69. Centro de Pesquisas IBM da França / Marcel Breuer / 1962

&HQWURGH3HVTXLVDV,%0GD)UDQoD0DUFHO%UHXHU
)LJ9LVWDDpUHD
)LJ9LVWDH[WHUQD
)LJ'HWDOKHGR3LODUHIDFKDGD
)LJ9LVWDSDUFLDOH[WHUQD
&HQWURGH3HVTXLVDV,%0GD)UDQoD0DUFHO%UHXHU
)LJ,PSODQWDomRFRPSOHWDFRPGRLVEORFRV
)LJ3ODQWDGRSDYLPHQWR7LSR
)LJ(OHYDo}HV
&HQWURGH3HVTXLVDV,%0GD)UDQoD0DUFHO%UHXHU
$ IRUPD JHRPpWULFD GR HGLItFLR p GH XP GXSOR < TXH DEULJD HP GRLV DQGDUHV RV
ODERUDWyULRV GH SHVTXLVD DGPLQLVWUDomR DXGLWyULR UHVWDXUDQWH H FDIp OLEHUDQGR H
PDQWHQGRLQWDFWRRWHUUHQRQDWXUDO
(VWH SUpGLR GD ,%0 QD )UDQoD WHP XPD IRUPD RUJkQLFD HP SODQWD TXH VLPEROLFDPHQWH
OHPEUDXPDILJXUDKXPDQDGHLWDGDGHEUDoRVHPmRVDEHUWRV
6XD SODQWD HP GXSOR ³<´ p DEVROXWDPHQWH VLPpWULFD H PRGXODGD H TXDQGR YHUWLFDOL]DGD
GiXPDIRUPDYROXPpWULFDRULJLQDODRHGLItFLR
%ORFRV WULDQJXODUHV VLPpWULFRV H HVWUDWHJLFDPHQWH FRORFDGRV FRPS}HP D FLUFXODomR
YHUWLFDOGRHGLItFLREDL[R
1RWDVH R ULJRU H D SUHFLVmR GD VROXomR JHRPpWULFD GD IDFKDGD HVWUXWXUDO H GR GHVHQKR
FXLGDGRVRHEHORGRSLODUWULDQJXODUYD]DGRGHWUDQVLomRGDVFDUJDV
7RGD D HVWUXWXUD p GH FRQFUHWR DSDUHQWH FRU QDWXUDO H[WUHPDPHQWH EHP H[HFXWDGD HP
SDLQpLVSUpPROGDGRVTXHGmRDH[SUHVVmRIRUPDOFDUDFWHUtVWLFDDRFRQMXQWR
(VVHV SDLQpLV H[WHUQRV IXQFLRQDP FRPR XPD JUHOKD HVWUXWXUDO SHULIpULFD TXH SHUPLWHP
OLEHUDURVHVSDoRVOLYUHVLQWHUQRVSDUDWUDEDOKDUDUUDQMRVEDVWDQWHIOH[tYHLV
2V SLODUHV GR WpUUHR WrP DOWXUDV YDULiYHLV SDUD FRUULJLU DV LQFOLQDo}HV GR WHUUHQR H XP
GHVHQKRHVSHFLDOHPIRUPDGH9RULJLQDLVQDRFDVLmRTXHYHPHPSUHVWDUJUDQGHOHYH]D
HHOHJkQFLDDRWUDQVPLWLUDVFDUJDVGRVDQGDUHVVXSHULRUHV
(VWH WUDWDPHQWR IRUPDO p VHPHOKDQWH jTXHOH GDGR SRU -RmR )LOJXHLUDV /LPD QR &HQWUR
$GPLQLVWUDWLYRGD%DKLD
9HUPDLVHP
-RHGLFNH-XUJHQ$UTXLWHWXUDFRQWHPSRUkQHD%DUFHORQD*XVWDYR*LOL
0RQWDQHU-RVHS'HVSXHV'HO0RYLPHQWR0RGHUQR%DFHORQD*XVWDYR*LOL
&KLQJ)UDQFLV..$UTXLWHWXUD±)RUPDHVSDoRHRUGHP6mR3DXOR0DUWLQV)RQWHV
&ODUN5RJHU$UTXLWHFWXUDWHPDVGHFRPSRVLFLRQ0p[LFR*XVWDYR*LOL
5HYLVWD3URFHVV$UFKLWHFWXUH
KWWSZZZPDUFHOEUHXHURUJ0DLQKWPO
%DNHU+RXVH0,7(8$$OYDU$DOWR
)LJ9LVWDH[WHUQDGHIURQWHDRULR&KDUOHV
)LJH'HWDOKHVGDIDFKDGDDQJXODU
)LJH'HWDOKHVGDIDFKDGDRQGXODGD
)LJ'HWDOKHGDHQWUDGD
)LJ9LVWDLQWHUQD
%DNHU+RXVH0,7$OYDU$DOWR
)LJ3ODQWDGRSDYLPHQWRWLSR
)LJ3ODQWDSDYLPHQWRWpUUHR
)LJ7UDoDGRJHRPpWULFR
)LJ(OHYDomR
%DNHU+RXVH0,7$OYDU$DOWR
(VWH HGLItFLR IRL FRQVWUXtGR SDUD DEULJDU RV DORMDPHQWRV GRV HVWXGDQWHV GR ,QVWLWXWR
7HFQROyJLFRGH0DVVDFKXVHWWVGH&DPEULGJHQRV(VWDGRV8QLGRV
8PDJUDQGHOLQKDFXUYDVLQXRVDGHILQHDIRUPDGHVVHHGLItFLR
2 TXH FKDPD D DWHQomR QHVVD JHRPHWULD p VXD VLQXRVLGDGH GDGD SHOD FLUFXODomR
KRUL]RQWDO'H XP GRV VHXV ODGRVD HOHYDomR FXUYD GH WLMRORVYHUPHOKRV GRVGRUPLWyULRV
DFRPSDQKD HVVD VLQXRVLGDGH FULDQGR YLVXDLV GLVWLQWDV H DSUHVHQWDQGR XPD UXSWXUD QD
iUHDXUEDQDIHLWDGHHGLItFLRVRUWRJRQDLV
'R RXWUR ODGR QXP WUDWDPHQWR FRPSOHWDPHQWH GLIHUHQWH DSDUHFH XPD SROLJRQDO FKHLD GH
kQJXORVUHWRVHREOtTXRVUH~QHDVFLUFXODo}HVYHUWLFDLVHRXWURVXVRV
8P JUDQGH ³6´ GHWHUPLQD D IRUPD ILQDO GH XPD GDV HPSHQDV GHVWH HGLItFLR HQTXDQWR D
RXWUDpFRPSRVWDGHVXSHUItFLHVSODQDVHLQFOLQDGDVGRVEORFRVGDVHVFDGDVGHFLUFXODomR
YHUWLFDO
2XWURV GRLV YROXPHV EDL[RV VHQGR R UHIHLWyULR GH EDVH TXDGUDGD H RXWUR LUUHJXODU VH
LQFUXVWDPSHUSHQGLFXODPHQWHjJUDQGHVLQXRVLGDGH
(VWDIRUPDVXUSUHHQGHQWHIRLDGRWDGDSDUDJDUDQWLUPHOKRULQVRODomRPHOKRUSULYDFLGDGH
HYLVXDLVLQGLYLGXDOL]DGDVHPFDGDGRUPLWyULRHHPFDGDSRQWRGRHGLItFLR
$UHFRUWDGDYROXPHWULDpUHYHVWLGDSRUWLMRORVYHUPHOKRVDSDUHQWHVWtSLFRVGRVHGLItFLRVGD
UHJLmRPDVDSUHVHQWDGRVHPIRUPDVH[WUHPDPHQWHRULJLQDLVHPDLVOLYUHV
1RWHVH DVROXomR GDV HVFDGDULDVFRORFDGDVH[WHUQDPHQWHHP YROXPHV VDOLHQWHV LVWR p
HPEDODQoRTXHUHIRUoDPDPRQXPHQWDOLGDGHGRHGLItFLR
2 DUTXLWHWR VHPSUH EXVFRX D KXPDQL]DomR GDV IRUPDV H WpFQLFDV LQGXVWULDOL]DGDV
TXHEUDQGR D ULJLGH] GDV VROXo}HV RUWRJRQDLV HVWUXWXUDOPHQWH IXQFLRQDOLVWDV GR
PRYLPHQWR0RGHUQR
9HUPDLVHP
*XWKHLP)UHGHULFN$OYDU$DOWR%DUFHORQD%UXJXHUD
)OHLJ.DUO$DOWR$OYDU%DUFHORQD*XVWDYR*LOL
:HVWRQ5LFKDUG3ODQWDVFRUWHVHHOHYDo}HV0p[LFR*LOL
5HYLVWD$UFKLWHFWXUHG¶$XRXMRXG¶KXLQR
&HQWUR&XOWXUDO63DXOR(XULFR3UDGR/RSHV/XLV%&7HOOHV
)LJ9LVWDH[WHUQD$YHQLGDGH0DLR
)LJ9LVWDGDFREHUWXUDDFUtOLFD
)LJ9LVWDLQWHUQD)LJ9LVWDIRUURLQWHUQR
&HQWUR&XOWXUDO63DXOR(XULFR3UDGR/RSHV/XLV%&7HOOHV
)LJH3ODQWDV%LEOLRWHFDH7HDWURVFRWDH6HUYLoRVFRWD $YHQLGDGH0DLR
)LJH3ODQWDV3LQDFRWHFDFRWDH(QWUDGDHGLVWULEXLomRFRWD5XD9HUJXHLUR
)LJ&RUWHWUDQVYHUVDO
&HQWUR&XOWXUDO6mR3DXOR(XULFR3UDGR/RSHV/XLV%&7HOOHV
2&HQWUR&XOWXUDO6mR3DXORWHPTXDWURSDYLPHQWRVXPDiUHDWRWDOGHPTXHVH
LQWHJUD DR H[tJXR H HVWUHLWR WHUUHQR j WRSRJUDILD H DR HVSDoR XUEDQR (OH p WRGR
SHUPHDGRHVHPEDUUHLUDVFRPRTXHFRQYLGDQGRRWUDQVHXQWHDHQWUDU
'H JUDQGH SUHGRPLQkQFLD KRUL]RQWDO HEDL[R HVWH HGLItFLR HQIUHQWRX XPWHUUHQR GH yWLPD
ORFDOL]DomR PDV H[WUHPDPHQWH H[tJXR FRPSULGR H tQJUHPH SDUD UHVROYHU XP DPSOR
SURJUDPDDUTXLWHW{QLFR
8PD HVWUXWXUD PLVWD H PRGXODGD GH FRQFUHWR DUPDGR H PHWDO FRQILJXUD DV IRUPDV
VLQXRVDV GHVWH HGLItFLR S~EOLFR GHVWLQDGR DR FHQWUR GH P~OWLSODV DWLYLGDGHV FXOWXUDLV
FRPRFLQHPDWHDWURH[SRVLo}HVELEOLRWHFDYLGHRWHFD
$HVWUXWXUDPHWiOLFDIHLWDHPDoRJDOYDQL]DGRDSUHVHQWDIRUPDVFXUYDVQDFRQIHFomRGDV
HQRUPHV YLJDV H SLODUHV WUDEDOKDGRV FRPR HVFXOWXUDV QXP WUDWDPHQWR RULJLQDO H FULDWLYR
SDUDHVWHPDWHULDO
7RGDV DV YLJDV H SLODUHV PHWiOLFRV WrP GLPHQV}HV PXLWR HVEHOWDV H VmR P~OWLSODV H
UHSHWLGDVSDUDIDFLOLWDUVXDH[HFXomRIHLWDHPIXQLODULDGHIRUPDDUWHVDQDO$YLJDVGH
PGHYmRVHUYLUDPFRPRIRUPDSDUDDVFRQFUHWDJHQVHOLPLQDQGRDVVLPRPDGHLUDPHQWR
GDVIRUPDV
$JHRPHWULDGDVYLJDVPHWiOLFDVpGHILQLGDSRUFXUYDVVXDYHVGHJUDQGHVUDLRVLJXDLVH
UHSHWLGDVGHPDQHLUDLQRYDGRUDSDUDHVWHWLSRGHPDWHULDO
*HQHURVRV HVSDoRV LQWHUQRV YD]DGRV FRP UDPSDV GHVHQFRQWUDGDV GH FLUFXODomR
SHQGXUDGDVQDHVWUXWXUDSURYRFDPXPDGLQkPLFDQRVDPELHQWHVGRFHQWUR
,JXDOPHQWH IRUDP FULDGRV MDUGLQV LQWHUQRV UHVSHLWDQGR D YHJHWDomR H[LVWHQWH TXH
FRQWULEXHP SDUD LOXPLQDU QDWXUDOPHQWH YiULRV HVSDoRV LQWHUQRV FRP HVVHV HVSDoRV
YHUGHV2MDUGLPFHQWUDOJDQKRXRQRPHGRDXWRUGRSURMHWRQXPDKRPHQDJHPSyVWXPD
$ FREHUWXUD JHUDO WDPEpP p PHWiOLFD H DSUHVHQWD YiULRV GRPRV WUDQVO~FLGRV SDUD
LOXPLQDomR]HQLWDOGRVDPELHQWHVLQWHUQRV
9HUPDLVHP
;DYLHU$OEHUWR$UTXLWHWXUD0RGHUQD3DXOLVWDQD3LQL6mR3DXOR
5HYLVWD3URMHWRQRH
'&25326&20)250$6(63(&,$,6
)LJ&kPDUDGH/RQGUHV1RUPDQ)RVWHU
6mR REUDV IRUPDOPHQWH GLIHUHQFLDGDV GLItFHLV GH VHUHP HQTXDGUDGDV QDV GHPDLV
FDWHJRULDVJHRPpWULFDVDSUHVHQWDGDV
'HQWURGHVVDFDWHJRULDHVWDUmRSUHVHQWHVDVVHJXLQWHVREUDV
2EUD3DYLOKmRGH/LVERDÈOYDUR6L]D
2EUD0XVHXGR'LQDVVDXUR.LVKR.XURNDZD
2EUD1HZ%DUULV9LOODJH(JLWR+DVVDQ)DWK\
2EUD&DSHOD5RQFKDPSGH/H&RUEXVLHU
2EUD(GLItFLR)DEHUGH1RUPDQ)RVWHU
2EUD&HQWUR$PELHQWDO%DOELQDGH6HYHULDQR0DULR3RUWR
2EUD7RUUH(LQVWHLQGH(ULF0HQGHOVRKQ
2EUD$UFKLJUDPGH3HWHU&RRN
2EUD$UTXLWHWXUD0yYHOGH<RQD)ULHGPDQ
3DYLOKmRGH([SRVLo}HV/LVERDÈOYDUR6L]D
)LJ9LVWDGDJUDQGHSUDoDFREHUWD
)LJ9LVWD/DWHUDO )LJ&DERVGHSURWHQVmRDSDUHQWHV
)LJ9LVWDGH)UHQWHGR3DYLOKmR)LJ9LVWDDpUHDGRFRQMXQWR
3DYLOKmRGH([SRVLo}HV/LVERDÈOYDUR6L]D
)LJ3ODQWD3DYLPHQWR7pUUHR
)LJ3ODQWDSDYLPHQWRVXSHULRU
)LJ&RUWH
3DYLOKmRGH([SRVLo}HV/LVERDÈOYDUR6L]D
(VWH SDYLOKmR GD UHSUHVHQWDomR GH 3RUWXJDO QD ([SR GH /LVERD IRL FRQVWUXtGR FRPR
XPDSRUWDDEHUWDSDUDRPDUQDIR]GR5LR7HMRWDOYH]QXPDDOXVmRDRVGHVFREULPHQWRV
SRUWXJXHVHV (OH IRL FRQFHELGR SDUD WHU XP FDUiWHU SHUPDQHQWH H DEULJDU DWLYLGDGHV
IXWXUDVDRHYHQWR
2SDYLOKmRFRQVWDGHGXDVSDUWHVJHRPHWULFDPHQWHGLVWLQWDV
$ PDLRU p XP SDUDOHOHStSHGR LUUHJXODU HP YROWD GH XP SiWLR TXDGUDGR TXH UH~QH RV
VHUYLoRVGDUHSUHVHQWDomRQDFLRQDOHGRVDSRLRVQHFHVViULRV
$ RXWUD SDUWH p D JUDQGH SUDoD FREHUWD FRP PHWURV TXDGUDGRV TXH HVWi GHILQLGD
SHORV GRLV FRQWUDIRUWHV ODWHUDLV TXH DSyLDP XPD JUDQGH PDOKD GH FDERV GH DoR
HQULMHFLGD H SURWHJLGD FRP FRQFUHWR FRP XPD HVSHVVXUD HVEHOWD GH VRPHQWH FP
9LVXDOPHQWHSDUHFHXPDODMHFXUYDPDVHVWUXWXUDOPHQWHQmRp
6HJXQGR R DUTXLWHWR HVWD IRUPD IRL DVVLP H[SOLFDGD ³QmR VHL VH D SDOD VXUJLX FRPR
DQDORJLDDRVWROGRVGHSUDLDFRQVLGHUDQGRDSUR[LPLGDGHGDiJXDTXDQGRHVWDPRVHP
IDVH GD SUpFULDomR YDPRV H[SHULPHQWDQGR SURFXUDQGR LGpLDV IRUPDV H DSDUHFHP
PXLWDVUHIHUrQFLDVVHPWHUPRVFRQVFLrQFLDGRSRUTXHGHFDGDXPDGHODVDDUTXLWHWXUD
QmRpFRPRXPWH[WRSUDJPiWLFRRXH[SOLFDWLYR´
2 FRQWUDVWH HQWUH HVVHV GRLV WUDWDPHQWRV IRUPDLV GD SUDoD FRP JHRPHWULD PDLV OLYUH H
JHQHURVDFRPXPDWHQGDjEHLUDG¶iJXDHGRRXWUREORFREHPFDUWHVLDQRFRPWUDWDPHQWR
FDUDFWHUtVWLFRGH6L]DYHPUHIRUoDUDPDUFDGHVVDREUD
1DIDOWDGHXPWHFLGRRXORFDOXUEDQRRQGHVHDQFRUDU6L]DEXVFRXXPDLQVHUomRXUEDQD
QDGRFDH[LVWHQWH HQD$YHQLGDTXHFLUFXQGDRSDYLOKmRHL[R FHQWUDOGD([SRIXWXUD
LQWHJUDomRFRPDFLGDGHGH/LVERD
2 2XWUR EORFR PDLRU PDLV GLVFUHWR GH GRLV SDYLPHQWRV H VXEVROR DEULJD DV
GHSHQGrQFLDV GD H[SRVLomR SURSULDPHQWH GLWD FRP VHXV DSRLRV GH HVFULWyULRV
UHVWDXUDQWHGHSyVLWRVDPELHQWHVTXHURGHLDPSHTXHQDVSUDoDVFRPROLYHLUDVWtSLFDVGH
3RUWXJDO
6XD PRGXODomR GH P [ P GLVFLSOLQRX D LPSODQWDomR H D VXD JHRPHWULD EDVWDQWH
RUWRJRQDO FRP XP JUDQGH EORFR TXDGUDGR FRP SiWLR LQWHUQR H RXWURV GRLV UHWDQJXODUHV
PHQRUHVHPIRUPDGH8QRH[WUHPRRSRVWRjJUDQGHWHQGD
2 FRQMXQWR DUTXLWHW{QLFR WHP XPD OLQJXDJHP IRUPDO EDVWDQWH VLPSOHV WRGD EUDQFD
GHVSRMDGD FDUDFWHUtVWLFD GR DUTXLWHWR FRP HVWUXWXUD YLVtYHO SHTXHQDV DEHUWXUDV
WHUUDoRV DOWHUQDQGR XPD HVFDOD PRQXPHQWDO QD JUDQGH PDUTXLVH FRP RXWUD PDLV
FRORTXLDOQDVSHTXHQDVSUDoDVLQWHULRUHV
9iULRV SDQRV GH PXURV GHOLPLWDP H SHUPHLDP RV HVSDoRV H[WHUQRV FRQGX]LQGR RV
YLVLWDQWHVVHPSRUHPFRQILQiORV0DUTXLVHVHWHUUDoRVSURWHJHPDVFLUFXODo}HVH[WHUQDV
9HUPDLVHP
6L]DÈOYDUR2EUDVH3URMHWRV%DUFHORQD*XVWDYR*LOL
7HVWD3HWHUÈOYDUR6L]D6mR3DXOR0DUWLQV)RQWHV
'HVFRQWLQXLGDGH ± $UTXLWHWXUD FRQWHPSRUkQHD QRUWH GH 3RUWXJDO%DUFHORV &LYLOL]DomR
5HYLVWD$8
KWWSZZZFLGDGHYLUWXDOSWEODXVL]DKWPO
0XVHXGR'LQRVVDXUR)XNXL.LVKR.XURNDZD
)LJ,PSODQWDomR
)LJ9LVWDH[WHUQD
)LJH9LVWDVLQWHUQDV
0XVHXGR'LQRVVDXUR)XNXL.LVKR.XURNDZD
)LJH3ODQWDV
)LJ(VTXHPDJHRPpWULFR
)LJ(OHYDomRRHVWH
)LJ(OHYDomROHVWH
)LJ(OHYDomRVXO
0XVHXGR'LQRVVDXUR)XNXL.LVKR.XURNDZD
(VWH 0XVHX GH IRUPD RYyLGH H SODQWD HOtSWLFD ID] SDUWH GH XP FHQWUR GH SHVTXLVDV H
H[SRVLo}HVVREUHGLQRVVDXURVQDSURYtQFLDGH)XNXLQR-DSmR
$IRUPDRYyLGHpREWLGDSRUXPDJUDQGHHVWUXWXUDPHWiOLFDHVSDFLDOUHYHVWLGDSRUSODFDV
GHDoR LQR[LGiYHO SROLGDV IRUPDQGR JRPRV WUDQVYHUVDLV TXH FRPSOHWDPD FRQIRUPDomR
GRHGLItFLR
(QWUDVH SHOR WHUFHLUR SDYLPHQWR H YDLVH GHVFHQGR SDUD RV YiULRV QtYHLV HOHYDGRV SDUD
PHOKRU YLVXDOL]DU RV JUDQGHV H[HPSODUHV H[SRVWRV RX GLULJHVH GLUHWDPHQWH DR VXE VROR
SDUDRPXVHXGRVRVVRV
2FHQWURGDFREHUWXUDSRVVXLXPDFODUDEyLDGHLOXPLQDomRHPIRUPDGHFRQH
2FHQWURGHSHVTXLVDVpFRPSRVWRSRURXWURVFRUSRVFRPIRUPDVGHSLUkPLGHRXVLQXRVRV
TXHFXPSUHPRXWUDVIXQo}HVGRSURJUDPDDUTXLWHW{QLFRFRQIRUPHVHYrQDLPSODQWDomR
3RUpP D PDUFD YLVXDO PDLV IRUWH GR FRQMXQWR p HVWH SDYLOKmR GH H[SRVLo}HV SUDWHDGR H
EULOKDQWHHPIRUPDGHRYRSRXVDGRQDSDLVDJHPYHUGHDRUHGRU
1HVWH SURMHWR R DUTXLWHWR GHVHQYROYH VXDV WHRULDV UHIHUHQWHV DR TXH HOH FKDPD GH
VLPEROLVPRDEVWUDWRHjVLPELRVHTXHSURFXUDPFULDUVLPEROLVPRVDWUDYpVGRVHGLItFLRVH
EXVFDU D VLPELRVH HQWUH RV PDWHULDLV H WpFQLFDV FRQWHPSRUkQHDV FRP DV WUDGLo}HV
FXOWXUDLVHRPHLRDPELHQWH
$VVLP HOH DSOLFD HVVHV FRQFHLWRV PHWDEROLVWDV FULDQGR R HGLItFLR GH H[SRVLo}HV FRP D
IRUPD RYyLGH TXH OHPEUD XPD FDVFD GH XP JUDQGH RYR GH GLQRVVDXUR H jV SDUHGHV
VLQXRVDVHU~VWLFDVHPFRQFUHWRHFHUkPLFDTXHOHPEUDULDPDVFDPDGDVJHROyJLFDVGD
WHUUD
$DSOLFDomRGHIRUPDVJHRPpWULFDVSXUDVHVLPSOHVFRPRRRYyLGHRFRQHHDSLUkPLGH
DSOLFDGDVVREUHXPJUDPDGRQDWXUDOWDPEpPID]HPSDUWHGHVVHVLPEROLVPRDEVWUDWR
9HUPDLVHP
5HYLVWD$8QR
KWWSZZZNLVKRFRMS
1HZ%DUULV9LOODJH.KDUJD(JLWR+DVVDQ)DWK\
)LJ$UFRVGRSUpGLRGD$GPLQLVWUDomR
)LJ0HUFDGR
)LJ3iWLRGR0HUFDGR
)LJ9LODGDVUHVLGrQFLDV
1HZ%DUULV9LOODJH.KDUJD(JLWR+DVVDQ)DWK\
)LJ3ODQWDGDYLODGDVUHVLGrQFLDV
)LJ&RUWHV
1HZ%DUULV9LOODJH.KDUJD(JLWR+DVVDQ)DWK\
(VWDQRYDXUEDQL]DomRHP.KDUJDFRQWDLQLFLDOPHQWHFRPUHVLGrQFLDVHWRGDDLQIUD
HVWUXWXUDEiVLFDQHFHVViULDFRPRPHUFDGRHVFRODFOLQLFDSRVWRSROLFLDOHDGPLQLVWUDomR
5HVVDOWHVHiIDEULFDGHWLMRORVSDUDWRGDDFRQVWUXomR
(VWHSURMHWRUHIOHWHDPDWXULGDGHHDH[SHULrQFLDGRDUTXLWHWRQHVVHWLSRGHXUEDQL]DomR
IHLWD SDUD SRSXODomR GH EDL[D UHQGD FRP RV PtQLPRV UHFXUVRV H GH EDL[R FXVWR (OD p
XPDHYROXomRGDVVROXo}HVHPSUHJDGDVQRSURMHWRGH1HZ*RXUQDIHLWRDQRVDQWHV
2DUTXLWHWRDILUPDTXH³1HZ%DULV IRLXPLQWHUHVVDQWHSUREOHPD RQGHWLYH GHFULDUWRGDV
DV SDUWHV SDUD D FRPXQLGDGH FULDQGR GD PHOKRU PDQHLUD SRVVtYHO VHP FRQKHFHU DV
SHVVRDVTXH OiKDELWDULDP7LQKD jGLVSRVLomR DGHPRJUDILDD JHRJUDILDHRFOLPD7LYH
GHSURYHURVHQWLGRGRHVSDoRFRQVWUXtGRSHORKRPHP´
$ RULHQWDomR SUHGRPLQDQWH GR FRQMXQWR VH Gi QR HL[R QRUWHVXO SDUD PHOKRU FDSWDU DV
FRUUHQWHVGHDUQXPD]RQDGHVpUWLFD$VKDELWDo}HVHGHPDLVVHUYLoRVHVWmRLPSODQWDGRV
HPWRUQRGRPHUFDGRFRQVWUXomRGHJUDQGHLPSRUWkQFLDQDFXOWXUDiUDEH
$V IRUPDV GDV KDELWDo}HV H GR PHUFDGR VmR GH XPD JHRPHWULD EDVWDQWH VLPSOHV
FRQVWLWXtGDVGHSULVPDVVLPSOHVHQFLPDGRVSRUDUFRVRXF~SXODVGHWLMRORVIDEULFDGRVQR
ORFDO6mRDUFRVFRPSOHWDGRVFRPULFRVGHVHQKRVYD]DGRVWDPEpPIRUPDGRVSRUWLMRORV
TXHJDUDQWHPDQHFHVViULDYHQWLODomRSHUPDQHQWHDRVDPELHQWHV
9HUPDLVHP
6WHHOH±7KDPHV+XGVRQ$Q$UFKLWHFWXUHIRU3HRSOH7KHFRPSOHWH:RUNVRI+DVVDQ
)DWK\
KWWSDUFKQHWRUJOLEUD\VLWHVRQHVLWHWFO"VLWHBLG &DSHOD1RWUH'DPHGX+DXW5RQFKDPS/H&RUEXVLHU
)LJ9LVWDH[WHUQD
)LJ9LVWDLQWHUQD
)LJ9LVWDH[WHUQDODWHUDO )LJ9LVWDH[WHUQDIURQWDO
&DSHOD1RWUH'DPHGX+DXW5RQFKDPS/H&RUEXVLHU
)LJ,PSODQWDomR
)LJ&RUWHORQJLWXGLQDO
)LJ3ODQWD
)LJH(VTXHPDVJHRPpWULFRV
)LJ&RUWHWUDQVYHUVDO
&DSHOD1RWUH'DPHGX+DXW5RQFKDPS/H&RUEXVLHU
(VWDLJUHMDIRLHUJXLGDHPVXEVWLWXLomRjRXWUDFDSHODPHQRUH[LVWHQWHQRORFDO
2WUDWDPHQWRIRUPDOGDGR DHVWDREUDVROWRHLUUHJXODU pXPDGDVH[FHo}HVQR WUDEDOKR
GR DUTXLWHWR TXH GHIHQGLD RV SULQFtSLRV UDFLRQDOLVWDV GR PRYLPHQWR PRGHUQR H DSOLFDYD
XPDUtJLGDRUWRJRQDOLGDGHFRPXPDPRGXODomRTXHUHJXODYDDPDLRULDGHVHXVSURMHWRV
HREUDV
7RGDV DV VXSHUItFLHV YHUWLFDLV VmR FXUYDV H LUUHJXODUHV F{QFDYDV H FRQYH[DV
DFRPSDQKDGDV SHOD ODMH GH FREHUWXUD IRUPDQGR XPD FRPSRVLomR SOiVWLFD GH IRUPDV
OLYUHVHRUJkQLFDV
$SHVDU GHVVD OLEHUGDGH IRUPDO Ki PXLWD GLVFLSOLQD H RUGHQDPHQWR JHRPpWULFR QD VXD
HODERUDomR FRQIRUPH SRGHPRV REVHUYDU QRV YiULRV HVTXHPDV H GLUHWUL]HV JHRPpWULFDV
DSUHVHQWDGDVQDVLOXVWUDo}HV
$ DSOLFDomR JHQHUDOL]DGD GR ³0RGXORU´ HP WRGDV DV PHGLGDV DOFDQoD GHWDOKHV
ULJRURVDPHQWH SUHFLVRV FRPR QD DOWXUD GR SRQWR PDLV EDL[R GR WHWR ³DTXL P GH
DOWXUD´ RX DLQGD QD DSOLFDomR GRV SULQFtSLRV GD VLPHWULD H HTXLOtEULR EHP FRPR QDV
UHODo}HVGDVPHGLGDVHQWUHDVVXSHUItFLHVGRWHWRHGDIDFKDGD
$VVXSHUItFLHVGDVSDUHGHVVmRFXUYDVREWLGDVFRPJURVVDVSDUHGHVUHPLQLVFrQFLDVGDV
SDUHGHVGHSHGUDH[LVWHQWHVQDDQWLJDFDSHOD
(QWUHWDQWR QHVVDV SDUHGHV JURVVDV HVWmR HPEXWLGRV SHTXHQRV SLODUHV GH FRQFUHWR
FRQIRUPH PRVWUDPRV QDV LOXVWUDo}HV GHVWLQDGRV H[FOXVLYDPHQWH j ³VROWDU´ D FREHUWXUD
GDVSDUHGHVFULDQGRXPDIUHVWDGHOX]HPWRGDYROWDVXSHULRUGDLJUHMD
2FRQMXQWRYROXPpWULFRGHJUDQGHPRQXPHQWDOLGDGHVLPEROLFDPHQWHVHDVVHPHOKDDXP
EDUFRFRORFDGRQRWRSRGRPRQWH
9HUPDLVHP
:HVWRQ5LFKDUG3ODQWDV&RUWHVH(OHYDo}HV%DUFHORQD*XVWDYR*LOL
&ODUN5RJHU+$UTXLWHFWXUDWHPDVGHFRPSRVLFLyQ0p[LFR*XVWDYR*LOL
/H&RUEXVLHU(VW~GLR3DSHUSDFN%DUFHORQD*XVWDYR*LOL
/H&RUEXVLHU7H[WHVHWGHVVLQSRXU5RFKDPS3DULV)RUFHV9LYHV
(GLItFLR)DEHU,SVZLFK,QJODWHUUD1RUPDQ)RVWHU
)LJ9LVWDH[WHUQD
)LJ9LVWDLQWHUQD
)LJ,PSODQWDomR
(GLItFLR)DEHU,SVZLFK,QJODWHUUD1RUPDQ)RVWHU
)LJ3ODQWDGRSDYLPHQWRWpUUHR
)LJ3ODQWDGRSULPHLURSDYLPHQWR
)LJ&RUWH
(GLItFLR)DEHU,SVZLFK,QJODWHUUD1RUPDQ)RVWHU
(VWH SUpGLR p GHVWLQDGR DRV HVFULWyULRV GD HPSUHVD )DEHU FRQVWUXtGR HP ,SVZLFK
SUy[LPR GH /RQGUHV HOH WHP SHTXHQD DOWXUD SDUD VH DGDSWDU j EDL[D YROXPHWULD
FLUFXQGDQWHHDWHQGHDXPSURJUDPDDUTXLWHW{QLFRTXHH[WUDSRODHVVDVLPSOHVFRQGLomR
SURSLFLDQGRWDPEpPDOJXPWLSRGHOD]HUDRXVXiULRFRPRSLVFLQDQmRFRPXPQHVVHWLSR
GHHGLItFLR
,VVRVHGHXSURYDYHOPHQWHSDUDJDUDQWLUWDPEpPHQWUHWHQLPHQWRHOD]HUGRVIXQFLRQiULRV
MiTXHRORFDORQGHHOHIRLFRQVWUXtGRHVWiDTXLO{PHWURVGH/RQGUHV
$V IRUPDV GDV iUHDV GH WUDEDOKR GR SULPHLUR SDYLPHQWR VmR OLYUHV RUJkQLFDV
DFRPSDQKDQGR R DOLQKDPHQWR LUUHJXODU GR WHUUHQR $V FROXQDV UHFXDGDV GD IDFKDGD
DFRPSDQKDPHVVHGHVHQKR
8PDSODQWDLUUHJXODUPHLRDPHEyLGHTXHDFRPSDQKDWRGRRDOLQKDPHQWRGRORWHFRPDV
IDFKDGDVGHYLGURHVSHOKDGRGHILQHHVVDYROXPHWULDGHIRUPDGLVWLQWDHRULJLQDO
$ QRYLGDGH IRUPDO GHVVH SURMHWR HVWi MXVWDPHQWH QR GLItFLO XVR GR YLGUR HVSHOKDGR
IRUPDQGR XPD VXSHUItFLH FXUYD FRPR IRUPD GH H[SUHVVmR TXH FULD XP HIHLWR YLVXDO
LQWHUHVVDQWHSHORVUHIOH[RVGDVDQWLJDVFRQVWUXo}HVYL]LQKDV
$ H[SUHVVmR IRUPDO GRV SDLQpLV GH YLGURV HVSHOKDGRV JURVVRV H GH VHJXUDQoD VHP
PRQWDQWHVDSDUHQWHVUHIOHWHRHPSUHJRGHXPDWHFQRORJLDFRQWHPSRUkQHDTXHFRQWUDVWD
FRP R VLWLRKLVWyULFR RQGHRHGLItFLR HVWi LQVHULGRDJUHJDQGR XPD QRYLGDGHXUEDQDSHOR
HIHLWRSURGX]LGR
(VVHHIHLWRpYDORUL]DGRSHODHVWUXWXUDGHSLODUHVPRGXODGRVLQWHUQDPHQWHHPPHWURV
QRVGRLVVHQWLGRVPDVTXHQDSHULIHULDVmRUHFXDGRVDFRPSDQKDQGRRFRQWRUQRGRORWH
SDUDOLEHUDUDVIDFKDGDVGHYLGUR
$OpPGHVVDHVWUXWXUDRXWURVHOHPHQWRVFRQVWUXWLYRVWRUQDUDPHVVHSUpGLRSLRQHLURSDUDR
SURJUDPD GH HVFULWyULRV LQRYDQGR HP WHFQRORJLD H FRQIRUWR DPELHQWDO SLVRV HOHYDGRV
LPSHUPHDELOL]DomRGHFREHUWXUDSODQDHJUDPDGDHWF
9HUPDLVHP
:HVWRQ5LFKDUG3ODQWDVFRUWHVHHOHYDo}HV%DUFHORQD*XVWDYR*LOL
-RHGLFNH-(GLItFLRVDGPLQLVWUDWLYRV\GHRILFLQDV%DUFHORQD*XVWDYR*LOL
KWWSZZZIRVWHUDQGSDUWQHUVFRP
&HQWURGH3URWHomR$PELHQWDOGD8VLQDGH%DOELQD6HYHULDQR0DULR3RUWR
)LJ9LVWDDpUHDSDUFLDOGDVFREHUWXUDV
)LJ9LVWDH[WHUQD
)LJ³ &KDSpXV´ GHYHQWLODomRQDFREHUWXUD
)LJ9LVWDGDHVWUXWXUDGHPDGHLUDQDWXUDO
&HQWURGH3URWHomR$PELHQWDOGD8VLQDGH%DOELQD6HYHULDQR0DULR3RUWR
)LJ,PSODQWDomR)LJ&RUWHV
)LJ&REHUWXUDSDUFLDO
)LJ(VWUXWXUDGHPDGHLUDSDUFLDO
&HQWURGH3URWHomR$PELHQWDOGD8VLQDGH%DOELQD6HYHULDQR0DULR3RUWR
(VWDREUDIRLFRQVWUXtGDSDUDVHUYLUDR&RQWUROHGR0HLR$PELHQWHGXUDQWHDFRQVWUXomR
GD8VLQDGH%DOELQDIHLWDMXQWRDRULR8DWXPmHPSOHQDVHOYDDPD]{QLFD
1HOD DV IRUPDV DUTXLWHW{QLFDVXWLOL]DGDV QD LPSODQWDomR GR FRQMXQWRVmR DEVROXWDPHQWH
OLYUHVHRUJkQLFDV$FREHUWXUDFRQWtQXDHWRGDRQGXODGDIHLWDFRPPDGHLUDQDWXUDOGiD
FDUDFWHUtVWLFDIRUPDODRSURMHWR
6XDVIRUPDVSRUpPVmRGHXPDJHRPHWULDPXLWRFRPSOH[DHODERUDGDVFRPVXSHUItFLHV
FXUYDV LUUHJXODUHV H UHYHUVDV FRPR VH IRVVHP FXUYDV GH QtYHLV GH XP WHUUHQR
PRQWDQKRVR
(VVDV IRUPDV VmR REWLGDV HPSLULFDPHQWH GH IRUPD DUWHVDQDO DWUDYpV GR FRQKHFLPHQWR
WpFQLFR GD FXOWXUD ORFDO $V EHODV IRUPDV SOiVWLFDV VmR R UHVXOWDGR GD UHHODERUDomR GR
DUTXLWHWRQDXWLOL]DomRGHVVHFRQKHFLPHQWRGDPmRGHREUDORFDO
$ HVWUXWXUD GH PDGHLUD FRQVWLWXtGD GH SLODUHV H YLJDV UROLoDV QDWXUDLV DFRPSDQKD D
VLQXRVLGDGHGDVSODQWDVJHUDLVFRPXPDJHRPHWULDEDVWDQWHRUJkQLFD
3RUpP DV SODQWDV GRV ODERUDWyULRV SURSULDPHQWH GLWRV VmR RUWRJRQDLV UHWDQJXODUHV H
REHGHFHPDXPDPRGXODomRGHWHUPLQDGD
e GH QRWDU D SUHRFXSDomR GR DUTXLWHWR FRP DV FRQGLo}HV QDWXUDLV GH YHQWLODomR GRV
DPELHQWHVGHYLGRjVFRQGLo}HVFOLPiWLFDVGHDOWDWHPSHUDWXUDHXPLGDGH
(VVHSUREOHPDIRLUHVROYLGRGHIRUPDSOiVWLFDDGPLUiYHOSHODVFKDPLQpVGHWLUDJHPGHDU
TXHQWHQDFREHUWXUD
$ REUD IRL FRQVWUXtGD FRP PDWHULDLV WUDGLFLRQDLV FRPR FHUkPLFD FRQFUHWR DoR PDV IRL
FRPDPDGHLUDQDWXUDOGD$PD]{QLDTXHHOHHQFRQWURXVXDPHOKRUH[SUHVVmR
6REUHDUHOHLWXUDIRUPDOHDH[SUHVVmRUHJLRQDORDUTXLWHWRDILUPD
³1mR IRL XP SURFHVVR GHOLEHUDGR PDV XP FRPSRUWDPHQWR QDWXUDO GHFRUUHQWH GDV
SRVVLELOLGDGHV H QHFHVVLGDGHV GD UHJLmR )RL REVHUYDQGR R SHVVRDO QDWLYR ± RV
VHULQJXHLURVTXHDSUHQGLVREUHRID]HUUHJLRQDO´6HYHULDQR0DULR3RUWR3URMHWR
$SHVDU GRV FXLGDGRV DPELHQWDLV H GD SUHWHQVmR GH VXEVWLWXLU DV WHUPRHOpWULFDV TXH
JHUDYDPHQHUJLDSDUD0DQDXVHVWHSURMHWRQmRFXPSULXVHXVREMHWLYRVSULQFLSDLV
9HUPDLVHP
5HYLVWD3URMHWRQ~PHURVH
7RUUH(LQVWHLQ3RGVWDP$OHPDQKD(ULFK0HQGHOVRKQ
)LJ9LVWDH[WHUQD
)LJ&URTXLGR$UTXLWHWR
)LJ3ODQWDGR6XE6ROR
7RUUH(LQVWHLQ3RGVWDP$OHPDQKD(ULFK0HQGHOVRKQ
)LJ3ODQWDGR3DYLPHQWR7pUUHR
)LJ&RUWH
7RUUH(LQVWHLQ3RGVWDP$OHPDQKD(ULFK0HQGHOVRKQ
7UDWDVHGHXPHGLItFLRGLIHUHQFLDGRFRPXPSURJUDPDDUTXLWHW{QLFRHVSHFLDOGHVWLQDGR
D REVHUYDo}HV DVWURQ{PLFDV HTXLSDGR FRP LQVWUXPHQWRV FLHQWtILFRV H FRPSRQHQWHV
HVSHFtILFRVVRILVWLFDGRV
2Q~FOHRIXQFLRQDOGRHGLItFLR p XP JUDQGH GXWRYHUWLFDOTXHSHUFRUUHWRGDDWRUUHHTXH
DEULJDXPLQVWUXPHQWRVRODUFKDPDGRFHOyVWDWR
(VVHHTXLSDPHQWRFDSWDHUHIOHWHRVUDLRVVRODUHVSDUDXPODERUDWyULRVXEWHUUkQHRRQGH
HVWmRHTXLSDPHQWRVHVSHFLDLVSDUDDQiOLVHVHDYDOLDomR
2 YROXPH YHUWLFDO p FRURDGR SRU XPD F~SXOD PHWiOLFD HVIpULFD H UHWUiWLO GR REVHUYDWyULR
DVWURQ{PLFR
*HRPHWULFDPHQWH R HGLItFLR p XP SULVPD YHUWLFDO FRP IRUPDV DUUHGRQGDGDV
PRQRFURPiWLFDV WUDWDGDV FRPR XP ³HOHPHQWR FRQVWUXWLYR GH XP QRYR RUJDQLVPR YLYR´
FRPDEHUWXUDVGHGHVHQKROLYUHQDVVXDVDUHVWDVLPSODQWDGRQXPDSODWDIRUPDKRUL]RQWDO
WUDEDOKDGDFRPYROXPHVGHIRUPDVRUJkQLFDV
2 DFHVVR DR HGLItFLR VH Gi SRU HVVD SODWDIRUPD HOHYDGD TXH FREUH XP VXEVROR TXH
DEULJDHTXLSDPHQWRVHVSHFLDLVQHFHVViULRVjREVHUYDomRWHOHVFySLFD
$SHVDUGRSURJUDPDFRPSOH[R0HQGHOVRKQWUDEDOKRXFRPJUDQGHOLEHUGDGHIRUPDOHDWp
XPD FHUWD H[DOWDomR FDUDFWHUtVWLFD GR H[SUHVVLRQLVPR DOHPmR PRYLPHQWR TXH HOH
SHUWHQFHX
6XDV IRUPDV DUUHGRQGDGDV UHYROXFLRQDUDP D HVWpWLFD GD pSRFD H HUDP XPD OHLWXUD TXH
0HQGHOVRKQID]LDGD0RGHUQLGDGHTXHVHJXQGRHOHD7HRULDGD5HODWLYLGDGHGH(LQVWHLQ
WmREHPUHSUHVHQWDYD
2 PDWHULDO DSURSULDGR SDUD HVWH HGLItFLR HUD R FRQFUHWR DUPDGR TXH VXUJLD QD pSRFD
SHUPLWLQGR XPD JUDQGH OLEHUGDGH SOiVWLFD H IRUPDO PDV FRPR IDOWDYDP PHLRV j pSRFD
SDUDH[HFXWDUHPROGDUDVFXUYDVDUURMDGDVSURSRVWDVDFRQVWUXomRDFDERXVHQGRIHLWD
HPSDUWHVFRPWLMRORVUHYHVWLGRVGHPDVVD
6XDIRUPDHVFXOWyULFDHIDQWiVWLFDpRUHVXOWDGRGRTXH0HQGHOVRKQFKDPDYDGH ³ YLV}HV
V~ELWDV´ TXHHOHGHVHQKRXGXUDQWHVXDSDUWLFLSDomRQD3ULPHLUD*XHUUD0XQGLDO (UDP
FURTXLVGHIRUPDVLQVyOLWDVHPSURMHWRVKLSRWpWLFRVTXHHOHVRQKDYDGXUDQWHRVLQWHUYDORV
GDVEDWDOKDVHTXHPDLVWDUGHYLHUDPDVHUDSURYHLWDGRV
6REUHLVVRHOHDILUPDYD
³0HXVGHVHQKRVQmRVmRPDLVGRTXHDSRQWDPHQWRVFRQWRUQRVGHV~ELWDVYLV}HVDLQGD
TXH HP VXD QDWXUH]D RV HGLItFLRV DSDUHoDP SURQWRV FRPR HQWLGDGHV´ %HQpYROR SiJ
9HUPDLVHP
)UDPSWRP.+LVWRULD&ULWLFDGDDUTXLWHWXUDPRGHUQD6mR3DXOR0DUWLQV)RQWHV
%HQpYROR/HRQDUGR+LVWRULDGD$UTXLWHWXUD0RGHUQD%DUFHORQD*XVWDYR*LOL
-RHGLFNH-XUJHQ$UTXLWHWXUD&RQWHPSRUkQHD%DUFHORQD*XVWDYR*LOL
:HVWRQ5LFKDUG3ODQWDVFRUWHVHHOHYDo}HV%DUFHORQD*XVWDYR*LOL
KWWSZZZLIDGHDDDUFKLWHNHDPHDUFKWP
*UXSR$UFKLJUDP/RQGUHV
)LJ3OXJLQ&LW\
)LJ&LGDGHPyYHO
)LJ,QIUDHVWUXWXUDGLDJRQDO
*UXSR$UFKLJUDP/RQGUHV
)LJ3ODQWDHVTXHPiWLFD
2$UFKLJUDPIRLXPJUXSRGHDUTXLWHWRVLQJOHVHVFRPSRVWRSRU3HWHU&RRN:DUUHQ&KDON
'HQQ\V&UDPSWRQ0LFKDHO:HEE5HQ+HUURQH'DYLG*UHHQH
2 JUXSR FRQWHVWRX FRQFHLWRV DUTXLWHW{QLFRV YLJHQWHV QR 0RYLPHQWR 0RGHUQR DR
DSUHVHQWDU LGpLDV GH SODQHMDPHQWR LQIUDHVWUXWXUD XUEDQD H FRQFRPLWDQWHV GH KDELWDomR
HPHVFDODLQGXVWULDOVLQWRQL]DGDVFRPRGHVHQYROYLPHQWRWHFQROyJLFRFRQWHPSRUkQHR
6HJXQGR R JUXSR $UFKLJUDP DV FLGDGHV H DV FRQVWUXo}HV QmR GHYLDP VHU HVWiWLFDV H
SHUPDQHQWHVPDVOHYHVYHUViWHLVHPXWDQWHVSDUDVHWUDQVIRUPDUHPFRPRGHFRUUHUGR
WHPSRVHUHPUHFLFODGDVHUHIRUPXODGDVSDUDDWHQGHUjVUiSLGDVWUDQVIRUPDo}HVGDYLGD
FRQWHPSRUkQHD
&KHJDUDP LQFOXVLYH D SURSRU FLGDGHV LQWHLUDPHQWH PyYHLV FRQVRDQWH DV LGpLDV GH
XUEDQL]DomRFRQWHPSRUkQHDHPFRQVWDQWHPRYLPHQWRHFRPXQLFDomR
2JUXSR$UFKLJUDPUHSUHVHQWRXXPFHUWRVXVWRQR0RYLPHQWR0RGHUQRDRPHUJXOKDUGH
FDEHoDQDVWUDQVIRUPDo}HVGDYLGDYLJHQWHHQDVSHVTXLVDVWHFQROyJLFDVGHVHXWHPSR
&KHJDUDP D ODQoDU XPD UHYLVWD FRP R QRPH GR JUXSR SDUD GHIHQGHU VXDV LGpLDV GH
JUDQGHV HVWUXWXUDV DEVROXWDPHQWH WHFQLILFDGDV VHUYLQGR GH VXSRUWH SDUD FpOXODV
DPELHQWDLVFDPELiYHLV
)L]HUDP SURSRVWDV GD FULDomR GH PHJDHVWUXWXUDV XUEDQDV DV ³SOXJLQFLW\´ TXH WLQKDP
JUDQGH YHUVDWLOLGDGH IOH[LELOLGDGH H PRELOLGDGH HP WHUPRV GRV HOHPHQWRV GD VXD
FRPSRVLomR GR IXQFLRQDPHQWR H GD LQIUDHVWUXWXUD &RQWLQKDP WRGR R VLVWHPD YLiULR
UHGHV H VLVWHPDV GH LQVWDODo}HV YHUWLFDLV H GLDJRQDLV FpOXODV GH KDELWDo}HV GH FXUWR
SHUtRGR H WRGRV RV HTXLSDPHQWRV GH DSRLR FRPR FXOWXUDLV GH FRPpUFLR VD~GH OD]HU H
RXWURV
$ LGpLD HUD H[SORUDU WRGDV DV SRVVLELOLGDGHV GH DOWD WHFQRORJLD SDUD DV FRQVWUXo}HV GH
FLGDGHV H KDELWDo}HV QR TXH GL] UHVSHLWR j FLEHUQpWLFD H FRPXQLFDo}HV HP JHUDO
UHVSRQViYHLVSHODFRQWtQXDWUDQVIRUPDomRGDVRFLHGDGHPRGHUQD
(OHV SDUWLUDP GH LGpLDV FRQFHLWRV H QRYRV SDUDGLJPDV FRPR IOXLGH] PRELOLGDGH
GHVHVWDELOLGDGHWUDQVLWRULHGDGHSDUDFULDUHPDVVXDVSURSRVWDV
&RQWHVWDUDP D ULJLGH] GR 0RYLPHQWR 0RGHUQR TXH LPSXQKD VLVWHPDV DXWRULWiULRV H
UtJLGRV SDUD D HGLILFDomR H R VHX HQWRUQR SURSRQGR LQWHUDo}HV HVSRQWkQHDV H YDULDGDV
SDUDHVWLPXODUDSDUWLFLSDomRGHIRUoDVDWLYDV
*UXSR$UFKLJUDP/RQGUH
6XD SURSRVWD GRPLQDQWH HUD GHVPDWHULDOL]DU DV HVWUXWXUDV PHGLDQWH XPD rQIDVH
FUHVFHQWHQRVVHUYLoRVPHFkQLFRVFRPRPHLRGHFULDUHPHQWRUQRKDELWiYHO
2V XVXiULRV GRV HGLItFLRV HUDP FRQVXPLGRUHV Q{PDGHV WUDQVLWyULRV TXH SRGHULDP YLYHU
HP SHTXHQDV FiSVXODV LQGXVWULDOL]DGDV GH PDWHULDO VLQWpWLFR DFRSODGDV jV PHJD
HVWUXWXUDVGHVHUYLoRVEiVLFRVHHVVHQFLDLV
3HODV FDUDFWHUtVWLFDV GDV SURSRVWDV HVSDFLDLV DV JHRPHWULDV XWLOL]DGDV SHOR JUXSR
$UFKLJUDPHUDPDVPDLVYDULDGDV
$VVLP SRU H[HPSOR HODV SRGHULDP FRQVLVWLU HP JUDQGHV PDOKDV F~ELFDV RUWRJRQDLV RX
GLDJRQDLVQRFDVRGDV³SOXJLQ´RXHPWRUUHVFLOtQGULFDVRXSULVPiWLFDVHPRXWURVDILPGH
DFRSODUDVXQLGDGHVLQGXVWULDOL]DGDV
$V IRUPDV ILQDLV DGTXLULUDP XPD JHRPHWULD H[WUHPDPHQWH YDULiYHO H PRYLPHQWDGD SHOD
LQVHUomR GHVVDV FiSVXODV RX FpOXODV GH PRUDU QDV HVWUXWXUDV SULQFLSDLV GH VXSRUWH GDV
LQVWDODo}HVGHLQIUDHVWUXWXUD
3RGHULDP WDPEpP WHU IRUPDV JHRPpWULFDV FRPSOH[DV TXDQGR IRVVHP HVWUXWXUDV OHYHV
WHQVLRQDGDVLQIOiYHLVRXHPEDO}HVHPFDVRGHJUDQGHVFREHUWXUDV
2JUXSRVRIUHXXPDFODUDLQIOXHQFLDGHQRPHVFRPR%XFNPLQVWHU)XOOHUH3HWHU6PLWKVRQ
GD SRSDUW H ILFomR FLHQWtILFD PDV DGTXLULX FRQVLVWrQFLD SUySULD SHOD FULDWLYLGDGH H SHOD
IRUoDQDVXDFRQWHVWDomRDRPRGHUQLVPR
2 WUDEDOKR GR JUXSR VHJXLX QD OLQKD GH <RQD )ULHGPDQ DUTXLWHWR K~QJDUR TXH
GHVHQYROYHX HP 3DULV j SDUWLU GH WHRULDV VREUH $UTXLWHWXUD 0yYHO H &LGDGHV
(VSDFLDLV8WRSLDV5HDOL]iYHLVFRPSULQFtSLRVVHPHOKDQWHV
$SHVDU GH VXD IRUPXODomR FRQFHLWXDO VHU FRQVLGHUDGD XWySLFD H UDGLFDO SDUD D pSRFD
VXDV LGpLDV WLYHUDP PXLWD UHSHUFXVVmR LQWHOHFWXDO DEULQGR FDPLQKRV SDUFLDLV GH
FRQFUHWL]DomRIXWXUD
2PRYLPHQWRVLPEROLVWDMDSRQrVSRUH[HPSORFRPSRVWRGHQRPHVFRPR.HQ]R7DQJH
.L\RQRUL .LWXWDNH $UDWD ,]R]DNL .LVKR .XURNDZD IL]HUDP PXLWDV SURSRVWDV GH
XUEDQL]DomRPDULQKDVLQWRQL]DGDVFRPRPRYLPHQWR$UFKLJUDPLQJOrV
(VVH JUXSR UHFHEHX PXLWDV FUtWLFDV SRU VXDV LGpLDV FRQVLGHUDGDV XWySLFDV
HPLQHQWHPHQWH WHFQROyJLFDV TXH GHVSUH]DYDP DV TXHVW}HV REMHWLYDV GH SURMHWDU FRPR
DWHQGLPHQWRDSURJUDPDVGHWHUPLQDGRVHOLJDo}HVKLVWyULFDVHFXOWXUDLV
6HJXQGRVHXVFUtWLFRVHOHVVHDIDVWDYDPGDYHUGDGHLUDDUTXLWHWXUDHVHDSUR[LPDYDPGD
ILFomRFLHQWtILFD
9HUPDLVHP
-RHGLFNH--$UTXLWHFWXUDFRQWHPSRUkQHD%DUFHORQD*XVWDYR*LOL
0RQWDQHU-RVHS'HVSXHV'HOPRYLPHQWRPRGHUQR%DUFHORQD*XVWDYR*LOL
'UHZ3KLOLS7HUFHUDJHQHUDWLyQ%DUFHORQD*XVWDYR*LOL
KWWSZZZYLWUXYLXVFRPEU
KWWSZZZDUFRZHEFRPEU
$UTXLWHWXUD0yYHO<RQD)ULHGPDQ
)LJ&LGDGHHVSDFLDO
)LJ&LGDGH(VSDFLDOVREUHR5LR+XGVRQ
)LJ0HJDHVWUXWXUDVXUEDQDV
)LJ&LGDGHHVSDFLDO
$UTXLWHWXUD0yYHO<RQD)ULHGPDQ
<RQD)ULHGPDQpXPDUTXLWHWRK~QJDURTXHVHQRWDELOL]RXSRUVXDFRQWULEXLomRWHyULFD
DFHUFDGHIRUPDVSHUPDQHQWHPHQWHPXWiYHLVQDDUTXLWHWXUDHQRXUEDQLVPRTXHHOH
FKDPDGH³8WRSLDV5HDOL]iYHLV´
(VVHVFRQFHLWRVWHyULFRVHVWmRH[SRVWRVQRVVHXVOLYURV³/¶$UFKLWHFWXUHPyELOH´GHH
³3RXUXQHDUFKLWHFWXUHVFLHQWLILTXH´GH
$ ³$UTXLWHWXUD 0yYHO´ GH )ULHGPDQ VHULD XPD DUTXLWHWXUD HP FRQVWUXomR SHUPDQHQWH
DEHUWDDGDSWiYHOUHFRQILJXUDGDLQGHWHUPLQDGDRQGHRSURFHVVRpPDLVLPSRUWDQWHTXH
R SURGXWR RX D IRUPD ILQDO ,VWR p XPD DUTXLWHWXUD HOiVWLFD VHP IRUPDV JHRPpWULFDV
GHILQLGDVTXHVHSRGHSHUVRQDOL]DUSRLVSHUPLWHDRVRFXSDQWHVGHFLGLURGHVHQKRGDVXD
KDELWDomRFRQWUDULDPHQWHDRV PRGHORVLPSRVLWLYRV WUDGLFLRQDLVYDOHGL]HU GD DUTXLWHWXUD
PRGHUQDUDFLRQDOHYROWDGDSDUDFLGDGmRVLGHDLV
$SULQFLSDOPDWHULDOL]DomRGDWHRULDGD³$UTXLWHWXUDPyYHO´GH)ULHGPDQVHULDVHXFRQFHLWR
'H³&LGDGH (VSDFLDO´YLOOHVSDWLDOH,VWR p HVWUXWXUDVWULGLPHQVLRQDLV RQGHD GLVSRVLomR
GRVHOHPHQWRVSRGHYDULDUTXHVHLQFRUSRUDPDRWUDoDGRXUEDQRGHFLGDGHVRXGH]RQDV
QmRXUEDQL]DGDVFRPSUREOHPDVGHPRJUiILFRV
(VVDVPDOKDVPRGXODUHVVREUHHOHYDGDVSHUPLWLULDPPXOWLSOLFDUDVXSHUItFLHKDELWiYHOHP
FLGDGHV H ]RQDV XUEDQDV HP FRODSVR WDQWR GR SRQWR GH YLVWD HVWpWLFR FRPR IXQFLRQDO
FRQHFWDGRVSRUJUDQGHVSLODUHVTXHFRQWHQKDPDLQIUDHVWUXWXUDHOHYDGRUHVHWF
1DV FLGDGHV HVSDFLDLV DV FRQVWUXo}HV GHYHULDP WHU WUrV FDUDFWHUtVWLFDV IXQGDPHQWDLV
WRFDU QXPD PtQLPD VXSHUItFLH GH VROR SRVVtYHO VHU GHVPRQWiYHO H DGDSWiYHO VHU
PRGLILFiYHOVHJXQGRRVGHVHMRVGRVVHXVKDELWDQWHV
<RQD)ULHGPDQH[HUFHXJUDQGHLQIOXHQFLDQXPDVpULHGHDUTXLWHWRVHXUEDQLVWDVFRPRRV
PHWDEROLVWDV MDSRQHVHV 1RULDNL .XURNDZD .LVKR .XURNDZD R HPEOHPiWLFR JUXSR
EULWkQLFRGR$UFKLJUDPHRXWURV
9HUPDLVHP
KWWSZZZFDDFHVSURJUDPDIULHGPDQPDLQKWP
(&25326&20326726
:RVRFR¶V$PHVWHUGDQ095'9
6mR DJUXSDPHQWRV GH VyOLGRV LJXDLV RX GLVWLQWRV IRUPDQGR DUUDQMRV YROXPpWULFRV
FRPSRVWRVHYDULDGRVVHMDPKRUL]RQWDLVRXYHUWLFDLV
6HUmRDQDOLVDGRVRVVHJXLQWHVSURMHWRVHREUDV
2EUD&RQMXQWR5HVLGHQFLDOHP0RQWUHDOGH0RVKH6DIGLH
2EUD1DJDJLQ&DSVXOH7RZHUGH.LVKR.XURNDZD
2EUD(VFROD%DXKDXVGH:DOWHU*URSLXV
2EUD&RQJUHVVR1DFLRQDOGH%UDVtOLDGH2VFDU1LHPH\HU
2EUD%LEOLRWHFD-.HQQHG\GH,03HL
2EUD%LEOLRWHFD3~EOLFDGH(VWRFROPRGH(ULN*XQDUG$VSOXQG
2EUD3DoR0XQLFLSDOGH6DQWR$QGUpGH5LQR/HYL
2EUD0XVHXGH$UWHGH6)UDQFLVFR0DULR%RWWD
2EUD+RVSLWDO5HGH6DUDK/DJR1RUWHGH-RmR)LOJXHLUDV/LPD
&RQMXQWR5HVLGHQFLDO0RQWUHDO0RVKH6DIGLH
)LJ9LVWDJHUDO
)LJH9LVWDVH[WHUQDV
)LJH9LVWDVLQWHUQDVGRWpUUHRGRFRQMXQWR
&RQMXQWR5HVLGHQFLDO0RQWUHDO0RVKH6DIGLH
(VWHFRQMXQWRKDELWDFLRQDOIRLFRQVWUXtGRSDUDDORMDURVDWOHWDVGDVROLPStDGDVGH0RQWUHDO
GH(OHpFRPSRVWRSRUXQLGDGHVPRGXODUHVTXHVmRGRSRQWRGHYLVDJHRPpWULFR
SDUDOHOHStSHGRVKRUL]RQWDLVGHEDVHUHWDQJXODU
(VVHV YROXPHV LQGLYLGXDLV VmR LQWHJUDOPHQWH SUpPROGDGRV GH FRQFUHWR FRPR FDL[DV
SURQWDV FRP DV DEHUWXUDV QHFHVViULDV j LOXPLQDomR H YHQWLODomR H FRORFDGDV QR OXJDU
GHILQLGRSHODFRPSRVLomRJHUDO
(VVD RUJDQL]DomR DSDUHQWHPHQWH DOHDWyULD REHGHFH D XPD GLVFLSOLQD GHWHUPLQDGD SHOD
FLUFXODomR H SHOD LQIUDHVWUXWXUD JHUDO GDV LQVWDODo}HV SUHGLDLV UHGHV GH iJXD HVJRWR
HQHUJLDHWF
,VVR SHUPLWLX XP MRJR YROXPpWULFR EDVWDQWH ULFR H YDULDGR GH JUDQGH PRYLPHQWR QD
FRPSRVLomRGRFRQMXQWRFULDQGRFKHLRVHYD]LRVMDUGLQVLQWHUFDODGRVERDVFRQGLo}HVGH
LOXPLQDomRHYHQWLODomR
(PERUDWUDEDOKDGRGHPRGRPRQRFURPiWLFRQXPDPSORWHUUHQRGHWRSRJUDILDLUUHJXODUR
FRQMXQWR PRVWUD FRPR XPD XQLGDGH KDELWDFLRQDO SDGURQL]DGD H LQGXVWULDOL]DGD SURSLFLD
ULFDV FRPSRVLo}HV YROXPpWULFDV VHP OLPLWDU RX FRQGLFLRQDU D OLEHUGDGH FULDGRUD GR
DUTXLWHWR
(VWH SURMHWR VHTXH D OLQKD GDV XQLGDGHVGH KDELWDomRGH /H &RUEXVLHU RX DV FpOXODVGH
³SOXJLQXVH´GRPRYLPHQWR$UFKLJUDPGH3HWHU&RRNRXDLQGDDVFiSVXODVKDELWiYHLVGH
.LVKR.XURNDZD
9HUPDLVHP
KWWSZZZPVDIGLHFRP
1DJDJLQ&DSVXOH7RZHU7yTXLR.LVKR.XURNDZD
)LJ9LVWDGDVFpOXODVKDELWDFLRQDLV
)LJ0RQWDJHPGDVFpOXODV
)LJ9LVWDGD,QVHUomR8UEDQD
)LJ,QWHULRUGDFpOXODGHKDELWDomR
1DJDJLQ&DSVXOH7RZHU7yTXLR.LVKR.XURNDZD
.LVKR .XURNDZD ID] SDUWH GD VHJXQGD JHUDomR GH DUTXLWHWRV MDSRQHVHV GLVFtSXORV GH
.HQ]R7DQJH&RPDFULVHGR0RGHUQLVPRHVVDJHUDomRGHDUTXLWHWRVIRUPRXXPJUXSR
FKDPDGR0HWDEROLVWDTXHSUHJDYDDSUHYDOrQFLDGDHUDGDYLGDELROyJLFDFRQWUDDHUDGD
PiTXLQD
2 JUXSR DSOLFDYD R FRQFHLWR ELROyJLFR GH VLPELRVH GD FRH[LVWrQFLD GH FRQWUiULRV FDGD
TXDO WLUDQGRSDUWLGRGDVFDUDFWHUtVWLFDV GRRXWURSURSRQGRPHJDHVWUXWXUDV GRV VHUYLoRV
HVVHQFLDLVSHUPDQHQWHVDFRSODQGRFpOXODVFRPSOHPHQWDUHVWUDQVLWyULDVHPXWiYHLV
1HVVH FRQFHLWR SURFXUDYDVH FRQFLOLDU DV HYHQWXDLV FRQWUDGLo}HV HQWUH WUDGLomR H
PRGHUQLGDGHQDWXUH]DHFRQVWUXomRKLVWyULDHSUHVHQWH
1HVWD WRUUH UHVLGHQFLDO DV XQLGDGHV VmR SDUDOHOHStSHGRV GH FRQFUHWR FRP DEHUWXUDV
FLUFXODUHV GH LOXPLQDomR GLVSRVWDV FRPR HOHPHQWRV PRGXODUHV DFRSODGRV D XPD LQIUD
HVWUXWXUDGHDSRLRHDRVVHUYLoRVHVVHQFLDLV
$ LGpLD SURSRVWD p GDV FiSVXODV KDELWiYHLV IXQFLRQDQGR FRPR FpOXODV GH XP RUJDQLVPR
PDLRU TXH SRGHP VHU DFRSODGDV RX HYHQWXDOPHQWH VXEVWLWXtGDV D XPD LQIUDHVWUXWXUD
SULQFLSDOGHVXSRUWH
2LQWHULRUGHFDGDSHTXHQDFpOXODpSURYLGRGHWRGRFRQIRUWRHVHJXUDQoDDWUDYpVGRXVR
GHPRELOLiULRHHTXLSDPHQWRVSUySULRVHGHDOWDWHFQRORJLD
9HUPDLVHP
5DWWHQEXU\.HVWHUHRXWURV$UFKLWHFWV7RGD\/RQGUHV/DXUHQFH.LQJ
KWWSZZZNLVKRFRMS
(VFROD%DXKDXV'HVVDX:DOWHU*URSLXV
)LJ9LVWDJHUDO
)LJ9LVWDDpUHD
)LJ9LVWDH[WHUQD
)LJH9LVWDVH[WHUQDV
(VFROD%DXKDXV'HVVDX:DOWHU*URSLXV
)LJ,PSODQWDomR
)LJ3ODQWD3DYLPHQWR7pUUHR
)LJ&RUWH
)LJ3ODQWDGR3ULPHLURSDYLPHQWR
(VFROD%DXKDXV'HVVDX:DOWHU*URSLXV
$ %DXKDXV IRL XPD HVFROD GH 'HVLJQ TXH UHYROXFLRQRX R HVWXGR WHyULFR H SUiWLFR GD
)RUPDHODIRLIXQGDGDHPHP:HLPDUSRU:DOWHU*URSLXVHGHSRLVWUDQVIHULGDSDUD
'HVVDXSRUTXHVW}HVSROtWLFDV
(VWD LPSRUWDQWH HVFROD SHVTXLVRX H GLVVHPLQRX R HVWXGR GD )RUPD H VXD DSOLFDomR QD
SURGXomR DUTXLWHW{QLFD QR GHVLJQ H QD FRPXQLFDomR YLVXDO GRV REMHWRV SURGX]LGRV HP
HVFDODLQGXVWULDO
2 REMHWLYR GD %DXKDXV HUD IRUPDU SHVVRDV FRP WDOHQWR DUWtVWLFR SDUD VHUHP DUTXLWHWRV
GHVLJQHUQDLQGXVWULDDUWHV}HVHVFXOWRUHVHSLQWRUHV
2 FRQMXQWR HGLILFDGR GD %DXKDXV p FRQVWLWXtGR SRU YiULRV EORFRV QXP SURJUDPD
DUTXLWHW{QLFR H[WHQVR FRPSRVWR LQLFLDOPHQWH SRU RILFLQDV DXODV H DGPLQLVWUDomR
FRPSOHPHQWDUPHQWH GH DORMDPHQWR GH SURIHVVRUHV H DOXQRV LQFOXVLYH D UHVLGrQFLD GH
:DOWHU*URSLXVVHXGLUHWRU
6XDIRUPDJHUDOGHLPSODQWDomRHPIRUPDKHOLFRLGDOMiSDUHFHVHUXPDPHWiIRUDGRVHX
SURFHVVR GLGiWLFR GLQkPLFR HP FRQVWDQWH HYROXomR 6HJXQGR *URSLXV HVVD IRUPD
RSRVWD j IDFKDGD VLPpWULFD WUDGLFLRQDO H[LJLD TXH D FLUFXODomR VH GHVVH HP YROWD SDUD
DSUHFLDUDGLQkPLFDGDFRPSRVLomRHDYDULDomRGDVSHUVSHFWLYDV
1RVVHXVSURMHWRVDUTXLWHW{QLFRVUHDOL]DGRVFRPHVWUXWXUDULJLGDPHQWHRUWRJRQDOEXVFRXD
LQWHJUDomR LQWHULRU H H[WHULRU RQGH D YROXPHWULD QmR HUD XPD PDVVD SOiVWLFD GLVIRUPH
PDV VLP XPD FRQVWUXomR JHRPpWULFD GH SODQRV RSDFRV RX WUDQVSDUHQWHV LQVHULGRV QR
HVSDoR
$ JHRPHWULD GR FRQMXQWR SULQFLSDO p FRPSRVWD SRU WUrV UHWkQJXORV HP SODQWDV JHUDQGR
WUrV SDUDOHOHStSHGRV KRUL]RQWDLV QXP GHVHQKR TXH IRUPD XPD KpOLFH VLPEROL]DQGR
PRYLPHQWRHXPDLGpLDGHUHYROXomRGRHQVLQRGDDUWHDSOLFDGDDRGHVLJQ
9HUPDLVHP
-RHGLFNH-XUJHQ$UTXLWHFWXUDFRQWHPSRUkQHD%DUFHORQD*XVWDYR*LOL
%HQpYROR /HRQDUGR+LVWRULD GD $UTXLWHFWXUD 0RGHUQD %DUFHORQD *XVWDYR *LOL 
(GLomR
)LWFK-DPHV0DUVWRQ:DOWHU*URSLXV1HZ<RUN*HRUJH%UD]LOOHU
)LWFK -DPHV 0DUVWRQ %DXKDXV QRYD DUTXLWHWXUD6mR 3DXOR &ROHomR 'HEDWH 1RYD
3HUVSHFWLYD
:HVWRQ5LFKDUG3ODQWDVFRUWHVHHOHYDo}HV%DUFHORQD*XVWDYR*LOL
&RQJUHVVR1DFLRQDOGH%UDVtOLD2VFDU1LHPH\HU
)LJH9LVWDVDpUHDHH[WHUQD
)LJ&RQVWUXomR
)LJ3ODQWDWLSRGRVDQH[RV
&RQJUHVVR1DFLRQDO%UDVtOLD2VFDU1LHPH\HU
)LJ3ODQWDSDYLPHQWRWpUUHRGR&RQJUHVVR
)LJ3ODQWDSULPHLURSDYLPHQWR
)LJ3ODQWDVHJXQGRSDYLPHQWR
)LJ&RUWHJHUDO
&RQJUHVVR1DFLRQDO%UDVtOLD2VFDU1LHPH\HU
(VWH FRQMXQWR GH HGLItFLRV p FRPSRVWR SHODV GXDV FDVDV GR &RQJUHVVR 1DFLRQDO
%UDVLOHLURD&kPDUDGRVGHSXWDGRVIHGHUDLVHR6HQDGRGD5HS~EOLFD
$ YROXPHWULD YLVtYHO LGHQWLILFD HVVHV GRLV yUJmRV OHJLVODWLYRV SHORV VHXV GRLV SOHQiULRV
VHPLHVIpULFRV H GXDV WRUUHV YHUWLFDLV JHPLQDGDV GRV DQH[RV YROXPHV PDLV DOWRV GH
%UDVtOLD
(VVHV HGLItFLRV MXQWDPHQWH FRP R 3DOiFLR GR 3ODQDOWR H GD -XVWLoD FRPS}HP D 3UDoD
GRV 7UrV 3RGHUHV VHGH GR JRYHUQR EUDVLOHLUR H JDUDQWHP XPD GDV PDLV VLJQLILFDWLYDV
VLPERORJLDVIRUPDLVGDFDSLWDOIHGHUDO
2VSOHQiULRVWrPDJHRPHWULDGHWHUPLQDGDSHODVGXDVF~SXODVVHPLHVIpULFDVXPDPHQRU
FRP D SDUWH FRQYH[D SDUD FLPD TXH DEULJD R 6HQDGR GD 5HS~EOLFD H RXWUD PDLRU H
LQYHUWLGDGHVWLQDGDj&kPDUDGRVGHSXWDGRVIHGHUDLV
2VHGLItFLRVDOWRVGRVDQH[RVTXHFRPS}HPDVDWLYLGDGHVFRPSOHPHQWDUHVGR&RQJUHVVR
1DFLRQDO VmR GRLV SDUDOHOHStSHGRV GH EDVH UHWDQJXODU FRP SDYLPHQWRV FDGD
FRQVWUXtGRV HP HVWUXWXUD PHWiOLFD PRGXODU FRQWtJXRV H DVVHQWDGRV VREUH XP JUDQGH
HVSHOKR G¶iJXD DFRSODGRV jV GXDV FDORWDV RSRVWDV GRV SOHQiULRV GD &kPDUD H GR
6HQDGR
2V DQH[RV IRUDP LPSODQWDGRV QXP HL[R SHUSHQGLFXODU ORJR DWUiV GRV SOHQiULRV
OHJLVODWLYRV ID]HQGR XP FRQWUDSRQWR YHUWLFDO QD SODWDIRUPD KRUL]RQWDO H QRV YROXPHV
FXUYRVHEDL[RVGRVSOHQiULRVGR&RQJUHVVR1DFLRQDO
(VVHFRQMXQWRYROXPpWULFRHVWiDSRLDGRVREUHXPDSODWDIRUPDGHGRLVSDYLPHQWRVFRPRV
DFHVVRVHGHPDLVVHUYLoRVGHDSRLR
(VVHV EORFRV YHUWLFDLV VmR IRUPDV JHRPpWULFDV SXUDV FRPSRVWDV SRU HPSHQDV PHQRUHV
FHJDVHFDL[LOKRVPRGXODUHVQDVIDFKDGDVPDLRUHVRSRVWDV
3HUFHEHVH D EXVFD GH XP HTXLOtEULRYLVXDO H VLPpWULFR QD FRPSRVLomR GHVVHVYROXPHV
TXHHQFHUUDPRHL[RGDHVSODQDGDGRV0LQLVWpULRVGDFDSLWDOIHGHUDO
9HUPDLVHP
*XLD$UTXLWHWXUDGH%UDVtOLD6mR3DXOR(PSUHVDGDV$UWHV
5HYLVWD$FUySROHQ~PHUR
%LEOLRWHFD-.HQQHG\%RVWRQ(8$,03HL
)LJ9LVWDGD%DLDGH%RVWRQ
)LJ,PSODQWDomR
)LJ9LVWDLQWHUQD
%LEOLRWHFD-.HQQHG\%RVWRQ(8$,03HL
(GLItFLRFRQVWUXtGRSDUDDEULJDUDELEOLRWHFDHRPHPRULDOGRSUHVLGHQWH-RKQ).HQQHG\
HP%RVWRQ
8PJUDQGHFXERWUDQVO~FLGRHVFXURGHYpUWLFHVHDUHVWDVFKDQIUDGDVLQWHUSHQHWUDGRSRU
XP SULVPD WULDQJXODU EUDQFR H RXWUR YROXPH FRPSRVWR GH XPD EDVH TXDGUDGD H XP
FtUFXORIRUPDHVWDFRPSRVLomRDUTXLWHW{QLFD
6mRIRUPDVJHRPpWULFDVSXUDVWUDEDOKDGDVFRPPDWHULDLVGLIHUHQWHV
2FXERGHHVWUXWXUDLQWHUQDPHWiOLFDHVSDFLDOpXPJUDQGHYD]LRHWHPSpGLUHLWRDOWRHRV
GHPDLVEORFRVVmRDSRLRVHFRPSOHPHQWRVGRSURJUDPDDUTXLWHW{QLFRGRPHPRULDO
(OHWHPFRPRSDQRGHIXQGRXPDJUDQGHVXSHUItFLHSODQDHEUDQFDTXHOKHGiFRQWUDVWH
HRYDORUL]D
$FRPSRVLomRYROXPpWULFDJHUDOpDEHUWDVHPVLPHWULDHFRPSRVWDSRUYiULRVHOHPHQWRV
GLIHUHQWHV RUJDQL]DGRV QXP SODQR SDLVDJtVWLFR WDPEpP FRP ILJXUDV JHRPpWULFDV
SULPiULDVFRPRSROtJRQRVHFtUFXORV
&RORFDGD QXPD SRQWD GD %DLD GH %RVWRQ HOH WHP XPD SUHVHQoD VLQJHOD SHODV IRUPDV
SXUDV H HPSUHJR GRV PDWHULDLV PDV LPSRQHQWH H PRQXPHQWDO SDUD UHSUHVHQWDU R
HPLQHQWHKRPHPS~EOLFRDPHULFDQR
9HUPDLVHP
:LVHPDQ&DUWHU7KHDUFKLWHFWXUHRI,03HL1HZ<RUN+DUU\$EUDPV
KWWSZZZSFIDQGSFRPD1KWPO
%LEOLRWHFD3~EOLFD(VWRFROPR(ULN*XQDUG$VSOXQG
)LJ9LVWDH[WHUQD
)LJ9LVWDLQWHUQD
%LEOLRWHFD3~EOLFD(VWRFROPR(ULFN*XQDUG$VSOXQ
)LJ3ODQWDSDYLPHQWRWpUUHR
)LJ3ODQWDSULPHLURSDYLPHQWR
)LJ&RUWH )LJH(VTXHPDVJHRPpWULFRV
)LJ(OHYDomR6XO
%LEOLRWHFD3~EOLFD(VWRFROPR(ULFN*XQDUG$VSOXQG
(GLItFLRFRQVWUXtGRSDUDDSULPHLUD%LEOLRWHFD3~EOLFDGH(VWRFROPRQD6XpFLDQXPHVWLOR
FRQKHFLGRFRPRFOiVVLFRQyUGLFR
'XDVIRUPDVJHRPpWULFDVGLVWLQWDVFRPS}HPHVWHSURMHWR
2 FLOLQGUR FHQWUDO p FLUFXQGDGR SRU XP TXDGUDGR LQFRPSOHWR IRUPDGR SHORV
SDUDOHOHStSHGRVUHWDQJXODUHVPDLVEDL[RVTXHIRUPDXPDJUDQGHILJXUDHPIRUPDGH³8´
WUDGX]HPJHRPHWULFDPHQWHHVWDFRPSRVLomRDUTXLWHW{QLFD
(VWDHUDXPDFRPSRVLomRFOiVVLFDFHQWUDOL]DGDHVLPpWULFD
$ SDUWH FLUFXODU FHQWUDO p D VDOD GH OHLWXUD FRP D FREHUWXUD HVFRQGLGD SHOR FLOLQGUR
HQYROWyULRVHQGRLOXPLQDGDSRUYiULDVMDQHODVDOWDVGLVWULEXtGDVQDSDUHGHFLUFXODU
¬PHGLGDTXH R SUpGLR LD VHQGR FRQVWUXtGRHOH VRIULDPRGLILFDo}HV FRP D LQFRUSRUDomR
GH QRYRV HOHPHQWRV PRGHUQRV H XUEDQRV TXH GLVWDQFLDYD R SURMHWR GR FODVVLFLVPR
WUDGLFLRQDO
$VVLP Mi VH SRGH VHQWLU QR HGLItFLR RV SULQFtSLRV PRGHUQRV GD DUTXLWHWXUD TXH QDVFLD
SXUH]DHDEVWUDomRGDVIRUPDVSURSRUomRHJHRPHWULD
9HUPDLVHP
:HVWRQ5LFKDUG3ODQWDVFRUWHVHHOHYDo}HV%DUFHORQD*XVWDYR*LOL
3DoR0XQLFLSDOGH6DQWR$QGUp5LQR/HYL
)LJ9LVWDDpUHD
)LJ3UDoDFRPYLVWDGRH[HFXWLYRHOHJLVODWLYR
)LJ9LVWDFRQMXQWDFRPROHJLVODWLYRjIUHQWHRHGLItFLRH[HFXWLYRDRIXQGRHRWHDWURGR
FHQWURFXOWXUDOjGLUHLWD
)LJ9LVWDGROHJLVODWLYR
3DoR0XQLFLSDOGH6DQWR$QGUp5LQR/HYL
)LJ3ODQWDHGLItFLRH[HFXWLYR
)LJ3ODQWDGRSOHQiULRGROHJLVODWLYR
)LJ&RUWHGROHJLVODWLYR
)LJ3ODQWDGRFHQWURFXOWXUDOFRPWHDWURjHVTXHUGD
)LJ&REHUWXUDHVWUHODGDGRSOHQiULRGROHJLVODWLYR)LJ3HUVSHFWLYDGR3OHQiULR
/HJLVODWLYR
3DoR0XQLFLSDOGH6DQWR$QGUp5LQR/HYL
(VWH JUDQGH FRPSOH[R GH HGLItFLRV GR 3DoR 0XQLFLSDO GH 6DQWR $QGUp p FRPSRVWR SHOD
VHGHGRSRGHUH[HFXWLYRD3UHIHLWXUDGDVHGHGROHJLVODWLYR±D&kPDUD0XQLFLSDOHGH
XP&HQWUR&XOWXUDODFRSODGRVjVHGHGRSRGHUMXGLFLiULR±R)yUXPMiH[LVWHQWH
(VVHV HGLItFLRVHVWmR LQVHULGRV QXPULFR SURMHWR GHSDLVDJLVPR GH %XUOH 0DU[ FRPSRVWR
SRUSLVRVH[WHUQRVMDUGLQVODJRVHHVFXOWXUDV
&RQVWUXWLYD H IRUPDOPHQWH RV HGLItFLRV VmR GH JUDQGH VLPSOLFLGDGH PDUFD UHJLVWUDGD GH
5LQR/HYL
$V HVWUXWXUDV GH FRQFUHWR DUPDGR VHPSUH PRGXODGDV DSDUHFHP FODUDPHQWH QD IRUPD
GRVHGLItFLRVRVGHPDLVHOHPHQWRVGHYHGDomRVmRDVHPSHQDVFHJDVRVFDL[LOKRVFRP
YLGURHRVTXHEUDVRLVGHFLPHQWRDPLDQWRRXWURHOHPHQWRTXH5LQROHYDYDPXLWRDVpULR
SDUDDGHYLGDSURWHomRGDVDEHUWXUDV
&RPRVHREVHUYDHVWHSURMHWRWHPXPDJUDQGHYDULHGDGHIRUPDOGRVVHXVHGLItFLRVPDV
XQLILFDGRVSRUJUDQGHVSUDoDVFtYLFDVHGHFRQYtYLRHPYiULDVFRWDVGHQtYHLV
2 EORFR SUHGRPLQDQWH R H[HFXWLYR GD 3UHIHLWXUD p XP JUDQGH SULVPD YHUWLFDO GH EDVH
TXDGUDGDFRPSODQWDOLYUHIOH[tYHOPRGXODGDHPPHWURVFXMDUHIHUrQFLDYLVXDOVmR
RVTXHEUDVRLVGHDOXPtQLRGDVIDFKDGDV
2 HGLItFLR GR OHJLVODWLYR p XP SULVPD TXDGUDGR EDL[R FRP XP FRURDPHQWR HVWUHODGR GR
SOHQiULRTXHGiXPDFDUDFWHUtVWLFDIRUPDODRFRQMXQWR
$V SDUHGHV GR SOHQiULR VmR LQFOLQDGDV SDUD PHOKRU DEVRUomR DF~VWLFD H R IRUUR WDPEpP
WHPXPGHVHQKRSDUDIXQFLRQDUFRPRXPGLIXVRUDF~VWLFR
2FHQWURFXOWXUDOpFRPSRVWRSRUXPSULVPDUHWDQJXODUTXHDEULJDDVHFUHWDULDGDFXOWXUD
DELEOLRWHFDHXPWHDWURHPIRUPDGHWURQFRGHSLUkPLGH2WHDWURWHPUHFXUVRVFrQLFRVH
DF~VWLFRVH[WUDRUGLQiULRViUHDVTXHRDUTXLWHWRWLQKDJUDQGHFRQKHFLPHQWR
$³HVWUHOD´GHFREHUWXUDGRSOHQiULRGROHJLVODWLYRpXPDHVWUXWXUDGHFRQFUHWRSOLVVDGRGH
JUDQGHHIHLWRHVFXOWXUDOHVLPEyOLFRFRPLOXPLQDomR]HQLWDO(VVDIRUPDLQXVLWDGDDFDED
GDQGRXPDFDUDFWHUtVWLFDIRUPDOSUySULDDRFRQMXQWR
(VVD HVWUXWXUD SOLVVDGD QRV UHPHWH D RXWUD IHLWD SRU -RUJH :LOOHLP SDUD R $XGLWyULR GR
$QKHPELHP6mR3DXOR
3URMHWRGHJUDQGHYDULHGDGHIRUPDOPDVTXHFRPS}HXPFRQMXQWRHTXLOLEUDGRH
KDUP{QLFR
9HUPDLVHP
*XHUUD5RPDQR5LQR/HYL63DXOR5RPDQR*XHUUD
/HYL5LQR0LODQR(GL]LRQLGL&RPXQLWi
3RUWIyOLRGRHVFULWyULRGRDUTXLWHWR
5HYLVWD3URMHWR
0XVHXGH$UWHGH6)UDQFLVFR0DULR%RWWD
)LJ9LVWDH[WHUQDGRFRQMXQWR
)LJ9LVWDH[WHUQDODWHUDO
)LJ9LVWDLQWHUQDGRPRGHLOXPLQDomR
0X V HX G H$ U W HG H6)U DQ F L V F R 0 DU L R % R W W D
)L J ,P SO DQ W Do mR )L J 3O DQ W DV G R V Y iU L R V Q tY HL V )L J &RU W H
)L J (V TX HP DJ HR P pW U L F R
0XVHXGH$UWHGH6)UDQFLVFR0DULR%RWWD
(VWH0XVHXHVWiVLWXDGRQRFHQWURGDFLGDGHGH6mR)UDQFLVFR&DOLIyUQLD
(OHHVWiLQVHULGRHQWUHWUrVHGLItFLRVDOWRVGRVHXHQWRUQR
3DUD VH GHVWDFDU GRV PHVPRV XWLOL]D XP MRJR YROXPpWULFR IRUWH FRPSRVWR GH ILJXUDV
JHRPpWULFDVVLPSOHVHFRORULGDVFRPRSDUDOHOHStSHGRVHFLOLQGURV
&RP HVWD DWLWXGH LQGHSHQGHQWH R HGLItFLR WHP SRXFD RX QHQKXPD UHODomR FRP R VHX
HQWRUQRFRQVWUXtGRFRPRXP&HQWURGRDUTXLWHWR)XPLKLNR0DNLTXHHVWiFRQWtJXRQHPD
WRUUHGH%D\%ULGJHHPVHJXQGRSODQRQHPDRDOWRHGLItFLRWDPEpPDRIXQGR
9HPRVQHVWHSURMHWRXPDSURIXVmRGHYROXPHVJHRPpWULFRVGLIHUHQWHVFRPFRUHV
PDUFDGDVFRPRVHEXVFDVVHVHGHVWDFDUQDSDLVDJHPDWRGRFXVWR
(OHpFRPSRVWRSRUYROXPHVSULVPiWLFRVGHWLMRORDSDUHQWHFRPIULVRVSUDWLFDPHQWHVHP
DEHUWXUDV HP DEVROXWD VLPHWULD HP UHODomR DR FHQWUR GD FRPSRVLomR TXH ODGHLDP R
YROXPHFHQWUDO ³]HEUDGR´ HP IRUPDGHXP FLOLQGUR WUXQFDGR TXH IRUQHFHLOXPLQDomR jV
JDOHULDVHDRVSLVRVDEDL[R
1RFHQWURHVWiXPFRUSRFLOtQGULFRTXHVDLGDFREHUWXUDHPXPSODQRREOLTXRWUDQVSDUHQWH
TXHLOXPLQDWRGDDFDYLGDGHQRFHQWURGRHGLItFLRQRVYiULRVSDYLPHQWRV
0DULR%RWWDWHPXPDOLQJXDJHPSDUWLFXODUXPDPDUFDUHJLVWUDGDH[WUDtGDGDFRPSRVLomR
GHILJXUDVJHRPpWULFDVVLPSOHVHFODUDVDEVROXWDVLPHWULDGHYROXPHVPDWHULDLVQDWXUDLV
FRPR WLMROR FHUkPLFR RX EORFRV GH FRQFUHWR DSOLFDomR GH HIHLWRV JUiILFRV SDUD UHIRUoDU
FHUWRVHOHPHQWRVGDFRPSRVLomRYROXPpWULFD
2DUTXLWHWRDILUPDHP$8SiJ³$VLPHWULDpXPLQVWUXPHQWRFRPRWDPEpPRpD
JHRPHWULD 1mR SDUWR GHODV PDV FKHJR VHPSUH Oi e PDLV IRUWH TXH PLQKD YRQWDGH
SULQFLSDOPHQWHSDUDDOFDQoDURHTXLOtEULRGDOX]QRLQWHULRUGRVHVSDoRV´
9HUPDLVHP
-RGLGLR3KLOLS1RYDV)RUPDVGH$UTXLWHFWXUD±$DUTXLWHWXUDGRVDQRV,WDOLD7DVFKHQ
3L]]L(PLOLR0DULR%RWWD:RUNVDQGSURMHFWV%DUFHORQD*XVWDYR*LOL
KWWSZZZERWWDFK
+RVSLWDO5HGH6DUDK/DJR1RUWH%UDVtOLD-RmR)LOJXHLUDV/LPD
)LJ9LVWDGDPDTXHWH
)LJ9LVWDH[WHUQDGRFRQMXQWR
)LJ9LVWDGRODJR3DUDQRi
)LJ(WDSDGDFRQVWUXomR
+RVSLWDO6DUDK/DJR1RUWH%UDVtOLD-RmR)LOJHXULDV/LPD
)LJ,PSODQWDomR
)LJH&URTXLVGR$UTXLWHWR
+RVSLWDO5HGH6DUDK/DJR1RUWH%UDVtOLD-RmR)LOJXHLUDV/LPD
(VWHSURMHWRpGHVWLQDGRDXPDPSOR&HQWUR0pGLFRH[FOXVLYRSDUDRWUDWDPHQWRHDSRLR
DRJUDQGHLQFDSDFLWDGRItVLFRHPJHUDOYtWLPDVGHDFLGHQWHVFRPYHtFXORVDXWRPRWRUHV
(VWH &HQWUR FRPSOHPHQWD R +RVSLWDO 6DUDK GH %UDVtOLD Mi H[LVWHQWH (P SLVR ~QLFR HOH
WHP iUHDV JHQHURVDV H OLYUHV GHVWLQDGDV j UHFXSHUDomR GH SDFLHQWHV FRP JUDQGHV
WUDXPDVFRPROHVmRGHPHGXOD
1HVWH FRQMXQWR DUTXLWHW{QLFR WXGR p VLQXRVR H RUJkQLFR Ê R JUDQGH YROXPH FLUFXODU GD
HVFRODTXHOHPEUDXPSDJRGHRULHQWDO6mRDVSRUWDULDV³DODGDV´VmRJUDQGHVYROXPHV
GD LQWHUQDomR HP DUFRV FRP RV FDUDFWHUtVWLFRV VKHGV GR DUTXLWHWR DUWLFXODGRV SRU
FDPLQKRVRUJkQLFRVTXHLQFOXVLYHDWLQJHPRODJRDWUDYpVGHXPDWUDFDGRXUR
3RGHPRVLPDJLQDUTXHDVIRUPDVSURSRVWDVVmRGLQkPLFDVFRPRTXHSDUDHVWLPXODURV
PRYLPHQWRVQDTXHOHVTXHVHUHFXSHUDPGRVWUDXPDVTXHRVLPRELOL]DUDP
$V IRUPDV DUTXLWHW{QLFDV DSUHVHQWDGDV VmR YDULDGDV H OLYUHV REWLGDV DWUDYpV GH
JHRPHWULDV GH VXSHUItFLHV FXUYDV TXH UHVSRQGHP RUD DR GHVHPSHQKR GH YHQWLODomR
QDWXUDO FRP VHXV ³VKHGV´ VXSHULRUHV FRORULGRV RUD DRV JHQHURVRV HVSDoRV FRPXQV
SUHWHQGLGRV
&DGD XP GHVVHV YROXPHV GH JHRPHWULDV GLIHUHQWHV SRVVXL XPD PRGXODomR HVSHFtILFD
DGHTXDGDjVVXDVGLPHQV}HVHDWHFQRORJLDPHWiOLFDDGRWDGD
2DEULJRGRFDLVpXPDJUDQGHFREHUWXUDPHWiOLFDGHIRUPDFLUFXODU
2JLQiVLRGHHVSRUWHVXPDJUDQGH³RQGD´FXUYDDUUHPDWDGDSHORFRUWHFKDQIUDGRGHXP
³VKHG´DPDUHOR
$ HVFROD GRV H[FHSFLRQDLV p XPD JUDQGH FREHUWXUD FLUFXODU FRPSRVWD GH FKDSDV
PHWiOLFDVHFRQHSOiVWLFRQRFXPHFRPDUUHPDWHVHPLHVIpULFRQXPFRQMXQWRTXHOHPEUD
DDUPDomRHDORQDGHXPYHOKRFLUFR
$SHTXHQDSRUWDULDJDQKDDVDVFRPDVIRUPDVOHYHVEUDQFDVHDVFXUYDVDSUHVHQWDGDV
7RGDV HVVDV IRUPDV VmR SURIXVDPHQWH SLQWDGDV GH FRUHV IRUWHV FRPR SDUD DOHJUDU RV
SDFLHQWHVHPLQRUDURVGHVDILRVGHUHFXSHUDomRPRWRUDDVHUHPSRUHOHVYHQFLGRV
9HUPDLVHP
-RmR)LOJXHLUDV/LPD±/HOp/LVERD(GLWRULDO%ODX
&RUSRVFRPDSOLFDomRGH*(20(75,$61­2(8&/,',$1$6
5HVXPLGDPHQWH D *HRPHWULD QmR (XFOLGLDQD p DTXHOD TXH FRQIURQWD R ž SRVWXODGR GH
(XFOLGHV9HUPDLVGHWDOKHVQRFDSLWXORGRLV
$V*HRPHWULDV1mR(XFOLGLDQDVVmRHVWXGRVFLHQWtILFRVGHVWLQDGRVDH[SOLFDUIHQ{PHQRV
QDWXUDLV H IRUPDV FRPSOH[DV TXH GLILFLOPHQWH SRGHULDP VHU HQWHQGLGDV DWUDYpV GD
JHRPHWULD(XFOLGLDQD
$V PDLV FRQKHFLGDV H LQWHUHVVDQWHV SDUD R QRVVR FDPSR GH WUDEDOKR VmR DV FKDPDGDV
%L{QLFDVGRV)UDFWDLVH7RSROyJLFDV
%L{QLFD pDFLrQFLDTXHSHVTXLVDDVIRUPDVGRVHOHPHQWRVGDQDWXUH]DVHMDPYHJHWDLV
RXDQLPDLVHDVLQFRUSRUDjVIRUPDVFRQVWUXtGDVSRUFySLDVHPHOKDQoDRXDQDORJLD
*HRPHWULD GRV )UDFWDLV p D JHRPHWULD GDV IRUPDV GHVFRQWtQXDV IUDWXUDGDV RQGH D
SDUWH VH DVVHPHOKD DR WRGR VHP SHUGHU VXDV FDUDFWHUtVWLFDV ItVLFRIRUPDLV H R VHX
SURFHVVRGHFRQVWUXomRpUHSHWLWLYR
eD*HRPHWULDGDQDWXUH]DSRUH[FHOrQFLD6mR*HRPHWULDVIUDFWDLVDVQXYHQVDVPDUpV
DQHYHDHVWUXWXUDGDViUYRUHV
7RSRORJLDpDJHRPHWULDTXHHVWXGDDVWUDQVIRUPDo}HVFRQWtQXDVHHOiVWLFDV
eXPWLSRGHJHRPHWULDHPTXHFRPSULPHQWRVkQJXORVHIRUPDVSRGHPVHUDOWHUDGRVSRU
WUDQVIRUPDo}HVFRQWtQXDVHUHYHUVtYHLVVHPSHUGHUVXDVFDUDFWHUtVWLFDV
9DPRVDSUHVHQWDUDVHJXLUDOJXQVH[HPSORVGHREUDVTXHXWLOL]DPHVVDVJHRPHWULDVPDLV
FRPSOH[DVSDUDDGHILQLomRGDVVXDVIRUPDVDUTXLWHW{QLFDV
,QLFLDOPHQWHDTXHODVTXHWrPLQVSLUDomRQDVIRUPDVGDQDWXUH]DHSRVWHULRUPHQWHRXWUDV
OLJDGDVDRVIUDFWDLVHjWRSRORJLD
$&25326%$6($'261$6)250$6'$1$785(=$%L{QLFD
$HURSRUWRGH6WXWJDUW*HUNDQ0DUJ
$TXL VHUmR DSUHVHQWDGRV SURMHWRV H REUDV TXH WHP XPD QtWLGD OLJDomR FRP R PXQGR
QDWXUDOVHMDPIRUPDVDQLPDLVYHJHWDLVRXRXWUDV
)RUPDVJHRPpWULFDVHDUTXLWHW{QLFDVTXHVHEDVHDUDPQDREVHUYDomRFXLGDGRVDGHVVDV
IRQWHV QDWXUDLV H IRUDP LQWHUSUHWDGDV RX DGDSWDGDV QR HVSDoR DWUDYpV GH PDWHULDLV H
WpFQLFDVGLYHUVDV
6HUmRDSUHVHQWDGDVHDQDOLVDGDVDVVHJXLQWHVREUDV
2EUD&DWHGUDOGD6DJUDGD)DPtOLDGH$QWRQL*DXGL
2EUD&DVD0LOiGH$QWRQL*DXGL
2EUD7HUPLQDOGD7:$GH(HUR6DDULQHQ
2EUD(VWDomR)HUURYLiULD/\RQ6DWRODVGH6DQWLDJR&DODWUDYD
2EUD&LGDGHGDVDUWHVHGDVFLrQFLDVHP9DOHQFLDGH6DQWLDJR&DODWUDYD
2EUD-DUGLPGReGHQGH1LFRODV*ULQVFKDZ
&DWHGUDOGD6DJUDGD)DPtOLD%DUFHORQD$QWRQL*DXGL
)LJ9LVWDH[WHUQD(OHYDomRGR1DVFLPHQWR
)LJH3LQiFXORVYLVWDHJHRPHWULD
&DWHGUDOGD6DJUDGD)DPtOLD%DUFHORQD$QWRQL*DXGL
)LJ(VFDGDFDUDFROQXPFDPSDQiULR
)LJ9LVWDLQWHUQDGHXPDWRUUH
)LJ0RGHORTXDQGRDFDEDGD
)LJ'HVHQKRGD&DWHGUDO
)LJ3ODQWD )LJ&RUWH
&DWHGUDOGD6DJUDGD)DPtOLD%DUFHORQD$QWRQL*DXGL
2 WHPSOR GD 6DJUDGD )DPtOLD FRQFHELGR FRP R SUHGRPtQLR JyWLFR GD YHUWLFDOLGDGH WHP
XPD SODQWD HP FUX] ODWLQD FRP FLQFR QDYHV H XP FUX]HLUR 2 FODXVWUR p H[WHULRU H
FLUFXQGD RHGLItFLRXQLQGRWUrVIDFKDGDVD GRQDVFLPHQWRGDJOyULDHD GDSDL[mRFDGD
XPDFRPTXDWURFDPSDQiULRVGHPGHDOWXUD
$VPHGLGDVHPSODQWDVmRPGHFRPSULPHQWRGDQDYHDEVLGHSRUPGHODUJXUDH
PDVODWHUDLVRFUX]HLURWHPPHWURV
$ DEVLGH p IRUPDGD SRU VHWH FDSHODV GH IRUPD SROLJRQDO HQYROYLGDV SRU HVFDGDV
FLUFXODUHV(ODpDGRUQDGDSRUYLWUDLVFRPSRVWRVSRUHOHPHQWRVQDWXUDLVSDUDILOWUDUDOX]
QDWXUDO
2V FDPSDQiULRV VtPEROR YLVXDO PDLRU GR WHPSOR UHSUHVHQWDP RV DSyVWRORV H WrP
HQWUHPHP GH DOWXUD'H FRPSOH[D VLPERORJLDUHOLJLRVD HOHVDSUHVHQWDP ILJXUDV
JHRPpWULFDVTXHSDVVDPSRUURPERHGURVHOLSVHVHRXWUDV
1R LQWHULRU GHVVHV FDPSDQiULRV p TXH HVWmR DV PDUDYLOKRVDV HVFDGDV HP FDUDFRO
PRVWUDGDVQRGHWDOKH
$VFROXQDVGDQDYHFHQWUDOHGDDEVLGHVmRLQFOLQDGDVHVHELIXUFDPDSDUWLUGHXPDFHUWD
DOWXUDSDUDPHOKRUDEVRUYHURVHVIRUoRVHVWUXWXUDLV
*DXGLLPSOLFDYDFRPRVDUFRVERWDQWHVJyWLFRVHSURFXURXXPVXEVWLWXWRPDLVUDFLRQDOH
SOiVWLFR(QFRQWURXQHVWHVRUJkQLFRVSLODUHV
(VWDREUDUH~QHDPHVFODGDJHRPHWULD*DXGLQLDQDTXHDTXLFRPS{VFRPWRGRVRVWLSRV
GHIRUPDVGRVHXLPHQVRUHSHUWyULRSXUDVRUJkQLFDVEDUURFDVLVRODGDVDJUXSDGDVRX
PHVFODGDVWUDWDGDVFRPRPi[LPRULJRUJUiILFRHFRQVWUXWLYR
1RV VHXV GLYHUVRV HOHPHQWRV FRQVWUXWLYRV SRGHPRV HQFRQWUDU WDQWR ILJXUDV JHRPpWULFDV
WmR VLPSOHV FRPR FXERV DJUXSDGRV DWp LQWHUVHomR GH SDUDEROyLGHVKLSHUEyOLFRV
SDVVDQGRSRUFRQyLGHVDEyEDGDVVLPSOHVRXKLSHUEyOLFDVFXUYDVHPFDWHQiULDVFROXQDV
UHYHUVDVRXGHJLURGXSORRXDLQGDDPHVFODGHWRGDVHODVQXPPHVPRHOHPHQWRFRPR
RVSLQiFXORV
Ê PXLWR GLItFLO LGHQWLILFDU RX VHSDUDU FDGD XPD GHVVDV ILJXUDV JHRPpWULFDV QXP ~QLFR
HOHPHQWRFRQVWUXWLYRWDODVXDFRPSOH[LGDGH
6mR IRUPDV FRSLDGDV GLUHWDPHQWH GD QDWXUH]D RX LQWHUSUHWDGDV SHOR VHX H[XEHUDQWH
VHQVRFULDGRU
3DUD HOH WRGDV HVVD IRUPDV SRGHULDP VXUJLU GD REVHUYDomR DWHQWD GD REUD GLYLQD GD
QDWXUH]D PDV WDPEpP GR FRPSRUWDPHQWR HVWUXWXUDO GRV HOHPHQWRV TXH HOH HQVDLDYD
H[DXVWLYDPHQWHHPVHXVPRGHORVFXULRVRVGHDUDPHVSHVRVHHVSHOKRV
,JXDOPHQWH DVIRUPDVVXUJLDP GH VXDHQRUPH EDJDJHPFXOWXUDOSURYHQLHQWH GD KHUDQoD
DUWHVDQDOSDWHUQDGDLQIOXrQFLDPRXUDQDVXDUHJLmRHGDVVXDVYLDJHQV
9HUPDLVHP
*DXGL$SURFXUDGD)RUPD6mR3DXOR,QVWLWXWR7RPLH2KWDNH
*DXGL3DUN*XHOO%DUFHORQD3ROLJUDID
*HOO;DYLHU*DXGL±*XLDGH$UTXLWHFWXUD%DUFHORQD*XVWDYR*LOL
3HUXFKR-XDQ3RPHV/HRSROGR*DXGL±XPDDUTXLWHFWXUDGHDQWLFLSDFLRQ%DUFHORQD
3ROLJUDID
KWWSZZZVDJUDGDIDPLOLDRUJ
&DVD0LOi/D3HGUHUD%DUFHORQD$QWRQL*DXGL
)LJ9LVWDH[WHUQD
)LJ'HWDOKHVGDIDFKDGD )LJH'HWDOKHVFKDPLQpVVXSHULRUHV
)LJ$UFRVHPFDWHQiULDGRiWULRVXSHULRU)LJ(VWUXWXUDPHWiOLFDGHVXVWHQWDomRGR
SiWLRFLUFXODU
&DVD0LOi/D3HGUHUD%DUFHORQD$QWRQL*DXGL
)LJ3ODQWDSDYLPHQWRVWLSR
)LJ3ODQWDSDYLPHQWRWpUUHR
)LJ&RUWHHVTXHPiWLFR
&DVD0LOi/D3HGUHUD%DUFHORQD$QWRQL*DXGL
(VWH HGLItFLR UHVLGHQFLDO IRL HUJXLGR QXP ORWH GH PHWURV TXDGUDGRV QXPD HVTXLQD
SULYLOHJLDGDGRFHQWURGH%DUFHORQDMXQWRDR3DVVHLRGD*UDFLD
)RL XPD HQFRPHQGD GR FDVDO 0LOi TXH RFXSRX XP DQGDU LQWHLUR FRP F{PRGRV H
DOXJDYDRVGHPDLV
2 HGLItFLR UHVLGHQFLDO WHP XPD SODQWD WRGD LUUHJXODU H[WUHPDPHQWH RUJkQLFD FRP DV
SDUHGHV LQGHSHQGHQWHV GD HVWUXWXUD FRP GRLV SiWLRV LQWHUQRV FXUYRV TXH VH DPSOLDP
SDUDFLPDSDUDJDUDQWLUPHOKRULOXPLQDomRHYHQWLODomRDWRGRVRVDQGDUHV
(VFDGDV KHOLFRLGDLV GDYDP DFHVVR DRV DSRVHQWRV GD IDPtOLD 0LOi H jV GHPDLV
GHSHQGrQFLDVXP~QLFRHOHYDGRUFRPSOHWDDFLUFXODomRYHUWLFDO
6XDHVFXOWyULFDYROXPHWULDOHPEUDXPDSHGUHLUDGDtVHUFRQKHFLGDFRPRWDO
$FUHGLWDVHTXHHODIRLLQVSLUDGDQDVFRVWDVURFKRVDVGH0DOORUFDRXQD6HUUDGH3UDWHV
HVSDQKRODV
6XD FRQVWUXomR XWLOL]RX PpWRGRV FRQYHQFLRQDLV GD pSRFD PDV FRP D OHLWXUD IRUPDO H
JHRPpWULFDSDUWLFXODUGH*DXGLFRPRXVRGHDUFRVFXUYDVHVXSHUItFLHVFRPSOH[DVSDUD
UHSURGX]LUDVIRUPDVRUJkQLFDVGDQDWXUH]DTXHWDQWROKHIDVFLQDYDP
$VVLPHOHXWLOL]DPDFLoDVSHGUDVSDUDDH[SUHVVmRHVXVWHQWDomRH[WHUQDVDUFRVGHWLMROR
HP FDWHQiULD QR iWULR GD FREHUWXUD HVWUXWXUD PHWiOLFD UDGLDO GH VXVWHQWDomR GR SiWLR
UHGRQGR H LQ~PHUDV RXWUDV IRUPDV LQVSLUDGDV QD QDWXUH]D FRPR SDUD FRPSRU DV
FKDPLQpV GD FREHUWXUD D VHUUDOKHULD GDV VDFDGDV ± IHLWDV SRU VHX WDOHQWRVR DVVLVWHQWH
-RVHS0DULD-XMROHLQ~PHURVRXWURVGHWDOKHV
1DFREHUWXUDH[WUHPDPHQWH RQGXODQWH SDUD UHVROYHUDV FKDPLQpV HGXWRV GH YHQWLODomR
*DXGL LQWURGX]LX JUDQGHV H HVWUDQKDV ILJXUDV TXH KRMH SDUHFHP OHPEUDU FULDWXUDV GH
FXOWXUDVDQWLJDVRXDOLHQtJHQDVGHRXWURVSODQHWDV
9HUPDLVHP
*DXGL$SURFXUDGD)RUPD6mR3DXOR,QVWLWXWR7RPLH2KWDNH
*DXGL3DUN*XHOO%DUFHORQD3ROLJUDID
3HUXFKR-XDQ3RPHV/HRSROGR*DXGL±XPDDUTXLWHFWXUDGHDQWLFLSDFLRQ%DUFHORQD
3ROLJUDID
9DOOpV-RDQ3UDWV*DXGL/D3HGUHUD%DUFHORQD3ROtJUDID
:HVWRQ5LFKDUG3ODQWDVFRUWHVHHOHYDo}HV%DUFHORQD*XVWDYR*LOL
*sOO;DYLHU*DXGL±*XLDVGH$UTXLWHFWXUD%DUFHORQD*XVWDYR*LOL
7HUPLQDO7:$1RYD<RUN(HUR6DDULQHQ
)LJ9LVWDH[WHUQD
)LJ9LVWDH[WHUQD
)LJH9LVWDVLQWHUQDV
7HUPLQDO7:$1RYD<RUN(HUR6DDULQHQ
)LJ3ODQWD
)LJH&RUWHV
7HUPLQDO7:$1RYD<RUN(HUR6DDULQHQ
(VWH HGLItFLR IRL GHVWLQDGR DR WHUPLQDO GH SDVVDJHLURV H[FOXVLYR GD &LD $pUHD 7:$ QR
$HURSRUWR-RKQ.HQQHG\GH1RYD<RUN
1R WHUPLQDO R DUTXLWHWR UHSURGX] HP FRQFUHWR DUPDGR D IRUPD GH XP HQRUPH SiVVDUR
QXPD DWLWXGH PDQHLULVWD SDUD WUDQVPLWLU D LQWHQomR GH SDVVDJHP H PRYLPHQWR ³ GD
HPRomR GD YLDJHP´ UHSUHVHQWDWLYD GD VRFLHGDGH DPHULFDQD FRQIRUPH VXD LQWHQomR
GHFODUDGD
(PSODQWDVLPpWULFDHRUJkQLFDHPIRUPDGHSiVVDURRLQWHULRUWHPJUDQGHFRQWLQXLGDGH
H VHXV HOHPHQWRV FRQVWUXWLYRV FRPR UDPSDV PRVWUDGRUHV WDPEpP VmR RUJkQLFRV H
FXUYRVSDUDDFRPSDQKDUHVVDLGpLDGHPRYLPHQWR
2SLVRLQWHUQRpXPLPHQVRWDSHWHYHUPHOKRTXHDXPHQWDHVVDVHQVDomR
$ IRUPD DUTXLWHW{QLFD IRUWHPHQWH OLJDGD j FRQVWUXomR DUWHVDQDO p FRQVHJXLGD SHOD
SODVWLFLGDGHGRFRQFUHWRDUPDGRWHQGRVLGRH[HFXWDGDFRPTXDWURJUDQGHVDEyEDGDVGH
FRQFUHWRDUPDGR
(VVDV DEyEDGDV VmR VHSDUDGDV SRU IUHVWDV KRUL]RQWDLV SDUD LOXPLQDomR ]HQLWDO H HVWmR
DSRLDGDVHPTXDWURJUDQGHVSLODUHVUHFXDGRVWUDEDOKDGRVFRPRHVFXOWXUDVQDIRUPDGH
<
$V FRPSOH[DV IRUPDV DUTXLWHW{QLFDV VmR REWLGDV DWUDYpV GDV IRUPDV JHRPpWULFDV
FRPSRVWDV SRU HOLSVHV DUFRV GH FLUFXQIHUrQFLDV H SDUDEROyLGHV WUDWDGDV GH PDQHLUD D
UHIRUoDUDLGpLDGHPRYLPHQWR
$ DWLWXGH IRUPDO PDQHLULVWD GHVVH SURMHWR WDPEpP HVWi SUHVHQWH QDV XOWLPDV REUDV GR
DUTXLWHWRFRPRR$HURSRUWR'XOOHVHP:DVKLQJWRQ'&HQR5LQNGH+yTXHLGR0,7
9HUPDLVHP
-RHGLFNH-XUJHQ%DUFHORQD*XVWDYR*LOL$UTXLWHFWXUDFRQWHPSRUkQHD
0RQWDQHU-RVHS0DULD'HVSXHVGHPRYLPHQWRPRGHUQR%DUFHORQD*XVWDYR*LOL
*RVVHO3HWHU$UFKLWHFWXUHLQ7ZHQWLHWKFHQWXU\*HUPDQ\7DVFKHQ
:HVWRQ5LFKDUG3ODQWDVFRUWHVHHOHYDo}HV%DUFHORQD*XVWDYR*LOL
)RWRVGR$XWRU
7HUPLQDO)HUURYLiULR/\RQ6DWRODV6DQWLDJR&DODWUDYD
)LJ9LVWDH[WHUQDJHUDO
)LJ9LVWDH[WHUQDODWHUDO )LJ9LVWDLQWHUQDGROREE\VXSHULRU
)LJ9LVWDLQWHUQDHVWUXWXUDGHFRQFUHWRHSODWDIRUPDV
7HUPLQDO)HUURYLiULR/\RQ6DWRODV6DQWLDJR&DODWUDYD
)LJ,PSODQWDomR
)LJ3ODQWDGDiUHDGDVSODWDIRUPDV
)LJ&RUWH
)LJH(OHYDo}HV
7HUPLQDO)HUURYLiULR/\RQ6DWRODV6DQWLDJR&DODWUDYD
(VWHWHUPLQDOGHSDVVDJHLURVpGHVWLQDGRDUHFHEHUWUHQVGHDOWDYHORFLGDGHTXHID]HPD
OLJDomRFRPR$HURSRUWRGH/\RQGLVWDQWHTXLO{PHWURV
2 HGLItFLR GR WHUPLQDO p FRQVWLWXtGR GH XP JUDQGH KDOO SULQFLSDO VXSHULRU TXH p XPD
HQRUPHSODWDIRUPDGHPHWDOFRPPHWURVGHFRPSULPHQWRPHWURVGHODUJXUDH
PHWURV GH DOWXUD FRP HPSHQDV ODWHUDLV LQFOLQDGDV H WRWDOPHQWH UHYHVWLGDV GH YLGURV
WUDQVSDUHQWHV
(VVD SRQWH WHP D IRUPD GH XP JUDQGH SiVVDUR WUDQVSDUHQWH LGHQWLILFDGRU YLVXDO GR
WHUPLQDO FRQVWUXtGR FRP HVWUXWXUD QHUYXUDGD GH DoR HP IRUPD GH YpUWHEUDV H DSRLDGD
VREUHGRLVJUDQGHVSLODUHVGHFRQFUHWRHPIRUPDGH9QDVH[WUHPLGDGHV
$EDL[R GHVVH KDOO H QR VHQWLGR WUDQVYHUVDO Ki XPD HVWUXWXUD PRGXODGD GH FRQFUHWR SUp
PROGDGR GH IRUPD WDPEpP RUJkQLFD FRPELQDGD FRP SDVVDUHODV TXH OHYDP jV
SODWDIRUPDVGDVOLQKDVIHUURYLiULDVVLWXDGDVPDLVDEDL[R
(VWH HGLItFLR QRV UHPHWH IRUPDOPHQWH D RXWUR 7HUPLQDO R GD 7:$ GH (HUR 6DDULQHQ
UHDOL]DGR QD IRUPD GH XP JUDQGH SiVVDUR SRUpP GH FRQFUHWR DUPDGR WDPEpP GH
LQVSLUDomRQDWXUDOLVWD
$VIRUPDVDUTXLWHW{QLFDVVmRRUHVXOWDGRGLUHWRGDFRQFHSomRHVWUXWXUDOHGRGHVHQKRGDV
SHoDVHVWUXWXUDLVEDVHDGDVTXDVHVHPSUHHPIRUPDVQDWXUDLVYHJHWDLVRXDQLPDLV
3RGHPRVREVHUYDUQDVSODQWDVGHVWHSURMHWRDVHPHOKDQoDFRPILJXUDVGHVDSRVRXUmV
FRPVHXVFRUSRVHSDWDV
1HVWHWHUPLQDOFRPRQD*DOHULD%&(HP7RURQWRHQD(VWDomR2ULHQWHGH/LVERDKiXP
PDQHLULVPR IODJUDQWH WDOYH] SHOR XVR H[DJHUDGR GH XP UHSHUWyULR FRP PXLWDV IRUPDV
FXUYDV WULkQJXORV GHFRPSRVWRV H DUUHGRQGDGRV TXH OHPEUDP DQLPDLV H REMHWRV
RUJkQLFRV
7DPEpPRDUTXLWHWRVHYDOHGDDSOLFDomRGHPDWHULDLVHDOWDWHFQRORJLDQRYDVJHRPHWULDV
H R DX[LOLR GH SURJUDPDV GH FRPSXWDGRU SDUD D FRQFHSomR H UHSUHVHQWDomR GHVVDV
IRUPDVjVYH]HVH[WUDYDJDQWHV
%DVHDGRHPREVHUYDo}HVHLQWHUSUHWDo}HVGDVIRUPDVGDQDWXUH]DFRPR*DXGLH9LFWRU
+RUWD H[SRHQWHV GD DUWQRXYHDX &DODWUDYD H[HUFLWD HVVDV IRUPDV DUTXLWHW{QLFDV GH
PDQHLUDFULDWLYDHH[XEHUDQWH
3RUHPHOHDILUPDTXH³PHXWUDEDOKRpPDLVILJXUDWLYRTXHRUJkQLFRQRVHQWLGRRTXHPH
LQWHUHVVD HVSHFLILFDPHQWH VmR DV DVVRFLDo}HV DQDW{PLFRHVFXOWXUDLV EDVHDGDV VHPSUH
HP H[HPSORV HVWiWLFRV FRPSOHWDPHQWH SXURV 7UDEDOKDQGR FRP HVWUXWXUDV LVRVWiWLFDV
YRFrTXDVHLQHYLWDYHOPHQWHpOHYDGRDHVTXHPDVEDVHDGRVQDQDWXUH]D´
9HUPDLVHP
-RGLGLR3KLOLS1RYDV)RUPDVQD$UTXLWHWXUD±$$UTXLWHWXUDGRVDQRV,WiOLD7DVFKHQ
7]RQLV$OH[DQGHU6DQWLDJR&DODWUDYD,WDO\7KDPHV+XGVRQ
&HUYHU )UDQFLVFR $VFHQFLR 7KH $UFKLWHFWXUH RI 6WDWLRQV DQG 7HUPLQDOV 1HZ <RUN
+HDUVW
KWWSZZZFDODWUDYDFRP