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GLUHLWR GH IDPtOLD  3ULQFtSLRV GR GLUHLWR GH IDPtOLD  1DWXUH]D
MXUtGLFDGRGLUHLWRGHIDPtOLD)DPtOLDHFDVDPHQWR(YROXomR
KLVWyULFD GR GLUHLWR GH IDPtOLD  2 GLUHLWR GH IDPtOLD QD
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1RomRGHGLUHLWRGHIDPtOLD

2GLUHLWRGHIDPtOLDpGHWRGRVRVUDPRVGRGLUHLWRRPDLVLQWLPDPHQWH
OLJDGR j SUySULD YLGD XPD YH] TXH GH PRGR JHUDO DV SHVVRDV SURYrP GH XP
RUJDQLVPR IDPLOLDU H D HOH FRQVHUYDPVH YLQFXODGDV GXUDQWH D VXD H[LVWrQFLD
PHVPR TXH YHQKDP D FRQVWLWXLU QRYD IDPtOLD SHOR FDVDPHQWR RX SHOD XQLmR
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RUJDQL]DomR VRFLDO (P TXDOTXHU DVSHFWR HP TXH p FRQVLGHUDGD DSDUHFH D
IDPtOLD FRPR XPD LQVWLWXLomR QHFHVViULD H VDJUDGD TXH YDL PHUHFHU D PDLV
DPSOD SURWHomR GR (VWDGR $ &RQVWLWXLomR )HGHUDO H R &yGLJR &LYLO D HOD VH
UHSRUWDPHHVWDEHOHFHPDVXDHVWUXWXUDVHPQRHQWDQWRGHILQLODXPDYH]TXH
QmR Ki LGHQWLGDGH GH FRQFHLWRV WDQWR QR GLUHLWR FRPR QD VRFLRORJLD 'HQWUR GR
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FRPSDQKHLURV RV SDUHQWHV H RV DILQV 6HJXQGR -266(5$1' HVWH SULPHLUR
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LQWHQomR GH HVWDEHOHFHUHP XPD FRPXQKmR GH YLGDV H YLD GH UHJUD GH WHUHP
ILOKRVDTXHPSRVVDPWUDQVPLWLURVHXQRPHHVHXSDWULP{QLR
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FRPSRQHQWHVGDHQWLGDGHIDPLOLDU 

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2VGLUHLWRVGHIDPtOLDFRPRIRLGLWRVmRRVTXHQDVFHPGRIDWRGHXPD
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LQIUDomR DRV GLUHLWRV REULJDFLRQDLV UHVROYHVH HP SHUGDV H GDQRV HQTXDQWR D
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3RGHP RV GLUHLWRV GH IDPtOLD WRGDYLD WHU XP FRQWH~GR SDWULPRQLDO RUD
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WLSR GRV GLUHLWRV UHDLV FRPR QR XVXIUXWR GRV EHQV GRV ILOKRV DUW   1D
UHDOLGDGHWDODFRQWHFHDSHQDVLQGLUHWDPHQWHFRPRQRVH[HPSORVFLWDGRVHDLQGD
QR WRFDQWH DR UHJLPH GH EHQV HQWUH F{QMXJHV RX FRQYLYHQWHV H j DGPLQLVWUDomR
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GLUHLWRUHDORXREULJDFLRQDO
2 GLUHLWR GH IDPtOLD FRQVWLWXL R UDPR GR GLUHLWR FLYLO TXH GLVFLSOLQD DV
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SDUHQWHVFR EHP FRPR RV LQVWLWXWRV FRPSOHPHQWDUHV GD WXWHOD H FXUDWHOD YLVWR
TXHHPERUDWDLVLQVWLWXWRVGHFDUiWHUSURWHWLYRRXDVVLVWHQFLDOQmRDGYHQKDPGH
UHODo}HV IDPLOLDUHV WrP HP UD]mR GH VXD ILQDOLGDGH QtWLGD FRQH[mR FRP
DTXHOH 
&RQIRUPH D VXD ILQDOLGDGH RX R VHX REMHWLYR DV QRUPDV GR GLUHLWR GH
IDPtOLD RUD UHJXODP DV UHODo}HV SHVVRDLV HQWUH RV F{QMXJHV RX HQWUH RV
DVFHQGHQWHV H RV GHVFHQGHQWHV RX HQWUH SDUHQWHV IRUD GD OLQKD UHWD RUD
GLVFLSOLQDP DV UHODo}HV SDWULPRQLDLV TXH VH GHVHQYROYHP QR VHLR GD IDPtOLD
FRPSUHHQGHQGRDVTXHVHSDVVDPHQWUHF{QMXJHVHQWUHSDLVHILOKRVHQWUHWXWRUH
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HP IDFH GR WXWRU R LQWHUGLWR GLDQWH GR VHX FXUDGRU 5HODo}HV SHVVRDLV
SDWULPRQLDLV H DVVLVWHQFLDLV VmR SRUWDQWR RV WUrV VHWRUHV HP TXH R GLUHLWR GH
IDPtOLDDWXD 
2&yGLJR&LYLOGHGHVWLQDR/LYUR,9GD3DUWH(VSHFLDODRGLUHLWRGH
IDPtOLD 7UDWD HP SULPHLUR OXJDU VRE R WtWXOR ³'R GLUHLWR SHVVRDO´ GDV UHJUDV
VREUHRFDVDPHQWRVXDFHOHEUDomRYDOLGDGHHFDXVDVGHGLVVROXomREHPFRPR
GD SURWHomR GD SHVVRD GRV ILOKRV (P VHJXLGD GLVS}H VREUH DV UHODo}HV GH
SDUHQWHVFR HQIDWL]DQGR D LJXDOGDGH SOHQD HQWUH RV ILOKRV FRQVROLGDGD SHOD
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1RVHJXQGRWtWXOR ³'RGLUHLWRSDWULPRQLDO´ FXLGDGRGLUHLWRSDWULPRQLDO
GHFRUUHQWHGRFDVDPHQWRGDQGRrQIDVHDRUHJLPHGHEHQVHDRV DOLPHQWRV HQWUH
SDUHQWHV F{QMXJHV H FRQYLYHQWHV 'LVFLSOLQD WDPEpP R XVXIUXWR H D
DGPLQLVWUDomRGRVEHQVGHILOKRV PHQRUHV EHP FRPR R EHP GH IDPtOLD TXH IRL
GHVORFDGR GD 3DUWH *HUDO /LYUR ,, FRQFHUQHQWH DRV EHQV RQGH VH VLWXDYD QR
&yGLJRGH
2 7tWXOR ,,, p GHGLFDGR j XQLmR HVWiYHO H VHXV HIHLWRV FRPR LQRYDomR H
FRQVHTXrQFLD GH VHX UHFRQKHFLPHQWR FRPR HQWLGDGH IDPLOLDU SHOD &RQVWLWXLomR
)HGHUDO DUW†ž (PFLQFRDUWLJRVRQRYRGLSORPDLQFRUSRURXRVSULQFtSLRV
EiVLFRVGDV/HLVQHTXHDJRUDWrPFDUiWHUVXEVLGLiULR7UDWD
QHVVHVGLVSRVLWLYRVGRVDVSHFWRVSHVVRDLVHSDWULPRQLDLVGHL[DQGRSDUDRGLUHLWR
GDV VXFHVV}HV R HIHLWR SDWULPRQLDO VXFHVVyULR (P IDFH GD HTXLSDUDomR GR
UHIHULGR LQVWLWXWR DR FDVDPHQWR DSOLFDPVHOKH RV PHVPRV SULQFtSLRV H QRUPDV
DWLQHQWHVDDOLPHQWRVHQWUHF{QMXJHV
3RUILPQR7tWXOR,9R&yGLJRGHQRUPDWL]DRVLQVWLWXWRVSURWHWLYRV
GD WXWHOD H GD FXUDWHOD D H[HPSOR GR &yGLJR GH  $ DXVrQFLD TXH QHVWH
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SDUDD3DUWH*HUDOGRQRYRRQGHHQFRQWUDVXDVHGHQDWXUDO
1HVVDVLVWHPDWL]DomRGHVWDFDPVHRVLQVWLWXWRVGRFDVDPHQWRGDILOLDomR
GR SRGHU IDPLOLDU GD WXWHOD GD FXUDWHOD GRV DOLPHQWRV H GD XQLmR HVWiYHO 2
FDVDPHQWR SHORV VHXV HIHLWRV p R PDLV LPSRUWDQWH GH WRGRV (PERUD H[LVWDP
UHODo}HV IDPLOLDUHV IRUD GR FDVDPHQWR RFXSDP HVWDV SODQR VHFXQGiULR H
RVWHQWDP PHQRU LPSRUWkQFLD VRFLDO 2 FDVDPHQWR p R FHQWUR R IRFR GH RQGH
LUUDGLDP DV QRUPDV EiVLFDV GR GLUHLWR GH IDPtOLD VHQGR HVWXGDGR HP WRGRV RV
VHXVDVSHFWRVGHVGHDVIRUPDOLGDGHVSUHOLPLQDUHVHDVGHVXDFHOHEUDomRRVVHXV
HIHLWRV QDV UHODo}HV HQWUH RV F{QMXJHV FRP D LPSRVLomR GH GLUHLWRV H GHYHUHV
UHFtSURFRV H QDV GH FDUiWHU SDWULPRQLDO FRP R HVWDEHOHFLPHQWR GR UHJLPH GH
EHQV DWp D VXD LQYDOLGDGH SRU IDOWD GH SUHVVXSRVWRV IiWLFRV QXOLGDGH H
DQXODELOLGDGH DOpP GD TXHVWmR GD GLVVROXomR GD VRFLHGDGH FRQMXJDO FRP D
VHSDUDomRMXGLFLDOHRGLYyUFLR
$ FRQGLomR MXUtGLFD GRV ILOKRV DVVXPH WDPEpP VLJQLILFDWLYR UHOHYR QR
GLUHLWRGHIDPtOLD2LQVWLWXWRGDILOLDomRVRIUHXSURIXQGDPRGLILFDomRFRPDQRYD
RUGHP FRQVWLWXFLRQDO TXH HTXLSDURX GH IRUPD DEVROXWD HP WRGRV RV GLUHLWRV H
TXDOLILFDo}HVRVILOKRVKDYLGRVRXQmRGDUHODomRGHFDVDPHQWRRXSRUDGRomR
SURLELQGRTXDOTXHUGHVLJQDomRGLVFULPLQDWyULD &)DUW† ž $TXDOLILFDomR
GRV ILOKRV HQYROYH TXHVW}HV GH VXPD LPSRUWkQFLD OLJDGDV j FRQWHVWDomR GD
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$ SURWHomR GD SHVVRD GRV ILOKRV VXERUGLQDGRV j DXWRULGDGH SDWHUQD
FRQVWLWXL GHYHU GHFRUUHQWH GR SRGHU IDPLOLDU H[SUHVVmR HVWD FRQVLGHUDGD PDLV
DGHTXDGDTXH³SiWULRSRGHU´XWLOL]DGDSHOR&yGLJRGH8PDLQRYDomRIRLD
UHWLUDGD GH WRGD D VHomR UHODWLYD DR SiWULR SRGHU TXDQWR DRV EHQV GRV ILOKRV
FRQVWDQWH GHVWH ~OWLPR GLSORPD WUDQVIHULQGRD SDUD R 7tWXOR ,, GHVWLQDGR DR
GLUHLWR SDWULPRQLDO QR QRYR &yGLJR FRP D GHQRPLQDomR ³'R 8VXIUXWR H GD
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PDWpULDUHODWLYDDRSRGHUIDPLOLDU
2V LQVWLWXWRV GH SURWHomR RX DVVLVWrQFLD GHVGREUDPVH HP WXWHOD GRV
PHQRUHVTXHVHVXMHLWDPjDXWRULGDGHGHSHVVRDVTXHQmRVmRRVVHXVJHQLWRUHVH
FXUDWHODTXHHPERUDQmRVHUHODFLRQHFRPRLQVWLWXWRGDILOLDomRpUHJXODGDQR
GLUHLWRGHIDPtOLDSHODVHPHOKDQoDFRPRVLVWHPDDVVLVWHQFLDOGRVPHQRUHV
1R WRFDQWH DRV DOLPHQWRV R &yGLJR &LYLO GH  WUDoD UHJUDV TXH
DEUDQJHPRVGHYLGRVHPUD]mRGRSDUHQWHVFRGRFDVDPHQWRHWDPEpPGDXQLmR
HVWiYHOWUD]HQGRFRPRLQRYDomRDWUDQVPLVVLELOLGDGHGDREULJDomRDRVKHUGHLURV
DUW   GLVSRQGR GH IRUPD GLYHUVD GR DUW  GR GLSORPD GH  $
REULJDomR DOLPHQWDU DOFDQoD WRGRV RV SDUHQWHV QD OLQKD UHWD 1D OLQKD FRODWHUDO
SRUpP OLPLWDVH DRV LUPmRV DVVLP JHUPDQRV FRPR XQLODWHUDLV DUWV  H
 
$ XQLmR HVWiYHO FRPR IRL GLWR PHUHFHX GHVWDTXH HVSHFLDO VHQGR
GLVFLSOLQDGD HP WtWXOR SUySULR 7tWXOR ,,,  HP VHXV DVSHFWRV SHVVRDLV H
SDWULPRQLDLV2GLUHLWRDDOLPHQWRVHRVGLUHLWRVVXFHVVyULRVGRVFRPSDQKHLURVVmR
WUDWDGRV WRGDYLD UHVSHFWLYDPHQWH QR VXEWtWXOR FRQFHUQHQWH DRV DOLPHQWRV H QR
/LYUR9FRQFHUQHQWHDR³'LUHLWRGDVVXFHVV}HV´

3ULQFtSLRVGRGLUHLWRGHIDPtOLD

2&yGLJR&LYLOGHSURFXURXDGDSWDUVHjHYROXomRVRFLDOHDRVERQV
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HQRUPDVFRQVWLWXFLRQDLV
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UHDOLGDGH VRFLDO DWHQGHQGRVH jV QHFHVVLGDGHV GD SUROH H GH DIHLomR HQWUH RV
F{QMXJHV RX FRPSDQKHLURV H DRV HOHYDGRV LQWHUHVVHV GD VRFLHGDGH 5HJHVH R
QRYRGLUHLWRGHIDPtOLDSHORVVHJXLQWHVSULQFtSLRV
D 3ULQFtSLRGRUHVSHLWRjGLJQLGDGHGDSHVVRDKXPDQDFRPRGHFRUUrQFLD
GR GLVSRVWR QR DUW ž ,,, GD &RQVWLWXLomR )HGHUDO 9HULILFDVH FRP HIHLWR GR
H[DPH GR WH[WR FRQVWLWXFLRQDO FRPR DVVLQDOD *867$92 7(3(',12 TXH ³D
PLOHQDUSURWHomRGDIDPtOLDFRPRLQVWLWXLomRXQLGDGHGHSURGXomRHUHSURGXomR
GRV YDORUHV FXOWXUDLV pWLFRV UHOLJLRVRV H HFRQ{PLFRV Gi OXJDU j WXWHOD
HVVHQFLDOPHQWH IXQFLRQDOL]DGD j GLJQLGDGH GH VHXV PHPEURV HP SDUWLFXODU QR
TXHFRQFHUQHDRGHVHQYROYLPHQWRGDSHUVRQDOLGDGHGRVILOKRV´'HRXWUDIRUPD
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QmRIXQGDGDVQRFDVDPHQWR DUW†ž HjVIDPtOLDVPRQRSDUHQWDLV DUW
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 † ž  D JDUDQWLD GD SRVVLELOLGDGH GH GLVVROXomR GD VRFLHGDGH FRQMXJDO
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DUW†ž HDSUHYLVmRGHRVWHQVLYDLQWHUYHQomRHVWDWDOQRQ~FOHRIDPLOLDUQR
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SUHOHFLRQD 52'5,*2 '$ &81+$ 3(5(,5$ ³p TXH VH WRUQD LPSHUDWLYR
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GRV 'LUHLWRV +XPDQRV FXMD EDVH H LQJUHGLHQWHV HVWmR WDPEpP GLUHWDPHQWH
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PRYLPHQWRV SROtWLFRV H VRFLDLV GR VpFXOR ;; H R IHQ{PHQR GD JOREDOL]DomR
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MXUtGLFRV GH WRGR R PXQGR DFUHVFHQWD R PHQFLRQDGR DXWRU TXH DLQGD HQIDWL]D
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SDWULDUFDOLVPR¶HODQoDUDPDVEDVHVGHVXVWHQWDomRH FRPSUHHQVmR GRV 'LUHLWRV
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TXDVHWRGDVDVFRQVWLWXLo}HVGHPRFUiWLFDV´ 
2 SULQFtSLR GR UHVSHLWR j GLJQLGDGH GD SHVVRD KXPDQD FRQVWLWXL DVVLP
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GHWRGRVRVVHXVPHPEURVSULQFLSDOPHQWHGDFULDQoDHGRDGROHVFHQWH &)DUW
 
E 3ULQFtSLRGDLJXDOGDGHMXUtGLFDGRVF{QMXJHVHGRVFRPSDQKHLURVQRTXH
WDQJH DRV VHXV GLUHLWRV H GHYHUHV HVWDEHOHFLGR QR DUW  † ž GD &RQVWLWXLomR
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H[HUFLGRVLJXDOPHQWHSHORKRPHPHSHODPXOKHU´$UHJXODPHQWDomRLQVWLWXtGD
QR DOXGLGR GLVSRVLWLYR DFDED FRP R SRGHU PDULWDO H FRP R VLVWHPD GH
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SDWULDUFDOLVPR QmR PDLV VH FRDGXQD HIHWLYDPHQWH FRP D pSRFD DWXDO HP TXH
JUDQGH SDUWH GRV DYDQoRV WHFQROyJLFRV H VRFLDLV HVWi GLUHWDPHQWH YLQFXODGD jV
IXQo}HV GD PXOKHU QD IDPtOLD H UHIHUHQGD D HYROXomR PRGHUQD FRQILUPDQGR
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2DUWGR&yGLJR&LYLOGHSURFODPDYDTXHRPDULGRHUD R FKHIH
GD VRFLHGDGH FRQMXJDO FRPSHWLQGROKH D DGPLQLVWUDomR GRV EHQV FRPXQV H
SDUWLFXODUHV GD PXOKHU R GLUHLWR GH IL[DU R GRPLFtOLR GD IDPtOLD H R GHYHU GH
SURYHUjPDQXWHQomRGHVWD7RGRVHVVHVGLUHLWRVVmRDJRUDH[HUFLGRVSHORFDVDO
HPVLVWHPDGHFRJHVWmRGHYHQGRDVGLYHUJrQFLDVVHUVROXFLRQDGDVSHORMXL] &&
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GHVHUDSHQDVXPHQFDUJRGRPDULGRLQFXPELQGRWDPEpPjPXOKHUGHDFRUGR
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2GLSORPDGHWUDWDYDGRVGLUHLWRVHGHYHUHVGRPDULGRHGDPXOKHU
HPFDStWXORVGLVWLQWRVSRUTXHKDYLDDOJXPDVGLIHUHQoDV(PYLUWXGHSRUpPGD
LVRQRPLDHVWDEHOHFLGDQRGLVSRVLWLYRFRQVWLWXFLRQDOUHWURWUDQVFULWRRQRYR&yGLJR
&LYLOGLVFLSOLQRXVRPHQWHRVGLUHLWRVGHDPERVRVF{QMXJHVDIDVWDQGRDVUHIHULGDV
GLIHUHQoDV
F  3ULQFtSLR GD LJXDOGDGH MXUtGLFD GH WRGRV RV ILOKRV FRQVXEVWDQFLDGR QR
DUW†ž GD &RQVWLWXLomR )HGHUDO TXH DVVLP GLVS}H ³2V ILOKRV KDYLGRV RX
QmR GD UHODomR GR FDVDPHQWR RX SRU DGRomR WHUmR RV PHVPRV GLUHLWRV H
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