Anda di halaman 1dari 2



)DFHERRN

&DQGRPEOpGH&DERFOR
$RULJHPGRV&DQGRPEOpVGH&DERFORVHVWiQRULWXDOGHDQWLJRVQHJURVGHRULJHPEDQWRTXHQDIULFDGLVWDQWH
FXOWXDYDPRV1NLVLHTXHQR%UDVLOYLUDPVHIRUoDGRVDHQFRQWUDUXPRXWURDQWHSDVVDGRSDUDVXEVWLWXLUR1NLVLTXHQmR
RVDFRPSDQKRXjQRYDWHUUD1HVWHQRYRHGLVWDQWHSDtVTXHDQWHSDVVDGRFXOWXDUVHQmRRtQGLRRFDERFORFRPRGL]LD
RVDQWLJRVQRUGHVWLQRV"2VDQWLJRVKDELWDQWHVTXHPVHQmRRYHUGDGHLURHRULJLQDOGRQRGDWHUUD" 6DQWRV 
2&DQGRPEOpGH&DERFORVHGHXLQLFLRHQWUHRVQHJURV%DQWXVHQGRRVHVStULWRVLQGtJHQDVSDUDOHODPHQWHFXOWXDGRVDV
GLYLQGDGHVDIULFDQDV 1NLVLH+DPED VHPPLVWXUDURV&DERFORVFRP1NLVLRX+DPED2VQHJURVWLYHUDPDSUHRFXSDomR
GHFXOWXDURVDQFHVWUDLVGHVWDWHUUDSDVVDQGRDFXOWXDUSDUDOHORDRFXOWRTXHSUHVWDYDPDRVVHXV0LQNLVLH0DKDPED
2VFDERFORVHVStULWRVGRVDQWLJRVtQGLRVTXHSRYRDUDPRWHUULWyULREUDVLOHLURRVDQWLJRVFDERFORVHOHLWRVSHORVSRYRV
%DQWXTXHDTXLYLYHUDPDQWHULRUPHQWHDFKHJDGDGRVQHJURVQDJ{VFRPRRVYHUGDGHLURVDQFHVWUDLVHPWHUUDVQDWLYDV
6mRHVStULWRVQmR'HXVHV
$R&DERFORQGLRVmRGHVLJQDGRVFRP&DERFORGHSHQDSRUFDXVDGDUHIHUrQFLDDRVSHQDFKRVHFRFDUHVTXHXVDP
TXDQGRHPWUDQVHSDUDPDUFDUVXDRULJHPLQGtJHQDHWDPEpPH[LVWHPRV&DERFORVGHRXWUDVSURFHGrQFLDVTXHVmRRV
&DERFORVGHFRXUR %RLDGHLURV TXHWHULDPXPGLDYLYLGRQRVHUWmRQDOLGDGRJDGRHTXHXVDPRFKDSpXFDUDFWHUtVWLFR
GHVXDDQWLJDRFXSDomR
2&DQGRPEOp.HWXQmRFXOWXDYD&DERFORRTXHH[LVWHKRMHpQHVVDVFDVDVGH.HWXpPRGHUQLGDGHSRLV&DERFOR
VHPSUHIRLFXOWXDGRVSHORVDQJROHLURVSRUVHUHPFXOWXDGRVSHORVSRYRV%DQWXDRFKHJDUHPQHVWDVWHUUDV
1ROLYUR1HJURV%DQWRV(GLVRQ&DUQHLURUHODWRXPXLWDVFDQWLJDVHFHULP{QLDVDVVLVWLGDVQR7HUUHLURGD*RPpLDGH-RmR
GD3HGUD3UHWDDTXHPPHQFLRQDHPSULPHLUROXJDUQDVOLVWDVGR3DLVGH6DQWRFRQVXOWDGRV &DUQHLURS 
2XWURHVFULWRUWDPEpPPHQFLRQDHP1HJURHVLQ%UD]LORVPDLVFRQKHFLGRV7HUUHLURVGHQDomR&RQJR$QJRODGH
6DOYDGRUPHQFLRQDR7HUUHLURGD*RPpLDDRODGRGHWHUUHLURVSUHVWLJLDGRVFRPRR%DWH)ROKDDWHPHVPRR7HUUHLURGH
-XELDEi 3LHUVRQS  9DJQHU*RQoDOYHVGD6LOYDS 
7HQKRQRWLFLDVGHXPPDLVYHOKRGHVFHQGHQWHHSHVTXLVDGRUGD1GDQML*RPpLDTXHDRULJHPGD*RPpLDp&DQGRPEOp
$QJROD&DERFORSRUSDUWHGR7DWHWX6HYHULQR0DQRHOGH$EUHX-XELDEi3DLGH6DQWRGH-RmR]LQKRGD*RPpLD&RPD
RULJHPGR&DQGRPEOpGH&DERFORTXHVHRULJLQRXSHORVSRYRV%DQWXID]GHVWD1GDQMLXPLPSRUWDQWH&DQGRPEOp
$QJRODSRUFRQWDGRVSULQFtSLRVEDQWXQDSUHFLVmRGDHODERUDomRGHFXOWXDURVDQFHVWUDLVLQGtJHQDVGHVWDVWHUUDV
-RmR]LQKRGD*RPpLDIRLXPGRVSULQFLSDLVFRODERUDGRUHVGH(GLVRQ&DUQHLURTXHHP1HJURV%DQWRVUHDOL]RXXPD
HWQRJUDILDVREUHRV&DQGRPEOpVGHULWRV$QJRODHGH&DERFORV8PDFDUWDHQYLDGD$UWXU5DPRVRHGLWRUGH1HJURV
%DQWRV(GLVRQ&DUQHLURVHUHYHORXEDVWDQWHHQWXVLDVPDGRFRPR&DQGRPEOpGD*RPpLDHOHGL]
1mRVHHVSDQWHSRULVVRPHVPRFRPRXWURVDUWLJRVVREUHQHJURVTXHYRXFRPHWHUGDTXLSRUGLDQWH3RUH[HPSORQRV
1HJURV%DQWRVSUHWHQGRGHGLFDUFDStWXORVDRVFDQGRPEOpVGHFDERFORHDVVHVV}HVGHFDERFOR$UUDQMHLXPyWLPR
FDPSRGHREVHUYDomRRFDQGRPEOpGD*RPpLD $QJROD -iWHQKRREVHUYDo}HVQRWiYHLVTXHYmRHVSDQWDURSRYR
2OLYHLUDH/LPDS  9DJQHU*RQoDOYHVGD6LOYDS 
6REUHDVSROHPLFDVFRQWUD-RmR]LQKRGD*RPpLDGHFXOWXDUFDERFORQRVHXFDQGRPEOpREVHUYDPRVTXH(GLVRQ
&DUQHLURVDELDRTXHHVWDYDIDODQGRQDFDUWDHQYLDGDD$UWXU5DPRVSRUFRQWDGDVFULWLFDVTXHDV6DFHUGRWLVDV
GLUHFLRQDYDPDR-RmR]LQKRGD*RPpLDFXOWXDUFDERFORHPVHXFDQGRPEOpSRLVGHQWURGDVFDVDVWUDGLFLRQDLVGD%DKLD
GHQDomRNHWXQmRFXOWXDYDPFDERFORVQmRSUHRFXSDUDPHPFXOWXDURVDQFHVWUDLVGHVWDVWHUUDVSUHRFXSDQGRVRPHQWH
FRPRV2UL[iVGHOHVQR&DQGRPEOp
1DHVIHUDGDVUHOLJL}HVDIUREUDVLOHLUDVDSDUWLFLSDomRGRVEDQWRVIRLIXQGDPHQWDOSRLVpGDUHOLJLRVLGDGHGHVVHVSRYRV
RXVREVXDLQIOXrQFLDGHFLVLYDTXHVHIRUPRXQR%UDVLOR&DQGRPEOpGH&DERFOREDLDQRHRXWUDVYDULDQWHVUHJLRQDLVGH
FXOWRDRDQWHSDVVDGRLQGtJHQD
'DQHFHVVLGDGHGHFXOWXDURDQFHVWUDOHGRVHQWLPHQWRGHTXHKDYLDXPDDQFHVWUDOLGDGHWHUULWRULDOSUySULDGRQRYRVROR
TXHKDELWDYDPRVEDQWRVHVHXVGHVFHQGHQWHVFULDUDPRFDQGRPEOpGHFDERFORTXHFHOHEUDYDHVStULWRVGRVtQGLRV
DQFHVWUDLV 6DQWRV3UDQGL9DOODGRH6RX]D 
2V%DQWXHVWLYHUDPQR%UDVLODPXLWRPDLVWHPSRPDVH[LVWHLQGtFLRVKLVWyULFRVTXHOHYDPDFUHUTXHVRPHQWHFRPD
IRUPDomRGR&DQGRPEOp$QJRODH&RQJRGHFXOWRDVGLYLQGDGHVDIULFDQDV 1NLVLH+DPED WHULDVXUJLGRTXDQGRRV
&DQGRPEOpV.HWXH&DQGRPEOp'MHGMHMiHVWDYDPVHRUJDQL]DQGRRXRUJDQL]DGRV
(PERUDWRGRVRVQHJURVHPHVWLoRVIRVVHPFRQVLGHUDGRVFRPRLJXDLVQDPHGLGDHPTXHRFXSDYDPQDVRFLHGDGH
EUDQFDSRVLomRRILFLDOPHQWHVXEDOWHUQDHPDUJLQDOL]DGDDVLGHQWLGDGHVpWQLFDVHVWDYDPSUHVHUYDGDVQDVLUPDQGDGHV
UHOLJLRVDVFDWyOLFDVTXHUHXQLDPHPLJUHMDVHDVVRFLDo}HVHVSHFtILFDVRVGLIHUHQWHVJUXSRVDIULFDQRVpWQLFROLQJXtVWLFR
GDWDWH[WKWPOFKDUVHW XWI&SVW\OH'PDUJLQ$HPS[%FRORU$UJE && %IRQW





)DFHERRN

3RLVTXDQGRQDJ{VHMHMHVUHXQLGRVQDVLUPDQGDGHVFDWyOLFDV 6LOYHLUD UHIL]HUDPQR%UDVLOVXDVUHOLJL}HV


DIULFDQDVGHRULJHPRV%DQWXRVDFRPSDQKDUDP
1RFDPSRUHOLJLRVRIRLSRUWDQWRGXSODDFRQWULEXLomREDQWDRULJLQDGDQD%DKLDR&DQGRPEOpGH&DERFORHR
&DQGRPEOpGH$QJRODH.RQJRGXDVPRGDOLGDGHVTXHVHFDVDULDPQXP~QLFRFRPSOH[RDIURtQGLREUDVLOHLUR
SRYRDQGRDSDUWLUGDGpFDGDGHSUDWLFDPHQWHR%UDVLOWRGRGHWHUUHLURVDQJRODFRQJRFDERFOR
1D6DOYDGRUGDVGpFDGDVGHRFDQGRPEOpGHFDERFORPDLVSUy[LPRGHLQIOXrQFLDVLQGtJHQDVFRQWDYDFRP
VDFHUGRWHVGHJUDQGHSUHVWtJLRHQWUHPXLWRVRXWURV3DL2WiYLR2Gp7DLRFr6DELQD&RQVWkQFLDHVXDLUPm6LOYDQDTXH
WHULDVLGRDSULPHLUDVDFHUGRWLVDGRULWRTXHWRDLQFRUSRUDURFXOWRGRVFDERFORVXPDSURWRPmHGDXPEDQGD /DQGHV
FDS 
2&DQGRPEOp.HWXVHPSUHGLVSXWDYDHPSRSXODULGDGHFRPRV&DQGRPEOpV%DQWXFRQKHFLGRVSHORVQRPHVGH
&DQGRPEOp$QJRODRX&RQJRRVTXDLVVHHVSDOKDPSRUWRGRR%UDVLO$OJXQVGHVWHV&DQGRPEOpVGHUDL]%DQWXVmRR
FDQGRPEOpGR%DWH)ROKDGRVILQDGRV3DL%HUQDUGLQRGD3DL[mRH0mH6DPED'LDPRQJRRFDQGRPEOpGH0DULD
1HQpPRFDQGRPEOpGH&LULDFR7XPED-XQoDUDRFDQGRPEOpGH3DL0DQRHO1DWLYLGDGHGR&DERFOR1HLYH%UDQFDHR
FDQGRPEOpGD*RPpLDGH-RmR]LQKRGD*RPpLDLPSRUWDQWtVVLPRGLYXOJDGRUGDSRSXODUL]DomRGR&DQGRPEOpQR5LRGH
-DQHLURSDUDRQGHVHWUDQVIHULXQRDQRHTXHWHPOXJDUVLJQLILFDWLYRQDPHPyULDGRVFDQGRPEOpVSDXOLVWDV
5XWK/DQGHVDQWURSyORJDDPHULFDQDTXHHQWUHHJXLDGDSRU(GLVRQ&DUQHLURSHUFRUUHXPXLWRV
&DQGRPEOpVEDLDQRVWUDQVFUHYHDVHJXLQWHH[SOLFDomRTXHOKHGHUD6DELQDPmHLQLFLDGDQRVFXOWRVFDERFORVSRU
6LOYDQDFRPTXHPMiHVWDYDURPSLGD
(VWHWHPSORpSURWHJLGRSRU-HVXVH2[DOiHSHUWHQFHDR%RP-HVXVGD/DSDeXPDGDVFDVDVGRVHVStULWRVFDERFORV
RVDQWLJRVtQGLRVEUDVLOHLURVHQmRYHPGRVDIULFDQRVLRUXEiVRXGR&RQJR2VDQWLJRVtQGLRVGDPDWDPDQGDPRV
HVStULWRVGHOHVQRVJXLDUHDOJXQVGHOHVVmRHVStULWRVGHtQGLRVPRUWRVKiFHQWHQDVGHDQRV6DOYDPRVSULPHLURRV
GHXVHVLRUXEiVQDVQRVVDVIHVWDVSRUTXHQmRSRGHPRVGHL[iORVGHODGRPDVGHSRLVVDOYDPRVRVFDERFORVSRUTXH
IRUDPRVSULPHLURVGRQRVGDWHUUDHPTXHYLYHPRV)RUDPRVGRQRVHSRUWDQWRVmRDJRUDRVQRVVRVJXLDV>@7DOYH]HX
GHYDLUDR5LRHLQVWDODUXPFDQGRPEOp" LELG 
0mH6DELQDMRJDYDE~]LRVUHFHELDjVTXDUWDVIHLUDVRVHXFDERFORSDUDGDUFRQVXOWDVID]LDRVGHVSDFKRVHHEyV$V
FDQWLJDVHSUHFHVHPVXDFDVDHUDPHPSRUWXJXrVPLVWXUDGRFRPSDODYUDVTXHKRMHRXYLPRVQRVFDQGRPEOpVDQJROD
2VVDFHUGRWHVGHVVHVWHUUHLURVGHQDo}HVGLIHUHQWHVYLYLDPHPFRQVWDQWHWURFDGHYLVLWDVHIDYRUHVDSHVDUGDVGLVSXWDV
HQWUHHOHV$HQWmRMRYHP0HQLQLQKDGR*DQWRLVTXHHUDDGPLUDGRUDHDPLJDGH&RQVWkQFLDPmHGHFDQGRPEOpGH
FDERFORFRPHQWDFRP5XWK/DQGHVVREUH0mH6DELQD$VHQKRUDDFKDPDGHPmH"(ODTXHUpJDQKDUDYLGDHQmR
DMXGDURVRXWURVHQXQFDIRLWUHLQDGDHPFDQGRPEOpDOJXP>@(YLYHFRPEDWHQGR&RQVWkQFLDTXHpXPDJUDQGHPmH
SRUTXH&RQVWkQFLDDEDWL]RXQDOHLGHFDERFOR&RQVWkQFLDH6LOYDQDHVVDVVLPVmRJUDQGHVVDFHUGRWLVDV LELG 
3UHFRQFHLWXRVDPHQWHRFDQGRPEOpDQJRODWHPVLGRFRQVLGHUDGRXPULWRPHQRUHGHOHSRXFRVHHVWXGRX 7ULQGDGH
6HUUD&DUQHLUR&RVVDUG%LQRQVG 
2&DQGRPEOp$QJRODOHJLWLPRXGHVGHFHGRRFXOWRGRVFDERFORVEUDVLOHLURVTXHDOpPGHVHFRQVWLWXLUFRPRULWR
LQGHSHQGHQWHIRLWDPEpPLQFRUSRUDGROiSHORVDQRVHGRVpFXOR;;SRUFDVDVQDJ{VTXHQmRDVGDWUtDGH
IXQGDQWHD&DVD%UDQFDR*DQWRLVR2S{$IRQMi /DQGHV 
1mRVHSRGHFRQIXQGLU&DQGRPEOpGH&DERFORFRPD8PEDQGDSRLVR&DQGRPEOpGH&DERFORQDpSRFDGHVXD
IRUPDomRFXOWXDYDDVVXDVSUySULDV'LYLQGDGHV1NLVLH0XNL[LHRVDQFHVWUDLVGHVWDWHUUD$8PEDQGDIRLIRUPDGDHP
RQGHDGRWRXRV2UL[iV&DERFORV3UHWRV9HOKRV0DUXMRV%DLDQRVH0HQLQRGH$QJRODWRGRVHVWHVHVStULWRV
-RmR]LQKRJRVWDYDGHRIHUWDUVHPSUHRPHOKRUHPVHX&DQGRPEOpID]LDDVPDLVEHODVYHVWLPHQWDVGRV0XNL[L 2UL[i
SDUDYHVWLORVRQGHGHVHPEROVRX&UVSDUDID]HUXPDURXSDSURVHX0XNL[L 2UL[i QRGLDGHVXDIHVWD
(OHVHPSUHXP6DFHUGRWHDSDL[RQDGRSRU&DQGRPEOpID]LDVRPHQWHRTXHRV0XNL[L 2UL[i GHWHUPLQDYD
SRU7DWD.LWDOHKRX[L

GDWDWH[WKWPOFKDUVHW XWI&SVW\OH'PDUJLQ$HPS[%FRORU$UJE && %IRQW



Anda mungkin juga menyukai