Documentos de Académico
Documentos de Profesional
Documentos de Cultura
UHYLVWD
5(9,67$$%+2'(+,*,(1(2&83$&,21$/$QR1-8/6(7
;&%+2 ;;,,,(%+2
&2%(5785$&203/(7$
&8562(67$7Ì67,&$%É6,&$(
68$6$3/,&$d¯(61$(675$7e*,$'(
$02675$*(0'($*(17(6$0%,(17$,6
('(129(0%52'(
7(5d$(48$57$&$5*$+25É5,$+
&RP6pUJLR&DSRUDOL)LOKR
9HMDRFRQWH~GRSUHYLVWRHPZZZDEKRRUJEU
,16&5,d¯(6$7e
DSHQDV DSHQDV
5
PHPEUR$%+2
5
QmRPHPEUR
'$'263$5$3$*$0(172
%DQFRGR%UDVLO$JrQFLD_&RQWD&RUUHQWH_&13-
'$'263$5$,16&5,d®2
1RPH&RPSOHWR_5*&3)_(PDLO_(QGHUHoR_7HOIL[RHFHOXODU
$RHIHWXDURSDJDPHQWRHQFDPLQKHSDUDHYHQWRV#DEKRRUJEUDFySLD
GRFRPSURYDQWHMXQWRFRPRVGDGRVDFLPDSDUDTXHVXDLQVFULomRVHMDFRQILUPDGD
5HDOL]DomR
,03257$17(3DUDHVVHHYHQWRHVWmRGLVSRQtYHLVDSHQDVYDJDV $%+2
5(9,67$$%+2'(+,*,(1(2&83$&,21$/
$QRQ
2VDUWLJRVDVVLQDGRVVmRGHUHVSRQVDELOLGDGHGRVDXWRUHVHRFRQWH~GRGDV
PDWpULDVSXEOLFLWiULDVGHVHXVDQXQFLDQWHV5HSURGXomRFRPDXWRUL]DomRGD
$%+2
5(63216É9(,63(/$(',d®2
&RRUGHQDomR
2VQ\)HUUHLUDGH&DUPDJR
5DTXHO3DL[mR
$662&,$d®2%5$6,/(,5$'(+,*,(1,67$62&83$&,21$,6
5HYLVmR
/pD$PDUDO7DUFKD SRUWXJXrV &5,$'$(0
&RQVHOKR(GLWRULDO
'LUHWRULD([HFXWLYDH&RQVHOKR7pFQLFR
5(9,67$
&RODERUDGRUHV
&/HSUH(GXDUGR*LDPSDROL,UHQH6DDG
0DUFRV0DUWLQV0DULD&OHLGH6DQFKH]2VKLUR
0DULD0DUJDULGD70/LPD0DULR)DQWD]]LQL
2VQ\)HUUHLUDGH&DPDUJR5DIDHO3)HUQDQGHV
5REHUWR-DTXHV6HUJLR&RODFLRSSR:LOVRQ+ROLJXWL
'LDJUDPDomR$UWHVH3URGXomR
$'*HUDLV&RPXQLFDomRH'HVLJQ
IDELDQD#DGJHUDLVFRPEU
3HULRGLFLGDGH7ULPHVWUDO
7LUDJHPH[HPSODUHV
'LVWULEXtGDJUDWXLWDPHQWHDRVPHPEURVGD
$%+2HFRODERUDGRUHVGDHGLomR
3DUDDVVLQDUDUHYLVWDDFHVVHZZZDEKRRUJEU
$%+2²$662&,$d®2%5$6,/(,5$'(+,*,(1,67$62&83$&,21$,6
$$%+2pPHPEURRUJDQL]DFLRQDOGD,QWHUQDWLRQDO2FFXSDWLRQDO
+\JLHQH$VVRFLDWLRQ,2+$HGD$PHULFDQ&RQIHUHQFH
RI*RYHUQPHQWDO,QGXVWULDO+\JLHQLVWV²$&*,+
ZZZDEKRRUJEU
5XD&DUGRVRGH$OPHLGD²FM²&(3
6mR3DXOR²637HO H
&RPXQLFDomRFRPD3UHVLGrQFLDDEKR#DEKRRUJEU
$GPLVVmROLYURVDQXLGDGHVDOWHUDo}HVFDGDVWUDLVSXEOLFLGDGH
VHFUHWDULD#DEKRRUJEU
5HYLVWD$%+2 PDWpULDVSDUDSXEOLFDomRRSLQLmRGROHLWRU
VXJHVW}HV$%+2UHVSRQGH UHYLVWD#DEKRRUJEU
&HUWLILFDomRFHUWLILFDFDR#DEKRRUJEU
(YHQWRVHYHQWRV#DEKRRUJEU
',5(d®275,È1,2
',5(725,$(;(&87,9$
3UHVLGHQWH
2VQ\)HUUHLUDGH&DPDUJR
9LFH²SUHVLGHQWHGH$GPLQLVWUDomR
&ODULVPXQGR/HSUH
9LFH²SUHVLGHQWHGH(GXFDomRH)RUPDomR3URILVVLRQDO
5REHUWR-DTXHV
(',725,$/
$57,*27e&1,&2
;&%+2 ;;,,,(%+2
$%+25(*,21$,6
9LFH²SUHVLGHQWHGH(VWXGRVH3HVTXLVDV
-DQDLQD3HVVRD2OLYHLUD
ª &REHUWXUD&RPSOHWD $%+20(0%526
9LFH²SUHVLGHQWHGH5HODo}HV3~EOLFDV
ª )HLUDGH3URGXWRVH6HUYLoRV
$QWRQLR9ODGLPLU9LHLUD 23,1,®2'2/(,725
ª &XUVRV
9LFH²SUHVLGHQWHGH5HODo}HV,QWHUQDFLRQDLV
9DOGHQLVH$SDUHFLGDGH6RX]D (9(1726
&216(/+27e&1,&2
0iULR/XL])DQWD]]LQL0DULD&OHLGH6DQFKHV2VKLUR
-RVp/XL]/RSHV:LOVRQ1RUL\XNL+ROLJXWL
&216(/+2),6&$/
$QD0DUFHOLQD-XOLDQL0DUFRV$SDUHFLGR%H]HUUD0DUWLQV
3DXOR5REHUWRGH2OLYHLUD
5(35(6(17$17(65(*,21$,6
0LOWRQ0DUFRV0LUDQGD9LOOD%$H6(3DXOR5REHUWRGH2OLYHLUD35H6&
-DQGLUD'DQWDV3(H3%&HOVR)HOLSH'H[KHLPHU56
-RVp*DPDGH&KULVWR(6*HUDOGR6pUJLRGH6RX]D0*
&ULVWLDQR%DDVFK5-
&$3$
$'*HUDLV&RPXQLFDomRH'HVLJQ
25,(17$d®(63$5$38%/,&$d®(6'(75$%$/+263(/$$%+2
5(9,67$$%+2(6,7(,167,78&,21$/
$GLUHWRULDDSURYDSDUDSXEOLFDo}HVGHWUDEDOKRVSHOD$%+2RVSURFHGLPHQWRVDVHJXLU
D 7RGRVRVDUWLJRVRXSXEOLFDo}HVVHUmRVXEPHWLGRVjDQiOLVHSHOR&RPLWr(GLWRULDOGD$%+2
E R&RPLWr(GLWRULDODSURYDHHQFDPLQKDSDUHFHUGHSXEOLFDomR UHYLVWDRXVLWH
F RFDPLQKRQRUPDOSDUDDUWLJRVWpFQLFRVVHUiSULPHLURSDUDDUHYLVWDHFDVRKDMDLQWHUHVVHGHDPEDVDV
SDUWHVKDYHUiVHXSRVWHULRUHQFDPLQKDPHQWRSDUDRVLWHVHPQHFHVVLGDGHGHQRYDIRUPDWDomR
([LJrQFLDVSDUDSXEOLFDomR
2VDUWLJRVGHYHPVHUDSUHVHQWDGRVHPOtQJXDSRUWXJXHVD
$QWHVGDSXEOLFDomRVHUmRHQFDPLQKDGRVSDUDUHYLVmRGHSRUWXJXrV
2QRPHGRDXWRUVHUiSXEOLFDGRMXQWRDRWUDEDOKR
1mRVHUiSHUPLWLGDDXWRULDGHHPSUHVDV
1mRVHUiSHUPLWLGRQHQKXPWLSRGHSURSDJDQGDDWUHODGDDRWUDEDOKR
$VSXEOLFDo}HVQmRVHUmRSDJDVQmRKDYHQGRQHQKXPDFRUGRGRWLSRFRPHUFLDO
2VWUDEDOKRVHQFDPLQKDGRVSRGHUmRVHUSXEOLFDGRVQDUHYLVWDRXQRVLWHGHSHQGHQGRGHSDUHFHUGR
&RPLWr(GLWRULDOHGHDFRUGRHQWUHDVSDUWHVVHJXLQGRRVSDGU}HVGHHGLWRUDomRGD$%+2
$%+2
ZZZDEKRRUJEU
$662&,$d2%5$6,/(,5$
'(+,*,(1,67$62&83$&,21$,6
$GPLVVmROLYURVDQXLGDGHVDOWHUDo}HVFDGDVWUDLVSXEOLFLGDGH
VHFUHWDULD#DEKRRUJEU
( ',725,$/
&DURVFROHJDV+LJLHQLVWDV2FXSDFLRQDLVPXLWRVGHYRFrVDVVLPFRPRHXWrPSDUWLFLSDGRDWLYDPHQWHGD
$%+2KiRXPDLVGHDQRVHSRUWDQWRVDEHPGDVGLILFXOGDGHVTXHHQIUHQWDPRVSDUDRUJDQL]DUH
UHDOL]DUQRVVR(QFRQWURV$QXDLV'iDTXHOHIULRQDEDUULJDTXDQGRSHUWRGRHYHQWRWHPRVXPQ~PHUR
OLPLWDGR GH LQVFULWRV RX TXDQGR XP SDOHVWUDQWH FRPXQLFD TXH QmR SRGHUi FRPSDUHFHU GHYLGR D
GLILFXOGDGHVSHVVRDLVRXSURILVVLRQDLV2/HSUH9LFHSUHVLGHQWHGH$GPLQLVWUDomRR-DTXHVUHVSRQViYHO
SHODRUJDQL]DomRGRVSDLQpLVHFRQWH~GRWpFQLFRGRHYHQWRWRGDD'LUHWRULD([HFXWLYD&RQVHOKR7pFQLFR
&RQVHOKR)LVFDOWRGRVVRIUHPRVMXQWRV'XDVSHVVRDVHPHVSHFLDO5DTXHOH&DVVLDVRIUHPPDLVTXHWRGRV
MXQWRV5HFRUUHPDRH[FHOHQWHUHODFLRQDPHQWRTXHGHVHQYROYHUDPFRPRVPHPEURVGD$%+2FRPRV
IRUQHFHGRUHVDSRLDGRUHVHWFHSHGHPDMXGD(ODVVDEHPTXHQRVVDDVVRFLDomRWHPXPSDWULP{QLR
PXLWR HVSHFLDO XP YHUGDGHLUR H[pUFLWR TXH HVWi VHPSUH QRV DSRLDQGR (VVH SDWULP{QLR VmR VHXV
PHPEURV7HPRVDFHUWH]DGHTXHWXGRVDLUiEHPSRUTXHSRGHPRVFRQWDUFRPWRGRVYRFrV'HRQGHVH
PHQRVHVSHUDFKHJDXPDDMXGDXPUHFXUVRLQHVSHUDGRXPSDOHVWUDQWHQRYRSDUDVXEVWLWXLUDTXHOHTXH
IDOWDHSURQWRWXGRVDLUiEHP
'XUDQWHDDEHUWXUDGRFRQJUHVVRPHQFLRQHLRDOWRQtYHOGRVSDOHVWUDQWHVHGLVVHTXHQRSDOFRHVWDULDPVH
DSUHVHQWDQGRKLJLHQLVWDVGHYiULDVSDUWHVGR%UDVLOHGHRXWURVSDtVHVHVSHFLDOL]DGRVHPPXLWRVWHPDVGH
LQWHUHVVHGRKLJLHQLVWD'HVWDTXHLTXHQDSODWHLDWDPEpPFRQWiYDPRVFRPRXWURVHVSHFLDOLVWDVHDOpPGD
SODWHLDQDIHLUDRXWUDVGH]HQDVGHSURILVVLRQDLVHVWDYDPGLVSRQtYHLVSDUDWLUDUG~YLGDVHGDUH[SOLFDo}HV
VREUHSURGXWRVHVHUYLoRVGHVWLQDGRVDIDFLOLWDURWUDEDOKRGRKLJLHQLVWD
$VVLPIRUDPQRVVR;&RQJUHVVRH;;,,,(QFRQWUR4XHPHVWHYHSUHVHQWHS{GHVHQWLUWXGRLVVRHFRPHVWD
UHYLVWDSRGHUiUHYHUHUHYLVDUDOJXQVWHPDVDSUHVHQWDGRV$TXHOHVTXHQmRSXGHUDPFRPSDUHFHUDR
HYHQWRGHVVHDQRSRGHUmRWHUXPDSHTXHQDDPRVWUDGRTXHIRLR(QFRQWURGH
2HYHQWRIRLXPVXFHVVR7LYHPRVRSUD]HUGHGHVIUXWDUGDFRPSDQKLDGHFHUFDGHSURILVVLRQDLV
HVSHFLDOLVWDVHP+LJLHQH2FXSDFLRQDOTXHDJLJDQWDPQRVVR(QFRQWUR$QXDOHWUD]HPDRFRQJUHVVRWHPDV
WpFQLFRV DWXDLV H LPSRUWDQWHV SDUD R GHVHQYROYLPHQWR GD FDUUHLUD GH FDGD XP GH QyV KLJLHQLVWDV
RFXSDFLRQDLV
(PQRPHGDGLUHWRULD([HFXWLYDDJUDGHoRDRVSDUWLFLSDQWHVSDOHVWUDQWHVSDWURFLQDGRUHVDSRLDGRUHVH
DWRGRVDTXHOHVTXHFRODERUDUDPSDUDRr[LWRGR&RQJUHVVR
2VQ\)HUUHLUDGH&DPDUJR
3UHVLGHQWH
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
3$125$0$'$+,*,(1(2&83$&,21$/
3ULVFLOD1HU\H&DUOD6DOOHV
(PVXDGpFLPDHGLomRR&RQJUHVVR%UDVLOHLURGH+LJLHQH2FXSDFLRQDOUH~QHHVSHFLDOLVWDVSDUDGHEDWHUD
UHDOLGDGHGRVHWRUVRERSULVPDGDVOHLVFRQWUROHVHEDUUHLUDVSDUDDSUHYHQomRGDVGRHQoDVGRWUDEDOKR
'XUDQWHDDEHUWXUDGDFRQIHUrQFLDRSUHVLGHQWHGD
$%+2 2VQ\ )HUUHLUD GH &DPDUJR DJUDGHFHX D (OHWDPEpPVDOLHQWRXDLPSRUWkQFLDGDDWXDomRGD
SUHVHQoD GH +LJLHQLVWDV GH HVWDGRV EUDVLOHLURV $%+2QRFHQiULRDWXDOHPTXHR%UDVLOHQIUHQWDXPD
DOpP GH RXWURV TXH YLHUDP GH SDtVHV FRPR 3HUX JUDYHFULVHSROtWLFDHHFRQ{PLFDFDPLQKDQGRSDUDD
3RO{QLD 3RUWXJDO &DQDGi H (VWDGRV 8QLGRV (P IOH[LELOL]DomR GDV UHODo}HV GH WUDEDOKR H SDUD D
VHJXLGD FRQYRFRX UHSUHVHQWDQWHV GR *RYHUQR PHQRUDWHQomRDVHWRUHVFRPRD6HJXUDQoDH6D~GH
WUDEDOKDGRUHV HPSUHVDV H PtGLD SDUD LQLFLDUHP QR7UDEDOKRHD+LJLHQH2FXSDFLRQDO1mRSRGHPRV
RILFLDOPHQWHRVGHEDWHV7HPRVKRMHXPDVRFLHGDGH DEULU PmR GDV SURWHo}HV GDV PHGLGDV FROHWLYDV
HPTXHHVWiKDYHQGRXPDJUDQGHWUDQVIRUPDomRQR 4XDQGRSURPRYHHVVHIyUXPD$%+2WUD]jGLVFXVVmR
SURFHVVR GH WUDEDOKR $WXDU FRP DV FRQGLo}HV GH DVD~GHRFXSDFLRQDOFRPRSDXWDLPSRUWDQWHSDUD
WUDEDOKRVLJQLILFDDFRPSDQKDUHVVDVWUDQVIRUPDo}HV TXHQmRSHUFDPRVLVVRGHYLVWDLQGHSHQGHQWHPHQWH
TXHHVWmRRFRUUHQGR$+LJLHQH2FXSDFLRQDOpXPD GDVLWXDomRSROtWLFDHILQDQFHLUDSHODTXDOSDVVDR
FLrQFLD PXLWR PDLV GH JHVWmR TXH GH DYDOLDo}HV H SDtV2XVHMDQmRWHPRVGHIOH[LELOL]DUDVPHGLGDV
PHGLo}HVpDFLrQFLDQmRPpGLFDTXHFXLGDGDVD~GH GH VHJXUDQoD QHP D DYDOLDomR DPELHQWDO H LVVR p
GRV WUDEDOKDGRUHV R TXH ID]HPRV LPSDFWD IXQGDPHQWDOVHPOHYDUHPFRQWDDVLWXDomRTXHR
GLUHWDPHQWH D VD~GH GHVWHV $VVLP R KLJLHQLVWD SDtVHVWHMDYLYHQGRSRQGHURX6SLQHOOL
DJUHJD R SDSHO GH OHJLVODGRU SUHYHQFLRQLVWD QmR
2 GLUHWRU GD 5HYLVWD 3URWHomR$OH[DQGUH *XVPmR
DWXDQGR QHFHVVDULDPHQWH GHVVD IRUPD PDV
TXDOLILFRXRHYHQWRFRPRVtPERORGDSHUVLVWrQFLDGRV
FRODERUDQGR SDUD D PRGLILFDomR GDV FRQGLo}HV GH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
-RUQDOLVWDV
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
5RJpULR*RQoDOYHV0GR%UDVLO
9$/25,=$d®2
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
5()(5È1&,$
$HQJHQKHLUDGHVHJXUDQoDGD9/0&RQVXOWRULD/HLOD
0DUDFDMi'XDUWHYHLRGH5HFLIH3(SDUDRHYHQWR
(VWH FRQJUHVVR p PXLWR ULFR 0RUR QR 1RUGHVWH
WUDWDVH GH XPD UHJLmR HP TXH WXGR FKHJD FRP
/HRQtGLR5LEHLUR2%(667 DWUDVRSULQFLSDOPHQWHQDiUHDGHVHJXUDQoD3DUD
PLPpXPFRQKHFLPHQWRJUDQGHDGTXLULGRHPXP
3HUVRQDOLGDGHV GR VHWRU SUHYHQFLRQLVWD HVWLYHUDP
HYHQWRFRPRHVWH6mRSDOHVWUDVULFDVPLQLVWUDGDV
DLQGDHPPHLRDRS~EOLFRGRFRQJUHVVRDH[HPSOR
SRUSURILVVLRQDLVGHYiULDViUHDVRVTXDLVDJUHJDP
GR SUHVLGHQWH GD $%3$ $VVRFLDomR %UDVLOHLUD SDUD
FRQKHFLPHQWR $ SDUWH GH TXH PDLV JRVWHL IRL D
3UHYHQomRGH$FLGHQWHV 0LOWRQ3HUH]$TXLHVWmR
SDOHVWUD VREUH 3HUtFLDV -XGLFLDLV SDUD PLP IRL
SURILVVLRQDLVIRUPDGRUHVGHRSLQLmRHVXDSUHVHQoD
HQULTXHFHGRUD-iDWXRQHVVDiUHDWHPRVXPFXUVR
p PXLWR LPSRUWDQWH SDUD R HQJUDQGHFLPHQWR GR
GHSHUtFLDHLQVDOXEULGDGH
%UDVLO SULQFLSDOPHQWH SDUD D PLQLPL]DomR GR
LPSDFWR GRV LQIRUW~QLRV GRV WUDEDOKRV LQVDOXEUHV 6XD FROHJD H WDPEpP HQJHQKHLUD GH VHJXUDQoD
GHQWURGDVRUJDQL]Do}HV6mRFRQJUHVVRVFRPRHVVH +iGLOD3D]GHVWDFRXDVRSRUWXQLGDGHVGHFRQWDWRV
TXH WUD]HP R FRQKHFLPHQWR FRQWULEXLQGR SDUD FRPSDUWLOKDU LQIRUPDo}HV 6RPRV D ~QLFD
HVSHFLDOPHQWHFRPRVWUDEDOKDGRUHVTXHHQIUHQWDP HPSUHVD HP 5HFLIH TXH Gi R FXUVR GH 3HUtFLDV
FRQGLo}HVLQVDOXEUHVRXSHULJRVDVHTXHQDYHUGDGH 7UDEDOKLVWDV YROWDGDV SDUD LQVDOXEULGDGH H
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
SHULFXORVLGDGHHREWHULQIRUPDo}HVGHXPMXL]GR IRLSDUDLVVRTXHYLHPRVHHVWDPRVVDLQGRGDTXLFRP
WUDEDOKR TXH FRODERUD SDUD JHULU HVVDV QRUPDV DVHQVDomRGHGHYHUFXPSULGRGHWHUHQULTXHFLGR
DVVLPFRPRRVRXWURVSHULWRVHDVVLVWHQWHVQRVGi QRVVR FRQKHFLPHQWR SDUD SRGHU OHYiOR DRV
XPD PDLRU DEUDQJrQFLD SDUD HQULTXHFHU DV SDUWLFLSDQWHVGHQRVVRVFXUVRVGHWDOKRX
LQIRUPDo}HVTXHSDVVDPRVHPQRVVRFXUVR(QWmR
3$/$95$'235(6,'(17(
8P DQR DSyV VXD HOHLomR SDUD D SUHVLGrQFLD GD $%+2 R
HQJHQKHLURTXtPLFRHGHVHJXUDQoD2VQ\)HUUHLUDGH&DPDUJR
TXH WDPEpP p PHPEUR IXQGDGRU GD HQWLGDGH FRPHPRUD R
VXFHVVR GD HGLomR GR &RQJUHVVR %UDVLOHLUR GH +LJLHQH
2FXSDFLRQDO&RQILUDDVHJXLUVHXVFRPHQWiULRVVREUHDWHPiWLFD
HVFROKLGDHVWHDQRPHWDVHFRQTXLVWDVGHVXDJHVWmR
&RPRRVHQKRUDYDOLDR;&%+2"
)RLXPVXFHVVR7RGRVRVHYHQWRVGD$%+2WrPWHUPLQDGRFRP
HVVDDYDOLDomR1HVWHDQRSDUWLFXODUPHQWHGLItFLOFRQVHJXLPRV
XP ERP S~EOLFR DOWR QtYHO QR FRQWH~GR WpFQLFR GDV
2VQ\)HUUHLUDGH&DPDUJRSUHVLGHQWHGD$%+2 DSUHVHQWDo}HVWDQWRQRVWHPDVOLYUHVFRPRQRVSDLQpLVHVSHFLDLV
H6RFLDOHSHUtFLDVWUDEDOKLVWDV DOpPGHXPDSRLRIXQGDPHQWDO
GH SDWURFLQDGRUHV LQWHUHVVDGRV QD iUHD GH +LJLHQH 2FXSDFLRQDO WHQGR VLGR WXGR PXLWR EHP
RUJDQL]DGRSHODVVHFUHWiULDVHGLUHWRULDGD$%+2
4XDODLPSRUWkQFLDGDWHPiWLFDHVFROKLGDHVWHDQR³2SDSHOGRKLJLHQLVWDQDSUHYHQomRHQR
DWHQGLPHQWRjOHJLVODomR"
)RPRVPXLWRIHOL]HVQDHVFROKDGRWHPDSRLVWUDGX]XPDJUDQGHSUHRFXSDomRDWXDOQRWUDEDOKRGR
KLJLHQLVWD$OpPGDJHVWmRGHULVFRVHOHpUHTXLVLWDGRSDUDDSUHVHQWDUUHODWyULRVODXGRVLQIRUPDo}HV
SDUDEDQFRGHGDGRVGDHPSUHVDRXGRVFRQWUROHVH[HUFLGRVSHODVDJrQFLDVGHJRYHUQR,VVRGHPDQGD
PXLWRWHPSRFRQVLGHUDQGRDLQGDFHUWRVDVSHFWRVGDOHJLVODomR³MiDQWLJDHVHPYDORUHIHWLYRSDUD
FRQWUROHGDVD~GHGRWUDEDOKDGRU
2TXHVLJQLILFDHVWDUjIUHQWHGD$%+2QHVWHPRPHQWRGH&RQJUHVVR"
8PJUDQGHSUD]HU7HPRVXPDHTXLSHGLUHWRULDHFRQVHOKRVEHPXQLGDQDTXDOFDGDXPEXVFDID]HUR
VHXPHOKRUUHVSHLWDQGRRUHVXPLGRWHPSRTXHWHPSDUDGHGLFDUj$%+2
2VHQKRUpSUHVLGHQWHGD$VVRFLDomRKiXPDQR4XDLVDVPHWDVHSURJUHVVRVGHVXDJHVWmR"
$SULQFLSDOFRQTXLVWDQHVVHDQRIRLUHWRPDUPRVDHGLomRGROLYURFRQWHQGRRV7/9V7LYHPRVDOJXPDV
GLILFXOGDGHVQDQHJRFLDomRFRPD$&*,+PDVFRQVHJXLPRVID]HUXPDFRUGRLQWHUHVVDQWHSDUDDV
GXDVDVVRFLDo}HV&RQVHJXLPRVSHODSULPHLUDYH]HQWUHJDUROLYURQRSULPHLURVHPHVWUH$FKRTXH
SRGHPRVPHOKRUDUXPSRXFRPDLVQLVVRDLQGD(VVHpXPGHVDILRSDUDRSUy[LPRDQR2XWURGHVDILRp
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
RGHHQWUHJDUPRVDOJRPDLVSDUDDFDSDFLWDomRGHSURILVVLRQDLVQDiUHDGHKLJLHQH0XLWRVHWHP
GLVFXWLGRVREUHD$%+2GDUFXUVRV(VVHDQRWDPEpPSHODSULPHLUDYH]SURPRYHPRVXPFXUVRQDV
GHSHQGrQFLDV GD $VVRFLDomR QD 5XD &DUGRVR GH $OPHLGD HP 6mR 3DXOR63 $FKR TXH WHPRV
RSRUWXQLGDGH SDUD HODERUDU WUDGX]LU H HQWUHJDU OLWHUDWXUD QHVVD iUHD SDUD DX[LOLDU RV FXUVRV GH
HVSHFLDOL]DomRQRVHWRUGHVHJXUDQoDHVD~GHGRWUDEDOKDGRU
4XDLVRVSULQFLSDLVGHVDILRVGRKLJLHQLVWDQRFHQiULRDWXDO"
$FKR TXH D GHPDQGD SRU SURFHVVRV EXURFUiWLFRV HVWi FDGD YH] PDLRU QR %UDVLO 2 WUDEDOKR GR
KLJLHQLVWDHVWiPXLWRIRFDGRHPSUHSDUDUHDSUHVHQWDUUHODWyULRVODXGRVGDGRVHLQIRUPDo}HV8PD
JUDQGHGLILFXOGDGHHQFRQWUDVHQDYDULHGDGHGHOHJLVODo}HVDSOLFiYHLVQHVVDiUHD0XLWRVUHTXLVLWRV
OHJDLVHVWmRHQGHUHoDGRVSDUDFRQFHGHUEHQHItFLRVRXSUHVHUYDUGLUHLWRVGRVWUDEDOKDGRUHVRXGDV
HPSUHVDV 3RU RXWUR ODGR R KLJLHQLVWD SRU IRUPDomR WHP GH GHGLFDU VHX WHPSR SDUD UHDOL]DU
LQYHVWLJDo}HVDPELHQWDLVHSURSRUFRQWUROHVTXHSUHVHUYHPDVD~GHGRWUDEDOKDGRU
2TXHSRGHPRVHVSHUDUSDUDRIXWXURGHVVHVSURILVVLRQDLV"
0LQKDRSLQLmRpTXHDVHPSUHVDVYmRSUHFLVDUDLQGDPDLVGRWUDEDOKRGRKLJLHQLVWD0XLWDVLQIRUPDo}HV
TXH DOLPHQWDP R H6RFLDO VmR LQIRUPDo}HV GH KLJLHQH H VRPHQWH XP KLJLHQLVWD EHP SUHSDUDGR
FRQKHFHGRUGDOHJLVODomRYLJHQWHHGDPHOKRUPHWRGRORJLDGHDYDOLDomRHFRQWUROHGLVSRQtYHLVSRGHUi
SURWHJHURVWUDEDOKDGRUHVHUHVJXDUGDUDVHPSUHVDVGHSURFHVVRVWUDEDOKLVWDVIXWXURV
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
'(%$7(6($78$/,'$'(6
3DLQpLVPRVWUDPFHQiULRGHDWULEXLo}HVHGHVDILRVGR+LJLHQLVWD2FXSDFLRQDO
$SyVDDEHUWXUDWLYHUDPLQtFLRGLVFXVV}HVLQVSLUDGDV KiPXLWRWHPSRDH[HPSORGDDYDOLDomRGHDJHQWHV
QR WHPD FHQWUDO GR &RQJUHVVRTXH GHVWDFDUDPRV TXtPLFRV H ItVLFRV H R 3URJUDPD GH 3URWHomR
GHVGREUDPHQWRV GR H6RFLDO VRE GLYHUVRV kQJXORV 5HVSLUDWyULD³ SDLQHOTXHKRPHQDJHRXRSURIHVVRU
DOpP GH RXWUDV DWXDOLGDGHV GHWDOKDGDV HP SDLQpLV 0DXUtFLR7RUORQLLGHDOL]DGRUGR335(VVHDSDQKDGR
FRPR 1RYLGDGHV HP 7pFQLFDV GH $YDOLDomR H GHX DRV FRQJUHVVLVWDV XPD YLVmR DPSOD GDV
&RQWUROHGH$PELHQWHVGH7UDEDOKRH&DUDFWHUL]DomR DWULEXLo}HVHUHVSRQVDELOLGDGHVGRKLJLHQLVWDQRVGLDV
GD ,QVDOXEULGDGH H 3HUtFLDV 7UDEDOKLVWDV 0DV DV DWXDLV HQIDWL]DQGR D LPSRUWkQFLD GD FDSDFLWDomR
SDOHVWUDV IRUDP DOpP GDV DWXDOLGDGHV SDXWDQGR TXDOLILFDomR H HVPHUR QD UHDOL]DomR GH VXDV
DVVXQWRVTXHID]HPSDUWHGRGLDDGLDGRV+LJLHQLVWDV DWLYLGDGHV
3$,1(/2(62&,$/(6(8,03$&721275$%$/+2'2+,*,(1,67$
',9,625'(É*8$6
&RPDPLVVmRGHHVFODUHFHUTXHVWLRQDPHQWRVHGDU
DRV +LJLHQLVWDV XPD SHUFHSomR VLPSOLILFDGD GR
SURMHWR R DXGLWRU ILVFDO GR 7UDEDOKR -RVp$OEHUWR
5H\QDOGR0DLD$OYHV)LOKRFRPHoRXVXDIDODGHIRUPD
RWLPLVWD2SURJUDPDVHUiXPDUHYROXomRQDiUHDGH
6HJXUDQoDH6D~GHGR7UDEDOKR+RMHFRQVHJXLPRV
ILVFDOL]DU DSHQDV GDV HPSUHVDV EUDVLOHLUDV
2ULRQ6iYLR6DQWRVGH2OLYHLUD-DQDLQD3HVVRD2OLYHLUD(GXDUGR0LODQHOL
SRUpP FRP D LQIRUPDWL]DomR GRV GDGRV HVVD
H-RVp$OEHUWR5H\QDOGR0DLD$OYHV)LOKR VLWXDomR YDL PXGDU 3HOD SULPHLUD YH] SRGHUHPRV
$VVLPIRLFKDPDGRRH6RFLDOSURMHWRHODERUDGRSRU YHU H FRPSDUDU R TXH HVWi VHQGR IHLWR GHQWUR GD
TXDWUR HQWHV GR *RYHUQR )HGHUDO D ILP GH PDLRULDGDVHPSUHVDVDILUPRX0DLDTXHFRRUGHQD
LQIRUPDWL]DU XQLILFDU H SDGURQL]DU GLYHUVRV GDGRV RH6RFLDOQR0LQLVWpULRGR7UDEDOKR(OHH[SOLFRXTXH
SUHVWDGRVSHODVHPSUHVDVVREUHVHXVFRODERUDGRUHV R SURMHWR IRL SHQVDGR D SDUWLU GD REVHUYDomR GDV
³ LQFOXVLYH LQIRUPDo}HV GH UHVSRQVDELOLGDGH GRV GLYHUVDVLQIRUPDo}HVSUHVWDGDVSHORVHPSUHJDGRUHV
+LJLHQLVWDV2FXSDFLRQDLV&RPHVVHWHPDSROrPLFR DRVyUJmRVGR*RYHUQRGHPDQHLUDLQWHPSHVWLYDH
TXHWHPVXVFLWDGRPXLWDVG~YLGDVQRVSURILVVLRQDLV SRUYH]HVUHSHWLWLYDHLQHILFLHQWHMiTXHFDGDVHWRU
TXH FXLGDP GD VHJXUDQoD H GD VD~GH GRV HPLQLVWpULRFULRXVHXSUySULRPRGHORSDUDFROHWDU
WUDEDOKDGRUHV WHYH LQtFLR R SULPHLUR 3DLQHO GR HVVDVLQIRUPDo}HV
;&%+2 LQWLWXODGR 2 H6RFLDO H VHX ,PSDFWR QR
$VVLP R &RPLWr *HVWRU GR SURJUDPD DYDOLRX RV
7UDEDOKR GR +LJLHQLVWD QD PDQKm GR GLD GH
PRGHORVH[LVWHQWHVHVXDVOLPLWDo}HVDILPGHFULDU
DJRVWR-DQDLQD3HVVRD2OLYHLUDPHPEURGD$%+2H
XPDQRYDIRUPDGHUHJLVWURGRVHYHQWRVWUDEDOKLVWDV
9LFHSUHVLGHQWHGH(VWXGRVH3HVTXLVDVFRRUGHQRX
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
TXHIRVVHPDLVHILFLHQWHVLPSOHVHPHQRVRQHURVD H V S H F L I L F D P H Q W H S D U D D i U H D G H + L J L H Q H
TXHRPRGHORDWXDO&DGDHQWHFRQWLQXDUiFRPVXDV 2FXSDFLRQDOFRPUHODomRjPXGDQoDVXEVWDQFLDOQD
FRPSHWrQFLDV$LGHLDpSURGX]LUXPDEDVHGHGDGRV IRUPD GH WUDEDOKDU ( SULQFLSDOPHQWH R UHVXOWDGR
TXDOLILFDGDRTXHIRUUHJLVWUDGRILFDUiDUPD]HQDGRH TXH p PXLWR LPSRUWDQWH H SRVLWLYR QHVVD iUHD
SRGHUi VHU EDL[DGR SRVWHULRUPHQWH WDQWR SHODV SRUTXH UHSHUFXWH QD VHJXUDQoD H VD~GH GR
HPSUHVDVTXDQWRSHOR*RYHUQR WUDEDOKDGRU 2 SDWURFtQLR HVWi ILUPDGR R SURMHWR
YLUi (P TXH SHVH XPD SURUURJDomR HP VHX
2H6RFLDOpXPSURMHWRTXHHVWiVHQGRGHVHQYROYLGR
SURJUDPDWRGRVQyVWHPRVGHHVWDUSUHSDUDGRVSRLV
SRU YiULRV yUJmRV JRYHUQDPHQWDLV 0LQLVWpULR GR
HVVDQRYDHUDHVWijQRVVDSRUWDHQmRSRGHPRVDEULU
7UDEDOKR5HFHLWD)HGHUDO,166 ,QVWLWXWR1DFLRQDOGR
PmRGHOD7RGRVGHYHPVHDSURSULDUGHVVHSURMHWR
6HJXUR6RFLDO &DL[D(FRQ{PLFD)HGHUDOH6HFUHWDULD
FRQKHFHQGRHVDEHQGRRTXDQWRYDLVHUPXLWRPHOKRU
GD3UHYLGrQFLD6RFLDO7HPRVXP&RPLWr*HVWRUTXH
DSDUWLUGDLPSODQWDomRGRH6RFLDOFRQFOXLX0DLD
FRQWD FRP XP UHSUHVHQWDQWH GH FDGD XP GHVVHV 1D VHTXrQFLD GHVVD SULPHLUD DSUHVHQWDomR R
HQWHVHVVDHTXLSHWUDEDOKDQRGHVHQYROYLPHQWRQD DQDOLVWDWpFQLFRUHVSRQViYHOSHOROD\RXWGRH6RFLDO
GHILQLomRGRSURMHWRQDVHVSHFLILFDo}HVHDSDUWLU QD3UHYLGrQFLD6RFLDO2ULRQ6iYLR6DQWRVGH2OLYHLUD
GDt OHYDVH D SURSRVWD SDUD XP &RPLWr 'LUHWLYR H[SOLFRX TXH R SURMHWR FRQVWLWXL XPD IHUUDPHQWD
FRPSRVWRSHODVDXWRULGDGHVPi[LPDVGHVVHVHQWHV SDUD DX[LOLDU DV HPSUHVDV QR JHUHQFLDPHQWR GRV
+RMHGHSRLVGDPXGDQoDQDHVWUXWXUDDGPLQLVWUDWLYD GDGRV GRV FRODERUDGRUHV ´2 LQWXLWR p PRVWUDU D
GRSDtVWHPRVR0LQLVWpULRGR7UDEDOKRHR0LQLVWpULR WRGRVTXHRH6RFLDOQmRHVWiYLQGRSDUDFULDUQRYDV
GD)D]HQGDFRRUGHQDQGRSRUTXHWRGRVHVVHVyUJmRV REULJDo}HVRXDOWHUDUDTXLORTXHD/HJLVODomRMiWUD]
VmROLJDGRVDXPGHVVHVPLQLVWpULRV1R0LQLVWpULRGR eXPDQRYDIRUPDGHFXPSULUHVVHVHQFDUJRVTXHYDL
7UDEDOKR H QR GD )D]HQGD Ki XP VHFUHWiULR IDFLOLWDU PXLWR D JHVWmR SRU SDUWH GDV HPSUHVDVµ
H[HFXWLYR H VmR HOHV TXH SXEOLFDP XPD UHVROXomR $OpPGHEHQHILFLDURHPSUHJDGRURSURMHWRWDPEpP
GL]HQGRDSDUWLUGHTXDQGRVHUiREULJDWyULRRH6RFLDO pYDQWDMRVRSDUDRVyUJmRVUHVSRQViYHLVILVFDOL]DUHP
7HPRV WDPEpP LQVWkQFLDV FRQVXOWLYDV FRPR XP R TXH IRL UHSDVVDGR ´IDFLOLWDUi WDPEpP R
*UXSR GH 7UDEDOKR &RQIHGHUDWLYR TXH UH~QH WUDWDPHQWR GHVVDV LQIRUPDo}HV SDUD R *RYHUQR
HQWLGDGHV FRPR &1, &RQIHGHUDomR 1DFLRQDO GD GDQGRPDLRUWUDQVSDUrQFLDjTXLORTXHpGHFODUDGRµ
,QG~VWULD &1& &RQIHGHUDomR 1DFLRQDO GR FRPSOHWRX R DQDOLVWD 2OLYHLUD GHVWDFRX DLQGD D
&RPpUFLR &1) &RQIHGHUDomR 1DFLRQDO GDV RSRUWXQLGDGHGHDERUGDUHVVHDVVXQWRQR&RQJUHVVR
,QVWLWXLo}HV )LQDQFHLUDV %UDVVFRP $VVRFLDomR ´'LVFXWLUHVVHWHPDDTXLQD$%+2pIDQWiVWLFRKiXP
%UDVLOHLUDGH(PSUHVDVGH7HFQRORJLDGD,QIRUPDomRH S~EOLFRPXLWRVHOHWRPXLWRVHVSHFLDOLVWDVGDiUHD
&RPXQLFDomR $Wp PHVPR D )HQDFRQ )HGHUDomR DV FRQWULEXLo}HV SRVWHULRUHV YLUmR H HQULTXHFHUmR
1DFLRQDOGDV(PSUHVDVGH6HUYLoRV&RQWiEHLVHGDV PXLWRWRGRVRVSURMHWRVµ
(PSUHVDVGH$VVHVVRUDPHQWR3HUtFLDV,QIRUPDo}HVH
3HVTXLVDV SDUWLFLSDSRLVDILQDORVFRQWDELOLVWDVpTXH )HFKDQGR R SDLQHO R HQJHQKHLUR TXtPLFR H GH
YmR FRORFDUDPmRQDPDVVD HHQYLDURVHYHQWRVGR VHJXUDQoD (GXDUGR 0LODQHOOL UHVVDOWRX D UHODomR
H6RFLDO 6mR PDLV GH PLO HVFULWyULRV GH HQWUHRH6RFLDOHRWUDEDOKRGRV+LJLHQLVWDVMiTXHR
FRQWDELOLGDGH FRP IXQFLRQiULRV TXH SUHFLVDP VHU SURJUDPD WHUi HYHQWRV FRP LQIRUPDo}HV GR /7&$7
WUHLQDGRVH[SOLFRX0DLD /DXGR 7pFQLFR GDV &RQGLo}HV $PELHQWDLV GH
7U D E D O K R H 3 3 3 3H U I L O 3U R I L V V L R J U i I L F R
6REUHDREULJDWRULHGDGHGRH6RFLDORDXGLWRUILVFDO 3UHYLGHQFLiULR 2 UHFDGR SULQFLSDO SDUD RV
DGLDQWRX TXH ILFDUi SDUD ³ LQIRUPDomR +LJLHQLVWDVpTXHQmRGiSDUDVHUSXUDPHQWHWpFQLFR
FRQILUPDGDSRUPHLRGD5HVROXomR1RGR&RPLWr QHVVHSURFHVVReSUHFLVRWHUXPDDQiOLVHDQWHULRUj
'LUHWLYR GH GH DJRVWR 0LQKD PHQVDJHP p LPSOHPHQWDomR GR H6RFLDO TXH FRQWHPSOH WRGR R
SULQFLSDOPHQWH GH RWLPLVPR FRP UHODomR DR TXH SURFHVVR TXH FRPHoD GHVGH D DGPLVVmR GR
VLJQLILFDHVVHSURMHWRSDUDRWUDEDOKDGRUEUDVLOHLURH IXQFLRQiULRDWpRVHXGHVOLJDPHQWRWRGRVRVHYHQWRV
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
3$,1(/129,'$'(6(07e&1,&$6'($9$/,$d®2(&21752/('($0%,(17(6'(75$%$/+2
7e&1,&$6'($9$/,$d®2(&21752/(
1HLO0F0DQXVHQJHQKHLURFDQDGHQVHHHVSHFLDOLVWD
HPHVSDoRVFRQILQDGRVLQLFLRXRSDLQHOGLVFRUUHQGR
1HLO0F0DQXV'HEELH'LHWULFK9DOGHQLVH$SDUHFLGDGH6RX]DH VREUH´9HQWLODomRQDWXUDOHPHVWUXWXUDVVXEWHUUkQHDV
-DFHN.XF]\QVNL
LVRODGDVµ 2 SDOHVWUDQWH HVFODUHFHX TXH H[LVWHP
5HXQLQGRWUrVHVSHFLDOLVWDVHVWUDQJHLURVRVHJXQGR
HVWUXWXUDVVXEVXSHUILFLDLVTXHQmRVmRLVRODGDVVHQGR
SDLQHOGR&RQJUHVVRDSUHVHQWRXGLYHUVDV1RYLGDGHV
D PDLRULD FkPDUDV TXH SRVVXHP WDPSDV FRP
HP7pFQLFDVGH$YDOLDomRH&RQWUROHGH$PELHQWHV
DEHUWXUDV ´2V WUDEDOKDGRUHV QHVVDV FRQGLo}HV
GH 7UDEDOKR 6RE D FRRUGHQDomR GD +LJLHQLVWD
TXDQGR DEUHP D WDPSD VXEVXSHUILFLDO UHFHEHP
9DOGHQLVH$SDUHFLGDGH6RX]D9LFHSUHVLGHQWHGH
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
3$,1(/7(0$6/,95(6
(;3(5,È1&,$32578*8(6$
1RWHUFHLUR3DLQHOGRGLDRVFRQJUHVVLVWDVFRQIHULUDP
GHWDOKHVVREUHGRLVHVWXGRVUHDOL]DGRVHP3RUWXJDO
PLQLVWUDGRV SRU PHPEURV GD $69'6 $VVRFLDomR
9HUWHQWHV H 'HVDILRV GD 6HJXUDQoD $ HQWLGDGH
SRUWXJXHVD UH~QH GLYHUVRV SURILVVLRQDLV GR VHWRU
SUHYHQFLRQLVWDH DSyV FRQKHFHU D$%+2 WUrV DQRV
DWUiVWHPVLGRFRQVWDQWHDSDUFHULDHSUHVHQoDGH
LQWHJUDQWHVGD$69'6HP&RQJUHVVRV%UDVLOHLURVGH
+LJLHQH2FXSDFLRQDO+LJLHQLVWDVEUDVLOHLURVSRUVXD
YH] WrP SURIHULGR SDOHVWUDV HP HYHQWRV GD
ÇQJHOD&DWDULQD'XDUWH/HDO-RVp/XL]/RSHVH0LJXHO&RUWLFHLUR1HYHV
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
DVVRFLDomRGH3RUWXJDO$LGHLDpIRUPDOL]DUPRVHP SUHYHQWLYDVH[SOLFRX&RUWLFHLUR
EUHYHXPDFRODERUDomRHQWUHD$69'6HD$%+2Vy
6HJXQGR HOH D WHPiWLFD UHYHVWHVH GH JUDQGH
WHPRV D DSUHQGHU FRP HVVDV SDUFHULDV 1R %UDVLO
LQWHUHVVHMiTXHDXQLmRGRVGRLVDJHQWHVItVLFRV³
YRFrVWrPHVSHFLDOL]DomRHP+2PDVHP3RUWXJDO
UXtGR H YLEUDomR ³ SRGH DJUDYDU RX WHU HIHLWRV
QmR WHPRV $FUHGLWR TXH HVVD IRUPDomR p
GLIHUHQWHV GDTXHOHV REVHUYDGRV HP WUDEDOKDGRUHV
LQWHUHVVDQWHSDUDGDUDLPSRUWkQFLDTXHD+2SRVVXL
H[SRVWRVDDSHQDVXPGHVVHVDJHQWHV2UXtGRGH
(YHQWRV FRPR HVWH VmR H[WUHPDPHQWH UHOHYDQWHV
EDL[D IUHTXrQFLD ILFD SRWHQFLDOL]DGR TXDQGR QD
SRLV QHOHV VmR GLYXOJDGDV SUiWLFDV QRYDV QD iUHD
SU HVHQ oD GH YLEUDo}HV FRP GH WH UPLQDG DV
REVHUYRX R HQJHQKHLUR 0LJXHO &RUWLFHLUR 1HYHV
FDUDFWHUtVWLFDVeLVVRRTXHTXHUHPRVYHULILFDUVH
SUHVLGHQWH GD $69'6 RILFLDO GD )RUoD $pUHD
HVVDSRWHQFLDomRRFRUUHHVHKiXPDUHODomRFDXVDH
SRUWXJXHVD H SURIHVVRU XQLYHUVLWiULR QD iUHD GH
HIHLWR6HKRXYHUGHYHPRVOHYDUHPFRQWDRUXtGRGH
+LJLHQHH6HJXUDQoDGR7UDEDOKR
EDL[D IUHTXrQFLD HP QRVVDV DYDOLDo}HV SRU
)RL GHOH D SULPHLUD H[SODQDomR GR 3DLQHO FRP H[HPSORDILUPRXRSUHVLGHQWHGD$69'6
DSUHVHQWDomR GH 7HPDV /LYUHV 2 HVSHFLDOLVWD
ÇQJHOD &DWDULQD 'XDUWH /HDO HQJHQKHLUD IH] XP
FRPSDUWLOKRX GHWDOKHV VREUH XP HVWXGR TXH YHP
FRPSDUDWLYR HQWUH %UDVLO H 3RUWXJDO TXDQWR jV
UHDOL]DQGRFRPPHFkQLFRVGHDYL}HVGD)RUoD$pUHD
TXHVW}HV UHODFLRQDGDV DR ´&kQFHU GH 3HOH QRV
SRUWXJXHVD$LQVSLUDomRSDUWLXGHTXHL[DVSRUSDUWH
7UDEDOKDGRUHVGD&RQVWUXomR&LYLOµWHPiWLFDGHVXD
GHVVHVWUDEDOKDGRUHVFRPXPHQWHH[SRVWRVDUXtGR
DSUHVHQWDomR´(VVDWURFDGHFRQKHFLPHQWRVpPXLWR
PDV TXH WDPEpP PRVWUDUDP VLQWRPDV TXH SRGHP
LPSRUWDQWHHQWUHRVGRLVSDtVHVLVVRpRTXHPHID]
HVWDU UHODFLRQDGRV D YLEUDo}HV 4XDQGR MXQWDPRV
YLUWRGRVRVDQRVSDUDFi0XLWDVYH]HVYHULILFDPRV
UXtGR H YLEUDo}HV GH EDL[D IUHTXrQFLD SRGHPRV
TXH HP 3RUWXJDO RV WpFQLFRV GH VHJXUDQoD GR
R E W H U F R P R U H V X O W D G R V L Q W R P D V T X H V m R
WUDEDOKR DFDEDP SRU QmR OLJDU DV GHWHUPLQDGDV
FDUDFWHUtVWLFRV GD GRHQoD YLEURDF~VWLFD $
PDWpULDVTXHGHYHPVHULQFXWLGDVQDVDYDOLDo}HVGH
FRQVWDWDomR GLVVR p R TXH SUHWHQGHPRV ID]HU FRP
ULVFRµ UHODWRX ÇQJHOD LQFHQWLYRX RV RXWURV
HVVHHVWXGRFRPPHFkQLFRVDIDVWDGRVWDQWRQHVWD
SURILVVLRQDLV FRPSDUWLOKDQGR D ´DQVLHGDGH GH
SULPHLUDIDVHTXHHVWiVHQGRFRQFOXtGDFRPR HP
WHQWDUPRVSUHYHQLURFkQFHUGHSHOHHDQHFHVVLGDGH
XPD VHJXQGD IDVH TXH UHDOL]DUHPRV GHQWUR GDV
GH LQFOXLU HVVDV PDWpULDV QDV DYDOLDo}HV GH ULVFRµ
DHURQDYHVHPYRReXPHVWXGRTXHMiQRVSHUPLWH
SDUDVHXGHVHQYROYLPHQWR
WLUDUDOJXPDVFRQFOXV}HVHWRPDUDOJXPDVPHGLGDV
020(172'('(6&2175$d®2
$LQGDQRSULPHLURGLDGH&RQJUHVVRD$%+2UHDOL]RXXPFRTXHWHOTXHIRLPXLWRDQLPDGRSDUDRV
SDUWLFLSDQWHV GR &RQJUHVVR 0LOWRQ 9LOOD UHSUHVHQWDQWH GD $VVRFLDomR QD %$ H 6( H PHVWUH GH
FHULP{QLDVGR;&%+2FRPHPRURXRPRPHQWRGHGHVFRQWUDomRHDOHJULD2WHPSRSDVVDDIDPtOLD
DXPHQWDHRVQRYRVSDUHQWHVFKHJDPFRPHVStULWRGHKDUPRQLDeDIDPtOLD$%+2TXHHVWiMXQWRKi
DQRVpXPDFRLVDPXLWROLQGD
1D RFDVLmR RV SDWURFLQDGRUHV IRUDP SUHVHQWHDGRV FRP XPD SODFD XPD IRUPD GH DJUDGHFHU D
FRODERUDomRHSDUFHULD2VQ\&DPDUJRSUHVLGHQWHGD$%+2FHOHEURXDSDUWLFLSDomRGRVSUHVHQWHV
1RGLDDGLDWHPRVXPWUDEDOKRGXURSRUWDQWRDSURYHLWDPRVHVWDRSRUWXQLGDGHSDUDDSUHQGHU
WURFDULQIRUPDo}HVHYHURVDPLJRV1HVVDOHPEUDQoDHVWiQRVVRDJUDGHFLPHQWRHVSHFLDOWRGDDQRVVD
HPRomRHVWiWXGRDTXLORTXHTXHUHPRVWUDQVPLWLUSDUDDVSHVVRDVTXHWrPQRVDSRLDGR
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
5HSUHVHQWDQWHVGDVHPSUHVDVSDWURFLQDGRUDV
3$,1(/7(0$6/,95(6È1)$6((0$*(17(648Ì0,&26
$*(17(648Ì0,&26
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
3$,1(/&$5$&7(5,=$d®2'$,16$/8%5,'$'((3(5Ì&,$675$%$/+,67$6
,16$/8%5,'$'((3(5Ì&,$675$%$/+,67$6
HVWHVHEDVHLDHPIRUPDo}HVWLUDGDVGDUHDOLGDGH(
HX YLP DTXL WDPEpP SDUD DSUHQGHU FRQFOXLX
+RPHUR
$ILPGHRIHUHFHUXPSDQRUDPDFRPSOHWRVREUHDV
SHUtFLDVWUDEDOKLVWDVRSDLQHOFRQWRXDLQGDFRPRV
GHPDLV FRPSRQHQWHV GHVWD DWLYLGDGH &RPHoDQGR
SHOR SHULWR MXGLFLDO D H[SODQDomR GR HQJHQKHLUR
PHFkQLFR H GH VHJXUDQoD :DJQHU ' $UFR PRVWURX
FRPSHWrQFLDVDo}HVHGHVDILRVGHTXHPVHJXHHVWD
FDUUHLUD 2 TXH HX SURFXUHL H[SUHVVDU IRL GH TXH
+RPHUR6LOYD,UHQH)HUUHLUDGH6RX]D'XDUWH6DDG3DXOR5REHUWRGH IRUPD R SHULWR WHP TXH DWXDU QR TXH HOH GHYH VH
2OLYHLUDH:DJQHU' $UFR
EDVHDU SDUD HODERUDU VHX ODXGR SHULFLDO (
SULQFLSDOPHQWH D pWLFD TXH HOH GHYH WHU FRP R
2SDLQHOFRRUGHQDGRSHOD+LJLHQLVWD,UHQH6DDG
DVVLVWHQWH WpFQLFR H FRP DV SUySULDV HPSUHVDV
DERUGRXRWHPD&DUDFWHUL]DomRGD,QVDOXEULGDGHH
GDQGRDWRGRVRGLUHLWRGHGHIHVDUHXQLX
3HUtFLDV7UDEDOKLVWDVXPDVVXQWRTXHWHPOHYDQWDGR
PXLWDV TXHVW}HV HQWUH RV SURILVVLRQDLV GR VHWRU 2 3DUD' $UFRDVLQIRUPDo}HVGLIXQGLGDVQHVWHSDLQHO
SDLQHOIRLFRPSRVWRSHORVGLYHUVRVDWRUHVGD3HUtFLD FRQWULEXtUDPSDUDVDQDUG~YLGDVGHPDQHLUDVLPSOHV
-XGLFLDO 7UDEDOKLVWD MXL] SHULWR H DVVLVWHQWH H SUiWLFD $FKHL R SDLQHO H[FHOHQWH IRL EHP
WpFQLFRFDGDXPH[SRQGRVHXSRQWRGHYLVWDVREUHR LOXVWUDWLYR WpFQLFR H PRVWURX DV GLIHUHQoDV TXH
DVVXQWR H[LVWHPHQWUHRSHQVDPHQWRGDVSHVVRDVHQYROYLGDV
QRSURFHVVRTXHpRIDWRUSULQFLSDOQDHODERUDomRGH
+RPHUR6LOYDMXL]WLWXODUGD9DUDGR7UDEDOKRGH
XPDSHUtFLD$FKRTXHGLVFXVV}HVFRPRHVWDGHYHP
6mR3DXORIDORXVREUHRV'LOHPDVHSHUVSHFWLYDVGD
SURVVHJXLU SRU DQRV SDUD TXH IXWXUDPHQWH RV
SHUtFLD MXGLFLDO WUDEDOKLVWD H WURX[H DOJXPDV
SURILVVLRQDLVSRVVDPHQWHQGHUFRPRVHUHDOL]DXPD
QRYLGDGHVGDiUHD8PDGHODVpDSRVVLELOLGDGHGD
SHUtFLDWUDEDOKLVWDDYDOLRXRSHULWR
UHDOL]DomRGDSHUtFLDFRQVHQVXDO HPTXHDVSDUWHV
LQGLFDP SHULWR GH VXD FRQILDQoD GD SHUtFLD 3DXOR5REHUWRGH2OLYHLUDFRQVHOKHLURGR&5($6&
VLPSOLILFDGD PHGLDQWH VLPSOHV GHFODUDo}HV GR IHFKRXRSDLQHOH[SRQGRDYLVmRGRDVVLVWHQWHWpFQLFR
SHULWR HP DXGLrQFLD MXGLFLDO H GD SHUtFLD QR kPELWR MXGLFLDO &RQIRUPH HOH FLWRX GHYHVH
PXOWLSURILVVLRQDO UHXQLQGRSHULWRVGHGLYHUVDViUHDV SURFXUDU SHOR PHOKRU SURILVVLRQDO SDUD VH REWHU D
GRFRQKHFLPHQWR PRGDOLGDGHVUHFpPLQWURGX]LGDV PHOKRUSURYDYLVDQGRVHPSUHRFRPSURPHWLPHQWR
SHORVQRYRVGLVSRVLWLYRVGR&yGLJRGH3URFHVVR&LYLO FRPDpWLFD
2HTXLOtEULRGHLQIRUPDo}HVWpFQLFDVUHODFLRQDGDVj
iUHD MXGLFLDO SRGH DX[LOLDU R MXL] D WRPDU VXD 2 FRQWUROH GD LQVDOXEULGDGH p DOJR TXH GHSHQGH
GHFLVmRSRQWXRX PXLWR GD JHVWmR GD HPSUHVD HP UHODomR D VXDV
FRQGLo}HV GH WUDEDOKR H GXUDQWH D SDOHVWUD HX
3URFXUHL PRVWUDU R SDLQHO GR UHODFLRQDPHQWR GRV DSUHVHQWHL XPD VHTXrQFLD OyJLFD GH Do}HV
MXt]HV FRP RV SHULWRV HQWmR RV KLJLHQLVWDV ,QLFLDOPHQWH DV HPSUHVDV SUHFLVDP ID]HU XP
RFXSDFLRQDLV GHYHP HVWDU EHP HQYROYLGRV FRP GLDJQyVWLFR GDV FRQGLo}HV GH WUDEDOKR FRQIRUPH
UHODomR D LVVR 7DPEpP GHVPLVWLILFDU DOJXPDV WRGDVDVSUiWLFDVGHKLJLHQHRFXSDFLRQDOHGHDFRUGR
TXHVW}HVUHODFLRQDGDVDRSURFHVVRMXGLFLDOSRUTXH FRPDOHLHQWmRHODVGHYHPGLPHQVLRQDUDVPHGLGDV
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
GH FRQWUROH SUHIHUHQFLDOPHQWH FROHWLYDV PDV HQWmR D LQVDOXEULGDGH HVWi FRQWURODGD 6y HQWmR
WDPEpP VH DGPLWHP PHGLGDV LQGLYLGXDLV QR SRVVRHPLWLUXPODXGRWpFQLFRGL]HQGRVHUHILFD]RX
FRQWH[WRGHSURJUDPDVHVSHFtILFRV FRPRR3&$R QmRDJHVWmRGH+LJLHQH2FXSDFLRQDOGDHPSUHVDH
335SRUH[HPSOR (PVHJXLGDWHPRVTXHFDSDFLWDU HP FRQVHTXrQFLD D JHVWmR GD LQVDOXEULGDGH
R WUDEDOKDGRU SDUD TXH HOH HIHWLYDPHQWH VDLED H[HPSOLILFRX2OLYHLUD
XWLOL]DU WDQWR DV PHGLGDV FROHWLYDV TXDQWR DV (OHGHL[RXDLQGDXPDPHQVDJHPSDUDRVSHULWRVH
PHGLGDV LQGLYLGXDLV 1D SUy[LPD IDVH TXH HX DVVLVWHQWHV WpFQLFRV DQWHV GH WXGR TXH HOHV
FKDPDULD GH HWDSD GH &RQWUROH 0pGLFR GHYHVH SURFXUHPWHUYLYrQFLDQDiUHDSDUDID]HUHPXPERP
VXEPHWHURWUDEDOKDGRUDXPDDYDOLDomRFOtQLFDHRX WUDEDOKR H IXQGDPHQWDU FRP EDVWDQWH QtYHO GH
FRPSOHPHQWDUSDUDYHULILFDUVHHVVDVPHGLGDVHVWmR FHUWH]DRVVHXVSDUHFHUHVTXHYmRVHUYLUSDUDXP
VHQGRHILFD]HVVHRUHVXOWDGRLQGLFDUTXHHOHHVWi MXL]ID]HURVHXMXt]RGHYDORUILQDOL]RX
VDXGiYHO p SRUTXH WRGD D SUHYHQomR GHX FHUWR
3$,1(/0$85Ì&,2725/21,352*$0$'(3527(d®25(63,5$7Ð5,$335
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
3$,1(/7(0$6/,95(6È1)$6((0$*(17(6)Ì6,&26
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
3$,1(/',9(5626
$78$/,=$1'2
7UDEDOKR HFRQVHOKHLURGR&5($56DERUGRXRWHPD
´$o}HV 5HJUHVVLYDV GR ,166 FRQWUD DV (PSUHVDVµ H
HVFODUHFHXRPLWRGHTXHDiUHDGHVD~GHHVHJXUDQoD
GRWUDEDOKRWUD]DSHQDVFXVWRVSDUDDHPSUHVDe
QHFHVViULR JHUHQFLiOD SDUD REWHU D UHGXomR GH
FXVWRVHOXFLGRX%XULOOH)RLGHVLJQDGRSDUDH[SOLFDU
HP SDUWLFXODU DV Do}HV UHJUHVVLYDV SUHYLGHQFLiULDV
DFLGHQWDLV RX VHMD DTXHODV TXH GHFRUUHP GH
DFLGHQWHGHWUDEDOKRQDVTXDLVD3UHYLGrQFLDWHP
GHVSHVDV GHVGH R WUDWDPHQWR PpGLFR DWp D
UHFXSHUDomR GR WUDEDOKDGRU QR SDJDPHQWR GH
+XJR/HRQDUGR5RGULJXHV&DQWDQKHGH5REVRQ6SLQHOOL*RPHV&DUORV(GXDUGR EHQHItFLRV2QmRUHFHELPHQWRGDFRQWULEXLomRGHVVH
'RPLQJXHV1HOVRQ$%XULOOHH0DUFRV$SDUHFLGR%H]HUUD0DUWLQV
VHJXUDGR DIDVWDGR SDVVD D VHU XPD GHVSHVDµ
7HPDV GLYHUVRV H UHOHYDQWHV SDUD RV KLJLHQLVWDV GHWDOKRXRSDOHVWUDQWH
GHUDPRWRPDHVVH3DLQHOFRRUGHQDGRSHORTXtPLFR
(OH DYDOLRX R SDLQHO SRVLWLYDPHQWH ´(VVH p XP
0DUFRV 0DUWLQV $OpP GH OHYDU DWXDOL]Do}HV VREUH
DVVXQWRTXHSHUWHQFHjiUHDWpFQLFDDVDo}HVTXH
Do}HV UHJUHVVLYDV OHJLVODomR D SRVWRV GH
RFRUUHP QHP VHPSUH VmR GH FRQKHFLPHQWR GRV
FRPEXVWtYHLVFDPSRVPDJQpWLFRVGHDOWDIUHTXrQFLD
KLJLHQLVWDV 7RGDV HODV LQGHSHQGHP XPD GD RXWUD
H JHVWmR GH ULVFRV DPELHQWDLV QHOH VH GLIXQGLUDP
EDVWD WHU IXQGDPHQWDomR SDUD FDGD XPD HQWmR
LQIRUPDo}HV VREUH ULVFRV HP GHWHUPLQDGRV
SDUD HIHLWR GH S~EOLFR p LQWHUHVVDQWHHVVH WLSR GH
DPELHQWHVGHWUDEDOKRHDHYROXomRGDOHJLVODomRHP
HVFODUHFLPHQWR3DUDEHQL]RDRUJDQL]DomRGRHYHQWR
DOJXQVGHVVHVFDVRV
SHOD IHOLFLGDGH GRV WHPDV HVFROKLGRV SHOR ORFDO H
1HOVRQ%XULOOH9LFHSUHVLGHQWHGD$5(6 $VVRFLDomR H[FHSFLRQDOPHQWHSHODRUJDQL]DomRWRGRVHVWmRGH
6XO 5LRJUDQGHQVH GH (QJHQKDULD GH 6HJXUDQoD GR SDUDEpQVµ
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
3$,1(/,1)250$7,=$d®2'26'$'26'2335$($69$17$*(16
1$(0,66®2'(/7&$7333(126/$1d$0(172612(62&,$/
62)7:$5(6
23DLQHOVREDFRRUGHQDomRGR9LFHSUHVLGHQWHGH /DQoDPHQWRVQR 3URMHWRGRH6RFLDOµOHYDQGRDRV
(GXFDomRH)RUPDomR3URILVVLRQDOGD$%+25REHUWR FRQJUHVVLVWDV WUrV H[HPSORV GH VRIWZDUHV H VHX
-DTXHV DERUGRX D ´,QIRUPDWL]DomR GRV 'DGRV GR IXQFLRQDPHQWR$SUHVHQWDQGRVHXSURGXWRRGLUHWRU
335$HDV9DQWDJHQVQD(PLVVmRGH/7&$7333HQRV GDHPSUHVD56'DWD5RJpULR%DOELQRWVDOLHQWRXTXH
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
62/8d®(6',)(5(1&,$'$6
)HLUDGH3URGXWRVH6HUYLoRVOHYDLQRYDo}HVDRVFRQJUHVVLVWDV
2ODERUDWyULRGHHQVDLRVTXtPLFRV6ROXWHFKDSRLDGRU
GHFRQJUHVVRVDQWHULRUHVDSUHVHQWRXVXDH[SHUWLVH
SHOD SULPHLUD YH] FRPR H[SRVLWRU QD IHLUD WHQGR
UHFHELGR PXLWDV YLVLWDV GH FOLHQWHV HP SRWHQFLDO
YLQGRVGR1RUGHVWH(VVHSHVVRDODLQGDQmRFRQKHFLD
QRVVR WUDEDOKR 9LHPRV DTXL SDUD PRVWUDU QRVVD
HPSUHVD ODERUDWyULR H VHUYLoRV TXH VmR
UHODFLRQDGRV j +LJLHQH 2FXSDFLRQDO (VWDPRV QR
PHUFDGR Ki DQRV H KRMH WUD]HPRV FRPR
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
SDUDPRVWUDUPRVHWUDEDOKDUPRVFRPSHVVRDVFRP IDFLOLGDGHGHHOHWUD]HURVODXGRVGHSHULFXORVLGDGH
SHQVDPHQWR SDUHFLGR DR QRVVR SURWHJHU R LQVDOXEULGDGH DSRVHQWDGRULD HVSHFLDO e XPD
WUDEDOKDGRUUHDOL]DUXPWUDEDOKRSDUDDYHUGDGHLUD IHUUDPHQWDPXLWR~WLOSDUDRVKLJLHQLVWDVGHWDOKRX
SURWHomR 1mR WHPRV FRPR QmR SDUWLFLSDU GH XP DUHVSRQViYHOSHOD*HVWmRGHFOLHQWHVH0DUNHWLQJGD
HYHQWRFRPRHVWHSRUTXHRVSURILVVLRQDLVTXHHVWmR HPSUHVD0DULOD0RUHWWL%DOELQRW
DTXL VmR TXDOLILFDGRV VmR DTXHOHV TXH TXHUHP
$*ODXFR7HFQRORJLDWDPEpPDSUHVHQWRXXPDJHVWmR
VHPSUHGDURPHOKRUGHVLSDUDFRQVHJXLUGHYHUGDGH
LQWHJUDGD QDV iUHDV GH +LJLHQH 2FXSDFLRQDO
D VHJXUDQoD e R PHVPR TXH WHQWDPRV ID]HU DV
VHJXUDQoDGRWUDEDOKRPHGLFLQDHPHLRDPELHQWH
PHWDVVmRDVPHVPDVRGHVHMRpRPHVPRH[SOLFRX
$SyV XPD SDXVD GH QRYH DQRV SDUD LQRYDomR
&ODXGLD 'RPLQJXLWH JHUHQWH GH (VWUDWpJLD H
WHFQROyJLFD GH VHX VRIWZDUH D HPSUHVD YROWRX DR
3URJUDPDV (GXFDFLRQDLV GD ÉUHD GH 3URGXWRV SDUD
&%+2 ´(X PH VLQWR PXLWR VDWLVIHLWR GH SRGHU WHU
6HJXUDQoDGD0
UHWRUQDGRSDUDXPFDPLQKRTXHWLYHGHLQWHUURPSHU
&RPVHGHQDFLGDGHGH6mR&DHWDQRGR6XO63D7RWDO DWpSRUTXHQmRIDULDVHQWLGRPRQWDUXPHVWDQGHVHP
6DIHW\ WDPEpP DSUHVHQWRX VROXo}HV SDUD RV WHUXPDVROXomRTXHHVWLYHVVHDOLQKDGDjWHFQRORJLD
KLJLHQLVWDV $WXDPRV QR UDPR GH SUHVWDomR GH GR PRPHQWR SRLV p R QRVVR SURSyVLWR 6HPSUH
VHUYLoRGHFDOLEUDomRSDUD+LJLHQH2FXSDFLRQDOSRU DILUPDPRVTXHDFRQWtQXDLQRYDomRpXPUHTXLVLWR
LVVR HVWDPRV DTXL QR &RQJUHVVR SDUD UHYHU QRVVRV IXQGDPHQWDO H HVWDUHPRV VHPSUH SUHVHQWHV HP
DPLJRVHSDUFHLURVPRVWUDUTXHHVWDPRVVHPSUHHP WRGRV RV HYHQWRVµ DVVHJXUD *ODXFR 9DVFRQFHORV
DWLYLGDGH H HP SDUFHULD FRP D $%+2 &RPR SUHVLGHQWHGDHPSUHVD
G H V W D T X H W U D ] H P R V D S D U W H G H Y L E U D o m R
&RP IRFR QR PHLR DPELHQWH D *ODXFR 7HFQRORJLD
RFXSDFLRQDO TXH KRMH WHP XP HQIRTXH JUDQGH QD
GLVSRQLELOL]D YHUV}HV GH VHX VRIWZDUH SDUD
$%+2 H ID] SDUWH GH QRVVR HVFRSR 7DPEpP
FRQVXOWRUHVHHPSUHVDVGHSUHVWDomRGHVHUYLoRHP
FRQWLQXDPRV FRP D iUHD GH DF~VWLFD SRLV R UXtGR
VD~GHHVHJXUDQoDGRWUDEDOKR´1RVVRVODoRVFRPR
RFXSDFLRQDOpRXWURIDWRUYDORUL]DGRQHVVHPHUFDGR
$%+2VmRPXLWRIRUWHV&DPLQKDPRVMXQWRVGHVGHR
GH +2 FRQWRX (OYLV *RXYHLD VXSHUYLVRU GH
LQtFLRSHODYLVmRTXHWHPRVGHTXHRVSUREOHPDVGD
&DOLEUDomRQDHPSUHVD
VD~GH RFXSDFLRQDO GRV WUDEDOKDGRUHV GHFRUUHP GD
1RFDPSRGRVVRIWZDUHVTXHDX[LOLDPQRGLDDGLDGRV IDOWD GH XP DPELHQWH VDXGiYHO 2 SURILVVLRQDO
KLJLHQLVWDVRHYHQWRFRQWRXFRPHPSUHVDVFRPRD KLJLHQLVWDpTXHSRGHDWXDUSDUDTXHQmRKDMDDJUDYR
JD~FKD56'DWD$PDLRUPRWLYDomRSDUDHVWDUPRV jVD~GHµHVFODUHFHX*ODXFRDFUHVFHQWDQGRTXHR
DTXL p R DOWR QtYHO GR &RQJUHVVR GD $%+2 SHORV &RQJUHVVRVXSHURXVXDVH[SHFWDWLYDVDHVWUXWXUDIRL
SURILVVLRQDLVHSRUDiUHDGHDWXDomRGDHPSUHVDVHU DGHTXDGD H D HTXLSH TXH LQWHUDJLX FRP RV
PXLWR OLJDGD j SDUWH GH 335$ 7HPRV R PHVPR SDUWLFLSDQWHV H FRQJUHVVLVWDV IRL PXLWR DWLYD 2X
S~EOLFRDOYR GHVWH HYHQWR 1RVVR VRIWZDUH WHP VHMDHXGDULDIDFLOPHQWHQRWDFRQFOXLX
JUDQGH GLIHUHQFLDomR GR TXH H[LVWH QR PHUFDGR
6(*0(17$d®2
SRUTXHpR~QLFRTXHWHPJHVWmRWULSOD1515
GR0LQLVWpULRGR7UDEDOKROHJLVODomRGD3UHYLGrQFLD $ TXDOLGDGH H VHJPHQWDomR GR S~EOLFR WDPEpP
HOLPLWHVGD$&*,+(VVHpXPJUDQGHGLIHUHQFLDO IRUDP PRWLYDo}HV FLWDGDV SHOD '3 8QLRQ TXH
SRUTXHFRPHOHYRFrLQVHUHDVLQIRUPDo}HVGR335$ PRVWURXQDIHLUDLQRYDo}HVFRPRRGRVH%DGJH3OXV
R VRIWZDUH Mi JHUD LQIRUPDo}HV SDUD R 3&062 H e XP GRVtPHWUR VHP ILR TXH D HPSUHVD Mi
/7&$7SRUTXHHOHVWrPYtQFXORV$VVLPpGHGLFDGRH FRPHUFLDOL]DYD SRUpP DJRUD YHLR HP XPD QRYD
HVSHFLDOL]DGR QHVVD iUHD H GHQWUR GHOH HVWmR YHUVmRFRPDOJXQVUHTXLVLWRVWpFQLFRVDPDLVDOpP
LQVHULGDV HVVDV OHJLVODo}HV Mi FRP VHXV OLPLWHV GH GHWHUILFDGRPHQRUIDFLOLWDQGRRXVR*RVWDPRVGR
WROHUkQFLD WpFQLFD H[SRVLomR 7XGR FRP D FRQJUHVVR GD $%+2 SRU VHU XP HYHQWR PDLV
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
VHJPHQWDGRSRUUHDOPHQWHWUD]HUSURILVVLRQDLVGR 3$5&(5,$6
VHWRU &RPR WRGRV RV HYHQWRV XOWLPDPHQWH HVWi
3DUD&LGD0DWRVUHSUHVHQWDQWHFRPHUFLDOGD,QHUFR
ILFDQGRPDLVHQ[XWRPDVSHUFHEHPRVTXHRSHVVRDO
&RQVXOWRULD p LPSRUWDQWH SDUWLFLSDU GR FRQJUHVVR
TXH YHP p XP S~EOLFR TXDOLILFDGR ERP HQWmR
SDUDDPSOLDUDVSRVVLELOLGDGHVGHSDUFHULDV´6RPRV
UHDOPHQWHYDOHDSHQDHVWDUDTXLREVHUYRX3DWUtFLD
XPDHPSUHVDGHFRQVXOWRULDSDUDRVVHJPHQWRVGH
0DJDOKmHVFRRUGHQDGRUDGH0DUNHWLQJ
PHLR DPELHQWH +LJLHQH 2FXSDFLRQDO H VHJXUDQoD
3DUWLFLSDPRV GR &%+2 Ki TXDWUR DQRV H p PXLWR LQGXVWULDO 2 GHVWDTXH DTXL p D VHJXUDQoD GH
EDFDQD R HYHQWR HVWi FDGD YH] PHOKRU HORJLRX WUDEDOKRYLHPRVSUHSDUDGRVSDUDLVVRFRPDHTXLSH
1HLPDU$OPHLGDJHUHQWHGHFRQWDVGD&OHDQ%UDVLO$ WpFQLFD H QRVVD GLUHWRUD GH JHVWmR &DUPHQ /tGLD
HPSUHVDSRVVXLHTXLSDPHQWRVSDUDRVHWRUGHVD~GH 9D]TXH]1RVVRREMHWLYRpFRQTXLVWDURPDLRUHVSDoR
HVHJXUDQoDRFXSDFLRQDODH[HPSORGHGHWHFWRUHV SRVVtYHOQR%UDVLOHDTXLWHPRVPXLWRVKLJLHQLVWDVGH
GHTXDWURJDVHVXWLOL]DGRVSDUDHQWUDGDHPHVSDoRV WRGRRSDtV-iWHPRVDOJXQVWUDEDOKRVQRH[WHULRU
FRQILQDGRV7URX[HPRVDLQGDGHWHFWRUHVHVSHFtILFRV DWHQGHQGR0HUFRVXO%ROtYLD&KLOH1RVVDLQWHQomRp
SDUD EHQ]HQR PDWHULDO SDUWLFXODGR H HPLVV}HV FUHVFHUH[SDQGLU
IXJLWLYDV ³ TXH H[WUDSRODP XP SRXFR D iUHD GH
(PVHXVDQRVGHKLVWyULDRREMHWLYRGD&KURPSDFN
6HJXUDQoD H 6D~GH QR 7UDEDOKR PDV VmR XP
VHPSUH IRL FXLGDU GR WUDEDOKDGRU QR kPELWR GD
SUREOHPD SDUD DV LQG~VWULDV 1RVVR ODERUDWyULR p
+LJLHQH2FXSDFLRQDO³GDtYHPDDILQLGDGHHQWUHD
FHUWLILFDGRSHOD,625HFHQWHPHQWHDEULPRV
FRPSDQKLD H D $%+2 ´1RVVD PHWD p JHUDU
XPDVHGHQRYDHP9DOLQKRV63RQGHUHDOL]DGRVWRGD
IHUUDPHQWDV FRPR ODERUDWyULRV DFUHGLWDGRV SHOR
D D V V L V W r Q F L D W p F Q L F D G R V S U R G X W R V T X H
, 1 0 ( 7 5 2 + i W U r V D Q R V G H V H Q Y R O Y H P R V
FRPHUFLDOL]DPRV RX VHMD QmR p SUHFLVR PDQGDU
HTXLSDPHQWRV SDUD UHGX]LU R SUHoR H FRP LVVR
QHQKXPHTXLSDPHQWRSDUDIRUDGRSDtVLQIRUPRX
GLVVHPLQDU H PDVVLILFDU D KLJLHQH QR SDtV
$OPHLGD
&RQVHJXLPRV SURGX]LU XP HTXLSDPHQWR GH DOWD
9LWRU 'DYL GH 2OLYHLUD UHSUHVHQWDQWH GH +LJLHQH WHFQRORJLDTXHDWHQGHDQRUPDVLQWHUQDFLRQDLVFRP
2FXSDFLRQDOGR/DERUDWyULR(XURILQV$/$&GHVWDFRX SUHoR TXH FRUUHVSRQGH j PHWDGH RX XP WHUoR
DSUR[LPLGDGHQDVUHODo}HVFRPRVSDUFHLURVTXHR GDTXHOH GR LPSRUWDGRµ UHVVDOWRX $OH[DQGUH
&RQJUHVVRSURSRUFLRQD)LTXHLPXLWRVDWLVIHLWRFRP )DVFLQDGLUHWRUGDHPSUHVD´(VWDPRVDOFDQoDQGR
DIHLUDGHVWHDQRWLYHPRVDRSRUWXQLGDGHGHID]HU QRVVR REMHWLYR WHU XP HTXLSDPHQWR GH ERD
FRQWDWRV LPSRUWDQWHV FRP FOLHQWHV FRP TXHP Mi TXDOLGDGHEUDVLOHLURHFRPXPSUHoRMXVWR'XUDQWH
WUDEDOKDPRV H LQFOXVLYH FRP IXWXURV FOLHQWHV TXH HVVHV DQRV IRPRV DFRPSDQKDQGR D HYROXomR GD
FRQKHFHPRVQHVWDRFDVLmReLPSRUWDQWHFRQKHFHU KLJLHQHQRSDtV3RGHPRVFRQVLGHUDUTXHDTXLTXHVH
SHVVRDOPHQWH DV SHVVRDV FRP TXHP WUDEDOKDPRV FRQFHQWUDRTXHKiGHPHOKRUQRVHWRU$VVLPWHPRV
QRVVRV SDUFHLURV SUHVWDGRUHV GH VHUYLoRV SRUTXH D RSRUWXQLGDGH GH FRORFDU D KLJLHQH QD YLWULQH H
LVVR DFDED IDFLOLWDQGR QRVVR WUDEDOKR GLiULR 3DUD FRPSDUWLOKDU DV LQIRUPDo}HV PHOKRULDV H ERDV
QyV D H[SHULrQFLD IRL EHP SRVLWLYD 2OLYHLUD Do}HVRTXHpPXLWRSRVLWLYR3DUDEHQL]RD$%+2SRU
DFUHVFHQWRX TXH p HVVHQFLDO PDUFDU SUHVHQoD HP FRQILDUHPQyVFRPRSDUFHLURVVHPSUHHYROXLQGRµ
HYHQWRVWpFQLFRVSRLVDVVLPQRYRVSURILVVLRQDLVGR FRQFOXLX
VHWRU SRGHP FRQKHFHU R WUDEDOKR GD FRPSDQKLD
$WUDLQGR GLYHUVRV FRQJUHVVLVWDV FRP PDVVDJHQV
´7DPEpP p LPSRUWDQWH QRV DWXDOL]DPRV VREUH DV
UHOD[DQWHV D 6LQWRQLD HVWHYH QR HYHQWR SDUD
QRYLGDGHV TXH DSDUHFHP H FRQYHUVDUPRV FRP RV
FRQTXLVWDUQRYRVSDUFHLURVHFOLHQWHV2FRQJUHVVR
SURILVVLRQDLV GH RXWUDV HPSUHVDV H ODERUDWyULRV
SDUDPLPIRLH[WUHPDPHQWHSRVLWLYR2QHWZRUNLQJ
HQWHQGHPRV LVVR FRPR XPD HYROXomR HP QRVVR
FRP DV SHVVRDV DV RSRUWXQLGDGHV GH SDUFHULD H D
SUySULR WUDEDOKR XPD WURFD GH LQIRUPDo}HV H
RUJDQL]DomRGD$%+2HVWDYDPyWLPRV4XHUHPRVVHU
FRQKHFLPHQWRDILUPRX
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
QRYDPHQWH H[SRVLWRUHV QR DQR TXH YHP JDUDQWLX HVSHFLDOPHQWH QRV DIDVWDPHQWRV SRU OHV}HV
$OH[VDQGUD *DJOLDUGL GLUHWRUD H[HFXWLYD 6HGLDGD RVWHRPXVFXODUHV OHV}HV RFXSDFLRQDLV R &KHFNXS
HP6mR3DXOR63DFRPSDQKLDGHVHQYROYHVROXo}HV (PSUHVDULDO TXH p D UHDOL]DomR GRV H[DPHV GRV
QD iUHD GH VD~GH H TXDOLGDGH GH YLGD HYHQWRV IXQFLRQiULRVGHQWURGDVHPSUHVDVPDSHDPHQWRGRV
FRPXQLFDomRWUHLQDPHQWRHVHJXUDQoDGRWUDEDOKR JUXSRVGHULVFRSDUDDo}HVGHPHGLFLQDSUHYHQWLYDH
DWRGDD&RQVXOWRULDHP6HJXUDQoDGR7UDEDOKRTXHp
3RVVR GDU GHVWDTXH DR SURJUDPD GH *LQiVWLFD
D HODERUDomR GH ODXGRV WpFQLFRV FRPR 335$
/ D E R U D O T X H D W X D G H I R U P D S U H Y H Q W L Y D
GHWDOKRX$OH[VDQGUD
48$/,),&$d2(0)2&2
&XUVRVSUpFRQJUHVVRGLVVHPLQDPDWXDOL]Do}HVFRQFHLWRVHDSURIXQGDPHQWRHP+2
$SURJUDPDomRGR;&RQJUHVVR%UDVLOHLURGH+LJLHQH DQR SDUD DQR 1R FXUVR GH K SRU H[HPSOR
2FXSDFLRQDO QR HQWDQWR FRPHoRX GLDV DQWHV GRV DFRQWHFHLVVRXPDQRDERUGDPRVDJHQWHVItVLFRVH
SDLQpLVFRPFLQFRFXUVRVUHDOL]DGRVHQWUHHGH QR VHJXLQWH DJHQWHV TXtPLFRV ² HVVH p R FDVR GH
DJRVWR1DRFDVLmRSURILVVLRQDLVFRPRWpFQLFRVH 2UHYH]DPHQWRDFRQWHFHWDPEpPQRVFXUVRV
HQJHQKHLURV GH VHJXUDQoD GR WUDEDOKR PpGLFRV GR GH FDUJD KRUiULD PHQRU FRP RLWR RX KRUDV
WUDEDOKR H TXtPLFRV WLYHUDP DFHVVR D XP FRQWH~GR H[SOLFRXR9LFHSUHVLGHQWHGH(GXFDomRH)RUPDomR
WpFQLFR H GLIHUHQFLDGR IRFDGR HP TXHVW}HV TXH 3URILVVLRQDOGD$%+25REHUWR-DTXHV
ID]HP SDUWH GR XQLYHUVR GD +2 (VWH DQR D JUDGH
(OHOHPEUDTXHRHYHQWRFRPRXPWRGRpIUXWRGH
FRQWRXFRPDVWHPiWLFDV7HRULDH3UiWLFDGD$YDOLDomR
HVIRUoR GD GLUHWRULD GD $VVRFLDomR OHYDQGR HP
GRV$JHQWHV4XtPLFRV K +LJLHQH2FXSDFLRQDOH
FRQVLGHUDomR R REMHWLYR GD HQWLGDGH VHU XP SROR
VHXV 5HIOH[RV SDUD $SRVHQWDGRULD (VSHFLDO 333 H
LUUDGLDGRU GH LQIRUPDo}HV WpFQLFDV H IRUPDGRU GH
H6RFLDO K $WXDOLGDGHVHP3URWHomR5HVSLUDWyULD²
RSLQLmR7HQWDPRVUHQRYDUHHOLPLQDUDOJXQVYtFLRV
6HOHomRGH5HVSLUDGRUHVSDUD0DWHULDO3DUWLFXODGRH
G H S U R I L V V L R Q D L V T X H R X D S U H Q G H U D P
(QVDLRGH9HGDomR K ,QWURGXomRj(VWUDWpJLDGH
HTXLYRFDGDPHQWHRXIRUDPDXWRGLGDWDVHWDOYH]QmR
$PRVWUDJHP HP +LJLHQH 2FXSDFLRQDO K H
WHQKDP LQWHUSUHWDGR EHP XPD UHJUD XPD QRUPD
(VWDWtVWLFD %iVLFD H $SOLFDGD j (VWUDWpJLD GH
XPD OHJLVODomR 6DEHPRV TXH QmR H[LVWH XPD
$PRVWUDJHPGH$JHQWHV$PELHQWDLV K
FRQVROLGDomR DLQGD QD IRUPD FHUWD GH UHDOL]DU
$$%+2 p XPD DVVRFLDomR SHTXHQD HP WHUPRV GH DOJXPDV DWLYLGDGHV GR KLJLHQLVWD (QWmR R
Q~PHUR GH PHPEURV PDV JUDQGH HP WHUPRV GR SURILVVLRQDOTXHpRXYLQWHDOXQRVHHVSHOKDQDTXLOR
KLVWyULFR GH VHX FRQJUHVVR e GLItFLO WHUPRV TXHRPHVWUHRXGRFHQWHID]TXHGHYHVHUXPERP
DVVRFLDo}HVTXHGmRFRQWDGHID]HUXPFRQJUHVVRD PRGR GH ID]HU SDXWDGR QD H[SHULrQFLD 1RVVD
FDGDDQR1RVVRHYHQWRWHPGXUDomRGHWUrVGLDVH DWLYLGDGH p PXLWR PDUFDGD SRU PHWRGRORJLDV SRU
D O p P G L V V R F R Q W D P R V F R P R V F X U V R V G H FRQFHLWRV OLPLWHV QRUPDV WpFQLFDV QRUPDV
DSHUIHLoRDPHQWRSURILVVLRQDOMiFRPDWUDGLomRQRV UHJXODPHQWDGRUDVGR0LQLVWpULRGR7UDEDOKRRXSRU
FXUVRV GH K ² HVWDPRV QR WHUFHLUR DQR HP TXH LQVWUXo}HV QRUPDWLYDV GD 3UHYLGrQFLD 6RFLDO
RIHUHFHPRV HVVHV FXUVRV GH FDUJD KRUiULD PDLV DILUPRX-DTXHV
UREXVWD1RFRPHoRVyRIHUHFtDPRVFXUVRVGHRLWRH
(VVDEXVFDSRUDWXDOL]DomRHUHIHUrQFLDVWHPWUD]LGR
KRUDVTXHDFRQWHFLDPQRViEDGRHQRGRPLQJR
DOXQRV FRPR D WpFQLFD GH VHJXUDQoD (OL]kQJHOD
TXHDQWHFHGLDPRFRQJUHVVR7DQWRDSUHSDUDomRD
3LQKHLURGD6LOYDTXHKiDQRVSDUWLFLSDGRVFXUVRVH
HVFROKDGRVWHPDVGRVWtWXORVGRVSURIHVVRUHVGRV
FRQJUHVVR VREUH +2 GHVORFDQGRVH GH 0DQDXV$0
FXUVRV FRPR GRV SDOHVWUDQWHV VmR EDVWDQWH
SDUD6mR3DXOR63(ODHVWiFRPHoDQGRXPDHPSUHVD
WUDEDOKRVDV p SUHFLVR UHYH]DU HVVHV FRQWH~GRV GH
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
2SULPHLURSURIHVVRUGRFXUVRFLWDGRSHODWpFQLFDGH 3DUDRSHUXDQR-RVH,OODWRSDVXSHUYLVRUGH+LJLHQH
VHJXUDQoD IRL -RVp 0DQXHO *DQD 6RWR HQJHQKHLUR 2FXSDFLRQDO TXH SDUWLFLSRX SHOD SULPHLUD YH] GH
TXtPLFR GH VHJXUDQoD H XP GRV DVVRFLDGRV FXUVRV GD $%+2 D QRUPDWL]DomR DSUHVHQWDGD
IXQGDGRUHV GD$%+2 (OH DILUPD TXH DSHVDU GH R GXUDQWHDDXODWURX[HXPDSUHQGL]DGRLPSRUWDQWH
FXUVRWHUXPDFDUJDKRUiULDFRQVLGHUiYHO KRUDV 2 %UDVLO WHP QRUPDWLYDV GH +LJLHQH 2FXSDFLRQDO
WUDWDVH GH XP WHPSR PtQLPR SDUD TXH RV DOXQRV PXLWRDYDQoDGDVTXHDLQGDQmRWHPRVQR3HUXRX
WHQKDP XPD EDVH WHyULFD TXH Gr VXSRUWH SDUD D RXWUDVQDo}HVGD$PpULFD/DWLQD$VPHWRGRORJLDVGH
SUiWLFD TXH WDPEpP LQWHJUD DV DXODV ( SRU TXH WUDEDOKR H SURFHGLPHQWRV TXH YRFrV WrP DTXL VmR
HVVHWHPDDYDOLDomRGRVDJHQWHVTXtPLFRV"3RUTXH GLIHUHQWHV (VWH FXUVR HVWi PH GDQGR HVVHV
WDOYH] VHMD XP GRV DVVXQWRV PDLV FRPSOH[RV TXH FRQKHFLPHQWRV TXH SRGHP VHU DSOLFDGRV HP PHX
WHPRV SHOD GLYHUVLGDGH H PpWRGR TXH Ki QD SDtVHPPLQKDHPSUHVDFRPSDURXRHQJHQKHLUR
DSOLFDomRGDTXtPLFDQRFXUVRGLJDPRVDTXtPLFD
72;,&2/2*,$
EiVLFDHPXLWDVYH]HVVRILVWLFDGDTXHFRQVLVWHHP
GHWHUPLQDU H DQDOLVDU R DJHQWH TXtPLFR ( 2XWURVFRQFHLWRVIXQGDPHQWDLVSDUDRH[HUFtFLRGD
IXQGDPHQWDOPHQWH LQWHUSUHWDU R UHVXOWDGR FRPR +2 SDXWDUDP D VHJXQGD HWDSD GR FXUVR VREUH
YRXLQWHUSUHWDUUHVXOWDGRVHPHIDOWDSDUWHGDWHRULD" 7R[LFRORJLD 'HILQLo}HV DJHQWHV TXtPLFRV
(QWmR VHPSUH HVWDPRV YLVDQGR D FRPSDUWLOKDU R ,QWURGXomR j WR[LFRORJLD )XQGDPHQWRV GH
SRVVtYHO GH WHRULD SRUTXH p XPD TXHVWmR PDLV W R [ L F R O R J L D R F X S D F L R Q D O W R [ L F R G L Q k P L F D
SHVDGD GLJDPRV SDUD RV DOXQRV 7HQWDPRV W R [ L F R F L Q p W L F D F R Q F H L W R G R V H U H V S R V W D
HTXLOLEUDU D SDUWH WHyULFD FRP D SDUWH SUiWLFD GR KRPHRVWDVH GRFXPHQWDomR GRV 7/9V VXEVWkQFLDV
FXUVRSRQGHURX*DQD6RWR TXtPLFDVIRUPDVFRPRVHDSUHVHQWDPWR[LFRORJLD
GH VROYHQWHV H PHWDLV LQGLFDGRU ELROyJLFR GH
2 GRFHQWH REVHUYRX TXH D HVFROKD GRV WHPDV p
H[SRVLomR 15 /LPLWHV GH ([SRVLomR 2FXSDFLRQDO
EDVHDGDDLQGDQDDYDOLDomRIHLWDSRUSDUWLFLSDQWHV
/(2V FRQFHLWRVEiVLFRV7/9V 7:$67(/&HLOLQJ
GH FXUVRV SUpFRQJUHVVR GH DQRV DQWHULRUHV TXH
H %(,V IRUDP RV WySLFRV H[SOLFDGRV SHOR GRFHQWH
VHPSUH OHYDQWDP R DSURIXQGDPHQWR TXDQWR D
6pUJLR &RODFLRSSR ELRTXtPLFR HVSHFLDOLVWD HP
DJHQWHV TXtPLFRV FRPR QHFHVVLGDGH 3RUWDQWR
WR[LFRORJLDHGRXWRUHP6D~GH$PELHQWDO
Q R V V D P H W D p P H O K R U D U D S H U F H S o m R G R V
SDUWLFLSDQWHV7RGRVMiWUD]HPXPDIRUPDomREiVLFD 8P GRV DVVXQWRV DERUGDGRV IRUDP DV PHGLGDV GH
GH VHXV FXUVRV GH IRUPDomR FRPR HQJHQKDULD GH FRQWUROHWrPGHVHUQHFHVViULDVHVXILFLHQWHVSDUD
VHJXUDQoD H PXLWRV HVWmR ID]HQGR FXUVRV GH UHVROYHU XP SUREOHPD 4XDQGR XPD PHGLGD GH
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
FRQWUROHQmRpQHFHVViULDpULGtFXOD$VVLPSULPHLUR TXtPLFRKLJLHQLVWDRFXSDFLRQDOHFRQVHOKHLURILVFDO
SUHFLVRWHUFHUWH]DVREUHRULVFRHGHSRLVFRQYHQFHU$ GD$%+21RVVRGHVDILRSULQFLSDOKRMHpDWHQGHUj
SHUFHSomR GR ULVFR p IXQGDPHQWDO SDUD TXH VH OHJLVODomR VHP GHL[DU GH ID]HU KLJLHQH $OJXQV
LQWURGX]DPPHGLGDVGHFRQWUROH7RGDDHPSUHVDWHP SURILVVLRQDLV VmR PXLWR ERQV HP OHJLVODomR RXWURV
GH VHU WUDEDOKDGD HP WHUPRV GH LQVWUXomR GH HP KLJLHQH Vy TXH QHP WXGR VH FRQYHUVD FRPR
HGXFDomR2KLJLHQLVWDGHYHSHQVDUQLVVRQmREDVWD GHYHULDVHU2GHVDILRpXQLUPRVLVVRDOFDQoDUPRVD
GL]HU SUHFLVD FRORFDU XPD YHQWLODomR &DEH D HOH KDUPRQLDGROHJDOFRPRWpFQLFR7HPRVH[HPSORV
FRQYHQFHUHPSUHViULRHWUDEDOKDGRUHVSUHFLVDGLVSRU GtVSDUHV FRQFHLWXDOPHQWH VLWXDo}HV TXH VH
GHERQVDUJXPHQWRV6HDPHGLGDTXHVXJHULPRVQmR SUDWLFDYDP QD GpFDGD GH TXH HVWmR
IRUQHFHVViULDRWUDEDOKDGRUQmRYDLH[HFXWiOD(OH GHVDWXDOL]DGDVPDVOHJDOPHQWHWHPRVGHDSOLFiODV
GHYHHVWDUFRQYHQFLGRGHTXHDTXLORpERPSDUDHOH 3UHFLVDPRV XWLOL]DU D WpFQLFD PDLV PRGHUQD
VHQmRQmRYDLXVDUQmRYDLID]HU2XWUDFRLVDTXHSRGH HQFRQWUDU XP PHLRWHUPR TXH SRVVD DWHQGHU j
DFRQWHFHUpDPHGLGDQmRVHUVXILFLHQWH$OJXpPGL] OHJLVODomR H DR PHVPR WHPSR SURWHJHU PDLV RV
SDUDRWUDEDOKDGRUFRORFDUXPDPiVFDUDHOHDFKDTXH WUDEDOKDGRUHVDYDOLRX0DUWLQV
HVWi SURWHJLGR PDV QmR HVWi $t DFDED ILFDQGR
&RQWH~GRVFRPR*XDUGDH7UDQVSRUWHGDV$PRVWUDV
GRHQWHGHWDOKRXRHVSHFLDOLVWD
'RFXPHQWDomR TXH 'HYH $FRPSDQKDU R (QYLR GH
(PVHJXLGD IRLD YH]GH5REHUWR-DTXHVGLVFRUUHU $PRVWUDV DR /DERUDWyULR $ 5HODomR HQWUH R
VREUH TXHVW}HV UHODWLYDV DRV *+(V *UXSRV 3URILVVLRQDOGH&DPSRFRPR/DERUDWyULRGH$QiOLVHV
+RPRJrQHRVGH([SRVLomR XVDGRVSHORVKLJLHQLVWDV 4XtPLFDV,QWHUSUHWDomRGH5HVXOWDGRVGDV$QiOLVHV
SDUDVXDVDYDOLDo}HV(OHUHVVDOWRXRVFXLGDGRVSDUD &XLGDGRV QR 8VR GD LQIRUPDomR (QWUHJXH SHOR
XPERPUHFRQKHFLPHQWRHPRQWDJHPGRV*UXSRVGH /DERUDWyULR2&RQWUROHGDV([SRVLo}HVDRV$JHQWHV
PDQHLUD HILFD] R TXH IRU WUDoDGR SDUD XP GRV 4XtPLFRV0pWRGRV$WXDLVGH&ROHWDH$QiOLVHVSDUD
FRPSRQHQWHVGR*+(YDOHUiSDUDWRGRVRVRXWURV2 0DWHULDO 3DUWLFXODGR DOpP GH YiULRV H[HUFtFLRV
FXUVR WDPEpP WHP XPD PRWLYDomR DOpP GD RULHQWDGRV FRPSXVHUDP RV WUrV GLDV GH DXODV
IRUPDomR HQVLQDU RV SURILVVLRQDLV D DUJXPHQWDU PLQLVWUDGDVSHORFRQVHOKHLURILVFDOGD$%+2
3RUTXHSUHFLVDPWHUXPSRGHUGHDUJXPHQWDomRSDUD
9LQGDGR5LR*UDQGHGR6XODTXtPLFD&ULVWLQH/XFDV
FRQYHQFHURVWUDEDOKDGRUHVDVHSURWHJHUHPID]HU
$GULDQRGRODERUDWyULR(FRQVXOWLQJPLJURXKiXP
FRP TXH WHQKDP HVVH HPSRGHUDPHQWR GH QmR
DQRHPHLRGDiUHDDPELHQWDOSDUDRVHWRUGH+2
SUHFLVDU R WpFQLFR GH VHJXUDQoD RX R HQJHQKHLUR
3RUWDQWR SDUD PLP HVWH FXUVR HVWi VHQGR XPD
HVWDU D WRGD KRUD WRPDQGR FRQWD GHOHV (QWmR p
H[SHULrQFLD PXLWR ULFD SDUD WHU R HQWHQGLPHQWR
SUHFLVR FRQWDU FRP XP GLVFXUVR GLIHUHQFLDGR
GHVGH R PRPHQWR GR FRQWUDWR GD DPRVWUDJHP
HVSHFLDOSDUDIDODUWDQWRFRPWUDEDOKDGRUHVTXDQWR
3RUTXH PHX IRFR VmR DV DQiOLVHV TXtPLFDV PHX
FRPRVJHUHQWHVTXHVmRRVGRQRVGRGLQKHLURGHTXH
ODERUDWyULR p SUHVWDGRU GH VHUYLoRV HQWmR SUHFLVR
RKLJLHQLVWDRFXSDFLRQDOYDLSUHFLVDUSDUDSURWHJHU
WHU WRGR R HPEDVDPHQWR WHyULFR SDUD TXH PHX
HVVHVWUDEDOKDGRUHVDFUHVFHQWRXR9LFHSUHVLGHQWH
UHVXOWDGR VHMD ERP FRQILiYHO H FRPSDUiYHO
GH(GXFDomRH)RUPDomR3URILVVLRQDOGD$%+2
GLUHWDPHQWHFRPDVOHJLVODo}HVDILUPRX
(0&$032
4XDQWR DR FRQWH~GR HOD VXEOLQKRX D XQLmR HQWUH
$ SDUWLU GR VHJXQGR GLD GH FXUVR RV DOXQRV SDUWHWHyULFDHSUiWLFDGDVDXODV2SRQWRDOWRHVWi
DSUHQGHUDP &RQFHLWRV %iVLFRV GD +2 YLQFXODGRV j VHQGRDOLJDomRHQWUHDYDOLDomRUHFRQKHFLPHQWRGH
+LJLHQHGH&DPSR0LQKDSURSRVWDDTXLpDOLDURTXH iUHDHVWDWtVWLFDXPDDYDOLDomRGDVLWXDomRFRPXP
WHPRVGHWHRULDHIRFDUPXLWRQDSUiWLFDLVVRSDUD UHVXOWDGRTXHSRVVRHQWUHJDUSDUDPHXFOLHQWH$FKR
PLP p IXQGDPHQWDO UHVXPLX R GRFHQWH TXH HVVD LQWHUOLJDomR Gi XPD YLVmR PXLWR PDLV
UHVSRQViYHOSRUHVWDHWDSD0DUFRV0DUWLQVTXHp VHJXUD &DEH UHVVDOWDU D TXDOLILFDomR GRV
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
&XUVR7HRULDH3UiWLFDGD$YDOLDomRGRV$JHQWHV4XtPLFRV² K
'RFHQWHV6pUJLR&ROODFLRSR0DUFRV0DUWLQV5REHUWR-DTXHV6HUJLR&DSRUDOLH-RVp0DQXHO2*DQD6RWR
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
LQDGHTXDGRHSRUWDQWRRVUHVXOWDGRVHFRQFOXV}HVD SHUVSHFWLYDQRYDPDVH[WUHPDPHQWHLQWHUHVVDQWH
TXHTXDOTXHUXPSRGHFKHJDUVHUmRHUUDGRV2XVR XPD IRUPD GLIHUHQWH GH ROKDU (VWH p XP FXUVR
FRUUHWRGD IHUUDPHQWD GHSHQGH SULQFLSDOPHQWH GD GLQkPLFREDVWDQWHLQWHUHVVDQWHHTXHDJUHJDYDORU
IRUPDSHODTXDORVGDGRVVmRFROHWDGRVHIRLLVVRTXH VHP G~YLGD j iUHD H j PLQKD SURILVVmR 4XHULD
RFXUVRIRFRXH[SOLFRXRGRFHQWH SDUDEHQL]DUDRUJDQL]DomRGRFXUVRHRVSURILVVLRQDLV
T X H R P L Q L V W U D P W R G R V H [ W U H P D P H Q W H
$VVLPFRPRDHWDSDDQWHULRUDIDVHPLQLVWUDGDSRU
FRPSHWHQWHVGLVVHRDOXQRTXHYLDMRXGH3RoRVGH
&DSRUDOLIRLUHSOHWDGHH[HUFtFLRVSUiWLFRVLQFOXVLYH
&DOGDV0*SDUDDFDSLWDOSDXOLVWDHPEXVFDGHVVHV
X W L O L ] D Q G R D I H U U D P H Q W D F L W D G D F R P
FRQKHFLPHQWRV9HMRTXHHVVDiUHDGH667HVWiHP
DFRPSDQKDPHQWRGRSURIHVVRU2SURJUDPDQmRYDL
FRQVWDQWH WUDQVIRUPDomR $FKR TXH FRPR
PHOKRUDU D TXDOLGDGH GH VHXV GDGRV YDL GDU DR
SURILVVLRQDLV SUHFLVDPRV HVWDU VHPSUH QRV
XVXiULR UHVXOWDGRV EHP FDOFXODGRV SUHYLV}HV
DWXDOL]DQGR H EXVFDQGR DOJR QRYR SDUD SRGHUPRV
FRQILiYHLV GHVGH TXH RV GDGRV TXH HOH LQVHULX DOL
RIHUHFHUQRGLDDGLDGDQRVVDSUiWLFDDVFRQGLo}HV
VHMDPGHTXDOLGDGH6HKiGDGRVGHSRXFDTXDOLGDGH
SDUDRVWUDEDOKDGRUHVFRQVHJXLUHPSHQVDUGHIRUPD
QR LQtFLR RV UHVXOWDGRV VHUmR GH EDL[D TXDOLGDGH
GLIHUHQWH LQRYDU SDUD PLP HVVH p R GHVDILR
$FKRTXHHVVDpDLPSRUWkQFLDGHKDYHUFXUVRVTXH
DILUPRX*RPHV
FREUHPDWHRULDGDVIHUUDPHQWDVTXHRVKLJLHQLVWDV
XVDPEHPFRPRDSUiWLFD2FXUVRVREUHDJHQWHV 2XWURPLQHLURTXHSDUWLFLSRXGRFXUVRSHODSULPHLUD
TXtPLFRVWHPHVVDSDUWHGHHVWDWtVWLFDHRXWUDSDUWH YH]IRLRHQJHQKHLURPHFkQLFR3DXOR/LPDGDFLGDGH
PXLWR LPSRUWDQWH TXH IRL GDGD SHOR SURIHVVRU GH ,SDWLQJD0* 'LIHUHQWHPHQWH GR UHVWDQWH GR
0DUFRV 0DUWLQV VREUH DPRVWUDJHP WDPEpP SHVVRDO ³ D WXUPD p FRPSRVWD EDVLFDPHQWH GH
DFRPSDQKDGD GH SUiWLFD 1mR UHSUHVHQWDPRV XPD KLJLHQLVWDV³PHXIRFRpPDLVYROWDGRSDUDDiUHDGH
SURILVVmRTXHILFDVHQWDGDQDIUHQWHGRFRPSXWDGRU 3HUtFLD(VWRXPHDSURIXQGDQGRQRVFRQKHFLPHQWRV
H VLP TXH DQGD SHOD IiEULFD FRQYHUVD FRP RV TXtPLFRVH[DWDPHQWHSDUDUHDOL]DUXPWUDEDOKRPDLV
WUDEDOKDGRUHVHGHYHWRPDUGHFLV}HVTXHSUHFLVDP LQWHUHVVDQWH QD SDUWH GH SHUtFLD ,QIHOL]PHQWH
OHYDUHPFRQWDDLQWHUDomRGRVWUDEDOKDGRUHVHRV PXLWRVSHULWRVKRMHYLVLWDPRDPELHQWHGHWUDEDOKRH
SURFHVVRVHRKLJLHQLVWDVyVDEHID]HULVVRVHWHP I D ] H P X P D D Y D O L D o m R V H P W H U J U D Q G H V
H[SHULrQFLDSUiWLFDDILUPRXRSURIHVVRU FRQKHFLPHQWRVRTXHDFDEDSUHMXGLFDQGRPXLWRR
WUDEDOKRGRVKLJLHQLVWDVSDUDDVHPSUHVDV(QWmRp
$OpP GH FRQFOXLU R FXUVR GH KRUDV D HWDSD
LQWHUHVVDQWHRSHULWRFRQKHFHUWDPEpPHVVDSDUWH
(VWDWtVWLFD WDPEpP IRL RIHUHFLGD VHSDUDGDPHQWH
GH +2 SDUD SRGHU ID]HU XP WUDEDOKR PDLV
SDUD DOXQRV LQWHUHVVDGRV FRPR R WpFQLFR GH
FRPSOHWRGLVVH3DXORTXHHVWiFRQFOXLQGRVXDSyV
VHJXUDQoDGD$OFRD$OXPtQLR5RQDOGR*RPHV(VWRX
JUDGXDomRHP(QJHQKDULDGH6HJXUDQoDGR7UDEDOKR
LQLFLDQGR QD iUHD GH +2 YHMR TXH HOD p XPD
&XUVR²(VWDWtVWLFD%iVLFDH$SOLFDGDD(VWUDWpJLDGH$PRVWUDJHPGH$JHQWHV$PELHQWDLV'RFHQWH6pUJLR&DSRUDOL
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
3529$'(&(57,),&$d®2
5HDOL]DGD VLPXOWDQHDPHQWH DRV FXUVRV GR ViEDGR GH DJRVWR D 3URYD GH &RQKHFLPHQWRV SDUD
REWHQomRGD&HUWLILFDomRGD$%+2FRQWRXFRPFDQGLGDWRVYLQGRVGHWRGRR%UDVLO$DSURYDomRQR
H[DPHWHyULFRpSDUWHGRVUHTXLVLWRVSDUDDTXHOHVTXHGHVHMDPREWHURUHFRQKHFLPHQWRGD$VVRFLDomR
HPVHXWUDEDOKRFRPRKLJLHQLVWDV(VWHDQRWtQKDPRVQRPi[LPRFLQFRSHVVRDVGH63RVGHPDLVHUDP
GHRXWURVHVWDGRVHYLHUDPHVSHFLILFDPHQWHSDUDHVVHH[DPH,VVRQRVGHL[DRUJXOKRVRVSRUHVWDUPRV
ID]HQGRDOJRTXHpUHFRQKHFLGR1mRVHWUDWDGHXPDSURYDVLPSOHVSRLVDEUDQJHWRGRXPSURJUDPDMi
TXH+2pXPWHPDEDVWDQWHDPSOR6mRTXDWURKRUDVGHSURYDTXHWHVWDPWDPEpPDFDSDFLGDGHGR
FDQGLGDWRGHVHUVLPSOHVFODURHFRQFLVR2KLJLHQLVWDWHPGHVHULVVRHOHQmRSRGHILFDUHQURODQGR
ID]HQGRJUDQGHVUHODWyULRVGHDYDOLDomR$ILQDOHOHSUHFLVDPRWLYDURGLUHWRUGDHPSUHVDDLQWURGX]LU
XPDPHGLGDGHFRQWUROHSRUPHLRGRUHODWyULRVLQWHWL]RXRELRTXtPLFR6pUJLR&RODFLRSSRFRRUGHQDGRU
GR&RPLWr3HUPDQHQWHGH&HUWLILFDomRGD$%+2
(XHVSHUDYDXPDSURYDGLItFLOHUHDOPHQWHIRL(VSHUDYDP~OWLSODHVFROKDPDVIRLGLVVHUWDWLYD$SDUWH
ERDpTXHFRQVHJXLPRVWUDUPHXVFRQKHFLPHQWRVH[SOLFDUPHOKRU0LQKDLGHLDpREWHUDFHUWLILFDomR
SDUDFRQVHJXLUGHVHPSHQKDUXPWUDEDOKRGLIHUHQFLDGRQRPHUFDGRTXHpPXLWRFDUHQWHQDiUHDGH
6HJXUDQoDGR7UDEDOKRH+LJLHQH2FXSDFLRQDOWDPEpPFRQWRXRHQJHQKHLURGHVHJXUDQoD$QGUp1XQHV
GH&KLDUDXPGRVFDQGLGDWRV3DUDDOFDQoDUVXDPHWDDOpPGHVHUDSURYDGRQRH[DPHHOHSDVVDUiSHOD
3URYDGH7tWXORVEDVHDGDHPVHXFXUUtFXORHDWXDomRQDiUHD³DVVLPFRPRWRGRVRVGHPDLVFDQGLGDWRV
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
&DPLOHSRGHWLUDUVXDVG~YLGDVGXUDQWHRVHJXQGRGLD 2GRFHQWHHOXFLGRXLQIRUPDo}HVVREUHDVVHJXLQWHV
GHFXUVRPLQLVWUDGRSHORHQJHQKHLURGHVHJXUDQoD WHPiWLFDVHQWUHRXWURVWySLFRV$QiOLVHGDV7DEHODV
5RJpULR %DOELQRW (VWmR WRGRV SUHRFXSDGRV FRP D $QH[DV DR 0DQXDO GR H6RFLDO 5HODFLRQDGDV D 667
TXHVWmRGRH6RFLDOTXHHVWiHQWUDQGRHDVSHVVRDV 7DEHODGH)DWRUHVGH5LVFRV$PELHQWDLV)DWRUHVGH
QmRVHGmRFRQWDGHTXHRSURMHWRQmRYHPPXGDUD ULVFRV $PELHQWDLV )DWRUHV GH 5LVFRV SDUD
OHJLVODomR(OHVyYHPFXPSULUDREULJDomRGHIRUPD ,QVDOXEULGDGH3HULFXORVLGDGHH3HQRVLGDGH 07 2
RQOLQHRXVHMDLPHGLDWDDHPSUHVDQmRWHPPDLV 8VRGD$VVLQDWXUD(OHWU{QLFDHP667(3,$QiOLVHGH
FRPRJXDUGDUGRFXPHQWDomRFRPHODYDLWHUGHVH &DVR ² $62 (OHWU{QLFR ² 6XVWHQWDELOLGDGH H
H[SRU DEULU WRGDV DV LQIRUPDo}HV WRGRV RV yUJmRV 5HVSRQVDELOLGDGH 6RFLDO 335$ /7&$7 333 H
ILVFDOL]DGRUHVYmRWHUDFHVVRSUDWLFDPHQWHLPHGLDWR $SRVHQWDGRULD (VSHFLDO 4XHP 'HYH (ODERUDU
D HODV +RMH WHPRV D OHJLVODomR GR ,166 TXH IDOD ,PSOHPHQWDU$FRPSDQKDUH$YDOLDUR335$"2TXHp
VREUH DSRVHQWDGRULD HVSHFLDO H GR 0LQLVWpULR GR R /7&$7 H TXDO D VXD 2ULJHP 2 FXUVR HVWi VHQGR
7U D E D O K R T X H D E R U G D L Q V D O X E U L G D G H H PXLWRLPSRUWDQWHSRUTXHHVVHpXPDVVXQWRTXHYDL
SHULFXORVLGDGH$VHPSUHVDVDFDEDPPLVWXUDQGRLVVR LPSDFWDU WRGD D VRFLHGDGH H SULQFLSDOPHQWH QRVVD
H DWp PHVPR XWLOL]DQGR QRUPDV LQWHUQDFLRQDLV SURILVVmR Ki TXHVW}HV GLUHWDPHQWH UHODFLRQDGDV j
SRUTXHQRVVDVQRUPDVQR%UDVLOVmRXOWUDSDVVDGDV6y +LJLHQH 2FXSDFLRQDO QDV HPSUHVDV H R LPSDFWR p
TXHRH6RFLDOQmRVHUHIHUHjVQRUPDVLQWHUQDFLRQDLV JUDQGH SDUD HODV 7LYHPRV DTXL XP HQIRTXH
TXHU VDEHU GD QRVVD OHJLVODomR (QWmR HVWRX LPSRUWDQWH GLVFXWLXVH R WLPHOLQH GD OHJLVODomR ²
RULHQWDQGR DV HPSUHVDV SDUD TXH SRVVDP VHSDUDU KRXYHPRGLILFDo}HVQDOHJLVODomRDRORQJRGRWHPSR
HVVDVLQIRUPDo}HVRXVHMDVHSDUHPDSDUWHGR07 HLVVRLPSDFWDDPDQHLUDSHODTXDOYRFrYDLUHSRUWDU
VREUH LQVDOXEULGDGH H SHULFXORVLGDGH D SDUWH GR RVGDGRVGH+2QRH6RFLDO(VVHIRLRSULQFLSDOSRQWR
,166TXHWHPRXWURVDJHQWHVHQYROYLGRVHIDoDPD GRFXUVRIRLPXLWRERPQHVVHVHQWLGRSRUTXHHOH
JHVWmRHP+2FRPDVQRUPDVLQWHUQDFLRQDLV²PDV GHXXPVXPiULRTXHYDLVHU~WLOSDUDWRGRVQDKRUD
HVVDV QRUPDV QmR VHUmR XWLOL]DGDV SDUD R H6RFLDO HP TXH IRUHP PRQWDU VXDV UHVSRVWDV SDUD DV
DSHQDV QD JHVWmR LQWHUQD GD HPSUHVD GHWDOKRX QHFHVVLGDGHV FULDGDV SHOR SURJUDPD DVVLQDORX R
%DOELQRW KLJLHQLVWD ÉOYDUR %RHFKDW GD 7K\VVHQNUXSS
PHPEURDWXDQWHGD$%+2TXHSDUWLFLSRXGRFXUVR
&XUVR+LJLHQH2FXSDFLRQDOHVHXV5HÁH[RVSDUD$SRVHQWDGRULD(VSHFLDO333HH6RFLDO'RFHQWHV5REHUWR-DTXHVH5RJpULR/XL]%DOELQRW
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
335 FKDPDUGHEDQGDGHFRQWUROHµ
$ )XQGDFHQWUR MXQWR DR 0LQLVWpULR GR 7UDEDOKR 2 KLVWyULFR QD iUHD GH 3URWHomR 5HVSLUDWyULD H D
SXEOLFRXQRPrVGHMXQKRDHGLomRGR3URJUDPDGH HVWUXWXUDGD$%+2IRUDPRVSULQFLSDLVDVSHFWRVTXH
3URWHomR5HVSLUDWyULD&RPHVVDSXEOLFDomRD$%+2 PRWLYDUDP 3ULVFLOD /p HVSHFLDOLVWD HP SURWHomR
LGHQWLILFRX D QHFHVVLGDGH GD DWXDOL]DomR SDUD RV UHVSLUDWyULDGD+RQH\ZHOOGR%UDVLODSDUWLFLSDUGR
SURILVVLRQDLV H HODERURX R FXUVR $WXDOLGDGHV HP FXUVR ´$JRUD FRP DOWHUDomR H UHQRYDomR GD
3URWHomR5HVSLUDWyULD²6HOHomRGH5HVSLUDGRUHVSDUD HGLomR GR 335 SDUD QyV TXH VRPRV IDEULFDQWHV H
0DWHULDO 3DUWLFXODGR H (QVDLR GH 9HGDomR ´+RXYH PXOWLSOLFDGRUHVSDUDRVFOLHQWHVHXVXiULRVILQDLVp
XPD UHYLVmR HP DOJXQV DVSHFWRV GR SURJUDPD H R VHPSUH LPSRUWDQWH HVWDU DWXDOL]DGRV 1HVVDV
SULQFLSDOREMHWLYRIRLPRVWUDUHVVDDWXDOL]DomRHUD RSRUWXQLGDGHV SRGHPRV GLVFXWLU DSULPRUDU
XPD TXHVWmR TXH SUHFLVDYD VHU FRUULJLGD QR 335 DFUHVFHQWDUGLYLGLUPXOWLSOLFDULVVRSDUDRSHVVRDO
GHVGH VXD SXEOLFDomRµ H[SOLFRX $QW{QLR 9ODGLPLU TXH UHDOPHQWH ID] XVR GRV HTXLSDPHQWRV 4XHUR
9LHLUD FKHIH GR 6HUYLoR GH (3, (TXLSDPHQWR GH DJUDGHFHU DR SURIHVVRU 9ODGLPLU DR 2VQ\ D WRGD
3URWHomR ,QGLYLGXDO GD )XQGDFHQWUR H SDOHVWUDQWH RUJDQL]DomRSRUHVWDUPRWLYDQGRHVHPRYLPHQWDQGR
GRFXUVRFRPRSUHVLGHQWHGD$%+22VQ\)HUUHLUDGH HPUHODomRDGLYLGLUWRGRHVVHFRQKHFLPHQWRFRPD
&DPDUJR´$WpSDUDQyVIRLXPDQRYLGDGHDSUHVHQWDU JHQWHµ
R SURJUDPD IL]HPRV QRVVD SURJUDPDomR HP
-RVH &DUORV /DPHLUD 2WWHUR HQJHQKHLUR GH
F R Q M X Q W R G H E D W H P R V G X U D Q W H D V D X O D V H
VHJXUDQoD GR WUDEDOKR H KLJLHQLVWD RFXSDFLRQDO
DSUHVHQWDPRVHPFRQMXQWRµFRQWRX9ODGLPLU
FHUWLILFDGR SHOD $%+2 VDOLHQWRX D LPSRUWkQFLD GD
2 HVSHFLDOLVWD GHVWDFRX D TXHVWmR GD HVFROKD GR SDUWLFLSDomR QRV HQFRQWURV ´7HQKR GH SDUWLFLSDU
PpWRGR PDLV HILFD] SDUD VHOHomR GH UHVSLUDGRUHV SDUD SUHVWLJLDU H WDPEpP SDUD PH DWXDOL]DU HP
&RPSHoDIDFLDOLQWHLUDHUDSHUPLWLGRID]HUHQVDLR TXHVW}HV OLJDGDV j QRUPDWL]DomR MXUtGLFD D QRYRV
TXDOLWDWLYR H DJRUD QHVVD QRYD YHUVmR LVVR IRL FRQKHFLPHQWRV WpFQLFRV TXH VmR WUD]LGRV SRU
DWXDOL]DGR Vy SRGH ID]HU HQVDLR TXDQWLWDWLYR 6H FROHJDV (VVHV HQFRQWURV SURSLFLDP LQWHUDJLU FRP
KRXYHULQVLVWrQFLDSRUSDUWHGRXVXiULRHPID]HUR DOJXPFRQKHFLPHQWRDTXHYRFrQmRpPXLWROLJDGR
WHVWHTXDOLWDWLYRPXGDRQtYHOGHSURWHomRGDSHoD ( Q W m R p X P J D Q K R Q m R V y S D U D D G T X L U L U
2XWURGHWDOKHpDTXHVWmRGHXPDDOWHUQDWLYDTXH FRQKHFLPHQWRVQRFXUVRFRPRWDPEpPSDUDUHYHURV
QmR VXEVWLWXL R PpWRGR WUDGLFLRQDO GH HVFROKD GH FROHJDV KLJLHQLVWDV (VVH LQWHUFkPELR p PXLWR
UHVSLUDGRUPDVpXPDRULHQWDomRGHFRPRID]HUXPD IDYRUiYHOSDUDRFUHVFLPHQWRFRPRSURILVVLRQDOµ
HVFROKD TXDOLWDWLYD ² XP PpWRGR TXH SRGHPRV
&XUVR$WXDOLGDGHVHP3URWHomR5HVSLUDWyULD²6HOHomRGH5HVSLUDGRUHVSDUD0DWHULDO3DUWLFXODGRH(QVDLRGH9HGDomR'RFHQWHV$QW{QLR9ODGLPLU9LHUDH
2VQ\)HUUHLUDGH&DPDUJR
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
&XUVR,QWURGXomRj(VWUDWpJLDGH$PRVWUDJHPHP+LJLHQH2FXSDFLRQDO'RFHQWH0DULR/XL])DQWD]]LQL
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
$*5$'(&,0(172
tPSDUVHPSUHFRPDXWRULGDGHDOLDGDDRERPKXPRU
(VVH p R 0LOWRQ 9LOOD $WXD FRPR PHVWUH GH
FHULP{QLDVSRUpPGHIRUPDSULYLOHJLDGDSRLVFRPR
FRQKHFH PXLWR EHP D LPSRUWkQFLD GRV WHPDV
DSUHVHQWDGRV H R S~EOLFR SUHVHQWH HP QRVVRV
HYHQWRVH[HUFHHVVHSDSHOSULPRURVDPHQWH
2 PDLV LQWHUHVVDQWH p TXH R 9LOOD QmR p XP
SURILVVLRQDOGDiUHDGHFRPXQLFDomRPDVWUDEDOKD
QD 0 GR %UDVLO PLQLVWUDQGR WUHLQDPHQWRV HP
3URWHomR5HVSLUDWyULDDXGLWLYDHHQVLQDQGRDIXQomR
GHRXWURV(3,VDSURILVVLRQDLVGDiUHDGHVHJXUDQoDH
VD~GH7DPEpPpSURIHVVRUQRFXUVRGHIRUPDomRGH
'XUDQWH R ;&%+2 XP FROHJD QRVVR +LJLHQLVWD +LJLHQLVWDV GD 8QLYHUVLGDGH )HGHUDO GD %DKLD H
2FXSDFLRQDO SDUWLFLSRX GH WRGRV RV SDLQpLV GH PHPEURGD$%+2GHVGHDOpPGHDWXDUFRPR
WRGDVDVDSUHVHQWDo}HVHDEULOKDQWRXRFRTXHWHOe 5HSUHVHQWDQWHUHJLRQDO%$6(
VHPSUHXPSUD]HUYrORVHPSUHSUHVHQWHHPYiULRV
FRQJUHVVRV UHDOL]DGRV SHOD $%+2 (OH FRQWUROD R $ GLUHWRULD GD$%+2 DJUDGHFH LPHQVDPHQWH D ERD
WHPSR GRV SDOHVWUDQWHV LQIRUPD RV FRQJUHVVLVWDV YRQWDGH H D HQHUJLD GR 9LOOD SDUD UHDOL]DU HVVD
VREUHFDGDXPGRVDYLVRVHID]WXGRLVVRGHIRUPD DWLYLGDGHFRPPDHVWULDHGHVFRQWUDomR
0HPEURVGD$%+2SUHVHQWHVQD$VVHPEOHLDUHDOL]DGDHP
5HYLVWD$%+2(GLomR
;&%+2 ;;,,,(%+2
$$%+2$*5$'(&(6(035(6$648(3$752&,1$5$0(
$32,$5$0$5($/,=$d®2'2;&%+2 ;;,,,(%+2
&$7(*25,$2852
&$7(*25,$35$7$
&$7(*25,$%521=(
$32,$'25(6
5HYLVWD$%+2(GLomR
$57,*2
352*5$0$'(&216(59$d2$8',7,9$(16$,2'(
$7(18$d2,1',9,'8$/$3/,&$'2&2020(/+25$
'2352&(662'(6(/(d2'263527(725(6$8',7,926
(*(672'$3527(d2$8',7,9$
5DIDHO3RO)HUQDQGHV
(QWUH RV PXLWRV GHVDILRV QD JHVWmR GD SURWHomR &RP UHODomR jV Do}HV TXH YLVDP j VHOHomR GR
DXGLWLYDH[LVWHRGHJDUDQWLUDHILFiFLDGRSURWHWRU SURWHWRU DXGLWLYR DGHTXDGR DR LQGLYtGXR GHYHP
DXGLWLYR TXDQGR VHX XVR VH ID] QHFHVViULR SDUD EXVFDUDGHVLJQDomRGRHTXLSDPHQWRTXHSURWHMDGH
DPHQL]DU D H[SRVLomR DR UXtGR 3RUpP GLYHUVRV IRUPDDGHTXDGDHVHMDRPDLVFRQIRUWiYHOSRVVtYHO
IDWRUHVWDLVFRPRDDQDWRPLDGRFUkQLRHGRVFDQDLV 3RUpP HVVHV GRLV SRQWRV VmR HP JHUDO DYDOLDGRV
DXGLWLYRV R QtYHO GH WUHLQDPHQWR VREUH R PRGR DSHQDV GH PDQHLUD TXDOLWDWLYD RX VHMD QmR VH
F R U U H W R G H X V R D G H V W U H ] D P D Q X D O H D UHDOL]D QHQKXP WLSR GH PHGLomR SDUD DYDOLDU D
FRQVFLHQWL]DomRVmRIDWRUHVGLItFHLVGHTXDQWLILFDU SHUIRUPDQFH LQGLYLGXDO GR SURWHWRU DXGLWLYR H
PDVLQIOXHQFLDPGLUHWDPHQWHDSHUIRUPDQFHGR(3, YDOLGDUDHVFROKDeSRVVtYHODILUPDUTXHFRQIRUWRp
(SDUDDXPHQWDUDLQGDPDLVRGHVDILRDLQIOXrQFLD VLPDOJRVXEMHWLYRHTXHSRGHKDYHULQGLYtGXRVTXH
GHVVD FRPELQDomR GH IDWRUHV RFRUUH GH PDQHLUD VH VHQWHP H[WUHPDPHQWH GHVFRQIRUWiYHLV FRP R
GLIHUHQWHHPFDGDLQGLYtGXR SURWHWRU OKH DSHUWDQGR D FDEHoD DR UHGRU GDV
RUHOKDVPDVTXHDFHLWDPRSURWHWRULQVHULGRHPVHX
3RUHVVHPRWLYRDVHOHomRGRSURWHWRUDXGLWLYRGHYH
FRQGXWR DXGLWLYR ( R LQYHUVR WDPEpP p EDVWDQWH
VHU IHLWD QmR Vy GH DFRUGR FRP R ULVFR D TXH R
FRPXP RX VHMD SRGH VHU TXH LQGLYtGXRV VLQWDP
WUDEDOKDGRU HVWi H[SRVWR H FRP DV FDUDFWHUtVWLFDV
H[WUHPRGHVFRQIRUWRFRPDOJRLQVHULGRQRVFRQGXWRV
GDV DWLYLGDGHV GHVHQYROYLGDV PDV WDPEpP GH
DXGLWLYRVPDVWROHUHPDSUHVVmRH[HUFLGDQDFDEHoD
DFRUGR FRP DV FDUDFWHUtVWLFDV H SHFXOLDULGDGHV GH
DRUHGRUGDVRUHOKDV
FDGDLQGLYtGXR
0DVFRPUHODomRjSURWHomRFRPRSRGHPRVJDUDQWLU
2 ULVFR GHYH VHU DYDOLDGR H R SURWHWRU DXGLWLYR
TXH XP GHWHUPLQDGR PRGHOR GH SURWHWRU DXGLWLYR
VHOHFLRQDGRFRQIRUPHVXDDWHQXDomRHP155VI3RU
UHDOPHQWH RIHUHFH D SURWHomR DGHTXDGD D FHUWR
H[HPSORSDUDXPQtYHOGHH[SRVLomRHTXLYDOHQWHD
LQGLYtGXR"2155VIpVXILFLHQWH"
GHFLEpLV G% FXMR OLPLWH GH H[SRVLomR
RFXSDFLRQDO VHMD GH G% VHUi QHFHVViULR XP $ DWHQXDomR GRV SURWHWRUHV DXGLWLYRV HP 155VI
SURWHWRUDXGLWLYRGHSHORPHQRVG%GHDWHQXDomR FRQWHPSODGD QR &HUWLILFDGR GH $SURYDomR
-i FRP UHODomR jV DWLYLGDGHV GHVHQYROYLGDV VmR HPEDODJHQVHIROKDVWpFQLFDVpREWLGDSRUPHLRGH
DYDOLDGDV H GHSHQGHQGR GH VXDV FDUDFWHUtVWLFDV HQVDLRVUHDOL]DGRVHPSHVVRDV2PpWRGRGHFiOFXOR
DOJXQVWLSRVGHSURWHWRUHVSRGHPVHUUHVWULQJLGRVRX FRQVLGHUDQGRTXHDDWHQXDomRYDULDGHSHVVRDSDUD
LQFHQWLYDGRV 1HVVHV FDVRV VmR H[HPSORV GH SHVVRD SUHYr TXH GH XP JUXSR GH LQGLYtGXRV
UHVWULo}HV FRPXPHQWH XWLOL]DGDV QR PHUFDGR HP REWrP R YDORU GH DWHQXDomR GR &$ RX PDLRU (
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(QJHQKHLURGH6HJXUDQoDGR7UDEDOKR
5HYLVWD$%+2(GLomR
$57,*2
5HYLVWD$%+2(GLomR
$%+25(*,21$,6
5(35(6(17$d25(*,21$/0,1$6*(5$,6
)250$d®2'2&20,7È'(+,*,(1(2&83$&,21$/'(0,1$6*(5$,6
1RGLDGHMXOKRGHIRLIRUPDGRR&RPLWrGH+LJLHQH2FXSDFLRQDOGH0LQDV
*HUDLVGHQRPLQDGR&+2²0*$LQLFLDWLYDGDIRUPDomRGRFRPLWrIRLGRV+LJLHQLVWDV
2FXSDFLRQDLV&HUWLILFDGRVSHOD$VVRFLDomR%UDVLOHLUDGH+LJLHQLVWDV2FXSDFLRQDLV²
$%+2 7LDJR)UDQFLVFR0DUWLQV*RQoDOYHVGDFLGDGHGH$UFRV²0*H6LOYLR$SDUHFLGR
$OYHV GD &LGDGH GH 9D]DQWH ² 0* FRP R DSRLR GRV +LJLHQLVWDV 2FXSDFLRQDLV
5RVHPEHUJ6LOYD/RSHVGD5RFKDH9DOGLQH\&DPDUJRVGH6RXVDDPERVGDFLGDGHGH
&RQWDJHP²0*2HYHQWRDFRQWHFHXHP%HOR+RUL]RQWH²0*1DRSRUWXQLGDGHKRXYHXPDSDOHVWUDSURIHULGDSHORV
LGHDOL]DGRUHVGRFRPLWrFRPRWHPD´2IXWXURHDVSHUVSHFWLYDVGD+LJLHQH2FXSDFLRQDOQR%UDVLOHVHXV
UHIOH[RV QR H6RFLDOµ 'HOH SDUWLFLSDUDP SURILVVLRQDLV HQWUH 7pFQLFRV (QJHQKHLURV GH 6HJXUDQoD GR
7UDEDOKR3URIHVVRUHVGDGLVFLSOLQDGH+LJLHQH2FXSDFLRQDOHGHPDLVLQWHUHVVDGRVQRDVVXQWRGHVWDFDQGRVHD
SUHVHQoDGHPHPEURVUHVLGHQWHVHP0LQDV*HUDLVGD$PHULFDQ,QGXVWULDO+\JLHQH$VVRFLDWLRQ $,+$ HGD$PHULFDQ
&RQIHUHQFHRI*RYHUQPHQWDO,QGXVWULDO+\JLHQLVWV² $&*,+ TXHQDRFDVLmRWURFDUDPPXLWDVH[SHULrQFLDV
(VWLYHUDP SUHVHQWHV SURILVVLRQDLV GDV FLGDGHV GH $UFRV %HOR
+RUL]RQWH%HWLP&RQWDJHP,SDWLQJD3DWRVGH0LQDV6HWH/DJRDVH
9D]DQWH1RHYHQWRMiILFDUDPDJHQGDGDVDVSUy[LPDVUHXQL}HVGR
FRPLWrTXHDFRQWHFHUmRQRVGLDVGHVHWHPEURHGHQRYHPEURHP
%HOR+RUL]RQWH²0*$SDUWLUGHDVUHXQL}HVVHUmRLWLQHUDQWHV
QDVGLYHUVDVUHJL}HVGRHVWDGRGH0LQDV*HUDLVFRPSUHYLVmRGHQR
PtQLPRXPDDFDGDWULPHVWUH1DRSLQLmRGHXPGRVLGHDOL]DGRUHV
GR &RPLWr R +LJLHQLVWD 2FXSDFLRQDO 7LDJR )UDQFLVFR 0DUWLQV
*RQoDOYHV´DIRUPDomRGR&RPLWrGH+LJLHQH2FXSDFLRQDOGH0LQDV
*HUDLV VHUi XPD JUDQGH RSRUWXQLGDGH GH GLYXOJDU D +LJLHQH 3DUWLFLSDQWHVGDIRUPDomRGRFRPLWrQDSULPHLUDUHXQLmR
2FXSDFLRQDOHHOHYDURQtYHOGRVWUDEDOKRVGHVVDiUHDHWDPEpPSDUD
DSUHVHQWDU FDVHV WUDEDOKRV H DUWLJRV FLHQWtILFRV YROWDGRV D HVVD
GLVFLSOLQDµ1DRSLQLmRGR+LJLHQLVWD2FXSDFLRQDO6tOYLR$SDUHFLGR
$OYHV WDPEpP LGHDOL]DGRU GR HYHQWR ´D +LJLHQH 2FXSDFLRQDO p
SHUFHELGDQRPHUFDGRSHODyWLFDGDVHJXUDQoDGRWUDEDOKRHQmRSHOD
yWLFDGDKLJLHQHRTXHJHUDGLVWRUo}HVJURWHVFDV2&RPLWrGH+LJLHQH
UHSUHVHQWDDRSRUWXQLGDGHGHGLIXQGLUDGHTXDGDPHQWHRVFRQFHLWRV
DSULPRUDU D UHODomR HQWUH SURILVVLRQDLV H GHPRFUDWL]DU D HIHWLYD
DSOLFDomR GD +LJLHQH 2FXSDFLRQDOµ 1D RSLQLmR GR +LJLHQLVWD
2FXSDFLRQDO 0DUFXV 9LQtFLXV %UDJD 5RGULJXHV 1XQHV PHPEUR GD 7LDJR)UDQFLVFR0*RQoDOYHVXPGRVLGHDOL]DGRUHVGRHYHQWR
$%+2 H 9RWLQJ 0HPEHU GD $&*,+ ´2 &+20* p XPD yWLPD GXUDQWH D SDOHVWUD ´2 IXWXUR H DV SHUVSHFWLYDVGD +LJLHQH
2FXSDFLRQDO QR %UDVLO H VHXV UHÁH[RV QR H6RFLDOµ
RSRUWXQLGDGH SDUD R FRPSDUWLOKDPHQWR GH FRQKHFLPHQWRV HQWUH RV
SURILVVLRQDLVGDiUHDYLVWRTXHHVVDFLrQFLDpIUHTXHQWHPHQWHWUDWDGD
GHIRUPDLQDGHTXDGD2JUXSRGHKLJLHQLVWDVTXHVHGHGLFDDHVVDV
TXHVW}HVDLQGDpHVSHFtILFRHPGHWHUPLQDGRVORFDLVFRPR6mR3DXOR
5LR*UDQGHGR6XOH5LRGH-DQHLURSRUWDQWRHVHHVSDoRpSURStFLR
SDUD D WURFD GH H[SHULrQFLDV H D EXVFD GH UHIHUrQFLDV SDUD
GHVHQYROYLPHQWR GR QRVVR WUDEDOKRµ 1D RSLQLmR GR +LJLHQLVWD
2FXSDFLRQDO%UXQR5RGULJR&DULDV$VVLV´DFULDomRGR&RPLWpGH+2
GH0LQDV*HUDLVFRQVWLWXLXPJUDQGHSDVVRSDUDTXHRVSURILVVLRQDLVGH 6tOYLR$SDUHFLGR$OYHVXPGRVLGHDOL]DGRUHVGRHYHQWRGXUDQWHD
SDOHVWUD´2IXWXURHDVSHUVSHFWLYDVGD+LJLHQH2FXSDFLRQDOQR
%UDVLOHVHXVUHÁH[RVQRH6RFLDOµ
5HYLVWD$%+2(GLomR
$%+25(*,21$,6
+LJLHQH 2FXSDFLRQDO GR HVWDGR GH 0LQDV *HUDLV WURTXHP H[SHULrQFLDV H EXVTXHP PHOKRUHV SUiWLFDV
SUHYHQFLRQLVWDVUHODFLRQDGDVDRHVWXGRFRQWUROHHPRQLWRUDPHQWRGRVULVFRVjVD~GHGRVWUDEDOKDGRUHVµ2V
WHPDVTXHVHUmRGLVFXWLGRVQDVSUy[LPDVUHXQL}HVVHUmR´$QWHFLSDomRH5HFRQKHFLPHQWRGHULVFRVFULWpULRVH
PHWRGRORJLDVGHDYDOLDomRGDH[SRVLomRRFXSDFLRQDOµPLQLVWUDGRSHOR+LJLHQLVWD2FXSDFLRQDO7LDJR)UDQFLVFR
0DUWLQV*RQoDOYHV+2&H´$YDOLDomRGD([SRVLomR2FXSDFLRQDOjYLEUDomRµPLQLVWUDGRSHOR+LJLHQLVWD
2FXSDFLRQDO9DOGLQH\&DPDUJRVGH6RXVD7+2&
'(32,0(1726
´&DVHVWUDEDOKRVHDUWLJRVFLHQWtILFRVYROWDGRVj+LJLHQH2FXSDFLRQDOµ
$IRUPDomRGR&RPLWrGH+LJLHQH2FXSDFLRQDOGH0LQDV*HUDLVVHUiXPDJUDQGHRSRUWXQLGDGHGHGLYXOJDUD+LJLHQH
2FXSDFLRQDOHHOHYDURQtYHOGRVWUDEDOKRVGHVVDiUHDHWDPEpPSDUDDDSUHVHQWDUFDVHVWUDEDOKRVHDUWLJRV
FLHQWtILFRVYROWDGRVDHVVDGLVFLSOLQD
7LDJR)UDQFLVFR0*RQoDOYHV
+LJLHQLVWD2FXSDFLRQDO&HUWLILFDGRPHPEURGD$,+$
´2SRUWXQLGDGHHFRQKHFLPHQWRµ
2&+20*UHSUHVHQWDXPDyWLPDRSRUWXQLGDGHSDUDFRPSDUWLOKDPHQWRGHFRQKHFLPHQWRHQWUHRVSURILVVLRQDLVGD
iUHDYLVWRTXHHVVDFLrQFLDpIUHTXHQWHPHQWHWUDWDGDGHIRUPDLQDGHTXDGD2JUXSRGHKLJLHQLVWDVTXHVHGHGLFD
DHVVDVTXHVW}HVDLQGDpHVSHFtILFRHPGHWHUPLQDGRVORFDLVFRPR6mR3DXOR5LR*UDQGHGR6XOH5LRGH-DQHLUR
SRUWDQWRHVVHHVSDoRpSURStFLRSDUDDWURFDGHH[SHULrQFLDVHDEXVFDGHUHIHUrQFLDVSDUDGHVHQYROYLPHQWRGR
QRVVRWUDEDOKR&RQJUDWXODo}HVDRVLGHDOL]DGRUHV6tOYLR7LDJR9DOGLQH\H5RVHPEHUJ
0DUFXV9LQtFLXV%UDJD5RGULJXHV1XQHV
+LJLHQLVWD2FXSDFLRQDO²0HPEURGD$%+2H9RWLQJ0HPEHUGD$&*,+
´7URFDGHH[SHULrQFLDHSUiWLFDVSUHYHQFLRQLVWDVµ
$ FULDomR GR &RPLWr GH +2 GH 0LQDV *HUDLV FRQVWLWXL XP JUDQGH SDVVR SDUD TXH RV SURILVVLRQDLV GH +LJLHQH
2FXSDFLRQDO GR HVWDGR GH 0LQDV *HUDLV WURTXHP H[SHULrQFLDV H EXVTXHP PHOKRUHV SUiWLFDV SUHYHQFLRQLVWDV
UHODFLRQDGDVDRHVWXGRFRQWUROHHPRQLWRUDPHQWRGRVULVFRVjVD~GHGRVWUDEDOKDGRUHV
%UXQR5RGULJR&DULDV$VVLV
+LJLHQLVWD2FXSDFLRQDO
5HYLVWD$%+2(GLomR
$%+25(*,21$,6
´2SRUWXQLGDGHHGHPRFUDWL]DomRµ
$KLJLHQHRFXSDFLRQDOpSHUFHELGDQRPHUFDGRSHODyWLFDGDVHJXUDQoDGRWUDEDOKRHQmRSHODyWLFDGDKLJLHQHR
TXHJHUDGLVWRUo}HVJURWHVFDV2FRPLWrGHKLJLHQHUHSUHVHQWDDRSRUWXQLGDGHGHGLIXQGLUDGHTXDGDPHQWHRV
FRQFHLWRVDSULPRUDUDUHODomRHQWUHSURILVVLRQDLVHGHPRFUDWL]DUDHIHWLYDDSOLFDomRGD+LJLHQH2FXSDFLRQDO
6LOYLR$SDUHFLGR$OYHV
+LJLHQLVWD2FXSDFLRQDO&HUWLILFDGR
´([SHFWDWLYDµ
$H[SHFWDWLYDGRr[LWRGRHYHQWRQDVSUy[LPDVUHXQL}HVpJUDQGHGHYLGRDRIDWRGHTXHKRXYHSHVVRDVTXH
YLDMDUDPPDLVGHTXLO{PHWURVSDUDGHOHSDUWLFLSDUHPXLWDVQmRSXGHUDPFRPSDUHFHUGHYLGRDLPSUHYLVWRV
.DUOD)UDQFHOH6DQWRV(VWHYmR
7pFQLFDGH+LJLHQH2FXSDFLRQDO
5(35(6(17$d25(*,21$/%$+,$
$8/$,1$8*85$/'$129$7850$'2&8562'((63(&,$/,=$d®2(0+,*,(1(
2&83$&,21$/'$81,9(5,'$'()('(5$/'$%$+,$
0DUFDGD SHOD SUHVHQoD GR 5HSUHVHQWDQWH 5HJLRQDO GD $%+2 H JHUHQWH GH
GHVHQYROYLPHQWR GD 0 GR %UDVLO GD GLYLVmR GH SURWHomR SHVVRDO 0LOWRQ 9LOOD
DFRQWHFHXQRGLDGHMXQKRGHDDXODLQDXJXUDOGDQRYDWXUPDGR&XUVRGH
(VSHFLDOL]DomRHP+LJLHQH2FXSDFLRQDO&(+2UHDOL]DGRSHOD8QLYHUVLGDGH)HGHUDO
GD%DKLD8)%$ 2HYHQWRWDPEpPFRQWRXFRPDSDOHVWUDGR6XSHULQWHQGHQWHGH
660$ 6D~GH6HJXUDQoDH0HLR$PELHQWH GR&2),&$XULQp]LR&DOKHLUDQDTXDODOpPGHLQWURGX]LURVFRQFHLWRV
EiVLFRVDVHUHPDERUGDGRVQRFXUVR&DOKHLUDFKDPRXDWHQomRGRVDOXQRVSDUDRFRPSURPLVVRHDLPSRUWkQFLDGR
SURILVVLRQDOGH+LJLHQH2FXSDFLRQDO
3RUVHWUDWDUGR~QLFRFXUVRGH(VSHFLDOL]DomRHP+2QR(VWDGRGD%DKLDDUHVSRQVDELOLGDGHpJUDQGH'HDFRUGR
FRPD&RRUGHQDGRUDGR&(+2(QHWH0HGHLURVXPGRVSULQFLSDLVFXLGDGRVGR&ROHJLDGRGR&XUVRpDPRQWDJHPGD
HTXLSHGRFHQWH´QmRDEULPRVPmRGHWHURVPHOKRUHVSURILVVLRQDLVGHFDGDHVSHFLDOLGDGHHGDVHTXrQFLDOyJLFD
GH RIHUWD GDV GLVFLSOLQDV R TXH IRL XP JUDQGH GHVDILR WHQGR HP YLVWD DV DJHQGDV VREUHFDUUHJDGDV GH FDGD
GRFHQWHePLVVmRGRFXUVRFDSDFLWDUSURILVVLRQDLVHP+LJLHQH2FXSDFLRQDOGHIRUPDDGHTXDGDHDWXDOµFRQFOXL
2 DSULPRUDPHQWR WpFQLFR DFRPSDQKDQGR DV QHFHVVLGDGHV GR PHUFDGR EHP FRPR D HYROXomR WHFQROyJLFD
WDPEpPVmRSDUWHIXQGDPHQWDOQDHODERUDomRGRFRQWH~GRSURJUDPiWLFRGHFDGDHGLomRGR&(+22FXUVRSRVVXL
5HYLVWD$%+2(GLomR
$%+25(*,21$,6
2FRUSRGRFHQWHpIRUPDGRSRUSURILVVLRQDLVFRPSHWHQWHVVHQGR
GRXWRUHVPHVWUHV H HVSHFLDOLVWDV RULXQGRV GH LQVWLWXLo}HV
S~EOLFDV H SULYDGDV DWXDQWHV QD iUHD GH +LJLHQH 2FXSDFLRQDO WDLV
FRPR )XQGDFHQWUR 8)%$ 8)3( ,)%$ 07(657(%D 3UHYLGrQFLD
6RFLDO$%+2%UDVNHP'HWHQ4XtPLFD3HWUREUDV3UHYLQHH6,6$LQGD
3DOHVWUDVGD$XOD,QDXJXUDOGR&(+2$XULQp]LR
FDEH GHVWDFDU TXH FHUFD GH GRV GRFHQWHV VmR +LJLHQLVWDV &DOKHLUDH0LOWRQ9LOD
&HUWLILFDGRVSHOD$%+2HIRUDPHJUHVVRVGR&(+2$OJXQVGHVVHV
GRFHQWHVIRUDPUHVSRQViYHLVSHODHODERUDomRGH1RUPDVGH+LJLHQH
2FXSDFLRQDO GD )XQGDFHQWUR 1+2V 1RUPDV 5HJXODPHQWDGRUDV GR
07(HSDUWLFLSDomRQRGHWDOKDPHQWRGDVDWLYLGDGHVGRVSURILVVLRQDLV
GH +LJLHQH 2FXSDFLRQDO SDUD FRPSRU D &ODVVLILFDomR %UDVLOHLUD GH
2FXSDo}HV &%2
,QLFLDGRHPHPSDUFHULDFRPR&RPLWrGH)RPHQWR,QGXVWULDOGH
&DPDoDUL&2),&RFXUVRYLVDYDDKDELOLWDURVSURILVVLRQDLVGR3ROR
3HWURTXtPLFREDLDQRSDUDDWHQGHUjVVROLFLWDo}HVH[SUHVVDVQD15
335$)RLDVVXPLGRLQWHJUDOPHQWHSHOD8)%$DSDUWLUGHHKRMH 0LOWRQ9LOD5HJLRQDO$%+20GR%UDVLO
VRPDPDLVGHSURILVVLRQDLVFDSDFLWDGRVDRORQJRGDVHGLo}HVMiUHDOL]DGDV2&(+2YHPFRQWULEXLQGRGH
IRUPDH[SUHVVLYDQRGHVHQYROYLPHQWRGD+LJLHQH2FXSDFLRQDO
$RVLQWHUHVVDGRVHPVDEHUPDLVLQIRUPDo}HVVREUHRFXUVRRXUHVHUYDUYDJDSDUDDVSUy[LPDVWXUPDVHQWUHPHP
FRQWDWRSHORHPDLOŶƵĐůĞŽ,KΛƵĨďĂ͘ďƌRXSHORWHOHIRQH
',6&,3/,1$6 &$5*$+25É5,$
,QWURGXomRj+LJLHQH2FXSDFLRQDO
&DUDFWHUL]DomR%iVLFD GH+LJLHQH 2FXSDFLRQDO
7R[LFRORJLD$SOLFDGDj+LJLHQH2FXSDFLRQDO
$JHQWHVGH5LVFR)tVLFRV
$JHQWHVGH5LVFRV4XtPLFRV,
$JHQWHVGH5LVFRV4XtPLFRV,,
$JHQWHV(UJRQ{PLFRV
(VWDWtVWLFD$SOLFDGDj+LJLHQH2FXSDFLRQDO
3+2*HUHQFLDPHQWRH(ODERUDomR
6HPLQiULRVHP+LJLHQH2FXSDFLRQDO
7UDEDOKRGH&RQFOXVmRGR&XUVR
7RWDOGHFDUJDKRUiULD KRUDV
5HYLVWD$%+2(GLomR
$%+20(0%526
129260(0%526
$$%+2SRUPHLRGR&RPLWrGH$GPLVVmRDSURYRXPDLVWULQWDHFLQFRQRYRV
SURFHVVRVGHÀOLDomR2VQRPHVGRVQRYRVPHPEURVVXDFDWHJRULDGHÀOLDomRHVHXV
UHVSHFWLYRVQ~PHURVVmRDSUHVHQWDGRVQRTXDGURDEDL[R
$$%+2GiDVERDVYLQGDVDRVFROHJDVHVSHUDQGRFRQWDUFRPD
SDUWLFLSDomRGRVQRYRVÀOLDGRVQDVDWLYLGDGHVGDDVVRFLDomR
5HYLVWD$%+2(GLomR
$%+20(0%526
$%+20(0%526&(57,),&$'26
&(57,),&$d®2'(+,*,(1,67$62&83$&,21$,6(7e&1,&26+,*,(1,67$62&83$&,21$,6
$ $%+2 SRU PHLR GH VXD 'LUHWRULD ([HFXWLYD DSUHVHQWD RV SURÀVVLRQDLV GH +LJLHQH 2FXSDFLRQDO TXH
REWLYHUDPR7tWXORGH+LJLHQLVWD2FXSDFLRQDO&HUWLÀFDGRH7pFQLFR+LJLHQLVWD2FXSDFLRQDO&HUWLÀFDGRHVH
FRQJUDWXODFRPWRGRVSRUVHPDQWHUHPFRPDFHUWLÀFDomRDWXDOL]DGD
3DUDWHUDFHVVRDPDLVLQIRUPDo}HVVREUHRSURFHVVRGHFHUWLÀFDomRDFHVVHZZZDEKRRUJEU
$12'($48,6,d®2 9$/,'$'(
+2& 120( '27Ì78/2 '27Ì78/2 &,'$'( (67$'2
5HYLVWD$%+2(GLomR
$%+20(0%526&(57,),&$'26
$12'($48,6,d®2 9$/,'$'(
+2& 120( '27Ì78/2 '27Ì78/2 &,'$'( (67$'2
5HYLVWD$%+2(GLomR
$%+20(0%526&(57,),&$'26
$12'($48,6,d®2 9$/,'$'(
+2& 120( '27Ì78/2 '27Ì78/2 &,'$'( (67$'2
5HYLVWD$%+2(GLomR
$%+20(0%526&(57,),&$'26
$12'($48,6,d®2 9$/,'$'(
+2& 120( '27Ì78/2 '27Ì78/2 &,'$'( (67$'2
$12'($48,6,d®2 9$/,'$'(
7+2& 120( '27Ì78/2 '27Ì78/2 &,'$'( (67$'2
5HYLVWD$%+2(GLomR
$%+20(0%526&(57,),&$'26
$12'($48,6,d®2 9$/,'$'(
7+2& 120( '27Ì78/2 '27Ì78/2 &,'$'( (67$'2
23,1,2'2/(,725
)DoRXPDJUDGHFLPHQWRHVSHFLDODR'U0DXUR=LZLDQSHODVH[FHOHQWHVFRQWULEXLo}HV
GHOHSDUDD(GLomRGD5HYLVWD$%+2&$5$&7(5,=$d®27e&1,&$(/(*$/'$6'2(1d$6
'275$%$/+2H0$18$/'($&,'(17(6'275$%$/+2'$35(9,'È1&,$62&,$/$SULPHLUD
PDWpULDH[WUHPDPHQWHWpFQLFDFRQWULEXLXSDUDHOHYDUDLQGDPDLVRSDGUmRGD5HYLVWDH
DVHJXQGDGHRUGHPLQIRUPDWLYDRQGHVDOLHQWDDPLVVmRFRQVWLWXFLRQDOGD3UHYLGrQFLDGH
]HODUSHODSUHYHQomRGHDFLGHQWHVHGRHQoDVSURÀVVLRQDLVHGRWUDEDOKR
5REHUWR-DTXHV
9LFH3UHVLGHQWHGH(GXFDomRH)RUPDomR3URÀVVLRQDO
$66,1($5(9,67$$%+2
3DUDILFDUSRUGHQWURGHWRGRVRVDVVXQWRV
H QRWtFLDV UHODFLRQDGRV j +LJLHQH
2FXSDFLRQDOHQWUHHPFRQWDWR
ZZZDEKRRUJEU
5HYLVWD$%+2(GLomR
(9(1726
35Ð;,026(9(1726'(+2
352*5$0$'(3527(d®25(63,5$7Ð5,$$78$/,=$d®2
GHMXOKRGH)XQGDFHQWUR6mR3DXOR63
KWWSZZZIXQGDFHQWURJRYEU
35(9(168/
HGHDJRVWRGH&XULWLED35
KWWSZZZSURWHFDRHYHQWRVFRPEUHYHQWRVFRQWHQWHYHQWR"LGBPHQX LGBHYHQW
RSDL LGBPHQXSDL
),63²)(,5$,17(51$&,21$/'(6(*85$1d$(3527(d®2
DGHRXWXEURGH6mR3DXOR63
KWWSZZZILVSYLUWXDOFRPEU
&21*5(6623$1$0(5,&$12'(+,*,(1(2&83$&,21$/
DGHRXWXEURGH²6DQWLDJR&KLOH
KLJLHQH\VDOXGRFXSDFLRQDOFKLOH#JPDLOFRP
9(57(17(6('(6$),26'$6(*85$1d$
HGH2XWXEUR²/HLULD²3RUWXJDO
KWWSZZZYGVHJSW
&21*5(62$5*(17,12'(+,*,(1(2&83$&,21$/
HGHQRYHPEURGH%XHQRV$LUHV$UJHQWLQD
KWWSVZZZHYHQWEULWHFRPDUHSULPHUFRQJUHVRDUJHQWLQRGHKLJLHQHRFXSDFLRQDO
WLFNHWV
%2+6$118$/&21)(5(1&(
DGHDEULOGH+DUURJDWH8.
ZZZRKFRP
$0(5,&$1,1'8675,$/+<*,(1(&21)(5(1&( (;326,7,21
DGHMXQKRGH6HDWWOH:DVKLQJWRQ(8$
KWWSDLKFHRUJ
(9(172625*$1,=$'263(/$$%+2
&8562(67$7Ì67,&$%É6,&$(68$6$3/,&$d¯(61$(675$7e*,$'($02675$*(0'($*(17(6$0%,(17$,6
HGHQRYHPEURGH6mR3DXOR63
ZZZDEKRRUJEU
&8562%É6,&2'(+,*,(1(2&83$&,21$/(6(865()/(;263$5$2333$326(17$'25,$(63(&,$/((62&,$/
HGHQRYHPEURGH6mR3DXOR63
ZZZDEKRRUJEU
5HYLVWD$%+2(GLomR
/(*,6/$d2
3257$5,$1'('(6(7(0%52'(
'28'(6(d®2
$OWHUDD1RUPD5HJXODPHQWDGRUDQ&RQGLo}HVH0HLR$PELHQWH
GH7UDEDOKRQD,QG~VWULDGD&RQVWUXomRH5HSDUDomR1DYDO
20,1,6752'((67$'2'275$%$/+2QRXVRGDVDWULEXLo}HVTXHOKHFRQIHUHPRLQFLVR,,GRSDUiJUDIR~QLFRGR
DUWGD&RQVWLWXLomR)HGHUDOHRVDUWVHGD&RQVROLGDomRGDV/HLVGR7UDEDOKR&/7DSURYDGDSHOR
'HFUHWR/HLQGHGHPDLRGHUHVROYH
$UW$1RUPD5HJXODPHQWDGRUDQ &RQGLo}HVH0HLR$PELHQWHGH7UDEDOKRQD,QG~VWULDGD&RQVWUXomRH
5HSDUDomR 1DYDO DSURYDGD SHOD 3RUWDULD 6,7 Q GH GH MDQHLUR GH SXEOLFDGD QR '28 GH
SDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV
E HPLWLU37HPFRQIRUPLGDGHFRPDDWLYLGDGHDVHUGHVHQYROYLGDH[FHWRHPVHUYLoRVUHDOL]DGRVHPFDELQHVGH
SLQWXUD
([FHWRHPVHUYLoRVUHDOL]DGRVHPFDELQHGHSLQWXUDDiUHDVRPHQWHGHYHVHUOLEHUDGDDSyVDXWRUL]DomR
GRSURÀVVLRQDOGHVHJXUDQoDHVD~GHQRWUDEDOKRRXQDVXDLQH[LVWrQFLDSHORUHVSRQViYHOSHORFXPSULPHQWRGHVWD
1RUPDREVHUYDGRVRVOLPLWHVLQIHULRUHVGHH[SORVLYLGDGHHGHH[SRVLomRHVWDEHOHFLGRVQD$35
$UW,QVHULUDGHÀQLomRGHFDELQHGHSLQWXUDQRLWHP²*ORVViULRGD1RUPD5HJXODPHQWDGRUDQ
&RQGLo}HVH0HLR$PELHQWHGH7UDEDOKRQD,QG~VWULDGD&RQVWUXomRH5HSDUDomR1DYDO DSURYDGDSHOD3RUWDULD
6,7QGHGHMDQHLURGHFRPDVHJXLQWHUHGDomR
&DELQH GH SLQWXUD /RFDO SURMHWDGR SRU SURÀVVLRQDO OHJDOPHQWH KDELOLWDGR GHVWLQDGR H[FOXVLYDPHQWH SDUD
WUDWDPHQWRHSLQWXUDGHVXSHUItFLHVFRQVWLWXtGRGHPDWHULDLVLQFRPEXVWtYHLVRXUHVLVWHQWHVDRIRJRGRWDGRGH
VLVWHPDGHYHQWLODomRH[DXVWmRÀOWUDJHPHFRQWUROHVDPELHQWDLV
$UW(VWD3RUWDULDHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
521$/'212*8(,5$'(2/,9(,5$
5HYLVWD$%+2(GLomR
'$
1 Ë 9 ( / 3$5$9(1
',632 '$$%+2
126,7( RUJEU
KR
ZZZDE
&8562%É6,&2'(+,*,(1(
2&83$&,21$/(6(865()/(;263$5$
2333$326(17$'25,$
(63(&,$/((62&,$/
('(129(0%52'(
6(;7$(6É%$'2&$5*$+25É5,$+
&RP'HQLVH1LFDFLR3HUHLUD
H5REHUWR-DTXHV
9HMDRFRQWH~GRSUHYLVWRHPZZZDEKRRUJEU
,16&5,d¯(6$7e
DSHQDV DSHQDV
5
PHPEUR$%+2
5
QmRPHPEUR
'$'263$5$3$*$0(172
%DQFRGR%UDVLO$JrQFLD_&RQWD&RUUHQWH_&13-
'$'263$5$,16&5,d®2
1RPH&RPSOHWR_5*&3)_(PDLO_(QGHUHoR_7HOIL[RHFHOXODU
$RHIHWXDURSDJDPHQWRHQFDPLQKHSDUDHYHQWRV#DEKRRUJEUDFySLD
GRFRPSURYDQWHMXQWRFRPRVGDGRVDFLPDSDUDTXHVXDLQVFULomRVHMDFRQILUPDGD
5HDOL]DomR
,03257$17(3DUDHVVHHYHQWRHVWmRGLVSRQtYHLVDSHQDVYDJDV $%+2