGHPLPSHUGRDQGRD
PLPSUySULRWXGRRTXHKDYLDIHLWRGHLOyJLFR

'RLV([WUHPRV

7HQKRGHSHQVDUTXHVRXERDSHVVRDWHQKRGHSHQVDUTXH
VRXFDSD]-iHVWLYHPDLVORQJHGDYLGDGRTXHHVWRXDFWXDOPHQWH
7XGRLVWRpUD]mRSDUDFRQWDUDKLVWyULDGHGRLVSiVVDURVH[yWLFRV
8PGHOHVSXODYDGHUDPRHPUDPRRRXWURSHUPDQHFLDDPDLRU
SDUWH GR WHPSR GHVFHQGR DWp DR FKmR SDUD VDFDU LQVHFWRV GD
WHUUDPLQKRFDV RXWURVELFKRVTXH FRQVWLWXtDPR PDQDFLDOGH
YLGDGDTXHOHERVTXH8PHUDRRSRVWRGRRXWUR8PKLSHUDFWLYR
RXWURLQDFWLYRSDUHFHQGRHVWDUPDLVSUy[LPRGRHVWDGRYHJHWDO
8PGLDRYHJHWDOYLXPRYLPHQWRHQWUHDVIROKDVFiHPEDL[R
8PMRYHPSUHSDUDYDVHFRPDVXDILVJDSDUDOKHDWLUDU/HYRXD
PmR DR EROVR H VDFRX GH XP EHUOLQGH GH YLGUR WDO HUD D VXD
FRQYLFomRGHTXHLDDFHUWDU2XQXQFDWLQKDPDQGDGRXPEHUOLQGH
SHODILVJDHUDQRYLGDGH$ERODGHYLGURYRRXDWUDYpVGRDUHR
SDVVDULQKR LQHUWH YLXD DSUR[LPDUVH 'HVYLRXVH SRXFR DQWHV
GHFKHJDUDHOHQR~OWLPRPRPHQWR$EDODSURVVHJXLXRVHX
FDPLQKRHIRLDFHUWDUQRSiVVDURLUUHTXLHWRTXHHVYRDoDYDHP
YROWDGRYHJHWDWLYRSURYRFDQGRR&DLXLQHUWHQRFKmRHQDPmR
GRMRYHP RUJXOKRVRSRUWHU DSDQKDGRXPSDVVDULWR FRPXP
EHUOLQGHLQHUWHSDUDVHPSUHILFRX

7XGR&RPHoRX3HOD7RUQHLUD

)HFKHLDVWRUQHLUDVDPHLRGDQRLWH(QWUHLQRTXDUWRGHXPD
SHVVRD PDLV WDUGH OHPEUDUPHLD GLVVR FRPR GH XPD SHVDGD
PHPyULDTXHQRVSHUVHJXHHLQFRPRGD(QWUHLPDLVWDUGHQXP
FHQWUR FRPHUFLDO H FRPHFHL D YHU FDUDV QRYDV 3DUHFLDPPH
LQyFXDV VHP VHQWLGR $V SHVVRDV SDUHFHPPH VHP LQWHUHVVH
3RXFDV VmR DV SHVVRDV TXH FRQKHoR YHUGDGHLUDPHQWH
UD]RDYHOPHQWH1RPHXFDQWRUHF{QGLWRLPDJLQHLDPL]DGHVFRP
SHVVRDVFXMRVQLFNFRQVXOWDYDRQOLQH/iORQJHKDYLDYLGDjPLQKD
HVSHUDHXPGLDSRGLDYLVLWDUHVVDYLGD(VWDULDPFHUWDPHQWHPDLV
SHVVRDVFRPRHXjHVSHUDGHXPFRQWDFWRTXHPXGDVVHDVVXDV
YLGDVQXPLQVWDQWH$ILQDODYLGDSDUHFLDUHVXPLUVHDLVVRPHVPR
2 PXQGR FLEHUQpWLFR HVSDOKDYDVH SHORV QHXUyQLRV GR PHX
FpUHEURHHXGHL[DYD2XYLDXPVRPGHVFRQKHFLGRQXPDORMDGH
P~VLFD %HELD XP GHVFDIHLQDGR H MXOJDYDPH IRUD GR PXQGR
LVRODGRQDFLGDGHPXLWRGLIHUHQWHGHTXDQGRWLQKDRVDQRVGR
GHVSHUWDUSDUDDYLGD HR FRQKHFLPHQWR$VPLQKDVSiOSHEUDV
SHVDYDPSHODSULPHLUDYH]GHVHMDYDRWUDEDOKRFRPRXPVHGHQWR
GRGHVHUWR2TXHPHSDUDYDHVWDYDDSHQDVGHQWURGHPLPPDV
QmRSRGLDH[SORUDULVVRGHPDVLDGRSRLVKDYLDVLGRGHPDVLDGR
H[SORUDGR$PLQKDYLGDHVWDYDFRPRTXHH[SRVWDSDUDPDOH
SDUDEHP$FDUUHLUDFRQGX]LDPHFRPRVHPSUHDFDVDHHX
QmRVXSRUWDYDRFKHLURDEHGXPGDSDUWHGHWUiVGRDXWRFDUUR
8PGLDKDYLDHVWDGRHP(VSDQKDHILTXHLFRPRJRVWRQDERFD
3HUGLRVOiELRVGHXPDHVSDQKRODQD´&DVD9HUGHµ2TXHHVWDULD
SRUOiDFRQWHFHUHUDPRWLYRGHLPDJLQDomR8PGLDKDYLDOiHVWDGR
VHLTXHVLP8PGLDHVWDULDQRXWUROXJDUEHPORQJHGHFDVDPDV
QXQFD FRPSOHWDPHQWH OLEHUWR $SHQDV PRPHQWRV 2V PHXV
SHQVDPHQWRVGLUHFFLRQDYDVHDRFKmRDSDQKHLXPPDoRTXDVH

YD]LRGRFKmRGDSDUDJHPGRDXWRFDUURRQGHKDYLDPFXVSLGR
KiGLDVDVSHVVRDVTXHSRUHOHVHVSHUDYDP$VFRLVDVHUDPXPD
H[LVWrQFLDHDPLQKDPHQWHWLQKDGHDFUHGLWDUQHVVHVGDGRV7XGR
H[LVWHQRVHXOXJDUQmRpSUHFLVRTXHGHVDSDUHoD2QOLQHFRQKHFL
9LVLRQ XPDDGYRJDGD TXHILFRX FRP RPHX WHOHPyYHOH TXH
GL]LDTXHHXHVWDYDUHWUDtGRQD FRQYHUVDHHUDIURX[RSRGHULD
HVWDUXPGLDLQWHLURRQOLQHPDVQmRVXSRUWDULDGHL[DUGHLUjUXD
HFRQKHFHUDOJXpPjPRGDDQWLJD1XQFDDEGLFDULDGLVVR

,·P*RQD/LYH)RUHYHU

1RV SULPyUGLRV WXGR VH HQVDLDYD $ YLGD HUD XP SDOFR H


)UDQFLVFDDFUHGLWDYDQLVVR(UDFXULRVRFRPRSDUHFLDWHUJHLWRV
GHPXOKHUGL]HQGRRVDPLJRVTXHHUDXPDPDULDUDSD]6XELDjV
jUYRUHVSDUDYHURHVWDGRGDQLGLILFDomR3LVDYDDVXYDVGRSDL
FRP XPD IRUoD H JHLWR SDUHFLGR DRV YHOKRV FRQKHFHGRUHV GD
DUWH&RQWXGRDVXDYLGDUXUDOGHFULDQoDHPGHVFREHUWDGHQRYRV
PXQGRVQXPDJHRJUDILDSUy[LPDGDFDVDRQGHDPmHODYDYDD
URXSD HQJDQDUD R VHX GHVWLQR TXH IRL HQWUDU QXPD HVFROD GH
DUWHV GUDPiWLFDV $OL DSUHQGLD TXH R H[FHVVR WHP GH VHU
FRQWURODGR SDUD VH FKHJDU j IDPD 1HP WRGRV DPELFLRQDP D
IDPD$IDPDpTXHVWmRGHSDFLrQFLDHPXLWDPXLWDSVLFRORJLD
1mR)UDQVFLVFDQmRFRQVXOWDYDPpGLFRVSVLTXLDWUDV(ODFRQKHFLD
RV RXWURV 7LUDYDOKH R UHWUDWR GHSRLV GH DOJXP WHPSR GH
H[SRVLomRDRVVHXVROKRV$YHUGDGHpTXHRVHXFROHJD-DLPH
HUDGLIHUHQWH$YHUGDGHQmROKHLQWHUHVVDYD'DQoDYDFRPRTXH
HQIHLWLoDGRRVWHPDVPDLVFRPHUFLDLVID]LDYLEUDURVWtPLGRVH
WRGRVRVRXWURV6HQWDGRXPDWDUGHGHViEDGRHPIUHQWHDRVRIi
RVVHXVDPLJRVMRJDYDPjERODQRULQJXHGDHVFRODSULPiULDHOH
HVWDYD GH EHP FRQVLJR SUySULR $ILQDO TXH PDO KDYLD HP YHU
WHOHYLVmR"4XHPDOKDYLDHPVRQKDURTXHQmRTXHULDVHURTXH
TXHULDPDVYHLRPDLVWDUGHDGHVFREULUVHUGLItFLOSRUTXHWDOYH]

QmRIRVVHRVHXGHVWLQRWHUIDPD1DHVFRODGHDUWHDVXDPHQWH
SDUWLFXODUL]DYDVHQRGRPtQLRGRFyPLFR6DELDTXHKDYLDPXLWR
OL[R TXH VHLULD ULU GDV VXDVSLDGDV H R KRPHPTXH HOD DPDYD
HVWDULDDRILPGDQRLWHFRPRMDQWDUDTXHFLGRjVXDHVSHUDOHQGR
XPERPOLYUR8PSURIHVVRUGL]LDTXHVyVHID]HPGXDVWUrV
FRLVDVLQWHUHVVDQWHVGDYLGD$PHLRGRFXUVRHODFRPHoDYDDYHU
TXHHVVDYHUGDGHGHYHULDHVWDUFRQWLGDQXPOLYURVDJUDGR

8PD7DUGHHXP/LYUR

$V SiJLQDVHVWDYDPMXQWDV (OD SHJRX QROLYUR HVHQWRXVH


FRPHoDQGR D IROKHDU +i WHPSRV TXH QmR OLD XP OLYUR QXPD
WDUGHGHVFDQVDGD$JRUDHVWDYDVHQWLGRXPVWUHVVYHUGDGHLUDPHQWH
GHSUHVVLYRPDVVDELDTXHWLQKDGHFRQWLQXDU1mRSRGLDGHVLOXGLU
VHFRPDVSULPHLUDVFRQWUDULHGDGHV1mRHVWDYDMXQWRGRVVHXV
DPLJRV1HPVDELDTXHWLQKDDPLJRV3RUYH]HVXPDFRQYHUVD
FRPDOJXpPGHVFRQKHFLGRGL]LDOKHTXHVHPSUHFRQKHFHUDDTXHOD
SHVVRD$QDEHODFRPHoDYDDFRPSUHHQGHUTXHQmRKiXPDOyJLFD
QDVUHODo}HVKXPDQDV$OyJLFDGRFRUDomRpFRLVDDTXHVHGHYH
HVWDUDWHQWR1mRGHPDVLDGRDWHQWR(VVDWDUGHGHVFDQVDGDGH
IDODUHVVLQFHURVHERQLWRVYLULDXPGHVWHVGLDV7LQKDDFHUWH]D
(P/LVERDRXQRXWUDFLGDGH2XPHVPRQXPDDOGHLDSRUWXJXHVD
$VPHVPDVDOGHLDVGHTXHHVWDYDMiFDQVDGDSRGLDPDLQGDDFROKHU
DVXDDOPDHFRUWHMiODFRPJHVWRVKXPDQRVVLQDLVHVLJQRVGH
QRYR FRQWH~GR (UD TXHVWmR GHHVSHUDU FRP FDOPD HVVH GLD
6DELDTXHXPDQRYDMXYHQWXGHHVWDYDSDUDFRPHoDUDMXYHQWXGH
GDVLGHLDV'HSRLVGDVYR]HVGHVFRQH[DVTXHOKHFKHJDYDPDR
RXYLGRV GRV JHVWRV QXPD VDOD RQGH FRUSRV VH FUX]DYDP
LQWHQWDQGR XPD SHUIRUPDQFH HOD SDUHFLD HVWDU QRXWUR OXJDU
&RQWXGRID]LDWXGRSDUDDJDUUDUDDOPDFRPDVGXDVPmRV'HVGH
SHTXHQDRID]LD(PHVPRTXHWLYHVVHGLILFXOGDGHHPWUDQVPLWLU
VXDVHPRo}HVFRQWLQXDULDFRQYLFWDGHVLSUySULD8PGLDHVVD

WDUGHYLULD%DVWDYDWHUOLYURVSDUDDEULU

)XPDU

/DYHL DV PmRV GR SHFDGR 6DUWUH HVWi PXLWR SHUWR PDV
GHPDVLDGR ORQJH SDUD R SRGHU FRPSUHHQGHU 7RGRV RV
SHQVDPHQWRVVHSRGHPHFOLSVDUGHXPPRPHQWRSDUDRRXWUR
QXPOXJDUHVWXSLGDPHQWH1mRPHGLJDPTXHKiYLGDSDUDDOpP
GDPRUWH4XDQGRWHQWDPRVSRUWRGRVRVPHLRVYLYHUDYLGD
VHQWLUTXH'HXVH[LVWHTXH'HXVH[LVWHQRVRXWURV1mRPHGLJDP
HVWXSLGDPHQWHTXH 'HXVH[LVWH 'LJDPPH TXH WXGR p YiOLGR
SDUD FRPSUHHQGHU D YLGD QRV WHUPRV GH XPD ILORVRILD
4XHLPDPRVRVQHXUyQLRVHTXHUHPRVVDEHUPDLVID]HUOLJDo}HV
3RUXPODGRHQYHOKHFHPRVPDVRQRVVRSHQVDPHQWRUHMXYHQHVFH
FRPRVHHVWLYHVVHFDGDYH]PDLVSHUWRGRHOL[LUGDMXYHQWXGH(X
VHL Oi TXHFRQWDV H TXH GLItFLOHVWi D PLQKD YLGD0DV QmR PH
TXHL[RFRPR&ULVWRSUHJDGRQDFUX]1mRTXHURQRHQWDQWR
SDJDUSHORVSHFDGRVGRVRXWURVFRPRRVDOYDGRU1mRTXHURVHU
VpULRPDVGLYHUWLGR$GRUPHFHUFRPRRERQHFRTXHPHRULHQWD
QRFRPSXWDGRUDFRUGDUSDUDXPPXQGRIHPLQLQR4XHLPRR
GLQKHLURHDYLGDDSRXFRHSRXFR,QYHQWRKLVWyULDVPDVHVTXHoR
PH GD PLQKD SRXFDV YH]HV PH YHMR UHDOPHQWH DR HVSHOKR
*RVWDULDGHGL]HUERPGLDFRPRVHQWLGRGRGHYHUFXPSULGR
VHP WHUOLGR OLYURV FRPR TXHPH[SHULPHQWD PHUJXOKDQGR QD
YLGD QR PDU GH WUpJXDV GH TXH R PXQGR SUHFLVD 3DUDU H
UHFRPHoDU D VHQVDomR GH HVWDU SRU IRUD 2 LQILQLWR HVWi QDV
OLJDo}HV TXH ID]HPRV FRP R PXQGR +RQHVWLGDGH 3REUH]D
FDVWLGDGHREHGLrQFLD


´-HWH9HX[µ
(ULN6DWLH
-RmR3DXOR6DQWRVDR3LDQR

7HQWRXFRPHoDQGRSRUVXELUDHVFDGD'RLVSDVVRVDGLDQWH
XPSDVVRDWUiV$PHQWHUHYHUWLDSDUDRDQGDUHPFLPDQRTXH
HVWDYDQDFDVD9HLRDOJXpPSDUDDMXGDUXPMRYHPGHQRPH7LDJR
GHVHQUDVFDGR1RDOWRGDHVFDGDXPDMRYHPHVSHUDYDSRUHOH
$PDUJDDUHFRGUDomRGRPRPHQWRVTXHKDYLDPSDVVDGRMXQWRV
9ROWRX SDUD GHVFHU D HVFDGD$ILQDO HUD R MRYHP TXH VH LUD
HQFRQWUDU FRP D PRoD 3UHFLVDYD GH VH GHVSDFKDU D KRUD GR
HPSUHJR HVWDYDSHUWR DOLSHUWR $ PRUDOD pWLFDQmR HVWDYDP
SUHVHQWHV&RQWXGRHOHWLQKDSRUKiELWRIUHTXHQWDUXPJUXSR
GHMRYHQVFDWyOLFRVGDSDUyTXLD2GLDGHDPDQKmSUHRFXSDYDR
TXDQGRQDGDRGHYLDSUHRFXSDU1DVXDPHQWHQHXUyWLFDKDYLD
VRIULPHQWRTXHQmRVHHVSHOKDYDXPVRIULPHQWRTXHQmRVHSRGH
FRQWDUSRUTXHDDOHJULDpVHPSUHEHPYLQGD'LDQWHGDVSHVVRDV
FRPTXHPOLGDYDQRTXRWLGLDQRQmRH[SUHVVDYDRVVHQWLPHQWRV
GH IRUPD VLQFHUD 3HQVDYD VR]LQKR VREUH HVVDV SHVVRDV
DQWHFLSDGDPHQWHRTXHGHYHULDGL]HU 1DVXDPHQWHDVFRLVDV
GHVFLDPHGHVILODYDPOHQWDHYDJDURVDPHQWH1mRYDOLDDSHQD
UHDJLU 3RGLD HVWDU QRXWUR OXJDU ORQJH YLYHQGR XPD YLGD
FRPSOHWDPHQWH GLIHUHQWH 0DV QmR YDOLD D SHQD SHQVDU DVVLP
'RVH[RFRPDPL~GDSDVVRXDLQWHOHFWXDOL]Do}HVDHVSHUDQoDV
GHID]HUXPDYLDJHPDWpORQJH7LQKDVDXGDGHVGHHVWDUVR]LQKR
QDFDVDGRVSDLVQDTXHODWDUGHGH2XWRQRSHQVDWLYRHVWDYDQD
FRPSQKLDGRVXDQLPDOGHHVWLPDomR'HOHYHSHQVDYDWDPEpP
HP DUUDQMDU DUWLItFLRV H FRQWDU KLVWyULDV GH SHUVRQDJHQV FRPR
-~OLR9HUQHQRVHXSHTXHQRHVSDoRGHLPDJLQDomR(VWDYDSHUWR
GHFRQVHJXLUXPHVWDGRGHDOPDHPTXHDVHUHQLGDGHLQYDGLVVHD

VXDPHQWH8PWHOHIRPHDOHUWRXRSDUDRHVWDGRHPTXHHVWDYD
(VVHHVWDGR$VMDQHODVHVWDYDPVXMDVH5RVLHEULQFDYDOiIRUD
SHQVDYDHPSUHSDUDUXPDSiJLQDGHLQWHUQHWTXHYHUVDVVHRWHPD
GDDQWURSRORJLDSUDHQWUDUHPFRQWDFWRFRPSHVVRDV3HVVRDVjV
YH]HVFRPRQDTXHODWDUGHRPXQGRHUDEDQDO6HPSUHDVPHVPDV
SHVVRDV TXH QmR FRQKHFLD VHPSUH RV PHVPRV ULWRV 6HQWLVH
DSULVLRQDGR QXP PXQGR TXH QmR VH PRGLILFDULD WmR FHGR
&RQWXGR KDYLD XPD THTXHQD IHOLFLGDGH HP JHVWRV HP
SHQVDPHQWRVHPFRLVDVTXHVXUJLDPGHQWURGRODU'LUVHLDTXH
HUD XP PRQJH VHP FRPXQLGDGH PDV GH PRQJH QDGD WLQKD
VREUHWXGR RV SHQVDPHQWRV +DYLD TXDOTXHU FRLVD FRPR XPD
FDOPDUHOLJLRVDTXHKDYLDSHUGLGR$P~VLFDGH(ULN6DWLHHUDR
pFUmGHIXQGRGHDOJXPDPHODQFROLDHQTXDQWRRVHXFRPSDQKHLUR
GHFDVDWUDEDOKDYDDLQGDSHQVDQGRQDKLSyWHVHGHPXGDUGHFDVD
-RmR3DXOR6DQWRVRSLDQLVWDHVWDYDDOLSUHVHQWHSUHWHQGHQGR
WHUPDLVFDOPDTXHRRXYLQWH1LQJXpPLQYHMDYDDYLGDGDTXHOH
VHUWRWDOPHQWHGHSHQGHQWHGHVLSUySULRSDUDID]HUGDVXDYLGD
DOJR~WLO2VYLGHRVSRUQRJUiILFRVHVWDYDPQDSUDWHOHLUDQDORMD
GHYtGHR0DVHVWDYDPjHVSHUDGHDOJXpPPDLVSHUWXUEDGR3DUD
7LDJRTXHGHL[DUDH[SHGLURVHXVH[RQDQRLWHDQWHULRUSRXFD
FRLVD LQWHUHVVDYD H DV VXDV LQYHVWLJDo}HV QmR HUDP R PDLV
LPSRUWDQWH -i HUD H KDYLD VLGR XP DFWRU FKHLR GH FRQIOLWRV
LQWHULRUHV,PSRUWDYDDJRUDQmRUHSHWLUHUURVGRSDVVDGR(UURV
HDVXDYLGDFDPLQKDYDDWUiVGDVFRVWDVFRPRXPIDUGRFDGDYH]
PHQRVFRPRXPIDUGRQDGDDFRQWHFLDSRUDFDVR3RXFDFRLVD
DFRQWHFLDQDYHUGDGH(UDWHPSRGHHVSHUDU&DGDPRPHQWRHUD
LPSRUWDQWH1mRTXHULDPDLVVHUGRQDGHFDVDQHPIDODUFRPR
DVYHOKRWDVGREDLUURTXHWrPXPDDWLWXGHKRUL]RQWDOQDVVXDV
SDODYUDVQHPFRPRXPDFWRUTXHROKDVHPSUHHPIUHQWH(UD
WHPSR GH VHU HOH SUySULR HP FDGR PRPHQWR HP FDGD
SHQVDPHQWR7DUGDYDDYLVLWDGHDOJXpPLPSRUWDQWHDVXDFDVD
7DOYH] HVWLYHVVH QR IXQGR DLQGD SUHRFXSDGR 2X j VXSHUItFLH
DSHQDVQmRVHVDEH1DTXHOHViEDGRDVIROKDVYRDYDPSHUWRGR

FKmRGRSiWHR&RPRVHULDRPXQGROiIRUD"(RTXHHUDIHLWRGR
LQILQLWRTXHSUHVVHQWLUDKiGLDV9ROWDULDDVHQWLUHVVDVHQVDomR
QRVSUy[LPRVGLDV"

75,67(=$

7UrVGLDVIHFKDGRHPFDVD7XGRSRGHDFRQWHFHU$TXLQmR
VHWUDWDGR%LJ%URWKHUQmRKiRXWUDVSHVVRDV+iXPPHGR
SHQVDPHQWRV YiULRV XPD FRPSDQKLD LUUHTXLHWD HP IRUPD GH
FDGHOD 2 DPDQKmp LQFHUWR 2 PHQLQR p GHRXUR QmR IDoDP
FDVRpSHTXHQLQR4XDQWRVVRQKRVDTXLVHID]HPHGHVID]HP
(VSHUDPRVSDFLHQWHPHQWHTXHDPHQWHPXGHGHFRUSDUDXP
D]XOGHSD]RXXPYHUPHOKRGHDFWLYLGDGHRXSDUDXPDPDUHOR
GHDOHJULD/RQJHGHWXGRHGHWRGRVDSHVDUGHWXGRRXYHPVHDV
QRWtFLDVHRPXQGRFRQWLQXDFRPVXDVJXHUUDVFRPSROtWLFDH
DFRQWHFLPHQWRV GHVSRUWLYRV (VSHUDPRV TXH D PHQWH SURFXUH
PDLVIXQGRPRWLYDo}HV(VSHUDPRVSRUDOJRTXHQXQFDFKHJD
$VFRLVDVVLPSOHVPHQWHDFRQWHFHPHQmRDGLDQWDFULDUXPFHQiULR
GLYLQR SDUD FDLU GR FpX DEDL[R SDUD DV SURIXQGH]DV GD WHUUD
*RVWDUtDPRVGHWHUHVSHUDQoDSDUDDTXLDUHODWDUHPIRUPDGH
KLVWyULD3RUpPXPDVyKLVWyULDKiKRMHHpGUDPiWLFDVmRRV
SDVVRVGHXPVHUKXPDQKRSHODVUXDVLQTXLHWRFRPRFpUHEUR
GLYLGLGRHPYiULRVLQWHUHVVHVTXHVHMXOJDLQFHQFtYHOHQmRDFHLWD
DVROLGmRTXHVHMXOJDYXOJDUHVHPFRQW~GRSDUDGDUDRVRXWURV
VySRUTXHWHPXPDIUDTXH]DKXPDQDTXHQRXWUDVFLUFXQVWkQFLDV
VHULD SHUPLWLGDH SHUGRDGDD TXDOTXHUMRYHP $YLGD IRJHOKH
SRUHQWUHRVGHGRVHGLJROKHLVWRFRPYR]VHUHQDQmRSDUDTXH
HOHHVSHUDXPDUHVVXUUHLomRXPDUHDELOLWDomRPLUDFXORVD1mR
RV GLDV VmR GLItFHLV 6REUHWXGR SRUTXH QmRVH MRJDQHVWH MRJR
FRPRFRUDomRPDVFRPDPHQWH(DPHQWHPHQWH(VWDULDKRMH
HP GLIHUHQWHV VLWXDo}HV HVWH MRYHP D TXH FKDPDPRV 9HQWXUD
0DV HVWi QXPD VLWXDomR GLVWLQWD WDOYH] GH QRYR SURQWR SDUD

FRPHoDUMiTXHQmRFRQVHJXHYLVOXPEUDUHPILRFRQWtQXRQDV
VXDVDFo}HVHSHQVDPHQWRV'HSRLVXPDIpTXHRQmRDQLPD
PDVTXHRDEDWHHFRQIXQGH7DOYH]WHQKDFRPSUHHQGLGRPDOD
PHQVDJHP3RULVVRHPSHTXHQRID]LDRTXHOKHDSHWHFLDHTXDQGR
REHGHFLDDRVSDLVHUDFRQWUDULDGR1mRFRQFRUDGDYD7mROLYUH
TXLV VHU TXH DFDERX DSULVLRQDGR HP VL PHVPR ( DVVLP
HQVLPHVPDGRYLYHFRQWDQGRTXHVyDVXDVLWXDomROKHLQWHUHVVD
TXDQGR QmR VH WUDWD GH VLWXDomR QHQKXPD QmR Ki SUREOHPD
QHQKXP&ODURTXH QmRKiXPPXOKHUQD YLGDGHVWHKRPHP
QHPKDYHUiQHPTXHPRGLILTXHRVHXFRPSRUWDPHQWR1mRKi
WDPEpPXPILOKRRXGHVFHQGrQFLDQDVPmRVGHVWHKRPHP(
QmROKHGLJRLVWRGHQRYRHPYR]VHUHQDSDUDTXHIDoDVHQWLU
SHQD DRV RXWURV $ SHQD QXQFD GHX GH FRPHU D QLQJXpP 2
FHUWRpTXH9HQWXUDSUHWHULXGHVHMRVHLQWHUHVVHVHDOLPHQWDVH
KRMHGHXPSDODYUHDGRtQWLPRTXHQLQJXpPRXYH0HVPRTXH
RXYLVVHVHULDGDGRFRPRWmRGLVVRQDQWHGRTXHpKRMHRPXQGR
TXHPDLVGHVORFDGRDLQGDVHVHQWLULD(QmRDGLDQWDULDLQYHQWDU
GHVFXOSDVSDUDRVSUy[LPRVGLDV$VXDVDJDVHULDFRPSUHHQGLGD
XPGLDSRUDOJXpPFRPSOHWDPHQWHGLIHUHQWH4XHQmRWLYHVVH
SHQD$SHQDVYLVVHDVVXDVSDODYUDVFRPRXPDP~VLFDTXHQRV
DMXGDDUHFRQFLOLDUPRQRVFRQQRVFRFRPRVVHUHVHDVIRUPDV
TXHDVVXPLPRVQXPDKLVWyULDGHPHORGLDEDL[DHEHOD$VDX
LPDJpWLFDHRVVHXVYDORUHVGHEDWLDPVHGHQWURGRVHXVHUQXPD
JXHUUD TXH SDUHFLD LQWHUPLQiYHO&RQVHJXLULD YLYHU DOKHDGR GD
UHOLJLmRGDSROtWLFRGRVLVPRVTXHSDUHFLDPFRQGX]LUDPDVVD
DPRUIDKXPDQDSRUDtDGLDQWH"


6(07Ì78/2

eFODURTXHRVDFRQWHFLPHQWRVVHUYHPjOLWHUDFLDSDUDHIHFWXDU
UHJLVWRPDLVRXPHQRVVXEMHFWLYRVVREUHRTXHWHPSDUDUHSRUWDU
)DFWRV VmRIDFWRV H DOLWHUDWXUD YLYHGH IDFWRV 2UDD ILORVRILD
YLYHWDPEpPGHIDFWRV0DVWDOYH]PHQRVTXHDOLWHUDWXUD'H
XPODGRRXYLPRVXPDVFRLVDVGHSRLVGHXPDSDXVDSDUDFDIpGH
RXWURRXYLPRVRXWUDVWRWDOPHQWHGLVWLQWDV2SX]]OHDRUJDQL]DU
WHPTXHFRQWDUFRPDDMXGDGRVRXWURV6HHVWDPRVIHFKDGRVH
QmRVRXEHUPRVXOWUDSDVVDUDGRUGRQRVVR(XHVWDPVRPDOQR
PXQGR6HFRQYLYHUFRPRVRXWURVQRVFXVWDHGiGRUGHFDEHoD
HQWmRpSRUTXHDOJRHVWiHUUDGRHQmRpVyRSDVVDGReXPD
DWLWXGHHPGLUHFomRDRIXWXURRTXHHVWiHPFDXVD1DPLQKD
H[SHULrQFLDFRPRSURIHVVRUGHJHRJUDILDWLYHHVWDLOXVmRGHFKHJDU
DWRGRVGHVHUSHUIHLWRLPSDUFLDOMXVWRFRPSDVVLYR1RHQWDQWR
DFDEHLSRUPHSHUGHU*RVWDULDXPGLDGHWUDEDOKDUFRPJUXSRV
PDLVSHTXHQRVGHMRYHQVRXPHQRVMRYHQV&RQYpPTXHWHQKD
XPHTXLOtEULRHDVFRLVDVTXHWHQKRHPPHQWHID]HU TXHMiIRUDP
PXLWDV QmRFDLDPDRFKmRGLDVGHSRLV3RUH[HPSORQmRGHYHULD
HVWDUIXPDQGRKRMHQHPQXQFDQRTXDUWRPDVIDoRRSRUDPRU
jHVFULWDPHVPRTXHPHFXVWHOHYDQWDUDPDQKmFHGR6HLTXH
VRXGLItFLOGHHQTXDGUDURVPHXVSURSyVLWRVSDUDXPDYLGDSUiWLFD
$PLQKDLUPmWHPPHDMXGDGRLPHQVRHRPHOKRUGRTXHHVFUHYHU
VHUiGHGLFDGRDHOHSRLVMXQWDPHQWHFRPDPLQKDPmHHRPHX
FXQKDGRFRQWLQXDPDDMXGDUPHPDWHULDOPHQWHSDUDID]HUIDFH
DGHVSHVDVGHFRQGRPtQLRHRXWUDVGDFDVD2WHDWURYDLDEDL[R
SDUHFHPH(VFUHYHUpPDLVLQGLFDGRSDUDPLPHRGRPtQLRGDV
HPRo}HVQmRpRPHXIRUWH'HTXDOTXHUPRGRVLQWRTXHHVWRX
DSHUGHUDOJRGHLPSRUWDQWHPDVQmRSRVVRDWHQGHUSDUDMiD
WXGR$YLGDWHPDVVLPDOWRVHEDL[RV

/LXPSRXFRGH3DEOR1HUXGDTXHSHJXHLQDELEOLRWHFDRQGH
WUDEDOKR D PHPyULDV µ&RQIHVVR TXH 9LYLµ /HPEURPH FRP
DIHFWRGRILOPH´2&DUWHLURGH3DEOR1HUXGDµTXHIXLYHUFRPD
PLQKDLUPmQRVVHXVWHPSRVGHHVWXGDQWHHP/LVERD

'~YLGDVH'tYLGDV

&RPTXDWURPRHGDVFRPSUHLXPPDoRGHWDEDFR&RPXPD
PRHGDXPFDULRFDGHFDIpHVREURXPHGLQKHLUR'HLXPDPRHGD
DRPHXSHGLQWHGRVFRVWXPH8PDPRHGDILFRXQREROVRSRU
GDUjVHQKRUDTXHMD]LDQRFKmRFRPXPDIHULGDQDSHUQD&RP
XPDPRHGDFRPLGRLVERORVHXPJDOmR9LUHLD~OWLPDPRHGD
TXHWLQKDHVHQWLDVHHQWUHRVGHGRVFRPRXPPHWDOSUHFLRVRGR
WLSRPDJLDGH0DUFHO0DXVV&RPHVWDPRHGDIDoRLQYHUWHURV
KiELWRVGHFRQVXPRHGRXYDORUjTXLORTXHVHGHYHGDUYDORU
8PD PRHGD ODQoDGDHP FULDQoD jV jJXDV GDVJUXWDV GH 6DQWR
$QWyQLRHP0LUDG·$LUHeDVVLPTXHRPHXGHVHMRGHXPDYLGD
QRUPDOVHPDQLIHVWD$FRQWDELOLGDGHWHPPXLWRDYHUFRPHVWD
FRLVD GH VDEHU YLYHU D YLGD ( FRQWLQXDUmR D FDLU PRHGDV QDV
FDL[DVGDVDOPDVGDVLJUHMDVHFDSHODV"2VULFRVTXHSDJXHPD
FULVH­VYH]HVJRVWRGHVHUGR%HQILFDGHFRPXQLFDUQRVPHVPRV
WHUPRV GH TXHP Or R &RUUHLR GD 0DQKm 0HVPR DVVLP KRMH
YLVOXPEUHLTXHHVWDpSRFDTXHHVWDPRVYLYHQGRVHUiHVTXHFLGD
TXDQGRRIXWXURYLHU(VWDPRVLPHUVRVQRSUHVHQWH1RJUXSR
GHWHDWURDVFRLVDVYmRFRUUHQGREHPHPERUDHVWHMDDID]HUXP
HVIRUoRHQRUPHSDUDPRVWUDURVPHXVVHQWLPHQWRVjVYH]HVKi
PDOHV TXH YrP SRU EHP PDV FRQYpP QmR HPEDUFDU HP
HQWXVLDVPRVHVWpUHLV0XLWRGLVVRWHQKRHXH[SHULPHQWDGRQHVWHV
GHQVRV~OWLPRVDQRV0DVYROWDQGRjVPRHGDV$VPRHGDVGRV
DUUXPDGRUHV2PHXORZSURILOHQRFXUVRGHH[SUHVVmRGUDPiWLFD


'(67,12

&DQVDGRTXDQGRPHOHYDQWR2VRXWURVPXQGRVHVWmRIHFKDGRV
DPLP 1mRKi LQVSLUDomRQHP XPOXJDU RQGHPH VLQWDEHP
IRUDGHFDVD0HVPRGHQWURGHFDVDRPHXHVStULWRYRDGHXP
OXJDUSDUDRRXWURHIL[DVHQDFDPD7HQWRYHUDVFRLVDVDORQJR
SUD]R 7HQKR  DQRV H HVWRX FDQVDGR 7RGDYLD WHQKR GH
FRQWLQXDU$PDQKmGHSRLVPDLVWDUGHQmRSRVVRGHVLVWLUPHVPR
TXHDSHQDV RPHXFRUSRHVWHMD SUHVHQWHQRVOXJDUHV %HPVHL
TXHQmRPHHVSHUDXPFDPLQKRGHVXFHVVReWDUGHMiSDUDLVVR
7DUGH SDUD WHU HQWXVLDVPR (VWRX GL]HQGR D YHUGDGH 2 PHX
FRUDomRQmRIDOD'HLDSDODYUDDRPHXSHQVDPHQWRHHOHWUDtX
PH WRGRVRV GLDV2 VROHVWi GLVIDUoDGRGH XPDFRU HVWUDQKD
FRPRVHIRVVHPDGUXJDGD7DOYH]HVWHMDGHPDVLDGRFHQWUDGRHP
PLPPHVPRHQRVPHXVGLWRVSUREOHPDV7XGRLVWRpSDOKDTXH
RYHQWROHYD0DVRKiELWRQmRpIiFLOGHVHUOHYDGRSHORYHQWR
$PDQKmFRPHoDXPFRQJUHVVRGHHVWXGDQWHVGHDQWURSRORJLD
&RQVLGHURPHDLQGDXPHVWXGDQWHeFHUWRTXHQmRLUHLGHYLGR
DRFXUVRTXHPHRFXSDDVPDQKmV+iDOX]SDUDSDJDUDjJXDR
JiV R WHOHIRQH GD LQWHUQHW TXHWHP VLGR XP GRV PHXV YtFLRV
7HQKR FRQVFLrQFLD GHVWH SHVVLPLVPR 7DOYH] HVWHMD PRUUHQGR
DRVSRXFRVGHPRUWHFHUHEUDOXPDPRUWHHVWUDQKD7DOYH]FRP
DPLQKD YLGD WHQKD LQYHQWDGR XPD RULJLQDO IRUPD GH DUWH GH
PRUUHU ( QmR SHoR DMXGD SRUTXH WDOYH] WHQKD HVSHUDQoD GH
FRQWLQXDUDVVLPVR]LQKRDWpTXHDOJXpPPHHQFRQWUHMD]HQGR
FRPRWHPSRQDOJXPOXJDU6HUiWDUGHGHPDLVGHVWDYH]"


9(1785$

9HQWXUDGLULJLDVHHQWXVLDVPDGRSDUDRVHXWUDEDOKR3HQVDUD
GLDVDILRQRTXHKDYHULDGHGL]HUDRSDWUmRVREUHDTXHOHSURMHFWR
HVSHFLDOTXHWLQKDXPVLJQLILFDGR~QLFRSDUDHOH7HULDGHID]HU
XPDLQYHUVmRQDVXDURWDQRVVHXVSHQVDPHQWRV(OHHUDRTXH
SHQVDYD2VVHQWLPHQWRVQmRWLQKDPOXJDUQDVXDYLGD2VHX
FRUDomR HUD GH SHGUD 1R HQWDQWR ID]LD FRLVDV SDUD GHSHQGHU
GRVRXWURVHGHSHQGLDGHIDFWR$WpDOLQmRWLQKDDVVXPLGRDV
VXDVSRVLo}HVSURWHVWDGRSRURSDWUmROKHSDJDUSRXFR1DGD
QDGDRXYLDTXHIL]HVVHSURJUHGLUDVXDYLGDHPWHUPRVGHEHQV
PDWHULDLV 3DUHFLD UHFXDU DR LQYpV SDUD GRPtQLRV TXH QmR
FRQKHFLDTXHQmROKHHUDPIDPLOLDUHVHFRPRVTXDLVWLQKDGHVH
GDUWRGRVRVGLDV2GLDYDDOLWHUDWXUDPDVDVXDYLGDHUDXPVHP
ILPGHSHQVDPHQWRVWRUPHQWRVRVTXHHUDPWXGRPHQRVOLWHUDWXUD
6HULDPGRHQoD"6HULDHOHXPDGHVVDVSHVVRDVTXHHVWiFRQGHQDGD
jSDUWLGDDRHVTXHFLPHQWR"(GDVTXHYLYHPYLGDVVLOHQFLRVDVH
FKHLDVGHVDEHGRULD"7DOHY]HVVDVYLGDVIRVVHPXPDLQYHQomRGD
VXDFDEHoDWDOYH]QmRH[L[WLVVHPPHVPR7DOYH]HOHPHVPRQmR
H[LVWLVVH(IRVVHQHFHVViULRFRPHoDUFDGDFRLVDGHQRYR3RLV
QHVVDWDUGHQmRDYLVRXTXHLULD1HPTXHQmRLULD1RVHXTXDUWR
HVFXURRXYLDVHXPDPHORGLDGH1LFN&DYH7HULDGHVHDJDUUDUD
DOJXPDFRLVDSDUDUHVLVWLUWDOYH]DWUDQVLWRULHGDGHGDYLGDHGRV
GLDV7DOYH]LVVRDEUDQGDVVHDVXDSHVDGDVROLGmR1DTXHODWDUGH
QmRIRL(GHLQtFLRFRPRQRGLDDQWHULRUQmRSHQVDULDRWDQWR
TXHLULDDUUHSHQGHUVHGHQmRWHULGR1mRSRGHULDSHUGRDUDVL
SUySULRRFRQIOLWRTXHVHDJLJDQWDYDGHQWURGHVL&RPRSRGHULD
DJXHQWDUWDQWRHGXUDQWHWDQWRWHPSR"7DOYH]SUHFLVDVVHXPGLD
GHVWHVGH'HXVSDUDDOJXPDFRLVDXPDFHUWDFRLVD(UDQRHQWDQWR
XPXUEDQRGHDQRV2VHXYRRHUDSODQDGRUHQWHDRFKmR

LGHQWLILFDQGRWRGRVRVREVWiFXORV1mRFRPRDYHGHUDSLQDTXH
YrGRFLPRDVVXDVYtWLPDV(OHHVWDYDFRQGHQDGRDYRDUUDVDQWH
D TXDOTXHU FRLVD 6H EDWHVVH DOJXpP VDEHULD XP GLD SRUTXr"
(VWDULDRVHJUHGRQDOJXPDFDL[DQHJUDRQGHDVSDODYUDVUHYHODULDP
WDUGH GHPDLV DV VXDV PRWLYDo}HV 1mR HUD XP VHU GH WRGR
LQWHUHVVDQWH3HUGHUDRLQWHUHVVHFRPRVHUKXPDQRQRVLQ~PHURV
ILOPHVSRUQRTXHYLUD3HUGHUDDV IRUoDV1RHQWDQWRWHULDGH
FRQWLQXDUQDTXHOHWUDEDOKR1mRKDYLDRXWURGHPRPHQWR6DELD
TXHWLQKDEDL[DGRRVEUDoRVDTXDOTXHUFRLVDIDOWDQGRjUHXQLmR
QDTXHOHGLD8PSRXFRGRVHXSDVVDGRSHUGHUDVH8PSRXFRD
VXDHVSHUDQoDXPSRXFRGRWHPSR

63(5$1=$

2PHXLQWHUORFXWRUQmRpXPORFXWRUTXDOTXHUGDTXHOHVTXH
FRQKHFLHVHPDWDUDPQDOLQKDGHFRPERLR5HJUHVVRDRSDVVDGR
FRPDSHUGLomRGHTXHVXVWHQWDXPDSRVLomRGLItFLOHQVDLDQGR
YRRVGLIHUHQWHVGRQGHSRVVDYLVOXPEUDURPHX(XRFXSDGRQD
FDVDGHEDQKRRXQDFR]LQKD8PDPRUDGDQRUPDOPHQWHQmRVH
HVTXHoHDQmRVHUTXHYHQKDQD,QWHUQHWTXHQmRYHP(VWDPRV
HVFUHYHQGR WX H HX DR PHVPR WHPSR HX FRP R DU SRXFR
HVWRXYDGR GH SRUWXJXrV FRP VDQJXH HVSDQKRO H QDVFLGR HP
)UDQoD$SUHVHQWRPHVHTXLVHUHV'LJRDOJXPDVSDODYUDVTXH
GHILQHP R PHX SHUFXUVR HGXFDFLRQDO H FLHQWtILFR 1mR SRVVR
GL]HUTXHGHKRMHHPGLDQWHLUHLID]HUVyLVWRHVyDTXLORTXH
ILFDUHL FRQKHFLGR SRU WHU HVWXGDGR XP GHWHUPLQDGR UDPR GR
VDEHU+iDtXPDOLEHUGDGHjVROWDHPTXHTXHURHPEDUFDU(VVD
VHQVDomRVHQWLPRODSRXFDVYH]HVHTXHUHPRVTXHGXUHFRPR
XP RUJDVPR PDLV WHPSR FRP PDLV LQWHQVLGDGH 2 PHX
LQWHUORFXWRU pV WX H HX DSUHVHQWRPH 1mR HVWXGR XPD
DQWURSRORJLD GDV DUWHV QHPXPD DQWURSRORJLD6HL TXH Mi QmR
VRXGDGRDFRQLYrQFLDVDFDGpPLFDVHDFKRTXHDPDGXUHFLSRU

LVVR2SWHLSHORPXQGRSRUPDLVSUHMXt]RVTXHLVVRPHWURX[HVVH
2SWHLSRUQmRVHUUHOLJLRVRSRUTXHGRPHXSRQWRGHYLVWDD
PLQKD PHQWH QmR VH HQFHUUD HP TXDWUR SDUHGHV QHP QXPD
FRPXQLGDGHGHLUPmRV4XLVHUDHXTXHIRVVHDVVLP9LYHUpGLItFLO
GLJRWH9LYHUpRLQILQLWRTXHWRGRVSURFXUDPRV(RWHPSRGH
TXHGLVSRPRVpEUHYHSDUDFRQKHFHUHVVHLQILQLWR5HWLGRQDLOKD
GH6SHUDQ]DFRQVWUXRRPHXGLiULRSHGDFLWRDSyVSHGDFLWRGH
FDUQHGHYHDGRTXHFRPRTXHFRPSUHLDOLQRVXSHUPHUFDGRGR
PDLVEDUDWR 2 PHX LQWHUORFXWRU SRGH VHU R PHX FDQLQR TXH
UHSRXVDQDVDODGRVRIpRXSRGHVVHUWXTXHPHGHVHMDVDJRUD
TXHSDUWLSDUDRXWURVOXJDUHVe GLItFLOQRPXQGRGHKRMHQR
KRUUtILFRPXQGRDFWXDOWHUDPHQWHUHSRXVDGDHPDOJXPOXJDU
7RGDDJHQWHTXHUID]HUDOJRSDUDVHUFRQKHFLGRSHQVRHXQR
PHX FRQWH[WR GH DOGHmR FRQYHUWLGR jV DQGDQoDV GRV SDVVHLRV
FDOFHWDGRVGDFLGDGHGH/LVERD'L]HVPHTXHQmRYDLVUHSRXVDU
HQTXDQWRQmRWHVHQWLUHVEHPFRQWLJRSUySULDGL]HVPHTXHHVWiV
GRHQWHSRUTXHSHQVDVTXHWHQVDOJXPDFRLVDQDFHEoDHWHQVGH
LQHYHQWDUDOJRSDUDTXHWHROKHPFRPPHQRVSUH]RXPDDWHQomR
HVWUDQKDTXHGHVHMDV$MRUQDDFDEVHFRPXP~OWLPRFLJDUURH
HVWiVQXPDLOKDRQGHQmRGHYHVQDGDDQLQJXpPHWRGRVWHGHYHP
RSRUWXQLGDGHVSDUDPRVWUDUHVDWLSUySULRTXHVDEHVVHUDOHJUHH
TXHRV~OWLPRVDQRVWrPVLGRSXUDLQYHQomRHTXHXPGLDGHVWHV
LUiVHQFRQWUDUXPDEUHFKDQDWXDPHQWHTXHWHFRQGX]LUiDXP
r[WDVHUHWHPSHUDGRU$tIL[DUiVXPSRQWRHGHVHMDUiVWHUHVWDGR
OiSHUWREHPSHUWRGHFRQVHJXLUDOJXPDFRLVD0DLVGHVHMDUiV
QmR WHU VHTXHU WHQWDGR SRUTXH R SUHoR GD PHUFDGRULD IRL
GHPDVLDGR SDUD D WXD EROVD 3RGHUiV DXGIHULU GH UHQGLPHQWRV
IL[RVSDUDWHGHGLFDUHVjTXLORTXHpVXSpUIOXRHPDLVGHVHMDUiVD
YLGD QRUPDO TXH WHQV DJRUD QHVWH PRPHQWR HP TXH PH OrV
SRUTXHWXGRpSDVVDJHLURQDRQGHUHIXOJDQWHGHXPDDVWURORJLD
GHXPDUHYLVWDIHPLQLQD$VGRUHVIDUmRVHQWLGRRFDQVDoRGD
PDQKmIDUiXPGLDVHQWLGRTXDQGRDFRUGDUHVQDIHOLFLGDGHGH
VWDUHVSHUWRGHWLPHVPRHQWmRSRGHUiVIDODUSRGHUiVFRQYHUVDU

WRFDURVREMHFWRVTXHWHDSHWHoDPVHPODYDUHVDVPmRVPDLVH
PDLVXPDYH]7XGRVHUiOLPSRQDWXDFDEHoDHDVFRUHVHVWDUmR
GLDQWHGHWLGHQWURGHWLLOXPLQDQGRRWHXURVWRDSDUWLUGHGHQWUR
VHP FHVVDU QXP PRYLPHQWR FRPSDUiYHO DR GRV VDQWRV TXH
SHQVDPLQFRQVFLHQWHPHQWHQRXWUDVYLGDV1mRVHUiSHFDGRFRPHU
RIUXWRGDVjUYRUHVWHPSRUmV1mRVHUiSHFDGRVHUHVWXSUySULR

(09(='((6&5(9(5

9DLGDtSHQVRQDKLSyWHVHVGHSRGHUWHUVXFHVVRQXPDYLGD
HPTXHVRXYtWLPDGRPHXSHQVDPHQWReHVWUDQKRFRPRQRV
UHODFLRQDPRV FRP DV SHVVRDV H QmR GL]HPRV R TXH
YHUGDGHLUDPHQWHSHQVDPRV$YLGDpFKDWDKiTXHGL]rORFRP
IURQWDOLGDGH2TXHLPSRUWDpRTXHVHSDVVDGHQWURGRFRUDomR
RQGHWHPRVVDQJXHSROSDGHWRPDWHPDLVRXWUDVFRLVDV&RPSUR
GRLV RX WUrV OLYURV D VDOGR H VROGR H YHMR FRPR D OLWHUDWXUD p
FKDWDePDLVXPDRFXSDomRDMXQWDUjVRXWUDVjVDFWLYLGDGHVGR
KRPHP'HUHSHQWHILFRVHPUHWyULFDHYHMRFRPRHVWRXVLWXDGR
QHVWD YLGD GH PHUGD 2V DFRQWHFLPHQWRV GRV PHXV GLDV VmR
HVWUDQKRV+iTXDOTXHUFRLVDTXHPHIRJHGDPmR2LoRRPHVPR
GLVWRGHKiWHPSRHVLQWRXPDVDXGDGHHQRUPHGHYLYHUHGH
FRPSDQKLD $PDQKm XP GLD WXGR SRGHUi VHU GLIHUHQWH 2
SUREOHPDpTXHHXQmRDFUHGLWR$K3RUTXHVHHXDFUHGLWDVVH
QDGDPHSRGHULDWHUDYLGDVHULDSHUIHLWDHXYHODULDFRPGHGLFDomR
H[WUHPDSRUDTXHOHVTXHDPR1mRIDORGHYHODUHPYHOyULR)DOR
HPID]HUWXGRSDUDTXHDVFRLVDVFRUUHUPEHPQmRQRVOLPLWDUPRV
DDFHLWDUTXHDYLGDWHPERQVHPDXVPRPHQWRV0DVQmRDYLGD
WHPERQVHPDXVPRPHQWRVHWHQKRSHQDGHQmRVHUDSHVVRD
TXHDTXLGHVFUHYR'HUHVWRRPHXWUDEDOKRQmRpOLWHUDWXUD$
OLWHUDWXUDpRXWURHVTXHPDpXPDFRQVWUXomRREHGHFHDUHJUDV
1mRIDORMiGDFLrQFLD1mRPHPHWRQDTXLORTXHMiSHUGL7XGR
LVVRSHUWHQFHDRSDVVDGR/HQWDPHQWHGHSRLVGHWHQWDUGHVOLJDU

PH GRV PHXV SHQVDPHQWRV LQWUXVLYRV FRP DFWLYLGDGH QD UXD
YROWR D PLP PHVPR FRP DOJXPD VHUHQLGDGH &RQWLQXR FRP
PHGR QmR VRX DTXLOR TXH JRVWDULD GH VHU QmR PRVWUR R TXH
YDOKRFRPRPHSHGHDPLQKDPmH1RHQWDQWRDLQGDVRXXP
YHQFHGRU SRLV TXDQGR D QRLWH FDL ILFR Vy FRP RV PHXV
SHQVDPHQWRV$tVRXGRQRGRPXQGRHLVVRMDPDLVVHSRGHWLUDU
DXPKRPHP(YRXDQGDUPDLVGLDVFRPLVWRQDFHEoDRXYRX
GHVID]HUGLVWRSRUDOJXPWHPSRHVLQWRTXHYDLYROWDUDSUHRFXSDU
PH 1mR SRVVR HYLWDU 4XH LPSRUWD VH QmR FRQKHoR RXWURV
PXQGRVVHQmRPHFRQKHoRDPLP",VWRDWRUPHQWDPH3RULVVR
pTXHGLJRTXHSRGHULDID]HUPXLWDFRLVDHPYH]GHHVFUHYHU

$9(1785$

9HQWXUDGHYHULDHVWDUMiDGRUPHFLGRGHSRLVGHRXYLUXPD
YR]HVHGHVHDXWRFRQYHQFHUGHTXHWHPGHVHUSUiWLFRHPIDYRU
D YLGD VHPDGELFDU GD VXD DWLWXGH FRQWHPSODWLYDHP UHODomR j
YLGD'HDOJXPPRGR9HQWXUDWLQKDGHDVVHJXUDURVHXVXVWHQWR
1mR WLQKD PHVPR GH DVVHJXUDU R VHX VXVWHQWR FRQWURODU DV
REVHVV}HVIXPDURVXILFLHQWHVXVWHUVHQREXOtFLRGDFLGDGHYLYHU
VREWHQVmRSRUILPFRQVHJXLUXPDPXOKHU(OHHVWDYDFRQVFLHQWH
GRVVHXVOLPLWHVPDVVDELDTXHSRGLDXVDUGDVXDOLEHUGDGH8VDU
PDV QmR DEXVDU 2V VRQKRV HUDP GH VHJUHGRV LQFRQIHVViYHLV
SUHFLVDYDGHPXLWDFRLVDWLQKDPXLWDFRLVDSDUDID]HU1RHQWDQWR
DOJRGHHVWUDQKRRSHUWXUEDYDHHVVDREULJDomRGHGHVFHQWUDUD
VXD DWHQomR SDUD R PDLV ~WLO DIOLJLDR GHYHUDV D WRGRV RV
PRHPQWRV +DYLD XP GLD TXH WXGR SRGHULD PXGDU (VWDYD Mi
PXGDQGRSRUGHQWUR7XGRGHSHQGLDGDVSDODYUDVTXHGL]LDRX
FDODYD1RIXQGREHPDRFRQWUiULRGHVHXSDLFXMDFDUDFWHUL]DomR
IDUHPRVDGLDQWHHVWDYDGHSHQGHQWHGRVHXFpUHEUREUXWDOPHQWH
SDUDOHYDUXPDYLGDGHVDIRJDGD1RVHXtQWLPRTXDQGRGLVWUDtGR

SHUPLWLDVH VHU IHOL] H D VXD LGHQWLGDGH QLQJXpP OKD SRGHULD
URXEDU-XQWRGRVVHXVLUPmRVVHQWLDVHHOHSUySULRHPERUDFRP
DLUPmIRVVHGLIHUHQWH(ODWLQKDOKHGDGRWXGRPHQRVXPILOKR
1mR SRGLD WHUFDVDGR FRP HOH H DJRUD HVWDYDFDVDGD FRP XP
KRPHPTXHOKHGDULDXPILOKRHPEUHYH6HULDPDLVXPVREULQKR
(UDP HVWHV RV DFRQWHFLPHQWRV RV IDFWRV GD YLGD GH 9HQWXUD
7XGRRUHVWRHUDPSHQVDPHQWRTXHH[SUHVVDYDHPFRQYHUVDV
GH FLUFXQVWkQFLD QR kQXV TXH UHVSRQGLD jV HPRo}HV FRPR R
FRUDomRPDLVGRTXHRFRUDomRSRLVSDUHFHTXHRTXHLQWHUHVVDYD
VHULD ILFDU SHUPDQHFHU UHVWDU QR SHQVDPHQWR HP YH] GH
SURJUHGLUGHDWUDYHVVDHXPDVHOYDGHSHGUDHGHJHQWHLQGLIHUHQWH
$FLGDGHHUDRWHUUHQRGRVHXURPDQFHPDLVGRTXHGRTXHR
VHXFDPSRGHWUDEDOKR7XGRHUDGLItFLOUHVXOWDGRGHXPSURFHVVR
HODERUDGRGHGHSXUDomRPHQWDO(UDFRQYHQFLGRGHTXHHVWDYD
VR]LQKRQRVVHXVSHQVDPHQWRV(TXHVHRVSUWLOKDVVHSHUGLDP
YDORU4XDQWRWHPSRPDLVLULDDJXHQWDUDGRUGHQmRVHUFKDPGR
GH ´DPRUµ RX FRLVD SDUHFLGD p WDUHID TXH Vy R IXWXUR VDEHUi
UHVSRQGHU8PDVHGHTXHSHUGHUDQmRDEHELDHPIRQWHVS~EOLFDV
4XHULD XPD IRQWH GH MXYHQWXGH GRQGH EURWDVVHP SDODYUDV
YDJDURVDV TXH OKH DFDULFLDVVHP R FpUHEUR H GHL[DVVHP FDLU DV
FRLVDVSRUJUDYLGDGH SLVDJUDYLGDGHpXP GDGRDGTXLULGRQD
FLrQFLD/XWDYDFRQWXGRFRQWUDDJUDYLGDGHFRPRR´DUWLVWDGD
IRPHµGH.DINDVHPOXFUDUGLQKHLURFRPLVVRQHVWDVRFLHGDGH
GHGH1RYHPEURGH3X[DYDQDTXHODpSRFDGHXP~OWLPR
FLJDUUR TXH OKH GHVVH FDQVDoR SDUD GRUPLU'H WRGRV RV VHXV
IDOKDQoRVQDYLGDSUiWLFDQmRGHVHMDYDPDLVVHUFRQKHFLGR1mR
LULDULUSHUDQWHFkPDUDDOJXPD&RQWXGRFRQWLQXDYDIDVFLQDGRH
QRIXQGRWLQKDSDL[mRSRUDOJXpPTXHQmRFRQKHFLDHYLVOXPEUDUD
DHWHUQLGDGHQRPRYLPHQWRGRPXQGRGRID]HUGDVFRLVDVFDUURV
HPFLUFXODomRGHFRUUHUVLQDELWXDLVVHPiIRURVGHFRUHVGLIHUHQWHV
GDVXVXDLVFRQGXWRUHVGLYHUWLGRV7XGRRTXHHUDWXGRRTXH
IRUD HUD FRQWUD VL SUySULR TXH VH GHEDWLD QXP LQIHUQR GH
FLUFXQWkQFLDVSURFXUDQGROLYUDUVHGHJULOK}HVTXHDGYLQKDPGD

VLPSOHVSDODYUDGRVRXWURV9LVOXPEUDUDSRUILPRSHQVDPHQWR
FRQWtQXR H HVWH HVFDSDUDOKH Ki GLDV SRU FDXVD GRV ULWXDLV
&RQWXGRHVWDULDPDLVFRQVDGRVHQmRIL]HVVHRTXHIH](QHVWH
PRPHQWRDGYLQKDXPDIRUPDGHOXWDHVWUDQKDPDVFRQWtQXD2
DUWLVWDGDIRPHIXPDYDHQTXDQWRQmRFRPLDHRVHVSHFWDGRUHV
HUDPSRXFRVPDVILpV9HQWXUDROKDYDGHVRVODLRHSURGX]LDXP
IDFLHVGHTXHQmRVHOHPEUDUDGHWHUUHDOL]DGRDRHVSHOKR

5$=®2(&25$d®2

-XQWRVHVWDULDPDVDOYRGHXPPXQGRLQILQLWHVLPDO$OLSHUWR
GDODUHLUDSRGHULDPIDODUVREUHDVRXWUDVYLGDVRVPRYLPHQWRV
DWpjFDSHODDRHVSDoRGRMDUGLPEHEHUjQRLWHXPFDIpHIXPDU
XPFLJDUUR1mRKDYLDPXLWRVFOLFKpVQRODELULQWRGDVVXDVPHQWHV
QHPVHTXHUWLQKDPPHGRTXHRYHQWRYHQWLODVVHHVVHODELULQWRH
RWRUQDVVHFRPLPHQVRVHODUJRVFDPLQKRVPDVTXHSDUHFLDP
RSWLFDPHQWHHVWUHLWRVHVDtGDVPXLWDVVDtGDV/DELULQWRVHPDLV
ODELULQWRVSDODYUDVVRQVLPDJHQVHHPRo}HV$K$VHPRo}HV
$YLGDSDUHFLDVHULQMXVWDSRUTXHVHEXVFDYDDOJRGRSDVVDGRH
SRGHULDID]HUVRUULUQRIXWXUR1mRVHYLYLDRIXWXURGHVHQIUHDGR
GRVKLSHUPHUFDGRV(RVOXJDUHVTXHQXQFDYHULDPDVSHVVRDV
FRP TXHP QXQFD IDODULDP 2 XQLYHUVR GR FRQKHFLPHQWR
DFUHGLWDYDP HUD LQILQLWR QmR QR TXH ID]LDP PDV QR TXH
SHQVDYDP$PHQWH HUDXPVLVWHPDLOXVyULR GHLQILQLWXGHTXH
WUDtDRFRUDomR/iQRIXQGRXPSHTXHQRFRUDomRLPHQVDPHQWH
YHUPHOKRH YLYRGHEDWLDVHSRU SURFXUDUHPRo}HV QXPDOXWD
TXH SDUHFLD QmR WHU ILP $V SHVVRDV SDUHFLDP QmR TXHUHU DV
SDODYUDVRXDYHUGDGHGDVSDODYUDVPDVDQWHVRTXHID]LDVHQWLGR
(FRQWXGRKDYHULDXPILP


800$/(675$1+2

1RV VHXV UHWLURV KDYLD XPD LQFDSDFLGDGH SDUD FRPXQLFDU


(VWDYDPjEHLUDGDPRGHUQLGDGHjEHLUDGDVRFLHGDGHGHWRGDD
FLUFXODomRFRPRFLUFXODRVDQJXHGHQWURGDVYHLDVGHXPFRUSR
(VFXWDYDPGHSRLVTXHIRUDPSDUDRVVHXVTXDUWRVWLSRVGLIHUHQWHV
GHP~VLFD0DLVWDUGHDPmHGH%HUQDUGRFKHJRXHDSURYLVLRQRX
VH GD HPHQWD TXH HOH KDYLD IHLWR GXUDQWH D PDQKm (UD XPD
IyUPXODGHVRSDSHVVRDOXPUHTXLVLWRSDUDSDVVDUQDVSURYDVGH
DIHFWR TXH D PmH OKH ID]LD FRQVWDQWHPHQWH TXDQGR HVWDYD QD
FR]LQKD$FDVDWLQKDDOHJULD'HVHMDYDVHHVWDUQDVDODQDFDVD
GH EDQKR QD GLVSHQVD 2 DPDQKm HUD LQFHUWR SDUD R SDL GH
&OiXGLD8PPDOHVWUDQKRGHTXHVHTXHL[DYDSRUYH]HVDWUDVDYD
DVVXDVSURYDVGHGRXWRUDPHQWRHRVHXFRUSRDEDQDYDGHUDLYD
TXDQGRWLQKDGHIDODUGHVL,DILFDQGRFDGDYH]PDLVHQYROYLGR
HP UHODo}HV VRFLDLV H D SXUH]D MXYHQLO SHUGLDVH SRU HQWUH RV
GHVtJQLRVDVYDJDVGHDUQRVYHQWLODGRUHVHFDQDOL]Do}HV)XPDYD
RVHXFLJDUURVHPLGHLDVVHPFRUSRSDUDFRUUHVSRQGHUDRGHVHMR
GHVHXVSDLVDXPLQVWDQWHGHLGHLDPtVWLFDFRPXP

(675$1+2DPRU

$ FDUWD LULD VHJXLU SDUD $QJROD 6HULD D ~OWLPD FRP DTXHOH


UHPHWHQWH 4XH ILFDVVHP RV HVFULWRUHV FRP D VXD OLWHUDWXUD (
TXH GL]HUGRV SVLFyORJRV",ULD PRUUHUSDUD RPXQGR YLYHQGR
DWUDYpV GH RXWUDV MDQHODV 3RGLDVH FRQYHQFHU GH TXH D YLGD p
XPDSULVmRHTXHVyQRVOLEHUWDPRVFRPDPRUWHRXSHQVDUTXH
TXHPFiHVWiQRPXQGRIRLSRUTXHTXLVSRUTXHIH]HVIRUoRSDUD
LVVRFRPROKHGLVVHXPDDPLJD&RPRFKHJDULDDFDUWDD$QJROD"

6HGRQGHYHQKRQmRpIiFLOHQFRQWUDUXPFRPSURPLVVRRQGH
TXHURFKHJDUDOJXpPIDODUiSRUPLP)DODUGRVHXXPELJRGi
XP UHVXOWDGR GH XQtYRFD VROLGmR 6HUHL DQWURSyORJR DPDGRU"
4XHURLUORQJHPDVTXHPKiGHFRQWURODURPHXGHVHMR"8P
HVFULWRUDSHQDVFRPSHQDGHWHUSHQDHPSOXPD2H[HUFtFLRTXH
YDPRV HPSUHHQGHU VHUi D WUrV WHPSRV 1DV SDODYUDV TXH VH
SURMHFWDYDP SHOR SHLWR IRUD 2FWiYLD LQWLPLGDYD R VHX
FRPSDQKHLUR(OHHVWDYDSHUGLGRVR]LQKRHQWUHJXHDXPPXQGR
HPTXHQHPDWULVWH]DFKHJDYDSHUWRGHOH%DVWDYDPOKHFLJDUURV
1XPDQRLWHGH$JRVWRHVSHUDYDXPFRPERLRQDHVWDomRGHVDQWR
DSROyQLRHDVSHVVRDVDQGDYDPGHXPODGRSDUDRRXWURjVXD
IUHQWH8PVHPDEULJRYHLRSHGLUOKHXPFLJDUUR)XPDUDPRV
GRLVPHVPRjIRPH
$VVXDVREUDVQmRHUDPOLGDVSRUSHVVRDVGHVSUHRFXSDGDVFRP
REVHVV}HVQHPFRPLGHLDVGLVUXSWLYDV8PGHVWHVGLDVDOJXpP
OHULDDVVXDVSDODYUDVHVDEHULDTXHQmRVHULDSUHFLVRHVIRUoRSDUD
QHODVWHUHVSHUDQoDRXDOHJULD

248()$=)$/7$

1DYpVSHUDGHDQRQRYRWXGRVHSUHSDUDYDSDUDFRPHPRUDU
XPDRFDVLmRTXHVHQGRHVSHFLDOQmRWLQKDREULOKRGHRXWURV
WHPSRV&RQWXGRDWHOHYLVmRHVWDYDOiHWRGRVRVFRQGLPHQWRV
GHFRPLGDHGLVSRVLomRGHHVStULWRSUHSDUDGRV4XDQGR%HUEHO
FKHJRXIRLVDXGDGRFRPXPGRVFRQYLYDVDFROKLGRFRPRXP
LUPmR'LDVGHSRLV DWUDYHVVDYDPDLVXPDIDVH GHGHSUHVVmRH
GHFHUWRTXHSHQVDYDQRVDPLJRVQRVDPLJRVGHVXDLUPmTXH
HUDPWDPEpPVHXVDPLJRVHWLQKDVDXGDGHVGHOHVTXDVHWRGRV
RVGLDVIRUDDTXHOHVHPTXHDQGDYDHQWUHWLGRHPFRLVDVTXHFRP
SRXFR GLQKHLUR FRQVHJXLD ID]HU ´$OLPHQWDWH EHPµ'L]LDOKH
XPD YR] FRQVLVWHQWH 8P GLD SRGHULD VHU DOJXpP 0DV QmR

HVSHUDYDDOX]GRVSDOFRVQHPDVDXGLrQFLDVGRVJUDQGHVHVSDoRV
0XLWDJHQWHMiOKHID]LDFRQIXVmR$TXHOHPHQGLJRDWDGRDSHGLU
HVPRODWUDtDOKHRVSHQVDPHQWRVHRRXWURRVHXPHQGLJRGR
FRVWXPHOiHVWDYDFRPDPmRHVWHQGLGDHVLOHQFLRVR&DUORVXP
WR[LFRGHSHQGHQWHDGPLUDYDVHHQFRQWUDUXPDSHVVRDDVVLP´(X
QmR DFUHGLWRµGL]LD HOH ´(X QmR DFUHGLWRµ 3RLV /LVERD WUD]LD
VXUSUHVDVQRVVHXVPDLVKXPLOGHVHQHFHVVLWDGRVURVWRV/HLUHH
XPDDPLJDDOHPmHVWDULDPSHQVDQGRDOJXPGLDYLVLWDU/LVERD"
4XLoiDOJXPGLDHVWDULDFRPXPDGHODVSDVVHDQGRVHPWHUPHGR
GHIDODUVHPWHUPHGRGHHVWDUFRPXPDPXOKHUQDUXD1RGLD
GRMDQWDUFRP9LWRULQRQXPDWDVFDSHUWRGRWpFQLFRHUDWXGRD
GHVSDFKDU&RPLDVH EHPpFHUWR H9HQWXUDQmR SHQVDYDHP
GHVLVWLUGRVVHXVLQWHQWRVOLWHUiULRV $JRUDIDOWDYDOKHDVROWXUD
SDUDDSURVDSDUDRVHQUHGRVDHVWUXWXUDDQDUUDWLYD1RILPGH
FRQWDV R FHJR HUD HOH VHP FRQKHFLPHQWRV GH EDVWLGRUHV H
FDSHOLQKDV $ VXD HVFULWD HUD YHUGDGHLUD DWp FHUWR SRQWR PDV
GHL[HPRVRDXWRUHPSD]SRUPRPHQWRV'HL[HPRORYLYHUD
FLGDGHRYLYHUSVLFyWLFRQDFLGDGH%LDQFRHVWDYDFDVDGRFRP
XPDHVWUDQJHLUDTXHWLQKDXPIXOJRUHVWUDQKRSDUDRVH[R)D]LD
GHUHVWRSDUWHGHXPJUXSRGHYLFLDGRVHPVH[RTXHVHUHXQLDQD
WUDYHVVD GR FRWRYHOR WRGDV DV TXLQWDV ²IHLUDV 8QV LDP SDUD
DUUDQMDUSDUFHLUR2XWURVSDUDFRQWDUSUREOHPDVVpULRVTXHHUDP
DWpGHGRUH[FHVVRGHSHQGrQFLD'LDDSyVGLDQDGDVHFLPHQWDYD
SDUHFLD2TXHPDLVVHFLPHQWDYDHUDDFDVDTXHRSDLGH%HUEHO
FRQVWUXtDOiQDWHUUDGHFRVWDVYLUDGDV&RPRVHULDRIXWXUR9DOLD
D SHQD VHU KXPDQR H DV VXDV DPELo}HV HVWDYDP MXVWDV j VXD
FDSDFLGDGH/HUFRQKHFHUGHVFREULUDRVHXULWPRXPSRXFRGH
FDGDYH]FRQVWUXLUXPDjUYRUHFDYDGDFRPUDt]HVIXQGDVQDGRU
QD IUXVWUDomR TXH HUD HVWUXPH SRGHURVRV FRQWUD LQWHPSpULHV
DILQDO8PGLDSRGHULDQRSRQWRILQDOSHQGXUDUQDjUYRUHFRP
FRQILDQoDXPGRVVHXVILOKRVHYrOREDORLoDUDRYHQWRVHJXUR
LQVWDQWHHVStULWRVRVVHJDGRHDOHQWDGRFRPDSUHVHQoDGHDOJXpP
DPDGR

25$/2

8PDUHVSRVWDH[LJLDVHGH9HQWXUDXPDGiGLYDDOJRTXHQXQFD
WLQKDIHLWRDQWHV$VXDGRUHPFDVDHUDLPHQVDHUDQHFHVViULR
XPD SUHVHQoD GH DOJXpP 1mR LULD UHSHWLU QmR LULD WRUQDUVH
GHSHQGHQWH GRV RXWURV (VWDYD GLVSRVWR D GDU GH YROWD D
UHVSRQGHUSRUWXGRRTXHDVRFLHGDGHOKHIL]HUD3RUWXGRRTXH
GHL[DUDID]HU&LJDUURDSyVFLJDUURKDYLDXPDOX]TXHVHDFHQGLD
QXPLVTXHLUR$WUiVGHOHHVWDYDPGHUURWDVHPDLVGHUURWDV(UD
XPKRPHPIUXVWUDGRSRUQmRWHURTXHWRGRVWLQKDP6HUiTXH
WRGRVWLQKDPHTXHDILQDOWLQKDGHSUHVHUYDUDVXDH[LVWrQFLD
QHVVHOLPLDUHQWUHRSUD]HUHDGRU"$VXDFDVDHUDXPOXJDUGH
DFROKLPHQWRGDVGRUHVHGHVSHUGtFLRVGHXPDYLGDIHLWDGHURVWR
GH TXH QmR FRQKHFLD DV YLGDV 2V RXWURV HVFUHYLDP KLVWyULDV
HUDPSXEOLFDGRVRVVHXVHVFULWRVHPUHYLVWDV(OHQHPDHVSHUDQoD
GRFUHVFHUHPLGDGHWLQKD(VWDYDUHWLGRQRVHXFDQWRFRPRV
VHXVSHQVDPHQWRVGHVWUXWLYRVTXHOKHGLODFHUDYDPDPHQWH2
TXHpFHUWRpTXHWLQKDGHUHFRPHoDUWRGRVRVGLDV1mRYDOHD
SHQD GL]HU FRPR HUD WUiJLFD H VHP PHUHFLPHQWR HVWD YLGD GH
9HQWXUD 1LQJXpP VH LPSRUWDYDWLQKD GH FRQWLQXDU VR]LQKR
2XWDOYH]DVFRLVDVHVWLYHVVHPSDUDPXGDUXPSRXFRSDUDDOtYLR
GDVXDPHQWH7DOYH]DVFRLVDVOiIRUDQmRIRVVHPWmRDJUHVVLYDV
HKRXYHVVHOXJDUSDUDXPDFHUWDIRUPDGHHVWDUTXHVDELDDLQGD
WHUHVFRQGLGDQRVHXFRUDomR2VDPDQKmVHUDPGLIHUHQWHVXQV
GRVRXWURV$VSHVVRDVQmRSRGHPDFUHGLWDURWmRGLItFLOpWHUGH
DFUHGLWDU2WmRGLItFLOWHPVLGRSDUD9HQWXUDYHUWHUOiJULPDVTXH
GrPIRUoD0LQDGRSHODGRHQoDMiQmRSDUHFHXPMRYHP$JRUD
GHL[RXFUHVFHUDEDUEDHWHPXPDUDOJRHQYHOKHFLGR1mRQmR
TXHURRVRXWURVQmRSRGHPWHUSHQDGHOHQmRpHVVHRFDPLQKR
HOHQmRWHPSHQDGHVLSUySULR6yTXHKiTXDOTXHUFRLVDTXHILFD

SRUH[SOLFDQDURXSDGHL[DGDVXMDHTXHQmRVHODYDWRGDDKRUD
8PGLDHOHKiGHFRQWDUKLVWyULDVGHFDVWHORVKiGHYROWDUDOHU
VHPSDUDUFRPXPDFXULRVLGDGHFLHQWtILFDHOLWHUiULDTXHQmRVH
UHVWULQJHjVDFDGHPLDV8PGLDTXDQGRWXGRLVWRSDVVDUKiGH
FKRUDUFRP DOtYLR1LQJXpPIDULDFRP HOHHVWDUQR VHXOXJDU
SHQVDQGRLQGHILQLGDPHQWHQXPDVLWXDomRHFRQyPLFDSUHFiULD
QLQJXpPIDULDDVFRLVDVDRVHXPRGR6mRGH]DQRVGHFDQVDoR
GH]DQRVQHPXPDFDVDOHYDHVVHWHPSRDFRQVWUXLUPDVFKRUDU
VREUHOHLWHGHUUDPDGRQmRYDOHDSHQDHRGLWDGRVXMHLWDVHDR
FDVRGH9HQWXUD&DQVDoRGHHVWDUGLDQWHGHXPFRPSXWDGRURX
GRLVGHHVWDUVyTXDQGRVHWHPHDSUHVHQoDGRVRXWURV1LQJXpP
VDEHQLQJXpPSRGHLPDJLQDURVRIULPHQWRTXHVHDSRVVDGHVWH
VHUTXHDVRFLHGDGHWHQGHDQmRHQFDL[DUWHLPDDQmRHQFDL[DU
1mRHOHQmRTXHUDVPL~GDVGDVFDSDVGHUHYLVWDQmRTXHUDTXHODV
TXH SRU LQVWDQWHV GHVHMD QRV DXWRFDUURV QDV UXDV TXHU DOJR
GLIHUHQWH XP HVWDGR VXSHULRU GH VDWLVIDomR PHQWDO XP
FRQVXPLVPRDOHJUHHLQWHQFLRQDGRSDUDDVSHTXHQDVFRLVDVTXH
SRVVDPFXPSULRGHVtJQLRGHWHUXPDFDVDFRPSRVWD4XHUDILQDO
WHU YLVLWDV VDEHU TXH DLQGD p LPSRUWDQWH TXH QmR IRL HP YmR
WRGRHVWHVRIULPHQWRHTXHDVSHVVRDVTXHRVFRQKHFHUDPQmRR
HVWUDQKDP 4XHU XPD HPRomRWHDWUDO TXDQGR QHP LVVR SHQVD
PHUHFHU1mRTXHUDWHQomRIRLMiWDQWDOKHIRLGDGDHHOHQmR
OLJRX4XHUDSHQDVXPDYLGDXPPXOKHUSDUDDYLGDXPWDQWR
GHVDOiULRKRQHVWRSRGHUWUDEDOKDUSRGHUUHDOL]DUVHQRWUDEDOKR
1mRQmRpOLWHUDWXUDRTXHRVyFLRGH9HQWXUDHVFUHYHWRGRVRV
JXL}HVTXHPDQGDHPVHXQRPHSDUDDHGLWRUDHTXHWrPXP
S~EOLFR HVFDVVRPDV ILHO 6mR RV SHQVDPHQWRV GHXP KRPHP
SHUWXUEDGRPDVVREUHWXGRVyKiPXLWRWHPSRVHPFRQILGHQWH
TXHVHUHYrDSHQDVQRHVSHOKRTXHVmRRVVHXVIDPLOLDUHVD~QLFD
FRLVDTXHUHDOPHQWHFRQWDQHVWHPXQGR


20$,1675($0

$QWHVXPJDWRYLQKDGHYDJDULQKRWHUFRQVLJRHXPDFDGHOLQKD
UHVJDWDGDjHVWUDGDYLQKDDQLQKDUVHQRWDSHWHTXHIRUDPXLWRV
DQRVRWDSHWHGDVDODTXHQLQJXpPRXVDYDSLVDUVHPGHVFDOoDU
1mROKHHUDH[LJLGRXPHVIRUoRVXSOHPHQWDU$SHQDVTXHIRVVH
QRUPDO&RQWXGRHVVDQRUPDOLGDGHHUDRPDLVGLItFLOGHDOFDQoDU
3RUGHWUiVGHXPELRPERGHTXDWURPHVHVEDQKDYDVHXPFRUSR
MRYHPHGLVSRVWRDHQFRQWURV&RQWXGRSDUHFLDEDQKDUVHXPD
RXWUDSHVVRDDIRLWDDSHQVDPHQWRVTXHHQYHOKHFLDPRFRUSRH
UHWLQKDPGHQWURGHVLXPDYHOKLFHFRQWLGDGDTXHODVTXHQDGD
VHUYHPTXHDSHQDVVHYLYHPTXHQmRVHWUDQVPLWHP2FRUSR
VDtDHRVDFRQWHFLPHQWRVSROtWLFRVDFRQWHFLDP2IXWXURDLR
IXWXUR R TXH VHULD GD HVSHUDQoD GD UDLYD TXH VH HVTXHFLD
IDFLOPHQWHGDUHYROWDTXHQmRVHRXVDYDHVFUHYHU2TXHVHULDGH
WRGRVDTXHOHVTXHYLYLDPVXDVYLGDVHPVXDVFDVDVFRPRVHD
QRUPDOLGDGH QmR H[LVWLVVH FRPR VH XPD WUDQVFrQGrQFLD RV
SURWHJHVVHHDRVVHXVILOKRV(UDSUHFLVRXPFRQWRXPDKLVWyULD
SHUVRQDJHQVGLiORJRVWXGRLVVRHUDSUHFLVRSDUDTXHRVRXWURV
RS~EOLFRHPJHUDOVRXEHVVHTXHDOJXPDFRLVDHVWDYDDDFRQWHFHU
FRP D DTXHOH FRUSR LQYyOXFUR GH XPD DOPD GLVVLGHQWH GRV
DFRQWHFLPHQWRVTXHGmRYRWRV9HQWXUDQXQFDVHULDXPKRPHP
GRPDLQVWUHDPIXJLUDDLVVRSDUDVHDILUPDUTXLoi0DVIXJLUDH
FDURSDJDYDDJRUDRVVHXVDFWRV2XDIDOWDGHOHV
1mR LPSRUWDYD DVVLP WDQWR HVWDU HQWUH SHVVRDV DVVLP WmR
GLIHUHQWHV1mRKDYLDDVVLPWDQWDSUHVVD8PGLDXPGLDWDOYH]
DVFRLVDVPXGDVVHP(OHSUHRFXSDYDVHHSURQWR2PpULWRGHOH
HVWDYDQLVVRPHVPRHXPGLDKDYHULDGHDUUDQMDUXPHPSUHJR
XP HPSUHJR TXH IRVVH WUDEDOKR D VXD PmH KDYHULD VH ILFDU
VDWLVIHLWD ILQDOPHQWH FRP HOH QmR KDYHULD PDLV FKRURV QHP

SHUJXQWDV´PmHSRUTXHpTXHHVWiVDFKRUDU"µ$ILQDOQLQJXpPVH
LPSRUWDYDHHOHHPFHUWRVPRPHQWRVUHFRQFLOLDYDVHFRPDVXD
GRHQoD H ID]LD GD VROLGmR XPD GiGLYD 1mR LPSRUWDYD R
LVRODPHQWRQmRLPSRUWDYDTXHDLQGDQLQJXpPWLYHVVHUHSDUDGR
QHOH1mRLPSRUWDYDPHVPRTXHGHVFHVVHPDVOiJULPDV&HUWR
KDYHULD DOJR QHOH TXH PHUHFLD DWHQomR PpGLFD $ILQDO RV VHX
PpULWRWLQKDVLGRFKHJDUDWpDTXLFRPUHFRQKHFLPHQWRRXVHP
HOH1mRKDYLDQDGDDUHFRQKHFHUHVHULDERPTXHQmRKRXYHVVH
1DVXDLGDGHHVSHUDYDPVHFRLVDVVHJXUDVeFHUWRHVWDUIDUWRGD
FLGDGHPDVTXHRXWUROXJDUVHQmRQDFLGDGHSRGHULDHQFRQWUDU
DILQDORTXHSURFXUDYDPHVPRQmRVDEHQGREHPRTXHSURFXUDYD
8PGLDKDYHULDGHYLURIHUYRUVH[XDOHHOHQmRVDELDOLGDUFRP
LVVR DSHQDV SURFXUDYD QmR SHQVDU QR SDVVDGR (VWDYD FDOPR
HVWDYDWXGRDFDEDGRHPUHODomRDRVHXFXUVR1mRKDYLDUHYROWD
DSHQDVDOJXPEHPHVWDUFRQVLJRPHVPR(TXDQGRGRUPLVVH
SRGHULDFRQWLQXDURVHXFDPLQKR
/LWHUDWXUDpRTXHQDORQJDGXUDomRVHID]VHGL]1mRWHP
PXLWRDYHUFRPVH[R1mRVHLRTXHQDUHDOLGDGHpDOLWHUDWXUD
7RGDVHVWDVQpYRDVGHQWURGHPLPWRGDVHVWDVSHUVRQDJHQVTXH
VRXDRORQJRGRGLDDVXEPLVVmRDRVRXWURVWXGRRTXHIDoR
WXGRRTXHID]SDUWHGHPLPDRILPGRGLD7XGRLVVRpSDVVDJHLUR

(XFOLGHVWRUQHDYDQDVXDORMDHSRXFDJHQWHRYLVLWDYDDQmR
VHUGRLVRXWUrVFOLHQWHVGDOLSHUWR$PXOKHUID]LDRDOPRoRH
%HQDUGRWDUGDYDTXDQGRIRUDDRVXSHUPHUFDGR-iUHJUHVVDYDH
SDLQmRVDELDTXDQGRGHXFRPRPDOKRHPFLPDGHXPSXQKR
SHUWR GH XP IHUUR DUGHQWH $ PmH WHYH GH GHL[DU R DOPRoR H
%HQDUGRYHLRDFRUUHUSRLVDFLQTXHQWDPHWURVMiVHRXYLDPR
EHUURVGRSDLGHGHQWURGHRILFLQD0DUWDQmRTXHULDPDLVVHU
PXOKHU(VWDYDFDQVDGDGDYLGDWDOFRPRHODIRUD3RLVGRLVGLDV
GHSRLVVREDVLQVWUXo}HVGH(XFOLGHVOiHVWDYDHODGDQGRQR
PDOKR DWLoDQGR D IRUMD TXH FRVWXPDYD VHU R OXJDU FHUWR GH
%HQDUGR TXH QmR TXHULD PDLV VHU FULDQoD 1D YHUGDGH HUD

DGROHVFHQWH1RVYL]LQKRVQmRKDYLDUDSDULJDVHSRXFRGHURVWRV
ERQLWRVYLUDDWpDJRUDTXHROHYDVVHPDTXHUHUFUHVFHUHGHVHMDU
FRP R FRUSR XPD UDSDULJD 1DV IpULDV GR YHUmR DV HVFRODV
DFDEDYDPHHUDXPDVRUWHYrODVVROWDVSHODUXDSULQFLSDOLQGR
DWpjPLVVDDWpDRVXSHUPHUFDGR3RUYLDGDVLQYHUV}HVGH(XFOLGHV
H0DUWDRMRYHPWLQKDGHSDVVDUPDLVWHPSRQDRILFLQDMXQWRGH
VXDPmHTXHDLGDGHGRYHOKRQmROKHSHUPLWLDID]HUJUDQGHV
HQFRPHQGDV2VFOLHQWHVDSDUHFLDPGHVDSDUHFLDPVHPSUHVyV
VHPSUHSUHFLVDQGRGHXPWUDEDOKRSDUDRQWHP0HVPRDVVLPR
ULWPRQDTXHODSHTXHQDDOGHLDHUDIHLWRGHSHTXHQDVSUHVVDVTXH
HQHUYDYDPRMRYHP0DVSRUTXHDQGDULDWRGDDJHQWHDFRUUHU"
(SRUTXHDVUDSDULJDVDQGDYDPOHQWRGDQGRDHQWHQGHUTXHQDGD
WLQKDPTXHID]HUPDLVGRTXHOHYDURVDFRHWUD]HUDVFRPSUDU
FRPR VXDV PmHV SURYDYHOPHQWH IL]HUDP FRQIHFFLRQDQGR D
FRPLGDDVHXVSDLV$ELEOLRWHFDWUD]LDXPDVREUDVLQWHUHVVDQWHV
6REUHWXGRSDUDTXHPQmRWLQKDRSRUWXQLGDGHGHLUjHVFROD(UDP
MiDQRV1DTXHOHYHUmR%HQDUGROLDjQRLWHDQWHVGHGRUPLU
OLDIRUDGDVEULQFDGHLUDVLJQRUDQGRRTXHRVDPLJRVHVWDULDPD
SHQVDU LJQRUDQGR TXHR PXQGR p IHLWR GHOLJDo}HV H TXDQGR
QmRHVWDPRVEHPpSRUTXHQmRHVWDPRVOLJDGRVSRULVVRQmR
HVWDPRVWUDQVPLWLQGRHQHUJLDSRVLWLYD$VXDYLGDDILQDOYD]LD
GHVHQWLGRSUHHQFKLDDFRPRVOLYURVTXHFKHJDYDPGDELEOLRWHFD
LWLQHUDQWHRQGHHQFRQWUDYDSHVVRDV8PDUUHSLRFKHJDYDOKHDR
FRUSRVHPSUHTXHRXYLDRDSLWRGDVFDUULQKDVFLWURsQIRUUDGDVD
OLYURV 7RELDV GH  DQRV GL]LD TXH D ELEOLRWHFD HVWDYD
GHVDFWXDOL]DGDHRVHXFRQWH~GRHUDSREUH1mRLPSRUWDYD$V
SDODYUDV SRGLDP VHU OLGDV GH TXDOTXHU GLUHFomR VRE TXDOTXHU
VHQWLGR­VYH]HVXPVyOLYURSRGLDDOWHUDUGLDVHGLDVGHWRUPHQWR
HVSLULWXDO1mRLPSRUWDYD


2VXJRGDWHVWDQD
2DPDUJRGDSHVWDQD
2FKXSRGDIXPDoD
2LQWHLURFRQKHFLPHQWRTXHHVFDSD
$FDGHLUDFRUGHURVDHTXHQWHTXHGHL[RDWUiV
$FDEHoDTXHGyLDQWHVGRVRQR
6mRH[LVWrQFLDV
$GHVJUDoDGRGURJDGRTXHYDLEXVFDUSDOKLQKDVjFDVDGHFRPLGD
SDUDVHLQMHFWDUFRPSDOKLQKDV
8PHVIRUoRTXHVHID]PDLVDOpPQDHVFXULGmR
4XDQGRQmRPXLWRIULRID]
$UDLYDTXHVHWHPGHWHUDJLGRGHPDQHLUDVRFLDOPHQWHFRUUHFWD
3RLVDPELFLRQDVHRPHVPRRXPDLVGRTXHRVRXWURV
(LVWRpXPDTXHGDGHjJXDTXHQmRGHL[DGHH[LVWLU
0DLVXPFLJDUURR~OWLPRHPKRQUDGRVILOyVRIRV
4XH YLYLDP GH SDUFRV UHQGLPHQWRV H DFUHGLWDYDP QDV VXDV
SDODYUDV
7DPEpP RV HVFULWRUHV H SRHWDV GHVJUDoDGRV FRP TXHP
FRPSDUWLOKRDGRUGHH[LVWLUVyDVVLPSRGHUH[LVWLU
2TXHHVFUHYRQROLYURSUHWR
2 OLYURTXHDLQGDDFUHGLWRHVFUHYHU
2TXDUWRTXHHVWiDRODGRGHPLPSRUSUHHQFKHU
$VTXHFDVTXHRVRXWURVGmRFRPIDFLOLGDGH
2UHVSHLWRSHODVPXOKHUHV
8PDYLGDQmRGiSDUDID]HUVtQWHVH
SRULVVRH[LVWHDWUDQVPLJUDomRGDVDOPDV
SRULVVRQmRVHSRGHHVWDUDUUHSHQGLGRHHUJRQyPLFR
7XGROiIRUDpXPPDUGHFXPSOLFLGDGHHHQWHQGLPHQWRVFXQKDV
3UHFRQFHLWRVORFXEUDo}HVLQWHUHVVHLUDV
(HXSUHRFXSDGRFRPDVPLQKDLQ~WHLV
(SUHRFXSDGRFRPDVPLQKDVSHUVRQDJHQV
4XHDLQGDXPS~EOLFRLPDJLQiULRQRIXWXURLUiOHU

+iPXLWRWHPSRTXHHVWRXPRUWRSDUDTXHRTXHDFDERGHGL]HU

6XELDVHVFDGDVHGRLVDQMRVSHJDUDPPHQXPHRXWUREUDoR2
HQWHQGLPHQWRGDFDVDRHVSDoRPtQLPRRQGHPRYLPHQWDYDR
PHXFRUSRDVUD]}HVSRUTXHQmRFRQVHJXLDFRQWURODURVLPSXOVRV
FHUHEUDLV 8PD FRPSDQKLD TXH VH UHYHORX PXLWR DFHUWDGD H D
TXHPQmRPHTXHULDGHJHLWRQHQKXPSUHQGHUPDVTXHTXHULD
WHUFRPRDPL]DGHMXOJDYDQXQFDPDLVDFDEDURPHXGLOHPDPHQWDO
 LQ~WLO PDV R TXH SRGHULD HX ID]HU VH HVWHV GLDV HVWDYDP HP
SOHQD PDWXULGDGH GD SHUWXUEDomR TXH RFXSDYD RV PHXV GLDV
'HSRLVDP~VLFDHRGHVHMRGHWHUXPSLDQRHPFDVD

6+2576725,(6

$ KLVWyULD UHSHWHVH -XVWLQR QD HPLQrQFLD GH ILFDU


GHVHPSUHJDGRLQYHQWDGHVFXOSDVSDUDDVXDVLWXDomR$KLVWyULD
VHPSUHDKLVWyULDSHUVHJXLDRFRPRXPGHPyQLRHVTXLVLWRGH
H[LVWrQFLDHVWUDQKD&XVWDYDOKHGRUPLUWHUVRQKRVFXVWDYDOKH
OHYDQWDUVH0XLWDFRLVDVHKDYHULDGHSDVVDUQXPPXQGRQXP
XQLYHUVRGHSHVVRDVDTXHMXOJDYDSHUWHQFHU$JRUDHUDKRUDGH
GHPDUFDUVH GLVVR GHOXWDU SHOR VHX SUySULRGHVWLQR 6H WLQKD
XPDGRHQoDHVWUDQKDHVWDULDSHUWRGHVDEHUDWpTXHSRQWROXWDYD
FRQWUDDOJRGHJHQpWLFR6HWDOVHSURYDVVHWXGREDWHULDFHUWR6H
QmRVHSURYDVVHRTXHpTXHKDYHULDGHID]HURXWUDVH[SOLFDo}HV
VHSRGHULDPDUUDQMDUQDPHVPD2OKDYDypFUmGRFRPSXWDGRUH
GHVWDYH]QmRLULDHQWUDUQDQHW2WHFODGRGHXPFRPSXWDGRU
QRYR HVWDYDXP SRXFR VXMR (OHWLQKD  DQRV 4XHFDXVDV R
PDQWHULDPDVRQKDUDFRUGDGR"$VROLGmRSHVDYDHQmRKDYLDPHLR
DSDUHQWHGHDGLVVROYHUDVVLPFRPRRVSHQVDPHQWRLQ~WHLV7HULD
HOHDOJXPGLDPRPHQWRVGHSXUDGLVWUDFomRRXFULDomRHPTXH
QDGDLPSRUWDVVH VH QmRR TXHHVWDYD ID]HQGR QDTXHOHSUHFLVR

PRPHQWR" 6DEHQGR TXH D MXYHQWXGH WLQKD SDVVDGR TXDQGR
SRGHULDYLUDMXYHQWXGHGHHVStULWR"

$(VSLUDO,PHQVD

(XFOLGHVWRUQHDYDQDVXDORMDHSRXFDJHQWHRYLVLWDYDDQmR
VHUGRLVRXWUrVFOLHQWHVGDOLSHUWR$PXOKHUID]LDRDOPRoRH
%HQDUGRWDUGDYDTXDQGRIRUDDRVXSHUPHUFDGR-iUHJUHVVDYDH
SDLQmRVDELDTXDQGRGHXFRPRPDOKRHPFLPDGHXPSXQKR
SHUWR GH XP IHUUR DUGHQWH $ PmH WHYH GH GHL[DU R DOPRoR H
%HQDUGRYHLRDFRUUHUSRLVDFLQTXHQWDPHWURVMiVHRXYLDPR
EHUURVGRSDLGHGHQWURGHRILFLQD0DUWDQmRTXHULDPDLVVHU
PXOKHU(VWDYDFDQVDGDGDYLGDWDOFRPRHODIRUD3RLVGRLVGLDV
GHSRLVVREDVLQVWUXo}HVGH(XFOLGHVOiHVWDYDHODGDQGRQR
PDOKR DWLoDQGR D IRUMD TXH FRVWXPDYD VHU R OXJDU FHUWR GH
%HQDUGR TXH QmR TXHULD PDLV VHU FULDQoD 1D YHUGDGH HUD
DGROHVFHQWH1RVYL]LQKRVQmRKDYLDUDSDULJDVHSRXFRGHURVWRV
ERQLWRVYLUDDWpDJRUDTXHROHYDVVHPDTXHUHUFUHVFHUHGHVHMDU
FRP R FRUSR XPD UDSDULJD 1DV IpULDV GR YHUmR DV HVFRODV
DFDEDYDPHHUDXPDVRUWHYrODVVROWDVSHODUXDSULQFLSDOLQGR
DWpjPLVVDDWpDRVXSHUPHUFDGR3RUYLDGDVLQYHUV}HVGH(XFOLGHV
H0DUWDRMRYHPWLQKDGHSDVVDUPDLVWHPSRQDRILFLQDMXQWRGH
VXDPmHTXHDLGDGHGRYHOKRQmROKHSHUPLWLDID]HUJUDQGHV
HQFRPHQGDV2VFOLHQWHVDSDUHFLDPGHVDSDUHFLDPVHPSUHVyV
VHPSUHSUHFLVDQGRGHXPWUDEDOKRSDUDRQWHP0HVPRDVVLPR
ULWPRQDTXHODSHTXHQDDOGHLDHUDIHLWRGHSHTXHQDVSUHVVDVTXH
HQHUYDYDPRMRYHP0DVSRUTXHDQGDULDWRGDDJHQWHDFRUUHU"
(SRUTXHDVUDSDULJDVDQGDYDPOHQWRGDQGRDHQWHQGHUTXHQDGD
WLQKDPTXHID]HUPDLVGRTXHOHYDURVDFRHWUD]HUDVFRPSUDU
FRPR VXDV PmHV SURYDYHOPHQWH IL]HUDP FRQIHFFLRQDQGR D
FRPLGDDVHXVSDLV"$ELEOLRWHFDWUD]LDXPDVREUDVLQWHUHVVDQWHV
6REUHWXGRSDUDTXHPQmRWLQKDRSRUWXQLGDGHGHLUjHVFROD(UDP

MiDQRV1DTXHOHYHUmR%HQDUGROLDjQRLWHDQWHVGHGRUPLU
OLDIRUDGDVEULQFDGHLUDVLJQRUDQGRRTXHRVDPLJRVHVWDULDPD
SHQVDU LJQRUDQGR TXHR PXQGR p IHLWR GHOLJDo}HV H TXDQGR
QmRHVWDPRVEHPpSRUTXHQmRHVWDPRVOLJDGRVSRULVVRQmR
HVWDPRVWUDQVPLWLQGRHQHUJLDSRVLWLYD$VXDYLGDDILQDOYD]LD
GHVHQWLGRSUHHQFKLDDFRPRVOLYURVTXHFKHJDYDPGDELEOLRWHFD
LWLQHUDQWHRQGHHQFRQWUDYDSHVVRDV8PDUUHSLRFKHJDYDOKHDR
FRUSRVHPSUHTXHRXYLDRDSLWRGDVFDUULQKDVFLWURsQIRUUDGDVD
OLYURV 7RELDV GH  DQRV GL]LD TXH D ELEOLRWHFD HVWDYD
GHVDFWXDOL]DGDHRVHXFRQWH~GRHUDSREUH1mRLPSRUWDYD$V
SDODYUDV SRGLDP VHU OLGDV GH TXDOTXHU GLUHFomR VRE TXDOTXHU
VHQWLGR­VYH]HVXPVyOLYURSRGLDDOWHUDUGLDVHGLDVGHWRUPHQWR
HVSLULWXDO1mRLPSRUWDYD
8PDV WDQWDV WHQWDWLYDV KDYLDP IHLWR SDUD WLUDU %HUQDUGR
GDTXHOH OXJDU 8PD UDSDULJD KDYLDP SDVVDGR SRU Oi QR YHUmR
SDVVDGRHUXPDUDSDUD)UDQoDRQGHWLQKDRVSDLVHGL]VHXP
IXWXURjVXDHVSHUD2MRYHPSURVVHJXLDRVVHXVGLDVPHODQFyOLFRV
FDPSHVWUHVQmRVHDFKDQGRGHVWLQDGRDQHQKXPGHVWLQRHVSHFLDO
TXHHQYROYHVVHPXOWLG}HVWDSDQGRRSDQRGRVHXIXWXURFRPRV
VHXVROKRVFDVWDQKRVDWUiVGHXPDIUDQMDGHFDEHORVHVFXURV2
VHXSDLXPGLDPRUUHULDXPGLDWHULDTXHILFDUFRPRQHJyFLR
SRU LVVR R TXH OKH LQWHUHVVDYD HUD LVVR PHVPR H PDLV FRLVD
QHQKXPD0DVTXHGHHVSHFLDOWLQKDPXPMRYHPDOLQXPDDOGHLD
ORQJH GRV SDOFRV GDV DUWHV GDV SROtWLFDV GDV FLrQFLDV"
$SDUHQWHPHQWHHVWDYDVyFRPRVVHXVSHQVDPHQWRVPDWXWDQGR
RVHXGHVWLQRRVVHXVJHVWRVVHQWLQGRTXHQDGDOKHSRGLDYDOHU
TXH SHUGHUD R VHX 'HXV H D FRQILDQoD QRV KRPHQV 2V PDLV
LPSRUWDQWHHVWDSDUWHGRVKRPHQVVHQWLDVHIUDFRDRDQRV
WmR Vy TXH VH FRQWUDULDYD D VL SUySULR SUHJDUD D Ip H D
HVSLULWXDOLGDGH H DJRUD TXHULD RXWUD FRLVD TXH IRVVH
FRPSOHWDPHQWHFRQWUiULDDVXDYLGDHUDXPGLDLQWHUPLQiYHO
RVVHXVHVFULWRVUHSHWLo}HVGHXPSDGUmRFRPRREROHURGH5DYHO
1mRVDELDVHHUDXPH[HUFtFLRGHUHVLVWrQFLDQmRQmRHUDR

SRQWRGDVXDDWHQomRHVWDYDGHVIRFDGRRVHXFRUDomRSDOSLWDYD
DLQGDKDYLDUHPLQLVFrQFLDVGHXPDDGROHVFrQFLDGHSDL[mR$K
6HULDSRVVtYHOLQYHUWHURWHPSR"1mRTXHURGL]HUSDUDHVWHMRYHP
YROWDUDWUiVPDVHVSDUWLOKDURWHPSRHWUDWiORFRPRVHGHXP
FR]LQKDGRVHWUDWDVVHLOLEDUVHGHWRGRVRVIDOVRVFULPHVTXHQmR
KDYLDFRPHWLGR,OLEDUVHGRVHQWLPHQWRGHFXOSD8PGLDSRGHULD
ROKDUSDUD RVVHXV VREULQKRVGH XP PRGRGLIHUHQWH" 8PGLD
SRGHULD FRQGX]LU FRPR XP FRQGXWRU TXDOTXHU VHP FRUUHU R
SHULJRGHGHUUDSDURXOHYDUDVPmRVDRYRODQWHHPEULDJDGR"1mR
WmRFHGRYROWDULDSDUDFDVDWUDEDOKDURIHUUR7LQKDFRQVHJXLGR
XPDOLDGRGHSHVRSDUDFRQWLQXDUQDVXDSURFXUDIRUDGDDOGHLD
3RUYH]HVDPRUWHIRVVHSUHIHUtYHODRWRUPHQWRGDVXDYLGD0DV
D HVSHUDQoD FRQWLQXDYD YLYD &RQWUDGLWyULRFRPR VH SRGLD
HVSHUDURPHOKRUSDUDRIXWXURVHRWHPSRSXUDHVLPSOHVPHQWH
SDVVDYDjVXDIUHQWH"&RPR"

$%HODHR0RQVWUR

(VWD p D KLVWyULD GH XP MRYHP TXH Yr KRPHQV


WUDQVIRUPDUHPVHHPDQLPDLVEHVWDVDQLPDLVPLWROyJLFRVFRPR
WRLURV PRQVWURV GH WRGR R JpQHUR TXH SHUVHJXHP RV DOGH}HV
SRUFDPSRVGHPLOKRV(OHpXPKHUyLTXHYDLVDOYDUDDOGHLDQmR
VHPDWDQGRRVXPDXP(OHVSRUYH]HVVmRYLVWRVFRPRSHVVRDV
SHORV KDELWDQWHV GDYLOD H Vy %ODVW RVSRGH UHFRQKHFHU (VWmR
YHVWLGRVGHHVWUHODVGHFLQHPD
'XUDQWHXPEDLOHRVSUySULRVPRQVWURVGLVIDUoDUDPVHGH(OYLV
3UHVOH\SDUDFDQWDUMXQWRGRVDOGH}HV2VHXVREMHFWLYRHUDGL]LPDU
DDOGHLDHMXQWDUDVFLQ]DVGRVDOGH}HVGHSRLVGHLQFLQHUiODVH
ODQoiODVQXPSODQHWDGHVDELWDGRGDVXDJDOi[LDRQGHVHLULDP
WUDQVIRUPDU HP PRQVWURV WDPEpP %ODVW QDVFHX QXPD DOGHLD
YL]LQKDSRULVVRQmRpEHPYLVWRSHORVDOGH}HVTXHUFRQTXLVWDU
XPDUDSDULJDGDDOGHLDGH%DWDUDNDDOGHLDRQGHGHFRUUHDPDLRU

SDUWHGDDFomR2VPRQVWURVSHUVHJXHP%ODVWHPWRGRRODGR
PDVWDPEpPRVDOGH}HVQRVDXWRFDUURVVDHPGHGHQWURGHOHV
FRPRVHGHSHVVRDVQRUPDLVVHWUDWDVVHP0HVPRTXDQGRQmR
DVVXPHPDIRUPDGHEHVWDVWrPFDUDFWHUtVWLFDVVREUHQDWXUDLVH
DSHODWLYDVFRPRRFRUSRHRURVWRGH1LFROH.LGPDQ1mRYRDP
PDVVDOWDPFHUFDVHVmRPXLWRVUiSLGRV1RPHLRGDFLGDGH%ODVW
WHQWDLQLFLDOPHQWHIXJLUDRVPRQVWURV GDUQRPH KiXPMRJR
TXHMRJDFRP YiULRVLQWHUYHQLHQWHVSHQVDQGRTXH HVWiVDLQGR
YHQFHGRU p TXDQGR VH Yr SHUGHGRU FRPR VH PXGDVVH GH
GLPHQVmR GH ORFDOL]DomR JHRJUiILFD 9rVH FRP XP SDSHO QD
PmRTXH GL]&KHODV HHVWi GHIDFWR HP&KHODV 3DVVD XP
DXWRFDUURFKHLRGHPRQVWURVXPFDUURTXHpDVXDVDOYDomRHOH
FRUUH H WRFD QXP GLVSRVLWLYR YHUPHOKR SDUD GDU VLQDO TXH YDL
HQWUDUTXHHVWiORFDOL]DGRQDSDUWHGHWUiVGRDXWRFDUUR&RUUHDR
ODGRGRFDUURHGLILFLOPHQWHFRQVHJXHDEULURPDQtSXOR3DUHFH
OKHTXHRFDUURHVWiRFXSDGRFRPFLQFRSDVVDJHLURVPDVHOHDR
HQWUDUYrTXHpXPDPXOKHUTXHRFRQGX](OHQmRIDODPDV
PRVWUDOKHTXHWrPXPDVVHQWRHGLUHFomRSDUDFRQGX]LUMXQWR
GHOHVH%ODVWTXLVHU(OHHQWUDQRFDUURGHUHSDUDTXHHODWHPRV
VHLRV JUDQGHV PDV LVVR QmR R LQIOXHQFLD DR SRQWR GH PHWHU
FRQYHUVD 'HSRLV DQGDP GH FDPSR HP FDPSR IXJLQGR GRV
PRQVWURV
2QDVFLPHQWRGH%ODVW2RXWURQRPHTXHWHYH7XGRIRLQXP
FHQiULRFRPSOHWDPHQWHGLIHUHQWHGDLOKDRXDOGHLDGH6SHUDQ]D
$FLGDGHHVSUHLWDDRVROKRVGHXPSHUVRQDJHPFRPRVHIRVVHR
SUySULRPRQVWURXPHQRUPHPRQVWURRPDLRUPDLRUTXHWRGRV
RVPRQVWURVTXHDWRUPHQWDP%ODVW
&RPHoHPRVSHORSULQFtSLR%ODVWQDVFHXQXPGRVSODQHWDV
UHFpPGHVFREHUWRV GH XP JDOi[LD UHODWLYDPHQWH ´SUy[LPDµ
SHVTXLVDUSDUDQRPH XPSODQHWD FDUDFWHUL]DURSODQHWD VXELX
DSXOVRQDKLHUDUTXLDGRVSRGHUHV$WpVDLUGRSODQHWDIRLGLItFLO
SRLV RV WUDQVSRUWHV LQWHUJDOi[LDV QmR HVWDYDP PXLWR
GHVHQYROYLGRVQDTXHOHDQRGH(OHPHVPRWHYHGHFRQVWUXLU

FRPDVVXDVPmRVRHQJHQKRTXHRWUDLULDDRSODQHWDWHUUD)RL
HOHTXHPGHXDQRWtFLDDRVKXPDQRVTXHHVWiYDPRVVR]LQKRV
TXHHOHHUDKXPDQRTXHHVWiYDPRVVR]LQKRVQRXQLYHUVR0DVR
TXHHUDRXQLYHUVR"(OHPHVPRQmRVDELD6DELDTXHRXQLYHUVR
HUDLQILQLWRHTXHDJHUDomRGHKXPDQRVTXHHVWDYDPQRSRGHU
SRGHULDPRUUHUFRPDFHUWH]DGHTXHQDGDPDLVKDYLDSDUDDOpP
GHVVHSODQHWDD]XO$VXDHGXFDomRRVHXSHUFXUVRGHYLGDKDYLD
VLGRQRUPDODWpDRPRPHQWRHPTXHGHFLGLUDSDUWLUSDUDDWHUUD
2ULRQIRUDFRORQL]DGRSRUWHUUHVWUHVHP2VH[WUDWHUUHVWUHV
TXHVHVXSRQKDH[LVWLUHPQmRH[LVWLDPHVWiYDPRVVR]LQKRVQR
XQLYHUVRHHVVDHUDXPDLGHLDTXHQLQJXpPPDVPHVPRQLQJXpP
TXHULD DFUHGLWDU 2 KRPHP QmR VDQDUD RV SUREOHPDV GH
GLIHUHQFLDomRUDFLDOHQDWDOLGDGH2VSDtVHVGRVXOGRKHPLVIpULR
FRQWLQXDYDPHQGLYLGDGRV2VPDLRUHVSDtVHVGRPXQGRUHXQLDP
VH HP VHGH GD 218 H 3RUWXJDO GHVHPSHQKDYD XP SDSHO GH
PRGHUDGRUQR&RQVHOKRGDV1Do}HV$*URHQOkQGLDID]LDPDLQGD
SDUWHGD'LQDPDUFDR%UDVLOHUDDLQGDRSDtVPDLVFRUUXSWRGR
PXQGR2VVHUHVH[WUDWHUUHVWUHVHUDPVLPSOHVPHQWHRVLQVHFWRV
'HPRGRTXHIDOWDYDPDLQGDPXLWRFDPLQKRDRVFLHQWLVWDVSDUD
SHUFRUUHUSUHVFUXWDUDPHQWHKXPDQDHRVKiELWRVDQLPDLV2
DOLHQDGRV SDUHFLDPVH XP SRXFR FRPR HVVHV VHUHV RV
WR[LFRGHSHQGHQWHVGHPRQVWUDYDPTXHDQDWXUH]DHUDDPmHGH
WRGDVDVVXUSUHVDVHQHODVHHQFHUUDYDRVHJUHGRGRXQLYHUVRHGD
FULDomR GR SODQHWD 7HUUD 2V YtFLRV TXH DWRUPHQWDYDP RV
KXPDQRV KDYLDP VLGR GRPLQDGRV FRQWXGR DV HPRo}HV
FRQWLQXDYDPDVHURJUDQGHSUREOHPDGRVKXPDQRV2KRPHP
GHILQLUDVHGHVGHVHPSUHFRPRXPVHULQVDWLVIHLWRHDURERWL]DomR
GDVDFWLYLGDGHVODERUDLVGHL[DUDXPDODFXQD2TXHLULDID]HUXP
KRPHPFRPWDQWRWHPSROLYUH"1mRGL]HPRVTXH2ULRQHUDR
SODQHWDSHUIHLWRHTXHOiKDYLDPRKRPHPUHFRPHoDGRWXGRGH
QRYRDSOLFDQGRRVSULQFtSLRVGDILORVRILDGH5RXVVHDX$VFRLVDV
QDWHUUDHUDPFRQWXGRFRPSOHWDPHQWHGLIHUHQWHV2VKRPHQV
FRQWLQXDYDP HP SHTXHQDV JXHUUDV QLQJXpP TXHULD VDEHU GD

218 SDUD QDGD H RV SHTXHQRV SDtVHV GHJODGLDYDPVH SRU
GLIHUHQoDV pWQLFDV EL]DUUDV H DUFDLFDV 2V FRQIOLWRV LQGLYLGXDLV
DXPHQWDYDPDYLGDWRUQDYDVHFDGDYH]PDLVDJLWDGDHDVWDEHUQDV
GH DOGHLD KDYLDP GHVDSDUHFLGR GDQGR OXJDU D FDIpV DOWDPHQWH
GHFRUDGRV 2YLQKR H RFDIp QmRWLQKDP R PHVPRVDERU SRU
FDXVD GR FHQiULR %ODVW QDVFHUD QXPD SHTXHQD SRYRDomR GD
%UHWDQKDHFRQKHFHUDRVUHLQRGRVOXVLWDQRVSRUDPL]DGHGHXP
FROHJD GH HVFROD (P WHUPRV GH HYROXomR R KRPHP WLQKD
FRQVHJXLGRKDELWDU RXWURVSODQHWDVFRLVDLQLPDJLQiYHO SDUDDV
RXWUDVHVSpFLHV(UDGDGRDVVHQWHTXHRV(7·VHUDPGHIDFWRRV
LQVHFWRVHTXHVHPSUHKDYLDPHVWDGRQDPHQWHGRVKRPHQV$
VXDPHQWHWLQKDSHUFRUULGRRVPHVPRVOXJDUHVUHSHWLGDPHQWHH
DQVLDYD SRU PDLV OLEHUGDGH PDV FRORFDYDVH D TXHVWmR GD
GLVFLSOLQD GR VDFULItFLR   6HULD R ~OWLPR GLD TXH HVWDULD DOL
HVSHQFDGRYHQGRVHDWURILDUSRUFDXVDGHXPVRQKRMXYHQLOTXH
QmROKHJDUDQWLDDHWHUQLGDGH6LPVHULDR~OWLPRGLDTXHWHULDR
FRPSXWDGRUQRTXDUWR$OLiVLULDPXGDUGHTXDUWR(SRUTXr"$
MDQHODQmREDL[DYDSRUWHLPRVLDH-XVWLQRDFUHGLWDYDTXHRVRXWURV
DFUHGLWDYDPRTXHHOHVHULDTXDQGRDPDQKmVDtVVHjUXD2ERQHFR
GRpFUmH[HFXWDYDH[SUHVV}HVIDFLDLVYLDVHDRHVSHOKRFRPDV
PmRVHPFLPDGDVXDEDUULJXLQKDGHTXDVHPHLDLGDGHeYHUGDGH
DLQGDIDOWDYDFKHJDUjPHLDLGDGH'HSRLVTXHPVDEHVDEHUPDLV
FRLVDV SDUDU e FODUR TXH WLQKD GH GHVFRQWDU XQV VHWH HP
VHWHPEURDQRVSRUFDXVDGRWDEDFR1mRTXHULDUHVLVWLUSRUIRUoD
YLYHUHVWDUYLYR7DOYH]QmRIRVVHLVVRRPDLVLPSRUWDQWHSDUD
HOH'HYLDID]HUWDQWDFRLVDHQmRVDELDRQGHHQFRQWUDUHQHUJLD
SDUDWDQWR7DOYH]SUHFLVDVVHGHXPGLiORJRSRUSHUWRPDLVSHUWR
6DEHVTXHPDLV"(VWRXMRJDQGR6,06HSRGHULDDTXLFRQWDUD
KLVWyULDGRVGLDVQDTXHODFDVDH-XVWLQRpDFREDLDVXMHLWDVHD
WXGRHQmRWHPDSHJRDWtWXORVSRUTXHVDEHTXHVDEHQmRWHP
PHGR p IOXtGR FRPR XPD HQJXLD( DILQDO GH FRQWDV RV VHXV
LUPmRV HVWDYDPFDVDGRV (UDPWUrV 4XHULDHVWDU FRPRV VHXV
VREULQKRVWRGRVXPGLDTXHULDTXHRVVHXVILOKRVEULQFDVVHP

FRPHOHVQXPMDUGLPRQGHKRXYHVVHPDLVJHQWHVREXPDTXDOTXHU
UHOLJLmR  1R MRJR R GRQR GD FDVD PRUUHX QXP LQFrQGLR H D
HVSRVDGHXPDWDTXHFDUGtDFRSDUHFHPH6LPWDOYH]QmRWLYHVVHP
GLDORJDGR R VXILFLHQWH 7DOYH] R REMHFWLYR GH 9HQWXUD IRVVH R
GLiORJRHQmRPHVPRDOLWHUDWXUD(VWUDQKRSRUTXHDOLWHUDWXUDp
IHLWDGHGLiORJRV
$VDOWHUDo}HVSURGX]LGDVQRVHLRGDVRFLHGDGHQDTXHOHVDQRVIRL
SURIXQGD 'HQWUR GR VHU GH -XVWLQR DV FRLVDV SRGHULDP VHU
GHVFULWDVFRPRXPDWUDYHVVLDGRGHVHUWRSRUYH]HVHVWDYDFKHLR
GH VHGH H FRP XP FRSR GH jJXD IUHVFD D VHX ODGR H QmR OKH
SHJDYD6DELDTXHHVWDYDDVHULQVLVWHQWHGHPDLVFRP/RUDTXH
DERUUHFLDDVSHVVRDVFRPRVVHXVSURMHFWRVHTXHGHIDFWRQDGD
SRGHULD HVFDSDU DR VHX LQGXOWR GH ID]HU UHQDVFHU XP HPEULmR
TXH OKH SXGHVVH GDU OXWD OXWD TXH Mi GDYDP RV UDSD]HV TXH
SHUFRUULDPDVFDOoDGDVID]HQGREDUXOKRPDVQmRDPmHGL]LD
VHPSUHSDUDID]HUGLIHUHQWHID]HUGLUHLWRPLMDUDGLUHLWRTXHHOH
QmRWLQKDRGLUHLWRGHPLMDUSUyWRUWRHTXHGHSRLVDQRVPDLV
WDUGHDOX]HQWUDYDSHODMDQHODRQGHVHYHVWLDSDUDXPDDXODXPD
MDXOD RQGH YL]LQKRV GH SULPDWDV HQVDLDYDP D VDEHGRULD TXH
HVWXGDQWHVHSURIHVVRUHVWRGRVSURILVVLRQDLVHVWXGDYDPDFXOSD
DFXOSDTXHXPKRPHPVHPLGHXVLQVWLWXtUDKiGRLVPLOHXP
DQRVHOHVDJRUDGHEDWLDPHGHEDWLDPHQXQFDPDLVVDtDPGLVVR
DQWHV HOH HUD DVVLP FRPR HOHV -XVWLQR R KRPHP GH DQGDU
HVFDQ]HODGR SURFXUDQGR XPD FHQWHOKD TXH DFHQGHVVH R VHX
SHTXHQRYtFLRQmRSRUYHURKRPHPGHIHULGDDEHUWDQDVSHUQDV
HVHUiTXHLULDILFDUDOLWRGDDVDQWDWDUGHHQLQJXpPROHYDULDSDUD
R KRVSLWDO PHVPR TXH QmR WLYHVVH IDPLOLDUHV GHSRLV SRLV D
UDSDULJDTXHGHVFLDDFXVWRDVHVFDGDVGRPHWURHTXH-XVWLQRYLX
HTXLVDMXGDUFRPRVHIRVVHXPDDMXGDVH[XDOGHSRLVDHQIHUPHLUD
GHyFXORVUHGRQGRVTXHMiFRQKHFHUDHYLHUDWHUFRPHOHQXPD
FDPD GH KRVSLWDO H R HVWLJPD HVVH GHPyQLR GH PHUGD TXH R
SHUVHJXLDHQmRRGHL[DYDVHUXPKRPHPUHDOL]DGRFRPWUDEDOKR
HDRILPGRPrVVDOiULRILOKRVSDUDFULDUFRPTXHPJULWDUHGDU

SRUUDGDOHYDUDRUHOYDGRGRVMHUyQLPRVjSLVFLQDGDSHQKDGH
IUDQoD j HVFROD RQGH UDQoRVRV QHJURV H EUDQFRV VH DVVRDYDP
FRPDPDQJDTXDQGRRSURIHVVRUGL]LDYDPRVID]HULVWRHPDLV
LVWR H PDLV DTXLOR H DSRQWDYD WXGR QR TXDGUR H GL]LD SDUD
HVFUHYHUHPHFDQVDYDRVHVFUHYHQGR4XDQGRQDVDXODVGHKLVWyULD
R KRPHP FXVSLD DFRQWHFLPHQWRV SDUD FLPD GRV DOXQRV HUDP
GRLVXPGHOHVRJXDUGDFKXYDRRXWURQmRPHOHPEURPDVHUD
PDLVVLPSiWLFRHWLQKDXPDHVSRVDTXHWDPEpPHUDSURIHVVRUD
(IDODQGRIDODQGR GDVSURIHVVRUDVTXHQXQFD PDLVDSDUHFLDH
GDVPHPyULDVGDVLPDJHQVSRUQRTXHWUD]LDQXPDUHJLmRGR
FpUHEURHSRLVDTXLVHGL]TXH-XVWLQRMXOJDYDXPDYLQJDQoDSRU
PHLR GD UHVLVWrQFLD FRPR XP &ULVWR TXH YROWDYD D IDFH H VH
GL]LDUHL&RPRVHRVRIULPHQWRpXPDFRQVWDQWHGDYLGDHDTXHOD
P~VLFDSRULQVWDQWHVWRFDYDQXPUiGLRGHPmRHXWLQKDODHP
FDVDHKDYLDSDJRSRUHODHRDPDQKmLVWRPHSUHRFXSDYDRLUH
R ILFDU H DV KLVWyULDV TXH QXQFD LULD FRQWDU SRUTXH VmR R TXH
PRYHRVPHXVSDVVRVHVFUHYHUGLiULRVpWULVWHHHQIDGRQKRHR
TXHQXQFDSRGHUHLVDEHUVHQmRHVWRXFDVDGRPDLVFDQVDGRHVWRX
SRLVVHRPHXFXQKDGRVHHVIRUoDHHXPHHVIRUoRHQDGDWUDJR
SDUDPHXSDWULPyQLR1DGDWUDJDSDUDPHXSDWULPyQLRHVXSRUWHL
DTXHOD YR] GHPDVLDGR WHPSR TXH YRX DFDEDU SRU SDVVDU XQV
WHPSRVQXPDFDPDHQXPEDUTXHGHVWLQRpHVWHFRPRRGH
TXHPIDODLQGLUHFWDPHQWHFRPDVSHVVRDVSRULQWHUSRVWDSHVVRD
HQmROKHVFRQVHJXHGL]HUHPSUHVHQoDTXHDVDPDHTXHDJRUD
DRVWULQWDHSRXFRVDQRVDSUHQGHUDWRFDUpPDLVGLItFLOGRTXH
VDOYDURVPHPEURVGRWLWDQLF7DOYH]QmRPHOKRUpLPSRVVtYHO
PDVTXHPTXHURPHOKRU"
1XPGRVSUy[LPRVGLDVVHTXLVHVVH-XVWLQRSRGHULDDOWHUDUR
UXPR GDV FRLVDV LVWR HVWRX GL]HQGR ID]HQGR IXWXURORJLD 2
VLOrQFLR GR VHX SDL HUD DOJR TXH YLQKD GR IXQGR GRV WHPSRV
9ROWDYD SRUFDXVD GDPmH HGD LUPmTXDVH WRGDVDV VHPDQDV
SDUD SDVVDU GRPLQJRV HVWUDQKRV HP TXH QmR VH GDYD FRP
QLQJXpPHDOJXPDFRLVDHVWDULDHUUDGRFRPHOH"4XHPDLVSRGHULD

HOHID]HUTXHPDLVVHQmRFRQWLQXDUDDFUHGLWDUQXPSHQVDPHQWR
TXH WHPRV HP YR] DOWD FRQQRVFR SUySULR H QRV SHUJXQWDPRV
TXDQGRpTXHDOJXPDFRLVDLUiDFDEDU'HIDFWRHHVWDSDODYUD
HVWDH[SUHVVmRWLQKDGHVXUJLUDOJXPGLDDOJXPDYH]GHIDFWR
IDOWDYDOKHDYHQWXUDSDUDQmRMiGL]HUVD~GH0DVERP1DTXHOD
QRLWHMiRVYDPSLURVVHFRPHoDYDPDGHLWDUHOHVVLPREVHVVLYR
FRPSXOVLYRV 1HVVD QRLWH LULD GHLWDUVH XP VHU KXPDQR TXH
HVSHUDUDORQJRWHPSRPDVTXHQDGDWLQKDIHLWR4XHID]HUHQWmR"
$MDUUDTXHHVWDYDHPFLPDGDPHVDQDTXHODWDUGHIrORSHQVDU
QRQDWDOHPTXHWLQKDPIHLWRVHXLUPmRHVHXSDLDjUYRUHGH
QDWDODVLPDJHQVGRVFKLQHVHVTXHPRUDYDPDRODGRHGRUHOyJLR
TXHKDYLDPYHQGLGR8PSHTXHQRUiGLRTXHWLQKDXPUHOyJLR
FRPRRVGHSXOVR4XDQGRHXMXYHQWXGHWLQKDYLVWRXPYLGHR
GRV(UDVXUHQXPDORMDGHHOHFWURGRPpVWLFRVQXQFDFDOFXODULDR
LPSDFWRTXHLVVRLULDWHUQDVXDYLGDIXWXUD'HVGHHQWmRVHJXLX
VHPSUHDFDUUHLUDGRJUXSR(QDTXHODORMDGHHOHFWURGRPpVWLFRV
HVWDYDDSURSyVLWRGHXPIULJRUtILFRTXHRPHVWUHGHREUDVTXHULD
FRPSUDUSDUDDVXDFDVD'HUHVWRHUDGHVRODVROPDQGDQGR
WLMRORV SDUD R SLVR GH FLPD ID]HQGR PDVVD FKDSDQGR PDVVD
HQFKHQGR RV EXUDFRV GRV WLMRORV ( D FDVD VHULD DTXHOD H QmR
RXWUD1mRKDYLDHVSDoRSDUDVRQKDU$SRXFRHSRXFR-XVWLQR
LDRGLDQGRRVGLOHWDQWHVPDVWDPEpPQmRTXHULDVHUXPKRPHP
GHPDVLDGDPHQWHSUiWLFRSRUTXHVHQWLDTXHSHUGLDDOJRFRPLVVR
&RPRRWXWDQRGDYLGD&RQWXGRWHULDGHYLYHUGHDOJXPDFRLVD
FRPR 5D\PRQG &DUYHU TXH KDYLD VLGR HQWUH YiULDV FRLVDV
JDVROLQHLUR
-XVWLQRWLQKDXPDLGHLDSDUWLFXODUHPUHODomRjHVFULWDSRLV
HUDXPGRVVHXVSDVVDWHPSRVSUHIHULGRVHVFUHYHUFDUWDVD7HOPD
1HODVFRORFDYDVRUULVRVSHTXHQRVERQHTXLQKRVEULOKDQWHVTXH
FRPSUDYD QD HVWDomR GH FRUUHLRV GR &RORPER DILQDO DV VXDV
SDODYUDVIRVVH7HOPDDPDQWHFRQILGHQWHPmHRXLUPm$FUHGLWDYD
VREUHPDQHLUD QD WHOHSDWLD H RV WHPSRV TXH SDVVDUD HP FDVD
LQFRPXQLFiYHODMXGDUDPQRDFRQVLGHUDUVHXPHUHPLWDQRPHLR

GDJHQWH(HVVDFUHQoDDWHUUDYDRHQWHUUDYDR2VVLQDLVTXHYLD
QDVUXDVHUDPGHIHULGDVDEHUWDVGHWR[LFRGHSHQGHQWHVQRIXQGR
GRjQRLWHFKHLUDQGRPDOHSUHSDUDQGRFLJDUURV+DYLDWDUGHV
HPTXHLDDWpj)QDFHVSHUDQGRHHQFRQWURXXPGLD´2OKDLRV
/tULRVGR&DPSRµH´0XOKHUHVµGH%XNRZVNLHXPOLYURVREUH
PXOWLPpGLD GH  HP IUDQFrV 6HQWRXVH H TXHULD WHU GLQKHLUR
SDUDID]HUXPDELEOLRWHFDjVXDPDQHLUDRQGHRVOLYURVSXGHVVHP
VHUYLVLWDGR$VXDELEOLRWHFDSDUWLFXODUGHVHUYLoRS~EOLFR7LQKD
GH IDFWR XP GHVHMR GH FRPXQLFDU LGHLDV SRU LVVR JRVWDYD GH
OLWHUDWXUD2VGLDVHUDPLJXDLVVHPSUHUHJXUJLWDQGRSDODYUDVQmR
FRPR DV QRLWHV HP TXH VRQKDYD DFRUGDGR QR VHX HVSDoR
SHUPLWLGR(QWUDYDHDVXDFDEHoDQmRSDUDYDPDLVDWpDRRXWUR
GLD VRQKDVVH RX QmR 3RUWDQWR HVWD KLVWyULD WHP SDUD Mi GXDV
SHUVRQDJHQVPDLVWRGDVDTXHODVTXHVHSRGHPGHVFRUWLQDUGD
UHDOLGDGHYLUWXDO-XVWLQRQmRWLQKDPHGRGRDPDQKmGDGLIHUHQoD
HQWUHDVLGHLDVVLPSOHVHDVHODERUDGDV7UDEDOKDYDQXPKRVSLWDO
SVLTXLiWULFRSRULVVRQmRVHHVWUDQKDYD2IDFWRpTXHRKRVSLWDO
QmRHUDSDUDPDOXFRVQHPPDOXFRVHUDPRVTXHOKHYLQKDPSHGLU
GLQKHLURSDUDFDIpEHEHUXPFDIpRXSHGLUXPFLJDUUR(UDXP
TXRWLGLDQR(SRUPDLVHVIRUoRTXHIL]HVVHPDLVGHVFREULDTXH
QmRHUDXPDTXHVWmRGHHVIRUoR8PDVRUWHWDOYH]8PGLDGHVWHV
HVWDULDQRXWUR OXJDURXQRPHVPR QmRLQWHUHVVDD SRXFDERD
YRQWDGHHRUHVSHLWRTXHWLQKDFRPTXHPOiHVWDYDeFODURTXH
RV FRQVLGHUDYD PDOXFRV 2 FDEHFLQKDV WLQKD LGR j WHOHYLVmR
DSRQWDQGRVH FRPR ~OWLPR UHIRUoR GR 8QLmR GH /HLULD FOXEH
TXHPLOLWDQDSULPHLUDGLYLVmRGHIXWHERO$FRQWHFHTXHHUDSDGUH
( RSDGUH QHJURRX VDEHUGRWHGD ,JUHMD GR0DQi TXHSRU DOL
EXVFDYD DOPDV XP SRXFR GR TXH RV GRHQWHV QmR WLQKDP 2
SUREOHPDpTXHWLQKDQDVFLGRFRPFDEHoDFRPIDFXOGDGHVQmR
HUDPDQLPDLV2 SUREOHPDIRL WHUHPQDVFLGR FRPIDFXOGDGHV
(OHHVWDYDVHQWDGRQXPEDQFRGHMDUGLPEULQFDQGRFRPXPD
IORU RV SRPERV VDFXGLDP R FKmR SDVVDQGR SRU HOH FRPR VH
IRVVHXPGHOHV(SHQVDYD1RSULQFtSLRWXGRSDUHFLDDWUDFWLYR

HOHWXGRDEVRUYLDHDVSHVVRDVRVGRJPDVDVGRUHVGHFDEHoDDV
JHQWHVDVRULJHQVHRVSHUFXUVRVVRFLDLVWXGRID]LDVHQWLGRGH
DOJXPPRGR'HVFREULDTXHXPQRYRDPRUVHDSUR[LPDYDHXP
DPRUTXHHOHGHPRUDUDWDQWRWHPSRSRUHQWUHWDQWRVRIULPHQWR
DGHVFREULU2DPRUHVWDYDQRIDGRQDVFDQo}HVGH/X]&DVDOH
HUDHP(VSDQKDTXHRVHXFRUSRVHOHYDQWDYDRXYLQGRVXDP~VLFD
QDSODQtFLHGRFDORU
5LFDUGRRLUPmRQmRWLQKDFXOSDGH-XVWLQRWDQWDFRLVD
TXHUHUHDRPHVPRHVWDQGRWmRFRQFHQWUDGRHPVLPHVPR2
PXQGRSRGHULDVHUIHLWRGHRXWUDIRUPDRXJULWDYDGHQWURGD
FDYLGDGH FUDQHDQD 7LQKD GH PH DGDSWDU DR PXQGR 1HP WmR
SRXFR )ORUD WLQKDFXOSD GH WHU FDVDGR FRPXP KRPHP IRUWH
SDUD D SURWHJHU GH LQFHVWR $Wp )UHXG WXGR HVWDYD EHP 8PD
SUHSRVLomRKLSyFULWD'HSRLVGH)UHXGH0DU[GHVFREULPRV'HXV
)LFiPRVDGHVFUHYrORFRPRVVHXVVHJXLGRUHV0DVFRP0DUFHO
0DXVVH/pYL6WUDXVVGHVFREULPRVTXHVRPRVKXPDQRVHTXH
-HVXVDQGDSRUWRGRRODGRQmRpVyQRURVWRGH:LOOHP'DIRH
7LQKD SURPHWLGR TXH R DPRU YHQFHULD 7DQWDV UHIHUrQFLDV 2
LQILQLWR GLULD -XVWLQR HVWi GHQWUR GH FDGD XP GH QyV
KLSRFULWDPHQWHGL]HQGRQDVUHODo}HVVH[XDLVHVRFLDLVRLQILQLWR
GL]LD
'HXPSHTXHQROLYURGHSHQVDPHQWRVUHWLUDGRVGD%tEOLD
-XVWLQROLDQDFDSDTXH´HVWDVSDODYUDVVmRILpLVHYHUGDGHLUDVµ
6LPSHVDGDHUDDKHUDQoDGHXPFDWROLFLVPREDFRFRGHYHOKLQKDV
0DVHQWmRDRTXHpTXHQRVLUtDPRVDJDUUDU"2TXHVHULDSUHFLVR
QXPD DWLWXGH YHUGDGHLUDPHQWH DQWURSROyJLFD LVWR  WHQGR HP
FRQVLGHUDomRRFRQKHFLPHQWRGDQDWXUH]DKXPDQDVHULDYLYHU
FRPXPDHRXWUDFRLVD6LPWDOYH]-XVWLQRYLHVVHDVHUPHOKRU
FLGDGmRVHLQFOXtVVHDQDWXUH]DGLYLQDPHVPRVDEHQGRTXHDV
PDLVERQLWDVQmRYmRj,JUHMD1RUHJUHVVRDFDVDGHVID]LDDV
PDODVFRPRtPSHWRGHXPFDYDORVDOWDQGRDFHUFDHPEXVFDGH
SDVWRYHUGHYHUGH$LQGDEXVFDYDQXPDIUDVHQXPDJORPHUDGR
OLQHDUGHSDODYUDVXPDH[SOLFDomRRVDXGRVLVPRGHXPHVSDoR

RTXHQmRSRGHULDUHYHODUWRGRVRVGLDVDYHUGDGHWRGRVRVGLDV
6HULDQHFHVViULRFRPRQXPDDXODGHVID]HURVQRYHORVGDPHPyULD
UHWLUDU OLQKDDSyV OLQKDRV ULVFRV TXHIL]HUD QXPDWHOD RULJLQDO
TXHQmRHUDGHWHODSDUDGHXPDRXWUDPDWpULDTXHH[SOLFDVVHR
TXHGLJRFRPFXLGDGR6LPDPDQKmFRPSUDULDDTXHOHOLYURGH
UD\PRQGFDUYHU4XHVHGDQDVVHRDPDQKmVDELDTXHWLQKDXP
FRUSRSDUDWUDEDOKDUFRPRVHGL]QDDOGHLDQDSHTXHQDDOGHLD
TXH FDGD YH] PDLV ILFDYD ORQJH DSHQDV XPD HVSHUDQoD XPD
KLSyWHVHQRFDIpRQGHEHEHUDLQ~PHURVGHVFDIHtQDGRVREHIHLWR
GRKDOGROTXHKRMHRXYLUDGHSDVVDJHPDOJXpPUHIHULU'HSRLVD
TXHPGLULDDVSDODYUDVTXHWLQKDHVFULWR2TXHWLQKDHVFULWR2V
GLDVHVWDYDPKDELWDQGRXPDRXWUDHVSHUDQoDTXHYLQKDGRIXQGR
GRV WHPSRV TXH YLQKD GR FRQKHFLPHQWRV GRV VLVWHPDV GDV
PHPyULDVXPDLUUHIXWiYHOWHQGrQFLDSDUDRVXLFtGLRLQWHOHFWXDO
5RVD QmR WLQKD PHGR GD PRUWH HVWDYD KDELWDQGR XP HVSDoR
SHTXHQRHHUDYLYDGHPDLVSDUDWDO)D]LDDVVXDVQHFHVVLGDGHVDOL
SHUWRDOJXpPYLQKDGHWHPSRVDWHPSRVGHVFUHYHURFHQiULRH
LPSOLFDUXPVXMHLWRFRPRFXOSDGR(UDPRVGLDVGDGHVWUXLomR
GDV WRUUHV GR :RUOG 7UDGH &HQWHU 2V KRPHQV QmR OKH
LQWHUHVVDYDPYLYLDGHXPDVH[XDOLGDGHOLEHUWDGDSDUDVLDGRLV
PHWURVGHVL2VKRPHQVHUDPSHUYHUVRVHPDTXLDYpOLFRVHVVDV
VHULDP DV SDODYUDV TXH HQFRQWUDULD HVFULWDV QXP DXWRFDUUR
DQXQFLDQGR WDPEpP XP ILOPH 6HULDP HVVDV DV SDODYUDV TXH
GHVFUHYHULDPHPVtQWHVHDQDWXUH]DKXPDQD$UHOLJLmRHUDPDLV
XPDEROVDTXHH[SOLFDYDRPXQGR8PDHQWUHRXWUDVFRPRDWpD
P~VLFDHDVUDYHV$MRYHPDOHPmHVFUHYHUDWXGRDYHUPHOKRDWp
DV PDLV SHTXHQDV UHDo}HV GH IODWXOrQFLD GR LQGLYtGXR (VVH
9HQWXUD DSHQDV VH DUUHSHQGLD GH DGRUPHFHU WRGRV RV GLDV QD
IDOpVLDFRPDYHUGDGH$OLSHUWRIL]HUDXPDFDEDQDHPPDGHLUD
6DLX GH PDQKm QR GLD  GH $JRVWR SURORQJDQGR R VHX DWp j
SHTXHQDULEHLUDTXHID]LDXPODJRDFRPPHWURVGDFDEDQD(
TXDQGR VHQWLVVH WULVWH]D YROWDULD D UHFRQKHFHU RV VHUHV YLYRV
YROWDULDSDUDDFLGDGHHGHL[DULD6SHUDQ]D4XHULDPRUUHUFRP

HVVHVHQWLPHQWRGHWULVWH]DGHIDGRHVVHVHQWLPHQWRTXHID]LD
EHP$VXDDOWLYH]UHOHJDUDRSDUDXPSODQREDVWDQWHSUHMXGLFLDO
DRFRQYtYLRFRPRVKRPHQV1HVVDQRLWHGH$JRVWRSHUQRLWRX
DROXDUWHQWDQGRUHVSLUDUSXUR(VWDYDFDQVDGRGHXPHVTXHPD
GH YLGD GD FLGDGH D TXH FKDPDP URWLQD $V PHVPDV SDODYUDV
SDUDFRPSUDUXPMRUQDLVDVPHVPDVFDQo}HVQDUiGLRRVMRYHQV
TXHHUDPVHPSUHLUUHYHUHQWHVHSDUHFLDPQmRWHUSUREOHPDVRX
TXHRVWHQGRRVVDELDPVROXFLRQDU´$UUHHVWRXIDUWRGHVHPL
GHXVHVµSRGLDGL]HUFRPRRSRHWD'HSRLVGHSDVVDGRVPHVHV
GHUHFROKLPHQWRHHUHPLWpULRWLQKDYROWDGR(SHQVDUTXHSRGLD
H[SHULPHQWDUH[SUHVV}HVGLVWLQWDVGHXPPHVPRVHJPHQWRGH
FRQFDWHQDo}HV GD YLGD VRFLDO 1DGD WLQKD IHLWR  QDGD GHYLD D
QLQJXpP FRQWXGR FDUUHJDYD XP IDUGR TXH Vy SRGLD VHU R GD
FLYLOL]DomR&DUUHJDYDXPDFUX]FRPRDGH&ULVWRPDVQmRQmR
VH GHL[DULD FUXFLILFDU %DWHUD GHPDVLDGR QR IXQGR SDUD Oi
SHUPDQHFHU$UUDQMDUXPSVHXGyQLPRWUDWRXVHXPDTXHVWmRGH
RSomR6HDOJXpPHVWLYHVVHDTXLSDUDFRPSUHHQGHUDOyJLFDGR
PHXSHQVDPHQWR,ULDXPWHOHIRQHPDUHVROYHUWXGR"6yQRGLD
VHJXLQWHSRGHULDWHUXPDLGHLDPDLVFODUD3DUDMiHUDWDUGHHHX
GHVHMDYDFRQKHFHU=RH2VHVWUDQKRVVHQWLPHQWRVTXHSURFXUDYD
HUJXHU SDUD HGLILFDU XP HGLItFLR QRYR QD VXD PHQWH HVWDYDP
HVEDWLGRVQRYHUPHOKRVDQJXHGHXPFDOoDGD

),0





























































































































You might also like