You are on page 1of 1

7HRULD GH RSHUDomR

$MXVWHV H GHVFULo}HV GDV FDUDFWHUtVWLFDV GD (P VLWXDo}HV HP TXH DV KRUDV GR PRWRU QmR SRGHP VHU
(&8 QD FDQDGHDo~FDU DXWRPDWLFDPHQWH UHVWDEHOHFLGDV R 6HUYLFH $'9,62570
SRGH DMXVWDU DV KRUDV GR PRWRU SDUD R YDORU FRUUHWR
&RQWUROH GH URWDomR GR PRWRU $ IHUUDPHQWD 6HUYLFH $'9,62570 WDPEpP WHP D
FDSDFLGDGH GH DXPHQWDU DV KRUDV D SDUWLU GDTXHODV TXH
0DUFKD OHQWD  USP HVWmR DFXPXODGDV QD (&8 D TXDOTXHU PRPHQWR
0DUFKD LQWHUPHGLiULD  USP &DUDFWHUtVWLFD GH GHVOLJDPHQWR HP DSOLFDomR
$OWD URWDomR  USP SHUVRQDOL]DGD

$FHOHUDGRU 3DUD XQLGDGHV HTXLSDGDV FRP XP YRODQWH GH GLUHomR


D XQLGDGH GH FRQWUROH GH GLUHomR HQYLD XP VLQDO SDUD
(QWUDGD GR WLSR GH DFHOHUDGRU D (&8 OHU DWUDYpV GH XPD HQWUDGD DQDOyJLFD ILOWUDGD
&RPDQGR GR 3RUFHQWDJHP GR 9HORFLGDGH GH 6RE FRQGLo}HV QRUPDLV HVVD HQWUDGD GHYH HVWDU HQWUH
DFHOHUDGRU DFHOHUDGRU UHIHUrQFLD  9 H  9 4XDQGR XP FRPDQGR GH GHVOLJDPHQWR
0DUFKD OHQWD   USP HVWi DWLYR HVVD HQWUDGD GHYH HVWDU HQWUH  9 H 
0DUFKD LQWHUPHGLiULD    USP 9 1HVVD FRQGLomR LUi FRQILJXUDU XPD IDOKD  H
$OWD URWDomR    USP R PRWRU GHVOLJDUi HP  VHJXQGR 2 GHVOLJDPHQWR H D
3LORWR DXWRPiWLFR GH    USP IDOKD DVVRFLDGD VmR LQLELGRV QD YHORFLGDGH GR PRWRU
FDPSR DEDL[R GH  USP 6H D WHQVmR ILOWUDGD HVWLYHU VHPSUH
,QYiOLGR   USP IRUD GHVVHV OLPLWHV LVWR VHUi FRQVLGHUDGR XPD IDOKD IRUD
GR OLPLWH H LUi FRQILJXUDU XPD IDOKD  VHP RFRUUHU
ÈJXD QR FRPEXVWtYHO XP GHVOLJDPHQWR D IDOKD IRUD GR OLPLWH p LQLELGD FRP R
PRWRU HP YHORFLGDGH DEDL[R GH  USP FRP D FKDYH GH
'HSRLV GH  VHJXQGRV GD GHWHFomR GH iJXD QR LJQLomR QD SRVLomR IDOVR SDUD SUHYHQLU XPD FRQILJXUDomR
FRPEXVWtYHO XP FyGLJR GH IDOKD p DWLYDGR D OX] GH DODUPH GH IDOKD QR GHVOLJDPHQWR  H TXDQGR R PRWRU HVWi QR
GR EDUUDPHQWR &$1 DFHQGH H R PRWRU WHUi XPD UHGXomR PRGR GH SDUWLGD SDUD SUHYHQLU XPD IDOKD GH FRQILJXUDomR
GH SRWrQFLD QR WRUTXH &RQVXOWH 3URWHomR GR PRWRU SDUD HQTXDQWR DFLRQDQGR  1mR Ki UHFXSHUDomR XPD YH] TXH
LQIRUPDomR GH UHGXomR GH SRWrQFLD R GHVOLJDPHQWR WHQKD VLGR YDOLGDGR p QHFHVViULR XP JLUR
QD FKDYH GHVOLJDGD
2EVWUXomR GR ILOWUR GH DU
5HGXomR GH SRWrQFLD FRPDQGDGD GR YHtFXOR
6H XP ILOWUR GH DU REVWUXtGR p GHWHFWDGR SRU PDLV GH 
VHJXQGRV XP FyGLJR GH IDOKD p DWLYDGR D OX] GH DODUPH 4XDQGR D (&8 UHFHEH XPD UHGXomR GH SRWrQFLD
GR EDUUDPHQWR &$1 DFHQGH H R PRWRU WHUi XPD UHGXomR YHUGDGHLUD GR YHtFXOR LUi FRQILJXUDU XPD IDOKD 
GH SRWrQFLD QR WRUTXH &RQVXOWH 3URWHomR GR PRWRU SDUD H LQLFLDU D GLPLQXLomR GH SRWrQFLD GR WRUTXH GHVGH TXH R
LQIRUPDomR GH UHGXomR GH SRWrQFLD $ IDOKD DWLYD SHUVLVWH FRPDQGR GH UHGXomR GH SRWrQFLD HVWHMD VHQGR HQYLDGR
DWp TXH D FKDYH GH LJQLomR VHMD GHVOLJDGD $ IDOKD p 8PD YH] TXH R FRPDQGR GH UHGXomR GH SRWrQFLD HVWHMD
LQLELGD TXDQGR D FKDYH GH LJQLomR HVWi GHVOLJDGD SDUD GH YROWD QD SRVLomR IDOVR D (&8 LQLFLDUi D UHFXSHUDomR
SUHYHQLU IDOKDV DFXPXODGDV QR GHVOLJDPHQWR GH UHGXomR GH SRWrQFLD DSyV D TXDO R FyGLJR  LUi
GH DWLYR SDUD DUTXLYDGR 4XDQGR D UHGXomR GH SRWrQFLD p
'HWHFomR GH EDL[D WHQVmR GD EDWHULD DWLYDGD D (&8 LUi FRQILJXUDU XPD IDOKD  VRPHQWH
FRPR DUTXLYDGD SDUD UHJLVWUDU TXH D UHGXomR GH SRWrQFLD
6H R SRWHQFLDO QD HQWUDGD GD EDWHULD FDLU DEDL[R GH  IRL FDXVDGD SHOR FRPDQGR GR YHtFXOR H QmR SRU XPD
9 SRU PDLV GH  VHJXQGRV XP FyGLJR GH IDOKD p DWLYDGR IXQomR GR PRWRU 2 YHtFXOR FRQILJXUD XP FyGLJR GH IDOKD
H D OX] GH DODUPH GR EDUUDPHQWR &$1 DFHQGH $ IDOKD SDUD LQGLFDU D FRQGLomR TXH MXVWLILFRX R FRPDQGR GH
SHUVLVWH DWp D WHQVmR GD EDWHULD VXELU DFLPD GH  9 UHGXomR GH SRWrQFLD 2 YHtFXOR PDQGD FRQWLQXDPHQWH
SRU  VHJXQGRV (VVD IDOKD p LQLELGD TXDQGR R PRWRU LQIRUPDo}HV GH UHGXomR GH SRWrQFLD FRP D FKDYH OLJDGD
HVWi OLJDQGR VH D LQIRUPDomR YHUGDGHLUD GH UHGXomR GH SRWrQFLD
+RUtPHWUR GR PHFDQLVPR (&8 H[FHGHU R WHPSR OLPLWH D (&8 DVVXPLUi FRPR SDGUmR
D QmR UHGXomR GH SRWrQFLD $ IDOKD GH WHPSR OLPLWH
$ (&8 PDQWpP UHJLVWUR GDV KRUDV GH IXQFLRQDPHQWR GR H[FHGLGR p LQLELGD FRP R PRWRU HP YHORFLGDGH DEDL[R GH
PRWRU $ LQIRUPDomR HVWi GLVSRQtYHO SDUD UHREWHQomR  USP SDUD SUHYHQLU D IDOKD GH DMXVWH VH D (&8 OLJDU
DWUDYpV GR 6HUYLFH $'9,625Π$V KRUDV GR PRWRU DQWHV GD XQLGDGH GH FRQWUROH GR YHtFXOR  FRP D FKDYH
QD (&8 PRVWUDP R WHPSR TXH R PRWRU HVWHYH HP GH LJQLomR QR IDOVR SDUD SUHYHQLU XPD IDOKD GH DMXVWH QR
IXQFLRQDPHQWR 1mR KDYHUi SHUGD GH WHPSR QXP JLUR GH GHVOLJDPHQWR  H TXDQGR R PRWRU HVWi QR PRGR GH SDUWLGD
GHVOLJDPHQWR QRUPDO 4XDQGR D (&8 p UHSURJUDPDGD R SDUD SUHYHQLU XPD IDOKD GH DMXVWH GHYLGR D TXHGD GR
KRUtPHWUR p PDQWLGR VH SRVVtYHO SRUpP DWp  PLQXWRV EDUUDPHQWR &$1 HQTXDQWR DFLRQDQGR 
SRGHP VHU SHUGLGRV GXUDQWH FDGD HYHQWR GH SURJUDPDomR

&RQWLQXD QD SUy[LPD SiJLQD $6& '(&

70 )(%  &ROKHLWDGHLUDV GH FDQD  H 




31 

You might also like