Anda di halaman 1dari 9

56LOYpULRGH)DULDV

$327(26(3$5$$)/25'2&(55$'2











3RHVLDHSURVDSRpWLFD


























'LVWULEXLomRJUDWXLWD
ZZZEDOHODFRP






































$327(26(3$5$$)/25'2&(55$'2
SDUD1DOYDPLQKDHWHUQDPXVDFRPWHUQXUD 

0DLVTXH%HOODWUL[RX%HWHOJHXVHWHXVROKRVFLQWLODPQDVSURIXQGH]DV
GDVQRLWHVHPTXHVRQKRFRPWHXURVWRLOXPLQDGRQRFpXHVFXURQRFpX
HVFXURTXHYHMRDWUDYpVGDYLGUDoDQRVLOrQFLRVRPEULRGDVKRUDVTXH
SDVVDPOHQWDVOHQWDVFRPREDUTXLQKRVQRULRPDQVRGRVGHYDQHLRV3RU
FHUWRQHPD/DHOLD3XUSXUDWDpPDLVQREUHHSHUIXPDGDGRTXHWXD
DOPD(WXDGRFHYR]WHPRWLPEUHVXDYHGRUHJDWRPDQVRTXHGHVFHGD
PRQWDQKD

4XHULGD1DOYDD0HQLQD6RUULVRD)ORUGR&HUUDGR3UHVWRDTXLHVWD
VLQJHODKRPHQDJHPDWLQDGDWDHPTXHDQLYHUVDULDVGLDGH
GH]HPEUR0LQKDKXPLOGHKRPHQDJHPjSHVVRDPDUDYLOKRVDTXHWXpV
XPDSHVVRDDWHQFLRVDFRPSUHHQVLYDVHQVtYHO,QWHOLJHQWHPHLJDH
IHOL]

1HVWHPXQGRHVWUDQKRHSHULJRVRRQGHKiPXLWDUD]mRSDUDRSUDQWR
WULVWH]DHGHVHQFDQWRDLQGDEULOKDPVyLVKXPDQRVGHDOHJULDH
HVSHUDQoDSRXFRVDLQGDFRQVHJXHPVRUULUGDIRUPDYHUGDGHLUDFRPRR
ID]HVWDOYH]VRPHQWHDVFULDQoDVHDVDOPDVERDVFRPRDWXD

7HXDQLYHUViULRHYRFDSRUFHUWRGRFHVHPiJLFDVOHPEUDQoDVHPWLHX
EHPVHL/HPEUDQoDVGHXPWHPSRGHVRQKRXPDpSRFDLQGHOpYHO
HWHUQL]DGDQRVHVFDQLQKRVGHWXDPHPyULDXPWHPSRRQGHDIHOLFLGDGH
HVYRDoDYDQRDUFRPRXPDERUEROHWDD]XOHTXHHUDVyYLVWDSHOD
SXUH]DGRWHXROKDUGHFULDQoDRWHXROKDUGH0HQLQD6RUULVRXPD
PHQLQDVHPSUHDFDQWDUFRPRXPSHTXHQRURX[LQROGHVSHUWDQGRD
FXULRVLGDGHGRVDGXOWRVHRRUJXOKRGHWXDPmH]LQKDTXHULGD

$KDWXDPmH]LQKDTXHULGD4XDQWDHPRomRDRWHOHPEUDUHVGHODQmRp
PHVPR"(ODDJRUDQDYHJDQRSOiFLGRODJRTXHVHFKDPDVDXGDGH4XH
ERPIDODUGHDOJXpPTXHSDVVRXSRUQRVVDYLGDHVyQRVWURX[HFRLVDV
ERDV'HYHVHVWDUFRPRVROKRVPDUHMDGRVGHHPRomRQRLQVWDQWHHP
TXHOrVHVWDVOLQKDV1RWHXDQLYHUViULR1DOYDWXDPmH]LQKDTXHULGD
VRSUDULDDVYHODVTXHFRQWDUDPDVSULPDYHUDVGDWXDH[LVWrQFLD+RMH
HODWXDGRFHPmH]LQKDQmRHVWiPDLVDTXLSUHVHQWHFRPRXPFRUSR
PDVHVWiVLPFRPRXPDPHPyULDYLYDXPHVStULWRGHOX]TXHYHODSRU
WLTXHWHSURWHJHHVHPSUHWHSURWHJHUiFRPRXPDQMRGDJXDUGDQRV
PRPHQWRVHVFXURVHIULRVRQGHDVROLGmRIHUR]RPRQVWURTXHSURFXUD
GHYRUDUDKXPDQLGDGHWHQWDWHDVVXVWDU(ODQXQFDWHGHL[RXQHPWH
GHL[DUiRDPRUGHPmHpLPRUUHGRXURHWHUQR1DOYD2DPRULQILQLWR
GHPmHYHQFHDPRUWHRDPRUGHPmHQmRPRUUHQXQFDPLQKDTXHULGD
DPLJD1DOYD(QHVWHPRPHQWRWXDPmH]LQKDHVWiDEHLMDUWHDIDFHH
VHWHXVRXYLGRVSURFXUDUHPQRVLOrQFLRGHWXDDOPDWXRXYLUiVQDEULVD
TXHVRSUDVXDYHHPDQVDDYR]WHUQDGHODGL]HQGRFRPFDULQKR
SDODYUDVTXHVRDPFRPRXPDFDQWLJDGHQLQDU

³0LQKDILOKDTXHULGDSDUDEpQVSRUPDLVXPDQRGHYLGDSDUDEpQVSRU
WXWHUHVYHQFLGRRVGHVDILRVTXHRPXQGRWHLPS{V3DUDEpQVSRUWHUHV
HQIUHQWDGRRVFRUDo}HVHQGXUHFLGRVDTXHOHVTXHQmRVRQKDPPDLVRV
TXHHQYLOHFLGRVSHODDPDUJXUDHSHORHJRtVPRQmRFRQWHPSODPPDLVD
EHOH]DVXEOLPHGRVVRQKRV(VWRXRUJXOKRVDGHWLPLQKDILOKDDPDGD
'HWLHGRVWHXVVRQKRVGRVVRQKRVTXHUHDOL]DVWHFRPPXLWD
SHUVHYHUDQoDOXWDQGRTXDVHVHPSUHVR]LQKDDQWHDVYLFLVVLWXGHVGD
YLGD1mRFKRUHVVHSRUDFDVRQRYDVDJUXUDVGDYLGDWHLPSRUWXQDUHP
OHPEUDWHGHPLPGRPHXVRUULVRGHHVSHUDQoDHIpQDIRUoDGR
HVStULWR(ODDOHPEUDQoDGRPHXVRUULVRWHGDUiIRUoDV/HPEUDWH
WDPEpPGHWHXVYHUGDGHLURVDPLJRVTXHPHVPRGLVWDQWHVWRUFHPSRU
WLSRUTXHYLUDPDVQXDQFHVGRXUDGDVGRWHXVHUGRWHXFDUiWHU(OHVWH
DPDPGRMHLWRPDLVYHUGDGHLURHSXURDVVLPFRPRHXWHDPRPLQKD
ILOKLQKDTXHULGD3DUDEpQVSRUPDLVXPDQRGHYLGD1mRFKRUHVVHSRU
DFDVRYLHUHPPRPHQWRVGLItFHLVSRLVHVWDUHLVHPSUHMXQWRGHWLHP
WRGRVRVPRPHQWRVHWHYLVLWDUHLHPVRQKRVSRUTXHVRXWXDPmH]LQKD
HVHPSUHYHODUHLWHXVSDVVRV´

'LDGHGH]HPEURpWHXDQLYHUViULR1DOYD7XDPmHIHVWHMDQR&pX
7HXSDLIHVWHMDQD7HUUD(QyVTXHVRPRVWHXVDPLJRVYLUWXDLVDPLJRV
YHUGDGHLURVPHLRWtPLGRVPHLRSXHULVPDVVLQFHURVHKRQHVWRV
TXHUHPRVWHGHVHMDUPXLWRVHPXLWRVDQRVGHYLGD(VHDSDVVDJHPGR
WHPSRWHSDUHFHUFUXHOOHPEUDWHGRFDQWRGDHVSHUDQoDTXHGL]
³FRLVDVDLQGDPHOKRUHVHVWmRSRUYLUQDGDSRGHGHVWUXLUDEHOH]DHD
IRUoDGRHVStULWR´

(HPSDUWLFXODUHXRWHXDPLJRGHSDODYUDVPHLRHVTXLVLWDVH
HVGU~[XODVFRPDTXHOHMHLWRSHFXOLDUGLYHUWLGRHDRPHVPRWHPSR
VRPEULRGHVHUIHVWHMRDTXLWmRGLVWDQWHGHWLIHOL]SRUWHURSULYLOpJLR
GHWHUWHFRQKHFLGRSRUWHURSUD]HUGHGHVIUXWDUGDWXDDPL]DGHGR
WHXFDULQKRHDWHQomRDLQGDTXHGHPRGRYLUWXDO9LUWXDOSRUpPVLQFHUR
HKRQHVWR$VSDODYUDVTXDQGRGLWDVGRIXQGRGRFRUDomRQmRPHQWHP
HODVGDQoDPYLYDVQDVHVWURIHVGRXUDGDVGDYLGDDRVRPGDP~VLFD
H[XEHUDQWHGDDOPD8PDPRUSRGHVHUSODW{QLFRQRPXQGRYLUWXDOPDV
HOHJXDUGDSURPHVVDVGHGLDVIHOL]HVGHHQFDQWDPHQWRHQFDQWDPHQWR
TXHVyRFRQWDWRItVLFRSHUPLWHHOHpXPDPRUTXHSRGHVHUFXOWLYDGR
GLDDSyVGLDFRPRDVHPHQWLQKDTXHQRVRORGRMDUGLPpUHJDGDSHOD
FKXYDHTXHORJRYLUDIORU1HVWDGDWDHPTXHFRPHPRUDVPDLVXPDQR
GHYLGDWHXVRUULVRGHYHHVWDUDLQGDPDLVUDGLDQWH

1mRWHHVTXHoDVGHROKDUSDUDRFpXGXUDQWHDQRLWHGRWHXDQLYHUViULR
$SULPHLUDHVWUHODTXHWXDYLVWDUHVIRLWXDTXHULGDPmH]LQKDTXH
PDQGRXEULOKDUHVSHFLDOPHQWHSDUDWL)HFKDWHXVROKRVVRQKD(VRSUD
GRLVEHLMRVQRDUSHUIXPDGRGDQRLWHSULPDYHULO7HXVEHLMRVYRDUmRFRP
DVDVDVLQYLVtYHLVGRDPRUFRPRVHIRVVHPDQMLQKRVÏVFXORVDODGRV
SHTXHQDUHYRDGDGHFDULQKRVUHWULEXLomRHDJUDGHFLPHQWRDRVTXHWH
TXHUHPEHPVHPQDGDTXHUHUHPWURFDDQmRVHURWHXVRUULVRTXH
EULOKDFRPRGLDPDQWH8PEHLMRIOXWXDUiDWpRVMDUGLQVGRXUDGRVGD
(WHUQLGDGHHWRFDUiDIDFHHWHUQDPHQWHPHLJDGHWXDPmH]LQKDTXHULGD
2RXWURLUiEHLMDURVOiELRVGDTXHOHVRQKDGRUREVFXURHVRPEULRQD
SHTXHQDFLGDGHGR6XOXPKRPHPTXHVRQKDHOrPXLWRHTXHQDV
SURIXQGH]DVVLOHQFLRVDVGDQRLWHTXHMiYDLDOWDROKDQGRHVXVSLUDQGR
SHODMDQHODFRQWHPSODRLQILQLWRPDMHVWRVRGHXPFpXHVWUHODGRHFKHLR
GHSURPHVVDVGHHQFDQWDPHQWRQDLQVSLUDomRSRpWLFDTXHVRPHQWHRV
UDGLDQWHVVRQKRVGHIHOLFLGDGHFRQVHJXHPFULDUHQWUHWRUYHOLQKRV
LQGL]tYHLVTXHDIDQWDVLDHYRFDQDDSRWHRVHGDPDJLDGDYLGD






























$'$1d$'26/È%,26

$K2VOiELRVTXDQGRVHWRFDP
'DQoDPDRULWPRGDP~VLFDGRDPRU
$VDOPDVJrPHDVTXDQGRVHHQFRQWUDP
*HPHPQRVMDUGLQVSULPDYHULVGRDUGRU



































1$6$6$6'2$025


4XHURYRDUFRQWLJR
&RPDVDVDVGR$PRU
4XHURXEHLGRFXSLGR
3RXVDUHPRVQRVVDVDOPDV
1RQLQKRGDSDL[mR
'RLVSRPELQKRVDSDL[RQDGRV
8QLGRVSHODIRUoDGRFRUDomR
































¬%(,5$0$5'2$025


$RVRPGDVRQGDVQRPDU
2XoRWXDYR]FRPRXPDFDQomR
0HXFRUDomRVRQKDHPWHDPDU
1DVPDUpVVDFURVVDQWDVGDSDL[mR





































&$17,*$3$5$$&25'$5$0(1,1$6255,62

1RPHXVRQKRHXWHTXHURFRPRRPDLVYLYRGRVDPRUHV
(XWHDFRUGDUHLFRPVXVVXUURVHMXUDVGHDPRUHWHUQR
(XWHDTXHFHUHLFRPPHXVEUDoRV
7HSURWHJHQGRGRULJRUGRLQYHUQR
(QDSULPDYHUDWHFREULUHLGHEHLMRVHIORUHV
$VVLPGRWHXDPRUSUHFLVR
ÏGRFHPHQLQDVRUULVR