2‹Š#

248(e29,578$/"
248(e29,578$/"
3LHUUH/pY\
7UDGXomRGH3DXOR1HYHVGRRULJLQDO³4X¶HVWFHOHYLUWXHO"´

´3DUDeGHQH/RXS1Rp
DDOHJULDHDLQRFrQFLDµ

6REUHD2EUD
$SyV XPD WUDMHWyULD HP TXH DERUGD D YLUWXDOL]DomR VRE R DVSHFWR
ILORVyILFR R FRQFHLWR GH YLUWXDOL]DomR DQWURSROyJLFR D UHODomR HQWUH R
SURFHVVR GH KRPLQL]DomR H D YLUWXDOL]DomR H VyFLRSROtWLFR ´FRPSUHHQGHU D
PXWDomR FRQWHPSRUkQHD SDUD WHU XPD FKDQFH GH WRUQDUVH DWRU GHODµ /pY\
WHUPLQD VXD REUD FRQFODPDQGR D XPD ´DUWH GD YLUWXDOL]DomR H XPD QRYD
VHQVLELOLGDGHHVWpWLFDTXHQHVWHVWHPSRVGHJUDQGHGHVWHUULWRULDOL]DomRIDULD
GHKXPDKRVSLWDOLGDGHDPSOLDGDVXDYLUWXGHFDUGLQDOµ

6REUHD'LJLWDOL]DomRGHVWD2EUD
6HRVOLYURVWLYHVVHPSUHoRVDFHVVtYHLVWRGRVSRGHULDPRVFRPSUiORV
$ GLJLWDOL]DomR GHVWD REUD p XP SURWHVWR FRQWUD D H[FOXVmR FXOWXUDO H  SRU
FRQVHTXrQFLD VRFLDO FDXVDGDV SHORV SUHoRV DEXVLYRV GRV OLYURV HGLWDGRV H
SXEOLFDGRVQR%UDVLO$VVLPpWRWDOPHQWHFRQGHQiYHODYHQGDGHVWHHOLYURHP
TXDOTXHUFLUFXQVWkQFLD'LVWULEXDROLYUHPHQWH

´3DUD5RELHH*OyULDµ
,1752'8d­2

´2YLUWXDOSRVVXLXPDSOHQDUHDOLGDGHHQTXDQWRYLUWXDOµ
*LOOHV'HOHX]H'LIIpUHQFHHUpSpWLWLRQ

´$UHDOLGDGHYLUWXDOFRUURPSH
DUHDOLGDGHDEVROXWDFRUURPSHDEVROXWDPHQWHµ
5R\$VFRWW3UrPLR$UVHOHFWURQLFD

8P PRYLPHQWR JHUDO GH YLUWXDOL]DomR DIHWD KRMH QmR DSHQDV D

LQIRUPDomR H D FRPXQLFDomR PDV WDPEpP RV FRUSRV R IXQFLRQDPHQWR
HFRQ{PLFR RV TXDGURV FROHWLYRV GD VHQVLELOLGDGH RX R H[HUFtFLR GD
LQWHOLJrQFLD $ YLUWXDOL]DomR DWLQJH PHVPR DV PRGDOLGDGHV GR HVWDU MXQWR D
FRQVWLWXLomR GR ´QyVµ FRPXQLGDGHV YLUWXDLV HPSUHVDV YLUWXDLV GHPRFUDFLD
YLUWXDO (PERUD D GLJLWDOL]DomR GDV PHQVDJHQV H D H[WHQVmR GR FLEHUHVSDoR
GHVHPSHQKHPXPSDSHOFDSLWDOQDPXWDomRHPFXUVRWUDWDVHGHXPDRQGDGH
IXQGRTXHXOWUDSDVVDDPSODPHQWHDLQIRUPDWL]DomR
'HYHVH WHPHU XPD GHVUHDOL]DomR JHUDO" 8PD HVSpFLH GH
GHVDSDUHFLPHQWR XQLYHUVDO FRPR VXJHUH -HDQ %DXGULOODUG" (VWDPRV
DPHDoDGRV SRU XP DSRFDOLSVH FXOWXUDO" 3RU XPD DWHUURUL]DQWH LPSORVmR GR
HVSDoRWHPSRFRPR3DXO9LULOLRDQXQFLDKiYiULRVDQRV"(VWHOLYURGHIHQGH
XPD KLSyWHVH GLIHUHQWH QmR FDWDVWURILVWD HQWUH DV HYROXo}HV FXOWXUDLV HP
DQGDPHQWR QHVWD YLUDGD GR WHUFHLUR PLOrQLR ² H DSHVDU GH VHXV LQHJiYHLV
DVSHFWRVVRPEULRVHWHUUtYHLV²H[SULPHVHXPDEXVFDGDKRPLQL]DomR
&HUWDPHQWH QXQFD DQWHV DV PXGDQoDV GDV WpFQLFDV GD HFRQRPLD H
GRV FRVWXPHV IRUDP WmR UiSLGDV H GHVHVWDELOL]DQWHV 2UD D YLUWXDOL]DomR
FRQVWLWXL MXVWDPHQWH D HVVrQFLD RX D SRQWD ILQD GD PXWDomR HP FXUVR
(QTXDQWR WDO D YLUWXDOL]DomR QmR p QHP ERD QHP Pi QHP QHXWUD (OD VH
DSUHVHQWDFRPRRPRYLPHQWRPHVPRGR´GHYLURXWURµ²RXKHWHURJrQHVH²
GR KXPDQR $QWHV GH WHPrOD FRQGHQiOD RX ODQoDUVH jV FHJDV D HOD
SURSRQKRTXHVHIDoDRHVIRUoRGHDSUHHQGHUGHSHQVDUGHFRPSUHHQGHUHP
WRGDDVXDDPSOLWXGHDYLUWXDOL]DomR
&RPRVHYHUiDRORQJRGHVWHOLYURRYLUWXDOULJRURVDPHQWHGHILQLGR
WHPVRPHQWHXPDSHTXHQDDILQLGDGHFRPRIDOVRRLOXVyULRRXRLPDJLQiULR
7UDWDVHDRFRQWUiULRGHXPPRGRGHVHUIHFXQGRHSRGHURVRTXHS}HHP
MRJR SURFHVVRV GH FULDomR DEUH IXWXURV SHUIXUD SRoRV GH VHQWLGR VRE D
SODWLWXGHGDSUHVHQoDItVLFDLPHGLDWD
0XLWRVILOyVRIRV²HQmRGRVPHQRUHV²MiWUDEDOKDUDPVREUHDQRomR
GHYLUWXDOLQFOXVLYHDOJXQVSHQVDGRUHVIUDQFHVHVFRQWHPSRUkQHRVFRPR*LOOHV
'HOHX]H RX 0LFKHO 6HUUHV 4XDO p SRUWDQWR D DPELomR GD SUHVHQWH REUD" e
PXLWRVLPSOHVQmRPHFRQWHQWHLHPGHILQLURYLUWXDOFRPRXPPRGRGHVHU
SDUWLFXODUTXLVWDPEpPDQDOLVDUHLOXVWUDUXPSURFHVVRGHWUDQVIRUPDomRGHXPPRGR
GHVHUQXPRXWUR'HIDWRHVWHOLYURHVWXGDDYLUWXDOL]DomRTXHUHWRUQDGRUHDORX
GR DWXDO HP GLUHomR DR YLUWXDO $ WUDGLomR ILORVyILFD DWp RV WUDEDOKRV PDLV
UHFHQWHV DQDOLVD D SDVVDJHP GR SRVVtYHO DR UHDO RX GR YLUWXDO DR DWXDO
1HQKXP HVWXGR DLQGD DR TXH HX VDLED DQDOLVRX D WUDQVIRUPDomR LQYHUVD HP
GLUHomRDRYLUWXDO2UDpSUHFLVDPHQWHHVVHUHWRUQRjPRQWDQWHTXHPHSDUHFH
FDUDFWHUtVWLFR WDQWR GR PRYLPHQWR GH DXWRFULDomR TXH IH] VXUJLU D HVSpFLH
KXPDQD TXDQWR GD WUDQVLomR FXOWXUDO DFHOHUDGD TXH YLYHPRV KRMH 2 GHVDILR
GHVWH OLYUR p SRUWDQWR WULSOR ILORVyILFR R FRQFHLWR GH YLUWXDOL]DomR
DQWURSROyJLFRDUHODomRHQWUHRSURFHVVRGHKRPLQL]DomRHDYLUWXDOL]DomRH
VyFLRSROtWLFRFRPSUHHQGHUDPXWDomRFRQWHPSRUkQHDSDUDSRGHUDWXDUQHOD
6REUHHVWH~OWLPRSRQWRpSUHFLVRGL]HUTXHDDOWHUQDWLYDPDLRUQmRFRORFDHP
FHQD XPD KHVLWDomR JURVVHLUDPHQWH DOLQKDYDGD HQWUH R UHDO H R YLUWXDO PDV
DQWHVXPDHVFROKDHQWUHGLYHUVDVPRGDOLGDGHVGHYLUWXDOL]DomR0DLVTXHLVVR
GHYHPRVGLVWLQJXLUHQWUHXPDYLUWXDOL]DomRHPFXUVRGHLQYHQomRGHXPODGR
HVXDVFDULFDWXUDVDOLHQDQWHVUHLILFDQWHVHGHVTXDOLILFDQWHVGHRXWUR'RQGHD
PHXYHUDXUJHQWHQHFHVVLGDGHGHXPDFDUWRJUDILDGRYLUWXDOjTXDOUHVSRQGH
HVWH´FRPSrQGLRGHYLUWXDOL]DomRµ
1RSULPHLURFDStWXOR´2TXHpDYLUWXDOL]DomR"µGHILQRRVSULQFLSDLV
FRQFHLWRV GH UHDOLGDGH GH SRVVLELOLGDGH GH DWXDOLGDGH H GH YLUWXDOLGDGH TXH VHUmR
XWLOL]DGRV D VHJXLU EHP FRPR DV GLIHUHQWHV WUDQVIRUPDo}HV GH XP PRGR GH
VHU HP RXWUR (VVH FDStWXOR p WDPEpP D RSRUWXQLGDGH GH XP FRPHoR GH
DQiOLVH GD YLUWXDOL]DomR SURSULDPHQWH GLWD H HP SDUWLFXODU GD
´GHVWHUULWRULDOL]DomRµHRXWURVIHQ{PHQRVHVSDoRWHPSRUDLVHVWUDQKRVTXHOKH
VmRJHUDOPHQWHDVVRFLDGRV
2VWUrVFDStWXORVVHJXLQWHVGL]HPUHVSHLWRjYLUWXDOL]DomRGRFRUSRGR
WH[WRHGDHFRQRPLD2VFRQFHLWRVREWLGRVDQWHULRUPHQWHVmRDTXLH[SORUDGRVHP
UHODomR D IHQ{PHQRV FRQWHPSRUkQHRV H SHUPLWHP DQDOLVDU GH PDQHLUD
FRHUHQWHDGLQkPLFDGDPXWDomRHFRQ{PLFDHFXOWXUDOHPFXUVR
2 TXLQWR FDStWXOR DQDOLVD D KRPLQL]DomR QRV WHUPRV GD WHRULD GD
YLUWXDOL]DomR YLUWXDOL]DomR GR SUHVHQWH LPHGLDWR SHOD OLQJXDJHP GRV DWDV
ItVLFRV SHOD WpFQLFD H GD YLROrQFLD SHOR FRQWUDWR $VVLP DSHVDU GH VXD
EUXWDOLGDGH H GH VXD HVWUDQKH]D D FULVH GH FLYLOL]DomR TXH YLYHPRV SRGH VHU
UHSHQVDGDQDFRQWLQXLGDGHGDDYHQWXUDKXPDQD
2 FDStWXORVHLV ´$VRSHUDo}HVGD YLUWXDOL]DomRµ XWLOL]D RV PDWHULDLV
HPStULFRV DFXPXODGRV QRV FDStWXORV SUHFHGHQWHV SDUD S{U HP HYLGrQFLD R
Q~FOHRLQYDULDQWHGHRSHUDo}HVHOHPHQWDUHVSUHVHQWHVHPWRGRVRVSURFHVVRVGHYLUWXDOL]DomR
RV GH XPD JUDPiWLFD GH XPD GLDOpWLFD H GH XPD UHWyULFD DPSOLDGDV SDUD
DEUDQJHURVIHQ{PHQRVWpFQLFRVHVRFLDLV
 2V VpWLPR H RLWDYR FDStWXORV H[DPLQDP ´$ YLUWXDOL]DomR GD
LQWHOLJrQFLDµ$SUHVHQWDPRIXQFLRQDPHQWRWHFQRVRFLDOGDFRJQLomRVHJXLQGR
XPD GLDOpWLFD GD REMHWLYDomR GD LQWHULRULGDGH H GD VXEMHWLYDomR GD
H[WHULRULGDGHGLDOpWLFDTXHYHUHPRVVHUWtSLFDGDYLUWXDOL]DomR(VVHVFDStWXORV
GHVHPERFDP HP GRLV UHVXOWDGRV SULQFLSDLV (P SULPHLUR OXJDU XPD YLVmR
UHQRYDGDGDLQWHOLJrQFLDFROHWLYDHPYLDGHHPHUJrQFLDQDVUHGHVGHFRPXQLFDomR
GLJLWDLV $ VHJXLU D FRQVWUXomR GH XP FRQFHLWR GH REMHWR PHGLDGRU VRFLDO VXSRUWH
WpFQLFR H Qy GDV RSHUDo}HV LQWHOHFWXDLV TXH YHP UHPDWDU D WHRULD GD
YLUWXDOL]DomR
2 QRQR FDStWXOR UHVXPH VLVWHPDWL]D H UHODWLYL]D RV FRQKHFLPHQWRV
DGTXLULGRVDWUDYpVGDREUDHGHSRLVHVERoDRSURMHWRGHXPDILORVRILDFDSD]
GH DFROKHU D GXDOLGDGH GR DFRQWHFLPHQWR H GD VXEVWkQFLD TXH VHUi H[DPLQDGD HP
ILOLJUDQDDRORQJRGHWRGRRWUDEDOKR
2HStORJRHQILPFRQFODPDDXPDDUWHGDYLUWXDOL]DomRDXPDQRYD
VHQVLELOLGDGH HVWpWLFD TXH QHVWHV WHPSRV GH JUDQGH GHVWHUULWRULDOL]DomR IDULD
GHXPDKRVSLWDOLGDGHDPSOLDGDVXDYLUWXGHFDUGLQDO
 248(e$9,578$/,=$d®2"

2$78$/(29,578$/

&RQVLGHUHPRVSDUDFRPHoDUDRSRVLomRIiFLOHHQJDQRVDHQWUHUHDOH
YLUWXDO 1R XVR FRUUHQWH D SDODYUD YLUWXDO p HPSUHJDGD FRP IUHTrQFLD SDUD
VLJQLILFDUDSXUDHVLPSOHVDXVrQFLDGHH[LVWrQFLDD´UHDOLGDGHµVXSRQGRXPD
HIHWXDomRPDWHULDOXPDSUHVHQoDWDQJtYHO2UHDOVHULDGDRUGHPGR´WHQKRµ
HQTXDQWR R YLUWXDO VHULD GD RUGHP GR ´WHUiVµ RX GD LOXVmR R TXH SHUPLWH
JHUDOPHQWH R XVR GH XPD LURQLD IiFLO SDUD HYRFDU DV GLYHUVDV IRUPDV GH
YLUWXDOL]DomR&RPRYHUHPRVPDLVDGLDQWHHVVDDERUGDJHPSRVVXLXPDSDUWH
GHYHUGDGHLQWHUHVVDQWHPDVpHYLGHQWHPHQWHGHPDVLDGRJURVVHLUDSDUDIXQGDU
XPDWHRULDJHUDO
$SDODYUDYLUWXDOYHPGRODWLPPHGLHYDOYLUWXDOLVGHULYDGRSRUVXDYH]
GH YLUWXV IRUoD SRWrQFLD 1D ILORVRILD HVFROiVWLFD p YLUWXDO R TXH H[LVWH HP
SRWrQFLD H QmR HP DWR 2 YLUWXDO WHQGH D DWXDOL]DUVH VHP WHU SDVVDGR QR
HQWDQWRjFRQFUHWL]DomRHIHWLYDRXIRUPDO$iUYRUHHVWiYLUWXDOPHQWHSUHVHQWH
QD VHPHQWH (P WHUPRV ULJRURVDPHQWH ILORVyILFRV R YLUWXDO QmR VH RS}H DR
UHDO PDV DR DWXDO YLUWXDOLGDGH H DWXDOLGDGH VmR DSHQDV GXDV PDQHLUDV GH VHU
GLIHUHQWHV
$TXL FDEH LQWURGX]LU XPD GLVWLQomR FDSLWDO HQWUH SRVVtYHO H YLUWXDO
TXH *LOOHV 'HOHX]H WURX[H j OX] HP 'LIIpUHQFH HW UpSpWLWLRQ 2 SRVVtYHO Mi HVWi
WRGR FRQVWLWXtGR PDV SHUPDQHFH QR OLPER 2 SRVVtYHO VH UHDOL]DUi VHP TXH
QDGD PXGH HP VXD GHWHUPLQDomR QHP HP VXD QDWXUH]D e XP UHDO
IDQWDVPiWLFR ODWHQWH 2 SRVVtYHO p H[DWDPHQWH FRPR R UHDO Vy OKH IDOWD D
H[LVWrQFLD$UHDOL]DomRGHXPSRVVtYHO QmR p XPD FULDomR QR VHQWLGR SOHQR
GRWHUPRSRLVDFULDomRLPSOLFDWDPEpPDSURGXomRLQRYDGRUDGHXPDLGpLD
RX GH XPD IRUPD $ GLIHUHQoD HQWUH SRVVtYHO H UHDO p SRUWDQWR SXUDPHQWH
OyJLFD
-iRYLUWXDOQmRVHRS}HDRUHDOPDVVLPDRDWXDO&RQWUDULDPHQWHDR
SRVVtYHOHVWiWLFRHMiFRQVWLWXtGRRYLUWXDOpFRPRRFRPSOH[RSUREOHPiWLFR
R Qy GH WHQGrQFLDV RX GH IRUoDV TXH DFRPSDQKD XPD VLWXDomR XP
DFRQWHFLPHQWR XP REMHWR RX XPD HQWLGDGH TXDOTXHU H TXH FKDPD XP
SURFHVVRGHUHVROXomRDDWXDOL]DomR(VVHFRPSOH[RSUREOHPiWLFRSHUWHQFHj
HQWLGDGHFRQVLGHUDGDHFRQVWLWXLLQFOXVLYHXPDGHVXDVGLPHQV}HVPDLRUHV2
SUREOHPDGDVHPHQWHSRUH[HPSORpID]HUEURWDUXPDiUYRUH

 $V UHIHUrQFLDV FRPSOHWDV GDV REUDV FLWDGDV VH HQFRQWUDP QD

ELEOLRJUDILDFRPHQWDGDQRILQDOGHVWHYROXPHS
$VHPHQWH´pµHVVHSUREOHPDPHVPRTXHQmRVHMDVRPHQWHLVVR,VWRVLJQLILFD
TXHHOD´FRQKHFHµH[DWDPHQWHDIRUPDGDiUYRUHTXHH[SDQGLUiILQDOPHQWHVXD
IROKDJHP DFLPD GHOD $ SDUWLU GDV FRHUo}HV TXH OKH VmR SUySULDV GHYHUi
LQYHQWiODFRSURGX]LODFRPDVFLUFXQVWkQFLDVTXHHQFRQWUDU
3RU XP ODGR D HQWLGDGH FDUUHJD H SURGX] VXDV YLUWXDOLGDGHV XP
DFRQWHFLPHQWR SRU H[HPSOR UHRUJDQL]D XPD SUREOHPiWLFD DQWHULRU H p
VXVFHWtYHO GHUHFHEHU LQWHUSUHWDo}HV YDULDGDV 3RU RXWUR ODGR R YLUWXDO FRQVWLWXL D
HQWLGDGHDVYLUWXDOLGDGHVLQHUHQWHVDXPVHUVXDSUREOHPiWLFDRQyGHWHQV}HV
GHFRHUo}HVHGHSURMHWRVTXHRDQLPDPDVTXHVW}HVTXHRPRYHPVmRXPD
SDUWHHVVHQFLDOGHVXDGHWHUPLQDomR

$$78$/,=$d®2

$ DWXDOL]DomR DSDUHFH HQWmR FRPR D VROXomR GH XP SUREOHPD XPD

VROXomR TXH QmR HVWDYD FRQWLGD SUHYLDPHQWH QR HQXQFLDGR $ DWXDOL]DomR p
FULDomR LQYHQomR GH XPD IRUPD D SDUWLU GH XPD FRQILJXUDomR GLQkPLFD GH
IRUoDVHGHILQDOLGDGHV$FRQWHFHHQWmRDOJRPDLVTXHDGRWDomRGHUHDOLGDGHD
XP SRVVtYHO RX TXH XPD HVFROKD HQWUH XP FRQMXQWR SUHGHWHUPLQDGR XPD
SURGXomRGHTXDOLGDGHVQRYDVXPDWUDQVIRUPDomRGDVLGpLDVXPYHUGDGHLUR
GHYLUTXHDOLPHQWDGHYROWDRYLUWXDO
3RUH[HPSORVHDH[HFXomRGHXPSURJUDPDLQIRUPiWLFRSXUDPHQWH
OyJLFD WHP D YHU FRP R SDU SRVVtYHOUHDO D LQWHUDomR HQWUH KXPDQRV H
VLVWHPDVLQIRUPiWLFRVWHPDYHUFRPDGLDOpWLFDGRYLUWXDOHGRDWXDO
$ PRQWDQWH D UHGDomR GH XP SURJUDPD SRU H[HPSOR WUDWD XP
SUREOHPDGHPRGRRULJLQDO&DGDHTXLSHGHSURJUDPDGRUHVUHGHILQHHUHVROYH
GLIHUHQWHPHQWHRSUREOHPDDRTXDOpFRQIURQWDGD$MXVDQWHDDWXDOL]DomRGR
SURJUDPD HP VLWXDomR GH XWLOL]DomR SRU H[HPSOR QXP JUXSR GH WUDEDOKR
GHVTXDOLILFD FHUWDV FRPSHWrQFLDV ID] HPHUJLU RXWURV IXQFLRQDPHQWRV
GHVHQFDGHLD FRQIOLWRV GHVEORTXHLD VLWXDo}HV LQVWDXUD XPD QRYD GLQkPLFD GH
FRODERUDomR2SURJUDPDFRQWpPXPDYLUWXDOLGDGHGHPXGDQoDTXHRJUXSR
² PRYLGR HOH WDPEpP SRU XPD FRQILJXUDomR GLQkPLFD GH WURSLVPRV H
FRHUo}HV²DWXDOL]DGHPDQHLUDPDLVRXPHQRVLQYHQWLYD
2 UHDO DVVHPHOKDVH DR SRVVtYHO HP WURFD R DWXDO HP QDGD VH
DVVHPHOKDDRYLUWXDOUHVSRQGHOKH

$9,578$/,=$d®2

&RPSUHHQGHVHDJRUDDGLIHUHQoDHQWUHDUHDOL]DomRRFRUUrQFLDGHXP
HVWDGRSUpGHILQLGRHDDWXDOL]DomRLQYHQomRGHXPDVROXomRH[LJLGDSRUXP
FRPSOH[RSUREOHPiWLFR0DVRTXHpDYLUWXDOL]DomR"1mRPDLVRYLUWXDOFRPR
PDQHLUD GH VHU PDV D YLUWXDOL]DomR FRPR GLQkPLFD $ YLUWXDOL]DomR SRGH VHU
GHILQLGD FRPR R PRYLPHQWR LQYHUVR GD DWXDOL]DomR &RQVLVWH HP XPD SDVVDJHP GR
DWXDO DR YLUWXDO HP XPD ´HOHYDomR j SRWrQFLDµ GD HQWLGDGH FRQVLGHUDGD $
YLUWXDOL]DomRQmRpXPDGHVUHDOL]DomRDWUDQVIRUPDomRGHXPDUHDOLGDGHQXP
FRQMXQWRGHSRVVtYHLVPDVXPDPXWDomRGHLGHQWLGDGHXPGHVORFDPHQWRGR
FHQWUR GH JUDYLGDGH RQWROyJLFRGR REMHWR FRQVLGHUDGR HP YH] GH VH GHILQLU
SULQFLSDOPHQWH SRU VXD DWXDOLGDGH XPD ´VROXomRµ D HQWLGDGH SDVVD D
HQFRQWUDU VXD FRQVLVWrQFLD HVVHQFLDO QXP FDPSR SUREOHPiWLFR 9LUWXDOL]DU
XPDHQWLGDGHTXDOTXHUFRQVLVWHHPGHVFREULUXPDTXHVWmRJHUDOjTXDOHODVH
UHODFLRQD HP ID]HU PXWDU D HQWLGDGH HP GLUHomR D HVVD LQWHUURJDomR H HP
UHGHILQLUDDWXDOLGDGHGHSDUWLGDFRPRUHVSRVWDDXPDTXHVWmRSDUWLFXODU
7RUQHPRVRFDVRPXLWRFRQWHPSRUkQHR GD ´YLUWXDOL]DomRµ GH XPD
HPSUHVD$RUJDQL]DomRFOiVVLFDUH~QHVHXVHPSUHJDGRVQRPHVPRSUpGLRRX
QXP FRQMXQWR GH GHSDUWDPHQWRV &DGD HPSUHJDGR RFXSD XP SRVWR GH
WUDEDOKRSUHFLVDPHQWHVLWXDGRHVHX OLYUR GH SRQWR HVSHFLILFD RV KRUiULRV GH
WUDEDOKR 8PD HPSUHVD YLUWXDO HP WURFD VHUYHVH SULQFLSDOPHQWH GR
WHOHWUDEDOKR WHQGH D VXEVWLWXLU D SUHVHQoD ItVLFD GH VHXV HPSUHJDGRV QRV
PHVPRVORFDLVSHODSDUWLFLSDomRQXPDUHGHGHFRPXQLFDomRHOHWU{QLFDHSHOR
XVR GH UHFXUVRV H SURJUDPDV TXH IDYRUHoDP D FRRSHUDomR $VVLP D
YLUWXDOL]DomR GD HPSUHVD FRQVLVWH VREUHWXGR HP ID]HU GDV FRRUGHQDGDV
HVSDoRWHPSRUDLV GR WUDEDOKR XP SUREOHPD VHPSUH UHSHQVDGR H QmR XPD
VROXomR HVWiYHO 2 FHQWUR GH JUDYLGDGH GD RUJDQL]DomR QmR p PDLV XP
FRQMXQWRGHGHSDUWDPHQWRVGHSRVWRVGHWUDEDOKRHGHOLYURVGHSRQWRPDV
XP SURFHVVR GH FRRUGHQDomR TXH UHGLVWULEXL VHPSUH GLIHUHQWHPHQWH DV
FRRUGHQDGDV HVSDoRWHPSRUDLV GD FROHWLYLGDGH GH WUDEDOKR H GH FDGD XP GH
VHXVPHPEURVHPIXQomRGHGLYHUVDVH[LJrQFLDV
$DWXDOL]DomRLDGHXPSUREOHPDDXPDVROXomR$YLUWXDOL]DomRSDVVD
GH XPD VROXomR GDGD D XP RXWUR SUREOHPD (OD WUDQVIRUPD D DWXDOLGDGH
LQLFLDOHPFDVRSDUWLFXODUGHXPDSUREOHPiWLFDPDLVJHUDOVREUHDTXDOSDVVDD
VHU FRORFDGD D rQIDVH RQWROyJLFD &RP LVVR D YLUWXDOL]DomR IOXLGLILFD DV
GLVWLQo}HVLQVWLWXtGDVDXPHQWDRVJUDXVGHOLEHUGDGHFULDXPYD]LRPRWRU6H
D YLUWXDOL]DomR IRVVH DSHQDV D SDVVDJHP GH XPD UHDOLGDGH D XP FRQMXQWR GH
SRVVtYHLV VHULD GHVUHDOL]DQWH 0DV HOD LPSOLFD D PHVPD TXDQWLGDGH GH
LUUHYHUVLELOLGDGH HP VHXV HIHLWRV GH LQGHWHUPLQDomR HP VHX SURFHVVR H GH
LQYHQomR HP VHX HVIRUoR TXDQWR D DWXDOL]DomR $ YLUWXDOL]DomR p XP GRV
SULQFLSDLVYHWDUHVGDFULDomRGHUHDOLGDGH

1®2(67$535(6(17($9,578$/,=$d®2 &202È;2'2

$SyVWHUGHILQLGRDYLUWXDOL]DomRQRTXHHODWHPGHPDLVJHUDOYDPRV
DERUGDUDJRUDXPDGHVXDVSULQFLSDLVPRGDOLGDGHVRGHVSUHQGLPHQWRGRDTXL
H DJRUD &RPR DVVLQDODPRV QR FRPHoR R VHQVR FRPXP ID] GR YLUWXDO
LQDSUHHQVtYHORFRPSOHPHQWDUGRUHDOWDQJtYHO(VVDDERUGDJHPFRQWpPXPD
LQGLFDomRTXHQmRVHGHYHQHJOLJHQFLDURYLUWXDOFRPPXLWDIUHTrQFLD´QmR
HVWiSUHVHQWHµ
$ HPSUHVD YLUWXDO QmR SRGH PDLV VHU VLWXDGD SUHFLVDPHQWH 6HXV
HOHPHQWRVVmRQ{PDGHVGLVSHUVRVHD SHUWLQrQFLD GH VXD SRVLomR JHRJUiILFD
GHFUHVFHXPXLWR
(VWDUi R WH[WR DTXL QR SDSHO RFXSDQGR XPD SRUomR GHILQLGD GR
HVSDoR ItVLFR RX HP DOJXPD RUJDQL]DomR DEVWUDWD TXH VH DWXDOL]D QXPD
SOXUDOLGDGH GH OtQJXDV GH YHUV}HV GH HGLo}HV GH WLSRJUDILDV" 2UD XP WH[WR
HP SDUWLFXODU SDVVD D DSUHVHQWDUVH FRPR D DWXDOL]DomR GH XP KLSHUWH[WR GH
VXSRUWH LQIRUPiWLFR (VWH ~OWLPR RFXSD ´YLUWXDOPHQWHµ WRGRV RV SRQWRV GD
UHGHDRTXDOHVWiFRQHFWDGDDPHPyULDGLJLWDORQGHVHLQVFUHYHVHXFyGLJR"(OH
VH HVWHQGH DWp FDGD LQVWDODomR GH RQGH SRGHULD VHU FRSLDGR HP DOJXQV
VHJXQGRV" &ODUR TXH p SRVVtYHO DWULEXLU XP HQGHUHoR D XP DUTXLYR GLJLWDO
0DVQHVVDHUDGHLQIRUPDo}HVRQOLQHHVVHHQGHUHoRVHULDGHTXDOTXHUPRGR
WUDQVLWyULR H GH SRXFD LPSRUWkQFLD 'HVWHUULWRULDOL]DGR SUHVHQWH SRU LQWHLUR
HPFDGDXPDGHVXDVYHUV}HVGHVXDVFySLDVHGHVXDVSURMHo}HVGHVSURYLGR
GH LQpUFLD KDELWDQWH XEtTXR GR FLEHUHVSDoR R KLSHUWH[WR FRQWULEXL SDUD
SURGX]LUDTXLHDFROiDFRQWHFLPHQWRVGHDWXDOL]DomRWH[WXDOGHQDYHJDomRHGH
OHLWXUD6RPHQWHHVWHVDFRQWHFLPHQWRVVmRYHUGDGHLUDPHQWHVLWXDGRV(PERUD
QHFHVVLWH GH VXSRUWHV ItVLFRV SHVDGRV SDUD VXEVLVWLU H DWXDOL]DUVH R
LPSRQGHUiYHOKLSHUWH[WRQmRSRVVXLXPOXJDU
2OLYURGH0LFKHO6HUUHV$WODVLOXVWUDRWHPDGRYLUWXDOFRPR´QmR
SUHVHQoDµ$LPDJLQDomRDPHPyULD R FRQKHFLPHQWR D UHOLJLmR VmR YHWRUHV
GH YLUWXDOL]DomR TXH QRV IL]HUDP DEDQGRQDU D SUHVHQoD PXLWR DQWHV GD
LQIRUPDWL]DomRHGDVUHGHVGLJLWDLV$RGHVHQYROYHUHVVHWHPDRDXWRUGH$WODV
OHYD DGLDQWH LQGLUHWDPHQWH XPD SROrPLFD FRP D ILORVRILD KHLGHJJHULDQD GR
´VHUDLµ· ´6HUDL· p D WUDGXomR OLWHUDO GR DOHPmR 'DVHLQ TXH VLJQLILFD HP
SDUWLFXODU H[LVWrQFLD QR DOHPmR ILORVyILFR FOiVVLFR H H[LVWrQFLD SURSULDPHQWH
KXPDQD²VHUXPVHUKXPDQR²HP+HLGHJJHU0DVSUHFLVDPHQWHRIDWRGH
QmRSHUWHQFHUDQHQKXPOXJDUGHIUHTHQWDUXPHVSDoRQmRGHVLJQiYHORQGH
RFRUUH D FRQYHUVDomR WHOHI{QLFD" GH RFRUUHU DSHQDV HQWUH FRLVDV FODUDPHQWH
VLWXDGDV RX GH QmR HVWDU VRPHQWH ´SUHVHQWHµ FRPR WRGR VHU SHQVDQWH QDGD
GLVVRLPSHGHDH[LVWrQFLD
1HVWDVHomR3LHUUH/pY\ID]XPDVpULHGHMRJRVGHSDODYUDFRPRWHUPRIUDQFrV
´Ojµ6HSRUXPODGRKiXPDUHPLVVmRH[SOtFLWDDR'DVHLQGH+HLGHJJHUWUDGX]LGRHP
SRUWXJXrV SRU ´VHUDtµ H WUDGX]LGR OLWHUDOPHQWH HPIUDQFrV SRU XP ´rWUHOjµ SRU RXWUR D
FRQVWUXomRJHUDOGRWH[WRHPIUDQFrVpEDVWDQWHFRORTXLDO
3DUDQmRGLILFXOWDUDOHLWXUDGHVWDVHomRRSWDPRVSRUWUDGX]LU´Ojµ
FRPR ´SUHVHQoDµ WHUPR PDLV DGHTXDGR QR FRQWH[WR 0DQWLYHPRV FRQWXGR D
H[SUHVVmR´VHUDtµQDSDVVDJHPHPTXHRDXWRUFLWDH[SOLFLWDPHQWHR'DVHLQGH+HLGHJJHU
 (PERUDXPDHWLPRORJLDQmRSURYHQDGDDVVLQDOHPRV TXHD SDODYUD
H[LVWLUYHPSUHFLVDPHQWHGRODWLPVLVWHUHHVWDUFRORFDGRHGRSUHIL[RH[IRUD
GH([LVWLUpHVWDUSUHVHQWHRXDEDQGRQDUXPDSUHVHQoD"'DVHLQRXH[LVWrQFLD"
7XGR VH SDVVD FRPR VH R DOHPmR VXEOLQKDVVH D DWXDOL]DomR H R ODWLP D
YLUWXDOL]DomR
8PDFRPXQLGDGHYLUWXDOSRGHSRUH[HPSORRUJDQL]DUVHVREUHXPD
EDVH GH DILQLGDGH SRU LQWHUPpGLR GH VLVWHPDV GH FRPXQLFDomR WHOHPiWLFRV
6HXV PHPEURV HVWmR UHXQLGRV SHORV PHVPRV Q~FOHRV GH LQWHUHVVHV SHORV
PHVPRV SUREOHPDV D JHRJUDILD FRQWLQJHQWH QmR p PDLV QHP XP SRQWR GH
SDUWLGD QHP XPD FRHUomR $SHVDU GH ´QmRSUHVHQWHµ HVVD FRPXQLGDGH HVWi
UHSOHWDGHSDL[}HVHGHSURMHWRVGHFRQIOLWRVHGHDPL]DGHV(ODYLYHVHPOXJDU
GH UHIHUrQFLD HVWiYHO HP WRGD SDUWH RQGH VH HQFRQWUHP VHXV PHPEURV
PyYHLVRXHPSDUWHDOJXPD$YLUWXDOL]DomRUHLQYHQWDXPDFXOWXUDQ{PDGH
QmRSRUXPDYROWDDRSDOHROtWLFRQHPjVDQWLJDVFLYLOL]Do}HVGHSDVWRUHVPDV
ID]HQGRVXUJLUXPPHLRGHLQWHUDo}HVVRFLDLVRQGHDVUHODo}HVVHUHFRQILJXUDP
FRPXPPtQLPRGHLQpUFLD
4XDQGR XPD SHVVRD XPD FROHWLYLGDGH XP DWR XPD LQIRUPDomR VH
YLUWXDOL]DPHOHVVHWRUQDP´QmRSUHVHQWHVµVHGHVWHUULWRULDOL]DP8PDHVSpFLH
GH GHVHQJDWH RV VHSDUD GR HVSDoR ItVLFR RX JHRJUiILFR RUGLQiULRV H GD
WHPSRUDOLGDGHGRUHOyJLRHGRFDOHQGiULReYHUGDGHTXHQmRVmRWRWDOPHQWH
LQGHSHQGHQWHVGRHVSDoRWHPSRGHUHIHUrQFLDXPDYH]TXHGHYHPVHPSUHVH
LQVHULUHPVXSRUWHVItVLFRVHVHDWXDOL]DUDTXLRXDOKXUHVDJRUDRXPDLVWDUGH
1R HQWDQWR D YLUWXDOL]DomR OKHV IH] WRPDU D WDQJHQWH 5HFRUWDP R HVSDoR
WHPSRFOiVVLFRDSHQDVDTXLHDOLHVFDSDQGRDVHXVOXJDUHVFRPXQV´UHDOLVWDVµ
XELTLGDGHVLPXOWDQHLGDGHGLVWULEXLomRLUUDGLDGDRXPDVVLYDPHQWHSDUDOHOD$
YLUWXDOL]DomRVXEPHWHDQDUUDWLYDFOiVVLFDDXPDSURYDUXGHXQLGDGHGHWHPSR
VHP XQLGDGH GH OXJDU JUDoDV jV LQWHUDo}HV HP WHPSR UHDO SRU UHGHV
HOHWU{QLFDV jV WUDQVPLVV}HV DR YLYR DRV VLVWHPDV GH WHOHSUHVHQoD
FRQWLQXLGDGH GH DomR DSHVDU GH XPD GXUDomR GHVFRQWtQXD FRPR QD
FRPXQLFDomR SRU VHFUHWiULD HOHWU{QLFD RX SRU FRUUHLR HOHWU{QLFR $
VLQFURQL]DomR VXEVWLWXL D XQLGDGH GH OXJDU H D LQWHUFRQH[mR D XQLGDGH GH
WHPSR 0DV QRYDPHQWH QHP SRU LVVR R YLUWXDO p LPDJLQiULR (OH SURGX]
HIHLWRV (PERUD QmR VH VDLED RQGH D FRQYHUVDomR WHOHI{QLFD WHP ´OXJDUµ
YHUHPRVGHTXHPDQHLUDQRFDStWXORVHJXLQWH(PERUDQmRVHVDLEDTXDQGR
FRPXQLFDPRQRV HIHWLYDPHQWH SRU UpSOLFDV LQWHUSRVWDV QD VHFUHWiULD
HOHWU{QLFD 2V RSHUDGRUHV PDLV GHVWHUULWRULDOL]DGRV PDLV GHVDWUHODGRV GH XP
HQUDL]DPHQWR HVSDoRWHPSRUDO SUHFLVR RV FROHWLYRV PDLV YLUWXDOL]DGRV H
YLUWXDOL]DQWHVGRPXQGRFRQWHPSRUkQHRVmRRVGDWHFQRFLrQFLDGDVILQDQoDVH
GRVPHLRVGHFRPXQLFDomR6mRWDPEpPRVTXHHVWUXWXUDPDUHDOLGDGHVRFLDO
FRPPDLVIRUoDHDWpFRPPDLVYLROrQFLD
)D]HUGHXPDFRHUomRSHVDGDPHQWHDWXDODGDKRUDHGDJHRJUDILDQR
FDVR XPD YDULiYHO FRQWLQJHQWH WHP D YHU FODUDPHQWH FRP R UHPRQWDU
LQYHQWLYR GH XPD ´VROXomRµ HIHWLYD HP GLUHomR D XPD SUREOHPiWLFD H
SRUWDQWR FRP D YLUWXDOL]DomR QR VHQWLGR HP TXH D GHILQLPRV ULJRURVDPHQWH
PDLVDFLPD(UDSRUWDQWRSUHYLVtYHOHQFRQWUDUDGHVWHUULWRULDOL]DomRDVDtGDGD
´SUHVHQoDµGR´DJRUDµHGR´LVWRµFRPRXPDGDVYLDVUpJLDVGDYLUWXDOL]DomR

12926(63$d26129$69(/2&,'$'(6

0DV R PHVPR PRYLPHQWR TXH WRUQD FRQWLQJHQWH R HVSDoRWHPSR

RUGLQiULR DEUH QRYRV PHLRV GH LQWHUDomR H ULWPR GDV FURQRORJLDV LQpGLWDV
$QWHV GH DQDOLVDU HVVD SURSULHGDGH FDSLWDO GD YLUWXDOL]DomR FDEHQRV
SULPHLUDPHQWHHYLGHQFLDUDSOXUDOLGDGHGRVWHPSRVHGRVHVSDoRV$VVLPTXH
D VXEMHWLYLGDGH D VLJQLILFDomR H D SHUWLQrQFLD HQWUDP HP MRJR QmR VH SRGH
PDLV FRQVLGHUDU XPD ~QLFD H[WHQVmR RX XPD FURQRORJLD XQLIRUPH PDV XPD
TXDQWLGDGHGHWLSRVGHHVSDFLDOLGDGHHGHGXUDomR&DGDIRUPDGHYLGDLQYHQWDVHX
PXQGRGRPLFUyELRjiUYRUHGDDEHOKDDRHOHIDQWHGDRVWUDjDYHPLJUDWyULD
HFRPHVVHPXQGRXPHVSDoRHXPWHPSRHVSHFtILFRV2XQLYHUVRFXOWXUDO
SUySULRDRVKXPDQRVHVWHQGHDLQGDPDLVHVVDYDULDELOLGDGHGRVHVSDoRVHGDV
WHPSRUDOLGDGHV 3RU H[HPSOR FDGD QRYR VLVWHPD GH FRPXQLFDomR H GH
WUDQVSRUWH PRGLILFD R VLVWHPD GDV SUR[LPLGDGHV SUiWLFDV LVWR p R HVSDoR
SHUWLQHQWH SDUD DV FRPXQLGDGHV KXPDQDV 4XDQGR VH FRQVWUyL XPD UHGH
IHUURYLiULD p FRPR VH DSUR[LPiVVHPRV ILVLFDPHQWH DV FLGDGHV RX UHJL}HV
FRQHFWDGDV SHORV WULOKRV H DIDVWiVVHPRV GHVVH JUXSR DV FLGDGHV QmR
FRQHFWDGDV0DVSDUDRVTXHQmRDQGDPGHWUHPDVDQWLJDVGLVWkQFLDVDLQGD
VmRYiOLGDV2PHVPRVHSRGHULDGL]HUGRDXWRPyYHOGRWUDQVSRUWHDpUHRGR
WHOHIRQH HWF &ULDVH SRUWDQWR XPD VLWXDomR HP TXH YiULRV VLVWHPDV GH
SUR[LPLGDGHVHYiULRVHVSDoRVSUiWLFRVFRH[LVWHP
'H PDQHLUD DQiORJD GLYHUVRV VLVWHPDV GH UHJLVWUR H GH WUDQVPLVVmR
WUDGLomR RUDO HVFULWD UHJLVWUR DXGLRYLVXDO UHGHV GLJLWDLV FRQVWUyHP ULWPRV
YHORFLGDGHV RX TXDOLGDGHV GH KLVWyULD GLIHUHQWHV &DGD QRYR DJHQFLDPHQWR
FDGD ´PiTXLQDµ WHFQRVVRFLDO DFUHVFHQWD XP HVSDoRWHPSR XPD FDUWRJUDILD
HVSHFLDOXPDP~VLFDVLQJXODUDXPDHVSpFLHGHWUDPDHOiVWLFDHFRPSOLFDGDHP
TXH DV H[WHQV}HV VH UHFREUHP VH GHIRUPDP H VH FRQHFWDP HP TXH DV
GXUDo}HV VH RS}HP LQWHUIHUHP H VH UHVSRQGHP $ PXOWLSOLFDomR
FRQWHPSRUkQHDGRVHVSDoRVID]GHQyVQ{PDGHVGHXP QRYRHVWLORHPYH]
GHVHJXLUPRVOLQKDVGHHUUkQFLDHGHPLJUDomRGHQWURGHXPDH[WHQVmRGDGD
VDOWDPRVGHXPDUHGHDRXWUDGHXPVLVWHPDGHSUR[LPLGDGHDRVHJXLQWH2V
HVSDoRV VH PHWDPRUIRVHLDP H VH ELIXUFDP D QRVVRV SpV IRUoDQGRQRV j
KHWHURJrQHVH
$YLUWXDOL]DomRSRUGHVFRQH[mRHPUHODomRDXPPHLRSDUWLFXODUQmRFRPHoRX
FRP R KXPDQR (OD HVWi LQVFULWD QD SUySULD KLVWyULD GD YLGD 'RV SULPHLURV
XQLFHOXODUHV DWp DV DYHV H PDPtIHURV RV PHOKRUDPHQWRV GD ORFRPRomR
DEULUDP VHJXQGR -RVHSK 5HLFKKROI ´HVSDoRV VHPSUH PDLV YDVWRV H
SRVVLELOLGDGHV GH H[LVWrQFLD VHPSUH PDLV QXPHURVDV DRV VHUHV YLYRVµ
5HLFKKROIS$LQYHQomRGHQRYDVYHORFLGDGHVpRSULPHLURJUDX
GDYLUWXDOL]DomR
5HLFKKROIREVHUYDTXH´RQ~PHURGHSHVVRDVTXHVHGHVORFDPDWUDYpV
GRV FRQWLQHQWHV QRV SHUtRGRV GH IpULDV KRMH HP GLD p VXSHULRU DR Q~PHUR
WRWDO GH KRPHQV TXH VH SXVHUDP D FDPLQKR QR PRPHQWR GDV JUDQGHV
LQYDV}HVµ 5HLFKKROI  S  $ DFHOHUDomR GDV FRPXQLFDo}HV p
FRQWHPSRUkQHDGHXPHQRUPHFUHVFLPHQWRGDPRELOLGDGHItVLFD7UDWDVHQD
YHUGDGHGDPHVPDRQGDGHYLUWXDOL]DomR2WXULVPRpKRMHDSULPHLUDLQG~VWULD
PXQGLDO HP YROXPH GH QHJyFLRV 2 SHVR HFRQ{PLFR GDV DWLYLGDGHV TXH
VXVWHQWDP H PDQWrP D IXQomR GH ORFRPRomR ItVLFD YHtFXORV LQIUDHVWUXWXUDV
FDUEXUDQWHV p LQILQLWDPHQWH VXSHULRU DR TXH HUD QRV VpFXORV SDVVDGRV $
PXOWLSOLFDomR GRV PHLRV GH FRPXQLFDomR H R FUHVFLPHQWR GRV JDVWRV FRP D
FRPXQLFDomRDFDEDUmRSRUVXEVWLWXLUDPRELOLGDGHItVLFD"3URYDYHOPHQWHQmR
SRLVDWpDJRUDRVGRLVFUHVFLPHQWRVVHPSUHIRUDP SDUDOHORV $V SHVVRDV TXH
PDLVWHOHIRQDPVmRWDPEpPDVTXHPDLVHQFRQWUDPRXWUDVSHVVRDVHPFDUQHH
RVVR 5HSHWLPRV DXPHQWR GD FRPXQLFDomR H JHQHUDOL]DomR GR WUDQVSRUWH
UiSLGR SDUWLFLSDP GR PHVPR PRYLPHQWR GH YLUWXDOL]DomR GD VRFLHGDGH GD
PHVPDWHQVmRHPVDLUGHXPD´SUHVHQoDµ
$UHYROXomRGRVWUDQVSRUWHVFRPSOLFRXHQFXUWRXHPHWDPRUIRVHRXR
HVSDoR PDV LVWR HYLGHQWHPHQWH IRL SDJR FRP LPSRUWDQWHV GHJUDGDo}HV GR
DPELHQWHWUDGLFLRQDO3RUDQDORJLDFRPRVSUREOHPDVGDORFRPRomRGHYHPRV
QRVLQWHUURJDUVREUHRSUHoRDVHUSDJRSHODYLUWXDOL]DomRLQIRUPDFLRQDO4XH
FDUEXUDQWH p TXHLPDGRVHP TXH DLQGD VHMDPRV FDSD]HV GH FRQWDELOL]iOD" 2
TXHVRIUHGHVJDVWHHGHJUDGDomR"+iSDLVDJHQVGHGDGRVGHYDVWDGDV"$TXLR
VXSRUWH ILQDO p VXEMHWLYR $VVLP FRPR D HFRORJLD RS{V D UHFLFODJHP H DV
WHFQRORJLDVDGDSWDGDVDRGHVSHUGtFLRHjSROXLomRDHFRORJLDKXPDQDGHYHUi
RSRU D DSUHQGL]DJHP SHUPDQHQWH H D YDORUL]DomR GDV FRPSHWrQFLDV j
GHVTXDOLILFDomRHDRDF~PXORGHGHWULWRVKXPDQRVDTXHOHVTXHFKDPDPRVGH
´H[FOXtGRVµ5HWHQKDPRVGHVVDPHGLWDomRVREUHDVDtGDGD´SUHVHQoDµTXHD
YLUWXDOL]DomR QmR VH FRQWHQWD HP DFHOHUDU SURFHVVRV Mi FRQKHFLGRV QHP HP
FRORFDUHQWUHSDUrQWHVHVHDWpPHVPRDQLTXLODURWHPSRRXRHVSDoRFRPR
SUHWHQGH 3DXO 9LULOLR (OD LQYHQWD QR JDVWR H QR ULVFR YHORFLGDGHV
TXDOLWDWLYDPHQWHQRYDVHVSDoRVWHPSRVPXWDQWHV

2()(,7202(%,86

$OpP GD GHVWHUULWRULDOL]DomR XP RXWUR FDUiWHU p IUHTHQWHPHQWH

DVVRFLDGRjYLUWXDOL]DomRDSDVVDJHPGRLQWHULRUDRH[WHULRUHGRH[WHULRUDR
LQWHULRU(VVH´HIHLWR0RHELXVµGHFOLQDVHHPYiULRVUHJLVWURVRGDVUHODo}HV
HQWUH SULYDGR H S~EOLFR SUySULR H FRPXP VXEMHWLYR H REMHWLYR PDSD H
WHUULWyULRDXWRUHOHLWRUHWF'DUHLQXPHURVRVH[HPSORVGLVVRQDFRQWLQXDomR
GHVWH OLYUR PDV SDUD RIHUHFHU GHVGH DJRUD XPD LPDJHP HVVD LGpLD SRGH VHU
LOXVWUDGDFRPRFDVRMiHYRFDGRGDYLUWXDOL]DomRGDHPSUHVD
2 WUDEDOKDGRU FOiVVLFR WLQKD VXD PHVD GH WUDEDOKR (P WURFD R
SDUWLFLSDQWH GD HPSUHVD YLUWXDO FRPSDUWLOKD XP FHUWR Q~PHUR GH UHFXUVRV
LPRELOLiULRVPRELOLiULRVHSURJUDPDVFRPRXWURVHPSUHJDGRV2PHPEURGD
HPSUHVD KDELWXDO SDVVDYD GR HVSDoR SULYDGR GH VHX GRPLFtOLR DR HVSDoR
S~EOLFRGROXJDUGHWUDEDOKR3RUFRQWUDVWHRWHOHWUDEDOKDGRUWUDQVIRUPDVHX
HVSDoR SULYDGR HP HVSDoR S~EOLFR H YLFHYHUVD (PERUD R LQYHUVR VHMD
JHUDOPHQWH PDLV YHUGDGHLUR HOH FRQVHJXH jV YH]HV JHULU VHJXQGR FULWpULRV
SXUDPHQWH SHVVRDLV XPD WHPSRUDOLGDGH S~EOLFD 2V OLPLWHV QmR VmR PDLV
GDGRV2VOXJDUHVHWHPSRVVHPLVWXUDP$VIURQWHLUDVQtWLGDVGmROXJDUDXPD
IUDFWDOL]DomRGDVUHSDUWLo}HV6mRDVSUySULDVQRo}HVGHSULYDGRHGHS~EOLFR
TXH VmR TXHVWLRQDGDV 3URVVLJDPRV IDOHL GH ´PHPEURµ GD HPSUHVD R TXH
VXS}H XPD DWULEXLomR FODUD GDV UHODo}HV GH SHUWHQFLPHQWR 2UD p
SUHFLVDPHQWH LVWR TXH FRPHoD D FULDU SUREOHPD XPD YH] TXH HQWUH R
DVVDODULDGRFOiVVLFR FRP FRQWUDWR LQGHWHUPLQDGR R DVVDODULDGR FRP FRQWUDWR
GHWHUPLQDGR R IUHH ODQFHU R EHQHILFLiULR GH PHGLGDV VRFLDLV R PHPEUR GH
XPDHPSUHVDDVVRFLDGDRXFOLHQWHRXIRUQHFHGRUDRFRQVXOWRUHVSRUiGLFRR
LQGHSHQGHQWH ILHO WRGR XP FRQWLQXXP HVWHQGHVH ( SDUD FDGD SRQWR GR
FRQWLQXXPDTXHVWmRVHUHFRORFDDWRGRLQVWDQWHSDUDTXHPHVWRXWUDEDOKDQGR"
2VVLVWHPDV LQWHUHPSUHVDV GH JHVWmR HOHWU{QLFD GH GRFXPHQWRV DVVLP FRPR
RV JUXSRV GH SURMHWRV FRPXQV D YiULDV RUJDQL]Do}HV WHFHP FRP IUHTrQFLD
OLJDo}HV PDLV IRUWHV HQWUH FROHWLYRV PLVWRV TXH DV TXH XQHP SDVVLYDPHQWH
SHVVRDVSHUWHQFHQGRRILFLDOPHQWHjPHVPDHQWLGDGHMXUtGLFD$PXWXDOL]DomR
GRV UHFXUVRV GDV LQIRUPDo}HV H GDV FRPSHWrQFLDV SURYRFD FODUDPHQWH HVVH
WLSR GH LQGHFLVmR RX GH LQGLVWLQomR DWLYD HVVHV FLUFXLWRV GH UHYHUVmR HQWUH
H[WHULRULGDGHHLQWHULRULGDGH
$V FRLVDV Vy WrP OLPLWHV FODURV QR UHDO $ YLUWXDOL]DomR SDVVDJHP j
SUREOHPiWLFDGHVORFDPHQWRGRVHUSDUDDTXHVWmRpDOJRTXHQHFHVVDULDPHQWH
S}H HP FDXVD D LGHQWLGDGH FOiVVLFD SHQVDPHQWR DSRLDGR HP GHILQLo}HV
GHWHUPLQDo}HV H[FOXV}HV LQFOXV}HV H WHUFHLURV H[FOXtGRV 3RU LVVR D
YLUWXDOL]DomRpVHPSUHKHWHURJrQHVHGHYLURXWURSURFHVVRGHDFROKLPHQWRGD
DOWHULGDGH &RQYpP HYLGHQWHPHQWH QmR FRQIXQGLU D KHWHURJrQHVH FRP VHX
FRQWUiULR SUy[LPR H DPHDoDGRU VXD SLRU LQLPLJD D DOLHQDomR TXH HX
FDUDFWHUL]DULDFRPRUHLILFDomRUHGXomRjFRLVDDR´UHDOµ
7RGDV HVVDV QRo}HV YmR VHU GHVHQYROYLGDV H LOXVWUDGDV QRV FDStWXORV
VHJXLQWHV VREUH WUrV FDVRV FRQFUHWRV DV YLUWXDOL]Do}HV FRQWHPSRUkQHDV GR
FRUSRGRWH[WRHGDHFRQRPLD
 $9,578$/,=$d®2'2&2532

5(&216758d¯(6

(VWDPRV DR PHVPR WHPSR DTXL H Oi JUDoDV jV WpFQLFDV GH

FRPXQLFDomR H GH WHOHSUHVHQoD 2V HTXLSDPHQWRV GH YL]XDOL]DomR PpGLFRV
WRUQDP WUDQVSDUHQWH QRVVD LQWHULRULGDGH RUJkQLFD 2V HQ[HUWRV H DV SUyWHVHV
QRVPLVWXUDPDRVRXWURVHDRVDUWHIDWRV1RSURORQJDPHQWRGDVVDEHGRULDVGR
FRUSR H GDV DUWHV DQWLJDV GD DOLPHQWDomR LQYHQWDPRV KRMH FHP PDQHLUDV GH
QRV FRQVWUXLU GH QRV UHPRGHODU GLHWpWLFD ERG\ EXLOGLQJ FLUXUJLD SOiVWLFD
$OWHUDPRV QRVVRV PHWDEROLVPRV LQGLYLGXDLV SRU PHLR GH GURJDV RX
PHGLFDPHQWRVHVSpFLHVGHDJHQWHVILVLROyJLFRVWUDQVFRUSRUDLVRXGHVHFUHo}HV
FROHWLYDVHDLQG~VWULDIDUPDFrXWLFDGHVFREUHUHJXODUPHQWHQRYDVPROpFXODV
DWLYDV $ UHSURGXomR D LPXQLGDGH FRQWUD DV GRHQoDV D UHJXODomR GDV
HPRo}HV WRGDV HVVDV SHUIRUPDQFHV FODVVLFDPHQWH SULYDGDV WRUQDPVH
FDSDFLGDGHV S~EOLFDV LQWHUFDPELiYHLV H[WHUQDOL]DGDV 'D VRFLDOL]DomR GDV
IXQo}HVVRPiWLFDV DR DXWRFRQWUROH GRV DIHWRVRX GR KXPRU SHOD ELRTXtPLFD
LQGXVWULDO QRVVD YLGD ItVLFD H SVtTXLFD SDVVD FDGD YH] PDLV SRU XPD
´H[WHULRULGDGHµ FRPSOLFDGD QD TXDO VH PLVWXUDP FLUFXLWRV HFRQ{PLFRV
LQVWLWXFLRQDLV H WHFQRFLHQWtILFRV 1R ILQDO GDV FRQWDV DV ELRWHFQRORJLDV QRV
ID]HP FRQVLGHUDU DV HVSpFLHV DWXDLV GH SODQWDV RX GH DQLPDLV H PHVPR R
JrQHURKXPDQRFRPRFDVRVSDUWLFXODUHVHWDOYH]FRQWLQJHQWHVQRVHLRGHXP
FRQWLQXXPELROyJLFRYLUWXDOPXLWRPDLVYDVWRHDLQGDLQH[SORUDGR&RPRDGDV
LQIRUPDo}HVGRVFRQKHFLPHQWRVGDHFRQRPLDHGDVRFLHGDGHDYLUWXDOL]DomR
GRV FRUSRV TXH H[SHULPHQWDPRV KRMH p XPD QRYD HWDSD QD DYHQWXUD GH
DXWRFULDomRTXHVXVWHQWDQRVVDHVSpFLH

3(5&(3d¯(6

(VWXGHPRV DJRUD DOJXPDV IXQo}HV VRPiWLFDV HP GHWDOKH SDUD

GHVPRQWDURIXQFLRQDPHQWRGRSURFHVVRFRQWHPSRUkQHRGHYLUWXDOL]DomRGR
FRUSR &RPHFHPRV SHOD SHUFHSomR FXMR SDSHO p WUD]HU R PXQGR DTXL (VVD
IXQomR p FODUDPHQWH H[WHUQDOL]DGD SHORV VLVWHPDV GH WHOHFRPXQLFDomR 2
WHOHIRQH SDUD D DXGLomR D WHOHYLVmR SDUD D YLVmR RV VLVWHPDV GH
WHOHPDQLSXODo}HV SDUD R WDWR H D LQWHUDomR VHQVyULRPRWRUD WRGRV HVVHV
GLVSRVLWLYRVYLUWXDOL]DPRVVHQWLGRV(DRID]rORRUJDQL]DPDFRORFDomRHP
FRPXPGRVyUJmRVYLUWXDOL]DGRV$VSHVVRDVTXHYrHPRPHVPRSURJUDPDGH
WHOHYLVmRSRUH[HPSORFRPSDUWLOKDPRPHVPRJUDQGHROKRFROHWLYR*UDoDV
jVPiTXLQDVIRWRJUiILFDVjVFkPHUDVHDRVJUDYDGRUHVSRGHPRVSHUFHEHUDV
VHQVDo}HV GH RXWUD SHVVRD HP RXWUR PRPHQWR H RXWUR OXJDU 2V VLVWHPDV
GLWRV GH UHDOLGDGH YLUWXDO QRV SHUPLWHP H[SHULPHQWDU DOpP GLVVR XPD
LQWHJUDomR GLQkPLFD GH GLIHUHQWHV PRGDOLGDGHV SHUFHSWLYDV 3RGHPRV TXDVH
UHYLYHUDH[SHULrQFLDVHQVRULDOFRPSOHWDGHRXWUDSHVVRD

352-(d¯(6

$ IXQomR VLPpWULFD GD SHUFHSomR p D SURMHomR QR PXQGR WDQWR GD

DomR FRPR GD LPDJHP $ SURMHomR GD DomR HVWi HYLGHQWHPHQWH OLJDGD jV
PiTXLQDVjVUHGHVGHWUDQVSRUWHDRVFLUFXLWRVGHSURGXomRHGHWUDQVIHUrQFLD
GDHQHUJLDjVDUPDV1HVVHFDVRXPJUDQGHQ~PHURGHSHVVRDVFRPSDUWLOKDP
RV PHVPRV HQRUPHV EUDoRV YLUWXDLV H GHVWHUULWRULDOL]DGRV ,Q~WLO GHVHQYROYHU
ORQJDPHQWH HVVH DVSHFWR UHODFLRQDGR PDLV HVSHFLILFDPHQWH j DQiOLVH GR
IHQ{PHQRWpFQLFR
$ SURMHomR GD LPDJHP GR FRUSR p JHUDOPHQWH DVVRFLDGD j QRomR GH
WHOHSUHVHQoD 0DV D WHOHSUHVHQoD p VHPSUH PDLV TXH D VLPSOHV SURMHomR GD
LPDJHP
2 WHOHIRQH SRU H[HPSOR Mi IXQFLRQD FRPR XP GLVSRVLWLYR GH
WHOHSUHVHQoDXPDYH]TXHQmROHYDDSHQDVXPDLPDJHPRXXPDUHSUHVHQWDomR
GDYR]WUDQVSRUWDDSUySULDYR]2WHOHIRQHVHSDUDDYR]RXFRUSRVRQRUR
GRFRUSRWDQJtYHOHDWUDQVPLWHjGLVWkQFLD0HXFRUSRWDQJtYHOHVWiDTXLPHX
FRUSR VRQRUR GHVGREUDGR HVWi DTXL H Oi 2 WHOHIRQH Mi DWXDOL]D XPD IRUPD
SDUFLDO GH XELTLGDGH ( R FRUSR VRQRUR GH PHX LQWHUORFXWRU p LJXDOPHQWH
DIHWDGR SHOR PHVPR GHVGREUDPHQWR 'H PRGR TXH DPERV HVWDPRV
UHVSHFWLYDPHQWH DTXL H Oi PDV FRP XP FUX]DPHQWR QD GLVWULEXLomR GRV
FRUSRVWDQJtYHLV
2V VLVWHPDV GH UHDOLGDGH YLUWXDO WUDQVPLWHP PDLV TXH LPDJHQV XPD
TXDVH SUHVHQoD 3RLV RV FORQHV DJHQWHV YLVtYHLV RX PDULRQHWHV YLUWXDLV TXH
FRPDQGDPRVSRUQRVVRVJHVWRVSRGHPDIHWDURXPRGLILFDURXWUDVPDULRQHWHV
RXDJHQWHVYLVtYHLVHLQFOXVLYHDFLRQDUjGLVWkQFLDDSDUHOKRV´UHDLVµHDJLUQR
PXQGR RUGLQiULR &HUWDV IXQo}HV GR FRUSR FRPR D FDSDFLGDGH GH
PDQLSXODomR OLJDGD j UHWURDomR VHQVyULRPRWRUD HP WHPSR UHDO VmR DVVLP
FODUDPHQWHWUDQVIHULGDVjGLVWkQFLDDRORQJRGHXPDFDGHLDWpFQLFDFRPSOH[D
FDGDYH]PDLVEHPFRQWURODGDHPGHWHUPLQDGRVDPELHQWHVLQGXVWULDLV

5(9,5$92/7$6

2 TXH WRUQD R FRUSR YLVtYHO" 6XD VXSHUItFLH D FDEHOHLUD D SHOH R

EULOKR GR ROKDU 2UD DV LPDJHQV PpGLFDV QRV SHUPLWHP YHU R LQWHULRU GR
FRUSRVHPDWUDYHVVDUDSHOHVHQVtYHOVHPVHFLRQDUYDVRVVHPFRUWDUWHFLGRV
'LUVHLD TXH ID]HP VXUJLU RXWUDV SHOHV GHUPHV HVFRQGLGDV VXSHUItFLHV
LQVXVSHLWDGDV YLQGR j WRQD GR IXQGR GR RUJDQLVPR 5DLRV ; VFDQQHUV
VLVWHPDV GH UHVVRQkQFLD PDJQpWLFD QXFOHDU HFRJUDILDV FkPHUDV GH SyVLWRQV
YLUWXDOL]DPDVXSHUItFLHGRFRUSR$SDUWLUGHVVDVPHPEUDQDVYLUWXDLVSRGHVH
UHFRQVWUXLU PRGHORV GLJLWDLV GR FRUSR HP WUrV GLPHQV}HV H D SDUWLU GDt
PDTXHWHV VyOLGDV TXH DMXGDUmR RV PpGLFRV SRU H[HPSOR D SUHSDUDU XPD
RSHUDomR 3RLV WRGDV HVVDV SHOHV WRGRV HVVHV FRUSRV YLUWXDLV WrP HIHLWRV GH
DWXDOL]DomRPXLWRLPSRUWDQWHVQRGLDJQyVWLFRPpGLFRHQDFLUXUJLD1RUHLQR
GRYLUWXDODDQiOLVHHDUHFRQVWUXomRGRFRUSRQmRLPSOLFDPDLVDGRUQHPD
PRUWH9LUWXDOL]DGDDSHOHWRUQDVHSHUPHiYHO$QWHVTXHWHQKDPQDVFLGRMip
SRVVtYHOFRQKHFHURVH[RHTXDVHRURVWRGRVILOKRV
&DGDQRYRDSDUHOKRDFUHVFHQWDXPJrQHURGHSHOHXPFRUSRYLVtYHO
DRFRUSRDWXDO2RUJDQLVPRpUHYLUDGRFRPRXPDOXYD2LQWHULRUSDVVDDR
H[WHULRU DR PHVPR WHPSR HP TXH SHUPDQHFH GHQWUR 3HORV VLVWHPDV GH
YL]XDOL]DomRPpGLFRVXPDPDVVDIROKHDGDGHSHOtFXODVSUROLIHUDHPGLUHomRDR
FHQWUR GR FRUSR 3HOD WHOHSUHVHQoD H SHORV VLVWHPDV GH FRPXQLFDomR RV
FRUSRVYLVtYHLVDXGtYHLVHVHQVtYHLVVHPXOWLSOLFDPHVHGLVSHUVDPQRH[WHULRU
&RPR QR XQLYHUVR GH /XFUpFLR XPD TXDQWLGDGH GH SHOHV RX GH HVSHFWURV
GHUPDWyLGHVHPDQDPGHQRVVRFRUSRRVVLPXODFURV

2+,3(5&2532

$ YLUWXDOL]DomR GR FRUSR LQFLWD jV YLDJHQV H D WRGDV DV WURFDV 2V

WUDQVSODQWHVFULDPXPDJUDQGHFLUFXODomRGHyUJmRVHQWUHRVFRUSRVKXPDQRV
'H XP LQGLYtGXR D RXWUR PDV WDPEpP HQWUH RV PRUWRV H RV YLYRV (QWUH D
KXPDQLGDGHPDVLJXDOPHQWHGHXPDHVSpFLHDRXWUDHQ[HUWDPVHQDVSHVVRDV
FRUDo}HV GH EDEXtQR ItJDGRV GH SRUFR ID]HPQDV LQJHULU KRUP{QLRV
SURGX]LGRV SRU EDFWpULDV 2V LPSODQWHV H DV SUyWHVHV FRQIXQGHP D IURQWHLUD
HQWUH R TXH p PLQHUDO H R TXH HVWi YLYR yFXORV OHQWHV GH FRQWDWR GHQWHV
IDOVRV VLOLFRQH PDUFDSDVVRV SUyWHVHV DF~VWLFDV LPSODQWHV DXGLWLYRV ILOWURV
H[WHUQRVIXQFLRQDQGRFRPRULQVVDGLRV
2VROKRVDVFyUQHDVRHVSHUPDRVyYXORVRVHPEUL}HVHVREUHWXGR
R VDQJXH VmR DJRUD VRFLDOL]DGRV PXWXDOL]DGRV H SUHVHUYDGRV HP EDQFRV
HVSHFLDLV8PVDQJXHGHVWHUULWRULDOL]DGRFRUUHGHFRUSRHPFRUSRDWUDYpVGH
XPD HQRUPH UHGH LQWHUQDFLRQDO GD TXDO QmR VH SRGH PDLV GLVWLQJXLU RV
FRPSRQHQWHVHFRQ{PLFRVWHFQROyJLFRVHPpGLFRV2IOXLGRYHUPHOKRGDYLGD
LUULJDXPFRUSRFROHWLYRVHPIRUPDGLVSHUVR$FDUQHHRVDQJXHSRVWRVHP
FRPXP GHL[DP D LQWLPLGDGH VXEMHWLYD SDVVDP DR H[WHULRU 0DV HVVD FDUQH
S~EOLFDUHWRUQDDRLQGLYtGXRWUDQVSODQWDGRDREHQHILFLiULRGHXPDWUDQVIXVmR
DRFRQVXPLGRUGHKRUP{QLRV2FRUSRFROHWLYRDFDEDSRUPRGLILFDUDFDUQH
SULPiULD­VYH]HVUHVVXVFLWDDRXIHFXQGDDLQYLWUR
$FRQVWLWXLomRGHXPFRUSRFROHWLYRHDSDUWLFLSDomRGRVLQGLYtGXRV
QHVVDFRPXQLGDGHItVLFDVHUYLXVHSRUPXLWRWHPSRGHPHGLDo}HVSXUDPHQWH
VLPEyOLFDV RX UHOLJLRVDV ´,VWR p PHX FRUSR LVWR p PHX VDQJXHµ +RMH HOD
UHFRUUHDPHLRVWpFQLFRV
$VVLPFRPRFRPSDUWLOKDPRVGHVGHRWHPSRGRVDIRQVLQRVXPDGRVH
GHLQWHOLJrQFLDHGHYLVmRGRPXQGRFRPRVTXHIDODPDPHVPDOtQJXDKRMH
QRV DVVRFLDPRV YLUWXDOPHQWH QXP Vy FRUSR FRP RV TXH SDUWLFLSDP GDV
PHVPDV UHGHV WpFQLFDV H PpGLFDV &DGD FRUSR LQGLYLGXDO WRUQDVH SDUWH
LQWHJUDQWHGHXPLPHQVRKLSHUFRUSRKtEULGRHPXQGLDOL]DGR)D]HQGRHFRDR
KLSHUFyUWH[TXHH[SDQGHKRMHVHXV D[{QLRV SHODVUHGHV GLJLWDLV GR SODQHWD R
KLSHUFRUSR GD KXPDQLGDGH HVWHQGH VHXV WHFLGRV TXLPpULFRV HQWUH DV
HSLGHUPHVHQWUHDVHVSpFLHVSDUDDOpPGDVIURQWHLUDVHGRVRFHDQRVGHXPD
PDUJHPDRXWUDGRULRGDYLGD

,17(16,),&$d¯(6

&RPRVHIRVVHSDUDUHDJLUjYLUWXDOL]DomRGRVFRUSRVQRVVDpSRFDYLX
GHVHQYROYHUVH XPD SUiWLFD HVSRUWLYD TXH FHUWDPHQWH MDPDLV DWLQJLX XPD
SURSRUomR WmR JUDQGH GD SRSXODomR 1mR IDOR DTXL GRV FRUSRV ´VDGLRVµ H
DWOpWLFRV SRVWRV HP FHQD SHORV UHJLPHV SROtWLFRV DXWRULWiULRV RX SURPRYLGRV
SHODVUHYLVWDVGHPRGDHDSXEOLFLGDGHQHPPHVPRGRV HVSRUWHVGH HTXLSH
GRVTXDLVWUDWDUHLQRFDStWXORVREUHDYLUWXDOL]DomRGDLQWHOLJrQFLD5HILURPHD
HVVHHVIRUoRGHXOWUDSDVVDUOLPLWHVGHFRQTXLVWDUQRYRVPHLRVGHLQWHQVLILFDU
DVVHQVDo}HVGHH[SORUDURXWUDVYHORFLGDGHVTXHVHPDQLIHVWDQXPDH[SORVmR
HVSRUWLYDHVSHFtILFDGHQRVVDpSRFD
$WUDYpV GD QDWDomR HVSRUWH PXLWR SRXFR SUDWLFDGR DQWHV GR VpFXOR
;; GRPHVWLFDPRV R PHLR DTXiWLFR DSUHQGHPRV D SHUGHU Sp
H[SHULPHQWDPRV XPD PDQHLUD QRYD GH VHQWLUPRV R PXQGR H GH VHUPRV
OHYDGRV QR HVSDoR 3UDWLFDGR FRPR XP OD]HU R PHUJXOKR VXEPDULQR
PD[LPL]D HVVD PXGDQoD GH PHLR $ HVSHOHRORJLD TXH FRQGX] DR ´FHQWUR GD
WHUUDµ HUD SRXFR SUDWLFDGD DQWHV GH -~OLR 9HUQH 2 DOSLQLVPR FRQIURQWD RV
FRUSRV DR DU UDUHIHLWR DR IULR LQWHQVR j VXELGD LPSODFiYHO e SUHFLVDPHQWH
SRULVVRTXHHOHVHWRUQRXSUDWLFDPHQWHXPHVSRUWHGHPDVVD(PFDGDFDVR
WUDWDVHGRPHVPRPRYLPHQWRGHVDtGDGDQRUPDGHKLEULGDomRGH´GHYLUHVµ
TXHWHQGHPTXDVHjPHWDPRUIRVH7RUQDUVHSHL[HWRUQDUVHFDEUDVHOYDJHP
WRUQDUVHSiVVDURRXPRUFHJR
2V PDLV HPEOHPiWLFRV GHQWUH RV HVSRUWHV H[WUHPRV GH GHYLU H GH
WHQVmRVmRDVSUiWLFDVGHTXHGDSiUDTXHGDVDVDGHOWDVDOWRFRPHOiVWLFRHGH
GHVOL]DPHQWR HVTXL DOSLQR HVTXL DTXiWLFRVXUIH H ZLQGVXUIH (P XP FHUWR
VHQWLGR VmR UHDo}HV j YLUWXDOL]DomR (VVHV HVSRUWHV SXUDPHQWH LQGLYLGXDLV
QmRQHFHVVLWDPGHJUDQGHVHTXLSDPHQWRVFROHWLYRVHFRPIUHTrQFLDXWLOL]DP
DSHQDVDUWHIDWRVGLVFUHWRV$FLPDGHWXGRLQWHQVLILFDPDRPi[LPRDSUHVHQoD
ItVLFDDTXLHDJRUD5HFRQFHQWUDPDSHVVRDHPVHXFHQWURYLWDOHPVHX´SRQWR
GHVHUµPRUWDO$DWXDOL]DomRSDUHFHUHLQDUDTXL
(QRHQWDQWRWDOHQFDUQDomR Pi[LPD QHVWH OXJDU H QHVWD KRUDVy VH
REWpPHVWUHPHFHQGRRVOLPLWHV(QWUHRDUHDiJXDHQWUHDWHUUDHRFpXHQWUH
DEDVHHRYpUWLFHRVXUILVWD RX DTXHOH TXH VH ODQoD MDPDLV HVWi LQWHLUDPHQWH
SUHVHQWH $EDQGRQDQGR R FKmR H VHXV SRQWRV GH DSRLR HOH HVFDOD RV IOX[RV
GHVOL]D QDV LQWHUIDFHV VHUYHVH DSHQDV GH OLQKDV GH IXJD VH YHWRUL]D VH
GHVWHUULWRULDOL]D &DYDOJDGRU GH RQGDV YLYHQGR QD LQWLPLGDGH GD iJXD R
VXUILVWD FDOLIRUQLDQR VH PHWDPRUIRVHLD HP VXUILVWD GD 1HW 2V YDJDOK}HV GR
3DFtILFR UHPHWHP DR GLO~YLR LQIRUPDFLRQDO H R KLSHUFRUSR DR KLSHUFyUWH[
6XEPLVVR j JUDYLGDGH PDV MRJDQGR FRP R HTXLOtEULR DWp WRUQDUVH DpUHR R
FRUSR HP TXHGD RX HP GHVOL]DPHQWR SHUGHX VHX SHVR 7RUQDVH YHORFLGDGH
SDVVDJHP VREUHY{R $VFHQVLRQDO PHVPR TXDQGR SDUHFH FDLU RX FRUUHU QD
KRUL]RQWDOHLVRFRUSRJORULRVRGDTXHOHTXHVHODQoDRXGRVXUILVWDVHXFRUSR
YLUWXDO

5(63/$1'(&È1&,$ 

3RUWDQWR R FRUSR VDL GH VL PHVPR DGTXLUH QRYDV

YHORFLGDGHVFRQTXLVWD QRYRV HVSDoRV 9HUWHVH QR H[WHULRU H UHYHUWH D
H[WHULRULGDGHWpFQLFDRXDDOWHULGDGHELROyJLFDHP VXEMHWLYLGDGHFRQFUHWD$R
VH YLUWXDOL]DU R FRUSR VH PXOWLSOLFD &ULDPRV SDUD QyV PHVPRV RUJDQLVPRV
YLUWXDLVTXHHQULTXHFHPQRVVRXQLYHUVRVHQVtYHOVHPQRVLPSRUDGRU7UDWD
VH GH XPD GHVHQFDUQDomR" 9HULILFDPRV FRP R H[HPSOR GR FRUSR TXH D
YLUWXDOL]DomRQmRSRGHVHUUHGX]LGDDXPDSURFHVVRGHGHVDSDUHFLPHQWRRXGH
GHVPDWHULDOL]DomR &RUUHQGR R ULVFR GH VHUPRV UHGXQGDQWHV OHPEUHPRV
TXHHVVD YLUWXDOL]DomR p DQDOLViYHO HVVHQFLDOPHQWH FRPR PXGDQoD
GHLGHQWLGDGH SDVVDJHP GH XPD VROXomR SDUWLFXODU D XPD SUREOHPiWLFDJHUDO
RXWUDQVIRUPDomRGHXPDDWLYLGDGHHVSHFLDOHFLUFXQVFULWDHPIXQFLRQDPHQWR
QmRORFDOL]DGRGHVVLQFURQL]DGRFROHWLYL]DGR$YLUWXDOL]DomRGRFRUSRQmRp
SRUWDQWR XPD GHVHQFDUQDomR PDV XPDUHLQYHQomR XPD UHHQFDUQDomR XPD
PXOWLSOLFDomR XPD YHWRUL]DomR XPD KHWHURJrQHVH GR KXPDQR &RQWXGR R
OLPLWHMDPDLVHVWiGHILQLWLYDPHQWHWUDoDGRHQWUHDKHWHURJrQHVHHDDOLHQDomRD
DWXDOL]DomRHDUHLILFDomRPHUFDQWLODYLUWXDOL]DomRHDDPSXWDomR(VVHOLPLWH
LQGHFLVR GHYH VHU FRQVWDQWHPHQWH FRQVLGHUDGR DYDOLDGR FRPHVIRUoR
UHQRYDGRWDQWRSHODVSHVVRDVQRTXHGL]UHVSHLWRDVXDYLGDSHVVRDOTXDQWR
SHODVVRFLHGDGHVQRkPELWRGDVOHLV
0HX FRUSR SHVVRDO p D DWXDOL]DomR WHPSRUiULD GH XP HQRUPH
KLSHUFRUSR KtEULGR VRFLDO H WHFQRELROyJLFR 2 FRUSR FRQWHPSRUkQHR
DVVHPHOKDVH D XPD FKDPD )UHTHQWHPHQWH p PLQ~VFXORLVRODGR VHSDUDGR
TXDVH LPyYHO 0DLV WDUGH FRUUH SDUD IRUD GHVL PHVPR LQWHQVLILFDGR SHORV
HVSRUWHVRXSHODVGURJDVIXQFLRQDFRPRXPVDWpOLWHODQoDDOJXPEUDoRYLUWXDO
EHP DOWR HP GLUHomRDR FpX DR ORQJR GH UHGHV GH LQWHUHVVHV RX GH
FRPXQLFDomR3UHQGHVHHQWmRDRFRUSRS~EOLFRHDUGHFRPRPHVPRFDORU
EULOKDFRP D PHVPD OX] TXH RXWURV FRUSRVFKDPDV 5HWRUQD HP VHJXLGD
WUDQVIRUPDGRDXPD HVIHUD TXDVH SULYDGD H DVVLP VXFHVVLYDPHQWH RUD DTXL
RUDHPWRGDSDUWHRUDHPVLRUDPLVWXUDGR8PGLDVHSDUDVHFRPSOHWDPHQWH
GRKLSHUFRUSRHVHH[WLQJXH
 $9,578$/,=$d®2'27(;72

$/(,785$28$$78$/,=$d®2'2 7(;72

'HVGH VXDV RULJHQV PHVRSRWkPLFDV R WH[WR p XP REMHWR YLUWXDO

DEVWUDWR LQGHSHQGHQWH GH XP VXSRUWH HVSHFtILFR (VVD HQWLGDGH YLUWXDO
DWXDOL]DVHHPP~OWLSODVYHUV}HVWUDGXo}HVHGLo}HVH[HPSODUHVHFySLDV$R
LQWHUSUHWDU DR GDU VHQWLGR DR WH[WR DTXL H DJRUD R OHLWRU OHYD DGLDQWH HVVD
FDVFDWD GH DWXDOL]Do}HV )DOR HVSHFLILFDPHQWH GH DWXDOL]DomR QR TXH GL]
UHVSHLWR j OHLWXUD H QmR GD UHDOL]DomR TXH VHULD XPD VHOHomR HQWUH
SRVVLELOLGDGHVSUHHVWDEHOHFLGDV)DFHjFRQILJXUDomRGHHVWtPXORVGHFRHUo}HV
H GH WHQV}HV TXH R WH[WR SURS}H D OHLWXUD UHVROYH GH PDQHLUD LQYHQWLYD H
VHPSUH VLQJXODU R SUREOHPD GR VHQWLGR $ LQWHOLJrQFLD GR OHLWRU OHYDQWD SRU
FLPD GDV SiJLQDV YD]LDV XPD SDLVDJHP VHPkQWLFD PyYHO H DFLGHQWDGD
$QDOLVHPRVHPGHWDOKHHVVHWUDEDOKRGHDWXDOL]DomR
/HPRVRXHVFXWDPRVXPWH[WR2TXHRFRUUH"(PSULPHLUROXJDUR
WH[WRpHVEXUDFDGRULVFDGRVHPHDGRGHEUDQFRV6mRDVSDODYUDVRVPHPEURV
GHIUDVHVTXHQmRFDSWDPRVQRVHQWLGRSHUFHSWLYRPDVWDPEpPLQWHOHFWXDOGR
WHUPR 6mR RV IUDJPHQWRV GH WH[WR TXH QmR FRPSUHHQGHPRV TXH QmR
FRQVHJXLPRV MXQWDU TXH QmR UHXQLPRV DRV RXWURV TXH QHJOLJHQFLDPRV 'H
PRGRTXHSDUDGR[DOPHQWHOHUHVFXWDUpFRPHoDUDQHJOLJHQFLDUDGHVOHURX
GHVOLJDURWH[WR
$R PHVPR WHPSR TXH R UDVJDPRV SHOD OHLWXUD RX SHOD HVFXWD
DPDUURWDPRVRWH[WR'REUDPRORVREUHVLPHVPR5HODFLRQDPRVXPDjRXWUD
DVSDVVDJHQVTXHVHFRUUHVSRQGHP2VPHPEURVHVSDUVRVH[SRVWRVGLVSHUVRV
QDVXSHUItFLHGDVSiJLQDVRXQDOLQHDULGDGHGRGLVFXUVRFRVWXUDPRORVMXQWRV
OHUXPWH[WRpUHHQFRQWUDURVJHVWRVWr[WHLVTXHOKHGHUDPVHXQRPH
$V SDVVDJHQV GR WH[WR PDQWrP HQWUH VL YLUWXDOPHQWH XPD
FRUUHVSRQGrQFLD TXDVH TXH XPD DWLYLGDGH HSLVWRODU TXH DWXDOL]DPRV GH XP
MHLWRRXGHRXWURVHJXLQGRRXQmRDVLQVWUXo}HVGRDXWRU&DUWHLURVGRWH[WR
YLDMDPRV GH XPD PDUJHP j RXWUD GR HVSDoR GR VHQWLGR YDOHQGRQRV GH XP
VLVWHPDGHHQGHUHoDPHQWRHGHLQGLFDo}HVTXHRDXWRURHGLWRURWLSyJUDIR
EDOLVDUDP 0DV SRGHPRV GHVREHGHFHU jV LQVWUXo}HV WRPDU FDPLQKRV
WUDQVYHUVDLV SURGX]LU GREUDV LQWHUGLWDV HVWDEHOHFHU UHGHV VHFUHWDV
FODQGHVWLQDVID]HUHPHUJLURXWUDVJHRJUDILDVVHPkQWLFDV
7DO p R WUDEDOKR GD OHLWXUD D SDUWLU GH XPD OLQHDULGDGH RX GH XPD
SODWLWXGH LQLFLDO HVVH DWR GH UDVJDU GH DPDUURWDU GH WRUFHU GH UHFRVWXUDU R
WH[WRSDUDDEULUXPPHLRYLYRQRTXDOSRVVDVHGHVGREUDURVHQWLGR2HVSDoR
GR VHQWLGR QmR SUHH[LVWH j OHLWXUD e DR SHUFRUUrOD DR FDUWRJUDIiOD TXH R
IDEULFDPRVTXHRDWXDOL]DPRV
0DV HQTXDQWR R GREUDPRV VREUH VL PHVPR SURGX]LQGR DVVLP VXD
UHODomRFRQVLJRSUySULRVXDYLGDDXW{QRPDVXDDXUDVHPkQWLFDUHODFLRQDPRV
WDPEpPRWH[WRDRXWURVWH[WRVDRXWURVGLVFXUVRVDLPDJHQVDDIHWRVDWRGD
DLPHQVDUHVHUYDIOXWXDQWHGHGHVHMRVHGHVLJQRVTXHQRVFRQVWLWXL$TXLQmR
p PDLV D XQLGDGH GR WH[WR TXH HVWi HP MRJR PDV D FRQVWUXomR GH VL
FRQVWUXomR VHPSUH D UHID]HU LQDFDEDGD 1mR p PDLV R VHQWLGR GR WH[WR TXH
QRVRFXSDPDVDGLUHomRHDHODERUDomRGHQRVVRSHQVDPHQWRDSUHFLVmRGH
QRVVD LPDJHP GR PXQGR D FXOPLQDomR GH QRVVRV SURMHWRV R GHVSHUWDU GH
QRVVRV SUD]HUHV R ILR GH QRVVRV VRQKRV 'HVWD YH] R WH[WR QmR p PDLV
DPDUURWDGR GREUDGR IHLWR XPD EROD VREUH VL PHVPR PDV UHFRUWDGR
SXOYHUL]DGRGLVWULEXtGRDYDOLDGRVHJXQGRFULWpULRVGHXPDVXEMHWLYLGDGHTXH
SURGX]DVLPHVPD
'R WH[WR SURSULDPHQWH HP EUHYH QDGD PDLV UHVWD 1R PHOKRU GRV
FDVRVWHUHPRVJUDoDVDHOHGDGRXPUHWRTXHHPQRVVRVPRGHORVGRPXQGR
7DOYH] WHQKD VHUYLGR DSHQDV SDUD S{U HP UHVVRQkQFLD DOJXPDV LPDJHQV
DOJXPDVSDODYUDVTXHMiSRVVXtDPRV(YHQWXDOPHQWHWHUHPRVUHODFLRQDGRXP
GHVHXVIUDJPHQWRVLQYHVWLGRGHXPDLQWHQVLGDGHHVSHFLDOFRPGHWHUPLQDGD
]RQDGHQRVVDDUTXLWHWXUDPQHP{QLFDXPRXWURFRPGHWHUPLQDGRWUHFKRGH
QRVVDVUHGHVLQWHOHFWXDLV(OHQRVWHUiVHUYLGRGHLQWHUIDFHFRPQyVPHVPRV
6y PXLWR UDUDPHQWH QRVVD OHLWXUD QRVVD HVFXWD WHUi SRU HIHLWR UHRUJDQL]DU
GUDPDWLFDPHQWH FRPR SRU XPD HVSpFLH GH HIHLWR GH OLPLDU EUXWDO R QRYHOR
HQUHGDGRGHUHSUHVHQWDo}HVHGHHPRo}HVTXHQRVFRQVWLWXL
(VFXWDUROKDUOHUHTXLYDOHILQDOPHQWHDFRQVWUXLUVH1DDEHUWXUDDR
HVIRUoR GH VLJQLILFDomR TXH YHP GR RXWUR WUDEDOKDQGR HVEXUDFDQGR
DPDUURWDQGR UHFRUWDQGR R WH[WR LQFRUSRUDQGRR HP QyV GHVWUXLQGRR
FRQWULEXtPRVSDUDHULJLUDSDLVDJHPGHVHQWLGRTXHQRVKDELWD2WH[WRVHUYH
DTXLGHYHWDUGHVXSRUWHRXGHSUHWH[WRjDWXDOL]DomRGHQRVVRSUySULRHVSDoR
PHQWDO
&RQILDPRVjVYH]HVDOJXQVIUDJPHQWRVGRWH[WRDRVSRYRVGHVLJQRV
TXHQRPDGL]DPGHQWURGHQyV(VVDVLQVtJQLDVHVVDVUHOtTXLDV HVVHVIHWLFKHV
RX HVVHV RUiFXORV QDGD WrP D YHU FRP DV LQWHQo}HV GR DXWRU QHP FRP D
XQLGDGH VHPkQWLFD YLYD GR WH[WR PDV FRQWULEXHP SDUD FULDU UHFULDU H
UHDWXDOL]DURPXQGRGHVLJQLILFDo}HVTXHVRPRV

$(6&5,7$28$9,578$/,=$d®2'$ 0(0Ð5,$

(VVDDQiOLVHpSURYDYHOPHQWHDSOLFiYHOjLQWHUSUHWDomRGHRXWURVWLSRV
GH PHQVDJHQV FRPSOH[DV TXH QmR R WH[WR DOIDEpWLFR LGHRJUDPDV GLDJUDPDV
PDSDV HVTXHPDV VLPXODo}HV PHQVDJHQV LFRQRJUiILFDV RX ItOPLFDV SRU
H[HPSOR'HYHVHHQWHQGHU´WH[WRµQRVHQWLGRPDLVJHUDOGLVFXUVRHODERUDGR
RXSURSyVLWRGHOLEHUDGR
'HVGH R LQtFLR GHVWH FDStWXOR YRFr DLQGD QmR OHX D SDODYUD
´KLSHUWH[WRµ1RHQWDQWRQmRVHWUDWRXGHRXWUDFRLVDDQmRVHUGLVWR&RP
HIHLWR KLHUDUTXL]DU H VHOHFLRQDU iUHDV GH VHQWLGR WHFHU OLJDo}HV HQWUH HVVDV
]RQDVFRQHFWDURWH[WRDRXWURVGRFXPHQWRVDUULPiODDWRGDXPDPHPyULD
TXHIRUPDFRPRTXHRIXQGRVREUHRTXDOHOHVHGHVWDFDHDRTXDOUHPHWHVmR
RXWUDVWDQWDVIXQo}HVGRKLSHUWH[WRLQIRUPiWLFR
8PD WHFQRORJLD LQWHOHFWXDO TXDVH VHPSUH H[WHULRUL]D REMHWLYL]D
YLUWXDOL]D XPD IXQomR FRJQLWLYD XPD DWLYLGDGH PHQWDO $VVLP ID]HQGR
UHRUJDQL]D D HFRQRPLD RX D HFRORJLD LQWHOHFWXDO HPVHX FRQMXQWR H PRGLILFD
HPWURFDDIXQomRFRJQLWLYDTXHHODVXSRVWDPHQWHGHYHULDDSHQDVDX[LOLDURX
UHIRUoDU $V UHODo}HV HQWUH D HVFULWD WHFQRORJLD LQWHOHFWXDO H D PHPyULD
IXQomRFRJQLWLYDHVWmRDtSDUDWHVWHPXQKiOR
2DSDUHFLPHQWRGDHVFULWDDFHOHURXXPSURFHVVRGHDUWLILFLDOL]DomRGH
H[WHULRUL]DomR H GH YLUWXDOL]DomR GD PHPyULD TXH FHUWDPHQWH FRPHoRX FRP D
KRPLQL]DomR 9LUWXDOL]DomR H QmR VLPSOHV SURORQJDPHQWR RX VHMD VHSDUDomR
SDUFLDOGHXPFRUSRYLYRFRORFDomRHPFRPXPKHWHURJrQHVH1mRVHSRGH
UHGX]LU D HVFULWD D XP UHJLVWUR GD IDOD (P FRQWUDSDUWLGD DR QRV ID]HU
FRQFHEHU D OHPEUDQoD FRPR XP UHJLVWUR HOD WUDQVIRUPRX R URVWR GH
0QHPyVLQH
$ VHPLREMHWLYDomR GD PHPyULD QR WH[WR FHUWDPHQWH SHUPLWLX R
GHVHQYROYLPHQWR GH XPD WUDGLomR FUtWLFD &RP HIHLWR R HVFULWR FDYD XPD
GLVWkQFLDHQWUHRVDEHUHVHXVXMHLWReWDOYH]SRUTXHQmRQmRVRXPDLVRTXH
VHLTXHSRVVRUHFRORFDUHVWHVDEHUHPTXHVWmR
9LUWXDOL]DQWHDHVFULWDGHVVLQFURQL]D H GHVORFDOL]D (OD IH] VXUJLU XP
GLVSRVLWLYR GH FRPXQLFDomR QR TXDO DV PHQVDJHQV PXLWR IUHTHQWHPHQWH
HVWmRVHSDUDGDVQRWHPSRHQRHVSDoRGHVXDIRQWHGHHPLVVmRHSRUWDQWRVmR
UHFHELGDVIRUDGHFRQWH[WR'RODGRGDOHLWXUDIRLSRUWDQWRQHFHVViULRUHILQDU
DVSUiWLFDVLQWHUSUHWDWLYDV'RODGRGDUHGDomRWHYHVHTXHLPDJLQDUVLVWHPDV
GH HQXQFLDGRV DXWRVXILFLHQWHV LQGHSHQGHQWHV GR FRQWH[WR TXH IDYRUHFHUDP
DV PHQVDJHQV TXH UHVSRQGHP D XP FULWpULR GH XQLYHUVDOLGDGH FLHQWtILFD RX
UHOLJLRVD
&RPDHVFULWDHPDLVDLQGDFRPRDOIDEHWRHDLPSUHQVDRVPRGRVGH
FRQKHFLPHQWRWHyULFRVHKHUPHQrXWLFRVSDVVDUDPSRUWDQWRDSUHYDOHFHUVREUH
RV VDEHUHV QDUUDWLYRV H ULWXDLV GDV VRFLHGDGHV RUDLV $ H[LJrQFLD GH XPD
YHUGDGHXQLYHUVDOREMHWLYDHFUtWLFDVyS{GHVHLPSRUQXPDHFRORJLDFRJQLWLYD
ODUJDPHQWH HVWUXWXUDGD SHOD HVFULWD RX PDLV H[DWDPHQWH SHOD HVFULWD VREUH
VXSRUWHHVWiWLFR
3RLVRWH[WRFRQWHPSRUkQHRDOLPHQWDQGRFRUUHVSRQGrQFLDVRQOLQHH
FRQIHUrQFLDV HOHWU{QLFDV FRUUHQGR HP UHGHV IOXLGR GHVWHUULWRULDOL]DGR
PHUJXOKDGRQRPHLRRFHkQLFRGRFLEHUHVSDoRHVVHWH[WRGLQkPLFRUHFRQVWLWXL
PDV GH RXWUR PRGR H QXPD HVFDOD LQILQLWDPHQWH VXSHULRU D FRSUHVHQoD GD
PHQVDJHP H GH VHX FRQWH[WR YLYR TXH FDUDFWHUL]D D FRPXQLFDomR RUDO 'H
QRYR RV FULWpULRV PXGDP 5HDSUR[LPDPVH GDTXHOHV GR GLiORJR RX GD
FRQYHUVDomR SHUWLQrQFLD HP IXQomR GR PRPHQWR GRV OHLWRUHV H GRV OXJDUHV
YLUWXDLV EUHYLGDGH JUDoDV j SRVVLELOLGDGH GH DSRQWDU LPHGLDWDPHQWH DV
UHIHUrQFLDVHILFLrQFLDSRLVSUHVWDUVHUYLoRDROHLWRUHHPSDUWLFXODUDMXGiORD
QDYHJDUpRPHOKRUPHLRGHVHUUHFRQKHFLGRVRERGLO~YLRLQIRUPDFLRQDO

$',*,7$/,=$d®2 28$327(1&,$/,=$d®2'2 7(;72

2 QRYR WH[WR WHP DQWHV GH PDLV QDGD FDUDFWHUtVWLFDV WpFQLFDV TXH
FRQYpPSUHFLVDUHFXMDDQiOLVHHVWiOLJDGDFRPRYHUHPRVDXPDGLDOpWLFDGR
SRVVtYHOHGRUHDO
2OHLWRUGHXPOLYURRXGHXPDUWLJRQRSDSHOVHFRQIURQWDFRPXP
REMHWR ItVLFR VREUH R TXDO XPD FHUWD YHUVmR GR WH[WR HVWi LQWHJUDOPHQWH
PDQLIHVWD &HUWDPHQWH HOH SRGH DQRWDU QDV PDUJHQV IRWRFRSLDU UHFRUWDU
FRODU SURFHGHU D PRQWDJHQV PDV R WH[WR LQLFLDO HVWi Oi SUHWR QR EUDQFR Mi
UHDOL]DGR LQWHJUDOPHQWH 1D OHLWXUD HP WHOD HVVD SUHVHQoD H[WHQVLYD H
SUHOLPLQDUjOHLWXUDGHVDSDUHFH2VXSRUWHGLJLWDOGLVTXHWHGLVFRUtJLGRGLVFR
yWLFR QmR FRQWpP XPWH[WR OHJtYHO SRU KXPDQRV PDV XPD VpULH GH FyGLJRV
LQIRUPiWLFRV TXH VHUmR HYHQWXDOPHQWH WUDGX]LGRV SRU XP FRPSXWDGRU HP
VLQDLV DOIDEpWLFRV SDUD XP GLVSRVLWLYR GH DSUHVHQWDomR $ WHOD DSUHVHQWDVH
HQWmRFRPRXPDSHTXHQDMDQHODDSDUWLUGDTXDOROHLWRUH[SORUDXPDUHVHUYD
SRWHQFLDO
3RWHQFLDOHQmRYLUWXDOSRLVDHQWDOKHGLJLWDOHRSURJUDPDGHOHLWXUD
SUHGHWHUPLQDP XP FRQMXQWR GH SRVVtYHLV TXH PHVPR SRGHQGR VHU LPHQVR
DLQGDDVVLPpQXPHULFDPHQWHILQLWRHORJLFDPHQWHIHFKDGR$OLiVQmRpWDQWR
D TXDQWLGDGH TXH GLVWLQJXH R SRVVtYHO GR YLUWXDO R HVVHQFLDO HVWi HP RXWUR
OXJDU FRQVLGHUDQGRVH DSHQDV R VXSRUWH PHFkQLFR KDUGZDUH H VRIWZDUH D
LQIRUPiWLFDQmRRIHUHFHVHQmRXPDFRPELQDWyULDDLQGDTXHLQILQLWDHMDPDLV
XP FDPSR SUREOHPiWLFR 2 DUPD]HQDPHQWR HP PHPyULD GLJLWDO p XPD
SRWHQFLDOL]DomRDH[LELomRpXPDUHDOL]DomR
8P KLSHUWH[WR p XPD PDWUL] GH WH[WRV SRWHQFLDLV VHQGR TXH DOJXQV
GHOHV YmR VH UHDOL]DU VRE R HIHLWR GD LQWHUDomR FRP XP XVXiULR 1HQKXPD
GLIHUHQoDVHLQWURGX]HQWUHXPWH[WRSRVVtYHOGDFRPELQDWyULDHXPWH[WRUHDO
TXH VHUi OLGR QD WHOD $ PDLRU SDUWH GRV SURJUDPDV VmR PiTXLQDV GH H[LELU
UHDOL]DU PHQVDJHQV WH[WRV LPDJHQV HWF D SDUWLU GH XP GLVSRVLWLYR
FRPSXWDFLRQDOTXHGHWHUPLQDXP XQLYHUVR GH SRVVtYHLV (VVH XQLYHUVR SRGH
VHU LPHQVR RX ID]HU LQWHUYLU SURFHGLPHQWRV DOHDWyULRV PDV DLQGD DVVLP p
LQWHLUDPHQWH SUpFRQWLGR FDOFXOiYHO 'HVWH PRGR VHJXLQGR HVWULWDPHQWH R
YRFDEXOiULRILORVyILFRQmRVHGHYHULDIDODUGHLPDJHQVYLUWXDLVSDUDTXDOLILFDU
DVLPDJHQVGLJLWDLVPDVGHLPDJHQVSRVVtYHLVVHQGRH[LELGDV
2 YLUWXDO Vy HFORGH FRP D HQWUDGD GD VXEMHWLYLGDGH KXPDQD QR
FLUFXLWRTXDQGRQXPPHVPRPRYLPHQWRVXUJHPDLQGHWHUPLQDomRGRVHQWLGR
HDSURSHQVmRGRWH[WRDVLJQLILFDUWHQVmRTXHXPDDWXDOL]DomRRXVHMDXPD
LQWHUSUHWDomRUHVROYHUiQDOHLWXUD8PDYH]FODUDPHQWHGLVWLQJXLGRVHVVHVGRLV
SODQRVRGRSDUSRWHQFLDOUHDOHRGRSDUYLUWXDODWXDOFRQYpPLPHGLDWDPHQWH
VXEOLQKDU VHX HQYROYLPHQWR UHFtSURFR D GLJLWDOL]DomR H DV QRYDV IRUPDV GH
DSUHVHQWDomRGRWH[WRVyQRVLQWHUHVVDPSRUTXHGmRDFHVVRDRXWUDVPDQHLUDV
GHOHUHGHFRPSUHHQGHU
3DUDFRPHoDUROHLWRUHPWHODpPDLV´DWLYRµTXHROHLWRUHPSDSHOOHU
HPWHODpDQWHVPHVPRGHLQWHUSUHWDUHQYLDUXPFRPDQGRDXPFRPSXWDGRU
SDUDTXHSURMHWHHVWDRXDTXHODUHDOL]DomRSDUFLDOGRWH[WRVREUHXPDSHTXHQD
VXSHUItFLHOXPLQRVD
6HFRQVLGHUDUPRVRFRPSXWDGRUFRPRXPDIHUUDPHQWDSDUDSURGX]LU
WH[WRVFOiVVLFRVHOHVHUiDSHQDVXPLQVWUXPHQWRPDLVSUiWLFRTXHDDVVRFLDomR
GHXPDPiTXLQDGHHVFUHYHUPHFkQLFDXPDIRWRFRSLDGRUDXPDWHVRXUDHXP
WXER GH FROD 8P WH[WR LPSUHVVR HP SDSHO HPERUD SURGX]LGR SRU
FRPSXWDGRU QmR WHP HVWDWXWR RQWROyJLFR QHP SURSULHGDGH HVWpWLFD
IXQGDPHQWDOPHQWHGLIHUHQWHVGRVGHXPWH[WRUHGLJLGRFRPRVLQVWUXPHQWRV
GRVpFXOR;,;3RGHVHGL]HURPHVPRGHXPDLPDJHPRXGHXPILOPHIHLWRV
SRU FRPSXWDGRU H YLVWRV VREUH VXSRUWHV FOiVVLFRV 0DV VH FRQVLGHUDUPRV R
FRQMXQWRGHWRGRVRVWH[WRVGHWRGDVDVLPDJHQVTXHROHLWRUSRGHGLYXOJDU
DXWRPDWLFDPHQWH LQWHUDJLQGR FRP XP FRPSXWDGRU D SDUWLU GH XPD PDWUL]
GLJLWDOSHQHWUDPRVQXPQRYRXQLYHUVRGHFULDomRHGHOHLWXUDGRVVLJQRV
&RQVLGHUDURFRPSXWDGRUDSHQDVFRPRXPLQVWUXPHQWRDPDLVSDUD
SURGX]LU WH[WRV VRQV RX LPDJHQV VREUH VXSRUWH IL[R SDSHO SHOtFXOD ILWD
PDJQpWLFDHTXLYDOHDQHJDUVXDIHFXQGLGDGHSURSULDPHQWHFXOWXUDORXVHMDR
DSDUHFLPHQWRGHQRYRVJrQHURVOLJDGRVjLQWHUDWLYLGDGH
2 FRPSXWDGRU p SRUWDQWR DQWHV GH WXGR XP RSHUDGRU GH
SRWHQFLDOL]DomR GD LQIRUPDomR 'LWR GH RXWUR PRGR D SDUWLU GH XP HVWDTXH GH
GDGRVLQLFLDLVGHXPPRGHORRXGHXPPHWDWH[WRXPSURJUDPDSRGHFDOFXODU
XP Q~PHUR LQGHILQLGR GH GLIHUHQWHV PDQLIHVWDo}HV YLVtYHLV DXGtYHLV H
WDQJtYHLVHPIXQomRGD VLWXDomR HP FXUVR RX GD GHPDQGD GRV XVXiULRV 1D
YHUGDGHpVRPHQWHQDWHODRXHPRXWURVGLVSRVLWLYRVLQWHUDWLYRVTXHROHLWRU
HQFRQWUDDQRYDSODVWLFLGDGHGR WH[WR RX GD LPDJHP XPD YH] TXH FRPR Mi
GLVVHRWH[WRHPSDSHORXRILOPHHPSHOtFXODIRUoRVDPHQWHMiHVWiUHDOL]DGR
SRUFRPSOHWR$WHODLQIRUPiWLFDpXPDQRYD´PiTXLQDGHOHUµROXJDURQGH
XPDUHVHUYDGHLQIRUPDomRSRVVtYHOYHPVHUHDOL]DUSRUVHOHomRDTXLHDJRUD
SDUD XP OHLWRU SDUWLFXODU 7RGD OHLWXUD HP FRPSXWDGRU p XPD HGLomR XPD
PRQWDJHPVLQJXODU

 2+,3(57(;729,578$/,=$d®2'2 7(;72(9,578$/,=$d®2
'$/(,785$

3RGHVH GL]HU TXH XP DWR GH OHLWXUD p XPD DWXDOL]DomR GDV
VLJQLILFDo}HVGHXPWH[WRDWXDOL]DomRHQmRUHDOL]DomRMiTXHDLQWHUSUHWDomR
FRPSRUWD XPD SDUWH QmR HOLPLQiYHO GH FULDomR $ KLSHUFRQWH[WXDOL]DomR p R
PRYLPHQWRLQYHUVRGDOHLWXUDQRVHQWLGRHPTXHSURGX]DSDUWLUGHXPWH[WR
LQLFLDOXPDUHVHUYDWH[WXDOHLQVWUXPHQWRVGHFRPSRVLomRJUDoDVDRVTXDLVXP
QDYHJDGRU SRGHUi SURMHWDU XPD TXDQWLGDGH GH RXWURV WH[WRV 2 WH[WR p
WUDQVIRUPDGRHPSUREOHPiWLFDWH[WXDO3RUpPPDLVXPDYH]VyKiSUREOHPiWLFDVH
FRQVLGHUDUPRV DFRSODPHQWRV KXPDQRVPiTXLQDV H QmR SURFHVVRV
LQIRUPiWLFRVDSHQDV(QWmRVHSRGHIDODU GH YLUWXDOL]DomR H QmR PDLV DSHQDV
GHSRWHQFLDOL]DomR'HIDWRRKLSHUWH[WRQmRVHGHGX]ORJLFDPHQWHGRWH[WR
IRQWH(OHUHVXOWDGHXPDVpULHGHGHFLV}HVUHJXODJHPGRWDPDQKRGRVQyVRX
GRVPyGXORVHOHPHQWDUHVDJHQFLDPHQWRGDVFRQH[}HVHVWUXWXUDGDLQWHUIDFH
GH QDYHJDomR HWF 1R FDVR GH XPD KLSHUFRQWH[WDOL]DomR DXWRPiWLFD HVVDV
HVFROKDV D LQYHQomR GHVVH KLSHUWH[WR SDUWLFXODU YmR LQWHUYLU DR QtYHO GD
FRQFHSomRHGDVHOHomRGRSURJUDPD
8PDYH]HQXQFLDGDVHVVDVFRQVWDWDo}HVTXDVHWpFQLFDVSDUHFHPXLWR
GLItFLO IDODU GD SRWHQFLDOL]DomR H GD YLUWXDOL]DomR GR WH[WR FRPR IHQ{PHQRV
KRPRJrQHRV 0XLWR SHOR FRQWUiULR VRPRV FRQIURQWDGRV D XPD H[WUHPD
GLYHUVLGDGHTXHVHGHYHHVVHQFLDOPHQWHDWUrVIDWRUHVPLVWXUDGRVDQDWXUH]DGD
UHVHUYD GLJLWDO LQLFLDO D GR SURJUDPD GH FRQVXOWD H D GR GLVSRVLWLYR GH
FRPXQLFDomR
8PWH[WROLQHDUFOiVVLFRPHVPRGLJLWDOL]DGRQmRVHUiOLGRFRPRXP
YHUGDGHLURKLSHUWH[WRQHPFRPRXPDEDVHGHGDGRVQHPFRPRXPVLVWHPD
TXHHQJHQGUDDXWRPDWLFDPHQWHWH[WRVHPIXQomRGDVLQWHUDo}HVFRPDVTXDLV
ROHLWRURDOLPHQWD
2OHLWRUHVWDEHOHFHXPDUHODomRPXLWRPDLVLQWHQVDFRPXPSURJUDPD
GH OHLWXUD H GH QDYHJDomR TXH FRP XPD WHOD 6HUi TXH R SURJUDPD SHUPLWH
DSHQDV XP GHVHQURODU VHTHQFLDO FRPR RV SULPHLURV SURJUDPDV GH
WUDWDPHQWR GH WH[WR TXH GXUDQWH DOJXP WHPSR IL]HUDP D OHLWXUD UHJUHGLU j
PDQLSXODomRIDVWLGLRVDGRDQWLJRURORDTXpPLQFOXVLYHGDVSiJLQDVGRFyGH["
4XH IXQo}HV GH SHVTXLVD H GH RULHQWDomR R SURJUDPD RIHUHFH" (OH SHUPLWH
FRQVWUXLU YtQFXORV DXWRPiWLFRV HQWUH GLIHUHQWHV SDUWHV GR WH[WR SRGH FRQWHU
DQRWDo}HV GH GLIHUHQWHV WLSRV" 3RGH R OHLWRU SHUVRQDOL]DU VHX SURJUDPD GH
OHLWXUD" (LV Dt XPD VpULH GH YDULiYHLV LPSRUWDQWHV TXH YmR LQIOXLU PXLWR
IRUWHPHQWHVREUHDVRSHUDo}HVLQWHOHFWXDLVDTXHROHLWRUVHHQWUHJDUi
(QILPRVXSRUWHGLJLWDOSHUPLWHQRYRVWLSRVGHOHLWXUDVHGHHVFULWDV
FROHWLYDV8PFRQWLQXXPYDULDGRVHHVWHQGHDVVLPHQWUHDOHLWXUDLQGLYLGXDOGH
XPWH[WRSUHFLVRHDQDYHJDomRHPYDVWDVUHGHVGLJLWDLVQRLQWHULRUGDVTXDLV
XP JUDQGH Q~PHUR GH SHVVRDV DQRWD DXPHQWD FRQHFWD RV WH[WRV XQV DRV
RXWURVSRUPHLRGHOLJDo}HVKLSHUWH[WXDLV
8PSHQVDPHQWRVHDWXDOL]DQXPWH[WRHXPWH[WRQXPDOHLWXUDQXPD
LQWHUSUHWDomR $R UHPRQWDU HVVD HQFRVWD GD DWXDOL]DomR D SDVVDJHP DR
KLSHUWH[WR p XPD YLUWXDOL]DomR 1mR SDUD UHWRUQDU DR SHQVDPHQWR GR DXWRU
PDVSDUDID]HUGRWH[WRDWXDOXPDGDVILJXUDVSRVVtYHLVGHXPFDPSRWH[WXDO
GLVSRQtYHO PyYHO UHFRQILJXUiYHO j YRQWDGH H DWp SDUD FRQHFWiOD H ID]rOD
HQWUDU HP FRPSRVLomR FRP RXWURV FRUSXV KLSHUWH[WXDLV H GLYHUVRV
LQVWUXPHQWRV GH DX[tOLR j LQWHUSUHWDomR &RP LVVR D KLSHUWH[WXDOL]DomR
PXOWLSOLFD DV RFDVL}HV GH SURGXomR GH VHQWLGR H SHUPLWH HQULTXHFHU
FRQVLGHUDYHOPHQWHDOHLWXUD
(LVQRV SRUWDQWR GH YROWD DR SUREOHPD GD OHLWXUD 6DEHVH TXH RV
SULPHLURV WH[WRV DOIDEpWLFRV QmR VHSDUDYDP DV SDODYUDV )RL Vy PXLWR
SURJUHVVLYDPHQWH TXH IRUDP LQYHQWDGRV RV HVSDoRV HP EUDQFR HQWUH RV
YRFiEXORV D SRQWXDomR RV SDUiJUDIRV DV GLYLV}HV FODUDV HP FDStWXORV RV
VXPiULRVRVtQGLFHVDDUWHGDSDJLQDomRDUHGHGHUHPLVVmRGDVHQFLFORSpGLDV
HGLFLRQiULRVDVQRWDVGHSpGHSiJLQDHPVXPDWXGRRTXHIDFLOLWDDOHLWXUD
H D FRQVXOWD GRV GRFXPHQWRV HVFULWRV &RQWULEXLQGR SDUD GREUDU RV WH[WRV
SDUDHVWUXWXUiORVSDUDDUWLFXOiORVDOpPGH VXD OLQHDULGDGH HVVDV WHFQRORJLDV
DX[LOLDUHVFRPS}HPRTXHSRGHUtDPRVFKDPDUGHXPDDSDUHOKDJHPGHOHLWXUD
DUWLILFLDO
2 KLSHUWH[WR KLSHUPtGLD RX PXOWLPtGLD LQWHUDWLYR OHYDP DGLDQWH
SRUWDQWRXPSURFHVVRMiDQWLJRGHDUWLILFLDOL]DomRGDOHLWXUD6HOHUFRQVLVWHHP
VHOHFLRQDUHPHVTXHPDWL]DUHPFRQVWUXLUXPDUHGHGHUHPLVV}HVLQWHUQDVDR
WH[WRHPDVVRFLDUDRXWURVGDGRVHPLQWHJUDUDVSDODYUDVHDVLPDJHQVDXPD
PHPyULDSHVVRDOHPUHFRQVWUXomRSHUPDQHQWH HQWmR RV GLVSRVLWLYRV KLSHUWH[WXDLV
FRQVWLWXHP GH IDWR XPD HVSpFLH GH REMHWLYDomR GH H[WHULRUL]DomR GH YLUWXDOL]DomR GRV
SURFHVVRVGHOHLWXUD$TXLQmRFRQVLGHUDPRVPDLVDSHQDVRVSURFHVVRVWpFQLFRV
GHGLJLWDOL]DomRHGHDSUHVHQWDomRGRWH[WRPDVDDWLYLGDGHKXPDQDGHOHLWXUD
HGHLQWHUSUHWDomRTXHLQWHJUDDVQRYDVIHUUDPHQWDV
&RPRYLPRVDOHLWXUDDUWLILFLDOH[LVWHKiPXLWRWHPSR4XHGLIHUHQoD
SRGHPRV HVWDEHOHFHU HQWmR HQWUH R VLVWHPD TXH KDYLD VH HVWDELOL]DGR QDV
SiJLQDVGRVOLYURVHGRVMRUQDLVHRTXHVHLQYHQWDKRMHHPVXSRUWHVGLJLWDLV"
$DERUGDJHPPDLVVLPSOHVGRKLSHUWH[WRTXHLQVLVWRQmRH[FOXLQHP
RVVRQVQHPDVLPDJHQVpDGHGHVFUHYrODSRURSRVLomR D XP WH[WR OLQHDU
FRPRXPWH[WRHVWUXWXUDGRHPUHGH2KLSHUWH[WRVHULDFRQVWLWXtGRGHQyVRV
HOHPHQWRV GH LQIRUPDomR SDUiJUDIRV SiJLQDV LPDJHQV VHTrQFLDV PXVLFDLV
HWF H GH OLJDo}HV HQWUH HVVHV QyV UHIHUrQFLDV QRWDV LQGLFDGRUHV ´ERW}HVµ
TXHHIHWXDPDSDVVDJHPGHXPQyDRXWUR
$OHLWXUDGHXPDHQFLFORSpGLDFOiVVLFDMip GH WLSR KLSHUWH[WXDO XPD
YH] TXH XWLOL]D DV IHUUDPHQWDV GH RULHQWDomR TXH VmR RV GLFLRQiULRV Op[LFRV
tQGLFHVWKHVDXUXVDWODVTXDGURVGHVLQDLVVXPiULRVHUHPLVV}HVDRILQDOGRV
DUWLJRV1RHQWDQWRRVXSRUWHGLJLWDODSUHVHQWDXPDGLIHUHQoDFRQVLGHUiYHOHP
UHODomRDRVKLSHUWH[WRVDQWHULRUHVjLQIRUPiWLFDDSHVTXLVDQRVtQGLFHVRXVR
GRVLQVWUXPHQWRVGHRULHQWDomRGHSDVVDJHPGHXPQyDRXWURID]HPVHQHOH
FRP JUDQGH UDSLGH] GD RUGHP GH VHJXQGRV 3RU RXWUR ODGR D GLJLWDOL]DomR
SHUPLWH DVVRFLDU QD PHVPD PtGLD H PL[DU ILQDPHQWH RV VRQV DV LPDJHQV
DQLPDGDVHRVWH[WRV6HJXQGRHVVDSULPHLUDDERUGDJHPR KLSHUWH[WRGLJLWDO
VHULD SRUWDQWR GHILQLGR FRPR XPD FROHomR GH LQIRUPDo}HV PXOWLPRGDLV
GLVSRVWDHPUHGHSDUDDQDYHJDomRUiSLGDH´LQWXLWLYDµ
(P UHODomR jV WpFQLFDV DQWHULRUHV GH OHLWXUD HP UHGH D GLJLWDOL]DomR
LQWURGX] XPD SHTXHQD UHYROXomR FRSHUQLFDQD QmR p PDLV R QDYHJDGRU TXH
VHJXHDVLQVWUXo}HVGHOHLWXUDHVHGHVORFDILVLFDPHQWHQRKLSHUWH[WRYLUDQGR
DV SiJLQDV WUDQVSRUWDQGR SHVDGRV YROXPHV SHUFRUUHQGR FRP VHXV SDVVRV D
ELEOLRWHFD PDV GRUDYDQWH p XP WH[WR PyYHO FDOHLGRVFySLFR TXH DSUHVHQWD
VXDVIDFHWDVJLUDGREUDVHHGHVGREUDVHjYRQWDGHGLDQWHGROHLWRU,QYHQWD
VH KRMH XPD QRYD DUWH GD HGLomR H GD GRFXPHQWDomR TXH WHQWD H[SORUDU DR
Pi[LPRXPDQRYDYHORFLGDGHGHQDYHJDomRHPPHLRDPDVVDVGHLQIRUPDomR
TXHVmRFRQGHQVDGDVHPYROXPHVDFDGDGLDPHQRUHV
'HDFRUGRFRPXPDVHJXQGDDERUGDJHPFRPSOHPHQWDUDWHQGrQFLD
FRQWHPSRUkQHDjKLSHUWH[WXDOL]DomRGRVGRFXPHQWRVSRGHVHUGHILQLGDFRPR
XPD WHQGrQFLD j LQGLVWLQomR j PLVWXUD GDV IXQo}HV GH OHLWXUD H GH HVFULWD
7RFDPRV DTXL R SUREOHPD GD YLUWXDOL]DomR SURSULDPHQWH GLWD TXH WHP SRU
HIHLWR FRPR RFRUUH FRP IUHTrQFLD FRORFDU HP ORRS D H[WHULRULGDGH H D
LQWHULRULGDGH QR FDVR D LQWLPLGDGH GR DXWRU H D HVWUDQKH]D GR OHLWRU HP
UHODomRDRWH[WR(VVDSDVVDJHPFRQWtQXDGHGHQWURSDUDIRUDFRPRQXPDQHO
GH 0RHELXV FDUDFWHUL]D Mi D OHLWXUD FOiVVLFD SRLV SDUD FRPSUHHQGHU R OHLWRU
GHYH ´UHFULDUµ R WH[WR PHQWDOPHQWH H SRUWDQWR HQWUDU GHQWUR GHOH (OD GL]
UHVSHLWRWDPEpPjUHGDomRXPDYH]TXHDGLILFXOGDGHGHHVFUHYHUFRQVLVWHHP
UHOHUVH SDUD FRUULJLUVH SRUWDQWR HP XP HVIRUoR SDUD WRUQDUVH HVWUDQKR DR
SUySULR WH[WR 2UD D KLSHUWH[WXDOL]DomR REMHWLYD RSHUDFLRQDOL]D H HOHYD j
SRWrQFLDGRFROHWLYRHVVDLGHQWLILFDomRFUX]DGDGROHLWRUHGRDXWRU
&RQVLGHUHPRV SULPHLUR D FRLVD GR ODGR GR OHLWRU 6H GHILQLUPRV XP
KLSHUWH[WR FRPR XP HVSDoR GH SHUFXUVRV GH OHLWXUD SRVVtYHLV XP WH[WR
DSUHVHQWDVH FRPR XPD OHLWXUD SDUWLFXODU GH XP KLSHUWH[WR 2 QDYHJDGRU
SDUWLFLSDDVVLPGDUHGDomRRXSHORPHQRVGDHGLomRGRWH[WRTXHHOH´OrµXPD
YH]TXHGHWHUPLQDVXDRUJDQL]DomRILQDODGLVSRVLWLRGDDQWLJDUHWyULFD
2 QDYHJDGRU SRGH VH ID]HU DXWRU GH PDQHLUD PDLV SURIXQGD GR TXH
SHUFRUUHQGR XPD UHGH SUHHVWDEHOHFLGD SDUWLFLSDQGR GD HVWUXWXUDomR GR
KLSHUWH[WRFULDQGRQRYDVOLJDo}HV$OJXQVVLVWHPDVUHJLVWUDPRVFDPLQKRVGH
OHLWXUD H UHIRUoDP WRUQDP PDLV YLVtYHLV SRU H[HPSOR RX HQIUDTXHFHP DV
OLJDo}HV HP IXQomR GD PDQHLUD FRPR HODV VmR SHUFRUULGDV SHOD FRPXQLGDGH
GRVQDYHJDGRUHV
(QILP RV OHLWRUHV SRGHP QmR DSHQDV PRGLILFDU DV OLJDo}HV PDV
LJXDOPHQWH DFUHVFHQWDU RX PRGLILFDU QyV WH[WRV LPDJHQV HWF FRQHFWDU XP
KLSHUGRFXPHQWRDRXWURHID]HUDVVLPGHGRLVKLSHUWH[WRVVHSDUDGRVXP~QLFR
GRFXPHQWR RX WUDoDU OLJDo}HV KLSHUWH[WXDLV HQWUH XPD VpULH GH GRFXPHQWRV
6XEOLQKHPRVTXHHVVDSUiWLFDHQFRQWUDVHKRMHHPSOHQRGHVHQYROYLPHQWRQD
,QWHUQHW QRWDGDPHQWH QD :RUOG :LGH :HE 7RGRV RV WH[WRV S~EOLFRV
DFHVVtYHLV SHOD UHGH ,QWHUQHW GRUDYDQWH ID]HP YLUWXDOPHQWH SDUWH GH XP
PHVPRLPHQVRKLSHUWH[WRHPFUHVFLPHQWRLQLQWHUUXSWR2VKLSHUGRFXPHQWRV
DFHVVtYHLV SRU XPD UHGH LQIRUPiWLFD VmR SRGHURVRV LQVWUXPHQWRV GH
HVFULWDOHLWXUDFROHWLYD
$VVLP D HVFULWD H D OHLWXUD WURFDP VHXV SDSpLV 7RGR DTXHOH TXH
SDUWLFLSD GD HVWUXWXUDomR GR KLSHUWH[WR GR WUDoDGR SRQWLOKDGR GDV SRVVtYHLV
GREUDVGRVHQWLGRMipXPOHLWRU6LPHWULFDPHQWHTXHPDWXDOL]DXPSHUFXUVR
RX PDQLIHVWD HVWH RX DTXHOH DVSHFWR GD UHVHUYD GRFXPHQWDO FRQWULEXL SDUD D
UHGDomR FRQFOXL PRPHQWDQHDPHQWH XPD HVFULWD LQWHUPLQiYHO $V FRVWXUDV H
UHPLVV}HV RV FDPLQKRV GH VHQWLGR RULJLQDLV TXH R OHLWRU LQYHQWD SRGHP VHU
LQFRUSRUDGRV j HVWUXWXUD PHVPD GRV FRUSXV $ SDUWLU GR KLSHUWH[WR WRGD
OHLWXUDWRUQRXVHXPDWRGHHVFULWD

2&,%(5(63$d228$9,578$/,=$d®2'2&20387$'25

7HUtDPRVVRPHQWHXPDYLVmRSDUFLDOGDYLUWXDOL]DomRFRQWHPSRUkQHD
GRWH[WRHGDOHLWXUDVHDIRFDOL]iVVHPRVXQLFDPHQWHQDSDVVDJHPGRSDSHOj
WHODGRFRPSXWDGRU2FRPSXWDGRUFRPRVXSRUWHGHPHQVDJHQVSRWHQFLDLVMi
VH LQWHJURX H TXDVH VH GLVVROYHX QR FLEHUHVSDoR HVVD WXUEXOHQWD ]RQD GH
WUkQVLWR SDUD VLJQRV YHWRUL]DGRV $QWHV GH DERUGDU D GHVWHUULWRULDOL]DomR GR
WH[WRHYRTXHPRVSRUWDQWRDYLUWXDOL]DomRGRFRPSXWDGRU
'XUDQWH PXLWR WHPSR SRODUL]DGD SHOD ´PiTXLQDµ EDOFDQL]DGD DWp
UHFHQWHPHQWH SHORV SURJUDPDV D LQIRUPiWLFD FRQWHPSRUkQHD ² VRIW H
KDUGZDUH ² GHVFRQVWUyL R FRPSXWDGRU SDUD GDU OXJDU D XP HVSDoR GH
FRPXQLFDomRQDYHJiYHOHWUDQVSDUHQWHFHQWUDGRQRVIOX[RVGHLQIRUPDomR
&RPSXWDGRUHVGHPDUFDVGLIHUHQWHVSRGHPVHUPRQWDGRVDSDUWLUGH
FRPSRQHQWHVTXDVHLGrQWLFRVHFRPSXWDGRUHVGDPHVPDPDUFDFRQWrPSHoDV
GH RULJHQV PXLWR GLIHUHQWHV 3RU RXWUR ODGR FRPSRQHQWHV GH PDWHULDO
LQIRUPiWLFR FDSWDGRUHV PHPyULDV SURFHVVDGRUHV HWF SRGHP VH DFKDU
QRXWUDV SDUWHV TXH QmR HP FRPSXWDGRUHV SURSULDPHQWH GLWRV HP FDUW}HV
HOHWU{QLFRVHPGLVWULEXLGRUHVDXWRPiWLFRVURE{VDSDUHOKRVHOHWURGRPpVWLFRV
QyV GH UHGHV GH FRPXQLFDomR IRWRFRSLDGRUDV ID[HV FkPHUDV GH YtGHR
WHOHIRQHV UiGLRV WHOHYLV}HV RQGH TXHU TXH D LQIRUPDomR GLJLWDO VHMD
SURFHVVDGDDXWRPDWLFDPHQWH(QILPHVREUHWXGRXPFRPSXWDGRUUDPLILFDGR
QR KLSHUHVSDoR SRGH UHFRUUHU jV FDSDFLGDGHV GH PHPyULD H GH FiOFXOR GH
RXWURVFRPSXWDGRUHVGDUHGHTXHSRUVXDYH]ID]HPRPHVPREHPFRPRD
GLYHUVRV DSDUHOKRV GLVWDQWHV GH FDSWXUD H GH DSUHVHQWDomR GH LQIRUPDomR
7RGDVDVIXQo}HVGDLQIRUPiWLFDFDSWXUDGLJLWDOL]DomRPHPyULDWUDWDPHQWR
DSUHVHQWDomR VmR GLVWULEXtYHLV H FDGD YH] PDLV GLVWULEXtGDV 2 FRPSXWDGRU
QmR p XP FHQWUR PDV XP SHGDoR XP IUDJPHQWR GD WUDPD XP FRPSRQHQWH
LQFRPSOHWR GD UHGH FDOFXODGRUD XQLYHUVDO 6XDV IXQo}HV SXOYHUL]DGDV
LPSUHJQDP FDGD HOHPHQWR GR WHFQRFRVPR 1R OLPLWH Vy Ki KRMH XP ~QLFR
FRPSXWDGRU XP ~QLFR VXSRUWH SDUD WH[WR PDV WRUQRXVH LPSRVVtYHO WUDoDU
VHXVOLPLWHVIL[DUVHXFRQWRUQReXPFRPSXWDGRUFXMRFHQWURHVWiHPWRGD
SDUWHHDFLUFXQIHUrQFLDHPQHQKXPDXPFRPSXWDGRUKLSHUWH[WXDOGLVSHUVR
YLYR SXOXODQWH LQDFDEDGR YLUWXDO XP FRPSXWDGRU GH %DEHO R SUySULR
FLEHUHVSDoR

$'(67(55,725,$/,=$d®2'2 7(;72

0LOK}HV GH SHVVRDV H GH LQVWLWXLo}HV QR PXQGR WUDEDOKDP QD

FRQVWUXomR H QD GLVSRVLomR GR LPHQVR KLSHUWH[WR GD :RUOG :LGH :HE 1D
:HE FRPR HP WRGR KLSHUGRFXPHQWR p SUHFLVR GLVWLQJXLU FRQFHLWXDOPHQWH
GRLV WLSRV GH PHPyULDV GLIHUHQWHV 'H XP ODGR D UHVHUYD WH[WXDO RX
GRFXPHQWDOPXOWLPRGDORVGDGRVXPHVWDTXHTXDVHDPRUIRVXILFLHQWHPHQWH
EDOLVDGRQRHQWDQWRSDUDTXHVHXVHOHPHQWRVWHQKDPXPHQGHUHoR'HRXWUR
XP FRQMXQWR GH HVWUXWXUDV SHUFXUVRV YtQFXORVRX UHGHV GH LQGLFDGRUHV TXH
UHSUHVHQWDRUJDQL]Do}HVSDUWLFXODUHVVHOHWLYDVHVXEMHWLYDVGRHVWDTXH
&DGD LQGLYtGXR FDGD RUJDQL]DomR VmR LQFLWDGRV QmR DSHQDV D
DXPHQWDURHVWDTXHPDVWDPEpPDSURSRUDRVRXWURVFLEHUQDXWDVXPSRQWR
GH YLVWD VREUH R FRQMXQWR XPD HVWUXWXUD VXEMHWLYD (VVHV SRQWRV GH YLVWD
VXEMHWLYRVVHPDQLIHVWDPHPSDUWLFXODUQDVOLJDo}HVSDUDRH[WHULRUDVVRFLDGDV
jV KRPH SDJHV DIL[DGDV SRU XP LQGLYtGXR RX JUXSR 1R FLEHUHVSDoR FRPR
TXDOTXHUSRQWRpGLUHWDPHQWHDFHVViYHODSDUWLUGH TXDOTXHURXWUR VHUi FDGD
YH] PDLRU D WHQGrQFLD D VXEVWLWXLU DV FySLDV GH GRFXPHQWRV SRU OLJDo}HV
KLSHUWH[WXDLVQROLPLWHEDVWDTXHRWH[WRH[LVWDILVLFDPHQWHXPD~QLFDYH]QD
PHPyULDGHXPFRPSXWDGRUFRQHFWDGRjUHGHSDUDTXHHOHIDoDSDUWHJUDoDVD
XPFRQMXQWRGHYtQFXORVGHPLOKDUHVRXPHVPRGHPLOK}HVGHSHUFXUVRVRX
GH HVWUXWXUDV VHPkQWLFDV GLIHUHQWHV $ SDUWLU GDV KRPH SDJHV H GRV
KLSHUGRFXPHQWRV RQOLQH SRGHVH VHJXLU RV ILRV GH GLYHUVRV XQLYHUVRV
VXEMHWLYRV
1RPXQGRGLJLWDODGLVWLQomRGRRULJLQDOHGDFySLDKiPXLWRSHUGHX
TXDOTXHUSHUWLQrQFLD2FLEHUHVSDoRHVWiPLVWXUDQGRDVQRo}HVGHXQLGDGHGH
LGHQWLGDGHHGHORFDOL]DomR
2V YtQFXORV SRGHP UHPHWHU D HQGHUHoRV TXH DEULJDP QmR XP WH[WR
GHILQLGR PDV GDGRV DWXDOL]DGRV HP WHPSR UHDO UHVXOWDGRV HVWDWtVWLFRV
VLWXDo}HVSROtWLFDVLPDJHQVGRPXQGRWUDQVPLWLGDVSRUVDWpOLWH$VVLPFRPR
RULRGH+HUiFOLWRRKLSHUWH[WRMDPDLVpGXDVYH]HVRPHVPR$OLPHQWDGRSRU
FDSWDGRUHVHOHDEUHXPDMDQHODSDUDRIOX[RFyVPLFRHDLQVWDELOLGDGHVRFLDO
2V GLVSRVLWLYRV KLSHUWH[WXDLV QDV UHGHV GLJLWDLV GHVWHUULWRULDOL]DUDP R
WH[WR )L]HUDP HPHUJLU XP WH[WR VHP IURQWHLUDV QtWLGDV VHP LQWHULRULGDGH
GHILQtYHO 1mR Ki PDLV XP WH[WR GLVFHUQtYHO H LQGLYLGXDOL]iYHO PDV DSHQDV
WH[WRDVVLPFRPRQmRKiXPDiJXDHXPDDUHLDPDVDSHQDViJXDHDUHLD2WH[WR
p SRVWR HP PRYLPHQWR HQYROYLGR HP XP IOX[R YHWRUL]DGR PHWDPyUILFR
$VVLP HVWi PDLV SUy[LPR GR SUySULR PRYLPHQWR GR SHQVDPHQWR RX GD
LPDJHPTXHKRMHWHPRVGHVWH3HUGHQGRVXDDILQLGDGHFRPDVLGpLDVLPXWiYHLV
TXHVXSRVWDPHQWHGRPLQDULDPRPXQGRVHQVtYHORWH[WRWRUQDVHDQiORJRDR
XQLYHUVRGHSURFHVVRVDRTXDOVHPLVWXUD
2WH[WRFRQWLQXDVXEVLVWLQGRPDVDSiJLQDIXUWRXVH$SiJLQDLVWRp
R SDJXV ODWLQR HVVH FDPSR HVVH WHUULWyULR FHUFDGR SHOR EUDQFR GDV PDUJHQV
ODYUDGR GH OLQKDV H VHPHDGR GH OHWUDV H GH FDUDFWHUHV SHOR DXWRU D SiJLQD
DLQGDFDUUHJDGDGDDUJLODPHVRSRWkPLFDDGHULQGRVHPSUHjWHUUDGRQHROtWLFR
HVVDSiJLQDPXLWRDQWLJDVHDSDJDOHQWDPHQWHVREDLQXQGDomRLQIRUPDFLRQDO
VHXVVLJQRVVROWRVYmRMXQWDUVHjWRUUHQWHGLJLWDO
eFRPRVHDGLJLWDOL]DomRHVWDEHOHFHVVHXPDHVSpFLHGHLPHQVRSODQR
VHPkQWLFRDFHVVtYHOHPWRGROXJDUHTXHWRGRVSXGHVVHPDMXGDUDSURGX]LUD
GREUDU GLYHUVDPHQWH D UHWRPDU D PRGLILFDU D GREUDU GH QRYR +i
QHFHVVLGDGHGHVXEOLQKDULVWR"$VIRUPDVHFRQ{PLFDVHMXUtGLFDVKHUGDGDVGR
SHUtRGRSUHFHGHQWHLPSHGHPKRMHTXHHVVHPRYLPHQWRGHGHVWHUULWRULDOL]DomR
FKHJXHDVHXWHUPR
$ DQiOLVH YDOH LJXDOPHQWH SDUD DV LPDJHQV TXH YLUWXDOPHQWH QmR
FRQVWLWXHPPDLVVHQmRXP~QLFRKLSHUtFRQHVHPOLPLWHVFDOHLGRVFySLFRHP
FUHVFLPHQWRVXMHLWRDWRGDVDVTXLPHUDV(DVP~VLFDVHOHYDQGRVHGRVEDQFRV
GHHIHLWRVVRQRURVGRVUHSHUWyULRVGHWLPEUHVRUJDQL]DGRVHPDPRVWUDVGRV
SURJUDPDVGHVtQWHVHGHVHTHQFLDPHQWRHGHDUUDQMRDXWRPiWLFRVDVP~VLFDV
GRFLEHUHVSDoRFRPS}HPMXQWDVXPDLQDXGtYHOSROLIRQLDRXVHSHUGHP HP
FDFRIRQLD
$LQWHUSUHWDomRLVWRpDSURGXomRGRVHQWLGRGRUDYDQWHQmRUHPHWH
PDLV H[FOXVLYDPHQWH j LQWHULRULGDGH GH XPD LQWHQomR QHP D KLHUDUTXLDV GH
VLJQLILFDo}HV HVRWpULFDV PDV DQWHV j DSURSULDomR VHPSUH VLQJXODU GH XP
QDYHJDGRU RX GH XPD VXUILVWD 2 VHQWLGR HPHUJH GH HIHLWRV GH SHUWLQrQFLD
ORFDLVVXUJHQDLQWHUVHFokRGHXPSODQRVHPLyWLFDGHVWHUULWRULDOL]DGRHGHXPD
WUDMHWyULD GH HILFiFLD RX SUD]HU 1mR PH LQWHUHVVR PDLV SHOR TXH SHQVRX XP
DXWRU LQHQFRQWUiYHO SHoR DR WH[WR SDUD PH ID]HU SHQVDU DTXL H DJRUD $
YLUWXDOLGDGHGRWH[WRDOLPHQWDPLQKDLQWHOLJrQFLDHPDWR

 5802$80$ 5(6685*È1&,$'$ &8/785$'2 7(;72

6H OHU FRQVLVWH HP KLHUDUTXL]DU VHOHFLRQDU HVTXHPDWL]DUFRQVWUXLU

XPD UHGH VHPkQWLFD H LQWHJUDU LGpLDV DGTXLULGDV D XPDPHPyULD HQWmR DV
WpFQLFDVGLJLWDLVGHKLSHUWH[WXDOL]DomRHGHQDYHJDomRFRQVWLWXHPGHIDWRXPD
HVSpFLHGHYLUWXDOL]DomRWpFQLFDRXGHH[WHULRUL]DomRGRVSURFHVVRVGHOHLWXUD
*UDoDV j GLJLWDOL]DomR R WH[WR H D OHLWXUD UHFHEHUDP KRMH XPQRYR
LPSXOVRHDRPHVPRWHPSRXPDSURIXQGDPXWDomR3RGHVHLPDJLQDUTXHRV
OLYURV RV MRUQDLV RV GRFXPHQWRV WpFQLFRV HDGPLQLVWUDWLYRV LPSUHVVRV QR
IXWXUR VHUmR DSHQDV HP JUDQGH SDUWH SURMHo}HV WHPSRUiULDV H SDUFLDLV GH
KLSHUWH[WRV RQOLQH PXLWRPDLV ULFRV H VHPSUH DWLYRV 3RVWR TXH D HVFULWD
DOIDEpWLFDKRMHHPXVRHVWDELOL]RXVHVREUHXPVXSRUWHHVWiWLFRHHPIXQomR
GHVVHVXSRUWHpOHJtWLPRLQGDJDUVHRDSDUHFLPHQWRGHXPVXSRUWHGLQkPLFR
QmRSRGHULDVXVFLWDUDLQYHQomRGHQRYRVVLVWHPDVGHHVFULWDTXHH[SORUDULDP
PHOKRU DV QRYDV SRWHQFLDOLGDGHV 2V ´tFRQHVµ LQIRUPiWLFRV FHUWRV
YLGHRJDPHV DV VLPXODo}HV JUiILFDV LQWHUDWLYDV XWLOL]DGDV SHORV FLHQWLVWDV
UHSUHVHQWDPRVSULPHLURVSDVVRVUHVWDXUDLHPGLUHomRDXPDIXWXUDLGHRJUDILD
GLQkPLFD
$ PXOWLSOLFDomR GDV WHODV DQXQFLD R ILP GR HVFULWR FRPR GmR D
HQWHQGHU FHUWRV SURIHWDV GD GHVJUDoD" (VVD LGpLD p PXLWR SURYDYHOPHQWH
HUU{QHD&HUWDPHQWHRWH[WRGLJLWDOL]DGRIOXLGRUHFRQILJXUiYHOjYRQWDGHTXH
VHRUJDQL]DGHXPPRGRQmROLQHDUTXHFLUFXODQRLQWHULRUGHUHGHVORFDLVRX
PXQGLDLVGDVTXDLVSDUWLFLSDQWHpXPDXWRUHXPHGLWRUSRWHQFLDOHVVHWH[WR
GLIHUHQFLDVHGRLPSUHVVRFOiVVLFR
0DV FRQYpP QmR FRQIXQGLU R WH[WR QHP FRP R PRGR GH GLIXVmR
XQLODWHUDOTXHpDLPSUHQVDQHPFRPRVXSRUWHHVWiWLFRTXHpRSDSHOQHP
FRPXPDHVWUXWXUDOLQHDUHIHFKDGDGDVPHQVDJHQV$FXOWXUDGRWH[WRFRPR
TXH HOD LPSOLFD GH GLIHULGR QD GD GHVWHV H[SUHVVmR GH GLVWkQFLD FUtWLFD QD
LQWHUSUHWDomRHGHUHPLVV}HVFHUUDGDVQRLQWHULRUGHXPXQLYHUVRVHPkQWLFRGH
LQWHUWH[WXDOLGDGH TXHVmRpDRFRQWUiULROHYDGDDXPLPHQVRGHVHQYROYLPHQWR
QR QRYR HQVLQR H HVSDoR GH FRPXQLFDomR GDV UHGHV GLJLWDLV /RQJH GH
DQLTXLODU R WH[WR D YLUWXDOL]DomR SDUHFH ID]rOR FRLQFLGLU FRP VXD HVVrQFLD
FRLVD VHU VXELWDPHQWH GHVYHODGD &RPR VH D YLUWXDOL]DomR FRQWHPSRUkQHD
PHGLFLQDUHDOL]DVVHRGHYLUGRWH[WR(QILPFRPRVHVDtVVHPRVGHXPDFHUWD
SUpKLVWyULDHDDYHQWXUDGRWH[WRFRPHoDVVHUHDOPHQWH&RPRVHDFDEiVVHPRV
GHLQYHQWDUDHVFULWD
 $9,578$/,=$d®2'$(&2120,$

80$(&2120,$ '$'(67(55,725,$/,=$d®2

$ HFRQRPLD FRQWHPSRUkQHD p XPD HFRQRPLD GD GHVWHUULWRULDOL]DomR

RX GD YLUWXDOL]DomR 2 SULQFLSDO VHWRU PXQGLDO HP YROXPH GH QHJyFLRV
OHPEUHPRV p R GR WXULVPR YLDJHQV KRWpLV UHVWDXUDQWHV $ KXPDQLGDGH
MDPDLV GHGLFRX WDQWRV UHFXUVRV D QmR HVWDU SUHVHQWH D FRPHU GRUPLU YLYHU
IRUDGHVXDFDVDDVHDIDVWDUGHVHXGRPLFtOLR6HDFUHVFHQWDUPRVDRYROXPHGH
QHJyFLRVGRWXULVPRSURSULDPHQWHGLWRRGDVLQG~VWULDVTXHIDEULFDPYHtFXORV
FDUURV FDPLQK}HV WUHQV PHWU{V EDUFRV DYL}HV HWF FDUEXUDQWHV SDUD RV
YHtFXORV H LQIUDHVWUXWXUDV HVWUDGDV DHURSRUWRV FKHJDUHPRV D FHUFD GH
PHWDGHGDDWLYLGDGHHFRQ{PLFDPXQGLDODVHUYLoRGRWUDQVSRUWH2FRPpUFLRH
D GLVWULEXLomR SRU VXD YH] ID]HP YLDMDU VLJQRV H FRLVDV 2V PHLRV GH
FRPXQLFDomRHOHWU{QLFRVHGLJLWDLVQmRVXEVWLWXtUDPRWUDQVSRUWHItVLFRPXLWR
SHORFRQWUiULRFRPXQLFDomRHWUDQVSRUWHFRPRMiVXEOLQKDPRVID]HPSDUWH
GD PHVPD RQGD GH YLUWXDOL]DomR JHUDO 3RLV DR VHWRU GD GHVWHUULWRULDOL]DomR
ItVLFDFXPSUHHYLGHQWHPHQWHDFUHVFHQWDUDVWHOHFRPXQLFDo}HV D LQIRUPiWLFD
RVPHLRVGHFRPXQLFDomRTXHVmRRXWURVVHWRUHVDVFHQGHQWHVGDHFRQRPLDGR
YLUWXDO 2 HQVLQR H D IRUPDomR EHP FRPR DV LQG~VWULDV GD GLYHUVmR
WUDEDOKDQGR SDUD D KHWHURJrQHVH GRV HVStULWRV QmR SURGX]HP RXWUD FRLVD
VHQmRRYLUWXDO4XDQWRDRSRGHURVRVHWRUGDVD~GH²PHGLFLQDHIDUPiFLD²
FRPRYLPRVQXPFDStWXORSUHFHGHQWHHOHYLUWXDOL]DRVFRUSRV

2&$62'$6),1$1d$6

2 VHWRU ILQDQFHLUR FRUDomR SXOVDQWH GD HFRQRPLD PXQGLDO p VHP

G~YLGDXPDGDVDWLYLGDGHVPDLVFDUDFWHUtVWLFDVGDHVFDODGDGDYLUWXDOL]DomR
$PRHGDTXHpDEDVHGDVILQDQoDVGHVVLQFURQL]RXHGHVORFDOL]RXHP
JUDQGHHVFDODRWUDEDOKRDWUDQVDomRFRPHUFLDOHRFRQVXPRTXHSRUPXLWR
WHPSR LQWHUYLHUDP QDV PHVPDV XQLGDGHV GH WHPSR H GH OXJDU (QTXDQWR
REMHWRYLUWXDODPRHGDpHYLGHQWHPHQWHPDLVIiFLOGHWURFDUGHSDUWLOKDUHGH
H[LVWLU HP FRPXP TXH HQWLGDGHV PDLV FRQFUHWDV FRPR WHUUD RX VHUYLoRV
5HHQFRQWUDPRV QD LQYHQomR H QR GHVHQYROYLPHQWR GD PRHGD H GRV
LQVWUXPHQWRV ILQDQFHLURV PDLV FRPSOH[RV RV WUDoRV GLVWLQWLYRV GD
YLUWXDOL]DomR TXH VmR QmR DSHQDV R DUUDQFDUVH DR DTXL H DJRUD RX D
GHVWHUULWRULDOL]DomR PDV LJXDOPHQWH D SDVVDJHP DR S~EOLFR DR DQ{QLPR D
SRVVLELOLGDGHGHSDUWLOKDHGHWURFD D VXEVWLWXLomR SDUFLDO GRMRJR LQFHVVDQWH
GDV QHJRFLDo}HV H GDV UHODo}HV GH IRUoD LQGLYLGXDLV SRU XP PHFDQLVPR
LPSHVVRDO $ OHWUD GH FkPELR ID] FLUFXODU XP UHFRQKHFLPHQWR GH GtYLGD GH
XPDPRHGDDRXWUDHGHXPDSHVVRDDRXWUDRFRQWUDWRGHVHJXURPXWXDOL]D
RV ULVFRV D VRFLHGDGH SRU Do}HV HODERUD D SURSULHGDGH H R LQYHVWLPHQWR
FROHWLYR2XWUDVWDQWDVLQYHQo}HVTXHSURORQJDPDVGDPRHGDHTXHDFHQWXDP
DYLUWXDOL]DomRGDHFRQRPLD
$WXDOPHQWHDVILQDQoDVEDQFRVVHJXUDGRUDVFRQVWLWXHPHQWUHH
 GR 3,% GRV SDtVHV LQGXVWULDOL]DGRV *ROGILQJHU  2V IOX[RV
ILQDQFHLURV PXQGLDLV VmR VXSHULRUHV DRV GR FRPpUFLR LQWHUQDFLRQDO H QR
LQWHULRU PHVPR GR VHWRU ILQDQFHLUR R FUHVFLPHQWR GRV SURGXWRV GHULYDGRV
HVSpFLHV GH VHJXURV VREUH RV SURGXWRV FOiVVLFRV H YLUWXDLV SRU H[FHOrQFLD p
PDLVDFHQWXDGRTXHDPpGLD'HPDQHLUDPDLVJHUDODSULPD]LDFUHVFHQWHGD
HFRQRPLD PRQHWiULD H GRV LPSHUDWLYRV ILQDQFHLURV p XPD GDV PDQLIHVWDo}HV
PDLV QRWiYHLV GD YLUWXDOL]DomR HP FXUVR (P Q~PHURV DEVROXWRV R PDLRU
PHUFDGR GR PXQGR p R GD SUySULD PRHGD R PHUFDGR FDPELDO PDLV
LPSRUWDQWHTXHRGRVWtWXORVHRGDVDo}HV
&RPR IXQFLRQDP RV PHUFDGRV ILQDQFHLURV" 2V UDFLRFtQLRV GRV
RSHUDGRUHV ILQDQFHLURV EDVHLDPVH HVVHQFLDOPHQWH QR UDFLRFtQLR GRV RXWURV
RSHUDGRUHVILQDQFHLURVFRPRQXPDPXOWLGmRHPTXHFDGDPHPEURSUDWLFDVVH
DSVLFRORJLDGDVPXOWLG}HV2V´DUJXPHQWRVµGHVVHVUDFLRFtQLRVVmRVREUHWXGR
RVLQGLFDGRUHVHFRQ{PLFRVSXEOLFDGRVSHORVJRYHUQRVHSHORVRUJDQLVPRVGH
HVWDWtVWLFDVEHPFRPRRVSUHoRVFRWDo}HVHWD[DVGRVGLIHUHQWHVSDSpLVDo}HV
H LQVWUXPHQWRV ILQDQFHLURV 2UD HVVHV SUHoRV FRWDo}HV H WD[DV VmR HOHV
SUySULRV ´FRQFOXV}HVµ D TXH FKHJD R PHUFDGR DSyV XP UDFLRFtQLR FROHWLYR
SDUDOHORHGLVWULEXtGR2PHUFDGRILQDQFHLURFHUWDPHQWHOHYDHPFRQWDGDGRV
´H[WHULRUHVµDVHXSUySULRIXQFLRQDPHQWRJXHUUDVHOHLo}HVHWFPDVWUDEDOKD
DQWHVGHWXGRGHXPPRGRUHFXUVLYRDSDUWLUGRVUHVXOWDGRVGHVXDVSUySULDV
RSHUDo}HV 0DLV FRQIRUPH YLPRV FDGD XP GH VHXV ´SURFHVVDGRUHVµ
HOHPHQWDUHVVLPXODJURVVHLUDPHQWHRIXQFLRQDPHQWRGRFRQMXQWR
3RGHUtDPRV DUULVFDU XP SDUDOHOR FRP ERD SDUWH GD DUWH
FRQWHPSRUkQHD TXH ID] PXLWR PDLV UHIHUrQFLD D VL PHVPD H j VXD SUySULD
KLVWyULD TXH D TXDOTXHU RXWUD FRLVD FLWDo}HV GHUULV}HV GLIHUHQFLDo}HV
WUDEDOKRVVREUHROLPLWHRXDLGHQWLGDGHGDDUWHHWF'RPHVPRPRGRTXHQDV
ILQDQoDV DV SULQFLSDLV RSHUDo}HV GD DUWH FRQWHPSRUkQHD LQFLGHP VREUH R
MXOJDPHQWRGRVRXWURVDREUDLQWHUYLQGRFRPRYHWDULQGLFDGRURXFRPXWDGRU
QDGLQkPLFDUHFXUVLYDGRMXOJDPHQWRFROHWLYR
3DUD YROWDU j YLUWXDOL]DomR GD HFRQRPLD RVEDQFRV GH GDGRV RQOLQH
VLVWHPDV HVSHFLDOLVWDV H RXWURV LQVWUXPHQWRV LQIRUPiWLFRV WRUQDP FDGD YH]
PDLV WUDQVSDUHQWHV D VL PHVPRV RV ´UDFLRFtQLRV GR PHUFDGRµ $V ILQDQoDV
LQWHUQDFLRQDLV GHVHQYROYHPVH HP HVWUHLWD VLPELRVH FRP DV UHGHV H DV
WHFQRORJLDV GH VXSRUWH GLJLWDO (ODV WHQGHP D XPD HVSpFLH GH LQWHOLJrQFLD
FROHWLYDGLVWULEXtGDSDUDDTXDORGLQKHLURHDLQIRUPDomRSURJUHVVLYDPHQWHVH
HTXLYDOHP
&ODURTXHVHWUDWDGHXPDLQWHOLJrQFLDFROHWLYDJURVVHLUDXPDYH]TXH
FRQKHFHXP~QLFRFULWpULRGHDYDOLDomRRXVHSUHIHULUHPXP ~QLFR ´YDORUµ
3RU RXWUR ODGR VXD GLQkPLFD JOREDO PHVPR VHQGR FDyWLFD FRP IUHTrQFLD
LPSUHYLVtYHOHVXMHLWDDDUUHEDWDPHQWRVVHULDDQWHVFRQYHUJHQWHQRVHQWLGRHP
TXH FRQWUDULDPHQWH j HYROXomR ELROyJLFD SRU H[HPSOR QmR PDQWpP
VLPXOWDQHDPHQWH DEHUWRV YiULRV FDPLQKRV GH GLIHUHQFLDomR 3RGHVH VRQKDU
FRPXPDDWLYLGDGHILQDQFHLUDDLQGDPDLVLQWHOLJHQWHFDSD]GHH[SORUDUYiULDV
KLSyWHVHV GH DYDOLDomR DR PHVPR WHPSR TXH GDULD SURYD GH LPDJLQDokR H
SURMHWDULDYiULRVIXWXURVHPYH]GHUHDJLUSULQFLSDOPHQWHGHXPPRGRUHIOH[R
,1)250$&®2 ( &21+(&,0(172 &216802 1®2 '(67587,92
($35235,$d®21®2(;&/86,9$

$OpPGRVVHWRUHVGDYLUWXDOL]DomRSURSULDPHQWHGLWDFRPRRWXULVPR
DV FRPXQLFDo}HV H DV ILQDQoDV R FRQMXQWR GDV DWLYLGDGHV GHSHQGH KRMH D
PRQWDQWHGRVEHQVHFRQ{PLFRVPXLWRSDUWLFXODUHVTXHVmRDVLQIRUPDo}HVH
RVFRQKHFLPHQWRV
$ LQIRUPDomR H R FRQKHFLPHQWR GH IDWR VmR GRUDYDQWH D SULQFLSDO
IRQWHGHSURGXomRGHULTXH]D3RGHUVHLDUHWRUTXLUTXHLVWRVHPSUHIRLDVVLP
R FDoDGRU R FDPSRQrV R PHUFDGRU R DUWHVmR R VROGDGR GHYLDP
QHFHVVDULDPHQWH DGTXLULU FHUWDV FRPSHWrQFLDV H VH LQIRUPDU VREUH VHX
DPELHQWHSDUDH[HFXWDUVXDVWDUHIDV0DVDUHODomRFRPRFRQKHFLPHQWRTXH
H[SHULPHQWDPRV GHVGH D 6HJXQGD *XHUUD PXQGLDO H VREUHWXGR GHSRLV GRV
DQRVVHWHQWDpUDGLFDOPHQWHQRYD$WpDVHJXQGDPHWDGHGRVpFXOR;;XPD
SHVVRD SUDWLFDYD QR ILQDO GH VXD FDUUHLUD DV FRPSHWrQFLDV DGTXLULGDV HP VXD
MXYHQWXGH0DLVGRTXHLVWRWUDQVPLWLDJHUDOPHQWHVHXVDEHUTXDVHLQDOWHUDGR
D VHXV ILOKRV RX D DSUHQGL]HV +RMH HVVH HVTXHPD HVWi HP JUDQGH SDUWH
REVROHWR$VSHVVRDVQmRDSHQDVVmROHYDGDVDPXGDUYiULDVYH]HVGHSURILVVmR
HP VXD YLGD FRPR WDPEpP QR LQWHULRU GD PHVPD ´SURILVVmRµ RV
FRQKHFLPHQWRVWrPXPFLFORGHUHQRYDomRFDGDYH]PDLVFXUWRWUrVDQRVRX
DWp PHQRV HP LQIRUPiWLFD SRU H[HPSOR 7RUQRXVH GLItFLO GHVLJQDU DV
FRPSHWrQFLDV ´GH EDVHµ QXP GRPtQLR 1RYDV WpFQLFDV RX QRYDV
FRQILJXUDo}HV VyFLRHFRQ{PLFDV SRGHP D WRGR PRPHQWR UHFRORFDU HP
TXHVWmRDRUGHPHDLPSRUWkQFLDGRVFRQKHFLPHQWRV
3DVVRXVHSRUWDQWRGDDSOLFDomRGHVDEHUHVHVWiYHLVTXHFRQVWLWXHPR
SODQR GH IXQGR GD DWLYLGDGH j DSUHQGL]DJHP SHUPDQHQWH j QDYHJDomR
FRQWtQXDQXPFRQKHFLPHQWRTXHGRUDYDQWHVHSURMHWDHPSULPHLURSODQR2
VDEHU SUHQGLDVH DRIXQGDPHQWR KRMH VH PRVWUD FRPR ILJXUD PyYHO 7HQGLD
SDUD D FRQWHPSODomR SDUD R LPXWiYHO HLOD DJRUD WUDQVIRUPDGR HP IOX[R
DOLPHQWDQGR DV RSHUDo}HV HILFD]HV HOH SUySULR RSHUDomR $OpP GLVVR QmR p
PDLV DSHQDV XPD FDVWD GH HVSHFLDOLVWDV PDV D JUDQGH PDVVD GDV SHVVRDV TXH
VmR OHYDGDV D DSUHQGHU WUDQVPLWLU H SURGX]LU FRQKHFLPHQWRV GH PDQHLUD
FRRSHUDWLYDHPVXDDWLYLGDGHFRWLGLDQD
$VLQIRUPDo}HVHRVFRQKHFLPHQWRVSDVVDUDPDFRQVWDUHQWUHRVEHQV
HFRQ{PLFRVSULPRUGLDLVRTXHQHPVHPSUHIRLYHUGDGH$GHUQDLVVXDSRVLomR
GH LQIUDHVWUXWXUD ² IDODVH GH LQIRVWUXWXUD ² GH IRQWH RX GH FRQGLomR
GHWHUPLQDQWH SDUD WRGDV DV RXWUDV IRUPDV GH ULTXH]D WRUQRXVH HYLGHQWH
HQTXDQWRDQWHVVHPDQWLQKDQDSHQXPEUD
2UDRVQRYRVUHFXUVRVFKDYHVVmRUHJLGRVSRUGXDVOHLVTXHWRUQDP
SHOR DYHVVR RV FRQFHLWRV H RV UDFLRFtQLRV HFRQ{PLFRV FOiVVLFRV FRQVXPLORV
QmRRVGHVWUyLHFHGrORVQmRID]FRPTXHVHMDPSHUGLGRV4XHPGiXPVDFR
GHWULJRXPFDUURXPD KRUD GH WUDEDOKR RX XPD VRPD HP GLQKHLUR SHUGHX
DOJRHPSURYHLWRGHXPRXWUR4XHUVHIDEULTXHIDULQKDVHDQGHGHFDUURVH
H[SORUH R WUDEDOKR GH XP RSHUiULR RX VH JDVWH GLQKHLUR XP SURFHVVR
LUUHYHUVtYHOHIHWXDVHGHVJDVWHJDVWRWUDQVIRUPDomRFRQVXPR
$ HFRQRPLD UHSRXVD ODUJDPHQWH VREUH R SRVWXODGR GD UDULGDGH GRV
EHQV$SUySULDUDULGDGHVHIXQGDVREUHRFDUiWHUGHVWUXLGRUGRFRQVXPREHP
FRPRVREUHDQDWXUH]DH[FOXVLYDRXSULYDWLYDGDFHVVmRRXGDDTXLVLomR2UD
XPDYH]PDLVVHWUDQVPLWRDYRFrXPDLQIRUPDomRQmRDSHUFRHVHDXWLOL]R
QmR D GHVWUXR &RPR D LQIRUPDomR H R FRQKHFLPHQWR HVWmR QD IRQWH GDV
RXWUDVIRUPDVGHULTXH]DHFRPRILJXUDPHQWUHRVEHQVHFRQ{PLFRVSULQFLSDLV
GH QRVVD pSRFD SRGHPRV FRQVLGHUDU D HPHUJrQFLD GH XPD HFRQRPLD GD
DEXQGkQFLD FXMRV FRQFHLWRV H VREUHWXGR DV SUiWLFDV HVWDULDP HP SURIXQGD
UXSWXUDFRPRIXQFLRQDPHQWRGDHFRQRPLDFOiVVLFD1DYHUGDGHYLYHPRVMi
PDLV RX PHQRV VRE HVVH UHJLPH PDV FRQWLQXDPRV D QRV VHUYLU GRV
LQVWUXPHQWRV GRUDYDQWH LQDGHTXDGRV GD HFRQRPLD GH UDULGDGH *ROGILQJHU

'(60$7(5,$/,=$d®228 9,578$/,=$d®2 248(e80$
,1)250$d®2"

2 TXH QD QDWXUH]D GD LQIRUPDomR H GR FRQKHFLPHQWR OKHV FRQIHUH

SURSULHGDGHV HFRQ{PLFDV WmR SDUWLFXODUHV" $ SULPHLUD UHVSRVWD TXH YHP DR
HVStULWR p TXH VH WUDWD GH EHQV ´LPDWHULDLVµ ([DPLQHPRV DWHQWDPHQWH HVVD
SURSRVLomR (OD VXS}H HP SULPHLUR OXJDU XPD PHWDItVLFD GD VXEVWkQFLD
+DYHULD FRLVDV ´PDWHULDLVµ H FRLVDV ´LPDWHULDLVµ 2UD PHVPR RV EHQV GLWRV
PDWHULDLV YDOHP SULQFLSDOPHQWH SRU VXDV IRUPDV VXDV HVWUXWXUDV VXDV
SURSULHGDGHV HP FRQWH[WR RX VHMD HP ILP GH FRQWDV SRU VXD GLPHQVmR
´LPDWHULDOµ5LJRURVDPHQWHIDODQGRHQWUHRVEHQVSXUDPHQWHPDWHULDLVVy VH
HQFRQWUDULDP DV PDWpULDVSULPDV ,QYHUVDPHQWH QmR VH SRGH VHSDUDU DV
LQIRUPDo}HVGHXPVXSRUWHItVLFRTXDOTXHUVRESHQDGHGHVWUXtODV&ODURTXH
pSRVVtYHOUHFRSLiODVWUDQVPLWLODVPXOWLSOLFiODVIDFLOPHQWH0DVVHWRGRVRV
OXJDUHV GH LQVFULomR ´PDWHULDOµ GHVDSDUHFHVVHP D LQIRUPDomR GHVDSDUHFHULD
SDUD VHPSUH 4XDQWR DR FRQKHFLPHQWR TXH XP VHU KXPDQR SRVVXL HOH HVWi
DLQGDPDLVOLJDGRj´PDWpULDµSRLVVXS}HXPFRUSRYLYRHXQVGRLVTXLORVGH
PDVVD FLQ]HQWD H ~PLGD HP FRQGLo}HV GH IXQFLRQDPHQWR 0DV GLUi YRFr R
SRQWR HVVHQFLDO DTXL p TXH R FRQKHFLPHQWR SRVVD SDVVDU GH XP FpUHEUR D
RXWUR TXH HOH QmR HVWHMD QHFHVVDULDPHQWH OLJDGR D XPD ~QLFD SHVVRD
3UHFLVDPHQWH R FRQKHFLPHQWR H D LQIRUPDomR QmR VmR ´LPDWHULDLVµ H VLP
GHVWHUULWRULDOL]DGRV ORQJH GH HVWDUHP H[FOXVLYDPHQWH SUHVRV D XP VXSRUWH
SULYLOHJLDGR HOHV SRGHP YLDMDU 0DV LQIRUPDomR H FRQKHFLPHQWR WDPSRXFR
VmR ´PDWHULDLVµ $ DOWHUQDWLYD GR PDWHULDO H GR LPDWHULDO YDOH DSHQDV SDUD
VXEVWkQFLDV FRLVDV DR SDVVR TXH D LQIRUPDomR H R FRQKHFLPHQWR VmR GD
RUGHPGRDFRQWHFLPHQWRRXGRSURFHVVR
6HJXQGRDWHRULDPDWHPiWLFDGDFRPXQLFDomRXPDLQIRUPDomRpXP
DFRQWHFLPHQWRTXHSURYRFDXPDUHGXomRGHLQFHUWH]DDFHUFDGHXPDPELHQWH
GDGR1HVVDWHRULDQmRVHFRQVLGHUDTXHXPXQLYHUVRGHVLJQRVHDRFRUUrQFLD
GH FDGD VLJQR QXPD PHQVDJHP HVWHMDP DVVRFLDGRV D XPD LQIRUPDomR
PHQVXUiYHO 3RU H[HPSOR D RFRUUrQFLD GH FDGD OHWUD GHVWH WH[WR WUD] XPD
LQIRUPDomRTXH VHUi WDQWR PDLRU TXDQWRPDLV LPSURYiYHO HOD IRU 2UD XPD
RFRUUrQFLDQmR T XPD FRLVD 1mR pPDWHULDO FRPR XPD PDom QHP LPDWHULDO
FRPRXPDDOPDLPRUWDO6LPHWULFDPHQWHXPDFRLVDQmRpQHPSURYiYHOQHP
LPSURYiYHO 6RPHQWH XP DFRQWHFLPHQWR RX XP ´IDWRµ SRGH HVWDU OLJDGR D
XPD SUREDELOLGDGH H SRUWDQWR VHU LQIRUPDWLYR FRPR SRU H[HPSOR
MXVWDPHQWH R IDWR GH WDO FRLVD HVWDU SUHVHQWH DJRUD RX QmR H[LVWLU
,QWXLWLYDPHQWH VHQWLPRV FODUDPHQWH TXH D LQIRUPDomR HVWi OLJDGD D XPD
SUREDELOLGDGH VXEMHWLYD GH RFRUUrQFLD RX GH DSDUHFLPHQWR XP IDWR
LQWHLUDPHQWH SUHYLVtYHO QDGD QRV HQVLQD HQTXDQWR XP DFRQWHFLPHQWR
VXUSUHHQGHQWHQRVWUD]UHDOPHQWHXPDLQIRUPDomR
(VWXGHPRV DJRUD FXLGDGRVDPHQWH D QDWXUH]D GD LQIRUPDomR
6XSRQKDPRVTXHXPDHOHLomRWHQKDVHUHDOL]DGRQXPFHUWRSDtV(VVDHOHLomR
SURGX]LXVH QXP FHUWR OXJDU H QXP PRPHQWR SUHFLVR (QTXDQWR WDO HVVH
DFRQWHFLPHQWR p LQGLVVRFLiYHO GH XP ´DTXL H DJRUDµ SDUWLFXODU 'L]VH
MXVWDPHQWH TXH D HOHLomR WHYH ´OXJDUµ 'LUHPRV TXH VH WUDWD GH XP
DFRQWHFLPHQWR DWXDO 1XPD SULPHLUD DSUR[LPDomR TXDQGR DV DJrQFLDV GH
QRWtFLDV D DQXQFLDP RX D FRPHQWDP HODV QmR GLIXQGHP R DFRQWHFLPHQWR
SURSULDPHQWHGLWRPDVXPDPHQVDJHPTXHOKHGL]UHVSHLWR'LUHPRVTXHVH
RDFRQWHFLPHQWRpDWXDODSURGXomRHDGLIXVmRGHPHQVDJHQVDVHXUHVSHLWR
FRQVWLWXHPXPDYLUWXDOL]DomRGRDFRQWHFLPHQWRSURYLGDGHWRGRVRVDWULEXWRV
TXHDWpDTXLDVVRFLDPRVjYLUWXDOL]DomRGHVSUHQGLPHQWRGH XP DTXL H DJRUD
SDUWLFXODU SDVVDJHP DR S~EOLFR H VREUHWXGR KHWHURJrQHVH &RP HIHLWR DV
PHQVDJHQV TXH YLUWXDOL]DP R DFRQWHFLPHQWR VmR DR PHVPR WHPSR VHX
SURORQJDPHQWR HODV SDUWLFLSDP GH VXD HIHWXDomR GH VXD GHWHUPLQDomR
LQDFDEDGD ID]HP SDUWH GHOD *UDoDV j LPSUHQVD H D VHXV FRPHQWiULRV R
UHVXOWDGR GD HOHLomR UHSHUFXWH GHVWD RX GDTXHOD PDQHLUD VREUH R PHUFDGR
ILQDQFHLUR GH XP SDtV HVWUDQJHLUR (P GHWHUPLQDGR GLD QD %ROVD GH
GHWHUPLQDGD FDSLWDO HFRQ{PLFD WUDQVDo}HV VLQJXODUHV VH SURGX]LUDP R
DFRQWHFLPHQWR FRQWLQXD D VH DWXDOL]DU HP WHPSRV H OXJDUHV SDUWLFXODUHV 0DV
HVVDDWXDOL]DomRDGTXLUHHODPHVPDDIRUPDGHSURGXomRGHPHQVDJHQVH GH
LQIRUPDo}HVGHPLFURYLUWXDOL]Do}HV5HHQFRQWUDPRVDtQRVVRWHPDGRDQHOGH
0RHELXV D PHQVDJHP VREUH R DFRQWHFLPHQWR p DR PHVPR WHPSR H
LQGLVVROXYHOPHQWH XPD VHTrQFLD GR DFRQWHFLPHQWR 2 PDSD D PHQVDJHP
ID] SDUWH GR WHUULWyULR R DFRQWHFLPHQWR H R WHUULWyULR p ODUJDPHQWH
FRQVWLWXtGR GH XPD DGLomR LQGHILQLGD GH XPD DUWLFXODomR GLQkPLFD GH XPD
UHGHGHPDSDVHPH[SDQVmR'LWRGHRXWURPRGRWXGRRTXHpGDRUGHPGR
DFRQWHFLPHQWRWHPDYHUFRPXPDGLQkPLFDGDDWXDOL]DomR WHUULWRULDOL]DomR
LQVWDQFLDokR DTXL H DJRUD VROXomR SDUWLFXODU H GD YLUWXDOL]DomR
GHVWHUULWRULDOL]DomR GHVSUHQGLPHQWR FRORFDomR HP FRPXP HOHYDomR j
SUREOHPiWLFD $FRQWHFLPHQWRV H LQIRUPDo}HV VREUH RV DFRQWHFLPHQWRV
WURFDPVXDVLGHQWLGDGHVHVXDVIXQo}HVDFDGDHWDSDGDGLDOpWLFDGRVSURFHVVRV
VLJQLILFDQWHV
3RUTXHRFRQVXPRGHXPDLQIRUPDomRQmRpGHVWUXWLYRHVXDSRVVH
QmR p H[FOXVLYD" 3RUTXH D LQIRUPDomR p YLUWXDO &RQIRUPH Mi VXEOLQKDPRV
DPSODPHQWH XP GRV SULQFLSDLV FDUDFWHUHV GLVWLQWLYRV GD YLUWXDOLGDGH p VHX
GHVSUHQGLPHQWRGHXPDTXLHDJRUDSDUWLFXODUHSRULVVRSRVVRGDUXPEHP
YLUWXDO SRU HVVrQFLD GHVWHUULWRULDOL]DGR VHP SHUGrOD 3RU RXWUR ODGR
OHPEUHPRQRVGHTXHRYLUWXDOSRGHVHUDVVLPLODGRDXPSUREOHPDHRDWXDOD
XPDVROXomR$DWXDOL]DomRQmRpSRUWDQWRXPDGHVWUXLomRPDVDRFRQWUiULR
XPDSURGXomRLQYHQWLYDXPDWRGHFULDomR4XDQGRXWLOL]RDLQIRUPDomRRX
VHMD TXDQGR D LQWHUSUHWR OLJRD D RXWUDV LQIRUPDo}HV SDUD ID]HU VHQWLGR RX
TXDQGRPHVLUYRGHODSDUDWRPDUXPDGHFLVmRDWXDOL]RD(IHWXRSRUWDQWRXP
DWR FULDWLYR SURGXWLYR 2 FRQKHFLPHQWR SRU VXD YH] p R IUXWR GH XPD
DSUHQGL]DJHP RX VHMD R UHVXOWDGR GH XPD YLUWXDOL]DomR GD H[SHULrQFLD
LPHGLDWD (P VHQWLGR LQYHUVR HVWH FRQKHFLPHQWR SRGH VHU DSOLFDGR RX
PHOKRU VHU DWXDOL]DGR HP VLWXDo}HV GLIHUHQWHV GDTXHODV GD DSUHQGL]DJHP
LQLFLDO7RGDDSOLFDomRHIHWLYDGHXPVDEHUpXPDUHVROXomRLQYHQWLYDGHXP
SUREOHPDXPDSHTXHQDFULDomR

'LDOpWLFDGR5HDOHGR3RVVtYHO

9ROWHPRVDJRUDDQRVVRVVDFRVGHWULJRHQRVVRVFDUURV6XDSURGXomR
H VHX FRQVXPR HVWi PHQRV OLJDGD D XPD GLDOpWLFD GD DWXDOL]DomR H GD
YLUWXDOL]DomR TXH D XPD DOWHUQDWLYD GR SRVVtYHO H GR UHDO (P YH] GH
SHUPDQHFHU IDVFLQDGR SRU VXD QDWXUH]D ´PDWHULDOµ GHYHVH WHQWDU
FRPSUHHQGHU R WLSR GH GLQkPLFD QR TXDO VH LQVFUHYH VHX XVR 2V EHQV FXMR
FRQVXPR p GHVWUXWLYR H D DSURSULDomR p H[FOXVLYD VmR UHVHUYDWyULRV GH
SRVVLELOLGDGHV ´SRWHQFLDLVµ 6HX FRQVXPR FRPHU R WULJR FRQGX]LU R FDUUR
HTXLYDOHDXPDUHDOL]DomRLVWRpDXPDHVFROKDH[FOXVLYDHLUUHYHUVtYHOHQWUHRV
SRVVtYHLV D XPD ´TXHGD GH SRWHQFLDOµ $ UHDOL]DomR Vy FRQIHUH H[LVWrQFLD D
FHUWDVSRVVLELOLGDGHVHPGHWULPHQWRGHRXWUDV2VSRVVtYHLVVmRFDQGLGDWRVH
QmRXPFDPSRSUREOHPiWLFRDUHDOL]DomRpXPDHOHLomRRXXPDVHOHomRHQmR
XPDUHVROXomRLQYHQWLYDGHXPSUREOHPD2EHPYLUWXDOFRORFDXPSUREOHPD
DEUHXPFDPSRGHLQWHUSUHWDomRGHUHVROXomRRXGHDWXDOL]DomRHQTXDQWRXP
HQYROWyULR GH SRVVLELOLGDGHV SUHVWDVH DSHQDV D XPD UHDOL]DomR H[FOXVLYD
3RWHQFLDOGHUHDOLGDGHREHPGHVWUXWtYHOHSULYDWLYRQmRSRGHHVWDUDRPHVPR
WHPSRDTXLHOiGHVSUHQGLGRGRDTXLHDJRUD(OHpUHJLGRSHODOHLGDH[FOXVmR
P~WXD RXRX 1mR IRVVH DVVLP SRGHULD VH UHDOL]DU GH GXDV PDQHLUDV
GLIHUHQWHVHPGRLVOXJDUHVHGRLVPRPHQWRVGLVWLQWRVRTXHSRUGHILQLomRp
LPSRVVtYHO$VUHVHUYDVGHSRVVtYHLVRVEHQVFXMRFRQVXPRpXPDUHDOL]DomR
QmRSRGHPSRUWDQWRVHUVHSDUDGRVGHVHXVXSRUWHItVLFR
3DUDHYLWDUTXDOTXHUPDOHQWHQGLGRVXEOLQKHPRVGHLPHGLDWRTXHVH
WUDWD DTXL GH GLVWLQo}HV FRQFHLWXDLV H QmR GH XP SULQFtSLR GH FODVVLILFDomR
H[FOXVLYR8PD REUD GH DUWH SRU H[HPSOR SRVVXLVLPXOWDQHDPHQWH DVSHFWRV
GHSRVVLELOLGDGH H GH YLUWXDOLGDGH (QTXDQWRIRQWH GHSUHVWtJLR H GH DXUD RX
FRPR SXUR YDORU PHUFDQWLO XP TXDGUR p XPD UHVHUYD GH SRVVtYHLV R
´RULJLQDOµ TXH QmR SRGHP VH UHDOL]DU H[SRVLomR YHQGD VLPXOWDQHDPHQWH
DTXLHDOL(QTXDQWRSRUWDGRUGHXPDLPDJHPDLQWHUSUHWDUGHXPDWUDGLomRD
SURVVHJXLURXDFRQWUDGL]HUHQTXDQWRDFRQWHFLPHQWRQDKLVWyULDFXOWXUDOXP
TXDGUR p XP REMHWR YLUWXDO GR TXDO R RULJLQDO DV FySLDV JUDYXUDV IRWRV
UHSURGXo}HV GLJLWDOL]Do}HV FRORFDo}HV HP UHGH LQWHUDWLYD VmR RXWUDV WDQWDV
DWXDOL]Do}HV &DGD HIHLWR PHQWDO RX FXOWXUDO SURGX]LGR SRU XPD GHVVDV
DWXDOL]Do}HVpSRUVXDYH]XPDDWXDOL]DomRGRTXDGUR

275$%$/+2

1DLQVWLWXLomRFOiVVLFDGRWUDEDOKRWDOFRPRIRLIL[DGDQRVpFXOR;,;
RRSHUiULRYHQGHVXDIRUoDGHWUDEDOKRHUHFHEHXPVDOiULRHPWURFD$IRUoD
GH WUDEDOKR p XP WUDEDOKR SRVVtYHO XP SRWHQFLDO Mi GHWHUPLQDGR SHOD
RUJDQL]DomREXURFUiWLFDGDSURGXomReXPSRWHQFLDODLQGDMiTXHXPDKRUD
GDGD p LUUHPHGLDYHOPHQWH SHUGLGD 2 WUDEDOKR DVVDODULDGR p XPD TXHGD GH
SRWHQFLDOXPDUHDOL]DomRSRULVVRSRGHVHUPHGLGRSRUKRUD
(PFRQWUDSDUWLGDRWUDEDOKDGRUFRQWHPSRUkQHRWHQGHDYHQGHUQmR
PDLVVXDIRUoDGHWUDEDOKRPDVVXDFRPSHWrQFLDRXPHOKRUXPDFDSDFLGDGH
FRQWLQXDPHQWH DOLPHQWDGD H PHOKRUDGD GH DSUHQGHU H LQRYDU TXH SRGH VH
DWXDOL]DUGHPDQHLUDLPSUHYLVtYHOHPFRQWH[WRVYDULiYHLV­IRUoDGHWUDEDOKR
GRDVVDODULDGRFOiVVLFRXPSRWHQFLDOVXFHGHSRUWDQWRXPDFRPSHWrQFLDXP
VDEHUVHURXPHVPRXPVDEHUGHYLUTXHWHPDYHUFRPRYLUWXDO&RPRWRGD
YLUWXDOLGDGH H FRQWUDULDPHQWH DR SRWHQFLDO D FRPSHWrQFLD QmR VH FRQVRPH
TXDQGR XWLOL]DGD PXLWR SHOR FRQWUiULR ( Dt HVWi R FHQWUR GR SUREOHPD D
DWXDOL]DomRGDFRPSHWrQFLDRXVHMDDHFORVmRGHXPDTXDOLGDGHQRFRQWH[WR
YLYRpEHPPDLVGLItFLOGHDYDOLDUTXHDUHDOL]DomRGHXPDIRUoDGHWUDEDOKR
(PYHUGDGHRWUDEDOKRMDPDLVIRLSXUDH[HFXomR6HS{GHVHUWRPDGR
FRPRXPDTXHGDGHSRWHQFLDOXPDUHDOL]DomRIRLDSHQDVHPFRQVHTrQFLDGH
XPDYLROrQFLDVRFLDOTXHQHJDYDHPERUDXWLOL]DQGRVHXFDUiWHUGHDWXDOL]DomR
FULDGRUD
8PDFRLVDpFHUWDDKRUDXQLIRUPHGRUHOyJLRQmRpPDLVDXQLGDGH
SHUWLQHQWHSDUDDPHGLGDGRWUDEDOKR(VVDLQDGHTXDomRKiPXLWRHUDIODJUDQWH
SDUD D DWLYLGDGH GRV DUWLVWDV H GRV LQWHOHFWXDLV PDV KRMH VH HVWHQGH
SURJUHVVLYDPHQWH DR FRQMXQWR GDV DWLYLGDGHV &RPSUHHQGHVH SRU TXH D
UHGXomRGRWHPSRGHWUDEDOKRQmRSRGHVHUXPDVROXomRDORQJRSUD]RSDUDR
SUREOHPD GR GHVHPSUHJR HOD SHUHQL]D FRP XP VLVWHPD GH PHGLGD XPD
FRQFHSomR GR WUDEDOKR H XPD RUJDQL]DomR GD SURGXomR FRQGHQDGDV SHOD
HYROXomR GD HFRQRPLD H GD VRFLHGDGH 6y VH SRGH PHGLU ² H SRUWDQWR
UHPXQHUDU ² OHJLWLPDPHQWH XP WUDEDOKR SRU KRUD TXDQGR VH WUDWD GH XPD
IRUoDGHWUDEDOKRSRWHQFLDOMiGHWHUPLQDGRSXUDH[HFXomRTXHVHUHDOL]D8P
VDEHU DOLPHQWDGR XPD FRPSHWrQFLD YLUWXDO TXH VH DWXDOL]D p XPD UHVROXomR
LQYHQWLYD GH XP SUREOHPD QXPD VLWXDomR QRYD &RPR DYDOLDU D UHVHUYD GH
LQWHOLJrQFLD" &HUWDPHQWH QmR SHOR GLSORPD &RPR PHGLU D TXDOLGDGH HP
FRQWH[WR" 1mR VHUi XVDQGR XP UHOyJLR 1R GRPtQLR GR WUDEDOKR FRPR
DOKXUHV D YLUWXDOL]DomR QRV ID] YLYHU D SDVVDJHP GH XPD HFRQRPLD GDV
VXEVWkQFLDVDXPDHFRQRPLDGRVDFRQWHFLPHQWRV4XDQGRLUmRDVLQVWLWXLo}HV
HDVPHQWDOLGDGHVDFROKHURVFRQFHLWRVDGHTXDGRV"&RPRDSOLFDURVVLVWHPDV
GHPHGLGDTXHDFRPSDQKDPHVVDPXWDomR"
2 VDOiULR UHPXQHUDYD R SRWHQFLDO RV QRYRV FRQWUDWRV GH WUDEDOKR
UHFRPSHQVDPR DWXDO 1D HFRQRPLD GR IXWXUR DV VRFLHGDGHV EHPVXFHGLGDV
UHFRQKHFHUmR H DOLPHQWDUmR HP SULRULGDGH R YLUWXDO H VHXV SRUWDGRUHV YLYRV
&RP HIHLWR GRLV FDPLQKRV VH DEUHP DRV LQYHVWLPHQWRV SDUD DXPHQWDU D
HILFiFLDGRWUDEDOKRRXDUHLILFDomRGDIRUoDGHWUDEDOKRSHODDXWRPDWL]DomR
RX D YLUWXDOL]DomR GDV FRPSHWrQFLDV SRU GLVSRVLWLYRV TXH DXPHQWHP D
LQWHOLJrQFLD FROHWLYD 1XP FDVR SHQVDVH HP WHUPRV GH VXEVWLWXLomR R
KRPHP GHVTXDOLILFDGR p VXEVWLWXtGR SHOD PiTXLQD 1R FDPLQKR GD
YLUWXDOL]DomR HP WURFD FRQFHEHVH R DXPHQWR GH HILFiFLD HP WHUPRV GH
FRHYROXomR KRPHPPiTXLQD GH HQULTXHFLPHQWR GDV DWLYLGDGHV GH
DFRSODPHQWRV TXDOLILFDGRUHV HQWUH DV LQWHOLJrQFLDV LQGLYLGXDLV H D PHPyULD
GLQkPLFDGRVFROHWLYRV
 $9LUWXDOL]DomRGR0HUFDGR

1RV GLVFXUVRV SROtWLFRV R WHPD GDV ´VXSHUYLDV GD LQIRUPDomRµ p

DFRPSDQKDGR FRP IUHTrQFLD SHOD HYRFDomR GH ´QRYRV PHUFDGRVµ TXH
VXSRVWDPHQWH GDULDP QRYR LPSXOVR DR FUHVFLPHQWR H FULDULDP HPSUHJRV
$TXL R HUUR FRQVLVWH HP GLULJLU R IRFR SDUD RV QRYRV SURGXWRV RV QRYRV
VHUYLoRV RV QRYRV HPSUHJRV RX VHMD SDUD XPD DERUGDJHP TXDQWLWDWLYD
SURGXWRV D PDLV H HPSUHJRV VXSOHPHQWDUHV VHP SHUFHEHU TXH DV QRo}HV
FOiVVLFDVGHPHUFDGRHGHWUDEDOKRHVWmRSUHVWHVDPXGDU2FLEHUHVSDoRDEUH
GHIDWRXPPHUFDGRQRYRVyTXHVHWUDWDPHQRVGHXPDRQGDGHFRQVXPR
SRU YLU TXH GD HPHUJrQFLD GH XP HVSDoR GH WUDQVDomR TXDOLWDWLYDPHQWH
GLIHUHQWHQRTXDORVSDSpLVUHVSHFWLYRVGRVFRQVXPLGRUHVGRVSURGXWRUHVH
GRVLQWHUPHGLiULRVVHWUDQVIRUPDPSURIXQGDPHQWH
2 PHUFDGR RQOLQH QmR FRQKHFH DV GLVWkQFLDV JHRJUiILFDV 7RGRV RV
VHXVSRQWRVHVWmRHPSULQFtSLRLJXDOPHQWH´SUy[LPRVµXQVGRVRXWURVSDUDR
FRPSUDGRUSRWHQFLDOWHOHFRPSUD2FRQVXPRHDGHPDQGDQHOHVmRFDSWDGRV
H SHUVHJXLGRV HP VHXV PHQRUHV GHWDOKHV 3RU RXWUR ODGR RV VHUYLoRV GH
RULHQWDomR H GH YLVLELOL]DomR GDV RIHUWDV VH PXOWLSOLFDP (P VXPD R
FLEHUPHUFDGR p PDLV WUDQVSDUHQWH TXH R PHUFDGR FOiVVLFR (P SULQFtSLR HVVD
WUDQVSDUrQFLD GHYHULD EHQHILFLDU RV FRQVXPLGRUHV RV SHTXHQRV SURGXWRUHV H
DFHOHUDUDGHVWHUULWRULDOL]DomRGDHFRQRPLD
$ FRQVXOWD D EDQFRV GH GDGRV PpGLFRV H MXUtGLFRV RQOLQH SRU QmR
HVSHFLDOLVWDVSURJULGHFRQWLQXDPHQWH2VLQGLYtGXRVSRGHPDVVLPTXHVWLRQDU
XPGLDJQyVWLFRRXXPFRQVHOKRGDGRSRUXPSURILVVLRQDO´GHYL]LQKDQoDµH
DWp PHVPR WHU DFHVVR GLUHWR j LQIRUPDomR SHUWLQHQWH MXQWR DRV PHOKRUHV
HVSHFLDOLVWDV PXQGLDLV SRU LQWHUPpGLR GH EDQFRV GH GDGRV GH VLVWHPDV
HVSHFLDOLVWDVRXGHVLVWHPDVKLSHUPtGLDFRQFHELGRV SDUDVHUFRQVXOWDGRVSHOR
JUDQGHS~EOLFR
&RPR RV SURGXWRUHV SULPiULRV H RV UHTXHUHQWHV SRGHP HQWUDU
GLUHWDPHQWHHPFRQWDWRXQVFRPRVRXWURVWRGDXPDFODVVHGHSURILVVLRQDLV
FRUUH GRUDYDQWH R ULVFR GH VHU YLVWD FRPR LQWHUPHGLiULRV SDUDVLWDV GD
LQIRUPDomR MRUQDOLVWDV HGLWRUHV SURIHVVRUHV PpGLFRV DGYRJDGRV
IXQFLRQiULRV PpGLRV RX GD WUDQVDomR FRPHUFLDQWHV EDQTXHLURV DJHQWHV
ILQDQFHLURVGLYHUVRVHWHPVHXVSDSpLVKDELWXDLVDPHDoDGRV(VVHIHQ{PHQRp
FKDPDGR D ´GHVLQWHUPHGLDomRµ $V LQVWLWXLo}HV H SURILVV}HV IUDJLOL]DGDV SHOD
GHVLQWHUPHGLDomR H R FUHVFLPHQWR GD WUDQVSDUrQFLD Vy SRGHUmR VREUHYLYHU H
SURVSHUDU QR FLEHUHVSDoR HIHWXDQGR VXD PLJUDomR GH FRPSHWrQFLDV SDUD D
RUJDQL]DomRGDLQWHOLJrQFLDFROHWLYDHGRDX[tOLRjQDYHJDomR
$WUDQVSDUrQFLDFUHVFHQWHGHXPPHUFDGRFDGDYH]PDLVGLIHUHQFLDGR
HSHUVRQDOL]DGRSHUPLWHDRVSURGXWRUHVDMXVWDUVHHPWHPSRUHDOjVHYROXo}HV
HjYDULHGDGHGDGHPDQGD1ROLPLWHSRGHVHLPDJLQDUXPDFRSODPHQWRHP
IOX[RWHQVRHQWUHUHGHVGH´UHWURPDUNHWLQJµHIiEULFDVIOH[tYHLVDSLORWDJHPGD
SURGXomR SDVVDQGR TXDVH LQWHLUDPHQWH jV PmRV GRV FRQVXPLGRUHV 'H
5RVQD\
7RGRDWRUHJLVWUiYHOFULDHIHWLYDPHQWHRXYLUWXDOPHQWHLQIRUPDomRRX
VHMD QXPD HFRQRPLD GD LQIRUPDomR ULTXH]D 2UD R FLEHUHVSDoR p SRU
H[FHOrQFLDRPHLRHPTXHRVDWDVSRGHPVHUUHJLVWUDGRVHWUDQVIRUPDGRVHP
GDGRVH[SORUiYHLV3RULVVRRFRQVXPLGRUGHLQIRUPDomRGHWUDQVDomRRXGH
GLVSRVLWLYRV GH FRPXQLFDomR QmR FHVVD DR PHVPR WHPSR GH SURGX]LU XPD
LQIRUPDomR YLUWXDOPHQWH FKHLD GH YDORU 2 FRQVXPLGRU QmR DSHQDV VH WRUQD
FRSURGXWRUGDLQIRUPDomRTXHFRQVXPHPDVpWDPEpPSURGXWRUFRRSHUDWLYR
GRV´PXQGRVYLUWXDLVµQRVTXDLVHYROXLEHPFRPRDJHQWHGHYLVLELOLGDGHGR
PHUFDGRSDUDRVTXHH[SORUDPRVYHVWtJLRV GHVHXV DWRV QR FLEHUHVSDoR 2V
SURGXWRVHVHUYLoRVPDLVYDORUL]DGRVQRQRYRPHUFDGRVmRLQWHUDWLYRVRTXH
VLJQLILFDHPWHUPRVHFRQ{PLFRVTXHDSURGXomRGHYDORUDJUHJDGRVHGHVORFD
SDUDRODGRGR´FRQVXPLGRUµRXPHOKRUTXHFRQYpPVXEVWLWXLUDQRomRGH
FRQVXPRSHODGHFRSURGXomRGHPHUFDGRULDVRXGHVHUYLoRVLQWHUDWLYRV $VVLP
FRPR D YLUWXDOL]DomR GR WH[WR QRV ID] DVVLVWLU j LQGLVWLQomR FUHVFHQWH GRV
SDSpLVGROHLWRUHGRDXWRUWDPEpPDYLUWXDOL]DomRGRPHUFDGRS}HHPFHQDD
PLVWXUDGRVJrQHURVHQWUHRFRQVXPRHDSURGXomR
0XQLGR GH XP FRPSXWDGRU GH XP PRGHP H GH SURJUDPDV GH
ILOWUDJHPHGHH[SORUDomRGRVGDGRVDVVRFLDGRDRXWURVXVXiULRVHPUHGHVGH
WURFDV FRRSHUDWLYDV GH VHUYLoRV H GH LQIRUPDo}HV TXDVH JUDWXLWDV R XVXiULR
ILQDOHVWiFDGDYH]PHOKRUHTXLSDGRSDUDUHILQDUDLQIRUPDomR2´SURGXWRUµ
KDELWXDOSURIHVVRUHGLWRUMRUQDOLVWDSURGXWRUGHSURJUDPDVGHWHOHYLVmROXWD
DVVLP SDUD QmR VH YHU UHOHJDGR DR SDSHO GH VLPSOHV IRUQHFHGRU GH PDWpULD
SULPD 'H RQGH D EDWDOKD GR ODGR GRV ´SURGXWRUHV GH FRQWH~GRVµ SDUD
UHLQVWDXUDU WDQWR TXDQWR SRVVtYHO QR QRYR HVSDoR GH LQWHUDWLYLGDGH R SDSHO
TXH HOHV RFXSDYDP QR VLVWHPD XQLODWHUDO GDV PtGLDV RX QD IRUPD UtJLGD GDV
LQVWLWXLo}HVKLHUiUTXLFDV0DVGRODGRGDRIHUWDRQRYRDPELHQWHHFRQ{PLFR
p PXLWR PDLV IDYRUiYHO DRV IRUQHFHGRUHV GH HVSDoRV DRV DUTXLWHWRV GH
FRPXQLGDGHV YLUWXDLV DRV YHQGHGRUHV GH LQVWUXPHQWRV GH WUDQVDomR H GH
QDYHJDomRTXHDRVFOiVVLFRVGLIXVRUHVGHFRQWH~GRV
4XDQWR j H[SORUDomR HFRQ{PLFD GRV FRQWH~GRV HP TXHVWmR DV
PDQHLUDVKDELWXDLVGHYDORUL]DUDSURSULHGDGHVREUHDLQIRUPDomRFRPSUDGR
VXSRUWHItVLFRGDLQIRUPDomRRXSDJDPHQWRGHGLUHLWRVDXWRUDLVFOiVVLFRVVmR
FDGD YH] PHQRV DGDSWDGDV DR FDUiWHU IOXLGR H YLUWXDO GDV PHQVDJHQV
$EDQGRQDUWRWDOPHQWHTXDOTXHUSUHWHQVmRjSURSULHGDGHVREUHRVSURJUDPDV
H D LQIRUPDomR FRPR FHUWRV DWLYLVWDV GD UHGH SURS}HP VHULD DUULVFDUVH D
YROWDUDTXpPGDLQYHQomRGRGLUHLWRDXWRUDOHGDSDWHQWHjpSRFDHPTXHDV
LGpLDV VXDGDV GRV WUDEDOKDGRUHV LQWHOHFWXDLV SRGLDP VHU EORTXHDGDV SRU
PRQRSyOLRV RX DSURSULDGDV VHP FRQWUDSDUWLGD SRU SRWrQFLDV HFRQ{PLFDV RX
SROtWLFDV
0DV QD pSRFD GD HFRQRPLD GD LQIRUPDomR H GR FRQKHFLPHQWR HP
YH]GHDEDQGRQDURVGLUHLWRVGHSURSULHGDGHVREUHWRGDVDVIRUPDVGHEHQVGH
VRIWZDUH R TXH HTXLYDOHULD D XPD HVSROLDomR GHVFDUDGD GRV SURGXWRUHV GH
EDVHGRVQRYRVSUROHWiULRVTXHVmRRVWUDEDOKDGRUHVLQWHOHFWXDLVDWHQGrQFLD
SDUHFHDQWHVVHRULHQWDUQRVHQWLGRGHXPDVRILVWLFDomRGRGLUHLWRDXWRUDO(VVH
DSHUIHLoRDPHQWR VH GHVHQYROYH HP GXDV GLUHo}HV SDVVDJHP GH XP GLUHLWR
WHUULWRULDODXPGLUHLWRGHIOX[RHSDVVDJHPGRYDORUGHWURFDDRYDORUGHXVR
+RMHVHTXLVHUPRVXWLOL]DUXPDIDWRQXPVHUYLoRPXOWLPtGLDRQOLQHp
SUHFLVR DQWHV GH PDLV QDGD SDJDU GLUHLWRV DR SURSULHWiULR GD IDWR $ IRWR p
FRPRXPPLFURWHUULWyULR(VWiIRUDGHTXHVWmRXWLOL]iORVHPWHUFRPSUDGRRX
DOXJDGR R WHUUHQR SUHYLDPHQWH (VVD FRHUomR EORTXHLD FRQVLGHUDYHOPHQWH D
LQRYDomR HFRQ{PLFD H FXOWXUDO QR FLEHUHVSDoR 2 SHTXHQR HPSUHHQGHGRU
LQRYDGRUVLPSOHVPHQWHQmRSRVVXLRVPHLRVGHSDJDURVGLUHLWRVHQHVWHFDVR
R SURSULHWiULR QmR JDQKD QDGD R DXWRU Yr VXD LGpLD FRQILQDGD D XP FtUFXOR
UHVWULWR H R VXUILVWD GD 1HW ILFD SULYDGR GD LPDJHP $ VROXomR FRQVLVWLULD
SRUWDQWRQmRHPVXSULPLUFRPSOHWDPHQWHRGLUHLWRDXWRUDOPDVHPVXEVWLWXt
OD SRU VLVWHPDV GH FRQWDJHP FRQWtQXD GR FRQVXPR GH LQIRUPDo}HV SHORV
XVXiULRVILQDLV$DTXLVLomRGDLQIRUPDomRVREUHR XVRSRGHULDVHUIHLWDSRU
H[HPSOR QR PRPHQWR GD GHFRGLILFDomR GD PHQVDJHP 'HVWH PRGR R
SURSULHWiULRQmRVHULDOHVDGRHRIRUQHFHGRUGHVHUYLoRVSRGHULDFRQWDUFRPD
IDWR SRU H[HPSOR VHPWHU TXH GHVHPEROVDU GH DQWHPmR XPD VRPD GD TXDO
JHUDOPHQWHQmRGLVS}H3DJDUVHLDDVVLPDLQIRUPDomRGDPHVPDPDQHLUDTXHD
iJXD RX D HOHWULFLGDGH SRU GpELWR HP FRQWD 0DV FRP XPD GLIHUHQoD
VLJQLILFDWLYD SRLV VHULD FRPR VH FDGD JRWD GH iJXD FRPSRUWDVVH VHX SUySULR
PLFURFRQWDGRU $VVLP D IDWR SRGHULD VHU FRSLDGD HPSUHJDGD GLIXQGLGD R
TXDQWR VH TXLVHVVH VHP QHQKXPD OLPLWDomR 6y TXH VHULD DFLRQDGR
DXWRPDWLFDPHQWH FRP D LPDJHP GRUDYDQWH OtTXLGD H XEtTXD R SHTXHQR
SURJUDPD TXH UHJLVWUD D GHFRGLILFDomR H HIHWXD DXWRPDWLFDPHQWH XP GpELWR
PLQ~VFXORQD FRQWD GR FRQVXPLGRU H XP FUpGLWR tQILPR QD GR DXWRU RX GR
SURSULHWiULR
(VVDPHGLGDGRVIOX[RVGHFRQVXPRSRGHVHUDSHUIHLoRDGDSHORTXH
SRGHUtDPRV FKDPDU SURYLVRULDPHQWH GH SDJDPHQWR GR ´YDORU GH XVRµ 3RU
H[HPSORQDUHGHDPHULFDQD$0,;DLQIRUPDomRYHQGLGDpSDJDHPIXQomR
GHVXDGDWDGHRULJHPHGDGHPDQGDGHTXHpREMHWR0DLVGRTXHXPDUHYLVWD
GHLQIRUPDo}HVFXMRSUHoRp IL[DGR SHOR YHQGHGRU D $0,; IXQFLRQD FRPR
XPD%ROVDQDTXDODGHPDQGDFRQWULEXLHPWHPSRUHDOSDUDDIL[DomRGRSUHoR
*ROGILQJHU1XPHURVRVVHUYLoRVRIHUHFLGRVQRFLEHUHVSDoRIXQFLRQDP
QHVVH HVStULWR UHJLVWUDQGR RV XVRV DV QDYHJDo}HV H DV DYDOLDo}HV LQGLYLGXDLV
SDUD GHYROYHU DRV XVXiULRV XPD DYDOLDomR FRRSHUDWLYD RX XP DX[tOLR j
RULHQWDomR SHUVRQDOL]DGD &LWHPRV SRU H[HPSOR QD :RUOG :LGH :HE
)LVK:UDS TXH GL] UHVSHLWR D GRFXPHQWRV 5LQJR GHGLFDGR DRV WtWXORV
PXVLFDLV RX ,GHD )XWXUHV TXH RUJDQL]D XPD HVSpFLH GH PHUFDGR GDV LGpLDV
FLHQWtILFDVHWHFQROyJLFDV
(VVHV VHUYLoRV QR HQWDQWR QmR WrP HP  XPD WUDGXomR
PRQHWiULDGLUHWD/HVDUEUHVGHFRQQDLVVDQFHVŠ>$ViUYRUHVGHFRQKHFLPHQWR@
$XWKLHU/pY\FRPVHXSURJUDPD*LQJRŠFRQVWLWXHPLJXDOPHQWHXP
GLVSRVLWLYRGHPHGLGDGRYDORUGHXVRGDVFRPSHWrQFLDVRXGRVGRFXPHQWRV
RX GH TXDOTXHU WLSR GH LQIRUPDomR YDULiYHO FRQIRUPH RV FRQWH[WRV H RV
PRPHQWRV*LQJRLQFRUSRUDXPVLVWHPDFRPSOHWRGHIL[DomRGRYDORUGHXVR
SRUPHLRGHXPDPRHGDHVSHFLDOFKDPDGDGH62/VWDQGDUGRSHQOHDUQLQJ
(YRFDPRV D SDVVDJHP GH XPD SURSULHGDGH WHUULWRULDO UtJLGD j
UHWULEXLomR GH IOXWXDo}HV GHVWHUULWRULDOL]DGDV H D WUDQVIRUPDomR GH XPD
HFRQRPLDGRYDORUGHWURFDHPHFRQRPLDGRYDORUGHXVR1DYHUGDGHHVVDV
IRUPXODo}HV VmR PDLV XPD PHWiIRUD GR TXH XPD FDUDFWHUL]DomR
FRQFHLWXDOPHQWHULJRURVD(VWULWDPHQWHIDODQGRHXGLULDTXHTXDQGRFRPSUR
XPOLYURRXXPGLVFRSDJRDOJRUHDORVXSRUWHItVLFRGDLQIRUPDomR2OLYUR
TXH QmR OHLR PH FXVWD WmR FDUR TXDQWR R TXH OHLR $ TXDQWLGDGH GH OLYURV p
OLPLWDGD XP OLYUR TXH HVWi HP PLQKD ELEOLRWHFD QmR HVWi QD VXD (VWDPRV
DLQGDQRGRPtQLRGRVUHFXUVRVUDURV6HFRPSURGLUHLWRVQmRSDJRPDLVSRU
DOJR UHDO PDV DOJR SRWHQFLDO D SRVVLELOLGDGH GH UHDOL]DU RX GH FRSLDU D
LQIRUPDomR TXDQWDV YH]HV HX TXLVHU 2UD R QRYR PHUFDGR RQOLQH R
FLEHUPHUFDGR WHP QHFHVVLGDGH GH PHLRV LQpGLWRV SDUD WUDWDU GD GLDOpWLFD GR
YLUWXDO H GR DWXDO 2V VLVWHPDV GH PHGLGD H GH YDORUL]DomR GR UHDO H GR
SRWHQFLDOQmRVmRPDLVDGDSWDGRV$QWHVGHVXDOHLWXUDDLQIRUPDomRTXHFRUUH
QRFLEHUHVSDoRQmRpSRWHQFLDOPDVVLPYLUWXDOQD
´/HV DUEUHV GH FRQQDLVVDQFHVŠµ H ´*LQJRŠµ VmR PDUFDV UHJLVWUDGDV GD 7UL

9LXPŠ
PHGLGDHPTXHSRGHDVVXPLUVLJQLILFDo}HVGLIHUHQWHVHLPSUHYLVtYHLV
FRQIRUPH VH LQVLUD HP GHWHUPLQDGR KLSHUGRFXPHQWR RX HP RXWUR 9LUWXDO
SRUTXHDTXLORTXHHVWiHPMRJRQmRpDUHDOL]DomRFySLDLPSUHVVmRHWFPDV
DDWXDOL]DomRDOHLWXUDLVWRpDVLJQLILFDomRTXHHODSRGHDVVXPLUHPFRQWH[WR
VLJQLILFDomR LQGLVVRFLiYHO GD SDUWLFLSDomR GHOLEHUDGD GH SHOR PHQRV XP VHU
KXPDQR FRQVFLHQWH 9LUWXDO SRUTXH VXD UHSURGXomR VXD FySLD QmR FXVWDP
SUDWLFDPHQWHQDGDVDOYRRFXVWRJHUDOGHPDQXWHQomRGRFLEHUHVSDoR9LUWXDO
SRUTXHSRVVRGDUXPGRFXPHQWRVHPSHUGrORHUHHPSUHJDUSDUWHVGHOHVHP
GHVWUXLU R RULJLQDO 1R FLEHUHVSDoR R GRFXPHQWR WRUQDVH WmR LPSDOSiYHO H
YLUWXDOTXDQWRDVLQIRUPDo}HVHDVSUySULDVLGpLDV
$ VROXomR TXH SDUHFH GHOLQHDUVH SDUD R SUREOHPD GD HFRQRPLD GR
YLUWXDO H GR DWXDO p D VHJXLQWH R EHP YLUWXDO VHULD FRQWDELOL]DGR WUDoDGR H
UHSUHVHQWDGR PDV JUDWXLWR LQWHLUDPHQWH OLYUH SDUD FLUFXODU VHP REVWiFXOR H
SDUDVHPLVWXUDUDRXWURVEHQVYLUWXDLV2SUHoRGDDWXDOL]DomRVHULDLQGH[DGR
FRQIRUPHRFRQWH[WRFRUUHQWHGHSHQGHQGRGRDPELHQWHHGRPRPHQWR(VVH
YDORU SRGHULD VHU IL[DGR FRRSHUDWLYDPHQWH SRU JUXSRV GH XVXiULRV HP
PHUFDGRV OLYUHV RX %ROVDV GD LQIRUPDomR H GDV LGpLDV $ IRUPD GD QRYD
HFRQRPLDGHSHQGHUiHPJUDQGHSDUWHSRUWDQWRGRVVLVWHPDVGHGHOLQHDPHQWR
GRYLUWXDOHGHPHGLGDGRDWXDOTXHVHUmRLQYHQWDGRVQRVSUy[LPRVDQRV

(&2120,$'29,578$/(,17(/,*È1&,$ &2/(7,9$

'DGDDQRYDHFRQRPLDGRYLUWXDOHGRDFRQWHFLPHQWRDVQRo}HVGH
SURGXomR H GH FRQVXPR PXLWR OLJDGDV j RUGHP GDVHOHomR H[FOXVLYD GR SDU
UHDOSRVVtYHO QHP VHPSUH VmR DV PDLV SHUWLQHQWHV SDUD FRPSUHHQGHU RV
SURFHVVRVHPDQGDPHQWR8PDJXHUUDQmRpQHPPDWHULDOQHPLPDWHULDOXP
DPRUXPD LQYHQomR XPD DSUHQGL]DJHP WDPSRXFR $XPHQWRV GLPLQXLo}HV
UHRUJDQL]Do}HVQDVFLPHQWRVGHVDSDUHFLPHQWRVDOJXPDFRLVDDFRQWHFH2QGH"
3DUDTXHP"eFRPRVHIRVVHPRSHUDo}HVGHSHQVDPHQWRHPRo}HVFRQIOLWRV
HQWXVLDVPRVRXHVTXHFLPHQWRVQRVHLRGHXPDPiTXLQDSHQVDQWHKtEULGDDR
PHVPRWHPSRFyVPLFDKXPDQDHWpFQLFD
7DOYH] FRQYHQKD FRQVLGHUDU DV RSHUDo}HV GD HFRQRPLD GRYLUWXDO
FRPR DFRQWHFLPHQWRV QR LQWHULRU GH XPD HVSpFLH GH PHJDSVLTXLVPR VRFLDO
SDUD R VXMHLWR GH XPD LQWHOLJrQFLD FROHWLYD HPHVWDGR QDVFHQWH
'HVHQYROYHUHPRV PDLV DGLDQWH HVVH WHPD GD LQWHOLJrQFLD FROHWLYD PDV Mi
SRGHPRV HVERoDU XPD DQiOLVH GH VHXVGHWHUPLQDQWHV HVVHQFLDLV 2
PDFURSVLTXLVPR SRGH VH GHFRPSRUVHJXQGR TXDWUR GLPHQV}HV
FRPSOHPHQWDUHV
² XPD FRQHFWLYLGDGH RX XP ´HVSDoRµ HP WUDQVIRUPDomRFRQVWDQWH
DVVRFLDo}HVYtQFXORVHFDPLQKRV
² XPD VHPLyWLFD LVWR p XP VLVWHPD DEHUWR GH UHSUHVHQWDo}HV GH
LPDJHQVGHVLJQRVGHWRGDVDVIRUPDVHGHWRGDVDVPDWpULDVTXHFLUFXODPQR
HVSDoRGDVFRQH[}HV
²XPDD[LRORJLDRX´YDORUHVµTXHGHWHUPLQDPWURSLVPRVSRVLWLYRVRX
QHJDWLYRV TXDOLGDGHV DIHWLYDV DVVRFLDGDV jV UHSUHVHQWDo}HV RX jV ]RQDV GR
HVSDoRSVtTXLFR
²XPDHQHUJpWLFDHQILPTXHHVSHFLILFDDIRUoDGRVDIHWRVOLJDGRVjV
LPDJHQV
2 SVLTXLVPR VRFLDO SRGH HQWmR VHU FRQFHELGR FRPR XP KLSHUWH[WR
IUDFWDOXPKLSHUFyUWH[TXHVHUHSURGX]GHPDQHLUDVHPHOKDQWHHPGLIHUHQWHV
HVFDODV GH JUDQGH]D SDVVDQGR SRU SVLTXLVPRV WUDQVLQGLYLGXDLV GH SHTXHQRV
JUXSRV DOPDV LQGLYLGXDLVHVStULWRV LQIUDSHVVRDLV ]RQDV GR FpUHEUR
´FRPSOH[RVµLQFRQVFLHQWHV&DGDQyRX]RQDGRKLSHUFyUWH[FRQWpPSRUVXD
YH] XPSVLTXLVPR YLYR XPD HVSpFLH GH KLSHUWH[WR GLQkPLFR DWUDYHVVDGRGH
WHQV}HVHGHHQHUJLDVFRORULGRGHTXDOLGDGHVDIHWLYDVDQLPDGRGHWURSLVPRV
DJLWDGRGHFRQIOLWRV
1RVHLRGHVVHPHJDSVLTXLVPRVRFLDODVRSHUDo}HVFRQVLVWHPHP
²DJLUVREUHDFRQHFWLYLGDGHPRQWDUUHGHVDEULUSRUWDVGLIXQGLURX
DR FRQWUiULR UHWHU D LQIRUPDomR PDQWHU EDUUHLUDVILOWUDU D LQIRUPDomR RX
DLQGDJDUDQWLUDVHJXUDQoDGRFRQMXQWRFRPXQLFDo}HVWUDQVSRUWHVFRPpUFLR
IRUPDo}HVVHUYLoRVVRFLDLVSROtFLDH[pUFLWRVJRYHUQRVHWF
² FULDU RX PRGLILFDU UHSUHVHQWDo}HV LPDJHQV ID]HU HYROXLUGH XPD
PDQHLUD RX GH RXWUD DV OLQJXDJHQV HP XVR H RV VLJQRV HPFLUFXODomR DUWHV
FLrQFLDVWpFQLFDVLQG~VWULDVPHLRVGHFRPXQLFDomRHWF
² FULDU WUDQVIRUPDU RX PDQWHU RV WURSLVPRV RV YDORUHV RVDIHWRV
VRFLDLVREHPHRPDOR~WLOHRSUHMXGLFLDORDJUDGiYHOHRSHQRVRREHORHR
IHLRHWFHGXFDomRUHOLJLmRILORVRILDPRUDODUWHV
²PRGLILFDUGHVORFDUDXPHQWDUGLPLQXLUDIRUoDGRVDIHWRVOLJDGRVD
HVWD RX jTXHOD UHSUHVHQWDomR HP FLUFXODomR PHLR GHFRPXQLFDomR
SXEOLFLGDGHFRPpUFLRUHWyULFD
7RGR DFRQWHFLPHQWR SDUWLFLSD HP PDLRU RX PHQRU JUDX GHPRGR
PROHFXODU GR FRQMXQWR GHVVHV DVSHFWRV GD YLGD GR PHJDSVLTXLVPR FROHWLYR
PHVPRDTXHOHVQmRUHJLVWUDGRVHPQHQKXPDWUDQVDomRPHUFDQWLO&DGDXPD
WRGR LQVWDQWH FRQWULEXL SDUD R SURFHVVR GD LQWHOLJrQFLD FROHWLYD 8PD YH]
PDLVSDUDXPDHFRQRPLDGRYLUWXDOTXHDFHLWDH[SOLFLWDPHQWHHVVHTXDGURGH
SHQVDPHQWRPHVPR R FRQVXPR p SURGXWRU 9LPRV TXH D DWXDOL]DomR R
´FRQVXPRµ GH XPD LQIRUPDomR HUD VLPXOWDQHDPHQWH XPD SHTXHQDFULDomR
XPD LQWHUSUHWDomR &RQWXGR Ki PDLV R FRQVXPR GHVWUXWLYR FOiVVLFR WmR
ORJR p FDSWDGR H GHYROYLGR DR SURGXWRU DRYHQGHGRU D XPD LQVWkQFLD
TXDOTXHUGHUHJXODomRRXGHPHGLGDWRUQDVHHOHWDPEpPLSVRIDFWRFULDomRGH
LQIRUPDomR FRQWULEXLSDUD XP DXPHQWR GD LQWHOLJrQFLD VRFLDO JOREDO (VVD
LGpLD SRGH VHUJHQHUDOL]DGD DVVLP WRGR DWR p YLUWXDOPHQWH SURGXWRU GH
ULTXH]DVRFLDO YLD VXD SDUWLFLSDomR QD LQWHOLJrQFLD FROHWLYD 4XDOTXHU
DWRKXPDQRpXPPRPHQWRGRSURFHVVRGHSHQVDPHQWRHGHHPRomRGHXP
PHJDSVLTXLVPRIUDFWDOHSRGHULDVHUYDORUL]DGRHDWpUHPXQHUDGRHQTXDQWRWDO
6H WRGRV RV DWRVSXGHVVHP VHU FDSWDGRV WUDQVPLWLGRV LQWHJUDGRVD FLUFXLWRV
GHUHJXODomR H GHYROYLGRV D VHXVSURGXWRUHV H SDUWLFLSDVVHP GHVWH PRGR GH
XPD PHOKRU LQIRUPDomR JOREDO GD VRFLHGDGH VREUH VL PHVPD D LQWHOLJrQFLD
FROHWLYDFRQKHFHULDXPDHQRUPHPXWDomRTXDOLWDWLYDGDPDLRULPSRUWkQFLD
7DO SHUVSHFWLYD SUDWLFDPHQWH Vy VH WRUQRX SRVVtYHO GHSRLV GDH[LVWrQFLD GRV
PLFURSURFHVVDGRUHVGRVQDQRFDSWDGRUHVGDLQIRUPiWLFDGLVWULEXLGDHPUHGH
IXQFLRQDQGRHPWHPSRUHDOHSURYLGDGHLQWHUIDFHVDPLJiYHLVLPDJHPYR]HV
HWF 2 PHUFDGR DWXDO SRGH VHU FRQVLGHUDGR FRPR R HPEULmR DLQGD
LPSHUIHLWR JURVVHLUR GHPDVLDGR XQLGLPHQVLRQDO GH XP VLVWHPD JHUDO GH
DYDOLDomR H GH UHPXQHUDomR GRV DWRV GH FDGD XP SRU WRGRV 3DUD TXH HVWD
SHUVSHFWLYD QmR VH WUDQVIRUPH HP SHVDGHOR FRQYpP LPHGLDWDPHQWH SUHFLVDU
TXHQHVVDFRQFHSomRDVDYDOLDo}HVGHYHPSHUPDQHFHUDQ{QLPDVHTXHFDGD
DWRpQmRDSHQDVDYDOLDGRPDVDYDOLDQWH2VLVWHPDGHLQWHJUDomRGHPHGLGDH
GH UHJXODomR DTXL FRQVLGHUDGRXPD HVSpFLH GH ´PHWDPHUFDGRµ LQWHJUDGR DR
FLEHUHVSDoR p DQWHV GH PDLV QDGD R LQVWUXPHQWR GH XPD DYDOLDomR
FRRSHUDWLYDGLVWULEXLGDHPXOWLFULWHULDOGDVRFLHGDGHSRUHODPHVPD
 $6 75È6 9,578$/,=$d¯(6 48( ),=(5$0 2+80$12 $
/,1*8$*(0$7e&1,&$(2&2175$72

$YLUWXDOL]DomRGRVFRUSRVGDVPHQVDJHQVHGDHFRQRPLDLOXVWUDXP
PRYLPHQWRFRQWHPSRUkQHRPXLWRPDLVJHUDOHPGLUHomRDRYLUWXDO3URSRQKR
SHQVDUHVVHPRYLPHQWRFRPRDEXVFDGHXPDKRPLQL]DomRFRQWLQXDGD&RP
HIHLWRQRVVDHVSpFLHFRPRYRXWHQWDUPRVWUDUQHVWHFDStWXORFRQVWLWXLXVHQD
H SHOD YLUWXDOL]DomR 6HQGR DVVLP D PXWDomR FRQWHPSRUkQHD SRGH VHU
HQWHQGLGDFRPRXPDUHWRPDGDGDDXWRFULDomRGDKXPDQLGDGH

21$6&,0(172'$6 /,1*8$*(1628$9,578$/,=$d®2'2
35(6(17(

7UrVSURFHVVRVGHYLUWXDOL]DomRIL]HUDPHPHUJLUDHVSpFLHKXPDQDR
GHVHQYROYLPHQWR GDV OLQJXDJHQV D PXOWLSOLFDomR GDV WpFQLFDV H D
FRPSOH[LILFDomRGDVLQVWLWXLo}HV
$ OLQJXDJHP HP SULPHLUR OXJDU YLUWXDOL]D XP ´WHPSR UHDOµ TXH
PDQWpP DTXLOR TXH HVWi YLYR SULVLRQHLUR GR DTXL H DJRUD &RP LVVR HOD
LQDXJXUDRSDVVDGRRIXWXURHQRJHUDOR7HPSRFRPRXPUHLQRHPVLXPD
H[WHQVmR SURYLGD GH VXD SUySULD FRQVLVWrQFLD $ SDUWLU GD LQYHQomR GD
OLQJXDJHP QyV KXPDQRV SDVVDPRV D KDELWDU XP HVSDoR YLUWXDO R IOX[R
WHPSRUDO WRPDGR FRPR XP WRGR TXH R LPHGLDWR SUHVHQWH DWXDOL]D DSHQDV
SDUFLDOPHQWHIXJD]PHQWH1yVH[LVWLPRV
2 WHPSR KXPDQR QmR WHP R PRGR GH VHU GH XP SDUkPHWUR RX GH
XPDFRLVDHOHQmRpMXVWDPHQWH´UHDOµPDVRGHXPDVLWXDomRDEHUWD1HVVH
WHPSRDVVLPFRQFHELGRHYLYLGRDDomRHRSHQVDPHQWRQmRFRQVLVWHPDSHQDV
HP VHOHFLRQDU HQWUH SRVVtYHLV Mi GHWHUPLQDGRV PDV HP UHHODERUDU
FRQVWDQWHPHQWHXPDFRQILJXUDomRVLJQLILFDQWHGHREMHWLYRVHGHFRHUo}HVHP
LPSURYLVDUVROXo}HVHPUHLQWUHSUHWDUGHVWHPRGRXPDDWXDOLGDGHSDVVDGDTXH
FRQWLQXDDQRVFRPSURPHWHU3RULVVRYLYHPRVRWHPSRFRPRSUREOHPD(P
VXD FRQH[mR YLYD R SDVVDGR KHUGDGR UHPHPRUDGR UHLQWHUSUHWDGR R SUHVHQWH
DWLYR H R IXWXUR HVSHUDGR WHPLGR RX VLPSOHVPHQWH LPDJLQDGRVmR GH RUGHP
SVtTXLFDH[LVWHQFLDLV2WHPSRFRPRH[WHQVmRFRPSOHWDQmRH[LVWHDQmRVHU
YLUWXDOPHQWH
&ODUR TXH IRUPDV HODERUDGDV GH PHPyULD H GH DSUHQGL]DJHP Mi VmR
SUDWLFDGDV HQWUH DQLPDLV VXSHULRUHV PHVPR HQWUH RV TXH QmR GLVS}HP GH
OLQJXDJHQV FRPSOH[DV 1R HQWDQWR SRGHVH FRQVWUXLU D KLSyWHVH GH TXH QD
YLGDDQLPDODPHPyULDVHUHGX]SULQFLSDOPHQWHDXPDPRGLILFDomRDWXDOGR
FRPSRUWDPHQWR OLJDGR D DFRQWHFLPHQWRV SDVVDGRV 3RU RXWUR ODGR JUDoDV j
OLQJXDJHP WHPRV DFHVVR ´GLUHWRµ DR SDVVDGR VRE D IRUPD GH XPD LPHQVD
FROHomRGHOHPEUDQoDVGDWDGDVHGHQDUUDWLYDVLQWHULRUHV
2VVLJQRVQmRHYRFDPDSHQDV´FRLVDV DXVHQWHVµPDV FHQDV LQWULJDV
VpULHV FRPSOHWDV GH DFRQWHFLPHQWRV OLJDGRV XQV DRV RXWURV 6HP DV OtQJXDV
QmR SRGHUtDPRV QHP FRORFDU TXHVW}HV QHP FRQWDU KLVWyULDV GXDV EHODV
PDQHLUDV GH QRV GHVOLJDUPRV GR SUHVHQWH LQWHQVLILFDQGR DR PHVPR WHPSR
QRVVD H[LVWrQFLD 2V VHUHV KXPDQRV SRGHP VH GHVOLJDU SDUFLDOPHQWH GD
H[SHULrQFLD FRUUHQWH H UHFRUGDU HYRFDU LPDJLQDU MRJDU VLPXODU $VVLP HOHV
GHFDLDP SDUD RXWURV OXJDUHV RXWURV PRPHQWRV H RXWURV PXQGRV 1mR
GHYHPRVHVVHVSRGHUHVDSHQDVjVOtQJXDVFRPRRIUDQFrVRLQJOrVRXRZRORI
PDV LJXDOPHQWH jV OLQJXDJHQV SOiVWLFDV YLVXDLV PXVLFDLV PDWHPiWLFDV HWF
4XDQWR PDLV DV OLQJXDJHQV VH HQULTXHFHP H VH HVWHQGHP PDLRUHV VmR DV
SRVVLELOLGDGHV GH VLPXODU LPDJLQDU ID]HU LPDJLQDU XP DOKXUHV RX XPD
DOWHULGDGH
1HVWHSRQWRUHHQFRQWUDPRVPDLVXPDYH]XPFDUiWHULPSRUWDQWHGD
YLUWXDOL]DomRDROLEHUDURTXHHUDDSHQDVDTXLHDJRUDHODDEUHQRYRVHVSDoRV
RXWUDV YHORFLGDGHV /LJDGD j HPHUJrQFLD GD OLQJXDJHP VXUJH XPD QRYD
UDSLGH]GHDSUHQGL]DJHPXPDFHOHULGDGHGHSHQVDPHQWRLQpGLWD$HYROXomR
FXOWXUDO DQGD PDLV GHSUHVVD TXH D HYROXomR ELROyJLFD 2 SUySULR WHPSR
ELIXUFDVH HP GLUHomR D WHPSRUDOLGDGHV LQWHUQDV j OLQJXDJHP WHPSR SUySULR
GDQDUUDWLYDULWPRHQGyJHQRGDP~VLFDRXGDGDQoD
$ SDVVDJHP GR SULYDGR DR S~EOLFR H D WUDQVIRUPDomR UHFtSURFD GR
LQWHULRU HP H[WHULRU VmR DWULEXWRV GD YLUWXDOL]DomR TXH WDPEpP SRGHP VHU
PXLWREHPDQDOLVDGDVDSDUWLUGRRSHUDGRUVHPLyWLFR8PDHPRomRSRVWDHP
SDODYUDVRXHPGHVHQKRVSRGHVHUPDLVIDFLOPHQWHFRPSDUWLOKDGD2TXHHUD
LQWHUQR H SULYDGR WRUQDVH H[WHUQR H S~EOLFR0DV LVWR p LJXDOPHQWH YHUGDGH
QR RXWUR VHQWLGR TXDQGR HVFXWDPRV P~VLFD ROKDPRV XP TXDGUR RX OHPRV
XPSRHPDLQWHUQDOL]DPRVRXSULYDWL]DPRVXPLWHPS~EOLFR
$ SDUWLU GR PRPHQWR HP TXH IDODPRV DV HQWLGDGHV HPLQHQWHPHQWH
VXEMHWLYDV TXH VmR DV HPRo}HV FRPSOH[DV RV FRQKHFLPHQWRV H RV FRQFHLWRV
VmR H[WHUQDOL]DGDV REMHWLYDGDV LQWHUFDPELDGDV SRGHP YLDMDU GH XP OXJDU D
RXWURGHXPWHPSRDRXWURGHXPHVStULWRDRXWUR
$VOLQJXDJHQVKXPDQDVYLUWXDOL]DPRWHPSRUHDODVFRLVDVPDWHULDLV
RV DFRQWHFLPHQWRV DWXDLV H DV VLWXDo}HV HP FXUVR 'D GHVLQWHJUDomR GR
SUHVHQWHDEVROXWRVXUJHPFRPRDVGXDVIDFHVGDPHVPDFULDomRRWHPSRHR
IRUDGRWHPSRRDQYHUVRHRUHYHUVRGDH[LVWrQFLD$FUHVFHQWDQGRDRPXQGR
XPD GLPHQVmR QRYD R HWHUQR R GLYLQR R LGHDO WrP XPD KLVWyULD (OHV
FUHVFHPFRPDFRPSOH[LGDGHGDVOLQJXDJHQV4XHVW}HVSUREOHPDVKLSyWHVHV
DEUHP EXUDFRV QR DTXL H DJRUD GHVHPERFDQGR GR RXWUR ODGR GR HVSHOKR
HQWUHRWHPSRHDHWHUQLGDGHQDH[LVWrQFLDYLUWXDO

 $7e&1,&$28$9,578$/,=$d®2'$ $d®2

$ YLUWXDOL]DomR YDPRV UHSHWLU PDLV XPD YH] QmR p QHFHVVDULDPHQWH

DFRPSDQKDGDSRUXPGHVDSDUHFLPHQWR$RFRQWUiULRDFDUUHWDFRPIUHTrQFLD
XPSURFHVVRGHPDWHULDOL]DomR,VWRSRGHVHUIDFLOPHQWHLOXVWUDGRQRFDVRGD
YLUWXDOL]DomRWpFQLFDTXHQRVFDEHDJRUDDQDOLVDU
'HRQGHYrPDVIHUUDPHQWDV"3ULPHLURXPDIXQomRItVLFDRXPHQWDO
GRVVHUHVYLYRVEDWHUSHJDUFDPLQKDUYRDUFDOFXODUpLGHQWLILFDGD'HSRLV
HVVDV IXQo}HV VmR VHSDUDGDV GH XP DJUHJDGR SDUWLFXODU GH RVVRV FDUQH H
QHXU{QLRV $VVLP HODV VmR VHSDUDGDV DR PHVPR WHPSR GH XPD H[SHULrQFLD
LQWHULRU VXEMHWLYD $ IXQomR DEVWUDWD p PDWHULDOL]DGD VRE RXWUDV IRUPDV TXH
QmR R JHVWR KDELWXDO 2 FRUSR QX p VXEVWLWXtGR SRU GLVSRVLWLYRV KtEULGRV
RXWURVVXSRUWHVRPDUWHORSDUDDEDWLGDDDUPDGLOKDRDQ]RORXDUHGHSDUDD
FDSWXUDDURGDSDUDRDQGDUREDOmRLQIODGRGHDUDVDVDVGHDYLmRRXDVSiV
GH KHOLFySWHUR SDUD R Y{R R iEDFR RX D UpJXD GH FiOFXOR SDUD DV RSHUDo}HV
PDWHPiWLFDV *UDoDV D HVVD PDWHULDOL]DomR R SULYDGR WRUQDVH S~EOLFR
SDUWLOKDGR 2 TXH HUD LQGLVVRFLiYHO GH XPD LPHGLDWLGDGH VXEMHWLYD GH XPD
LQWHULRULGDGHRUJkQLFDDJRUDSDVVRXSRULQWHLURRXHPSDUWHDRH[WHULRUSDUD
XP REMHWR0DV SRU XPD HVSpFLH GH HVSLUDO GLDOpWLFD D H[WHULRULGDGH WpFQLFD
PXLWDVYH]HVVyJDQKDHILFiFLDVHIRULQWHUQDOL]DGDGHQRYR$ILPGHXWLOL]DU
XPD IHUUDPHQWD GHYHVH DSUHQGHU JHVWRV DGTXLULU UHIOH[RV UHFRPSRU XPD
LGHQWLGDGHPHQWDOHItVLFD2IHUUHLURRHVTXLDGRURPRWRULVWDGHDXWRPyYHO
D FHLIHLUD D WULFRWDGRUD RX D FLFOLVWD PRGLILFDUDP VHXV P~VFXORV H VHXV
VLVWHPDV QHUYRVRV SDUD LQWHJUDU RV LQVWUXPHQWRV HP XPD HVSpFLH GH FRUSR
DPSOLDGRPRGLILFDGRYLUWXDOL]DGR(FRPRDH[WHULRULGDGHWpFQLFDpS~EOLFD
RXSDUWLOKiYHOHODFRQWULEXLHPWURFDSDUDIRUMDUXPDVXEMHWLYLGDGHFROHWLYD
(QWUHWDQWRDGLQkPLFDWpFQLFDVHDOLPHQWDGHVHXVSUySULRVSURGXWRV
RSHUDFRPELQDo}HVWUDQVYHUVDLVUL]RPiWLFDVHFRQGX]ILQDOPHQWHDPiTXLQDV
DDUUDQMRVFRPSOH[RVPXLWRDIDVWDGRVGHIXQo}HVFRUSRUDLVVLPSOHV8PEDUFR
D YHOD XP PRLQKR PRYLGR j iJXD XP UHOyJLR RX XPD FHQWUDO QXFOHDU
YLUWXDOL]DPIXQo}HVPRWRUDVFRJQLWLYDVRXWHUPRVWiWLFDVPDV²YROWDUHPRVD
HVVHSRQWR²QmRSRGHPVHUFRPSUHHQGLGRVFRPRSURORQJDPHQWRVGHFRUSRV
LQGLYLGXDLV(OHVVyVmRSOHQDPHQWHUHLQWHJUDGRVRXLQWHULRUL]DGRVGHYROWDQD
HVFDODGHPHJDPiTXLQDVVRFLDLVKtEULGDVRXGHKLSHUFRUSRVFROHWLYRV
$FRQFHSokRGHXPDQRYDIHUUDPHQWDYLUWXDOL]DXPDFRPELQDomRGH
yUJmRV H GH JHVWRV TXH Vy DSDUHFH HQWmR FRPR XPD VROXomR HVSHFLDO ORFDO
PRPHQWkQHD$RFRQFHEHUXPDIHUUDPHQWDPDLVGRTXHQRVFRQFHQWUDUPRV
VREUHGHWHUPLQDGDDomRHPFXUVRLoDPRQRVjHVFDODEHPPDLVHOHYDGDGHXP
FRQMXQWR LQGHWHUPLQDGR GH VLWXDo}HV 2 VXUJLPHQWR GD IHUUDPHQWD QmR
UHVSRQGH D XP HVWtPXORSDUWLFXODU PDV PDWHULDOL]D SDUFLDOPHQWH XPD IXQomR
JHQpULFD FULD XP SRQWR GH DSRLR SDUD D UHVROXomR GH XPD FODVVH GH
SUREOHPDV $ IHUUDPHQWD TXH VHJXUDPRV QD PmR p XPD FRLVD UHDO PDV HVVD
FRLVDGiDFHVVRDXPFRQMXQWRLQGHILQLGRGHXVRVSRVVtYHLV
'HDFRUGRFRPRTXHIRLSURSRVWRSRU0DUVKDOO0F/XKDQH$QGUp
/HURL*RXUKDQ GL]VH jV YH]HV TXH DV IHUUDPHQWDV VmR FRQWLQXDo}HV RX
H[WHQV}HVGR FRUSR (VVD WHRULD QmRPH SDUHFH ID]HU MXVWLoD j HVSHFLILFLGDGH
GR IHQ{PHQR WpFQLFR 9RFr SRGH GDU SHGUDV WDOKDGDV D VHXV SULPRV 3RGH
SURGX]LUPLOKDUHVGHELIDFHV0DVOKHpLPSRVVtYHOPXOWLSOLFDUVXDVXQKDVRX
HPSUHVWiLDVDVHXYL]LQKR0DLVTXHXPDH[WHQVmRGRFRUSRXPDIHUUDPHQWDp
XPDYLUWXDOL]DomRGDDomR2PDUWHORSRGHGDUDLOXVmRGHXPSURORQJDPHQWR
GREUDoRDURGDHPWURFDHYLGHQWHPHQWHQmRpXPSURORQJDPHQWRGDSHUQD
PDVVLPDYLUWXDOL]DomRGRDQGDU
+i SRXFDV YLUWXDOL]Do}HV GD DomR H PXLWDV DWXDOL]Do}HV GDV
IHUUDPHQWDV2PDUWHORSRGHWHUVLGRLQYHQWDGRWUrVRXTXDWURYH]HVDRORQJR
GD KLVWyULD 'LJDPRV WUrV RX TXDWUR YLUWXDOL]Do}HV 0DV TXDQWDV PDUWHODGDV
IRUDPGDGDV"%LOK}HVHELOK}HVGHDWXDOL]Do}HV$IHUUDPHQWDDSHUPDQrQFLD
GH VXD IRUPD VmR XPD PHPyULD GR PRPHQWR RULJLQDO GH YLUWXDOL]DomR GR
FRUSRHPDWR$IHUUDPHQWDFULVWDOL]DRYLUWXDO
$WpFQLFDQmRYLUWXDOL]DDSHQDVRVFRUSRVHDVDo}HVPDVWDPEpPDV
FRLVDV $QWHV TXH RV VHUHV KXPDQRV KRXYHVVHP DSUHQGLGR D HQWUHFKRFDU
SHGUDV GHVtOH[ DFLPD GH XPD SHTXHQD DFHQGDOKD HOHV Vy FRQKHFLDP R IRJR
SUHVHQWHRXDXVHQWH'HSRLVGDLQYHQomRGDVWpFQLFDVGHDFHQGLPHQWRRIRJR
S{GH WDPEpP VHU YLUWXDO (OH p YLUWXDO RQGH TXHU TXH KDMD IyVIRURV $
SUHVHQoD RX D DXVrQFLD GR IRJR HUD XP IDWR FRP R TXDO VH HUD REULJDGR D
FRQWDUDJRUDpXPDHYHQWXDOLGDGHDEHUWD8PDFRHUomRIRLWUDQVIRUPDGDHP
YDULiYHO
(P VXPD R PHVPR REMHWR WpFQLFR SRGH VHU FRQVLGHUDGR VHJXQGR
TXDWUR PRGRV GH VHU (QTXDQWR SUREOHPDWL]DomR GHVWHUULWRULDOL]DomR
SDVVDJHPDRS~EOLFRPHWDPRUIRVHHUHFRPSRVLomRGHXPDIXQomRFRUSRUDOR
REMHWRWpFQLFRpXPRSHUDGRUGHYLUWXDOL]DomR7DOPDUWHORYLUWXDOL]DTXDQGRR
FRQVLGHUDPRVFRPRPHPyULDGDLQYHQomRGRPDUWHORYHWDUGHXPFRQFHLWR
DJHQWHGHKLEULGDomRGRFRUSR(QWmRRPDUWHORH[LVWHHID]H[LVWLU
$ FDGD JROSH GH PDUUHWD RX GH FDPDUWHOR R PDUWHOR YLUWXDOL]DQWH
WHVWHPXQKD KRMH GR TXH IRL XP GLD R VXUJLPHQWR GH XPD QRYD PDQHLUD GH
EDWHUDWXDOL]DVH$RDWXDOL]DURPDUWHORFRQGX]DDomR7DOFRQILJXUDomRWDO
KLEULGDomR GHVVH FRUSR DFRQWHFH HIHWLYDPHQWH SRU PHLR GHOH DTXL H DJRUD H
FDGD YH] GLIHUHQWHPHQWH &DGD PDUWHODGD p XPD RFRUUrQFLD XPD WHQWDWLYD GH
UHVROXomR GH SUREOHPD HP HVFDOD PROHFXODU DOLiV PDORJUDGD GH YH] HP
TXDQGRSRGHVHEDWHUPDOFRPGHPDVLDGDIRUoDRXIRUDGRDOYR

6tOH[FRUWDGRGRVGRLVODGRV1GR7
 2PDUWHORUHDOpHVVDPDUUHWDHVVHPDoRHVVHPDUWHORGHHVFXOWRUD
FRLVDFRPVHXSUHoRVHXSHVRVHXFDERGHPDGHLUDVXDFDEHoDGHPHWDOVXD
IRUPD SUHFLVD 2 PDUWHOR UHDO GHYH VHU IRUMDGR PRQWDGR UHDOL]DGR SHOR
IDEULFDQWHDUPD]HQDGRSURWHJLGR2PDUWHORUHVLVWHRXVXEVLVWH
2 PDUWHOR HQILP HQFHUUD XP SRWHQFLDO XPD SRWrQFLD XP SRGHU
&RQVLGHUDGR FRPR SRWHQFLDO R PDUWHOR VH UHYHOD SHUHFtYHO p XPD UHVHUYD
ILQLWD GH JROSHV GH XVRV SDUWLFXODUHV 1mR PDLV YHWRU GH PHWDPRUIRVH GR
FRUSR DEHUWXUD GH XPD QRYD UHODomR ItVLFD FRP R PXQGR R PDUWHOR
YLUWXDOL]DQWHQmRPDLVFRQGXWRUGHXPDWRVLQJXODUDTXLHDJRUDRPDUWHOR
EDWHGRUDWXDOL]DQWHQmRPDLVFRLVDPDWHULDORPDUWHORUHDOPDVUHVHUYDWyULR
GH SRVVtYHLV $VVLP R SRWHQFLDO GH XP PDUWHOR QRYR p PDLRU TXH R GH XP
YHOKRHRPDUWHOLQKRGRVDSDWHLURQmRWHPRPHVPRSRWHQFLDOTXDOLWDWLYRTXH
RGRYLGUDFHLUR2PDUWHORLQVLVWH

2&217$7228$9,578$/,=$d®2'$ 9,2/È1&,$

$KXPDQLGDGHHPHUJHGHWUrVSURFHVVRVGHYLUWXDOL]DomR2SULPHLUR
HVWiOLJDGRDRVVLJQRVDYLUWXDOL]DomRGRWHPSRUHDO2VHJXQGRpFRPDQGDGR
SHODV WpFQLFDV D YLUWXDOL]DomR GDV Do}HV GR FRUSR H GR DPELHQWH ItVLFR 2
WHUFHLUR SURFHVVR FUHVFH FRP D FRPSOH[LGDGH GDV UHODo}HV VRFLDLV SDUD
GHVLJQiOD GD PDQHLUD PDLV VLQWpWLFD SRVVtYHO GLUHPRV TXH VH WUDWD GD
YLUWXDOL]DomRGDYLROrQFLD
2V ULWXDLV DV UHOLJL}HV DV PRUDLV DV OHLV DV QRUPDV HFRQ{PLFDV RX
SROtWLFDVVmR GLVSRVLWLYRV SDUD YLUWXDOL]DU RV UHODFLRQDPHQWRV IXQGDGRV VREUH
DV UHODo}HV GH IRUoDV DV SXOV}HV RV LQVWLQWRV RX RV GHVHMRV LPHGLDWRV 8PD
FRQYHQomR RX XP FRQWUDWR SDUD WRPDU XP H[HPSOR SULYLOHJLDGR WRUQDP D
GHILQLomR GH XP UHODFLRQDPHQWR LQGHSHQGHQWH GH XPD VLWXDomR SDUWLFXODU
LQGHSHQGHQWHHPSULQFtSLRGDVYDULDo}HVHPRFLRQDLVGDTXHOHVTXHRFRQWUDWR
HQYROYHLQGHSHQGHQWHGDIOXWXDomRGDVUHODo}HVGHIRUoD
8PD OHL HQYROYH XPD TXDQWLGDGH LQGHILQLGD GH GHWDOKHV YLUWXDLV GRV
TXDLV VRPHQWH XP SHTXHQR Q~PHUR p H[SOLFLWDPHQWH SUHYLVWR HP VHX WH[WR
1XPDGDGDVRFLHGDGH XPULWXDO GLJDPRV XP FDVDPHQWR RX XPD FHULP{QLD
GHLQLFLDomRDSOLFDVHDXPDYDULHGDGHLQGHILQLGD GHSHVVRDV$PXGDQoDGH
HVWDWXWR ´D SDUWLU GH DJRUD VRLV FDVDGRVµ ´DJRUD VDtV XP DGXOWRµ p
DXWRPiWLFD H LGrQWLFD SDUD WRGRV 1mR VRPRV REULJDGRV D UHLQYHQWDU H
QHJRFLDUDOJRGHQRYRHPFDGDVLWXDomRSDUWLFXODU2VH[HPSORVGDLQLFLDomR
GRFDVDPHQWRRXGDYHQGDPRVWUDPTXHDYLUWXDOL]DomRGRVUHODFLRQDPHQWRVH
GRVLPSXOVRVLPHGLDWRVDRPHVPRWHPSRTXHHVWDELOL]DRVFRPSRUWDPHQWRVH
DV LGHQWLGDGHV WDPEpP IL[D SURFHGLPHQWRV SUHFLVRV SDUD WUDQVIRUPDU RV
UHODFLRQDPHQWRVHRVHVWDWXWRVSHVVRDLV
$WUDYpV GD OLQJXDJHP D HPRomR YLUWXDOL]DGD SHOD QDUUDWLYD YRD GH
ERFDHPERFD*UDoDVjWpFQLFDDDomRYLUWXDOL]DGDSHODIHUUDPHQWDSDVVDGH
PmR HP PmR 'R PHVPR PRGR QD HVIHUD GDV UHODo}HV VRFLDLV SRGHVH
RUJDQL]DU R PRYLPHQWR RX D GHVWHUULWRULDOL]DomR GH UHODFLRQDPHQWRV
YLUWXDOL]DGRV 8P WtWXOR GH SURSULHGDGH Do}HV GH XPD FRPSDQKLD RX XP
FRQWUDWRGHVHJXURVHYHQGHPHVHWUDQVPLWHP8PUHFRQKHFLPHQWRGHGtYLGD
XPD OHWUD GH FkPELR RX XPD REULJDomR TXH QD RULJHP GL]LDP UHVSHLWR D
DSHQDV GXDV SDUWHV SRGHP FLUFXODU HQWUH XP Q~PHUR LQGHILQLGR GH SHVVRDV
3RGHVH GR PHVPR PRGR HOHJHU XP SRUWDYR] HQVLQDU XPD RUDomR RX
FRPSUDUXPIHWLFKH
5HODFLRQDPHQWRV YLUWXDLV FRDJXODGRV FRPR p R FDVR GRV FRQWUDWRV
VmR HQWLGDGHV S~EOLFDV H FRPSDUWLOKDGDV QR VHLR GH XPD VRFLHGDGH 1RYRV
SURFHGLPHQWRV QRYDV UHJUDV GH FRPSRUWDPHQWR VH DUWLFXODP VREUH DV
SUHFHGHQWHV 8P SURFHVVR FRQWtQXR GH YLUWXDOL]DomR GH UHODFLRQDPHQWRV
IRUPDDRVSRXFRVDFRPSOH[LGDGHGDVFXOWXUDVKXPDQDVUHOLJLmRpWLFDGLUHLWR
SROtWLFD HFRQRPLD $ FRQFyUGLD WDOYH] QmR VHMD XP HVWDGR QDWXUDO XPD YH]
TXHSDUDRVKXPDQRVDFRQVWUXomRVRFLDOSDVVDSHODYLUWXDOL]DomR

$$57(28$9,578$/,=$d®2'$ 9,578$/,=$d®2

3RU TXH D DUWH LQWHUHVVD D WDQWD JHQWH HPERUD VHMD WmR GLItFLO GH
GHVFUHYHU" 3RUTXH HOD UHSUHVHQWD SRU PDLV GH XPD UD]mR XP iSLFH GD
KXPDQLGDGH 1HQKXPD HVSpFLH DQLPDO MDPDLV SUDWLFRX DV EHODVDUWHV ( QmR
VHP PRWLYR D DUWH HVWi QD FRQIOXrQFLD GDV WUrV JUDQGHV FRUUHQWHV GH
YLUWXDOL]DomR H GH KRPLQL]DomR TXH VmR DV OLQJXDJHQV DV WpFQLFDV H DV pWLFDV
R
XUHOLJL}HV$DUWHpGLItFLOGHGHILQLUSRUHVWDUTXDVHVHPSUHQDIURQWHLUDGD
VLPSOHVOLQJXDJHPH[SUHVVLYDGDWpFQLFDRUGLQiULDRDUWHVDQDWRRXGDIXQomR
VRFLDOPXLWRFODUDPHQWHGHVLJQiYHO(ODIDVFLQDSRUTXHS}HHPSUiWLFDDPDLV
YLUWXDOL]DQWHGDVDWLYLGDGHV
&RPHIHLWRDDUWHGiXPDIRUPDH[WHUQDXPDPDQLIHVWDomRS~EOLFDD
HPRo}HV D VHQVDo}HV H[SHULPHQWDGDV QR PDLV tQWLPR GD VXEMHWLYLGDGH
(PERUD VHMDP LPSDOSiYHLV H IXJD]HV VHQWLPRV QmR REVWDQWH TXH HVVDV
HPRo}HVVmRRVDOGDYLGD$RWRUQiODVLQGHSHQGHQWHVGHXPPRPHQWRHGH
XP OXJDU SDUWLFXODU RX SHOR PHQRV SDUD DV DUWHV YLYDV DR GDUOKHV XPD
GLPHQVmR FROHWLYD D DUWH QRV ID] FRPSDUWLOKDU XPD PDQHLUD GH VHQWLU XPD
TXDOLGDGHGHH[SHULrQFLDVXEMHWLYD
$YLUWXDOL]DomRHPJHUDOpXPDJXHUUDFRQWUDDIUDJLOLGDGHDGRUR
GHVJDVWH(PEXVFDGDVHJXUDQoDHGRFRQWUROHSHUVHJXLPRVRYLUWXDOSRUTXH
QRVOHYDSDUDUHJL}HVRQWROyJLFDVTXHRVSHULJRVRUGLQiULRVQmRPDLVDWLQJHP
$ DUWH TXHVWLRQD HVVDWHQGrQFLD H SRUWDQWR YLUWXDOL]D D YLUWXDOL]DomR SRUTXH
EXVFD QXP PHVPR PRYLPHQWR XPD VDtGD GR DTXL H DJRUD H VXD H[DOWDomR
VHQVXDO 5HWRPD D SUySULD WHQWDWLYD GH HYDVmR HP VXDV YROWDV H UHYLUDYROWDV
(PVHXVMRJRVFRQWpPHOLEHUDDHQHUJLDDIHWLYDTXHQRVID]VXSHUDURFDRV
1XPD ~OWLPD HVSLUDO GHQXQFLDQGR DVVLP R PRWRU GD YLUWXDOL]DomR
SUREOHPDWL]D R HVIRUoR LQFDQViYHO jV YH]HV IHFXQGR H VHPSUH IDGDGR DR
IUDFDVVRTXHHPSUHHQGHPRVSDUDHVFDSDUjPRUWH
 $6 23(5$d¯(6 '$ 9,578$/,=$d®2 28 2 75Ì9,2
$175232/Ð*,&2

+iXPQ~FOHRLQYDULDQWHGDVRSHUDo}HVGHYLUWXDOL]DomRXPDUHFHLWD
GR YLUWXDO" $UULVFDUHPRV XPD UHVSRVWD SRVLWLYD D HVVD TXHVWmR PDV DSHQDV
SDUFLDOHEDVWDQWHJHUDO(ODQmRGLVSHQVDHPFDGDFDVRSDUWLFXODUQHPXPD
GHVFREHUWD DXGDFLRVD QHP XPD FRQVWUXomR FROHWLYD ORQJD H WUDEDOKRVD $
WHRULD TXH YDPRV DSUHVHQWDU SRUWDQWR VH SHUPLWH UHFRQKHFHU XP FDVR GH
YLUWXDOL]DomR D SRVWHULRUL DQDOLViOD H DSUHVHQWiOR FODUDPHQWH LQIHOL]PHQWH
QmRpXPJXLDGHLQYHQomRLQIDOtYHO

275Ì9,2'26 6,*126

&RPHFHPRVH[DPLQDQGRRFDVRGDOLQJXDJHP3DUDLVWRYDPRVVHJXLU
RFXUVRGRWUtYLR$WUtSOLFHYLDRXWUtYLRFRQVWLWXtDDEDVHGRHQVLQROLEHUDOQD
$QWLJLGDGHHQD,GDGH0pGLD&RPSUHHQGLDDJUDPiWLFDVDEHUOHUHHVFUHYHU
FRUUHWDPHQWH D GLDOpWLFD VDEHU UDFLRFLQDU H D UHWyULFD VDEHU FRPSRU
GLVFXUVRV H FRQYHQFHU (VWDEHOHFHPRV D KLSyWHVH GH TXH FDGD XPD GDV WUrV
´YLDVµ HQYROYH RSHUDo}HV TXDVH VHPSUH HPSUHJDGDV QRV SURFHVVRV GH
YLUWXDOL]DomR
(PSULPHLUROXJDUDJUDPiWLFD$ SDUWLU GR FRQWLQXXP GRV VRQV XPD
OtQJXD LVROD RX VHSDUD IRQHPDV HVSpFLHV GH HOHPHQWRV SULPiULRV QmR
VLJQLILFDQWHV $V XQLGDGHV VLJQLILFDQWHV SDODYUDV IUDVHV RX ´IDODVµ
DSUHVHQWDPVHjDQiOLVHFRPRVHTrQFLDVGHHOHPHQWRVGHVSURYLGRVGHVHQWLGR
QHOHVPHVPRVRVIRQHPDV&DGDFRPELQDomRGHHOHPHQWRVWHUiXPVHQWLGR
GLIHUHQWHHRVHOHPHQWRVDGTXLUHPXPYDORUGLVWLQWRHPFDGDFRPELQDomR$
JUDPiWLFDpDDUWHGHFRPSRUSHTXHQDVXQLGDGHVVLJQLILFDQWHVFRPHOHPHQWRV
QmR VLJQLILFDQWHV H JUDQGHV XQLGDGHV VLJQLILFDQWHV IUDVHV GLVFXUVRV FRP
SHTXHQDV1RWHPRVTXHDVRSHUDo}HV´JUDPDWLFDLVµGHVHSDUDomRHGHDUUDQMR
GH HOHPHQWRV QmR GL]HP UHVSHLWR DSHQDV j OtQJXD PDV WDPEpP j HVFULWD
LQFOXVLYHjVHVFULWDVQmRDOIDEpWLFDV
'HSRLV GD JUDPiWLFD D GLDOpWLFD ,QLFLDOPHQWH DUWH GR GLiORJR D
GLDOpWLFD SDVVRX D GHVLJQDU D FLrQFLD GD DUJXPHQWDomR H QD XQLYHUVLGDGH
PHGLHYDO D OyJLFD H D VHPkQWLFD $ JUDPiWLFD GL]LD UHVSHLWR j DUWLFXODomR
LQWHUQD GD OtQJXD j PDQLSXODomR GDV IHUUDPHQWDV OLQJtVWLFDV H HVFULWXUDLV $
GLDOpWLFD HP WURFD HVWDEHOHFH XPD UHODomR GH UHFLSURFLGDGH HQWUH
LQWHUORFXWRUHV SRLV QmR Ki HVIRUoR DUJXPHQWDWLYR TXH QmR VXEHQWHQGD XPD
HVSpFLH GH SDULGDGH LQWHOHFWXDO &RP LVVR D GLDOpWLFD FRQHFWD XP VLVWHPD GH
VLJQRV H XP PXQGR REMHWLYR FRORFDGR SHORV LQWHUORFXWRUHV HP SRVLomR GH
PHGLDGRU 6HUmR DV SURSRVLo}HV YHUGDGHLUDV RX IDOVDV H SRU TXr" 'H TXH
PDQHLUD HODV FRUUHVSRQGHP D XP HVWDGR GR PXQGR" $ GLDOpWLFD LPSOLFD DR
PHVPR WHPSR R UHODFLRQDPHQWR FRP R RXWUR D DUJXPHQWDomR H D UHODomR
FRP R ´H[WHULRUµ D VHPkQWLFD D UHIHUrQFLD 1mR Ki OtQJXD VHP HVVDV
RSHUDo}HV GH HVWDEHOHFLPHQWR GH FRUUHVSRQGrQFLD RX GH VXEVWLWXLomR
FRQYHQFLRQDOHQWUHXPDRUGHPGRVVLJQRVHXPDRUGHPGDVFRLVDV
(QILP D UHWyULFD GHVLJQD D DUWH GH DJLU VREUH RV RXWURV H R PXQGR
FRPRDX[tOLRGRVVLJQRV1RHVWiJLRUHWyULFRRXSUDJPiWLFRQmRVHWUDWDPDLV
DSHQDVGHUHSUHVHQWDURHVWDGRGDVFRLVDVPDVLJXDOPHQWHGHWUDQVIRUPiODH
PHVPR GH FULDU LQWHLUDPHQWH XPD UHDOLGDGH VDtGD GD OLQJXDJHP RX VHMD HP
WHUPRV ULJRURVRV XP PXQGR YLUWXDO R GD DUWH GD ILFomR GD FXOWXUD GR
XQLYHUVR PHQWDO KXPDQR (VVH PXQGR JHUDGR SHOD OLQJXDJHP VHUYLUi
HYHQWXDOPHQWH GH UHIHUrQFLD D RSHUDo}HV GLDOpWLFDV RX VHUi UHHPSUHJDGR SRU
RXWURVSURMHWRVGHFULDomR$OLQJXDJHPVyDOoDY{RQRHVWiJLRUHWyULFR(QWmR
HODVHDOLPHQWDGHVXDSUySULDDWLYLGDGHLPS}HVXDVILQDOLGDGHVHUHLQYHQWDR
PXQGR

27UtYLRGDV&RLVDV

0LQKDKLSyWHVHpTXHDVRSHUDo}HVJUDPDWLFDLVGLDOpWLFDVHUHWyULFDV
FKDYHV GD FDSDFLGDGH YLUWXDOL]DQWH GD OLQJXDJHP FDUDFWHUL]DP LJXDOPHQWH D
WpFQLFD H D FRPSOH[LGDGH GRV UHODFLRQDPHQWRV /RQJH GH PLP D LGpLD GH
´UHGX]LU WXGR j OLQJXDJHPµ $R FRQWUiULR WUDWDVH GH S{U HP HYLGrQFLD SRU
WUiV GD HILFiFLD GDV OtQJXDV XPD HVWUXWXUD DEVWUDWD QHXWUD TXH FDUDFWHUL]D
LJXDOPHQWH RXWURVWLSRV GH DWLYLGDGHVKXPDQDV FDSD]HV GH QRVID]HU HVFDSDU
DRDTXLHDJRUD
3DUDDWpFQLFDDJUDPiWLFDFRQVLVWHQRUHFRUWHGHJHVWRVHOHPHQWDUHV
TXHSRGHUmRVHUHPSUHJDGRVHPGLYHUVDVVHTrQFLDVRXDo}HVHPVLWXDomR4XH
VHSHQVHQDPDQHLUDFRPRDSUHQGHPRVDJLQiVWLFDDGDQoDRWrQLVDHVJULPD
DV DUWHV PDUFLDLV H QXPHURVDV KDELOLGDGHV SURILVVLRQDLV 3RGHUVHLD DILUPDU
FRP EDVH QRV WUDEDOKRV GH 0LFKHO )RXFDXOW TXH HVVH UHFRUWH HP JHVWRV
HOHPHQWDUHV p XP IHQ{PHQR UHFHQWH DSDUHFLGR QD (XURSD QD HUD FOiVVLFD H
TXH WHP D YHU FRP XPD DERUGDJHP GLVFLSOLQDU GR FRUSR &HUWDPHQWH 0DV
SRUXPODGRQmRpVHPLPSRUWkQFLDTXH SRVVDPRV UHFRUWDU DVVLP QRVVRV DWDV
ItVLFRVHTXHLVWRQRVFRQILUDHPJHUDOXPDFUpVFLPRGHHILFiFLDSHORPHQRV
QD DSUHQGL]DJHP GH PDVVD 3RU RXWUR ODGR R IDWR GH WDO UHFRUWH VH WRUQDU
H[SOtFLWRSDUDVLHPGHWHUPLQDGDFXOWXUDQmRVLJQLILFDTXHQmRHVWHMDDWXDQGR
LPSOLFLWDPHQWH HP VL QDV RXWUDV 2 FDVR GDV OtQJXDV QRV PRVWUD LVVR GH
PDQHLUD HYLGHQWH 1mR Ki JUDPiWLFD FRPR GLVFLSOLQD FRQVWLWXtGD DQWHV GD
HVFULWD H D TXDVH WRWDOLGDGH GRV VHUHV KXPDQRV DSUHQGH D IDODU VHP WHU D
PHQRU QRomR GLVVR 2 TXH QmR LPSHGH DV SDODYUDV GH VHUHP UHDOPHQWH
FRPELQDo}HV GH IHQ{PHQRV QHP LPSHGH TXH FDGD OtQJXD VHMD HQWUH RXWUDV
FRLVDVXPDHVSpFLHGHVLVWHPDFRPELQDWyULRTXHREHGHFHDUHJUDVHVSHFLDLVGH
FRQVWLWXLomRGHVHTrQFLDVVRQRUDV
$JUDPiWLFDWpFQLFDQmRGL]UHVSHLWRDSHQDVDRVJHVWRVPDVWDPEpPD
PyGXORV PDWHULDLV HOHPHQWDUHV TXH SRGHP VHU FRPELQDGRV SDUD FRPSRU
JDPDV GH DUWHIDWRV RX GH IHUUDPHQWDV $ WtWXOR GH H[HPSOR R PHVPR FDER
SRGH VHUYLU j PRQWDJHP GH XPD Si RX GH XPD SLFDUHWD H WLMRORV LGrQWLFRV
SRGHPVHUXVDGRVQDFRQVWUXomRGHFDVDVPXLWRGLYHUVDV
6H QmR p PXLWR GLItFLO DGPLWLU XPD HVSpFLH GH JUDPiWLFD WpFQLFD Mi
XPDGLDOpWLFDGDVFRLVDVSDUHFHSUREOHPiWLFD$OLQJXDJHPUHIHUHVHDRPXQGR
UHDOSHUPLWHSURGX]LUSURSRVLo}HVYHUGDGHLUDVRXIDOVDV VXVFLWD HPRo}HVRX
LGpLDV (P VXPD HOD VLJQLILFD (P WURFD D WpFQLFD SDUHFH SHUWHQFHU D XPD
RXWUDRUGHPTXHQmRDGDVLJQLILFDomRDGDDomRHILFD]GDRSHUDFLRQDOLGDGH
$ OLQJXDJHP SURYRFD HVWDGRV PHQWDLV D IHUUDPHQWD GHVORFD PDWpULD &RPR
SRGHULD KDYHU XPD GLDOpWLFD GRV LQVWUXPHQWRV" ( QmR REVWDQWH WDPEpP D
WpFQLFDID]VHQWLGR
1R FHQWUR GD VLJQLILFDomR DFKDVH D RSHUDomR GH VXEVWLWXLomR 6H D
SDODYUD´iUYRUHµVLJQLILFDpVREUHWXGRSRUTXHHPFHUWDVFLUFXQVWkQFLDVHSDUD
XVRV GHWHUPLQDGRV HOD ID] DV YH]HV GD iUYRUH UHDO 2UD H TXDVH GR PHVPR
PRGRXPGLVSRVLWLYRWpFQLFRYDOHSRUXPRXWURGLVSRVLWLYRQmRWpFQLFRRXGH
XPDWHFQLFLGDGHPHQRVFRPSOH[D3RUH[HPSORRVLVWHPDPRGHUQRGHiJXD
FRUUHQWH HP WRGRV RV DQGDUHV VXEVWLWXL R EDOGH TXH YDL j IRQWH $ IRQWH
LQVWDODGDQDSUDoDSRUVXDYH]VXEVWLWXLDFDPLQKDGDDWpDQDVFHQWHRXRULR
$V WRUQHLUDV GD FR]LQKD H GR EDQKHLUR ´GHQRWDPµ D ´VLJQLILFDomRµ VHJXLQWH
YRFr QmR SUHFLVD PDLV WUD]HU D iJXD GR SRoR RX DOXJDU RV VHUYLoRV GH XP
FDUUHJDGRU2XWURH[HPSORDELFLFOHWDVypXPREMHWRWpFQLFRSRUTXHVXEVWLWXL
XPD FDPLQKDGD VHP HTXLSDPHQWR PHFkQLFR RX XP FDYDOR GHPDVLDGR
RQHURVR 9LD GH UHJUD R VHQWLGR GH XP DUWHIDWR RX GH XPD IHUUDPHQWD p R
GLVSRVLWLYRTXHVHUtDPRVREULJDGRVDHPSUHJDUSDUDREWHURPHVPRUHVXOWDGR
VHHOHQmRWLYHVVHVLGRLQYHQWDGR2REMHWRWpFQLFRQmRDSHQDVFXPSUHFRPR
RVLJQRXPDIXQomRGHVXEVWLWXLomRFRPRWDPEpPRSHUDDOpPGLVVRRPHVPR
WLSRGHDEVWUDomR$SDODYUD´iUYRUHµQmRUHPHWHDSHQDVDHVWDILJXHLUDHPPHX
MDUGLPDHVWDEpWXODQDIORUHVWDPDVDTXDOTXHUiUYRUHSDUWLFXODUHPDLVDLQGD
DR FRQFHLWR JHUDO GH iUYRUH 'R PHVPR PRGR XPD ELFLFOHWD QmR VXEVWLWXL
HVSHFLDOPHQWHHVWDVSHUQDVHPYLDGHDQGDURXHVWHFDYDORQDHVWUHEDULD9DOH
SRU XPD IXQomR JHUDO GH WUDQVSRUWH XPD IXQomR DEVWUDWD GHVOLJDGD D SULRUL
GHVWHRXGDTXHOH´UHIHUHQWHµSDUWLFXODUUHPHWHQGRSRUWDQWRDXPDTXDQWLGDGH
LQGHWHUPLQDGDGHVLWXDo}HVRXGHGLVSRVLWLYRVFRQFUHWRVGHGHVORFDPHQWR
)LQDOPHQWHDWpFQLFDSRVVXL²HODWDPEpP²VXDUHWyULFDQRVHQWLGR
HP TXH VHX PRYLPHQWR QmR VH OLPLWD HP DFXPXODU DUWHIDWRV RX IHUUDPHQWDV
´SUiWLFDVµ H ´~WHLVµ TXH ID]HP JDQKDU WHPSR H HQHUJLD $ LQYHQomR WpFQLFD
DEUHSRVVLELOLGDGHVUDGLFDOPHQWHQRYDVFXMRGHVHQYROYLPHQWRDFDEDSRUID]HU
FUHVFHU XP PXQGR DXW{QRPR FULDomR SUROLIHUDQWH TXH QmR SRGH PDLV VHU
H[SOLFDGDSRUQHQKXPFULWpULRHVWiWLFRGHXWLOLGDGH'HIDWRVHQmRI{VVHPRV
DOpPGDGLDOpWLFDWpFQLFDSRGHUtDPRVDLQGDFRQILQDUDVIHUUDPHQWDVQRUHLQR
GRV PHLRV 2V ILQV GH EHEHU RX GH LU j DOGHLD YL]LQKD SHUPDQHFHQGR
LQDOWHUDGRV DV WpFQLFDV GH DGXomR GH iJXD RX GR YHORFtSHGH VHUYHP SDUD
DWLQJLORV PDLV GHSUHVVD H FRP PHQRU FXVWR 0DV D SURGXomR GH DUWHIDWRV
DWLQJH R HVWiJLR UHWyULFR TXDQGR HOD SDUWLFLSD GD FULDomR GH QRYRV ILQV 3RU
H[HPSOR DV FDOFXODGRUDV HOHWU{QLFDV DSHUIHLoRDGDV QRV DQRV TXDUHQWD
SHUPLWLUDP HIHWXDU RSHUDo}HV DULWPpWLFDV PLO YH]HV PDLV UDSLGDPHQWH TXH DV
FDOFXODGRUDVHOHWURPHFkQLFDVHDQDOyJLFDVDQWHULRUHV0DVVHXVLQYHQWDUHVQmR
VHFRQWHQWDUDPHPID]HUDVQRYDVPiTXLQDVHIHWXDUPDLVGHSUHVVDDVPHVPDV
RSHUDo}HVTXHDVDQWLJDV([SORUDUDPHVVDYHORFLGDGHDFUHVFLGDSDUDPRGLILFDU
UDGLFDOPHQWH D FRQFHSomR GDV PiTXLQDV GH FDOFXODU (P YH] GH FRQVWUXLU
LQVWUXPHQWRV HVSHFLDOL]DGRV QD FRPSXWDomR GHVWH RX GDTXHOH JrQHUR GH
RSHUDomR FRQFHEHUDP FDOFXODGRUDV XQLYHUVDLV SURJUDPiYHLV FDSD]HV GH
H[HFXWDU TXDOTXHU WLSR GH WUDWDPHQWR GH LQIRUPDomR ,VWR Vy IRL SRVVtYHO
JUDoDV j YHORFLGDGH DGTXLULGD SHOD HOHWU{QLFD TXH SHUPLWLX RWLPL]DU D
GLVSRVLomR PDWHULDO GRV FLUFXLWRV HP IXQomR GDV RSHUDo}HV UHTXHULGDV )RL
DVVLP TXH QDVFHX D LQIRUPiWLFD H TXH R XQLYHUVR GR VRIWZDUH VH S{V D
SUROLIHUDU
8PDYLVmRHVWUHLWDGD LQIRUPiWLFD OLPLWDGD j GLDOpWLFD D UHGX] D XP
FRQMXQWR GH IHUUDPHQWDV SDUD FDOFXODU HVFUHYHU FRQFHEHU H FRPXQLFDU PDLV
GHSUHVVDHPHOKRU$SOHQDDERUGDJHPUHWyULFDGHVFREUHQHOD XP HVSDoR GH
SURGXomRHGHFLUFXODomRGRVVLJQRVTXDOLWDWLYDPHQWHGLIHUHQWHGRVDQWHULRUHV
QRTXDODVUHJUDVGHHILFiFLDHRVFULWpULRVGHDYDOLDomRGDXWLOLGDGHPXGDUDP
1RVVD HVSpFLH ODQoRXVH VHP UHWRUQR QHVVH QRYR HVSDoR LQIRUPDFLRQDO $
TXHVWmRSRUWDQWRQmRpDYDOLDUVXD´XWLOLGDGHµPDVGHWHUPLQDUHPTXHGLUHomR
SURVVHJXLU XP SURFHVVR GH FULDomR FXOWXUDO LUUHYHUVtYHO 3RGHUVHLD GL]HU R
PHVPR GR FRQMXQWR GRV PHLRV GH WUDQVSRUWH TXH PXLWR PDLV
PHWDPRUIRVHDUDPDJHRJUDILDHGLVVROYHUDPDVDQWLJDVGLVWLQo}HVHQWUHFLGDGH
H FDPSR GR TXH DFHOHUDUDP RV YHtFXORV D FDYDOR H RV EDUFRV D YHOD 2
DXWRPyYHO p FHUWDPHQWH XP PHLR GH WUDQVSRUWH SRUpP PDLV DLQGD p R
SULQFLSDORSHUDGRUXUEDQtVWLFRFRQWHPSRUkQHR
­ PHGLGD TXH VH GHVHQYROYH R WHFQRFRVPR VHXV HOHPHQWRV VH
IXQGHP QR FHQiULR VH QDWXUDOL]DP HQWUDP QD GLDOpWLFD GRV ILQV UHFHELGRV H
GRV PHLRV TXH VH DSHUIHLoRDP 0DV HP VXD IURQWHLUD DYDQoDGD QD LQWHUIDFH
PyYHOGDFULDomRHGRGHVFRQKHFLGRDDWLYLGDGHWpFQLFDDEUHPXQGRVYLUWXDLV
QRVTXDLVVHHODERUDPQRYRVILQV

 275Ì9,2'266(5(6

(QILP D FRPSOH[LGDGH GRV UHODFLRQDPHQWRV WHP D YHU LJXDOPHQWH

FRP XP WUtYLR DQWURSROyJLFR JHQHUDOL]DGR 1D HWDSD JUDPDWLFDO IRL SUHFLVR
LGHQWLILFDUHVHSDUDUHOHPHQWRVFDSD]HVGHHQWUDUHPFRPSRVLomRQRVDUUDQMRV
FRQWUDWXDLV OHJDLV VRFLDLV SROtWLFRV PRUDLV RX UHOLJLRVRV (VVHV HOHPHQWRV
UHFRPELQiYHLV QRWHPROD VmR WmR FRQYHQFLRQDLV H QmRVLJQLILFDQWHV TXDQWR
RV IRQHPDV VHQWLPHQWRV SDL[}HV iWRPRV GH UHODFLRQDPHQWRV GH JHVWRV
SDUWHV GD DOPD VXMHLWRV SHVVRDV HLV Dt RXWURV WDQWRV WLMRORV GH EDVH SDUD RV
FRPSRUWDPHQWRVRVUHODFLRQDPHQWRVHDVLGHQWLGDGHVVRFLDLV
eSUHFLVRTXHKDMDHOHPHQWRVLQYDULiYHLVFRPRDVDOYDomRDFyOHUDD
RIHQVD D SURPHVVD RX D KRPHQDJHP UHFRQKHFtYHLV QXPD YDULHGDGH LQILQLWD
GH FLUFXQVWkQFLDV SDUD TXH D YLGD FROHWLYD SRVVD VH HVWDELOL]DU H VH
FRPSOH[LILFDU 'H XP SRQWR GH YLVWD HVWULWDPHQWH ItVLFR WRGRV RV VRQV VmR
GLIHUHQWHV e VRPHQWH QR SURFHVVR YLUWXDOL]DQWH GD OtQJXD TXH GRLV VRQV
GLVWLQWRV H[HPSOLILFDP R PHVPR IRQHPD 2 PHVPR YDOH SDUD FODVVHV GH
VHQWLPHQWRVRXGHDWRVVRFLDLVWRGRVGLIHUHQWHVQXPSODQRSVLFROyJLFRHVWULWR
PDV TXH QmR REVWDQWH VHUYHP GH LQVWkQFLD SDUD R PHVPR iWRPR GH
UHODFLRQDPHQWR QR MRJR GH FRQVWUXomR GD FRPSOH[LGDGH VRFLDO $ SDUWLU GRV
HOHPHQWRV GH EDVH YmR VHU HODERUDGDVXPD TXDQWLGDGH LQILQLWD GH VHTrQFLDV
GHLQWHUDo}HVXPDHVSpFLHGHWH[WRRXGHKLSHUWH[WRUHODFLRQDO
-iDERUGDPRVPDLVDFLPDDGLPHQVmRGLDOpWLFDGDpWLFDWRPDGDDTXL
QRVHQWLGRJHUDOGHFRPSOH[LGDGHUHODFLRQDOHFRPSRUWDPHQWDO8PFRQWUDWR
VXEVWLWXL XPD UHODomR GH IRUoD RX XPD GLVFXVVmR SHUPDQHQWH XP ULWXDO
HFRQRPL]DDQHJRFLDomRGHXPGHVHMRRXGHXPDLGHQWLGDGH&RPRQRFDVR
GD OLQJXDJHP H GD WpFQLFD XPD FDGHLD GH DWDV SRGH UHPHWHU D RXWUDV
FRQVWUXo}HV pWLFDV H LVWR UHFXUVLYDPHQWH DWp IRUPDU XP DPRQWRDGR GH
VLJQLILFDo}HVVLPXOWkQHDV FRPR XPD GLPHQVmR KDUP{QLFD GR YtQFXOR VRFLDO
8PD RSHUDomR VLPEyOLFD VXEVWLWXL XP VDFULItFLR DQLPDO XP VDFULItFLR DQLPDO
YDOHSRUXPVDFULItFLRKXPDQRXPVDFULItFLRKXPDQRHFRQRPL]DXPDJXHUUD
FLYLO
1R HVWiJLR UHWyULFR GHYHVH ILQDOPHQWH FRQVWDWDU R FUHVFLPHQWR GH
XP XQLYHUVR UHODFLRQDO DXW{QRPR QRV SODQRV OHJDO LQVWLWXFLRQDO SROtWLFR
FRPHUFLDOPRUDOHUHOLJLRVR'HQRYRDTXHVWmRGDXWLOLGDGHGDIXQomRRXGD
UHIHUrQFLD Gi OXJDU DR SRGHU GH ID]HU VHQWLGR RX PHOKRU GH ID]HU PXGDU R
VHQWLGR GH FULDU XQLYHUVRV GHVLJQLILFDomR UDGLFDOPHQWH QRYRV LQYHQo}HV GR
PRQRWHtVPRGRGLUHLWRURPDQRGDGHPRFUDFLDGDHFRQRPLDFDSLWDOLVWD

 $*5$0É7,&$)81'$0(172'$ 9,578$/,=$d®2

3RU TXH RV WUrV HVWiJLRV GR WUtYLR IRUPDP XP FDPLQKR GH
YLUWXDOL]DomR"5HWRPHPRVDVWUrVHWDSDVXPDSRUXPD
$V RSHUDo}HV GH JUDPDWL]DomR UHFRUWDP XP FRQWLQXXP IRUWHPHQWH
OLJDGRDSUHVHQoDVDTXLHDJRUDDFRUSRVDUHODo}HVRXVLWXDo}HVSDUWLFXODUHV
SDUD REWHU DILQDO HOHPHQWRV FRQYHQFLRQDLV RX SDGUmR (VVHV iWRPRV VmR
GHVWDFiYHLVWUDQVIHUtYHLVLQGHSHQGHQWHVGHFRQWH[WRVYLYRV-iIRUPDPRJUDX
PtQLPR GR YLUWXDO QD PHGLGD HP TXH FDGD XP SRGH VHU DWXDOL]DGR QXPD
YDULHGDGHLQGHILQLGDGHRFRUUrQFLDVWRGDVTXDOLWDWLYDPHQWHGLIHUHQWHVPDVQR
HQWDQWRUHFRQKHFtYHLVFRPRH[HPSODUHVGRPHVPRHOHPHQWRYLUWXDO3RUWDQWR
QmRVHWUDWDGHiWRPRVUHDLVRXVXEVWDQFLDLV(VVHSRQWRGHYHVHUVXEOLQKDGR
SRLV HOH ID] WRGD D GLIHUHQoD HQWUH D DQiOLVH j PRGD FDUWHVLDQD TXH VHSDUD
SDUWHVUHDLVHDJUDPDWL]DomRTXHFULDSDUWtFXODV YLUWXDLV6XDSURSULHGDGHGH
QmRVLJQLILFkQFLDDXWRUL]DRUHHPSUHJRGHXPFRQMXQWROLPLWDGRGHWLMRORVGH
EDVHOLYUHVHGHVWDFiYHLVSDUDFRQVWUXLUXPDTXDQWLGDGHLQILQLWDGHVHTrQFLDV
GHFDGHLDVRXGHFRPSRVWRVVLJQLILFDQWHV$VLJQLILFDomRGHXPFRPSRVWRQmR
SRGH VHU GHGX]LGD D SULRUL GD OLVWD GH VHXV HOHPHQWRV WUDWDVH GH XPD
DWXDOL]DomRFULDGRUDHPFRQWH[WR
2 GHVWLQR GD HVFULWD LOXVWUD SDUWLFXODUPHQWH EHP D JUDPDWL]DomR R
TXHDHWLPRORJLDFRQILUPDJUDPPDHPJUHJRDQWLJRpDOHWUD$IDODpDQWHVGH
PDLV QDGD LQGLVVRFLiYHO GH XP VRSUR GH XPD SUHVHQoD YLYD DTXL H DJRUD $
HVFULWDDJUDPDWL]DomRGDIDODVHSDUDDPHQVDJHPGHXPFRUSRYLYRHGHXPD
VLWXDomR SDUWLFXODU $ LPSUHVVmR OHYD DGLDQWH HVVH SURFHVVR DR SDGURQL]DU D
JUDILDVHSDUDQGRRWH[WROLGRGRWUDoRGLUHWRGHXPDSHUIRUPDQFHPXVFXODU
2DVSHFWRYLUWXDOL]DQWHGDLPSUHVVmRpRFDUDFWHUHPyYHO5HHQFRQWUDUHPRVHP
TXDVH WRGRV RV SURFHVVRV GH YLUWXDOL]DomR R HTXLYDOHQWH GH XP ´FDUDFWHUH
PyYHOµOLEHUDGRGHVFRODGRGDVVLWXDo}HVFRQFUHWDVUHSURGXWtYHOHFLUFXODQWH
$LQIRUPDWL]DomRDFHOHUDRPRYLPHQWRLQLFLDGRSHODHVFULWDDRUHGX]LU
WRGDVDVPHQVDJHQVDFRPELQDo}HVGHGRLVVtPERORVHOHPHQWDUHV]HURHXP
(VVHVFDUDFWHUHVVmR RVPHQRV VLJQLILFDQWHVSRVVtYHLV LGrQWLFRV HP WRGRVRV
VXSRUWHV GHPHPyULD 6HMD TXDO IRU D QDWXUH]D GD PHQVDJHP HOHV FRPS}HP
VHTrQFLDVWUDGXWtYHLVHPHSRUTXDOTXHUFRPSXWDGRU$LQIRUPiWLFDpDPDLV
YLUWXDOL]DQWHGDVWpFQLFDVSRUVHUWDPEpPDPDLVJUDPDWLFDOL]DQWH6DEHVHTXH
DOtQJXDVHFDUDFWHUL]DSRUXPDGXSODDUWLFXODomRDTXHMXQWDRVIRQHPDVHDV
XQLGDGHV VLJQLILFDQWHV DV SDODYUDV H D TXH MXQWD DV SDODYUDV HQWUH VL SDUD
SURGX]LU IUDVHV 1R TXH FRQFHUQH j LQIRUPiWLFD SRGHUVHLD IDODU GH XPD
DUWLFXODomR GH Q WHUPRV FyGLJRV HOHWU{QLFRV GH EDVH OLQJXDJHQVPiTXLQDV
OLQJXDJHQV GH SURJUDPDomR OLQJXDJHQVGH DOWR QtYHO LQWHUIDFHV H RSHUDGRUHV
GHWUDGXo}HVP~OWLSODVSDUDILQDOPHQWHFKHJDUjHVFULWDFOiVVLFDjOLQJXDJHPD
WRGDVDVIRUPDVYLVXDLVHVRQRUDVDQRYRVVLVWHPDVGHVLJQRVLQWHUDWLYRV
 $UHODomRHQWUHRVIHQ{PHQRVFRQWHPSRUkQHRVGHGHVWHUULWRULDOL]DomR
H GH PXQGLDOL]DomR GH XP ODGR H D SDGURQL]DomR D YLUWXDOL]DomR GH
HOHPHQWRV GH EDVH UHFRPELQiYHLV GH RXWUR p HYLGHQWH $ SDGURQL]DomR
SHUPLWHDFRPSDWLELOLGDGHHQWUHVLVWHPDVGHLQIRUPDomRVLVWHPDVHFRQ{PLFRV
VLVWHPDV GH WUDQVSRUWH GLVWLQWRV (OD DXWRUL]D GHVWH PRGR D FRQVWLWXLomR GH
HVSDoRV HFRQ{PLFRV LQIRUPDFLRQDLV RX ItVLFRV DEHUWRV GH FLUFXODomR OLYUH
FXMDVILJXUDVVDOLHQWHVFDUURVDYL}HVFRPSXWDGRUHVFREUHPQDYHUGDGHXPD
VXSHUItFLH FRRUGHQDGD IOXWXDQWH H FRQWtQXD GH FRPSRQHQWHV DUWLFXOiYHLV
$VVLP FRPR RV FRPSXWDGRUHV DFDEDUDP SRU VH IXQGLU QR FUHVFLPHQWR GR
FLEHUHVSDoRWDPEpPRVDYL}HVQmRVmRPDLVTXHRVPyGXORVDSDUHQWHVGHXP
VLVWHPD LQWHUQDFLRQDO LQWHJUDGR GH WUDQVSRUWH DpUHR FXMR Q~FOHR p D
FRRUGHQDomRHQWUHRVDHURSRUWRV
$SyV RV VLJQRV H D WpFQLFD YHMDPRV DJRUD DOJXQV H[HPSORV QR
GRPtQLR GDV IRUPDV VRFLDLV 'H TXH PRGR D JUDPDWL]DomR ID] VXUJLU QRYRV
WLSRVGHFRQWUDWRVHGHFRPSRUWDPHQWRV"$REUDGH6WHYHQ6KDSLQH6LPRQ
6FKDIIHU /HYLDWKDQ DQG WEF $LU 3XPS >/HYLDWm H D ERPED GH DU@ UHFRQVWLWXL R
QDVFLPHQWR GD FRPXQLGDGH FLHQWtILFD PRGHUQD QR VpFXOR ;9-,, DWUDYpV GD
SROrPLFDHQWUH+REEHVH%R\OH%R\OHTXHUGHILQLUDVUHJUDVTXHGHYHPUHJHU
RFROHWLYRGRV´H[SHULPHQWDOLVWDVµHHPSDUWLFXODUDHVWULWDVHSDUDomRHQWUHGH
XP ODGR IDWRV TXH UH~QDP R FRQVHQVR UHSURGXWtYHLV HP ODERUDWyULR H
FRQVWDWiYHLV SRU WHVWHPXQKDV GLJQDV GH Ip H GH RXWUR KLSyWHVHV WHRULDV RX
H[SOLFDo}HV FDXVDLV VREUH DV TXDLV D FRQFRUGkQFLD GD FRPXQLGDGH FLHQWtILFD
QmRpQHFHVViULD+REEHVHPFRQWUDSDUWLGDVHUHFXVDDDGPLWLUHVVDVHSDUDomR
GRVIDWRVHGDVH[SOLFDo}HVFDXVDLV6HRQ~FOHRGDDWLYLGDGH´ILORVyILFDµQmR
IRU D H[SOLFDomR SHODV FDXVDV HOH QmR Yr D XWLOLGDGH GLVVR $OpP GR PDLV
VXEOLQKD TXH QD UHDOLGDGH p LPSRVVtYHO VHSDUDUD FRQVWDWDomR GRV IDWRV H D
IRUPXODomRGDVKLSyWHVHVRX LQWHUSUHWDo}HV TXH RULHQWDP H IRUPDPR ROKDU
+REEHV HVWi SRUWDQWR HPFRQGLo}HV IDYRUiYHLV SDUD GHVPRQWDU RV ´IDWRVµ
REWLGRV SRU %R\OHPRVWUDQGR VHX FDUiWHU FRQYHQFLRQDO H FRQVWUXtGR 1XP
FHUWRVHQWLGR+REEEHVWHPUD]mRDVHSDUDomRGRVIDWRV´VHPVLJQLILFDomRµH
GDV H[SOLFDo}HV p DUWLILFLDO 0DV VHUi R SUREOHPD HVVHQFLDOGH %R\OH H GRV
H[SHULPHQWDOLVWDV R GH WHU UD]mR RX VHMD R GH DWHUVH DR UHDO" 2 SUREOHPD
GHOHV QmR VHULD DQWHV PRQWDU XP GLVSRVLWLYR FDSD] GH LVRODU GR VDEHU XPD
SDUWH YLUWXDO PyYHO UHSURGXWtYHO LQGHSHQGHQWH GDV SHVVRDV DLQGD TXH VHMD
DSHQDVQRVHLRGDUHGHUHVWULWDGRVODERUDWyULRVSURYLGRVGRVPHLRVGHUHID]HU
DVH[SHULrQFLDV" $TXL R FDUDFWHU PyYHO GHVWDFiYHO QmRVLJQLILFDQWH H
FLUFXODQWH p R IDWR 2 HVIRUoR SDUD LQVWLWXLU D FLrQFLD FRPRPiTXLQD
YLUWXDOL]DQWHIRLSURYDYHOPHQWHPDLVIHFXQGRTXHDYRQWDGHGHDWHUVHDRUHDO
RXGHGL]HUDYHUGDGH
8P H[HPSOR SULYLOHJLDGR LOXVWUDUi SDUD WHUPLQDU D SRWrQFLD
YLUWXDOL]DQWH GD JUDPDWL]DomR (YRFDUHL DJRUD QmR PDLV D YLUWXDOL]DomR GR
FRQKHFLPHQWR SHOD FRPXQLGDGH FLHQWtILFD PDV D GRUHFRQKHFLPHQWR GRV VDEHUHV H
GDVFRPSHWrQFLDVSHODVRFLHGDGHHPVHXFRQMXQWR1XPVHQWLGRSURIXQGRDV
FRPSHWrQFLDVGRVLQGLYtGXRVVmR~QLFDVOLJDGDVDVHXWUDMHWRGHYLGDVLQJXODU
LQVHSDUiYHLVGHXPFRUSRVHQVtYHOHGHXPPXQGRGH VLJQLILFDo}HVSHVVRDLV
,VWR p H FRQWLQXDUi VHQGR YHUGDGH 7RGDYLD SDUD DV QHFHVVLGDGHV GD YLGD
HFRQ{PLFDHVRFLDOPDVLJXDOPHQWHSDUDDVDWLVIDomRVLPEyOLFDGRVLQGLYtGXRV
HVVDV FRPSHWrQFLDV GHYHP VHULGHQWLILFDGDV H UHFRQKHFLGDV GH PDQHLUD
FRQYHQFLRQDO$QHFHVVLGDGHGHUHFRQKHFLPHQWRHGHLGHQWLILFDomRpWDQWRPDLV
SUHPHQWH QD PHGLGD HP TXH FRPR VXEOLQKDPRV QXP FDStWXOR
DQWHULRUFRPSHWrQFLDV H FRQKHFLPHQWRV VmR KRMH D IRQWH GD PDLRU SDUWH
GHULTXH]D2UDRPRGRFOiVVLFRGHUHFRQKHFLPHQWRGRVVDEHUHV²RGLSORPD
²pDRPHVPRWHPSR
²GHILFLHQWHQHPWRGRVWrPGLSORPDHPERUDFDGDXPVDLEDDOJXPD
FRLVD
²WHUULYHOPHQWHJURVVHLURDVSHVVRDVTXHWrPRPHVPRGLSORPDQmR
WrP DV PHVPDV FRPSHWrQFLDV VREUHWXGR SRU FDXVD GHVXDV H[SHULrQFLDV
GLYHUVDV
² H ILQDOPHQWH QmR SDGURQL]DGR RV GLSORPDV HVWmR YLQFXODGRV D
XQLYHUVLGDGHV RX QR Pi[LPR D (VWDGRV H QmR Ki VLVWHPD JHUDO GH
HTXLYDOrQFLDHQWUHGLSORPDVGHSDtVHVGLIHUHQWHV
2 FyGLJR RILFLDO GH UHFRQKHFLPHQWR GRV VDEHUHV QmR RIHUHFH GXSOD
DUWLFXODomRQHPDOLiVTXDOTXHURXWUDIRUPDGHDUWLFXODomR2VGLSORPDVQmR
VmR FRPSRVWRV GH HOHPHQWRV PDLV VLPSOHVH UHHPSUHJiYHLV QXPD RXWUD
VHTrQFLD GH HOHPHQWRV TXDOTXHU 6mRDJUHJDGRV PRODUHV LQGHFRPSRQtYHLV
9iULRVGLSORPDVQmRIRUPDPXPDXQLGDGHVLJQLILFDQWHGHQtYHOVXSHULRUPDV
DSHQDVXPDMXVWDSRVLomREUXWD
)DFH D HVVD VLWXDomR R VLVWHPD GDV iUYRUHV GH FRQKHFLPHQWRV IRL
LPDJLQDGR H GHVHQYROYLGR SDUD YLUWXDOL]DU D UHODomR FRPRV VDEHUHV H DV
FRPSHWrQFLDV $XWKLHU /pY\  $VVLP HOHSHUPLWH DRV JUXSRV H DRV
LQGLYtGXRV LGHQWLILFDUVH H RULHQWDUVHILQDPHQWH QXP XQLYHUVR GH
FRQKHFLPHQWRVHPIOX[R
$ViUYRUHVGHFRQKHFLPHQWRVSURS}HPXPDYHUGDGHLUDJUDPDWL]DomR
GR UHFRQKHFLPHQWR GRV VDEHUHV $V SDUWtFXODV HOHPHQWDUHV GH
UHFRQKHFLPHQWRV RX EUHYrV QmR WrP VLJQLILFDomR FRPSOHWD QHODV PHVPDV
PDVVRPHQWHHPEUDV}HVTXHVmRVHTrQFLDVGHEUHYrVFXUULFXODREWLGRVSRU
XP LQGLYtGXR H SURMHWDGRV VREUH D iUYRUH GH FRQKHFLPHQWRV GH XPD
FRPXQLGDGH 8P FRQMXQWR GH EUHYrV SRGH VHUYLU SDUD FRPSRU XPD
TXDQWLGDGH LQILQLWD GHFDPLQKRV GH DSUHQGL]DJHP GLIHUHQWHV 2 PHVPR
FXUULFXOXPLQGLYLGXDODGTXLUHXPDVLJQLILFDomRHXPYDORUGLIHUHQWHVQDiUYRUH
GHXPDRXGHRXWUDFRPXQLGDGH
2EWpPVH FODUDPHQWH XP VLVWHPD GH GXSOD DUWLFXODomR
3ULPHLUDPHQWH HQWUH RV EUHYrV H RV FXUULFXOD LQGLYLGXDLV FRPR HQWUH RV
IRQHPDV H DV SDODYUDV 6HJXQGR HQWUH RV FXUULFXOD H DViUYRUHV XPD iUYRUH
HPHUJHGRVSHUFXUVRVGHDSUHQGL]DJHPGRVPHPEURVGHXPDFRPXQLGDGH H
RVHVWUXWXUDHPWURFDQDIRUPDGHEUDV}HVFRPRHQWUHDVSDODYUDVHDVIUDVHV
D IUDVH p IHLWD GHSDODYUDV FRP YDORU VHPkQWLFR LQGHWHUPLQDGR H DWXDOL]D HP
WURFDRVHQWLGRGDVSDODYUDVTXHDFRPS}HP$SULRULTXDOTXHUEUHYr²FRP
PDLRURXPHQRUVXFHVVR²SRGHVHLQWHJUDUHPTXDOTXHUFXUULFXOXPHTXDOTXHU
FXUULFXOXP²FRPIRUWXQDVGLYHUVDV²SRGHVHLQWURGX]LUHPTXDOTXHUiUYRUH2
EUHYr p R FDUDFWHU PyYHO GD LGHQWLILFDomR GRV VDEHUHV (VVH IXQFLRQDPHQWR
JUDPDWLFDO HP GXSOD DUWLFXODomR p D FRQGLomR GH SRVVLELOLGDGH GH XPD
SDGURQL]DomR GH XPD GHVWHUULWRULDOL]DomR GH XPD YLUWXDOL]DomR GR VDEHU
UHFRQKHFLGR (VSpFLH GH IRQHPD GD LGHQWLILFDomR GDV FRPSHWrQFLDV R EUHYr
UHSUHVHQWD XPD SDUWtFXOD YLUWXDO GH FRPSHWrQFLD e LQWHLUDPHQWH QHFHVViULR
SRUWDQWRTXHHOHVHMDHVWHUHRWLSDGRLQGHSHQGHQWHGDVSHVVRDVGRVOXJDUHVRX
GRVHVWXGRV3RU RXWUR ODGRXP EUDVmR QXPD iUYRUH H[SULPH RV VDEHUHV GH
XPLQGLYtGXRQXPFRQWH[WRGDGRHOHRIHUHFHXPDLPDJHP²VHPSUHVLQJXODU
²GDDWXDOL]DomRGDVFRPSHWrQFLDVGHXPDSHVVRDHPVLWXDomR
(VVD DERUGDJHP p UDFLRQDO H SUiWLFD 3HUPLWH UHVROYHU QXPHURVRV
SUREOHPDVTXHVmRDRPHVPRWHPSRSUHPHQWHVHFRQFUHWRV1RHQWDQWRHOD
´FKHLUD D HQ[RIUHµ SHOD UD]mR PHVPD TXH ID] GLVVR XPD LQYHQomR R
UHFRQKHFLPHQWR GDV FRPSHWrQFLDV p LQWHLUDPHQWH GHVFRQHFWDGR GH TXDOTXHU
KLSyWHVH SDUWLFXODU VREUH D RUGHP GRV VDEHUHV 6mR RV FDPLQKRV GH
DSUHQGL]DJHP GRV FROHWLYRV VHPSUH GLIHUHQWHV TXH ID]HP HPHUJLU
FODVVLILFDo}HV GH FRQKHFLPHQWRV YDULDGDV YLVXDOL]DGDV SRU iUYRUHV $OJXPD
FRLVDIRLOLEHUDGD

$',$/e7,&$($ 5(7Ð5,&$$32*(8'$9,578$/,=$d®2

8PKRPHPSUpKLVWyULFRYrXPJDOKR5HFRQKHFHRSHORTXHp0DVD
KLVWyULD QmR WHUPLQD Dt SRLV R KRPHP DR GLDOHWL]DU Yr XPD LPDJHP
GXSOLFDGD (OH HQYHVJD RV ROKRV VREUH R JDOKR H R LPDJLQD FRPR EDVWmR 2
JDOKR VLJQLILFD R EDVWmR 2 JDOKR p XP EDVWmR YLUWXDO 6XEVWLWXLomR 7RGD D
WpFQLFD HVWi IXQGDGD QHVVD FDSDFLGDGH GH WRUomR GH GHVGREUDPHQWR RX GH
KHWHURJrQHVH GR UHDO 8PD HQWLGDGH UHDO LPHUVD HP VXD LGHQWLGDGH H VXD
IXQomRGHVSUHQGHVXELWDPHQWHXPDRXWUDIXQomRXPDRXWUDLGHQWLGDGHHQWUD
HP QRYDV FRPELQDo}HV p DUUHEDWDGD QXP SURFHVVR GH KHWHURJrQHVH e D
PHVPD FDSDFLGDGH GH LQWHUSUHWDU RX LQYHQWDU VHQWLGRV TXH VH SUDWLFD QD
OLQJXDJHPHQDWpFQLFDQDEULFRODJHPHQDOHLWXUD
$VVLPFRPRKiXPDGLDOpWLFDGRVVLJQRVHXPDGLDOpWLFDGDVFRLVDVD
GLDOpWLFDGDVSHVVRDVSRUVXDYH]QRVREULJDPXWXDPHQWHDLQWHJUDURSRQWR
GH YLVWD GR RXWUR D VLJQLILFDUPRQRV UHFLSURFDPHQWH QDV QHJRFLDo}HV QRV
FRQWUDWRV QDV FRQYHQo}HV QRV WUDWDGRV QRV DFRUGRV QDV UHJUDV GD YLGD
S~EOLFD HP JHUDO $R FRORFDUPRQRV YLUWXDOPHQWH QR OXJDU GR RXWUR
HQWUHJDPRQRVDRMRJRGLDOpWLFRGDVXEVWLWXLomR
&DEHULDIDODUGDGLDOHWL]DomRFRPRGHXPDRSHUDomRDWLYD'LDOHWL]DU
FRPRYLPRVpRUJDQL]DUXPDFRUUHVSRQGrQFLDWURFDUHFtSURFDGHDUJXPHQWRV
HQWUHVXMHLWRVPDVWDPEpPUHODomRHQWUHHQWLGDGHV TXHVHS}HPGHV~ELWR D
VLJQLILFDUVHPXWXDPHQWH$RFRQWUiULRGHXPDJUDQGHGLYLVmRHQWUHRVVLJQRV
H DV FRLVDV D GLDOpWLFD YLUWXDOL]DQWH HVWDEHOHFH UHODo}HV GH VLJQLILFDomR GH
DVVRFLDomR RX GH UHPLVVmR HQWUH XPD HQWLGDGH H XPD RXWUD TXDOTXHU 7RGD
FRLVD SRGH SDVVDU D VLJQLILFDU VLPHWULFDPHQWH FDGD VLJQR GHSHQGH GH XPD
LQVFULomR ItVLFD GH XP PDWHULDO GH H[SUHVVmR $UUDVWDGRV QHVVH SURFHVVR
GLDOpWLFR RV VHUHV VH GHVGREUDP SRU XPD SDUWH SHUPDQHFHP HOHV PHVPRV
SRURXWUDVmRYHWRUHVGHXPRXWUR&RPLVVRMiQmRVmRPDLVHOHVPHVPRV
HPERUDVXDLGHQWLGDGHVHMDSUHFLVDPHQWHRIXQGDPHQWRGHVXDFDSDFLGDGHGH
VLJQLILFDU 2 VL H R RXWUR IRUPDP XP ORRS R LQWHULRU H R H[WHULRU SDVVDP
FRQWLQXDPHQWHDVHXRSRVWRFRPRQXPDQHOGH0RHELXV
$ RSHUDomR GLDOpWLFD IXQGD R YLUWXDO SRUTXH DEUH VHPSUH GH XPD
IRUPDGLIHUHQWHXPVHJXQGRPXQGR2PXQGRS~EOLFRRXUHOLJLRVRVXUJHGR
SUySULR VHLR GD LQWHUDomR GRV VXMHLWRV SULYDGRV TXH R VRFLDO SRU VXD YH]
SURGX]2WHFQRFRVPRFUHVFHFRPRXPDFRPSOH[LILFDomRIUDFWDOGDQDWXUH]D
2 PXQGR GDV LGpLDV HQILP LPDJHP GDV LPDJHQV OXJDU GRV DUTXpWLSRV
PRGHODDH[SHULrQFLDQXPDIDFHHUHIOHWHDUHDOLGDGHQDRXWUD
2VHJXQGRPXQGRGHTXHIDODPRVQmRSUHH[LVWHjRSHUDomRGLDOpWLFD
QmRpMXVWDPHQWH´UHDOµHHVWiWLFR(OHQDVFHHUHQDVFHVHPFHVVDUVHPSUHQR
HVWDGRQDVFHQWH²HVHPSUHFRPRXPRXWURDLQGDXPRXWURPXQGR²GHXP
SURFHVVRLQILQLWRGHGHVGREUDPHQWRGHUHPLVVmRHGHFRUUHVSRQGrQFLD
$V RSHUDo}HV JUDPDWLFDLV PXOWLSOLFDP RV JUDXV GH OLEHUGDGH 1R
WHUUHQRIOH[LELOL]DGRSHODJUDPiWLFDDGLDOpWLFDLPSHOHDVFDGHLDVGHGHVYLRVH
RV SURFHVVRV UL]RPiWLFRV GR VHQWLGR DEULQGR DVVLP R FDPLQKR DRV PXQGRV
YLUWXDLVTXHDUHWyULFDKDELWDHID]FUHVFHUFRPWRGDDDXWRQRPLD
*UDPiWLFDGLDOpWLFDHUHWyULFDVXFHGHPVHDSHQDVQXPDRUGHPOyJLFD
GH H[SRVLomR 1RV SURFHVVRV FRQFUHWRV GH YLUWXDOL]DomR VmR VLPXOWkQHDV RX
PHVPR SX[DGDV SHOD UHWyULFD $ JUDPiWLFD VHSDUD HOHPHQWRV H RUJDQL]D
VHTrQFLDV $ GLDOpWLFD ID] IXQFLRQDU VXEVWLWXLo}HV H FRUUHVSRQGrQFLDV $
UHWyULFD VHSDUD VHXV REMHWRV GH WRGD FRPELQDWyULD GH WRGD UHIHUrQFLD SDUD
GHVGREUDU R YLUWXDO FRPR XP PXQGR DXW{QRPR $ UHWyULFD JHUDO TXH
LQYRFDPRV DTXLUH~QH DV RSHUDo}HV GH FULDomR GR PXQGR KXPDQR WDQWR QD
RUGHP GD OLQJXDJHP TXDQWR QD RUGHP WpFQLFD RX UHODFLRQDO LQYHQomR
FRPSRVLomRHVWLORPHPyULDDomR-RUURRQWROyJLFREUXWRDFULDomRVLWXDVH
DOpP GD XWLOLGDGH GD VLJQLILFDomR RX GD YHUGDGH 0DV R PRYLPHQWR PHVPR
TXHFDUUHJDHVVDSRVLWLYLGDGHHVFDYDRVDWUDWRUHVHFDPLQKRVTXHOKHFHGHPD
SDVVDJHP 2 DWR UHWyULFR TXH GL] UHVSHLWR j HVVrQFLD GR YLUWXDO FRORFD
TXHVW}HVGLVS}HWHQV}HVHSURS}HILQDOLGDGHVHOHDVS}HHPFHQDDVS}HHP
MRJRQRSURFHVVRYLWDO$LQYHQomRVXSUHPDpDGHXPSUREOHPDDDEHUWXUDGH
XPYD]LRQRPHLRGRUHDO
$9,578$/,=$d®2'$,17(/,*È1&,$($&2167,78,d®2
'268-(,72

$SyV WHU H[DPLQDGR QR FDStWXOR SUHFHGHQWH DV RSHUDo}HV GD

YLUWXDOL]DomR HYRFDUHL QR FDStWXOR VHJXLQWH VHX REMHWR RX PHOKRU R
VXUJLPHQWRGRREMHWRFRPRFRQFOXVmRGDYLUWXDOL]DomR0DVDILPGHFKHJDU
DWp R REMHWR SRU XPD SURJUHVVmR OyJLFD OHYDUHL R OHLWRU D XPD H[SORUDomR
SUpYLD GD YLUWXDOL]DomR GD LQWHOLJrQFLD 7UrV WHPDV VHUmR HQWUHODoDGRV QHVWH
FDStWXORHQRVHJXLQWHDSDUWHFROHWLYDGDFRJQLomRHGDDIHWLYLGDGHSHVVRDOD
TXHVWmR GR ´FROHWLYR SHQVDQWHµ HQTXDQWR WDO H D LQWHOLJrQFLD FROHWLYD FRPR
XWRSLDWHFQRSROtWLFD$WUDPDGDTXHVWmRGRREMHWRHDGDLQWHOLJrQFLDFROHWLYD
VySRGHUiVHMXVWLILFDUQRFXUVRGDGLVFXVVmRDVHJXLU
1yVVHUHVKXPDQRVMDPDLVSHQVDPRVVR]LQKRVRXVHPIHUUDPHQWDV
$VLQVWLWXLo}HVDVOtQJXDVRVVLVWHPDVGHVLJQRVDVWpFQLFDVGHFRPXQLFDomR
GH UHSUHVHQWDomR H GH UHJLVWUR LQIRUPDP SURIXQGDPHQWH QRVVDV DWLYLGDGHV
FRJQLWLYDV WRGD XPD VRFLHGDGH FRVPRSROLWD SHQVD GHQWUR GH QyV 3RU HVVH
PRWLYR QmR REVWDQWH D SHUPDQrQFLD GDV HVWUXWXUDV QHXURQDLV GH EDVH R
SHQVDPHQWRpSURIXQGDPHQWHKLVWyULFRGDWDGRHVLWXDGRQmRDSHQDVHPVHX
SURSyVLWRPDVWDPEpPHPVHXVSURFHGLPHQWRVHPRGRVGHDomR
6H R FROHWLYR SHQVD GHQWUR GH QyV SRGHVH DILUPDU TXH H[LVWH XP
SHQVDPHQWR DWXDO HIHWLYR GRV FROHWLYRV KXPDQRV" 3RGHVH IDODU GH XPD
LQWHOLJrQFLD VHP FRQVFLrQFLD XQLILFDGD RX GH XP SHQVDPHQWR VHP
VXEMHWLYLGDGH"$WpTXHSRQWRpSUHFLVRUHGHILQLUDVQRo}HVGHSHQVDPHQWR H
GHSVLTXLVPRSDUDTXHVHWRUQHPFRQJUXHQWHVFRPDVVRFLHGDGHV"7RUQDPR
QRV GL]HP RV QHXU{QLRV GH XP KLSHUFyUWH[ SODQHWiULR SRUWDQWR p XUJHQWH
HVFODUHFHUHVVHVSUREOHPDVHPDUFDUDVGLIHUHQoDVHQWUHHVSpFLHVGHLQWHOLJrQFLD
FROHWLYD HP SDUWLFXODU DV TXH VHSDUDP DV VRFLHGDGHV KXPDQDV GRV
IRUPLJXHLURVHGDVFROPHLDV
2GHVHQYROYLPHQWRGDFRPXQLFDomRDVVLVWLGDSRUFRPSXWDGRU H GDV
UHGHV GLJLWDLV SODQHWiULDV DSDUHFH FRPR D UHDOL]DomR GH XP SURMHWR PDLV RX
PHQRV EHP IRUPXODGR R GD FRQVWLWXLomR GHOLEHUDGD GH QRYDV IRUPDV GH
LQWHOLJrQFLD FROHWLYD PDLV IOH[tYHLV PDLV GHPRFUiWLFDV IXQGDGDV VREUH D
UHFLSURFLGDGH H R UHVSHLWR GDV VLQJXODULGDGHV 1HVWH VHQWLGR SRGHUVHLD
GHILQLUDLQWHOLJrQFLDFROHWLYDFRPRXPDLQWHOLJrQFLDGLVWULEXtGDHPWRGDSDUWH
FRQWLQXDPHQWH YDORUL]DGD H VLQHUJL]DGD HP WHPSR UHDO (VVH QRYR LGHDO
SRGHULD VXEVWLWXLU D LQWHOLJrQFLD DUWLILFLDO FRPR PLWR PRELOL]DGRU GR
GHVHQYROYLPHQWR GDV WHFQRORJLDV GLJLWDLV H RFDVLRQDU DOpP GLVVR XPD
UHRULHQWDomRGDVFLrQFLDVFRJQLWLYDVGDILORVRILDGRHVStULWRHGDDQWURSRORJLD
SDUDDVTXHVW}HVGDHFRORJLDRXGDHFRQRPLDGDLQWHOLJrQFLD
 $RH[SORUDUHVVHVSUREOHPDVIDUHLWUDEDOKDURVFRQFHLWRVGHYLUWXDOH
GH DWXDO REWLGRV QRV FDStWXORV SUHFHGHQWHV EHP FRPR D WHRULD GD
DQWURSRJrQHVH SRU YLUWXDOL]DomR 7RUQDUHPRV D HQFRQWUDU HVSHFLDOPHQWH DV
RSHUDo}HVGHHOHYDomRjSUREOHPiWLFDGHGHVWHUULWRULDOL]DomRGHFRORFDomRHP
FRPXP GH FRQVWLWXLomR UHFtSURFD GD LQWHULRULGDGH H GD H[WHULRULGDGH TXH
IRUDPDVVRFLDGDVjYLUWXDOL]DomRGHVGHRLQtFLRGHVWHOLYUR
$SyV WHU HYRFDGR R SDSHO FDSLWDO GDV OLQJXDJHQV GDV WpFQLFDV H GDV
LQVWLWXLo}HVQDFRQVWLWXLomRGRSVLTXLVPRLQGLYLGXDOLUHLH[SRUEUHYHPHQWHRV
WHPDV FHQWUDLV GD HFRORJLD RX GD HFRQRPLD FRJQLWLYD 1XP VHJXQGR
PRPHQWR WHQWDUHL IRUPXODU XPD GHILQLomR GR SVLTXLVPR FRPSDWtYHO FRP D
LGpLD GH SHQVDPHQWR FROHWLYR ,VWR PH OHYDUi D H[DPLQDU DV FRQFHSo}HV
GDUZLQLDQDV GD LQWHOLJrQFLD H GHSRLV D FRPSOHWDU HVVDV QRo}HV SRU XPD
DERUGDJHP DIHWLYD TXH Gr FRQWD GD GLPHQVmR GH LQWHULRULGDGH GR HVStULWR
1XPWHUFHLURPRPHQWRGHVFUHYHUHLDVQRYDVIRUPDV GH LQWHOLJrQFLD FROHWLYD
SRVVLELOLWDGDVSHODVUHGHVGLJLWDLVLQWHUDWLYDVHDVSHUVSHFWLYDVTXHHODV DEUHP
SDUDXPDHYROXomRVRFLDOSRVLWLYD$DQiOLVHGRIXQFLRQDPHQWRGRFLEHUHVSDoR
WHUi VHUYLGR SDUD SUHSDUDU D ~OWLPD SDUWH FRQVDJUDGD j DQiOLVH GR RSHUDGRU
´REMHWRµQDFRQVWLWXLomRGRVFROHWLYRVLQWHOLJHQWHVGRPHUFDGRFDSLWDOLVWDDR
HQLJPD GD KRPLQL]DomR 9HUHPRV ILQDOPHQWH TXH R REMHWR FKDYH GD
LQWHOLJrQFLD FROHWLYD VXSRUWH SRU H[FHOrQFLD GD YLUWXDOLGDGH RS}HVH j FRLVD
´UHDOµFRPRDVHXGXSORWHQD]HSHUYHUVR

$,17(/,*È1&,$ &2/(7,9$1$ ,17(/,*È1&,$ 3(662$/
/,1*8$*(167e&1,&$6,167,78,d¯(6

&KDPR´LQWHOLJrQFLDµRFRQMXQWRFDQ{QLFRGDVDSWLG}HVFRJQLWLYDVD
VDEHUDVFDSDFLGDGHVGHSHUFHEHUGHOHPEUDUGHDSUHQGHUGHLPDJLQDUHGH
UDFLRFLQDU1DPHGLGDHPTXHSRVVXHPHVVDVDSWLG}HVRVLQGLYtGXRVKXPDQRV
VmRWRGRVLQWHOLJHQWHV1RHQWDQWRRH[HUFtFLRGHVXDVFDSDFLGDGHVFRJQLWLYDV
LPSOLFDXPDSDUWHFROHWLYDRXVRFLDOJHUDOPHQWHVXEHVWLPDGD
$QWHV GH PDLV QDGD MDPDLV SHQVDPRV VR]LQKRV PDV VHPSUH QD
FRUUHQWH GH XP GLiORJR RX GH XP PXOWLGLiORJR UHDO RX LPDJLQDGR 1mR
H[HUFHPRV QRVVDV IDFXOGDGHV PHQWDLV VXSHULRUHV VHQmR HP IXQomR GH XPD
LPSOLFDomR HP FRPXQLGDGHV YLYDV FRP VXDV KHUDQoDV VHXV FRQIOLWRV H VHXV
SURMHWRV(PSODQRGHIXQGRRXHPSULPHLURSODQRHVVDVFRPXQLGDGHVHVWmR
VHPSUH SUHVHQWHV QR PHQRU GH QRVVRV SHQVDPHQWRV TXHU HODV IRUQHoDP
LQWHUORFXWRUHV LQVWUXPHQWRV LQWHOHFWXDLV RX REMHWRV GH UHIOH[mR
&RQKHFLPHQWRVYDORUHVHIHUUDPHQWDVWUDQVPLWLGRVSHODFXOWXUDFRQVWLWXHPR
FRQWH[WRQXWULWLYRRFDOGRLQWHOHFWXDOHPRUDODSDUWLUGRTXDORVSHQVDPHQWRV
LQGLYLGXDLV VH GHVHQYROYHP WHFHP VXDV SHTXHQDV YDULDo}HV H SURGX]HP jV
YH]HVLQRYDo}HVLPSRUWDQWHV
 ,UHPRVQRVGHWHUHVSHFLDOPHQWHVREUHRVLQVWUXPHQWRV HP SULPHLUR
OXJDU ( LPSRVVtYHO H[HUFHUPRV QRVVD LQWHOLJrQFLD LQGHSHQGHQWHPHQWH GDV
OtQJXDVOLQJXDJHQVHVLVWHPDVGHVLJQRVQRWDo}HVFLHQWtILFDVFyGLJRVYLVXDLV
PRGRVPXVLFDLVVLPEROLVPRVTXHKHUGDPRVDWUDYpVGDFXOWXUDHTXHPLOKDUHV
RX PLOK}HV GH RXWUDV SHVVRDV XWLOL]DP FRQRVFR (VVDV OLQJXDJHQV DUUDVWDP
FRQVLJRPDQHLUDVGHUHFRUWDUGHFDWHJRUL]DUHGHSHUFHEHURPXQGRFRQWrP
PHWiIRUDVTXHFRQVWLWXHPRXWURVWDQWRVILOWURVGDTXLORTXHpGDGRHSHTXHQDV
PiTXLQDVGHLQWHUSUHWDUFDUUHJDPWRGDXPDKHUDQoDGHMXOJDPHQWRVLPSOtFLWRV
HGHOLQKDVGHSHQVDPHQWRMiWUDoDGDV$VOtQJXDVDVOLQJXDJHQVHRVVLVWHPDV
GH VLJQRV LQGX]HP QRVVRV IXQFLRQDPHQWRV LQWHOHFWXDLV DV FRPXQLGDGHV TXH
RV IRUMDUDP H IL]HUDP HYROXLU OHQWDPHQWH SHQVDP GHQWUR GH QyV 1RVVD
LQWHOLJrQFLDSRVVXLXPDGLPHQVmRFROHWLYDFRQVLGHUiYHOSRUTXHVRPRVVHUHVGH
OLQJXDJHP
3RU RXWUR ODGR DV IHUUDPHQWDV H RV DUWHIDWRV TXH QRV FHUFDP
LQFRUSRUDP D PHPyULD ORQJD GD KXPDQLGDGH 7RGDV YH] TXH RV XWLOL]DPRV
UHFRUUHPRVSRUWDQWRjLQWHOLJrQFLDFROHWLYD$VFDVDVRVFDUURVDVWHOHYLV}HVH
RV FRPSXWDGRUHV UHVXPHP OLQKDV VHFXODUHV GH SHVTXLVD GH LQYHQo}HV H GH
GHVFREHUWDV &ULVWDOL]DP LJXDOPHQWH RV WHVRXURV GH RUJDQL]DomR H GH
FRRSHUDomRHPSUHJDGRVSDUDSURGX]LORVHIHWLYDPHQWH
0DVDVIHUUDPHQWDVQmRVmRDSHQDVPHPyULDVVmRWDPEpPPiTXLQDV
GHSHUFHEHUTXHSRGHPIXQFLRQDUHPWUrVQtYHLVGLIHUHQWHVGLUHWRLQGLUHWRH
PHWDIyULFR'LUHWDPHQWHOHQWHVPLFURVFySLRVWHOHVFySLRVUDLRV;WHOHIRQHV
PiTXLQDV IRWRJUiILFDV FkPHUDV WHOHYLV}HV HWF HVWHQGHP R DOFDQFH H
WUDQVIRUPDP D QDWXUH]D GH QRVVDV SHUFHSo}HV ,QGLUHWDPHQWH RV FDUURV RV
DYL}HVRXDVUHGHVGHFRPSXWDGRUHVSRUH[HPSORPRGLILFDPSURIXQGDPHQWH
QRVVDUHODomRFRPRPXQGRHHPSDUWLFXODUQRVVDVUHODo}HVFRPRHVSDoRHR
WHPSR GH WDO PRGR TXH VH WRUQD LPSRVVtYHO GHFLGLU VH HOHV WUDQVIRUPDP R
PXQGR KXPDQR RX QRVVD PDQHLUD GH SHUFHErOD (QILP RV LQVWUXPHQWRV H
DUWHIDWRV PDWHULDLV QRV RIHUHFHP PXLWRV PRGHORV FRQFUHWRV VRFLDOPHQWH
FRPSDUWLOKDGRV D SDUWLU GRV TXDLV SRGHPRV DSUHHQGHU SRU PHWiIRUD
IHQ{PHQRV RX SUREOHPDV PDLV DEVWUDWRV $VVLP $ULVWyWHOHV UHIOHWLD VREUH D
FDXVDOLGDGH D SDUWLU GR H[HPSOR GR ROHLUR DV SHVVRDV GR VpFXOR ;9,,
UHSUHVHQWDYDPRFRUSRFRPRXPDHVSpFLHGHPHFDQLVPRHQyVFRQVWUXtPRV
KRMH PRGHORV FRPSXWDFLRQDLV GD FRJQLomR 2V DUWHIDWRV ID]HP R LPHQVR
WUDEDOKRGRVKRPHQVHVXDLQWHOLJrQFLDORQJDSDUWLFLSDUGHQRVVDSHUFHSomRGR
PXQGRDTXLHDJRUD
2 XQLYHUVR GH FRLVDV H GH IHUUDPHQWDV TXH QRV FHUFD H TXH
FRPSDUWLOKDPRVSHQVDGHQWURGHQyVGHPLOPDQHLUDVGLIHUHQWHV
'HVWHPRGRPDLVXPDYH]SDUWLFLSDPRVGDLQWHOLJrQFLDFROHWLYDTXH
DVSURGX]LX
(QILP DV LQVWLWXLo}HV VRFLDLV OHLV UHJUDV H FRVWXPHV TXH UHJHP
QRVVRV UHODFLRQDPHQWRV LQIOXHP GH PRGR GHWHUPLQDQWH VREUH R FXUVR GH
QRVVRVSHQVDPHQWRV$VVLPFRQIRUPHXPDSHVVRDVHMDSHVTXLVDGRUHPItVLFD
GH DOWDV HQHUJLDV VDFHUGRWH FKHIH GH XP VHUYLoR S~EOLFR RX RSHUDGRU
ILQDQFHLURVHUiIDYRUHFLGDHPFDGDFDVRXPDRXRXWUDTXDOLGDGHLQWHOHFWXDO
HP YH] GH XPD WHUFHLUD $ FRPXQLGDGH FLHQWtILFD D ,JUHMD D EXURFUDFLD GH
(VWDGR RX D %ROVD HQFDUQDP FDGD XPD IRUPDV GLIHUHQWHV GH LQWHOLJrQFLD
FROHWLYDFRPVHXVPRGRVGHSHUFHSomRGHFRRUGHQDomRGHDSUHQGL]DJHPH
GHPHPRUL]DomRGLVWLQWRV3UHVLGLQGRDRVWLSRVGHLQWHUDomRHQWUHLQGLYtGXRV
DV ´UHJUDV GR MRJRµ VRFLDO PRGHODP D LQWHOLJrQFLD FROHWLYD GDV FRPXQLGDGHV
KXPDQDVDVVLPFRPRDVDSWLG}HVFRJQLWLYDVGDVSHVVRDVTXHQHODVSDUWLFLSDP
&DGD LQGLYtGXR KXPDQR SRVVXL XP FpUHEUR SDUWLFXODU TXH VH
GHVHQYROYHX D JURVVR PRGR VREUH R PHVPR PRGHOR TXH R GRV RXWURV
PHPEURVGHVXD HVSpFLH 3HOD ELRORJLD QRVVDV LQWHOLJrQFLDV VmR LQGLYLGXDLV H
VHPHOKDQWHVHPERUDQmRLGrQWLFDV3HODFXOWXUDHPWURFDQRVVDLQWHOLJrQFLD
pDOWDPHQWHYDULiYHOHFROHWLYD&RPHIHLWRDGLPHQVmRVRFLDO GD LQWHOLJrQFLD
HVWi LQWLPDPHQWH OLJDGD jV OLQJXDJHQV jV WpFQLFDV H jV LQVWLWXLo}HV
QRWRULDPHQWHGLIHUHQWHVFRQIRUPHRVOXJDUHVHDVpSRFDV

(&2120,$6 &2*1,7,9$6

&RP DV LQVWLWXLo}HV H DV ´UHJUDV GR MRJRµ SDVVDPRV GDV GLPHQV}HV
FROHWLYDV GD LQWHOLJrQFLD LQGLYLGXDO j LQWHOLJrQFLD GR FROHWLYR HQTXDQWR WDO e
SRVVtYHOFRPHIHLWRFRQVLGHUDURVJUXSRVKXPDQRVFRPR´PHLRVµHFROyJLFRV
RXHFRQ{PLFRVQRVTXDLVHVSpFLHVGHUHSUHVHQWDo}HVRXGHLGpLDVDSDUHFHPH
PRUUHPVHSURSDJDPRXUHJULGHPFRPSHWHPHQWUHVLRXYLYHPHPVLPELRVH
FRQVHUYDPVH RX WUDQVIRUPDPVH 1mR IDODPRV DSHQDV GDV LGpLDV
UHSUHVHQWDo}HV PHQVDJHQV RX SURSRVLo}HV LQGLYLGXDLV PDV WDPEpP GH VXDV
HVSpFLHV JrQHURV OLWHUiULRV RX DUWtVWLFRV PRGRV GH RUJDQL]DomR GRV
FRQKHFLPHQWRV WLSRV GH DUJXPHQWDo}HV RX GH ´OyJLFDVµ HP XVR HVWLORV H
VXSRUWHVGDVPHQVDJHQV8PFROHWLYRKXPDQRpRSDOFRGHXPDHFRQRPLDRX
GH XPD HFRORJLD FRJQLWLYD QR VHLR GDV TXDLV HYROXHP HVSpFLHV GH
UHSUHVHQWDo}HV6SHUEHU
)RUPDVVRFLDLVLQVWLWXLo}HVHWpFQLFDVPRGHODPRDPELHQWHFRJQLWLYR
GHWDOPRGRTXHFHUWRVWLSRVGHLGpLDVRXGHPHQVDJHQVWrPPDLVFKDQFHGHVH
UHSURGX]LU TXH RXWURV (QWUH WRGRV RV IDWRUHV TXH FRDJHP D LQWHOLJrQFLD
FROHWLYD DV WHFQRORJLDV LQWHOHFWXDLV TXH VmR RV VLVWHPDV GH FRPXQLFDomR GH
HVFULWD GH UHJLVWUR H GH WUDWDPHQWR GD LQIRUPDomR GHVHPSHQKDP XP SDSHO
FRQVLGHUiYHO 'H IDWR FHUWRV WLSRV GH UHSUHVHQWDo}HV GLILFLOPHQWH SRGHP
VREUHYLYHU RX PHVPR DSDUHFHU HP DPELHQWHV GHVSURYLGRV GH FHUWDV
WHFQRORJLDV LQWHOHFWXDLV DR SDVVR TXH SURVSHUDP HP RXWUDV ´HFRORJLDV
FRJQLWLYDVµ 3RU H[HPSOR DV OLVWDV GH Q~PHURV RV FDWiORJRV RV
FRQKHFLPHQWRV RUJDQL]DGRV GH PRGR VLVWHPiWLFR QmR SRGHP VHU IDFLOPHQWH
WUDQVPLWLGRVHPFXOWXUDVVHPHVFULWD(PWURFDDVVRFLHGDGHVRUDLVIDYRUHFHP
D FRGLILFDomR GDV UHSUHVHQWDo}HV VRE IRUPD GH QDUUDWLYDV TXH SRGHP VHU
UHWLGDVHWUDQVPLWLGDVPDLVIDFLOPHQWHQDDXVrQFLDGHXPVXSRUWHHVFULWR3DUD
WRPDU XP H[HPSOR PDLV FRQWHPSRUkQHR XPD SDUWH FUHVFHQWH GH
FRQKHFLPHQWRVVHH[SULPHKRMHSRUPRGHORVGLJLWDLVLQWHUDWLYRVHVLPXODo}HV
RTXHHUDHYLGHQWHPHQWHLPSHQViYHODQWHVGRVFRPSXWDGRUHVFRPLQWHUIDFHV
JUiILFDV LQWXLWLYDV 2V WLSRV GH UHSUHVHQWDo}HV TXH SUHYDOHFHP QHVWD RX
QDTXHOD ´HFRQRPLD FRJQLWLYDµ IDYRUHFHP PRGRV GH FRQKHFLPHQWR GLVWLQWRV
PLWR WHRULD VLPXODo}HV FRP RV HVWLORV RV FULWpULRV GH DYDOLDomR RV
´YDORUHVµTXHOKHVFRUUHVSRQGHP GH PRGR TXH DVPXGDQoDV GHWHFQRORJLDV
LQWHOHFWXDLVRXGHPHLRVGHFRPXQLFDomRSRGHPLQGLUHWDPHQWHWHUSURIXQGDV
UHSHUFXVV}HVVREUHDLQWHOLJrQFLDFROHWLYD
$V LQIUDHVWUXWXUDV GH FRPXQLFDomR H DV WHFQRORJLDV LQWHOHFWXDLV
VHPSUH HVWDEHOHFHUDP HVWUHLWDV UHODo}HV FRP DV IRUPDV GH RUJDQL]DomR
HFRQ{PLFDV H SROtWLFDV 5HFRUGHPRV D HVVH UHVSHLWR DOJXQV H[HPSORV EHP
FRQKHFLGRV 2 QDVFLPHQWR GD HVFULWD HVWi OLJDGR DRV SULPHLURV (VWDGRV
EXURFUiWLFRV GH KLHUDUTXLD SLUDPLGDO H jV SULPHLUDV IRUPDV GH DGPLQLVWUDomR
HFRQ{PLFD FHQWUDOL]DGD LPSRVWR JHVWmR GH JUDQGHV GRPtQLRV DJUtFRODV 2
DSDUHFLPHQWRGRDOIDEHWRQD*UpFLDDQWLJDpFRQWHPSRUkQHRGDHPHUJrQFLDGD
PRHGDGDFLGDGHDQWLJDHVREUHWXGRGDLQYHQomRGDGHPRFUDFLDDRGLIXQGLU
VHDSUiWLFDGDOHLWXUDWRGRVSRGLDPWRPDUFRQKHFLPHQWRGDVOHLVHGLVFXWLODV
$ LPSUHVVmR WRUQRX SRVVtYHO XPD ODUJD GLIXVmR GRV OLYURV H D SUySULD
H[LVWrQFLD GRV MRUQDLV IXQGDPHQWR GD RSLQLmR S~EOLFD 6HP HOD DV
GHPRFUDFLDV PRGHUQDV QmR WHULDP QDVFLGR 3RU RXWUR ODGR DV JUiILFDV
UHSUHVHQWDP D SULPHLUD LQG~VWULD GH PDVVD H R GHVHQYROYLPHQWR WHFQR
FLHQWtILFRTXHHODVIDYRUHFHUDPIRLXPGRVPRWRUHVGDUHYROXomRLQGXVWULDO$V
PtGLDVDXGLRYLVXDLVGRVpFXOR;;UiGLRWHOHYLVmRGLVFRVILOPHVSDUWLFLSDUDP
GD HPHUJrQFLD GH XPD VRFLHGDGH GR HVSHWiFXOR TXH VXEYHUWHX DV UHJUDV GR
MRJR WDQWR QD YLGD SROtWLFD TXDQWR QR PHUFDGR SXEOLFLGDGH HFRQRPLD GD
LQIRUPDomRHGDFRPXQLFDomR
,PSRUWD QR HQWDQWRVXEOLQKDU TXH R DSDUHFLPHQWR RX D H[WHQVmR GH
WHFQRORJLDV LQWHOHFWXDLV QmR GHWHUPLQDP DXWRPDWLFDPHQWH HVWH RX DTXHOH
PRGR GH FRQKHFLPHQWR RX GH RUJDQL]DomR VRFLDO 'LVWLQJDPRV SRUWDQWR
FXLGDGRVDPHQWH DV Do}HV GH FDXVDU RX GH GHWHUPLQDU GH XP ODGR H DV GH
FRQGLFLRQDU RX WRUQDU SRVVtYHO GH RXWUR $V WpFQLFDV QmR GHWHUPLQDP HODV
FRQGLFLRQDP $EUHP XP ODUJR OHTXH GH QRYDV SRVVLELOLGDGHV GDV TXDLV
VRPHQWHXPSHTXHQRQ~PHURpVHOHFLRQDGRRXSHUFHELGRSHORVDWRUHVVRFLDLV
6HDVWpFQLFDVQmRIRVVHPHODVPHVPDVFRQGHQVDo}HV GDLQWHOLJrQFLDFROHWLYD
KXPDQDSRGHUVHLDGL]HUTXHDWpFQLFDSURS}HHTXHRVKRPHQVGLVS}HP

 0$48,1$6'$5:,1,$1$6

$ QRomR GH LQWHOLJrQFLD FROHWLYD QmR p XPD VLPSOHV PHWiIRUD XPD

DQDORJLD PDLV RX PHQRV HVFODUHFHGRUD PDV GH IDWR XP FRQFHLWR FRHUHQWH
9DPRV DJRUD WHQWDU FRQVWUXLU WDO FRQFHLWR 3UHFLVDPRV HQFRQWUDU XPD
GHILQLomRGHXP´HVStULWRµTXHVHMD LQWHLUDPHQWH FRPSDWtYHO FRP XPVXMHLWR
FROHWLYR LVWR p FRP XPD LQWHOLJrQFLD FXMR VXMHLWR VHMD DR PHVPR WHPSR
P~OWLSOR KHWHURJrQHR GLVWULEXtGR FRRSHUDWLYRFRPSHWLWLYR H TXH HVWHMD
FRQVWDQWHPHQWHHQJDMDGRQXPSURFHVVRDXWRRUJDQL]DGRURXDXWRSRLpWLFR2
FRQMXQWRGHVVDVFRQGLo}HVHOLPLQDDXWRPDWLFDPHQWHRVPRGHORVFDOFXODWyULRV
RXLQIRUPiWLFRVGRWLSR´PiTXLQDGH7XULQJµTXHQmRWrPDSURSULHGDGHGH
DXWRFULDomR
(P WURFD RV PRGHORV LQVSLUDGRV QD ELRORJLD SDUHFHP PHOKRUHV
FDQGLGDWRV HVSHFLDOPHQWH D DERUGDJHP ´GDUZLQLDQDµ 3RU GHILQLomR RV
SULQFtSLRV ´GDUZLQLDQRVµ DSOLFDPVH D SRSXODo}HV (OHV ID]HP DWXDU XP
JHUDGRUGHYDULDELOLGDGHRXGHQRYLGDGHPXWDo}HVJHQpWLFDVXVRGHXPDQRYD
FRQH[mR QHXURQDO LQYHQo}HV FULDomR GH HPSUHVD RX GH SURGXWRV HWF
$FRSODGD D VHX DPELHQWH D PiTXLQD GDUZLQLDQD VHOHFLRQD HQWUH DV QRYLGDGHV
LQMHWDGDV SHOR JHUDGRU 6XD HVFROKD p VREUHWXGR OLPLWDGD SHOD YLDELOLGDGH H D
FDSDFLGDGHGHUHSURGXomRGRVLQGLYtGXRVRXGDVVXESRSXODo}HVSURYLGDVGR
QRYR FDUiWHU 2V VLVWHPDV GDUZLQLDQRV DSUHVHQWDP XPD FDSDFLGDGH GH
DSUHQGL]DJHPQmRGLULJLGDRXRTXHGiQRPHVPRGRSRQWRGHYLVWDGHXPD
WHRULD GR HVStULWR GH XPD FDSDFLGDGH GH DXWRFULDomR FRQWtQXD 3HOR MRJR
GLDOpWLFR GDV PXWDo}HV GDV VHOHo}HV H GD WUDQVPLVVmR GRV HOHPHQWRV
VHOHFLRQDGRV DV PiTXLQDV GDUZLQLDQDV DUUDVWDP FRQVLJR VHXV DPELHQWHV QR
FDPLQKR GH XPD KLVWyULD LUUHYHUVtYHO $V PiTXLQDV GDUZLQLDQDV HQFDUQDP D
VHXPRGRDPHPyULDGHVVDKLVWyULD
2VSULQFtSLRVGRVVLVWHPDVGDUZLQLDQRVDSOLFDPVHDRPHVPRWHPSRj
HFRORJLD GDV HVSpFLHV YLYDV HQWUH RV JUXSRV KXPDQRV FRQVLGHUDGRV FRPR
PHLRV GH GHVHQYROYLPHQWR GDV UHSUHVHQWDo{HV j HFRQRPLD GH PHUFDGR
SRSXODo}HV GH SURGXWRUHV GH FRQVXPLGRUHV GH EHQV DR SVLTXLVPR
LQGLYLGXDO HQWHQGLGR FRPR VRFLHGDGH GH SHQVDPHQWRV H GH PyGXORV
FRJQLWLYRV DSOLFDPVH DR IXQFLRQDPHQWR GR FpUHEUR HQILP FRPSUHHQGLGR
VHJXQGR RV SULQFtSLRV GR GDUZLQLVPR QHXURQDO $FUHVFHQWHPRV TXH RV
VLVWHPDV FDSD]HV GH DSUHQGL]DJHP QmR GLULJLGD SRGHP VHU MXQWR FRP VHXV
DPELHQWHV VLPXODGRV SRU FRPSXWDGRU 2V DOJRULWPRV JHQpWLFRV H GLYHUVRV
VLVWHPDV GH ´YLGD DUWLILFLDOµ SHUPLWHP LPDJLQDU TXH R VRIWZDUH
VLPELRWLFDPHQWH OLJDGR DR PHLR WHFQROyJLFR H KXPDQR GR FLEHUHVSDoR
SRGHULDHPEUHYHUHSUHVHQWDURPDLVQRYRGRVVLVWHPDVGDUZLQLDQRVFDSD]HV
GHDSUHQGL]DJHPHGHDXWRFULDomR
$ PiTXLQD GDUZLQLDQD p DLQGD PDLV LQWHOLJHQWH VH IXQFLRQD
´IUDFWDOPHQWHµ HP YiULDV HVFDODV RX QtYHLV GH FULDomR HQFDL[DGRV 3RU
H[HPSOR R PHUFDGR SRGH VHU FRQVLGHUDGR FRPR XPD PiTXLQD GDUZLQLDQD
PDVHOHpPDLV´LQWHOLJHQWHµVHDVHPSUHVDVHRVFRQVXPLGRUHVTXHRDQLPDP
IRUHP SRU VXD YH] PiTXLQDV GDUZLQLDQDV RUJDQL]Do}HV TXH DSUHQGHP
DVVRFLDo}HVGHFRQVXPLGRUHV8PFpUHEURpDRPHVPRWHPSRRUHVXOWDGRGH
XP SURFHVVR GDUZLQLDQR QD HVFDOD GD HYROXomR ELROyJLFD H QD HVFDOD GD
DSUHQGL]DJHPLQGLYLGXDO$GHUQDLVHOHLQWHJUDYiULRVWLSRVGH´SRSXODo}HVTXH
DSUHQGHPµ GH HVFDODV GLIHUHQWHV JUXSRV GH QHXU{QLRV PDSDV H[WHQVRV GH
]RQDVVHQVRULDLVVLVWHPDVGHUHJXODo}HVJOREDLVHWF(GHOPDQ

$648$752',0(16¯(6'$$)(7,9,'$'(

(PERUD R IDWR GH VHU XP VLVWHPD GDUZLQLDQR VHMD XPD FRQGLomR
QHFHVViULD SDUD VHU XP HVStULWR QmR p HP QRVVD RSLQLmR XPD FRQGLomR
VXILFLHQWHeQDLQWHQFLRQDOLGDGHRXQRIDWRGHVHUHIHULUDHQWLGDGHVH[WHULRUHV
DR HVStULWR TXH HVWDUi R SUREOHPD FRPR QRV GHEDWHV D IDYRU RX FRQWUD D
LQWHOLJrQFLDGRVFRPSXWDGRUHV"1mRSRLVDVPiTXLQDVGDUZLQLDQDVGHPRGR
DOJXP IXQFLRQDP HP FLUFXLWRV IHFKDGRV VmR SRU GHILQLomR DFRSODGDV D XP
DPELHQWH 6XD QDWXUH]D p WUDGX]LU R RXWUR HP VL RX LPSOLFDU HP VXD SUySULD
RUJDQL]DomRDKLVWyULDGHVXDVUHODo}HVFRPVHXDPELHQWH(PFRPSHQVDomR
QDGDQDGHILQLomRJHUDOGDVPiTXLQDVGDUZLQLDQDVLPSOLFDQHFHVVDULDPHQWHD
H[SHULrQFLD VXEMHWLYD D GLPHQVmR GH LQWHULRULGDGH GD VHQVDomR LVWR p HP
~OWLPDDQiOLVHDDIHWLYLGDGH&RQYpPGLVWLQJXLUFRPFXLGDGRHQWUHDDIHWLYLGDGH
HDFRQVFLrQFLD8PHVStULWRSRGHVHULQFRQVFLHQWHFRPRRHVStULWRGHFHUWRV
DQLPDLV FRPR XPD SDUWH FRQVLGHUiYHO GR HVStULWR KXPDQR H FRQIRUPH
YHUHPRVFRPRRV´HVStULWRVµTXHHPHUJHPGHFROHWLYRVLQWHOLJHQWHV4XDQWR
j DIHWLYLGDGH TXH SRGH VHU FRQIXVD LQFRQVFLHQWH P~OWLSOD KHWHURJrQHD HOD
FRQVWLWXL ² FRQWUDULDPHQWH j FRQVFLrQFLD ² XPD GLPHQVmR QHFHVViULD GR
SVLTXLVPR H WDOYH] DWp VXD HVVrQFLD 6HP DIHWLYLGDGH R VLVWHPD FRQVLGHUDGR
UHWRUQDjLQVHQVLELOLGDGHjH[WHULRULGDGHHjGLVSHUVmRRQWROyJLFDGRVLPSOHV
PHFDQLVPR 8P HVStULWR GHYH VHU DIHWLYR HOH QmR p QHFHVVDULDPHQWH
FRQVFLHQWH $ FRQVFLrQFLD p R SURGXWR GD VHOHomR GD OLQHDUL]DomR H GD
PDQLIHVWDomRSDUFLDOGHXPDDIHWLYLGDGHjTXDOHODGHYHWXGR
,QWHUHVVDPHQRVDQRVVRSURSyVLWRGHFLGLURTXHWHPHRTXHQmRWHP
DYHUFRPRSVLTXLVPRGRTXHGDUXPDGHILQLomRGRSVLTXLVPRTXHSRVVDVH
DSOLFDU WDQWR D XP HVStULWR KXPDQR LQGLYLGXDO TXDQWR D XPD LQWHOLJrQFLD
FROHWLYD XP FRQFHLWR GH HVStULWR TXH VHMD LQWHLUDPHQWH FRPSDWtYHO FRP XP
VXMHLWRFROHWLYR
8P SVLTXLVPR LQWHJUDO SRUWDQWR FDSD] GH DIHWR SRGH VHU DQDOLVDGR
VHJXQGR TXDWUR GLPHQV}HV FRPSOHPHQWDUHV XPD WRSRORJLD XPD VHPLyWLFD
XPD D[LRORJLD H XPD HQHUJpWLFD -i HYRTXHL HVVDV TXDWUR GLPHQV}HV QR
FDStWXOR VREUH D YLUWXDOL]DomR GD HFRQRPLD GHVHQYROYRDV DJRUD PDLV
H[WHQVDPHQWH
8PDWRSRORJLD2SVLTXLVPRpHVWUXWXUDGRDFDGDLQVWDQWHSRUXPD
FRQHFWLYLGDGH VLVWHPDV GH SUR[LPLGDGHV RX XP ´HVSDoRµ HVSHFtILFR
DVVRFLDo}HV OLJDo}HV FDPLQKRV SRUWDV FRPXWDGRUHV ILOWURV SDLVDJHQV GH
DWUDWRUHV$WRSRORJLDGRSVLTXLVPRHVWiHPWUDQVIRUPDomRFRQVWDQWHFHUWDV
]RQDV VHQGR PDLV PyYHLV H RXWUDV PDLV IL[DV DOJXPDV PDLV GHQVDV H RXWUDV
PDLVIURX[DV
8PDVHPLyWLFD+RUGDVPXWDQWHVGHUHSUHVHQWDo}HVGHLPDJHQVGH
VLJQRVGHPHQVDJHQVGHWRGDVDVIRUPDVHWRGDVDVPDWpULDVVRQRUDVYLVXDLV
WiWHLV SURSULRFHSWLYDV GLDJUDPiWLFDV SRYRDP R HVSDoR GDV FRQH[}HV $R
FLUFXODUHP SHORV FDPLQKRV H DR RFXSDUHP DV ]RQDV GD WRSRORJLD KRUGDV GH
VLJQRV PRGLILFDP D SDLVDJHP GH DWUDWRUHV SVtTXLFRV 3RU LVVR RV VLJQRV RX
JUXSRV GH VLJQRV SRGHP WDPEpP VHU FKDPDGRV DJHQWHV 6LPHWULFDPHQWH DV
WUDQVIRUPDo}HVGDFRQHFWLYLGDGHLQIOXHPVREUHDVSRSXODo}HVGHVLJQRVHGH
LPDJHQV $ WRSRORJLD p HOD PHVPD R FRQMXQWR GDV FRQH[}HV RX UHODo}HV
TXDOLWDWLYDPHQWHGLIHUHQFLDGDVHQWUHRVVLJQRVPHQVDJHQVRXDJHQWHV
 8PD D[LRORJLD $V UHSUHVHQWDo}HV H DV ]RQDV GR HVSDoR SVtTXLFR
HVWmROLJDGDVD´YDORUHVµSRVLWLYRVRXQHJDWLYRVVHJXQGRGLIHUHQWHV´VLVWHPDV
GH PHGLGDVµ (VVHV YDORUHV GHWHUPLQDP WURSLVPRV DWUDo}HV H UHSXOVDV HQWUH
LPDJHQV SRODULGDGHV HQWUH ]RQDV RX JUXSRV GH VLJQRV 2V YDORUHV VmR SRU
QDWXUH]DPyYHLVHPXWiYHLVHPERUDDOJXQVWDPEpPSRVVDPGHPRQVWUDUXPD
HVWDELOLGDGH
 8PD HQHUJpWLFD 2V WURSLVPRV RX YDORUHV DVVRFLDGRV jV LPDJHQV
SRGHPVHULQWHQVRVRXIUDFRV2PRYLPHQWRGHXPJUXSRGHUHSUHVHQWDo}HV
SRGHYHQFHUFHUWDVEDUUHLUDVWRSROyJLFDVDIURX[DUFHUWDVOLJDo}HVFULDURXWUDV
PRGLILFDUDSDLVDJHPGHDWUDWRUHVRXSRUIDOWDGH´IRUoDµSHUPDQHFHUDTXpP
GHODV2FRQMXQWRGRIXQFLRQDPHQWRSVtTXLFRpDVVLPLUULJDGRHDQLPDGRSRU
XPD HFRQRPLD ´HQHUJpWLFDµ  GHVORFDPHQWRV RX LPRELOL]Do}HV GH IRUoDV
IL[DomR RX PRELOL]DomR GH YDORUHV FLUFXODo}HV RX FULVWDOL]Do}HV GH HQHUJLD
LQYHVWLPHQWRRXGHVLQYHVWLPHQWRHPUHSUHVHQWDo}HVFRQH[}HVHWF
5HVXOWDGRPRGHORTXHDFDEDPRVGHHVERoDUHPOLQKDVJHUDLVTXHR
IXQFLRQDPHQWRSVtTXLFRpSDUDOHORHGLVWULEXtGRHPYH]GHVHTHQFLDOHOLQHDU
8P DIHWR RX XPD HPRomR SRGH VHU GHILQLGR FRPR XP SURFHVVR RX XP
DFRQWHFLPHQWR SVtTXLFR TXH S}H HP MRJR SHOR PHQRV XPD GDV TXDWUR
GLPHQV}HV TXH DFDEDPRV GH PHQFLRQDU WRSRORJLD VHPLyWLFD D[LRORJLD H
HQHUJpWLFD 0DV VHQGR HVVDV TXDWUR GLPHQV}HV PXWXDPHQWH LPDQHQWHV XP
DIHWRpGHPDQHLUDPDLVJHUDOXPDPRGLILFDomRGRHVStULWRXPGLIHUHQFLDOGH
YLGDSVtTXLFD6LPHWULFDPHQWHDYLGDSVtTXLFDPDQLIHVWDVHFRPXPIOX[RGH
DIHWRV
(VVH PRGHOR VXEOLQKHPRV p FRPSDWtYHO DR PHVPR WHPSR FRP RV
~OWLPRV GDGRV GD SVLFRORJLD FRJQLWLYD HP SDUWLFXODU QR TXH GL] UHVSHLWR j
RUJDQL]DomR´VHPkQWLFDµGDPHPyULDGHORQJRSUD]RFRPDVWHVHVSULQFLSDLV
GD SVLFDQiOLVH H PHVPR GD HVTXL]RDQiOLVH VHP FRQWUDGL]HU WDPSRXFR D
H[SHULrQFLDLQWURVSHFWLYDRXDIHQRPHQRORJLD
(OHpLJXDOPHQWHFRPSDWtYHOFRPDDERUGDJHPGDUZLQLDQD XPD YH]
TXH DV FRQILJXUDo}HV GR HVSDoR SVtTXLFR DEVWUDWR GH TXDWUR GLPHQV}HV VmR
FRQWLQXDPHQWH PRGLILFDGDV SRU FRQWULEXLo}HV ´H[WHULRUHVµ H UHGLVWULEXtGDV
SHODV GLQkPLFDV SUySULDV GR PHLR SVtTXLFR e SRVVtYHO WUDoDU XPD
FRUUHVSRQGrQFLD HQWUH HVVDV WUDQVIRUPDo}HV FRQVWDQWHV H RV HIHLWRV GR
´JHUDGRU GH YDULHGDGHµ GD PiTXLQD GDUZLQLDQD $FRSODGR D VHX DPELHQWH R
VLVWHPD SVtTXLFR ´VHOHFLRQDµ GLQkPLFDV DIHWLYDV YLiYHLV DR ORQJR GH XPD
KLVWyULD RX GH XP FDPLQKR HYROXWLYR LUUHYHUVtYHO FRQVWLWXLomR GD
´SHUVRQDOLGDGHµ LQGLYLGXDO RX FROHWLYD DSUHQGL]DJHQV LQYHQo}HV
REVROHVFrQFLDGHOLQJXDJHQVLQYHVWLPHQWRVRXGHVLQYHVWLPHQWRVDIHWLYRV
2 SVLTXLVPR FRQVWLWXL XPD LQWHULRULGDGH &RP HIHLWR VXD WRSRORJLD
QmR p XP UHFLSLHQWH QHXWUR XP VLVWHPD SXUR GH FRRUGHQDGDV PDV VLP XP
HVSDoR TXDOLWDWLYR GLIHUHQFLDGR FXMDV SDUWHV HVWmR HP UHODomR XPDV FRP DV
RXWUDVHFRPS}HPILJXUDVRXDUUDQMRVILJXUDVIXQGRV$GHUQDLVRVVLJQRVH
PHQVDJHQV DR FLUFXODUHP H SRYRDUHP R HVSDoR DR VH UHPHWHUHP
PXWXDPHQWH DR DWXDOL]DUHP D FRQHFWLYLGDGH IRUMDP LJXDOPHQWH D
LQWHULRULGDGH GR HVStULWR 3RU VXD YH] RV YDORUHV VH HQWUHGHWHUPLQDP H
IRUPDPVLVWHPD(QILPDHQHUJLDTXHLUULJDRHVStULWRQmRDEDQGRQDXPOXJDU
VHQmR SDUD RFXSDU RXWUR FRQWULEXLQGR SDUD XPD IRUPD GH FRRUGHQDomR GH
FRGHSHQGrQFLDHGHXQLGDGHQRVHLRGRSVLTXLVPR
0DVDXQLGDGHGRSVLTXLVPRpDGHXPDPXOWLSOLFLGDGHIHUYLOKDQWHH
VXD LQWHULRULGDGH ´DIHWLYDµ QmR p HP DEVROXWR XP IHFKDPHQWR &RPR GL]
*LOOHV'HOHX]HRLQWHULRUpXPDGREUDGRH[WHULRU9LPRVTXHRVSVLTXLVPRV
VmRWDPEpPPiTXLQDVGDUZLQLDQDVLVWRpLGHQWLILFDPVHFRPXPSURFHVVRGH
WUDQVIRUPDomRWUDGXomR GR RXWUR HP XP VL XP VL MDPDLV GHILQLWLYDPHQWH
IHFKDGR PDV VHPSUH HP GHVHTXLOtEULR HP SRVLomR GH DEHUWXUD GH
DFROKLPHQWRGHPXWDomRXPVLFXMDSRQWDILQDpWDOYH]DTXDOLGDGHVLQJXODU
GRSURFHVVRGHDVVLPLODomRGRRXWURHGHKHWHURJrQHVH(VVDDEHUWXUDFRPHoD
QD VLPSOHV VHQVDomR SDVVD SHOD DSUHQGL]DJHP H R GLiORJR FXOPLQD FRP R
GHYLUTXLPHUL]DomRRXWUDQVLomRSDUDXPDRXWUDVXEMHWLYLGDGH
2PRGHORTXHSURSXVHPRVGRSVLTXLVPRSRGHVHDSOLFDUDXPWH[WR
XPILOPHXPDPHQVDJHPRXXPDREUDTXDOTXHU&RPHIHLWRQRFDVRGHXPD
PHQVDJHPFRPSOH[DWHPRV
²XPDFROHomRGHVLJQRVRXGHFRPSRQHQWHVGDPHQVDJHP
²FRQH[}HVUHPLVV}HVHFRVHQWUHDVSDUWHVGDPHQVDJHP
² XPD GLVWULEXLomR GH YDORUHV SRVLWLYRV RX QHJDWLYRV VREUHRV
HOHPHQWRV]RQDVHOLJDo}HVEHPFRPRXPYDORUTXHHPHUJHGRFRQMXQWR
 ² H HQILP XPD HQHUJLD GLIHUHQWHPHQWH LQYHVWLGD HP FHUWDVOLJDo}HV
HPFHUWRVYDORUHV´OLQKDVGHIRUoDµXPDHVWUXWXUD
2 FRQMXQWR GD PHQVDJHP VH QRV DWLYHUPRV j VXD VLJQLILFDomR
IXQFLRQD FRPR XPD FRQILJXUDomR GLQkPLFD XPD HVSpFLH GHFDPSR GH IRUoD
LQVWiYHO GLYHUVDPHQWH LQWHUSUHWiYHO H TXH UHPHWH HYLGHQWHPHQWH D VHX
H[WHULRUSDUDIXQFLRQDURXWUDVPHQVDJHQVUHIHUHQWHV´UHDLVµLQWpUSUHWHV
$PHQVDJHPpHODPHVPDXPDJHQWHDIHWLYRSDUDRHVStULWRGHTXHP
DLQWHUSUHWD6HRWH[WRDPHQVDJHPRXDREUDIXQFLRQDPFRPRXPHVStULWRp
SRUTXH Mi VmR OLGRV WUDGX]LGRV FRPSUHHQGLGRV LQWURGX]LGRV DVVLPLODGRV
QXPDPDWpULDPHQWDOHDIHWLYD
8P VXMHLWR WUDQVPXWRX XPD VpULH GH DFRQWHFLPHQWRV ItVLFRV
HPPHQVDJHP VLJQLILFDQWH RX PHOKRU DVVLP FRPR R UHL 0LGDV TXH
QDGDSRGLDWRFDUVHPWUDQVIRUPiODHPRXURRHVStULWRMDPDLVSRGHDSUHHQGHU
DOJRTXHQmRVHWUDQVIRUPHH[DWDPHQWHSRULVVRHPPRYLPHQWRVHGREUDVGH
XP ULFR WHFLGR FRORULGR HP DIHWRV 2 TXHDFDEDPRV GH GL]HU DTXL GDV
PHQVDJHQVVHDSOLFDSUHFLVDPHQWHGDPHVPDPDQHLUDDWRGRVRVHOHPHQWRVGH
QRVVD H[SHULrQFLD DR SUySULR PXQGR 3DUD QyV R PXQGR QRVVR PXQGR
KXPDQRpXPFDPSRSUREOHPiWLFRXPDFRQILJXUDomRGLQkPLFDXPLPHQVR
KLSHUWH[WR HP FRQVWDQWH PHWDPRUIRVH DWUDYHVVDGR GH WHQV}HV FLQ]HQWR H
SRXFR LQYHVWLGR HP FHUWDV ]RQDV LQWHQVDPHQWH LQYHVWLGR H OX[XRVDPHQWH
GHWDOKDGR HP RXWUDV $V SUR[LPLGDGHV JHRJUiILFDV DVFRQH[LGDGHV FDXVDLV
FOiVVLFDVVmRDSHQDVXPSHTXHQRVXEFRQMXQWRGDVOLJDo}HVGHVLJQLILFDomRGH
DQDORJLD H GH FLUFXODomR DIHWLYD TXHHVWUXWXUDP QRVVR XQLYHUVR VXEMHWLYR 2
XQLYHUVR ItVLFR p XP FDVRSDUWLFXODU GR PXQGR VXEMHWLYR TXH R FHUFD R
LPSUHJQDHRVXVWHQWD2VXMHLWRQmRpRXWUDFRLVDVHQmRVHXPXQGRFRPD
FRQGLomRGH HQWHQGHUVH SRU HVWH WHUPR WXGR R TXH R DIHWR HQYROYH $VVLP
pSRXFR DILUPDU TXH R SVLTXLVPR HVWi DEHUWR SDUD R H[WHULRU HOH pDSHQDV R
H[WHULRUPDVXPH[WHULRULQILOWUDGRWHQVLRQDGRFRPSOLFDGDWUDQVXEVWDQFLDGR
DQLPDGR SHOD DIHWLYLGDGH 2 VXMHLWR p XP PXQGR EDQKDGR GH VHQWLGR H GH
HPRomR
$ LPDJHP TXH DFDEDPRV GH WUDoDU GD LQWHOLJrQFLD YLYD RX GR
SVLTXLVPRpLGHQWLFDPHQWHDGRYLUWXDO3RUQDWXUH]DHHPERUDHVWHMDVHPSUH
FRQHFWDGR D VHX FRUSR R VXMHLWR DIHWLYR VH GHVGREUD SDUD IRUD GR HVSDoR
ItVLFR'HVWHUULWRULDOL]DGRGHVWHUULWRULDOL]DQWHHOHH[LVWHLVWRpFUHVFHGHIDWR
SDUD DOpP GR ´Dtµ 2 SVLTXLVPR SRU FRQVWUXomR WUDQVIRUPD R H[WHULRU HP
LQWHULRURODGRGHGHQWURpXPDGREUDGRODGRGHIRUDHYLFHYHUVDXPDYH]
TXH R PXQGR SHUFHELGR HVWi VHPSUH PHUJXOKDGR QR HOHPHQWR GR DIHWR
(QILP D SDLVDJHP SVtTXLFD WDO FRPR SURFXUHL GHVFUHYrOD p GD RUGHP GD
FRQILJXUDomRGLQkPLFD(ODpDSUySULDYLGDGHXPQyGHIRUoDVGHFRHUo}HVH
GHILQDOLGDGHVDLQWLPLGDGHGHXPDJUHJDGRGHWHQV}HVDLPDJHPGRFDPSR
LQVWiYHO GH DWUDWRUHV KHWHURJrQHRV TXH GHILQH WRGD VLWXDomR SUREOHPiWLFD
DEHUWD
2HOHPHQWRSVtTXLFRRIHUHFHXPH[HPSORFDQ{QLFRGRYLUWXDO&RPR
VHDWXDOL]DHVVHYLUWXDO"$WUDYpVGRVDIHWRV0DLVXPDYH]RVDIHWRVGHVLJQDP
DTXL RV DWRV SVtTXLFRV VHMD TXDO IRU VXD QDWXUH]D $ TXDOLGDGH GH XP DIHWR
GHSHQGH GR PHLR PHQWDO TXH OKH Gi VHQWLGR H TXH HOH FRQWULEXL SDUD
GHWHUPLQDU 'HYLGR j LPSOLFDomR UHFtSURFD HQWUH XPD VXEMHWLYLGDGH H VHX
PXQGR DV TXDOLGDGHV DIHWLYDV VmR WDPEpP GHSHQGHQWHV GDV TXDOLGDGHV GR
DPELHQWHXPPHLRH[WHULRUTXH QmR FHVVD GH RIHUHFHUQRYRV REMHWRV QRYDV
FRQILJXUDo}HV SUiWLFDV RX HVWpWLFDV D LQYHVWLU $VVLP QmR H[LVWHP OLPLWHV D
SULRULSDUDDHFORVmRGHQRYRVWLSRVGHDIHWRVFRPRWDPSRXFRH[LVWHPOLPLWHV
SDUDDSURGXomRGHREMHWRVRXGHSDLVDJHQVLQpGLWDV3RGHUVHLDPHVPRIDODU
GH XPD LQYHQWLYLGDGH DIHWLYD $ FODVVLILFDomR RUGLQiULD GDV HPRo}HV PHGR
DPRUHWFDSUHVHQWDSRUWDQWR
DSHQDVXPDOLVWDUHVWULWDHEDVWDQWHVLPSOLILFDGD
GRVWLSRVGHDIHWRV

62&,('$'(63(16$17(6

&RPSUHHQGHVHPHOKRUDJRUDSRUTXHDLQWHOLJrQFLDpDWUDYHVVDGDGH
XPDGLPHQVmRFROHWLYDpSRUTXHQmRVmRDSHQDVDVOLQJXDJHQVRVDUWHIDWRVH
DVLQVWLWXLo}HVVRFLDLVTXHSHQVDPGHQWURGHQyVPDVRFRQMXQWRGRPXQGR
KXPDQRFRPVXDVOLQKDVGHGHVHMRVXDVSRODULGDGHVDIHWLYDVVXDVPiTXLQDV
PHQWDLV KtEULGDV VXDV SDLVDJHQV GH VHQWLGR IRUUDGDV GH LPDJHQV $JLU VREUH
VHXPHLRSRUSRXFRTXHVHMDPHVPRGHXPPRGRTXHVHSRGHULDSUHWHQGHU
SXUDPHQWHWpFQLFRPDWHULDORXItVLFRHTXLYDOHDHULJLURPXQGRFRPXPTXH
SHQVD GLIHUHQWHPHQWH GHQWUR GH FDGD XP GH QyV HTXLYDOH D VHFUHWDU
LQGLUHWDPHQWH TXDOLGDGH VXEMHWLYD H WUDEDOKDU QR DIHWR 4XH GL]HU HQWmR GD
SURGXomR GH PHQVDJHQV RX GH UHODFLRQDPHQWRV" (LV Dt R Qy GD PRUDO
YLYHQGRDJLQGRSHQVDQGRWHFHPRVRWHFLGRPHVPRGDYLGDGRVRXWURV
( FRPSUHHQGHPRV DVVLP SRU TXH FROHWLYRV KXPDQRV HQTXDQWR WDLV
SRGHP VHU GLWRV LQWHOLJHQWHV 3RUTXH R SVLTXLVPR p GHVGH R LQtFLR H SRU
GHILQLomR FROHWLYR WUDWDVH GH XPD PXOWLGmR GH VLJQRVDJHQWHV HP LQWHUDomR
FDUUHJDGRV GH YDORUHV LQYHVWLQGR FRP VXD HQHUJLD UHGHV PyYHLV H SDLVDJHQV
PXWiYHLV
2V FROHWLYRV KXPDQRV VmR HVSpFLHV GH PHJDSVLTXLVPRV QmR DSHQDV
SRU VHUHP SHUFHELGRV H DIHWLYDPHQWH LQYHVWLGRV SRU SHVVRDV PDV SRUTXH
SRGHPVHUDGHTXDGDPHQWHPRGHODGRVSRUXPDWRSRORJLDXPDVHPLyWLFDXPD
D[LRORJLD H XPD HQHUJpWLFD PXWXDPHQWH LPDQHQWHV 0HJDVXMHLWRV VRFLDLV
HPERUD VHP FRQVFLrQFLD OLQHDUL]DQWH VmR HQTXDQWR WDLV DWUDYHVVDGRV GH
DIHWRV8PLPHQVRMRJRDIHWLYRSURGX]DYLGDVRFLDO8PSDSHOGHVHOHomRHGH
DSUHVHQWDomR VHTHQFLDO GHVHPSHQKDGR SHOD FRQVFLrQFLD QDV SHVVRDV p
FXPSULGRGH XP MHLWRRX GH RXWUR QDV FROHWLYLGDGHV SRU HVWUXWXUDV SROtWLFDV
UHOLJLRVDV RX PLGLiWLFDV TXH KDELWDP HP WURFD RV VXMHLWRV LQGLYLGXDLV 0DV D
FRPSDUDomR HQWUH RV VHUYLoRV SUHVWDGRV DR LQGLYtGXR SRU VXD FRQVFLrQFLD H
DTXHOHVTXHDVPtGLDVFHQWUDOL]DGRUDVRXRVSRUWDYR]HVSUHVWDPDRVFROHWLYRV
QHPVHPSUHpHPSURYHLWRGHVWHV~OWLPRV
eYHUGDGHTXHDLQWHOLJrQFLDpIUDFWDORXVHMDVHUHSURGX]GHPDQHLUD
FRPSDUiYHO HP GLIHUHQWHV HVFDODV GH JUDQGH]D PDFURVRFLHGDGHV SVLTXLVPRV
WUDQVLQGLYLGXDLV GH SHTXHQRV JUXSRV LQGLYtGXRV PyGXORV LQIUDLQGLYLGXDLV
]RQDV GR FpUHEUR ´FRPSOH[RVµ LQFRQVFLHQWHV DJHQFLDPHQWRV WUDQVYHUVDLV
HQWUH PyGXORV LQIUDLQGLYLGXDLV GH SHVVRDV GLIHUHQWHV UHODo}HV VH[XDLV
QHXURVHV FRPSOHPHQWDUHV &DGD Qy RX ]RQD GR KLSHUFyUWH[ FROHWLYR
FRQWpPSRUVXDYH]XPSVLTXLVPRYLYRXPDHVSpFLHGHKLSHUWH[WRGLQkPLFR
DWUDYHVVDGRGHWHQV}HVHGHHQHUJLDVWLQJLGDVGHTXDOLGDGHVDIHWLYDVDQLPDGDV
GHWURSLVPRVDJLWDGDVGHFRQIOLWRV1RHQWDQWRSRUVXDOLJDomRDXPFRUSR
PRUWDOHjVXDFRQVFLrQFLDDSHUVRQDPDQLIHVWDXPDWRQDOLGDGHSVtTXLFDHXPD
LQWHQVLGDGHDIHWLYDDEVROXWDPHQWHVLQJXODUHV
(PFRQWUDSDUWLGDKiXPDTXDOLGDGHGLIXQGLGDHPGLYHUVRVJUDXVHP
WRGRV RV WLSRV GH HVStULWRV PDV TXH DV VRFLHGDGHV KXPDQDV H QmR PDLV RV
LQGLYtGXRVH[HPSOLILFDPPHOKRUTXHDVRXWUDVDGHUHIOHWLURWRGRGRHVStULWR
FROHWLYR FDGD YH] GLIHUHQWHPHQWH HP FDGD XPD GHVXDV SDUWHV 2V VLVWHPDV
LQWHOLJHQWHVVmR´KDORJUiILFRVµHRVJUXSRVKXPDQRVVmRRVPDLVKDORJUiILFRV
GRVVLVWHPDVLQWHOLJHQWHV&RPRDVP{QDGDVGH/HLEQL]RXDVRFDVL}HVDWXDLV
GH:KLWHKHDGDVSHVVRDVHQFDUQDPFDGDXPDGHODVXPDVHOHomRXPDYHUVmR
XPDYLVmRSDUWLFXODUHVGRPXQGRFRPXPRXGRSVLTXLVPRJOREDO

&2/(7,926 +80$126(62&,('$'(6'(,16(726

$ QRomR GH LQWHOLJrQFLD FROHWLYD HYRFD LUUHVLVWLYHOPHQWH R

IXQFLRQDPHQWR GDV VRFLHGDGHV GH LQVHWRV DEHOKDV IRUPLJDV FXSLQV 1R
HQWDQWRDVFRPXQLGDGHVKXPDQDVGLIHUHPSURIXQGDPHQWHGRVFXSLQ]HLURV
3ULPHLUD GLIHUHQoD GD TXDO GHFRUUHP WRGDV DV RXWUDV D LQWHOLJrQFLD
FROHWLYDSHQVDGHQWURGHQyVDRSDVVRTXHDIRUPLJDpXPDSDUWHTXDVHRSDFD
TXDVH QmR KDORJUiILFD XP HOR LQFRQVFLHQWH GR IRUPLJXHLUR LQWHOLJHQWH
3RGHPRV XVXIUXLU LQWHOLJHQWHPHQWH GD LQWHOLJrQFLD FROHWLYD TXH DXPHQWD H
PRGLILFD QRVVD SUySULD LQWHOLJrQFLD &RQWHPRV RX UHIOHWLPRV SDUFLDOPHQWH
FDGD XP j VXD PDQHLUD D LQWHOLJrQFLD GR JUXSR $ IRUPLJD HP WURFD WHP
DSHQDVXPDSHTXHQtVVLPDIUXLomRRXYLVmRGDLQWHOLJrQFLDVRFLDO1mRREWpP
GHODXPDFUpVFLPRPHQWDO2EHGLHQWHEHQHILFLiULDSDUWLFLSDVRPHQWHjVFHJDV
GHVVDLQWHOLJrQFLD
,VWR HTXLYDOH D GL]HU GH XPD PDQHLUD PDLV WULYLDO TXH R KRPHP p
DQWHV GH WXGR LQWHOLJHQWH HQTXDQWR D IRUPLJD p UHODWLYDPHQWH DR KXPDQR
HVW~SLGD$IRUPLJDQmRVRPHQWHUHFHEHPHQRVTXHRKXPDQRGDLQWHOLJrQFLD
VRFLDO FRPR WDPEpP VLPHWULFDPHQWH FRQWULEXL SDUD HOD DSHQDV QXPD IUDFD
PHGLGD8PDPXOKHURXXPKRPHPQRTXDGURGHXPD FXOWXUD p FDSD] GH
DSUHQGHUGHLPDJLQDUGHLQYHQWDUHILQDOPHQWHGHID]HUHYROXLUPHVPRTXH
PXLWR PRGHVWDPHQWH DV OLQJXDJHQV DV WpFQLFDV DV UHODo}HV VRFLDLV TXH
YLJRUDPHPVHXDPELHQWHRTXHXPDIRUPLJD²HVWULWDPHQWHVXEPHWLGDDXPD
SURJUDPDomR JHQpWLFD ² GLILFLOPHQWH p FDSD] GH ID]HU (QWUH RV LQVHWRV
VRPHQWHDVRFLHGDGHSRGHUHVROYHUSUREOHPDVRULJLQDLVDRSDVVRTXHHQWUHRV
KXPDQRVRV LQGLYtGXRV VmR HP JHUDO PDLV LQYHQWLYRV TXH FHUWRV JUXSRV WDLV
FRPR DV PXOWLG}HV RX DV EXURFUDFLDV UtJLGDV $ LQWHOLJrQFLD GDV VRFLHGDGHV
KXPDQDV p YDULiYHO H QRPHOKRU GRV FDVRV HYROXWLYD JUDoDV j QDWXUH]D GRV
LQGLYtGXRVTXHDFRPS}HPHRTXHpDRXWUDIDFHGHXPDPHVPDUHDOLGDGH
GDV OLJDo}HV JHUDOPHQWH OLYUHV RX FRQWUDWXDLV TXH D WHFHP (P WURFD QR
TXDGUR GH XPD GHWHUPLQDGD HVSpFLH GH IRUPLJDV R IXQFLRQDPHQWR GR
IRUPLJXHLURpIL[R
2HVWDWXWRGRLQGLYtGXRQXPHQRXWURWLSRGHVRFLHGDGHFULVWDOL]DH
UHVXPHRFRQMXQWRGDVGLIHUHQoDVTXHRVRS}HP2OXJDUHR SDSHO GH FDGD
IRUPLJDHVWmRGHILQLWLYDPHQWHIL[DGRV1RVHLRGHXPDHVSpFLHSDUWLFXODURV
WLSRV GH FRPSRUWDPHQWRV RX DV GLIHUHQWHV PRUIRORJLDV UDLQKDV RSHUiULDV
JXHUUHLUDV VmR LPXWiYHLV $V IRUPLJDV FRPR DV DEHOKDV H RV FXSLQV HVWmR
RUJDQL]DGDVHPFDVWDVHDVIRUPLJDVGDPHVPDFDVWDVmRLQWHUFDPELiYHLVVHP
SHUGD (P WURFD DV VRFLHGDGHV KXPDQDV QmR FHVVDP GH LQYHQWDU QRYDV
FDWHJRULDV RV LQGLYtGXRV SDVVDP GH XPD FODVVH D RXWUD H VREUHWXGR p QD
YHUGDGHLPSRVVtYHOUHGX]LUXPDSHVVRDjVHXSHUWHQFLPHQWRDXPDFODVVHRXD
XPFRQMXQWRGHFODVVHVSRLVFDGDLQGLYtGXRKXPDQRpVLQJXODU$VSHVVRDV
WHQGR VHX SUySULR FDPLQKR GH DSUHQGL]DJHP HQFDUQDQGR UHVSHFWLYDPHQWH
PXQGRVDIHWLYRVHYLUWXDOLGDGHVGHPXWDomRVRFLDOPHVPRPtQLPDGLIHUHQWHV
QmR VmR LQWHUFDPELiYHLV 2V LQGLYtGXRV KXPDQRV FRQWULEXHP FDGD XP
GLIHUHQWHPHQWHHGHPDQHLUDFULDWLYDSDUDDYLGDGDLQWHOLJrQFLDFROHWLYDTXHRV
LOXPLQDHPWURFDDRSDVVRTXHXPDIRUPLJDREHGHFHFHJDPHQWHDRSDSHOTXH
OKH GLWD VXD FDVWD QR VHLR GH XP YDVWR PHFDQLVPR LQFRQVFLHQWH TXH D
XOWUDSDVVDDEVROXWDPHQWH
&HUWDV FLYLOL]Do}HV FHUWRV UHJLPHV SROtWLFRV WHQWDUDP DSUR[LPDU D
LQWHOLJrQFLD FROHWLYD KXPDQD GD GRV IRUPLJXHLURV WUDWDUDP DV SHVVRDV FRPR
PHPEURV GH XPD FDWHJRULD IL]HUDP FUHU TXH HVVD UHGXomR GR KXPDQR DR
LQVHWR HUD SRVVtYHO RX GHVHMiYHO 1RVVD SRVLomR ILORVyILFD PRUDO H SROtWLFD p
SHUIHLWDPHQWHFODUDRSURJUHVVRKXPDQRUXPRjFRQVWLWXLomRGHQRYDVIRUPDV
GH LQWHOLJrQFLD FROHWLYD VH RS}H UDGLFDOPHQWH DR SyOR GR IRUPLJXHLUR (VVH
SURJUHVVRGHYHDRFRQWUiULRDSURIXQGDUDDEHUWXUDGDFRQVFLrQFLDLQGLYLGXDO
DR IXQFLRQDPHQWR GD LQWHOLJrQFLD VRFLDO H PHOKRUDU D LQWHJUDomR H D
YDORUL]DomR GDV VLQJXODULGDGHV FULDGRUDV TXH RV LQGLYtGXRV H RV SHTXHQRV
JUXSRV KXPDQRV IRUPDP QRV SURFHVVRV FRJQLWLYRV H DIHWLYRV GD LQWHOLJrQFLD
FROHWLYD 7DO SURJUHVVR GH PDQHLUD QHQKXPD p JDUDQWLGR HVWi VHPSUH
DPHDoDGR GH UHJUHVV}HV $QWHV GH VHU XPD OHL GD KLVWyULD WUDWDVH GH XP
SURMHWRWUDQVPLWLGRHQULTXHFLGRUHLQWHUSUHWDGRDFDGDJHUDomRHLQIHOL]PHQWH
VXVFHWtYHOGHHVFOHURVHRXGHHVTXHFLPHQWR

$2%-(7,9$d®2'2 &217(;72 3$57,/+$'2

$ UHDWXDOL]DomR FRQWHPSRUkQHD GHVVH SURMHWR SDVVD SURYDYHOPHQWH

SRU XP XVR MXGLFLRVR GDV WpFQLFDV GH FRPXQLFDomR GH VXSRUWH GLJLWDO $V
WHFQRORJLDVLQWHOHFWXDLVHRVGLVSRVLWLYRVGHFRPXQLFDomRFRQKHFHPQHVWHILP
GR VpFXOR ;; PXWDo}HV PDVVLYDV H UDGLFDLV (P FRQVHTrQFLD DV HFRORJLDV
FRJQLWLYDVHVWmRHPYLDGHUHRUJDQL]DomRUiSLGDHLUUHYHUVtYHO$EUXWDOLGDGHGD
GHVHVWDELOL]DomR FXOWXUDO QmR GHYH QRV GHVHQFRUDMDU GH GLVFHUQLU DV IRUPDV
HPHUJHQWHV PDLV SRVLWLYDV VRFLDOPHQWH H GH IDYRUHFHU VHX GHVHQYROYLPHQWR
&RPRXPGRVSULQFLSDLVHIHLWRVGDWUDQVIRUPDomRHPFXUVRDSDUHFHXPQRYR
GLVSRVLWLYRGHFRPXQLFDomRQRVHLRGHFROHWLYLGDGHVGHVWHUULWRULDOL]DGDVPXLWR
YDVWDV TXH FKDPDUHPRV ´FRPXQLFDomR WRGRVWRGRVµ e SRVVtYHO H[SHULHQFLDU
LVVRQD,QWHUQHWQRVFKDWV%%6QDVFRQIHUrQFLDVRXIyUXQVHOHWU{QLFRVQRV
VLVWHPDVSDUDRWUDEDOKRRXDDSUHQGL]DJHPFRRSHUDWLYRVQRVJURXSZDUHVQRV
PXQGRVYLUWXDLVHQDViUYRUHV GH FRQKHFLPHQWRV &RP HIHLWRR FLEHUHVSDoR
HP YLD GH FRQVWLWXLomR DXWRUL]D XPD FRPXQLFDomR QmR PHGLiWLFD HP JUDQGH
HVFDODTXHDQRVVRYHUUHSUHVHQWDXPDYDQoRGHFLVLYRUXPRDIRUPDVQRYDVH
PDLVHYROXtGDVGHLQWHOLJrQFLDFROHWLYD
&RPR VH VDEH RV PHLRV GH FRPXQLFDomR FOiVVLFRV UHODFLRQDPHQWR
XPWRGRV LQVWDXUDP XPD VHSDUDomR QtWLGD HQWUH FHQWURV HPLVVRUHV H
UHFHSWDUHV SDVVLYRV LVRODGRV XQV GRV RXWURV $V PHQVDJHQV GLIXQGLGDV SHOR
FHQWUR UHDOL]DP XPD IRUPD JURVVHLUD GH XQLILFDomR FRJQLWLYD GR FROHWLYR DR
LQVWDXUDUHP XP FRQWH[WR FRPXP 7RGDYLD HVVH FRQWH[WR p LPSRVWR
WUDQVFHQGHQWH QmR UHVXOWD GD DWLYLGDGH GRV SDUWLFLSDQWHV QR GLVSRVLWLYR QmR
SRGH VHU QHJRFLDGR WUDQVYHUVDOPHQWH HQWUH RV UHFHSWDUHV 2 WHOHIRQH
UHODFLRQDPHQWR XPXP DXWRUL]D XPD FRPXQLFDomR UHFtSURFD PDV QmR
SHUPLWHYLVmRJOREDOGRTXHVHSDVVDQRFRQMXQWRGDUHGHQHPDFRQVWUXomRGH
XP FRQWH[WR FRPXP 1R FLEHUHVSDoR HP WURFD FDGD XP p SRWHQFLDOPHQWH
HPLVVRU H UHFHSWRU QXP HVSDoR TXDOLWDWLYDPHQWH GLIHUHQFLDGR QmR IL[R
GLVSRVWR SHORV SDUWLFLSDQWHV H[SORUiYHO $TXL QmR p SULQFLSDOPHQWH SRU VHX
QRPH VXD SRVLomR JHRJUiILFD RX VRFLDO TXH DV SHVVRDV VH HQFRQWUDP PDV
VHJXQGR FHQWURV GH LQWHUHVVHV QXPD SDLVDJHP FRPXP GR VHQWLGR RX GR
VDEHU
&KDWVHUYLoRRIHUHFLGR QD FRPXQLFDomR TXH SHUPLWH D SDUWLFLSDomR VLPXOWkQHD

DWUDYpVGHXPWH[WRRXPHVPRYR]GHGLYHUVRVXVXiULRVHPXPDPHVPDFRQYHUVDRXGHEDWH
1GRUHYLVRUWpFQLFR
 6HJXQGR PRGDOLGDGHV DLQGD SULPLWLYDV PDV TXH VH DSHUIHLoRDP GH
DQRDDQRRFLEHUHVSDoRRIHUHFHLQVWUXPHQWRVGHFRQVWUXomRFRRSHUDWLYDGH
XP FRQWH[WR FRPXP HP JUXSRV QXPHURVRV H JHRJUDILFDPHQWH GLVSHUVRV $
FRPXQLFDomR VH GHVGREUD DTXL HP WRGD D VXD GLPHQVmR SUDJPiWLFD 1mR VH
WUDWDPDLVDSHQDVGHXPDGLIXVmRRXGHXPWUDQVSRUWHGHPHQVDJHQVPDVGH
XPDLQWHUDomRQRVHLRGHXPDVLWXDomRTXHFDGDXPFRQWULEXLSDUDPRGLILFDU
RX HVWDELOL]DU GH XPD QHJRFLDomR VREUH VLJQLILFDo}HV GH XP SURFHVVR GH
UHFRQKHFLPHQWR P~WXR GRV LQGLYtGXRV H GRV JUXSRV YLD DWLYLGDGH GH
FRPXQLFDomR2SRQWRFDSLWDOpDTXL D REMHWLYDomR SDUFLDO GRPXQGR YLUWXDO
GH VLJQLILFDo}HV HQWUHJXH j SDUWLOKD H j UHLQWHUSUHWDomR GRV SDUWLFLSDQWHV QRV
GLVSRVLWLYRV GH FRPXQLFDomR WRGRVWRGRV (VVD REMHWLYDomR GLQkPLFD GH XP
FRQWH[WR FROHWLYR p XP RSHUDGRU GH LQWHOLJrQFLD FROHWLYD XPD HVSpFLH GH
OLJDomRYLYDTXHIXQFLRQDFRPRXPDPHPyULDRXFRQVFLrQFLDFRPXP8PD
VXEMHWLYDomRYLYDUHPHWHDXPDREMHWLYDomRGLQkPLFD2REMHWRFRPXPVXVFLWD
GLDOHWLFDPHQWHXPVXMHLWRFROHWLYR
9HMDPRV DOJXQV H[HPSORV GH WDO SURFHVVR $ :RUOG :LGH :HE WDO
FRPRIRLGHVFULWDQRFDStWXORpXPWDSHWHGHVHQWLGRWHFLGRSRUPLOK}HVGH
SHVVRDVHGHYROYLGRVHPSUHDRWHDU'DSHUPDQHQWHFRVWXUDSHODVSRQWDVGH
PLOK}HV GH XQLYHUVRV VXEMHWLYRV HPHUJH XPD PHPyULD GLQkPLFD FRPXP
´REMHWLYDGDµ QDYHJiYHO 'HVFREUHPVH DVVLP SDLVDJHQV GH VLJQLILFDo}HV TXH
HPHUJHP GD DWLYLGDGH FROHWLYD QRV 08'6 0XOWLXVHUV GXQJHRQV DQG GUDJRQV
HVSpFLHVGHMRJRVGHSDSpLVUROHSOD\LQJJDPHVHPIRUPDGHPXQGRVYLUWXDLVGH
OLQJXDJHP HODERUDGRV HP WHPSR UHDO SRU FHQWHQDV RX PLOKDUHV GH MRYHQV
GLVSHUVRVSHORSODQHWD'HXPPRGRPHQRVHODERUDGRWHPRVLJXDOPHQWHDV
PHPyULDV FRPXQV VHFUHWDGDV FROHWLYDPHQWH QDV FRQIHUrQFLDV HOHWU{QLFDV GRV
JUXSRV GH FKDW RX RV QHZV JURXSV GD ,QWHUQHW FXMD OLVWD PXWiYHO GHVHQKD XP
PDSD GLQkPLFR GRV LQWHUHVVHV GH FRPXQLGDGHV YLEULRQDQWHV 1RV PHOKRUHV
FDVRV HVVHV GLVSRVLWLYRV FRQVWLWXHP DOJR
VLPLODU HQFLFORSpGLDV YLYDV $V
UHVSRVWDV DRV IUHTXHQWO\ DVNHG TXHVWLRQV )$4 GH DOJXQV IyUXQV HOHWU{QLFRV
HYLWDPDVUHSHWLo}HVHSHUPLWHPDFDGDXPLQVFUHYHUVHQRGLiORJR FRP XP
PtQLPR GH FRQKHFLPHQWRV EiVLFRV VREUH R WHPD HP TXHVWmR 2V LQGLYtGXRV
VmR DVVLP LQFLWDGRV D SDUWLFLSDU GD PDQHLUD PDLV SHUWLQHQWH SRVVtYHO QD
LQWHOLJrQFLDFROHWLYD
(QFRQWUDPRV DLQGD DV SDLVDJHQV GH VLJQLILFDo}HV SDUWLOKDGDV QDV
iUYRUHVGHFRQKHFLPHQWRVPHUFDGRVOLYUHVGHXPDQRYDHFRQRPLDGRVDEHU
TXHRIHUHFHPDFDGDSDUWLFLSDQWHGHXPDFROHWLYLGDGHXPDYLVmRVLQWpWLFDGD
YDULHGDGH GDV FRPSHWrQFLDV GH VHX JUXSR H OKH SHUPLWHP UHFRQKHFHU VRE
IRUPD GH LPDJHP VXD LGHQWLGDGH HP HVSDoRV GH VDEHU 1DV iUYRUHV GH
FRQKHFLPHQWRV D LQIRUPDomR p VHPSUH DSUHVHQWDGD HP FRQWH[WR VHJXQGR D
UHODomR YLVXDO ILJXUDIXQGR D ILJXUD VHQGR D LQIRUPDomR H R IXQGR
PDQLIHVWDQGR R FRQWH[WR $VVLP D PHVPD LQIRUPDomR RIHUHFH XP DVSHFWR
XPDLPDJHPRXXPDPiVFDUDGLIHUHQWHFRQIRUPHVHHQFRQWUHQXPFRQWH[WR
RXQRXWUR4XDQWRDRFRQWH[WRDiUYRUHVXDVIRUPDVVXDVFRUHVHOHHPHUJH
GLQDPLFDPHQWH GRV DWDV GH DSUHQGL]DJHP H GH WUDQVDomR GR VDEHU HIHWXDGRV
SHORV SDUWLFLSDQWHV H GH PDQHLUD PDLV JHUDO GRV FRUSXV GH LQIRUPDomR
FRQVLGHUDGRVHGHVXDXWLOL]DomRSRUXPDFRPXQLGDGH

2&Ð57(;'($17523,$

$ WUDQVPLVVmR H D SDUWLOKD GH XPD PHPyULD VRFLDO VmR WmR YHOKDV

TXDQWR D KXPDQLGDGH 1DUUDWLYDV SDVVHV GH PiJLFD H VDEHGRULDV SDVVDP GH
JHUDomRDJHUDomR(QWUHWDQWRRSURJUHVVRGDVWpFQLFDVGHFRPXQLFDomRHGH
UHJLVWUR DPSOLRX FRQVLGHUDYHOPHQWH R DOFDQFH GR HVWDTXH FRPSDUWLOKiYHO
ELEOLRWHFDVGLVFRWHFDVFLQHPDWHFDV+RMHDLQIRUPDomRGLVSRQtYHORQOLQHRX
QR FLEHUHVSDoR HP JHUDO FRPSUHHQGH QmR DSHQDV R ´HVWDTXHµ
GHVWHUULWRULDOL]DGRGHWH[WRVGHLPDJHQVHGHVRQVKDELWXDLVPDVLJXDOPHQWH
SRQWRVGHYLVWDKLSHUWH[WXDLVVREUHHVVHHVWRTXHEDVHVGHFRQKHFLPHQWRVFRP
FDSDFLGDGHVGHLQIHUrQFLDDXW{QRPDVHPRGHORVGLJLWDLVGLVSRQtYHLVSDUDWRGDV
DV VLPXODo}HV $OpP GHVVDV PDVVDV GH GRFXPHQWRV HVWiWLFRV RX GLQkPLFRV
SDLVDJHQV GH VLJQLILFDo}HV FRPSDUWLOKDGDV FRRUGHQDP DV HVWUXWXUDo}HV
VXEMHWLYDVYDULDGDVGRRFHDQRLQIRUPDFLRQDO$PHPyULDFROHWLYDSRVWDHPDWR
QRFLEHUHVSDoRGLQkPLFDHPHUJHQWHFRRSHUDWLYDUHWUDEDOKDGDHPWHPSRUHDO
SRULQWHUSUHWDo}HVGHYHVHUFODUDPHQWHGLVWLQJXLGDGDWUDQVPLVVmRWUDGLFLRQDO
GDV QDUUDWLYDV H GDV FRPSHWrQFLDV EHP FRPR GRV UHJLVWURV HVWiWLFRV GDV
ELEOLRWHFDV
3DUD DOpP GD PHPyULD RV VRIWZDUHV VmR RXWURUDV PLFURPyGXORV
FRJQLWLYRV DXWRPiWLFRV TXH YrP VH LPEULFDU DR GRV KXPDQRV H TXH
WUDQVIRUPDP RX DXPHQWDP VXDV FDSDFLGDGHV GH FiOFXOR GH UDFLRFtQLR GH
LPDJLQDomRGHFULDomRGHFRPXQLFDomRGHDSUHQGL]DJHPRXGH´QDYHJDomRµ
QD LQIRUPDomR 7RGD YH] TXH p SURGX]LGR XP QRYR SURJUDPD DFHQWXDVHR
FDUiWHUFROHWLYRGDLQWHOLJrQFLD&RPHIHLWRVHRIRUQHFLPHQWRGHLQIRUPDomR
DXPHQWDDSHQDVRHVWDTXHFRPXPRXHQULTXHFHVXDHVWUXWXUDomRRSURJUDPD
SURSULDPHQWHUHSUHVHQWDXPDFUpVFLPRDRVPyGXORVRSHUDWyULRVFRPSDUWLOKDGRV
$ SURJUDPDomR FRRSHUDWLYD GR VRIWZDUH QR FLEHUHVSDoR LOXVWUD GH PDQHLUD
HYLGHQWH D DXWRSRLHVH RX SURGXomR GH VL GD LQWHOLJrQFLD FROHWLYD
HVSHFLDOPHQWHTXDQGRRSURJUDPDYLVDHOHSUySULRDPHOKRUDUDLQIUDHVWUXWXUD
GHFRPXQLFDomRGLJLWDO
2 FLEHUHVSDoR IDYRUHFH DV FRQH[}HV DV FRRUGHQDo}HV DV VLQHUJLDV
HQWUHDVLQWHOLJrQFLDVLQGLYLGXDLVHVREUHWXGRVHXPFRQWH[WRYLYRIRUPHOKRU
FRPSDUWLOKDGR VH RV LQGLYtGXRV H RV JUXSRV SXGHUHP VH VLWXDU PXWXDPHQWH
QXPDSDLVDJHPYLUWXDOGHLQWHUHVVHVHGHFRPSHWrQFLDVHVHDGLYHUVLGDGHGRV
PyGXORVFRJQLWLYRVFRPXQVRXPXWXDPHQWHFRPSDWtYHLVDXPHQWDU
 6DEHVH TXH HP FDGD pSRFD KLVWyULFD RV KXPDQRV WLYHUDP R
VHQWLPHQWR GH YLYHU XPD ´YLUDGDµ FDSLWDO ,VWR UHODWLYL]D WRGD LPSUHVVmR GD
PHVPD RUGHP TXH GLJD UHVSHLWR DR SHUtRGR FRQWHPSRUkQHR 1mR FRQVLJR
SRUpP GHVID]HUPH GD LGpLD GH TXH YLYHPRV KRMH XPD PXWDomR PDLRU QDV
IRUPDV GD LQWHOLJrQFLD FROHWLYD $ REMHWLYDomR GLQkPLFD GR FRQWH[WR
HPHUJHQWH R FRPSDUWLOKDU HP PDVVD H VHPSUH FUHVFHQWH GH RSHUDGRUHV
FRJQLWLYRV YDULDGRV H D LQWHUFRQH[mR HP WHPSR UHDO LQGHSHQGHQWHPHQWH GD
GLVWkQFLD JHRJUiILFD SDUHFHP UHIRUoDU PXWXDPHQWH VHXV HIHLWRV 8PD GDV
FDUDFWHUtVWLFDVPDLVVDOLHQWHVGDQRYDLQWHOLJrQFLDFROHWLYDpDDFXLGDGHGHVXD
UHIOH[mR QDV LQWHOLJrQFLDV LQGLYLGXDLV 2V DWDV GR SVLTXLVPR GH XPD IUDomR
FUHVFHQWH GD KXPDQLGDGH WRUQDPVH TXDVH GLUHWDPHQWH VHQVtYHLV jV SHVVRDV
$OJXPDVIRUPDVGHPXQGRVYLUWXDLVSHUPLWHPTXDVHH[SULPLUFDUWRJUDIDUHP
WHPSRUHDORVFRPSRQHQWHVWRSROyJLFRVVHPLyWLFRVD[LROyJLFRVHHQHUJpWLFRV
GHSVLTXLVPRVFROHWLYRV
$ LPDJHP YLD VDWpOLWH GH QRVVR SODQHWD DV LQIRUPDo}HV TXH QRV
FKHJDP SRU XPD TXDQWLGDGH GH UHGHV PXQGLDLV GH FDSWDGRUHV RV PRGHORV
LQIRUPDWL]DGRV TXH LQWHJUDP HVVHV GDGRV DV VLPXODo}HV TXH QRV GHL[DP
DGLYLQKDU DV UHDo}HV GD 7HUUD VXD KLVWyULD D LQLPDJLQiYHO LQWLPLGDGH GH VXD
YLGD GH XPD LQILQLWD OHQWLGmR RSDFD HQRUPH H GLVSHUVD WXGR LVVR ID] DRV
SRXFRVVXUJLURXUHVVXUJLUQRHVStULWRGRVKXPDQRVDILJXUDDUFDLFDGH*DLD
)DFH j DQWLTXtVVLPD GHXVD DLQGD PLVWXUDGD j VXD VXEVWkQFLD SRGHVH DJRUD
TXDVH RXYLU RX YHU SHQVDU FUHVFHQGR D QRVVRV ROKRV UiSLGR FUHSLWDQWH R
JUDQGHKLSHUFyUWH[GHVXDILOKD$QWURSLD
7DQWR TXDQWR D SHVTXLVD XWLOLWiULD GH LQIRUPDomR p HVVD VHQVDomR
YHUWLJLQRVD GH PHUJXOKDU QR FpUHEUR FRPXP H GHOH SDUWLFLSDU TXH H[SOLFD R
HQWXVLDVPRSHOD,QWHUQHW1DYHJDUQRFLEHUHVSDoRHTXLYDOHDSDVVHDUXPROKDU
FRQVFLHQWH VREUH D LQWHULRULGDGH FDyWLFD R URQURQDU LQFDQViYHO DV EDQDLV
IXWLOLGDGHV H DV IXOJXUDo}HV SODQHWiULDV GD LQWHOLJrQFLD FROHWLYD 2 DFHVVR DR
SURFHVVRLQWHOHFWXDOGRWRGRLQIRUPDR GHFDGDSDUWH LQGLYtGXRRX JUXSR H
DOLPHQWD HP WURFD R GR FRQMXQWR 3DVVDVH HQWmR GD LQWHOLJrQFLD FROHWLYD DR
FROHWLYRLQWHOLJHQWH
$SHVDUGHQXPHURVRVDVSHFWRV QHJDWLYRV H HP SDUWLFXODU R ULVFR GH
GHL[DU QR DFRVWDPHQWR GD DXWRHVWUDGD XPD SDUWH GHVTXDOLILFDGD GD
KXPDQLGDGHRFLEHUHVSDoRPDQLIHVWDSURSULHGDGHVQRYDVTXHID]HPGHOHXP
SUHFLRVRLQVWUXPHQWRGHFRRUGHQDomRQmRKLHUiUTXLFDGHVLQHUJL]DomRUiSLGD
GDVLQWHOLJrQFLDVGHWURFDGHFRQKHFLPHQWRVGH QDYHJDomR QRV VDEHUHV H GH
DXWRFULDomRGHSLODGDGHFROHWLYRVLQWHOLJHQWHV
3URSRQKRMXQWDPHQWHFRPRXWURVDSURYHLWDUHVVHPRPHQWRUDURHP
TXHVHDQXQFLDXPDFXOWXUDQRYDSDUDRULHQWDUGHOLEHUDGDPHQWHDHYROXomRHP
FXUVR5DFLRFLQDUHPWHUPRVGHLPSDFWRpFRQGHQDUVHDSDGHFHU'HQRYRD
WpFQLFDSURS}HPDVRKRPHPGLVS}H&HVVHPRVGHGLDEROL]DURYLUWXDOFRPR
VH IRVVH R FRQWUiULR GR UHDO $ HVFROKD QmR p HQWUH D QRVWDOJLD GH XP UHDO
GDWDGR H XP YLUWXDO DPHDoDGRU RX H[FLWDQWH PDV HQWUH GLIHUHQWHV FRQFHSo}HV GR
YLUWXDO $ DOWHUQDWLYD p VLPSOHV2X R FLEHUHVSDoR UHSURGX]LUi R PHGLiWLFR R
HVSHWDFXODU R FRQVXPR GH LQIRUPDomR PHUFDQWLO H D H[FOXVmR QXPD HVFDOD
DLQGDPDLVJLJDQWHVFDTXHKRMH(VWDpDJURVVRPRGRDWHQGrQFLDQDWXUDOGDV
´VXSHUYLDVGDLQIRUPDomRµRXGD´WHOHYLVmRLQWHUDWLYDµ2XDFRPSDQKDPRVDV
WHQGrQFLDV PDLV SRVLWLYDV GD HYROXomR HP FXUVR H FULDPRV XP SURMHWR GH
FLYLOL]DomRFHQWUDGRVREUHRVFROHWLYRVLQWHOLJHQWHVUHFULDomRGRYtQFXORVRFLDO
PHGLDQWH WURFDV GH VDEHU UHFRQKHFLPHQWR HVFXWD H YDORUL]DomR GDV
VLQJXODULGDGHVGHPRFUDFLDPDLVGLUHWDPDLVSDUWLFLSDWLYDHQULTXHFLPHQWRGDV
YLGDV LQGLYLGXDLV LQYHQomR GH IRUPDV QRYDV GH FRRSHUDomR DEHUWD SDUD
UHVROYHURVWHUUtYHLVSUREOHPDVTXHD KXPDQLGDGH GHYH HQIUHQWDU GLVSRVLomR
GDVLQIUDHVWUXWXUDVLQIRUPiWLFDVHFXOWXUDLVGDLQWHOLJrQFLDFROHWLYD
$9,578$/,=$d®2'$,17(/,*È1&,$($&2167,78,d®2
'22%-(72

2352%/(0$'$,17(/,*È1&,$ &2/(7,9$

2SUREOHPDGDLQWHOLJrQFLDFROHWLYDpVLPSOHVGHHQXQFLDUPDVGLItFLO
GHUHVROYHU*UXSRVKXPDQRVSRGHPVHUFROHWLYDPHQWHPDLVLQWHOLJHQWHVPDLV
LQVWUXtGRV PDLV ViELRV PDLV LPDJLQDWLYRV TXH DV SHVVRDV TXH RV FRPS}HP"
1mRDSHQDVDORQJRSUD]RQDGXUDomRGDKLVWyULDWpFQLFDGDVLQVWLWXLo}HVHGD
FXOWXUDPDVDTXLHDJRUDQRFXUVRGRVDFRQWHFLPHQWRVHGRVDWDVFRWLGLDQRV
&RPR FRRUGHQDU DV LQWHOLJrQFLDV SDUD TXH VH PXOWLSOLTXHP XPDV
DWUDYpV GDV RXWUDV DR LQYpV GH VH DQXODUHP" +i PHLR GH LQGX]LU XPD
YDORUL]DomR UHFtSURFD XPD H[DOWDomR P~WXD GDV FDSDFLGDGHV PHQWDLV GRV
LQGLYtGXRV HP YH] GH VXEPHWrODV D XPD QRUPD RX UHEDL[iODV DR PHQRU
GHQRPLQDGRU FRPXP" 3RGHUVHLD LQWHUSUHWDU WRGD D KLVWyULD GDV IRUPDV
LQVWLWXFLRQDLV GDV OLQJXDJHQV H GDV WHFQRORJLDV FRJQLWLYDV FRPR WHQWDWLYDV
PDLVRXPHQRVIHOL]HGHUHVROYHUHVVHVSUREOHPDV
3RLV VH DV SHVVRDV VmR WRGDV LQWHOLJHQWHV j VXD PDQHLUD RV JUXSRV
GHFHSFLRQDPFRPIUHTrQFLD6DEHVHTXHQXPDPXOWLGmRDVLQWHOLJrQFLDVGDV
SHVVRDVORQJHGHVHDGLFLRQDUWHQGHPDVHGLYLGLU$EXURFUDFLDHDVIRUPDVGH
RUJDQL]DomR DXWRULWiULDV DVVHJXUDP XPD FHUWD FRRUGHQDomR PDV jV FXVWDV GD
VXSUHVVmRGDVLQLFLDWLYDVHGRDSODLQDPHQWRGDVVLQJXODULGDGHV
6HP G~YLGD ERDV UHJUDV GH RUJDQL]DomR H GH HVFXWD P~WXD VmR
VXILFLHQWHVSDUDDYDORUL]DomRUHFtSURFDGDVLQWHOLJrQFLDVQRVSHTXHQRVJUXSRV
0DV DFLPD GH XPD RUGHP GH JUDQGH]D GD GH]HQD GH PLOKDUHV GH SHVVRDV D
SODQLILFDomR KLHUiUTXLFD H D JHVWmR GR KXPDQR SRU FDWHJRULDV GH PDVVD
SDUHFHUDP SRU PXLWR WHPSR LQHYLWiYHLV 7UDoR DTXL D KLSyWHVH HP
FRQFRUGkQFLD FRP XP Q~PHUR FUHVFHQWH GH DWRUHV SROtWLFRV HFRQ{PLFRV H
DUWtVWLFRV TXH DV WpFQLFDV GH FRPXQLFDomR FRQWHPSRUkQHDV SRGHULDP
PRGLILFDU D DQWLTXtVVLPD GLVWULEXLomR GH FDUWDV DQWURSROyJLFD TXH FRQGHQDYD
DVJUDQGHVFROHWLYLGDGHVDIRUPDVGHRUJDQL]DomRSROtWLFDVPXLWRDIDVWDGDVGRV
FROHWLYRVLQWHOLJHQWHV
3RUTXHR´PXQGRGDFXOWXUDµQRVHQWLGREXUJXrVGRWHUPRRXVHMD
RV JUXSRV KXPDQRV TXH SURGX]LUDP H GHVIUXWDUDP D FLrQFLD D ILORVRILD D
OLWHUDWXUDHDVEHODVDUWHVH[HUFHXSRUWDQWRWHPSRWDODWUDWLYR"3URYDYHOPHQWH
SRUTXH VH DSUR[LPRX j VXD PDQHLUD HOLWLVWD H LPSHUIHLWD GH XP LGHDO GD
LQWHOLJrQFLD FROHWLYD (LV DOJXPDV GDV QRUPDV VRFLDLV YDORUHV H UHJUDV GH
FRPSRUWDPHQWR TXH UHJHULDP LGHDOPHQWH R PXQGR GD FXOWXUD DYDOLDomR
SHUPDQHQWHGDVREUDVSHORVSDUHVHSHORS~EOLFRUHLQWHUSUHWDomRFRQVWDQWHGD
KHUDQoDLQDFHLWDELOLGDGHGRDUJXPHQWRGHDXWRULGDGHLQFLWDomRDHQULTXHFHUR
SDWULP{QLR FRPXP FRRSHUDomR FRPSHWLWLYD HGXFDomR FRQWtQXD GR JRVWR H
GR VHQVR FUtWLFR YDORUL]DomR GR MXOJDPHQWR SHVVRDO SUHRFXSDomR FRP D
YDULHGDGHHQFRUDMDPHQWRjLPDJLQDomRjLQRYDomRjSHVTXLVDOLYUH7HUHPRV
FRPHoDGR D UHVROYHU QXPHURVRV SUREOHPDV FUXFLDLV GR PXQGR
FRQWHPSRUkQHR TXDQGR SDVVDUPRV D S{U HP SUiWLFD XP IXQFLRQDPHQWR
´FXOWRµ IRUD GRV GRPtQLRV H GRV PHLRV UHVWULWRV RQGH HVWH JHUDOPHQWH VH
LQVWDOD8PGRVPHOKRUHVVLQDLVGDSUR[LPLGDGHHQFHUHHVVHPXQGRGDFXOWXUD
H RV FROHWLYRV LQWHOLJHQWHV p VHX FRPSURPLVVR GH SULQFtSLR GH FRORFDU R
SRGHU HQWUH SDUrQWHVHV 2 LGHDO GD LQWHOLJrQFLD FROHWLYD QmR p HYLGHQWHPHQWH
GLIXQGLU D FLrQFLD H DV DUWHV QR FRQMXQWR GD VRFLHGDGH GHVTXDOLILFDQGR DR
PHVPR WHPSR RXWURV WLSRV GH FRQKHFLPHQWR RX GH VHQVLELOLGDGH e
UHFRQKHFHUTXHDGLYHUVLGDGHGDVDWLYLGDGHVKXPDQDVVHPQHQKXPDH[FOXVmR
SRGH H GHYH VHU FRQVLGHUDGD WUDWDGD YLYLGD FRPR ´FXOWXUDµ QRVHQWLGR TXH
DFDEDPRVGHHYRFDU(PFRQVHTrQFLDFDGDVHUKXPDQRSRGHULDGHYHULDVHU
UHVSHLWDGRFRPRXPDUWLVWDRXXPSHVTXLVDGRUQXPDUHS~EOLFDGRVHVStULWRV
7DOSURJUDPDVRDXWySLFR1RHQWDQWRDFKDYHGDIRUoDHFRQ{PLFD
SROtWLFDRXPHVPRPLOLWDUUHVLGHKRMHSUHFLVDPHQWHQDFDSDFLGDGHGHSURGX]LU
FROHWLYRV LQWHOLJHQWHV 1mR QHJR D H[LVWrQFLD GDV UHODo}HV GH SRGHU RX GH
GRPLQDomR WHQWR DSHQDV GHVLJQiODV SHOR TXH VmR REVWiFXORV j IRUoD 3RLV
XPDVRFLHGDGHLQWHOLJHQWHHPWRGDSDUWHVHUiVHPSUHPDLVHILFLHQWHTXHXPD
VRFLHGDGH LQWHOLJHQWHPHQWH GLULJLGD 2 SUREOHPD QmR p GHFLGLU HQWUH VHU D
IDYRU RX FRQWUD D LQWHOLJrQFLD FROHWLYD PDV HVFROKHU HQWUH VXDV GLIHUHQWHV
IRUPDV (PHUJHQWH RX LPSRVWD GH FLPD" 5HVSHLWRVD GDV VLQJXODULGDGHV RX
KRPRJHQHL]DQWH",QWHOLJrQFLDTXHYDORUL]DHS}HHPVLQHUJLDDGLYHUVLGDGHGRV
UHFXUVRV H GDV FRPSHWrQFLDV RX TXH RV GHVTXDOLILFD HP QRPH GH XPD
UDFLRQDOLGDGHRXGHXPPRGHORGRPLQDQWH"

12(67É',2

&RPR SRUWDQWR SDVVDU GD LQWHOLJrQFLD FROHWLYD TXH p LQHUHQWH j

FRQGLomR GH KXPDQLGDGH DRV FROHWLYRV LQWHOLJHQWHV TXHRWLPL]DP
GHOLEHUDGDPHQWHVHXVUHFXUVRVLQWHOHFWXDLVDTXLHDJRUD"&RPRID]HUVRFLHGDGH
GH PDQHLUD IOH[tYHO LQWHQVD H LQYHQWLYD VHP QR HQWDQWR IXQGDU R FROHWLYR
VREUH R yGLR DR HVWUDQJHLUR QHP VREUH XP PHFDQLVPR YLWLPL]DGRU QHP
VREUH D UHODomRFRP XPD UHYHODomR WUDQVFHQGHQWH RX FRP XP FKHIH
SURYLGHQFLDL"
&RPR S{U HP VLQIRQLD RV DURV H RV UHFXUVRV GDV SHVVRDV VHP
VXEPHWrODV D XPD H[WHULRULGDGH DOLHQDQWH" 7DO UHJLPH QmR VH GHFUHWD H
FHUWDPHQWHUHTXHUPDLVGRTXHERDYRQWDGH
0LFKDHO 6HUUHV QRV HQVLQRX D OHU QRV HVWiGLRV DOJXQV WHRUHPDVGH
DQWURSRORJLD IXQGDPHQWDO 6HMD GDGD XPD SDUWLGD GH IXWHERORX GH UXJE\
(VFXWHPRVSULPHLUDPHQWHRVRPTXHVREHGDVDUTXLEDQFDGDV2VWRUFHGRUHV
GD PHVPD HTXLSH JULWDP TXDVH WRGRVMXQWRV DV PHVPDV FRLVDV QR PHVPR
PRPHQWR 2V DWRV GRV LQGLYtGXRV PDO VH GLVWLQJXHP QmR FKHJDP D VH
HQWUHODoDU SDUD ID]HUKLVWyULD RX PHPyULD QmR VH HQWURVDP HP QHQKXPD
ELIXUFDomRLUUHYHUVtYHO 2 LQGLYtGXR p DIRJDGR QD PDVVD GRV WRUFHGRUHV
QRUXtGRGHIXQGRGDPXOWLGmR2UDDLQWHOLJrQFLDGHVVDPDVVDFDSDFLGDGHGH
DSUHQGL]DJHPGHLPDJLQDomRGHUDFLRFtQLRpQRWRULDPHQWHSHTXHQDTXHUVH
PDQLIHVWHQRHVWiGLRRXQDVDtGD
9HMDPRVDJRUDRTXHVHSDVVDQRFDPSR&DGDMRJDGRUHIHWXDDo}HV
QLWLGDPHQWH GLVWLQWDV GDV GRV RXWURV 7RGDYLD WRGDV DVDo}HV YLVDP D
FRRUGHQDomRWHQWDPVHUHVSRQGHUTXHUHPID]HUVHQWLGRXPDVHPUHODomRjV
RXWUDV 2V DWRV GRV MRJDGRUHV FRQWUDULDPHQWH DRV GRV WRUFHGRUHV LQWHUYrP
QXPD KLVWyULFD FROHWLYD RULHQWDP FDGD XP GLIHUHQWHPHQWH R FXUVR GH XPD
SDUWLGDDLQGD QmR GHFLGLGD $V HTXLSHV HPSUHJDP HVWUDWpJLDV LPSURYLVDP
DUULVFDP&DGDXPGRVMRJDGRUHVGHYHHVWDUDWHQWRQmRDSHQDVDRTXHID]HP
VHXVDGYHUViULRVPDVLJXDOPHQWHDRTXHVHWUDPDHPVHXSUySULRFDPSRSDUD
TXH RV PRYLPHQWRV HIHWXDGRV SRUVHXV FRPSDQKHLURV QmR WHQKDP VLGR
WHQWDGRVHPYmR2MRJRVH´FRQVWUyLµ
2V HVSHFWDGRUHV QmR SRGHP DJLU VREUH R HVSHWiFXOR TXH RVUH~QH
WRGRVWrPDPHVPDIXQomRIDFHDRSRQWRDOWRRXDRSRQWREDL[RGHTXDOTXHU
PDQHLUD IRUD GH DOFDQFH TXH p R FDPSR 2HOR R HVSHWiFXOR GR MRJR p
WUDQVFHQGHQWH HP UHODomR jV SHVVRDVTXH FRPS}HP R FROHWLYR 1DV
DUTXLEDQFDGDV ID]HU VRFLHGDGH pVHU D IDYRU H FRQWUD WRUFHU SRU XP WLPH
DSODXGLURVVHXVYDLDURVRXWURV
1RFDPSRDRFRQWUiULRQmRpVXILFLHQWHGHWHVWDURWLPHDGYHUViULR
eSUHFLVRHVWXGiODDGLYLQKiODSUHYrODFRPSUHHQGrOR6REUHWXGRpSUHFLVR
FRRUGHQDUVH FRP D SUySULD HTXLSH HPWHPSR UHDO UHDJLU GH PDQHLUD ILQD H
UiSLGD ´FRPR XP Vy KRPHPµHPERUD VHMDP YiULRV 2UD HVVD VLQHUJL]DomR
HVSRQWkQHD GDV FRPSHWrQFLDV H GDV Do}HV Vy p SRVVtYHO JUDoDV j EROD 1R
FDPSR DPHGLDomR VRFLDO DEDQGRQD VXD WUDQVFHQGrQFLD $ OLJDomR HQWUH
RVLQGLYtGXRV FHVVD GH HVWDU IRUD GH DOFDQFH HOD VH HVWDEHOHFH DR FRQWUiULR
HQWUH DV PmRV RX RV SpV GH WRGRV $ DQLPDGD XQLGDGH GRVMRJDGRUHV VH
RUJDQL]DHPWRUQRGHXPREMHWROLJDomRLPDQHQWH
3DVVDQGRSHORGHVYLRGHXPVHUTXHFLUFXODGHXPFHQWURPyYHOTXH
GHVLJQD VXFHVVLYDPHQWH FDGD XP FRPR SLY{ WUDQVLWyULR GRJUXSR R JUXSR
LQWHOLJHQWHGRVMRJDGRUHVpHPVLVXDSUySULDUHIHUrQFLD2VHVSHFWDGRUHVWrP
QHFHVVLGDGH GH MRJDGRUHV DV HTXLSHVQmR WrP QHFHVVLGDGH GH HVSHFWDGRUHV
6HPLVDJD] XP SURYpUELRFKLQrV GL] TXH R GHGR PRVWUD D OXD H TXH R LGLRWD
ROKDRGHGR
6DJD]HVRVMRJDGRUHVID]HPGDERODDRPHVPRWHPSRXPLQGLFDGRU
TXH JLUD HQWUH RV VXMHLWRV LQGLYLGXDLV XP YHWRU TXH SHUPLWH D FDGD XP
GHVLJQDUFDGDXPHRREMHWRSULQFLSDODOLJDomRGLQkPLFDGRVXMHLWRFROHWLYR
&RQVLGHUDUHPRV D EROD FRPR XP SURWyWLSR GR REMHWROLJDomR GR REMHWR
FDWDOLVDGRU GH LQWHOLJrQFLD FROHWLYD )DoR D KLSyWHVH GH TXH WDO REMHWR TXH
FKDPDUHL GRUDYDQWH H SRU FRQYHQomR VLPSOHVPHQWH R REMHWR p GHVFRQKHFLGR
GRVDQLPDLV

35(6$67(55,7Ð5,26&+()(6(68-(,726

2VPDPtIHURVVXSHULRUHVHPDLVSDUWLFXODUPHQWHRV SULPDWDVVRFLDLV
GH TXH GHVFHQGHPRV QmR WrP REMHWRV &ODUR TXH FRQKHFHP DV SUHVDV FRPR
WRGRVRVDQLPDLV1XPFHUWRVHQWLGRDSUHVDpXPSUDWRREMHWR$FDoDSRGH
GDU HQVHMR j FRRSHUDomR $ SUHVD FDSWXUDGD VXVFLWD ULYDOLGDGHV RX FRPEDWHV
$VVLP HOD p GH IDWR XP RSHUDGRU SULPLWLYR GH VRFLDOL]DomR 0DV D SUHVD
GHVWLQDVH D VHU GHYRUDGD LQFRUSRUDGD UHDEVRUYLGD ILQDOPHQWH QXP VXMHLWR
$FDVRYHPRVRVMRJDGRUHVODFHUDUHPGLYLGLUHPHQWUHVLHGHSRLVFRPHUHPD
ERODTXHSHJDUDP"
2VDQLPDLVFRQKHFHPWDPEpPUHODo}HVIRUWHVFRPRVWHUULWyULRVFDGD
VRFLHGDGHGHIHQGHQGRRVHXFRQWUDDLQYDVmRGRVRXWURV$VRFLHGDGHDQLPDO
GHILQHVXDLGHQWLGDGHVREUHWXGRSRUVXDUHODomRFRPXPWHUULWyULRSDUWLFXODU
2VFmHVRVJDWRVHQXPHURVRVRXWURVDQLPDLVPDUFDPVHXWHUULWyULRFRPVHX
RGRUFRUSRUDO$VDYHVRRFXSDPSRUPHLRGHVHXFDQWR3RUTXHRWHUULWyULR
DLQGDQmRpXPREMHWR"3RUTXHHOHIXQFLRQDQRPRGRGDDSURSULDomRRXGD
LGHQWLILFDomRH[FOXVLYD9RFrMDPDLVYHUiXPMRJDGRUSODQWDQGRVXDEDQGHLUD
VREUHXPDERODHSUHWHQGHQGRVXDSRVVHH[FOXVLYD2YHUGDGHLURIXQGDGRUGD
VRFLHGDGH FLYLO IRL DTXHOH TXH UHQXQFLRX D HQFHUUDU XPD SRUomR GR XQLYHUVR
ItVLFR H GHFODURXSHOD SULPHLUD YH] LVWR p XP REMHWR 3DUD GHVHPSHQKDU VHX
SDSHO DQWURSROyJLFR R REMHWR GHYH SDVVDU GH PmR HP PmR GH VXMHLWR D
VXMHLWR H VXEWUDLUVH j DSURSULDomR WHUULWRULDO j LGHQWLILFDomR D XP QRPH j
H[FOXVLYLGDGHRXjH[FOXVmR
2V SULPDWDV VRFLDLV HQILP FRQKHFHP WDPEpP DV UHODo}HVGH
GRPLQkQFLD TXH GHVHPSHQKDP XP SDSHO HVVHQFLDO QD UHJXODomRGH VXDV
LQWHUDo}HV 1RWHPRV DOLiV TXH DV UHODo}HV HVWiYHLV GH GRPLQDomR FRP
JUDGDo}HVGHSRVWRVHKLHUDUTXLDVVXWLVVyH[LVWHPHQWUHRVYHUWHEUDGRV1mR
DV HQFRQWUDPRV HQWUH RV LQVHWRV VRFLDLVTXH HP WURFD FRQKHFHP D SROLHWLD
FRPSRUWDPHQWRVPXLWRWtSLFRVVHJXQGRDVFDVWDVHDSROLPRUILDGLIHUHQoDV
DQDW{PLFDV HPIXQomR GD GLYLVmR VRFLDO GR WUDEDOKR $V UHODo}HV VRFLDLV
KLHUiUTXLFDVTXHHVFDSDPjSURJUDPDomRJHQpWLFDVHGHFLGHPFRPIUHTrQFLD
DWUDYpV GH FRPEDWHV DEHUWRV (ODV GHYHP FHUWDPHQWHVHU DVVRFLDGDV FRP DV
DSWLG}HVjDXWRQRPLDLQGLYLGXDOPDLVPDUFDGDGRVPDPtIHURVHPUHODomRDRV
LQVHWRV2VHWyORJRVDVFRQVLGHUDPLJXDOPHQWHFRPRXPPRGRGHUHJXODomR
GD DJUHVVLYLGDGHHQWUH PHPEURV GR PHVPR JUXSR VRFLDO XP WLSR GH
DJUHVVLYLGDGHTXH p PXLWR UDUR HQWUH RV LQVHWRV 2 LQGLYtGXR GRPLQDQWH
H[HUFHXPD IXQomR GH XQLILFDomR H GH FRRUGHQDomR GD VRFLHGDGH DR LQLELU D
DJUHVVLYLGDGH GRV LQGLYtGXRV HQWUH VL DR SRODUL]DU D DWHQomR GRV RXWURV
PHPEURVDRLPSRUDVJUDQGHVRULHQWDo}HVFDoDPLJUDomR'HQRYRQHPR
VXMHLWR GRPLQDQWH QHP R VXMHLWR VXEPLVVR VmR REMHWRV 1R HQWDQWR D EROD
WHPDOJXPDDILQLGDGHFRPDUHODomRGHGRPLQkQFLDSRUVHUDRPHVPRWHPSR
VXEPLVVD HFHQWUR GD DWHQomR 1XP FHUWR VHQWLGR HOD VXEVWLWXL R FKHIH
RVXERUGLQDGRRXDYtWLPDPDVYLUWXDOL]DQGRRV/RQJHGHIL[DUXPDUHODomR
HVWiYHOGHGRPLQkQFLDDERODPDQWpPDRFRQWUiULRXPDUHODomRFRRSHUDWLYD
QDPHVPDHTXLSHHFRPSHWLWLYDHQWUHDVHTXLSHVLJXDOLWiULDHVHPSUHDEHUWD
&ODURTXHRMRJRVDJUDFDPSH}HVHGHL[DYHQFLGRVPDVHVVHVHVWDWXWRVGXUDP
DSHQDVHQWUHDVSDUWLGDV1HQKXPDKLHUDUTXLDLQVWLWXtGDSHVDGXUDQWHRMRJRD
FLUFXODomRGDERODDVVXVSHQGH
$ UHODomR FRP R REMHWR UHVXOWD GH XPD YLUWXDOL]DomR GDV UHODo}HV GH
SUHGDomR GH GRPLQkQFLD H GH RFXSDomR H[FOXVLYD 2 GHGRGHVLJQD D YtWLPD
PRVWUD R VXMHLWR GRPLQDQWH LQGLFD D SUHVD RXFLUFXQVFUHYH R WHUULWyULR 2
LGLRWDROKDRGHGRHLQYHQWDRREMHWR

)(55$0(17$61$55$7,9$6&$'É9(5(6

$ERODLOXVWUDPDUDYLOKRVDPHQWHRFRQFHLWRGHREMHWR(ODpWtSLFDGH
VXDIXQomRGHKRPLQL]DomRMiTXHXPDDSWLGmRHVSHFLDOSDUDRMRJRpXPDGDV
SULQFLSDLVFDUDFWHUtVWLFDVGHQRVVDHVSpFLH1HQKXPDQLPDOMRJDFROHWLYDPHQWH
FRP XPD EROD RX FRP DOJR DQiORJR 2V MRJRV DQLPDLV VmR QD PDLRULD GDV
YH]HV VLPXODo}HV GH FRPEDWH GH SUHGDomR GH GRPLQDomR RX GH UHODo}HV
VH[XDLV TXH S}HP RV FRUSRV GLUHWDPHQWH HP FRQWDWR VHP SDVVDU SRU XP
LQWHUPHGLiULR REMHWLYR 0DV Ki HYLGHQWHPHQWH RXWURV WLSRV GH REMHWRV TXH
FRUUHVSRQGHP HP PDLRURX PHQRU JUDX DRWLSR LGHDO WmR EHP UHSUHVHQWDGR
SHOD EROD &LWHPRV HPSDUWLFXODU D IHUUDPHQWD R PDWHULDO RX R DUWHIDWR TXH
SDVVDP GH PmR HP PmR GXUDQWH RV WUDEDOKRV FROHWLYRV DV QDUUDWLYDV
LPHPRULDLV TXH VH WUDQVPLWHP H VmR WUDQVIRUPDGDV GH ERFD D RXYLGR H GH
JHUDomRDJHUDomRFDGDHORGDFRUUHQWHHVFXWDQGRHFRQWDQGRSRUVXDYH]R
FDGiYHUGXUDQWHHDSyVRVULWRVIXQHUiULRV
5HFRQKHFHVH R REMHWR DWUDYpV GHVHX SRGHU GH FDWiOLVH GDV UHODo}HV
VRFLDLV H GH LQGXomR GD LQWHOLJrQFLD FROHWLYD $ LQWHOLJrQFLD WpFQLFD H D
FRRSHUDomR QR TXH GL] UHVSHLWR jV IHUUDPHQWDV D LQYHQWLYLGDGH FROHWLYD GRV
PLWRVGDVOHQGDVHGRIROFORUHQRTXHGL]UHVSHLWRjFLUFXODomRGDVQDUUDWLYDV
(VVHVGRLVFDVRVHYLGHQWHVQmRUHTXHUHPFRPHQWiULRSDUWLFXODU2H[HPSORGR
FDGiYHUpPHQRVLPHGLDWR2GHVSRMRPRUWDOUHPHWHDRULWXDOHDRTXHDJRUD
FKDPDPRVGHUHOLJLmRIRUPDVDUFDLFDVPDVSRGHURVDVGDLQWHOLJrQFLDFROHWLYD
'XUDQWH RV IXQHUDLV R JUXSR JLUD HP WRUQR
 GH VHX PRUWR FHUFDR ODYDR
YHVWHR FKRUDR UHFRQVWUyLR DWUDYpV GRV SDQHJtULFRV WRFDR SRU PHLR GH
IORUHV RX SXQKDGRV GH WHUUD LQWHUSRVWRV HQWHUUDR RX TXHLPDR 0HVPR
LPSXURRXLQWRFiYHORPRUWRULWXDOL]DGRREMHWLYDGRSHUPDQHFHXPRSHUDGRU
GH VRFLDOL]DomR $R FRQWUiULR VH R FDGiYHU QmR p OHYDGR D XP MRJR I~QHEUH
TXHID]GHOHRREMHWRGHXPFROHWLYRVHpWUDWDGRFRPRXPDVLPSOHVFRLVDVH
DFDUQHHPGHFRPSRVLomRQmRpYLUWXDOL]DGDFRPRFRUSRGRPRUWRLVWRpR
VLQDOFHUWRGDGHVLQWHJUDomRGHXPJUXSRGHVXDGHVXPDQL]DomReWHQWDGRU
YHUQDUHODomRFRPRFDGiYHUDYLUWXDOL]DomRRULJLQDODWUDQVLomRGRVXMHLWRGD
GRPLQkQFLD DR REMHWR FRUSR PXPLILFDGR GR FKHIH RX FUkQLR GR YHQFLGR
FRQYHUWLGR HP WURIpX $ FDEHoD UHGX]LGD GRV MLYDURV TXH GHVHPSHQKD
HIHWLYDPHQWHXPSDSHOFRPSOH[RGHUHIXQGDomRGRFROHWLYRVHULDXPDHVSpFLH
GHSUHFXUVRUPRQVWUXRVRGDEROD"

2',1+(,522&$3,7$/

$ PRHGD QR UHJLPH FDSLWDOLVWD FRQVWLWXL FHUWDPHQWH XP GRV REMHWRV

PDLVHILFD]HV6H FDGD XP JXDUGDVVHVHX GLQKHLUR QXP FRIUH SHVVRDO R MRJR
HFRQ{PLFR FRQWHPSRUkQHR VH GHVPDQWHODULD EUXVFD H FRPSOHWDPHQWH (P
WURFD VH FDGD SURSULHWiULR FRQVHUYDU VXD WHUUD QHQKXPD FRQVHTrQFLD
FDWDVWUyILFDUHVXOWDULDSDUDDDJULFXOWXUD)OXLGDSDUWLOKiYHODQ{QLPDDPRHGD
p D DQWtWHVH GR WHUULWyULR e R TXH H[SULPH GH PDQHLUD ILJXUDGD R IDPRVR
SURYpUELRVHJXQGRRTXDORGLQKHLURQmRWHPFKHLUR1HQKXPLQGLYtGXRSRU
PDLV PDOFKHLURVR TXH VHMD SRGH PDUFDU R GLQKHLUR FRP VXD LGHQWLGDGH RX
FRPVHXVDURV$PRHGDQmRH[LVWHHQTXDQWRWDOHQmRWHPIXQomRHFRQ{PLFD
SRVLWLYDDQmRVHUSRUVXDFLUFXODomR(ODpRPDUFDGRURYHWDUHRUHJXODGRU
GDVUHODo}HVHFRQ{PLFDV
2GLQKHLURQmRpDULTXH]DPDVVXDYLUWXDOLGDGH3RUSDUDGR[DOTXH
LVWR SRVVD SDUHFHU HOH p LQDSURSULiYHO RX PHOKRU SRU VXD LQFHVVDQWH
FLUFXODomRWUDQVIRUPDRS~EOLFRHPSULYDGRHRSULYDGRHPS~EOLFRID]HQGR
FDGD XP H FDGD XP GLIHUHQWHPHQWH SDUWLFLSDU GD LQWHOLJrQFLD FROHWLYD GR
PHUFDGRFDSLWDOLVWD2GLQKHLURSRGHVHUHYLGHQWHPHQWHXPDDODYDQFDSDUDR
SRGHU H D GRPLQDomR PDV FDWDOLVD LJXDOPHQWH IRUoDV VRFLDLV
GHVWHUULWRULDOL]DQWHVTXHQmRUHVSHLWDPQHQKXPDKLHUDUTXLDLQVWLWXtGD$WUDYpV
GDVIURQWHLUDVDSHVDUGRVDQWDJRQLVPRVRGLQKHLURFRQWULEXLSDUDRPHOKRUH
SDUDRSLRUSDUDFRRUGHQDUSDUDUHJXODUVHPDXWRULGDGHFHQWUDOLQXPHUiYHLV
DWLYLGDGHV$UUDVWDQGRDWUiVGHVLRVPHLRVGHWUDQVSRUWHHGHFRPXQLFDomRp
GH IDWR R GLQKHLUR GR PHUFDGR FDSLWDOLVWD QDV PmRV GH ELOK}HV GH VHUHV
KXPDQRVTXHWHFHDWXDOPHQWHDVRFLHGDGHPXQGLDO,Q~WLOLQVLVWLUQHVWHSRQWR
VHKiYDJRVHVERoRVGHIHUUDPHQWDVGHOLQJXDJHQVRXGHULWRVIXQHUiULRVHP
FHUWDVVRFLHGDGHVDQLPDLVQDGDVHDVVHPHOKDQHODVjPRHGDHPHQRVDLQGDDR
FDSLWDO

$&2081,'$'(&,(17Ì),&$( 6(862%-(726

$ FRPXQLGDGH FLHQWtILFD p XPRXWUR H[HPSOR GH FROHWLYRLQWHOLJHQWH

XQLGRSHODFLUFXODomRGHREMHWRV(VVHVREMHWRVVmRHPSULQFtSLR´HVWXGDGRV
SRUHOHVPHVPRVµGHXPPRGRGHVLQWHUHVVDGRLVWRHTXLYDOHDGL]HUTXHQmR
VmR QHP WHUULWyULRV QHP SUHVDVQHP VXMHLWRV VXEPLVVRV RX UHYHUHQFLDGRV
7DLV REMHWRV HPHUJHPGH XPD GLQkPLFD GH LQWHOLJrQFLD FROHWLYD TXH YLUWXDOL]D
FHUWDVPDQLIHVWDo}HV SDUWLFXODUHV IUXWRV GD REVHUYDomR GD H[SHULrQFLDGD
VLPXODomR SDUD ID]HU H[LVWLU SUREOHPDV FRQVLVWHQWHV R HOpWURQR EXUDFR
QHJURGHWHUPLQDGRYtUXV
$ FLUFXODomR p FRQVWLWXWLYD DR PHVPR WHPSR GR REMHWR H
GDFRPXQLGDGH XP IHQ{PHQR HYLGHQFLDGR QXP ODERUDWyULR Vy VHWRUQD
´FLHQWtILFRµ VH IRU UHSURGX]LGR RX QR OLPLWH UHSURGXWtYHOHP RXWURV
ODERUDWyULRV 8P ODERUDWyULR TXH QmR DFROKH PDLV ²H QmR UHPHWH PDLV DRV
RXWURVFHQWURVGHSHVTXLVD²RVLQVWUXPHQWRVRVSURWRFRORVH[SHULPHQWDLVH
ILQDOPHQWH RV ´REMHWRVµ GD¢FRPXQLGDGH DVWURV SDUWtFXODV HOHPHQWDUHV
PROpFXODV IHQ{PHQRV ItVLFRV RX ELROyJLFRV VLPXODo}HV QmR p PDLV XP
PHPEUR DWLYRGHVWD $ LQYHQWLYLGDGH FLHQWtILFD FRQVLVWH HP ID]HU VXUJLU
YHUGDGHLURV REMHWRV LVWR p YHWDUHV GH FRPXQLGDGHV LQWHOLJHQWHV FDSD]HV GH
LQWHUHVVDU RXWURV JUXSRV TXH LUmR FRORFDU HP FLUFXODomRHQULTXHFHU
WUDQVIRUPDUHDWpPHVPRID]HUSUROLIHUDURREMHWRLQLFLDOWUDQVIRUPDQGRDVVLP
VXDLGHQWLGDGHQDFRPXQLGDGH&RPRQRFDVRGRIXWHERORSDSHOGHFDGDXP
pVLQJXODUHGHYHVrODXPDUWLJRFLHQWtILFRWHPTXHVHURULJLQDORMRJRpDR
PHVPR WHPSRFRRSHUDWLYR H FRPSHWLWLYR DV Do}HV VH ´FRQVWUyHPµ XPDV
VREUHDV RXWUDV FRQWULEXLQGR SDUD LQVWDXUDU XPD KLVWRULFLGDGH
XPDLUUHYHUVLELOLGDGHFRPSOH[D$VGLVFLSOLQDVIL[DPHPWHUULWyULRVDGLDOpWLFD
DEHUWDGRVREMHWRVHGRVFROHWLYRVFLHQWtILFRV
&HUWDPHQWHRMRJRFLHQWtILFRHVWiVXEPHWLGRDFRHUo}HVHFRQ{PLFDV
VRFLDLVSROtWLFDVSDUWLFXODUPHQWHVRERDVSHFWRGRV´PHLRVµQHFHVViULRVHGRV
´DSRLRVµ DQWHFLSDGRV RX HIHWLYRV 3RGHUVHLD GL]HU R PHVPR GR IXWHERO
SURILVVLRQDO0DVVHDWHFQRFLrQFLDVHUHGX]LVVHDFRHUo}HVDUHODo}HVGHIRUoD
HDMRJRVGHDOLDQoDVPHVPRQRPHLRKtEULGRGRVFROHWLYRVKRPHQVFRLVDVVXD
FULDWLYLGDGH VLQJXODU DVVLP FRPR VXD LQIOXrQFLD VREUH R PXQGR IDOKDULDP
6HULD XP SRXFR FRPR VH UHVROYrVVHPRV H[SOLFDU R DPRU DSHQDV FRP DV
FRQFHSo}HV GD PDUTXHVD GH 0HUWHXLO >SHUVRQDJHP GH $V OLJDo}HV SHULJRVDV GH
/DFORV@&ULWLFDPRVDTXLPHQRVDVWHRULDVGDQRYDHVFRODGHDQWURSRORJLDGDV
FLrQFLDV H GDV WpFQLFDV /DWRXU   GR TXH DV FDULFDWXUDV jV YH]HV
JHUDGDVSRUDOJXPDVGHVXDVIRUPXODo}HV
1HP VLPSOHV UHODomR HQWUH KXPDQRV QHP SUHGDomR RX DSURSULDomR
GDVFRLVDVRHPSUHHQGLPHQWRFLHQWtILFRS}HHPORRSDFRQVWLWXLomRUHFtSURFD
GHFROHWLYRVLQWHOLJHQWHVHGHREMHWRVGHFRQKHFLPHQWR/RQJHGHSUHH[LVWLUD
VXDV ´GHVFREHUWDVµ RX GH FRQVWLWXLU UHIHUHQWHV WUDQVFHQGHQWHV SDUD YHUGDGHV
DEVROXWDVRVREMHWRVGDFLrQFLDVmRLPDQHQWHVDRVSURFHGLPHQWRVWpFQLFRVTXH
RV FRQVWUyHP DRV FROHWLYRV TXH RV ID]HP FLUFXODU 0DV QHP SRU LVVR VmR
DUELWUiULRV RX SXUDPHQWH UHODWLYRV 3RLV HOHV VH DUULVFDP HP SURFHVVRV GH
VHOHomR TXH RV TXDOLILFDP H TXH SRU VXD YH] HOHV MXOJDP 'H WRGDV DV
SURSRVLo}HVGHREMHWRVTXHVmRHPLWLGDVPXLWRSRXFDVVmRILQDOPHQWHFDSD]HV
GHLPSRUDSHUWLQrQFLDGDVSURYDVTXHOKHVSHUPLWLUmR´VHUREMHWRµ6WHQJHUV


2&,%(5(63$d2&2022%-(72

$ H[WHQVmR GR FLEHUHVSDoR UHSUHVHQWD R ~OWLPR GRV JUDQGHV

VXUJLPHQWRV GH REMHWRV LQGXWRUHV GH LQWHOLJrQFLD FROHWLYD 2 TXH WRUQD D
,QWHUQHWWmRLQWHUHVVDQWH"'L]HUTXHHODp´DQDUTXLVWDµpXPPRGRJURVVHLURH
IDOVR GH DSUHVHQWDU DV FRLVDV 7UDWDVH GH XP REMHWR FRPXP GLQkPLFR
FRQVWUXtGR RX SHOR PHQRV DOLPHQWDGR SRU WRGRV RV TXH R XWLOL]DP (OH
FHUWDPHQWH DGTXLULX HVVH FDUiWHU GH QmRVHSDUDomR SRU WHU VLGR IDEULFDGR
DPSOLDGR PHOKRUDGR SHORV LQIRUPDWDV TXH D SULQFtSLR HUDP VHXV SULQFLSDLV
XVXiULRV(OH ID] XPD OLJDomR SRUVHU DRPHVPR WHPSR R REMHWR FRPXP GH
VHXVSURGXWRUHVHGHVHXVH[SORUDGRUHV+XLWpPD
2FLEHUHVSDoRRIHUHFHREMHWRVTXHURODPHQWUHRVJUXSRVPHPyULDV
FRPSDUWLOKDGDV KLSHUWH[WRV FRPXQLWiULRV SDUD D FRQVWLWXLomR GH FROHWLYRV
LQWHOLJHQWHV 'HYHVH GLVWLQJXLOR HP SULPHLUR OXJDU GD WHOHYLVmR TXH QmR
FHVVD GH GHVLJQDU SRGHURVRV RX YtWLPDV D PDVVDV GH LQGLYtGXRV VHSDUDGRV H
LPSRWHQWHV &RQYpP VREUHWXGR QmR FRQIXQGLOR D VHJXLU FRP VHX GXSOR
SHUYHUVRDVXSHUYLDHOHWU{QLFDTXHS}HHPFHQDXPWHUULWyULRDVUHGHVItVLFDV
RVVHUYLoRVFRP SHGiJLR HP YH] H QR OXJDU GH REMHWRV FRPXQV $ VXSHUYLD
HOHWU{QLFDGHJUDGDHPFRLVDDSURSULiYHORTXHHUDXPREMHWRFLUFXODQWH6HR
FLEHUHVSDoR UHVXOWD GH XPD YLUWXDOL]DomR GRV FRPSXWDGRUHV D VXSHUYLD
HOHWU{QLFD UHLILFD HVVH YLUWXDO $ DVSHUH]D GRV GHEDWHV HP WRUQR GR FDUiWHU
PHUFDQWLO RX QmR PHUFDQWLO GD ,QWHUQHW WHP SURIXQGDV LPSOLFDo}HV
DQWURSROyJLFDV8PGRVRUJXOKRVGDFRPXQLGDGHTXHIH]FUHVFHUD1HWpWHU
LQYHQWDGR DR PHVPR WHPSR TXH XP QRYR REMHWR XPD PDQHLUD LQpGLWD GH
ID]HUVRFLHGDGHLQWHOLJHQWHPHQWH$TXHVWmRQmRpSRUWDQWREDQLURFRPpUFLR
GD ,QWHUQHW SRU TXH SURLELOD" PDV SUHVHUYDU XPD PDQHLUD RULJLQDO GH
FRQVWLWXLU FROHWLYRV LQWHOLJHQWHV GLIHUHQWH GDTXHOD TXH R PHUFDGR FDSLWDOLVWD
LQGX] 2V FLEHUQDXWDV QmR WrP QHFHVVLGDGH GH GLQKHLUR SRUTXH VXD
FRPXQLGDGH Mi GLVS}H GH XP REMHWR FRQVWLWXWLYR YLUWXDO GHVWHUULWRULDOL]DGR
SURGXWRUGHYtQFXORHFRJQLWLYRSRUVXDSUySULDQDWXUH]D0DVSRURXWURODGR
R FLEHUHVSDoR p SHUIHLWDPHQWH FRPSDWtYHO FRP R GLQKHLUR RX RXWURV
PHGLDGRUHV LPDQHQWHV HOH LQFOXVLYH ID] FUHVFHU FRQVLGHUDYHOPHQWH D IRUoD
YLUWXDOL]DQWHHDYHORFLGDGHGHFLUFXODomRGRVREMHWRVPRQHWiULRVHFLHQWtILFRV
$R DFROKHU QDV OLJDo}HV FLUFXODQWHV FROHWLYRV LQWHOLJHQWHV D 1HW p XP
DFHOHUDGRU GH REMHWRV XP YLUWXDOL]DGRU GH YLUWXDLV 1R TXH VH UHIHUH D LVWR
SURYDYHOPHQWHDLQGDQmRVHYLXQDGDLJXDO
*UDoDVDRVSURGXWRVGDDWLYLGDGHHFRQ{PLFDHFLHQWtILFDHDSRLDQGR
VH QRV PHLRV GR FLEHUHVSDoR DV UHODo}HV GH SUHGDomR GH DSURSULDomR H GH
SRGHU JDQKDP QRYR LPSXOVR QXPD HVFDOD DLQGD PDLRU 'H WRGR R UHLQR
DQLPDOpRKRPHPTXHSUDWLFDHPPDLVDOWRJUDXRLPSHULDOLVPRWHUULWRULDOD
FDoD LPSLHGRVD H D LPSODFiYHO GRPLQDomR 0DV p WDPEpP QR KRPHP TXH
HVVHV WLSRV GH UHODFLRQDPHQWR VmR PRPHQWDQHDPHQWH VXVSHQVRV JUDoDV j
UHODomRFRPRREMHWR&HUWDPHQWHDWHFQRFLrQFLDRGLQKHLURHRFLEHUHVSDoR
ID]HP GR KRPHP XP FDoDGRU XP SURSULHWiULR XP GRPLQDGRU PDLV
DWHUURUL]DQWH TXH QXQFD 0DV RV JUDQGHV REMHWRV FRQWHPSRUkQHRV Vy OKH
FRQIHUHPHVVHVSRGHUHVIRUoDQGRRDVXEPHWHUVHjH[SHULrQFLDSURSULDPHQWH
KXPDQD GD UHQ~QFLD j SUHVD GD GHVHUomR GR SRGHU H GR DEDQGRQR GD
SURSULHGDGH$H[SHULrQFLDGDYLUWXDOL]DomR

248(e80 2%-(72"

e WHPSR DJRUD GH HVFODUHFHU RV FDUDFWHUHV JHUDLV GR REMHWR
DQWURSROyJLFR REMHWROLJDomR RX PHGLDGRU GH LQWHOLJrQFLD FROHWLYD (VVH
REMHWRGHYHVHURPHVPRSDUDWRGRV0DVDRPHVPRWHPSRpGLIHUHQWHSDUD
FDGD XP QR VHQWLGR HP TXH FDGD XP VH HQFRQWUD HP UHODomR D HOH QXPD
SRVLomR GLIHUHQWH 2 REMHWR PDUFD RX WUDoD DV UHODo}HV PDQWLGDV SHORV
LQGLYtGXRVXQVIUHQWHDRVRXWURV(OHFLUFXODItVLFDRXPHWDIRULFDPHQWHHQWUH
RVPHPEURVGRJUXSR(QFRQWUDVHVLPXODWkQHDRXDOWHUQDGDPHQWHQDVPmRV
GH WRGRV 3RU HVVH PRWLYR FDGD XP SRGH LQVFUHYHU QHOH VXD DomR VXD
FRQWULEXLomRVHXLPSXOVRRXVXDHQHUJLD2REMHWRSHUPLWHQmRDSHQDVOHYDUR
WRGR DWp R LQGLYtGXR PDV WDPEpP LPSOLFDU R LQGLYtGXR QR WRGR &RQWLGR H
FRQWURODGR SHORV JUXSRV TXH FRQVWLWXL R REMHWR SHUPDQHFH QR HQWDQWR
H[WHULRU ´REMHWLYRµ XPD YH] TXH QmR p PHPEUR GR JUXSR FRPR XP RXWUR
VXMHLWR (OH FRORFD HP IXQFLRQDPHQWR SRUWDQWR XPD HVSpFLH GH
WUDQVFHQGrQFLD JLUDWyULD SRQGR GH PDQHLUD DOWHUQDGD H SDVVDJHLUD FDGD
ORFDOLGDGH TXH HOH FRQWDWD QXPD SRVLomR GH DJHQWH FHQWUDO (VVD
WUDQVFHQGrQFLD GLVWULEXtGD HVVH FHQWUR GHVORFDGR GH XP OXJDU D RXWUR
FRQVWLWXL FHUWDPHQWH XPD GDV ILJXUDV PDLRUHV GD LPDQrQFLD )LQDOPHQWH R
REMHWRVyVHPDQWpPDRVHUPDQWLGRSRUWRGRVHRJUXSRVyVHFRQVWLWXLDR
ID]HUFLUFXODURREMHWR
2REMHWRVXVWHQWDRYLUWXDOGHVWHUULWRULDOL]DGRRSHUDGRUGDSDVVDJHP
UHFtSURFDGRSULYDGRDRS~EOLFRRXGRORFDODRJOREDOQmRGHVWUXtGRSRUVHX
XVR QmR H[FOXVLYR HOH WUDoD D VLWXDomRWUDQVSRUWD R FDPSR SUREOHPiWLFR R
Qy GH WHQV}HV RX D SDLVDJHPSVtTXLFD GR JUXSR (VVD YLUWXDOLGDGH HP XP
VXSRUWH REMHWLYR DWXDOL]DVH QRUPDOPHQWH HP DFRQWHFLPHQWRV HP SURFHVVRV
VRFLDLV HPDWRV RX DIHWRV GD LQWHOLJrQFLD FROHWLYD SDVVHV GD EROD
HQXQFLDo}HVGH XPD QDUUDWLYD FRPSUDV RX YHQGDV QRYDV H[SHULrQFLDV
OLJDo}HVDFUHVFHQWDGDVj:HE0DVRREMHWRHPYH]GHFRQGX]LUDWRVSRGH
WDPEpP GHJUDGDUVH HP FRLVD HP VXMHLWR RX HP VXEVWkQFLDUHLILFDUVH HP
SUHVD HP WHUULWyULR &RQIRUPH D IXQomR TXH OKHID]HPRV GHVHPSHQKDU D
PHVPDHQWLGDGHSRGHVHUFRLVDRXREMHWR
2 IXQFLRQDPHQWR GH XP REMHWR FRPR PHGLDGRU GH
LQWHOLJrQFLDFROHWLYD LPSOLFD VHPSUH XP FRQWUDWR XPD UHJUD GR MRJR XPD
FRQYHQomR 0DV FRQYpP VXEOLQKDU TXH SRU XP ODGR D PDLRU SDUWHGRV
FRQWUDWRV QmR GL]HP UHVSHLWR j FLUFXODomR GRV REMHWRV H TXHSRU RXWUR XP
FRQWUDWR UHVSHFWLYDPHQWH XPD UHJUD XPD FRQYHQomR XPD OHL MDPDLV p
VXILFLHQWHSRUVLVySDUDID]HUHPHUJLULQWHOLJrQFLDFROHWLYD2DFRQWHFLPHQWR
UDUR QmR p D LPSRVLomR GH XPFRQWUDWR RX R HVWDEHOHFLPHQWR GH XPD UHJUD
PDV D HFORVmR GH XPREMHWR $ WtWXOR GH H[HPSOR QmR Ki HYLGHQWHPHQWH
REMHWRVFLHQWtILFRVVHPFRQYHQo}HVQHPUHJUDVGHPpWRGRPDVpPXLWRPDLV
IiFLOSURFODPDUUHFHLWDVHSLVWHPROyJLFDVTXHID]HUXPDGHVFREHUWD
3RGHUVHLD FRQWDU D KLVWyULD GD KXPDQLGDGH D FRPHoDU SRUVHX
QDVFLPHQWRFRPRXPDVXFHVVmRGHDSDUHFLPHQWRVGH REMHWR FDGD XP GHOHV
LQGLVVRFLiYHOGHXPDIRUPDSDUWLFXODUGHGLQkPLFDVRFLDO(QWmRVHYHULDTXH
WRGRQRYRWLSRGHREMHWRLQGX]XPHVWLORSDUWLFXODUGHLQWHOLJrQFLDFROHWLYDH
TXH WRGD PXGDQoDVRFLDO FRQVHTHQWH LPSOLFD XPD LQYHQomR GH REMHWR 1D
GXUDomRDQWURSROyJLFD RV FROHWLYRV H VHXV REMHWRV VmR FULDGRV SHOR PHVPR
PRYLPHQWR 'LPHQVLRQDGD SHOD FLUFXODomR H R SRUWH GH VHXVREMHWRV RV GR
FLEHUHVSDoRGD HFRQRPLD H GD WHFQRFLrQFLD H~QLFD QHVVH FDVR HP WRGR R
UHLQR DQLPDO D HVSpFLH KXPDQD WHQGH D FRQVWLWXLU XPD Vy VRFLHGDGH 1mR
WHQGRRVFROHWLYRVVHQmRDLQWHOLJrQFLDGHVHXVREMHWRVDKXPDQLGDGHGHYHUi
DSHUIHLoRDU RV VHXV H DWp PHVPR LQYHQWDU QRYRV D ILP GH HQIUHQWDU D QRYD
HVFDOD GRV SUREOHPDV (VVHV REMHWRVPXQGR SRU YLU YHWDUHV GH LQWHOLJrQFLD
FROHWLYDGHYHUmRWRUQDUVHQVtYHODFDGDLQGLYtGXRRVHIHLWRVFROHWLYRVGHVXDV
Do}HV&DSD]HVGHWUD]HUjYLGDDLPHQVLGmRMXQWRDRLQGLYtGXRHOHVGHYHUmR
VREUHWXGR LPSOLFDU FDGD XP OHYDU HP FRQWD FDGD ORFDOLGDGH VLQJXODU QD
LQWRWDOL]iYHO GLQkPLFD GR FRQMXQWR $ REMHWLYLGDGH QD HVFDOD GR PXQGR Vy
VXUJLUi VH IRU PDQWLGD SRU WRGRV VH FLUFXODU HQWUH DV QDo}HV H IL]HU D
KXPDQLGDGHFUHVFHUHPFXOWXUD
$WHUUDPHWHRUROyJLFDDWHUUDGRVWUHPRUHVDWHUUDGRVHOHIDQWHVHGDV
EDOHLDVDWHUUDGR$PD]RQDVHGRÉUWLFRDWHUUDVREUHYRDGDSHORVVDWpOLWHVD
WHUUDHQRUPHHSDFtILFDD7HUUDpD]XOFRPRXPDEROD
 22%-(722+80$12

([SOLFDPRVDQWHULRUPHQWHTXHDKXPDQLGDGHKDYLDVHFRQVWLWXtGRDR
YLUWXDOL]DU D YLROrQFLD SHOR FRQWUDWR R DTXL H DJRUD SHOD OLQJXDJHP H VXDV
IXQo}HV RUJkQLFDV SHOD WpFQLFD 2UD R REMHWR WUDQVYHUVDO YHP FRPSOHWDU H
XQLILFDU DV WUrV YLUWXDOL]Do}HV GD UHODomR FRP RV VHUHV GD UHODomR FRP RV
VLJQRVHGDUHODomRFRPDVFRLVDV
3RGHPRVDFUHVFHQWDUDJRUDTXHDYLUWXDOL]DomRGDYLROrQFLDQmRSDVVD
DSHQDV SHOR FRQWUDWR PDV WDPEpP H VREUHWXGR SHOR REMHWR TXH LQGX]
OLJDo}HV VRFLDLV QmR YLROHQWDV SRUTXH HVFDSDP j SUHGDomR j DSURSULDomR
H[FOXVLYDHjGRPLQkQFLD
3RU RXWUR ODGR D YLUWXDOL]DomR GR DTXL H DJRUD RSHUDGD SHOD
OLQJXDJHPHVWHQGHFRPRYLPRVRWHPSRHRHVSDoRSDUDDOpPGDLPHGLDWH]
VHQVRULDO0DVHVVHSURFHVVRGHYLUWXDOL]DomRVyVHFRPSOHWDFRPDFRQVWUXomR
GR REMHWR XP REMHWR LQGHSHQGHQWH GDV SHUFHSo}HV H GRV DWRV GR VXMHLWR
LQGLYLGXDOXPREMHWRFXMDLPDJHPVHQVtYHOFXMRPDQHMRFXMRHIHLWRFDXVDORX
FXMRFRQFHLWRSRVVDVHUFRPSDUWLOKDGRSRURXWURVVXMHLWRV2PXQGRREMHWLYR
TXH HPHUJH QD OLQJXDJHP XOWUDSDVVD DPSODPHQWH TXDOTXHU PXQGR PDWHULDO
TXH IRVVH SRYRDGR DSHQDV SRU FRLVDV 7DO p D TXHVWmR GD OLQJXDJHP D
H[LVWrQFLDGHXPPXQGRREMHWLYRTXHQDPHVPDRSHUDomROLJDRVLQGLYtGXRV
HFRQVWLWXLRVVXMHLWRV
(QILP D WpFQLFD YLUWXDOL]D D DomR H DV IXQo}HV RUJkQLFDV 2UD D
IHUUDPHQWD R DUWHIDWR QmR VmR DSHQDV FRLVDV HILFD]HV 2V REMHWRV WpFQLFRV
SDVVDPGHPmRHPPmRGHFRUSRDFRUSRFRPRWHVWHPXQKDV(OHVLQGX]HP
XVRV FRPXQV WRUQDPVH YHWRUHV GH FRPSHWrQFLDV PHQVDJHLURV GH PHPyULD
FROHWLYD FDWDOLVDGRUHV GH FRRSHUDomR 'HVGH R SULPHLUR ELIDFH DWp RV
DHURSRUWRV H DV UHGHVGLJLWDLV GD FDEDQD RULJLQDO jV PHWUySROHV VXOFDGDV SRU
YLDVH[SUHVVDVHSODQWDGDVFRPDUUDQKDFpXVREMHWRVWpFQLFRVHDUWHIDWRVVmRD
FRODTXHPDQWpPRVKRPHQVMXQWRVHLPSOLFDRPXQGRItVLFRDRPDLVtQWLPR
GHVXDVXEMHWLYLGDGH
$VVLP R REMHWR DWUDYHVVD DV WUrV YLUWXDOL]Do}HV IXQGDPHQWDLV GD
DQWURSRJrQHVH HOH p FRQVWLWXWLYR GR KXPDQR FRPR VXMHLWR VRFLDO VXMHLWR
FRJQLWLYRHVXMHLWRSUiWLFR(OHHQWUHODoDHXQLILFDDVVXEMHWLYLGDGHVWpFQLFDGD
OLQJXDJHPHUHODFLRQDO
6HYRFrQmRpXPDQLPDOVHVXDDOPDpPDLVYLUWXDOPDLVVHSDUDGDGD
LQpUFLD TXH D GH XP PDFDFR RX GH XP ELVmR FHUWDPHQWH p SRUTXH HOD SRGH
DWLQJLUDREMHWLYLGDGH1RVVDVXEMHWLYLGDGHVHDEUHDRMRJRGRVREMHWRVFRPXQV
TXHWHFHPQXPPHVPRJHVWRVLPpWULFRHFRPSOLFDGRDLQWHOLJrQFLDLQGLYLGXDO
H D LQWHOLJrQFLD FROHWLYD FRPR R DQYHUVR H R UHYHUVR GR PHVPR WHFLGR
ERUGDQGRHPFDGDIDFHDPDUFDLQGHOpYHOHIODJUDQWHGRRXWUR
 2 48$'5Ì9,2 2172/Ð*,&2 $ 9,578$/,=$d®2 80$
75$16)250$d®2(175(2875$6

&KHJRX R PRPHQWR GH UHFDSLWXODU QRVVDV GHVFREHUWDV $

YLUWXDOL]DomR RX SDVVDJHP j SUREOHPiWLFD QmR p GH PRGR DOJXP XP
GHVDSDUHFLPHQWR QR LOXVyULR QHP XPD GHVPDWHULDOL]DomR &RQYpP DQWHV
DVVLPLOiODDXPD´GHVVXEVWDQFLDomRµFRPRSXGHPRVYHULILFDUQRVH[HPSORV
GR FRUSRFKDPD GR WH[WRIOX[R H GD HFRQRPLD GRV DFRQWHFLPHQWRV (VVD
GHVVXEVWDQFLDomR SRGH VHU GHFOLQDGD HP PXWDo}HV DVVRFLDGDV D
GHVWHUULWRULDOL]DomR R HIHLWR 0RHELXV ² TXH RUJDQL]D R ORRS VHP ILP GR
LQWHULRU H GR H[WHULRU ² D FRORFDokR HP FRPXP GH HOHPHQWRV SULYDGRV H D
LQWHJUDomRVXEMHWLYDLQYHUVDGHLWHQVS~EOLFRV(VVHIHQ{PHQRGHSDVVDJHPDR
FROHWLYR H GH UHWRUQR GR FRPXP DR LQGLYLGXDO IRL HVWXGDGR HP GHWDOKH QRV
GRLVFDStWXORVSUHFHGHQWHVVREUHDYLUWXDOL]DomRGDLQWHOLJrQFLD
&KDPHPRV VXEMHWLYDomR D LPSOLFDomR GH GLVSRVLWLYRV WHFQROyJLFRV
VHPLyWLFRV H VRFLDLV QR IXQFLRQDPHQWR SVtTXLFR H VRPiWLFR LQGLYLGXDO
6LPHWULFDPHQWH D REMHWLYDomR VHUi GHILQLGD FRPR D LPSOLFDomR P~WXD GH DWRV
VXEMHWLYRV DR ORQJR GH XP SURFHVVR GH FRQVWUXomR GH XP PXQGR FRPXP
6XEMHWLYDomR H REMHWLYDomR VmR DVVLP GRLV PRYLPHQWRV FRPSOHPHQWDUHV GD
YLUWXDOL]DomR &RP HIHLWR TXDQGR FRQVLGHUDPRV R TXH HOHV ID]HP QHP R
VXMHLWR QHP R REMHWR VmRVXEVWkQFLDV PDV QyV IOXWXDQWHV GH DFRQWHFLPHQWRV
TXHVHLQWHUIDFHLDPHVHHQYROYHPUHFLSURFDPHQWH
(PERUD YLYDPRV KRMH VXD DFHOHUDomR D YLUWXDOL]DomR QmR p XP
IHQ{PHQRUHFHQWH &RPR WHQWHL PRVWUDU DR DQDOLVDU RV GHVHQYROYLPHQWRV GD
OLQJXDJHPGDWpFQLFDHGDVLQVWLWXLo}HVVRFLDLV FRPSOH[DV D HVSpFLH KXPDQD
VH FRQVWUXLX QD H SHOD YLUWXDOL]DomR 2 SURFHVVR GH YLUWXDOL]DomR SRGH VHU
DQDOLVDGRHPRSHUDo}HV
² ´JUDPDWLFDLVµ UHFRUWH GH HOHPHQWRV YLUWXDLV VHTHQFLDPHQWRV
GXSOD DUWLFXODomR² ´GLDOpWLFDVµ VXEVWLWXLo}HV FRORFDo}HV HP
FRUUHVSRQGrQFLD SURFHVVRV UL]RPiWLFRV GH GHVGREUDPHQWR² H ´UHWyULFDVµ
HPHUJrQFLD GH PXQGRV DXW{QRPRV FULDomRGH DJHQFLDPHQWRV GH VLJQRV GH
FRLVDV H GH LQGLYtGXRV LQGHSHQGHQWHPHQWH GH TXDOTXHU UHIHUrQFLD D XPD
´UHDOLGDGHµ SUpYLD H GHTXDOTXHU XWLOLGDGH $WUDYpV GDVRSHUDo}HVUHWyULFDV D
YLUWXDOL]DomRGHVHPERFD QD LQYHQomR GH QRYDV LGpLDV RX IRUPDV QD
FRPSRVLomRHUHFRPSRVLomRGHVVDVLGpLDVQRVXUJLPHQWRGH´PDQHLUDVµ
RULJLQDLV QR FUHVFLPHQWR GH PiTXLQDV FRP PHPyULD QR
GHVHQYROYLPHQWRGHVLVWHPDVGHDomR
(VWD OLYUR p FRQVDJUDGR j YLUWXDOL]DomR RX VHMD j FRQWUDFRUUHQWH GD
DWXDOL]DomR DRV GLYHUVRV PRYLPHQWRV H SURFHVVRV TXHFRQGX]HP DR YLUWXDO
7RGDYLDRUHDORSRVVtYHORDWXDOHRYLUWXDOVmRFRPSOHPHQWDUHVHSRVVXHP
XPD GLJQLGDGH RQWROyJLFDHTXLYDOHQWH 1RVVR SURSyVLWR QmR p FHUWDPHQWH
MRJDU R YLUWXDOFRQWUD RV RXWURV PRGRV GH VHU ,QGLVVRFLiYHLV HOHV IRUPDP
MXQWRV XPD HVSpFLH GH GLDOpWLFD GH TXDWUR SyORV TXH YDPRV DJRUDH[DPLQDU
$QWHVGHFRPHoDUJRVWDULDQRHQWDQWRGHMXVWLILFDURWtWXORGHVWHFDStWXOR2
WHUPRTXDGUtYLRRXYLDTXiGUXSODIRLIRUMDGRSRU%RpFLRQRVpFXOR9,G&
SDUD GHVLJQDU RV HVWXGRVFLHQWtILFRV TXH GHYLDP VHJXLU R WUtYLR JUDPiWLFD
GLDOpWLFDHUHWyULFDDVDEHUDDULWPpWLFDDJHRPHWULDDP~VLFDHDDVWURQRPLD
(VVH SURJUDPD GH HVWXGR WUtYLR H TXDGUtYLR ² RV VHWH SLODUHV
GDVDEHGRULD ² IRL VHJXLGR SHODV ´IDFXOGDGHV GDV DUWHVµ GD ,GDGH0pGLD
HXURSpLD GXUDQWH VpFXORV $SyV HVVH GHVYLR ILOROyJLFR YROWHPRV j QRVVD
TXHVWmRGDVUHODo}HVHQWUHSRVVtYHOUHDODWXDOHYLUWXDO

2648$75202'26'(6(5

3RVVtYHO H YLUWXDO WrP HYLGHQWHPHQWH XP WUDoR FRPXP TXH H[SOLFD

VXD FRQIXVmR WmR IUHTHQWH DPERV VmR ODWHQWHV QmR PDQLIHVWRV $QXQFLDP
DQWHVXPIXWXURGRTXHRIHUHFHPXPDSUHVHQoD 2 UHDO H R DWXDO HP WURFD
VmR XP H RXWUR SDWHQWHV H PDQLIHVWRV 'HVGHQKDQGR DV SURPHVVDV HVWmR
SUHVHQWHV H FODUDPHQWH SUHVHQWHV 'H TXH PDQHLUD HQWmR FRPSUHHQGHU D
FOLYDJHPTXHVHSDUDRSRVVtYHOHRUHDOGHXPODGRHRYLUWXDOHRDWXDOGH
RXWUR"
1D HVWHLUD GH *LOOHV 'HOHX]H HX HVFUHYL QR SULPHLUR FDStWXOR TXH R
UHDODVVHPHOKDVHDRSRVVtYHOHQTXDQWRRDWXDOUHVSRQGHDRYLUWXDO3UREOHPiWLFR
SRU HVVrQFLD R YLUWXDO p FRPR XPD VLWXDomR VXEMHWLYD XPD FRQILJXUDomR
GLQkPLFD GH WHQGrQFLDV GH IRUoDV GH ILQDOLGDGHV H GH FRHUo}HV TXH XPD
DWXDOL]DomR UHVROYH $ DWXDOL]DomR p XP DFRQWHFLPHQWR QR VHQWLGR IRUWH GD
SDODYUD(IHWXDVHXPDWRTXHQmRHVWDYDSUpGHILQLGRHPSDUWHDOJXPDHTXH
PRGLILFD SRU VXD YH] D FRQILJXUDomR GLQkPLFD QD TXDO HOH DGTXLUH XPD
VLJQLILFDomR $ DUWLFXODomR GR YLUWXDO H GR DWXDO DQLPD D SUySULD GLDOpWLFD GR
DFRQWHFLPHQWRGRSURFHVVRGRVHUFRPRFULDomR
(P WURFD D UHDOL]DomR VHOHFLRQD HQWUH SRVVtYHLV SUHGHWHUPLQDGRV Mi
GHILQLGRV3RGHUVHLDGL]HUTXHRSRVVtYHOpXPDIRUPDjTXDOXPDUHDOL]DomR
FRQIHUHXPDPDWpULD(VVDDUWLFXODomRGDIRUPDHGDPDWpULDFDUDFWHUL]DXPSyOR
GDVXEVWkQFLDRSRVWRDRSyORGRDFRQWHFLPHQWR
2EWpPVH DVVLP XP TXDGUR VLPSOHV GH TXDWUR SRVLo}HV HP TXH DV
GXDV FROXQDV GR ODWHQWH H GR PDQLIHVWR FUX]DPVH FRP DV GXDV OLQKDV GD
VXEVWkQFLD H GR DFRQWHFLPHQWR 3RVVtYHO UHDO YLUWXDO H DWXDO DVVXPHP
QDWXUDOPHQWH XP OXJDU HP VXDV UHVSHFWLYDV FDVDV &DGD XP GHOHV DSUHVHQWD
XPDPDQHLUDGHVHUGLIHUHQWH
2 UHDO D VXEVWkQFLD D FRLVD VXEVLVWH RX UHVLVWH 2 SRVVtYHO FRQWpP
IRUPDV QmR PDQLIHVWDV DLQGD DGRUPHFLGDV RFXOWDV QR LQWHULRU HVVDV
GHWHUPLQDo}HVLQVLVWHP2YLUWXDOFRPRIRLVXILFLHQWHPHQWHGHVHQYROYLGRQHVWH
OLYURQmRHVWiDtVXDHVVrQFLDHVWiQDVDtGDHOHH[LVWH(QILPPDQLIHVWDomRGH
XPDFRQWHFLPHQWRRDWXDODFRQWHFHVXDRSHUDomRpDRFRUUrQFLD

/DWHQWH 0DQLIHVWR
6XEVWkQFLD 3RVVtYHOLQVLVWH 5HDOVXEVLVWH
$FRQWHFLPHQWR 9LUWXDOH[LVWH $WXDODFRQWHFH

$648$7523$66$*(16

2UD HVVDV PDQHLUDV GH VHU SDVVDP FRQVWDQWHPHQWH GH XPD SDUD D
RXWUD GRQGH D GHILQLomR GH TXDWUR PRYLPHQWRV RX WUDQVIRUPDo}HV SULQFLSDLV
TXH FRUUHVSRQGHP FDGD XPD D IRUPDV GH FDXVDOLGDGH H GH WHPSRUDOLGDGH
GLIHUHQWHV9RXDJRUDVXJHULUXPDDQDORJLDHQWUHRTXDGUtYLRRQWROyJLFRHDV
TXDWUR FDXVDV GH $ULVWyWHOHV %UHYHPHQWH LOXVWUDGRV QR FDVR GH XPD HVWiWXD
HLV TXDLV HUDP RV WLSRV GH FDXVDOLGDGH GLVWLQJXLGRV SHOR (VWDJLULWD $ FDXVD
PDWHULDO GHVLJQD R PiUPRUH D FDXVD IRUPDO VH XQH DRV FRQWRUQRV GR NRXURV
>JXHUUHLURQREUH@TXHGRUPHPQDSHGUDRXQRHVStULWRGRHVFXOWRUDQWHVTXH
UHVSODQGHoDPVRERVROGH'HORVRSUySULRHVFXOWRUDJHQWHGDDomRpDFDXVD
HILFLHQWH HQILP D FDXVD ILQDO GD HVWiWXD UHPHWH D VHX XVR j VXD XWLOLGDGH R
FXOWRGH$SRLRSRUH[HPSOR
$ UHDOL]DomR FRPR Mi VXJHULPRV SRGH VHU DVVLPLODGD j FDXVDOLGDGH
PDWHULDO HOD QXWUH GH PDWpULD XPD IRUPD SUHH[LVWHQWH 3DUDOHODPHQWH D
UHDOL]DomR HQFDUQD XPD WHPSRUDOLGDGH OLQHDU PHFkQLFD GHWHUPLQLVWD
'LVVLSDQGRLUUHYHUVLYHOPHQWHDHQHUJLDXWLOL]iYHORXRVUHFXUVRVGLVSRQtYHLVD
UHDOL]DomRVHJXHDHQFRVWDGRVHJXQGRSULQFtSLRGDWHUPRGLQkPLFDVHJXQGRR
TXDO R FUHVFLPHQWR GD HQWURSLD QXP VLVWHPD IHFKDGR p LQHYLWiYHO $
WHPSRUDOLGDGHUHDOL]DQWHFRQVRPHID]FDLURSRWHQFLDO
/DQoDQGRVHGRUHDODRSRVVtYHODSRWHQFLDOL]DomRRXFDXVDIRUPDOSRGH
VHU DVVLPLODGD D XPD VXELGD D FRQWUDFRUUHQWH GD HQWURSLD $ SRWHQFLDOL]DomR
SURGX] RUGHP H LQIRUPDomR UHFRQVWLWXL RV UHFXUVRV H UHVHUYDV HQHUJpWLFRV
3RGHVH FRPSDUDU VXD RSHUDomR j GR GHP{QLR LPDJLQDGR SHOR ItVLFR -DPHV
&OHUN 0D[ZHOO TXH GHYLD VHU FDSD] GH PXGDU D GLUHomR GD OHL GD HQWURSLD
FUHVFHQWH3RVWDGRMXQWRDXPDMDQHOLQKDTXHVHSDUDGRLVFRPSDUWLPHQWRVGH
XP UHFLSLHQWH IHFKDGR FKHLRV GH XP JiV LJXDOPHQWH PRUQR HVVH PLQ~VFXOR
GHP{QLR LPDJLQiULR Vy GHL[D SDVVDU SDUD XP GRV FRPSDUWLPHQWRV DV
PROpFXODVPDLVUiSLGDV'HVWDPDQHLUDTXDVHVHPGLVSrQGLRGHHQHUJLDREWHU
VHLDDRFDERGHFHUWRWHPSRXPFRPSDUWLPHQWRFKHLRGHJiVTXHQWHHRXWUR
GH JiV IULR $ GLIHUHQoD DVVLP SURGX]LGD p HOD PHVPD XPD IRQWH GH HQHUJLD
SRWHQFLDO $ GHVRUGHP RX D PLVWXUD LQGLIHUHQFLDGD VmR FRPEDWLGDV SHOD
FDSDFLGDGH GH WULDJHP RX GH VHOHomR ILQD GR GHP{QLR H SRU XP GLVSRVLWLYR
TXH DVVHJXUD D LUUHYHUVLELOLGDGH GDV UHIHULGDV RSHUDo}HV D MDQHOLQKD $
SRWHQFLDOL]DomR ID] PDLV RX PHQRV R WUDEDOKR GR GHP{QLR GH 0D[ZHOO (P
HVFDODPROHFXODUS{URUGHPRXUHFRQVWLWXLUSRWHQFLDLVHQHUJpWLFRVpDPHVPD
FRLVD2SRVVtYHORXGLIHUHQoDGHSRWHQFLDOpLGHQWLFDPHQWHXPDIRUPDXPD
HVWUXWXUDRXXPDUHVHUYD
5HDOL]DomR H SRWHQFLDOL]DomR SHUWHQFHP DPEDV j RUGHP GD VHOHomR
HVFROKD PRODU HQWUH RV SRVVtYHLV SDUD D UHDOL]DomR 7ULDJHP PROHFXODU H
UHFRQVWLWXLomRGHXPDIRUPDSDUDDSRWHQFLDOL]DomR2SRQKRDTXLHVVDRUGHP
GD VHOHomR D RXWUR UHJLVWUR GH WUDQVIRUPDomR FRPSOHWDPHQWH GLIHUHQWH R GD
FULDomRRXGRGHYLUDRTXDOSHUWHQFHPDDWXDOL]DomRHDYLUWXDOL]DomR
$DWXDOL]DomRLQYHQWDXPDVROXomRDRSUREOHPDFRORFDGRSHORYLUWXDO
&RP LVVR QmR VH FRQWHQWD HP UHFRQVWLWXLU UHFXUVRV QHP HP FRORFDU XPD
IRUPDjGLVSRVLomRGHXPPHFDQLVPRGHUHDOL]DomR1mRDDWXDOL]DomRLQYHQWD
XPDIRUPD(ODFULDXPDLQIRUPDomRUDGLFDOPHQWHQRYD&RORFDPRVDFDXVDOLGDGH
HILFLHQWH GR ODGR GD DWXDOL]DomR SRUTXH R RSHUiULR R HVFXOWRU R GHPLXUJR
VHQGR XP VHU YLYR H SHQVDQWH MDPDLV SRGH VHU UHGX]LGR D XP VLPSOHV
H[HFXWDQWH HOH LQWHUSUHWD LPSURYLVD UHVROYH SUREOHPDV $ WHPSRUDOLGDGH GD
DWXDOL]DomRpDGRVSURFHVVRV3DUDDOpPGDGHVFLGDGDHQWURSLDUHDOL]DomRHVHX
UHWRUQR D FRQWUDFRUUHQWH SRWHQFLDOL]DomR R WHPSR FULDWLYR GD DWXDOL]DomR
WUDoD XPD KLVWyULD WUDQVFUHYH XPD DYHQWXUD GR VHQWLGR FRQVWDQWHPHQWH
UHSRVWDHPMRJR
$YLUWXDOL]DomRHQILPSDVVDGRDWR²DTXLHDJRUD²DRSUREOHPDDRV
QyV GH FRHUo}HV H GH ILQDOLGDGHV TXH LQVSLUDP RV DWRV &ODVVLILFDUHPRV
SRUWDQWRDFDXVDOLGDGHILQDODTXHVWmRGRSRUTXrGRODGRGDYLUWXDOL]DomR1D
PHGLGD HP TXH H[LVWHP WDQWDV WHPSRUDOLGDGHV TXDQWRV SUREOHPDV YLWDLV D
YLUWXDOL]DomR PRYHVH QR WHPSR GRV WHPSRV $ YLUWXDOL]DomR VDL GR WHPSR
SDUD HQULTXHFHU D HWHUQLGDGH (OD p IRQWH GRV WHPSRV GRV SURFHVVRV GDV
KLVWyULDV Mi TXH FRPDQGD VHP GHWHUPLQiODV DV DWXDOL]Do}HV &ULDGRUD SRU
H[FHOrQFLDDYLUWXDOL]DomRLQYHQWDTXHVW}HVSUREOHPDVGLVSRVLWLYRVJHUDGRUHV
GHDWRVOLQKDJHQVGHSURFHVVRVPiTXLQDVGHGHYLU

7UDQVIRUPDomR 'HILQLomR 2UGHP &DXVDOLGDGH 7HPSRUDOLGDGH

5HDOL]DomR (OHLomRTXHGD 6HOHomR 0DWHULDO 0HFDQLVPR
GHSRWHQFLDO
3RWHQFLDOL]DomR 3URGXomRGH 6HOHomR )RUPDO 7UDEDOKR
5HFXUVRV
$WXDOL]DomR 5HVROXomRGH &ULDomR (ILFLHQWH 3URFHVVR
3UREOHPDV
9LUWXDOL]DomR ,QYHQomRGH &ULDomR )LQDO (WHUQLGDGH
3UREOHPDV
 $V TXDWUR WUDQVIRUPDo}HV VmR DTXL GLVWLQJXLGDV FRQFHLWXDOPHQWH 6H
GHYrVVHPRV DQDOLVDU FRPR jV YH]HV IRL IHLWR DR ORQJR GHVWH OLYUR XP
IHQ{PHQR SDUWLFXODU GHVFREULUtDPRV XPD PLVWXUD LQH[WULFiYHO GDV TXDWUR
FDXVDVGRVTXDWURPRGRVGHVHUGDVTXDWURSDVVDJHQVGHXPDPDQHLUDGHVHU
j RXWUD 6H D YLUWXDOL]DomR IRU EORTXHDGD D DOLHQDomR VH LQVWDOD RV ILQV QmR
SRGHP PDLV VHU UHLQVWLWXtGRV QHP D KHWHURJrQHVH FXPSULGD PDTXLQDo}HV
YLYDVDEHUWDVHPGHYLUWUDQVIRUPDPVHGHV~ELWRHPPHFDQLVPRVPRUWRV6H
IRU FRUWDGD D DWXDOL]DomR DV LGpLDV RV ILQV RV SUREOHPDV WRUQDPVH
EUXVFDPHQWH HVWpUHLV LQFDSD]HV GH UHVXOWDU QD DomR LQYHQWLYD $ LQLELomR GD
SRWHQFLDOL]DomR FRQGX] LQIDOLYHOPHQWH DR VXIRFDPHQWR DR HVJRWDPHQWR j
H[WLQomR GRV SURFHVVRV YLYRV 6H IRU LPSHGLGD D UHDOL]DomR HQILP RV
SURFHVVRV SHUGHP VXD EDVH VHX VXSRUWH VHX SRQWR GH DSRLR HOHV VH
GHVHQFDUQDP 7RGDV DV WUDQVIRUPDo}HV VmR QHFHVViULDV H FRPSOHPHQWDUHV
XPDVGDVRXWUDV

0,6785$6

/RQJH GH FRQVWLWXLU RV WHUPRV GH XPD FODVVLILFDomR H[FOXVLYD D

RSRVLomR SRVVtYHOYLUWXDO QXQFD VH HQFRQWUD GHILQLWLYDPHQWH UHVROYLGD H VH
UHFULDDFDGDQRYDGLVWLQomR3RUDQDORJLDTXDQGR VHFRUWDXPtPmHPGRLV
QmRVHREWpPXPtPmTXHUHSHOHHRXWURTXHDWUDLPDVGRLVSHTXHQRVtPmV
FRPSOHWRV FDGD XP WHQGR VHX SyOR SRVLWLYR H QHJDWLYR 3RU H[HPSOR XPD
ELJRUQDVHUiDSUR[LPDGDGRSyORGRUHDOSRLVWHPDYHUFRPDVXEVWkQFLDRX
FRPDTXLORTXH´UHVLVWHµDRSDVVRTXHDIUDVH´1RDQRWRGRVRVFDUURV
TXH FLUFXODP QD FLGDGH VHUmR HOpWULFRVµ UHODFLRQDGD j RFRUUrQFLD VHUi
DVVRFLDGDDRSyORGRDWXDO0DVSRVVRVHGHVHMDU GHFRPSRUIUDVHHPGRLV
HOHPHQWRVXPD TXHVWmR LPSOtFLWD ´9DPRV UHDOPHQWH FRQWLQXDU D QRVGHL[DU
HQYHQHQDU GHVWD PDQHLUD"µ H D SURSRVLomR TXH UHVSRQGH D HVVD TXHVWmR
´1mR Mi TXH QR DQR  HWFµ $ TXHVWmR VHUi GLWD YLUWXDOL]DQWH H D
SURSRVLomR DQWHV SRWHQFLDOL]DQWH Mi TXH SRGH DGTXLULU YiULRV YDORUHV GH
YHUGDGHSUHGHWHUPLQDGRV3URVVHJXLQGRRWUDEDOKRGHIUDJPHQWDomRSRGHVH
DLQGDGLYLGLUDSURSRVLomRQRVXUJLPHQWRGHXPDKLSyWHVHTXHWHPDYHUFRP
XPDYLUWXDOL]DomR´1RDQRWRGRVRVFDUURVHWFµHHPXP MXOJDPHQWR
´(VWD KLSyWHVH p YHUGDGHLUDµ TXH p XPD HVSpFLH GH UHDOL]DomR 2 PHVPR
RFRUUHFRPDELJRUQD(ODVHUiYLUWXDOFRPRVXSRUWHGHEULFRODJHPLQYHQWLYDH
GHGHVYLRPDVSRWHQFLDOFRPRUHVHUYDGHIHUURIHUUDPHQWDFDSD]GHGHVJDVWH
HWF
5HDOSRVVtYHODWXDOHYLUWXDOVmRTXDWURPRGRVGHVHUGLIHUHQWHVPDV
TXDVH VHPSUH RSHUDQGR MXQWRV HP FDGD IHQ{PHQR FRQFUHWR TXH VH SRGH
DQDOLVDUWRGDVLWXDomRYLYDID]IXQFLRQDUXPDHVSpFLHGHPRWRURQWROyJLFRD
TXDWUR WHPSRV H SRUWDQWRMDPDLV GHYH VHU ´JXDUGDGDµ HP EORFR QXP GRV
TXDWURFRPSDUWLPHQWRV
(VWRX HVFUHYHQGR HP PHX FRPSXWDGRU FRP R DX[tOLR GH
XPSURJUDPDGHSURFHVVDPHQWRGHWH[WR6RERDVSHFWRSXUDPHQWHPHFkQLFR
XPD GLDOpWLFD GR SRWHQFLDO H GR UHDO HVWi RSHUDQGRSRLV GH XP ODGR DV
SRVVLELOLGDGHV GR SURJUDPD H GD PiTXLQDVH UHDOL]DP H XP WH[WR p
DSUHVHQWDGRVHUHDOL]DQDWHODUHVXOWDQWHGHWRGDXPDVpULHGHFRGLILFDo}HVH
WUDGXo}HVEHPGHWHUPLQDGDV'HRXWURODGR D HQHUJLD HOpWULFD SRWHQFLDOL]D D
PiTXLQD H HX SRWHQFLDOL]R R WH[WR DR VHOHFLRQDU FyGLJRV LQIRUPiWLFRVSRU
LQWHUPpGLRGRWHFODGR
3DUDOHODPHQWH DWXDOL]R SUREOHPDV LGpLDV LQWXLo}HV FRHUo}HVGH
HVFULWDDRUHGLJLUHVVHWH[WRFXMDUHOHLWXUDPRGLILFDHPWURFDRHVSDoRYLUWXDO
GH VLJQLILFDo}HV DR TXDO HOH UHVSRQGH R TXH FRQVWLWXL SRUWDQWR XPD
YLUWXDOL]DomR
9rVH TXH RV SURFHVVRV GH SRWHQFLDOL]DomR H GH UHDOL]DomR
VyDGTXLUHPVHQWLGRSHODGLDOpWLFDGDDWXDOL]DomRHGDYLUWXDOL]DomR
6LPHWULFDPHQWHRVPRGRVGHUHDOL]DomRHGHSRWHQFLDOL]DomRGRWH[WR
R DVSHFWR SXUDPHQWH WpFQLFR RX PDWHULDO VH SUHIHULUHPFRQGLFLRQDP H
LQIOXHQFLDPIRUWHPHQWHDFULDomRGHXPDPHQVDJHPVLJQLILFDQWHGLDOpWLFDGD
YLUWXDOL]DomRHGDDWXDOL]DomR&DSWXUDGDSHORUHDODGLDOpWLFDGRYLUWXDOHGR
DWXDOpUHLILFDGD5HWRPDGDSHORVSURFHVVRVGHYLUWXDOL]DomRHGHDWXDOL]DomR
SRVVtYHO H UHDO VmR REMHWLYDGRV RX VXEMHWLYDGRV $VVLP R SyOR GR
DFRQWHFLPHQWRQmRFHVVDGHLPSOLFDURSyORGDVXEVWkQFLDFRPSOH[LILFDomRH
GHVORFDPHQWR GRV SUREOHPDV PRQWDJHP GH PiTXLQDVVXEMHWLYDQWHV
FRQVWUXo}HV H FLUFXODo}HV GH REMHWRV e GHVWH PRGRTXH R PXQGR SHQVD
GHQWURGHQyV0DVHPWURFDRSyORGDVXEVWkQFLDHQYROYHGHJUDGDIL[DHVH
DOLPHQWDGRSyORGRDFRQWHFLPHQWRUHJLVWURLQVWLWXFLRQDOL]DomRUHLILFDomR

$FRQWHFLPHQWR 6XEVWkQFLD
HQYROYLGR HQYROYLGD
$FRQWHFLPHQWR 9LUWXDO]DomR 6XEMHWLYDomR
HQYROYHQWH $WXDOL]DomR 2EMHWLYDomR
6XEVWkQFLD 5HLILFDomR 5HDOL]DomR
HQYROYHQWH ,QVWLWXFLRQDOL]DomR 3RWHQFLDOL]DomR

'8$/,'$'('2$&217(&,0(172('$ 68%67Ç1&,$

2 DSDUHQWH GXDOLVPR HQWUH D VXEVWkQFLD H R DFRQWHFLPHQWR HVFRQGH

WDOYH] XPD SURIXQGD XQLGDGH 1DILORVRILD GH :KLWHKHDG RV WHUPRV ~OWLPRV
GD DQiOLVH ILORVyILFD ² DTXLOR TXH p YHUGDGHLUDPHQWH ² VmR DFRQWHFLPHQWRV
FKDPDGRV RFDVL}HV DWXDLV $V RFDVL}HV DWXDLV VmR HVSpFLHV GH P{QDGDV
WUDQVLWyULDV SURFHVVRV GH SHUFHSomR HOHPHQWDUHV JHUDOPHQWH LQFRQVFLHQWHV
TXH UHFHEHP FHUWRV GDGRV GH SUHFHGHQWHV RFDVL}HV DWXDLV RV LQWHUSUHWDP
WUDQVPLWHPDRXWURVVXDVtQWHVHHGHVDSDUHFHP$LQGDTXHHVWHMDPRVGLVSRVWRV
DDGPLWLUTXHDVRFDVL}HVDWXDLVVHMDPD~OWLPDSDODYUDHP´DFRQWHFLPHQWRµGD
UHDOLGDGH PHVPR DVVLP VRPRV REULJDGRV D FRQVWDWDU TXH Ki GH IDWR SHOR
PHQRV HP DSDUrQFLD VXEVWkQFLDV SHUPDQHQWHV FRLVDV GXUiYHLV :KLWHKHDG
UHVROYH R SUREOHPD H[SOLFDQGR QRVVD H[SHULrQFLD GDV FRLVDV GXUiYHLV HP
WHUPRVGHVRFLHGDGHVFRRUGHQDGDVGHDFRQWHFLPHQWRVTXHFRPSDUWLOKDPHWUDQVPLWHP
HQWUHVLFDUDFWHUHVSDUWLFXODUHV8PDSHGUDSRUH[HPSORpXPDVRFLHGDGHGH
RFDVL}HV DWXDLV VHPHOKDQWHV TXH KHUGDP OLQHDUPHQWH XPDV GDV RXWUDV VHXV
GDGRV H VXDV PDQHLUDV GH UHDJLU R TXH H[SOLFD TXH QXP FXUWR LQWHUYDOR GH
WHPSRDSHGUDFRQVHUYHPDLVRXPHQRVDPHVPDFRUDPHVPDGXUH]DHWF
3DUDHVWDEHOHFHUDSRQWHHQWUHDVXEVWkQFLDHRDFRQWHFLPHQWRSRGHU
VHLDFULDUDKLSyWHVHGHTXHRDFRQWHFLPHQWRVHULDXPDHVSpFLHGHVXEVWkQFLD
PROHFXODU PLQLDWXUL]DGD IUDJPHQWDGD DWp R DWR SRQWXDO 6LPHWULFDPHQWH D
VXEVWkQFLDQmRVHULDVHQmRDDSDUrQFLDGHXPDVRFLHGDGHGHDFRQWHFLPHQWRV
XPDPXOWLGmRFRRUGHQDGDGHPLFURH[SHULrQFLDVJURVVHLUDPHQWH DJUHJDGDV QD
LPDJHPGHXPD´FRLVDµHPVXPDDFRQWHFLPHQWRPRODU
$OLiVSRUPDLVGXUiYHLVTXHVHMDPQmRSRGHPDVFRLVDVPDLVHVWiYHLV
VHU LQWHUSUHWDGDV FRPR DFRQWHFLPHQWRV HP UHODomR D XPD GXUDomR TXH DV
XOWUDSDVVDFRPRDH[LVWrQFLDGHPRQWDQKDVQDHVFDODGDKLVWyULDGD7HUUD"2
UDFLRFtQLRSRGHHYLGHQWHPHQWHVHLQYHUWHURTXHpXPDFRQWHFLPHQWRVHQmRR
GHVDSDUHFLPHQWR RX R VXUJLPHQWR GH XPD VXEVWkQFLD RX PHVPR XPD
VXEVWkQFLDHYDQHVFHQWH"
7DOYH]FDLEDFRQVLGHUDURGXDOLVPRGDVXEVWkQFLDHGRDFRQWHFLPHQWR
FRPR R \LQ H R \DQJ QD ILORVRILD FKLQHVD FOiVVLFD KDYHULD SDVVDJHP
WUDQVIRUPDomR SHUSpWXD GH XP QR RXWUR &DGD XP GHOHV H[SULPH XPD IDFH
QmRHOLPLQiYHOHFRPSOHPHQWDUGRVIHQ{PHQRVFRPRDRQGDHDSDUWtFXODQD
ItVLFDTXkQWLFD
3yORGRODWHQWH 3URFHVVR 3yORGR
0DQLIHVWR

2UGHPGD
6HOHomR

2327(1&,$/ 25($/
5HDOL]DomR
&RQMXQWRGH &RLVDV
SRVVLELOLGDGHV 4XHGDGH3RWHQFLDO 3HUVLVWHQWHVH
SUHGHWHUPLQDGDV 5HVLVWHQWHV
3RWHQFLDOL]DomR
,16,67( 68%6,67(
3URGXomRGHUHFXUVRV

UHLILFDomR 2UGHPGDFULDomR
REMHWLYDomR
LQVWLWXFLRQDOL] VXEMHWLYDomR

29,578$/ 2$78$/
3UREOHPDV $WXDOL]DomR
1yVGH 6ROXomR
WHQGrQFLDVGH UHVROXomRGHSUREOHPD SDUWLFXODUDXP
FRHUo}HVGH SUREOHPDDTXLH
IRUoDVHGH DJRUD
REMHWLYRV 9LUWXDOL]DomR
(;,67( $&217(&(
5HPRQWDULQYHQWLYRGH
XPDVROXomRDXPD
SUREOHPiWLFD
(StORJR
%(19,1'26$26&$0,1+26'29,578$/

*RVWRGRTXHpIUiJLOHYDQHVFHQWH~QLFRHFDUQDO$SUHFLRRVVHUHVH
RV OXJDUHV VLQJXODUHV LQVXEVWLWXtYHLV DV DWPRVIHUDV OLJDGDV SDUD VHPSUH D
VLWXDo}HV H D PRPHQWRV (VWRX FRQYHQFLGR GH TXH SDUWH HVVHQFLDO GD PRUDO
FRQVLVWH VLPSOHVPHQWH HP DFHLWDU H[LVWLU QR PXQGR HP QmR IXJLU HP HVWDU
SUHVHQWHSDUDRVRXWURVHSDUDVL0DVRDVVXQWRGHVWHOLYURHUDDYLUWXDOL]DomR
7UDWHLSRUWDQWRGDYLUWXDOL]DomR,VWRQmR LPSOLFD R HVTXHFLPHQWRGDV RXWUDV
IDFHVGRVHUHLQFLWRHYLGHQWHPHQWHVHKRXYHUQHFHVVLGDGHGLVVRDOHLWRUDR
OHLWRU D QmR QHJOLJHQFLiODV e MXVWDPHQWH SRUTXH R DWXDO p WmR SUHFLRVR TXH
GHYHPRV FRP D PDLRU XUJrQFLD SHQVDU H DFOLPDWDU D YLUWXDOL]DomR TXH R
GHVHVWDELOL]D &UHLR TXH R VRIULPHQWR GH VXEPHWHUVH j YLUWXDOL]DomR VHP
FRPSUHHQGrODpXPDGDVSULQFLSDLVFDXVDVGDORXFXUDHGDYLROrQFLDGHQRVVR
WHPSR
4XLVPRVWUDUQHVWHOLYURTXHDYLUWXDOL]DomRpRPRYLPHQWRSHORTXDO
VH FRQVWLWXLX H FRQWLQXD D VH FULDU QRVVD HVSpFLH 1R HQWDQWR HOD p
IUHTHQWHPHQWH YLYLGD FRPR LQXPDQD GHVXPDQL]DQWH FRPR D PDLV
DWHUUDGRUDGDVDOWHULGDGHVHPFXUVR$RDQDOLViODDRSHQViODDRHQDOWHFrOD
jV YH]HV WHQWHL KXPDQL]iOD LQFOXVLYH QR TXH GL] UHVSHLWR D PLP 0XLWRV
LQWHOHFWXDLVDWXDOPHQWHRUJXOKRVRVGHVHXSDSHO´FUtWLFRµDFUHGLWDPID]HUDOJR
GLJQRDRHVSDOKDUDFRQIXVmRHRSkQLFRDUHVSHLWR GDFLYLOL]DomRHPHUJHQWH
4XDQWRDPLPSRUXPWUDEDOKRGHFRORFDomRHPSDODYUDVGHFRQVWUXomRGH
FRQFHLWRV H GH LQWHJUDomR j FXOWXUD TXLV DFRPSDQKDU DOJXQV GH PHXV
FRQWHPSRUkQHRVHPVHXHVIRUoRSDUDYLYHUFRPXPSRXFRPHQRVGHPHGRH
GH UHVVHQWLPHQWR 4XLV SURSRU IHUUDPHQWDV DWUDYpV GH XPD FDUWRJUDILD GR
YLUWXDOjTXHOHVTXHFRPRHXWHQWDPFRPJUDQGHGLILFXOGDGHVHWRUQDUDWRUHV
$YLUWXDOLGDGHQmRWUHPDEVROXWDPHQWHQDGDDYHUFRPDTXLORTXHD
WHOHYLVmRPRVWUDVREUHHOD1mRVHWUDWDGHPRGRDOJXPGHXPPXQGRIDOVR
RX LPDJLQiULR $R FRQWUiULR D YLUWXDOL]DomR p D GLQkPLFD PHVPD GR PXQGR
FRPXP p DTXLOR DWUDYpV GR TXDO FRPSDUWLOKDPRV XPD UHDOLGDGH /RQJH GH
FLUFXQVFUHYHU R UHLQR GD PHQWLUD R YLUWXDO p SUHFLVDPHQWH R PRGR GH
H[LVWrQFLDGHTXHVXUJHPWDQWRDYHUGDGHFRPRDPHQWLUD1mRKiYHUGDGHLUR
HIDOVRHQWUHDVIRUPLJDVRVSHL[HVRXRVORERVDSHQDVSLVWDVHHQJRGRV2V
DQLPDLV QmR WrP SHQVDPHQWR SURSRVLFLRQDO 9HUGDGH H IDOVLGDGH VmR
LQGLVVRFLiYHLV GH HQXQFLDGRV DUWLFXODGDV H FDGD HQXQFLDGR VXEHQWHQGH XPD
TXHVWmR $ LQWHUURJDomR p DFRPSDQKDGD GH XPD HVWUDQKD WHQVmR PHQWDO
GHVFRQKHFLGD HQWUH RV DQLPDLV (VVH YiFXR DWLYR HVVH YD]LR VHPLQDO p D
HVVrQFLD PHVPD GR YLUWXDO /DQoR D KLSyWHVH GH TXH FDGD VDOWR D XP QRYR
PRGR GH YLUWXDOL]DomR FDGD DODUJDPHQWR GR FDPSR GRV SUREOHPDV DEUHP
QRYRVHVSDoRVSDUDDYHUGDGHHSRUFRQVHTrQFLDLJXDOPHQWHSDUDDPHQWLUD
9LVR D YHUGDGH OyJLFD TXH GHSHQGH GD OLQJXDJHP H GD HVFULWD GRLV JUDQGHV
LQVWUXPHQWRVGHYLUWXDOL]DomRPDVWDPEpPRXWUDVIRUPDVGHYHUGDGHWDOYH]
PDLV HVVHQFLDLV DV TXH VmR H[SUHVVDV SHOD SRHVLD UHOLJLmR ILORVRILD FLrQFLD
WpFQLFD H ILQDOPHQWH DV KXPLOGHV H YLWDLV YHUGDGHV TXH FDGD XP GH QyV
WHVWHPXQKDHPVXDH[LVWrQFLDFRWLGLDQD8PDGDVPDLVLQWHUHVVDQWHVHQWUHDV
YLDV DEHUWDV jV SHVTXLVDV DUWtVWLFDV FRQWHPSRUkQHDV p SURYDYHOPHQWH D
GHVFREHUWD H D H[SORUDomR GDV QRYDV IRUPDV GH YHUGDGH REVFXUDPHQWH
DUUDVWDGDVSHODGLQkPLFDGDYLUWXDOL]DomR
$DUWHSRGHWRUQDUSHUFHSWtYHODFHVVtYHODRVVHQWLGRVHjVHPRo}HVR
VDOWR YHUWLJLQRVR SDUD GHQWUR GD YLUWXDOL]DomR TXH HIHWXDPRV WmR
IUHTHQWHPHQWH jV FHJDV H FRQWUD QRVVD YRQWDGH 0DV D DUWH SRGH WDPEpP
LQWHUYLU RX LQWHUIHULU QR SURFHVVR $ DUTXLWHWXUD H R GHVLJQ IXQGDPHQWDLV GH
QRVVR WHPSR DFDVR QmR VmR RV GR KLSHUFRUSR GR KLSHUFyUWH[ GD QRYD
HFRQRPLD GRV DFRQWHFLPHQWRV H GD DEXQGkQFLD GR IOXWXDQWH HVSDoR GRV
VDEHUHV" 2V DUWLVWDV VXSRVWDPHQWH H[SULPLUDP D VL SUySULRV DSHQDV GXUDQWH
XP SHUtRGR PXLWR FXUWR GD KLVWyULD GD DUWH 0XLWDV SHVTXLVDV HVWpWLFDV
FRQWHPSRUkQHDV UHWRUQDP D SUiWLFDV DUFDLFDV TXH FRQVLVWHP HP GDU
FRQVLVWrQFLDHPFHGHUXPDYR]jFULDWLYLGDGHFyVPLFD$VVLPSDUDRDUWLVWD
WUDWDVH PHQRV GH LQWHUSUHWDU R PXQGR GH TXH SHUPLWLU TXH SURFHVVRV
ELROyJLFRV DWXDLV RX KLSRWpWLFRV TXH HVWUXWXUDV PDWHPiWLFDV TXH GLQkPLFDV
VRFLDLV RX FROHWLYDV WRUQHP GLUHWDPHQWH D SDODYUD $ DUWH QmR FRQVLVWH PDLV
DTXL HP FRPSRU XPD ´PHQVDJHPµ PDV HP PDTXLQDU XP GLVSRVLWLYR TXH
SHUPLWD j SDUWH DLQGD PXGD GD FULDWLYLGDGH FyVPLFD ID]HU RXYLU VHX SUySULR
FDQWR 8P QRYR WLSR GH DUWLVWD DSDUHFH TXH QmR FRQWD PDLV KLVWyULD e XP
DUTXLWHWR GR HVSDoR GRV DFRQWHFLPHQWRV XP HQJHQKHLUR GH PXQGRV SDUD
ELOK}HVGHKLVWyULDVSRUYLU(OHHVFXOSHRYLUWXDO
)DOR GH DUWH H GH HVWpWLFD SRUTXH FRPR PXLWRV D FRQVWHUQDomR PH
LQYDGH DVVLP TXH FRQVLGHUR D LQVWkQFLD SROtWLFD WUDGLFLRQDO 0DV WUDWDVH QR
ILP GH FRQWDV GH ID]HU SUHYDOHFHU XPD SUHRFXSDomR DUWtVWLFD FULWpULRV
SURSULDPHQWH HVWpWLFRV RV TXH DFDEDPRV GH HYRFDU XP HVStULWR GH FULDomR
QRVHLRPHVPRGDDomRSROtWLFDDVVLPFRPRQDHQJHQKDULDPDLV´SXUDPHQWH
WpFQLFDµRX²SRUTXHQmR"²QDVSUiWLFDVHFRQ{PLFDV
3RUTXHHVVDDUWHWUDQVYHUVDOGHYHLQWHUYLUDWLYDPHQWHQDGLQkPLFDGD
YLUWXDOL]DomR" 3RUTXH D DWXDOL]DomR WHQGH FRP IUHTrQFLD SDUD D UHDOL]DomR
3RUTXH D KHWHURJrQHVH SRGH GHJHQHUDU HP DOLHQDomR 3RUTXH D LQYHQomR GH
XPDQRYDYHORFLGDGHVHGHWHULRUDIDFLOPHQWHHPVLPSOHVDFHOHUDomR3RUTXHD
YLUWXDOL]DomRDFDEDjVYH]HVSRUGHVTXDOLILFDURDWXDO3RUTXHDFRORFDomRHP
FRPXP TXH p D RSHUDomR FDUDFWHUtVWLFD GD YLUWXDOL]DomR RVFLOD PXLWR
IUHTHQWHPHQWHHQWUHRFRQILVFRHDH[FOXVmReSUHFLVRXPDVHQVLELOLGDGHGH
DUWLVWD SDUD SHUFHEHU HP HVWDGR QDVFHQWH HVVDV GLIHUHQoDV HVVDV GHIDVDJHQV
QDV VLWXDo}HV FRQFUHWDV 4XDQGR R SRVVtYHO HVPDJD R YLUWXDO TXDQGR D
VXEVWkQFLD VXIRFD R DFRQWHFLPHQWR R SDSHO GD DUWH YLYD RX DUWH GD YLGD p
UHVWDEHOHFHURHTXLOtEULR
$ IRUoD H D YHORFLGDGH GD YLUWXDOL]DomR FRQWHPSRUkQHD VmR WmR
JUDQGHVTXHH[LODPDVSHVVRDVGHVHXVSUySULRVVDEHUHVH[SXOVDPQDVGHVXD
LGHQWLGDGH GH VXD SURILVVmR GH VHX SDtV $V SHVVRDV VmR HPSXUUDGDV QDV
HVWUDGDV DPRQWRDPVH QRV EDUFRV DFRWRYHODPVH QRV DHURSRUWRV 2XWURV
DLQGDPDLVQXPHURVRVYHUGDGHLURVLPLJUDGRVGDVXEMHWLYLGDGHVmRIRUoDGRVD
XP QRPDGLVPR GR LQWHULRU &RPR UHVSRQGHU D HVVD VLWXDomR" 5HVLVWLQGR j
YLUWXDOL]DomR FULVSDQGRVH VREUH RV WHUULWyULRV H DV LGHQWLGDGHV DPHDoDGDV"
(VWH p R HUUR IDWDO TXH QmR GHYH VHU FRPHWLGR GH IRUPD DOJXPD 3RLV D
FRQVHTrQFLD Vy SRGH VHU FRP R WHPSR R GHVHQFDGHDPHQWR GD YLROrQFLD
EUXWDOFRPRRVWHUUHPRWRVGHYDVWDGRUHVTXHUHVXOWDPGDLQHODVWLFLGDGHHGR
EORTXHLRPDQWLGRSRUGHPDVLDGRWHPSRSRUDOJXPDSODFDGDFURVWDWHUUHVWUH
'HYHPRV DQWHV WHQWDU DFRPSDQKDU H GDU VHQWLGR j YLUWXDOL]DomR LQYHQWDQGR
DR PHVPR WHPSR XPD QRYD DUWH GD KRVSLWDOLGDGH $ PDLV DOWD PRUDO GRV
Q{PDGHV GHYH WRUQDUVH QHVWH PRPHQWR GH JUDQGH GHVWHUULWRULDOL]DomR XPD
QRYD GLPHQVmR HVWpWLFD R SUySULR WUDoR GD FULDomR $ DUWH H SRUWDQWR D
ILORVRILDDSROtWLFDHDWHFQRORJLDTXHHODLQVSLUD H DWUDYHVVD GHYH RSRU XPD
YLUWXDOL]DomR UHTXDOLILFDQWH LQFOXVLYD H KRVSLWDOHLUD j YLUWXDOL]DomR SHUYHUWLGD
TXHH[FOXLHGHVTXDOLILFD
3UHVWHDWHQomRjLQWHUSHODomRGHVWDDUWHGHVWDILORVRILDGHVWDSROtWLFD
LQpGLWD ´6HUHV KXPDQRV SHVVRDV GDTXL H GH WRGD SDUWH YRFrV TXH VmR
DUUDVWDGRV QR JUDQGH PRYLPHQWR GD GHVWHUULWRULDOL]DomR YRFrV TXH VmR
HQ[HUWDGRVQRKLSHUFRUSRGDKXPDQLGDGHHFXMDSXOVDomRHFRDDVJLJDQWHVFDV
SXOVDo}HV GHVWH KLSHUFRUSR YRFrV TXH SHQVDP UHXQLGRV H GLVSHUVRV HQWUH R
KLSHUFyUWH[ GDV QDo}HV YRFrV TXH YLYHP FDSWXUDGRV HVTXDUWHMDGRV QHVVH
LPHQVRDFRQWHFLPHQWRGRPXQGRTXHQmRFHVVDGHYROWDUDVLHGHUHFULDUVH
YRFrV TXH VmR MRJDGRV YLYRV QR YLUWXDO YRFrV TXH VmR SHJRV QHVVH HQRUPH
VDOWRTXHQRVVDHVSpFLHHIHWXDHPGLUHomRjQDVFHQWHGRIOX[RGRVHUVLPQR
Q~FOHRPHVPRGHVVHHVWUDQKRWXUELOKmRYRFrVHVWmRHPVXDFDVD%HQYLQGRVj
QRYDPRUDGDGRJrQHURKXPDQR%HQYLQGRVDRVFDPLQKRVGRYLUWXDOµ
6(/(d®2%,%/,2*5É),&$&20(17$'$

$8528; 6\OYDLQ /D UpYROXWLRQ WHFKQRORJLTXH GH OD JUDPPDWLVDWLRQ

0DUGDJD/LqJH
8PD HQJHQKRVD DQiOLVH GDV RSHUDo}HV GH H[WHULRUL]DomR H GH
IRUPDOL]DomRGRVDWRVGHFRPXQLFDomRSRUXPKLVWRULDGRUGDOLQJtVWLFD
$87+,(5 0LFKHO H /e9< 3LHUUH /HV DUEUHV GH FRQQDLVVDQFHV /D
'pFRXYHUWH3DULV
&RPR LQWURGX]LU D GXSOD DUWLFXODomR H D OLEHUGDGH GR YLUWXDO QR
UHFRQKHFLPHQWR GRV VDEHUHV" ´/HV DUEUHV GH FRQQDLVVDQFHVµ VmR XPD PDUFD
UHJLVWUDGDGDVRFLHGDGH7UL9LXP
$87+,(5 0LFKHO ´,O QH PDQTXH TXH OH EDOORQµ GRFXPHQWR
IRWRFRSLDGRGDPLVVmR8QLYHUVLGDGHGD)UDQoDS
7H[WR IXOJXUDQWH TXH FRQWpP HP SRWrQFLD DV iUYRUHV GH
FRQKHFLPHQWR FRPR ´TXDVHREMHWRVµ GDV VRFLHGDGHV FRQWHPSRUkQHDV H TXH
SURMHWDRHVERoRGHXP´HTXLYDOHQWHJHUDOµSDUDRVDEHU
%$/3( -HDQ3LHUUH +\SHUGRFXPHQWV K\SHUWH[WHV KLSHUPpGLDV (\UROOHV
3DULV
8P REUD Mi FOiVVLFD VREUH KLSHUWH[WRV SRU XP GRV PHOKRUHV
HVSHFLDOLVWDVIUDQFHVHV
%$7(621 *UHJRU\ 9HUV XQH pFRORJLH GH O·HVSULW  YRO 6HXLO 3DULV

%$7(621*UHJRU\/D1DWXUHHWOD3HQVpH6HXLO3DULV
*UHJRU\%DWHVRQDQWURSyORJRFLEHUQpWLFRHSLVWHPyORJRIRLXPGRV
SULPHLURV D SHQVDU D GLPHQVmR ´HFROyJLFDµ GR SVLTXLVPR 6HXV WUDEDOKRV
LQIOXHQFLDUDPSURIXQGDPHQWHDHVFRODFRQWHPSRUkQHDGHWHUDSLDIDPLOLDU
%(5$5'O )UDQFR 0XWD]LRQH H F\EHUSXQN &RVWD 5 1RODQ *rQRYD
8PDDQiOLVHRULJLQDOGDPXWDomRFXOWXUDOFRQWHPSRUkQHDUHODFLRQDGDDR
GHVHQYROYLPHQWRGRFLEHUHVSDoR)UDQFR%HUDUGLHYLGHQFLDDQRYLGDGHUDGLFDO
GDUHODomRFRQWHPSRUkQHDFRPDLQIRUPDomR
'(%5$< 5pJLV 0DQLIHVWHV PpGLRORJLTXHV *DOOLPDUG 3DULV 
$UUD]RDGRHPIDYRUGHXPDWRPDGDGHFRQVFLrQFLDGDVGLPHQV}HV´PDWHULDLVµ
GDVLGpLDVHGDFXOWXUD
 '(.(5&.+29('HUULFN%UDLQIUDPHV7HFKQRORJ\0LQGDQG%XVLQHVV
%RVK .HXQLQJ%6225,*,18WUHFKW
8P EULOKDQWH HQVDLR GH ´SVLFRWHFQRORJLDµ SHOR GLJQR VXFHVVRU GH
0DUVKDOO0F/XKDQQDXQLYHUVLGDGHGH7RURQWR
'(5261$<-RsO/·+RPPHV\PELRWLTXH6HXLO3DULV
8PD LPSUHVVLRQDQWH GHVFULomR GD HPHUJrQFLD GH XPD LQWHOLJrQFLD
FROHWLYDGDKXPDQLGDGHQDVUHGHVGLJLWDLVGHFRPXQLFDomR/DPHQWDVHSRUpP
XPXVRGHPDVLDGRH[FOXVLYRGDVPHWiIRUDVELROyJLFDVTXHLPSHGHPjVYH]HV
-RsO GH 5RVQD\ GH VLWXDU FODUDPHQWH D GLPHQVmR SURSULDPHQWH KXPDQD GD
LQWHOLJrQFLDFROHWLYD'RIRUPLJXHLURjFXOWXUDKiPDLVGRTXHXPDGLIHUHQoD
GHJUDX
'(/(8=(*LOOHV'LIIpUHQFHHWUpSpWLWLRQ38)3DULV
$SUHQGL QHVVD REUD D GLIHUHQoD HQWUH R SRVVtYHO H R YLUWXDO
VREUHWXGRQDVSiJLQDVD
'(/(8=( *LOOHV H *8$77$5, )pOL[ /·$QWL(GLSH 0LQXLW 3DULV

'(/(8=(*LOOHV H *8$77$5, )pOL[ 0LOOHV SODWHDX[ 0LQXLW3DULV

/·$QWL&(GLSHH0LO
SODWHDX[ILJXUDPHQWUHDVJUDQGHVREUDVILORVyILFDV
GRVpFXOR;;1HODVVHHQFRQWUDPGHVHQYROYLGRVHPSDUWLFXODURVFRQFHLWRV
GH UL]RPD GH GHVWHUULWRULDOL]DomR H D GLVWLQomR HQWUH SURFHVVRV PRODUHV H
PROHFXODUHVGHTXHXVHLHDEXVHLHPYiULRVGHPHXVOLYURV
'(6&2/$3KLOLSSH/HV/DQFHVGXFUpSXVFXOH3ORQ3DULV
%HOR HVWXGR VREUH D FXOWXUD MLYDUR 'D FDEHoD UHGX]LGD GR LQLPLJR
FRPRSUHFXUVRUDGDEROD
('(/0$1*HUDOG%LRORJLHGHODFRQVFLHQFH2GLOH-DFRE3DULV
5HHGLWDGR HP OLYUR GH EROVR SHOD 6HXLO HP  (GLomR RULJLQDO %ULJKW $LU
%ULOOLDQW)LUHDQWEF0DWWHURI0LQG%DVLF%RRNV
$ KLSyWHVH GR GDUZLQLVPR QHXURQDO H[SOLFDGD SRU XP GH VHXV
FULDGRUHVSUrPLR1REHOGHPHGLFLQD
(77,*+2))(5 'HQLV /·HQWUHSULVH YLUWXHOOH RX WHV QRXYHDX[ PRGHV GH
WUDYDLO2GLOH-DFRE3DULV
6REUHRWHOHWUDEDOKRHDHPSUHVDHPUHGH
 (8527(&+1232/,6 ,167,787 VRE D GLUHomR GH *pUDUG
%/$1&/H7UDYDLODX;;,HVLqFOH'XQRG3DULV
6REUHDVPXWDo}HVFRQWHPSRUkQHDVGRWUDEDOKR
/$7285 %UXQR /D &OHI GH %HUOLQ /D 'pFRXYHUWH 3DULV 
(VWXGRV GH DQWURSRORJLD GDV FLrQFLDV H WpFQLFDV SRU XP RXUtYHV QR DVVXQWR
2V GRLV SULPHLURV FDStWXORV GR OLYUR WUDWDP HVSHFLDOPHQWH VREUH R
IXQFLRQDPHQWRGDVXEVWLWXLomRHGDFRPELQDomRQRIDWRWpFQLFR
/(232/'6('(5+DQQHVH6&+Ð3)&KULVWLQH3UL[$UVHOHFWURQLFD
,QWHUQDWLRQDOFRPSHQGLXPRIWEFFRPSXWHUDUWV25)/LQ]
(QFRQWUDVHQHVWDREUDFROHWLYDXP DUWLJRPDQLIHVWR GH 5R\ $VFRWW
SLRQHLURGDVDUWHVHPUHGH´DIDYRUGHXPDHVWpWLFDGRDSDUHFLPHQWRµEHP
FRPRXPWH[WRGH'HUULFNGH.HUFNKRYHTXHDQDOLVDDDUWHGD:HEHD:HE
FRPRDUWH
/$525*285+$1$QGUp/H*HVWHHWODSDUROHWRPRVH$OELQ
0LFKHO3DULV
8PD UHIHUrQFLD LQHYLWiYHO GD DQWURSRORJLD H GD ILORVRILD GD WpFQLFD
'HYRPXLWRDVHXSDUDOHOLVPRGDHYROXomRGDOLQJXDJHPHGDWpFQLFDDRORQJR
GD KRPLQL]DomR 3RGHVH QR HQWDQWR FULWLFDU XPD FRQFHSomR GHPDVLDGR
VLPSOLVWDGDIHUUDPHQWDFRPRSURORQJDPHQWRGRVyUJmRV
/e9<3LHUUH'HODSURJUDPPDWLRQFRQVLGpUpHFRPPHXQGHVEHDX[DUWV/D
'pFRXYHUWH3DULV
&ROHWkQHDGHHVWXGRVFUtWLFRVGHHFRORJLDFRJQLWLYD$QiOLVHGHWDOKDGD
VREUH TXDWUR FDVRV FRQFUHWRV GR WUDEDOKR LQYHQWLYR H FULDWLYR TXH p D
SURJUDPDomRLQIRUPiWLFD´DUWHVDQDOµ
/e9<3LHUUH/HV7HFKQRORJLHVGH·LQWHOOLJHQFH/·DYHQLUGHODSHQVpHj·qUH
LQIRUPDWLTXH /D 'pFRXYHUWH 3DULV  5HHGLomR HP OLYUR GH EROVR 6HXLO
3DULV
8PDDERUGDJHPILORVyILFDGRKLSHUWH[WRGRVJUDVQDUHVHGDVLPXODomR
2OLYURDQDOLVDUHODo}HVHQWUHWHFQRORJLDVLQWHOHFWXDLVHIRUPDVFXOWXUDLVjOX]
GDV FLrQFLDV FRJQLWLYDVH HQXQFLD R SURJUDPD GH SHVTXLVD GH XPD ´HFRORJLD
FRJQLWLYDµ
/e9< 3LHUUH /·,QWHOLJHQFH FROOHFWLYH 3RXU XQH DQWKURSRORJLH GX F\EHUVSDFH
/D'pFRXYHUWH3DULV
$ LQWHOLJrQFLD FROHWLYD FRPR SURMHWR GH FLYLOL]DomR UHFRORFDGR HP
SHUVSHFWLYD SRU XPD WHRULD GRV TXDWUR HVSDoRV DQWURSROyJLFRV 7HUUD
7HUULWyULR0HUFDGRULD6DEHU
0$<(5($UPH3RXUXQHpFRQRPLHGHO·LQIRUPDWLRQeGLWLRQVGX&156
3DULV
$HFRQRPLDGDLQIRUPDomRGRSRQWRGHYLVWDGRVGRFXPHQWDOLVWDVH
GRVELEOLRWHFiULRV
0&/0$1 0DUVKDOO /D *DOD[LH *XWHQEHUJ )DFH j ,·qUH pOHFWURQLTXH
+0+/WpH0RQWUHDO
8PGRVOLYURVTXHIL]HUDPFRPSUHHQGHU¶RSDSHOFDSLWDOGDVWpFQLFDV
GHFRPXQLFDomRQDHYROXomRFXOWXUDOHQDIRUPDomRGRSVLTXLVPR&ULWLFRVXD
DERUGDJHP GHPDVLDGR XQLODWHUDO GRV PHLRV GH FRPXQLFDomR FRPR
´SURORQJDPHQWRGRVVHQWLGRVµ
5$67,(5 )UDQoRLV ´/D WULDGH VpPLRWLTXH OH WULYLXP HW OD
VpPDQWLTXHOLQJXLVWLTXHµ1RXYHDD[$FWHVVpPLRWLTXHVQRS
3RU XP GRV PHOKRUHV OLQJLLLVWDV IUDQFHVHV XP HVWXGR HQJHQKRVR GD
DQDORJLDHQWUHDFODVVLILFDomR PRGHUQD ´VLQWD[H VHPkQWLFD H SUDJPiWLFDµ H R
DQWLJRWUtYLR´JUDPiWLFDGLDOpWLFDHUHWyULFDµ)UDQoRLV5DVWLHUPRVWUDDUHODomR
HQWUH HVVDV WULSDUWLozHV H D WUtDGH VHPLyWLFD GH EDVH VLJQLILFDQWH VLJQLILFDGR
UHIHUHQWH RX DLQGD YR[ FRQFHSWXV H UHV 0LQKD FRQFHSomR GR WUtYLR
DQWURSROyJLFRGHULYDGDOHLWXUDGHVVHDUWLJR
5(,&++2/)-RVHSK0RXYHPHQWDQLPDOHWpYROXWLRQ&RXULUYDOHUQDJHU
VDXWHU )ODPPDULRQ 3DULV  (GLomR RULJLQDO HP DOHPmR SHOD 'HXWVFKHU
7DVFKHQELLFKHU9HUODJ0XQLTXH
0RYLPHQWR ORFRPRomR H YHORFLGDGH QR PXQGR DQLPDO H YLYR $
YLUWXDOL]DojRSHODPRELOLGDGH
5+(,1*2/'+RZDUG/HV&RPPXQDXWpVYLUWXHOOHV$GGLVRQ:HVOH\
3DULV  (G RULJLQDO 9LUWXDO &RPPXQLW\ $GGLVRQ :HVOH\ 1RYD <RUN

+RZDUG5KHLQJROGSDUWLFLSRXHOHSUySULRGXUDQWHGH]DQRVGHXPD
FRPXQLGDGHYLUWXDO2OLYURFRQWpPHPSDUWLFXODUXPSUHFLRVRKLVWyULFRGD
FRPXQLFDomR DVVLVWLGD SRU FRPSXWDGRUHV H XP HVWXGR LQWHUHVVDQWH GRV
08'6MRJRVGHSDSpLVHPUHGHVGHFRPSXWDGRUHV
5+(,1*2/' +RZDUG /D 5pDOLWp YLUWXHOOH 'XQRG 3DULV 
(GLomRRULJLQDO9LUWXDO5HDOLW\6LPRQrF6FKXVWHU1RYD<RUN8PDGDV
PHOKRUHV REUDV VREUH R DVVXQWR SDUD R JUDQGH S~EOLFR FRP YXOJDUL]DomR
WpFQLFDKLVWyULFDHDSUHVHQWDomRGRVDWRUHV
 6(55(60LFKHO/H3DUDVLWH*UDVVHW3DULV
8PJUDQGHOLYURGHDQWURSRORJLDILORVyILFD0LFKHO6HUUHVWUDWDVRER
PHVPR kQJXOR GH UHODo}HV VRFLDLV ELRORJLD WHRULD GD FRPXQLFDomR H
PHWDItVLFDeHP/H3DUDVLWHTXHVHDFKDHQXQFLDGDSHODSULPHLUDYH]DWHRULD
GRTXDVHREMHWRTXHDRFLUFXODUFRQVWLWXLRFROHWLYR
6(55(60LFKHO6WDWXHV)UDQoRLV%RXULQ3DULV
([FHOHQWHPHGLWDomRVREUHDSDVVDJHPFRQWtQXDGRREMHWRDRVXMHLWR
HGRVXMHLWRDRREMHWR
6(55(60LFKHO$WODV-XOOLDUG3DULV
8P EHOR OLYUR VREUH D QRYD FLYLOL]DomR OLJDGD j LQIRUPiWLFD H j
PXWDomR GDV FRPXQLFDo}HV $ REUD DSUHVHQWD LJXDOPHQWH XPD DQiOLVH
LQWHUHVVDQWHGRYLUWXDOFRPR´IRUDGRDtµ3HQDTXH0LFKHO6HUUHVQmRWHQKDVH
GDGRRWUDEDOKRGHGLVWLQJXLUHQWUHRVGLIHUHQWHVGLVSRVLWLYRVGHFRPXQLFDomR
RVHIHLWRVGDWHOHYLVmRVHQGRFRPIUHTrQFLDPLVWXUDGRVDRVGD,QWHUQHW
6+$3,16WHYHQH6&+$))(56LPRQ/pYLDWKDQHWODSRPSHjDLU/D
'pFRXYHUWH3DULV(GLomRRULJLQDO/HYLDWKDQDQGWEF$LU3XPS3ULQFHWRQ
8QLYHUVLW\3UHVV
$ FRQVWUXomR PRYLPHQWDGD GD FRPXQLGDGH FLHQWtILFD
´H[SHULPHQWDOLVWDµ QR VpFXOR ;9,, 1D TXDO SHUFHEHPRV TXH D FLrQFLD
FRQWHPSRUkQHDVHFRQVWLWXLXDRSURGX]LUSDUDVLREMHWRVFRPXQV
63(5%(5 'DQ ´$QWKURSRORJ\ DQG SV\FKRORJ\ WRZDUGV DQ
HSLGHPLRORJ\RIUHSUHVHQWDWLRQVµ0DQ16QžS
3}H HP FHQD D DQDORJLD HQWUH YtUXV H UHSUHVHQWDo}HV PHQWDLV $
HSLGHPLRORJLDGDVUHSUHVHQWDo}HVYDULDHYLGHQWHPHQWHFRQIRUPHRVVLVWHPDV
GH FRPXQLFDomR SUHVHQWHV QR DPELHQWH FXOWXUDO (VVH DUWLJR SHUPLWLXPH
SHQVDU HP XP PHVPR ´SODQR GH LPDQrQFLDµ RV GLVSRVLWLYRV PDWHULDLV H DV
IXQo}HVSVtTXLFDV
67(1*(56,VDEHOOH/·,QYHQWLRQGHVVFLHQFHVPRGHUQHV/D'pFRXYHUWH
3DULV
$FLrQFLDpFRPSUHHQGLGDDTXLFRPRLQYHQo}HVGHSURYDVFDSD]HVGH
VXVFLWDUFROHWLYRV(VWHOLYUR GH,VDEHOOH 6WHQJHUV SHUPLWH XPD DSUHFLDomR GR
YDORU~QLFRGDFLrQFLDPRGHUQDVHPFRQWXGRGHVTXDOLILFDURXWURVPRGRVGH
FRQKHFLPHQWR H GH LQWHUURJDomR GR UHDO 'R KXPRU FRPR IXQGDPHQWR VHP
IXQGDPHQWRGDpWLFDGRFRQKHFLPHQWR
67(1*(56,VDEHOOHRUJ/·(IIHW:KLWHKHDG9ULQ3DULV
 2EUD FROHWLYD TXH FRQVWLWXL XPD ERD LQWURGXomR j OHLWXUD GH
:KLWHKHDG
'HVFREUHVHXPDJUDQGHILORVRILDGRDFRQWHFLPHQWRHGDFULDWLYLGDGH
72))/(5$OYLQ/HV1RXYHDX[SRXYRLUV)D\DUG3DULV(GLomR
RULJLQDO3RZHUVKLIW%DQWKDP%RRNV1RYD<RUN
8PSRXFRFRQIXVRPDVUHSOHWRGHLQIRUPDo}HVVREUHDYLUWXDOL]DomR
FRQWHPSRUkQHDGDHFRQRPLDHGDVRFLHGDGH
72))/(5 $OYLQ H +HLGL *XHUUH HW FRQWUHJXHUUH )D\DUG 3DULV 
(GLojRRULJLQDO:DUDQG$QWL:DU/LWWOH%URZQrF&R1RYD<RUN
$ YLUWXDOL]DomR GD JXHUUD FRPR UHYHODGRUD GD PXWDokR HP
DQGDPHQWR
:+,7(+($'$OIUHG1RUWK$YHQWXUHVG·LGpHV/H&HUI3DULV 
(GLomRRULJLQDO$GYHQWXUHVRILGHDV0DFPLOODQ
2SURJUHVVRGDFLYLOL]DomRYLVWRFRPRDYLWyULDGDSHUVXDVmRVREUHD
IRUoDFRPXPUHVXPRGRVLVWHPDPHWDItVLFRGRDXWRU
:+,7(+($'$OIUHG1RUWK3URFqVHWUpDOLWp*DOOLPDG3DULV
(GLomRRULJLQDO3URFHVVDQG5HDOLW\0DFPLOODQ
$RFDVLmRDWXDODFRQWHFLPHQWRHOHPHQWDUJRWDGHH[SHULrQFLDIOX[R
PLFURVFySLFRGHSHUFHSomRDIHWLYDDGLVWLQJXLUGDVHQVDomRFRQVFLHQWHFRPR
UHDOLGDGH~OWLPD)LORVRILDGRDFRQWHFLPHQWRHGDFULDWLYLGDGHFyVPLFD
 3URSRQKRMXQWDPHQWHFRPRXWURVDSURYHLWDUHVVHPRPHQWRUDURHP
TXHVHDQXQFLDXPDFXOWXUDQRYDSDUDRULHQWDUGHOLEHUDGDPHQWHDHYROXomRHP
FXUVR5DFLRFLQDUHPWHUPRVGHLPSDFWRpFRQGHQDUVHDSDGHFHU'HQRYRD
WpFQLFDSURS}HPDVRKRPHPGLVS}H&HVVHPRVGHGLDEROL]DURYLUWXDOFRPR
VH IRVVH R FRQWUiULR GRUHDO  $ HVFROKD QmR p HQWUH D QRVWDOJLD GH XP UHDO
GDWDGR H XP YLUWXDO DPHDoDGRU RX H[FLWDQWH PDV HQWUH GLIHUHQWHV FRQFHSo}HV GR
YLUWXDO $ DOWHUQDWLYD p VLPSOHV2X R FLEHUHVSDoR UHSURGX]LUi R PHGLiWLFR R
HVSHWDFXODU R FRQVXPR GH LQIRUPDomR PHUFDQWLO H D H[FOXVmR QXPD HVFDOD
DLQGDPDLVJLJDQWHVFDTXHKRMH(VWDpDJURVVRPRGRDWHQGrQFLDQDWXUDOGDV
´VXSHUYLDVGDLQIRUPDomRµRXGD´WHOHYLVmRLQWHUDWLYDµ2XDFRPSDQKDPRVDV
WHQGrQFLDV PDLV SRVLWLYDV GD HYROXomR HP FXUVR H FULDPRV XP SURMHWR GH
FLYLOL]DomRFHQWUDGRVREUHRVFROHWLYRVLQWHOLJHQWHV
3LHUUH/pY\