&pVDU²6mR3DXOR²63
&(3±3$%;
±6$&-85±'HDGDV
jV
(PDLOVDUDLYDMXU#HGLWRUDVDUDLYDFRPEU
$FHVVHZZZVDUDLYDMXUFRPEU
),/,$,6
$0$=21$6521'Ð1,$525$,0$$&5(
5XD&RVWD$]HYHGR±&HQWUR±)RQH
±)D[±0DQDXV
%$+,$6(5*,3(
5XD$JULSLQR'yUHD±%URWDV±)RQH
±)D[
±6DOYDGRU
%$858623$8/2
5XD0RQVHQKRU&ODUR±&HQWUR
±)RQH±)D[
±%DXUX
&($5È3,$8Ë0$5$1+2
$Y)LORPHQR*RPHV±-DFDUHFDQJD
±)RQH±)D[
±)RUWDOH]D
',675,72)('(5$/
6,$68/7UHFKR/RWH²6HWRUGH
,QG~VWULDH$EDVWHFLPHQWR±)RQH
±)D[²
%UDVtOLD
*2,È672&$17,16
$Y,QGHSHQGrQFLD±6HWRU$HURSRUWR
±)RQH±)D[
±*RLkQLD
0$72*52662'268/0$72*52662
5XDGH-XOKR±&HQWUR±)RQH
±)D[±&DPSR
*UDQGH
0,1$6*(5$,6
5XD$OpP3DUDtED±/DJRLQKD±)RQH
±)D[±%HOR
+RUL]RQWH
3$5È$0$3È
7UDYHVVD$SLQDJpV±%DWLVWD&DPSRV
±)RQH±)D[
±%HOpP
3$5$1È6$17$&$7$5,1$
5XD&RQVHOKHLUR/DXULQGR±3UDGR9HOKR
±)RQH)D[±&XULWLED
3(51$0%8&23$5$Ë%$5*'2
1257($/$*2$6
5XD&RUUHGRUGR%LVSR±%RD9LVWD
±)RQH±)D[
±5HFLIH
5,%(,5235(72623$8/2
$Y)UDQFLVFR-XQTXHLUD±&HQWUR
±)RQH±)D[
±5LEHLUmR3UHWR
5,2'(-$1(,52(63Ë5,726$172
5XD9LVFRQGHGH6DQWD,VDEHOD±
9LOD,VDEHO±)RQH±)D[
±5LRGH-DQHLUR
5,2*5$1'('268/
$Y$-5HQQHU±)DUUDSRV±)RQH)D[
±3RUWR$OHJUH
623$8/2
$Y$QWiUWLFD±%DUUD)XQGD±)RQH3$%;
±6mR3DXOR
,6%1
'DGRV,QWHUQDFLRQDLVGH&DWDORJDomRQD
3XEOLFDomR&,3
&kPDUD%UDVLOHLUDGR/LYUR63%UDVLO
&RHOKR)iELR8OKRD
0DQXDOGHGLUHLWRFRPHUFLDOGLUHLWRGH
HPSUHVD
)iELR8OKRD&RHOKR±HG±6mR3DXOR
6DUDLYD
'LUHLWRFRPHUFLDO,7tWXOR
&'8
ËQGLFHSDUDFDWiORJRVLVWHPiWLFR
'LUHLWRFRPHUFLDO
'LUHWRUHGLWRULDO/XL]5REHUWR&XULD
*HUHQWHGHSURGXomRHGLWRULDO/tJLD$OYHV
(GLWRU-{QDWDV-XQTXHLUDGH0HOOR
$VVLVWHQWHHGLWRULDO6LUOHQH0LUDQGDGH
6DOHV
3URGXWRUDHGLWRULDO&ODULVVD%RUDVFKL0DULD
3UHSDUDomRGHRULJLQDLV5DTXHO%HQFKLPRO
GH2OLYHLUD5RVHQWKDO
$UWHHGLDJUDPDomR&ULVWLQD$SDUHFLGD
$JXGRGH)UHLWDV&ODXGLUHQHGH0RXUD
6DQWRV6LOYD
5HYLVmRGHSURYDV5LWDGH&iVVLD4XHLUR]
*RUJDWL6LPRQH6LOEHUVFKLPLGW
6HUYLoRVHGLWRULDLV&DPLOD$UWLROL/RXUHLUR
/XSpUFLRGH2OLYHLUD'DPDVLR
&DSD6WXGLR%VV
3URGXomRJUiILFD0DUOL5DPSLP
'DWDGHIHFKDPHQWRGDHGLomR
'~YLGDV"
$FHVVHZZZVDUDLYDMXUFRPEU
1HQKXPDSDUWHGHVWDSXEOLFDomRSRGHUi
VHUUHSURGX]LGDSRUTXDOTXHUPHLRRX
IRUPDVHPDSUpYLDDXWRUL]DomRGD(GLWRUD
6DUDLYD
$YLRODomRGRVGLUHLWRVDXWRUDLVpFULPH
HVWDEHOHFLGRQD/HLQHSXQLGR
SHORDUWLJRGR&yGLJR3HQDO
'$'26'(
&23<5,*+7
6REUHDREUD
$SUHVHQWHREUDpGLVSRQLELOL]DGD
SHODHTXLSH/H/LYURVHVHXV
GLYHUVRVSDUFHLURVFRPR
REMHWLYRGHGLVSRQLELOL]DU
FRQWH~GRSDUDXVRSDUFLDOHP
SHVTXLVDVHHVWXGRVDFDGrPLFRV
EHPFRPRRVLPSOHVWHVWHGD
TXDOLGDGHGDREUDFRPRILP
H[FOXVLYRGHFRPSUDIXWXUD
eH[SUHVVDPHQWHSURLELGDH
WRWDOPHQWHUHSXGtDYHODYHQGD
DOXJXHORXTXDLVTXHUXVR
FRPHUFLDOGRSUHVHQWHFRQWH~GR
6REUHQyV
2/H/LYURVHVHXVSDUFHLURV
GLVSRQLELOL]DPFRQWH~GRGH
GRPLQLRSXEOLFRHSURSULHGDGH
LQWHOHFWXDOGHIRUPDWRWDOPHQWH
JUDWXLWDSRUDFUHGLWDUTXHR
FRQKHFLPHQWRHDHGXFDomR
GHYHPVHUDFHVVtYHLVHOLYUHVD
WRGDHTXDOTXHUSHVVRD9RFr
SRGHHQFRQWUDUPDLVREUDVHP
QRVVRVLWH/H/LYURV1HWRXHP
TXDOTXHUXPGRVVLWHVSDUFHLURV
DSUHVHQWDGRVQHVWHOLQN
4XDQGRRPXQGRHVWLYHUXQLGR
QDEXVFDGRFRQKHFLPHQWRH
QmROXWDQGRSRUGLQKHLURH
SRGHUHQWmRQRVVDVRFLHGDGH
HQILPHYROXLUDDXPQRYRQtYHO
3DUD
&ODXGLR)HUUD]GH
$OYDUHQJD
35,1&,3$,6
$%5(9,$785$6
87,/,=$'$6
%&²%DQFR&HQWUDO
%0 )²%ROVDGH0HUFDGRULDV
H)XWXUR
&%$²&yGLJR%UDVLOHLURGH
$HURQiXWLFD
&%/&²&RPSDQKLD%UDVLOHLUD
GH/LTXLGDomRH&XVWyGLD
&&²&yGLJR&LYLO
&&,²&pGXODGH&UpGLWR
,PRELOLiULR
&&RP²&yGLJR&RPHUFLDO
&'$²&RQKHFLPHQWRGH
'HSyVLWR$JURSHFXiULR
&'&²&yGLJRGH'HIHVDGR
&RQVXPLGRU
&HWLS²&HQWUDOGH&XVWyGLDHGH
/LTXLGDomR)LQDQFHLUDGH7tWXORV
&)²&RQVWLWXLomR)HGHUDO
&/7²&RQVROLGDomRGDV/HLVGR
7UDEDOKR
&3²&yGLJR3HQDO
&3&²&yGLJRGH3URFHVVR
&LYLO
&33²&yGLJRGH3URFHVVR
3HQDO
&5,²&HUWLILFDGRGH5HFHEtYHLV
,PRELOLiULRV
&71²&yGLJR7ULEXWiULR
1DFLRQDO
&90²&RPLVVmRGH9DORUHV
0RELOLiULRV
&90$'²$WR'HFODUDWyULRGD
&RPLVVmRGH9DORUHV0RELOLiULRV
'15&²'HSDUWDPHQWR
1DFLRQDOGR5HJLVWURGR
&RPpUFLR
(,5(/,²(PSUHVD,QGLYLGXDOGH
5HVSRQVDELOLGDGH/LPLWDGD
(2$%²(VWDWXWRGD$GYRFDFLD
/HLQ
,1'15&²,QVWUXomR
1RUPDWLYDGR'HSDUWDPHQWR
1DFLRQDOGR5HJLVWURGR
&RPpUFLR
,13,²,QVWLWXWR1DFLRQDOGD
3URSULHGDGH,QGXVWULDO
/&²/HLGR&KHTXH/HLQ
/&,²/HWUDGH&UpGLWR
,PRELOLiULR
/'²/HLGDV'XSOLFDWDV/HLQ
/()²/HLGDV([HFXo}HV
)LVFDLV/HLQ
/)²/HLGH)DOrQFLDV/HLQ
/,/(²/HLVREUHD,QWHUYHQomR
H/LTXLGDomR([WUDMXGLFLDOGH
,QVWLWXLo}HV)LQDQFHLUDV/HLQ
/,2(²/HLGH,QIUDo}HVj
2UGHP(FRQ{PLFD/HLQ
//²/HLGH/RFDo}HV3UHGLDLV
8UEDQDV/HLQ
/3,²/HLGD3URSULHGDGH
,QGXVWULDO/HLQ
/5%²/HLGD5HIRUPD%DQFiULD
/HLQ
/5(²/HLGR5HJLVWURGH
(PSUHVDV/HLQ
/6²/HLGRV6HJXURV'HFOHL
Q
/6$²/HLGDV6RFLHGDGHVSRU
$o}HV/HLQ
/8²/HL8QLIRUPHVREUH/HWUDV
GH&kPELRH1RWDV3URPLVVyULDV
$QH[R,,GD&RQYHQomRGH
*HQHEUDSURPXOJDGDSHOR'HFQ
5HV²5HVROXomR
63%²6LVWHPDGH3DJDPHQWR
%UDVLOHLUR
7HFEDQ²7HFQRORJLD%DQFiULD
6$
:$²:DUUDQW$JURSHFXiULR
680È5,2
3ULQFLSDLV DEUHYLDWXUDV
XWLOL]DGDV
3UHIiFLR
35,0(,5$3$57(7(25,$
*(5$/'2',5(,72
&20(5&,$/
&DS²$7,9,'$'(
(035(6$5,$/
2EMHWR GR GLUHLWR
FRPHUFLDO
&RPpUFLRHHPSUHVD
7HRULDGDHPSUHVD
&RQFHLWRGHHPSUHViULR
$WLYLGDGHV HFRQ{PLFDV
FLYLV
3URILVVLRQDOLQWHOHFWXDO
(PSUHViULRUXUDO
&RRSHUDWLYDV
(PSUHViULRLQGLYLGXDO
(PSUHVD LQGLYLGXDO GH
UHVSRQVDELOLGDGHOLPLWDGD
3UHSRVWRVGRHPSUHViULR
$XWRQRPLD GR GLUHLWR
FRPHUFLDO
&DS²5(*,0(-85Ë',&2
'$/,95(,1,&,$7,9$
3UHVVXSRVWRV
FRQVWLWXFLRQDLV GR UHJLPH
MXUtGLFRFRPHUFLDO
3URWHomR GD RUGHP
HFRQ{PLFDHGDFRQFRUUrQFLD
,QIUDo}HVFRQWUDDRUGHP
HFRQ{PLFD
&RQFRUUrQFLDGHVOHDO
3URLELGRV GH H[HUFHU
HPSUHVD
0LFURHPSUHVD H (PSUHVD
GH3HTXHQR3RUWH
&DS²5(*,6752'(
(035(6$
ÏUJmRV GR 5HJLVWUR GH
(PSUHVD
$WRV GR 5HJLVWUR GH
(PSUHVD
3URFHVVR GHFLVyULR GR
5HJLVWURGH(PSUHVD
,QDWLYLGDGHGDHPSUHVD
(PSUHViULRLUUHJXODU
&DS²/,9526
&20(5&,$,6
2EULJDo}HV FRPXQV D
WRGRVRVHPSUHViULRV
(VSpFLHV GH OLYURV
HPSUHVDULDLV
5HJXODULGDGH QD
HVFULWXUDomR
&RQVHTXrQFLDV GD
LUUHJXODULGDGHQDHVFULWXUDomR
([LELomRMXGLFLDOHHILFiFLD
SUREDWyULDGRVOLYURV
%DODQoRVDQXDLV
&DS²
(67$%(/(&,0(172
(035(6$5,$/
&RQFHLWR H QDWXUH]D GR
HVWDEHOHFLPHQWRHPSUHVDULDO
$OLHQDomR GR
HVWDEHOHFLPHQWRHPSUHVDULDO
3URWHomR DR SRQWR
ORFDomRHPSUHVDULDO
6KRSSLQJFHQWHU
3URWHomR DR WtWXOR GH
HVWDEHOHFLPHQWR
&RPpUFLR HOHWU{QLFR
LQWHUQHWH
&DS²120(
(035(6$5,$/
1DWXUH]DHHVSpFLHV
)RUPDomR GR QRPH
HPSUHVDULDO
$OWHUDomR GR QRPH
HPSUHVDULDO
3URWHomR DR QRPH
HPSUHVDULDO
&DS²35235,('$'(
,1'8675,$/
$EUDQJrQFLD GR GLUHLWR
LQGXVWULDO
3DWHQWHV
5HJLVWURLQGXVWULDO
'HVHQKR LQGXVWULDO
GHVLJQ
0DUFD
8QLmRGH3DULV
&DS²2(035(6È5,2(
26',5(,726'2
&21680,'25
,QWURGXomR
4XDOLGDGH GR SURGXWR RX
VHUYLoR
3URWHomRFRQWUDWXDO
3XEOLFLGDGH
2XWUDVPHGLGDVSURWHWLYDV
6(*81'$3$57(',5(,72
62&,(7È5,2
&DS²7(25,$*(5$/'2
',5(,7262&,(7È5,2
&RQFHLWR GH VRFLHGDGH
HPSUHViULD
3HUVRQDOL]DomR GD
VRFLHGDGHHPSUHViULD
&ODVVLILFDomR GDV
VRFLHGDGHVHPSUHViULDV
&ODVVLILFDomR TXDQWR j
UHVSRQVDELOLGDGH GRV VyFLRV
SHODVREULJDo}HVVRFLDLV
&ODVVLILFDomR TXDQWR DR
UHJLPH GH FRQVWLWXLomR H
GLVVROXomR
&ODVVLILFDomR TXDQWR jV
FRQGLo}HV GH DOLHQDomR GD
SDUWLFLSDomRVRFLHWiULD
&ODVVLILFDomR TXDQWR j
TXDQWLGDGHGHVyFLRV
6RFLHGDGHLUUHJXODU
'HVFRQVLGHUDomR GD
SHVVRDMXUtGLFD
&DS²&2167,78,d2
'$662&,('$'(6
&2175$78$,6
1DWXUH]D GR DWR
FRQVWLWXWLYR GD VRFLHGDGH
FRQWUDWXDO
5HTXLVLWRV GH YDOLGDGH GR
FRQWUDWRVRFLDO
&OiXVXODVFRQWUDWXDLV
)RUPDGRFRQWUDWRVRFLDO
$OWHUDomR GR FRQWUDWR
VRFLDO
7UDQVIRUPDomRGRUHJLVWUR
&DS²6Ï&,2'$
62&,('$'(&2175$78$/
5HJLPH MXUtGLFR GR VyFLR
GDVRFLHGDGHFRQWUDWXDO
([FOXVmRGHVyFLR
&DS²62&,('$'(6
&2175$78$,60(125(6
*HQHUDOLGDGHV
6RFLHGDGH HP QRPH
FROHWLYR
6RFLHGDGH HP FRPDQGLWD
VLPSOHV
6RFLHGDGH HP FRQWD GH
SDUWLFLSDomR
&DS²62&,('$'(
/,0,7$'$
/HJLVODomRDSOLFiYHO
5HVSRQVDELOLGDGH GRV
VyFLRV
'HOLEHUDo}HVGRVVyFLRV
$GPLQLVWUDomR
&RQVHOKRILVFDO
$VGXDVOLPLWDGDV
6RFLHGDGHV OLPLWDGDV GH
JUDQGHSRUWH
6RFLHGDGH OLPLWDGD
XQLSHVVRDO(,5(/,
&DS²',662/8d2'(
62&,('$'(&2175$78$/
,QWURGXomR
(VSpFLHVGHGLVVROXomR
&DXVDVGHGLVVROXomRWRWDO
&DXVDV GH GLVVROXomR
SDUFLDO
/LTXLGDomR H DSXUDomR GH
KDYHUHV
'LVVROXomRGHIDWR
&DS²62&,('$'(6325
$d®(6
,QWURGXomR
&DUDFWHUtVWLFDV JHUDLV GD
VRFLHGDGHDQ{QLPD
&ODVVLILFDomR
&RQVWLWXLomR
9DORUHVPRELOLiULRV
$o}HV
&DSLWDOVRFLDO
ÏUJmRVVRFLDLV
$GPLQLVWUDomR GD
VRFLHGDGH
2DFLRQLVWD
$FRUGRGHDFLRQLVWDV
3RGHUGHFRQWUROH
'HPRQVWUDo}HV
ILQDQFHLUDV
/XFURV UHVHUYDV H
GLYLGHQGRV
'LVVROXomRHOLTXLGDomR
7UDQVIRUPDomR
LQFRUSRUDomRIXVmRHFLVmR
*UXSRV GH VRFLHGDGH H
FRQVyUFLR
6RFLHGDGH GH HFRQRPLD
PLVWD
6RFLHGDGH HP FRPDQGLWD
SRUDo}HV
7(5&(,5$3$57(',5(,72
&$0%,È5,2
&DS²7(25,$*(5$/
'2',5(,72&$0%,È5,2
&RQFHLWR GH WtWXOR GH
FUpGLWR
3ULQFtSLRV JHUDLV GR
GLUHLWRFDPELiULR
&ODVVLILFDomR GRV WtWXORV
GHFUpGLWR
7tWXORV GH FUpGLWR QR
&yGLJR&LYLO
&DS²/(75$'(
&Æ0%,2
,QWURGXomR
/HJLVODomRDSOLFiYHO
&DS²&2167,78,d2
'2&5e',72&$0%,È5,2
6DTXH
$FHLWH
(QGRVVR
$YDO
23ODQR&ROORUHRVWtWXORV
GHFUpGLWR
&DS²(;,*,%,/,'$'(
'2&5e',72&$0%,È5,2
,QWURGXomR
9HQFLPHQWR
3DJDPHQWR
3URWHVWR
$omRFDPELDO
&DS²127$
3520,66Ï5,$
5HTXLVLWRV
5HJLPHMXUtGLFR
&DS²&+(48(
,QWURGXomR
0RGDOLGDGHVGHFKHTXH
3DJDPHQWRGRFKHTXH
&KHTXHVHPIXQGRV
&DS²'83/,&$7$6
'XSOLFDWDPHUFDQWLO
&DXVDOLGDGH GD GXSOLFDWD
PHUFDQWLO
$FHLWH
([LJLELOLGDGH GR FUpGLWR
UHSUHVHQWDGRSRUGXSOLFDWD
7tWXORV GH FUpGLWR SRU
SUHVWDomRGHVHUYLoRV
&DS²7Ë78/26'(
&5e',72,035Ï35,26(
7Ë78/26'(&5e',72
(/(75Ð1,&26
,QWURGXomR
7tWXORVUHSUHVHQWDWLYRV
7tWXORVGHILQDQFLDPHQWR
7tWXORVGHLQYHVWLPHQWR
7tWXORV GH FUpGLWR
HOHWU{QLFRV
48$57$3$57(',5(,72
)$/,0(17$5
&DS²7(25,$*(5$/
'2',5(,72)$/,0(17$5
,QWURGXomR
'HYHGRUVXMHLWRDIDOrQFLD
,QVROYrQFLD
&DS²352&(662
)$/,0(17$5
,QWURGXomR
3HGLGRGHIDOrQFLD
6HQWHQoD GHFODUDWyULD GD
IDOrQFLD
6HQWHQoD GHQHJDWyULD GD
IDOrQFLD
$GPLQLVWUDomRGDIDOrQFLD
$SXUDomRGRDWLYR
9HULILFDomRGHFUpGLWR
/LTXLGDomR GR SURFHVVR
IDOLPHQWDU
5HDELOLWDomRGRIDOLGR
&DS²3(662$(%(16
'2)$/,'2
5HVWULo}HV SHVVRDLV H
UHJLPHSDWULPRQLDOGRIDOLGR
&RQWLQXDomR SURYLVyULD GD
HPSUHVDGRIDOLGR
3HGLGR GH UHVWLWXLomR H
HPEDUJRVGHWHUFHLUR
3DWULP{QLRVHSDUDGR
&DS²5(*,0(
-85Ë',&2'26$726(
&2175$726'2)$/,'2
$WRVLQHILFD]HV
'HFODUDomR MXGLFLDO GD
LQHILFiFLD
(IHLWRV GD IDOrQFLD TXDQWR
DRVFRQWUDWRVGRIDOLGR
&DS²5(*,0(
-85Ë',&2'26&5('25(6
'2)$/,'2
&UHGRUHVDGPLWLGRV
(IHLWRV GD IDOrQFLD TXDQWR
DRVFUHGRUHV
&ODVVLILFDomRGRVFUpGLWRV
&DS²5(&83(5$d2
-8',&,$/
9LDELOLGDGHGDHPSUHVD
0HLRV GH UHFXSHUDomR GD
HPSUHVD
ÏUJmRV GD UHFXSHUDomR
MXGLFLDO
$VVHPEOHLDJHUDO
$GPLQLVWUDGRUMXGLFLDO
&RPLWr
3URFHVVR GD UHFXSHUDomR
MXGLFLDO
)DVHSRVWXODWyULD
)DVHGHGHOLEHUDomR
)DVHGHH[HFXomR
0LFURHPSUHVD H HPSUHVD
GHSHTXHQRSRUWH
&RQYRODomRHPIDOrQFLD
&DS²5(&83(5$d2
(;75$-8',&,$/
5HTXLVLWRV GD UHFXSHUDomR
H[WUDMXGLFLDO
+RPRORJDomRIDFXOWDWLYD
+RPRORJDomRREULJDWyULD
2V FUHGRUHV QD
UHFXSHUDomRH[WUDMXGLFLDO
&DS²/,48,'$d2
(;75$-8',&,$/'(
,167,78,d®(6
),1$1&(,5$6
,QWURGXomR
$OLTXLGDomRH[WUDMXGLFLDO
5HRUJDQL]DomR GD
LQVWLWXLomRILQDQFHLUD
5HVSRQVDELOLGDGH GRV
DGPLQLVWUDGRUHV
48,17$3$57(&2175$726
0(5&$17,6
&DS²7(25,$*(5$/
'26&2175$726
&RQWUDWRVPHUFDQWLV
&RQWUDWRVHREULJDo}HV
&RQVWLWXLomR GR YtQFXOR
FRQWUDWXDO
)RUoD REULJDWyULD GR
FRQWUDWR
'HVFRQVWLWXLomR GR
YtQFXORFRQWUDWXDO
&DS²&2035$(
9(1'$0(5&$17,/
1DWXUH]D PHUFDQWLO GD
FRPSUDHYHQGD
)RUPDomR GR FRQWUDWR GH
FRPSUDHYHQGDPHUFDQWLO
2EULJDo}HVGDVSDUWHV
(VSHFLILFLGDGH GD FRPSUD
HYHQGDPHUFDQWLO
&DS²&2175$726'(
&2/$%25$d2
,QWURGXomR
&RPLVVmR
5HSUHVHQWDomRFRPHUFLDO
&RQFHVVmRFRPHUFLDO
)UDQTXLD
'LVWULEXLomR
&DS²&2175$726
%$1&È5,26
$WLYLGDGHEDQFiULD
2SHUDo}HVSDVVLYDV
2SHUDo}HVDWLYDV
0~WXREDQFiULR
'HVFRQWREDQFiULR
$EHUWXUDGHFUpGLWR
&UpGLWRGRFXPHQWiULR
&RQWUDWRV EDQFiULRV
LPSUySULRV
$OLHQDomR ILGXFLiULD HP
JDUDQWLD
)DWXUL]DomRIDFWRULQJ
$UUHQGDPHQWR PHUFDQWLO
OHDVLQJ
&DUWmRGHFUpGLWR
&DS²&2175$726
,17(/(&78$,6
,QWURGXomR
&HVVmR GH GLUHLWR
LQGXVWULDO
/LFHQoD GH XVR GH GLUHLWR
LQGXVWULDO
7UDQVIHUrQFLD GH
WHFQRORJLD
&RPHUFLDOL]DomR GH
VRIWZDUH
&DS²6(*852
,QWURGXomR
6LVWHPD 1DFLRQDO GH
6HJXURV3ULYDGRV
1DWXUH]D GR FRQWUDWR GH
VHJXUR
2EULJDo}HVGDVSDUWHV
6HJXURGHGDQR
6HJXURGHSHVVRD
6HJXURVD~GH
&DSLWDOL]DomR
35()È&,2
6HWHPEURGH
2$8725
35,0(,5$3$57(
7(25,$*(5$/
'2',5(,72
&20(5&,$/
&$3Ë78/2
$7,9,'$'(
(035(6$5,$/
2%-(72 '2 ',5(,72
&20(5&,$/
&20e5&,2 (
(035(6$
&RPR PHQFLRQDGR
DFLPD RV EHQV H VHUYLoRV
TXH KRPHQV H PXOKHUHV
QHFHVVLWDP RX GHVHMDP SDUD
YLYHU LVWR p YHVWLU
DOLPHQWDUVH GRUPLU
GLYHUWLUVH HWF VmR
SURGX]LGRV HP RUJDQL]Do}HV
HFRQ{PLFDV HVSHFLDOL]DGDV
1HP VHPSUH IRL DVVLP
SRUpP 1D $QWLJXLGDGH
URXSDV H YtYHUHV HUDP
SURGX]LGRV QD SUySULD FDVD
SDUD RV VHXV PRUDGRUHV
DSHQDV RV H[FHGHQWHV
HYHQWXDLV HUDP WURFDGRV
HQWUH YL]LQKRV RX QD SUDoD
1D 5RPD DQWLJD D IDPtOLD
GRV URPDQRV QmR HUD Vy R
FRQMXQWR GH SHVVRDV XQLGDV
SRU ODoRV GH VDQJXH SDLV H
ILOKRV PDV WDPEpP LQFOXtD
RV HVFUDYRV DVVLP FRPR D
PRUDGD QmR HUD DSHQDV R
OXJDU GH FRQYtYLR tQWLPR H
UHFROKLPHQWRPDVWDPEpPR
GH SURGXomR GH YHVWHV
DOLPHQWRVYLQKRHXWHQVtOLRV
GHXVRGLiULR
$OJXQV SRYRV GD
$QWLJXLGDGH FRPR RV
IHQtFLRV GHVWDFDUDPVH
LQWHQVLILFDQGR DV WURFDV H
FRP LVWR HVWLPXODUDP D
SURGXomRGHEHQVGHVWLQDGRV
HVSHFLILFDPHQWH j YHQGD
(VWD DWLYLGDGH GH ILQV
HFRQ{PLFRV R FRPpUFLR
H[SDQGLXVH FRP
H[WUDRUGLQiULRYLJRU*UDoDV
D HOD HVWDEHOHFHUDPVH
LQWHUFkPELRV HQWUH FXOWXUDV
GLVWLQWDV GHVHQYROYHUDPVH
WHFQRORJLDV H PHLRV GH
WUDQVSRUWH IRUWDOHFHUDPVH
RV HVWDGRV SRYRRXVH R
SODQHWD GH KRPHQV H
PXOKHUHV PDV WDPEpP HP
IXQomR GR FRPpUFLR IRUDP
WUDYDGDV JXHUUDV
HVFUDYL]DUDPVH SRYRV
UHFXUVRV QDWXUDLV VH
HVJRWDUDP &RP R SURFHVVR
HFRQ{PLFR GH JOREDOL]DomR
GHVHQFDGHDGRDSyVRILPGD
6HJXQGD*XHUUD0XQGLDOQD
YHUGDGH R ~OWLPR FRQIOLWR
EpOLFR SRU PHUFDGRV
FRORQLDLV R FRPpUFLR
SURFXUD GHUUXEDU DV
IURQWHLUDV QDFLRQDLV TXH
DWUDSDOKDP VXD H[SDQVmR
+DYHUiGLDHPTXHRSODQHWD
VHUiXP~QLFRPHUFDGR
2 FRPpUFLR JHURX H
FRQWLQXD JHUDQGR QRYDV
DWLYLGDGHV HFRQ{PLFDV )RL
D LQWHQVLILFDomR GDV WURFDV
SHORV FRPHUFLDQWHV TXH
GHVSHUWRX HP DOJXPDV
SHVVRDV R LQWHUHVVH GH
SURGX]LUHP EHQV GH TXH QmR
QHFHVVLWDYDP GLUHWDPHQWH
EHQV IHLWRV SDUD VHUHP
YHQGLGRV H QmR SDUD VHUHP
XVDGRVSRUTXHPRVID]LDe
R LQtFLR GD DWLYLGDGH TXH
PXLWR WHPSR GHSRLV VHUi
FKDPDGD GH IDEULO RX
LQGXVWULDO 2V EDQFRV H RV
VHJXURV HP VXD RULJHP
GHVWLQDYDPVH D DWHQGHU
QHFHVVLGDGHV GRV
FRPHUFLDQWHV 'HYHVH DR
FRPpUFLR HOHWU{QLFR D
SRSXODUL]DomR GD UHGH
PXQGLDO GH FRPSXWDGRUHV
LQWHUQHWH TXH HVWLPXOD
GLYHUVDV QRYDV DWLYLGDGHV
HFRQ{PLFDV
1D ,GDGH 0pGLD R
FRPpUFLR Mi KDYLD GHL[DGR
GH VHU DWLYLGDGH
FDUDFWHUtVWLFD Vy GH DOJXPDV
FXOWXUDVRXSRYRV'LIXQGLX
VH SRU WRGR R PXQGR
FLYLOL]DGR 'XUDQWH R
5HQDVFLPHQWR&RPHUFLDOQD
(XURSD DUWHVmRV H
FRPHUFLDQWHV HXURSHXV
UHXQLDPVH HP FRUSRUDo}HV
GH RItFLR SRGHURVDV
HQWLGDGHV EXUJXHVDV LVWR p
VHGLDGDV HP EXUJRV TXH
JR]DYDP GH VLJQLILFDWLYD
DXWRQRPLDHPIDFHGRSRGHU
UHDO H GRV VHQKRUHV IHXGDLV
1DV FRUSRUDo}HV GH RItFLR
FRPR H[SUHVVmR GHVVD
DXWRQRPLD IRUDP
SDXODWLQDPHQWH VXUJLQGR
QRUPDV GHVWLQDGDV D
GLVFLSOLQDUDVUHODo}HVHQWUH
RV VHXV ILOLDGRV 1D (UD
0RGHUQD HVWDV QRUPDV
SVHXGRVLVWHPDWL]DGDV VHUmR
FKDPDGDV GH 'LUHLWR
&RPHUFLDO 1HVWD VXD
SULPHLUD IDVH GH HYROXomR
HOHpRGLUHLWRDSOLFiYHODRV
PHPEURV GH GHWHUPLQDGD
FRUSRUDomR GRV
FRPHUFLDQWHV 2V XVRV H
FRVWXPHV GH FDGD SUDoD RX
FRUSRUDomR WLQKDP HVSHFLDO
LPSRUWkQFLD QD VXD
DSOLFDomR
1RLQtFLRGRVpFXOR;,;
HP)UDQoD1DSROHmRFRPD
DPELomR GH UHJXODU D
WRWDOLGDGH GDV UHODo}HV
VRFLDLV SDWURFLQD D HGLomR
GH GRLV PRQXPHQWDLV
GLSORPDV MXUtGLFRV R
&yGLJR &LYLO H R
&RPHUFLDO,QDXJXUD
VH HQWmR XP VLVWHPD SDUD
GLVFLSOLQDUDVDWLYLGDGHVGRV
FLGDGmRVTXHUHSHUFXWLUiHP
WRGRV RV SDtVHV GH WUDGLomR
URPDQD LQFOXVLYH R %UDVLO
'HDFRUGRFRPHVWHVLVWHPD
FODVVLILFDYDPVH DV
UHODo}HVTXHKRMHHPGLDVmR
FKDPDGDVGHGLUHLWRSULYDGR
HPFLYLVH FRPHUFLDLV 3DUD
FDGDUHJLPHHVWDEHOHFHUDP
VH UHJUDV GLIHUHQWHV VREUH
FRQWUDWRV REULJDo}HV
SUHVFULomR SUHUURJDWLYDV
SURYD MXGLFLiULD H IRURV $
GHOLPLWDomR GR FDPSR GH
LQFLGrQFLD GR &yGLJR
&RPHUFLDO HUD IHLWD QR
VLVWHPD IUDQFrV SHOD WHRULD
GRV DWRV GH FRPpUFLR
6HPSUH TXH DOJXpP
H[SORUDYD DWLYLGDGH
HFRQ{PLFD TXH R GLUHLWR
FRQVLGHUD DWR GH FRPpUFLR
PHUFDQFLD VXEPHWLDVH jV
REULJDo}HV GR &yGLJR
&RPHUFLDO HVFULWXUDomR GH
OLYURV SRU H[HPSOR H
SDVVDYD D XVXIUXLU GD
SURWHomR SRU HOH OLEHUDGD
GLUHLWR j SURUURJDomR GRV
SUD]RV GH YHQFLPHQWR GDV
REULJDo}HV HP FDVR GH
QHFHVVLGDGH LQVWLWXWR
GHQRPLQDGRFRQFRUGDWD
1D OLVWD GRV DWRV GH
FRPpUFLR QmR VH
HQFRQWUDYDP DOJXPDV
DWLYLGDGHV HFRQ{PLFDV TXH
FRP R WHPSR SDVVDUDP D
JDQKDU LPSRUWkQFLD
HTXLYDOHQWH jV GH FRPpUFLR
EDQFR VHJXUR H LQG~VWULD e
R FDVR GD SUHVWDomR GH
VHUYLoRV FXMD UHOHYkQFLD p
GLUHWDPHQWH SURSRUFLRQDO DR
SURFHVVR GH XUEDQL]DomR
7DPEpP GD OLVWD QmR
FRQVWDYDP DWLYLGDGHV
HFRQ{PLFDV OLJDGDV j WHUUD
FRPR D QHJRFLDomR GH
LPyYHLV DJULFXOWXUD RX
H[WUDWLYLVPR 1D (XURSD
&RQWLQHQWDO SULQFLSDOPHQWH
HP )UDQoD D EXUJXHVLD IRL
OHYDGDDWUDYDUXPDDFLUUDGD
OXWD GH FODVVHV FRQWUD R
IHXGDOLVPR H XP GRV
UHIOH[RV GLVVR QD LGHRORJLD
MXUtGLFDpDGHVFRQVLGHUDomR
GDV DWLYLGDGHV HFRQ{PLFDV
WtSLFDV GRV VHQKRUHV IHXGDLV
QR FRQFHLWR DJOXWLQDGRU GR
'LUHLWR &RPHUFLDO GR
SHUtRGR R VHJXQGR QD
HYROXomR KLVWyULFD GD
GLVFLSOLQD
'H TXDOTXHU PRGR
XOWUDSDVVDGRV SRU FRPSOHWR
RV FRQGLFLRQDQWHV
HFRQ{PLFRV SROtWLFRV H
KLVWyULFRV TXH DPELHQWDUDP
VXDIRUPXODomRDWHRULDGRV
DWRV GH FRPpUFLR DFDERX
UHYHODQGR VXDV
LQVXILFLrQFLDVSDUDGHOLPLWDU
R REMHWR GR 'LUHLWR
&RPHUFLDO 1D PDLRULD GRV
SDtVHVHPTXHIRLDGRWDGDD
WHRULD H[SHULPHQWRX DMXVWHV
TXH HP FHUWR VHQWLGR D
GHVQDWXUDUDP1D$OHPDQKD
HP R &yGLJR
&RPHUFLDOGHILQLXRVDWRVGH
FRPpUFLRFRPRWRGRVRVTXH
R FRPHUFLDQWH HP VXD
DWLYLGDGHSUDWLFDDODUJDQGR
HQRUPHPHQWH R FRQFHLWR
0HVPR RQGH KDYLD VLGR
FRQFHELGD QmR VH
GLVWLQJXHP PDLV RV DWRV GH
FRPpUFLR GRV FLYLV VHJXQGR
RV SDUkPHWURV GHVWD WHRULD
'H IDWR QR GLUHLWR IUDQFrV
KRMH TXDOTXHU DWLYLGDGH
HFRQ{PLFD
LQGHSHQGHQWHPHQWH GH VXD
FODVVLILFDomR p UHJLGD SHOR
'LUHLWR &RPHUFLDO VH
H[SORUDGD SRU TXDOTXHU WLSR
GHVRFLHGDGH
$ LQVXILFLrQFLD GD WHRULD
GRVDWRVGRFRPpUFLRIRUoRX
R VXUJLPHQWR GH RXWUR
FULWpULR LGHQWLILFDGRU GR
kPELWR GH LQFLGrQFLD GR
'LUHLWR &RPHUFLDO D WHRULD
GDHPSUHVD
7(25,$'$(035(6$
(PQD,WiOLDVXUJH
XP QRYRVLVWHPD GH
UHJXODomR GDV DWLYLGDGHV
HFRQ{PLFDVGRVSDUWLFXODUHV
1HOH DODUJDVH R kPELWR GH
LQFLGrQFLD GR 'LUHLWR
&RPHUFLDO SDVVDQGR DV
DWLYLGDGHV GH SUHVWDomR GH
VHUYLoRV H OLJDGDV j WHUUD D
VH VXEPHWHUHP jV PHVPDV
QRUPDV DSOLFiYHLV jV
FRPHUFLDLV EDQFiULDV
VHFXULWiULDV H LQGXVWULDLV
&KDPRXVH R QRYR VLVWHPD
GH GLVFLSOLQD GDV DWLYLGDGHV
SULYDGDV GH WHRULD GD
HPSUHVD 2 'LUHLWR
&RPHUFLDO HP VXD WHUFHLUD
HWDSD HYROXWLYD GHL[D GH
FXLGDU GH GHWHUPLQDGDV
DWLYLGDGHVDVGHPHUFDQFLD
H SDVVD D GLVFLSOLQDU XPD
IRUPD HVSHFtILFD GH
SURGX]LURXFLUFXODUEHQVRX
VHUYLoRV D HPSUHVDULDO
$WHQWHSDUDRORFDOHDQRHP
TXH D WHRULD GD HPSUHVD VH
H[SUHVVRX SHOD SULPHLUD YH]
QR RUGHQDPHQWR SRVLWLYR 2
PXQGR HVWDYD HP JXHUUD H
QD ,WiOLD JRYHUQDYD R
GLWDGRUIDVFLVWD0XVVROLQL
$ LGHRORJLD IDVFLVWD QmR
p WmR VRILVWLFDGD FRPR D
FRPXQLVWD PDV XP SHTXHQR
SDUDOHOR HQWUH HOD H R
PDU[LVPRDMXGDDHQWHQGHUD
DPELHQWDomR SROtWLFD GR
VXUJLPHQWR GD WHRULD GD
HPSUHVD 3DUD HVVDV GXDV
FRQFHSo}HV LGHROyJLFDV
EXUJXHVLD H SUROHWDULDGR
HVWmRHPOXWDHODVGLYHUJHP
VREUHFRPRDOXWDWHUPLQDUi
3DUD R PDU[LVPR R
SUROHWDULDGR WRPDUi R SRGHU
GR HVWDGR H[SURSULDUi GDV
PmRV GD EXUJXHVLD RV EHQV
GH SURGXomR H SRUi ILP jV
FODVVHV VRFLDLV H HP
VHJXLGD DR SUySULR HVWDGR
UHRUJDQL]DQGRVHDVUHODo}HV
GHSURGXomR
-iSDUDRIDVFLVPRDOXWD
GH FODVVHV WHUPLQD HP
KDUPRQL]DomR SDWURFLQDGD
SHOR HVWDGR QDFLRQDO
%XUJXHVLD H SUROHWDULDGR
VXSHUDP VHXV DQWDJRQLVPRV
QD PHGLGD HP TXH VH XQHP
HP WRUQR GRV VXSHULRUHV
REMHWLYRVGDQDomRVHJXLQGR
R OtGHU GXFH TXH p
LQWpUSUHWH H JXDUGLmR GHVWHV
REMHWLYRV $ HPSUHVD QR
LGHiULR IDVFLVWD UHSUHVHQWD
MXVWDPHQWHDRUJDQL]DomRHP
TXH VH KDUPRQL]DP DV
FODVVHV HP FRQIOLWR 9DOH
QRWDU TXH $VTXLQL XP GRV
H[SRHQWHV GD GRXWULQD
FRPHUFLDOLVWD LWDOLDQD DR
WHPSR GR JRYHUQR IDVFLVWD
FRVWXPDYD DSRQWDU FRPR XP
GRV SHUILV GD HPSUHVD R
FRUSRUDWLYR HP TXH VH
H[SUHVVDYD D FRPXQKmR GRV
SURSyVLWRV GH HPSUHViULR H
WUDEDOKDGRUHV
$ WHRULD GD HPSUHVD
DFDERX VH GHVYHQFLOKDQGR
GDV UDt]HV LGHROyJLFDV
IDVFLVWDV 3RU VHXV PpULWRV
MXUtGLFRWHFQROyJLFRV
VREUHYLYHX j
UHGHPRFUDWL]DomRGD,WiOLDH
SHUPDQHFH GHOLPLWDQGR R
'LUHLWR &RPHUFLDO GDTXHOH
SDtV DWp KRMH 7DPEpP SRU
VXD RSHUDFLRQDOLGDGH
DGHTXDGD DRV REMHWLYRV GD
GLVFLSOLQD GD H[SORUDomR GH
DWLYLGDGHV HFRQ{PLFDV SRU
SDUWLFXODUHVQRQRVVRWHPSR
DWHRULDGDHPSUHVDLQVSLURX
D UHIRUPD GD OHJLVODomR
FRPHUFLDO GH RXWURV SDtVHV
GHWUDGLomRMXUtGLFDURPDQD
FRPRD(VSDQKDHP
1R %UDVLO R &yGLJR
&RPHUFLDO GH FXMD
SULPHLUD SDUWH p UHYRJDGD
FRP D HQWUDGD HP YLJRU GR
&yGLJR&LYLOGH²DUW
VRIUHX IRUWH
LQIOXrQFLDGDWHRULDGRVDWRV
GH FRPpUFLR 2 UHJXODPHQWR
WDPEpP GDTXHOH DQR
TXH GLVFLSOLQRX RV
SURFHGLPHQWRV D VHUHP
REVHUYDGRV QRV HQWmR
H[LVWHQWHV 7ULEXQDLV GR
&RPpUFLR DSUHVHQWDYD D
UHODomR GH DWLYLGDGHV
HFRQ{PLFDV UHSXWDGDV
PHUFDQFLD (P OLQJXDJHP
DWXDO HVWD UHODomR
FRPSUHHQGHULDDFRPSUDH
YHQGD GH EHQV PyYHLV RX
VHPRYHQWHV QR DWDFDGR RX
YDUHMR SDUD UHYHQGD RX
DOXJXHO E LQG~VWULD F
EDQFRV G ORJtVWLFD H
HVSHWiFXORV S~EOLFRV I
VHJXURV J DUPDomR H
H[SHGLomRGHQDYLRV
$V GHIDVDJHQV HQWUH D
WHRULD GRV DWRV GH FRPpUFLR
H D UHDOLGDGH GLVFLSOLQDGD
SHOR 'LUHLWR &RPHUFLDO ²
VHQWLGDV HVSHFLDOPHQWH QR
WUDWDPHQWR GHVLJXDO
GLVSHQVDGR j SUHVWDomR GH
VHUYLoRV QHJRFLDomR GH
LPyYHLV H DWLYLGDGHV UXUDLV
²HDDWXDOLGDGHGRVLVWHPD
LWDOLDQRGHELSDUWLURGLUHLWR
SULYDGR FRPHoDP D VHU
DSRQWDGDV QD GRXWULQD
EUDVLOHLUD QRV DQRV
3ULQFLSDOPHQWH GHSRLV GD
DGRomRGDWHRULDGDHPSUHVD
SHOR 3URMHWR GH &yGLJR
&LYLOGHHODWLQKDVLGR
WDPEpP OHPEUDGD QD
HODERUDomR GR 3URMHWR GH
&yGLJR GDV 2EULJDo}HV GH
QmR FRQYHUWLGR HP
OHL RV FRPHUFLDOLVWDV
EUDVLOHLURV GHGLFDPVH DR
VHX HVWXGR SUHSDUDQGRVH
SDUD DV LQRYDo}HV TXH VH
VHJXLULDPjHQWUDGDHPYLJRU
GD FRGLILFDomR XQLILFDGD GR
GLUHLWR SULYDGR SURPHWLGD
SDUDEUHYH
0DV R SURMHWR WUDPLWRX
FRP LQHVSHUDGD OHQWLGmR
'XUDQWHXPTXDUWRGHVpFXOR
HQTXDQWR SRXFD FRLVD RX
QDGDDFRQWHFLDQR&RQJUHVVR
HDGRXWULQDFRPHUFLDOLVWDMi
GHVHQYROYLDVXDVUHIOH[}HVj
OX] GD WHRULD GD HPSUHVD
DOJXQV MXt]HV FRPHoDUDP D
GHFLGLU SURFHVVRV
GHVFRQVLGHUDQGR R FRQFHLWR
GH DWRV GH FRPpUFLR ²
HPERUDIRVVHHVWHDLQGDRGR
GLUHLWR SRVLWLYR SRUTXH
DLQGD HP YLJRU R DQWLJR
&yGLJR &RPHUFLDO (VWHV
MXt]HV FRQFHGHUDP D
SHFXDULVWDV XP IDYRU OHJDO
HQWmR H[LVWHQWH DSHQDV SDUD
RV FRPHUFLDQWHV D
FRQFRUGDWD GHFUHWDUDP D
IDOrQFLD GH QHJRFLDQWHV GH
LPyYHLV DVVHJXUDUDP D
UHQRYDomR FRPSXOVyULD GR
FRQWUDWRGHDOXJXHOHPIDYRU
GH SUHVWDGRUHV GH VHUYLoR
MXOJDQGR HQILP DV
GHPDQGDV SHOR FULWpULR GD
HPSUHVDULDOLGDGH 'XUDQWH
HVWHODUJRWHPSRWDPEpPDV
SULQFLSDLV OHLV GH LQWHUHVVH
GR GLUHLWR FRPHUFLDO
HGLWDGDVMiVHLQVSLUDUDPQR
VLVWHPD LWDOLDQR H QmR PDLV
QR IUDQFrV 6mR H[HPSORV R
&yGLJR GH 'HIHVD GR
&RQVXPLGRU GH D /HL
GH /RFDomR 3UHGLDO 8UEDQD
GHHD/HLGR5HJLVWUR
GH(PSUHVDVGH
(P VXPD SRGHVH GL]HU
TXH R GLUHLWR EUDVLOHLUR Mi
LQFRUSRUDUD²QDVOLo}HVGD
GRXWULQDQDMXULVSUXGrQFLDH
HPOHLVHVSDUVDV²DWHRULD
GDHPSUHVDPHVPRDQWHVGD
HQWUDGD HP YLJRU GR &yGLJR
&LYLO 4XDQGR HVWD VH
YHULILFD FRQFOXLVH D
GHPRUDGDWUDQVLomR
(PSUHViULRpGHILQLGRQD
OHL FRPR R SURILVVLRQDO
H[HUFHQWH GH ³DWLYLGDGH
HFRQ{PLFDRUJDQL]DGDSDUDD
SURGXomRRXDFLUFXODomRGH
EHQV RX GH VHUYLoRV´ &&
DUW 'HVWDFDPVH GD
GHILQLomR DV QRo}HV GH
SURILVVLRQDOLVPR DWLYLGDGH
HFRQ{PLFD RUJDQL]DGD H
SURGXomR RX FLUFXODomR GH
EHQVRXVHUYLoRV
3URILVVLRQDOLVPR $
QRomR GH H[HUFtFLR
SURILVVLRQDO GH FHUWD
DWLYLGDGH p DVVRFLDGD QD
GRXWULQDDFRQVLGHUDo}HVGH
WUrV RUGHQV $ SULPHLUD GL]
UHVSHLWR j KDELWXDOLGDGH
1mR VH FRQVLGHUD
SURILVVLRQDO TXHP UHDOL]D
WDUHIDVGHPRGRHVSRUiGLFR
1mR VHUi HPSUHViULR SRU
FRQVHJXLQWH DTXHOH TXH
RUJDQL]DU HSLVRGLFDPHQWH D
SURGXomR GH FHUWD
PHUFDGRULD PHVPR
GHVWLQDQGRD j YHQGD QR
PHUFDGR 6H HVWi DSHQDV
ID]HQGR XP WHVWH FRP R
REMHWLYR GH YHULILFDU VH WHP
DSUHoR RX GHVDSUHoR SHOD
YLGD HPSUHVDULDO RX SDUD
VRFRUUHU VLWXDomR
HPHUJHQFLDO HP VXDV
ILQDQoDV H QmR VH WRUQD
KDELWXDO R H[HUFtFLR GD
DWLYLGDGH HQWmR HOH QmR p
HPSUHViULR 2 VHJXQGR
DVSHFWR GR SURILVVLRQDOLVPR
p D SHVVRDOLGDGH 2
HPSUHViULR QR H[HUFtFLR GD
DWLYLGDGH HPSUHVDULDO GHYH
FRQWUDWDU HPSUHJDGRV 6mR
HVWHV TXH PDWHULDOPHQWH
IDODQGR SURGX]HP RX ID]HP
FLUFXODUEHQVRXVHUYLoRV2
UHTXLVLWR GD SHVVRDOLGDGH
H[SOLFD SRU TXH QmR p R
HPSUHJDGR FRQVLGHUDGR
HPSUHViULR (QTXDQWR HVWH
~OWLPR QD FRQGLomR GH
SURILVVLRQDO H[HUFH D
DWLYLGDGH HPSUHVDULDO
SHVVRDOPHQWH RV
HPSUHJDGRV TXDQGR
SURGX]HP RX FLUFXODP EHQV
RX VHUYLoRV ID]HPQR HP
QRPHGRHPSUHJDGRU
(VWHV GRLV SRQWRV
QRUPDOPHQWH GHVWDFDGRV
SHOD GRXWULQD QD GLVFXVVmR
GR FRQFHLWR GH
SURILVVLRQDOLVPRQmRVmRRV
PDLV LPSRUWDQWHV $
GHFRUUrQFLD PDLV UHOHYDQWH
GDQRomRHVWiQRPRQRSyOLR
GDV LQIRUPDo}HV TXH R
HPSUHViULR GHWpP VREUH R
SURGXWRRXVHUYLoRREMHWRGH
VXD HPSUHVD (VWH p R
VHQWLGR FRP TXH VH FRVWXPD
HPSUHJDURWHUPRQRkPELWR
GDV UHODo}HV GH FRQVXPR
&RPR R HPSUHViULR p XP
SURILVVLRQDO DV LQIRUPDo}HV
VREUH RV EHQV RX VHUYLoRV
TXH RIHUHFH DR PHUFDGR ²
HVSHFLDOPHQWH DV TXH GL]HP
UHVSHLWR jV VXDV FRQGLo}HV
GH XVR TXDOLGDGH LQVXPRV
HPSUHJDGRV GHIHLWRV GH
IDEULFDomRULVFRVSRWHQFLDLV
j VD~GH RX YLGD GRV
FRQVXPLGRUHV ² FRVWXPDP
VHU GH VHX LQWHLUR
FRQKHFLPHQWR 3RUTXH
SURILVVLRQDO R HPSUHViULR
WHP R GHYHU GH FRQKHFHU
HVWHV H RXWURV DVSHFWRV GRV
EHQV RX VHUYLoRV SRU HOH
IRUQHFLGRV EHP FRPR R GH
LQIRUPDU DPSODPHQWH RV
FRQVXPLGRUHVHXVXiULRV
$WLYLGDGH6HHPSUHViULR
pRH[HUFHQWHSURILVVLRQDOGH
XPD DWLYLGDGH HFRQ{PLFD
RUJDQL]DGD HQWmRHPSUHVDp
XPD DWLYLGDGH D GH
SURGXomR RX FLUFXODomR GH
EHQV RX VHUYLoRV e
LPSRUWDQWH GHVWDFDU D
TXHVWmR 1D OLQJXDJHP
FRWLGLDQD PHVPR QRV PHLRV
MXUtGLFRVXVDVHDH[SUHVVmR
³HPSUHVD´ FRP GLIHUHQWHV H
LPSUySULRV VLJQLILFDGRV 6H
DOJXpPGL]³DHPSUHVDIDOLX´
RX ³D HPSUHVD LPSRUWRX
HVVDVPHUFDGRULDV´RWHUPR
p XWLOL]DGR GH IRUPD HUUDGD
QmR WpFQLFD $ HPSUHVD
HQTXDQWR DWLYLGDGH QmR VH
FRQIXQGH FRP R VXMHLWR GH
GLUHLWR TXH D H[SORUD R
HPSUHViULR e HOH TXH IDOH
RX LPSRUWD PHUFDGRULDV
6LPLODUPHQWHVHXPDSHVVRD
H[FODPD ³D HPSUHVD HVWi
SHJDQGR IRJR´ RX FRQVWDWD
³D HPSUHVD IRL UHIRUPDGD
ILFRX PDLV ERQLWD´ HVWi
HPSUHJDQGR R FRQFHLWR
HTXLYRFDGDPHQWH 1mR VH
SRGH FRQIXQGLU D HPSUHVD
FRP R ORFDO HP TXH D
DWLYLGDGH p GHVHQYROYLGD 2
FRQFHLWR FRUUHWR QHVVDV
IUDVHV p R GH
HVWDEHOHFLPHQWR
HPSUHVDULDO HVWH VLP SRGH
LQFHQGLDUVH RX VHU
HPEHOH]DGR QXQFD D
DWLYLGDGH3RUILPWDPEpPp
HTXLYRFDGR R XVR GD
H[SUHVVmRFRPRVLQ{QLPRGH
VRFLHGDGH 1mR VH GL]
³VHSDUDPVH RV EHQV GD
HPSUHVDHRVGRVVyFLRVHP
SDWULP{QLRV GLVWLQWRV´ PDV
³VHSDUDPVHRVEHQVVRFLDLV
H RV GRV VyFLRV´ QmR VH
GHYHGL]HU³IXODQRHEHOWUDQR
DEULUDP XPD HPSUHVD´ PDV
³HOHV FRQWUDWDUDP XPD
VRFLHGDGH´
6RPHQWH VH HPSUHJD GH
PRGR WpFQLFR R FRQFHLWR GH
HPSUHVD TXDQGR IRU
VLQ{QLPR GH
HPSUHHQGLPHQWR 6H DOJXpP
UHSXWD ³PXLWR DUULVFDGD D
HPSUHVD´HVWiFHUWDDIRUPD
GH VH H[SUHVVDU R
HPSUHHQGLPHQWR HP TXHVWmR
HQIUHQWD FRQVLGHUiYHLV
ULVFRV GH LQVXFHVVR QD
DYDOLDomR GHVWD SHVVRD
&RPRHODVHHVWiUHIHULQGRj
DWLYLGDGH p DGHTXDGR IDODU
HPHPSUHVD2XWURH[HPSOR
QRSULQFtSLRGDSUHVHUYDomR
GDHPSUHVDFRQVWUXtGRSHOR
PRGHUQR 'LUHLWR &RPHUFLDO
RYDORUEiVLFRSUHVWLJLDGRp
R GD FRQVHUYDomR GD
DWLYLGDGH H QmR GR
HPSUHViULR GR
HVWDEHOHFLPHQWR RX GH XPD
VRFLHGDGH HP YLUWXGH GD
LPHQVD JDPD GH LQWHUHVVHV
TXH WUDQVFHQGHP RV GRV
GRQRVGRQHJyFLRHJUDYLWDP
HP WRUQR GD FRQWLQXLGDGH
GHVWHDVVLPRVLQWHUHVVHVGH
HPSUHJDGRV TXDQWR DRV VHXV
SRVWRV GH WUDEDOKR GH
FRQVXPLGRUHV HP UHODomR
DRVEHQVRXVHUYLoRVGHTXH
QHFHVVLWDPGRILVFRYROWDGR
jDUUHFDGDomRHRXWURV
(FRQ{PLFD $ DWLYLGDGH
HPSUHVDULDO p HFRQ{PLFD QR
VHQWLGR GH TXH EXVFD JHUDU
OXFUR SDUD TXHP D H[SORUD
1RWHVH TXH R OXFUR SRGH
VHU R REMHWLYR GD SURGXomR
RX FLUFXODomR GH EHQV RX
VHUYLoRV RX DSHQDV R
LQVWUXPHQWR SDUD DOFDQoDU
RXWUDV ILQDOLGDGHV
5HOLJLRVRV SRGHP SUHVWDU
VHUYLoRVHGXFDFLRQDLVQXPD
HVFRODRXXQLYHUVLGDGHVHP
YLVDU HVSHFLILFDPHQWH R
OXFUR e HYLGHQWH TXH QR
FDSLWDOLVPR QHQKXPD
DWLYLGDGH HFRQ{PLFD VH
PDQWpPVHPOXFUDWLYLGDGHH
SRU LVVR R YDORU WRWDO GDV
PHQVDOLGDGHVGHYHVXSHUDUR
GDVGHVSHVDVWDPEpPQHVVHV
HVWDEHOHFLPHQWRV 0DV D
HVFROD RX XQLYHUVLGDGH
UHOLJLRVDV SRGHP WHU
REMHWLYRV QmR OXFUDWLYRV
FRPR D GLIXVmR GH YDORUHV
RX FULDomR GH SRVWRV GH
HPSUHJR SDUD RV VHXV
VDFHUGRWHV 1HVWH FDVR R
OXFUR p PHLR H QmR ILP GD
DWLYLGDGHHFRQ{PLFD
2UJDQL]DGD $ HPSUHVD
p DWLYLGDGH RUJDQL]DGD QR
VHQWLGR GH TXH QHOD VH
HQFRQWUDP DUWLFXODGRV SHOR
HPSUHViULR RV TXDWUR
IDWRUHVGHSURGXomRFDSLWDO
PmR GH REUD LQVXPRV H
WHFQRORJLD 1mR p
HPSUHViULR TXHP H[SORUD
DWLYLGDGH GH SURGXomR RX
FLUFXODomR GH EHQV RX
VHUYLoRV VHP DOJXQV GHVVHV
IDWRUHV 2 FRPHUFLDQWH GH
SHUIXPHV TXH OHYD HOH
PHVPR j VDFROD RV
SURGXWRV DWp RV ORFDLV GH
WUDEDOKR RX UHVLGrQFLD GRV
SRWHQFLDLV FRQVXPLGRUHV
H[SORUD DWLYLGDGH GH
FLUFXODomR GH EHQV IiOR
FRP LQWXLWR GH OXFUR
KDELWXDOLGDGH H HP QRPH
SUySULR PDV QmR p
HPSUHViULR SRUTXH HP VHX
PLVWHU QmR FRQWUDWD
HPSUHJDGR QmR RUJDQL]D
PmR GH REUD $ WHFQRORJLD
UHVVDOWHVH QmR SUHFLVD VHU
QHFHVVDULDPHQWH GH SRQWD
SDUD TXH VH FDUDFWHUL]H D
HPSUHVDULDOLGDGH ([LJHVH
DSHQDV TXH R HPSUHViULR VH
YDOKD GRV FRQKHFLPHQWRV
SUySULRV DRV EHQV RX
VHUYLoRV TXH SUHWHQGH
RIHUHFHU DR PHUFDGR ²
VHMDP HVWHV VRILVWLFDGRV RX
GH DPSOR FRQKHFLPHQWR ²
DR HVWUXWXUDU D RUJDQL]DomR
HFRQ{PLFD
3URGXomR GH EHQV RX
VHUYLoRV 3URGXomR GH EHQV
p D IDEULFDomR GH SURGXWRV
RX PHUFDGRULDV 7RGD
DWLYLGDGHGHLQG~VWULDpSRU
GHILQLomR HPSUHVDULDO
3URGXomR GH VHUYLoRV SRU
VXD YH] p D SUHVWDomR GH
VHUYLoRV 6mR H[HPSORV GH
SURGXWRUHV GH EHQV
PRQWDGRUDV GH YHtFXORV
IiEULFDV GH
HOHWURGRPpVWLFRV
FRQIHFo}HV GH URXSDV H GH
SURGXWRUHV GH VHUYLoRV
EDQFRV VHJXUDGRUDV
KRVSLWDLV HVFRODV
HVWDFLRQDPHQWRVSURYHGRUHV
GHDFHVVRjLQWHUQHWH
&LUFXODomR GH EHQV RX
VHUYLoRV $ DWLYLGDGH GH
FLUFXODU EHQV p D GR
FRPpUFLR HP VXD
PDQLIHVWDomR RULJLQiULD LU
EXVFDU R EHP QR SURGXWRU
SDUDWUD]rORDRFRQVXPLGRU
e D DWLYLGDGH GH
LQWHUPHGLDomR QD FDGHLD GH
HVFRDPHQWR GH PHUFDGRULDV
2 FRQFHLWR GH HPSUHViULR
FRPSUHHQGH WDQWR R
DWDFDGLVWD FRPR R YDUHMLVWD
WDQWR R FRPHUFLDQWH GH
LQVXPRV FRPR R GH
PHUFDGRULDV SURQWDV SDUD R
FRQVXPR 2V GH
VXSHUPHUFDGRV
FRQFHVVLRQiULDV GH
DXWRPyYHLVHORMDVGHURXSDV
VmR HPSUHViULRV &LUFXODU
VHUYLoRV p LQWHUPHGLDU D
SUHVWDomR GH VHUYLoRV $
DJrQFLD GH WXULVPR QmR
SUHVWD RV VHUYLoRV GH
WUDQVSRUWHDpUHRWUDVODGRVH
KRVSHGDJHPPDVDRPRQWDU
XP SDFRWH GH YLDJHP RV
LQWHUPHGHLD
%HQV RX VHUYLoRV $Wp D
GLIXVmR GR FRPpUFLR
HOHWU{QLFR YLD LQWHUQHWH QR
ILP GRV DQRV D
GLVWLQomR HQWUH EHQV RX
VHUYLoRVQmRFRPSRUWDYDQD
PDLRULD GDV YH]HV PDLRUHV
GLILFXOGDGHV %HQV VmR
FRUSyUHRV HQTXDQWR RV
VHUYLoRV QmR WrP
PDWHULDOLGDGH $ SUHVWDomR
GHVHUYLoRVFRQVLVWLDVHPSUH
QXPD REULJDomR GHID]HU
&RPDLQWHQVLILFDomRGRXVR
GD LQWHUQHWH SDUD D
UHDOL]DomR GH QHJyFLRV H
DWRV GH FRQVXPR FHUWDV
DWLYLGDGHV UHVLVWHP j
FODVVLILFDomRQHVVHVPROGHV
$ DVVLQDWXUD GH MRUQDO
YLUWXDO FRP H[DWDPHQWH R
PHVPR FRQWH~GR GR MRUQDO
SDSHOpXPEHPRXVHUYLoR"
2V FKDPDGRVEHQV YLUWXDLV
FRPR SURJUDPDV GH
FRPSXWDGRU RX DUTXLYR GH
P~VLFD EDL[DGD SHOD
LQWHUQHWH HP TXH FDWHJRULD
GHYHP VHU LQFOXtGRV"
0HVPR VHP UHVROYHU HVVDV
TXHVW}HVQmRKiG~YLGDVQD
FDUDFWHUL]DomR GH
HPSUHViULR GH TXH R
FRPpUFLR HOHWU{QLFR HP
WRGDV DV VXDV YiULDV
PDQLIHVWDo}HVSiJLQDV%%
%& RX && p DWLYLGDGH
HPSUHVDULDO YHU &DS
LWHP
$7,9,'$'(6
(&21Ð0,&$6&,9,6
3URILVVLRQDOLQWHOHFWXDO
1mR VH FRQVLGHUD
HPSUHViULR SRU IRUoD GR
SDUiJUDIR ~QLFR GR DUW
GR && R H[HUFHQWH GH
SURILVVmR LQWHOHFWXDO GH
QDWXUH]D FLHQWtILFD OLWHUiULD
RX DUWtVWLFD PHVPR TXH
FRQWUDWH HPSUHJDGRV SDUD
DX[LOLiOR HP VHX WUDEDOKR
(VWHV SURILVVLRQDLV
H[SORUDP SRUWDQWR
DWLYLGDGHVHFRQ{PLFDVFLYLV
QmR VXMHLWDV DR 'LUHLWR
&RPHUFLDO (QWUH HOHV VH
HQFRQWUDP RV SURILVVLRQDLV
OLEHUDLV DGYRJDGR PpGLFR
GHQWLVWD DUTXLWHWR HWF RV
HVFULWRUHV H DUWLVWDV GH
TXDOTXHU H[SUHVVmR
SOiVWLFRV P~VLFRV DWRUHV
HWF
+i XPD H[FHomR
SUHYLVWD QR PHVPR
GLVSRVLWLYR OHJDO HP TXH R
SURILVVLRQDO LQWHOHFWXDO VH
HQTXDGUD QR FRQFHLWR GH
HPSUHViULR 7UDWDVH GD
KLSyWHVH HP TXH R H[HUFtFLR
GD SURILVVmR FRQVWLWXL
HOHPHQWRGHHPSUHVD
3DUD FRPSUHHQGHU R
FRQFHLWR OHJDO FRQYpP
SDUWLU GH XP H[HPSOR
,PDJLQH R PpGLFR SHGLDWUD
UHFpPIRUPDGR DWHQGHQGR
VHXV SULPHLURV FOLHQWHV QR
FRQVXOWyULR-iFRQWUDWDSHOR
PHQRV XPD VHFUHWiULD PDV
VH HQFRQWUD QD FRQGLomR
JHUDO GRV SURILVVLRQDLV
LQWHOHFWXDLV QmR p
HPSUHViULR PHVPR TXH
FRQWH FRP R DX[tOLR GH
FRODERUDGRUHV 1HVWD IDVH
RV SDLV EXVFDP VHXV
VHUYLoRV HP UD]mR
EDVLFDPHQWH GH VXD
FRPSHWrQFLD FRPR PpGLFR
,PDJLQH SRUpP TXH
SDVVDQGR R WHPSR HVWH
SURILVVLRQDO DPSOLH VHX
FRQVXOWyULR FRQWUDWDQGR
DOpP GH PDLV SHVVRDO GH
DSRLR VHFUHWiULD DWHQGHQWH
FRSHLUD HWF WDPEpP
HQIHUPHLURV H RXWURV
PpGLFRV 1mR FKDPD PDLV R
ORFDO GH DWHQGLPHQWR GH
FRQVXOWyULR PDV GHFOtQLFD
1HVWD IDVH GH WUDQVLomR RV
FOLHQWHV DLQGD SURFXUDP
DTXHOHV VHUYLoRV GH
PHGLFLQD SHGLiWULFD HP
UD]mR GD FRQILDQoD TXH
GHSRVLWDP QR WUDEDOKR
GDTXHOH PpGLFR WLWXODU GD
FOtQLFD 0DV D FOLHQWHOD VH
DPSOLD H Mi Ki HQWUH RV
SDFLHQWHV TXHP QXQFD IRL
DWHQGLGR GLUHWDPHQWH SHOR
WLWXODUQHPRFRQKHFH1XPD
IDVH VHJXLQWH FUHVFH PDLV
DLQGD DTXHOD XQLGDGH GH
VHUYLoRV1mRVHFKDPDPDLV
FOtQLFD H VLP KRVSLWDO
SHGLiWULFR (QWUH RV PXLWRV
IXQFLRQiULRV DOpP GRV
PpGLFRV HQIHUPHLURV H
DWHQGHQWHV Ki FRQWDGRU
DGYRJDGR QXWULFLRQLVWD
DGPLQLVWUDGRU KRVSLWDODU
VHJXUDQoDV PRWRULVWDV H
RXWURV 1LQJXpP PDLV
SURFXUD RV VHUYLoRV DOL
RIHUHFLGRV HP UD]mR GR
WUDEDOKR SHVVRDO GR PpGLFR
TXH RV RUJDQL]D 6XD
LQGLYLGXDOLGDGHVHSHUGHXQD
RUJDQL]DomR HPSUHVDULDO
1HVWH PRPHQWR DTXHOH
SURILVVLRQDO LQWHOHFWXDO
WRUQRXVH HOHPHQWR GH
HPSUHVD 0HVPR TXH
FRQWLQXH FOLQLFDQGR VXD
PDLRU FRQWULEXLomR SDUD D
SUHVWDomR GRV VHUYLoRV
QDTXHOHKRVSLWDOSHGLiWULFRp
DGHRUJDQL]DGRUGRVIDWRUHV
GHSURGXomR)RJHHQWmRGD
FRQGLomR JHUDO GRV
SURILVVLRQDLV LQWHOHFWXDLV H
GHYH VHU FRQVLGHUDGR
MXULGLFDPHQWHHPSUHViULR
7DPEpP RV RXWURV
SURILVVLRQDLV OLEHUDLV H
DUWLVWDVVXMHLWDPVHjPHVPD
UHJUD 2 HVFXOWRU TXH
FRQWUDWD DX[LOLDU SDUD
IXQo}HV RSHUDFLRQDLV
DWHQGHU R WHOHIRQH SDJDU
FRQWDV QR EDQFR ID]HU
PROGHVOLPSDURDWHOLrQmR
pHPSUHViULR1DPHGLGDHP
TXH H[SDQGH D SURFXUD SRU
VHXVWUDEDOKRVHHOHFRQWUDWD
YiULRV IXQFLRQiULRV SDUD
LPSULPLUPDLRUFHOHULGDGHj
SURGXomR SRGH RFRUUHU D
WUDQVLomR GHOH GD FRQGLomR
MXUtGLFD GH SURILVVLRQDO
LQWHOHFWXDO SDUD D GH
HOHPHQWRGHHPSUHVD6HUiR
FDVR VH D UHSURGXomR GH
HVFXOWXUDV DVVLQDODGDV FRP
VXD DVVLQDWXUD QmR GHSHQGHU
PDLV GH QHQKXPD DomR
SHVVRDO GLUHWD GHOH 7RUQDU
VHi HQWmR MXULGLFDPHQWH
HPSUHViULR
(PSUHViULRUXUDO
$WLYLGDGH HFRQ{PLFD
UXUDO p D H[SORUDGD
QRUPDOPHQWHIRUDGDFLGDGH
&HUWDVDWLYLGDGHVSURGXWLYDV
QmR VmR FRVWXPHLUDPHQWH
H[SORUDGDV HP PHLR XUEDQR
SRU UD]}HV GH GLYHUVDV
RUGHQV PDWHULDLV FXOWXUDLV
HFRQ{PLFDV RX MXUtGLFDV
6mR UXUDLV SRU H[HPSOR DV
DWLYLGDGHV HFRQ{PLFDV GH
SODQWDomR GH YHJHWDLV
GHVWLQDGDVDDOLPHQWRVIRQWH
HQHUJpWLFD RX PDWpULDSULPD
DJULFXOWXUD
UHIORUHVWDPHQWR D FULDomR
GH DQLPDLV SDUD DEDWH
UHSURGXomR FRPSHWLomR RX
OD]HUSHFXiULDVXLQRFXOWXUD
JUDQMD HTXLQRFXOWXUD H R
H[WUDWLYLVPR YHJHWDO FRUWH
GH iUYRUHV DQLPDO FDoD H
SHVFD H PLQHUDO
PLQHUDGRUDVJDULPSR
$V DWLYLGDGHV UXUDLV QR
%UDVLO VmR H[SORUDGDV HP
GRLV WLSRV UDGLFDOPHQWH
GLIHUHQWHV GH RUJDQL]Do}HV
HFRQ{PLFDV 7RPDQGRVH D
SURGXomR GH DOLPHQWRV SRU
H[HPSOR HQFRQWUDVH QD
HFRQRPLD EUDVLOHLUD GH XP
ODGR D DJURLQG~VWULD RX
DJURQHJyFLR H GH RXWUR D
DJULFXOWXUD IDPLOLDU
1DTXHOD HPSUHJDVH
WHFQRORJLDDYDQoDGDPmRGH
REUD DVVDODULDGD
SHUPDQHQWH H WHPSRUiULD
HVSHFLDOL]DomR GH FXOWXUDV
JUDQGHV iUHDV GH FXOWLYR QD
IDPLOLDU WUDEDOKDP R GRQR
GD WHUUD H VHXV SDUHQWHV XP
RX RXWUR HPSUHJDGR H VmR
UHODWLYDPHQWH PHQRUHV DV
iUHDV GH FXOWLYR &RQYpP
UHJLVWUDUTXHDRFRQWUiULRGH
RXWURV SDtVHV
SULQFLSDOPHQWH QD (XURSD
HP TXH D SHTXHQD
SURSULHGDGH UXUDO WHP
LPSRUWkQFLD HFRQ{PLFD QR
HQFDPLQKDPHQWR GD TXHVWmR
DJUtFROD HQWUH QyV D
SURGXomR GH DOLPHQWRV p
DOWDPHQWH LQGXVWULDOL]DGD H
VH FRQFHQWUD HP JUDQGHV
HPSUHVDV UXUDLV 3RU LVVR D
UHIRUPD DJUiULD QR %UDVLO
QmR p VROXomR GH QHQKXP
SUREOHPD HFRQ{PLFR FRPR
IRL SDUD RXWURV SRYRV
GHVWLQDVH D VROXFLRQDU
DSHQDVSUREOHPDVVRFLDLVGH
HQRUPH JUDYLGDGH SREUH]D
GHVHPSUHJR QR FDPSR
FUHVFLPHQWR GHVRUGHQDGR
GDV FLGDGHV YLROrQFLD
XUEDQDHWF
$WHQWRDHVWDUHDOLGDGHR
&yGLJR &LYLO UHVHUYRX SDUD
R H[HUFHQWH GH DWLYLGDGH
UXUDO XP WUDWDPHQWR
HVSHFtILFR DUW 6H HOH
UHTXHUHU VXD LQVFULomR QR
UHJLVWURGDVHPSUHVDV-XQWD
&RPHUFLDO VHUi
FRQVLGHUDGR HPSUHViULR H
VXEPHWHUVHi jV QRUPDV GH
'LUHLWR &RPHUFLDO (VWD
GHYH VHU D RSomR GR
DJURQHJyFLR &DVR SRUpP
QmR UHTXHLUD D LQVFULomR
QHVWH UHJLVWUR QmR VH
FRQVLGHUD HPSUHViULR H VHX
UHJLPHVHUi R GR 'LUHLWR
&LYLO(VWD~OWLPDGHYHUiVHU
D RSomR SUHGRPLQDQWH HQWUH
RV WLWXODUHV GH QHJyFLRV
UXUDLVIDPLOLDUHV
&RRSHUDWLYDV
'HVGHRWHPSRHPTXHD
GHOLPLWDomR GR REMHWR GR
'LUHLWR &RPHUFLDO HUD IHLWD
SHOD WHRULD GRV DWRV GH
FRPpUFLR Ki GXDV H[FHo}HV
D DVVLQDODU QR FRQWH[WR GR
FULWpULR LGHQWLILFDGRU GHVVH
UDPRMXUtGLFR'HXPODGRD
VRFLHGDGH SRU Do}HV TXH
VHUi VHPSUH FRPHUFLDO
LQGHSHQGHQWHPHQWH GD
DWLYLGDGHTXHH[SORUD/6$
DUW && DUW
'H RXWUR DVFRRSHUDWLYDV
TXH VmR VHPSUH VRFLHGDGHV
VLPSOHV LQGHSHQGHQWHPHQWH
GD DWLYLGDGH TXH H[SORUDP
DUW
$V FRRSHUDWLYDV
QRUPDOPHQWH GHGLFDPVH jV
PHVPDV DWLYLGDGHV GRV
HPSUHViULRV H FRVWXPDP
DWHQGHUDRVUHTXLVLWRVOHJDLV
GH FDUDFWHUL]DomR GHVWHV
SURILVVLRQDOLVPRDWLYLGDGH
HFRQ{PLFD RUJDQL]DGD H
SURGXomR RX FLUFXODomR GH
EHQV RX VHUYLoRV PDV SRU
H[SUHVVD GLVSRVLomR GR
OHJLVODGRUTXHGDWDGH
QmR VH VXEPHWHP DR UHJLPH
MXUtGLFRHPSUHVDULDO 4XHU
GL]HU QmR HVWmR VXMHLWDV j
IDOrQFLD H QmR SRGHP
UHTXHUHU D UHFXSHUDomR
MXGLFLDO6XDGLVFLSOLQDOHJDO
HVSHFtILFD HQFRQWUDVH QD
/HL Q H QRV DUWV
D GR && H VHX
HVWXGRFDEHDR'LUHLWR&LYLO
(035(6È5,2
,1',9,'8$/
(035(6$,1',9,'8$/
'( 5(63216$%,/,'$'(
/,0,7$'$
-XULGLFDPHQWH D
³HPSUHVD LQGLYLGXDO GH
UHVSRQVDELOLGDGH OLPLWDGD´
(,5(/, QmR p XP
HPSUHViULR LQGLYLGXDO
7UDWDVH GD GHQRPLQDomR
TXH D OHL EUDVLOHLUD DGRWRX
SDUD LQWURGX]LU HQWUH QyV D
ILJXUDGDVRFLHGDGHOLPLWDGD
XQLSHVVRDO LVWR p D
VRFLHGDGH OLPLWDGD
FRQVWLWXtGD SRU DSHQDV XP
VyFLR
(PERUD QmR WHQKD VH
YDOLGR GD PHOKRU WpFQLFD D
/HL Q DR
DOWHUDU GLVSRVLo}HV GR
&yGLJR&LYLOSDUDLQVWLWXLUD
(,5(/, WLQKD HP YLVWD
LQHJDYHOPHQWH WUD]HU SDUD R
GLUHLWR EUDVLOHLUR R LQVWLWXWR
GD VRFLHGDGH OLPLWDGD
XQLSHVVRDO $SHVDU GH WHU
GHILQLGRDQRYDILJXUDFRPR
XPD SHVVRD MXUtGLFD
GLIHUHQWH GDV VRFLHGDGHV
&& DUW 9, H
GLVFLSOLQiOD QXP 7tWXOR
SUySULRHQWUHRVGHGLFDGRV
GH XP ODGR DR HPSUHViULR
LQGLYLGXDO H GH RXWUR jV
VRFLHGDGHV DR GLVSRU
GHWDOKDGDPHQWH VREUH D
(,5(/, D OHL YDOHXVH GH
FRQFHLWRV H FRPDQGRV
WtSLFRVGDOLPLWDGD
2 VyFLR ~QLFR GD
(,5(/, FRPR WRGRV RV
VyFLRV GH VRFLHGDGHV
HPSUHViULDV QmR p
HPSUHViULR (PSUHViULR p D
SHVVRD MXUtGLFD GD (,5(/,
(ODpRVXMHLWRGHGLUHLWRTXH
H[SORUD D DWLYLGDGH
HPSUHVDULDO FRQWUDWD HPLWH
RXDFHLWDWtWXORVGHFUpGLWRp
D SDUWH OHJtWLPD SDUD
UHTXHUHU D UHFXSHUDomR
MXGLFLDO RX WHU D IDOrQFLD
UHTXHULGDHGHFUHWDGD
2SRUWXQDPHQWH R
OHJLVODGRUGHYHUiFRUULJLUDV
LPSUHFLV}HV WpFQLFDV
JUDYHV DOJXPDV H
DSULPRUDU D GLVFLSOLQD GR
WHPD WUDWDQGR GH XP ODGR
GR HPSUHViULR LQGLYLGXDO
FRP UHVSRQVDELOLGDGH
OLPLWDGD HP TXH EHQV H
REULJDo}HV DIHWRV j
DWLYLGDGH HPSUHVDULDO
FRQVWLWXHPXPSDWULP{QLRGH
DIHWDomR H GH RXWUR D
VRFLHGDGH OLPLWDGD
XQLSHVVRDOTXHDULJRUQmR
WHP QHQKXPD HVSHFLILFLGDGH
HP UHODomR j OLPLWDGD
SOXULSHVVRDO (QTXDQWR
FRUUHomR H DSULPRUDPHQWR
QmRYrPFDEHjGRXWULQDHj
MXULVSUXGrQFLD SURFXUDU
VLVWHPDWL]DU DV LPSHUIHLWDV
GLVSRVLo}HV OHJDLV VREUH D
(,5(/, ± H D PHOKRU IRUPD
GH SURFHGHU D HVWD
VLVWHPDWL]DomR FRQVLVWH HP
FRQVLGHUiOD FRPR VHQGR
VLPSOHVPHQWH D LQIHOL]
GHVLJQDomR GDGD SHOD OHL
EUDVLOHLUD j VRFLHGDGH
OLPLWDGDXQLSHVVRDO
35(326726 '2
(035(6È5,2
&RPR RUJDQL]DGRU GH
DWLYLGDGH HPSUHVDULDO R
HPSUHViULRSHVVRDItVLFDRX
MXUtGLFD QHFHVVDULDPHQWH
GHYH FRQWUDWDU PmR GH REUD
TXH p XP GRV IDWRUHV GH
SURGXomR 6HMD FRPR
HPSUHJDGR SHOR UHJLPH GR
'LUHLWR GR 7UDEDOKR &/7
RX FRPR UHSUHVHQWDQWH
DXW{QRPR RX SHVVRDO
WHUFHLUL]DGR YLQFXODGRV SRU
FRQWUDWR GH SUHVWDomR GH
VHUYLoRV YiULRV
WUDEDOKDGRUHV GHVHPSHQKDP
WDUHIDV VRE D FRRUGHQDomR
GR HPSUHViULR 3DUD HIHLWRV
GR GLUHLWR GDV REULJDo}HV
HVVHV WUDEDOKDGRUHV
LQGHSHQGHQWHPHQWH GD
QDWXUH]D GR YtQFXOR
FRQWUDWXDO PDQWLGR FRP R
HPSUHViULR VmR FKDPDGRV
SUHSRVWRV&&DUWVD
(PWHUPRVJHUDLVRVDWRV
GRV SUHSRVWRV SUDWLFDGRV QR
HVWDEHOHFLPHQWR HPSUHVDULDO
H UHODWLYRV j DWLYLGDGH
HFRQ{PLFD DOL GHVHQYROYLGD
REULJDP R HPSUHViULR
SUHSRQHQWH 6H DOJXpP
DGHQWUD D ORMD H VH GLULJH D
SHVVRD XQLIRUPL]DGD TXH Oi
VHHQFRQWUDHFRPHODLQLFLD
WUDWDWLYDV QHJRFLDLV TXHU
GL]HU SHGH LQIRUPDo}HV
VREUH SURGXWR H[SRVWR
LQGDJD VREUH SUHoR H
JDUDQWLDV SURS}H IRUPD
DOWHUQDWLYD GH SDUFHODPHQWR
HWF R HPSUHViULR GRQR
GDTXHOH FRPpUFLR SHVVRD
ItVLFDRXMXUtGLFDHVWiVHQGR
FRQWUDWXDOPHQWH
UHVSRQVDELOL]DGR $V
LQIRUPDo}HV SUHVWDGDV SHOR
HPSUHJDGR RX IXQFLRQiULR
WHUFHLUL]DGR EHP FRPR RV
FRPSURPLVVRV SRU HOHV
DVVXPLGRV DWHQGLGRV
DTXHOHV SUHVVXSRVWRV GH
OXJDU H REMHWR FULDP
REULJDo}HV SDUD R
HPSUHViULRDUW
2V SUHSRVWRV SRU
HYLGHQWH UHVSRQGHP SHORV
VHXV DWRV GH TXH GHULYDP
REULJDo}HV GR HPSUHViULR
FRP WHUFHLURV 6H DJLUDP
FRP FXOSD GHYHP LQGHQL]DU
HP UHJUHVVR R SUHSRQHQWH
WLWXODU GD HPSUHVD VH FRP
GROR UHVSRQGHP HOHV
WDPEpP SHUDQWH R WHUFHLUR
HP VROLGDULHGDGH FRP R
HPSUHViULR
(VWiRSUHSRVWRSURLELGR
GH FRQFRUUHU FRP R VHX
SUHSRQHQWH 4XDQGR R ID]
VHP DXWRUL]DomR H[SUHVVD
UHVSRQGH SRU SHUGDV H
GDQRV 2 HPSUHViULR
SUHMXGLFDGR WHP WDPEpP
GLUHLWR GH UHWHQomR DWp R
OLPLWH GRV OXFURV GD
RSHUDomR HFRQ{PLFD
LUUHJXODU GH VHX SUHSRVWR
VREUH RV FUpGLWRV GHVWH
&RQILJXUDVH WDPEpP
HYHQWXDOPHQWH R FULPH GH
FRQFRUUrQFLD GHVOHDO /3,
DUW
'RLV SUHSRVWRV WrP VXD
DWXDomR UHIHULGD
HVSHFLILFDPHQWH QR &yGLJR
&LYLO R JHUHQWH H R
FRQWDELOLVWD 2 JHUHQWH p R
IXQFLRQiULR FRP IXQo}HV GH
FKHILD HQFDUUHJDGR GD
RUJDQL]DomRGRWUDEDOKRQXP
FHUWR HVWDEHOHFLPHQWR VHGH
VXFXUVDO ILOLDO RX DJrQFLD
2V SRGHUHV GR JHUHQWH
SRGHPVHUOLPLWDGRVSRUDWR
HVFULWR GR HPSUHViULR 3DUD
SURGX]LU HIHLWRV SHUDQWH
WHUFHLURVHVWHDWRGHYHHVWDU
DUTXLYDGR QD -XQWD
&RPHUFLDO RX
FRPSURYDGDPHQWHLQIRUPDGR
SDUD HVWHV 1mR KDYHQGR
OLPLWDomRH[SUHVVDRJHUHQWH
UHVSRQVDELOL]D R SUHSRQHQWH
HP WRGRV RV VHXV DWRV H
SRGH LQFOXVLYH DWXDU HP
MXt]R SHODV REULJDo}HV
UHVXOWDQWHV GR H[HUFtFLR GH
VXD IXQomR 3RU VXD YH] R
FRQWDELOLVWD p R UHVSRQViYHO
SHOD HVFULWXUDomR GRV OLYURV
GR HPSUHViULR 6y QDV
JUDQGHV HPSUHVDV HVWH
SUHSRVWR FRVWXPD VHU
HPSUHJDGR QDV SHTXHQDV H
PpGLDV QRUPDOPHQWH p
SURILVVLRQDO FRP TXHP R
HPSUHViULR PDQWpP FRQWUDWR
GHSUHVWDomRGHVHUYLoRV
(QWUH R JHUHQWH H R
FRQWDELOLVWD DOpP GDV
GLIHUHQoDV GH IXQo}HV H
UHVSRQVDELOLGDGHV Ki
WDPEpP GXDV RXWUDV TXH
GHYHP VHU GHVWDFDGDV
HQTXDQWR p IDFXOWDWLYD D
IXQomR GR JHUHQWH R
HPSUHViULR SRGH
VLPSOHVPHQWH QmR WHU HVWH
WLSR GH SUHSRVWR D GR
FRQWDELOLVWD p REULJDWyULD
VDOYR VH QHQKXP KRXYHU QD
ORFDOLGDGH ² && DUW
DGHPDLV TXDOTXHU
SHVVRD SRGH WUDEDOKDU FRPR
JHUHQWH PDV DSHQDV RV
UHJXODUPHQWH LQVFULWRV QR
yUJmR SURILVVLRQDO SRGHP
WUDEDOKDU FRPR FRQWDGRU RX
WpFQLFRHPFRQWDELOLGDGH
2 'LUHLWR &RPHUFLDO
0HUFDQWLO (PSUHVDULDO RX
GH 1HJyFLRV p iUHD
HVSHFLDOL]DGD GR
FRQKHFLPHQWR MXUtGLFR 6XD
DXWRQRPLD FRPR GLVFLSOLQD
FXUULFXODU RX FDPSR GH
DWXDomR SURILVVLRQDO
HVSHFtILFR GHFRUUH GRV
FRQKHFLPHQWRV
H[WUDMXUtGLFRV TXH
SURIHVVRUHV H DGYRJDGRV
GHYHP EXVFDU TXDQGR R
HOHJHP FRPR UDPR MXUtGLFR
GH DWXDomR ([LJHVH GR
FRPHUFLDOLVWD QmR Vy
GRPLQDU FRQFHLWRV EiVLFRV
GH HFRQRPLD DGPLQLVWUDomR
GH HPSUHVDV ILQDQoDV H
FRQWDELOLGDGH FRPR
SULQFLSDOPHQWH FRPSUHHQGHU
DV QHFHVVLGDGHV SUySULDV GR
HPSUHViULR H D QDWXUH]D GH
HOHPHQWR GH FXVWR TXH R
GLUHLWR PXLWDV YH]HV DVVXPH
SDUD HVWH 4XHP HVFROKH R
'LUHLWR&RPHUFLDOFRPRVXD
iUHD GH HVWXGR RX WUDEDOKR
GHYH HVWDU GLVSRVWR D
FRQWULEXLU SDUD TXH R
HPSUHViULR DOFDQFH R
REMHWLYR IXQGDPHQWDO TXH R
PRWLYD QD HPSUHVD R OXFUR
6HP WDO GLVSRVLomR VHUi
PHOKRU²SDUDRHVWXGLRVRH
SURILVVLRQDO GR GLUHLWR SDUD
RV HPSUHViULRV H SDUD D
VRFLHGDGH ² TXH HOH
GHGLTXH VHXV HVIRUoRV D
RXWUD GDV PXLWDV H ULFDV
iUHDVMXUtGLFDV
1R %UDVLO D DXWRQRPLD
GR 'LUHLWR &RPHUFLDO p
UHIHULGD DWp PHVPR QD
&RQVWLWXLomR )HGHUDO TXH
DR OLVWDU DV PDWpULDV GD
FRPSHWrQFLD OHJLVODWLYD
SULYDWLYD GD 8QLmR
PHQFLRQD ³GLUHLWR FLYLO´ HP
VHSDUDGR GH ³FRPHUFLDO´
&)DUW,
1mR FRPSURPHWH D
DXWRQRPLD GR 'LUHLWR
&RPHUFLDO D RSomR GR
OHJLVODGRU EUDVLOHLUR GH
QR VHQWLGR GH WUDWDU D
PDWpULD FRUUHVSRQGHQWH DR
REMHWR GHVWD GLVFLSOLQD QR
&yGLJR &LYLO /LYUR ,, GD
3DUWH (VSHFLDO $
DXWRQRPLD GLGiWLFD H
SURILVVLRQDO QmR p
PLQLPDPHQWH GHWHUPLQDGD
SHOD OHJLVODWLYD $ILQDO
'LUHLWR &LYLO QmR p &yGLJR
&LYLO DVVLP FRPR 'LUHLWR
&RPHUFLDO QmR p &yGLJR
&RPHUFLDO ¬ IRUPD
FRQVLGHUDGD PDLV RSRUWXQD
GH RUJDQL]DU RV WH[WRV H
GLSORPDV OHJDLV QmR
FRUUHVSRQGH
QHFHVVDULDPHQWHDPHOKRUGH
HVWXGDUHHQVLQDURGLUHLWR
7DPEpP QmR
FRPSURPHWH D DXWRQRPLD GD
GLVFLSOLQD D DGRomR QR
GLUHLWR SULYDGR EUDVLOHLUR
GD 7HRULD GD (PSUHVD
&RPRYLVWRDELSDUWLomRGRV
UHJLPHV MXUtGLFRV
GLVFLSOLQDGRUHV GH
DWLYLGDGHV HFRQ{PLFDV QmR
GHL[D GH H[LVWLU TXDQGR VH
DGRWD R FULWpULR GD
HPSUHVDULDOLGDGH SDUD
FLUFXQVFUHYHU RV FRQWRUQRV
GR kPELWR GH LQFLGrQFLD GR
'LUHLWR &RPHUFLDO $OLiV D
7HRULD GD (PSUHVD QmR
LPSRUWD QHP PHVPR D
XQLILFDomR OHJLVODWLYD GR
GLUHLWRSULYDGR1D(VSDQKD
GHVGH R &yGLJR GR
&RPpUFLR LQFRUSRUD RV
IXQGDPHQWRV GHVWD WHRULD
SHUPDQHFHQGR GLSORPD
VHSDUDGRGR&yGLJR&LYLO
$ GHPRQVWUDomR
LUUHVSRQGtYHO GH TXH D
DXWRQRPLD GR 'LUHLWR
&RPHUFLDO QmR p
FRPSURPHWLGD QHP SHOD
XQLILFDomR OHJLVODWLYD GR
GLUHLWR SULYDGR QHP SHOD
7HRULDGD(PSUHVDHQFRQWUD
VHQRVFXUUtFXORVGRVFXUVRV
MXUtGLFRV GH IDFXOGDGHV
LWDOLDQDV -i VH SDVVDUDP
DQRV GD XQLILFDomR
OHJLVODWLYD H GD DGRomR GD
7HRULDGD(PSUHVDQD,WiOLD
H'LUHLWR&RPHUFLDOFRQWLQXD
VHQGR WUDWDGR Oi FRPR
GLVFLSOLQD DXW{QRPD FRP
SURIHVVRUHV H OLWHUDWXUD
HVSHFLDOL]DGRV $Wp PHVPR
HP UHIRUPDV FXUULFXODUHV
UHFHQWHV FRPR D
HPSUHHQGLGD QD )DFXOGDGH
GH 'LUHLWR GH %RORQKD D
SDUWLU GR DQR OHWLYR GH
D DXWRQRPLD GR
'LUHLWR &RPHUFLDO IRL
DPSODPHQWHSUHVWLJLDGD
&$3Ë78/2
5(*,0(
-85Ë',&2'$
/,95(
,1,&,$7,9$
35(668326726
&2167,78&,21$,6 '2
5(*,0( -85Ë',&2
&20(5&,$/
$ &RQVWLWXLomR )HGHUDO
DR GLVSRU VREUH D
H[SORUDomR GH DWLYLGDGHV
HFRQ{PLFDV YDOH GL]HU
VREUHDSURGXomRGRVEHQVH
VHUYLoRV QHFHVViULRV j YLGD
GDV SHVVRDV HP VRFLHGDGH
DWULEXLXjLQLFLDWLYDSULYDGD
DRV SDUWLFXODUHV R SDSHO
SULPRUGLDO UHVHUYDQGR DR
(VWDGR DSHQDV XPD IXQomR
VXSOHWLYD DUW $
H[SORUDomR GLUHWD GH
DWLYLGDGH HFRQ{PLFD SHOR
(VWDGR Vy p SRVVtYHO HP
KLSyWHVHV H[FHSFLRQDLV
TXDQGR SRU H[HPSOR IRU
QHFHVViULD j VHJXUDQoD
QDFLRQDO RX VH SUHVHQWH XP
UHOHYDQWH LQWHUHVVH FROHWLYR
DUW
(VWHV VmR RV
SUHVVXSRVWRV FRQVWLWXFLRQDLV
GR UHJLPH MXUtGLFR
FRPHUFLDO
$R DWULEXLU j LQLFLDWLYD
SULYDGDSDSHOGHWDOPRQWDD
&RQVWLWXLomR WRUQD SRVVtYHO
VRE R SRQWR GH YLVWD
MXUtGLFR D SUHYLVmR GH XP
UHJLPH HVSHFtILFR SHUWLQHQWH
jV REULJDo}HV GR
HPSUHHQGHGRU SULYDGR 1mR
SRGHULDHPRXWURVWHUPRVD
RUGHP MXUtGLFD FRQIHULU XPD
REULJDomR D DOJXpP VHP
FRQFRPLWDQWHPHQWH SURYHU
RV PHLRV QHFHVViULRV SDUD
LQWHJUDO H VDWLVIDWyULR
FXPSULPHQWR GHVVD
REULJDomR6HDRFDSLWDOLVWD
D RUGHP UHVHUYD D SULPD]LD
QD SURGXomR GHYH FXLGDU
SDUD TXH HOH SRVVD
GHVLQFXPELUVH SOHQDPHQWH
GHVVDWDUHID&DVRFRQWUiULR
RXVHMDVHQmRKRXYHVVHXP
U H JL PHMXUtGLFR HVSHFtILFR
SDUD D H[SORUDomR
HFRQ{PLFD D LQLFLDWLYD
SULYDGD SHUPDQHFHULD LQHUWH
H WRGD D VRFLHGDGH VRIUHULD
FRP D HVWDJQDomR GD
SURGXomR GRV EHQV H
VHUYLoRV LQGLVSHQViYHLV j
VDWLVIDomR GH VXDV
QHFHVVLGDGHV e FODUR VH R
PRGRGHSURGXomRQmRIRVVH
R FDSLWDOLVWD H R HVWDGR
IRVVH R UHVSRQViYHO SHOD
SURGXomR GRV EHQV H
VHUYLoRV QHFHVViULRV j YLGD
HP VRFLHGDGH QmR WHULD
VHQWLGR XP UHJLPH MXUtGLFR
SUySULR SDUD D FDWHJRULD GH
SURILVVLRQDLV TXH
VXSOHWLYDPHQWH VH
GHGLFDVVHP j H[SORUDomR
HFRQ{PLFD
3RU HVWDV UD]}HV p
SUHVVXSRVWR MXUtGLFR GR
UHJLPH MXUtGLFRFRPHUFLDO
XPD &RQVWLWXLomR TXH DGRWH
RVSULQFtSLRVGROLEHUDOLVPR
RX GH XPD YHUWHQWH
QHROLEHUDOQRUHJUDPHQWRGD
RUGHP HFRQ{PLFD 6HP XP
UHJLPH HFRQ{PLFR GH OLYUH
LQLFLDWLYD GH OLYUH
FRPSHWLomR QmR Ki GLUHLWR
FRPHUFLDO $R QtYHO GD
OHJLVODomR RUGLQiULD R
GLUHLWR FRPSOHPHQWD WDLV
SUHVVXSRVWRVFRQVWLWXFLRQDLV
SURFXUDQGR JDUDQWLU D OLYUH
LQLFLDWLYD H D OLYUH
FRPSHWLomR DWUDYpV GD
UHSUHVVmRDRDEXVRGRSRGHU
HFRQ{PLFR H j FRQFRUUrQFLD
GHVOHDO
3527(d2'$
25'(0(&21Ð0,&$(
'$&21&255Ç1&,$
&RQFRUUrQFLDGHVOHDO
$ UHSUHVVmR j
FRQFRUUrQFLD GHVOHDO SRU
VXD YH] p IHLWD HP GRLV
QtYHLV SHOR GLUHLWR 1D iUHD
GR GLUHLWR SHQDO D OHL
WLSLILFD FRPR FULPH GH
FRQFRUUrQFLD GHVOHDO RV
FRPSRUWDPHQWRV HOHQFDGRV
QR DUW GD /3, 6mR
H[HPSORV GHVVHV FULPHV
SXEOLFDU IDOVD DILUPDomR HP
GHWULPHQWR GH FRQFRUUHQWH
FRP REMHWLYR GH REWHU
YDQWDJHP HPSUHJDU PHLR
IUDXGXOHQWRSDUDGHVYLDUHP
VHX SURYHLWR RX GH WHUFHLUR
D FOLHQWHOD GH XP FHUWR
FRPHUFLDQWH GDU RX
SURPHWHU GLQKHLUR D
HPSUHJDGR GH FRQFRUUHQWH
SDUD TXH HVWH SURSRUFLRQH
YDQWDJHP IDOWDQGR D GHYHU
GR HPSUHJR HWF 1R SODQR
FLYLO D UHSUHVVmR j
FRQFRUUrQFLD GHVOHDO SRGH
WHU IXQGDPHQWR FRQWUDWXDO RX
H[WUDFRQWUDWXDO
1R FDVR GH UHSUHVVmR
FLYLO FRP IXQGDPHQWR
FRQWUDWXDO R FRQFRUUHQWH
GHVOHDO GHYH LQGHQL]DU R
HPSUHViULRSUHMXGLFDGRSRU
WHUGHVFXPSULGRDREULJDomR
GHFRUUHQWH GH FRQWUDWR HQWUH
HOHV
$ MXULVSUXGrQFLD
EUDVLOHLUD VREUH R WHPD WHYH
LQtFLR FRP XPD FpOHEUH
SHQGrQFLD MXGLFLDO HQWUH D
&RPSDQKLD 1DFLRQDO GH
7HFLGRV GH -XWD H $QWRQLR
ÈOYDUHV 3HQWHDGR HP TXH
WLYHUDP DWXDomR SURILVVLRQDO
JUDQGHV QRPHV GR GLUHLWR
QDFLRQDOHHVWUDQJHLURFRPR
5XL %DUERVD &DUYDOKR GH
0HQGRQoD 9LYDQWH H
3ODQLRO $ TXHVWmR HUD D
VHJXLQWH R &RQGH ÈOYDUHV
3HQWHDGR FRQVWLWXLX D
&RPSDQKLD 1DFLRQDO GH
7HFLGRV GH -XWD
WUDQVIHULQGROKH R
HVWDEHOHFLPHQWR HPSUHVDULDO
GHTXHHUDWLWXODUD)iEULFD
6DQW¶$QQD H HP VHJXLGD
DOLHQRX WRGDV DV VXDV Do}HV
QHVWD VRFLHGDGH $OJXP
WHPSR GHSRLV UHVWDEHOHFHX
VH QD PHVPD SUDoD
FRQVWLWXLQGR XPD VRFLHGDGH
FRQFRUUHQWH D &RPSDQKLD
3DXOLVWD GH $QLDJHP 2
LQVWUXPHQWRGDDOLHQDomRHUD
RPLVVR TXDQWR j
SRVVLELOLGDGH GH
UHVWDEHOHFLPHQWR GR
DOLHQDQWH H D &RPSDQKLD
1DFLRQDOGH7HFLGRVGH-XWD
GHIHQGLD D WHVH GH TXH D
FOiXVXOD GH QmR
UHVWDEHOHFLPHQWR VHULD
LPSOtFLWD HP DYHQoDV GHVWD
QDWXUH]D(VWDWHVHTXHKRMH
p GRPLQDQWH QD
MXULVSUXGrQFLDHQDGRXWULQD
QmR ORJURX QDTXHOD
RSRUWXQLGDGH VDJUDUVH
YHQFHGRUD
'HVGHDHQWUDGDHPYLJRU
GR&yGLJR&LYLOQDRPLVVmR
GR FRQWUDWR R DOLHQDQWH GH
HVWDEHOHFLPHQWR HPSUHVDULDO
QmR SRGH UHVWDEHOHFHUVH QD
PHVPD SUDoD FRQFRUUHQGR
FRP R DGTXLUHQWH QR SUD]R
GH DQRV VHJXLQWHV DR
QHJyFLR VRE SHQD GH VHU
REULJDGR D FHVVDU VXDV
DWLYLGDGHV H LQGHQL]DU HVWH
~OWLPR SHORV GDQRV
SURYHQLHQWHV GH GHVYLR
HILFD] GH FOLHQWHOD
VREUHYLQGRV GXUDQWH R
SHUtRGRGRUHVWDEHOHFLPHQWR
DUW e KLSyWHVH GH
FRQFRUUrQFLD GHVOHDO FXMD
UHSUHVVmR WHP EDVH
FRQWUDWXDO
$ UHSUHVVmR FLYLO GD
FRQFRUUrQFLD GHVOHDO FRP
IXQGDPHQWR H[WUDFRQWUDWXDO
FRPSRUWD DOJXPDV
GLILFXOGDGHV (P SULPHLUR
OXJDU TXDQGR VH WUDWDU GH
FRQFRUUrQFLD FULPLQRVD
/3, DUW QmR Ki
G~YLGDTXHRFRPSRUWDPHQWR
FRUUHVSRQGHQWH JHUD DOpP
GDUHVSRQVDELOLGDGHSHQDOD
UHVSRQVDELOLGDGH FLYLO GH
FRPSRU HYHQWXDLV GDQRV
0DV D SUySULD OHL /3, DUW
SUHYr D SRVVLELOLGDGH
GH R SUHMXGLFDGR KDYHU
SHUGDV H GDQRV SRU DWRV GH
FRQFRUUrQFLD GHVOHDO QmR
WLSLILFDGRV FRPR FULPH
WHQGHQWHV D SUHMXGLFDU D
UHSXWDomR RX RV QHJyFLRV
DOKHLRVFULDUFRQIXVmRHQWUH
HVWDEHOHFLPHQWRV FRPHUFLDLV
RXHQWUHSURGXWRV
2 SUREOHPD p TXH D
WHRULD FOiVVLFD GD
UHVSRQVDELOLGDGH FLYLO
EDVHDGD QD FXOSD QmR
FRQIHUH VROXomR VDWLVIDWyULD
SDUD D DSOLFDomR GHVVH
GLVSRVLWLYR OHJDO 5HVVDOWH
VH FRP HIHLWR TXH WRGR
HPSUHViULR HP UHJLPH GH
FRPSHWLomR HVWi FRP D
GHOLEHUDGDLQWHQomRGHDWUDLU
FOLHQWHOD DOKHLD DR VHX
HVWDEHOHFLPHQWR
SURYRFDQGR FRP LVVR GDQR
DRV GHPDLV HPSUHViULRV GR
PHVPR VHWRU 7DQWR D
FRQFRUUrQFLD UHJXODU TXDQWR
D GHVOHDO UH~QHP RV
HOHPHQWRV TXH D WHRULD
FOiVVLFDGDUHVSRQVDELOLGDGH
FLYLO HOHJHX SDUD
FDUDFWHUL]DU D REULJDomR GH
LQGHQL]DU GROR GDQR H
UHODomR FDXVDO &RQWXGR
VRPHQWH XPD GHVVDV
PRGDOLGDGHV GH
FRQFRUUrQFLD²DGHVOHDO²
HVWi DSWD D JHUDU
UHVSRQVDELOLGDGH FLYLO $
GLVWLQomR HQWUH D
FRQFRUUrQFLD UHJXODU H D
FRQFRUUrQFLD GHVOHDO p
EDVWDQWH LPSUHFLVD H
GHSHQGH GH XPD DSUHFLDomR
HVSHFLDO H VXEMHWLYD GDV
UHODo}HV FRVWXPHLUDV HQWUH
RV HPSUHViULRV QmR
KDYHQGRSRLVFULWpULRJHUDO
H REMHWLYR SDUD D
FDUDFWHUL]DomR GD
FRQFRUUrQFLD GHVOHDO QmR
FULPLQRVD
(P GHWHUPLQDGDV
KLSyWHVHV j YLVWD GD PDLV
YDULDGD JDPD GH UD]}HV R
GLUHLWR REVWDFXOL]D R DFHVVR
DR H[HUFtFLR GD HPSUHVD D
FHUWDV SHVVRDV 7UDWDVH GH
KLSyWHVH GLVWLQWD GD
LQFDSDFLGDGH MXUtGLFD 2V
SURLELGRV GH H[HUFHU
HPSUHVD VmR SOHQDPHQWH
FDSD]HV SDUD D SUiWLFD GRV
DWRV H QHJyFLRV MXUtGLFRV
PDVRRUGHQDPHQWRHPYLJRU
HQWHQGHX FRQYHQLHQWH YHGDU
OKHV R H[HUFtFLR GHVVD
DWLYLGDGH SURILVVLRQDO e D
SUySULD &RQVWLWXLomR DR
HVWDEHOHFHU TXH R H[HUFtFLR
GH SURILVVmR HVWDUi VXMHLWR
DR DWHQGLPHQWR GRV
UHTXLVLWRV SUHYLVWRV HP OHL
RUGLQiULD&)DUW ;,,,
TXH IXQGDPHQWD D YDOLGDGH
GDV SURLELo}HV DR H[HUFtFLR
GDHPSUHVD
2 SULQFLSDO FDVR GH
SURLELomR GH H[HUFHU
HPSUHVD TXH LQWHUHVVD DR
GLUHLWR FRPHUFLDO KRMH p R
GR IDOLGR QmRUHDELOLWDGR 2
HPSUHViULR TXH WHYH VXD
TXHEUD GHFUHWDGD
MXGLFLDOPHQWH Vy SRGHUi
UHWRUQDU D H[HUFHU DWLYLGDGH
HPSUHVDULDO DSyV D
UHDELOLWDomR WDPEpP
GHFUHWDGD SHOR MXL] 6H D
IDOrQFLD QmR IRL IUDXGXOHQWD
RX VHMD QmR LQFRUUHX R
IDOLGR HP FULPH IDOLPHQWDU
EDVWD D GHFODUDomR GH
H[WLQomRGDVREULJDo}HVSDUD
FRQVLGHUDUVH UHDELOLWDGR
6H QR HQWDQWR IRL R IDOLGR
FRQGHQDGR SRU FULPH
IDOLPHQWDU GHYHUi DSyV R
GHFXUVR GR SUD]R OHJDO
REWHUDOpPGDGHFODUDomRGH
H[WLQomR GDV REULJDo}HV D
VXDUHDELOLWDomRSHQDO
2 GLUHLWR FRPHUFLDO
SURtEH R H[HUFtFLR GD
HPSUHVDWDPEpPjTXHOHVTXH
IRUDP FRQGHQDGRV SHOD
SUiWLFD GH FULPH FXMD SHQD
YHGH R DFHVVR j DWLYLGDGH
HPSUHVDULDOeRTXHGHFRUUH
GRGLVSRVWRQRDUW,,GD
/5($VVLPVHIRUDSOLFDGD
SHOR MXt]R FULPLQDO D SHQD
GH YHGDomR GR H[HUFtFLR GR
FRPpUFLR D GHWHUPLQDGD
SHVVRD D -XQWD &RPHUFLDO
QmR SRGHUi DUTXLYDU DWR
FRQVWLWXWLYR GH HPSUHVD
LQGLYLGXDO RX VRFLHWiULD HP
TXH R QRPH GHVVD SHVVRD
ILJXUH FRPR WLWXODU RX
DGPLQLVWUDGRU &ODUR TXH
XPD YH] FRQFHGLGD D
UHDELOLWDomR SHQDO FHVVD D
SURLELomR
2XWUD KLSyWHVH GH
SURLELomR GR H[HUFtFLR GR
FRPpUFLR HQFRQWUDGD QR
GLUHLWR FRPHUFLDO GL]
UHVSHLWR DR OHLORHLUR
'HFUHWR Q DUW
$V GHPDLV KLSyWHVHV GH
SURLELomR GR H[HUFtFLR GH
DWLYLGDGH HPSUHVDULDO QmR
LQWHUHVVDP VHQmR
LQGLUHWDPHQWH DR GLUHLWR
FRPHUFLDO 6mR SUHYLV}HV
ORFDOL]DGDV HP RXWURV
FDPSRV GR GLUHLWR PDLV
SUHFLVDPHQWH QR GLUHLWR
S~EOLFR
1R GLUHLWR
DGPLQLVWUDWLYR p FRPXP
SUHYHU R HVWDWXWR GRV
IXQFLRQiULRV S~EOLFRV D
SURLELomR SDUD TXH HVWHV
H[HUoDP R FRPpUFLR FRPR
IRUPD DUJXPHQWDVH GH
HYLWDUTXHHOHVVHSUHRFXSHP
FRP DVVXQWRV DOKHLRV DRV
SHUWLQHQWHV DR VHX FDUJR RX
IXQomRS~EOLFD
1R GLUHLWR DHURQiXWLFR
RV VHUYLoRV GH WUDQVSRUWH
DpUHR GRPpVWLFR VmR
UHVHUYDGRV jV SHVVRDV
MXUtGLFDV EUDVLOHLUDV &%$
DUW
1RGLUHLWRFRQVWLWXFLRQDO
SUHYHHPVH KLSyWHVHV HP
TXHVHSURtEHRH[HUFtFLRGH
GHWHUPLQDGDV DWLYLGDGHV
HFRQ{PLFDV DR HVWUDQJHLUR
RX jV VRFLHGDGHV QmR
VHGLDGDV QR %UDVLO RX QmR
FRQVWLWXtGDV VHJXQGR DV
QRVVDV OHLV e R FDVR SRU
H[HPSOR GD DVVLVWrQFLD j
VD~GH YHGDGD D HPSUHVDV
FRP FDSLWDLV HVWUDQJHLURV
VDOYR QDV H[FHo}HV OHJDLV
&)DUW
+i SRU ILP QR GLUHLWR
SUHYLGHQFLiULR QRUPD
HVWDEHOHFHQGR D SURLELomR
GR H[HUFtFLR GH DWLYLGDGH
HPSUHVDULDO DRV GHYHGRUHV
GR ,166 /HL Q
DUWG
2 LPSHGLGR TXH H[HUFHU
HPSUHVD TXH LQREVHUYD D
YHGDomR HVWi VXMHLWR D
FRQVHTXrQFLDV GH FDUiWHU
DGPLQLVWUDWLYR RX SHQDO
3DUD ILQV GR GLUHLWR
FRPHUFLDO RX VHMD QR TXH
SHUWLQHjVREULJDo}HVHPTXH
VH HQYROYH R SURLELGR
QHQKXPD FRQVHTXrQFLD
H[LVWH 1mR SRGHUi HOH RX
TXHP FRP HOH WHQKD
FRQWUDWDGR OLEHUDUVH GRV
YtQFXORV REULJDFLRQDLV GH
RULJHP FRQWUDWXDO RX OHJDO
DOHJDQGR D SURLELomR GR
H[HUFtFLR GD DWLYLGDGH &&
DUW
$ GRXWULQD FRVWXPD
DFHQWXDU D GLIHUHQoD EiVLFD
HQWUH D LQFDSDFLGDGH SDUD R
H[HUFtFLR GD HPSUHVD H D
SURLELomRGHVHUHPSUHViULR
$ SULPHLUD p HVWDEHOHFLGD
SDUD D SURWHomR GR SUySULR
LQFDSD] DIDVWDQGRR GRV
ULVFRV LQHUHQWHV j DWLYLGDGH
HFRQ{PLFD DR SDVVR TXH DV
KLSyWHVHVGHSURLELomRHVWmR
UHODFLRQDGDVFRPDWXWHODGR
LQWHUHVVH S~EOLFR RX PHVPR
GDV SHVVRDV TXH VH
UHODFLRQDP FRP R
HPSUHViULR 2 GLUHLWR WHP
HP YLVWD D SURWHomR GR
LQWHUGLWR DR EORTXHDU R VHX
DFHVVRjSUiWLFDGDDWLYLGDGH
FRPHUFLDO DWHQWR j VXD
GHILFLrQFLD GH
GLVFHUQLPHQWR 0DV DR
GHILQLU TXH DR IDOLGR p
YHGDGR R H[HUFtFLR GD
HPSUHVD R REMHWLYR p R GH
UHVJXDUGDU RV LQWHUHVVHV GRV
GHPDLV DJHQWHV HFRQ{PLFRV
TXH SRGHULDP FRP HVWH
HQWDEXODUQHJRFLDo}HV
0,&52(035(6$ (
(035(6$ '( 3(48(12
3257(
$ &RQVWLWXLomR )HGHUDO
QRDUWHVWDEHOHFHTXHR
3RGHU 3~EOLFR GLVSHQVDUi
WUDWDPHQWR GLIHUHQFLDGR jV
PLFURHPSUHVDV H jV
HPSUHVDV GH SHTXHQR SRUWH
QR VHQWLGR GH VLPSOLILFDU R
DWHQGLPHQWR jV REULJDo}HV
DGPLQLVWUDWLYDV WULEXWiULDV
SUHYLGHQFLiULDV H
FUHGLWtFLDV SRGHQGR D OHL
LQFOXVLYH UHGX]LU RX
HOLPLQDU WDLV REULJDo}HV 2
REMHWLYRGHVVDQRUPDpRGH
LQFHQWLYDU WDLV HPSUHVDV
FULDQGRDVFRQGLo}HVSDUDR
VHXGHVHQYROYLPHQWR
(P FXPSULPHQWR j
SUHVFULomR FRQVWLWXFLRQDO
HGLWRXVH D /HL
&RPSOHPHQWDU Q GH
(VWDWXWR 1DFLRQDO GD
0LFURHPSUHVDH(PSUHVDGH
3HTXHQR3RUWH
$WXDOPHQWH D OHL GHILQH
0LFURHPSUHVD FRPR DTXHOD
FXMDUHFHLWDEUXWDDQXDOpGH
DWp 5 H
(PSUHVD GH 3HTXHQR 3RUWH
DTXHODTXHWHPUHFHLWDEUXWD
DQXDO HQWUH HVVH YDORU H 5
(VWDWXWR DUW
1R F{PSXWR GD UHFHLWD
EUXWD DQXDO TXH p FRQFHLWR
VLQ{QLPR GH IDWXUDPHQWR
FRQVLGHUDVH D VRPD GH
WRGRVRVLQJUHVVRVGHULYDGRV
GR H[HUFtFLR GD DWLYLGDGH
FRPHUFLDO RX HFRQ{PLFD D
TXHVHGHGLFDRHPSUHViULR
(VVHV YDORUHV VmR
SHULRGLFDPHQWH DWXDOL]DGRV
SHOR3RGHU([HFXWLYR
2V HPSUHViULRV
LQGLYLGXDLVRXDVVRFLHGDGHV
HPSUHViULDV TXH DWHQGHUHP
DRV OLPLWHV OHJDLV GHYHUmR
DFUHVFHU DR VHX QRPH
HPSUHVDULDO DV H[SUHVV}HV
³0LFURHPSUHVD´ RX
³(PSUHVD GH 3HTXHQR
3RUWH´ RX DV DEUHYLDWXUDV
0( RX (33 FRQIRUPH R
FDVR
2 (VWDWXWR FULRX R
³5HJLPH(VSHFLDO8QLILFDGR
GH$UUHFDGDomR GH 7ULEXWRV
H &RQWULEXLo}HV GHYLGRV
SHODV 0LFURHPSUHVDV H
(PSUHVDV GH 3HTXHQR
3RUWH´ FXMD VLJOD p 6LPSOHV
1DFLRQDO 7UDWDVH GH XP
UHJLPH WULEXWiULR
VLPSOLILFDGR DR TXDO SRGHP
DGHULU DV PLFURHPSUHVDV H
HPSUHVDV GH SHTXHQR SRUWH
2V RSWDQWHV GR 6LPSOHV
1DFLRQDO SDJDP GLYHUVRV
WULEXWRV ,5 3,6 ,3,
FRQWULEXLo}HV H
HYHQWXDOPHQWH R ,&06 H R
,66 PHGLDQWH XP ~QLFR
UHFROKLPHQWR PHQVDO
SURSRUFLRQDO DR VHX
IDWXUDPHQWR
$V PLFURHPSUHVDV H
HPSUHVDV GH SHTXHQR SRUWH
TXH RSWDUHP SHOR 6LPSOHV
1DFLRQDO HVWmR GLVSHQVDGDV
GH PDQWHU HVFULWXUDomR
PHUFDQWLO HPERUD GHYDP
HPLWLU QRWD ILVFDO H
FRQVHUYDU HP ERD JXDUGD RV
GRFXPHQWRV UHODWLYRV j VXD
DWLYLGDGH 2V QmR RSWDQWHV
GHYHPDOpPGLVVRPDQWHUD
HVFULWXUDomR FRQWiELO
HVSHFtILFD GR OLYUR&DL[D
(VWDWXWR DUW
5HWRPR HVWH DVVXQWR PDLV j
IUHQWH &DS LWHP
SRUTXH R DUW 9,, GR
(VWDWXWR WRUQD D TXHVWmR XP
WDQWRPDLVFRPSOH[D
&$3Ë78/2
5(*,6752'(
(035(6$
352&(662'(&,6Ï5,2
'2 5(*,6752 '(
(035(6$
2 HPSUHViULR LQGLYLGXDO
H D VRFLHGDGH HPSUHViULD
TXH QmR SURFHGHUHP D
TXDOTXHU DUTXLYDPHQWR QR
SHUtRGR GH GH] DQRV GHYHP
FRPXQLFDUj-XQWDTXHDLQGD
VH HQFRQWUDP HP DWLYLGDGH
QRV WHUPRV GR DUW GD
/5( 6H QmR R IL]HUHP
VHUmRFRQVLGHUDGRVLQDWLYRV
$ LQDWLYLGDGH GD HPSUHVD
DXWRUL]D D -XQWD D SURFHGHU
DRFDQFHODPHQWRGRUHJLVWUR
FRPDFRQVHTXHQWHSHUGDGD
SURWHomR GR QRPH
HPSUHVDULDO SHOR WLWXODU
LQDWLYR
([LJH D OHL TXH D -XQWD
FRPXQLTXH SUHYLDPHQWH R
HPSUHViULR DFHUFD GD
SRVVLELOLGDGH GR
FDQFHODPHQWRSRGHQGRID]r
OR SRU HGLWDO 6H DWHQGLGD D
FRPXQLFDomR GHVID]VH D
LQDWLYLGDGH QR FDVR GH QmR
DWHQGLPHQWR HIHWXDVH R
FDQFHODPHQWR GR UHJLVWUR
LQIRUPDQGRVH R ILVFR 6H
QR IXWXUR R HPSUHViULR
SUHWHQGHUUHDWLYDURUHJLVWUR
GHYHUi REHGHFHU DRV
PHVPRV SURFHGLPHQWRV
UHODFLRQDGRV FRP D
FRQVWLWXLomR GH XPD QRYD
HPSUHVDQmRWHQGRRGLUHLWR
GH UHLYLQGLFDU R PHVPR
QRPH HPSUHVDULDO
DQWHULRUPHQWH DGRWDGR FDVR
HVWH WHQKD VLGR UHJLVWUDGR
SRURXWURHPSUHViULR
'R FDQFHODPHQWR GR
UHJLVWUR SRU LQDWLYLGDGH QmR
GHFRUUH D GLVVROXomR GD
VRFLHGDGHPDVDSHQDVDVXD
LUUHJXODULGDGH QD KLSyWHVH
GH FRQWLQXDU IXQFLRQDQGR
4XHUGL]HUDVRFLHGDGHFRP
DUTXLYDPHQWR FDQFHODGR QmR
GHYH QHFHVVDULDPHQWH HQWUDU
HP OLTXLGDomR PDV
VREUHYrP DV FRQVHTXrQFLDV
GR H[HUFtFLR LUUHJXODU GD
DWLYLGDGH HPSUHVDULDO FDVR
RV VyFLRV QmR D HQFHUUHP
&DSLWHP
(035(6È5,2
,55(*8/$5
2%5,*$d®(6
&20816 $ 72'26 26
(035(6È5,26
3ULPHLUR p QHFHVViULR
GLVWLQJXLU HQWUH OLYURV
HPSUHVDULDLV H OLYURV GR
HPSUHViULR /LYURV
HPSUHVDULDLV VmR DTXHOHV
FXMD HVFULWXUDomR p
REULJDWyULDRXIDFXOWDWLYDDR
HPSUHViULR HP YLUWXGH GD
OHJLVODomR FRPHUFLDO
3RUpPDOpPGHVWHVWDPEpP
VH HQFRQWUD R HPSUHViULR
REULJDGR D HVFULWXUDU RXWURV
OLYURV QmR PDLV SRU FDXVD
GR GLUHLWR FRPHUFLDO PDV
VLP SRU IRUoD GH OHJLVODomR
GH QDWXUH]D WULEXWiULD
WUDEDOKLVWD RX
SUHYLGHQFLiULD 2V OLYURV
HPSUHVDULDLV VmR XPD SDUWH
GRVOLYURVGRHPSUHViULR
2V OLYURV HPSUHVDULDLV
SRU VXD YH] VmR GH GXDV
HVSpFLHV REULJDWyULRV RX
IDFXOWDWLYRV 2EULJDWyULRV
VmR DTXHOHV FXMD
HVFULWXUDomR p LPSRVWD DR
HPSUHViULR D VXD DXVrQFLD
SRU LVVR WUD] FRQVHTXrQFLDV
VDQFLRQDGRUDV LQFOXVLYH QR
FDPSR SHQDO -i RV
IDFXOWDWLYRV VmR RV OLYURV
TXH R HPSUHViULR HVFULWXUD
FRP YLVWDV D XP PHOKRU
FRQWUROH VREUH RV VHXV
QHJyFLRVHFXMDDXVrQFLDQmR
LPSRUWDQHQKXPDVDQomR
6HQGR REULJDWyULRV RV
OLYURV HPSUHVDULDLV VH
VXEGLYLGHP HP GXDV
FDWHJRULDV RV FRPXQV H RV
HVSHFLDLV &RPXQV VmR RV
OLYURV REULJDWyULRV FXMD
HVFULWXUDomR p LPSRVWD D
WRGRV RV HPSUHViULRV
LQGLVWLQWDPHQWH DR SDVVR
TXH HVSHFLDLV VmR DTXHOHV
FXMD HVFULWXUDomR p LPSRVWD
DSHQDV D XPD GHWHUPLQDGD
FDWHJRULD GH H[HUFHQWHV GH
DWLYLGDGHHPSUHVDULDO
1R GLUHLWR FRPHUFLDO
EUDVLOHLURGHKRMHKiDSHQDV
XP OLYUR FRPHUFLDO
REULJDWyULR FRPXP TXH p R
³'LiULR´ SRU IRUoD GR DUW
GR && 6RPHQWH D
HVFULWXUDomR GHVWH OLYUR p
REULJDWyULD D WRGRV RV
HPSUHViULRV
LQGHSHQGHQWHPHQWH GD
QDWXUH]D GD DWLYLGDGH
HFRQ{PLFDTXHH[SORUDPGR
WLSR GH VRFLHGDGH DGRWDGR
RX RXWUDV FRQGLo}HV
4XDOTXHUHPSUHViULRHWRGRV
RV HPSUHViULRV SHVVRDV
ItVLFDV RX MXUtGLFDV GHYHP
HVFULWXUDU R OLYUR ³'LiULR´
RX RV LQVWUXPHQWRV
FRQWiEHLV TXH OHJDOPHQWH RV
VXEVWLWXHP
-i QD FDWHJRULD GRV
OLYURV REULJDWyULRV
HVSHFLDLV FDEH PHQomR DR
OLYUR ³5HJLVWUR GH
'XSOLFDWDV´ FXMD
HVFULWXUDomR p LPSRVWD D
WRGRV RV HPSUHViULRV TXH
HPLWHPGXSOLFDWDVHPUD]mR
GR SUHVFULWR SHOR DUW GD
/HL Q GH 2
OLYURGH³(QWUDGDH6DtGDGH
0HUFDGRULDV´ GHYH VHU
HVFULWXUDGR SHOR HPSUHViULR
TXHH[SORUD$UPD]pP*HUDO
QRV WHUPRV GR DUW GR
'HFUHWR Q GH
3RU VXD YH] R DUW GD
/HLQGHSUHYr
XPD UHODomR GH OLYURV FXMD
HVFULWXUDomR p LPSRVWD D
WRGDV DV VRFLHGDGHV SRU
Do}HV GD TXDO SRGHP VHU
GHVWDFDGRV RV VHJXLQWHV
H[HPSORV ³5HJLVWUR GH
$o}HV 1RPLQDWLYDV´
³7UDQVIHUrQFLD GH $o}HV
1RPLQDWLYDV´ ³$WDV GDV
$VVHPEOHLDV *HUDLV´
³3UHVHQoD GRV $FLRQLVWDV´
HWF 6mR WRGRV RV
PHQFLRQDGRV H[HPSORV GH
OLYURV HPSUHVDULDLV
REULJDWyULRV HVSHFLDLV Mi
TXH VXD HVFULWXUDomR QmR p
LPSRVWDDWRGRVPDVDSHQDV
D XPD SDUFHOD GRV
HPSUHViULRV $ UHODomR
FRPSOHWD GRV OLYURV GHVWD
FDWHJRULD p EDVWDQWH H[WHQVD
H YDULDGD FRQWHPSODQGR
PHQomRDOLYURVHVSHFLDLVGH
EDQFR OHLORHLUR FRUUHWRUHV
QDYDLVHRXWURVFRPHUFLDQWHV
HHPSUHViULRV
(QWUH RV OLYURV
IDFXOWDWLYRV TXH QmR VmR
PXLWR XVDGRV SRGHPVH
FLWDU R &DL[D H R &RQWD
&RUUHQWH $OLiV R
HPSUHViULR SRGH FULDU
LQVWUXPHQWRV GH UHJLVWUR
FRQWiELO QRYRV GH DFRUGR
FRP DV VXDV QHFHVVLGDGHV
JHUHQFLDLV RV TXDLV
LQWHJUDUmR VHP G~YLGD D
FDWHJRULD GH OLYURV
HPSUHVDULDLVIDFXOWDWLYRV
5(*8/$5,'$'( 1$
(6&5,785$d2
&216(48Ç1&,$6'$
,55(*8/$5,'$'(1$
(6&5,785$d2
%$/$1d26$18$,6
$REULJDomRGHOHYDQWDU
DQXDOPHQWH GRLV EDODQoRV
² R EDODQoR SDWULPRQLDO
GHPRQVWUDQGR R DWLYR H
SDVVLYR FRPSUHHQGHQGR
WRGRV RV EHQV FUpGLWRV H
GpELWRV H R EDODQoR GH
UHVXOWDGR HFRQ{PLFR
GHPRQVWUDQGR D FRQWD GRV
OXFURVHSHUGDV²pLPSRVWD
D WRGRV RV HPSUHViULRV
SHVVRDV ItVLFDV RX MXUtGLFDV
&& DUW LQ ILQH $
HVWD REULJDomR QmR SRGH
IXUWDUVHQHQKXPHPSUHViULR
H[FHWR R PLFURHPSUHViULR H
R GH SHTXHQR SRUWH +i
HPSUHViULRV REULJDGRV D
OHYDQWDU EDODQoR H RXWURV
GHPRQVWUDWLYRV HP SHUtRGR
PDLV EUHYH TXH R DQXDO
FRPR DV LQVWLWXLo}HV
ILQDQFHLUDV TXH HP YLUWXGH
GR FRQWLGR QR DUW GD
/5% GHYHP ID]rOR
VHPHVWUDOPHQWH
$ /HL GH )DOrQFLDV QR
DUW GHILQH FRPR FULPH
IDOLPHQWDUDLQH[LVWrQFLDGRV
GRFXPHQWRV GH HVFULWXUDomR
FRQWiELO REULJDWyULRV HQWUH
RV TXDLV VH LQFOXHP RV
EDODQoRV SDWULPRQLDLV H GH
UHVXOWDGRHFRQ{PLFR$VVLP
LQFRUUHP HP FRQGXWD
FULPLQRVDRHPSUHViULRHRV
UHSUHVHQWDQWHV OHJDLV GD
VRFLHGDGH HPSUHViULD FDVR
YHQKD D VHU GHFUHWDGD D VXD
IDOrQFLD VH RV EDODQoRV
DQXDLV QmR WLQKDP VLGR
OHYDQWDGRV HVFULWXUDGRV H
DXWHQWLFDGRV SHOR 5HJLVWUR
GR&RPpUFLR
$ REULJDomR GH
OHYDQWDPHQWR DQXDO GH
EDODQoRGHVVDIRUPDWUD]DR
HPSUHViULRTXHDGHVFXPSUH
H YHP D IDOLU UHTXHU D
UHFXSHUDomR MXGLFLDO RX
KRPRORJDomR GD
UHFXSHUDomR H[WUDMXGLFLDO D
VDQomR SHQDO GR DUW GD
/) $OpP GH DIDVWDU D
FRQGXWD FULPLQRVD R
FXPSULPHQWR GHVVD
REULJDomRWUD]EHQHItFLRVRX
HYLWD SUHMXt]RV SDUD R
HPSUHViULR3RUH[HPSORD
DV VRFLHGDGHV DQ{QLPDV
HVWmR VXMHLWDV D UHJLPH
SUySULR VREUH
GHPRQVWUDo}HV ILQDQFHLUDV
TXH LQFOXHP R EDODQoR
SDWULPRQLDO /6$ DUWV
DHRGHPRQVWUDWLYRGH
UHVXOWDGRV GR H[HUFtFLR DUW
H D DXVrQFLD GH VHX
OHYDQWDPHQWR DFDUUHWD
UHVSRQVDELOLGDGH GRV
DGPLQLVWUDGRUHV E D
OHJLVODomR WULEXWiULD VREUH
LPSRVWR GH UHQGD VXMHLWD
GHWHUPLQDGDV FDWHJRULDV GH
HPSUHViULRVFRQWULEXLQWHVDR
GHYHU GH HODERUDomR GH
EDODQoRV SHULyGLFRV F R
DFHVVR DR FUpGLWR EDQFiULR
WHP VLGR FRQGLFLRQDGR j
DSUHVHQWDomR GRV EDODQoRV
UHJXODUPHQWH HODERUDGRV GH
PRGR D UHVWDU IHFKDGR R
DFHVVR DR FUpGLWR EDQFiULR
DRV HPSUHViULRV TXH QmR RV
SRVVXDPG D SDUWLFLSDomR
HP OLFLWDo}HV S~EOLFDV
GHSHQGHGHFRPSURYDomRGD
UHJXODULGDGH HFRQ{PLFR
ILQDQFHLUD IHLWD LQFOXVLYH
SRUPHLRGDDSUHVHQWDomRGH
EDODQoRV /HL Q
DUW,
&$3Ë78/2
(67$%(/(&,0(172
(035(6$5,$/
&21&(,72 (
1$785(=$ '2
(67$%(/(&,0(172
(035(6$5,$/
2 HVWDEHOHFLPHQWR
HPSUHVDULDO SRU VHU EHP
LQWHJUDQWH GR SDWULP{QLR GR
HPSUHViULR p WDPEpP
JDUDQWLD GRV VHXV FUHGRUHV
3RU HVWD UD]mR D DOLHQDomR
GR HVWDEHOHFLPHQWR
HPSUHVDULDO HVWi VXMHLWD j
REVHUYkQFLD GH FDXWHODV
HVSHFtILFDV TXH D OHL FULRX
FRP YLVWDV j WXWHOD GRV
LQWHUHVVHV GRV FUHGRUHV GH
VHX WLWXODU (P SULPHLUR
OXJDU R FRQWUDWR GH
DOLHQDomR GHYH VHU
FHOHEUDGR SRU HVFULWR SDUD
TXH SRVVD VHU DUTXLYDGR QD
-XQWD&RPHUFLDOHSXEOLFDGR
SHOD LPSUHQVD RILFLDO &&
DUW (QTXDQWR QmR
SURYLGHQFLDGDV HVWDV
IRUPDOLGDGHV D DOLHQDomR
QmRSURGX]LUiHIHLWRVSHUDQWH
WHUFHLURV
2 HPSUHViULR WHP VREUH
R HVWDEHOHFLPHQWR
HPSUHVDULDO D PHVPD OLYUH
GLVSRQLELOLGDGH TXH WHP
VREUHRVGHPDLVEHQVGHVHX
SDWULP{QLR2FRUUHTXHDOHL
VXMHLWD D DOLHQDomR GR
HVWDEHOHFLPHQWR HPSUHVDULDO
j DQXrQFLD GRV VHXV
FUHGRUHV 5HIHULGD DQXrQFLD
SRGH VHU H[SUHVVD RX WiFLWD
GHFRUUHQGR HVWD ~OWLPD
PRGDOLGDGH GR VLOrQFLR GR
FUHGRU DSyV GLDV GD
QRWLILFDomRGDDOLHQDomRTXH
R GHYHGRU OKH GHYH
HQGHUHoDU && DUW
7RGR HPSUHViULR GHYH DR
SURFHGHU j DOLHQDomR GH VHX
HVWDEHOHFLPHQWR
HPSUHVDULDO FROKHU D
FRQFRUGkQFLD SRU HVFULWR GH
VHXV FUHGRUHV RX ID]HU D
QRWLILFDomR D HOHV SRLV
VRPHQWH HP XPD KLSyWHVH
HVWi GLVSHQVDGR GD
REVHUYkQFLD GHVWD FDXWHOD
QRFDVRGHUHVWDUHPHPVHX
SDWULP{QLR EHQV VXILFLHQWHV
SDUDVROYrQFLDGRSDVVLYR
6H R HPSUHViULR QmR
REVHUYDU WDLV FDXWHODV
SRGHUi WHU VXD IDOrQFLD
GHFUHWDGD FRP IXQGDPHQWR
QR DUW ,,,F GD /) H
YLQGR D IDOLU D DOLHQDomR
VHUi FRQVLGHUDGD LQHILFD]
SHUDQWH D PDVVD IDOLGD QRV
WHUPRV GR DUW 9, GD
/) SRGHQGR R
HVWDEHOHFLPHQWR HPSUHVDULDO
VHU UHLYLQGLFDGR GDV PmRV
GH VHX DGTXLUHQWH $ ULJRU
SRUWDQWR D DQXrQFLD GRV
FUHGRUHV HP UHODomR j
DOLHQDomR GR
HVWDEHOHFLPHQWR HPSUHVDULDO
p FDXWHOD TXH LQWHUHVVD PDLV
DR DGTXLUHQWH TXH
SURSULDPHQWHDRDOLHQDQWH
2 SDVVLYR UHJXODUPHQWH
HVFULWXUDGR GR DOLHQDQWH ²
HP GLVVRQkQFLD FRP RV
SULQFtSLRVGHTXHVHYDOHXR
OHJLVODGRU SDUD FULDU D
REULJDomR GD DQXrQFLD GRV
FUHGRUHV SDUD HILFiFLD GR
DWR ² WUDQVIHUHVH DR
DGTXLUHQWH GR
HVWDEHOHFLPHQWR
HPSUHVDULDO &RQWLQXD R
DOLHQDQWH UHVSRQViYHO SRU
HVVH SDVVLYR GXUDQWH FHUWR
SUD]R DQR FRQWDGR GD
SXEOLFDomR GR FRQWUDWR GH
DOLHQDomR SDUD DV
REULJDo}HV YHQFLGDV DQWHV
GR QHJyFLR H FRQWDGR GD
GDWD GH YHQFLPHQWR SDUD DV
GHPDLV 1D KLSyWHVH GH
WUDQVIHUrQFLD GR
HVWDEHOHFLPHQWR SRUWDQWR R
DGTXLUHQWH VHUi VXFHVVRU GR
DOLHQDQWH SRGHQGR RV
FUHGRUHV GHVWH GHPDQGDU
DTXHOH SDUD FREUDQoD GH
VHXVFUpGLWRV
3RGHP DV SDUWHV GR
FRQWUDWR GH DOLHQDomR GH
HVWDEHOHFLPHQWR HVWLSXODU
TXH R DOLHQDQWH UHVVDUFLUi R
DGTXLUHQWHSRUXPDRXPDLV
REULJDo}HV SULQFLSDOPHQWH
DV TXH VH HQFRQWUDP VXE
MXGLFH (QWUH HOHV
SUHYDOHFHUiDLQGDTXHQXPD
HWDSDUHJUHVVLYDH[DWDPHQWH
R TXH FRQWUDWDUDP $
FOiXVXODGHQmRWUDQVIHUrQFLD
GH SDVVLYR SRU FHUWR QmR
OLEHUD R DGTXLUHQWH TXH
SRGHUi VHU GHPDQGDGR SHOR
FUHGRU FDEHQGROKH HQWmR
R GLUHLWR GH UHJUHVVR FRQWUD
R DOLHQDQWH 2 FUHGRU GR
DOLHQDQWH VRPHQWH SHUGH R
GLUHLWR GH FREUDU R FUpGLWR
GR DGTXLUHQWH GR
HVWDEHOHFLPHQWR VH
H[SUHVVDPHQWH UHQXQFLRX DR
GLUHLWR TXDQGR DQXLX FRP R
FRQWUDWR 0DV XPD YH]
SDJDQGR D WHUFHLUR SRU
REULJDomRTXHSHORFRQWUDWR
ILUPDGRFRPRDOLHQDQWHQmR
OKH FDELD VXSRUWDU R
DGTXLUHQWH WHP GLUHLWR GH VH
UHVVDUFLU FRP EDVH QD
FOiXVXODGHQmRWUDQVIHUrQFLD
GHSDVVLYR
(VWi SURWHJLGR GH PRGR
SDUWLFXODU R FUHGRU
WUDEDOKLVWD GR DOLHQDQWH GR
HVWDEHOHFLPHQWR
HPSUHVDULDO 1RV WHUPRV GR
DUW GD &/7 TXH
FRQVDJUD D LPXQLGDGH GRV
FRQWUDWRV GH WUDEDOKR HP
IDFH GD PXGDQoD QD
SURSULHGDGH RX HVWUXWXUD
MXUtGLFD GD HPSUHVD R
HPSUHJDGRSRGHGHPDQGDUR
DGTXLUHQWH RX R DOLHQDQWH
LQGLIHUHQWHPHQWH e FHUWR
WDPEpP TXH HQTXDQWR QmR
SUHVFULWR R GLUHLWR
WUDEDOKLVWD R DOLHQDQWH
UHVSRQGH PHVPR TXH Mi
YHQFLGR R SUD]R kQXR GR
&yGLJR &LYLO 7DPEpP R
FUHGRUWULEXWiULRHVWiVXMHLWR
D FRQGLo}HV HVSHFtILFDV QD
KLSyWHVH GH YHQGD GR
HVWDEHOHFLPHQWR
HPSUHVDULDO &RQVRDQWH R
SUHYLVWR SHOR DUW GR
&71 R DGTXLUHQWH WHP
UHVSRQVDELOLGDGHVXEVLGLiULD
RX LQWHJUDO SHODV REULJDo}HV
ILVFDLV GR DOLHQDQWH FDVR
HVWH FRQWLQXH RX QmR D
H[SORUDU DWLYLGDGH
HFRQ{PLFD
2 DGTXLUHQWH QmR
UHVSRQGH SRUpP SHODV
REULJDo}HV GR DOLHQDQWH ²
LQFOXVLYH DV GH QDWXUH]D
WUDEDOKLVWD H ILVFDO ² VH
DGTXLULX R HVWDEHOHFLPHQWR
HPSUHVDULDO PHGLDQWH ODQFH
GDGR HP OHLOmR MXGLFLDO
SURPRYLGR HP SURFHVVR GH
UHFXSHUDomR MXGLFLDO RX
IDOrQFLD /) DUWV
SDUiJUDIR ~QLFR H ,,
1HVVH FDVR HOH QmR p
FRQVLGHUDGR VXFHVVRU GR
DQWLJR WLWXODU GR
HVWDEHOHFLPHQWR
HPSUHVDULDO(VVDUHJUDTXH
UHVVDOYD D UHVSRQVDELOLGDGH
GRDGTXLUHQWHpSUHYLVWDHP
OHL QmR Vy FRPR IRUPD GH
DWUDLU R LQWHUHVVH GH
SRWHQFLDLV OLFLWDQWHV QR
OHLOmR FRPR SULQFLSDOPHQWH
SDUD SURSRUFLRQDU R PDLV
HOHYDGR SDJDPHQWR SRU HVVH
DWLYR GR GHYHGRU HP
UHFXSHUDomR RX IDOLGR 1R
ILQDO HP IXQomR GH WDLV
REMHWLYRV RV FUHGRUHV
DFDEDP VHQGR EHQHILFLDGRV
SHOD UHJUD GD H[FOXVmR GH
UHVSRQVDELOLGDGH GR
DGTXLUHQWH
)LQDOPHQWHOHPEUHVHGH
TXH D FOiXVXOD GH QmR
UHVWDEHOHFLPHQWR p LPSOtFLWD
HP TXDOTXHU FRQWUDWR GH
DOLHQDomR GH
HVWDEHOHFLPHQWR
HPSUHVDULDO2DOLHQDQWHQmR
SRGHUi QRV DQRV
VXEVHTXHQWHVjWUDQVIHUrQFLD
UHVWDEHOHFHUVH HP LGrQWLFR
UDPR GH DWLYLGDGH
HPSUHVDULDO FRQFRUUHQGR
FRP R DGTXLUHQWH VDOYR VH
GHYLGDPHQWH DXWRUL]DGR HP
FRQWUDWR&DSLWHP
3527(d2$232172
/2&$d2
(035(6$5,$/
³6+233,1*&(17(5´
2 HPSUHViULR TXH VH
GHGLFD DR UDPR GRV
VKRSSLQJ FHQWHUV H[HUFH
XPD DWLYLGDGH HFRQ{PLFD
SHFXOLDUSRLVQmRVHOLPLWDD
VLPSOHVPHQWH PDQWHU XP
HVSDoR DSURSULDGR j
FRQFHQWUDomR GH RXWURV
HPSUHViULRV DWXDQWHV HP
YDULDGRVUDPRVGHFRPpUFLR
RX VHUYLoR $ VXD DWLYLGDGH
QmR VH UHVXPH j ORFDomR GH
ORMDV DOHDWRULDPHQWH
UHXQLGDV HP XP PHVPR
ORFDO (OH GHFLGLGDPHQWH
QmR p XP HPSUHHQGHGRU
LPRELOLiULRFRPXP
2 TXH GLVWLQJXH R
HPSUHViULR GR VKRSSLQJ
FHQWHU GRV HPSUHHQGHGRUHV
LPRELOLiULRV HP JHUDO p D
RUJDQL]DomR GD GLVWULEXLomR
GD RIHUWD GH SURGXWRV H
VHUYLoRV FHQWUDOL]DGRV HP
VHX FRPSOH[R WHQDQW PL[
$LGHLDEiVLFDGRQHJyFLRp
S{U j GLVSRVLomR GRV
FRQVXPLGRUHVHPXPPHVPR
ORFDO GH F{PRGR DFHVVR H
VHJXUR D PDLV DPSOD JDPD
GH SURGXWRV H VHUYLoRV (P
RXWURV WHUPRV GHYH KDYHU
XP SODQHMDPHQWR GD
GLVWULEXLomR GD RIHUWD XPD
UHODWLYD RUJDQL]DomR GD
FRPSHWLomR LQWHUQD $VVLP
DV ORFDo}HV GRV HVSDoRV
GHYHP DWHQGHU jV P~OWLSODV
QHFHVVLGDGHV GR
FRQVXPLGRU GH VRUWH TXH
QmR IDOWHP FHUWRV WLSRV GH
VHUYLoR EDQFR FRUUHLR
FLQHPD OD]HU HWF RX GH
FRPpUFLR UHVWDXUDQWH
SDSHODULD IDUPiFLD HWF
PHVPR TXDQGR Ki XPD
DWLYLGDGH FHQWUDO
GHVHQYROYLGDSHOR VKRSSLQJ
FHQWHU PRGD XWLOLGDGHV
GRPpVWLFDV PDWHULDO GH
FRQVWUXomRHWF
8P PHUR HPSUHHQGHGRU
LPRELOLiULR DSHQDV ORFD RV
VHXV SUpGLRV FRPHUFLDLV D
TXHP VH SURSXVHU D SDJDU R
DOXJXHO TXH HOH FRQVLGHUD
DGHTXDGR $ VXD
SUHRFXSDomR YROWDVH
XQLFDPHQWH DR YDORU
ORFDWtFLRGHPHUFDGRGRVHX
LPyYHO H j VROYrQFLD GR
ORFDWiULR8PHPSUHHQGHGRU
GHVKRSSLQJFHQWHUSRUVXD
YH] RUJDQL]D R WHQDQW PL[
LVWR p ILFD DWHQWR jV
HYROXo}HV GR PHUFDGR
FRQVXPLGRU j DVFHQVmR RX
GHFDGrQFLD GDV PDUFDV jV
QRYLGDGHV WHFQROyJLFDV H GH
PDUNHWLQJ EHP FRPR DR
SRWHQFLDOHFRQ{PLFRGHFDGD
QHJRFLDQWH LQVWDODGR QR VHX
FRPSOH[R 7XGR LVVR FRP R
REMHWLYR GH DWUDLU R
FRQVXPLGRU 6H HOH
GHVFXLGDUVH GD RUJDQL]DomR
GDGLVWULEXLomRGRVSURGXWRV
H VHUYLoRV DEULJDGRV QR VHX
HPSUHHQGLPHQWR SRGHUi
SHUGHU YDOLRVRV SRQWRV QD
FRPSHWLomR HQWUH RV
VKRSSLQJFHQWHUV
(P UD]mR GHVVDV
SDUWLFXODULGDGHV GLVFXWLXVH
PXLWR VREUH D WXWHOD GR
LQWHUHVVH GH LQHUrQFLD DR
SRQWR GRV ORFDWiULRV GH
HVSDoRV HPVKRSSLQJ $
GLQkPLFD FDUDFWHUtVWLFD
GHVVH WLSR GH
HPSUHHQGLPHQWR HP FHUWDV
RFDVL}HV UHYHODVH
LQFRPSDWtYHO FRP D
SHUPDQrQFLD GH DOJXQV
QHJRFLDQWHV 6H SRU
H[HPSOR XPD GHWHUPLQDGD
PDUFD GH SURGXWRV GH
SHUIXPDULD WHP UHFHELGR
XPD DFHLWDomR HQWUH RV
FRQVXPLGRUHV PDLRU TXH
RXWUD RVKRSSLQJ FHQWHU
FRP HVSDoR ORFDGR SHOR
WLWXODU GHVWD ~OWLPD WHP
LQWHUHVVH SDUWLOKDGR SRU
WRGRV RV GHPDLV ORFDWiULRV
HP VXEVWLWXtOR SHOR WLWXODU
GDTXHOD SULPHLUD HP
DVFHQVmR$ OHL UHFRQKHFH R
GLUHLWRGHLQHUrQFLDDRSRQWR
DRV ORFDWiULRV GH HVSDoRV
H PVKRSSLQJ FHQWHUV //
DUW PDV HP
GHWHUPLQDGDV VLWXDo}HV D
UHQRYDomR FRPSXOVyULD GR
FRQWUDWR GH ORFDomR SRGH
UHSUHVHQWDU XP HQWUDYH DR
SOHQR GHVHQYROYLPHQWR GR
FRPSOH[R $WHQWRV D HVVD
FLUFXQVWkQFLD H PHGLWDQGR
VREUH D LQWULQFDGD UHODomR
MXUtGLFD TXH VH HVWDEHOHFH
HQWUH R HPSUHHQGHGRU GR
VKRSSLQJ H R ORMLVWD PXLWRV
DXWRUHV SURFXUDUDP GLVFXWLU
VH D VXD QDWXUH]D VHULD
PHVPR D GH XPD ORFDomR
2UODQGR *RPHV SRU
H[HPSOR FRQVLGHUDD FRPR
GHXPFRQWUDWRDWtSLFRPLVWR
5HTXLmR Yr QHVVD UHODomR
XPD FROLJDomR GH FRQWUDWRV
HQWUH RV TXDLV D ORFDomR
3DUD %X]DLG WUDWDVH GH XP
FRQWUDWR GH
³HVWDEHOHFLPHQWR´ HQTXDQWR
9LOODoD$]HYHGRRGHQRPLQD
FRQWUDWR GH ³FHQWUR
FRPHUFLDO´
2 HQWHQGLPHQWR PDLV
DGHTXDGR FRQWXGR SDUHFH
VHU R GR UHFRQKHFLPHQWR GH
DVSHFWRV EDVWDQWH
HVSHFtILFRV QD UHODomR
FRQWUDWXDO HP TXHVWmR PDV
QmR D SRQWR GH
GHVFDUDFWHUL]DU D VXD
QDWXUH]D ORFDWtFLD
&DUYDOKRVD &DLR 0iULR
:DVKLQJWRQ ( QHVWH
VHQWLGR R GLUHLWR GH
LQHUrQFLDGRORMLVWDQmRSRGH
LPSOLFDU R HVYD]LDPHQWR GR
GLUHLWR GH SURSULHGDGH GR
HPSUHHQGHGRU GRVKRSSLQJ
6H ILFDU SURYDGR TXH HVWH
~OWLPR QmR SRGHULD HVWDU
RUJDQL]DQGR SOHQDPHQWH R
WHQDQW PL[ QD KLSyWHVH GH
DFROKLPHQWR GD DomR
UHQRYDWyULD HQWmR HVWD GHYH
VHU UHMHLWDGD SDUD TXH VHMD
HIHWLYD D WXWHOD
FRQVWLWXFLRQDO GR GLUHLWR GH
SURSULHGDGH1HVVDHTXDomR
QHQKXPD HVSHFLILFLGDGH VH
QRWD TXDQWR DR FRQWUDWR GH
ORFDomR HQWUH R
HPSUHHQGHGRUGHVKRSSLQJH
R ORMLVWD SRVWR TXH
FRQIRUPH DVVLQDODGR
DQWHULRUPHQWH VHPSUH TXH R
UHFRQKHFLPHQWR GR GLUHLWR
GHLQHUrQFLDGRORFDWiULRQD
ORFDomR HPSUHVDULDO
UHGXQGDU HP GHVUHVSHLWR DR
GLUHLWR GH SURSULHGDGH GR
ORFDGRU GHYHVH SUHVWLJLDU
HVWH ~OWLPR SRUTXH D VXD
SURWHomR WHP QDWXUH]D
FRQVWLWXFLRQDO DR SDVVR TXH
DTXHOHWHPVXDRULJHPQDOHL
RUGLQiULD
2 FRQWUDWR GH ORFDomR
GHVVH WLSR FRVWXPD
FRQWHPSODU XP DOXJXHO FRP
FDUDFWHUtVWLFDV EDVWDQWH
SHFXOLDUHV GHVGREUDGR HP
SDUFHODV IL[DV UHDMXVWiYHLV
GH DFRUGR FRP R tQGLFH H D
SHULRGLFLGDGH GHILQLGRV QR
LQVWUXPHQWR FRQWUDWXDO H HP
SDUFHODV YDULiYHLV
JHUDOPHQWHXPSHUFHQWXDOGR
IDWXUDPHQWR REWLGR SHOR
ORFDWiULRQRHVWDEHOHFLPHQWR
ORFDGR 3DUD PHQVXUDU R
YDORUGDSDUFHODYDULiYHOGR
DOXJXHO R ORFDGRU SRGH
DXGLWDU DV FRQWDV GR
ORFDWiULR EHP FRPR
YLVWRULDU DV VXDV LQVWDODo}HV
RX ILVFDOL]DU R VHX
PRYLPHQWR HFRQ{PLFR
$OpP GR DOXJXHO Ki RXWUDV
REULJDo}HV SHFXQLiULDV
DVVXPLGDV SHOR ORFDWiULR GH
ORMDHPVKRSSLQJFHQWHU(P
JHUDOSDJDVHXPDSUHVWDomR
FRQKHFLGD SRU UHV VSHUDWD
UHWULEXWLYD GDV YDQWDJHQV GH
VH HVWDEHOHFHU HP XP
FRPSOH[R FRPHUFLDO TXH Mi
SRVVXL FOLHQWHOD SUySULD
'HYH R ORFDWiULR WDPEpP
ILOLDUVH j DVVRFLDomR GRV
ORMLVWDV SDJDQGR D
PHQVDOLGDGHFRUUHVSRQGHQWH
(VWD DVVRFLDomR VXSRUWD DV
GHVSHVDV GH LQWHUHVVH
FRPXP FRPR DV GH
SXEOLFLGDGH e LJXDOPHQWH
XVXDO D FREUDQoD GR DOXJXHO
HP GREUR QR PrV GH
GH]HPEUR HP GHFRUUrQFLD
GRH[WUDRUGLQiULRPRYLPHQWR
HFRQ{PLFR TXH VH FRVWXPD
YHULILFDU QHVVD pSRFD GR
DQR(VWHVHRXWURVHQFDUJRV
SRGHP VHU OLYUHPHQWH
SDFWXDGRV SUHYHQGR D OHL
DSHQDV D SURLELomR GH
FREUDQoD GH GHVSHVDV
H[WUDRUGLQiULDV GH
FRQGRPtQLRHRVJDVWRVFRP
REUDV RX VXEVWLWXLomR GH
HTXLSDPHQWRV PRGLILFDWLYRV
GR SURMHWR RULJLQiULR EHP
FRPR DV GHVSHVDV QmR
SUHYLVWDV HP RUoDPHQWR
SUpYLR // DUW H
(P WHPSRV GH UHFHVVmR
HFRQ{PLFD VXUJHP IRUPDV
HVSHFtILFDV GH RFXSDomR GH
HVWDEHOHFLPHQWRV
FRPHUFLDLV TXH JXDUGDP
VHPHOKDQoD FRP RV
VKRSSLQJFHQWHUVDSHQDVHP
VHX DVSHFWR H[WHUQR LVWR p
VRPHQWH HQTXDQWR HVSDoR GH
FRQFHQWUDomR GH GLIHUHQWHV
HPSUHViULRV 7UDWDVH GRV
F KD PD G R VRXWOHW FHQWHUV
HVWDEHOHFLPHQWRV HP TXH RV
SUySULRV IDEULFDQWHV
JUDQGHVGLVWULEXLGRUHVHSRU
YH]HV DOJXQV YDUHMLVWDV
LQVWDODPVH HP SHTXHQRV
VWDQGVSDUDDYHQGDGHVHXV
SURGXWRV SRU SUHoRV
DWUDWLYRV FRP YLVWDV D
SURSLFLDU R HVFRDPHQWR GH
HVWRTXH $ ORFDomR GHVVHV
HVSDoRV p IHLWD HP JHUDO
SRU FXUWtVVLPR SUD]R H RV
ORFDWiULRV DVVXPHP
REULJDomR FRQWUDWXDO GH
SUDWLFDU SUHoRV LQIHULRUHV
DRVGHPHUFDGR
3527(d2$27Ë78/2
'((67$%(/(&,0(172
2 HOHPHQWR GH
LGHQWLILFDomR GR
HVWDEHOHFLPHQWR HPSUHVDULDO
QmRVHFRQIXQGHFRPRQRPH
HPSUHVDULDOTXHLGHQWLILFDR
VXMHLWR GH GLUHLWR
HPSUHViULR QHP FRP D
PDUFD LGHQWLGDGH GH
SURGXWR 1mR VH FRQIXQGHP
HVWHV WUrV HOHPHQWRV GH
LGHQWLILFDomR GLVFLSOLQDGRV
QR GLUHLWR FRPHUFLDO
UHFHEHQGR GD OHL FDGD XP
GHOHV XPD SURWHomR
HVSHFtILFD FRQVLVWHQWH QD
SUHUURJDWLYD GH XWLOL]DomR
H[FOXVLYD
2 WtWXOR GH
HVWDEHOHFLPHQWRQmRSUHFLVD
QHFHVVDULDPHQWH FRPSRUVH
GRV PHVPRV HOHPHQWRV
OLQJXtVWLFRV SUHVHQWHV QR
QRPH HPSUHVDULDO H QD
PDUFD 8PD VRFLHGDGH
HPSUHViULD SRGH FKDPDUVH
³&RPpUFLR H ,QG~VWULD
$QWRQLR6LOYD &LD/WGD´
VHU WLWXODU GD PDUFD
³$OYRUDGD´ H VHX
HVWDEHOHFLPHQWR GHQRPLQDU
VH ³/RMD GD (VTXLQD´ 7HUi
HOD GLUHLWR GH XVR H[FOXVLYR
GDV WUrV GLIHUHQWHV
H[SUHVV}HV REVHUYDGDV DV
SHFXOLDULGDGHV GD SURWHomR
MXUtGLFDGHIHULGDDFDGDXPD
GHODV
$ SURWHomR GR WtWXOR GH
HVWDEHOHFLPHQWR VH ID]
DWXDOPHQWH SRU UHJUDV GH
UHVSRQVDELOLGDGH FLYLO H
SHQDO QD PHGLGD HP TXH
FDUDFWHUL]D FRQFRUUrQFLD
GHVOHDO /3, DUWV 9 H
2 HPSUHViULR TXH
LPLWDU RX XWLOL]DU R WtWXOR GH
HVWDEHOHFLPHQWR TXH RXWUR
KDYLD DGRWDGR DQWHULRUPHQWH
GHYH LQGHQL]DU HVWH ~OWLPR
SHOR GHVYLR HILFD] GH
FOLHQWHOD
&20e5&,2
(/(75Ð1,&2
,17(51(7(
$ UHGH PXQGLDO GH
FRPSXWDGRUHVLQWHUQHWHWHP
VLGR ODUJDPHQWH XWLOL]DGD
SDUD D UHDOL]DomR GH
QHJyFLRV (P UD]mR GLVWR
FULRXVH XP QRYR WLSR GH
HVWDEHOHFLPHQWR R YLUWXDO
'LVWLQJXHVH GR
HVWDEHOHFLPHQWR HPSUHVDULDO
ItVLFR HP UD]mR GRV PHLRV
GH DFHVVLELOLGDGH$TXHOH R
FRQVXPLGRURXDGTXLUHQWHGH
EHQV RX VHUYLoRV DFHVVD
H[FOXVLYDPHQWH SRU
WUDQVPLVVmR HOHWU{QLFD GH
GDGRV HQTXDQWR R
HVWDEHOHFLPHQWR ItVLFR p
DFHVVtYHOSHORGHVORFDPHQWR
QR HVSDoR $ QDWXUH]D GR
EHP RX VHUYLoR REMHWR GH
QHJRFLDomR p LUUHOHYDQWH
SDUD D GHILQLomR GD
YLUWXDOLGDGH GR
HVWDEHOHFLPHQWR 6H DOJXpP
DGTXLUH YLD LQWHUQHWH XP
HOHWURGRPpVWLFR D
PHUFDGRULD QDGD WHP GH
YLUWXDO PDV FRPR D VXD
FRPSUDGHFRUUHXGHFRQWUDWR
FHOHEUDGR FRP R HQYLR H
UHFHSomR HOHWU{QLFRV GH
GDGRV YLD UHGH PXQGLDO GH
FRPSXWDGRUHV FRQVLGHUDVH
UHDOL]DGD QXP
HVWDEHOHFLPHQWRYLUWXDO
&RPpUFLR HOHWU{QLFR
DVVLP VLJQLILFD RV DWRV GH
FLUFXODomR GH EHQV
SUHVWDomR RX LQWHUPHGLDomR
GH VHUYLoRV HP TXH DV
WUDWDWLYDVSUpFRQWUDWXDLVHD
FHOHEUDomR GR FRQWUDWR VH
ID]HP SRU WUDQVPLVVmR H
UHFHELPHQWR GH GDGRV SRU
YLD HOHWU{QLFD QRUPDOPHQWH
QRDPELHQWHGDLQWHUQHWH
0XLWRV HPSUHViULRV
PDQWrP HVWDEHOHFLPHQWRV
ItVLFR H YLUWXDO +i SRU
RXWUR ODGR RV TXH Vy
SRVVXHP R YLUWXDO 4XHP
TXLVHU DGTXLULU EHQV RX
VHUYLoRV GHVWHV GHYH
SURFXUiORV
QHFHVVDULDPHQWHQDLQWHUQHWH
$OLiVRVTXHKRMHH[SORUDP
DWLYLGDGH HPSUHVDULDO
DSHQDV HP HVWDEHOHFLPHQWRV
ItVLFRV HQIUHQWDP FUHVFHQWHV
GLILFXOGDGHV GH PDQWHUHP D
FRPSHWLWLYLGDGH
6mR WUrV RV WLSRV GH
HVWDEHOHFLPHQWRV YLUWXDLV
%% TXH GHULYD GD
H [ S U H V V m REXVLQHVV WR
EXVLQHVV HP TXH RV
LQWHUQHWHQDXWDV FRPSUDGRUHV
VmR WDPEpP HPSUHViULRV H
VH GHVWLQDP D QHJRFLDU
LQVXPRV%&GHQRPLQDomR
GHULYDGD GHEXVLQHVV WR
FRQVXPHU HP TXH RV
LQWHUQHWHQDXWDV VmR
FRQVXPLGRUHV QD DFHSomR
OHJDO GR WHUPR &'& DUW
H && FRQVXPHU WR
FRQVXPHU HP TXH RV
QHJyFLRV VmR IHLWRV HQWUH
LQWHUQHWHQDXWDV
FRQVXPLGRUHV FXPSULQGR R
HPSUHViULR WLWXODU GRVLWH
DSHQDV IXQo}HV GH
LQWHUPHGLDomRpRFDVRGRV
OHLO}HV YLUWXDLV 2V
FRQWUDWRV FHOHEUDGRV YLD
SiJLQD %% UHJHPVH SHODV
QRUPDVGRGLUHLWRFRPHUFLDO
2V FHOHEUDGRV YLD SiJLQD
%& SHOR GLUHLWR GR
FRQVXPLGRU 1R FDVR GD
SiJLQD && DV UHODo}HV
HQWUHRHPSUHViULRWLWXODUGR
HVWDEHOHFLPHQWR YLUWXDO H RV
LQWHUQHWHQDXWDV UHJHPVH
WDPEpP SHOR GLUHLWR GR
FRQVXPLGRU PDV R FRQWUDWR
FHOHEUDGR HQWUH HVVHV
~OWLPRV HVWi VXMHLWR DR
UHJLPH FRQWUDWXDO GH GLUHLWR
FLYLOYHU&DSLWHP
2V HVWDEHOHFLPHQWRV
YLUWXDLV SRVVXHP HQGHUHoR
HOHWU{QLFRTXHpRVHXQRPH
GH GRPtQLR 2 GD OLYUDULD
6DUDLYD SRU H[HPSOR p
³ZZZVDUDLYDFRPEU´ 2
QRPH GH GRPtQLR FXPSUH
GXDV IXQo}HV $ SULPHLUD p
WpFQLFD SURSRUFLRQD D
LQWHUFRQH[mR GRV
HTXLSDPHQWRV 3RU PHLR GR
HQGHUHoR HOHWU{QLFR R
FRPSXWDGRU GR FRPSUDGRU
S}HVH HP UHGH FRP RV
HTXLSDPHQWRV TXH JHUDP D
SiJLQD GR HPSUHViULR
YHQGHGRU e HVWD IXQomR
VLPLODU j GR Q~PHUR GH
WHOHIRQH $ VHJXQGD IXQomR
WHP VHQWLGR MXUtGLFR
LGHQWLILFD R HVWDEHOHFLPHQWR
YLUWXDO QD UHGH &XPSUH
DVVLP HP UHODomR j SiJLQD
DFHVVtYHOYLDLQWHUQHWHLJXDO
IXQomR j GRWtWXOR GH
HVWDEHOHFLPHQWR HP UHODomR
DRSRQWR
2V QRPHV GH GRPtQLR
DWpGH]HPEURGHHUDP
UHJLVWUDGRV QR %UDVLO SHOD
)XQGDomR GH $PSDUR j
3HVTXLVD GR (VWDGR GH 6mR
3DXOR ² )$3(63 'HVGH
HQWmRRUHJLVWURpIHLWRMXQWR
DR 1~FOHR GH ,QIRUPDomR H
&RRUGHQDomR GR 3RQWR %5
1,&EU XPD DVVRFLDomR
FLYLOGHGLUHLWRSULYDGRVHP
ILQVHFRQ{PLFRV
&$3Ë78/2
120(
(035(6$5,$/
1$785(=$ (
(63e&,(6
2 HPSUHViULR VHMD
SHVVRD ItVLFD RX MXUtGLFD
WHP XP QRPH HPSUHVDULDO
TXH p DTXHOH FRP TXH VH
DSUHVHQWD QDV UHODo}HV GH
IXQGRHFRQ{PLFR4XDQGRVH
WUDWD GH HPSUHViULR
LQGLYLGXDO R QRPH
HPSUHVDULDO SRGH QmR
FRLQFLGLU FRP R FLYLO H
PHVPRTXDQGRFRLQFLGHQWHV
WrP R QRPH FLYLO H R
HPSUHVDULDO QDWXUH]DV
GLYHUVDV $ SHVVRD MXUtGLFD
HPSUHViULDSRUVXDYH]QmR
WHP RXWUR QRPH DOpP GR
HPSUHVDULDO2&yGLJR&LYLO
UHFRQKHFHQRQRPHFLYLORX
HPSUHVDULDO D PDQLIHVWDomR
GH XP GLUHLWR GD
SHUVRQDOLGDGH GD SHVVRD
ItVLFD RX MXUtGLFD DUWV
H
&RPR HOHPHQWR GH
LGHQWLILFDomRGRHPSUHViULR
R QRPH HPSUHVDULDO QmR VH
FRQIXQGH FRP RXWURV
HOHPHQWRV LGHQWLILFDGRUHV
TXH KDELWDP R FRPpUFLR H D
HPSUHVD RV TXDLV WrP
WDPEpP SURWHomR MXUtGLFD
DVVLP D PDUFD R QRPH GH
GRPtQLR H R WtWXOR GH
HVWDEHOHFLPHQWR (QTXDQWR R
QRPH HPSUHVDULDO LGHQWLILFD
R VXMHLWR TXH H[HUFH D
HPSUHVD R HPSUHViULR D
PDUFD LGHQWLILFD GLUHWD RX
LQGLUHWDPHQWH SURGXWRV RX
VHUYLoRVRQRPHGHGRPtQLR
LGHQWLILFD D SiJLQD QD UHGH
PXQGLDO GH FRPSXWDGRUHV H
R WtWXOR GR HVWDEHOHFLPHQWR
R SRQWR 1D PDLRULD GDV
YH]HV SRU FRQYHQLrQFLD
HFRQ{PLFD RX HVWUDWpJLD
PHUFDGROyJLFD RSWDVH SHOD
DGRomR GH H[SUHVV}HV
LGrQWLFDVRXDVVHPHOKDGDVR
TXH D ULJRU QmR WHP
QHQKXPDUHOHYkQFLDMXUtGLFD
SRVWRTXHQRPHHPSUHVDULDO
PDUFD QRPH GH GRPtQLR H
WtWXOR GH HVWDEHOHFLPHQWR
FRQWLQXDP D VHU
FRQVLGHUDGRV LQVWLWXWRV
GLVWLQWRV DLQGD TXDQGR
SRVVXtUHP XP PHVPR
FRQWH~GR H IRUPD &DGD XP
GHVWHV HOHPHQWRV GH
LGHQWLILFDomR UHFHEH GR
GLUHLWR WUDWDPHQWRV
HVSHFtILFRV SUySULRV
GHFRUUHQWHV GH VXD QDWXUH]D
GRV TXDLV VH FXLGD QR
PRPHQWR RSRUWXQR &DS
LWHQVH&DSLWHP
3RU RUD EDVWD UHVVDOWDU TXH
R QRPH HPSUHVDULDO QmR VH
FRQIXQGH FRP HVVHV RXWURV
GHVLJQDWLYRVHPSUHVDULDLV
2GLUHLWRFRQWHPSODGXDV
HVSpFLHV GH QRPH
HPSUHVDULDO D ILUPD H D
GHQRPLQDomR 1R OLQJXDMDU
FRWLGLDQRGRFRPpUFLRILUPD
WHP R VHQWLGR GH VRFLHGDGH
RXGHHPSUHVDPDVQRULJRU
GD WpFQLFD MXUtGLFD HVVD
H[SUHVVmR p UHVHUYDGD SDUD
XPD GDV HVSpFLHV GH QRPH
HPSUHVDULDO
$ILUPDHDGHQRPLQDomR
VH GLVWLQJXHP HP GRLV
SODQRV D VDEHU TXDQWR j
HVWUXWXUD RX VHMD DRV
HOHPHQWRV OLQJXtVWLFRV TXH
SRGHPWHUSRUEDVHHTXDQWR
jIXQomRLVWRpDXWLOL]DomR
TXH VH SRGH LPSULPLU DR
QRPHHPSUHVDULDO
1R WRFDQWH j HVWUXWXUD D
ILUPD Vy SRGH WHU SRU EDVH
QRPH FLYLO GR HPSUHViULR
LQGLYLGXDO RX GRV VyFLRV GD
VRFLHGDGH HPSUHViULD 2
Q~FOHRGRQRPHHPSUHVDULDO
GHVVD HVSpFLH VHUi VHPSUH
XPRXPDLVQRPHVFLYLV-iD
GHQRPLQDomR GHYH GHVLJQDU
R REMHWR GD HPSUHVD H SRGH
DGRWDU SRU EDVH QRPH FLYLO
RX TXDOTXHU RXWUD H[SUHVVmR
OLQJXtVWLFD TXH D GRXWULQD
FRVWXPDFKDPDUGHHOHPHQWR
IDQWDVLD $VVLP ³$ 6LOYD
3HUHLUD&RVPpWLFRV/WGD´
p H[HPSOR GH QRPH
HPSUHVDULDO EDVHDGR HP
QRPHV FLYLV Mi ³$OYRUDGD
&RVPpWLFRV /WGD´ p QRPH
HPSUHVDULDO EDVHDGR HP
HOHPHQWRIDQWDVLD
6RPHQWH OHYDQGRVH HP
FRQWD D HVWUXWXUD SRU YH]HV
QmR p SRVVtYHO GLVFHUQLU VH
XP GHWHUPLQDGR QRPH
HPSUHVDULDO p ILUPD RX
GHQRPLQDomR &ODUR VH QmR
Ki UHIHUrQFLD DR UDPR GH
DWLYLGDGH HFRQ{PLFD QmR
SRGH VHU GHQRPLQDomR VH
IXQGDGR HP HOHPHQWR
IDQWDVLDQmRSRGHVHUILUPD
0DV GHVGH TXH DPEDV DV
HVSpFLHVSRGHPDGRWDUQRPH
FLYLO FRPR EDVH SDUD D
FRQVWUXomR GR QRPH
HPSUHVDULDO D LGHQWLILFDomR
GHXPDRXRXWUDHVSpFLHQmR
GHYH GHL[DU GH FRQVLGHUDU D
IXQomR TXH R QRPH
HPSUHVDULDO H[HUFH 1R
H[HPSOR DFLPD FLWDGR GH
QRPH HPSUHVDULDO FRPSRVWR
VREUH QRPH FLYLO p
ULJRURVDPHQWH LPSRVVtYHO
GHVFREULU VXD HVSpFLH VHP
FRQVXOWD DR FRQWUDWR VRFLDO
GD VRFLHGDGH OLPLWDGD H
DQiOLVHGDVXDXWLOL]DomR
([SOLTXHVH TXDQWR j
IXQomR RV QRPHV
HPSUHVDULDLV VH GLIHUHQFLDP
QD PHGLGD HP TXH D ILUPD
DOpP GH LGHQWLGDGH GR
HPSUHViULR p WDPEpP D VXD
DVVLQDWXUD DR SDVVR TXH D
GHQRPLQDomR p
H[FOXVLYDPHQWH HOHPHQWR GH
LGHQWLILFDomR GR H[HUFHQWH
GD DWLYLGDGH HPSUHVDULDO
QmR SUHVWDQGR D RXWUD
IXQomR
2HPSUHViULRLQGLYLGXDO
DR VH REULJDU MXULGLFDPHQWH
H R UHSUHVHQWDQWH OHJDO GD
VRFLHGDGH HPSUHViULD TXH
DGRWD ILUPD DR REULJiOD
MXULGLFDPHQWHGHYHPDPERV
DVVLQDU R UHVSHFWLYR
LQVWUXPHQWR QmR FRP R VHX
QRPH FLYLO PDV FRP R
HPSUHVDULDO 3RUWDQWR VH
$QWRQLR 6LOYD 3HUHLUD p
HPSUHViULR LQGLYLGXDO
LQVFULWR VRE D ILUPD ³6LOYD
3HUHLUD/LYURV7pFQLFRV´D
DVVLQDWXUD DSURSULDGD SDUD
RV LQVWUXPHQWRV
REULJDFLRQDLV UHODFLRQDGRV
FRP R VHX JLUR HFRQ{PLFR
GHYHUi UHSURGX]LU HVVDV
H[SUHVV}HVLQFOXVLYH³OLYURV
WpFQLFRV´ 6H HOH p
DGPLQLVWUDGRU GH VRFLHGDGH
TXH FRPHUFLH VRE D ILUPD
³6LOYD3HUHLUDH&LD/WGD´
QmR GHYHUi DVVLQDU VXD
DVVLQDWXUD FLYLO PHVPR TXH
VREUHRQRPHHPSUHVDULDOGD
VRFLHGDGHHVFULWRLPSUHVVR
RX FDULPEDGR 'HYHUi
DVVLQDU R QRPH HPSUHVDULDO
GD VRFLHGDGH QD IRUPD FRP
TXH DVVLQRX QR FDPSR
SUySULR R FRQWUDWR VRFLDO
LVWRpUHSURGX]LQGRFRPVHX
HVWLOR LQGLYLGXDO DV
H[SUHVV}HV FRQVWLWXLQWHV GD
ILUPD LQFOXVLYH ³H &LD
/WGD´ -i R UHSUHVHQWDQWH
OHJDO GH VRFLHGDGH
HPSUHViULD TXH JLUH VRE D
GHQRPLQDomR ³$OYRUDGD
&RVPpWLFRV /WGD´ SDUD
REULJDU D VRFLHGDGH GHYH
ODQoDU D VXD DVVLQDWXUD FLYLO
VREUH R QRPH HPSUHVDULDO
GHOD HVFULWR LPSUHVVR RX
FDULPEDGR 1mR SRGHUi
QHVWH FDVR DVVLQDU D
GHQRPLQDomR
3RU HVWD UD]mR SHODV
GLIHUHQoDVIXQFLRQDLVHQWUHD
ILUPD H D GHQRPLQDomR p
TXH RV FRQWUDWRV VRFLDLV GH
VRFLHGDGHV HPSUHViULDV TXH
DGRWDP ILUPD GHYHP WHU
FDPSR SUySULR SDUD TXH R
UHSUHVHQWDQWH RX
UHSUHVHQWDQWHV OHJDLV
DVVLQHPRQRPHHPSUHVDULDO
*HUDOPHQWHDRSpGD~OWLPD
SiJLQDGRLQVWUXPHQWRVRER
WtWXOR ³ILUPD SRU TXHP GH
GLUHLWR´pTXHHOHVODQoDPD
DVVLQDWXUD TXH XVDUmR QR
H[HUFtFLR GRV SRGHUHV GH
UHSUHVHQWDomR ( JHUDOPHQWH
ID]HP XVR GD PHVPD
DVVLQDWXUD TXH WrP SDUD RV
DWRV GD YLGD FLYLO R TXH
HPERUD D ULJRU QmR
FRUUHVSRQGD j SUHVFULomR
OHJDO YHP VHQGR
VHGLPHQWDGR Ki WHPSRV SHOR
FRVWXPH
&RQFOXLVH SRLV TXH D
DQiOLVHGDQDWXUH]DGRQRPH
HPSUHVDULDO GDTXHOHV
HPSUHViULRV OHJDOPHQWH
DXWRUL]DGRV D XVDUHP ILUPD
RX GHQRPLQDomR H TXH
DGRWDUDP QRPH HPSUHVDULDO
EDVHDGR HP QRPH FLYLO QmR
SRGH SUHVFLQGLU GD FRQVXOWD
DR DWR FRQVWLWXWLYR FRQWUDWR
VRFLDO RX HVWDWXWR 6H GHOH
FRQVWDU FOiXVXOD HP TXH R
UHSUHVHQWDQWHOHJDODVVHQWDD
DVVLQDWXUD TXH XVDUi QRV
LQVWUXPHQWRV REULJDFLRQDLV
UHODWLYRV DRV QHJyFLRV
VRFLDLV HQWmR p R FDVR GH
ILUPD 1D DXVrQFLD GH
FOiXVXOD FRP WDO REMHWLYR
VHUi GHQRPLQDomR $
VLPSOHV DQiOLVH GD HVWUXWXUD
GR QRPH HPSUHVDULDO p
LQVXILFLHQWH SDUD XPD
FRQFOXVmR FRUUHWD VREUH R
DVVXQWR
)250$d2'2120(
(035(6$5,$/
(P UHODomR DR
HPSUHViULR LQGLYLGXDO H D
FDGD WLSR GH VRFLHGDGH
HPSUHViULD R GLUHLWR
FRQWHPSODUHJUDVHVSHFtILFDV
GH IRUPDomR GR QRPH
HPSUHVDULDO 2XWURVVLP Ki
WLSRV GH VRFLHGDGHV
HPSUHViULDV TXH SRGHP
DGRWDU ILUPD RX
GHQRPLQDomR VHJXQGR D
YRQWDGHGHVHXVVyFLRVHKi
WLSRV TXH Vy SRGHP DGRWDU
XPD RX RXWUD HVSpFLH GH
QRPHHPSUHVDULDO
$QDOLVHVHFDGDKLSyWHVH
HPSDUWLFXODU
2 HPSUHViULR LQGLYLGXDO
Vy HVWi DXWRUL]DGR D DGRWDU
ILUPD EDVHDGR
QDWXUDOPHQWH HP VHX QRPH
FLYLO 3RGHUi RX QmR
DEUHYLiOR QD FRPSRVLomR
GR QRPH HPSUHVDULDO H
SRGHUiVHGHVHMDUDJUHJDUR
UDPR GH DWLYLGDGH D TXH VH
GHGLFD'HVWDIRUPDSRGHP
VH HOHQFDU DV VHJXLQWHV
DOWHUQDWLYDV SDUD R QRPH
HPSUHVDULDO GH XPD SHVVRD
ItVLFD FKDPDGD $QWRQLR
6LOYD 3HUHLUD TXH VH
LQVFUHYD FRPR HPSUHViULR
LQGLYLGXDO QD -XQWD
&RPHUFLDO ³$QWRQLR 6LOYD
3HUHLUD´ ³$ 6 3HUHLUD´
³6LOYD3HUHLUD´³63HUHLUD
/LYURV7pFQLFRV´HWF
$ VRFLHGDGH HP QRPH
FROHWLYR HVWi DXWRUL]DGD
DSHQDVDDGRWDUILUPDVRFLDO
TXH SRGH WHU SRU EDVH R
QRPHFLYLOGHXPDOJXQVRX
WRGRV RV VHXV VyFLRV (VVHV
QRPHV SRGHUmR VHU
DSURYHLWDGRV SRU H[WHQVR RX
DEUHYLDGDPHQWH GH DFRUGR
FRP D YRQWDGH GRV VHXV
WLWXODUHV 6H DFDVR QmR
FRQVWDU R QRPH GH WRGRV RV
VyFLRV p REULJDWyULD D
XWLOL]DomR GD SDUWtFXOD ³H
FRPSDQKLD´ RX
DEUHYLDGDPHQWH ³ &LD´
3RGHUmR WDPEpP RV VyFLRV
DJUHJDU RX QmR R UDPR GH
HPSUHVD FRUUHVSRQGHQWH
8PD VRFLHGDGH HPSUHViULD
GHVVD QDWXUH]D FRPSRVWD
SHORV VyFLRV $QWRQLR 6LOYD
%HQHGLWR 3HUHLUD H &DUORV
6RXVDSRGHUiRSWDUSRUXPD
GDV VHJXLQWHV VROXo}HV
³$QWRQLR 6LOYD %HQHGLWR
3HUHLUD &DUORV 6RXVD´
³3HUHLUD 6LOYD 6RXVD´
³$ 6LOYD % 3HUHLUD
6RXVD /LYURV 7pFQLFRV´
³$QWRQLR6LOYD &LD´HWF
$ VRFLHGDGH HP
FRPDQGLWD VLPSOHV WDPEpP
Vy SRGH FRPSRU QRPH
HPSUHVDULDO SRU PHLR GH
ILUPD GD TXDO FRQVWH QRPH
FLYLO GH VyFLR RX VyFLRV
FRPDQGLWDGRV 2V VyFLRV
FRPDQGLWiULRVQmRSRGHPWHU
VHXV QRPHV DSURYHLWDGRV QD
IRUPDomR GR QRPH
HPSUHVDULDO SRVWR TXH QmR
WrP UHVSRQVDELOLGDGH
LOLPLWDGD SHODV REULJDo}HV
GD VRFLHGDGH 'HVWD
PDQHLUD VHUi REULJDWyULD D
XWLOL]DomR GD SDUWtFXOD ³H
FRPSDQKLD´ SRU H[WHQVR RX
DEUHYLDGDPHQWH SDUD ID]HU
UHIHUrQFLD DRV VyFLRV GHVVD
FDWHJRULD 2 QRPH FLYLO GR
VyFLR FRPDQGLWDGR SRGH VHU
XVDGR SRU H[WHQVR RX
DEUHYLDGDPHQWH H SRGHVH
DJUHJDU R UDPR GH QHJyFLR
H[SORUDGR SHOD VRFLHGDGH
$VVLP SRGHVH FRJLWDU GDV
VHJXLQWHVDOWHUQDWLYDVSDUDR
QRPH HPSUHVDULDO GH XPD
VRFLHGDGH HP FRPDQGLWD
VLPSOHV HP TXH RV VyFLRV
FRPDQGLWDGRVVHMDP$QWRQLR
6LOYD H %HQHGLWR 3HUHLUD
³$QWRQLR 6LOYD %HQHGLWR
3HUHLUD &LD´³%3HUHLUD
&RPSDQKLD´ ³6LOYD
3HUHLUD &LD ² /LYURV
7pFQLFRV´HWF
$VRFLHGDGHHPFRQWDGH
SDUWLFLSDomR SRU VXD
QDWXUH]D GH VRFLHGDGH
VHFUHWD HVWi SURLELGD GH
DGRWDU QRPH HPSUHVDULDO
ILUPD RX GHQRPLQDomR TXH
GHQXQFLH D VXD H[LVWrQFLD
&&DUW
$ VRFLHGDGH OLPLWDGD
HVWi DXWRUL]DGD SRU OHL D
JLUDU VRE ILUPD RX
GHQRPLQDomR 6H RSWDU SRU
ILUPD SRGHUi LQFOXLU QHOD R
QRPHFLYLOGHXPDOJXQVRX
WRGRV RV VyFLRV TXH D
FRPS}HP SRU H[WHQVR RX
DEUHYLDGDPHQWH YDOHQGRVH
GD SDUWtFXOD ³H FRPSDQKLD´
RX ³ &LD´ VHPSUH TXH
RPLWLURQRPHGHSHORPHQRV
XP GHOHV 0DV DGRWDQGR
ILUPD RX GHQRPLQDomR QmR
SRGHUi R QRPH HPSUHVDULDO
GHL[DU GH FRQWHPSODU D
LGHQWLILFDomR GR WLSR
VRFLHWiULR SRU PHLR GD
H[SUHVVmR ³OLPLWDGD´ SRU
H[WHQVR RX DEUHYLDGD
³/WGD´ VRE SHQD GH
UHVSRQVDELOL]DomR LOLPLWDGD
GRV DGPLQLVWUDGRUHV TXH
IL]HUHP XVR GR QRPH
HPSUHVDULDO&&DUW
$ LGHQWLILFDomR GR UDPR GH
DWLYLGDGH QR QRPH
HPSUHVDULDO p RSWDWLYD
TXDQGR D OLPLWDGD DGRWD
ILUPD H REULJDWyULD TXDQGR
DGRWD GHQRPLQDomR 6mR
DVVLP H[HPSORV GH QRPH
HPSUHVDULDO GH VRFLHGDGH
OLPLWDGD ³$QWRQLR 6LOYD
/WGD´ ³6LOYD 3HUHLUD
OLPLWDGD´ ³$ 6LOYD
3HUHLUD /LYURV 7pFQLFRV
/WGD´³$OYRUDGD&RPpUFLR
GH /LYURV 7pFQLFRV /WGD´
HWF
4XDQGR D VRFLHGDGH
OLPLWDGD WLYHU XP VyFLR
DSHQDV DXWRUL]D D OHL D
IRUPDomR GR QRPH
HPSUHVDULDO PHGLDQWH ILUPD
RX GHQRPLQDomR 'R QRPH
SRUpP GHYH FRQVWDU D VLJOD
³(,5(/,´ XPD UHIHUrQFLD j
HPSUHVD LQGLYLGXDO GH
UHVSRQVDELOLGDGH OLPLWDGD
&&DUW$
$ VRFLHGDGH DQ{QLPD Vy
SRGHDGRWDUGHQRPLQDomRGH
TXH GHYH FRQVWDU UHIHUrQFLD
DR REMHWR VRFLDO GHVGH D
HQWUDGD HP YLJRU GR &yGLJR
&LYLO DUW e
REULJDWyULD D LGHQWLILFDomR
GR WLSR VRFLHWiULR QR QRPH
HPSUHVDULDO SRU PHLR GD
ORFXomR ³VRFLHGDGH
DQ{QLPD´ SRU H[WHQVR RX
DEUHYLDGDPHQWH XVDGD QR
LQtFLRQRPHLRRXQRILPGD
GHQRPLQDomR RX SHOD
H[SUHVVmR ³FRPSDQKLD´ SRU
H[WHQVR RX DEUHYLDGD
FRQVWDQWH GR LQtFLR RX GR
PHLR GD GHQRPLQDomR
VHJXQGR SUHVFUHYH R DUW
GD/HLQ7DPEpP
p DXWRUL]DGR R HPSUHJR GH
QRPHV FLYLV GH SHVVRDV TXH
IXQGDUDP D FRPSDQKLD RX
FRQFRUUHP SDUD R VHX ERP
r[LWR ([HPSORV ³6$
$OYRUDGD ² /LYURV
7pFQLFRV´ ³$OYRUDGD 6$
² /LYURV 7pFQLFRV´
³$OYRUDGD /LYURV 7pFQLFRV
6RFLHGDGH $Q{QLPD´
³&RPSDQKLD (GLWRUD GH
/LYURV 7pFQLFRV $OYRUDGD´
³$OYRUDGD ² &LD
&RPHUFLDO GH /LYURV
7pFQLFRV´ ³,QG~VWULDV
'HPyVWHQHV GH $OFkQWDUD
6$´HWF
$ VRFLHGDGH HP
FRPDQGLWD SRU Do}HV SRGH
DGRWDU ILUPD RX
GHQRPLQDomR 1R SULPHLUR
FDVR SRGH DSURYHLWDU
DSHQDV R QRPH FLYLO SRU
H[WHQVR RX DEUHYLDGR GRV
VyFLRV GLUHWRUHV RX
DGPLQLVWUDGRUHV TXH
UHVSRQGHP LOLPLWDGDPHQWH
SHODVREULJDo}HVVRFLDLV1D
GHQRPLQDomR H[LJHVH
UHIHUrQFLD DR REMHWR VRFLDO
$GRWDQGR ILUPD RX
GHQRPLQDomR VHUi
REULJDWyULD D LGHQWLILFDomR
GR WLSR VRFLHWiULR SHOD
ORFXomR ³FRPDQGLWD SRU
Do}HV´ PHVPR DEUHYLDGD
6HIXQGDGRQRQRPHFLYLOGH
XP RX PDLV DFLRQLVWDV FRP
UHVSRQVDELOLGDGH LOLPLWDGD
GLUHWRUHV p REULJDWyULD D
ORFXomR ³H FRPSDQKLD´ SRU
H[WHQVR RX DEUHYLDGD
([HPSOLILFDWLYDPHQWH
³$QWRQLR 6LOYD H
&RPSDQKLD &RPDQGLWD SRU
$o}HV´ ³$OYRUDGD /LYURV
7pFQLFRV&$´³&RPDQGLWD
SRU$o}HV 6LOYD 3HUHLUD
&LD´HWF
$ VRFLHGDGH HPSUHViULD
GH TXDOTXHU WLSR TXH WHQKD
LQJUHVVDGR HP MXt]R FRP D
PHGLGD GH UHFXSHUDomR
MXGLFLDO GHYH DFUHVFHU DR
VHX QRPH HP WRGRV RV DWRV
FRQWUDWRV H GRFXPHQWRV D
H[SUHVVmR ³HP 5HFXSHUDomR
-XGLFLDO´/)DUW
)LQDOPHQWH GHYHVH
PHQFLRQDUTXHRHPSUHViULR
SHVVRDItVLFDRXMXUtGLFDDR
VH UHJLVWUDU FRPR
PLFURHPSUHViULR RX
HPSUHViULR GH SHTXHQR
SRUWH WHUi DFUHVFLGR DR VHX
QRPH D ORFXomR
LGHQWLILFDWLYD GHVWDV
FRQGLo}HV 0( RX (33
FRQIRUPH HVWDEHOHFH R DUW
GD /HL &RPSOHPHQWDU Q
2 QRPH HPSUHVDULDO DR
FRQWUiULR GR QRPH FLYLO
SRGH VHU DOWHUDGR SHOD
VLPSOHV YRQWDGH GR
HPSUHViULRVHMDHVWHSHVVRD
ItVLFDRXMXUtGLFDGHVGHTXH
UHVSHLWDGDV DV QRUPDV GH
IRUPDomR Mi DQDOLVDGDV e D
KLSyWHVH GH DOWHUDomR
YROXQWiULD GR QRPH
HPSUHVDULDO TXH GHSHQGH
H[FOXVLYDPHQWH GD YRQWDGH
GR VHX WLWXODU 6H VRFLHGDGH
HPSUHViULD p FODUR D
DOWHUDomR YROXQWiULD H[LJLUi
D FRQFRUUrQFLD GD YRQWDGH
GH VyFLRV TXH GHWHQKDP
SDUWLFLSDomR GR FDSLWDO
VRFLDO TXH OKH DVVHJXUH R
GLUHLWR GH DOWHUDU R FRQWUDWR
VRFLDO
$OpP GHVWD KLSyWHVH Ki
RXWUDVHPTXHDDOWHUDomRGR
QRPH HPSUHVDULDO RSHUDVH
LQGHSHQGHQWHPHQWH GD
YRQWDGH GR HPSUHViULR
7UDWDVHDJRUDGHDOWHUDomR
REULJDWyULDRXYLQFXODGD
(P UHODomR DRV QRPHV
HPSUHVDULDLV IXQGDGRV HP
QRPH FLYLO VmR FDXVDV GH
DOWHUDomRREULJDWyULD
D VDtGD UHWLUDGD
H[FOXVmR RX PRUWH GH VyFLR
FXMR QRPH FLYLO FRQVWDYD GD
ILUPD VRFLDO QHVWH FDVR
HQTXDQWR QmR VH SURFHGHU j
DOWHUDomR GR QRPH
HPSUHVDULDO R H[VyFLR RX
R VHX HVSyOLR FRQWLQXD D
UHVSRQGHU SHODV REULJDo}HV
VRFLDLV QDV PHVPDV
FRQGLo}HVHPTXHUHVSRQGLD
TXDQGR DLQGD LQWHJUDYD R
TXDGUR DVVRFLDWLYR &&
DUWVH
EDOWHUDomRGDFDWHJRULD
GR VyFLR TXDQWR j VXD
UHVSRQVDELOLGDGH SHODV
REULJDo}HV VRFLDLV VH R
QRPH FLYLO GHOH LQWHJUDYD R
QRPH HPSUHVDULDO VH VyFLR
FRPDQGLWDGR GH XPD
VRFLHGDGH HP FRPDQGLWD
VLPSOHV SDVVD D VHU
FRPDQGLWiULR RX VH R
DFLRQLVWD QmR GLUHWRU GD
VRFLHGDGHHPFRPDQGLWDSRU
Do}HV GHL[D DV IXQo}HV
DGPLQLVWUDWLYDV R VHX QRPH
FLYLOQmRSRGHUiFRQWLQXDUD
FRPSRU R QRPH GD
VRFLHGDGH D ILUPD VRFLDO
$WpTXHVHDOWHUHHVWHQRPH
R VyFLR FRQWLQXDUi D
UHVSRQGHU SHODV REULJDo}HV
VRFLDLV FRPR VH DLQGD
LQWHJUDVVH D FDWHJRULD
DQWHULRU&&DUW
F DOLHQDomR GR
HVWDEHOHFLPHQWR SRU DWR
HQWUH YLYRV R HPSUHViULR
LQGLYLGXDO RX D VRFLHGDGH
HPSUHViULD QmR SRGHP
DOLHQDU R QRPH HPSUHVDULDO
&& DUW 0DV QD
KLSyWHVH GH DOLHQDomR GR
HVWDEHOHFLPHQWR
HPSUHVDULDO SRU DWR HQWUH
YLYRV VH SUHYLVWR HP
FRQWUDWR R DGTXLUHQWH SRGH
XVDU R QRPH GR DOLHQDQWH
SUHFHGLGR GR VHX FRP D
TXDOLILFDomRGHVXFHVVRUGH
(VWDV WUrV FDXVDV GH
DOWHUDomR REULJDWyULD GR
QRPH HPSUHVDULDO IXQGDGR
HP QRPH FLYLO GHFRUUHP GH
UHJUD GH FRPSRVLomR TXH VH
FRVWXPD FKDPDU GH
³SULQFtSLR GD YHUDFLGDGH´
/5( DUW 'H DFRUGR
FRPHVWHSULQFtSLRpGHIHVR
DR HPSUHViULR YDOHUVH QD
FRPSRVLomR GH VHX QRPH
HPSUHVDULDO GH HOHPHQWRV
HVWUDQKRV DR QRPH FLYLO GH
TXHVHMDWLWXODUFRPRSHVVRD
ItVLFD RX GH TXH VHMDP
WLWXODUHV RV VHXV VyFLRV VH
SHVVRD MXUtGLFD (VWH
SULQFtSLR QmR VH DSOLFD
LQWHJUDOPHQWH j
GHQRPLQDomR GD VRFLHGDGH
DQ{QLPD TXH SRGH VHU
FRPSRVWD SRU QRPH FLYLO GH
IXQGDGRU RX SHVVRD TXH
WHQKD FRQFRUULGR SDUD R
r[LWR GD HPSUHVD DLQGD TXH
QmRVHMDPDLVDFLRQLVWD&&
DUW SDUiJUDIR ~QLFR
/6$DUW
$OpP GDV DOWHUDo}HV HP
GHFRUUrQFLD GR SULQFtSLR GD
YHUDFLGDGH SUHYr R GLUHLWR
GXDV RXWUDV FDXVDV TXH
HQVHMDP D PXGDQoD
FRPSXOVyULD GD ILUPD RX
GHQRPLQDomR
D 7UDQVIRUPDomR D
VRFLHGDGH HPSUHViULD SRGH
H[SHULPHQWDU DOWHUDomR GH
WLSR VRFLHWiULR SDVVDU GH
VRFLHGDGH OLPLWDGD SDUD
DQ{QLPD RX YLFHYHUVD
1HVWD KLSyWHVH DV UHJUDV GH
IRUPDomR GR QRPH
HPSUHVDULDOUHODWLYDVDRWLSR
VRFLHWiULR HP TXH VH
WUDQVIRUPRX D VRFLHGDGH
GHYHP VHU REVHUYDGDV
DOWHUDQGRVH RV DVSHFWRV GR
QRPH HPSUHVDULDO HQWmR
H[LVWHQWHV TXH FRP HODV
IRUHP LQFRPSDWtYHLV $
FRQVHTXrQFLD GD QmR
DOWHUDomRGRQRPHFRPHUFLDO
VHUi D LQHILFiFLD GD
WUDQVIRUPDomR SHUDQWH
WHUFHLURV TXH FRQWUDWDUHP
FRPDVRFLHGDGH
E /HVmR D GLUHLWR GH
RXWUR HPSUHViULR SHOR
VLVWHPDGHSURWHomRGRQRPH
HPSUHVDULDO TXH DGLDQWH VH
HVSHFLILFD R HPSUHViULR
HVWDUi REULJDGR D DOWHUDU R
VHX QRPH HPSUHVDULDO
VHPSUHTXHHVWHOHVDUGLUHLWR
GH RXWUR H[HUFHQWH GH
DWLYLGDGH HPSUHVDULDO VRE
SHQDGHDOWHUDomRFRHUFLWLYD
H UHVSRQVDELOL]DomR SRU
SHUGDVHGDQRV
,QLFLDOPHQWH GHYHVH
DWHQWDU SDUD R IDWR GH TXH R
GLUHLWR SURWHJH R QRPH
HPSUHVDULDO FRP YLVWDV j
WXWHOD GH GRLV GLIHUHQWHV
LQWHUHVVHVGRHPSUHViULRGH
XP ODGR R LQWHUHVVH QD
SUHVHUYDomR GD FOLHQWHOD GH
RXWUR R GD SUHVHUYDomR GR
FUpGLWR &RP HIHLWR VH
GHWHUPLQDGR HPSUHViULR
FRQFHLWXDGR QR PHLR
HPSUHVDULDO Yr XP
FRQFRUUHQWH XVDQGR QRPH
HPSUHVDULDO LGrQWLFR RX
PHVPR VHPHOKDQWH DR VHX
SRGHP RFRUUHU
FRQVHTXrQFLDV TXH GHYHP
VHU SUHYHQLGDV HP GRLV
QtYHLV 4XDQWR j FOLHQWHOD
SRGH DFRQWHFHU GH DOJXQV
PDLV GHVDYLVDGRV HQWUDUHP
HP WUDQVDo}HV FRP R
XVXUSDGRU GR QRPH
HPSUHVDULDOLPDJLQDQGRTXH
R ID]HP FRP DTXHOH
HPSUHViULR FRQFHLWXDGR
LPSRUWDQGR R XVR LQGHYLGR
GR QRPH LGrQWLFR RX
DVVHPHOKDGR HP LQHTXtYRFR
GHVYLR GH FOLHQWHOD 4XDQWR
DR FUpGLWR GDTXHOH
HPSUHViULR FRQFHLWXDGR
SRGHUi VHU SDUFLDO H
WHPSRUDULDPHQWH DEDODGR
FRPRSURWHVWRGH WtWXORV RX
SHGLGR GH IDOrQFLD GR
XVXUSDGRU7DQWRQXPTXDQWR
QRXWUR QtYHO R HPSUHViULR
TXHWHYHRVHXQRPHLPLWDGR
SRGHUiVRIUHUFRQVHTXrQFLDV
SDWULPRQLDLVGDQRVDV
$R SURWHJHU R QRPH
HPSUHVDULDO SRUWDQWR R
GLUHLWR WHP HP YLVWD D WXWHOD
GHVVHV GRLV LQWHUHVVHV 3RU
HVWD UD]mR SRUTXH QmR YLVD
VRPHQWH D HYLWDU R GHVYLR
GHVOHDOGHFOLHQWHODpTXHD
SURWHomR QmR GHYH VH
UHVWULQJLU DRV HPSUHViULRV
TXH DWXHP QR PHVPR UDPR
GD DWLYLGDGH HPSUHVDULDO
&RPRWHPHPPLUDWDPEpP
D SUHVHUYDomR GR FUpGLWR
QmR SRGH R HPSUHViULR TXH
H[SORUD GHWHUPLQDGD
DWLYLGDGH SUHWHQGHU XVDU
QRPHLPLWDGRGHHPSUHViULR
H[SORUDGRU GH DWLYLGDGH
GLYHUVD VRE R SUHWH[WR GH
QmR VHU SRVVtYHO D
FRQFRUUrQFLD HQWUH DPERV
6DOYR p FODUR DXWRUL]DomR
FRQWUDWXDOSHODTXDORWLWXODU
GR QRPH HPSUHVDULDO
OHJLWLPD R XVR GH QRPH
LGrQWLFR RX VHPHOKDQWH SRU
RXWURHPSUHViULR
2 WLWXODU GH XP QRPH
HPSUHVDULDO WHP R GLUHLWR j
H[FOXVLYLGDGH GH XVR
SRGHQGR LPSHGLU TXH RXWUR
HPSUHViULR VH LGHQWLILTXH
FRP QRPH LGrQWLFR RX
VHPHOKDQWH TXH SRVVD
SURYRFDU FRQIXVmR HP
FRQVXPLGRUHV RX QR PHLR
HPSUHVDULDO$VVLPHPFDVR
GHLGHQWLGDGHRXVHPHOKDQoD
GH QRPHV R HPSUHViULR TXH
DQWHULRUPHQWH KDMD IHLWR XVR
GHOHWHUiGLUHLWRGHREULJDUR
RXWURDDFUHVFHUDRVHXQRPH
GLVWLQWLYRV VXILFLHQWHV
DOWHUDQGRR WRWDOPHQWH
LQFOXVLYH VH QmR KRXYHU
RXWUD IRUPD GH GLVWLQJXLORV
FRP VHJXUDQoD e R TXH
GHFRUUH GRV DUWV 9 GD
/5(GR&&H
GD/6$
0DVRTXHVHMDXPQRPH
LGrQWLFR RX VHPHOKDQWH LVWR
D OHL QmR HVFODUHFH $
VROXomR DVVLP p GDGD SHOR
VHJXLQWH FULWpULR GH QDWXUH]D
GRXWULQDO D LGHQWLGDGH RX
VHPHOKDQoD QmR GL] UHVSHLWR
VHQmR DR Q~FOHR GR QRPH
HPSUHVDULDO 2V HOHPHQWRV
LGHQWLILFDGRUHV GR WLSR
VRFLHWiULR GR UDPR GH
DWLYLGDGH EHP FRPR DV
SDUWtFXODV JHUDLV ³ &LD´
³,UPmRV´ ³6XFHVVRU GH´
HWFGHYHPVHUGHVSUH]DGRV
QD DQiOLVH GD LGHQWLGDGH RX
VHPHOKDQoDHQWUHGRLVQRPHV
HPSUHVDULDLV 3RU Q~FOHR GR
QRPHHPSUHVDULDOVHHQWHQGH
DH[SUHVVmRTXHpSUySULDGR
VHX WLWXODU DTXHOD TXH R
WRUQD FRQKHFLGR WDQWR HQWUH
RVFRQVXPLGRUHVFRPRHQWUH
RV IRUQHFHGRUHV e D SDUWH
GR QRPH HPSUHVDULDO TXH
QmR VH SRGH DEVWUDLU VHP
GHVQDWXUiOR VHP SHUGHU GH
YLVWD DTXHOH HVSHFtILFR
VXMHLWR GH GLUHLWR TXH VH
SUHWHQGHLGHQWLILFDU
([HPSOLILFDWLYDPHQWH
FRQVLGHUHPVH RV VHJXLQWHV
WUrVQRPHVHPSUHVDULDLV
D ³$OYRUDGD ²
&RPpUFLRH,QG~VWULD/WGD´
E ³3ULPDYHUD ²
&RPpUFLRH,QG~VWULD/WGD´
F ³&RPSDQKLD
([SRUWDGRUD H ,PSRUWDGRUD
3ULPDYHUD´
2VQRPHV DH E HPERUD
WHQKDP PDLV HOHPHQWRV
DEVROXWDPHQWH LGrQWLFRV
HQWUH VL VmR QRPHV
HPSUHVDULDLV GLIHUHQWHV H R
WLWXODU GH XP GHOHV QmR WHP
TXDOTXHU GLUHLWR HP UHODomR
DR WLWXODU GR RXWUR ,VWR
SRUTXH R Q~FOHR GH XP
³$OYRUDGD´ p
LQFRQIXQGtYHO FRP R GR
RXWUR ³3ULPDYHUD´ -i RV
QRPHV E H F SRVVXHP
VRPHQWH XPD H[SUHVVmR
LGrQWLFD VHQGR WRGDV DV
GHPDLV FRPSOHWDPHQWH
GLIHUHQWHV ,QREVWDQWH R
WLWXODU GR QRPH HPSUHVDULDO
DQWHULRU WHUi GLUHLWR GH
REULJDU R WLWXODU GR RXWUR D
DEVWHUVH GH ID]HU XVR GHOH
SRVWRTXHRQ~FOHRGHDPERV
pLJXDO³3ULPDYHUD´
2 5HJLVWUR GR &RPpUFLR
DGRWD HVVH HQWHQGLPHQWR GH
UHVWULQJLUDRQ~FOHRGRQRPH
HPSUHVDULDO D DQiOLVH GD
LGHQWLGDGH RX VHPHOKDQoD
DSHQDV TXDQGR VH WUDWD GH
GHQRPLQDomR FRP
H[SUHVV}HV GH IDQWDVLD
LQFRPXQV (P UHODomR jV
GHPDLV GHQRPLQDo}HV H jV
ILUPDV UHFRPHQGD R
'HSDUWDPHQWR 1DFLRQDO GR
5HJLVWURGR&RPpUFLRTXHDV
-XQWDV OHYHP HP FRQWD D
FRPSRVLomR WRWDO GR QRPH
VHQGR LGrQWLFRV RV
KRPyJUDIRVHVHPHOKDQWHVRV
KRPyIRQRV/5(DUW9
1R FDPSR GR GLUHLWR
SHQDO D OHL GHILQH D
XVXUSDomR GH QRPH
HPSUHVDULDO FRPR FULPH GH
FRQFRUUrQFLD GHVOHDO /3,
DUW9
&$3Ë78/2
35235,('$'(
,1'8675,$/
3$7(17(6
5(*,6752
,1'8675,$/
$ PDUFD H R GHVHQKR
LQGXVWULDOVmRUHJLVWUiYHLVQR
,13,SDUDILQVGHFRQFHVVmR
GR GLUHLWR GH H[SORUDomR
H[FOXVLYD 2 GLUHLWR
EUDVLOHLUR GHVGH R &3, GH
FRQIHULX DR UHJLVWUR
LQGXVWULDO R FDUiWHU GH DWR
DGPLQLVWUDWLYR FRQVWLWXWLYR
2X VHMD R GLUHLWR GH
XWLOL]DomR H[FOXVLYD GR
GHVHQKR RX GD PDUFD QmR
QDVFH GD DQWHULRULGDGH HP
VXD XWLOL]DomR PDV GD
DQWHULRULGDGHGRUHJLVWUR
'HVHQKR LQGXVWULDO GL]
UHVSHLWRjIRUPDGRVREMHWRV
H VHUYH WDQWR SDUD FRQIHULU
OKH XP RUQDPHQWR
KDUPRQLRVR FRPR SDUD
GLVWLQJXLORV GH RXWURV GR
PHVPR JrQHUR /HPEUHVH
SRU H[HPSOR D FDGHLUD +LOO
+RXVH SURMHWDGD SHOR
DUTXLWHWR &KDUOHV
0DFNLQWRVK HP FXMD
IRUPD GHVHQKR LQGXVWULDO
GHVLJQ WHP HVSHFLILFLGDGHV
TXH SHUPLWHP VXD LPHGLDWD
LGHQWLILFDomR $ PDUFD SRU
VXD YH] p R VLJQR TXH
LGHQWLILFD SURGXWRV H
VHUYLoRV FRPR &RFDFROD
6DUDLYD,WD~
'HVHQKR LQGXVWULDO
³GHVLJQ´
2 UHJLVWUR GH GHVHQKR
LQGXVWULDO HVWi VXMHLWR DRV
VHJXLQWHVUHTXLVLWRV
D 1RYLGDGH ² D
H[HPSORGRTXHHVWDEHOHFHD
OHLUHODWLYDPHQWHDRVREMHWRV
GDV SDWHQWHV R GHVHQKR
LQGXVWULDOGHYHVHUQRYRLVWR
p QmR FRPSUHHQGLGR QR
HVWDGR GD WpFQLFD /3, DUW
$ IRUPD FULDGD SHOR
GHVLJQHUGHYHSDUDPHUHFHU
D SURWHomR GR GLUHLWR
LQGXVWULDO SURSLFLDU XP
UHVXOWDGR YLVXDO LQpGLWR
GHVFRQKHFLGR GRV WpFQLFRV
GRVHWRU
E 2ULJLQDOLGDGH ² R
GHVHQKRLQGXVWULDOpRULJLQDO
TXDQGR DSUHVHQWD XPD
FRQILJXUDomR SUySULD QmR
HQFRQWUDGD HP RXWURV
REMHWRV RX TXDQGR FRPELQD
FRPRULJLQDOLGDGHHOHPHQWRV
MiFRQKHFLGRV/3,DUW
(QTXDQWR D QRYLGDGH p XPD
TXHVWmR WpFQLFD D
RULJLQDOLGDGHpHVWpWLFD
F'HVLPSHGLPHQWR ² D
OHL LPSHGH R UHJLVWUR GH
GHVHQKR LQGXVWULDO HP
GHWHUPLQDGDVVLWXDo}HV/3,
DUW 6mR H[HPSORV GH
LPSHGLPHQWR GHVHQKRV
FRQWUiULRV j PRUDO H DRV
ERQV FRVWXPHV RIHQVLYRV j
KRQUDRXLPDJHPGHSHVVRDV
RX DWHQWDWyULRV j OLEHUGDGH
GH FRQVFLrQFLD IRUPDV
FRPXQV YXOJDUHV RX
QHFHVViULDV
2 UHJLVWUR GH GHVHQKR
LQGXVWULDO WHP R SUD]R GH
GXUDomR GH DQRV
FRQWDGRV GD GDWD GR
GHSyVLWR H SRGH VHU
SURUURJiYHO SRU DWp
SHUtRGRV VXFHVVLYRV GH
DQRVFDGD/3,DUW$
WD[D GHYLGD DR ,13, SHOR
WLWXODU GHVWH UHJLVWUR
GHQRPLQDGD UHWULEXLomR WHP
LQFLGrQFLD TXLQTXHQDO /3,
DUW
0DUFD
$ PDUFD p R GHVLJQDWLYR
TXH LGHQWLILFD SURGXWRV H
VHUYLoRV 1mR VH FRQIXQGH
FRP RXWURV GHVLJQDWLYRV
SUHVHQWHV QD HPSUHVD DVVLP
R QRPH HPSUHVDULDO TXH
LGHQWLILFD R HPSUHViULR H R
WtWXOR GH HVWDEHOHFLPHQWR
UHIHULGR DR ORFDO GR
H[HUFtFLR GD DWLYLGDGH
HFRQ{PLFD $ OHL GD
SURSULHGDGH LQGXVWULDO GH
LQWURGX]LX QR GLUHLWR
EUDVLOHLURDOpPGDPDUFDGH
SURGXWRV H VHUYLoRV GXDV
RXWUDV FDWHJRULDV D PDUFD
GH FHUWLILFDomR H D PDUFD
FROHWLYD /3, DUW ,, H
,,, $ SULPHLUD DWHVWD TXH
GHWHUPLQDGR SURGXWR RX
VHUYLoR DWHQGH D FHUWDV
QRUPDV GH TXDOLGDGH
IL[DGDV SRU RUJDQLVPR
RILFLDO RX SDUWLFXODU
HQTXDQWR D VHJXQGD LQIRUPD
TXHRIRUQHFHGRUGRSURGXWR
RX VHUYLoR p ILOLDGR D XPD
HQWLGDGH JHUDOPHQWH D
DVVRFLDomR GRV SURGXWRUHV
RXLPSRUWDGRUHVGRVHWRU
3DUD TXH XPD PDUFD
SRVVD VHU UHJLVWUDGD p
LQGLVSHQViYHO R DWHQGLPHQWR
GRVVHJXLQWHVUHTXLVLWRV
D 1RYLGDGH UHODWLYD ²
QmR VH H[LJH GD PDUFD TXH
UHSUHVHQWH XPD QRYLGDGH
DEVROXWDLVWRpDH[SUHVVmR
OLQJXtVWLFDRXVLJQRXWLOL]DGR
QmR SUHFLVDP VHU
QHFHVVDULDPHQWH FULDGRV
SHORHPSUHViULR2TXHGHYH
VHU QRYD p D XWLOL]DomR
GDTXHOH VLJQR QD
LGHQWLILFDomR GH SURGXWRV
LQGXVWULDOL]DGRV RX
FRPHUFLDOL]DGRV RX GH
VHUYLoRV SUHVWDGRV 3RU HVWD
UD]mR LQFOXVLYH D PDUFD p
SURWHJLGD HP SULQFtSLR
DSHQDV QR VHJPHQWR GH
DWLYLGDGH HFRQ{PLFD
H[SORUDGD SHOR WLWXODU GD
PDUFD HP UHODomR DRV
SURGXWRVRXVHUYLoRVFRPRV
TXDLV R LGHQWLILFDGR SRU HOD
SRGH HYHQWXDOPHQWH VHU
FRQIXQGLGR SHORV
FRQVXPLGRUHV
E 1mR FROLGrQFLD FRP
PDUFDQRWyULD²DVPDUFDV
QRWRULDPHQWH FRQKHFLGDV
PHVPR TXH QmR UHJLVWUDGDV
QR,13,PHUHFHPDWXWHODGR
GLUHLWR LQGXVWULDO HP UD]mR
GD &RQYHQomR GH 3DULV GD
TXDOSDUWLFLSDR%UDVLO/3,
DUW
F1mRLPSHGLPHQWR²D
OHL LPSHGH R UHJLVWUR FRPR
PDUFD GH GHWHUPLQDGRV
VLJQRV 3RU H[HPSOR DV
DUPDVRILFLDLVGR(VWDGRRX
R QRPH FLYLO VDOYR
DXWRUL]DomR SHOR VHX WLWXODU
HWF/3,DUW3DUDVHU
UHJLVWUDGR FRPR PDUFD QmR
SRGHRVLJQRFRUUHVSRQGHQWH
HQTXDGUDUVH QRV
LPSHGLPHQWRVOHJDLV
$ SURWHomR GD PDUFD VH
UHVWULQJH DRV SURGXWRV H
VHUYLoRV FRP RV TXDLV R
PDUFDGR SRGH VHU
FRQIXQGLGRSHORFRQVXPLGRU
6H QmR KRXYHU D
SRVVLELOLGDGH GH FRQIXVmR
² LVWR p GH R FRQVXPLGRU
FRQVLGHUDU TXH R IRUQHFHGRU
GH FHUWR SURGXWR RX VHUYLoR
p R PHVPR GH RXWUR FRP
PDUFD LJXDO RX VHPHOKDQWH
² QmR GHFRUUHUi GR
UHJLVWUR QHQKXP GLUHLWR GH
H[FOXVLYLGDGH 2 ,13,
FODVVLILFD DV GLYHUVDV
DWLYLGDGHV HFRQ{PLFDV GH
LQG~VWULD FRPpUFLR H
VHUYLoRV DJUXSDQGRDV
VHJXQGR R FULWpULR GD
DILQLGDGH HP FODVVHV TXH
DX[LOLDP D SHVTXLVD GH
SRVVtYHLV IRQWHV GH
FRQIXVmR 2 WLWXODU GR
UHJLVWUR GH XPD PDUFD WHUi
GLUHLWR j VXD H[SORUDomR
H[FOXVLYDQRVOLPLWHVIL[DGRV
SRU HVWH FULWpULR 1mR
SRGHUi SRU FRQVHJXLQWH
RSRUVH j XWLOL]DomR GH
PDUFD LGrQWLFD RX
VHPHOKDQWH SRU RXWUR
HPSUHViULR VH HVWLYHU
DIDVWDGD TXDOTXHU
SRVVLELOLGDGH GH FRQIXVmR
([FHomR IHLWD DSHQDV DR
WLWXODU GH PDUFD GHDOWR
UHQRPH FXMD SURWHomR VH
HVWHQGHDWRGRVRVUDPRVGH
DWLYLGDGH HFRQ{PLFD /3,
DUW 2 UHJLVWUR GH
GHWHUPLQDGD PDUFD QD
FDWHJRULDGDVGHDOWRUHQRPH
pDWRGLVFULFLRQiULRGR,13,
LQVXVFHWtYHO GH UHYLVmR SHOR
3RGHU -XGLFLiULR VHQmR
TXDQWR DRV VHXV DVSHFWRV
IRUPDLV HP YLVWD GD
WULSDUWLomR FRQVWLWXFLRQDO
GRVSRGHUHVGR(VWDGR8PD
YH]UHJLVWUDGDDPDUFDQHVWD
FDWHJRULD R VHX WLWXODU
SRGHUi LPSHGLU R XVR GH
PDUFD VHPHOKDQWH RX
LGrQWLFD HP TXDOTXHU UDPR
GDDWLYLGDGHHFRQ{PLFD
2 UHJLVWUR GH PDUFD WHP
D GXUDomR GH DQRV D
SDUWLUGDVXDFRQFHVVmR/3,
DUW (VWH DR FRQWUiULR
GR SUD]R GD SDWHQWH p
SURUURJiYHO SRU SHUtRGRV
LJXDLVHVXFHVVLYRVGHYHQGR
R LQWHUHVVDGR SOHLWHDU D
SURUURJDomR VHPSUH QR
~OWLPR DQR GH YLJrQFLD GR
UHJLVWUR
$ WD[D GHYLGD DR ,13,
SDUD HILFiFLD GR UHJLVWUR GH
PDUFD GHQRPLQDVH
UHWULEXLomR H p GHYLGD QD
FRQFHVVmR H D FDGD
SURUURJDomR GR UHJLVWUR
/3, DUWV H
,,,
2 UHJLVWUR GH PDUFD
FDGXFD VDOYR IRUoD PDLRU
VH D VXD H[SORUDomR
HFRQ{PLFD QmR WLYHU LQtFLR
QR%UDVLOHPDQRVDSDUWLU
GD VXD FRQFHVVmR QD
KLSyWHVH GH LQWHUUXSomR
GHVWD H[SORUDomR SRU
SHUtRGR GH DQRV
FRQVHFXWLYRV RX QD GH
DOWHUDomR VXEVWDQFLDO GD
PDUFD
&RP R GHVHQYROYLPHQWR
GR FRPpUFLR HOHWU{QLFR
VXUJLUDP FRQIOLWRV
HQYROYHQGR R XVR LQGHYLGR
GH PDUFDV DOKHLDV QR
UHJLVWUR GH QRPH GH
GRPtQLR /HPEUHVH TXH RV
HQGHUHoRV HOHWU{QLFRV GD
LQWHUQHWH VmR UHJLVWUDGRV
SHOR 1,&EU 1~FOHR GH
,QIRUPDomR H &RRUGHQDomR
GR 3RQWR %5 (VWD
DVVRFLDomR FLYLO GH GLUHLWR
SULYDGR SRUpP QmR WHP
FRPSHWrQFLD SDUD FRQFHGHU
RX QHJDU SURSULHGDGH VREUH
H[SUHVV}HV GH LGHQWLILFDomR
GH SURGXWRV RX VHUYLoRV WDO
IXQomR p FRPR YLVWR GR
,13, (P FRQVHTXrQFLD H
WDPEpP FRP R REMHWLYR GH
DJLOL]DU RV VHUYLoRV
DWULEXWLYRV GH HQGHUHoRV
HOHWU{QLFRV REVHUYDVH D
RUGHP GH FKHJDGD QR
UHJLVWUR GRV QRPHV GH
GRPtQLR 6H XP QRPH HVWi
GLVSRQtYHORSULPHLURTXHR
VROLFLWDU SRGHUi LGHQWLILFDU
VXD SiJLQD QD LQWHUQHWH FRP
HOH (P YLUWXGH GHVVD
VLVWHPiWLFDDOJXPDVSHVVRDV
XVXUSDUDPPDUFDVGHUHQRPH
QDIRUPDomRGHVHXHQGHUHoR
HOHWU{QLFR
1R FRQIOLWR HQWUH D
DQWHULRULGDGH QD VROLFLWDomR
GR QRPH GH GRPtQLR H R
UHJLVWUR GD PDUFD QR ,13,
SUHYDOHFH HVWH ~OWLPR
$VVLP R OHJtWLPR WLWXODU GH
PDUFD UHJLVWUDGD WHP R
GLUHLWR GH UHLYLQGLFDU R
HQGHUHoR HOHWU{QLFR
FRQFHGLGR SHOR 1,&EU D
RXWUD SHVVRD VHPSUH TXH R
GRPtQLR UHSURGX]LU VXD
PDUFD$ RUGHP GH FKHJDGD
Vy SUHYDOHFHUi VH RV GRLV
LQWHUHVVDGRV SRVVXtUHP
FDGD XP QXPD FODVVH
GLIHUHQWH R UHJLVWUR GD
PDUFD DGRWDGD QR QRPH GH
GRPtQLR
81,2'(3$5,6
2 %UDVLO p SDtV
XQLRQLVWD LVWR p VLJQDWiULR
GH XPD FRQYHQomR
LQWHUQDFLRQDO UHIHUHQWH j
SURSULHGDGH LQGXVWULDO ² D
&RQYHQomR GH 3DULV (P
IXQomR GLVWR YLJRUDP QR
GLUHLWR EUDVLOHLUR RV
SULQFtSLRV H QRUPDV
FRQVDJUDGRV SHOD UHIHULGD
&RQYHQomR WDPEpP
FRQKHFLGD SRU ³8QLmR GH
3DULV´
$VVLPQmRpDGPLVVtYHO
QR GLUHLWR EUDVLOHLUR D
FULDomR GH GLVWLQo}HV HQWUH
QDFLRQDLV H HVWUDQJHLURV HP
PDWpULDGHGLUHLWRLQGXVWULDO
6HULD LQYiOLGD VDOYR
GHQ~QFLDGD&RQYHQomRXPD
OHLLQWHUQDTXHSRUKLSyWHVH
FRQFHGHVVH SUD]R GH
GXUDomR PDLRU SDUD DV
SDWHQWHV GH TXH IRVVH WLWXODU
R LQYHQWRU QDFLRQDO FRPR
PHGLGDGHSURWHFLRQLVPRDR
GHVHQYROYLPHQWR GH QRVVD
WHFQRORJLD e R FKDPDGR
SULQFtSLRGDDVVLPLODomR
2XWURVVLP R GLUHLWR
EUDVLOHLUR UHFRQKHFH R
SULQFtSLR GD SULRULGDGH
SHOR TXDO p SRVVtYHO D
TXDOTXHU FLGDGmR GH SDtV
VLJQDWiULR GD 8QLmR
UHLYLQGLFDU SULRULGDGH GH
SDWHQWH RX UHJLVWUR
LQGXVWULDO QR %UDVLO j YLVWD
GH LJXDO FRQFHVVmR REWLGD
DQWHULRUPHQWH HP VHX SDtV
GHRULJHPGHVGHTXHRIDoD
HP PHVHV SDUD R PRGHOR
RX GHVHQKR LQGXVWULDLV
PDUFD RX VLQDO GH
SURSDJDQGD RX HP
PHVHV SDUD D LQYHQomR RX
PRGHOR GH XWLOLGDGH
FRQWDGRVGDDSUHVHQWDomRGH
VHX SULPHLUR SHGLGR
(TXLYDOH QD SUiWLFD j
HOLPLQDomR GDV IURQWHLUDV
QDFLRQDLV SDUD ILQV GH
SURWHomR GD SURSULHGDGH
LQGXVWULDO &ODUR HVWi TXH
LGrQWLFR GLUHLWR WHP R
EUDVLOHLUR HP UHODomR DRV
GHPDLVSDtVHVGD8QLmR
&$3Ë78/2
2(035(6È5,2(
26',5(,726'2
&21680,'25
,1752'8d2
$R GLVFLSOLQDU D
TXDOLGDGH GRV SURGXWRV RX
VHUYLoRV R &'& LQWURGX]LX
WUrV FRQFHLWRV IRUQHFLPHQWR
SHULJRVR GHIHLWXRVR H
YLFLDGR
2 IRUQHFLPHQWR p
SHULJRVRVHGDXWLOL]DomRGRV
SURGXWRV RX VHUYLoRV
GHFRUUHGDQRPRWLYDGRSHOD
LQVXILFLrQFLDRXLQDGHTXDomR
GDV LQIRUPDo}HV SUHVWDGDV
SHOR IRUQHFHGRU VREUH RV
ULVFRV D TXH VH H[S}H R
FRQVXPLGRU 7RGR SURGXWR
RX VHUYLoR SRGH H[S{OR D
YDULDGRV JUDXV GH ULVFR j
YLGD VD~GH RX LQWHJULGDGH
ItVLFD6HLQH[LVWHGHIHLWRQR
SURGXWR RX VHUYLoR HQWmR R
GDQR p FRQVHTXrQFLD GH VXD
Pi XWLOL]DomR SHOR
FRQVXPLGRU 2UD D Pi
XWLOL]DomR SRGH WHU VLGR
PRWLYDGD SHOD LQVXILFLrQFLD
RX LQDGHTXDomR GDV
LQIRUPDo}HV SUHVWDGDV SHOR
IRUQHFHGRU VLWXDomR HP TXH
R IRUQHFLPHQWR SHULJRVR VH
FDUDFWHUL]D
&HUWR GHVLQIHWDQWH SRGH
VHU Wy[LFR SDUD SHVVRDV
DOpUJLFDV$ULJRURSURGXWR
QmR DSUHVHQWD QHQKXP
SUREOHPDGHIHLWRRXYtFLR
PDV DSHQDV SURGX] HIHLWRV
QRFLYRV HP GHWHUPLQDGRV
FRQVXPLGRUHV 2 IRUQHFHGRU
WHP R GHYHU GH LQIRUPDU D
SRVVLELOLGDGH GH WDLV HIHLWRV
QD HPEDODJHP RX QR UyWXOR
GD PHUFDGRULD (OH VRPHQWH
HVWiGLVSHQVDGRGHDOHUWDURV
FRQVXPLGRUHV DFHUFD GRV
ULVFRV DPSODPHQWH
FRQKHFLGRV SHODV SHVVRDV
HP JHUDO R OHJLVODGRU QR
DUW GR &'& IDOD HP
³ULVFRV FRQVLGHUDGRV
QRUPDLV H SUHYLVtYHLV´ 2
IDEULFDQWH GH IDFDV SRU
H[HPSOR QmR SUHFLVD
LQIRUPDU VREUH R SRWHQFLDO
OHWDO GR SURGXWR
VXILFLHQWHPHQWH GLIXQGLGR
HQWUH RV FRQVXPLGRUHV DV
FULDQoDV DSUHQGHP GHVGH
FHGRDVFDXWHODVQHFHVViULDV
DRVHXPDQXVHLR
7RGDV DV TXHVW}HV
UHODFLRQDGDV FRP R
IRUQHFLPHQWR SHULJRVR
UHVROYHPVH QD DQiOLVH GD
VXILFLrQFLD H DGHTXDomR GDV
LQIRUPDo}HV SUHVWDGDV SHOR
IRUQHFHGRU DFHUFD GRV
ULVFRV GR SURGXWR RX
VHUYLoR 3URtEH D OHL &'&
DUW R IRUQHFLPHQWR FRP
DOWR JUDX GH QRFLYLGDGH RX
SHULFXORVLGDGH j VD~GH RX
VHJXUDQoD GR XVXiULR 2
SURGXWR RX VHUYLoR SRVVXLUi
HVVD QDWXUH]D DSHQDV VH IRU
LPSRVVtYHO SUHVWDU
DGHTXDGDPHQWH DRV
FRQVXPLGRUHV DV
LQIRUPDo}HV TXH RV
FDSDFLWHP j VXD XWLOL]DomR
VHP ULVFRV 1mR p TXDOTXHU
FDUDFWHUtVWLFD LQWUtQVHFD j
PHUFDGRULD RX DR VHUYLoR
TXH LUi WRUQiORV PDLV RX
PHQRV VHJXURV PDV VLP D
VXILFLrQFLDHDGHTXDELOLGDGH
GDV LQIRUPDo}HV SUHVWDGDV
SHORIRUQHFHGRU
3HORV GDQRV GHFRUUHQWHV
GH IRUQHFLPHQWR SHULJRVR
UHVSRQGHPREMHWLYDPHQWHR
IDEULFDQWH R SURGXWRU R
FRQVWUXWRU R LPSRUWDGRU
&'& DUW LQ ILQH H R
SUHVWDGRUGHVHUYLoRV&'&
DUW
)RUQHFLPHQWR GHIHLWXRVR
p DTXHOH HP TXH R SURGXWR
RXVHUYLoRDSUHVHQWDDOJXPD
LPSURSULHGDGH GDQRVD DR
FRQVXPLGRU 3RUpP DTXL R
GDQR QmR VH RULJLQD GD Pi
XWLOL]DomR GR SURGXWR RX
VHUYLoR RFDVLRQDGD SHOD
LQVXILFLrQFLDRXLQDGHTXDomR
GDV LQIRUPDo}HV VREUH RV
VHXVULVFRVPDVHPUD]mRGH
SUREOHPD LQWUtQVHFR DR
IRUQHFLPHQWR 3RU HUUR QR
HQYDVDPHQWRGRUHIULJHUDQWH
SRU H[HPSOR RFRUUHX PDLRU
FRQFHQWUDomRGHJiVHGHVWD
UHVXOWDUDP D TXHEUD GD
JDUUDID H IHULPHQWRV QR
FRQVXPLGRU
$ UHVSRQVDELOLGDGH GR
IDEULFDQWH SURGXWRU
FRQVWUXWRU H LPSRUWDGRU GRV
SURGXWRVRXGRSUHVWDGRUGH
VHUYLoRV SHOD LQGHQL]DomR
GRV GDQRV GHFRUUHQWHV GH
IRUQHFLPHQWR GHIHLWXRVR p
REMHWLYD &'& DUWV H
2X VHMD LQGHSHQGH GH
FXOSD 1D YHUGDGH R
HPSUHViULR SRGH
DWXDOPHQWH DQWHFLSDU HP
FHUWD PHGLGD DOJXQV GRV
SRVVtYHLV DFLGHQWHV GH
FRQVXPR 3RU PHLR GH
FiOFXORV DWXDULDLV p
GLPHQVLRQiYHO D
SUREDELOLGDGH GH DOJXQV
UHIULJHUDQWHV GXUDQWH R DQR
VHUHP HQYDVDGRV FRP
FRQFHQWUDomR VXSHULRU GH
JiV (VVHV GHIHLWRV QmR
GHFRUUHP GH FXOSD GR
HPSUHViULR PDV GH
OLPLWDomR GD FDSDFLGDGH GH
DJLU H GR FRQKHFLPHQWR
KXPDQRV ,VWR p SRU PDLV
FDXWHORVR H GLOLJHQWH TXH
VHMD R IRUQHFHGRU SRU PDLV
TXH LQYLVWD HP FRQWUROH GH
TXDOLGDGH H HP
DSHUIHLoRDPHQWRWHFQROyJLFR
GH VXD HPSUHVD DOJXPD
LQHYLWiYHO PDUJHP GH
GHIHLWXRVLGDGH QR
IRUQHFLPHQWR DFDED
RFRUUHQGR 1D WHRULD
WUDGLFLRQDO GD
UHVSRQVDELOLGDGH FLYLO R
DJHQWH Vy GHYH LQGHQL]DU D
YtWLPD VH DJLX FRP FXOSD
$VVLP QR SDVVDGR D
H[SORVmR GD JDUUDID DTXL
H[HPSOLILFDGD VHULD WLGD SRU
FDVRIRUWXLWRRXIRUoDPDLRU
KLSyWHVH HP TXH D SUySULD
YtWLPDDUFDYDFRPRVFXVWRV
GRLQIRUW~QLR
$ OHJLVODomR
FRQVXPHULVWD RSHUD XPD
LQYHUVmR QD KLSyWHVH 6H R
IRUQHFHGRU SRGH DQWHFLSDU D
SUREDELOLGDGH GH GHIHLWRV H
VHXV GHVGREUDPHQWRV
GDQRVRV HOH SRGHUi HQWmR
FRQVLGHUDU D LQGHQL]DomR
FRUUHVSRQGHQWH FRPR LWHP
GH FXVWR SDUD HP VHJXLGD
UHSDVViOR DR SUHoR GR
IRUQHFLPHQWR VRFLDOL]DQGR
HQWUHWRGRVRVFRQVXPLGRUHV
DV UHSHUFXVV}HV HFRQ{PLFDV
GR HYHQWR GDQRVR
([DWDPHQWH SRU SRVVXLU DV
FRQGLo}HV SDUD SURFHGHU j
VRFLDOL]DomR GRV FXVWRV
UHODFLRQDGRV FRP RV
DFLGHQWHV GH FRQVXPR DR
HPSUHViULR SRGHVH DWULEXLU
UHVSRQVDELOLGDGHREMHWLYD
6mR H[FOXGHQWHV GD
UHVSRQVDELOLGDGH REMHWLYD
GHVVHV IRUQHFHGRUHV QRV
WHUPRV GR DUW GR
&'&DDSURYDGHTXHQmR
KRXYH IRUQHFLPHQWR
GHWHFWDGR R GHIHLWR R
SURGXWR IRL VHSDUDGR SDUD
LQXWLOL]DomR PDV WHUFHLURV R
IXUWDUDP H R
FRPHUFLDOL]DUDP SRU
H[HPSORELQH[LVWrQFLDGR
GHIHLWR VLWXDomR HP TXH RV
GDQRV VRPHQWH SRGHP VHU
DWULEXtGRV D RXWURV IDWRUHV
FRPR D IRUoD PDLRU RX R
FDVR IRUWXLWR SRVWHULRUHV DR
IRUQHFLPHQWR F FXOSD
H[FOXVLYD GR FRQVXPLGRU RX
GHWHUFHLURDQRWDQGRVHTXH
D FXOSD FRQFRUUHQWH QmR
H[RQHUDRIRUQHFHGRU
2 HPSUHViULR
FRPHUFLDQWH UHVSRQGH SHOR
DFLGHQWH GH FRQVXPR DSHQDV
VH FRQVHUYRX
LQDGHTXDGDPHQWH SURGXWR
SHUHFtYHORXVHRIDEULFDQWH
RSURGXWRURFRQVWUXWRURXR
LPSRUWDGRU QmR SXGHUHP VHU
IDFLOPHQWH LGHQWLILFiYHLV
&'&DUW3RUVXDYH]
R SURILVVLRQDO OLEHUDO
UHVSRQGH GH PRGR VXEMHWLYR
&'&DUW
2 SUD]R SUHVFULFLRQDO
SDUD D UHVSRQVDELOL]DomR GR
IRUQHFHGRU p GH DQRV
&'&DUW
2 IRUQHFLPHQWR YLFLDGR
SRU ILP p DTXHOH HP TXH R
SURGXWRRXVHUYLoRDSUHVHQWD
LPSURSULHGDGH LQyFXD LVWR
p GD TXDO QmR GHFRUUH GDQR
FRQVLGHUiYHODRFRQVXPLGRU
$ PHVPD LPSURSULHGDGH
SRGH VHUGHIHLWR RXYtFLR
GHSHQGHQGRGDFLUFXQVWkQFLD
GH FDXVDU RX QmR SUHMXt]R
6H R DXWRPyYHO DSUHVHQWD
SUREOHPDHPVHXVLVWHPDGH
IUHLRV PDV LVWR p GHWHFWDGR
SHOR FRQVXPLGRU DQWHV GH
TXDOTXHU DFLGHQWH YHULILFD
VH IRUQHFLPHQWR YLFLDGR VH
FRQWXGR R SUREOHPD QmR p
GHWHFWDGR D WHPSR H HP
UD]mR GHOH RFRUUH DFLGHQWH
GH WUkQVLWR YHULILFDVH
IRUQHFLPHQWRGHIHLWXRVR
'LDQWH GH YtFLR QR
IRUQHFLPHQWR R FRQVXPLGRU
SRGH RSWDU JURVVR PRGR
SRUXPDGHWUrVDOWHUQDWLYDV
D GHVID]LPHQWR GR QHJyFLR
FRP D GHYROXomR GRV
YDORUHV Mi SDJRV
GHYLGDPHQWH FRUULJLGRV
DomR UHGLELWyULD E
UHGXomR SURSRUFLRQDO GR
SUHoR DomR HVWLPDWyULD F
HOLPLQDomR GR YtFLR VH
QHFHVViULR FRP D
VXEVWLWXLomRGRSURGXWRRXD
UHH[HFXomRGRVHUYLoRDomR
H[HFXWyULD HVSHFtILFD 1D
FRPSUD H YHQGD FLYLO H QD
FRPHUFLDO R FRPSUDGRU GH
FRLVD YLFLDGD GLVS}H DSHQDV
GD DOWHUQDWLYD HQWUH D DomR
UHGLELWyULDHDHVWLPDWyULD
$ OHJLVODomR
FRQVXPHULVWD WUDWD GH WUrV
HVSpFLHV GH IRUQHFLPHQWRV
YLFLDGRVYtFLRGHTXDOLGDGH
RX GH TXDQWLGDGH GRV
SURGXWRVHGHTXDOLGDGHGRV
VHUYLoRV &DUDFWHUL]DVH
YtFLR GH TXDOLGDGH GR
SURGXWR VH HVWH p LPSUySULR
DR FRQVXPR WHP
LPSURSULHGDGHTXHOKHUHGX]
RYDORURXVHKiGLVSDULGDGH
HQWUH D VXD UHDOLGDGH H DV
LQIRUPDo}HV GR IRUQHFHGRU
&'& DUW 2 SURGXWR p
LPSUySULR DR FRQVXPR VH
HVWi YHQFLGR R VHX SUD]R GH
YDOLGDGH VH Ki DGXOWHUDomR
DOWHUDomR DYDULD
IDOVLILFDomR LQREVHUYkQFLD
GH QRUPDV WpFQLFDV RX VH
SRU TXDOTXHU UD]mR QmR
DWHQGH jV ILQDOLGDGHV D TXH
VH GHVWLQD &'& DUW
1R IRUQHFLPHQWR YLFLDGR
GH SURGXWRV VHQGR R YtFLR
GH TXDOLGDGH WHP R
IRUQHFHGRU GLUHLWR GH WHQWDU
R VDQHDPHQWR GD
LPSURSULHGDGH &'& DUW
(VVH GLUHLWR QmR H[LVWH
VHRSURGXWRIRUHVVHQFLDODR
FRQVXPLGRU RX VH D
HOLPLQDomR GR YtFLR QmR IRU
SRVVtYHO VHP R
FRPSURPHWLPHQWR GD VXD
HILFiFLD FDUDFWHUtVWLFDV RX
YDORU&'&DUW
2 YtFLR GH TXDQWLGDGH
GRVSURGXWRVRFRUUHVHRVHX
FRQWH~GR OtTXLGR p LQIHULRU
jV LQGLFDo}HV FRQVWDQWHV GD
URWXODJHP HPEDODJHP RX
SXEOLFLGDGH VDOYR DV
YDULDo}HV SUySULDV GH VXD
QDWXUH]D 'LDQWH GH YtFLR
GHVWH WLSR SRGH R
FRQVXPLGRU SOHLWHDU GH
LPHGLDWR R VHX VDQHDPHQWR
PHGLDQWH D FRPSOHPHQWDomR
GR SHVR RX PHGLGD &'&
DUW ,, DOpP GD DomR
UHGLELWyULDHHVWLPDWyULD
+i YLFLDPHQWR GH
TXDOLGDGHQRVHUYLoRVHHVWH
pLQDGHTXDGRSDUDRILPTXH
UD]RDYHOPHQWH GHOH VH
HVSHUD RX RFRUUHU
LQREVHUYkQFLD GH QRUPDV
UHJXODPHQWDUHV GH
SUHVWDELOLGDGH &'& DUW
2 GLUHLWR GH UHFODPDU
SRU YtFLRV QR IRUQHFLPHQWR
GHFDL QR SUD]R GH GLDV
SURGXWRV H VHUYLoRV QmR
GXUiYHLV RX GH GLDV
SURGXWRV H VHUYLoRV
GXUiYHLV $OLPHQWRV H
EHELGDV VmR SURGXWRV QmR
GXUiYHLV Mi D ODYDJHP GH
DXWRPyYHO p H[HPSOR GH
VHUYLoR QmR GXUiYHO R
HOHWURGRPpVWLFR p SURGXWR
GXUiYHO HQTXDQWR D SLQWXUD
GHFDVDpVHUYLoRGXUiYHO2
WHUPRLQLFLDOSDUDDIOXrQFLD
GHVVH SUD]R p D HQWUHJD GR
SURGXWR RX R WpUPLQR GD
H[HFXomRGRVHUYLoRTXDQGR
R YtFLR p DSDUHQWH RX GH
IiFLO FRQVWDWDomR &'& DUW
H p D VXD
PDQLIHVWDomRQDKLSyWHVHGH
YtFLRRFXOWR&'&DUW
3527(d2
&2175$78$/
$ OHJLVODomR FLYLO VREUH
FRQWUDWRV SUHVVXS}H D
H[LVWrQFLD GH SDUWHV OLYUHV H
LJXDLV TXH WUDQVLJHP VREUH
RV VHXV UHVSHFWLYRV
LQWHUHVVHV FRP SOHQR
GRPtQLR GD YRQWDGH $V
SHVVRDV QHVWH FRQWH[WR
FRQWUDWDPVH TXLVHUHPFRP
TXHP TXLVHUHP HFRPR
TXLVHUHP $ LGHLD GH VHU R
FRQWUDWROHL HQWUH DV SDUWHV
FRUUHVSRQGH D HVWH FHQiULR
SUHVVXSRVWR GDV QRUPDV
FLYLVHHPSUHVDULDLV
$UHDOLGDGHGDVUHODo}HV
GH FRQVXPR QR HQWDQWR p
EHPGLIHUHQWH2FRQVXPLGRU
QmR FRQWUDWD VH TXLVHU FRP
TXHP TXLVHU H FRPR TXLVHU
PDV VH Yr PXLWDV YH]HV
REULJDGR D FRQWUDWDU EHQV H
VHUYLoRV HVVHQFLDLV GH XP
RX SRXFRV IRUQHFHGRUHV H
VHP D PHQRU SRVVLELOLGDGH
GH GLVFXWLU RV WHUPRV GD
QHJRFLDomR 3HQVHVH SRU
H[HPSOR QR FRQWUDWR GH
IRUQHFLPHQWR GH HQHUJLD
HOpWULFD QD DTXLVLomR GH
DOLPHQWRV H XWHQVtOLRV
EiVLFRV HWF 2 FRQVXPLGRU
HQFRQWUDVH SHUDQWH R
IRUQHFHGRU QXPD FODUD
VLWXDomR GH YXOQHUDELOLGDGH
(P JHUDO HOH WHP
UHODWLYDPHQWH DR SURGXWR RX
VHUYLoR TXH FRQVRPHPXLWR
PHQRVLQIRUPDo}HVGRTXHR
IRUQHFHGRU
2 &yGLJR GH 'HIHVD GR
&RQVXPLGRU FRQIHUH DR
FRQVXPLGRU RV PHLRV
MXUtGLFRV SDUD DWHQXDU DV
GLVWRUo}HV GHULYDGDV GD
YXOQHUDELOLGDGH HP TXH VH
HQFRQWUD SHUDQWH R
IRUQHFHGRU&LQFRSULQFtSLRV
SRGHP VHU GHVWDFDGRV QHVVD
PDWpULD
D,UUHQXQFLDELOLGDGHGH
GLUHLWRV ² VmR QXODV DV
FOiXVXODV FRQWUDWXDLV TXH
LPSRUWHP WiFLWD RX
H[SUHVVDPHQWH UHQ~QFLD
SHOR FRQVXPLGRU GRV
GLUHLWRV TXH OKH VmR
DVVHJXUDGRV (P WHUPRV
JHUDLV HVWH SULQFtSLR VH
HQFRQWUD LQVFULWR QR DUW
, GR &'& 2XWUDV
GLVSRVLo}HV FRQWXGR VmR
H[WHULRUL]Do}HV GHVWD
FRQFHSomREiVLFDVHJXQGRD
TXDO D SURWHomR MXUtGLFD GR
FRQVXPLGRU p GH RUGHP
S~EOLFD FRP FDUiWHU
FRJHQWH 6mR H[HPSORV GH
DSOLFDomR HVSHFtILFD GR
SULQFtSLR QXOLGDGH GD
GHVFRQVLGHUDomR GR GLUHLWR
GH RSWDU SHOR UHHPEROVR GD
TXDQWLD SDJD TXDQGR
DXWRUL]DGRSRUOHL&'&DUW
,, YHGDomR GD
WUDQVIHUrQFLD GH
UHVSRQVDELOLGDGH &'& DUW
,,, LPSRVVLELOLGDGH GH
LQYHUVmR GR {QXV GH SURYD
HP GHWULPHQWR GR
FRQVXPLGRU &'& DUW
9, LPSRVLomR GH
DUELWUDJHPQHFHVViULD&'&
DUW9,,HLQYDOLGDGHGH
FOiXVXODVHPGHVDFRUGRFRP
R VLVWHPD OHJDO GH SURWHomR
DR FRQVXPLGRU &'& DUW
;9 (P YLUWXGH GHVVH
SULQFtSLR QmR WHP YDOLGDGH
TXDOTXHU GLVSRVLomR
FRQWUDWXDO PHVPR TXH
LQGXELWDYHOPHQWH DVVLQDGD
SHOR FRQVXPLGRU TXH
LPSRUWH OLPLWDomR RX
IUXVWUDomR GR H[HUFtFLR GH
GLUHLWR OHJDOPHQWH
UHFRQKHFLGR1RFRQWUDWRGH
FRQVXPR QmR p DGPLWLGD D
UHQ~QFLD D GLUHLWR QHP
PHVPRSRUPHLRGHFOiXVXOD
DGLFLRQDGD D FRQWUDWR GH
DGHVmR FRPR SHUPLWH D OHL
UHODWLYDPHQWH DRV FRQWUDWRV
FtYHLV R DUW GR &&
FRQVLGHUDQXODDUHQ~QFLDGR
DGHUHQWH DSHQDV VH IRU
DQWHFLSDGD RX VHMD FRQVWDU
MiGRIRUPXOiULRRXGHRXWUR
LQVWUXPHQWR GR FRQWUDWR GH
DGHVmR SUHSDUDGR SHOR
HVWLSXODQWH
E (TXLOtEULR FRQWUDWXDO
² D HTXLGDGH QDV UHODo}HV
GH FRQVXPR p XP GRV
YDORUHV IXQGDPHQWDLV
SUHVHQWHV QR VLVWHPD GH
SURWHomR FRQWUDWXDO
1HQKXPD RQHUDomR
H[FHVVLYD VHUi LPSRVWD DRV
FRQVXPLGRUHV TXH QmR
SRGHP ILFDU HP VLWXDomR
GHVYDQWDMRVD SHUDQWH R
HPSUHViULR &RP HVWH
HVStULWR R OHJLVODGRU
IXOPLQRX FRP D QXOLGDGH R
HVWDEHOHFLPHQWR GH
IDFXOGDGHV DR HPSUHViULR
TXH QmR VHMDP
FRUUHVSRQGHQWHV jV
UHFRQKHFLGDV DRV
FRQVXPLGRUHV&'&DUW
;, H ;,, 7DPEpP QmR VH
HQFRQWUDP UHVSDOGDGDV
MXULGLFDPHQWHDVGLVSRVLo}HV
FRQWUDWXDLV DXWRUL]DQGR R
HPSUHViULR XQLODWHUDOPHQWH
D DOWHUDU DV FRQGLo}HV GR
QHJyFLR &'& DUW ; H
;,,, ,JXDOPHQWH VmR
LQYiOLGDV DV FOiXVXODV FRP
H[LJrQFLDV LQMXVWLILFiYHLV GD
SDUWH GR HPSUHViULR &'&
DUW9,,H9,,,
F 7UDQVSDUrQFLD ² DV
UHODo}HV GH FRQVXPR GHYHP
SDXWDUVH QD PDLV DEVROXWD
WUDQVSDUrQFLD RX VHMD R
FRQVXPLGRU GHYH WHU SUpYLR
HFRPSOHWRFRQKHFLPHQWRGD
H[DWD H[WHQVmR GDV
REULJDo}HV DVVXPLGDV SRU
HOH H SHOR HPSUHViULR HP
GHFRUUrQFLD GR FRQWUDWR
1HVWHVHQWLGRRFRQVXPLGRU
QmR HVWDUi YLQFXODGR VH QmR
OKH IRU GDGD FLrQFLD SUpYLD
GR FRQWH~GR GR LQVWUXPHQWR
RX VH HVWH IRU UHGLJLGR GH
PRGR D GLILFXOWDU D
FRPSUHHQVmRGRVHXDOFDQFH
&'& DUW 3RU RXWUR
ODGR DV LQIRUPDo}HV
SUHFLVDV FRQVWDQWHV GH
PHQVDJHP SXEOLFLWiULD
WUDQVPLWLGD SRU TXDOTXHU
PHLR GH FRPXQLFDomR
LQWHJUDP R FRQWUDWR &'&
DUW 3RU ILP R
OHJLVODGRU GHWHUPLQD TXH RV
FRQWUDWRV GH DGHVmR HVFULWRV
GHYHP VHU UHGLJLGRV GH
IRUPDFODUDHFRPSUHHQVtYHO
H HODERUDGRV FRP GHVWDTXH
SDUDDVFOiXVXODVOLPLWDWLYDV
GH GLUHLWRV GR FRQVXPLGRU
&'& DUW H
&RPR VH QRWD D
WUDQVSDUrQFLD QDV UHODo}HV
GH FRQVXPR VLJQLILFD D
SRVVLELOLGDGH GH R
FRQVXPLGRU WHU DFHVVR jV
LQIRUPDo}HV UHODWLYDV jV
FRQGLo}HV GR QHJyFLR TXH
HVWi UHDOL]DQGR RX SUHWHQGH
UHDOL]DU 1HQKXP H[SHGLHQWH
SRGHUi VHU YDOLGDPHQWH
XWLOL]DGR SHOR HPSUHViULR
SDUD LPSHGLU TXH R
FRQVXPLGRU FHOHEUH FRQWUDWR
LJQRUDQGR SDUFLDOPHQWH DV
REULJDo}HV RX RV GLUHLWRV
DVVXPLGRV
G ,QWHUSUHWDomR
IDYRUiYHODRFRQVXPLGRU²
FRPR R LQVWUXPHQWR
FRQWUDWXDO p HODERUDGR
XQLODWHUDOPHQWH SHOR
IRUQHFHGRU D OHL &'& DUW
HVWDEHOHFH TXH D VXD
LQWHUSUHWDomRGHYHIDYRUHFHU
R FRQVXPLGRU GH PRGR TXH
HYHQWXDOWHQWDWLYDGHUHGDomR
DPEtJXD RX REVFXUD GR
FRQWUDWR UHVXOWH LQHILFD]
6HJXQGRHVWHSULQFtSLRVHD
GLVSRVLomR GR FRQWUDWR
FRPSRUWDU PDLV GH XPD
LQWHUSUHWDomR D TXH WURX[HU
PDLRUHV YDQWDJHQV DR
FRQVXPLGRU GHYH WHU
SUHIHUrQFLDVREUHDVGHPDLV
H ([HFXomR HVSHFtILFD
GRV FRQWUDWRV GH FRQVXPR
² RV FRQWUDWRV GH FRQVXPR
FRPSRUWDP H[HFXomR
HVSHFtILFD RX VHMD SRGH R
MXL] DGRWDU WRGD H TXDOTXHU
PHGLGD TXH YLDELOL]H R
DWLQJLPHQWR GR HIHLWR
FRQFUHWR SUHWHQGLGR SHODV
SDUWHV (P UHJUD DV
REULJDo}HV GH ID]HU
GHFRUUHQWHV GH FRQWUDWR GH
FRQVXPR VH UHVROYHP HP
SHUGDVHGDQRVVRPHQWHSRU
RSomR GR DXWRU GD GHPDQGD
RX SRU LPSRVVLELOLGDGH
PDWHULDO GD WXWHOD HVSHFtILFD
RX GH UHVXOWDGR SUiWLFR
FRUUHVSRQGHQWH &'& DUW
$ PHVPD SURWHomR p
GHIHULGDDWRGDPDQLIHVWDomR
HVFULWDGHYRQWDGHUHFLERVH
SUpFRQWUDWRV&'&DUW
7DQWR R HPSUHViULR FRPR R
FRQVXPLGRU HQFRQWUDPVH
VXMHLWRVDHVWDUHJUDGHVRUWH
TXH R SULPHLUR SRGH SRU
H[HPSOR REWHU RUGHP
MXGLFLDO TXH R DXWRUL]H D
UHDOL]DU SRU FRQWD GR
FRQVXPLGRU DV UHYLV}HV QR
EHP YHQGLGR VH HVWH ~OWLPR
DVVXPLX D REULJDomR GH DV
ID]HU
&RQYpP QRWDU DILQDO
TXH DRV GRLV ~OWLPRV
SULQFtSLRV GH WXWHOD GRV
FRQVXPLGRUHV
FRUUHVSRQGHP GHVGH D
HQWUDGD HP YLJRU GR &yGLJR
&LYLOHPUHJUDVJHUDLV
GR GLUHLWR FRQWUDWXDO
7DPEpPRVFRQWUDWRVFtYHLV
QmRVXMHLWRVDR&'&GHYHP
VHU LQWHUSUHWDGRV HP IDYRU
GR DGHUHQWH TXDQGR VmR GH
DGHVmR H FRPSRUWDP HP
UHJUD H[HFXomR HVSHFtILFD
&&DUWVH
38%/,&,'$'(
',5(,72
62&,(7È5,2
&$3Ë78/2
7(25,$*(5$/
'2',5(,72
62&,(7È5,2
&21&(,72 '(
62&,('$'(
(035(6È5,$
1D FRQVWUXomR GR
FRQFHLWR GH VRFLHGDGH
HPSUHViULD GRLV LQVWLWXWRV
MXUtGLFRV VHUYHP GH
DOLFHUFHV 'H XP ODGR D
SHVVRD MXUtGLFD GH RXWUR D
DWLYLGDGH HPSUHVDULDO 8PD
SULPHLUD DSUR[LPDomR DR
FRQWH~GR GHVWH FRQFHLWR VH
ID] SHOD LGHLD GH SHVVRD
MXUtGLFDHPSUHViULDRXVHMD
TXH H[HUFH DWLYLGDGH
HFRQ{PLFD VRE D IRUPD GH
HPSUHVD e XPD LGHLD
FRUUHWD PDV LQFRPSOHWD
DLQGD 6RPHQWH DOJXPDV
HVSpFLHV GH SHVVRD MXUtGLFD
TXH H[SORUDP DWLYLGDGH
GHILQLGD SHOR GLUHLWR FRPR
GH QDWXUH]D HPSUHVDULDO p
TXH SRGHP VHU FRQFHLWXDGDV
FRPR VRFLHGDGHV
HPSUHViULDV$OpPGLVVRKi
SHVVRDV MXUtGLFDV TXH VmR
VHPSUH HPSUHViULDV
TXDOTXHU TXH VHMD R VHX
REMHWR8PSRQWRGHSDUWLGD
DVVLP SDUD D FRQFHLWXDomR
GHVRFLHGDGHHPSUHViULDpR
GDVXDORFDOL]DomRQRTXDGUR
JHUDOGDVSHVVRDVMXUtGLFDV
1R GLUHLWR EUDVLOHLUR DV
SHVVRDV MXUtGLFDV VmR
GLYLGLGDV HP GRLV JUDQGHV
JUXSRV 'H XP ODGR DV
SHVVRDV MXUtGLFDV GH GLUHLWR
S~EOLFR WDLV D 8QLmR RV
(VWDGRV RV 0XQLFtSLRV R
'LVWULWR )HGHUDO RV
7HUULWyULRV H DV DXWDUTXLDV
GH RXWUR DV GH GLUHLWR
SULYDGR FRPSUHHQGHQGR
WRGDV DV GHPDLV 2 TXH
GLIHUHQFLDXPGHRXWURJUXSR
pRUHJLPHMXUtGLFRDTXHVH
HQFRQWUDP VXEPHWLGRV $V
SHVVRDV MXUtGLFDV GH GLUHLWR
S~EOLFR JR]DP GH XPD
SRVLomR MXUtGLFD
GLIHUHQFLDGDHP UD]mR GD
VXSUHPDFLD GRV LQWHUHVVHV
TXH R GLUHLWR HQFDUUHJRXDV
GH WXWHODU Mi DV GH GLUHLWR
SULYDGR HVWmR VXMHLWDV D XP
UHJLPH MXUtGLFR
FDUDFWHUL]DGRSHODLVRQRPLD
LQH[LVWLQGR YDORUDomR
GLIHUHQFLDGD GRV LQWHUHVVHV
GHIHQGLGRV SRU HODV 8PD
SHVVRD MXUtGLFD GH GLUHLWR
S~EOLFR VH UHODFLRQD FRP
XPD SHVVRD MXUtGLFD GH
GLUHLWR SULYDGR HP SRVLomR
SULYLOHJLDGD DR SDVVR TXH
DV GH GLUHLWR SULYDGR VH
UHODFLRQDPHQWUHVLHPSpGH
LJXDOGDGH e LUUHOHYDQWH
SDUD VH GHWHUPLQDU R
HQTXDGUDPHQWR GH XPD
SHVVRD MXUtGLFD QXP RX
QRXWUR GHVWHV JUXSRV D
RULJHP GRV UHFXUVRV
GHVWLQDGRV j VXD
FRQVWLWXLomR ,VWR SRUTXH R
GLUHLWR FRQWHPSOD SHVVRDV
MXUtGLFDV FRQVWLWXtGDV
H[FOXVLYDPHQWHSRUUHFXUVRV
S~EOLFRV PDV TXH VH
HQFRQWUDPSRUGHWHUPLQDomR
FRQVWLWXFLRQDO VXMHLWDV DR
UHJLPH GH GLUHLWR SULYDGR
TXH VmR DV HPSUHVDV
S~EOLFDV
3RUHVWDLGHLDLQFOXVLYH
LQWURGX]VH D VXEGLYLVmR
H[LVWHQWH QR JUXSR GDV
SHVVRDV MXUtGLFDV GH GLUHLWR
SULYDGR 'H XP ODGR DV
FKDPDGDV HVWDWDLV FXMR
FDSLWDO VRFLDO p IRUPDGR
PDMRULWiULD RX WRWDOPHQWH
SRUUHFXUVRVSURYHQLHQWHVGR
SRGHU S~EOLFR TXH
FRPSUHHQGH D VRFLHGDGH GH
HFRQRPLD PLVWD GD TXDO
SDUWLFXODUHV WDPEpP
SDUWLFLSDP HPERUD
PLQRULWDULDPHQWH H D Mi
OHPEUDGD HPSUHVD S~EOLFD
'H RXWUR ODGR DV SHVVRDV
MXUtGLFDV GH GLUHLWR SULYDGR
QmR HVWDWDLV TXH
FRPSUHHQGHP D IXQGDomR D
DVVRFLDomR H DV VRFLHGDGHV
$V VRFLHGDGHV SRU VXD YH]
VH GLVWLQJXHP GD DVVRFLDomR
HGDIXQGDomRHPYLUWXGHGH
VHX HVFRSR QHJRFLDO H VH
VXEGLYLGHP HP VRFLHGDGHV
VLPSOHVHHPSUHViULDV
$ GLVWLQomR HQWUH
VRFLHGDGH VLPSOHV H
HPSUHViULDQmRUHVLGHFRPR
VHSRGHULDSHQVDUQRLQWXLWR
OXFUDWLYR (PERUD VHMD GD
HVVrQFLD GH TXDOTXHU
VRFLHGDGH HPSUHViULD D
SHUVHFXomR GH OXFURV ²
LQH[LVWH SHVVRD MXUtGLFD
GHVVD FDWHJRULD FRP ILQV
ILODQWUySLFRVRXSLRV²HVWH
p XP FULWpULR LQVXILFLHQWH
SDUDGHVWDFiODGDVRFLHGDGH
VLPSOHV,VWRSRUTXHWDPEpP
Ki VRFLHGDGHV QmR
HPSUHViULDV FRP HVFRSR
OXFUDWLYRWDLVDVVRFLHGDGHV
GHDGYRJDGRVDVUXUDLVVHP
UHJLVWURQD-XQWDHWF
2 TXH LUi GH YHUGDGH
FDUDFWHUL]DU D SHVVRD
MXUtGLFD GH GLUHLWR SULYDGR
QmR HVWDWDO FRPR VRFLHGDGH
VLPSOHV RX HPSUHViULD VHUi
R PRGR GH H[SORUDU VHX
REMHWR 2 REMHWR VRFLDO
H[SORUDGR VHP
HPSUHVDULDOLGDGH LVWR p
VHP SURILVVLRQDOPHQWH
RUJDQL]DU RV IDWRUHV GH
SURGXomR FRQIHUH j
VRFLHGDGH R FDUiWHU GH
VLPSOHV HQTXDQWR D
H[SORUDomR HPSUHVDULDO GR
REMHWRVRFLDOFDUDFWHUL]DUiD
VRFLHGDGHFRPRHPSUHViULD
$FHUFD GR FRQFHLWR GH
HPSUHVDpQHFHVViULRWHUVH
SUHVHQWH R Mi UHDOL]DGR
HVWXGRGRWHPD&DS
3RU FULWpULR GH
LGHQWLILFDomR GD VRFLHGDGH
HPSUHViULD HOHJHX SRLV R
GLUHLWR R PRGR GH
H[SORUDomRGRREMHWRVRFLDO
(VVH FULWpULR PDWHULDO TXH
Gi UHOHYR j PDQHLUD GH VH
GHVHQYROYHU D DWLYLGDGH
HIHWLYDPHQWH H[HUFLGD SHOD
VRFLHGDGH QD GHILQLomR GH
VXD QDWXUH]D HPSUHVDULDO p
DSHQDV H[FHSFLRQDGR HP
UHODomR jV VRFLHGDGHV SRU
Do}HV (VWDV VHUmR VHPSUH
HPSUHViULDVDLQGDTXHRVHX
REMHWR QmR VHMD
HPSUHVDULDOPHQWH H[SORUDGR
&& DUW SDUiJUDIR
~QLFR/6$DUW'H
RXWUR ODGR DV FRRSHUDWLYDV
QXQFD VHUmR HPSUHViULDV
PDV QHFHVVDULDPHQWH
VRFLHGDGHV VLPSOHV
LQGHSHQGHQWHPHQWH GH
TXDOTXHURXWUDFDUDFWHUtVWLFD
TXHDVFHUTXH&&DUW
SDUiJUDIR ~QLFR 6DOYR
QHVWDV KLSyWHVHV ²
VRFLHGDGH DQ{QLPD HP
FRPDQGLWD SRU Do}HV RX
FRRSHUDWLYDV ² R
HQTXDGUDPHQWR GH XPD
VRFLHGDGH QR UHJLPH
MXUtGLFR HPSUHVDULDO
GHSHQGHUi H[FOXVLYDPHQWH
GD IRUPD FRP TXH H[SORUD
VHX REMHWR 8PD VRFLHGDGH
OLPLWDGD HP GHFRUUrQFLD
SRGHUi VHU HPSUHViULD RX
VLPSOHV VH IRU H[HUFHQWH GH
DWLYLGDGH HFRQ{PLFD
RUJDQL]DGD SDUD D SURGXomR
RX FLUFXODomR GH EHQV RX
VHUYLoRV VHUi HPSUHViULD
FDVR FRQWUiULR RX VH
GHGLFDQGR D DWLYLGDGH
HFRQ{PLFD FLYLO VRFLHGDGH
GH SURILVVLRQDLV LQWHOHFWXDLV
RX GHGLFDGD j DWLYLGDGH
UXUDO VHP UHJLVWUR QD -XQWD
&RPHUFLDOVHUiVLPSOHV
$VVHQWDGDV HVWDV
SUHPLVVDV D VRFLHGDGH
HPSUHViULD SRGH VHU
FRQFHLWXDGD FRPR D SHVVRD
MXUtGLFD GH GLUHLWR SULYDGR
QmR HVWDWDO TXH H[SORUD
HPSUHVDULDOPHQWHVHXREMHWR
VRFLDO RX DGRWD D IRUPD GH
VRFLHGDGHSRUDo}HV
$SHVVRDMXUtGLFDQmRVH
FRQIXQGH FRP DV SHVVRDV
TXH D FRPS}HP (VWH
SULQFtSLR GH VXPD
LPSRUWkQFLD SDUD R UHJLPH
GRVHQWHVPRUDLVWDPEpPVH
DSOLFD j VRFLHGDGH
HPSUHViULD 7HP HOD
SHUVRQDOLGDGH MXUtGLFD
GLVWLQWD GD GH VHXV VyFLRV
VmR SHVVRDV LQFRQIXQGtYHLV
LQGHSHQGHQWHVHQWUHVL
3HVVRD MXUtGLFD p XP
H[SHGLHQWH GR GLUHLWR
GHVWLQDGR D VLPSOLILFDU D
GLVFLSOLQD GH GHWHUPLQDGDV
UHODo}HVHQWUHRVKRPHQVHP
VRFLHGDGH (OD QmR WHP
H[LVWrQFLDIRUDGRGLUHLWRRX
VHMD IRUD GRV FRQFHLWRV
WHFQROyJLFRV SDUWLOKDGRV
SHORV LQWHJUDQWHV GD
FRPXQLGDGH MXUtGLFD 7DO
H[SHGLHQWH WHP R VHQWLGR
EDVWDQWH SUHFLVR GH
DXWRUL]DU GHWHUPLQDGRV
VXMHLWRV GH GLUHLWR j SUiWLFD
GHDWRVMXUtGLFRVHPJHUDO
([SOLTXHVH VXMHLWR GH
GLUHLWR H SHVVRD QmR VmR
FRQFHLWRV VLQ{QLPRV $QWHV
VXMHLWR GH GLUHLWR p JrQHUR
GR TXDO SHVVRD p HVSpFLH
7RGRV RV FHQWURV VXEMHWLYRV
GH UHIHUrQFLD GH GLUHLWR RX
GHYHU YDOH GL]HU WXGR
DTXLOR TXH D RUGHP MXUtGLFD
UHSXWD DSWR D VHU WLWXODU GH
GLUHLWR RX GHYHGRU GH
SUHVWDomR p FKDPDGR GH
VXMHLWR GH GLUHLWR 2UD LVWR
LQFOXL GHWHUPLQDGDV
HQWLGDGHV TXH QmR VmR
FRQVLGHUDGDV SHVVRDV WDLV D
PDVVD IDOLGD R FRQGRPtQLR
KRUL]RQWDO R QDVFLWXUR R
HVSyOLRHWF(VWDVHQWLGDGHV
GHVSHUVRQDOL]DGDV
FRPS}HPMXQWDPHQWHFRPDV
SHVVRDV R XQLYHUVR GRV
VXMHLWRVGHGLUHLWR
2TXHGLVWLQJXHRVXMHLWR
GH GLUHLWR GHVSHUVRQDOL]DGR
GRSHUVRQDOL]DGRpRUHJLPH
MXUtGLFR D TXH HOH HVWi
VXEPHWLGR HP WHUPRV GH
DXWRUL]DomR JHQpULFD SDUD D
SUiWLFD GRV DWRV MXUtGLFRV
(QTXDQWR DV SHVVRDV HVWmR
DXWRUL]DGDV D SUDWLFDU WRGRV
RV DWRV MXUtGLFRV D TXH QmR
HVWHMDP H[SUHVVDPHQWH
SURLELGDV RV VXMHLWRV GH
GLUHLWRGHVSHUVRQDOL]DGRVVy
SRGHUmR SUDWLFDU RV DWRV D
TXH HVWHMDP H[SOLFLWDPHQWH
DXWRUL]DGRVSHORGLUHLWR
$VVLP D XPD LQGDJDomR
GR WLSR ³WDO VXMHLWR SRGH
SUDWLFDU WDO DWR MXUtGLFR"´
GHYHVH UHVSRQGHU SDUWLQGR
GD GHILQLomR GD QDWXUH]D
SHUVRQDOL]DGD RX
GHVSHUVRQDOL]DGD GR VXMHLWR
1RSULPHLURFDVRDUHVSRVWD
VHUi DILUPDWLYD VH LQH[LVWLU
SURLELomR QR VHJXQGR FDVR
VHUi DILUPDWLYD VH H[LVWLU
XPDSHUPLVVmRH[SOtFLWD3RU
H[HPSOR TXDOTXHU SHVVRD
FDSD]SRGHH[HUFHUHPSUHVD
GHVGH TXH QmR HVWHMD
SURLELGD Mi R QDVFLWXUR R
FRQGRPtQLR KRUL]RQWDO D
PDVVD IDOLGD RV VXMHLWRV GH
GLUHLWR GHVSHUVRQDOL]DGRV
HP JHUDO QmR SRGHUmR
H[HUFHU DWLYLGDGH
HPSUHVDULDO PHVPR
LQH[LVWHQWH SURLELomR TXH RV
DOFDQFH SRU IDOWDU QR
RUGHQDPHQWR MXUtGLFR HP
YLJRU QRUPD SHUPLVVLYD
H[SUHVVD
(VWDV GHILQLo}HV DFHUFD
GR UHJLPH MXUtGLFR GRV
VXMHLWRV GH GLUHLWR
SHUVRQDOL]DGRV H
GHVSHUVRQDOL]DGRVFRQYLYHP
FRP WUrV H[FHo}HV RV DWRV
MXUtGLFRV WtSLFRV GD SHVVRD
ItVLFDFRPRRFDVDPHQWRRX
D DGRomR QmR SRGHP VHU
SUDWLFDGRV SHOD SHVVRD
MXUtGLFD PHVPR VH
HYHQWXDOPHQWH R
RUGHQDPHQWR MXUtGLFR GHL[DU
GH SUHYHU YHGDomR H[SUHVVD
QHVWH VHQWLGR RV DWRV
MXUtGLFRV GD HVVrQFLD GRV
VXMHLWRV GH GLUHLWR
GHVSHUVRQDOL]DGRV SRGHP
VHU SRU HVWHV SUDWLFDGRV
PHVPR VH HYHQWXDOPHQWH R
RUGHQDPHQWR GHL[DU GH
DXWRUL]iORV H[SUHVVDPHQWH
FRPRQRFDVRGDFHOHEUDomR
GHFRQWUDWRGHWUDEDOKRSHOR
FRQGRPtQLR KRUL]RQWDO
ILQDOPHQWHR(VWDGRHPERUD
VHMD SHVVRD MXUtGLFD
GHSHQGH GH DXWRUL]DomR
H[SUHVVD GR GLUHLWR SDUD
SUDWLFDU YDOLGDPHQWH
QHJyFLRMXUtGLFRHPYLUWXGH
GR VHQWLGR HVSHFtILFR TXH
DVVXPH R SULQFtSLR GD
OHJDOLGDGH QR GLUHLWR
S~EOLFR
'H TXDOTXHU IRUPD D
VRFLHGDGHHPSUHViULDFRPR
XPD SHVVRD MXUtGLFD p
VXMHLWR GH GLUHLWR
SHUVRQDOL]DGRHSRGHUiSRU
LVVR SUDWLFDU WRGR H
TXDOTXHU DWR RX QHJyFLR
MXUtGLFR HP UHODomR DR TXDO
LQH[LVWDSURLELomRH[SUHVVD
,PSRUWDQWH UHVVDOWDU
DTXLTXHD(,5(/,HPSUHVD
LQGLYLGXDO GH
UHVSRQVDELOLGDGHOLPLWDGDp
WDPEpPXPDSHVVRDMXUtGLFD
² D ULJRU WUDWDVH GD
GHVLJQDomR GDGD SHOD OHL
EUDVLOHLUD j VRFLHGDGH
OLPLWDGD XQLSHVVRDO $VVLP
VHQGR R VHX ~QLFR VyFLR
WDPEpPQmRVHFRQIXQGHFRP
D (,5(/, 6mR VXMHLWRV GH
GLUHLWR GLVWLQWRV $
XQLSHVVRDOLGDGH GD
VRFLHGDGH OLPLWDGD QmR D
GHVFDUDFWHUL]D FRPR VXMHLWR
GH GLUHLWR SHUVRQDOL]DGR
1mR Ki TXDQWR D HVWH
DVSHFWR DEVROXWDPHQWH
QHQKXPD GLIHUHQoD HQWUH D
(,5(/, H TXDOTXHU
VRFLHGDGH SOXULSHVVRDO
VHQGR XPD H RXWUD SHVVRDV
MXUtGLFDVLQFRQIXQGtYHLVFRP
RVVyFLRVTXHDFRPS}HP
$ SHUVRQDOL]DomR GDV
VRFLHGDGHV HPSUHVDULDLV
JHUD WUrV FRQVHTXrQFLDV
EDVWDQWHSUHFLVDVDVDEHU
D7LWXODULGDGHQHJRFLDO
² TXDQGR D VRFLHGDGH
HPSUHViULD UHDOL]D QHJyFLRV
MXUtGLFRV FRPSUD PDWpULD
SULPD FHOHEUD FRQWUDWR GH
WUDEDOKR DFHLWD XPD
GXSOLFDWDHWFHPERUDHODR
IDoD QHFHVVDULDPHQWH SHODV
PmRV GH VHX UHSUHVHQWDQWH
OHJDO 3RQWHV GH 0LUDQGD
GLULD ³SUHVHQWDQWH OHJDO´
SRU QmR VHU D VRFLHGDGH
LQFDSD] p HOD SHVVRD
MXUtGLFD FRPR VXMHLWR GH
GLUHLWR DXW{QRPR
SHUVRQDOL]DGR TXH DVVXPH
XP GRV SRORV GD UHODomR
QHJRFLDO 2 HYHQWXDO VyFLR
TXH D UHSUHVHQWRX QmR p
SDUWH GR QHJyFLR MXUtGLFR
PDVVLPDVRFLHGDGH
E 7LWXODULGDGH
SURFHVVXDO ² D SHVVRD
MXUtGLFD SRGH GHPDQGDU H
VHUGHPDQGDGDHPMXt]RWHP
FDSDFLGDGH SDUD VHU SDUWH
SURFHVVXDO$DomRUHIHUHQWH
DQHJyFLRGDVRFLHGDGHGHYH
VHU HQGHUHoDGD FRQWUD D
SHVVRDMXUtGLFDHQmRRVVHXV
VyFLRV RX VHX UHSUHVHQWDQWH
OHJDO4XHPRXWRUJDPDQGDWR
MXGLFLDO UHFHEH FLWDomR
UHFRUUH p HOD FRPR VXMHLWR
GHGLUHLWRDXW{QRPR
F 5HVSRQVDELOLGDGH
SDWULPRQLDO ² HP
FRQVHTXrQFLD DLQGD GH VXD
SHUVRQDOL]DomR D VRFLHGDGH
WHUiSDWULP{QLRSUySULRVHX
LQFRQIXQGtYHO H
LQFRPXQLFiYHO FRP R
SDWULP{QLR LQGLYLGXDO GH
FDGD XP GH VHXV VyFLRV
6XMHLWR GH GLUHLWR
SHUVRQDOL]DGR DXW{QRPR D
SHVVRD MXUtGLFD UHVSRQGHUi
FRP R VHX SDWULP{QLR SHODV
REULJDo}HV TXH DVVXPLU 2V
VyFLRV HP UHJUD QmR
UHVSRQGHUmR SHODV
REULJDo}HV GD VRFLHGDGH
6RPHQWH HP KLSyWHVHV
H[FHSFLRQDLV TXH VHUmR
H[DPLQDGDV D VHX WHPSR
SRGHUi VHU UHVSRQVDELOL]DGR
R VyFLR SHODV REULJDo}HV GD
VRFLHGDGH
&RPR VH SRGH SHUFHEHU
HVWDV FRQVHTXrQFLDV GD
SHUVRQDOL]DomRGDVRFLHGDGH
HPSUHViULD FRQVWLWXHP
YHUGDGHLURV SULQFtSLRV GR
GLUHLWR VRFLHWiULR FXMD
SUHVHQoD VH IDUi QRWDU SRU
WRGDDH[SRVLomRGHVWDSDUWH
GRGLUHLWRFRPHUFLDO
2 ILP GD SHUVRQDOL]DomR
GD VRFLHGDGH HPSUHViULD
UHVXOWD GH WRGR XP SURFHVVR
GH H[WLQomR WDPEpP
FRQKHFLGR SRU GLVVROXomR
HP VHQWLGR ODUJR RX
GLVVROXomRSURFHGLPHQWR R
TXDO FRPSUHHQGH DV
VHJXLQWHV IDVHV D
GLVVROXomR HP VHQWLGR
HVWULWR RX GLVVROXomRDWR
TXH p R DWR GH GHVID]LPHQWR
GD FRQVWLWXLomR GD
VRFLHGDGH E OLTXLGDomR
TXH YLVD j UHDOL]DomR GR
DWLYR H SDJDPHQWR GR
SDVVLYR GD VRFLHGDGH F
SDUWLOKDSHODTXDORVVyFLRV
SDUWLFLSDP GR DFHUYR GD
VRFLHGDGH +i TXHP
SUHWHQGDDH[LVWrQFLDGHXPD
TXDUWD IDVH GH H[WLQomR
FRQVLVWHQWH QR GHFXUVR GR
SUD]RGHSUHVFULomRGHWRGDV
DV REULJDo}HV VRFLDLV )UDQ
0DUWLQV 3RU RXWUR ODGR Ki
GLYHUVRV PRGRV GH VH
H[WLQJXLU D SHUVRQDOLGDGH
MXUtGLFD GD VRFLHGDGH DOpP
GDGLVVROXomRSRUH[HPSOR
D LQFRUSRUDomR D IXVmR D
FLVmR WRWDO H D IDOrQFLD 'H
TXDOTXHU IRUPD UHOHJDQGR R
WUDWDPHQWR PDLV GHPRUDGR
GHVWH WHPD SDUD R PRPHQWR
RSRUWXQR UHJLVWUHVH DTXL
TXHDSHUVRQDOLGDGHMXUtGLFD
GDVRFLHGDGHHPSUHViULDQmR
VHH[WLQJXHHPYLUWXGHGHXP
DWR RX IDWR VLQJXODU PDV
VRPHQWHDSyVDFRQFOXVmRGH
WRGR XP SURFHVVR MXGLFLDO
RXH[WUDMXGLFLDO
&/$66,),&$d2'$6
62&,('$'(6
(035(6È5,$6
&ODVVLILFDPVH DV
VRFLHGDGHV HPSUHViULDV
VHJXQGR GLYHUVRV FULWpULRV
&XLGDUHL GH WUrV GHOHV GH
PDLRU LPSRUWkQFLD
3ULPHLUDPHQWH D
FODVVLILFDomRGDVVRFLHGDGHV
GH DFRUGR FRP D
UHVSRQVDELOLGDGH GRV VyFLRV
SHODVREULJDo}HVVRFLDLVHP
VHJXLGD D FODVVLILFDomR
TXDQWR DR UHJLPH GH
FRQVWLWXLomR H GLVVROXomR
SRU ILP D FODVVLILFDomR
TXDQWR jV FRQGLo}HV SDUD
DOLHQDomR GD SDUWLFLSDomR
VRFLHWiULD
$QWHV GH H[DPLQDU FDGD
XP GHVWHV FULWpULRV QR
HQWDQWR ID]VH QHFHVViULR
DSUHVHQWDUDHQXPHUDomRGRV
WLSRV VRFLHWiULRV H[LVWHQWHV
QR GLUHLWR HPSUHVDULDO 6mR
HOHV D VRFLHGDGH HP QRPH
FROHWLYR 1& D VRFLHGDGH
HPFRPDQGLWDVLPSOHV&6
D VRFLHGDGH HP FRPDQGLWD
SRU Do}HV &$ D
VRFLHGDGH HP FRQWD GH
SDUWLFLSDomR &3 D
VRFLHGDGHOLPLWDGD/WGDH
D VRFLHGDGH DQ{QLPD RX
FRPSDQKLD6$
'HVVHV VHLV WLSRV
VRFLHWiULRVGHYHVHGHVWDFDU
D VRFLHGDGH HP FRQWD GH
SDUWLFLSDomR TXH D OHL
GHILQH FRPR
GHVSHUVRQDOL]DGD && DUWV
D'HODVHFXLGDUi
HP PRPHQWR SUySULR 3RU
RUDPHOKRUGHVFRQVLGHUiOD
SRU PRWLYRV GLGiWLFRV QD
FODVVLILFDomR GDV GHPDLV
VRFLHGDGHVHPSUHViULDV
&ODVVLILFDomRTXDQWR
DRUHJLPHGHFRQVWLWXLomRH
GLVVROXomR
8PGHWHUPLQDGRFRQMXQWR
GH WLSRV VRFLHWiULRV WHP D
VXDFRQVWLWXLomRHGLVVROXomR
GLVFLSOLQDGDV SHOR &yGLJR
&LYLO RXWUR JUXSR GH WLSRV
VRFLHWiULRV UHJHVH QHVWH
DVVXQWRSHODVQRUPDVGD/HL
Q&DGDXPGHVVHV
JUXSRV DVVLP HVWi
UHODFLRQDGR FRP XP UHJLPH
FRQVWLWXWLYR H GLVVROXWyULR
HVSHFtILFR
6HJXQGR HVVH FULWpULR
WrPVH
D 6RFLHGDGHV
FRQWUDWXDLV ² FXMR DWR
FRQVWLWXWLYRHUHJXODPHQWDUp
R FRQWUDWR VRFLDO 3DUD D
GLVVROXomR GHVWH WLSR GH
VRFLHGDGH QmR EDVWD D
YRQWDGH PDMRULWiULD GRV
VyFLRV UHFRQKHFHQGR D
MXULVSUXGrQFLD R GLUHLWR GH
RV VyFLRV PHVPR
PLQRULWiULRV PDQWHUHP D
VRFLHGDGH FRQWUD D YRQWDGH
GD PDLRULD DOpP GLVWR Ki
FDXVDV HVSHFtILFDV GH
GLVVROXomR GHVWD FDWHJRULD
GHVRFLHGDGHVFRPRDPRUWH
RXDH[SXOVmRGHVyFLR6mR
VRFLHGDGHV FRQWUDWXDLV HP
QRPH FROHWLYR 1& HP
FRPDQGLWD VLPSOHV &6 H
OLPLWDGD/WGD
E 6RFLHGDGHV
LQVWLWXFLRQDLV ² FXMR DWR
UHJXODPHQWDU p R HVWDWXWR
VRFLDO (VWDV VRFLHGDGHV
SRGHP VHU GLVVROYLGDV SRU
YRQWDGH GD PDLRULD
VRFLHWiULD H Ki FDXVDV
GLVVROXWyULDV TXH OKHV VmR
H[FOXVLYDV FRPR D
LQWHUYHQomR H OLTXLGDomR
H[WUDMXGLFLDO 6mR
LQVWLWXFLRQDLV D VRFLHGDGH
DQ{QLPD6$HDVRFLHGDGH
HP FRPDQGLWD SRU Do}HV
&$
$ VRFLHGDGH FRQWUDWXDO
SRLV WHP VXD FRQVWLWXLomR H
GLVVROXomR UHJLGDV SHOR
&yGLJR&LYLODRSDVVRTXHD
VRFLHGDGHLQVWLWXFLRQDOUHJH
VHQHVWHSRQWRSHODVQRUPDV
HVSHFtILFDV GD /HL Q
4XDQGR VH IL]HU R
HVWXGR PDLV GHWLGR GD
FRQVWLWXLomR H GLVVROXomR GH
XPD H RXWUD FDWHJRULD GH
VRFLHGDGHV VHUmR
HOXFLGDGDVDVFDUDFWHUtVWLFDV
SUySULDVGHFDGDFDWHJRULD
&ODVVLILFDomRTXDQWRjV
FRQGLo}HV GH DOLHQDomR GD
SDUWLFLSDomRVRFLHWiULD
+iVRFLHGDGHVHPTXHRV
DWULEXWRV LQGLYLGXDLV GR
VyFLR LQWHUIHUHP FRP D
UHDOL]DomRGRREMHWRVRFLDOH
Ki VRFLHGDGHV HP TXH QmR
RFRUUHHVWDLQWHUIHUrQFLD(P
DOJXPDV D FLUFXQVWkQFLD GH
VHU R VyFLR FRPSHWHQWH
KRQHVWR RX GLOLJHQWH WHP
UHOHYkQFLDSDUDRVXFHVVRRX
IUDFDVVR GD HPSUHVD DR
SDVVR TXH HP RXWUDV WDLV
FDUDFWHUtVWLFDV VXEMHWLYDV
GHFLGLGDPHQWH QmR LQIOXHP
Q RGHVHQYROYLPHQWR GR
REMHWRVRFLDO
1R SULPHLUR FDVR
TXDQGR DV SDUWLFXODULGDGHV
LQGLYLGXDLV GRV VyFLRV
SRGHP FRPSURPHWHU R
GHVHQYROYLPHQWRGDHPSUHVD
DTXHVHGHGLFDDVRFLHGDGH
RV LQWHJUDQWHV GHVWD GHYHP
WHUJDUDQWLDVDFHUFDGRSHUILO
GHTXHPSUHWHQGDID]HUSDUWH
GR TXDGUR DVVRFLDWLYR 1R
VHJXQGRFDVRRGLUHLWRSRGH
² H DWp FHUWR SRQWR GHYH
² GHVFXLGDUVH GLVWR SRVWR
TXH R SHUILO GR HYHQWXDO
QRYR VyFLR QmR UHSHUFXWLUi
QR VXFHVVR GR
HPSUHHQGLPHQWR
-XVWDPHQWH HP IXQomR
GHVVD UHDOLGDGH p TXH R
GLUHLWR FRPHUFLDO FULRX XP
JUXSRGHVRFLHGDGHVHPTXH
D DOLHQDomR GD SDUWLFLSDomR
VRFLHWiULD SRU XP GRV
VyFLRV D WHUFHLUR HVWUDQKR
GD VRFLHGDGH GHSHQGH GD
DQXrQFLD GRV GHPDLV VyFLRV
H XP RXWUR JUXSR HP TXH
HVVH QHJyFLR MXUtGLFR
LQGHSHQGH GD PHQFLRQDGD
DQXrQFLD
$SDUWLFLSDomRVRFLHWiULD
GHXPDVRFLHGDGHFRQWUDWXDO
pGHQRPLQDGD³FRWD´TXHVH
SRGH JUDIDU WDPEpP
³TXRWD´ D GH XPD
VRFLHGDGH LQVWLWXFLRQDO p
GHQRPLQDGD³DomR´8PDRX
RXWUDVmREHQVGRSDWULP{QLR
GRVyFLR RX DFLRQLVWD QmR
SHUWHQFHP j VRFLHGDGH
'HVVHPRGRRVHXWLWXODUR
VyFLR SRGH GLVSRU GD
SDUWLFLSDomR VRFLHWiULD
DOLHQDQGRD D H[HPSOR GD
GLVSRQLELOLGDGHTXHWHPGRV
GHPDLV EHQV GH VHX
SDWULP{QLR 2 DGTXLUHQWH GH
XPD FRWD RX DomR WRUQDVH
VyFLRGDVRFLHGDGHHSDVVDD
H[HUFHU RV GLUHLWRV TXH HVWD
FRQGLomR OKH FRQIHUH
1DTXHODVVRFLHGDGHVHPTXH
DV FDUDFWHUtVWLFDV VXEMHWLYDV
GRV VyFLRV SRGHP
FRPSURPHWHU R VXFHVVR GD
HPSUHVD OHYDGD D FDER SHOD
VRFLHGDGH JDUDQWHVH R
GLUHLWR GH YHWR DR LQJUHVVR
GH WHUFHLUR HVWUDQKR GR
TXDGUR DVVRFLDWLYR 'HVWD
IRUPD D DOLHQDomR GD
SDUWLFLSDomR VRFLHWiULD
FRQGLFLRQDVH j DQXrQFLD
GRVGHPDLVTXDQGRVHWUDWDU
GH DGTXLUHQWH QmR VyFLR -i
QDTXHODVVRFLHGDGHVHPTXH
QmR LQIOXHP QD UHDOL]DomR
GRREMHWRVRFLDORVDWULEXWRV
VXEMHWLYRV GH FDGD VyFLR D
FLUFXODomR GD SDUWLFLSDomR
VRFLHWiULD p OLYUH
LQFRQGLFLRQDGD j
FRQFRUGkQFLD GRV GHPDLV
VyFLRV
(P YLVWD GHVVH TXDGUR
GLYLGHPVH DV VRFLHGDGHV
QR WRFDQWH jV FRQGLo}HV GD
DOLHQDomR GD SDUWLFLSDomR
VRFLHWiULD QDV VHJXLQWHV
FDWHJRULDV
D 6RFLHGDGHV GH
SHVVRDV²HPTXHRVVyFLRV
WrP GLUHLWR GH YHWDU R
LQJUHVVR GH HVWUDQKR QR
TXDGURDVVRFLDWLYR
E6RFLHGDGHVGHFDSLWDO
²HPUHODomRjVTXDLVYLJH
R SULQFtSLR GD OLYUH
FLUFXODELOLGDGH GD
SDUWLFLSDomRVRFLHWiULD
e FODUR TXH QmR H[LVWH
VRFLHGDGH FRPSRVWD
H[FOXVLYDPHQWH SRU
³SHVVRDV´RXH[FOXVLYDPHQWH
SRU ³FDSLWDO´ 7RGD
VRFLHGDGH VXUJH GD
FRQMXJDomR GHVVHV GRLV
HOHPHQWRV DPERV
LPSUHVFLQGtYHLV 2 TXH ID]
XPD VRFLHGDGH VHU ³GH
SHVVRDV´ RX ³GH FDSLWDO´ p
QD YHUGDGH R GLUHLWR GH R
VyFLR LPSHGLU R LQJUHVVR GH
WHUFHLURQmRVyFLRQRTXDGUR
DVVRFLDWLYR H[LVWHQWH QDV GH
SHUILO SHUVRQDOtVWLFR H
DXVHQWH QDV GH SHUILO
FDSLWDOtVWLFR
(P IXQomR GLVWR
MXVWDPHQWH p TXH DV FRWDV
VRFLDLV UHODWLYDV D XPD
VRFLHGDGH ³GH SHVVRDV´ VmR
LPSHQKRUiYHLV SRU GtYLGDV
SDUWLFXODUHV GR VHX WLWXODU
&ODUR HVWi TXH R GLUHLWR GH
YHWRDRLQJUHVVRGHWHUFHLURV
QmR VyFLRV p LQFRPSDWtYHO
FRP D SHQKRUDELOLGDGH GDV
FRWDV VRFLDLV 2 DUUHPDWDQWH
GDFRWDQDH[HFXomRMXGLFLDO
FRQWUD R VHX WLWXODU
LQJUHVVDULD QR TXDGUR
DVVRFLDWLYR
LQGHSHQGHQWHPHQWH GD
YRQWDGHGRVGHPDLVVyFLRV
(VWD VROXomR GD
LPSHQKRUDELOLGDGHGDVFRWDV
VRFLDLV GDV VRFLHGDGHV GH
SHVVRDV XPD FULDomR
MXULVSUXGHQFLDO HPERUD
UHVJXDUGH RV GLUHLWRV GRV
VyFLRV GR GHYHGRU QmR p
VDWLVIDWyULD HP UHODomR DRV
GR FUHGRU GR VyFLR 3HQVR
TXHVHULDSRVVtYHORLQJUHVVR
GR DUUHPDWDQWH QR TXDGUR
DVVRFLDWLYR HP VLWXDomR GH
VyFLR FRP PHURV GLUHLWRV
SDWULPRQLDLV VHP FRQGLo}HV
GH LQIOXHQFLDU QRV QHJyFLRV
VRFLDLV FRQFLOLDQGRVH
GHVWDUWH RV LQWHUHVVHV GRV
VyFLRV GR GHYHGRU H GR
H[HTXHQWH
2XWUD FRQVHTXrQFLD
HVSHFtILFD GD VRFLHGDGH ³GH
SHVVRDV´ p D GLVVROXomR
SDUFLDO SRU PRUWH GH VyFLR
TXDQGR XP GRV
VREUHYLYHQWHV QmR FRQFRUGD
FRP R LQJUHVVR GH VXFHVVRU
GRVyFLRIDOHFLGRQRTXDGUR
VRFLDO 4XDQGR D VRFLHGDGH
p ³GH FDSLWDO´ RV VyFLRV
VREUHYLYHQWHV QmR SRGHP
RSRUVH D WDO LQJUHVVR H D
VRFLHGDGHQmRVHGLVVROYH
$V VRFLHGDGHV
LQVWLWXFLRQDLV VmR VHPSUH
³GH FDSLWDO´ HQTXDQWR DV
FRQWUDWXDLV SRGHP VHU ³GH
SHVVRDV´ RX ³GH FDSLWDO´
$VVLP QD VRFLHGDGH
DQ{QLPD 6$ H HP
FRPDQGLWD SRU Do}HV &$
RV DFLRQLVWDV QmR WrP R
GLUHLWRGHLPSHGLURLQJUHVVR
GH WHUFHLUR QmR VyFLR QD
VRFLHGDGH DVVHJXUDGR R
SULQFtSLRGDOLYUHFLUFXODomR
GDV Do}HV /6$ DUW
1HVWDV VRFLHGDGHV DV Do}HV
VmR VHPSUH SHQKRUiYHLV SRU
GtYLGD GH VyFLR H D PRUWH
QmR DXWRUL]D D GLVVROXomR
SDUFLDO VHMD D SHGLGR GRV
VREUHYLYHQWHV RX GRV
VXFHVVRUHV
1DVVRFLHGDGHVHPQRPH
FROHWLYR 1& H FRPDQGLWD
VLPSOHV &6 D FHVVmR GDV
TXRWDV VRFLDLV GHSHQGH GD
DQXrQFLD GRV GHPDLV VyFLRV
&& DUW UHJUD TXH
OKHV FRQIHUH QHVWH WySLFR
SHUILO SHUVRQDOtVWLFR 6XDV
TXRWDV VRFLDLV VmR DVVLP
LPSHQKRUiYHLV (P UHODomR
jV FRQVHTXrQFLDV GD PRUWH
GH VyFLR D VRFLHGDGH HP
QRPH FROHWLYR p ³GH
SHVVRDV´ PDV R FRQWUDWR
VRFLDO SRGHUi DWULEXLUOKH
SHUILO GLYHUVR VH DVVHJXUDU
DRVVXFHVVRUHVRLQJUHVVRQD
VRFLHGDGH && DUW
, H D VRFLHGDGH HP
FRPDQGLWD VLPSOHV RVWHQWD
QDWXUH]D GLYHUVD VHJXQGR D
HVSpFLHGHVyFLRIDOHFLGRp
³GH SHVVRDV´ HP FDVR GH
PRUWHGHFRPDQGLWDGRH³GH
FDSLWDO´ VH IDOHFLGR XP
FRPDQGLWiULR ² VHQGR TXH
QHVWH~OWLPRFDVRRFRQWUDWR
VRFLDO SRGH DOWHUDU D
QDWXUH]DGD&6SUHYHQGRD
OLTXLGDomR GDV TXRWDV &&
DUW
1D VRFLHGDGH OLPLWDGD
/WGD R FRQWUDWR VRFLDO
GHILQLUiDH[LVWrQFLDRXQmR
HH[WHQVmRGRGLUHLWRGHYHWR
DRLQJUHVVRGHQRYRVVyFLRV
3RGHUi WDPEpP GLVSRU
VREUH DV FRQVHTXrQFLDV GR
IDOHFLPHQWR GH VyFLR 3RGH
SRUWDQWR R FRQWUDWR VRFLDO
DWULEXLUOKH D QDWXUH]D
SHUVRQDOtVWLFD RX
FDSLWDOtVWLFD &DVR VHMD
RPLVVRDFHVVmRGHTXRWDVD
WHUFHLURV HVWUDQKRV j
VRFLHGDGH SRGH VHU REVWDGD
SRU VyFLR RX VyFLRV FRP
PDLVGHXPTXDUWRGRFDSLWDO
VRFLDO && DUW
&RQVHTXHQWHPHQWH D
VRFLHGDGH OLPLWDGD p ³GH
SHVVRDV´ D PHQRV TXH R
FRQWUDWR VRFLDO OKH FRQILUD
QDWXUH]DFDSLWDOLVWD
&ODVVLILFDomR TXDQWR j
TXDQWLGDGHGHVyFLRV
6HJXQGR R FULWpULR GD
TXDQWLGDGH GH VyFLRV DV
VRFLHGDGHV HPSUHViULDV
SRGHP VHU SOXULSHVVRDLV RX
XQLSHVVRDLV 1R SULPHLUR
FDVR SRVVXHP GRLV RX PDLV
VyFLRV TXH XQHP VHXV
HVIRUoRV SDUD D UHDOL]DomR
GD ILQDOLGDGH FRPXP GH
JDQKDU GLQKHLUR PHGLDQWH D
H[SORUDomRGHXPDDWLYLGDGH
HPSUHVDULDO-iDVVRFLHGDGH
XQLSHVVRDLV VmR FRQVWLWXtGDV
SRUXP~QLFRVyFLR
$SHQDV HP GXDV
KLSyWHVHVRGLUHLWREUDVLOHLUR
DGPLWH DV VRFLHGDGHV
XQLSHVVRDLV
$ SULPHLUD p D
VXEVLGLiULD LQWHJUDO 7UDWD
VH GH XPD VRFLHGDGH
QHFHVVDULDPHQWH GR WLSR
³DQ{QLPD´ FRQVWLWXtGD SRU
HVFULWXUD S~EOLFD SRU XPD
VRFLHGDGH EUDVLOHLUD /6$
DUW$SHVVRDItVLFDHD
VRFLHGDGH HVWUDQJHLUD QmR
SRGHP FRQVWLWXLU VXEVLGLiULD
LQWHJUDO
$ RXWUD KLSyWHVH GH
VRFLHGDGH XQLSHVVRDO GR
GLUHLWREUDVLOHLURpD(,5(/,
HPSUHVD LQGLYLGXDO GH
UHVSRQVDELOLGDGH OLPLWDGD
7UDWDVH DTXL GH XPD
VRFLHGDGH GR WLSR
³OLPLWDGD´ VXMHLWD D UHJUDV
SUySULDV DWLQHQWHV j
FRPSRVLomR GR QRPH
HPSUHVDULDO H IRUPD GH
FRQVWLWXLomR&&DUW$
H VHXV $ (,5(/, SRGH
VHU FRQVWLWXtGD SRU TXDOTXHU
SHVVRDItVLFDRXMXUtGLFD
3DUD ILQV GLGiWLFRV
FRQYpP HVWXGDU RV WHPDV GH
GLUHLWR VRFLHWiULR IRFDQGR
VH LQLFLDOPHQWH DV
VRFLHGDGHV SOXULSHVVRDLV
FRPR PRGHOR JHUDO H
UHVHUYDQGRVH QR ILQDO
DWHQomRHVSHFtILFDDRHVWXGR
GDV XQLSHVVRDLV &DS
LWHP
62&,('$'(
,55(*8/$5
'(6&216,'(5$d2
'$3(662$-85Ë',&$
$ DXWRQRPLD SDWULPRQLDO
GDSHVVRDMXUtGLFDSULQFtSLR
TXH D GLVWLQJXH GH VHXV
LQWHJUDQWHV FRPR VXMHLWR
DXW{QRPR GH GLUHLWR H
REULJDo}HV SRGH GDU HQVHMR
jUHDOL]DomRGHIUDXGHV
6H XPD SHVVRD ItVLFD VH
YLQFXOD FRQWUDWXDOPHQWH D
RXWUD SRU REULJDomR GH QmR
ID]HU H QD TXDOLGDGH GH
UHSUHVHQWDQWH OHJDO GH
VRFLHGDGH HPSUHViULD ID]
H[DWDPHQWH DTXLOR TXH VH
KDYLD FRPSURPHWLGR RPLWLU
QR ULJRU GR SULQFtSLR GD
DXWRQRPLD GD SHVVRD
MXUtGLFD QmR WHULD KDYLGR
TXHEUD GR FRQWUDWR 4XHP
IH] IRL D VRFLHGDGH H QmR D
SHVVRD ItVLFD TXH DJLX HP
QRPH GHOD $VVLP WDPEpP
RFRUUHULD VH XP HPSUHViULR
LQGLYLGXDO YHQGHVVH D
SUD]RRVHXHVWDEHOHFLPHQWR
HPSUHVDULDO D VRFLHGDGH GH
TXH GHWLYHVVH GR
FDSLWDO LQVWLWXLQGRVH VREUH
HOH JDUDQWLD GH GLUHLWR UHDO
HP VHX SUySULR IDYRU (P
RFRUUHQGR D IDOrQFLD GD
VRFLHGDGH R VHX VyFLR
PDMRULWiULR SRU VHU FUHGRU
SUHIHUHQFLDO VHULD SDJR
DQWHULRUPHQWH DRV
TXLURJUDIiULRV $TXHOH TXH
QR LQVXFHVVR GR QHJyFLR
GHYHULD VHU FRQVLGHUDGR
GHYHGRU R HPSUHViULR
LQGLYLGXDO DQWLJR WLWXODU GR
HVWDEHOHFLPHQWR DVVXPH D
FRQGLomR GH FUHGRU
SULYLOHJLDGR FRP GLUHWR
SUHMXt]R DR DWHQGLPHQWR GRV
GHPDLV
&RPR VH Yr GHVWHV
H[HPSORV SRU YH]HV D
DXWRQRPLD SDWULPRQLDO GD
VRFLHGDGH HPSUHViULD Gi
PDUJHP j UHDOL]DomR GH
IUDXGHV 3DUD FRLELODV D
GRXWULQD FULRX D SDUWLU GH
GHFLV}HV MXULVSUXGHQFLDLV
QRV (8$ ,QJODWHUUD H
$OHPDQKDSULQFLSDOPHQWHD
³WHRULD GD GHVFRQVLGHUDomR
GD SHVVRD MXUtGLFD´ SHOD
TXDO VH DXWRUL]D R 3RGHU
-XGLFLiULR D LJQRUDU D
DXWRQRPLD SDWULPRQLDO GD
SHVVRD MXUtGLFD VHPSUH TXH
HODWLYHUVLGRXWLOL]DGDFRPR
H[SHGLHQWHSDUDDUHDOL]DomR
GH IUDXGH ,JQRUDQGR D
DXWRQRPLD SDWULPRQLDO VHUi
SRVVtYHO UHVSRQVDELOL]DUVH
GLUHWD SHVVRDO H
LOLPLWDGDPHQWH R VyFLR SRU
REULJDomR TXH
RULJLQDULDPHQWH FDELD j
VRFLHGDGH
3UHVVXSRVWR LQDIDVWiYHO
GD GHVSHUVRQDOL]DomR
HSLVyGLFD GD SHVVRD
MXUtGLFD QR HQWDQWR p D
RFRUUrQFLD GD IUDXGH SRU
PHLR GD VHSDUDomR
SDWULPRQLDO1mRpVXILFLHQWH
D VLPSOHV LQVROYrQFLD GR
HQWH FROHWLYR KLSyWHVH HP
TXHQmRWHQGRKDYLGRIUDXGH
QD XWLOL]DomR GD VHSDUDomR
SDWULPRQLDO DV UHJUDV GH
OLPLWDomR GD
UHVSRQVDELOLGDGH GRV VyFLRV
WHUmR DPSOD YLJrQFLD $
GHVFRQVLGHUDomR p
LQVWUXPHQWR GH FRLELomR GR
PDX XVR GD SHVVRD MXUtGLFD
SUHVVXS}H SRUWDQWR R PDX
XVR 2 FUHGRU GD VRFLHGDGH
TXH SUHWHQGH D VXD
GHVFRQVLGHUDomR GHYHUi
ID]HU SURYD GD IUDXGH
SHUSHWUDGD FDVR FRQWUiULR
VXSRUWDUi R GDQR GD
LQVROYrQFLDGDGHYHGRUD6H
DDXWRQRPLDSDWULPRQLDOQmR
IRL XWLOL]DGD LQGHYLGDPHQWH
QmR Ki IXQGDPHQWR SDUD D
VXDGHVFRQVLGHUDomR
$ GHVFRQVLGHUDomR GD
SHVVRD MXUtGLFD QmR DWLQJH D
YDOLGDGHGRDWRFRQVWLWXWLYR
PDV D VXD HILFiFLD
HSLVyGLFD 8PD VRFLHGDGH
TXH WHQKD D DXWRQRPLD
SDWULPRQLDO GHVFRQVLGHUDGD
FRQWLQXDYiOLGDDVVLPFRPR
YiOLGRVVmRWRGRVRVGHPDLV
DWRV TXH SUDWLFRX $
VHSDUDomR SDWULPRQLDO HP
UHODomR DRV VHXV VyFLRV p
TXH QmR SURGX]LUi QHQKXP
HIHLWR QD GHFLVmR MXGLFLDO
UHIHUHQWH jTXHOH HVSHFtILFR
DWRREMHWRGDIUDXGH(VWDp
LQFOXVLYHDJUDQGHYDQWDJHP
GD GHVFRQVLGHUDomR HP
UHODomRDRXWURVPHFDQLVPRV
GH FRLELomR GD IUDXGH WDLV
FRPR D DQXODomR RX
GLVVROXomR GD VRFLHGDGH
3RU DSHQDV VXVSHQGHU D
HILFiFLD GR DWR FRQVWLWXWLYR
QR HSLVyGLR VREUH R TXDO
UHFDL R MXOJDPHQWR VHP
LQYDOLGiOR D WHRULD GD
GHVFRQVLGHUDomR SUHVHUYD D
HPSUHVD TXH QmR VHUi
QHFHVVDULDPHQWHDWLQJLGDSRU
DWR IUDXGXOHQWR GH XP GH
VHXV VyFLRV UHVJXDUGDQGR
VH GHVWD IRUPD RV GHPDLV
LQWHUHVVHV TXH JUDYLWDP DR
VHX UHGRU FRPR R GRV
HPSUHJDGRV GRV GHPDLV
VyFLRVGDFRPXQLGDGHHWF
2 SUHVVXSRVWR GD
GHVFRQVLGHUDomRMiVHYLXp
D RFRUUrQFLD GH IUDXGH
SHUSHWUDGD FRP XVR GD
DXWRQRPLD SDWULPRQLDO GD
SHVVRD MXUtGLFD (VWD TXH p
D IRUPXODomR PDLV FRUUHQWH
GD WHRULD Gi SRLV UHOHYR j
SUHVHQoD GH HOHPHQWR
VXEMHWLYR )iELR .RQGHU
&RPSDUDWR SURS{V XPD
IRUPXODomRGLYHUVD HP TXH
RV SUHVVXSRVWRV GD
GHVFRQVLGHUDomR GD
DXWRQRPLD GD VRFLHGDGH VmR
REMHWLYRV FRPR D FRQIXVmR
SDWULPRQLDO RX R
GHVDSDUHFLPHQWR GR REMHWR
VRFLDO 3RU HVWD UD]mR p
SRVVtYHO FKDPDUVH D
SULPHLUD GH FRQFHSomR
VXEMHWLYLVWD H HVWD ~OWLPD GH
FRQFHSomR REMHWLYLVWD GD
WHRULD GD GHVFRQVLGHUDomR
GDSHVVRDMXUtGLFD
1D OHL D
GHVFRQVLGHUDomR GD
SHUVRQDOLGDGH MXUtGLFD p
PHQFLRQDGD QRV DUWV GR
&yGLJR GH 'HIHVD GR
&RQVXPLGRU GD /HL
$QWLWUXVWH /,2( GD
OHJLVODomRSURWHWRUDGRPHLR
DPELHQWH/HLQH
GR &yGLJR &LYLO
GLVSRVLWLYRDOLiVLQVSLUDGR
QDIRUPXODomRREMHWLYLVWDGH
&RPSDUDWR
&$3Ë78/2
&2167,78,d2
'$662&,('$'(6
&2175$78$,6
$ VRFLHGDGH HPSUHViULD
QDVFH GR HQFRQWUR GH
YRQWDGHV GH VHXV VyFLRV
(VWH HQFRQWUR GH DFRUGR
FRPRWLSRVRFLHWiULRTXHVH
SUHWHQGH FULDU VHUi
FRQFUHWL]DGRHPXPFRQWUDWR
VRFLDORXHVWDWXWRHPTXHVH
GHILQLUmR DV QRUPDV
GLVFLSOLQDGRUDV GD YLGD
VRFLHWiULD
$V VRFLHGDGHV HP QRPH
FROHWLYR HP FRPDQGLWD
VLPSOHV H OLPLWDGD VmR
FRQVWLWXtGDV SRU FRQWUDWR
VRFLDO,VWRWHUiUHSHUFXVV}HV
QR UHJLPH GLVVROXWyULR
DSOLFiYHO D HODV $V
VRFLHGDGHV FRQWUDWXDLV
GLVVROYHPVHGHDFRUGRFRP
RTXHSUHYrVREUHDPDWpULD
R&yGLJR&LYLO
2 FRQWUDWR VRFLDO p XPD
HVSpFLH EDVWDQWH SHFXOLDU GH
FRQWUDWR $V QRUPDV JHUDLV
GH GLUHLWR FLYLO SHUWLQHQWHV
DRV FRQWUDWRV QmR SRGHP
SXUD H VLPSOHVPHQWH VHU
DSOLFDGDV j GLVFLSOLQD GR
FRQWUDWR VRFLDO HP UD]mR
PHVPR GH VXDV
SDUWLFXODULGDGHV 'DV UHJUDV
DWLQHQWHV j IRUPDomR
LQH[HFXomR RX H[WLQomR GRV
FRQWUDWRVHPJHUDOQHPWXGR
VH DSURYHLWD QR GHVDWH GH
TXHVW}HVVRFLHWiULDV
'H TXDOTXHU IRUPD RV
DXWRUHV FRVWXPDP DSRQWDU R
FRQWUDWR GH VRFLHGDGH FRPR
HVSpFLH GR JrQHUR ³FRQWUDWR
SOXULODWHUDO´ HP TXH
FRQYHUJH SDUD XP PHVPR
REMHWLYR FRPXP D YRQWDGH
GRVFRQWUDWDQWHV1RFDVRRV
VyFLRV FHOHEUDP R FRQWUDWR
VRFLDO FRP YLVWDV j
H[SORUDomR HP FRQMXQWR GH
GHWHUPLQDGD DWLYLGDGH
FRPHUFLDO XQLQGR VHXV
HVIRUoRV H FDEHGDLV SDUD
REWHQomR GH OXFURV TXH
UHSDUWLUmR HQWUH HOHV &RPR
FRQWUDWR SOXULODWHUDO FDGD
FRQWUDWDQWH DVVXPH SHUDQWH
WRGRVRVGHPDLVREULJDo}HV
$OpP GLVVR GHVWH FRQWUDWR
VXUJH XP QRYR VXMHLWR GH
GLUHLWRDVRFLHGDGHSHUDQWH
D TXDO RV FRQWUDWDQWHV
WDPEpP VmR REULJDGRV 2
GHYHUGHRVyFLRLQWHJUDOL]DU
D TXRWD GR FDSLWDO VRFLDO
GHFRUUHGRFRQWUDWRVRFLDOR
WLWXODU GR GLUHLWR
FRUUHVSRQGHQWH D HVWH GHYHU
p D VRFLHGDGH QDVFLGD
WDPEpPGRPHVPRFRQWUDWR
5(48,6,726'(
9$/,'$'('2
&2175$7262&,$/
3DUD D YDOLGDGH GR
FRQWUDWR VRFLDO R GLUHLWR
HOHJHX GHWHUPLQDGRV
UHTXLVLWRV 6HP D
REVHUYkQFLD GHVWHV D
VRFLHGDGH QmR VH IRUPD
YDOLGDPHQWH SRGHQGR VHU
GHFUHWDGD D VXD DQXODomR RX
GHFODUDGD D QXOLGDGH $
LQYDOLGDomRQmRVHFRQIXQGH
FRP D GLVVROXomR GD
VRFLHGDGHHPVHQWLGRODUJR
RX VHMD FRPSUHHQGHQGR R
SURFHVVR GH H[WLQomR H QmR
DSHQDV R DWR TXH OKH Gi
RULJHP HPERUD WDQWR XPD
FRPR RXWUD LPSRUWH R
GHVDSDUHFLPHQWR HP
GHILQLWLYRGRVHIHLWRVGRDWR
TXH FRQVWLWXL RX SUHWHQGHX
FRQVWLWXLUDVRFLHGDGH
$ LQYDOLGDomR H D
GLVVROXomR GLIHUHP HP WUrV
DVSHFWRV TXDQWR DRV
VXMHLWRV DRV PRWLYRV H DRV
HIHLWRV 4XDQWR DRV VXMHLWRV
D GLVVROXomR SRGH GHFRUUHU
GD YRQWDGH GRV SDUWLFXODUHV
VyFLRV RX VHXV VXFHVVRUHV
RX GH GHFLVmR MXGLFLDO DR
SDVVR TXH D LQYDOLGDomR
GHFRUUHVHPSUHHDSHQDVGH
DWR GR 3RGHU -XGLFLiULR
4XDQWR DRV PRWLYRV D
LQYDOLGDomR GR DWR
FRQVWLWXWLYRIXQGDVHHPXPD
GHVFRQIRUPLGDGH GHVWH FRP
R RUGHQDPHQWR MXUtGLFR HP
YLJRU QD LQREVHUYkQFLD GH
XP UHTXLVLWR GH YDOLGDGH GR
FRQWUDWR VRFLDO HQTXDQWR D
GLVVROXomR VH EDVHLD HP
IDWRUHV RXWURV GLVWLQWRV GD
GHVFRQIRUPLGDGH
FRQVLGHUDGD FRPR D
LPSRQWXDOLGDGH QR
FXPSULPHQWR GH REULJDomR
OtTXLGD GLVVROXomR SRU
IDOrQFLDDLQYLDELOLGDGHGR
REMHWR VRFLDO && DUW
D GLVVLGrQFLD GH
VyFLR && DUW HWF
)LQDOPHQWH TXDQWR DRV
HIHLWRV D GLVVROXomR RSHUD
LUUHWURDWLYDPHQWH H D
LQYDOLGDomR
UHWURDWLYDPHQWH $
LUUHWURDWLYLGDGH GD
GLVVROXomRHDUHWURDWLYLGDGH
GDLQYDOLGDomRWrPHPYLVWD
DSHQDVRSULQFLSDOHIHLWRGR
DWR FRQVWLWXWLYR TXDO VHMD D
H[LVWrQFLD GD SHVVRD
MXUtGLFD 2V DWRV MXUtGLFRV
SUDWLFDGRV SHOD VRFLHGDGH
HPSUHViULD QmR
UHODFLRQDGRV FRP D VXD
H[LVWrQFLDSURSULDPHQWHGLWD
QmR VHUmR LQYDOLGDGRV SHOD
Vy LQYDOLGDomR GR DWR
FRQVWLWXWLYR 2XWURVVLP D
LQYDOLGDomR GD VRFLHGDGH
VDOYR QR FDVR GH QmR LQtFLR
GDV DWLYLGDGHV LPSRUWDUi
H[HUFtFLR LUUHJXODU GR
FRPpUFLR PHVPR TXH R
FRQWUDWR VRFLDO WHQKD VLGR
UHJLVWUDGR
3DUD VHU YiOLGR R
FRQWUDWR VRFLDO GHYH
REHGHFHU D GXDV RUGHQV GH
UHTXLVLWRV (P SULPHLUR
OXJDU RV UHTXLVLWRV GH
YDOLGDGH GH TXDOTXHU
QHJyFLR MXUtGLFR HP
VHJXQGR DTXHOHV TXH R
GLUHLWR UHVHUYRX
HVSHFLDOPHQWH SDUD R DWR
FRQVWLWXWLYR GH VRFLHGDGH
HPSUHViULD$VVLPWrPVH
D 5HTXLVLWRV JHQpULFRV
² D YDOLGDGH GR FRQWUDWR
VRFLDO GHSHQGH GD
REVHUYkQFLD GRV HOHPHQWRV
TXH YDOLGDP RV DWRV
MXUtGLFRV HP JHUDO
HOHQFDGRV SHOR DUW GR
&& D VDEHU DJHQWH FDSD]
REMHWR SRVVtYHO H OtFLWR
DOpP GD IRUPD SUHVFULWD RX
QmR GHIHVD HP OHL 1R TXH
GL] UHVSHLWR DR SULPHLUR
GHOHV p LPSRUWDQWH UHVVDOWDU
TXH D FRQWUDWDomR GH
VRFLHGDGH OLPLWDGD SRU
PHQRU GHYLGDPHQWH
UHSUHVHQWDGRRXDVVLVWHQWHp
DGPLWLGDSHODOHLGHVGHTXH
HOH QmR WHQKD SRGHUHV GH
DGPLQLVWUDomR H R FDSLWDO
VRFLDO HVWHMD WRWDOPHQWH
LQWHJUDOL]DGR && DUW
TXDQWR DR REMHWR D
YDOLGDGH GR FRQWUDWR VRFLDO
GHSHQGH GD SRVVLELOLGDGH H
OLFLWXGH GD DWLYLGDGH
HFRQ{PLFD H[SORUDGD VHQGR
LQYiOLGD SRU H[HPSOR XPD
VRFLHGDGH IRUPDGD SDUD D
H[SORUDomR GH MRJR GR
ELFKR H QR WRFDQWH j IRUPD
R FRQWUDWR VRFLDO GHYH VHU
HVFULWR SRU LQVWUXPHQWR
SDUWLFXODU RX S~EOLFR PDV
SRGH VHU GH DFRUGR FRP
UHJUDV D VHJXLU HVWXGDGDV
H[FHSFLRQDOPHQWHRUDO
E5HTXLVLWRVHVSHFtILFRV
²DOpP GR DWHQGLPHQWR DRV
UHTXLVLWRVGRVDWRVMXUtGLFRV
HPJHUDOGHYHPRVFRQWUDWRV
VRFLDLVDWHQGHURVUHTXLVLWRV
TXH OKHV VmR FDUDFWHUtVWLFRV
D VDEHU WRGRV RV VyFLRV
GHYHP FRQWULEXLU SDUD D
IRUPDomR GR FDSLWDO VRFLDO
VHMD FRP EHQV FUpGLWRV RX
GLQKHLUR H WRGRV RV VyFLRV
SDUWLFLSDUmR GRV UHVXOWDGRV
SRVLWLYRV RX QHJDWLYRV GD
VRFLHGDGH (VVHV UHTXLVLWRV
GHFRUUHP GR SUySULR
FRQFHLWR GH FRQWUDWR VRFLDO
&&DUW
8PD VRFLHGDGH
HPSUHViULD TXH GLVSHQVH XP
GRV VyFLRV GD FRQWULEXLomR
SDUD D IRUPDomR GH VHX
FDSLWDO VRFLDO QmR p YiOLGD
DVVLP FRPR DTXHOD TXH
H[FOXD XP RX DOJXQV GRV
VyFLRVGRVOXFURVVRFLHGDGH
FKDPDGD ³OHRQLQD´ RX GDV
SHUGDV VRFLDLV && DUW
e QXOD D VRFLHGDGH
HP TXH VH SDFWXDU SRU
KLSyWHVH TXH XP GRV VyFLRV
VHUi LQGHQL]DGR SHORV
GHPDLVHPFDVRGHIDOrQFLD
SRUTXH LVWR HTXLYDOHULD j
H[FOXVmR GDTXHOH VyFLR GDV
SHUGDVVRFLDLV
$FHQWXHVHTXHDOHLQmR
YHGD D GLVWULEXLomR
GLIHUHQFLDGDGRVOXFURVHQWUH
RVVyFLRVQHPDGLVWULEXLomR
GHVSURSRUFLRQDO j
SDUWLFLSDomR GH FDGD XP QR
FDSLWDO VRFLDO D YHGDomR
FRP HIHLWR UHFDL VREUH D
H[FOXVmR GH VyFLR GD
GLVWULEXLomRGRVOXFURV
&DEH ID]HU PHQomR
DLQGD jDIIHFWLR VRFLHWDWLV
FRPR SUHVVXSRVWR GH
H[LVWrQFLD GD VRFLHGDGH
HPSUHViULD SOXULSHVVRDO
(VVH SUHVVXSRVWR GL]
UHVSHLWR j GLVSRVLomR TXH
WRGD SHVVRD PDQLIHVWD DR
LQJUHVVDU HP XPD VRFLHGDGH
HPSUHViULD GH OXFUDU RX
VXSRUWDU SUHMXt]R HP
GHFRUUrQFLD GR QHJyFLR
FRPXP (VWD GLVSRVLomR
HVWH kQLPR p FRQGLomR GH
IDWR GD H[LVWrQFLD GD
VRFLHGDGH SOXULSHVVRDO
SRVWR TXH VHP HOD QmR
KDYHUiDSUySULDFRQMXJDomR
GH HVIRUoRV LQGLVSHQViYHO j
FULDomR H GHVHQYROYLPHQWR
GRHQWHFROHWLYR
2 SUHVVXSRVWR GH
H[LVWrQFLD GD VRFLHGDGH
HPSUHViULD SOXULSHVVRDO QmR
VH FRQIXQGH FRP RV VHXV
UHTXLVLWRV GH YDOLGDGH $
VXD IDOWD FRPSURPHWH D
H[LVWrQFLD GR HQWH VRFLDO D
GRV UHTXLVLWRV D YDOLGDGH
GHVWH
&/È868/$6
&2175$78$,6
2 DWR FRQVWLWXWLYR GD
VRFLHGDGH HPSUHViULD SRGH
VHU REMHWR GH DOWHUDomR GH
DFRUGR FRP D YRQWDGH GRV
VyFLRV RX SRU GHFLVmR
MXGLFLDO 6H DFDVR DV UHJUDV
GH FRQYLYrQFLD DGRWDGDV
TXDQGR GD FRQVWLWXLomR GD
VRFLHGDGH QmR VmR PDLV
VDWLVIDWyULDV GHVGH TXH VH
REVHUYHP RV UHTXLVLWRV GH
YDOLGDGHRVSUHVVXSRVWRVGH
H[LVWrQFLD H DV FOiXVXODV
HVVHQFLDLV SRGHUmR RV
VyFLRV OLYUHPHQWH DOWHUDU DV
GLVSRVLo}HVFRQWUDWXDLV
$ UHJUD p D GH TXH DV
GHOLEHUDo}HV VRFLDLV H[FHWR
DV TXH LPSRUWDP DOWHUDomR
FRQWUDWXDO VmR WRPDGDV SRU
PDLRULD GH YRWRV 6DOYR HP
KLSyWHVHV H[FHSFLRQDLV TXH
VHH[DPLQDUmRHPVHJXLGDD
YRQWDGH PDMRULWiULD GRV
VyFLRV p HILFD] SDUD GHFLGLU
RVGHVWLQRVGDVRFLHGDGH
$ PDLRULD VRFLHWiULD p
GHILQLGD QmR HP IXQomR GD
TXDQWLGDGH GH VyFLRV PDV
GD SDUWLFLSDomR GH FDGD XP
GHOHV QR FDSLWDO VRFLDO 2
YRWR GH FDGD VyFLR WHP R
SHVR SURSRUFLRQDO j FRWD
VRFLDO FRUUHVSRQGHQWH 8P
~QLFR VyFLR HQWmR SRGH
UHSUHVHQWDU D PDLRULD
VRFLHWiULD GHVGH TXH D VXD
FRWD VRFLDO UHSUHVHQWH PDLV
GDPHWDGHGRFDSLWDOVRFLDO
2 Q~PHUR GH VyFLRV Vy
LPSRUWD HP FDVR GH
GHVHPSDWH 1XPD VRFLHGDGH
GH WUrV VyFLRV HP TXH XP
GHOHV p WLWXODU GH PHWDGH GR
FDSLWDO VRFLDO RFRUUHQGR
GLYHUJrQFLD HQWUH HVWH H RV
GRLVRXWURVFDUDFWHUL]DVHR
HPSDWH 3UHYDOHFHUi
FRQWXGR D YRQWDGH GHVWHV
SRUVHUHPHPPDLRUQ~PHUR
GRLVFRQWUDXP
(P FDVR GH QmR VHU
SRVVtYHO VXSHUDU R HPSDWH
SHOR FULWpULR GH TXDQWLGDGH
GH VyFLRV GHYHUi REVHUYDU
VH R GLVSRVWR QR FRQWUDWR
VRFLDO VH SUHYLVWD FOiXVXOD
GH DUELWUDJHP RV VyFLRV
GHYHUmR VRFRUUHUVH GD
GHFLVmRGRiUELWUR2PLVVRR
FRQWUDWR VRFLDO FDEHUi DR
MXL] GHFLGLU QR LQWHUHVVH GD
VRFLHGDGH ID]HQGR
SUHYDOHFHU TXDOTXHU XP GRV
YRWRV SURIHULGRV SHORV
VyFLRV'HVHDQRWDUTXHQmR
SRGH R MXL] LPSRU XPD
WHUFHLUD VROXomR QmR
FRJLWDGD SRU QHQKXP GRV
VyFLRV FRPR IRUPD GH
VXSHUDomRGRHPSDWH
4XDQGR DV GHOLEHUDo}HV
GRV VyFLRV LPSRUWDP
DOWHUDo}HV FRQWUDWXDLV
H[LJHVH QD VRFLHGDGH HP
QRPH FROHWLYR H HP
FRPDQGLWD VLPSOHV D
XQDQLPLGDGH SDUD PXGDQoD
GH FOiXVXOD HVVHQFLDO &&
DUW 6H XP GRV VyFLRV
GHVVDV VRFLHGDGHV VH
PDQLIHVWDU FRQWUDULDPHQWH j
DOWHUDomR SUHWHQGLGD SHORV
GHPDLV LQGHSHQGHQWHPHQWH
GD SDUWLFLSDomR VRFLHWiULD
GHOH R FRQWUDWR VRFLDO
SHUPDQHFHLQDOWHUDGR$LQGD
QHVVDV VRFLHGDGHV D
DOWHUDomR GR FRQWUDWR VRFLDO
HP FOiXVXOD QmR HVVHQFLDO
SRGH VHU IHLWD SHOR YRWR GH
VyFLRVTXHUHSUHVHQWDPPDLV
GDPHWDGHGRFDSLWDOVRFLDO
6H D VRFLHGDGH p
OLPLWDGD D DOWHUDomR
FRQWUDWXDOSRGHVHUDSURYDGD
SRU VyFLRV TXH UHSUHVHQWHP
WUrVTXDUWRVGRFDSLWDOVRFLDO
&&DUWV9H
, (VWHTXRUXP GH
GHOLEHUDomR p H[LJLGR
TXDOTXHUTXHVHMDDQDWXUH]D
GD FOiXVXOD HP PXGDQoD
HVVHQFLDO RX DFLGHQWDO 2V
PLQRULWiULRVGDOLPLWDGDFRP
DWp GR FDSLWDO VRFLDO
GHYHP VH VXEPHWHU j
DOWHUDomR DSURYDGD SHOD
PDLRULDRXH[HUFHURGLUHLWR
GH UHWLUDGD VHQGR QHVWH
~OWLPR FDVR UHHPEROVDGRV
SHOR YDORU SDWULPRQLDO GH
VXDVTXRWDV
$QRWHVH TXH D OHL DR
FRQWUiULR GR TXH VHULD R
PDLVGHVHMiYHOQmRJXDUGRX
FRUUHVSRQGrQFLD HQWUH DV
KLSyWHVHV HP TXH VH H[LJH D
XQDQLPLGDGHGDYRQWDGHGRV
VyFLRV RXTXRUXP
TXDOLILFDGR GH WUrV TXDUWRV
SDUD HILFiFLD GD DOWHUDomR
FRQWUDWXDO H DV KLSyWHVHV HP
TXH R UHJLVWUR GD DOWHUDomR
SRGH VHU IHLWR FRP D
DVVLQDWXUD DSHQDV GR VyFLR
RX VyFLRV UHSUHVHQWDQWHV GD
PDLRULD VRFLDO &RP HIHLWR
VmR FRLVDV GLVWLQWDV H
GLVFHUQtYHLV D GHOLEHUDomR
GD DOWHUDomR FRQWUDWXDO H R
UHJLVWUR GR UHVSHFWLYR
LQVWUXPHQWR $VVLP R
GLUHLWR SRU YH]HV GLVSHQVD
D DVVLQDWXUD GH WRGRV RV
VyFLRV QR LQVWUXPHQWR GH
DOWHUDomR TXH Vy SRGHULD WHU
VLGR GHOLEHUDGD SHOD
XQDQLPLGDGH H WDPEpP
H[LJH jV YH]HV D DVVLQDWXUD
GH WRGRV RVVyFLRV QR
LQVWUXPHQWR GH DOWHUDomR
FRQWUDWXDO SDUD FXMD
GHOLEHUDomR p VXILFLHQWH D
PDLRULD TXDOLILFDGD 8PD
H[LJrQFLD QmR LQWHUIHUH QD
RXWUD
3DUD TXH D DOWHUDomR
FRQWUDWXDO VHMD UHJLVWUDGD
LQGHSHQGHQWHPHQWH GR
TXRUXPH[LJLGRSRUOHLSDUD
D VXD GHOLEHUDomR p
QHFHVViULD DSHQDV D
DVVLQDWXUD QR LQVWUXPHQWR
UHVSHFWLYR GH VyFLR RX
VyFLRV WLWXODUHV GD PDLRULD
GR FDSLWDO VRFLDO $
DVVLQDWXUDGHWRGRVRVVyFLRV
GD VRFLHGDGH FRQWUDWXDO
VRPHQWH p H[LJtYHO VH R
SUySULR FRQWUDWR FRQWLYHU
FOiXVXOD UHVWULWLYD GH
DOWHUDomR SRU VLPSOHV
PDLRULD/5(DUW9,
([HPSOLILFDWLYDPHQWH
GHVHMDQGR XP VyFLR GH
VRFLHGDGHHPQRPHFROHWLYR
DOWHUDU R VHX REMHWR VRFLDO
SDUD ILQV GH GLYHUVLILFDomR
GRV QHJyFLRV H[SORUDGRV
GHYHUi FRQYHQFHU WRGRV RV
GHPDLV VyFLRV GD
QHFHVVLGDGHRXRSRUWXQLGDGH
GD DOWHUDomR SRVWR WUDWDUVH
GH WHPD TXH H[LJH D
XQDQLPLGDGH && DUWV
H 0DV R LQVWUXPHQWR
GH DOWHUDomR FRQWUDWXDO TXH
PXGDRREMHWRGDVRFLHGDGH
SRGHUi VHU DUTXLYDGR QD
-XQWD &RPHUFLDO FRP D
DVVLQDWXUD DSHQDV GR VyFLR
RX VyFLRV PDMRULWiULRV VH
QmR KRXYHU FOiXVXOD
SURLELWLYDQHVVHVHQWLGR
75$16)250$d2'2
5(*,6752
(;&/862'(6Ï&,2
2 VyFLR GD VRFLHGDGH
FRQWUDWXDO ² D UHJUD QmR VH
DSOLFD DRV GH VRFLHGDGH
LQVWLWXFLRQDO ² SRGH VHU
H[FOXtGR TXDQGR RFRUUHU
XPD GDV KLSyWHVHV
HVWDEHOHFLGDVHPOHL
D 0RUD QD
LQWHJUDOL]DomR ² TXDQGR R
VyFLR GHL[D GH FXPSULU QRV
SUD]RVFRPDVXDREULJDomR
GHLQWHJUDOL]DUDFRWDSRUHOH
VXEVFULWD RV GHPDLV VyFLRV
SRGHUmR FRQIRUPH Mi
HVWXGDGR RSWDU SHOD
H[FOXVmRGRVyFLRGRTXDGUR
DVVRFLDWLYR&&DUW
E -XVWD FDXVD ²
FDUDFWHUL]DGD SHOD YLRODomR
RXIDOWDGHFXPSULPHQWRGDV
REULJDo}HV VRFLDLV FRPR
SRU H[HPSOR QR FDVR GH R
VyFLR FRQFRUUHU FRP D
VRFLHGDGH HPSUHViULD
H[SORUDQGRLQGLYLGXDOPHQWH
RX HP RXWUD VRFLHGDGH D
PHVPDDWLYLGDGH
3DUD D H[FOXVmR GH XP
GRV VyFLRV p QHFHVViULD D
RFRUUrQFLDGHDOJXPDGHVWDV
FDXVDV$H[FOXVmRQmRpDR
FRQWUiULR GR TXH VH FRVWXPD
OHFLRQDU DVVXQWR GH
GHOLEHUDomR GD VRFLHGDGH
1mR p D VRFLHGDGH TXH
H[SXOVD R VHX VyFLR 6mR RV
GHPDLV VyFLRV j YLVWD GD
RFRUUrQFLD GH IDWR TXH D OHL
GHILQH FRPR HQVHMDGRU GD
H[SXOVmR TXH SDVVDP D
WLWXODUL]DU R FRUUHVSRQGHQWH
GLUHLWR$HIHWLYDRFRUUrQFLD
GH IDWR GHVVD QDWXUH]D p
FRQGLomR LQDIDVWiYHO GD
H[FOXVmR 6H LQH[LVWLX D
FDXVD OHJDOPHQWH SUHYLVWD
HOD QmR VHUi SRVVtYHO SRU
PHUD GLVSRVLomR GH YRQWDGH
GRVVyFLRV
2XWUR DVSHFWR GH DOJXPD
LPSUHFLVmR GRXWULQiULD GL]
UHVSHLWR j QHFHVVLGDGH GH
YRQWDGH PDMRULWiULD SDUD
GHOLEHUDomR GD RFRUUrQFLD
GH FDXVD GH H[FOXVmR 3DUD
FHUWRV DXWRUHV H FHUWD
MXULVSUXGrQFLD p D H[FOXVmR
XPD PHGLGD GD PDLRULD
VRFLHWiULD 1DGD PDLV
HTXLYRFDGR SRUpP SRVWR
TXH R VyFLR PDMRULWiULR
WDPEpPSRGHVHUUHPLVVRRX
HQWUDUHPFRPSHWLomRFRPD
VRFLHGDGH FDEH QHVWHV
FDVRVjPLQRULDVRFLHWiULDR
GLUHLWRGHH[FOXVmRGDTXHOH
1DVVRFLHGDGHVHPQRPH
FROHWLYR H HP FRPDQGLWD
VLPSOHVDH[SXOVmRGRVyFLR
PLQRULWiULR RX PDMRULWiULR
Vy SRGH VHU H[WUDMXGLFLDO
TXDQGR IXQGDGD QD PRUD GR
UHPLVVR 6H R IXQGDPHQWR p
GLYHUVR GHVFXPSULPHQWR GH
RXWUDVREULJDo}HVVRFLDLVD
H[SXOVmR GHYH VHU VHPSUH
MXGLFLDO&&DUW
1DVRFLHGDGHOLPLWDGDD
H[FOXVmR GH VyFLR
PLQRULWiULR SRGHVH RSHUDU
SRU VLPSOHV DOWHUDomR
FRQWUDWXDO OHYDGD D UHJLVWUR
QD-XQWD&RPHUFLDOGHYHQGR
RVyFLRH[FOXtGRVRFRUUHUVH
GR 3RGHU -XGLFLiULR SDUD
SURYDUHYHQWXDOLQRFRUUrQFLD
GH FDXVD GH H[FOXVmR $
H[FOXVmR GR VyFLR
PLQRULWiULR SRU VLPSOHV
DOWHUDomR FRQWUDWXDO VRPHQWH
p FDEtYHO VH R FRQWUDWR GH
VRFLHGDGH D SHUPLWLU H
KRXYHU GHOLEHUDomR HP
DVVHPEOHLDGHVyFLRVSDUDD
TXDOWHQKDVLGRFRQYRFDGRR
H[FOXtGR && DUW
&DVR R FRQWUDWR VRFLDO QmR
SHUPLWDDH[SXOVmRGRVyFLR
PLQRULWiULR HVWD GHYHUi
QHFHVVDULDPHQWHVHUIHLWDSRU
YLDMXGLFLDO
-i VH D KLSyWHVH p D GH
H[FOXVmR GH VyFLR
PDMRULWiULR GD VRFLHGDGH
OLPLWDGD GHYHUmR RV GHPDLV
VyFLRV SRVWXOiOD SHUDQWH R
3RGHU -XGLFLiULR FDEHQGR
OKHV R {QXV GD SURYD GD
FDXVDGHH[FOXVmR
([SXOVR GD VRFLHGDGH R
VyFLR WHUi GLUHLWR DR YDORU
SDWULPRQLDO GH VXD
SDUWLFLSDomR VRFLHWiULD
2SHUDVHHPGHFRUUrQFLDGD
H[SXOVmR D GLVVROXomR
SDUFLDO GD VRFLHGDGH FRP
GLPLQXLomRGRFDSLWDOVRFLDO
6H RV VyFLRV R GHVHMDUHP
HYLGHQWHPHQWH SRGHUmR
HYLWiOD VXEVFUHYHQGR H
LQWHJUDOL]DQGRQRYDVFRWDV
&$3Ë78/2
62&,('$'(6
&2175$78$,6
0(125(6
*(1(5$/,'$'(6
2&yGLJR&LYLODOpPGD
OLPLWDGD TXH VHUi HVWXGDGD
QR SUy[LPR FDStWXOR
GLVFLSOLQD WUrV RXWURV WLSRV
GH VRFLHGDGHV HPSUHViULDV
FRQVWLWXtGDV SRU FRQWUDWR
HQWUH RV VyFLRV HP QRPH
FROHWLYR 1& HP
FRPDQGLWDVLPSOHV&6HP
FRQWDGHSDUWLFLSDomR&3
&KDPDUHPRV HVWDV WUrV
VRFLHGDGHV GH FRQWUDWXDLV
PHQRUHV WHQGR HP YLVWD VXD
SRXTXtVVLPD SUHVHQoD QD
HFRQRPLDEUDVLOHLUD
'D VRFLHGDGH HP FRQWD
GH SDUWLFLSDomR VH FXLGDUi
HPWySLFRSUySULRjYLVWDGH
VXDV H[FHSFLRQDLV
SHFXOLDULGDGHV QR TXDGUR
GR GLUHLWR VRFLHWiULR LWHP
$FHUFD GDV GXDV RXWUDV
1& H &6 p SRVVtYHO
GHOLPLWDUHPVH FHUWDV
QRUPDVJHUDLVTXHHQJOREDP
DVSHFWRV FRPXQV jV
VRFLHGDGHV HP QRPH
FROHWLYR H HP FRPDQGLWD
VLPSOHV 6mR UHJUDV
H[WUDtGDV GD GLVFLSOLQD GDV
VRFLHGDGHV VLPSOHV TXH VH
DSOLFDP VXEVLGLDULDPHQWH jV
HPSUHViULDV
D QD TXHVWmR GD
DOLHQDomR GD SDUWLFLSDomR
VRFLHWiULD VmR VRFLHGDGHV
³GH SHVVRDV´ DSOLFDQGRVH
HP GHFRUUrQFLD R GLVSRVWR
QR DUW GR && SHOR
TXDODFHVVmRGDFRWDVRFLDO
HVWi FRQGLFLRQDGD j
FRQFRUGkQFLD GRV GHPDLV
VyFLRV 3RU RXWUR ODGR DV
VXDV FRWDV VRFLDLV VmR
LPSHQKRUiYHLV SRU
REULJDomR LQGLYLGXDO GH
VyFLR
E DGRWDP ILUPD QD
FRPSRVLomR GR UHVSHFWLYR
QRPH HPSUHVDULDO R TXH
VLJQLILFD TXH HVWH WDPEpP
VHUi D DVVLQDWXUD DSURSULDGD
SDUD D SUiWLFD GH QHJyFLR
MXUtGLFR SRU SDUWH GD
VRFLHGDGH
F VRPHQWH R QRPH FLYLO
GH VyFLR GH
UHVSRQVDELOLGDGH LOLPLWDGD
SRGHUi ID]HU SDUWH GD ILUPD
6yFLR FRP UHVSRQVDELOLGDGH
QmR LOLPLWDGD FXMR QRPH
FLYLO KDMD VLGR DSURYHLWDGR
QD FRPSRVLomR GR QRPH
HPSUHVDULDO GD VRFLHGDGH
UHVSRQGHUi LOLPLWDGDPHQWH
SHODVREULJDo}HVVRFLDLV
G VRPHQWH R VyFLR FRP
UHVSRQVDELOLGDGH LOLPLWDGD
SRGH DGPLQLVWUDU VRFLHGDGH
$ LQREVHUYkQFLD GHVWD
YHGDomR LPSRUWD D
UHVSRQVDELOLGDGH LOLPLWDGD
GR VyFLR TXH H[HUFHU D
UHSUHVHQWDomROHJDO
H VRPHQWH SHVVRD ItVLFD
SRGH VHU VyFLD FRP
UHVSRQVDELOLGDGH LOLPLWDGD
'HVVH PRGR D SHVVRD
MXUtGLFD QmR SRGH LQWHJUDU D
1& QHP VHU FRPDQGLWDGD
QD&6
7HQGRVH DVVLP
SUHVHQWHV HVWDV UHJUDV
FRPXQV DRV GRLV WLSRV GH
VRFLHGDGHV FRQWUDWXDLV
PHQRUHV SHUVRQDOL]DGDV GR
&yGLJR &LYLO SRGHP VHU
H[DPLQDGRV RV DVSHFWRV
SHFXOLDUHVGHFDGDWLSR
62&,('$'((0120(
&2/(7,92
e R WLSR VRFLHWiULR HP
TXH WRGRV RV VyFLRV
UHVSRQGHP LOLPLWDGDPHQWH
SHODV REULJDo}HV VRFLDLV
7RGRV DVVLP GHYHP VHU
SHVVRDV QDWXUDLV 4XDOTXHU
XP GHOHV GH RXWUR ODGR
SRGH VHU QRPHDGR
DGPLQLVWUDGRU GD VRFLHGDGH
H WHU VHX QRPH FLYLO
DSURYHLWDGR QD FRPSRVLomR
GR QRPH HPSUHVDULDO
(QFRQWUDVH HVWH WLSR
VRFLHWiULR GLVFLSOLQDGR QRV
DUWVDGR&&
1D KLSyWHVH GH
IDOHFLPHQWR GH VyFLR VH R
FRQWUDWR VRFLDO QmR GLVSXVHU
D UHVSHLWR RSHUDVH D
OLTXLGDomR GDV TXRWDV GR
IDOHFLGR && DUW
3DUD TXH RV VXFHVVRUHV GR
VyFLRPRUWRWHQKDPRGLUHLWR
GH LQJUHVVDU QD VRFLHGDGH
PHVPRFRQWUDDYRQWDGHGRV
VREUHYLYHQWHV p
LQGLVSHQViYHO QR FRQWUDWR
VRFLDOFOiXVXODH[SUHVVDTXH
RDXWRUL]H
62&,('$'( (0
&20$1',7$6,03/(6
e R WLSR VRFLHWiULR HP
TXHXPRXDOJXQVGRVVyFLRV
GHQRPLQDGRV
³FRPDQGLWDGRV´ WrP
UHVSRQVDELOLGDGH LOLPLWDGD
SHODV REULJDo}HV VRFLDLV H
RXWURV RV VyFLRV
³FRPDQGLWiULRV´ UHVSRQGHP
OLPLWDGDPHQWH SRU HVVDV
REULJDo}HV 6RPHQWH RV
VyFLRV FRPDQGLWDGRV SRGHP
VHU DGPLQLVWUDGRUHV H R
QRPH HPSUHVDULDO GD
VRFLHGDGH Vy SRGHUi YDOHU
VH GH VHXV QRPHV FLYLV
SRUWDQWR $GHPDLV GHYHP
VHU QHFHVVDULDPHQWH SHVVRDV
ItVLFDV 'LVFLSOLQDP D
VRFLHGDGH HP FRPDQGLWD
VLPSOHV RV DUWV D
GR&&
2VVyFLRVFRPDQGLWiULRV
TXH SRGHP VHU SHVVRDV
ItVLFDV RX MXUtGLFDV HVWmR
VXMHLWRV jV UHVWULo}HV
HVSHFtILFDV TXH OKHV UHVHUYD
D OHL QmR SRGHUmR SUDWLFDU
DWRVGHJHVWmRGDVRFLHGDGH
SDUD VH HYLWDU D
SRVVLELOLGDGH GH DJLQGR HP
QRPH GHOD VHUHP WRPDGRV
SRU DGPLQLVWUDGRUHV H VyFLR
GH UHVSRQVDELOLGDGH
LOLPLWDGD 3RGHUmR FRQWXGR
UHFHEHU SRGHUHV HVSHFLDLV
GH SURFXUDGRU QD UHDOL]DomR
GHQHJyFLRVGHWHUPLQDGRV
2V FRPDQGLWiULRV WrP
FRPR RV FRPDQGLWDGRV
GLUHLWR GH SDUWLFLSDU GD
GLVWULEXLomR GRV OXFURV
SURSRUFLRQDOPHQWH jV VXDV
TXRWDV EHP FRPR WRPDU
SDUWH GDV GHOLEHUDo}HV
VRFLDLV H ILVFDOL]DU D
DGPLQLVWUDomR GRV QHJyFLRV
GDVRFLHGDGH
0RUUHQGR VyFLR
FRPDQGLWDGR GiVH D
GLVVROXomR SDUFLDO GD
VRFLHGDGH D PHQRV TXH R
FRQWUDWR VRFLDO
H[SUHVVDPHQWH HVWLSXOH R
LQJUHVVR GRV VXFHVVRUHV
&& DUW , 6H
IDOHFHU FRPDQGLWiULR D
VRFLHGDGHHPSULQFtSLRQmR
VH GLVVROYH &RQWLQXDUi FRP
RV VXFHVVRUHV DRV TXDLV
FDEH LQGLFDU XP
UHSUHVHQWDQWH && DUW
$SHQDV VH SUHYLVWR
GH PRGR H[SUHVVR QR
FRQWUDWR RV VREUHYLYHQWHV
SRGHUmR OLTXLGDU DV TXRWDV
GR FRPDQGLWiULR IDOHFLGR
9DULDDVVLPGHDFRUGRFRP
D HVSpFLH GH VyFLR IDOHFLGR
D QDWXUH]D SHUVRQDOtVWLFD RX
FDSLWDOLVWD GD VRFLHGDGH QR
WRFDQWH jV FRQVHTXrQFLDV GD
PRUWH GH VyFLR HQWUH RV
FRPDQGLWDGRV HOD p ³GH
SHVVRDV´VDOYRVHRFRQWUDWR
GLVSXVHU HP FRQWUiULR H
HQWUH RV FRPDQGLWiULRV p
³GH FDSLWDO´ D PHQRV TXH
GLVSRVWR HP VHQWLGR GLYHUVR
QRFRQWUDWR
62&,('$'( (0
&217$ '(
3$57,&,3$d2
$VRFLHGDGHHPFRQWDGH
SDUWLFLSDomR GLVFLSOLQDGD
SHORVDUWVDGR&&
SRVVXL FDUDFWHUtVWLFDV
H[FHSFLRQDOPHQWH SUySULDV
QR FHQiULR GDV VRFLHGDGHV
GR GLUHLWR EUDVLOHLUR VHMD
SRU VXD GHVSHUVRQDOL]DomR
VHMD SRU VHX FDUiWHU GH
VRFLHGDGHVHFUHWD
4XDQGR GXDV RX PDLV
SHVVRDVVHDVVRFLDPSDUDXP
HPSUHHQGLPHQWR FRPXP
SRGHUmRID]rORQDIRUPDGH
VRFLHGDGH HP FRQWD GH
SDUWLFLSDomR ILFDQGR XP RX
PDLV VyFLRV HP SRVLomR
RVWHQVLYD H RXWUR RX RXWURV
HPSRVLomRRFXOWDFKDPDP
VH HVWHV VyFLRV
SDUWLFLSDQWHV 3RU QmR WHU
SHUVRQDOLGDGH MXUtGLFD D
VRFLHGDGH HP FRQWD GH
SDUWLFLSDomR QmR DVVXPH HP
VHX QRPH QHQKXPD
REULJDomR
e R VyFLR RX VyFLRV
RVWHQVLYRV ² HVWHV HP
FRQMXQWR RX VHSDUDGDPHQWH
² TXH DVVXPHP FRPR
REULJDomR SHVVRDO DV
REULJDo}HV GD VRFLHGDGH (
DVVLP VHQGR HP VH WUDWDQGR
GHUHVSRQVDELOLGDGHSHVVRDO
QmR Ki TXH VH IDODU GH
VXEVLGLDULHGDGH RX
OLPLWDomR 2V VyFLRV
RVWHQVLYRV GHVWD IRUPD
UHVSRQGHP LOLPLWDGDPHQWH
SHODV REULJDo}HV TXH HP
QRPH SUySULR DVVXPLUHP
SDUD R GHVHQYROYLPHQWR GR
HPSUHHQGLPHQWR FRPXP -i
RV VyFLRV SDUWLFLSDQWHV QmR
UHVSRQGHP VHQmR SHUDQWH RV
RVWHQVLYRVHQDIRUPDGRTXH
KRXYHU VLGR SDFWXDGR RX
VHMD OLPLWDGD RX
LOLPLWDGDPHQWH GH DFRUGR
FRP R SUHYLVWR QR FRQWUDWR
ILUPDGRHQWUHHOHV
2V VyFLRV SDUWLFLSDQWHV
QmR PDQWrP TXDOTXHU
UHODomR MXUtGLFD FRP RV
FUHGRUHV SRU REULJDo}HV
GHFRUUHQWHV GR
HPSUHHQGLPHQWR FRPXP
(VWHV FUHGRUHV GHYHP
GHPDQGDU R VyFLR RX VyFLRV
RVWHQVLYRV RV TXDLV HP
UHJUHVVRHQDVFRQGLo}HVGR
FRQWUDWR SRGHUmR YROWDUVH
FRQWUD RV SDUWLFLSDQWHV 'R
PHVPR PRGR RV
SDUWLFLSDQWHV QmR SRGHP
GHPDQGDU RV GHYHGRUHV GD
VRFLHGDGH
$VRFLHGDGHHPFRQWDGH
SDUWLFLSDomR p DOpP GH
GHVSHUVRQDOL]DGD WDPEpP
VHFUHWD RX VHMD R FRQWUDWR
HQWUH RV VyFLRV TXH GHX
LQtFLR j FRQMXJDomR GH
HVIRUoRVQRGHVHQYROYLPHQWR
GH HPSUHVD FRPXP QmR
SRGH VHU UHJLVWUDGR QR
5HJLVWUR GDV HPSUHVDV 6H
RV FUHGRUHV GR VyFLR
RVWHQVLYR WrP FRQKHFLPHQWR
GD H[LVWrQFLD GD VRFLHGDGH
HP FRQWD GH SDUWLFLSDomR
QmR KDYHUi TXHEUD GR VHX
FDUiWHU VHFUHWR SRVWR TXH
HVWH UHVLGH QmR QR
GHVFRQKHFLPHQWRTXHRPHLR
HPSUHVDULDO WHQKD GD
DVVRFLDomR PDV VLP QD
SURLELomR GR UHJLVWUR QD
-XQWD &RPHUFLDO 1DGD
LPSHGH SRU FRQVHJXLQWH R
UHJLVWUR GR DWR FRQVWLWXWLYR
GD VRFLHGDGH HP FRQWD GH
SDUWLFLSDomR QR 5HJLVWUR GH
7tWXORV H 'RFXPHQWRV SDUD
PHOKRU UHVJXDUGR GRV
LQWHUHVVHV GRV FRQWUDWDQWHV
'HVWDFD D OHL TXH HVWH DWR
UHJLVWUiULRQmRFRQIHUHj&3
SHUVRQDOLGDGHMXUtGLFD
6HQGR XPD VRFLHGDGH
GHVSHUVRQDOL]DGD H VHFUHWD
QmR DGRWDUi QHQKXP QRPH
HPSUHVDULDO
2V EHQV HPSUHJDGRV QR
GHVHQYROYLPHQWRGDHPSUHVD
FRPS}HP XP SDWULP{QLR
HVSHFLDO $V REULJDo}HV
SHVVRDLVGRVyFLRRVWHQVLYR
QmR UHODFLRQDGDV FRP R
GHVHQYROYLPHQWR GR
HPSUHHQGLPHQWR GD &3
VRPHQWH SRGHUmR VHU
VDWLVIHLWDV FRP H[HFXomR
GHVWD SDUWH GH VHX
SDWULP{QLR VH R UHVSHFWLYR
FUHGRULJQRUDYDDH[LVWrQFLD
GD VRFLHGDGH )DOLQGR R
VyFLR RVWHQVLYR D FRQWD GH
SDUWLFLSDomR GHYH VHU
OLTXLGDGD IDOLQGR R
SDUWLFLSDQWH RV GLUHLWRV
GHFRUUHQWHV GR FRQWUDWR GH
VRFLHGDGH HP FRQWD GH
SDUWLFLSDomR SRGHP LQWHJUDU
D PDVVD VHJXQGR DV UHJUDV
GRVFRQWUDWRVELODWHUDLV
(VWH WLSR VRFLHWiULR DWp
SHUPLWLD DRV
HPSUHViULRV D H[SORUDomR
HP VRFLHGDGH GH
GHWHUPLQDGD DWLYLGDGH FRP
XPDVLWXDomRPHQRVRQHURVD
VRE R SRQWR GH YLVWD GR
GLUHLWRWULEXWiULRHPUHODomR
DRV GHPDLV WLSRV ,VWR
SRUTXH VXD UHQGD QmR VRIULD
WULEXWDomR SRU IRUoD GD
GHVSHUVRQDOL]DomR TXH D
FDUDFWHUL]D (P
FRQWXGR SRU OHJLVODomR
HVSHFtILFD R GLUHLWR
WULEXWiULRSDVVRXDHTXLSDUi
OD DRV GHPDLV WLSRV
VRFLHWiULRV QR TXH GL]
UHVSHLWR DR LPSRVWR GH
UHQGD $ VXD QDWXUH]D
GHVSHUVRQDOL]DGD FRQWXGR
SHUPDQHFH tQWHJUD SDUD RV
HIHLWRVGHGLUHLWRFRPHUFLDO
YDOHGL]HUSDUDDGLVFLSOLQD
GDV UHODo}HV MXUtGLFDV HQWUH
RV VyFLRV H VHXV FUHGRUHV
FtYHLV
7DLV GH TXDOTXHU IRUPD
VmR DV SHFXOLDULGDGHV GHVWH
WLSR VRFLHWiULR TXH VHULD
SUHIHUtYHO HQWHQGrOR PDLV
FRPR XPD HVSpFLH GH
FRQWUDWR GH LQYHVWLPHQWR
TXH R OHJLVODGRU UHVROYHX
GHQRPLQDU SRU ³VRFLHGDGH´
GR TXH SURSULDPHQWH FRPR
XPD HVSpFLH GH VRFLHGDGH
HPSUHViULD
&$3Ë78/2
62&,('$'(
/,0,7$'$
/(*,6/$d2
$3/,&È9(/
$VRFLHGDGHOLPLWDGDpR
WLSR VRFLHWiULR GH PDLRU
SUHVHQoD QD HFRQRPLD
EUDVLOHLUD ,QWURGX]LGD QR
QRVVR GLUHLWR HP HOD
UHSUHVHQWDKRMHPDLVGH
GDV VRFLHGDGHV HPSUHViULDV
UHJLVWUDGDV QDV -XQWDV
&RPHUFLDLV 'HYHVH R
VXFHVVR D GXDV GH VXDV
FDUDFWHUtVWLFDV D OLPLWDomR
GD UHVSRQVDELOLGDGH GRV
VyFLRV H D FRQWUDWXDOLGDGH
(P UD]mR GD SULPHLUD RV
HPSUHHQGHGRUHV H
LQYHVWLGRUHV SRGHP OLPLWDU
DV SHUGDV HP FDVR GH
LQVXFHVVR GD HPSUHVD
&RQIRUPH VH H[DPLQDUi j
IUHQWHRVVyFLRVUHVSRQGHP
HPUHJUDSHORFDSLWDOVRFLDO
GD OLPLWDGD 8PD YH]
LQWHJUDOL]DGR WRGR R FDSLWDO
GD VRFLHGDGH RV FUHGRUHV
VRFLDLVQmRSRGHUmRH[HFXWDU
VHXV FUpGLWRV QR SDWULP{QLR
SDUWLFXODU GRV VyFLRV
3UHVHUYDPVHRVEHQVGHVWH
DVVLP HP FDVR GH IDOrQFLD
GDOLPLWDGD
$ VHJXQGD FDUDFWHUtVWLFD
TXH PRWLYRX D ODUJD
XWLOL]DomR GHVVH WLSR
VRFLHWiULR p D
FRQWUDWXDOLGDGH$VUHODo}HV
HQWUH RV VyFLRV SRGHP
SDXWDUVHQDVGLVSRVLo}HVGH
YRQWDGH GHVWHV VHP RV
ULJRUHV RX EDOL]DPHQWRV
SUySULRV GR UHJLPH OHJDO GD
VRFLHGDGH DQ{QLPD SRU
H[HPSOR 6HQGR D OLPLWDGD
FRQWUDWXDO H QmR
LQVWLWXFLRQDO D PDUJHP SDUD
QHJRFLDo}HV HQWUH RV VyFLRV
pPDLRU
$ VRFLHGDGH OLPLWDGD
SRGH VHU SOXULSHVVRDO RX
XQLSHVVRDO 1HVVH ~OWLPR
FDVR p FKDPDGD QD OHL GH
³HPSUHVD LQGLYLGXDO GH
UHVSRQVDELOLGDGH OLPLWDGD´
(,5(/, 3DUD ILQV
GLGiWLFRV D OLPLWDGD VHUi
HVWXGDGD HP WHUPRV JHUDLV
FRPR XPD VRFLHGDGH
SOXULSHVVRDO 2 H[DPH GD
ILJXUDHVSHFtILFDGDOLPLWDGD
GHXP~QLFRVyFLRpIHLWRHP
VHJXLGDLWHP
$OLPLWDGDpGLVFLSOLQDGD
HP FDStWXOR SUySULR GR
&yGLJR &LYLO DUWV D
(VWH FRQMXQWR GH
QRUPDV SRUpP QmR p
VXILFLHQWH SDUD GLVFLSOLQDU D
LPHQVD JDPD GH TXHVW}HV
MXUtGLFDV UHODWLYDV jV
OLPLWDGDV 2XWUDV
GLVSRVLo}HV H GLSORPDV
OHJDLV SRUWDQWR WDPEpP VH
DSOLFDP D HVWH WLSR
VRFLHWiULR
(P SULQFtSLR QDV
RPLVV}HV GR FDStWXOR GR
&yGLJR &LYLO UHIHUHQWH jV
OLPLWDGDV DSOLFDPVH DV
UHJUDV GDV VRFLHGDGHV
VLPSOHV WDPEpP GLVSRVWDV
QHVWH PHVPR FyGLJR &&
DUW FDSXW 3RU
H[HPSOR D UHJUD GH
GHVHPSDWH QDV GHOLEHUDo}HV
VRFLDLV &RPR D OHL QmR
SUHYr HVSHFLILFDPHQWH SDUD
D VRFLHGDGH OLPLWDGD
QHQKXPD QRUPD VREUH R
DVVXQWR DSOLFDVH R DUW
GR&&TXHUHJH
R GHVHPSDWH QDV
GHOLEHUDo}HV GRV VyFLRV GDV
VRFLHGDGHV VLPSOHV 4XHU
GL]HU HPSDWDGD D YRWDomR
IHLWD SURSRUFLRQDOPHQWH DR
YDORU GDV TXRWDV R
GHVHPSDWH GHFRUUHUi GD
SUHYDOrQFLD GRV YRWRV GR
PDLRU Q~PHUR GH VyFLRV
LQGHSHQGHQWHPHQWH GD
LPSRUWkQFLD GDV
SDUWLFLSDo}HV VRFLHWiULDV
3HUVLVWLQGRRHPSDWHGHYHP
RVVyFLRVVXEPHWHURDVVXQWR
jGHFLVmRGRMXL]
2 GLSORPD OHJDO GH
UHJrQFLD VXSOHWLYD GD
OLPLWDGD SRGH VHU SRUpP D
OHLGDVVRFLHGDGHVDQ{QLPDV
/6$ 3DUD LVWR p
QHFHVViULR TXH RV VyFLRV
FRQWUDWHP QHVWH VHQWLGR (P
FRQVHTXrQFLD VH R FRQWUDWR
VRFLDO FRQWHPSODU FOiXVXOD
H[SUHVVD GHWHUPLQDQGR D
DSOLFDomR GD OHL GDV
VRFLHGDGHV SRU Do}HV DRV
FDVRV QmR UHJXODGRV QR
FDStWXOR HVSHFtILFR GR
&yGLJR &LYLO UHIHUHQWH jV
OLPLWDGDV R UHJLPH GDV
VRFLHGDGHV VLPSOHV QmR VH
DSOLFD $ UHJUD GR
GHVHPSDWH SHOR FULWpULR GD
TXDQWLGDGH GH VyFLRV SRU
H[HPSOR QmR H[LVWH QD
OHJLVODomR GDV VRFLHGDGHV
DQ{QLPDV 6H R FRQWUDWR
VRFLDO HOHJHU GH PRGR
H[SUHVVRD/6$FRPRRVHX
UHJLPH GH UHJrQFLD
VXSOHWLYD R GHVHPSDWH
GHYHUi VHJXLU RV
SURFHGLPHQWRVGRDUW
GD/6$QRYDDVVHPEOHLD
SDUD GLVFXWLU D TXHVWmR HP
QR PtQLPR GLDV H
SHUVLVWLQGR R HPSDWH
VXEPLVVmR GD PDWpULD DR
MXL]
(P VXPD VH R FRQWUDWR
VRFLDO GD OLPLWDGD p RPLVVR
RX GHILQH D GLVFLSOLQD GDV
VRFLHGDGHV VLPSOHV FRPR
VHX UHJLPH MXUtGLFR GH
DSOLFDomR VXEVLGLiULD
DSOLFDPVHOKHRVDUWVD
GR && VHPSUH TXH D
PDWpULD QmR HVWLYHU
GLVFLSOLQDGD QRV DUWV
D GR PHVPR FyGLJR
6H SRUpP RV VyFLRV
HVWLSXODUHP H[SUHVVDPHQWH
QR FRQWUDWR VRFLDO TXH R
UHJLPHGHUHJrQFLDVXSOHWLYD
GH VXD VRFLHGDGH OLPLWDGD
VHUi R GDV VRFLHGDGHV
DQ{QLPDV QDV PDWpULDV QmR
UHJXODGDVSHORVDUWVD
GR && DSOLFDPVH DV
QRUPDVGD/6$
$ UHJrQFLD VXSOHWLYD
SHODVQRUPDVGDVVRFLHGDGHV
VLPSOHV RX GDV DQ{QLPDV
LPSRUWD QD YHUGDGH D
FULDomR QD OHL GH GRLV
VXEWLSRVGHOLPLWDGDVGHTXH
WUDWRPDLVjIUHQWHLWHP
'HVHQRWDUTXHDOHLGDV
VRFLHGDGHV SRU Do}HV SRU
VXD DEUDQJrQFLD H
VXSHULRULGDGH WpFQLFD WHP
VLGR DSOLFDGD D WRGRV WLSRV
VRFLHWiULRV LQFOXVLYH D
OLPLWDGD WDPEpP SRU YLD
DQDOyJLFD4XHUGL]HUVHQGR
R &yGLJR &LYLO ODFXQRVR
SRGHUiRMXL]DSOLFDUD/6$
PHVPR TXH R UHJLPH GH
UHJrQFLD VXSOHWLYD GD
OLPLWDGD VHMD R GDV
VRFLHGDGHV VLPSOHV
(YLGHQWHPHQWH VH R &yGLJR
&LYLOQmRIRURPLVVRQmRKi
TXH VH FRJLWDU GH DSOLFDomR
DQDOyJLFD QHP GD OHL GDV
VRFLHGDGHV SRU Do}HV QHP
GH RXWUD TXDOTXHU QHVWH
FDVR RX D /6$ VH DSOLFD
VXSOHWLYDPHQWH SRUTXH p
HVWD D YRQWDGH GRV VyFLRV
R XQmR VH DSOLFD SRUTXH D
PDWpULD HVWi UHJXODGD QR
FDStWXOR UHIHUHQWH jV
VRFLHGDGHV VLPSOHV 3RU
H[HPSOR R GLUHLWR GH RV
VyFLRV VXEVWLWXtUHP D
VRFLHGDGH QD SURPRomR GD
UHVSRQVDELOLGDGHMXGLFLDOGH
DGPLQLVWUDGRU SRU SUHMXt]R
TXHFDXVDUDDHOD/6$DUW
H 1mR Ki
SUHYLVmRQHQKXPDQR&yGLJR
&LYLO VREUH R DVVXQWR QHP
QR FDStWXOR UHIHUHQWH j
VRFLHGDGH OLPLWDGD QHP QD
GLVFLSOLQD GDV VRFLHGDGHV
VLPSOHV6HRFRQWUDWRVRFLDO
HOHJHD/6$FRPRRGLSORPD
GH UHJrQFLD VXEVLGLiULD GD
OLPLWDGD D VXD UHJUD GH
VXEVWLWXLomR SURFHVVXDO WHP
DSOLFDomR VXSOHWLYD FDVR
FRQWUiULR DSOLFDVH
DQDORJLFDPHQWH
3RUILPUHOHPEUHVHTXH
HP UD]mR GD QDWXUH]D
FRQWUDWXDO GDV OLPLWDGDV D
FRQVWLWXLomR H GLVVROXomR GH
VRFLHGDGHV GHVWH WLSR
VHJXHP VHPSUH DV UHJUDV GR
&yGLJR &LYLO 0HVPR TXH D
UHJrQFLD VXSOHWLYD VHMD D GD
/6$SRUTXHDVVLPTXLVHUDP
RVVyFLRVQRFRQWUDWRVRFLDO
R UHJLPH FRQVWLWXWLYR H
GLVVROXWyULRGDOLPLWDGDVHUi
RGDVVRFLHGDGHVFRQWUDWXDLV
&& DUWV D H
D
5(63216$%,/,'$'(
'266Ï&,26
$ UHVSRQVDELOLGDGH GRV
VyFLRV SHODV REULJDo}HV GD
VRFLHGDGH OLPLWDGD FRPR
GL] R QRPH GR WLSR
VRFLHWiULR HVWi VXMHLWD D
OLPLWHV 6H RV EHQV GR
SDWULP{QLR VRFLDO VmR
LQVXILFLHQWHV SDUD
UHVSRQGHUHPSHORYDORUWRWDO
GDVGtYLGDVTXHDVRFLHGDGH
FRQWUDLX QD H[SORUDomR GD
HPSUHVD RV FUHGRUHV Vy
SRGHUmR UHVSRQVDELOL]DU RV
VyFLRV H[HFXWDQGR EHQV GH
VHXV SDWULP{QLRV
LQGLYLGXDLV DWp XP FHUWR
PRQWDQWH $OFDQoDGR HVWH D
SHUGDpGRFUHGRU
2 OLPLWH GD
UHVSRQVDELOLGDGHGRVVyFLRV
QD VRFLHGDGH OLPLWDGD p R
WRWDO GR FDSLWDO VRFLDO
VXEVFULWR H QmR
LQWHJUDOL]DGR &DSLWDO
VXEVFULWR p R PRQWDQWH GH
UHFXUVRV TXH RV VyFLRV VH
FRPSURPHWHP D HQWUHJDU
SDUD D IRUPDomR GD
VRFLHGDGH LQWHJUDOL]DGR p D
SDUWH GR FDSLWDO VRFLDO TXH
HOHV HIHWLYDPHQWH HQWUHJDP
$VVLP DR ILUPDUHP R
FRQWUDWR VRFLDO RV VyFLRV
SRGHP HVWLSXODU TXH R
FDSLWDOVRFLDOVHUiGH
GLYLGLGR HP TXRWDV QR
YDORU GH FDGD 6H
$QWRQLRVXEVFUHYHTXRWDV
H %HQHGLWR HOHV VH
FRPSURPHWHUDP DHQWUHJDU
UHVSHFWLYDPHQWHH
SDUD D IRUPDomR GD
VRFLHGDGH
3RGHPID]rORjYLVWDQR
DWRGDFRQVWLWXLomRKLSyWHVH
HP TXH R FDSLWDO
LQWHJUDOL]DGR VHUi LJXDO DR
VXEVFULWR GHVGH R LQtFLR GD
VRFLHGDGH 0DV SRGHP
ID]rORDSUD]R,PDJLQHTXH
$QWRQLR LQWHJUDOL]D H
DVVXPH R FRPSURPLVVR GH
LQWHJUDOL]DU R UHVWDQWH GH
VXDV TXRWDV HP DQRV
HQTXDQWR %HQHGLWR
LQWHJUDOL]D RV
FRUUHVSRQGHQWHV jV VXDV
TXRWDVQRDWRGDFRQVWLWXLomR
GD OLPLWDGD 1R SULPHLUR
FDVR R OLPLWH GD
UHVSRQVDELOLGDGH GRV VyFLRV
p ]HUR TXHU GL]HU RV
FUHGRUHV QmR SRGHP FREUDU
GRV VyFLRV QHQKXPD
REULJDomR VRFLDO 1R
VHJXQGR R OLPLWH p Mi
TXH R FDSLWDO VRFLDO
VXEVFULWR p H R
LQWHJUDOL]DGRSRU
$QWRQLR H SRU
%HQHGLWR
2V VyFLRV QD OLPLWDGD
WrP UHVSRQVDELOLGDGH
VROLGiULDSHODLQWHJUDOL]DomR
GR FDSLWDO VRFLDO (P
GHFRUUrQFLD QR H[HPSOR HP
IRFR RV FUHGRUHV SRGHUmR
FREUDU R TXH IDOWD j
LQWHJUDOL]DomR GR FDSLWDO
VRFLDO WDQWR GH $QWRQLR
FRPR GH %HQHGLWR &ODUR
TXH VHQGR HVWH ~OWLPR
UHVSRQVDELOL]DGR SHORV
GHYLGRV SRU $QWRQLR WHUi
HOH GLUHLWR GH UHJUHVVR
FRQWUD R VyFLR WLWXODU GDV
TXRWDVQmRLQWHJUDOL]DGDV
(P VXPD VH R FRQWUDWR
VRFLDO HVWDEHOHFH TXH R
FDSLWDO HVWi WRWDOPHQWH
LQWHJUDOL]DGR RV VyFLRV QmR
WrP QHQKXPD
UHVSRQVDELOLGDGH SHODV
REULJDo}HV VRFLDLV )DOLQGR
D VRFLHGDGH H VHQGR
LQVXILFLHQWH R SDWULP{QLR
VRFLDO SDUD OLTXLGDomR GR
SDVVLYR D SHUGD VHUi
VXSRUWDGDSHORVFUHGRUHV
$ OLPLWDomR GD
UHVSRQVDELOLGDGH GRV VyFLRV
SHODV REULJDo}HV VRFLDLV
SRGH SDUHFHU j SULPHLUD
YLVWDXPDUHJUDLQMXVWDPDV
QmR p &RPR R ULVFR GH
LQVXFHVVR p LQHUHQWH D
TXDOTXHU DWLYLGDGH
HPSUHVDULDO R GLUHLWR GHYH
HVWDEHOHFHU PHFDQLVPRV GH
OLPLWDomR GH SHUGDV SDUD
HVWLPXODU HPSUHHQGHGRUHV H
LQYHVWLGRUHV j H[SORUDomR
HPSUHVDULDO GRV QHJyFLRV
6H R LQVXFHVVR GH FHUWD
HPSUHVDSXGHVVHVDFULILFDUD
WRWDOLGDGHGRSDWULP{QLRGRV
HPSUHHQGHGRUHV H
LQYHVWLGRUHV SRQGR HP
ULVFRRVHXFRQIRUWRHGHVXD
IDPtOLD DV UHVHUYDV SDUD
IXWXUD HGXFDomR GRV ILOKRV H
VRVVHJR QD YHOKLFH p
QDWXUDO TXH HOHV VH
PRVWUDULDP PDLV UHWLFHQWHV
HP SDUWLFLSDU GHOD 2
SUHMXt]R VHULD GH WRGRV QyV
Mi TXH RV EHQV QHFHVViULRV
RX~WHLVjYLGDGRVKRPHQVH
PXOKHUHV SURGX]HPVH HP
HPSUHVDV
3RU RXWUR ODGR TXDQWR
PDLRU R ULVFR PDLRU D
SHUVSHFWLYDGHUHQWDELOLGDGH
TXH R QHJyFLR GHYH
DSUHVHQWDU SDUD DWUDLU R
LQWHUHVVHGHHPSUHHQGHGRUHV
H LQYHVWLGRUHV 6HP UHJUDV
OLPLWDGRUDV GH SHUGDV H
UHVSRQVDELOLGDGH RV OXFURV
HPSUHVDULDLV GHYHULDP VHU
PDLRUHV SDUD FRPSHQVDU R
HOHYDGR ULVFR GH LQVXFHVVR
HP FRQVHTXrQFLD WDPEpP
VHULDP PDLRUHV RV SUHoRV
GRV EHQV RX VHUYLoRV
DGTXLULGRV QR PHUFDGR 6H
XP SDtV QmR SRVVXL GLUHLWR
FRPHUFLDO TXH SRQKD OLPLWHV
jV SHUGDV GRV VyFLRV HP
SHOR PHQRV XP GRV VHXV
WLSRV VRFLHWiULRV DV
PHUFDGRULDVQHOHSURGX]LGDV
QmR WHULDP FRPSHWLWLYLGDGH
QR FRPpUFLR LQWHUQDFLRQDO
IUHQWH jV GH RXWURV SDtVHV
GRWDGRV GH UHJUDV GH
OLPLWDomR GH
UHVSRQVDELOLGDGH
7DPEpPQmRKiLQMXVWLoD
QD UHJUD GD OLPLWDomR GD
UHVSRQVDELOLGDGH GRV VyFLRV
SRUTXH RV FUHGRUHV DR
QHJRFLDUHPRVVHXVFUpGLWRV
SRGHP LQFOXLU QRV SUHoRV
XPD WD[D GH ULVFR DVVRFLDGD
j SHUGD GHFRUUHQWH GD
IDOrQFLDGDVRFLHGDGH'HVWH
PRGR VH R EDQFR YDL
HPSUHVWDUGLQKHLURSDUDXPD
OLPLWDGD GHYH H[LJLU
JDUDQWLDV DGLFLRQDLV ILDQoD
RXDYDORXFREUDUMXURVFRP
WD[D GH ULVFR PDLV HOHYDGD
)DOLQGR D VRFLHGDGH
HPSUHViULD H[HFXWDUi RV
EHQV GRV ILDGRUHV RX
DYDOLVWDVRXFRPSHQVDUVHi
GR SUHMXt]R SHOD WD[D GH
ULVFRGHLQDGLPSOrQFLD
$ UHJUD GD OLPLWDomR GD
UHVSRQVDELOLGDGH GRV VyFLRV
GD VRFLHGDGH OLPLWDGD
FRPSRUWD H[FHo}HV 1DV
KLSyWHVHV GH FDUiWHU
H[FHSFLRQDO RV VyFLRV
UHVSRQGHUmR VXEVLGLiULD
PDV LOLPLWDGDPHQWH SHODV
REULJDo}HV GD VRFLHGDGH
6mRDVVHJXLQWHV
D RV VyFLRV TXH
DGRWDUHP GHOLEHUDomR
FRQWUiULDjOHLRXDRFRQWUDWR
VRFLDO UHVSRQGHUmR
LOLPLWDGDPHQWH SHODV
REULJDo}HV VRFLDLV
UHODFLRQDGDV j GHOLEHUDomR
LOtFLWD 2V VyFLRV TXH GHOD
GLVVHQWLUHP GHYHUmR
DFDXWHODUVH IRUPDOL]DQGR
VXD GLVFRUGkQFLD SDUD VH
DVVHJXUDU TXDQWR D HVWD
PRGDOLGDGH GH
UHVSRQVDELOL]DomR && DUW
E D VRFLHGDGH PDULWDO
LVWR p D FRPSRVWD
H[FOXVLYDPHQWHSRUPDULGRH
PXOKHU LQREVWDQWH
MXULVSUXGrQFLDSDFLILFDGDQR
67) WHP SRU YH]HV VLGR
HQWHQGLGDFRPRQXODSRUTXH
LPSRUWDULD VHJXQGR FHUWDV
OLo}HV HP IUDXGH FRQWUD R
GLUHLWRGHIDPtOLD2&yGLJR
&LYLO LQFOXVLYH SURtEH D
VRFLHGDGH PDULWDO VH R
UHJLPHGHEHQVQRFDVDPHQWR
IRURGDFRPXQKmRXQLYHUVDO
RX VHSDUDomR REULJDWyULD
DUW $VVLP VH D
GHVSHLWR GD SURLELomR OHJDO
IRU UHJLVWUDGD QD -XQWD
&RPHUFLDO VRFLHGDGH
FRPSRVWD H[FOXVLYDPHQWH
SRUPDULGRHPXOKHURVVHXV
VyFLRV UHVSRQGHULDP
LOLPLWDGDPHQWH SHODV
REULJDo}HVVRFLDLV
F D -XVWLoD GR 7UDEDOKR
WHP SURWHJLGR R HPSUHJDGR
GHL[DQGR GH DSOLFDU DV
UHJUDV GH OLPLWDomR GD
UHVSRQVDELOLGDGHGRVVyFLRV
7DORULHQWDomRGHEDVHOHJDO
TXHVWLRQiYHO GHULYD QD
YHUGDGH GD LQWHQomR GH
SURWHJHU R KLSRVVXILFLHQWH
QDUHODomRGHHPSUHJR
G VH R VyFLR IUDXGDU
FUHGRUHV YDOHQGRVH GR
H[SHGLHQWH GD VHSDUDomR
SDWULPRQLDO SRGHUi VHU
UHVSRQVDELOL]DGR
LOLPLWDGDPHQWH SRU
REULJDomR GD VRFLHGDGH HP
GHFRUUrQFLD GD WHRULD GD
GHVFRQVLGHUDomR GD SHVVRD
MXUtGLFD&&DUW
1HVWHV FDVRV DSHQDV p
TXH QmR YLJRUD D OLPLWDomR
GD UHVSRQVDELOLGDGH GRV
VyFLRV SHODV REULJDo}HV
VRFLDLV 1mR VHQGR XPD
KLSyWHVH H[FHSFLRQDO GDV
SUHYLVWDVDFLPDRVyFLRQmR
SRGHUi VHU DWLQJLGR SRU
REULJDomR GD VRFLHGDGH
DOpP GR OLPLWH OHJDO GR
FDSLWDOQmRLQWHJUDOL]DGR
$'0,1,675$d2
$ DGPLQLVWUDomR GD
VRFLHGDGH FDEH D XPD RX
PDLVSHVVRDVVyFLDVRXQmR
GHVLJQDGDV QR FRQWUDWR
VRFLDO RX HP DWR VHSDUDGR
(ODV VmR HVFROKLGDV H
GHVWLWXtGDV SHORV VyFLRV
REVHUYDQGRVH HP FDGD
FDVR D PDLRULD TXDOLILFDGD
H[LJLGD SRU OHL SDUD D
KLSyWHVH LWHP $
VRFLHGDGH SRGH VHU
DGPLQLVWUDGDSRUTXHPQmRp
VyFLRLQGHSHQGHQWHPHQWHGH
H[SUHVVD DXWRUL]DomR QR
FRQWUDWRVRFLDO
2 PDQGDWR GR
DGPLQLVWUDGRU SRGH VHU SRU
SUD]R LQGHWHUPLQDGR RX
GHWHUPLQDGR 2 FRQWUDWR
VRFLDORXRDWRGHQRPHDomR
HP VHSDUDGR GHILQHP SDUD
FDGD DGPLQLVWUDGRU RX HP
WHUPRVJHUDLVVHKiWHUPRRX
QmR SDUD R H[HUFtFLR GR
FDUJR 1D -XQWD &RPHUFLDO
GHYHP VHU DUTXLYDGRV RV
DWRV GH FRQGXomR
UHFRQGXomR H FHVVDomR GR
H[HUFtFLR GR FDUJR GH
DGPLQLVWUDGRU (P FDVR GH
UHQ~QFLD TXH GHYH VHU IHLWD
SRU HVFULWR R DWR Vy SURGX]
HIHLWRV HP UHODomR D
WHUFHLURVDSyVDUTXLYDPHQWR
QD -XQWD &RPHUFLDO H
SXEOLFDomR PDV SDUD D
VRFLHGDGH p HILFD] GHVGH R
PRPHQWRHPTXHGHOHWRPRX
FRQKHFLPHQWR
2V DGPLQLVWUDGRUHV
GHYHP DQXDOPHQWH SUHVWDU
FRQWDV DRV VyFLRV UHXQLGRV
HPDVVHPEOHLDDQXDORXSRU
RXWUR PRGR SUHYLVWR QR
FRQWUDWR VRFLDO -XQWR FRP
DV FRQWDV DSUHVHQWDUmR DRV
VyFLRV RV EDODQoRV
SDWULPRQLDO H GH UHVXOWDGRV
TXHDVRFLHGDGHOLPLWDGDQD
FRQGLomR GH HPSUHViULD p
REULJDGDDOHYDQWDU2SUD]R
SDUDHVWDVSURYLGrQFLDVpGH
TXDWUR PHVHV VHJXLQWHV DR
WpUPLQRGRH[HUFtFLRVRFLDO
1R WRFDQWH DRV GpELWRV
GD VRFLHGDGH HQTXDGUiYHLV
FRPR GtYLGD DWLYD GH
QDWXUH]D WULEXWiULD RX QmR
WULEXWiULD /HL Q
DUW RV DGPLQLVWUDGRUHV
VyFLRV RX QmR UHVSRQGHP
SRU LQDGLPSOHPHQWR GD
VRFLHGDGH OLPLWDGD e R TXH
GLVS}H R DUW ,,, GR
&71 6HQGR DWR
DGPLQLVWUDWLYR H SRUWDQWR
SUHVXPLYHOPHQWH
YHUGDGHLUR D &HUWLGmR GD
'tYLGD$WLYD HPLWLGD FRQWUD
D VRFLHGDGH SRGH VHU
H[HFXWDGD GLUHWDPHQWH QR
SDWULP{QLR SDUWLFXODU GR
DGPLQLVWUDGRU D TXHP FDEH
GHPRQVWUDU SRU HPEDUJRV
GR GHYHGRU TXH R
LQDGLPSOHPHQWR QmR WHULD
LPSRUWDGR GHVFXPSULPHQWR
GHOHLRXFRQWUDWR
4XDQGR D VRFLHGDGH
OLPLWDGD HVWi VXMHLWD j
UHJrQFLDVXSOHWLYDGRUHJLPH
GDV VRFLHGDGHV VLPSOHV HOD
QmR UHVSRQGH SHORV DWRV
SUDWLFDGRVHPVHXQRPHTXH
IRUHP HYLGHQWHPHQWH
HVWUDQKRVDRREMHWRVRFLDORX
DRV QHJyFLRV TXH HOD
FRVWXPD GHVHQYROYHU
(VWDEHOHFH D
LUUHVSRQVDELOLGDGH R DUW
SDUiJUDIR ~QLFR ,,,
GR && e D SULPHLUD
PDQLIHVWDomR QR GLUHLWR
SRVLWLYREUDVLOHLURGDWHRULD
XOWUDYLUHVTXHDOLiVQmRp
PDLV DGRWDGD HP QHQKXP
RXWUR OXJDU QR PXQGR QHP
PHVPR QD ,QJODWHUUD RQGH
QDVFHUD Ki PDLV GH XP
VpFXOR 3RU HVWD WHRULD D
SHVVRD MXUtGLFD Vy UHVSRQGH
SHORVDWRVSUDWLFDGRVHPVHX
QRPH TXDQGR FRPSDWtYHLV
FRP R VHX REMHWR 6H
HVWUDQKR jV ILQDOLGDGHV GD
SHVVRD MXUtGLFD R DWR GHYH
VHULPSXWDGRjSHVVRDItVLFD
GHTXHPDJLXHPQRPHGHOD
4XDQGRDVRFLHGDGHOLPLWDGD
HVWLYHU VXMHLWD j UHJrQFLD
VXSOHWLYD GR UHJLPH GDV
DQ{QLPDV SRUTXH DVVLP
SUHYLVWRHPFRQWUDWRVRFLDO
HODUHVSRQGHUi SRU WRGRV RV
DWRV SUDWLFDGRV HP VHX
QRPH SRGHQGR SRU FHUWR
UHVVDUFLUVH GRV SUHMXt]RV
HP UHJUHVVR FRQWUD R
DGPLQLVWUDGRU TXH H[FHGHX
VHXVSRGHUHV
&216(/+2),6&$/
$6'8$6/,0,7$'$6
62&,('$'(6
/,0,7$'$6 '( *5$1'(
3257(
$ VRFLHGDGH HPSUHViULD
p FODVVLILFDGD FRPR ³GH
JUDQGHSRUWH´TXDQGRSRVVXL
DWLYR WRWDO VXSHULRU D 5
RX UHFHLWD
EUXWD DQXDO DFLPD GH 5
/HL Q
DUW
SDUiJUDIR ~QLFR 6H
DOFDQoDU XPD RX RXWUD FLIUD
QXP GHWHUPLQDGR H[HUFtFLR
DVRFLHGDGHOLPLWDGDSDVVDD
VHU FRQVLGHUDGD ³GH JUDQGH
SRUWH´QRVXEVHTXHQWH
1HVVH FDVR D VRFLHGDGH
OLPLWDGD VXEPHWHVH jV
PHVPDVUHJUDVTXHDOHLIL[D
SDUD D VRFLHGDGH DQ{QLPD
UHODWLYDPHQWH j HVFULWXUDomR
H HODERUDomR GDV
GHPRQVWUDo}HV ILQDQFHLUDV
9DOHGL]HUHODILFDREULJDGD
D HVFULWXUDU VHXV OLYURV
PHUFDQWLVVHJXLQGRRUHJLPH
GH FRPSHWrQFLD QmR
SRGHQGRXVDUPDLVRUHJLPH
GH FDL[D HQTXDQWR VH
FODVVLILFDU GHVVD PDQHLUD
/6$DUW$OpPGLVVR
DR WpUPLQR GR H[HUFtFLR D
VRFLHGDGH OLPLWDGD GH
JUDQGH SRUWH GHYH OHYDQWDU
DV PHVPDV GHPRQVWUDo}HV
ILQDQFHLUDVDTXHVHREULJDP
DV FRPSDQKLDV IHFKDGDV HP
JHUDO TXDLV VHMDP EDODQoR
SDWULPRQLDO GHPRQVWUDomR
GRV OXFURV RX SUHMXt]RV
DFXPXODGRVHGHPRQVWUDomR
GR H[HUFtFLR DUW , D
,,, 3RU ILP FDVR R
SDWULP{QLR OtTXLGR GD
VRFLHGDGH OLPLWDGD GH
JUDQGH SRUWH VHMD GH SHOR
PHQRV5
ILFD REULJDGD D OHYDQWDU
WDPEpPDGHPRQVWUDomR GH
IOX[RV GH FDL[D DUW
1HQKXPDRXWUDH[LJrQFLD
UHVHUYDGD SHOD OHL jV
VRFLHGDGHV DQ{QLPDV VH
HVWHQGH jV OLPLWDGDV GH
JUDQGH SRUWH HP UD]mR GH
VXD FODVVLILFDomR QHVVD
FDWHJRULD$ SXEOLFDomR GDV
GHPRQVWUDo}HV ILQDQFHLUDV
RX R VHX UHJLVWUR QD -XQWD
&RPHUFLDOSRUH[HPSORQmR
p OHJDOPHQWH H[LJLGD GDV
VRFLHGDGHV OLPLWDGDV QHP
PHVPR TXDQGR FODVVLILFDGDV
FRPR ³GH JUDQGH SRUWH´ $
H[HPSOR GR UHJLPH MXUtGLFR
DSOLFiYHOjJHQHUDOLGDGHGDV
VRFLHGDGHV OLPLWDGDV DV
GHPRQVWUDo}HVFRQWiEHLVVmR
GRFXPHQWRV LQWHUQRV
GHVWLQDGRV H[FOXVLYDPHQWH
DRVVyFLRV
62&,('$'(/,0,7$'$
81,3(662$/(,5(/,
$ VRFLHGDGH OLPLWDGD
XQLSHVVRDO IRL FKDPDGD QD
OHL EUDVLOHLUD GH HPSUHVD
LQGLYLGXDO GH
UHVSRQVDELOLGDGH OLPLWDGD
(,5(/, $ GHVLJQDomR p
LQIHOL] Mi TXH HPSUHVD p
WHFQLFDPHQWHXPDDWLYLGDGH
H QmR XP VXMHLWR GH GLUHLWR
$SHVDU GLVVR GHYHVH
FRPHPRUDU D LQWURGXomR GR
LQVWLWXWRQRQRVVRGLUHLWRHP
TXH UHSUHVHQWRX XP
JUDQGH DYDQoR $ PDLRULD
GRV SDtVHV Mi DGPLWH D
VRFLHGDGH OLPLWDGD
XQLSHVVRDO Ki WHPSRV H D
(,5(/, WLURX R QRVVR DWUDVR
QDPDWpULD
6mR QRUPDV HVSHFtILFDV
GD VRFLHGDGH OLPLWDGD
XQLSHVVRDO
1DIRUPDomRGRQRPH
HPSUHVDULDO VHMD ILUPD RX
GHQRPLQDomR HP YH] GD
ORFXomR ³OLPLWDGD´ GHYHVH
DFUHVFHUDVLJOD(,5(/,
2FDSLWDOVRFLDOGHYH
VHU GH SHOR PHQRV
VDOiULRVPtQLPRV
2FDSLWDOVRFLDOGHYH
HVWDU WRWDOPHQWH
LQWHJUDOL]DGRQDFRQVWLWXLomR
² VLJQLILFD GL]HU TXH QmR
KDYHQGR D KLSyWHVH GH
FDSLWDO VXEVFULWR QmR
LQWHJUDOL]DGR RV FUHGRUHV
QXQFD SRGHUmR HP FDVR GH
IDOrQFLD GHPDQGDU D
UHVSRQVDELOL]DomR GR ~QLFR
VyFLR GD (,5(/, HP VHX
SDWULP{QLRSHVVRDO
6H R ~QLFR VyFLR GD
(,5(/, IRU XPD SHVVRD
ItVLFD HOD QmR SRGHUi
SDUWLFLSDU GH RXWUD
VRFLHGDGH XQLSHVVRDO PDV
SRGHUi SRUTXH QmR Ki
SURLELomR QD OHL VHU VyFLR
GH OLPLWDGDV SOXULSHVVRDLV
RX PHVPR GH VRFLHGDGHV GH
WLSRGLYHUVR
$ (,5(/, FRPR
TXDOTXHUVRFLHGDGHOLPLWDGD
SRGH VHU FRQVWLWXtGD SHOD
DVVLQDWXUD SRU VHX ~QLFR
VyFLR GR DWR FRQVWLWXWLYR
&& DUW $ FDSXW RX
PHGLDQWH WUDQVIRUPDomR GH
UHJLVWUR GH HPSUHViULR
LQGLYLGXDO DUW
PDV SRGHUi WDPEpP VHU
FRQVWLWXtGD SHOD
FRQFHQWUDomRGDVTXRWDVVRE
D WLWXODULGDGH GH XPD Vy
SHVVRD DUW $
FRPRSRUH[HPSORQRFDVR
GH IDOHFHU XP GH GRLV
VyFLRVVHQGRRVREUHYLYHQWH
R KHUGHLUR XQLYHUVDO GR
IDOHFLGR
$ OHL QmR SUHFLVDULD
GLVSRU D UHVSHLWR Mi TXH
GHFRUUH QDWXUDOPHQWH GR
GLUHLWR GDV REULJDo}HV
YLJHQWHV PDV VH SUHRFXSRX
HPHVFODUHFHUTXHD(,5(/,
SRGH UHFHEHU HP FHVVmR
GLUHLWRV SDWULPRQLDLV GH
DXWRU RX GH LPDJHP
LQFOXVLYH RV WLWXODGRV SRU
VHX ~QLFR VyFLR 2 IDPRVR
MRJDGRU GH IXWHERO SRGH
QHVVHVHQWLGRFRQVWLWXLUXPD
VRFLHGDGH OLPLWDGD
XQLSHVVRDO SDUD ILQV GH
H[SORUDU HFRQRPLFDPHQWH
VXDLPDJHP
7LUDQWH HVVDV UHJUDV
HVSHFtILFDVD(,5(/,FRPR
VRFLHGDGH OLPLWDGD TXH p
VXEPHWHVH jV UHJUDV GHVWH
WLSR VRFLHWiULR && DUW
$
&$3Ë78/2
',662/8d2'(
62&,('$'(
&2175$78$/
,1752'8d2
'LVVROXomR p FRQFHLWR
TXH SRGH VHU XWLOL]DGR HP
GRLV VHQWLGRV GLIHUHQWHV
SDUD FRPSUHHQGHU WRGR R
SURFHVVR GH WpUPLQR GD
SHUVRQDOLGDGH MXUtGLFD GD
VRFLHGDGH HPSUHViULD
VHQWLGR ODUJR RX SDUD
LQGLYLGXDU R DWR HVSHFtILFR
TXH GHVHQFDGHLD HVWH
SURFHVVR RX TXH LPSRUWD D
GHVYLQFXODomR GH XP GRV
VyFLRV GR TXDGUR
DVVRFLDWLYRVHQWLGRHVWULWR
3DUD FRQWRUQDU DV
GLILFXOGDGHV UHODFLRQDGDV j
XWLOL]DomR GH XPD H[SUHVVmR
~QLFD SDUD LGHQWLILFDomR GH
GRLV LQVWLWXWRV MXUtGLFRV
GLVWLQWRV QmR VH IDUi DTXL
XVR GR FRQFHLWR GH
GLVVROXomR VHQmR HP VHX
VHQWLGR HVWULWR UHVHUYDQGR
VH SDUD GHVLJQDomR GR
SURFHVVRDEUDQJLGRSHORVHX
VHQWLGR ODUJR R WHUPR
³H[WLQomR´$GYLUWDVHSRLV
TXH H[WLQomR p DTXL
HQWHQGLGD FRPR R SURFHVVR
GHWpUPLQRGDSHUVRQDOLGDGH
MXUtGLFD GD VRFLHGDGH
HPSUHViULD VHQGR D
GLVVROXomR R DWR TXH R
GHVHQFDGHLD RX TXH
GHVYLQFXOD GD VRFLHGDGH XP
GRV VyFLRV $ GLVVROXomR
RSHUDRGHVID]LPHQWRGRDWR
FRQVWLWXWLYR GD VRFLHGDGH
HPSUHViULD'LIHUHVHFRPR
MiYLVWRGDLQYDOLGDomRHGD
LQHILFiFLD GR UHIHULGR DWR
&DS
$V VRFLHGDGHV VH
FODVVLILFDP HP FRQWUDWXDLV
RX LQVWLWXFLRQDLV GH DFRUGR
FRP R UHJLPH FRQVWLWXWLYR H
GLVVROXWyULR D TXH VH
HQFRQWUDP VXEPHWLGDV 1R
SUHVHQWH FDStWXOR D DWHQomR
HVWDUi FHQWUDGD QD
GLVVROXomR GD VRFLHGDGH
FRQWUDWXDO SRVWHUJDQGRVH D
GD VRFLHGDGH LQVWLWXFLRQDO
SDUDRPRPHQWRRSRUWXQR
$ WHQGrQFLD DWXDO GR
GLUHLWRFRPHUFLDOQRTXHGL]
UHVSHLWR jV TXHVW}HV
HQYROYHQGRRVVyFLRVpDGH
SURFXUDU SUHVHUYDU D
HPSUHVD (P UD]mR GRV
P~OWLSORV LQWHUHVVHV TXH
JUDYLWDP HP WRUQR GD
SURGXomR H FLUFXODomR GH
ULTXH]DV H FRPRGLGDGHV
UHVHUYDGDV j HPSUHVD SHOD
RUGHP FRQVWLWXtGD LQFOXVLYH
D FRQVWLWXFLRQDO D VXD
H[LVWrQFLD H
GHVHQYROYLPHQWR GHL[D GH
VHU DVVXQWR GD H[FOXVLYD
DOoDGD GH VHXV VyFLRV 2V
PHFDQLVPRV OHJDLV YROWDGRV
DR UHHUJXLPHQWR HFRQ{PLFR
GDHPSUHVDLQVROYHQWHTXHR
OHJLVODGRU LQVWLWXLX QD /)
WrP R REMHWLYR GH DWHQGHU D
WDLV LQWHUHVVHV $ WHRULD GD
GHVFRQVLGHUDomR GD
SHUVRQDOLGDGH MXUtGLFD SRU
VXD YH] SRVVLELOLWD D
FRLELomR GH IUDXGHV
SHUSHWUDGDV SRU PHLR GD
VHSDUDomR SDWULPRQLDO VHP
FRPSURPHWLPHQWR GD
H[SORUDomR GD DWLYLGDGH
HFRQ{PLFD D FDUJR GD
VRFLHGDGH GHVFRQVLGHUDGD
6mR HVWHV H[HPSORV GH
SHQHWUDomR QR FDPSR GR
GLUHLWR VRFLHWiULR GR
SULPDGR GD SUHVHUYDomR GD
HPSUHVD 2V DVVXQWRV
SDUWLFXODUHVGRVVyFLRVVHXV
DWRV LOtFLWRV VXD LQDSWLGmR
SDUD D YLGD GH
HPSUHHQGHGRU VHXV
GHVHQWHQGLPHQWRVGHYHPVHU
HTXDFLRQDGRV H
VROXFLRQDGRV MXULGLFDPHQWH
FRP R PtQLPR GH
FRPSURPHWLPHQWR GD
DWLYLGDGH HFRQ{PLFD
H[SORUDGDSHODVRFLHGDGH
(VWH SULQFtSLR R GD
SUHVHUYDomRGDHPSUHVDQmR
SRGH VHU LJQRUDGR QRV GLDV
FRUUHQWHV QR HVWXGR GH
TXDOTXHU TXHVWmR GH GLUHLWR
VRFLHWiULR 0DLV DLQGD QR
TXH GL] UHVSHLWR j
GLVVROXomR
'HQWUR GHVVH TXDGUR p
TXH D GRXWULQD H D
MXULVSUXGrQFLD DQWHV GD
HQWUDGD HP YLJRU GR &yGLJR
&LYLO FULDUDP XP LQVWLWXWR
HQWmR LJQRUDGR SHOR
OHJLVODGRU H DSDUHQWHPHQWH
SDUDGR[DO ² D GLVVROXomR
SDUFLDO GD VRFLHGDGH
4XDQGRRVFRQIOLWRVHQWUHRV
VyFLRV RX HQWUH HVWHV H RV
VXFHVVRUHV GH XP GHOHV
LPSRVVLELOLWDP D
SUHVHUYDomR GRV ODoRV
FRQWUDWXDLV GHYHVH WHQWDU D
FRPSDWLELOL]DomRHQWUHRILP
GHVWHVODoRVHDFRQWLQXLGDGH
GDVRFLHGDGHHPSUHViULDRX
SHOR PHQRV GD HPSUHVD
H[SORUDGD $ GLVVROXomR
DVVLP QmR VHUi GD SHVVRD
MXUtGLFD SURSULDPHQWH PDV
GRVYtQFXORVFRQWUDWXDLVTXH
D RULJLQDUDP 6H KRXYHU
GLVVROXomR GH DSHQDV SDUWH
GHVWHV YtQFXORV
SHUPDQHFHQGR D VRFLHGDGH
SRU IRUoD GRV GHPDLV QmR
GLVVROYLGRV HVWDUVHi
GLDQWH GD GLVVROXomR
SDUFLDO 6H DR UHYpV
GLVVROYHUDPVH WRGRV RV
YtQFXORV FRQWUDWXDLV H SRU
LVVR D VRFLHGDGH GHL[DU GH
H[LVWLUHQWmRVHUiRFDVRGH
GLVVROXomR WRWDO 0DV
HPERUD VHMDP RV YtQFXORV
FRQWUDWXDLVDVHGLVVROYHUHP
HP SDUWH RX WRWDOPHQWH p
FRVWXPHSDUDVLPSOLILFDomR
IDODUVH HP GLVVROXomR GD
VRFLHGDGH 8PD DEUHYLDomR
~WLO TXH GHYH VHU
SUHVWLJLDGD
3RUWDQWR GH DFRUGR FRP
D DEUDQJrQFLD WHPVH
GLVVROXomR WRWDO RX SDUFLDO
1R &yGLJR &LYLO D
GLVVROXomR SDUFLDO p
FKDPDGD GH UHVROXomR GD
VRFLHGDGH HP UHODomR D XP
VyFLR DUWV D
H
0DV HVWH QmR p R ~QLFR
FULWpULR SDUD D FODVVLILFDomR
GD GLVVROXomR $OpP GHOH
GLVWLQJXHVHDGLVVROXomRHP
MXGLFLDO RX H[WUDMXGLFLDO GH
DFRUGR FRP D QDWXUH]D GR
DWR GLVVROXWyULR 6H D
GLVVROXomR RSHURXVH SRU
GHOLEHUDomR GRV VyFLRV
UHJLVWUDGD HP DWD GLVWUDWR
QD H[WHQVmR WRWDO RX
DOWHUDomR FRQWUDWXDO QD
H[WHQVmR SDUFLDO VHUi D
KLSyWHVH GH GLVVROXomR
H[WUDMXGLFLDO Mi VH HOD VH
RSHURX SRU VHQWHQoD HP
TXDOTXHU GDV GXDV
H[WHQV}HV VHUi GLVVROXomR
MXGLFLDO
$ GLVVROXomR MXGLFLDO VH
Gi SRU VHQWHQoD GR MXL]
SURIHULGD HP DomR
HVSHFtILFDFXMDGLVFLSOLQDVH
HQFRQWUDQRVDUWVD
GR &3& GH TXH
FRQWLQXDP HP YLJRU SRU
SUHYLVmR H[SUHVVD GR &3&
GHDUW9,,
$ VHSDUDomR HQWUH
GLVVROXomR MXGLFLDO H
H[WUDMXGLFLDO QmR WHP HP
YLVWD D FDXVD TXH D RSHURX
PDV R LQVWUXPHQWR GD
RSHUDomR (QWHQGDVH QHP
WRGD D GLVVROXomR
H[WUDMXGLFLDOWHPSRUFDXVDD
YRQWDGH GRV VyFLRV HPERUD
WRGD D GLVVROXomR FDXVDGD
SHODYRQWDGHGRVVyFLRVVHMD
H[WUDMXGLFLDO&RPHIHLWRVH
D FDXVD p SRU H[HPSOR D
LQH[HTXLELOLGDGH GR REMHWR
VRFLDO SRGH RFRUUHU D
GLVVROXomR MXGLFLDO RX
H[WUDMXGLFLDOPHQWH 1R
SULPHLUR FDVR VH WRGRV RV
VyFLRVFRQFRUGDUHPTXDQWRj
HIHWLYD RFRUUrQFLD GD FDXVD
GLVVROXWyULD H QR VHJXQGR
FDVR VH XP GHOHV QmR
FRQFRUGDU FRP D RFRUUrQFLD
GHVWD H HQWmR QHJDUVH D
ILUPDU R GLVWUDWR REULJDQGR
RV GHPDLV D VH VRFRUUHUHP
GR -XGLFLiULR 1mR IRL D
YRQWDGH GRV VyFLRV TXH GHX
FDXVD j GLVVROXomR PDV D
LQH[HTXLELOLGDGH GR REMHWR
VRFLDO HPERUD D
FRQFRUGkQFLD GH WRGRV
TXDQWR j HIHWLYD RFRUUrQFLD
GHVWDFDXVDVHMDSUHVVXSRVWR
LQDIDVWiYHO GD GLVVROXomR
H[WUDMXGLFLDO
2V FULWpULRV GH
FODVVLILFDomRGHLQWHUHVVHGR
GLUHLWR FRPHUFLDO HP
VtQWHVH VmR RV TXH UHVXOWDP
QDGLVWLQomRHQWUHGLVVROXomR
WRWDORXSDUFLDOGHXPODGR
H MXGLFLDO RX H[WUDMXGLFLDO
GHRXWUR
$GLVVROXomRGHWRGRVRV
YtQFXORVTXHGHUDPRULJHPD
XPD VRFLHGDGH FRQWUDWXDO
SRGH VHU FDXVDGD SHORV
VHJXLQWHVIDWRUHVDYRQWDGH
GRVVyFLRV&&DUW,,
H ,,, E GHFXUVR GR SUD]R
GHWHUPLQDGRGHGXUDomRDUW
, F IDOrQFLD DUWV
H G
H[DXULPHQWRGRREMHWRVRFLDO
DUW ,, H
LQH[HTXLELOLGDGH GR REMHWR
VRFLDO DUW ,, I
XQLSHVVRDOLGDGHSRUPDLVGH
GLDVDUW,9 J
FDXVDV FRQWUDWXDLV DUW
3DUD TXH VH RSHUH D
GLVVROXomR WRWDO GD
VRFLHGDGH FRQWUDWXDO SRU
YRQWDGH GRV VyFLRV WHQGR
VLGR HOD FRQWUDWDGD SRU
SUD]R GHWHUPLQDGR p
QHFHVViULD D XQDQLPLGDGH
1mR EDVWD QHVWH FDVR
DSHQDV D PDLRULD VRFLHWiULD
GHVHMDU SDUD TXH D
VRFLHGDGH VH GLVVROYD
1DVFLGDGDYRQWDGHGHWRGRV
RV VyFLRV p SRVVtYHO D VXD
GLVVROXomR DQWHV GR SUD]R
DQWHULRUPHQWH DFHUWDGR HQWUH
HOHV GHVGH TXH SHOD
PDQLIHVWDomR GH YRQWDGH GH
WRGRV RV VyFLRV 6H D
VRFLHGDGHIRLFRQWUDWDGDSRU
SUD]R LQGHWHUPLQDGR D
YRQWDGH GR VyFLR RX VyFLRV
UHSUHVHQWDQWHV GH PDLV GD
PHWDGH GR FDSLWDO VRFLDO p
VXILFLHQWH SDUD GHOLEHUDU D
GLVVROXomR 1HVWH ~OWLPR
FDVR SRUpP D
MXULVSUXGrQFLD WHP
UHFRQKHFLGR j OX] GR
SULQFtSLR GD SUHVHUYDomR GD
HPSUHVD TXH XP ~QLFR
VyFLRDLQGDTXHPLQRULWiULR
WHP R GLUHLWR GH FRQWLQXDU D
VRFLHGDGH²DGPLWLQGRQHOD
SHOR PHQRV PDLV XP RXWUR
VyFLR $ HILFiFLD GD
GLVVROXomRGDVRFLHGDGHVHP
SUD]R SRU YRQWDGH GD
PDLRULD SRGH DVVLP VHU
TXHVWLRQDGD HP MXt]R SHOR
PLQRULWiULRGLVVLGHQWH
2LQVWUXPHQWRGHGLVWUDWR
RX D DWD GD DVVHPEOHLD RX
UHXQLmRHPTXHDGLVVROXomR
IRL DSURYDGD GHYHUi
GHFODUDU DV LPSRUWkQFLDV
UHSDUWLGDV HQWUH RV VyFLRV H
LQGLFDU D SHVVRD RX SHVVRDV
UHVSRQViYHLV SHOR DWLYR H
SDVVLYRVRFLDOUHPDQHVFHQWH
EHP FRPR LQIRUPDU RV
PRWLYRV GD GLVVROXomR
/,2(DUW
(P UD]mR GR TXyUXP GR
DUW , GR && DV
-XQWDV GHYHP UHJLVWUDU R
GLVWUDWR DVVLQDGR DSHQDV
SHOR VyFLR RX VyFLRV TXH
UHSUHVHQWDPSHORPHQRVWUrV
TXDUWRV GR FDSLWDO
VRFLDO&RQWXGRFRPRYLVWR
R-XGLFLiULRWHPUHFRQKHFLGR
RGLUHLWRGHTXDOTXHUXPGRV
VyFLRV FRQWLQXDU H[SORUDQGR
D HPSUHVD GH IRUPD TXH R
PLQRULWiULR SRGH
GHVFRQVWLWXLUDTXHOHUHJLVWUR
HPMXt]RVHTXLVHUPDQWHUR
QHJyFLRHPIXQFLRQDPHQWR
2 GHFXUVR GR SUD]R
GHWHUPLQDGR GH GXUDomR GH
XPD VRFLHGDGH FRQWUDWXDO p
WDPEpP FDXVD GH VXD
GLVVROXomR 2V VyFLRV
SRGHP FRQFRUGDU TXDQWR DR
GHFXUVR H ILUPDU GLVWUDWR
RSHUDQGRVH D GLVVROXomR
H[WUDMXGLFLDO6HQRHQWDQWR
XP GRV VyFLRV HQWHQGHU TXH
QmR GHFRUUHX R SUD]R GH
GXUDomR GD VRFLHGDGH H
QHJDUVH D ILUPDU R GLVWUDWR
RV GHPDLV SRGHUmR UHFRUUHU
DR -XGLFLiULR SOHLWHDQGR D
GLVVROXomRMXGLFLDO
6H R SUD]R GHWHUPLQDGR
GH GXUDomR WUDQVFRUUHU H D
VRFLHGDGH QmR HQWUDU HP
OLTXLGDomR FRQVLGHUD D OHL
TXH HOD IRL SURUURJDGD SRU
WHPSR LQGHWHUPLQDGR VH
QHQKXP VyFLR VH RSXVHU $
VRFLHGDGH FRQWXGR QmR
HVWDUiHPVLWXDomRUHJXODUH
HPERUD QmR GHYD VH
GLVVROYHU ILFDUi VXMHLWD j
DSOLFDomR DQDOyJLFD GDV
UHJUDV GD VRFLHGDGH HP
FRPXP 7DQWR D H[SORUDomR
GD DWLYLGDGHDQWHV GR
UHJLVWUR QD -XQWD &RPHUFLDO
FRPR DSRVWHULRU DR
HQFHUUDPHQWR GR SUD]R GH
GXUDomR FRQVWDQWH GHVWH VmR
LUUHJXODUHV 3DUD D
FRQWLQXLGDGH GD VRFLHGDGH
HP VLWXDomR UHJXODU p
QHFHVViULR R UHJLVWUR GH
DOWHUDomR FRQWUDWXDO
SURUURJDQGR R SUD]R GH VXD
GXUDomR DQWHV GD IOXrQFLD
GHVWH 1mR p SHUPLWLGR R
UHJLVWURGHSURUURJDomRDSyV
R YHQFLPHQWR GR SUD]R GH
GXUDomR/5(DUW,9
'HVVHPRGRDVRFLHGDGH
FRQWUDWDGD SRU WHPSR
GHWHUPLQDGR H QmR
SURUURJDGDHPWHPSR~WLOVH
WUDQVIRUPD HP VRFLHGDGH
LUUHJXODU FDVR FRQWLQXH D
H[SORUDU D DWLYLGDGH
HPSUHVDULDODTXHVHGHGLFD
0DV Ki DXWRUHV (JEHUWR
/DFHUGD 7HL[HLUD SRU
H[HPSOR TXH FRQVLGHUDP
H[FHVVLYD D VDQomR LPSRVWD
jVRFLHGDGHHDRVVyFLRVGH
DFRUGR FRP HVVD VROXomR
3DUD HOHV QmR VHULD FRUUHWR
HTXLSDUDU j VRFLHGDGH
LUUHJXODU DTXHOD TXH WHQGR
VLGR UHJXODU QmR IRL
WHPSHVWLYDPHQWHSURUURJDGD
3DUD TXH WHQKD YDOLGDGH D
SURUURJDomR GHYH VHU
GHFLGLGD SHOD XQDQLPLGDGH
GRV VyFLRV SRVWR TXH
VRPHQWHSRUPDQLIHVWDomRGH
VXD YRQWDGH SRGH R VyFLR
FRQWLQXDU YLQFXODGR
FRQWUDWXDOPHQWH DRV GHPDLV
DSyV R GHFXUVR GR SUD]R GH
GXUDomR GR FRQWUDWR
RULJLQiULR 1mR SRGHUi
KDYHU SURUURJDomR FRQWUD D
YRQWDGH GH XP GRV VyFLRV
VHQGROKH SRVVtYHO VROLFLWDU
HP MXt]R D GLVVROXomR GD
VRFLHGDGH
$ IDOrQFLD p RXWUD FDXVD
GH GLVVROXomR WRWDO GD
VRFLHGDGH HPSUHViULD
7UDWDVH GH KLSyWHVH GH
GLVVROXomR QHFHVVDULDPHQWH
MXGLFLDO FXMD FDUDFWHUL]DomR
H SURFHVVDPHQWR VmR
HVSHFtILFRV GLVFLSOLQDGRV
SRU OHJLVODomR SUySULD $
IDOrQFLD GR VyFLR GD
VRFLHGDGH FRQWUDWXDO QmR p
FDXVD GH GLVVROXomR WRWDO
FRPR Mi IRL QR SDVVDGR
6HQGR VyFLR H VRFLHGDGH
SHVVRDV GLVWLQWDV UHDOPHQWH
QmR Ki SRU TXH GLVVROYHU
HVWD HP UD]mR GD IDOrQFLD
GDTXHOH $V TXRWDV VRFLDLV
GH WLWXODULGDGH GR IDOLGR
VHUmR OLTXLGDGDV RX
DUUHFDGDGDV SHOD PDVVD H R
YDORU DSXUDGR FRP VXD
OLTXLGDomR RX DOLHQDomR
MXGLFLDO VHUYLUi j VDWLVIDomR
GRVFUHGRUHVDGPLWLGRV
7DPEpP p FDXVD GH
GLVVROXomR WRWDO GD
VRFLHGDGH FRQWUDWXDO R
H[DXULPHQWR GR REMHWR
VRFLDO 7UDWDVH GH KLSyWHVH
UDUD HP TXH D VRFLHGDGH p
FRQWUDWDGD H[FOXVLYDPHQWH
SDUD UHDOL]DU XPD
GHWHUPLQDGD REUD RSHUDomR
RX VHUYLoR 8PD YH]
DWHQGLGR R VHX REMHWLYR
GHWHUPLQDGR QmR Ki PDLV
UD]mR SDUD FRQWLQXDU D
SHVVRDMXUtGLFD
$ LQH[HTXLELOLGDGH GR
REMHWR VRFLDO YHP GHVFULWD
FRPR FDXVD GLVVROXWyULD
SHORDUW,,LQILQHGR
&& 3RGH VHU FDXVD GH
GLVVROXomR MXGLFLDO RX
H[WUDMXGLFLDO FRQVRDQWH Mi
YLVWR 6mR H[HPSORV GH
LQH[HTXLELOLGDGH GR REMHWR
VRFL DO D LQH[LVWrQFLD GH
PHUFDGR SDUD R SURGXWR RX
VHUYLoR IRUQHFLGR SHOD
VRFLHGDGHIDOWDGHLQWHUHVVH
GRV FRQVXPLGRUHVE
LQVXILFLrQFLD GR FDSLWDO
VRFLDO SDUD SURGX]LU RX
FLUFXODU R EHP RX VHUYLoR
UHIHULGR FRPR REMHWR QR
FRQWUDWR VRFLDOF D JUDYH
GHVLQWHOLJrQFLD HQWUH RV
VyFLRV TXH LPSRVVLELOLWH D
FRQWLQXLGDGH GH QHJyFLRV
FRPXQV
$ XQLSHVVRDOLGDGH SRGH
VHUFDXVDGHGLVVROXomRWRWDO
GD VRFLHGDGH HPSUHViULD
FRQWUDWXDO 6HPSUH TXH SRU
DOJXPD UD]mR ² VXFHVVmR
SRUDWRLQWHUYLYRVRXPRUWLV
FDXVD QD WLWXODULGDGH GDV
FRWDV VRFLDLV GLVVROXomR
SDUFLDO HWF ² WRGDV DV
FRWDV UHSUHVHQWDWLYDV GR
FDSLWDO VRFLDO GH VRFLHGDGH
FRQWUDWXDO IRUHP UHXQLGDV
VREDWLWXODULGDGHGHXPDVy
SHVVRD ItVLFD RX MXUtGLFD H
HOD QmR UHTXHUHU QD -XQWD
&RPHUFLDO D WUDQVIRUPDomR
GR UHJLVWUR D VRFLHGDGH
GHYHUiVHUGLVVROYLGD
$ GLVVROXomR QmR p
LPHGLDWD DVVHJXUDQGRVH DR
VyFLR ~QLFR DV FRQGLo}HV
SDUD QHJRFLDU R LQJUHVVR GH
PDLV XPD SHVVRD QD
VRFLHGDGH SDUD UHVWDEHOHFHU
D SOXUDOLGDGH GH VyFLRV RX
SURYLGHQFLDU R SHGLGR GH
WUDQVIRUPDomR GH UHJLVWUR
HP VRFLHGDGH OLPLWDGD
XQLSHVVRDO FKDPDGD GH
(,5(/, RX HP HPSUHViULR
LQGLYLGXDO$ OHL IL[D FRPR
SUD]R SDUD HVWDV
SURYLGrQFLDV TXH HYLWDP D
GLVVROXomR R GH GLDV
9HQFLGR VHP R
UHVWDEHOHFLPHQWR GD
SOXUDOLGDGHGHVyFLRVQHPD
WUDQVIRUPDomR GR UHJLVWUR
GHYH VHU GLVVROYLGD D
VRFLHGDGHFRQWUDWXDO
$OpP GHVWDV FDXVDV R
SUySULR FRQWUDWR VRFLDO
SRGHUi SUHYHU RXWUDV
UHODFLRQDGDV FRP D
SDUWLFXODULGDGH GR QHJyFLR
RX GD YRQWDGH GRV VyFLRV
'HVWDV VmR H[HPSORV QmR
REWHQomR GH GHWHUPLQDGRV
SDWDPDUHVPtQLPRVGHOXFUR
UHGXomR GR Q~PHUR GH
VyFLRV D OLPLWHV SUHIL[DGRV
HWF
$ GLVVROXomR SDUFLDO GD
VRFLHGDGH LVWR p D
³UHVROXomR GD VRFLHGDGH HP
UHODomR D XP VyFLR´ SRGH
VHU SURYRFDGD QD PDLRULD
GDV YH]HV SRU D YRQWDGH
GRV VyFLRV E PRUWH GH
VyFLR F UHWLUDGD GH VyFLR
G H[FOXVmR GH VyFLR H
IDOrQFLD GH VyFLR I
OLTXLGDomRGDTXRWDDSHGLGR
GHFUHGRUGHVyFLR
3RU GHOLEHUDomR GRV
VyFLRV SRGH VHU SURPRYLGD
D GLVVROXomR SDUFLDO GD
VRFLHGDGH FRP D VDtGD GH
XP GHOHV DSXUDQGRVH RV
UHVSHFWLYRV KDYHUHV 1mR
FRVWXPD KDYHU FRQIOLWRV
HQWUH RV LQWHUHVVDGRV QHVVH
FDVR (VWDQGR WRGRV GH
DFRUGR FRP D GLVVROXomR
SDUFLDO R VyFLR TXH GHL[D D
VRFLHGDGHILFDVDWLVIHLWRFRP
R YDORU UHFHELGR SHOD VXD
DQWLJD SDUWLFLSDomR H RV TXH
QHOD SHUPDQHFHP
FRQVLGHUDP HVWH YDORU
DGHTXDGR
4XDQGR PRUUH VyFLR GH
VRFLHGDGHFRQWUDWXDORVVHXV
VXFHVVRUHV ² KHUGHLURV RX
OHJDWiULRV ² QmR HVWmR HP
QHQKXPDKLSyWHVHREULJDGRV
D LQJUHVVDU QD VRFLHGDGH
SRGHQGR SURPRYHUOKH D
GLVVROXomR SDUFLDO e FODUR
TXH VH GHVHMDUHP RV
VXFHVVRUHV GR VyFLR PRUWR
LQJUHVVDUQDVRFLHGDGHHVH
HVWD IRU ³GH SHVVRDV´
QHQKXP GRV VyFLRV
VREUHYLYHQWHV VH RSXVHU
QmRKiQHQKXPDUD]mRSDUDD
GLVVROXomR VHTXHU SDUFLDO
GD SHVVRD MXUtGLFD 1HP
FOiXVXOD FRQWUDWXDO
GLVVROXWyULD SRGHUi
VREUHSRUVH j YRQWDGH GRV
LQWHUHVVDGRV VXFHVVRUHV H
VyFLRV VREUHYLYHQWHV H DR
SULQFtSLRGDSHUPDQrQFLDGD
HPSUHVD
$ GLVVROXomR SDUFLDO p D
VROXomR MXUtGLFD TXH EXVFD
FRPSDWLELOL]DU RV LQWHUHVVHV
FRQIOLWDQWHV GRV VXFHVVRUHV
GH VyFLR PRUWR TXH QmR
GHVHMDP LQJUHVVDU QD
VRFLHGDGH RX GH VyFLR
VREUHYLYHQWH HP VRFLHGDGH
³GH SHVVRD´ TXH YHWD R
LQJUHVVR GHOHV 0DV
LQH[LVWLQGR R FRQIOLWR GH
LQWHUHVVHVDVRFLHGDGHGHYH
SHUPDQHFHU FRP D FRWD GR
GH FXMXV WUDQVIHULGD D TXHP
R VXFHGHU 2 IDOHFLPHQWR GH
VyFLR p FDXVD GH GLVVROXomR
MXGLFLDO VH QmR KRXYHU
FRQFRUGkQFLDHQWUHDVSDUWHV
TXDQWRjRFRUUrQFLDGHFDXVD
GLVVROXWyULD SRU H[HPSOR
RV VyFLRV VXSpUVWLWHV
UHFXVDUHPVH D SURFHGHU j
DSXUDomR GRV KDYHUHV RX
H[WUDMXGLFLDOTXDQGRKRXYHU
HVVD FRQFRUGkQFLD HQWUH DV
SDUWHV
$ UHWLUDGD GH VyFLR
WDPEpP p FDXVD GH
GLVVROXomR SDUFLDO GD
VRFLHGDGH 5HOHPEUDQGR
HVWH p GLUHLWR TXH R VyFLR
SRGH DFLRQDU D TXDOTXHU
WHPSR VH D VRFLHGDGH GH
TXH SDUWLFLSD p FRQWUDWDGD
FRPSUD]RLQGHWHUPLQDGR$
UHWLUDGD QHVWH FDVR ILFD
FRQGLFLRQDGD DSHQDV j
QRWLILFDomR DRV GHPDLV
VyFLRV FRP SUD]R GH
GLDV SDUD TXH VH
SURYLGHQFLH D DOWHUDomR
FRQWUDWXDO 4XDQGR D
VRFLHGDGH p FRQWUDWDGD SRU
SUD]R GHWHUPLQDGR R VyFLR
Vy WHP GLUHLWR GH UHWLUDGD
SURYDQGR MXVWD FDXVD HP
MXt]R RX VH IRU GR WLSR
OLPLWDGD GLVVHQWLQGR GH
DOWHUDomR FRQWUDWXDO
LQFRUSRUDomR RX IXVmR
GHOLEHUDGDV SHOD PDLRULD
3RGHUiRSHUDUVHMXGLFLDORX
H[WUDMXGLFLDOPHQWHH[FHWRQD
KLSyWHVH GH UHWLUDGD SRU
MXVWDFDXVDGHVRFLHGDGHSRU
SUD]R GHWHUPLQDGR HP TXH
VHUi QHFHVVDULDPHQWH
MXGLFLDODGLVVROXomR
$ H[FOXVmR GH VyFLR
FRQIRUPH Mi YLVWR &DS
LWHP p FDXVD GH
GLVVROXomR SDUFLDO 4XDQGR
WHPSRUFDXVDDH[FOXVmRGH
VyFLRDGLVVROXomRSRGHVHU
MXGLFLDO RX H[WUDMXGLFLDO HP
IXQomR GH YDULiYHLV
GLYHUVDV6HDH[FOXVmRpGH
VyFLRUHPLVVRSRGHVHID]r
OD H[WUDMXGLFLDOPHQWH HP
TXDOTXHU WLSR GH VRFLHGDGH
FRQWUDWXDO && DUW
6H p PRWLYDGD SRU IDOWD
JUDYH QR FXPSULPHQWR GH
REULJDomR VRFLHWiULD RX
LQFDSDFLGDGH VXSHUYHQLHQWH
D GLVVROXomR VHUi
QHFHVVDULDPHQWHMXGLFLDOHP
TXDOTXHU WLSR GH VRFLHGDGH
FRQWUDWXDO DUW 3RU
ILP VH D PRWLYDomR p D
SUiWLFD SRU PLQRULWiULRV GH
DWRV JUDYHV TXH S}HP HP
ULVFR D FRQWLQXLGDGH GD
HPSUHVD H VHQGR D
VRFLHGDGH OLPLWDGD D
GLVVROXomR SDUFLDO SRGHUi
VHUH[WUDMXGLFLDOGHOLEHUDGD
HPDVVHPEOHLDHIRUPDOL]DGD
HP DOWHUDomR FRQWUDWXDO VH
R FRQWUDWR VRFLDO
H[SUHVVDPHQWHRSHUPLWLUVH
RPLVVR VHUi MXGLFLDO DUW
$ IDOrQFLD GH VyFLR
WDPEpP Gi HQVHMR j
GLVVROXomR SDUFLDO GD
VRFLHGDGH FRQWUDWXDO XPD
YH] TXH D OHL QHVVH FDVR
GHWHUPLQD D DSXUDomR GRV
KDYHUHV GR IDOLGR SDUD
SDJDPHQWRjPDVVD&&DUW
SDUiJUDIR~QLFR
3RU ILP HVWDEHOHFH D OHL
TXH R FUHGRU GR VyFLR SRGH
SOHLWHDU QD H[HFXomR TXH
SURPRYH SDUD UHFHEHU VHX
FUpGLWR j IDOWD GH RXWURV
EHQV GR H[HFXWDGR D
OLTXLGDomRGDTXRWDTXHHVWH
WLWXODUL]D QXPD VRFLHGDGH
1HVWH FDVR R YDORU VHUi
DSXUDGR FRP EDVH QXP
EDODQoR SDWULPRQLDO
HVSHFLDO SDUD VHU
GHSRVLWDGRHPGLQKHLURSHOD
VRFLHGDGH QR MXt]R GD
H[HFXomR QRV GLDV
VHJXLQWHV && DUW
SDUiJUDIR ~QLFR e XPD
DOWHUQDWLYD TXH VH DEUH DR
FUHGRU GR VyFLR
UHODWLYDPHQWH j SHQKRUD GDV
TXRWDVVRFLDLV
(VWDV FDXVDV GH
GLVVROXomR SDUFLDO QmR VH
DSOLFDP D WRGDV DV
VRFLHGDGHV FRQWUDWXDLV 6H D
VRFLHGDGH OLPLWDGD HVWLYHU
VXMHLWD j UHJrQFLD VXSOHWLYD
GD /6$ HOD Vy VH GLVVROYH
SDUFLDOPHQWH QDV KLSyWHVHV
GH UHWLUDGD PRWLYDGD
GLVVLGrQFLD HP UHODomR D
DOWHUDomR FRQWUDWXDO IXVmR
RX LQFRUSRUDomR GD
VRFLHGDGHRXH[SXOVmR
/,48,'$d2 (
$385$d2 '(
+$9(5(6
¬ GLVVROXomR WRWDO
VHJXHPVH D OLTXLGDomR H D
SDUWLOKD HQTXDQWR j
GLVVROXomR SDUFLDO VHJXHVH
D DSXUDomR GH KDYHUHV H R
UHHPEROVR (QWUH XPD H
RXWUD IRUPD GH GLVVROXomR
QmR Ki QHP SRGH KDYHU
TXDOTXHU GLIHUHQoD GH
FRQWH~GRHFRQ{PLFR
2REMHWLYRGDOLTXLGDomR
p D UHDOL]DomR GR DWLYR H R
SDJDPHQWR GR SDVVLYR GD
VRFLHGDGH 3RGHUi
SURFHVVDUVH MXGLFLDO RX
H[WUDMXGLFLDOPHQWH
LQGHSHQGHQWHPHQWH GD IRUPD
DVVXPLGD SHOD GLVVROXomR
&RPHIHLWRRVVyFLRVSRGHP
QmR FRQFRUGDU FRP D
RFRUUrQFLD GH FDXVD
GLVVROXWyULD IRUoDQGR D
GLVVROXomR MXGLFLDO PDV
SRGHP HVWDU FRQFRUGHV FRP
DIRUPDGHVHOHYDUDFDERD
OLTXLGDomR TXH VHUi
H[WUDMXGLFLDO FRPR SRGHP
FRQFRUGDU FRP D RFRUUrQFLD
GH FDXVD GLVVROXWyULD
ILUPDQGR R UHVSHFWLYR
GLVWUDWR PDV QmR FKHJDU D
DFRUGR TXDQWR j OLTXLGDomR
UHSRUWDQGRVH HQWmR DR
-XGLFLiULR
'XUDQWH D OLTXLGDomR D
VRFLHGDGH HPSUHViULD VRIUH
UHVWULomR HP VXD
SHUVRQDOLGDGH MXUtGLFD
HVWDQGR DXWRUL]DGD DSHQDV j
SUiWLFD GRV DWRV WHQGHQWHV j
VROXomR GH VXDV SHQGrQFLDV
REULJDFLRQDLV 1HVVH
SHUtRGR R yUJmR
UHVSRQViYHO SHOD
PDQLIHVWDomR GD YRQWDGH GD
SHVVRD MXUtGLFD QmR VHUi
PDLV R DGPLQLVWUDGRU H VLP
R OLTXLGDQWH 2XWURVVLP
GHYHUi DGLWDU DR VHX QRPH
HPSUHVDULDODH[SUHVVmR³HP
OLTXLGDomR´ && DUW
HSDUiJUDIR~QLFR
5HDOL]DGRRDWLYRHSDJR
R SDVVLYR R SDWULP{QLR
OtTXLGR UHPDQHVFHQWH VHUi
SDUWLOKDGR HQWUH RV VyFLRV
SURSRUFLRQDOPHQWH j
SDUWLFLSDomR GH FDGD XP QR
FDSLWDOVRFLDOVHRXWUDUD]mR
QmR KRXYHU VLGR DFRUGDGD
VHMD QR FRQWUDWR VRFLDO VHMD
HP DWR SRVWHULRU &RQFOXtGD
D SDUWLOKD HQFHUUDVH R
SURFHVVR GH H[WLQomR GD
VRFLHGDGHHPSUHViULDFRPD
SHUGD GH VXD SHUVRQDOLGDGH
MXUtGLFD
)UDQ0DUWLQVGHIHQGHTXH
DLQGDKiXPDGHUUDGHLUDIDVH
QR SURFHVVR H[WLQWLYR
FRQVLVWHQWH QR GHFXUVR GR
SUD]R SUHVFULFLRQDO GDV
REULJDo}HV GD VRFLHGDGH
GLVVROYLGD (QWHQGH D
PDLRULD GD GRXWULQD
FRQWXGR TXH HVVD OLomR QmR
VHULD GH WRGR DFHUWDGD 6H D
OLTXLGDomR QmR IRL FRPSOHWD
H UHJXODU D SRQWR GH UHVWDU
SHQGHQWH XPD RX PDLV
REULJDo}HV LVWR QmR p DWR
LPSXWiYHO j VRFLHGDGH PDV
DRV VyFLRV H DR OLTXLGDQWH
TXH UHVSRQGHUmR
SHVVRDOPHQWH SHORV DWRV GD
OLTXLGDomR LUUHJXODUPHQWH
IHLWD
-i RV REMHWLYRV GD
DSXUDomR GRV KDYHUHV QmR
VmR RV PHVPRV TXH RV GD
OLTXLGDomR 3RU HOD QmR VH
EXVFD D VROXomR GDV
SHQGrQFLDV REULJDFLRQDLV GD
VRFLHGDGH PDV D GHILQLomR
GR TXDQWXP GHYLGR SHOD
VRFLHGDGH DR VyFLR
GHVYLQFXODGR 7HP HOH
GLUHLWR GH FUpGLWR FRQWUD D
SHVVRD MXUtGLFD QR LPSRUWH
HTXLYDOHQWHDRTXHWHULDVHD
KLSyWHVHIRVVHGHGLVVROXomR
WRWDO 2X VHMD R VyFLR WHP
GLUHLWR DR YDORU SDWULPRQLDO
GH VXD FRWD VRFLDO QmR DR
YDORU QRPLQDO QHP R GH
PHUFDGRRXRXWURTXHVHOKH
DWULEXD $ VRFLHGDGH GHYH
DSXUDU RV KDYHUHV GR VyFLR
GHVYLQFXODGRHSDJDUOKH²
QRV SUD]RV FRQWUDWXDOPHQWH
SUHYLVWRVRXjYLVWDHPFDVR
GH RPLVVmR GR FRQWUDWR ²
RX DRV VHXV VXFHVVRUHV D
SDUWH GR VHX SDWULP{QLR
OtTXLGR TXH FRUUHVSRQGHU j
SURSRUomR GD FRWD OLEHUDGD
HPUHODomRDRFDSLWDOVRFLDO
1HVWH VHQWLGR p TXH VH
DILUPD TXH VRE R SRQWR GH
YLVWD HFRQ{PLFR QmR Ki
GLIHUHQoD HQWUH D OLTXLGDomR
H D DSXUDomR GH KDYHUHV
6RPHQWHDVVLPpTXHVHHYLWD
R HQULTXHFLPHQWR LOtFLWR GR
VyFLR GHVYLQFXODGR RX GRV
VyFLRV TXH SHUPDQHFHP QD
VRFLHGDGH
',662/8d2'()$72
eODPHQWDYHOPHQWHPDLV
FRPXP GR TXH VHULD GH VH
GHVHMDU D GLVVROXomR GH IDWR
GDVRFLHGDGHHPSUHViULD2V
VyFLRV HP YH] GH
REVHUYDUHP R SURFHGLPHQWR
H[WLQWLYR SUHYLVWR HP OHL
OLPLWDPVH D YHQGHU
SUHFLSLWDGDPHQWHRDFHUYRD
HQFHUUDU DV DWLYLGDGHV H VH
GLVSHUVDUHP
&RPSRUWDPHQWR GH WRGR
LUUHJXODU TXH R PHLR
HPSUHVDULDO FRQKHFH
DPDUJDPHQWH SRU ³JROSH QD
SUDoD´7DOFRPSRUWDPHQWRp
FDXVD GH GHFUHWDomR GD
IDOrQFLD GD VRFLHGDGH /)
DUW ,,,I 0DV DOpP
GLVVR RV VyFLRV UHVSRQGHP
SHORV SUHMXt]RV GHFRUUHQWHV
GHVWH FRPSRUWDPHQWR
LUUHJXODU &RP HIHLWR R
SURFHGLPHQWR H[WLQWLYR GD
VRFLHGDGH HPSUHViULD p
SUHVFULWR SHOR GLUHLWR QR
UHVJXDUGRGRVLQWHUHVVHVQmR
DSHQDV GRV VyFLRV FRPR
WDPEpP GRV FUHGRUHV GD
VRFLHGDGH 6H DTXHOHV
GHL[DP GH REVHUYDU DV
QRUPDV GLVFLSOLQDGRUDV GR
SURFHGLPHQWR H[WLQWLYR
UHVSRQGHUmRSHODOLTXLGDomR
LUUHJXODU GH IRUPD SHVVRDO
H FRQVHTXHQWHPHQWH
LOLPLWDGD 1mR Ki
GLVSRVLWLYR HVSHFtILFR TXH
SUHYHMD HVWD KLSyWHVH PDV
EDVWD D LQYRFDomR GD WHRULD
FOiVVLFDGDUHVSRQVDELOLGDGH
FLYLO SRU GDQRV GHFRUUHQWHV
GH DWRV LOtFLWRV SDUD VH
FRQFOXLU SHOD SRVVLELOLGDGH
GH UHVSRQVDELOL]DomR GRV
VyFLRV GD VRFLHGDGH
GLVVROYLGD GH IDWR SHODV
REULJDo}HV SHQGHQWHV VHP
TXHWHQKDDSOLFDomRTXDOTXHU
UHJUD GH OLPLWDomR GHVWD
UHVSRQVDELOLGDGH YLVWR TXH
VHWUDWDGHLOtFLWRSHUSHWUDGR
SHVVRDOPHQWH SRU HOHV
VyFLRV
&$3Ë78/2
62&,('$'(6325
$d®(6
,1752'8d2
&$5$&7(5Ë67,&$6
*(5$,6 '$ 62&,('$'(
$1Ð1,0$
$ VRFLHGDGH DQ{QLPD p
XPD VRFLHGDGH GH FDSLWDO
2VWtWXORVUHSUHVHQWDWLYRVGD
SDUWLFLSDomR VRFLHWiULD
DomR VmR OLYUHPHQWH
QHJRFLiYHLV 1HQKXP GRV
DFLRQLVWDVSRGHLPSHGLUSRU
FRQVHJXLQWH R LQJUHVVR GH
TXHP TXHU TXH VHMD QR
TXDGUR DVVRFLDWLYR 3RU
RXWUR ODGR VHUi VHPSUH
SRVVtYHO D SHQKRUD GD DomR
HP H[HFXomR SURPRYLGD
FRQWUDRDFLRQLVWD
)LQDOPHQWHHPIDOHFHQGR
R WLWXODU GH XPD DomR QmR
SRGHUi VHU LPSHGLGR R
LQJUHVVR GH VHXV VXFHVVRUHV
QR TXDGUR DVVRFLDWLYR
,QFOXVLYH SRU VH WUDWDU GH
VRFLHGDGH LQVWLWXFLRQDO QHP
VHUiOtFLWRDRVVXFHVVRUHVGR
DFLRQLVWD PRUWR SOHLWHDU D
DSXUDomR GRV KDYHUHV GHVWH
2 KHUGHLUR RX OHJDWiULR GH
XPD DomR WUDQVIRUPDVH
TXHLUD RX QmR HP DFLRQLVWD
GDVRFLHGDGHDQ{QLPD
2 FDSLWDO VRFLDO GHVWH
WLSR VRFLHWiULR p IUDFLRQDGR
HP XQLGDGHV UHSUHVHQWDGDV
SRU Do}HV 2V VHXV VyFLRV
SRU LVVR VmR FKDPDGRV GH
DFLRQLVWDVHHOHVUHVSRQGHP
SHODV REULJDo}HV VRFLDLV DWp
R OLPLWH GR TXH IDOWD SDUD D
LQWHJUDOL]DomR GDV Do}HV GH
TXH VHMDP WLWXODUHV 2X
GL]HQGR R PHVPR FRP DV
H[SUHVV}HV XVDGDV SHOR
OHJLVODGRU R DFLRQLVWD
UHVSRQGH SHOR SUHoR GH
HPLVVmR GDV Do}HV TXH
VXEVFUHYHU RX DGTXLULU
/6$ DUW 3UHoR GH
HPLVVmR UHJLVWUHVH QmR VH
FRQIXQGH FRP R YDORU
QRPLQDORXGHQHJRFLDomR
6HDOJXpPLQGDJDUTXDQWR
YDOH XPD DomR GH
GHWHUPLQDGD FRPSDQKLD D
UHVSRVWD GHSHQGHUi GH XP
HVFODUHFLPHQWR D UHVSHLWR
GH TXH YDORU HVWDUi VHQGR
IHLWD D SHUJXQWD $ DomR GH
XPDVRFLHGDGHDQ{QLPDYDOH
GLIHUHQWHPHQWH GH DFRUGR
FRP RV REMHWLYRV GD
DYDOLDomR8PDDQDORJLDXP
WDQWR JURVVHLUD SRGH DMXGDU
R HQWHQGLPHQWR GD TXHVWmR
8PD FDVD WHP WDPEpP
GLYHUVRV YDORUHV VH R
REMHWLYR p R FiOFXOR H
SDJDPHQWR GR LPSRVWR GH
SURSULHGDGHRTXHLQWHUHVVD
p R YDORU YHQDO GD FDVD VH
IRU R SDJDPHQWR GH LPSRVWR
GH WUDQVPLVVmR p R YDORU
GHFODUDGR QD HVFULWXUD PDV
QHQKXP GHVWHV WHUi TXDOTXHU
LPSRUWkQFLD QR PRPHQWR GD
QHJRFLDomR GHVVH EHP
KLSyWHVH HP TXH WHP SHVR R
YDORU GH PHUFDGR &RP D
DomRRFRUUHDOJRVHPHOKDQWH
(P IXQomR GR REMHWLYR
SHUVHJXLGRRVHXYDORUpXP
RXRXWUR
$VVLPWHPVH
D 9DORU QRPLQDO ² R
UHVXOWDQWH GD RSHUDomR
PDWHPiWLFD GH GLYLVmR GR
YDORU GR FDSLWDO VRFLDO SHOR
Q~PHUR GH Do}HV p R YDORU
QRPLQDO 2 HVWDWXWR GD
VRFLHGDGH SRGH H[SUHVVDU
HVWH YDORU RX QmR QR
SULPHLUR FDVR WHUVHi DomR
FRP YDORU QRPLQDO QR
VHJXQGR DomR VHP YDORU
QRPLQDO DSUHVHQWDQGR FDGD
XPD DOJXPDV YDQWDJHQV
SUySULDV TXH VHUmR
H[DPLQDGDVHPVHJXLGD
E9DORU SDWULPRQLDO ²
R YDORU GD SDUWLFLSDomR GR
WLWXODUGDDomRQRSDWULP{QLR
OtTXLGR GD FRPSDQKLD
5HVXOWD GD RSHUDomR
PDWHPiWLFD GH GLYLVmR GR
SDWULP{QLR OtTXLGR SHOR
Q~PHUR GH Do}HV HP TXH VH
GLYLGH R FDSLWDO VRFLDO e R
YDORUGHYLGRDRDFLRQLVWDHP
FDVR GH OLTXLGDomR GD
VRFLHGDGHRXDPRUWL]DomRGD
DomR
2YDORUQRPLQDOTXDQGR
H[LVWHQWH p SUHYLVWR QRV
HVWDWXWRV -i R YDORU
SDWULPRQLDO VH SRGH
FRQKHFHU SHODV
GHPRQVWUDo}HVFRQWiEHLVTXH
D VRFLHGDGH DQ{QLPD p
REULJDGD D OHYDQWDU DR
WpUPLQR GR H[HUFtFLR VRFLDO
4XDQGR HVVHV LQVWUXPHQWRV
HVWmR GHIDVDGRV QR WHPSR D
OHL HVWDEHOHFH PHFDQLVPRV
SDUDDVXDDWXDOL]DomR/6$
DUWDGHPRGR
TXH R YDORU SDWULPRQLDO GD
DomR FRUUHVSRQGD j SDUFHOD
GR SDWULP{QLR OtTXLGR
DWXDOL]DGR GD VRFLHGDGH
FDEtYHODFDGDDomR
F 9DORU GH QHJRFLDomR
²pRSUHoRTXHRWLWXODUGD
DomR FRQVHJXH REWHU QD VXD
DOLHQDomR2YDORUSDJRSHOR
DGTXLUHQWH p GHILQLGR SRU
XPD VpULH GH IDWRUHV
HFRQ{PLFRV FRPR DV
SHUVSHFWLYDV GH
UHQWDELOLGDGH R SDWULP{QLR
OtTXLGR GD VRFLHGDGH R
GHVHPSHQKRGRVHWRUHPTXH
HOD DWXD D SUySULD
FRQMXQWXUD PDFURHFRQ{PLFD
HWF
G9DORUHFRQ{PLFR²p
RFDOFXODGRSRUDYDOLDGRUHV
GH DWLYRV SRU PHLR GH
WpFQLFDV HVSHFtILFDV S H[
D GR ³IOX[R GH FDL[D
GHVFRQWDGR´HUHSUHVHQWDR
PRQWDQWH TXH p UDFLRQDO
SDJDU SRU XPD DomR WHQGR
HP YLVWD DV SHUVSHFWLYDV GH
UHQWDELOLGDGH GD FRPSDQKLD
HPLVVRUD
H3UHoRGHHPLVVmR²p
R SUHoR SDJR SRU TXHP
VXEVFUHYHDDomRjYLVWDRX
SDUFHODGDPHQWH 'HVWLQDVH
D PHQVXUDU D FRQWULEXLomR
TXH R DFLRQLVWD Gi SDUD R
FDSLWDO VRFLDO H
HYHQWXDOPHQWH SDUD D
UHVHUYD GH FDSLWDO GD
FRPSDQKLD EHP FRPR R
OLPLWH GH VXD
UHVSRQVDELOLGDGH
VXEVLGLiULD
2 SUHoR GH HPLVVmR p
IL[DGR SHORV IXQGDGRUHV
TXDQGR GD FRQVWLWXLomR GD
FRPSDQKLD H SHOD
DVVHPEOHLD JHUDO RX SHOR
FRQVHOKR GH DGPLQLVWUDomR
TXDQGR GR DXPHQWR GR
FDSLWDO VRFLDO FRP HPLVVmR
GH QRYDV Do}HV 6H D
FRPSDQKLDWHPRVHXFDSLWDO
VRFLDO UHSUHVHQWDGR SRU
Do}HV FRP YDORU QRPLQDO R
SUHoR GH HPLVVmR GDV Do}HV
QmR SRGHUi VHU LQIHULRU DR
VHX YDORU QRPLQDO ( VH IRU
VXSHULRU D GLIHUHQoD
FKDPDGD iJLR FRQVWLWXLUi
UHVHUYD GH FDSLWDO TXH
SRGHUi SRVWHULRUPHQWH VHU
FDSLWDOL]DGD/6$DUWVH
,9
$ IL[DomR GR SUHoR GH
HPLVVmR GH Do}HV HPLWLGDV
SRU IRUoD GH DXPHQWR GR
FDSLWDOVRFLDOGHYHREHGHFHU
D GHWHUPLQDGRV FULWpULRV
SUHYLVWRV HP OHL DUW
GRV TXDLV VH UHVVDOWD R
VHJXLQWH QmR VH SRGHUi
LPSLQJLU DRV DQWLJRV
DFLRQLVWDV XPD GLOXLomR
LQMXVWLILFDGD GR YDORU
SDWULPRQLDO GH VXDV Do}HV
&RP HIHLWR VHPSUH TXH DV
QRYDV Do}HV IRUHP
VXEVFULWDVSRUSUHoRLQIHULRU
DR YDORU SDWULPRQLDO GDV
H[LVWHQWHV HVWH VRIUHUi XPD
UHGXomR GLOXLomR 7DO
UHGXomR SRGHUi VHU
MXVWLILFDGD RX QmR 4XHU
GL]HU VH D FRPSDQKLD
HIHWLYDPHQWH QHFHVVLWD GRV
UHFXUVRV SURYHQLHQWHV GD
HPLVVmRGDVQRYDVDo}HVRV
DFLRQLVWDV DQWLJRV GHYHP
VXSRUWDU D GLOXLomR GR YDORU
SDWULPRQLDO GH VHXV WtWXORV
-i VH QmR H[LVWH WDO
QHFHVVLGDGH RX VH RV
UHFXUVRV GH TXH FDUHFH D
VRFLHGDGH SRGHULDP VHU
REWLGRV SRU RXWURV PHLRV
QmR VH MXVWLILFD D GLOXLomR
(VVD UHJUD YLJRUD SDUD D
VRFLHGDGHSRUDo}HVFRPRX
VHP YDORU QRPLQDO 2
DFLRQLVWD GH TXDOTXHU
FRPSDQKLD QmR SRGH VRIUHU
LQMXVWLILFDGDPHQWH GLOXLomR
GRYDORUSDWULPRQLDOGHVXDV
Do}HV &RQWXGR R DFLRQLVWD
GHVRFLHGDGHSRUDo}HVFRP
YDORU QRPLQDO HQFRQWUDVH
PDLV SURWHJLGR FRQWUD HVVD
GLOXLomR PHVPR MXVWLILFDGD
GR TXH R DFLRQLVWD GH
VRFLHGDGH SRU Do}HV
H[FOXVLYDPHQWH VHP YDORU
QRPLQDO
(P UD]mR GD SURLELomR
GH IL[DomR GR SUHoR GH
HPLVVmR GH QRYDV Do}HV
DEDL[R GR YDORU QRPLQDO
WHUi DTXHOH DFLRQLVWD XPD
UHODWLYD JDUDQWLD FRQWUD D
GLOXLomR GR YDORU
SDWULPRQLDO GH VXDV Do}HV
3RU RXWUR ODGR D GRXWULQD
FRVWXPDDSRQWDUDIDFLOLGDGH
H HFRQRPLD QD HPLVVmR GH
FHUWLILFDGRVGHDo}HVFRPRD
YDQWDJHP GD DGRomR GR
VLVWHPDGHDXVrQFLDGRYDORU
QRPLQDO SRVWR TXH VHULD
GLVSHQViYHO D VXEVWLWXLomR
GRV FHUWLILFDGRV VHPSUH TXH
R FDSLWDO VRFLDO H
FRQVHTXHQWHPHQWH R YDORU
QRPLQDO GDV Do}HV IRVVHP
DXPHQWDGRV
$ VRFLHGDGH DQ{QLPD p
VHPSUH HPSUHViULD PHVPR
TXHVHXREMHWRVHMDDWLYLGDGH
HFRQ{PLFD FLYLO && DUW
SDUiJUDIR ~QLFR /6$
DUW 8PD
FRPSDQKLD FRQVWLWXtGD Vy
SRU GHQWLVWDV SDUD D
SUHVWDomR GH VHUYLoRV GH
RGRQWRORJLD SHORV SUySULRV
DFLRQLVWDVHPERUDWHQKDSRU
REMHWR XPD DWLYLGDGH QmR
HPSUHVDULDO && DUW
SDUiJUDIR ~QLFR VHUi
HPSUHViULD H HVWDUi VXMHLWD
DR UHJLPH MXUtGLFR
FRPHUFLDO SHOD Vy DGRomR
GR WLSR VRFLHWiULR R TXH
VDOYR QR FDVR GDV
FRRSHUDWLYDV QmR RFRUUH
FRP DV GHPDLV VRFLHGDGHV
WLSLILFDGDV HP OHL TXH
SRGHP HP IXQomR GD
QDWXUH]D GH VXD DWLYLGDGH
VHUVLPSOHVRXHPSUHViULDV
$ FRPSDQKLD DGRWD
GHQRPLQDomR
REULJDWRULDPHQWH 'HVWD
FRQVWDUi UHIHUrQFLD DR WLSR
VRFLHWiULR SHODV H[SUHVV}HV
³VRFLHGDGH DQ{QLPD´ RX
³FRPSDQKLD´SRUH[WHQVRRX
DEUHYLDGDPHQWH 6$ RX
&LD VHQGR TXH HVWD ~OWLPD
H[SUHVVmR VRPHQWH SRGHUi
VHUXWLOL]DGDQRLQtFLRRXQR
PHLR GR QRPH HPSUHVDULDO
$ PHQomR DR UDPR GR
FRPpUFLR QD GHQRPLQDomR p
HVVHQFLDO&&DUW
&/$66,),&$d2
&2167,78,d2
2 WHPD GD FRQVWLWXLomR
GDV FRPSDQKLDV HQFRQWUDVH
IUDFLRQDGR HP WUrV QtYHLV
GLVWLQWRV D UHTXLVLWRV
SUHOLPLQDUHVDUWVH
E PRGDOLGDGHV GH
FRQVWLWXLomR DUWV D
F SURYLGrQFLDV
FRPSOHPHQWDUHV DUWV D
1mR VH WUDWD
ULJRURVDPHQWH GH HWDSDV GD
FRQVWLWXLomR SRVWR VH
LQWHUFUX]DUHP DV PHGLGDV
GLVFLSOLQDGDV HP FDGD XPD
GHVWDVVHo}HV
4XDOTXHU FRPSDQKLD
SDUD FRQVWLWXLUVH GHYH
DWHQGHU DRV VHJXLQWHV WUrV
UHTXLVLWRVSUHOLPLQDUHV
D 6XEVFULomR GH WRGR R
FDSLWDO VRFLDO SRU SHOR
PHQRVGXDVSHVVRDV1mRVH
H[LJH PDLV FRPR QR
SDVVDGR R PtQLPR GH VHWH
VXEVFULWRUHV SDUD YDOLGDGH
GD FRQVWLWXLomR 1HFHVViULR
QR HQWDQWR p TXH WRGDV DV
Do}HV UHSUHVHQWDWLYDV GR
FDSLWDO VRFLDO HVWHMDP
VXEVFULWDV $ VXEVFULomR p
FRQWUDWR SOXULODWHUDO
FRPSOH[R SHOR TXDO XPD
SHVVRD VH WRUQD WLWXODU GH
DomR HPLWLGD SRU XPD
VRFLHGDGH DQ{QLPD $
VXEVFULomRpLUUHWUDWiYHO
E 5HDOL]DomR FRPR
HQWUDGDGHQRPtQLPR
GR SUHoR GH HPLVVmR GDV
Do}HV VXEVFULWDV HP
GLQKHLUR 1D VXEVFULomR D
SUD]R HP GLQKHLUR SHOR
PHQRV GR SUHoR GD
DomR GHYH VHU LQWHJUDOL]DGR
FRPR HQWUDGD (P VH
WUDWDQGR GH LQVWLWXLomR
ILQDQFHLUD D SRUFHQWDJHP
VREH SDUD QRV WHUPRV
GRDUWGD/HLQGH
F'HSyVLWRGDVHQWUDGDV
HP GLQKHLUR QR %DQFR GR
%UDVLO RX HVWDEHOHFLPHQWR
EDQFiULR DXWRUL]DGR SHOD
&90 &90$' Q
(VWH GHSyVLWR GHYHUi VHU
IHLWR SHOR IXQGDGRU DWp
GLDV GR UHFHELPHQWR GDV
TXDQWLDV HP QRPH GR
VXEVFULWRU H HP IDYRU GD
FRPSDQKLD HP FRQVWLWXLomR
&RQFOXtGR R SURFHVVR GH
FRQVWLWXLomR D FRPSDQKLD
OHYDQWDUi R PRQWDQWH
GHSRVLWDGRVHHVWHSURFHVVR
QmR VH FRQFOXLU HP PHVHV
GR GHSyVLWR R VXEVFULWRU p
TXH OHYDQWDUi D TXDQWLD SRU
HOHSDJD
$ OHL SUHYr GXDV
PRGDOLGDGHV GH FRQVWLWXLomR
GH VRFLHGDGH DQ{QLPD GH
DFRUGR FRP D H[LVWrQFLD RX
QmR GH DSHOR DR S~EOLFR
LQYHVWLGRU D FRQVWLWXLomR
SRU VXEVFULomR S~EOLFD HP
TXH RV IXQGDGRUHV EXVFDP
UHFXUVRV SDUD D FRQVWLWXLomR
GD VRFLHGDGH MXQWR DRV
LQYHVWLGRUHVHDFRQVWLWXLomR
SRU VXEVFULomR SDUWLFXODU
HP TXH LQH[LVWH HVWD
SUHRFXSDomR SRU SDUWH GRV
IXQGDGRUHV
$ FDUDFWHUL]DomR GH
HPLVVmR S~EOLFD GH Do}HV
HQFRQWUDVH GHILQLGD QR DUW
GD/HLQ
TXH HOHJH RV VHJXLQWHV
HOHPHQWRV SDUD D VXD
FRQILJXUDomR ³D D
XWLOL]DomR GH OLVWDV RX
EROHWLQV GH YHQGD RX
VXEVFULomR IROKHWRV
SURVSHFWRV RX DQ~QFLRV
GHVWLQDGRV DR S~EOLFRE D
SURFXUD GH VXEVFULWRUHV RX
DGTXLUHQWHV SDUD RV WtWXORV
SRU PHLR GH HPSUHJDGRV
DJHQWHV RX FRUUHWRUHVF D
QHJRFLDomR IHLWD HP ORMD
HVFULWyULR RX
HVWDEHOHFLPHQWR DEHUWR DR
S~EOLFRRXFRPDXWLOL]DomR
GRV VHUYLoRV S~EOLFRV GH
FRPXQLFDomR´6HPSUHTXHR
IXQGDGRU GH XPD FRPSDQKLD
SUHWHQGHU ODQoDU PmR GH
H[SHGLHQWHV FRPR RV
UHIHULGRV SRU HVWH
GLVSRVLWLYRGHYHUiREVHUYDU
DV QRUPDV UHODWLYDV j
FRQVWLWXLomR SRU VXEVFULomR
S~EOLFD WDPEpP
GHQRPLQDGD
GRXWULQDULDPHQWH
FRQVWLWXLomRVXFHVVLYDSRVWR
FRPSUHHQGHU YiULDV HWDSDV
RX IDVHV &DVR QmR SUHWHQGD
ODQoDU PmR GHVWHV
H[SHGLHQWHV GHYHUi R
IXQGDGRU RSWDU SHOD
FRQVWLWXLomR SRU VXEVFULomR
SDUWLFXODU WDPEpP
FRQKHFLGD SRU FRQVWLWXLomR
VLPXOWkQHD
$ FRQVWLWXLomR VXFHVVLYD
WHPLQtFLRFRPRUHJLVWURQD
&90 FXMR SHGLGR GHYH
HVWDULQVWUXtGRFRPRHVWXGR
GH YLDELOLGDGH HFRQ{PLFD H
ILQDQFHLUD GR
HPSUHHQGLPHQWR R SURMHWR
GRV HVWDWXWRV H R SURVSHFWR
$TXHOD DXWDUTXLD SRGHUi
FRQGLFLRQDU D FRQFHVVmR GR
UHJLVWUR D DOWHUDo}HV QR
SURVSHFWR RX QR SURMHWR GH
HVWDWXWR TXH QmR VH
UHYHODUHPVDWLVIDWyULRV6HR
HVWXGR GH YLDELOLGDGH
HFRQ{PLFD H ILQDQFHLUD GR
HPSUHHQGLPHQWR QR HQWDQWR
QmR VDWLVIL]HU DRV FULWpULRV
WpFQLFRV GD &90 ²
UHYHODQGRVH VHJXQGR WDLV
FULWpULRV D LQYLDELOLGDGH RX
WHPHULGDGH GD HPSUHVD ²
QmR VHUi R FDVR GH VH
SURFHGHU D DOWHUDo}HV QHOH
XPD YH] TXH HVWH GHYH
UHWUDWDUXPDUHDOLGDGHHQmR
GLVSRU VREUH HOD FRPR p R
FDVR GRV RXWURV GRLV
LQVWUXPHQWRV1HVWDKLSyWHVH
R~QLFRFDPLQKRDVHJXLUpR
LQGHIHULPHQWRGRUHJLVWUR$
&90SRGHUiWDPEpPQHJDU
R UHJLVWUR EDVHDGD QD
LQLGRQHLGDGH GRV
IXQGDGRUHV
3DUD UHTXHUHU R UHJLVWUR
MXQWRj&90RIXQGDGRUGD
FRPSDQKLD GHYHUi
QHFHVVDULDPHQWH FRQWUDWDU
XPD LQVWLWXLomR ILQDQFHLUD
SDUD LQWHUPHGLDU D
FRORFDomR GDV Do}HV QR
PHUFDGR 2 SURVSHFWR
GHYHUi LQFOXVLYH FRQWHU D
DVVLQDWXUDGHOD
&RQFHGLGR R UHJLVWUR GD
HPLVVmR H GD VRFLHGDGH QD
&90 SDVVDVH j VHJXQGD
IDVH GD FRQVWLWXLomR
VXFHVVLYDTXHFRPSUHHQGHD
VXEVFULomR GDV Do}HV
UHSUHVHQWDWLYDV GR FDSLWDO
VRFLDO 2 LQYHVWLPHQWR p
RIHUHFLGR DR S~EOLFR SHOD
LQVWLWXLomR ILQDQFHLUD
LQWHUPHGLiULD 4XHP
SUHWHQGHU VXEVFUHYHU Do}HV
GHVVD FRPSDQKLD GHYH
SURFXUDU D LQVWLWXLomR
ILQDQFHLUD SDUD DVVLQDU R
EROHWLP RX D OLVWD GH
VXEVFULomR TXH
LQVWUXPHQWDOL]DP R QHJyFLR
MXUtGLFR 7DPEpP VHUi
SRVVtYHO D VXEVFULomR SRU
FDUWD TXH DWHQGD DRV
UHTXLVLWRV IL[DGRV QR
SURVSHFWR (P XPD RX RXWUD
KLSyWHVH VHQGR HP GLQKHLUR
DLQWHJUDOL]DomRRVXEVFULWRU
SDJDUiDHQWUDGD
4XDQGR WRGR R FDSLWDO
VRFLDO HVWLYHU VXEVFULWR RV
IXQGDGRUHV FRQYRFDUmR D
DVVHPEOHLDGHIXQGDomRSDUD
DYDOLDU RV EHQV RIHUHFLGRV
SDUD D LQWHJUDOL]DomR VH IRU
R FDVR H GHOLEHUDU VREUH D
FRQVWLWXLomR GD FRPSDQKLD
1HVWD DVVHPEOHLD WRGDV DV
Do}HV GH TXDOTXHU HVSpFLH
RX IRUPD FRQIHULUmR DR VHX
WLWXODU R GLUHLWR GH YRWR
&RQILUPDGD D REVHUYkQFLD
GH WRGDV DV IRUPDOLGDGHV
OHJDLV H QmR VH RSRQGR
VXEVFULWRUHV UHSUHVHQWDWLYRV
GHPDLVGDPHWDGHGRFDSLWDO
VRFLDO VHUi SURFODPDGD D
VXD FRQVWLWXLomR HOHJHQGR
VH HP VHJXLGD RV
DGPLQLVWUDGRUHV H ILVFDLV 2
SURMHWR GH HVWDWXWR VRPHQWH
SRGHUi VHU DOWHUDGR SRU
GHOLEHUDomR XQkQLPH GRV
VXEVFULWRUHV (VWD p D
WHUFHLUDHGHUUDGHLUDIDVHGD
FRQVWLWXLomR SRU VXEVFULomR
S~EOLFD
-i D FRQVWLWXLomR SRU
VXEVFULomR SDUWLFXODU p
VLJQLILFDWLYDPHQWH PDLV
VLPSOHV 3RGHUi SURFHVVDU
VH SRU GHOLEHUDomR GRV
VXEVFULWRUHV UHXQLGRV HP
DVVHPEOHLD GH IXQGDomR RX
SRU HVFULWXUD S~EOLFD 1D
SULPHLUD KLSyWHVH WRGRV RV
VXEVFULWRUHVGHYHUmRDVVLQDU
R SURMHWR GH HVWDWXWR QD
VHJXQGD WRGRV HOHV
DVVLQDUmR D HVFULWXUD
S~EOLFD TXH FRQWHUi RV
UHTXLVLWRV IL[DGRV HP OHL
/6$DUW
(P UHODomR j
FRQVWLWXLomR
LQGHSHQGHQWHPHQWH GH VXD
PRGDOLGDGH SUHYLX D OHL
DOJXPDV UHJUDV JHUDLV H
FRPXQV 6mR HODVD D
HVFULWXUD S~EOLFD p
GLVSHQViYHO SDUD D
LQFRUSRUDomR GH LPyYHLV
SDUD D IRUPDomR GR FDSLWDO
VRFLDO DUW E R
VXEVFULWRU SRGHUi VHU
UHSUHVHQWDGRSRUSURFXUDGRU
FRP SRGHUHV HVSHFLDLV QD
DVVHPEOHLD GH IXQGDomR RX
QD HVFULWXUD S~EOLFD DUW
F D GHQRPLQDomR GD
FRPSDQKLD HQTXDQWR QmR
FRQFOXtGRRVHXSURFHVVRGH
FRQVWLWXLomR GHYHUi VHU
DGLWDGD SHOD H[SUHVVmR ³HP
RUJDQL]DomR´DUWGRV
IXQGDGRUHV H DV LQVWLWXLo}HV
ILQDQFHLUDVTXHSDUWLFLSDUHP
GD FRQVWLWXLomR GD
FRPSDQKLD WrP
UHVSRQVDELOLGDGH SRU WRGRV
RV SUHMXt]RV GHFRUUHQWHV GD
LQREVHUYkQFLD GH DOJXP
SUHFHLWR OHJDO H RV
IXQGDGRUHV UHVSRQGHUmR
VROLGDULDPHQWH SHORV GDQRV
GHFRUUHQWHVGHFXOSDRXGROR
HP DWRV DQWHULRUHV j
FRQVWLWXLomR DUW H VHX
SDUiJUDIR ~QLFRH RV
IXQGDGRUHV GHYHP HQWUHJDU
DRV SULPHLURV
DGPLQLVWUDGRUHV HOHLWRV RV
SDSpLV GRFXPHQWRV H OLYURV
SHUWLQHQWHVjFRQVWLWXLomRGD
FRPSDQKLD RX GH
SURSULHGDGHGHVWDDUW
1D VHomR UHIHUHQWH jV
SURYLGrQFLDV
FRPSOHPHQWDUHV TXH VmR
FRPXQV D DPEDV DV
PRGDOLGDGHVGHFRQVWLWXLomR
IL[D D OHL D QHFHVVLGDGH GH
UHJLVWUR H SXEOLFDomR GRV
DWRV FRQVWLWXWLYRV GD
FRPSDQKLD 6RPHQWH DSyV
HVWDV SURYLGrQFLDV p TXH D
FRPSDQKLDSRGHUiGDULQtFLR
j H[SORUDomR GH VXDV
DWLYLGDGHV FRPHUFLDLV GH
IRUPD UHJXODU $OpP GLVVR
VH KRXYHU LQFRUSRUDomR GH
EHP DR FDSLWDO VRFLDO
GHYHUi VHU SURYLGHQFLDGD
SRU VHXV SULPHLURV
DGPLQLVWUDGRUHV D
WUDQVIHUrQFLD GD WLWXODULGDGH
GHVVH EHP SDUD D
FRPSDQKLD SRU WUDQVFULomR
QR UHJLVWUR S~EOLFR
FRPSHWHQWH VH EHP LPyYHO
R 5HJLVWUR GH ,PyYHLV VH
PDUFD R UHJLVWUR QR ,13,
HWF $ FHUWLGmR GRV DWRV
FRQVWLWXWLYRV H[SHGLGD SHOD
-XQWD &RPHUFLDO p
GRFXPHQWR KiELO SDUD
LQVWUXPHQWDOL]DU HVWD
WUDQVIHUrQFLD
9$/25(6
02%,/,È5,26
6mR WtWXORV GH
LQYHVWLPHQWR TXH D
VRFLHGDGH DQ{QLPD HPLWH
SDUD REWHQomR GRV UHFXUVRV
GH TXH QHFHVVLWD $OpP GD
DomR YDORU PRELOLiULR
UHSUHVHQWDWLYRGHXQLGDGHGR
FDSLWDO VRFLDO TXH VHUi
REMHWRGHHVWXGRQRSUy[LPR
LWHP D FRPSDQKLD SRGHUi
HPLWLU RV VHJXLQWHV
SULQFLSDLV YDORUHV
PRELOLiULRVD GHErQWXUHV
DUWV D E SDUWHV
EHQHILFLiULDVDUWVD
FE{QXVGHVXEVFULomRDUWV
D G QRWD
SURPLVVyULD ,QVW &90 Q
$V GHErQWXUHV VmR
GHILQLGDV SHOD GRXWULQD
FRPR WtWXORV UHSUHVHQWDWLYRV
GHXPFRQWUDWRGHP~WXRHP
TXH D FRPSDQKLD p D
PXWXiULD H R GHEHQWXULVWD R
PXWXDQWH 2V WLWXODUHV GH
GHErQWXUHV WrP GLUHLWR GH
FUpGLWR SHUDQWH D
FRPSDQKLDQDV FRQGLo}HV
IL[DGDV SRU XP LQVWUXPHQWR
HODERUDGR SRU HVWD TXH VH
FKDPD ³HVFULWXUD GH
HPLVVmR´ 7DO LQVWUXPHQWR
HVWDEHOHFH VH R FUpGLWR p
PRQHWDULDPHQWHFRUULJLGRRX
QmRDVJDUDQWLDVGHVIUXWDGDV
SHORV GHEHQWXULVWDV DV
pSRFDV GH YHQFLPHQWR GD
REULJDomR H GHPDLV
UHTXLVLWRV GHWHUPLQDGRV SRU
OHL/6$DUW
$ FRPXQLGDGH GH
LQWHUHVVHV GRV GHEHQWXULVWDV
SRGH VHU UHSUHVHQWDGD SRU
XP DJHQWH ILGXFLiULR
QRPHDGR SHOD HVFULWXUD GH
HPLVVmR 6HPSUH TXH DV
GHErQWXUHV IRUHP
GLVWULEXtGDVRXDGPLWLGDVQR
PHUFDGR D QRPHDomR GH
DJHQWH ILGXFLiULR p
REULJDWyULD6HDQHJRFLDomR
GDV GHErQWXUHV QmR VH IL]HU
QR PHUFDGR VHUi IDFXOWDWLYD
D VXD LQWHUYHQomR 3RGH
H[HUFHU D IXQomR GH DJHQWH
ILGXFLiULR GRV GHEHQWXULVWDV
D SHVVRD ItVLFD TXH
SUHHQFKHU RV UHTXLVLWRV TXH
D OHL HVWDEHOHFH SDUD RV
DGPLQLVWUDGRUHV H D
LQVWLWXLomR ILQDQFHLUD
HVSHFLDOPHQWH DXWRUL]DGD
SHOR %DQFR &HQWUDO GR
%UDVLO REVHUYDGRV RV
LPSHGLPHQWRV TXH D OHL
FRQWHPSODQRDUW
$VGHErQWXUHVGHDFRUGR
FRPDJDUDQWLDRIHUHFLGDDRV
VHXV WLWXODUHV SRGHP VHU GH
TXDWUR HVSpFLHV D FRP
JDUDQWLD UHDO HP TXH XP
EHP SHUWHQFHQWH RX QmR j
FRPSDQKLD p RQHUDGR
KLSRWHFDGHXPLPyYHOSRU
H[HPSOR E FRP JDUDQWLD
IOXWXDQWH TXH FRQIHUH DRV
GHEHQWXULVWDV XP SULYLOpJLR
JHUDO VREUH R DWLYR GD
FRPSDQKLD SHOR TXDO WHUmR
SUHIHUrQFLD VREUH RV
FUHGRUHV TXLURJUDIiULRV HP
FDVR GH IDOrQFLD GD
FRPSDQKLD HPLVVRUD F
TXLURJUDIiULD FXMR WLWXODU
FRQFRUUH FRP RV GHPDLV
FUHGRUHV VHP JDUDQWLD QD
PDVVDIDOLGDGVXERUGLQDGD
RX VXETXLURJUDIiULD HP
TXHRWLWXODUWHPSUHIHUrQFLD
DSHQDV VREUH RV DFLRQLVWDV
HP FDVR GH IDOrQFLD GD
VRFLHGDGHGHYHGRUD
$VGHErQWXUHVSRGHPWHU
D FOiXVXOD GH
FRQYHUVLELOLGDGHHPDo}HVH
SRGHP VHU QRPLQDWLYDV RX
HVFULWXUDLV
$V SDUWHV EHQHILFLiULDV
VmR GHILQLGDV FRPR WtWXORV
QHJRFLiYHLV VHP YDORU
QRPLQDO H HVWUDQKRV DR
FDSLWDO VRFLDO TXH FRQIHUHP
DRV VHXV WLWXODUHV GLUHLWR GH
FUpGLWR HYHQWXDO FRQVLVWHQWH
QD SDUWLFLSDomR QRV OXFURV
GD FRPSDQKLD HPLVVRUD
/6$DUWHVHX
'RV OXFURV GD VRFLHGDGH
DQ{QLPD QmR SRGHUi VHU
GHVWLQDGR jV SDUWHV
EHQHILFLiULDV PDLV GR TXH
(VVHV WtWXORV SRGHUmR
VHU DOLHQDGRV RX DWULEXtGRV
$ DWULEXLomR SRU VXD YH]
SRGHUi VHU RQHURVD HP
SDJDPHQWR D SUHVWDomR GH
VHUYLoRV RX JUDWXLWD $
FRPSDQKLD DEHUWD QmR
SRGHUi HPLWLU SDUWHV
EHQHILFLiULDV
$V SDUWHV EHQHILFLiULDV
WHUmRDGXUDomRHVWDEHOHFLGD
SHORV HVWDWXWRV QXQFD
VXSHULRU D DQRV QR FDVR
GH WtWXORV GH DWULEXLomR
JUDWXLWD VDOYR VH HPLWLGRV
HP IDYRU GH VRFLHGDGH RX
IXQGDomR EHQHILFHQWH GH
HPSUHJDGRV GD FRPSDQKLD
KLSyWHVHHPTXHRVHVWDWXWRV
SRGHUmR IL[DU D GXUDomR GR
WtWXOROLYUHPHQWH
$V SDUWHV EHQHILFLiULDV
SRGHP FRQWHU WDPEpP D
FOiXVXODGHFRQYHUVLELOLGDGH
HP Do}HV GHYHQGR QHVWH
FDVR VHU FRQVWLWXtGD XPD
UHVHUYD HVSHFLDO SDUD
FDSLWDOL]DomR
$DOWHUDomRGRVHVWDWXWRV
TXHLPSRUWHHPPRGLILFDomR
RX UHGXomR GDV YDQWDJHQV
FRQIHULGDV DRV WLWXODUHV GDV
SDUWHV EHQHILFLiULDV VRPHQWH
WHUi HILFiFLD DSyV VXD
DSURYDomR SHOD PHWDGH QR
PtQLPR GRV WLWXODUHV GDV
SDUWHV EHQHILFLiULDV
UHXQLGRVHPDVVHPEOHLD
2V E{QXV GH VXEVFULomR
WtWXORV GH LQYHVWLPHQWR GH
SRXFD SUHVHQoD QR PHUFDGR
GH YDORUHV PRELOLiULRV
EUDVLOHLUR FRQIHUHP DRV
VHXV WLWXODUHV R GLUHLWR GH
VXEVFUHYHUHP Do}HV GD
FRPSDQKLDHPLVVRUDTXDQGR
GHIXWXURDXPHQWRGHFDSLWDO
VRFLDOGHVWD2WLWXODUGHXP
E{QXVQmRHVWDUiGLVSHQVDGR
GR SDJDPHQWR GR UHVSHFWLYR
SUHoR GH HPLVVmR 6mR
WtWXORV FULDGRV SHOD
VRFLHGDGH DQ{QLPD SDUD
DOLHQDomR RQHURVD RX
DWULEXLomR FRPR YDQWDJHP
DGLFLRQDO DRV VXEVFULWRUHV
GHVXDVDo}HVRXGHErQWXUHV
3RU ILP D &90
GLVFLSOLQRXSHOD,QVWUXomRQ
GH D HPLVVmR GH
QRWDV SURPLVVyULDV
GHVWLQDGDV j GLVWULEXLomR
S~EOLFD 7UDWDVH GH YDORU
PRELOLiULR GHVWLQDGR j
FDSWDomR GH UHFXUVRV SDUD
UHVWLWXLomRDFXUWRSUD]R
GLDV QR PtQLPR H QR
Pi[LPR &RQKHFLGR SRU
&RPPHUFLDO 3DSHU HVWH
YDORU PRELOLiULR VRPHQWH
SRGHUi VHU QHJRFLDGR
PHGLDQWH HQGRVVR HP SUHWR
FRPDFOiXVXODVHPJDUDQWLD
$d®(6
Ï5*2662&,$,6
6RE D UXEULFD GH
³DGPLQLVWUDGRUHV´ D OHL
GHILQLX XP FRQMXQWR GH
UHJUDV MXUtGLFDV DSOLFiYHLV
WDQWR DR PHPEUR GR
FRQVHOKR GH DGPLQLVWUDomR
TXDQWR DR GD GLUHWRULD DUWV
D 'HVVH FRQMXQWR
GHVWDFDPVH DV UHIHUHQWHV
DRV GHYHGRUHV H
UHVSRQVDELOLGDGHV GRV
DGPLQLVWUDGRUHV
6mR RV VHJXLQWHV RV
GHYHUHVLPSRVWRVSRUOHLDRV
PHPEURV GR FRQVHOKR GH
DGPLQLVWUDomRHGDGLUHWRULD
D 'HYHU GH GLOLJrQFLD
²SHORTXDORDGPLQLVWUDGRU
GHYH HPSUHJDU QR
GHVHPSHQKR GH VXDV
DWULEXLo}HV R FXLGDGR H
GLOLJrQFLD TXH WRGR KRPHP
DWLYR H SURER
FRVWXPHLUDPHQWH HPSUHJD
QD DGPLQLVWUDomR GH VHXV
SUySULRVQHJyFLRVDUW
3DUD PHOKRU QRUWHDU R
FXPSULPHQWR GHVWH GHYHU
GHWHUPLQD D OHL TXH R
DGPLQLVWUDGRU H[HUoD VXDV
DWULEXLo}HV FRP YLVWDV j
UHDOL]DomR GRV ILQV H
LQWHUHVVHV GD FRPSDQKLD
VDWLVIHLWDV DV H[LJrQFLDV GR
EHP S~EOLFR H GD IXQomR
VRFLDOGDHPSUHVDDUW
E'HYHUGHOHDOGDGH²
R DGPLQLVWUDGRU QmR SRGH
XVDUHPSURYHLWRSUySULRRX
GH WHUFHLUR LQIRUPDomR
SHUWLQHQWH DRV SODQRV RX
LQWHUHVVHV GD FRPSDQKLD H j
TXDO WHYH DFHVVR HP UD]mR
GR FDUJR TXH RFXSD DJLQGR
VHPSUH FRP OHDOGDGH SDUD
FRPDTXHODDUW'HYH
SRLV DEVWHUVH GH LQWHUYLU
HPTXDOTXHURSHUDomRVRFLDO
HP TXH WLYHU LQWHUHVVH
FRQIOLWDQWH FRP R GD
VRFLHGDGH DQ{QLPD EHP
FRPR QD GHOLEHUDomR TXH D
UHVSHLWR WRPDU R yUJmR QR
TXDOWHQKDDVVHQWRDUW
2 GHVFXPSULPHQWR GR GHYHU
GH OHDOGDGH SRGH
FDUDFWHUL]DU HP DOJXQV
FDVRV FULPH GH
FRQFRUUrQFLD GHVOHDO /3,
DUW;,H
F'HYHUGHLQIRUPDU²
R DGPLQLVWUDGRU GH
FRPSDQKLD DEHUWD WHP R
GHYHU GH LQIRUPDU
LPHGLDWDPHQWH j %ROVD GH
9DORUHV H GLYXOJDU SHOD
LPSUHQVD TXDOTXHU
GHOLEHUDomR GRV yUJmRV
VRFLDLVRXIDWRUHOHYDQWHTXH
SRVVD LQIOXLU GH PRGR
SRQGHUiYHO QD GHFLVmR GRV
LQYHVWLGRUHV GR PHUFDGR GH
YHQGHU RX FRPSUDU YDORUHV
PRELOLiULRV GH HPLVVmR GD
FRPSDQKLD DUW
2XWUR DVSHFWR GR GHYHU GH
LQIRUPDU GL] UHVSHLWR DRV
LQWHUHVVHV TXH R
DGPLQLVWUDGRU GH FRPSDQKLD
DEHUWD SRVVXD QRV QHJyFLRV
VRFLDLV RV TXDLV WrP RV
DFLRQLVWDV R GLUHLWR GH
FRQKHFHU QRV WHUPRV GR
FDSXW H GR GR DUW
GD/6$
2 DGPLQLVWUDGRU QmR p
UHVSRQViYHO SHODV
REULJDo}HV DVVXPLGDV SHOD
FRPSDQKLD SRU DWR UHJXODU
GH JHVWmR PDV UHVSRQGHUi
SRU DWR LOtFLWR VHX SHORV
SUHMXt]RV TXH FDXVDU FRP
FXOSD RX GROR DLQGD TXH
GHQWURGHVXDVDWULEXLo}HVRX
SRGHUHVRXFRPYLRODomRGD
OHL RX GR HVWDWXWR e R TXH
SURFODPDRDUWGD/6$
$FRPSDQKLDSRGHSURPRYHU
D UHVSRQVDELOL]DomR MXGLFLDO
GH VHX DGPLQLVWUDGRU SRU
SUHMXt]R TXH HVWH OKH WHQKD
FDXVDGR PHGLDQWH SUpYLD
GHOLEHUDomR GD DVVHPEOHLD
JHUDO$ GHOLEHUDomR SRGHUi
VHU WRPDGD HP DVVHPEOHLD
RUGLQiULD RX VH FRQVWDU GD
RUGHP GR GLD RX WLYHU
UHODomR GLUHWD FRP PDWpULD
HP DSUHFLDomR SHOD
DVVHPEOHLD H[WUDRUGLQiULD
(P TXDOTXHU FDVR R
DGPLQLVWUDGRU VHUi
GHVWLWXtGR GR FDUJR GH
DGPLQLVWUDomR H VXEVWLWXtGR
QRVWHUPRVHVWDWXWiULRV
6H RV yUJmRV GH
DGPLQLVWUDomR UHWDUGDUHP D
SURSRVLWXUD GD FRPSHWHQWH
DomR SRU PDLV GH PHVHV
TXDOTXHU DFLRQLVWD SRGHUi
ID]rOR HP QRPH GD
FRPSDQKLD e KLSyWHVH GH
VXEVWLWXLomR SURFHVVXDO
GHULYDGDDUW6H
SRUpP D DVVHPEOHLD JHUDO
GHFLGLX QmR SURPRYHU D
UHVSRQVDELOL]DomR GR
DGPLQLVWUDGRU RV DFLRQLVWDV
TXH SRVVXDP Do}HV
UHSUHVHQWDWLYDV GH RX
PDLV GR FDSLWDO VRFLDO
SRGHUmR HP QRPH GD
FRPSDQKLDSURPRYHUDDomR
MXGLFLDO e KLSyWHVH GH
VXEVWLWXLomR SURFHVVXDO
RULJLQiULDDUW
$ DomR SDUD
UHVSRQVDELOL]DomR GRV
DGPLQLVWUDGRUHV SUHVFUHYH
HPDQRVFRQWDGRVGDGDWD
GD SXEOLFDomR GD DWD GD
DVVHPEOHLDJHUDOTXHYRWDUR
EDODQoR UHIHUHQWH DR
H[HUFtFLR HP TXH R LOtFLWR
RFRUUHX 2 PHVPR SUD]R
FRQWDVH QR HQWDQWR GD
SUHVFULomRGDDomRSHQDORX
GDVHQWHQoDSHQDOGHILQLWLYD
FDVR R IDWR HQVHMDGRU GD
DomR GH UHVSRQVDELOLGDGH
FLYLO GHYD VHU REMHWR GH
DSXUDomR QD HVIHUD FULPLQDO
/6$ DUWV ,,E H
$OpP GD
UHVSRQVDELOLGDGH FLYLO H
SHQDO WrP RV
DGPLQLVWUDGRUHV
UHVSRQVDELOLGDGH GH FDUiWHU
DGPLQLVWUDWLYR SHUDQWH D
&90 (VWD DXWDUTXLD SRGH
LPSRUOKHV SRU LQIUDomR D
GHYHUSUHVFULWRQDOHJLVODomR
GR DQRQLPDWR VDQo}HV TXH
YDULDP GH PXOWD RX
DGYHUWrQFLDDWpVXVSHQVmRGR
H[HUFtFLR GR FDUJR RX
LQDELOLWDomR /HL Q
DUW
$Wp DTXL HVWXGDPRV RV
GHYHUHV H UHVSRQVDELOLGDGHV
GRV DGPLQLVWUDGRUHV HP
UHODomR j SUySULD VRFLHGDGH
DQ{QLPD TXH DGPLQLVWUDP
(OHV QR HQWDQWR WDPEpP
SRGHPVHUUHVSRQVDELOL]DGRV
SRU GDQRV TXH FDXVDP D
WHUFHLURV QR H[HUFtFLR GD
IXQomR 2V FRQVXPLGRUHV
SRU H[HPSOR WrP DomR
FRQWUD RV DGPLQLVWUDGRUHV
TXHFRQGX]LUDPDFRPSDQKLD
IRUQHFHGRUD j IDOrQFLD RX
LQDWLYLGDGH HP GHFRUUrQFLD
GH Pi DGPLQLVWUDomR &'&
DUW 2V DGPLQLVWUDGRUHV
GH RSHUDGRUDV GH SODQRV GH
DVVLVWrQFLD j VD~GH
UHVSRQGHP VXEVLGLDULDPHQWH
SHORV GLUHLWRV FRQWUDWXDLV H
OHJDLV GH FRQVXPLGRUHV
SUHVWDGRUHV GH VHUYLoR H
IRUQHFHGRUHV EHP FRPR
SHODV REULJDo}HV ILVFDLV H
WUDEDOKLVWDV GD VRFLHGDGH
/HLQDUW-
2$&,21,67$
2 GHYHU SULQFLSDO GR
DFLRQLVWD ² GHILQH R DUW
GD/6$²pRGHSDJDU
R SUHoR GH HPLVVmR GDV
Do}HV TXH VXEVFUHYHU 2
YHQFLPHQWR GDV SUHVWDo}HV
VHUiRGHILQLGRSHORHVWDWXWR
RX SHOR EROHWLP GH
VXEVFULomR 6H RPLVVRV WDLV
LQVWUXPHQWRV RV yUJmRV GD
DGPLQLVWUDomR SURFHGHUmR j
FKDPDGD GRV VXEVFULWRUHV
SRU DYLVRV SXEOLFDGRV QD
LPSUHQVD SRU WUrV YH]HV
SHOR PHQRV HVWDEHOHFHQGR
SUD]R QmR LQIHULRU D GLDV
SDUD R SDJDPHQWR 2
DFLRQLVWD TXH GHL[DU GH
SDJDUDSUHVWDomRGHYLGDQR
SUD]R DVVLP IL[DGR HVWDUi
FRQVWLWXtGR HP PRUD
LQGHSHQGHQWHPHQWH GH
TXDOTXHULQWHUSHODomR1HVWD
VLWXDomR GHYHUi SDJDU R
SULQFLSDO GH VHX GpELWR
DFUHVFLGRGHMXURVFRUUHomR
PRQHWiULDHPXOWDHVWDWXWiULD
GH QR Pi[LPR (VWDV
WUrV SDUFHODV VmR GHYLGDV
DSHQDV VH H[LVWLU SUHYLVmR
HVWDWXWiULD
$ FRPSDQKLD SRGHUi
SURPRYHUFRQWUDRDFLRQLVWD
HP PRUD FKDPDGR SHOD OHL
GH ³UHPLVVR´ D FREUDQoD
MXGLFLDOGRGHYLGRSRUDomR
GH H[HFXomR VHUYLQGR R
EROHWLP GH VXEVFULomR
DFRPSDQKDGRVHIRURFDVR
GD FKDPDGD FRPR WtWXOR
H[HFXWLYR H[WUDMXGLFLDO
3RGHUi WDPEpP RSWDU SHOD
YHQGD GDV Do}HV VXEVFULWDV
SHOR DFLRQLVWD UHPLVVR HP
%ROVD (VWD UHJUD SRUTXH D
YHQGD UHIHULGD VH ID]
PHGLDQWH OHLOmR HVSHFLDO
WDPEpP VH DSOLFD jV
FRPSDQKLDV IHFKDGDV 'R
SURGXWR DUUHFDGDGR QHVVD
YHQGD VHUmR GHVFRQWDGDV DV
GHVSHVDV FRP D RSHUDomR H
RVMXURVFRUUHomRPRQHWiULD
H PXOWD SUHYLVWRV HP
HVWDWXWR ILFDQGR R VDOGR j
GLVSRVLomR GR H[DFLRQLVWD
$ OHL IDFXOWD j FRPSDQKLD
SURPRYHUDYHQGDHP%ROVD
PHVPR DSyV R DMXL]DPHQWR
GD H[HFXomR MXGLFLDO DVVLP
FRPRSURPRYHUHVWDHPFDVR
GH VH UHYHODU IUXVWUDGD D
YHQGD HP OHLOmR HVSHFLDO GD
%ROVD%DOGDGDVQRHQWDQWR
DPEDV DV SURYLGrQFLDV D
FRPSDQKLD SRGH GHFODUDU D
FDGXFLGDGH GDV Do}HV
DSURSULDQGRVH GDV HQWUDGDV
SRUYHQWXUDMiUHDOL]DGDV6H
HQWmR SRVVXLU IXQGRV RX
UHVHUYDV H[FHWR D OHJDO
GLVSRQtYHLV SRGHUi
LQWHJUDOL]DU D DomR SDUD
YHQGrOD VH H TXDQGR
GHVHMDU 6H QmR SRVVXLU
IXQGRV RX UHVHUYDV
VXILFLHQWHV SDUD D
LQWHJUDOL]DomR WHUi D
FRPSDQKLDRSUD]RGHDQR
SDUD FRQVHJXLU XP
FRPSUDGRUSDUDDVDo}HVHP
TXHVWmR ILQGR R TXDO R
FDSLWDO VRFLDO GHYHUi VHU
UHGX]LGR SRU GHFLVmR GD
DVVHPEOHLD JHUDO HP
LPSRUWkQFLDFRUUHVSRQGHQWH
2DUWGD/6$HOHQFD
RV GLUHLWRV HVVHQFLDLV GR
DFLRQLVWDDVDEHU
D 3DUWLFLSDomR QRV
UHVXOWDGRV VRFLDLV ² R
DFLRQLVWD WHP GLUHLWR GH
UHFHEHURGLYLGHQGRTXHpD
SDUFHOD GRV OXFURV VRFLDLV
TXH OKH FDEH EHP FRPR
SDUWLFLSDU GR DFHUYR GD
FRPSDQKLD HP FDVR GH
OLTXLGDomR DUW , H ,,
(VWH GLUHLWR QmR SRGH VHU
H[HUFLGR VH D VRFLHGDGH
DQ{QLPD p GHYHGRUD GR
,166MiTXHDOHLGRFXVWHLR
GD VHJXULGDGH VRFLDO SURtEH
D GLVWULEXLomR GH OXFURV QDV
VRFLHGDGHV FRP GpELWR
SUHYLGHQFLiULR /HL Q
DUW
E )LVFDOL]DomR GD
JHVWmRGRVQHJyFLRVVRFLDLV
² D OHJLVODomR GR
DQRQLPDWR SUHYr IRUPDV GH
ILVFDOL]DomRGLUHWDHLQGLUHWD
GRV QHJyFLRV VRFLDLV 'R
SULPHLUR FDVR p H[HPSOR D
H[LELomR GRV OLYURV VRFLDLV
DRV DFLRQLVWDV TXH
UHSUHVHQWHP RX PDLV GR
FDSLWDO VRFLDO QRV FDVRV GH
YLRODomR GD OHL RX GR
HVWDWXWR RX IXQGDGD VXVSHLWD
GHJUDYHLUUHJXODULGDGHDUW
GRVHJXQGRpH[HPSOR
RFRQVHOKRILVFDO
F 'LUHLWR GH
SUHIHUrQFLD²RVDFLRQLVWDV
WrPGLUHLWRGHSUHIHUrQFLDQD
VXEVFULomR GH Do}HV H GH
YDORUPRELOLiULRFRQYHUVtYHO
HP DomR VHJXQGR RV
FULWpULRVGRDUWGD
/6$7UDWDVHGHXPGLUHLWR
FHGtYHO
G'LUHLWRGHUHWLUDGD²
R DFLRQLVWD GLVVLGHQWH GH
GHWHUPLQDGDV GHOLEHUDo}HV
GD DVVHPEOHLD JHUDO DUWV
,D9,H,;H
RX GH FRPSDQKLD FXMR
FRQWUROH IRL GHVDSURSULDGR
DUW SDUiJUDIR ~QLFR
WHPRGLUHLWRGHVHUHWLUDUGD
VRFLHGDGH UHFHEHQGR R
UHHPEROVR GH VXDV Do}HV
DUW
$EDVHSDUDRFiOFXORGR
UHHPEROVR p R YDORU
SDWULPRQLDO GDV Do}HV GR
DFLRQLVWD GLVVLGHQWH $VVLP
RDFLRQLVWDTXHVHUHWLUDWHUi
GLUHLWR GH UHFHEHU GD
VRFLHGDGH SRU FDGD DomR
TXH WLWXODUL]D D LPSRUWkQFLD
HTXLYDOHQWH j GLYLVmR GR
SDWULP{QLR OtTXLGR GD
FRPSDQKLD SHOR Q~PHUR GH
Do}HV (P SULQFtSLR R
SDWULP{QLR OtTXLGR GD
VRFLHGDGH p R FRQVWDQWH GR
~OWLPR EDODQoR DSURYDGR
3RGHVH YHULILFDU QR
HQWDQWR D GHIDVDJHP GHVVH
YDORU FDVR HP TXH
LQHYLWDYHOPHQWH RFRUUHULD
XPD LQMXVWLoD HP GHVIDYRU
GR GLVVLGHQWH VH R YDORU
KLVWyULFR p LQIHULRU DR DWXDO
RX HP GHVIDYRU GD
VRFLHGDGH VH p VXSHULRU
3DUDHYLWDUDLQMXVWLoDFRQWUD
R DFLRQLVWD GLVVLGHQWH D OHL
DGPLWH TXH HOH SHoD R
OHYDQWDPHQWR GH XP EDODQoR
HVSHFLDO/6$DUW
SDUDHYLWDUDLQMXVWLoDFRQWUD
D VRFLHGDGH HOD IDFXOWD DRV
HVWDWXWRV D SUHYLVmR GH
SDJDPHQWR D WtWXOR GH
UHHPEROVR GR YDORU
HFRQ{PLFR GDV Do}HV /6$
DUWH
'HYHVHDQRWDUTXHSDUD
ERDSDUWHGDGRXWULQDDSyVD
UHIRUPD GH R
UHHPEROVR GR DFLRQLVWD
GLVVLGHQWH SRGH VHU IHLWR
WDPEpP SHOR YDORU
HFRQ{PLFR GDV Do}HV
TXDQGR DVVLP SUHYLVWR HP
HVWDWXWR
2 GLUHLWR GH YRWR
FRQIRUPH Mi DVVLQDODGR QmR
p GLUHLWR HVVHQFLDO SRVWR
H[LVWLUHP Do}HV TXH QmR R
FRQIHUHP D VHXV WLWXODUHV$
OHLGLVFLSOLQDRH[HUFtFLRGR
GLUHLWR GH YRWR H FRtEH R
YRWRDEXVLYRHRFRQIOLWDQWH
9RWR DEXVLYR p DTXHOH HP
TXHRDFLRQLVWDWHPHPYLVWD
FDXVDUGDQRjFRPSDQKLDRX
D RXWUR DFLRQLVWD RX REWHU
SDUD VL RX SDUD RXWUHP
YDQWDJHPLQGHYLGDHGDTXDO
UHVXOWH RX SRVVD UHVXOWDU
SUHMXt]RSDUDDVRFLHGDGHRX
RXWUR DFLRQLVWD 2 DFLRQLVWD
UHVSRQGH FLYLOPHQWH SHORV
GDQRVTXHFDXVDUFRPRYRWR
DEXVLYR -i R YRWR
FRQIOLWDQWH FXMD
FDUDFWHUL]DomR GLVSHQVD
TXDOTXHUHOHPHQWRVXEMHWLYR
YHP HOHQFDGR HP OHL 2
DFLRQLVWDQmRSRGHYRWDUQDV
GHOLEHUDo}HV VREUH R ODXGR
GHDYDOLDomRGHEHQVFRPRV
TXDLV SUHWHQGH LQWHJUDOL]DU
VXDV Do}HV QHP QD
DSURYDomR GDV VXDV FRQWDV
FRPR DGPLQLVWUDGRU QHP
QDV TXHVW}HV TXH SRVVDP
EHQHILFLiOR GH PRGR
SDUWLFXODU RX QDV TXH WLYHU
LQWHUHVVH FRQIOLWDQWH FRP R
GD FRPSDQKLD DUW
$ GHFLVmR WRPDGD HP
IXQomR GH YRWR FRQIOLWDQWH p
DQXOiYHO VHP SUHMXt]R GD
UHVSRQVDELOLGDGH FLYLO GR
DFLRQLVWD SRU HYHQWXDLV
GDQRVGHFRUUHQWHV
2DFLRQLVWDRXJUXSRGH
DFLRQLVWDV YLQFXODGRV SRU
DFRUGR GH YRWR WLWXODU GH
GLUHLWRV GH VyFLR TXH OKH
DVVHJXUHP GH PRGR
SHUPDQHQWH D PDLRULD GH
YRWRV QD DVVHPEOHLD JHUDO H
R SRGHU GH HOHJHU D PDLRULD
GRV DGPLQLVWUDGRUHV H XVD
HIHWLYDPHQWH GHVVH SRGHU
SDUD GLULJLU DV DWLYLGDGHV
VRFLDLV H RULHQWDU R
IXQFLRQDPHQWRGRVyUJmRVGD
FRPSDQKLD p FRQVLGHUDGR
SHOR DUW GD /6$
DFLRQLVWDFRQWURODGRU3DUDD
VXD FRQILJXUDomR p
QHFHVViULD D FRQYHUJrQFLD
GHVWHV GRLV HOHPHQWRV VHU
PDLRULD VRFLHWiULD QmR QR
VHQWLGR GH QHFHVVDULDPHQWH
WLWXODUL]DU D PDLRU SDUWH GR
FDSLWDO VRFLDO PDV QR GH
SRVVXLU Do}HV TXH OKH
JDUDQWDP D PDLRULD QDV
GHFLV}HV WRPDGDV SHODV
~OWLPDVDVVHPEOHLDVHID]HU
XVR GRV GLUHLWRV GHFRUUHQWHV
GHVWD VLWXDomR SDUD GLULJLU D
VRFLHGDGH 2 DFLRQLVWD
FRQWURODGRU UHVSRQGH SHORV
GDQRV TXH FDXVDU SRU DEXVR
GH SRGHU H[HPSOLILFDQGR D
OHL R H[HUFtFLR DEXVLYR GR
SRGHU GH FRQWUROH QR DUW
'HQWUH DV KLSyWHVHV DOL
HQFRQWUDGDV GHVWDFDPVH R
GHVYLR GH ILQDOLGDGH GD
FRPSDQKLD D OLTXLGDomR GH
VRFLHGDGH SUyVSHUD D
HOHLomR GH DGPLQLVWUDGRU RX
ILVFDO VDELGDPHQWH LQDSWR
PRUDO RX WHFQLFDPHQWH HWF
6H GH TXDOTXHU GHVWHV DWRV
RX RXWURV TXH FRQILJXUHP
DEXVR GH SRGHU GHFRUUHU
GDQR j FRPSDQKLD VHXV
DFLRQLVWDV H HPSUHJDGRV RX
jFRPXQLGDGHHPTXHDWXDR
FRQWURODGRU UHVSRQGHUi SHOD
UHVSHFWLYDFRPSRVLomR
3DUD UHVSRQVDELOL]DU R
FRQWURODGRU SHORV GDQRV
DGYLQGRV GR H[HUFtFLR
DEXVLYR GR SRGHU GH
FRQWUROH QmR p QHFHVViULR
SURYDU D VXD LQWHQomR
(QWHQGH D GRXWULQD TXH
H[LJLU WDO SURYD GLDEyOLFD
SRGHULD VLJQLILFDU R
HVYD]LDPHQWR GR GLUHLWR j
LQGHQL]DomR UHFRQKHFLGR
SHOR OHJLVODGRU GDGD D
H[WUHPD GLILFXOGDGH GH VXD
SURGXomR
&DEH PHQFLRQDU DLQGD
RXWUDVKLSyWHVHVHPTXHDOHL
LPSXWD UHVSRQVDELOLGDGH DR
FRQWURODGRU GD VRFLHGDGH
DQ{QLPD 3RU H[HPSOR HOH
SRGH VHU UHVSRQVDELOL]DGR
HPFDVRGHGRORRXFXOSDVH
D VRFLHGDGH DQ{QLPD p
LQVWLWXLomR ILQDQFHLUD QD
KLSyWHVHGHGHFUHWDomRSHOR
%DQFR&HQWUDOGRUHJLPHGH
DGPLQLVWUDomR HVSHFLDO
WHPSRUiULD 'HFOHL Q
DUW
OLTXLGDomR H[WUDMXGLFLDO RX
LQWHUYHQomR /HL Q
,JXDO
UHVSRQVDELOLGDGH WHP R
FRQWURODGRU GH VHJXUDGRUD
HQWLGDGH GH SUHYLGrQFLD
SULYDGD DEHUWD H FRPSDQKLD
GH FDSLWDOL]DomR /HL Q
$V Do}HV TXH GmR
VXVWHQWDomR DR SRGHU GH
FRQWUROH FRVWXPDP VHU
QHJRFLDGDV SRU YDORU
VXEVWDQFLDOPHQWH PDLRU TXH
R GDV GHPDLV LQFOXVLYH
RUGLQiULDV HPLWLGDV SHOD
PHVPD VRFLHGDGH $
GLIHUHQoD p FKDPDGD QR
PHUFDGR GH ³SUrPLR GH
FRQWUROH´ 4XDQGR DOJXpP
DGTXLUH Do}HV TXH OKH
SRVVLELOLWDP SDVVDU D
FRQWURODU D VRFLHGDGH
DQ{QLPD QmR HVWi DSHQDV
DFUHVFHQGR DR VHX
SDWULP{QLR R GLUHLWR GH
SDUWLFLSDU GRV VHXV
GLYLGHQGRVHUHVXOWDGRVPDV
WDPEpP YiULRV RXWURV FRPR
R GH HOHJHU RV
DGPLQLVWUDGRUHV GHILQLU D
HVWUDWpJLD JHUDO GD HPSUHVD
UHHVWUXWXUDU D VRFLHGDGH
DXPHQWDU R FDSLWDO VRFLDO
HVWDEHOHFHUDGHVWLQDomRQmR
YLQFXODGDGRVUHVXOWDGRVHWF
e UDFLRQDO H MXVWR TXH HP
UD]mR GLVVR SDJXH PDLV
SHODV Do}HV GH VXVWHQWDomR
GRFRQWUROH
$OJXPDV YH]HV SRUpP
QR³SUrPLRGHFRQWUROH´HVWi
HPEXWLGDUHWULEXLomRDYDORU
DJUHJDGR j FRPSDQKLD QmR
SHOR FRQWURODGRU PDV SRU
PLQRULWiULRV6HDVRFLHGDGH
KDYLD FDSWDGR UHFXUVRV QR
PHUFDGR GH FDSLWDLV FRP D
HPLVVmR GH Do}HV
SUHIHUHQFLDLV QmR YRWDQWHV
SRXFRDQWHVGDDOLHQDomRGR
FRQWUROHRFDL[DHOHYDGRGD
FRPSDQKLD GHFRUUHQWH GHVWD
RSHUDomR FHUWDPHQWH VHUi
OHYDGR HP FRQWD QD
QHJRFLDomR GR SUHoR GDV
Do}HV GR FRQWURODGRU $
OLTXLGH] GD FRPSDQKLD QR
HQWDQWR p YDORU DJUHJDGR
SHORV TXH KDYLDP VXEVFULWR
DV SUHIHUHQFLDLV $TXL R
FRQWURODGRU HVWi
DSURSULDQGRYLD³SUrPLRGH
FRQWUROH´ YDORU TXH QmR
DJUHJRXDRQHJyFLR
3DUD HYLWDU HVWD
GLVWRUomR RV DFLRQLVWDV
PLQRULWiULRV GHYHP
FRQGLFLRQDU R LQJUHVVR QD
VRFLHGDGH jFOiXVXOD GH
VDtGD FRQMXQWD QR HVWDWXWR
RX HP DFRUGR GH DFLRQLVWDV
HP LQJOrVWDJ DORQJ
4XDQGR SUHYLVWD HVWD
FOiXVXOD R FRQWURODGRU QmR
SRGH YHQGHU VXDV Do}HV
LVRODGDPHQWH4XHUGL]HUVy
SRGHUi YHQGrODV D TXHP VH
FRPSURPHWD D DGTXLULU
WDPEpP DV GRV EHQHILFLDGRV
SHOD FOiXVXOD 9LDELOL]DVH
GHVWH PRGR D GLVWULEXLomR
GR ³SUrPLR GH FRQWUROH´
HQWUH RV DFLRQLVWDV FRP
GLUHLWRGHVDtGDFRQMXQWD
1DV FRPSDQKLDV DEHUWDV
D FOiXVXOD GH VDtGD FRQMXQWD
HVWiSUHYLVWDQDOHLHPIDYRU
GRVDFLRQLVWDVFRPGLUHLWRD
YRWR1HODVDDOLHQDomRGDV
Do}HV TXH GmR VXVWHQWDomR
DR SRGHU GH FRQWUROH Vy
SRGH VHU IHLWD PHGLDQWH
FRQGLomR VXVSHQVLYD RX
UHVROXWLYD GH R DGTXLUHQWH
DGTXLULU SRU RIHUWD S~EOLFD
DVGHPDLVDo}HVFRPGLUHLWR
D YRWR GDTXHOD VRFLHGDGH
SDJDQGR QR PtQLPR GR
SUHoR SDJR SHODV GR
FRQWURODGRU /6$ DUW
$2VSUHIHUHQFLDOLVWDVVHP
GLUHLWRDYRWRVyWrPGLUHLWR
GHVDtGDFRQMXQWDVHSUHYLVWR
FRPRYDQWDJHPHVWDWXWiULD
'(021675$d®(6
),1$1&(,5$6
$ OHJLVODomR GR
DQRQLPDWR HVWDEHOHFH D
REULJDomR GH D FRPSDQKLD
OHYDQWDU DR WpUPLQR GR
H[HUFtFLR VRFLDO XP
FRQMXQWR GH GHPRQVWUDo}HV
FRQWiEHLV FRP YLVWDV D
SRVVLELOLWDU R FRQKHFLPHQWR
SHORV DFLRQLVWDV H SRU
WHUFHLURV GH VXD VLWXDomR
SDWULPRQLDO HFRQ{PLFD H
ILQDQFHLUD EHP FRPR GRV
UHVXOWDGRV SRVLWLYRV RX
QHJDWLYRV DOFDQoDGRV SHOD
HPSUHVD
(VVDVGHPRQVWUDo}HVQmR
VmR ~WHLV DSHQDV SDUD R
GLUHLWRVRFLHWiULRFRPHUFLDO
6HUYHP WDPEpP D
ILQDOLGDGHV SUHFHLWXDGDV
SHOD OHJLVODomR WULEXWiULD
TXH H[LJH GDV VRFLHGDGHV
DQ{QLPDV DLQGD RXWUDV
GHPRQVWUDo}HV 6mR
LQVWUXPHQWRV YDOLRVRV SRU
RXWUR ODGR SDUD D
DGPLQLVWUDomR GD VRFLHGDGH
H R FRQWUROH JHUHQFLDO
GHVHPSHQKDQGR GHVVH
PRGR IXQo}HV QmR MXUtGLFDV
WDPEpP 2 HVWXGR GHVVDV
GHPRQVWUDo}HV SHOR GLUHLWR
FRPHUFLDO UHVWULQJHVH DRV
GDGRV UHOHYDQWHV SDUD R
WUDWDPHQWRGDVUHODo}HVHQWUH
RV DFLRQLVWDV H GHVWHV FRP
RVyUJmRVGHDGPLQLVWUDomR
([HUFtFLR VRFLDO p R
SHUtRGR GH XP DQR GHILQLGR
SHORV HVWDWXWRV /6$ DUW
3DUD D VXD IL[DomR
SRGHVH RSWDU SRU TXDOTXHU
ODSVR DQXDO HPERUD QD
JUDQGH PDLRULD GRV FDVRV H
SRU HVWULWR FULWpULR GH
FRQYHQLrQFLD GHILQDVH R
H[HUFtFLR VRFLDO HQWUH RV
GLDV GH MDQHLUR H GH
GH]HPEUR 1R DQR HP TXH D
FRPSDQKLDIRLFRQVWLWXtGDRX
HP TXH KRXYH DOWHUDomR
HVWDWXWiULD R H[HUFtFLR
VRFLDO SRGHUi VHU PHQRU RX
PDLRU
)LQGRRH[HUFtFLRVRFLDO
D GLUHWRULD GHYH
SURYLGHQFLDUROHYDQWDPHQWR
GDV GHPRQVWUDo}HV
ILQDQFHLUDV 4XDQGR D
FRPSDQKLD p IHFKDGD VmR
TXDWUR LQVWUXPHQWRV
FRQWiEHLV D VHUHP
SURYLGHQFLDGRVD EDODQoR
SDWULPRQLDOE OXFURV RX
SUHMXt]RV DFXPXODGRVF
UHVXOWDGR GR H[HUFtFLRG
IOX[RV GH FDL[D /6$ DUW
,D,96HQGRDEHUWDD
FRPSDQKLD H[LJHVH DOpP
GHVVDV GHPRQVWUDo}HV
WDPEpP D GR ³YDORU
DGLFLRQDO´ DUW 9
7DLV GHPRQVWUDo}HV
FKDPDGDV SHOD OHL GH
ILQDQFHLUDV GHYHP EDVHDU
VH QD HVFULWXUDomR PHUFDQWLO
GD VRFLHGDGH DQ{QLPD H
VHUmR SXEOLFDGDV SDUD
RSRUWXQD DSUHFLDomR QD
$VVHPEOHLD *HUDO 2UGLQiULD
DUW,MXQWDPHQWHFRP
R UHODWyULR GRV
DGPLQLVWUDGRUHV
1D HVFULWXUDomR
PHUFDQWLO GD FRPSDQKLD
SUHYr D OHL GHYHUi VHU
REVHUYDGR R UHJLPH GH
FRPSHWrQFLD 7UDWDVH GH
FRQFHLWR IXQGDPHQWDO GD
&RQWDELOLGDGH SHOR TXDO VH
GHILQH TXH DV DSURSULDo}HV
FRQWiEHLVGDVRSHUDo}HVHDV
PXWDo}HV SDWULPRQLDLV
GHFRUUHQWHV VHUmR IHLWDV QR
H[HUFtFLR FRUUHVSRQGHQWH DR
GDFRQVWLWXLomRGDREULJDomR
H QmR DR GH VXD OLTXLGDomR
1mR VH DGPLWH SRUWDQWR D
DGRomR GR UHJLPH GH FDL[D
WDPEpPGHQRPLQDGRUHJLPH
GH JHVWmR HP TXH D
DSURSULDomR FRQWiELO
FRLQFLGH FRP R SDJDPHQWR
GD REULJDomR H QmR FRP R
VHXQDVFLPHQWR
2 %DODQoR 3DWULPRQLDO
p D GHPRQVWUDomR ILQDQFHLUD
TXHSURFXUDUHWUDWDURDWLYR
R SDVVLYR H R SDWULP{QLR
OtTXLGR GD VRFLHGDGH
DQ{QLPD'L]VHTXHSURFXUD
UHWUDWDU SRUTXH VHJXQGR
UHFRQKHFH D &RQWDELOLGDGH
KiXPDLQHYLWiYHOPDUJHPGH
VXEMHWLYLGDGH QD GHILQLomR
GH DOJXPDV FRQWDV H GD
FODVVLILFDomR DGHTXDGD GH
FHUWRV YDORUHV ,VVR VH GHYH
QmRVRPHQWHjVGLYHUJrQFLDV
SUySULDV HQWUH RV
SURILVVLRQDLV GD iUHD QR
WRFDQWH j PHOKRU VROXomR
SDUD DV GLYHUVDV TXHVW}HV
UHODFLRQDGDV FRP R WHPD
PDV IXQGDPHQWDOPHQWH jV
OLPLWDo}HV GD FDSDFLGDGH
KXPDQD 2 EDODQoR
SDWULPRQLDO SRUWDQWR
HPERUD FRUUHWR VRE R SRQWR
GH YLVWD WpFQLFR p VHPSUH
DSUR[LPDWLYR IRUQHFHQGR
DSHQDV UHODWLYDPHQWH R
UHWUDWR GD VLWXDomR GD
HPSUHVD
$ 'HPRQVWUDomR GH
/XFURV RX 3UHMXt]RV
$FXPXODGRV UHYHODUi DV
SDUFHODVGRVOXFURVDIHULGRV
SHOD FRPSDQKLD H QmR
GLVWULEXtGRV DRV DFLRQLVWDV
RX RV SUHMXt]RV QmR
DEVRUYLGRV SRU VXD UHFHLWD
e LQVWUXPHQWR GH JUDQGH
LPSRUWkQFLDSDUDDGHILQLomR
GD SROtWLFD HPSUHVDULDO GH
LQYHVWLPHQWRV D VHU DGRWDGD
QDVRFLHGDGH
$ 'HPRQVWUDomR GR
5HVXOWDGR GR ([HUFtFLR
DSUHVHQWD GDGRV VREUH R
GHVHPSHQKR GD FRPSDQKLD
GXUDQWHR~OWLPRH[HUFtFLRH
SRVVLELOLWD DR DFLRQLVWD
DYDOLDU QmR VRPHQWH R JUDX
GH UHWRUQR GH VHX
LQYHVWLPHQWR FRPR D
HILFLrQFLD GRV DWRV GD
DGPLQLVWUDomR 2V VHXV
HOHPHQWRV FRQWiEHLV EiVLFRV
VmR D UHFHLWD H D GHVSHVD
GLVFULPLQDGDV GH DFRUGR
FRP D UHVSHFWLYD QDWXUH]D
UHFHLWD EUXWD H OtTXLGD
GHVSHVD RSHUDFLRQDO H QmR
RSHUDFLRQDOHWF
$ 'HPRQVWUDomR GRV
)OX[RV GH &DL[D YLVD D
HYLGHQFLDU RV LQJUHVVRV H
GHVHPEROVRV GR FDL[D GD
VRFLHGDGH DQ{QLPD LVWR p
VXDV GLVSRQLELOLGDGHV
OtTXLGDV 4XDQGR D
VRFLHGDGH DQ{QLPD p
IHFKDGD H SRVVXL R
SDWULP{QLROtTXLGRLQIHULRUD
5 D OHL D
GLVSHQVD GR GHYHU GH
OHYDQWDU HVVD GHPRQVWUDomR
FRQWiELO
$ 'HPRQVWUDomR GH
9DORU$GLFLRQDGRSRUILPp
DPHGLGDFRQWiELOGDULTXH]D
JHUDGD SHOD FRPSDQKLD 6y
DV FRPSDQKLDV DEHUWDV HVWmR
REULJDGDV DR VHX
OHYDQWDPHQWR H WUDWDVH GH
LQVWUXPHQWR GH SRXFR
LQWHUHVVH SDUD RV
SURILVVLRQDLVGRGLUHLWR
2UHVXOWDGRGRH[HUFtFLR
UHYHODGR QD UHVSHFWLYD
GHPRQVWUDomR ILQDQFHLUD
WHP D VXD GHVWLQDomR HP
SDUWH GHILQLGD SHOD OHL
'HVVH PRGR DSyV D
DEVRUomR GH SUHMXt]RV
DFXPXODGRVDSURYLVmRSDUD
R ,PSRVWR GH 5HQGD /6$
DUW H R SDJDPHQWR GDV
SDUWLFLSDo}HV HVWDWXWiULDV GH
HPSUHJDGRV
DGPLQLVWUDGRUHV H SDUWHV
EHQHILFLiULDV /6$ DUW
ROXFUROtTXLGRJHUDGR
SHOD HPSUHVD GXUDQWH R
~OWLPR H[HUFtFLR WHUi GRLV
SRVVtYHLVGHVWLQRVILFDUiHP
PmRV GD SUySULD VRFLHGDGH
RX VHUi GLVWULEXtGR HQWUH RV
DFLRQLVWDV D WtWXOR GH
GLYLGHQGRV $OLiV XPD
SDUFHOD GRV OXFURV
SHUPDQHFHUi
REULJDWRULDPHQWH QD
FRPSDQKLD SRU PHLR GD
UHVHUYD OHJDO H RXWUD VHUi
QHFHVVDULDPHQWH GLVWULEXtGD
DRV DFLRQLVWDV GLYLGHQGR
REULJDWyULR UHVWDQGR j
$VVHPEOHLD *HUDO 2UGLQiULD
GHOLEHUDU TXDQWR j
GHVWLQDomR GR UHVWDQWH GR
UHVXOWDGR DSURYDQGR RX
UHMHLWDQGR D SURSRVWD GD
GLUHWRULD /6$ DUW
3DUD WDQWR DEUHPVH WUrV
DOWHUQDWLYDV FRQVWLWXLomR GH
UHVHUYD GH OXFUR
GLVWULEXLomR GH GLYLGHQGRV
RXFDSLWDOL]DomRDXPHQWRDR
&DSLWDOVRFLDO
+i VHLV FDWHJRULDV GH
UHVHUYDV GH OXFUR (P
SULPHLUR OXJDU D UHVHUYD
OHJDOFRQVWLWXtGDSRUGR
OXFUROtTXLGRGHVGHTXHQmR
XOWUDSDVVH GR FDSLWDO
VRFLDO /6$ DUW $
FRPSDQKLD GHYH
REULJDWRULDPHQWHPDQWHUHVWD
UHVHUYDTXHVRPHQWHSRGHUi
VHU XWLOL]DGD SDUD DXPHQWR
GR FDSLWDO VRFLDO RX
DEVRUomR GH SUHMXt]RV $V
UHVHUYDV HVWDWXWiULDV VmR
FRPR R QRPH LQGLFD
GHILQLGDV SHORV HVWDWXWRV
SDUD R DWHQGLPHQWR GH
QHFHVVLGDGHV HVSHFtILFDV GD
VRFLHGDGH DQ{QLPD RX SRU
FDXWHODV SUySULDV GRV VHXV
DFLRQLVWDV $ UHVHUYD SDUD
FRQWLQJrQFLDV p GHVWLQDGD j
FRPSHQVDomR HP H[HUFtFLR
IXWXUR GH GLPLQXLomR GH
OXFUR GHULYDGD GH HYHQWR
SURYiYHO FRPR SRU
H[HPSOR D FRQGHQDomR GD
VRFLHGDGH DQ{QLPD HP
GHPDQGD MXGLFLDO $
UHYHUVmR GHVVD UHVHUYD VHUi
IHLWD QR H[HUFtFLR HP TXH
RFRUUHU R HYHQWR RX DIDVWDU
VH D SRVVLELOLGDGH GH VXD
YHULILFDomR $ UHVHUYD GH
LQFHQWLYRVILVFDLVVHGHVWLQD
DH[FOXLUGDEDVHGHFiOFXOR
GRVGLYLGHQGRVDSDUFHODGR
OXFUR GD VRFLHGDGH
SURYHQLHQWH GH GRDo}HV RX
VXEYHQo}HV JRYHUQDPHQWDLV
SDUDLQYHVWLPHQWR$UHVHUYD
GHUHWHQomRGHOXFURV WHPR
REMHWLYR GH DWHQGHU jV
GHVSHVDV SUHYLVWDV HP
RUoDPHQWR GH FDSLWDO
SUHYLDPHQWH DSURYDGR HP
$VVHPEOHLD *HUDO
1RUPDOPHQWH p XWLOL]DGD
SDUD SURYHU UHFXUVRV SDUD
LQYHVWLPHQWRV HP H[HUFtFLRV
IXWXURV3RUILPDUHVHUYDGH
OXFURVDUHDOL]DU TXHYLVDD
LPSHGLU D GLVWULEXLomR HQWUH
DFLRQLVWDV GH UHFXUVRV TXH
VRPHQWH LUmR LQJUHVVDU QR
FDL[D GD VRFLHGDGH HP
H[HUFtFLRV IXWXURV HPERUD
GHYDP HVWDU Mi
FRQWDELOL]DGRV HP UD]mR GD
DGRomR OHJDO GR UHJLPH GH
FRPSHWrQFLD
$OpP GDV UHVHUYDV GH
OXFURKiDLQGDDGHFDSLWDO
1D UHVHUYD GH FDSLWDO
HQFRQWUDPVH FRQWDV TXH
HPERUD QmR LQWHJUHP R
FDSLWDOVRFLDOGDFRPSDQKLD
JXDUGDPDOJXPDUHODomRFRP
HOH 'H DFRUGR FRP R DUW
GD /6$ GHYHP
VHU FODVVLILFDGDV FRPR
UHVHUYDV GH FDSLWDO FRQWDV
FRPR DV VHJXLQWHV iJLR QD
VXEVFULomRGHQRYDVDo}HVH
RSURGXWRGDYHQGDGHSDUWHV
EHQHILFLiULDV H E{QXV GH
VXEVFULomR GRDo}HV (VWHV
UHFXUVRV VRPHQWH SRGHUmR
VHU XWLOL]DGRV SHOD
FRPSDQKLD HP GHWHUPLQDGDV
VLWXDo}HV FRPR SRU
H[HPSORSDUDDDEVRUomRGH
SUHMXt]RV DSyV R
H[DXULPHQWR GRV OXFURV
DFXPXODGRV H GDV UHVHUYDV
GH OXFURV XWLOL]DQGRVH D
OHJDO SRU ~OWLPR /6$ DUW
SDUiJUDIR ~QLFR R
UHVJDWH GH SDUWHV
EHQHILFLiULDV RX R
SDJDPHQWR GH GLYLGHQGRV
SUHIHUHQFLDLVVHSUHYLVWDWDO
SRVVLELOLGDGHSHORVHVWDWXWRV
/6$DUW
2V GLYLGHQGRV
REULJDWyULRV VmR D SDUFHOD
GR OXFUR OtTXLGR GD
VRFLHGDGH TXH D OHL
GHWHUPLQD VHMD GLVWULEXtGR
HQWUHRVDFLRQLVWDV/6$DUW
,QRYDomR LQWHUHVVDQWH
GDOHLEUDVLOHLUDGHRV
GLYLGHQGRV REULJDWyULRV
DVVHJXUDP DRV DFLRQLVWDV
PLQRULWiULRV DOJXP UHWRUQR
GH VHXV LQYHVWLPHQWRV
LPSHGLQGRTXHRFRQWURODGRU
UHLQYLVWD QD SUySULD
FRPSDQKLD WRGRV RV
UHVXOWDGRVJHUDGRV
$ SDUFHOD PtQLPD GRV
OXFURVDVHUQHFHVVDULDPHQWH
GLVWULEXtGD HQWUH RV
DFLRQLVWDV VHUi D GHILQLGD
SHORHVWDWXWR1DKLSyWHVHGH
RPLVVmRGHVWHSUHYrDOHLD
GLVWULEXLomR GH SHOR PHQRV
PHWDGH GR OXFUR OtTXLGR
DMXVWDGR $OpP GR
SHUFHQWXDO GR OXFUR OtTXLGR
GD VRFLHGDGH SUHYLVWR QR
HVWDWXWR RX QD OHL WDPEpP
GHYH WHU D GHVWLQDomR GH
GLYLGHQGR REULJDWyULR D
SDUFHOD GHVWH OXFUR QmR
DSURSULDGD HP UHVHUYDV
OHJDLV RX HVWDWXWiULDV /6$
DUW
$ GLVWULEXLomR GR
GLYLGHQGR REULJDWyULR
VRPHQWH QmR VHUi IHLWD HP
GXDVKLSyWHVHVVHRVyUJmRV
GD DGPLQLVWUDomR
LQIRUPDUHP j $VVHPEOHLD
*HUDO 2UGLQiULD TXH D
VLWXDomR ILQDQFHLUD GD
FRPSDQKLDQmRpFRPSDWtYHO
FRPRVHXSDJDPHQWRRXSRU
GHOLEHUDomR GD $VVHPEOHLD
*HUDOGHFRPSDQKLDIHFKDGD
VH QmR KRXYHU RSRVLomR GH
TXDOTXHU GRV DFLRQLVWDV
SUHVHQWHV 1HVWDV VLWXDo}HV
RV OXFURV QmR GLVWULEXtGRV
FRQVWLWXLUmR UHVHUYD
HVSHFLDO H VHUmR DWULEXtGRV
DRVDFLRQLVWDVVHHTXDQGRR
SRVVLELOLWDU D VLWXDomR
ILQDQFHLUDGDFRPSDQKLD
2V GLYLGHQGRV
SULRULWiULRV VmR RV GHYLGRV
DRV WLWXODUHV GH Do}HV
SUHIHUHQFLDLVSRGHPVHUGH
DFRUGR FRP D SUHYLVmR
HVWDWXWiULD IL[RV RX
PtQLPRV
2V GLYLGHQGRV
SULRULWiULRV IL[RV DWULEXHP
DR DFLRQLVWD R GLUHLWR DR
UHFHELPHQWR GH XP
GHWHUPLQDGR YDORU
HVWLSXODGR HP PRHGD
QDFLRQDO RX HP SHUFHQWXDO
GR FDSLWDO VRFLDO RX GR
SUHoR GH HPLVVmR -i RV
GLYLGHQGRV SULRULWiULRV
PtQLPRV DWULEXHP R GLUHLWR
DR UHFHELPHQWR GH YDORU
QXQFD LQIHULRU D FHUWD
LPSRUWkQFLD RX SHUFHQWXDO
'HVVH PRGR R DFLRQLVWD
WLWXODU GH DomR SUHIHUHQFLDO
FRPGLUHLWRDGLYLGHQGRIL[R
SRGHUi UHFHEHU PHQRV RX
PDLV TXH R SDJR DRV
DFLRQLVWDV WLWXODUHV GH DomR
RUGLQiULD HQTXDQWR R
EHQHILFLDGR SRU GLYLGHQGR
PtQLPRUHFHEHUiYDORULJXDO
RX VXSHULRU DR SDJR jV
RUGLQiULDV
2 GLYLGHQGR SULRULWiULR
GHYH VHU DSURSULDGR
FRQWDELOPHQWH DSyV D
FRQVWLWXLomR GD UHVHUYD
OHJDO PDV DQWHV GD
FRQVWLWXLomR GDV GHPDLV
UHVHUYDV GH OXFUR 3RU RXWUR
ODGR SRGHUi R HVWDWXWR
HVWLSXODU R SDJDPHQWR GH
GLYLGHQGRV SULRULWiULRV j
FRQWD GH UHVHUYD GH FDSLWDO
UHJXODQGR D PDWpULD 6H R
SDJDPHQWR GRV GLYLGHQGRV
SULRULWiULRV FRQVXPLU WRGD D
SDUFHODGRVOXFURVGHVWLQDGD
j GLVWULEXLomR HQWUH RV
DFLRQLVWDV RV WLWXODUHV GH
Do}HV RUGLQiULDV QmR
UHFHEHUmR TXDOTXHU VRPD
QDTXHOH H[HUFtFLR (VVD
VLWXDomR QmR FRQWUDULD D
SUHYLVmR OHJDO GRV
GLYLGHQGRV REULJDWyULRV
GHVGH TXH DRV WLWXODUHV GH
Do}HV SUHIHUHQFLDLV WHQKD
VLGR SDJR R SHUFHQWXDO
FRUUHVSRQGHQWH GR OXFUR
OtTXLGR DMXVWDGR GHILQLGR
SHORVHVWDWXWRV
3RUILPOHPEUHVHTXHD
OHJLVODomR SUHYLGHQFLiULD
SURtEH D VRFLHGDGH DQ{QLPD
GH GLVWULEXLU GLYLGHQGRV
HQWUH RV DFLRQLVWDV HQTXDQWR
VH HQFRQWUDU HP GpELWR
SHUDQWH R ,166 /HL Q
DUW (P VH
YHULILFDQGR D KLSyWHVH QR
HQWDQWR D DXWDUTXLD
SUHYLGHQFLiULD QmR WHUi
GLUHLWR GH UHFODPDU GRV
DFLRQLVWDV RV YDORUHV TXH
HVWHV UHFHEHUDP
LQGHYLGDPHQWH $ VDQomR
SDUD R GHVFXPSULPHQWR GD
SURLELomR OHJDO QR FDVR p
DSHQDV D LPSRVLomR GH XPD
PXOWD D VHU VXSRUWDGD SHOD
FRPSDQKLD $VVLP VH D
ILVFDOL]DomR GR ,166
FRQVWDWDU SHOR H[DPH GD
HVFULWXUDomR GH XPD
VRFLHGDGH DQ{QLPD TXH HOD
GLVWULEXLX OXFURV D GHVSHLWR
GD H[LVWrQFLD GH GpELWR
SUHYLGHQFLiULRHVWD²HQmR
RV DFLRQLVWDV ² VHUi
DSHQDGD
',662/8d2 (
/,48,'$d2
75$16)250$d2
,1&25325$d2 )862
(&,62
2V SURFHGLPHQWRV GH
UHRUJDQL]DomR GDV HPSUHVDV
TXH HQYROYHUHP SHOR PHQRV
XPD VRFLHGDGH DQ{QLPD
GHYHP DWHQGHU j GLVFLSOLQD
GD /6$ 1mR KDYHQGR QD
RSHUDomR QHQKXPD
VRFLHGDGH GHVWH WLSR D
GLVFLSOLQD p D GR && DUWV
D 6mR TXDWUR
RSHUDo}HV SHODV TXDLV DV
VRFLHGDGHV PXGDP GH WLSR
DJOXWLQDPVH RX GLYLGHPVH
SURFXUDQGRRVVHXVVyFLRVH
DFLRQLVWDV GRWiODV GR SHUILO
PDLV DGHTXDGR j UHDOL]DomR
GRV QHJyFLRV VRFLDLV RX
PHVPR DR FXPSULPHQWR GDV
REULJDo}HVWULEXWiULDV
$ WUDQVIRUPDomR p D
RSHUDomR GH PXGDQoD GH
WLSR VRFLHWiULR D VRFLHGDGH
OLPLWDGD WRUQDVH DQ{QLPD
RX YLFHYHUVD 3RGH GL]HU
UHVSHLWR DRV FLQFR WLSRV GH
VRFLHGDGHV SHUVRQDOL]DGDV
GR GLUHLWR EUDVLOHLUR H QmR
DFDUUHWD D GLVVROXomR H
OLTXLGDomR GR HQWH
VRFLHWiULR $OLiV D
WUDQVIRUPDomRQmRH[WLQJXHD
SHVVRD MXUtGLFD GD
VRFLHGDGH QHP FULD RXWUD
QRYD e R PHVPR VXMHLWR GH
GLUHLWR FROHWLYR DQWHULRU j
WUDQVIRUPDomR TXH
SHUPDQHFH
2 SURFHGLPHQWR GD
WUDQVIRUPDomR GHYH
REHGHFHU jV PHVPDV
IRUPDOLGDGHV SUHFHLWXDGDV
SDUD D FRQVWLWXLomR GD
VRFLHGDGHGRWLSRUHVXOWDQWH
$ VXD GHOLEHUDomR H[LJH D
DSURYDomRXQkQLPHGHWRGRV
RV VyFLRV RX DFLRQLVWDV
LQFOXVLYH RV WLWXODUHV GH
Do}HV SUHIHUHQFLDLV VHP
YRWR VDOYR VH R DWR
FRQVWLWXWLYR Mi DGPLWH D
SRVVLELOLGDGH GD
WUDQVIRUPDomR 1D KLSyWHVH
GH SUHYLVmR FRQWUDWXDO RX
HVWDWXWiULD GD WUDQVIRUPDomR
GDVRFLHGDGHQRHQWDQWRRV
VyFLRV GLVVLGHQWHV SRGHUmR
H[HUFHURGLUHLWRGHUHWLUDGD
/6$DUW
$ LQFRUSRUDomR p D
RSHUDomR SHOD TXDO XPD
VRFLHGDGH DEVRUYH RXWUD RX
RXWUDV DV TXDLV GHL[DP GH
H[LVWLU D IXVmR FRQVLVWH QD
XQLmR GH GXDV RX PDLV
VRFLHGDGHV SDUD GDU
QDVFLPHQWR D XPD QRYD H D
FLVmR p D WUDQVIHUrQFLD GH
SDUFHODV GR SDWULP{QLR
VRFLDO SDUD XPD RX PDLV
VRFLHGDGHV Mi H[LVWHQWHV RX
FRQVWLWXtGDV QD
RSRUWXQLGDGH (VWDV WUrV
RSHUDo}HV VXEPHWHPVH D
UHJUDV FRPXQV GH
SURFHGLPHQWR FDEHQGR D
GHOLEHUDomR DR yUJmR
VRFLHWiULR FRPSHWHQWH SDUD
DOWHUDomRGRDWRFRQVWLWXWLYR
$ LQFRUSRUDomR QmR VH
FRQIXQGH FRP D
LQFRUSRUDomR GH Do}HV HVWD
~OWLPD XPD RSHUDomR
GLVFLSOLQDGDSHORDUWGD
/6$ UHIHUHQWH j FRQYHUVmR
GH VRFLHGDGH DQ{QLPD HP
VXEVLGLiULD LQWHJUDO 1D
LQFRUSRUDomR GH Do}HV
WRGDV DV Do}HV GR FDSLWDO
VRFLDO GH XPD FRPSDQKLD
VmR WUDQVIHULGDV DR
SDWULP{QLR GH XPD
VRFLHGDGH HPSUHViULD TXH
SDVVD j FRQGLomR GH VXD
~QLFD DFLRQLVWD e
LQGLVSHQViYHO TXH HVVD
VRFLHGDGHGHWHQWRUDGHWRGR
RFDSLWDOVRFLDOGDDQ{QLPD
VHMDEUDVLOHLUD
7HP LQtFLR D
LQFRUSRUDomR D IXVmR RX D
FLVmR FRP YHUVmR
SDWULPRQLDO SDUD VRFLHGDGH
H[LVWHQWHFRPDIRUPDOL]DomR
GH XP SURWRFROR SHORV
yUJmRVGHDGPLQLVWUDomRGDV
VRFLHGDGHV HQYROYLGDV RX
VHXV VyFLRV 6H XPD
VRFLHGDGH DQ{QLPD IRU
LQWHUHVVDGD QD RSHUDomR D
OHL H[LJH WDPEpP D
DSUHVHQWDomR j $VVHPEOHLD
*HUDO GH MXVWLILFDomR /6$
DUW (P VHJXLGD
SURFHGHVH j DYDOLDomR GR
SDWULP{QLR D VHU YHUWLGR
PHGLDQWH SHUtFLD WpFQLFD GH
PRGR D DVVHJXUDU D
HTXLYDOrQFLD HQWUH R VHX
YDORUHRFDSLWDODUHDOL]DU
$OHLIDFXOWDRGLUHLWRGH
UHWLUDGD DRV DFLRQLVWDV FXMD
VRFLHGDGH IRL LQFRUSRUDGD
HP RXWUD 1RWHVH TXH R
DFLRQLVWD GD VRFLHGDGH
LQFRUSRUDGRUD QmR WHP HVVH
GLUHLWR QD KLSyWHVH HP TXH
GLVFRUGD GD RSHUDomR
7DPEpPQRFDVRGHIXVmRGH
VRFLHGDGHV WHUmR RV
GLVVLGHQWHV GLUHLWR GH
UHWLUDGD 'HYHVH DWHQWDU
FRQWXGR TXH Ki FRQGLo}HV
SDUD R UHFHVVR LVWR p R
DFLRQLVWD Vy SRGHUi UHWLUDU
VHGDFRPSDQKLDVHDVDo}HV
GHVWD QmR FRPSXVHUHP
tQGLFHV JHUDLV GH EROVDV GH
IXWXUR RX VHQGR DEHUWD D
VRFLHGDGH VH PDLV GD
PHWDGHGDVDo}HVHVWLYHUHP
PmRVGRFRQWURODGRU1HVVDV
GXDV VLWXDo}HV FRQVLGHUDP
VH LOtTXLGDV DV Do}HV
HPLWLGDV SHOD FRPSDQKLD
LVWRpVmRDo}HVGLItFHLVGH
VH QHJRFLDUHP PHVPR QR
PHUFDGRDEHUWRGHFDSLWDLV
H SRU LVVR R DFLRQLVWD QmR
WHP XPD UHDO DOWHUQDWLYD
HFRQ{PLFDDRUHHPEROVR1D
FLVmR Vy Ki GLUHLWR GH
UHWLUDGD VH DFDUUHWDU D
SDUWLFLSDomRGRDFLRQLVWDHP
VRFLHGDGH FRP REMHWR
HVVHQFLDO GLIHUHQWH RX
GLYLGHQGRV REULJDWyULRV
PHQRUHV TXH RV GD FLQGLGD
RXLQWHJUDQWHGHJUXSRDTXH
QmRSHUWHQFLDDFLQGLGD
2VGLUHLWRVGRVFUHGRUHV
QHVVDV RSHUDo}HV HVWmR
FODUDPHQWH GHILQLGRV 1D
WUDQVIRUPDomR HOHV
FRQWLQXDP WLWXODUL]DQGR DV
PHVPDVJDUDQWLDVGDGDVSHOR
WLSR VRFLHWiULR DQWHULRU DWp
LQWHJUDO VDWLVIDomR GH VHXV
FUpGLWRV $VVLP D
WUDQVIRUPDomR GH VRFLHGDGH
HP QRPH FROHWLYR HP
FRPDQGLWD SRU Do}HV QmR
LPSHGHTXHRFUHGRUDQWHULRU
jRSHUDomRUHVSRQVDELOL]HRV
VyFLRV LOLPLWDGDPHQWH 1D
LQFRUSRUDomR H QD IXVmR R
FUHGRU SUHMXGLFDGR SHOD
QRYD VLWXDomR GD VRFLHGDGH
GHYHGRUDSRGHUiSOHLWHDUHP
MXt]R D DQXODomR GD
RSHUDomR )DOLQGR D
VRFLHGDGH LQFRUSRUDGRUD RX
D UHVXOWDQWH GH IXVmR RV
FUHGRUHV DQWHULRUHV SRGHUmR
UHTXHUHU QR MXt]R IDOLPHQWDU
D VHSDUDomR GDV PDVVDV
)LQDOPHQWH QD FLVmR GHILQH
DOHLDVROLGDULHGDGHHQWUHDV
VRFLHGDGHV UHVXOWDQWHV GD
RSHUDomR SRU WRGDV DV
REULJDo}HV GD FLQGLGD 6H R
LQVWUXPHQWR GD FLVmR
HVWDEHOHFHU TXH DV
VRFLHGDGHV UHVXOWDQWHV
REULJDUVHmR VRPHQWH SHODV
GtYLGDVDHODVWUDQVIHULGDVR
FUHGRU SRGHUi RSRUVH D
HVVD GHILQLomR GH
GLVWULEXLomR GH
UHVSRQVDELOLGDGHV QR SUD]R
GHGLDV/6$DUW
$ LQFRUSRUDomR D IXVmR
RX D FLVmR GH VRFLHGDGH
DQ{QLPD HPLVVRUD GH
GHErQWXUHV QmR SRGHUmR
RFRUUHU VHP D SUpYLD
DSURYDomRGRVGHEHQWXULVWDV
UHXQLGRV HP DVVHPEOHLD D
PHQRV TXH VH DVVHJXUH R
UHVJDWH GR YDORU PRELOLiULR
QRV PHVHV VHJXLQWHV j
RSHUDomR/6$DUW
$LQFRUSRUDomRHDIXVmR
GH VRFLHGDGHV HVWmR
FRQGLFLRQDGDV j DSURYDomR
SHOR &$'( ² &RQVHOKR
$GPLQLVWUDWLYR GH 'HIHVD
(FRQ{PLFD VHPSUH TXH
UHVXOWDU HP HPSUHVD TXH
SDUWLFLSHHPYLQWHSRUFHQWR
RX PDLV GH XP PHUFDGR
UHOHYDQWHRXVHTXDOTXHUGDV
VRFLHGDGHV HQYROYLGDV WLYHU
IDWXUDPHQWR EUXWR DQXDO
H[SUHVVLYR /,2( DUW
$ VRFLHGDGH GH
HFRQRPLD PLVWD p D
VRFLHGDGH DQ{QLPD FXMR
FDSLWDO VRFLDO p FRQVWLWXtGR
SRU UHFXUVRV SURYHQLHQWHV
HP SDUWH PDMRULWiULD GR
SRGHU S~EOLFR H HP SDUWH
PLQRULWiULDGRVSDUWLFXODUHV
6XDFRQVWLWXLomRGHSHQGHGH
OHL TXH SRGHUi
HYLGHQWHPHQWH HVWDEHOHFHU
QRUPDV GLIHUHQWHV GDV
SUHYLVWDV SHOD OHJLVODomR GR
DQRQLPDWR 7DLV QRUPDV QR
HQWDQWR DSOLFDPVH WmR
VRPHQWH j VRFLHGDGH GH
HFRQRPLD PLVWD HP
SDUWLFXODU $V FRPSDQKLDV
GH HFRQRPLD PLVWD DEHUWDV
HVWmR SRU RXWUR ODGR
VXMHLWDV DR FRQWUROH H
ILVFDOL]DomRGD&90
$ SHVVRD MXUtGLFD TXH
FRQWUROD D VRFLHGDGH GH
HFRQRPLD PLVWD WHP DV
PHVPDV UHVSRQVDELOLGDGHV
GR DFLRQLVWD FRQWURODGRU
SRUpPDSUySULDOHLUHVVDOYD
TXH D RULHQWDomR GRV
QHJyFLRV VRFLDLV SRGH VHU
IHLWD GH PROGH D DWHQGHU DR
LQWHUHVVH S~EOLFR TXH
MXVWLILFRX D FULDomR GD
VRFLHGDGH 2 TXH Ki HP
SDUWLFXODU p D SRVVLELOLGDGH
GH FRPSURPHWLPHQWR GRV
UHFXUVRV VRFLDLV HP
DWLYLGDGHV UHODWLYDPHQWH
GHILFLWiULDV LPSRUWDQGR HP
GLPLQXLomR JOREDO GR OXFUR
OtTXLGR GD VRFLHGDGH HP
YLUWXGHGDUHDOL]DomRGREHP
FRPXP TXH LQVSLURX D VXD
FRQVWLWXLomR 2 DFLRQLVWD
SDUWLFXODU GH VRFLHGDGH GH
HFRQRPLD PLVWD HVWi FLHQWH
DR LQJUHVVDU QR TXDGUR
DVVRFLDWLYR GD FRPSDQKLD
GHVWD SDUWLFXODULGDGH RX
VHMD GH TXH HYHQWXDOPHQWH
VHMD REULJDGR D VXSRUWDU
OLJHLUD GLPLQXLomR QD
UHQWDELOLGDGH GH VHX
LQYHVWLPHQWR SRU IRUoD GR
DWHQGLPHQWR GH LQWHUHVVH
PDLRUTXHRVHXeFODURTXH
HVWD GLPLQXLomR QmR SRGHUi
VHUGHWDOSRUWHTXHLPSOLTXH
D GHVFDUDFWHUL]DomR GR
LQYHVWLPHQWR IHLWR FRPR
QHJyFLR GH FRQWH~GR
SULYDGR 1mR FDEH DR
DFLRQLVWD VXSULU FRP R VHX
SDWULP{QLR JUDYHV
GHIDVDJHQV QD SUHVWDomR GR
VHUYLoRS~EOLFR2DFLRQLVWD
FRQWURODGRU SRGHUi
SRUWDQWR YLU D VHU
UHVSRQVDELOL]DGR SHORV
GHPDLV DFLRQLVWDV
SDUWLFXODUHVGDVRFLHGDGHGH
HFRQRPLDPLVWDVHPSUHTXH
HP GHFRUUrQFLD GR
FXPSULPHQWR GR GLVSRVWR QR
DUW GD /6$
GHVHQYROYHU DWLYLGDGH
HPSUHVDULDO DOWDPHQWH
GHILFLWiULD$IXQGDPHQWDomR
GHVWH HQWHQGLPHQWR VH YDOH
LQFOXVLYH GD
UHVSRQVDELOLGDGHREMHWLYDGD
$GPLQLVWUDomR3~EOLFD
$V VRFLHGDGHV GH
HFRQRPLD PLVWD WHUmR
REULJDWRULDPHQWH FRQVHOKR
GH DGPLQLVWUDomR H HP
IXQFLRQDPHQWRSHUPDQHQWHR
FRQVHOKR ILVFDO DUWV H
62&,('$'( (0
&20$1',7$325$d®(6
2 GHUUDGHLUR WLSR
VRFLHWiULR p D VRFLHGDGH HP
FRPDQGLWD SRU Do}HV j TXDO
VH DSOLFDP WRGDV DV QRUPDV
UHODWLYDV j VRFLHGDGH
DQ{QLPD FRP DV DOWHUDo}HV
SUHYLVWDV QRV DUWV D
GR&&/6$DUWV
D $OJXPDV GHVVDV
DOWHUDo}HV WrP HP YLVWD D
SHFXOLDU SRVLomR HP TXH VH
HQFRQWUDP RV GLUHWRUHV GD
VRFLHGDGHHPFRPDQGLWDSRU
Do}HV 6mR GHVWD FDWHJRULD
DV VHJXLQWHV GLVSRVLo}HV
OHJDLV
D5HVSRQVDELOLGDGHGRV
GLUHWRUHV ² R DFLRQLVWD
GLUHWRU GD VRFLHGDGH HP
FRPDQGLWD SRU Do}HV
WDPEpP FKDPDGR JHUHQWH
WHP UHVSRQVDELOLGDGH
LOLPLWDGD SHODV REULJDo}HV
GD VRFLHGDGH DUW
3RU HVVD UD]mR VRPHQWH R
DFLRQLVWD SRGHUi ID]HU SDUWH
GD GLUHWRULD 2XWURVVLP RV
GLUHWRUHV VHUmR QRPHDGRV
SHOR HVWDWXWR SRU SUD]R
LQGHWHUPLQDGR H VRPHQWH
SRGHP VHU GHVWLWXtGRV SRU
GHOLEHUDomR GH DFLRQLVWDV
TXHUHSUHVHQWHPQRPtQLPR
GRFDSLWDOVRFLDO
E1RPHHPSUHVDULDO²
D VRFLHGDGH HP FRPDQGLWD
SRUDo}HVSRGHDGRWDUILUPD
RX GHQRPLQDomR VHQGR TXH
QR SULPHLUR FDVR QmR
SRGHUi FRPSRU VHX QRPH
HPSUHVDULDO DSURYHLWDQGR R
QRPH FLYLO GH DFLRQLVWD TXH
QmR VHMD GLUHWRU (P DPEDV
DV KLSyWHVHV R QRPH
HPSUHVDULDO GHYHUi FRQWHU
H[SUHVVmR LGHQWLILFDWLYD GR
WLSR VRFLHWiULR && DUW
F 'HOLEHUDo}HV VRFLDLV
² DLQGD HP UD]mR GD
UHVSRQVDELOLGDGH LOLPLWDGD
GRV GLUHWRUHV D DVVHPEOHLD
JHUDO QmR WHP SRGHUHV SDUD
VHP D DQXrQFLD GHVWHV
PXGDU R REMHWR HVVHQFLDO GD
VRFLHGDGH SURUURJDU R VHX
SUD]R GH GXUDomR DXPHQWDU
RX UHGX]LU R FDSLWDO VRFLDO
FULDU GHErQWXUHV RX SDUWHV
EHQHILFLiULDVDUW
)HLWDV DV UHVVDOYDV
SRUWDQWR DSOLFDPVH jV
VRFLHGDGHV HP FRPDQGLWD
SRU Do}HV WRGDV DV GHPDLV
QRUPDV SHUWLQHQWHV jV
VRFLHGDGHVDQ{QLPDVWDLVDV
UHODWLYDV jV HVSpFLHV IRUPD
H FODVVH GH Do}HV
GHErQWXUHV SDUWHV
EHQHILFLiULDV FRQVWLWXLomR H
GLVVROXomR SRGHU GH
FRQWUROH GLUHLWRV HVVHQFLDLV
GR DFLRQLVWD H DVVLP SRU
GLDQWH
7(5&(,5$3$57(
',5(,72
&$0%,È5,2
&$3Ë78/2
7(25,$*(5$/
'2',5(,72
&$0%,È5,2
&21&(,72 '( 7Ë78/2
'(&5e',72
$ FODVVLILFDomR GRV
WtWXORV GH FUpGLWR VH ID] SRU
TXDWURSULQFLSDLVFULWpULRVD
VDEHUD TXDQWR DR PRGHOR
E TXDQWR j HVWUXWXUD F
TXDQWR jV KLSyWHVHV GH
HPLVVmR G TXDQWR j
FLUFXODomR
2 SULPHLUR GHVVHV
FULWpULRV GLVWLQJXH RV WtWXORV
GH FUpGLWR HQWUH DTXHOHV GH
PRGHOROLYUHHRVGHPRGHOR
YLQFXODGR 1R SULPHLUR
JUXSR GH TXH VmR H[HPSORV
D OHWUD GH FkPELR H D QRWD
SURPLVVyULD HVWmR RV WtWXORV
GH FUpGLWR FXMD IRUPD QmR
SUHFLVD REVHUYDU XP SDGUmR
QRUPDWLYDPHQWH
HVWDEHOHFLGR 2V VHXV
UHTXLVLWRV GHYHP VHU
FXPSULGRV SDUD TXH VH
FRQVWLWXDPWtWXORVGHFUpGLWR
PDVDOHLQmRGHWHUPLQDXPD
IRUPD HVSHFtILFD SDUD HOHV
-i R JUXSR GRV WtWXORV GH
PRGHORYLQFXODGRHPTXHVH
HQFRQWUDP R FKHTXH H D
GXSOLFDWD PHUFDQWLO UH~QH
DTXHOHV HP UHODomR DRV
TXDLV R GLUHLWR GHILQLX XP
SDGUmRSDUDRSUHHQFKLPHQWR
GRVUHTXLVLWRVHVSHFtILFRVGH
FDGD XP 8P FKHTXH
VRPHQWH VHUi XP FKHTXH VH
ODQoDGR QR IRUPXOiULR
SUySULRIRUQHFLGRSRUWDOmR
SHOR SUySULR EDQFR VDFDGR
0HVPR TXH VH ODQFHP HP
XP LQVWUXPHQWR GLYHUVR
WRGRVRVUHTXLVLWRVTXHDOHL
HVWDEHOHFH SDUD R FKHTXH
HVWH LQVWUXPHQWR QmR VHUi
WtWXOR GH FUpGLWR QmR
SURGX]LUi RV HIHLWRV
MXUtGLFRVGRFKHTXH
1R WRFDQWH DR FULWpULR
SHUWLQHQWH j HVWUXWXUD RV
WtWXORV GH FUpGLWR VHUmR
RUGHP GH SDJDPHQWR RX
SURPHVVD GH SDJDPHQWR 1R
SULPHLUR FDVR R VDTXH
FDPELDOGiQDVFLPHQWRDWUrV
VLWXDo}HV MXUtGLFDV GLVWLQWDV
DGHTXHPGiDRUGHPDGR
GHVWLQDWiULRGDRUGHPHDGR
EHQHILFLiULR GD RUGHP GH
SDJDPHQWR 1R FDVR GD
SURPHVVD DSHQDV GXDV
VLWXDo}HV MXUtGLFDV GLVWLQWDV
HPHUJHP GR VDTXH FDPELDO
DGHTXHPSURPHWHSDJDUHD
GREHQHILFLiULRGDSURPHVVD
$OHWUDGHFkPELRRFKHTXH
H D GXSOLFDWD PHUFDQWLO VmR
RUGHQV GH SDJDPHQWR DR
SDVVRTXHDQRWDSURPLVVyULD
p XPD SURPHVVD GH
SDJDPHQWR
4XDQWR jV KLSyWHVHV GH
HPLVVmR RV WtWXORV GH
FUpGLWR RX VmR FDXVDLV RX
QmR FDXVDLV WDPEpP
FKDPDGRV GH DEVWUDWRV
VHJXQGR D OHL FLUFXQVFUHYD
RX QmR DV FDXVDV TXH
DXWRUL]DPDVXDFULDomR8P
WtWXOR FDXVDO VRPHQWH SRGH
VHUHPLWLGRVHRFRUUHURIDWR
TXHDOHLHOHJHXFRPRFDXVD
SRVVtYHO SDUD VXD HPLVVmR
DR SDVVR TXH XP WtWXOR QmR
FDXVDORXDEVWUDWRSRGHVHU
FULDGR SRU TXDOTXHU FDXVD
SDUD UHSUHVHQWDU REULJDomR
GH TXDOTXHU QDWXUH]D QR
PRPHQWR GR VDTXH $
GXSOLFDWDPHUFDQWLOH[HPSOR
GH WtWXOR FDXVDO VRPHQWH
SRGH VHU FULDGD SDUD
UHSUHVHQWDU REULJDomR
GHFRUUHQWH GH FRPSUD H
YHQGDPHUFDQWLO-iRFKHTXH
H D QRWD SURPLVVyULD SRGHP
VHU HPLWLGRV SDUD
UHSUHVHQWDU REULJDo}HV GDV
PDLVGLYHUVDVQDWXUH]DV
)LQDOPHQWH HP UHODomR
DR QHJyFLR MXUtGLFR TXH
RSHUD D WUDQVIHUrQFLD GD
WLWXODULGDGH GR FUpGLWR
UHSUHVHQWDGRSHODFiUWXODRX
VHMDTXDQWRjFLUFXODomRRV
WtWXORV GH FUpGLWRSRGHP VHU
DR SRUWDGRU RX QRPLQDWLYRV
2V WtWXORV DR SRUWDGRU VmR
DTXHOHV TXH SRU QmR
LGHQWLILFDUHP R VHX FUHGRU
VmR WUDQVPLVVtYHLV SRU PHUD
WUDGLomR HQTXDQWR RV WtWXORV
QRPLQDWLYRV VmR RV TXH
LGHQWLILFDP R VHX FUHGRU H
SRUWDQWR D VXD WUDQVIHUrQFLD
SUHVVXS}HDOpPGDWUDGLomR
D SUiWLFD GH XP RXWUR
QHJyFLR MXUtGLFR 2V WtWXORV
GH FUpGLWR QRPLQDWLYRV RX
VmR ³j RUGHP´ RX ³QmR j
RUGHP´2VQRPLQDWLYRVFRP
D FOiXVXOD ³j RUGHP´
FLUFXODP PHGLDQWH WUDGLomR
DFRPSDQKDGD GH HQGRVVR H
RV FRP D FOiXVXOD ³QmR j
RUGHP´ FLUFXODP FRP D
WUDGLomR DFRPSDQKDGD GH
FHVVmR FLYLO GH FUpGLWR
(QGRVVR H FHVVmR FLYLO VmR
DWRVMXUtGLFRVWUDQVODGDGRUHV
GD WLWXODULGDGH GH FUpGLWR
TXH VH GLIHUHQFLDP TXDQWR
DRV HIHLWRV FRQIRUPH VH
H[DPLQDUi QR PRPHQWR
DSURSULDGR &DS LWHP
1R &yGLJR &LYLO R
FRQFHLWR GH WtWXORV
QRPLQDWLYRV p GLYHUVR
6HULDP GHVWD FDWHJRULD RV
WtWXORV HP TXH R QRPH GR
IDYRUHFLGR FRQVWD GH
UHJLVWURV GR HPLWHQWH DUW
H FXMD FLUFXODomR
GHSHQGH GH DOWHUDo}HV QHVWH
UHJLVWUR 1mR Ki QR GLUHLWR
EUDVLOHLUR QHQKXP WtWXOR GH
FUpGLWR TXH DWHQGD D HVVD
FRQGLomR
,1752'8d2
/(*,6/$d2
$3/,&È9(/
2 %UDVLO p VLJQDWiULR GH
XPDFRQYHQomRLQWHUQDFLRQDO
SDUD D DGRomR GH XPD OHL
XQLIRUPH VREUH OHWUD GH
FkPELRHQRWDSURPLVVyULDD
&RQYHQomR GH *HQHEUD
ILUPDGDHPMXQKRGH
&RP D DGHVmR GR %UDVLO
DHVWDFRQYHQomRHPDJRVWR
GHFULRXVHQRGLUHLWR
FDPELiULR QDFLRQDO XPD
VpULDFRQWURYpUVLD TXDQWR j
OHJLVODomRYLJRUDQWHQR3DtV
SRVWR TXH R DVVXQWR
HQFRQWUDYDVH GLVFLSOLQDGR
SRU XP GLSORPD LQWHUQR R
'HFUHWR Q GH
7DOGLSORPDGHLQGLVFXWtYHO
TXDOLGDGH WpFQLFD QmR WLQKD
VLGR UHYRJDGR
H[SUHVVDPHQWH SRU QHQKXPD
OHL RUGLQiULD H DGHPDLV
SDUD LQWHJUDO FXPSULPHQWR
GR FRQYHQFLRQDGR HP
*HQHEUD VHULD QHFHVViULR
TXHVHHODERUDVVHXPSURMHWR
GH OHL SDUD DSUHFLDomR GR
3RGHU/HJLVODWLYRRTXDOVH
DSURYDGR LQWURGX]LULD QR
RUGHQDPHQWR MXUtGLFR
QDFLRQDO R UHJUDPHQWR
SUHYLVWR SHOD PHQFLRQDGD
FRQYHQomR 6RPHQWH DSyV D
VDQomRGHVVDOHLpTXHWHULD
R %UDVLO GDGR FXPSULPHQWR
DR TXH IRUD FRQYHQFLRQDGR
HP *HQHEUD $Wp Oi D OHWUD
GH FkPELR H D QRWD
SURPLVVyULD FRQWLQXDULDP D
VHU GLVFLSOLQDGDV SHOD QRVVD
DQWLJDOHJLVODomRFDPELDO
0DVHPYH]GHSURFHGHU
FRQIRUPHVHULDGHULJRUSHOD
ERDWpFQLFDMXUtGLFDRXVHMD
HQYLDU DR /HJLVODWLYR XP
SURMHWR GH OHL TXH
LQFRUSRUDVVH DV UHJUDV GD
/HL 8QLIRUPH GH *HQHEUD R
3RGHU ([HFXWLYR HP
EDL[RX XP GHFUHWR
GHWHUPLQDQGR TXH VH
FXPSULVVH D FRQYHQomR $
HVWUDQKtVVLPDIRUPDGHFULDU
GLUHLWR UHFHEHX D VLPSDWLD
GR 67) FXMD MXULVSUXGrQFLD
SDFLILFRXVH QR LQtFLR GD
GpFDGD GH VHWHQWD HP WRUQR
GD WHVH GH TXH D /HL
8QLIRUPH GH *HQHEUD VREUH
OHWUD GH FkPELR H QRWD
SURPLVVyULD KDYLD
LQJUHVVDGR QR GLUHLWR
LQWHUQRLQREVWDQWHDIDOWDGH
OHLRUGLQiULDTXHDDGRWDVVH
&RQWXGR QHP WRGRV RV
GLVSRVLWLYRV GD /HL
8QLIRUPH HQWUDUDP HP YLJRU
QR %UDVLO 9DOHQGRVH GH
SRVVLELOLGDGHRIHUHFLGDSHOD
SUySULD FRQYHQomR R %UDVLO
DVVLQDORX TXDQGR GH VXD
DGHVmR GHWHUPLQDGDV
UHVHUYDV,VWRTXHUGL]HUTXH
R HVWDGR EUDVLOHLUR KDYLDVH
UHVHUYDGR R GLUHLWR GH
LQWURGX]LU SDUFLDOPHQWH HP
VHX RUGHQDPHQWR LQWHUQR R
WH[WR GD /HL 8QLIRUPH (P
YLUWXGH GHVWDV UHVHUYDV HVWH
WH[WR ILFRX UHODWLYDPHQWH
ODFXQRVR 3RU RXWUR ODGR
QmR KRXYH OHL TXDOTXHU TXH
WLYHVVH UHYRJDGR
H[SUHVVDPHQWH R 'HFUHWR Q
7HULD HQWmR
RFRUULGR XPD UHYRJDomR
WiFLWDFRPDVXSHUYHQLrQFLD
GH OHL GLVFLSOLQDQGR D
PHVPD PDWpULD 1HVWH
VHQWLGR SHUPDQHFHP
YLJRUDQWHVDVGLVSRVLo}HVGR
UHIHULGR GLSORPD LQWHUQR QR
TXHGL]UHVSHLWRjGLVFLSOLQD
GH DVVXQWR RPLWLGR QD /HL
8QLIRUPH VHMD SRU DXVrQFLD
GH UHJUDPHQWR VHMD HP
GHFRUUrQFLD GH UHVHUYD
DVVLQDODGDSHOR%UDVLO
'H VRUWH TXH
SUHVHQWHPHQWH D OHJLVODomR
TXH VH HQWHQGH YLJRUDQWH QR
%UDVLO DFHUFD GH OHWUD GH
FkPELRHQRWDSURPLVVyULDp
D FROFKD GH UHWDOKRV TXH VH
FRVWXUD FRP GLVSRVLWLYRV GD
/HL 8QLIRUPH GH *HQHEUD H
GD OHJLVODomR LQWHUQD IRQWH
GH LQGHVHMiYHLV GLVSXWDV H
GHLQFHUWH]DVMXUtGLFDV
$VVLP GHYHPVH ID]HU
SUHOLPLQDUPHQWH DV
VHJXLQWHV REVHUYDo}HV
UHIHUHQWHV j OHJLVODomR
DSOLFiYHO QR %UDVLO TXDQWR
j OHWUD GH FkPELR H QRWD
SURPLVVyULD
D(PSULQFtSLRYLJRUDD
/HL 8QLIRUPH TXH FRQVWD
FRPR$QH[R,GD&RQYHQomR
GH *HQHEUD VREUH /HWUD GH
&kPELRH1RWD3URPLVVyULD
GHMXQKRGH
E (P YLUWXGH GH
UHVHUYDV DVVLQDODGDV SHOR
%UDVLO QmR YLJRUDP QR
GLUHLWRQDFLRQDORVVHJXLQWHV
GLVSRVLWLYRV GD UHIHULGD /HL
8QLIRUPH DUW UHVHUYD
GR DUW GR $QH[R ,,
WHUFHLUD DOtQHD GR DUW
UHVHUYDGRDUWGR$QH[R
,,Q~PHURVHGRDUW
UHVHUYDGRDUWGR$QH[R
,,TXLQWDHVH[WDDOtQHDVGR
DUWUHVHUYDGRDUWGR
$QH[R,,
F(PYLUWXGHGDUHVHUYD
FRQVWDQWH GR DUW GR
$QH[R ,, DVVLQDODGD SHOR
%UDVLO R DUW GD /HL
8QLIRUPH GHYH VHU
FRPSOHWDGR QRV WHUPRV GD
UHVHUYDRXVHMDDVOHWUDVGH
FkPELR SDJiYHLV QR %UDVLO
GHYHP VHU DSUHVHQWDGDV DR
DFHLWDQWH QR SUySULR GLD GR
YHQFLPHQWR
G $ WD[D GH MXURV SRU
PRUD QR SDJDPHQWR GH OHWUD
GH FkPELR RX QRWD
SURPLVVyULD QmR p D
FRQVWDQWH GRV DUWV H
PDV D PHVPD GHYLGD HP
FDVR GH PRUD QR SDJDPHQWR
GH LPSRVWRV GHYLGRV j
)D]HQGD 1DFLRQDO && DUW
SRU IRUoD GD UHVHUYD
GR DUW GR $QH[R ,,
DVVLQDODGDSHOR%UDVLO
H 3HUPDQHFHP
YLJRUDQWHV SRU RPLVVmR
RULJLQiULD RX GHULYDGD GD
/HL 8QLIRUPH RV VHJXLQWHV
GLVSRVLWLYRV GR 'HFUHWR Q
DUW UHODWLYR
DRV WtWXORV VDFDGRV
LQFRPSOHWRV DUW VREUH
SOXUDOLGDGH GH VDFDGRV DUW
TXDQWR j SRVVLELOLGDGH
GH DYDO DQWHFLSDGR DUW
,, HP GHFRUUrQFLD GD
UHVHUYDGRDUWGR$QH[R
,, DUW HP YLUWXGH GD
UHVHUYD GR DUW GR$QH[R
,, VDOYR TXDQWR jV
FRQVHTXrQFLDV GD
LQREVHUYkQFLD GR SUD]R QHOH
FRQVLJQDGR DUW DFHUFD
GDUHVSRQVDELOLGDGHFLYLOGR
RILFLDO GR FDUWyULR GH
SURWHVWRDUWSHUWLQHQWHj
DomR GH DQXODomR GH WtWXORV
DUW TXDQWR DRV WtWXORV
SUHVFULWRV DUW ,
UHIHUHQWH j H[SUHVVmR ³QRWD
SURPLVVyULD´ HP YLUWXGH GD
UHVHUYDGRDUWGR$QH[R
,,
$V UHJUDV GR &yGLJR
&LYLO DSOLFDPVH DSHQDV VH
LGrQWLFDVjVGDOHLHVSHFtILFD
GR WtWXOR GH FUpGLWR
UHYHVWLQGRVH DVVLP GH
FDUiWHUVXSOHWLYRDUW
&$3Ë78/2
&2167,78,d2
'2&5e',72
&$0%,È5,2
6$48(
$OHWUDGHFkPELRpXPD
RUGHP GH SDJDPHQWR ,VWR
VLJQLILFD TXH GR VHX VDTXH
GH VXD FULDomR GHFRUUH R
VXUJLPHQWR GH WUrV VLWXDo}HV
MXUtGLFDV GLVWLQWDV 6mR WUrV
GLIHUHQWHV FRPSOH[RV GH
GLUHLWRV H REULJDo}HV TXH
QDVFHP MXQWDPHQWH FRP R
WtWXOR (P SULPHLUR OXJDU
WHPVH D VLWXDomR MXUtGLFD
GDTXHOH TXH Gi D RUGHP GH
SDJDPHQWR TXH GHWHUPLQD
TXH FHUWD TXDQWLD VHMD SDJD
SRU XPD SHVVRD D RXWUD
4XHP VH HQFRQWUD QHVWD
VLWXDomR p FKDPDGR GH
VDFDGRU (P VHJXQGR OXJDU
Ki D VLWXDomR MXUtGLFD
GDTXHOH SDUD TXHP D RUGHP
p GLULJLGD R GHVWLQDWiULR GD
RUGHP TXH GHYHUi GHQWUR
GH FRQGLo}HV HVWDEHOHFLGDV
UHDOL]DU R SDJDPHQWR
RUGHQDGR $ SHVVRD QHVWD
VLWXDomR p GHQRPLQDGD
VDFDGR)LQDOPHQWHH[LVWHD
VLWXDomR MXUtGLFD GR
EHQHILFLiULR GD RUGHP GH
SDJDPHQWR DTXHOH HP IDYRU
GHTXHPVHIH]GLWDRUGHPH
TXH SRU LVVR p R FUHGRU GD
TXDQWLD PHQFLRQDGD QR
WtWXOR 4XHP VH HQFRQWUH
QHVWD WHUFHLUD VLWXDomR
MXUtGLFD p FRQKHFLGR FRPR
WRPDGRU 6mR WUrV VLWXDo}HV
MXUtGLFDV GLVWLQWDV TXH
VXUJHPFRPDSUiWLFDGHXP
DWRFDPELDOFKDPDGRVDTXH
6DTXHpRDWRGHFULDomR
GH HPLVVmR GD OHWUD GH
FkPELR $SyV HVWH DWR
FDPELDO R WRPDGRU HVWDUi
DXWRUL]DGR D SURFXUDU R
VDFDGR SDUD GDGDV FHUWDV
FRQGLo}HV SRGHU UHFHEHU
GHOH D TXDQWLD UHIHULGD QR
WtWXOR
0DV R VDTXH SURGX] XP
RXWUR HIHLWR WDPEpP R GH
YLQFXODU R VDFDGRU DR
SDJDPHQWR GD OHWUD GH
FkPELR 2 VDFDGR p TXH VH
HQFRQWUD QD SRVLomR GH
GHVWLQDWiULR GD RUGHP GH
SDJDPHQWR HOH p TXH HP
SULQFtSLR GHYHUi SDJDU R
WtWXOR 1R HQWDQWR VH QmR R
IL]HU RX VH QmR VH
UHDOL]DUHP DV FRQGLo}HV GD
REULJDomR GR VDFDGR R
WRPDGRU SRGHUi FREUDU D
OHWUD GH FkPELR GR SUySULR
VDFDGRU TXH DR SUDWLFDU R
VDTXH WRUQRXVH FRGHYHGRU
GRWtWXOR/8DUW
(PERUDRVDTXHFULHWUrV
VLWXDo}HV MXUtGLFDV GLVWLQWDV
DOHLIDFXOWDTXHXPDPHVPD
SHVVRD RFXSH PDLV GH XPD
GHVVDV VLWXDo}HV $VVLP D
OHWUD SRGHUi VHU VDFDGD HP
EHQHItFLR GR SUySULR
VDFDGRU ² D PHVPD SHVVRD
RFXSDQGR VLPXOWDQHDPHQWH
DV VLWXDo}HV MXUtGLFDV GH
VDFDGRU H WRPDGRU ² RX
DLQGD VREUH R SUySULR
VDFDGRU ² D PHVPD SHVVRD
RFXSDQGR VLPXOWDQHDPHQWH
DV VLWXDo}HV MXUtGLFDV GH
VDFDGRU H VDFDGR /8 DUW
$ OHL HVWDEHOHFH
GHWHUPLQDGRVUHTXLVLWRVSDUD
D OHWUD GH FkPELR 6mR
HOHPHQWRV LQGLVSHQViYHLV j
SURGXomR SHOR LQVWUXPHQWR
GRV HIHLWRV FDPELDLV
SUHYLVWRV SRU OHL $R
GRFXPHQWR HP TXH IDOWH
DOJXP GHVVHV UHTXLVLWRV QmR
VH SRGH DSOLFDU D GLVFLSOLQD
GR UHJLPH MXUtGLFRFDPELDO
6mR UHTXLVLWRV GD OHWUD GH
FkPELR
D D H[SUHVVmR ³OHWUD GH
FkPELR´ LQVHUWD QR SUySULR
WH[WRGRWtWXORQmREDVWDQGR
FRQVWDUIRUDGRWH[WRPHVPR
TXH FRP GHVWDTXH WDO
H[SUHVVmR GHYHUi VHU QD
OtQJXDHPSUHJDGDQDUHGDomR
GRWtWXOR/8DUWQ
E R PDQGDWR SXUR H
VLPSOHVRXVHMDQmRVXMHLWR
D QHQKXPD FRQGLomR GH
SDJDU TXDQWLD GHWHUPLQDGD
/8DUWQ
F R QRPH GR VDFDGR
/8 DUW Q H VXD
LGHQWLILFDomR SHOR Q~PHUR
GHVXD&pGXODGH,GHQWLGDGH
GHLQVFULomR QR &DGDVWUR GH
3HVVRD )tVLFD GR 7tWXOR
(OHLWRUDO RX GD &DUWHLUD
3URILVVLRQDO /HL Q
GHDUW
G R OXJDU GR SDJDPHQWR
RX D LQGLFDomR GH XP OXJDU
DRODGRGRQRPHGRVDFDGR
R TXDO VHUi WRPDGR FRPR
OXJDU GR SDJDPHQWR H FRPR
GRPLFtOLR GR VDFDGR /8
DUW Q FF R DUW
WHUFHLUDDOtQHD
HRQRPHGRWRPDGRUR
TXH TXHU GL]HU TXH QmR VH
DGPLWH OHWUD GH FkPELR
VDFDGDDRSRUWDGRU/8DUW
Q
I ORFDO H GDWD GR VDTXH
SRGHQGR VHU D LQGLFDomR
GHVWH ORFDO VXEVWLWXtGD SRU
PHQomRGHXPOXJDUDRODGR
GR QRPH GR VDFDGRU /8
DUW Q FF R DUW
~OWLPDDOtQHD
J DVVLQDWXUD GR VDFDGRU
/8DUWQ
$ pSRFD GR YHQFLPHQWR
GHYH WDPEpP FRQVWDU GD
OHWUDPDVjVXDIDOWDQmRVH
GHVFDUDFWHUL]DUi R
LQVWUXPHQWR FRPR WtWXOR GH
FUpGLWR SRUTXH D OHL GLVS}H
TXH QHVWH FDVR D OHWUD VHUi
jYLVWD/8DUW VHJXQGD
DOtQHD
$OJXQV DXWRUHV
GLVWULEXHP RV UHTXLVLWRV
OHJDLVGDOHWUDGHFkPELRHP
HVVHQFLDLVRXQmRHVVHQFLDLV
LQFOXLQGR QHVWD ~OWLPD
FDWHJRULD DTXHOHV TXH QRV
WHUPRV GR DUW GD /8
SRGHP VHU VXEVWLWXtGRV RX
VXSULGRV1mRKiQRHQWDQWR
PDLRU LQWHUHVVH QHVWD
FODVVLILFDomR
6H R VDFDGRU ² FRPR
GH UHVWR TXDOTXHU RXWUR
REULJDGR FDPELDO ² QmR
VRXEHURXQmRSXGHUDVVLQDU
VRPHQWH SRGHUi SUDWLFDU R
DWR FDPELDO SRU SURFXUDGRU
QRPHDGR SRU LQVWUXPHQWR
S~EOLFR H FRP SRGHUHV
HVSHFLDLV 3RU RXWUR ODGR
QmR VH DGPLWH HP UHODomR j
OHWUDGHFkPELRDXWLOL]DomR
GHFKDQFHODPHFkQLFD
8PD VpULD FRQWURYpUVLD
LQFRPRGDYD R GLUHLWR
FDPELiULR QR WRFDQWH DR
H[DWR VHQWLGR GD H[SUHVVmR
TXDQWLD GHWHUPLQDGD TXH
FRQVWDGRDUWQGD/8
3DUDXPDSDUWHGRVDXWRUHVH
GH MXOJDGRUHV SRU HVVH
GLVSRVLWLYR HVWDULD YHGDGD D
HPLVVmR GH FDPELDO
LQGH[DGD LVWR p FRP YDORU
UHODWLYRDXPtQGLFHRXFRP
FOiXVXOD GH FRUUHomR
PRQHWiULD
'HVVD YHGDomR HVWDULDP
DIDVWDGDV VRPHQWH DV
FDPELDLV YLQFXODGDV D
FRQWUDWR GH DTXLVLomR GH
FDVD SUySULD SHOR 6LVWHPD
)LQDQFHLURGD+DELWDomRHP
UD]mR GD H[LVWrQFLD GH
QRUPDV SUySULDV
DXWRUL]DWLYDV
1D YHUGDGH KRMH
SUHGRPLQD R HQWHQGLPHQWR
GH TXH D OHL QmR YHGD D
HPLVVmR GH FDPELDO
LQGH[DGDRXFRPFOiXVXODGH
FRUUHomR PRQHWiULD GHVGH
TXH R tQGLFH XVDGR FRPR
UHODomR GR VHX YDORU RX
FRPRFULWpULRGHDWXDOL]DomR
VHMD RILFLDO RX GH DPSOR
FRQKHFLPHQWR GR FRPpUFLR
1HVWH FDVR D TXDQWLD p
GHWHUPLQDGD SRU VLPSOHV
RSHUDomR PDWHPiWLFD j TXDO
WHP DFHVVR TXDOTXHU
LQWHUHVVDGR 1HJDU D
SRVVLELOLGDGH GH FDPELDO
LQGH[DGD p SUHWHQGHU R
LPSRVVtYHO TXH R FRPpUFLR
LJQRUH XP IDWR GH WDO
LPSRUWkQFLDHFRQVHTXrQFLDV
TXHpDLQIODomR7UDWDVHGH
SRVLomRLUUHDOLVWDHQWHQGHUD
H[SUHVVmR ³GHWHUPLQDGD´
FRQVWDQWH GD OHL QR VHQWLGR
HVWUHLWRGH³LQDOWHUiYHO´
)LQDOPHQWH UHJLVWUHVH
TXH SRU IRUoD GR DUW GR
'HFUHWR Q HP
FRQVRQkQFLD FRP D
LQWHUSUHWDomR TXH OKH GHX D
6~PXODGR67)HRDUW
GR&&RVUHTXLVLWRVGD
OHWUD GH FkPELR ² DVVLP
WDPEpPGHTXDOTXHUWtWXORGH
FUpGLWR ² QmR SUHFLVDP
FRQVWDU GR LQVWUXPHQWR QR
PRPHQWR GR VDTXH 3RGHUi
HOD VHU VDFDGD LQFRPSOHWD
FRPR SRGHUi FLUFXODU
LQFRPSOHWD 2V UHTXLVLWRV
GHYHP HVWDU WRWDOPHQWH
FXPSULGRVDQWHVGDFREUDQoD
RX GR SURWHVWR GR WtWXOR
(QWHQGHVH TXH R SRUWDGRU
GH ERDIp p SURFXUDGRU
EDVWDQWH GR VDFDGRU SDUD
FRPSOHWDU D OHWUD GH FkPELR
HPLWLGD FRP RPLVV}HV e
FODUR VH SUHHQFKHU R WtWXOR
HP GHVDFRUGR FRP R
DYHQoDGR RX FRP D
UHDOLGDGH GRV IDWRV WHUi R
SRUWDGRU DJLGR GH PiIp H
GHL[DUi SRU LVVR GH VHU
FRQVLGHUDGR SURFXUDGRU GR
HPLWHQWHGRWtWXOR
$&(,7(
2VDFDGRGHXPDOHWUDGH
FkPELR QmR WHP QHQKXPD
REULJDomR FDPELDO SHOR Vy
IDWR GH R VDFDGRU WHUOKH
HQGHUHoDGR D RUGHP GH
SDJDPHQWR(VWDUiYLQFXODGR
DR SDJDPHQWR GR WtWXOR
DSHQDV VH FRQFRUGDU HP
DWHQGHU j RUGHP TXH OKH p
GLULJLGD 2 VDFDGR HP
QHQKXPD KLSyWHVH HVWi
REULJDGR D FXPSULU R
RUGHQDGR SRU HVWD HVSpFLH
GHWtWXORGHFUpGLWR
2 DWR FDPELDO SHOR TXDO
R VDFDGR FRQFRUGD HP
DFROKHUDRUGHPLQFRUSRUDGD
SHODOHWUDVHFKDPD³DFHLWH´
1DGD R REULJD D DFHLWDU D
OHWUDGHFkPELRQHPVHTXHU
D SUpYLD H[LVWrQFLD GH
REULJDomRSHUDQWHRVDFDGRU
RX R WRPDGRU 2 VDFDGR
VRPHQWH DVVXPLUi REULJDomR
FDPELDO SHOR DFHLWH VH R
GHVHMDU e R DFHLWH DWR GH
VXD OLYUH YRQWDGH 6H SRU
DFDVR p HOH GHYHGRU GR
VDFDGRU RX GR WRPDGRU SRU
REULJDomR GHULYDGD GH DWR
QHJyFLR IDWR RX UHODomR
MXUtGLFD GLYHUVD FDEHUi
HYLGHQWHPHQWH D DomR
SUySULD SDUD D FREUDQoD GR
GHYLGR PDV LQH[LVWH
TXDOTXHU IRUPD GH REULJiOR
jSUiWLFDGRDFHLWH
2 DFHLWH UHVXOWD GD
VLPSOHVDVVLQDWXUDGRVDFDGR
ODQoDGDQRDQYHUVRGRWtWXOR
PDV SRGHUi VHU ILUPDGR
WDPEpPQRYHUVRGHVGHTXH
LGHQWLILFDGR R DWR SUDWLFDGR
SHOD H[SUHVVmR ³DFHLWR´ RX
RXWUDHTXLYDOHQWH
2 DFHLWDQWH p R GHYHGRU
SULQFLSDOGDOHWUDGHFkPELR
,VWR VLJQLILFD TXH QR
YHQFLPHQWR R FUHGRU GR
WtWXOR GHYHUi SURFXUDU
LQLFLDOPHQWH R DFHLWDQWH
SDUD FREUDU R VHX
SDJDPHQWR 6RPHQWH QD
KLSyWHVH GH UHFXVD GH
SDJDPHQWR SHOR GHYHGRU
SULQFLSDO p TXH R FUHGRU
SRGHUi FREUDU R WtWXOR HP
GHWHUPLQDGDVFRQGLo}HVGRV
FRREULJDGRV &DGD WtWXOR GH
FUpGLWR HP HVSpFLH WHP R
VHX GHYHGRU SULQFLSDO HP
UHODomR DR TXDO VH DSOLFD
HVWDUHJUD
&RPR R VDFDGR QmR HVWi
REULJDGRDDFHLWDUDOHWUDGH
FkPELRDUHFXVDGRDFHLWHp
FRPSRUWDPHQWR OtFLWR$ OHL
QR HQWDQWR UHVHUYD SDUD D
UHFXVD GR DFHLWH XPD
GHWHU PL QDGDFRQVHTXrQFLD
FRP YLVWDV D UHVJXDUGDU RV
LQWHUHVVHV GR WRPDGRU GR
WtWXOR 7UDWDVH GR
YHQFLPHQWR DQWHFLSDGR
SUHYLVWRQRDUWGD/86H
R VDFDGR QmR DFHLWDU D
RUGHPGHSDJDPHQWRTXHOKH
IRLGLULJLGDRWRPDGRU²RX
RFUHGRU²SRGHUiFREUDUR
WtWXOR GH LPHGLDWR GR
VDFDGRU SRVWR TXH R
YHQFLPHQWR RULJLQDULDPHQWH
IL[DGR SDUD D FDPELDO p
DQWHFLSDGR FRP D UHFXVD GR
DFHLWH
,JXDO FRQVHTXrQFLD
RFRUUH TXDQGR D UHFXVD p
SDUFLDO RX VHMD QR FDVR GH
DFHLWH OLPLWDWLYR RX
PRGLILFDWLYR 'R SULPHLUR
WLSR p R DFHLWH HP TXH R
VDFDGR FRQFRUGD HP SDJDU
DSHQDV XPD SDUWH GR YDORU
GRWtWXORMiPRGLILFDWLYRpR
DFHLWH HP TXH R VDFDGR
DGHUH j RUGHP DOWHUDQGR
SDUWH GDV FRQGLo}HV IL[DGDV
QDOHWUDFRPRSRUH[HPSOR
R DGLDPHQWR GR YHQFLPHQWR
(P DPEDV DV KLSyWHVHV
RFRUUH DFHLWH SDUFLDO PDV
RFRUUH WDPEpP UHFXVD
SDUFLDO GR DFHLWH
(VWDEHOHFH HQWmR D OHL TXH
QD KLSyWHVH GH DFHLWH
OLPLWDWLYRRXPRGLILFDWLYRR
DFHLWDQWH VH YLQFXOD DR
SDJDPHQWR GR WtWXOR QRV
H[DWRV WHUPRV GH VHX DFHLWH
DUW PDV VH RSHUD R
YHQFLPHQWR DQWHFLSDGR GD
OHWUDGHFkPELRTXHSRGHUi
SRU LVWR VHU FREUDGD GH
LPHGLDWRGRVDFDGRU
3DUD HYLWDU TXH D UHFXVD
GR DFHLWH SURGX]D R
YHQFLPHQWR DQWHFLSDGR GD
OHWUD GH FkPELR R VDFDGRU
SRGH YDOHUVH GH H[SHGLHQWH
SUHYLVWR SHOR DUW GD /8
FRQVLVWHQWH QD FOiXVXOD ³QmR
DFHLWiYHO´ VDOYR QDV
KLSyWHVHV SURLELGDV SHOR
PHVPR GLVSRVLWLYR OHJDO
8PD OHWUD GH FkPELR FRP
HVWDFOiXVXODQmRSRGHUiVHU
DSUHVHQWDGD DR VDFDGR SDUD
DFHLWH 2 FUHGRU VRPHQWH
SRGHUiDSUHVHQWDURWtWXORDR
VDFDGRQRVHXYHQFLPHQWRH
SDUD SDJDPHQWR SRUWDQWR
&RP HVWH H[SHGLHQWH D
QHJDWLYD GR VDFDGR HP
DFROKHUDRUGHPTXHOKHIRUD
GLULJLGD QmR LPSRUWDUi HP
QHQKXPD FRQVHTXrQFLD
SUiWLFD H[FHSFLRQDO HP
UHODomR DR VDFDGRU SRVWR
TXH D UHFXVD GR DFHLWH
RFRUUHDSyVRYHQFLPHQWRGR
WtWXOR pSRFD HP TXH HOH Mi
GHYHULDHVWDUSUHSDUDGRSDUD
DHYHQWXDOLGDGHGHKRQUiOR
8PD VROXomR LQWHUPHGLiULD
SUHYLVWD HP OHL WDPEpP p D
SURLELomR SHOR VDFDGRU GH
DSUHVHQWDomR GD OHWUD SDUD
DFHLWH DQWHV GH XPD
GHWHUPLQDGD GDWD &RP LVWR
DHYHQWXDOUHFXVDGRDFHLWHH
FRQVHTXHQWH YHQFLPHQWR
DQWHFLSDGR GR WtWXOR ILFDP
SRVWHUJDGRV SDUD XPD GDWD
IXWXUD 7DPEpP p SRVVtYHO
DRVDFDGRUIL[DUXPSUD]RGH
DSUHVHQWDomR D DFHLWH
IRUoDQGR DVVLP D SURQWD
GHILQLomR GDV FRQVHTXrQFLDV
GDYRQWDGHGRVDFDGR
$OHWUDGHFkPELRVDOYR
QDV KLSyWHVHV HP TXH R
VDFDGRU GHILQH XP SUD]R
GLYHUVR GHYH VHU
DSUHVHQWDGDSHORWRPDGRUDR
VDFDGR DWp R Pi[LPR
SUHYLVWR HP OHL 6H VH WUDWDU
GHOHWUDGHFkPELRjYLVWDR
WRPDGRU GHYHUi SURFXUDU R
VDFDGR DWp R Pi[LPR GH
DQR DSyV R VDTXH DUW
1HVWH FDVR QR HQWDQWR D
OHWUD QmR p D ULJRU
DSUHVHQWDGD D DFHLWH PDV
SURSULDPHQWH SDUD
SDJDPHQWR 1DGD LPSHGH
FRQWXGR TXH D OHWUD j YLVWD
VHMD DFHLWD SHOR VDFDGR H
HP VHJXLGD SDJD -i D OHWUD
GH FkPELR D FHUWR WHUPR GD
YLVWD DTXHOD FXMR
YHQFLPHQWR VH RSHUD FRP R
WUDQVFXUVRGHODSVRWHPSRUDO
HP TXH D GDWD GR DFHLWH p R
WHUPR D TXR R WRPDGRU
GHYHUi DSUHVHQWiOD DR
VDFDGR SDUD DFHLWH DWp R
SUD]RGHDQRDSyVRVDTXH
DUW1HVWHWLSRGHOHWUD
GHFkPELRQmRpSRVVtYHODR
VDFDGRU LQVHULU D FOiXVXOD
³QmR DFHLWiYHO´ DUW $
OHWUD GH FkPELR D FHUWR
WHUPR GD GDWD DTXHOD FXMR
YHQFLPHQWR VH RSHUD FRP R
WUDQVFXUVRGHODSVRWHPSRUDO
HP TXH D GDWD GR VDTXH p R
WHUPR D TXR H D OHWUD GH
FkPELRHPGDWDFHUWDGHYHP
VHU DSUHVHQWDGDV D DFHLWH
SHOR WRPDGRU DWp R
YHQFLPHQWR IL[DGR SDUD R
WtWXOR DUW $
LQREVHUYkQFLD GHVVHV SUD]RV
SHORFUHGRUDFDUUHWDDSHUGD
GR GLUHLWR GH FREUDQoD GR
WtWXOR FRQWUD RV FRREULJDGRV
DUW
$SUHVHQWDGR R WtWXOR DR
VDFDGRHVWHWHPRGLUHLWRGH
SHGLU TXH HOH OKH VHMD
UHDSUHVHQWDGR QR GLD
VHJXLQWH QRV WHUPRV GR DUW
GD /8 e R FKDPDGR
SUD]R GH UHVSLUR TXH VH
GHVWLQD D SRVVLELOLWDU DR
VDFDGR D UHDOL]DomR GH
FRQVXOWDV RX D PHGLWDomR
DFHUFD GD FRQYHQLrQFLD GH
DFHLWDURXUHFXVDURDFHLWH
2 VDFDGR TXH UHWpP
LQGHYLGDPHQWH D OHWUD GH
FkPELR TXH OKH IRL
DSUHVHQWDGD SDUD DFHLWH ²
RX R GHYHGRU HP FDVR GH
HQWUHJD SDUD SDJDPHQWR ²
HVWi VXMHLWR D SULVmR
DGPLQLVWUDWLYD TXH GHYHUi
VHU UHTXHULGD DR MXL] QRV
WHUPRV GR DUW GR &3&
7UDWDVH GH PHGLGD
FRHUFLWLYDGHQDWXUH]DFLYLO
GHVWLQDGD D IRUoDU D
UHVWLWXLomR GD OHWUD DR VHX
SRUWDGRU OHJLWLPDGR 1mR p
VDQomR SHQDO H SRU LVVR
GHYH D SULVmR VHU
LPHGLDWDPHQWH UHYRJDGD QD
KLSyWHVH GH GHYROXomR RX
SDJDPHQWR GR WtWXOR RX
DLQGD VH QmR IRU SURIHULGR
MXOJDPHQWR HP GLDV D
FRQWDU GD H[HFXomR GR
PDQGDGR GH SULVmR &3&
DUW
(1'2662
$OHWUDGHFkPELRpWtWXOR
VDFDGR HP UHJUD FRP D
FOiXVXOD ³j RUGHP´ ,VWR
VLJQLILFD TXH R VHX FUHGRU
SRGH QHJRFLDU R FUpGLWR SRU
HOD UHSUHVHQWDGR PHGLDQWH
XP QHJyFLR MXUtGLFR
WUDVODGDGRU GD WLWXODULGDGH
GR FUpGLWR GH HIHLWRV
FDPELDLV FKDPDGR HQGRVVR
&RQFHLWXDVHHQWmRHQGRVVR
FRPR R DWR FDPELiULR TXH
RSHUD D WUDQVIHUrQFLD GR
FUpGLWR UHSUHVHQWDGR SRU
WtWXOR ³j RUGHP´ e FODUR D
DOLHQDomR GR FUpGLWR ILFD
DLQGD FRQGLFLRQDGD j
WUDGLomR GR WtWXOR HP
GHFRUUrQFLD GR SULQFtSLR GD
FDUWXODULGDGH
$ FOiXVXOD ³j RUGHP´
SRGH VHU H[SUHVVD RX WiFLWD
2XVHMDEDVWDTXHQmRWHQKD
VLGRLQVHULGDDFOiXVXOD³QmR
jRUGHP´QDOHWUDGHFkPELR
SDUDTXHHODVHMDWUDQVIHUtYHO
SRUHQGRVVR/8DUW
2 DOLHQDQWH GR FUpGLWR
GRFXPHQWDGR SRU XPD
FDPELDO p FKDPDGR GH
HQGRVVDQWHRXHQGRVVDGRUR
DGTXLUHQWH GH HQGRVVDWiULR
&RP R HQGRVVR R
HQGRVVDQWH HYLGHQWHPHQWH
GHL[DGHVHUFUHGRUGRWtWXOR
SRVLomRMXUtGLFDTXHSDVVDD
VHU RFXSDGD SHOR
HQGRVVDWiULR 7DPEpP p
HYLGHQWH TXH VRPHQWH R
FUHGRU SRGH DOLHQDU R
FUpGLWRHSRUWDQWRVRPHQWH
R FUHGRU SRGH VHU
HQGRVVDGRU $VVLP R
SULPHLUR HQGRVVDQWH GH
TXDOTXHU OHWUD GH FkPELR
VHUi VHPSUH R WRPDGRU R
VHJXQGR HQGRVVDQWH
QHFHVVDULDPHQWH R
HQGRVVDWiULR GR WRPDGRU R
WHUFHLUR R HQGRVVDWiULR GR
VHJXQGR HQGRVVDQWH H DVVLP
VXFHVVLYDPHQWH 1mR Ki
TXDOTXHU OLPLWH SDUD R
Q~PHUR GH HQGRVVRV GH XP
WtWXOR GH FUpGLWR HOH SRGH
VHU HQGRVVDGR GLYHUVDV
YH]HV FRPR SRGH
VLPSOHVPHQWH QmR VHU
HQGRVVDGR
2 HQGRVVR SURGX] HP
UHJUD GRLV HIHLWRV D
WUDQVIHUH D WLWXODULGDGH GR
FUpGLWR UHSUHVHQWDGR QD
OHWUD GR HQGRVVDQWH SDUD R
HQGRVVDWiULR E YLQFXOD R
HQGRVVDQWHDRSDJDPHQWRGR
WtWXOR QD TXDOLGDGH GH
FRREULJDGR/8DUW+i
HQGRVVRV TXH QmR SURGX]HP
XP RX RXWUR GHVWHV HIHLWRV
FRQIRUPH VH HVWXGDUi HP
VHJXLGD
2 HQGRVVR SRGH VHU GH
GXDVHVSpFLHV³HPEUDQFR´
TXDQGR QmR LGHQWLILFD R
HQGRVVDWiULRRX³HPSUHWR´
TXDQGR R LGHQWLILFD 5HVXOWD
R HQGRVVR GD VLPSOHV
DVVLQDWXUD GR FUHGRU GR
WtWXOR ODQoDGR QR VHX YHUVR
SRGHQGR VHU IHLWD VRE D
H[SUHVVmR ³3DJXHVH D
$QWRQLR 6LOYD´ HQGRVVR HP
SUHWR RX VLPSOHVPHQWH
³3DJXHVH´ HQGRVVR HP
EUDQFR RX VRE RXWUD
H[SUHVVmR HTXLYDOHQWH 2
HQGRVVRSRGHUiWDPEpPVHU
IHLWR QR DQYHUVR GR WtWXOR
PDV QHVWH FDVR p
REULJDWyULD D LGHQWLILFDomR
GR DWR FDPELiULR SUDWLFDGR
RX VHMD QmR SRGHUi R
HQGRVVDQWH VH OLPLWDU D
DVVLQDUDOHWUD
2 HQGRVVR HP EUDQFR
WUDQVIRUPD D OHWUD
QHFHVVDULDPHQWH VDFDGD
QRPLQDWLYD HP WtWXOR DR
SRUWDGRU 2 HQGRVVDWiULR GH
XP WtWXOR SRU HQGRVVR HP
EUDQFR SRGHUi WUDQVIHULU R
FUpGLWR QHOH UHSUHVHQWDGR
SRU PHUD WUDGLomR KLSyWHVH
HP TXH QmR ILFDUi
FRREULJDGR
$OHLYHGDDRHQGRVVDQWH
OLPLWDU R HQGRVVR D XPD
SDUWH GR YDORU GD OHWUD
FRQVLGHUDQGRQXORRHQGRVVR
SDUFLDO/8DUW&&DUW
SDUiJUDIR ~QLFR
2XWURVVLP R HQGRVVR
FRQGLFLRQDO HP TXH D
WUDQVIHUrQFLD GR FUpGLWR ILFD
VXERUGLQDGD D DOJXPD
FRQGLomR UHVROXWLYD RX
VXVSHQVLYD QmR p QXOR PDV
UHIHULGD FRQGLomR VHUi
LQHILFD] SRUTXH D OHL D
FRQVLGHUD QmR HVFULWD DUW
$ GRXWULQD FRVWXPD
UHXQLU VRE D UXEULFD GH
HQGRVVR LPSUySULR DTXHOH
TXH QmR SURGX] R HIHLWR GH
WUDQVIHULU D WLWXODULGDGH GR
FUpGLWR GRFXPHQWDGR SHOD
OHWUD GH FkPELR PDV
OHJLWLPD D SRVVH VREUH D
FiUWXOD H[HUFLGD SHOR VHX
GHWHQWRU &RP HIHLWR HP
GHWHUPLQDGDV FLUFXQVWkQFLDV
SRGHUi R FUHGRU GD OHWUD
WUDQVIHULU OHJLWLPDPHQWH D
VXDSRVVHDXPWHUFHLURVHP
WUDQVIHULUOKH D WLWXODULGDGH
GR FUpGLWR UHSUHVHQWDGR 1R
FDVR GH R FUHGRU GD OHWUD
LQFXPELU D XP VHX
SURFXUDGRURUHFHELPHQWRGR
WtWXORGHYHUiSUDWLFDUXPDWR
FDPELiULR HVSHFtILFR
GHVWLQDGRDOHJLWLPDUDSRVVH
GRVHXPDQGDWiULRVREUHHOH
&DVR WDO DWR QmR VHMD
SUDWLFDGRQDSUySULDOHWUDR
GHYHGRU TXH HIHWXDU R
SDJDPHQWR QmR VH OLEHUDUi
YDOLGDPHQWH HP YLUWXGH GD
DSOLFDomR GRV SULQFtSLRV GD
FDUWXODULGDGH H GD
OLWHUDOLGDGH 2 HQGRVVR
LPSUySULR TXH OHJLWLPD D
SRVVH GR SURFXUDGRU GR
FUHGRU p R HQGRVVRPDQGDWR
/8DUW&&DUW
2XWUR H[HPSOR GH
HQGRVVR LPSUySULR p R
HQGRVVRFDXomR HP TXH D
OHWUD FRQVLGHUDGD EHP
PyYHO p RQHUDGD SRU
SHQKRU HP IDYRU GH XP
FUHGRU GR HQGRVVDQWH 1R
HQGRVVRFDXomR R FUpGLWR
QmR VH WUDQVIHUH SDUD R
HQGRVVDWiULRTXHpLQYHVWLGR
QD TXDOLGDGH GH FUHGRU
SLJQRUDWtFLR GR HQGRVVDQWH
&XPSULGD D REULJDomR
JDUDQWLGD SHOR SHQKRU GHYH
D OHWUD UHWRUQDU j SRVVH GR
HQGRVVDQWH 6RPHQWH QD
HYHQWXDOLGDGH GH QmR
FXPSULPHQWR GD REULJDomR
JDUDQWLGD p TXH R
HQGRVVDWiULR SRU HQGRVVR
FDXomR DSURSULDVH GR
FUpGLWR UHSUHVHQWDGR SHOD
OHWUD 2 HQGRVVDWiULR SRU
HQGRVVRFDXomR QmR SRGH
HQGRVVDURWtWXORVDOYRSDUD
SUDWLFDU R HQGRVVRPDQGDWR
/8DUW&&DUW
-i R HQGRVVR TXH QmR
SURGX]RHIHLWRGHYLQFXODUR
HQGRVVDQWHDRSDJDPHQWRGR
WtWXOR p R FKDPDGR HQGRVVR
³VHP JDUDQWLD´ SUHYLVWR QR
DUW GD /8 &RP HVWD
FOiXVXOD R HQGRVVDQWH
WUDQVIHUH D WLWXODULGDGH GD
OHWUD VHP VH REULJDU DR VHX
SDJDPHQWR $ UHJUD FRPR
YLVWR p D GD YLQFXODomR GR
HQGRVVDQWHOHPEUHVHTXHR
DUWGR&&QmRVHDSOLFD
HP UD]mR GR DUW GR
PHVPR &yGLJR 2 DWR GR
HQGRVVDQWH GH LQVHULU QR
HQGRVVR D FOiXVXOD ³VHP
JDUDQWLD´ SRUpP DIDVWD D
YLQFXODomRSUHYLVWDHPOHL
2 QHJyFLR MXUtGLFR
WUDVODGDGRU GD WLWXODULGDGH
GH FUpGLWR GH HIHLWRV QmR
FDPELDLVpDFHVVmRFLYLOGH
FUpGLWR (VWD GLIHUH GR
HQGRVVR HP GRLV QtYHLV
TXDQWR j H[WHQVmR GD
UHVSRQVDELOLGDGH GR
DOLHQDQWH GR FUpGLWR SHUDQWH
R DGTXLUHQWH H TXDQWR DRV
OLPLWHVGHGHIHVDGRGHYHGRU
HP IDFH GD H[HFXomR GR
FUpGLWRSHORDGTXLUHQWH
4XDQWR DR SULPHLUR
DVSHFWR DFHQWXHVH TXH R
HQGRVVDQWH UHVSRQGH HP
UHJUD WDQWR SHOD H[LVWrQFLD
GR FUpGLWR TXDQWR SHOD
VROYrQFLD GR GHYHGRU (P
RXWURV WHUPRV R
HQGRVVDWiULR SRGHUi
H[HFXWDU R FUpGLWR FRQWUD R
HQGRVVDQWH FDVR R GHYHGRU
QmR WHQKD UHDOL]DGR R
SDJDPHQWR GHVWH -i R
FHGHQWH UHVSRQGH HP UHJUD
DSHQDV SHOD H[LVWrQFLD GR
FUpGLWRHQmRSHODVROYrQFLD
GRGHYHGRU&&DUWVH
1RWRFDQWHDRVHJXQGR
DVSHFWR R GHYHGRU SRGHUi
GHIHQGHUVH TXDQGR
H[HFXWDGR SHOR FHVVLRQiULR
DUJXLQGRPDWpULDVDWLQHQWHVD
VXD UHODomR MXUtGLFD FRP R
FHGHQWH && DUW PDV
QmR SRGHUi GHIHQGHUVH
TXDQGR H[HFXWDGR SHOR
HQGRVVDWiULR DUJXLQGR
PDWpULDV DWLQHQWHV D VXD
UHODomR MXUtGLFD FRP R
HQGRVVDQWH SULQFtSLR GD
DXWRQRPLD GDV REULJDo}HV
FDPELDLV H VXESULQFtSLR GD
LQRSRQLELOLGDGH GDV
H[FHo}HV SHVVRDLV DRV
WHUFHLURV GH ERDIp
UHIHULGRVQRDUWGD/8H
GR&&
+i DOJXQV HQGRVVRV TXH
SURGX]HP HIHLWRV GH FHVVmR
FLYLO GH FUpGLWR 2X VHMD
HQGRVVRV HP TXH R
HQGRVVDQWHQmRUHVSRQGHHP
UHJUD SHOD VROYrQFLD GR
GHYHGRU H HP TXH R
HQGRVVDWiULR QmR DGTXLUH
REULJDomR DXW{QRPD 6mR
GXDV DV KLSyWHVHV GH
HQGRVVRV FRP HIHLWRV GH
FHVVmR FLYLO GH FUpGLWR D
VDEHUD HQGRVVR SUDWLFDGR
DSyV R SURWHVWR SRU IDOWD GH
SDJDPHQWR RX GR WUDQVFXUVR
GR SUD]R OHJDO SDUD D
H[WUDomR GHVVH SURWHVWR DUW
E HQGRVVR GH OHWUD GH
FkPELRFRPDFOiXVXOD³QmR
jRUGHP´DUW
(PUHODomRDHVWD~OWLPD
KLSyWHVH GH HQGRVVR FRP
HIHLWRV GH FHVVmR FLYLO GH
FUpGLWR ID]VH QHFHVViULR
REVHUYDU TXH D OHWUD SRGH
VHU HPLWLGD FRP D FOiXVXOD
³QmR j RUGHP´ RX VHMD
WUDQVPLVVtYHO PHGLDQWH
FHVVmRFLYLOGHFUpGLWR(VVD
FOiXVXOD SRGH VHU LQVHULGD
SHOR VDFDGRU H DVVLP
GHVQDWXUDU WRGR H TXDOTXHU
HQGRVVR TXH YHQKD D VHU
IHLWR QD OHWUD GH FkPELR RX
SRGH VHU LQVHULGD SRU XP
HQGRVVDQWH SURLELQGR TXH R
WtWXOR VHMD QRYDPHQWH
HQGRVVDGR $ IRUPD GH
LQVHULU QD FiUWXOD WDO
SURLELomR p SRU PHLR GD
FOiXVXOD ³QmR j RUGHP´
SRVWR TXH DVVLP D
WUDQVIHUrQFLD GD WLWXODULGDGH
GR FUpGLWR UHSUHVHQWDGR
VRPHQWH SRGHUi RSHUDUVH
SHOD FHVVmR FLYLO GH FUpGLWR
H QmR PDLV SHOR HQGRVVR
FRP DV FRQVHTXrQFLDV
DGYLQGDV GDV Mi H[DPLQDGDV
GLIHUHQoDV HQWUH XP H RXWUR
QHJyFLR MXUtGLFR 3RU HVWD
UD]mR p TXH D OHL HVWDEHOHFH
TXH R HQGRVVR GH XPD OHWUD
QD TXDO IRL LQVHULGD D
FOiXVXOD ³QmR jRUGHP´WHP
DULJRURVHIHLWRVGHFHVVmR
FLYLO DUW 2XWURVVLP
FRPR IRUPD GH VH
GHVHVWLPXODUVLWXDo}HVFRPR
HVWDV R HQGRVVDQWH TXH
LQVHULU D FOiXVXOD ³QmR j
RUGHP´ HP VHX HQGRVVR RX
VHMD TXH SURLELU QRYRV
HQGRVVRV GD OHWUD QmR
JDUDQWH R VHX SDJDPHQWR
VHQmR SDUD R VHX SUySULR
HQGRVVDWiULRDUW4XHP
DGTXLULU R FUpGLWR
UHSUHVHQWDGR SRU XPD OHWUD
GH FkPELR HQGRVVDGD FRP D
FOiXVXOD ³QmR j RUGHP´ DR
DOLHQDQWH QmR WHUi D JDUDQWLD
QHP GHVWH TXH p FHGHQWH
QHP GR HQGRVVDQWH DQWHULRU
TXH SURLELUD QRYRV
HQGRVVRV
$9$/
1RFRQMXQWRGHGLSORPDV
QRUPDWLYRV UHODFLRQDGRV
FRP R FRPEDWH j LQIODomR
DGRWDGR SHOR 3UHVLGHQWH
&ROORU Mi QR GLD GH
PDUoR GH HQFRQWUDYD
VH D 0HGLGD 3URYLVyULD Q
TXHSRVWHULRUPHQWHIRL
FRQYHUWLGD FRP XPD
SHTXHQtVVLPD DOWHUDomR QD
/HL Q GH 3RU
HODV R OHJLVODGRU DGRWRX
XPD VpULH GH YHGDo}HV
UHODWLYDPHQWH D DOJXQV
GRFXPHQWRV UHSUHVHQWDWLYRV
GH REULJDomR SHFXQLiULD RX
LQYHVWLPHQWRV FRP R
REMHWLYR GH LGHQWLILFDU R
UHVSHFWLYR WLWXODU 'XDV
GHVWDV YHGDo}HV LQWHUHVVDP
SDUD D PDWpULD WUDWDGD QHVWH
&DStWXOR D VDEHU D D
SURLELomR GH HPLVVmR GH
WtWXORV DR SRUWDGRU RX
QRPLQDWLYRVHQGRVViYHLV
DUW,,E D UHODWLYD DR
SDJDPHQWR GH WtWXORV D
EHQHILFLiULRQmRLGHQWLILFDGR
DUW FDSXW $ TXHVWmR
GL]UHVSHLWRjDSOLFDELOLGDGH
GHVWHVGLVSRVLWLYRVjOHWUDGH
FkPELR H HP GHFRUUrQFLD
SRU VH VXMHLWDUHP DR PHVPR
UHJLPH MXUtGLFR j QRWD
SURPLVVyULDHjGXSOLFDWD
&RPR VH PHQFLRQRX D
GLVFLSOLQD OHJDO GD OHWUD GH
FkPELRHPYLJRUQR%UDVLOp
GHFRUUHQWH GH VXD DGHVmR j
&RQYHQomR GH *HQHEUD
&ODUR TXH R HVWDGR
SDUWLFLSDQWH GD &RQYHQomR
QmR SUHFLVD LQFRUSRUDU R
WH[WRGDOHLXQLIRUPHHPVXD
YHUVmR LQWHJUDO SRGHQGR
DOWHUiOR SDUFLDOPHQWH SDUD
DWHQGHU jV VXDV
SHFXOLDULGDGHV &RQWXGR
HVWDV DOWHUDo}HV GHYHP VHU
FLUFXQVFULWDV jV KLSyWHVHV
PHQFLRQDGDV QR $QH[R ,,
YDOH GL]HU QmR SRGHP
XOWUDSDVVDU RV OLPLWHV
GHILQLGRV SHODV UHVHUYDV
DVVLQDODGDV 2 HVWDGR TXH
DGRWH HP VXD OHJLVODomR
LQWHUQD XP FRQMXQWR GH
QRUPDVLQFRPSDWtYHLVFRPD
HVVrQFLD GD OHL XQLIRUPH
HVWi D ULJRU GHQXQFLDQGR D
&RQYHQomR 1R SDVVDGR
TXDQGR VH LQVWLWXLX XP
UHJLVWUR GDV FDPELDLV FRPR
FRQGLomR GH VXD
H[HFXWLYLGDGH HQWHQGHXVH
TXH HPERUD QmR SUHYLVWR
SHOD&RQYHQomRGH*HQHEUD
HVWH UHTXLVLWR QD YHUGDGH
HUD SOHQDPHQWH FRQFLOLiYHO
FRP D GLVFLSOLQD
LQWHUQDFLRQDO GR LQVWLWXWR
0DV DJRUD D VLWXDomR p EHP
GLIHUHQWH SRVWR TXH D
DSOLFDomR GR DUW ,, GD
/HL Q DRV WtWXORV
GH FUpGLWRV SUySULRV
LPSRUWDULD QD FRPSOHWD
GHVFDUDFWHUL]DomR GR
LQVWLWXWR
&RP HIHLWR D OHWUD GH
FkPELR /8 DUW D
QRWD SURPLVVyULD /8 DUW
HDGXSOLFDWD/'DUW
9MiQmRDGPLWLDP
QR VDTXH D IRUPD DR
SRUWDGRU $ QRYLGDGH
SRUWDQWR TXH GHFRUUHULD GD
DSOLFDomR GR UHIHULGR
GLVSRVLWLYR GD /HL Q
VHULD D SURLELomR
GD IRUPD QRPLQDWLYR
HQGRVViYHO (P RXWURV
WHUPRV HVWDULD SURLELGD D
FULDomRGHWtWXORVGHFUpGLWR
FRP D FOiXVXOD ³j RUGHP´
SDVVDQGR D VHU UHTXLVLWR
HVVHQFLDOVHXDFOiXVXOD³QmR
jRUGHP´
&RP LVWR QmR VH YHGD D
FLUFXODomR GD OHWUD PDV
DSHQDV R VHX HQGRVVR
'HFHUWR HOD FRQWLQXDUi D
FLUFXODU SRU FHVVmR FLYLO GH
FUpGLWR 7RGDYLD HP
GHFRUUrQFLD GDV GLIHUHQoDV
H[LVWHQWHV HQWUH R HQGRVVR H
D FHVVmR FLYLO WRGD D
FLUFXODomR GR FUpGLWR
GHL[DULD GH JR]DU GDV
YDQWDJHQV TXH R UHJLPH
MXUtGLFRFDPELDO RIHUHFH
8P FRPHUFLDQWH TXH
DFHLWDVVH D WUDQVIHUrQFLD GH
FUpGLWR UHSUHVHQWDGR SRU
GXSOLFDWDV HP SDJDPHQWR GH
PHUFDGRULDV YHQGLGDV QmR
HVWDULD PDLV DOEHUJDGR SHOD
LQRSRQLELOLGDGH GDV
H[FHo}HV SHVVRDLV R EDQFR
TXH DFHLWDVVH HVWHV WtWXORV
FRPR JDUDQWLD GH XP
FRQWUDWR GH P~WXR QmR
SRGHULD FREUiORV GR
PXWXiULR QD KLSyWHVH GH
LQVROYrQFLD GR GHYHGRU GRV
WtWXORV Mi TXH R FHGHQWH Vy
UHVSRQGH SHOD H[LVWrQFLD GR
FUpGLWR
(PVXPDVHPRHQGRVVR
R WtWXOR GH FUpGLWR VH
GHVQDWXUD 3HUGH PXLWR GR
VHXDWULEXWRH[FOXVLYRTXHp
DQHJRFLDELOLGDGHHSDVVDD
VHU DSHQDV XP LQVWUXPHQWR
D PDLV HQWUH RV
UHSUHVHQWDWLYRV GH
REULJDomR VHP
HVSHFLILFLGDGH TXH R
GLVWLQJD
8PDWUDQVIRUPDomRGHVVD
PRQWD QR UHJUDPHQWR
MXUtGLFR GD OHWUD GH FkPELR
HTXLYDOH j GHQ~QFLD GD
&RQYHQomR GH *HQHEUD
&RPRHVWDQmRIRL²HQHP
FRQYpP TXH VHMD ² IHLWD D
PHOKRU LQWHUSUHWDomR QR
FDVRpDGHTXHRDUW,,
GD /HL Q QmR VH
DSOLFD DRV WtWXORV GH FUpGLWR
SUySULRV VHQGR QRUPD
GHVWLQDGD DRV WtWXORV GH
FUpGLWR LPSUySULRV GH
LQYHVWLPHQWR
(PUHODomRjYHGDomRGH
SDJDPHQWRV GH WtWXORV D
EHQHILFLiULRV QmR
LGHQWLILFDGRV FRQVWDQWH GR
DUW FDSXW GD /HL Q
D VROXomR p
GLYHUVD &RPR D VXD
DSOLFDomR jV OHWUDV p
FRPSDWtYHO FRP D HVVrQFLD
GD FRQYHQomR LQWHUQDFLRQDO
TXH D GLVFLSOLQD QmR Ki
FRPR VH HQWUHYHU QHVWD
DSOLFDomR TXDOTXHU HIHLWR
HTXLYDOHQWH j GHQ~QFLD GR
DFRUGDGR HP *HQHEUD $
UHJUD HP TXHVWmR SRGH VHU
SOHQDPHQWH LQWHJUDGD DR
UHJLPHMXUtGLFRFDPELDOVHP
R GHVFDUDFWHUL]DU $VVLP R
HQGRVVR HP EUDQFR DTXHOH
TXH QmR LGHQWLILFD R
HQGRVVDWiULR GHYH
QHFHVVDULDPHQWH VHU
FRQYHUWLGR HP HQGRVVR HP
SUHWRDQWHVGRSDJDPHQWRGR
WtWXOR 3URFHGLPHQWR HVWH
LQWHLUDPHQWH KDUPRQL]DGR
FRP R GLVSRVWR QR DUW
SULPHLUD DOtQHD GD /HL
8QLIRUPH EHP FRPR FRP R
DUW GR 'HFUHWR Q
RDUWGD/HL
Q H D 6~PXOD
GR 67) DOpP GH WUDGX]LUVH
HP XP PHFDQLVPR TXH
DWHQGH SOHQDPHQWH RV
REMHWLYRVGDOHLUHIHULGDTXH
p D LGHQWLILFDomR GRV
FRQWULEXLQWHV SDUD ILQV
ILVFDLV
&$3Ë78/2
(;,*,%,/,'$'(
'2&5e',72
&$0%,È5,2
,1752'8d2
9(1&,0(172
2 YHQFLPHQWR GH XP
WtWXOR GH FUpGLWR VH RSHUD
FRP R DWR RX IDWR MXUtGLFR
SUHGHWHUPLQDGRSRUOHLFRPR
QHFHVViULRDWRUQDURFUpGLWR
FDPELiULR H[LJtYHO +i GXDV
HVSpFLHV GH YHQFLPHQWR R
RUGLQiULRTXHVHRSHUDSHOR
IDWR MXUtGLFR GHFXUVR GR
WHPSR RX SHOD DSUHVHQWDomR
DRVDFDGRGDOHWUDjYLVWDH
R H[WUDRUGLQiULR TXH VH
RSHUD SRU UHFXVD GR DFHLWH
RXSHODIDOrQFLDGRDFHLWDQWH
'HFQDUW
, 6RPHQWH D IDOrQFLD GR
DFHLWDQWH GH XPD OHWUD GH
FkPELR SURGX] R VHX
YHQFLPHQWR DQWHFLSDGR
$OJXQVDXWRUHVHQWHQGHPTXH
D IDOrQFLD GH TXDOTXHU
FRREULJDGR GHYHULD VHU
OHYDGD HP FRQWD FRPR
YHQFLPHQWR H[WUDRUGLQiULR
GR WtWXOR GH FUpGLWR $
PHOKRUIRUPDGHH[DPLQDUR
DVVXQWRFRQWXGRQmRpHVWD
$IDOrQFLDGHXPFRREULJDGR
SURGX] DSHQDV R
YHQFLPHQWR GD REULJDomR
FDPELiULD GH TXH VHMD
GHYHGRU HOH SUySULR
SHUPDQHFHQGR DV GHPDLV
REULJDo}HV FRP R VHX
YHQFLPHQWR LQDOWHUDGR
6RPHQWH D IDOrQFLD GR
DFHLWDQWH WHP SRU
FRQVHTXrQFLD R YHQFLPHQWR
DQWHFLSDGR GHWRGDV DV
REULJDo}HV FDPELDLV GR
WtWXOR PHVPR H QmR DSHQDV
GHVXDSUySULDREULJDomR$
IDOrQFLD GR DYDOLVWD GR
DFHLWDQWH WDPEpP QmR p
FDXVD GH YHQFLPHQWR
H[WUDRUGLQiULR GD OHWUD GH
FkPELR
3DUD D FRQWDJHP GH
SUD]RV D /HL 8QLIRUPH
HVWDEHOHFH GHWHUPLQDGDV
UHJUDVTXHVHUYHPSDUDWRGR
R GLUHLWR FDPELiULR &RP
HIHLWR VHJXQGR R DUW
GHVVD OHL DGRWDPVH DV
VHJXLQWHVQRUPDV
DRPrVVHFRQWDSHOR
PrV RX VHMD R
YHQFLPHQWR GD OHWUD GH
FkPELR D FHUWR WHUPR GD
YLVWD RX GD GDWD IL[DGR
HP PrV RX PHVHV
RSHUDUVHi QR PHVPR
GLD GR DFHLWH RX GR
VDTXH UHVSHFWLYDPHQWH
QR PrV GH SDJDPHQWR
LQH[LVWLQGR QHVWH PrV R
UHIHULGR GLD R
YHQFLPHQWR VH GDUi QR
~OWLPRGLDGRPrV
E PHLR PrV VLJQLILFD R
ODSVRGHGLDVHVHRSUD]R
GH YHQFLPHQWR GDV OHWUDV GH
FkPELR D FHUWR WHUPR GD
YLVWDRXGDGDWDKRXYHUVLGR
IL[DGR HP PrV RX PHVHV
LQWHLURV PDLV PHLR PrV
FRPSXWDUVHmR
LQLFLDOPHQWH RV PHVHV
LQWHLURV SDUD VRPHQWH DSyV
DGLFLRQDURVGLDV$VVLP
R YHQFLPHQWR GH XPD OHWUD
GH FkPELR VDFDGD SDUD XP
PrV H PHLR GD YLVWD FXMR
DFHLWH IRL GDWDGR GH GH
IHYHUHLUR GH DQR QmR
ELVVH[WR UHFDLUi HP GH
DEULOQmRHPGHDEULOGR
PHVPR DQR 7DPEpP XPD
OHWUD GH FkPELR VDFDGD HP
GH MDQHLUR GH DQR QmR
ELVVH[WRSDUDYHQFLPHQWRHP
XPPrVLUiYHQFHUQRGLD
GHIHYHUHLURVHJXLQWH
F R YHQFLPHQWR
GHVLJQDGR SDUD R LQtFLR
PHDGRV RX ILP GH
GHWHUPLQDGR PrV RFRUUHUi
QRV GLDV H QR ~OWLPR
GLD GR UHIHULGR PrV
UHVSHFWLYDPHQWH
4XHVWmR LQWHUHVVDQWH GL]
UHVSHLWR j IDOWD GH GDWD GR
DFHLWH HP OHWUD GH FkPELR
VDFDGD D FHUWR WHUPR GD
YLVWD $ FRQWDJHP GR SUD]R
GH YHQFLPHQWR QHVWH FDVR
ILFDULD LPSRVVLELOLWDGD VH D
OHLQmRSUHYLVVHIyUPXODVGH
VDQDU D IDOWD GH GDWD (P
SULPHLUR OXJDU LPSRUWD
UHFXSHUDU D LGHLD GH TXH R
WtWXOR LQFRPSOHWR SRGH VHU
FRPSOHWDGRSHORSRUWDGRUGH
ERDIp $VVLP R FUHGRU GD
OHWUD GH FkPELR SRGHUi
VLPSOHVPHQWHGDWDURDFHLWH
HVFUHYHQGRQRWtWXORDGDWD
HP TXH HOH HIHWLYDPHQWH
RFRUUHX 3RGHUi QR HQWDQWR
RSWDUSHORSURWHVWRGRWtWXOR
2 DUW GD /8 SUHYr XP
SURWHVWR HVSHFtILFR SDUD DV
OHWUDV GH FkPELR D FHUWR
WHUPR GD YLVWD FXMR DFHLWH
QmR VH HQFRQWUD GDWDGR TXH
p R SURWHVWR SRU IDOWD GH
GDWD 2 DFHLWDQWH p LQWLPDGR
SDUD YLU GDWDU D OHWUD HP
FDUWyULR FRQVLGHUDQGRVH
HP FDVR GH QmR
FRPSDUHFLPHQWR FRPR GDWD
GR DFHLWH D GR SURWHVWR
)LQDOPHQWH VH D OHWUD GH
FkPELRQHVWDVFRQGLo}HVQmR
VHHQFRQWUDUSURWHVWDGDDOHL
IDFXOWD DR FUHGRU FRQVLGHUDU
R DFHLWH FRPR IHLWR QR
~OWLPR GLD GR SUD]R GH
DSUHVHQWDomR DUW RX
VHMD DQR DSyV R VDTXH
FRPSXWDQGRVH HQWmR D
SDUWLUGRWpUPLQRGHVWHSUD]R
R ODSVR GR YHQFLPHQWR GD
FDPELDO
3$*$0(172
3HOR SDJDPHQWR
H[WLQJXHPVHXPDDOJXPDRX
WRGDV DV REULJDo}HV
UHSUHVHQWDGDV SRU XP WtWXOR
GHFUpGLWR6HRSDJDPHQWRp
IHLWR SRU XP FRREULJDGR RX
SHOR DYDOLVWD GR DFHLWDQWH
VmR H[WLQWDV D SUySULD
REULJDomR GH TXHP SDJRX H
PDLV DV GRV FRREULJDGRV
SRVWHULRUHV VH R SDJDPHQWR
pIHLWRSHORDFHLWDQWHGDOHWUD
GH FkPELR H[WLQJXHPVH
WRGDV DV REULJDo}HV
FDPELDLV
2 SDJDPHQWR GH XPD
OHWUD GH FkPELR GHYH VHU
IHLWR QR SUD]R GD OHL TXH
GLIHUH VHJXQGR R OXJDU GH
VXD UHDOL]DomR 3DUD XPD
OHWUD GH FkPELR SDJiYHO QR
H[WHULRU R FUHGRU GHYH
DSUHVHQWDU R WtWXOR DR
DFHLWDQWH QR GLD GR
YHQFLPHQWRRXQXPGRVGRLV
GLDV~WHLVVHJXLQWHV/8DUW
-iVHDOHWUDGHFkPELR
p SDJiYHO QR %UDVLO R
FUHGRU GHYHUi DSUHVHQWiOD
DR DFHLWDQWH SDUD SDJDPHQWR
QR GLD GR YHQFLPHQWR RX
UHFDLQGR HVWH QXP GLD QmR
~WLO QR SULPHLUR GLD ~WLO
VHJXLQWHDUWGR$QH[R,,
GD &RQYHQomR GH *HQHEUD
FF R DUW GR 'HF Q
6H QmR IRU
REVHUYDGR R SUD]R GH
DSUHVHQWDomR SDUD
SDJDPHQWR R FUHGRUQmR
SHUGHUi R GLUHLWR DR FUpGLWR
FDPELiULR 0DV QHVWD
KLSyWHVH TXDOTXHU GHYHGRU
SRGHUi GHSRVLWDU HP MXt]R
SRUFRQWDGRFUHGRURYDORU
GR WtWXOR 5HVSRQGHUi
SRUWDQWR R FUHGRU GH OHWUD
GH FkPELR QmR DSUHVHQWDGD
WHPSHVWLYDPHQWH SDUD
SDJDPHQWR SHOR
UHVVDUFLPHQWR GDV GHVSHVDV
GHHYHQWXDOGHSyVLWRMXGLFLDO
IHLWR SHOR GHYHGRU SULQFLSDO
RX SRU XP FRREULJDGR
6RPHQWHQDKLSyWHVHGHOHWUD
GH FkPELR FRP D FOiXVXOD
³VHP GHVSHVDV´ TXH
GLVSHQVDRSURWHVWRSDUDILQV
GHFRQVHUYDomRGRGLUHLWRGH
FUpGLWR FRQWUD RV
FRREULJDGRVRXSDUWHGHOHV
p TXH D LQREVHUYkQFLD GR
SUD]R GH DSUHVHQWDomR SDUD
SDJDPHQWR LPSRUWD
FRQVHTXrQFLD GLVWLQWD D
VDEHU SHUGD GR GLUHLWR GH
FUpGLWR FRQWUD WRGRV RV
FRREULJDGRV QRV WHUPRV GR
DUWGD/8
3DUD ILQV FDPELDLV
FRQVLGHUDVH ~WLO R GLD HP
TXH Ki H[SHGLHQWH EDQFiULR
LQGHSHQGHQWHPHQWH GH VHU
RX QmR IHULDGR ORFDO RX
QDFLRQDO /HL Q
DUW
2 SDJDPHQWR GH XPD
FDPELDO GHYH FHUFDUVH GH
FDXWHODV SUySULDV (P
YLUWXGH GR SULQFtSLR GD
FDUWXODULGDGHRGHYHGRUTXH
SDJDDOHWUDGHFkPELRGHYH
H[LJLU TXH OKH VHMD HQWUHJXH
R WtWXOR (P GHFRUUrQFLD GR
SULQFtSLR GD OLWHUDOLGDGH
GHYHUi H[LJLU TXH VH OKH Gr
TXLWDomR QR SUySULR WtWXOR
6HQmRREVHUYDUWDLVFDXWHODV
HVSHFtILFDV H D OHWUD IRU
HQGRVVDGD D SRUWDGRU GH
ERDIp R GHYHGRU QmR
SRGHUi IXUWDUVH D XP
VHJXQGR SDJDPHQWR SRU
IRUoD GR SULQFtSLR GD
DXWRQRPLD GDV REULJDo}HV
FDPELDLV e FODUR TXH HP
VHJXLGDSRGHUiUHDYHURTXH
SDJRX D PDLV GH TXHP VH
EHQHILFLRX GR
HQULTXHFLPHQWR LQGHYLGR 2
HQGRVVDQWH TXH SDJDU XPD
OHWUD SRGHUi ULVFDU R VHX
HQGRVVR H RV HQGRVVRV
SRVWHULRUHV
7HPVH DGPLWLGR R
SDJDPHQWR SDUFLDO GD OHWUD
GH FkPELR GHVGH TXH
REVHUYDGDVDOJXPDVFDXWHODV
TXHDGRXWULQDUHFRPHQGDD
VDEHUDVRPHQWHRDFHLWDQWH
SRGHUiRSWDUSHORSDJDPHQWR
SDUFLDO TXH QmR SRGHUi VHU
UHFXVDGR SHOR FUHGRUE R
WtWXOR SHUPDQHFH HP SRVVH
GR FUHGRU TXH QHOH GHYH
ODQoDU TXLWDomR SDUFLDOF
RV FRREULJDGRV H R DYDOLVWD
GR DFHLWDQWH SRGHP VHU
FREUDGRV SHOR VDOGR QmR
SDJR VHQGR QHFHVViULR R
SURWHVWR SDUD D
UHVSRQVDELOL]DomR GR
VDFDGRU HQGRVVDQWHV H VHXV
DYDOLVWDV
8PDREULJDomRFDPELDOp
GH QDWXUH]D TXHVtYHO RX
VHMD FDEH DR FUHGRU D
LQLFLDWLYDSDUDDREWHQomRGD
VDWLVIDomR GR FUpGLWR 'HYH
HOHSURFXUDURGHYHGRUSDUD
UHFHEHU R YDORU GR WtWXOR RX
DYLViOR GR ORFDO RQGH
SRGHUi VHU IHLWR R
SDJDPHQWR $R FRQWUiULR GR
TXH RFRUUH FRP R GHYHGRU
GH REULJDomR SRUWiYHO DR
GHYHGRUFDPELDOQmRFDEHD
LQLFLDWLYD SDUD D VROXomR GD
SHQGrQFLD 'H TXDOTXHU
IRUPD D LQREVHUYkQFLD GD
FOiXVXOD TXHVtYHO RX
SRUWiYHO QmR LQYDOLGD R
SDJDPHQWR
2 GHYHGRU GH XPD OHWUD
GH FkPELR GHYH QHJDUVH D
HIHWXDU R SDJDPHQWR DR
SRUWDGRU GR WtWXOR VHPSUH
TXHRFRUUHUMXVWDFDXVDSDUD
HVWD RSRVLomR 2 UHYRJDGR
SDUiJUDIR ~QLFR GR DUW
GR 'HFUHWR Q
RIHUHFH DOJXQV H[HPSORV
GHVWD HVSpFLH GH FDXVD
H[WUDYLRGDOHWUDIDOrQFLDRX
LQFDSDFLGDGH GR SRUWDGRU
6H SDJDU XPD OHWUD FRP
LQREVHUYkQFLD GHVWD FDXWHOD
QmR ILFDUi YDOLGDPHQWH
GHVREULJDGR /8 DUW
$VVLP VH D IDOrQFLD GR
FUHGRU HUD GR FRQKHFLPHQWR
GR GHYHGRU FDPELDO H QR
HQWDQWR HOH HIHWXRX R
SDJDPHQWR GR WtWXOR DR
IDOLGR D PDVVD SRGHUi
UHFODPDU QRYR SDJDPHQWR
GDTXHOHGHYHGRU
3527(672
$IDOWDGHDFHLWHGHGDWD
GR DFHLWH RX GH SDJDPHQWR
GHXPDOHWUDGHFkPELRGHYH
VHU SURYDGD SRU SURWHVWR
FDPELDOTXHpDWRIRUPDOGH
UHVSRQVDELOLGDGH GR
SRUWDGRUGRWtWXOR
2 SURWHVWR SRU IDOWD GH
DFHLWH p H[WUDtGR FRQWUD R
VDFDGRUTXHWHYHLQDFROKLGD
D VXD RUGHP GH SDJDPHQWR
2 VDFDGR QmR SRGH ILJXUDU
FRPRSURWHVWDGRQHVWHFDVR
SHOD FLUFXQVWkQFLD GH VH
HQFRQWUDU DEVROXWDPHQWH
OLYUH GH TXDOTXHU REULJDomR
FDPELiULD 0DV TXHP VHUi
LQWLPDGR SDUD
HYHQWXDOPHQWH YLU DFHLWDU D
OHWUD HP FDUWyULR p
QDWXUDOPHQWH R SUySULR
VDFDGR -i R SURWHVWR SRU
IDOWDGHGDWDGRDFHLWHRXSRU
IDOWD GH SDJDPHQWR p
H[WUDtGR FRQWUD R DFHLWDQWH
HVWH VLP XP GHYHGRU
FDPELDO
$ OHL HVWDEHOHFH SDUD R
SURWHVWRRVVHJXLQWHVSUD]RV
SDUD R SURWHVWR SRU IDOWD GH
DFHLWH R SRUWDGRU GHYHUi
HQWUHJDU R WtWXOR HP FDUWyULR
DWp R ILP GR SUD]R GH
DSUHVHQWDomR DR VDFDGR RX
QR GLD VHJXLQWH DR WpUPLQR
GR SUD]R VH D OHWUD IRL
DSUHVHQWDGD QR ~OWLPR GLD
GHVWH H R VDFDGR VROLFLWRX R
SUD]R GH UHVSLUR SDUD R
SURWHVWR SRU IDOWD GH
SDJDPHQWR R FUHGRU GHYHUi
HQWUHJDU R WtWXOR HP FDUWyULR
QXP GRV GRLV GLDV ~WHLV
VHJXLQWHV jTXHOH HP TXH HOH
IRU SDJiYHO /8 DUW D
PHQRV TXH VH DGRWH R
HQWHQGLPHQWR GH DOJXQV
GRXWULQDGRUHV TXH GHIHQGHP
D YLJrQFLD GD OHL LQWHUQD QD
GLVFLSOLQD GHVVH SUD]R
TXDQGR HQWmR GHYHUi R
SRUWDGRUHQFDPLQKDURWtWXOR
Mi QR SULPHLUR GLD ~WLO
VHJXLQWH DR GR YHQFLPHQWR
'HF Q DUW
6HQmRIRUHPREVHUYDGRV
RV SUD]RV IL[DGRV HP OHL
SDUD D H[WUDomR GR SURWHVWR
R SRUWDGRU GR WtWXOR SHUGHUi
RGLUHLWRGHFUpGLWRFRQWUDRV
FRREULJDGRV GD OHWUD ² RX
VHMD FRQWUD R VDFDGRU
HQGRVVDQWHV H VHXV
UHVSHFWLYRV DYDOLVWDV DUW
² SHUPDQHFHQGR
SRUWDQWR DSHQDV FRP R
GLUHLWR GH FUpGLWR FRQWUD R
GHYHGRU SULQFLSDO DFHLWDQWH
GD OHWUD GH FkPELR H VHX
DYDOLVWD (P FDVR GH SHUGD
GR SUD]R SDUD SURWHVWR SRU
IDOWD GH DFHLWH p FODUR R
SRUWDGRUVRPHQWHFRQVHUYDUi
R GLUHLWR GH FUpGLWR FRQWUD
HYHQWXDO DYDOLVWD DQWHFLSDGR
GRVDFDGR
'LDQWH GHVWDV
FRQVHTXrQFLDV GD OHL D
GRXWULQD FRVWXPD FKDPDU GH
QHFHVViULRRSURWHVWRFRQWUD
RVFRREULJDGRVHIDFXOWDWLYR
R SURWHVWR FRQWUD R GHYHGRU
SULQFLSDOHVHXDYDOLVWD
7DLV FRQVHTXrQFLDV QmR
VHDSOLFDPQRFDVRGHDOHWUD
GH FkPELR RX XP DWR
FDPELiULR HVSHFtILFR
FRQWHPSODUHP D FOiXVXOD
³VHPGHVSHVDV´1RVWHUPRV
GRDUWGD/8DLQVHUomR
GH FOiXVXOD GHVVD QDWXUH]D
SHOR VDFDGRU GLVSHQVD R
SURWHVWR SDUD D FRQVHUYDomR
GR GLUHLWR GH FUpGLWR
FDPELiULR FRQWUD TXDOTXHU
GHYHGRU GR WtWXOR Mi D
LQVHUomR GHVVD FOiXVXOD HP
XP HQGRVVR RX HP XP DYDO
IHLWD UHVSHFWLYDPHQWH SHOR
HQGRVVDQWH RX SHOR DYDOLVWD
TXH R SUDWLFD GLVSHQVD R
SURWHVWR SDUD D FRQVHUYDomR
GRGLUHLWRGHFUpGLWRDSHQDV
HPUHODomRDRHQGRVVDQWHRX
DYDOLVWD HP TXHVWmR 2
SURWHVWR HP RXWURV WHUPRV
WRUQDVH IDFXOWDWLYR WDPEpP
FRQWUD WRGRV RV FRREULJDGRV
RX SDUWH GHOHV 2 SRUWDGRU
GH OHWUD GH FkPELR FRP
FOiXVXOD GHVVD HVSpFLH
VRPHQWH SHUGH R GLUHLWR GH
FUpGLWR FRQWUD RV
FRREULJDGRV D TXH HOD VH
UHIHUH VH GHL[DU GH
DSUHVHQWDU R WtWXOR DR
DFHLWDQWH SDUD SDJDPHQWR
QRSUD]RGDOHLDUW
2 FDQFHODPHQWR GR
SURWHVWRSRGHWHUSRUEDVHR
SDJDPHQWR SRVWHULRU GR
WtWXOR KLSyWHVH HP TXH VH
SURFHVVD
DGPLQLVWUDWLYDPHQWH SHUDQWH
R SUySULR FDUWyULR GH
SURWHVWR PHGLDQWH HQWUHJD
SHOR LQWHUHVVDGR GR WtWXOR
SURWHVWDGR D SRVVH GR
GRFXPHQWR ID] SUHVXPLU D
TXLWDomR &DVR HVWH QmR
SRVVD VHU H[LELGR R
LQWHUHVVDGR SRGHUi REWHU R
FDQFHODPHQWR GR SURWHVWR
DSUHVHQWDQGR DQXrQFLD GR
FUHGRU RULJLQiULR RX SRU
HQGRVVR 6H R FDQFHODPHQWR
VH IXQGDU HP FDXVD GLYHUVD
GRSDJDPHQWRSRVWHULRUHDV
SHVVRDV TXH ILJXUDUHP QR
LQVWUXPHQWR GH SURWHVWR QmR
FRQVHQWLUHP VRPHQWH SRU
RUGHP MXGLFLDO SRGHUi VHU
HIHWXDGR /HL Q
DUW
$d2&$0%,$/
5(48,6,726
$ QRWD SURPLVVyULD p
XPDSURPHVVDGHSDJDPHQWR
TXHXPDSHVVRDID]HPIDYRU
GH RXWUD &RP R VDTXH GD
QRWD SURPLVVyULD VXUJHP
GXDV VLWXDo}HV MXUtGLFDV
GLVWLQWDV D VLWXDomR GDTXHOH
TXH SURPHWH SDJDU TXDQWLD
GHWHUPLQDGDHDGDTXHOHTXH
VHEHQHILFLDGHWDOSURPHVVD
$SHVVRDTXHVHHQFRQWUDQD
SULPHLUD VLWXDomR p
FKDPDGD SHOD OHL GH
VDFDGRU HPLWHQWH RX
VXEVFULWRU D SHVVRD TXH VH
HQFRQWUDQDVHJXQGDSRVLomR
p FKDPDGD GH EHQHILFLiULR
RXVDFDGR
$ QRWD SURPLVVyULD GHYH
DWHQGHU DRV UHTXLVLWRV
GHILQLGRVSHORVDUWVH
GD/8DVDEHU
D D H[SUHVVmR ³QRWD
SURPLVVyULD´ FRQIRUPH R
DUW , GR 'HFUHWR Q
FRQVWDQWH GR
SUySULR WH[WR GR WtWXOR QD
OtQJXDHPSUHJDGDSDUDDVXD
UHGDomR/8DUWQ
E D SURPHVVD
LQFRQGLFLRQDO GH SDJDU
TXDQWLD GHWHUPLQDGD
OHPEUDQGRVH R Mi
FRQVLGHUDGR DFHUFD GH
FDPELDOLQGH[DGDDUWQ
F R QRPH GR
EHQHILFLiULR GD SURPHVVD R
TXH VLJQLILFD D
LPSRVVLELOLGDGHGRVDTXHGH
QRWDSURPLVVyULDDRSRUWDGRU
DUWQ
G D GDWD GR VDTXH DUW
Q
HRORFDO GR VDTXH RX D
PHQomRGHXPOXJDUDRODGR
GR QRPH GR VXEVFULWRU TXH
VH FRQVLGHUD WDPEpP R
GRPLFtOLRGHVWHDUWQ
H D WHUFHLUD DOtQHD GR DUW
I D DVVLQDWXUD GR
VDFDGRU DUW Q EHP
FRPR D VXD LGHQWLILFDomR
SHOR Q~PHUR GD VXD &pGXOD
GH ,GHQWLGDGH GH LQVFULomR
QR &DGDVWUR GH 3HVVRDV
)tVLFDVGR7tWXORGH(OHLWRU
RX GD &DUWHLUD 3URILVVLRQDO
/HLQDUW
$OpP GHVVHV UHTXLVLWRV
GHYH D QRWD SURPLVVyULD
HVSHFLILFDUDGDWDHORFDOGR
SDJDPHQWR HQWHQGHQGRVH
HP FDVR GH RPLVVmR TXH VH
WUDWDGHWtWXORSDJiYHOjYLVWD
QR ORFDO GR VDTXH RX QR
GHVLJQDGR DR ODGR GR QRPH
GR VXEVFULWRU QRV WHUPRV
GDV DOtQHDV VHJXQGD H
WHUFHLUDGRDUWGD/8
5(*,0(-85Ë',&2
$ QRWD SURPLVVyULD HVWi
VXMHLWD jV PHVPDV QRUPDV
DSOLFiYHLVjOHWUDGHFkPELR
FRP DOJXPDV H[FHo}HV
HVWDEHOHFLGDV SHOD /HL
8QLIRUPHHPVHXVDUWVH
$VVLP WXGR R TXDQWR VH
SUHVFUHYHX DFHUFD GH
HQGRVVR DYDO YHQFLPHQWR
SDJDPHQWR SURWHVWR
H[HFXomR H GHPDLV WHPDV
UHODWLYDPHQWH jV OHWUDV GH
FkPELR FRPS}H WDPEpP R
UHJLPH MXUtGLFR GD QRWD
SURPLVVyULD
&RQWXGR GHYHP VHU
REVHUYDGDV DV VHJXLQWHV
SUHVFULo}HV HVSHFtILFDV
GHVWHWLSRGHWtWXORFDPELDO
D $ QRWD SURPLVVyULD p
XPDSURPHVVDGHSDJDPHQWR
HSRULVVRQmRVHDSOLFDPD
HOD DV QRUPDV UHODWLYDV j
OHWUD GH FkPELR
LQFRPSDWtYHLV FRP HVWD
QDWXUH]D GD SURPLVVyULD
$VVLPQmRKiTXHVHFRJLWDU
GH DFHLWH YHQFLPHQWR
DQWHFLSDGR SRU UHFXVD GH
DFHLWH FOiXVXOD QmR
DFHLWiYHOHWF
E 2 VXEVFULWRU GD QRWD
SURPLVVyULDpRVHXGHYHGRU
SULQFLSDO 3RU HVVD UD]mR D
OHL SUHYr TXH D VXD
UHVSRQVDELOLGDGH p LGrQWLFD
j GR DFHLWDQWH GD OHWUD GH
FkPELR DUW 1HVWH
VHQWLGR SRGHVH FRQFOXLU
TXH R SURWHVWR p IDFXOWDWLYR
SDUD R H[HUFtFLR GR GLUHLWR
GHFUpGLWRFRQWUDRHPLWHQWH
WDPEpPVHSRGHFRQFOXLUTXH
R H[HUFtFLR GHVVH GLUHLWR
SUHVFUHYHHPDQRV
F 2 DYDO HP EUDQFR GD
QRWD SURPLVVyULD IDYRUHFH R
VHX VXEVFULWRU DUW LQ
ILQH
G $V QRWDV
SURPLVVyULDV HPERUD QmR
DGPLWDP DFHLWH SRGHP VHU
HPLWLGDV FRP YHQFLPHQWR D
FHUWR WHUPR GD YLVWD 1HVWD
KLSyWHVH R FUHGRU GHYHUi
DSUHVHQWDU R WtWXOR DR YLVWR
GR HPLWHQWH QR SUD]R GH
DQRGRVDTXHDUWVHQGR
DGDWDGHVVHYLVWRRWHUPRD
TXR GR ODSVR WHPSRUDO GH
YHQFLPHQWR $ QRWD
SURPLVVyULD GHVWD HVSpFLH
SRGHVHUSURWHVWDGDSRUIDOWD
GH GDWD DUW VHJXQGD
DOtQHD
3RUWDQWR GHVGH TXH
REVHUYDGDV DV
HVSHFLILFLGDGHV GD QRWD
SURPLVVyULD DFLPD
PHQFLRQDGDV HVWDUi HVWH
WtWXOR VXMHLWR DR PHVPR
UHJLPH MXUtGLFR GD OHWUD GH
FkPELR TXDQWR j
FRQVWLWXLomR H H[LJLELOLGDGH
GRFUpGLWRFDPELiULR
&$3Ë78/2
&+(48(
,1752'8d2
&+(48(6(0)81'26
'83/,&$7$
0(5&$17,/
$ GXSOLFDWD PHUFDQWLO p
WtWXORGHFUpGLWRFULDGRSHOR
GLUHLWR EUDVLOHLUR -i R
&yGLJR &RPHUFLDO GH
SUHYLD HP VHX DUW TXH
QDV YHQGDV SRU DWDFDGR R
YHQGHGRU HUD REULJDGR D
H[WUDLU HP GXDV YLDV XPD
UHODomR GDV PHUFDGRULDV
YHQGLGDV DV TXDLV HUDP
DVVLQDGDV SRU HOH H SHOR
FRPSUDGRUILFDQGRFDGDYLD
FRP XPD GDV SDUWHV
FRQWUDWDQWHV 3HOR DUW
GR &&RP WDPEpP Mi
UHYRJDGR D YLD GD IDWXUD
DVVLQDGD SHOR FRPSUDGRU
TXHSHUPDQHFLDHPPmRVGR
YHQGHGRU HUD WtWXOR GH
HIHLWRV FDPELDLV GRFXPHQWR
KiELO SDUD D FREUDQoD
MXGLFLDO GR SUHoR GD YHQGD
(VWD IDWXUD RX FRQWD p D
RULJHP PHGLDWD GD
GXSOLFDWDPHUFDQWLO
$R ORQJR GR WHPSR HVWH
WtWXOR GH FUpGLWR YHP VHQGR
DOWHUDGR SRU YH]HV HP
IXQomR GRV LQWHUHVVHV GR
)LVFR VREUH D DWLYLGDGH
FRPHUFLDO 3UHVHQWHPHQWH
FRPXPDLGHQWLGDGHSUySULD
HQFRQWUDVH R WtWXOR
GLVFLSOLQDGR SHOD /HL Q
GH
3RU HVVH GLSORPD QDV
YHQGDV PHUFDQWLV D SUD]R
HQWUHSDUWHVGRPLFLOLDGDVQR
%UDVLO p REULJDWyULD D
HPLVVmR SHOR YHQGHGRU GH
XPDIDWXUDSDUDDSUHVHQWDomR
DR FRPSUDGRU 3RU IDWXUD
HQWHQGHVH D UHODomR GH
PHUFDGRULDV YHQGLGDV
GLVFULPLQDGDV SRU VXD
QDWXUH]DTXDQWLGDGHHYDORU
3RU YHQGD D SUD]R VH
HQWHQGH SDUD RV ILQV GR
GLVSRVWR QHVVD OHL DTXHOD
FXMR SDJDPHQWR p SDUFHODGR
HPSHUtRGRQmRLQIHULRUD
GLDV RX FXMR SUHoR GHYD VHU
SDJR LQWHJUDOPHQWH HP
GLDV RX PDLV VHPSUH
FRQWDGRV GD GDWD GD HQWUHJD
RXGHVSDFKRGDPHUFDGRULD
3HORGLVSRVWRQD/HLGDV
'XSOLFDWDV SRUWDQWR R
FRPHUFLDQWHHVWDYDREULJDGR
DHPLWLUIDWXUDVHPSUHTXHVH
WUDWDVVH GH YHQGD D SUD]R
VHQGROKH IDFXOWDGD D
HPLVVmR GHVWD QDV YHQGDV
QmRDSUD]R/'DUW
(P SRU FRQYrQLR
FHOHEUDGRHQWUHR0LQLVWpULR
GD )D]HQGD H DV 6HFUHWDULDV
(VWDGXDLV GD )D]HQGD FRP
YLVWDV DR LQWHUFkPELR GH
LQIRUPDo}HV ILVFDLV
SRVVLELOLWRXVH DRV
FRPHUFLDQWHV D DGRomR GH
XP LQVWUXPHQWR ~QLFR GH
HIHLWRV FRPHUFLDLV H
WULEXWiULRV D ³QRWD ILVFDO
IDWXUD´ 2 FRPHUFLDQWH TXH
DGRWD HVWH VLVWHPD SRGH
HPLWLU XPD ~QLFD UHODomR GH
PHUFDGRULDV YHQGLGDV HP
FDGD RSHUDomR TXH UHDOL]DU
SURGX]LQGR SDUD R GLUHLWR
FRPHUFLDO RV HIHLWRV GD
IDWXUD PHUFDQWLO H SDUD R
GLUHLWRWULEXWiULRRVGDQRWD
ILVFDO
2FRPHUFLDQWHTXHXWLOL]D
1)IDWXUD QmR SRGHUi QR
HQWDQWR GHL[DU GH HPLWLU R
GRFXPHQWR HP TXDOTXHU
RSHUDomRTXHUHDOL]HPHVPR
HPVHWUDWDQGRGHYHQGDQmR
D SUD]R $ GLVWLQomR HQWUH
KLSyWHVHV GH HPLVVmR
IDFXOWDWLYDRXREULJDWyULDGD
UHODomR GH PHUFDGRULDV
YHQGLGDV SUHYLVWD SHOD /HL
GDV 'XSOLFDWDV SHUGH
DVVLP R VHQWLGR SUiWLFR HP
UHODomR DRV FRPHUFLDQWHV
TXH XWLOL]DP D 1)IDWXUD
SRLVDVXDHPLVVmRpVHPSUH
REULJDWyULD
'D IDWXUD ² RX GD 1)
IDWXUD²RYHQGHGRUSRGHUi
H[WUDLU XP WtWXOR GH FUpGLWR
GHQRPLQDGR GXSOLFDWD 6H D
HPLVVmR GD IDWXUD p
IDFXOWDWLYDRXREULJDWyULDGH
DFRUGR FRP D QDWXUH]D GD
YHQGDHVHDHPLVVmRGD1)
IDWXUD p VHPSUH REULJDWyULD
D HPLVVmR GD GXSOLFDWD
PHUFDQWLO SRU VXD YH] p
VHPSUH IDFXOWDWLYD 2
YHQGHGRU QmR HVWi REULJDGR
DVDFDUR WtWXOR HP QHQKXPD
VLWXDomR
0DV QmR SRGHUi HPLWLU
WDPEpP OHWUD GH FkPELR
GLDQWH GH H[SUHVVD YHGDomR
OHJDO/'DUW$FRPSUD
HYHQGDPHUFDQWLOSRGHUiVHU
UHSUHVHQWDGD SRU QRWD
SURPLVVyULD RX SRU FKHTXH
TXHVmRWtWXORVVDFDGRVSHOR
FRPSUDGRU$RYHQGHGRUQR
HQWDQWR D OHL Vy SHUPLWH R
VDTXH GD GXSOLFDWD
PHUFDQWLO QHQKXP RXWUR
WtWXOR
$ GXSOLFDWD PHUFDQWLO
GHYH VHU HPLWLGD FRP EDVH
QD IDWXUD RX QD 1)IDWXUD
/RJR VXD HPLVVmR VH Gi
DSyV D GH XPD GHVWDV
UHODo}HV GH PHUFDGRULDV
YHQGLGDV 0DV HPERUD QmR
IL[H D OHL XP SUD]R
HVSHFtILFR Pi[LPR SDUD D
HPLVVmR GR WtWXOR GHYHVH
HQWHQGHUTXHHOHQmRSRGHUi
VHU VDFDGR DSyV R
YHQFLPHQWR GD REULJDomR RX
GDSULPHLUDSUHVWDomR
6mR RV VHJXLQWHV RV
UHTXLVLWRV GD GXSOLFDWD
PHUFDQWLO
D D H[SUHVVmR
³GXSOLFDWD´ D GDWD GH VXD
HPLVVmR H R Q~PHUR GH
RUGHPDUW,
ERQ~PHURGDIDWXUD²
RX GD 1)IDWXUD ² GD TXDO
IRLH[WUDtGDDUW,,
F D GDWD FHUWD GR
YHQFLPHQWR RX D GHFODUDomR
GH VHU R WtWXOR j YLVWD DUW
,,, GH RQGH VH
FRQFOXLTXHDOHLQmRDGPLWH
GXSOLFDWD D FHUWR WHUPR GD
YLVWDRXGDGDWD
G R QRPH H R GRPLFtOLR
GRYHQGHGRUHGRFRPSUDGRU
DUW ,9 VHQGR R
FRPSUDGRU LGHQWLILFDGR
WDPEpPSHORQ~PHURGHVXD
&pGXODGH,GHQWLGDGHGHVXD
LQVFULomR QR &DGDVWUR GH
3HVVRD )tVLFD GR 7tWXOR
(OHLWRUDO RX GD &DUWHLUD
3URILVVLRQDO /HL Q
DUW
HDLPSRUWkQFLDDSDJDU
HPDOJDULVPRVHSRUH[WHQVR
DUW9
I R ORFDO GH SDJDPHQWR
DUW9,
J D FOiXVXOD ³j RUGHP´
VHQGR TXH QmR VH DGPLWH D
HPLVVmR GH GXSOLFDWD
PHUFDQWLOFRPFOiXVXOD³QmR
j RUGHP´ D TXDO VRPHQWH
SRGHUiVHULQVHULGDQRWtWXOR
SRU HQGRVVR DUW
9,,
K D GHFODUDomR GR
UHFRQKHFLPHQWR GH VXD
H[DWLGmR H GD REULJDomR GH
SDJiOD GHVWLQDGD DR DFHLWH
GR FRPSUDGRU DUW
9,,,
L D DVVLQDWXUD GR
HPLWHQWH DUW ,;
SRGHQGR VHU XWLOL]DGD D
UXEULFDPHFkQLFDQRVWHUPRV
GD/HLQGH
$ GXSOLFDWD PHUFDQWLO p
XP WtWXOR GH PRGHOR
YLQFXODGR GHYHQGR VHU
ODQoDGD HP LPSUHVVR
SUySULR GR YHQGHGRU
FRQIHFFLRQDGR GH DFRUGR
FRP R SDGUmR SUHYLVWR QD
5HVROXomR Q GR
&RQVHOKR 0RQHWiULR
1DFLRQDO /' DUW (P
SULQFtSLRQmRFRQILJXUDXPD
GXSOLFDWD QHP JHUD HIHLWRV
FDPELDLV R GRFXPHQWR TXH
SUHHQFKDWRGRVRVUHTXLVLWRV
DFLPD PDV QmR REVHUYH R
SDGUmROHJDO
2FRPHUFLDQWHTXHHPLWH
GXSOLFDWD PHUFDQWLO HVWi
REULJDGR D HVFULWXUDU XP
OLYUR HVSHFtILFR TXH R DUW
GD /' GHQRPLQD ³/LYUR
GH 5HJLVWUR GH 'XSOLFDWDV´
7UDWDVHGHOLYURREULJDWyULR
HVSHFLDO FXMD DXVrQFLD
DFDUUHWDDVFRQVHTXrQFLDVMi
H[DPLQDGDVQRFDPSRFLYLOH
SHQDO (P UD]mR GHVWD
HVFULWXUDomR FDGD GXSOLFDWD
PHUFDQWLOWHPXPQ~PHURGH
RUGHP R TXDO QmR FRLQFLGH
QHFHVVDULDPHQWH FRP R
Q~PHUR GH RUGHP GD IDWXUD
RX 1)IDWXUD D TXH
FRUUHVSRQGH HP YLVWD GD
IDFXOWDWLYLGDGH GH VXD
HPLVVmR 6H LQFRLQFLGHQWHV
QR HQWDQWR R Q~PHUR GH
RUGHP GD GXSOLFDWD VHUi
VHPSUH LQIHULRU DR GD IDWXUD
RX1)IDWXUD
1mR DGPLWH D OHL D
HPLVVmR GH XPD GXSOLFDWD
UHSUHVHQWDWLYD GH PDLV GH
XPD IDWXUD RX 1)IDWXUD
2XWURVVLPVHQGRRSUHoRGD
YHQGD SDUFHODGR VHUi
SRVVtYHO DR YHQGHGRU RSWDU
SHOR VDTXH GH XPD ~QLFD
GXSOLFDWD HP TXH VH
GLVFULPLQHP RV GLYHUVRV
YHQFLPHQWRV RX SHOD
HPLVVmR GH XPD GXSOLFDWD
PHUFDQWLOSDUDFDGDSDUFHOD
1HVWD ~OWLPD KLSyWHVH DV
GXSOLFDWDV WHUmR R PHVPR
Q~PHUR GH RUGHP
GLVFULPLQDGDV QR HQWDQWR
SHORDFUpVFLPRGHXPDOHWUD
GRDOIDEHWR
$ GXSOLFDWD PHUFDQWLO p
XP WtWXOR FDXVDO 1mR QR
VHQWLGR TXH DOJXPD GRXWULQD
HPSUHVWD D HVWD H[SUHVVmR
VHJXQGR D TXDO D GXSOLFDWD
VH HQFRQWUD YLQFXODGD j
UHODomR MXUtGLFD TXH OKH Gi
RULJHP GH XPD IRUPD
GLIHUHQWH GD TXH YLQFXOD RV
GHPDLV WtWXORV GH FUpGLWR jV
UHVSHFWLYDV UHODo}HV
IXQGDPHQWDLV 1mR Ki HVWD
GLIHUHQoD $ GXSOLFDWD
PHUFDQWLO HQFRQWUDVH WmR
YLQFXODGD j FRPSUD H YHQGD
PHUFDQWLO GD TXDO VH RULJLQD
TXDQWR D OHWUD GH FkPELR D
QRWD SURPLVVyULD RX R
FKHTXH VH HQFRQWUDP HP
UHODomR j REULJDomR
RULJLQiULDTXHUHSUHVHQWDP
7RGRV HVWHV TXDWUR
WtWXORVGHFUpGLWRHQFRQWUDP
VH VXMHLWRV D XP PHVPR H
~QLFRUHJLPHMXUtGLFRTXHp
R FDPELDO FDUDFWHUL]DGR
SHORV SULQFtSLRV GD
FDUWXODULGDGH GD
OLWHUDOLGDGH H GD DXWRQRPLD
GDV REULJDo}HV$ GXSOLFDWD
p WmR DEVWUDWD TXDQWR RV
GHPDLV WtWXORV GH FUpGLWR
XPDYH]TXHHQWUHH[HTXHQWH
H H[HFXWDGR GH TXDOTXHU XP
GHOHV VRPHQWH VHUmR
UHOHYDQWHV RV DVSHFWRV
UHIHUHQWHV j UHODomR MXUtGLFD
HVSHFtILFD TXH RV DSUR[LPD
VHQGR LQGLIHUHQWH VH WDO
UHODomR p D TXH GHX RULJHP
DRWtWXORFDPELiULRRXQmR
$ GXSOLFDWD PHUFDQWLO p
XP WtWXOR FDXVDO HP RXWUR
VHQWLGR1RVHQWLGRGHTXHD
VXD HPLVVmR VRPHQWH p
SRVVtYHO SDUD UHSUHVHQWDU
FUpGLWR GHFRUUHQWH GH XPD
GHWHUPLQDGD FDXVD SUHYLVWD
SRU OHL $R FRQWUiULR GRV
WtWXORV QmR FDXVDLV TXH
DOJXQV WDPEpP FKDPDP GH
DEVWUDWRV PDV FXMD
DEVWUDomR QDGD WHP TXH YHU
FRP D YLQFXODomR PDLRU RX
PHQRU j UHODomR
IXQGDPHQWDO D GXSOLFDWD
QmR SRGH VHU VDFDGD HP
TXDOTXHU KLSyWHVH VHJXQGR D
YRQWDGH GDV SDUWHV
LQWHUHVVDGDV 6RPHQWH
TXDQGRRSUHVVXSRVWRGHIDWR
HVFROKLGRSHOROHJLVODGRU²
D FRPSUD H YHQGD PHUFDQWLO
² VH HQFRQWUD SUHVHQWH p
TXHVHDXWRUL]DDHPLVVmRGR
WtWXOR (VWH R ~QLFR VHQWLGR
~WLOTXHVHSRGHHPSUHVWDUj
FDXVDOLGDGH GD GXSOLFDWD
PHUFDQWLO
$Wp R DGYHQWR GD /HL Q
GH HUD
FRQVLGHUDGRFULPHDHPLVVmR
H R DFHLWH GH GXSOLFDWD
VLPXODGD RX VHMD DTXHOD
TXH QmR FRUUHVSRQGHVVH D
XPD HIHWLYD FRPSUD H YHQGD
PHUFDQWLO &RP D PXGDQoD
GD UHGDomR GR DUW GR
&3 IHLWD SRU DTXHOD OHL R
FRPSRUWDPHQWR WtSLFR
SDVVRX D VHU D HPLVVmR GH
GXSOLFDWD PHUFDQWLO TXH QmR
FRUUHVSRQGD j PHUFDGRULD
YHQGLGD HP TXDQWLGDGH RX
TXDOLGDGH&RPRVHSHUFHEH
REHPMXUtGLFRWXWHODGRSHOD
QRUPD SHQDO HP IRFR QmR p
PDLV R FUpGLWR FRPHUFLDO H
VLP RV LQWHUHVVHV GRV
FRQVXPLGRUHV
$GXSOLFDWDVLPXODGDQmR
SURGX] WDPEpP HIHLWRV
FDPELDLV 2 FUHGRU SRU
REULJDomR UHSUHVHQWDGD HP
WtWXORFRPHVWDFDUDFWHUtVWLFD
GHYHUi SURPRYHU DomR GH
FRQKHFLPHQWR SDUD SURYDU D
H[LVWrQFLD GD REULJDomR $
GXSOLFDWD LUUHJXODU QR FDVR
VHUYLUi DSHQDV FRPR XP
HOHPHQWRSUREDWyULR
$&(,7(
$ GXSOLFDWD PHUFDQWLO
GHYH VHU UHPHWLGD SHOR
YHQGHGRU DR FRPSUDGRU
QXP FHUWR SUD]R GD OHL /'
DUW 5HFHEHQGR D
GXSOLFDWDRFRPSUDGRUSRGH
SURFHGHUGHDFRUGRFRPXPD
GDV VHJXLQWHV FLQFR
SRVVLELOLGDGHV D DVVLQDU R
WtWXOR H GHYROYrOR DR
YHQGHGRU QR SUD]R GH
GLDV GR UHFHELPHQWR E
GHYROYHU R WtWXOR DR
YHQGHGRUVHPDVVLQDWXUDF
GHYROYHU R WtWXOR DR
YHQGHGRU DFRPSDQKDGR GH
GHFODUDomR SRU HVFULWR GDV
UD]}HV TXH PRWLYDP VXD
UHFXVD HP DFHLWiOR G QmR
GHYROYHURWtWXORPDVGHVGH
TXH DXWRUL]DGR SRU HYHQWXDO
LQVWLWXLomR ILQDQFHLUD
FREUDGRUD FRPXQLFDU DR
YHQGHGRU R VHX DFHLWH H
QmR GHYROYHU R WtWXOR
VLPSOHVPHQWH
4XDOTXHU TXH VHMD R
FRPSRUWDPHQWR GR
FRPSUDGRU LVWR HP QDGD
DOWHUD D VXD
UHVSRQVDELOLGDGHFDPELDOMi
GHILQLGD HP OHL$ GXSOLFDWD
PHUFDQWLO p WtWXOR GH DFHLWH
REULJDWyULR RX VHMD
LQGHSHQGH GD YRQWDGH GR
VDFDGR FRPSUDGRU $R
FRQWUiULRGRTXHRFRUUHFRP
DOHWUDGHFkPELRHPTXHR
VDFDGR QmR WHP QHQKXPD
REULJDomR GH DFHLWDU D
RUGHP TXH OKH IRL
HQGHUHoDGD QD GXSOLFDWD
PHUFDQWLO R VDFDGR HVWi HP
UHJUD YLQFXODGR j DFHLWDomR
GD RUGHP Vy SRGHQGR
UHFXViOD HP VLWXDo}HV
SUHYLDPHQWH GHILQLGDV HP
OHL 4XDQGR VH DILUPD TXH R
DFHLWH GD GXSOLFDWD p
REULJDWyULR QmR VH SUHWHQGH
TXH HOH QmR SRVVD VHU
UHFXVDGR PDV VLP TXH D
VXD UHFXVD VRPHQWH SRGHUi
RFRUUHU HP GHWHUPLQDGRV
FDVRV OHJDOPHQWH SUHYLVWRV
6LWXDomR GLDPHWUDOPHQWH
RSRVWD j GR VDFDGR GD OHWUD
GH FkPELR TXH SRGH
VHPSUH H D VHX WDODQWH
UHFXVDUVH D DVVXPLU D
REULJDomRFDPELDO
$ UHFXVD GH DFHLWH GH
XPDGXSOLFDWDPHUFDQWLOVyp
DGPLVVtYHO QRV FDVRV
SUHYLVWRVSHORDUWGD/'
RX VHMD SRU PRWLYR GH D
DYDULD RX QmR UHFHELPHQWR
GH PHUFDGRULDV TXDQGR QmR
H[SHGLGDV RX QmR HQWUHJXHV
SRU FRQWD H ULVFR GR
FRPSUDGRU E YtFLRV QD
TXDOLGDGHRXTXDQWLGDGHGDV
PHUFDGRULDV F GLYHUJrQFLD
QRV SUD]RV RX QRV SUHoRV
DMXVWDGRV
(P TXDOTXHU XPD GHVWDV
WUrV KLSyWHVHV H VRPHQWH
QHVWDV SRGHUi R FRPSUDGRU
UHFXVDU R DFHLWH H SRUWDQWR
QmR DVVXPLU REULJDomR
FDPELDO e FODUR TXH DV
SDUWHV SRGHUmR GLVFXWLU HP
MXt]R D RFRUUrQFLD GHVWDV
FDXVDV FRQILUPDQGR RX
GHVFRQVWLWXLQGR R DWR GH
UHFXVDGRFRPSUDGRU
(PIXQomRGRVHXFDUiWHU
REULJDWyULR R DFHLWH GD
GXSOLFDWDPHUFDQWLOSRGHVHU
GLVFULPLQDGR HP WUrV
FDWHJRULDV
D $FHLWH RUGLQiULR ²
UHVXOWD GD DVVLQDWXUD GR
FRPSUDGRU DSRVWD QR ORFDO
DSURSULDGR GR WtWXOR GH
FUpGLWR
E $FHLWH SRU
FRPXQLFDomR ² UHVXOWD GD
UHWHQomR GD GXSOLFDWD
PHUFDQWLO SHOR FRPSUDGRU
DXWRUL]DGR SRU HYHQWXDO
LQVWLWXLomR ILQDQFHLUD
FREUDGRUD FRP D
FRPXQLFDomRSRUHVFULWRDR
YHQGHGRUGHVHXDFHLWH
F $FHLWH SRU SUHVXQomR
² UHVXOWD GR UHFHELPHQWR
GDV PHUFDGRULDV SHOR
FRPSUDGRU GHVGH TXH QmR
WHQKD KDYLGR FDXVD OHJDO
PRWLYDGRUD GH UHFXVD FRP
RX VHP GHYROXomR GR WtWXOR
DRYHQGHGRU
&RPR VH SRGH SHUFHEHU
GRV FLQFR FRPSRUWDPHQWRV
TXH R FRPSUDGRU SRGH WHU
GLDQWH GR UHFHELPHQWR GH
XPDGXSOLFDWDUHPHWLGDSHOR
YHQGHGRU DSHQDV D VXD
GHYROXomR QmR DVVLQDGD H
DFRPSDQKDGD GH GHFODUDomR
GH UHFXVD GR DFHLWH p TXH
SRGH VH HIHWLYDPHQWH KDYLD
FDXVD SDUD D UHFXVD OLEHUi
OR GD REULJDomR FDPELDO
GRFXPHQWDGD SHOD GXSOLFDWD
PHUFDQWLO $ UHFXVD QD
GHYROXomRGRWtWXORRXDVXD
GHYROXomR QmR DVVLQDGR VmR
FRPSRUWDPHQWRV TXH HP
QDGD LQWHUIHUHP FRP D
UHVSRQVDELOLGDGH GR VDFDGR
GHXPDGXSOLFDWD
1R WRFDQWH DRV GHPDLV
DWRV FRQVWLWXWLYRV GR FUpGLWR
FDPELiULR DSOLFDPVH j
GXSOLFDWD DV QRUPDV
UHODWLYDV j OHWUD GH FkPELR
SRU H[SUHVVD GLVSRVLomR GR
DUW GD /' 2EVHUYHVH
VRPHQWH TXH R DYDO HP
EUDQFR GD GXSOLFDWD p
SUHVWDGR HP IDYRU GDTXHOH
FXMDDVVLQDWXUDHVWLYHUDFLPD
GD GR DYDOLVWD RX VH
LQH[LVWLU XPD DVVLQDWXUD
DVVLP VLWXDGD HP IDYRU GR
FRPSUDGRU VH RV DYDLV HP
EUDQFR VmR VXSHUSRVWRV
FRQVLGHUDPVH VLPXOWkQHRV
RV REULJDGRV VmR
FRDYDOLVWDV GR VDFDGRU H
QmR VXFHVVLYRV RV
REULJDGRV QmR VmR DYDOLVWDV
GH DYDOLVWDV FRQIRUPH
GLVS}H D 6~PXOD GR
67)HPUHODomRDRHQGRVVR
p LPSRUWDQWH QRWDU TXH SRU
VHU D GXSOLFDWD VHPSUH
VDFDGD SHOR YHQGHGRU HP
VHX SUySULR IDYRU p HOH
QHFHVVDULDPHQWH R SULPHLUR
HQGRVVDQWH GHVVH WtWXOR GH
FUpGLWR FLUFXQVWkQFLD
UHOHYDQWH QD LQWHUSUHWDomR
GDV QRUPDV UHODWLYDV j
H[LJLELOLGDGH GR FUpGLWR
FDPELiULR ILQDOPHQWH
DQRWHVH TXH R GHYHGRU
SULQFLSDO GD GXSOLFDWD
PHUFDQWLO p R VDFDGR R
FRPSUDGRUGDVPHUFDGRULDV
,1752'8d2
2 UHJLPH MXUtGLFR
FDPELDO FDUDFWHUL]DVH SRU
WUrV SULQFtSLRV ² R GD
FDUWXODULGDGH R GD
OLWHUDOLGDGH H R GD
DXWRQRPLD FDPELDO (PERUD
SUHVHQWHPHQWH WDLV
SULQFtSLRV HVWHMDP SDVVDQGR
SRUXPSURFHVVRGHUHYLVmR
HP PXLWR SURYRFDGR SHOR
GHVHQYROYLPHQWR GD
LQIRUPiWLFD R FHUWR p TXH
SRU HQTXDQWR HOHV DLQGD VH
DSOLFDP JURVVR PRGR DRV
WtWXORVGHFUpGLWR$SUySULD
FRQFHLWXDomR GH WtWXOR GH
FUpGLWR FRQIRUPH Mi YLVWR
JUDYLWD HP WRUQR GHOHV GH
VRUWHDVHSRGHUDILUPDUTXH
p WtWXOR GH FUpGLWR R WtWXOR
UHSUHVHQWDWLYR GH REULJDomR
SHFXQLiULD VXMHLWR D WDLV
SULQFtSLRV
$OJXQV LQVWUXPHQWRV
MXUtGLFRV SRU RXWUR ODGR VH
HQFRQWUDP VXMHLWRV D XPD
GLVFLSOLQD OHJDO TXH
DSURYHLWD HP SDUWH RV
HOHPHQWRV GR UHJLPH
MXUtGLFRFDPELDO 0DV WDLV
LQVWUXPHQWRV QmR SRGHP VHU
FRQVLGHUDGRV WtWXORV GH
FUpGLWR HPERUD VH
HQFRQWUHP GLVFLSOLQDGRV SRU
XP UHJLPH SUy[LPR DR GDV
FDPELDLV MXVWDPHQWH SRUTXH
QmR VH DSOLFDP WRWDOPHQWH
RV HOHPHQWRV
FDUDFWHUL]DGRUHV GR UHJLPH
MXUtGLFRFDPELDO HP VXD
GLVFLSOLQD &RVWXPDPVH
GHQRPLQDU WDLV LQVWUXPHQWRV
SHOD H[SUHVVmR ³WtWXORV GH
FUpGLWRLPSUySULRV´
'LVWLQJXHPVH RV
LQVWUXPHQWRV MXUtGLFRV
FKDPDGRV GH WtWXORV GH
FUpGLWR LPSUySULRV HP
TXDWURFDWHJRULDV
1D SULPHLUD HQFRQWUDP
VH RV WtWXORV GH OHJLWLPDomR
TXH DVVHJXUDP DR VHX
SRUWDGRU D SUHVWDomR GH XP
VHUYLoRRXDFHVVRDSUrPLRV
HP FHUWDPH SURPRFLRQDO RX
RILFLDO 3RU H[HPSOR R
ELOKHWHGH0HWU{RSDVVHGH
{QLEXV R LQJUHVVR GH
FLQHPD RV FXS}HV
SUHPLDGRV GR WLSR ³$FKRX
*DQKRX´RYRODQWHVRUWHDGR
GD /RWHULD 1XPpULFD HWF $
HVWHV VH DSOLFDP RV
SULQFtSLRV GD FDUWXODULGDGH
GD OLWHUDOLGDGH H GD
DXWRQRPLDPDVHOHVQmRVmR
WtWXORVH[HFXWLYRV
$V GHPDLV FDWHJRULDV
VHUmR H[DPLQDGDV HP
VHJXLGD FRP PDLRU GHWHQoD
HP UD]mR GH VXDV
SHFXOLDULGDGHV $QRWHVH
DQWHV TXH DOJXQV DXWRUHV
DGRWDP XP FRQFHLWR PDLV
HOiVWLFR GH WtWXOR GH FUpGLWR
LPSUySULR LQFOXLQGR QHVWD
FDWHJRULD R FKHTXH SRU VH
WUDWDU GH RUGHP GH
SDJDPHQWR j YLVWD H
SRUWDQWR QmR UHSUHVHQWDU
RSHUDomR GH FUpGLWR DVVLP
FRPR WRGRV RV WtWXORV
FDXVDLV LQFOXLQGR DV
GXSOLFDWDV 6HJXQGR HVWH
HQWHQGLPHQWR DSHQDV D OHWUD
GH FkPELR H D QRWD
SURPLVVyULD VHULDP
ULJRURVDPHQWH WtWXORV GH
FUpGLWR
7Ë78/26
5(35(6(17$7,926
2VLQVWUXPHQWRVMXUtGLFRV
GHVWD FDWHJRULD GH WtWXOR GH
FUpGLWR LPSUySULR VH
GHVWLQDP j FDSWDomR GH
UHFXUVRV SHOR HPLWHQWH
5HSUHVHQWDPJURVVR PRGR
D SDUFHOD GH XP FRQWUDWR GH
P~WXR TXH R VDFDGRU GR
WtWXOR FHOHEUD FRP RV VHXV
SRUWDGRUHV 6RE R SRQWR GH
YLVWDGHVWHVRQHJyFLRWHPR
VHQWLGR GH XP LQYHVWLPHQWR
HPSUHJR GH FDSLWDO QR
GHVHQYROYLPHQWR GH FHUWD
DWLYLGDGH HFRQ{PLFD FRP R
LQWXLWR OXFUDWLYR ([LVWHP
DOJXQV WLSRV GH WtWXORV FRP
HVWH SHUILO PDV TXH VH
HQTXDGUDP HP FRQFHLWR
GLVWLQWRFRPUHJLPHMXUtGLFR
SUySULRFRPRDVGHErQWXUHV
HVSpFLHGHYDORUPRELOLiULR
(QWUH RV WtWXORV GH
LQYHVWLPHQWR SRGHP VHU
OHPEUDGRV D OHWUD GH
FkPELR ILQDQFHLUD RX
FDPELDO ILQDQFHLUD /HL Q
GH HPLWLGD RX
DFHLWDSRUVRFLHGDGHVGHILQV
HFRQ{PLFRV LQFOXVLYH DV
LQVWLWXLo}HV ILQDQFHLUDV RV
&HUWLILFDGRV GH 'HSyVLWR
%DQFiULR /HL Q
HPLWLGRV SHORV EDQFRV GH
LQYHVWLPHQWR GH QDWXUH]D
SULYDGD SDUD RV GHSyVLWRV
FRP SUD]R VXSHULRU D
PHVHV R &HUWLILFDGR GH
5HFHEtYHLV ,PRELOLiULRV
&5, HPLWLGR SHODV
FRPSDQKLDV VHFXULWL]DGRUDV
GHFUpGLWRVLPRELOLiULRV/HL
QDUWD/HWUD
GH &UpGLWR ,PRELOLiULR
/&, HPLWLGD SRU EDQFRV
FRP ODVWUR HP FUpGLWRV
LPRELOLiULRV /HL Q
DUW D
/HWUD GH $UUHQGDPHQWR
0HUFDQWLO /$0 GH
HPLVVmR GDV VRFLHGDGHV GH
DUUHQGDPHQWR PHUFDQWLO /HL
QDUW
6RPHQWH DRV WtWXORV GH
FUpGLWR GH LQYHVWLPHQWR
DSOLFDVH D YHGDomR
FRQVWDQWH GR DUW ,, GD
/HL Q SHOD TXDO
QmRVHDGPLWHDHPLVVmRQDV
IRUPDV DR SRUWDGRU H
QRPLQDWLYRHQGRVViYHO GH
VRUWH D SRVVLELOLWDU DR ILVFR
D LGHQWLILFDomR GR WLWXODU GR
LQYHVWLPHQWR
7Ë78/26 '( &5e',72
(/(75Ð1,&26
',5(,72
)$/,0(17$5
&$3Ë78/2
7(25,$*(5$/
'2',5(,72
)$/,0(17$5
,1752'8d2
,162/9Ç1&,$
2 HVWDGR SDWULPRQLDO HP
TXH VH HQFRQWUD R GHYHGRU
TXH SRVVXL R DWLYR LQIHULRU
DR SDVVLYR p GHQRPLQDGR
LQVROYrQFLD 2 GHYHGRU HP
LQVROYrQFLD p TXH VH
HQFRQWUD VXMHLWR j H[HFXomR
FRQFXUVDOGHVHXSDWULP{QLR
FRPR LPSHUDWLYR GD SDU
FRQGLFWLRFUHGLWRUXP0DVp
QHFHVViULR DWHQWDUVH SDUD R
IDWR GH TXH R VHJXQGR
SUHVVXSRVWR GD IDOrQFLD GD
LQVWDXUDomR GHVWH HVSHFtILFR
SURFHVVR MXGLFLDO GH
H[HFXomR QmR p D
LQVROYrQFLD HQWHQGLGD HP
VXD DFHSomR HFRQ{PLFD RX
VHMD FRPR XP HVWDGR
SDWULPRQLDO e LVWR VLP D
LQVROYrQFLDHQWHQGLGDHPXP
VHQWLGR MXUtGLFR SUHFLVR TXH
DOHLHVWDEHOHFH
'HVWD IRUPD SDUD TXH R
GHYHGRU HPSUHViULR VHMD
VXEPHWLGR j H[HFXomR SRU
IDOrQFLD p ULJRURVDPHQWH
LQGLIHUHQWH D SURYD GD
LQIHULRULGDGH GR DWLYR HP
UHODomR DR SDVVLYR 1HP VH
ID] QHFHVViULR GHPRQVWUDU R
HVWDGR SDWULPRQLDO GH
LQVROYrQFLD GR GHYHGRU
SDUD TXH VH LQVWDXUH D
H[HFXomR FRQFXUVDO
IDOLPHQWDU QHP SRU RXWUR
ODGR VH OLYUD GD H[HFXomR
FRQFXUVDO R GHYHGRU
HPSUHViULR TXH ORJUDU
GHPRQVWUDU HYHQWXDO
VXSHULRULGDGH GH VHX DWLYR
HP UHODomR DR VHX SDVVLYR
DR FRQWUiULR GR TXH RFRUUH
FRP R GHYHGRU FLYLO &3&
DUW,,
3DUD ILQV GH LQVWDXUDomR
GD H[HFXomR SRU IDOrQFLD D
LQVROYrQFLD QmR VH
FDUDFWHUL]D SRU XP
GHWHUPLQDGR HVWDGR
SDWULPRQLDO PDV VLP SHOD
RFRUUrQFLD GH XP GRV IDWRV
SUHYLVWRVHPOHL2XVHMDVH
R HPSUHViULR IRU
LQMXVWLILFDGDPHQWH
LPSRQWXDO QR FXPSULPHQWR
GH REULJDomR OtTXLGD /)
DUW , LQFRUUHU HP
H[HFXomR IUXVWUDGD DUW
,, RX VH SUDWLFDU XP DWR GH
IDOrQFLD/)DUW,,,6H
UHVWDU FDUDFWHUL]DGR D
LPSRQWXDOLGDGHLQMXVWLILFDGD
DH[HFXomRIUXVWUDGDRXRDWR
GH IDOrQFLD PHVPR TXH R
HPSUHViULRWHQKDRVHXDWLYR
VXSHULRUDRSDVVLYRVHUOKH
i GHFUHWDGD D IDOrQFLD DR
UHYpV VH QmR ILFDU
GHPRQVWUDGD XPD RX RXWUD
KLSyWHVHQmRVHUiLQVWDXUDGD
D IDOrQFLD DLQGD TXH R
SDVVLYR GR GHYHGRU VHMD
VXSHULRU DR VHX DWLYR $
LQVROYrQFLD TXH D OHL
FRQVLGHUD FRPR SUHVVXSRVWR
GD H[HFXomR SRU IDOrQFLD p
PHUDPHQWH SUHVXPLGD 2V
FRPSRUWDPHQWRV
GLVFULPLQDGRV SHOR DUW
GD /) VmR JHUDOPHQWH
SUDWLFDGRV SRU TXHP VH
HQFRQWUD HP LQVROYrQFLD H
HVWDpDSUHVXQomROHJDOTXH
RULHQWDDPDWpULD
$ LPSRQWXDOLGDGH
LQMXVWLILFDGD GHYH UHIHULUVH
D XPD REULJDomR OtTXLGD
3DUD ILQV GH GHFUHWDomR GD
IDOrQFLD HQWHQGHVH SRU
³OtTXLGD´ D REULJDomR
UHSUHVHQWDGD SRU XP WtWXOR
H[HFXWLYR MXGLFLDO RX
H[WUDMXGLFLDO 4XDOTXHU GRV
WtWXORV TXH OHJLWLPHP D
H[HFXomR LQGLYLGXDO GH
DFRUGR FRP D OHJLVODomR
SURFHVVXDO SRGH VHUYLU GH
EDVH j REULJDomR D TXH VH
UHIHUH D LPSRQWXDOLGDGH
FDUDFWHUL]DGRUD GD IDOrQFLD
7UDWDVH GH XP FULWpULR
IRUPDO GD OHL D
LPSRQWXDOLGDGH p
FRQVLGHUDGD GH REULJDomR
OtTXLGDTXDQGRGRFXPHQWDGD
SRU XP GRV WtWXORV
PHQFLRQDGRV
+i QR HQWDQWR DOJXPDV
REULJDo}HV TXH PHVPR
OtTXLGDV QmR SRGHP VHUYLU
GH EDVH j LPSRQWXDOLGDGH
LQMXVWLILFDGD SUHYLVWD QR DUW
,GD/)6mRDTXHODVTXH
QmR SRGHP VHU UHFODPDGDV
QD IDOrQFLD FRPR DV
REULJDo}HV JUDWXLWDV SRU
H[HPSORPXQLFLSDLVHWF/)
DUW,
4XDQGR SRU RXWUR ODGR
VH IDOD HP LPSRQWXDOLGDGH
LQMXVWLILFDGDWHPVHHPPLUD
D LQH[LVWrQFLD GH UHOHYDQWH
UD]mRSDUDRLQDGLPSOHPHQWR
GD REULJDomR OtTXLGD (VWi
FODUR TXH R GHYHGRU
HPSUHViULRVHWHPIXQGDGRV
PRWLYRV SDUD QmR SDJDU
GHWHUPLQDGR WtWXOR QmR WHUi
DVXDIDOrQFLDGHFUHWDGDSRU
IRUoDGHVXDLPSRQWXDOLGDGH
6H D REULJDomR HVWLYHU Mi
SUHVFULWD VH LQH[LVWHQWH RX
QXOD R VHX LQDGLPSOHPHQWR
QmR LPSRUWDUi HP
FDUDFWHUL]DomR GD
LPSRQWXDOLGDGH HQVHMDGRUD
GD IDOrQFLD $ SUySULD OHL
VXJHUH XP HOHQFR GH
KLSyWHVHV GH LPSRQWXDOLGDGH
MXVWLILFDGD/)DUW
$ SURYD GD
LPSRQWXDOLGDGH p R SURWHVWR
GR WtWXOR 4XDOTXHU TXH VHMD
R GRFXPHQWR UHSUHVHQWDWLYR
GDREULJDomRDTXHVHUHIHUH
D LPSRQWXDOLGDGH
LQMXVWLILFDGD GHYH VHU
SURWHVWDGR 6H IRU XP WtWXOR
GH FUpGLWR R SURWHVWR
FDPELDO PHVPR TXH
H[WHPSRUkQHR EDVWD SDUD D
FDUDFWHUL]DomR GD
LPSRQWXDOLGDGH GR VHX
GHYHGRU 6H SRUpP QmR VH
WUDWDU GH WtWXOR VXMHLWR D
SURWHVWR FDPELDO SRU
H[HPSOR XPD VHQWHQoD
MXGLFLDODFHUWLGmRGDGtYLGD
DWLYD HWF WDPEpP VHUi HOH
SURWHVWDGR 1HQKXP RXWUR
PHLR GH SURYD ²
WHVWHPXQKDO GRFXPHQWDO HWF
² p DSWR D GHPRQVWUDU D
LPSRQWXDOLGDGH GH TXH
FRJLWDD/HLGH)DOrQFLDV
6y FDUDFWHUL]D D
LPSRQWXDOLGDGH LQMXVWLILFDGD
SDUD ILQV GH IDOrQFLD VH R
YDORU GRV WtWXORV HP DWUDVR
IRU GH SHOR PHQRV
VDOiULRVPtQLPRV6HRYDORU
GR GpELWR GR HPSUHViULR p
LQIHULRUDHVVHOLPLWHOHJDOR
FUHGRU SRGH FREUiOR RX
H[HFXWiOR PDV QmR SRGHUi
SHGLU IDOrQFLD HP UD]mR GR
VHX LQDGLPSOHPHQWR
&UHGRUHV GR PHVPR
HPSUHViULR FXMRV FUpGLWRV
LQGLYLGXDOPHQWH
FRQVLGHUDGRV QmR DOFDQoDP
VDOiULRV PtQLPRV PDV
FXMDVRPDDOFDQoDSRGHPVH
UHXQLUHPOLWLVFRQVyUFLRSDUD
UHTXHUHUHP D IDOrQFLD GR
GHYHGRU/)DUW
(P VXPD SDUD TXH VH
HQFRQWUH WLSLILFDGR R
FRPSRUWDPHQWRGHVFULWRSHOR
DUW,GD/)HSRUWDQWR
VHMD SRVVtYHO D LQVWDXUDomR
GD H[HFXomR FRQFXUVDO SRU
IDOrQFLD p QHFHVViULR TXH R
GHYHGRU HPSUHViULR WHQKD
VLGR LPSRQWXDO VHP
UHOHYDQWH UD]mR MXUtGLFD QR
FXPSULPHQWR GH XPD
REULJDomR GRFXPHQWDGD HP
WtWXOR H[HFXWLYR GH YDORU
VXSHULRU D VDOiULRV
PtQLPRV 'LWD
LPSRQWXDOLGDGH RXWURVVLP
GHYHUi VHU SURYDGD
QHFHVVDULDPHQWH SHOR
SURWHVWR FDPELDO RX
HVSHFLDO GR WtWXOR
FRUUHVSRQGHQWH
$IUXVWUDomRGDH[HFXomR
VH FDUDFWHUL]D SRU VXD YH]
FRP D LQH[LVWrQFLD GH
SDJDPHQWR GHSyVLWR RX
QRPHDomRGHEHQVjSHQKRUD
SRU SDUWH GR HPSUHViULR
TXDQGR p HOH H[HFXWDGR SRU
DOJXP FUHGRU /) DUW
,, 1HVVH FDVR D H[HFXomR
GHYH VHU HQFHUUDGD H R
FUHGRU PXQLGR GH FHUWLGmR
MXGLFLDO TXH DWHVWH D
YHULILFDomR GD WUtSOLFH
RPLVVmR LQJUHVVD FRP R
SHGLGR GH IDOrQFLD FRQWUD R
GHYHGRU 2 WtWXOR QHVVH
FDVR QmR SUHFLVD HVWDU
SURWHVWDGR H SRGH WHU YDORU
LQIHULRU D VDOiULRV
PtQLPRV
(P UHODomR DRV DWRV GH
IDOrQFLD GH TXH WUDWD R DUW
,,, GD /) GHYHVH
FRQVLGHUDU TXH VmR WRGRV
FRPSRUWDPHQWRV TXH
SUHVVXSRVWDPHQWHUHYHODPD
LQVROYrQFLD HQWHQGLGD FRPR
HVWDGR SDWULPRQLDO GR
GHYHGRUHPSUHViULR7HPVH
FRPR KLSyWHVHV GHVWHV DWRV
DVVHJXLQWHV
D /LTXLGDomR
SUHFLSLWDGD ² VH R
HPSUHViULR SURPRYH D
OLTXLGDomR GH QHJyFLR GH
IRUPD DEUXSWD LQFRUUH QR
WLSR OHJDO WDPEpP HVWDUi
SUDWLFDQGR DWR GH IDOrQFLD R
HPSUHViULR TXH HPSUHJD
PHLRV UXLQRVRV RX
IUDXGXOHQWRV SDUD UHDOL]DU
SDJDPHQWRV FRPR D
FRQWUDWDomR GH HPSUpVWLPRV
D MXURV H[FHVVLYRV RX D
YHQGD GH LQVWUXPHQWRV
LQGLVSHQViYHLV DR H[HUFtFLR
GHVHXFRPpUFLRDUW,,,
D
E 1HJyFLR VLPXODGR ²
VH R HPSUHViULR WHQWD
UHWDUGDU SDJDPHQWRV RX
IUDXGDU FUHGRUHV SRU PHLR
GH QHJyFLR VLPXODGR RX
DLQGD WHQWD DOLHQDU SDUFLDO
RX WRWDOPHQWH R VHX
HVWDEHOHFLPHQWR
HPSUHVDULDO HVWDUi
LQFRUUHQGR HP
FRPSRUWDPHQWR WLSLILFDGR
FRPR DWR GH IDOrQFLD DUW
,,,E
F $OLHQDomR LUUHJXODU
GH HVWDEHOHFLPHQWR ² R
HPSUHViULR TXH DOLHQD R VHX
HVWDEHOHFLPHQWR HPSUHVDULDO
VHPRFRQVHQWLPHQWRGHVHXV
FUHGRUHV VDOYR VH
FRQVHUYDU HP VHX
SDWULP{QLR EHQV VXILFLHQWHV
SDUD UHVSRQGHU SRU VHX
SDVVLYR HVWDUi LQFXUVR QR
WLSROHJDOGHDWRGHIDOrQFLD
DUW,,,F
G 6LPXODomR GH
WUDQVIHUrQFLD GH
HVWDEHOHFLPHQWR ² LQFRUUH
HP DWR GH IDOrQFLD R
HPSUHViULRTXHPXGDRORFDO
GH VHX HVWDEHOHFLPHQWR FRP
R LQWXLWR GH IUDXGDU D
OHJLVODomR IUXVWUDU D
ILVFDOL]DomR RX SUHMXGLFDU
FUHGRUHVDUW,,,G
H*DUDQWLDUHDO²SDUD
WLSLILFDomRGHVWDKLSyWHVHGH
DWR GH IDOrQFLD HOHJHX R
OHJLVODGRU D LQVWLWXLomR GH
JDUDQWLDUHDOHPIDYRUGHXP
FUHGRU1HFHVViULRFRQWXGR
TXHHVWDLQVWLWXLomRVHRSHUH
SRVWHULRUPHQWH j
FRQVWLWXLomRGRFUpGLWR1mR
Ki RFRUUrQFLD GR WLSR OHJDO
VH HVWH H D JDUDQWLD UHDO VmR
FRQFRPLWDQWHV $
LQFRLQFLGrQFLD HQWUH XP H
RXWUR p TXH UHYHOD R LQWXLWR
GH IUDXGDU DSDU FRQGLFWLR
FUHGLWRUXPDUW,,,H
I $EDQGRQR GR
HVWDEHOHFLPHQWR
HPSUHVDULDO ² VHP TXH
WHQKD R HPSUHViULR
FRQVWLWXtGR SURFXUDGRU
EDVWDQWH FRP UHFXUVRV
VXILFLHQWHV SDUD D TXLWDomR
GH VXDV REULJDo}HV 2
DEDQGRQR GR
HVWDEHOHFLPHQWR HPSUHVDULDO
SRU SDUWH GR UHSUHVHQWDQWH
OHJDOGDVRFLHGDGHGHYHGRUD
LPSRUWD FDUDFWHUL]DomR GH
DWR GH IDOrQFLD GH
UHVSRQVDELOLGDGH GHVWD DUW
,,,I
J 'HVFXPSULPHQWR GR
SODQR GH UHFXSHUDomR
MXGLFLDO ² R HPSUHViULR
EHQHILFLDGR FRP D
UHFXSHUDomRMXGLFLDOTXHQmR
FXPSUH R HVWDEHOHFLGR QR
UHVSHFWLYR SODQR SUDWLFD DWR
GH IDOrQFLD H GHYH YHU
LQVWDXUDGD D H[HFXomR
FRQFXUVDO GH VHX SDWULP{QLR
DUW,,,J
&$3Ë78/2
352&(662
)$/,0(17$5
,1752'8d2
3(','2'()$/Ç1&,$
6(17(1d$
'(&/$5$7Ï5,$ '$
)$/Ç1&,$
6(17(1d$
'(1(*$7Ï5,$ '$
)$/Ç1&,$
3DUD D DGPLQLVWUDomR GD
PDVVD IDOLGD DWULEXL D OHL
GHWHUPLQDGDV IXQo}HV D WUrV
DJHQWHV R PDJLVWUDGR R
UHSUHVHQWDQWH GR 0LQLVWpULR
3~EOLFR H RV yUJmRV GD
IDOrQFLDVHQGRHVWHV~OWLPRV
DJHQWHV HVSHFtILFRV GR
SURFHVVR IDOLPHQWDU
DGPLQLVWUDGRU MXGLFLDO
DVVHPEOHLD GRV FUHGRUHV H
FRPLWrGRVFUHGRUHV
$RMXL]FRPSHWHSUHVLGLU
D DGPLQLVWUDomR GD IDOrQFLD
VXSHULQWHQGHQGRDVDo}HVGR
DGPLQLVWUDGRU MXGLFLDO e R
MXL] HP ~OWLPD DQiOLVH R
DGPLQLVWUDGRU GD IDOrQFLD
FDEHQGROKH DXWRUL]DU D
YHQGD DQWHFLSDGD GH EHQV
DUW R SDJDPHQWR GRV
VDOiULRV GRV DX[LOLDUHV GR
DGPLQLVWUDGRU MXGLFLDO DUW
,,,K DSURYDU D
SUHVWDomR GH FRQWDV GR
DGPLQLVWUDGRU MXGLFLDO DUW
H RXWURV DWRV GHILQLGRV
HP OHL GH FRQWH~GR
H[FOXVLYDPHQWH
DGPLQLVWUDWLYR
-i R UHSUHVHQWDQWH GR
0LQLVWpULR 3~EOLFR LQWHUYpP
QR IHLWR QR H[HUFtFLR GH
VXDVIXQo}HVFRQVWLWXFLRQDLV
GHILVFDOGDOHL(PGLYHUVDV
RSRUWXQLGDGHV QR
WUDQVFRUUHU GRV YiULRV
SURFHGLPHQWRV HP TXH VH
GHVGREUDDIDOrQFLDSUHYrD
OHL D LQWHUYHQomR GR
UHSUHVHQWDQWH GR 0LQLVWpULR
3~EOLFR/)DUWV
HSH[
(PERUD SRUWDQWR VHMDP
DJHQWHV S~EOLFRV
LQHVSHFtILFRV GR SURFHVVR
IDOLPHQWDU R MXL] H R
UHSUHVHQWDQWH GR 0LQLVWpULR
3~EOLFRWrPQHVVHSURFHVVR
IXQo}HV GH FXQKR
DGPLQLVWUDWLYR DR ODGR GH
VXDV IXQo}HV SUySULDV
LQVWLWXFLRQDLV
2V yUJmRV GD IDOrQFLD
VmR WUrV DGPLQLVWUDGRU
MXGLFLDO DVVHPEOHLD GRV
FUHGRUHV H FRPLWr GH
FUHGRUHV
2DGPLQLVWUDGRUMXGLFLDO
FRPR PHQFLRQDGR p DJHQWH
FULDGR SRU OHL SDUD R
GHVHPSHQKR GH FHUWDV
DWULEXLo}HV UHODFLRQDGDV
H[FOXVLYDPHQWH FRP D
DGPLQLVWUDomRGDIDOrQFLD2
DGPLQLVWUDGRU MXGLFLDO p R
DJHQWH DX[LOLDU GR MXL] TXH
HP QRPH SUySULR SRUWDQWR
FRPUHVSRQVDELOLGDGHGHYH
FXPSULU FRP DV IXQo}HV
FRPHWLGDVSHODOHL$OpPGH
DX[LOLDU GR MXL] R
DGPLQLVWUDGRU MXGLFLDO p
WDPEpP R UHSUHVHQWDQWH GD
FRPXQKmR GH LQWHUHVVHV GRV
FUHGRUHV PDVVD IDOLGD
³VXEMHWLYD´ 3DUD ILQV
SHQDLV R DGPLQLVWUDGRU
MXGLFLDO p FRQVLGHUDGR
IXQFLRQiULRS~EOLFR
$ HVFROKD GR
DGPLQLVWUDGRU MXGLFLDO QD
IDOrQFLDFDEHDRMXL]HGHYH
UHFDLU VREUH SURILVVLRQDO
LG{QHR SUHIHUHQFLDOPHQWH
DGYRJDGR HFRQRPLVWD
DGPLQLVWUDGRU GH HPSUHVDV
RX FRQWDGRU RX DLQGD
SHVVRD MXUtGLFD
HVSHFLDOL]DGDDUW
$ IXQomR GR
DGPLQLVWUDGRU MXGLFLDO p
LQGHOHJiYHO PDV HOH SRGHUi
FRQWUDWDU SURILVVLRQDLV SDUD
DX[LOLiOR VROLFLWDQGR
SUHYLDPHQWHDDSURYDomRGR
MXL] LQFOXVLYH TXDQWR DRV
VHXV VDOiULRV 4XDQGR VH
WUDWD GH DGYRJDGR GHYHVH
GLVWLQJXLU HQWUH R FRQWUDWDGR
SDUD D GHIHVD GRV LQWHUHVVHV
GDPDVVDHRFRQWUDWDGRSDUD
D UHSUHVHQWDomR SURFHVVXDO
GR SUySULR DGPLQLVWUDGRU
MXGLFLDO SRUTXH VRPHQWH RV
KRQRUiULRV GR SULPHLUR
SRGHPVHUSDJRVSHODPDVVD
IDOLGD
2 DGPLQLVWUDGRU MXGLFLDO
SRGHGHL[DUVXDVIXQo}HVSRU
VXEVWLWXLomR RX SRU
GHVWLWXLomR 1R SULPHLUR
FDVR QmR Ki XPD VDQomR
LQIOLJLGD DR DGPLQLVWUDGRU
MXGLFLDO PDV DSHQDV XPD
SURYLGrQFLD SUHYLVWD HP OHL
WHQGR HP YLVWD D PHOKRU
DGPLQLVWUDomRGDIDOrQFLD-i
D GHVWLWXLomR p XPD VDQomR
DR DGPLQLVWUDGRU MXGLFLDO
TXH QmR FXPSULX D FRQWHQWR
FRP VXDV REULJDo}HV RX WHP
LQWHUHVVHV FRQIOLWDQWHV FRP
RV GD PDVVD 8P
DGPLQLVWUDGRU MXGLFLDO
VXEVWLWXtGRHPGHWHUPLQDGDV
KLSyWHVHV SRGH YROWDU D VHU
QRPHDGR DGPLQLVWUDGRU
MXGLFLDOHPRXWUDIDOrQFLDMi
XPD SHVVRD GHVWLWXtGD GR
FDUJR GH DGPLQLVWUDGRU
MXGLFLDOQmRSRGHUiPDLVVHU
HVFROKLGD SDUD D PHVPD
IXQomR HP TXDOTXHU RXWUD
IDOrQFLDQRVDQRVVHJXLQWHV
DUW 6mR FDXVDV SDUD D
VXEVWLWXLomR D UHQ~QFLD
PRWLYDGD PRUWH
LQFDSDFLGDGH FLYLO RX
IDOrQFLD VmR FDXVDV GD
GHVWLWXLomR D LQREVHUYkQFLD
GHSUD]ROHJDORXRLQWHUHVVH
FRQIOLWDQWH FRP R GD PDVVD
4XDQGR RFRUUH D UHFXVD GD
QRPHDomR RX D IDOWD GH
FRPSURPLVVR QR SUD]R GD
OHLRMXL]GHYHQRPHDURXWUD
SHVVRD SDUD R FDUJR GH
DGPLQLVWUDGRU MXGLFLDO 1mR
p SURSULDPHQWH R FDVR GH
VXEVWLWXLomR HPERUD R
OHJLVODGRU R HQWHQGD FRPR
WDO
2 DGPLQLVWUDGRU MXGLFLDO
UHVSRQGH FLYLOPHQWH SRU Pi
DGPLQLVWUDomR RX SRU
LQIUDomR j OHL $Wp R
HQFHUUDPHQWR GR SURFHVVR
IDOLPHQWDU VRPHQWH D PDVVD
WHP OHJLWLPLGDGH DWLYD SDUD
UHVSRQVDELOL]iOR DSyV
HYLGHQWHPHQWH D VXD
VXEVWLWXLomR RX GHVWLWXLomR
'XUDQWHHVWHSUD]RRFUHGRU
QmR SRGH LQGLYLGXDOPHQWH
DFLRQDU R DGPLQLVWUDGRU
MXGLFLDO FDEHQGROKH
DSHQDV UHTXHUHU D VXD
GHVWLWXLomR 0DV XPD YH]
HQFHUUDGR R SURFHVVR
IDOHQFLDO TXDOTXHU FUHGRU
SUHMXGLFDGR SRU Pi
DGPLQLVWUDomR RX LQIUDomR j
OHL SRGHUi SURPRYHU D
UHVSRQVDELOL]DomR GR DQWLJR
DGPLQLVWUDGRU MXGLFLDO
GHVGH TXH WHQKD FRQWXGR
UHTXHULGR QR PRPHQWR
RSRUWXQR D VXD GHVWLWXLomR
FRQGLomR LQDIDVWiYHO SDUD D
VXD OHJLWLPDomR DR SHGLGR
LQGHQL]DWyULR
'HQWUH RV DWRV
SURFHVVXDLV GH
UHVSRQVDELOLGDGH GR
DGPLQLVWUDGRU MXGLFLDO
GHYHPVHUGHVWDFDGRVTXDWUR
GH LPSRUWkQFLD SDUD R
GHVHQYROYLPHQWR GR
SURFHVVR IDOLPHQWDU 6mR
HOHV
D 9HULILFDomR GRV
FUpGLWRV²GLVFLSOLQDGDQRV
DUWV D GD /) D
YHULILFDomR GRV FUpGLWRV QD
IDOrQFLD p IHLWD SHOR
DGPLQLVWUDGRU MXGLFLDO
FDEHQGR DR MXL] GHFLGLU
DSHQDV DV LPSXJQDo}HV
DSUHVHQWDGDV SHORV FUHGRUHV
RXLQWHUHVVDGRV
E 5HODWyULR LQLFLDO ²
SUHYLVWRQRDUW,,,HGD
/) HVWH DWR GHYH H[DPLQDU
DV FDXVDV H FLUFXQVWkQFLDV
TXH DFDUUHWDUDP D IDOrQFLD
EHP FRPR DSUHVHQWDU XPD
DQiOLVH GR FRPSRUWDPHQWR
GR IDOLGR FRP YLVWDV D
HYHQWXDO FDUDFWHUL]DomR GH
FULPH IDOLPHQWDU SRU HOH RX
RXWUD SHVVRD DQWHV RX
GHSRLV GD GHFUHWDomR GD
TXHEUD 2 UHODWyULR p
DSUHVHQWDGR QRV GLDV
VHJXLQWHV j DVVLQDWXUD GR
WHUPRGHFRPSURPLVVR
F &RQWDV PHQVDLV ² R
DGPLQLVWUDGRU MXGLFLDO GHYH
DWp R GpFLPR GLD GH FDGD
PrV DSUHVHQWDU DR MXL] SDUD
MXQWDU DRV DXWRV D SUHVWDomR
GH FRQWDV UHODWLYD DR
SHUtRGR PHQVDO DQWHULRU
1HODGHYHHVWDUHVSHFLILFDGD
FRP FODUH]D D UHFHLWD H
GHVSHVDGDPDVVDIDOLGDDUW
,,,S
G 5HODWyULR ILQDO ²
SUHYLVWR QR DUW GD /)
GHYH VHU HODERUDGR SHOR
DGPLQLVWUDGRU MXGLFLDO QR
SUD]R GH GLDV FRQWDGRV
GR WpUPLQR GD OLTXLGDomR H
GR MXOJDPHQWR GH VXDV
FRQWDV &RQWpP R YDORU GR
DWLYR H GR SURGXWR GH VXD
UHDOL]DomR EHP FRPR R GR
SDVVLYR H GRV SDJDPHQWRV
IHLWRV H VH QmR IRUDP
WRWDOPHQWH H[WLQWDV DV
REULJDo}HV GR IDOLGR R
VDOGRFDEtYHODFDGDFUHGRU
HVSHFLILFDQGR
MXVWLILFDGDPHQWH DV
UHVSRQVDELOLGDGHV FRP TXH
FRQWLQXD R IDOLGR (VWH
UHODWyULRILQDOpRGRFXPHQWR
EiVLFR SDUD D H[WUDomR GDV
FHUWLG}HV MXGLFLDLV
UHSUHVHQWDWLYDV GR FUpGLWR
UHPDQHVFHQWH SHUDQWH R
HPSUHViULRIDOLGR
2 DGPLQLVWUDGRU MXGLFLDO
GHYH SUHVWDU FRQWDV GH VXD
DGPLQLVWUDomR HP WUrV
KLSyWHVHV RUGLQDULDPHQWH D
FDGD PrV H DR WpUPLQR GD
OLTXLGDomR H
H[WUDRUGLQDULDPHQWH TXDQGR
GHL[D DV VXDV IXQo}HV VHMD
SRU VXEVWLWXLomR VHMD SRU
GHVWLWXLomR $ SUHVWDomR GH
FRQWDV VHUi DXWXDGD HP
VHSDUDGR H MXOJDGD DSyV
DYLVR DRV FUHGRUHV H DR
IDOLGR SDUD HYHQWXDO
LPSXJQDomR QR SUD]R GH
GLDVHRLWLYDHPGLDVGR
0LQLVWpULR 3~EOLFR
+DYHQGR LPSXJQDomR RXYH
VHDUHVSHLWRRDGPLQLVWUDGRU
MXGLFLDO (P VHJXLGD DV
FRQWDV VmR MXOJDGDV SHOR
MXL] 7HQGR RFRUULGR
DOFDQFH R MXL] SRGH QD
VHQWHQoD TXH R UHFRQKHFHU
GHFUHWDU D LQGLVSRQLELOLGDGH
RX R VHTXHVWUR GRV EHQV GR
DGPLQLVWUDGRU MXGLFLDO SDUD
JDUDQWLD GD LQGHQL]DomR GD
PDVVD
$ DVVHPEOHLD GH
FUHGRUHV QD IDOrQFLD WHP
FRPSHWrQFLD SDUDD
DSURYDU D FRQVWLWXLomR GR
FRPLWr GH FUHGRUHV H HOHJHU
RV VHXV PHPEURVE DGRWDU
PRGDOLGDGHV H[WUDRUGLQiULDV
GH UHDOL]DomR GR DWLYR GR
IDO L GRF GHOLEHUDU VREUH
DVVXQWRV GH LQWHUHVVH JHUDO
GRV FUHGRUHV /) DUW
,, e yUJmR LQWHJUDGR SRU
WRGRV RV FUHGRUHV GD PDVVD
IDOLGD
)LQDOPHQWH R FRPLWr GH
FUHGRUHVpFRPSRVWRSRUXP
UHSUHVHQWDQWH GRV FUHGRUHV
WUDEDOKLVWDVXPGRVWLWXODUHV
GHGLUHLWRV UHDLV GH JDUDQWLD
HSULYLOpJLRVHVSHFLDLVHXP
GRV GHPDLV FDGD TXDO FRP
GRLV VXSOHQWHV HOHLWRV SHOD
DVVHPEOHLD6XDIXQomRPDLV
LPSRUWDQWHpDGHILVFDOL]DUR
DGPLQLVWUDGRU MXGLFLDO /)
DUW,D
$385$d2'2$7,92
3URIHULGD D VHQWHQoD
GHFODUDWyULDGDIDOrQFLDWHP
LQtFLR R SURFHVVR IDOLPHQWDU
SURSULDPHQWH GLWR ,QVWDXUD
VH FRP HVWD GHFLVmR
MXGLFLDODH[HFXomRFROHWLYD
GR GHYHGRU HPSUHViULR 2
SURFHVVR IDOLPHQWDU WHP
FRPR REMHWLYR LQLFLDO D
GHILQLomR GR DWLYR H GR
SDVVLYR GR GHYHGRU 3DUD R
FXPSULPHQWR GHVWH REMHWLYR
D /HL GH )DOrQFLDV SUHYr
GHWHUPLQDGRV DWRV RX
PHGLGDV MXGLFLDLV $
GHILQLomR GR DWLYR GR
HPSUHViULR HQYROYH DWRV
FRPR D DUUHFDGDomR GH
WRGRV RV EHQV QD SRVVH GR
IDOLGR EHP FRPR GH VHXV
GRFXPHQWRV H HVFULWXUDomR
PHUFDQWLO DUW DWR TXH
DX[LOLD WDPEpP QD GHILQLomR
GR SDVVLYR H PHGLGDV
MXGLFLDLV FRPR R SHGLGR GH
UHVWLWXLomR DUW RX RV
HPEDUJRV GH WHUFHLURV DUW
$ GHILQLomR GR SDVVLYR
GR GHYHGRU IDOLGR VH RSHUD
SRU PHGLGDV MXGLFLDLV FRPR
DV KDELOLWDo}HV H
LPSXJQDo}HV GH FUpGLWR
DUWVD
$ DUUHFDGDomR GRV EHQV
GR IDOLGR H R SHGLGR GH
UHVWLWXLomR H HPEDUJRV GH
WHUFHLUR VHUmR WUDWDGRV
TXDQGR GR H[DPH GR UHJLPH
MXUtGLFR GRV EHQV GR IDOLGR
&DS3RURUDLQWHUHVVD
FXLGDU GD SULQFLSDO PHGLGD
HP TXH VH GHVHQYROYH R
SURFHVVRIDOLPHQWDUTXHpD
YHULILFDomRGHFUpGLWR
$ YHULILFDomR GRV
FUpGLWRV p WDUHID GR
DGPLQLVWUDGRU MXGLFLDO 3DUD
FXPSULOD GHYH OHYDU HP
FRQWDQmRVyDHVFULWXUDomRH
RV GRFXPHQWRV GR IDOLGR
FRPR WRGRV RV HOHPHQWRV
TXH OKH IRUHP IRUQHFLGRV
SHORV FUHGRUHV +DYHQGR
GLYHUJrQFLD HQWUH R
DGPLQLVWUDGRU MXGLFLDO H XP
RXPDLVFUHGRUHVDFHUFDGRV
SUySULRV FUpGLWRV TXH
WLWXODUL]DP RX R GH RXWURV
FDEH DR MXL] GHFLGLU R
FRQIOLWR
2 SRQWR GH SDUWLGD GD
YHULILFDomR GRV FUpGLWRV p D
SXEOLFDomR GD UHODomR GRV
FUHGRUHV4XDQGRVHWUDWDGH
DXWRIDOrQFLD HQWUH RV
GRFXPHQWRV TXH D OHL
GHWHUPLQD VHMDP
DSUHVHQWDGRV SHOR GHYHGRU
UHTXHUHQWH HQFRQWUDVH D
OLVWD GRV FUHGRUHV FRP
GLVFULPLQDomR GR YDORU GR
FUpGLWR H D FODVVLILFDomR GH
FDGD XP GHOHV 1D IDOrQFLD
GHFUHWDGD D SHGLGR GH
FUHGRU RX VyFLR GLVVLGHQWH
DR IDOLGR p GHWHUPLQDGR TXH
HODERUH H DSUHVHQWH D
UHODomR GRV FUHGRUHV QRV
GLDV VHJXLQWHV VRE DV SHQDV
GR FULPH GH GHVREHGLrQFLD
6H DWHQGLGD D OHL SRUWDQWR
RVDXWRVGDIDOrQFLDTXDQGR
GHFUHWDGDHVWDRXDOJXQVGLDV
GHSRLV GHYHP FRQWHU XPD
UHODomR GRV FUHGRUHV 6H
FRQWXGRRIDOLGRQmRDWLYHU
HQWUHJXH SUHIHULQGR SRU
H[HPSOR UHVSRQGHU SHOR
FULPH GH GHVREHGLrQFLD D
HODERUiOD HOD GHYH VHU
SURYLGHQFLDGD SHOR
DGPLQLVWUDGRUMXGLFLDO
8PYH]MXQWDGDDRVDXWRV
D UHODomR GRV FUHGRUHV
HODERUDGD SHOR IDOLGR RX
SHORDGPLQLVWUDGRUMXGLFLDO
SURYLGHQFLDVH VXD
SXEOLFDomR QR 'LiULR
2ILFLDO $OLiV VH QR
PRPHQWR GD SXEOLFDomR GD
VHQWHQoD GHFODUDWyULD Mi VH
HQFRQWUDDUHODomRQRVDXWRV
DPEDV VmR SXEOLFDGDV
VLPXOWDQHDPHQWH SRU HGLWDO
TXHU GL]HU QD tQWHJUD 1RV
GLDV VHJXLQWHV j
SXEOLFDomR GD UHODomR RV
FUHGRUHV GHYHP FRQIHULOD
'H XP ODGR RV TXH QmR VH
HQFRQWUDP UHODFLRQDGRV
GHYHP DSUHVHQWDU D
KDELOLWDomR GH VHXV FUpGLWRV
SHUDQWH R DGPLQLVWUDGRU
MXGLFLDO (VWmR GLVSHQVDGRV
GD KDELOLWDomR DSHQDV R
FUHGRU ILVFDO SRUTXH QmR
SDUWLFLSD GH FRQFXUVR H RV
WLWXODUHV GH FUpGLWRV
UHPDQHVFHQWHV GD
UHFXSHUDomR MXGLFLDO VH
WLQKDP VLGR GHILQLWLYDPHQWH
LQFOXtGRVQRTXDGURJHUDOGH
FUHGRUHV GHVWD TXDQGR GD
FRQYRODomR HP IDOrQFLD 'H
RXWUR ODGR RV TXH VH
HQFRQWUDP QD UHODomR
SXEOLFDGDPDVGLVFRUGDPGD
FODVVLILFDomR RX GR YDORU
DWULEXtGR DRV VHXV FUpGLWRV
GHYHPVXVFLWDUDGLYHUJrQFLD
WDPEpP MXQWR DR
DGPLQLVWUDGRU MXGLFLDO $
DSUHVHQWDomR GD KDELOLWDomR
RXGLYHUJrQFLDGHYHVHUIHLWD
SRUHVFULWRHFRQWHURQRPHH
D TXDOLILFDomR GR FUHGRU D
LPSRUWkQFLDH[DWDTXHDWULEXL
DR FUpGLWR D DWXDOL]DomR
PRQHWiULD DWp D GDWD GD
GHFUHWDomR GD IDOrQFLD EHP
FRPR VXD RULJHP SURYD
FODVVLILFDomR H HYHQWXDO
JDUDQWLD
2DGPLQLVWUDGRUMXGLFLDO
GLDQWH GDV KDELOLWDo}HV H
GLYHUJrQFLDV VXVFLWDGDV
DFROKH DV TXH FRQVLGHUDU
SHUWLQHQWHV H SURPRYH D
UHSXEOLFDomR GR TXDGUR GH
FUHGRUHV 1RV GLDV
VHJXLQWHV j UHSXEOLFDomR RV
VXMHLWRV OHJLWLPDGRV SRGHP
DSUHVHQWDU D LPSXJQDomR GD
UHODomR HODERUDGD SHOR
DGPLQLVWUDGRUMXGLFLDO(VWmR
OHJLWLPDGRVSDUDLPSXJQDUD
UHODomR TXDOTXHU FUHGRU R
FRPLWr R IDOLGR VyFLR RX
DFLRQLVWDGHODRXRSURPRWRU
GHMXVWLoD
&DGD LPSXJQDomR
DSUHVHQWDGD j UHODomR GRV
FUHGRUHV p DXWXDGD HP
VHSDUDGR $V DXWXDo}HV
VHUmR IHLWDV HP IXQomR GRV
REMHWRV LPSXJQDGRV GH
PRGR TXH VH UH~QDP QRV
PHVPRV DXWRV WRGDV DV
LPSXJQDo}HV UHIHUHQWHV DR
PHVPR FUpGLWR
LQGHSHQGHQWHPHQWH GH TXHP
VHMD R LPSXJQDQWH $SyV
DXWXDU DV LPSXJQDo}HV R
FDUWyULR SURYLGHQFLD D
LQWLPDomR GRV FUHGRUHV
LPSXJQDGRV (OHV WHUmR
GLDV SDUD FRQWHVWDUHP D
LPSXJQDomR MXQWDUHP
GRFXPHQWRV H LQGLFDUHP DV
SURYDV TXH SUHWHQGHP
SURGX]LU
(PVHJXLGDjFRQWHVWDomR
GD LPSXJQDomR RX DR
GHFXUVR GR SUD]R VHP HOD
LQWLPDPVH R IDOLGR RX R
UHSUHVHQWDQWH OHJDO GD
VRFLHGDGHIDOLGDHRFRPLWr
VH H[LVWHQWH SDUD QR SUD]R
FRPXP GH GLDV VH
PDQLIHVWDUHP VREUH DV
PDWpULDV OLWLJLRVDV 9HQFLGR
R SUD]R GH PDQLIHVWDomR GR
GHYHGRU H GR FRPLWr R
DGPLQLVWUDGRU MXGLFLDO GHYH
H[DUDUVHXSDUHFHUHPGLDV
FRQWDGRV GD UHVSHFWLYD
LQWLPDomR
5HWRUQDQGR RV DXWRV GH
LPSXJQDomR GH FUpGLWR FRP
R SDUHFHU GR DGPLQLVWUDGRU
MXGLFLDO VHUmR WRGRV
SURPRYLGRV j FRQFOXVmR
$TXHODV LPSXJQDo}HV HP
TXH QmR VH LPS}H D GLODomR
SUREDWyULD VmR HQWmR
MXOJDGDV GHVGH ORJR 2 MXL]
GHFLGH VH D UHODomR GH
FUHGRUHV UHSXEOLFDGD HVWi
FRUUHWD RX VH WHP UD]mR R
LPSXJQDQWH (P UHODomR jV
GHPDLV R MXL] IL[D RV
DVSHFWRV FRQWURYHUWLGRV
GHFLGH DV TXHVW}HV
SURFHVVXDLV SHQGHQWHV H
GHWHUPLQDDVSURYDVDVHUHP
SURGX]LGDV QRPHLD SHULWR
GHVLJQD DXGLrQFLD GH
LQVWUXomR H MXOJDPHQWR HWF
&RQFOXtGD D GLODomR
SUREDWyULD R MXL] MXOJD D
LPSXJQDomR DFROKHQGRD RX
UHMHLWDQGRD
&RQWUD D VHQWHQoD
SURIHULGD QD LPSXJQDomR GH
FUpGLWRFDEHDJUDYR
$SyV D VHQWHQoD GH
HQFHUUDPHQWR GD IDOrQFLD
WHUPLQD R SURFHVVR
IDOLPHQWDU SURSULDPHQWH
GLWR &RQWXGR R IDOLGR
SRGHUi WHU LQWHUHVVH HP
SURPRYHU SRVWHULRUPHQWH D
VXDUHDELOLWDomR3DUDYROWDU
D H[HUFHU DWLYLGDGH
HPSUHVDULDO LQFOXVLYH R
IDOLGR GHYH REWrOD
QHFHVVDULDPHQWH $
UHDELOLWDomR FRPSUHHQGH D
H[WLQomR GDV
UHVSRQVDELOLGDGHV FLYLV H
SHQDLVGRIDOLGR
1R FDPSR GR GLUHLWR
FLYLO GHYHUi R IDOLGR
UHTXHUHU D GHFODUDomR SRU
VHQWHQoD GD H[WLQomR GDV
REULJDo}HV (VWD RFRUUH QDV
VHJXLQWHVKLSyWHVHV
D SDJDPHQWR GRV
FUpGLWRV RX QRYDomR
GDTXHOHV FRP JDUDQWLD UHDO
DUW,
EUDWHLRGHPDLVGH
GR SDVVLYR TXLURJUiILFR
DSyV D UHDOL]DomR GH WRGR R
DWLYR H HYLGHQWHPHQWH R
SDJDPHQWR GD WRWDOLGDGH GR
GHYLGR DRV FUHGRUHV FRP
SUHIHUrQFLD VHQGR IDFXOWDGR
R GHSyVLWR GD TXDQWLD
QHFHVViULD SDUD DWLQJLUVH
HVWD SHUFHQWDJHP DUW
,,
FGHFXUVRGRSUD]RGH
DQRVDSyVRHQFHUUDPHQWRGD
IDOrQFLD VH R IDOLGR RX R
UHSUHVHQWDQWH OHJDO GD
VRFLHGDGH IDOLGD QmR
LQFRUUHXHPFULPHIDOLPHQWDU
DUW,,,
G GHFXUVR GR SUD]R GH
DQRVDSyVRHQFHUUDPHQWR
GD IDOrQFLD VH KRXYH
FRQGHQDomR GR IDOLGR RX GR
UHSUHVHQWDQWH OHJDO GD
VRFLHGDGH IDOLGD SRU FULPH
IDOLPHQWDUDUW,9RX
H SUHVFULomR GDV
REULJDo}HV DQWHULRUPHQWH DR
GHFXUVR GHVVHV SUD]RV
GHFDGHQFLDLV DUW $
GHFODUDomR GD IDOrQFLD
VXVSHQGH D IOXrQFLD GRV
SUD]RV SUHVFULFLRQDLV GDV
REULJDo}HV GR IDOLGR RV
TXDLV UHFRPHoDP D IOXLU GR
WUkQVLWR HP MXOJDGR GD
VHQWHQoDGHHQFHUUDPHQWRGD
IDOrQFLD6HDQWHVGHRX
DQRV GR HQFHUUDPHQWR
FRQIRUPHRFDVRRFRUUHUD
SUHVFULomR H[WLQJXHVH D
REULJDomRFRUUHVSRQGHQWH
2 SDJDPHQWR p FDXVD GH
H[WLQomR GDV REULJDo}HV TXH
SRGHRFRUUHUDQWHVRXGHSRLV
GDVHQWHQoDGHHQFHUUDPHQWR
GDIDOrQFLD2UDWHLRGHPDLV
GH GR SDVVLYR DSyV D
UHDOL]DomR GH WRGR R DWLYR
SRU VXD YH] p FDXVD TXH VH
YHULILFD QHFHVVDULDPHQWH
DQWHV GR HQFHUUDPHQWR GD
IDOrQFLD-iDVGHPDLVFDXVDV
HOHQFDGDV RFRUUHP VHPSUH
DSyV R HQFHUUDPHQWR 3RU
OHYDQWDPHQWR GD IDOrQFLD VH
FRPSUHHQGHDRFRUUrQFLDGH
FDXVDH[WLQWLYDGHREULJDomR
DQWHULRUPHQWH DR
HQFHUUDPHQWRGDIDOrQFLD
2 IDOLGR GHYHUi
DSUHVHQWDU UHTXHULPHQWR GH
GHFODUDomR GH H[WLQomR GDV
REULJDo}HVDFRPSDQKDGRGD
SURYD GH TXLWDomR GRV
WULEXWRV UHODWLYRV DR
H[HUFtFLR GR FRPpUFLR
&71 DUW $SyV
RXYLGDVDVSDUWHVHVHIRUR
FDVR R UHSUHVHQWDQWH GR
0LQLVWpULR 3~EOLFR R MXL]
SURIHULUi VHQWHQoD 6H IRU R
FDVR GH OHYDQWDPHQWR GH
IDOrQFLD R MXL] GHFODUDUi
HQFHUUDGR R SURFHVVR QD
PHVPD VHQWHQoD TXH MXOJDU
H[WLQWDV DV REULJDo}HV GR
IDOLGR
6H R IDOLGR QmR HVWLYHU
VHQGR SURFHVVDGR
SHQDOPHQWH RX WLYHU VLGR
DEVROYLGR SRU VHQWHQoD
GHILQLWLYD SRGHUi FRP D
VLPSOHV H[WLQomR GDV
REULJDo}HVYROWDUDH[SORUDU
DWLYLGDGH HPSUHVDULDO
UHDELOLWDGR TXH VH HQFRQWUD
6H QR HQWDQWR HOH IRU
FRQGHQDGR SRU FULPH
IDOLPHQWDU GHYHUi DLQGD
UHTXHUHU D VXD UHDELOLWDomR
SHQDO(VWDVRPHQWHSRGHVHU
FRQFHGLGDDSyVRWUDQVFXUVR
GH DQRV FRQWDGRV GR
FXPSULPHQWR GD SHQD &3
DUW $ GHFODUDomR SRU
VHQWHQoD GD H[WLQomR GDV
REULJDo}HV p FRQGLomR GD
UHDELOLWDomRSHQDO
2IDOLGRUHDELOLWDGRFLYLO
H FULPLQDOPHQWH QD IRUPD
H[DPLQDGD SRGH YROWDU D
H[SORUDU UHJXODUPHQWH
DWLYLGDGH HPSUHVDULDO 6H
QmR UHTXHUHX VXD
UHDELOLWDomR RV HIHLWRV GD
LQDELOLWDomR OLPLWDPVH D
DQRV FRQWDGRV GD H[WLQomR
GD SXQLELOLGDGH /) DUW
&$3Ë78/2
3(662$(%(16
'2)$/,'2
5(675,d®(6
3(662$,6 ( 5(*,0(
3$75,021,$/ '2
)$/,'2
2 IDOLGR QmR p XP
LQFDSD] $SHQDV TXH D VXD
FDSDFLGDGH MXUtGLFD VRIUH
UHVWULomR QR WRFDQWH DR
GLUHLWR GH SURSULHGDGH $
SDUWLU GD GHFUHWDomR GD
IDOrQFLD R GHYHGRU SHUGH R
GLUHLWR GH DGPLQLVWUDU H
GLVSRU GH VHX SDWULP{QLR
1mRSHUGHDSURSULHGDGHGH
VHXV EHQV VHQmR DSyV D
YHQGDGHOHVQDOLTXLGDomR$
DGPLQLVWUDomR GH VHXV EHQV
FRPSHWH DRV yUJmRV GD
IDOrQFLD D SDUWLU GD
GHFUHWDomRGDTXHEUD
3HVVRDOPHQWH ILFD R
IDOLGRVXMHLWRDGHWHUPLQDGDV
UHVWULo}HV 1mR VHQGR
LQFDSD] SRGHUi SUDWLFDU
WRGRV RV DWRV GD YLGD FLYLO
QmR SDWULPRQLDLV FRPR R
FDVDPHQWR D DGRomR R
UHFRQKHFLPHQWR GH ILOKRV
HWF$ YDOLGDGH GHVVHV DWRV
SRUWDQWR LQGHSHQGH GD
FLHQWLILFDomRDXWRUL]DomRRX
DVVLVWrQFLD GR MXL] GD
IDOrQFLDRXGRDGPLQLVWUDGRU
MXGLFLDO
1mR SRGH R IDOLGR
DXVHQWDUVH GR OXJDU GD
IDOrQFLD VHP UD]mR
MXVWLILFDGRUD H DXWRUL]DomR
GR MXL] FRQVWLWXLQGR HP
TXDOTXHU FDVR SURFXUDGRU
FRP SRGHUHV SDUD
UHSUHVHQWiOR QRV DWRV
SURFHVVXDLV DUW ,,,
7HUi RXWURVVLP VXVSHQVR R
VHX GLUHLWR FRQVWLWXFLRQDO GH
VLJLOR j FRUUHVSRQGrQFLD
TXDQWR DRV DVVXQWRV
SHUWLQHQWHV DR VHX QHJyFLR
&RP HIHLWR D SDUWLU GD
GHFUHWDomRGDTXHEUDVmRDV
DJrQFLDV SRVWDLV
FLHQWLILFDGDV SDUD TXH
HQWUHJXHP DR DGPLQLVWUDGRU
MXGLFLDO WRGD D
FRUUHVSRQGrQFLD HQGHUHoDGD
DR IDOLGR LQFOXVLYH
WHOHJUDPDV 2 DGPLQLVWUDGRU
MXGLFLDO GHYH HQWUHJDU DR
IDOLGR GH LPHGLDWR D
FRUUHVSRQGrQFLD GH
FRQWH~GR HVWUDQKR DR VHX
JLUR FRPHUFLDO DUW ,,,
G $OpP GHVWHV RXWUR
GLUHLWR FRQVWLWXFLRQDO
VXVSHQVR p R GH OLYUH
H[HUFtFLRGDSURILVVmRSRVWR
TXH R IDOLGR QmR SRGHUi
HVWDEHOHFHUVH FRPR
HPSUHViULRHQTXDQWRQmRIRU
UHDELOLWDGRDUW
$R IDOLGR LPS}H D OHL R
GHYHU GH FRODERUDU FRP D
DGPLQLVWUDomR GD IDOrQFLD
DX[LOLDQGR R DGPLQLVWUDGRU
MXGLFLDO QD DUUHFDGDomR GRV
EHQV LQIRUPDQGR DV
GHFODUDo}HV GH FUpGLWR
H[DPLQDQGRHGDQGRSDUHFHU
QDV FRQWDV GR DGPLQLVWUDGRU
MXGLFLDOHWF
(VWDVUHVWULo}HVGRIDOLGR
VH HVWHQGHP j SHVVRD GR
UHSUHVHQWDQWH OHJDO GD
VRFLHGDGHIDOLGD
1R WRFDQWH DRV EHQV GR
IDOLGRVHUmRHVWHVREMHWRGH
DUUHFDGDomR TXH p R DWR
MXGLFLDO GH FRQVWULomR GRV
EHQV GR SDWULP{QLR GR
GHYHGRU HVSHFtILFR GR
SURFHVVR IDOLPHQWDU 2
DGPLQLVWUDGRU MXGLFLDO GHYH
DUUHFDGDU WRGRV RV EHQV GH
SURSULHGDGH GR IDOLGR
PHVPR TXH VH DFKHP QD
SRVVH GH WHUFHLURV D WtWXOR
GHORFDomRRXFRPRGDWRSRU
H[HPSOR $ DUUHFDGDomR
GHYH WDPEpP DEUDQJHU
WRGRV RV EHQV QD SRVVH GR
IDOLGR 'HVWHV VHUmR
H[FOXtGRV DTXHOHV TXH
HPERUD SRVVXtGRV SRU HOH
QmROKHSHUWHQFHPPHGLDQWH
SHGLGR GH UHVWLWXLomR 1mR
VHUmR FRQWXGR DUUHFDGDGRV
RV EHQV DEVROXWDPHQWH
LPSHQKRUiYHLV VHJXQGR D
GHILQLomR GD OHL SURFHVVXDO
FLYLO&3&DUWVH
QHP RV JUDYDGRV FRP
FOiXVXODGHLQDOLHQDELOLGDGH
7DPEpP QmR SRGHUmR VHU
DUUHFDGDGRV RV EHQV GD
PHDomR GR F{QMXJH
SURWHJLGRVSHOD/HLQ
GH(VWDWXWRGD0XOKHU
&DVDGDQHPDVVXEVWkQFLDV
HQWRUSHFHQWHV RX TXH
GHWHUPLQDP GHSHQGrQFLD
ItVLFD RX SVtTXLFD DV TXDLV
GHYHUmR VHU UHWLUDGDV GR
HVWDEHOHFLPHQWR HPSUHVDULDO
GR IDOLGR H GHSRVLWDGDV
SHODV DXWRULGDGHV VDQLWiULDV
FRPSHWHQWHV /HL Q
DUW,D,,,
$ JXDUGD H FRQVHUYDomR
GRV EHQV DUUHFDGDGRV p GD
UHVSRQVDELOLGDGH GR
DGPLQLVWUDGRU MXGLFLDO DUW
SRGHQGRRIDOLGR
VHU QRPHDGR R GHSRVLWiULR
$V GHVSHVDV GHFRUUHQWHV
FRPR R SDJDPHQWR GR
SUrPLR GR VHJXUR VmR GH
UHVSRQVDELOLGDGH GD PDVVD
IDOLGD 6H HQWUH RV EHQV
DUUHFDGDGRV KRXYHU DOJXP
GH IiFLO GHWHULRUDomR RX
FXVWRVDRXDUULVFDGDJXDUGD
SRGHUiVHUYHQGLGRDQWHVGD
OLTXLGDomR GRV GHPDLV
GHYHQGR R DGPLQLVWUDGRU
MXGLFLDO UHSUHVHQWDU DR MXL]
QHVWH VHQWLGR 6REUH R
SHGLGR VH PDQLIHVWDUmR R
IDOLGR H R FRPLWr GH
FUHGRUHVDUW
&217,18$d2
3529,6Ï5,$ '$
(035(6$'2)$/,'2
3$75,0Ð1,2
6(3$5$'2
$726,1(),&$=(6
8P HPSUHViULR DR
SUHVVHQWLU TXH VH HQFRQWUD
HP VLWXDomR SUpIDOHQFLDO
SRGHVHYHUWHQWDGRDOLYUDU
VH GD GHFUHWDomR GD TXHEUD
RX GH VXDV FRQVHTXrQFLDV
SRUPHLRVLOtFLWRVIUDXGDQGR
RV FUHGRUHV RX D ILQDOLGDGH
GD H[HFXomR FROHWLYD SDU
FRQGLFWLR FUHGLWRUXP
3RGHUi FRP HIHLWR VLPXODU
DWRVGHDOLHQDomRGHEHQVGH
VHX SDWULP{QLR RX LQVWLWXLU
HP IDYRU GH XP FUHGRU
TXLURJUDIiULR XPD JDUDQWLD
UHDO HP WURFD GH DOJXPD
YDQWDJHP LQGHYLGD 3DUD
FRLELU HVWHV
FRPSRUWDPHQWRV D /HL GH
)DOrQFLDV FRQVLGHUD
GHWHUPLQDGRV DWRV
SUDWLFDGRV SHOR IDOLGR DQWHV
GD TXHEUD FRPR LQHILFD]HV
SHUDQWHDPDVVDIDOLGD
2V DWRV UHSXWDGRV
LQHILFD]HV SHOD /HL GH
)DOrQFLDV QmR SURGX]HP
TXDOTXHU HIHLWR MXUtGLFR
SHUDQWH D PDVVD 1mR VmR
DWRVQXORVRXDQXOiYHLVPDV
LQHILFD]HV $ VXD YDOLGDGH
QmR p FRPSURPHWLGD SRU
GLVSRVLomRGHOHLIDOLPHQWDU
HPERUD GH DOJXQV GHOHV VH
SXGHVVH FRJLWDU GH
LQYDOLGDomRSRUYtFLRVRFLDO
QRV WHUPRV GD OHL FLYLO 3RU
LVVR RV DWRV UHIHULGRV SHOD
/HL GH )DOrQFLDV FRPR
LQHILFD]HV GLDQWH GD PDVVD
IDOLGD SURGX]HP
DPSODPHQWHWRGRVRVHIHLWRV
SDUD RV TXDLV HVWDYDP
SUHRUGHQDGRV SHUDQWH WRGRV
RV GHPDLV VXMHLWRV GH
GLUHLWR
([HPSOLILFDWLYDPHQWH XPD
GDV KLSyWHVHV TXH HP
VHJXLGD VHUi H[DPLQDGD p D
LQHILFiFLD GH UHQ~QFLD GH
KHUDQoD HP GHWHUPLQDGDV
FRQGLo}HV XPD YH]
DUUHFDGDGRV SHOD PDVVD GR
PRQWH UHQXQFLDGR RV EHQV
VXILFLHQWHV j LQWHJUDO
VDWLVIDomR GRV GpELWRV GR
IDOLGR QmR SRGHUi HVWH
UHFODPDU R VDOGR GR
EHQHILFLiULR GD UHQ~QFLD
SRVWR TXH HQWUH DPERV D
UHQ~QFLDSHUPDQHFHYiOLGDH
SOHQDPHQWH HILFD] DSHQDV
HPUHODomRjPDVVDIDOLGDR
DWRGHUHQ~QFLDQmRSURGX]LX
HIHLWRVMXUtGLFRV
2 WHUPR OHJDO GD
IDOrQFLD IL[DGR SHOR MXL] QD
VHQWHQoD GHFODUDWyULD GD
IDOrQFLD RX SRU GHFLVmR
LQWHUORFXWyULD SRVWHULRU WHP
XWLOLGDGH QD GHILQLomR GD
LQHILFiFLD GH DOJXQV DWRV
SUDWLFDGRV SHOR IDOLGR
$OJXQV DXWRUHV FRVWXPDP
WRPDU D H[SUHVVmR ³SHUtRGR
VXVSHLWR´ FRPR VLQ{QLPD GH
WHUPR OHJDO GD IDOrQFLD
RXWURV SUHIHUHP FKDPDU GH
VXVSHLWR WRGR R ODSVR
WHPSRUDO UHODWLYR j
LQHILFiFLDGRVDWRVGRIDOLGR
GLIHUHQWH GR WHUPR OHJDO
7UDWDVH QR HQWDQWR GH
GLVFXVVmR VHP D PtQLPD
LPSRUWkQFLD 'rVHOKH R
QRPH TXH IRU LQWHUHVVDP
SDUD D LQHILFiFLD GR DWR DV
FRQGLo}HV TXH D OHL
HVWDEHOHFHU LQFOXVLYH DV
SHUWLQHQWHV DR IDWRU
WHPSRUDO
2XWUD TXHVWmR SUHOLPLQDU
p D XWLOL]DomR SHOR
OHJLVODGRU GH GXDV
H[SUHVV}HV SDUD GHVLJQDU R
FRQMXQWR GH DWRV LQHILFD]HV
SHUDQWH D PDVVD IDOLGD (P
UHODomR DRV DWRV WLSLILFDGRV
QR DUW GD /) R
OHJLVODGRU RSWRX SRU
GHQRPLQiORV ³LQHILFD]HV´
HQTXDQWR DRV WLSLILFDGRV QR
DUWGDTXHODOHLFKDPRX
RVGH³UHYRJiYHLV´+iFRP
HIHLWR GLIHUHQoDV
VXEVWDQWLYDVHQWUHXPHRXWUR
FRQMXQWR GH DWRV PDV QmR
SHUWLQHQWHV j LQHILFiFLD
GLDQWH GD PDVVD IDOLGD
7DQWR RV DWRV TXH R
OHJLVODGRU FKDPRX GH
³LQHILFD]HV´ TXDQWR RV TXH
HOH FKDPRX GH ³UHYRJiYHLV´
QmR SURGX]HP SHUDQWH D
PDVVD IDOLGD TXDOTXHU
HIHLWR 2 TXH GLIHUHQFLD XP
FRQMXQWR GH DWRV GR RXWUR
QmR p D VXVSHQVmR GH VXD
HILFiFLD SUHVHUYDQGRVH D
YDOLGDGH VDQomR FRPXP D
DPERV H VLP DV FRQGLo}HV
HP TXH HVWD VXVSHQVmR SRGH
RFRUUHUHRPHLRSURFHVVXDO
DGHTXDGRSDUDDGHFODUDU
'HVWD IRUPD SRGHVH
GL]HU TXH WDQWR RV DWRV
LQHILFD]HVHPVHQWLGRHVWULWR
TXDQWR RV DWRV UHYRJiYHLV
VmR LQHILFD]HV HP VHQWLGR
ODUJR SHUDQWH D PDVVD
IDOLGD
2V DWRV WLSLILFDGRV QR
DUWGD/)WrPHPUHJUD
DV VHJXLQWHV PDUFDV D
LQHILFiFLD p FRQGLFLRQDGD j
SUiWLFD GR DWR HP XP FHUWR
ODSVR WHPSRUDO PDV
SUHVFLQGH GD FDUDFWHUL]DomR
GH IUDXGH 7HQKD RX QmR
KDYLGRLQWXLWRIUDXGXOHQWRQR
DWR GR IDOLGR HVWH VH IRU
XPD GDV KLSyWHVHV GR DUW
GD /) VHUi LQHILFD]
SHUDQWH D PDVVD IDOLGD VH
SUDWLFDGRGHQWURGRSUD]RGD
OHLeLUUHOHYDQWHVHRIDOLGR
DJLXRXQmRFRPIUDXGHSDUD
TXH R DWR QHVVH FDVR VHMD
LQHILFD]+iFRQWXGRXPDWR
TXH LQGHSHQGHQWHPHQWH GD
pSRFD HP TXH RFRUUHX H GD
FRPSURYDomR GH IUDXGH
UHSXWDVH LQHILFD] e R
SUHYLVWR QR LQF 9,,,
DOLHQDomR LUUHJXODU GH
HVWDEHOHFLPHQWR
HPSUHVDULDO $V KLSyWHVHV
GR DUW GD /) VmR GH
LQHILFiFLDREMHWLYDSRVWRVHU
LUUHOHYDQWH D LQGDJDomR
DFHUFDGHTXDOTXHUHOHPHQWR
VXEMHWLYR DWLQHQWH jV
PRWLYDo}HVGDVSDUWHV
(QFRQWUDPVH WLSLILFDGRV
QR DUW GD /) RV
VHJXLQWHV DWRV LQHILFD]HV
SHUDQWHDPDVVDIDOLGD
D GHQWUR GR WHUPR OHJDO
GD IDOrQFLD R SDJDPHQWR GH
GtYLGD QmR YHQFLGD SRU
TXDOTXHU PHLR H[WLQWLYR GR
GLUHLWR FUHGLWtFLR H[HPSOR
FHVVmR FRPSHQVDomR HWF
LQFOXVLYHRSDFWXDGRHQWUHDV
SDUWHVTXDQGRGDFULDomRGD
REULJDomR
E GHQWUR GR WHUPR OHJDO
GD IDOrQFLD R SDJDPHQWR GH
GtYLGDYHQFLGDSRUTXDOTXHU
PHLR H[WLQWLYR GR GLUHLWR
FUHGLWtFLR VDOYR R SDFWXDGR
HQWUH DV SDUWHV TXDQGR GD
FULDomRGDREULJDomR
F GHQWUR GR WHUPR OHJDO
GDIDOrQFLDDFRQVWLWXLomRGH
GLUHLWR UHDO GH JDUDQWLD HP
UHODomR D REULJDomR
DVVXPLGD DQWHV GDTXHOH
SHUtRGR 6HQGR FRLQFLGHQWHV
D FULDomR GD REULJDomR H D
FRQVWLWXLomRGDJDUDQWLDQmR
Ki LQHILFiFLD PHVPR VH
UHDOL]DGDVQRWHUPROHJDO
GGHVGHDQRVDQWHVGD
GHFODUDomR GD IDOrQFLD RV
DWRV D WtWXOR JUDWXLWR
H[FHWXDQGRVH VHJXQGR D
GRXWULQD DV JUDWLILFDo}HV
SDJDV D HPSUHJDGRV SRU
LQWHJUDUHPHVWDVRVDOiULR
HGHVGHDQRVDQWHVGD
GHFODUDomR GD IDOrQFLD D
UHQ~QFLD GH KHUDQoD RX
OHJDGR
I WDUGLR UHJLVWUR GH
GLUHLWRV UHDLV H GH
WUDQVIHUrQFLDGHSURSULHGDGH
HQWUH YLYRV SRU WtWXOR
RQHURVRRXJUDWXLWRRXVHMD
SRVWHULRU j GHFUHWDomR GD
IDOrQFLD VDOYR SUHQRWDomR
DQWHULRU FDEHUi QHVWH FDVR
DR FUHGRU EHQHILFLiULR GD
JDUDQWLD KDELOLWDUVH FRPR
TXLURJUDIiULR H DR
DGTXLUHQWHRGLUHLWRDRSUHoR
SDJRRXVHQGRHVWHVXSHULRU
DRDSXUDGRFRPDOLTXLGDomR
GR EHP R SUHoR GD YHQGD
MXGLFLDO
J DOLHQDomR GR
HVWDEHOHFLPHQWR
HPSUHVDULDO VHP D DQXrQFLD
H[SUHVVD RX WiFLWD GH WRGRV
RV FUHGRUHV VDOYR VH
FRQVHUYRXRGHYHGRUHPVHX
SDWULP{QLR EHQV VXILFLHQWHV
SDUD JDUDQWLD GR SDJDPHQWR
GHVXDVREULJDo}HV
2V DWRV UHIHULGRV QRV
LQFLVRV , D ,,, H 9, GR DUW
GD /) OHWUDV D D F H I
DFLPDQmRVmRLQHILFD]HVVH
WLYHUHPVLGRSUDWLFDGRVFRP
EDVH QR SODQR GH
UHFXSHUDomR GD HPSUHVD
MXGLFLDOPHQWH DSURYDGR DUW
+i QD /HL GDV
6RFLHGDGHV SRU $o}HV D
SUHYLVmR GH XPD KLSyWHVH
HVSHFtILFD GH LQHILFiFLD
REMHWLYD 7UDWDVH GR
UHHPEROVRjFRQWDGRFDSLWDO
VRFLDO TXDQGR R DFLRQLVWD
GLVVLGHQWH QmR IRL
VXEVWLWXtGR HP UHODomR DRV
FUHGRUHVGDVRFLHGDGHIDOLGD
DQWHULRUHV j UHWLUDGD /6$
DUW
-i RV DWRV WLSLILFDGRV QR
DUW GD /) VH
FDUDFWHUL]DP GLIHUHQWHPHQWH
$TXL p LUUHOHYDQWH D pSRFD
HP TXH R DWR IRL SUDWLFDGR
SUy[LPD RX GLVWDQWH GD
GHFUHWDomR GD IDOrQFLD
EDVWDQGR SDUD D VXD
LQHILFiFLDSHUDQWHDPDVVDD
GHPRQVWUDomR GH TXH R
IDOLGR H R WHUFHLUR
FRQWUDWDQWH DJLUDP FRP
IUDXGH ,QGHSHQGHQWHPHQWH
GD pSRFD HP TXH R DWR IRL
UHDOL]DGR VH HOH REMHWLYRX
IUDXGDU FUHGRUHV RX D
ILQDOLGDGH GD H[HFXomR
FROHWLYD QmR SURGX]LUi VHXV
HIHLWRV SHUDQWH D PDVVD
IDOLGD $VVLP XP DWR
UHIHULGRSHORDUWGD/)
PDV QmR WLSLILFDGR SRU HVVH
GLVSRVLWLYRSRUTXHSUDWLFDGR
IRUD GR SUD]R
FRUUHVSRQGHQWH VHUi
LQHILFD] FDVR VHMD SURYDGR
TXH DV SDUWHV DJLUDP FRP
IUDXGH $V KLSyWHVHV GR DUW
VmR GH LQHILFiFLD
VXEMHWLYD SRUTXH VH
FDUDFWHUL]DP MXVWDPHQWH
SHOD PRWLYDomR IUDXGXOHQWD
GDVSDUWHV
'(&/$5$d2
-8',&,$/ '$
,1(),&È&,$
$ VHQWHQoD GHFODUDWyULD
GD IDOrQFLD LPSRUWD D
GLVFLSOLQD GRV FRQWUDWRV GR
IDOLGR VHJXQGR UHJUDV
HVSHFtILFDV GR GLUHLWR
IDOLPHQWDU 2 UHJLPH
MXUtGLFRGRVFRQWUDWRVGHXP
HPSUHViULR HP RXWURV
WHUPRV p GLYHUVR VHJXQGR
HVWHMDHOHIDOLGRRXQmR
$ IDOrQFLD DXWRUL]D GH
XP ODGR D UHVROXomR GRV
FRQWUDWRV ELODWHUDLV DUW
3RU FRQWUDWRV
ELODWHUDLV SDUD RV ILQV
IDOLPHQWDUHV HQWHQGHPVH
DTXHOHV TXH QHQKXPD GDV
SDUWHV GHX LQtFLR DLQGD DR
FXPSULPHQWRGDVREULJDo}HV
DVVXPLGDV([FOXHPVHGHVWH
FRQFHLWR SRUWDQWR H GD
SRVVLELOLGDGH GH VHUHP
UHVROYLGRV SHOD GHFUHWDomR
GD IDOrQFLD DTXHOHV
FRQWUDWRV TXH HPERUD
GHILQLGRV FRPR ELODWHUDLV
SDUD RV ILQV GH GLUHLWR
REULJDFLRQDO FRPXP Mi
WLYHUDP D VXD H[HFXomR
LQLFLDGDSRUXPDGDVSDUWHV
6HRYHQGHGRUMiHQWUHJRXDV
PHUFDGRULDV YHQGLGDV DQWHV
GR SUD]R TXH DXWRUL]D D VXD
UHVWLWXLomRFXPSULQGRDVVLP
LQWHJUDOPHQWH DV REULJDo}HV
TXH OKH FRPSHWLDP PDV R
FRPSUDGRUQmRSDJRXDLQGD
R SUHoR GHODV IDOLQGR HVWH
QmR VHUi R FRQWUDWR GH
FRPSUD H YHQGD QR FDVR
FRQVLGHUDGR ELODWHUDO SHOR
GLUHLWR IDOLPHQWDU HPERUD
VHMDWtSLFRFRQWUDWRELODWHUDO
SDUD R GLUHLWR REULJDFLRQDO
FRPXP (VWH FRQWUDWR QmR p
VXVFHWtYHO GH UHVROXomR 2
YHQGHGRU GHYHUi
VLPSOHVPHQWHKDELOLWDURVHX
FUpGLWR H FRQFRUUHU QD
PDVVD 2 FRQWUDWR XQLODWHUDO
WDPEpP SRGH VHU UHVROYLGR
SHOR DGPLQLVWUDGRU MXGLFLDO
QDV PHVPDV FRQGLo}HV /)
DUW
(P VXPD D IDOrQFLD GR
FRQWUDWDQWH SRGH SURYRFDU D
UHVROXomR GR FRQWUDWR HP
TXH DPEDV DV SDUWHV
DVVXPHP REULJDo}HV VH D
VXDH[HFXomRDLQGDQmRWHYH
LQtFLR SRU TXDOTXHU XPD
GHODV RX GRV TXH LPSRUWDP
REULJDo}HV SDUD Vy XP GRV
FRQWUDWDQWHV6HRIDOLGRRXR
RXWUR FRQWUDWDQWH Mi GHUDP
LQtFLR j H[HFXomR GR
FRQWUDWR FXPSULQGR SDUFLDO
RX WRWDOPHQWH DV VXDV
REULJDo}HV D IDOrQFLD QmR
SRGHUi LPSRUWDU VXD
UHVROXomRGHYHQGRDVSDUWHV
GDUOKH LQWHJUDO
FXPSULPHQWR
&RPSHWH DR
DGPLQLVWUDGRU MXGLFLDO H DR
FRPLWr GH FUHGRUHV D
GHFLVmR TXDQWR DR
FXPSULPHQWR RX j UHVROXomR
GR FRQWUDWR (VVHV yUJmRV
GHYHUmR GHFLGLU D SDUWLU GR
TXH HQWHQGH VHMD R PDLV
FRQYHQLHQWH SDUD D PDVVD
UHVSRQGHQGR SRU Pi
DGPLQLVWUDomR GR LQWHUHVVH
HVSHFLILFDPHQWH UHODFLRQDGR
FRPFDGDFRQWUDWRUHVROYLGR
RX PDQWLGR 'L] D OHL TXH D
UHVROXomR GR FRQWUDWR p
FDEtYHO VH SXGHU UHGX]LU RX
HYLWDURDXPHQWRGRSDVVLYR
RX FRODERUDU SDUD D
PDQXWHQomR H SUHVHUYDomR
GR DWLYR GD PDVVD IDOLGD
DUWVH$GHFLVmR
GR DGPLQLVWUDGRU MXGLFLDO
DXWRUL]DGR SHOR FRPLWr p
GHILQLWLYD QmR SRGHQGR RV
GHPDLV FUHGRUHV RX R
FRQWUDWDQWH FRP R IDOLGR
SOHLWHDUHP D UHYLVmR GR TXH
HOHV KRXYHUHP GHFLGLGR
TXDQWRDHVWHSRQWR
6H R FRQWUDWDQWH GHVHMDU
SRGH LQWHUSHODU R
DGPLQLVWUDGRU MXGLFLDO QRV
GLDV VHJXLQWHV DR GH VXD
LQYHVWLGXUD QD IXQomR SDUD
TXHHVWHVHSRVLFLRQHTXDQWR
DR FXPSULPHQWR RX QmR GR
FRQWUDWR 2 VLOrQFLR GR
DGPLQLVWUDGRU MXGLFLDO QR
SUD]RGHGLDVLPSRUWDUiD
UHVROXomR GR FRQWUDWR
DVVHJXUDGR DR FRQWUDWDQWH
DSXUDU SRU DomR SUySULD D
LQGHQL]DomR D TXH WHP
GLUHLWR D TXDO FRQVWLWXLUi
FUpGLWRTXLURJUDIiULR
(VWD p XPD UHJUD JHUDO
GHILQLGD SHOD /HL GH
)DOrQFLDV$RODGRGHVWDQR
HQWDQWR R OHJLVODGRU
HVWDEHOHFHX UHJUDV
HVSHFtILFDV SHUWLQHQWHV D
GHWHUPLQDGDV FDWHJRULDV GH
FRQWUDWR6mRDVVHJXLQWHV
D 2 YHQGHGRU QmR
SRGHUi REVWDU D HQWUHJD GH
FRLVD YHQGLGD DR IDOLGR
DLQGD QmR SDJDV QHP
UHFHELGDV GHVGH TXH WHQKD
KDYLGRDUHYHQGDVHPIUDXGH
SRU WUDGLomR VLPEyOLFD RX
VHMD IHLWD FRP EDVH HP
IDWXUD RX FRQKHFLPHQWR GH
WUDQVSRUWHDUW,
E 1D YHQGD SHOR IDOLGR
GHFRLVDFRPSRVWDUHVROYLGD
SHOR DGPLQLVWUDGRU MXGLFLDO
R FRPSUDGRU SRGH
FRORFDQGR DV FRPSRVLo}HV
MiUHFHELGDVjGLVSRVLomRGD
PDVVD SOHLWHDU SHUGDV H
GDQRVDUW,,
F 1D YHQGD SHOR IDOLGR
GH FRLVD PyYHO FRP
SDJDPHQWR D SUHVWDomR R
DGPLQLVWUDGRU MXGLFLDO SRGH
RSWDU SHOD UHVROXomR GR
FRQWUDWR UHVWLWXLQGR DR
FRPSUDGRU R YDORU GDV
SUHVWDo}HV Mi SDJDV DUW
,,,
G 1D FRPSUD FRP
UHVHUYD GH GRPtQLR SHOR
IDOLGR GH EHP PyYHO VH R
DGPLQLVWUDGRU MXGLFLDO
UHVROYHU R FRQWUDWR SRGH R
YHQGHGRU UHFXSHUDU R EHP
QRV WHUPRV GD OHJLVODomR
SURFHVVXDO FRPXP &3&
DUWV H /) DUW
,9
H 1D FRPSUD H YHQGD D
WHUPR TXH WHQKD FRWDomR HP
%ROVD RX PHUFDGR QmR VH
H[HFXWDQGR R FRQWUDWR
SUHVWDUi R FRQWUDWDQWH RX D
PDVVD D GLIHUHQoD HQWUH DV
FRWDo}HV GR GLD GR FRQWUDWR
H R GD OLTXLGDomR DUW
9
I 2 FRPSURPLVVR GH
FRPSUD H YHQGD GH EHQV
LPyYHLV QmR SRGH VHU
UHVROYLGR SHOR
DGPLQLVWUDGRU MXGLFLDO QD
IDOrQFLD GR YHQGHGRU R
FRPSURPLVVR VHUi FXPSULGR
H QD GR DGTXLUHQWH RV VHXV
GLUHLWRV GH SURPLWHQWH VHUmR
DUUHFDGDGRV H OLTXLGDGRV
DUW GD /HL Q GH
FF R DUW 9, GD
/)
J 6H R HVWDEHOHFLPHQWR
HPSUHVDULDO GR IDOLGR
HQFRQWUDVH HP LPyYHO
ORFDGR R DGPLQLVWUDGRU
MXGLFLDO SRGH UHVLOLU R
FRQWUDWR D TXDOTXHU WHPSR
VHP SDJDU PXOWD RX RXWUR
FRQVHFWiULR 6H D IDOrQFLD p
GR ORFDGRU R FRQWUDWR
FRQWLQXD SDVVDQGR R
ORFDWiULR D SURFHGHU DR
SDJDPHQWRGRDOXJXHOSDUDD
PDVVD IDOLGD HQTXDQWR R
EHP QmR IRU DOLHQDGR DUW
9,,
K $V FRQWDVFRUUHQWHV
GR IDOLGR VHUmR HQFHUUDGDV
QR PRPHQWR GD GHFODUDomR
GD IDOrQFLD DSXUDQGRVH R
VDOGR R TXDO GHYHUi VHU
TXDQGR IDYRUiYHO j PDVVD
SDJR SHOR FRQWUDWDQWH H VH
IDYRUiYHO D HVWH KDELOLWDGR
QDIDOrQFLDDUW
$ SUHVFULomR GDV
REULJDo}HV GR IDOLGR
VXVSHQGHVH FRP D
GHFUHWDomR GD TXHEUD
YROWDQGR D IOXLU DSHQDV FRP
R WUkQVLWR HP MXOJDGR GD
VHQWHQoDGHHQFHUUDPHQWRGD
IDOrQFLDDUWVH1mR
VH VXVSHQGH QR HQWDQWR D
SUHVFULomR GDV REULJDo}HV
GH TXH HUD FUHGRU R IDOLGR
QHP D IOXrQFLD GH SUD]RV
GHFDGHQFLDLV PHVPR GDV
REULJDo}HV GHYLGDV SHOR
IDOLGR FDEHQGR DR
DGPLQLVWUDGRU MXGLFLDO
DWHQWDU SDUD XPD H RXWUD QR
LQWHUHVVHGDPDVVD
$IDOrQFLD SRUWDQWR QmR
SURYRFD SRU VL Vy D
UHVROXomR GRV FRQWUDWRV GR
IDOLGR 4XDQGR VH YHULILFD
GHFRUUH GH GHFLVmR GR
DGPLQLVWUDGRU MXGLFLDO
DXWRUL]DGR SHOR FRPLWr HP
YLVWD GR SURYHLWR SDUD D
PDVVD IDOLGD UHGXomR RX
QmR DXPHQWR GR SDVVLYR H
SUHVHUYDomR RX PDQXWHQomR
GR DWLYR 1DV GHPDLV
KLSyWHVHV REVHUYDGDV DV
UHJUDV HVSHFtILFDV TXH D /HL
GH )DOrQFLDV HVWDEHOHFH R
FRQWUDWR GHYH VHU FXPSULGR
SHORFRQWUDWDQWHQRVPHVPRV
WHUPRV HP TXH VHULD FDVR
QmRKRXYHVVHVLGRGHFUHWDGD
DTXHEUD
1R HQWDQWR VH DV SDUWHV
SDFWXDUDP FOiXVXOD GH
UHVROXomR SRU IDOrQFLD HVWD
VHUi HILFD] QmR SRGHQGR R
DGPLQLVWUDGRU MXGLFLDO
GHVUHVSHLWiOD1HVWHFDVRR
FRQWUDWR VH UHVROYH QmR SRU
IRUoD GD IDOrQFLD HP VL
SURSULDPHQWH PDV SHOD
YRQWDGH GDV SDUWHV
FRQWUDWDQWHV TXH D HOHJHUDP
FRPR FDXVD UHVROXWyULD GR
YtQFXORFRQWUDWXDO
2V FRQWUDWRV GH WUDEDOKR
HPTXHRIDOLGRILJXUDFRPR
HPSUHJDGRUQmRVHUHVROYHP
FRP D IDOrQFLD PDV D
FHVVDomR GDV DWLYLGDGHV GD
HPSUHVD p FDXVD UHVROXWyULD
GHVVHV FRQWUDWRV $VVLP
VDOYR QD KLSyWHVH GH
FRQWLQXDomR SURYLVyULD GD
HPSUHVD SHOR IDOLGR QRV
WHUPRV GR DUW ;, D
FHVVDomR GD DWLYLGDGH
HFRQ{PLFD GHFRUUHQWH GD
TXHEUD UHVROYH D UHODomR
FRQWUDWXDO HPSUHJDWtFLD
SRGHQGR R HPSUHJDGR
UHFODPDU DV YHUEDV
LQGHQL]DWyULDVSHUWLQHQWHV
2V FUpGLWRV HP PRHGD
HVWUDQJHLUD VHUmR
FRQYHUWLGRV HP PRHGD
QDFLRQDOSHORFkPELRGRGLD
HP TXH IRU GHFODUDGD D
IDOrQFLDGL]RDUWGD/)
VHQGR TXH VRPHQWH SRU HVWH
YDORU GH FRQYHUVmR SRGHUmR
VHU HOHV UHFODPDGRV 7UDWD
VH GH H[FHomR j UHJUD JHUDO
GD FRQYHUVmR GH YDORUHV
HQWUH GLIHUHQWHV PRHGDV D
TXDO VH ID] WRPDQGRVH SRU
UHIHUrQFLD R GLD GR
SDJDPHQWR FRPR SRU
H[HPSORQRDUWGD
/HL Q 2
OHJLVODGRU SDUD SRVVLELOLWDU
D GHILQLomR SUHFLVD GR
SDVVLYRGRIDOLGRFULRXHVWD
SDUWLFXODU UHJUD GH
FRQYHUVmRFDPELDOSDUDILQV
IDOLPHQWDUHV
6H R IDOLGR KDYLD
FHOHEUDGR FRQWUDWR GH
FkPELR RX TXDOTXHU RXWUR
SDVVtYHOGHFXPSULPHQWRHP
PRHGDHVWUDQJHLUDRVULVFRV
GD RVFLODomR FDPELDO
SDVVDP D VHU GD LQVWLWXLomR
ILQDQFHLUD FUHGRUD SRVWR
TXH WHUi GLUHLWR DR YDORU
FRQYHUWLGR HP PRHGD
QDFLRQDO QD GDWD GD
GHFUHWDomRGDTXHEUDVHQGR
LUUHOHYDQWH R YDORU GH
FRQYHUVmR j pSRFD GR
SDJDPHQWR
&$3Ë78/2
5(*,0(
-85Ë',&2'26
&5('25(6'2
)$/,'2
&5('25(6
$'0,7,'26
$ IDOrQFLD VHQGR
SURFHVVR GH H[HFXomR
FRQFXUVDO GH GHYHGRU
HPSUHViULR FRPSUHHQGH
WRGRVRVFUHGRUHVGRIDOLGR
FLYLV RX FRPHUFLDLV $ OHL
QRHQWDQWRDIDVWDGDIDOrQFLD
DOJXQV GRV FUHGRUHV WHQGR
HP YLVWD RV LQWHUHVVHV GR
FRQMXQWR GHOHV (VVDV
H[FHo}HV HVWmR SUHYLVWDV QR
DUW GD /) H GL]HP
UHVSHLWRDRVVHJXLQWHVFDVRV
DFUHGRUSRUREULJDo}HV
DWtWXORJUDWXLWRLQF,H
E FUpGLWR SRU GHVSHVDV
LQGLYLGXDOPHQWH IHLWDV SDUD
LQJUHVVR QD PDVVD IDOLGD
VXEMHWLYD VDOYR FXVWDV HP
OLWtJLRFRPHVWDLQF,,
(P UHODomR j FRUUHomR
PRQHWiULD GRV FUpGLWRV
DGPLWLGRV QD IDOrQFLD R DUW
GD/HLQGH
FRPDUHGDomRGDGDSHORDUW
GD/HLQGH
YHLR S{U XP ILP jV
YDFLODo}HV GD
MXULVSUXGrQFLD &RP HIHLWR
G~YLGDV QmR SRGHP PDLV
VXEVLVWLU GLDQWH GRV
FODUtVVLPRV WHUPRV GDTXHOH
GLVSRVLWLYR &RPR D
FRUUHomR PRQHWiULD QmR
UHSUHVHQWD TXDOTXHU
DFUpVFLPR DR YDORU GHYLGR
XPD YH] TXH HOD DSHQDV
DWXDOL]D D H[SUHVVmR HP
PRHGDGRPHVPRYDORUQmR
Ki TXH VH OKH DSOLFDUHP DV
UHJUDV UHODWLYDV DR
SDJDPHQWR GRV MXURV RX
VHMD D FRUUHomR GHYHUi VHU
SDJD MXQWDPHQWH FRP R
SULQFLSDO
2V FUHGRUHV WHUmR RV
VHXVFUpGLWRVYHULILFDGRVQD
IRUPD H SUD]R Mi
H[DPLQDGRV $ SDUWLU GR
LQtFLR GD YHULILFDomR GRV
FUpGLWRV H DWp R ILP GR
SURFHVVRIDOLPHQWDURXDQWHV
VH KRXYHU GHFLVmR MXGLFLDO
TXH QmR R DGPLWD QD PDVVD
MXOJDPHQWR GH GHFODUDomR
RX LPSXJQDomR GH FUpGLWR
RXGHODRH[FOXDMXOJDPHQWR
GHDomRUHVFLVyULDGRDUW
GD /) WHP R FUHGRU R
GLUHLWRGH
D LQWHUYLU FRPR
DVVLVWHQWHHPTXDOTXHUDomR
RXLQFLGHQWHHPTXHDPDVVD
VHMDSDUWHRXLQWHUHVVDGD
E ILVFDOL]DU D
DGPLQLVWUDomRGDPDVVD
F UHTXHUHU H SURPRYHU
QR SURFHVVR GH IDOrQFLD R
TXH IRU GR LQWHUHVVH GRV
FUHGRUHV VHQGR LQGHQL]DGR
SHOD PDVVD SHODV GHVSHVDV
TXH IL]HU QD GHIHVD GHVWH
LQWHUHVVHJHUDOVHHODDXIHULX
YDQWDJHP H DWp R OLPLWH
GHVWD
G H[DPLQDU VHPSUH TXH
GHVHMDUHLQGHSHQGHQWHPHQWH
GH DXWRUL]DomR MXGLFLDO RV
OLYURV H GHPDLV GRFXPHQWRV
GDPDVVD
2V FUHGRUHV SRGHP
FRQVWLWXLU SURFXUDGRU SDUD
UHSUHVHQWiORV QD IDOrQFLD
6H R PDQGDWiULR IRU
DGYRJDGREDVWDDRXWRUJDGH
SURFXUDomR FRP D FOiXVXOD
DG MXGLFLD $ SURFXUDomR
FRP D FOiXVXOD DG QHJRWLD
WDPEpPKDELOLWDRRXWRUJDGR
DUHSUHVHQWDURFUHGRU(VWH
QR HQWDQWR VRPHQWH SRGHUi
SUDWLFDU GLUHWDPHQWH RV DWRV
TXH R RXWRUJDQWH SRGHULD
WDPEpP FRPR D GHFODUDomR
WHPSHVWLYD GH FUpGLWR 1mR
SRGHUi HYLGHQWHPHQWH
SUDWLFDU RV DWRV SULYDWLYRV
GH DGYRJDGR FRPR
SHWLFLRQDU UHFRUUHU
LPSXJQDURVFUpGLWRVHWF
2V FUHGRUHV
GHEHQWXULVWDV VHUmR
UHSUHVHQWDGRV SHOR DJHQWH
ILGXFLiULR /6$ DUW
G&DVR HVWH QmR H[LVWD
RV GHEHQWXULVWDV VH UHXQLUmR
HPDVVHPEOHLDSDUDHOHJHUR
VHX UHSUHVHQWDQWH 6mR HVWHV
RV ~QLFRV FUHGRUHV TXH
SRGHP ID]HU D GHFODUDomR
FROHWLYD GH FUpGLWR
GLVSHQVDQGR R VHX
UHSUHVHQWDQWH GD
DSUHVHQWDomR GH WRGRV RV
WtWXORVRULJLQDLV
$ VHQWHQoD GHFODUDWyULD
GD IDOrQFLD SURGX] TXDWUR
HIHLWRVSULQFLSDLVHPUHODomR
DRV FUHGRUHVD IRUPDomR
GDPDVVDIDOLGDVXEMHWLYDE
VXVSHQVmR GDV Do}HV
LQGLYLGXDLV FRQWUD R IDOLGR
DUW F YHQFLPHQWR
DQWHFLSDGRGRVFUpGLWRVDUW
G VXVSHQVmR GD
IOXrQFLDGRVMXURVDUW
$ PDVVD IDOLGD VXEMHWLYD
p R VXMHLWR GH GLUHLWR
GHVSHUVRQDOL]DGR YROWDGR j
GHIHVD GRV LQWHUHVVHV JHUDLV
GRV FUHGRUHV GH XP
HPSUHViULR IDOLGR 3RU
YH]HV QD GHIHVD GHVVHV
LQWHUHVVHV DJH D PDVVD
IDOLGD FRPR VXFHVVRUD GR
IDOLGRFREUDQGRMXGLFLDORX
DPLJDYHOPHQWH RV VHXV
GHYHGRUHV HP RXWUDV
RFDVL}HVDPDVVDIDOLGDDJH
QD GHIHVD GRV LQWHUHVVHV
JHUDLVGRVFUHGRUHVFRQWUDR
SUySULRIDOLGRFRPRQDDomR
UHYRFDWyULD 1R SULPHLUR
FDVR VHQGR VXFHVVRUD GR
IDOLGRQmRWHUiPDLVGLUHLWRV
TXHRVGHVWHDQWHVGDTXHEUD
$PDVVDIDOLGDREMHWLYDp
R FRQMXQWR GH EHQV
DUUHFDGDGRV GR IDOLGR 1mR
VHFRQIXQGHFRPDFRPXQKmR
GH LQWHUHVVHV GRV FUHGRUHV
PDVVD IDOLGD VXEMHWLYD
HPERUD D OHL FKDPH HVWD H
DTXHOH VLPSOHVPHQWH SRU
PDVVDIDOLGD
$ VXVSHQVmR GDV Do}HV
LQGLYLGXDLV GRV FUHGRUHV
FRQWUD R IDOLGR p
FRQVHTXrQFLD GD VHQWHQoD
GHFODUDWyULD GD IDOrQFLD
TXH FRPR Mi DFHQWXDGR Gi
LQtFLR DR SURFHVVR GH
H[HFXomR FRQFXUVDO GR
GHYHGRU HPSUHViULR 1HVVH
VHQWLGR VHULD
GHVSURSRVLWDGR TXH RV
FUHGRUHV SXGHVVHP H[HUFHU
LQGLYLGXDOPHQWH RV VHXV
FUpGLWRV
'HYHVH QR HQWDQWR
DWHQWDU SDUD DOJXPDV
H[FHo}HV D HVWH SULQFtSLR
JHUDO $o}HV RX H[HFXo}HV
TXHQmRVHVXVSHQGHPFRPR
DGYHQWR GD VHQWHQoD GH
TXHEUD6mRDVVHJXLQWHV
D DV Do}HV TXH YHUVHP
VREUHTXDQWLDLOtTXLGDFRLVD
FHUWD SUHVWDomR RX
DEVWHQomR GH IDWR DUW
LQFOXVLYH UHFODPDo}HV
WUDEDOKLVWDVH
E DV H[HFXo}HV ILVFDLV
IXQGDGDV HP FHUWLGmR GD
GtYLGD DWLYD SDUD FREUDQoD
GH FUpGLWR WULEXWiULR QmR
WULEXWiULR RX SDUDILVFDO
&71DUW
$VH[HFXo}HVLQGLYLGXDLV
SURPRYLGDVSHORFUHGRUFRP
GLUHLWR UHDO GH JDUDQWLD RX
FRP SULYLOpJLR JHUDO RX
HVSHFLDO QmR VH LQFOXHP QDV
H[FHo}HVGD/HL
$V Do}HV H H[HFXo}HV
TXHQmRVHVXVSHQGHPFRPD
IDOrQFLD WHUmR
SURVVHJXLPHQWRFRPDPDVVD
IDOLGD UHSUHVHQWDQGRD
MXGLFLDOPHQWH R
DGPLQLVWUDGRUMXGLFLDO(VWDV
QmR VHUmR DWUDtGDV DR MXt]R
XQLYHUVDO GD IDOrQFLD
VHJXQGR RV FULWpULRV Mi
H[DPLQDGRV &DS LWHP
3DUD HILFLHQWH UHVJXDUGR
GHVHXVLQWHUHVVHVRDXWRUGH
DomR MXGLFLDO QmR VXVSHQVD
SHODTXHEUDGHYHUiID]HUXVR
GR H[SHGLHQWH SUHYLVWR QR
DUWGD/)7UDWDVH
GD VROLFLWDomR GH UHVHUYD
HQGHUHoDGD DR MXL] GD
IDOrQFLD RX GDTXHOH SHUDQWH
R TXDO WUDPLWD D DomR RX
UHFODPDomR 'HWHUPLQDGD D
UHVHUYD QmR SRGHUi R
SDJDPHQWR GR SDVVLYR VHU
IHLWR FRP XWLOL]DomR GH
QXPHUiULRUHVHUYDGR
2XWUR HIHLWR GD VHQWHQoD
GHFODUDWyULD GD IDOrQFLD p R
YHQFLPHQWR DQWHFLSDGR GRV
FUpGLWRV FRQWUD R IDOLGR 'R
YDORUGHOHVSRUIRUoDGRDUW
GD /) VHUmR DEDWLGRV RV
MXURV OHJDLV ([FHWXDPVH
GHVWH HIHLWR DTXHODV
REULJDo}HV VXMHLWDV D
FRQGLomR VXVSHQVLYD FXMRV
FUHGRUHV GHYHP SDUWLFLSDU
GD YHULILFDomR GRV FUpGLWRV
ILFDQGR FRQWXGR R VHX
SDJDPHQWR GHIHULGR DWp TXH
VHYHULILTXHDFRQGLomR
)LQDOPHQWH RSHUDVH
FRP D TXHEUD D VXVSHQVmR
GDIOXrQFLDGHMXURV$SHQDV
RV MXURV GHYLGRV j GDWD GD
GHFUHWDomR GD IDOrQFLD
SRGHP VHU FREUDGRV GD
PDVVD $SyV HVWDQmR PDLV
FRUUHP MXURV &RQWXGR
DXWRUL]D R DUW GD /) R
SDJDPHQWR GHVWHV WDPEpP
FDVR D PDVVD FRPSRUWH
([FHWXDPVH GHVWD UHJUD DV
REULJDo}HV FRP JDUDQWLD
UHDOHPUHODomRjTXDOVHR
EHP GDGR HP JDUDQWLD
VXSRUWDU VHUmR SDJRV RV
MXURV 7DPEpP RV FUHGRUHV
GHEHQWXULVWDV VmR
PHQFLRQDGRV FRPR H[FHomR
PDV VH FXLGD DSHQDV GRV
WLWXODUHV GH GHErQWXUHV FRP
JDUDQWLDUHDO
$UHFXSHUDomRMXGLFLDOp
XP SURFHVVR SHFXOLDU HP
TXHRREMHWLYREXVFDGR²D
UHRUJDQL]DomR GD HPSUHVD
H[SORUDGD SHOD VRFLHGDGH
HPSUHViULD GHYHGRUD HP
EHQHItFLR GHVWD GH VHXV
FUHGRUHV H HPSUHJDGRV H GD
HFRQRPLDORFDOUHJLRQDORX
QDFLRQDO ² SUHVVXS}H D
SUiWLFDGHDWRVMXGLFLDLVQmR
VRPHQWH SHOR MXL]
0LQLVWpULR 3~EOLFR H SDUWHV
FRPR WDPEpP GH DOJXQV
yUJmRVHVSHFtILFRVSUHYLVWRV
HPOHL
6mR WUrV RV yUJmRV
HVSHFtILFRV GD UHFXSHUDomR
MXGLFLDO DVVHPEOHLD JHUDO
GRV FUHGRUHV DGPLQLVWUDGRU
MXGLFLDOHRFRPLWr
$VVHPEOHLDJHUDO
$ DVVHPEOHLD GRV
FUHGRUHV p R yUJmR
FROHJLDGR H GHOLEHUDWLYR
UHVSRQViYHO SHOD
PDQLIHVWDomRGRLQWHUHVVHRX
GD YRQWDGH SUHGRPLQDQWHV
HQWUH RV TXH WLWXODUL]DP
FUpGLWR SHUDQWH D VRFLHGDGH
HPSUHViULD UHTXHUHQWH GD
UHFXSHUDomRMXGLFLDOVXMHLWRV
DRV HIHLWRV GHVWD 'H
PDQHLUD JHUDO QHQKXPD
UHFXSHUDomR GH HPSUHVD VH
YLDELOL]DVHPRVDFULItFLRRX
DJUDYDPHQWR GR ULVFR SHOR
PHQRVHPSDUWHGRVGLUHLWRV
GH FUHGRUHV 3RU HVVH
PRWLYR HP DWHQomR DRV
LQWHUHVVHVGRVFUHGRUHVVHP
FXMD FRODERUDomR D
UHRUJDQL]DomR VH IUXVWUD D
OHL OKHV UHVHUYD TXDQGR
UHXQLGRV HP DVVHPEOHLD DV
PDLV LPSRUWDQWHV
GHOLEHUDo}HV UHODFLRQDGDV
DRUHHUJXLPHQWRGDDWLYLGDGH
HFRQ{PLFDHPFULVH
7rP OHJLWLPLGDGH SDUD
FRQYRFDU D DVVHPEOHLD GRV
FUHGRUHV R MXL] QDV
KLSyWHVHV OHJDLV RX VHPSUH
TXH FRQVLGHUDU FRQYHQLHQWH
H RV FUHGRUHV GHVGH TXH D
VRPD GH VHXV FUpGLWRV
UHSUHVHQWH SHOR PHQRV
GR WRWDO GR SDVVLYR GD
VRFLHGDGH UHTXHUHQWH 2
DQ~QFLR GD FRQYRFDomR GD
DVVHPEOHLD GHYH VHU
SXEOLFDGRQR'LiULR2ILFLDO
H HP MRUQDO GH JUDQGH
FLUFXODomR FRP D
DQWHFHGrQFLD PtQLPD GH
GLDV GD GDWD GH VXD
UHDOL]DomR 3DUD LQVWDODUHP
VH YDOLGDPHQWH RV WUDEDOKRV
GD DVVHPEOHLD p H[LJLGD D
SUHVHQoD GH FUHGRUHV
WLWXODUHV GH PDLV GD PHWDGH
GR SDVVLYR GR UHTXHUHQWH
HP FDGD FODVVH &DVR QmR
VHMD DOFDQoDGR WHUi OXJDU D
VHJXQGD FRQYRFDomR
REVHUYDGR R LQWHUYDOR
PtQLPR GH GLDV (P
VHJXQGD FRQYRFDomR RV
WUDEDOKRV VH LQVWDODP
YDOLGDPHQWH FRP TXDOTXHU
Q~PHURGHFUHGRUHV
&RPSHWH j DVVHPEOHLD
GRV FUHGRUHVD DSURYDU
UHMHLWDUHUHYLVDURSODQRGH
UHFXSHUDomR MXGLFLDOE
DSURYDU D LQVWDODomR GR
FRPLWr H HOHJHU VHXV
PHPEURVF PDQLIHVWDUVH
VREUH R SHGLGR GH
GHVLVWrQFLD GD UHFXSHUDomR
MXGLFLDOG HOHJHU R JHVWRU
MXGLFLDOTXDQGRDIDVWDGRVRV
GLUHWRUHV GD VRFLHGDGH
HPSUHViULD UHTXHUHQWHH
GHOLEHUDU VREUH TXDOTXHU
RXWUD PDWpULD GH LQWHUHVVH
GRV FUHGRUHV /) DUW ,
DDI
(P SULQFtSLR WRGRV RV
FUHGRUHV DGPLWLGRV QD
UHFXSHUDomR MXGLFLDO WrP
GLUHLWR D YR] H YRWR QD
DVVHPEOHLD 6mR FUHGRUHV
DGPLWLGRV H SRU
FRQVHJXLQWH HP SULQFtSLR
WLWXODUHV GR GLUHLWR j YR] H
DR YRWR QD DVVHPEOHLD RV
TXH VH HQFRQWUDP QD ~OWLPD
OLVWDSXEOLFDGDDUHODomRGH
FUHGRUHV DSUHVHQWDGD SHOR
GHYHGRU FRP D SHWLomR
LQLFLDO D RUJDQL]DGD SHOR
DGPLQLVWUDGRU MXGLFLDO RX
SRU ILP D FRQVROLGDomR GR
TXDGURJHUDO(VWiDGPLWLGD
H LQWHJUD D DVVHPEOHLD GRV
FUHGRUHV D SHVVRD ItVLFD RX
MXUtGLFDFXMRQRPHFRQVWDGR
URO ² GHQWUH RV WUrV TXH VH
HODERUDP DR ORQJR GD
YHULILFDomR GH FUpGLWRV ²
TXHWLYHUVLGRSXEOLFDGRSRU
~OWLPR&DGDFUHGRUSUHVHQWH
QD DVVHPEOHLD WHUi R YRWR
SURSRUFLRQDODRYDORUGRVHX
FUpGLWR DGPLWLGR QD
UHFXSHUDomR MXGLFLDO
'HVFRQVLGHUDVH SRU
FRQVHJXLQWH R YDORU GDV
GHVSHVDV TXH
LQGLYLGXDOPHQWH IL]HUDP
SDUD WRPDU SDUWH GR
SURFHVVR TXH VmR H[FOXtGDV
GHVWH$TXLWDPEpPLPSRUWD
R TXH FRQVWDU GD UHODomR GH
FUHGRUHVYLJHQWH
1D DVVHPEOHLD GRV
FUHGRUHV Ki TXDWUR
LQVWkQFLDV GH GHOLEHUDomR
'HDFRUGRFRPDPDWpULDHP
DSUHFLDomRYDULDRFRQMXQWR
GHFUHGRUHVDSWRVDYRWDU
$ LQVWkQFLD GH PDLRU
DEUDQJrQFLD p R SOHQiULR GD
DVVHPEOHLD GRV FUHGRUHV
6HPSUH TXH D PDWpULD QmR
GLVVHU UHVSHLWR j
FRQVWLWXLomR GR FRPLWr RX
QmR VH WUDWDU GR SODQR GH
UHRUJDQL]DomR FDEH D
GHOLEHUDomR DR SOHQiULR
7HPHVVDLQVWkQFLDSRUWDQWR
FRPSHWrQFLD UHVLGXDO 6H
QmR KRXYHU QD OHL QHQKXPD
SUHYLVmR HVSHFtILFD
UHVHUYDQGR D DSUHFLDomR GD
PDWpULD D RXWUD RX RXWUDV
LQVWkQFLDV R SOHQiULR
GHOLEHUDUi SHOD PDLRULD GH
VHXV PHPEURV FRPSXWDGRV
RV YRWRV SURSRUFLRQDOPHQWH
DRV VHXV YDORUHV
LQGHSHQGHQWHPHQWH GD
QDWXUH]D GR FUpGLWR
WLWXODUL]DGR
$V WUrV RXWUDV LQVWkQFLDV
GHOLEHUDWLYDV GD DVVHPEOHLD
FRUUHVSRQGHPjVFODVVHVHP
TXHIRUDPGLYLGLGRVSHODOHL
RV FUHGRUHV 1D YRWDomR RX
QR DGLWDPHQWR GR SODQR GH
UHFXSHUDomR D SULPHLUD
FODVVH FRPS}HVH SRU
FUHGRUHV WUDEDOKLVWDV D
VHJXQGD SRU WLWXODUHV GH
GLUHLWRVUHDLVGHJDUDQWLDHD
WHUFHLUD SRU WLWXODUHV GH
SULYLOpJLR JHUDO RX
HVSHFLDO RV TXLURJUDIiULRV
HVXERUGLQDGRV/)DUW
1D DSUHFLDomR GH PDWpULD
DWLQHQWH j FRQVWLWXLomR H
FRPSRVLomR GR FRPLWr DV
LQVWkQFLDV FODVVLVWDV GD
DVVHPEOHLDVHRUJDQL]DPXP
SRXFRGLIHUHQWHRVFUHGRUHV
WLWXODUHV GH SULYLOpJLR
HVSHFLDO FRPS}HP D PHVPD
GRVTXHWLWXODPJDUDQWLDUHDO
/) DUW 1DV PDWpULDV
LQGLFDGDV ² YRWDomR GR
SODQR GH UHFXSHUDomR H
FRQVWLWXLomR H FRPSRVLomR
GR FRPLWr ² GHOLEHUDP
DSHQDV DV LQVWkQFLDV
FODVVLVWDVHQmRRSOHQiULR
2 TXRUXP JHUDO GH
GHOLEHUDomR p R GH PDLRULD
FRPSXWDGDVHPSUHFRPEDVH
QR YDORU GRV FUpGLWRV GRV
FUHGRUHV LQWHJUDQWHV GD
LQVWkQFLD GHOLEHUDWLYD
SUHVHQWHV j DVVHPEOHLD
'HVVH PRGR VH R HYHQWR
DVVHPEOHDU VH UHDOL]D HP
VHJXQGD FRQYRFDomR FRP D
SUHVHQoD GH DSHQDV
FUHGRUHV VRPDPVH RV
FUpGLWRVGHOHVHFDOFXODVHR
SHVRSURSRUFLRQDOGRGLUHLWR
FUHGLWyULR GH FDGD XP QD
VRPD 2V SHUFHQWXDLV DVVLP
HQFRQWUDGRV QRUWHLDP D
TXDQWLGDGH GH YRWRV
DWULEXtGRVDFDGDFUHGRU6H
SRU IRUoD GHVVH FiOFXOR XP
GHOHV WLWXODUL]DU VR]LQKR
GD VRPD GRV FUpGLWRV
GRV SUHVHQWHV HQWmR HOH
FRPS}H LVRODGR D PDLRULD H
ID]SUHYDOHFHUVXDYRQWDGHH
LQWHUHVVH PHVPR FRQWUD RV
GRV GHPDLV $VVLP VHUi
LQFOXVLYH PHVPR TXH R VHX
FUpGLWR UHSUHVHQWH SDUFHOD
tQILPD GR SDVVLYR VH RV
FUHGRUHV DXVHQWHV
WLWXODUL]DUHP D SDUWH
VXEVWDQFLDOGHVWH
$ PDLRULD GRV SUHVHQWHV
QR SOHQiULR RX QD LQVWkQFLD
FODVVLVWD VHJXQGR R YDORU
SURSRUFLRQDO GRV FUpGLWRV
UHSUHVHQWD HQWmR RTXRUXP
JHUDO GH GHOLEHUDomR
PDLRULD VLPSOHV (P XPD
KLSyWHVH SUHYrVHTXRUXP
TXDOLILFDGR GHGHOLEHUDomR
DSURYDomR GR SODQR GH
UHFXSHUDomR (OH GHYH VHU
DSUHFLDGR H YRWDGR QDV
LQVWkQFLDV FODVVLVWDV R
SOHQiULR QmR GHOLEHUD D
UHVSHLWR H HP FDGD XPD
GHODV GHYH UHFHEHU D
DSURYDomR GH PDLV GD
PHWDGH GRV FUHGRUHV
SUHVHQWHV GHVSUH]DGDV DV
SURSRUo}HVGRVFUpGLWRVTXH
WLWXODUL]DP $OpP GLVVR p
QHFHVViULR WDPEpP TXH
FUHGRUHV FXMRV FUpGLWRV
VRPDGRV UHSUHVHQWDP PDLV
GD PHWDGH GR SDVVLYR
FRUUHVSRQGHQWH j FODVVH
SUHVHQWH j DVVHPEOHLD R
DSRLHP FRP VHX YRWR QDV
LQVWkQFLDVGRVFUHGRUHV FRP
JDUDQWLD UHDO H QD GRV
WLWXODUHV GH SULYLOpJLR
TXLURJUDIiULRV H
VXERUGLQDGRV
$GPLQLVWUDGRUMXGLFLDO
(P WRGD UHFXSHUDomR
MXGLFLDO FRPR DX[LOLDU GR
MXL] H VRE VXD GLUHWD
VXSHUYLVmR DWXD XP
SURILVVLRQDO QD IXQomR GH
DGPLQLVWUDGRUMXGLFLDO(OHp
SHVVRDGDFRQILDQoDGRMXL]
SRU HOH QRPHDGR QR
GHVSDFKR TXH PDQGD
SURFHVVDU R SHGLGR GH
UHFXSHUDomRMXGLFLDO
2 DGPLQLVWUDGRU MXGLFLDO
GHYH VHU SHVVRD LG{QHD
SUHIHUHQFLDOPHQWHDGYRJDGR
HFRQRPLVWD DGPLQLVWUDGRU
GH HPSUHVDV FRQWDGRU RX
SHVVRD MXUtGLFD
HVSHFLDOL]DGD(VWmRSRUpP
LPSHGLGRV GH H[HUFHU D
IXQomR RV TXH DQWHULRUPHQWH
QmR D GHVHPSHQKDUDP D
FRQWHQWR 4XHP QRV DQRV
DQWHULRUHV H[HUFHX D IXQomR
GHDGPLQLVWUDGRUMXGLFLDORX
PHPEUR GH FRPLWr HP
SURFHVVRV GH IDOrQFLD RX
UHFXSHUDomR MXGLFLDO H GHOD
IRL GHVWLWXtGR GHL[RX GH
SUHVWDU FRQWDV RX WHYH
UHSURYDGDV DV TXH SUHVWRX
HVWi LPSHGLGR GH VHU
QRPHDGR SDUD D IXQomR
7DPEpP Ki LPSHGLPHQWR
TXH YHGD D QRPHDomR GH
SHVVRDV FRP YtQFXOR GH
SDUHQWHVFR RX DILQLGDGH DWp
WHUFHLUR JUDX FRP TXDOTXHU
GRV UHSUHVHQWDQWHV OHJDLV GD
VRFLHGDGH HPSUHViULD
UHTXHUHQWH GD UHFXSHUDomR
MXGLFLDO DPLJR LQLPLJR RX
GHSHQGHQWHGHVWHV
1D UHFXSHUDomR MXGLFLDO
DV IXQo}HV GR DGPLQLVWUDGRU
MXGLFLDO YDULDP GH DFRUGR
FRP GRLV YHWRUHV FDVR R
FRPLWr TXH p yUJmR
IDFXOWDWLYR H[LVWD RX QmR H
FDVR WHQKD VLGR RX QmR
GHFUHWDGRRDIDVWDPHQWRGRV
DGPLQLVWUDGRUHV GD HPSUHVD
HPUHFXSHUDomR
'H DFRUGR FRP R
SULPHLUR YHWRU XPD YH]
LQVWDODGR R FRPLWr DR
DGPLQLVWUDGRU MXGLFLDO
FDEHUi EDVLFDPHQWH
SURFHGHU j YHULILFDomR GRV
FUpGLWRV SUHVLGLU D
DVVHPEOHLD GRV FUHGRUHV H
ILVFDOL]DU D VRFLHGDGH
HPSUHViULD GHYHGRUD 1mR
KDYHQGR FRPLWr R
DGPLQLVWUDGRU DVVXPLUi
WDPEpP D FRPSHWrQFLD
UHVHUYDGD SHOD OHL D HVVH
yUJmR FROHJLDGR H[FHWR VH
KRXYHULQFRPSDWLELOLGDGH
3HOR VHJXQGR YHWRU R
DGPLQLVWUDGRU MXGLFLDO p
LQYHVWLGR QR SRGHU GH
DGPLQLVWUDU H UHSUHVHQWDU D
VRFLHGDGH HPSUHViULD
UHTXHUHQWH GD UHFXSHUDomR
MXGLFLDO TXDQGR R MXL]
GHWHUPLQDU R DIDVWDPHQWR
GRV VHXV GLUHWRUHV HQTXDQWR
QmR IRU HOHLWR R JHVWRU
MXGLFLDO SHOD DVVHPEOHLD
JHUDO 6RPHQWH QHVVH FDVR
SDUWLFXODU WHP HOH D
SUHUURJDWLYD GH VH LPLVFXLU
SRU FRPSOHWR QD LQWLPLGDGH
GD HPSUHVD H WRPDU DV
GHFLV}HV DGPLQLVWUDWLYDV
DWLQHQWHV j H[SORUDomR GR
QHJyFLR 1mR WHQGR R MXL]
DIDVWDGR RV GLUHWRUHV RX
DGPLQLVWUDGRUHV GD
VRFLHGDGH HPSUHViULD
UHTXHUHQWH GD UHFXSHUDomR
MXGLFLDO R DGPLQLVWUDGRU
MXGLFLDO VHUi PHUR ILVFDO
GHVWD R UHVSRQViYHO SHOD
YHULILFDomR GRV FUpGLWRV H R
SUHVLGHQWH GD DVVHPEOHLD
GRVFUHGRUHV
&RPLWr
2 FRPLWr p yUJmR
IDFXOWDWLYR GD UHFXSHUDomR
MXGLFLDO 6XD FRQVWLWXLomR H
RSHUDFLRQDOL]DomRGHSHQGHP
GR WDPDQKR GD DWLYLGDGH
HFRQ{PLFD HP FULVH (OH
GHYH H[LVWLU DSHQDV QRV
SURFHVVRV HP TXH D
VRFLHGDGH HPSUHViULD
GHYHGRUD H[SORUD HPSUHVD
JUDQGH R VXILFLHQWH SDUD
DEVRUYHU DV GHVSHVDV FRP R
yUJmR 4XHP GHFLGH VH R
yUJmR GHYH RX QmR H[LVWLU
VmR RV FUHGRUHV GD
VRFLHGDGH HP UHFXSHUDomR
MXGLFLDO UHXQLGRV HP
DVVHPEOHLD
4XDOTXHU GDV LQVWkQFLDV
FODVVLVWDV GD DVVHPEOHLD
SRGHDSURYDUDLQVWDODomRGR
FRPLWr $SURYDGD D
LQVWDODomR UH~QHPVH DV
FODVVHV GH FUHGRUHV SDUD
FDGD XPD HOHJHU PHPEUR
WLWXODU H VXSOHQWHV 1D
HOHLomR GRV PHPEURV GR
FRPLWr REVHUYDPVH RV
PHVPRV LPSHGLPHQWRV SDUD
R H[HUFtFLR GD IXQomR GH
DGPLQLVWUDGRU MXGLFLDO Mi
H[DPLQDGRV
$ SULQFLSDO FRPSHWrQFLD
GR FRPLWr p ILVFDO 4XHU
GL]HU FDEH DRV PHPEURV
GHVVH yUJmR ILVFDOL]DU WDQWR
R DGPLQLVWUDGRU MXGLFLDO
FRPR D VRFLHGDGH
HPSUHViULD HP UHFXSHUDomR
MXGLFLDO DQWHV H GHSRLV GH
FRQFHGLGD HVWD 3DUD WDQWR
RV PHPEURV GR FRPLWr WrP
OLYUH DFHVVR jV
GHSHQGrQFLDVHVFULWXUDomRH
GRFXPHQWRV GD VRFLHGDGH
HPSUHViULD UHTXHUHQWH GD
UHFXSHUDomR MXGLFLDO
6HPSUH TXH FRQVWDWDU
TXDOTXHU IDWR TXH FRQVLGHUH
LUUHJXODURFRPLWrSRUYRWR
GD PDLRULD GRV VHXV
PHPEURV GHYH HQFDPLQKDU
DR MXL] GD UHFXSHUDomR
MXGLFLDO UHTXHULPHQWR
IXQGDPHQWDGR GDV
SURYLGrQFLDV TXH HQWHQGHU
SHUWLQHQWHV
$OpP GD FRPSHWrQFLD
ILVFDO SRU FXMR H[HUFtFLR
SUHVWD FRQWDV PHQVDLV R
FRPLWr SRGH HYHQWXDOPHQWH
H[HUFHUWDPEpPGXDVRXWUDV
HODERUDomR GH SODQR GH
UHFXSHUDomR DOWHUQDWLYR DR
DSUHVHQWDGR SHOD VRFLHGDGH
HPSUHViULD GHYHGRUD H
GHOLEHUDomR VREUH DV
DOLHQDo}HV GH EHQV GR DWLYR
SHUPDQHQWH H RV
HQGLYLGDPHQWRV QHFHVViULRV
j FRQWLQXDomR GD DWLYLGDGH
HPSUHVDULDO TXDQGR
GHWHUPLQDGR SHOR MXL] R
DIDVWDPHQWR GRV
DGPLQLVWUDGRUHV GD HPSUHVD
HPFULVH
1DV UHFXSHUDo}HV
MXGLFLDLVHPTXHQmRKRXYHU
FRPLWr ² SRUTXH p
LQMXVWLILFiYHODGLPHQVmRGD
HPSUHVD RX D FRPSOH[LGDGH
GR SDVVLYR QmR R
UHFRPHQGD RX LQYLiYHO
TXDQGR QmR Ki FUHGRUHV
LQWHUHVVDGRV HP H[HUFHU D
IXQomR ² DV DWULEXLo}HV
GHVVH yUJmR VmR H[HUFLGDV
SHOR DGPLQLVWUDGRU MXGLFLDO
H[FHWR QDV PDWpULDV HP TXH
KRXYHULQFRPSDWLELOLGDGH²
SRU H[HPSOR QR H[HUFtFLR
GD FRPSHWrQFLD GH
ILVFDOL]DomR GR SUySULR
DGPLQLVWUDGRU MXGLFLDO ²
KLSyWHVHHPTXHFDEHDRMXL]
H[HUFHU D DWULEXLomR OHJDO
LQLFLDOPHQWH UHVHUYDGD DR
FRPLWr
2 SURFHVVR GD
UHFXSHUDomRMXGLFLDOGLYLGH
VH HP WUrV IDVHV EHP
GLVWLQWDV 1D SULPHLUD TXH
VH SRGH FKDPDU GH IDVH
SRVWXODWyULD D VRFLHGDGH
HPSUHViULD HP FULVH
DSUHVHQWD VHX UHTXHULPHQWR
GR EHQHItFLR (OD VH LQLFLD
FRP D SHWLomR LQLFLDO GH
UHFXSHUDomR MXGLFLDO H VH
HQFHUUD FRP R GHVSDFKR
MXGLFLDOPDQGDQGRSURFHVVDU
RSHGLGR1DVHJXQGDIDVHD
TXH VH SRGH UHIHULU FRPR
GHOLEHUDWLYD DSyV D
YHULILFDomR GH FUpGLWR
GLVFXWHVH H DSURYDVH XP
SODQRGHUHRUJDQL]DomR7HP
LQtFLR FRP R GHVSDFKR TXH
PDQGD SURFHVVDU D
UHFXSHUDomR MXGLFLDO H VH
FRQFOXL FRP D GHFLVmR
FRQFHVVLYD GR EHQHItFLR $
GHUUDGHLUD HWDSD GR
SURFHVVR FKDPDGD GH IDVH
GH H[HFXomR FRPSUHHQGH D
ILVFDOL]DomRGRFXPSULPHQWR
GR SODQR DSURYDGR &RPHoD
FRPDGHFLVmRFRQFHVVLYDGD
UHFXSHUDomR MXGLFLDO H
WHUPLQD FRP D VHQWHQoD GH
HQFHUUDPHQWRGRSURFHVVR
)DVHSRVWXODWyULD
6yWHPOHJLWLPLGDGHDWLYD
SDUD R SURFHVVR GH
UHFXSHUDomRMXGLFLDOTXHPp
OHJLWLPDGRSDVVLYRSDUDRGH
IDOrQFLDLVWRpRHPSUHViULR
H D VRFLHGDGH HPSUHViULD
3RU RXWUR ODGR D
UHFXSHUDomR MXGLFLDO WHP
OXJDU DSHQDV VH R WLWXODU GD
HPSUHVDHPFULVHTXLVHU6H
FUHGRUHV WUDEDOKDGRUHV
VLQGLFDWRV RX yUJmR
JRYHUQDPHQWDO WLYHU XP
SODQR SDUD D UHRUJDQL]DomR
GD DWLYLGDGH HFRQ{PLFD HP
HVWDGR SUpIDOHQFLDO QmR
SRGHUi GDU LQtFLR DR
SURFHVVR GH UHFXSHUDomR
MXGLFLDO FDVR R GHYHGRU QmR
WHQKD LQWHUHVVH RX YRQWDGH
HPID]rOR
$V VRFLHGDGHV HP
FRPXP GH HFRQRPLD PLVWD
FRRSHUDWLYD RX VLPSOHV QmR
SRGHP SOHLWHDU D
UHFXSHUDomR MXGLFLDO
H[DWDPHQWH SRUTXH QXQFD
SRGHP WHU D IDOrQFLD
GHFUHWDGD (VWmR WDPEpP
H[FOXtGDV GR EHQHItFLR SRU
UD]}HV OLJDGDV j UHJXODomR
HFRQ{PLFD DV LQVWLWXLo}HV
ILQDQFHLUDV LQWHJUDQWHV GR
VLVWHPD GH GLVWULEXLomR GH
WtWXORV RX YDORUHV
PRELOLiULRV QR PHUFDGR GH
FDSLWDLV FRUUHWRUDV GH
FkPELR/HLQDUW
VHJXUDGRUDV'HFOHLQ
DUW H DV
RSHUDGRUDV GH SODQRV
SULYDGRV GH DVVLVWrQFLD j
VD~GH /HL Q DUW
3DUD OHJLWLPDUVH DR
SHGLGR GH UHFXSHUDomR
MXGLFLDO FRQWXGR QmR EDVWD
VHU H[HUFHQWH GH DWLYLGDGH
HFRQ{PLFD H[SRVWD DR ULVFR
GH IDOrQFLD 'HYH D
VRFLHGDGH HPSUHViULD
DWHQGHU D PDLV TXDWUR
UHTXLVLWRVDQmRSRGHHVWDU
IDOLGD E GHYH H[LVWLU
UHJXODUPHQWH Ki PDLV GH
DQRVFQmRSRGHWHUREWLGR
RPHVPREHQHItFLRKiPHQRV
GH DQRV G R VHX VyFLR
FRQWURODGRU H
DGPLQLVWUDGRUHV QmR SRGHP
WHU VLGR FRQGHQDGRV SHOD
SUiWLFDGHFULPHIDOLPHQWDU
6H TXHP SOHLWHLD D
UHFXSHUDomR MXGLFLDO p
HPSUHViULR LQGLYLGXDO
FDEHP PDLV WUrV
REVHUYDo}HVDOHLOHJLWLPDR
GHYHGRU SHVVRD ItVLFD TXH
HPERUD IDOLGR WHYH
GHFODUDGDV H[WLQWDV SRU
VHQWHQoD GHILQLWLYD VXDV
UHVSRQVDELOLGDGHV HOH QmR
HVWi OHJLWLPDGR VH QRV
DQRV DQWHULRUHV UHTXHUHX D
UHFXSHUDomR MXGLFLDO
REWHYHD H GHL[RX GH
FXPSULOD WHQGR HP
GHFRUUrQFLD VXD TXHEUD
GHFUHWDGD QD KLSyWHVH GH
PRUWH GR HPSUHViULR
LQGLYLGXDO D UHFXSHUDomR
MXGLFLDO SRGH VHU SHGLGD
SHOR F{QMXJH VREUHYLYHQWH
KHUGHLURVRXLQYHQWDULDQWH
([LJHVH GR GHYHGRU
LQWHUHVVDGR HP REWHU R
EHQHItFLR GD UHFXSHUDomR
MXGLFLDO R DWHQGLPHQWR D
GLYHUVDVFRQGLo}HVDOJXPDV
IRUPDLV RXWUDV PDWHULDLV e
QHFHVViULR SRU H[HPSOR
TXH HOD WRUQH DFHVVtYHLV DRV
FUHGRUHV FHUWDV
GHPRQVWUDo}HV FRQWiEHLV
LQGLVSHQViYHLV j DGHTXDGD
YHULILFDomR GH VXD VLWXDomR
HFRQ{PLFD ILQDQFHLUD H
SDWULPRQLDO 'H RXWUR ODGR
HODGHYHWHUXPSODQRYLiYHO
GHUHFXSHUDomRGDDWLYLGDGH
HP HVWDGR FUtWLFR (P
FRQVHTXrQFLD D OHL
GHWHUPLQD TXH D SHWLomR
LQLFLDO GR SHGLGR GH
UHFXSHUDomR MXGLFLDO VHMD
QHFHVVDULDPHQWH LQVWUXtGD
FRP FHUWRV HOHPHQWRV H
GRFXPHQWRV VHP RV TXDLV
QmRVHFRQVLGHUDPDWHQGLGDV
DV FRQGLo}HV SDUD D
REWHQomRGREHQHItFLR
&RPS}H DVVLP
REULJDWRULDPHQWH D LQVWUXomR
GD SHWLomR LQLFLDO GD
UHFXSHUDomR MXGLFLDO
H[SRVLomR GDV FDXVDV
GHPRQVWUDo}HV FRQWiEHLV H
UHODWyULR GD VLWXDomR GD
HPSUHVD UHODomR GRV
FUHGRUHV UHODomR GRV
HPSUHJDGRV DWRV
FRQVWLWXWLYRV FRQWUDWR
VRFLDO VH OLPLWDGD HVWDWXWR
VH DQ{QLPD GHYLGDPHQWH
DWXDOL]DGRV OLVWD GRV EHQV
GH VyFLR RX DFLRQLVWD
FRQWURODGRU H
DGPLQLVWUDGRUHV H[WUDWRV
EDQFiULRV H GH
LQYHVWLPHQWRV FHUWLG}HV GH
SURWHVWR UHODomR GDV Do}HV
MXGLFLDLVHPDQGDPHQWR
(VWDQGR HP WHUPRV D
GRFXPHQWDomRH[LJLGDSDUDD
LQVWUXomR GD SHWLomR LQLFLDO
R MXL] SURIHULUi R GHVSDFKR
PDQGDQGR SURFHVVDU D
UHFXSHUDomR MXGLFLDO 1RWH
VHTXHHVVHGHVSDFKRQmRVH
FRQIXQGH FRP D RUGHP GH
DXWXDomR RX RXWURV
GHVSDFKRV GH PHUR
H[SHGLHQWH1mRVHFRQIXQGH
WDPEpP FRP D GHFLVmR
FRQFHVVLYD GD UHFXSHUDomR
MXGLFLDO 2 SHGLGR GH
WUDPLWDomR p DFROKLGR QR
GHVSDFKR GH SURFHVVDPHQWR
HP YLVWD DSHQDV GH GRLV
IDWRUHV ² D OHJLWLPLGDGH
DWLYDGDSDUWHUHTXHUHQWHHD
LQVWUXomR QRV WHUPRV GD OHL
$LQGD QmR HVWi GHILQLGR
SRUpP TXH D VRFLHGDGH
GHYHGRUD p YLiYHO H
SRUWDQWR WHP R GLUHLWR DR
EHQHItFLR 6y D WUDPLWDomR
GR SURFHVVR DR ORQJR GD
IDVH GHOLEHUDWLYD IRUQHFHUi
RV HOHPHQWRV SDUD D
FRQFHVVmR GD UHFXSHUDomR
MXGLFLDO
1R GHVSDFKR GH
SURFHVVDPHQWR GD
UHFXSHUDomR MXGLFLDO R MXL]
QRPHLD R DGPLQLVWUDGRU
MXGLFLDO GHWHUPLQD
D VXVSHQVmR GH WRGDV DV
Do}HV H H[HFXo}HV FRQWUD R
GHYHGRU UHVVDOYDGDV DV
H[FHo}HV GD OHL H D
LQWLPDomR GR 0LQLVWpULR
3~EOLFR H FRPXQLFDomR SRU
FDUWD jV )D]HQGDV 3~EOLFDV
)HGHUDO H GH WRGRV RV
(VWDGRV H 0XQLFtSLRV HP
TXH D UHTXHUHQWH HVWLYHU
HVWDEHOHFLGD 3XEOLFDVH R
GHVSDFKR HP HGLWDO QD
LPSUHQVD RILFLDO GH TXH
GHYHFRQVWDUWDPEpPDGDWD
R ORFDO H D KRUD SDUD RV
TXDLV IRL FRQYRFDGD D
DVVHPEOHLD JHUDO GRV
FUHGRUHV
'RV HIHLWRV GR GHVSDFKR
TXH PDQGD SURFHVVDU R
SHGLGR GH UHFXSHUDomR
MXGLFLDO FDEH H[DPLQDU FRP
PDLVYDJDURVUHODFLRQDGRVj
VXVSHQVmR GDV Do}HV RX
H[HFXo}HV HP WUkPLWH FRQWUD
RUHTXHUHQWH/HPEURTXHRV
SHGLGRV GH IDOrQFLD
VXVSHQGHPVH SHOD WmR Vy
LPSHWUDomR UHJXODU GD
UHFXSHUDomR MXGLFLDO QR
SUD]R GH FRQWHVWDomR /)
DUW 4XDQWR D HVVHV
SRUWDQWR R GHVSDFKR
PDQGDQGR SURFHVVDU R
SHGLGR QmR WHP PDLRUHV
LPSOLFDo}HV 6mR DV GHPDLV
Do}HVHH[HFXo}HVTXHWHUmR
VXDWUDPLWDomRVXVSHQVDFRP
R SURFHVVDPHQWR GD
UHFXSHUDomRMXGLFLDO0DVKi
H[FHo}HV QD OHL &RQWLQXDP
DVVLP D WUDPLWDU L Do}HV
GH TXDOTXHU QDWXUH]D FLYLO
RX WUDEDOKLVWD TXH
GHPDQGDP TXDQWLDV
LOtTXLGDV LL UHFODPDo}HV
WUDEDOKLVWDV LLL H[HFXo}HV
ILVFDLV FDVR QmR FRQFHGLGR
R SDUFHODPHQWR QD IRUPD GD
OHL HVSHFtILFD D VHU HGLWDGD
QRVWHUPRVGRDUW$
H GR &71 LY
H[HFXo}HV SURPRYLGDV SRU
FUHGRUHV DEVROXWDPHQWH QmR
VXMHLWRV j UHFXSHUDomR
MXGLFLDOLVWRpSHORVEDQFRV
WLWXODUHVGHFUpGLWRGHULYDGR
GH DQWHFLSDomR DRV
H[SRUWDGRUHV $&&
SURSULHWiULR ILGXFLiULR
DUUHQGDGRU PHUFDQWLO RX R
YHQGHGRU RX SURPLWHQWH
YHQGHGRU GH LPyYHO RX GH
EHP FRP UHVHUYD GH
GRPtQLR
eWHPSRUiULDDVXVSHQVmR
GDV Do}HV H H[HFXo}HV HP
YLUWXGH GR GHVSDFKR TXH
PDQGD SURFHVVDU R SHGLGR
GH UHFXSHUDomR MXGLFLDO
&HVVD HVVH HIHLWR TXDQGR
YHULILFDGR R SULPHLUR GRV
VHJXLQWHV IDWRV DSURYDomR
GR SODQR GH UHFXSHUDomRRX
GHFXUVR GR SUD]R GH
GLDV
)DVHGHGHOLEHUDomR
$IDVHGHGHOLEHUDomRGR
SURFHVVR GH UHFXSHUDomR
MXGLFLDO LQLFLDVH FRP R
GHVSDFKR GH SURFHVVDPHQWR
2 SULQFLSDO REMHWLYR GHVVD
IDVHpDYRWDomRGRSODQRGH
UHFXSHUDomR GR GHYHGRU
3DUD TXH HVVD YRWDomR VH
UHDOL]H SRUpP FRPR
SURYLGrQFLD SUHOLPLQDU D
YHULILFDomRGRVFUpGLWRVTXH
VH SURFHVVD GD IRUPD Mi
H[DPLQDGD UHODWLYDPHQWH j
IDOrQFLD&DSLWHP
$ PDLV LPSRUWDQWH SHoD
GR SURFHVVR GH UHFXSHUDomR
MXGLFLDO p R SODQR GH
UHFXSHUDomR MXGLFLDO RX GH
³UHRUJDQL]DomR GD
HPSUHVD´ 'HSHQGH
H[FOXVLYDPHQWH GHOH D
UHDOL]DomR RX QmR GRV
REMHWLYRV DVVRFLDGRV DR
LQVWLWXWR TXDLV VHMDP D
SUHVHUYDomR GD DWLYLGDGH
HFRQ{PLFD H R FXPSULPHQWR
GH VXD IXQomR VRFLDO 6H R
SODQR GH UHFXSHUDomR p
FRQVLVWHQWH Ki FKDQFHV GH D
HPSUHVD VH UHHVWUXWXUDU H
VXSHUDU D FULVH HP TXH
PHUJXOKDUD 7HUi QHVVH
FDVR YDOLGR D SHQD R
VDFULItFLR LPSRVWR
GLUHWDPHQWH DRV FUHGRUHV H
LQGLUHWDPHQWH D WRGD D
VRFLHGDGHEUDVLOHLUD0DVVH
R SODQR IRU LQFRQVLVWHQWH
OLPLWDUVH D XP SDSHOyULR
GHVWLQDGR D FXPSULU PHUD
IRUPDOLGDGH SURFHVVXDO
HQWmRRIXWXURGRLQVWLWXWRpD
FRPSOHWDGHVPRUDOL]DomR
1RWHVH XP ERP SODQR
GHUHFXSHUDomRQmRpSRUVL
Vy JDUDQWLD DEVROXWD GH
UHHUJXLPHQWRGDHPSUHVDHP
FULVH )DWRUHV
PDFURHFRQ{PLFRVJOREDLVRX
QDFLRQDLV DFLUUDPHQWR GD
FRQFRUUrQFLDQRVHJPHQWRGH
PHUFDGRHPFDXVDRXPHVPR
LPSHUtFLD QD VXD H[HFXomR
SRGHP FRPSURPHWHU D
UHRUJDQL]DomR SUHWHQGLGD
0DV XP SODQR UXLP p
JDUDQWLDDEVROXWDGHIUDFDVVR
GDUHFXSHUDomRMXGLFLDO
2 SODQR GH UHFXSHUDomR
GHYH LQGLFDU SRUPHQRUL]DGD
HIXQGDPHQWDGDPHQWHRPHLR
RX PHLRV SHORV TXDLV D
VRFLHGDGH HPSUHViULD
GHYHGRUD GHYHUi VXSHUDU DV
GLILFXOGDGHV TXH HQIUHQWD
1R WRFDQWH j DOWHUDomR GDV
REULJDo}HVGDEHQHILFLiULDD
OHL VH SUHRFXSRX HP
HVWDEHOHFHU TXDWUR EDOL]DV
D RV HPSUHJDGRV FRP
GLUHLWRVYHQFLGRVQDGDWDGD
DSUHVHQWDomR GR SHGLGR GH
UHFXSHUDomR MXGLFLDO GHYHP
VHU SDJRV QR SUD]R Pi[LPR
GH DQR GHYHQGR VHU
TXLWDGRV RV VDOGRV VDODULDLV
HP DWUDVR HP GLDVE
GHYHVH EXVFDU R
SDUFHODPHQWR GR FUpGLWR
ILVFDO QD IRUPD DXWRUL]DGD
SHOR DUW $ GR &71F
VHRSODQRSUHYrDDOLHQDomR
GH EHQV RQHUDGRV
KLSRWHFDGRV RX
HPSHQKDGRVDVXSUHVVmRRX
VXEVWLWXLomR GD JDUDQWLD UHDO
GHSHQGH GD H[SUHVVD
DSURYDomR GR FUHGRU TXH D
WLWXODUL]D (QWHQGDVH EHP
SDUDDVLPSOHVVXSUHVVmRRX
VXEVWLWXLomR GH XPD JDUDQWLD
UHDOpVXILFLHQWHTXHRSODQR
GHUHFXSHUDomRMXGLFLDOVHMD
DSURYDGR FRP RX VHP R
YRWR GR WLWXODU GD JDUDQWLD
VH SRUpP IRU SUHYLVWD D
DOLHQDomR GR EHP FRPR
PHLR GH UHFXSHUDomR
MXGLFLDO VHUi LQGLVSHQViYHO
D FRQFRUGkQFLD GHOH QRV
FUpGLWRV HP PRHGD
HVWUDQJHLUD VXD FRQYHUVmR
SDUD D PRHGD QDFLRQDO
GHSHQGH GH H[SUHVVD
FRQFRUGkQFLD GR WLWXODU GR
FUpGLWR
3RUWDQWR FRP D H[FHomR
IHLWD DRV FUpGLWRV UHIHULGRV
QDV TXDWUR EDOL]DV DFLPD
WRGRVRVGHPDLVWLWXODUL]DGRV
SHUDQWH D UHTXHUHQWH GD
UHFXSHUDomR MXGLFLDO SRGHP
VHU REMHWR GH DPSODV
DOWHUDo}HV QR YDORU QD
IRUPD GH SDJDPHQWR QDV
FRQGLo}HV GH FXPSULPHQWR
GDREULJDomRHWF
2 SODQR GH UHFXSHUDomR
MXGLFLDO GHYH VHU
DSUHVHQWDGR QR SUD]R GH
GLDVFRQWDGRVGDSXEOLFDomR
GR GHVSDFKR GH GHIHULPHQWR
GRSURFHVVDPHQWR
&DEH j DVVHPEOHLD GRV
FUHGRUHV WHQGR HP YLVWD R
SURSRVWR SHOD GHYHGRUD H
HYHQWXDOSURSRVWDDOWHUQDWLYD
TXH OKH WHQKD VLGR
VXEPHWLGDGLVFXWLUHYRWDUR
SODQR GH UHFXSHUDomR 7UrV
SRGHP VHU RV UHVXOWDGRV GD
YRWDomR QD DVVHPEOHLDD
DSURYDomR GR SODQR GH
UHFXSHUDomR SRU
GHOLEHUDomR TXH DWHQGHX DR
TXRUXP TXDOLILFDGR GD OHL
E DSRLR DR SODQR GH
UHFXSHUDomR SRU
GHOLEHUDomR TXHTXDVH
DWHQGHX D HVVHTXRUXP
TXDOLILFDGRF UHMHLomR GH
WRGRVRVSODQRVGLVFXWLGRV
(P TXDOTXHU FDVR R
UHVXOWDGR VHUi VXEPHWLGR DR
MXL]PDVYDULDPDVGHFLV}HV
MXGLFLDLV SRVVtYHLV HP FDGD
XP GHOHV 1R SULPHLUR R
MXL] OLPLWDVH D KRPRORJDU D
DSURYDomR GR SODQR SHORV
FUHGRUHV QR VHJXQGR HOH
WHUi D GLVFULFLRQDULHGDGH
SDUDDSURYDURXQmRRSODQR
TXH TXDVH DOFDQoRX R
TXRUXP TXDOLILFDGR QR
WHUFHLUR GHYH GHFUHWDU D
IDOrQFLD GD VRFLHGDGH
UHTXHUHQWH GD UHFXSHUDomR
MXGLFLDO
)DVHGHH[HFXomR
&RQFHGLGDDUHFXSHUDomR
MXGLFLDO ² VHMD SHOD
KRPRORJDomR HP MXt]R GR
SODQR DSURYDGR FRP DSRLR
GR TXRUXP TXDOLILFDGR GH
GHOLEHUDomR HP DVVHPEOHLD
VHMD SHOD DSURYDomR SHOR
MXL] GR DSRLDGR SRU SDUFHOD
VXEVWDQFLDOGRVFUHGRUHV²
HQFHUUDVH D IDVH GH
GHOLEHUDomRHWHPLQtFLRDGH
H[HFXomR
'XUDQWHDGHUUDGHLUDIDVH
GR SURFHVVR GH UHFXSHUDomR
MXGLFLDO GiVH FXPSULPHQWR
DR SODQR GH UHFXSHUDomR
DSURYDGR HP MXt]R (P
SULQFtSLR p LPXWiYHO HVVH
SODQR 6H D VRFLHGDGH
EHQHILFLDGD GHOH VH GHVYLDU
FRUUH R ULVFR GH WHU D
IDOrQFLD GHFUHWDGD 1mR
SRGHSRUpPDOHLLJQRUDUD
KLSyWHVHGHUHYLVmRGRSODQR
GH UHFXSHUDomR VHPSUH TXH
D FRQGLomR HFRQ{PLFR
ILQDQFHLUD GD VRFLHGDGH
GHYHGRUD SDVVDU SRU
FRQVLGHUiYHO PXGDQoD
1HVVH FDVR DGPLWHVH R
DGLWDPHQWR GR SODQR GH
UHFXSHUDomR MXGLFLDO
PHGLDQWH UHWLILFDomR SHOD
DVVHPEOHLDGRVFUHGRUHV
2 GHYHGRU HP
UHFXSHUDomRMXGLFLDOQmRWHP
VXSULPLGDVXDFDSDFLGDGHRX
SHUVRQDOLGDGH MXUtGLFD
&RQWLQXD H[LVWLQGR FRPR
VXMHLWR GH GLUHLWR DSWR D
FRQWUDLU REULJDo}HV H
WLWXODUL]DUFUpGLWR6RIUHXPD
~QLFD UHVWULomR RV DWRV GH
DOLHQDomR RX RQHUDomR GH
EHQV RX GLUHLWRV GR DWLYR
SHUPDQHQWH Vy SRGHP VHU
SUDWLFDGRV VH ~WHLV j
UHFXSHUDomR MXGLFLDO $
XWLOLGDGHGRDWRpSUHVXPLGD
HP WHUPRV DEVROXWRV VH
SUHYLVWR QR SODQR GH
UHFXSHUDomR MXGLFLDO
DSURYDGR HP MXt]R 1HVVH
FDVR R EHP SRGH VHU
YHQGLGR RX RQHUDGR
LQGHSHQGHQWHPHQWH GH
TXDOTXHU RXWUD IRUPDOLGDGH
RX DQXrQFLD 0DV VH QmR
FRQVWDUHP GR SODQR GH
UHFXSHUDomR KRPRORJDGR RX
DSURYDGR SHOR MXL] D
XWLOLGDGH GR DWR SDUD D
UHFXSHUDomR MXGLFLDO GHYH
VHU DSUHFLDGD SHORV yUJmRV
GHVWD$VVLPDDOLHQDomRRX
RQHUDomR Vy SRGHUi VHU
SUDWLFDGD PHGLDQWH SUpYLD
DXWRUL]DomRGRMXL]RXYLGRR
FRPLWr
'XUDQWH WRGD D IDVH GH
H[HFXomR D VRFLHGDGH
HPSUHViULD DJUHJDUi DR VHX
QRPH D H[SUHVVmR ³HP
UHFXSHUDomR MXGLFLDO´ SDUD
FRQKHFLPHQWR GH WRGRV TXH
FRP HOD VH UHODFLRQDP
QHJRFLDO H MXULGLFDPHQWH $
RPLVVmR GHVVDV H[SUHVV}HV
LPSOLFD UHVSRQVDELOLGDGH
FLYLO GLUHWD H SHVVRDO GR
DGPLQLVWUDGRU TXH WLYHU
UHSUHVHQWDGRDVRFLHGDGHHP
UHFXSHUDomR QR DWR HP TXH
HOD VH YHULILFRX 6HUi
RXWURVVLP OHYDGR j
LQVFULomRQD-XQWD&RPHUFLDO
RGHIHULPHQWRGREHQHItFLR
4XDQWR j DGPLQLVWUDomR
GD VRFLHGDGH EHQHILFLDGD
SHODUHFXSHUDomRMXGLFLDOKi
GXDV KLSyWHVHV D FRQVLGHUDU
6H RV DGPLQLVWUDGRUHV
HOHLWRV SHORV VyFLRV RX
DFLRQLVWD FRQWURODGRU HVWmR
VH FRPSRUWDQGR OtFLWD H
XWLOPHQWHQmRKiUD]}HVSDUD
UHPRYrORV GD
DGPLQLVWUDomR &DVR
FRQWUiULRRMXL]GHWHUPLQDUi
VHX DIDVWDPHQWR
'HWHUPLQDQGR D GHVWLWXLomR
GD DGPLQLVWUDomR GD
VRFLHGDGH HPSUHViULD
UHTXHUHQWH GR EHQHItFLR R
MXL] GHYH FRQYRFDU D
DVVHPEOHLD GRV FUHGRUHV
SDUD D HOHLomR GR JHVWRU
MXGLFLDO D TXHP VHUi
DWULEXtGDDDGPLQLVWUDomRGD
HPSUHVDHPUHFXSHUDomR
'H GXDV IRUPDV
GLIHUHQWHV VH HQFHUUD D IDVH
GHH[HFXomRGRSURFHVVRGH
UHFXSHUDomR MXGLFLDO
FXPSULPHQWR GR SODQR GH
UHFXSHUDomRQRSUD]RGHDWp
DQRV RX SHGLGR GH
GHVLVWrQFLD GR GHYHGRU TXH
SRGHUi VHU DSUHVHQWDGR D
TXDOTXHU WHPSR H HVWi
VHPSUH VXMHLWD j DSURYDomR
SHOD DVVHPEOHLD JHUDO GRV
FUHGRUHV
0,&52(035(6$ (
(035(6$ '( 3(48(12
3257(
4XDQGR D FULVH DOFDQoD
PLFURHPSUHVD RX HPSUHVD
GH SHTXHQR SRUWH D
UHFXSHUDomR MXGLFLDO VHJXH
DOJXPDVUHJUDVHVSHFtILFDV
(P IXQomR GD SHTXHQD
FRPSOH[LGDGH GD
UHFXSHUDomR GRV
PLFURHPSUHViULRV H
HPSUHViULRV GH SHTXHQR
SRUWH D OHL GHILQH TXH HVVD
VH RSHUDUi YLD GH UHJUD
SHOR SDUFHODPHQWR GDV
GtYLGDV TXLURJUDIiULDV
H[LVWHQWHV QD GDWD GD
GLVWULEXLomR GR SHGLGR
VHJXQGRRSUHYLVWRQR3ODQR
(VSHFLDO
$V REULJDo}HV VXMHLWDV
DR 3ODQR (VSHFLDO SRGHUmR
VHUSDJDVHPDWpSDUFHODV
PHQVDLVLJXDLVHVXFHVVLYDV
YHQFHQGRVH D SULPHLUD HP
GLDV GD GDWD GD
GLVWULEXLomR GR SHGLGR GH
UHFXSHUDomR MXGLFLDO 2
Q~PHUR H[DWR GH SDUFHODV
VHUi GHILQLGR QD SURSRVWD
TXH R PLFURHPSUHViULR RX
HPSUHViULRGHSHTXHQRSRUWH
DSUHVHQWD FRP R SHGLGR GH
UHFXSHUDomR MXGLFLDO 2
SDUFHODPHQWR HVWDEHOHFLGR
QDOHLGL]UHVSHLWRDSHQDVDR
SDVVLYR TXLURJUDIiULR $V
GtYLGDVWUDEDOKLVWDVHILVFDLV
GR PLFURHPSUHViULR H GR
HPSUHViULRGHSHTXHQRSRUWH
QmRVHVXEPHWHPDRVHIHLWRV
GD UHFXSHUDomR H GHYHP VHU
KRQUDGDVVHJXQGRRGLVSRVWR
QD OHJLVODomR WULEXWiULD
HVSHFtILFD
&RPR GLWR R
SURFHGLPHQWR GD
UHFXSHUDomR MXGLFLDO GD
PLFURHPSUHVD RX HPSUHVD
GH SHTXHQR SRUWH p EDVWDQWH
VLPSOLILFDGR $ DVVHPEOHLD
JHUDO GRV FUHGRUHV SRU
H[HPSOR QmR VHUi
FRQYRFDGD SDUD GHOLEHUDU
VREUH R 3ODQR (VSHFLDO
FDEHQGR VXD DSURYDomR RX
UHMHLomR H[FOXVLYDPHQWH DR
MXL]
,QLFLDVHRSURFHVVRFRP
D SHWLomR GR GHYHGRU
H[SRQGRDVUD]}HVGDFULVHH
DSUHVHQWD SURSRVWD GH
UHQHJRFLDomR GR SDVVLYR
GHQWUR GDV EDOL]DV OHJDLV
DFLPD LQGLFDGDV 1D
H[SUHVVLYD PDLRULD GDV
YH]HV D SURSRVWD p
DSUHVHQWDGD SHOD KLSyWHVH
PDLV IDYRUiYHO DR GHYHGRU
SURSRQHQWH TXHU GL]HU
FRQWHPSODQGR D GLYLVmR GR
SDVVLYR FLYLO HP
SDUFHODV $SUHVHQWDGR H
UHFHELGR R SHGLGR GH
UHFXSHUDomR MXGLFLDO R MXL]
Mi GHFLGH GH SURQWR
KRPRORJDQGR D SURSRVWD
DSUHVHQWDGD SHOR
PLFURHPSUHViULR RX
HPSUHViULRGHSHTXHQRSRUWH
RX GHFUHWDQGR VXD IDOrQFLD
+iWDPEpPDDOWHUQDWLYDGH
GHWHUPLQDU D UHWLILFDomR GR
3ODQR (VSHFLDO TXDQGR
GHVFRQIRUPH FRP RV
SDUkPHWURV GD OHL KLSyWHVH
HP TXH D GHFUHWDomR GD
IDOrQFLD FDEHUi TXDQGR
GHVREHGHFLGD RX QmR
DWHQGLGDDGHWHUPLQDomR
&DEH DRV FUHGRUHV
HYHQWXDOPHQWHLQWHUHVVDGRVD
LQLFLDWLYD GH VXVFLWDU HP
MXt]R VXDV REMHo}HV (P
VHQGR VXVFLWDGD REMHomR ²
FXMR FRQWH~GR Vy SRGH
YHUVDUVREUHDDGHTXDomRGD
SURSRVWD j OHL ² R MXL]
GHWHUPLQDUi DR UHTXHUHQWH
TXH VH PDQLIHVWH
RSRUWXQLGDGHHPTXHSRGHUi
VHU VXSHUDGR R
GHVHQWHQGLPHQWR PHGLDQWH
UHYLVmR GD SURSRVWD SRU
DFRUGR HQWUH DV SDUWHV 6H
SRUpP D PLFURHPSUHVD RX
HPSUHVD GH SHTXHQR SRUWH
GHYHGRUD TXHVWLRQDU D
PDQLIHVWDomR GR FUHGRU H
LQVLVWLUQDSURSRVWDLQLFLDOR
MXL] GHFLGLUi R FRQIOLWR
GHWHUPLQDQGRVHXDGLWDPHQWR
RXKRPRORJDQGRD
&RP D VHQWHQoD GH
KRPRORJDomRGDSURSRVWDGH
SDUFHODPHQWR RSHUDPVH RV
HIHLWRVGREHQHItFLRFRPRD
VXVSHQVmR GDV Do}HV H
H[HFXo}HV H D QRYDomR GDV
REULJDo}HV FRPSUHHQGLGDV
QR3ODQR(VSHFLDO
&2192/$d2 (0
)$/Ç1&,$
'iVH D FRQYRODomR GD
UHFXSHUDomR MXGLFLDO HP
IDOrQFLD HP TXDWUR
KLSyWHVHV D GHOLEHUDomR
GRV FUHGRUHV UHXQLGRV HP
DVVHPEOHLD SHOR YRWR GD
PDLRULDVLPSOHVGRSOHQiULR
TXDQGR D VLWXDomR GH FULVH
HFRQ{PLFD ILQDQFHLUD RX
SDWULPRQLDO GD VRFLHGDGH
GHYHGRUD p GH VXPD
JUDYLGDGH H TXH QmR Ki
VHQWLGR HP TXDOTXHU HVIRUoR
GH UHRUJDQL]DomR E QmR
DSUHVHQWDomR GR SODQR SHOR
GHYHGRU QR SUD]R TXH QmR
SRGH VHU SURUURJDGR F
UHMHLomR GR SODQR SHOD
DVVHPEOHLD GRV FUHGRUHV G
GHVFXPSULPHQWRGRSODQRGH
UHFXSHUDomR
&RQYRODGDDUHFXSHUDomR
MXGLFLDO HP IDOrQFLD SRU
TXDOTXHU UD]mR RV FUHGRUHV
TXLURJUDIiULRVSRVWHULRUHV j
GLVWULEXLomRGRSHGLGRVHUmR
UHFODVVLILFDGRV FRPR
FUHGRUHV H[WUDFRQFXUVDLV
/) DUW FDSXW -i RV
TXLURJUDIiULRVDQWHULRUHV j
UHFXSHUDomR MXGLFLDO VHUmR
UHFODVVLILFDGRV FRPR
SULYLOHJLDGRV GHVGH TXH
WHQKDP FRQWLQXDGR D
FRQFHGHU FUpGLWR j HPSUHVD
HP GLILFXOGDGH /) DUW
2 REMHWLYR GHVVDV
UHFODVVLILFDo}HV p HVWLPXODU
RV DJHQWHV HFRQ{PLFRV
SULQFLSDOPHQWH RV
IRUQHFHGRUHV GH LQVXPR H
FUpGLWR D FRQWLQXDU
DWHQGHQGR j GHPDQGD SRU
FUpGLWR SURYHQLHQWH GD
HPSUHVD HP UHFXSHUDomR
MXGLFLDO DSHVDU GR
DJUDYDPHQWRGRULVFR
&$3Ë78/2
5(&83(5$d2
(;75$-8',&,$/
+202/2*$d2
)$&8/7$7,9$
1DOHLKiGXDVKLSyWHVHV
GLVWLQWDVGHKRPRORJDomRHP
MXt]R GR SODQR GH
UHFXSHUDomRH[WUDMXGLFLDO$
SULPHLUD TXH GHQRPLQR
IDFXOWDWLYD p D
KRPRORJDomR GR SODQR TXH
FRQWD FRP D DGHVmR GD
WRWDOLGDGH GRV FUHGRUHV
DWLQJLGRVSHODVPHGLGDVQHOH
SUHYLVWDV 'HOD FXLGD R DUW
GD/)4XDQGRWRGRVRV
FUHGRUHV FXMRV FUpGLWRV VmR
DOFDQoDGRV SHOR SODQR LVWR
p QHOH DOWHUDVH VHX YDORU
YHQFLPHQWR FRQGLo}HV GH
SDJDPHQWR JDUDQWLDV HWF
DGHULUDP D HOH D
KRPRORJDomR MXGLFLDO QmR p
REULJDWyULD SDUD D VXD
LPSOHPHQWDomR 6H R SODQR
GHUHFXSHUDomRH[WUDMXGLFLDO
RVWHQWDDDVVLQDWXUDGHWRGRV
RV FUHGRUHV SRU HOH
DWLQJLGRV D KRPRORJDomR
QmR p FRQGLomR SDUD RV
REULJDU (OHV Mi VH
HQFRQWUDP REULJDGRV QRV
WHUPRVGRSODQRSRUIRUoDGD
DGHVmR UHVXOWDQWH GH VXD
PDQLIHVWDomR GH YRQWDGH 2
DWRMXGLFLDOQmRpQHFHVViULR
SDUD TXH R FUpGLWR VHMD
DOWHUDGR HP VXD H[WHQVmR RX
FRQGLo}HV
'RLVVmRRVPRWLYRVTXH
SRGHP MXVWLILFDU D
KRPRORJDomR IDFXOWDWLYD 2
SULPHLUR p UHYHVWLU R DWR GH
PDLRU VROHQLGDGH SDUD
FKDPDU D DWHQomR GDV SDUWHV
SDUD D VXD LPSRUWkQFLD 2
VHJXQGR p SRVVLELOLWDU D
DOLHQDomR SRU KDVWD MXGLFLDO
GH ILOLDLV RX XQLGDGHV
SURGXWLYDV LVRODGDV TXDQGR
SUHYLVWD D PHGLGD /) DUW
$R UHTXHUHU D
KRPRORJDomR IDFXOWDWLYD R
GHYHGRU GHYH LQVWUXLU R
SHGLGR FRP D MXVWLILFDWLYD
GRSOHLWRHRLQVWUXPHQWRGH
UHFXSHUDomR H[WUDMXGLFLDO
SODQR DFRUGR WHUPR HWF
DVVLQDGR SRU WRGRV RV
FUHGRUHV DGHUHQWHV $SyV
UHFHEHU D SHWLomR LQLFLDO
GHYLGDPHQWHLQVWUXtGDRMXL]
GHWHUPLQD DSXEOLFDomR GH
HGLWDO FRQYRFDQGR RV
FUHGRUHV D DSUHVHQWDUHP
HYHQWXDLV LPSXJQDo}HV 2
SUD]RSDUDLPSXJQDURSODQR
GHUHFXSHUDomRH[WUDMXGLFLDO
p GH GLDV VHJXLQWHV j
SXEOLFDomR GR HGLWDO 1RV
PHVPRV GLDV R GHYHGRU
UHTXHUHQWH GHYH SURYDU TXH
FRPXQLFRX SRU FDUWD WRGRV
RV FUHGRUHV VXMHLWRV DR
SODQR GRPLFLOLDGRV RX
VHGLDGRV QR %UDVLO
LQIRUPDQGROKHV D
GLVWULEXLomR GR SHGLGR GH
KRPRORJDomR H[WUDMXGLFLDO
DV FRQGLo}HV GR SODQR
DSUHVHQWDGRHRSUD]RSDUDD
LPSXJQDomR
3URFHVVDGD D
LPSXJQDomR VH KRXYHU R
MXL] GHFLGH R SHGLGR
KRPRORJDQGR R SODQR GH
UHFXSHUDomRH[WUDMXGLFLDORX
GHQHJDQGRDKRPRORJDomR
+202/2*$d2
2%5,*$7Ï5,$
$RODGRGDKRPRORJDomR
IDFXOWDWLYD GR SODQR GH
UHFXSHUDomRH[WUDMXGLFLDODR
TXDO DGHULUDP WRGRV RV
FUHGRUHV DOFDQoDGRV SRU
VHXVWHUPRVDUWSUHYr
DOHLWDPEpPDKRPRORJDomR
REULJDWyULD 7UDWDVH DJRUD
GD KLSyWHVH HP TXH R
GHYHGRU FRQVHJXLX REWHU D
DGHVmRGHSDUWHVLJQLILFDWLYD
GRV VHXV FUHGRUHV DR SODQR
GH UHFXSHUDomR PDV XPD
SHTXHQD PLQRULD GHVWHV
UHVLVWH D VXSRUWDU VXDV
FRQVHTXrQFLDV 1HVVH FDVR
pLQMXVWRTXHDRSRUWXQLGDGH
GH UHHUJXLPHQWR GD HPSUHVD
GR GHYHGRU VH SHUFD HP
UD]mR GD UHFXVD GH DGHVmR
DR SODQR SRU SDUWH GH
SDUFHOD PLQRULWiULD GRV
FUHGRUHV &RP D
KRPRORJDomR MXGLFLDO GR
SODQR GH UHFXSHUDomR
H[WUDMXGLFLDOHVWHQGHPVHRV
HIHLWRV GR SODQR DRV
PLQRULWiULRV QHOH UHIHULGRV
VXSULQGRVH GHVVH PRGR D
QHFHVVLGDGH GH VXD DGHVmR
YROXQWiULD
3DUD VHU KRPRORJDGR
FRP EDVH QR DUW R
SODQR GH UHFXSHUDomR
H[WUDMXGLFLDOGHYHRVWHQWDUD
DVVLQDWXUDGHSHORPHQRV
GHWRGRVRVFUpGLWRVGHFDGD
HVSpFLH SRU HOH DEUDQJLGRV
3RU³HVSpFLHV´GHFUpGLWRVH
GHYH HQWHQGHU SDUDRV ILQV
GH DSOLFDomR GHVVH
GLVSRVLWLYR DV FODVVHV
UHIHULGDV QRV LQFLVRV ,, ,9
9 9, H 9,,, GR DUW D
VDEHU D FUpGLWR FRP
JDUDQWLDUHDOEFUpGLWRFRP
SULYLOpJLR HVSHFLDO F
FUpGLWRFRPSULYLOpJLRJHUDO
G FUpGLWR TXLURJUDIiULR H
FUpGLWR VXERUGLQDGR 6mR
HVVDV FLQFR DV HVSpFLHV GH
FUpGLWR D VHUHP
FRQVLGHUDGDVQDUHFXSHUDomR
H[WUDMXGLFLDO $ DGHVmR DR
SODQR SDUD DXWRUL]DU VXD
KRPRORJDomR REULJDWyULD
GHYH VHU GH FUHGRUHV
WLWXODUHV GH SHOR PHQRV
GRV FUpGLWRV FRP JDUDQWLD
UHDO GH SHOR PHQRV GRV
FRP SULYLOpJLR HVSHFLDO GH
SHOR PHQRV GRV FRP
SULYLOpJLR JHUDO H DVVLP SRU
GLDQWH 6y WrP UHOHYkQFLD
FRQVLGHUDU QD DIHULomR GR
HOHYDGR JUDX GH DGHVmR DR
SODQR GH UHFXSHUDomR
H[WUDMXGLFLDO RV FUpGLWRV
DOFDQoDGRV SHOR SODQR /)
DUW
2 SURFHVVDPHQWR GD
KRPRORJDomR REULJDWyULD p
LGrQWLFR DR GD IDFXOWDWLYD
H[FHWRQRTXHGL]UHVSHLWRj
LQVWUXomR GD SHWLomR LQLFLDO
3DUD R SHGLGR GH
KRPRORJDomR IDFXOWDWLYD D
OHL HVWDEHOHFHX LQVWUXomR
VLQJHOD FRQVLVWHQWH QD
MXVWLILFDWLYDHQRSODQR1mR
KiPHVPRVHQWLGRHPH[LJLU
VH PDLV GR GHYHGRU QHVVD
KLSyWHVH SRUTXH RV HIHLWRV
GD KRPRORJDomR IDFXOWDWLYD
VmRPRGHVWRV2SODQRFRQWD
FRP D DGHVmR GH WRGRV RV
FUHGRUHV SRU HOH DOFDQoDGR
H D KRPRORJDomR QmR OKHV
DIHWDRVGLUHLWRVFUHGLWyULRV
&RQWXGR D LQVWUXomR GR
SHGLGR GH KRPRORJDomR
REULJDWyULD HP YLVWD GR
PDLRU DOFDQFH GRV HIHLWRV
GHVWD GHYH VHU PDLV
FRPSOH[D $OpP GD
MXVWLILFDWLYDHGRSODQRFRP
D DVVLQDWXUD GD PDLRULD
DGHUHQWH GHYH R GHYHGRU
DSUHVHQWDU HP MXt]RD
H[SRVLomR GH VXD VLWXDomR
S D W U L P R Q L D O E
GHPRQVWUDo}HV FRQWiEHLV
UHODWLYDV DR ~OWLPR
H[HUFtFLRF GHPRQVWUDo}HV
FRQWiEHLV UHIHUHQWHV DR
SHUtRGR GHVGH R ILP GR
~OWLPRH[HUFtFLRHDGDWDGR
SODQR OHYDQWDGDV
HVSHFLDOPHQWH SDUD R
S H G L G R G GRFXPHQWR
FRPSUREDWyULRGDRXWRUJDGR
SRGHU SDUD QRYDU RX
WUDQVLJLUSDUDRVVXEVFULWRUHV
GR SODQR HP QRPH GRV
FUHGRUHV SRU H[HPSOR DWR
GH LQYHVWLGXUD GR
DGPLQLVWUDGRU GH VRFLHGDGH
HPSUHViULDDFRPSDQKDGRGR
HVWDWXWR RX GR FRQWUDWR
VRFLDO LQVWUXPHQWR GH
SURFXUDomR FRP SRGHUHV
HVSHFtILFRV HWFH UHODomR
QRPLQDO GH WRGRV RV
FUHGRUHV FRP HQGHUHoR
FODVVLILFDomR H YDORU
DWXDOL]DGR GR FUpGLWR DOpP
GD RULJHP GR YHQFLPHQWR H
GD UHPLVVmR DR VHX UHJLVWUR
FRQWiELO/)DUW
,1752'8d2
$ /,48,'$d2
(;75$-8',&,$/
2 %DQFR &HQWUDO GR
%UDVLO p R yUJmR GD
DGPLQLVWUDomR LQGLUHWD
IHGHUDO FRPSHWHQWH SDUD D
GHFUHWDomR GD OLTXLGDomR
H[WUDMXGLFLDO GH LQVWLWXLo}HV
ILQDQFHLUDV (VWD p
PRGDOLGDGH GH DWR
DGPLQLVWUDWLYRYLQFXODGRGH
VRUWH TXH DSHQDV QDV
KLSyWHVHV HOHQFDGDV SHOD OHL
SRGH DTXHOD DXWDUTXLD
GHFUHWiOD
(QWUH DV FDXVDV TXH
DXWRUL]DP D OLTXLGDomR
H[WUDMXGLFLDO p SRVVtYHO
GLVFHUQLU GRLV JUXSRV 8P
GHOHV HVWi UHODFLRQDGR
GLUHWDPHQWH FRP RV
IXQGDPHQWRV GD H[HFXomR
FRQFXUVDO D MXVWLoD GR
WUDWDPHQWR SDULWiULR GRV
FUHGRUHV GLDQWH GD
LQVROYrQFLD SDWULPRQLDO GR
GHYHGRU H FRPSUHHQGH DV
KLSyWHVHV GDV DOtQHDV D H F
GRLQF,GRDUWGD/,/(
RX VHMD R FRPSURPHWLPHQWR
GD VLWXDomR HFRQ{PLFD RX
ILQDQFHLUD HVSHFLDOPHQWH D
LPSRQWXDOLGDGH RX D SUiWLFD
GHDWRGHIDOrQFLDHSUHMXt]R
TXH VXMHLWH RV FUHGRUHV
TXLURJUDIiULRV D XP ULVFR
DQRUPDO 2 RXWUR JUXSR GH
FDXVDV DXWRUL]DQWHV GD
OLTXLGDomR H[WUDMXGLFLDO
UHSUHVHQWD QmR XP
H[SHGLHQWHSDUDRWUDWDPHQWR
LVRQ{PLFR GRV FUHGRUHV
PDVQDYHUGDGHXPDVDQomR
DGPLQLVWUDWLYD D FDUJR GDV
DXWRULGDGHV PRQHWiULDV 6mR
GHVWH JUXSR DV FDXVDV GDV
DOtQHDVEHGGRDUW,GD
/,/( D VDEHU D YLRODomR
JUDYH GDV QRUPDV OHJDLV RX
HVWDWXWiULDV RX GDV
GHWHUPLQDo}HV GR &RQVHOKR
0RQHWiULR 1DFLRQDO RX GR
%DQFR &HQWUDO EHP FRPR R
DWUDVR VXSHULRU D GLDV
SDUD R LQtFLR GD OLTXLGDomR
RUGLQiULD RX D VXD
PRURVLGDGHDSyVDFDVVDomR
GD DXWRUL]DomR SDUD
IXQFLRQDU 'HVWD IRUPD D
OLTXLGDomR H[WUDMXGLFLDO
JDQKD XP SHUILO DPEtJXR
SRGHQGR VHU XWLOL]DGD FRPR
PHGLGD GH FRLELomR jV
LQIUDo}HV GRV
DGPLQLVWUDGRUHV GH XPD
LQVWLWXLomR ILQDQFHLUD
PHVPR TXH HVWD VH HQFRQWUH
DEVROXWDPHQWHVROYiYHO
$ OLTXLGDomR
H[WUDMXGLFLDO WDPEpP SRGH
VHU GHFUHWDGD SHOR %DQFR
&HQWUDO D SHGLGR GD SUySULD
LQVWLWXLomR UHSUHVHQWDGD
SHORV VHXV DGPLQLVWUDGRUHV
GHYLGDPHQWH DXWRUL]DGRV
SHOR HVWDWXWR RX SHOR
LQWHUYHQWRU TXDQGR HVWLYHU
DTXHOD VRE R UHJLPH GH
LQWHUYHQomR
$ GHFUHWDomR GD
OLTXLGDomR H[WUDMXGLFLDO
LPSRUWD D VXVSHQVmR GDV
Do}HV H H[HFXo}HV MXGLFLDLV
H[LVWHQWHV H QD SURLELomR GH
DMXL]DPHQWR GH QRYDV Do}HV
/,/(DUWD$IDVWDVH
DVVLP D SRVVLELOLGDGH GH
GHFUHWDomR GD IDOrQFLD GD
LQVWLWXLomR OLTXLGDQGD 3RU
RXWUR ODGR Ki R YHQFLPHQWR
DQWHFLSDGRHLQWHUURPSHVHR
FXUVRGDSUHVFULomRGHWRGDV
DV REULJDo}HV GH TXH VHMD
GHYHGRUD D OLTXLGDQGD
/,/( DUW E H H
)LQDOPHQWH R DWR GH
GHFUHWDomRWRUQDLQH[LJtYHOD
FOiXVXOD SHQDO GRV FRQWUDWRV
XQLODWHUDLV DQWHFLSDGDPHQWH
YHQFLGRV RV MXURV
SRVWHULRUHV j GHFUHWDomR VH
QmR SDJR LQWHJUDOPHQWH R
SDVVLYREHPFRPRDVSHQDV
SHFXQLiULDV SRU LQIUDomR GH
OHLV SHQDLV RX
DGPLQLVWUDWLYDV /,/( DUW
FGHI
$ FRUUHomR PRQHWiULD p
GHYLGD VREUH D WRWDOLGDGH
GDVREULJDo}HVGDLQVWLWXLomR
HP OLTXLGDomR DUW GR
'HFOHL Q GH
FRPDUHGDomRGR'HFOHLQ
GH
$ OLTXLGDomR
H[WUDMXGLFLDO p GHVHQYROYLGD
VRERFRPDQGRGROLTXLGDQWH
QRPHDGR SHOR %DQFR
&HQWUDODTXHPDOHLUHVHUYD
DPSORV SRGHUHV GH
DGPLQLVWUDomR 7UDWDVH GR
yUJmR GD SHVVRD MXUtGLFD
OLTXLGDQGD UHVSRQViYHO SHOD
PDQLIHVWDomRGHVXDYRQWDGH
H QHVWH VHQWLGR FDEHOKH
YHULILFDU H FODVVLILFDU RV
FUpGLWRV FRQWUDWDU H GHPLWLU
IXQFLRQiULRV IL[DUOKHV RV
YHQFLPHQWRV RXWRUJDU H
FDVVDU PDQGDWR UHSUHVHQWDU
D VRFLHGDGH HP MXt]R H
HQILPSUDWLFDUWRGRVRVDWRV
MXUtGLFRV HP QRPH GD
HQWLGDGHUHODFLRQDGRVFRPD
OLTXLGDomR 3DUD XOWLPDU RV
QHJyFLRV SHQGHQWHV RX SDUD
RQHUDU RX DOLHQDU EHQV
QHFHVVLWD R OLTXLGDQWH GH
SUpYLD H H[SUHVVD
DXWRUL]DomR GR %DQFR
&HQWUDO
2 OLTXLGDQWH p LQYHVWLGR
HPVXDVIXQo}HVSRUPHLRGH
XP WHUPR GH SRVVH ODYUDGR
QR OLYUR ³GLiULR´ GD
LQVWLWXLomR ILQDQFHLUD H
GHYH GH LPHGLDWR SURFHGHU
jDUUHFDGDomRSRUWHUPRGH
WRGRVRVOLYURVHGRFXPHQWRV
GH LQWHUHVVH SDUD D
DGPLQLVWUDomR GD PDVVD H
GHWHUPLQDU R OHYDQWDPHQWR
GHEDODQoRJHUDOHLQYHQWiULR
GH WRGRV RV OLYURV
GRFXPHQWRVGLQKHLURHEHQV
2V DGPLQLVWUDGRUHV HP
H[HUFtFLR TXDQGR GD
GHFUHWDomR GD OLTXLGDomR
GHYHP DVVLQDU WDPEpP R
WHUPR GH DUUHFDGDomR R
EDODQoRJHUDOHRLQYHQWiULR
FDEHQGROKHV DLQGD D
SUHVWDomR GH LQIRUPDo}HV
JHUDLV DWLQHQWHV j
DGPLQLVWUDomR SDWULP{QLR H
PDQGDWRV GD LQVWLWXLomR
/,/(DUW
1RV GLDV VHJXLQWHV j
VXD SRVVH R OLTXLGDQWH
DSUHVHQWDUi DR %DQFR
&HQWUDO XP UHODWyULR
F R QWH QG R D H[DPH GD
HVFULWXUDomR GD DSOLFDomR
GRVIXQGRVHGLVSRQLELOLGDGH
H GD VLWXDomR HFRQ{PLFR
ILQDQFHLUD GD LQVWLWXLomRE
DWRV H RPLVV}HV GDQRVRV
HYHQWXDOPHQWH RFRUULGRV
FRP D FRUUHVSRQGHQWH
FRPSURYDomRF DGRomR GH
PHGLGDV FRQYHQLHQWHV j
OLTXLGDQGD GHYLGDPHQWH
MXVWLILFDGDV /,/( DUW
2 SUD]R SDUD D HQWUHJD GR
UHODWyULR SRGHUi VHU
SURUURJDGR SHOR %DQFR
&HQWUDO $R UHFHErOR HVWH
yUJmR DXWRUL]DUi RX D
FRQWLQXLGDGH GD OLTXLGDomR
RX R UHTXHULPHQWR GD
IDOrQFLD (VWD ~OWLPD
DOWHUQDWLYD GHYH VHU DGRWDGD
VH R DWLYR QmR IRU VXILFLHQWH
SDUD R SDJDPHQWR GH SHOR
PHQRV PHWDGH GR SDVVLYR
TXLURJUDIiULR RX VH KRXYHU
LQGtFLRV GH FULPH IDOLPHQWDU
/,/(DUWE
$XWRUL]DGDDFRQWLQXDomR
GD OLTXLGDomR R OLTXLGDQWH
FRQYRFDUi RV FUHGRUHV D
KDELOLWDUHPRVVHXVFUpGLWRV
ID]HQGRR SRU PHLR GH XP
DYLVR QR'LiULR 2ILFLDO GD
8QLmRHHPMRUQDOGHJUDQGH
FLUFXODomR 2V FUHGRUHV SRU
GHSyVLWR RX SRU OHWUDV GH
FkPELR GH DFHLWH GD
LQVWLWXLomR ILQDQFHLUD HVWmR
GLVSHQVDGRV GH KDELOLWDomR
e R SUySULR OLTXLGDQWH TXH
GHFLGH VREUH D DGPLVVmR H
FODVVLILFDomR GRV FUpGLWRV
FDEHQGR GHVWD GHFLVmR
UHFXUVR DR %DQFR &HQWUDO
-XOJDGRV RV FUpGLWRV R
OLTXLGDQWH RUJDQL]DUi R
TXDGUR JHUDO GH FUHGRUHV
GDQGROKH SXEOLFLGDGH
MXQWDPHQWH FRP R EDODQoR
JHUDO 1R SUD]R GH GLDV
SRGHUmR RV LQWHUHVVDGRV
RIHUHFHU LPSXJQDomR D VHU
HQFDPLQKDGDHGHFLGLGDSHOR
%DQFR &HQWUDO 4XDQGR HVWH
MXOJDU RV UHFXUVRV H DV
LPSXJQDo}HV R OLTXLGDQWH
SXEOLFDUi QRYDPHQWH R
TXDGUR JHUDO FRP DV
HYHQWXDLV DOWHUDo}HV 2V
KDELOLWDQWHV TXH QmR VH
VHQWLUHP VDWLVIHLWRV FRP D
GHFLVmR DGPLQLVWUDWLYD
SRGHUmR QRV GLDV
VHJXLQWHV j SXEOLFDomR GD
YHUVmR GHILQLWLYD GR TXDGUR
JHUDO GH FUHGRUHV GDU
FRQWLQXLGDGHjVDo}HVTXHVH
HQFRQWUDYDP VXVSHQVDV RX
SURSRU DV TXH FRXEHUHP 2
OLTXLGDQWH VHQGR
FLHQWLILFDGR GD OLGH
UHVHUYDUi UHFXUVRV SDUD D
HYHQWXDOLGDGH GH
UHFRQKHFLPHQWR MXGLFLDO GR
FUpGLWR/,/(DUW
$ YHQGD GRV EHQV GR
DWLYRGDLQVWLWXLomRVHUiIHLWD
SRU PHLR GH OLFLWDomR
UHDOL]DGD SHOR OLTXLGDQWH
VHQGR QHFHVViULD D SUpYLD H
H[SUHVVD DXWRUL]DomR GR
%DQFR &HQWUDO $ YHQGD
SRGH VHU IHLWD D TXDOTXHU
WHPSR LQGHSHQGHQWHPHQWH
GR SURFHGLPHQWR GH
YHULILFDomR GRV FUpGLWRV
/,/( DUW $
UHDOL]DomR GR DWLYR SRU
IRUPD GLYHUVD Vy p FDEtYHO
QR UHVJXDUGR GD HFRQRPLD
S~EOLFD GD SRXSDQoD
SULYDGD RX GD VHJXUDQoD
QDFLRQDO PHGLDQWH SUpYLD H
H[SUHVVD DXWRUL]DomR GR
%DQFR &HQWUDO /,/( DUW
¬ OLTXLGDomR
H[WUDMXGLFLDO DSOLFDVH
VXEVLGLDULDPHQWH R GLVSRVWR
QD /HL GH )DOrQFLDV
HTXLSDUDQGRVH R OLTXLGDQWH
DR DGPLQLVWUDGRU MXGLFLDO H
R %DQFR &HQWUDO DR MXL]
/,/( DUW &RP EDVH
QHVWH GLVSRVLWLYR LQFOXVLYH
pTXHVHWHPHQWHQGLGRFRPR
LQGLVSHQViYHO D LQWHUYHQomR
GR 0LQLVWpULR 3~EOLFR QDV
Do}HV HP TXH IRU SDUWH RX
LQWHUHVVDGD XPD LQVWLWXLomR
ILQDQFHLUD HP OLTXLGDomR
3RU RXWUR ODGR RV QHJyFLRV
SUDWLFDGRV SHOD LQVWLWXLomR
SDVVtYHLV GH HQTXDGUDPHQWR
QRVDUWVHGD/)TXH
HVWDEHOHFHPDLQHILFiFLDGRV
DWRVGHEXUODjOHLIUHQWHDRV
FUHGRUHVSRGHUmRVHUREMHWR
GH DomR UHYRFDWyULD D VHU
SURSRVWD SHOR OLTXLGDQWH
SHUDQWH R MXL] D TXHP
FDEHULD SURFHVVDU H MXOJDU D
IDOrQFLDGDOLTXLGDQWH/,/(
DUW
5(25*$1,=$d2 '$
,167,78,d2
),1$1&(,5$
$ OLTXLGDomR
H[WUDMXGLFLDO GHWHUPLQD D
H[WLQomR GD SHUVRQDOLGDGH
MXUtGLFD GD LQVWLWXLomR
ILQDQFHLUD H TXDVH VHPSUH
LPSRUWD D FHVVDomR GD
DWLYLGDGHHFRQ{PLFDSRUHOD
GHVHQYROYLGDFRPSUHMXt]RV
DRV VHXV HPSUHJDGRV
FRQVXPLGRUHV H j SUySULD
FRPXQLGDGH $VVLP TXDQGR
SRVVtYHO D OLTXLGDomR GHYH
VHU HYLWDGD 'HQWUR GHVWH
FRQWH[WR p TXH R OHJLVODGRU
FRORFRX j GLVSRVLomR GDV
DXWRULGDGHV PRQHWiULDV GRLV
LQVWUXPHQWRV TXH YLVDP
SUHFLVDPHQWH j
UHRUJDQL]DomR GD LQVWLWXLomR
ILQDQFHLUD 6mR HOHV D
LQWHUYHQomR UHJXODGD QRV
DUWV D GD /,/( H R
UHJLPH GH DGPLQLVWUDomR
HVSHFLDO WHPSRUiULD GH TXH
FXLGDR'HFUHWROHLQ
GH $PERV RV
LQVWUXPHQWRV WrP R PHVPR
REMHWLYR RX VHMD
SRVVLELOLWDU D UHFXSHUDomR
HFRQ{PLFRILQDQFHLUD H D
UHRUJDQL]DomR GD LQVWLWXLomR
ILQDQFHLUDHYLWDQGRVHDVXD
OLTXLGDomR H[WUDMXGLFLDO
FRP SURYHLWR SDUD WRGRV RV
TXHVHUHODFLRQDPGLUHWDRX
LQGLUHWDPHQWHFRPHOD
'LIHUHQFLDVH D
LQWHUYHQomR GR UHJLPH GH
DGPLQLVWUDomR HVSHFLDO
WHPSRUiULD QR WRFDQWH DRV
VHJXLQWHVDVSHFWRVDTXDQWR
jV FDXVDV TXH DXWRUL]DP D
VXD GHFUHWDomR SHOR %DQFR
&HQWUDO E TXDQWR DRV
HIHLWRV F TXDQWR DR SUD]R
GH GXUDomR G TXDQWR DR
DJHQWH
1R WRFDQWH jV FDXVDV
DXWRUL]DQWHVGLVS}HRDUW
GD /,/( TXH D LQWHUYHQomR
SRGH VHU GHFUHWDGD TXDQGR
RFRUUHU SUHMXt]R GHFRUUHQWH
GH Pi DGPLQLVWUDomR TXH
VXMHLWH RV VHXV FUHGRUHV D
ULVFR LQF , RX LQIUDo}HV
UHLWHUDGDV j OHJLVODomR
EDQFiULD LQF ,, RX DLQGD
LPSRQWXDOLGDGH LQMXVWLILFDGD
RX DWR GH IDOrQFLD VH IRU
SRVVtYHO HYLWDUVH D
OLTXLGDomRH[WUDMXGLFLDOLQF
,,, -i R UHJLPH GH
DGPLQLVWUDomR HVSHFLDO
WHPSRUiULD SRGH VHU
GHFUHWDGR QHVWDV WUrV
KLSyWHVHV H PDLV QDV
VHJXLQWHV H[LVWrQFLD GH
SDVVLYRDGHVFREHUWRJHVWmR
WHPHUiULD RX IUDXGXOHQWD
SUiWLFD UHLWHUDGD GH
RSHUDo}HV FRQWUiULDV jV
GLUHWUL]HV GH SROtWLFD
HFRQ{PLFD RX ILQDQFHLUD
WUDoDGDV HP OHL H
ILQDOPHQWH D GHVREHGLrQFLD
jVQRUPDVUHIHUHQWHVjFRQWD
GHUHVHUYDVEDQFiULDV'HF
OHLQDUW
&RPR VH SHUFHEH QR
WRFDQWH D HVWH FULWpULR GH
GLIHUHQFLDomR R UHJLPH GH
DGPLQLVWUDomR HVSHFLDO
WHPSRUiULD p PDLV
DEUDQJHQWH 1RWHVH
WDPEpP D XWLOL]DomR GH
LQVWLWXWR SULPRUGLDOPHQWH
GHVWLQDGR j UHFXSHUDomR
HFRQ{PLFD H ILQDQFHLUD GD
HQWLGDGH GHYHGRUD FRPR
XPD PHGLGD VDQFLRQDGRUD
SHOR GHVFXPSULPHQWR GH
QRUPDVDGPLQLVWUDWLYDV
5HIHUHQWHPHQWH DRV
HIHLWRVDLQWHUYHQomRSURGX]
DVXVSHQVmRGDH[LJLELOLGDGH
GDV REULJDo}HV YHQFLGDV H
GD IOXrQFLD GR SUD]R GDV
YLQFHQGDV FRQWUDtGDV DQWHV
GH VXD GHFUHWDomR EHP
FRPR D LQH[LJLELOLGDGH GRV
GHSyVLWRV /,/( DUW
1HQKXP GRV FUHGRUHV
H[LVWHQWHV QD GDWD GD
LQWHUYHQomR SRGHUi
SRUWDQWR H[LJLU R VHX
FUpGLWR GHYHQGR DJXDUGDU R
WpUPLQR GHVWD RX HYHQWXDO
GHFLVmR GR %DQFR &HQWUDO
1mR SRGHUi SRU RXWUR ODGR
UHTXHUHU D IDOrQFLD GD
LQVWLWXLomR ILQDQFHLUD 2V
FUHGRUHV SRVWHULRUHV j
LQWHUYHQomR SRU VHX WXUQR
SRGHP H[HUFHU RV GLUHLWRV
HPHUJHQWHV GR WtWXOR TXH
SRVVXtUHP 3RGHVH IDODU
DVVLPHPGXDVFDWHJRULDVGH
FUHGRUHV RV VXMHLWRV H RV
QmR VXMHLWRV DRV HIHLWRV GD
LQWHUYHQomR 'HOD GHFRUUH
WDPEpP D VXVSHQVmR GR
PDQGDWR GRV
DGPLQLVWUDGRUHV PHPEURV
GR&RQVHOKR)LVFDOHGHPDLV
yUJmRV HVWDWXWiULRV /,/(
DUW
3RUVXDYH]RUHJLPHGH
DGPLQLVWUDomR HVSHFLDO
WHPSRUiULDQmRDIHWDRFXUVR
UHJXODU GRV QHJyFLRV QHP R
QRUPDO IXQFLRQDPHQWR GD
LQVWLWXLomR ILQDQFHLUD
UHGX]LQGRVH RV VHXV HIHLWRV
j SHUGD GR PDQGDWR GRV
DGPLQLVWUDGRUHV H PHPEURV
GR&RQVHOKR)LVFDO'HFOHL
Q DUW 2V
FUHGRUHV LQFOXLQGR DTXHOHV
SRU FRQWUDWR GH GHSyVLWR
H[HUFHP RV UHVSHFWLYRV
GLUHLWRV VHP TXDOTXHU
OLPLWDomR SRGHQGR DMXL]DU
Do}HVHH[HFXo}HVMXGLFLDLV
RX PHVPR UHTXHUHU D
IDOrQFLD GD HQWLGDGH
GHYHGRUD
(VWDV GLIHUHQoDV p TXH
GHYHP VHUYLU GH FULWpULR
SDUD D DXWRULGDGH
DGPLQLVWUDWLYD RSWDU SHOD
LQWHUYHQomR RX SHOD
GHFUHWDomR GR UHJLPH GH
DGPLQLVWUDomR HVSHFLDO
WHPSRUiULD 3RU YH]HV D
UHFXSHUDomRHUHRUJDQL]DomR
GD HQWLGDGH ILQDQFHLUD SRGH
H GHYH RFRUUHU VHP PDLRUHV
JUDYDPHV SDUD RV VHXV
FUHGRUHV QmR VH
MXVWLILFDQGR QHVWD KLSyWHVH
DLQWHUYHQomR
(P UHODomR j GLIHUHQoD
SHUWLQHQWH DR SUD]R GH
GXUDomR SUHYr D OHL TXH D
LQWHUYHQomR QmR VHUi
VXSHULRUDPHVHVSRGHQGR
VHU SURUURJDGD XPD ~QLFD
YH] SRU DWp PHVHV /,/(
DUW HQTXDQWR R UHJLPH
GH DGPLQLVWUDomR HVSHFLDO
WHPSRUiULD WHP R SUD]R
GHWHUPLQDGRSHODDXWRULGDGH
DGPLQLVWUDWLYD SRGHQGR VHU
SURUURJDGR SRU SHUtRGR QmR
VXSHULRU VH DEVROXWDPHQWH
QHFHVViULR 'HFOHL Q
DUW SDUiJUDIR
~QLFR
3RU ILP D LQWHUYHQomR p
H[HFXWDGDSRUXPLQWHUYHQWRU
/,/(DUWHRUHJLPHGH
DGPLQLVWUDomR HVSHFLDO
WHPSRUiULD SRU XP FRQVHOKR
GLUHWRU 'HFOHL Q
DUW $PERV
VmR QRPHDGRV SHOR %DQFR
&HQWUDO H FRP R WHUPR GH
SRVVH ODYUDGR QRV OLYURV GD
HQWLGDGHSDVVDPDH[HUFHUD
UHSUHVHQWDomR OHJDO GHVWD
FRP SOHQRV SRGHUHV GH
JHVWmR 2 Q~PHUR GH
PHPEURV GR FRQVHOKR
GLUHWRUpGHILQLGRHPIXQomR
GR QHFHVViULR j FRQGXomR
GRVQHJyFLRVVRFLDLV
$LQWHUYHQomRHRUHJLPH
GH DGPLQLVWUDomR HVSHFLDO
WHPSRUiULDFHVVDPTXDQGRp
GHFUHWDGD D IDOrQFLD RX D
OLTXLGDomR H[WUDMXGLFLDO GD
LQVWLWXLomR ILQDQFHLUD RX
TXDQGR HVWD VH UHRUJDQL]D
LQFOXVLYHSRUPHLRGDFLVmR
IXVmR LQFRUSRUDomR YHQGD
RX GHVDSURSULDomR GR
FRQWUROH DFLRQiULR
UHVWDEHOHFHQGRVH D
QRUPDOLGDGHGHVXDVLWXDomR
HFRQ{PLFRILQDQFHLUD
5(63216$%,/,'$'(
'26$'0,1,675$'25(6
2 OHJLVODGRU HVWDEHOHFHX
HP UHODomR DRV
DGPLQLVWUDGRUHV GDV
LQVWLWXLo}HV ILQDQFHLUDV XP
UHJLPH SUySULR GH DSXUDomR
H HIHWLYDomR GH VXD
UHVSRQVDELOLGDGHFLYLOSHORV
GDQRV H[SHULPHQWDGRV SHOD
VRFLHGDGH DQ{QLPD $
GRXWULQD SRU YH]HV
FRQVLGHUD TXH R WUDWDPHQWR
UHVHUYDGR SHOD OHL DRV
DGPLQLVWUDGRUHV GH
LQVWLWXLo}HV ILQDQFHLUDV
DFDED SRU HTXLSDUiORV DRV
DFLRQLVWDV GLUHWRUHV GDV
VRFLHGDGHV HP FRPDQGLWD
SRU Do}HV TXH FRPR p
VDELGR UHVSRQGHP
VXEVLGLiULD H LOLPLWDGDPHQWH
SHODV REULJDo}HV VRFLDLV
UHIHUHQWHV j VXD JHVWmR (P
RXWUDV RFDVL}HV RV
GRXWULQDGRUHV GLVFXWHP VH
HVWD UHVSRQVDELOLGDGH p
REMHWLYD RX VHMD
LQGHSHQGHQWH GD RFRUUrQFLD
GH FXOSD RX GROR RX
VXEMHWLYD
1RPHXPRGRGHYHUQR
HQWDQWR D TXHVWmR QmR VH
FRORFD QHVWH SODQR (QWHQGR
TXH R DGPLQLVWUDGRU GH XPD
LQVWLWXLomR ILQDQFHLUD WHP
ULJRURVDPHQWH D PHVPD
UHVSRQVDELOLGDGH TXH R
OHJLVODGRU DWULEXL DR
DGPLQLVWUDGRU GH TXDOTXHU
RXWUD VRFLHGDGH DQ{QLPD
$SHQDVVHGLIHUHQFLDQRTXH
GL]UHVSHLWRDRVPHFDQLVPRV
GH VXD DSXUDomR H
HIHWLYDomR $OpP GH
HVSHFLILFLGDGHV QHVWDV
PDWpULDVGHFDUiWHUDGMHWLYR
QDGD Ki VXEVWDQWLYDPHQWH
TXH GLVWLQJD D
UHVSRQVDELOLGDGH GR
DGPLQLVWUDGRU GD LQVWLWXLomR
ILQDQFHLUD SHUDQWH D
UHVSRQVDELOLGDGH GRV
DGPLQLVWUDGRUHV GDV
FRPSDQKLDVHPJHUDO
(P WHUPRV PDLV
FRQFUHWRV R DGPLQLVWUDGRU
GD LQVWLWXLomR ILQDQFHLUD
UHVSRQGH SHORV GDQRV TXH
HOH FDXVDU j SHVVRD MXUtGLFD
HP GHFRUUrQFLD GR
GHVFXPSULPHQWRGRVGHYHUHV
TXH D OHL OKH UHVHUYRX QRV
DUWVDGD/6$(P
VtQWHVH UHVSRQGH SHORV
SUHMXt]RV GHFRUUHQWHV GH Pi
DGPLQLVWUDomR H SRUWDQWR
WHP D PHVPD
UHVSRQVDELOLGDGH TXH DV
GHPDLV SHVVRDV D TXHP VH
DWULEXL IXQo}HV GH
DGPLQLVWUDGRU GH SDWULP{QLR
DOKHLR FRPR RFRUUH
WDPEpP FRP R
DGPLQLVWUDGRU MXGLFLDO GD
PDVVDIDOLGDSRUH[HPSOR
&ODUR HVWi TXH HVWD
UHVSRQVDELOLGDGHGHFRUUHGH
DWR SUySULR GHOH
DGPLQLVWUDGRU 1mR FULRX R
OHJLVODGRU QHQKXPD RXWUD
ILJXUD GH UHVSRQVDELOLGDGH
VXEVLGLiULD3RUHVWDUD]mRD
UHVSRQVDELOL]DomR GR
DGPLQLVWUDGRU GH LQVWLWXLomR
ILQDQFHLUD HQFRQWUD RV VHXV
OLPLWHV QR PRQWDQWH GR
SUHMXt]R FDXVDGR /,/( DUW
SDUiJUDIR~QLFR
$VVLP VH HP IXQomR GH
XP DWR RPLVVLYR RX
FRPLVVLYR GH Pi
DGPLQLVWUDomR R
DGPLQLVWUDGRU GH XPD
LQVWLWXLomR ILQDQFHLUD FDXVDU
GDQRV j HQWLGDGH HVWDUi
REULJDGR D LQGHQL]iORV
(QFRQWUDVHGHVWDIRUPDQD
PHVPtVVLPD VLWXDomR GR
GLUHWRU GH XPD FRPSDQKLD
FRPRXWURREMHWRVRFLDOTXH
SRU DGPLQLVWUiOD PDO
DFDUUHWDGDQRjVRFLHGDGH
$GLIHUHQoDUHVLGHFRPR
GLWRQRVLQVWUXPHQWRVOHJDLV
GH DSXUDomR H HIHWLYDomR GD
UHVSRQVDELOLGDGH (P XPD
FRPSDQKLDQmRILQDQFHLUDVH
RV DFLRQLVWDV FRQFOXHP TXH
XP GHWHUPLQDGR
DGPLQLVWUDGRU QmR HVWi
GHVHQYROYHQGR D VXD IXQomR
FRP D FRPSHWrQFLD
QHFHVViULD GHYHP VXEVWLWXt
OR SHOD IRUPD DSURSULDGD H
HP DVVHPEOHLD GHOLEHUDU
SHOD VXD UHVSRQVDELOL]DomR
&DEHUi DRV GHPDLV
DGPLQLVWUDGRUHV UHXQLU RV
HOHPHQWRV FRPSUREDWyULRV
GDTXHOH IDWR SDUD D GHYLGD
DomR MXGLFLDO GH
UHVSRQVDELOLGDGH FLYLO
SRGHQGR RV DFLRQLVWDV QD
IRUPD GD OHL DWXDU FRPR
VXEVWLWXWRV SURFHVVXDLV GD
VRFLHGDGH
4XDQGR QR HQWDQWR VH
WUDWDGHLQVWLWXLomRILQDQFHLUD
HP OLTXLGDomR H[WUDMXGLFLDO
VRE LQWHUYHQomR RX HP
UHJLPH GH DGPLQLVWUDomR
HVSHFLDO WHPSRUiULD R
OHJLVODGRU HVWDEHOHFHX XPD
VLVWHPiWLFD GLYHUVD SDUD D
DSXUDomR H HIHWLYDomR GD
UHVSRQVDELOLGDGH FLYLO GRV
DGPLQLVWUDGRUHV
,QLFLDOPHQWH HVWD
VLVWHPiWLFD SUHYr D
LQVWDXUDomR GH XP LQTXpULWR
QR kPELWR GR %DQFR &HQWUDO
SDUD LQYHVWLJDU VH D SHVVRD
MXUtGLFDILQDQFHLUDVRIUHXRX
QmRSUHMXt]RHPGHFRUUrQFLD
GHPiDGPLQLVWUDomRHTXDLV
RV UHVSRQViYHLV SRU HVWD
3UHYr WDPEpP D PHVPD
VLVWHPiWLFD TXH WRGRV RV
EHQV GRV DGPLQLVWUDGRUHV
ILFDP LQGLVSRQtYHLV D SDUWLU
GD GHFUHWDomR GD
LQWHUYHQomR GR UHJLPH GH
DGPLQLVWUDomR HVSHFLDO
WHPSRUiULD RX GD OLTXLGDomR
H[WUDMXGLFLDO &RP
GHWHUPLQDo}HV GHVWH TXLODWH
FULRXROHJLVODGRUDSHQDVXP
PHFDQLVPR TXH WRUQD PDLV
HILFD] D UHVSRQVDELOL]DomR
GRVDGPLQLVWUDGRUHV7DQWRp
DVVLP TXH WDO JDUDQWLD
VLPSOHVPHQWH GHVDSDUHFH VH
D DomR MXGLFLDO GH
UHVSRQVDELOLGDGH FLYLO QmR
IRUSURSRVWDGHQWURGRSUD]R
IL[DGR QD OHL 0DV DSHQDV D
JDUDQWLD GHL[D GH H[LVWLU
SHUPDQHFHQGR D
SRVVLELOLGDGH GH VH
UHVSRQVDELOL]DU R
DGPLQLVWUDGRU HQTXDQWR QmR
SUHVFULWDDDomR
6HRLQTXpULWRLQVWDXUDGR
SHOR %DQFR &HQWUDO FRQFOXLU
SHOD LQH[LVWrQFLD GH
SUHMXt]R HOH VHUi DUTXLYDGR
QDTXHOD DXWDUTXLD RX VH
KRXYHU IDOrQFLD HP FXUVR
UHPHWLGR DR MXL] SDUD
DSHQVDPHQWRDRVDXWRVGHVWH
SURFHVVR 6H FRQFOXLU SHOD
H[LVWrQFLD GH SUHMXt]R VHUi
UHPHWLGR DR MXL] FRPSHWHQWH
GH DFRUGR FRP D OHJLVODomR
IDOLPHQWDU &ODUR HVWi TXH D
FRQFOXVmR GR LQTXpULWR SRU
VL Vy QmR p VXILFLHQWH SDUD
VHFRQGHQDURDGPLQLVWUDGRU
HP LQGHQL]DU D HQWLGDGH e
QHFHVViULDXPDDomRMXGLFLDO
GH UHVSRQVDELOLGDGH FLYLO
7HQGR HP YLVWD HVWD
ILQDOLGDGHpTXHRVDXWRVGR
LQTXpULWR VmR HQFDPLQKDGRV
DR 0LQLVWpULR 3~EOLFR D
TXHP D OHL DWULEXL
OHJLWLPLGDGH DWLYD QD
KLSyWHVH&RQWXGRVHDDomR
QmRIRUSURSRVWDHPGLDV
R0LQLVWpULR3~EOLFRSHUGHD
LQLFLDWLYD H VH QHQKXP
FUHGRU D SURSXVHU QRV
GLDV VHJXLQWHV FHVVD D
LQGLVSRQLELOLGDGH GRV EHQV
GR DGPLQLVWUDGRU 2X VHMD
HOH SRGHUi DLQGD VHU
UHVSRQVDELOL]DGR PDV EHQV
GH VHX SDWULP{QLR VRPHQWH
VHUmRDWLQJLGRVHPH[HFXomR
MXGLFLDO DSyV D DomR GH
FRQKHFLPHQWR $OpP GR
PDLV D VXD
UHVSRQVDELOL]DomR VRPHQWH
SRGHUi VHU SURPRYLGD QD
IRUPD SUHYLVWD SHOD OHL HP
UHODomR DRV DGPLQLVWUDGRUHV
HP JHUDO /6$ DUWV H
(P SULQFtSLR D
LQGLVSRQLELOLGDGH GRV EHQV
DWLQJH WRGDV DV SHVVRDV TXH
QRV PHVHV DQWHULRUHV j
GHFUHWDomR VH HQFRQWUDYDP
QR H[HUFtFLR GD IXQomR GH
DGPLQLVWUDGRU GD LQVWLWXLomR
ILQDQFHLUD R TXH
FRPSUHHQGH RV GLUHWRUHV H
PHPEURV GR &RQVHOKR GH
$GPLQLVWUDomR 3DUD TXH RV
PHPEURVGR&RQVHOKR)LVFDO
WHQKDP RV VHXV EHQV
LQGLVSRQtYHLV WDPEpP p
QHFHVViULD D DSURYDomR GR
&RQVHOKR 0RQHWiULR
1DFLRQDO SRU SURSRVWD GR
%DQFR &HQWUDO /,/( DUW
6H R LQTXpULWR FRQFOXLU
SHOD UHVSRQVDELOL]DomR GH
DGPLQLVWUDGRUHV FXMRV EHQV
QmR VH HQFRQWUDP
LQGLVSRQtYHLV p R FDVR
GDTXHOHV TXH H[HUFHUDP R
FDUJR GH GLUHWRU Ki PDLV GH
PHVHV DQWHV GD
GHFUHWDomR FDEHUi DR
0LQLVWpULR3~EOLFRUHTXHUHU
HP MXt]R QRV GLDV
VHJXLQWHV DR UHFHELPHQWR
GDTXHOH R DUUHVWR GRV
UHVSHFWLYRV EHQV 7DPEpP
HVWH VH OHYDQWD VH D DomR GH
UHVSRQVDELOLGDGH FLYLO QmR
IRULQWHQWDGDQRSUD]RGDOHL
2 FRQWURODGRU GD
LQVWLWXLomR ILQDQFHLUD
UHVSRQGH VROLGDULDPHQWH
FRP R DGPLQLVWUDGRU QRV
WHUPRV GR DUW GR
'HFUHWROHLQHGR
DUW GD /HL Q
QRV FDVRV GH OLTXLGDomR
H[WUDMXGLFLDOLQWHUYHQomRRX
UHJLPH GH DGPLQLVWUDomR
HVSHFLDO WHPSRUiULD $TXL
WDPEpP QmR VH WUDWD GH
UHVSRQVDELOLGDGHVXEVLGLiULD
H LOLPLWDGD SRU DWRV GD
VRFLHGDGHFRQIRUPHSRGHP
j SULPHLUD YLVWD GDU D
HQWHQGHU RV GLVSRVLWLYRV HP
TXHVWmR &RP HIHLWR R
FRQWURODGRU
LQGHSHQGHQWHPHQWH GH FXOSD
RX GROR HP UHODomR DRDWR
GDQRVR SUDWLFDGR SHOR
DGPLQLVWUDGRU UHVSRQGH
VROLGDULDPHQWH SHOD
UHVSHFWLYD LQGHQL]DomR 2
YtQFXORGHVROLGDULHGDGHQmR
DSUR[LPDRFRQWURODGRUHDV
REULJDo}HVVRFLDLVPDVHVWH
H R DGPLQLVWUDGRU
UHVSRQViYHO SHORV DWRV
GDQRVRV1mRpQHFHVViULDD
SURYD GH TXH R FRQWURODGRU
DJLXFRPFXOSDRXGRORPDV
p QHFHVViULD D GH TXH R
DGPLQLVWUDGRU DJLX DVVLP
DGPLQLVWUDQGR PDO D
LQVWLWXLomR VHP FXOSD RX
GROR GHVWH ~OWLPR QmR
UHVSRQGH QHP HOH QHP R
FRQWURODGRU
48,17$3$57(
&2175$726
0(5&$17,6
&$3Ë78/2
7(25,$*(5$/
'26&2175$726
&2175$726
0(5&$17,6
1D H[SORUDomR GD
DWLYLGDGH HPSUHVDULDO D TXH
VH GHGLFD R HPSUHViULR
LQGLYLGXDO RX D VRFLHGDGH
HPSUHViULD FHOHEUDP YiULRV
FRQWUDWRV3RGHVHGL]HUTXH
FRPELQDU RV IDWRUHV GH
SURGXomR p FRQWUDLU H
H[HFXWDU REULJDo}HV
QDVFLGDV SULQFLSDOPHQWH GH
FRQWUDWRV /HPEUHPVH RV
IDWRUHV FDSLWDO LQVXPRV
PmR GH REUD H WHFQRORJLD
3RLV EHP LQYHVWLU FDSLWDO
SUHVVXS}H D FHOHEUDomR GH
FRQWUDWR EDQFiULR SHOR
PHQRV R GH GHSyVLWR 3DUD
REWHU LQVXPRV p QHFHVViULR
FRQWUDWDU D DTXLVLomR GH
PDWpULDSULPD HOHWULFLGDGH
RX PHUFDGRULDV SDUD
UHYHQGHU $UWLFXODU QD
HPSUHVDRWUDEDOKRVLJQLILFD
FRQWUDWDUHPSUHJDGRV&/7
SUHVWDGRUHV GH VHUYLoRV
DXW{QRPRV RX HPSUHVD GH
IRUQHFLPHQWRGHPmRGHREUD
WHUFHLUL]DGD $ DTXLVLomR
RXFULDomRGHWHFQRORJLDID]
VH SRU FRQWUDWRV LQGXVWULDLV
OLFHQoD RX FHVVmR GH
SDWHQWH WUDQVIHUrQFLD GH
NQRZKRZ $OpP GHVVHV
SDUD RUJDQL]DU R
HVWDEHOHFLPHQWRSRUYH]HVR
HPSUHViULR ORFD R LPyYHO
ID] OHDVLQJ GH YHtFXORV H
HTXLSDPHQWRV DFDXWHODVH
FRP VHJXUR$R RIHUHFHU RV
EHQVRXVHUYLoRVTXHSURGX]
RX FLUFXOD HOH LJXDOPHQWH
FHOHEUD FRQWUDWRV FRP
FRQVXPLGRUHV RX RXWURV
HPSUHViULRV $R FRQFHGHU
FUpGLWR QRUPDOPHQWH
QHJRFLDR FRP EDQFRV
PHGLDQWH GHVFRQWRV RX
IDFWRULQJ
2V FRQWUDWRV TXH R
HPSUHViULR FRQWUDL SRGHP
HVWDU VXMHLWRV D FLQFR
UHJLPHVMXUtGLFRVGLIHUHQWHV
QR GLUHLWR EUDVLOHLUR
DGPLQLVWUDWLYR GR WUDEDOKR
GR FRQVXPLGRU FLYLO H
FRPHUFLDO 'HSHQGHQGR GH
TXHP VHMD R RXWUR
FRQWUDWDQWH DV QRUPDV
DSOLFiYHLV DR FRQWUDWR VHUmR
GLIHUHQWHV
6HRHPSUHViULRFRQWUDWD
FRP R 3RGHU 3~EOLFR RX
FRQFHVVLRQiULD GH VHUYLoR
S~EOLFR R FRQWUDWR p
DGPLQLVWUDWLYR SRU
H[HPSOR VH R IDEULFDQWH GH
PyYHLV YHQFH OLFLWDomR
SURPRYLGD SRU 3UHIHLWXUD
SDUD VXEVWLWXLU R PRELOLiULR
GH XPD UHSDUWLomR R
FRQWUDWR TXH YLHU D DVVLQDU
VHUi GHVWD HVSpFLH 6H R
RXWUR FRQWUDWDQWH p
HPSUHJDGRQDDFHSomROHJDO
GR WHUPR &/7 DUW R
FRQWUDWR p GR WUDEDOKR 6H
FRQVXPLGRU RX HPSUHViULR
HP VLWXDomR DQiORJD j GH
FRQVXPLGRU D UHODomR
FRQWUDWXDO HVWi VXMHLWD DR
&yGLJR GH 'HIHVD GR
&RQVXPLGRU6HRFRQWUDWRp
FHOHEUDGRHQWUHHPSUHViULRV
R UHJLPH DSOLFiYHO p R GH
GLUHLWR FRPHUFLDO 1DV
GHPDLVKLSyWHVHVRFRQWUDWR
p FLYLO H HVWi UHJLGR SHOR
&yGLJR &LYLO RX SRU
OHJLVODomRHVSHFLDO
2V FRQWUDWRV VmR
PHUFDQWLVDVVLPVHRVGRLV
FRQWUDWDQWHV VmR
HPSUHViULRV
2V FRQWUDWRV PHUFDQWLV
SRGHP HVWDU VXMHLWRV DR &&
RXDR&'&GHSHQGHQGRXP
YH]PDLVGDVFRQGLo}HVGRV
FRQWUDWDQWHV 6H RV
HPSUHViULRVVmR LJXDLV VRE
R SRQWR GH YLVWD GH VXD
FRQGLomR HFRQ{PLFD TXHU
GL]HU DPERV SRGHP
FRQWUDWDUDGYRJDGRVHRXWURV
SURILVVLRQDLV DQWHV GH
DVVLQDUHP R LQVWUXPHQWR
FRQWUDWXDO GH IRUPD TXH DR
ID]rOR HVWmR SOHQDPHQWH
LQIRUPDGRVVREUHDH[WHQVmR
GRV GLUHLWRV H REULJDo}HV
FRQWUDWDGRV R FRQWUDWR
PHUFDQWLOHVWiVXMHLWRDR&&
VH GHVLJXDLV RV FRQWUDWDQWHV
RX VHMD XP GHOHV HVWi HP
VLWXDomR GH YXOQHUDELOLGDGH
HFRQ{PLFD IUHQWH DR RXWUR
R FRQWUDWR PHUFDQWLO VHUi
UHJLGRSHOR&'&
4XDQGRREDQFRFRQWUDWD
FRP D FRQVWUXWRUD D
HGLILFDomR GH VXD VHGH R
FRQWUDWR p HPSUHVDULDO
VXMHLWRDR&&SRUTXHDPERV
RVHPSUHViULRVQHJRFLDPHP
Sp GH LJXDOGDGH 0DV
TXDQGR R PHVPR EDQFR
FRQFHGH HPSUpVWLPR D
PLFURHPSUHViULR R FRQWUDWR
HPSUHVDULDO HVWi VXMHLWR j
OHJLVODomR FRQVXPHULVWD Mi
TXH HVWH ~OWLPR VH HQFRQWUD
HP VLWXDomR DQiORJD j GH
FRQVXPLGRU 2 PDLV
DGHTXDGRVHULDXPDUHIRUPD
OHJLVODWLYD TXH GLVFLSOLQDVVH
HVSHFLILFDPHQWHRVFRQWUDWRV
PHUFDQWLV HQWUH
HPSUHViULRV FODVVLILFDQGR
RV GH DFRUGR FRP DV
FRQGLo}HV GRV FRQWUDWDQWHV
LJXDLV H GHVLJXDLV H
UHVHUYDQGR D FDGD WLSR
GLVFLSOLQDFRPSDWtYHOFRPD
WXWHOD GRV LQWHUHVVHV REMHWR
GH FRQWUDWR (QTXDQWR HVWD
UHIRUPD QmR VH UHDOL]D
DSOLFDVHR&yGLJR&LYLORX
OHJLVODomR HVSHFLDO DRV
FRQWUDWRV PHUFDQWLV FtYHLV H
R &yGLJR GH 'HIHVD GR
&RQVXPLGRU DRV PHUFDQWLV
VXMHLWRVDHVWHUHJLPH
&2175$726 (
2%5,*$d®(6
$ GRXWULQD FRVWXPD
DILUPDUTXHRVFRQWUDWRVVmR
IRQWHV GH REULJDo}HV (VWD
LGHLD p XPD VLPSOHV
PHWiIRUD H VHQGR DVVLP
SRGH QR Pi[LPR DX[LOLDU QD
FRPSUHHQVmR GR DVVXQWR
PDV QXQFD FRQVHJXLULD
HIHWLYDPHQWH H[SOLFiOR
3DUD VH HQWHQGHU D UHODomR
HQWUHFRQWUDWRHREULJDomRp
QHFHVViULR SDUWLUVH GD
GLIHUHQoD HQWUH GH XP ODGR
R YtQFXOR TXH XQH GXDV RX
PDLV SHVVRDV QR VHQWLGR GH
DV DXWRUL]DU D H[LJLUHP
GHWHUPLQDGD SUHVWDomR XPDV
GDV RXWUDV H GH RXWUR R
GRFXPHQWR FRPSUREDWyULR
GD H[LVWrQFLD GHVWH YtQFXOR
e FRPXP XWLOL]DUVH D
H[SUHVVmR ³FRQWUDWR´ SDUD
GHVLJQDU WDQWR R YtQFXOR
FRPR R GRFXPHQWR R TXH
JHUD DOJXPD FRQIXVmR 3DUD
HYLWiOD SDVVDUHL D FKDPDU
GHFRQWUDWRDSHQDVDUHODomR
HQWUH DV SHVVRDV YDOHQGR
PH GD H[SUHVVmR
³LQVWUXPHQWR´ QD UHIHUrQFLD
DR VHX GRFXPHQWR
FRPSUREDWyULR 1HVWH
FRQWH[WRSRUWDQWRFRQWUDWRp
XPD GDV PRGDOLGDGHV GH
REULJDomR RX VHMD XPD
HVSpFLH GH YtQFXOR HQWUH DV
SHVVRDV HP YLUWXGH GR TXDO
VmRH[LJtYHLVSUHVWDo}HV
$ REULJDomR p D
FRQVHTXrQFLD TXH R GLUHLWR
SRVWR DWULEXL D XP
GHWHUPLQDGR IDWR $VVLP
TXHP DXIHUH UHQGD SRU
H[HPSOR ILFD REULJDGR D
SDJDU R UHVSHFWLYR LPSRVWR
TXHP FDXVD FXOSRVDPHQWH
GDQR D XPD SHVVRD GHYH
LQGHQL]iOD TXHP DGTXLUH D
FRWD QmR LQWHJUDOL]DGD GH
XPDVRFLHGDGHOLPLWDGDVHUi
UHVSRQViYHO SHODV GtYLGDV
VRFLDLV GHQWUR GH XP FHUWR
OLPLWH (QWUH RV IDWRV TXH R
GLUHLWR UHFROKH SDUD
FRQVLGHUDU FRPR
HQVHMDGRUHV GH REULJDomR
HQFRQWUDVH D YRQWDGH
KXPDQD6HXPDSHVVRDSRU
VXD SUySULD GHWHUPLQDomR
TXHUVHREULJDUSHUDQWHRXWUD
HP IXQomR RX QmR GH XPD
FRQWUDSUHVWDomR GHVWD R
GLUHLWR WHP UHFRQKHFLGR
HILFiFLD D WDO GHVHMR QR
VHQWLGR GH S{U j GLVSRVLomR
GDVSDUWHVRDSDUHOKRHVWDWDO
GH FRHUomR FRP YLVWDV D
JDUDQWLU D UHDOL]DomR GD
YRQWDGHPDQLIHVWDGD
$H[LVWrQFLDHDH[WHQVmR
GHXPDREULJDomRGHSHQGHP
GDV GLVSRVLo}HV GH GLUHLWR
SRVLWLYR RX GD YRQWDGH GDV
SHVVRDV GLUHWDPHQWH
LQWHUHVVDGDV 4XDQGR VmR DV
QRUPDV MXUtGLFDV TXH
GHILQHP WRWDOPHQWH D
H[LVWrQFLD H D H[WHQVmR GR
YtQFXOR REULJDFLRQDO
HVWDPRV GLDQWH GH XPD
REULJDomR OHJDO 1HVWD
FDWHJRULD HQFRQWUDPVH RV
WULEXWRV D SHQVmR
DOLPHQWtFLD D LQGHQL]DomR
SRU DWR LOtFLWR GDQRVR RV
EHQHItFLRV SUHYLGHQFLiULRV
3RUpP TXDQGR D GHILQLomR
GDH[LVWrQFLDRXGDH[WHQVmR
GDREULJDomRQmRVHHQFRQWUD
H[DXULGD QD VXD GLVFLSOLQD
OHJDO UHVHUYDQGRVH j
YRQWDGH GDV SHVVRDV
GLUHWDPHQWH HQYROYLGDV QD
UHODomR D IDFXOGDGH GH
SDUWLFLSDU GHVWD GHILQLomR
WHPRV GLDQWH GH QyV XPD
FDWHJRULD GLYHUVD GH
REULJDomR 1HVWH VHJXQGR
FRQMXQWR GH YtQFXORV
REULJDFLRQDLV HQFRQWUDVH R
FRQWUDWR DR ODGR GDV
REULJDo}HV GH FDUiWHU
LQVWLWXFLRQDO FDVDPHQWR
FRQVWLWXLomR GH VRFLHGDGH
SRU Do}HV LQVWLWXLomR GH
IXQGDomR HWF (VWHV GRLV
WLSRV GH REULJDo}HV
FRQWUDWXDLV H LQVWLWXFLRQDLV
GLIHUHQFLDPVH SHOR UHJLPH
MXUtGLFR GH VXD FRQVWLWXLomR
HGLVVROXomR
6H D H[LVWrQFLD H D
H[WHQVmR GD UHODomR
REULJDFLRQDO GHSHQGHP
H[FOXVLYDPHQWH GD YRQWDGH
GDV SHVVRDV LQH[LVWLQGR
QRUPD MXUtGLFD TXH
UHFRQKHoD HILFiFLD D HVWD
HQWmR R YtQFXOR UHSUHVHQWD
XPD VLPSOHV REULJDomR
QDWXUDO FRPR D GtYLGD GH
MRJR R Gt]LPR SDUD
HQWLGDGHV UHOLJLRVDV RX D
FRQWULEXLomR SDUD REUDV
DVVLVWHQFLDLV 7DLV YtQFXORV
QmRWrPFDUiWHUMXUtGLFRPDV
DSHQDVPRUDO
(P VXPD SRGHVH VLWXDU
R FRQWUDWR QR FRQMXQWR GRV
YtQFXORV REULJDFLRQDLV HP
TXHDH[LVWrQFLDHDH[WHQVmR
GD REULJDomR TXH FHUWD
SHVVRD WHP GH GDU ID]HU RX
QmR ID]HU DOJR SDUD RXWUD
VmR GHILQLGDV HP SDUWH SHOD
OHL H HP SDUWH SHOD YRQWDGH
GHOD PHVPD 2 FRQWUDWR p
XPDHVSpFLHGHVWHJrQHURGH
REULJDomR 6HPSUH KRXYH
XPD GHWHUPLQDGD GLVFLSOLQD
QRUPDWLYD GRV FRQWUDWRV 1D
$QWLJXLGDGH &OiVVLFD R
GLUHLWR URPDQR UHFRQKHFLD
YDOLGDGH DRV FRQWUDWRV UHDLV
VH WLYHVVHP VLGR FRQWUDtGRV
FRP D REVHUYkQFLD GH XP
ULWXDOUHDOL]DGRFRPRXVRGH
XPD EDODQoD 1D ,GDGH
0pGLD RV LQVWUXPHQWRV GH
FHUWRV WLSRV GH FRQWUDWR
GHYHULDP FRQWHU D FKDQFHOD
GH XPD DXWRULGDGH IHXGDO
0HVPRQRPHUFDQWLOLVPRDR
FRQWUiULR GR TXH FRVWXPDYD
SUHJDU R OLEHUDOLVPR
FOiVVLFR QXQFD H[LVWLX XPD
DEVROXWD OLEHUGDGH GH
FRQWUDWDU WHQGR R HVWDGR
GLVFLSOLQDGRQRUPDWLYDPHQWH
R FRQWUDWR GHVGH R LQtFLR e
FHUWRTXHHVWDGLVFLSOLQDWHP
FUHVFLGR SURJUHVVLYDPHQWH
DLQGD PDLV QR FDSLWDOLVPR
GRVQRVVRVGLDV&RPHIHLWR
QmR DSHQDV R HVWDGR FDGD
YH]PDLVGHILQHSUHYLDPHQWH
R FRQWH~GR GH GHWHUPLQDGDV
FOiXVXODV FRQWUDWXDLV FRPR
SRU YH]HV WRUQD REULJDWyULR
R FRQWUDWR RX HVWDEHOHFH
SUHoRV FRQGLo}HV GH
SDJDPHQWR HWF $ WtWXOR GH
H[HPSOR SRGHP VHU
LQYRFDGRV RV FRQWUDWRV
EDQFiULRV TXH QmR SRGHP
LJQRUDU XP H[WUDRUGLQiULR
FRQMXQWR GH UHJUDV IL[DGDV
SHODV DXWRULGDGHV
PRQHWiULDV $ SUHGHILQLomR
GD H[LVWrQFLD H GD H[WHQVmR
GR YtQFXOR HP DOJXPDV
KLSyWHVHV p GH WDO IRUPD
H[DXULGD SHODV QRUPDV
MXUtGLFDV HP YLJRU TXH QmR
UHVWD TXDOTXHU PDUJHP GH
DWXDomR SDUD D YRQWDGH GDV
SDUWHV1HVWHVFDVRVFRPRR
GR FKDPDGR VHJXUR
REULJDWyULRFXMDFRQWUDWDomR
p LPSRVWD D WRGR R
SURSULHWiULR GH YHtFXOR
DXWRPRWRU ULJRURVDPHQWH
QmR VH FXLGD GH XPD
REULJDomR FRQWUDWXDO PDV
OHJDO3DUDTXHKDMDFRQWUDWR
p LQGLVSHQViYHO XPD
SDUWLFLSDomR GD YRQWDGH GR
GHYHGRU DLQGD TXH PtQLPD
QR TXH VH UHIHUH jV
GHILQLo}HV DWLQHQWHV j
H[LVWrQFLD H j H[WHQVmR GR
VHXGHYHU
&2167,78,d2 '2
9Ë1&8/2&2175$78$/
$RVHYLQFXODUHPSRUXP
FRQWUDWR DV SDUWHV DVVXPHP
REULJDo}HV SRGHQGR XPD
H[LJLU GD RXWUD D SUHVWDomR
SURPHWLGD (VWD p D UHJUD
JHUDO VLQWHWL]DGD SHOD
F O i X V X O DSDFWD VXQW
VHUYDQGDLPSOtFLWDHPWRGDV
DV DYHQoDV (P RXWURV
WHUPRVDQLQJXpPpSRVVtYHO
OLEHUDUVHSRUVXDSUySULDH
H[FOXVLYD YRQWDGH GH XPD
REULJDomR DVVXPLGD HP
FRQWUDWR 6H R YtQFXOR
QDVFHX GH XP HQFRQWUR GH
YRQWDGHV HOH VRPHQWH
SRGHUi VHU GHVIHLWR SRU
GHVHMR GH WRGDV DV SHVVRDV
HQYROYLGDV QD VXD
FRQVWLWXLomR UHVVDOYDGDV DV
KLSyWHVHV GH GHVFRQVWLWXLomR
SRU IDWRUHV H[WHUQRV j
PDQLIHVWDomR YROLWLYD ,VWR
VLJQLILFD HVSHFLILFDPHQWH
TXH WRGRV RV FRQWUDWRV WrP
LPSOtFLWDV DV FOiXVXODV GH
LUUHWUDWDELOLGDGH H GH
LQWDQJLELOLGDGH 3HOD
SULPHLUD DIDVWDVH D
SRVVLELOLGDGH GH GLVVROXomR
WRWDOGRYtQFXORSRUVLPSOHV
YRQWDGH GH XPD GDV SDUWHV
SHOD RXWUD UHYHODVH
LPSRVVtYHO D DOWHUDomR
XQLODWHUDO GDV FRQGLo}HV
SUD]RV YDORUHV H GHPDLV
FOiXVXODVFRQWUDWDGDV
$ FOiXVXODSDFWD VXQW
VHUYDQGD QR HQWDQWR QmR
WHP DSOLFDomR DEVROXWD
SRVWR TXH VH HQFRQWUD
OLPLWDGD SRU XPD RXWUD
FOiXVXOD WDPEpP LPSOtFLWD
HP FHUWRV FRQWUDWRV TXH
SRVVLELOLWD D VXD UHYLVmR
GLDQWH GH DOWHUDo}HV
HFRQ{PLFDVVXEVWDQFLDLVTXH
VXUSUHHQGHP XPD GDV SDUWHV
FRQWUDWDQWHV GXUDQWH D
H[HFXomR GR DYHQoDGR
7UDWDVH GD FOiXVXODUHEXV
VLFVWDQWLEXVTXHVLQWHWL]DD
WHRULDGDLPSUHYLVmR
6HJXQGRHVWDFOiXVXODVH
XPD GDV SDUWHV FRQWUDWDQWHV
WLYHU D VXD VLWXDomR
HFRQ{PLFD DOWHUDGD HP
YLUWXGH GH IDWRUHV
LPSUHYLVtYHLV H
LQGHSHQGHQWHV GH VXD
YRQWDGH H HP IXQomR GHVWD
DOWHUDomR R FXPSULPHQWR GR
FRQWUDWDGR DFDEDU VH
UHYHODQGR H[FHVVLYDPHQWH
RQHURVRSDUDHODHQWmRVHUi
SRVVtYHO D UHYLVmR GDV
FRQGLo}HVHPTXHRFRQWUDWR
IRLHVWDEHOHFLGR
$ FOiXVXOD UHEXV VLF
VWDQWLEXVp LPSOtFLWD DSHQDV
QRV FRQWUDWRV FRPXWDWLYRV
RX VHMD QDTXHOHV HP TXH Ki
HTXLOtEULR HQWUH D YDQWDJHP
DXIHULGD H D SUHVWDomR GDGD
SRU FDGD XPD GDV SDUWHV
1RV FRQWUDWRV DOHDWyULRV RV
FRQWUDWDQWHVDVVXPHPRULVFR
GH JDQKDU RX SHUGHU Mi TXH
LQH[LVWH XP WDO HTXLOtEULR
1RWHVHTXHDGLVWLQomRHQWUH
HVWDV GXDV FDWHJRULDV GH
FRQWUDWRQmRWRPDSRUEDVHD
FRPSDUDomR HQWUH DV
REULJDo}HV GDV SDUWHV TXH
QmR SUHFLVDP VHU
HTXLYDOHQWHV HP QHQKXPD
KLSyWHVH /HYDVH HP FRQWD
LVWRVLPRHTXLOtEULRHQWUHR
EHQHItFLR SHUVHJXLGR H D
SUHVWDomR GHYLGD VRE R
SRQWR GH YLVWD GH FDGD
FRQWUDWDQWH LVRODGDPHQWH
FRQVLGHUDGR 2 FRQWUDWR
WDPEpP GHYH VHU GH
H[HFXomR GLIHULGD RX
VXFHVVLYD RX VHMD QRV
FRQWUDWRV GH H[HFXomR
LPHGLDWD QmR Ki FRPR QRV
DOHDWyULRV LPSOtFLWD D
FOiXVXODGHUHYLVmR
3DUD D DSOLFDomR GD
WHRULD GD LPSUHYLVmR p
QHFHVViULRTXHDVFRQGLo}HV
HFRQ{PLFDV GH XPD GDV
SDUWHV DR WHPSR GR
FXPSULPHQWR GR FRQWUDWR
VHMDP VXEVWDQFLDOPHQWH
GLYHUVDV GDTXHODV H[LVWHQWHV
TXDQGRGDVXDFHOHEUDomR$
DOWHUDomR GDV FRQGLo}HV
HFRQ{PLFDV SRU VXD YH]
QmR SRGHULD WHU VLGR
UD]RDYHOPHQWH DQWHYLVWD RX
VHMD p LPSUHVFLQGtYHO D VXD
LPSUHYLVLELOLGDGH
)LQDOPHQWH R FXPSULPHQWR
GRFRQWUDWRQDQRYDVLWXDomR
HFRQ{PLFD GHYH UHYHODUVH
H[FHVVLYDPHQWH RQHURVR
SDUD XPD GDV SDUWHV H HP
FRQVHTXrQFLD
H[DJHUDGDPHQWH EHQpILFR
SDUDDRXWUDGHWDOPRGRTXH
DTXHOD QmR WHULD DVVXPLGR D
REULJDomR FRQWUDWXDO FDVR
SXGHVVH WHU SUHYLVWR D
PXGDQoDGHVXDFRQGLomR
$OJXQV DXWRUHV DLQGD
HQWHQGHP TXH D UHYLVmR Vy
SRGH VHU REWLGD SRU DTXHOH
FRQWUDWDQWH TXH DJLQGR HP
LQHTXtYRFD ERDIp VH
VRFRUUH GR -XGLFLiULR DQWHV
GR YHQFLPHQWR GH VXD
REULJDomR
2FRQWUDWRSRUWDQWRWHP
IRUoD REULJDWyULD 4XHP
H[SUHVVD D VXD YRQWDGH GH
DVVXPLU XPD REULJDomR
SHUDQWH RXWUD SHVVRD ILFD
UHVSRQViYHOSHORVWHUPRVGH
VXD PDQLIHVWDomR +i
FRQWXGR GXDV KLSyWHVHV HP
TXH D IRUoD YLQFXODWLYD GR
FRQWUDWR VXVSHQGHVH RX
VHMD HOH GHL[D
WHPSRUDULDPHQWHGHWHUIRUoD
REULJDWyULD (P SULPHLUR
OXJDU D SUySULD
FRQYHUJrQFLD GH YRQWDGHV
FRQVWLWXWLYDGRYtQFXORSRGH
VXVWDU SHOR SUD]R H QDV
FRQGLo}HV HVWDEHOHFLGDV GH
FRPXP DFRUGR R
FXPSULPHQWR GR FRQWUDWR
2XWUDKLSyWHVHGHVXVSHQVmR
GR YtQFXOR FRQWUDWXDO p D
RFRUUrQFLD GH FDVR IRUWXLWR
RXIRUoDPDLRU&ODURTXHVH
FXLGD DTXL GDTXHODV
VLWXDo}HV LPSUHYLVtYHLV TXH
QmR FRPSURPHWHP
GHILQLWLYDPHQWH R
FXPSULPHQWR GR FRQWUDWR
PDV DSHQDV R SRVWHUJDP 6H
KRXYHVVH D LPSRVVLELOLGDGH
FDEDO GH H[HFXomR GR
SURPHWLGR FRQWUDWXDOPHQWH
HQWmR R FDVR IRUWXLWR RX D
IRUoD PDLRU WHULDP GDGR
HQVHMR j UHVROXomR GR
FRQWUDWR H QmR j VXD
VXVSHQVmR
3RU ILP QR WRFDQWH j
IRUoD REULJDWyULD p
QHFHVViULRPHQFLRQDUVHTXH
RV FRQWUDWRV ELODWHUDLV
FRQWrPLPSOtFLWDDFOiXVXOD
GD H[FHSWLR QRQ DGLPSOHWL
FRQWUDFWXV SHOD TXDO XPD
SDUWH QmR SRGH H[LJLU R
FXPSULPHQWR GR FRQWUDWR
SHOD RXWUD VH HVWLYHU HP
PRUD HP UHODomR j VXD
SUySULDSUHVWDomR$LQGDHP
UHODomR DRV FRQWUDWRV
ELODWHUDLVGHVWDTXHVHTXHD
SDUWH j TXDO LQFXPEH
FXPSULU R REMHWR GD DYHQoD
HP SULPHLUR OXJDU SRGH
H[LJLU GD RXWUD D SUHVWDomR
SURPHWLGD RX JDUDQWLDV VH
WLYHU RFRUULGR XPD
GLPLQXLomR QR SDWULP{QLR
GHVWD ~OWLPD FDSD] GH
FRPSURPHWHU D H[HFXomR GR
FRQWUDWR&&DUW
'(6&2167,78,d2
'2 9Ë1&8/2
&2175$78$/
1$785(=$
0(5&$17,/ '$
&2035$(9(1'$
$ FRPSUD H YHQGD p
PHUFDQWLOTXDQGRFRPSUDGRU
HYHQGHGRUVmRHPSUHViULRV
7UDWDVH GR FRQWUDWR
HOHPHQWDU GD DWLYLGDGH
HPSUHVDULDO 1XPD
HVTXHPDWL]DomR VLPSOHV R
FRPpUFLRSRGHVHUH[SOLFDGR
FRPR D VXFHVVmR GH
FRQWUDWRV GH FRPSUD H
YHQGD2LPSRUWDGRUFRPSUD
R SURGXWR GR IDEULFDQWH
VHGLDGR QR H[WHULRU H R
UHYHQGHDRDWDFDGLVWDTXHR
UHYHQGHDRYDUHMLVWDHDVVLP
SRUGLDQWH
0XLWDV YH]HV FRQYpP D
GRLV HPSUHViULRV
HQWDEXODUHP QHJRFLDo}HV GH
FXQKR JHUDO FRP R REMHWLYR
GH DJLOL]DU H IDFLOLWDU RV
QHJyFLRV 2 VXSHUPHUFDGR
SRGH FRQWUDWDU FRP R
DWDFDGLVWD GH ODWLFtQLRV D
DTXLVLomR GHVWDV
PHUFDGRULDV SRU XP DQR
IL[DQGRDVFRQGLo}HVEiVLFDV
SDUDRFRQMXQWRGHFRQWUDWRV
GH FRPSUD H YHQGD TXH
FHOHEUDUmR QDTXHOH SHUtRGR
SRU H[HPSOR TXDQWLGDGH
SUHoR ORFDLV GH HQWUHJD
1HVWH FDVR FRVWXPDVH
FKDPDU R QHJyFLR DFHUWDGR
HQWUH RV HPSUHViULRV GH
FRQWUDWR GH IRUQHFLPHQWR
1RWHVH TXH QmR Ki QD
UHODomR LQWHUHPSUHVDULDO
FRUUHVSRQGHQWH DR
IRUQHFLPHQWRQDGDPDLVTXH
XPD VpULH GH FRQWUDWRV GH
FRPSUD H YHQGD FXMDV
FOiXVXODV IRUDP QHJRFLDGDV
HP WHUPRV JHUDLV SDUD
IDFLOLWDUDDGPLQLVWUDomRGRV
QHJyFLRV GH FDGD
FRQWUDWDQWH 2 FRQWUDWR GH
IRUQHFLPHQWR QmR FRQILJXUD
HVWH p R SRQWR PRGDOLGDGH
GH FRODERUDomR TXH VHUi
H[DPLQDGR QR FDStWXOR
VHJXLQWH
$ FRPSUD H YHQGD
PHUFDQWLO p QD PDLRULD GDV
YH]HV FRQWUDWR VXMHLWR jV
QRUPDVGR&yGLJR&LYLO3RU
VHU FRQWUDWR HQWUH
HPSUHViULRVSRUpPVXMHLWD
VH D UHJLPH HVSHFtILFR HP
FDVR GH IDOrQFLD LWHP
(YHQWXDOPHQWH SRGHVH
FRQILJXUDU QD UHODomR
FRQWUDWXDO HQWUH HPSUHViULR
FRPSUDGRU H HPSUHViULR
YHQGHGRU XPD FRPSUD H
YHQGD VXMHLWD DR &'& 6HUi
HVWHRFDVRVHRHPSUHViULR
FRPSUDGRU IRU FRQVXPLGRU
QD DFHSomR OHJDO GR WHUPR
GHVWLQDWiULR ILQDO GD
PHUFDGRULD RX VHUYLoR
RIHUHFLGR SHOR RXWUR ² YHU
&DS LWHP RX HVWLYHU
HP FRQGLomR DQiORJD j GH
FRQVXPLGRUYXOQHUiYHO
$ FRPSUD H YHQGD
PHUFDQWLO p XP FRQWUDWR
FRQVHQVXDO RX VHMD SDUD D
VXD FRQVWLWXLomR p VXILFLHQWH
R HQFRQWUR GH YRQWDGHV GR
FRPSUDGRU H GR YHQGHGRU
%DVWD TXH HOHV VH HQWHQGDP
TXDQWR j FRLVD H DR SUHoR
SDUDTXHRYtQFXORFRQWUDWXDO
VHDSHUIHLoRH
1RWRFDQWHjFRLVDSRGH
WUDWDUVHGHEHPGHTXDOTXHU
HVSpFLH LPyYHO PyYHO RX
VHPRYHQWH(OHVSRGHUmRVHU
FRUSyUHRV RX LQFRUSyUHRV
UHSHOLQGRVHDSHQDVDYHQGD
GRV FRQVLGHUDGRV IRUD GR
FRPpUFLR RX VHMD RV
LQVXVFHWtYHLVGHDSURSULDomR
HRVOHJDOPHQWHLQDOLHQiYHLV
$OpPGLVWRDFRLVDSRGHVHU
SUySULD RX DOKHLD VHQGR
EDVWDQWHXVXDOQRFRPpUFLRD
YHQGD GH EHQV TXH R
YHQGHGRU DLQGD QmR
DGTXLULX PDV GHYHUi ID]r
OR HP UD]mR GD DWLYLGDGH
HFRQ{PLFDSRUHOHH[HUFLGD
(P UHODomR DR SUHoR
UHJLVWUHVH TXH HVWH GHYHUi
VHU SDJR HP GLQKHLUR &DVR
FRQWUiULRFXLGDUVHiGHXP
FRQWUDWR GH WURFD H QmR GH
FRPSUDHYHQGD'HYHUiVHU
SUHYLVWR R SDJDPHQWR HP
PRHGDFRUUHQWHQDFLRQDOHP
UHJUD SRVWR TXH R GLUHLWR
EUDVLOHLUR Vy DGPLWH R
SDJDPHQWRGHXPDFRPSUDH
YHQGDHPPRHGDHVWUDQJHLUD
TXDQGR VH WUDWD GH
LPSRUWDomR RX H[SRUWDomR
'HFOHL Q DUW
,
$ UHJUD JHUDO SDUD D
IL[DomR GR SUHoR p D GD
SOHQD OLEHUGDGH GDV SDUWHV
HP SHUIHLWR DMXVWH FRP R
UHJLPH HFRQ{PLFR GH SHUILO
QHROLEHUDO HVWDEHOHFLGR SHOD
&RQVWLWXLomR 3DUD R
FRPEDWHjLQIODomRFRQWXGR
Mi VH HGLWDUDP OHLV
HVWDEHOHFHQGR WDEHODPHQWR
FRQWUROHRXFRQJHODPHQWRGH
DOJXQVSUHoRVVHQGRTXHWDLV
QRUPDV QmR WLYHUDP D VXD
FRQVWLWXFLRQDOLGDGH
TXHVWLRQDGD 'H IDWR R
UHJLPH HFRQ{PLFR DGRWDGR
QmRFRQVDJUDXPOLEHUDOLVPR
SXUR H DEVROXWR UHYHODQGR
VH SRUWDQWR YiOLGD D
GLVSRVLomR OHJDO TXH VXVWH
WHPSRUDULDPHQWH D YLJrQFLD
GD UHJUD GD OLEHUGDGH GH
IL[DomR GRV SUHoRV HP
IXQomR GH XPD SROtWLFD GH
FRPEDWHjLQIODomR
2EVHUYDGRV DVVLP WDLV
OLPLWHV MXUtGLFRV RV
HPSUHViULRV FHOHEUDP
FRQWUDWR GH FRPSUD H YHQGD
PHUFDQWLO TXDQGR HQWUDP HP
DFRUGRUHODWLYDPHQWHjFRLVD
H DR SUHoR $ H[HFXomR GR
FRQWUDWDGR SRGH QR HQWDQWR
HVWDU VXERUGLQDGD DR
LPSOHPHQWR GH XPD
FRQGLomR e SRVVtYHO SRU
H[HPSOR FRQGLFLRQDUVH D
YHQGD j DSURYDomR GR
FRPSUDGRU TXDQWR j
TXDOLGDGH GR EHP 6mR DV
FKDPDGDVYHQGDVDFRQWHQWR
XVXDLV QR UDPR GH EHELGDV
RX YHVWXiULR 2XWUD
SRVVLELOLGDGH p D GH VH
HVWLSXODU D HQWUHJD GD FRLVD
YHQGLGD HP GHWHUPLQDGR
OXJDU H SUD]R VRE SHQD GH
UHVROXomR GD DYHQoD 2X
HQWmRDSUHYLVmRGDFOiXVXOD
GH UHWURYHQGD SHOD TXDO D
YRQWDGH GR YHQGHGRU GH
UHDGTXLULU R EHP
PDQLIHVWDGD HP FHUWR SUD]R
RSHUD FRPR FRQGLomR
UHVROXWLYD GD FRPSUD H
YHQGD
(PUHODomRjH[HFXomRD
FRPSUD H YHQGD SRGH VHU
LPHGLDWD GLIHULGD RX
FRQWLQXDGD 1D SULPHLUD
KLSyWHVH DV SDUWHV GHYHP
FXPSULU DV REULJDo}HV
DVVXPLGDV ORJR DSyV D
FRQFOXVmR GR FRQWUDWR 1D
VHJXQGD FRPSUDGRU H
YHQGHGRU HVWDEHOHFHP XPD
GDWD IXWXUD SDUD R
FXPSULPHQWRGDVUHVSHFWLYDV
REULJDo}HVFRPRQDFRPSUD
H YHQGD D WHUPR PXLWR
FRPXP QDV %ROVDV GH
YDORUHV RX GH PHUFDGRULDV
1D WHUFHLUD WrPVH DV
FKDPDGDV YHQGDV
FRPSOH[DV HP TXH D
H[HFXomR GR FRQWUDWDGR VH
GHVGREUD HP GLYHUVRV DWRV
FRPR SRU H[HPSOR QR
FRQWUDWR GH IRUQHFLPHQWR RX
GHDVVLQDWXUD
$ HVSHFLILFLGDGH GD
FRPSUD H YHQGD PHUFDQWLO
HVWi QD GLVFLSOLQD GDV
FRQVHTXrQFLDV SDUD R
YHQGHGRU GD LQVWDXUDomR GD
H[HFXomR FRQFXUVDO GR
SDWULP{QLRGRFRPSUDGRU$
H[HFXomR FRQFXUVDO GR
GHYHGRUFRQVLVWHQDIDOrQFLD
VH R FRPSUDGRU p
HPSUHViULR RX VRFLHGDGH
HPSUHViULD RX LQVROYrQFLD
TXDQGRQmRp3RLVEHPD
UHJUD JHUDO DSOLFiYHO j
FRPSUDHYHQGDFLYLOpDGH
TXHRYHQGHGRUSRGHH[LJLU
QD LQVROYrQFLD GR
FRPSUDGRU XPD FDXomR
DQWHV GH SURFHGHU j HQWUHJD
GD FRLVD YHQGLGD && DUW
1D FRPSUD H YHQGD
PHUFDQWLO RV GLUHLWRV GR
YHQGHGRU QD IDOrQFLD GR
FRPSUDGRU YDULDP VHJXQGR
R PRPHQWR HP TXH VH
HQFRQWUDYD D H[HFXomR GR
FRQWUDWR TXDQGR GD TXHEUD
(PDOJXQVFDVRVRYHQGHGRU
WHPRGLUHLWRjUHVWLWXLomRGD
FRLVD HP RXWURV j
QRWLILFDomRGRDGPLQLVWUDGRU
SDUD TXH VHMD GHFLGLGR VH
VHX FRQWUDWR VHUi UHVROYLGR
RX GHYHUi VHU FXPSULGR
0DV HP QHQKXPD
FLUFXQVWkQFLD SRGH R
YHQGHGRUQDFRPSUDHYHQGD
PHUFDQWLO H[LJLU GR
FRPSUDGRUIDOLGRLVWRpGD
PDVVDIDOLGDDSUHVWDomRGH
FDXomR GR SDJDPHQWR FRPR
FRQGLomR SDUD ID]HU D
HQWUHJD GD FRLVD YHQGLGD 2
DUWGR&&QmRVHDSOLFD
jFRPSUDHYHQGDPHUFDQWLO
VXMHLWDVjVUHJUDVHVSHFtILFDV
GD /) H QLVVR UHVLGH VXD
HVSHFLILFLGDGH
$ UD]mR GR WUDWDPHQWR
HVSHFtILFR GD FRPSUD H
YHQGDPHUFDQWLOQDKLSyWHVH
GH LQVWDXUDomR GR FRQFXUVR
GHFUHGRUHVGRFRPSUDGRUp
FRPSUHHQVtYHO 1R JLUR
HFRQ{PLFRDVPHUFDGRULDVH
LQVXPRV FRQVWLWXHP XP
HOHPHQWR GH H[WUHPD
LPSRUWkQFLD SDUD D
VREUHYLYrQFLDGDVHPSUHVDV
2 OHJLVODGRU GHYH SURFXUDU
FRPSDWLELOL]DU GH XP ODGR
RV LQWHUHVVHV JHUDLV GRV
FUHGRUHVHRVSDUWLFXODUHVGR
YHQGHGRUGHIRUPDDTXHDV
FRLVDV YHQGLGDV DR IDOLGR H
QmR HQWUHJXHV SRVVDP WHU D
DORFDomR PDLV DSURSULDGD
SDUD D HFRQRPLD 'Dt D
FRPSOH[LGDGH GD GLVFLSOLQD
GDPDWpULDTXDQGRDFRPSUD
H YHQGD p PHUFDQWLO 1D
FLYLO SRGH D OHL FXLGDU GD
SURWHomR H[FOXVLYD GRV
LQWHUHVVHVGRYHQGHGRUFDVR
LQVWDXUDGD D LQVROYrQFLD GR
FRPSUDGRU SRUTXH D FRLVD
REMHWR GH FRQWUDWR QmR
FLUFXOD FRPR PHUFDGRULD RX
LQVXPR GH QHQKXPD
DWLYLGDGHHPSUHVDULDO
&$3Ë78/2
&2175$726'(
&2/$%25$d2
,1752'8d2
2 FRPpUFLR p XPD
DWLYLGDGH KXPDQD EDVWDQWH
DQWLJD FXMD HVVrQFLD
FRQVLVWH HP OHYDU WRGD VRUWH
GH EHQV D TXHP VH LQWHUHVVH
HPSRVVXtORVHVHGLVSRQKD
DSDJDUSRUHOHV7UDWDVHGH
XPD DWLYLGDGH GH
LQWHUPHGLDomR HQWUH R
FRQVXPLGRU H R SURGXWRU
SHOD TXDO RV EHQV SRU HVWH
~OWLPR IDEULFDGRV RX
FROKLGRV GD QDWXUH]D VmR
GLVWULEXtGRV DR PHUFDGR
3DUD GHVHQYROYHU HVWD
DWLYLGDGH R FRPHUFLDQWH
JHUDOPHQWH DGTXLUH GR
SURGXWRU RV EHQV SDUD RV
UHYHQGHU D RXWURV
FRPHUFLDQWHV RX DRV
SUySULRV FRQVXPLGRUHV 2
FRQWUDWR GH FRPSUD H YHQGD
PHUFDQWLODVVLPFRQVWLWXLVH
QR PHLR FRQWUDWXDO SRU
H[FHOrQFLD SDUD D
H[SORUDomR GD DWLYLGDGH
FRPHUFLDO1mRpFRQWXGRR
~QLFR 2XWUDV UHODo}HV
FRQWUDWXDLV WrP VLGR
GHVHQYROYLGDV SHOR
FRPpUFLR FRP YLVWDV DR
IRUQHFLPHQWR GH EHQV DR
PHUFDGR FRQVXPLGRU 6mR
HODV D FRPLVVmR D
UHSUHVHQWDomR FRPHUFLDO D
FRQFHVVmR PHUFDQWLO D
IUDQTXLD H D GLVWULEXLomR
3URSRQKR DJUXSiORV VRE D
GHQRPLQDomR GH ³FRQWUDWRV
GHFRODERUDomR´
2V FRQWUDWRV GH
FRODERUDomR HPSUHVDULDO
GHILQHPVH SRU XPD
REULJDomRSDUWLFXODUTXHXP
GRV FRQWUDWDQWHV
³FRODERUDGRU´ DVVXPH HP
UHODomR DRV SURGXWRV RX
VHUYLoRV GR RXWUR
³IRUQHFHGRU´DGHFULDomR
RX DPSOLDomR GH PHUFDGR
(P WHUPRV FRQFUHWRV R
FRODERUDGRU VH REULJD D
ID]HU LQYHVWLPHQWRV HP
GLYXOJDomR SURSDJDQGD
PDQXWHQomR GH HVWRTXHV
WUHLQDPHQWR GH SHVVRDO H
RXWURV GHVWLQDGRV D
GHVSHUWDUHPFRQVXPLGRUHV
R KiELWR GH DGTXLULU RV
SURGXWRV RX VHUYLoRV GR
IRUQHFHGRU 'HSHQGHQGR GD
HVSpFLH GH FRODERUDomR
FRQWUDWDGD RV LQYHVWLPHQWRV
QD FULDomR RX FRQVROLGDomR
GR PHUFDGR VmR PDLRUHV RX
PHQRUHV D REULJDomR GH
UHDOL]iORV FRQWXGR p
LQHUHQWH DRV FRQWUDWRV GH
FRODERUDomRHPSUHVDULDO
(P QmR VH FRQWUDWDQGR D
REULJDomR GH DEULU
FRQVROLGDU RX GHVHQYROYHU
PHUFDGR SDUD R SURGXWR RX
VHUYLoR R FRQWUDWR
HPSUHVDULDOQmRVHFODVVLILFD
FRPR GH FRODERUDomR e
SRU H[HPSOR R FDVR GR
IRUQHFLPHQWR GH
PHUFDGRULDV &RPR YLVWR QR
FDStWXOR DQWHULRU HOH p QDGD
PDLV TXH XPD VpULH GH
FRQWUDWRV GH FRPSUD H
YHQGDRFRPSUDGRUQmRWHP
SHUDQWH R YHQGHGRU QR
FRQWUDWR GH IRUQHFLPHQWR D
REULJDomR GH FULDU PHUFDGR
SDUDDFRLVDFRPSUDGD
2V FRQWUDWRV GH
FRODERUDomR HP UD]mR GD
REULJDomR HVVHQFLDO TXH RV
FDUDFWHUL]D SRVVXHP SRU
PDUFD FRPXP XPD
VXERUGLQDomR HPSUHVDULDO
HVWDEHOHFLGD HQWUH DV SDUWHV
$TXHOH FRPHUFLDQWH
FRQWUDWDGR SDUD GLVWULEXLU
MXQWR DR PHUFDGR
FRQVXPLGRU D PHUFDGRULD
RIHUHFLGD SHOR FRQWUDWDQWH
WHPSHUDQWHHVWHRGHYHUGH
DWHQGHU D GHWHUPLQDGRV
SDGU}HV GH H[SORUDomR GD
DWLYLGDGH FRPHUFLDO (P
RXWURV WHUPRV R FRQWUDWDGR
GHYH RUJDQL]DUVH
HPSUHVDULDOPHQWH GD IRUPD
GHILQLGD SHOR FRQWUDWDQWH
VHJXLQGR DV RULHQWDo}HV H
GHWHUPLQDo}HV SDUWLGDV
GHVWH $WHQWHVH SDUD D
QDWXUH]D HVSHFtILFD GHVWD
VXERUGLQDomR TXH QmR WHP
FDUiWHU SHVVRDO PDV VLP
HPSUHVDULDO (VWD GLVWLQomR
p PXLWR LPSRUWDQWH QD
PHGLGD HP TXH D
VXERUGLQDomR SHVVRDO
FDUDFWHUL]D XPD UHODomR
FRQWUDWXDO VLJQLILFDWLYDPHQWH
GLYHUVD TXH p D GR YtQFXOR
HPSUHJDWtFLR GLVFLSOLQDGD
SHORGLUHLWRGRWUDEDOKR-iD
VXERUGLQDomR HPSUHVDULDO
HVWi UHODFLRQDGD FRP D
RUJDQL]DomR GD SUySULD
DWLYLGDGHGHGLVWULEXLomR
3RU YH]HV R HPSUHViULR
WHQWDGLVIDUoDUSRUH[HPSOR
XPD UHODomR GH HPSUHJR
FRP D DSDUrQFLD GD
UHSUHVHQWDomR FRPHUFLDO
SDUD VH IXUWDU DR
FXPSULPHQWR GRV HQFDUJRV
VRFLDLV (VWD WHQWDWLYD p
LQIUXWtIHUD VH GHPRQVWUDGD D
H[LVWrQFLD GH XPD
VXERUGLQDomR GH FXQKR
LQWHUVXEMHWLYR 2X VHMD VH R
FRQWUDWDGR SRVVXLU XP
QHJyFLR GHOH PHVPR TXH D
LQJHUrQFLD GR FRQWUDWDQWH QD
VXDRUJDQL]DomRVHMDJUDQGH
D VXERUGLQDomR VHUi
HPSUHVDULDO FDEHQGR DR
GLUHLWR FRPHUFLDO D
GLVFLSOLQD GRV VHXV HIHLWRV
REULJDFLRQDLV &DVR
FRQWUiULRWUDWDUVHiGHXPD
YHUGDGHLUD UHODomR GH
HPSUHJR PDO GLVIDUoDGD
VXMHLWD jV QRUPDV GR GLUHLWR
GRWUDEDOKR
$WUDYpV GH XP FRQWUDWR
GH FRODERUDomR R
FRODERUDGRU FRQWUDWDGR
FRPLVViULR UHSUHVHQWDQWH
FRQFHVVLRQiULR IUDQTXLDGR
RX GLVWULEXLGRU VH REULJD D
FRORFDU MXQWR DRV
LQWHUHVVDGRV DV PHUFDGRULDV
FRPHUFLDOL]DGDV RX
SURGX]LGDV SHOR IRUQHFHGRU
FRQWUDWDQWH FRPLWHQWH
UHSUHVHQWDGR FRQFHGHQWH
IUDQTXLDGRU RX GLVWULEXtGR
REVHUYDQGR DV RULHQWDo}HV
JHUDLV RX HVSHFtILFDV SRU
HVWH IL[DGDV $ FRPLVVmR
SRGH WDPEpP VHU XWLOL]DGD
SDUD D DTXLVLomR GH EHQV
SHORFRPLWHQWHHQmRDSHQDV
SDUD D FRORFDomR GH
SURGXWRV QR PHUFDGR GH
FRQVXPR $ IUDQTXLD SRU
RXWUR ODGR QmR GL] UHVSHLWR
DSHQDV DR FRPpUFLR GH
PHUFDGRULDV PDV SRGH
WDPEpP VH UHIHULU j
SUHVWDomR GH VHUYLoRV 'H
TXDOTXHU IRUPD DWHQWR D
HVWDV SDUWLFXODULGDGHV
SURSRQKR H[DPLQDUHPVH RV
FRQWUDWRV DTXL UHODFLRQDGRV
HP FRQMXQWR SRU FRQVLGHUDU
~WLO XP HQIRTXH
SDUDVVLVWHPiWLFRGRWHPD
$ FRODERUDomR
HPSUHVDULDO SRGH VHU GH
GXDV HVSpFLHV SRU
DSUR[LPDomR RX SRU
LQWHUPHGLDomR
1D FRODERUDomR SRU
DSUR[LPDomR R FRODERUDGRU
QmRpLQWHUPHGLiULRRXVHMD
QmR DGTXLUH R SURGXWR GR
IRUQHFHGRU SDUD UHYHQGrOR
$SHQDV LGHQWLILFD TXHP
SRVVD HVWDU LQWHUHVVDGR HP
ID]rOR 2 FRPLWHQWH H R
UHSUHVHQWDQWH FRPHUFLDO VmR
FRODERUDGRUHV SRU
DSUR[LPDomR 6mR
UHPXQHUDGRV SRUXP
SHUFHQWXDO GRV QHJyFLRV TXH
DMXGDP D YLDELOL]DU SDJR
SHOR IRUQHFHGRU -i QD
FRODERUDomR SRU
LQWHUPHGLDomR R
FRODERUDGRU FHOHEUD FRP R
IRUQHFHGRU XP FRQWUDWR GH
FRPSUD H YHQGD DGTXLUH RV
SURGXWRV RX VHUYLoRV SDUD
RV UHYHQGHU 2
FRQFHVVLRQiULR H R
IUDQTXHDGR VmR
FRODERUDGRUHV SRU
LQWHUPHGLDomR 1HVWH FDVR
QmR Ki UHPXQHUDomR SRU
VHUYLoRV R FRODERUDGRU
JDQKD FRP R UHVXOWDGR
SRVLWLYR GH VXD DWLYLGDGH
HPSUHVDULDO
2 FRQWUDWR GH
GLVWULEXLomR SRGH
FODVVLILFDUVH HP XPD RX
RXWUD FDWHJRULD 1D
GLVWULEXLomRDSUR[LPDomR R
GLVWULEXLGRU QmR RFXSD XP
HOR SUySULR QD FDGHLD GH
FLUFXODomR GH PHUFDGRULDV
LVWR p QmR FRPSUD SURGXWR
GR GLVWULEXtGR SDUD RV
UHYHQGHU PDV HQFRQWUD
WHUFHLURV FRP LQWHUHVVH HP
ID]HUDFRPSUDHQTXDQWRQD
GLVWULEXLomRLQWHUPHGLDomR
RFXSDLWHP
&20,662
$ UHSUHVHQWDomR
FRPHUFLDO p R FRQWUDWR SHOR
TXDO XPD GDV SDUWHV
UHSUHVHQWDQWH FRPHUFLDO
DXW{QRPR VH REULJD D REWHU
SHGLGRV GH FRPSUD H YHQGD
GH PHUFDGRULDV IDEULFDGDV
RX FRPHUFLDOL]DGDV SHOD
RXWUD SDUWH UHSUHVHQWDGR
6RE R SRQWR GH YLVWD OyJLFR
RX HFRQ{PLFR SRGHULD VHU
HQWHQGLGDFRPRXPDHVSpFLH
GR JrQHUR PDQGDWR PDV
MXULGLFDPHQWH IDODQGR HVWH
HQIRTXH HVWDULD HTXLYRFDGR
,VWR SRUTXH D DWLYLGDGH
GHVHQYROYLGD SHOR
UHSUHVHQWDQWH FRPHUFLDO
SRVVXL XPD GLVFLSOLQD
MXUtGLFD SUySULD TXH QmR D
FRQVLGHUD FRPR XPD
PRGDOLGDGH HVSHFtILFD
GDTXHOH FRQWUDWR 7UDWDVH
MXULGLFDPHQWH FRQVLGHUDGD
GH XPD DWLYLGDGH DXW{QRPD
$GHPDLV R UHSUHVHQWDQWH
FRPHUFLDO QmR WHP SRGHUHV
SDUD FRQFOXLU D QHJRFLDomR
HP QRPH GR UHSUHVHQWDGR
&DEH D HVWH DSURYDU RX QmR
RV SHGLGRV GH FRPSUD
REWLGRV SHOR UHSUHVHQWDQWH
2 PDQGDWiULR DR FRQWUiULR
UHFHEH SRGHUHV SDUD
QHJRFLDU HP QRPH GR
PDQGDQWH
,QH[LVWHTXDOTXHUYtQFXOR
GH HPSUHJR HQWUH R
UHSUHVHQWDGR H R
UHSUHVHQWDQWH FRPHUFLDO
DXW{QRPR $ VXERUGLQDomR
GHVWH jTXHOH WHP FDUiWHU
H[FOXVLYDPHQWH HPSUHVDULDO
RX VHMD FLQJHVH j
RUJDQL]DomR GR H[HUFtFLR GD
DWLYLGDGH HFRQ{PLFD 2
UHSUHVHQWDQWH FRPHUFLDO
DXW{QRPR p XP HPSUHViULR
SHVVRD ItVLFD RX MXUtGLFD
&RPR WDO HOH HVWUXWXUD H
GLULJH XP QHJyFLR SUySULR
DLQGD TXH H[tJXR H VLPSOHV
1D RUJDQL]DomR GH VXD
DWLYLGDGHQHJRFLDOHOHVRIUH
XPDFRQVLGHUiYHOLQJHUrQFLD
GRUHSUHVHQWDGRPDVTXHGL]
UHVSHLWR DSHQDV j IRUPD GH
H[SORUDomR GR QHJyFLR QmR
j SHVVRD GR UHSUHVHQWDQWH
&DVR DV UHODo}HV QmR VH
YHULILTXHPGHVWDPDQHLUDRX
VHMD HP H[LVWLQGR XPD
VXERUGLQDomR TXH H[WUDSROH
R DVSHFWR PHUDPHQWH
QHJRFLDO SDUD DOFDQoDU D
SHVVRD PHVPD GR
UHSUHVHQWDQWH HQWmR QmR
KDYHUiFRQWUDWRHPSUHVDULDO
PDVGHWUDEDOKRVXMHLWRDXP
UHJLPH MXUtGLFR
VXEVWDQFLDOPHQWHGLYHUVR
2H[HUFtFLRGDDWLYLGDGH
GH UHSUHVHQWDomR FRPHUFLDO
DXW{QRPD HVWi GLVFLSOLQDGR
SHOD /HL Q GH
DOWHUDGD SHOD /HL Q
GH 2 UHSUHVHQWDQWH
FRPHUFLDO DXW{QRPR GHYH
UHJLVWUDUVH QR yUJmR
SURILVVLRQDO FRUUHVSRQGHQWH
R &RQVHOKR 5HJLRQDO GRV
5HSUHVHQWDQWHV &RPHUFLDLV
ILFDQGR VXMHLWR j
REVHUYkQFLD GRV SUHFHLWRV
pWLFRV H DGPLQLVWUDWLYRV
GHILQLGRV SDUD D VXD
SURILVVmR EHP FRPR DR
SRGHU GLVFLSOLQDU
FRUUHVSRQGHQWH 6H R
UHSUHVHQWDQWH FRPHUFLDO IRU
XPD SHVVRD MXUtGLFD GHYH
VHU UHJLVWUDGR WDPEpP QD
-XQWD&RPHUFLDO
2 FRQWUDWR GH
UHSUHVHQWDomR FRPHUFLDO
GHYH VHU FHOHEUDGR SRU
HVFULWR H REVHUYDU RV
UHTXLVLWRV GR DUW GD /HL
Q
6mR REULJDo}HV GR
UHSUHVHQWDQWH FRPHUFLDO
DXW{QRPRD REWHU FRP
GLOLJrQFLD SHGLGRV GH
FRPSUDHYHQGDHPQRPHGR
UHSUHVHQWDGR DMXGDQGRR D
H[SDQGLU R VHX QHJyFLR H
SURPRYHU RV VHXV SURGXWRV
DUW E REVHUYDU VH
SUHYLVWD D FRWD GH
SURGXWLYLGDGH RX VHMD XP
Q~PHURPtQLPRGHSHGLGRVD
FDGD PrVF VHJXLU DV
LQVWUXo}HV IL[DGDV SHOR
UHSUHVHQWDGR DUW G
LQIRUPDU R UHSUHVHQWDGR
VREUH R DQGDPHQWR GRV
QHJyFLRV QDV RSRUWXQLGDGHV
GHILQLGDV HP FRQWUDWR RX
TXDQGRVROLFLWDGRDUWH
SUHVWDUOKH FRQWDVH
REVHUYDU DV REULJDo}HV
SURILVVLRQDLV DUW I
UHVSHLWDU D FOiXVXOD GH
H[FOXVLYLGDGH GH
UHSUHVHQWDomR VH
H[SUHVVDPHQWH SDFWXDGD
DUWV SDUiJUDIR ~QLFR H
6mR REULJDo}HV GR
UHSUHVHQWDGR D SDJDU D
UHWULEXLomR GHYLGD DR
UHSUHVHQWDQWH DVVLP TXH R
FRPSUDGRU HIHWXDU R VHX
SDJDPHQWR RX DQWHV VH QmR
PDQLIHVWDUUHFXVDSRUHVFULWR
QR SUD]R GH RX
GLDV FRQIRUPH D
ORFDOL]DomRGRVHXGRPLFtOLR
PHVPD SUDoD PHVPR
(VWDGR (VWDGR GLYHUVR RX
H[WHULRU UHVSHFWLYDPHQWH ²
DUWVHEUHVSHLWDUD
FOiXVXODGHH[FOXVLYLGDGHGH
]RQDSHODTXDOOKHpREVWDGR
YHQGHU RV VHXV SURGXWRV HP
XPD GHWHUPLQDGD iUHD
GHOLPLWDGD HP FRQWUDWR
VHQmR SRU PHLR GR
UHSUHVHQWDQWH FRQWUDWDGR
SDUD DWXDU QDTXHOD iUHD
&DVR XP QHJyFLR VH
FRQFUHWL]H VHP D
REVHUYkQFLDGHVVDFRQGLomR
RUHSUHVHQWDQWHWHPGLUHLWRj
FRPLVVmR FRUUHVSRQGHQWH
DUW $OLiV D /HL Q
WRUQRX REULJDWyULD
D LGHQWLILFDomR GD ]RQD DR
FRQIHULUQRYDUHGDomRDRDUW
G GD /HL Q
EHPFRPRHVWDEHOHFHXTXHD
H[FOXVLYLGDGH GH ]RQD GHYH
VHU FRQVLGHUDGD LPSOtFLWD
QRVFRQWUDWRVRPLVVRV
$ OHL HVWDEHOHFH DV
LQGHQL]Do}HV GHYLGDV SHOD
UHVROXomR GR FRQWUDWR GH
UHSUHVHQWDomR FRPHUFLDO
1RV FRQWUDWRV FRP SUD]R
LQGHWHUPLQDGR ILUPDGRV Ki
PDLVGHPHVHVDSDUWHTXH
R GHQXQFLDU HVWi REULJDGD D
FRQFHGHU SUpDYLVR GH
GLDV RX VHQmR SDJDU
LQGHQL]DomR FRUUHVSRQGHQWH
D GDV FRPLVV}HV
UHIHUHQWHV DRV ~OWLPRV
PHVHV 7UDWDVH DTXL GH
UHVROXomR VHP FXOSD GH
TXDOTXHU GDV SDUWHV
FRQWUDWDQWHVDUW
2 UHSUHVHQWDGR SRGHUi
SURPRYHU D UHVROXomR GR
FRQWUDWR TXDQGR R
UHSUHVHQWDQWH LQFRUUHU HP
GHWHUPLQDGDV SUiWLFDV
GHILQLGDV HP OHL GHVtGLD QR
FXPSULPHQWRGDVREULJDo}HV
FRQWUDWXDLV DWRV TXH
LPSRUWHP HP GHVFUpGLWR
FRPHUFLDO GR UHSUHVHQWDGR
FRQGHQDomR GHILQLWLYD SRU
FULPH LQIDPDQWH SRU
H[HPSOR RX KDYHQGR IRUoD
PDLRU DUW 1HVWH FDVR
QHQKXPD LQGHQL]DomR VHUi
GHYLGD DR UHSUHVHQWDQWH H
HVWH DLQGD SRGHUi VHU
UHVSRQVDELOL]DGR FRP EDVH
QR GLUHLWR FLYLO && DUW
SHORV GDQRV TXH
FDXVRXDRUHSUHVHQWDGR
3RU RXWUR ODGR R
UHSUHVHQWDQWH SRGHUi
UHVROYHURFRQWUDWRTXDQGRR
UHSUHVHQWDGR D LVWR GHU
FDXVD LQFRUUHQGR HP FHUWDV
SUiWLFDV HOHQFDGDV HP OHL
LQREVHUYkQFLD GD FOiXVXOD
GH H[FOXVLYLGDGH PRUD QR
SDJDPHQWR GD FRPLVVmR
IL[DomRDEXVLYDGHSUHoRVQD
]RQD GR UHSUHVHQWDQWH SRU
H[HPSOR RX TXDQGR VH
YHULILFDU D IRUoD PDLRU DUW
1HVWD KLSyWHVH R
UHSUHVHQWDQWH WHUi GLUHLWR j
LQGHQL]DomR SUHYLVWD HP
FRQWUDWR SRU SUD]R
LQGHWHUPLQDGR QXQFD
LQIHULRU D XP GR]H DYRV GR
WRWDO GDV UHWULEXLo}HV
DXIHULGDV PRQHWDULDPHQWH
DWXDOL]DGDV 6H R FRQWUDWR
WLQKD VLGR ILUPDGR FRP
SUD]R GHWHUPLQDGR D
LQGHQL]DomRVHUiHTXLYDOHQWH
j PXOWLSOLFDomR GH PHWDGH
GR Q~PHUR GH PHVHV
FRQWUDWDGRV SHOD PpGLD
PHQVDO GDV UHWULEXLo}HV
DXIHULGDV 7DPEpP QD
KLSyWHVH GH UHVROXomR GR
FRQWUDWR SRU SUD]R
LQGHWHUPLQDGR IHLWD
XQLODWHUDOPHQWH SHOR
UHSUHVHQWDGR QRV WHUPRV GR
DUW WHPVH FRQVLGHUDGR
GHYLGDLQGHQL]DomRHPIDYRU
GR UHSUHVHQWDQWH (P
TXDOTXHU KLSyWHVH VHUi
WDPEpP FDEtYHO FRQIRUPH
HQWHQGHP D GRXWULQD H D
MXULVSUXGrQFLD D
LQGHQL]DomR FRUUHVSRQGHQWH
DRSUpDYLVR
&21&(662
&20(5&,$/
(VWHpRFRQWUDWRHPTXH
XP HPSUHViULR
FRQFHVVLRQiULRVHREULJDD
FRPHUFLDOL]DU FRP RX VHP
H[FOXVLYLGDGH FRP RX VHP
FOiXVXOD GH WHUULWRULDOLGDGH
RV SURGXWRV IDEULFDGRV SRU
RXWUR HPSUHViULR
FRQFHGHQWH 3RU FOiXVXOD
GH H[FOXVLYLGDGH VH HQWHQGH
R GHYHU DVVXPLGR SHOR
FRQFHVVLRQiULR GH QmR
FRPHUFLDOL]DU FRP SURGXWRV
GLYHUVRVGRVIDEULFDGRVSHOR
FRQFHGHQWH H SRU FOiXVXOD
GH WHUULWRULDOLGDGH D
SURLELomR GH R FRQFHGHQWH
FRPHUFLDOL]DU GLUHWD RX
LQGLUHWDPHQWH QD iUHD GH
DWXDomR UHVHUYDGD D XP
FRQFHVVLRQiULR
$ OHL VRPHQWH GLVFLSOLQD
D FRQFHVVmR FRPHUFLDO
UHIHUHQWH DR FRPpUFLR GH
YHtFXORV DXWRPRWRUHV
WHUUHVWUHV FRPR RV
DXWRPyYHLV FDPLQK}HV
{QLEXV WUDWRUHV
PRWRFLFOHWDVHVLPLODUHV/HL
Q GH FRP DV
DOWHUDo}HV LQWURGX]LGDV SHOD
/HL Q GH
4XDQGR WHP SRU REMHWR R
FRPpUFLR GH TXDOTXHU RXWUD
PHUFDGRULD D FRQFHVVmR
FRPHUFLDO p XP FRQWUDWR
DWtSLFR RX VHMD QmR VXMHLWR
D XPD GHWHUPLQDGD
GLVFLSOLQDOHJDO
1R FRQWUDWR GH
FRQFHVVmR FRPHUFLDO GH
YHtFXORV DXWRPRWRUHV R
FRQFHGHQWH DVVXPH DV
VHJXLQWHV REULJDo}HV D
SHUPLWLU JUDWXLWDPHQWH R
XVR GH VXDV PDUFDV SHOR
FRQFHVVLRQiULR DUW ,,,
EYHQGHUDRFRQFHVVLRQiULR
RV YHtFXORV GH VXD
IDEULFDomR QD TXDQWLGDGH
SUHYLVWD HP FRWD IL[DGD GH
DFRUGR FRP D HVWLPDWLYD GH
SURGXomR GR PHUFDGR
LQWHUQR H D FDSDFLGDGH
HPSUHVDULDO GHVHPSHQKR H
SRWHQFLDO GH YHQGDV GR
FRQFHVVLRQiULR DUW F
REVHUYDU QD GHILQLomR GD
iUHD RSHUDFLRQDO GH FDGD
FRQFHVVLRQiULD GLVWkQFLDV
PtQLPDV VHJXQGR R FULWpULR
GH SRWHQFLDO GH PHUFDGR
DUW ,, G QmR YHQGHU
GLUHWDPHQWH RV YHtFXORV GH
VXD IDEULFDomR QD iUHD
RSHUDFLRQDO GH XPD
FRQFHVVLRQiULD VDOYR j
$GPLQLVWUDomR 3~EOLFD
GLUHWD RX LQGLUHWD DR &RUSR
'LSORPiWLFR RX D FOLHQWHV
HVSHFLDLVDUW,,
2 FRQFHVVLRQiULR SRU
VXD YH] QD FRQFHVVmR GH
YHtFXORV DXWRPRWRUHV VH
REULJD D D UHVSHLWDU D
FOiXVXOD GH H[FOXVLYLGDGH
VH KRXYHU YDOH GL]HU QmR
FRPHUFLDOL]DU FRP QHQKXP
RXWUR YHtFXOR VHQmR R
IDEULFDGR SHOR FRQFHGHQWH
FDVR SUHYLVWD HVWD YHGDomR
HP FRQWUDWR E REVHUYDU R
tQGLFH GH ILGHOLGDGH SDUD D
DTXLVLomR GH FRPSRQHQWHV
TXH YLHU D VHU HVWDEHOHFLGR
GH FRPXP DFRUGR FRP RV
GHPDLV FRQFHVVLRQiULRV H
FRQFHGHQWH QD &RQYHQomR
GH0DUFDDUW SDUiJUDIR
~QLFR , F FRPSUDU GR
FRQFHGHQWH RV YHtFXORV QD
TXDQWLGDGH SUHYLVWD QD FRWD
UHVSHFWLYD VHQGROKH
IDFXOWDGR OLPLWDU R VHX
HVWRTXH DUW G
RUJDQL]DUVH
HPSUHVDULDOPHQWH GH IRUPD
D DWHQGHU RV SDGU}HV
GHWHUPLQDGRV SHOR
FRQFHGHQWH SDUD D
FRPHUFLDOL]DomR GRV
YHtFXORVHSDUDDDVVLVWrQFLD
WpFQLFD DRV FRQVXPLGRUHV
DUW
(P UHODomR DRV
DFHVVyULRV SRGHUi R
FRQFHVVLRQiULR
FRPHUFLDOL]DU OLYUHPHQWH RV
SURGXWRV TXH FRQVLGHUDU
LQWHUHVVDQWHV Mi TXH D OHL
FRJLWD DWXDOPHQWH DSHQDV GH
tQGLFHGHILGHOLGDGHSDUDRV
FRPSRQHQWHV3RUILPFRPD
DOWHUDomR LQWURGX]LGD SHOD
/HL Q GH RV
SUHoRV GRV YHtFXORV DR
FRQVXPLGRUVmRIL[DGRVSHOR
FRQFHVVLRQiULR H QmR PDLV
SHORFRQFHGHQWHDUW
)5$148,$
$IUDQTXLDpXPFRQWUDWR
SHOR TXDO XP HPSUHViULR
IUDQTXHDGRU ² IUDQFKLVRU
OLFHQFLD R XVR GH VXD PDUFD
D RXWUR IUDQTXHDGR ²
IUDQFKLVHH H SUHVWDOKH
VHUYLoRV GH RUJDQL]DomR
HPSUHVDULDO FRP RX VHP
YHQGDGHSURGXWRV3RUPHLR
GHVWH WLSR GH FRQWUDWR XPD
SHVVRD FRP DOJXP FDSLWDO
SRGH HVWDEHOHFHUVH
FRPHUFLDOPHQWH VHP
SUHFLVDU SURFHGHU DR HVWXGR
H HTXDFLRQDPHQWR GH PXLWRV
GRV DVSHFWRV GR
HPSUHHQGLPHQWR
EDVLFDPHQWHRVUHODFLRQDGRV
FRP D HVWUXWXUDomR
DGPLQLVWUDWLYD WUHLQDPHQWR
GHIXQFLRQiULRVHWpFQLFDVGH
PDUNHWLQJ ,VWR SRUTXH WDLV
DVSHFWRV HQFRQWUDPVH Mi
VXILFLHQWH H GHYLGDPHQWH
HTXDFLRQDGRVSHORWLWXODUGH
XPD PDUFD GH FRPpUFLR RX
VHUYLoR H HOH OKH IRUQHFH RV
VXEVtGLRV LQGLVSHQViYHLV j
HVWUXWXUDomRGRQHJyFLR
$IUDQTXLDFRQVLVWHSRLV
QD FRQMXJDomR GH GRLV
FRQWUDWRV R GH
OLFHQFLDPHQWR GH XVR GH
PDUFD H R GH RUJDQL]DomR
HPSUHVDULDO1RUPDOPHQWHR
IUDQTXHDGR GLVS}H GH
UHFXUVRV H GHVHMD FRQVWLWXLU
XPD HPSUHVD FRPHUFLDO RX
GH SUHVWDomR GH VHUYLoRV
&RQWXGR QmR WHP RV
FRQKHFLPHQWRVWpFQLFRVHGH
DGPLQLVWUDomR H HFRQRPLD
JHUDOPHQWH QHFHVViULRV DR
VXFHVVR GR HPSUHHQGLPHQWR
QHP RV SUHWHQGH WHU 'R
RXWURODGRKiRIUDQTXHDGRU
WLWXODU GH XPD PDUFD Mi
FRQKHFLGD GRV
FRQVXPLGRUHV TXH GHVHMD
DPSOLDU D RIHUWD GR VHX
SURGXWRRXVHUYLoRPDVVHP
DV GHVSHVDV H ULVFRV
LQHUHQWHV j LPSODQWDomR GH
ILOLDLV 3HOD IUDQTXLD R
IUDQTXHDGR DGTXLUH GR
IUDQTXHDGRU RV VHUYLoRV GH
RUJDQL]DomR HPSUHVDULDO H
PDQWpP FRP RV VHXV
UHFXUVRV PDV FRP HVWULWD
REVHUYkQFLD GDV GLUHWUL]HV
HVWDEHOHFLGDV SRU HVWH
~OWLPR XP HVWDEHOHFLPHQWR
TXHFRPHUFLDRVSURGXWRVRX
SUHVWD RV VHUYLoRV GD PDUFD
GR IUDQTXHDGRU $PEDV DV
SDUWHV WrP YDQWDJHQV SRVWR
TXH R IUDQTXHDGR Mi VH
HVWDEHOHFH QHJRFLDQGR
SURGXWRV RX VHUYLoRV Mi
WUDEDOKDGRVMXQWRDRS~EOLFR
FRQVXPLGRU SRU PHLR GH
WpFQLFDV GH PDUNHWLQJ
WHVWDGDV H DSHUIHLoRDGDV
SHORIUDQTXHDGRUHHVWHSRU
VXD YH] SRGH DPSOLDU D
RIHUWD GD VXD PHUFDGRULD RX
VHUYLoR VHP QRYRV DSRUWHV
GHFDSLWDO
2V VHUYLoRV GH
RUJDQL]DomRHPSUHVDULDOTXH
R IUDQTXHDGRU SUHVWD DR
IUDQTXHDGR VmR JHUDOPHQWH
RV GHFRUUHQWHV GH WUrV
FRQWUDWRV TXH SRGHP VHU
WUDWDGRV DXWRQRPDPHQWH
3ULPHLUDPHQWHRFRQWUDWRGH
HQJLQHHULQJ SHOR TXDO R
IUDQTXHDGRU GHILQH SURMHWD
RX H[HFXWD R OD\RXW GR
HVWDEHOHFLPHQWR GR
IUDQTXHDGR (P VHJXQGR
OXJDU R PDQDJHPHQW
UHODWLYR DR WUHLQDPHQWR GRV
IXQFLRQiULRV GR IUDQTXHDGRU
H j HVWUXWXUDomR GD
DGPLQLVWUDomR GR QHJyFLR
3RU ILP R PDUNHWLQJ
SHUWLQHQWH jV WpFQLFDV GH
FRORFDomR GRV SURGXWRV RX
VHUYLoRV MXQWR DRV VHXV
FRQVXPLGRUHV HQYROYHQGR
HVWXGRV GH PHUFDGR
SXEOLFLGDGH YHQGDV
SURPRFLRQDLV ODQoDPHQWR
GH QRYRV SURGXWRV RX
VHUYLoRVHWF
$IUDQTXLDpXPFRQWUDWR
DWtSLFR 1R HQWDQWR
FRVWXPDVH DWULEXLU DRV
IUDQTXHDGRV R VHJXLQWH
FRQMXQWRGHREULJDo}HVDR
SDJDPHQWR GH XPD WD[D GH
DGHVmR H GH XP SHUFHQWXDO
GR VHX IDWXUDPHQWR E R
SDJDPHQWRSHORVVHUYLoRVGH
RUJDQL]DomR HPSUHVDULDO
IRUQHFLGRVSHORIUDQTXHDGRU
F D REULJDomR GH RIHUHFHU
DRV FRQVXPLGRUHV DSHQDV RV
SURGXWRV RX VHUYLoRV GD
PDUFD GR IUDQTXHDGRU SRU
HOHIDEULFDGRVDSURYDGRVRX
VLPSOHVPHQWH LQGLFDGRV G
REVHUYDU HVWULWDPHQWH DV
LQVWUXo}HV H R SUHoR GH
YHQGD DR FRQVXPLGRU
HVWDEHOHFLGRV SHOR
IUDQTXHDGRU3RUVHXWXUQRR
IUDQTXHDGRU WHP
QRUPDOPHQWH DV VHJXLQWHV
REULJDo}HV D SHUPLWLU DR
IUDQTXHDGR R XVR GH VXD
PDUFDESUHVWDURVVHUYLoRV
GHRUJDQL]DomRHPSUHVDULDO
$/HLQGH
HPERUD GLVFLSOLQH
GHWHUPLQDGRV DVSHFWRV GD
IUDQTXLD QmR D WRUQRX
PRGDOLGDGH GH FRQWUDWR
WtSLFR $R FRQWUiULR DV
UHODo}HVHQWUHIUDQTXHDGRUH
IUDQTXHDGR FRQWLQXDP
UHJHQGRVH H[FOXVLYDPHQWH
SHODV FOiXVXODV
FRQWUDWXDOPHQWH SDFWXDGDV
2 TXH R OHJLVODGRU
HVWDEHOHFHX FRP HVVH
GLSORPD IRL D UHJUD GH
DEVROXWD WUDQVSDUrQFLD QDV
QHJRFLDo}HV TXH DQWHFHGHP
D DGHVmR GR IUDQTXHDGR j
IUDQTXLD 1RV WHUPRV GD
GLVFLSOLQD OHJDO R
IUDQTXHDGRU GHYH IRUQHFHU
DRV LQWHUHVVDGRV XPD
&LUFXODU GH 2IHUWD GH
)UDQTXLD TXH HP OLQJXDJHP
FODUD H DFHVVtYHO SUHVWH DV
LQIRUPDo}HV HVVHQFLDLV GD
RSHUDomRDUW6RESHQD
GH DQXODELOLGDGH GR
FRQWUDWRD&LUFXODUGHYHVHU
HQWUHJXH DRV LQWHUHVVDGRV
FRP D DQWHFHGrQFLD PtQLPD
GH GH] GLDV H QmR SRGH
FRQWHU LQIRUPDo}HV IDOVDV
DUWVH
',675,%8,d2
$ FULDomR FRQVROLGDomR
RX DPSOLDomR GH PHUFDGRV
SRU PHLR GD FRODERUDomR
HPSUHVDULDO SRGHP UHVXOWDU
GH DWRV GR FRODERUDGRU GH
DSUR[LPDomR RX GH
LQWHUPHGLDomR 1R SULPHLUR
FDVR R FRODERUDGRU
LGHQWLILFD SHVVRDV
LQWHUHVVDGDV HP DGTXLULU H
QR FDVR GD FRPLVVmR
WDPEpPYHQGHUSURGXWRVGR
RXWUR HPSUHViULR
FRQWUDWDQWH QR VHJXQGR HOH
PHVPR DGTXLUH RV SURGXWRV
H QR FDVR GD IUDQTXLD
WDPEpP VHUYLoRV GR RXWUR
FRQWUDWDQWH H RV RIHUHFH GH
QRYRDRPHUFDGR
2 FRQWUDWR GH
GLVWULEXLomR p PRGDOLGDGH
GH FRODERUDomR HPSUHVDULDO
TXH VH SRGH HQTXDGUDU HP
TXDOTXHU XPD GHVVDV
HVSpFLHV
$ GLVWULEXLomR
DSUR[LPDomR p FRQWUDWR HP
TXH XP GRV HPSUHViULRV
GLVWULEXLGRU VH REULJD D
SURPRYHU HP FDUiWHU QmR
HYHQWXDO H VHP YtQFXORV GH
GHSHQGrQFLDDUHDOL]DomRGH
FHUWRVQHJyFLRVSRUFRQWDGH
RXWUR HPSUHViULR
SURSRQHQWH HP ]RQD
GHWHUPLQDGDHWHQGRVREVXD
SRVVH DV PHUFDGRULDV D
VHUHP YHQGLGDV 6H IDOWDU j
GLVWULEXLomRDSUR[LPDomR R
~OWLPRUHTXLVLWRLVWRpVHR
GLVWULEXLGRU QmR WLYHU HP
PmRV DV PHUFDGRULDV TXH
SURPRYH R FRQWUDWR p
GHQRPLQDGR ³DJrQFLD´ SHOD
OHL&&DUW
$ GLVWULEXLomR
DSUR[LPDomRHDDJrQFLDVmR
FRQWUDWRVWtSLFRVUHJLGRVQR
&yGLJR &LYLO H VXMHLWRV jV
PHVPDV UHJUDV eOKHV
LQHUHQWH D GHILQLomR QR
LQVWUXPHQWR GH XPD EDVH
WHUULWRULDO SDUD LGHQWLILFDomR
GR PHUFDGR HP TXH DV
SDUWHV PDQWHUmR D
FRODERUDomR ³]RQD GH
DWXDomR´ 6mR FOiXVXODV
LPSOtFLWDV QHVWHV FRQWUDWRV D
GH H[FOXVLYLGDGH GH
GLVWULEXLomR RX
VLPSOHVPHQWH H[FOXVLYLGDGH
SHOD TXDO R GLVWULEXLGRU RX
DJHQWH QmR SRGHP WUDEDOKDU
SDUD RXWURV SURSRQHQWHV QD
]RQD GH DWXDomR H D GH
H[FOXVLYLGDGH GH ]RQD RX
WHUULWRULDOLGDGH HP TXH R
SURSRQHQWH GHYH DEVWHUVH
GHUHDOL]DUQHJyFLRVQD]RQD
GHDWXDomRDQmRVHUFRPRV
DSUR[LPDGRV SHOR
GLVWULEXLGRURXDJHQWH$OHL
DVVHJXUD DR GLVWULEXLGRU RX
DJHQWH R GLUHLWR j
UHPXQHUDomR SHORV QHJyFLRV
UHDOL]DGRV HP GHVUHVSHLWR j
FOiXVXOD GH WHUULWRULDOLGDGH
&&DUW
1D GLVWULEXLomR
DSUR[LPDomR R GLVWULEXLGRU
RX DJHQWH VmR UHPXQHUDGRV
SRU XP SHUFHQWXDO GRV
QHJyFLRV TXH DMXGDP D
UHDOL]DU D ³FRPLVVmR´ $
REULJDomR SULQFLSDO GR
SURSRQHQWH p D GH SDJDU D
FRPLVVmR SRGHQGR R
FRQWUDWR FRQGLFLRQiOD DR
HIHWLYR SDJDPHQWR GR SUHoR
SHOR WHUFHLUR DGTXLUHQWH GDV
PHUFDGRULDV $ VHX WXUQR D
REULJDomR SULQFLSDO TXH
GLVWULEXLGRU RX DJHQWH
DVVXPHP p D GH HQFRQWUDU
LQWHUHVVDGRV HP DGTXLULU RV
SURGXWRV GR SURSRQHQWH H
HQFRQWUDQGRRV UHFHEHU
GHOHV SHGLGR GH FRPSUD 2
SURSRQHQWH QmR HVWi
REULJDGR D DFHLWDU WRGRV RV
SHGLGRV GH FRPSUD
HQFDPLQKDGRV SHOR
GLVWULEXLGRU RX DJHQWH PDV
WDPEpPQmRSRGHUHFXViORV
WRGRV LPRWLYDGDPHQWH
FHVVDQGR R ULWPR GD
FRODERUDomR 6H R IL]HU R
SURSRQHQWHGHYHLQGHQL]DUR
GLVWULEXLGRU RX DJHQWH &&
DUW
2V FRQWUDWRV GH
GLVWULEXLomRDSUR[LPDomR H
RV GH DJrQFLD SRGHP VHU
FHOHEUDGRV FRP RX VHP
SUD]R1DSULPHLUDKLSyWHVH
WUDQVFRUULGR R SHUtRGR
FRQWUDWDGR FHVVDP DV
REULJDo}HV GH SDUWH D SDUWH
QD VHJXQGD R YtQFXOR
FRQWUDWXDO VH GHVID] GHSRLV
GH GLDV GD QRWLILFDomR
TXH TXDOTXHU XP GRV
HPSUHViULRV SURPRYHU
³DYLVR SUpYLR´ 1D
UHVROXomR GRV FRQWUDWRV SRU
SUD]R LQGHWHUPLQDGR VH R
GLVWULEXLGRU RX DJHQWH QmR
KDYLDP DLQGD UHFXSHUDGR RV
LQYHVWLPHQWRV FRP DOJXP
UHVXOWDGR OtTXLGR WHQGR HP
YLVWD R SUD]R HP TXH
UD]RDYHOPHQWH SRGHULDP Wr
OR IHLWR R SURSRQHQWH HVWi
REULJDGRDLQGHQL]iORV&&
DUWHSDUiJUDIR~QLFR
3RU RXWUR ODGR D
GLVWULEXLomRLQWHUPHGLDomRp
FRQWUDWR DWtSLFR QmR
GLVFLSOLQDGR QD OHL e R
FHOHEUDGR HQWUH
GLVWULEXLGRUDV GH
FRPEXVWtYHO H RV SRVWRV GH
DEDVWHFLPHQWR GH VXDV
EDQGHLUDV HQWUH IiEULFD GH
FHUYHMD H RV DWDFDGLVWDV
]RQDLV HWF &DUDFWHUL]DVH
LQGHSHQGHQWHPHQWH GD
GHQRPLQDomR GDGD SHOR
LQVWUXPHQWR FRQWUDWXDO SHOD
REULJDomR TXH XP
HPSUHViULR GLVWULEXLGRU
DVVXPH SHUDQWH R RXWUR
GLVWULEXtGR GH FULDU
FRQVROLGDU RX DPSOLDU R
PHUFDGR GRV SURGXWRV GHVWH
~OWLPR FRPSUDQGRRV SDUD
UHYHQGHU 4XDQGR SUHVHQWH
HVWD ~OWLPD FDUDFWHUtVWLFD QR
FRQWUDWRGHFRODERUDomRQmR
VH DSOLFDP DV QRUPDV GR
&yGLJR &LYLO VREUH DJrQFLD
RXGLVWULEXLomRDSUR[LPDomR
DFLPDLQGLFDGDVSRUTXHQHP
VHPSUH VmR HVWDV
LQWHLUDPHQWH FRPSDWtYHLV
FRP VXD HVWUXWXUD H IXQomR
HFRQ{PLFD
1D GLVWULEXLomR DWtSLFD
SRU LQWHUPHGLDomR
GLVWULEXLGRU H GLVWULEXtGR
WrP DSHQDV RV GLUHLWRV H
REULJDo}HV TXH QHJRFLDUDP
&RPR p FRQWUDWR DWtSLFR DV
UHODo}HV HQWUH RV VHXV
FRQWUDWDQWHVUHJHPVHDSHQDV
SHOR FRQWLGR QR UHVSHFWLYR
LQVWUXPHQWR GH FRQWUDWR $
H[FOXVLYLGDGH
WHUULWRULDOLGDGHKLSyWHVHVGH
UHVROXomR GLUHLWR j
LQGHQL]DomR SUD]R H RV
GHPDLV HOHPHQWRV
FRQVWLWXWLYRV GD UHODomR
FRQWUDWXDO SRGHP VHU
OLYUHPHQWH QHJRFLDGRV HQWUH
GLVWULEXLGRU H GLVWULEXtGR
1mR Ki EDOL]DPHQWRV OHJDLV
QHP FRQVHTXrQFLDV
OHJDOPHQWH SUHYLVWDV SDUD R
FDVRGHUHVROXomR2PLVVRR
LQVWUXPHQWR FRQWUDWXDO R
FRQIOLWR GH LQWHUHVVHV HQWUH
RV HPSUHViULRV FRQWUDWDQWHV
SRGH VHU HYHQWXDOPHQWH
UHVROYLGR SRU DSOLFDomR
DQDOyJLFDGDVUHJUDVVREUHR
FRQWUDWR GH FRQFHVVmR
FRPHUFLDO TXH p GHQWUH RV
GH FRODERUDomR R PDLV
SUy[LPR j GLVWULEXLomR
LQWHUPHGLDomR
&$3Ë78/2
&2175$726
%$1&È5,26
$7,9,'$'(
%$1&È5,$
23(5$d®(63$66,9$6
23(5$d®(6$7,9$6
2V FRQWUDWRV EDQFiULRV
UHODFLRQDGRVFRPRSHUDo}HV
DWLYDVVmRDTXHOHVHPTXHR
EDQFR DVVXPH TXDQWR j
REULJDomR SULQFLSDO D
SRVLomR GH FUHGRU e FHUWR
TXH FRPXPHQWHHP
TXDOTXHU UHODomR FRQWUDWXDO
DV SDUWHV WrP REULJDo}HV D
UHFHEHUHDSUHVWDU6RPHQWH
p SRVVtYHO SRUWDQWR DGRWDU
VHRFULWpULRGHFODVVLILFDomR
DTXL UHIHULGR FRQVLGHUDQGR
VH D SRVLomR DWLYD RX
SDVVLYDGREDQFRQRWRFDQWH
jREULJDomRSULQFLSDO'HVVD
IRUPD SRU H[HPSOR QD
DEHUWXUDGHFUpGLWRREDQFR
p HVVHQFLDOPHQWH R FUHGRU
PDV LVVR QmR VLJQLILFD TXH
QmR WHQKD QHQKXPD
REULJDomR SHUDQWH R FOLHQWH
$RFRQWUiULRFDEHDREDQFR
QHVVDUHODomRFRQWUDWXDOS{U
j GLVSRVLomR GR FOLHQWH R
FUpGLWRREMHWRGDDYHQoD
0HGLDQWHRVFRQWUDWRVGD
FDWHJRULD GDV RSHUDo}HV
DWLYDV RV EDQFRV FRQFHGHP
FUpGLWR DRV VHXV FOLHQWHV
FRP RV UHFXUVRV FROHWDGRV
MXQWR D RXWURV FOLHQWHV SRU
PHLR GH FRQWUDWRV GD
FDWHJRULD GDV RSHUDo}HV
SDVVLYDV (VVD
LQWHUPHGLDomR GR FUpGLWR
TXH HFRQRPLFDPHQWH
UHGXQGD HP JHUDomR GH
ULTXH]DV FRQILJXUD D
HVVrQFLD GD DWLYLGDGH
EDQFiULD 2V SULQFLSDLV
FRQWUDWRV EDQFiULRV GH
RSHUDo}HVDWLYDVVmRP~WXR
EDQFiULR GHVFRQWR DEHUWXUD
GH FUpGLWR H FUpGLWR
GRFXPHQWiULR
0~WXREDQFiULR
2 P~WXR EDQFiULR p R
FRQWUDWR SHOR TXDO R EDQFR
HPSUHVWD DR FOLHQWH FHUWD
TXDQWLDGHGLQKHLUR$PDWUL]
GHVVD ILJXUD FRQWUDWXDO
HYLGHQWHPHQWH p R P~WXR
FLYLO LVWR p R HPSUpVWLPR
GH FRLVD IXQJtYHO && DUW
*DQKD QR HQWDQWR
HVVH FRQWUDWR DOJXQV
FRQWRUQRVSUySULRVTXDQGRR
PXWXDQWH p LQVWLWXLomR
ILQDQFHLUD SULQFLSDOPHQWH
QRTXHGL]UHVSHLWRjWD[DGH
MXURVGHYLGD
2 P~WXR EDQFiULR p XP
FRQWUDWR UHDO RX VHMD
VRPHQWHVHDSHUIHLoRDFRPD
HQWUHJDSHOREDQFRPXWXDQWH
DR FOLHQWH PXWXiULR GR
GLQKHLUR REMHWR GR
HPSUpVWLPR $QWHV GLVVR
LQH[LVWH FRQWUDWR H
FRQVHTXHQWHPHQWH QHQKXPD
REULJDomRFRQWUDWXDOVHSRGH
LPSXWDUDREDQFRVHHOHQmR
SURFHGHU j HQWUHJD GR
GLQKHLUR PHVPR GHSRLV GH
FRQFOXtGDV DV WUDWDWLYDV FRP
RFOLHQWH
$ SDUWLU GD HQWUHJD GR
GLQKHLUR DR PXWXiULR HVWH
DVVXPH DV VHJXLQWHV
REULJDo}HV D UHVWLWXLU R
YDORU HPSUHVWDGR FRP
FRUUHomR PRQHWiULD VH
SUHYLVWD E SDJDU MXURV
HQFDUJRV FRPLVV}HV H
GHPDLV WD[DV FRQVWDQWHV GR
LQVWUXPHQWR GH FRQWUDWR F
DPRUWL]DU R YDORU
HPSUHVWDGR QRV SUD]RV
HVWDEHOHFLGRV
FRQWUDWXDOPHQWH 2 EDQFR
PXWXDQWH SRU VXD YH] QmR
DVVXPH QHQKXPD REULJDomR
SHUDQWHRPXWXiULRGHPRGR
TXH VH SRGH DILUPDU D
QDWXUH]D XQLODWHUDO GHVVH
FRQWUDWR
1mRYLJRUDSDUDRP~WXR
EDQFiULR D OLPLWDomR QDV
WD[DVGHMXURVSUHVFULWDSHOR
&yGLJR &LYLO DUWV H
'HFUHWR Q GH
7HP HQWHQGLGR D
MXULVSUXGrQFLD TXH R DUW
GD /5% DR DWULEXLU
FRPSHWrQFLD DR &RQVHOKR
0RQHWiULR 1DFLRQDO SDUD
GLVFLSOLQDUDVWD[DVGHMXURV
D VHUHP SUDWLFDGDV SHODV
LQVWLWXLo}HV ILQDQFHLUDV
H[FOXLX RV FRQWUDWRV
EDQFiULRVGDOLPLWDomROHJDO
LPSRVWD DRV MXURV GRV
P~WXRVFLYLV
4XDQWRjIRUPDRP~WXR
EDQFiULR VRPHQWH H[LJH
LQVWUXPHQWR S~EOLFR VH
KRXYHU JDUDQWLD UHDO
KLSRWHFiULD UHVVDOYDGD D
KLSyWHVH GH HPLVVmR GH
FpGXOD GH FUpGLWR FRP
RQHUDomR GH EHP LPyYHO
TXDQGR p GLVSHQVDGD D
HVFULWXUDS~EOLFD
8P DVSHFWR LQWHUHVVDQWH
GR FRQWUDWR GH P~WXR HVWi
UHODFLRQDGR FRP D
LPSRVVLELOLGDGH GH R
PXWXiULR REULJDU R PXWXDQWH
D UHFHEHU D GHYROXomR GR
YDORU HPSUHVWDGR DQWHV GR
SUD]RSDFWXDGRFRPYLVWDVj
UHGXomR GR SDJDPHQWR GH
MXURV 1RWHVH TXH D
H[SHFWDWLYD GR PXWXDQWH p D
GH ID]HU HPSUHJR
UHPXQHUDGR GH VHX FDSLWDO
6H DVVLP p R SDJDPHQWR
DQWHFLSDGRFRPDUHGXomRGH
MXURV IUXVWUD DLQGD TXH
SDUFLDOPHQWH WDO
H[SHFWDWLYD 2 GLUHLWR WXWHOD
R LQWHUHVVH GR PXWXDQWH H
IL[D D UHJUD GH TXH D
GHYROXomR GR YDORU
HPSUHVWDGR DQWHV GR SUD]R
FRQWUDWXDOPHQWHHVWDEHOHFLGR
VRPHQWH SRGHVH GDU FRP D
VXDFRQFRUGkQFLD(VVDUHJUD
WHP DSHQDV XPD H[FHomR
SUHVFULWD QR &yGLJR GH
'HIHVD GR &RQVXPLGRU DUW
VHJXQGRDTXDOQR
P~WXRHQWUHXPIRUQHFHGRUH
VHX FRQVXPLGRU ILFD
DVVHJXUDGD D HVWH ~OWLPR D
OLTXLGDomR DQWHFLSDGD GR
GHYLGR FRP UHGXomR
SURSRUFLRQDO GH MXURV H
GHPDLVDFUpVFLPRV
$OJXPD GRXWULQD DGPLWH
TXH R P~WXR SRVVD WHU SRU
REMHWRDILUPDGREDQFR,VWR
TXHU GL]HU TXH D LQVWLWXLomR
ILQDQFHLUDSRGHULDHPSUHVWDU
D XP FOLHQWH D VXD
UHVSRQVDELOLGDGHeEDVWDQWH
FRPXP QR FRPpUFLR
QRWDGDPHQWH HP FRQWUDWRV
TXH HQYROYHP JUDQGHV
VRPDV D H[LJrQFLD GH XPD
GDVSDUWHVQRVHQWLGRGHTXH
D RXWUD DSUHVHQWH D JDUDQWLD
GH XP EDQFR SHUIRUPDQFH
ERQG GH IRUPD TXH
LQDGLPSOLQGR HVWH
FRQWUDWDQWH FRP DV VXDV
REULJDo}HV SRGHUi R RXWUR
UHVVDUFLUVH MXQWR j
LQVWLWXLomR ILQDQFHLUD $
ULJRU QmR VH WUDWD GR
HPSUpVWLPRGHILUPDPDVGD
RXWRUJD RQHURVD GH XPD
JDUDQWLD QHJyFLR FXMD
GLVFLSOLQD VH HVJRWD QR
UHJLPH HVWDEHOHFLGR SDUD D
ILDQoD
3RU ILP DQRWHVH TXH
GHILQR ILQDQFLDPHQWR FRPR
VHQGRDTXHOHP~WXREDQFiULR
HPTXHRPXWXiULRDVVXPHD
REULJDomR GH FRQIHULU DR
GLQKHLUR HPSUHVWDGR XPD
GHWHUPLQDGD ILQDOLGDGH
FRPR SRU H[HPSOR LQYHVWLU
QR GHVHQYROYLPHQWR GH XPD
DWLYLGDGH HFRQ{PLFD RX
DGTXLULU D FDVD SUySULD
1HVWD KLSyWHVH R EDQFR WHP
GLUHLWR GH SURFHGHU D
YLVWRULDV FRQILUPDWyULDV RX
PHVPR HQWUHJDU R GLQKHLUR
HPSUHVWDGR GLUHWDPHQWH D
WHUFHLURV D LQFRUSRUDGRUD
GR LPyYHO DGTXLULGR FRP
ILQDQFLDPHQWR S H[ 8PD
GDVUD]}HVGLVVRVHHQFRQWUD
QRIDWRGHTXHSRUYH]HVKi
FUpGLWR EDQFiULR VXEVLGLDGR
SRU SURJUDPDV
JRYHUQDPHQWDLV SDUD R
IRPHQWR GH GHWHUPLQDGDV
DWLYLGDGHV HFRQ{PLFDV RX
GHVWLQDGR DR
HTXDFLRQDPHQWR GD TXHVWmR
KDELWDFLRQDO 1HVWH FDVR
FRP R REMHWLYR GH VH
HYLWDUHP GHVYLRV RX
GLVWRUo}HV D LQVWLWXLomR
ILQDQFHLUD WHP QmR Vy D
SUHUURJDWLYD PDV DWp R
GHYHUGHVHDVVHJXUDUTXDQWR
DR DGHTXDGR HPSUHJR GRV
UHFXUVRV ILQDQFLDGRV +i QD
GRXWULQD TXHP FRQFHLWXH
GLIHUHQWHPHQWH R
ILQDQFLDPHQWR WRPDQGRR
SHOR FRQWUDWR HP TXH R
EDQFR DGLDQWD DR FOLHQWH RV
UHFXUVRV QHFHVViULRV D XP
GHWHUPLQDGR
HPSUHHQGLPHQWRSDUDUHDYr
ORV MXQWR D GHYHGRUHV GR
ILQDQFLDGR
'HVFRQWREDQFiULR
2 GHVFRQWR EDQFiULR
VHJXQGR VH GHSUHHQGH GH
OHJLVODo}HV HVWUDQJHLUDV TXH
R GLVFLSOLQDP p R FRQWUDWR
HP TXH R EDQFR
GHVFRQWDGRU DQWHFLSD DR
FOLHQWHGHVFRQWiULRRYDORU
GH FUpGLWR GHVWH FRQWUD
WHUFHLUR PHVPR QmR
YHQFLGR UHFHEHQGR WDO
FUpGLWR HP FHVVmR 3RU
HYLGHQWH R EDQFR DR SDJDU
SHOR FUpGLWR GHVFRQWDGR
GHGX] GR VHX YDORU D
LPSRUWkQFLD UHODWLYD D
GHVSHVDV H MXURV
FRUUHVSRQGHQWHV DR ODSVR
WHPSRUDO HQWUH D GDWD GD
DQWHFLSDomR H D GR
YHQFLPHQWR 2 VHX JDQKR
HFRQ{PLFR QHVVH QHJyFLR
FRQWUDWXDO GHFRUUH
H[DWDPHQWH GHVVD GHGXomR
VHP D TXDO D RSHUDomR QmR
VHULD DWUDHQWH j LQVWLWXLomR
ILQDQFHLUD
1D DQiOLVH GD QDWXUH]D
MXUtGLFD GHVVH FRQWUDWR
GLYLGHPVH RV
GRXWULQDGRUHV +i TXHP
FRQVLGHUH D WUDQVIHUrQFLD GR
FUpGLWR FRPR YHUGDGHLUR
SDJDPHQWR SUR VROYHQGR GH
XP FRQWUDWR GH P~WXR
FHOHEUDGR HQWUH R EDQFR H R
FOLHQWH 2XWUD SDUWH GD
GRXWULQD FRQILJXUD R
GHVFRQWR FRPR XP FRQWUDWR
PLVWR FRQMXJDomR GR P~WXR
EDQFiULR FRP D GDomR GH
FUpGLWR(KiWDPEpPRVTXH
YHHP QD KLSyWHVH XP
YHUGDGHLUR FRQWUDWR
DXW{QRPR
2 GHVFRQWR SRGH WHU SRU
REMHWR D DQWHFLSDomR GH
FUpGLWR FRQVWDQWH GH
TXDOTXHU LQVWUXPHQWR
MXUtGLFR 1RUPDOPHQWH
FRQWXGR RV EDQFRV
GHVFRQWDP DSHQDV RV
FKDPDGRV WtWXORV EDQFiYHLV
RXVHMDRVWtWXORVGHFUpGLWR
HP JHUDO ,VWR p IiFLO GH VH
HQWHQGHU &RQIRUPH VH
FRQFOXL GR H[DPH GD WHRULD
JHUDO GR GLUHLWR FDPELiULR
DV QRUPDV GLVFLSOLQDGRUDV
GDV FDPELDLV H GRV WtWXORV
FDPELDULIRUPHV VH YROWDP D
JDUDQWLU RV UHFHEHGRUHV
GHVWHV LQVWUXPHQWRV SHUDQWH
HYHQWXDLV H[FHo}HV
RSRQtYHLV SHORV GHYHGRUHV
FRQWUDRFUHGRURULJLQiULRR
TXH QmR H[LVWH QD FHVVmR
FLYLO GH FUpGLWR 'HVVD
IRUPD RV WtWXORV GH FUpGLWRV
IDYRUHFHP D FLUFXODomR GR
FUpGLWR SRU HOHV
GRFXPHQWDGRV 8PD
LQVWLWXLomR ILQDQFHLUD DR
GHVFRQWDU XPD FDPELDO HVWi
WXWHODGD HP VHXV LQWHUHVVHV
SHORV SULQFtSLRV EDVLODUHV
GR GLUHLWR FDPELiULR LVWR p
SHOD FDUWXODULGDGH
OLWHUDOLGDGHHDXWRQRPLDGDV
REULJDo}HV FRQVWDQWHV GR
WtWXOR $VVLP VH GLVS}H D
GHVFRQWDU PDLV IDFLOPHQWH R
YDORUGHXPWtWXORGHFUpGLWR
GR TXH R FRQVWDQWH GH XP
LQVWUXPHQWR GH RXWUD
QDWXUH]D
1HVVH FRQWH[WR R
GHVFRQWiULR WUDQVIHUH DR
EDQFRRVHXFUpGLWRHUHFHEH
GHVWH XPD LPSRUWkQFLD
FRUUHVSRQGHQWH DR VHX YDORU
GHGX]LGRGHGHVSHVDVMXURV
FRPLVV}HV H RXWUDV SDUFHODV
FRQWUDWXDOPHQWH SDFWXDGDV
4XDQGRVHWUDWDGHXPWtWXOR
GHFUpGLWRDWUDQVIHUrQFLDVH
ID] PHGLDQWH HQGRVVR
1RUPDOPHQWHRGHVFRQWDGRU
QmR DFHLWD D LQVHUomR SHOR
GHVFRQWiULR GD FOiXVXOD
³VHP JDUDQWLD´ SRVWR TXH R
EDQFR GHVHMD UHVJXDUGDU R
VHXGLUHLWRGHFUpGLWRFRQWUD
RHQGRVVDQWH
e LPSRUWDQWH DFHQWXDU
TXH HPERUD R HQGRVVR VHMD
DWR LQGLVSHQViYHO j
SHUIHLomR GR GHVFRQWR GH
WtWXOR GH FUpGLWR UHODo}HV
MXULGLFDPHQWH GLYHUVDV Ki
TXH VH SRGHP HVWDEHOHFHU
HQWUH EDQFR H FOLHQWH SHOR
HQGRVVR GH WtWXORV VHP D
FRQILJXUDomR GR GHVFRQWR
EDQFiULR (P RXWUDV
SDODYUDV QmR SRGH RFRUUHU
GHVFRQWR GH WtWXORV GH
FUpGLWR VHP HQGRVVR GR
FOLHQWH HP IDYRU GR EDQFR
PDV HVWH SRGH H[LVWLU VHP
DTXHOH 1RWHVH TXH SRGHP
VHU GLYLVDGDV SHOR PHQRV
WUrV VLWXDo}HV HP TXH R
EDQFR UHFHEH SRU HQGRVVR
WtWXORV GH FUpGLWR GH VHXV
FOLHQWHV 1XPD SULPHLUD
KLSyWHVH R FOLHQWH DSHQDV
FRQWUDWD R VHUYLoR GH
FREUDQoD SUHVWDGR SHOD
LQVWLWXLomR ILQDQFHLUD
SUDWLFDQGR XP HQGRVVR
PDQGDWR PHGLDQWH R TXDO D
LQYHVWH QD TXDOLGDGH GH
PDQGDWiULD SDUD R
UHFHELPHQWR GR FUpGLWR
GHYLGR SRU WHUFHLUR 1RXWUD
KLSyWHVH R FOLHQWH FRQWUDL
XPP~WXREDQFiULRHRIHUHFH
HP SHQKRU RV FUpGLWRV SRU
HOH WLWXODUL]DGRV SUDWLFDQGR
R HQGRVVRFDXomR TXH
LQYHVWHREDQFRQDTXDOLGDGH
GH FUHGRU SLJQRUDWtFLR 3RU
ILPRFOLHQWHWUDQVIHUHRVHX
FUpGLWR DR EDQFR TXH SDVVD
D WLWXODUL]iOR HP YLUWXGH GR
HQGRVVR SUySULR SUDWLFDGR
6RPHQWH QHVWD ~OWLPD
VLWXDomR SRGH KDYHU
GHVFRQWREDQFiULR
7UDWDVHGHFRQWUDWRUHDO
TXH VH DSHUIHLoRD FRP D
WUDQVIHUrQFLD GR FUpGLWR DR
GHVFRQWDGRU $ SDUWLU GH
HQWmR ILFD R EDQFR FRP D
REULJDomR GH DQWHFLSDU R
YDORU FRQWUDWDGR 6H R
FUpGLWR WUDQVIHULGR IRU SDJR
QR VHX YHQFLPHQWR SHOR
WHUFHLUR GHYHGRU H[WLQJXH
VHDUHODomRFRQWUDWXDOHQWUH
GHVFRQWiULR H GHVFRQWDGRU
&DVR FRQWUiULR QmR VHQGR R
GpELWR KRQUDGR QR
YHQFLPHQWR SRGHUi R EDQFR
RSWDU SRU XPD GDV VHJXLQWHV
DOWHUQDWLYDV D FREUDQoD
MXGLFLDOGRGHYHGRUGRWtWXOR
GHVFRQWDGR IXQGDPHQWDQGR
VH QD WUDQVIHUrQFLD GD
WLWXODULGDGH GR FUpGLWR E
FREUDQoD MXGLFLDO GR
HQGRVVDQWH GHVFRQWiULR
FRP IXQGDPHQWR QR GLUHLWR
FDPELiULR VHQGR QHVWD
KLSyWHVH LQGLVSHQViYHO R
SURWHVWR GR WtWXOR GHQWUR GR
SUD]R OHJDO SDUD D
FRQVHUYDomR GR GLUHLWR
FUHGLWtFLR F FREUDQoD
MXGLFLDOGRGHVFRQWiULRFRP
IXQGDPHQWR QR FRQWUDWR GH
GHVFRQWR FDVR HP TXH R
SURWHVWRGRWtWXORGHVFRQWDGR
pIDFXOWDWLYR
(VVD WHUFHLUD DOWHUQDWLYD
VRPHQWH p FDEtYHO HP UD]mR
GH VH FRQILJXUDU R GHVFRQWR
EDQFiULR FRPR XP
YHUGDGHLUR FRQWUDWR
DXW{QRPR 4XDOTXHU
HQWHQGLPHQWR GLYHUVR QR
WRFDQWH j VXD QDWXUH]D
LPSOLFDULDRUHFRQKHFLPHQWR
DREDQFRDSHQDVGRVGLUHLWRV
GHFRUUHQWHV GD FHVVmR (P
RXWURV WHUPRV VH IRVVH
QHJDGRDRGHVFRQWREDQFiULR
RFDUiWHUGHQHJyFLRMXUtGLFR
DXW{QRPR D LQVWLWXLomR
ILQDQFHLUD GHYHULD VHU
WUDWDGD VLPSOHVPHQWH FRPR
XPD HQGRVVDWiULD VH R
REMHWR GR GHVFRQWR p XP
WtWXOR GH FUpGLWR RX FRPR
XPDFHVVLRQiULDVHRREMHWR
p GLYHUVR FRPR S H[ XP
FRQWUDWR DGPLQLVWUDWLYR
&RPR HQGRVVDWiULD HOD
SHUGHULD R VHX GLUHLWR
FUHGLWtFLR FRQWUD R
HQGRVVDQWH VH QmR
SURYLGHQFLDVVH R SURWHVWR
HP WHPSR KiELO VDOYR D
LQVHUomR QR HQGRVVR GD
FOiXVXOD ³VHP GHVSHVDV´ H
FRPR FHVVLRQiULD QHP
VHTXHU WHULD HP UHJUD
GLUHLWR GH UHJUHVVR FRQWUD R
FHGHQWH &DS LWHP
([DWDPHQWH SRUTXH VH WUDWD
GH XP FRQWUDWR DXW{QRPR R
EDQFR SRGH FREUDU GR
GHVFRQWiULR R FUpGLWR QmR
SDJR SHOR WHUFHLUR GHYHGRU
IXQGDQGRVH DSHQDV QRV
GLUHLWRV HPHUJHQWHV GD
UHODomR FRQWUDWXDO QDVFLGD
FRPRGHVFRQWR
3RU YH]HV R EDQFR
GHVFRQWDGRU GHVFRQWD HOH
SUySULR MXQWR D XPD RXWUD
LQVWLWXLomR ILQDQFHLUD R
FUpGLWR REMHWR GH XP
GHVFRQWR (VVD RSHUDomR
GHQRPLQDVH UHGHVFRQWR H
GH DFRUGR FRP D SUHYLVmR
OHJDO /5% DUW ; WHP
FRPSHWrQFLD H[FOXVLYD SDUD
UHDOL]iODR%DQFR&HQWUDO
$EHUWXUDGHFUpGLWR
3HORFRQWUDWRGHDEHUWXUD
GHFUpGLWRREDQFRS}HXPD
FHUWD TXDQWLD GH GLQKHLUR j
GLVSRVLomR GR FOLHQWH TXH
SRGH RX QmR VH XWLOL]DU
GHVVHV UHFXUVRV (P JHUDO
FRQWUDWDVH TXH R FOLHQWH
VRPHQWH LUi SDJDU MXURV H
HQFDUJRVVHHTXDQGRODQoDU
PmR GR FUpGLWR DEHUWR
$VVRFLDGD D XP FRQWUDWR GH
GHSyVLWR FRVWXPDVH
GHVLJQDU D DEHUWXUD GH
FUpGLWR SHOR QRPH GH
³FKHTXHHVSHFLDO´
&XLGDVH GH XP FRQWUDWR
FRQVHQVXDO H ELODWHUDO HP
TXH D PDUFD GLVWLQWLYD p D
GLVSRQLELOL]DomRGHUHFXUVRV
ILQDQFHLURV &RPXPHQWH RV
EDQFRV QmR FREUDP
FRPLVVmR SHOD Vy FRORFDomR
GR GLQKHLUR j GLVSRVLomR GR
FOLHQWH PDV SRGHULDP ID]r
OR VH HQWHQGHVVHP
FRQYHQLHQWH VRE R SRQWR GH
YLVWD QHJRFLDO 2V MXURV
FRUUHomR PRQHWiULD H
HQFDUJRV SRU VXD YH] VmR
GHYLGRVHPUHJUDDSDUWLUGD
HIHWLYD XWLOL]DomR GR FUpGLWR
DEHUWR
'LVWLQJXHDGRXWULQDGXDV
PRGDOLGDGHV GH FRQWUDWR GH
DEHUWXUD GH FUpGLWR 'H XP
ODGRDDEHUWXUDVLPSOHVHP
TXH R FOLHQWH XPD YH]
XWLOL]DGRRFUpGLWRQmRWHPD
IDFXOGDGH GH UHGX]LU R
PRQWDQWHGRGHYLGRDQWHVGH
GHWHUPLQDGR SUD]R H GH
RXWUR ODGR D DEHUWXUD HP
FRQWDFRUUHQWH PXLWR XVXDO
HP TXH R FOLHQWH SRGH
PHGLDQWH HQWUDGDV UHGX]LU
VHX GpELWR SHUDQWH D
LQVWLWXLomRILQDQFHLUD
&UpGLWRGRFXPHQWiULR
(VVH FRQWUDWR GH ODUJD
XWLOL]DomR QR FRPpUFLR
LQWHUQDFLRQDO GHILQHVH SHOD
REULJDomR DVVXPLGD SRU XP
EDQFR HPLVVRU SHUDQWH R
VHX FOLHQWH RUGHQDQWH QR
VHQWLGR GH SURFHGHU D
SDJDPHQWRV HP IDYRU GH
WHUFHLUR EHQHILFLiULR
FRQWUD D DSUHVHQWDomR GH
GRFXPHQWRV UHODFLRQDGRV D
QHJyFLR UHDOL]DGR SRU HVWHV
GRLV ~OWLPRV
([HPSOLILFDWLYDPHQWHFRPR
FUpGLWR GRFXPHQWiULR R
LPSRUWDGRU SRGH FRQWUDWDU
XPD LQVWLWXLomR ILQDQFHLUD
SDUD TXH HOD UHDOL]H
SDJDPHQWR GH DFRUGR FRP
DV VXDV LQVWUXo}HV HP IDYRU
GR H[SRUWDGRU TXDQGR HVWH
OKH H[LELU GHWHUPLQDGRV
GRFXPHQWRV UHSUHVHQWDWLYRV
GDV PHUFDGRULDV
WUDQVDFLRQDGDV $ IXQomR
HFRQ{PLFD GR FUpGLWR
GRFXPHQWiULR p GH VXPD
LPSRUWkQFLD (OH LPSOLFD
SDUD R FRPSUDGRU R
ILQDQFLDPHQWR GD RSHUDomR
-iTXHQRUPDOPHQWHUHVWLWXL
DR EDQFR R YDORU SDJR DR
EHQHILFLiULR SRU PHLR GH
DPRUWL]Do}HV VXFHVVLYDV (
FRQILJXUD SDUD R YHQGHGRU
XPD JDUDQWLD GH SDJDPHQWR
HP YLUWXGH GD VROYrQFLD GD
LQVWLWXLomRILQDQFHLUD
2FUpGLWRGRFXPHQWiULRp
FRQWUDWR DXW{QRPR
UHVXOWDQWH GD FRQMXJDomR GH
GLYHUVRV RXWURV FRQWUDWRV 2
EDQFR HPLVVRU DJH FRPR
PDQGDWiULR GR RUGHQDGRU
PDV HQWUH DPERV WDPEpP Ki
DFRQWUDWDomRGHDEHUWXUDGH
FUpGLWR (QWUH R RUGHQDQWH H
R EHQHILFLiULR HVWDEHOHFHP
VH UHODo}HV MXUtGLFDV RXWUDV
FRPR DV GHFRUUHQWHV GH XP
FRQWUDWRGHFRPSUDHYHQGD
+i SRU ILP HOHPHQWRV TXH
DSUR[LPDP R FUpGLWR
GRFXPHQWiULRGDHVWLSXODomR
HP IDYRU GH WHUFHLURV RX GD
GHOHJDomR LPSUySULD 1R
FUpGLWR GRFXPHQWiULR
FRQKHFLGR SRU UHYROYLQJ
FUHGLW QRWDVH WDPEpP D
SUHVHQoD GR FRQWUDWR GH
FRQWDFRUUHQWH SRLV R YDORU
GR FUpGLWR GLVSRQLELOL]DGR
DR EHQHILFLiULR SHOR EDQFR
HPLVVRUYDULDGHDFRUGRFRP
DV HQWUDGDV IHLWDV SHOR
RUGHQDQWH
)LUPDGR R FRQWUDWR FRP
R RUGHQDQWH FDEH DR EDQFR
FRQILUPDUDGLVSRQLELOL]DomR
GR FUpGLWR MXQWR DR
EHQHILFLiULR PHGLDQWH D
HPLVVmR GD ³FDUWD GH
FUpGLWR´ $SyV H[SHGLU DV
PHUFDGRULDV WUDQVDFLRQDGDV
R EHQHILFLiULR PXQLGR GD
FDUWD H GRV GRFXPHQWRV
FRPSUREDWyULRV GR
FXPSULPHQWRGDVREULJDo}HV
DVVXPLGDV SHUDQWH R
RUGHQDQWH SRU H[HPSOR R
GRFXPHQWR GH HPEDUTXH GDV
PHUFDGRULDVHPGHWHUPLQDGR
QDYLRFRPSDUHFHjDJrQFLD
GR EDQFR HPLVVRU SDUD
UHFHEHU R VHX SDJDPHQWR
3RU YH]HV XPD RXWUD
LQVWLWXLomR ILQDQFHLUD EDQFR
FRUUHVSRQGHQWH LQWHUIHUH QR
QHJyFLR LQWHUPHGLDQGR DV
UHODo}HV HQWUH R EDQFR
HPLVVRU H R EHQHILFLiULR GR
FUpGLWRGRFXPHQWiULR
,PSRUWDQWH UHJLVWUDU TXH
D LQVWLWXLomR ILQDQFHLUD
FRQFHGHQWH GR FUpGLWR
GRFXPHQWiULR QmR DVVXPH
QHQKXPD UHVSRQVDELOLGDGH
HP YLUWXGH GD UHODomR
FRQWUDWXDOHVWDEHOHFLGDHQWUH
RUGHQDQWH H EHQHILFLiULR
3HUDQWH R RUGHQDQWH WHP
DSHQDV D UHVSRQVDELOLGDGH
GH SURFHGHU j ULJRURVD
FRQIHUrQFLD GRV GRFXPHQWRV
DSUHVHQWDGRV SHOR
EHQHILFLiULR REVHUYDQGR DV
LQVWUXo}HV IRUQHFLGDV H RV
XVRV H FRVWXPHV GHVVH
FRQWUDWR 3HUDQWH R
EHQHILFLiULR UHVSRQGH
VRPHQWH SHOR SDJDPHQWR GR
YDORU FRQVWDQWH GD
FRQILUPDomR GR FUpGLWR 6H
DV PHUFDGRULDV HQWUHJXHV
QmR DWHQGHP jV
HVSHFLILFDo}HVGRSHGLGRGH
FRPSUD VH Ki YtFLRV RX
GHVDWHQGLPHQWR GH SUD]RV
WDLV DVSHFWRV GL]HP UHVSHLWR
XQLFDPHQWHjVUHODo}HVHQWUH
RUGHQDQWHHEHQHILFLiULR
$ &kPDUD GH &RPpUFLR
,QWHUQDFLRQDO WHP
HVWDEHOHFLGR GHVGH D
XQLIRUPL]DomR GD GLVFLSOLQD
JHUDOPHQWH DGRWDGD SRU XP
FRQWUDWR GH FUpGLWR
GRFXPHQWiULR 8QLIRUP
&XVWRPV DQG 3UDFWLFH IRU
&RPPHUFLDO 'RFXPHQWDU\
&UHGLWV²8&33DUDTXHR
FRQWUDWR VH VXEPHWD j
GLVFLSOLQD GHVVD
XQLIRUPL]DomR GHYHP DV
SDUWHV ID]HU H[SUHVVD
UHIHUrQFLD j UHYLVmR GH
REMHWR GD 3XEOLFDomR
QGD&&,
&2175$726
%$1&È5,26
,035Ï35,26
$ GRXWULQD GLYHUJH QD
GHILQLomR GD QDWXUH]D
EDQFiULD GH GHWHUPLQDGRV
FRQWUDWRV HP UHODomR DRV
TXDLV GHEDWHP RV DXWRUHV
VREUH D QHFHVVLGDGH RX QmR
GD SDUWLFLSDomR HP XP GRV
SRORV GD UHODomR QHJRFLDO
GHXPDLQVWLWXLomRILQDQFHLUD
GHYLGDPHQWH DXWRUL]DGD D
IXQFLRQDU SHODV DXWRULGDGHV
PRQHWiULDV e R FDVR GD
DOLHQDomR ILGXFLiULD HP
JDUDQWLD GD IDWXUL]DomR GR
DUUHQGDPHQWRPHUFDQWLOHGR
FDUWmR GH FUpGLWR 3URSRQKR
GHQRPLQDUVH HVWH FRQMXQWR
GH FRQWUDWRV SHOD H[SUHVVmR
³EDQFiULRVLPSUySULRV´
([DPLQHPRV FDGD XP
GHOHV
$OLHQDomRILGXFLiULDHP
JDUDQWLD
3RU DOLHQDomR ILGXFLiULD
HQWHQGHVH DTXHOH QHJyFLR
HP TXH XPD GDV SDUWHV
ILGXFLDQWH SURSULHWiULR GH
XP EHP DOLHQDR HP
FRQILDQoD SDUD D RXWUD
ILGXFLiULRDTXDOVHREULJD
D GHYROYHUOKH D
SURSULHGDGH GR PHVPR EHP
QDV KLSyWHVHV GHOLQHDGDV HP
FRQWUDWR 'HVWDFDVH D VXD
QDWXUH]DLQVWUXPHQWDOLVWRp
D DOLHQDomR ILGXFLiULD VHUi
VHPSUH XP QHJyFLRPHLR D
SURSLFLDUDUHDOL]DomRGHXP
QHJyFLRILP $ IXQomR
HFRQ{PLFD GR FRQWUDWR
SRUWDQWR SRGH HVWDU
UHODFLRQDGD j YLDELOL]DomR
GD DGPLQLVWUDomR GR EHP
DOLHQDGR GD VXEVHTXHQWH
WUDQVIHUrQFLD GH GRPtQLR D
WHUFHLURV RX HP VXD
PRGDOLGDGH PDLV XVXDO j
JDUDQWLD GH GtYLGD GR
ILGXFLDQWH HP IDYRU GR
ILGXFLiULR
$ DOLHQDomR ILGXFLiULD
HP JDUDQWLD LQWURGX]LGD QR
GLUHLWREUDVLOHLURSHOD/HLGH
0HUFDGR GH &DSLWDLV HP
/HL Q ²
/0& p HVSpFLH GR JrQHUR
DOLHQDomR ILGXFLiULD 7UDWD
VH GH FRQWUDWR LQVWUXPHQWDO
GH XP P~WXR HP TXH R
PXWXiULRILGXFLDQWH
GHYHGRU SDUD JDUDQWLD GR
FXPSULPHQWR GH VXDV
REULJDo}HV DOLHQD DR
PXWXDQWHILGXFLiULR FUHGRU
D SURSULHGDGH GH XP EHP
(VVD DOLHQDomR VH ID] HP
ILG~FLD GH PRGR TXH R
FUHGRUWHPDSHQDVRGRPtQLR
UHVRO~YHO H D SRVVH LQGLUHWD
GDFRLVDDOLHQDGDILFDQGRR
GHYHGRU FRPR GHSRVLWiULR H
SRVVXLGRU GLUHWR GHVWD &RP
R SDJDPHQWR GD GtYLGD RX
VHMD FRP D GHYROXomR GR
GLQKHLUR HPSUHVWDGR
UHVROYHVH R GRPtQLR HP
IDYRU GR ILGXFLDQWH TXH
SDVVD D WLWXODUL]DU D SOHQD
SURSULHGDGH GR EHP GDGR
HPJDUDQWLD
(PERUD VHMD QHJyFLR GH
ODUJD XWLOL]DomR QR
ILQDQFLDPHQWR GH EHQV GH
FRQVXPR GXUiYHLV QDGD
LPSHGH TXH D DOLHQDomR
ILGXFLiULD HP JDUDQWLD WHQKD
SRU REMHWR EHP Mi
SHUWHQFHQWH DR GHYHGRU
67- 6~PXOD 2 REMHWR
GR FRQWUDWR SRGH VHU EHP
PyYHORXLPyYHODSOLFDQGR
VHQHVVD~OWLPDKLSyWHVHRV
DUWV D GD /HL Q
TXH LQVWLWXLX R
VLVWHPD GH ILQDQFLDPHQWR
LPRELOLiULR
4XDQGR R FRQWUDWR WHP
SRU REMHWR EHP PyYHO
LQIXQJtYHO H p FHOHEUDGR QR
kPELWR GR PHUFDGR
ILQDQFHLUR RX GH FDSLWDLV RX
p GHVWLQDGR D JDUDQWLU
FUpGLWRV ILVFDLV RX
SUHYLGHQFLiULRVDPRUDRXR
LQDGLPSOHPHQWR GR
ILGXFLDQWH DFDUUHWD D SURQWD
H[LJLELOLGDGHGDVSUHVWDo}HV
YLQFHQGDV H SRVVLELOLWD DR
ILGXFLiULR UHTXHUHU HP MXt]R
DEXVFDHDSUHHQVmRGREHP
PyYHO REMHWR GR FRQWUDWR
)DFXOWD D OHL D YHQGD GD
FRLVD SHOR FUHGRU ILGXFLiULR
LQGHSHQGHQWHPHQWHGHOHLOmR
DYDOLDomR SUpYLD RX
LQWHUSHODomR GR GHYHGRU
-XVWLILFDVH HVVD
SUHUURJDWLYD HP YLUWXGH GH
WLWXODUL]DU R FUHGRU R
GRPtQLR UHVRO~YHO GD FRLVD
GDGD HP JDUDQWLD ² TXH
DOLiV VH FRQVROLGD QR
SDWULP{QLRGRFUHGRUVHQmR
KRXYHU QR SUD]R OHJDO D
HPHQGD GD PRUD SHOR
GHYHGRU ILGXFLDQWH
5HTXHULGD D EXVFD H
DSUHHQVmR GR EHP PyYHO
DOLHQDGR ILGXFLDULDPHQWH R
ILGXFLDQWHSRGHUiSDJDUWRGR
R YDORU GHYLGR HP UD]mR GR
FRQWUDWR GH P~WXR JDUDQWLGR
H QmR VRPHQWH HPHQGDU D
PRUD H FRP LVVR UHFHEHU
GH QRYR D SRVVH GR EHP H
SDVVDUDWLWXODUL]iOROLYUHGH
{QXV
6H R EHP PyYHO
LQIXQJtYHO QmR IRU
HQFRQWUDGR QD SRVVH GR
ILGXFLDQWH D EXVFD H
DSUHHQVmRSRGHWUDQVIRUPDU
VH D SHGLGR GR ILGXFLiULR
HPDomRGHGHSyVLWR
1RWHVH D EXVFD H
DSUHHQVmR FRQVROLGDomR GD
SURSULHGDGH H DomR GH
GHSyVLWRVmRPHLRViJHLVGH
HIHWLYDomR GD JDUDQWLD
PDQHMiYHLV DSHQDV SHORV
FUHGRUHV ILGXFLiULRV GH
FRQWUDWRV FHOHEUDGRV QR
FRQWH[WR GR PHUFDGR
ILQDQFHLUR RX GH FDSLWDLV RX
GHVWLQDGRV j JDUDQWLD GH
GpELWRV ILVFDLV RX
SUHYLGHQFLiULRV 'HFOHL Q
DUW $ 2V
GHPDLV FUHGRUHV WLWXODUHV GD
JDUDQWLD GD SURSULHGDGH
ILGXFLiULD GH EHQV PyYHLV
LQIXQJtYHLV WrP DSHQDV D
DOWHUQDWLYD GH SURPRYHU D
H[HFXomR GR VHX FUpGLWR
HQFRQWUDPVH HP SRVLomR
VHPHOKDQWH j GR FUHGRU
SLJQRUDWtFLR
$DOLHQDomRILGXFLiULDGH
EHPPyYHOIXQJtYHOVySRGH
VHU IHLWD FRPR RSHUDomR QR
kPELWR GR PHUFDGR
ILQDQFHLURRXGHFDSLWDLVRX
SDUDJDUDQWLUFUpGLWRVILVFDLV
RX SUHYLGHQFLiULRV /0&
DUW % LQFOXtGR SHOD /HL
Q
4XDQGR D DOLHQDomR
ILGXFLiULD HP JDUDQWLD WHP
SRUREMHWRXPLPyYHOQmRp
RFDVRGHEXVFDHDSUHHQVmR
RX DomR GH GHSyVLWR SRUTXH
RV GLUHLWRV GR FUHGRU
ILGXFLiULRVHWRUQDPHIHWLYRV
SRU PHLR DSHQDV GD
FRQVROLGDomR HP VHX QRPH
GD SURSULHGDGH GR EHP
(VVD FRQVROLGDomR GHFRUUH
GD IDOWD GH SXUJDomR GD
PRUD SHUDQWH R 5HJLVWUR GH
,PyYHLV SHOR GHYHGRU
UHJXODUPHQWH LQWLPDGR /HL
QDUW
$ QDWXUH]D EDQFiULD GR
FRQWUDWR GH DOLHQDomR
ILGXFLiULD HP JDUDQWLD p
GLVFXWtYHO $SHVDU GH VXD
FRQVLGHUiYHO XWLOL]DomR SRU
HPSUHViULRV TXH H[SORUDP
DWLYLGDGH QmR EDQFiULD HP
HVSHFLDO RV FRQVyUFLRV GH
DXWRPyYHO JUDQGH SDUWH GD
GRXWULQD H GD MXULVSUXGrQFLD
WHP FRQVLGHUDGR TXH DSHQDV
LQVWLWXLo}HV ILQDQFHLUDV
UHJXODUPHQWH HVWDEHOHFLGDV
SRGHP FHOHEUDU WDO
PRGDOLGDGH GH FRQWUDWR
FRPR PXWXDQWHILGXFLiULD
(VVH HQWHQGLPHQWR EDVHLD
VH VREUHWXGR QR IDWR GH R
QHJyFLR MXUtGLFR HP TXHVWmR
WHU VLGR LQWURGX]LGR QR
GLUHLWR QDFLRQDO HP GLSORPD
OHJLVODWLYR YROWDGR
HVSHFLILFDPHQWH j GLVFLSOLQD
GRPHUFDGRGHFDSLWDLV
$ VROXomR SDUD D
FRQWURYpUVLD GD QDWXUH]D
EDQFiULD GD DOLHQDomR
ILGXFLiULD HP JDUDQWLD GHYH
VHUSHVTXLVDGDQDDQiOLVHGD
H[WHQVmRGRDUWGD/5%
6HDDOLHQDomRILGXFLiULDHP
JDUDQWLD VH HQFRQWUDU
FRPSUHHQGLGD HQWUH DV
RSHUDo}HV DOL GHVFULWDV
HQWmR QmR UHVWDULDP G~YLGDV
GH TXH VRPHQWH DRV EDQFRV
HVWDULD DXWRUL]DGD D
UHDOL]DomRGRFRQWUDWR&DVR
FRQWUiULR UHYHODQGRVH D
DOLHQDomR ILGXFLiULD HP
JDUDQWLDQHJyFLRHVWUDQKRDR
XQLYHUVR GHOLQHDGR SHOR
FRQFHLWR OHJDO GH DWLYLGDGH
EDQFiULD D TXDOTXHU
PXWXDQWH VHULD OtFLWR
FRQWUDWDU JDUDQWLD GHVVD
QDWXUH]D 2 IDWR GH R
OHJLVODGRU WHU RSWDGR SRU
WUDWDU GD GLVFLSOLQD GR
QHJyFLRQHVWDRXQDTXHODOHL
SRGHUi UHSUHVHQWDU QR
Pi[LPR IDOWD GH ULJRU QD
WpFQLFD OHJLVODWLYD PDV QmR
XP GDGR KHUPHQrXWLFR GH
UHOHYkQFLD PRUPHQWH
TXDQGR UHGXQGD HP
OLPLWDomR GD OLEHUGDGH
FRQWUDWXDO SULQFtSLR TXH
DLQGDHQIRUPDDWHRULDJHUDO
GRVFRQWUDWRV
$ DOLHQDomR ILGXFLiULD
HP JDUDQWLD GH EHP PyYHO
LQIXQJtYHO RX GH LPyYHO QmR
p SRUWDQWR XP QHJyFLR
H[FOXVLYR GH LQVWLWXLomR
ILQDQFHLUD TXDQGR R REMHWR
GD JDUDQWLD p EHP PyYHO
IXQJtYHO R FRQWUDWR p
OHJDOPHQWH GHILQLGR FRPR
EDQFiULR $ VXD QDWXUH]D
FRPR D GH WRGD DOLHQDomR
ILGXFLiULD p PHUDPHQWH
LQVWUXPHQWDO GH QHJyFLR
PHLR 'HVVD IRUPD QR
kPELWR GR GLUHLWR SULYDGR
SRGH HVWDU DVVRFLDGD D
P~WXR EDQFiULR RX D P~WXR
FLYLO RX D TXDOTXHU RXWUR
FRQWUDWR DLQGD TXH QmR
H[FOXVLYR GH EDQFR $
IXQomR HFRQ{PLFD GD
DOLHQDomR ILGXFLiULD HP
JDUDQWLD QmR HVWi DEUDQJLGD
SHOD FROHWD LQWHUPHGLDomR
RX DSOLFDomR GH UHFXUVRV
ILQDQFHLURV SUySULRV RX GH
WHUFHLURV HVVrQFLD GD
DWLYLGDGH EDQFiULD HPERUD
SRU HYLGHQWH SRVVD HVWDU
DVVRFLDGDDHVVDVRSHUDo}HV
e FHUWR TXH DV JDUDQWLDV
FRQIHULGDV SHOD DOLHQDomR
ILGXFLiULDDRFUHGRUVmREHP
PDLV FRQVLVWHQWHV VH p HOH
XPD LQVWLWXLomR ILQDQFHLUD
SRLVQHVVHFDVRFRQVLGHUD
VH R FRQWUDWR FHOHEUDGR QR
FRQWH[WR GR PHUFDGR
ILQDQFHLUR FRPR YLVWR
DFLPD 7DPEpP WrP DV
PHVPDV VXEVWDQFLDLV
JDUDQWLDV RV TXH RSHUDP QR
PHUFDGR GH FDSLWDLV H D
5HFHLWD )HGHUDO 'H
TXDOTXHU PRGR D
LQH[LVWrQFLD GH PHLRV iJHLV
SDUDDHIHWLYDomRGDJDUDQWLD
ILGXFLiULD SDUD RV GHPDLV
FUHGRUHVQmRpSURSULDPHQWH
LPSHGLWLYR j FHOHEUDomR GR
FRQWUDWR SRU SHVVRDV
SULYDGDV TXH QmR VHMDP
LQVWLWXLo}HV ILQDQFHLUDV p
DSHQDVGHVPRWLYDGRU
)DWXUL]DomR
³IDFWRULQJ´
)DWXUL]DomR ² RX
³IRPHQWR PHUFDQWLO´ ² p R
FRQWUDWR SHOR TXDO XPD
LQVWLWXLomR ILQDQFHLUD
IDWXUL]DGRUD VH REULJD D
FREUDU RV GHYHGRUHV GH XP
HPSUHViULR IDWXUL]DGR
SUHVWDQGRDHVWHRVVHUYLoRV
GHDGPLQLVWUDomRGHFUpGLWR
&RPR VH SRGH SHUFHEHU
TXDQGR XP HPSUHViULR
FRQFHGH FUpGLWR DRV
FRQVXPLGRUHV RX DRV
FRPSUDGRUHV GH VHXV
SURGXWRV RX VHUYLoRV HOH
SDVVD D WHU PDLV XPD
SUHRFXSDomR HPSUHVDULDO
FRQVLVWHQWH QD QHFHVVLGDGH
GH VH DGPLQLVWUDU D
FRQFHVVmR GR FUpGLWR ,VWR
FRPSUHHQGH QmR VRPHQWH R
FRQWUROH GRV YHQFLPHQWRV R
DFRPSDQKDPHQWR GD
IOXWXDomRGDVWD[DVGHMXURV
RV FRQWDWRV FRP RV
LQDGLPSOHQWHV D DGRomR GDV
PHGLGDV DVVHFXUDWyULDV GR
GLUHLWR FUHGLWtFLR FRPR
WDPEpP D FREUDQoD MXGLFLDO
SURSULDPHQWH GLWD $OpP
GLVVR R HPSUHViULR DR
FRQFHGHU FUpGLWR DVVXPH R
ULVFR GH LQVROYrQFLD GR
FRQVXPLGRU RX GR
FRPSUDGRU
&ODUR TXH HP WHVH R
HPSUHViULR QmR HVWi
REULJDGR D DEULU FUpGLWR D
TXHPSURFXUDRVSURGXWRVRX
VHUYLoRV SRU HOH RIHUHFLGRV
&RQWXGR D FRPSHWLomR
HFRQ{PLFD SRU YH]HV QmR
OKH Gi RXWUD DOWHUQDWLYD 6H
QmR FULDU IDFLOLGDGHV GH
SDJDPHQWRDRVVHXVFOLHQWHV
RHPSUHViULRSRGHSHUGrORV
SDUDXPFRQFRUUHQWH
2FRQWUDWRGHIDWXUL]DomR
WHP D IXQomR HFRQ{PLFD GH
SRXSDU R HPSUHViULR GDV
SUHRFXSDo}HV HPSUHVDULDLV
GHFRUUHQWHV GD RXWRUJD GH
SUD]RV H IDFLOLGDGHV SDUD
SDJDPHQWRDRVVHXVFOLHQWHV
3RU HVVH QHJyFLR R EDQFR
SUHVWD DR HPSUHViULR R
VHUYLoRGHDGPLQLVWUDomRGR
FUpGLWR JDUDQWLQGR R
SDJDPHQWR GDV IDWXUDV SRU
HVWH HPLWLGDV $ LQVWLWXLomR
ILQDQFHLUD IDWXUL]DGRUD
DVVXPH FRP D IDWXUL]DomR
DV VHJXLQWHV REULJDo}HVD
JHULU RV FUpGLWRV GR
IDWXUL]DGR SURFHGHQGR DR
FRQWUROH GRV YHQFLPHQWRV
SURYLGHQFLDQGR RV DYLVRV H
SURWHVWRV DVVHFXUDWyULRV GR
GLUHLWRFUHGLWtFLREHPFRPR
FREUDQGR RV GHYHGRUHV GDV
IDWXUDVEDVVXPLURVULVFRV
GR LQDGLPSOHPHQWR GRV
GHYHGRUHV GR IDWXUL]DGRF
JDUDQWLU R SDJDPHQWR GDV
IDWXUDVREMHWRGHIDWXUL]DomR
+i GXDV PRGDOLGDGHV GH
IDWXUL]DomR'HXPODGRVHD
LQVWLWXLomRILQDQFHLUDJDUDQWH
R SDJDPHQWR GDV IDWXUDV
DQWHFLSDQGR R VHX YDORU DR
IDWXUL]DGR WHPVH R
FRQYHQWLRQDO IDFWRULQJ
(VVD PRGDOLGDGH
FRPSUHHQGH SRUWDQWR WUrV
HOHPHQWRV VHUYLoRV GH
DGPLQLVWUDomR GR FUpGLWR
VHJXUR H ILQDQFLDPHQWR 'H
RXWUR ODGR VH D LQVWLWXLomR
IDWXUL]DGRUD SDJD R YDORU
GDV IDWXUDV DR IDWXUL]DGR
DSHQDV QR VHX YHQFLPHQWR
WHPVHRPDWXULW\IDFWRULQJ
PRGDOLGDGH HP TXH HVWmR
SUHVHQWHVDSHQDVDSUHVWDomR
GH VHUYLoRV GH
DGPLQLVWUDomRGRFUpGLWRHR
VHJXUR H DXVHQWH R
ILQDQFLDPHQWR $ QDWXUH]D
EDQFiULD GRFRQYHQWLRQDO
IDFWRULQJ p LQGLVFXWtYHO j
YLVWD GD DQWHFLSDomR SHOD
IDWXUL]DGRUD GR FUpGLWR
FRQFHGLGR SHOR IDWXUL]DGR D
WHUFHLURV R TXH UHSUHVHQWD
LQHTXtYRFD RSHUDomR GH
LQWHUPHGLDomR FUHGLWtFLD
DEUDQJLGD SHOR DUW GD
/5% -i HP UHODomR DR
PDWXULW\IDFWRULQJHPUD]mR
GD LQH[LVWrQFLD GR
ILQDQFLDPHQWR SRGHULD
H[LVWLUDOJXPDG~YLGDTXDQWR
DR VHX FDUiWHU EDQFiULR
&RQIRUPH HQVLQD 'H /XFFD
QR HQWDQWR VH KRXYHU GD
SDUWH GD IDWXUL]DGRUD D
DVVXQomR GRV ULVFRV SHOR
LQDGLPSOHPHQWR GDV IDWXUDV
REMHWR GR FRQWUDWR D
IDWXUL]DomR VH UHYHVWLUi
WDPEpPQHVWHFDVRGHQtWLGD
QDWXUH]DEDQFiULD
2 %DQFR &HQWUDO Mi
FRQVLGHURX D IDWXUL]DomR XP
FRQWUDWR EDQFiULR SHOD 5HV
%& Q TXH IRL
UHYRJDGD SHOD 5HV %& Q
$WXDOPHQWH
SRUWDQWR LQH[LVWH DWR
LQIUDOHJDO TXH YHGH D
H[SORUDomR GD DWLYLGDGH GH
IDWXUL]DomRGHFUpGLWRVDQmR
H[HUFHQWHV GH DWLYLGDGH
EDQFiULD $ OHJLVODomR
WULEXWiULD SRU VXD YH] Mi
FRQFHLWXRX IDFWRULQJ FRPR
³D SUHVWDomR FXPXODWLYD H
FRQWtQXD GH VHUYLoRV GH
DVVHVVRULD FUHGLWtFLD
PHUFDGROyJLFD JHVWmR GH
FUpGLWR VHOHomR H ULVFRV
DGPLQLVWUDomR GH FRQWDV D
SDJDU H D UHFHEHU FRPSUDV
GH GLUHLWRV FUHGLWyULRV
UHVXOWDQWHV GH YHQGDV
PHUFDQWLV D SUD]R RX GH
SUHVWDomR GH VHUYLoRV´
7RPDQGRHVVDGHILQLomRSRU
EDVHD5HV%&Q
HVFODUHFH TXH D SUiWLFD GH
TXDLVTXHU DWRV ILQDQFHLURV
SHOD IDWXUL]DGRUD HVWUDQKRV
jGHILQLomROHJDOFDUDFWHUL]D
LQIULQJrQFLDj/5%Hj/HLQ
$V HPSUHVDV GH IRPHQWR
PHUFDQWLO DV IDWXUL]DGRUDV
WDPEpP GHYHP PDQWHU D
H[HPSOR GDV LQVWLWXLo}HV
ILQDQFHLUDV VLJLOR VREUH DV
VXDV RSHUDo}HV /& Q
DUW
$UUHQGDPHQWR
PHUFDQWLO³OHDVLQJ´
(P XPD GHILQLomR
GRXWULQiULD SRGHVH GL]HU
TXH R DUUHQGDPHQWR
PHUFDQWLO p D ORFDomR
FDUDFWHUL]DGDSHODIDFXOGDGH
FRQIHULGDDRORFDWiULRGHDR
VHX WpUPLQR RSWDU SHOD
FRPSUD GR EHP ORFDGR (P
WHUPRV GH GLVFLSOLQD GDV
UHODo}HV GH GLUHLWR SULYDGR
LVWR p QR WRFDQWH jV
REULJDo}HV TXH DV SDUWHV
DVVXPHP XPD FRP D RXWUD
HP YLUWXGH GR DUUHQGDPHQWR
PHUFDQWLO LQH[LVWH
WLSLILFDomROHJDOGRQHJyFLR
$VVLP UHJHVH HVWH SHODV
FOiXVXODV SDFWXDGDV HQWUH RV
FRQWUDWDQWHV 2 ORFDWiULR
SRU DWR XQLODWHUDO
GHSHQGHQWHGHVXDH[FOXVLYD
YRQWDGH DR ILP GR SUD]R
ORFDWtFLR SRGH DGTXLULU R
EHP ORFDGR WHQGR R GLUHLWR
GH DPRUWL]DU QR SUHoR GD
DTXLVLomRRVYDORUHVSDJRVD
WtWXORGHDOXJXHO
2 OHJLVODGRU FRQWXGR
SUHRFXSDGR FRP DV
UHSHUFXVV}HV GH QDWXUH]D
WULEXWiULD TXH GHFRUUHP GR
DUUHQGDPHQWR PHUFDQWLO
GHILQLXR FRPR R QHJyFLR
UHDOL]DGR HQWUH XPD SHVVRD
MXUtGLFDDUUHQGDGRUDHXPD
SHVVRD ItVLFD RX MXUtGLFD
DUUHQGDWiULD FXMR REMHWR p
D ORFDomR GH EHQV
DGTXLULGRV SHOD SULPHLUD GH
DFRUGR FRP DV
HVSHFLILFDo}HV IRUQHFLGDV
SHOD VHJXQGD H SDUD XVR
GHVWD /HL Q DUW
SDUiJUDIR ~QLFR FRP D
UHGDomR GDGD SHOD /HL Q
3DUD D GLVFLSOLQD
GDV UHODo}HV GH GLUHLWR
S~EOLFR RX VHMD QR WRFDQWH
jV REULJDo}HV TXH DV SDUWHV
SDVVDPDWHUSHUDQWHRILVFR
HP YLUWXGH GR DUUHQGDPHQWR
PHUFDQWLO GHYHPVH
REVHUYDU DV GLVSRVLo}HV
IL[DGDVSHOROHJLVODGRU
'HVVD IRUPD XP
DUUHQGDPHQWR PHUFDQWLO TXH
QmRVHHQTXDGUHQDGHILQLomR
OHJDOQRTXHGL]UHVSHLWRjV
UHODo}HVHQWUHDVSDUWHVWHUi
RWUDWDPHQWRGHXPDORFDomR
FRPRSomRGHFRPSUDHVHUi
FRQVLGHUDGR SDUD RV ILQV GH
WULEXWDomR XPD VLPSOHV
FRPSUDHYHQGDDSUD]R/HL
Q DUW
(P VXPD XPD FRLVD p D
GLVFLSOLQD GDV REULJDo}HV
GRV FRQWUDWDQWHV HQWUH VL ²
SDUD HVWD ILQDOLGDGH
SUHYDOHFHP DV FOiXVXODV
IL[DGDV QR UHVSHFWLYR
LQVWUXPHQWR 2XWUD FRLVD p D
GLVFLSOLQD GDV REULJDo}HV
GRV FRQWUDWDQWHV SHUDQWH R
ILVFR ² QHVWD KLSyWHVH
VRPHQWH R DUUHQGDPHQWR
PHUFDQWLO TXH DWHQGH jV
OLPLWDo}HV OHJDLV VHUi WLGR
FRPRWDO
1HVWH FRQWH[WR R
OHJLVODGRUQmRDGPLWHTXHVH
FRQVLGHUHP SDUD ILQV
ILVFDLV FRPR DUUHQGDPHQWR
PHUFDQWLO GHWHUPLQDGDV
PRGDOLGDGHV GHVVH FRQWUDWR
WDLVFRPRRVHOIOHDVLQJHP
TXH DV SDUWHV VmR FROLJDGDV
RX LQWHUGHSHQGHQWHV H R
OHDVLQJHPTXHRDUUHQGDGRU
p R SUySULR IDEULFDQWH GR
SURGXWR DUUHQGDGR 7DLV
RSHUDo}HV UHFHEHUmR R
WUDWDPHQWR WULEXWiULR GD
FRPSUDHYHQGDDSUD]R3RU
RXWUR ODGR R OHDVLQJ EDFN
HP TXH D DUUHQGDGRUD
DGTXLUHREHPDDUUHQGDUGD
SUySULD DUUHQGDWiULD GHYH
VHU WULEXWDULDPHQWH WUDWDGR
FRPR DUUHQGDPHQWR
PHUFDQWLO
3RGH VHU REMHWR GHVVH
FRQWUDWR R EHP LPyYHO RX
PyYHOGHSURGXomRQDFLRQDO
EHP FRPR RV GH SURGXomR
HVWUDQJHLUD DXWRUL]DGRV SHOR
&RQVHOKR 0RQHWiULR
1DFLRQDO /HL Q
DUW
$ H[SORUDomR GD
DWLYLGDGH GH OHDVLQJ HVWi
GLVFLSOLQDGDSHOD5HV%&Q
GH TXH
GLVWLQJXH GXDV PRGDOLGDGHV
GH FRQWUDWR R OHDVLQJ
ILQDQFHLUR H R RSHUDFLRQDO
$ SULPHLUD VH FDUDFWHUL]D
EDVLFDPHQWH SHOD
LQH[LVWrQFLD GH UHVtGXR
H[SUHVVLYR ,VWR p SDUD R
H[HUFtFLR GD RSomR GH
FRPSUD R DUUHQGDWiULR
GHVHPEROVDXPDLPSRUWkQFLD
GHSHTXHQRYDORUGHYHQGRD
VRPD GDV SUHVWDo}HV
FRUUHVSRQGHQWHV j ORFDomR
VHU VXILFLHQWH SDUD D
UHFXSHUDomR GR FXVWR GR
EHP H R UHWRUQR GR
LQYHVWLPHQWRGDDUUHQGDGRUD
1D VHJXQGD PRGDOLGDGH
FRPR HVVD VRPD QmR SRGH
XOWUDSDVVDUGRFXVWRGR
EHP DUUHQGDGR R UHVtGXR D
VHU SDJR SHOD DUUHQGDWiULD
QR PRPHQWR GD RSomR GH
FRPSUD WHQGH D VHU
H[SUHVVLYR 2 UHVtGXR SRGH
VHU SDJR DQWHFLSDGDPHQWH
REULJDQGRVH D DUUHQGDGRUD
D UHVWLWXtOR FDVR R
DUUHQGDWiULR QmR RSWH SHOD
DTXLVLomR GR EHP $OJXQV
MXOJDGRV SRUpP WrP
FRQVLGHUDGR D FOiXVXOD GH
YDORU UHVLGXDO JDUDQWLGR
95* XPD GLVWRUomR GR
OHDVLQJ GHWHUPLQDQGR TXH
RVGLUHLWRVHREULJDo}HVGDV
SDUWHV VHMDP WUDWDGRV FRPR
VHRYtQFXORHQWUHHODVIRVVH
R GH FRPSUD H YHQGD D
SUD]R
2XWUR DVSHFWR D DFHQWXDU
p R GD UHVSRQVDELOLGDGH
SHORV GDQRV GHFRUUHQWHV GR
XVR GD FRLVD DUUHQGDGD
(QTXDQWR D DUUHQGDWiULD QmR
H[HUFHVXDRSomRGHFRPSUD
DDUUHQGDGRUDWHPDSRVLomR
FRQWUDWXDO GH ORFDGRUD H D
VLWXDomR MXUtGLFD GH
SURSULHWiULD GR EHP (P
SULQFtSLR SRUWDQWR GHYHULD
UHVSRQGHU SRU GDQRV
SURYHQLHQWHVGRXVRGDFRLVD
GH VXD SURSULHGDGH 0DV
QmR REVWDQWH D
MXULVSUXGrQFLDWHPHQWHQGLGR
TXH QmR VH SRGH
UHVSRQVDELOL]iODQHVWHFDVR
$ 6~PXOD GR 67)
UHIHUHQWH j
UHVSRQVDELOL]DomR GRV
ORFDGRUHV GH YHtFXORV QmR
WHP VLGR DSOLFDGD jV
VRFLHGDGHV RSHUDGRUDV GH
OHDVLQJ
+i XPD GLYHUJrQFLD
MXULVSUXGHQFLDO
UHIHUHQWHPHQWH j DomR GD
DUUHQGDGRUD FRQWUD D
DUUHQGDWiULD LQDGLPSOHQWH
'H XP ODGR MXOJDGRV
DGPLWHP QR FDVR DSHQDV D
SRVVLELOLGDGH GH R FUHGRU
LQJUHVVDU HP MXt]R SDUD
SRVWXODU D UHVROXomR GR
FRQWUDWR H D GHYROXomR GD
FRLVD 'H RXWUR GHFLV}HV
MXGLFLDLV DILUPDQGR D
SUR[LPLGDGH HQWUH R
DUUHQGDPHQWR PHUFDQWLO H D
DOLHQDomR ILGXFLiULD HP
JDUDQWLD UHFRQKHFHP DR
DUUHQGDGRURGLUHLWRjEXVFD
H DSUHHQVmR GR EHP
DUUHQGDGR
1R WRFDQWH j GLVFXVVmR
VREUH D VXD QDWXUH]D
EDQFiULDpLQHTXtYRFRTXHR
H[HUFtFLR GD RSomR GH
FRPSUD SHOR DUUHQGDWiULR
LPSRUWD D FDUDFWHUL]DomR GR
SDJDPHQWR GRV DOXJXpLV
FRPR YHUGDGHLUR
ILQDQFLDPHQWR 6H R
DUUHQGDWiULRQRHQWDQWRQmR
VH YDOH GD IDFXOGDGH GH
DGTXLULU R EHP LQH[LVWH
TXDOTXHUFDUDFWHUtVWLFDQHVVD
UHODomRFRQWUDWXDOTXHSRVVD
VXJHULU D VXD QDWXUH]D
EDQFiULD 2 SUySULR
OHJLVODGRU QmR YLQFXORX D
FHOHEUDomR GR FRQWUDWR j
TXDOLGDGH GH LQVWLWXLomR
ILQDQFHLUD GD DUUHQGDGRUD
WULEXWDQGR FRPR
DUUHQGDPHQWR PHUFDQWLO
DLQGD DTXHOHV FRQWUDWRV HP
TXH XP EDQFR QmR LQWHUIHUH
1R PHVPR VHQWLGR R
&RQVHOKR 0RQHWiULR
1DFLRQDO SUHVFUHYHX TXH DV
RSHUDo}HV GH DUUHQGDPHQWR
PHUFDQWLOVRPHQWHSRGHPVHU
H[SORUDGDV SRU VRFLHGDGHV
DQ{QLPDV GHGLFDGDV
HVVHQFLDOPHQWH D HVVD
DWLYLGDGHRXSRULQVWLWXLo}HV
ILQDQFHLUDV HVSHFLILFDPHQWH
DXWRUL]DGDV
$VVRFLHGDGHVGHGLFDGDV
DR DUUHQGDPHQWR PHUFDQWLO
VmR FRQVLGHUDGDV
LQVWLWXLo}HV ILQDQFHLUDV
WDPEpP SDUD RV HIHLWRV GD
OHLGRVLJLOREDQFiULR/&Q
DUW9,,
&DUWmRGHFUpGLWR
3HOR FRQWUDWR GH FDUWmR
GH FUpGLWR XPD LQVWLWXLomR
ILQDQFHLUD HPLVVRUD VH
REULJD SHUDQWH XPD SHVVRD
ItVLFD RX MXUtGLFD WLWXODU D
SDJDU R FUpGLWR FRQFHGLGR D
HVWD SRU XP WHUFHLUR
HPSUHViULR FUHGHQFLDGR SRU
DTXHOD IRUQHFHGRU 2
FDUWmR GH FUpGLWR
SURSULDPHQWH GLWR p R
GRFXPHQWR SHOR TXDO R
WLWXODU SURYD SHUDQWH R
IRUQHFHGRU D H[LVWrQFLD GR
FRQWUDWR FRP D LQVWLWXLomR
ILQDQFHLUD HPLVVRUD
VHUYLQGR WDPEpP SDUD D
FRQIHFomRGDQRWDGHYHQGD
TXH p R LQVWUXPHQWR GH
RXWRUJD GR FUpGLWR SHOR
IRUQHFHGRUDRWLWXODU
,PSRUWDQWHPHFDQLVPRQD
PRELOL]DomR GR FUpGLWR DR
FRQVXPLGRU R FDUWmR GH
FUpGLWR p XVDGR SHOR WLWXODU
QDV VXDV FRPSUDV GH
SURGXWRV RX VHUYLoRV
FRPHUFLDOL]DGRV SHOR
IRUQHFHGRU 2 YDORU GHVVD
FRPSUDSRUIRUoDGRFUpGLWR
TXH R IRUQHFHGRU Gi DR
WLWXODU VHUi SDJR VHP
TXDOTXHU DFUpVFLPR QD GDWD
GR YHQFLPHQWR PHQVDO GR
FDUWmR GLUHWDPHQWH j
HPLVVRUD (VWD SRU VXD YH]
UHSDVVDUi R YDORU GR
SDJDPHQWR DR IRUQHFHGRU
PHGLDQWH D H[LELomR GDV
QRWDVGHYHQGD
7UDWDVH GH XP FRQWUDWR
EDQFiULR QD PHGLGD HP TXH
D HPLVVRUD QD YHUGDGH
ILQDQFLD WDQWR R WLWXODU FRPR
R IRUQHFHGRU 2 SULPHLUR
SRGH HP YLUWXGH GH
GLVSRVLomR FRQWUDWXDO
SDUFHODU R YDORU GD FRPSUD
HPYH]GHSDJiORWRWDOPHQWH
QR YHQFLPHQWR PHQVDO GR
FDUWmR (VWH SDUFHODPHQWR
SRU FHUWR LPSOLFD MXURV
FRPLVV}HV H FRUUHomR
PRQHWiULD -i R IRUQHFHGRU
GHSRVVHGDVQRWDVGHYHQGD
SRGH QHJRFLDU R VHX
UHFHELPHQWR DQWHFLSDGR
SDJDQGRRVMXURVHHQFDUJRV
FRQYHQFLRQDGRV 0HVPR VH
R WLWXODU SDJDU WRGDV DV VXDV
GtYLGDV LQWHJUDOPHQWH QD
GDWD GH YHQFLPHQWR PHQVDO
GRFDUWmRHRIRUQHFHGRUQmR
QHJRFLDU D DQWHFLSDomR GR
YDORUGDVQRWDVGHYHQGDHP
VHX SRGHU R FDUWmR GH
FUpGLWR HVWDUi
LQVWUXPHQWDOL]DQGR XPD
RSHUDomR GH LQWHUPHGLDomR
GH UHFXUVRV ILQDQFHLURV GH
LQHJiYHOQDWXUH]DEDQFiULD
$ OHL GR VLJLOR EDQFiULR
HOHQFRX DV DGPLQLVWUDGRUDV
GHFDUWmRGHFUpGLWRHQWUHDV
LQVWLWXLo}HV ILQDQFHLUDV TXH
GHYHP FRQVHUYDU VLJLOR
VREUH VXDV RSHUDo}HV H
VHUYLoRV /& Q
DUW9,
&DEH UHVVDOWDU TXH R
IRUQHFHGRU QmR HVWi
REULJDGR D FRQFHGHU FUpGLWR
D VHXV FRQVXPLGRUHV
3RUWDQWR QmR VH SRGH
REULJiOR D DFHLWDU
SDJDPHQWR PHGLDQWH FDUWmR
GH FUpGLWR 0HVPR R
IRUQHFHGRU FUHGHQFLDGR
SRGH FRQGLFLRQDU D
DFHLWDomR GR FDUWmR GH
FUpGLWRDYDORUHVPtQLPRVGH
FRPSUD SDUD TXH D
WUDQVDomR FRQVHUYH R
LQWHUHVVH SDUD D VXD
HPSUHVD (YHQWXDOPHQWH HOH
SRGHUi UHVSRQGHU SHUDQWH D
VRFLHGDGH HPLVVRUD TXH R
GHVFUHGHQFLDUi RX FREUDUi
PXOWD FRQWUDWXDO 0DV
SHUDQWH R WLWXODU QHQKXPD
UHVSRQVDELOLGDGH DGYpP DR
IRUQHFHGRUFUHGHQFLDGRSHOD
UHFXVD QD DFHLWDomR GR
FDUWmR GH FUpGLWR 2
HVVHQFLDO QD DQiOLVH GHVVH
QHJyFLR p QmR VH SHUGHU GH
YLVWD TXH R XVR GR FDUWmR
DSHQDV LQVWUXPHQWDOL]D D
FRQFHVVmR GH XP FUpGLWR
IHLWD SHOR IRUQHFHGRU DR
WLWXODU
&$3Ë78/2
&2175$726
,17(/(&78$,6
,1752'8d2
3RUFRQWUDWRVLQWHOHFWXDLV
SURSRQKR TXH VH HQWHQGD
DTXHOH DJUXSDPHQWR GH
FRQWUDWRV GR LQWHUHVVH GH
HPSUHViULRV UHODFLRQDGRV
FRP RV FKDPDGRV GLUHLWRV
LQWHOHFWXDLV LVWR p FRP D
SURSULHGDGH LQGXVWULDO D
FHVVmRGHSDWHQWHFHVVmRGH
UHJLVWUR LQGXVWULDO OLFHQoD
GH XVR GH SDWHQWH GH
LQYHQomR OLFHQoD GH XVR GH
PDUFD H WUDQVIHUrQFLD GH
WHFQRORJLDRXFRPRGLUHLWR
DXWRUDO D FRPHUFLDOL]DomR
GHVRIWZDUH
$ OHL FXLGD GR UHJLVWUR
GHVWHV FRQWUDWRV QR ,QVWLWXWR
1DFLRQDO GD 3URSULHGDGH
,QGXVWULDO ² ,13, (VWD
IRUPDOLGDGHQRHQWDQWRYLVD
DSHQDVDFRQIHULUHILFiFLDDR
QHJyFLR SHUDQWH WHUFHLURV
QRWDGDPHQWH R ILVFR H DV
DXWRULGDGHV PRQHWiULDV
$VVLP SDUD TXH D
UHPXQHUDomR GHYLGD HP
UD]mR GR FRQWUDWR SRVVD
VHUYLU GH EDVH SDUD D
GHGXWLELOLGDGH ILVFDO H SDUD
TXH D VXD UHPHVVD DR
H[WHULRU VHMD DGPLWLGD SHOR
JRYHUQR VH ID]
LQGLVSHQViYHO R
FXPSULPHQWR GHVWH UHTXLVLWR
IRUPDO 3RUpP SDUD TXH R
FRQWUDWR SURGX]D HIHLWRV
HQWUH RV FRQWUDWDQWHV p
LUUHOHYDQWH R DWHQGLPHQWR
GHVWDIRUPDOLGDGH
&(662 '( ',5(,72
,1'8675,$/
&20(5&,$/,=$d2
'(³62)7:$5(´
2 QHRORJLVPR
³ORJLFLiULR´ VXJHULGR SRU
9LHLUD 0DQVR VLQ{QLPR GH
³SURJUDPD GH FRPSXWDGRU´
p XPD H[SUHVVmR HP
SRUWXJXrV HTXLYDOHQWH j
LQJOHVDVRIWZDUHHGHVLJQDR
FRQMXQWR GH LQVWUXo}HV
LQGLVSHQViYHLVDRWUDWDPHQWR
HOHWU{QLFRGHLQIRUPDo}HV
2V GLUHLWRV WLWXODUL]DGRV
SHOR FULDGRU GH XP
ORJLFLiULR QmR VmR WXWHODGRV
SHOD SURSULHGDGH LQGXVWULDO
PDV SHOR GLUHLWR DXWRUDO
(VWDIRLDDOWHUQDWLYDVHJXLGD
SHOD OHL EUDVLOHLUD DR
GLVFLSOLQDUDSURSULHGDGHHD
FRPHUFLDOL]DomR GRV
SURJUDPDV GH FRPSXWDGRU
/HL Q R TXH
UHGXQGD HP LPSRUWDQWHV
FRQVHTXrQFLDV QR WRFDQWH j
H[WHQVmR H QDWXUH]D GHVWD
WXWHOD HP UD]mR GDV
GLIHUHQoDV H[LVWHQWHV HQWUH
DPERVRVUHJLPHVMXUtGLFRV
4XDQWR D GRLV DVSHFWRV
VH GLVWLQJXHP RV GLUHLWRV GR
LQYHQWRU UHJLGRV SHOD
SURSULHGDGH LQGXVWULDO H RV
GR DXWRU GLVFLSOLQDGRV SHOR
GLUHLWR FLYLO (P UHODomR j
H[WHQVmR D SURWHomR
WLWXODUL]DGD SHOR LQYHQWRU p
PDLV DPSOD GR TXH D
GHIHULGD DR DXWRU XPD YH]
TXH D SULPHLUD DOFDQoD D
SUySULD LGHLD LQYHQWLYD
H[FOXLQGRDSRVVLELOLGDGHGH
WHUFHLUR ID]HU XVR GH
WUDEDOKRVHPHOKDQWHHPERUD
RULJLQDO 2 GLUHLWR DXWRUDO
SRU VXD YH] UHVWULQJH D VXD
WXWHOD j IRUPD GH
H[WHULRUL]DomR GD LGHLD QmR
LPSHGLQGR REUD VHPHOKDQWH
GHVGHTXHQmRRFRUUDSOiJLR
-i UHODWLYDPHQWH j QDWXUH]D
GD WXWHOD R GLUHLWR GR
LQYHQWRUVHFRQVWLWXLVRPHQWH
DSyV D HGLomR GH DWR
DGPLQLVWUDWLYR GH RXWRUJD
LVWR p D FRQFHVVmR GD
SDWHQWHSHOR,13,HQTXDQWR
R GR DXWRU GHFRUUH GD
DSUHVHQWDomR GD REUD DR
S~EOLFR H SRUWDQWR
LQGHSHQGH GH TXDOTXHU
UHFRQKHFLPHQWRHVWDWDO
$R VH DILUPDU TXH R
FULDGRU GH ORJLFLiULR WHP D
SURWHomR GR GLUHLWR DXWRUDO
LVWR VLJQLILFD SRUWDQWR TXH
HOH WHP D SUHUURJDWLYD GH
LPSHGLU D FRPHUFLDOL]DomR
SRUWHUFHLURVGHSURJUDPDGH
FRPSXWDGRU FRP LGrQWLFD
IRUPDGHVGHRPRPHQWRHP
TXH R WRUQD S~EOLFR SRU
TXDOTXHUPHLR2VHXGLUHLWR
QmR DOFDQoD RXWURV
SURJUDPDV VHPHOKDQWHV GH
IRUPD VXILFLHQWHPHQWH
GLIHUHQFLDGD3RURXWURODGR
QRWHVH TXH D XWLOL]DomR
GRPpVWLFD H QmR FRPHUFLDO
GHSURJUDPDLGrQWLFRFULDGR
SRUWHUFHLURQmRHVWiYHGDGD
&RP H[DWLGmR D FySLD GH
SURJUDPD GH FRPSXWDGRU
SUiWLFD FRQKHFLGD SRU
³SLUDWDULD´ UHSUHVHQWD
FRQGXWD LOtFLWD OHVLYD DRV
GLUHLWRVGRVHXDXWRUPHVPR
TXH WHQKD VLGR IHLWD VHP
TXDOTXHU LQWXLWR OXFUDWLYR
0DV QHQKXPD RIHQVD D WDLV
GLUHLWRVH[LVWHQDFULDomRGH
LGrQWLFR ORJLFLiULR SRU
WHUFHLUR TXH D XWLOL]D VHP
QHQKXP SURYHLWR HFRQ{PLFR
GLUHWR 2XWUR DVSHFWR
UHODFLRQDGR FRP D QDWXUH]D
DXWRUDO GR GLUHLWR GR
FULDGRU GR ORJLFLiULR p D
OLFLWXGH GD FKDPDGD
³HQJHQKDULDjVDYHVVDV´2X
VHMD QmR p OHVLYD DRV
GLUHLWRV GR FULDGRU D
GHVPRQWDJHP PDJQpWLFD GR
ORJLFLiULR SRU WHUFHLUR
LQWHUHVVDGR HP GHVFREULU D
HVWUXWXUD LQWHUQD GR
SURJUDPD FRP YLVWDV DR
DSHUIHLoRDPHQWR GH VHXV
FRQKHFLPHQWRV
&RP HIHLWR R GLUHLWR
DXWRUDO SURWHJH D IRUPD GR
SURJUDPD GH FRPSXWDGRU
FRQWUD RV SOiJLRV H QmR D
SUySULD LGHLD LQYHQWLYD
7DQWR DVVLP TXH R UHJLVWUR
QR ,13, yUJmRGHVLJQDGR
SHOR 0LQLVWpULR GR
'HVHQYROYLPHQWR ,QG~VWULD
H &RPpUFLR ([WHULRU QRV
WHUPRV GR DUW GD /HL Q
p IHLWR D SDUWLU
VRPHQWH GH WUHFKRV GR
SURJUDPD H RXWURV GDGRV
VXILFLHQWHV j FDUDFWHUL]DomR
GD LQGHSHQGrQFLD GH VXD
FRQFHSomR H GD VXD
LGHQWLGDGH RV TXDLV VH
UHYHVWHPGHFDUiWHUVLJLORVR
3RU RXWUR ODGR D SURWHomR
GR DXWRU GR VRIWZDUH
LQGHSHQGH GH TXDOTXHU
IRUPDOLGDGHMXQWRDRVyUJmRV
S~EOLFRV 4XHP SURYDU SRU
TXDOTXHU PHLR WHU VLGR R
FULDGRU GR ORJLFLiULR
SRGHUiGHPDQGDUDTXHOHTXH
R SODJLRX 2 UHJLVWUR QR
yUJmR GHVLJQDGR SHOR
0',&( R ,13, QmR WHP
FDUiWHUFRQVWLWXWLYR
$SHQDV SDUD VH
HVWDEHOHFHU R SDUDOHOR
OHPEUHVHGHTXHRLQYHQWRU
DR VROLFLWDU D SDWHQWH GHYH
DSUHVHQWDU GHWDOKDGDPHQWH D
VXD LGHLD D TXDO VHUi
GLYXOJDGD SHOD SXEOLFDomR
GR,13,/3,DUWHHOH
VRPHQWH WHUi GLUHLWR GH
H[FOXVLYLGDGH VREUH VXD
LQYHQomR VH OKH IRU
FRQFHGLGDDSDWHQWH
3DUD R H[DWR
HTXDFLRQDPHQWR GDV
TXHVW}HV UHODWLYDV DRV
GLUHLWRV LQWHOHFWXDLV VREUH
VRIWZDUH HP VtQWHVH GHYH
VHDSHODUjOHLGHGLVFLSOLQD
GR GLUHLWR DXWRUDO /HL Q
GH 6DOYR
TXDQWR jV PDWpULDV
GLVFLSOLQDGDV GH IRUPD
GLYHUVD QR GLSORPD OHJDO
HVSHFtILFR FRPR SRU
H[HPSOR R SUD]R GH
GXUDomRTXHpGHDSHQDV
DQRV FRQWDGRV GH GH
MDQHLUR GR DQR VHJXLQWH j
SXEOLFDomR RX FULDomR GR
SURGXWR
8P SURJUDPD GH
FRPSXWDGRU SRGH VHU REMHWR
GH FRQWUDWR HQWUH
HPSUHViULRV FHVVmR RX
OLFHQoD GH XVR RX DLQGD
WUDQVIHUrQFLD GH WHFQRORJLD
RXHQWUHRWLWXODUGRVGLUHLWRV
GH FRPHUFLDOL]DomR H R
XVXiULR 4XDQWR D HVWH
~OWLPR SUHYLX D /HL Q
DUWV H DV
VHJXLQWHV FRQGLo}HV
GHVWLQDGDV j WXWHOD GR
XVXiULR GR SURJUDPD
FRQVXPLGRUDREULJDWyULD
PHQomR QD HPEDODJHP QRV
VXSRUWHV ItVLFRV H QR
LQVWUXPHQWR FRQWUDWXDO GR
SUD]RGHYDOLGDGHWpFQLFDGR
ORJLFLiULR E JDUDQWLD GD
SUHVWDomR GH VHUYLoRV
WpFQLFRV FRPSOHPHQWDUHV
FRP YLVWDV DR DGHTXDGR
IXQFLRQDPHQWRGRVRIWZDUH
&RPRDGYHQWRGR&'&
R XVXiULR GH SURJUDPD GH
FRPSXWDGRU SRGH LQYRFDU
SDUD D SURWHomR GRV VHXV
LQWHUHVVHV QmR VRPHQWH
HVVDV FRQGLo}HV HVSHFtILFDV
GD /HL Q PDV
WDPEpPDWXWHODOLEHUDGDSRU
DTXHOH GLSORPD GHVGH TXH
VH HQTXDGUH QR FRQFHLWR
OHJDOGHFRQVXPLGRU
&$3Ë78/2
6(*852
,1752'8d2
2VHJXURpRFRQWUDWRHP
TXH XPD SDUWH VRFLHGDGH
VHJXUDGRUD VH REULJD
PHGLDQWH R UHFHELPHQWR GR
SDJDPHQWR GR SUrPLR D
JDUDQWLULQWHUHVVHOHJtWLPRGD
RXWUD SDUWH VHJXUDGR
FRQWUD ULVFRV
SUHGHWHUPLQDGRV && DUW
(VWD JDUDQWLD VH
PDWHULDOL]D HQWUH RXWUDV
REULJDo}HV QD GH SDJDU DR
VHJXUDGR RX D WHUFHLURV
EHQHILFLiULRV GHWHUPLQDGD
TXDQWLD FDVR RFRUUD HYHQWR
IXWXURHLQFHUWR
7UDWDVH HP WHUPRV
HVWULWDPHQWH HFRQ{PLFRV GH
LQVWUXPHQWR GH VRFLDOL]DomR
GHULVFRVSRLVRVVHJXUDGRV
SRGHP VHU YLVWRV VRE HVWH
SULVPD FRPR TXH
FRQWULEXLQGR SDUD D
FRQVWLWXLomR GH XP IXQGR
GHVWLQDGRDFREULUDLQGDTXH
SDUFLDOPHQWH RV SUHMXt]RV
TXH DOJXQV GHOHV
SURYDYHOPHQWH LUmR VRIUHU
&iOFXORV DWXDULDLV
SRVVLELOLWDPDSUHYLVmRFRP
UHODWLYRJUDXGHFHUWH]DGRV
HYHQWRV GDQRVRV 3HOD
DWLYLGDGH VHFXULWiULD HVWHV
SUHMXt]RV SUHYLVtYHLV QmR
VmR VXSRUWDGRV
LQGLYLGXDOPHQWH DSHQDV
SHOR WLWXODU GR LQWHUHVVH
GLUHWDPHQWH DWLQJLGR PDV
VmR GLVWULEXtGRV SRU DVVLP
GL]HU HQWUH GLYHUVRV
VHJXUDGRV (VWD
FDUDFWHUtVWLFD GD DWLYLGDGH
VHFXULWiULD GHQRPLQDGD
PXWXDOLGDGH SURSRUFLRQD
DR VHJXUDGR VXEVWDQFLDO
HFRQRPLD SRLV WHP RV VHXV
LQWHUHVVHV SUHVHUYDGRV D XP
FXVWR FRQVLGHUDYHOPHQWH
LQIHULRU jTXHOH HP TXH
LQFRUUHULD FDVR KRXYHVVH GH
VXSRUWDU LVRODGDPHQWH DV
FRQVHTXrQFLDV GR HYHQWR
GDQRVR
+i JUDQGH LQJHUrQFLD GR
(VWDGR QD GLVFLSOLQD GR
VHJXUR SRU PHLR GDV
DXWRULGDGHVVHFXULWiULDVTXH
H[HUFHP SHUPDQHQWH
ILVFDOL]DomR VREUH DV
VHJXUDGRUDV DV RSHUDo}HV
GHVHQYROYLGDV H DV SUySULDV
FRQGLo}HV GRV FRQWUDWRV
3DUD VH WHU XPD LGHLD GD
H[WHQVmR GR FRQWUROH D TXH
VH HQFRQWUD VXEPHWLGD D
H[SORUDomR GHVWD DWLYLGDGH
HFRQ{PLFD QR %UDVLO
UHJLVWUHVH TXH R SDJDPHQWR
GRV SUrPLRV GHYH VHU IHLWR
REULJDWRULDPHQWH SRU PHLR
GD UHGH EDQFiULD /HL Q
DUW 2
LQWHUYHQFLRQLVPR HVWDWDO QD
iUHD VH PDQLIHVWD SHOD
DWXDomRGR6LVWHPD1DFLRQDO
GH 6HJXURV 3ULYDGRV
LQVWLWXtGR H UHJXODPHQWDGR
SHOR 'HFUHWROHL Q GH
/HL GRV 6HJXURV ²
/6
+i GXDV JUDQGHV
HVSpFLHV GH VHJXUR GH
DFRUGR FRP D QDWXUH]D GR
LQWHUHVVH VHJXUDGR R GH
GDQR WDPEpP FKDPDGR
³UDPRVHOHPHQWDUHV´HRGH
SHVVRDV ³YLGD´ RX
³DFLGHQWHV SHVVRDLV FRP
PRUWH´ $V FDUDFWHUtVWLFDV
SUySULDV GH FDGD XPD VHUmR
DQDOLVDGDV HP VHJXLGD
'HVGH Mi QR HQWDQWR DQRWH
VHTXHDDSyOLFHGRVVHJXURV
GH UDPRV HOHPHQWDUHV SRGH
VHU QRPLQDWLYD HQGRVViYHO
RX DR SRUWDGRU HQTXDQWR D
GRV VHJXURV GH YLGD QmR
FRPSRUWDHVWD~OWLPDIRUPD
2 6LVWHPD 1DFLRQDO GH
6HJXURV 3ULYDGRV p
LQWHJUDGR SHOR &RQVHOKR
1DFLRQDO GH 6HJXURV
3ULYDGRV ² &163 SHOD
6XSHULQWHQGrQFLDGH6HJXURV
3ULYDGRV ² 686(3 SHOR
,5%%UDVLO5HVVHJXURV6$
SHODV VRFLHGDGHV
VHJXUDGRUDV H SHORV
FRUUHWRUHV
2 &RQVHOKR 1DFLRQDO GH
6HJXURV 3ULYDGRV p R yUJmR
GD DGPLQLVWUDomR GLUHWD
IHGHUDO DR TXDO LQFXPEH
WUDoDU D SROtWLFD JHUDO GH
VHJXURV SULYDGRV
GLVFLSOLQDU D FRQVWLWXLomR
IXQFLRQDPHQWRHILVFDOL]DomR
GDV VHJXUDGRUDV IL[DU DV
FDUDFWHUtVWLFDV JHUDLV GR
FRQWUDWR GH VHJXUR
QRUPDWL]DU DV RSHUDo}HV
VHFXULWiULDV H DSOLFDU DV
VDQo}HVOHJDLV/6DUW
$ 6XSHULQWHQGrQFLD GH
6HJXURV 3ULYDGRV p XPD
DXWDUTXLD FRP REMHWR
YROWDGR j SURPRomR GD
SROtWLFDGHILQLGDSHOR&163
H j ILVFDOL]DomR GDV
VHJXUDGRUDV /6 DUW
FDEHQGROKH HQWUH RXWUDV D
WDUHID GH SURFHGHU j
OLTXLGDomR H[WUDMXGLFLDO
GHVWDV VRFLHGDGHV (OD WHP
FRPSHWrQFLD SDUD ILVFDOL]DU
WRGDVDVVHJXUDGRUDVH[FHWR
DV HVSHFLDOL]DGDV HP VHJXUR
VD~GHTXHVHHQFRQWUDPVRE
RFRQWUROHGHRXWUDDXWDUTXLD
IHGHUDO D $16 $JrQFLD
1DFLRQDOGH6D~GH
-i R ,5% %UDVLO
5HVVHJXURV 6$ p XPD
VRFLHGDGH GH HFRQRPLD
PLVWD FRP FDSLWDO
UHSUHVHQWDGR SRU Do}HV
PHWDGH WLWXODUL]DGDV SHOD
8QLmR /HL Q H
PHWDGH SHODV VHJXUDGRUDV
(P DV DWULEXLo}HV
ILVFDOL]DWyULDV H
UHJXODPHQWDUHV GR ,5%
DFHUFD GR UHVVHJXUR
SDVVDUDP SDUD D
FRPSHWrQFLDGD686(3HIRL
H[WLQWR R PRQRSyOLR HVWDWDO
GD DWLYLGDGH UHVVHFXULWiULD
$WXDOPHQWH R UHVVHJXUR p
GLVFLSOLQDGR QD /& Q
3RU VXD YH] DV
VHJXUDGRUDV GHYHP HVWDU
HVSHFLILFDPHQWH DXWRUL]DGDV
SHOR JRYHUQR IHGHUDO SDUD D
H[SORUDomR GD DWLYLGDGH
VHFXULWiULD3UHYrDOHLTXHD
FRQWUDWDomR GH VHJXUR VHP
HVWD DXWRUL]DomR LPSRUWD D
SHQD GH PXOWD HP YDORU
HTXLYDOHQWH j LPSRUWkQFLD
VHJXUDGD /6 DUW
$GPLWHPVH FRPR
VHJXUDGRUDV DSHQDV
VRFLHGDGHV DQ{QLPDV H
FRRSHUDWLYDV VHQGR TXH
HVWDV~OWLPDVVRPHQWHSRGHP
RSHUDU FRP VHJXURV
DJUtFRODV RX GH DFLGHQWH GR
WUDEDOKR
2V IXQGDGRUHV GH
VRFLHGDGH FRP REMHWR GH
H[SORUDomR GH DWLYLGDGH
VHFXULWiULD GHYHP
LQLFLDOPHQWH UHTXHUHU D
DXWRUL]DomR SDUD
IXQFLRQDPHQWR SHUDQWH R
&163 &RQFHGLGD HVWD
GHYHP FRPSURYDU MXQWR j
686(3 QRV GLDV
VHJXLQWHVRDWHQGLPHQWRGDV
IRUPDOLGDGHVGHFRQVWLWXLomR
H GH HYHQWXDLV H[LJrQFLDV
HVSHFtILFDV FRQVWDQWHV GD
3RUWDULD 0LQLVWHULDO GH
DXWRUL]DomR SDUD
IXQFLRQDPHQWR 1D
VHTXrQFLD VHUi H[SHGLGD D
FDUWDSDWHQWH $ DXWRUL]DomR
SDUDIXQFLRQDPHQWRSRGHVHU
OLPLWDGD D GHWHUPLQDGDV
RSHUDo}HV /6 DUWV D
$ VRFLHGDGH VHJXUDGRUD
QmR SRGH IDOLU D SHGLGR GH
FUHGRU /6 DUW GHYH
SRVVXLU R FDSLWDO PtQLPR
HVWLSXODGR SHOR &163 /6
DUW9,H/HLQGH
H D DOWHUDomR GH VHX
HVWDWXWRVyWHUiHILFiFLDDSyV
D DSURYDomR SHOR JRYHUQR
IHGHUDO /6 DUW $OpP
GLVVR VXMHLWDVH D UHJLPH
SUySULR GH GLVWULEXLomR GR
UHVXOWDGR REWLGR FRP R
GHVHQYROYLPHQWR GH VXD
DWLYLGDGH HFRQ{PLFD ,VWR p
WHP R GHYHU GH FRQVWLWXLU
UHVHUYDV WpFQLFDV IXQGRV
HVSHFLDLV H SURYLV}HV FRP
REVHUYkQFLD GRV FULWpULRV
GHWHUPLQDGRV SHOR &163
ILFDQGR VXEPHWLGD j
DXWRUL]DomR GD 686(3 D
DOLHQDomR SURPHVVD GH
DOLHQDomR RX RQHUDomR GRV
EHQV JDUDQWLGRUHV GH WDLV
SURYLVLRQDPHQWRV /6 DUWV
H$DomRRXRPLVVmR
GHTXHGHFRUUDLQVXILFLrQFLD
GHVWDV UHVHUYDV IXQGRV RX
SURYLV}HV VmR WLSLILFDGDV
FRPR FULPH FRQWUD D
HFRQRPLD SRSXODU /6 DUW
3RU RXWUR ODGR
GLYHUVRV PHFDQLVPRV VmR
SUHYLVWRV SRU OHL SDUD D
ILVFDOL]DomRGDVVHJXUDGRUDV
SHODV DXWRULGDGHV
VHFXULWiULDV (QWUH RXWURV D
LQWHUYHQomR GD 686(3
PHGLDQWH D QRPHDomR GH
'LUHWRU )LVFDO FRP
KRQRUiULRV SDJRV SHOD
VRFLHGDGHHDFRQFHVVmRGH
WUDWDPHQWR WpFQLFR H
ILQDQFHLUR H[FHSFLRQDO
GHVWLQDGR j UHFXSHUDomR GD
HPSUHVDVHJXUDGRUD/6DUW
HVHXVSDUiJUDIRV
(VWDEHOHFHX WDPEpP R
OHJLVODGRU XP UHJLPH GH
OLTXLGDomR HVSHFtILFR GDV
VRFLHGDGHVVHJXUDGRUDVTXH
SRGHWHUFDUiWHUVDQFLRQDGRU
/6 DUW D H E RX
MXVWLILFDUVH DSHQDV FRPR
PHGLGD GH VDQHDPHQWR
HFRQ{PLFR /6 DUW F H
G (P TXDOTXHU KLSyWHVH
PHVPR VH GHOLEHUDGD SHORV
DFLRQLVWDV RX DVVRFLDGRV
UHXQLGRV HP $VVHPEOHLD
*HUDO D OLTXLGDomR GD
VRFLHGDGH VHJXUDGRUD VHUi
SURFHVVDGD SHOD 686(3
VHJXLQGR R SURFHGLPHQWR
OHJDOPHQWH GHILQLGR H
YDOHQGRVH QDV RPLVV}HV
GHVWH GD OHJLVODomR
IDOLPHQWDU /6 DUWV D
2 FRQWURODGRU
DGPLQLVWUDGRUHV H PHPEURV
GR FRQVHOKR ILVFDO GDV
VHJXUDGRUDVHVWmRVXMHLWRVjV
PHVPDV UHJUDV GH DSXUDomR
H HIHWLYDomR GH
UHVSRQVDELOLGDGH GRV GH
LQVWLWXLo}HV ILQDQFHLUDV /HL
Q
)LQDOPHQWHRVFRUUHWRUHV
GH VHJXURV VmR SHVVRDV
ItVLFDV RX MXUtGLFDV FXMD
DWLYLGDGH HFRQ{PLFD p D GH
DSUR[LPDomRGDVVRFLHGDGHV
VHJXUDGRUDV H VHJXUDGRV 2
H[HUFtFLR GHVWD SURILVVmR p
ILVFDOL]DGRSHOD686(3TXH
SURFHGH j KDELOLWDomR H
UHJLVWURGRVFRUUHWRUHV
$ HVWUXWXUD EiVLFD GR
6LVWHPD 1DFLRQDO GH
6HJXURV 3ULYDGRV IRL
DSURYHLWDGD SHOR OHJLVODGRU
SDUD GLVFLSOLQDU R FRQWUROH
GDV DWLYLGDGHV GH
FDSLWDOL]DomR 'HFOHL Q
H GH SUHYLGrQFLD
SULYDGD/HLQ
2 VHJXUR p FRQWUDWR GH
DGHVmR FRPXWDWLYR H
FRQVHQVXDO
0DUFD VLJQLILFDWLYD GR
FRQWUDWR GH VHJXUR p D VXD
H[WHQVD GLVFLSOLQD SHOD
OHJLVODomR H SHODV
DXWRULGDGHV VHFXULWiULDV
7UDWDVH GH FRQWUDWR HP TXH
DV FOiXVXODV VmR HP VXD
TXDVH WRWDOLGDGH GHILQLGDV
SHODRUGHPYLJHQWHRXSHORV
yUJmRV JRYHUQDPHQWDLV
UHVWDQGR jV SDUWHV UHGX]LGD
PDUJHP SDUD QHJRFLDo}HV
$VVLP QmR SRGH R FRQWUDWR
FRQWHU FOiXVXOD HVWLSXODWyULD
GH TXDOTXHU GLVSHQVD RX
UHGXomR GR SUrPLR /6 DUW
RX TXH IDFXOWH D
UHVLOLomR XQLODWHUDO /6 DUW
2 &163 SRU RXWUR
ODGR WHP SRGHUHV SDUD
SDGURQL]DU DV FOiXVXODV H
LPSUHVVRV QHFHVViULRV j
FRQWUDWDomR PHGLDQWH
HPLVVmRGHELOKHWHGHVHJXUR
/6 DUW H D
686(3SRGHIL[DUFRQGLo}HV
GH DSyOLFHV H WDULIDV GH
REVHUYkQFLDREULJDWyULD/6
DUWF
$OpP GLVVR D DWLYLGDGH
VHFXULWiULD SUHVVXS}H D
UHDOL]DomR GH QHJyFLRV HP
PDVVD 2X VHMD VH XP
HPSUHViULR SRU KLSyWHVH
DVVXPLVVH D REULJDomR
FRQWUDWXDO GH LQGHQL]DU RV
SUHMXt]RV VRIULGRV SRU XPD
~QLFD SHVVRD HP UD]mR GH
HYHQWR IXWXUR H LQFHUWR
FRQILJXUDUVHLDQDYHUGDGH
RFRQWUDWRGHMRJRRXDSRVWD
PDV QmR R VHJXUR XPD YH]
TXH HVWDULD DXVHQWH R
UHTXLVLWR GD PXWXDOLGDGH
FDUDFWHUtVWLFD LQGLVVRFLiYHO
GDRSHUDomRVHFXULWiULD
1HVWHVHQWLGRpRVHJXUR
FRQWUDWR GH DGHVmR
DSOLFDQGRVHOKH R FRQWLGR
QRV DUWV H GR
&yGLJR &LYLO GH RX
DUW GR &'& FDVR R
VHJXUDGR VHMD FRQVXPLGRU
$VVLP DV FOiXVXODV
DPEtJXDV RX FRQWUDGLWyULDV
VHUmRLQWHUSUHWDGDVHPIDYRU
GR VHJXUDGR RX WHUFHLUR
EHQHILFLiULR H VmR QXODV DV
FOiXVXODV GH UHQ~QFLD D
GLUHLWRV SUySULRV GR
FRQWUDWR
2 UD]RiYHO FRQVHQVR
GRXWULQiULR H[LVWHQWH QR
WRFDQWH D HVWD
SDUWLFXODULGDGH GR VHJXUR
QmRVHUHSURGX]QDGLVFXVVmR
TXDQWR j VXD QDWXUH]D
FRPXWDWLYDHFRQVHQVXDO
$ REULJDomR GD
VHJXUDGRUD p D GH JDUDQWLU
LQWHUHVVH GR VHJXUDGR H D
GHVWH GH SDJDU R SUrPLR
$QWHV GD HQWUDGD HP YLJRU
GR &yGLJR &LYLO
SUHGRPLQDYD QD GRXWULQD R
HQWHQGLPHQWR GH TXH R
VHJXUR HUD FRQWUDWR
DOHDWyULR LVWR p HQYROYHULD
XPD iOHD SRUTXH DV SDUWHV
QmR WrP DR FRQWUDWiOR
FRPR DQWHYHU VXD H[HFXomR
'H IDWR QR PRPHQWR GD
FHOHEUDomR GR VHJXUR R
VHJXUDGR QmR VDEH VH VHUi
FRPSHQVDGRUD D UHDOL]DomR
GD GHVSHVD UHODWLYD DR
SDJDPHQWR GR SUrPLR
7DPEpPDVHJXUDGRUDQHVWD
RSRUWXQLGDGH QmR WHP FRPR
VDEHU VH LUi RX QmR DUFDU
FRP R SDJDPHQWR GD
LQGHQL]DomR RX SUHVWDomR
jTXHOH VHJXUDGR HP
HVSHFLDO $ iOHD SRUWDQWR
HVWi SUHVHQWH QHVWH DVSHFWR
GDV UHODo}HV HQWUH RV
FRQWUDWDQWHVDSRVVLELOLGDGH
GH RFRUUrQFLD GR HYHQWR
GDQRVR e FODUR TXH DV
SDUWHV PHQVXUDP D
FRQYHQLrQFLD HFRQ{PLFD HP
FRQWUDWDURXQmRRVHJXURHR
TXDQWR D RFRUUrQFLD GR
HYHQWR IXWXUR H LQFHUWR SRGH
LQWHUIHULUFRPRVUHVSHFWLYRV
LQWHUHVVHVPDVLVWRHPQDGD
DOWHUDDQDWXUH]DDOHDWyULDGR
VLQLVWUR TXH SRGH RX QmR
RFRUUHU $OLiV R HYHQWR
GDQRVR TXH FHUWDPHQWH
RFRUUHUi QHQKXPD
VHJXUDGRUD FRQFRUGD
VHJXUDU H R TXH FHUWDPHQWH
QmR RFRUUHUi QHQKXP
VHJXUDGR VH LQWHUHVVD SRU
VHJXUDU
(P UHODomR j TXHVWmR GD
iOHD DLQGD DQWHV GD HQWUDGD
HP YLJRU GR &yGLJR &LYLO
FHUWR HQWHQGLPHQWR
GRXWULQiULR QHJDYD VXD
H[LVWrQFLD SDUD R VHJXUDGRU
VRE R DUJXPHQWR GH TXH
FRQVLGHUDQGRVH WRGD D
PDVVD FRQWUDWXDO GD TXDO
SDUWLFLSD QmR DVVXPH
HQFDUJR GH UHVXOWDGRV
GHVFRQKHFLGRV6HpYHUGDGH
TXH R VHJXUDGRU QmR WHP
FRPR DQWHYHU TXDLV VHUmR
H[DWDPHQWH RV FRQWUDWRV
OLTXLGDGRV PHGLDQWH
SDJDPHQWR DR VHJXUDGR p
WDPEpP LQGXELWiYHO TXH
FiOFXORV DWXDULDLV OKH
SRVVLELOLWDP GLPHQVLRQDU
TXDQWRV GRV VHJXURV
FRQWUDWDGRV QmR GHYHUmR VHU
OLTXLGDGRV GHVVD IRUPD
JDUDQWLQGROKH HQWmR D
OXFUDWLYLGDGH
&RP D HQWUDGD HP YLJRU
GR &yGLJR &LYLO DOWHUDVH
VXEVWDQFLDOPHQWH R
WUDWDPHQWR GD PDWpULD QR
GLUHLWR EUDVLOHLUR 1mR Ki
PDLV HOHPHQWRV SDUD
VXVWHQWDUDQDWXUH]DDOHDWyULD
GR FRQWUDWR GH VHJXUR HQWUH
QyV ,VWR SRUTXH D OHL QmR
GHILQHPDLVDREULJDomRGHD
VHJXUDGRUD SDJDU DR
VHJXUDGR RX D WHUFHLUR
EHQHILFLiULR XPD
GHWHUPLQDGD SUHVWDomR FDVR
YHQKD D RFRUUHU HYHQWR
GDQRVRIXWXURHLQFHUWR(VWH
SDJDPHQWRpQDYHUGDGHXP
GRV DVSHFWRV GD REULJDomR
TXH D VHJXUDGRUD FRQWUDL DR
FRQWUDWDU R VHJXUR D GH
JDUDQWLU R VHJXUDGR FRQWUD
ULVFRV
3DUD GDU FXPSULPHQWR D
HVVD REULJDomR ² JDUDQWLU
RV VHJXUDGRV FRQWUD ULVFRV
²DVHJXUDGRUDQmRHVWiVy
REULJDGDDSDJDUDSUHVWDomR
GHYLGD QDV KLSyWHVHV
GHOLQHDGDV HP FRQWUDWR PDV
GHYHDGRWDUSURYLGrQFLDVGH
JHUHQFLDPHQWR HPSUHVDULDO
FRP YLVWDV D PDQWHUVH HP
FRQGLo}HV HFRQ{PLFDV
ILQDQFHLUDV H SDWULPRQLDLV
SDUD ID]rOR 4XDQGR D
VHJXUDGRUD QmR FRQVWLWXL
UHVHUYDV DGHTXDGDV HOD QmR
HVWi DSHQDV GHVFXPSULQGR
QRUPDV DGPLQLVWUDWLYDV GD
686(3 HVWi WDPEpP
IDOWDQGR DR FXPSULPHQWR GD
REULJDomR GH JDUDQWLU VHXV
VHJXUDGRV 1mR Ki HP
RXWURVWHUPRVQHQKXPDiOHD
H[HFXWDU R FRQWUDWR GH
VHJXUR VLJQLILFD DGPLQLVWUDU
D HPSUHVD VHFXULWiULD GH
PRGR D JDUDQWLU RV VHXV
VHJXUDGRV FRQWUD RV ULVFRV
FRQWUDWDGRV
5HIHUHQWHPHQWH j
VHJXQGD TXHVWmR WDPEpP
PXGD FRP D HQWUDGD HP
YLJRU GR &yGLJR &LYLO D
FODVVLILFDomR GR FRQWUDWR GH
VHJXUR QR GLUHLWR EUDVLOHLUR
2 &yGLJR &LYLO GH
FRQWHPSODYD GLVSRVLWLYR
DUWFRQGLFLRQDQGRD
FRQVWLWXLomR GR YtQFXOR
FRQWUDWXDODXPDIRUPDOLGDGH
D HODERUDomR GH GRFXPHQWR
HVFULWRGHQRPLQDGRDSyOLFH
RXRODQoDPHQWRGDRSHUDomR
QRV OLYURV GD VHJXUDGRUD
GHVRUWHTXHDVROHQLGDGHGR
FRQWUDWR HQFRQWUDYDVH
UHODWLYDPHQWHFODUDQDOHL
1R PXQGR WRGR SRUpP
RV UHJXODPHQWRV PDLV
PRGHUQRV GR FRQWUDWR GH
VHJXURMiKDYLDPGHVFDUWDGR
D H[LJrQFLD GD VROHQLGDGH
3RURXWURODGRHPUD]mRGR
WUiILFR PHUFDQWLO H VXDV
QHFHVVLGDGHV SRGLDVH DWp
PHVPR GL]HU TXH R
GLVSRVLWLYR OHJDO LPSRVLWLYR
GD IRUPD VROHQH HVWDYD Ki
WHPSRV HP GHVXVR &RP R
GLUHLWR YLJHQWH D SDUWLU GR
&& D DSyOLFH RX R ELOKHWH
GH VHJXUR VmR LQVWUXPHQWRV
GH SURYD GR FRQWUDWR PDV
QmR R FRQVWLWXHP $OLiV
SURYDVH D FRQWUDWDomR GR
VHJXUR SRU TXDOTXHU
GRFXPHQWR FRPSUREDWyULR
GR SDJDPHQWR GR SUrPLR
FRPRDJXLDGHFRPSHQVDomR
EDQFiULD RX R UHFLER GR
FRUUHWRUDUW
&HOHEUDGR R VHJXUR
DVVXPH D VHJXUDGRUD D
REULJDomR GH JDUDQWLU R
LQWHUHVVHGRVHJXUDGRFRQWUD
RV ULVFRV LQGLFDGRV HP
FRQWUDWR 'HVWH PRGR GHYH
RUJDQL]DUVH
HPSUHVDULDOPHQWH H JHULU RV
UHFXUVRV SURYHQLHQWHV GR
SDJDPHQWR GR SUrPLR HP
HVSHFLDODSDUWHGHQRPLQDGD
GH ³SUrPLR SXUR´ GH IRUPD
D DWHQGHU DRV FRPSURPLVVRV
FRP VHXV VHJXUDGRV RX
EHQHILFLiULRV 6H YHULILFDGR
R VLQLVWUR FXMRV HIHLWRV
GDQRVRV HUD LQWHQomR GR
VHJXUDGRHYLWDURXDWHQXDUD
VHJXUDGRUDGHYHSDJDUOKHD
LPSRUWkQFLD GHWHUPLQDGD
&&DUW-iHPUHODomR
DRVHJXUDGRHVWDEHOHFHDOHL
DV REULJDo}HV GH SDJDU R
SUrPLR SUHVWDU LQIRUPDo}HV
YHUtGLFDV DEVWHUVH GH
DXPHQWDURULVFRHPWRUQRGR
LQWHUHVVH VHJXUDGR H
FRPXQLFDU j VHJXUDGRUD
WDQWR D YHULILFDomR GH
LQFLGHQWH TXH DXPHQWH R
ULVFR FRPR D GR SUySULR
VLQLVWUR
2 FRQWUDWR GHYH IL[DU D
GDWD RX GDWDV GH SDJDPHQWR
GR SUrPLR (P UHJUD R
DWUDVR QR DGLPSOHPHQWR
GHVWD REULJDomR WHP SRU
FRQVHTXrQFLD D IOXrQFLD GH
MXURV H FRUUHomR PRQHWiULD
SUHYLVWRV HP FRQWUDWR 0DV
QmR WHUi GLUHLWR GH UHFHEHU
GDVHJXUDGRUDDLPSRUWkQFLD
SUHYLVWD HP FRQWUDWR R
VHJXUDGR TXH VH HQFRQWUDU
HP PRUD QR SDJDPHQWR GR
SUrPLR FDVR R VLQLVWUR VH
YHULILTXH DQWHV GH VXD
SXUJDomR && DUW
$VVLPVHRVHJXUDGRDWUDVRX
R SDJDPHQWR GR SUrPLR RX
GH SUHVWDomR GHVWH H HP
VHJXLGD YHULILFRXVH R
VLQLVWURHOHQmRSRGHFREUDU
GD VHJXUDGRUD R SDJDPHQWR
GR YDORU SUHYLVWR HP
FRQWUDWR $ MXULVSUXGrQFLD
WHP DWHQXDGR R ULJRU GHVVDV
QRUPDV SULQFLSDOPHQWH QD
GHIHVD GH LQWHUHVVHV GR
FRQVXPLGRU
2 VHJXUDGR WHP R GHYHU
GH SUHVWDU LQIRUPDo}HV
YHUtGLFDV SDUD TXH D
VHJXUDGRUD SRVVD
GLPHQVLRQDURULVFRDTXHVH
VXEPHWH R LQWHUHVVH REMHWR
GR FRQWUDWR H R YDORU GR
SUrPLR D VHU SDJR $
LQREVHUYkQFLD GHVWH GHYHU p
VDQFLRQDGD FRP D SHUGD GR
GLUHLWR DR VHJXUR VHP
SUHMXt]R GD FREUDQoD GR
SUrPLR&&DUW
7DPEpP SHUGHUi R
GLUHLWRDRVHJXURRVHJXUDGR
TXH DXPHQWDU
LQWHQFLRQDOPHQWH RV ULVFRV
HQYROYHQWHV GR LQWHUHVVH
REMHWR GH FRQWUDWR 3RU
H[HPSOR VH R SURSULHWiULR
GH DXWRPyYHO VHJXUDGR
FRQILDR jV PmRV GH
PRWRULVWD VHP KDELOLWDomR
LVWR SRGH DFDUUHWDU
GHSHQGHQGR GRV HOHPHQWRV
HVSHFtILFRV GR FDVR
FRQFUHWR DXPHQWR
LQMXVWLILFiYHO GR ULVFR GH
DFLGHQWHV FRP R YHtFXOR
7UDWDVH GH DQiOLVH
FDVXtVWLFD TXH R MXL] GHYH
ID]HU FRP DWHQomR jV
FLUFXQVWkQFLDVUHDLV&&DUW
3RU ILP HP GXDV
RSRUWXQLGDGHV WHP R
VHJXUDGR R GHYHU GH
SURFHGHU D FRPXQLFDo}HV j
VHJXUDGRUD (P SULPHLUR
OXJDUQDRFRUUrQFLDGHIDWRU
TXHDXPHQWHRULVFRDTXHVH
VXEPHWH R LQWHUHVVH REMHWR
GH VHJXUR (VWH DXPHQWR GH
ULVFR SRGH GDU HQVHMR j
UHVROXomR GR FRQWUDWR SHOD
VHJXUDGRUD GHVGH TXH VH
PDQLIHVWH QRV GLDV
VHJXLQWHV j FRPXQLFDomR GR
DJUDYDPHQWR GR ULVFR IHLWD
SHOR VHJXUDGR 2 VHJXUR
DLQGD YDOHUi SRU GLDV
VHJXLQWHV DR UHFHELPHQWR
SHOR VHJXUDGR GD
QRWLILFDomR GD VHJXUDGRUD
1HVWHFDVRWDPEpPGHYHVH
UHVWLWXLU SDUWH GR SUrPLR
SURSRUFLRQDO j UHGXomR GR
WHPSRGDFREHUWXUD&&DUW
H SDUiJUDIRV (P
VHJXQGR OXJDU GHYH VHU
FRPXQLFDGDjVHJXUDGRUDGH
LPHGLDWR D YHULILFDomR GR
VLQLVWUR 2 DWUDVR
LQMXVWLILFDGR QHVWD
FRPXQLFDomR DFDUUHWDUi D
SHUGD GR GLUHLWR j
LQGHQL]DomR (QWHQGHVH TXH
D VHJXUDGRUD
WHPSHVWLYDPHQWH DGYHUWLGD
GR VLQLVWUR WHQGR FRQGLo}HV
GH HYLWiOR RX GH DWHQXiOR
HPVXDVFRQVHTXrQFLDVWHULD
GLUHLWR GH WHQWDU VDOYDU R
LQWHUHVVH VHJXUDGR && DUW
6(*852'('$12
2VHJXURGHGDQRRXGH
³UDPRV HOHPHQWDUHV´ WHP
SRU REMHWR RV LQWHUHVVHV
UHODFLRQDGRV FRP R
SDWULP{QLR EHQV YDORUHV
GLUHLWRV HWF REULJDo}HV
VD~GHHLQWHJULGDGHItVLFDGR
VHJXUDGR &RPSUHHQGHVH
QHVWD FDWHJRULD WRGRV RV
VHJXURV PHQRV R GH YLGD H
GH DFLGHQWHV SHVVRDLV FRP
PRUWH
&DUDFWHUtVWLFD HVVHQFLDO
GRV VHJXURV GH UDPRV
HOHPHQWDUHV p D QDWXUH]D
LQGHQL]DWyULD GR SDJDPHQWR
GHYLGR SHODVHJXUDGRUD $R
FRQWUiULRGRTXHRFRUUHFRP
R VHJXUR GH SHVVRD R
VHJXUDGR FRQWUDWD FRP D
VHJXUDGRUD D UHFRPSRVLomR
GH VHX SDWULP{QLR FDVR
YHQKD D VHU DWLQJLGR SRU
VLQLVWURFRPRSRUH[HPSOR
D LQFDSDFLGDGH ODERUDWLYD
GHVSHVDV FRP VD~GH
UHVSRQVDELOLGDGH FLYLO
SHUDQWH WHUFHLURV
LQDGLPSOHPHQWR GH
GHYHGRUHV SUHMXt]RV
SDWULPRQLDLV$VVLPVHQGRD
OLTXLGDomR GR VHJXUR QmR
SRGH UHSUHVHQWDU PHLR GH
HQULTXHFLPHQWRGRVHJXUDGR
PDV DSHQDV GH UHSRVLomR GH
SHUGDV
1HVWH FRQWH[WR SRUWDQWR
QmR p OtFLWR DR VHJXUDGR
FRQWUDWDU SHOR VHX YDORU
LQWHJUDO PDLV GH XP VHJXUR
GHUDPRHOHPHQWDUUHIHUHQWH
DR PHVPR LQWHUHVVH SUiWLFD
LUUHJXODU GHQRPLQDGD
VREUHVVHJXUR QHP SRU
RXWUR ODGR VHJXUiOR HP
LPSRUWkQFLD VXSHULRU DR VHX
YDORU SRLV FDVR FRQWUiULR
VREUHYLQGR R VLQLVWUR
RFRUUHULD R VHX
ORFXSOHWDPHQWR VHP FDXVD
&& DUW 3HOD PHVPD
UD]mR VH R LQWHUHVVH IRU
VHJXUDGR SRU LPSRUWkQFLD
LQIHULRU DR VHX YDORU
HQWHQGHVH TXH R VHJXUDGR
RSWRX SRU DVVXPLU
SHVVRDOPHQWH R ULVFR HP
UHODomR j SDUWH QmR
VHJXUDGD 1HVWD VLWXDomR
YHULILFDQGRVH R VLQLVWUR D
VHJXUDGRUD UHVSRQGH
SURSRUFLRQDOPHQWH DR YDORU
GR REMHWR GR FRQWUDWR
DUFDQGR R SUySULR VHJXUDGR
FRP R UHVWDQWH UHJUD
SURSRUFLRQDO
1RWHVH TXH D YHGDomR
GRVREUHVVHJXURIXQGDVHQR
FDUiWHU LQGHQL]DWyULR GD
SUHVWDomR GHYLGD SHOD
VHJXUDGRUD 2X VHMD VH
LQH[LVWLVVH HVVD SURLELomR
OHJDO D SHUGD GH EHQV
VHJXUDGRV SDVVDULD D VHU
PDLV YDQWDMRVD DR
EHQHILFLiULR GR VHJXUR GR
TXH D VXD FRQVHUYDomR
HVWLPXODQGRVH HP FHUWD
PHGLGD D QHJOLJrQFLD QD
JXDUGD GDTXHOHV 2
VREUHVVHJXUR LQFRPSDWtYHO
FRPDQDWXUH]DLQGHQL]DWyULD
GD SUHVWDomR GHYLGD SHOD
VHJXUDGRUD QR FDVR GH
RSHUDomR HP UDPR
HOHPHQWDU QmR VH FRQIXQGH
FRP R FRVVHJXUR RX FRP R
VHJXUR FXPXODWLYR
PRGDOLGDGHV DGPLWLGDV SHOR
GLUHLWR (QWHQGHVH SRU
FRVVHJXUR DTXHOH HP TXH
GLYHUVDV VHJXUDGRUDV VH
UHVSRQVDELOL]DP SRU XPD
SDUWH GD LQGHQL]DomR GHYLGD
HP UD]mR GR VLQLVWUR &&
DUW H SRU VHJXUR
FXPXODWLYR DTXHOH HP TXH
VHJXUDGRV FDGD TXDO
PRWLYDGR SRU LQWHUHVVH
SUySULR FHOHEUDP FRQWUDWRV
GH VHJXUR UHIHUHQWHV D XP
PHVPREHP
3UHYHHPVH HP OHL
KLSyWHVHV HP TXH D
FRQWUDWDomR GR VHJXUR p
REULJDWyULD VRE SHQD GH
PXOWD DSOLFDGD SHOD 686(3
/6DUWVH$
PDLV FRQKHFLGD p D GH
FREHUWXUD GH GDQRV SHVVRDLV
FDXVDGRV SRU YHtFXORV
DXWRPRWRUHVGHYLDWHUUHVWUH
RX SRU VXD FDUJD D SHVVRDV
WUDQVSRUWDGDV RX QmR
,QFXPEH DR &RQVHOKR
1DFLRQDO GH 7UkQVLWR
LPSODQWDU H ILVFDOL]DU
PHGLGDV LPSHGLWLYDV GR
OLFHQFLDPHQWR H GD
FLUFXODomR GRV YHtFXORV
DXWRPRWRUHV WHUUHVWUHV FXMR
SURSULHWiULR QmR FRQWUDWRX R
VHJXUR REULJDWyULR /HL Q
DUWH
LQFOXtGRV SHOD /HL Q
2 VHJXUR
REULJDWyULR VXEVXPHVH j
PHVPD GLVFLSOLQD JHUDO GR
FRQWUDWR QR WRFDQWH jV
REULJDo}HV GDV SDUWHV $
REULJDWRULHGDGH DFHQWXHVH
GL] UHVSHLWR j FRQWUDWDomR H
QmR j OLTXLGDomR GR VHJXUR
'HVVD IRUPD R VHJXUDGR
SRGHSRUH[HPSORSHUGHUR
GLUHLWR DR VHJXUR VH D VXD
FRQGXWDFXOSRVDUHGXQGDUHP
DXPHQWR GRV ULVFRV
HQYROYHQWHV GR LQWHUHVVH
REMHWR GH FRQWUDWR
REULJDWyULR && DUW
1RV VHJXURV REULJDWyULRV D
LQGHQL]DomR VHUi SDJD
GLUHWDPHQWH DR WHUFHLUR
SUHMXGLFDGR&&DUW
6(*852'(3(662$
$ GLILFXOGDGH HP VH
FRQVWUXLU XP FRQFHLWR
XQLWiULR SDUD R VHJXUR HVWi
UHODFLRQDGDFRPRFDUiWHUGD
SUHVWDomR GHYLGD SHOD
VHJXUDGRUD QR VHJXUR GH
YLGD1HVWHWLSRGHFRQWUDWR
R SDJDPHQWR GHYLGR DR
EHQHILFLiULRHPGHFRUUrQFLD
GR VLQLVWUR QmR WHP VHQWLGR
LQGHQL]DWyULR $OLiV QHP
VHTXHU SRGHULD WHU XPD YH]
TXH D YLGD MXULGLFDPHQWH
IDODQGRQmRSRGHVHUREMHWR
GHDYDOLDomRQmRWHPSUHoR
2GHYLGRSHODVVHJXUDGRUDV
DR VH YHULILFDU R HYHQWR
GHVFULWR QR FRQWUDWR GH
VHJXURDPRUWHGRVHJXUDGR
DQWHV GH FHUWR WHUPR VXD
VREUHYLYrQFLD DSyV FHUWR
WHUPR RX DFLGHQWH SHVVRDO
FRP PRUWH QmR WHP D
QDWXUH]DGHUHVVDUFLPHQWRDR
EHQHILFLiULR SRU GDQR
VRIULGR &XLGDVH
VLPSOHVPHQWH GR
DGLPSOHPHQWR GH REULJDomR
SHFXQLiULD GHFRUUHQWH GH
FRQWUDWR GH JDUDQWLD FRQWUD
ULVFRV 3RU HVWD UD]mR R
YDORU GHYLGR SRU FRQWUDWR
SHOD VHJXUDGRUD QmR p
FKDPDGR QD OHL GH
LQGHQL]DomR ² FRPR QR
FDVR GRV VHJXURV GH GDQR
²PDVVLPGHFDSLWDO
&RPR D SUHVWDomR
DVVXPLGD SHOD VHJXUDGRUD
FDSLWDO QR VHJXUR GH
SHVVRD QmR WHP QDWXUH]D
LQGHQL]DWyULD QmR p YHGDGR
R VREUHVVHJXUR $R
VHJXUDGRFRQVHTXHQWHPHQWH
p OtFLWR FRQWUDWDU WDQWRV
VHJXURV GH YLGD TXDQWRV
TXHLUD H R EHQHILFLiULR
SRGHUi XPD YH] RFRUULGD D
PRUWHRXVREUHYLGDGDTXHOH
UHFODPDU R SDJDPHQWR GH
WRGDV DV VHJXUDGRUDV &&
DUW3HODPHVPDUD]mR
DUHJUDSURSRUFLRQDOQmRWHP
TXDOTXHU SHUWLQrQFLD
GHYHQGR R VHJXUR VHU
OLTXLGDGRSHORYDORUWRWDOGD
DSyOLFH
$WHQWHVH SDUD D
FLUFXQVWkQFLD GH TXH SRU
YH]HV D PRUWH GH XPD
SHVVRD SRGH WRUQDU H[LJtYHO
D SUHVWDomR GH VHJXUDGRUD
VHP TXH R VHJXUR VHMD SRU
LVWR FDUDFWHUL]DGR FRPR GH
YLGD e R FDVR GD PRUWH GH
SHGHVWUH SURYRFDGD SRU
YHtFXOR DXWRPRWRU WHUUHVWUH
$ OLTXLGDomR GR VHJXUR
REULJDWyULR QHVWD VLWXDomR
IHLWD HP IDYRU GR F{QMXJH
VREUHYLYHQWH /HL Q
DUWDSHQDVGH
IRUPD LQGLUHWD GHFRUUH GR
IDOHFLPHQWR SRVWR TXH
GLUHWDPHQWHHVWiYLQFXODGDj
UHVSRQVDELOLGDGH FLYLO GR
SURSULHWiULR GR YHtFXOR
7UDWDVH DVVLP GH VHJXUR
GHUDPRHOHPHQWDU
$R FRQWUDWDU VHJXUR GH
YLGD R SURSRQHQWH TXH QmR
p QHFHVVDULDPHQWH R
VHJXUDGR D SHVVRD FXMD
PRUWHRXVREUHYLGDpREMHWR
GHFRQWUDWR²&&DUW
QRPHLD R EHQHILFLiULR GD
SUHVWDomR FRQWUDWDGD FRP D
VHJXUDGRUD 6H HVWH QmR
HVWLYHU LGHQWLILFDGR QD
DSyOLFH HQWHQGHVH TXH R
VHJXURIRLHVWLSXODGRPHWDGH
HP IDYRU GR F{QMXJH QmR
VHSDUDGR MXGLFLDOPHQWH H R
UHVWDQWH GRV KHUGHLURV GR
VHJXUDGR VHJXLGD D RUGHP
GDYRFDomRKHUHGLWiULD&&
DUW
2 UHFHELPHQWR SHOR
EHQHILFLiULR GR FDSLWDO
GHYLGR SHOD VHJXUDGRUD
TXDQGR IDOHFH R VHJXUDGR
QmR WHP D QDWXUH]D GH
VXFHVVmR e R SUySULR
EHQHILFLiULR R WLWXODU GR
GLUHLWR GH FUpGLWR GH PRGR
TXH QmR LQFLGH VREUH D
LPSRUWkQFLD SDJD TXDOTXHU
WULEXWRGHWUDQVPLVVmRFDXVD
PRUWLV 3RU HVWD PHVPD
UD]mR RV FUHGRUHV GR
IDOHFLGRQmRSRGHPH[HFXWDU
RV VHXV FUpGLWRV VREUH D
PHVPDLPSRUWkQFLD&&DUW
eFODURTXHPRUUHQGR
R SUySULR EHQHILFLiULR DSyV
WHUVH WRUQDGR WLWXODU GR
FUpGLWRSHUDQWHDVHJXUDGRUD
RV KHUGHLURV RX OHJDWiULRV
GDTXHOH VXFHGHPQR QD
LPSRUWkQFLD FRQWUDWDGD
KLSyWHVH HP TXH R VHX
SDJDPHQWR GHYH VHU
FRQVLGHUDGR KHUDQoD RX
OHJDGR
2EHQHILFLiULRGHVHJXUR
GH YLGD QmR WHUi GLUHLWR DR
UHFHELPHQWRGRFDSLWDOVHD
PRUWHpYROXQWiULDWDOFRPR
D GHFRUUHQWH GH VXLFtGLR
SUHPHGLWDGR2VXLFtGLRQmR
SUHPHGLWDGR QmR p FDXVD
H[FOXGHQWH GH UHFHELPHQWR
GR YDORU GR VHJXUR 6~PXOD
GR 67- &RQVLGHUDVH
GHVVD FDWHJRULD R VXLFtGLR
FRPHWLGR DSyV RV GRLV
SULPHLURV DQRV GH YLJrQFLD
LQLFLDO GR VHJXUR RX GH VXD
UHFRQGXomR GHSRLV GH
VXVSHQVR && DUW
7DPEpP QmR H[RQHUD D
VHJXUDGRUD R IDOHFLPHQWR
RFRUULGRHPUD]mRGDSUiWLFD
GH HVSRUWHV DUULVFDGRV
H[HUFtFLR GH DWLYLGDGH
SURILVVLRQDO SHULJRVD
FLUXUJLD SUHVWDomR GH
VHUYLoRV PLOLWDUHV DWRV GH
KXPDQLGDGH HP DX[tOLR GH
RXWUHP RX GRV ULVFRV
PDLRUHVRIHUHFLGRVSRUPHLR
GHWUDQVSRUWH&&DUW
1R SDVVDGR HUD PXLWR
FRPXP DV VHJXUDGRUDV
VROLFLWDUHPGRVSUHWHQGHQWHV
DR VHJXUR GH YLGD R H[DPH
GH VD~GH FRPR PHLR GH
PHQVXUDUDSUREDELOLGDGHGH
OLTXLGDomR GR FRQWUDWR
+RMH FRP D HYROXomR GRV
FiOFXORV DWXDULDLV H R
GHVHQYROYLPHQWR GR
PHUFDGR VHFXULWiULR HVWD
H[LJrQFLD WHP VLGR
SDXODWLQDPHQWH DEDQGRQDGD
1RVVHJXURVHPJUXSRDOLiV
D SHUtFLD PpGLFD VHPSUH IRL
GLVSHQVDGD 2 IDWR GH D
VHJXUDGRUD QmR FRQGLFLRQDU
R FRQWUDWR j UHDOL]DomR GR
H[DPH GH VD~GH FRQWXGR
QmR OLEHUD R VHJXUDGR GR
GHYHU GH SUHVWDU
LQIRUPDo}HV YHUtGLFDV
TXDQGR GD DVVLQDWXUD GD
SURSRVWD RX GR ELOKHWH
SHUGHQGR R EHQHILFLiULR R
GLUHLWR DR VHJXUR FDVR QmR
WHQKD VLGR FXPSULGD WDO
REULJDomR
6(*8526$Ò'(
&$3,7$/,=$d2
&DSLWDOL]DomR p R
FRQWUDWR SHOR TXDO XPD
VRFLHGDGH DQ{QLPD
HVSHFLILFDPHQWH DXWRUL]DGD
SHOR JRYHUQR IHGHUDO D
RSHUDU FRP HVWH JrQHUR GH
DWLYLGDGH HFRQ{PLFD VH
FRPSURPHWH PHGLDQWH
FRQWULEXLo}HV SHULyGLFDV GR
RXWUR FRQWUDWDQWH D SDJDU
OKH LPSRUWkQFLD PtQLPD DR
WpUPLQR GH SUD]R
GHWHUPLQDGR &RPXPHQWH
ILUPDVH FOiXVXOD FRQWUDWXDO
FRP D SUHYLVmR GH SUrPLRV
RX GH DQWHFLSDomR GR
SDJDPHQWR GR FDSLWDO D
FRQWUDWDQWHV VRUWHDGRV
&RQILJXUDVHDFDSLWDOL]DomR
FRPR FRQWUDWR DOHDWyULR
DSHQDV VH SDFWXDGD HVWD
FOiXVXOD GH SUHPLDomR RX
DQWHFLSDomRSRUVRUWHLRTXH
LQFOXVLYH UHSUHVHQWD R
DVSHFWR DWUDHQWH GR SURGXWR
0DLV TXH R UHFHELPHQWR GR
FDSLWDODRWpUPLQRGRSUD]R
FRQYHQFLRQDGR LQWHUHVVD
DRV FRQWUDWDQWHV D
SRVVLELOLGDGH GH JDQKRV
RIHUHFLGD SHOD HYHQWXDO
SUHPLDomR
3DUD R FRQWUDWR p
LQGLVSHQViYHO D HPLVVmR GR
UHVSHFWLYR WtWXOR GH
FDSLWDOL]DomRSHODVRFLHGDGH
DQ{QLPDDXWRUL]DGDDRSHUDU
QHVWHUDPRGHDWLYLGDGH7DO
GRFXPHQWRWHPDQDWXUH]DGH
WtWXOR GH FUpGLWR LPSUySULR
GH LQYHVWLPHQWR H SRU HVWH
PRWLYR FRPSRUWD VRPHQWH D
IRUPD QRPLQDWLYD /HL Q
DUW,,
$ H[SORUDomR GHVWD
DWLYLGDGH HFRQ{PLFD p
GLVFLSOLQDGD SHOR 'HFUHWR
OHL Q GH TXH
LQVWLWXLX R 6LVWHPD 1DFLRQDO
GH &DSLWDOL]DomR
DSURYHLWDQGR D HVWUXWXUD GR
6LVWHPD 1DFLRQDO GH
6HJXURV 3ULYDGRV &RPSHWH
DVVLP DR &163 H j 686(3
FRQWURODU H QRUPDWL]DU R
PHUFDGR 2XWURVVLP DV
VRFLHGDGHV GH FDSLWDOL]DomR
HVWmR VXEPHWLGDV D UHJLPH
MXUtGLFR SUy[LPR DR
GHOLQHDGR SDUD DV
VRFLHGDGHV VHJXUDGRUDV 2X
VHMD R VHX IXQFLRQDPHQWR
GHSHQGH GH DXWRUL]DomR
JRYHUQDPHQWDO HODV QmR
SRGHP IDOLU D SHGLGR GH
FUHGRU H VXEPHWHPVH j
OLTXLGDomRH[WUDMXGLFLDO
eGDHVVrQFLDHFRQ{PLFD
GR FRQWUDWR GH FDSLWDOL]DomR
D SRXSDQoD GR FRQWUDWDQWH
TXH DR VH REULJDU SHUDQWH D
VRFLHGDGH SHODV SUHVWDo}HV
SHULyGLFDV DFDED IRUoDQGR
VH D HFRQRPL]DU XPD FHUWD
SDUWHGHVXDUHQGD1RSUD]R
GRFRQWUDWRHOHWHUiGLUHLWRj
UHVWLWXLomR GR FDSLWDO
SRXSDGR RX SDUWH GHVWH
DFUHVFLGR GRV FRQVHFWiULRV
GHILQLGRV QR WtWXOR ([LVWHP
QR PHUFDGR SURGXWRV
GHQRPLQDGRVFDSLWDOL]DomR
DRVTXDLVQmRREVWDQWHIDOWD
HVWDPDUFDGDSRXSDQoDXPD
YH] TXH R FRQWUDWDQWH
GHVHPEROVD SDUD D
DTXLVLomR GR WtWXOR DSHQDV
XPD ~QLFD SUHVWDomR H GH
YDORU FRPXPHQWH H[tJXR $
ULJRU FXLGDVH GH FRQWUDWR
GHMRJRRXDSRVWDWUDYHVWLGR
GHFDSLWDOL]DomR