SlideShare ist ein Scribd-Unternehmen logo

Presentation_1370606544514

•
•
A
Alexander Nevidimov
1 von 205
Downloaden Sie, um offline zu lesen
,QWHOLJrQFLD (PRFLRQDO 'DQLHO *ROHPDQ 2 'HVDILR GH $ULVWyWHOHV 4XDOTXHU XP SRGH ]DQJDUVH LVVR p IiFLO 0DV ]DQJDUVH FRP D SHVVRD FHUWD QD PHGLGD FHUWD QD KRUD FHUWD SHOR PRWLYR FHUWR H GD PDQHLUD FHUWD QmR p IiFLO $5,67Ï7(/(6 eWLFD D 1LF{PDFR (UD XPD WDUGH GH DJRVWR LQVXSRUWDYHOPHQWH VXIRFDQWH QD FLGDGH GH 1RYD ,RUTXH XP GDTXHOHV GLDV FDORUHQWRV TXH GHL[DP DV SHVVRDV PDOKXPRUDGDV H GHVFRQIRUWiYHLV (X YROWDYD SDUD XP KRWHO H DR HQWUDU QXP {QLEXV QD DYHQLGD 0DGLVRQ ILTXHL VXUSUHVR FRP R PRWRULVWD XP QHJUR GH PHLDLGDGH H ODUJR VRUULVR TXH PH DFROKHX FRP XP DPLVWRVR 2L RPR YDL VDXGDomR IHLWD D WRGRV RV RXWURV TXH HQWUDUDP QR {QLEXV HQTXDQWR VHUSHiYDPRV SHOR GHQVR WUiILFR GR FHQWUR GD FLGDGH DGD SDVVDJHLUR VH VXUSUHHQGLD WDQWR TXDQWR HX PDV SUHVRV DR SpVVLPR FOLPD GR GLD SRXFRV ,KH UHWULEXtDP R FXPSULPHQWR ¬ PHGLGD TXH R {QLEXV VH DUUDVWDYD SHOR TXDGULFXODGR WUDoDGR GD FLGDGH SRUpP IRLVH GDQGR XPD OHQWD RX PHOKRU XPD PiJLFD WUDQVIRUPDomR 2 PRWRULVWD PRQRORJDYD FRQWLQXDPHQWH SDUD QyV XP DQLPDGR FRPHQWiULR VREUH R FHQiULR TXH SDVVDYD j QRVVD YROWD KDYLD XPD OLTXLGDomR VHQVDFLRQDO QDTXHOD ORMD XPD H[SRVLomR PDUDYLOKRVD QDTXHOH PXVHX Mi VRXEHUDP GR QRYR ILOPH TXH DFDERX GH HVWUHDU QDTXHOH FLQHPD ORJR PDLV DGLDQWH QD TXDGUD 2 SUD]HU GHOH FRP D ULTXH]D GH SRVVLELOLGDGHV TXH D FLGDGH RIHUHFLD HUD FRQWDJLDQWH 4XDQGR DV SHVVRDV GHVFLDP GR {QLEXV Mi VH KDYLDP OLYUDGR GD FRQFKD GH PDX KXPRU FRP TXH WLQKDP HQWUDGR H TXDQGR R PRWRULVWD ,KHV GLULJLD XP VRQRUR $Wp ORJR WHQKD XP yWLPR GLD WRGDV ,KH GDYDP XPD UHVSRVWD VRUULGHQWH $ OHPEUDQoD GHVVH HQFRQWUR PH DFRPSDQKD Ki TXDVH YLQWH DQRV 4XDQGR YLDMHL QDTXHOH {QLEXV GD DYHQLGD 0DGLVRQ DFDEDUD GH FRQFOXLU PHX GRXWRUDGR HP SVLFRORJLD PDV SRXFD DWHQomR VH GHGLFDYD QD SVLFRORJLD GD pSRFD D H[DWDPHQWH FRPR SRGLD VH GDU XPD WDO WUDQVIRUUQDomR $ FLrQFLD SVLFROyJLFD SRXFR RX QDGD FRQKHFLD GRV PHFDQLVPRV GD HPRFmR ( QR HQWDQWR DR LPDJLQDU D SURSDJDomR GR YtUXV GH EHPHVWDU TXH GHYH WHUVH DODVWUDGR SHOD FLGDGH FRPHoDQGR SHORV SDVVDJHLURV GH VHX {QLEXV YL TXH DTXHOH PRWRULVWD HUD XPD HVSpFLH GH SDFLILFDGRU XUEDQR XPD HVSpFLH GH IHLWLFHLUR HP VHX SRGHU GH WUDQVPXWDU D VRWXUQD LUULWDELOLGDGH TXH IHUYLOKDYD QRV SDVVDJHLURV DPROHFHU H DEULU XP SRXFR VHXV FRUDo}HV (P JULWDQWH FRQWUDVWH DOJXPDV PDWpULDV GH MRUQDO GDTXHOD VHPDQD 1XPD HVFROD ORFDO XP JDURWR GH QRYH DQRV FDXVD XPD GHYDVWDomR GHUUDPDQGR WLQWD QDV FDUWHLUDV FRPSXWDGRUHV H LPSUHVVRUDV H YDQGDOL]DQGR XP FDUUR QR HVWDFLRQDPHQWR GD HVFROD 0RWLYR DOJXQV FROHJDV GD WHUFHLUD VpULH R KDYLDP FKDPDGR GH ERQHFD H HOH TXLV LPSUHVVLRQiORV 2LWR MRYHQV VDHP IHULGRV SRUTXH XP HQFRQWUmR LQYROXQWiULR QXPD PXOWLGmR GH DGROHVFHQWHV GLDQWH GH XP FOXEH GH UDS HP 0DQKDWWDQ OHYD D XPD WURFD GH HPSXUU}HV TXH Vy WHUPLQDP TXDQGR XP GRV JDURWRV RIHQGLGRV SDVVD D GLVSDUDU XPD SLVWROD DXWRPiWLFD FDOLEUH FRQWUD D PXOWLGmR $ QRWtFLD REVHUYD TXH HVVHV WLURWHLRV SRU RIHQVDV DSDUHQWHPHQWH PHQRUHV YLVWDV FRPR DWRV GH GHVUHVSHLWR VH WRUQDUDP FDGD YH] UQDLV FRPXQV HP WRGR R SDtV QRV ~OWLPRV DQRV 'DV YtWLPDV GH DVVDVVLQDWR FRP PHQRV GH GR]H DQRV GL] XPD QRWtFLD SRU FHQWR GRV DVVDVVLQRV VmR RV SUySULRV SDLV RX SDGUDVWRV (P TXDVH PHWDGH GRV FDVRV RV SDLV
GL]HP TXH HVWDYDP DSHQDV WHQWDQGR GLVFLSOLQDU R ILOKR $V VXUUDV IDWDLV IRUDP SURYRFDGDV SRU LQIUDo}HV FRPR D FULDQoD ILFDU QD IUHQWH GD 79 FKRUDU RX VXMDU WRDOKDV 8P MRYHP DOHPmR p MXOJDGR SHOR DVVDVVLQDWR GH FLQFR PXOKHUHV H PHQLQDV WXUFDV QXP LQFrQGLR TXH DWHRX TXDQGR HODV GRUPLDP 0HPEUR GH XP JUXSR QHRQD]LVWD HOH GL] TXH QmR FRQVHJXH PDQWHU RV HPSUHJRV TXH EHEH H FXOSD RV HVWUDQJHLURV SRU VXD Pi VRUWH 1XPD YR] PDO DOGtYHO LPSORUD 1mR SDUR GH ODPHQWDU R TXH IL]HPRV H PH VLQWR LQILQLWDPHQWH HQYHURQKDGR´ $V QRWtFLDV GH WRGR GLD QRV FKHJDP SHMDGDV GH LQIRUPDo}HV VREUH D GHVLQWHJUDomR GD FLYLOLGDGH H GD VHJXUDQoD XPD RQGD GH LPSXOVR PHVTXLQKR TXH FRUUH GHVHQIUHDGD 0DV DV QRWtFLDV DSHQDV QRV UHIOHWHP GH YROWD HP PDLRU HVFDOD XP DUUHSLDQWH VHQVR GH HPRo}HV GHVFRQWURODGDV HP QRVVDV YLGDV H QDV GDV SHVVRDV TXH QRV FHUFDP 1LQJXpP HVWi SURWHJLGR GHVVD LQVWiYHO PDUp GH GHVFRQWUROH H DUUHSHQGLPHQWR TXH DOFDQoD QRVVDV YLGDV GH XPD PDQHLUD RX GH RXWUD $ ~OWLPD GpFDGD YLX XP FRQVWDQWH WURPEHWHDPHQWR GH LQIRUPDo}HV FRPR HVVDV UHWUDWDQGR R DXPHQWR GH LQpSFLD HPRFLRQDO GHVHVSHUR H LQTXLHWDomR HP QRVVDV IDPtOLDV FRPXQLGDGHV H HP QRVVDV YLGDV FROHWLYDV (VVHV DQRV HVFUHYHUDP D FU{QLFD GH XPD UDLYD H GHVHVSHUR FUHVFHQWHV VHMD QD FDOPD VROLGmR GDV FULDQoDV WUDQFDGDV FRP D 79 HP YH] GH XPD EDEi QR VRIULPHQWR GDV FULDQoDV DEDQGRQDGDV HVTXHFLGDV RX YLROHQWDGDV RX QD GHVDJUDGiYHO LQWLPLGDGH GD YLROrQFLD FRQMXJDO 3RGHVH OHU D GRHQoD HPRFLRQDO DODVWUDQGRVH HP Q~PHURV TXH UHYHODP XP VDOWR GD GHSUHVVmR HP WRGR R PXQGR H QRV OHPEUHWHV GD UHSHQWLQD RQGD GH DJUHVVmR DGROHVFHQWHV FRP DUPDV QDV HVFRODV LQIUDo}HV GH WUkQVLWR QD HVWUDGD TXH WHUPLQDP HP WLURV H[HPSUHJDGRV GHVFRQWHQWHV TXH PDVVDFUDP DQWLJRV FROHJDV GH WUDEDOKR $EXVR HPRFLRQDO GULYHE VKRRWLQJ UDMDGDV GH WLURV GLVSDUDGDV GH XP FDUUR HP PRYLPHQWR@ H WHQVmR SyV WUDXPiWLFD HQWUDUDP QR Op[LFR FRPXP DPHULFDQR GD ~OWLPD GpFDGD HQTXDQWR R VORJDQ GR PRPHQWR SDVVRX GR DOHJUH 7HQKD XP ERP GLD SDUD R SHWXODQWH )DoD PHX GLD (VWH OLYUR p XP JXLD SDUD H[WUDLU VHQWLGR GR TXH QmR WHP RPR SVLFyORJR H QD ~OWLPD GpFDGD MRPDOLVWD GH 7KH 1HZ RUN 7LPHV YHQKR DFRPSDQKDQGR D HYROXomR GH QRVVD FRPSUHHQVmR FLHQWtILFD GR FDPSR GR LUUDFLRQDO 'HVVD SRVLomR FKDPDUDPPH D DWHQomR GXDV WHQGrQFLDV RSRVWDV XPD TXH UHWUDWD XPD FDODPLGDGH FDGD YH] PDLRU HP QRVVD YLGD HPRFLRQDO FRPXP RXWUD TXH RIHUHFH DOJXQV UHPpGLRV DXVSLFLRVRV 325 48( (67( (;$0( $*25$ $ ~OWLPD GpFDGD DSHVDU GDV QRWtFLDV UXLQV WDPEpP DVVLVWLX D XPD H[SORVmR VHP SDUDOHORV GH HVWXGRV FLHQWtILFRV GD HPRomR 2 PDLV VHQVDFLRQDO VmR DV YLV}HV GR FpUHEUR HP IXQFLRQDPHQWR SRVVLELOLWDGDV SRU PpWRGRV LQRYDGRUHV FRPR DV QRYDV WHFQRORJLDV SDUD REWHU LPDJHQV GHVVH yUJmR (ODV WRPDUDP YLVtYHO SHOD SULPHLUD YH] QD KLVWyULD KXPDQD R TXH VHPSUH IRL XPD IRQWH GH SURIXQGR PLVWpULR H[DWDPHQWH FRPR DJH HVVD LQWULFDGD PDVVD GH FpOXODV TXDQGR SHQVDPRV LPDJLQDPRV H VRQKDPRV (VVD LQXQGDomR GH GDGRV QHXURELROyJLFRV SHUPLWHQRV HQWHQGHU PDLV FODUDPHQWH TXH QXQFD FRPR RV FHQWURV QHUYRVRV QRV OHYDP j LUD RX jV OiJULPDV H FRPR SDUWHV PDLV DQWLJDV GR FpUHEUR TXH QRV LQFLWDP D ID]HU D JXHUUD H R DPRU VmR FDQDOL]DGDV SDUD R PHOKRU RX R SLRU (VVD OX] VHP SUHFHGHQWHV VREUH RV PHFDQLVPRV GDV HPRo}HV H VXDV GHILFLrQFLDV S}H HP IRFR DOJXQV QRYRV UHPpGLRV SDUD QRVVD FULVH HPRFLRQDO FROHWLYD 7LYH GH HVSHUDU TXH D FROKHLWD FLHQWtILFD HVWLYHVVH VXILFLHQWHPHQWH FRPSOHWD SDUD HVFUHYHU HVWH OLYUR (VVDV LQWXLo}HV VDHP WmR DWUDVDGDV HP JUDQGH SDUWH SRUTXH R OXJDU GRV VHQWLPHQWRV QD YLGD PHQWDO IRL VXUSUHHQGHQWHPHQWH GHVSUH]DGR SHOD SHVTXLVD DR
ORQJR GRV DQRV GHL[DQGR DV HPRo}HV FRPR XP FRQWLQHQWH HP JUDQGH SDUWH LQH[SORUDGR SHOD SVLFRORJLD FLHQWtILFD 1HVVH YD]LR GHVSHMRXVH XPD HQ[XUUDGD GH OLYURV GH DXWR DMXGD FRQVHOKRV EHPLQWHQFLRQDGRV EDVHDGRV QD PHOKRU GDV KLSyWHVHV HP RSLQL}HV FOtQLFDV PDV VHP PXLWD EDVH FLHQWtILFD VH DOJXPD H[LVWLD +RMH D FLrQFLD SRGH ILQDOPHQWH DERUGDU FRP DXWRULGDGH HVVDV TXHVW}HV XUJHQWHV H GHVRULHQWDGRUDV GD SVLTXH QR TXH HOD WHP GH PDLV LUUDFLRQDO SDUD PDSHDU FRP DOJXPD SUHFLVmR R FRUDomR KXPDQR (VVH PDSHDPHQWR SURS}H XP GHVDILR DRV TXH GHIHQGHP XPD YLVmR HVWUHLWD GD LQWHOLJrQFLD DILUPDQGR TXH R 4O p XP GDGR JHQpWLFR TXH QmR VH SRGH PXGDU FRP D H[SHULrQFLD GH YLGD H TXH QRVVR GHVWLQR p HP JUDQGH SDUWH GHWHPPLQDGR SRU HVVDV DSWLG}HV (VVH DUJXPHQWR LJQRUD D TXHVWmR PDLV GHVDILDQWH R TXH SRGHPRV PXGDU SDUD DMXGDU QRVVRV ILOKRV D VH GDUHP PHOKRU QD YLGD 4XH IDWRUHV HQWUDP HP MRJR SRU H[HPSOR TXDQGR SHVVRDV GH DOWR 4, PDORJUDP H DV GH 4, PRGHVWR VH VDHP VXUSUHHQGHQWHPHQWH EHP (X GLULD TXH D GLIHUHQoD PXLWDV YH]HV HVWi QDV DSWLG}HV DTXL FKDPDGDV GH LQWHOLJrQFLD HPRFLRQDO TXH LQFOXHP DXWRFRQWUROH ]HOR H SHUVLVWrQFLD H D FDSDFLGDGH GH QRV PRWLYDU D QyV PHVPRV ( HVVDV DSWLG}HV FRPR YDPRV YHU SRGHP VHU HQVLQDGDV jV FULDQoDV SURSRUFLRQDQGR OKHV XPD PHOKRU RSRUWXQLGDGH GH HPSUHJDU TXDOTXHU SRWHQFLDO LQWHOHFWXDO TXH ,KHV WHQKD GDGR D ORWHULD JHQpWLFD $OpP GHVVD SRVVLELOLGDGH VXUJH XP SUHPHQWH LPSHUDWLYR PRUDO (VWHV VmR WHPSRV HP TXH R WHFLGR VRFLDO SDUHFH HVJDUoDUVH FRP XPD UDSLGH] FDGD YH] PDLRU HP TXH R HJRtVPR D YLROrQFLD H D PHVTXLQKH] GH HVStULWR SDUHFHP HVWDU ID]HQGR DSRGUHFHU D ERQGDGH GH QRVVDV YLGDV FRPXQLWiULDV $TXL D GHIHVD GD LPSRUWkQFLD GD LQWHOLJrQFLD HPRFLRQDO GHSHQGH GD OLJDomR HQWUH VHQWLPHQWR FDUiWHU H LQVWLQWRV PRUDLV +i FUHVFHQWHV LQGtFLRV GH TXH SRVLo}HV pWLFDV IXQGDPHQWDLV QD YLGD YrP GH DSWLG}HV HPRFLRQDLV VXEMDFHQWHV 3RU H[HPSOR R LPSXOVR p R YHtFXOR GD HPRomR D VHPHQWH GH WRGR LPSXOVR p XP VHQWLPHQWR H[SORGLQGR SDUD H[SUHVVDUVH HP DomR 2V TXH HVWmR j PHUFr GRV LPSXOVRV RV TXH QmR WrP DXWRFRQWUROH VRIUHP GH XPD GHILFLrQFLD PRUDO $ FDSDFLGDGH GH FRQWURODU RV LPSXOVRV p D EDVH GD IRUoD GH YRQWDGH H GR FDUiWHU -XVWDPHQWH SRU LVVR D UDL] GR DOWUXtVPR HVWi QD HPSDWLD D FDSDFLGDGH GH OHU HPRo}HV QRV RXWURV VHP XP VHQVR GD QHFHVVLGDGH RX GHVHVSHUR GR RXWUR QmR Ki HQYROYLPHQWR ( VH Ki GXDV SRVLo}HV PRUDLV TXH QRVVRV WHPSRV H[LJHP VmR SUHFLVDPHQWH HVWDV DXWRFRQWUROH H SLHGDGH 1HVWH OLYUR HX DWXR FRPR XP JXLD QXPD YLDJHP SRU HVVDV LQWXLo}HV FLHQWtILFDV GDV HPRo}HV XPD YLDJHP TXH YLVD D OHYDU PDLRU FRPSUHHQVmR D DOJXQV GRV PDLV LQWULJDQWHV PRPHQWRV GH QRVVDV YLGDV H GR PXQGR TXH QRV FHUFD 2 ILP GD MRUQDGD p HQWHQGHU R TXH VLJQLILFD H FRPR OHYDU LQWHOLJrQFLD j HPRomR (VVD FRPSUHHQVmR HP VL PHVPD SRGH DMXGDU HP FHUWD PHGLGD R OHYDU FRJQLomR DR FDPSR GR VHQWLPHQWR WHP XP HIHLWR PHLR SDUHFLGR FRP R LPSDFWR GR REVHUYDGRU QR QtYHO GR TXDQWXP QD ItVLFD TXH DOWHUD R TXH REVHUYD 1RVVD YLDJHP FRPHoD QD 3DUWH 8P FRP DV QRYDV GHVFREHUWDV VREUH DUTXLWHWXUD HPRFLRQDO GR FpUHEUR TXH RIHUHFHP XPD H[SOLFDomR GDTXHOHV PRPHQWRV PDLV GHVFRQFHUWDQWHV GH QRVVDV YLGDV TXDQGR R VHQWLPHQWR HVPDJD WRGD UDFLRQDOLGDGH $ FRPSUHHQVmR GD LQWHUDomR GDV HVWUXWXUDV GR FpUHEUR TXH FRPDQGDP QRVVRV PRPHQWRV GH LUD H PHGR RX SDL[mR H DOHJULD UHYHODP PXLWD FRLVD VREUH FRPR DSUHQGHPRV RV KiELWRV HPRFLRQDLV TXH VRODSDP QRVVD PHOKRUHV LQWHQo}HV H WDPEpP R TXH SRGHPRV ID]HU SDUD GRPLQDU QRVVRV LPSXOVRV HPRFLRQDLV PDLV GHVWUXWLYRV RX TXH Mi WUD]HP HP VL VXD SUySULD GHUURWD
0DLV LPSRUWDQWH DLQGD RV GDGRV QHXUROyJLFRV VXJHUHP XPD MDQHOD GH RSRUWXQLGDGH SDUD PROGDU RV KiELWRV HPRFLRQDLV GH QRVVRV ILOKRV $ JUDQGH SDUDGD VHJXLQWH HP QRVVD YLDJHP D 3DUWH 'RLV GHVWH OLYUR PRVWUD FRPR RV GDGRV QHXUROyJLFRV DWXDP VREUH R LQVWLQWR EiVLFR SDUD YLYHU FKDPDGR LQWHOLJrQFLD HPRFLRQDO SRGHU SRU H[HPSOR FRQWHU R LPSXOVR HPRFLRQDO OHU RV VHQWLPHQWRV PDLV tQWLPRV GH RXWUHP OLGDU WUDQTLODPHQWH FRP UHODFLRQDPHQWRV FRPR GLVVH $ULVWyWHOHV D UDUD FDSDFLGDGH GH ]DQJDUVH FRP D SHVVRD FHUWD QD PHGLGD FHUWD QD KRUD FHUWD SHOR PRWLYR FHUWR H GD PDQHLUD FHUWD 2V OHLWRUHV TXH QmR VHQWHP DWUDomR SRU GHWDOKHV QHXUROyJLFRV WDOYH] SUHILUDP SDVVDU GLUHWR SDUD HVVD SDUWH
(VVH PRGHOR DPSOLDGR GR TXH VLJQLILFD VHU LQWHOLJHQWH S}H DV HPRo}HV QR FHQWUR GDV DSWLG}HV SDUD YLYHU $ 3DUWH 7UrV H[DPLQD DOJXPDV GLIHUHQoDV IXQGDPHQWDLV TXH ID] HVVD DSWLGmR FRPR HVVHV WDOHQWRV SUHVHUYDP QRVVRV UHODFLRQDPHQWRV PDLV YDOLRVRV RX FRPR D DXVrQFLD GHOHV RV FRUUyL FRPR D IRUoDV GH PHUFDGR TXH HVWmR UHPRGHODQGR QRVVD YLGD SURILVVLRQDO GmR XP YDORU VHP SUHFHGHQWHV j QRVVD LQWHOLJrQFLD HPRFLRQDO SDUD R r[LWR QR HPSUHJR H FRPR DV HPRo}HV QRFLYDV S}HP WDQWR HP ULVFR QRVVD VD~GH ItVLFD TXDQWR IXPDU XP FLJDUUR DWUiV GR RXWUR DVVLP FRPR R HTXLOtEULR HPRFLRQDO QRV DMXGD D DMXGD D SURWHJHU QRVVD VD~GH H EHPHVWDU 1RVVD KHUDQoD JHQpWLFD QRV GRWD D FDGD XP GH XPD VpULH GH SRQWRVFKDYH TXH GHWHUPLQDP QRVVR WHPSHUDPHQWR 0DV RV FLUFXLWRV FHUHEUDLV HQYROYLGRV VmR H[WUDRUGLQDULDPHQWH PDOHiYHLV WHPSHUDPHQWR QmR p GHVWLQR RPR PRVWUD 3DUWH 4XDWUR DV OLo}HV HPRFLRQDLV TXH DSUHQGHPRV QD LQIkQFLD HP FDVD H QD HVFROD PRGHODP FLUFXLWRV HPRFLRQDLV WRUQDQGRQRV PDLV DSWRV RX LQDSWRV QRV IXQGDPHQWRV GD LQWHOLJrQFLD HPRFLRQDO ,VVR VLJQLILFD TXH D LQIkQFLD H DGROHVFrQFLD VmR MDQHODV FUtWLFDV GH RSRUWXQLGDGH SDUD GHWHUPLQDU RV KiELWRV HPRFLRQDLV EiVLFRV TXH LUmR JRYHUQDU QRVVDV YLGDV $ 3DUWH LQFR H[DPLQD TXH ULVFRV DJXDUGDP DTXHOHV TXH DR FKHJDUHP j PDWXULGDGH QmR GRPLQDP R FDPSR HPRFLRQDO FRPR DV GHILFLrQFLDV HP LQWHOLJrQFLD HPRFLRQDO DPSOLDP D JDPD GH ULVFRV GHVGH D GHSUHVVmR RX XPD YLGD GH YLROrQFLD DWp RV SUREOHPDV FRP FRPLGD H R YtFLR GDV GURJDV ( GRFXPHQWD FRPR HVFRODV SLRQHLUDV HVWmR HQVLQDQGR jV FULDQoDV DV DSWLG}HV HPRFLRQDLV H VRFLDLV TXH HODV QHFHVVLWDP SDUD PDQWHU D YLGD QRV WULOKRV 7DOYH] R GDGR LQGLYLGXDO PDLV SHUWXUEDGRU GHVWH OLYUR YHQKD GH XPD PDFLoD SHVTXLVD FRP SDLV H SURIHVVRUHV UHYHODQGR XPD WHQGrQFLD PXQGLDO GD JHUDomR DWXDO GH FULDQoDV D VHU PDLV HPRFLRQDOPHQWH SHUWXUEDGD TXH D ~OWLPD PDLV VROLWiULD H GHSULPLGD PDLV UHYROWDGD H UHEHOGH PDLV QHUYRVD H SURSHQVD j SUHRFXSDUVH PDLV LPSXOVLYD H DJUHVVLYD 6H Ki XP UHPpGLR DFKR TXH GHYH HVWDU HP FRPR SUHSDUDPRV QRVVRV MRYHQV SDUD D YLGD 1R PRPHQWR GHL[DPRV D HGXFDomR HPRFLRQDO GH QRVVRV ILOKRV DR DFDVR FRP FRQVHTrQFLDV FDGD YH] PDLV GHVDVWURVDV 8PD GDV VROXo}HV p XPD QRYD YLVmR GR TXH DV HVFRODV SRGHP ID]HU SDUD HGXFDU R DOXQR WRGR MXQWDQGR PHQWH H FRUDomR QD VDOD GH DXOD 1RVVD YLDJHP WHUPLQD FRP YLVLWDV D FODVVHV LQRYDGRUDV TXH YLVDP D GDU jV FULDQoDV XPD EDVH GRV IXQGDPHQWRV GD LQWHOLJrQFLD HPRFLRQDO -i DQWHYHMR XP GLD HP TXH D HGXFDomR LQFOXLUi FRPR SUiWLFD GH URWLQD D LQVWLODomR GH DSWLG}HV KXPDQDV HVVHQFLDLV FRPR DXWRFRQVFLrQFLD DXWRFRQWUROH H HPSDWLD H GDV DUWHV GH RXYLU UHVROYHU FRQIOLWRV H FRRSHUDU
(P eWLFD D 1LF{PDQR LQTXLULomR ILORVyILFD GH $ULVWyWHOHV VREUH YLUWXGH FDUiWHU H XPD YLGD MXVWD VHX GHVDILR p FRQWURODU QRVVD YLGD HPRFLRQDO FRP LQWHOLJrQFLD 1RVVDV SDL[}HV TXDQGR EHP H[HUFLGDV WrP VDEHGRULD RULHQWDP QRVVR SHQVDPHQWR QRVVRV YDORUHV QRVVD VREUHYLYrQFLD 0DV SRGHP IDFLOPHQWH FDLU HP HUUR H R ID]HP FRP GHPDVLDGD IUHTrQFLD RPR YLX $ULVWyWHOHV R SUREOHPD QmR HVWi QD HPRFLRQDOLGDGH PDV QD DGHTXDomR GD HPRomR H VXD PDQLIHVWDomR $ TXHVWmR p FRPR SRGHPRV OHYDU LQWHOLJrQFLD jV QRVVDV HPRo}HV FLYLOLGDGH jV QRVVDV UXDV H HQYROYLPHQWR j QRVVD YLGD FRPXQLWiULD 3$57( 80 2 e5(%52 (02,20$/ 3DUD TXH 6HUYHP DV (PRo}HV e FRP R FRUDomR TXH VH Yr FRUUHWDPHQWH R HVVHQFLDO p LQYLVYHO DRV ROKRV $172,1( '( 6$,17(;83e5 2 SHTXHQR SUtQFLSH 3HQVHP QRV ~OWLPRV PRPHQWRV GH *DU H 0DU -DQH KDXQFH XP FDVDO LQWHLUDPHQWH GHGLFDGR j ILOKD $QGUHD GH RQ]H DQRV FRQILQDGD D XPD FDGHLUD GH URGDV SRU XPD SDUDOLVLD FHUHEUDO $ IDPtOLD KDXQFH YLDMDYD QXP WUHP GD $PWUDN TXH FDLX QXP ULR GHSRLV TXH XPD EDUFDFD EDWHX H HQIUDTXHFHX XPD SRQWH IHUURYLiULD QD UHJLmR GRV SkQWDQRV GD /RXLVLDQD 3HQVDQGR SULPHLUR QD ILOKD R FDVDO IH] R TXH S{GH SDUD VDOYDU $QGUHD TXDQGR D iJXD LQYDGLX R WUHP GH DOJXP PRGR HOHV FRQVHJXLUDP HPSXUUiOD SRU XPD MDQHOD SDUD D HTXLSH GH UHVJDWH ( PRUUHUDP TXDQGR R YDJmR DIXQGRX $ KLVWyULD GH $QGUHD GH SDLV FXMR ~OWLPR DWR KHUyLFR p DVVHJXUDU D VREUHYLYrQFLD GH XP ILOKR FDSWD XP PRPHQWR GH FRUDJHP TXDVH PtWLFD 6HP G~YLGD HVVHV LQFLGHQWHV GH VDFULItFLR SDWHUQR SHOD SUROH VH UHSHWLUDP LQ~PHUDV YH]HV QD KLVWyULD H SUpKLVWyULD KXPDQDV H LQ~PHUDV YH]HV PDLV QR FXUVR PDLRU GD HYROXomR GH QRVVD HVSpFLH 9LVWR GD SHUVSHFWLYD GRV ELyORJRV HYROXFLRQLVWDV HVVH DXWRVDFULItFLR SDWHUQR HVWi D VHUYLoR GR VXFHVVR UHSURGXWLYR QD WUDQVPLVVmR GRV JHQHV D IXWXUDV JHUDo}HV 0DV GD SHUVSHFWLYD GH XP SDL TXH WRPD XPD GHFLVmR GHVHVSHUDGD QXP PRPHQWR GH FULVH QDGD PDLV p GR TXH DPRU RPR XPD LQWXLomR GR REMHWLYR H IRUoD GDV HPRo}HV HVVH DWR H[HPSODU GH KHURtVPR SDWHUQR DWHVWD R SDSHO GR DPRU DOWUXtVWD H GH WRGDV DV RXWUDV HPRo}HV TXH VHQWLPRV QD YLGD KXPDQD ,QGLFD TXH QRVVRV VHQWLPHQWRV PDLV SURIXQGRV QRVVDV SDL[}HV H DQVHLRV VmR JXLDV HVVHQFLDLV H QRVVD HVSpFLH GHYH JUDQGH SDUWH GH VXD H[LVWrQFLD j IRUoD GHOHV QRV DVVXQWRV KXPDQRV (VVD IRUoD p H[WUDRUGLQiULD Vy XP DPRU SRGHURVR D XUJrQFLD GH VDOYDU XPD ILOKD TXHULGD OHYDULD XP SDL D YHQFHU R LPSXOVR GH VREUHYLYrQFLD SHVVRDO 9LVWR GR LQWHOHFWR SRGH GL]HUVH TXH R DXWRVDFULItFLR GHOHV IRL LUUDFLRQDO YLVWR GR FRUDomR HUD D ~QLFD HVFROKD D ID]HU 2V VRFLRELyORJRV LQGLFDP D SUHHPLQrQFLD GR FRUDomR VREUH D PHQWH QHVVHV PRPHQWRV FUXFLDLV TXDQGR LQGDJDP SRU TXH D HYROXomR GHX j HPRomR XP SDSHO WmR HVVHQFLDO QD SVLTXH KXPDQD 1RVVDV HPRo}HV GL]HP QRV JXLDP TXDQGR HQIUHQWDPRV SURYDo}HV H WDUHIDV GHPDVLDGR LPSRUWDQWHV SDUD VHUHP GHL[DGDV DSHQDV DR LQWHOHFWR R SHULJR D GRU GH XPD SHUGD D SHUVLVWrQFLD QXPD PHWD DSHVDU GDV IUXVWUDo}HV D OLJDomR FRP XP FRPSDQKHLUR D IRUPDomR GH XPD IDPtOLD DGD HPRomR RIHUHFH XPD GLVSRVLomR GLVWLQWD SDUD DJLU FDGD XPD QRV S}H QXPD GLUHomR TXH GHX FHUWR QR OLGDU FRP RV UHFRUUHQWHV GHVDILRV GD YLGD KXPDQD $ PHGLGD TXH HVVDV VLWXDo}HV VH UHSHWLUDP H UHSHWLUDP DR ORQJR GH QRVVD KLVWyULD HYROXFLRQiULD R YDORU GH VREUHYLYrQFLD GH QRVVR UHSHUWyULR
HPRFLRQDO IRL DWHVWDGR JUDYDQGRVH HP QRVVRV QHUYRV FRPR WHQGrQFLDV LQDWDV H DXWRPiWLFDV GR FRUDomR KXPDQR 8PD YLVmR GD QDWXUH]D KXPDQD TXH LJQRUD R SRGHU GDV HPRo}HV p ODPHQWDYHOPHQWH PtRSH 2 SUySULR QRPH +RPR VDSLHQV D HVSpFLH SHQVDQWH p HQJDQRVR j OX] GD QRYD DSUHFLDomR H RSLQLmR GR OXJDU GDV HPRo}HV HP QRVVDV YLGDV TXH QRV RIHUHFH KRMH D FLrQFLD RPR WRGRV VDEHPRV SRU H[SHULrQFLD TXDQGR VH WUDWD GH PRGHODU QRVVDV GHFLV}HV H Do}HV R VHQWLPHQWR FRQWD H[DWDPHQWH R PHVPR H PXLWDV YH]HV PDLV TXH R SHQVDPHQWR )RPRV ORQJH GHPDLV QD HQIDWL]DomR GR YDORU H LPSRUWkQFLD GR SXUDPHQWH UDFLRQDO GR TXH PHGH R 4, QD YLGD KXPDQD 3DUD R PHOKRU H R SLRU D LQWHOLJrQFLD QmR Gi HP QDGD TXDQGR DV HPRo}HV GRPLQDP 48$1'2 $6 3$,;®(6 '0,1$0 $ 5$=­2 )RL XPD WUDJpGLD GH HUURV 0DWLOGD UDEWUHH DQRV DSHQDV GHX XP VXVWR QR SDL VDOWRX GH GHQWUR GH XP DUPiULR H JULWRX %XX TXDQGR RV SDLV YROWDYDP j XPD GD PDQKm GH XPD YLVLWD D DPLJRV 0DV %REE UDEWUHH H D PXOKHU DFKDYDP TXH 0DWLOGD HVWDYD HP FDVD GH DPLJDV QDTXHOD QRLWH 2XYLQGR UXtGRV DR HQWUDU HP FDVD UDEWUHH EXVFRX VXD SLVWROD FDOLEUH H IRL DR TXDUWR GHOD LQYHVWLJDU 4XDQGR D ILOKD SXORX GR DUPiULR HOH ,KH GHX XP WLUR QR SHVFRoR 0DWLOGD UDEWUHH PRUUHX GR]H KRUDV GHSRLV 8P OHJDGR HPRFLRQDO GD HYROXomR p R PHGR TXH QRV PRELOL]D SDUD SURWHJHU QRVVD IDPtOLD FRQWUD R SHULJR HVVH LPSXOVR OHYRX UDEWUHH D SHJDU D DUPD H YDVFXOKDU D FDVD HP EXVFD GR LQWUXVR TXH SHQVDYD HVWDU URQGDQGR SRU DOL 2 PHGR LQFLWRXR D DWLUDU DQWHV GH UHJLVWUDU SHUIHLWDPHQWH QR TXH DWLUDYD PHVPR DQWHV GH UHFRQKHFHU D YR] GD ILOKD 5HDo}HV DXWRPiWLFDV GHVVH WLSR JUDYDUDPVH HP QRVVR VLVWHPD QHUYRVR VXS}HP RV ELyORJRV SRUTXH GXUDQWH XP ORQJR H FUXFLDO SHUtRGR QD SUpKLVWyULD KXPDQD GHFLGLDP HQWUH D VREUHYLYrQFLD H D PRUWH 0DLV LPSRUWDQWH DLQGD FRQWDYDP SDUD D SULQFLSDO WDUHID GD HYROXomR D FDSDFLGDGH GH GHL[DU XPD SURJrQLH TXH SDVVDVVH DGLDQWH HVVDV PHVPDV SUHGLVSRVLo}HV JHQpWLFDV XPD WULVWH LURQLD HP YLVWD GD WUDJpGLD QD IDPtOLD UDEWUHH 0DV HPERUD QRVVDV HPRo}HV WHQKDP VLGR ViELDV JXLDV QR ORQJR SHUFXUVR HYROXFLRQiULR DV QRYDV UHDOLGDGHV TXH D FLYLOL]DomR DSUHVHQWD VXUJLUDP FRP WDQWD UDSLGH] TXH D OHQWD PDUFKD GD HYROXomR QmR SRGH DFRPSDQKDU 1D YHUGDGH DV SULPHLUDV OHLV H SURFODPDo}HV GH pWLFD R yGLJR GH +DPXUDEL RV 'H] 0DQGDPHQWRV GRV KHEUHXV RV eGLWRV GR LPSHUDGRU $VKRND SRGHP VHU LQWHUSUHWDGDV FRPR WHQWDWLYDV GH FRQWHU VXEMXJDU H GRPHVWLFDU D YLGD HPRFLRQDO RPR GHVFUHYHX )UHXG HP 2 0DO HVWDU QD LYLOL]DomR D VRFLHGDGH WHYH GH LPSRU GH IRUD UHJUDV GHVWLQDGDV D FRQWHU DV RQGDV GH H[FHVVR HPRFLRQDO TXH VXUJHP GHPDVLDGR OLYUHV GH GHQWUR $SHVDU GHVVDV SUHVV}HV VRFLDLV DV SDL[}HV UHSHWLGDV YH]HV HVPDJDP D UD]mR (VVH GDGR GD QDWXUH]D KXPDQD YHP GD DUTXLWHWXUD EiVLFD GD YLGD PHQWDO (P WHUPRV GR SODQR ELROyJLFR GRV FLUFXLWRV QHXUDLV EiVLFRV GD HPRomR DTXHOHV FRP RV TXDLV QDVFHPRV VmR RV TXH PHOKRU IXQFLRQDUDP SDUD DV ~OWLPDV JHUDo}HV KXPDQDV QmR DV ~OWLPDV H FHUWDPHQWH QmR DV ~OWLPDV FLQFR $V OHQWDV H GHOLEHUDGDV IRUoDV GD HYROXomR TXH PROGDUDP QRVVDV HPRo}HV WrP IHLWR VHX WUDEDOKR DR ORQJR GH XP PLOKmR GH DQRV RV ~OWLPRV DSHVDU GH WHUHP DVVLVWLGR DR UiSLGR VXUJLPHQWR GD FLYLOL]DomR KXPDQD H j H[SORVmR GHPRJUiILFD KXPDQD GH FLQFR PLOK}HV SDUD FLQFR ELOK}HV TXDVH QDGD LPSULPLUDP HP QRVVRV JDEDULWRV ELROyJLFRV SDUD D YLGD HPRFLRQDO
3DUD PHOKRU RX SLRU QRVVD DYDOLDomR GH FDGD HQFRQWUR SHVVRDO H QRVVDV UHVSRVWDV D HOH VmR PROGDGDV QmR DSHQDV SRU QRVVRV MXOJDPHQWRV UDFLRQDLV RX QRVVD KLVWyULD SHVVRDO PDV WDPEpP SRU QRVVR SDVVDGR DQFHVWUDO GLVWDQWH ,VVR QRV GHL[D FRP WHQGrQFLDV jV YH]HV WUiJLFDV FRPR DWHVWDP RV ODPHQWiYHLV IDWRV QD IDPtOLD UDEWUHH (P VXPD FRP GHPDVLDGD IUHTrQFLD HQIUHQWDPRV GLOHPDV SyVPRGHUQRV FRP XP UHSHUWyULR WDOKDGR SDUD DV XUJrQFLDV GR 3OHLVWRFHQR (VVH WUDQVH p D HVVrQFLD GH PHX WHPD ,PSXOVRV j DomR 1XP GLD GH LQtFLR GD SULPDYHUD HX DWUDYHVVDYD GH FDUUR XP SDVVR GH PRQWDQKD QR RORUDGR TXDQGR XPD UHSHQWLQD OXIDGD GH QHYH HQFREULX R YHtFXOR DOJXQV PHWURV j PLQKD IUHQWH 0HVPR IRUoDQGR D YLVWD HX QmR FRQVHJXLD GLVWLQJXLU QDGD D QHYH HP UHGHPRLQKR WRUQDUDVH XPD DOYXUD FHJDQWH $R SLVDU QR IUHLR VHQWL D DQVLHGDGH PH LQYDGLU R FRUSR H RXYL DV EDWLGDV VXUGDV GR FRUDomR $ DQVLHGDGH DYROXPRXVH HP SOHQR PHGR )XL SDUD R DFRVWDPHQWR HVSHUDU TXH D OXIDGD SDVVDVVH 0HLD KRUD GHSRLV D QHYH SDURX D YLVLELOLGDGH UHWRPRX H SURVVHJXL PHX FDPLQKR DSHQDV SDUD VHU SDUDGR DOJXPDV FHQWHQDV GH PHWURV DGLDQWH RQGH XPD HTXLSH GH DPEXOkQFLD VRFRUULD XP SDVVDJHLUR GH XP FDUUR TXH EDWHUD QD WUDVHLUD GH RXWUR PDLV OHQWR j IUHQWH D FROLVmR EORTXHRX D URGRYLD 6H HX WLYHVVH FRQWLQXDGR D GLULJLU QD QHYH FHJDQWH SURYDYHOPHQWH RV WHULD DWLQJLGR $ FDXWHOD TXH R PHGR PH LPS{V QDTXHOH GLD WDOYH] WHQKD VDOYR PLQKD YLGD RPR XP FRHOKR SDUDOLVDGR GH WHUURU DR VLQDO GD SDVVDJHP GH XPD UDSRVD RX XP SURWR PDPtIHUR HVFRQGHQGRVH GH XP GLQRVVDXUR SUHGDGRU IXL WRPDGR SRU XP HVWDGR LQWHULRU TXH PH REULJRX D SDUDU SUHVWDU DWHQomR H WRPDU FXLGDGR FRP XP SHULJR LPLQHQWH 7RGDV DV HPRo}HV VmR HP HVVrQFLD LPSXOVRV SDUD DJLU SODQRV LQVWDQWkQHRV SDUD OLGDU FRP D YLGD TXH D HYROXomR QRV LQIXQGLX $ SUySULD UDL] GD SDODYUD HPRomR p PRYHUH PRYHU HP ODWLP PDLV R SUHIL[R H SDUD GHQRWDU DIDVWDUVH LQGLFDQGR TXH XPD WHQGrQFLD D DJLU HVWi LPSOtFLWD HP WRGD HPRomR 4XH DV HPRo}HV OHYDP D Do}HV p PDLV yEYLR REVHUYDQGRVH DQLPDLV RX FULDQoDV Vy QRV DGXOWRV FLYLOL]DGRV HQFRQWUDPRV WDQWDV YH]HV D JUDQGH DQRPDOLD QR UHLQR DQLPDO HPRo}HV LPSXOVRV DUUDLJDGRV SDUD DJLU GLYRUFLDGDV GH XPD UHDomR yEYLD (P QRVVR UHSHUWyULR HPRFLRQDO FDGD HPRomR GHVHPSHQKD XPD IXQomR ~QLFD FRPR UHYHODP VXDV GLVWLQWDV DVVLQDWXUDV ELROyJLFDV YHU GHWDOKHV VREUH HPRo}HV EiVLFDV QR $SrQGLFH $
RP QRYRV PpWRGRV SDUD SHUVFUXWDU R FRUSR H R FpUHEUR RV SHVTXLVDGRUHV HVWmR GHVFREULQGR PDLV GHWDOKHV ILVLROyJLFRV GH FRPR FDGD HPRFmR SUHSDUD R FRUSR SDUD XP WLSR GH UHVSRVWD PXLWR GLIHUHQWH Â RP LUD R VDQJXH IOXL SDUD DV PmRV WRUQDQGR PDLV IiFLO SHJDU XPD DUPD RX JROSHDU XP LQLPLJR RV EDWLPHQWRV FDUGtDFRV DFHOHUDPVH H XPD RQGD GH KRUP{QLRV FRPR D DGUHQDOLQD JHUD XPD SXOVDomR HQHUJLD VXILFLHQWHPHQWH IRUWH SDUD XPD DomR YLJRURVD Â RP PHGR R VDQJXH YDL SDUD RV P~VFXORV GR HVTXHOHWR FRPR RV GDV SHUQDV WRUQDQGR PDLV IiFLO IXJLU H ID] R URVWR ILFDU OtYLGR XPD YH] TXH R VDQJXH p GHVYLDGR GHOH FULDQGR D VHQVDomR GH TXH JHOD
$R PHVPR WHPSR R FRUSR LPRELOL]DVH DLQGD TXH SRU XP PRPHQWR WDOYH] GDQGR WHPSR SDUD DYDOLDU VH VH HVFRQGHU QmR VHULD XPD PHOKRU UHDomR LUFXLWRV QRV FHQWURV HPRFLRQDLV GR FpUHEUR GLVSDUDP D WRUUHQWH GH KRUP{QLRV TXH S}H R FRUSR HP DOHUWD JHUDO WRUQDQGRR LQTXLHWR H SURQWR SDUD DJLU H D DWHQomR VH IL[D QD DPHDoD LPHGLDWD SDUD PHOKRU FDOFXODU D UHVSRVWD D GDU Â(QWUH DV SULQFLSDLV PXGDQoDV ELROyJLFDV QD IHOLFLGDGH HVWi XPD PDLRU DWLYLGDGH QR FHQWUR FHUHEUDO TXH LQLEH RV VHQWLPHQWRV QHJDWLYRV H IDYRUHFH R DXPHQWR GD HQHUJLD H[LVWHQWH H VLOHQFLD DTXHOHV TXH JHUDP SHQVDPHQWRV GH SUHRFXSDomR
0DV QmR RFRUUH QHQKXPD PXGDQoD SDUWLFXODU QD ILVLRORJLD D QmR VHU XPD WUDQTLOLGDGH TXH ID] R FRUSR UHFXSHUDUVH PDLV GHSUHVVD GR HVWtPXOR GH HPRo}HV SHUWXUEDGRUDV (VVD FRQILJXUDomR RIHUHFH DR FRUSR XP UHSRXVR JHUDO DVVLP FRPR GLVSRVLomR H HQWXVLDVPR SDUD TXDOTXHU WDUHID LPHGLDWD H SDUD PDUFKDU UXPR D XPD JUDQGH YDULHGDGH GH PHWDV $PRU VHQWLPHQWRV DIHWXRVRV H VDWLVIDomR VH[XDO LPSOLFDP HVWLPXODomR SDUDVVLPSiWLFD R RSRVWR ILVLROyJLFR GD PRELOL]DomR SDUD OXWDURXIXJLU SDUWLOKDGD SHOR PHGR H D LUD 2 SDGUmR SDUDVVLPSiWLFR FKDPDGR GH UHVSRVWD GH UHOD[DPHQWR´ p XP FRQMXQWR GH UHDo}HV HP WRGR R FRUSR TXH JHUD XP HVWDGR JHUDO GH FDOPD H VDWLVIDomR IDFLOLWDQGR D FRRSHUDomR 2 HUJXHU GDV VREUDQFHOKDV QD VXUSUHVD SHUPLWH D DGRomR GH XPD YDUUHGXUD YLVXDO PDLV DPSOD H WDPEpP PDLRU TXDQWLGDGH GH OX] D DWLQJLU D UHWLQD ,VVR RIHUHFH PDLV LQIRUPDomR VREUH R IDWR LQHVSHUDGR WRUQDQGR PDLV IiFLO SHUFHEHU H[DWDPHQWH R TXH HVWi DFRQWHFHQGR H FRQFHEHU R PHOKRU SODQR GH DomR  (P WRGR R PXQGR D H[SUHVVmR GH UHSXJQkQFLD SDUHFH D PHVPD H HQYLD LGrQWLFD PHQVDJHP DOJXPD FRLVD GHVDJUDGD DR JRVWR RX DR ROIDWR UHDO R PHWDIRULFDPHQWH $ H[SUHVVmR IDFLDO GH QRMR R OiELR VXSHULRU VH UHWRUFH SDUD R ODGR H R QDUL] VH HQUXJD OLJHLUDPHQWH VXJHUH XPD WHQWDWLYD SULPRUGLDO FRP REVHUYRX 'DUYLQ GH WDSDU DV QDULQDV FRQWUD XP RGRU QRFLYR RX FXVSLU IRUD XPD FRPLGD HVWUDJDGD  8PD GDV SULQFLSDLV IXQo}HV GD WULVWH]D p DMXGDU D DMXVWDUVH D XPD SHUGD VLJQLILFDWLYD FRPR D PRUWH GH DOJXpP RX XPD GHFHSomR LPSRUWDQWH $ WULVWH WUD] XPD TXHGD GH HQHUJLD H HQWXVLDVPR SHODV DWLYLGDGHV GD YLGD HP SDUWLFXODU GLYHUV}HV H SUD]HUHV H TXDQGR VH DSURIXQGD H VH DSUR[LPD GD GHSUHVVmR UHGX] D YHORFLGDGH PHWDEyOLFD GR FRUSR (VVH UHWUDLPHQWR LQWURVSHFWLYR FULD D RSRUWXQLGDGH SDUD ODPHQWDU XPD SHUGD RX XPD HVSHUDQoD IUXVWUDGD FDSWDU VXDV FRQVHTXrQFLDV SDUD D YLGD H TXDQGR D HQHUJLD UHWRUQD SODQHMDU QRYRV FRPHoRV (VVD SHUGD GH HQHUJLD EHP SRGH WHU PDQWLGR RV VHUHV KXPDQRV HQWULVWHFLGRV GRV H YXOQHUiYHLV SHUWR GH FDVD RQGH HVWDYDP HP PDLRU VHJXUDQoD (VVDV WHQGrQFLDV ELROyJLFDV SDUD DJLU VmR DLQGD PDLV PROGDGDV SRU QRVVD H[SHULrQFLD H FXOWXUD 3RU H[HPSOR D SHUGD GH XP VHU DPDGR SURYRFD XQLYHUVDOPHQWH WULVWH]D H OXWR 0DV D PDQHLUD FRPR GHPRQVWUDPRV QRVVR SHVDU FRPR H[LELPRV RX FRQWHPRV DV HPRo}HV HP PRPHQWRV tQWLPRV p PROGDGD SHOD FXOWXUD FRPR WDPEpP R p D HVFROKD GH TXDLV SHVVRDV SDUWLFXODUHV HP QRVVDV YLGDV VH HQFDL[DP QD FDWHJRULD GH HQWHV TXHULGRV D VHUHP ODPHQWDGRV 2 SURORQJDGR SHUtRGR GH HYROXomR HP TXH HVVDV UHVSRVWDV HPRFLRQDLV IRUPDUDP j IRUoD IRL VHP G~YLGD XPD UHDOLGDGH PDLV GXUD TXH D VXSRUWDGD SHOD PDLRULD GRV VHUHV KXPDQRV FRPR HVSpFLH DSyV R DOYRUHFHU GD KLVWyULD UHJLVWUDGD )RL XP WHPSR HP TXH SRXFDV FULDQoDV VREUHYLYLDP j LQIkQFLD H SRXFRV DGXOWRV DRV WULQWD DQRV TXDQGR RV SUHGDGRUHV DWDFDYDP D TXDOTXHU PRPHQWR TXDQGR DV LQFHUWH]DV GDV VHFDV H FKHLDV VLJQLILFDYDP D GLIHUHQoD HQWUH D IRPH H D VREUHYLYrQFLD 0DV FRP R DGYHQWR GD DJULFXOWXUD H DWp PHVPR GDV PDLV UXGLPHQWDUHV VRFLHGDGHV DV SRVVLELOLGDGHV GH VREUHYLYrQFLD FRPHoDUDP D PXGDU GH IRUPD VHQVDFLRQDO 1RV ~OWLPRV GH] PLO DQRV TXDQGR HVVHV DYDQoRV VH ILUPDUDP HP WRGR R PXQGR UHGX]LUDPVH VLJQLILFDWLYDPHQWH DV IHUR]HV SUHVV}HV TXH KDYLDP FRQWLGR D SRSXODomR KXPDQD (VVDV PHVPDV SUHVV}HV KDYLDP WRUQDGR QRVVDV UHVSRVWDV HPRFLRQDLV PXLWR YDOLRVDV SDUD D VREUHYLYrQFLD TXDQGR GHVDSDUHFHUDP R PHVPR VH GHX FRP D YDOLGDGH GH SDUWHV GH QRVVR UHSHUWyULR HPRFLRQDO (QTXDQWR QR SDVVDGR GLVWDQWH D LUD LQVWDQWkQHD
SURSRUFLRQDYD XPD YDQWDJHP FUXFLDO SDUD D VREUHYLYrQFLD D GLVSRQLELOLGDGH GH DPODV DXWRPiWLFDV SDUD JDURWRV GH WUH]H DQRV WRPRXD FRP GHPDVLDGD IUHTrQFLD XPD UHDomR GHVDVWURVD 1RVVDV 'XDV 0HQWHV 8PD DPLJD PH IDODYD GH VHX GLYyUFLR XPD GRORURVD VHSDUDomR 2 PDULGR DSDL[RQDUDVH SRU XPD PXOKHU PDLV MRYHP QR WUDEDOKR H GH UHSHQWH DQXQFLDUD TXH LD GHL[iOD SDUD YLYHU FRP D RXWUD 6HJXLUDPVH PHVHV GH EULJDV DPDUJDV VREUH FDVD GLQKHLUR H FXVWyGLD GRV ILOKRV $JRUD SDVVDGRV DOJXQV PHVHV HOD GL]LD TXH VXD LQGHSHQGrQFLD ,KH DJUDGDYD TXH VH VHQWLD IHOL] HP HVWDU SRU FRQWD SUySULD 6LPSOHVPHQWH QmR SHQVR PDLV QHOH QD YHUGDGH QmR PH LPSRUWD 0DV DR GL]HU LVVR VHXV ROKRV SRU XP LQVWDQWH VH LQXQGDUDP GH OiJULPDV $TXHOH PRPHQWR GH ROKRV PDUHMDGRV SRGHULD SDVVDU IDFLOPHQWH GHVDSHUFHELGR 0DV D FRPSUHHQVmR HPSiWLFD GH TXH RV ROKRV PDUHMDGRV GH XPD SHVVRD VLJQLILFDP TXH HOD HVWi WULVWH DSHVDU GDV SDODYUDV HP FRQWUiULR p XP DWR GH FRPSUHHQVmR WmR VHJXUR FRPR D GHVWLODomR GR VHQWLGR GDV SDODYUDV QXPD SiJLQD LPSUHVVD 8PD p XP DWR GD PHQWH HPRFLRQDO D RXWUD GD UDFLRQDO 1XP VHQWLGR PXLWR YHUGDGHLUR WHPRV GXDV PHQWHV D TXH SHQVD H D TXH VHQWH (VVHV GRLV PRGRV IXQGDPHQWDOPHQWH GLIHUHQWHV GH FRQKHFLPHQWR LQWHUDJHP QD FRQVWUXomR GH QRVVD YLGD PHQWDO 8P D PHQWH UDFLRQDO p R PRGR GH FRPSUHHQVmR GH TXH WLSLFDPHQWH WHPRV FRQVFLrQFLD PDLV GHVWDFDGR QD FRQVFLrQFLD PDLV DWHQFLRVR FDSD] GH SRQGHUDU H UHIOHWLU 0DV MXQWR FRP HVVH H[LVWH RXWUR VLVWHPD GH FRQKHFLPHQWR LPSXOVLYR H SRGHURVR HPERUD jV YH]HV LOyJLFR D PHQWH HPRFLRQDO 3DUD XPD GHVFULomR PDLV GHWDOKDGD GDV FDUDFWHUtVWLFDV GD PHQWH HPRFLRQDO YHU R $SrQGLFH %
$ GLFRWRPLD HPRFLRQDOUDFLRQDO DSUR[LPDVH GD GLVWLQomR SRSXODU HQWUH FRUDomR H FDEHoD VDEHU TXH DOJXPD FRLVD p FHUWD DTXL GHQWUR GR FRUDomR´ p XP WLSR GLIHUHQWH GH FRQYLFomR GH DOJXP PRGR XPD FHUWH]D PDLV SURIXQGD GR TXH DFKDU D PHVPD FRLVD FRP D PHQWH UDFLRQDO +i XPD DFHQWXDGD JUDGDomR QD SURSRUomR HQWUH FRQWUROH UDFLRQDO H HPRFLRQDO GD PHQWH TXDQWR PDLV LQWHQVR R VHQWLPHQWR PDLV GRPLQDQWH VH WRPD D PHQWH HPRFLRQDO H PDLV LQWHOHFWXDO D UDFLRQDO e XPD GLVSRVLomR TXH SDUHFH RULJLQDUVH GH HUDV H HUDV GD YDQWDJHP HYROXFLRQiULD GH WHUPRV DV HPRo}HV H LQWXLo}HV FRPR JXLDV GH QRVVD UHVSRVWD LQVWDQWkQHD QDV VLWXDo}HV HP TXH QRVVD YLGD HVWi HP SHULJR H QDV TXDLV SDUDU SDUD SHQVDU R TXH ID]HU SRGHULD QRV FXVWDU D YLGD (VVDV GXDV PHQWHV D HPRFLRQDO H D UDFLRQDO RSHUDP HP HVWUHLWD KDUPRQLD QD PDLRU SDUWH GR WHPSR HQWUHODoDQGR VHXV PRGRV GH FRQKHFLPHQWR SDUD QRV RULHQWDU QR PXQGR (P JHUDO Ki XP HTXLOtEULR HQWUH DV PHQWHV HPRFLRQDO H UDFLRQDO FRP D HPRomR DOLPHQWDQGR H LQIRUPDQGR DV RSHUDo}HV GD PHQWH UDFLRQDO H D PHQWH UDFLRQDO UHILQDQGR H jV YH]HV YHWDQGR R LQVXPR GDV HPRo}HV 0DV VmR IDFXOGDGHV VHPLLQGHSHQGHQWHV FDGD XPD FRPR YHUHPRV UHIOHWLQGR R IXQFLRQDPHQWR GH FLUFXLWRV GLVWLQWRV PDV LQWHUOLJDGRV QR FpUHEUR (P PXLWRV RX QD PDLRULD GRV PRPHQWRV HVVDV PHQWHV VH FRRUGHQDP HVWUDQKDPHQWH RV VHQWLPHQWRV VmR HVVHQFLDLV SDUD R SHQVDPHQWR H YLFHYHUVD 0DV TXDQGR VXUJHP DV SDL[}HV R HTXLOtEULR EDODQoD p D PHQWH HPRFLRQDO TXH WRPD R FRPDQGR LQXQGDQGR D UDFLRQDO 2 KXPDQLVWD GR VpFXOR GH]HVVHLV (UDVPR GH 5RWWHUGDP HVFUHYHX QXPD YHLD VDWtULFD VREUH HVVD SHUHQH WHQVmR HQWUH UD]mR H HPRomR -~SLWHU OHJRX PXLWR PDLV SDL[mR TXH UD]mR SRGHVH FDOFXODU D SURSRUomR HP SRU XP 3{V GXDV WLUDQDV IXULRVDV HP RSRVLomR DR VROLWiULR SRGHU GD 5D]mR D LUD H D OX[~ULD $Wp RQGH D 5D]mR SUHYDOHFH FRQWUD DV IRUoDV FRPELQDGDV GDV GXDV D YLGD GR KRPHP
FRPXP GHL[D EDVWDQWH FODUR $ 5D]mR ID] D ~QLFD FRLVD TXH SRGH H EHUUD DWp ILFDU URXFD UHSHWLQGR IyUPXODV GH YLUWXGH HQTXDQWR DV RXWUDV GXDV D PDQGDP SDUD R GLDER TXH D FDUUHJXH H WRUQDPVH FDGD YH] PDLV UXLGRVDV H LQVXOWDQWHV DWp TXH SRU ILP VXD *RYHUQDQWH VH H[DXUH GHVLVWH H UHQGHVH 202 685*,8 2 e5(%52 3DUD PHOKRU HQWHQGHU R IRUWH GRPtQLR GDV HPRo}HV VREUH D PHQWH SHQVDQWH H SRU TXH VHQWLPHQWR H UD]mR HQWUDP WmR SURQWDPHQWH HP JXHUUD SHQVHP HP FRPR R FpUHEUR HYROXLX 2V FpUHEURV KXPDQRV FRP VHX SRXFR PDLV GH XP TXLOR GH FpOXODV H KXPRUHV QHXUDLV VmR WUrV YH]HV PDLRUHV TXH RV GRV QRVVRV SULPRV QD HYROXomR RV SULPDWDV QmR KXPDQRV $R ORQJR GH PLOK}HV GH DQRV GH HYROXomR R FpUHEUR FUHVFHX GH EDL[R SDUD FLPD RV FHQWURV VXSHULRUHV GHVHQYROYHQGRVH FRPR HODERUDo}HV GH SDUWHV LQIHULRUHV PDLV DQWLJDV R FUHVFLPHQWR GR FpUHEUR QR HPEULmR KXPDQR UHID] PDLV RX PHQRV HVVH SHUFXUVR HYROXFLRQiULR
$ SDUWH PDLV SULPLWLYD GR FpUHEUR SDUWLOKDGD FRP WRGDV DV HVSpFLHV TXH WrP PDLV TXH XP VLVWHPD QHUYRVR PtQLPR p R WURQFR FHUHEUDO HP YROWD GR WRSR GD PHGXOD HVSLQKDO (VVH FpUHEURUDL] UHJXOD IXQo}HV YLWDLV EiVLFDV FRPR D UHVSLUDomR H R PHWDEROLVPR GRV RXWURV yUJmRV GR FRUSR H WDPEpP FRQWUROD UHDF}HV H PRYLPHQWRV HVWHUHRWLSDGRV 1mR VH SRGH GL]HU TXH HVVH FpUHEUR SULPLWLYR SHQVD RX DSUHQGH DR FRQWUiULR p XP FRQMXQWR GH UHJXODGRUHV SUpSURJUDPDGRV TXH PDQWpP R IXQFLRQDPHQWR GR FRUSR FRPR GHYH H UHDJH GH PRGR D DVVHJXUDU D VREUHYLYrQFLD (VVH FpUHEUR UHLQRX VXSUHPR QD (UD GRV 5pSWHLV LPDJLQHP R VLELODU GH XPD VHUSHQWH FRPXQLFDQGR D DPHDoD GH XP DWDTXH 'D PDLV SULPLWLYD UDL] R WURQFR FHUHEUDO VXUJLUDP RV FHQWURV HPRFLRQDLV 0LOK}HV GH DQRV GHSRLV QD HYROXomR GHVVDV iUHDV HPRFLRQDLV GHVHQYROYHXVH R FpUHEUR SHQVDQWH RX QHRFyUWH[ R JUDQGH EXOER GH WHFLGRV RQGXODGRV TXH IRUPD DV FDPDGDV VXSHULRUHV 2 IDWR GH TXH R FpUHEUR SHQVDQWH VH GHVHQYROYHX D SDUWLU GDV HPRo}HV PXLWR UHYHOD VREUH D UHODomR HQWUH SHQVDPHQWR H VHQWLPHQWR KDYLD XP FpUHEUR HPRFLRQDO PXLWR DQWHV GH XP UDFLRQDO $ PDLV DQWLJD UDL] GH QRVVD YLGD HPRFLRQDO HVWi QR VHQWLGR GR ROIDWR RX PDLV SUHFLVDPHQWH QR ORER ROIDWLYR DV FpOXODV TXH DEVRUYHP H DQDOLVDP R FKHLUR 7RGD HQGGDGH YLYD VHMD QXWULWLYD YHQHQRVD SDUFHLUR VH[XDO SUHGDGRU RX SUHVD WHP XPD DVVLQDWXUD PROHFXODU GLVWLQWLYD TXH R YHQWR WUDQVSRUWD 1DTXHOHV WHPSRV SULPLWLYRV R ROIDWR DSUHVHQWDYDVH FRPR XP VHQWLGR VXSUHPR SDUD D VREUHYLYrQFLD 'R ORER ROIDWLYR FRPHoDUDP D HYROXLU RV DQWLJRV FHQWURV GH HPRomR TXH DFDEDUDP WRPDQGRVH VXILFLHQWHPHQWH JUDQGHV SDUD HQYROYHU R WRSR GR WURQFR FHUHEUDO (P VHXV HVWiJLRV UXGLPHQWDUHV R FHQWUR ROIDWLYR FRPSXQKDVH GH SRXFR PDLV TXH WrQXHV FDPDGDV GH QHXU{QLRV UHXQLGRV SDUD DQDOLVDU R FKHLUR 8PD FDPDGD GH FpOXODV UHFHELD R TXH HUD FKHLUDGR H FODVVLILFDYDR QDV FDWHJRULDV UHOHYDQWHV FRPHVWtYHO RX Wy[LFR VH[XDOPHQWH DFHVVtYHO LQLPLJR RX FRPLGD 8PD VHJXQGD FDPDGD GH FpOXODV HQYLDYD PHQVDJHQV UHIOH[LYDV D WRGR R VLVWHPD QHUYRVR GL]HQGR DR FRUSR R TXH ID]HU PRUGHU FXVSLU DERUGDU IXJLU FDoDU RP R DGYHQWR GRV SULPHLURV PDPtIHURV YLHUDP QRYDV FDPDGDV FKDYH GR FpUHEUR HPRFLRQDO (VWDV HP WRUQR GR WURQFR FHUHEUDO OHPEUDYDP XP SRXFR XP SDVWHO FRP XP SHGDoR PRUGLGR HPEDL[R QR OXJDU RQGH VH HQFDL[D R WURQFR FHUHEUDO RPR HVVD SDUWH
GR FpUHEUR FHUFD H OLPLWDVH FRP R WURQFR FHUHEUDO HUD FKDPDGD GH VLVWHPD OtPELFR GH OLPEXV SDODYUD ODWLQD TXH VLJQLILFD RUOD (VVH QRYR WHUULWyULR QHXUDO DFUHVFHQWRX HPRo}HV SURSULDPHQWH GLWDV DR UHSHUWyULR GR FpUHEUR 4XDQGR HVWDPRV VRE R GRPtQLR GH DQVHLRV RX I~ULD SHUGLGDPHQWH DSDL[RQDGRV RX WUDQVLGRV GH SDYRU p R VLVWHPD OtPELFR TXH QRV WHP HP VHX SRGHU ¬ PHGLGD TXH HYROXtD R VLVWHPD OtPELFR IRL DSHUIHLoRDQGR GXDV SRGHURVD IHUUDPHQWDV DSUHQGL]DGR H PHPyULD (VVHV DYDQoRV UHYROXFLRQiULRV SRVVLELOLWDYDP D XP DQLPDO VHU PXLWR PDLV HVSHUWR QDV RSo}HV GH VREUHYLYrQFLD DSULPRUDU VXDV UHVSRVWDV SDUD DGDSWDU VH D H[LJrQFLDV DPELDQWHV HP YH] GH WHU UHDo}HV LQYDULiYHLV H DXWRPiWLFDV 6H XPD FRPLGD FDXVDYD GRHQoD SRGLD VHU HYLWDGD QD SUy[LPD YH] 'HFLV}HV FRPR VDEHU R TXH FRPHU H R TXH UHMHLWDU DLQGD HUDP HP JUDQGH SDUWH GHWHUPLQDGDV SHOR ROIDWR DV OLJDo}HV HQWUH R EXOER ROIDWLYR H R VLVWHPD OtPELFR DVVXPLDP DJRUD DV WDUHIDV GH HVWDEHOHFHU GLVWLQo}HV HQWUH FKHLURV H UHFRQKHFrORV FRPSDUDQGR XP DWXDO FRP RXWURV SDVVDGRV H GLVFULPLQDQGR DVVLP R ERP GR UXLP ,VVR HUD IHLWR SHOR ULQHQFpIDOR OLWHUDOPHQWH R FpUHEUR GR QDUL] XPD SDUWH GD ILDomR OtPELFD H D EDVH UXGLPHQWDU GR QHRFyUWH[ R FpUHEUR SHQVDQWH +i FHUFD GH PLOK}HV GH DQRV R FpUHEUR GRV PDPtIHURV GHX XP JUDQGH VDOWR HP FUHVFLPHQWR 3RU FLPD GR WrQXH FyUWH[ GH GXDV FDPDGDV DV UHJL}HV TXH SODQHMRX FRPSUHHQGHP R TXH p VHQWLGR FRRUGHQDP R PRYLPHQWR DFUHVFHQWDUDPVH QRYDV FDPDGDV GH FpOXODV FHUHEUDLV IRUPDQGR R QHRFyUWH[ (P FRQWUDVWH FRP R DQWLJR FyUWH[ GH GXDV FDPDGDV R QHRFyUWH[ RIHUHFLD XPD H[WUDRUGLQiULD YDQWDJHP LQWHOHFWXDO 2 QHRFyUWH[ GR +RPR VDSLHQV PXLWR PDLRU TXH R GH TXDOTXHU RXWUD HVSpFLH DFUHVFHQWRX WXGR R TXH p GLVWLQWDPHQWH KXPDQR 2 QHRFyUWH[ p D VHGH GR SHQVDPHQWR FRQWpP RV FHQWURV TXH UH~QHP H FRPSUHHQGHP R TXH RV VHQWLGRV SHUFHEHP $FUHVFHQWD D XP VHQWLPHQWR R TXH SHQVDPRV GHOH H QRV SHUPLWH WHU VHQWLPHQWRV VREUH LGpLDV DUWH VtPERORV LPDJHQV 1D HYROXomR R QHRFyUWH[ SRVVLELOLWRX XP FULWHULRVR DSULPRUDPHQWR TXH VH G~YLGD WURX[H HQRUPHV YDQWDJHQV QD FDSDFLGDGH GH XP RUJDQLVPR VREUHYLYHU j DGYHUVLGDGH WRUQDQGR PDLV SURYiYHO TXH VXD SURJrQLH SRU VXD YH] SDVVDV DGLDQWH RV JHQHV TXH FRQWrP HVVHV PHVPRV FLUFXLWRV QHXUDLV $ YDQWDJHP SDUD D VREUHYLYrQFLD GHYHVH DR GRP GR QHRFyUWH[ GH FULDU HVWUDWpJLDV SODQHMDU ORQJR SUD]R H RXWURV DUWLItFLRV PHQWDLV $OpP GLVVR RV WULXQIRV GD DUWH FLYLOL]DomR H FXOWXUD VmR WRGRV IUXWRV GR QHRFyUWH[ (VVD QRYD DGLomR DR FpUHEUR SHUPLWLX R DFUpVFLPR GH QXDQoDV j YLGD HPRFLRQDO 9HMDP R DPRU $V HVWUXWXUDV OtPELFDV JHUDP VHQWLPHQWRV GH SUD]HU GHVHMR VH[XDO DV HPRo}HV TXH DOLPHQWDP D SDL[mR VH[XDO 0DV R DFUpVFLPR GR QHRFyUWH[ H VXDV OLJDo}HV DR VLVWHPD OtPELFR SHUPLWLUDP D OLJDomR PmHILOKR TXH p D EDVH GD XQLGDGH IDPLOLDU H R FRPSURPLVVR D ORQJR SUD]R FRP D FULDomR GRV ILOKRV TXH WRUQD SRVVtYHO R GHVHQYROYLPHQWR KXPDQR (VSpFLHV TXH QmR WrP QHRFyUWH[ FRPR RV UpSWHLV FDUHFHP GH DIHLomR PDWHUQD TXDQGR VDHP GR RYR RV UHFpPQDVFLGRV WrP GH HVFRQGHUVH SDUD HYLWDU VHUHP FDQLEDOL]DGRV 1RV VHUHV KXPDQRV D OLJDomR GH SURWHomR HQWUH SDL H ILOKR SHUPLWH TXH JUDQGD SDUWH GR DPDGXUHFLPHQWR SURVVLJD SRU XPD ORQJD LQIDQFLD GXUDQWH D TXDO R FpUHEUR FRQWLQXD D GHVHQYROYHUVH ¬ PHGLGD TXH VXELPRV QD HVFDOD ILORJHQpWLFD GR UpSWLO DR UKHVXV H DR VHU KXPDQR R VLPSOHV YROXPH GR QHRFyUWH[ DXPHQWD FRP HVVH DXPHQWR YHP XP DXPHQWR JHRPpWULFR QDV LQWHUOLJDo}HV GRV FLUFXLWRV FHUHEUDLV 4XDQWR PDLRU R Q~PHUR GHVVDV OLJDo}HV PDLRU D JDPD GH UHVSRVWDV SRVVtYHLV 2 QHRFyUWH[ SRVVLELOLWD D VXWLOH]D H RPSOH[LGDGH GD YLGD
HPRFLRQDO FRPR D FDSDFLGDGH GH WHU VHQWLPHQWRV VREUH QRVVRV VHQWLPHQWRV +i XPD PDLRU SURSRUomR GH QHRFyUWH[ SDUD VLVWHPD OtPELFR QRV SULPDWDV TXH QDV RXWUDV HVSpFLHV H LPHQVDPHQWH PDLV QRV VHUHV KXPDQRV VXJHULQGR SRU TXH SRGHPRV H[LELU XPD JDPD PXLWR PDLRU GH UHDo}HV jV QRVVDV HPRo}HV H PDLV QXDQoDV (QTXDQWR XP FRHOKR RX XP UKHVXV WrP XP FRQMXQWR UHVWULWR GH UHVSRVWDV WtSLFDV SDUD R PHGR R QHRFyUWH[ KXPDQR PDLRU SRVVLELOLWD XP UHSHUWyULR PXLWR PDLV iJLO LQFOXVLYH OLJDU SDUD R WHOHIRQH GH HPHUJrQFLD GD SROtFLD 4XDQWR PDLV FRPSOH[R R VLVWHPD VRFLDO PDLV HVVHQFLDO p HVVD IOH[LELOLGDGH H QmR H[LVWH QHQKXP PXQGR VRFLDO PDLV FRPSOH[R TXH R QRVVR 0DV HVVHV FHQWURV 6XSHULRUHV QmR FRQWURODP WRGD D YLGD HPRFLRQDO QRV SUREOHPDV FUXFLDLV GR FRUDomR H PDLV HVSHFLDOPHQWH QDV HPHUJrQFLDV HPRFLRQDLV SRGHVH GLHU TXH HOHV VH VXEPHWHP DR VLVWHPD OtPELFR RPR WDQWRV GRV FHQWURV VXSHULRUHV VH GHVHQYROYHUDP D SDUWLU GR kPELWR GD UHJLmR OtPELFD RX D DPSOLDUDP R FpUHEUR HPRFLRQDO GHVHPSHQKD XPD IXQomR GHFLVLYD QD DUTXLWHWXUD QHXUDO RPR UDL] GD TXDO VXUJLX R FpUHEUR PDLV QRYR DV iUHDV HPRFLRQDLV HQWUHODoDPVH DWUDYpV GH PLOKDUHV GH FLUFXLWRV GH OLJDomR FRP WRGDV DV SDUWHV GR QHRFyUWH[ ,VVR Gi DRV FHQWURV HPRFLRQDLV LPHQVRV SRGHUHV GH LQIOXHQFLDU R IXQFLRQDPHQW GR UHVWR GR FpUHEUR LQFOXLQGR VHXV FHQWURV GH SHQVDPHQWR $1$720,$ '( 80 6(48(6752 (02,21$/ $ YLGD p XPD FRPpGLD SDUD RV TXH SHQVDP H XPD WUDJpGLD SDUD RV TXH VHQWHP+RUDFH :DOSROH
(UD XPD WDUGH TXHQWH GH DJRVWR HP R PHVPR GLD HP TXH R UHYHUHQGR 0DUWLQ /XWKHU .LQJ -U IH] R GLVFXUVR (X WHQKR XP VRQKR QXPD PDUFKD SHORV GLUHLWRV FLYLV HP :DVKLQJWRQ 1DTXHOH GLD 5LFKDUG 5REOHV XP ODGUmR FRQWXPD] TXH DFDEDUD GH VHU SRVWR HP OLEHUGDGH FRQGLFLRQDO GH XPD VHQWHQoD GH WUrV DQRV SRU PDLV GH XPD FHQWHQD GH DUURPEDPHQWRV TXH IL]HUD SDUD VXVWHQWDU R YtFLR GH KHURtQD GHFLGLX ID]HU PDLV XP 4XHULD DEDQGRQDU R FULPH DOHJRX PDLV WDUGH PDV SUHFLVDYD GHVHVSHUDGDPHQWH GH GLQKHLUR SDUD D QDPRUDGD H D ILOKD GRV GRLV GH WUrV DQRV 2 DSDUWDPHQWR TXH DUURPERX QDTXHOH GLD SHUWHQFLD D GXDV PRoDV -DQLFH :OLH GH YLQWH H XP DQRV SHVTXLVDGRUD QD UHYLVWD 1HZVZHHN H (PLO +RIIHUW YLQWH H WUrV SURIHVVRUD SULPiULD (PERUD 5REOHV KRXYHVVH HVFROKLGR R DSDUWDPHQWR QR OX[XRVR 8SSHU (DVW 6LGH GH 1RYD ORUTXH SDUD DUURPEDU SRU DFKDU TXH QmR KDYLD QLQJXpP Oi -DQLFH HVWDYD HP FDVD $PHDoDQGRD FRP XPD IDFD HOH D DPDUURX 4XDQGR LD VDLQGR HQWURX (PLO 3DUD JDUDQWLU D IXJD 5REOHV FRPHoRX D DPDUUiOD WDPEpP 6HJXQGR FRQWD 5REOHV DQRV PDLV WDUGH HQTXDQWR DPDUUDYD (PLO -DQLFH :OLH DGYHUWLX R GH TXH QmR VDLULD LPSXQH GDTXHOH FULPH LD OHPEUDU R URVWR GHOH H DMXGDU D SROtFLD D ORFDOL]iOR 5REOHV TXH SURPHWHUD D VL PHVPR VHU DTXHOH R VHX ~OWLPR DUURPEDPHQWR HQWURX HP SkQLFR FRP LVVR SHUGHQGR FRPSOHWDPHQWH R FRQWUROH 1XP IUHQHVL SHJRX XPD JDUUDID GH VRGD H EDWHX QDV PRoDV DWp GHL[iODV LQFRQVFLHQWHV GHSRLV WRPDGR GH UDLYD H PHGR UHWDOKRXDV H HVIDTXHRXDV UHSHWLGDV YH]HV FRP XPD IDFD GH FR]LQKD 5HYHQGR DTXHOH PRPHQWR YLQWH H FLQFR DQRV GHSRLV 5REOHV ODPHQWDYD )LTXHL PDOXFR 0LQKD FDEHoD VLPSOHVPHQWH H[SORGLX $Wp KRMH WHP PXLWR WHPSR SDUD VH DUUHSHQGHU GDTXHOHV SRXFRV PLQXWRV GH I~ULD GHVHQIUHDGD (QTXDQWR HVFUHYR HOH FRQWLQXD QD SULVmR DOJXPDV GpFDGDV GHSRLV SHOR TXH VH WRPRX FRQKHFLGR FRPR R $VVDVVLQDWR GDV ([HFXWLYDV
7DLV H[SORV}HV HPRFLRQDLV VmR VHTHVWURV QHXUDLV 1HVVHV PRPHQWRV VXJHUHP RV LQGtFLRV XP FHQWUR QR FpUHEUR OtPELFR SURFODPD XPD HPHUJrQFLD UHFUXWDQGR R UHVWR GR FpUHEUR SDUD VHX SODQR GH XUJrQFLD 2 VHTHVWUR RFRUUH QXP LQVWDQWH GLVSDUDQGR HVVD UHDomR FUXFLDO PRPHQWRV DQWHV GH R QHRFyUWH[ R FpUHEUR SHQVDQWH WHU WLGR XPD RSRUWXQLGDGH GH YHU WXGR TXH HVWi DFRQWHFHQGR TXDQWR PDLV GH GHFLGLU VH p XPD ERD LGpLD $ PDUFD FDUDFWHUtVWLFD GHVVH VHTHVWUR p TXH DVVLP TXH SDVVD R PRPHQWR RV DVVLP SRVVXtGRV WrP D VHQVDomR GH QmR VDEHU R TXH GHX QHOHV (VVHV VHTHVWURV QmR VmR GH PRGR DOJXP LQFLGHQWHV LVRODGRV H KRUUHQGRV TXH OHYDP D FULPHV EUXWDLV FRPR R $VVDVVLQDWR GDV ([HFXWLYDV 'H IRUPD PHQRV FDWDVWUyILFD PDV QmR QHFHVVDULDPHQWH PHQRV LQWHQVD RFRUUHP FRQRVFR FRP PXLWD IUHTrQFLD /HPEUHP D ~OWLPD YH] HP TXH YRFrV SHUGHUDP R FRQWUROH H[SORGLUDP FRP DOJXpP R PDULGR RX ILOKR RX TXHP VDEH R PRWRULVWD GH RXWUR FDUUR D WDO SRQWR TXH GHSRLV FRP XP SRXFR GH UHIOH[mR H YLVmR UHWURVSHFWLYD D FRLVD SDUHFHXOKHV LPSUySULD ,VVR FRP WRGD SUREDELOLGDGH IRUDP WDPEpP XP GHVVHV VHTHVWURV XPD WRPDGD GH SRGHU QHXUDO TXH FRPR YHUHPRV VH RULJLQD QD DPtJGDOD XP FHQWUR QR FpUHEUR OtPELFR 1HP WRGRV RV VHTHVWURV OtPELFRV VmR DIOLWLYRV 4XDQGR XPD SLDGD SDUHFH D DOJXpP WmR KLODULDQWH TXH D ULVDGD p TXDVH H[SORVLYD WDPEpP LVVR p XPD UHVSRVWD OtPELFD )XQFLRQD LJXDOPHQWH HP PRPHQWRV GH LQWHQVD DOHJULD TXDQGR 'DQ -DQVHQ DSyV YiULRV IUXVWUDQWHV QD FRQTXLVWD GD PHGDOKD GH RXUR ROtPSLFD GH FRUULGD GH GH SDWLQV TXH SURPHWHUD j LUPm DJRQL]DQWH
ILQDOPHQWH JDQKRXD QRV PHWURV QDV 2OLPStDGDV GH ,QYHPR QD 1RUXHJD VXD PXOKHU IRL WmR WRPDGD SHOD HPRomR H IHOLFLGDGH TXH WHYH GH VHU OHYDGD jV SUHVVDV DRV PpGLFRV GR SURQWRVRFRUUR QD EHLUD GR ULQTXH $ 6('( '( 72'$ 3$,;­2 1RV VHUHV KXPDQRV D DPtJGDOD GD SDODYUD JUHJD SDUD DPrQGRD
p XP IHL[H HP IRUPD GH DPrQGRD GH HVWUXWXUDV LQWHUOLJDGDV VLWXDGR DFLPD GR WURQFR FHUHEUDO SHUWR GD SDUWH LQIHULRU GR DQHO OtPELFR +i GXDV DPtJGDODV XPD GH FDGD GD ODGR GR FpUHEUR LQVWDODGDV PDLV SDUD R ODGR GD FDEHFD $ DPtGDOD KXPDQD p UHODWLYDPHQWH JUDQGH HP FRPSDUDomR FRP D GH TXDOTXHU GRV QRVVRV SULPRV HYROXFLRQiULRV PDLV SUy[LPRV RV SULPDWDV 2 KLSRFDPSR H D DPtJGDOD HUDP GXDV SDUWHVFKDYH GR SULPLWLYR QDUL] FHUHEUDO TXH QD HYROXomR GHX RULJHP DR FyUWH[ H GHSRLV DR QHRFyUWH[ $Wp KRMH HVVDV HVWUXWXUDV OtPELFDV VmR UHVSRQViYHLV SRU JUDQGH RX D PDLRU SDUWH GR DSUHQGL]DGR H GD PHPyULD GR FpUHEUR D DPtJGDOD p D HVSHFLDOLVWD HP TXHVW}HV HPRFLRQDLV 6H IRU FRUWDGD GR UHVWR GR FpUHEUR R UHVXOWDGR p XPD LPSUHVVLRQDQWH LQFDSDFLGDGH GH DYDOLDU R VLJQLILFDGR HPRFLRQDO GRV IDWRV HVVH PDO p jV YH]HV FKDPDGR GH FHJXHLUD DIHWLYD 6HP SHVR HPRFLRQDO RV HQFRQWURV SHUGHP VHX GRPtQLR 8P UDSD] FXMD DPtJGDOD IRUD FLUXUJLFDPHQWH UHPRYLGD SDUD FRQWURODU VpULRV DWDTXHV SHUGHX SRU FRPSOHWR R LQWHUHVVH SHODV SHVVRDV SUHIHULQGR VHQWDUVH LVRODGR VHP QHQKXP FRQWDWR KXPDQR (PERUD IRVVH SHUIHLWDPHQWH FDSD] GH FRQYHUVDU QmR UHFRQKHFLD PDLV DPLJRV tQWLPRV SDUHQWHV QHP PHVPR D PmH H ILFDYD LPSDVVtYHO GLDQWH GD DQJ~VWLD GHOHV FRP VXD LQGLIHUHQFD 6HP D DPtJGDOD SDUHFLD WHU SHUGLGR WRGD LGHQWLILFDomR GH VHQWLPHQWR DVVLP FRPR TXDOTXHU VHQWLPHQWR VREUH VHQWLPHQWRV $ DPtJGDOD DWXD FRPR XP GHSyVLWR GD PHPyULD HPRFLRQDO H SRUWDQWR GR SUySULR VLJQLILFDGR D YLGD VHP D DPtJGDOD p XPD YLGD SULYDGD GH VLJQLILFDGRV HPRFLRQDLV 2 TXH HVWi OLJDGR j DPtJGDOD p PDLV TXH D DIHLomR WRGD SDL[mR GHSHQGH GHOD 2V DQLPDLV TXH WrP D DPtJGDOD UHWLUDGD RX FRUWDGD QmR VHQWHP PHGR QHP UDLYD SHUGHP R LPSXOVR GH FRPSHWLU RX FRRSHUDU H QmR WrP PDLV QHQKXP VHQVR GR OXJDU TXH RFXSDP QD RUGHP VRFLDO GH VXD HVSpFLH D HPRomR ILFD HPERWDGD RX DXVHQWH $V OiJULPDV XP
VLQDO HPRFLRQDO H[FOXVLYR GRV VHUHV KXPDQRV VmR SURYRFDGDV SHOD DPtJGDOD H XPD HVWUXWXUD SUy[LPD D FLUFXQYROXomR FLQJXODGD VHU DEUDoDGR DOLVDGR RX GH RXWUR PRGR FRQIRUWDGR DFDOPD HVVDV PHVPDV UHJL}HV FHUHEUDLV 6HP DPtJGDOD QmR Ki OiJULPDV GH GRU SDUD DFDOPDU -RVHSK /H'RX[ QHXURFLHQWLVWD GR HQWUR GH LrQFLD 1HXUDO GD 8QLYHUVLGDGH GH 1RYD ,RUTXH IRL R SULPHLUR D GHVFREULU R SDSHOFKDYH GD DPtJGDOD QR FpUHEUR HPRFLRQDO (OH ID] SDUWH GH XP QRYR WLSR GH QHXURFLHQWLVWDV TXH UHFRUUHP D WHFQRORJLDV H PpWRGRV LQRYDGRUHV UHVSRQViYHLV SRU XP QtYHO GH SUHFLVmR DQWHV GHVFRQKHFLGR QR PDSHDPHQWR GR FpUHEUR HP IXQFLRQDPHQWR H DVVLP SRGHP GHVYHQGDU PLVWpULRV GD PHQWH TXH JHUDo}HV DQWHULRUHV GH FLHQWLVWDV MXOJDYDP LPSHQHWUiYHLV 6XDV GHVFREHUWDV VREUH RV FLUFXLWRV GR FpUHEUR HPRFLRQDO SXVHUDP DEDL[R XPD QRomR Ki PXLWR H[LVWHQWH VREUH R VLVWHPD OtPELFR FRORFDQGR D DPtJGDOD QR FHQWUR GD DomR H RXWUDV HVWUXWXUDV OtPELFDV HP IXQo}HV PXLWR GLIHUHQWHV $ SHVTXLVD GH /H'RX[ H[SOLFD FRPR D DPtJGDOD SRGH DVVXPLU R FRQWUROH VREUH R TXH ID]HPRV TXDQGR R FpUHEUR SHQVDQWH R QHRFyUWH[ DLQGD WRPD XPD GHFLVmR RPR YHUHPRV R IXQFLRQDPHQWR GD DPtJGDOD H VXD LQWHUDomR FRP R QHRFyUWH[ HVWmR QR FHQWUR GD LQWHOLJrQFLD HPRFLRQDO $ $50$',/+$ 1(85$/ 2 PDLV LQWULJDQWH SDUD HQWHQGHU D IRUoD GDV HPRo}HV QD YLGD PHQWDO VmR DTXHOHV PRPHQWRV GH DomR DSDL[RQDGD GH TXH PDLV WDUGH QRV DUUHSHQGHPRV DVVLP TXH D SRHLUD DVVHQWRX D TXHVWmR p FRPR QRV WRPDPRV LUUDFLRQDLV WmR IDFLOPHQWH 9HMDP SRU H[HPSOR XPD MRYHP TXH GLULJLX GXDV KRUDV DWp %RVWRQ SDUD WRPDU XP FDIp GD PDQKmDOPRoR H SDVVDU R GLD FRP R QDPRUDGR 'XUDQWH R GHVMHMXP HOH ,KH GHX XP SUHVHQWH TXH HOD YLQKD TXHUHQGR Ki PHVHV XPD JUDYXUD GLItFLO GH DFKDU WUD]LGD GD (VSDQKD 0DV VHX SUD]HU VH GLVVROYHX DVVLP TXH VXJHULX LUHP j PDWLQr GH XP ILOPH TXH TXHULD PXLWR YHU DSyV R GHVMHMXP H R DPLJR D FKRFRX GL]HQGROKH TXH QmR SRGLD SDVVDU R GLD FRP HOD SRLV WLQKD XP WUHLQR GH VRIWEDOO 0DJRDGD H LQFUpGXOD HOD VH OHYDQWRX HP SUDQWRV GHL[RX D ODQFKRQHWH H QXP LPSXOVR MRJRX D JUDYXUD QD ODWD GH OL[R 0HVHV GHSRLV FRQWDQGR R LQFLGHQWH QmR p GH WHU VDtGR TXH HOD VH DUUHSHQGH PDV GD SHUGD GD JUDZUD e HP PRPHQWRV DVVLP TXDQGR XP VHQWLPHQWR LPSXOVLYR GRPLQD R UDFLRQDO TXH R UHFpPGHVFREHUWR SDSHO GD DPtJGDOD VH PRVWUD FUXFLDO 2V VLQDLV TXH YrP GRV VHQWLGRV SHUPLWHP TXH D DPtJGDOD IDoD XPD YDUUHGXUD GH WRGD H[SHULrQFLD HP EXVFD GH SUREOHPDV ,VVR D S}H QXP SRGHURVR SRVWR QD YLGD PHQWDO DOJXPD FRLVD VHPHOKDQWH D XPD VHQWLQHOD SVLFROyJLFD GHVDILDQGR FDGD VLWXDomR FDGD SHUFHSomR FRP DSHQDV XP WLSR GH SHUJXQWD HP PHQWH D PDLV SULPLWLYD e DOJXPD FRLVD TXH RGHLR ,VVR PH IHUH $OJXPD FRLVD TXH WHPR 6H IRU HVWH R FDVR VH R PRPHQWR HP TXHVWmR GH DOJXP PRGR HVERoD XP 6LP´ D DPtJGDOD UHDJH LQVWDQWDQHDPHQWH FRPR XP ILR GH DUPDGLOKD QHXUDO WHOHJUDIDQGR XPD PHQVDJHP GH FULVH SDUD WRGDV DV SDUWHV GR FpUHEUR 1D DUTXLWHWXUD GR FpUHEUR D DPtJGDOD FRORFDVH GH XP PRGR XP WDQWR VHPHOKDQWH DR DODUPH GH XPD HPSUHVD RQGH RSHUDGRUHV HVWmR D SRVWRV SDUD HQYLDU FKDPDGDV GH HPHUJrQFLD DR FRUSR GH ERPEHLURV SROtFLD H XP YL]LQKR VHPSUH TXH XP VLVWHPD GH VHJXUDQoD LQWHUQR Gi R VLQDO GH SHULJR 4XDQGR VRD XP DODUPH GLJDPRV GH PHGR HOD HQYLD PHQVDJHQV XUJHQWHV D WRGDV DV SDUWHV SULQFLSDLV GR FpUHEUR GLVSDUD D VHFUHomR GRV KRUP{QLRV RUJkQLFRV SDUD OXWDURX
IXJLU PRELOL]D RV FHQWURV GH PRYLPHQWR H DWLYD R VLVWHPD FDUGLRYDVFXODURV P~VFXORV H RV LQWHVWLQRV 2XWURV FLUFXLWRV GD DPtJGDOD HQYLDP VLQDLV SDUD D VHFUHomR GH JRWDV GH HPHUJrQFLD GR KRUP{QLR QRUDGUHQDOLQD SDUD DXPHQWDU D UHDWLYLGDGH GDV iUHDV FHUHEUDLV FKDYH LQFOXLQGR DV TXH WRUQDP RV VHQWLGRV PDLV DOHUWDV QD YHUGDGH GHL[DQGR R FpUHEUR QR SRQWR 2XWURV VLQDLV GD DPtJGDOD LQIRUPDP R WURQFR FHUHEUDO SDUD DIL[DU QR URVWR XPD H[SUHVVmR GH PHGR SDUDOLVDU PRYLPHQWRV QmR UHODFLRQDGRV TXH RV P~VFXORV WLQKDP HP DomR DFHOHUDU D SXOVDomR FDUGtDFD DXPHQWDU D SUHVVmR VDQJXtQHD H UHGX]LU R ULWPR GD UHVSLUDomR 2XWURV IL[DP D DWHQomR QD FDXVD GR PHGR H SUHSDUDP RV P~VFXORV SDUD UHDJLU GH DFRUGR 6LPXOWDQHDPHQWH VLVWHPDV GD PHPyULD FRUWLFDO VmR YDVFXOKDGRV HP EXVFD GH TXDOTXHU FRQKHFLPHQWR UHOHYDQWH SDUD D HPHUJrQFLD HP TXHVWmR SDVVDQGR DGLDQWH GRV RXWURV ILRV GH SHQVDPHQWR ( HVVDV VmR DSHQDV SDUWH GH XPD FXLGDGRVDPHQWH FRRUGHQDGD VpULH GH PXGDQoDV TXH D DPtJGDOD RUJDQL]D TXDQGR UHFUXWD iUHDV GH WRGR R FpUHEUR SDUD XPD H[SOLFDomR PDLV GHWDOKDGD YHU $SrQGLFH
$ H[WHQVD UHGH GH OLJDo}HV QHXUDLV GD DPtJGDOD ,KH SHUPLWH GXUDQWH XPD HPHUJrQFLD HPRFLRQDO WRPDU H GLULJLU JUDQGH SDUWH GR UHVWR GR FpUHEUR LQFOXVLYH D PHQWH UDFLRQDO $ 6(17,1(/$ (02,21$/ RQWD XP DPLJR TXH QXPDV IpULDV QD ,QJODWHUUD IH] XP GHVMHMXP UHIRUoDGR QXP FDIp j EHLUD GH XP FDQDO 'DQGR GHSRLV XP SDVVHLR SHORV GHJUDXV GH SHGUD TXH GHVFLDP SDUD R FDQDO YLX GH UHSHQWH XPD PRoD ILWDQGR D iJXD R URVWR WUDQVLGR GH PHGR $QWHV GH VDEHU EHP R PRWLYR HOH Mi SXODUD GH SDOHWy H JUDYDWD 6y HQWmR FRPSUHHQGHX TXH D PRoD ILWDYD HP FKRTXH XPD FULDQFLQKD TXH FDtUD QD iJXD H TXH HOH FRQVHJXLX VDOYDU 2 TXH R IH] SXODU QD iJXD DQWHV GH VDEHU SRU TXr $ UHVSRVWD PXLWR SURYDYHOPHQWH p IRL VXD DPtJGDOD 1XPD GDV GHVFREHUWDV PDLV LPSUHVVLRQDQWHV VREUH HPRo}HV GD ~OWLPD GpFDGD R WUDEDOKR GH /H'RX[ UHYHORX TXH D DUTXLWHWXUD GR FpUHEUR Gi j DPtJGDOD XPD SRVLomR SULYLOHJLDGD FRPR VHQWLQHOD HPRFLRQDO FDSD] GH VHTHVWUDU R FpUHEUR 6XD SHVTXLVD PRVWURX TXH VLQDLV VHQVRULDLV GR ROKR RX RXYLGR YLDMDP QR FpUHEUR SULPHLUR SDUD R WiODPR H GHSRLV SRU XPD ~QLFD VLQDSVH SDUD D DPtJGDOD XP VHJXQGR VLQDO GR WiODPR p HQFDPLQKDGR SDUD R QHRFyUWH[ R FpUHEUR SHQVDQWH (VVD UDPLILFDomR SHUPLWH TXH D DPtJGDOD FRPHFH D UHVSRQGHU DQWHV GR QHRFyUWH[ TXH UXPLQD D LQIRUPDomR HP YiULRV QtYHLV GRV FLUFXLWRV FHUHEUDLV DQWHV GH SHUFHErOD SOHQDPHQWH H LQLFLDU SRU ILP VXD UHVSRVWD PDLV FXLGDGRVDPHQWH WDOKDGD $ SHVTXLVD GH /H'RX[ p UHYROXFLRQiULD SDUD D FRPSUHHQVmR GD YLGD HPRFLRQDO SRU VHU D SULPHLUD D HVWDEHOHFHU FDPLQKRV QHXUDLV GH VHQWLPHQWRV TXH FRQWRUQDP R QHRFyUWH[ (VVHV VHQWLPHQWRV TXH WRPDP D URWD GLUHWD GD DPtJGDOD HVWmR HQWUH RV QRVVRV PDLV SULPLWLYRV H SRGHURVRV HVVH FLUFXLWR PXLWR ID] SDUD DMXGDU D H[SOLFDU R SRGHU GD HPRomR SDUD HVPDJDU D UDFLRQDOLGDGH $ RSLQLmR FRQYHQFLRQDO QD QHXURFLrQFLD HUD TXH R ROKR RXYLGR H RXWURV yUJmRV VHQVRULDLV WUDQVPLWHP VLQDLV DR WiODPR H GH Oi SDUD DV jUHDV GH SURFHVVDPHQWR VHQVRULDO GR QHRFyUWH[ RQGH HOHV VmR UHXQLGRV HP REMHWRV FRPR QyV RV SHUFHEHPRV 2V VLQDLV VmR FODVVLILFDGRV SRU VLJQLILFDGRV SDUD TXH R FpUHEUR UHFRQKHoD R TXH p FDGD REMHWR H R TXH VLJQLILFD D VXD SUHVHQoD 'R QHRFyUWH[ GL]LD D DQWLJD WHRULD RV VLQDLV VmR HQYLDGRV SDUD R FpUHEUR OtPELFR H GH Oi D UHVSRVWD DSURSULDGD VH LUUDGLD SHOR FpUHEUR H R UHVWR GR FRUSR e DVVLP TXH
IXQFLRQD JUDQGH RX D PDLRU SDUWH GR WHPSR PDV /H'RX[ GHVFREULX XP SHTXHQR IHL[H GH QHXU{QLRV TXH YDL GLUHWR GR WiODPR j DPtJGDOD DOpP GRV TXH VHJXHP SHOR FDPLQKR PDLRU GH QHXU{QLRV DWp R FyUWH[ (VVH FDPLQKR PHQRU H PDLV FXUWR FRPR XPD YLHOD QHXUDO SHUPLWH j DPtJGDOD UHFHEHU DOJXQV LQVXPRV GLUHWRV GRV VHQWLGRV H LQLFLDU XPD UHVSRVWD DQWHV TXH HOHV VHMDP SOHQDPHQWH UHJLVWUDGRV SHOR QHRFyUWH[ (VVD GHVFREHUWD S}H DEDL[R LQWHLUDPHQWH D LGpLD GH TXH D DPtJGDOD WHP GH GHSHQGHU LQWHLUDPHQWH GH VLQDLV GR QHRFyUWH[ SDUD IRUPXODU VXDV UHDo}HV HPRFLRQDLV $ DPtJGDOD SRGH DFLRQDU XPD UHVSRVWD HPRFLRQDO SRU HVVD URWD GH HPHUJrQFLD QR PRPHQWR PHVPR HP TXH XP FLUFXLWR UHVVRQDQWH SDUDOHOR VH LQLFLD HQWUH D DPtJGDOD H R QHRFyUWH[ $ DPtJGDOD SRGH ID]HUQRV ODQoDU j DomR HQTXDQWR R QHRFyUWH[ OLJHLUDPHQWH PDLV OHQWR SRUpP PDLV SOHQDPHQWH LQIRUPDGR WUDoD VHX SODQR GH UHDomR PDLV UHILQDGR /H'RX[ S{V SRU WHUUD R FRQKHFLPHQWR SUHGRPLQDQWH VREUH RV FDPLQKRV SHUFRUULGRV SHODV HPRo}HV FRP VXD SHVTXLVD VREUH PHGR HP DQLPDLV 1XPD H[SHULrQFLD FUXFLDO GHVWUXLX R FyUWH[ DXGLWLYR GH UDWRV GHSRLV RV H[S{V D XP WRP VLPXOWkQHR D XP FKRTXH HOpWULFR 2V UDWRV ORJR DSUHQGHUDP D WHPHU R WRP DLQGD TXH R VRP GR WRP QmR IRVVH UHJLVWUDGR HP VHX QHRFyUWH[ (P YH] GLVVR R VRP WRPDYD D URWD GLUHWD GR RXYLGR DR WiODPR H j DPtJGDOD VDOWDQGR WRGRV RV WUDMHWRV PDLRUHV (P VXPD RV UDWRV DSUHQGHUDP XPD UHDomR HPRFLRQDO VHP QHQKXP HQYROYLPHQWR FRUWLFDO PDLRU D DPtJGDOD SHUFHEHX OHPEURX H RUTXHVWURX VHX PHGR GH PRGR LQGHSHQGHQWH $QDWRPLFDPHQWH R VLVWHPD HPRFLRQDO SRGH DJLU GH PRGR LQGHSHQGHQWH GR QHRFyUWH[ GLVVHPH /H'RX[ $OJXPDV UHDo}HV H OHPEUDQoDV HPRFLRQDLV SRGHP IRUPDUVH VHP DEVROXWDPHQWH QHQKXPD SDUWLFLSDomR FRQVFLHQWH H FRJQLWLYD $ DPtJGDOD SRGH DEULJDU OHPEUDQoDV H UHSHUWyULRV GH UHVSRVWDV TXH LQWHUSUHWDPRV VHP FRPSUHHQGHU EHP SRU TXH R ID]HPRV SRU TXH R DWDOKR GR WiODPR j DPtJGDOD FRQWRPD FRPSOHWDPHQWH R QHRFyUWH[ (VVD SDVVDJHP SDUHFH SHUPLWLU TXH D DPtJGDOD VHMD XP UHSRVLWyULR GH LPSUHVV}HV HPRFLRQDLV H OHPEUDQoDV TXH MDPDLV FRQKHFHPRV HP SOHQD FRQVFLrQFLD /H'RX[ VXJHUH TXH p R SDSHO VXEWHUUkQHR GD DPtJGDOD QD PHPyULD TXH H[SOLFD SRU H[HPSOR XPD H[SHULrQFLD VXUSUHHQGHQWH HP TXH SHVVRDV DGTXLULUDP SUHIHUrQFLD SRU ILJXUDV JHRPpWULFDV GH IRUPDV HVWUDQKDV PRVWUDGDV HP ODPSHMRV WmR UiSLGRV TXH HODV QHP WLYHUDP TXDOTXHU FRQKHFLPHQWR FRQVFLHQWH GH WrODV YLVWR 2XWUD SHVTXLVD GHPRQVWURX TXH QRV SULPHLURV PLOpVLPRV GH VHJXQGR GH QRVVD SHUFHSomR GH DOJXPD FRLVD QmR DSHQDV FRPSUHHQGHPRV LQFRQVFLHQWHPHQWH R TXH p PDV GHFLGLPRV VH JRVWDPRV RX QmR GHOD R LQFRQVFLHQWH FRJQLWLYR DSUHVHQWD j QRVVD FRQVFLrQFLD QmR DSHQDV D LGHQWLGDGH GR TXH YHPRV PDV XPD RSLQLmR VREUH R TXH YHPRV 1RVVDV HPRo}HV WrP XPD PHQWH SUySULD TXH SRGH WHU RSLQL}HV EDVWDQWH LQGHSHQGHQWHV GH QRVVD PHQWH UDFLRQDO 2 VLQDO YLVXDO YDL SULPHLUR GD UHWLQD SDUD R WiODPR RQGH p WUDGX]LGR SDUD D OLQJXDJHP GR FpUHEUR $ PDLRU SDUWH GD PHQVDJHP VHJXH HQWmR SDUD 2 FyUWH[ YLVXDO RQGH p DQDOLVDGD H DYDOLDGD HP EXVFD GR VLJQLILFDGR H GD UHVSRVWD DGHTXDGD VH D UHVSRVWD p HPRFLRQDO XP VLQDO YDL SDUD D DPtJGDOD DWLYDU RV FHQWURV HPRFLRQDLV 0DV XPD SDUWH PHQRU GR VLQDO RULJLQDO YDL GLUHWR GR WiODPR SDUD D DPtJGDOD QXPD WUDQVPLVVmR PDLV UiSLGD SHUPLWLQGR XPD UHVSRVWD PDLV SURQWD HPERUD PHQRV SUHFLVD
'HVVH PRGR D DPtJGDOD SRGH GLVSDUDU XPD UHVSRVWD HPRFLRQDO DQWHV TXH RV FHQWURV FRUWLFDLV WHQKDP HQWHQGLGR SOHQDPHQWH 2 TXH VH SDVVD $ (63(,$/,67$ (0 0(0Ï5,$ (02,21$/ (VVDV RSLQL}HV LQFRQVFLHQWHV VmR PHPyULDV HPRFLRQDLV ILFDP JXDUGDGDV QD DPtJGDOD $ SHVTXLVD GH /H'RX[ H RXWURV QHXURFLHQWLVWDV SDUHFH DJRUD VXJHULU TXH R KLSRFDPSR Ki
PXLWR FRQVLGHUDGR D HVWUXWXUDFKDYH GR VLVWHPD OtPELFR HVWi PDLV HQYROYLGR FRP R UHJLVWUR H D DWULEXLomR GH VHQWLGR DRV SDGU}HV SHUFHSWLYRV GR TXH FRP UHDo}HV HPRFLRQDLV $ SULQFLSDO FRQWULEXLomR GR KLSRFDPSR HVWi HP IRUQHFHU XPD SUHFLVD PHPyULD GH FRQWH[WR YLWDO SDUD R VLJQLILFDGR HPRFLRQDO p R KLSRFDPSR TXH UHFRQKHFH R VLJQLILFDGR GH GLJDPRV XP XUVR QR ]RROyJLFR RX HP QRVVR TXLQWDO (QTXDQWR R KLSRFDPSR OHPEUD RV IDWRV SXURV D DPtJGDOD UHWpP R VDERU HPRFLRQDO TXH RV DFRPSDQKD 6H WHQWDPRV XOWUDSDVVDU XP FDUUR QXPD HVWUDGD GH PmR GXSOD H SRU SRXFR HVFDSDPRV GH XPD EDWLGD GH IUHQWH R KLSRFDPSR UHWpP RV GHWDOKHV HVSHFtILFRV GR LQFLGHQWH FRPR HP TXH IDL[D GD HVWUDGD HVWiYDPRV TXHP HVWDYD FRQRVFR FRPR HUD R RXWUR FDUUR 0DV p D DPtJGDOD TXH GDt HP GLDQWH HQYLDUi XPD RQGD GH DQVLHGDGH TXH QRV SHUFRUUH R FRUSR WRGD YH] HP TXH WHQWDUPRV XOWUDSDVVDU XP FDUUR HP FLUFXQVWDQFLDV VHPHOKDQWHV RPR PH H[SOLFRX /H'RX[ 2 KLSRFDPSR p FUXFLDO QR UHFRQKHFLPHQWR GH XP URVWR FRPR R GH VXD VREULQKD 0DV p D DPtJGDOD TXH DFUHVFHQWD TXH YRFr QD YHUGDGH QmR JRVWD GHOD 2 FpUHEUR XVD XP PpWRGR VLPSOHV PDV DVWXWR SDUD UHJLVWUDU PHPyULDV HPRFLRQDLV FRP IRUoD HVSHFLDO RV PHVPtVVLPRV VLVWHPDV GH DODUPH QHXURTXtPLFRV TXH SUHSDUDP R FRUSR SDUD UHDJLU D HPHUJrQFLDV GH ULVFR GH YLGD FRP D UHVSRVWD GH OXWDURXIXJLU WDPEpP JUDYDP YLYLGDPHQWH R PRPHQWR QD PHPyULD 6RE WHQVmR RX DQVLHGDGH RX SURYDYHOPHQWH DWp PHVPR LQWHQVD H[FLWDomR GH DOHJULD
XP QHUYR TXH YDL GR FpUHEUR jV JODQGXODV VXSUDUHQDLV DFLPD GRV ULQV SURYRFD XPD VHFUHomR GRV KRUP{QLRV HSLQHIULQD H QRUHSLQHIULQD TXH LQYDGHP R FRUSR SUHSDUDQGRR SDUD XPD HPHUJrQFLD (VVHV KRUP{QLRV DWLYDP UHFHSWRUHV QR QHUYR YDJR HPERUD HVWH WUDQVPLWD PHQVDJHQV GR FpUHEUR SDUD UHJXODU R FRUDomR WDPEpP WUDQVPLWH VLQDLV GH YROWD SDUD R FpUHEUR GLVSDUDGRV SHOD HSLQHIULQD H QRUHSLQHIULQD $ DPtJGDOD p R SULQFLSDO SRQWR QR FpUHEUR SDUD RQGH YmR HVVHV VLQDLV HOHV DWLYDP QHXU{QLRV GHQWUR GHOD TXH HQYLDP VLQDLV D RXWUDV UHJL}HV FHUHEUDLV D ILP GH IRUWDOHFHU D PHPyULD GR TXH HVWi DFRQWHFHQGR (VVH HVWtPXOR GD DPtJGDOD SDUHFH JUDYDU QD PHPyULD D PDLRULD GRV PRPHQWRV GH HVWtPXOR HPRFLRQDO GH PDLRU JUDX GH LQWHQVLGDGH SRU LVVR p TXH p PDLV SURYiYHO SRU H[HPSOR OHPEUDUPRV GH RQGH WLYHPRV XP SULPHLUR HQFRQWUR DPRURVR RX R TXH ID]tDPRV TXDQGR RXYLPRV D QRWtFLD GH TXH R {QLEXV HVSDFLDO KDOOHQJHU H[SORGLUD 4XDQWR PDLV LQWHQVR R HVWtPXOR GD DPtJGDOD PDLV IRUWH R UHJLVWUR DV H[SHULrQFLDV TXH PDLV QRV DSDYRUDP RX HPRFLRQDP QD YLGD HVWmR HQWUH QRVVDV OHPEUDQoDV LQGHOpYHLV ,VWR VLJQLILFD QD YHUGDGH TXH R FpUHEUR WHP GRLV VLVWHPDV GH PHPyULD XP SDUD IDWRV FRPXQV H RXWUR SDUD RV HPRFLRQDOPHQWH WH FDUUHJDGRV 8P VLVWHPD HVSHFLDO GH PHPyULDV ID] H[FHOHQWH VHQWLGR QD HYROXomRFODUR DVVHJXUDQGR TXH RV DQLPDLV WHQKDP OHPEUDQoDV SDUWLFXODUPHQWH YtYLGDV GR TXH RV DPHDoDYD RX DJUDGDYD 0DV DV PHPyULDV HPRFLRQDLV SRGHP VHU JXLDV LPSHUIHLWDV SDUD R SUHVHQWH $/$50(6 1(85$,6 $1$5Ð1,26 8PD GHVYDQWDJHP GHVVHV DODUPHV QHXUDLV HVWi HP TXH D PHQVDJHP XUJHQWH HQYLDGD SHOD DPtJGDOD p jV YH]HV VH QmR FRP PXLWD IUHTrQFLD DQDFU{QLFD VREUHWXGR QR IOXLGR PXQGR VRFLDO HP TXH QyV KXPDQRV YLYHPRV RPR UHSRVLWyULR GH PHPyULD HPRFLRQDO D DPtJGDOD H[DPLQD D H[SHULrQFLD FRPSDUDQGR R TXH DFRQWHFH DJRUD FRP R TXH DFRQWHFHX QR SDVVDGR 6HX PpWRGR GH FRPSDUDomR p DVVRFLDWLYR TXDQGR XP HOHPHQWR FKDYH GH XPD VLWXDomR SUHVHQWH p VHPHOKDQWH DR SDVVDGR SRGHVH GL]HU TXH VH FDVDP PRWLYR SHOR TXDO HVVH FLUFXLWR p IDOKR DJH DQWHV GH KDYHU XPD SOHQD FRQILUPDomR 2UGHQDQRV IUHQHWLFDPHQWH TXH UHDMDPRV DR SUHVHQWH FRP PHLRV
UHJLVWUDGRV PXLWR WHPSR DWUiV FRP SHQVDPHQWRV HPRo}HV H UHDo}HV DSUHQGLGRV HP UHVSRVWD D DFRQWHFLPHQWRV WDOYH] DSHQDV YDJDPHQWH VHPHOKDQWHV PDV DLQGD DVVLP R EDVWDQWH SDUD DODUPDU D DPtJGDOD $VVLP XPD H[HQIHUPHLUD GR H[pUFLWR WUDXPDWL]DGD SHOR LQFHVVDQWH IOX[R GH IHULPHQWRV KRUUtYHLV GH TXH FXLGRX QD JXHUUD p DFRPHWLGD GH UHSHQWH SRU XPD PLVWXUD GH SDYRU UHSXJQkQFLD H SkQLFR XPD UHSHWLomR GH VXD UHDomR QR FDPSR GH EDWDOKD SURYRFDGD PDLV XPD YH] DQRV GHSRLV SHOR PDX FKHLUR TXDQGR DEUH D SRUWD GH XP DUPiULR H GHVFREUH TXH VHX ILOKR SHTXHQR HQILRX DOL XPD IUDOGD VXMD %DVWD TXH SRXFRV HOHPHQWRV HVSDUVRV GD VLWXDomR SDUHoDP VHPHOKDQWHV D DOJXP SHULJR GR SDVVDGR SDUD TXH D DPtJGDOD GLVSDUH VHX PDQLIHVWR GH HPHUJrQFLD 2 SUREOHPD p TXH MXQWR FRP DV OHPEUDQoDV HPRFLRQDOPHQWH FDUUHJDGDV TXH WrP R SRGHU GH SURYRFDU HVVD UHDomR GH FULVH SRGHP YLU GR PHVPR PRGR IRUPDV REVROHWDV GH UHVSRQGrOD ¬ LPSUHFLVmR GR FpUHEUR HPRFLRQDO QHVVHV PRPHQWRV DFUHVFHQWDVH R IDWR GH TXH PXLWDV OHPEUDQoDV HPRFLRQDLV IRUWHV GDWDP GRV SULPHLURV DQRV GH YLGD QD UHODomR HQWUH D FULDQoD H DTXHOHV TXH FXLGDP GHOD ,VVR VH DSOLFD VREUHWXGR DRV DFRQWHFLPHQWRV WUDXPiWLFRV FRPR VXUUDV RX DEDQGRQR WRWDO 'XUDQWH HVVH SULPHLUR SHUtRGR GH YLGD RXWUDV HVWUXWXUDV FHUHEUDLV HP SDUWLFXODU R KLSRFDPSR TXH p FUXFLDO SDUD DV OHPEUDQoDV QDUUDWLYDV H R QHRFyUWH[ VHGH GR SHQVDPHQWR UDFLRQDO DLQGD QmR VH GHVHQYROYHUDP LQWHLUDPHQWH 1D PHPyULD D DPtJGDOD H R KLSRFDPSR WUDEDOKDP MXQWRV FDGD XP DUPD]HQD H FRQVHUYD LQGHSHQGHQWHPHQWH VXD LQIRUPDomR (QTXDQWR R KLSRFDPSR UHWpP D LQIRUPDomR D DPtJGDOD GHWHUPLQD VH HOD WHP YDOrQFLD HPRFLRQDO 0DV D DPtJGDOD TXH DPDGXUHFH PXLWR UiSLGR QR FpUHEUR LQIDQWLO HVWi PXLWR PDLV SUy[LPD GD IRUPD FRPSOHWD QR QDVFLPHQWR /H'RX[ UHFRUUH DR SDSHO GD DPtJGDOD QD LQIkQFLD SDUD FRQILUPDU R TXH Ki PXLWR WHPSR p XPD GRXWULQD EiVLFD GR SHQVDPHQWR SVLFDQDOtWLFR TXH DV LQWHUDo}HV GRV SULPHLURV DQRV GH YLGD HVWDEHOHFHP XP FRQMXQWR GH OLo}HV HOHPHQWDUHV EDVHDGDV QD VLQWRQLD H SHUWXUEDo}HV QRV FRQWDWRV HQWUH D FULDQoD H RV TXH FXLGDP GHOD (VVDV OLo}HV HPRFLRQDLV VmR WmR SRGHURVDV H QR HQWDQWR WmR GLItFHLV GH HQWHQGHU GR SULYLOHJLDGR SRQWR GH YLVWD GD YLGD DGXOWD SRUTXH DFUHGLWD /H'RX[ HVWmR DUPD]HQDGDV QD DPtJGDOD FRPR SODQRV EUXWRV VHP SDODYUDV SDUD D YLGD HPRFLRQDO RPR HVVDV SULPHLUDV OHPEUDQoDV HPRFLRQDLV VH HVWDEHOHFHP QXPD pSRFD DQWHULRU jTXHOD HP TXH DV FULDQoDV WrP SDODYUDV SDUD GHVFUHYHU VXD H[SHULrQFLD TXDQGR HVVDV OHPEUDQoDV VmR GLVSDUDGDV QD YLGD SRVWHULRU QmR Ki XP FRQMXQWR FRPELQDQWH GH SHQVDPHQWRV DUWLFXODGRV VREUH D UHVSRVWD TXH VH DSRGHUD GH QyV 8P GRV PRWLYRV SHORV TXDLV ILFDPRV WmR DWXUGLGRV FRP QRVVDV H[SORV}HV HPRFLRQDLV SRUWDQWR p TXH HODV PXLWDV YH]HV UHPRQWDP D XP WHPSR LQLFLDO HP QRVVDV YLGDV TXDQGR WXGR HUD GHVFRQFHUWDQWH H DLQGD QmR WtQKDPRV SDODYUDV SDUD FRPSUHHQGHU RV IDWRV 3RGHPRV WHU RV VHQWLPHQWRV FDyWLFRV PDV QmR DV SDODYUDV SDUD DV OHPEUDQoDV TXH RV IRUPDUDP 48$1'2 $6 (02d®(6 6­2 5È3,'$6 ( 6(17,0(17$,6 (UD SRU YROWD GDV WUrV GD PDQKm TXDQGR XP LPHQVR REMHWR YDURX FRP XP HVWURQGR R WHWR QXP FDQWR DIDVWDGR GR PHX TXDUWR GHVSHMDQGR DOL GHQWUR FRLVDV TXH HVWDYDP QR VyWmR 1XP VHJXQGR VDOWHL GD FDPD H VDt FRUUHQGR GR TXDUWR QXP WHUURU GH TXH WRGR R WHWR GHVDEDVVH 'HSRLV SHUFHEHQGR TXH HVWDYD D VDOYR YROWHL SDUD HVSLDU FDXWHORVDPHQWH R TXH FDXVDUD DTXHOH HVWUDJR WRGR H GHVFREUL VLPSOHVPHQWH TXH R VRP TXH MXOJDUD VHU GR WHWR GHVDEDQGR IRUD QD YHUGDGH D TXHGD GH XPD SLOKD GH FDL[DV TXH PLQKD PXOKHU DPRQWRDUD QR FDQWR QD YpVSHUD TXDQGR DUUXPDYD R DUPiULR 1DGD FDtUD GR VyWmR QmR KDYLD VyWmR 2 WHWR HVWDYD LQWDWR DVVLP FRPR HX
0HX VDOWR GD FDPD PHLR DGRUPHFLGR TXH SRGHULD WHUPH VDOYR GH IHULPHQWRV VH IRVVH PHVPR R WHWR FDLQGR LOXVWUD R SRGHU GD DPtJGDOD GH QRV LPSHOLU j DomR QDV HPHUJrQFLDV PRPHQWRV YLWDLV DQWHV GH R QHRFyUWH[ WHU WHPSR GH UHJLVWUDU SOHQDPHQWH R TXH QD YHUGDGH HVWi DFRQWHFHQGR $ URWD GH HPHUJrQFLD GR ROKR RX RXYLGR DR WiODPR H j DPtJGDOD p FUXFLDO SRXSD WHPSR QXPD HPHUJrQFLD TXDQGR VH H[LJH XPD UHDomR LQVWkQWDQHD 0DV HVVH FLUFXLWR GR WiODPR j DPtJGDOD WUDQVPLWH DSHQDV XPD SHTXHQD SDUWH GDV PHQVDJHQV VHQVRULDLV FRP D PDLRULD WRPDQGR R FDPLQKR SULQFLSDO DWp R QHRFyUWH[ $VVLP R TXH VH UHJLVWUD QD DPtJGDOD YLD HVVD URWD H[SUHVVD p QD PHOKRU GDV KLSyWHVHV XP VLQDO LQIRUPH VXILFLHQWH DSHQDV SDUD XPD DGYHUWrQFLD RPR REVHUYD /H'RX[ QmR VH SUHFLVD VDEHU H[DWDPHQWH R TXH p XPD FRLVD SDUD VDEHU TXH SRGH VHU SHULJRVD $ URWD GLUHWD WHP XPD HQRUPH YDQWDJHP HP WHPSR FHUHEUDO TXH p FDOFXODGR HP PLOpVLPRV GH VHJXQGR $ DPtJGDOD GH XP UDWR SRGH LQLFLDU XPD UHVSRVWD XPD SHUFHSomR QXPD IUDomR PtQLPD GH GR]H PLOLVVHJXQGRV $ URWD GR WiODPR DR QHRFyUWH[ H j DPtJGDOD OHYD FHUFD GH GXDV YH]HV HVVH WHPSR $LQGD QmR VH IL]HUDP PHGLo}HV VHPHOKDQWHV QR FpUHEUR KXPDQR PDV D SURSRUomR JHUD SURYDYHOPHQWH VH FRQILUPDULD (P WHUPRV HYROXFLRQiULRV R YDORU GH VREUHYLYrQFLD GHVVD URWD GLUHWD WHULD VLGR JUDQGH SHUPLWLQGR XPD RSomR GH UHVSRVWD UiSLGD TXH FRUWDP DOJXQV FUtWLFR PLOLVVHJXQGRV QR WHPSR GH UHDomR D SHULJRV (VVHV PLOLVVHJXQGRV EHP SRGHQ WHU VDOYR D YLGD GH QRVVRV DQFHVWUDLV SURWRPDPtIHURV HP Q~PHUR WDO TXH HVTXHPD p KRMH FDUDFWHUtVWLFR GH WRGR FpUHEUR GH PDPtIHUR LQFOXLQGR RV VHXV H R PHX 1D YHUGDGH HPERUD HVVH FLUFXLWR GHVHPSHQKH XPD IXQomR UHODWLYDPHQWH OLPLWDGD QD YLGD PHQWDO KXPDQD UHVWULWD HP JUDQGH SDUWH D FULVHV HPRFLRQDLVD PDLRU SDUWH GD YLGD PHQWDO GH SiVVDURV SHL[HV H UpSWHLV JLUD HP WRUQR GHOH SRLV VXD VREUHYLYrQFLD GHSHQGH GH ORFDOL]DU FRQVWDQWHPHQWH SUHGDGRUHV RX SUHVD (VVH VLVWHPD FHUHEUDO SULPLWLYR PHQRU QRV PDPtIHURV p R SULQFLSDO VLVWHPD FHUHEUDO QRV QmR PDPtIHURV GL] /H'RX[ 2IHUHFH XP PHLR PXLWR UiSLGR GH OLJDU HPRo}HV 0DV p XP SURFHVVR UiSLGR H PDOIHLWR DV FpOXODV VmR UiSLGDV PDV QmR PXLWR SUHFLVDV (VVD LPSUHFLVmR GLJDPRV QXP HVTXLOR p yWLPD Mi TXH R OHYD D HUUDU GR ODGR GH VHJXUDQoDDIDVWDQGRVH DRV VDOWRV DR SULPHLUR VLQDO GH TXDOTXHU FRLVD TXH SRVVD DQXQFLDU R DSDUHFLPHQWR GH XP LQLPLJR RX VDOWDQGR VREUH TXDOTXHU VLQDO GH DOJXPD FRLVD FRPHVWtYHO 0DV QD YLGD HPRFLRQDO KXPDQD SRGH WHU FRQVHTrQ FLDV GHVDVWURVDV SDUD QRVVDV UHODo}HV SRLV VLJQLILFD IDODQGR GH PRGR ILJXUDGR TXH SRGHPRV VDOWDU HP FLPD RX IXJLU GD FRLVD RX SHVVRD HUUDGD 3HQVHQU SRU H[HPSOR QD JDUoRQHWH TXH GHUUXERX XPD EDQGHMD FRP VHLV MDQWDUHV TXDQGR YLX GH UHODQFH XPD PXOKHU GH FDEHORV UXLYRV RQGXODGRV H[DWDPHQWH LJXDLV DRV GDTXHOD SRU TXHP VHX PDULGR D GHL[DUD
(VVHV UXGLPHQWDUHV HUURV HPRFLRQDLV EDVHLDPVH QR VHQWLPHQWR DQWHULRU D SHQVDPHQWR /H'RX[ FKDPD LVVR GH HPRomR SUHFRJQLWLYD XPD UHDomR EDVHDGD HP IUDJPHQWRV QHXUDLV GH LQIRUPDomR VHQVRULDO TXH QmR IRUDP FRPSOHWDPHQWH FODVVLILFDGRV H LQWHJUDGRV QXP REMHWR UHFRQKHFtYHO e XPD IRUPD PXLWR JURVVHLUD GH LQIRUPDomR VHQVRULDO PHLR VHPHOKDQWH HP WHUPRV QHXUDLV D XP SURJUDPD WLSR 4XDO p D 0~VLFD RQGH HP YH] GH MXOJDPHQWRV LQVWDQWkQHRV IHLWRV FRP EDVH QXPDV SRXFDV QRWDV WRGD XPD SHUFHSomR p FDSWDGD FRP EDVH QDV SULPHLUD SDUWHV LQGHILQLGDV 6H D DPtJGDOD FDSWD R VXUJLPHQWR GH XP SDGUmR VHQVRULDO LPSRUWDQWH VDOWD ORJR SDUD XPD FRQFOXVmR GLVSDUDQGR VXDV UHDo}HV DQWHV GH KDYHU FRQILUPDomR WRWDO GD SURYD RX DEVROXWDPHQWH FRQILUPDomR QHQKXPD
1mR DGPLUD TXH WHQKDPRV WmR SRXFD LQWXLomR GDV WUHYDV GH QRVVDV HPRo}HV PDLV H[SORVLYDV VREUHWXGR HQTXDQWR HODV DLQGD QRV PDQWrP HVFUDYRV $ DPtJGDOD UHDJH QXP GHOtULR GH UDLYD RX PHGR DQWHV GH R FyUWH[ VDEHU R TXH HVWi DFRQWHFHQGR SRUTXH HVVD HPRomR EUXWD p GLVSDUDGD LQGHSHQGHQWHPHQWH GR SHQVDPHQWR H R DQWHFHGH 2 $'0,1,675$'25 '$6 (02d®(6 $ ILOKD GH VHLV DQRV GH XPD DPLJD -HVVLFD SDVVDYD D SULPHLUD QRLWH IRUD HP FDVD GH XPD FROHJD H QmR HUD FODUR TXHP HVWDYD PDLV QHUYRVD FRP LVVR D PmH RX D ILOKD (PERUD D PmH WHQWDVVH GLVIDUoDU SDUD -HVVLFD D LQWHQVD DQVLHGDGH TXH VHQWLD VXD WHQVmR DWLQJLX R PDLV DOWR OLPLWH SRU YROWD GD PHLDQRLWH TXDQGR H SUHSDUDYD VH SUHSDUDYD SDUD GHLWDUVH H RXYLX R WHOHIRQH WRFDU /DUJDQGR D HVFRYD GH GHQWHV FRUUHX D WHV FRUUHX D DWHQGHU R FRUDomR GLVSDUDGR LPDJHQV GH -HVVLFD HP WHUUtYHO DIOLomR FRUUHQGROKH SHOD PHQWH $JDUURX R IRQH H H[SORGLX -HVVLFD ( RXYLX XPD YR] GH PXOKHU GL]HU $K DFKR TXH GLVTXHL R Q~PHUR HUUDGR RP LVVR D PmH UHFXSHURX D VHUHQLGDGH H QXP WRP HGXFDGR FRPHGLGR SHUJXQWRX 4XH Q~PHUR YRFr GLVFRX (QTXDQWR D DPtJGDOD WUDEDOKD SUHSDUDQGR XPD UHDomR DQVLRVD H LPSXOVLYD RXWUD SDUWH GR FpUHEUR HPRFLRQDO SRVVLELOLWD XPD UHVSRVWD PDLV DGHTXDGD FRUUHWLYD $ FKDYH GR DPRUWHFHGRU FHUHEUDO GDV RQGDV UHSHQWLQDV GD DPtJGDOD SDUHFH ORFDOL]DUVH QD RXWUD SRQWD GH XP FLUFXLWR SULQFLSDO GR QHRFyUWH[ QRV ORERV SUpIURQWDLV ORJR DWUiV GD WHVWD 2 FyUWH[ SUpIURQWDO SDUHFH DJLU TXDQGR DOJXpP HVWi DVVXVWDGR RX ]DQJDGR PDV VXIRFD RX FRQWUROD R VHQWLPHQWR SDUD WUDWDU FRP PDLV HILFiFLD GD VLWXDomR LPHGLDWD RX TXDQGR XPD UHDYDOLDomR H[LJH XPD UHVSRVWD FRPSOHWDPHQWH GLIHUHQWH FRPR QR FDVR GD PmH SUHRFXSDGD DR WHOHIRQH (VVD UHJLmR QHRFRUWLFDO GR FpUHEUR WUD] XPD UHVSRVWD PDLV DQDOtWLFD RX DGHTXDGD DRV QRVVRV LPSXOVRV HPRFLRQDLV PRGXODQGR D DPtJGDOD H RXWUDV iUHDV OtPELFDV (P JHUDO DV iUHDV SUpIURQWDLV JRYHUQDP QRVVDV UHDo}HV HPRFLRQDLV GHVGH R LQtFLR $ PDLRU SURMHomR GH LQIRUPDomR VHQVRULDO GR WiODPR OHPEUHP QmR YDL SDUD D DPtJGDOD PDV SDUD R QHRFyUWH[ H VHXV PXLWRV FHQWURV TXH D DEVRUYHP H GmR VHQWLGR DR TXH VH HVWi SHUFHEHQGR HVVD LQIRUPDomR H QRVVD UHVSRVWD D HOD VmR FRRUGHQDGDV SHORV ORERV SUpIURQWDLV R ORFDO GH SODQHMDU H RUJDQL]DU Do}HV SDUD XP REMHWLYR LQFOXLQGR RV HPRFLRQDLV 1R QHRFyUWH[ XPD VpULH HP FDVFDWD GH FLUFXLWRV UHJLVWUD H DQDOLVD HVVD LQIRUPDomR FRPSUHHQGHD H SRU PHLR GRV ORERV 3UpIURQWDLV RUJDQL]D XPD UHDomR 6H QR SURFHVVR VH H[LJH XPD UHVSRVWD HPRFLRQDO RV ORERV SUpIURQWDLV D GLWDP WUDEDOKDQGR HP FRPXP FRP D DPtJGDOD H RXWURV FLUFXLWRV QR FpUHEUR HPRFLRQDO (VVD SURJUHVVmR TXH SHUPLWH GLVFHUQLPHQWR QD UHVSRVWD HPRFLRQDO p R HVTXHPD SDGUmR FRP D VLJQLILFDWLYD H[FHomR GDV HPHUJrQFLDV HPRFLRQDLV 4XDQGR XPD HPRomR GLVSDUD HP SRXFRV PRPHQWRV RV ORERV SUpIURQWDLV HIHWXDP R HTXLYDOHQWH D XP FiOFXOR GD SURSRUomR GH ULVFRYDQWDJHP GDV PLUtDGHV GH UHDo}HV SRVVtYHLV H DSRVWDP TXH XPD GHODV p PHOKRU 1RV DQLPDLV TXDQGR DWDFDU TXDQGR IXJLU ( TXDQWR D QyV KXPDQRV TXDQGR DWDFDU TXDQGR IXJLUH WDPEpP TXDQGR DSD]LJXDU SHUVXDGLU DWUDLU VLPSDWLD IHFKDUVH HP FRSDV SURYRFDU FXOSD ODPHQWDUVH DVVXPLU XPD IDFKDGD GH EUDYDWD PRVWUDU GHVSUH]R H DVVLP SRU GLDQWH FRUUHQGR WRGR R UHSHUWyULR GH DUGLV HPRFLRQDLV
$ UHVSRVWD QHRFRUWLFDO p PDLV OHQWD HP WHPSR FHUHEUDO TXH R PHFDQLVPR GH VHTHVWUR SRUTXH HQYROYH PDLV FLUFXLWRV 7DPEpP p PDLV FULWHULRVD H SRQGHUDGD SRLV PDLV SHQVDPHQWR DQWHFHGH R VHQWLPHQWR 4XDQGR UHJLVWUDPRV XPD SHUGD H ILFDPRV WULVWHV RX QRV DOHJUDPRV FRP XPD YLWyULD RX UHIOHWLUQRV VREUH DOJXPD FRLVD TXH DOJXpP GLVVH RX IH] H GHSRLV ILFDPRV PDJRDGRV RX ]DQJDGRV p R QHRFyUWH[ DJLQGR RPR DFRQWHFH FRP D DPtJGDOD VHP R IXQFLRQDPHQWR GRV ORERV SUpIURQWDLV JUDQGH SDUWH GD YLGD HPRFLRQDO GHVDSDUHFHULD VHP D FRPSUHHQVmR GH TXH DOJXPD FRLVD PHUHFH XPD UHVSRVWD HPRFLRQDO QmR YHP QHQKXPD 1HXURORJLVWDV VXVSHLWDYDP GHVVH SDSHO GRV ORERV SUpIURQWDLV QDV HPRo}HV GHVGH R DGYHQWR QD GpFDGD GH GDTXHOH WUDWDPHQWR FLU~UJLFR XP WDQWR GHVHVSHUDGR H WULVWHPHQWH HQJDQRVR SDUD D GRHQoD PHQWDO D ORERWRPLD SUpIURQWDO TXH PXLWDV YH]HV PDOIHLWD
UHPRYLD SDUWH GRV ORERV SUpIURQWDLV RX VHFFLRQDYD GH RXWUR PRGR DV OLJDo}HV HQWUH R FyUWH[ SUpIURQWDO H R FpUHEUR LQIHULRU 1RV GLDV DQWHULRUHV D TXDOTXHU PHGLFDomR HILFD] SDUD D GRHQoD PHQWDO D ORERWRPLD IRL VDXGDGD FRPR D UHVSRVWD SDUD D SHUWXUEDomR HPRFLRQDO JUDYH HUD Vy FRUWDU DV OLJDo}HV HQWUH RV ORERV SUpIURQWDLV H R UHVWR GR FpUHEUR TXH VH DOLYLDYD D DIOLomR GR SDFLHQWH ,QIHOL]PHQWH R SUHoR HUD TXH D YLGD HPRFLRQDO GD PDLRULD GRV SDFLHQWHV SDUHFLD LU HPERUD WDPEpP 'HVWUXtUDVH R FLUFXLWRFKDYH 6XS}HVH TXH RV VHTHVWURV HPRFLRQDLV HQYROYHP GXDV GLQkPLFDV R GLVSDUR GD DPtJGDOD H D QmR DWLYDomR GRV SURFHVVRV QHRFRUWLFDLV TXH HP JHUDO PDQWrP R HTXLOtEULR GD UHVSRVWD HPRFLRQDO RX XP UHFUXWDPHQWR GDV ]RQDV QHRFRUWLFDLV SDUD D XUJrQFLD HPRFLRQDO 1HVVHV PRPHQWRV D PHQWH UDFLRQDO p LQXQGDGD SHOD HPRFLRQDO 8PD GDV PDQHLUDV GH R QHRFyUWH[ DJLU FRPR HILFLHQWH DGPLQLVWUDGRU GD HPRomR DYDOLDQGR DV UHDo}HV DQWHV GH DJLU p DPRUWHFHU RV VLQDLV SDUD D DWLYDomR HQYLDGRV SHOD DPtJGDOD H RXWURV FHQWURV OtPELFRV DVVLP FRPR XP SDL TXH LPSHGH XP ILOKR LPSXOVLYR GH SHJDU XPD FRLVD H R PDQGD HP YH] GLVVR SHGLU GLUHLWR RX HVSHUDU
R TXH TXHU $ FKDYH GH GHVOLJDU IXQGDPHQWDO GD HPRomR DIOLWLYD SDUHFH VHU R ORER SUpIURQWDO HVTXHUGR 1HXURSVLFyORJRV TXH HVWXGDP KXPRUHV GH SDFLHQWHV FRP GDQRV HP SDUWHV GRV ORERV IURQWDLV GHWHUPLQDUDP TXH XPD GDV WDUHIDV GR ORER SUpIURQWDO HVTXHUGR p DJLU FRPR XP WHUPRVWDWR QHUYRVR UHJXODQGR HPRo}HV GHVDJUDGiYHLV 2V ORERV SUpIURQWDLV GLUHLWRV VmR XP ORFDO GH VHQWLPHQWRV QHJDWLYRV FRPR PHGR H DJUHVVmR HQTXDQWR RV HVTXHUGRV UHIUHLDP HVVDV HPRo}HV EUXWDV SURYDYHOPHQWH LQLELQGR R ORER GLUHLWR 1XP JUXSR GH SDFLHQWHV TXH VRIUHUDP GHUUDPH SRU H[HPSOR DTXHOHV FXMDV OHV}HV KDYLDP VLGR QR FyUWH[ SUpIURQWDO HVTXHUGR WLQKDP WHQGrQFLD D SUHRFXSDo}HV H PHGRV FDWDVWUyILFRV RV FRP OHV}HV QR GLUHLWR HUDP H[DJHUDGDPHQWH DQLPDGRV GXUDQWH RV H[DPHV QHXUROyJLFRV ID]LDP SLDGDV FRP WXGR H PRVWUDYDPVH WmR GHVFRQWUDtGRV TXH YLVLYHOPHQWH QHP VH SUHRFXSDYDP FRP FRPR VH KDYLDP VDtGR ( GHSRLV KRXYH R FDVR GR PDULGR IHOL] XP KRPHP FXMR ORER SUpIURQWDO GLUHLWR IRUD SDUFLDOPHQWH UHPRYLGR QXPD FLUXUJLD SDUD FRUUHomR GH XPD PDOIRUPDomR GR FpUHEUR $ PXOKHU FRQWRX DRV PpGLFRV TXH GHSRLV GD RSHUDomR R PDULGR VRIUHUD XPD PXGDQoD UDGLFDO GH SHUVRQDOLGDGH SDVVDQGR D LUULWDUVH FRP PHQRV IDFLOLGDGH H HVWDYD IHOL] HP GL]HU WRUQDQGRVH PDLV FDULQKRVR 2 ORER SUpIURQWDO HVTXHUGR HP VXPD SDUHFH ID]HU SDUWH GH XP FLUFXLWR QHXUDO TXH SRGH GHVOLJDU RX SHOR PHQRV DPRUWHFHU TXDVH WRGRV RV LPSXOVRV QHJDWLYRV PDLV IRUWHV GD HPRomR 6H D DPtJGDOD PXLWDV YH]HV DJH FRPR XP GLVSDUDGRU GH HPHUJrQFLD R ORER SUpIURQWDO HVTXHUGR SDUHFH ID]HU SDUWH GD FKDYH GH GHVOLJDU´ D HPRomR SHUWXUEDGRUD D DPtJGDOD SURS}H R ORER SUpIURQWDO GLVS}H (VVDV OLJDo}HV SUp IURQWDOOtPELFDV VmR FUXFLDLV QD YLGD PHQWDO PXLWR DOpP GR VLPSOHV UHILQDPHQWR GD
HPRomR VmR HVVHQFLDLV SDUD ID]HUQRV QDYHJDU HP PHLR jV GHFLV}HV TXH PDLV FRQWDP QD YLGD +$5021,=$1'2 (02d­2 ( 3(16$0(172 $V OLJDo}HV HQWUH D DPtJGDOD H HVWUXWXUDV OtPELFDV UHODFLRQDGDV
H R QHRFyUWH[ VmR R FHQWUR GDV EDWDOKDV RX WUDWDGRV GH FRRSHUDomR HQWUH D FDEHoD H R FRUDomR R SHQVDPHQWR H R VHQWLPHQWR (VVHV FLUFXLWRV H[SOLFDP SRU TXH D HPRomR p WmR FUXFLDO SDUD R SHQVDPHQWR HIHWLYR WDQWR QR WRPDU GHFLV}HV VHQVDWDV TXDQWR VLPSOHVPHQWH SHUPLWLQGR SHQVDU FRP FODUH]D 9HMDP R SRGHU GDV HPRo}HV GH SHUWXUEDU R SUySULR SHQVDPHQWR 2V QHXURFLHQWLVWDV XVDP R WHUPR PHPyULD IXQFLRQDO SDUD D FDSDFLGDGH GH DWHQomR TXH JXDUGD QD PHQWH RV IDWRV HVVHQFLDLV SDUD FRQFOXLU XPD GHWHUPLQDGD WDUHID RX SUREOHPD VHMDP RV DVSHFWRV LGHDLV TXH EXVFDPRV QXPD FDVD TXDQGR H[DPLQDPRV YiULRV SURVSHFWRV VHMDP RV HOHPHQWRV GH XP SUREOHPD GH UDFLRFtQLR QXP WHVWH 2 FyUWH[ SUpIURQWDO p D UHJLmR GR FpUHEUR UHVSRQViYHO SHOD PHPyULD IXQFLRQDO 0DV RV FLUFXLWRV TXH YmR GR FpUHEUR OtPELFR DRV ORERV SUpIURQWDLV VLJQLILFDP TXH RV VLQDLV GH IRUWH HPRomR DQVLHGDGH LUD H DILQV SRGHP FULDU HVWiWLFD QHXUDO VDERWDQGR D FDSDFLGDGH GR ORER SUpIURQWDO GH PDQWHU D PHPyULD IXQFLRQDO e SRU LVVR TXH TXDQGR HVWDPRV HPRFLRQDOPHQWH 3HUWXUEDGRV GL]HPRV 6LPSOHVPHQWH QmR FRQVLJR SHQVDU GLUHLWR H SRUTXH D FRQWtQXD SHUWXUEDomR HPRFLRQDO FULD GHILFLrQFLDV QDV DSWLG}HV LQWHOHFWXDLV GD FULDQoD PXWLODQGR D FDSDFLGDGH GH DSUHQGHU (VVDV GHILFLrQFLDV TXDQGR PDLV VXWLV QHP VHPSUH DSDUHFHP HP WHVWHV GH 4, HPERUD VH UHYHOHP HP DYDOLDo}HV QHXURSVLFROyJLFDV PDLV GLULJLGDV EHP FRPR QD FRQWtQXD DJLWDomR H LPSXOVLYLGDGH GD FULDQoD 1XP HVWXGR SRU H[HPSOR GHVFREULXVH FRP HVVHV WHVWHV TXH PHQLQRV GH HVFROD SULPiULD FRP FRQWDJHQV GH 4, DFLPD GD PpGLD PDV GH IUDFR UHQGLPHQWR HVFRODU WLQKDP XPD GHILFLrQFLD QR IXQFLRQDPHQWR GR FyUWH[ IURQWDO 7DPEpP HUDP LPSXOVLYRV H DQVLRVRV PXLWDV YH]HV SHUWXUEDGRUHV H GDGRV D PHWHUVH HP DSXURV VXJHULQGR XP IDOKR FRQWUROH SUpIURQWDO VREUH RV LPSXOVRV OtPELFRV $SHVDU GH VHX SRWHQFLDO LQWHOHFFWXDO VmR HVVDV FULDQoDV TXH FRUUHP PDLRUHV ULVFRV GH SUREOHPDV FRPR IUDFDVVR DFDGrPLFR DOFRROLVPR H FULPLQDOLGDGH QmR SRU GHILFLrQFLD LQWHOHFWXDO PDV SRUTXH R FRQWUROH TXH WrP VREUH VXD YLGD HPRFLRQDO p LQVXILFLHQWH 2 FpUHEUR HPRFLRQDO EDVWDQWH GLVWLQWR GDV UHJL}HV FRUWLFDLV UHYHODGDV SHORV WHVWHV GH 4, FRQWUROD LJXDOPHQWH LUD H SLHGDGH (VVHV FLUFXLWRV HPRFLRQDLV VmR HVFXOSLGRV SHOD H[SHULrQFLD GXUDQWH WRGD D LQIkQFLD H GHL[DPRV HVVD H[SHULrQFLDV DEVROXWDPHQWH DR DFDVR SDUD QRVVR ULVFR 3HQVHP WDPEpP QR SDSHO GDV HPRo}HV PHVPR QD PDLV UDFLRQDO WRPDGD GH GHFLVmR 1XP WUDEDOKR FRP LPSOLFDo}HV GH ORQJR DOFDQFH SDUD D FRPSUHHQVmR GD YLGD PHQWDO R 'U $QWRQLR 'DPDVLR QHXURORJLVWD GD )DFXOGDGH GH 0HGLFLQD GD 8QLYHUVLGDGH GH ,RZD IH] PHWLFXORVRV HVWXGRV VREUH R TXH H[DWDPHQWH HVWi FRPSURPHWLGR QRV SDFLHQWHV FRP GDQRV QR FLUFXLWR SUpIURQWDODPtJGDOD SURFHVVR GHFLVyULR GHOHV p PXLWtVVLPR IDOKR H QR HQWDQWR QmR UHYHODP DEVROXWDPHQWH QHQKXPD GHWHULRUDomR QR 4O RX HP TXDOTXHU FDSDFLGDGH FRJQLWLYD $SHVDU GD LQWHOLJrQFLD LQWDWD ID]HP HVFROKDV GHVDVWUYVDV QRV QHJyFLRV H QDV YLGDV SHVVRDLV H SRGHP PHVPR HQWUDU HP LQWHUPLQiYHO REVHVVmR VREUH XPD GHFLVmR WmR VLPSOHV FRPR TXDQGR PDUFDU XP HQFRQWUR 2 'U 'DPDVLR GL] TXH DV GHFLV}HV VmR WmR PDOIHLWDV SRUTXH HOHV SHUGHUDP DFHVVR D VHX DSUHQGL]DGR HPRFLRQDO RPR SRQWR GH HQFRQWUR HQWUH SHQVDPHQWR H HPRomR R FLUFXLWR SUpIURQWDODPtJGDOD p XPD HQWUDGD FUXFLDO SDUD R UHSRVLWyULR ULR GH SUHIHUrQFLDV H DYHUV}HV TXH DGTXLULPRV DR ORQJR GH XPD H[LVWrQFLD 'HVOLJDGR JDGR GD PHPyULD HPRFLRQDO QD DPtJGDOD TXDOTXHU FRLVD TXH R QHRFyUWH[ PHGLWH QmR PDLV GLVSDUD DV
UHDo}HV HPRFLRQDLV D HOD DVVRFLDGDV QR SDVVDGR WXGR DVVXPH XPD QHXWUDOLGDGH FLQ]HQWD 8P HVWtPXOR VHMD XP ELFKLQKR GH HVWLPDomR SUHIHULGR RX XP FRQKHFLGR GHWHVWDGR QmR GHVSHUWD PDLV DWUDomR QHP DYHUVmR HVVHV SDFLHQWHV HVTXHFHUDP WRGDV HVVDV OLo}HV HPRFLRQDLV SRUTXH QmR WrP PDLV DFHVVR DR OXJDU RQGH HODV HVWmR DUPD]HQDGDV QD DPtJGDOD ,QGLFDo}HV FRPR HVVD OHYDP R 'U 'DPDVLR j SRVLomR DQWLLQWXLWLYD GH TXH RV VHQWLPHQWRV VmR WLSLFDPHQWH LQGLVSHQViYHLV QDV GHFLV}HV UDFLRQDLV S}HPQRV QD GLUHomR FHUWD RQGH D OyJLFD IULD SRGH HQWmR VHU GH PHOKRU XVR (QTXDQWR R PXQGR PXLWDV YH]HV QRV S}H GLDQWH GH XPD JDPD GLItFLO GH RSo}HV RPR LQYHVWLU D SRXSDQoD GD DSRVHQWDGRULD RP TXHP VH FDVDU
R DSUHQGL]DGR HPRFLRQDO TXH D YLGD QRV GHX FRPR D OHPEUDQoD GH XP GHVDVWURVR LQYHVWLPHQWR RX XPD VHSDUDomR GRORURVD
QRV HQYLD VLQDLV TXH IDFLOLWDP D GHFLVmR HOLPLQDQGR DOJXPDV RSo}HV H GHVWDFDQGR RXWUDV QR LQtFLR $VVLP GL] R 'U 'DPDVLR R FpUHEUR HPRFLRQDO HVWi WmR HQYROYLGR QR UDFLRFtQLR TXDQWR R FpUHEUR SHQVDQWH $V HPRo}HV SRUWDQWR FRQWDP SDUD D UDFLRQDOLGDGH 1D GDQoD GH VHQWLPHQWR H SHQVDPHQWR D IDFXOGDGH HPRFLRQDO JXLD QRVVDV GHFLV}HV D FDGD PRPHQWR WUDEDOKDQGR GH PmRV GDGDV FRP D PHQWH UDFLRQDO H FDSDFLWDQGR RX LQFDSDFLWDQGR R SUySULR SHQVDPHQWR 'R PHVPR PRGR R FpUHEUR SHQVDQWH GHVHPSHQKD XPD IXQomR H[HFXWLYD HP QRVVDV HPRo}HV D QmR VHU QDTXHOHV PRPHQWRV HP TXH DV HPRo}HV HVFDSDP DR FRQWUROH H R FpUHEUR HPRFLRQDO FRUUH VROWR 1XP FHUWR VHQWLGR WHPRV GRLV FpUHEURV GXDV PHQWHV H GRLV WLSRV GLIHUHQWHV GH LQWHOLJrQFLD UDFLRQDO H HPRFLRQDO 1RVVR GHVHPSHQKR QD YLGD p GHWHUPLQDGR SHODV GXDV QmR p DSHQDV R 4O PDV D LQWHOLJrQFLD HPRFLRQDO TXH FRQWD 1D YHUGDGH R LQWHOHFWR QmR SRGH GDU R PHOKRU GH VL VHP D LQWHOLJrQFLD HPRFLRQDO (P JHUDO D FRPSOHPHQWDULGDGH GH VLVWHPD OtPELFR H QHRFyUWH[ DPtJGDOD H ORERV SUp IURQWDLV VLJQLILFD TXH FDGD XP p XP SDUFHLUR LQWHJUDO QD YLGD PHQWDO 4XDQGR HVVHV SDUFHLURV LQWHUDJHP EHP D LQWHOLJrQFLD HPRFLRQDO DXPHQWD H WDPEpP D FDSDFLGDGH LQWHOHFWXDO ,VVR VXEYHUWH D YHOKD FRPSUHHQVmR GD WHQVmR HQWUH UD]mR H VHQWLPHQWR QmR p TXH TXHLUDPRV HOLPLQDU D HPRomR H S{U D UD]mR HP VHX OXJDU FRPR TXHULD (UDVPR PDV DR FRQWUiULR HQFRQWUDU R HTXLOtEULR LQWHOLJHQWH GDV GXDV 2 YHOKR SDUDGLJPD GHIHQGLD XP LGHDO GH UD]mR OLYUH GR SHVR GD HPRomR 2 QRYR QRV H[RUWD D KDUPRQL]DU FDEHoD H FRUDomR )D]HU LVVR EHP HP QRVVDV YLGDV LPSOLFD TXH SUHFLVDPRV SULPHLUR HQWHQGHU FRP PDLV H[DWLGmR R TXH VLJQLILFD XVDU LQWHOLJHQWHPHQWH D HPRomR 3$57( '2,6 $ 1$785(=$ '$ ,17(/,*Ç1,$ (02,21$/ 48$1'2 6(5 (63(572 e 6(5 %8552 ([DWDPHQWH SRU TXH 'DYLG 3RORJUXWR XP SURIHVVRU GH ItVLFD QR JLQiVLR IRL IHULGR GR FRP XPD IDFD GH FR]LQKD SRU XP GH VHXV PHOKRUHV DOXQRV DLQGD p GLVFXWtYHO 0DV RV IDWRV DPSODPHQWH QRWLFLDGRV VmR RV VHJXLQWHV -DVRQ + XP VHJXQGDQLVWD TXH Vy WLUDYD $ QXP JLQiVLR GH RUDO 6SULQJV )OyULGD HVWDYD REFHFDGR FRP D LGpLD GH HQWUDU QD IDFXOGDGH GH PHGLFLQD 1mR QXPD IDFXOGDGH GH PHGLFLQD TXDOTXHU VRQKDYD FRP +DUYDUG 0DV 3RORJUXWR VHX SURIHVVRU GH ItVLFD GHXOKH XPD QRWD QXPD SURYD $FKDQGR TXH D QRWD XP % VLPSOHV SXQKD HP ULVFR R VHX VRQKR -DVRQ OHYRX XPD IDFD GH DoRXJXHLUR SDUD D HVFROD H QXPD GLVFXVVmR FRP
3RORJUXWR QR ODERUDWyULR GH ItVLFD HVIDTXHRXR QD FODYtFXOD DQWHV GH VHU GRPLQDGR QXPD OXWD 8P MXL] GHGDURX -DVRQ LQRFHQWH WHPSRUDULDPHQWH LQVDQR GXUDQWH R LQFLGHQWH XP FRQVHOKR GH TXDWUR SVLFyORJRV H SVLTXLDWUDV MXURX TXH HOH HVWDYD SVLFyWLFR GXUDQWH D EULJD -DVRQ DOHJRX TXH SHQVDUD HP VXLFtGLR SRU FDXVD GD QRWD QD SURYD H SURFXUDUD 3RORJUXWR SDUD ,KH GL]HU TXH LD VH PDWDU SRU FDXVD GD QRWD UXLP 3RORJUXWR FRQWRX XPD KLVWyULD GLIHUHQWH $FKR TXH HOH WHQWRX PH PDWDU PHVPR FRP D IDFD SRLV HVWDYD IXULRVR FRP D QRWD UXLP $SyV WUDQVIHULUVH SDUD XPD HVFROD SDUWLFXODU -DVRQ IRUPRXVH GRLV DQRV GHSRLV QXP GRV SULPHLURV OXJDUHV GD WXUPD 8PD DSURYDomR SHUIHLWD QRV FXUVRV UHJXODUHV ,KH WHULD GDGR XP $ FRP PpGLD PDV HOH IL]HUD PXLWRV FXUVRV DYDQoDGRV SDUD HOHYDU VXD PpGLD D PXLWR DFLPD GR $ (PERUD -DVRQ VH KRXYHVVH IRUPDGR FRP R PDLV DOWR ORXYRU VHX DQWLJR SURIHVVRU GH ItVLFD 'DYLG 3RORJUXWR TXHL[DYDVH GH TXH HOH MDPDLV ,KH SHGLUD GHVFXOSDV QHP DVVXPLUD UHVSRQVDELOLGDGH SHOR DWDTXH $ TXHVWmR p FRPR DOJXpP FRP XPD LQWHOLJrQFLD WmR yEYLD ID] XPD FRLVD WmR LUUDHLRQDO WmR EXUUD PHVPR 5HVSRVWD D LQWHOLJrQFLD DFDGrPLFD SRXFR WHP D YHU FRP D YLGD HPRFLRQDO 2V PDLV EULOKDQWHV HQWUH QyV SRGHP DIXQGDU QRV UHFLIHV GH SDL[}HV GHVHQIUHDGDV H LPSXOVRV GHVJRYHUQDGRV SHVVRDV FRP DOWRV QtYHLV GH 4O VmR jV YH]HV SLORWRV LQFRPSHWHQWHV GH VXDV YLGDV SDUWLFXODUHV 8P GRV VHJUHGRV GH 3ROLFKLQHOR GD SVLFRORJLD p D UHODWLYD LQFDSDFLGDGH GDV QRWDV PHGLo}HV GH 4O RX FRQWDJHQV GR 6$7 DSHVDU GH VXD PtVWLFD SRSXODU SUHGL]HUHP FRP FHUWH]D TXHP VHUi EHPVXFHGLGR QD YLGD ODUR Ki XPD UHODomR HQWUH R 4O H DV FLUFXQVWkQFLDV GH YLGD SDUD JUDQGHV JUXSRV FRPR XP WRGR PXLWDV SHVVRDV FRP tQGLFHV GH 4O PXLWR EDL[RV DFDEDP HP HPSUHJRV VHUYLV H DV GH DOWRV tQGLFHV WHQGHP D VH WRUQDU EHP SDJDV PDV GH QHQKXP PRGR VHPSUH +i LQ~PHUDV H[FHo}HV j UHJUD GH TXH R 4O SUHYr R VXFHVVR WDQWDV RX PDLV
H[FHo}HV TXDQWR RV FDVRV TXH VH HQFDL[DP QD UHJUD 1D PHOKRU GDV KLSyWHVHV R 4, FRQWULEXL FRP FHUFD GH SRU FHQWR SDUD RV IDWRUHV TXH GHWHUPLQDP R VXFHVVR QD YLGD R TXH GHL[D SRU FHQWR D RXWUDV IRUoDV RPR GL] XP REVHUYGRU $ YDVWD PDLRU SDUWH GD SRVLomR ILQDO GH DOJXpP QD VRFLHGDGH p GHWHUPLQDGD SRU IDWRUHV QmR UHODFLRQDGRV FRP R 4O H TXH YDULDP GH FODVVH VRFLDO D VRUWH 0HVPR 5LFKDUG +HUUQVWHLQ H KDUOHV 0XUUD FXMR OLYUR 7EH %HOO XUYH $ XUYD GR 6LQR@ DWULEXL LUQSRUWkQFLD EiVLFD DR 4O UHFRQKHFHP LVVR FRPR REVHUYDP 7DOYH] XP FDORXUR FRP XPD FRQWDJHP 6$7 WRWDO GH SRQWRV HP PDWHPiWLFD IL]HVVH PHOKRU QmR SHQVDQGR HP VHU PDWHPiWLFR PDV VH HP YH] GLVVR TXHU WHU VHX SU}SULR QHJyFLR WRUQDUVH VHQDGRU GRV (VWDGRV 8QLGRV RX JDQKDU XP PLOKmR GH GyOUHV QmR SRGH DEDQGRQDU HVVHV VRQKRV $ OLJDomR HQWUH HVVDV FRQWDJHQV GH SRQWRV H DTXHODV UHDOL]Do}HV p UHGX]LGD SHOD WRWDOLGDGH GH RXWUDV FDUDFWHUtVWLFDV TXH HOH WUD] SDUD D YLGD 0LQKD SUHRFXSDomR p FRP XP FRQMXQWR IXQGDPHQWDO GHVVDV RXWUDV FDUDFWHUtVWLFDV D LQWHOLJrQFLD HPRFLRQDO WDOHQWRV FRPR D FDSDFLGDGH GH PRWLYDUVH H SHUVLVWLU GLDQWH GH IUXVWUDo}HV FRQWURODU LPSXOVRV H DGLDU D VDWLVIDomR UHJX ODU SUySULR HVWDGR GH HVStULWR H LPSHGLU TXH D DIOLomR LQYDGD D FDSDFLGDGH GH SHQVDU FULDU HQSDWLD H HVSHUDU $R FRQWUiULR GR 4O FRP VHXV TXDVH FHP DQRV GH KLVWyULD KLVWyULD GH SHVTXLVD FRP PLOKDUHV GH SHVVRDV D LQWHOLJrQFLD HPRFLRQDO p XP FRQFHLWR FHLWR QRYR 1LQJXpP SRGH DLQGD GL]HU H[DWDPHQWH DWp RQGH UHVSRQGH SHOD YDULDomR GH SHVVRD SDUD SHVVRD QR FXUVR GD YLGD 0DV RV GDGRV TXH H[LVWHP VXJHUHP TXH HOD SRGH VHU WmR SRGHURVD H jV YH]HV PDLV TXDQWR R 4O ( HPERUD KDMD TXHP DUJXPHQWH TXH QmR VH SRGH PXGDU PXLWR R 4O FRP D
H[SHULrQFLD RX HGXFDomR PRVWUDUHL QD 3DUWH LQFR TXH DV DSWLG}HV HPRFLRQDLV GHFLVLYDV QD YHUGDGH SRGHP VHU DSUHQGLGDV H PHOKRUDGDV QDV FULDQoDV H QRV GHUPRV DR WUDEDOKR GH HQVLQiODV ,17(/,*Ç1,$ (02,21$/ ( '(67,12 /HPEURPH GR FDPDUDGD HP PLQKD WXUPD QD 8QLYHUVLGDGH GH $PKHUVW TXH DOFDQoDUD FLQFR SHUIHLWRV QR 6$7 H HP RXWURV WHVWHV TXH IL]HUD DQWHV GH HQWUDU$SHVDU GH VXDV IRUPLGiYHLV DSWLG}HV LQWHOHFWXDLV HOH SDVVDYD D PDLRU SDUWH GR WHPSR VHP ID]HU QDGD ILFDQGR DFRUGDGR DWp WDUGH H IDOWDQGR jV DXODV SRU GRUPLU DWp PHLRGLD /HYRX TXDVH GH] DQRV SDUD REWHU DILQDO VHX GLSORPD 2 4O SRXFR RIHUHFH SDUD H[SOLFDU RV GLIHUHQWHV GHVWLQRV GH SHVVRDV FRP PDLV RX PHQRV LJXDLV SURPHVVDV HVFRODULGDGH H RSRUWXQLGDGH 4XDQGR VH DFRPSDQKDUDP XQLYHUVLWiULRV GH +DUYDUG GDV FODVVHV GD GpFDGD GH pSRFD HP TXH PDLV SHVVRDV FRP PDLRU tQGLFH GH 4O HVWXGDYDP QDV IDFXOGDGHV GH HOLWH GR TXH DFRQWHFH KRMH DWp D PHLDLGDGH RV KRPHQV FRP DV PHOKRUHV QRWDV QDV SURYDV QmR VH PRVWUDUDP SDUWLFXODUPHQWH EHPVXFHGLGRV HP FRPSDUDomR FRP RV FROHJDV GH QRWDV PHQRUHV HP WHUPRV GH VDOiULR SURGXWLYLGDGH RX VWDWXV HP VHX FDPSR 1HP WLQKDP PDLRU VDWLVIDomR QD YLGD H WDPSRXFR HUDP PDLV IHOL]HV QDV DPL]DGHV IDPtOLD H UHODFLRQDPHQWRV DPRURVRV $FRPSDQKDPHQWR VHPHOKDQWH DWp D PHLDLGDGH IRL IHLWR FRP JDURWRV D PDLRULD ILOKRV GH LPLJUDQWHV GRLV WHUoRV YLQGRV GH IDPtOLDV TXH YLYLDP GD SUHYLGrQFLD VRFLDO FULDGRV HP 6RPHUYLOOH 0DVVDFKXVHWWV QD pSRFD XP FRUWLoR SHVWLOHQWR D DOJXQV TXDUWHLU}HV GH +DUYDUG 8P WHUoR GHOHV WLQKD 4O DEDL[R GH 3RUpP PDLV XPD YH] R 4O SRXFD UHODomR WHYH FRP R JUDX GH VXFHVVR TXH FRQVHJXLUDP QR WUDEDOKR RX QR UHVWR GH VXDV YLGDV SRU H[HPSOR SRU FHQWR GRV KRPHQV FRP 4OV LQIHULRUHV D ILFDUDP GHVHPSUHJDGRV GXUDQWH GH] RX PDLV DQRV PDV WDPEpP ILFDUDP SRU FHQWR GDTXHOHV FRP 4O DFLPD GH ODUR KDYLD XPD OLJDomR JHUDO FRPR VHPSUH Ki
HQWUH 4O H QtYHO VRFLRHFRQ{PLFR DRV TXDUHQWD H VHWH DQRV 0DV DSWLG}HV GH LQIkQFLD FRPR FDSDFLGDGH GH OLGDU FRP IUXVWUDo}HV FRQWURODU HPRo}HV H UHODFLRQDUVH FRP RXWUDV SHVVRDV FRQWDYDP PDLV 9HMDP WDPEpP GDGRV GH XP HVWXGR HP DQGDPHQWR FRP RLWHQWD H XP RUDGRUHV GH WXUPDV GH HP HVFRODV GH VHJXQGR JUDX GH ,OLQRLV 7RGRV FODUR WLQKDP DV PDLV DOWDV PpGLDV GH QRWDV HP VHXV JLQiVLRV 0DV HPERUD FRQWLQXDVVHP D VH VDLU EHP QD IDFXOGDGH FRP H[FHOHQWHV QRWDV DR EHLUDUHP RV WULQWD DQRV KDYLDP DOFDQoDGR DSHQDV QtYHLV PHGLDQRV GH VXFHVVR 'H] DQRV DSyV D IRUPDWXUD GR JLQiVLR Vy XP HP TXDWUR VH DFKDYD HP QtYHO PDLV DOWR HQWUH RV MRYHQV GH LGDGH FRPSDUiYHO QD SURILVVmR TXH KDYLDP HVFROKLGR H PXLWRV WLQKDPVH GDGR EHP SLRU .DUHQ $UQROG SURIHVVRUD GH HGXFDomR QD 8QLYHUVLGDGH GH %RVWRQ XPD GDV SHVTXLVDGRUDV TXH DFRPSDQKDP RV RUDGRUHV H[SOLFD $FKR TXH GHVFREULPRV DV SHVVRDV FHUWLQKDV DV TXH VDEHP FRPR YHQFHU QR VLVWHPD 0DV RV RUDGRUHV GH WXUPD FODUR WrP GH OXWDU WDQWR TXDQWR WRGRV QyV 6DEHU TXH XPD SHVVRD p XP RUDGRU GH WXUPD p VDEHU DSHQDV TXH HOD p PXLWtVVLPR ERD QR UHQGLPHQWR DYDOLDGR SRU QRWDV 1DGD QRV GL] GH FRPR HOD UHDJH jV YLFLVVLWXGHV GD YLGD ( HVVH p R SUREOHPD D LQWHOLJrQFLD DFDGrPLFD QmR RIHUHFH SUDWLFDPHQWH QHQKXP SUHSDUR SDUD R WRUYHOLQKR RX RSRUWXQLGDGH TXH WUD]HP DV YLFLVVLWXGHV GH YLGD $SHVDU GH XP DOWR 4O QmR VHU QHQKXPD JDUDQWLD GH SURVSHULGDGH SUHVWtJLR RX IHOLFLGDGH QD YLGD QRVVDV HVFRODV H FXOWXUD FRQFHQWUDPVH QD FDSDFLGDGH DFDGrPLFD LJQRUDQGR D LQWHOLJrQFLD HPRFLRQDO XP FRQMXQWR GH WUDoRV DOJXQV FKDPDULDP GH FDUiWHU TXH WDPEpP WHP LPHQVD
LPSRUWkQFLD SDUD QRVVR GHVWLQR SHVVRDO $ YLGD HPRFLRQDO p XP FDPSR FRP R TXDO VH SRGH OLGDU FHUWDPHQWH FRPR PDWHPiWLFD RX OHLWXUD FRP PDLRU RX PHQRU WDOHQWR H H[LJH VHX FRQMXQWR H[FOXVLYR GH DSWLG}HV ( D PHGLGD GHVVDV QXPD SHVVRD p GHFLVLYD SDUD D FRPSUHHQVmR GR SRUTXr XPD SURVSHUD QD YLGD HQTXDQWR RXWUD GH LJXDO LQWHOHFWR HQWUD QXP EHFR VHP VDtGD D DSWLGmR HPRFLRQDO p XPD PHWDFDSDFLGDGH GHWHUPLQDQGR DWp RQGH SRGHPRV XVDU EHP TXDLVTXHU RXWUDV DSWLG}HV TXH WHQKDPRV LQFOXLQGR R LQWHOHFWR EUXWR ODUR Ki PXLWRV FDPLQKRV SDUD R VXFHVVR QD YLGD H PXLWRV FDPSRV HP TXH RXWUDV DSWLG}HV VmR UHFRPSHQVDGDV (P QRVVD VRFLHGDGH FDGD YH] PDLV EDVHDGD QR FRQKHFLPHQWR D DSWLGmR WpFQLFD p VHP G~YLGD XPD GHODV +i XPD SLDGD LQIDQWLO RPR VH FKDPD XP FKDWR GDTXL D TXLQ]H DQRV 5HVSRVWD KHIH 0DV PHVPR HQWUH RV FKDWRV D LQWHOLJrQFLD HPRFLRQDO RIHUHFH XPD YDQWDJHP H[WUD QR ORFDO GH WUDEDOKR FRPR YHUHPRV QD 3DUWH 7UrV 0XLWRV LQGtFLRV DWHVWDP TXH DV SHVVRDV HPRFLRQDOPHQWH FRPSHWHQWHV TXH FRQKHFHP H OLGDP EHP FRP RV SUySULRV VHQWLPHQWRV H OrHP H FRQVLGHUDP RV VHQWLPHQWRV GDV RXWUDV OHYDP YDQWDJHP HP TXDOTXHU FDPSR GD YLGD VHMD QDV UHODo}HV DPRURVDV H tQWLPDV VHMD DVVLPLODQGR DV UHJUDV WiFLWDV TXH JRYHPDP R VXFHVVR QD SROtWLFD RUJDQL]DFLRQDO $V SHVVRDV FRP SUiWLFD HPRFLRQDO EHP GHVHQYROYLGD WrP PDLV SUREDELOLGDGH GH VHQWLUHPVH VDWLVIHLWDV H VHUHP HILFLHQWHV HP VXDV YLGDV GRPLQDQGR RV KiELWRV PHQWDLV TXH IRPHQWDP VXD SURGXWLYLGDGH DV TXH QmR FRQVHJXHP H[HUFHU DOJXP FRQWUROH VREUH D YLGD HPRFLRQDO WUDYDP EDWDOKDV LQWHUQDV TXH VDERWDP VXD FDSDFLGDGH GH VH FRQFHQWUDU QR WUDEDOKR H SHQVDU FRP FODUH]D 80 7,32 ',)(5(17( '( ,17(/,*Ç1,$ 3DUD R REVHUYDGRU FDVXDO -XG GH TXDWUR DQRV SDUHFHULD GHVORFDGD HQWUH RV FROHJXLQKDV PDLV JUHJiULRV 5HWUDLVH QD KRUD GDV EULQFDGHLUDV ILFDQGR PDLV j PDUJHP GRV MRJRV GR TXH PHUJXOKDQGR QR FHQWUR 0DV -XG p QD YHUGDGH XPD SHUVSLFD] REVHUYDGRUD GD SROtWLFD VRFLDO GH VXD WXPPD QR SUpSULPiULR WDOYH] D PDLV VRILVWLFDGD GRV PHQLQRV HP VHXV GLVFHUQLPHQWRV GRV YDLYpQV GRV VHQWLPHQWRV LQWHUQRV GRV RXWURV (VVD VRILVWLFDomR Vy VH WRUQD YLVtYHO TXDQGR VXD SURIHVVRUD UH~QH DV FULDQoDV GH TXDWUR DQRV HP YROWD GH VL SDUD EULQFDU GR TXH FKDPDP GH -RJR GD 6DOD GH $XOD (VVD EULQFDGHLUD XPD UpSOLFD LQIDQWLO GD SUySULD VDOD GR SUpSULPiULR GH -XG FRODQGR ILJXUDV TXH WrP FRPR FDEHoDV SHTXHQDV IRWRV GRV DOXQRV H SURIHVVRUHV p XP WHVWH GH SHUFHSomR VRFLDO 4XDQGR D SURIHVVRUD GH -XG ,KH SHGH TXH SRQKD FDGD PHQLQD H PHQLQR QD SDUWH GD VDOD RQGH PDLV JRVWDP GH EULQFDU R FDQWLQKR GD DUWH R GH PRQWDU EORFRV H DVVLP SRU GLDQWH HOD R ID] FRP WRWDO SUHFLVmR ( TXDQGR ,KH SHGHP TXH SRQKD FDGD PHQLQD H PHQLQR FRP DV FULDQoDV FRP TXH PDLV JRVWDP GH EULQFDU HOD PRVWUD TXH VDEH FRPELQDU RV PHOKRUHV DPLJRV GH WRGD D FODVVH $ SUHFLVmR GH -XG UHYHOD TXH HOD WHP XP SHUIHLWR PDSD VRFLDO GH VXD WXUPD XP QtYHO GH SHUFHSomR H[FHSFLRQDO SDUD XPD FULDQoD GH TXDWUR DQRV (VVDV VmR DSWLG}HV TXH QD YLGD SRVWHULRU SRGHP SHUPLWLU D -XG GHVDEURFKDU QXPD HVWUHOD HP TXDOTXHU GRV FDPSRV RQGH DV DSWLG}HV SHVVRDLV FRQWpP GHVGH YHQGDV H DGPLQLVWUDomR DWp GLSORPDFLD 4XH R EULOKR VRFLDO GH -XG WHQKD VLGR LGHQWLILFDGR DLQGD WmR FHGR GHYHXVH DR IDWR GH HOD VHU DOXQD GD 3Up(VFROD (OLRW3HDUVRQ QR FDPSXV GD 8QLYHUVLGDGH 7XIWV RQGH R 3URMHWR 6SHFWUXP XP FXUUtFXOR TXH LQWHQFLRQDOPHQWH FXOWLYD Yi ULRV WLSRV GH LQWHOLJrQFLD HUD HQWmR GHVHQYROYLGR 2 3URMHWR 6SHFWUXP UHFRQKH FH R UHSHUWyULR KXPDQR GH DSGG}HV YDL PXLWR DOpP GD HVWUHLWD IDL[D GH DSWLG}HV FRP SDODYUDV H Q~PHURV HP TXH VH FRQFHQWUDP DV HVFRODV WUDGLFLRQDLV 5HFRQKHFH TXH DSWLG}HV FRPR D SHUFHSomR VRFLDO GH
-XG VmR WDOHQWRV TXH XPD HGXFDomR GHYH PDLV DOLPHQWDU TXH LJQRUDU RX PHVPR IUXVWUDU (QFRUDMDQGR DV FULDQoDV D GHVHQYROYHUHP XPD FRPSOHWD JDPD GDV DSGG}HV D TXH QD YHUGDGH UHFRUUHUmR SDUD R VXFHVVR RX XVDUmR DSHQDV SDUD VH UHDOL]DU QR TXH ID]HP D HVFROD VH WRUQD XPD HGXFDomR HP DSWLG}HV SDUD D YLGD 2 RULHQWDGRU YLVLRQiULR SRU WUiV GR 3URMHWR 6SHFWUXP p +RZDUG *DUGQHU SVLFyORJR GD (VFROD GH (GXFDomR GH +DUYDUG KHJRX D KRUD HOH PH GLVVH GH DPSOLDU QRVVD LGpLD GR HVSHFWUR GH WDOHQWRV $ PDLRU FRQWULEXLomR LVRODGD TXH D HGXFDomR SRGH GDU DR GHVHQYROYLPHQWR GH XPD FULDQoD p DMXGiOD D HQFDPLQKDUVH SDUD XP FDPSR RQGH VHXV WDOHQWRV VH DGDSWHP PHOKRU RQGH HOD VHUi IHOL] H FRPSHWHQWH 3HUGHPRV LVVR LQWHLUDPHQWH GH YLVWD (P YH] GLVVR VXMHLWDPRV WRGRV D XPD HGXFDomR HP TXH VH YRFr IRU EHPVXFHGLGR HVWDUi PDLV EHP FDSDFLWDGR SDUD VHU SURIHVVRU XQLYHUVLWiULR ( DYDOLDPRV WRGRV DR ORQJR GR SHUFXUVR VHJXQGR VDWLVID]HP RX QmR HVVH HVWUHLWR SDGUmR GH VXFHVVR 'HYtDPRV JDVWDU PHQRV WHPSR FODVVLILFDQGR FULDQoDV H PDLV WHPSR DMXGDQGRDV D LGHQWLILFDU VXDV DSWLG}HV H GRQV QDWXUDLV H D FXOWLYiORV +i FHQWHQDV H FHQWHQDV GH PDQHLUDV GH VHU EHPVXFHGLGR H PXLWDV PXLWDV DSWLG}HV GLIHUHQWHV TXH DV DMXGDUmR D FKHJDU Oi 6H DOJXpP Yr DV OLPLWDo}HV GDV YHOKDV IRUPDV GH SHQVDU VREUH D LQWHOLJrQFLD p *DUGQHU (OH REVHUYD TXH RV GLDV GH JOyULD GRV WHVWHV GH 4O FRPHoDUDP GXUDQWH D 3ULPHLUD *XHUUD 0XQGLDO TXDQGR GRLV PLOK}HV GH DPHULFDQRV IRUDP FODVVLILFDGRV SRU PHLR GR SULPHLUR IRUPXOiULR HP PDVVD GR WHVWH GH 4, UHFpPFULDGR SRU /HZLV 7HUPDQ XP SVLFyORJR GH 6WDQIRUG ,VVR OHYRX D GpFDGDV GR TXH *DUGQHU FKDUQD GH PRGR GH SHQVDU GR 4, 3HQVDU TXH DV SHVVRDV VmR LQWHOLJHQWHV RX QmR TXH QDVFHUDP DVVLP TXH QmR VH SRGH ID]HU PXLWD FRLVD D UHVSHLWR H TXH RV WHVWHV SRGHP GL]HU VH D JHQWH p XP GRV LQWHOLJHQWHV RX QmR 2 WHVWH 6$7 SDUD DGPLVVmR HP XQLYHUVLGDGHV EDVHLDVH QD PHVPD LGpLD GH XPD ~QLFD DSWLGmR TXH GHWHUPLQD QRVVR IXWXUR (VVH PRGR GH SHQVDU LPSUHJQD D VRFLHGDGH 2 LQIOXHQWH OLYUR GH *DUGQHU )UDPHV RI 0tQG (VWDGRV GH (VStULWR@ GH IRL XP PDQLIHVWR FRQWHVWDQGR D YLVmR GR 4, SURSXQKD TXH QmR KDYLD XP WLSR ~QLFR PRQROtWLFR GH LQWHOLJrQFLD GHFLVLYD SDUD R VXFHVVR QD YLGD PDV DQWHV XP DPSOR HVSHFWUR GH LQWHOLJrQFLDV FRP VHWH YDULHGDGHVFKDYH (P VXD OLVWD HQWUDP RV GRLV WLSRV GH LQWHOLJrQFLDV DFDGrPLFDV SDGUmR D YLYDFLGDGH YHUEDO H D D PDWHPiWLFROyJLFD PDV HOH YDL DGLDQWH H LQFOXL D DSGGmR HVSDFLDO TXH VH Yr GLJDPRV QXP GHVWDFDGR SLQWRU RX DUTXLWHWR R JrQLR FLQHVWpVLFR H[LELGR QD IOXLGH] H JUDoD ItVLFDV GH XPD 0DUWKD *UDKDP RX 0DJLF -RKQVRQ H RV GRQV PXVLFDLV GH XP 0R]DUW RX RR 0D $UUHPDWDQGR D OLVWD Ki GXDV IDFHV GR TXH *DUGQHU FKDPD GH LQWHOLJrQFLDV SHVVRDLV DSWLG}HV LQWHUSHVVRDLV FRPR DV GH XP JUDQGH WHUDSHXWD FRPR DUO 5RJHUV RX XP OtGHU GH QtYHO PXQGLDO FRPR 0DUWLQ /XWKHU .LQJ -U H D DSWLGmR LQWUDSVtTXLFD TXH SRGH VXUJLU GH XP ODGR QDV EULOKDQWHV LQWXLo}HV GH 6LJPXQG )UHXG RX FRP PHQRV EDUXOKR QD VDWLVIDomR LQWHULRU TXH YHP GD VLQWRQL]DomR GH QRVVD YLGD FRP QRVVRV YHUGDGHLURV VHQWLPHQWRV $ SDODYUD RSHUDFLRQDO QHVVD YLVmR GH LQWHOLJrQFLDV p P~OWLSOR R PRGHOR GH *DUGQHU YDL PXLWR DOpP GR FRQFHLWR SDGUmR GH 4, FRPR XP IDWRU ~QLFR H LPXWiYHO 5HFRQKHFH TXH RV WHVWHV TXH QRV WLUDQL]DUDP TXDQGR SDVVDPRV SHOD HVFROD GHVGH D UHDOL]DomR GDV SURYDV GH UHQGLPHQWR TXH QRV FODVVLILFDYDP HQWUH RV TXH VHULDP GHVYLDGRV SDUD DV HVFRODV WpFQLFDV H RV GHVWLQDGRV j XQLYHUVLGDGH DRV 6$7V TXH GHWHUPLQDYDP TXDO IDFXOGDGH VH IRVVH R FDVR SRGHUtDPRV IUHTHQWDU VH EDVHLDP QXPD QRomR OLPLWDGD GH LQWHOLJrQFLD XPD QRomR VHP OLJDomR FRP D YHUGDGHLUD JDPD GH WDOHQWRV H DSWLG}HV TXH FRQWDP SDUD D YLGD DFLPD H DOpP GR 4,
*DUGQHU UHFRQKHFH TXH VHWH p XP Q~PHUR DUELWUiULR SDUD D YDULHGDGH GH LQWHOLJrQFLDV QmR Ki QHQKXP Q~PHUR PiJLFR SDUD D PXOWLSOLFLGDGH GH WDOHQWRV KXPDQRV $ GHWHUPLQDGD DOWXUD HOH H VHXV FROHJDV KDYLDP HVWLFDGR HVVDV VHWH SDUD XPD OLVWD GH YLQWH DSWLG}HV GLIHUHQWHV $ ,QWHOLJrQFLD LQWHUSHVVRDO SRU H[HPSOR GHVGREURXVH HP TXDWUR DSWLG}HV GLVWLQWDV OLGHUDQoD D DSWLGmR GH PDQWHU UHODo}HV H FRQVHUYDU DPLJRV D GH UHVROYHU FRQIOLWRV H D GR WLSR GH DQiOLVH VRFLDO HP TXH -XG GH TXDWUR DQRV HUD H[FHOHQWH (VVD YLVmR PXOWLIDFHWDGD GD LQWHOLJrQFLD RIHUHFH XP TXDGUR PDLV ULFR GD FDSDFLGDGH H GR SRWHQFLDO GH XPD FULDQoD SDUD R VXFHVVR TXH R 4, SDGUmR 4XDQGR RV DOXQRV GD 6SHFWUXP IRUDP DYDOLDGRV SHOD (VFDOD GH ,QWHOLJrQFLD 6WDQIRUG %LQHW RXWURUD R SDGUmR RXUR GRV WHVWHV GH 4, H PDLV XPD YH] SRU XPD EDWHULD GHVWLQDGD D PHGLU R HVSHFWUR GH LQWHOLJrQFLDV GH *DUGQHU QmR KRXYH QHQKXPD UHODomR VLJQLILFDWLYD HQWUH DV FRQWDJHQV REWLGDV QRV GRLV WHVWHV $V FLQFR FRP 4OV PDLV DOWRV GH D
PRVWUDUDP XPD YDULHGDGH GH SHUILV QDV GH] IRUoDV PHGLGDV SHOR WHVWH 6SHFWUXP 3RU H[HPSOR GDV FLQFR FULDQoDV PDLV LQWHOLJHQWHV VHJXQGR RV WHVWHV GH 4, XPD HUD IRUWH HP WUrV iUHDV WUrV WLQKDP IRUoDV HP GXDV iUHDV H XPD FULDQoD LQWHOLJHQWH WLQKD DSHQDV XPD IRUoD 6SHFWUXP (VVDV IRUoDV HUDP HVSDOKDGDV TXDWUR GDV IRUoDV GHVVDV FULDQoDV HUDP HP P~VLFD GXDV HP DUWHV YLVXDLV XPD HP FRPSUHHQVmR VRFLDO XPD HP OyJLFD GXDV HP OLQJXDJHP 1HQKXPD GDV FLQFR FULDQoDV GH DOWR 4, HUD IRUWH HP PRYLPHQWR Q~PHURV RX PHFDQLFD PRYLPHQWR H Q~PHURV IRUDP QD YHUGDGH SRQWRV IUDFRV SDUD GXDV GDV FLQFR $ FRQFOXVmR GH *DUGQHU IRL TXH D (VFDOD GH ,QWHOLJrQFLD 6WDQIRUG%LQHW QmR SUHYLX GHVHPSHQKR EHPVXFHGLGR GH SRQWD D SRQWD RX QXP VXEFRQMXQWR FRQVLVWHQWH GH DWLYLGDGHV 6SHFWUXP 3RU RXWUR ODGR DV FRQWDJHQV 6SHFWUXP GmR DRV SDLV XPD GDUD RULHQWDomR VREUH RV FDPSRV QRV TXDLV HVVDV FULDQoDV WHUmR XP LQWHUHVVH HVSRQWkQHR H RQGH VH VDLUmR EHP R EDVWDQWH SDUD GHVHQYROYHU SDL[}HV TXH SRGHUmR XP GLD FRQGX]LODV DOpP GD HILFLrQFLD DWp D PDHVWULD 2 SHQVDPHQWR GH *DUGQHU VREUH D PXOWLSOLFLGDGH GD LQWHOLJrQFLD FRQWLQXD D HYROXLU 8QV GH] DQRV DSyV WHU SXEOLFDGR VXD WHRULD SHOD SULPHLUD YH] HOH IH] RV RV VHJXLQWHV VXPiULRV GDV LQWHOLJrQFLDV SHVVRDLV ,QWHOLJrQFLD LQSHVVRDO p D FDSDFLGDGH GH FRPSUHHQGHU RXWUDV SHVVRDV R TXH DV PRWLYD FRPR WUDEDOKDP FRPR WUDEDOKDU FRRSHUDWLYDPHQWH FRP HODV 3HVVRDO GH YHQGDV SROtWLFRV SURIHVVRUHV FOtQLFRV H OtGHUHV UHOLJLRVRV EHPVXFHGLGRV SURYDYHOYDYHOPHQWH VmR WRGRV LQGLYtGXRV FRP DOWRV JUDXV GH LQWHOLJrQFLD LQWHUSHVVRDO $ LQWHOLJrQFLD LQWUDSHVVRDO p XPD DSWLGmR FRUUHODWD YROWDGD SDUD GHQWUR e XPD FDSDFLGDGH GH IRUPDU XP PRGHOR SUHFLVR YHUtGLFR GH VL PHVPR H SRGHU XViOR OR SDUD DJLU HILFD]PHQWH QD YLGD (P RXWUD YHUVmR *DUGQHU REVHUYRX TXH R kPDJR GD LQWHOLJrQFLD LQWHUSHVVRDO LQFOXL D FDSDFLGDGH GH GLVFHUQLU H UHVSRQGHU DGHTXDGDPHQWH DRV HVWDGRV GH HVStULWR WHPSHUDPHQWRV PRWLYDo}HV H GHVHMRV GH RXWUDV SHVVRDV 1D LQWHOLJrQ FLD LQWUDSHVVRDO FKDYH GR DXWRFRQKHFLPHQWR HOH LQFOXLX DFHVVR D QRVVRV SUy SULRV VHQWLPHQWRV H D FDSDFLGDGH GH GLVFULPLQiORV H XViORV SDUD RULHQWDU R FRPSRUWDPHQWR 632. 96 '$7$ 48$'2 $ 3(5(3d­2 1­2 %$67$ $V WHRUL]Do}HV GH *DUGQHU FRQWrP XPD GLPHQVmR GD LQWHOLJrQFLD SHVVRDO TXH p DPSODPHQWH DSRQWDGD PDV SRXFR H[SORUDGD R SDSHO GDV HPRo}HV 7DOYH] LVVR VH Gr SRUTXH FRPR PH VXJHULX HOH SUySULR VHX WUDEDOKR p IRUWHPHQWH LQIRUPDGR SRU XP PRGHOR PHQWDO GH FLrQFLD FRJQLWLYD $VVLP VXD YLVmR GHVVDV LQWHOLJrQFLDV HQIDWL]D D SHUFHSomR D FRPSUHHQVmR GH VL H GH RXWURV QDV PRWLYDo}HV QRV KiELWRV GH WUDEDOKR H QR XVR GHVVD
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514

Empfohlen

Manual de yoga
Manual de yogaManual de yoga
Manual de yogaÁlvaro Rodrigues
 
Amante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.comAmante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.comRita De Cássia Costa
 
Apostila gestao do conhecimento
Apostila gestao do conhecimentoApostila gestao do conhecimento
Apostila gestao do conhecimentoclaudio guimaraes
 
Patologia das construções usp
Patologia das construções uspPatologia das construções usp
Patologia das construções uspjose humberto Bulhao
 
Gastronomia boas maneiras
Gastronomia boas maneirasGastronomia boas maneiras
Gastronomia boas maneirasaletriak
 
Cantos hora santa ocacional
Cantos hora santa ocacionalCantos hora santa ocacional
Cantos hora santa ocacionaltorrasko
 
H.P. Lovecraft - A Casa abandonada
H.P. Lovecraft - A Casa abandonadaH.P. Lovecraft - A Casa abandonada
H.P. Lovecraft - A Casa abandonadaTiago Inacio
 
A casa abandonada
A casa abandonadaA casa abandonada
A casa abandonadaMarco Antonio Oliveira
 

Empfohlen

Manual de yoga
Manual de yogaManual de yoga
Manual de yogaÁlvaro Rodrigues
 
Amante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.comAmante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.comRita De Cássia Costa
 
Apostila gestao do conhecimento
Apostila gestao do conhecimentoApostila gestao do conhecimento
Apostila gestao do conhecimentoclaudio guimaraes
 
Patologia das construções usp
Patologia das construções uspPatologia das construções usp
Patologia das construções uspjose humberto Bulhao
 
Gastronomia boas maneiras
Gastronomia boas maneirasGastronomia boas maneiras
Gastronomia boas maneirasaletriak
 
Cantos hora santa ocacional
Cantos hora santa ocacionalCantos hora santa ocacional
Cantos hora santa ocacionaltorrasko
 
H.P. Lovecraft - A Casa abandonada
H.P. Lovecraft - A Casa abandonadaH.P. Lovecraft - A Casa abandonada
H.P. Lovecraft - A Casa abandonadaTiago Inacio
 
A casa abandonada
A casa abandonadaA casa abandonada
A casa abandonadaMarco Antonio Oliveira
 
Retrato do brasil
Retrato do brasilRetrato do brasil
Retrato do brasilSEMINÁRIO BATISTA RENASCER -SABER
 
Curso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlookCurso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlookjunior Revoredo
 
Lgbt professores
Lgbt professoresLgbt professores
Lgbt professoresLicínia Simões
 
Filosofia aula1
Filosofia aula1Filosofia aula1
Filosofia aula1Conexao Coruja
 
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIROATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIROMARCO AURÉLIO BICALHO DE ABREU CHAGAS
 
Guevara ernesto_che_-_el_socialismo_y_el_hombre_en_cuba
Guevara ernesto_che_-_el_socialismo_y_el_hombre_en_cubaGuevara ernesto_che_-_el_socialismo_y_el_hombre_en_cuba
Guevara ernesto_che_-_el_socialismo_y_el_hombre_en_cubaAndres Fernandez
 
02 tipologia textual
02 tipologia textual02 tipologia textual
02 tipologia textualAlaine Soares
 
Vivendo mundo espiritos_patricia
Vivendo mundo espiritos_patriciaVivendo mundo espiritos_patricia
Vivendo mundo espiritos_patriciaFERNANDO HINSCHING
 
Anais parte i_revistaemerj_206
Anais parte i_revistaemerj_206Anais parte i_revistaemerj_206
Anais parte i_revistaemerj_206Marcia Regina Mourao
 
28 31 preparando el camino www.gftaognosticaespiritual.org
28 31 preparando el camino www.gftaognosticaespiritual.org28 31 preparando el camino www.gftaognosticaespiritual.org
28 31 preparando el camino www.gftaognosticaespiritual.orgGran Fratervidad Tao Gnostica Espiritual Org
 
Situaciones problemas
Situaciones problemasSituaciones problemas
Situaciones problemasVicent Joan Marí Serrano
 
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...CIDAADS
 
Regulacao Politica Nacional de Humanizacao e Acolhimento
Regulacao Politica Nacional de Humanizacao e AcolhimentoRegulacao Politica Nacional de Humanizacao e Acolhimento
Regulacao Politica Nacional de Humanizacao e AcolhimentoRodrigo Zardo
 
1649604
16496041649604
1649604estevaomoraes
 
Projecto ES de Amares
Projecto ES de AmaresProjecto ES de Amares
Projecto ES de Amaresjsilva76
 
28 19 la muerte mistica hdean www.gftaognosticaespiritual.org
28 19 la muerte mistica hdean www.gftaognosticaespiritual.org28 19 la muerte mistica hdean www.gftaognosticaespiritual.org
28 19 la muerte mistica hdean www.gftaognosticaespiritual.orgGran Fratervidad Tao Gnostica Espiritual Org
 
El libro en los tiempos digitales: nuevos modelos de distribución y comercial...
El libro en los tiempos digitales: nuevos modelos de distribución y comercial...El libro en los tiempos digitales: nuevos modelos de distribución y comercial...
El libro en los tiempos digitales: nuevos modelos de distribución y comercial...@cristobalcobo
 
Easy recovery621 user guide de
Easy recovery621 user guide deEasy recovery621 user guide de
Easy recovery621 user guide deGuido Junior Llontop
 
Violencia intrafamiliar
Violencia intrafamiliarViolencia intrafamiliar
Violencia intrafamiliarCarlos Andres
 
eNewsletter sample
eNewsletter sampleeNewsletter sample
eNewsletter sampleElisa Smith
 
Arandano
ArandanoArandano
ArandanoPamela Silvera
 
La cámara fotográfica
La cámara fotográficaLa cámara fotográfica
La cámara fotográficaSilvia Moreno
 

Weitere ähnliche Inhalte

Was ist angesagt?

Curso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlookCurso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlookjunior Revoredo
 
Guevara ernesto_che_-_el_socialismo_y_el_hombre_en_cuba
Guevara ernesto_che_-_el_socialismo_y_el_hombre_en_cubaGuevara ernesto_che_-_el_socialismo_y_el_hombre_en_cuba
Guevara ernesto_che_-_el_socialismo_y_el_hombre_en_cubaAndres Fernandez
 
02 tipologia textual
02 tipologia textual02 tipologia textual
02 tipologia textualAlaine Soares
 
Vivendo mundo espiritos_patricia
Vivendo mundo espiritos_patriciaVivendo mundo espiritos_patricia
Vivendo mundo espiritos_patriciaFERNANDO HINSCHING
 
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...CIDAADS
 
Regulacao Politica Nacional de Humanizacao e Acolhimento
Regulacao Politica Nacional de Humanizacao e AcolhimentoRegulacao Politica Nacional de Humanizacao e Acolhimento
Regulacao Politica Nacional de Humanizacao e AcolhimentoRodrigo Zardo
 
Projecto ES de Amares
Projecto ES de AmaresProjecto ES de Amares
Projecto ES de Amaresjsilva76
 

Was ist angesagt? (16)

Retrato do brasil
Retrato do brasilRetrato do brasil
Retrato do brasil
 
Curso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlookCurso de manutenção e mecânica de bicicletas.armlook
Curso de manutenção e mecânica de bicicletas.armlook
 
Lgbt professores
Lgbt professoresLgbt professores
Lgbt professores
 
Filosofia aula1
Filosofia aula1Filosofia aula1
Filosofia aula1
 
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIROATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
 
Guevara ernesto_che_-_el_socialismo_y_el_hombre_en_cuba
Guevara ernesto_che_-_el_socialismo_y_el_hombre_en_cubaGuevara ernesto_che_-_el_socialismo_y_el_hombre_en_cuba
Guevara ernesto_che_-_el_socialismo_y_el_hombre_en_cuba
 
02 tipologia textual
02 tipologia textual02 tipologia textual
02 tipologia textual
 
Vivendo mundo espiritos_patricia
Vivendo mundo espiritos_patriciaVivendo mundo espiritos_patricia
Vivendo mundo espiritos_patricia
 
Anais parte i_revistaemerj_206
Anais parte i_revistaemerj_206Anais parte i_revistaemerj_206
Anais parte i_revistaemerj_206
 
28 31 preparando el camino www.gftaognosticaespiritual.org
28 31 preparando el camino www.gftaognosticaespiritual.org28 31 preparando el camino www.gftaognosticaespiritual.org
28 31 preparando el camino www.gftaognosticaespiritual.org
 
Situaciones problemas
Situaciones problemasSituaciones problemas
Situaciones problemas
 
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
 
Regulacao Politica Nacional de Humanizacao e Acolhimento
Regulacao Politica Nacional de Humanizacao e AcolhimentoRegulacao Politica Nacional de Humanizacao e Acolhimento
Regulacao Politica Nacional de Humanizacao e Acolhimento
 
1649604
16496041649604
1649604
 
Projecto ES de Amares
Projecto ES de AmaresProjecto ES de Amares
Projecto ES de Amares
 
28 19 la muerte mistica hdean www.gftaognosticaespiritual.org
28 19 la muerte mistica hdean www.gftaognosticaespiritual.org28 19 la muerte mistica hdean www.gftaognosticaespiritual.org
28 19 la muerte mistica hdean www.gftaognosticaespiritual.org
 

Andere mochten auch

El libro en los tiempos digitales: nuevos modelos de distribución y comercial...
El libro en los tiempos digitales: nuevos modelos de distribución y comercial...El libro en los tiempos digitales: nuevos modelos de distribución y comercial...
El libro en los tiempos digitales: nuevos modelos de distribución y comercial...@cristobalcobo
 
Violencia intrafamiliar
Violencia intrafamiliarViolencia intrafamiliar
Violencia intrafamiliarCarlos Andres
 
eNewsletter sample
eNewsletter sampleeNewsletter sample
eNewsletter sampleElisa Smith
 
La cámara fotográfica
La cámara fotográficaLa cámara fotográfica
La cámara fotográficaSilvia Moreno
 
Redes informaticas (trabajo)
Redes informaticas (trabajo)Redes informaticas (trabajo)
Redes informaticas (trabajo)zaisa1117
 
Presentación enfoque socio critico
Presentación enfoque socio critico Presentación enfoque socio critico
Presentación enfoque socio critico sandrarestrepoch
 
1b pablo-marcos
1b pablo-marcos1b pablo-marcos
1b pablo-marcosPablitoNi
 
Howa - Analytics en Un Mundo Nada Perfecto
Howa - Analytics en Un Mundo Nada PerfectoHowa - Analytics en Un Mundo Nada Perfecto
Howa - Analytics en Un Mundo Nada PerfectoJuan Damia
 
pasos para preservar tu equipo de computo y se encuentre en buen estado
pasos para preservar tu equipo de computo y se encuentre en buen estadopasos para preservar tu equipo de computo y se encuentre en buen estado
pasos para preservar tu equipo de computo y se encuentre en buen estadomonliseje
 
Culturas del peru
Culturas del peruCulturas del peru
Culturas del perufrancis2016
 
Hoja de vida andres muñoz
Hoja de vida andres muñozHoja de vida andres muñoz
Hoja de vida andres muñozandres muñoz
 

Andere mochten auch (20)

El libro en los tiempos digitales: nuevos modelos de distribución y comercial...
El libro en los tiempos digitales: nuevos modelos de distribución y comercial...El libro en los tiempos digitales: nuevos modelos de distribución y comercial...
El libro en los tiempos digitales: nuevos modelos de distribución y comercial...
 
Easy recovery621 user guide de
Easy recovery621 user guide deEasy recovery621 user guide de
Easy recovery621 user guide de
 
Violencia intrafamiliar
Violencia intrafamiliarViolencia intrafamiliar
Violencia intrafamiliar
 
eNewsletter sample
eNewsletter sampleeNewsletter sample
eNewsletter sample
 
Arandano
ArandanoArandano
Arandano
 
La cámara fotográfica
La cámara fotográficaLa cámara fotográfica
La cámara fotográfica
 
Ef
EfEf
Ef
 
Social Media Traffic
Social Media Traffic Social Media Traffic
Social Media Traffic
 
Redes informaticas (trabajo)
Redes informaticas (trabajo)Redes informaticas (trabajo)
Redes informaticas (trabajo)
 
Presentación enfoque socio critico
Presentación enfoque socio critico Presentación enfoque socio critico
Presentación enfoque socio critico
 
1b pablo-marcos
1b pablo-marcos1b pablo-marcos
1b pablo-marcos
 
Howa - Analytics en Un Mundo Nada Perfecto
Howa - Analytics en Un Mundo Nada PerfectoHowa - Analytics en Un Mundo Nada Perfecto
Howa - Analytics en Un Mundo Nada Perfecto
 
pasos para preservar tu equipo de computo y se encuentre en buen estado
pasos para preservar tu equipo de computo y se encuentre en buen estadopasos para preservar tu equipo de computo y se encuentre en buen estado
pasos para preservar tu equipo de computo y se encuentre en buen estado
 
Always on: Digitale Netzwerke im Consulting
Always on: Digitale Netzwerke im ConsultingAlways on: Digitale Netzwerke im Consulting
Always on: Digitale Netzwerke im Consulting
 
El Cuerpo Humano Translucido
El Cuerpo Humano TranslucidoEl Cuerpo Humano Translucido
El Cuerpo Humano Translucido
 
Culturas del peru
Culturas del peruCulturas del peru
Culturas del peru
 
Clínica Dental Eos
Clínica Dental EosClínica Dental Eos
Clínica Dental Eos
 
Virus informatico _katsumy
Virus informatico _katsumyVirus informatico _katsumy
Virus informatico _katsumy
 
Stage
StageStage
Stage
 
Hoja de vida andres muñoz
Hoja de vida andres muñozHoja de vida andres muñoz
Hoja de vida andres muñoz
 

Ähnlich wie Presentation_1370606544514

historia do brasil pauloprado
historia do brasil paulopradohistoria do brasil pauloprado
historia do brasil paulopradoOnésimo Remígio
 
Curso de manutenção e reparos de bicicletas
Curso de manutenção e reparos de bicicletasCurso de manutenção e reparos de bicicletas
Curso de manutenção e reparos de bicicletasSerginho Sucesso
 
Manutenção e reparos de bicicletas
Manutenção e reparos de bicicletasManutenção e reparos de bicicletas
Manutenção e reparos de bicicletasEdson Lopes
 
As cinco linguagens do amor gary chapman
As cinco linguagens do amor gary chapmanAs cinco linguagens do amor gary chapman
As cinco linguagens do amor gary chapmanJaneEyreFernandes
 
Virna Salgado Barra - Revista Científica "Em Extensão-UFU" de 2011.
Virna Salgado Barra - Revista Científica "Em Extensão-UFU" de 2011.Virna Salgado Barra - Revista Científica "Em Extensão-UFU" de 2011.
Virna Salgado Barra - Revista Científica "Em Extensão-UFU" de 2011.Virna Salgado Barra
 
Aula de Bioética sobre Transplante de Órgãos
Aula de Bioética sobre Transplante de ÓrgãosAula de Bioética sobre Transplante de Órgãos
Aula de Bioética sobre Transplante de ÓrgãosJaqueline Almeida
 
Cruz e bosetti 2008 - Geography and paleontology: perspectives on their inte...
Cruz e bosetti 2008 - Geography and paleontology: perspectives on their inte...Cruz e bosetti 2008 - Geography and paleontology: perspectives on their inte...
Cruz e bosetti 2008 - Geography and paleontology: perspectives on their inte...Elvio Hellbilly Bosetti
 
El amor de tu vida es scribd com 167
El amor de tu vida es scribd com 167El amor de tu vida es scribd com 167
El amor de tu vida es scribd com 167Maggie Beltran
 
El amor de tu vida 167 -
El amor de tu vida 167 - El amor de tu vida 167 -
El amor de tu vida 167 - Maggie Beltran
 
Analisis de cargos
Analisis de cargosAnalisis de cargos
Analisis de cargosJuan Gómez
 
( Apometria) apostila de apometria cosmica
( Apometria) apostila de apometria cosmica( Apometria) apostila de apometria cosmica
( Apometria) apostila de apometria cosmicaMH63
 
022 dicas de-html-e-css
022 dicas de-html-e-css022 dicas de-html-e-css
022 dicas de-html-e-cssKarla Luna
 

Ähnlich wie Presentation_1370606544514 (17)

historia do brasil pauloprado
historia do brasil paulopradohistoria do brasil pauloprado
historia do brasil pauloprado
 
Curso de manutenção e reparos de bicicletas
Curso de manutenção e reparos de bicicletasCurso de manutenção e reparos de bicicletas
Curso de manutenção e reparos de bicicletas
 
Manutenção e reparos de bicicletas
Manutenção e reparos de bicicletasManutenção e reparos de bicicletas
Manutenção e reparos de bicicletas
 
As cinco linguagens do amor gary chapman
As cinco linguagens do amor gary chapmanAs cinco linguagens do amor gary chapman
As cinco linguagens do amor gary chapman
 
Virna Salgado Barra - Revista Científica "Em Extensão-UFU" de 2011.
Virna Salgado Barra - Revista Científica "Em Extensão-UFU" de 2011.Virna Salgado Barra - Revista Científica "Em Extensão-UFU" de 2011.
Virna Salgado Barra - Revista Científica "Em Extensão-UFU" de 2011.
 
Aula de Bioética sobre Transplante de Órgãos
Aula de Bioética sobre Transplante de ÓrgãosAula de Bioética sobre Transplante de Órgãos
Aula de Bioética sobre Transplante de Órgãos
 
Cruz e bosetti 2008 - Geography and paleontology: perspectives on their inte...
Cruz e bosetti 2008 - Geography and paleontology: perspectives on their inte...Cruz e bosetti 2008 - Geography and paleontology: perspectives on their inte...
Cruz e bosetti 2008 - Geography and paleontology: perspectives on their inte...
 
El amor de tu vida es scribd com 167
El amor de tu vida es scribd com 167El amor de tu vida es scribd com 167
El amor de tu vida es scribd com 167
 
El amor de tu vida 167 -
El amor de tu vida 167 - El amor de tu vida 167 -
El amor de tu vida 167 -
 
Analisis de cargos
Analisis de cargosAnalisis de cargos
Analisis de cargos
 
( Apometria) apostila de apometria cosmica
( Apometria) apostila de apometria cosmica( Apometria) apostila de apometria cosmica
( Apometria) apostila de apometria cosmica
 
Escarlata
EscarlataEscarlata
Escarlata
 
Escarlata
EscarlataEscarlata
Escarlata
 
28 14 zodiaco www.gftaognosticaespiritual.org
28 14 zodiaco www.gftaognosticaespiritual.org28 14 zodiaco www.gftaognosticaespiritual.org
28 14 zodiaco www.gftaognosticaespiritual.org
 
022 dicas de-html-e-css
022 dicas de-html-e-css022 dicas de-html-e-css
022 dicas de-html-e-css
 
Licao1 aluno
Licao1 alunoLicao1 aluno
Licao1 aluno
 
R3
R3R3
R3
 

Mehr von Alexander Nevidimov

чек за платеж за телефон
чек за платеж за телефончек за платеж за телефон
чек за платеж за телефонAlexander Nevidimov
 
чек за платеж за телефон
чек за платеж за телефончек за платеж за телефон
чек за платеж за телефонAlexander Nevidimov
 

Mehr von Alexander Nevidimov (20)

чек за платеж за телефон
чек за платеж за телефончек за платеж за телефон
чек за платеж за телефон
 
чек за платеж за телефон
чек за платеж за телефончек за платеж за телефон
чек за платеж за телефон
 
Presentation_1376917645876
Presentation_1376917645876Presentation_1376917645876
Presentation_1376917645876
 
Presentation_1376678601814
Presentation_1376678601814Presentation_1376678601814
Presentation_1376678601814
 
Presentation_1376311255728
Presentation_1376311255728Presentation_1376311255728
Presentation_1376311255728
 
Presentation_1376222064850
Presentation_1376222064850Presentation_1376222064850
Presentation_1376222064850
 
Presentation_1376220985856
Presentation_1376220985856Presentation_1376220985856
Presentation_1376220985856
 
Presentation_1376220236996
Presentation_1376220236996Presentation_1376220236996
Presentation_1376220236996
 
Presentation_1376218980392
Presentation_1376218980392Presentation_1376218980392
Presentation_1376218980392
 
Presentation_1376168115602
Presentation_1376168115602Presentation_1376168115602
Presentation_1376168115602
 
Presentation_1375882767439
Presentation_1375882767439Presentation_1375882767439
Presentation_1375882767439
 
Presentation_1375882705328
Presentation_1375882705328Presentation_1375882705328
Presentation_1375882705328
 
Presentation_1375280857464
Presentation_1375280857464Presentation_1375280857464
Presentation_1375280857464
 
Presentation_1375280653597
Presentation_1375280653597Presentation_1375280653597
Presentation_1375280653597
 
Presentation_1374052137363
Presentation_1374052137363Presentation_1374052137363
Presentation_1374052137363
 
Presentation_1373778041831
Presentation_1373778041831Presentation_1373778041831
Presentation_1373778041831
 
Presentation_1373190655210
Presentation_1373190655210Presentation_1373190655210
Presentation_1373190655210
 
Presentation_1372848115982
Presentation_1372848115982Presentation_1372848115982
Presentation_1372848115982
 
Presentation_1372103147097
Presentation_1372103147097Presentation_1372103147097
Presentation_1372103147097
 
Presentation_1371997361000
Presentation_1371997361000Presentation_1371997361000
Presentation_1371997361000
 

Presentation_1370606544514

  • 1. ,QWHOLJrQFLD (PRFLRQDO 'DQLHO *ROHPDQ 2 'HVDILR GH $ULVWyWHOHV 4XDOTXHU XP SRGH ]DQJDUVH LVVR p IiFLO 0DV ]DQJDUVH FRP D SHVVRD FHUWD QD PHGLGD FHUWD QD KRUD FHUWD SHOR PRWLYR FHUWR H GD PDQHLUD FHUWD QmR p IiFLO $5,67Ï7(/(6 eWLFD D 1LF{PDFR (UD XPD WDUGH GH DJRVWR LQVXSRUWDYHOPHQWH VXIRFDQWH QD FLGDGH GH 1RYD ,RUTXH XP GDTXHOHV GLDV FDORUHQWRV TXH GHL[DP DV SHVVRDV PDOKXPRUDGDV H GHVFRQIRUWiYHLV (X YROWDYD SDUD XP KRWHO H DR HQWUDU QXP {QLEXV QD DYHQLGD 0DGLVRQ ILTXHL VXUSUHVR FRP R PRWRULVWD XP QHJUR GH PHLDLGDGH H ODUJR VRUULVR TXH PH DFROKHX FRP XP DPLVWRVR 2L RPR YDL VDXGDomR IHLWD D WRGRV RV RXWURV TXH HQWUDUDP QR {QLEXV HQTXDQWR VHUSHiYDPRV SHOR GHQVR WUiILFR GR FHQWUR GD FLGDGH DGD SDVVDJHLUR VH VXUSUHHQGLD WDQWR TXDQWR HX PDV SUHVRV DR SpVVLPR FOLPD GR GLD SRXFRV ,KH UHWULEXtDP R FXPSULPHQWR ¬ PHGLGD TXH R {QLEXV VH DUUDVWDYD SHOR TXDGULFXODGR WUDoDGR GD FLGDGH SRUpP IRLVH GDQGR XPD OHQWD RX PHOKRU XPD PiJLFD WUDQVIRUPDomR 2 PRWRULVWD PRQRORJDYD FRQWLQXDPHQWH SDUD QyV XP DQLPDGR FRPHQWiULR VREUH R FHQiULR TXH SDVVDYD j QRVVD YROWD KDYLD XPD OLTXLGDomR VHQVDFLRQDO QDTXHOD ORMD XPD H[SRVLomR PDUDYLOKRVD QDTXHOH PXVHX Mi VRXEHUDP GR QRYR ILOPH TXH DFDERX GH HVWUHDU QDTXHOH FLQHPD ORJR PDLV DGLDQWH QD TXDGUD 2 SUD]HU GHOH FRP D ULTXH]D GH SRVVLELOLGDGHV TXH D FLGDGH RIHUHFLD HUD FRQWDJLDQWH 4XDQGR DV SHVVRDV GHVFLDP GR {QLEXV Mi VH KDYLDP OLYUDGR GD FRQFKD GH PDX KXPRU FRP TXH WLQKDP HQWUDGR H TXDQGR R PRWRULVWD ,KHV GLULJLD XP VRQRUR $Wp ORJR WHQKD XP yWLPR GLD WRGDV ,KH GDYDP XPD UHVSRVWD VRUULGHQWH $ OHPEUDQoD GHVVH HQFRQWUR PH DFRPSDQKD Ki TXDVH YLQWH DQRV 4XDQGR YLDMHL QDTXHOH {QLEXV GD DYHQLGD 0DGLVRQ DFDEDUD GH FRQFOXLU PHX GRXWRUDGR HP SVLFRORJLD PDV SRXFD DWHQomR VH GHGLFDYD QD SVLFRORJLD GD pSRFD D H[DWDPHQWH FRPR SRGLD VH GDU XPD WDO WUDQVIRUUQDomR $ FLrQFLD SVLFROyJLFD SRXFR RX QDGD FRQKHFLD GRV PHFDQLVPRV GD HPRFmR ( QR HQWDQWR DR LPDJLQDU D SURSDJDomR GR YtUXV GH EHPHVWDU TXH GHYH WHUVH DODVWUDGR SHOD FLGDGH FRPHoDQGR SHORV SDVVDJHLURV GH VHX {QLEXV YL TXH DTXHOH PRWRULVWD HUD XPD HVSpFLH GH SDFLILFDGRU XUEDQR XPD HVSpFLH GH IHLWLFHLUR HP VHX SRGHU GH WUDQVPXWDU D VRWXUQD LUULWDELOLGDGH TXH IHUYLOKDYD QRV SDVVDJHLURV DPROHFHU H DEULU XP SRXFR VHXV FRUDo}HV (P JULWDQWH FRQWUDVWH DOJXPDV PDWpULDV GH MRUQDO GDTXHOD VHPDQD 1XPD HVFROD ORFDO XP JDURWR GH QRYH DQRV FDXVD XPD GHYDVWDomR GHUUDPDQGR WLQWD QDV FDUWHLUDV FRPSXWDGRUHV H LPSUHVVRUDV H YDQGDOL]DQGR XP FDUUR QR HVWDFLRQDPHQWR GD HVFROD 0RWLYR DOJXQV FROHJDV GD WHUFHLUD VpULH R KDYLDP FKDPDGR GH ERQHFD H HOH TXLV LPSUHVVLRQiORV 2LWR MRYHQV VDHP IHULGRV SRUTXH XP HQFRQWUmR LQYROXQWiULR QXPD PXOWLGmR GH DGROHVFHQWHV GLDQWH GH XP FOXEH GH UDS HP 0DQKDWWDQ OHYD D XPD WURFD GH HPSXUU}HV TXH Vy WHUPLQDP TXDQGR XP GRV JDURWRV RIHQGLGRV SDVVD D GLVSDUDU XPD SLVWROD DXWRPiWLFD FDOLEUH FRQWUD D PXOWLGmR $ QRWtFLD REVHUYD TXH HVVHV WLURWHLRV SRU RIHQVDV DSDUHQWHPHQWH PHQRUHV YLVWDV FRPR DWRV GH GHVUHVSHLWR VH WRUQDUDP FDGD YH] UQDLV FRPXQV HP WRGR R SDtV QRV ~OWLPRV DQRV 'DV YtWLPDV GH DVVDVVLQDWR FRP PHQRV GH GR]H DQRV GL] XPD QRWtFLD SRU FHQWR GRV DVVDVVLQRV VmR RV SUySULRV SDLV RX SDGUDVWRV (P TXDVH PHWDGH GRV FDVRV RV SDLV
  • 2. GL]HP TXH HVWDYDP DSHQDV WHQWDQGR GLVFLSOLQDU R ILOKR $V VXUUDV IDWDLV IRUDP SURYRFDGDV SRU LQIUDo}HV FRPR D FULDQoD ILFDU QD IUHQWH GD 79 FKRUDU RX VXMDU WRDOKDV 8P MRYHP DOHPmR p MXOJDGR SHOR DVVDVVLQDWR GH FLQFR PXOKHUHV H PHQLQDV WXUFDV QXP LQFrQGLR TXH DWHRX TXDQGR HODV GRUPLDP 0HPEUR GH XP JUXSR QHRQD]LVWD HOH GL] TXH QmR FRQVHJXH PDQWHU RV HPSUHJRV TXH EHEH H FXOSD RV HVWUDQJHLURV SRU VXD Pi VRUWH 1XPD YR] PDO DOGtYHO LPSORUD 1mR SDUR GH ODPHQWDU R TXH IL]HPRV H PH VLQWR LQILQLWDPHQWH HQYHURQKDGR´ $V QRWtFLDV GH WRGR GLD QRV FKHJDP SHMDGDV GH LQIRUPDo}HV VREUH D GHVLQWHJUDomR GD FLYLOLGDGH H GD VHJXUDQoD XPD RQGD GH LPSXOVR PHVTXLQKR TXH FRUUH GHVHQIUHDGD 0DV DV QRWtFLDV DSHQDV QRV UHIOHWHP GH YROWD HP PDLRU HVFDOD XP DUUHSLDQWH VHQVR GH HPRo}HV GHVFRQWURODGDV HP QRVVDV YLGDV H QDV GDV SHVVRDV TXH QRV FHUFDP 1LQJXpP HVWi SURWHJLGR GHVVD LQVWiYHO PDUp GH GHVFRQWUROH H DUUHSHQGLPHQWR TXH DOFDQoD QRVVDV YLGDV GH XPD PDQHLUD RX GH RXWUD $ ~OWLPD GpFDGD YLX XP FRQVWDQWH WURPEHWHDPHQWR GH LQIRUPDo}HV FRPR HVVDV UHWUDWDQGR R DXPHQWR GH LQpSFLD HPRFLRQDO GHVHVSHUR H LQTXLHWDomR HP QRVVDV IDPtOLDV FRPXQLGDGHV H HP QRVVDV YLGDV FROHWLYDV (VVHV DQRV HVFUHYHUDP D FU{QLFD GH XPD UDLYD H GHVHVSHUR FUHVFHQWHV VHMD QD FDOPD VROLGmR GDV FULDQoDV WUDQFDGDV FRP D 79 HP YH] GH XPD EDEi QR VRIULPHQWR GDV FULDQoDV DEDQGRQDGDV HVTXHFLGDV RX YLROHQWDGDV RX QD GHVDJUDGiYHO LQWLPLGDGH GD YLROrQFLD FRQMXJDO 3RGHVH OHU D GRHQoD HPRFLRQDO DODVWUDQGRVH HP Q~PHURV TXH UHYHODP XP VDOWR GD GHSUHVVmR HP WRGR R PXQGR H QRV OHPEUHWHV GD UHSHQWLQD RQGD GH DJUHVVmR DGROHVFHQWHV FRP DUPDV QDV HVFRODV LQIUDo}HV GH WUkQVLWR QD HVWUDGD TXH WHUPLQDP HP WLURV H[HPSUHJDGRV GHVFRQWHQWHV TXH PDVVDFUDP DQWLJRV FROHJDV GH WUDEDOKR $EXVR HPRFLRQDO GULYHE VKRRWLQJ UDMDGDV GH WLURV GLVSDUDGDV GH XP FDUUR HP PRYLPHQWR@ H WHQVmR SyV WUDXPiWLFD HQWUDUDP QR Op[LFR FRPXP DPHULFDQR GD ~OWLPD GpFDGD HQTXDQWR R VORJDQ GR PRPHQWR SDVVRX GR DOHJUH 7HQKD XP ERP GLD SDUD R SHWXODQWH )DoD PHX GLD (VWH OLYUR p XP JXLD SDUD H[WUDLU VHQWLGR GR TXH QmR WHP RPR SVLFyORJR H QD ~OWLPD GpFDGD MRPDOLVWD GH 7KH 1HZ RUN 7LPHV YHQKR DFRPSDQKDQGR D HYROXomR GH QRVVD FRPSUHHQVmR FLHQWtILFD GR FDPSR GR LUUDFLRQDO 'HVVD SRVLomR FKDPDUDPPH D DWHQomR GXDV WHQGrQFLDV RSRVWDV XPD TXH UHWUDWD XPD FDODPLGDGH FDGD YH] PDLRU HP QRVVD YLGD HPRFLRQDO FRPXP RXWUD TXH RIHUHFH DOJXQV UHPpGLRV DXVSLFLRVRV 325 48( (67( (;$0( $*25$ $ ~OWLPD GpFDGD DSHVDU GDV QRWtFLDV UXLQV WDPEpP DVVLVWLX D XPD H[SORVmR VHP SDUDOHORV GH HVWXGRV FLHQWtILFRV GD HPRomR 2 PDLV VHQVDFLRQDO VmR DV YLV}HV GR FpUHEUR HP IXQFLRQDPHQWR SRVVLELOLWDGDV SRU PpWRGRV LQRYDGRUHV FRPR DV QRYDV WHFQRORJLDV SDUD REWHU LPDJHQV GHVVH yUJmR (ODV WRPDUDP YLVtYHO SHOD SULPHLUD YH] QD KLVWyULD KXPDQD R TXH VHPSUH IRL XPD IRQWH GH SURIXQGR PLVWpULR H[DWDPHQWH FRPR DJH HVVD LQWULFDGD PDVVD GH FpOXODV TXDQGR SHQVDPRV LPDJLQDPRV H VRQKDPRV (VVD LQXQGDomR GH GDGRV QHXURELROyJLFRV SHUPLWHQRV HQWHQGHU PDLV FODUDPHQWH TXH QXQFD FRPR RV FHQWURV QHUYRVRV QRV OHYDP j LUD RX jV OiJULPDV H FRPR SDUWHV PDLV DQWLJDV GR FpUHEUR TXH QRV LQFLWDP D ID]HU D JXHUUD H R DPRU VmR FDQDOL]DGDV SDUD R PHOKRU RX R SLRU (VVD OX] VHP SUHFHGHQWHV VREUH RV PHFDQLVPRV GDV HPRo}HV H VXDV GHILFLrQFLDV S}H HP IRFR DOJXQV QRYRV UHPpGLRV SDUD QRVVD FULVH HPRFLRQDO FROHWLYD 7LYH GH HVSHUDU TXH D FROKHLWD FLHQWtILFD HVWLYHVVH VXILFLHQWHPHQWH FRPSOHWD SDUD HVFUHYHU HVWH OLYUR (VVDV LQWXLo}HV VDHP WmR DWUDVDGDV HP JUDQGH SDUWH SRUTXH R OXJDU GRV VHQWLPHQWRV QD YLGD PHQWDO IRL VXUSUHHQGHQWHPHQWH GHVSUH]DGR SHOD SHVTXLVD DR
  • 3. ORQJR GRV DQRV GHL[DQGR DV HPRo}HV FRPR XP FRQWLQHQWH HP JUDQGH SDUWH LQH[SORUDGR SHOD SVLFRORJLD FLHQWtILFD 1HVVH YD]LR GHVSHMRXVH XPD HQ[XUUDGD GH OLYURV GH DXWR DMXGD FRQVHOKRV EHPLQWHQFLRQDGRV EDVHDGRV QD PHOKRU GDV KLSyWHVHV HP RSLQL}HV FOtQLFDV PDV VHP PXLWD EDVH FLHQWtILFD VH DOJXPD H[LVWLD +RMH D FLrQFLD SRGH ILQDOPHQWH DERUGDU FRP DXWRULGDGH HVVDV TXHVW}HV XUJHQWHV H GHVRULHQWDGRUDV GD SVLTXH QR TXH HOD WHP GH PDLV LUUDFLRQDO SDUD PDSHDU FRP DOJXPD SUHFLVmR R FRUDomR KXPDQR (VVH PDSHDPHQWR SURS}H XP GHVDILR DRV TXH GHIHQGHP XPD YLVmR HVWUHLWD GD LQWHOLJrQFLD DILUPDQGR TXH R 4O p XP GDGR JHQpWLFR TXH QmR VH SRGH PXGDU FRP D H[SHULrQFLD GH YLGD H TXH QRVVR GHVWLQR p HP JUDQGH SDUWH GHWHPPLQDGR SRU HVVDV DSWLG}HV (VVH DUJXPHQWR LJQRUD D TXHVWmR PDLV GHVDILDQWH R TXH SRGHPRV PXGDU SDUD DMXGDU QRVVRV ILOKRV D VH GDUHP PHOKRU QD YLGD 4XH IDWRUHV HQWUDP HP MRJR SRU H[HPSOR TXDQGR SHVVRDV GH DOWR 4, PDORJUDP H DV GH 4, PRGHVWR VH VDHP VXUSUHHQGHQWHPHQWH EHP (X GLULD TXH D GLIHUHQoD PXLWDV YH]HV HVWi QDV DSWLG}HV DTXL FKDPDGDV GH LQWHOLJrQFLD HPRFLRQDO TXH LQFOXHP DXWRFRQWUROH ]HOR H SHUVLVWrQFLD H D FDSDFLGDGH GH QRV PRWLYDU D QyV PHVPRV ( HVVDV DSWLG}HV FRPR YDPRV YHU SRGHP VHU HQVLQDGDV jV FULDQoDV SURSRUFLRQDQGR OKHV XPD PHOKRU RSRUWXQLGDGH GH HPSUHJDU TXDOTXHU SRWHQFLDO LQWHOHFWXDO TXH ,KHV WHQKD GDGR D ORWHULD JHQpWLFD $OpP GHVVD SRVVLELOLGDGH VXUJH XP SUHPHQWH LPSHUDWLYR PRUDO (VWHV VmR WHPSRV HP TXH R WHFLGR VRFLDO SDUHFH HVJDUoDUVH FRP XPD UDSLGH] FDGD YH] PDLRU HP TXH R HJRtVPR D YLROrQFLD H D PHVTXLQKH] GH HVStULWR SDUHFHP HVWDU ID]HQGR DSRGUHFHU D ERQGDGH GH QRVVDV YLGDV FRPXQLWiULDV $TXL D GHIHVD GD LPSRUWkQFLD GD LQWHOLJrQFLD HPRFLRQDO GHSHQGH GD OLJDomR HQWUH VHQWLPHQWR FDUiWHU H LQVWLQWRV PRUDLV +i FUHVFHQWHV LQGtFLRV GH TXH SRVLo}HV pWLFDV IXQGDPHQWDLV QD YLGD YrP GH DSWLG}HV HPRFLRQDLV VXEMDFHQWHV 3RU H[HPSOR R LPSXOVR p R YHtFXOR GD HPRomR D VHPHQWH GH WRGR LPSXOVR p XP VHQWLPHQWR H[SORGLQGR SDUD H[SUHVVDUVH HP DomR 2V TXH HVWmR j PHUFr GRV LPSXOVRV RV TXH QmR WrP DXWRFRQWUROH VRIUHP GH XPD GHILFLrQFLD PRUDO $ FDSDFLGDGH GH FRQWURODU RV LPSXOVRV p D EDVH GD IRUoD GH YRQWDGH H GR FDUiWHU -XVWDPHQWH SRU LVVR D UDL] GR DOWUXtVPR HVWi QD HPSDWLD D FDSDFLGDGH GH OHU HPRo}HV QRV RXWURV VHP XP VHQVR GD QHFHVVLGDGH RX GHVHVSHUR GR RXWUR QmR Ki HQYROYLPHQWR ( VH Ki GXDV SRVLo}HV PRUDLV TXH QRVVRV WHPSRV H[LJHP VmR SUHFLVDPHQWH HVWDV DXWRFRQWUROH H SLHGDGH 1HVWH OLYUR HX DWXR FRPR XP JXLD QXPD YLDJHP SRU HVVDV LQWXLo}HV FLHQWtILFDV GDV HPRo}HV XPD YLDJHP TXH YLVD D OHYDU PDLRU FRPSUHHQVmR D DOJXQV GRV PDLV LQWULJDQWHV PRPHQWRV GH QRVVDV YLGDV H GR PXQGR TXH QRV FHUFD 2 ILP GD MRUQDGD p HQWHQGHU R TXH VLJQLILFD H FRPR OHYDU LQWHOLJrQFLD j HPRomR (VVD FRPSUHHQVmR HP VL PHVPD SRGH DMXGDU HP FHUWD PHGLGD R OHYDU FRJQLomR DR FDPSR GR VHQWLPHQWR WHP XP HIHLWR PHLR SDUHFLGR FRP R LPSDFWR GR REVHUYDGRU QR QtYHO GR TXDQWXP QD ItVLFD TXH DOWHUD R TXH REVHUYD 1RVVD YLDJHP FRPHoD QD 3DUWH 8P FRP DV QRYDV GHVFREHUWDV VREUH DUTXLWHWXUD HPRFLRQDO GR FpUHEUR TXH RIHUHFHP XPD H[SOLFDomR GDTXHOHV PRPHQWRV PDLV GHVFRQFHUWDQWHV GH QRVVDV YLGDV TXDQGR R VHQWLPHQWR HVPDJD WRGD UDFLRQDOLGDGH $ FRPSUHHQVmR GD LQWHUDomR GDV HVWUXWXUDV GR FpUHEUR TXH FRPDQGDP QRVVRV PRPHQWRV GH LUD H PHGR RX SDL[mR H DOHJULD UHYHODP PXLWD FRLVD VREUH FRPR DSUHQGHPRV RV KiELWRV HPRFLRQDLV TXH VRODSDP QRVVD PHOKRUHV LQWHQo}HV H WDPEpP R TXH SRGHPRV ID]HU SDUD GRPLQDU QRVVRV LPSXOVRV HPRFLRQDLV PDLV GHVWUXWLYRV RX TXH Mi WUD]HP HP VL VXD SUySULD GHUURWD
  • 4. 0DLV LPSRUWDQWH DLQGD RV GDGRV QHXUROyJLFRV VXJHUHP XPD MDQHOD GH RSRUWXQLGDGH SDUD PROGDU RV KiELWRV HPRFLRQDLV GH QRVVRV ILOKRV $ JUDQGH SDUDGD VHJXLQWH HP QRVVD YLDJHP D 3DUWH 'RLV GHVWH OLYUR PRVWUD FRPR RV GDGRV QHXUROyJLFRV DWXDP VREUH R LQVWLQWR EiVLFR SDUD YLYHU FKDPDGR LQWHOLJrQFLD HPRFLRQDO SRGHU SRU H[HPSOR FRQWHU R LPSXOVR HPRFLRQDO OHU RV VHQWLPHQWRV PDLV tQWLPRV GH RXWUHP OLGDU WUDQTLODPHQWH FRP UHODFLRQDPHQWRV FRPR GLVVH $ULVWyWHOHV D UDUD FDSDFLGDGH GH ]DQJDUVH FRP D SHVVRD FHUWD QD PHGLGD FHUWD QD KRUD FHUWD SHOR PRWLYR FHUWR H GD PDQHLUD FHUWD 2V OHLWRUHV TXH QmR VHQWHP DWUDomR SRU GHWDOKHV QHXUROyJLFRV WDOYH] SUHILUDP SDVVDU GLUHWR SDUD HVVD SDUWH
  • 5. (VVH PRGHOR DPSOLDGR GR TXH VLJQLILFD VHU LQWHOLJHQWH S}H DV HPRo}HV QR FHQWUR GDV DSWLG}HV SDUD YLYHU $ 3DUWH 7UrV H[DPLQD DOJXPDV GLIHUHQoDV IXQGDPHQWDLV TXH ID] HVVD DSWLGmR FRPR HVVHV WDOHQWRV SUHVHUYDP QRVVRV UHODFLRQDPHQWRV PDLV YDOLRVRV RX FRPR D DXVrQFLD GHOHV RV FRUUyL FRPR D IRUoDV GH PHUFDGR TXH HVWmR UHPRGHODQGR QRVVD YLGD SURILVVLRQDO GmR XP YDORU VHP SUHFHGHQWHV j QRVVD LQWHOLJrQFLD HPRFLRQDO SDUD R r[LWR QR HPSUHJR H FRPR DV HPRo}HV QRFLYDV S}HP WDQWR HP ULVFR QRVVD VD~GH ItVLFD TXDQWR IXPDU XP FLJDUUR DWUiV GR RXWUR DVVLP FRPR R HTXLOtEULR HPRFLRQDO QRV DMXGD D DMXGD D SURWHJHU QRVVD VD~GH H EHPHVWDU 1RVVD KHUDQoD JHQpWLFD QRV GRWD D FDGD XP GH XPD VpULH GH SRQWRVFKDYH TXH GHWHUPLQDP QRVVR WHPSHUDPHQWR 0DV RV FLUFXLWRV FHUHEUDLV HQYROYLGRV VmR H[WUDRUGLQDULDPHQWH PDOHiYHLV WHPSHUDPHQWR QmR p GHVWLQR RPR PRVWUD 3DUWH 4XDWUR DV OLo}HV HPRFLRQDLV TXH DSUHQGHPRV QD LQIkQFLD HP FDVD H QD HVFROD PRGHODP FLUFXLWRV HPRFLRQDLV WRUQDQGRQRV PDLV DSWRV RX LQDSWRV QRV IXQGDPHQWRV GD LQWHOLJrQFLD HPRFLRQDO ,VVR VLJQLILFD TXH D LQIkQFLD H DGROHVFrQFLD VmR MDQHODV FUtWLFDV GH RSRUWXQLGDGH SDUD GHWHUPLQDU RV KiELWRV HPRFLRQDLV EiVLFRV TXH LUmR JRYHUQDU QRVVDV YLGDV $ 3DUWH LQFR H[DPLQD TXH ULVFRV DJXDUGDP DTXHOHV TXH DR FKHJDUHP j PDWXULGDGH QmR GRPLQDP R FDPSR HPRFLRQDO FRPR DV GHILFLrQFLDV HP LQWHOLJrQFLD HPRFLRQDO DPSOLDP D JDPD GH ULVFRV GHVGH D GHSUHVVmR RX XPD YLGD GH YLROrQFLD DWp RV SUREOHPDV FRP FRPLGD H R YtFLR GDV GURJDV ( GRFXPHQWD FRPR HVFRODV SLRQHLUDV HVWmR HQVLQDQGR jV FULDQoDV DV DSWLG}HV HPRFLRQDLV H VRFLDLV TXH HODV QHFHVVLWDP SDUD PDQWHU D YLGD QRV WULOKRV 7DOYH] R GDGR LQGLYLGXDO PDLV SHUWXUEDGRU GHVWH OLYUR YHQKD GH XPD PDFLoD SHVTXLVD FRP SDLV H SURIHVVRUHV UHYHODQGR XPD WHQGrQFLD PXQGLDO GD JHUDomR DWXDO GH FULDQoDV D VHU PDLV HPRFLRQDOPHQWH SHUWXUEDGD TXH D ~OWLPD PDLV VROLWiULD H GHSULPLGD PDLV UHYROWDGD H UHEHOGH PDLV QHUYRVD H SURSHQVD j SUHRFXSDUVH PDLV LPSXOVLYD H DJUHVVLYD 6H Ki XP UHPpGLR DFKR TXH GHYH HVWDU HP FRPR SUHSDUDPRV QRVVRV MRYHQV SDUD D YLGD 1R PRPHQWR GHL[DPRV D HGXFDomR HPRFLRQDO GH QRVVRV ILOKRV DR DFDVR FRP FRQVHTrQFLDV FDGD YH] PDLV GHVDVWURVDV 8PD GDV VROXo}HV p XPD QRYD YLVmR GR TXH DV HVFRODV SRGHP ID]HU SDUD HGXFDU R DOXQR WRGR MXQWDQGR PHQWH H FRUDomR QD VDOD GH DXOD 1RVVD YLDJHP WHUPLQD FRP YLVLWDV D FODVVHV LQRYDGRUDV TXH YLVDP D GDU jV FULDQoDV XPD EDVH GRV IXQGDPHQWRV GD LQWHOLJrQFLD HPRFLRQDO -i DQWHYHMR XP GLD HP TXH D HGXFDomR LQFOXLUi FRPR SUiWLFD GH URWLQD D LQVWLODomR GH DSWLG}HV KXPDQDV HVVHQFLDLV FRPR DXWRFRQVFLrQFLD DXWRFRQWUROH H HPSDWLD H GDV DUWHV GH RXYLU UHVROYHU FRQIOLWRV H FRRSHUDU
  • 6. (P eWLFD D 1LF{PDQR LQTXLULomR ILORVyILFD GH $ULVWyWHOHV VREUH YLUWXGH FDUiWHU H XPD YLGD MXVWD VHX GHVDILR p FRQWURODU QRVVD YLGD HPRFLRQDO FRP LQWHOLJrQFLD 1RVVDV SDL[}HV TXDQGR EHP H[HUFLGDV WrP VDEHGRULD RULHQWDP QRVVR SHQVDPHQWR QRVVRV YDORUHV QRVVD VREUHYLYrQFLD 0DV SRGHP IDFLOPHQWH FDLU HP HUUR H R ID]HP FRP GHPDVLDGD IUHTrQFLD RPR YLX $ULVWyWHOHV R SUREOHPD QmR HVWi QD HPRFLRQDOLGDGH PDV QD DGHTXDomR GD HPRomR H VXD PDQLIHVWDomR $ TXHVWmR p FRPR SRGHPRV OHYDU LQWHOLJrQFLD jV QRVVDV HPRo}HV FLYLOLGDGH jV QRVVDV UXDV H HQYROYLPHQWR j QRVVD YLGD FRPXQLWiULD 3$57( 80 2 e5(%52 (02,20$/ 3DUD TXH 6HUYHP DV (PRo}HV e FRP R FRUDomR TXH VH Yr FRUUHWDPHQWH R HVVHQFLDO p LQYLVYHO DRV ROKRV $172,1( '( 6$,17(;83e5 2 SHTXHQR SUtQFLSH 3HQVHP QRV ~OWLPRV PRPHQWRV GH *DU H 0DU -DQH KDXQFH XP FDVDO LQWHLUDPHQWH GHGLFDGR j ILOKD $QGUHD GH RQ]H DQRV FRQILQDGD D XPD FDGHLUD GH URGDV SRU XPD SDUDOLVLD FHUHEUDO $ IDPtOLD KDXQFH YLDMDYD QXP WUHP GD $PWUDN TXH FDLX QXP ULR GHSRLV TXH XPD EDUFDFD EDWHX H HQIUDTXHFHX XPD SRQWH IHUURYLiULD QD UHJLmR GRV SkQWDQRV GD /RXLVLDQD 3HQVDQGR SULPHLUR QD ILOKD R FDVDO IH] R TXH S{GH SDUD VDOYDU $QGUHD TXDQGR D iJXD LQYDGLX R WUHP GH DOJXP PRGR HOHV FRQVHJXLUDP HPSXUUiOD SRU XPD MDQHOD SDUD D HTXLSH GH UHVJDWH ( PRUUHUDP TXDQGR R YDJmR DIXQGRX $ KLVWyULD GH $QGUHD GH SDLV FXMR ~OWLPR DWR KHUyLFR p DVVHJXUDU D VREUHYLYrQFLD GH XP ILOKR FDSWD XP PRPHQWR GH FRUDJHP TXDVH PtWLFD 6HP G~YLGD HVVHV LQFLGHQWHV GH VDFULItFLR SDWHUQR SHOD SUROH VH UHSHWLUDP LQ~PHUDV YH]HV QD KLVWyULD H SUpKLVWyULD KXPDQDV H LQ~PHUDV YH]HV PDLV QR FXUVR PDLRU GD HYROXomR GH QRVVD HVSpFLH 9LVWR GD SHUVSHFWLYD GRV ELyORJRV HYROXFLRQLVWDV HVVH DXWRVDFULItFLR SDWHUQR HVWi D VHUYLoR GR VXFHVVR UHSURGXWLYR QD WUDQVPLVVmR GRV JHQHV D IXWXUDV JHUDo}HV 0DV GD SHUVSHFWLYD GH XP SDL TXH WRPD XPD GHFLVmR GHVHVSHUDGD QXP PRPHQWR GH FULVH QDGD PDLV p GR TXH DPRU RPR XPD LQWXLomR GR REMHWLYR H IRUoD GDV HPRo}HV HVVH DWR H[HPSODU GH KHURtVPR SDWHUQR DWHVWD R SDSHO GR DPRU DOWUXtVWD H GH WRGDV DV RXWUDV HPRo}HV TXH VHQWLPRV QD YLGD KXPDQD ,QGLFD TXH QRVVRV VHQWLPHQWRV PDLV SURIXQGRV QRVVDV SDL[}HV H DQVHLRV VmR JXLDV HVVHQFLDLV H QRVVD HVSpFLH GHYH JUDQGH SDUWH GH VXD H[LVWrQFLD j IRUoD GHOHV QRV DVVXQWRV KXPDQRV (VVD IRUoD p H[WUDRUGLQiULD Vy XP DPRU SRGHURVR D XUJrQFLD GH VDOYDU XPD ILOKD TXHULGD OHYDULD XP SDL D YHQFHU R LPSXOVR GH VREUHYLYrQFLD SHVVRDO 9LVWR GR LQWHOHFWR SRGH GL]HUVH TXH R DXWRVDFULItFLR GHOHV IRL LUUDFLRQDO YLVWR GR FRUDomR HUD D ~QLFD HVFROKD D ID]HU 2V VRFLRELyORJRV LQGLFDP D SUHHPLQrQFLD GR FRUDomR VREUH D PHQWH QHVVHV PRPHQWRV FUXFLDLV TXDQGR LQGDJDP SRU TXH D HYROXomR GHX j HPRomR XP SDSHO WmR HVVHQFLDO QD SVLTXH KXPDQD 1RVVDV HPRo}HV GL]HP QRV JXLDP TXDQGR HQIUHQWDPRV SURYDo}HV H WDUHIDV GHPDVLDGR LPSRUWDQWHV SDUD VHUHP GHL[DGDV DSHQDV DR LQWHOHFWR R SHULJR D GRU GH XPD SHUGD D SHUVLVWrQFLD QXPD PHWD DSHVDU GDV IUXVWUDo}HV D OLJDomR FRP XP FRPSDQKHLUR D IRUPDomR GH XPD IDPtOLD DGD HPRomR RIHUHFH XPD GLVSRVLomR GLVWLQWD SDUD DJLU FDGD XPD QRV S}H QXPD GLUHomR TXH GHX FHUWR QR OLGDU FRP RV UHFRUUHQWHV GHVDILRV GD YLGD KXPDQD $ PHGLGD TXH HVVDV VLWXDo}HV VH UHSHWLUDP H UHSHWLUDP DR ORQJR GH QRVVD KLVWyULD HYROXFLRQiULD R YDORU GH VREUHYLYrQFLD GH QRVVR UHSHUWyULR
  • 7. HPRFLRQDO IRL DWHVWDGR JUDYDQGRVH HP QRVVRV QHUYRV FRPR WHQGrQFLDV LQDWDV H DXWRPiWLFDV GR FRUDomR KXPDQR 8PD YLVmR GD QDWXUH]D KXPDQD TXH LJQRUD R SRGHU GDV HPRo}HV p ODPHQWDYHOPHQWH PtRSH 2 SUySULR QRPH +RPR VDSLHQV D HVSpFLH SHQVDQWH p HQJDQRVR j OX] GD QRYD DSUHFLDomR H RSLQLmR GR OXJDU GDV HPRo}HV HP QRVVDV YLGDV TXH QRV RIHUHFH KRMH D FLrQFLD RPR WRGRV VDEHPRV SRU H[SHULrQFLD TXDQGR VH WUDWD GH PRGHODU QRVVDV GHFLV}HV H Do}HV R VHQWLPHQWR FRQWD H[DWDPHQWH R PHVPR H PXLWDV YH]HV PDLV TXH R SHQVDPHQWR )RPRV ORQJH GHPDLV QD HQIDWL]DomR GR YDORU H LPSRUWkQFLD GR SXUDPHQWH UDFLRQDO GR TXH PHGH R 4, QD YLGD KXPDQD 3DUD R PHOKRU H R SLRU D LQWHOLJrQFLD QmR Gi HP QDGD TXDQGR DV HPRo}HV GRPLQDP 48$1'2 $6 3$,;®(6 '0,1$0 $ 5$=­2 )RL XPD WUDJpGLD GH HUURV 0DWLOGD UDEWUHH DQRV DSHQDV GHX XP VXVWR QR SDL VDOWRX GH GHQWUR GH XP DUPiULR H JULWRX %XX TXDQGR RV SDLV YROWDYDP j XPD GD PDQKm GH XPD YLVLWD D DPLJRV 0DV %REE UDEWUHH H D PXOKHU DFKDYDP TXH 0DWLOGD HVWDYD HP FDVD GH DPLJDV QDTXHOD QRLWH 2XYLQGR UXtGRV DR HQWUDU HP FDVD UDEWUHH EXVFRX VXD SLVWROD FDOLEUH H IRL DR TXDUWR GHOD LQYHVWLJDU 4XDQGR D ILOKD SXORX GR DUPiULR HOH ,KH GHX XP WLUR QR SHVFRoR 0DWLOGD UDEWUHH PRUUHX GR]H KRUDV GHSRLV 8P OHJDGR HPRFLRQDO GD HYROXomR p R PHGR TXH QRV PRELOL]D SDUD SURWHJHU QRVVD IDPtOLD FRQWUD R SHULJR HVVH LPSXOVR OHYRX UDEWUHH D SHJDU D DUPD H YDVFXOKDU D FDVD HP EXVFD GR LQWUXVR TXH SHQVDYD HVWDU URQGDQGR SRU DOL 2 PHGR LQFLWRXR D DWLUDU DQWHV GH UHJLVWUDU SHUIHLWDPHQWH QR TXH DWLUDYD PHVPR DQWHV GH UHFRQKHFHU D YR] GD ILOKD 5HDo}HV DXWRPiWLFDV GHVVH WLSR JUDYDUDPVH HP QRVVR VLVWHPD QHUYRVR VXS}HP RV ELyORJRV SRUTXH GXUDQWH XP ORQJR H FUXFLDO SHUtRGR QD SUpKLVWyULD KXPDQD GHFLGLDP HQWUH D VREUHYLYrQFLD H D PRUWH 0DLV LPSRUWDQWH DLQGD FRQWDYDP SDUD D SULQFLSDO WDUHID GD HYROXomR D FDSDFLGDGH GH GHL[DU XPD SURJrQLH TXH SDVVDVVH DGLDQWH HVVDV PHVPDV SUHGLVSRVLo}HV JHQpWLFDV XPD WULVWH LURQLD HP YLVWD GD WUDJpGLD QD IDPtOLD UDEWUHH 0DV HPERUD QRVVDV HPRo}HV WHQKDP VLGR ViELDV JXLDV QR ORQJR SHUFXUVR HYROXFLRQiULR DV QRYDV UHDOLGDGHV TXH D FLYLOL]DomR DSUHVHQWD VXUJLUDP FRP WDQWD UDSLGH] TXH D OHQWD PDUFKD GD HYROXomR QmR SRGH DFRPSDQKDU 1D YHUGDGH DV SULPHLUDV OHLV H SURFODPDo}HV GH pWLFD R yGLJR GH +DPXUDEL RV 'H] 0DQGDPHQWRV GRV KHEUHXV RV eGLWRV GR LPSHUDGRU $VKRND SRGHP VHU LQWHUSUHWDGDV FRPR WHQWDWLYDV GH FRQWHU VXEMXJDU H GRPHVWLFDU D YLGD HPRFLRQDO RPR GHVFUHYHX )UHXG HP 2 0DO HVWDU QD LYLOL]DomR D VRFLHGDGH WHYH GH LPSRU GH IRUD UHJUDV GHVWLQDGDV D FRQWHU DV RQGDV GH H[FHVVR HPRFLRQDO TXH VXUJHP GHPDVLDGR OLYUHV GH GHQWUR $SHVDU GHVVDV SUHVV}HV VRFLDLV DV SDL[}HV UHSHWLGDV YH]HV HVPDJDP D UD]mR (VVH GDGR GD QDWXUH]D KXPDQD YHP GD DUTXLWHWXUD EiVLFD GD YLGD PHQWDO (P WHUPRV GR SODQR ELROyJLFR GRV FLUFXLWRV QHXUDLV EiVLFRV GD HPRomR DTXHOHV FRP RV TXDLV QDVFHPRV VmR RV TXH PHOKRU IXQFLRQDUDP SDUD DV ~OWLPDV JHUDo}HV KXPDQDV QmR DV ~OWLPDV H FHUWDPHQWH QmR DV ~OWLPDV FLQFR $V OHQWDV H GHOLEHUDGDV IRUoDV GD HYROXomR TXH PROGDUDP QRVVDV HPRo}HV WrP IHLWR VHX WUDEDOKR DR ORQJR GH XP PLOKmR GH DQRV RV ~OWLPRV DSHVDU GH WHUHP DVVLVWLGR DR UiSLGR VXUJLPHQWR GD FLYLOL]DomR KXPDQD H j H[SORVmR GHPRJUiILFD KXPDQD GH FLQFR PLOK}HV SDUD FLQFR ELOK}HV TXDVH QDGD LPSULPLUDP HP QRVVRV JDEDULWRV ELROyJLFRV SDUD D YLGD HPRFLRQDO
  • 8. 3DUD PHOKRU RX SLRU QRVVD DYDOLDomR GH FDGD HQFRQWUR SHVVRDO H QRVVDV UHVSRVWDV D HOH VmR PROGDGDV QmR DSHQDV SRU QRVVRV MXOJDPHQWRV UDFLRQDLV RX QRVVD KLVWyULD SHVVRDO PDV WDPEpP SRU QRVVR SDVVDGR DQFHVWUDO GLVWDQWH ,VVR QRV GHL[D FRP WHQGrQFLDV jV YH]HV WUiJLFDV FRPR DWHVWDP RV ODPHQWiYHLV IDWRV QD IDPtOLD UDEWUHH (P VXPD FRP GHPDVLDGD IUHTrQFLD HQIUHQWDPRV GLOHPDV SyVPRGHUQRV FRP XP UHSHUWyULR WDOKDGR SDUD DV XUJrQFLDV GR 3OHLVWRFHQR (VVH WUDQVH p D HVVrQFLD GH PHX WHPD ,PSXOVRV j DomR 1XP GLD GH LQtFLR GD SULPDYHUD HX DWUDYHVVDYD GH FDUUR XP SDVVR GH PRQWDQKD QR RORUDGR TXDQGR XPD UHSHQWLQD OXIDGD GH QHYH HQFREULX R YHtFXOR DOJXQV PHWURV j PLQKD IUHQWH 0HVPR IRUoDQGR D YLVWD HX QmR FRQVHJXLD GLVWLQJXLU QDGD D QHYH HP UHGHPRLQKR WRUQDUDVH XPD DOYXUD FHJDQWH $R SLVDU QR IUHLR VHQWL D DQVLHGDGH PH LQYDGLU R FRUSR H RXYL DV EDWLGDV VXUGDV GR FRUDomR $ DQVLHGDGH DYROXPRXVH HP SOHQR PHGR )XL SDUD R DFRVWDPHQWR HVSHUDU TXH D OXIDGD SDVVDVVH 0HLD KRUD GHSRLV D QHYH SDURX D YLVLELOLGDGH UHWRPRX H SURVVHJXL PHX FDPLQKR DSHQDV SDUD VHU SDUDGR DOJXPDV FHQWHQDV GH PHWURV DGLDQWH RQGH XPD HTXLSH GH DPEXOkQFLD VRFRUULD XP SDVVDJHLUR GH XP FDUUR TXH EDWHUD QD WUDVHLUD GH RXWUR PDLV OHQWR j IUHQWH D FROLVmR EORTXHRX D URGRYLD 6H HX WLYHVVH FRQWLQXDGR D GLULJLU QD QHYH FHJDQWH SURYDYHOPHQWH RV WHULD DWLQJLGR $ FDXWHOD TXH R PHGR PH LPS{V QDTXHOH GLD WDOYH] WHQKD VDOYR PLQKD YLGD RPR XP FRHOKR SDUDOLVDGR GH WHUURU DR VLQDO GD SDVVDJHP GH XPD UDSRVD RX XP SURWR PDPtIHUR HVFRQGHQGRVH GH XP GLQRVVDXUR SUHGDGRU IXL WRPDGR SRU XP HVWDGR LQWHULRU TXH PH REULJRX D SDUDU SUHVWDU DWHQomR H WRPDU FXLGDGR FRP XP SHULJR LPLQHQWH 7RGDV DV HPRo}HV VmR HP HVVrQFLD LPSXOVRV SDUD DJLU SODQRV LQVWDQWkQHRV SDUD OLGDU FRP D YLGD TXH D HYROXomR QRV LQIXQGLX $ SUySULD UDL] GD SDODYUD HPRomR p PRYHUH PRYHU HP ODWLP PDLV R SUHIL[R H SDUD GHQRWDU DIDVWDUVH LQGLFDQGR TXH XPD WHQGrQFLD D DJLU HVWi LPSOtFLWD HP WRGD HPRomR 4XH DV HPRo}HV OHYDP D Do}HV p PDLV yEYLR REVHUYDQGRVH DQLPDLV RX FULDQoDV Vy QRV DGXOWRV FLYLOL]DGRV HQFRQWUDPRV WDQWDV YH]HV D JUDQGH DQRPDOLD QR UHLQR DQLPDO HPRo}HV LPSXOVRV DUUDLJDGRV SDUD DJLU GLYRUFLDGDV GH XPD UHDomR yEYLD (P QRVVR UHSHUWyULR HPRFLRQDO FDGD HPRomR GHVHPSHQKD XPD IXQomR ~QLFD FRPR UHYHODP VXDV GLVWLQWDV DVVLQDWXUDV ELROyJLFDV YHU GHWDOKHV VREUH HPRo}HV EiVLFDV QR $SrQGLFH $
  • 9. RP QRYRV PpWRGRV SDUD SHUVFUXWDU R FRUSR H R FpUHEUR RV SHVTXLVDGRUHV HVWmR GHVFREULQGR PDLV GHWDOKHV ILVLROyJLFRV GH FRPR FDGD HPRFmR SUHSDUD R FRUSR SDUD XP WLSR GH UHVSRVWD PXLWR GLIHUHQWH Â RP LUD R VDQJXH IOXL SDUD DV PmRV WRUQDQGR PDLV IiFLO SHJDU XPD DUPD RX JROSHDU XP LQLPLJR RV EDWLPHQWRV FDUGtDFRV DFHOHUDPVH H XPD RQGD GH KRUP{QLRV FRPR D DGUHQDOLQD JHUD XPD SXOVDomR HQHUJLD VXILFLHQWHPHQWH IRUWH SDUD XPD DomR YLJRURVD Â RP PHGR R VDQJXH YDL SDUD RV P~VFXORV GR HVTXHOHWR FRPR RV GDV SHUQDV WRUQDQGR PDLV IiFLO IXJLU H ID] R URVWR ILFDU OtYLGR XPD YH] TXH R VDQJXH p GHVYLDGR GHOH FULDQGR D VHQVDomR GH TXH JHOD
  • 10. $R PHVPR WHPSR R FRUSR LPRELOL]DVH DLQGD TXH SRU XP PRPHQWR WDOYH] GDQGR WHPSR SDUD DYDOLDU VH VH HVFRQGHU QmR VHULD XPD PHOKRU UHDomR LUFXLWRV QRV FHQWURV HPRFLRQDLV GR FpUHEUR GLVSDUDP D WRUUHQWH GH KRUP{QLRV TXH S}H R FRUSR HP DOHUWD JHUDO WRUQDQGRR LQTXLHWR H SURQWR SDUD DJLU H D DWHQomR VH IL[D QD DPHDoD LPHGLDWD SDUD PHOKRU FDOFXODU D UHVSRVWD D GDU Â(QWUH DV SULQFLSDLV PXGDQoDV ELROyJLFDV QD IHOLFLGDGH HVWi XPD PDLRU DWLYLGDGH QR FHQWUR FHUHEUDO TXH LQLEH RV VHQWLPHQWRV QHJDWLYRV H IDYRUHFH R DXPHQWR GD HQHUJLD H[LVWHQWH H VLOHQFLD DTXHOHV TXH JHUDP SHQVDPHQWRV GH SUHRFXSDomR
  • 11. 0DV QmR RFRUUH QHQKXPD PXGDQoD SDUWLFXODU QD ILVLRORJLD D QmR VHU XPD WUDQTLOLGDGH TXH ID] R FRUSR UHFXSHUDUVH PDLV GHSUHVVD GR HVWtPXOR GH HPRo}HV SHUWXUEDGRUDV (VVD FRQILJXUDomR RIHUHFH DR FRUSR XP UHSRXVR JHUDO DVVLP FRPR GLVSRVLomR H HQWXVLDVPR SDUD TXDOTXHU WDUHID LPHGLDWD H SDUD PDUFKDU UXPR D XPD JUDQGH YDULHGDGH GH PHWDV $PRU VHQWLPHQWRV DIHWXRVRV H VDWLVIDomR VH[XDO LPSOLFDP HVWLPXODomR SDUDVVLPSiWLFD R RSRVWR ILVLROyJLFR GD PRELOL]DomR SDUD OXWDURXIXJLU SDUWLOKDGD SHOR PHGR H D LUD 2 SDGUmR SDUDVVLPSiWLFR FKDPDGR GH UHVSRVWD GH UHOD[DPHQWR´ p XP FRQMXQWR GH UHDo}HV HP WRGR R FRUSR TXH JHUD XP HVWDGR JHUDO GH FDOPD H VDWLVIDomR IDFLOLWDQGR D FRRSHUDomR 2 HUJXHU GDV VREUDQFHOKDV QD VXUSUHVD SHUPLWH D DGRomR GH XPD YDUUHGXUD YLVXDO PDLV DPSOD H WDPEpP PDLRU TXDQWLGDGH GH OX] D DWLQJLU D UHWLQD ,VVR RIHUHFH PDLV LQIRUPDomR VREUH R IDWR LQHVSHUDGR WRUQDQGR PDLV IiFLO SHUFHEHU H[DWDPHQWH R TXH HVWi DFRQWHFHQGR H FRQFHEHU R PHOKRU SODQR GH DomR  (P WRGR R PXQGR D H[SUHVVmR GH UHSXJQkQFLD SDUHFH D PHVPD H HQYLD LGrQWLFD PHQVDJHP DOJXPD FRLVD GHVDJUDGD DR JRVWR RX DR ROIDWR UHDO R PHWDIRULFDPHQWH $ H[SUHVVmR IDFLDO GH QRMR R OiELR VXSHULRU VH UHWRUFH SDUD R ODGR H R QDUL] VH HQUXJD OLJHLUDPHQWH VXJHUH XPD WHQWDWLYD SULPRUGLDO FRP REVHUYRX 'DUYLQ GH WDSDU DV QDULQDV FRQWUD XP RGRU QRFLYR RX FXVSLU IRUD XPD FRPLGD HVWUDJDGD  8PD GDV SULQFLSDLV IXQo}HV GD WULVWH]D p DMXGDU D DMXVWDUVH D XPD SHUGD VLJQLILFDWLYD FRPR D PRUWH GH DOJXpP RX XPD GHFHSomR LPSRUWDQWH $ WULVWH WUD] XPD TXHGD GH HQHUJLD H HQWXVLDVPR SHODV DWLYLGDGHV GD YLGD HP SDUWLFXODU GLYHUV}HV H SUD]HUHV H TXDQGR VH DSURIXQGD H VH DSUR[LPD GD GHSUHVVmR UHGX] D YHORFLGDGH PHWDEyOLFD GR FRUSR (VVH UHWUDLPHQWR LQWURVSHFWLYR FULD D RSRUWXQLGDGH SDUD ODPHQWDU XPD SHUGD RX XPD HVSHUDQoD IUXVWUDGD FDSWDU VXDV FRQVHTXrQFLDV SDUD D YLGD H TXDQGR D HQHUJLD UHWRUQD SODQHMDU QRYRV FRPHoRV (VVD SHUGD GH HQHUJLD EHP SRGH WHU PDQWLGR RV VHUHV KXPDQRV HQWULVWHFLGRV GRV H YXOQHUiYHLV SHUWR GH FDVD RQGH HVWDYDP HP PDLRU VHJXUDQoD (VVDV WHQGrQFLDV ELROyJLFDV SDUD DJLU VmR DLQGD PDLV PROGDGDV SRU QRVVD H[SHULrQFLD H FXOWXUD 3RU H[HPSOR D SHUGD GH XP VHU DPDGR SURYRFD XQLYHUVDOPHQWH WULVWH]D H OXWR 0DV D PDQHLUD FRPR GHPRQVWUDPRV QRVVR SHVDU FRPR H[LELPRV RX FRQWHPRV DV HPRo}HV HP PRPHQWRV tQWLPRV p PROGDGD SHOD FXOWXUD FRPR WDPEpP R p D HVFROKD GH TXDLV SHVVRDV SDUWLFXODUHV HP QRVVDV YLGDV VH HQFDL[DP QD FDWHJRULD GH HQWHV TXHULGRV D VHUHP ODPHQWDGRV 2 SURORQJDGR SHUtRGR GH HYROXomR HP TXH HVVDV UHVSRVWDV HPRFLRQDLV IRUPDUDP j IRUoD IRL VHP G~YLGD XPD UHDOLGDGH PDLV GXUD TXH D VXSRUWDGD SHOD PDLRULD GRV VHUHV KXPDQRV FRPR HVSpFLH DSyV R DOYRUHFHU GD KLVWyULD UHJLVWUDGD )RL XP WHPSR HP TXH SRXFDV FULDQoDV VREUHYLYLDP j LQIkQFLD H SRXFRV DGXOWRV DRV WULQWD DQRV TXDQGR RV SUHGDGRUHV DWDFDYDP D TXDOTXHU PRPHQWR TXDQGR DV LQFHUWH]DV GDV VHFDV H FKHLDV VLJQLILFDYDP D GLIHUHQoD HQWUH D IRPH H D VREUHYLYrQFLD 0DV FRP R DGYHQWR GD DJULFXOWXUD H DWp PHVPR GDV PDLV UXGLPHQWDUHV VRFLHGDGHV DV SRVVLELOLGDGHV GH VREUHYLYrQFLD FRPHoDUDP D PXGDU GH IRUPD VHQVDFLRQDO 1RV ~OWLPRV GH] PLO DQRV TXDQGR HVVHV DYDQoRV VH ILUPDUDP HP WRGR R PXQGR UHGX]LUDPVH VLJQLILFDWLYDPHQWH DV IHUR]HV SUHVV}HV TXH KDYLDP FRQWLGR D SRSXODomR KXPDQD (VVDV PHVPDV SUHVV}HV KDYLDP WRUQDGR QRVVDV UHVSRVWDV HPRFLRQDLV PXLWR YDOLRVDV SDUD D VREUHYLYrQFLD TXDQGR GHVDSDUHFHUDP R PHVPR VH GHX FRP D YDOLGDGH GH SDUWHV GH QRVVR UHSHUWyULR HPRFLRQDO (QTXDQWR QR SDVVDGR GLVWDQWH D LUD LQVWDQWkQHD
  • 12. SURSRUFLRQDYD XPD YDQWDJHP FUXFLDO SDUD D VREUHYLYrQFLD D GLVSRQLELOLGDGH GH DPODV DXWRPiWLFDV SDUD JDURWRV GH WUH]H DQRV WRPRXD FRP GHPDVLDGD IUHTrQFLD XPD UHDomR GHVDVWURVD 1RVVDV 'XDV 0HQWHV 8PD DPLJD PH IDODYD GH VHX GLYyUFLR XPD GRORURVD VHSDUDomR 2 PDULGR DSDL[RQDUDVH SRU XPD PXOKHU PDLV MRYHP QR WUDEDOKR H GH UHSHQWH DQXQFLDUD TXH LD GHL[iOD SDUD YLYHU FRP D RXWUD 6HJXLUDPVH PHVHV GH EULJDV DPDUJDV VREUH FDVD GLQKHLUR H FXVWyGLD GRV ILOKRV $JRUD SDVVDGRV DOJXQV PHVHV HOD GL]LD TXH VXD LQGHSHQGrQFLD ,KH DJUDGDYD TXH VH VHQWLD IHOL] HP HVWDU SRU FRQWD SUySULD 6LPSOHVPHQWH QmR SHQVR PDLV QHOH QD YHUGDGH QmR PH LPSRUWD 0DV DR GL]HU LVVR VHXV ROKRV SRU XP LQVWDQWH VH LQXQGDUDP GH OiJULPDV $TXHOH PRPHQWR GH ROKRV PDUHMDGRV SRGHULD SDVVDU IDFLOPHQWH GHVDSHUFHELGR 0DV D FRPSUHHQVmR HPSiWLFD GH TXH RV ROKRV PDUHMDGRV GH XPD SHVVRD VLJQLILFDP TXH HOD HVWi WULVWH DSHVDU GDV SDODYUDV HP FRQWUiULR p XP DWR GH FRPSUHHQVmR WmR VHJXUR FRPR D GHVWLODomR GR VHQWLGR GDV SDODYUDV QXPD SiJLQD LPSUHVVD 8PD p XP DWR GD PHQWH HPRFLRQDO D RXWUD GD UDFLRQDO 1XP VHQWLGR PXLWR YHUGDGHLUR WHPRV GXDV PHQWHV D TXH SHQVD H D TXH VHQWH (VVHV GRLV PRGRV IXQGDPHQWDOPHQWH GLIHUHQWHV GH FRQKHFLPHQWR LQWHUDJHP QD FRQVWUXomR GH QRVVD YLGD PHQWDO 8P D PHQWH UDFLRQDO p R PRGR GH FRPSUHHQVmR GH TXH WLSLFDPHQWH WHPRV FRQVFLrQFLD PDLV GHVWDFDGR QD FRQVFLrQFLD PDLV DWHQFLRVR FDSD] GH SRQGHUDU H UHIOHWLU 0DV MXQWR FRP HVVH H[LVWH RXWUR VLVWHPD GH FRQKHFLPHQWR LPSXOVLYR H SRGHURVR HPERUD jV YH]HV LOyJLFR D PHQWH HPRFLRQDO 3DUD XPD GHVFULomR PDLV GHWDOKDGD GDV FDUDFWHUtVWLFDV GD PHQWH HPRFLRQDO YHU R $SrQGLFH %
  • 13. $ GLFRWRPLD HPRFLRQDOUDFLRQDO DSUR[LPDVH GD GLVWLQomR SRSXODU HQWUH FRUDomR H FDEHoD VDEHU TXH DOJXPD FRLVD p FHUWD DTXL GHQWUR GR FRUDomR´ p XP WLSR GLIHUHQWH GH FRQYLFomR GH DOJXP PRGR XPD FHUWH]D PDLV SURIXQGD GR TXH DFKDU D PHVPD FRLVD FRP D PHQWH UDFLRQDO +i XPD DFHQWXDGD JUDGDomR QD SURSRUomR HQWUH FRQWUROH UDFLRQDO H HPRFLRQDO GD PHQWH TXDQWR PDLV LQWHQVR R VHQWLPHQWR PDLV GRPLQDQWH VH WRPD D PHQWH HPRFLRQDO H PDLV LQWHOHFWXDO D UDFLRQDO e XPD GLVSRVLomR TXH SDUHFH RULJLQDUVH GH HUDV H HUDV GD YDQWDJHP HYROXFLRQiULD GH WHUPRV DV HPRo}HV H LQWXLo}HV FRPR JXLDV GH QRVVD UHVSRVWD LQVWDQWkQHD QDV VLWXDo}HV HP TXH QRVVD YLGD HVWi HP SHULJR H QDV TXDLV SDUDU SDUD SHQVDU R TXH ID]HU SRGHULD QRV FXVWDU D YLGD (VVDV GXDV PHQWHV D HPRFLRQDO H D UDFLRQDO RSHUDP HP HVWUHLWD KDUPRQLD QD PDLRU SDUWH GR WHPSR HQWUHODoDQGR VHXV PRGRV GH FRQKHFLPHQWR SDUD QRV RULHQWDU QR PXQGR (P JHUDO Ki XP HTXLOtEULR HQWUH DV PHQWHV HPRFLRQDO H UDFLRQDO FRP D HPRomR DOLPHQWDQGR H LQIRUPDQGR DV RSHUDo}HV GD PHQWH UDFLRQDO H D PHQWH UDFLRQDO UHILQDQGR H jV YH]HV YHWDQGR R LQVXPR GDV HPRo}HV 0DV VmR IDFXOGDGHV VHPLLQGHSHQGHQWHV FDGD XPD FRPR YHUHPRV UHIOHWLQGR R IXQFLRQDPHQWR GH FLUFXLWRV GLVWLQWRV PDV LQWHUOLJDGRV QR FpUHEUR (P PXLWRV RX QD PDLRULD GRV PRPHQWRV HVVDV PHQWHV VH FRRUGHQDP HVWUDQKDPHQWH RV VHQWLPHQWRV VmR HVVHQFLDLV SDUD R SHQVDPHQWR H YLFHYHUVD 0DV TXDQGR VXUJHP DV SDL[}HV R HTXLOtEULR EDODQoD p D PHQWH HPRFLRQDO TXH WRPD R FRPDQGR LQXQGDQGR D UDFLRQDO 2 KXPDQLVWD GR VpFXOR GH]HVVHLV (UDVPR GH 5RWWHUGDP HVFUHYHX QXPD YHLD VDWtULFD VREUH HVVD SHUHQH WHQVmR HQWUH UD]mR H HPRomR -~SLWHU OHJRX PXLWR PDLV SDL[mR TXH UD]mR SRGHVH FDOFXODU D SURSRUomR HP SRU XP 3{V GXDV WLUDQDV IXULRVDV HP RSRVLomR DR VROLWiULR SRGHU GD 5D]mR D LUD H D OX[~ULD $Wp RQGH D 5D]mR SUHYDOHFH FRQWUD DV IRUoDV FRPELQDGDV GDV GXDV D YLGD GR KRPHP
  • 14. FRPXP GHL[D EDVWDQWH FODUR $ 5D]mR ID] D ~QLFD FRLVD TXH SRGH H EHUUD DWp ILFDU URXFD UHSHWLQGR IyUPXODV GH YLUWXGH HQTXDQWR DV RXWUDV GXDV D PDQGDP SDUD R GLDER TXH D FDUUHJXH H WRUQDPVH FDGD YH] PDLV UXLGRVDV H LQVXOWDQWHV DWp TXH SRU ILP VXD *RYHUQDQWH VH H[DXUH GHVLVWH H UHQGHVH 202 685*,8 2 e5(%52 3DUD PHOKRU HQWHQGHU R IRUWH GRPtQLR GDV HPRo}HV VREUH D PHQWH SHQVDQWH H SRU TXH VHQWLPHQWR H UD]mR HQWUDP WmR SURQWDPHQWH HP JXHUUD SHQVHP HP FRPR R FpUHEUR HYROXLX 2V FpUHEURV KXPDQRV FRP VHX SRXFR PDLV GH XP TXLOR GH FpOXODV H KXPRUHV QHXUDLV VmR WUrV YH]HV PDLRUHV TXH RV GRV QRVVRV SULPRV QD HYROXomR RV SULPDWDV QmR KXPDQRV $R ORQJR GH PLOK}HV GH DQRV GH HYROXomR R FpUHEUR FUHVFHX GH EDL[R SDUD FLPD RV FHQWURV VXSHULRUHV GHVHQYROYHQGRVH FRPR HODERUDo}HV GH SDUWHV LQIHULRUHV PDLV DQWLJDV R FUHVFLPHQWR GR FpUHEUR QR HPEULmR KXPDQR UHID] PDLV RX PHQRV HVVH SHUFXUVR HYROXFLRQiULR
  • 15. $ SDUWH PDLV SULPLWLYD GR FpUHEUR SDUWLOKDGD FRP WRGDV DV HVSpFLHV TXH WrP PDLV TXH XP VLVWHPD QHUYRVR PtQLPR p R WURQFR FHUHEUDO HP YROWD GR WRSR GD PHGXOD HVSLQKDO (VVH FpUHEURUDL] UHJXOD IXQo}HV YLWDLV EiVLFDV FRPR D UHVSLUDomR H R PHWDEROLVPR GRV RXWURV yUJmRV GR FRUSR H WDPEpP FRQWUROD UHDF}HV H PRYLPHQWRV HVWHUHRWLSDGRV 1mR VH SRGH GL]HU TXH HVVH FpUHEUR SULPLWLYR SHQVD RX DSUHQGH DR FRQWUiULR p XP FRQMXQWR GH UHJXODGRUHV SUpSURJUDPDGRV TXH PDQWpP R IXQFLRQDPHQWR GR FRUSR FRPR GHYH H UHDJH GH PRGR D DVVHJXUDU D VREUHYLYrQFLD (VVH FpUHEUR UHLQRX VXSUHPR QD (UD GRV 5pSWHLV LPDJLQHP R VLELODU GH XPD VHUSHQWH FRPXQLFDQGR D DPHDoD GH XP DWDTXH 'D PDLV SULPLWLYD UDL] R WURQFR FHUHEUDO VXUJLUDP RV FHQWURV HPRFLRQDLV 0LOK}HV GH DQRV GHSRLV QD HYROXomR GHVVDV iUHDV HPRFLRQDLV GHVHQYROYHXVH R FpUHEUR SHQVDQWH RX QHRFyUWH[ R JUDQGH EXOER GH WHFLGRV RQGXODGRV TXH IRUPD DV FDPDGDV VXSHULRUHV 2 IDWR GH TXH R FpUHEUR SHQVDQWH VH GHVHQYROYHX D SDUWLU GDV HPRo}HV PXLWR UHYHOD VREUH D UHODomR HQWUH SHQVDPHQWR H VHQWLPHQWR KDYLD XP FpUHEUR HPRFLRQDO PXLWR DQWHV GH XP UDFLRQDO $ PDLV DQWLJD UDL] GH QRVVD YLGD HPRFLRQDO HVWi QR VHQWLGR GR ROIDWR RX PDLV SUHFLVDPHQWH QR ORER ROIDWLYR DV FpOXODV TXH DEVRUYHP H DQDOLVDP R FKHLUR 7RGD HQGGDGH YLYD VHMD QXWULWLYD YHQHQRVD SDUFHLUR VH[XDO SUHGDGRU RX SUHVD WHP XPD DVVLQDWXUD PROHFXODU GLVWLQWLYD TXH R YHQWR WUDQVSRUWD 1DTXHOHV WHPSRV SULPLWLYRV R ROIDWR DSUHVHQWDYDVH FRPR XP VHQWLGR VXSUHPR SDUD D VREUHYLYrQFLD 'R ORER ROIDWLYR FRPHoDUDP D HYROXLU RV DQWLJRV FHQWURV GH HPRomR TXH DFDEDUDP WRPDQGRVH VXILFLHQWHPHQWH JUDQGHV SDUD HQYROYHU R WRSR GR WURQFR FHUHEUDO (P VHXV HVWiJLRV UXGLPHQWDUHV R FHQWUR ROIDWLYR FRPSXQKDVH GH SRXFR PDLV TXH WrQXHV FDPDGDV GH QHXU{QLRV UHXQLGRV SDUD DQDOLVDU R FKHLUR 8PD FDPDGD GH FpOXODV UHFHELD R TXH HUD FKHLUDGR H FODVVLILFDYDR QDV FDWHJRULDV UHOHYDQWHV FRPHVWtYHO RX Wy[LFR VH[XDOPHQWH DFHVVtYHO LQLPLJR RX FRPLGD 8PD VHJXQGD FDPDGD GH FpOXODV HQYLDYD PHQVDJHQV UHIOH[LYDV D WRGR R VLVWHPD QHUYRVR GL]HQGR DR FRUSR R TXH ID]HU PRUGHU FXVSLU DERUGDU IXJLU FDoDU RP R DGYHQWR GRV SULPHLURV PDPtIHURV YLHUDP QRYDV FDPDGDV FKDYH GR FpUHEUR HPRFLRQDO (VWDV HP WRUQR GR WURQFR FHUHEUDO OHPEUDYDP XP SRXFR XP SDVWHO FRP XP SHGDoR PRUGLGR HPEDL[R QR OXJDU RQGH VH HQFDL[D R WURQFR FHUHEUDO RPR HVVD SDUWH
  • 16. GR FpUHEUR FHUFD H OLPLWDVH FRP R WURQFR FHUHEUDO HUD FKDPDGD GH VLVWHPD OtPELFR GH OLPEXV SDODYUD ODWLQD TXH VLJQLILFD RUOD (VVH QRYR WHUULWyULR QHXUDO DFUHVFHQWRX HPRo}HV SURSULDPHQWH GLWDV DR UHSHUWyULR GR FpUHEUR 4XDQGR HVWDPRV VRE R GRPtQLR GH DQVHLRV RX I~ULD SHUGLGDPHQWH DSDL[RQDGRV RX WUDQVLGRV GH SDYRU p R VLVWHPD OtPELFR TXH QRV WHP HP VHX SRGHU ¬ PHGLGD TXH HYROXtD R VLVWHPD OtPELFR IRL DSHUIHLoRDQGR GXDV SRGHURVD IHUUDPHQWDV DSUHQGL]DGR H PHPyULD (VVHV DYDQoRV UHYROXFLRQiULRV SRVVLELOLWDYDP D XP DQLPDO VHU PXLWR PDLV HVSHUWR QDV RSo}HV GH VREUHYLYrQFLD DSULPRUDU VXDV UHVSRVWDV SDUD DGDSWDU VH D H[LJrQFLDV DPELDQWHV HP YH] GH WHU UHDo}HV LQYDULiYHLV H DXWRPiWLFDV 6H XPD FRPLGD FDXVDYD GRHQoD SRGLD VHU HYLWDGD QD SUy[LPD YH] 'HFLV}HV FRPR VDEHU R TXH FRPHU H R TXH UHMHLWDU DLQGD HUDP HP JUDQGH SDUWH GHWHUPLQDGDV SHOR ROIDWR DV OLJDo}HV HQWUH R EXOER ROIDWLYR H R VLVWHPD OtPELFR DVVXPLDP DJRUD DV WDUHIDV GH HVWDEHOHFHU GLVWLQo}HV HQWUH FKHLURV H UHFRQKHFrORV FRPSDUDQGR XP DWXDO FRP RXWURV SDVVDGRV H GLVFULPLQDQGR DVVLP R ERP GR UXLP ,VVR HUD IHLWR SHOR ULQHQFpIDOR OLWHUDOPHQWH R FpUHEUR GR QDUL] XPD SDUWH GD ILDomR OtPELFD H D EDVH UXGLPHQWDU GR QHRFyUWH[ R FpUHEUR SHQVDQWH +i FHUFD GH PLOK}HV GH DQRV R FpUHEUR GRV PDPtIHURV GHX XP JUDQGH VDOWR HP FUHVFLPHQWR 3RU FLPD GR WrQXH FyUWH[ GH GXDV FDPDGDV DV UHJL}HV TXH SODQHMRX FRPSUHHQGHP R TXH p VHQWLGR FRRUGHQDP R PRYLPHQWR DFUHVFHQWDUDPVH QRYDV FDPDGDV GH FpOXODV FHUHEUDLV IRUPDQGR R QHRFyUWH[ (P FRQWUDVWH FRP R DQWLJR FyUWH[ GH GXDV FDPDGDV R QHRFyUWH[ RIHUHFLD XPD H[WUDRUGLQiULD YDQWDJHP LQWHOHFWXDO 2 QHRFyUWH[ GR +RPR VDSLHQV PXLWR PDLRU TXH R GH TXDOTXHU RXWUD HVSpFLH DFUHVFHQWRX WXGR R TXH p GLVWLQWDPHQWH KXPDQR 2 QHRFyUWH[ p D VHGH GR SHQVDPHQWR FRQWpP RV FHQWURV TXH UH~QHP H FRPSUHHQGHP R TXH RV VHQWLGRV SHUFHEHP $FUHVFHQWD D XP VHQWLPHQWR R TXH SHQVDPRV GHOH H QRV SHUPLWH WHU VHQWLPHQWRV VREUH LGpLDV DUWH VtPERORV LPDJHQV 1D HYROXomR R QHRFyUWH[ SRVVLELOLWRX XP FULWHULRVR DSULPRUDPHQWR TXH VH G~YLGD WURX[H HQRUPHV YDQWDJHQV QD FDSDFLGDGH GH XP RUJDQLVPR VREUHYLYHU j DGYHUVLGDGH WRUQDQGR PDLV SURYiYHO TXH VXD SURJrQLH SRU VXD YH] SDVVDV DGLDQWH RV JHQHV TXH FRQWrP HVVHV PHVPRV FLUFXLWRV QHXUDLV $ YDQWDJHP SDUD D VREUHYLYrQFLD GHYHVH DR GRP GR QHRFyUWH[ GH FULDU HVWUDWpJLDV SODQHMDU ORQJR SUD]R H RXWURV DUWLItFLRV PHQWDLV $OpP GLVVR RV WULXQIRV GD DUWH FLYLOL]DomR H FXOWXUD VmR WRGRV IUXWRV GR QHRFyUWH[ (VVD QRYD DGLomR DR FpUHEUR SHUPLWLX R DFUpVFLPR GH QXDQoDV j YLGD HPRFLRQDO 9HMDP R DPRU $V HVWUXWXUDV OtPELFDV JHUDP VHQWLPHQWRV GH SUD]HU GHVHMR VH[XDO DV HPRo}HV TXH DOLPHQWDP D SDL[mR VH[XDO 0DV R DFUpVFLPR GR QHRFyUWH[ H VXDV OLJDo}HV DR VLVWHPD OtPELFR SHUPLWLUDP D OLJDomR PmHILOKR TXH p D EDVH GD XQLGDGH IDPLOLDU H R FRPSURPLVVR D ORQJR SUD]R FRP D FULDomR GRV ILOKRV TXH WRUQD SRVVtYHO R GHVHQYROYLPHQWR KXPDQR (VSpFLHV TXH QmR WrP QHRFyUWH[ FRPR RV UpSWHLV FDUHFHP GH DIHLomR PDWHUQD TXDQGR VDHP GR RYR RV UHFpPQDVFLGRV WrP GH HVFRQGHUVH SDUD HYLWDU VHUHP FDQLEDOL]DGRV 1RV VHUHV KXPDQRV D OLJDomR GH SURWHomR HQWUH SDL H ILOKR SHUPLWH TXH JUDQGD SDUWH GR DPDGXUHFLPHQWR SURVVLJD SRU XPD ORQJD LQIDQFLD GXUDQWH D TXDO R FpUHEUR FRQWLQXD D GHVHQYROYHUVH ¬ PHGLGD TXH VXELPRV QD HVFDOD ILORJHQpWLFD GR UpSWLO DR UKHVXV H DR VHU KXPDQR R VLPSOHV YROXPH GR QHRFyUWH[ DXPHQWD FRP HVVH DXPHQWR YHP XP DXPHQWR JHRPpWULFR QDV LQWHUOLJDo}HV GRV FLUFXLWRV FHUHEUDLV 4XDQWR PDLRU R Q~PHUR GHVVDV OLJDo}HV PDLRU D JDPD GH UHVSRVWDV SRVVtYHLV 2 QHRFyUWH[ SRVVLELOLWD D VXWLOH]D H RPSOH[LGDGH GD YLGD
  • 17. HPRFLRQDO FRPR D FDSDFLGDGH GH WHU VHQWLPHQWRV VREUH QRVVRV VHQWLPHQWRV +i XPD PDLRU SURSRUomR GH QHRFyUWH[ SDUD VLVWHPD OtPELFR QRV SULPDWDV TXH QDV RXWUDV HVSpFLHV H LPHQVDPHQWH PDLV QRV VHUHV KXPDQRV VXJHULQGR SRU TXH SRGHPRV H[LELU XPD JDPD PXLWR PDLRU GH UHDo}HV jV QRVVDV HPRo}HV H PDLV QXDQoDV (QTXDQWR XP FRHOKR RX XP UKHVXV WrP XP FRQMXQWR UHVWULWR GH UHVSRVWDV WtSLFDV SDUD R PHGR R QHRFyUWH[ KXPDQR PDLRU SRVVLELOLWD XP UHSHUWyULR PXLWR PDLV iJLO LQFOXVLYH OLJDU SDUD R WHOHIRQH GH HPHUJrQFLD GD SROtFLD 4XDQWR PDLV FRPSOH[R R VLVWHPD VRFLDO PDLV HVVHQFLDO p HVVD IOH[LELOLGDGH H QmR H[LVWH QHQKXP PXQGR VRFLDO PDLV FRPSOH[R TXH R QRVVR 0DV HVVHV FHQWURV 6XSHULRUHV QmR FRQWURODP WRGD D YLGD HPRFLRQDO QRV SUREOHPDV FUXFLDLV GR FRUDomR H PDLV HVSHFLDOPHQWH QDV HPHUJrQFLDV HPRFLRQDLV SRGHVH GLHU TXH HOHV VH VXEPHWHP DR VLVWHPD OtPELFR RPR WDQWRV GRV FHQWURV VXSHULRUHV VH GHVHQYROYHUDP D SDUWLU GR kPELWR GD UHJLmR OtPELFD RX D DPSOLDUDP R FpUHEUR HPRFLRQDO GHVHPSHQKD XPD IXQomR GHFLVLYD QD DUTXLWHWXUD QHXUDO RPR UDL] GD TXDO VXUJLX R FpUHEUR PDLV QRYR DV iUHDV HPRFLRQDLV HQWUHODoDPVH DWUDYpV GH PLOKDUHV GH FLUFXLWRV GH OLJDomR FRP WRGDV DV SDUWHV GR QHRFyUWH[ ,VVR Gi DRV FHQWURV HPRFLRQDLV LPHQVRV SRGHUHV GH LQIOXHQFLDU R IXQFLRQDPHQW GR UHVWR GR FpUHEUR LQFOXLQGR VHXV FHQWURV GH SHQVDPHQWR $1$720,$ '( 80 6(48(6752 (02,21$/ $ YLGD p XPD FRPpGLD SDUD RV TXH SHQVDP H XPD WUDJpGLD SDUD RV TXH VHQWHP+RUDFH :DOSROH
  • 18. (UD XPD WDUGH TXHQWH GH DJRVWR HP R PHVPR GLD HP TXH R UHYHUHQGR 0DUWLQ /XWKHU .LQJ -U IH] R GLVFXUVR (X WHQKR XP VRQKR QXPD PDUFKD SHORV GLUHLWRV FLYLV HP :DVKLQJWRQ 1DTXHOH GLD 5LFKDUG 5REOHV XP ODGUmR FRQWXPD] TXH DFDEDUD GH VHU SRVWR HP OLEHUGDGH FRQGLFLRQDO GH XPD VHQWHQoD GH WUrV DQRV SRU PDLV GH XPD FHQWHQD GH DUURPEDPHQWRV TXH IL]HUD SDUD VXVWHQWDU R YtFLR GH KHURtQD GHFLGLX ID]HU PDLV XP 4XHULD DEDQGRQDU R FULPH DOHJRX PDLV WDUGH PDV SUHFLVDYD GHVHVSHUDGDPHQWH GH GLQKHLUR SDUD D QDPRUDGD H D ILOKD GRV GRLV GH WUrV DQRV 2 DSDUWDPHQWR TXH DUURPERX QDTXHOH GLD SHUWHQFLD D GXDV PRoDV -DQLFH :OLH GH YLQWH H XP DQRV SHVTXLVDGRUD QD UHYLVWD 1HZVZHHN H (PLO +RIIHUW YLQWH H WUrV SURIHVVRUD SULPiULD (PERUD 5REOHV KRXYHVVH HVFROKLGR R DSDUWDPHQWR QR OX[XRVR 8SSHU (DVW 6LGH GH 1RYD ORUTXH SDUD DUURPEDU SRU DFKDU TXH QmR KDYLD QLQJXpP Oi -DQLFH HVWDYD HP FDVD $PHDoDQGRD FRP XPD IDFD HOH D DPDUURX 4XDQGR LD VDLQGR HQWURX (PLO 3DUD JDUDQWLU D IXJD 5REOHV FRPHoRX D DPDUUiOD WDPEpP 6HJXQGR FRQWD 5REOHV DQRV PDLV WDUGH HQTXDQWR DPDUUDYD (PLO -DQLFH :OLH DGYHUWLX R GH TXH QmR VDLULD LPSXQH GDTXHOH FULPH LD OHPEUDU R URVWR GHOH H DMXGDU D SROtFLD D ORFDOL]iOR 5REOHV TXH SURPHWHUD D VL PHVPR VHU DTXHOH R VHX ~OWLPR DUURPEDPHQWR HQWURX HP SkQLFR FRP LVVR SHUGHQGR FRPSOHWDPHQWH R FRQWUROH 1XP IUHQHVL SHJRX XPD JDUUDID GH VRGD H EDWHX QDV PRoDV DWp GHL[iODV LQFRQVFLHQWHV GHSRLV WRPDGR GH UDLYD H PHGR UHWDOKRXDV H HVIDTXHRXDV UHSHWLGDV YH]HV FRP XPD IDFD GH FR]LQKD 5HYHQGR DTXHOH PRPHQWR YLQWH H FLQFR DQRV GHSRLV 5REOHV ODPHQWDYD )LTXHL PDOXFR 0LQKD FDEHoD VLPSOHVPHQWH H[SORGLX $Wp KRMH WHP PXLWR WHPSR SDUD VH DUUHSHQGHU GDTXHOHV SRXFRV PLQXWRV GH I~ULD GHVHQIUHDGD (QTXDQWR HVFUHYR HOH FRQWLQXD QD SULVmR DOJXPDV GpFDGDV GHSRLV SHOR TXH VH WRPRX FRQKHFLGR FRPR R $VVDVVLQDWR GDV ([HFXWLYDV
  • 19. 7DLV H[SORV}HV HPRFLRQDLV VmR VHTHVWURV QHXUDLV 1HVVHV PRPHQWRV VXJHUHP RV LQGtFLRV XP FHQWUR QR FpUHEUR OtPELFR SURFODPD XPD HPHUJrQFLD UHFUXWDQGR R UHVWR GR FpUHEUR SDUD VHX SODQR GH XUJrQFLD 2 VHTHVWUR RFRUUH QXP LQVWDQWH GLVSDUDQGR HVVD UHDomR FUXFLDO PRPHQWRV DQWHV GH R QHRFyUWH[ R FpUHEUR SHQVDQWH WHU WLGR XPD RSRUWXQLGDGH GH YHU WXGR TXH HVWi DFRQWHFHQGR TXDQWR PDLV GH GHFLGLU VH p XPD ERD LGpLD $ PDUFD FDUDFWHUtVWLFD GHVVH VHTHVWUR p TXH DVVLP TXH SDVVD R PRPHQWR RV DVVLP SRVVXtGRV WrP D VHQVDomR GH QmR VDEHU R TXH GHX QHOHV (VVHV VHTHVWURV QmR VmR GH PRGR DOJXP LQFLGHQWHV LVRODGRV H KRUUHQGRV TXH OHYDP D FULPHV EUXWDLV FRPR R $VVDVVLQDWR GDV ([HFXWLYDV 'H IRUPD PHQRV FDWDVWUyILFD PDV QmR QHFHVVDULDPHQWH PHQRV LQWHQVD RFRUUHP FRQRVFR FRP PXLWD IUHTrQFLD /HPEUHP D ~OWLPD YH] HP TXH YRFrV SHUGHUDP R FRQWUROH H[SORGLUDP FRP DOJXpP R PDULGR RX ILOKR RX TXHP VDEH R PRWRULVWD GH RXWUR FDUUR D WDO SRQWR TXH GHSRLV FRP XP SRXFR GH UHIOH[mR H YLVmR UHWURVSHFWLYD D FRLVD SDUHFHXOKHV LPSUySULD ,VVR FRP WRGD SUREDELOLGDGH IRUDP WDPEpP XP GHVVHV VHTHVWURV XPD WRPDGD GH SRGHU QHXUDO TXH FRPR YHUHPRV VH RULJLQD QD DPtJGDOD XP FHQWUR QR FpUHEUR OtPELFR 1HP WRGRV RV VHTHVWURV OtPELFRV VmR DIOLWLYRV 4XDQGR XPD SLDGD SDUHFH D DOJXpP WmR KLODULDQWH TXH D ULVDGD p TXDVH H[SORVLYD WDPEpP LVVR p XPD UHVSRVWD OtPELFD )XQFLRQD LJXDOPHQWH HP PRPHQWRV GH LQWHQVD DOHJULD TXDQGR 'DQ -DQVHQ DSyV YiULRV IUXVWUDQWHV QD FRQTXLVWD GD PHGDOKD GH RXUR ROtPSLFD GH FRUULGD GH GH SDWLQV TXH SURPHWHUD j LUPm DJRQL]DQWH
  • 20. ILQDOPHQWH JDQKRXD QRV PHWURV QDV 2OLPStDGDV GH ,QYHPR QD 1RUXHJD VXD PXOKHU IRL WmR WRPDGD SHOD HPRomR H IHOLFLGDGH TXH WHYH GH VHU OHYDGD jV SUHVVDV DRV PpGLFRV GR SURQWRVRFRUUR QD EHLUD GR ULQTXH $ 6('( '( 72'$ 3$,;­2 1RV VHUHV KXPDQRV D DPtJGDOD GD SDODYUD JUHJD SDUD DPrQGRD
  • 21. p XP IHL[H HP IRUPD GH DPrQGRD GH HVWUXWXUDV LQWHUOLJDGDV VLWXDGR DFLPD GR WURQFR FHUHEUDO SHUWR GD SDUWH LQIHULRU GR DQHO OtPELFR +i GXDV DPtJGDODV XPD GH FDGD GD ODGR GR FpUHEUR LQVWDODGDV PDLV SDUD R ODGR GD FDEHFD $ DPtGDOD KXPDQD p UHODWLYDPHQWH JUDQGH HP FRPSDUDomR FRP D GH TXDOTXHU GRV QRVVRV SULPRV HYROXFLRQiULRV PDLV SUy[LPRV RV SULPDWDV 2 KLSRFDPSR H D DPtJGDOD HUDP GXDV SDUWHVFKDYH GR SULPLWLYR QDUL] FHUHEUDO TXH QD HYROXomR GHX RULJHP DR FyUWH[ H GHSRLV DR QHRFyUWH[ $Wp KRMH HVVDV HVWUXWXUDV OtPELFDV VmR UHVSRQViYHLV SRU JUDQGH RX D PDLRU SDUWH GR DSUHQGL]DGR H GD PHPyULD GR FpUHEUR D DPtJGDOD p D HVSHFLDOLVWD HP TXHVW}HV HPRFLRQDLV 6H IRU FRUWDGD GR UHVWR GR FpUHEUR R UHVXOWDGR p XPD LPSUHVVLRQDQWH LQFDSDFLGDGH GH DYDOLDU R VLJQLILFDGR HPRFLRQDO GRV IDWRV HVVH PDO p jV YH]HV FKDPDGR GH FHJXHLUD DIHWLYD 6HP SHVR HPRFLRQDO RV HQFRQWURV SHUGHP VHX GRPtQLR 8P UDSD] FXMD DPtJGDOD IRUD FLUXUJLFDPHQWH UHPRYLGD SDUD FRQWURODU VpULRV DWDTXHV SHUGHX SRU FRPSOHWR R LQWHUHVVH SHODV SHVVRDV SUHIHULQGR VHQWDUVH LVRODGR VHP QHQKXP FRQWDWR KXPDQR (PERUD IRVVH SHUIHLWDPHQWH FDSD] GH FRQYHUVDU QmR UHFRQKHFLD PDLV DPLJRV tQWLPRV SDUHQWHV QHP PHVPR D PmH H ILFDYD LPSDVVtYHO GLDQWH GD DQJ~VWLD GHOHV FRP VXD LQGLIHUHQFD 6HP D DPtJGDOD SDUHFLD WHU SHUGLGR WRGD LGHQWLILFDomR GH VHQWLPHQWR DVVLP FRPR TXDOTXHU VHQWLPHQWR VREUH VHQWLPHQWRV $ DPtJGDOD DWXD FRPR XP GHSyVLWR GD PHPyULD HPRFLRQDO H SRUWDQWR GR SUySULR VLJQLILFDGR D YLGD VHP D DPtJGDOD p XPD YLGD SULYDGD GH VLJQLILFDGRV HPRFLRQDLV 2 TXH HVWi OLJDGR j DPtJGDOD p PDLV TXH D DIHLomR WRGD SDL[mR GHSHQGH GHOD 2V DQLPDLV TXH WrP D DPtJGDOD UHWLUDGD RX FRUWDGD QmR VHQWHP PHGR QHP UDLYD SHUGHP R LPSXOVR GH FRPSHWLU RX FRRSHUDU H QmR WrP PDLV QHQKXP VHQVR GR OXJDU TXH RFXSDP QD RUGHP VRFLDO GH VXD HVSpFLH D HPRomR ILFD HPERWDGD RX DXVHQWH $V OiJULPDV XP
  • 22. VLQDO HPRFLRQDO H[FOXVLYR GRV VHUHV KXPDQRV VmR SURYRFDGDV SHOD DPtJGDOD H XPD HVWUXWXUD SUy[LPD D FLUFXQYROXomR FLQJXODGD VHU DEUDoDGR DOLVDGR RX GH RXWUR PRGR FRQIRUWDGR DFDOPD HVVDV PHVPDV UHJL}HV FHUHEUDLV 6HP DPtJGDOD QmR Ki OiJULPDV GH GRU SDUD DFDOPDU -RVHSK /H'RX[ QHXURFLHQWLVWD GR HQWUR GH LrQFLD 1HXUDO GD 8QLYHUVLGDGH GH 1RYD ,RUTXH IRL R SULPHLUR D GHVFREULU R SDSHOFKDYH GD DPtJGDOD QR FpUHEUR HPRFLRQDO (OH ID] SDUWH GH XP QRYR WLSR GH QHXURFLHQWLVWDV TXH UHFRUUHP D WHFQRORJLDV H PpWRGRV LQRYDGRUHV UHVSRQViYHLV SRU XP QtYHO GH SUHFLVmR DQWHV GHVFRQKHFLGR QR PDSHDPHQWR GR FpUHEUR HP IXQFLRQDPHQWR H DVVLP SRGHP GHVYHQGDU PLVWpULRV GD PHQWH TXH JHUDo}HV DQWHULRUHV GH FLHQWLVWDV MXOJDYDP LPSHQHWUiYHLV 6XDV GHVFREHUWDV VREUH RV FLUFXLWRV GR FpUHEUR HPRFLRQDO SXVHUDP DEDL[R XPD QRomR Ki PXLWR H[LVWHQWH VREUH R VLVWHPD OtPELFR FRORFDQGR D DPtJGDOD QR FHQWUR GD DomR H RXWUDV HVWUXWXUDV OtPELFDV HP IXQo}HV PXLWR GLIHUHQWHV $ SHVTXLVD GH /H'RX[ H[SOLFD FRPR D DPtJGDOD SRGH DVVXPLU R FRQWUROH VREUH R TXH ID]HPRV TXDQGR R FpUHEUR SHQVDQWH R QHRFyUWH[ DLQGD WRPD XPD GHFLVmR RPR YHUHPRV R IXQFLRQDPHQWR GD DPtJGDOD H VXD LQWHUDomR FRP R QHRFyUWH[ HVWmR QR FHQWUR GD LQWHOLJrQFLD HPRFLRQDO $ $50$',/+$ 1(85$/ 2 PDLV LQWULJDQWH SDUD HQWHQGHU D IRUoD GDV HPRo}HV QD YLGD PHQWDO VmR DTXHOHV PRPHQWRV GH DomR DSDL[RQDGD GH TXH PDLV WDUGH QRV DUUHSHQGHPRV DVVLP TXH D SRHLUD DVVHQWRX D TXHVWmR p FRPR QRV WRPDPRV LUUDFLRQDLV WmR IDFLOPHQWH 9HMDP SRU H[HPSOR XPD MRYHP TXH GLULJLX GXDV KRUDV DWp %RVWRQ SDUD WRPDU XP FDIp GD PDQKmDOPRoR H SDVVDU R GLD FRP R QDPRUDGR 'XUDQWH R GHVMHMXP HOH ,KH GHX XP SUHVHQWH TXH HOD YLQKD TXHUHQGR Ki PHVHV XPD JUDYXUD GLItFLO GH DFKDU WUD]LGD GD (VSDQKD 0DV VHX SUD]HU VH GLVVROYHX DVVLP TXH VXJHULX LUHP j PDWLQr GH XP ILOPH TXH TXHULD PXLWR YHU DSyV R GHVMHMXP H R DPLJR D FKRFRX GL]HQGROKH TXH QmR SRGLD SDVVDU R GLD FRP HOD SRLV WLQKD XP WUHLQR GH VRIWEDOO 0DJRDGD H LQFUpGXOD HOD VH OHYDQWRX HP SUDQWRV GHL[RX D ODQFKRQHWH H QXP LPSXOVR MRJRX D JUDYXUD QD ODWD GH OL[R 0HVHV GHSRLV FRQWDQGR R LQFLGHQWH QmR p GH WHU VDtGR TXH HOD VH DUUHSHQGH PDV GD SHUGD GD JUDZUD e HP PRPHQWRV DVVLP TXDQGR XP VHQWLPHQWR LPSXOVLYR GRPLQD R UDFLRQDO TXH R UHFpPGHVFREHUWR SDSHO GD DPtJGDOD VH PRVWUD FUXFLDO 2V VLQDLV TXH YrP GRV VHQWLGRV SHUPLWHP TXH D DPtJGDOD IDoD XPD YDUUHGXUD GH WRGD H[SHULrQFLD HP EXVFD GH SUREOHPDV ,VVR D S}H QXP SRGHURVR SRVWR QD YLGD PHQWDO DOJXPD FRLVD VHPHOKDQWH D XPD VHQWLQHOD SVLFROyJLFD GHVDILDQGR FDGD VLWXDomR FDGD SHUFHSomR FRP DSHQDV XP WLSR GH SHUJXQWD HP PHQWH D PDLV SULPLWLYD e DOJXPD FRLVD TXH RGHLR ,VVR PH IHUH $OJXPD FRLVD TXH WHPR 6H IRU HVWH R FDVR VH R PRPHQWR HP TXHVWmR GH DOJXP PRGR HVERoD XP 6LP´ D DPtJGDOD UHDJH LQVWDQWDQHDPHQWH FRPR XP ILR GH DUPDGLOKD QHXUDO WHOHJUDIDQGR XPD PHQVDJHP GH FULVH SDUD WRGDV DV SDUWHV GR FpUHEUR 1D DUTXLWHWXUD GR FpUHEUR D DPtJGDOD FRORFDVH GH XP PRGR XP WDQWR VHPHOKDQWH DR DODUPH GH XPD HPSUHVD RQGH RSHUDGRUHV HVWmR D SRVWRV SDUD HQYLDU FKDPDGDV GH HPHUJrQFLD DR FRUSR GH ERPEHLURV SROtFLD H XP YL]LQKR VHPSUH TXH XP VLVWHPD GH VHJXUDQoD LQWHUQR Gi R VLQDO GH SHULJR 4XDQGR VRD XP DODUPH GLJDPRV GH PHGR HOD HQYLD PHQVDJHQV XUJHQWHV D WRGDV DV SDUWHV SULQFLSDLV GR FpUHEUR GLVSDUD D VHFUHomR GRV KRUP{QLRV RUJkQLFRV SDUD OXWDURX
  • 23. IXJLU PRELOL]D RV FHQWURV GH PRYLPHQWR H DWLYD R VLVWHPD FDUGLRYDVFXODURV P~VFXORV H RV LQWHVWLQRV 2XWURV FLUFXLWRV GD DPtJGDOD HQYLDP VLQDLV SDUD D VHFUHomR GH JRWDV GH HPHUJrQFLD GR KRUP{QLR QRUDGUHQDOLQD SDUD DXPHQWDU D UHDWLYLGDGH GDV iUHDV FHUHEUDLV FKDYH LQFOXLQGR DV TXH WRUQDP RV VHQWLGRV PDLV DOHUWDV QD YHUGDGH GHL[DQGR R FpUHEUR QR SRQWR 2XWURV VLQDLV GD DPtJGDOD LQIRUPDP R WURQFR FHUHEUDO SDUD DIL[DU QR URVWR XPD H[SUHVVmR GH PHGR SDUDOLVDU PRYLPHQWRV QmR UHODFLRQDGRV TXH RV P~VFXORV WLQKDP HP DomR DFHOHUDU D SXOVDomR FDUGtDFD DXPHQWDU D SUHVVmR VDQJXtQHD H UHGX]LU R ULWPR GD UHVSLUDomR 2XWURV IL[DP D DWHQomR QD FDXVD GR PHGR H SUHSDUDP RV P~VFXORV SDUD UHDJLU GH DFRUGR 6LPXOWDQHDPHQWH VLVWHPDV GD PHPyULD FRUWLFDO VmR YDVFXOKDGRV HP EXVFD GH TXDOTXHU FRQKHFLPHQWR UHOHYDQWH SDUD D HPHUJrQFLD HP TXHVWmR SDVVDQGR DGLDQWH GRV RXWURV ILRV GH SHQVDPHQWR ( HVVDV VmR DSHQDV SDUWH GH XPD FXLGDGRVDPHQWH FRRUGHQDGD VpULH GH PXGDQoDV TXH D DPtJGDOD RUJDQL]D TXDQGR UHFUXWD iUHDV GH WRGR R FpUHEUR SDUD XPD H[SOLFDomR PDLV GHWDOKDGD YHU $SrQGLFH
  • 24. $ H[WHQVD UHGH GH OLJDo}HV QHXUDLV GD DPtJGDOD ,KH SHUPLWH GXUDQWH XPD HPHUJrQFLD HPRFLRQDO WRPDU H GLULJLU JUDQGH SDUWH GR UHVWR GR FpUHEUR LQFOXVLYH D PHQWH UDFLRQDO $ 6(17,1(/$ (02,21$/ RQWD XP DPLJR TXH QXPDV IpULDV QD ,QJODWHUUD IH] XP GHVMHMXP UHIRUoDGR QXP FDIp j EHLUD GH XP FDQDO 'DQGR GHSRLV XP SDVVHLR SHORV GHJUDXV GH SHGUD TXH GHVFLDP SDUD R FDQDO YLX GH UHSHQWH XPD PRoD ILWDQGR D iJXD R URVWR WUDQVLGR GH PHGR $QWHV GH VDEHU EHP R PRWLYR HOH Mi SXODUD GH SDOHWy H JUDYDWD 6y HQWmR FRPSUHHQGHX TXH D PRoD ILWDYD HP FKRTXH XPD FULDQFLQKD TXH FDtUD QD iJXD H TXH HOH FRQVHJXLX VDOYDU 2 TXH R IH] SXODU QD iJXD DQWHV GH VDEHU SRU TXr $ UHVSRVWD PXLWR SURYDYHOPHQWH p IRL VXD DPtJGDOD 1XPD GDV GHVFREHUWDV PDLV LPSUHVVLRQDQWHV VREUH HPRo}HV GD ~OWLPD GpFDGD R WUDEDOKR GH /H'RX[ UHYHORX TXH D DUTXLWHWXUD GR FpUHEUR Gi j DPtJGDOD XPD SRVLomR SULYLOHJLDGD FRPR VHQWLQHOD HPRFLRQDO FDSD] GH VHTHVWUDU R FpUHEUR 6XD SHVTXLVD PRVWURX TXH VLQDLV VHQVRULDLV GR ROKR RX RXYLGR YLDMDP QR FpUHEUR SULPHLUR SDUD R WiODPR H GHSRLV SRU XPD ~QLFD VLQDSVH SDUD D DPtJGDOD XP VHJXQGR VLQDO GR WiODPR p HQFDPLQKDGR SDUD R QHRFyUWH[ R FpUHEUR SHQVDQWH (VVD UDPLILFDomR SHUPLWH TXH D DPtJGDOD FRPHFH D UHVSRQGHU DQWHV GR QHRFyUWH[ TXH UXPLQD D LQIRUPDomR HP YiULRV QtYHLV GRV FLUFXLWRV FHUHEUDLV DQWHV GH SHUFHErOD SOHQDPHQWH H LQLFLDU SRU ILP VXD UHVSRVWD PDLV FXLGDGRVDPHQWH WDOKDGD $ SHVTXLVD GH /H'RX[ p UHYROXFLRQiULD SDUD D FRPSUHHQVmR GD YLGD HPRFLRQDO SRU VHU D SULPHLUD D HVWDEHOHFHU FDPLQKRV QHXUDLV GH VHQWLPHQWRV TXH FRQWRUQDP R QHRFyUWH[ (VVHV VHQWLPHQWRV TXH WRPDP D URWD GLUHWD GD DPtJGDOD HVWmR HQWUH RV QRVVRV PDLV SULPLWLYRV H SRGHURVRV HVVH FLUFXLWR PXLWR ID] SDUD DMXGDU D H[SOLFDU R SRGHU GD HPRomR SDUD HVPDJDU D UDFLRQDOLGDGH $ RSLQLmR FRQYHQFLRQDO QD QHXURFLrQFLD HUD TXH R ROKR RXYLGR H RXWURV yUJmRV VHQVRULDLV WUDQVPLWHP VLQDLV DR WiODPR H GH Oi SDUD DV jUHDV GH SURFHVVDPHQWR VHQVRULDO GR QHRFyUWH[ RQGH HOHV VmR UHXQLGRV HP REMHWRV FRPR QyV RV SHUFHEHPRV 2V VLQDLV VmR FODVVLILFDGRV SRU VLJQLILFDGRV SDUD TXH R FpUHEUR UHFRQKHoD R TXH p FDGD REMHWR H R TXH VLJQLILFD D VXD SUHVHQoD 'R QHRFyUWH[ GL]LD D DQWLJD WHRULD RV VLQDLV VmR HQYLDGRV SDUD R FpUHEUR OtPELFR H GH Oi D UHVSRVWD DSURSULDGD VH LUUDGLD SHOR FpUHEUR H R UHVWR GR FRUSR e DVVLP TXH
  • 25. IXQFLRQD JUDQGH RX D PDLRU SDUWH GR WHPSR PDV /H'RX[ GHVFREULX XP SHTXHQR IHL[H GH QHXU{QLRV TXH YDL GLUHWR GR WiODPR j DPtJGDOD DOpP GRV TXH VHJXHP SHOR FDPLQKR PDLRU GH QHXU{QLRV DWp R FyUWH[ (VVH FDPLQKR PHQRU H PDLV FXUWR FRPR XPD YLHOD QHXUDO SHUPLWH j DPtJGDOD UHFHEHU DOJXQV LQVXPRV GLUHWRV GRV VHQWLGRV H LQLFLDU XPD UHVSRVWD DQWHV TXH HOHV VHMDP SOHQDPHQWH UHJLVWUDGRV SHOR QHRFyUWH[ (VVD GHVFREHUWD S}H DEDL[R LQWHLUDPHQWH D LGpLD GH TXH D DPtJGDOD WHP GH GHSHQGHU LQWHLUDPHQWH GH VLQDLV GR QHRFyUWH[ SDUD IRUPXODU VXDV UHDo}HV HPRFLRQDLV $ DPtJGDOD SRGH DFLRQDU XPD UHVSRVWD HPRFLRQDO SRU HVVD URWD GH HPHUJrQFLD QR PRPHQWR PHVPR HP TXH XP FLUFXLWR UHVVRQDQWH SDUDOHOR VH LQLFLD HQWUH D DPtJGDOD H R QHRFyUWH[ $ DPtJGDOD SRGH ID]HUQRV ODQoDU j DomR HQTXDQWR R QHRFyUWH[ OLJHLUDPHQWH PDLV OHQWR SRUpP PDLV SOHQDPHQWH LQIRUPDGR WUDoD VHX SODQR GH UHDomR PDLV UHILQDGR /H'RX[ S{V SRU WHUUD R FRQKHFLPHQWR SUHGRPLQDQWH VREUH RV FDPLQKRV SHUFRUULGRV SHODV HPRo}HV FRP VXD SHVTXLVD VREUH PHGR HP DQLPDLV 1XPD H[SHULrQFLD FUXFLDO GHVWUXLX R FyUWH[ DXGLWLYR GH UDWRV GHSRLV RV H[S{V D XP WRP VLPXOWkQHR D XP FKRTXH HOpWULFR 2V UDWRV ORJR DSUHQGHUDP D WHPHU R WRP DLQGD TXH R VRP GR WRP QmR IRVVH UHJLVWUDGR HP VHX QHRFyUWH[ (P YH] GLVVR R VRP WRPDYD D URWD GLUHWD GR RXYLGR DR WiODPR H j DPtJGDOD VDOWDQGR WRGRV RV WUDMHWRV PDLRUHV (P VXPD RV UDWRV DSUHQGHUDP XPD UHDomR HPRFLRQDO VHP QHQKXP HQYROYLPHQWR FRUWLFDO PDLRU D DPtJGDOD SHUFHEHX OHPEURX H RUTXHVWURX VHX PHGR GH PRGR LQGHSHQGHQWH $QDWRPLFDPHQWH R VLVWHPD HPRFLRQDO SRGH DJLU GH PRGR LQGHSHQGHQWH GR QHRFyUWH[ GLVVHPH /H'RX[ $OJXPDV UHDo}HV H OHPEUDQoDV HPRFLRQDLV SRGHP IRUPDUVH VHP DEVROXWDPHQWH QHQKXPD SDUWLFLSDomR FRQVFLHQWH H FRJQLWLYD $ DPtJGDOD SRGH DEULJDU OHPEUDQoDV H UHSHUWyULRV GH UHVSRVWDV TXH LQWHUSUHWDPRV VHP FRPSUHHQGHU EHP SRU TXH R ID]HPRV SRU TXH R DWDOKR GR WiODPR j DPtJGDOD FRQWRPD FRPSOHWDPHQWH R QHRFyUWH[ (VVD SDVVDJHP SDUHFH SHUPLWLU TXH D DPtJGDOD VHMD XP UHSRVLWyULR GH LPSUHVV}HV HPRFLRQDLV H OHPEUDQoDV TXH MDPDLV FRQKHFHPRV HP SOHQD FRQVFLrQFLD /H'RX[ VXJHUH TXH p R SDSHO VXEWHUUkQHR GD DPtJGDOD QD PHPyULD TXH H[SOLFD SRU H[HPSOR XPD H[SHULrQFLD VXUSUHHQGHQWH HP TXH SHVVRDV DGTXLULUDP SUHIHUrQFLD SRU ILJXUDV JHRPpWULFDV GH IRUPDV HVWUDQKDV PRVWUDGDV HP ODPSHMRV WmR UiSLGRV TXH HODV QHP WLYHUDP TXDOTXHU FRQKHFLPHQWR FRQVFLHQWH GH WrODV YLVWR 2XWUD SHVTXLVD GHPRQVWURX TXH QRV SULPHLURV PLOpVLPRV GH VHJXQGR GH QRVVD SHUFHSomR GH DOJXPD FRLVD QmR DSHQDV FRPSUHHQGHPRV LQFRQVFLHQWHPHQWH R TXH p PDV GHFLGLPRV VH JRVWDPRV RX QmR GHOD R LQFRQVFLHQWH FRJQLWLYR DSUHVHQWD j QRVVD FRQVFLrQFLD QmR DSHQDV D LGHQWLGDGH GR TXH YHPRV PDV XPD RSLQLmR VREUH R TXH YHPRV 1RVVDV HPRo}HV WrP XPD PHQWH SUySULD TXH SRGH WHU RSLQL}HV EDVWDQWH LQGHSHQGHQWHV GH QRVVD PHQWH UDFLRQDO 2 VLQDO YLVXDO YDL SULPHLUR GD UHWLQD SDUD R WiODPR RQGH p WUDGX]LGR SDUD D OLQJXDJHP GR FpUHEUR $ PDLRU SDUWH GD PHQVDJHP VHJXH HQWmR SDUD 2 FyUWH[ YLVXDO RQGH p DQDOLVDGD H DYDOLDGD HP EXVFD GR VLJQLILFDGR H GD UHVSRVWD DGHTXDGD VH D UHVSRVWD p HPRFLRQDO XP VLQDO YDL SDUD D DPtJGDOD DWLYDU RV FHQWURV HPRFLRQDLV 0DV XPD SDUWH PHQRU GR VLQDO RULJLQDO YDL GLUHWR GR WiODPR SDUD D DPtJGDOD QXPD WUDQVPLVVmR PDLV UiSLGD SHUPLWLQGR XPD UHVSRVWD PDLV SURQWD HPERUD PHQRV SUHFLVD
  • 26. 'HVVH PRGR D DPtJGDOD SRGH GLVSDUDU XPD UHVSRVWD HPRFLRQDO DQWHV TXH RV FHQWURV FRUWLFDLV WHQKDP HQWHQGLGR SOHQDPHQWH 2 TXH VH SDVVD $ (63(,$/,67$ (0 0(0Ï5,$ (02,21$/ (VVDV RSLQL}HV LQFRQVFLHQWHV VmR PHPyULDV HPRFLRQDLV ILFDP JXDUGDGDV QD DPtJGDOD $ SHVTXLVD GH /H'RX[ H RXWURV QHXURFLHQWLVWDV SDUHFH DJRUD VXJHULU TXH R KLSRFDPSR Ki
  • 27. PXLWR FRQVLGHUDGR D HVWUXWXUDFKDYH GR VLVWHPD OtPELFR HVWi PDLV HQYROYLGR FRP R UHJLVWUR H D DWULEXLomR GH VHQWLGR DRV SDGU}HV SHUFHSWLYRV GR TXH FRP UHDo}HV HPRFLRQDLV $ SULQFLSDO FRQWULEXLomR GR KLSRFDPSR HVWi HP IRUQHFHU XPD SUHFLVD PHPyULD GH FRQWH[WR YLWDO SDUD R VLJQLILFDGR HPRFLRQDO p R KLSRFDPSR TXH UHFRQKHFH R VLJQLILFDGR GH GLJDPRV XP XUVR QR ]RROyJLFR RX HP QRVVR TXLQWDO (QTXDQWR R KLSRFDPSR OHPEUD RV IDWRV SXURV D DPtJGDOD UHWpP R VDERU HPRFLRQDO TXH RV DFRPSDQKD 6H WHQWDPRV XOWUDSDVVDU XP FDUUR QXPD HVWUDGD GH PmR GXSOD H SRU SRXFR HVFDSDPRV GH XPD EDWLGD GH IUHQWH R KLSRFDPSR UHWpP RV GHWDOKHV HVSHFtILFRV GR LQFLGHQWH FRPR HP TXH IDL[D GD HVWUDGD HVWiYDPRV TXHP HVWDYD FRQRVFR FRPR HUD R RXWUR FDUUR 0DV p D DPtJGDOD TXH GDt HP GLDQWH HQYLDUi XPD RQGD GH DQVLHGDGH TXH QRV SHUFRUUH R FRUSR WRGD YH] HP TXH WHQWDUPRV XOWUDSDVVDU XP FDUUR HP FLUFXQVWDQFLDV VHPHOKDQWHV RPR PH H[SOLFRX /H'RX[ 2 KLSRFDPSR p FUXFLDO QR UHFRQKHFLPHQWR GH XP URVWR FRPR R GH VXD VREULQKD 0DV p D DPtJGDOD TXH DFUHVFHQWD TXH YRFr QD YHUGDGH QmR JRVWD GHOD 2 FpUHEUR XVD XP PpWRGR VLPSOHV PDV DVWXWR SDUD UHJLVWUDU PHPyULDV HPRFLRQDLV FRP IRUoD HVSHFLDO RV PHVPtVVLPRV VLVWHPDV GH DODUPH QHXURTXtPLFRV TXH SUHSDUDP R FRUSR SDUD UHDJLU D HPHUJrQFLDV GH ULVFR GH YLGD FRP D UHVSRVWD GH OXWDURXIXJLU WDPEpP JUDYDP YLYLGDPHQWH R PRPHQWR QD PHPyULD 6RE WHQVmR RX DQVLHGDGH RX SURYDYHOPHQWH DWp PHVPR LQWHQVD H[FLWDomR GH DOHJULD
  • 28. XP QHUYR TXH YDL GR FpUHEUR jV JODQGXODV VXSUDUHQDLV DFLPD GRV ULQV SURYRFD XPD VHFUHomR GRV KRUP{QLRV HSLQHIULQD H QRUHSLQHIULQD TXH LQYDGHP R FRUSR SUHSDUDQGRR SDUD XPD HPHUJrQFLD (VVHV KRUP{QLRV DWLYDP UHFHSWRUHV QR QHUYR YDJR HPERUD HVWH WUDQVPLWD PHQVDJHQV GR FpUHEUR SDUD UHJXODU R FRUDomR WDPEpP WUDQVPLWH VLQDLV GH YROWD SDUD R FpUHEUR GLVSDUDGRV SHOD HSLQHIULQD H QRUHSLQHIULQD $ DPtJGDOD p R SULQFLSDO SRQWR QR FpUHEUR SDUD RQGH YmR HVVHV VLQDLV HOHV DWLYDP QHXU{QLRV GHQWUR GHOD TXH HQYLDP VLQDLV D RXWUDV UHJL}HV FHUHEUDLV D ILP GH IRUWDOHFHU D PHPyULD GR TXH HVWi DFRQWHFHQGR (VVH HVWtPXOR GD DPtJGDOD SDUHFH JUDYDU QD PHPyULD D PDLRULD GRV PRPHQWRV GH HVWtPXOR HPRFLRQDO GH PDLRU JUDX GH LQWHQVLGDGH SRU LVVR p TXH p PDLV SURYiYHO SRU H[HPSOR OHPEUDUPRV GH RQGH WLYHPRV XP SULPHLUR HQFRQWUR DPRURVR RX R TXH ID]tDPRV TXDQGR RXYLPRV D QRWtFLD GH TXH R {QLEXV HVSDFLDO KDOOHQJHU H[SORGLUD 4XDQWR PDLV LQWHQVR R HVWtPXOR GD DPtJGDOD PDLV IRUWH R UHJLVWUR DV H[SHULrQFLDV TXH PDLV QRV DSDYRUDP RX HPRFLRQDP QD YLGD HVWmR HQWUH QRVVDV OHPEUDQoDV LQGHOpYHLV ,VWR VLJQLILFD QD YHUGDGH TXH R FpUHEUR WHP GRLV VLVWHPDV GH PHPyULD XP SDUD IDWRV FRPXQV H RXWUR SDUD RV HPRFLRQDOPHQWH WH FDUUHJDGRV 8P VLVWHPD HVSHFLDO GH PHPyULDV ID] H[FHOHQWH VHQWLGR QD HYROXomRFODUR DVVHJXUDQGR TXH RV DQLPDLV WHQKDP OHPEUDQoDV SDUWLFXODUPHQWH YtYLGDV GR TXH RV DPHDoDYD RX DJUDGDYD 0DV DV PHPyULDV HPRFLRQDLV SRGHP VHU JXLDV LPSHUIHLWDV SDUD R SUHVHQWH $/$50(6 1(85$,6 $1$5Ð1,26 8PD GHVYDQWDJHP GHVVHV DODUPHV QHXUDLV HVWi HP TXH D PHQVDJHP XUJHQWH HQYLDGD SHOD DPtJGDOD p jV YH]HV VH QmR FRP PXLWD IUHTrQFLD DQDFU{QLFD VREUHWXGR QR IOXLGR PXQGR VRFLDO HP TXH QyV KXPDQRV YLYHPRV RPR UHSRVLWyULR GH PHPyULD HPRFLRQDO D DPtJGDOD H[DPLQD D H[SHULrQFLD FRPSDUDQGR R TXH DFRQWHFH DJRUD FRP R TXH DFRQWHFHX QR SDVVDGR 6HX PpWRGR GH FRPSDUDomR p DVVRFLDWLYR TXDQGR XP HOHPHQWR FKDYH GH XPD VLWXDomR SUHVHQWH p VHPHOKDQWH DR SDVVDGR SRGHVH GL]HU TXH VH FDVDP PRWLYR SHOR TXDO HVVH FLUFXLWR p IDOKR DJH DQWHV GH KDYHU XPD SOHQD FRQILUPDomR 2UGHQDQRV IUHQHWLFDPHQWH TXH UHDMDPRV DR SUHVHQWH FRP PHLRV
  • 29. UHJLVWUDGRV PXLWR WHPSR DWUiV FRP SHQVDPHQWRV HPRo}HV H UHDo}HV DSUHQGLGRV HP UHVSRVWD D DFRQWHFLPHQWRV WDOYH] DSHQDV YDJDPHQWH VHPHOKDQWHV PDV DLQGD DVVLP R EDVWDQWH SDUD DODUPDU D DPtJGDOD $VVLP XPD H[HQIHUPHLUD GR H[pUFLWR WUDXPDWL]DGD SHOR LQFHVVDQWH IOX[R GH IHULPHQWRV KRUUtYHLV GH TXH FXLGRX QD JXHUUD p DFRPHWLGD GH UHSHQWH SRU XPD PLVWXUD GH SDYRU UHSXJQkQFLD H SkQLFR XPD UHSHWLomR GH VXD UHDomR QR FDPSR GH EDWDOKD SURYRFDGD PDLV XPD YH] DQRV GHSRLV SHOR PDX FKHLUR TXDQGR DEUH D SRUWD GH XP DUPiULR H GHVFREUH TXH VHX ILOKR SHTXHQR HQILRX DOL XPD IUDOGD VXMD %DVWD TXH SRXFRV HOHPHQWRV HVSDUVRV GD VLWXDomR SDUHoDP VHPHOKDQWHV D DOJXP SHULJR GR SDVVDGR SDUD TXH D DPtJGDOD GLVSDUH VHX PDQLIHVWR GH HPHUJrQFLD 2 SUREOHPD p TXH MXQWR FRP DV OHPEUDQoDV HPRFLRQDOPHQWH FDUUHJDGDV TXH WrP R SRGHU GH SURYRFDU HVVD UHDomR GH FULVH SRGHP YLU GR PHVPR PRGR IRUPDV REVROHWDV GH UHVSRQGrOD ¬ LPSUHFLVmR GR FpUHEUR HPRFLRQDO QHVVHV PRPHQWRV DFUHVFHQWDVH R IDWR GH TXH PXLWDV OHPEUDQoDV HPRFLRQDLV IRUWHV GDWDP GRV SULPHLURV DQRV GH YLGD QD UHODomR HQWUH D FULDQoD H DTXHOHV TXH FXLGDP GHOD ,VVR VH DSOLFD VREUHWXGR DRV DFRQWHFLPHQWRV WUDXPiWLFRV FRPR VXUUDV RX DEDQGRQR WRWDO 'XUDQWH HVVH SULPHLUR SHUtRGR GH YLGD RXWUDV HVWUXWXUDV FHUHEUDLV HP SDUWLFXODU R KLSRFDPSR TXH p FUXFLDO SDUD DV OHPEUDQoDV QDUUDWLYDV H R QHRFyUWH[ VHGH GR SHQVDPHQWR UDFLRQDO DLQGD QmR VH GHVHQYROYHUDP LQWHLUDPHQWH 1D PHPyULD D DPtJGDOD H R KLSRFDPSR WUDEDOKDP MXQWRV FDGD XP DUPD]HQD H FRQVHUYD LQGHSHQGHQWHPHQWH VXD LQIRUPDomR (QTXDQWR R KLSRFDPSR UHWpP D LQIRUPDomR D DPtJGDOD GHWHUPLQD VH HOD WHP YDOrQFLD HPRFLRQDO 0DV D DPtJGDOD TXH DPDGXUHFH PXLWR UiSLGR QR FpUHEUR LQIDQWLO HVWi PXLWR PDLV SUy[LPD GD IRUPD FRPSOHWD QR QDVFLPHQWR /H'RX[ UHFRUUH DR SDSHO GD DPtJGDOD QD LQIkQFLD SDUD FRQILUPDU R TXH Ki PXLWR WHPSR p XPD GRXWULQD EiVLFD GR SHQVDPHQWR SVLFDQDOtWLFR TXH DV LQWHUDo}HV GRV SULPHLURV DQRV GH YLGD HVWDEHOHFHP XP FRQMXQWR GH OLo}HV HOHPHQWDUHV EDVHDGDV QD VLQWRQLD H SHUWXUEDo}HV QRV FRQWDWRV HQWUH D FULDQoD H RV TXH FXLGDP GHOD (VVDV OLo}HV HPRFLRQDLV VmR WmR SRGHURVDV H QR HQWDQWR WmR GLItFHLV GH HQWHQGHU GR SULYLOHJLDGR SRQWR GH YLVWD GD YLGD DGXOWD SRUTXH DFUHGLWD /H'RX[ HVWmR DUPD]HQDGDV QD DPtJGDOD FRPR SODQRV EUXWRV VHP SDODYUDV SDUD D YLGD HPRFLRQDO RPR HVVDV SULPHLUDV OHPEUDQoDV HPRFLRQDLV VH HVWDEHOHFHP QXPD pSRFD DQWHULRU jTXHOD HP TXH DV FULDQoDV WrP SDODYUDV SDUD GHVFUHYHU VXD H[SHULrQFLD TXDQGR HVVDV OHPEUDQoDV VmR GLVSDUDGDV QD YLGD SRVWHULRU QmR Ki XP FRQMXQWR FRPELQDQWH GH SHQVDPHQWRV DUWLFXODGRV VREUH D UHVSRVWD TXH VH DSRGHUD GH QyV 8P GRV PRWLYRV SHORV TXDLV ILFDPRV WmR DWXUGLGRV FRP QRVVDV H[SORV}HV HPRFLRQDLV SRUWDQWR p TXH HODV PXLWDV YH]HV UHPRQWDP D XP WHPSR LQLFLDO HP QRVVDV YLGDV TXDQGR WXGR HUD GHVFRQFHUWDQWH H DLQGD QmR WtQKDPRV SDODYUDV SDUD FRPSUHHQGHU RV IDWRV 3RGHPRV WHU RV VHQWLPHQWRV FDyWLFRV PDV QmR DV SDODYUDV SDUD DV OHPEUDQoDV TXH RV IRUPDUDP 48$1'2 $6 (02d®(6 6­2 5È3,'$6 ( 6(17,0(17$,6 (UD SRU YROWD GDV WUrV GD PDQKm TXDQGR XP LPHQVR REMHWR YDURX FRP XP HVWURQGR R WHWR QXP FDQWR DIDVWDGR GR PHX TXDUWR GHVSHMDQGR DOL GHQWUR FRLVDV TXH HVWDYDP QR VyWmR 1XP VHJXQGR VDOWHL GD FDPD H VDt FRUUHQGR GR TXDUWR QXP WHUURU GH TXH WRGR R WHWR GHVDEDVVH 'HSRLV SHUFHEHQGR TXH HVWDYD D VDOYR YROWHL SDUD HVSLDU FDXWHORVDPHQWH R TXH FDXVDUD DTXHOH HVWUDJR WRGR H GHVFREUL VLPSOHVPHQWH TXH R VRP TXH MXOJDUD VHU GR WHWR GHVDEDQGR IRUD QD YHUGDGH D TXHGD GH XPD SLOKD GH FDL[DV TXH PLQKD PXOKHU DPRQWRDUD QR FDQWR QD YpVSHUD TXDQGR DUUXPDYD R DUPiULR 1DGD FDtUD GR VyWmR QmR KDYLD VyWmR 2 WHWR HVWDYD LQWDWR DVVLP FRPR HX
  • 30. 0HX VDOWR GD FDPD PHLR DGRUPHFLGR TXH SRGHULD WHUPH VDOYR GH IHULPHQWRV VH IRVVH PHVPR R WHWR FDLQGR LOXVWUD R SRGHU GD DPtJGDOD GH QRV LPSHOLU j DomR QDV HPHUJrQFLDV PRPHQWRV YLWDLV DQWHV GH R QHRFyUWH[ WHU WHPSR GH UHJLVWUDU SOHQDPHQWH R TXH QD YHUGDGH HVWi DFRQWHFHQGR $ URWD GH HPHUJrQFLD GR ROKR RX RXYLGR DR WiODPR H j DPtJGDOD p FUXFLDO SRXSD WHPSR QXPD HPHUJrQFLD TXDQGR VH H[LJH XPD UHDomR LQVWkQWDQHD 0DV HVVH FLUFXLWR GR WiODPR j DPtJGDOD WUDQVPLWH DSHQDV XPD SHTXHQD SDUWH GDV PHQVDJHQV VHQVRULDLV FRP D PDLRULD WRPDQGR R FDPLQKR SULQFLSDO DWp R QHRFyUWH[ $VVLP R TXH VH UHJLVWUD QD DPtJGDOD YLD HVVD URWD H[SUHVVD p QD PHOKRU GDV KLSyWHVHV XP VLQDO LQIRUPH VXILFLHQWH DSHQDV SDUD XPD DGYHUWrQFLD RPR REVHUYD /H'RX[ QmR VH SUHFLVD VDEHU H[DWDPHQWH R TXH p XPD FRLVD SDUD VDEHU TXH SRGH VHU SHULJRVD $ URWD GLUHWD WHP XPD HQRUPH YDQWDJHP HP WHPSR FHUHEUDO TXH p FDOFXODGR HP PLOpVLPRV GH VHJXQGR $ DPtJGDOD GH XP UDWR SRGH LQLFLDU XPD UHVSRVWD XPD SHUFHSomR QXPD IUDomR PtQLPD GH GR]H PLOLVVHJXQGRV $ URWD GR WiODPR DR QHRFyUWH[ H j DPtJGDOD OHYD FHUFD GH GXDV YH]HV HVVH WHPSR $LQGD QmR VH IL]HUDP PHGLo}HV VHPHOKDQWHV QR FpUHEUR KXPDQR PDV D SURSRUomR JHUD SURYDYHOPHQWH VH FRQILUPDULD (P WHUPRV HYROXFLRQiULRV R YDORU GH VREUHYLYrQFLD GHVVD URWD GLUHWD WHULD VLGR JUDQGH SHUPLWLQGR XPD RSomR GH UHVSRVWD UiSLGD TXH FRUWDP DOJXQV FUtWLFR PLOLVVHJXQGRV QR WHPSR GH UHDomR D SHULJRV (VVHV PLOLVVHJXQGRV EHP SRGHQ WHU VDOYR D YLGD GH QRVVRV DQFHVWUDLV SURWRPDPtIHURV HP Q~PHUR WDO TXH HVTXHPD p KRMH FDUDFWHUtVWLFR GH WRGR FpUHEUR GH PDPtIHUR LQFOXLQGR RV VHXV H R PHX 1D YHUGDGH HPERUD HVVH FLUFXLWR GHVHPSHQKH XPD IXQomR UHODWLYDPHQWH OLPLWDGD QD YLGD PHQWDO KXPDQD UHVWULWD HP JUDQGH SDUWH D FULVHV HPRFLRQDLVD PDLRU SDUWH GD YLGD PHQWDO GH SiVVDURV SHL[HV H UpSWHLV JLUD HP WRUQR GHOH SRLV VXD VREUHYLYrQFLD GHSHQGH GH ORFDOL]DU FRQVWDQWHPHQWH SUHGDGRUHV RX SUHVD (VVH VLVWHPD FHUHEUDO SULPLWLYR PHQRU QRV PDPtIHURV p R SULQFLSDO VLVWHPD FHUHEUDO QRV QmR PDPtIHURV GL] /H'RX[ 2IHUHFH XP PHLR PXLWR UiSLGR GH OLJDU HPRo}HV 0DV p XP SURFHVVR UiSLGR H PDOIHLWR DV FpOXODV VmR UiSLGDV PDV QmR PXLWR SUHFLVDV (VVD LPSUHFLVmR GLJDPRV QXP HVTXLOR p yWLPD Mi TXH R OHYD D HUUDU GR ODGR GH VHJXUDQoDDIDVWDQGRVH DRV VDOWRV DR SULPHLUR VLQDO GH TXDOTXHU FRLVD TXH SRVVD DQXQFLDU R DSDUHFLPHQWR GH XP LQLPLJR RX VDOWDQGR VREUH TXDOTXHU VLQDO GH DOJXPD FRLVD FRPHVWtYHO 0DV QD YLGD HPRFLRQDO KXPDQD SRGH WHU FRQVHTrQ FLDV GHVDVWURVDV SDUD QRVVDV UHODo}HV SRLV VLJQLILFD IDODQGR GH PRGR ILJXUDGR TXH SRGHPRV VDOWDU HP FLPD RX IXJLU GD FRLVD RX SHVVRD HUUDGD 3HQVHQU SRU H[HPSOR QD JDUoRQHWH TXH GHUUXERX XPD EDQGHMD FRP VHLV MDQWDUHV TXDQGR YLX GH UHODQFH XPD PXOKHU GH FDEHORV UXLYRV RQGXODGRV H[DWDPHQWH LJXDLV DRV GDTXHOD SRU TXHP VHX PDULGR D GHL[DUD
  • 31. (VVHV UXGLPHQWDUHV HUURV HPRFLRQDLV EDVHLDPVH QR VHQWLPHQWR DQWHULRU D SHQVDPHQWR /H'RX[ FKDPD LVVR GH HPRomR SUHFRJQLWLYD XPD UHDomR EDVHDGD HP IUDJPHQWRV QHXUDLV GH LQIRUPDomR VHQVRULDO TXH QmR IRUDP FRPSOHWDPHQWH FODVVLILFDGRV H LQWHJUDGRV QXP REMHWR UHFRQKHFtYHO e XPD IRUPD PXLWR JURVVHLUD GH LQIRUPDomR VHQVRULDO PHLR VHPHOKDQWH HP WHUPRV QHXUDLV D XP SURJUDPD WLSR 4XDO p D 0~VLFD RQGH HP YH] GH MXOJDPHQWRV LQVWDQWkQHRV IHLWRV FRP EDVH QXPDV SRXFDV QRWDV WRGD XPD SHUFHSomR p FDSWDGD FRP EDVH QDV SULPHLUD SDUWHV LQGHILQLGDV 6H D DPtJGDOD FDSWD R VXUJLPHQWR GH XP SDGUmR VHQVRULDO LPSRUWDQWH VDOWD ORJR SDUD XPD FRQFOXVmR GLVSDUDQGR VXDV UHDo}HV DQWHV GH KDYHU FRQILUPDomR WRWDO GD SURYD RX DEVROXWDPHQWH FRQILUPDomR QHQKXPD
  • 32. 1mR DGPLUD TXH WHQKDPRV WmR SRXFD LQWXLomR GDV WUHYDV GH QRVVDV HPRo}HV PDLV H[SORVLYDV VREUHWXGR HQTXDQWR HODV DLQGD QRV PDQWrP HVFUDYRV $ DPtJGDOD UHDJH QXP GHOtULR GH UDLYD RX PHGR DQWHV GH R FyUWH[ VDEHU R TXH HVWi DFRQWHFHQGR SRUTXH HVVD HPRomR EUXWD p GLVSDUDGD LQGHSHQGHQWHPHQWH GR SHQVDPHQWR H R DQWHFHGH 2 $'0,1,675$'25 '$6 (02d®(6 $ ILOKD GH VHLV DQRV GH XPD DPLJD -HVVLFD SDVVDYD D SULPHLUD QRLWH IRUD HP FDVD GH XPD FROHJD H QmR HUD FODUR TXHP HVWDYD PDLV QHUYRVD FRP LVVR D PmH RX D ILOKD (PERUD D PmH WHQWDVVH GLVIDUoDU SDUD -HVVLFD D LQWHQVD DQVLHGDGH TXH VHQWLD VXD WHQVmR DWLQJLX R PDLV DOWR OLPLWH SRU YROWD GD PHLDQRLWH TXDQGR H SUHSDUDYD VH SUHSDUDYD SDUD GHLWDUVH H RXYLX R WHOHIRQH WRFDU /DUJDQGR D HVFRYD GH GHQWHV FRUUHX D WHV FRUUHX D DWHQGHU R FRUDomR GLVSDUDGR LPDJHQV GH -HVVLFD HP WHUUtYHO DIOLomR FRUUHQGROKH SHOD PHQWH $JDUURX R IRQH H H[SORGLX -HVVLFD ( RXYLX XPD YR] GH PXOKHU GL]HU $K DFKR TXH GLVTXHL R Q~PHUR HUUDGR RP LVVR D PmH UHFXSHURX D VHUHQLGDGH H QXP WRP HGXFDGR FRPHGLGR SHUJXQWRX 4XH Q~PHUR YRFr GLVFRX (QTXDQWR D DPtJGDOD WUDEDOKD SUHSDUDQGR XPD UHDomR DQVLRVD H LPSXOVLYD RXWUD SDUWH GR FpUHEUR HPRFLRQDO SRVVLELOLWD XPD UHVSRVWD PDLV DGHTXDGD FRUUHWLYD $ FKDYH GR DPRUWHFHGRU FHUHEUDO GDV RQGDV UHSHQWLQDV GD DPtJGDOD SDUHFH ORFDOL]DUVH QD RXWUD SRQWD GH XP FLUFXLWR SULQFLSDO GR QHRFyUWH[ QRV ORERV SUpIURQWDLV ORJR DWUiV GD WHVWD 2 FyUWH[ SUpIURQWDO SDUHFH DJLU TXDQGR DOJXpP HVWi DVVXVWDGR RX ]DQJDGR PDV VXIRFD RX FRQWUROD R VHQWLPHQWR SDUD WUDWDU FRP PDLV HILFiFLD GD VLWXDomR LPHGLDWD RX TXDQGR XPD UHDYDOLDomR H[LJH XPD UHVSRVWD FRPSOHWDPHQWH GLIHUHQWH FRPR QR FDVR GD PmH SUHRFXSDGD DR WHOHIRQH (VVD UHJLmR QHRFRUWLFDO GR FpUHEUR WUD] XPD UHVSRVWD PDLV DQDOtWLFD RX DGHTXDGD DRV QRVVRV LPSXOVRV HPRFLRQDLV PRGXODQGR D DPtJGDOD H RXWUDV iUHDV OtPELFDV (P JHUDO DV iUHDV SUpIURQWDLV JRYHUQDP QRVVDV UHDo}HV HPRFLRQDLV GHVGH R LQtFLR $ PDLRU SURMHomR GH LQIRUPDomR VHQVRULDO GR WiODPR OHPEUHP QmR YDL SDUD D DPtJGDOD PDV SDUD R QHRFyUWH[ H VHXV PXLWRV FHQWURV TXH D DEVRUYHP H GmR VHQWLGR DR TXH VH HVWi SHUFHEHQGR HVVD LQIRUPDomR H QRVVD UHVSRVWD D HOD VmR FRRUGHQDGDV SHORV ORERV SUpIURQWDLV R ORFDO GH SODQHMDU H RUJDQL]DU Do}HV SDUD XP REMHWLYR LQFOXLQGR RV HPRFLRQDLV 1R QHRFyUWH[ XPD VpULH HP FDVFDWD GH FLUFXLWRV UHJLVWUD H DQDOLVD HVVD LQIRUPDomR FRPSUHHQGHD H SRU PHLR GRV ORERV 3UpIURQWDLV RUJDQL]D XPD UHDomR 6H QR SURFHVVR VH H[LJH XPD UHVSRVWD HPRFLRQDO RV ORERV SUpIURQWDLV D GLWDP WUDEDOKDQGR HP FRPXP FRP D DPtJGDOD H RXWURV FLUFXLWRV QR FpUHEUR HPRFLRQDO (VVD SURJUHVVmR TXH SHUPLWH GLVFHUQLPHQWR QD UHVSRVWD HPRFLRQDO p R HVTXHPD SDGUmR FRP D VLJQLILFDWLYD H[FHomR GDV HPHUJrQFLDV HPRFLRQDLV 4XDQGR XPD HPRomR GLVSDUD HP SRXFRV PRPHQWRV RV ORERV SUpIURQWDLV HIHWXDP R HTXLYDOHQWH D XP FiOFXOR GD SURSRUomR GH ULVFRYDQWDJHP GDV PLUtDGHV GH UHDo}HV SRVVtYHLV H DSRVWDP TXH XPD GHODV p PHOKRU 1RV DQLPDLV TXDQGR DWDFDU TXDQGR IXJLU ( TXDQWR D QyV KXPDQRV TXDQGR DWDFDU TXDQGR IXJLUH WDPEpP TXDQGR DSD]LJXDU SHUVXDGLU DWUDLU VLPSDWLD IHFKDUVH HP FRSDV SURYRFDU FXOSD ODPHQWDUVH DVVXPLU XPD IDFKDGD GH EUDYDWD PRVWUDU GHVSUH]R H DVVLP SRU GLDQWH FRUUHQGR WRGR R UHSHUWyULR GH DUGLV HPRFLRQDLV
  • 33. $ UHVSRVWD QHRFRUWLFDO p PDLV OHQWD HP WHPSR FHUHEUDO TXH R PHFDQLVPR GH VHTHVWUR SRUTXH HQYROYH PDLV FLUFXLWRV 7DPEpP p PDLV FULWHULRVD H SRQGHUDGD SRLV PDLV SHQVDPHQWR DQWHFHGH R VHQWLPHQWR 4XDQGR UHJLVWUDPRV XPD SHUGD H ILFDPRV WULVWHV RX QRV DOHJUDPRV FRP XPD YLWyULD RX UHIOHWLUQRV VREUH DOJXPD FRLVD TXH DOJXpP GLVVH RX IH] H GHSRLV ILFDPRV PDJRDGRV RX ]DQJDGRV p R QHRFyUWH[ DJLQGR RPR DFRQWHFH FRP D DPtJGDOD VHP R IXQFLRQDPHQWR GRV ORERV SUpIURQWDLV JUDQGH SDUWH GD YLGD HPRFLRQDO GHVDSDUHFHULD VHP D FRPSUHHQVmR GH TXH DOJXPD FRLVD PHUHFH XPD UHVSRVWD HPRFLRQDO QmR YHP QHQKXPD 1HXURORJLVWDV VXVSHLWDYDP GHVVH SDSHO GRV ORERV SUpIURQWDLV QDV HPRo}HV GHVGH R DGYHQWR QD GpFDGD GH GDTXHOH WUDWDPHQWR FLU~UJLFR XP WDQWR GHVHVSHUDGR H WULVWHPHQWH HQJDQRVR SDUD D GRHQoD PHQWDO D ORERWRPLD SUpIURQWDO TXH PXLWDV YH]HV PDOIHLWD
  • 34. UHPRYLD SDUWH GRV ORERV SUpIURQWDLV RX VHFFLRQDYD GH RXWUR PRGR DV OLJDo}HV HQWUH R FyUWH[ SUpIURQWDO H R FpUHEUR LQIHULRU 1RV GLDV DQWHULRUHV D TXDOTXHU PHGLFDomR HILFD] SDUD D GRHQoD PHQWDO D ORERWRPLD IRL VDXGDGD FRPR D UHVSRVWD SDUD D SHUWXUEDomR HPRFLRQDO JUDYH HUD Vy FRUWDU DV OLJDo}HV HQWUH RV ORERV SUpIURQWDLV H R UHVWR GR FpUHEUR TXH VH DOLYLDYD D DIOLomR GR SDFLHQWH ,QIHOL]PHQWH R SUHoR HUD TXH D YLGD HPRFLRQDO GD PDLRULD GRV SDFLHQWHV SDUHFLD LU HPERUD WDPEpP 'HVWUXtUDVH R FLUFXLWRFKDYH 6XS}HVH TXH RV VHTHVWURV HPRFLRQDLV HQYROYHP GXDV GLQkPLFDV R GLVSDUR GD DPtJGDOD H D QmR DWLYDomR GRV SURFHVVRV QHRFRUWLFDLV TXH HP JHUDO PDQWrP R HTXLOtEULR GD UHVSRVWD HPRFLRQDO RX XP UHFUXWDPHQWR GDV ]RQDV QHRFRUWLFDLV SDUD D XUJrQFLD HPRFLRQDO 1HVVHV PRPHQWRV D PHQWH UDFLRQDO p LQXQGDGD SHOD HPRFLRQDO 8PD GDV PDQHLUDV GH R QHRFyUWH[ DJLU FRPR HILFLHQWH DGPLQLVWUDGRU GD HPRomR DYDOLDQGR DV UHDo}HV DQWHV GH DJLU p DPRUWHFHU RV VLQDLV SDUD D DWLYDomR HQYLDGRV SHOD DPtJGDOD H RXWURV FHQWURV OtPELFRV DVVLP FRPR XP SDL TXH LPSHGH XP ILOKR LPSXOVLYR GH SHJDU XPD FRLVD H R PDQGD HP YH] GLVVR SHGLU GLUHLWR RX HVSHUDU
  • 35. R TXH TXHU $ FKDYH GH GHVOLJDU IXQGDPHQWDO GD HPRomR DIOLWLYD SDUHFH VHU R ORER SUpIURQWDO HVTXHUGR 1HXURSVLFyORJRV TXH HVWXGDP KXPRUHV GH SDFLHQWHV FRP GDQRV HP SDUWHV GRV ORERV IURQWDLV GHWHUPLQDUDP TXH XPD GDV WDUHIDV GR ORER SUpIURQWDO HVTXHUGR p DJLU FRPR XP WHUPRVWDWR QHUYRVR UHJXODQGR HPRo}HV GHVDJUDGiYHLV 2V ORERV SUpIURQWDLV GLUHLWRV VmR XP ORFDO GH VHQWLPHQWRV QHJDWLYRV FRPR PHGR H DJUHVVmR HQTXDQWR RV HVTXHUGRV UHIUHLDP HVVDV HPRo}HV EUXWDV SURYDYHOPHQWH LQLELQGR R ORER GLUHLWR 1XP JUXSR GH SDFLHQWHV TXH VRIUHUDP GHUUDPH SRU H[HPSOR DTXHOHV FXMDV OHV}HV KDYLDP VLGR QR FyUWH[ SUpIURQWDO HVTXHUGR WLQKDP WHQGrQFLD D SUHRFXSDo}HV H PHGRV FDWDVWUyILFRV RV FRP OHV}HV QR GLUHLWR HUDP H[DJHUDGDPHQWH DQLPDGRV GXUDQWH RV H[DPHV QHXUROyJLFRV ID]LDP SLDGDV FRP WXGR H PRVWUDYDPVH WmR GHVFRQWUDtGRV TXH YLVLYHOPHQWH QHP VH SUHRFXSDYDP FRP FRPR VH KDYLDP VDtGR ( GHSRLV KRXYH R FDVR GR PDULGR IHOL] XP KRPHP FXMR ORER SUpIURQWDO GLUHLWR IRUD SDUFLDOPHQWH UHPRYLGR QXPD FLUXUJLD SDUD FRUUHomR GH XPD PDOIRUPDomR GR FpUHEUR $ PXOKHU FRQWRX DRV PpGLFRV TXH GHSRLV GD RSHUDomR R PDULGR VRIUHUD XPD PXGDQoD UDGLFDO GH SHUVRQDOLGDGH SDVVDQGR D LUULWDUVH FRP PHQRV IDFLOLGDGH H HVWDYD IHOL] HP GL]HU WRUQDQGRVH PDLV FDULQKRVR 2 ORER SUpIURQWDO HVTXHUGR HP VXPD SDUHFH ID]HU SDUWH GH XP FLUFXLWR QHXUDO TXH SRGH GHVOLJDU RX SHOR PHQRV DPRUWHFHU TXDVH WRGRV RV LPSXOVRV QHJDWLYRV PDLV IRUWHV GD HPRomR 6H D DPtJGDOD PXLWDV YH]HV DJH FRPR XP GLVSDUDGRU GH HPHUJrQFLD R ORER SUpIURQWDO HVTXHUGR SDUHFH ID]HU SDUWH GD FKDYH GH GHVOLJDU´ D HPRomR SHUWXUEDGRUD D DPtJGDOD SURS}H R ORER SUpIURQWDO GLVS}H (VVDV OLJDo}HV SUp IURQWDOOtPELFDV VmR FUXFLDLV QD YLGD PHQWDO PXLWR DOpP GR VLPSOHV UHILQDPHQWR GD
  • 36. HPRomR VmR HVVHQFLDLV SDUD ID]HUQRV QDYHJDU HP PHLR jV GHFLV}HV TXH PDLV FRQWDP QD YLGD +$5021,=$1'2 (02d­2 ( 3(16$0(172 $V OLJDo}HV HQWUH D DPtJGDOD H HVWUXWXUDV OtPELFDV UHODFLRQDGDV
  • 37. H R QHRFyUWH[ VmR R FHQWUR GDV EDWDOKDV RX WUDWDGRV GH FRRSHUDomR HQWUH D FDEHoD H R FRUDomR R SHQVDPHQWR H R VHQWLPHQWR (VVHV FLUFXLWRV H[SOLFDP SRU TXH D HPRomR p WmR FUXFLDO SDUD R SHQVDPHQWR HIHWLYR WDQWR QR WRPDU GHFLV}HV VHQVDWDV TXDQWR VLPSOHVPHQWH SHUPLWLQGR SHQVDU FRP FODUH]D 9HMDP R SRGHU GDV HPRo}HV GH SHUWXUEDU R SUySULR SHQVDPHQWR 2V QHXURFLHQWLVWDV XVDP R WHUPR PHPyULD IXQFLRQDO SDUD D FDSDFLGDGH GH DWHQomR TXH JXDUGD QD PHQWH RV IDWRV HVVHQFLDLV SDUD FRQFOXLU XPD GHWHUPLQDGD WDUHID RX SUREOHPD VHMDP RV DVSHFWRV LGHDLV TXH EXVFDPRV QXPD FDVD TXDQGR H[DPLQDPRV YiULRV SURVSHFWRV VHMDP RV HOHPHQWRV GH XP SUREOHPD GH UDFLRFtQLR QXP WHVWH 2 FyUWH[ SUpIURQWDO p D UHJLmR GR FpUHEUR UHVSRQViYHO SHOD PHPyULD IXQFLRQDO 0DV RV FLUFXLWRV TXH YmR GR FpUHEUR OtPELFR DRV ORERV SUpIURQWDLV VLJQLILFDP TXH RV VLQDLV GH IRUWH HPRomR DQVLHGDGH LUD H DILQV SRGHP FULDU HVWiWLFD QHXUDO VDERWDQGR D FDSDFLGDGH GR ORER SUpIURQWDO GH PDQWHU D PHPyULD IXQFLRQDO e SRU LVVR TXH TXDQGR HVWDPRV HPRFLRQDOPHQWH 3HUWXUEDGRV GL]HPRV 6LPSOHVPHQWH QmR FRQVLJR SHQVDU GLUHLWR H SRUTXH D FRQWtQXD SHUWXUEDomR HPRFLRQDO FULD GHILFLrQFLDV QDV DSWLG}HV LQWHOHFWXDLV GD FULDQoD PXWLODQGR D FDSDFLGDGH GH DSUHQGHU (VVDV GHILFLrQFLDV TXDQGR PDLV VXWLV QHP VHPSUH DSDUHFHP HP WHVWHV GH 4, HPERUD VH UHYHOHP HP DYDOLDo}HV QHXURSVLFROyJLFDV PDLV GLULJLGDV EHP FRPR QD FRQWtQXD DJLWDomR H LPSXOVLYLGDGH GD FULDQoD 1XP HVWXGR SRU H[HPSOR GHVFREULXVH FRP HVVHV WHVWHV TXH PHQLQRV GH HVFROD SULPiULD FRP FRQWDJHQV GH 4, DFLPD GD PpGLD PDV GH IUDFR UHQGLPHQWR HVFRODU WLQKDP XPD GHILFLrQFLD QR IXQFLRQDPHQWR GR FyUWH[ IURQWDO 7DPEpP HUDP LPSXOVLYRV H DQVLRVRV PXLWDV YH]HV SHUWXUEDGRUHV H GDGRV D PHWHUVH HP DSXURV VXJHULQGR XP IDOKR FRQWUROH SUpIURQWDO VREUH RV LPSXOVRV OtPELFRV $SHVDU GH VHX SRWHQFLDO LQWHOHFFWXDO VmR HVVDV FULDQoDV TXH FRUUHP PDLRUHV ULVFRV GH SUREOHPDV FRPR IUDFDVVR DFDGrPLFR DOFRROLVPR H FULPLQDOLGDGH QmR SRU GHILFLrQFLD LQWHOHFWXDO PDV SRUTXH R FRQWUROH TXH WrP VREUH VXD YLGD HPRFLRQDO p LQVXILFLHQWH 2 FpUHEUR HPRFLRQDO EDVWDQWH GLVWLQWR GDV UHJL}HV FRUWLFDLV UHYHODGDV SHORV WHVWHV GH 4, FRQWUROD LJXDOPHQWH LUD H SLHGDGH (VVHV FLUFXLWRV HPRFLRQDLV VmR HVFXOSLGRV SHOD H[SHULrQFLD GXUDQWH WRGD D LQIkQFLD H GHL[DPRV HVVD H[SHULrQFLDV DEVROXWDPHQWH DR DFDVR SDUD QRVVR ULVFR 3HQVHP WDPEpP QR SDSHO GDV HPRo}HV PHVPR QD PDLV UDFLRQDO WRPDGD GH GHFLVmR 1XP WUDEDOKR FRP LPSOLFDo}HV GH ORQJR DOFDQFH SDUD D FRPSUHHQVmR GD YLGD PHQWDO R 'U $QWRQLR 'DPDVLR QHXURORJLVWD GD )DFXOGDGH GH 0HGLFLQD GD 8QLYHUVLGDGH GH ,RZD IH] PHWLFXORVRV HVWXGRV VREUH R TXH H[DWDPHQWH HVWi FRPSURPHWLGR QRV SDFLHQWHV FRP GDQRV QR FLUFXLWR SUpIURQWDODPtJGDOD SURFHVVR GHFLVyULR GHOHV p PXLWtVVLPR IDOKR H QR HQWDQWR QmR UHYHODP DEVROXWDPHQWH QHQKXPD GHWHULRUDomR QR 4O RX HP TXDOTXHU FDSDFLGDGH FRJQLWLYD $SHVDU GD LQWHOLJrQFLD LQWDWD ID]HP HVFROKDV GHVDVWUYVDV QRV QHJyFLRV H QDV YLGDV SHVVRDLV H SRGHP PHVPR HQWUDU HP LQWHUPLQiYHO REVHVVmR VREUH XPD GHFLVmR WmR VLPSOHV FRPR TXDQGR PDUFDU XP HQFRQWUR 2 'U 'DPDVLR GL] TXH DV GHFLV}HV VmR WmR PDOIHLWDV SRUTXH HOHV SHUGHUDP DFHVVR D VHX DSUHQGL]DGR HPRFLRQDO RPR SRQWR GH HQFRQWUR HQWUH SHQVDPHQWR H HPRomR R FLUFXLWR SUpIURQWDODPtJGDOD p XPD HQWUDGD FUXFLDO SDUD R UHSRVLWyULR ULR GH SUHIHUrQFLDV H DYHUV}HV TXH DGTXLULPRV DR ORQJR GH XPD H[LVWrQFLD 'HVOLJDGR JDGR GD PHPyULD HPRFLRQDO QD DPtJGDOD TXDOTXHU FRLVD TXH R QHRFyUWH[ PHGLWH QmR PDLV GLVSDUD DV
  • 38. UHDo}HV HPRFLRQDLV D HOD DVVRFLDGDV QR SDVVDGR WXGR DVVXPH XPD QHXWUDOLGDGH FLQ]HQWD 8P HVWtPXOR VHMD XP ELFKLQKR GH HVWLPDomR SUHIHULGR RX XP FRQKHFLGR GHWHVWDGR QmR GHVSHUWD PDLV DWUDomR QHP DYHUVmR HVVHV SDFLHQWHV HVTXHFHUDP WRGDV HVVDV OLo}HV HPRFLRQDLV SRUTXH QmR WrP PDLV DFHVVR DR OXJDU RQGH HODV HVWmR DUPD]HQDGDV QD DPtJGDOD ,QGLFDo}HV FRPR HVVD OHYDP R 'U 'DPDVLR j SRVLomR DQWLLQWXLWLYD GH TXH RV VHQWLPHQWRV VmR WLSLFDPHQWH LQGLVSHQViYHLV QDV GHFLV}HV UDFLRQDLV S}HPQRV QD GLUHomR FHUWD RQGH D OyJLFD IULD SRGH HQWmR VHU GH PHOKRU XVR (QTXDQWR R PXQGR PXLWDV YH]HV QRV S}H GLDQWH GH XPD JDPD GLItFLO GH RSo}HV RPR LQYHVWLU D SRXSDQoD GD DSRVHQWDGRULD RP TXHP VH FDVDU
  • 39. R DSUHQGL]DGR HPRFLRQDO TXH D YLGD QRV GHX FRPR D OHPEUDQoD GH XP GHVDVWURVR LQYHVWLPHQWR RX XPD VHSDUDomR GRORURVD
  • 40. QRV HQYLD VLQDLV TXH IDFLOLWDP D GHFLVmR HOLPLQDQGR DOJXPDV RSo}HV H GHVWDFDQGR RXWUDV QR LQtFLR $VVLP GL] R 'U 'DPDVLR R FpUHEUR HPRFLRQDO HVWi WmR HQYROYLGR QR UDFLRFtQLR TXDQWR R FpUHEUR SHQVDQWH $V HPRo}HV SRUWDQWR FRQWDP SDUD D UDFLRQDOLGDGH 1D GDQoD GH VHQWLPHQWR H SHQVDPHQWR D IDFXOGDGH HPRFLRQDO JXLD QRVVDV GHFLV}HV D FDGD PRPHQWR WUDEDOKDQGR GH PmRV GDGDV FRP D PHQWH UDFLRQDO H FDSDFLWDQGR RX LQFDSDFLWDQGR R SUySULR SHQVDPHQWR 'R PHVPR PRGR R FpUHEUR SHQVDQWH GHVHPSHQKD XPD IXQomR H[HFXWLYD HP QRVVDV HPRo}HV D QmR VHU QDTXHOHV PRPHQWRV HP TXH DV HPRo}HV HVFDSDP DR FRQWUROH H R FpUHEUR HPRFLRQDO FRUUH VROWR 1XP FHUWR VHQWLGR WHPRV GRLV FpUHEURV GXDV PHQWHV H GRLV WLSRV GLIHUHQWHV GH LQWHOLJrQFLD UDFLRQDO H HPRFLRQDO 1RVVR GHVHPSHQKR QD YLGD p GHWHUPLQDGR SHODV GXDV QmR p DSHQDV R 4O PDV D LQWHOLJrQFLD HPRFLRQDO TXH FRQWD 1D YHUGDGH R LQWHOHFWR QmR SRGH GDU R PHOKRU GH VL VHP D LQWHOLJrQFLD HPRFLRQDO (P JHUDO D FRPSOHPHQWDULGDGH GH VLVWHPD OtPELFR H QHRFyUWH[ DPtJGDOD H ORERV SUp IURQWDLV VLJQLILFD TXH FDGD XP p XP SDUFHLUR LQWHJUDO QD YLGD PHQWDO 4XDQGR HVVHV SDUFHLURV LQWHUDJHP EHP D LQWHOLJrQFLD HPRFLRQDO DXPHQWD H WDPEpP D FDSDFLGDGH LQWHOHFWXDO ,VVR VXEYHUWH D YHOKD FRPSUHHQVmR GD WHQVmR HQWUH UD]mR H VHQWLPHQWR QmR p TXH TXHLUDPRV HOLPLQDU D HPRomR H S{U D UD]mR HP VHX OXJDU FRPR TXHULD (UDVPR PDV DR FRQWUiULR HQFRQWUDU R HTXLOtEULR LQWHOLJHQWH GDV GXDV 2 YHOKR SDUDGLJPD GHIHQGLD XP LGHDO GH UD]mR OLYUH GR SHVR GD HPRomR 2 QRYR QRV H[RUWD D KDUPRQL]DU FDEHoD H FRUDomR )D]HU LVVR EHP HP QRVVDV YLGDV LPSOLFD TXH SUHFLVDPRV SULPHLUR HQWHQGHU FRP PDLV H[DWLGmR R TXH VLJQLILFD XVDU LQWHOLJHQWHPHQWH D HPRomR 3$57( '2,6 $ 1$785(=$ '$ ,17(/,*Ç1,$ (02,21$/ 48$1'2 6(5 (63(572 e 6(5 %8552 ([DWDPHQWH SRU TXH 'DYLG 3RORJUXWR XP SURIHVVRU GH ItVLFD QR JLQiVLR IRL IHULGR GR FRP XPD IDFD GH FR]LQKD SRU XP GH VHXV PHOKRUHV DOXQRV DLQGD p GLVFXWtYHO 0DV RV IDWRV DPSODPHQWH QRWLFLDGRV VmR RV VHJXLQWHV -DVRQ + XP VHJXQGDQLVWD TXH Vy WLUDYD $ QXP JLQiVLR GH RUDO 6SULQJV )OyULGD HVWDYD REFHFDGR FRP D LGpLD GH HQWUDU QD IDFXOGDGH GH PHGLFLQD 1mR QXPD IDFXOGDGH GH PHGLFLQD TXDOTXHU VRQKDYD FRP +DUYDUG 0DV 3RORJUXWR VHX SURIHVVRU GH ItVLFD GHXOKH XPD QRWD QXPD SURYD $FKDQGR TXH D QRWD XP % VLPSOHV SXQKD HP ULVFR R VHX VRQKR -DVRQ OHYRX XPD IDFD GH DoRXJXHLUR SDUD D HVFROD H QXPD GLVFXVVmR FRP
  • 41. 3RORJUXWR QR ODERUDWyULR GH ItVLFD HVIDTXHRXR QD FODYtFXOD DQWHV GH VHU GRPLQDGR QXPD OXWD 8P MXL] GHGDURX -DVRQ LQRFHQWH WHPSRUDULDPHQWH LQVDQR GXUDQWH R LQFLGHQWH XP FRQVHOKR GH TXDWUR SVLFyORJRV H SVLTXLDWUDV MXURX TXH HOH HVWDYD SVLFyWLFR GXUDQWH D EULJD -DVRQ DOHJRX TXH SHQVDUD HP VXLFtGLR SRU FDXVD GD QRWD QD SURYD H SURFXUDUD 3RORJUXWR SDUD ,KH GL]HU TXH LD VH PDWDU SRU FDXVD GD QRWD UXLP 3RORJUXWR FRQWRX XPD KLVWyULD GLIHUHQWH $FKR TXH HOH WHQWRX PH PDWDU PHVPR FRP D IDFD SRLV HVWDYD IXULRVR FRP D QRWD UXLP $SyV WUDQVIHULUVH SDUD XPD HVFROD SDUWLFXODU -DVRQ IRUPRXVH GRLV DQRV GHSRLV QXP GRV SULPHLURV OXJDUHV GD WXUPD 8PD DSURYDomR SHUIHLWD QRV FXUVRV UHJXODUHV ,KH WHULD GDGR XP $ FRP PpGLD PDV HOH IL]HUD PXLWRV FXUVRV DYDQoDGRV SDUD HOHYDU VXD PpGLD D PXLWR DFLPD GR $ (PERUD -DVRQ VH KRXYHVVH IRUPDGR FRP R PDLV DOWR ORXYRU VHX DQWLJR SURIHVVRU GH ItVLFD 'DYLG 3RORJUXWR TXHL[DYDVH GH TXH HOH MDPDLV ,KH SHGLUD GHVFXOSDV QHP DVVXPLUD UHVSRQVDELOLGDGH SHOR DWDTXH $ TXHVWmR p FRPR DOJXpP FRP XPD LQWHOLJrQFLD WmR yEYLD ID] XPD FRLVD WmR LUUDHLRQDO WmR EXUUD PHVPR 5HVSRVWD D LQWHOLJrQFLD DFDGrPLFD SRXFR WHP D YHU FRP D YLGD HPRFLRQDO 2V PDLV EULOKDQWHV HQWUH QyV SRGHP DIXQGDU QRV UHFLIHV GH SDL[}HV GHVHQIUHDGDV H LPSXOVRV GHVJRYHUQDGRV SHVVRDV FRP DOWRV QtYHLV GH 4O VmR jV YH]HV SLORWRV LQFRPSHWHQWHV GH VXDV YLGDV SDUWLFXODUHV 8P GRV VHJUHGRV GH 3ROLFKLQHOR GD SVLFRORJLD p D UHODWLYD LQFDSDFLGDGH GDV QRWDV PHGLo}HV GH 4O RX FRQWDJHQV GR 6$7 DSHVDU GH VXD PtVWLFD SRSXODU SUHGL]HUHP FRP FHUWH]D TXHP VHUi EHPVXFHGLGR QD YLGD ODUR Ki XPD UHODomR HQWUH R 4O H DV FLUFXQVWkQFLDV GH YLGD SDUD JUDQGHV JUXSRV FRPR XP WRGR PXLWDV SHVVRDV FRP tQGLFHV GH 4O PXLWR EDL[RV DFDEDP HP HPSUHJRV VHUYLV H DV GH DOWRV tQGLFHV WHQGHP D VH WRUQDU EHP SDJDV PDV GH QHQKXP PRGR VHPSUH +i LQ~PHUDV H[FHo}HV j UHJUD GH TXH R 4O SUHYr R VXFHVVR WDQWDV RX PDLV
  • 42. H[FHo}HV TXDQWR RV FDVRV TXH VH HQFDL[DP QD UHJUD 1D PHOKRU GDV KLSyWHVHV R 4, FRQWULEXL FRP FHUFD GH SRU FHQWR SDUD RV IDWRUHV TXH GHWHUPLQDP R VXFHVVR QD YLGD R TXH GHL[D SRU FHQWR D RXWUDV IRUoDV RPR GL] XP REVHUYGRU $ YDVWD PDLRU SDUWH GD SRVLomR ILQDO GH DOJXpP QD VRFLHGDGH p GHWHUPLQDGD SRU IDWRUHV QmR UHODFLRQDGRV FRP R 4O H TXH YDULDP GH FODVVH VRFLDO D VRUWH 0HVPR 5LFKDUG +HUUQVWHLQ H KDUOHV 0XUUD FXMR OLYUR 7EH %HOO XUYH $ XUYD GR 6LQR@ DWULEXL LUQSRUWkQFLD EiVLFD DR 4O UHFRQKHFHP LVVR FRPR REVHUYDP 7DOYH] XP FDORXUR FRP XPD FRQWDJHP 6$7 WRWDO GH SRQWRV HP PDWHPiWLFD IL]HVVH PHOKRU QmR SHQVDQGR HP VHU PDWHPiWLFR PDV VH HP YH] GLVVR TXHU WHU VHX SU}SULR QHJyFLR WRUQDUVH VHQDGRU GRV (VWDGRV 8QLGRV RX JDQKDU XP PLOKmR GH GyOUHV QmR SRGH DEDQGRQDU HVVHV VRQKRV $ OLJDomR HQWUH HVVDV FRQWDJHQV GH SRQWRV H DTXHODV UHDOL]Do}HV p UHGX]LGD SHOD WRWDOLGDGH GH RXWUDV FDUDFWHUtVWLFDV TXH HOH WUD] SDUD D YLGD 0LQKD SUHRFXSDomR p FRP XP FRQMXQWR IXQGDPHQWDO GHVVDV RXWUDV FDUDFWHUtVWLFDV D LQWHOLJrQFLD HPRFLRQDO WDOHQWRV FRPR D FDSDFLGDGH GH PRWLYDUVH H SHUVLVWLU GLDQWH GH IUXVWUDo}HV FRQWURODU LPSXOVRV H DGLDU D VDWLVIDomR UHJX ODU SUySULR HVWDGR GH HVStULWR H LPSHGLU TXH D DIOLomR LQYDGD D FDSDFLGDGH GH SHQVDU FULDU HQSDWLD H HVSHUDU $R FRQWUiULR GR 4O FRP VHXV TXDVH FHP DQRV GH KLVWyULD KLVWyULD GH SHVTXLVD FRP PLOKDUHV GH SHVVRDV D LQWHOLJrQFLD HPRFLRQDO p XP FRQFHLWR FHLWR QRYR 1LQJXpP SRGH DLQGD GL]HU H[DWDPHQWH DWp RQGH UHVSRQGH SHOD YDULDomR GH SHVVRD SDUD SHVVRD QR FXUVR GD YLGD 0DV RV GDGRV TXH H[LVWHP VXJHUHP TXH HOD SRGH VHU WmR SRGHURVD H jV YH]HV PDLV TXDQWR R 4O ( HPERUD KDMD TXHP DUJXPHQWH TXH QmR VH SRGH PXGDU PXLWR R 4O FRP D
  • 43. H[SHULrQFLD RX HGXFDomR PRVWUDUHL QD 3DUWH LQFR TXH DV DSWLG}HV HPRFLRQDLV GHFLVLYDV QD YHUGDGH SRGHP VHU DSUHQGLGDV H PHOKRUDGDV QDV FULDQoDV H QRV GHUPRV DR WUDEDOKR GH HQVLQiODV ,17(/,*Ç1,$ (02,21$/ ( '(67,12 /HPEURPH GR FDPDUDGD HP PLQKD WXUPD QD 8QLYHUVLGDGH GH $PKHUVW TXH DOFDQoDUD FLQFR SHUIHLWRV QR 6$7 H HP RXWURV WHVWHV TXH IL]HUD DQWHV GH HQWUDU$SHVDU GH VXDV IRUPLGiYHLV DSWLG}HV LQWHOHFWXDLV HOH SDVVDYD D PDLRU SDUWH GR WHPSR VHP ID]HU QDGD ILFDQGR DFRUGDGR DWp WDUGH H IDOWDQGR jV DXODV SRU GRUPLU DWp PHLRGLD /HYRX TXDVH GH] DQRV SDUD REWHU DILQDO VHX GLSORPD 2 4O SRXFR RIHUHFH SDUD H[SOLFDU RV GLIHUHQWHV GHVWLQRV GH SHVVRDV FRP PDLV RX PHQRV LJXDLV SURPHVVDV HVFRODULGDGH H RSRUWXQLGDGH 4XDQGR VH DFRPSDQKDUDP XQLYHUVLWiULRV GH +DUYDUG GDV FODVVHV GD GpFDGD GH pSRFD HP TXH PDLV SHVVRDV FRP PDLRU tQGLFH GH 4O HVWXGDYDP QDV IDFXOGDGHV GH HOLWH GR TXH DFRQWHFH KRMH DWp D PHLDLGDGH RV KRPHQV FRP DV PHOKRUHV QRWDV QDV SURYDV QmR VH PRVWUDUDP SDUWLFXODUPHQWH EHPVXFHGLGRV HP FRPSDUDomR FRP RV FROHJDV GH QRWDV PHQRUHV HP WHUPRV GH VDOiULR SURGXWLYLGDGH RX VWDWXV HP VHX FDPSR 1HP WLQKDP PDLRU VDWLVIDomR QD YLGD H WDPSRXFR HUDP PDLV IHOL]HV QDV DPL]DGHV IDPtOLD H UHODFLRQDPHQWRV DPRURVRV $FRPSDQKDPHQWR VHPHOKDQWH DWp D PHLDLGDGH IRL IHLWR FRP JDURWRV D PDLRULD ILOKRV GH LPLJUDQWHV GRLV WHUoRV YLQGRV GH IDPtOLDV TXH YLYLDP GD SUHYLGrQFLD VRFLDO FULDGRV HP 6RPHUYLOOH 0DVVDFKXVHWWV QD pSRFD XP FRUWLoR SHVWLOHQWR D DOJXQV TXDUWHLU}HV GH +DUYDUG 8P WHUoR GHOHV WLQKD 4O DEDL[R GH 3RUpP PDLV XPD YH] R 4O SRXFD UHODomR WHYH FRP R JUDX GH VXFHVVR TXH FRQVHJXLUDP QR WUDEDOKR RX QR UHVWR GH VXDV YLGDV SRU H[HPSOR SRU FHQWR GRV KRPHQV FRP 4OV LQIHULRUHV D ILFDUDP GHVHPSUHJDGRV GXUDQWH GH] RX PDLV DQRV PDV WDPEpP ILFDUDP SRU FHQWR GDTXHOHV FRP 4O DFLPD GH ODUR KDYLD XPD OLJDomR JHUDO FRPR VHPSUH Ki
  • 44. HQWUH 4O H QtYHO VRFLRHFRQ{PLFR DRV TXDUHQWD H VHWH DQRV 0DV DSWLG}HV GH LQIkQFLD FRPR FDSDFLGDGH GH OLGDU FRP IUXVWUDo}HV FRQWURODU HPRo}HV H UHODFLRQDUVH FRP RXWUDV SHVVRDV FRQWDYDP PDLV 9HMDP WDPEpP GDGRV GH XP HVWXGR HP DQGDPHQWR FRP RLWHQWD H XP RUDGRUHV GH WXUPDV GH HP HVFRODV GH VHJXQGR JUDX GH ,OLQRLV 7RGRV FODUR WLQKDP DV PDLV DOWDV PpGLDV GH QRWDV HP VHXV JLQiVLRV 0DV HPERUD FRQWLQXDVVHP D VH VDLU EHP QD IDFXOGDGH FRP H[FHOHQWHV QRWDV DR EHLUDUHP RV WULQWD DQRV KDYLDP DOFDQoDGR DSHQDV QtYHLV PHGLDQRV GH VXFHVVR 'H] DQRV DSyV D IRUPDWXUD GR JLQiVLR Vy XP HP TXDWUR VH DFKDYD HP QtYHO PDLV DOWR HQWUH RV MRYHQV GH LGDGH FRPSDUiYHO QD SURILVVmR TXH KDYLDP HVFROKLGR H PXLWRV WLQKDPVH GDGR EHP SLRU .DUHQ $UQROG SURIHVVRUD GH HGXFDomR QD 8QLYHUVLGDGH GH %RVWRQ XPD GDV SHVTXLVDGRUDV TXH DFRPSDQKDP RV RUDGRUHV H[SOLFD $FKR TXH GHVFREULPRV DV SHVVRDV FHUWLQKDV DV TXH VDEHP FRPR YHQFHU QR VLVWHPD 0DV RV RUDGRUHV GH WXUPD FODUR WrP GH OXWDU WDQWR TXDQWR WRGRV QyV 6DEHU TXH XPD SHVVRD p XP RUDGRU GH WXUPD p VDEHU DSHQDV TXH HOD p PXLWtVVLPR ERD QR UHQGLPHQWR DYDOLDGR SRU QRWDV 1DGD QRV GL] GH FRPR HOD UHDJH jV YLFLVVLWXGHV GD YLGD ( HVVH p R SUREOHPD D LQWHOLJrQFLD DFDGrPLFD QmR RIHUHFH SUDWLFDPHQWH QHQKXP SUHSDUR SDUD R WRUYHOLQKR RX RSRUWXQLGDGH TXH WUD]HP DV YLFLVVLWXGHV GH YLGD $SHVDU GH XP DOWR 4O QmR VHU QHQKXPD JDUDQWLD GH SURVSHULGDGH SUHVWtJLR RX IHOLFLGDGH QD YLGD QRVVDV HVFRODV H FXOWXUD FRQFHQWUDPVH QD FDSDFLGDGH DFDGrPLFD LJQRUDQGR D LQWHOLJrQFLD HPRFLRQDO XP FRQMXQWR GH WUDoRV DOJXQV FKDPDULDP GH FDUiWHU TXH WDPEpP WHP LPHQVD
  • 45. LPSRUWkQFLD SDUD QRVVR GHVWLQR SHVVRDO $ YLGD HPRFLRQDO p XP FDPSR FRP R TXDO VH SRGH OLGDU FHUWDPHQWH FRPR PDWHPiWLFD RX OHLWXUD FRP PDLRU RX PHQRU WDOHQWR H H[LJH VHX FRQMXQWR H[FOXVLYR GH DSWLG}HV ( D PHGLGD GHVVDV QXPD SHVVRD p GHFLVLYD SDUD D FRPSUHHQVmR GR SRUTXr XPD SURVSHUD QD YLGD HQTXDQWR RXWUD GH LJXDO LQWHOHFWR HQWUD QXP EHFR VHP VDtGD D DSWLGmR HPRFLRQDO p XPD PHWDFDSDFLGDGH GHWHUPLQDQGR DWp RQGH SRGHPRV XVDU EHP TXDLVTXHU RXWUDV DSWLG}HV TXH WHQKDPRV LQFOXLQGR R LQWHOHFWR EUXWR ODUR Ki PXLWRV FDPLQKRV SDUD R VXFHVVR QD YLGD H PXLWRV FDPSRV HP TXH RXWUDV DSWLG}HV VmR UHFRPSHQVDGDV (P QRVVD VRFLHGDGH FDGD YH] PDLV EDVHDGD QR FRQKHFLPHQWR D DSWLGmR WpFQLFD p VHP G~YLGD XPD GHODV +i XPD SLDGD LQIDQWLO RPR VH FKDPD XP FKDWR GDTXL D TXLQ]H DQRV 5HVSRVWD KHIH 0DV PHVPR HQWUH RV FKDWRV D LQWHOLJrQFLD HPRFLRQDO RIHUHFH XPD YDQWDJHP H[WUD QR ORFDO GH WUDEDOKR FRPR YHUHPRV QD 3DUWH 7UrV 0XLWRV LQGtFLRV DWHVWDP TXH DV SHVVRDV HPRFLRQDOPHQWH FRPSHWHQWHV TXH FRQKHFHP H OLGDP EHP FRP RV SUySULRV VHQWLPHQWRV H OrHP H FRQVLGHUDP RV VHQWLPHQWRV GDV RXWUDV OHYDP YDQWDJHP HP TXDOTXHU FDPSR GD YLGD VHMD QDV UHODo}HV DPRURVDV H tQWLPDV VHMD DVVLPLODQGR DV UHJUDV WiFLWDV TXH JRYHPDP R VXFHVVR QD SROtWLFD RUJDQL]DFLRQDO $V SHVVRDV FRP SUiWLFD HPRFLRQDO EHP GHVHQYROYLGD WrP PDLV SUREDELOLGDGH GH VHQWLUHPVH VDWLVIHLWDV H VHUHP HILFLHQWHV HP VXDV YLGDV GRPLQDQGR RV KiELWRV PHQWDLV TXH IRPHQWDP VXD SURGXWLYLGDGH DV TXH QmR FRQVHJXHP H[HUFHU DOJXP FRQWUROH VREUH D YLGD HPRFLRQDO WUDYDP EDWDOKDV LQWHUQDV TXH VDERWDP VXD FDSDFLGDGH GH VH FRQFHQWUDU QR WUDEDOKR H SHQVDU FRP FODUH]D 80 7,32 ',)(5(17( '( ,17(/,*Ç1,$ 3DUD R REVHUYDGRU FDVXDO -XG GH TXDWUR DQRV SDUHFHULD GHVORFDGD HQWUH RV FROHJXLQKDV PDLV JUHJiULRV 5HWUDLVH QD KRUD GDV EULQFDGHLUDV ILFDQGR PDLV j PDUJHP GRV MRJRV GR TXH PHUJXOKDQGR QR FHQWUR 0DV -XG p QD YHUGDGH XPD SHUVSLFD] REVHUYDGRUD GD SROtWLFD VRFLDO GH VXD WXPPD QR SUpSULPiULR WDOYH] D PDLV VRILVWLFDGD GRV PHQLQRV HP VHXV GLVFHUQLPHQWRV GRV YDLYpQV GRV VHQWLPHQWRV LQWHUQRV GRV RXWURV (VVD VRILVWLFDomR Vy VH WRUQD YLVtYHO TXDQGR VXD SURIHVVRUD UH~QH DV FULDQoDV GH TXDWUR DQRV HP YROWD GH VL SDUD EULQFDU GR TXH FKDPDP GH -RJR GD 6DOD GH $XOD (VVD EULQFDGHLUD XPD UpSOLFD LQIDQWLO GD SUySULD VDOD GR SUpSULPiULR GH -XG FRODQGR ILJXUDV TXH WrP FRPR FDEHoDV SHTXHQDV IRWRV GRV DOXQRV H SURIHVVRUHV p XP WHVWH GH SHUFHSomR VRFLDO 4XDQGR D SURIHVVRUD GH -XG ,KH SHGH TXH SRQKD FDGD PHQLQD H PHQLQR QD SDUWH GD VDOD RQGH PDLV JRVWDP GH EULQFDU R FDQWLQKR GD DUWH R GH PRQWDU EORFRV H DVVLP SRU GLDQWH HOD R ID] FRP WRWDO SUHFLVmR ( TXDQGR ,KH SHGHP TXH SRQKD FDGD PHQLQD H PHQLQR FRP DV FULDQoDV FRP TXH PDLV JRVWDP GH EULQFDU HOD PRVWUD TXH VDEH FRPELQDU RV PHOKRUHV DPLJRV GH WRGD D FODVVH $ SUHFLVmR GH -XG UHYHOD TXH HOD WHP XP SHUIHLWR PDSD VRFLDO GH VXD WXUPD XP QtYHO GH SHUFHSomR H[FHSFLRQDO SDUD XPD FULDQoD GH TXDWUR DQRV (VVDV VmR DSWLG}HV TXH QD YLGD SRVWHULRU SRGHP SHUPLWLU D -XG GHVDEURFKDU QXPD HVWUHOD HP TXDOTXHU GRV FDPSRV RQGH DV DSWLG}HV SHVVRDLV FRQWpP GHVGH YHQGDV H DGPLQLVWUDomR DWp GLSORPDFLD 4XH R EULOKR VRFLDO GH -XG WHQKD VLGR LGHQWLILFDGR DLQGD WmR FHGR GHYHXVH DR IDWR GH HOD VHU DOXQD GD 3Up(VFROD (OLRW3HDUVRQ QR FDPSXV GD 8QLYHUVLGDGH 7XIWV RQGH R 3URMHWR 6SHFWUXP XP FXUUtFXOR TXH LQWHQFLRQDOPHQWH FXOWLYD Yi ULRV WLSRV GH LQWHOLJrQFLD HUD HQWmR GHVHQYROYLGR 2 3URMHWR 6SHFWUXP UHFRQKH FH R UHSHUWyULR KXPDQR GH DSGG}HV YDL PXLWR DOpP GD HVWUHLWD IDL[D GH DSWLG}HV FRP SDODYUDV H Q~PHURV HP TXH VH FRQFHQWUDP DV HVFRODV WUDGLFLRQDLV 5HFRQKHFH TXH DSWLG}HV FRPR D SHUFHSomR VRFLDO GH
  • 46. -XG VmR WDOHQWRV TXH XPD HGXFDomR GHYH PDLV DOLPHQWDU TXH LJQRUDU RX PHVPR IUXVWUDU (QFRUDMDQGR DV FULDQoDV D GHVHQYROYHUHP XPD FRPSOHWD JDPD GDV DSGG}HV D TXH QD YHUGDGH UHFRUUHUmR SDUD R VXFHVVR RX XVDUmR DSHQDV SDUD VH UHDOL]DU QR TXH ID]HP D HVFROD VH WRUQD XPD HGXFDomR HP DSWLG}HV SDUD D YLGD 2 RULHQWDGRU YLVLRQiULR SRU WUiV GR 3URMHWR 6SHFWUXP p +RZDUG *DUGQHU SVLFyORJR GD (VFROD GH (GXFDomR GH +DUYDUG KHJRX D KRUD HOH PH GLVVH GH DPSOLDU QRVVD LGpLD GR HVSHFWUR GH WDOHQWRV $ PDLRU FRQWULEXLomR LVRODGD TXH D HGXFDomR SRGH GDU DR GHVHQYROYLPHQWR GH XPD FULDQoD p DMXGiOD D HQFDPLQKDUVH SDUD XP FDPSR RQGH VHXV WDOHQWRV VH DGDSWHP PHOKRU RQGH HOD VHUi IHOL] H FRPSHWHQWH 3HUGHPRV LVVR LQWHLUDPHQWH GH YLVWD (P YH] GLVVR VXMHLWDPRV WRGRV D XPD HGXFDomR HP TXH VH YRFr IRU EHPVXFHGLGR HVWDUi PDLV EHP FDSDFLWDGR SDUD VHU SURIHVVRU XQLYHUVLWiULR ( DYDOLDPRV WRGRV DR ORQJR GR SHUFXUVR VHJXQGR VDWLVID]HP RX QmR HVVH HVWUHLWR SDGUmR GH VXFHVVR 'HYtDPRV JDVWDU PHQRV WHPSR FODVVLILFDQGR FULDQoDV H PDLV WHPSR DMXGDQGRDV D LGHQWLILFDU VXDV DSWLG}HV H GRQV QDWXUDLV H D FXOWLYiORV +i FHQWHQDV H FHQWHQDV GH PDQHLUDV GH VHU EHPVXFHGLGR H PXLWDV PXLWDV DSWLG}HV GLIHUHQWHV TXH DV DMXGDUmR D FKHJDU Oi 6H DOJXpP Yr DV OLPLWDo}HV GDV YHOKDV IRUPDV GH SHQVDU VREUH D LQWHOLJrQFLD p *DUGQHU (OH REVHUYD TXH RV GLDV GH JOyULD GRV WHVWHV GH 4O FRPHoDUDP GXUDQWH D 3ULPHLUD *XHUUD 0XQGLDO TXDQGR GRLV PLOK}HV GH DPHULFDQRV IRUDP FODVVLILFDGRV SRU PHLR GR SULPHLUR IRUPXOiULR HP PDVVD GR WHVWH GH 4, UHFpPFULDGR SRU /HZLV 7HUPDQ XP SVLFyORJR GH 6WDQIRUG ,VVR OHYRX D GpFDGDV GR TXH *DUGQHU FKDUQD GH PRGR GH SHQVDU GR 4, 3HQVDU TXH DV SHVVRDV VmR LQWHOLJHQWHV RX QmR TXH QDVFHUDP DVVLP TXH QmR VH SRGH ID]HU PXLWD FRLVD D UHVSHLWR H TXH RV WHVWHV SRGHP GL]HU VH D JHQWH p XP GRV LQWHOLJHQWHV RX QmR 2 WHVWH 6$7 SDUD DGPLVVmR HP XQLYHUVLGDGHV EDVHLDVH QD PHVPD LGpLD GH XPD ~QLFD DSWLGmR TXH GHWHUPLQD QRVVR IXWXUR (VVH PRGR GH SHQVDU LPSUHJQD D VRFLHGDGH 2 LQIOXHQWH OLYUR GH *DUGQHU )UDPHV RI 0tQG (VWDGRV GH (VStULWR@ GH IRL XP PDQLIHVWR FRQWHVWDQGR D YLVmR GR 4, SURSXQKD TXH QmR KDYLD XP WLSR ~QLFR PRQROtWLFR GH LQWHOLJrQFLD GHFLVLYD SDUD R VXFHVVR QD YLGD PDV DQWHV XP DPSOR HVSHFWUR GH LQWHOLJrQFLDV FRP VHWH YDULHGDGHVFKDYH (P VXD OLVWD HQWUDP RV GRLV WLSRV GH LQWHOLJrQFLDV DFDGrPLFDV SDGUmR D YLYDFLGDGH YHUEDO H D D PDWHPiWLFROyJLFD PDV HOH YDL DGLDQWH H LQFOXL D DSGGmR HVSDFLDO TXH VH Yr GLJDPRV QXP GHVWDFDGR SLQWRU RX DUTXLWHWR R JrQLR FLQHVWpVLFR H[LELGR QD IOXLGH] H JUDoD ItVLFDV GH XPD 0DUWKD *UDKDP RX 0DJLF -RKQVRQ H RV GRQV PXVLFDLV GH XP 0R]DUW RX RR 0D $UUHPDWDQGR D OLVWD Ki GXDV IDFHV GR TXH *DUGQHU FKDPD GH LQWHOLJrQFLDV SHVVRDLV DSWLG}HV LQWHUSHVVRDLV FRPR DV GH XP JUDQGH WHUDSHXWD FRPR DUO 5RJHUV RX XP OtGHU GH QtYHO PXQGLDO FRPR 0DUWLQ /XWKHU .LQJ -U H D DSWLGmR LQWUDSVtTXLFD TXH SRGH VXUJLU GH XP ODGR QDV EULOKDQWHV LQWXLo}HV GH 6LJPXQG )UHXG RX FRP PHQRV EDUXOKR QD VDWLVIDomR LQWHULRU TXH YHP GD VLQWRQL]DomR GH QRVVD YLGD FRP QRVVRV YHUGDGHLURV VHQWLPHQWRV $ SDODYUD RSHUDFLRQDO QHVVD YLVmR GH LQWHOLJrQFLDV p P~OWLSOR R PRGHOR GH *DUGQHU YDL PXLWR DOpP GR FRQFHLWR SDGUmR GH 4, FRPR XP IDWRU ~QLFR H LPXWiYHO 5HFRQKHFH TXH RV WHVWHV TXH QRV WLUDQL]DUDP TXDQGR SDVVDPRV SHOD HVFROD GHVGH D UHDOL]DomR GDV SURYDV GH UHQGLPHQWR TXH QRV FODVVLILFDYDP HQWUH RV TXH VHULDP GHVYLDGRV SDUD DV HVFRODV WpFQLFDV H RV GHVWLQDGRV j XQLYHUVLGDGH DRV 6$7V TXH GHWHUPLQDYDP TXDO IDFXOGDGH VH IRVVH R FDVR SRGHUtDPRV IUHTHQWDU VH EDVHLDP QXPD QRomR OLPLWDGD GH LQWHOLJrQFLD XPD QRomR VHP OLJDomR FRP D YHUGDGHLUD JDPD GH WDOHQWRV H DSWLG}HV TXH FRQWDP SDUD D YLGD DFLPD H DOpP GR 4,
  • 47. *DUGQHU UHFRQKHFH TXH VHWH p XP Q~PHUR DUELWUiULR SDUD D YDULHGDGH GH LQWHOLJrQFLDV QmR Ki QHQKXP Q~PHUR PiJLFR SDUD D PXOWLSOLFLGDGH GH WDOHQWRV KXPDQRV $ GHWHUPLQDGD DOWXUD HOH H VHXV FROHJDV KDYLDP HVWLFDGR HVVDV VHWH SDUD XPD OLVWD GH YLQWH DSWLG}HV GLIHUHQWHV $ ,QWHOLJrQFLD LQWHUSHVVRDO SRU H[HPSOR GHVGREURXVH HP TXDWUR DSWLG}HV GLVWLQWDV OLGHUDQoD D DSWLGmR GH PDQWHU UHODo}HV H FRQVHUYDU DPLJRV D GH UHVROYHU FRQIOLWRV H D GR WLSR GH DQiOLVH VRFLDO HP TXH -XG GH TXDWUR DQRV HUD H[FHOHQWH (VVD YLVmR PXOWLIDFHWDGD GD LQWHOLJrQFLD RIHUHFH XP TXDGUR PDLV ULFR GD FDSDFLGDGH H GR SRWHQFLDO GH XPD FULDQoD SDUD R VXFHVVR TXH R 4, SDGUmR 4XDQGR RV DOXQRV GD 6SHFWUXP IRUDP DYDOLDGRV SHOD (VFDOD GH ,QWHOLJrQFLD 6WDQIRUG %LQHW RXWURUD R SDGUmR RXUR GRV WHVWHV GH 4, H PDLV XPD YH] SRU XPD EDWHULD GHVWLQDGD D PHGLU R HVSHFWUR GH LQWHOLJrQFLDV GH *DUGQHU QmR KRXYH QHQKXPD UHODomR VLJQLILFDWLYD HQWUH DV FRQWDJHQV REWLGDV QRV GRLV WHVWHV $V FLQFR FRP 4OV PDLV DOWRV GH D
  • 48. PRVWUDUDP XPD YDULHGDGH GH SHUILV QDV GH] IRUoDV PHGLGDV SHOR WHVWH 6SHFWUXP 3RU H[HPSOR GDV FLQFR FULDQoDV PDLV LQWHOLJHQWHV VHJXQGR RV WHVWHV GH 4, XPD HUD IRUWH HP WUrV iUHDV WUrV WLQKDP IRUoDV HP GXDV iUHDV H XPD FULDQoD LQWHOLJHQWH WLQKD DSHQDV XPD IRUoD 6SHFWUXP (VVDV IRUoDV HUDP HVSDOKDGDV TXDWUR GDV IRUoDV GHVVDV FULDQoDV HUDP HP P~VLFD GXDV HP DUWHV YLVXDLV XPD HP FRPSUHHQVmR VRFLDO XPD HP OyJLFD GXDV HP OLQJXDJHP 1HQKXPD GDV FLQFR FULDQoDV GH DOWR 4, HUD IRUWH HP PRYLPHQWR Q~PHURV RX PHFDQLFD PRYLPHQWR H Q~PHURV IRUDP QD YHUGDGH SRQWRV IUDFRV SDUD GXDV GDV FLQFR $ FRQFOXVmR GH *DUGQHU IRL TXH D (VFDOD GH ,QWHOLJrQFLD 6WDQIRUG%LQHW QmR SUHYLX GHVHPSHQKR EHPVXFHGLGR GH SRQWD D SRQWD RX QXP VXEFRQMXQWR FRQVLVWHQWH GH DWLYLGDGHV 6SHFWUXP 3RU RXWUR ODGR DV FRQWDJHQV 6SHFWUXP GmR DRV SDLV XPD GDUD RULHQWDomR VREUH RV FDPSRV QRV TXDLV HVVDV FULDQoDV WHUmR XP LQWHUHVVH HVSRQWkQHR H RQGH VH VDLUmR EHP R EDVWDQWH SDUD GHVHQYROYHU SDL[}HV TXH SRGHUmR XP GLD FRQGX]LODV DOpP GD HILFLrQFLD DWp D PDHVWULD 2 SHQVDPHQWR GH *DUGQHU VREUH D PXOWLSOLFLGDGH GD LQWHOLJrQFLD FRQWLQXD D HYROXLU 8QV GH] DQRV DSyV WHU SXEOLFDGR VXD WHRULD SHOD SULPHLUD YH] HOH IH] RV RV VHJXLQWHV VXPiULRV GDV LQWHOLJrQFLDV SHVVRDLV ,QWHOLJrQFLD LQSHVVRDO p D FDSDFLGDGH GH FRPSUHHQGHU RXWUDV SHVVRDV R TXH DV PRWLYD FRPR WUDEDOKDP FRPR WUDEDOKDU FRRSHUDWLYDPHQWH FRP HODV 3HVVRDO GH YHQGDV SROtWLFRV SURIHVVRUHV FOtQLFRV H OtGHUHV UHOLJLRVRV EHPVXFHGLGRV SURYDYHOYDYHOPHQWH VmR WRGRV LQGLYtGXRV FRP DOWRV JUDXV GH LQWHOLJrQFLD LQWHUSHVVRDO $ LQWHOLJrQFLD LQWUDSHVVRDO p XPD DSWLGmR FRUUHODWD YROWDGD SDUD GHQWUR e XPD FDSDFLGDGH GH IRUPDU XP PRGHOR SUHFLVR YHUtGLFR GH VL PHVPR H SRGHU XViOR OR SDUD DJLU HILFD]PHQWH QD YLGD (P RXWUD YHUVmR *DUGQHU REVHUYRX TXH R kPDJR GD LQWHOLJrQFLD LQWHUSHVVRDO LQFOXL D FDSDFLGDGH GH GLVFHUQLU H UHVSRQGHU DGHTXDGDPHQWH DRV HVWDGRV GH HVStULWR WHPSHUDPHQWRV PRWLYDo}HV H GHVHMRV GH RXWUDV SHVVRDV 1D LQWHOLJrQ FLD LQWUDSHVVRDO FKDYH GR DXWRFRQKHFLPHQWR HOH LQFOXLX DFHVVR D QRVVRV SUy SULRV VHQWLPHQWRV H D FDSDFLGDGH GH GLVFULPLQiORV H XViORV SDUD RULHQWDU R FRPSRUWDPHQWR 632. 96 '$7$ 48$'2 $ 3(5(3d­2 1­2 %$67$ $V WHRUL]Do}HV GH *DUGQHU FRQWrP XPD GLPHQVmR GD LQWHOLJrQFLD SHVVRDO TXH p DPSODPHQWH DSRQWDGD PDV SRXFR H[SORUDGD R SDSHO GDV HPRo}HV 7DOYH] LVVR VH Gr SRUTXH FRPR PH VXJHULX HOH SUySULR VHX WUDEDOKR p IRUWHPHQWH LQIRUPDGR SRU XP PRGHOR PHQWDO GH FLrQFLD FRJQLWLYD $VVLP VXD YLVmR GHVVDV LQWHOLJrQFLDV HQIDWL]D D SHUFHSomR D FRPSUHHQVmR GH VL H GH RXWURV QDV PRWLYDo}HV QRV KiELWRV GH WUDEDOKR H QR XVR GHVVD