SlideShare ist ein Scribd-Unternehmen logo
1 von 110
Downloaden Sie, um offline zu lesen
22‹‹ŠŠ##
224488((ee2299,,557788$$//
248(e29,578$/
3LHUUH/pY
7UDGXomRGH3DXOR1HYHVGRRULJLQDO³4X¶HVWFHOHYLUWXHO´
´3DUDeGHQH/RXS1Rp
DDOHJULDHDLQRFrQFLDµ
6REUHD2EUD
$SyV XPD WUDMHWyULD HP TXH DERUGD D YLUWXDOL]DomR VRE R DVSHFWR
ILORVyILFR R FRQFHLWR GH YLUWXDOL]DomR
DQWURSROyJLFR D UHODomR HQWUH R
SURFHVVR GH KRPLQL]DomR H D YLUWXDOL]DomR
H VyFLRSROtWLFR ´FRPSUHHQGHU D
PXWDomRFRQWHPSRUkQHDSDUDWHUXPDFKDQFHGHWRUQDUVHDWRUGHODµ
/pY
WHUPLQD VXD REUD FRQFODPDQGR D XPD ´DUWH GD YLUWXDOL]DomR H XPD QRYD
VHQVLELOLGDGHHVWpWLFDTXHQHVWHVWHPSRVGHJUDQGHGHVWHUULWRULDOL]DomRIDULD
GHKXPDKRVSLWDOLGDGHDPSOLDGDVXDYLUWXGHFDUGLQDOµ
6REUHD'LJLWDOL]DomRGHVWD2EUD
6HRVOLYURVWLYHVVHPSUHoRVDFHVVtYHLVWRGRVSRGHULDPRVFRPSUiORV
$ GLJLWDOL]DomR GHVWD REUD p XP SURWHVWR FRQWUD D H[FOXVmR FXOWXUDO H  SRU
FRQVHTXrQFLD VRFLDO FDXVDGDV SHORV SUHoRV DEXVLYRV GRV OLYURV HGLWDGRV H
SXEOLFDGRVQR%UDVLO$VVLPpWRWDOPHQWHFRQGHQiYHODYHQGDGHVWHHOLYURHP
TXDOTXHUFLUFXQVWkQFLD'LVWULEXDROLYUHPHQWH
´3DUD5RELHH*OyULDµ
,1752'8d­2
´2YLUWXDOSRVVXLXPDSOHQDUHDOLGDGHHQTXDQWRYLUWXDOµ
*LOOHV'HOHX]H'LIIpUHQFHHUpSpWLWLRQ
´$UHDOLGDGHYLUWXDOFRUURPSH
DUHDOLGDGHDEVROXWDFRUURPSHDEVROXWDPHQWHµ
5R$VFRWW3UrPLR$UVHOHFWURQLFD
8P PRYLPHQWR JHUDO GH YLUWXDOL]DomR DIHWD KRMH QmR DSHQDV D
LQIRUPDomR H D FRPXQLFDomR PDV WDPEpP RV FRUSRV R IXQFLRQDPHQWR
HFRQ{PLFR RV TXDGURV FROHWLYRV GD VHQVLELOLGDGH RX R H[HUFtFLR GD
LQWHOLJrQFLD$YLUWXDOL]DomR DWLQJH PHVPR DV PRGDOLGDGHV GR HVWDU MXQWR D
FRQVWLWXLomR GR ´QyVµ FRPXQLGDGHV YLUWXDLV HPSUHVDV YLUWXDLV GHPRFUDFLD
YLUWXDO(PERUDDGLJLWDOL]DomRGDVPHQVDJHQVHDH[WHQVmRGRFLEHUHVSDoR
GHVHPSHQKHPXPSDSHOFDSLWDOQDPXWDomRHPFXUVRWUDWDVHGHXPDRQGDGH
IXQGRTXHXOWUDSDVVDDPSODPHQWHDLQIRUPDWL]DomR
'HYHVH WHPHU XPD GHVUHDOL]DomR JHUDO 8PD HVSpFLH GH
GHVDSDUHFLPHQWR XQLYHUVDO FRPR VXJHUH -HDQ %DXGULOODUG (VWDPRV
DPHDoDGRV SRU XP DSRFDOLSVH FXOWXUDO 3RU XPD DWHUURUL]DQWH LPSORVmR GR
HVSDoRWHPSRFRPR3DXO9LULOLRDQXQFLDKiYiULRVDQRV(VWHOLYURGHIHQGH
XPD KLSyWHVH GLIHUHQWH QmR FDWDVWURILVWD HQWUH DV HYROXo}HV FXOWXUDLV HP
DQGDPHQWR QHVWD YLUDGD GR WHUFHLUR PLOrQLR ² H DSHVDU GH VHXV LQHJiYHLV
DVSHFWRVVRPEULRVHWHUUtYHLV²H[SULPHVHXPDEXVFDGDKRPLQL]DomR
HUWDPHQWH QXQFD DQWHV DV PXGDQoDV GDVWpFQLFDV GD HFRQRPLD H
GRV FRVWXPHV IRUDP WmR UiSLGDV H GHVHVWDELOL]DQWHV 2UD D YLUWXDOL]DomR
FRQVWLWXL MXVWDPHQWH D HVVrQFLD RX D SRQWD ILQD GD PXWDomR HP FXUVR
(QTXDQWR WDO D YLUWXDOL]DomR QmR p QHP ERD QHP Pi QHP QHXWUD (OD VH
DSUHVHQWDFRPRRPRYLPHQWRPHVPRGR´GHYLURXWURµ²RXKHWHURJrQHVH²
GR KXPDQR $QWHV GH WHPrOD FRQGHQiOD RX ODQoDUVH jV FHJDV D HOD
SURSRQKRTXHVHIDoDRHVIRUoRGHDSUHHQGHUGHSHQVDUGHFRPSUHHQGHUHP
WRGDDVXDDPSOLWXGHDYLUWXDOL]DomR
RPRVHYHUiDRORQJRGHVWHOLYURRYLUWXDOULJRURVDPHQWHGHILQLGR
WHPVRPHQWHXPDSHTXHQDDILQLGDGHFRPRIDOVRRLOXVyULRRXRLPDJLQiULR
7UDWDVHDRFRQWUiULRGHXPPRGRGHVHUIHFXQGRHSRGHURVRTXHS}HHP
MRJR SURFHVVRV GH FULDomR DEUH IXWXURV SHUIXUD SRoRV GH VHQWLGR VRE D
SODWLWXGHGDSUHVHQoDItVLFDLPHGLDWD
0XLWRVILOyVRIRV²HQmRGRVPHQRUHV²MiWUDEDOKDUDPVREUHDQRomR
GHYLUWXDOLQFOXVLYHDOJXQVSHQVDGRUHVIUDQFHVHVFRQWHPSRUkQHRVFRPR*LOOHV
'HOHX]HRX0LFKHO6HUUHV4XDOpSRUWDQWRDDPELomRGDSUHVHQWHREUDe
PXLWRVLPSOHVQmRPHFRQWHQWHLHPGHILQLURYLUWXDOFRPRXPPRGRGHVHU
SDUWLFXODUTXLVWDPEpPDQDOLVDUHLOXVWUDUXPSURFHVVRGHWUDQVIRUPDomRGHXPPRGR
GHVHUQXPRXWUR'HIDWRHVWHOLYURHVWXGDDYLUWXDOL]DomRTXHUHWRUQDGRUHDORX
GR DWXDO HP GLUHomR DR YLUWXDO $ WUDGLomR ILORVyILFD DWp RV WUDEDOKRV PDLV
UHFHQWHV DQDOLVD D SDVVDJHP GR SRVVtYHO DR UHDO RX GR YLUWXDO DR DWXDO
1HQKXP HVWXGR DLQGD DR TXH HX VDLED DQDOLVRX D WUDQVIRUPDomR LQYHUVD HP
GLUHomRDRYLUWXDO2UDpSUHFLVDPHQWHHVVHUHWRUQRjPRQWDQWHTXHPHSDUHFH
FDUDFWHUtVWLFR WDQWR GR PRYLPHQWR GH DXWRFULDomR TXH IH] VXUJLU D HVSpFLH
KXPDQDTXDQWRGDWUDQVLomRFXOWXUDODFHOHUDGDTXHYLYHPRVKRMH2GHVDILR
GHVWH OLYUR p SRUWDQWR WULSOR ILORVyILFR R FRQFHLWR GH YLUWXDOL]DomR
DQWURSROyJLFRDUHODomRHQWUHRSURFHVVRGHKRPLQL]DomRHDYLUWXDOL]DomR
H
VyFLRSROtWLFRFRPSUHHQGHUDPXWDomRFRQWHPSRUkQHDSDUDSRGHUDWXDUQHOD
6REUHHVWH~OWLPRSRQWRpSUHFLVRGL]HUTXHDDOWHUQDWLYDPDLRUQmRFRORFDHP
FHQD XPD KHVLWDomR JURVVHLUDPHQWH DOLQKDYDGD HQWUH RUHDO H R YLUWXDO PDV
DQWHVXPDHVFROKDHQWUHGLYHUVDVPRGDOLGDGHVGHYLUWXDOL]DomR0DLVTXHLVVR
GHYHPRVGLVWLQJXLUHQWUHXPDYLUWXDOL]DomRHPFXUVRGHLQYHQomRGHXPODGR
HVXDVFDULFDWXUDVDOLHQDQWHVUHLILFDQWHVHGHVTXDOLILFDQWHVGHRXWUR'RQGHD
PHXYHUDXUJHQWHQHFHVVLGDGHGHXPDFDUWRJUDILDGRYLUWXDOjTXDOUHVSRQGH
HVWH´FRPSrQGLRGHYLUWXDOL]DomRµ
1RSULPHLURFDStWXOR´2TXHpDYLUWXDOL]DomRµGHILQRRVSULQFLSDLV
FRQFHLWRVGHUHDOLGDGHGHSRVVLELOLGDGHGHDWXDOLGDGHHGHYLUWXDOLGDGHTXHVHUmR
XWLOL]DGRVDVHJXLUEHPFRPRDVGLIHUHQWHVWUDQVIRUPDo}HVGHXPPRGRGH
VHU HP RXWUR (VVH FDStWXOR p WDPEpP D RSRUWXQLGDGH GH XP FRPHoR GH
DQiOLVH GD YLUWXDOL]DomR SURSULDPHQWH GLWD H HP SDUWLFXODU GD
´GHVWHUULWRULDOL]DomRµHRXWURVIHQ{PHQRVHVSDoRWHPSRUDLVHVWUDQKRVTXHOKH
VmRJHUDOPHQWHDVVRFLDGRV
2VWUrVFDStWXORVVHJXLQWHVGL]HPUHVSHLWRjYLUWXDOL]DomRGRFRUSRGR
WH[WRHGDHFRQRPLD2VFRQFHLWRVREWLGRVDQWHULRUPHQWHVmRDTXLH[SORUDGRVHP
UHODomR D IHQ{PHQRV FRQWHPSRUkQHRV H SHUPLWHP DQDOLVDU GH PDQHLUD
FRHUHQWHDGLQkPLFDGDPXWDomRHFRQ{PLFDHFXOWXUDOHPFXUVR
2 TXLQWR FDStWXOR DQDOLVD D KRPLQL]DomR QRV WHUPRV GD WHRULD GD
YLUWXDOL]DomR YLUWXDOL]DomR GR SUHVHQWH LPHGLDWR SHOD OLQJXDJHP GRV DWDV
ItVLFRV SHOD WpFQLFD H GD YLROrQFLD SHOR FRQWUDWR $VVLP DSHVDU GH VXD
EUXWDOLGDGHHGHVXDHVWUDQKH]DDFULVHGHFLYLOL]DomRTXHYLYHPRVSRGHVHU
UHSHQVDGDQDFRQWLQXLGDGHGDDYHQWXUDKXPDQD
2FDStWXORVHLV´$VRSHUDo}HVGDYLUWXDOL]DomRµXWLOL]DRVPDWHULDLV
HPStULFRV DFXPXODGRV QRV FDStWXORV SUHFHGHQWHV SDUD S{U HP HYLGrQFLD R
Q~FOHRLQYDULDQWHGHRSHUDo}HVHOHPHQWDUHVSUHVHQWHVHPWRGRVRVSURFHVVRVGHYLUWXDOL]DomR
RV GH XPD JUDPiWLFD GH XPD GLDOpWLFD H GH XPD UHWyULFD DPSOLDGDV SDUD
DEUDQJHURVIHQ{PHQRVWpFQLFRVHVRFLDLV
2V VpWLPR H RLWDYR FDStWXORV H[DPLQDP ´$ YLUWXDOL]DomR GD
LQWHOLJrQFLDµ$SUHVHQWDPRIXQFLRQDPHQWRWHFQRVRFLDOGDFRJQLomRVHJXLQGR
XPD GLDOpWLFD GD REMHWLYDomR GD LQWHULRULGDGH H GD VXEMHWLYDomR GD
H[WHULRULGDGHGLDOpWLFDTXHYHUHPRVVHUWtSLFDGDYLUWXDOL]DomR(VVHVFDStWXORV
GHVHPERFDP HP GRLV UHVXOWDGRV SULQFLSDLV (P SULPHLUR OXJDU XPD YLVmR
UHQRYDGDGDLQWHOLJrQFLDFROHWLYDHPYLDGHHPHUJrQFLDQDVUHGHVGHFRPXQLFDomR
GLJLWDLV$VHJXLUDFRQVWUXomRGHXPFRQFHLWRGHREMHWRPHGLDGRUVRFLDOVXSRUWH
WpFQLFR H Qy GDV RSHUDo}HV LQWHOHFWXDLV
TXH YHP UHPDWDU D WHRULD GD
YLUWXDOL]DomR
2 QRQR FDStWXOR UHVXPH VLVWHPDWL]D H UHODWLYL]D RV FRQKHFLPHQWRV
DGTXLULGRVDWUDYpVGDREUDHGHSRLVHVERoDRSURMHWRGHXPDILORVRILDFDSD]
GHDFROKHUD GXDOLGDGH GR DFRQWHFLPHQWR H GD VXEVWkQFLD TXH VHUi H[DPLQDGD HP
ILOLJUDQDDRORQJRGHWRGRRWUDEDOKR
2HStORJRHQILPFRQFODPDDXPDDUWHGDYLUWXDOL]DomRDXPDQRYD
VHQVLELOLGDGHHVWpWLFDTXHQHVWHVWHPSRVGHJUDQGHGHVWHUULWRULDOL]DomRIDULD
GHXPDKRVSLWDOLGDGHDPSOLDGDVXDYLUWXGHFDUGLQDO
248(e$9,578$/,=$d®2
2$78$/(29,578$/
RQVLGHUHPRVSDUDFRPHoDUDRSRVLomRIiFLOHHQJDQRVDHQWUHUHDOH
YLUWXDO1RXVRFRUUHQWHDSDODYUDYLUWXDOpHPSUHJDGDFRPIUHTrQFLDSDUD
VLJQLILFDUDSXUDHVLPSOHVDXVrQFLDGHH[LVWrQFLDD´UHDOLGDGHµVXSRQGRXPD
HIHWXDomRPDWHULDOXPDSUHVHQoDWDQJtYHO2UHDOVHULDGDRUGHPGR´WHQKRµ
HQTXDQWR R YLUWXDO VHULD GD RUGHP GR ´WHUiVµ RX GD LOXVmR R TXH SHUPLWH
JHUDOPHQWH R XVR GH XPD LURQLD IiFLO SDUD HYRFDU DV GLYHUVDV IRUPDV GH
YLUWXDOL]DomRRPRYHUHPRVPDLVDGLDQWHHVVDDERUGDJHPSRVVXLXPDSDUWH
GHYHUGDGHLQWHUHVVDQWHPDVpHYLGHQWHPHQWHGHPDVLDGRJURVVHLUDSDUDIXQGDU
XPDWHRULDJHUDO
$SDODYUDYLUWXDOYHPGRODWLPPHGLHYDOYLUWXDOLVGHULYDGRSRUVXDYH]
GH YLUWXV IRUoD SRWrQFLD 1D ILORVRILD HVFROiVWLFD p YLUWXDO R TXH H[LVWH HP
SRWrQFLD H QmR HP DWR 2 YLUWXDO WHQGH D DWXDOL]DUVH VHP WHU SDVVDGR QR
HQWDQWRjFRQFUHWL]DomRHIHWLYDRXIRUPDO$iUYRUHHVWiYLUWXDOPHQWHSUHVHQWH
QDVHPHQWH(PWHUPRVULJRURVDPHQWHILORVyILFRVRYLUWXDOQmRVHRS}HDR
UHDOPDVDRDWXDOYLUWXDOLGDGHHDWXDOLGDGHVmRDSHQDVGXDVPDQHLUDVGHVHU
GLIHUHQWHV
$TXL FDEH LQWURGX]LU XPD GLVWLQomR FDSLWDO HQWUH SRVVtYHO H YLUWXDO
TXH*LOOHV'HOHX]HWURX[HjOX]HP'LIIpUHQFHHWUpSpWLWLRQ2SRVVtYHOMiHVWi
WRGRFRQVWLWXtGRPDVSHUPDQHFHQROLPER2SRVVtYHOVHUHDOL]DUiVHPTXH
QDGD PXGH HP VXD GHWHUPLQDomR QHP HP VXD QDWXUH]D e XP UHDO
IDQWDVPiWLFR ODWHQWH 2 SRVVtYHO p H[DWDPHQWH FRPR R UHDO Vy OKH IDOWD D
H[LVWrQFLD$UHDOL]DomRGHXPSRVVtYHOQmRpXPDFULDomRQRVHQWLGRSOHQR
GRWHUPRSRLVDFULDomRLPSOLFDWDPEpPDSURGXomRLQRYDGRUDGHXPDLGpLD
RXGHXPDIRUPD$GLIHUHQoDHQWUHSRVVtYHOHUHDOpSRUWDQWRSXUDPHQWH
OyJLFD
-iRYLUWXDOQmRVHRS}HDRUHDOPDVVLPDRDWXDORQWUDULDPHQWHDR
SRVVtYHOHVWiWLFRHMiFRQVWLWXtGRRYLUWXDOpFRPRRFRPSOH[RSUREOHPiWLFR
R Qy GH WHQGrQFLDV RX GH IRUoDV TXH DFRPSDQKD XPD VLWXDomR XP
DFRQWHFLPHQWR XP REMHWR RX XPD HQWLGDGH TXDOTXHU H TXH FKDPD XP
SURFHVVRGHUHVROXomRDDWXDOL]DomR(VVHFRPSOH[RSUREOHPiWLFRSHUWHQFHj
HQWLGDGHFRQVLGHUDGDHFRQVWLWXLLQFOXVLYHXPDGHVXDVGLPHQV}HVPDLRUHV2
SUREOHPDGDVHPHQWHSRUH[HPSORpID]HUEURWDUXPDiUYRUH
 $V UHIHUrQFLDV FRPSOHWDV GDV REUDV FLWDGDV VH HQFRQWUDP QD
ELEOLRJUDILDFRPHQWDGDQRILQDOGHVWHYROXPHS
$VHPHQWH´pµHVVHSUREOHPDPHVPRTXHQmRVHMDVRPHQWHLVVR,VWRVLJQLILFD
TXHHOD´FRQKHFHµH[DWDPHQWHDIRUPDGDiUYRUHTXHH[SDQGLUiILQDOPHQWHVXD
IROKDJHP DFLPD GHOD $ SDUWLU GDV FRHUo}HV TXH OKH VmR SUySULDV GHYHUi
LQYHQWiODFRSURGX]LODFRPDVFLUFXQVWkQFLDVTXHHQFRQWUDU
3RU XP ODGR D HQWLGDGH FDUUHJD H SURGX] VXDV YLUWXDOLGDGHV XP
DFRQWHFLPHQWR SRU H[HPSOR UHRUJDQL]D XPD SUREOHPiWLFD DQWHULRU H p
VXVFHWtYHOGHUHFHEHULQWHUSUHWDo}HVYDULDGDV3RURXWURODGRRYLUWXDOFRQVWLWXLD
HQWLGDGHDVYLUWXDOLGDGHVLQHUHQWHVDXPVHUVXDSUREOHPiWLFDRQyGHWHQV}HV
GHFRHUo}HVHGHSURMHWRVTXHRDQLPDPDVTXHVW}HVTXHRPRYHPVmRXPD
SDUWHHVVHQFLDOGHVXDGHWHUPLQDomR

$$78$/,=$d®2
$DWXDOL]DomRDSDUHFHHQWmRFRPRDVROXomRGHXPSUREOHPDXPD
VROXomR TXH QmR HVWDYD FRQWLGD SUHYLDPHQWH QR HQXQFLDGR $ DWXDOL]DomR p
FULDomR LQYHQomR GH XPD IRUPD D SDUWLU GH XPD FRQILJXUDomR GLQkPLFD GH
IRUoDVHGHILQDOLGDGHV$FRQWHFHHQWmRDOJRPDLVTXHDGRWDomRGHUHDOLGDGHD
XP SRVVtYHO RX TXH XPD HVFROKD HQWUH XP FRQMXQWR SUHGHWHUPLQDGR XPD
SURGXomRGHTXDOLGDGHVQRYDVXPDWUDQVIRUPDomRGDVLGpLDVXPYHUGDGHLUR
GHYLUTXHDOLPHQWDGHYROWDRYLUWXDO
3RUH[HPSORVHDH[HFXomRGHXPSURJUDPDLQIRUPiWLFRSXUDPHQWH
OyJLFD WHP D YHU FRP R SDU SRVVtYHOUHDO D LQWHUDomR HQWUH KXPDQRV H
VLVWHPDVLQIRUPiWLFRVWHPDYHUFRPDGLDOpWLFDGRYLUWXDOHGRDWXDO
$ PRQWDQWH D UHGDomR GH XP SURJUDPD SRU H[HPSOR WUDWD XP
SUREOHPDGHPRGRRULJLQDODGDHTXLSHGHSURJUDPDGRUHVUHGHILQHHUHVROYH
GLIHUHQWHPHQWHRSUREOHPDDRTXDOpFRQIURQWDGD$MXVDQWHDDWXDOL]DomRGR
SURJUDPD HP VLWXDomR GH XWLOL]DomR SRU H[HPSOR QXP JUXSR GH WUDEDOKR
GHVTXDOLILFD FHUWDV FRPSHWrQFLDV ID] HPHUJLU RXWURV IXQFLRQDPHQWRV
GHVHQFDGHLDFRQIOLWRVGHVEORTXHLDVLWXDo}HVLQVWDXUDXPDQRYDGLQkPLFDGH
FRODERUDomR2SURJUDPDFRQWpPXPDYLUWXDOLGDGHGHPXGDQoDTXHRJUXSR
² PRYLGR HOH WDPEpP SRU XPD FRQILJXUDomR GLQkPLFD GH WURSLVPRV H
FRHUo}HV²DWXDOL]DGHPDQHLUDPDLVRXPHQRVLQYHQWLYD
2 UHDO DVVHPHOKDVH DR SRVVtYHO HP WURFD R DWXDO HP QDGD VH
DVVHPHOKDDRYLUWXDOUHVSRQGHOKH

$9,578$/,=$d®2
RPSUHHQGHVHDJRUDDGLIHUHQoDHQWUHDUHDOL]DomRRFRUUrQFLDGHXP
HVWDGRSUpGHILQLGR
HDDWXDOL]DomRLQYHQomRGHXPDVROXomRH[LJLGDSRUXP
FRPSOH[RSUREOHPiWLFR
0DVRTXHpDYLUWXDOL]DomR1mRPDLVRYLUWXDOFRPR
PDQHLUD GH VHU PDV D YLUWXDOL]DomR FRPR GLQkPLFD $ YLUWXDOL]DomR SRGH VHU
GHILQLGDFRPRRPRYLPHQWR LQYHUVR GD DWXDOL]DomRRQVLVWHHPXPDSDVVDJHPGR
DWXDO DR YLUWXDO HP XPD ´HOHYDomR j SRWrQFLDµ GD HQWLGDGH FRQVLGHUDGD $
YLUWXDOL]DomRQmRpXPDGHVUHDOL]DomRDWUDQVIRUPDomRGHXPDUHDOLGDGHQXP
FRQMXQWRGHSRVVtYHLV
PDVXPDPXWDomRGHLGHQWLGDGHXPGHVORFDPHQWRGR
FHQWURGHJUDYLGDGHRQWROyJLFRGRREMHWRFRQVLGHUDGRHPYH]GHVHGHILQLU
SULQFLSDOPHQWH SRU VXD DWXDOLGDGH XPD ´VROXomRµ
D HQWLGDGH SDVVD D
HQFRQWUDU VXD FRQVLVWrQFLD HVVHQFLDO QXP FDPSR SUREOHPiWLFR 9LUWXDOL]DU
XPDHQWLGDGHTXDOTXHUFRQVLVWHHPGHVFREULUXPDTXHVWmRJHUDOjTXDOHODVH
UHODFLRQD HP ID]HU PXWDU D HQWLGDGH HP GLUHomR D HVVD LQWHUURJDomR H HP
UHGHILQLUDDWXDOLGDGHGHSDUWLGDFRPRUHVSRVWDDXPDTXHVWmRSDUWLFXODU
7RUQHPRVRFDVRPXLWRFRQWHPSRUkQHRGD´YLUWXDOL]DomRµGHXPD
HPSUHVD$RUJDQL]DomRFOiVVLFDUH~QHVHXVHPSUHJDGRVQRPHVPRSUpGLRRX
QXP FRQMXQWR GH GHSDUWDPHQWRV DGD HPSUHJDGR RFXSD XP SRVWR GH
WUDEDOKRSUHFLVDPHQWHVLWXDGRHVHXOLYURGHSRQWRHVSHFLILFDRVKRUiULRVGH
WUDEDOKR 8PD HPSUHVD YLUWXDO HP WURFD VHUYHVH SULQFLSDOPHQWH GR
WHOHWUDEDOKR WHQGH D VXEVWLWXLU D SUHVHQoD ItVLFD GH VHXV HPSUHJDGRV QRV
PHVPRVORFDLVSHODSDUWLFLSDomRQXPDUHGHGHFRPXQLFDomRHOHWU{QLFDHSHOR
XVR GH UHFXUVRV H SURJUDPDV TXH IDYRUHoDP D FRRSHUDomR $VVLP D
YLUWXDOL]DomR GD HPSUHVD FRQVLVWH VREUHWXGR HP ID]HU GDV FRRUGHQDGDV
HVSDoRWHPSRUDLV GR WUDEDOKR XP SUREOHPD VHPSUH UHSHQVDGR H QmR XPD
VROXomR HVWiYHO 2 FHQWUR GH JUDYLGDGH GD RUJDQL]DomR QmR p PDLV XP
FRQMXQWRGHGHSDUWDPHQWRVGHSRVWRVGHWUDEDOKRHGHOLYURVGHSRQWRPDV
XP SURFHVVR GH FRRUGHQDomR TXH UHGLVWULEXL VHPSUH GLIHUHQWHPHQWH DV
FRRUGHQDGDVHVSDoRWHPSRUDLVGDFROHWLYLGDGHGHWUDEDOKRHGHFDGDXPGH
VHXVPHPEURVHPIXQomRGHGLYHUVDVH[LJrQFLDV
$DWXDOL]DomRLDGHXPSUREOHPDDXPDVROXomR$YLUWXDOL]DomRSDVVD
GH XPD VROXomR GDGD D XP RXWUR
SUREOHPD (OD WUDQVIRUPD D DWXDOLGDGH
LQLFLDOHPFDVRSDUWLFXODUGHXPDSUREOHPiWLFDPDLVJHUDOVREUHDTXDOSDVVDD
VHU FRORFDGD D rQIDVH RQWROyJLFD RP LVVR D YLUWXDOL]DomR IOXLGLILFD DV
GLVWLQo}HVLQVWLWXtGDVDXPHQWDRVJUDXVGHOLEHUGDGHFULDXPYD]LRPRWRU6H
DYLUWXDOL]DomRIRVVHDSHQDVDSDVVDJHPGHXPDUHDOLGDGHDXPFRQMXQWRGH
SRVVtYHLV VHULD GHVUHDOL]DQWH 0DV HOD LPSOLFD D PHVPD TXDQWLGDGH GH
LUUHYHUVLELOLGDGH HP VHXV HIHLWRV GH LQGHWHUPLQDomR HP VHX SURFHVVR H GH
LQYHQomR HP VHX HVIRUoR TXDQWR D DWXDOL]DomR $ YLUWXDOL]DomR p XP GRV
SULQFLSDLVYHWDUHVGDFULDomRGHUHDOLGDGH
1®2(67$535(6(17($9,578$/,=$d®2202È;2'2
$SyVWHUGHILQLGRDYLUWXDOL]DomRQRTXHHODWHPGHPDLVJHUDOYDPRV
DERUGDUDJRUDXPDGHVXDVSULQFLSDLVPRGDOLGDGHVRGHVSUHQGLPHQWRGRDTXL
H DJRUD RPR DVVLQDODPRV QR FRPHoR R VHQVR FRPXP ID] GR YLUWXDO
LQDSUHHQVtYHORFRPSOHPHQWDUGRUHDOWDQJtYHO(VVDDERUGDJHPFRQWpPXPD
LQGLFDomRTXHQmRVHGHYHQHJOLJHQFLDURYLUWXDOFRPPXLWDIUHTrQFLD´QmR
HVWiSUHVHQWHµ
$ HPSUHVD YLUWXDO QmR SRGH PDLV VHU VLWXDGD SUHFLVDPHQWH 6HXV
HOHPHQWRVVmRQ{PDGHVGLVSHUVRVHDSHUWLQrQFLDGHVXDSRVLomRJHRJUiILFD
GHFUHVFHXPXLWR
(VWDUi R WH[WR DTXL QR SDSHO RFXSDQGR XPD SRUomR GHILQLGD GR
HVSDoR ItVLFR RX HP DOJXPD RUJDQL]DomR DEVWUDWD TXH VH DWXDOL]D QXPD
SOXUDOLGDGHGHOtQJXDVGHYHUV}HVGHHGLo}HVGHWLSRJUDILDV2UDXPWH[WR
HPSDUWLFXODUSDVVDDDSUHVHQWDUVHFRPRDDWXDOL]DomRGHXPKLSHUWH[WRGH
VXSRUWH LQIRUPiWLFR (VWH ~OWLPR RFXSD ´YLUWXDOPHQWHµWRGRV RV SRQWRV GD
UHGHDRTXDOHVWiFRQHFWDGDDPHPyULDGLJLWDORQGHVHLQVFUHYHVHXFyGLJR(OH
VH HVWHQGH DWp FDGD LQVWDODomR GH RQGH SRGHULD VHU FRSLDGR HP DOJXQV
VHJXQGRV ODUR TXH p SRVVtYHO DWULEXLU XP HQGHUHoR D XP DUTXLYR GLJLWDO
0DVQHVVDHUDGHLQIRUPDo}HVRQOLQHHVVHHQGHUHoRVHULDGHTXDOTXHUPRGR
WUDQVLWyULR HGH SRXFD LPSRUWkQFLD 'HVWHUULWRULDOL]DGR SUHVHQWHSRU LQWHLUR
HPFDGDXPDGHVXDVYHUV}HVGHVXDVFySLDVHGHVXDVSURMHo}HVGHVSURYLGR
GH LQpUFLD KDELWDQWH XEtTXR GR FLEHUHVSDoR R KLSHUWH[WR FRQWULEXL SDUD
SURGX]LUDTXLHDFROiDFRQWHFLPHQWRVGHDWXDOL]DomRWH[WXDOGHQDYHJDomRHGH
OHLWXUD6RPHQWHHVWHVDFRQWHFLPHQWRVVmRYHUGDGHLUDPHQWHVLWXDGRV(PERUD
QHFHVVLWH GH VXSRUWHV ItVLFRV SHVDGRV SDUD VXEVLVWLU H DWXDOL]DUVH R
LPSRQGHUiYHOKLSHUWH[WRQmRSRVVXLXPOXJDU
2OLYURGH0LFKHO6HUUHV$WODVLOXVWUDRWHPDGRYLUWXDOFRPR´QmR
SUHVHQoDµ$LPDJLQDomRDPHPyULDRFRQKHFLPHQWRDUHOLJLmRVmRYHWRUHV
GH YLUWXDOL]DomR TXH QRV IL]HUDP DEDQGRQDU D SUHVHQoD PXLWR DQWHV GD
LQIRUPDWL]DomRHGDVUHGHVGLJLWDLV$RGHVHQYROYHUHVVHWHPDRDXWRUGH$WODV
OHYDDGLDQWHLQGLUHWDPHQWH XPD SROrPLFD FRP D ILORVRILD KHLGHJJHULDQD GR
´VHUDLµ· ´6HUDL· p D WUDGXomR OLWHUDO GR DOHPmR 'DVHLQ TXH VLJQLILFD HP
SDUWLFXODU H[LVWrQFLD QR DOHPmR ILORVyILFR FOiVVLFR H H[LVWrQFLD SURSULDPHQWH
KXPDQD²VHUXPVHUKXPDQR²HP+HLGHJJHU0DVSUHFLVDPHQWHRIDWRGH
QmRSHUWHQFHUDQHQKXPOXJDUGHIUHTHQWDUXPHVSDoRQmRGHVLJQiYHORQGH
RFRUUHDFRQYHUVDomRWHOHI{QLFD
GHRFRUUHUDSHQDVHQWUHFRLVDVFODUDPHQWH
VLWXDGDVRXGHQmRHVWDUVRPHQWH´SUHVHQWHµFRPRWRGRVHUSHQVDQWH
QDGD
GLVVRLPSHGHDH[LVWrQFLD
1HVWDVHomR3LHUUH/pYID]XPDVpULHGHMRJRVGHSDODYUDFRPRWHUPRIUDQFrV
´Ojµ6HSRUXPODGRKiXPDUHPLVVmRH[SOtFLWDDR'DVHLQGH+HLGHJJHUWUDGX]LGRHP
SRUWXJXrVSRU´VHUDtµHWUDGX]LGROLWHUDOPHQWHHPIUDQFrVSRUXP´rWUHOjµSRURXWURD
FRQVWUXomRJHUDOGRWH[WRHPIUDQFrVpEDVWDQWHFRORTXLDO
3DUDQmRGLILFXOWDUDOHLWXUDGHVWDVHomRRSWDPRVSRUWUDGX]LU´Ojµ
FRPR ´SUHVHQoDµ WHUPR PDLV DGHTXDGR QR FRQWH[WR 0DQWLYHPRV FRQWXGR D
H[SUHVVmR´VHUDtµQDSDVVDJHPHPTXHRDXWRUFLWDH[SOLFLWDPHQWHR'DVHLQGH+HLGHJJHU
(PERUDXPDHWLPRORJLDQmRSURYHQDGDDVVLQDOHPRVTXHDSDODYUD
H[LVWLUYHPSUHFLVDPHQWHGRODWLPVLVWHUHHVWDUFRORFDGRHGRSUHIL[RH[IRUD
GH([LVWLUpHVWDUSUHVHQWHRXDEDQGRQDUXPDSUHVHQoD'DVHLQRXH[LVWrQFLD
7XGR VH SDVVD FRPR VH R DOHPmR VXEOLQKDVVH D DWXDOL]DomR H R ODWLP D
YLUWXDOL]DomR
8PDFRPXQLGDGHYLUWXDOSRGHSRUH[HPSORRUJDQL]DUVHVREUHXPD
EDVH GH DILQLGDGH SRU LQWHUPpGLR GH VLVWHPDV GH FRPXQLFDomR WHOHPiWLFRV
6HXV PHPEURV HVWmR UHXQLGRV SHORV PHVPRV Q~FOHRV GH LQWHUHVVHV SHORV
PHVPRVSUREOHPDVDJHRJUDILDFRQWLQJHQWHQmRpPDLVQHPXPSRQWRGH
SDUWLGDQHPXPDFRHUomR$SHVDUGH´QmRSUHVHQWHµHVVDFRPXQLGDGHHVWi
UHSOHWDGHSDL[}HVHGHSURMHWRVGHFRQIOLWRVHGHDPL]DGHV(ODYLYHVHPOXJDU
GH UHIHUrQFLD HVWiYHO HP WRGD SDUWH RQGH VH HQFRQWUHP VHXV PHPEURV
PyYHLVRXHPSDUWHDOJXPD$YLUWXDOL]DomRUHLQYHQWDXPDFXOWXUDQ{PDGH
QmRSRUXPDYROWDDRSDOHROtWLFRQHPjVDQWLJDVFLYLOL]Do}HVGHSDVWRUHVPDV
ID]HQGRVXUJLUXPPHLRGHLQWHUDo}HVVRFLDLVRQGHDVUHODo}HVVHUHFRQILJXUDP
FRPXPPtQLPRGHLQpUFLD
4XDQGRXPDSHVVRDXPDFROHWLYLGDGHXPDWRXPDLQIRUPDomRVH
YLUWXDOL]DPHOHVVHWRUQDP´QmRSUHVHQWHVµVHGHVWHUULWRULDOL]DP8PDHVSpFLH
GH GHVHQJDWH RV VHSDUD GR HVSDoR ItVLFR RX JHRJUiILFR RUGLQiULRV H GD
WHPSRUDOLGDGHGRUHOyJLRHGRFDOHQGiULReYHUGDGHTXHQmRVmRWRWDOPHQWH
LQGHSHQGHQWHVGRHVSDoRWHPSRGHUHIHUrQFLDXPDYH]TXHGHYHPVHPSUHVH
LQVHULUHPVXSRUWHVItVLFRVHVHDWXDOL]DUDTXLRXDOKXUHVDJRUDRXPDLVWDUGH
1R HQWDQWR D YLUWXDOL]DomR OKHV IH] WRPDU D WDQJHQWH 5HFRUWDP R HVSDoR
WHPSRFOiVVLFRDSHQDVDTXLHDOLHVFDSDQGRDVHXVOXJDUHVFRPXQV´UHDOLVWDVµ
XELTLGDGHVLPXOWDQHLGDGHGLVWULEXLomRLUUDGLDGDRXPDVVLYDPHQWHSDUDOHOD$
YLUWXDOL]DomRVXEPHWHDQDUUDWLYDFOiVVLFDDXPDSURYDUXGHXQLGDGHGHWHPSR
VHP XQLGDGH GH OXJDU JUDoDV jV LQWHUDo}HV HP WHPSR UHDO SRU UHGHV
HOHWU{QLFDV jV WUDQVPLVV}HV DR YLYR DRV VLVWHPDV GH WHOHSUHVHQoD
FRQWLQXLGDGH GH DomR DSHVDU GH XPD GXUDomR GHVFRQWtQXD FRPR QD
FRPXQLFDomR SRU VHFUHWiULD HOHWU{QLFD RX SRU FRUUHLR HOHWU{QLFR
$
VLQFURQL]DomR VXEVWLWXL D XQLGDGH GH OXJDU H D LQWHUFRQH[mR D XQLGDGH GH
WHPSR 0DV QRYDPHQWH QHP SRU LVVR R YLUWXDO p LPDJLQiULR (OH SURGX]
HIHLWRV (PERUD QmR VH VDLED RQGH D FRQYHUVDomR WHOHI{QLFD WHP ´OXJDUµ
YHUHPRVGHTXHPDQHLUDQRFDStWXORVHJXLQWH(PERUDQmRVHVDLEDTXDQGR
FRPXQLFDPRQRV HIHWLYDPHQWH SRU UpSOLFDV LQWHUSRVWDV QD VHFUHWiULD
HOHWU{QLFD2VRSHUDGRUHVPDLVGHVWHUULWRULDOL]DGRVPDLVGHVDWUHODGRVGHXP
HQUDL]DPHQWR HVSDoRWHPSRUDO SUHFLVR RV FROHWLYRV PDLV YLUWXDOL]DGRV H
YLUWXDOL]DQWHVGRPXQGRFRQWHPSRUkQHRVmRRVGDWHFQRFLrQFLDGDVILQDQoDVH
GRVPHLRVGHFRPXQLFDomR6mRWDPEpPRVTXHHVWUXWXUDPDUHDOLGDGHVRFLDO
FRPPDLVIRUoDHDWpFRPPDLVYLROrQFLD
)D]HUGHXPDFRHUomRSHVDGDPHQWHDWXDODGDKRUDHGDJHRJUDILDQR
FDVR
XPD YDULiYHO FRQWLQJHQWH WHP D YHU FODUDPHQWH FRP R UHPRQWDU
LQYHQWLYR GH XPD ´VROXomRµ HIHWLYD HP GLUHomR D XPD SUREOHPiWLFD H
SRUWDQWRFRPDYLUWXDOL]DomRQRVHQWLGRHPTXHDGHILQLPRVULJRURVDPHQWH
PDLVDFLPD(UDSRUWDQWRSUHYLVtYHOHQFRQWUDUDGHVWHUULWRULDOL]DomRDVDtGDGD
´SUHVHQoDµGR´DJRUDµHGR´LVWRµFRPRXPDGDVYLDVUpJLDVGDYLUWXDOL]DomR

12926(63$d26129$69(/2,'$'(6
0DV R PHVPR PRYLPHQWR TXH WRUQD FRQWLQJHQWH R HVSDoRWHPSR
RUGLQiULR DEUH QRYRV PHLRV GH LQWHUDomR H ULWPR GDV FURQRORJLDV LQpGLWDV
$QWHV GH DQDOLVDU HVVD SURSULHGDGH FDSLWDO GD YLUWXDOL]DomR FDEHQRV
SULPHLUDPHQWHHYLGHQFLDUDSOXUDOLGDGHGRVWHPSRVHGRVHVSDoRV$VVLPTXH
DVXEMHWLYLGDGHDVLJQLILFDomRHDSHUWLQrQFLDHQWUDPHPMRJRQmRVHSRGH
PDLVFRQVLGHUDUXPD~QLFDH[WHQVmRRXXPDFURQRORJLDXQLIRUPHPDVXPD
TXDQWLGDGHGHWLSRVGHHVSDFLDOLGDGHHGHGXUDomRDGDIRUPDGHYLGDLQYHQWDVHX
PXQGRGRPLFUyELRjiUYRUHGDDEHOKDDRHOHIDQWHGDRVWUDjDYHPLJUDWyULD
HFRPHVVHPXQGRXPHVSDoRHXPWHPSRHVSHFtILFRV2XQLYHUVRFXOWXUDO
SUySULRDRVKXPDQRVHVWHQGHDLQGDPDLVHVVDYDULDELOLGDGHGRVHVSDoRVHGDV
WHPSRUDOLGDGHV 3RU H[HPSOR FDGD QRYR VLVWHPD GH FRPXQLFDomR H GH
WUDQVSRUWH PRGLILFD R VLVWHPD GDV SUR[LPLGDGHV SUiWLFDV LVWR p R HVSDoR
SHUWLQHQWH SDUD DV FRPXQLGDGHV KXPDQDV 4XDQGR VH FRQVWUyL XPD UHGH
IHUURYLiULD p FRPR VH DSUR[LPiVVHPRV ILVLFDPHQWH DV FLGDGHV RX UHJL}HV
FRQHFWDGDV SHORV WULOKRV H DIDVWiVVHPRV GHVVH JUXSR DV FLGDGHV QmR
FRQHFWDGDV0DVSDUDRVTXHQmRDQGDPGHWUHPDVDQWLJDVGLVWkQFLDVDLQGD
VmRYiOLGDV2PHVPRVHSRGHULDGL]HUGRDXWRPyYHOGRWUDQVSRUWHDpUHRGR
WHOHIRQH HWF ULDVH SRUWDQWR XPD VLWXDomR HP TXH YiULRV VLVWHPDV GH
SUR[LPLGDGHVHYiULRVHVSDoRVSUiWLFRVFRH[LVWHP
'HPDQHLUDDQiORJDGLYHUVRVVLVWHPDVGHUHJLVWURHGHWUDQVPLVVmR
WUDGLomR RUDO HVFULWD UHJLVWUR DXGLRYLVXDO UHGHV GLJLWDLV
FRQVWUyHPULWPRV
YHORFLGDGHV RX TXDOLGDGHV GH KLVWyULD GLIHUHQWHV DGD QRYR DJHQFLDPHQWR
FDGD ´PiTXLQDµ WHFQRVVRFLDO DFUHVFHQWD XP HVSDoRWHPSR XPD FDUWRJUDILD
HVSHFLDOXPDP~VLFDVLQJXODUDXPDHVSpFLHGHWUDPDHOiVWLFDHFRPSOLFDGDHP
TXH DV H[WHQV}HV VH UHFREUHP VH GHIRUPDP H VH FRQHFWDP HP TXH DV
GXUDo}HV VH RS}HP LQWHUIHUHP H VH UHVSRQGHP $ PXOWLSOLFDomR
FRQWHPSRUkQHDGRVHVSDoRVID]GHQyVQ{PDGHVGHXPQRYRHVWLORHPYH]
GHVHJXLUPRVOLQKDVGHHUUkQFLDHGHPLJUDomRGHQWURGHXPDH[WHQVmRGDGD
VDOWDPRVGHXPDUHGHDRXWUDGHXPVLVWHPDGHSUR[LPLGDGHDRVHJXLQWH2V
HVSDoRV VH PHWDPRUIRVHLDP H VH ELIXUFDP D QRVVRV SpV IRUoDQGRQRV j
KHWHURJrQHVH
$YLUWXDOL]DomRSRUGHVFRQH[mRHPUHODomRDXPPHLRSDUWLFXODUQmRFRPHoRX
FRPRKXPDQR(ODHVWiLQVFULWDQDSUySULDKLVWyULDGDYLGD'RVSULPHLURV
XQLFHOXODUHV DWp DV DYHV H PDPtIHURV RV PHOKRUDPHQWRV GD ORFRPRomR
DEULUDP VHJXQGR -RVHSK 5HLFKKROI ´HVSDoRV VHPSUH PDLV YDVWRV H
SRVVLELOLGDGHV GH H[LVWrQFLD VHPSUH PDLV QXPHURVDV DRV VHUHV YLYRVµ
5HLFKKROIS
$LQYHQomRGHQRYDVYHORFLGDGHVpRSULPHLURJUDX
GDYLUWXDOL]DomR
5HLFKKROIREVHUYDTXH´RQ~PHURGHSHVVRDVTXHVHGHVORFDPDWUDYpV
GRVFRQWLQHQWHVQRVSHUtRGRVGHIpULDVKRMHHPGLDpVXSHULRUDRQ~PHUR
WRWDO GH KRPHQV TXH VH SXVHUDP D FDPLQKR QR PRPHQWR GDV JUDQGHV
LQYDV}HVµ 5HLFKKROI  S
$ DFHOHUDomR GDV FRPXQLFDo}HV p
FRQWHPSRUkQHDGHXPHQRUPHFUHVFLPHQWRGDPRELOLGDGHItVLFD7UDWDVHQD
YHUGDGHGDPHVPDRQGDGHYLUWXDOL]DomR2WXULVPRpKRMHDSULPHLUDLQG~VWULD
PXQGLDO HP YROXPH GH QHJyFLRV 2 SHVR HFRQ{PLFR GDV DWLYLGDGHV TXH
VXVWHQWDPHPDQWrPDIXQomRGHORFRPRomRItVLFDYHtFXORVLQIUDHVWUXWXUDV
FDUEXUDQWHV
p LQILQLWDPHQWH VXSHULRU DR TXH HUD QRV VpFXORV SDVVDGRV $
PXOWLSOLFDomRGRVPHLRVGHFRPXQLFDomRHRFUHVFLPHQWRGRVJDVWRVFRPD
FRPXQLFDomRDFDEDUmRSRUVXEVWLWXLUDPRELOLGDGHItVLFD3URYDYHOPHQWHQmR
SRLVDWpDJRUDRVGRLVFUHVFLPHQWRVVHPSUHIRUDPSDUDOHORV$VSHVVRDVTXH
PDLVWHOHIRQDPVmRWDPEpPDVTXHPDLVHQFRQWUDPRXWUDVSHVVRDVHPFDUQHH
RVVR 5HSHWLPRV DXPHQWR GD FRPXQLFDomR H JHQHUDOL]DomR GR WUDQVSRUWH
UiSLGR SDUWLFLSDP GR PHVPR PRYLPHQWR GH YLUWXDOL]DomR GD VRFLHGDGH GD
PHVPDWHQVmRHPVDLUGHXPD´SUHVHQoDµ
$UHYROXomRGRVWUDQVSRUWHVFRPSOLFRXHQFXUWRXHPHWDPRUIRVHRXR
HVSDoR PDV LVWR HYLGHQWHPHQWH IRL SDJR FRP LPSRUWDQWHV GHJUDGDo}HV GR
DPELHQWHWUDGLFLRQDO3RUDQDORJLDFRPRVSUREOHPDVGDORFRPRomRGHYHPRV
QRVLQWHUURJDUVREUHRSUHoRDVHUSDJRSHODYLUWXDOL]DomRLQIRUPDFLRQDO4XH
FDUEXUDQWHpTXHLPDGRVHPTXHDLQGDVHMDPRVFDSD]HVGHFRQWDELOL]iOD2
TXHVRIUHGHVJDVWHHGHJUDGDomR+iSDLVDJHQVGHGDGRVGHYDVWDGDV$TXLR
VXSRUWH ILQDO p VXEMHWLYR $VVLP FRPR D HFRORJLD RS{V D UHFLFODJHP H DV
WHFQRORJLDVDGDSWDGDVDRGHVSHUGtFLRHjSROXLomRDHFRORJLDKXPDQDGHYHUi
RSRU D DSUHQGL]DJHP SHUPDQHQWH H D YDORUL]DomR GDV FRPSHWrQFLDV j
GHVTXDOLILFDomRHDRDF~PXORGHGHWULWRVKXPDQRVDTXHOHVTXHFKDPDPRVGH
´H[FOXtGRVµ
5HWHQKDPRVGHVVDPHGLWDomRVREUHDVDtGDGD´SUHVHQoDµTXHD
YLUWXDOL]DomRQmRVHFRQWHQWDHPDFHOHUDUSURFHVVRVMiFRQKHFLGRVQHPHP
FRORFDUHQWUHSDUrQWHVHVHDWpPHVPRDQLTXLODURWHPSRRXRHVSDoRFRPR
SUHWHQGH 3DXO 9LULOLR (OD LQYHQWD QR JDVWR H QR ULVFR YHORFLGDGHV
TXDOLWDWLYDPHQWHQRYDVHVSDoRVWHPSRVPXWDQWHV

2()(,7202(%,86
$OpP GD GHVWHUULWRULDOL]DomR XP RXWUR FDUiWHU p IUHTHQWHPHQWH
DVVRFLDGRjYLUWXDOL]DomRDSDVVDJHPGRLQWHULRUDRH[WHULRUHGRH[WHULRUDR
LQWHULRU(VVH´HIHLWR0RHELXVµGHFOLQDVHHPYiULRVUHJLVWURVRGDVUHODo}HV
HQWUH SULYDGR H S~EOLFR SUySULR H FRPXP VXEMHWLYR H REMHWLYR PDSD H
WHUULWyULRDXWRUHOHLWRUHWF'DUHLQXPHURVRVH[HPSORVGLVVRQDFRQWLQXDomR
GHVWHOLYURPDVSDUDRIHUHFHUGHVGHDJRUDXPDLPDJHPHVVDLGpLDSRGHVHU
LOXVWUDGDFRPRFDVRMiHYRFDGRGDYLUWXDOL]DomRGDHPSUHVD
2 WUDEDOKDGRU FOiVVLFR WLQKD VXD PHVD GH WUDEDOKR (P WURFD R
SDUWLFLSDQWH GD HPSUHVD YLUWXDO FRPSDUWLOKD XP FHUWR Q~PHUR GH UHFXUVRV
LPRELOLiULRVPRELOLiULRVHSURJUDPDVFRPRXWURVHPSUHJDGRV2PHPEURGD
HPSUHVD KDELWXDO SDVVDYD GR HVSDoR SULYDGR GH VHX GRPLFtOLR DR HVSDoR
S~EOLFRGROXJDUGHWUDEDOKR3RUFRQWUDVWHRWHOHWUDEDOKDGRUWUDQVIRUPDVHX
HVSDoR SULYDGR HP HVSDoR S~EOLFR H YLFHYHUVD (PERUD R LQYHUVR VHMD
JHUDOPHQWH PDLV YHUGDGHLUR HOH FRQVHJXH jV YH]HV JHULU VHJXQGR FULWpULRV
SXUDPHQWH SHVVRDLV XPD WHPSRUDOLGDGH S~EOLFD 2V OLPLWHV QmR VmR PDLV
GDGRV2VOXJDUHVHWHPSRVVHPLVWXUDP$VIURQWHLUDVQtWLGDVGmROXJDUDXPD
IUDFWDOL]DomRGDVUHSDUWLo}HV6mRDVSUySULDVQRo}HVGHSULYDGRHGHS~EOLFR
TXH VmR TXHVWLRQDGDV 3URVVLJDPRV IDOHL GH ´PHPEURµ GD HPSUHVD R TXH
VXS}H XPD DWULEXLomR FODUD GDV UHODo}HV GH SHUWHQFLPHQWR 2UD p
SUHFLVDPHQWH LVWR TXH FRPHoD D FULDU SUREOHPD XPD YH] TXH HQWUH R
DVVDODULDGRFOiVVLFRFRPFRQWUDWRLQGHWHUPLQDGRRDVVDODULDGRFRPFRQWUDWR
GHWHUPLQDGRRIUHHODQFHUREHQHILFLiULRGHPHGLGDVVRFLDLVRPHPEURGH
XPDHPSUHVDDVVRFLDGDRXFOLHQWHRXIRUQHFHGRUDRFRQVXOWRUHVSRUiGLFRR
LQGHSHQGHQWH ILHO WRGR XP FRQWLQXXP HVWHQGHVH ( SDUD FDGD SRQWR GR
FRQWLQXXPDTXHVWmRVHUHFRORFDDWRGRLQVWDQWHSDUDTXHPHVWRXWUDEDOKDQGR
2VVLVWHPDVLQWHUHPSUHVDVGHJHVWmRHOHWU{QLFDGHGRFXPHQWRVDVVLPFRPR
RVJUXSRVGHSURMHWRVFRPXQVDYiULDVRUJDQL]Do}HVWHFHPFRPIUHTrQFLD
OLJDo}HV PDLV IRUWHV HQWUH FROHWLYRV PLVWRV TXH DV TXH XQHP SDVVLYDPHQWH
SHVVRDVSHUWHQFHQGRRILFLDOPHQWHjPHVPDHQWLGDGHMXUtGLFD$PXWXDOL]DomR
GRVUHFXUVRVGDVLQIRUPDo}HVHGDVFRPSHWrQFLDV SURYRFD FODUDPHQWH HVVH
WLSR GH LQGHFLVmR RX GH LQGLVWLQomR DWLYD HVVHV FLUFXLWRV GH UHYHUVmR HQWUH
H[WHULRULGDGHHLQWHULRULGDGH
$VFRLVDVVyWrPOLPLWHVFODURVQRUHDO$YLUWXDOL]DomRSDVVDJHPj
SUREOHPiWLFDGHVORFDPHQWRGRVHUSDUDDTXHVWmRpDOJRTXHQHFHVVDULDPHQWH
S}H HP FDXVD D LGHQWLGDGH FOiVVLFD SHQVDPHQWR DSRLDGR HP GHILQLo}HV
GHWHUPLQDo}HV H[FOXV}HV LQFOXV}HV H WHUFHLURV H[FOXtGRV 3RU LVVR D
YLUWXDOL]DomRpVHPSUHKHWHURJrQHVHGHYLURXWURSURFHVVRGHDFROKLPHQWRGD
DOWHULGDGH RQYpP HYLGHQWHPHQWH QmR FRQIXQGLU D KHWHURJrQHVH FRP VHX
FRQWUiULR SUy[LPR H DPHDoDGRU VXD SLRU LQLPLJD D DOLHQDomR TXH HX
FDUDFWHUL]DULDFRPRUHLILFDomRUHGXomRjFRLVDDR´UHDOµ
7RGDVHVVDVQRo}HVYmRVHUGHVHQYROYLGDVHLOXVWUDGDVQRVFDStWXORV
VHJXLQWHV VREUH WUrV FDVRV FRQFUHWRV DV YLUWXDOL]Do}HV FRQWHPSRUkQHDV GR
FRUSRGRWH[WRHGDHFRQRPLD
$9,578$/,=$d®2'22532
5(216758d¯(6
(VWDPRV DR PHVPR WHPSR DTXL H Oi JUDoDV jV WpFQLFDV GH
FRPXQLFDomR H GH WHOHSUHVHQoD 2V HTXLSDPHQWRV GH YL]XDOL]DomR PpGLFRV
WRUQDPWUDQVSDUHQWHQRVVDLQWHULRULGDGHRUJkQLFD2VHQ[HUWRVHDVSUyWHVHV
QRVPLVWXUDPDRVRXWURVHDRVDUWHIDWRV1RSURORQJDPHQWRGDVVDEHGRULDVGR
FRUSRHGDVDUWHVDQWLJDVGDDOLPHQWDomRLQYHQWDPRVKRMHFHPPDQHLUDVGH
QRV FRQVWUXLU GH QRV UHPRGHODU GLHWpWLFD ERG EXLOGLQJ FLUXUJLD SOiVWLFD
$OWHUDPRV QRVVRV PHWDEROLVPRV LQGLYLGXDLV SRU PHLR GH GURJDV RX
PHGLFDPHQWRVHVSpFLHVGHDJHQWHVILVLROyJLFRVWUDQVFRUSRUDLVRXGHVHFUHo}HV
FROHWLYDVHDLQG~VWULDIDUPDFrXWLFDGHVFREUHUHJXODUPHQWHQRYDVPROpFXODV
DWLYDV $ UHSURGXomR D LPXQLGDGH FRQWUD DV GRHQoDV D UHJXODomR GDV
HPRo}HV WRGDV HVVDV SHUIRUPDQFHV FODVVLFDPHQWH SULYDGDV WRUQDPVH
FDSDFLGDGHV S~EOLFDV LQWHUFDPELiYHLV H[WHUQDOL]DGDV 'D VRFLDOL]DomR GDV
IXQo}HVVRPiWLFDVDRDXWRFRQWUROHGRVDIHWRVRXGRKXPRUSHODELRTXtPLFD
LQGXVWULDO QRVVD YLGD ItVLFD H SVtTXLFD SDVVD FDGD YH] PDLV SRU XPD
´H[WHULRULGDGHµ FRPSOLFDGD QD TXDO VH PLVWXUDP FLUFXLWRV HFRQ{PLFRV
LQVWLWXFLRQDLV H WHFQRFLHQWtILFRV 1R ILQDO GDV FRQWDV DV ELRWHFQRORJLDV QRV
ID]HP FRQVLGHUDU DV HVSpFLHV DWXDLV GH SODQWDV RX GH DQLPDLV H PHVPR R
JrQHURKXPDQR
FRPRFDVRVSDUWLFXODUHVHWDOYH]FRQWLQJHQWHVQRVHLRGHXP
FRQWLQXXPELROyJLFRYLUWXDOPXLWRPDLVYDVWRHDLQGDLQH[SORUDGRRPRDGDV
LQIRUPDo}HVGRVFRQKHFLPHQWRVGDHFRQRPLDHGDVRFLHGDGHDYLUWXDOL]DomR
GRV FRUSRV TXH H[SHULPHQWDPRV KRMH p XPD QRYD HWDSD QD DYHQWXUD GH
DXWRFULDomRTXHVXVWHQWDQRVVDHVSpFLH
3(5(3d¯(6
(VWXGHPRV DJRUD DOJXPDV IXQo}HV VRPiWLFDV HP GHWDOKH SDUD
GHVPRQWDURIXQFLRQDPHQWRGRSURFHVVRFRQWHPSRUkQHRGHYLUWXDOL]DomRGR
FRUSRRPHFHPRVSHODSHUFHSomRFXMRSDSHOpWUD]HURPXQGRDTXL(VVD
IXQomR p FODUDPHQWH H[WHUQDOL]DGD SHORV VLVWHPDV GH WHOHFRPXQLFDomR 2
WHOHIRQH SDUD D DXGLomR D WHOHYLVmR SDUD D YLVmR RV VLVWHPDV GH
WHOHPDQLSXODo}HV SDUD R WDWR H D LQWHUDomR VHQVyULRPRWRUD WRGRV HVVHV
GLVSRVLWLYRVYLUWXDOL]DPRVVHQWLGRV(DRID]rORRUJDQL]DPDFRORFDomRHP
FRPXPGRVyUJmRVYLUWXDOL]DGRV$VSHVVRDVTXHYrHPRPHVPRSURJUDPDGH
WHOHYLVmRSRUH[HPSORFRPSDUWLOKDPRPHVPRJUDQGHROKRFROHWLYR*UDoDV
jVPiTXLQDVIRWRJUiILFDVjVFkPHUDVHDRVJUDYDGRUHVSRGHPRVSHUFHEHUDV
VHQVDo}HV GH RXWUD SHVVRD HP RXWUR PRPHQWR H RXWUR OXJDU 2V VLVWHPDV
GLWRV GH UHDOLGDGH YLUWXDO QRV SHUPLWHP H[SHULPHQWDU DOpP GLVVR XPD
LQWHJUDomR GLQkPLFD GH GLIHUHQWHV PRGDOLGDGHV SHUFHSWLYDV 3RGHPRV TXDVH
UHYLYHUDH[SHULrQFLDVHQVRULDOFRPSOHWDGHRXWUDSHVVRD

352-(d¯(6
$IXQomRVLPpWULFDGDSHUFHSomRpDSURMHomRQRPXQGRWDQWRGD
DomR FRPR GD LPDJHP $ SURMHomR GD DomR HVWi HYLGHQWHPHQWH OLJDGD jV
PiTXLQDVjVUHGHVGHWUDQVSRUWHDRVFLUFXLWRVGHSURGXomRHGHWUDQVIHUrQFLD
GDHQHUJLDjVDUPDV1HVVHFDVRXPJUDQGHQ~PHURGHSHVVRDVFRPSDUWLOKDP
RVPHVPRVHQRUPHVEUDoRVYLUWXDLVHGHVWHUULWRULDOL]DGRV,Q~WLOGHVHQYROYHU
ORQJDPHQWH HVVH DVSHFWR UHODFLRQDGR PDLV HVSHFLILFDPHQWH j DQiOLVH GR
IHQ{PHQRWpFQLFR
$SURMHomRGDLPDJHPGRFRUSRpJHUDOPHQWHDVVRFLDGDjQRomRGH
WHOHSUHVHQoD 0DV D WHOHSUHVHQoD p VHPSUH PDLV TXH D VLPSOHV SURMHomR GD
LPDJHP
2 WHOHIRQH SRU H[HPSOR Mi IXQFLRQD FRPR XP GLVSRVLWLYR GH
WHOHSUHVHQoDXPDYH]TXHQmROHYDDSHQDVXPDLPDJHPRXXPDUHSUHVHQWDomR
GDYR]WUDQVSRUWDDSUySULDYR]2WHOHIRQHVHSDUDDYR]RXFRUSRVRQRUR
GRFRUSRWDQJtYHOHDWUDQVPLWHjGLVWkQFLD0HXFRUSRWDQJtYHOHVWiDTXLPHX
FRUSRVRQRURGHVGREUDGRHVWiDTXLHOi2WHOHIRQHMiDWXDOL]DXPDIRUPD
SDUFLDOGHXELTLGDGH(R FRUSR VRQRUR GH PHX LQWHUORFXWRU p LJXDOPHQWH
DIHWDGR SHOR PHVPR GHVGREUDPHQWR 'H PRGR TXH DPERV HVWDPRV
UHVSHFWLYDPHQWH DTXL H Oi PDV FRP XP FUX]DPHQWR QD GLVWULEXLomR GRV
FRUSRVWDQJtYHLV
2VVLVWHPDVGHUHDOLGDGHYLUWXDOWUDQVPLWHPPDLVTXHLPDJHQVXPD
TXDVH SUHVHQoD 3RLV RV FORQHV DJHQWHV YLVtYHLV RX PDULRQHWHV YLUWXDLV TXH
FRPDQGDPRVSRUQRVVRVJHVWRVSRGHPDIHWDURXPRGLILFDURXWUDVPDULRQHWHV
RXDJHQWHVYLVtYHLVHLQFOXVLYHDFLRQDUjGLVWkQFLDDSDUHOKRV´UHDLVµHDJLUQR
PXQGR RUGLQiULR HUWDV IXQo}HV GR FRUSR FRPR D FDSDFLGDGH GH
PDQLSXODomR OLJDGD j UHWURDomR VHQVyULRPRWRUD HP WHPSR UHDO VmR DVVLP
FODUDPHQWHWUDQVIHULGDVjGLVWkQFLDDRORQJRGHXPDFDGHLDWpFQLFDFRPSOH[D
FDGDYH]PDLVEHPFRQWURODGDHPGHWHUPLQDGRVDPELHQWHVLQGXVWULDLV

5(9,5$92/7$6
2 TXH WRUQD R FRUSR YLVtYHO 6XD VXSHUItFLH D FDEHOHLUD D SHOH R
EULOKR GR ROKDU 2UD DV LPDJHQV PpGLFDV QRV SHUPLWHP YHU R LQWHULRU GR
FRUSRVHPDWUDYHVVDUDSHOHVHQVtYHOVHPVHFLRQDUYDVRVVHPFRUWDUWHFLGRV
'LUVHLD TXH ID]HP VXUJLU RXWUDV SHOHV GHUPHV HVFRQGLGDV VXSHUItFLHV
LQVXVSHLWDGDV YLQGR j WRQD GR IXQGR GR RUJDQLVPR 5DLRV ; VFDQQHUV
VLVWHPDV GH UHVVRQkQFLD PDJQpWLFD QXFOHDU HFRJUDILDV FkPHUDV GH SyVLWRQV
YLUWXDOL]DPDVXSHUItFLHGRFRUSR$SDUWLUGHVVDVPHPEUDQDVYLUWXDLVSRGHVH
UHFRQVWUXLU PRGHORV GLJLWDLV GR FRUSR HP WUrV GLPHQV}HV H D SDUWLU GDt
PDTXHWHV VyOLGDV TXH DMXGDUmR RV PpGLFRV SRU H[HPSOR D SUHSDUDU XPD
RSHUDomR3RLVWRGDVHVVDVSHOHVWRGRVHVVHVFRUSRVYLUWXDLVWrPHIHLWRVGH
DWXDOL]DomRPXLWRLPSRUWDQWHVQRGLDJQyVWLFRPpGLFRHQDFLUXUJLD1RUHLQR
GRYLUWXDODDQiOLVHHDUHFRQVWUXomRGRFRUSRQmRLPSOLFDPDLVDGRUQHPD
PRUWH9LUWXDOL]DGDDSHOHWRUQDVHSHUPHiYHO$QWHVTXHWHQKDPQDVFLGRMip
SRVVtYHOFRQKHFHURVH[RHTXDVHRURVWRGRVILOKRV
DGDQRYRDSDUHOKRDFUHVFHQWDXPJrQHURGHSHOHXPFRUSRYLVtYHO
DRFRUSRDWXDO2RUJDQLVPRpUHYLUDGRFRPRXPDOXYD2LQWHULRUSDVVDDR
H[WHULRU DR PHVPR WHPSR HP TXH SHUPDQHFH GHQWUR 3HORV VLVWHPDV GH
YL]XDOL]DomRPpGLFRVXPDPDVVDIROKHDGDGHSHOtFXODVSUROLIHUDHPGLUHomRDR
FHQWUR GR FRUSR 3HOD WHOHSUHVHQoD H SHORV VLVWHPDV GH FRPXQLFDomR RV
FRUSRVYLVtYHLVDXGtYHLVHVHQVtYHLVVHPXOWLSOLFDPHVHGLVSHUVDPQRH[WHULRU
RPR QR XQLYHUVR GH /XFUpFLR XPD TXDQWLGDGH GH SHOHV RX GH HVSHFWURV
GHUPDWyLGHVHPDQDPGHQRVVRFRUSRRVVLPXODFURV
2+,3(52532
$ YLUWXDOL]DomR GR FRUSR LQFLWD jV YLDJHQV H D WRGDV DV WURFDV 2V
WUDQVSODQWHVFULDPXPDJUDQGHFLUFXODomRGHyUJmRVHQWUHRVFRUSRVKXPDQRV
'HXPLQGLYtGXRDRXWURPDVWDPEpPHQWUHRVPRUWRVHRVYLYRV(QWUHD
KXPDQLGDGHPDVLJXDOPHQWHGHXPDHVSpFLHDRXWUDHQ[HUWDPVHQDVSHVVRDV
FRUDo}HV GH EDEXtQR ItJDGRV GH SRUFR ID]HPQDV LQJHULU KRUP{QLRV
SURGX]LGRVSRUEDFWpULDV2VLPSODQWHVHDVSUyWHVHVFRQIXQGHPDIURQWHLUD
HQWUH R TXH p PLQHUDO H R TXH HVWi YLYR yFXORV OHQWHV GH FRQWDWR GHQWHV
IDOVRV VLOLFRQH PDUFDSDVVRV SUyWHVHV DF~VWLFDV LPSODQWHV DXGLWLYRV ILOWURV
H[WHUQRVIXQFLRQDQGRFRPRULQVVDGLRV
2VROKRVDVFyUQHDV
RHVSHUPDRVyYXORVRVHPEUL}HVHVREUHWXGR
R VDQJXH VmR DJRUD VRFLDOL]DGRV PXWXDOL]DGRV H SUHVHUYDGRV HP EDQFRV
HVSHFLDLV8PVDQJXHGHVWHUULWRULDOL]DGRFRUUHGHFRUSRHPFRUSRDWUDYpVGH
XPD HQRUPH UHGH LQWHUQDFLRQDO GD TXDO QmR VH SRGH PDLV GLVWLQJXLU RV
FRPSRQHQWHVHFRQ{PLFRVWHFQROyJLFRVHPpGLFRV2IOXLGRYHUPHOKRGDYLGD
LUULJDXPFRUSRFROHWLYRVHPIRUPDGLVSHUVR$FDUQHHRVDQJXHSRVWRVHP
FRPXP GHL[DP D LQWLPLGDGH VXEMHWLYD SDVVDP DR H[WHULRU 0DV HVVD FDUQH
S~EOLFDUHWRUQDDRLQGLYtGXRWUDQVSODQWDGRDREHQHILFLiULRGHXPDWUDQVIXVmR
DRFRQVXPLGRUGHKRUP{QLRV2FRUSRFROHWLYRDFDEDSRUPRGLILFDUDFDUQH
SULPiULD­VYH]HVUHVVXVFLWDDRXIHFXQGDDLQYLWUR
$FRQVWLWXLomRGHXPFRUSRFROHWLYRHDSDUWLFLSDomRGRVLQGLYtGXRV
QHVVDFRPXQLGDGHItVLFDVHUYLXVHSRUPXLWRWHPSRGHPHGLDo}HVSXUDPHQWH
VLPEyOLFDV RX UHOLJLRVDV ´,VWR p PHX FRUSR LVWR p PHX VDQJXHµ +RMH HOD
UHFRUUHDPHLRVWpFQLFRV
$VVLPFRPRFRPSDUWLOKDPRVGHVGHRWHPSRGRVDIRQVLQRVXPDGRVH
GHLQWHOLJrQFLDHGHYLVmRGRPXQGRFRPRVTXHIDODPDPHVPDOtQJXDKRMH
QRV DVVRFLDPRV YLUWXDOPHQWH QXP Vy FRUSR FRP RV TXH SDUWLFLSDP GDV
PHVPDV UHGHV WpFQLFDV H PpGLFDV DGD FRUSR LQGLYLGXDO WRUQDVH SDUWH
LQWHJUDQWHGHXPLPHQVRKLSHUFRUSRKtEULGRHPXQGLDOL]DGR)D]HQGRHFRDR
KLSHUFyUWH[TXHH[SDQGHKRMHVHXVD[{QLRVSHODVUHGHVGLJLWDLVGRSODQHWDR
KLSHUFRUSR GD KXPDQLGDGH HVWHQGH VHXV WHFLGRV TXLPpULFRV HQWUH DV
HSLGHUPHVHQWUHDVHVSpFLHVSDUDDOpPGDVIURQWHLUDVHGRVRFHDQRVGHXPD
PDUJHPDRXWUDGRULRGDYLGD
,17(16,),$d¯(6
RPRVHIRVVHSDUDUHDJLUjYLUWXDOL]DomRGRVFRUSRVQRVVDpSRFDYLX
GHVHQYROYHUVH XPD SUiWLFD HVSRUWLYD TXH FHUWDPHQWH MDPDLV DWLQJLX XPD
SURSRUomR WmR JUDQGH GD SRSXODomR 1mR IDOR DTXL GRV FRUSRV ´VDGLRVµ H
DWOpWLFRVSRVWRVHPFHQDSHORVUHJLPHVSROtWLFRVDXWRULWiULRVRXSURPRYLGRV
SHODVUHYLVWDVGHPRGDHDSXEOLFLGDGHQHPPHVPRGRVHVSRUWHVGHHTXLSH
GRVTXDLVWUDWDUHLQRFDStWXORVREUHDYLUWXDOL]DomRGDLQWHOLJrQFLD5HILURPHD
HVVHHVIRUoRGHXOWUDSDVVDUOLPLWHVGHFRQTXLVWDUQRYRVPHLRVGHLQWHQVLILFDU
DVVHQVDo}HVGHH[SORUDURXWUDVYHORFLGDGHVTXHVHPDQLIHVWDQXPDH[SORVmR
HVSRUWLYDHVSHFtILFDGHQRVVDpSRFD
$WUDYpVGDQDWDomRHVSRUWHPXLWRSRXFRSUDWLFDGRDQWHVGRVpFXOR
;;
GRPHVWLFDPRV R PHLR DTXiWLFR DSUHQGHPRV D SHUGHU Sp
H[SHULPHQWDPRV XPD PDQHLUD QRYD GH VHQWLUPRV R PXQGR H GH VHUPRV
OHYDGRV QR HVSDoR 3UDWLFDGR FRPR XP OD]HU R PHUJXOKR VXEPDULQR
PD[LPL]DHVVDPXGDQoDGHPHLR$HVSHOHRORJLDTXHFRQGX]DR´FHQWURGD
WHUUDµHUDSRXFRSUDWLFDGDDQWHVGH-~OLR9HUQH2DOSLQLVPRFRQIURQWDRV
FRUSRVDRDUUDUHIHLWRDRIULRLQWHQVRjVXELGDLPSODFiYHOeSUHFLVDPHQWH
SRULVVRTXHHOHVHWRUQRXSUDWLFDPHQWHXPHVSRUWHGHPDVVD(PFDGDFDVR
WUDWDVHGRPHVPRPRYLPHQWRGHVDtGDGDQRUPDGHKLEULGDomRGH´GHYLUHVµ
TXHWHQGHPTXDVHjPHWDPRUIRVH7RUQDUVHSHL[HWRUQDUVHFDEUDVHOYDJHP
WRUQDUVHSiVVDURRXPRUFHJR
2V PDLV HPEOHPiWLFRV GHQWUH RV HVSRUWHV H[WUHPRV GH GHYLU H GH
WHQVmRVmRDVSUiWLFDVGHTXHGDSiUDTXHGDVDVDGHOWDVDOWRFRPHOiVWLFR
HGH
GHVOL]DPHQWRHVTXLDOSLQRHVTXLDTXiWLFRVXUIHHZLQGVXUIH
(PXPFHUWR
VHQWLGR VmR UHDo}HV j YLUWXDOL]DomR (VVHV HVSRUWHV SXUDPHQWH LQGLYLGXDLV
QmRQHFHVVLWDPGHJUDQGHVHTXLSDPHQWRVFROHWLYRVHFRPIUHTrQFLDXWLOL]DP
DSHQDVDUWHIDWRVGLVFUHWRV$FLPDGHWXGRLQWHQVLILFDPDRPi[LPRDSUHVHQoD
ItVLFDDTXLHDJRUD5HFRQFHQWUDPDSHVVRDHPVHXFHQWURYLWDOHPVHX´SRQWR
GHVHUµPRUWDO$DWXDOL]DomRSDUHFHUHLQDUDTXL
(QRHQWDQWRWDOHQFDUQDomRPi[LPDQHVWHOXJDUHQHVWDKRUDVyVH
REWpPHVWUHPHFHQGRRVOLPLWHV(QWUHRDUHDiJXDHQWUHDWHUUDHRFpXHQWUH
DEDVHHRYpUWLFHRVXUILVWDRXDTXHOHTXHVHODQoDMDPDLVHVWiLQWHLUDPHQWH
SUHVHQWH$EDQGRQDQGRRFKmRHVHXV SRQWRV GH DSRLR HOH HVFDOD RVIOX[RV
GHVOL]D QDV LQWHUIDFHV VHUYHVH DSHQDV GH OLQKDV GH IXJD VH YHWRUL]D VH
GHVWHUULWRULDOL]D DYDOJDGRU GH RQGDV YLYHQGR QD LQWLPLGDGH GD iJXD R
VXUILVWDFDOLIRUQLDQRVHPHWDPRUIRVHLDHPVXUILVWDGD1HW2VYDJDOK}HVGR
3DFtILFR UHPHWHP DR GLO~YLR LQIRUPDFLRQDO H R KLSHUFRUSR DR KLSHUFyUWH[
6XEPLVVR j JUDYLGDGH PDV MRJDQGR FRP R HTXLOtEULR DWp WRUQDUVH DpUHR R
FRUSRHPTXHGDRXHPGHVOL]DPHQWRSHUGHXVHXSHVR7RUQDVHYHORFLGDGH
SDVVDJHP VREUHY{R $VFHQVLRQDO PHVPR TXDQGR SDUHFH FDLU RX FRUUHU QD
KRUL]RQWDOHLVRFRUSRJORULRVRGDTXHOHTXHVHODQoDRXGRVXUILVWDVHXFRUSR
YLUWXDO
5(63/$1'(È1,$
3RUWDQWR R FRUSR VDL GH VL PHVPR DGTXLUH QRYDV
YHORFLGDGHVFRQTXLVWD QRYRV HVSDoRV 9HUWHVH QR H[WHULRU H UHYHUWH D
H[WHULRULGDGHWpFQLFDRXDDOWHULGDGHELROyJLFDHPVXEMHWLYLGDGHFRQFUHWD$R
VHYLUWXDOL]DURFRUSRVHPXOWLSOLFDULDPRVSDUDQyVPHVPRVRUJDQLVPRV
YLUWXDLVTXHHQULTXHFHPQRVVRXQLYHUVRVHQVtYHOVHPQRVLPSRUDGRU7UDWD
VH GH XPD GHVHQFDUQDomR 9HULILFDPRV FRP R H[HPSOR GR FRUSR TXH D
YLUWXDOL]DomRQmRSRGHVHUUHGX]LGDDXPDSURFHVVRGHGHVDSDUHFLPHQWRRXGH
GHVPDWHULDOL]DomR RUUHQGR R ULVFR GH VHUPRV UHGXQGDQWHV OHPEUHPRV
TXHHVVD YLUWXDOL]DomR p DQDOLViYHO HVVHQFLDOPHQWH FRPR PXGDQoD
GHLGHQWLGDGHSDVVDJHPGHXPDVROXomRSDUWLFXODUDXPDSUREOHPiWLFDJHUDO
RXWUDQVIRUPDomRGHXPDDWLYLGDGHHVSHFLDOHFLUFXQVFULWDHPIXQFLRQDPHQWR
QmRORFDOL]DGRGHVVLQFURQL]DGRFROHWLYL]DGR$YLUWXDOL]DomRGRFRUSRQmRp
SRUWDQWR XPD GHVHQFDUQDomR PDV XPDUHLQYHQomR XPD UHHQFDUQDomR XPD
PXOWLSOLFDomR XPD YHWRUL]DomR XPD KHWHURJrQHVH GR KXPDQR RQWXGR R
OLPLWHMDPDLVHVWiGHILQLWLYDPHQWHWUDoDGRHQWUHDKHWHURJrQHVHHDDOLHQDomRD
DWXDOL]DomRHDUHLILFDomRPHUFDQWLODYLUWXDOL]DomRHDDPSXWDomR(VVHOLPLWH
LQGHFLVR GHYH VHU FRQVWDQWHPHQWH FRQVLGHUDGR DYDOLDGR FRPHVIRUoR
UHQRYDGRWDQWRSHODVSHVVRDVQRTXHGL]UHVSHLWRDVXDYLGDSHVVRDOTXDQWR
SHODVVRFLHGDGHVQRkPELWRGDVOHLV
0HX FRUSR SHVVRDO p D DWXDOL]DomR WHPSRUiULD GH XP HQRUPH
KLSHUFRUSR KtEULGR VRFLDO H WHFQRELROyJLFR 2 FRUSR FRQWHPSRUkQHR
DVVHPHOKDVHDXPDFKDPD)UHTHQWHPHQWHpPLQ~VFXORLVRODGRVHSDUDGR
TXDVH LPyYHO 0DLV WDUGH FRUUH SDUD IRUD GHVL PHVPR LQWHQVLILFDGR SHORV
HVSRUWHVRXSHODVGURJDVIXQFLRQDFRPRXPVDWpOLWHODQoDDOJXPEUDoRYLUWXDO
EHP DOWR HP GLUHomRDR FpX DR ORQJR GH UHGHV GH LQWHUHVVHV RX GH
FRPXQLFDomR3UHQGHVHHQWmRDRFRUSRS~EOLFRHDUGHFRPRPHVPRFDORU
EULOKDFRP D PHVPD OX] TXH RXWURV FRUSRVFKDPDV 5HWRUQD HP VHJXLGD
WUDQVIRUPDGRDXPDHVIHUDTXDVHSULYDGDHDVVLPVXFHVVLYDPHQWHRUDDTXL
RUDHPWRGDSDUWHRUDHPVLRUDPLVWXUDGR8PGLDVHSDUDVHFRPSOHWDPHQWH
GRKLSHUFRUSRHVHH[WLQJXH
$9,578$/,=$d®2'27(;72
$/(,785$28$$78$/,=$d®2'27(;72
'HVGH VXDV RULJHQV PHVRSRWkPLFDV R WH[WR p XP REMHWR YLUWXDO
DEVWUDWR LQGHSHQGHQWH GH XP VXSRUWH HVSHFtILFR (VVD HQWLGDGH YLUWXDO
DWXDOL]DVHHPP~OWLSODVYHUV}HVWUDGXo}HVHGLo}HVH[HPSODUHVHFySLDV$R
LQWHUSUHWDU DR GDU VHQWLGR DR WH[WR DTXL H DJRUD R OHLWRU OHYD DGLDQWH HVVD
FDVFDWD GH DWXDOL]Do}HV )DOR HVSHFLILFDPHQWH GH DWXDOL]DomR QR TXH GL]
UHVSHLWR j OHLWXUD H QmR GD UHDOL]DomR TXH VHULD XPD VHOHomR HQWUH
SRVVLELOLGDGHVSUHHVWDEHOHFLGDV)DFHjFRQILJXUDomRGHHVWtPXORVGHFRHUo}HV
H GH WHQV}HV TXH R WH[WR SURS}H D OHLWXUD UHVROYH GH PDQHLUD LQYHQWLYD H
VHPSUHVLQJXODURSUREOHPDGRVHQWLGR$LQWHOLJrQFLDGROHLWRUOHYDQWDSRU
FLPD GDV SiJLQDV YD]LDV XPD SDLVDJHP VHPkQWLFD PyYHO H DFLGHQWDGD
$QDOLVHPRVHPGHWDOKHHVVHWUDEDOKRGHDWXDOL]DomR
/HPRVRXHVFXWDPRVXPWH[WR2TXHRFRUUH(PSULPHLUROXJDUR
WH[WRpHVEXUDFDGRULVFDGRVHPHDGRGHEUDQFRV6mRDVSDODYUDVRVPHPEURV
GHIUDVHVTXHQmRFDSWDPRVQRVHQWLGRSHUFHSWLYRPDVWDPEpPLQWHOHFWXDOGR
WHUPR
6mR RV IUDJPHQWRV GH WH[WR TXH QmR FRPSUHHQGHPRV TXH QmR
FRQVHJXLPRV MXQWDU TXH QmRUHXQLPRV DRVRXWURV TXH QHJOLJHQFLDPRV 'H
PRGRTXHSDUDGR[DOPHQWHOHUHVFXWDUpFRPHoDUDQHJOLJHQFLDUDGHVOHURX
GHVOLJDURWH[WR
$R PHVPR WHPSR TXH R UDVJDPRV SHOD OHLWXUD RX SHOD HVFXWD
DPDUURWDPRVRWH[WR'REUDPRORVREUHVLPHVPR5HODFLRQDPRVXPDjRXWUD
DVSDVVDJHQVTXHVHFRUUHVSRQGHP2VPHPEURVHVSDUVRVH[SRVWRVGLVSHUVRV
QDVXSHUItFLHGDVSiJLQDVRXQDOLQHDULGDGHGRGLVFXUVRFRVWXUDPRORVMXQWRV
OHUXPWH[WRpUHHQFRQWUDURVJHVWRVWr[WHLVTXHOKHGHUDPVHXQRPH
$V SDVVDJHQV GR WH[WR PDQWrP HQWUH VL YLUWXDOPHQWH XPD
FRUUHVSRQGrQFLDTXDVHTXHXPDDWLYLGDGHHSLVWRODUTXHDWXDOL]DPRVGHXP
MHLWRRXGHRXWURVHJXLQGRRXQmRDVLQVWUXo}HVGRDXWRUDUWHLURVGRWH[WR
YLDMDPRVGHXPDPDUJHPjRXWUDGRHVSDoRGRVHQWLGRYDOHQGRQRVGHXP
VLVWHPDGHHQGHUHoDPHQWRHGHLQGLFDo}HVTXHRDXWRURHGLWRURWLSyJUDIR
EDOLVDUDP 0DV SRGHPRV GHVREHGHFHU jV LQVWUXo}HV WRPDU FDPLQKRV
WUDQVYHUVDLV SURGX]LU GREUDV LQWHUGLWDV HVWDEHOHFHU UHGHV VHFUHWDV
FODQGHVWLQDVID]HUHPHUJLURXWUDVJHRJUDILDVVHPkQWLFDV
7DO p R WUDEDOKR GD OHLWXUD D SDUWLU GH XPD OLQHDULGDGH RX GH XPD
SODWLWXGHLQLFLDOHVVHDWRGHUDVJDUGHDPDUURWDUGHWRUFHUGHUHFRVWXUDUR
WH[WRSDUDDEULUXPPHLRYLYRQRTXDOSRVVDVHGHVGREUDURVHQWLGR2HVSDoR
GR VHQWLGR QmR SUHH[LVWH j OHLWXUD e DR SHUFRUUrOD DR FDUWRJUDIiOD TXH R
IDEULFDPRVTXHRDWXDOL]DPRV
0DV HQTXDQWR R GREUDPRV VREUH VL PHVPR SURGX]LQGR DVVLP VXD
UHODomRFRQVLJRSUySULRVXDYLGDDXW{QRPDVXDDXUDVHPkQWLFDUHODFLRQDPRV
WDPEpPRWH[WRDRXWURVWH[WRVDRXWURVGLVFXUVRVDLPDJHQVDDIHWRVDWRGD
DLPHQVDUHVHUYDIOXWXDQWHGHGHVHMRVHGHVLJQRVTXHQRVFRQVWLWXL$TXLQmR
p PDLV D XQLGDGH GR WH[WR TXH HVWi HP MRJR PDV D FRQVWUXomR GH VL
FRQVWUXomRVHPSUHDUHID]HULQDFDEDGD1mRpPDLVRVHQWLGRGRWH[WRTXH
QRVRFXSDPDVDGLUHomRHDHODERUDomRGHQRVVRSHQVDPHQWRDSUHFLVmRGH
QRVVDLPDJHPGRPXQGRDFXOPLQDomRGHQRVVRV SURMHWRVR GHVSHUWDU GH
QRVVRV SUD]HUHV R ILR GH QRVVRV VRQKRV 'HVWD YH] R WH[WR QmR p PDLV
DPDUURWDGR GREUDGR IHLWR XPD EROD VREUH VL PHVPR PDV UHFRUWDGR
SXOYHUL]DGRGLVWULEXtGRDYDOLDGRVHJXQGRFULWpULRVGHXPDVXEMHWLYLGDGHTXH
SURGX]DVLPHVPD
'RWH[WRSURSULDPHQWHHPEUHYHQDGDPDLVUHVWD1RPHOKRUGRV
FDVRVWHUHPRVJUDoDVDHOHGDGRXPUHWRTXHHPQRVVRVPRGHORVGRPXQGR
7DOYH] WHQKD VHUYLGR DSHQDV SDUD S{U HP UHVVRQkQFLD DOJXPDV LPDJHQV
DOJXPDVSDODYUDVTXHMiSRVVXtDPRV(YHQWXDOPHQWHWHUHPRVUHODFLRQDGRXP
GHVHXVIUDJPHQWRVLQYHVWLGRGHXPDLQWHQVLGDGHHVSHFLDOFRPGHWHUPLQDGD
]RQDGHQRVVDDUTXLWHWXUDPQHP{QLFDXPRXWURFRPGHWHUPLQDGRWUHFKRGH
QRVVDVUHGHVLQWHOHFWXDLV(OHQRVWHUiVHUYLGRGHLQWHUIDFHFRPQyVPHVPRV
6y PXLWR UDUDPHQWH QRVVD OHLWXUD QRVVD HVFXWD WHUi SRU HIHLWR UHRUJDQL]DU
GUDPDWLFDPHQWH FRPR SRU XPD HVSpFLH GH HIHLWR GH OLPLDU EUXWDO R QRYHOR
HQUHGDGRGHUHSUHVHQWDo}HVHGHHPRo}HVTXHQRVFRQVWLWXL
(VFXWDUROKDUOHUHTXLYDOHILQDOPHQWHDFRQVWUXLUVH1DDEHUWXUDDR
HVIRUoR GH VLJQLILFDomR TXH YHP GR RXWUR WUDEDOKDQGR HVEXUDFDQGR
DPDUURWDQGR UHFRUWDQGR R WH[WR LQFRUSRUDQGRR HP QyV GHVWUXLQGRR
FRQWULEXtPRVSDUDHULJLUDSDLVDJHPGHVHQWLGRTXHQRVKDELWD2WH[WRVHUYH
DTXLGHYHWDUGHVXSRUWHRXGHSUHWH[WRjDWXDOL]DomRGHQRVVRSUySULRHVSDoR
PHQWDO
RQILDPRVjVYH]HVDOJXQVIUDJPHQWRVGRWH[WRDRVSRYRVGHVLJQRV
TXHQRPDGL]DPGHQWURGHQyV(VVDVLQVtJQLDVHVVDVUHOtTXLDVHVVHVIHWLFKHV
RX HVVHV RUiFXORV QDGD WrP D YHU FRP DV LQWHQo}HV GR DXWRU QHP FRP D
XQLGDGH VHPkQWLFD YLYD GR WH[WR PDV FRQWULEXHP SDUD FULDU UHFULDU H
UHDWXDOL]DURPXQGRGHVLJQLILFDo}HVTXHVRPRV

$(65,7$28$9,578$/,=$d®2'$0(0Ð5,$
(VVDDQiOLVHpSURYDYHOPHQWHDSOLFiYHOjLQWHUSUHWDomRGHRXWURVWLSRV
GHPHQVDJHQVFRPSOH[DVTXHQmRRWH[WRDOIDEpWLFRLGHRJUDPDVGLDJUDPDV
PDSDV HVTXHPDV VLPXODo}HV PHQVDJHQV LFRQRJUiILFDV RX ItOPLFDV SRU
H[HPSOR'HYHVHHQWHQGHU´WH[WRµQRVHQWLGRPDLVJHUDOGLVFXUVRHODERUDGR
RXSURSyVLWRGHOLEHUDGR
'HVGH R LQtFLR GHVWH FDStWXOR YRFr DLQGD QmR OHX D SDODYUD
´KLSHUWH[WRµ1RHQWDQWRQmRVHWUDWRXGHRXWUDFRLVDDQmRVHUGLVWRRP
HIHLWR KLHUDUTXL]DU H VHOHFLRQDU iUHDV GH VHQWLGR WHFHU OLJDo}HV HQWUH HVVDV
]RQDVFRQHFWDURWH[WRDRXWURVGRFXPHQWRVDUULPiODDWRGDXPDPHPyULD
TXHIRUPDFRPRTXHRIXQGRVREUHRTXDOHOHVHGHVWDFDHDRTXDOUHPHWHVmR
RXWUDVWDQWDVIXQo}HVGRKLSHUWH[WRLQIRUPiWLFR
8PD WHFQRORJLD LQWHOHFWXDO TXDVH VHPSUH H[WHULRUL]D REMHWLYL]D
YLUWXDOL]D XPD IXQomR FRJQLWLYD XPD DWLYLGDGH PHQWDO $VVLP ID]HQGR
UHRUJDQL]DDHFRQRPLDRXDHFRORJLDLQWHOHFWXDOHPVHXFRQMXQWRHPRGLILFD
HPWURFDDIXQomRFRJQLWLYDTXHHODVXSRVWDPHQWHGHYHULDDSHQDVDX[LOLDURX
UHIRUoDU $V UHODo}HV HQWUH D HVFULWD WHFQRORJLD LQWHOHFWXDO
H D PHPyULD
IXQomRFRJQLWLYD
HVWmRDtSDUDWHVWHPXQKiOR
2DSDUHFLPHQWRGDHVFULWDDFHOHURXXPSURFHVVRGHDUWLILFLDOL]DomRGH
H[WHULRUL]DomR H GH YLUWXDOL]DomR GD PHPyULD TXH FHUWDPHQWH FRPHoRX FRP D
KRPLQL]DomR9LUWXDOL]DomRHQmRVLPSOHVSURORQJDPHQWRRXVHMDVHSDUDomR
SDUFLDOGHXPFRUSRYLYRFRORFDomRHPFRPXPKHWHURJrQHVH1mRVHSRGH
UHGX]LU D HVFULWD D XP UHJLVWUR GD IDOD (P FRQWUDSDUWLGD DR QRV ID]HU
FRQFHEHU D OHPEUDQoD FRPR XP UHJLVWUR HOD WUDQVIRUPRX R URVWR GH
0QHPyVLQH
$ VHPLREMHWLYDomR GD PHPyULD QR WH[WR FHUWDPHQWH SHUPLWLX R
GHVHQYROYLPHQWR GH XPD WUDGLomR FUtWLFD RP HIHLWR R HVFULWR FDYD XPD
GLVWkQFLDHQWUHRVDEHUHVHXVXMHLWReWDOYH]SRUTXHQmRQmRVRXPDLVRTXH
VHLTXHSRVVRUHFRORFDUHVWHVDEHUHPTXHVWmR
9LUWXDOL]DQWHDHVFULWDGHVVLQFURQL]DHGHVORFDOL]D(ODIH]VXUJLUXP
GLVSRVLWLYR GH FRPXQLFDomR QR TXDO DV PHQVDJHQV PXLWR IUHTHQWHPHQWH
HVWmRVHSDUDGDVQRWHPSRHQRHVSDoRGHVXDIRQWHGHHPLVVmRHSRUWDQWRVmR
UHFHELGDVIRUDGHFRQWH[WR'RODGRGDOHLWXUDIRLSRUWDQWRQHFHVViULRUHILQDU
DVSUiWLFDVLQWHUSUHWDWLYDV'RODGRGDUHGDomRWHYHVHTXHLPDJLQDUVLVWHPDV
GHHQXQFLDGRVDXWRVXILFLHQWHVLQGHSHQGHQWHVGRFRQWH[WRTXHIDYRUHFHUDP
DV PHQVDJHQV TXH UHVSRQGHP D XP FULWpULR GH XQLYHUVDOLGDGH FLHQWtILFD RX
UHOLJLRVD
RPDHVFULWDHPDLVDLQGDFRPRDOIDEHWRHDLPSUHQVDRVPRGRVGH
FRQKHFLPHQWRWHyULFRVHKHUPHQrXWLFRVSDVVDUDPSRUWDQWRDSUHYDOHFHUVREUH
RV VDEHUHV QDUUDWLYRV H ULWXDLV GDV VRFLHGDGHV RUDLV $ H[LJrQFLD GH XPD
YHUGDGHXQLYHUVDOREMHWLYDHFUtWLFDVyS{GHVHLPSRUQXPDHFRORJLDFRJQLWLYD
ODUJDPHQWH HVWUXWXUDGD SHOD HVFULWD RX PDLV H[DWDPHQWH SHOD HVFULWD VREUH
VXSRUWHHVWiWLFR
3RLVRWH[WRFRQWHPSRUkQHRDOLPHQWDQGRFRUUHVSRQGrQFLDVRQOLQHH
FRQIHUrQFLDV HOHWU{QLFDV FRUUHQGR HP UHGHV IOXLGR GHVWHUULWRULDOL]DGR
PHUJXOKDGRQRPHLRRFHkQLFRGRFLEHUHVSDoRHVVHWH[WRGLQkPLFRUHFRQVWLWXL
PDVGH RXWUR PRGR H QXPD HVFDOD LQILQLWDPHQWH VXSHULRU D FRSUHVHQoD GD
PHQVDJHP H GH VHX FRQWH[WR YLYR TXH FDUDFWHUL]D D FRPXQLFDomR RUDO 'H
QRYR RV FULWpULRV PXGDP 5HDSUR[LPDPVH GDTXHOHV GR GLiORJR RX GD
FRQYHUVDomRSHUWLQrQFLDHPIXQomRGRPRPHQWRGRVOHLWRUHVHGRVOXJDUHV
YLUWXDLV EUHYLGDGH JUDoDV j SRVVLELOLGDGH GH DSRQWDU LPHGLDWDPHQWH DV
UHIHUrQFLDVHILFLrQFLDSRLVSUHVWDUVHUYLoRDROHLWRUHHPSDUWLFXODUDMXGiORD
QDYHJDU
pRPHOKRUPHLRGHVHUUHFRQKHFLGRVRERGLO~YLRLQIRUPDFLRQDO

$',*,7$/,=$d®228$327(1,$/,=$d®2'27(;72
2 QRYRWH[WR WHP DQWHV GH PDLV QDGD FDUDFWHUtVWLFDV WpFQLFDV TXH
FRQYpPSUHFLVDUHFXMDDQiOLVHHVWiOLJDGDFRPRYHUHPRVDXPDGLDOpWLFDGR
SRVVtYHOHGRUHDO
2OHLWRUGHXPOLYURRXGHXPDUWLJRQRSDSHOVHFRQIURQWDFRPXP
REMHWR ItVLFR VREUH R TXDO XPD FHUWD YHUVmR GR WH[WR HVWi LQWHJUDOPHQWH
PDQLIHVWD HUWDPHQWH HOH SRGH DQRWDU QDV PDUJHQV IRWRFRSLDU UHFRUWDU
FRODUSURFHGHUDPRQWDJHQVPDVRWH[WRLQLFLDOHVWiOiSUHWRQREUDQFRMi
UHDOL]DGR LQWHJUDOPHQWH 1D OHLWXUD HP WHOD HVVD SUHVHQoD H[WHQVLYD H
SUHOLPLQDUjOHLWXUDGHVDSDUHFH2VXSRUWHGLJLWDOGLVTXHWHGLVFRUtJLGRGLVFR
yWLFR
QmRFRQWpPXPWH[WROHJtYHOSRUKXPDQRVPDVXPDVpULHGHFyGLJRV
LQIRUPiWLFRV TXH VHUmR HYHQWXDOPHQWH WUDGX]LGRV SRU XP FRPSXWDGRU HP
VLQDLV DOIDEpWLFRV SDUD XP GLVSRVLWLYR GH DSUHVHQWDomR $ WHOD DSUHVHQWDVH
HQWmRFRPRXPDSHTXHQDMDQHODDSDUWLUGDTXDOROHLWRUH[SORUDXPDUHVHUYD
SRWHQFLDO
3RWHQFLDOHQmRYLUWXDOSRLVDHQWDOKHGLJLWDOHRSURJUDPDGHOHLWXUD
SUHGHWHUPLQDPXPFRQMXQWRGHSRVVtYHLVTXHPHVPRSRGHQGRVHULPHQVR
DLQGDDVVLPpQXPHULFDPHQWHILQLWRHORJLFDPHQWHIHFKDGR$OLiVQmRpWDQWR
DTXDQWLGDGHTXH GLVWLQJXH R SRVVtYHOGR YLUWXDO R HVVHQFLDO HVWi HP RXWUR
OXJDU FRQVLGHUDQGRVH DSHQDV RVXSRUWH PHFkQLFR KDUGZDUH H VRIWZDUH
D
LQIRUPiWLFDQmRRIHUHFHVHQmRXPDFRPELQDWyULDDLQGDTXHLQILQLWDHMDPDLV
XP FDPSR SUREOHPiWLFR 2 DUPD]HQDPHQWR HP PHPyULD GLJLWDO p XPD
SRWHQFLDOL]DomRDH[LELomRpXPDUHDOL]DomR
8PKLSHUWH[WRpXPDPDWUL]GHWH[WRVSRWHQFLDLVVHQGRTXHDOJXQV
GHOHV YmR VH UHDOL]DU VRE R HIHLWR GD LQWHUDomR FRP XP XVXiULR 1HQKXPD
GLIHUHQoDVHLQWURGX]HQWUHXPWH[WRSRVVtYHOGDFRPELQDWyULDHXPWH[WRUHDO
TXHVHUiOLGRQDWHOD$PDLRUSDUWHGRVSURJUDPDVVmRPiTXLQDVGHH[LELU
UHDOL]DU
PHQVDJHQV WH[WRV LPDJHQV HWF
D SDUWLU GH XP GLVSRVLWLYR
FRPSXWDFLRQDOTXHGHWHUPLQDXPXQLYHUVRGHSRVVtYHLV(VVHXQLYHUVRSRGH
VHU LPHQVR RX ID]HU LQWHUYLU SURFHGLPHQWRV DOHDWyULRV PDV DLQGD DVVLP p
LQWHLUDPHQWH SUpFRQWLGR FDOFXOiYHO 'HVWH PRGR VHJXLQGR HVWULWDPHQWH R
YRFDEXOiULRILORVyILFRQmRVHGHYHULDIDODUGHLPDJHQVYLUWXDLVSDUDTXDOLILFDU
DVLPDJHQVGLJLWDLVPDVGHLPDJHQVSRVVtYHLVVHQGRH[LELGDV
2 YLUWXDO Vy HFORGH FRP D HQWUDGD GD VXEMHWLYLGDGH KXPDQD QR
FLUFXLWRTXDQGRQXPPHVPRPRYLPHQWRVXUJHPDLQGHWHUPLQDomRGRVHQWLGR
HDSURSHQVmRGRWH[WRDVLJQLILFDUWHQVmRTXHXPDDWXDOL]DomRRXVHMDXPD
LQWHUSUHWDomRUHVROYHUiQDOHLWXUD8PDYH]FODUDPHQWHGLVWLQJXLGRVHVVHVGRLV
SODQRVRGRSDUSRWHQFLDOUHDOHRGRSDUYLUWXDODWXDOFRQYpPLPHGLDWDPHQWH
VXEOLQKDUVHXHQYROYLPHQWR UHFtSURFR D GLJLWDOL]DomR H DV QRYDVIRUPDV GH
DSUHVHQWDomRGRWH[WRVyQRVLQWHUHVVDPSRUTXHGmRDFHVVRDRXWUDVPDQHLUDV
GHOHUHGHFRPSUHHQGHU
3DUDFRPHoDUROHLWRUHPWHODpPDLV´DWLYRµTXHROHLWRUHPSDSHOOHU
HPWHODpDQWHVPHVPRGHLQWHUSUHWDUHQYLDUXPFRPDQGRDXPFRPSXWDGRU
SDUDTXHSURMHWHHVWDRXDTXHODUHDOL]DomRSDUFLDOGRWH[WRVREUHXPDSHTXHQD
VXSHUItFLHOXPLQRVD
6HFRQVLGHUDUPRVRFRPSXWDGRUFRPRXPDIHUUDPHQWDSDUDSURGX]LU
WH[WRVFOiVVLFRVHOHVHUiDSHQDVXPLQVWUXPHQWRPDLVSUiWLFRTXHDDVVRFLDomR
GHXPDPiTXLQDGHHVFUHYHUPHFkQLFDXPDIRWRFRSLDGRUDXPDWHVRXUDHXP
WXER GH FROD 8P WH[WR LPSUHVVR HP SDSHO HPERUD SURGX]LGR SRU
FRPSXWDGRU QmR WHP HVWDWXWR RQWROyJLFR QHP SURSULHGDGH HVWpWLFD
IXQGDPHQWDOPHQWHGLIHUHQWHVGRVGHXPWH[WRUHGLJLGRFRPRVLQVWUXPHQWRV
GRVpFXOR;,;3RGHVHGL]HURPHVPRGHXPDLPDJHPRXGHXPILOPHIHLWRV
SRU FRPSXWDGRU H YLVWRVVREUH VXSRUWHV FOiVVLFRV0DV VH FRQVLGHUDUPRV R
FRQMXQWRGHWRGRVRVWH[WRVGHWRGDVDVLPDJHQV
TXHROHLWRUSRGHGLYXOJDU
DXWRPDWLFDPHQWH LQWHUDJLQGR FRP XP FRPSXWDGRU D SDUWLU GH XPD PDWUL]
GLJLWDOSHQHWUDPRVQXPQRYRXQLYHUVRGHFULDomRHGHOHLWXUDGRVVLJQRV
RQVLGHUDURFRPSXWDGRUDSHQDVFRPRXPLQVWUXPHQWRDPDLVSDUD
SURGX]LU WH[WRV VRQV RX LPDJHQV VREUH VXSRUWH IL[R SDSHO SHOtFXOD ILWD
PDJQpWLFD
HTXLYDOHDQHJDUVXDIHFXQGLGDGHSURSULDPHQWHFXOWXUDORXVHMDR
DSDUHFLPHQWRGHQRYRVJrQHURVOLJDGRVjLQWHUDWLYLGDGH
2 FRPSXWDGRU p SRUWDQWR DQWHV GH WXGR XP RSHUDGRU GH
SRWHQFLDOL]DomR GD LQIRUPDomR 'LWR GH RXWUR PRGR D SDUWLU GH XP HVWDTXH GH
GDGRVLQLFLDLVGHXPPRGHORRXGHXPPHWDWH[WRXPSURJUDPDSRGHFDOFXODU
XP Q~PHUR LQGHILQLGR GH GLIHUHQWHV PDQLIHVWDo}HV YLVtYHLV DXGtYHLV H
WDQJtYHLVHPIXQomRGDVLWXDomRHPFXUVRRXGDGHPDQGDGRVXVXiULRV1D
YHUGDGHpVRPHQWHQDWHODRXHPRXWURVGLVSRVLWLYRVLQWHUDWLYRVTXHROHLWRU
HQFRQWUDDQRYDSODVWLFLGDGHGRWH[WRRXGDLPDJHPXPDYH]TXHFRPRMi
GLVVHRWH[WRHPSDSHORXRILOPHHPSHOtFXOD
IRUoRVDPHQWHMiHVWiUHDOL]DGR
SRUFRPSOHWR$WHODLQIRUPiWLFDpXPDQRYD´PiTXLQDGHOHUµROXJDURQGH
XPDUHVHUYDGHLQIRUPDomRSRVVtYHOYHPVHUHDOL]DUSRUVHOHomRDTXLHDJRUD
SDUD XP OHLWRU SDUWLFXODU 7RGD OHLWXUD HP FRPSXWDGRU p XPD HGLomR XPD
PRQWDJHPVLQJXODU
2+,3(57(;729,578$/,=$d®2'27(;72(9,578$/,=$d®2
'$/(,785$
3RGHVH GL]HU TXH XP DWR GH OHLWXUD p XPD DWXDOL]DomR GDV
VLJQLILFDo}HVGHXPWH[WRDWXDOL]DomRHQmRUHDOL]DomRMiTXHDLQWHUSUHWDomR
FRPSRUWDXPDSDUWHQmRHOLPLQiYHOGHFULDomR$KLSHUFRQWH[WXDOL]DomRpR
PRYLPHQWRLQYHUVRGDOHLWXUDQRVHQWLGRHPTXHSURGX]DSDUWLUGHXPWH[WR
LQLFLDOXPDUHVHUYDWH[WXDOHLQVWUXPHQWRVGHFRPSRVLomRJUDoDVDRVTXDLVXP
QDYHJDGRU SRGHUi SURMHWDU XPD TXDQWLGDGH GH RXWURV WH[WRV 2 WH[WR p
WUDQVIRUPDGRHPSUREOHPiWLFDWH[WXDO3RUpPPDLVXPDYH]VyKiSUREOHPiWLFDVH
FRQVLGHUDUPRV DFRSODPHQWRV KXPDQRVPiTXLQDV H QmR SURFHVVRV
LQIRUPiWLFRVDSHQDV(QWmRVHSRGHIDODUGHYLUWXDOL]DomRHQmRPDLVDSHQDV
GHSRWHQFLDOL]DomR'HIDWRRKLSHUWH[WRQmRVHGHGX]ORJLFDPHQWHGRWH[WR
IRQWH(OHUHVXOWDGHXPDVpULHGHGHFLV}HVUHJXODJHPGRWDPDQKRGRVQyVRX
GRVPyGXORVHOHPHQWDUHVDJHQFLDPHQWRGDVFRQH[}HVHVWUXWXUDGDLQWHUIDFH
GH QDYHJDomR HWF 1R FDVR GH XPD KLSHUFRQWH[WDOL]DomR DXWRPiWLFD HVVDV
HVFROKDV D LQYHQomR GHVVH KLSHUWH[WR SDUWLFXODU
YmR LQWHUYLU DR QtYHO GD
FRQFHSomRHGDVHOHomRGRSURJUDPD
8PDYH]HQXQFLDGDVHVVDVFRQVWDWDo}HVTXDVHWpFQLFDVSDUHFHPXLWR
GLItFLOIDODUGDSRWHQFLDOL]DomRHGDYLUWXDOL]DomRGRWH[WRFRPR IHQ{PHQRV
KRPRJrQHRV 0XLWR SHOR FRQWUiULR VRPRV FRQIURQWDGRV D XPD H[WUHPD
GLYHUVLGDGHTXHVHGHYHHVVHQFLDOPHQWHDWUrVIDWRUHVPLVWXUDGRVDQDWXUH]DGD
UHVHUYD GLJLWDO LQLFLDO D GR SURJUDPD GH FRQVXOWD H D GR GLVSRVLWLYR GH
FRPXQLFDomR
8PWH[WROLQHDUFOiVVLFRPHVPRGLJLWDOL]DGRQmRVHUiOLGRFRPRXP
YHUGDGHLURKLSHUWH[WRQHPFRPRXPDEDVHGHGDGRVQHPFRPRXPVLVWHPD
TXHHQJHQGUDDXWRPDWLFDPHQWHWH[WRVHPIXQomRGDVLQWHUDo}HVFRPDVTXDLV
ROHLWRURDOLPHQWD
2OHLWRUHVWDEHOHFHXPDUHODomRPXLWRPDLVLQWHQVDFRPXPSURJUDPD
GHOHLWXUDHGHQDYHJDomRTXHFRPXPDWHOD6HUiTXHRSURJUDPDSHUPLWH
DSHQDV XP GHVHQURODU VHTHQFLDO FRPR RV SULPHLURV SURJUDPDV GH
WUDWDPHQWR GH WH[WR TXH GXUDQWH DOJXP WHPSR IL]HUDP D OHLWXUD UHJUHGLU j
PDQLSXODomRIDVWLGLRVDGRDQWLJRURORDTXpPLQFOXVLYHGDVSiJLQDVGRFyGH[
4XHIXQo}HVGHSHVTXLVDHGHRULHQWDomRRSURJUDPDRIHUHFH (OH SHUPLWH
FRQVWUXLUYtQFXORVDXWRPiWLFRVHQWUHGLIHUHQWHVSDUWHVGRWH[WRSRGHFRQWHU
DQRWDo}HV GH GLIHUHQWHV WLSRV 3RGH R OHLWRU SHUVRQDOL]DU VHX SURJUDPD GH
OHLWXUD (LV Dt XPD VpULH GH YDULiYHLV LPSRUWDQWHV TXH YmR LQIOXLU PXLWR
IRUWHPHQWHVREUHDVRSHUDo}HVLQWHOHFWXDLVDTXHROHLWRUVHHQWUHJDUi
(QILPRVXSRUWHGLJLWDOSHUPLWHQRYRVWLSRVGHOHLWXUDVHGHHVFULWDV
FROHWLYDV8PFRQWLQXXPYDULDGRVHHVWHQGHDVVLPHQWUHDOHLWXUDLQGLYLGXDOGH
XPWH[WRSUHFLVRHDQDYHJDomRHPYDVWDVUHGHVGLJLWDLVQRLQWHULRUGDVTXDLV
XP JUDQGH Q~PHUR GH SHVVRDV DQRWD DXPHQWD FRQHFWD RV WH[WRV XQV DRV
RXWURVSRUPHLRGHOLJDo}HVKLSHUWH[WXDLV
8PSHQVDPHQWRVHDWXDOL]DQXPWH[WRHXPWH[WRQXPDOHLWXUDQXPD
LQWHUSUHWDomR
$R UHPRQWDU HVVD HQFRVWD GD DWXDOL]DomR D SDVVDJHP DR
KLSHUWH[WRpXPDYLUWXDOL]DomR1mRSDUDUHWRUQDUDRSHQVDPHQWRGRDXWRU
PDVSDUDID]HUGRWH[WRDWXDOXPDGDVILJXUDVSRVVtYHLVGHXPFDPSRWH[WXDO
GLVSRQtYHO PyYHO UHFRQILJXUiYHO j YRQWDGH H DWp SDUD FRQHFWiOD H ID]rOD
HQWUDU HP FRPSRVLomR FRP RXWURV FRUSXV KLSHUWH[WXDLV H GLYHUVRV
LQVWUXPHQWRV GH DX[tOLR j LQWHUSUHWDomR RP LVVR D KLSHUWH[WXDOL]DomR
PXOWLSOLFD DV RFDVL}HV GH SURGXomR GH VHQWLGR H SHUPLWH HQULTXHFHU
FRQVLGHUDYHOPHQWHDOHLWXUD
(LVQRV SRUWDQWR GH YROWD DR SUREOHPD GD OHLWXUD 6DEHVH TXH RV
SULPHLURV WH[WRV DOIDEpWLFRV QmR VHSDUDYDP DV SDODYUDV )RL Vy PXLWR
SURJUHVVLYDPHQWH TXH IRUDP LQYHQWDGRV RV HVSDoRV HP EUDQFR HQWUH RV
YRFiEXORV D SRQWXDomR RV SDUiJUDIRV DV GLYLV}HV FODUDV HP FDStWXORV RV
VXPiULRVRVtQGLFHVDDUWHGDSDJLQDomRDUHGHGHUHPLVVmRGDVHQFLFORSpGLDV
HGLFLRQiULRVDVQRWDVGHSpGHSiJLQDHPVXPDWXGRRTXHIDFLOLWDDOHLWXUD
HD FRQVXOWD GRV GRFXPHQWRV HVFULWRV RQWULEXLQGRSDUD GREUDU RV WH[WRV
SDUDHVWUXWXUiORVSDUDDUWLFXOiORVDOpPGHVXDOLQHDULGDGHHVVDVWHFQRORJLDV
DX[LOLDUHVFRPS}HPRTXHSRGHUtDPRVFKDPDUGHXPDDSDUHOKDJHPGHOHLWXUD
DUWLILFLDO
2 KLSHUWH[WR KLSHUPtGLD RX PXOWLPtGLD LQWHUDWLYR OHYDP DGLDQWH
SRUWDQWRXPSURFHVVRMiDQWLJRGHDUWLILFLDOL]DomRGDOHLWXUD6HOHUFRQVLVWHHP
VHOHFLRQDUHPHVTXHPDWL]DUHPFRQVWUXLUXPDUHGHGHUHPLVV}HVLQWHUQDVDR
WH[WRHPDVVRFLDUDRXWURVGDGRVHPLQWHJUDUDVSDODYUDVHDVLPDJHQVDXPD
PHPyULDSHVVRDOHPUHFRQVWUXomRSHUPDQHQWHHQWmRRVGLVSRVLWLYRVKLSHUWH[WXDLV
FRQVWLWXHP GH IDWR XPD HVSpFLH GH REMHWLYDomR GH H[WHULRUL]DomR GH YLUWXDOL]DomR GRV
SURFHVVRVGHOHLWXUD$TXLQmRFRQVLGHUDPRVPDLVDSHQDVRVSURFHVVRVWpFQLFRV
GHGLJLWDOL]DomRHGHDSUHVHQWDomRGRWH[WRPDVDDWLYLGDGHKXPDQDGHOHLWXUD
HGHLQWHUSUHWDomRTXHLQWHJUDDVQRYDVIHUUDPHQWDV
RPRYLPRVDOHLWXUDDUWLILFLDOH[LVWHKiPXLWRWHPSR4XHGLIHUHQoD
SRGHPRV HVWDEHOHFHU HQWmR HQWUH R VLVWHPD TXH KDYLD VH HVWDELOL]DGR QDV
SiJLQDVGRVOLYURVHGRVMRUQDLVHRTXHVHLQYHQWDKRMHHPVXSRUWHVGLJLWDLV
$DERUGDJHPPDLVVLPSOHVGRKLSHUWH[WRTXHLQVLVWRQmRH[FOXLQHP
RVVRQVQHPDVLPDJHQVpDGHGHVFUHYrODSRURSRVLomRDXPWH[WROLQHDU
FRPRXPWH[WRHVWUXWXUDGRHPUHGH2KLSHUWH[WRVHULDFRQVWLWXtGRGHQyVRV
HOHPHQWRVGHLQIRUPDomRSDUiJUDIRVSiJLQDVLPDJHQVVHTrQFLDV PXVLFDLV
HWF
HGHOLJDo}HVHQWUHHVVHVQyVUHIHUrQFLDVQRWDVLQGLFDGRUHV´ERW}HVµ
TXHHIHWXDPDSDVVDJHPGHXPQyDRXWUR
$OHLWXUDGHXPDHQFLFORSpGLDFOiVVLFDMipGHWLSRKLSHUWH[WXDOXPD
YH]TXHXWLOL]DDVIHUUDPHQWDVGHRULHQWDomRTXHVmRRVGLFLRQiULRVOp[LFRV
tQGLFHVWKHVDXUXVDWODVTXDGURVGHVLQDLVVXPiULRVHUHPLVV}HVDRILQDOGRV
DUWLJRV1RHQWDQWRRVXSRUWHGLJLWDODSUHVHQWDXPDGLIHUHQoDFRQVLGHUiYHOHP
UHODomRDRVKLSHUWH[WRVDQWHULRUHVjLQIRUPiWLFDDSHVTXLVDQRVtQGLFHVRXVR
GRVLQVWUXPHQWRVGHRULHQWDomRGHSDVVDJHPGHXPQyDRXWURID]HPVHQHOH
FRPJUDQGHUDSLGH]GDRUGHPGHVHJXQGRV3RURXWURODGRDGLJLWDOL]DomR
SHUPLWH DVVRFLDU QD PHVPD PtGLD H PL[DU ILQDPHQWH RV VRQV DV LPDJHQV
DQLPDGDVHRVWH[WRV6HJXQGRHVVDSULPHLUDDERUGDJHPRKLSHUWH[WRGLJLWDO
VHULD SRUWDQWR GHILQLGR FRPR XPD FROHomR GH LQIRUPDo}HV PXOWLPRGDLV
GLVSRVWDHPUHGHSDUDDQDYHJDomRUiSLGDH´LQWXLWLYDµ
(PUHODomRjVWpFQLFDVDQWHULRUHVGHOHLWXUDHPUHGHDGLJLWDOL]DomR
LQWURGX]XPDSHTXHQDUHYROXomRFRSHUQLFDQDQmRpPDLVRQDYHJDGRUTXH
VHJXHDVLQVWUXo}HVGHOHLWXUDHVHGHVORFDILVLFDPHQWHQRKLSHUWH[WRYLUDQGR
DVSiJLQDVWUDQVSRUWDQGRSHVDGRVYROXPHVSHUFRUUHQGRFRPVHXVSDVVRVD
ELEOLRWHFD PDV GRUDYDQWH p XP WH[WR PyYHO FDOHLGRVFySLFR TXH DSUHVHQWD
VXDVIDFHWDVJLUDGREUDVHHGHVGREUDVHjYRQWDGHGLDQWHGROHLWRU,QYHQWD
VHKRMHXPDQRYDDUWHGDHGLomRHGDGRFXPHQWDomRTXHWHQWDH[SORUDUDR
Pi[LPRXPDQRYDYHORFLGDGHGHQDYHJDomRHPPHLRDPDVVDVGHLQIRUPDomR
TXHVmRFRQGHQVDGDVHPYROXPHVDFDGDGLDPHQRUHV
'HDFRUGRFRPXPDVHJXQGDDERUGDJHPFRPSOHPHQWDUDWHQGrQFLD
FRQWHPSRUkQHDjKLSHUWH[WXDOL]DomRGRVGRFXPHQWRVSRGHVHUGHILQLGDFRPR
XPD WHQGrQFLD j LQGLVWLQomR j PLVWXUD GDV IXQo}HV GH OHLWXUD H GH HVFULWD
7RFDPRV DTXL R SUREOHPD GD YLUWXDOL]DomR SURSULDPHQWH GLWD TXHWHP SRU
HIHLWR FRPR RFRUUH FRP IUHTrQFLD FRORFDU HP ORRS D H[WHULRULGDGH H D
LQWHULRULGDGH QR FDVR D LQWLPLGDGH GR DXWRU H D HVWUDQKH]D GR OHLWRU HP
UHODomRDRWH[WR(VVDSDVVDJHPFRQWtQXDGHGHQWURSDUDIRUDFRPRQXPDQHO
GH0RHELXVFDUDFWHUL]DMiDOHLWXUDFOiVVLFDSRLVSDUDFRPSUHHQGHUROHLWRU
GHYH ´UHFULDUµ R WH[WR PHQWDOPHQWH H SRUWDQWR HQWUDU GHQWUR GHOH (OD GL]
UHVSHLWRWDPEpPjUHGDomRXPDYH]TXHDGLILFXOGDGHGHHVFUHYHUFRQVLVWHHP
UHOHUVHSDUDFRUULJLUVHSRUWDQWRHPXPHVIRUoRSDUDWRUQDUVHHVWUDQKRDR
SUySULR WH[WR 2UD D KLSHUWH[WXDOL]DomR REMHWLYD RSHUDFLRQDOL]D H HOHYD j
SRWrQFLDGRFROHWLYRHVVDLGHQWLILFDomRFUX]DGDGROHLWRUHGRDXWRU
RQVLGHUHPRVSULPHLURDFRLVDGRODGRGROHLWRU6HGHILQLUPRVXP
KLSHUWH[WR FRPR XP HVSDoR GH SHUFXUVRV GH OHLWXUD SRVVtYHLV XP WH[WR
DSUHVHQWDVH FRPR XPD OHLWXUD SDUWLFXODU GH XP KLSHUWH[WR 2 QDYHJDGRU
SDUWLFLSDDVVLPGDUHGDomRRXSHORPHQRVGDHGLomRGRWH[WRTXHHOH´OrµXPD
YH]TXHGHWHUPLQDVXDRUJDQL]DomRILQDODGLVSRVLWLRGDDQWLJDUHWyULFD
2QDYHJDGRUSRGHVHID]HUDXWRUGHPDQHLUDPDLVSURIXQGDGRTXH
SHUFRUUHQGR XPD UHGH SUHHVWDEHOHFLGD SDUWLFLSDQGR GD HVWUXWXUDomR GR
KLSHUWH[WRFULDQGRQRYDVOLJDo}HV$OJXQVVLVWHPDVUHJLVWUDPRVFDPLQKRVGH
OHLWXUD H UHIRUoDP WRUQDP PDLV YLVtYHLV SRU H[HPSOR
RX HQIUDTXHFHP DV
OLJDo}HVHPIXQomRGDPDQHLUDFRPRHODVVmRSHUFRUULGDVSHODFRPXQLGDGH
GRVQDYHJDGRUHV
(QILP RV OHLWRUHV SRGHP QmR DSHQDV PRGLILFDU DV OLJDo}HV PDV
LJXDOPHQWHDFUHVFHQWDURXPRGLILFDUQyVWH[WRVLPDJHQVHWF
FRQHFWDUXP
KLSHUGRFXPHQWRDRXWURHID]HUDVVLPGHGRLVKLSHUWH[WRVVHSDUDGRVXP~QLFR
GRFXPHQWRRXWUDoDUOLJDo}HVKLSHUWH[WXDLVHQWUHXPDVpULHGHGRFXPHQWRV
6XEOLQKHPRVTXHHVVDSUiWLFDHQFRQWUDVHKRMHHPSOHQRGHVHQYROYLPHQWRQD
,QWHUQHW QRWDGDPHQWH QD :RUOG :LGH :HE 7RGRV RV WH[WRV S~EOLFRV
DFHVVtYHLV SHOD UHGH ,QWHUQHW GRUDYDQWH ID]HP YLUWXDOPHQWH SDUWH GH XP
PHVPRLPHQVRKLSHUWH[WRHPFUHVFLPHQWRLQLQWHUUXSWR2VKLSHUGRFXPHQWRV
DFHVVtYHLV SRU XPD UHGH LQIRUPiWLFD VmR SRGHURVRV LQVWUXPHQWRV GH
HVFULWDOHLWXUDFROHWLYD
$VVLP D HVFULWD H D OHLWXUD WURFDP VHXV SDSpLV 7RGR DTXHOH TXH
SDUWLFLSDGDHVWUXWXUDomRGRKLSHUWH[WRGRWUDoDGRSRQWLOKDGRGDVSRVVtYHLV
GREUDVGRVHQWLGRMipXPOHLWRU6LPHWULFDPHQWHTXHPDWXDOL]DXPSHUFXUVR
RXPDQLIHVWDHVWHRXDTXHOHDVSHFWRGDUHVHUYDGRFXPHQWDOFRQWULEXLSDUDD
UHGDomRFRQFOXLPRPHQWDQHDPHQWHXPDHVFULWDLQWHUPLQiYHO$VFRVWXUDVH
UHPLVV}HVRVFDPLQKRVGHVHQWLGRRULJLQDLVTXHROHLWRULQYHQWDSRGHPVHU
LQFRUSRUDGRV j HVWUXWXUD PHVPD GRV FRUSXV $ SDUWLU GR KLSHUWH[WR WRGD
OHLWXUDWRUQRXVHXPDWRGHHVFULWD
2,%(5(63$d228$9,578$/,=$d®2'220387$'25
7HUtDPRVVRPHQWHXPDYLVmRSDUFLDOGDYLUWXDOL]DomRFRQWHPSRUkQHD
GRWH[WRHGDOHLWXUDVHDIRFDOL]iVVHPRVXQLFDPHQWHQDSDVVDJHPGRSDSHOj
WHODGRFRPSXWDGRU2FRPSXWDGRUFRPRVXSRUWHGHPHQVDJHQVSRWHQFLDLVMi
VH LQWHJURX H TXDVH VH GLVVROYHX QR FLEHUHVSDoR HVVD WXUEXOHQWD ]RQD GH
WUkQVLWR SDUD VLJQRV YHWRUL]DGRV $QWHV GH DERUGDU D GHVWHUULWRULDOL]DomR GR
WH[WRHYRTXHPRVSRUWDQWRDYLUWXDOL]DomRGRFRPSXWDGRU
'XUDQWH PXLWR WHPSR SRODUL]DGD SHOD ´PiTXLQDµ EDOFDQL]DGD DWp
UHFHQWHPHQWH SHORV SURJUDPDV D LQIRUPiWLFD FRQWHPSRUkQHD ² VRIW H
KDUGZDUH ² GHVFRQVWUyL R FRPSXWDGRU SDUD GDU OXJDU D XP HVSDoR GH
FRPXQLFDomRQDYHJiYHOHWUDQVSDUHQWHFHQWUDGRQRVIOX[RVGHLQIRUPDomR
RPSXWDGRUHVGHPDUFDVGLIHUHQWHVSRGHPVHUPRQWDGRVDSDUWLUGH
FRPSRQHQWHVTXDVHLGrQWLFRVHFRPSXWDGRUHVGDPHVPDPDUFDFRQWrPSHoDV
GH RULJHQV PXLWR GLIHUHQWHV 3RU RXWUR ODGR FRPSRQHQWHV GH PDWHULDO
LQIRUPiWLFR FDSWDGRUHV PHPyULDV SURFHVVDGRUHV HWF
SRGHP VH DFKDU
QRXWUDV SDUWHV TXH QmR HP FRPSXWDGRUHV SURSULDPHQWH GLWRV HP FDUW}HV
HOHWU{QLFRVHPGLVWULEXLGRUHVDXWRPiWLFRVURE{VDSDUHOKRVHOHWURGRPpVWLFRV
QyV GH UHGHV GH FRPXQLFDomR IRWRFRSLDGRUDV ID[HV FkPHUDV GH YtGHR
WHOHIRQHV UiGLRV WHOHYLV}HV RQGH TXHU TXH D LQIRUPDomR GLJLWDO VHMD
SURFHVVDGDDXWRPDWLFDPHQWH(QILPHVREUHWXGRXPFRPSXWDGRUUDPLILFDGR
QR KLSHUHVSDoR SRGH UHFRUUHU jV FDSDFLGDGHV GH PHPyULD H GH FiOFXOR GH
RXWURVFRPSXWDGRUHVGDUHGHTXHSRUVXDYH]ID]HPRPHVPR
EHPFRPRD
GLYHUVRV DSDUHOKRV GLVWDQWHV GH FDSWXUD H GH DSUHVHQWDomR GH LQIRUPDomR
7RGDVDVIXQo}HVGDLQIRUPiWLFDFDSWXUDGLJLWDOL]DomRPHPyULDWUDWDPHQWR
DSUHVHQWDomR
VmRGLVWULEXtYHLVHFDGDYH]PDLVGLVWULEXtGDV2FRPSXWDGRU
QmRpXPFHQWURPDVXPSHGDoRXPIUDJPHQWRGDWUDPDXPFRPSRQHQWH
LQFRPSOHWR GD UHGH FDOFXODGRUD XQLYHUVDO 6XDV IXQo}HV SXOYHUL]DGDV
LPSUHJQDPFDGDHOHPHQWRGRWHFQRFRVPR1ROLPLWHVyKiKRMHXP~QLFR
FRPSXWDGRUXP ~QLFR VXSRUWH SDUD WH[WR PDV WRUQRXVH LPSRVVtYHO WUDoDU
VHXVOLPLWHVIL[DUVHXFRQWRUQReXPFRPSXWDGRUFXMRFHQWURHVWiHPWRGD
SDUWHHDFLUFXQIHUrQFLDHPQHQKXPDXPFRPSXWDGRUKLSHUWH[WXDOGLVSHUVR
YLYR SXOXODQWH LQDFDEDGR YLUWXDO XP FRPSXWDGRU GH %DEHO R SUySULR
FLEHUHVSDoR

$'(67(55,725,$/,=$d®2'27(;72
0LOK}HV GH SHVVRDV H GH LQVWLWXLo}HV QR PXQGR WUDEDOKDP QD
FRQVWUXomRHQDGLVSRVLomRGRLPHQVRKLSHUWH[WRGD:RUOG:LGH:HE1D
:HE FRPR HP WRGR KLSHUGRFXPHQWR p SUHFLVR GLVWLQJXLU FRQFHLWXDOPHQWH
GRLV WLSRV GH PHPyULDV GLIHUHQWHV 'H XP ODGR D UHVHUYD WH[WXDO RX
GRFXPHQWDOPXOWLPRGDORVGDGRVXPHVWDTXHTXDVHDPRUIRVXILFLHQWHPHQWH
EDOLVDGRQRHQWDQWRSDUDTXHVHXVHOHPHQWRVWHQKDPXPHQGHUHoR'HRXWUR
XPFRQMXQWRGHHVWUXWXUDVSHUFXUVRVYtQFXORVRXUHGHVGHLQGLFDGRUHVTXH
UHSUHVHQWDRUJDQL]Do}HVSDUWLFXODUHVVHOHWLYDVHVXEMHWLYDVGRHVWDTXH
DGD LQGLYtGXR FDGD RUJDQL]DomR VmR LQFLWDGRV QmR DSHQDV D
DXPHQWDURHVWDTXHPDVWDPEpPDSURSRUDRVRXWURVFLEHUQDXWDVXPSRQWR
GH YLVWD VREUH R FRQMXQWR XPD HVWUXWXUD VXEMHWLYD (VVHV SRQWRV GH YLVWD
VXEMHWLYRVVHPDQLIHVWDPHPSDUWLFXODUQDVOLJDo}HVSDUDRH[WHULRUDVVRFLDGDV
jV KRPH SDJHV DIL[DGDV SRU XP LQGLYtGXR RX JUXSR 1R FLEHUHVSDoR FRPR
TXDOTXHUSRQWRpGLUHWDPHQWHDFHVViYHODSDUWLUGHTXDOTXHURXWURVHUiFDGD
YH] PDLRU D WHQGrQFLD D VXEVWLWXLU DV FySLDV GH GRFXPHQWRV SRU OLJDo}HV
KLSHUWH[WXDLVQROLPLWHEDVWDTXHRWH[WRH[LVWDILVLFDPHQWHXPD~QLFDYH]QD
PHPyULDGHXPFRPSXWDGRUFRQHFWDGRjUHGHSDUDTXHHOHIDoDSDUWHJUDoDVD
XPFRQMXQWRGHYtQFXORVGHPLOKDUHVRXPHVPRGHPLOK}HVGHSHUFXUVRVRX
GH HVWUXWXUDV VHPkQWLFDV GLIHUHQWHV $ SDUWLU GDV KRPH SDJHV H GRV
KLSHUGRFXPHQWRV RQOLQH SRGHVH VHJXLU RV ILRV GH GLYHUVRV XQLYHUVRV
VXEMHWLYRV
1RPXQGRGLJLWDODGLVWLQomRGRRULJLQDOHGDFySLDKiPXLWRSHUGHX
TXDOTXHUSHUWLQrQFLD2FLEHUHVSDoRHVWiPLVWXUDQGRDVQRo}HVGHXQLGDGHGH
LGHQWLGDGHHGHORFDOL]DomR
2VYtQFXORVSRGHPUHPHWHUDHQGHUHoRVTXHDEULJDPQmRXPWH[WR
GHILQLGR PDV GDGRV DWXDOL]DGRV HP WHPSR UHDO UHVXOWDGRV HVWDWtVWLFRV
VLWXDo}HVSROtWLFDVLPDJHQVGRPXQGRWUDQVPLWLGDVSRUVDWpOLWH$VVLPFRPR
RULRGH+HUiFOLWRRKLSHUWH[WRMDPDLVpGXDVYH]HVRPHVPR$OLPHQWDGRSRU
FDSWDGRUHVHOHDEUHXPDMDQHODSDUDRIOX[RFyVPLFRHDLQVWDELOLGDGHVRFLDO
2V GLVSRVLWLYRV KLSHUWH[WXDLV QDV UHGHV GLJLWDLV GHVWHUULWRULDOL]DUDP R
WH[WR )L]HUDP HPHUJLU XP WH[WR VHP IURQWHLUDV QtWLGDV VHP LQWHULRULGDGH
GHILQtYHO 1mR Ki PDLV XP WH[WR GLVFHUQtYHO H LQGLYLGXDOL]iYHO PDV DSHQDV
WH[WRDVVLPFRPRQmRKiXPDiJXDHXPDDUHLDPDVDSHQDViJXDHDUHLD2WH[WR
p SRVWR HP PRYLPHQWR HQYROYLGR HP XP IOX[R YHWRUL]DGR PHWDPyUILFR
$VVLP HVWi PDLV SUy[LPR GR SUySULR PRYLPHQWR GR SHQVDPHQWR RX GD
LPDJHPTXHKRMHWHPRVGHVWH3HUGHQGRVXDDILQLGDGHFRPDVLGpLDVLPXWiYHLV
TXHVXSRVWDPHQWHGRPLQDULDPRPXQGRVHQVtYHORWH[WRWRUQDVHDQiORJRDR
XQLYHUVRGHSURFHVVRVDRTXDOVHPLVWXUD
2WH[WRFRQWLQXDVXEVLVWLQGRPDVDSiJLQDIXUWRXVH$SiJLQDLVWRp
RSDJXVODWLQRHVVHFDPSRHVVHWHUULWyULRFHUFDGRSHOREUDQFRGDVPDUJHQV
ODYUDGR GH OLQKDV HVHPHDGR GH OHWUDV H GH FDUDFWHUHV SHOR DXWRU D SiJLQD
DLQGDFDUUHJDGDGDDUJLODPHVRSRWkPLFDDGHULQGRVHPSUHjWHUUDGRQHROtWLFR
HVVDSiJLQDPXLWRDQWLJDVHDSDJDOHQWDPHQWHVREDLQXQGDomRLQIRUPDFLRQDO
VHXVVLJQRVVROWRVYmRMXQWDUVHjWRUUHQWHGLJLWDO
eFRPRVHDGLJLWDOL]DomRHVWDEHOHFHVVHXPDHVSpFLHGHLPHQVRSODQR
VHPkQWLFRDFHVVtYHOHPWRGROXJDUHTXHWRGRVSXGHVVHPDMXGDUDSURGX]LUD
GREUDU GLYHUVDPHQWH D UHWRPDU D PRGLILFDU D GREUDU GH QRYR +i
QHFHVVLGDGHGHVXEOLQKDULVWR$VIRUPDVHFRQ{PLFDVHMXUtGLFDVKHUGDGDVGR
SHUtRGRSUHFHGHQWHLPSHGHPKRMHTXHHVVHPRYLPHQWRGHGHVWHUULWRULDOL]DomR
FKHJXHDVHXWHUPR
$ DQiOLVH YDOH LJXDOPHQWH SDUD DV LPDJHQV TXH YLUWXDOPHQWH QmR
FRQVWLWXHPPDLVVHQmRXP~QLFRKLSHUtFRQHVHPOLPLWHVFDOHLGRVFySLFRHP
FUHVFLPHQWRVXMHLWRDWRGDVDVTXLPHUDV(DVP~VLFDVHOHYDQGRVHGRVEDQFRV
GHHIHLWRVVRQRURVGRVUHSHUWyULRVGHWLPEUHVRUJDQL]DGRVHPDPRVWUDVGRV
SURJUDPDVGHVtQWHVHGHVHTHQFLDPHQWRHGHDUUDQMRDXWRPiWLFRVDVP~VLFDV
GRFLEHUHVSDoRFRPS}HPMXQWDVXPDLQDXGtYHOSROLIRQLDRXVHSHUGHPHP
FDFRIRQLD
$LQWHUSUHWDomRLVWRpDSURGXomRGRVHQWLGRGRUDYDQWHQmRUHPHWH
PDLVH[FOXVLYDPHQWHj LQWHULRULGDGH GH XPD LQWHQomR QHP D KLHUDUTXLDV GH
VLJQLILFDo}HV HVRWpULFDV PDV DQWHV j DSURSULDomR VHPSUH VLQJXODU GH XP
QDYHJDGRU RX GH XPD VXUILVWD 2 VHQWLGR HPHUJH GH HIHLWRV GH SHUWLQrQFLD
ORFDLVVXUJHQDLQWHUVHFokRGHXPSODQRVHPLyWLFDGHVWHUULWRULDOL]DGRHGHXPD
WUDMHWyULDGHHILFiFLDRXSUD]HU1mRPHLQWHUHVVRPDLVSHORTXHSHQVRXXP
DXWRU LQHQFRQWUiYHO SHoR DR WH[WR SDUD PH ID]HU SHQVDU DTXL H DJRUD $
YLUWXDOLGDGHGRWH[WRDOLPHQWDPLQKDLQWHOLJrQFLDHPDWR
5802$80$5(6685*È1,$'$8/785$'27(;72
6H OHU FRQVLVWH HP KLHUDUTXL]DU VHOHFLRQDU HVTXHPDWL]DUFRQVWUXLU
XPD UHGH VHPkQWLFD H LQWHJUDU LGpLDV DGTXLULGDV D XPDPHPyULD HQWmR DV
WpFQLFDVGLJLWDLVGHKLSHUWH[WXDOL]DomRHGHQDYHJDomRFRQVWLWXHPGHIDWRXPD
HVSpFLHGHYLUWXDOL]DomRWpFQLFDRXGHH[WHULRUL]DomRGRVSURFHVVRVGHOHLWXUD
*UDoDV j GLJLWDOL]DomR R WH[WR H D OHLWXUD UHFHEHUDP KRMH XPQRYR
LPSXOVRHDRPHVPRWHPSRXPDSURIXQGDPXWDomR3RGHVHLPDJLQDUTXHRV
OLYURV RV MRUQDLV RV GRFXPHQWRV WpFQLFRV HDGPLQLVWUDWLYRV LPSUHVVRV QR
IXWXUR VHUmR DSHQDV HP JUDQGH SDUWH SURMHo}HV WHPSRUiULDV H SDUFLDLV GH
KLSHUWH[WRV RQOLQH PXLWRPDLV ULFRV H VHPSUH DWLYRV 3RVWR TXH D HVFULWD
DOIDEpWLFDKRMHHPXVRHVWDELOL]RXVHVREUHXPVXSRUWHHVWiWLFRHHPIXQomR
GHVVHVXSRUWHpOHJtWLPRLQGDJDUVHRDSDUHFLPHQWRGHXPVXSRUWHGLQkPLFR
QmRSRGHULDVXVFLWDUDLQYHQomRGHQRYRVVLVWHPDVGHHVFULWDTXHH[SORUDULDP
PHOKRU DV QRYDV SRWHQFLDOLGDGHV 2V ´tFRQHVµ LQIRUPiWLFRV FHUWRV
YLGHRJDPHV DV VLPXODo}HV JUiILFDV LQWHUDWLYDV XWLOL]DGDV SHORV FLHQWLVWDV
UHSUHVHQWDPRVSULPHLURVSDVVRVUHVWDXUDLHPGLUHomRDXPDIXWXUDLGHRJUDILD
GLQkPLFD
$ PXOWLSOLFDomR GDV WHODV DQXQFLD R ILP GR HVFULWR FRPR GmR D
HQWHQGHU FHUWRV SURIHWDV GD GHVJUDoD (VVD LGpLD p PXLWR SURYDYHOPHQWH
HUU{QHDHUWDPHQWHRWH[WRGLJLWDOL]DGRIOXLGRUHFRQILJXUiYHOjYRQWDGHTXH
VHRUJDQL]DGHXPPRGRQmROLQHDUTXHFLUFXODQRLQWHULRUGHUHGHVORFDLVRX
PXQGLDLVGDVTXDLVSDUWLFLSDQWHpXPDXWRUHXPHGLWRUSRWHQFLDOHVVHWH[WR
GLIHUHQFLDVHGRLPSUHVVRFOiVVLFR
0DV FRQYpP QmR FRQIXQGLU R WH[WR QHP FRP R PRGR GH GLIXVmR
XQLODWHUDOTXHpDLPSUHQVDQHPFRPRVXSRUWHHVWiWLFRTXHpRSDSHOQHP
FRPXPDHVWUXWXUDOLQHDUHIHFKDGDGDVPHQVDJHQV$FXOWXUDGRWH[WRFRPR
TXH HOD LPSOLFD GH GLIHULGR QD GD GHVWHV H[SUHVVmR GH GLVWkQFLD FUtWLFD QD
LQWHUSUHWDomRHGHUHPLVV}HVFHUUDGDVQRLQWHULRUGHXPXQLYHUVRVHPkQWLFRGH
LQWHUWH[WXDOLGDGHTXHVmRpDRFRQWUiULROHYDGDDXPLPHQVRGHVHQYROYLPHQWR
QR QRYR HQVLQR H HVSDoR GH FRPXQLFDomR GDV UHGHV GLJLWDLV /RQJH GH
DQLTXLODU R WH[WR D YLUWXDOL]DomR SDUHFH ID]rOR FRLQFLGLU FRP VXD HVVrQFLD
FRLVD VHU VXELWDPHQWH GHVYHODGD RPR VH D YLUWXDOL]DomR FRQWHPSRUkQHD
PHGLFLQDUHDOL]DVVHRGHYLUGRWH[WR(QILPFRPRVHVDtVVHPRVGHXPDFHUWD
SUpKLVWyULDHDDYHQWXUDGRWH[WRFRPHoDVVHUHDOPHQWHRPRVHDFDEiVVHPRV
GHLQYHQWDUDHVFULWD
$9,578$/,=$d®2'$(2120,$
80$(2120,$'$'(67(55,725,$/,=$d®2
$HFRQRPLDFRQWHPSRUkQHDpXPDHFRQRPLDGDGHVWHUULWRULDOL]DomR
RX GD YLUWXDOL]DomR 2 SULQFLSDO VHWRU PXQGLDO HP YROXPH GH QHJyFLRV
OHPEUHPRV p R GR WXULVPR YLDJHQV KRWpLV UHVWDXUDQWHV $ KXPDQLGDGH
MDPDLVGHGLFRXWDQWRVUHFXUVRVDQmRHVWDUSUHVHQWHDFRPHUGRUPLUYLYHU
IRUDGHVXDFDVDDVHDIDVWDUGHVHXGRPLFtOLR6HDFUHVFHQWDUPRVDRYROXPHGH
QHJyFLRVGRWXULVPRSURSULDPHQWHGLWRRGDVLQG~VWULDVTXHIDEULFDPYHtFXORV
FDUURV FDPLQK}HV WUHQV PHWU{V EDUFRV DYL}HV HWF
FDUEXUDQWHV SDUD RV
YHtFXORV H LQIUDHVWUXWXUDV HVWUDGDV DHURSRUWRV
FKHJDUHPRV D FHUFD GH
PHWDGHGDDWLYLGDGHHFRQ{PLFDPXQGLDODVHUYLoRGRWUDQVSRUWH2FRPpUFLRH
D GLVWULEXLomR SRU VXD YH] ID]HP YLDMDU VLJQRV H FRLVDV 2V PHLRV GH
FRPXQLFDomRHOHWU{QLFRVHGLJLWDLVQmRVXEVWLWXtUDPRWUDQVSRUWHItVLFRPXLWR
SHORFRQWUiULRFRPXQLFDomRHWUDQVSRUWHFRPRMiVXEOLQKDPRVID]HPSDUWH
GD PHVPD RQGD GH YLUWXDOL]DomR JHUDO 3RLV DR VHWRU GD GHVWHUULWRULDOL]DomR
ItVLFDFXPSUHHYLGHQWHPHQWHDFUHVFHQWDUDVWHOHFRPXQLFDo}HVDLQIRUPiWLFD
RVPHLRVGHFRPXQLFDomRTXHVmRRXWURVVHWRUHVDVFHQGHQWHVGDHFRQRPLDGR
YLUWXDO 2 HQVLQR H D IRUPDomR EHP FRPR DV LQG~VWULDV GD GLYHUVmR
WUDEDOKDQGR SDUD D KHWHURJrQHVH GRV HVStULWRV QmR SURGX]HP RXWUD FRLVD
VHQmRRYLUWXDO4XDQWRDRSRGHURVRVHWRUGDVD~GH²PHGLFLQDHIDUPiFLD²
FRPRYLPRVQXPFDStWXORSUHFHGHQWHHOHYLUWXDOL]DRVFRUSRV
2$62'$6),1$1d$6
2 VHWRU ILQDQFHLUR FRUDomR SXOVDQWH GD HFRQRPLD PXQGLDO p VHP
G~YLGDXPDGDVDWLYLGDGHVPDLVFDUDFWHUtVWLFDVGDHVFDODGDGDYLUWXDOL]DomR
$PRHGDTXHpDEDVHGDVILQDQoDVGHVVLQFURQL]RXHGHVORFDOL]RXHP
JUDQGHHVFDODRWUDEDOKRDWUDQVDomRFRPHUFLDOHRFRQVXPRTXHSRUPXLWR
WHPSR LQWHUYLHUDP QDV PHVPDV XQLGDGHV GH WHPSR H GH OXJDU (QTXDQWR
REMHWRYLUWXDODPRHGDpHYLGHQWHPHQWHPDLVIiFLOGHWURFDUGHSDUWLOKDUHGH
H[LVWLU HP FRPXP TXH HQWLGDGHV PDLV FRQFUHWDV FRPR WHUUD RX VHUYLoRV
5HHQFRQWUDPRV QD LQYHQomR H QR GHVHQYROYLPHQWR GD PRHGD H GRV
LQVWUXPHQWRV ILQDQFHLURV PDLV FRPSOH[RV
RV WUDoRV GLVWLQWLYRV GD
YLUWXDOL]DomR TXH VmR QmR DSHQDV R DUUDQFDUVH DR DTXL H DJRUD RX D
GHVWHUULWRULDOL]DomR PDV LJXDOPHQWH D SDVVDJHP DR S~EOLFR DR DQ{QLPR D
SRVVLELOLGDGHGHSDUWLOKDHGHWURFDDVXEVWLWXLomRSDUFLDOGRMRJRLQFHVVDQWH
GDV QHJRFLDo}HV H GDV UHODo}HV GH IRUoD LQGLYLGXDLV SRU XP PHFDQLVPR
LPSHVVRDO $ OHWUD GH FkPELRID] FLUFXODU XPUHFRQKHFLPHQWR GH GtYLGD GH
XPDPRHGDDRXWUDHGHXPDSHVVRDDRXWUDRFRQWUDWRGHVHJXURPXWXDOL]D
RV ULVFRV D VRFLHGDGH SRU Do}HV HODERUD D SURSULHGDGH H R LQYHVWLPHQWR
FROHWLYR2XWUDVWDQWDVLQYHQo}HVTXHSURORQJDPDVGDPRHGDHTXHDFHQWXDP
DYLUWXDOL]DomRGDHFRQRPLD
$WXDOPHQWHDVILQDQoDVEDQFRVVHJXUDGRUDV
FRQVWLWXHPHQWUHH
 GR 3,% GRV SDtVHV LQGXVWULDOL]DGRV *ROGILQJHU
2V IOX[RV
ILQDQFHLURV PXQGLDLV VmR VXSHULRUHV DRV GR FRPpUFLR LQWHUQDFLRQDO H QR
LQWHULRU PHVPR GR VHWRU ILQDQFHLUR R FUHVFLPHQWR GRV SURGXWRV GHULYDGRV
HVSpFLHVGHVHJXURVVREUHRVSURGXWRVFOiVVLFRVHYLUWXDLVSRUH[FHOrQFLD
p
PDLVDFHQWXDGRTXHDPpGLD'HPDQHLUDPDLVJHUDODSULPD]LDFUHVFHQWHGD
HFRQRPLDPRQHWiULDHGRVLPSHUDWLYRVILQDQFHLURVpXPDGDVPDQLIHVWDo}HV
PDLV QRWiYHLV GD YLUWXDOL]DomR HP FXUVR (P Q~PHURV DEVROXWRV R PDLRU
PHUFDGR GR PXQGR p R GD SUySULD PRHGD R PHUFDGR FDPELDO PDLV
LPSRUWDQWHTXHRGRVWtWXORVHRGDVDo}HV
RPR IXQFLRQDP RV PHUFDGRV ILQDQFHLURV 2V UDFLRFtQLRV GRV
RSHUDGRUHV ILQDQFHLURV EDVHLDPVH HVVHQFLDOPHQWH QR UDFLRFtQLR GRV RXWURV
RSHUDGRUHVILQDQFHLURVFRPRQXPDPXOWLGmRHPTXHFDGDPHPEURSUDWLFDVVH
DSVLFRORJLDGDVPXOWLG}HV2V´DUJXPHQWRVµGHVVHVUDFLRFtQLRVVmRVREUHWXGR
RVLQGLFDGRUHVHFRQ{PLFRVSXEOLFDGRVSHORVJRYHUQRVHSHORVRUJDQLVPRVGH
HVWDWtVWLFDVEHPFRPRRVSUHoRVFRWDo}HVHWD[DVGRVGLIHUHQWHVSDSpLVDo}HV
H LQVWUXPHQWRV ILQDQFHLURV 2UD HVVHV SUHoRV FRWDo}HV H WD[DV VmR HOHV
SUySULRV´FRQFOXV}HVµDTXHFKHJDRPHUFDGRDSyVXPUDFLRFtQLRFROHWLYR
SDUDOHORHGLVWULEXtGR2PHUFDGRILQDQFHLURFHUWDPHQWHOHYDHPFRQWDGDGRV
´H[WHULRUHVµDVHXSUySULRIXQFLRQDPHQWRJXHUUDVHOHLo}HVHWF
PDVWUDEDOKD
DQWHVGHWXGRGHXPPRGRUHFXUVLYRDSDUWLUGRVUHVXOWDGRVGHVXDVSUySULDV
RSHUDo}HV 0DLV FRQIRUPH YLPRV FDGD XP GH VHXV ´SURFHVVDGRUHVµ
HOHPHQWDUHVVLPXODJURVVHLUDPHQWHRIXQFLRQDPHQWRGRFRQMXQWR
3RGHUtDPRV DUULVFDU XP SDUDOHOR FRP ERD SDUWH GD DUWH
FRQWHPSRUkQHD TXH ID] PXLWR PDLV UHIHUrQFLD D VL PHVPD H j VXD SUySULD
KLVWyULD TXH D TXDOTXHU RXWUD FRLVD FLWDo}HV GHUULV}HV GLIHUHQFLDo}HV
WUDEDOKRVVREUHROLPLWHRXDLGHQWLGDGHGDDUWHHWF'RPHVPRPRGRTXHQDV
ILQDQoDV DV SULQFLSDLV RSHUDo}HV GD DUWH FRQWHPSRUkQHD LQFLGHP VREUH R
MXOJDPHQWRGRVRXWURVDREUDLQWHUYLQGRFRPRYHWDULQGLFDGRURXFRPXWDGRU
QDGLQkPLFDUHFXUVLYDGRMXOJDPHQWRFROHWLYR
3DUDYROWDUjYLUWXDOL]DomRGDHFRQRPLDRVEDQFRVGHGDGRVRQOLQH
VLVWHPDV HVSHFLDOLVWDV H RXWURV LQVWUXPHQWRV LQIRUPiWLFRV WRUQDP FDGD YH]
PDLV WUDQVSDUHQWHV D VL PHVPRV RV ´UDFLRFtQLRV GR PHUFDGRµ $V ILQDQoDV
LQWHUQDFLRQDLV GHVHQYROYHPVH HP HVWUHLWD VLPELRVH FRP DV UHGHV H DV
WHFQRORJLDV GH VXSRUWH GLJLWDO (ODV WHQGHP D XPD HVSpFLH GH LQWHOLJrQFLD
FROHWLYDGLVWULEXtGDSDUDDTXDORGLQKHLURHDLQIRUPDomRSURJUHVVLYDPHQWHVH
HTXLYDOHP
ODURTXHVHWUDWDGHXPDLQWHOLJrQFLDFROHWLYDJURVVHLUDXPDYH]TXH
FRQKHFHXP~QLFRFULWpULRGHDYDOLDomRRXVHSUHIHULUHPXP~QLFR´YDORUµ
3RURXWURODGRVXDGLQkPLFDJOREDOPHVPRVHQGRFDyWLFDFRPIUHTrQFLD
LPSUHYLVtYHOHVXMHLWDDDUUHEDWDPHQWRVVHULDDQWHVFRQYHUJHQWHQRVHQWLGRHP
TXH FRQWUDULDPHQWH j HYROXomR ELROyJLFD SRU H[HPSOR
QmR PDQWpP
VLPXOWDQHDPHQWH DEHUWRV YiULRV FDPLQKRV GH GLIHUHQFLDomR 3RGHVH VRQKDU
FRPXPDDWLYLGDGHILQDQFHLUDDLQGDPDLVLQWHOLJHQWHFDSD]GHH[SORUDUYiULDV
KLSyWHVHV GH DYDOLDomR DR PHVPR WHPSR TXH GDULD SURYD GH LPDJLQDokR H
SURMHWDULDYiULRVIXWXURVHPYH]GHUHDJLUSULQFLSDOPHQWHGHXPPRGRUHIOH[R
,1)250$®2(21+(,0(1722168021®2'(67587,92
($35235,$d®21®2(;/86,9$
$OpPGRVVHWRUHVGDYLUWXDOL]DomRSURSULDPHQWHGLWDFRPRRWXULVPR
DV FRPXQLFDo}HV H DV ILQDQoDV R FRQMXQWR GDV DWLYLGDGHV GHSHQGH KRMH D
PRQWDQWHGRVEHQVHFRQ{PLFRVPXLWRSDUWLFXODUHVTXHVmRDVLQIRUPDo}HVH
RVFRQKHFLPHQWRV
$LQIRUPDomRHRFRQKHFLPHQWRGHIDWRVmRGRUDYDQWHDSULQFLSDO
IRQWHGHSURGXomRGHULTXH]D3RGHUVHLDUHWRUTXLUTXHLVWRVHPSUHIRLDVVLP
R FDoDGRU R FDPSRQrV R PHUFDGRU R DUWHVmR R VROGDGR GHYLDP
QHFHVVDULDPHQWH DGTXLULU FHUWDV FRPSHWrQFLDV H VH LQIRUPDU VREUH VHX
DPELHQWHSDUDH[HFXWDUVXDVWDUHIDV0DVDUHODomRFRPRFRQKHFLPHQWRTXH
H[SHULPHQWDPRV GHVGH D 6HJXQGD *XHUUD PXQGLDO H VREUHWXGR GHSRLV GRV
DQRVVHWHQWDpUDGLFDOPHQWHQRYD$WpDVHJXQGDPHWDGHGRVpFXOR;;XPD
SHVVRDSUDWLFDYDQRILQDOGHVXDFDUUHLUDDVFRPSHWrQFLDVDGTXLULGDVHPVXD
MXYHQWXGH0DLVGRTXHLVWRWUDQVPLWLDJHUDOPHQWHVHXVDEHUTXDVHLQDOWHUDGR
D VHXV ILOKRV RX D DSUHQGL]HV +RMH HVVH HVTXHPD HVWi HP JUDQGH SDUWH
REVROHWR$VSHVVRDVQmRDSHQDVVmROHYDGDVDPXGDUYiULDVYH]HVGHSURILVVmR
HP VXD YLGD FRPR WDPEpP QR LQWHULRU GD PHVPD ´SURILVVmRµ RV
FRQKHFLPHQWRVWrPXPFLFORGHUHQRYDomRFDGDYH]PDLVFXUWRWUrVDQRVRX
DWp PHQRV HP LQIRUPiWLFD SRU H[HPSOR
7RUQRXVH GLItFLO GHVLJQDU DV
FRPSHWrQFLDV ´GH EDVHµ QXP GRPtQLR 1RYDV WpFQLFDV RX QRYDV
FRQILJXUDo}HV VyFLRHFRQ{PLFDV SRGHP D WRGR PRPHQWR UHFRORFDU HP
TXHVWmRDRUGHPHDLPSRUWkQFLDGRVFRQKHFLPHQWRV
3DVVRXVHSRUWDQWRGDDSOLFDomRGHVDEHUHVHVWiYHLVTXHFRQVWLWXHPR
SODQR GH IXQGR GD DWLYLGDGH j DSUHQGL]DJHP SHUPDQHQWH j QDYHJDomR
FRQWtQXDQXPFRQKHFLPHQWRTXHGRUDYDQWHVHSURMHWDHPSULPHLURSODQR2
VDEHUSUHQGLDVHDRIXQGDPHQWRKRMHVHPRVWUDFRPRILJXUDPyYHO7HQGLD
SDUD D FRQWHPSODomR SDUD R LPXWiYHO HLOD DJRUD WUDQVIRUPDGR HP IOX[R
DOLPHQWDQGRDVRSHUDo}HVHILFD]HVHOHSUySULRRSHUDomR$OpPGLVVRQmRp
PDLVDSHQDVXPDFDVWDGHHVSHFLDOLVWDVPDVDJUDQGHPDVVDGDVSHVVRDVTXH
VmR OHYDGDV D DSUHQGHU WUDQVPLWLU H SURGX]LU FRQKHFLPHQWRV GH PDQHLUD
FRRSHUDWLYDHPVXDDWLYLGDGHFRWLGLDQD
$VLQIRUPDo}HVHRVFRQKHFLPHQWRVSDVVDUDPDFRQVWDUHQWUHRVEHQV
HFRQ{PLFRVSULPRUGLDLVRTXHQHPVHPSUHIRLYHUGDGH$GHUQDLVVXDSRVLomR
GH LQIUDHVWUXWXUD ² IDODVH GH LQIRVWUXWXUD ² GH IRQWH RX GH FRQGLomR
GHWHUPLQDQWH SDUD WRGDV DV RXWUDV IRUPDV GH ULTXH]D WRUQRXVH HYLGHQWH
HQTXDQWRDQWHVVHPDQWLQKDQDSHQXPEUD
2UDRVQRYRVUHFXUVRVFKDYHVVmRUHJLGRVSRUGXDVOHLVTXHWRUQDP
SHORDYHVVRRVFRQFHLWRVHRVUDFLRFtQLRVHFRQ{PLFRVFOiVVLFRVFRQVXPLORV
QmRRVGHVWUyLHFHGrORVQmRID]FRPTXHVHMDPSHUGLGRV4XHPGiXPVDFR
GHWULJRXPFDUURXPDKRUDGHWUDEDOKRRXXPDVRPDHPGLQKHLURSHUGHX
DOJRHPSURYHLWRGHXPRXWUR4XHUVHIDEULTXHIDULQKDVHDQGHGHFDUURVH
H[SORUH R WUDEDOKR GH XP RSHUiULR RX VH JDVWH GLQKHLUR XP SURFHVVR
LUUHYHUVtYHOHIHWXDVHGHVJDVWHJDVWRWUDQVIRUPDomRFRQVXPR
$HFRQRPLDUHSRXVDODUJDPHQWHVREUHRSRVWXODGRGDUDULGDGHGRV
EHQV$SUySULDUDULGDGHVHIXQGDVREUHRFDUiWHUGHVWUXLGRUGRFRQVXPREHP
FRPRVREUHDQDWXUH]DH[FOXVLYDRXSULYDWLYDGDFHVVmRRXGDDTXLVLomR2UD
XPDYH]PDLVVHWUDQVPLWRDYRFrXPDLQIRUPDomRQmRDSHUFRHVHDXWLOL]R
QmR D GHVWUXR RPR D LQIRUPDomR H R FRQKHFLPHQWR HVWmR QD IRQWH GDV
RXWUDVIRUPDVGHULTXH]DHFRPRILJXUDPHQWUHRVEHQVHFRQ{PLFRVSULQFLSDLV
GH QRVVD pSRFD SRGHPRV FRQVLGHUDU D HPHUJrQFLD GH XPD HFRQRPLD GD
DEXQGkQFLDFXMRVFRQFHLWRVHVREUHWXGRDVSUiWLFDVHVWDULDPHPSURIXQGD
UXSWXUDFRPRIXQFLRQDPHQWRGDHFRQRPLDFOiVVLFD1DYHUGDGHYLYHPRVMi
PDLV RX PHQRV VRE HVVH UHJLPH PDV FRQWLQXDPRV D QRV VHUYLU GRV
LQVWUXPHQWRV GRUDYDQWH LQDGHTXDGRV GD HFRQRPLD GH UDULGDGH *ROGILQJHU
'(60$7(5,$/,=$d®2289,578$/,=$d®2248(e80$
,1)250$d®2
2TXHQDQDWXUH]DGDLQIRUPDomRHGRFRQKHFLPHQWROKHVFRQIHUH
SURSULHGDGHV HFRQ{PLFDV WmR SDUWLFXODUHV $ SULPHLUD UHVSRVWD TXH YHP DR
HVStULWR p TXH VH WUDWD GH EHQV ´LPDWHULDLVµ ([DPLQHPRV DWHQWDPHQWH HVVD
SURSRVLomR (OD VXS}H HP SULPHLUR OXJDU XPD PHWDItVLFD GD VXEVWkQFLD
+DYHULDFRLVDV´PDWHULDLVµH FRLVDV ´LPDWHULDLVµ 2UD PHVPR RV EHQV GLWRV
PDWHULDLV YDOHP SULQFLSDOPHQWH SRU VXDV IRUPDV VXDV HVWUXWXUDV VXDV
SURSULHGDGHV HP FRQWH[WR RX VHMD HP ILP GH FRQWDV SRU VXD GLPHQVmR
´LPDWHULDOµ5LJRURVDPHQWHIDODQGRHQWUHRVEHQVSXUDPHQWHPDWHULDLVVyVH
HQFRQWUDULDP DV PDWpULDVSULPDV ,QYHUVDPHQWH QmR VH SRGH VHSDUDU DV
LQIRUPDo}HVGHXPVXSRUWHItVLFRTXDOTXHUVRESHQDGHGHVWUXtODVODURTXH
pSRVVtYHOUHFRSLiODVWUDQVPLWLODVPXOWLSOLFiODVIDFLOPHQWH0DVVHWRGRVRV
OXJDUHV GH LQVFULomR ´PDWHULDOµ GHVDSDUHFHVVHP D LQIRUPDomR GHVDSDUHFHULD
SDUDVHPSUH4XDQWRDRFRQKHFLPHQWRTXHXPVHUKXPDQRSRVVXLHOHHVWi
DLQGDPDLVOLJDGRj´PDWpULDµSRLVVXS}HXPFRUSRYLYRHXQVGRLVTXLORVGH
PDVVDFLQ]HQWDH~PLGDHPFRQGLo}HVGHIXQFLRQDPHQWR0DVGLUiYRFrR
SRQWR HVVHQFLDO DTXL p TXH R FRQKHFLPHQWR SRVVD SDVVDU GH XP FpUHEUR D
RXWUR TXH HOH QmR HVWHMD QHFHVVDULDPHQWH OLJDGR D XPD ~QLFD SHVVRD
3UHFLVDPHQWH R FRQKHFLPHQWR H D LQIRUPDomR QmR VmR ´LPDWHULDLVµ H VLP
GHVWHUULWRULDOL]DGRV ORQJH GH HVWDUHP H[FOXVLYDPHQWH SUHVRV D XP VXSRUWH
SULYLOHJLDGR HOHV SRGHP YLDMDU 0DV LQIRUPDomR H FRQKHFLPHQWR WDPSRXFR
VmR ´PDWHULDLVµ $ DOWHUQDWLYD GR PDWHULDO H GR LPDWHULDO YDOH DSHQDV SDUD
VXEVWkQFLDV FRLVDV DR SDVVR TXH D LQIRUPDomR H R FRQKHFLPHQWR VmR GD
RUGHPGRDFRQWHFLPHQWRRXGRSURFHVVR
6HJXQGRDWHRULDPDWHPiWLFDGDFRPXQLFDomRXPDLQIRUPDomRpXP
DFRQWHFLPHQWRTXHSURYRFDXPDUHGXomRGHLQFHUWH]DDFHUFDGHXPDPELHQWH
GDGR1HVVDWHRULDQmRVHFRQVLGHUDTXHXPXQLYHUVRGHVLJQRVHDRFRUUrQFLD
GH FDGD VLJQR QXPD PHQVDJHP HVWHMDP DVVRFLDGRV D XPD LQIRUPDomR
PHQVXUiYHO 3RU H[HPSOR D RFRUUrQFLD GH FDGD OHWUD GHVWH WH[WR WUD] XPD
LQIRUPDomRTXHVHUiWDQWRPDLRUTXDQWRPDLVLPSURYiYHOHODIRU2UDXPD
RFRUUrQFLDQmRTXPDFRLVD1mRpPDWHULDOFRPRXPDPDomQHPLPDWHULDO
FRPRXPDDOPDLPRUWDO6LPHWULFDPHQWHXPDFRLVDQmRpQHPSURYiYHOQHP
LPSURYiYHO 6RPHQWH XP DFRQWHFLPHQWR RX XP ´IDWRµ SRGH HVWDU OLJDGR D
XPD SUREDELOLGDGH H SRUWDQWR VHU LQIRUPDWLYR FRPR SRU H[HPSOR
MXVWDPHQWH R IDWR GH WDO FRLVD HVWDU SUHVHQWH DJRUD RX QmR H[LVWLU
,QWXLWLYDPHQWH VHQWLPRV FODUDPHQWH TXH D LQIRUPDomR HVWi OLJDGD D XPD
SUREDELOLGDGH VXEMHWLYD GH RFRUUrQFLD RX GH DSDUHFLPHQWR XP IDWR
LQWHLUDPHQWH SUHYLVtYHO QDGD QRV HQVLQD HQTXDQWR XP DFRQWHFLPHQWR
VXUSUHHQGHQWHQRVWUD]UHDOPHQWHXPDLQIRUPDomR
(VWXGHPRV DJRUD FXLGDGRVDPHQWH D QDWXUH]D GD LQIRUPDomR
6XSRQKDPRVTXHXPDHOHLomRWHQKDVHUHDOL]DGRQXPFHUWRSDtV(VVDHOHLomR
SURGX]LXVH QXP FHUWR OXJDU H QXP PRPHQWR SUHFLVR (QTXDQWR WDO HVVH
DFRQWHFLPHQWR p LQGLVVRFLiYHO GH XP ´DTXL H DJRUDµ SDUWLFXODU 'L]VH
MXVWDPHQWH TXH D HOHLomR WHYH ´OXJDUµ 'LUHPRV TXH VH WUDWD GH XP
DFRQWHFLPHQWR DWXDO 1XPD SULPHLUD DSUR[LPDomR TXDQGR DV DJrQFLDV GH
QRWtFLDV D DQXQFLDP RX D FRPHQWDP HODV QmR GLIXQGHP R DFRQWHFLPHQWR
SURSULDPHQWHGLWRPDVXPDPHQVDJHPTXHOKHGL]UHVSHLWR'LUHPRVTXHVH
RDFRQWHFLPHQWRpDWXDODSURGXomRHDGLIXVmRGHPHQVDJHQVDVHXUHVSHLWR
FRQVWLWXHPXPDYLUWXDOL]DomRGRDFRQWHFLPHQWRSURYLGDGHWRGRVRVDWULEXWRV
TXHDWpDTXLDVVRFLDPRVjYLUWXDOL]DomRGHVSUHQGLPHQWRGHXPDTXLHDJRUD
SDUWLFXODU SDVVDJHP DR S~EOLFR H VREUHWXGR KHWHURJrQHVH RP HIHLWR DV
PHQVDJHQV TXH YLUWXDOL]DP R DFRQWHFLPHQWR VmR DR PHVPR WHPSR VHX
SURORQJDPHQWR HODV SDUWLFLSDP GH VXD HIHWXDomR GH VXD GHWHUPLQDomR
LQDFDEDGD ID]HP SDUWH GHOD *UDoDV j LPSUHQVD H D VHXV FRPHQWiULRV R
UHVXOWDGR GD HOHLomR UHSHUFXWH GHVWD RX GDTXHOD PDQHLUD VREUH R PHUFDGR
ILQDQFHLUR GH XP SDtV HVWUDQJHLUR (P GHWHUPLQDGR GLD QD %ROVD GH
GHWHUPLQDGD FDSLWDO HFRQ{PLFD WUDQVDo}HV VLQJXODUHV VH SURGX]LUDP R
DFRQWHFLPHQWRFRQWLQXDDVHDWXDOL]DUHPWHPSRVHOXJDUHVSDUWLFXODUHV0DV
HVVDDWXDOL]DomRDGTXLUHHODPHVPDDIRUPDGHSURGXomRGHPHQVDJHQVHGH
LQIRUPDo}HVGHPLFURYLUWXDOL]Do}HV5HHQFRQWUDPRVDtQRVVRWHPDGRDQHOGH
0RHELXV D PHQVDJHP VREUH R DFRQWHFLPHQWR p DR PHVPR WHPSR H
LQGLVVROXYHOPHQWHXPDVHTrQFLDGRDFRQWHFLPHQWR2PDSDDPHQVDJHP
ID] SDUWH GR WHUULWyULR R DFRQWHFLPHQWR
H R WHUULWyULR p ODUJDPHQWH
FRQVWLWXtGRGHXPDDGLomRLQGHILQLGDGHXPDDUWLFXODomRGLQkPLFDGHXPD
UHGHGHPDSDVHPH[SDQVmR'LWRGHRXWURPRGRWXGRRTXHpGDRUGHPGR
DFRQWHFLPHQWRWHPDYHUFRPXPDGLQkPLFDGDDWXDOL]DomRWHUULWRULDOL]DomR
LQVWDQFLDokR DTXL H DJRUD VROXomR SDUWLFXODU
H GD YLUWXDOL]DomR
GHVWHUULWRULDOL]DomR GHVSUHQGLPHQWR FRORFDomR HP FRPXP HOHYDomR j
SUREOHPiWLFD
$FRQWHFLPHQWRV H LQIRUPDo}HV VREUH RV DFRQWHFLPHQWRV
WURFDPVXDVLGHQWLGDGHVHVXDVIXQo}HVDFDGDHWDSDGDGLDOpWLFDGRVSURFHVVRV
VLJQLILFDQWHV
3RUTXHRFRQVXPRGHXPDLQIRUPDomRQmRpGHVWUXWLYRHVXDSRVVH
QmR p H[FOXVLYD 3RUTXH D LQIRUPDomR p YLUWXDO RQIRUPH Mi VXEOLQKDPRV
DPSODPHQWH XP GRV SULQFLSDLV FDUDFWHUHV GLVWLQWLYRV GD YLUWXDOLGDGH p VHX
GHVSUHQGLPHQWRGHXPDTXLHDJRUDSDUWLFXODUHSRULVVRSRVVRGDUXPEHP
YLUWXDO SRU HVVrQFLD GHVWHUULWRULDOL]DGR VHP SHUGrOD 3RU RXWUR ODGR
OHPEUHPRQRVGHTXHRYLUWXDOSRGHVHUDVVLPLODGRDXPSUREOHPDHRDWXDOD
XPDVROXomR$DWXDOL]DomRQmRpSRUWDQWRXPDGHVWUXLomRPDVDRFRQWUiULR
XPDSURGXomRLQYHQWLYDXPDWRGHFULDomR4XDQGRXWLOL]RDLQIRUPDomRRX
VHMDTXDQGRDLQWHUSUHWROLJRDDRXWUDVLQIRUPDo}HVSDUDID]HUVHQWLGRRX
TXDQGRPHVLUYRGHODSDUDWRPDUXPDGHFLVmRDWXDOL]RD(IHWXRSRUWDQWRXP
DWR FULDWLYR SURGXWLYR 2 FRQKHFLPHQWR SRU VXD YH] p R IUXWR GH XPD
DSUHQGL]DJHP RX VHMD R UHVXOWDGR GH XPD YLUWXDOL]DomR GD H[SHULrQFLD
LPHGLDWD (P VHQWLGR LQYHUVR HVWH FRQKHFLPHQWR SRGH VHU DSOLFDGR RX
PHOKRU VHU DWXDOL]DGR HP VLWXDo}HV GLIHUHQWHV GDTXHODV GD DSUHQGL]DJHP
LQLFLDO7RGDDSOLFDomRHIHWLYDGHXPVDEHUpXPDUHVROXomRLQYHQWLYDGHXP
SUREOHPDXPDSHTXHQDFULDomR
'LDOpWLFDGR5HDOHGR3RVVtYHO
9ROWHPRVDJRUDDQRVVRVVDFRVGHWULJRHQRVVRVFDUURV6XDSURGXomR
H VHX FRQVXPR HVWi PHQRV OLJDGD D XPD GLDOpWLFD GD DWXDOL]DomR H GD
YLUWXDOL]DomR TXH D XPD DOWHUQDWLYD GR SRVVtYHO H GR UHDO (P YH] GH
SHUPDQHFHU IDVFLQDGR SRU VXD QDWXUH]D ´PDWHULDOµ GHYHVH WHQWDU
FRPSUHHQGHURWLSRGHGLQkPLFDQRTXDOVHLQVFUHYHVHXXVR2VEHQVFXMR
FRQVXPR p GHVWUXWLYR H D DSURSULDomR p H[FOXVLYD VmR UHVHUYDWyULRV GH
SRVVLELOLGDGHV´SRWHQFLDLVµ6HXFRQVXPRFRPHURWULJRFRQGX]LURFDUUR
HTXLYDOHDXPDUHDOL]DomRLVWRpDXPDHVFROKDH[FOXVLYDHLUUHYHUVtYHOHQWUHRV
SRVVtYHLVDXPD´TXHGDGHSRWHQFLDOµ$UHDOL]DomRVyFRQIHUHH[LVWrQFLDD
FHUWDVSRVVLELOLGDGHVHPGHWULPHQWRGHRXWUDV2VSRVVtYHLVVmRFDQGLGDWRVH
QmRXPFDPSRSUREOHPiWLFRDUHDOL]DomRpXPDHOHLomRRXXPDVHOHomRHQmR
XPDUHVROXomRLQYHQWLYDGHXPSUREOHPD2EHPYLUWXDOFRORFDXPSUREOHPD
DEUHXPFDPSRGHLQWHUSUHWDomRGHUHVROXomRRXGHDWXDOL]DomRHQTXDQWRXP
HQYROWyULR GH SRVVLELOLGDGHV SUHVWDVH DSHQDV D XPD UHDOL]DomR H[FOXVLYD
3RWHQFLDOGHUHDOLGDGHREHPGHVWUXWtYHOHSULYDWLYRQmRSRGHHVWDUDRPHVPR
WHPSRDTXLHOiGHVSUHQGLGRGRDTXLHDJRUD(OHpUHJLGRSHODOHLGDH[FOXVmR
P~WXD RXRX 1mR IRVVH DVVLP SRGHULD VH UHDOL]DU GH GXDV PDQHLUDV
GLIHUHQWHVHPGRLVOXJDUHVHGRLVPRPHQWRVGLVWLQWRVRTXHSRUGHILQLomRp
LPSRVVtYHO$VUHVHUYDVGHSRVVtYHLVRVEHQVFXMRFRQVXPRpXPDUHDOL]DomR
QmRSRGHPSRUWDQWRVHUVHSDUDGRVGHVHXVXSRUWHItVLFR
3DUDHYLWDUTXDOTXHUPDOHQWHQGLGRVXEOLQKHPRVGHLPHGLDWRTXHVH
WUDWD DTXL GH GLVWLQo}HV FRQFHLWXDLV H QmR GH XP SULQFtSLR GH FODVVLILFDomR
H[FOXVLYR8PDREUDGHDUWHSRUH[HPSORSRVVXLVLPXOWDQHDPHQWHDVSHFWRV
GHSRVVLELOLGDGHHGHYLUWXDOLGDGH(QTXDQWRIRQWHGHSUHVWtJLRHGHDXUDRX
FRPR SXUR YDORU PHUFDQWLO XP TXDGUR p XPD UHVHUYD GH SRVVtYHLV R
´RULJLQDOµ
TXH QmR SRGHP VH UHDOL]DU H[SRVLomR YHQGD
VLPXOWDQHDPHQWH
DTXLHDOL(QTXDQWRSRUWDGRUGHXPDLPDJHPDLQWHUSUHWDUGHXPDWUDGLomRD
SURVVHJXLURXDFRQWUDGL]HUHQTXDQWRDFRQWHFLPHQWRQDKLVWyULDFXOWXUDOXP
TXDGUR p XP REMHWR YLUWXDO GR TXDO R RULJLQDO DV FySLDV JUDYXUDV IRWRV
UHSURGXo}HV GLJLWDOL]Do}HV FRORFDo}HV HP UHGH LQWHUDWLYD VmR RXWUDV WDQWDV
DWXDOL]Do}HV DGD HIHLWR PHQWDO RX FXOWXUDO SURGX]LGR SRU XPD GHVVDV
DWXDOL]Do}HVpSRUVXDYH]XPDDWXDOL]DomRGRTXDGUR

275$%$/+2
1DLQVWLWXLomRFOiVVLFDGRWUDEDOKRWDOFRPRIRLIL[DGDQRVpFXOR;,;
RRSHUiULRYHQGHVXDIRUoDGHWUDEDOKRHUHFHEHXPVDOiULRHPWURFD$IRUoD
GH WUDEDOKR p XP WUDEDOKR SRVVtYHO XP SRWHQFLDO Mi GHWHUPLQDGR SHOD
RUJDQL]DomREXURFUiWLFDGDSURGXomReXPSRWHQFLDODLQGDMiTXHXPDKRUD
GDGD p LUUHPHGLDYHOPHQWH SHUGLGD 2 WUDEDOKR DVVDODULDGR p XPD TXHGD GH
SRWHQFLDOXPDUHDOL]DomRSRULVVRSRGHVHUPHGLGRSRUKRUD
(PFRQWUDSDUWLGDRWUDEDOKDGRUFRQWHPSRUkQHRWHQGHDYHQGHUQmR
PDLVVXDIRUoDGHWUDEDOKRPDVVXDFRPSHWrQFLDRXPHOKRUXPDFDSDFLGDGH
FRQWLQXDPHQWH DOLPHQWDGD H PHOKRUDGD GH DSUHQGHU H LQRYDU TXH SRGH VH
DWXDOL]DUGHPDQHLUDLPSUHYLVtYHOHPFRQWH[WRVYDULiYHLV­IRUoDGHWUDEDOKR
GRDVVDODULDGRFOiVVLFRXPSRWHQFLDOVXFHGHSRUWDQWRXPDFRPSHWrQFLDXP
O que é o virtual   pierre lévy
O que é o virtual   pierre lévy
O que é o virtual   pierre lévy
O que é o virtual   pierre lévy

Weitere ähnliche Inhalte

Was ist angesagt?

Amante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.comAmante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.comRita De Cássia Costa
 
Astas del II Congreso Internacional Autobombástico
Astas del II Congreso Internacional AutobombásticoAstas del II Congreso Internacional Autobombástico
Astas del II Congreso Internacional Autobombásticoautobombo
 
Ray bradbury fahrenheit 451 (1)
Ray bradbury   fahrenheit 451 (1)Ray bradbury   fahrenheit 451 (1)
Ray bradbury fahrenheit 451 (1)jlapeire
 
Cantos hora santa ocacional
Cantos hora santa ocacionalCantos hora santa ocacional
Cantos hora santa ocacionaltorrasko
 
Electroforesis de proteinas y acidos nucleicos
Electroforesis de proteinas y acidos nucleicosElectroforesis de proteinas y acidos nucleicos
Electroforesis de proteinas y acidos nucleicosY A Ti Que Te Importa
 
Apresentação casa jardim 2 correta
Apresentação casa jardim 2 corretaApresentação casa jardim 2 correta
Apresentação casa jardim 2 corretaMad Mary
 
Pdf Llengua Valenciana
Pdf Llengua ValencianaPdf Llengua Valenciana
Pdf Llengua Valencianamanisesonline
 

Was ist angesagt? (15)

Amante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.comAmante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.com
 
Militao es me_ilha
Militao es me_ilhaMilitao es me_ilha
Militao es me_ilha
 
Antigona
AntigonaAntigona
Antigona
 
Presentation_1370606544514
Presentation_1370606544514Presentation_1370606544514
Presentation_1370606544514
 
Libro
LibroLibro
Libro
 
Codigo de etica
Codigo de eticaCodigo de etica
Codigo de etica
 
Astas del II Congreso Internacional Autobombástico
Astas del II Congreso Internacional AutobombásticoAstas del II Congreso Internacional Autobombástico
Astas del II Congreso Internacional Autobombástico
 
Ray bradbury fahrenheit 451 (1)
Ray bradbury   fahrenheit 451 (1)Ray bradbury   fahrenheit 451 (1)
Ray bradbury fahrenheit 451 (1)
 
Anexo 5 avales completo v2011.1
Anexo 5 avales completo v2011.1Anexo 5 avales completo v2011.1
Anexo 5 avales completo v2011.1
 
Mappe
MappeMappe
Mappe
 
Cantos hora santa ocacional
Cantos hora santa ocacionalCantos hora santa ocacional
Cantos hora santa ocacional
 
Eric
Eric Eric
Eric
 
Electroforesis de proteinas y acidos nucleicos
Electroforesis de proteinas y acidos nucleicosElectroforesis de proteinas y acidos nucleicos
Electroforesis de proteinas y acidos nucleicos
 
Apresentação casa jardim 2 correta
Apresentação casa jardim 2 corretaApresentação casa jardim 2 correta
Apresentação casa jardim 2 correta
 
Pdf Llengua Valenciana
Pdf Llengua ValencianaPdf Llengua Valenciana
Pdf Llengua Valenciana
 

Andere mochten auch

Presentación1
Presentación1Presentación1
Presentación1kevin235
 
El maltrato infantil
El maltrato infantilEl maltrato infantil
El maltrato infantiledelruiz
 
Leyre madariaga
Leyre madariagaLeyre madariaga
Leyre madariagaEraikune
 
Netzwerkschule Lektion1
Netzwerkschule Lektion1Netzwerkschule Lektion1
Netzwerkschule Lektion1Charly Zehnder
 
Karikaturen Globalisierung
Karikaturen GlobalisierungKarikaturen Globalisierung
Karikaturen Globalisierunggak
 
Dispositivos de almacenamiento
Dispositivos de almacenamientoDispositivos de almacenamiento
Dispositivos de almacenamientoanayamax
 
Kopie Von Erkantuerk10
Kopie Von Erkantuerk10Kopie Von Erkantuerk10
Kopie Von Erkantuerk10guest3ecda9
 
Eraikune, comités estratégicos, julio 2012
Eraikune, comités estratégicos, julio 2012Eraikune, comités estratégicos, julio 2012
Eraikune, comités estratégicos, julio 2012Eraikune
 
Stefani presentacion
Stefani presentacionStefani presentacion
Stefani presentacionstefani29
 
Civilizaciones de-mesoamrica-y-andinas-1221415529602086-9
Civilizaciones de-mesoamrica-y-andinas-1221415529602086-9Civilizaciones de-mesoamrica-y-andinas-1221415529602086-9
Civilizaciones de-mesoamrica-y-andinas-1221415529602086-9aldana_1703
 
Eraikune, resumen ponencias r ied 2013, abril 2013
Eraikune, resumen ponencias r ied 2013, abril 2013Eraikune, resumen ponencias r ied 2013, abril 2013
Eraikune, resumen ponencias r ied 2013, abril 2013Eraikune
 
4ª sesión
4ª sesión4ª sesión
4ª sesiónkarmunoz
 
Social Camp Berlin
Social Camp BerlinSocial Camp Berlin
Social Camp BerlinHelpedia
 
Zeitplan
ZeitplanZeitplan
Zeitplancincin
 
Segundo diluvio
Segundo diluvioSegundo diluvio
Segundo diluvionesmadrid
 

Andere mochten auch (20)

Presentación1
Presentación1Presentación1
Presentación1
 
ORGANIZACIONES
ORGANIZACIONESORGANIZACIONES
ORGANIZACIONES
 
El maltrato infantil
El maltrato infantilEl maltrato infantil
El maltrato infantil
 
Leyre madariaga
Leyre madariagaLeyre madariaga
Leyre madariaga
 
Netzwerkschule Lektion1
Netzwerkschule Lektion1Netzwerkschule Lektion1
Netzwerkschule Lektion1
 
Karikaturen Globalisierung
Karikaturen GlobalisierungKarikaturen Globalisierung
Karikaturen Globalisierung
 
GerüChte Im Kurier
GerüChte Im KurierGerüChte Im Kurier
GerüChte Im Kurier
 
Dispositivos de almacenamiento
Dispositivos de almacenamientoDispositivos de almacenamiento
Dispositivos de almacenamiento
 
Kopie Von Erkantuerk10
Kopie Von Erkantuerk10Kopie Von Erkantuerk10
Kopie Von Erkantuerk10
 
Forum
ForumForum
Forum
 
Eraikune, comités estratégicos, julio 2012
Eraikune, comités estratégicos, julio 2012Eraikune, comités estratégicos, julio 2012
Eraikune, comités estratégicos, julio 2012
 
Stefani presentacion
Stefani presentacionStefani presentacion
Stefani presentacion
 
Civilizaciones de-mesoamrica-y-andinas-1221415529602086-9
Civilizaciones de-mesoamrica-y-andinas-1221415529602086-9Civilizaciones de-mesoamrica-y-andinas-1221415529602086-9
Civilizaciones de-mesoamrica-y-andinas-1221415529602086-9
 
Eraikune, resumen ponencias r ied 2013, abril 2013
Eraikune, resumen ponencias r ied 2013, abril 2013Eraikune, resumen ponencias r ied 2013, abril 2013
Eraikune, resumen ponencias r ied 2013, abril 2013
 
Thesis
ThesisThesis
Thesis
 
4ª sesión
4ª sesión4ª sesión
4ª sesión
 
Bibliotecas
BibliotecasBibliotecas
Bibliotecas
 
Social Camp Berlin
Social Camp BerlinSocial Camp Berlin
Social Camp Berlin
 
Zeitplan
ZeitplanZeitplan
Zeitplan
 
Segundo diluvio
Segundo diluvioSegundo diluvio
Segundo diluvio
 

Ähnlich wie O que é o virtual pierre lévy

Gastronomia boas maneiras
Gastronomia boas maneirasGastronomia boas maneiras
Gastronomia boas maneirasaletriak
 
Vivendo mundo espiritos_patricia
Vivendo mundo espiritos_patriciaVivendo mundo espiritos_patricia
Vivendo mundo espiritos_patriciaFERNANDO HINSCHING
 
1ª Antología. Segunda Parte
1ª Antología. Segunda Parte1ª Antología. Segunda Parte
1ª Antología. Segunda Parteautobombo
 
Capítulo 1. Bases Conceptuales de la Esterilización Hospitalaria
Capítulo 1.  Bases Conceptuales de la Esterilización HospitalariaCapítulo 1.  Bases Conceptuales de la Esterilización Hospitalaria
Capítulo 1. Bases Conceptuales de la Esterilización HospitalariaRigoberto José Meléndez Cuauro
 
Apostila gestao do conhecimento
Apostila gestao do conhecimentoApostila gestao do conhecimento
Apostila gestao do conhecimentoclaudio guimaraes
 
( Apometria) apostila de apometria cosmica
( Apometria)   apostila de apometria cosmica( Apometria)   apostila de apometria cosmica
( Apometria) apostila de apometria cosmicaMH63
 
Guia leyendas becquer
Guia leyendas becquerGuia leyendas becquer
Guia leyendas becqueryuviasong
 
Elaborando O Pp Municipal
Elaborando O Pp MunicipalElaborando O Pp Municipal
Elaborando O Pp Municipalmarcosurl
 
Grandes+momentos+de+los+derechso+humanos.desbloqueado
Grandes+momentos+de+los+derechso+humanos.desbloqueadoGrandes+momentos+de+los+derechso+humanos.desbloqueado
Grandes+momentos+de+los+derechso+humanos.desbloqueadoELOISA GARCIA
 
apostila__legislacao_sus_com_exercicios__saude__professor_paulo_prieto
 apostila__legislacao_sus_com_exercicios__saude__professor_paulo_prieto apostila__legislacao_sus_com_exercicios__saude__professor_paulo_prieto
apostila__legislacao_sus_com_exercicios__saude__professor_paulo_prietoLeon Machado Guedes
 

Ähnlich wie O que é o virtual pierre lévy (20)

Capítulo 7. Los Agentes Físicos sobre las Bacterias
Capítulo 7.  Los Agentes Físicos sobre las BacteriasCapítulo 7.  Los Agentes Físicos sobre las Bacterias
Capítulo 7. Los Agentes Físicos sobre las Bacterias
 
Goleman-2.pdf
Goleman-2.pdfGoleman-2.pdf
Goleman-2.pdf
 
Anais parte i_revistaemerj_206
Anais parte i_revistaemerj_206Anais parte i_revistaemerj_206
Anais parte i_revistaemerj_206
 
Gastronomia boas maneiras
Gastronomia boas maneirasGastronomia boas maneiras
Gastronomia boas maneiras
 
Vivendo mundo espiritos_patricia
Vivendo mundo espiritos_patriciaVivendo mundo espiritos_patricia
Vivendo mundo espiritos_patricia
 
1ª Antología. Segunda Parte
1ª Antología. Segunda Parte1ª Antología. Segunda Parte
1ª Antología. Segunda Parte
 
Capítulo 1. Bases Conceptuales de la Esterilización Hospitalaria
Capítulo 1.  Bases Conceptuales de la Esterilización HospitalariaCapítulo 1.  Bases Conceptuales de la Esterilización Hospitalaria
Capítulo 1. Bases Conceptuales de la Esterilización Hospitalaria
 
Patologia das construções usp
Patologia das construções   uspPatologia das construções   usp
Patologia das construções usp
 
Apostila gestao do conhecimento
Apostila gestao do conhecimentoApostila gestao do conhecimento
Apostila gestao do conhecimento
 
( Apometria) apostila de apometria cosmica
( Apometria)   apostila de apometria cosmica( Apometria)   apostila de apometria cosmica
( Apometria) apostila de apometria cosmica
 
Enfermidades de pacus e patingas
Enfermidades de pacus e patingasEnfermidades de pacus e patingas
Enfermidades de pacus e patingas
 
Guia leyendas becquer
Guia leyendas becquerGuia leyendas becquer
Guia leyendas becquer
 
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
 
28 35 tratado psicologia revolucionaria www.gftaognosticaespiritual.org
28 35 tratado psicologia revolucionaria www.gftaognosticaespiritual.org28 35 tratado psicologia revolucionaria www.gftaognosticaespiritual.org
28 35 tratado psicologia revolucionaria www.gftaognosticaespiritual.org
 
28 14 zodiaco www.gftaognosticaespiritual.org
28 14  zodiaco www.gftaognosticaespiritual.org28 14  zodiaco www.gftaognosticaespiritual.org
28 14 zodiaco www.gftaognosticaespiritual.org
 
Elaborando O Pp Municipal
Elaborando O Pp MunicipalElaborando O Pp Municipal
Elaborando O Pp Municipal
 
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
 
Grandes+momentos+de+los+derechso+humanos.desbloqueado
Grandes+momentos+de+los+derechso+humanos.desbloqueadoGrandes+momentos+de+los+derechso+humanos.desbloqueado
Grandes+momentos+de+los+derechso+humanos.desbloqueado
 
1649604
16496041649604
1649604
 
apostila__legislacao_sus_com_exercicios__saude__professor_paulo_prieto
 apostila__legislacao_sus_com_exercicios__saude__professor_paulo_prieto apostila__legislacao_sus_com_exercicios__saude__professor_paulo_prieto
apostila__legislacao_sus_com_exercicios__saude__professor_paulo_prieto
 

Kürzlich hochgeladen

CapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapitolTechU
 
Slides CapTechTalks Webinar March 2024 Joshua Sinai.pptx
Slides CapTechTalks Webinar March 2024 Joshua Sinai.pptxSlides CapTechTalks Webinar March 2024 Joshua Sinai.pptx
Slides CapTechTalks Webinar March 2024 Joshua Sinai.pptxCapitolTechU
 
Protein Structure - threading Protein modelling pptx
Protein Structure - threading Protein modelling pptxProtein Structure - threading Protein modelling pptx
Protein Structure - threading Protein modelling pptxvidhisharma994099
 
Diploma in Nursing Admission Test Question Solution 2023.pdf
Diploma in Nursing Admission Test Question Solution 2023.pdfDiploma in Nursing Admission Test Question Solution 2023.pdf
Diploma in Nursing Admission Test Question Solution 2023.pdfMohonDas
 
How to Send Emails From Odoo 17 Using Code
How to Send Emails From Odoo 17 Using CodeHow to Send Emails From Odoo 17 Using Code
How to Send Emails From Odoo 17 Using CodeCeline George
 
ARTICULAR DISC OF TEMPOROMANDIBULAR JOINT
ARTICULAR DISC OF TEMPOROMANDIBULAR JOINTARTICULAR DISC OF TEMPOROMANDIBULAR JOINT
ARTICULAR DISC OF TEMPOROMANDIBULAR JOINTDR. SNEHA NAIR
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...raviapr7
 
A gentle introduction to Artificial Intelligence
A gentle introduction to Artificial IntelligenceA gentle introduction to Artificial Intelligence
A gentle introduction to Artificial IntelligenceApostolos Syropoulos
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxiammrhaywood
 
Over the counter (OTC)- Sale, rational use.pptx
Over the counter (OTC)- Sale, rational use.pptxOver the counter (OTC)- Sale, rational use.pptx
Over the counter (OTC)- Sale, rational use.pptxraviapr7
 
How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17Celine George
 
HED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdfHED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdfMohonDas
 
The Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsThe Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsEugene Lysak
 
EBUS5423 Data Analytics and Reporting Bl
EBUS5423 Data Analytics and Reporting BlEBUS5423 Data Analytics and Reporting Bl
EBUS5423 Data Analytics and Reporting BlDr. Bruce A. Johnson
 
Drug Information Services- DIC and Sources.
Drug Information Services- DIC and Sources.Drug Information Services- DIC and Sources.
Drug Information Services- DIC and Sources.raviapr7
 
Clinical Pharmacy Introduction to Clinical Pharmacy, Concept of clinical pptx
Clinical Pharmacy  Introduction to Clinical Pharmacy, Concept of clinical pptxClinical Pharmacy  Introduction to Clinical Pharmacy, Concept of clinical pptx
Clinical Pharmacy Introduction to Clinical Pharmacy, Concept of clinical pptxraviapr7
 
Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.EnglishCEIPdeSigeiro
 

Kürzlich hochgeladen (20)

CapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptx
 
Slides CapTechTalks Webinar March 2024 Joshua Sinai.pptx
Slides CapTechTalks Webinar March 2024 Joshua Sinai.pptxSlides CapTechTalks Webinar March 2024 Joshua Sinai.pptx
Slides CapTechTalks Webinar March 2024 Joshua Sinai.pptx
 
Protein Structure - threading Protein modelling pptx
Protein Structure - threading Protein modelling pptxProtein Structure - threading Protein modelling pptx
Protein Structure - threading Protein modelling pptx
 
Prelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quizPrelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quiz
 
Diploma in Nursing Admission Test Question Solution 2023.pdf
Diploma in Nursing Admission Test Question Solution 2023.pdfDiploma in Nursing Admission Test Question Solution 2023.pdf
Diploma in Nursing Admission Test Question Solution 2023.pdf
 
How to Send Emails From Odoo 17 Using Code
How to Send Emails From Odoo 17 Using CodeHow to Send Emails From Odoo 17 Using Code
How to Send Emails From Odoo 17 Using Code
 
ARTICULAR DISC OF TEMPOROMANDIBULAR JOINT
ARTICULAR DISC OF TEMPOROMANDIBULAR JOINTARTICULAR DISC OF TEMPOROMANDIBULAR JOINT
ARTICULAR DISC OF TEMPOROMANDIBULAR JOINT
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...
 
Personal Resilience in Project Management 2 - TV Edit 1a.pdf
Personal Resilience in Project Management 2 - TV Edit 1a.pdfPersonal Resilience in Project Management 2 - TV Edit 1a.pdf
Personal Resilience in Project Management 2 - TV Edit 1a.pdf
 
A gentle introduction to Artificial Intelligence
A gentle introduction to Artificial IntelligenceA gentle introduction to Artificial Intelligence
A gentle introduction to Artificial Intelligence
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
 
Over the counter (OTC)- Sale, rational use.pptx
Over the counter (OTC)- Sale, rational use.pptxOver the counter (OTC)- Sale, rational use.pptx
Over the counter (OTC)- Sale, rational use.pptx
 
How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17
 
HED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdfHED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdf
 
The Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsThe Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George Wells
 
Finals of Kant get Marx 2.0 : a general politics quiz
Finals of Kant get Marx 2.0 : a general politics quizFinals of Kant get Marx 2.0 : a general politics quiz
Finals of Kant get Marx 2.0 : a general politics quiz
 
EBUS5423 Data Analytics and Reporting Bl
EBUS5423 Data Analytics and Reporting BlEBUS5423 Data Analytics and Reporting Bl
EBUS5423 Data Analytics and Reporting Bl
 
Drug Information Services- DIC and Sources.
Drug Information Services- DIC and Sources.Drug Information Services- DIC and Sources.
Drug Information Services- DIC and Sources.
 
Clinical Pharmacy Introduction to Clinical Pharmacy, Concept of clinical pptx
Clinical Pharmacy  Introduction to Clinical Pharmacy, Concept of clinical pptxClinical Pharmacy  Introduction to Clinical Pharmacy, Concept of clinical pptx
Clinical Pharmacy Introduction to Clinical Pharmacy, Concept of clinical pptx
 
Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.
 

O que é o virtual pierre lévy

  • 2. DQWURSROyJLFR D UHODomR HQWUH R SURFHVVR GH KRPLQL]DomR H D YLUWXDOL]DomR
  • 3. H VyFLRSROtWLFR ´FRPSUHHQGHU D PXWDomRFRQWHPSRUkQHDSDUDWHUXPDFKDQFHGHWRUQDUVHDWRUGHODµ
  • 4. /pY WHUPLQD VXD REUD FRQFODPDQGR D XPD ´DUWH GD YLUWXDOL]DomR H XPD QRYD VHQVLELOLGDGHHVWpWLFDTXHQHVWHVWHPSRVGHJUDQGHGHVWHUULWRULDOL]DomRIDULD GHKXPDKRVSLWDOLGDGHDPSOLDGDVXDYLUWXGHFDUGLQDOµ 6REUHD'LJLWDOL]DomRGHVWD2EUD 6HRVOLYURVWLYHVVHPSUHoRVDFHVVtYHLVWRGRVSRGHULDPRVFRPSUiORV $ GLJLWDOL]DomR GHVWD REUD p XP SURWHVWR FRQWUD D H[FOXVmR FXOWXUDO H SRU FRQVHTXrQFLD VRFLDO FDXVDGDV SHORV SUHoRV DEXVLYRV GRV OLYURV HGLWDGRV H SXEOLFDGRVQR%UDVLO$VVLPpWRWDOPHQWHFRQGHQiYHODYHQGDGHVWHHOLYURHP TXDOTXHUFLUFXQVWkQFLD'LVWULEXDROLYUHPHQWH ´3DUD5RELHH*OyULDµ
  • 5. ,1752'8d­2 ´2YLUWXDOSRVVXLXPDSOHQDUHDOLGDGHHQTXDQWRYLUWXDOµ *LOOHV'HOHX]H'LIIpUHQFHHUpSpWLWLRQ ´$UHDOLGDGHYLUWXDOFRUURPSH DUHDOLGDGHDEVROXWDFRUURPSHDEVROXWDPHQWHµ 5R$VFRWW3UrPLR$UVHOHFWURQLFD 8P PRYLPHQWR JHUDO GH YLUWXDOL]DomR DIHWD KRMH QmR DSHQDV D LQIRUPDomR H D FRPXQLFDomR PDV WDPEpP RV FRUSRV R IXQFLRQDPHQWR HFRQ{PLFR RV TXDGURV FROHWLYRV GD VHQVLELOLGDGH RX R H[HUFtFLR GD LQWHOLJrQFLD$YLUWXDOL]DomR DWLQJH PHVPR DV PRGDOLGDGHV GR HVWDU MXQWR D FRQVWLWXLomR GR ´QyVµ FRPXQLGDGHV YLUWXDLV HPSUHVDV YLUWXDLV GHPRFUDFLD YLUWXDO(PERUDDGLJLWDOL]DomRGDVPHQVDJHQVHDH[WHQVmRGRFLEHUHVSDoR GHVHPSHQKHPXPSDSHOFDSLWDOQDPXWDomRHPFXUVRWUDWDVHGHXPDRQGDGH IXQGRTXHXOWUDSDVVDDPSODPHQWHDLQIRUPDWL]DomR 'HYHVH WHPHU XPD GHVUHDOL]DomR JHUDO 8PD HVSpFLH GH GHVDSDUHFLPHQWR XQLYHUVDO FRPR VXJHUH -HDQ %DXGULOODUG (VWDPRV DPHDoDGRV SRU XP DSRFDOLSVH FXOWXUDO 3RU XPD DWHUURUL]DQWH LPSORVmR GR HVSDoRWHPSRFRPR3DXO9LULOLRDQXQFLDKiYiULRVDQRV(VWHOLYURGHIHQGH XPD KLSyWHVH GLIHUHQWH QmR FDWDVWURILVWD HQWUH DV HYROXo}HV FXOWXUDLV HP DQGDPHQWR QHVWD YLUDGD GR WHUFHLUR PLOrQLR ² H DSHVDU GH VHXV LQHJiYHLV DVSHFWRVVRPEULRVHWHUUtYHLV²H[SULPHVHXPDEXVFDGDKRPLQL]DomR HUWDPHQWH QXQFD DQWHV DV PXGDQoDV GDVWpFQLFDV GD HFRQRPLD H GRV FRVWXPHV IRUDP WmR UiSLGDV H GHVHVWDELOL]DQWHV 2UD D YLUWXDOL]DomR FRQVWLWXL MXVWDPHQWH D HVVrQFLD RX D SRQWD ILQD GD PXWDomR HP FXUVR (QTXDQWR WDO D YLUWXDOL]DomR QmR p QHP ERD QHP Pi QHP QHXWUD (OD VH DSUHVHQWDFRPRRPRYLPHQWRPHVPRGR´GHYLURXWURµ²RXKHWHURJrQHVH² GR KXPDQR $QWHV GH WHPrOD FRQGHQiOD RX ODQoDUVH jV FHJDV D HOD SURSRQKRTXHVHIDoDRHVIRUoRGHDSUHHQGHUGHSHQVDUGHFRPSUHHQGHUHP WRGDDVXDDPSOLWXGHDYLUWXDOL]DomR RPRVHYHUiDRORQJRGHVWHOLYURRYLUWXDOULJRURVDPHQWHGHILQLGR WHPVRPHQWHXPDSHTXHQDDILQLGDGHFRPRIDOVRRLOXVyULRRXRLPDJLQiULR 7UDWDVHDRFRQWUiULRGHXPPRGRGHVHUIHFXQGRHSRGHURVRTXHS}HHP MRJR SURFHVVRV GH FULDomR DEUH IXWXURV SHUIXUD SRoRV GH VHQWLGR VRE D SODWLWXGHGDSUHVHQoDItVLFDLPHGLDWD 0XLWRVILOyVRIRV²HQmRGRVPHQRUHV²MiWUDEDOKDUDPVREUHDQRomR GHYLUWXDOLQFOXVLYHDOJXQVSHQVDGRUHVIUDQFHVHVFRQWHPSRUkQHRVFRPR*LOOHV
  • 6. 'HOHX]HRX0LFKHO6HUUHV4XDOpSRUWDQWRDDPELomRGDSUHVHQWHREUDe PXLWRVLPSOHVQmRPHFRQWHQWHLHPGHILQLURYLUWXDOFRPRXPPRGRGHVHU SDUWLFXODUTXLVWDPEpPDQDOLVDUHLOXVWUDUXPSURFHVVRGHWUDQVIRUPDomRGHXPPRGR GHVHUQXPRXWUR'HIDWRHVWHOLYURHVWXGDDYLUWXDOL]DomRTXHUHWRUQDGRUHDORX GR DWXDO HP GLUHomR DR YLUWXDO $ WUDGLomR ILORVyILFD DWp RV WUDEDOKRV PDLV UHFHQWHV DQDOLVD D SDVVDJHP GR SRVVtYHO DR UHDO RX GR YLUWXDO DR DWXDO 1HQKXP HVWXGR DLQGD DR TXH HX VDLED DQDOLVRX D WUDQVIRUPDomR LQYHUVD HP GLUHomRDRYLUWXDO2UDpSUHFLVDPHQWHHVVHUHWRUQRjPRQWDQWHTXHPHSDUHFH FDUDFWHUtVWLFR WDQWR GR PRYLPHQWR GH DXWRFULDomR TXH IH] VXUJLU D HVSpFLH KXPDQDTXDQWRGDWUDQVLomRFXOWXUDODFHOHUDGDTXHYLYHPRVKRMH2GHVDILR GHVWH OLYUR p SRUWDQWR WULSOR ILORVyILFR R FRQFHLWR GH YLUWXDOL]DomR
  • 9. 6REUHHVWH~OWLPRSRQWRpSUHFLVRGL]HUTXHDDOWHUQDWLYDPDLRUQmRFRORFDHP FHQD XPD KHVLWDomR JURVVHLUDPHQWH DOLQKDYDGD HQWUH RUHDO H R YLUWXDO PDV DQWHVXPDHVFROKDHQWUHGLYHUVDVPRGDOLGDGHVGHYLUWXDOL]DomR0DLVTXHLVVR GHYHPRVGLVWLQJXLUHQWUHXPDYLUWXDOL]DomRHPFXUVRGHLQYHQomRGHXPODGR HVXDVFDULFDWXUDVDOLHQDQWHVUHLILFDQWHVHGHVTXDOLILFDQWHVGHRXWUR'RQGHD PHXYHUDXUJHQWHQHFHVVLGDGHGHXPDFDUWRJUDILDGRYLUWXDOjTXDOUHVSRQGH HVWH´FRPSrQGLRGHYLUWXDOL]DomRµ 1RSULPHLURFDStWXOR´2TXHpDYLUWXDOL]DomRµGHILQRRVSULQFLSDLV FRQFHLWRVGHUHDOLGDGHGHSRVVLELOLGDGHGHDWXDOLGDGHHGHYLUWXDOLGDGHTXHVHUmR XWLOL]DGRVDVHJXLUEHPFRPRDVGLIHUHQWHVWUDQVIRUPDo}HVGHXPPRGRGH VHU HP RXWUR (VVH FDStWXOR p WDPEpP D RSRUWXQLGDGH GH XP FRPHoR GH DQiOLVH GD YLUWXDOL]DomR SURSULDPHQWH GLWD H HP SDUWLFXODU GD ´GHVWHUULWRULDOL]DomRµHRXWURVIHQ{PHQRVHVSDoRWHPSRUDLVHVWUDQKRVTXHOKH VmRJHUDOPHQWHDVVRFLDGRV 2VWUrVFDStWXORVVHJXLQWHVGL]HPUHVSHLWRjYLUWXDOL]DomRGRFRUSRGR WH[WRHGDHFRQRPLD2VFRQFHLWRVREWLGRVDQWHULRUPHQWHVmRDTXLH[SORUDGRVHP UHODomR D IHQ{PHQRV FRQWHPSRUkQHRV H SHUPLWHP DQDOLVDU GH PDQHLUD FRHUHQWHDGLQkPLFDGDPXWDomRHFRQ{PLFDHFXOWXUDOHPFXUVR 2 TXLQWR FDStWXOR DQDOLVD D KRPLQL]DomR QRV WHUPRV GD WHRULD GD YLUWXDOL]DomR YLUWXDOL]DomR GR SUHVHQWH LPHGLDWR SHOD OLQJXDJHP GRV DWDV ItVLFRV SHOD WpFQLFD H GD YLROrQFLD SHOR FRQWUDWR $VVLP DSHVDU GH VXD EUXWDOLGDGHHGHVXDHVWUDQKH]DDFULVHGHFLYLOL]DomRTXHYLYHPRVSRGHVHU UHSHQVDGDQDFRQWLQXLGDGHGDDYHQWXUDKXPDQD 2FDStWXORVHLV´$VRSHUDo}HVGDYLUWXDOL]DomRµXWLOL]DRVPDWHULDLV HPStULFRV DFXPXODGRV QRV FDStWXORV SUHFHGHQWHV SDUD S{U HP HYLGrQFLD R Q~FOHRLQYDULDQWHGHRSHUDo}HVHOHPHQWDUHVSUHVHQWHVHPWRGRVRVSURFHVVRVGHYLUWXDOL]DomR RV GH XPD JUDPiWLFD GH XPD GLDOpWLFD H GH XPD UHWyULFD DPSOLDGDV SDUD DEUDQJHURVIHQ{PHQRVWpFQLFRVHVRFLDLV
  • 10. 2V VpWLPR H RLWDYR FDStWXORV H[DPLQDP ´$ YLUWXDOL]DomR GD LQWHOLJrQFLDµ$SUHVHQWDPRIXQFLRQDPHQWRWHFQRVRFLDOGDFRJQLomRVHJXLQGR XPD GLDOpWLFD GD REMHWLYDomR GD LQWHULRULGDGH H GD VXEMHWLYDomR GD H[WHULRULGDGHGLDOpWLFDTXHYHUHPRVVHUWtSLFDGDYLUWXDOL]DomR(VVHVFDStWXORV GHVHPERFDP HP GRLV UHVXOWDGRV SULQFLSDLV (P SULPHLUR OXJDU XPD YLVmR UHQRYDGDGDLQWHOLJrQFLDFROHWLYDHPYLDGHHPHUJrQFLDQDVUHGHVGHFRPXQLFDomR GLJLWDLV$VHJXLUDFRQVWUXomRGHXPFRQFHLWRGHREMHWRPHGLDGRUVRFLDOVXSRUWH WpFQLFR H Qy GDV RSHUDo}HV LQWHOHFWXDLV
  • 11. TXH YHP UHPDWDU D WHRULD GD YLUWXDOL]DomR 2 QRQR FDStWXOR UHVXPH VLVWHPDWL]D H UHODWLYL]D RV FRQKHFLPHQWRV DGTXLULGRVDWUDYpVGDREUDHGHSRLVHVERoDRSURMHWRGHXPDILORVRILDFDSD] GHDFROKHUD GXDOLGDGH GR DFRQWHFLPHQWR H GD VXEVWkQFLD TXH VHUi H[DPLQDGD HP ILOLJUDQDDRORQJRGHWRGRRWUDEDOKR 2HStORJRHQILPFRQFODPDDXPDDUWHGDYLUWXDOL]DomRDXPDQRYD VHQVLELOLGDGHHVWpWLFDTXHQHVWHVWHPSRVGHJUDQGHGHVWHUULWRULDOL]DomRIDULD GHXPDKRVSLWDOLGDGHDPSOLDGDVXDYLUWXGHFDUGLQDO
  • 12. 248(e$9,578$/,=$d®2 2$78$/(29,578$/ RQVLGHUHPRVSDUDFRPHoDUDRSRVLomRIiFLOHHQJDQRVDHQWUHUHDOH YLUWXDO1RXVRFRUUHQWHDSDODYUDYLUWXDOpHPSUHJDGDFRPIUHTrQFLDSDUD VLJQLILFDUDSXUDHVLPSOHVDXVrQFLDGHH[LVWrQFLDD´UHDOLGDGHµVXSRQGRXPD HIHWXDomRPDWHULDOXPDSUHVHQoDWDQJtYHO2UHDOVHULDGDRUGHPGR´WHQKRµ HQTXDQWR R YLUWXDO VHULD GD RUGHP GR ´WHUiVµ RX GD LOXVmR R TXH SHUPLWH JHUDOPHQWH R XVR GH XPD LURQLD IiFLO SDUD HYRFDU DV GLYHUVDV IRUPDV GH YLUWXDOL]DomRRPRYHUHPRVPDLVDGLDQWHHVVDDERUGDJHPSRVVXLXPDSDUWH GHYHUGDGHLQWHUHVVDQWHPDVpHYLGHQWHPHQWHGHPDVLDGRJURVVHLUDSDUDIXQGDU XPDWHRULDJHUDO $SDODYUDYLUWXDOYHPGRODWLPPHGLHYDOYLUWXDOLVGHULYDGRSRUVXDYH] GH YLUWXV IRUoD SRWrQFLD 1D ILORVRILD HVFROiVWLFD p YLUWXDO R TXH H[LVWH HP SRWrQFLD H QmR HP DWR 2 YLUWXDO WHQGH D DWXDOL]DUVH VHP WHU SDVVDGR QR HQWDQWRjFRQFUHWL]DomRHIHWLYDRXIRUPDO$iUYRUHHVWiYLUWXDOPHQWHSUHVHQWH QDVHPHQWH(PWHUPRVULJRURVDPHQWHILORVyILFRVRYLUWXDOQmRVHRS}HDR UHDOPDVDRDWXDOYLUWXDOLGDGHHDWXDOLGDGHVmRDSHQDVGXDVPDQHLUDVGHVHU GLIHUHQWHV $TXL FDEH LQWURGX]LU XPD GLVWLQomR FDSLWDO HQWUH SRVVtYHO H YLUWXDO TXH*LOOHV'HOHX]HWURX[HjOX]HP'LIIpUHQFHHWUpSpWLWLRQ2SRVVtYHOMiHVWi WRGRFRQVWLWXtGRPDVSHUPDQHFHQROLPER2SRVVtYHOVHUHDOL]DUiVHPTXH QDGD PXGH HP VXD GHWHUPLQDomR QHP HP VXD QDWXUH]D e XP UHDO IDQWDVPiWLFR ODWHQWH 2 SRVVtYHO p H[DWDPHQWH FRPR R UHDO Vy OKH IDOWD D H[LVWrQFLD$UHDOL]DomRGHXPSRVVtYHOQmRpXPDFULDomRQRVHQWLGRSOHQR GRWHUPRSRLVDFULDomRLPSOLFDWDPEpPDSURGXomRLQRYDGRUDGHXPDLGpLD RXGHXPDIRUPD$GLIHUHQoDHQWUHSRVVtYHOHUHDOpSRUWDQWRSXUDPHQWH OyJLFD -iRYLUWXDOQmRVHRS}HDRUHDOPDVVLPDRDWXDORQWUDULDPHQWHDR SRVVtYHOHVWiWLFRHMiFRQVWLWXtGRRYLUWXDOpFRPRRFRPSOH[RSUREOHPiWLFR R Qy GH WHQGrQFLDV RX GH IRUoDV TXH DFRPSDQKD XPD VLWXDomR XP DFRQWHFLPHQWR XP REMHWR RX XPD HQWLGDGH TXDOTXHU H TXH FKDPD XP SURFHVVRGHUHVROXomRDDWXDOL]DomR(VVHFRPSOH[RSUREOHPiWLFRSHUWHQFHj HQWLGDGHFRQVLGHUDGDHFRQVWLWXLLQFOXVLYHXPDGHVXDVGLPHQV}HVPDLRUHV2 SUREOHPDGDVHPHQWHSRUH[HPSORpID]HUEURWDUXPDiUYRUH $V UHIHUrQFLDV FRPSOHWDV GDV REUDV FLWDGDV VH HQFRQWUDP QD ELEOLRJUDILDFRPHQWDGDQRILQDOGHVWHYROXPHS
  • 13. $VHPHQWH´pµHVVHSUREOHPDPHVPRTXHQmRVHMDVRPHQWHLVVR,VWRVLJQLILFD TXHHOD´FRQKHFHµH[DWDPHQWHDIRUPDGDiUYRUHTXHH[SDQGLUiILQDOPHQWHVXD IROKDJHP DFLPD GHOD $ SDUWLU GDV FRHUo}HV TXH OKH VmR SUySULDV GHYHUi LQYHQWiODFRSURGX]LODFRPDVFLUFXQVWkQFLDVTXHHQFRQWUDU 3RU XP ODGR D HQWLGDGH FDUUHJD H SURGX] VXDV YLUWXDOLGDGHV XP DFRQWHFLPHQWR SRU H[HPSOR UHRUJDQL]D XPD SUREOHPiWLFD DQWHULRU H p VXVFHWtYHOGHUHFHEHULQWHUSUHWDo}HVYDULDGDV3RURXWURODGRRYLUWXDOFRQVWLWXLD HQWLGDGHDVYLUWXDOLGDGHVLQHUHQWHVDXPVHUVXDSUREOHPiWLFDRQyGHWHQV}HV GHFRHUo}HVHGHSURMHWRVTXHRDQLPDPDVTXHVW}HVTXHRPRYHPVmRXPD SDUWHHVVHQFLDOGHVXDGHWHUPLQDomR $$78$/,=$d®2 $DWXDOL]DomRDSDUHFHHQWmRFRPRDVROXomRGHXPSUREOHPDXPD VROXomR TXH QmR HVWDYD FRQWLGD SUHYLDPHQWH QR HQXQFLDGR $ DWXDOL]DomR p FULDomR LQYHQomR GH XPD IRUPD D SDUWLU GH XPD FRQILJXUDomR GLQkPLFD GH IRUoDVHGHILQDOLGDGHV$FRQWHFHHQWmRDOJRPDLVTXHDGRWDomRGHUHDOLGDGHD XP SRVVtYHO RX TXH XPD HVFROKD HQWUH XP FRQMXQWR SUHGHWHUPLQDGR XPD SURGXomRGHTXDOLGDGHVQRYDVXPDWUDQVIRUPDomRGDVLGpLDVXPYHUGDGHLUR GHYLUTXHDOLPHQWDGHYROWDRYLUWXDO 3RUH[HPSORVHDH[HFXomRGHXPSURJUDPDLQIRUPiWLFRSXUDPHQWH OyJLFD WHP D YHU FRP R SDU SRVVtYHOUHDO D LQWHUDomR HQWUH KXPDQRV H VLVWHPDVLQIRUPiWLFRVWHPDYHUFRPDGLDOpWLFDGRYLUWXDOHGRDWXDO $ PRQWDQWH D UHGDomR GH XP SURJUDPD SRU H[HPSOR WUDWD XP SUREOHPDGHPRGRRULJLQDODGDHTXLSHGHSURJUDPDGRUHVUHGHILQHHUHVROYH GLIHUHQWHPHQWHRSUREOHPDDRTXDOpFRQIURQWDGD$MXVDQWHDDWXDOL]DomRGR SURJUDPD HP VLWXDomR GH XWLOL]DomR SRU H[HPSOR QXP JUXSR GH WUDEDOKR GHVTXDOLILFD FHUWDV FRPSHWrQFLDV ID] HPHUJLU RXWURV IXQFLRQDPHQWRV GHVHQFDGHLDFRQIOLWRVGHVEORTXHLDVLWXDo}HVLQVWDXUDXPDQRYDGLQkPLFDGH FRODERUDomR2SURJUDPDFRQWpPXPDYLUWXDOLGDGHGHPXGDQoDTXHRJUXSR ² PRYLGR HOH WDPEpP SRU XPD FRQILJXUDomR GLQkPLFD GH WURSLVPRV H FRHUo}HV²DWXDOL]DGHPDQHLUDPDLVRXPHQRVLQYHQWLYD 2 UHDO DVVHPHOKDVH DR SRVVtYHO HP WURFD R DWXDO HP QDGD VH DVVHPHOKDDRYLUWXDOUHVSRQGHOKH $9,578$/,=$d®2 RPSUHHQGHVHDJRUDDGLIHUHQoDHQWUHDUHDOL]DomRRFRUUrQFLDGHXP HVWDGRSUpGHILQLGR
  • 15. 0DVRTXHpDYLUWXDOL]DomR1mRPDLVRYLUWXDOFRPR PDQHLUD GH VHU PDV D YLUWXDOL]DomR FRPR GLQkPLFD $ YLUWXDOL]DomR SRGH VHU
  • 16. GHILQLGDFRPRRPRYLPHQWR LQYHUVR GD DWXDOL]DomRRQVLVWHHPXPDSDVVDJHPGR DWXDO DR YLUWXDO HP XPD ´HOHYDomR j SRWrQFLDµ GD HQWLGDGH FRQVLGHUDGD $ YLUWXDOL]DomRQmRpXPDGHVUHDOL]DomRDWUDQVIRUPDomRGHXPDUHDOLGDGHQXP FRQMXQWRGHSRVVtYHLV
  • 18. D HQWLGDGH SDVVD D HQFRQWUDU VXD FRQVLVWrQFLD HVVHQFLDO QXP FDPSR SUREOHPiWLFR 9LUWXDOL]DU XPDHQWLGDGHTXDOTXHUFRQVLVWHHPGHVFREULUXPDTXHVWmRJHUDOjTXDOHODVH UHODFLRQD HP ID]HU PXWDU D HQWLGDGH HP GLUHomR D HVVD LQWHUURJDomR H HP UHGHILQLUDDWXDOLGDGHGHSDUWLGDFRPRUHVSRVWDDXPDTXHVWmRSDUWLFXODU 7RUQHPRVRFDVRPXLWRFRQWHPSRUkQHRGD´YLUWXDOL]DomRµGHXPD HPSUHVD$RUJDQL]DomRFOiVVLFDUH~QHVHXVHPSUHJDGRVQRPHVPRSUpGLRRX QXP FRQMXQWR GH GHSDUWDPHQWRV DGD HPSUHJDGR RFXSD XP SRVWR GH WUDEDOKRSUHFLVDPHQWHVLWXDGRHVHXOLYURGHSRQWRHVSHFLILFDRVKRUiULRVGH WUDEDOKR 8PD HPSUHVD YLUWXDO HP WURFD VHUYHVH SULQFLSDOPHQWH GR WHOHWUDEDOKR WHQGH D VXEVWLWXLU D SUHVHQoD ItVLFD GH VHXV HPSUHJDGRV QRV PHVPRVORFDLVSHODSDUWLFLSDomRQXPDUHGHGHFRPXQLFDomRHOHWU{QLFDHSHOR XVR GH UHFXUVRV H SURJUDPDV TXH IDYRUHoDP D FRRSHUDomR $VVLP D YLUWXDOL]DomR GD HPSUHVD FRQVLVWH VREUHWXGR HP ID]HU GDV FRRUGHQDGDV HVSDoRWHPSRUDLV GR WUDEDOKR XP SUREOHPD VHPSUH UHSHQVDGR H QmR XPD VROXomR HVWiYHO 2 FHQWUR GH JUDYLGDGH GD RUJDQL]DomR QmR p PDLV XP FRQMXQWRGHGHSDUWDPHQWRVGHSRVWRVGHWUDEDOKRHGHOLYURVGHSRQWRPDV XP SURFHVVR GH FRRUGHQDomR TXH UHGLVWULEXL VHPSUH GLIHUHQWHPHQWH DV FRRUGHQDGDVHVSDoRWHPSRUDLVGDFROHWLYLGDGHGHWUDEDOKRHGHFDGDXPGH VHXVPHPEURVHPIXQomRGHGLYHUVDVH[LJrQFLDV $DWXDOL]DomRLDGHXPSUREOHPDDXPDVROXomR$YLUWXDOL]DomRSDVVD GH XPD VROXomR GDGD D XP RXWUR
  • 19. SUREOHPD (OD WUDQVIRUPD D DWXDOLGDGH LQLFLDOHPFDVRSDUWLFXODUGHXPDSUREOHPiWLFDPDLVJHUDOVREUHDTXDOSDVVDD VHU FRORFDGD D rQIDVH RQWROyJLFD RP LVVR D YLUWXDOL]DomR IOXLGLILFD DV GLVWLQo}HVLQVWLWXtGDVDXPHQWDRVJUDXVGHOLEHUGDGHFULDXPYD]LRPRWRU6H DYLUWXDOL]DomRIRVVHDSHQDVDSDVVDJHPGHXPDUHDOLGDGHDXPFRQMXQWRGH SRVVtYHLV VHULD GHVUHDOL]DQWH 0DV HOD LPSOLFD D PHVPD TXDQWLGDGH GH LUUHYHUVLELOLGDGH HP VHXV HIHLWRV GH LQGHWHUPLQDomR HP VHX SURFHVVR H GH LQYHQomR HP VHX HVIRUoR TXDQWR D DWXDOL]DomR $ YLUWXDOL]DomR p XP GRV SULQFLSDLVYHWDUHVGDFULDomRGHUHDOLGDGH 1®2(67$535(6(17($9,578$/,=$d®2202È;2'2 $SyVWHUGHILQLGRDYLUWXDOL]DomRQRTXHHODWHPGHPDLVJHUDOYDPRV DERUGDUDJRUDXPDGHVXDVSULQFLSDLVPRGDOLGDGHVRGHVSUHQGLPHQWRGRDTXL H DJRUD RPR DVVLQDODPRV QR FRPHoR R VHQVR FRPXP ID] GR YLUWXDO
  • 20. LQDSUHHQVtYHORFRPSOHPHQWDUGRUHDOWDQJtYHO(VVDDERUGDJHPFRQWpPXPD LQGLFDomRTXHQmRVHGHYHQHJOLJHQFLDURYLUWXDOFRPPXLWDIUHTrQFLD´QmR HVWiSUHVHQWHµ $ HPSUHVD YLUWXDO QmR SRGH PDLV VHU VLWXDGD SUHFLVDPHQWH 6HXV HOHPHQWRVVmRQ{PDGHVGLVSHUVRVHDSHUWLQrQFLDGHVXDSRVLomRJHRJUiILFD GHFUHVFHXPXLWR (VWDUi R WH[WR DTXL QR SDSHO RFXSDQGR XPD SRUomR GHILQLGD GR HVSDoR ItVLFR RX HP DOJXPD RUJDQL]DomR DEVWUDWD TXH VH DWXDOL]D QXPD SOXUDOLGDGHGHOtQJXDVGHYHUV}HVGHHGLo}HVGHWLSRJUDILDV2UDXPWH[WR HPSDUWLFXODUSDVVDDDSUHVHQWDUVHFRPRDDWXDOL]DomRGHXPKLSHUWH[WRGH VXSRUWH LQIRUPiWLFR (VWH ~OWLPR RFXSD ´YLUWXDOPHQWHµWRGRV RV SRQWRV GD UHGHDRTXDOHVWiFRQHFWDGDDPHPyULDGLJLWDORQGHVHLQVFUHYHVHXFyGLJR(OH VH HVWHQGH DWp FDGD LQVWDODomR GH RQGH SRGHULD VHU FRSLDGR HP DOJXQV VHJXQGRV ODUR TXH p SRVVtYHO DWULEXLU XP HQGHUHoR D XP DUTXLYR GLJLWDO 0DVQHVVDHUDGHLQIRUPDo}HVRQOLQHHVVHHQGHUHoRVHULDGHTXDOTXHUPRGR WUDQVLWyULR HGH SRXFD LPSRUWkQFLD 'HVWHUULWRULDOL]DGR SUHVHQWHSRU LQWHLUR HPFDGDXPDGHVXDVYHUV}HVGHVXDVFySLDVHGHVXDVSURMHo}HVGHVSURYLGR GH LQpUFLD KDELWDQWH XEtTXR GR FLEHUHVSDoR R KLSHUWH[WR FRQWULEXL SDUD SURGX]LUDTXLHDFROiDFRQWHFLPHQWRVGHDWXDOL]DomRWH[WXDOGHQDYHJDomRHGH OHLWXUD6RPHQWHHVWHVDFRQWHFLPHQWRVVmRYHUGDGHLUDPHQWHVLWXDGRV(PERUD QHFHVVLWH GH VXSRUWHV ItVLFRV SHVDGRV SDUD VXEVLVWLU H DWXDOL]DUVH R LPSRQGHUiYHOKLSHUWH[WRQmRSRVVXLXPOXJDU 2OLYURGH0LFKHO6HUUHV$WODVLOXVWUDRWHPDGRYLUWXDOFRPR´QmR SUHVHQoDµ$LPDJLQDomRDPHPyULDRFRQKHFLPHQWRDUHOLJLmRVmRYHWRUHV GH YLUWXDOL]DomR TXH QRV IL]HUDP DEDQGRQDU D SUHVHQoD PXLWR DQWHV GD LQIRUPDWL]DomRHGDVUHGHVGLJLWDLV$RGHVHQYROYHUHVVHWHPDRDXWRUGH$WODV OHYDDGLDQWHLQGLUHWDPHQWH XPD SROrPLFD FRP D ILORVRILD KHLGHJJHULDQD GR ´VHUDLµ· ´6HUDL· p D WUDGXomR OLWHUDO GR DOHPmR 'DVHLQ TXH VLJQLILFD HP SDUWLFXODU H[LVWrQFLD QR DOHPmR ILORVyILFR FOiVVLFR H H[LVWrQFLD SURSULDPHQWH KXPDQD²VHUXPVHUKXPDQR²HP+HLGHJJHU0DVSUHFLVDPHQWHRIDWRGH QmRSHUWHQFHUDQHQKXPOXJDUGHIUHTHQWDUXPHVSDoRQmRGHVLJQiYHORQGH RFRUUHDFRQYHUVDomRWHOHI{QLFD
  • 23. (PERUDXPDHWLPRORJLDQmRSURYHQDGDDVVLQDOHPRVTXHDSDODYUD H[LVWLUYHPSUHFLVDPHQWHGRODWLPVLVWHUHHVWDUFRORFDGRHGRSUHIL[RH[IRUD GH([LVWLUpHVWDUSUHVHQWHRXDEDQGRQDUXPDSUHVHQoD'DVHLQRXH[LVWrQFLD 7XGR VH SDVVD FRPR VH R DOHPmR VXEOLQKDVVH D DWXDOL]DomR H R ODWLP D YLUWXDOL]DomR 8PDFRPXQLGDGHYLUWXDOSRGHSRUH[HPSORRUJDQL]DUVHVREUHXPD EDVH GH DILQLGDGH SRU LQWHUPpGLR GH VLVWHPDV GH FRPXQLFDomR WHOHPiWLFRV 6HXV PHPEURV HVWmR UHXQLGRV SHORV PHVPRV Q~FOHRV GH LQWHUHVVHV SHORV PHVPRVSUREOHPDVDJHRJUDILDFRQWLQJHQWHQmRpPDLVQHPXPSRQWRGH SDUWLGDQHPXPDFRHUomR$SHVDUGH´QmRSUHVHQWHµHVVDFRPXQLGDGHHVWi UHSOHWDGHSDL[}HVHGHSURMHWRVGHFRQIOLWRVHGHDPL]DGHV(ODYLYHVHPOXJDU GH UHIHUrQFLD HVWiYHO HP WRGD SDUWH RQGH VH HQFRQWUHP VHXV PHPEURV PyYHLVRXHPSDUWHDOJXPD$YLUWXDOL]DomRUHLQYHQWDXPDFXOWXUDQ{PDGH QmRSRUXPDYROWDDRSDOHROtWLFRQHPjVDQWLJDVFLYLOL]Do}HVGHSDVWRUHVPDV ID]HQGRVXUJLUXPPHLRGHLQWHUDo}HVVRFLDLVRQGHDVUHODo}HVVHUHFRQILJXUDP FRPXPPtQLPRGHLQpUFLD 4XDQGRXPDSHVVRDXPDFROHWLYLGDGHXPDWRXPDLQIRUPDomRVH YLUWXDOL]DPHOHVVHWRUQDP´QmRSUHVHQWHVµVHGHVWHUULWRULDOL]DP8PDHVSpFLH GH GHVHQJDWH RV VHSDUD GR HVSDoR ItVLFR RX JHRJUiILFR RUGLQiULRV H GD WHPSRUDOLGDGHGRUHOyJLRHGRFDOHQGiULReYHUGDGHTXHQmRVmRWRWDOPHQWH LQGHSHQGHQWHVGRHVSDoRWHPSRGHUHIHUrQFLDXPDYH]TXHGHYHPVHPSUHVH LQVHULUHPVXSRUWHVItVLFRVHVHDWXDOL]DUDTXLRXDOKXUHVDJRUDRXPDLVWDUGH 1R HQWDQWR D YLUWXDOL]DomR OKHV IH] WRPDU D WDQJHQWH 5HFRUWDP R HVSDoR WHPSRFOiVVLFRDSHQDVDTXLHDOLHVFDSDQGRDVHXVOXJDUHVFRPXQV´UHDOLVWDVµ XELTLGDGHVLPXOWDQHLGDGHGLVWULEXLomRLUUDGLDGDRXPDVVLYDPHQWHSDUDOHOD$ YLUWXDOL]DomRVXEPHWHDQDUUDWLYDFOiVVLFDDXPDSURYDUXGHXQLGDGHGHWHPSR VHP XQLGDGH GH OXJDU JUDoDV jV LQWHUDo}HV HP WHPSR UHDO SRU UHGHV HOHWU{QLFDV jV WUDQVPLVV}HV DR YLYR DRV VLVWHPDV GH WHOHSUHVHQoD
  • 24. FRQWLQXLGDGH GH DomR DSHVDU GH XPD GXUDomR GHVFRQWtQXD FRPR QD FRPXQLFDomR SRU VHFUHWiULD HOHWU{QLFD RX SRU FRUUHLR HOHWU{QLFR
  • 25. $ VLQFURQL]DomR VXEVWLWXL D XQLGDGH GH OXJDU H D LQWHUFRQH[mR D XQLGDGH GH WHPSR 0DV QRYDPHQWH QHP SRU LVVR R YLUWXDO p LPDJLQiULR (OH SURGX] HIHLWRV (PERUD QmR VH VDLED RQGH D FRQYHUVDomR WHOHI{QLFD WHP ´OXJDUµ YHUHPRVGHTXHPDQHLUDQRFDStWXORVHJXLQWH(PERUDQmRVHVDLEDTXDQGR FRPXQLFDPRQRV HIHWLYDPHQWH SRU UpSOLFDV LQWHUSRVWDV QD VHFUHWiULD HOHWU{QLFD2VRSHUDGRUHVPDLVGHVWHUULWRULDOL]DGRVPDLVGHVDWUHODGRVGHXP HQUDL]DPHQWR HVSDoRWHPSRUDO SUHFLVR RV FROHWLYRV PDLV YLUWXDOL]DGRV H YLUWXDOL]DQWHVGRPXQGRFRQWHPSRUkQHRVmRRVGDWHFQRFLrQFLDGDVILQDQoDVH GRVPHLRVGHFRPXQLFDomR6mRWDPEpPRVTXHHVWUXWXUDPDUHDOLGDGHVRFLDO FRPPDLVIRUoDHDWpFRPPDLVYLROrQFLD )D]HUGHXPDFRHUomRSHVDGDPHQWHDWXDODGDKRUDHGDJHRJUDILDQR
  • 26. FDVR
  • 27. XPD YDULiYHO FRQWLQJHQWH WHP D YHU FODUDPHQWH FRP R UHPRQWDU LQYHQWLYR GH XPD ´VROXomRµ HIHWLYD HP GLUHomR D XPD SUREOHPiWLFD H SRUWDQWRFRPDYLUWXDOL]DomRQRVHQWLGRHPTXHDGHILQLPRVULJRURVDPHQWH PDLVDFLPD(UDSRUWDQWRSUHYLVtYHOHQFRQWUDUDGHVWHUULWRULDOL]DomRDVDtGDGD ´SUHVHQoDµGR´DJRUDµHGR´LVWRµFRPRXPDGDVYLDVUpJLDVGDYLUWXDOL]DomR 12926(63$d26129$69(/2,'$'(6 0DV R PHVPR PRYLPHQWR TXH WRUQD FRQWLQJHQWH R HVSDoRWHPSR RUGLQiULR DEUH QRYRV PHLRV GH LQWHUDomR H ULWPR GDV FURQRORJLDV LQpGLWDV $QWHV GH DQDOLVDU HVVD SURSULHGDGH FDSLWDO GD YLUWXDOL]DomR FDEHQRV SULPHLUDPHQWHHYLGHQFLDUDSOXUDOLGDGHGRVWHPSRVHGRVHVSDoRV$VVLPTXH DVXEMHWLYLGDGHDVLJQLILFDomRHDSHUWLQrQFLDHQWUDPHPMRJRQmRVHSRGH PDLVFRQVLGHUDUXPD~QLFDH[WHQVmRRXXPDFURQRORJLDXQLIRUPHPDVXPD TXDQWLGDGHGHWLSRVGHHVSDFLDOLGDGHHGHGXUDomRDGDIRUPDGHYLGDLQYHQWDVHX PXQGRGRPLFUyELRjiUYRUHGDDEHOKDDRHOHIDQWHGDRVWUDjDYHPLJUDWyULD
  • 28. HFRPHVVHPXQGRXPHVSDoRHXPWHPSRHVSHFtILFRV2XQLYHUVRFXOWXUDO SUySULRDRVKXPDQRVHVWHQGHDLQGDPDLVHVVDYDULDELOLGDGHGRVHVSDoRVHGDV WHPSRUDOLGDGHV 3RU H[HPSOR FDGD QRYR VLVWHPD GH FRPXQLFDomR H GH WUDQVSRUWH PRGLILFD R VLVWHPD GDV SUR[LPLGDGHV SUiWLFDV LVWR p R HVSDoR SHUWLQHQWH SDUD DV FRPXQLGDGHV KXPDQDV 4XDQGR VH FRQVWUyL XPD UHGH IHUURYLiULD p FRPR VH DSUR[LPiVVHPRV ILVLFDPHQWH DV FLGDGHV RX UHJL}HV FRQHFWDGDV SHORV WULOKRV H DIDVWiVVHPRV GHVVH JUXSR DV FLGDGHV QmR FRQHFWDGDV0DVSDUDRVTXHQmRDQGDPGHWUHPDVDQWLJDVGLVWkQFLDVDLQGD VmRYiOLGDV2PHVPRVHSRGHULDGL]HUGRDXWRPyYHOGRWUDQVSRUWHDpUHRGR WHOHIRQH HWF ULDVH SRUWDQWR XPD VLWXDomR HP TXH YiULRV VLVWHPDV GH SUR[LPLGDGHVHYiULRVHVSDoRVSUiWLFRVFRH[LVWHP 'HPDQHLUDDQiORJDGLYHUVRVVLVWHPDVGHUHJLVWURHGHWUDQVPLVVmR WUDGLomR RUDO HVFULWD UHJLVWUR DXGLRYLVXDO UHGHV GLJLWDLV
  • 29. FRQVWUyHPULWPRV YHORFLGDGHV RX TXDOLGDGHV GH KLVWyULD GLIHUHQWHV DGD QRYR DJHQFLDPHQWR FDGD ´PiTXLQDµ WHFQRVVRFLDO DFUHVFHQWD XP HVSDoRWHPSR XPD FDUWRJUDILD HVSHFLDOXPDP~VLFDVLQJXODUDXPDHVSpFLHGHWUDPDHOiVWLFDHFRPSOLFDGDHP TXH DV H[WHQV}HV VH UHFREUHP VH GHIRUPDP H VH FRQHFWDP HP TXH DV GXUDo}HV VH RS}HP LQWHUIHUHP H VH UHVSRQGHP $ PXOWLSOLFDomR FRQWHPSRUkQHDGRVHVSDoRVID]GHQyVQ{PDGHVGHXPQRYRHVWLORHPYH] GHVHJXLUPRVOLQKDVGHHUUkQFLDHGHPLJUDomRGHQWURGHXPDH[WHQVmRGDGD VDOWDPRVGHXPDUHGHDRXWUDGHXPVLVWHPDGHSUR[LPLGDGHDRVHJXLQWH2V HVSDoRV VH PHWDPRUIRVHLDP H VH ELIXUFDP D QRVVRV SpV IRUoDQGRQRV j KHWHURJrQHVH $YLUWXDOL]DomRSRUGHVFRQH[mRHPUHODomRDXPPHLRSDUWLFXODUQmRFRPHoRX FRPRKXPDQR(ODHVWiLQVFULWDQDSUySULDKLVWyULDGDYLGD'RVSULPHLURV
  • 30. XQLFHOXODUHV DWp DV DYHV H PDPtIHURV RV PHOKRUDPHQWRV GD ORFRPRomR DEULUDP VHJXQGR -RVHSK 5HLFKKROI ´HVSDoRV VHPSUH PDLV YDVWRV H SRVVLELOLGDGHV GH H[LVWrQFLD VHPSUH PDLV QXPHURVDV DRV VHUHV YLYRVµ 5HLFKKROIS
  • 32. $ DFHOHUDomR GDV FRPXQLFDo}HV p FRQWHPSRUkQHDGHXPHQRUPHFUHVFLPHQWRGDPRELOLGDGHItVLFD7UDWDVHQD YHUGDGHGDPHVPDRQGDGHYLUWXDOL]DomR2WXULVPRpKRMHDSULPHLUDLQG~VWULD PXQGLDO HP YROXPH GH QHJyFLRV 2 SHVR HFRQ{PLFR GDV DWLYLGDGHV TXH VXVWHQWDPHPDQWrPDIXQomRGHORFRPRomRItVLFDYHtFXORVLQIUDHVWUXWXUDV FDUEXUDQWHV
  • 33. p LQILQLWDPHQWH VXSHULRU DR TXH HUD QRV VpFXORV SDVVDGRV $ PXOWLSOLFDomRGRVPHLRVGHFRPXQLFDomRHRFUHVFLPHQWRGRVJDVWRVFRPD FRPXQLFDomRDFDEDUmRSRUVXEVWLWXLUDPRELOLGDGHItVLFD3URYDYHOPHQWHQmR SRLVDWpDJRUDRVGRLVFUHVFLPHQWRVVHPSUHIRUDPSDUDOHORV$VSHVVRDVTXH PDLVWHOHIRQDPVmRWDPEpPDVTXHPDLVHQFRQWUDPRXWUDVSHVVRDVHPFDUQHH RVVR 5HSHWLPRV DXPHQWR GD FRPXQLFDomR H JHQHUDOL]DomR GR WUDQVSRUWH UiSLGR SDUWLFLSDP GR PHVPR PRYLPHQWR GH YLUWXDOL]DomR GD VRFLHGDGH GD PHVPDWHQVmRHPVDLUGHXPD´SUHVHQoDµ $UHYROXomRGRVWUDQVSRUWHVFRPSOLFRXHQFXUWRXHPHWDPRUIRVHRXR HVSDoR PDV LVWR HYLGHQWHPHQWH IRL SDJR FRP LPSRUWDQWHV GHJUDGDo}HV GR DPELHQWHWUDGLFLRQDO3RUDQDORJLDFRPRVSUREOHPDVGDORFRPRomRGHYHPRV QRVLQWHUURJDUVREUHRSUHoRDVHUSDJRSHODYLUWXDOL]DomRLQIRUPDFLRQDO4XH FDUEXUDQWHpTXHLPDGRVHPTXHDLQGDVHMDPRVFDSD]HVGHFRQWDELOL]iOD2 TXHVRIUHGHVJDVWHHGHJUDGDomR+iSDLVDJHQVGHGDGRVGHYDVWDGDV$TXLR VXSRUWH ILQDO p VXEMHWLYR $VVLP FRPR D HFRORJLD RS{V D UHFLFODJHP H DV WHFQRORJLDVDGDSWDGDVDRGHVSHUGtFLRHjSROXLomRDHFRORJLDKXPDQDGHYHUi RSRU D DSUHQGL]DJHP SHUPDQHQWH H D YDORUL]DomR GDV FRPSHWrQFLDV j GHVTXDOLILFDomRHDRDF~PXORGHGHWULWRVKXPDQRVDTXHOHVTXHFKDPDPRVGH ´H[FOXtGRVµ
  • 34. 5HWHQKDPRVGHVVDPHGLWDomRVREUHDVDtGDGD´SUHVHQoDµTXHD YLUWXDOL]DomRQmRVHFRQWHQWDHPDFHOHUDUSURFHVVRVMiFRQKHFLGRVQHPHP FRORFDUHQWUHSDUrQWHVHVHDWpPHVPRDQLTXLODURWHPSRRXRHVSDoRFRPR SUHWHQGH 3DXO 9LULOLR (OD LQYHQWD QR JDVWR H QR ULVFR YHORFLGDGHV TXDOLWDWLYDPHQWHQRYDVHVSDoRVWHPSRVPXWDQWHV 2()(,7202(%,86 $OpP GD GHVWHUULWRULDOL]DomR XP RXWUR FDUiWHU p IUHTHQWHPHQWH DVVRFLDGRjYLUWXDOL]DomRDSDVVDJHPGRLQWHULRUDRH[WHULRUHGRH[WHULRUDR
  • 35. LQWHULRU(VVH´HIHLWR0RHELXVµGHFOLQDVHHPYiULRVUHJLVWURVRGDVUHODo}HV HQWUH SULYDGR H S~EOLFR SUySULR H FRPXP VXEMHWLYR H REMHWLYR PDSD H WHUULWyULRDXWRUHOHLWRUHWF'DUHLQXPHURVRVH[HPSORVGLVVRQDFRQWLQXDomR GHVWHOLYURPDVSDUDRIHUHFHUGHVGHDJRUDXPDLPDJHPHVVDLGpLDSRGHVHU LOXVWUDGDFRPRFDVRMiHYRFDGRGDYLUWXDOL]DomRGDHPSUHVD 2 WUDEDOKDGRU FOiVVLFR WLQKD VXD PHVD GH WUDEDOKR (P WURFD R SDUWLFLSDQWH GD HPSUHVD YLUWXDO FRPSDUWLOKD XP FHUWR Q~PHUR GH UHFXUVRV LPRELOLiULRVPRELOLiULRVHSURJUDPDVFRPRXWURVHPSUHJDGRV2PHPEURGD HPSUHVD KDELWXDO SDVVDYD GR HVSDoR SULYDGR GH VHX GRPLFtOLR DR HVSDoR S~EOLFRGROXJDUGHWUDEDOKR3RUFRQWUDVWHRWHOHWUDEDOKDGRUWUDQVIRUPDVHX HVSDoR SULYDGR HP HVSDoR S~EOLFR H YLFHYHUVD (PERUD R LQYHUVR VHMD JHUDOPHQWH PDLV YHUGDGHLUR HOH FRQVHJXH jV YH]HV JHULU VHJXQGR FULWpULRV SXUDPHQWH SHVVRDLV XPD WHPSRUDOLGDGH S~EOLFD 2V OLPLWHV QmR VmR PDLV GDGRV2VOXJDUHVHWHPSRVVHPLVWXUDP$VIURQWHLUDVQtWLGDVGmROXJDUDXPD IUDFWDOL]DomRGDVUHSDUWLo}HV6mRDVSUySULDVQRo}HVGHSULYDGRHGHS~EOLFR TXH VmR TXHVWLRQDGDV 3URVVLJDPRV IDOHL GH ´PHPEURµ GD HPSUHVD R TXH VXS}H XPD DWULEXLomR FODUD GDV UHODo}HV GH SHUWHQFLPHQWR 2UD p SUHFLVDPHQWH LVWR TXH FRPHoD D FULDU SUREOHPD XPD YH] TXH HQWUH R DVVDODULDGRFOiVVLFRFRPFRQWUDWRLQGHWHUPLQDGRRDVVDODULDGRFRPFRQWUDWR GHWHUPLQDGRRIUHHODQFHUREHQHILFLiULRGHPHGLGDVVRFLDLVRPHPEURGH XPDHPSUHVDDVVRFLDGDRXFOLHQWHRXIRUQHFHGRUDRFRQVXOWRUHVSRUiGLFRR LQGHSHQGHQWH ILHO WRGR XP FRQWLQXXP HVWHQGHVH ( SDUD FDGD SRQWR GR FRQWLQXXPDTXHVWmRVHUHFRORFDDWRGRLQVWDQWHSDUDTXHPHVWRXWUDEDOKDQGR 2VVLVWHPDVLQWHUHPSUHVDVGHJHVWmRHOHWU{QLFDGHGRFXPHQWRVDVVLPFRPR RVJUXSRVGHSURMHWRVFRPXQVDYiULDVRUJDQL]Do}HVWHFHPFRPIUHTrQFLD OLJDo}HV PDLV IRUWHV HQWUH FROHWLYRV PLVWRV TXH DV TXH XQHP SDVVLYDPHQWH SHVVRDVSHUWHQFHQGRRILFLDOPHQWHjPHVPDHQWLGDGHMXUtGLFD$PXWXDOL]DomR GRVUHFXUVRVGDVLQIRUPDo}HVHGDVFRPSHWrQFLDV SURYRFD FODUDPHQWH HVVH WLSR GH LQGHFLVmR RX GH LQGLVWLQomR DWLYD HVVHV FLUFXLWRV GH UHYHUVmR HQWUH H[WHULRULGDGHHLQWHULRULGDGH $VFRLVDVVyWrPOLPLWHVFODURVQRUHDO$YLUWXDOL]DomRSDVVDJHPj SUREOHPiWLFDGHVORFDPHQWRGRVHUSDUDDTXHVWmRpDOJRTXHQHFHVVDULDPHQWH S}H HP FDXVD D LGHQWLGDGH FOiVVLFD SHQVDPHQWR DSRLDGR HP GHILQLo}HV GHWHUPLQDo}HV H[FOXV}HV LQFOXV}HV H WHUFHLURV H[FOXtGRV 3RU LVVR D YLUWXDOL]DomRpVHPSUHKHWHURJrQHVHGHYLURXWURSURFHVVRGHDFROKLPHQWRGD DOWHULGDGH RQYpP HYLGHQWHPHQWH QmR FRQIXQGLU D KHWHURJrQHVH FRP VHX FRQWUiULR SUy[LPR H DPHDoDGRU VXD SLRU LQLPLJD D DOLHQDomR TXH HX FDUDFWHUL]DULDFRPRUHLILFDomRUHGXomRjFRLVDDR´UHDOµ 7RGDVHVVDVQRo}HVYmRVHUGHVHQYROYLGDVHLOXVWUDGDVQRVFDStWXORV VHJXLQWHV VREUH WUrV FDVRV FRQFUHWRV DV YLUWXDOL]Do}HV FRQWHPSRUkQHDV GR FRUSRGRWH[WRHGDHFRQRPLD
  • 36. $9,578$/,=$d®2'22532 5(216758d¯(6 (VWDPRV DR PHVPR WHPSR DTXL H Oi JUDoDV jV WpFQLFDV GH FRPXQLFDomR H GH WHOHSUHVHQoD 2V HTXLSDPHQWRV GH YL]XDOL]DomR PpGLFRV WRUQDPWUDQVSDUHQWHQRVVDLQWHULRULGDGHRUJkQLFD2VHQ[HUWRVHDVSUyWHVHV QRVPLVWXUDPDRVRXWURVHDRVDUWHIDWRV1RSURORQJDPHQWRGDVVDEHGRULDVGR FRUSRHGDVDUWHVDQWLJDVGDDOLPHQWDomRLQYHQWDPRVKRMHFHPPDQHLUDVGH QRV FRQVWUXLU GH QRV UHPRGHODU GLHWpWLFD ERG EXLOGLQJ FLUXUJLD SOiVWLFD $OWHUDPRV QRVVRV PHWDEROLVPRV LQGLYLGXDLV SRU PHLR GH GURJDV RX PHGLFDPHQWRVHVSpFLHVGHDJHQWHVILVLROyJLFRVWUDQVFRUSRUDLVRXGHVHFUHo}HV FROHWLYDVHDLQG~VWULDIDUPDFrXWLFDGHVFREUHUHJXODUPHQWHQRYDVPROpFXODV DWLYDV $ UHSURGXomR D LPXQLGDGH FRQWUD DV GRHQoDV D UHJXODomR GDV HPRo}HV WRGDV HVVDV SHUIRUPDQFHV FODVVLFDPHQWH SULYDGDV WRUQDPVH FDSDFLGDGHV S~EOLFDV LQWHUFDPELiYHLV H[WHUQDOL]DGDV 'D VRFLDOL]DomR GDV IXQo}HVVRPiWLFDVDRDXWRFRQWUROHGRVDIHWRVRXGRKXPRUSHODELRTXtPLFD LQGXVWULDO QRVVD YLGD ItVLFD H SVtTXLFD SDVVD FDGD YH] PDLV SRU XPD ´H[WHULRULGDGHµ FRPSOLFDGD QD TXDO VH PLVWXUDP FLUFXLWRV HFRQ{PLFRV LQVWLWXFLRQDLV H WHFQRFLHQWtILFRV 1R ILQDO GDV FRQWDV DV ELRWHFQRORJLDV QRV ID]HP FRQVLGHUDU DV HVSpFLHV DWXDLV GH SODQWDV RX GH DQLPDLV H PHVPR R JrQHURKXPDQR
  • 37. FRPRFDVRVSDUWLFXODUHVHWDOYH]FRQWLQJHQWHVQRVHLRGHXP FRQWLQXXPELROyJLFRYLUWXDOPXLWRPDLVYDVWRHDLQGDLQH[SORUDGRRPRDGDV LQIRUPDo}HVGRVFRQKHFLPHQWRVGDHFRQRPLDHGDVRFLHGDGHDYLUWXDOL]DomR GRV FRUSRV TXH H[SHULPHQWDPRV KRMH p XPD QRYD HWDSD QD DYHQWXUD GH DXWRFULDomRTXHVXVWHQWDQRVVDHVSpFLH 3(5(3d¯(6 (VWXGHPRV DJRUD DOJXPDV IXQo}HV VRPiWLFDV HP GHWDOKH SDUD GHVPRQWDURIXQFLRQDPHQWRGRSURFHVVRFRQWHPSRUkQHRGHYLUWXDOL]DomRGR FRUSRRPHFHPRVSHODSHUFHSomRFXMRSDSHOpWUD]HURPXQGRDTXL(VVD IXQomR p FODUDPHQWH H[WHUQDOL]DGD SHORV VLVWHPDV GH WHOHFRPXQLFDomR 2 WHOHIRQH SDUD D DXGLomR D WHOHYLVmR SDUD D YLVmR RV VLVWHPDV GH WHOHPDQLSXODo}HV SDUD R WDWR H D LQWHUDomR VHQVyULRPRWRUD WRGRV HVVHV GLVSRVLWLYRVYLUWXDOL]DPRVVHQWLGRV(DRID]rORRUJDQL]DPDFRORFDomRHP FRPXPGRVyUJmRVYLUWXDOL]DGRV$VSHVVRDVTXHYrHPRPHVPRSURJUDPDGH WHOHYLVmRSRUH[HPSORFRPSDUWLOKDPRPHVPRJUDQGHROKRFROHWLYR*UDoDV jVPiTXLQDVIRWRJUiILFDVjVFkPHUDVHDRVJUDYDGRUHVSRGHPRVSHUFHEHUDV
  • 38. VHQVDo}HV GH RXWUD SHVVRD HP RXWUR PRPHQWR H RXWUR OXJDU 2V VLVWHPDV GLWRV GH UHDOLGDGH YLUWXDO QRV SHUPLWHP H[SHULPHQWDU DOpP GLVVR XPD LQWHJUDomR GLQkPLFD GH GLIHUHQWHV PRGDOLGDGHV SHUFHSWLYDV 3RGHPRV TXDVH UHYLYHUDH[SHULrQFLDVHQVRULDOFRPSOHWDGHRXWUDSHVVRD 352-(d¯(6 $IXQomRVLPpWULFDGDSHUFHSomRpDSURMHomRQRPXQGRWDQWRGD DomR FRPR GD LPDJHP $ SURMHomR GD DomR HVWi HYLGHQWHPHQWH OLJDGD jV PiTXLQDVjVUHGHVGHWUDQVSRUWHDRVFLUFXLWRVGHSURGXomRHGHWUDQVIHUrQFLD GDHQHUJLDjVDUPDV1HVVHFDVRXPJUDQGHQ~PHURGHSHVVRDVFRPSDUWLOKDP RVPHVPRVHQRUPHVEUDoRVYLUWXDLVHGHVWHUULWRULDOL]DGRV,Q~WLOGHVHQYROYHU ORQJDPHQWH HVVH DVSHFWR UHODFLRQDGR PDLV HVSHFLILFDPHQWH j DQiOLVH GR IHQ{PHQRWpFQLFR $SURMHomRGDLPDJHPGRFRUSRpJHUDOPHQWHDVVRFLDGDjQRomRGH WHOHSUHVHQoD 0DV D WHOHSUHVHQoD p VHPSUH PDLV TXH D VLPSOHV SURMHomR GD LPDJHP 2 WHOHIRQH SRU H[HPSOR Mi IXQFLRQD FRPR XP GLVSRVLWLYR GH WHOHSUHVHQoDXPDYH]TXHQmROHYDDSHQDVXPDLPDJHPRXXPDUHSUHVHQWDomR GDYR]WUDQVSRUWDDSUySULDYR]2WHOHIRQHVHSDUDDYR]RXFRUSRVRQRUR
  • 39. GRFRUSRWDQJtYHOHDWUDQVPLWHjGLVWkQFLD0HXFRUSRWDQJtYHOHVWiDTXLPHX FRUSRVRQRURGHVGREUDGRHVWiDTXLHOi2WHOHIRQHMiDWXDOL]DXPDIRUPD SDUFLDOGHXELTLGDGH(R FRUSR VRQRUR GH PHX LQWHUORFXWRU p LJXDOPHQWH DIHWDGR SHOR PHVPR GHVGREUDPHQWR 'H PRGR TXH DPERV HVWDPRV UHVSHFWLYDPHQWH DTXL H Oi PDV FRP XP FUX]DPHQWR QD GLVWULEXLomR GRV FRUSRVWDQJtYHLV 2VVLVWHPDVGHUHDOLGDGHYLUWXDOWUDQVPLWHPPDLVTXHLPDJHQVXPD TXDVH SUHVHQoD 3RLV RV FORQHV DJHQWHV YLVtYHLV RX PDULRQHWHV YLUWXDLV TXH FRPDQGDPRVSRUQRVVRVJHVWRVSRGHPDIHWDURXPRGLILFDURXWUDVPDULRQHWHV RXDJHQWHVYLVtYHLVHLQFOXVLYHDFLRQDUjGLVWkQFLDDSDUHOKRV´UHDLVµHDJLUQR PXQGR RUGLQiULR HUWDV IXQo}HV GR FRUSR FRPR D FDSDFLGDGH GH PDQLSXODomR OLJDGD j UHWURDomR VHQVyULRPRWRUD HP WHPSR UHDO VmR DVVLP FODUDPHQWHWUDQVIHULGDVjGLVWkQFLDDRORQJRGHXPDFDGHLDWpFQLFDFRPSOH[D FDGDYH]PDLVEHPFRQWURODGDHPGHWHUPLQDGRVDPELHQWHVLQGXVWULDLV 5(9,5$92/7$6 2 TXH WRUQD R FRUSR YLVtYHO 6XD VXSHUItFLH D FDEHOHLUD D SHOH R EULOKR GR ROKDU 2UD DV LPDJHQV PpGLFDV QRV SHUPLWHP YHU R LQWHULRU GR FRUSRVHPDWUDYHVVDUDSHOHVHQVtYHOVHPVHFLRQDUYDVRVVHPFRUWDUWHFLGRV 'LUVHLD TXH ID]HP VXUJLU RXWUDV SHOHV GHUPHV HVFRQGLGDV VXSHUItFLHV
  • 40. LQVXVSHLWDGDV YLQGR j WRQD GR IXQGR GR RUJDQLVPR 5DLRV ; VFDQQHUV VLVWHPDV GH UHVVRQkQFLD PDJQpWLFD QXFOHDU HFRJUDILDV FkPHUDV GH SyVLWRQV YLUWXDOL]DPDVXSHUItFLHGRFRUSR$SDUWLUGHVVDVPHPEUDQDVYLUWXDLVSRGHVH UHFRQVWUXLU PRGHORV GLJLWDLV GR FRUSR HP WUrV GLPHQV}HV H D SDUWLU GDt PDTXHWHV VyOLGDV TXH DMXGDUmR RV PpGLFRV SRU H[HPSOR D SUHSDUDU XPD RSHUDomR3RLVWRGDVHVVDVSHOHVWRGRVHVVHVFRUSRVYLUWXDLVWrPHIHLWRVGH DWXDOL]DomRPXLWRLPSRUWDQWHVQRGLDJQyVWLFRPpGLFRHQDFLUXUJLD1RUHLQR GRYLUWXDODDQiOLVHHDUHFRQVWUXomRGRFRUSRQmRLPSOLFDPDLVDGRUQHPD PRUWH9LUWXDOL]DGDDSHOHWRUQDVHSHUPHiYHO$QWHVTXHWHQKDPQDVFLGRMip SRVVtYHOFRQKHFHURVH[RHTXDVHRURVWRGRVILOKRV DGDQRYRDSDUHOKRDFUHVFHQWDXPJrQHURGHSHOHXPFRUSRYLVtYHO DRFRUSRDWXDO2RUJDQLVPRpUHYLUDGRFRPRXPDOXYD2LQWHULRUSDVVDDR H[WHULRU DR PHVPR WHPSR HP TXH SHUPDQHFH GHQWUR 3HORV VLVWHPDV GH YL]XDOL]DomRPpGLFRVXPDPDVVDIROKHDGDGHSHOtFXODVSUROLIHUDHPGLUHomRDR FHQWUR GR FRUSR 3HOD WHOHSUHVHQoD H SHORV VLVWHPDV GH FRPXQLFDomR RV FRUSRVYLVtYHLVDXGtYHLVHVHQVtYHLVVHPXOWLSOLFDPHVHGLVSHUVDPQRH[WHULRU RPR QR XQLYHUVR GH /XFUpFLR XPD TXDQWLGDGH GH SHOHV RX GH HVSHFWURV GHUPDWyLGHVHPDQDPGHQRVVRFRUSRRVVLPXODFURV 2+,3(52532 $ YLUWXDOL]DomR GR FRUSR LQFLWD jV YLDJHQV H D WRGDV DV WURFDV 2V WUDQVSODQWHVFULDPXPDJUDQGHFLUFXODomRGHyUJmRVHQWUHRVFRUSRVKXPDQRV 'HXPLQGLYtGXRDRXWURPDVWDPEpPHQWUHRVPRUWRVHRVYLYRV(QWUHD KXPDQLGDGHPDVLJXDOPHQWHGHXPDHVSpFLHDRXWUDHQ[HUWDPVHQDVSHVVRDV FRUDo}HV GH EDEXtQR ItJDGRV GH SRUFR ID]HPQDV LQJHULU KRUP{QLRV SURGX]LGRVSRUEDFWpULDV2VLPSODQWHVHDVSUyWHVHVFRQIXQGHPDIURQWHLUD HQWUH R TXH p PLQHUDO H R TXH HVWi YLYR yFXORV OHQWHV GH FRQWDWR GHQWHV IDOVRV VLOLFRQH PDUFDSDVVRV SUyWHVHV DF~VWLFDV LPSODQWHV DXGLWLYRV ILOWURV H[WHUQRVIXQFLRQDQGRFRPRULQVVDGLRV 2VROKRVDVFyUQHDV
  • 41. RHVSHUPDRVyYXORVRVHPEUL}HVHVREUHWXGR R VDQJXH VmR DJRUD VRFLDOL]DGRV PXWXDOL]DGRV H SUHVHUYDGRV HP EDQFRV HVSHFLDLV8PVDQJXHGHVWHUULWRULDOL]DGRFRUUHGHFRUSRHPFRUSRDWUDYpVGH XPD HQRUPH UHGH LQWHUQDFLRQDO GD TXDO QmR VH SRGH PDLV GLVWLQJXLU RV FRPSRQHQWHVHFRQ{PLFRVWHFQROyJLFRVHPpGLFRV2IOXLGRYHUPHOKRGDYLGD LUULJDXPFRUSRFROHWLYRVHPIRUPDGLVSHUVR$FDUQHHRVDQJXHSRVWRVHP FRPXP GHL[DP D LQWLPLGDGH VXEMHWLYD SDVVDP DR H[WHULRU 0DV HVVD FDUQH S~EOLFDUHWRUQDDRLQGLYtGXRWUDQVSODQWDGRDREHQHILFLiULRGHXPDWUDQVIXVmR DRFRQVXPLGRUGHKRUP{QLRV2FRUSRFROHWLYRDFDEDSRUPRGLILFDUDFDUQH SULPiULD­VYH]HVUHVVXVFLWDDRXIHFXQGDDLQYLWUR $FRQVWLWXLomRGHXPFRUSRFROHWLYRHDSDUWLFLSDomRGRVLQGLYtGXRV
  • 42. QHVVDFRPXQLGDGHItVLFDVHUYLXVHSRUPXLWRWHPSRGHPHGLDo}HVSXUDPHQWH VLPEyOLFDV RX UHOLJLRVDV ´,VWR p PHX FRUSR LVWR p PHX VDQJXHµ +RMH HOD UHFRUUHDPHLRVWpFQLFRV $VVLPFRPRFRPSDUWLOKDPRVGHVGHRWHPSRGRVDIRQVLQRVXPDGRVH GHLQWHOLJrQFLDHGHYLVmRGRPXQGRFRPRVTXHIDODPDPHVPDOtQJXDKRMH QRV DVVRFLDPRV YLUWXDOPHQWH QXP Vy FRUSR FRP RV TXH SDUWLFLSDP GDV PHVPDV UHGHV WpFQLFDV H PpGLFDV DGD FRUSR LQGLYLGXDO WRUQDVH SDUWH LQWHJUDQWHGHXPLPHQVRKLSHUFRUSRKtEULGRHPXQGLDOL]DGR)D]HQGRHFRDR KLSHUFyUWH[TXHH[SDQGHKRMHVHXVD[{QLRVSHODVUHGHVGLJLWDLVGRSODQHWDR KLSHUFRUSR GD KXPDQLGDGH HVWHQGH VHXV WHFLGRV TXLPpULFRV HQWUH DV HSLGHUPHVHQWUHDVHVSpFLHVSDUDDOpPGDVIURQWHLUDVHGRVRFHDQRVGHXPD PDUJHPDRXWUDGRULRGDYLGD ,17(16,),$d¯(6 RPRVHIRVVHSDUDUHDJLUjYLUWXDOL]DomRGRVFRUSRVQRVVDpSRFDYLX GHVHQYROYHUVH XPD SUiWLFD HVSRUWLYD TXH FHUWDPHQWH MDPDLV DWLQJLX XPD SURSRUomR WmR JUDQGH GD SRSXODomR 1mR IDOR DTXL GRV FRUSRV ´VDGLRVµ H DWOpWLFRVSRVWRVHPFHQDSHORVUHJLPHVSROtWLFRVDXWRULWiULRVRXSURPRYLGRV SHODVUHYLVWDVGHPRGDHDSXEOLFLGDGHQHPPHVPRGRVHVSRUWHVGHHTXLSH GRVTXDLVWUDWDUHLQRFDStWXORVREUHDYLUWXDOL]DomRGDLQWHOLJrQFLD5HILURPHD HVVHHVIRUoRGHXOWUDSDVVDUOLPLWHVGHFRQTXLVWDUQRYRVPHLRVGHLQWHQVLILFDU DVVHQVDo}HVGHH[SORUDURXWUDVYHORFLGDGHVTXHVHPDQLIHVWDQXPDH[SORVmR HVSRUWLYDHVSHFtILFDGHQRVVDpSRFD $WUDYpVGDQDWDomRHVSRUWHPXLWRSRXFRSUDWLFDGRDQWHVGRVpFXOR ;;
  • 43. GRPHVWLFDPRV R PHLR DTXiWLFR DSUHQGHPRV D SHUGHU Sp H[SHULPHQWDPRV XPD PDQHLUD QRYD GH VHQWLUPRV R PXQGR H GH VHUPRV OHYDGRV QR HVSDoR 3UDWLFDGR FRPR XP OD]HU R PHUJXOKR VXEPDULQR PD[LPL]DHVVDPXGDQoDGHPHLR$HVSHOHRORJLDTXHFRQGX]DR´FHQWURGD WHUUDµHUDSRXFRSUDWLFDGDDQWHVGH-~OLR9HUQH2DOSLQLVPRFRQIURQWDRV FRUSRVDRDUUDUHIHLWRDRIULRLQWHQVRjVXELGDLPSODFiYHOeSUHFLVDPHQWH SRULVVRTXHHOHVHWRUQRXSUDWLFDPHQWHXPHVSRUWHGHPDVVD(PFDGDFDVR WUDWDVHGRPHVPRPRYLPHQWRGHVDtGDGDQRUPDGHKLEULGDomRGH´GHYLUHVµ TXHWHQGHPTXDVHjPHWDPRUIRVH7RUQDUVHSHL[HWRUQDUVHFDEUDVHOYDJHP WRUQDUVHSiVVDURRXPRUFHJR 2V PDLV HPEOHPiWLFRV GHQWUH RV HVSRUWHV H[WUHPRV GH GHYLU H GH WHQVmRVmRDVSUiWLFDVGHTXHGDSiUDTXHGDVDVDGHOWDVDOWRFRPHOiVWLFR
  • 45. (PXPFHUWR VHQWLGR VmR UHDo}HV j YLUWXDOL]DomR (VVHV HVSRUWHV SXUDPHQWH LQGLYLGXDLV QmRQHFHVVLWDPGHJUDQGHVHTXLSDPHQWRVFROHWLYRVHFRPIUHTrQFLDXWLOL]DP DSHQDVDUWHIDWRVGLVFUHWRV$FLPDGHWXGRLQWHQVLILFDPDRPi[LPRDSUHVHQoD
  • 46. ItVLFDDTXLHDJRUD5HFRQFHQWUDPDSHVVRDHPVHXFHQWURYLWDOHPVHX´SRQWR GHVHUµPRUWDO$DWXDOL]DomRSDUHFHUHLQDUDTXL (QRHQWDQWRWDOHQFDUQDomRPi[LPDQHVWHOXJDUHQHVWDKRUDVyVH REWpPHVWUHPHFHQGRRVOLPLWHV(QWUHRDUHDiJXDHQWUHDWHUUDHRFpXHQWUH DEDVHHRYpUWLFHRVXUILVWDRXDTXHOHTXHVHODQoDMDPDLVHVWiLQWHLUDPHQWH SUHVHQWH$EDQGRQDQGRRFKmRHVHXV SRQWRV GH DSRLR HOH HVFDOD RVIOX[RV GHVOL]D QDV LQWHUIDFHV VHUYHVH DSHQDV GH OLQKDV GH IXJD VH YHWRUL]D VH GHVWHUULWRULDOL]D DYDOJDGRU GH RQGDV YLYHQGR QD LQWLPLGDGH GD iJXD R VXUILVWDFDOLIRUQLDQRVHPHWDPRUIRVHLDHPVXUILVWDGD1HW2VYDJDOK}HVGR 3DFtILFR UHPHWHP DR GLO~YLR LQIRUPDFLRQDO H R KLSHUFRUSR DR KLSHUFyUWH[ 6XEPLVVR j JUDYLGDGH PDV MRJDQGR FRP R HTXLOtEULR DWp WRUQDUVH DpUHR R FRUSRHPTXHGDRXHPGHVOL]DPHQWRSHUGHXVHXSHVR7RUQDVHYHORFLGDGH SDVVDJHP VREUHY{R $VFHQVLRQDO PHVPR TXDQGR SDUHFH FDLU RX FRUUHU QD KRUL]RQWDOHLVRFRUSRJORULRVRGDTXHOHTXHVHODQoDRXGRVXUILVWDVHXFRUSR YLUWXDO 5(63/$1'(È1,$ 3RUWDQWR R FRUSR VDL GH VL PHVPR DGTXLUH QRYDV YHORFLGDGHVFRQTXLVWD QRYRV HVSDoRV 9HUWHVH QR H[WHULRU H UHYHUWH D H[WHULRULGDGHWpFQLFDRXDDOWHULGDGHELROyJLFDHPVXEMHWLYLGDGHFRQFUHWD$R VHYLUWXDOL]DURFRUSRVHPXOWLSOLFDULDPRVSDUDQyVPHVPRVRUJDQLVPRV YLUWXDLVTXHHQULTXHFHPQRVVRXQLYHUVRVHQVtYHOVHPQRVLPSRUDGRU7UDWD VH GH XPD GHVHQFDUQDomR 9HULILFDPRV FRP R H[HPSOR GR FRUSR TXH D YLUWXDOL]DomRQmRSRGHVHUUHGX]LGDDXPDSURFHVVRGHGHVDSDUHFLPHQWRRXGH GHVPDWHULDOL]DomR RUUHQGR R ULVFR GH VHUPRV UHGXQGDQWHV OHPEUHPRV TXHHVVD YLUWXDOL]DomR p DQDOLViYHO HVVHQFLDOPHQWH FRPR PXGDQoD GHLGHQWLGDGHSDVVDJHPGHXPDVROXomRSDUWLFXODUDXPDSUREOHPiWLFDJHUDO RXWUDQVIRUPDomRGHXPDDWLYLGDGHHVSHFLDOHFLUFXQVFULWDHPIXQFLRQDPHQWR QmRORFDOL]DGRGHVVLQFURQL]DGRFROHWLYL]DGR$YLUWXDOL]DomRGRFRUSRQmRp SRUWDQWR XPD GHVHQFDUQDomR PDV XPDUHLQYHQomR XPD UHHQFDUQDomR XPD PXOWLSOLFDomR XPD YHWRUL]DomR XPD KHWHURJrQHVH GR KXPDQR RQWXGR R OLPLWHMDPDLVHVWiGHILQLWLYDPHQWHWUDoDGRHQWUHDKHWHURJrQHVHHDDOLHQDomRD DWXDOL]DomRHDUHLILFDomRPHUFDQWLODYLUWXDOL]DomRHDDPSXWDomR(VVHOLPLWH LQGHFLVR GHYH VHU FRQVWDQWHPHQWH FRQVLGHUDGR DYDOLDGR FRPHVIRUoR UHQRYDGRWDQWRSHODVSHVVRDVQRTXHGL]UHVSHLWRDVXDYLGDSHVVRDOTXDQWR SHODVVRFLHGDGHVQRkPELWRGDVOHLV 0HX FRUSR SHVVRDO p D DWXDOL]DomR WHPSRUiULD GH XP HQRUPH KLSHUFRUSR KtEULGR VRFLDO H WHFQRELROyJLFR 2 FRUSR FRQWHPSRUkQHR DVVHPHOKDVHDXPDFKDPD)UHTHQWHPHQWHpPLQ~VFXORLVRODGRVHSDUDGR TXDVH LPyYHO 0DLV WDUGH FRUUH SDUD IRUD GHVL PHVPR LQWHQVLILFDGR SHORV
  • 47. HVSRUWHVRXSHODVGURJDVIXQFLRQDFRPRXPVDWpOLWHODQoDDOJXPEUDoRYLUWXDO EHP DOWR HP GLUHomRDR FpX DR ORQJR GH UHGHV GH LQWHUHVVHV RX GH FRPXQLFDomR3UHQGHVHHQWmRDRFRUSRS~EOLFRHDUGHFRPRPHVPRFDORU EULOKDFRP D PHVPD OX] TXH RXWURV FRUSRVFKDPDV 5HWRUQD HP VHJXLGD WUDQVIRUPDGRDXPDHVIHUDTXDVHSULYDGDHDVVLPVXFHVVLYDPHQWHRUDDTXL RUDHPWRGDSDUWHRUDHPVLRUDPLVWXUDGR8PGLDVHSDUDVHFRPSOHWDPHQWH GRKLSHUFRUSRHVHH[WLQJXH
  • 48. $9,578$/,=$d®2'27(;72 $/(,785$28$$78$/,=$d®2'27(;72 'HVGH VXDV RULJHQV PHVRSRWkPLFDV R WH[WR p XP REMHWR YLUWXDO DEVWUDWR LQGHSHQGHQWH GH XP VXSRUWH HVSHFtILFR (VVD HQWLGDGH YLUWXDO DWXDOL]DVHHPP~OWLSODVYHUV}HVWUDGXo}HVHGLo}HVH[HPSODUHVHFySLDV$R LQWHUSUHWDU DR GDU VHQWLGR DR WH[WR DTXL H DJRUD R OHLWRU OHYD DGLDQWH HVVD FDVFDWD GH DWXDOL]Do}HV )DOR HVSHFLILFDPHQWH GH DWXDOL]DomR QR TXH GL] UHVSHLWR j OHLWXUD H QmR GD UHDOL]DomR TXH VHULD XPD VHOHomR HQWUH SRVVLELOLGDGHVSUHHVWDEHOHFLGDV)DFHjFRQILJXUDomRGHHVWtPXORVGHFRHUo}HV H GH WHQV}HV TXH R WH[WR SURS}H D OHLWXUD UHVROYH GH PDQHLUD LQYHQWLYD H VHPSUHVLQJXODURSUREOHPDGRVHQWLGR$LQWHOLJrQFLDGROHLWRUOHYDQWDSRU FLPD GDV SiJLQDV YD]LDV XPD SDLVDJHP VHPkQWLFD PyYHO H DFLGHQWDGD $QDOLVHPRVHPGHWDOKHHVVHWUDEDOKRGHDWXDOL]DomR /HPRVRXHVFXWDPRVXPWH[WR2TXHRFRUUH(PSULPHLUROXJDUR WH[WRpHVEXUDFDGRULVFDGRVHPHDGRGHEUDQFRV6mRDVSDODYUDVRVPHPEURV GHIUDVHVTXHQmRFDSWDPRVQRVHQWLGRSHUFHSWLYRPDVWDPEpPLQWHOHFWXDOGR WHUPR
  • 49. 6mR RV IUDJPHQWRV GH WH[WR TXH QmR FRPSUHHQGHPRV TXH QmR FRQVHJXLPRV MXQWDU TXH QmRUHXQLPRV DRVRXWURV TXH QHJOLJHQFLDPRV 'H PRGRTXHSDUDGR[DOPHQWHOHUHVFXWDUpFRPHoDUDQHJOLJHQFLDUDGHVOHURX GHVOLJDURWH[WR $R PHVPR WHPSR TXH R UDVJDPRV SHOD OHLWXUD RX SHOD HVFXWD DPDUURWDPRVRWH[WR'REUDPRORVREUHVLPHVPR5HODFLRQDPRVXPDjRXWUD DVSDVVDJHQVTXHVHFRUUHVSRQGHP2VPHPEURVHVSDUVRVH[SRVWRVGLVSHUVRV QDVXSHUItFLHGDVSiJLQDVRXQDOLQHDULGDGHGRGLVFXUVRFRVWXUDPRORVMXQWRV OHUXPWH[WRpUHHQFRQWUDURVJHVWRVWr[WHLVTXHOKHGHUDPVHXQRPH $V SDVVDJHQV GR WH[WR PDQWrP HQWUH VL YLUWXDOPHQWH XPD FRUUHVSRQGrQFLDTXDVHTXHXPDDWLYLGDGHHSLVWRODUTXHDWXDOL]DPRVGHXP MHLWRRXGHRXWURVHJXLQGRRXQmRDVLQVWUXo}HVGRDXWRUDUWHLURVGRWH[WR YLDMDPRVGHXPDPDUJHPjRXWUDGRHVSDoRGRVHQWLGRYDOHQGRQRVGHXP VLVWHPDGHHQGHUHoDPHQWRHGHLQGLFDo}HVTXHRDXWRURHGLWRURWLSyJUDIR EDOLVDUDP 0DV SRGHPRV GHVREHGHFHU jV LQVWUXo}HV WRPDU FDPLQKRV WUDQVYHUVDLV SURGX]LU GREUDV LQWHUGLWDV HVWDEHOHFHU UHGHV VHFUHWDV FODQGHVWLQDVID]HUHPHUJLURXWUDVJHRJUDILDVVHPkQWLFDV 7DO p R WUDEDOKR GD OHLWXUD D SDUWLU GH XPD OLQHDULGDGH RX GH XPD SODWLWXGHLQLFLDOHVVHDWRGHUDVJDUGHDPDUURWDUGHWRUFHUGHUHFRVWXUDUR WH[WRSDUDDEULUXPPHLRYLYRQRTXDOSRVVDVHGHVGREUDURVHQWLGR2HVSDoR GR VHQWLGR QmR SUHH[LVWH j OHLWXUD e DR SHUFRUUrOD DR FDUWRJUDIiOD TXH R
  • 50. IDEULFDPRVTXHRDWXDOL]DPRV 0DV HQTXDQWR R GREUDPRV VREUH VL PHVPR SURGX]LQGR DVVLP VXD UHODomRFRQVLJRSUySULRVXDYLGDDXW{QRPDVXDDXUDVHPkQWLFDUHODFLRQDPRV WDPEpPRWH[WRDRXWURVWH[WRVDRXWURVGLVFXUVRVDLPDJHQVDDIHWRVDWRGD DLPHQVDUHVHUYDIOXWXDQWHGHGHVHMRVHGHVLJQRVTXHQRVFRQVWLWXL$TXLQmR p PDLV D XQLGDGH GR WH[WR TXH HVWi HP MRJR PDV D FRQVWUXomR GH VL FRQVWUXomRVHPSUHDUHID]HULQDFDEDGD1mRpPDLVRVHQWLGRGRWH[WRTXH QRVRFXSDPDVDGLUHomRHDHODERUDomRGHQRVVRSHQVDPHQWRDSUHFLVmRGH QRVVDLPDJHPGRPXQGRDFXOPLQDomRGHQRVVRV SURMHWRVR GHVSHUWDU GH QRVVRV SUD]HUHV R ILR GH QRVVRV VRQKRV 'HVWD YH] R WH[WR QmR p PDLV DPDUURWDGR GREUDGR IHLWR XPD EROD VREUH VL PHVPR PDV UHFRUWDGR SXOYHUL]DGRGLVWULEXtGRDYDOLDGRVHJXQGRFULWpULRVGHXPDVXEMHWLYLGDGHTXH SURGX]DVLPHVPD 'RWH[WRSURSULDPHQWHHPEUHYHQDGDPDLVUHVWD1RPHOKRUGRV FDVRVWHUHPRVJUDoDVDHOHGDGRXPUHWRTXHHPQRVVRVPRGHORVGRPXQGR 7DOYH] WHQKD VHUYLGR DSHQDV SDUD S{U HP UHVVRQkQFLD DOJXPDV LPDJHQV DOJXPDVSDODYUDVTXHMiSRVVXtDPRV(YHQWXDOPHQWHWHUHPRVUHODFLRQDGRXP GHVHXVIUDJPHQWRVLQYHVWLGRGHXPDLQWHQVLGDGHHVSHFLDOFRPGHWHUPLQDGD ]RQDGHQRVVDDUTXLWHWXUDPQHP{QLFDXPRXWURFRPGHWHUPLQDGRWUHFKRGH QRVVDVUHGHVLQWHOHFWXDLV(OHQRVWHUiVHUYLGRGHLQWHUIDFHFRPQyVPHVPRV 6y PXLWR UDUDPHQWH QRVVD OHLWXUD QRVVD HVFXWD WHUi SRU HIHLWR UHRUJDQL]DU GUDPDWLFDPHQWH FRPR SRU XPD HVSpFLH GH HIHLWR GH OLPLDU EUXWDO R QRYHOR HQUHGDGRGHUHSUHVHQWDo}HVHGHHPRo}HVTXHQRVFRQVWLWXL (VFXWDUROKDUOHUHTXLYDOHILQDOPHQWHDFRQVWUXLUVH1DDEHUWXUDDR HVIRUoR GH VLJQLILFDomR TXH YHP GR RXWUR WUDEDOKDQGR HVEXUDFDQGR DPDUURWDQGR UHFRUWDQGR R WH[WR LQFRUSRUDQGRR HP QyV GHVWUXLQGRR FRQWULEXtPRVSDUDHULJLUDSDLVDJHPGHVHQWLGRTXHQRVKDELWD2WH[WRVHUYH DTXLGHYHWDUGHVXSRUWHRXGHSUHWH[WRjDWXDOL]DomRGHQRVVRSUySULRHVSDoR PHQWDO RQILDPRVjVYH]HVDOJXQVIUDJPHQWRVGRWH[WRDRVSRYRVGHVLJQRV TXHQRPDGL]DPGHQWURGHQyV(VVDVLQVtJQLDVHVVDVUHOtTXLDVHVVHVIHWLFKHV RX HVVHV RUiFXORV QDGD WrP D YHU FRP DV LQWHQo}HV GR DXWRU QHP FRP D XQLGDGH VHPkQWLFD YLYD GR WH[WR PDV FRQWULEXHP SDUD FULDU UHFULDU H UHDWXDOL]DURPXQGRGHVLJQLILFDo}HVTXHVRPRV $(65,7$28$9,578$/,=$d®2'$0(0Ð5,$ (VVDDQiOLVHpSURYDYHOPHQWHDSOLFiYHOjLQWHUSUHWDomRGHRXWURVWLSRV GHPHQVDJHQVFRPSOH[DVTXHQmRRWH[WRDOIDEpWLFRLGHRJUDPDVGLDJUDPDV PDSDV HVTXHPDV VLPXODo}HV PHQVDJHQV LFRQRJUiILFDV RX ItOPLFDV SRU H[HPSOR'HYHVHHQWHQGHU´WH[WRµQRVHQWLGRPDLVJHUDOGLVFXUVRHODERUDGR
  • 51. RXSURSyVLWRGHOLEHUDGR 'HVGH R LQtFLR GHVWH FDStWXOR YRFr DLQGD QmR OHX D SDODYUD ´KLSHUWH[WRµ1RHQWDQWRQmRVHWUDWRXGHRXWUDFRLVDDQmRVHUGLVWRRP HIHLWR KLHUDUTXL]DU H VHOHFLRQDU iUHDV GH VHQWLGR WHFHU OLJDo}HV HQWUH HVVDV ]RQDVFRQHFWDURWH[WRDRXWURVGRFXPHQWRVDUULPiODDWRGDXPDPHPyULD TXHIRUPDFRPRTXHRIXQGRVREUHRTXDOHOHVHGHVWDFDHDRTXDOUHPHWHVmR RXWUDVWDQWDVIXQo}HVGRKLSHUWH[WRLQIRUPiWLFR 8PD WHFQRORJLD LQWHOHFWXDO TXDVH VHPSUH H[WHULRUL]D REMHWLYL]D YLUWXDOL]D XPD IXQomR FRJQLWLYD XPD DWLYLGDGH PHQWDO $VVLP ID]HQGR UHRUJDQL]DDHFRQRPLDRXDHFRORJLDLQWHOHFWXDOHPVHXFRQMXQWRHPRGLILFD HPWURFDDIXQomRFRJQLWLYDTXHHODVXSRVWDPHQWHGHYHULDDSHQDVDX[LOLDURX UHIRUoDU $V UHODo}HV HQWUH D HVFULWD WHFQRORJLD LQWHOHFWXDO
  • 53. HVWmRDtSDUDWHVWHPXQKiOR 2DSDUHFLPHQWRGDHVFULWDDFHOHURXXPSURFHVVRGHDUWLILFLDOL]DomRGH H[WHULRUL]DomR H GH YLUWXDOL]DomR GD PHPyULD TXH FHUWDPHQWH FRPHoRX FRP D KRPLQL]DomR9LUWXDOL]DomRHQmRVLPSOHVSURORQJDPHQWRRXVHMDVHSDUDomR SDUFLDOGHXPFRUSRYLYRFRORFDomRHPFRPXPKHWHURJrQHVH1mRVHSRGH UHGX]LU D HVFULWD D XP UHJLVWUR GD IDOD (P FRQWUDSDUWLGD DR QRV ID]HU FRQFHEHU D OHPEUDQoD FRPR XP UHJLVWUR HOD WUDQVIRUPRX R URVWR GH 0QHPyVLQH $ VHPLREMHWLYDomR GD PHPyULD QR WH[WR FHUWDPHQWH SHUPLWLX R GHVHQYROYLPHQWR GH XPD WUDGLomR FUtWLFD RP HIHLWR R HVFULWR FDYD XPD GLVWkQFLDHQWUHRVDEHUHVHXVXMHLWReWDOYH]SRUTXHQmRQmRVRXPDLVRTXH VHLTXHSRVVRUHFRORFDUHVWHVDEHUHPTXHVWmR 9LUWXDOL]DQWHDHVFULWDGHVVLQFURQL]DHGHVORFDOL]D(ODIH]VXUJLUXP GLVSRVLWLYR GH FRPXQLFDomR QR TXDO DV PHQVDJHQV PXLWR IUHTHQWHPHQWH HVWmRVHSDUDGDVQRWHPSRHQRHVSDoRGHVXDIRQWHGHHPLVVmRHSRUWDQWRVmR UHFHELGDVIRUDGHFRQWH[WR'RODGRGDOHLWXUDIRLSRUWDQWRQHFHVViULRUHILQDU DVSUiWLFDVLQWHUSUHWDWLYDV'RODGRGDUHGDomRWHYHVHTXHLPDJLQDUVLVWHPDV GHHQXQFLDGRVDXWRVXILFLHQWHVLQGHSHQGHQWHVGRFRQWH[WRTXHIDYRUHFHUDP DV PHQVDJHQV TXH UHVSRQGHP D XP FULWpULR GH XQLYHUVDOLGDGH FLHQWtILFD RX UHOLJLRVD RPDHVFULWDHPDLVDLQGDFRPRDOIDEHWRHDLPSUHQVDRVPRGRVGH FRQKHFLPHQWRWHyULFRVHKHUPHQrXWLFRVSDVVDUDPSRUWDQWRDSUHYDOHFHUVREUH RV VDEHUHV QDUUDWLYRV H ULWXDLV GDV VRFLHGDGHV RUDLV $ H[LJrQFLD GH XPD YHUGDGHXQLYHUVDOREMHWLYDHFUtWLFDVyS{GHVHLPSRUQXPDHFRORJLDFRJQLWLYD ODUJDPHQWH HVWUXWXUDGD SHOD HVFULWD RX PDLV H[DWDPHQWH SHOD HVFULWD VREUH VXSRUWHHVWiWLFR 3RLVRWH[WRFRQWHPSRUkQHRDOLPHQWDQGRFRUUHVSRQGrQFLDVRQOLQHH FRQIHUrQFLDV HOHWU{QLFDV FRUUHQGR HP UHGHV IOXLGR GHVWHUULWRULDOL]DGR PHUJXOKDGRQRPHLRRFHkQLFRGRFLEHUHVSDoRHVVHWH[WRGLQkPLFRUHFRQVWLWXL
  • 54. PDVGH RXWUR PRGR H QXPD HVFDOD LQILQLWDPHQWH VXSHULRU D FRSUHVHQoD GD PHQVDJHP H GH VHX FRQWH[WR YLYR TXH FDUDFWHUL]D D FRPXQLFDomR RUDO 'H QRYR RV FULWpULRV PXGDP 5HDSUR[LPDPVH GDTXHOHV GR GLiORJR RX GD FRQYHUVDomRSHUWLQrQFLDHPIXQomRGRPRPHQWRGRVOHLWRUHVHGRVOXJDUHV YLUWXDLV EUHYLGDGH JUDoDV j SRVVLELOLGDGH GH DSRQWDU LPHGLDWDPHQWH DV UHIHUrQFLDVHILFLrQFLDSRLVSUHVWDUVHUYLoRDROHLWRUHHPSDUWLFXODUDMXGiORD QDYHJDU
  • 55. pRPHOKRUPHLRGHVHUUHFRQKHFLGRVRERGLO~YLRLQIRUPDFLRQDO $',*,7$/,=$d®228$327(1,$/,=$d®2'27(;72 2 QRYRWH[WR WHP DQWHV GH PDLV QDGD FDUDFWHUtVWLFDV WpFQLFDV TXH FRQYpPSUHFLVDUHFXMDDQiOLVHHVWiOLJDGDFRPRYHUHPRVDXPDGLDOpWLFDGR SRVVtYHOHGRUHDO 2OHLWRUGHXPOLYURRXGHXPDUWLJRQRSDSHOVHFRQIURQWDFRPXP REMHWR ItVLFR VREUH R TXDO XPD FHUWD YHUVmR GR WH[WR HVWi LQWHJUDOPHQWH PDQLIHVWD HUWDPHQWH HOH SRGH DQRWDU QDV PDUJHQV IRWRFRSLDU UHFRUWDU FRODUSURFHGHUDPRQWDJHQVPDVRWH[WRLQLFLDOHVWiOiSUHWRQREUDQFRMi UHDOL]DGR LQWHJUDOPHQWH 1D OHLWXUD HP WHOD HVVD SUHVHQoD H[WHQVLYD H SUHOLPLQDUjOHLWXUDGHVDSDUHFH2VXSRUWHGLJLWDOGLVTXHWHGLVFRUtJLGRGLVFR yWLFR
  • 56. QmRFRQWpPXPWH[WROHJtYHOSRUKXPDQRVPDVXPDVpULHGHFyGLJRV LQIRUPiWLFRV TXH VHUmR HYHQWXDOPHQWH WUDGX]LGRV SRU XP FRPSXWDGRU HP VLQDLV DOIDEpWLFRV SDUD XP GLVSRVLWLYR GH DSUHVHQWDomR $ WHOD DSUHVHQWDVH HQWmRFRPRXPDSHTXHQDMDQHODDSDUWLUGDTXDOROHLWRUH[SORUDXPDUHVHUYD SRWHQFLDO 3RWHQFLDOHQmRYLUWXDOSRLVDHQWDOKHGLJLWDOHRSURJUDPDGHOHLWXUD SUHGHWHUPLQDPXPFRQMXQWRGHSRVVtYHLVTXHPHVPRSRGHQGRVHULPHQVR DLQGDDVVLPpQXPHULFDPHQWHILQLWRHORJLFDPHQWHIHFKDGR$OLiVQmRpWDQWR DTXDQWLGDGHTXH GLVWLQJXH R SRVVtYHOGR YLUWXDO R HVVHQFLDO HVWi HP RXWUR OXJDU FRQVLGHUDQGRVH DSHQDV RVXSRUWH PHFkQLFR KDUGZDUH H VRIWZDUH
  • 57. D LQIRUPiWLFDQmRRIHUHFHVHQmRXPDFRPELQDWyULDDLQGDTXHLQILQLWDHMDPDLV XP FDPSR SUREOHPiWLFR 2 DUPD]HQDPHQWR HP PHPyULD GLJLWDO p XPD SRWHQFLDOL]DomRDH[LELomRpXPDUHDOL]DomR 8PKLSHUWH[WRpXPDPDWUL]GHWH[WRVSRWHQFLDLVVHQGRTXHDOJXQV GHOHV YmR VH UHDOL]DU VRE R HIHLWR GD LQWHUDomR FRP XP XVXiULR 1HQKXPD GLIHUHQoDVHLQWURGX]HQWUHXPWH[WRSRVVtYHOGDFRPELQDWyULDHXPWH[WRUHDO TXHVHUiOLGRQDWHOD$PDLRUSDUWHGRVSURJUDPDVVmRPiTXLQDVGHH[LELU UHDOL]DU
  • 59. D SDUWLU GH XP GLVSRVLWLYR FRPSXWDFLRQDOTXHGHWHUPLQDXPXQLYHUVRGHSRVVtYHLV(VVHXQLYHUVRSRGH VHU LPHQVR RX ID]HU LQWHUYLU SURFHGLPHQWRV DOHDWyULRV PDV DLQGD DVVLP p LQWHLUDPHQWH SUpFRQWLGR FDOFXOiYHO 'HVWH PRGR VHJXLQGR HVWULWDPHQWH R YRFDEXOiULRILORVyILFRQmRVHGHYHULDIDODUGHLPDJHQVYLUWXDLVSDUDTXDOLILFDU
  • 60. DVLPDJHQVGLJLWDLVPDVGHLPDJHQVSRVVtYHLVVHQGRH[LELGDV 2 YLUWXDO Vy HFORGH FRP D HQWUDGD GD VXEMHWLYLGDGH KXPDQD QR FLUFXLWRTXDQGRQXPPHVPRPRYLPHQWRVXUJHPDLQGHWHUPLQDomRGRVHQWLGR HDSURSHQVmRGRWH[WRDVLJQLILFDUWHQVmRTXHXPDDWXDOL]DomRRXVHMDXPD LQWHUSUHWDomRUHVROYHUiQDOHLWXUD8PDYH]FODUDPHQWHGLVWLQJXLGRVHVVHVGRLV SODQRVRGRSDUSRWHQFLDOUHDOHRGRSDUYLUWXDODWXDOFRQYpPLPHGLDWDPHQWH VXEOLQKDUVHXHQYROYLPHQWR UHFtSURFR D GLJLWDOL]DomR H DV QRYDVIRUPDV GH DSUHVHQWDomRGRWH[WRVyQRVLQWHUHVVDPSRUTXHGmRDFHVVRDRXWUDVPDQHLUDV GHOHUHGHFRPSUHHQGHU 3DUDFRPHoDUROHLWRUHPWHODpPDLV´DWLYRµTXHROHLWRUHPSDSHOOHU HPWHODpDQWHVPHVPRGHLQWHUSUHWDUHQYLDUXPFRPDQGRDXPFRPSXWDGRU SDUDTXHSURMHWHHVWDRXDTXHODUHDOL]DomRSDUFLDOGRWH[WRVREUHXPDSHTXHQD VXSHUItFLHOXPLQRVD 6HFRQVLGHUDUPRVRFRPSXWDGRUFRPRXPDIHUUDPHQWDSDUDSURGX]LU WH[WRVFOiVVLFRVHOHVHUiDSHQDVXPLQVWUXPHQWRPDLVSUiWLFRTXHDDVVRFLDomR GHXPDPiTXLQDGHHVFUHYHUPHFkQLFDXPDIRWRFRSLDGRUDXPDWHVRXUDHXP WXER GH FROD 8P WH[WR LPSUHVVR HP SDSHO HPERUD SURGX]LGR SRU FRPSXWDGRU QmR WHP HVWDWXWR RQWROyJLFR QHP SURSULHGDGH HVWpWLFD IXQGDPHQWDOPHQWHGLIHUHQWHVGRVGHXPWH[WRUHGLJLGRFRPRVLQVWUXPHQWRV GRVpFXOR;,;3RGHVHGL]HURPHVPRGHXPDLPDJHPRXGHXPILOPHIHLWRV SRU FRPSXWDGRU H YLVWRVVREUH VXSRUWHV FOiVVLFRV0DV VH FRQVLGHUDUPRV R FRQMXQWRGHWRGRVRVWH[WRVGHWRGDVDVLPDJHQV
  • 61. TXHROHLWRUSRGHGLYXOJDU DXWRPDWLFDPHQWH LQWHUDJLQGR FRP XP FRPSXWDGRU D SDUWLU GH XPD PDWUL] GLJLWDOSHQHWUDPRVQXPQRYRXQLYHUVRGHFULDomRHGHOHLWXUDGRVVLJQRV RQVLGHUDURFRPSXWDGRUDSHQDVFRPRXPLQVWUXPHQWRDPDLVSDUD SURGX]LU WH[WRV VRQV RX LPDJHQV VREUH VXSRUWH IL[R SDSHO SHOtFXOD ILWD PDJQpWLFD
  • 62. HTXLYDOHDQHJDUVXDIHFXQGLGDGHSURSULDPHQWHFXOWXUDORXVHMDR DSDUHFLPHQWRGHQRYRVJrQHURVOLJDGRVjLQWHUDWLYLGDGH 2 FRPSXWDGRU p SRUWDQWR DQWHV GH WXGR XP RSHUDGRU GH SRWHQFLDOL]DomR GD LQIRUPDomR 'LWR GH RXWUR PRGR D SDUWLU GH XP HVWDTXH GH GDGRVLQLFLDLVGHXPPRGHORRXGHXPPHWDWH[WRXPSURJUDPDSRGHFDOFXODU XP Q~PHUR LQGHILQLGR GH GLIHUHQWHV PDQLIHVWDo}HV YLVtYHLV DXGtYHLV H WDQJtYHLVHPIXQomRGDVLWXDomRHPFXUVRRXGDGHPDQGDGRVXVXiULRV1D YHUGDGHpVRPHQWHQDWHODRXHPRXWURVGLVSRVLWLYRVLQWHUDWLYRVTXHROHLWRU HQFRQWUDDQRYDSODVWLFLGDGHGRWH[WRRXGDLPDJHPXPDYH]TXHFRPRMi GLVVHRWH[WRHPSDSHORXRILOPHHPSHOtFXOD
  • 64. 2+,3(57(;729,578$/,=$d®2'27(;72(9,578$/,=$d®2 '$/(,785$ 3RGHVH GL]HU TXH XP DWR GH OHLWXUD p XPD DWXDOL]DomR GDV VLJQLILFDo}HVGHXPWH[WRDWXDOL]DomRHQmRUHDOL]DomRMiTXHDLQWHUSUHWDomR FRPSRUWDXPDSDUWHQmRHOLPLQiYHOGHFULDomR$KLSHUFRQWH[WXDOL]DomRpR PRYLPHQWRLQYHUVRGDOHLWXUDQRVHQWLGRHPTXHSURGX]DSDUWLUGHXPWH[WR LQLFLDOXPDUHVHUYDWH[WXDOHLQVWUXPHQWRVGHFRPSRVLomRJUDoDVDRVTXDLVXP QDYHJDGRU SRGHUi SURMHWDU XPD TXDQWLGDGH GH RXWURV WH[WRV 2 WH[WR p WUDQVIRUPDGRHPSUREOHPiWLFDWH[WXDO3RUpPPDLVXPDYH]VyKiSUREOHPiWLFDVH FRQVLGHUDUPRV DFRSODPHQWRV KXPDQRVPiTXLQDV H QmR SURFHVVRV LQIRUPiWLFRVDSHQDV(QWmRVHSRGHIDODUGHYLUWXDOL]DomRHQmRPDLVDSHQDV GHSRWHQFLDOL]DomR'HIDWRRKLSHUWH[WRQmRVHGHGX]ORJLFDPHQWHGRWH[WR IRQWH(OHUHVXOWDGHXPDVpULHGHGHFLV}HVUHJXODJHPGRWDPDQKRGRVQyVRX GRVPyGXORVHOHPHQWDUHVDJHQFLDPHQWRGDVFRQH[}HVHVWUXWXUDGDLQWHUIDFH GH QDYHJDomR HWF 1R FDVR GH XPD KLSHUFRQWH[WDOL]DomR DXWRPiWLFD HVVDV HVFROKDV D LQYHQomR GHVVH KLSHUWH[WR SDUWLFXODU
  • 65. YmR LQWHUYLU DR QtYHO GD FRQFHSomRHGDVHOHomRGRSURJUDPD 8PDYH]HQXQFLDGDVHVVDVFRQVWDWDo}HVTXDVHWpFQLFDVSDUHFHPXLWR GLItFLOIDODUGDSRWHQFLDOL]DomRHGDYLUWXDOL]DomRGRWH[WRFRPR IHQ{PHQRV KRPRJrQHRV 0XLWR SHOR FRQWUiULR VRPRV FRQIURQWDGRV D XPD H[WUHPD GLYHUVLGDGHTXHVHGHYHHVVHQFLDOPHQWHDWUrVIDWRUHVPLVWXUDGRVDQDWXUH]DGD UHVHUYD GLJLWDO LQLFLDO D GR SURJUDPD GH FRQVXOWD H D GR GLVSRVLWLYR GH FRPXQLFDomR 8PWH[WROLQHDUFOiVVLFRPHVPRGLJLWDOL]DGRQmRVHUiOLGRFRPRXP YHUGDGHLURKLSHUWH[WRQHPFRPRXPDEDVHGHGDGRVQHPFRPRXPVLVWHPD TXHHQJHQGUDDXWRPDWLFDPHQWHWH[WRVHPIXQomRGDVLQWHUDo}HVFRPDVTXDLV ROHLWRURDOLPHQWD 2OHLWRUHVWDEHOHFHXPDUHODomRPXLWRPDLVLQWHQVDFRPXPSURJUDPD GHOHLWXUDHGHQDYHJDomRTXHFRPXPDWHOD6HUiTXHRSURJUDPDSHUPLWH DSHQDV XP GHVHQURODU VHTHQFLDO FRPR RV SULPHLURV SURJUDPDV GH WUDWDPHQWR GH WH[WR TXH GXUDQWH DOJXP WHPSR IL]HUDP D OHLWXUD UHJUHGLU j PDQLSXODomRIDVWLGLRVDGRDQWLJRURORDTXpPLQFOXVLYHGDVSiJLQDVGRFyGH[
  • 66. 4XHIXQo}HVGHSHVTXLVDHGHRULHQWDomRRSURJUDPDRIHUHFH (OH SHUPLWH FRQVWUXLUYtQFXORVDXWRPiWLFRVHQWUHGLIHUHQWHVSDUWHVGRWH[WRSRGHFRQWHU DQRWDo}HV GH GLIHUHQWHV WLSRV 3RGH R OHLWRU SHUVRQDOL]DU VHX SURJUDPD GH OHLWXUD (LV Dt XPD VpULH GH YDULiYHLV LPSRUWDQWHV TXH YmR LQIOXLU PXLWR IRUWHPHQWHVREUHDVRSHUDo}HVLQWHOHFWXDLVDTXHROHLWRUVHHQWUHJDUi (QILPRVXSRUWHGLJLWDOSHUPLWHQRYRVWLSRVGHOHLWXUDVHGHHVFULWDV
  • 68. XP JUDQGH Q~PHUR GH SHVVRDV DQRWD DXPHQWD FRQHFWD RV WH[WRV XQV DRV RXWURVSRUPHLRGHOLJDo}HVKLSHUWH[WXDLV 8PSHQVDPHQWRVHDWXDOL]DQXPWH[WRHXPWH[WRQXPDOHLWXUDQXPD LQWHUSUHWDomR
  • 69. $R UHPRQWDU HVVD HQFRVWD GD DWXDOL]DomR D SDVVDJHP DR KLSHUWH[WRpXPDYLUWXDOL]DomR1mRSDUDUHWRUQDUDRSHQVDPHQWRGRDXWRU PDVSDUDID]HUGRWH[WRDWXDOXPDGDVILJXUDVSRVVtYHLVGHXPFDPSRWH[WXDO GLVSRQtYHO PyYHO UHFRQILJXUiYHO j YRQWDGH H DWp SDUD FRQHFWiOD H ID]rOD HQWUDU HP FRPSRVLomR FRP RXWURV FRUSXV KLSHUWH[WXDLV H GLYHUVRV LQVWUXPHQWRV GH DX[tOLR j LQWHUSUHWDomR RP LVVR D KLSHUWH[WXDOL]DomR PXOWLSOLFD DV RFDVL}HV GH SURGXomR GH VHQWLGR H SHUPLWH HQULTXHFHU FRQVLGHUDYHOPHQWHDOHLWXUD (LVQRV SRUWDQWR GH YROWD DR SUREOHPD GD OHLWXUD 6DEHVH TXH RV SULPHLURV WH[WRV DOIDEpWLFRV QmR VHSDUDYDP DV SDODYUDV )RL Vy PXLWR SURJUHVVLYDPHQWH TXH IRUDP LQYHQWDGRV RV HVSDoRV HP EUDQFR HQWUH RV YRFiEXORV D SRQWXDomR RV SDUiJUDIRV DV GLYLV}HV FODUDV HP FDStWXORV RV VXPiULRVRVtQGLFHVDDUWHGDSDJLQDomRDUHGHGHUHPLVVmRGDVHQFLFORSpGLDV HGLFLRQiULRVDVQRWDVGHSpGHSiJLQDHPVXPDWXGRRTXHIDFLOLWDDOHLWXUD HD FRQVXOWD GRV GRFXPHQWRV HVFULWRV RQWULEXLQGRSDUD GREUDU RV WH[WRV SDUDHVWUXWXUiORVSDUDDUWLFXOiORVDOpPGHVXDOLQHDULGDGHHVVDVWHFQRORJLDV DX[LOLDUHVFRPS}HPRTXHSRGHUtDPRVFKDPDUGHXPDDSDUHOKDJHPGHOHLWXUD DUWLILFLDO 2 KLSHUWH[WR KLSHUPtGLD RX PXOWLPtGLD LQWHUDWLYR OHYDP DGLDQWH SRUWDQWRXPSURFHVVRMiDQWLJRGHDUWLILFLDOL]DomRGDOHLWXUD6HOHUFRQVLVWHHP VHOHFLRQDUHPHVTXHPDWL]DUHPFRQVWUXLUXPDUHGHGHUHPLVV}HVLQWHUQDVDR WH[WRHPDVVRFLDUDRXWURVGDGRVHPLQWHJUDUDVSDODYUDVHDVLPDJHQVDXPD PHPyULDSHVVRDOHPUHFRQVWUXomRSHUPDQHQWHHQWmRRVGLVSRVLWLYRVKLSHUWH[WXDLV FRQVWLWXHP GH IDWR XPD HVSpFLH GH REMHWLYDomR GH H[WHULRUL]DomR GH YLUWXDOL]DomR GRV SURFHVVRVGHOHLWXUD$TXLQmRFRQVLGHUDPRVPDLVDSHQDVRVSURFHVVRVWpFQLFRV GHGLJLWDOL]DomRHGHDSUHVHQWDomRGRWH[WRPDVDDWLYLGDGHKXPDQDGHOHLWXUD HGHLQWHUSUHWDomRTXHLQWHJUDDVQRYDVIHUUDPHQWDV RPRYLPRVDOHLWXUDDUWLILFLDOH[LVWHKiPXLWRWHPSR4XHGLIHUHQoD SRGHPRV HVWDEHOHFHU HQWmR HQWUH R VLVWHPD TXH KDYLD VH HVWDELOL]DGR QDV SiJLQDVGRVOLYURVHGRVMRUQDLVHRTXHVHLQYHQWDKRMHHPVXSRUWHVGLJLWDLV $DERUGDJHPPDLVVLPSOHVGRKLSHUWH[WRTXHLQVLVWRQmRH[FOXLQHP RVVRQVQHPDVLPDJHQVpDGHGHVFUHYrODSRURSRVLomRDXPWH[WROLQHDU FRPRXPWH[WRHVWUXWXUDGRHPUHGH2KLSHUWH[WRVHULDFRQVWLWXtGRGHQyVRV HOHPHQWRVGHLQIRUPDomRSDUiJUDIRVSiJLQDVLPDJHQVVHTrQFLDV PXVLFDLV HWF
  • 72. tQGLFHVWKHVDXUXVDWODVTXDGURVGHVLQDLVVXPiULRVHUHPLVV}HVDRILQDOGRV DUWLJRV1RHQWDQWRRVXSRUWHGLJLWDODSUHVHQWDXPDGLIHUHQoDFRQVLGHUiYHOHP UHODomRDRVKLSHUWH[WRVDQWHULRUHVjLQIRUPiWLFDDSHVTXLVDQRVtQGLFHVRXVR GRVLQVWUXPHQWRVGHRULHQWDomRGHSDVVDJHPGHXPQyDRXWURID]HPVHQHOH FRPJUDQGHUDSLGH]GDRUGHPGHVHJXQGRV3RURXWURODGRDGLJLWDOL]DomR SHUPLWH DVVRFLDU QD PHVPD PtGLD H PL[DU ILQDPHQWH RV VRQV DV LPDJHQV DQLPDGDVHRVWH[WRV6HJXQGRHVVDSULPHLUDDERUGDJHPRKLSHUWH[WRGLJLWDO VHULD SRUWDQWR GHILQLGR FRPR XPD FROHomR GH LQIRUPDo}HV PXOWLPRGDLV GLVSRVWDHPUHGHSDUDDQDYHJDomRUiSLGDH´LQWXLWLYDµ (PUHODomRjVWpFQLFDVDQWHULRUHVGHOHLWXUDHPUHGHDGLJLWDOL]DomR LQWURGX]XPDSHTXHQDUHYROXomRFRSHUQLFDQDQmRpPDLVRQDYHJDGRUTXH VHJXHDVLQVWUXo}HVGHOHLWXUDHVHGHVORFDILVLFDPHQWHQRKLSHUWH[WRYLUDQGR DVSiJLQDVWUDQVSRUWDQGRSHVDGRVYROXPHVSHUFRUUHQGRFRPVHXVSDVVRVD ELEOLRWHFD PDV GRUDYDQWH p XP WH[WR PyYHO FDOHLGRVFySLFR TXH DSUHVHQWD VXDVIDFHWDVJLUDGREUDVHHGHVGREUDVHjYRQWDGHGLDQWHGROHLWRU,QYHQWD VHKRMHXPDQRYDDUWHGDHGLomRHGDGRFXPHQWDomRTXHWHQWDH[SORUDUDR Pi[LPRXPDQRYDYHORFLGDGHGHQDYHJDomRHPPHLRDPDVVDVGHLQIRUPDomR TXHVmRFRQGHQVDGDVHPYROXPHVDFDGDGLDPHQRUHV 'HDFRUGRFRPXPDVHJXQGDDERUGDJHPFRPSOHPHQWDUDWHQGrQFLD FRQWHPSRUkQHDjKLSHUWH[WXDOL]DomRGRVGRFXPHQWRVSRGHVHUGHILQLGDFRPR XPD WHQGrQFLD j LQGLVWLQomR j PLVWXUD GDV IXQo}HV GH OHLWXUD H GH HVFULWD 7RFDPRV DTXL R SUREOHPD GD YLUWXDOL]DomR SURSULDPHQWH GLWD TXHWHP SRU HIHLWR FRPR RFRUUH FRP IUHTrQFLD FRORFDU HP ORRS D H[WHULRULGDGH H D LQWHULRULGDGH QR FDVR D LQWLPLGDGH GR DXWRU H D HVWUDQKH]D GR OHLWRU HP UHODomRDRWH[WR(VVDSDVVDJHPFRQWtQXDGHGHQWURSDUDIRUDFRPRQXPDQHO GH0RHELXVFDUDFWHUL]DMiDOHLWXUDFOiVVLFDSRLVSDUDFRPSUHHQGHUROHLWRU GHYH ´UHFULDUµ R WH[WR PHQWDOPHQWH H SRUWDQWR HQWUDU GHQWUR GHOH (OD GL] UHVSHLWRWDPEpPjUHGDomRXPDYH]TXHDGLILFXOGDGHGHHVFUHYHUFRQVLVWHHP UHOHUVHSDUDFRUULJLUVHSRUWDQWRHPXPHVIRUoRSDUDWRUQDUVHHVWUDQKRDR SUySULR WH[WR 2UD D KLSHUWH[WXDOL]DomR REMHWLYD RSHUDFLRQDOL]D H HOHYD j SRWrQFLDGRFROHWLYRHVVDLGHQWLILFDomRFUX]DGDGROHLWRUHGRDXWRU RQVLGHUHPRVSULPHLURDFRLVDGRODGRGROHLWRU6HGHILQLUPRVXP KLSHUWH[WR FRPR XP HVSDoR GH SHUFXUVRV GH OHLWXUD SRVVtYHLV XP WH[WR DSUHVHQWDVH FRPR XPD OHLWXUD SDUWLFXODU GH XP KLSHUWH[WR 2 QDYHJDGRU SDUWLFLSDDVVLPGDUHGDomRRXSHORPHQRVGDHGLomRGRWH[WRTXHHOH´OrµXPD YH]TXHGHWHUPLQDVXDRUJDQL]DomRILQDODGLVSRVLWLRGDDQWLJDUHWyULFD
  • 73. 2QDYHJDGRUSRGHVHID]HUDXWRUGHPDQHLUDPDLVSURIXQGDGRTXH SHUFRUUHQGR XPD UHGH SUHHVWDEHOHFLGD SDUWLFLSDQGR GD HVWUXWXUDomR GR KLSHUWH[WRFULDQGRQRYDVOLJDo}HV$OJXQVVLVWHPDVUHJLVWUDPRVFDPLQKRVGH OHLWXUD H UHIRUoDP WRUQDP PDLV YLVtYHLV SRU H[HPSOR
  • 75. GRVQDYHJDGRUHV (QILP RV OHLWRUHV SRGHP QmR DSHQDV PRGLILFDU DV OLJDo}HV PDV LJXDOPHQWHDFUHVFHQWDURXPRGLILFDUQyVWH[WRVLPDJHQVHWF
  • 76. FRQHFWDUXP KLSHUGRFXPHQWRDRXWURHID]HUDVVLPGHGRLVKLSHUWH[WRVVHSDUDGRVXP~QLFR GRFXPHQWRRXWUDoDUOLJDo}HVKLSHUWH[WXDLVHQWUHXPDVpULHGHGRFXPHQWRV 6XEOLQKHPRVTXHHVVDSUiWLFDHQFRQWUDVHKRMHHPSOHQRGHVHQYROYLPHQWRQD ,QWHUQHW QRWDGDPHQWH QD :RUOG :LGH :HE 7RGRV RV WH[WRV S~EOLFRV DFHVVtYHLV SHOD UHGH ,QWHUQHW GRUDYDQWH ID]HP YLUWXDOPHQWH SDUWH GH XP PHVPRLPHQVRKLSHUWH[WRHPFUHVFLPHQWRLQLQWHUUXSWR2VKLSHUGRFXPHQWRV DFHVVtYHLV SRU XPD UHGH LQIRUPiWLFD VmR SRGHURVRV LQVWUXPHQWRV GH HVFULWDOHLWXUDFROHWLYD $VVLP D HVFULWD H D OHLWXUD WURFDP VHXV SDSpLV 7RGR DTXHOH TXH SDUWLFLSDGDHVWUXWXUDomRGRKLSHUWH[WRGRWUDoDGRSRQWLOKDGRGDVSRVVtYHLV GREUDVGRVHQWLGRMipXPOHLWRU6LPHWULFDPHQWHTXHPDWXDOL]DXPSHUFXUVR RXPDQLIHVWDHVWHRXDTXHOHDVSHFWRGDUHVHUYDGRFXPHQWDOFRQWULEXLSDUDD UHGDomRFRQFOXLPRPHQWDQHDPHQWHXPDHVFULWDLQWHUPLQiYHO$VFRVWXUDVH UHPLVV}HVRVFDPLQKRVGHVHQWLGRRULJLQDLVTXHROHLWRULQYHQWDSRGHPVHU LQFRUSRUDGRV j HVWUXWXUD PHVPD GRV FRUSXV $ SDUWLU GR KLSHUWH[WR WRGD OHLWXUDWRUQRXVHXPDWRGHHVFULWD 2,%(5(63$d228$9,578$/,=$d®2'220387$'25 7HUtDPRVVRPHQWHXPDYLVmRSDUFLDOGDYLUWXDOL]DomRFRQWHPSRUkQHD GRWH[WRHGDOHLWXUDVHDIRFDOL]iVVHPRVXQLFDPHQWHQDSDVVDJHPGRSDSHOj WHODGRFRPSXWDGRU2FRPSXWDGRUFRPRVXSRUWHGHPHQVDJHQVSRWHQFLDLVMi VH LQWHJURX H TXDVH VH GLVVROYHX QR FLEHUHVSDoR HVVD WXUEXOHQWD ]RQD GH WUkQVLWR SDUD VLJQRV YHWRUL]DGRV $QWHV GH DERUGDU D GHVWHUULWRULDOL]DomR GR WH[WRHYRTXHPRVSRUWDQWRDYLUWXDOL]DomRGRFRPSXWDGRU 'XUDQWH PXLWR WHPSR SRODUL]DGD SHOD ´PiTXLQDµ EDOFDQL]DGD DWp UHFHQWHPHQWH SHORV SURJUDPDV D LQIRUPiWLFD FRQWHPSRUkQHD ² VRIW H KDUGZDUH ² GHVFRQVWUyL R FRPSXWDGRU SDUD GDU OXJDU D XP HVSDoR GH FRPXQLFDomRQDYHJiYHOHWUDQVSDUHQWHFHQWUDGRQRVIOX[RVGHLQIRUPDomR RPSXWDGRUHVGHPDUFDVGLIHUHQWHVSRGHPVHUPRQWDGRVDSDUWLUGH FRPSRQHQWHVTXDVHLGrQWLFRVHFRPSXWDGRUHVGDPHVPDPDUFDFRQWrPSHoDV GH RULJHQV PXLWR GLIHUHQWHV 3RU RXWUR ODGR FRPSRQHQWHV GH PDWHULDO LQIRUPiWLFR FDSWDGRUHV PHPyULDV SURFHVVDGRUHV HWF
  • 77. SRGHP VH DFKDU QRXWUDV SDUWHV TXH QmR HP FRPSXWDGRUHV SURSULDPHQWH GLWRV HP FDUW}HV HOHWU{QLFRVHPGLVWULEXLGRUHVDXWRPiWLFRVURE{VDSDUHOKRVHOHWURGRPpVWLFRV QyV GH UHGHV GH FRPXQLFDomR IRWRFRSLDGRUDV ID[HV FkPHUDV GH YtGHR WHOHIRQHV UiGLRV WHOHYLV}HV RQGH TXHU TXH D LQIRUPDomR GLJLWDO VHMD SURFHVVDGDDXWRPDWLFDPHQWH(QILPHVREUHWXGRXPFRPSXWDGRUUDPLILFDGR
  • 78. QR KLSHUHVSDoR SRGH UHFRUUHU jV FDSDFLGDGHV GH PHPyULD H GH FiOFXOR GH RXWURVFRPSXWDGRUHVGDUHGHTXHSRUVXDYH]ID]HPRPHVPR
  • 79. EHPFRPRD GLYHUVRV DSDUHOKRV GLVWDQWHV GH FDSWXUD H GH DSUHVHQWDomR GH LQIRUPDomR 7RGDVDVIXQo}HVGDLQIRUPiWLFDFDSWXUDGLJLWDOL]DomRPHPyULDWUDWDPHQWR DSUHVHQWDomR
  • 80. VmRGLVWULEXtYHLVHFDGDYH]PDLVGLVWULEXtGDV2FRPSXWDGRU QmRpXPFHQWURPDVXPSHGDoRXPIUDJPHQWRGDWUDPDXPFRPSRQHQWH LQFRPSOHWR GD UHGH FDOFXODGRUD XQLYHUVDO 6XDV IXQo}HV SXOYHUL]DGDV LPSUHJQDPFDGDHOHPHQWRGRWHFQRFRVPR1ROLPLWHVyKiKRMHXP~QLFR FRPSXWDGRUXP ~QLFR VXSRUWH SDUD WH[WR PDV WRUQRXVH LPSRVVtYHO WUDoDU VHXVOLPLWHVIL[DUVHXFRQWRUQReXPFRPSXWDGRUFXMRFHQWURHVWiHPWRGD SDUWHHDFLUFXQIHUrQFLDHPQHQKXPDXPFRPSXWDGRUKLSHUWH[WXDOGLVSHUVR YLYR SXOXODQWH LQDFDEDGR YLUWXDO XP FRPSXWDGRU GH %DEHO R SUySULR FLEHUHVSDoR $'(67(55,725,$/,=$d®2'27(;72 0LOK}HV GH SHVVRDV H GH LQVWLWXLo}HV QR PXQGR WUDEDOKDP QD FRQVWUXomRHQDGLVSRVLomRGRLPHQVRKLSHUWH[WRGD:RUOG:LGH:HE1D :HE FRPR HP WRGR KLSHUGRFXPHQWR p SUHFLVR GLVWLQJXLU FRQFHLWXDOPHQWH GRLV WLSRV GH PHPyULDV GLIHUHQWHV 'H XP ODGR D UHVHUYD WH[WXDO RX GRFXPHQWDOPXOWLPRGDORVGDGRVXPHVWDTXHTXDVHDPRUIRVXILFLHQWHPHQWH EDOLVDGRQRHQWDQWRSDUDTXHVHXVHOHPHQWRVWHQKDPXPHQGHUHoR'HRXWUR XPFRQMXQWRGHHVWUXWXUDVSHUFXUVRVYtQFXORVRXUHGHVGHLQGLFDGRUHVTXH UHSUHVHQWDRUJDQL]Do}HVSDUWLFXODUHVVHOHWLYDVHVXEMHWLYDVGRHVWDTXH DGD LQGLYtGXR FDGD RUJDQL]DomR VmR LQFLWDGRV QmR DSHQDV D DXPHQWDURHVWDTXHPDVWDPEpPDSURSRUDRVRXWURVFLEHUQDXWDVXPSRQWR GH YLVWD VREUH R FRQMXQWR XPD HVWUXWXUD VXEMHWLYD (VVHV SRQWRV GH YLVWD VXEMHWLYRVVHPDQLIHVWDPHPSDUWLFXODUQDVOLJDo}HVSDUDRH[WHULRUDVVRFLDGDV jV KRPH SDJHV DIL[DGDV SRU XP LQGLYtGXR RX JUXSR 1R FLEHUHVSDoR FRPR TXDOTXHUSRQWRpGLUHWDPHQWHDFHVViYHODSDUWLUGHTXDOTXHURXWURVHUiFDGD YH] PDLRU D WHQGrQFLD D VXEVWLWXLU DV FySLDV GH GRFXPHQWRV SRU OLJDo}HV KLSHUWH[WXDLVQROLPLWHEDVWDTXHRWH[WRH[LVWDILVLFDPHQWHXPD~QLFDYH]QD PHPyULDGHXPFRPSXWDGRUFRQHFWDGRjUHGHSDUDTXHHOHIDoDSDUWHJUDoDVD XPFRQMXQWRGHYtQFXORVGHPLOKDUHVRXPHVPRGHPLOK}HVGHSHUFXUVRVRX GH HVWUXWXUDV VHPkQWLFDV GLIHUHQWHV $ SDUWLU GDV KRPH SDJHV H GRV KLSHUGRFXPHQWRV RQOLQH SRGHVH VHJXLU RV ILRV GH GLYHUVRV XQLYHUVRV VXEMHWLYRV 1RPXQGRGLJLWDODGLVWLQomRGRRULJLQDOHGDFySLDKiPXLWRSHUGHX TXDOTXHUSHUWLQrQFLD2FLEHUHVSDoRHVWiPLVWXUDQGRDVQRo}HVGHXQLGDGHGH LGHQWLGDGHHGHORFDOL]DomR 2VYtQFXORVSRGHPUHPHWHUDHQGHUHoRVTXHDEULJDPQmRXPWH[WR
  • 81. GHILQLGR PDV GDGRV DWXDOL]DGRV HP WHPSR UHDO UHVXOWDGRV HVWDWtVWLFRV VLWXDo}HVSROtWLFDVLPDJHQVGRPXQGRWUDQVPLWLGDVSRUVDWpOLWH$VVLPFRPR RULRGH+HUiFOLWRRKLSHUWH[WRMDPDLVpGXDVYH]HVRPHVPR$OLPHQWDGRSRU FDSWDGRUHVHOHDEUHXPDMDQHODSDUDRIOX[RFyVPLFRHDLQVWDELOLGDGHVRFLDO 2V GLVSRVLWLYRV KLSHUWH[WXDLV QDV UHGHV GLJLWDLV GHVWHUULWRULDOL]DUDP R WH[WR )L]HUDP HPHUJLU XP WH[WR VHP IURQWHLUDV QtWLGDV VHP LQWHULRULGDGH GHILQtYHO 1mR Ki PDLV XP WH[WR GLVFHUQtYHO H LQGLYLGXDOL]iYHO PDV DSHQDV WH[WRDVVLPFRPRQmRKiXPDiJXDHXPDDUHLDPDVDSHQDViJXDHDUHLD2WH[WR p SRVWR HP PRYLPHQWR HQYROYLGR HP XP IOX[R YHWRUL]DGR PHWDPyUILFR $VVLP HVWi PDLV SUy[LPR GR SUySULR PRYLPHQWR GR SHQVDPHQWR RX GD LPDJHPTXHKRMHWHPRVGHVWH3HUGHQGRVXDDILQLGDGHFRPDVLGpLDVLPXWiYHLV TXHVXSRVWDPHQWHGRPLQDULDPRPXQGRVHQVtYHORWH[WRWRUQDVHDQiORJRDR XQLYHUVRGHSURFHVVRVDRTXDOVHPLVWXUD 2WH[WRFRQWLQXDVXEVLVWLQGRPDVDSiJLQDIXUWRXVH$SiJLQDLVWRp RSDJXVODWLQRHVVHFDPSRHVVHWHUULWyULRFHUFDGRSHOREUDQFRGDVPDUJHQV ODYUDGR GH OLQKDV HVHPHDGR GH OHWUDV H GH FDUDFWHUHV SHOR DXWRU D SiJLQD DLQGDFDUUHJDGDGDDUJLODPHVRSRWkPLFDDGHULQGRVHPSUHjWHUUDGRQHROtWLFR HVVDSiJLQDPXLWRDQWLJDVHDSDJDOHQWDPHQWHVREDLQXQGDomRLQIRUPDFLRQDO VHXVVLJQRVVROWRVYmRMXQWDUVHjWRUUHQWHGLJLWDO eFRPRVHDGLJLWDOL]DomRHVWDEHOHFHVVHXPDHVSpFLHGHLPHQVRSODQR VHPkQWLFRDFHVVtYHOHPWRGROXJDUHTXHWRGRVSXGHVVHPDMXGDUDSURGX]LUD GREUDU GLYHUVDPHQWH D UHWRPDU D PRGLILFDU D GREUDU GH QRYR +i QHFHVVLGDGHGHVXEOLQKDULVWR$VIRUPDVHFRQ{PLFDVHMXUtGLFDVKHUGDGDVGR SHUtRGRSUHFHGHQWHLPSHGHPKRMHTXHHVVHPRYLPHQWRGHGHVWHUULWRULDOL]DomR FKHJXHDVHXWHUPR $ DQiOLVH YDOH LJXDOPHQWH SDUD DV LPDJHQV TXH YLUWXDOPHQWH QmR FRQVWLWXHPPDLVVHQmRXP~QLFRKLSHUtFRQHVHPOLPLWHVFDOHLGRVFySLFRHP FUHVFLPHQWRVXMHLWRDWRGDVDVTXLPHUDV(DVP~VLFDVHOHYDQGRVHGRVEDQFRV GHHIHLWRVVRQRURVGRVUHSHUWyULRVGHWLPEUHVRUJDQL]DGRVHPDPRVWUDVGRV SURJUDPDVGHVtQWHVHGHVHTHQFLDPHQWRHGHDUUDQMRDXWRPiWLFRVDVP~VLFDV GRFLEHUHVSDoRFRPS}HPMXQWDVXPDLQDXGtYHOSROLIRQLDRXVHSHUGHPHP FDFRIRQLD $LQWHUSUHWDomRLVWRpDSURGXomRGRVHQWLGRGRUDYDQWHQmRUHPHWH PDLVH[FOXVLYDPHQWHj LQWHULRULGDGH GH XPD LQWHQomR QHP D KLHUDUTXLDV GH VLJQLILFDo}HV HVRWpULFDV PDV DQWHV j DSURSULDomR VHPSUH VLQJXODU GH XP QDYHJDGRU RX GH XPD VXUILVWD 2 VHQWLGR HPHUJH GH HIHLWRV GH SHUWLQrQFLD ORFDLVVXUJHQDLQWHUVHFokRGHXPSODQRVHPLyWLFDGHVWHUULWRULDOL]DGRHGHXPD WUDMHWyULDGHHILFiFLDRXSUD]HU1mRPHLQWHUHVVRPDLVSHORTXHSHQVRXXP DXWRU LQHQFRQWUiYHO SHoR DR WH[WR SDUD PH ID]HU SHQVDU DTXL H DJRUD $ YLUWXDOLGDGHGRWH[WRDOLPHQWDPLQKDLQWHOLJrQFLDHPDWR
  • 82. 5802$80$5(6685*È1,$'$8/785$'27(;72 6H OHU FRQVLVWH HP KLHUDUTXL]DU VHOHFLRQDU HVTXHPDWL]DUFRQVWUXLU XPD UHGH VHPkQWLFD H LQWHJUDU LGpLDV DGTXLULGDV D XPDPHPyULD HQWmR DV WpFQLFDVGLJLWDLVGHKLSHUWH[WXDOL]DomRHGHQDYHJDomRFRQVWLWXHPGHIDWRXPD HVSpFLHGHYLUWXDOL]DomRWpFQLFDRXGHH[WHULRUL]DomRGRVSURFHVVRVGHOHLWXUD *UDoDV j GLJLWDOL]DomR R WH[WR H D OHLWXUD UHFHEHUDP KRMH XPQRYR LPSXOVRHDRPHVPRWHPSRXPDSURIXQGDPXWDomR3RGHVHLPDJLQDUTXHRV OLYURV RV MRUQDLV RV GRFXPHQWRV WpFQLFRV HDGPLQLVWUDWLYRV LPSUHVVRV QR IXWXUR VHUmR DSHQDV HP JUDQGH SDUWH SURMHo}HV WHPSRUiULDV H SDUFLDLV GH KLSHUWH[WRV RQOLQH PXLWRPDLV ULFRV H VHPSUH DWLYRV 3RVWR TXH D HVFULWD DOIDEpWLFDKRMHHPXVRHVWDELOL]RXVHVREUHXPVXSRUWHHVWiWLFRHHPIXQomR GHVVHVXSRUWHpOHJtWLPRLQGDJDUVHRDSDUHFLPHQWRGHXPVXSRUWHGLQkPLFR QmRSRGHULDVXVFLWDUDLQYHQomRGHQRYRVVLVWHPDVGHHVFULWDTXHH[SORUDULDP PHOKRU DV QRYDV SRWHQFLDOLGDGHV 2V ´tFRQHVµ LQIRUPiWLFRV FHUWRV YLGHRJDPHV DV VLPXODo}HV JUiILFDV LQWHUDWLYDV XWLOL]DGDV SHORV FLHQWLVWDV UHSUHVHQWDPRVSULPHLURVSDVVRVUHVWDXUDLHPGLUHomRDXPDIXWXUDLGHRJUDILD GLQkPLFD $ PXOWLSOLFDomR GDV WHODV DQXQFLD R ILP GR HVFULWR FRPR GmR D HQWHQGHU FHUWRV SURIHWDV GD GHVJUDoD (VVD LGpLD p PXLWR SURYDYHOPHQWH HUU{QHDHUWDPHQWHRWH[WRGLJLWDOL]DGRIOXLGRUHFRQILJXUiYHOjYRQWDGHTXH VHRUJDQL]DGHXPPRGRQmROLQHDUTXHFLUFXODQRLQWHULRUGHUHGHVORFDLVRX PXQGLDLVGDVTXDLVSDUWLFLSDQWHpXPDXWRUHXPHGLWRUSRWHQFLDOHVVHWH[WR GLIHUHQFLDVHGRLPSUHVVRFOiVVLFR 0DV FRQYpP QmR FRQIXQGLU R WH[WR QHP FRP R PRGR GH GLIXVmR XQLODWHUDOTXHpDLPSUHQVDQHPFRPRVXSRUWHHVWiWLFRTXHpRSDSHOQHP FRPXPDHVWUXWXUDOLQHDUHIHFKDGDGDVPHQVDJHQV$FXOWXUDGRWH[WRFRPR TXH HOD LPSOLFD GH GLIHULGR QD GD GHVWHV H[SUHVVmR GH GLVWkQFLD FUtWLFD QD LQWHUSUHWDomRHGHUHPLVV}HVFHUUDGDVQRLQWHULRUGHXPXQLYHUVRVHPkQWLFRGH LQWHUWH[WXDOLGDGHTXHVmRpDRFRQWUiULROHYDGDDXPLPHQVRGHVHQYROYLPHQWR QR QRYR HQVLQR H HVSDoR GH FRPXQLFDomR GDV UHGHV GLJLWDLV /RQJH GH DQLTXLODU R WH[WR D YLUWXDOL]DomR SDUHFH ID]rOR FRLQFLGLU FRP VXD HVVrQFLD FRLVD VHU VXELWDPHQWH GHVYHODGD RPR VH D YLUWXDOL]DomR FRQWHPSRUkQHD PHGLFLQDUHDOL]DVVHRGHYLUGRWH[WR(QILPFRPRVHVDtVVHPRVGHXPDFHUWD SUpKLVWyULDHDDYHQWXUDGRWH[WRFRPHoDVVHUHDOPHQWHRPRVHDFDEiVVHPRV GHLQYHQWDUDHVFULWD
  • 83. $9,578$/,=$d®2'$(2120,$ 80$(2120,$'$'(67(55,725,$/,=$d®2 $HFRQRPLDFRQWHPSRUkQHDpXPDHFRQRPLDGDGHVWHUULWRULDOL]DomR RX GD YLUWXDOL]DomR 2 SULQFLSDO VHWRU PXQGLDO HP YROXPH GH QHJyFLRV OHPEUHPRV p R GR WXULVPR YLDJHQV KRWpLV UHVWDXUDQWHV $ KXPDQLGDGH MDPDLVGHGLFRXWDQWRVUHFXUVRVDQmRHVWDUSUHVHQWHDFRPHUGRUPLUYLYHU IRUDGHVXDFDVDDVHDIDVWDUGHVHXGRPLFtOLR6HDFUHVFHQWDUPRVDRYROXPHGH QHJyFLRVGRWXULVPRSURSULDPHQWHGLWRRGDVLQG~VWULDVTXHIDEULFDPYHtFXORV FDUURV FDPLQK}HV WUHQV PHWU{V EDUFRV DYL}HV HWF
  • 84. FDUEXUDQWHV SDUD RV YHtFXORV H LQIUDHVWUXWXUDV HVWUDGDV DHURSRUWRV
  • 85. FKHJDUHPRV D FHUFD GH PHWDGHGDDWLYLGDGHHFRQ{PLFDPXQGLDODVHUYLoRGRWUDQVSRUWH2FRPpUFLRH D GLVWULEXLomR SRU VXD YH] ID]HP YLDMDU VLJQRV H FRLVDV 2V PHLRV GH FRPXQLFDomRHOHWU{QLFRVHGLJLWDLVQmRVXEVWLWXtUDPRWUDQVSRUWHItVLFRPXLWR SHORFRQWUiULRFRPXQLFDomRHWUDQVSRUWHFRPRMiVXEOLQKDPRVID]HPSDUWH GD PHVPD RQGD GH YLUWXDOL]DomR JHUDO 3RLV DR VHWRU GD GHVWHUULWRULDOL]DomR ItVLFDFXPSUHHYLGHQWHPHQWHDFUHVFHQWDUDVWHOHFRPXQLFDo}HVDLQIRUPiWLFD RVPHLRVGHFRPXQLFDomRTXHVmRRXWURVVHWRUHVDVFHQGHQWHVGDHFRQRPLDGR YLUWXDO 2 HQVLQR H D IRUPDomR EHP FRPR DV LQG~VWULDV GD GLYHUVmR WUDEDOKDQGR SDUD D KHWHURJrQHVH GRV HVStULWRV QmR SURGX]HP RXWUD FRLVD VHQmRRYLUWXDO4XDQWRDRSRGHURVRVHWRUGDVD~GH²PHGLFLQDHIDUPiFLD² FRPRYLPRVQXPFDStWXORSUHFHGHQWHHOHYLUWXDOL]DRVFRUSRV 2$62'$6),1$1d$6 2 VHWRU ILQDQFHLUR FRUDomR SXOVDQWH GD HFRQRPLD PXQGLDO p VHP G~YLGDXPDGDVDWLYLGDGHVPDLVFDUDFWHUtVWLFDVGDHVFDODGDGDYLUWXDOL]DomR $PRHGDTXHpDEDVHGDVILQDQoDVGHVVLQFURQL]RXHGHVORFDOL]RXHP JUDQGHHVFDODRWUDEDOKRDWUDQVDomRFRPHUFLDOHRFRQVXPRTXHSRUPXLWR WHPSR LQWHUYLHUDP QDV PHVPDV XQLGDGHV GH WHPSR H GH OXJDU (QTXDQWR REMHWRYLUWXDODPRHGDpHYLGHQWHPHQWHPDLVIiFLOGHWURFDUGHSDUWLOKDUHGH H[LVWLU HP FRPXP TXH HQWLGDGHV PDLV FRQFUHWDV FRPR WHUUD RX VHUYLoRV 5HHQFRQWUDPRV QD LQYHQomR H QR GHVHQYROYLPHQWR GD PRHGD H GRV LQVWUXPHQWRV ILQDQFHLURV PDLV FRPSOH[RV
  • 86. RV WUDoRV GLVWLQWLYRV GD YLUWXDOL]DomR TXH VmR QmR DSHQDV R DUUDQFDUVH DR DTXL H DJRUD RX D GHVWHUULWRULDOL]DomR PDV LJXDOPHQWH D SDVVDJHP DR S~EOLFR DR DQ{QLPR D SRVVLELOLGDGHGHSDUWLOKDHGHWURFDDVXEVWLWXLomRSDUFLDOGRMRJRLQFHVVDQWH GDV QHJRFLDo}HV H GDV UHODo}HV GH IRUoD LQGLYLGXDLV SRU XP PHFDQLVPR
  • 87. LPSHVVRDO $ OHWUD GH FkPELRID] FLUFXODU XPUHFRQKHFLPHQWR GH GtYLGD GH XPDPRHGDDRXWUDHGHXPDSHVVRDDRXWUDRFRQWUDWRGHVHJXURPXWXDOL]D RV ULVFRV D VRFLHGDGH SRU Do}HV HODERUD D SURSULHGDGH H R LQYHVWLPHQWR FROHWLYR2XWUDVWDQWDVLQYHQo}HVTXHSURORQJDPDVGDPRHGDHTXHDFHQWXDP DYLUWXDOL]DomRGDHFRQRPLD $WXDOPHQWHDVILQDQoDVEDQFRVVHJXUDGRUDV
  • 88. FRQVWLWXHPHQWUHH GR 3,% GRV SDtVHV LQGXVWULDOL]DGRV *ROGILQJHU
  • 89. 2V IOX[RV ILQDQFHLURV PXQGLDLV VmR VXSHULRUHV DRV GR FRPpUFLR LQWHUQDFLRQDO H QR LQWHULRU PHVPR GR VHWRU ILQDQFHLUR R FUHVFLPHQWR GRV SURGXWRV GHULYDGRV HVSpFLHVGHVHJXURVVREUHRVSURGXWRVFOiVVLFRVHYLUWXDLVSRUH[FHOrQFLD
  • 90. p PDLVDFHQWXDGRTXHDPpGLD'HPDQHLUDPDLVJHUDODSULPD]LDFUHVFHQWHGD HFRQRPLDPRQHWiULDHGRVLPSHUDWLYRVILQDQFHLURVpXPDGDVPDQLIHVWDo}HV PDLV QRWiYHLV GD YLUWXDOL]DomR HP FXUVR (P Q~PHURV DEVROXWRV R PDLRU PHUFDGR GR PXQGR p R GD SUySULD PRHGD R PHUFDGR FDPELDO PDLV LPSRUWDQWHTXHRGRVWtWXORVHRGDVDo}HV RPR IXQFLRQDP RV PHUFDGRV ILQDQFHLURV 2V UDFLRFtQLRV GRV RSHUDGRUHV ILQDQFHLURV EDVHLDPVH HVVHQFLDOPHQWH QR UDFLRFtQLR GRV RXWURV RSHUDGRUHVILQDQFHLURVFRPRQXPDPXOWLGmRHPTXHFDGDPHPEURSUDWLFDVVH DSVLFRORJLDGDVPXOWLG}HV2V´DUJXPHQWRVµGHVVHVUDFLRFtQLRVVmRVREUHWXGR RVLQGLFDGRUHVHFRQ{PLFRVSXEOLFDGRVSHORVJRYHUQRVHSHORVRUJDQLVPRVGH HVWDWtVWLFDVEHPFRPRRVSUHoRVFRWDo}HVHWD[DVGRVGLIHUHQWHVSDSpLVDo}HV H LQVWUXPHQWRV ILQDQFHLURV 2UD HVVHV SUHoRV FRWDo}HV H WD[DV VmR HOHV SUySULRV´FRQFOXV}HVµDTXHFKHJDRPHUFDGRDSyVXPUDFLRFtQLRFROHWLYR SDUDOHORHGLVWULEXtGR2PHUFDGRILQDQFHLURFHUWDPHQWHOHYDHPFRQWDGDGRV ´H[WHULRUHVµDVHXSUySULRIXQFLRQDPHQWRJXHUUDVHOHLo}HVHWF
  • 91. PDVWUDEDOKD DQWHVGHWXGRGHXPPRGRUHFXUVLYRDSDUWLUGRVUHVXOWDGRVGHVXDVSUySULDV RSHUDo}HV 0DLV FRQIRUPH YLPRV FDGD XP GH VHXV ´SURFHVVDGRUHVµ HOHPHQWDUHVVLPXODJURVVHLUDPHQWHRIXQFLRQDPHQWRGRFRQMXQWR 3RGHUtDPRV DUULVFDU XP SDUDOHOR FRP ERD SDUWH GD DUWH FRQWHPSRUkQHD TXH ID] PXLWR PDLV UHIHUrQFLD D VL PHVPD H j VXD SUySULD KLVWyULD TXH D TXDOTXHU RXWUD FRLVD FLWDo}HV GHUULV}HV GLIHUHQFLDo}HV WUDEDOKRVVREUHROLPLWHRXDLGHQWLGDGHGDDUWHHWF'RPHVPRPRGRTXHQDV ILQDQoDV DV SULQFLSDLV RSHUDo}HV GD DUWH FRQWHPSRUkQHD LQFLGHP VREUH R MXOJDPHQWRGRVRXWURVDREUDLQWHUYLQGRFRPRYHWDULQGLFDGRURXFRPXWDGRU QDGLQkPLFDUHFXUVLYDGRMXOJDPHQWRFROHWLYR 3DUDYROWDUjYLUWXDOL]DomRGDHFRQRPLDRVEDQFRVGHGDGRVRQOLQH VLVWHPDV HVSHFLDOLVWDV H RXWURV LQVWUXPHQWRV LQIRUPiWLFRV WRUQDP FDGD YH] PDLV WUDQVSDUHQWHV D VL PHVPRV RV ´UDFLRFtQLRV GR PHUFDGRµ $V ILQDQoDV LQWHUQDFLRQDLV GHVHQYROYHPVH HP HVWUHLWD VLPELRVH FRP DV UHGHV H DV WHFQRORJLDV GH VXSRUWH GLJLWDO (ODV WHQGHP D XPD HVSpFLH GH LQWHOLJrQFLD FROHWLYDGLVWULEXtGDSDUDDTXDORGLQKHLURHDLQIRUPDomRSURJUHVVLYDPHQWHVH
  • 93. QmR PDQWpP VLPXOWDQHDPHQWH DEHUWRV YiULRV FDPLQKRV GH GLIHUHQFLDomR 3RGHVH VRQKDU FRPXPDDWLYLGDGHILQDQFHLUDDLQGDPDLVLQWHOLJHQWHFDSD]GHH[SORUDUYiULDV KLSyWHVHV GH DYDOLDomR DR PHVPR WHPSR TXH GDULD SURYD GH LPDJLQDokR H SURMHWDULDYiULRVIXWXURVHPYH]GHUHDJLUSULQFLSDOPHQWHGHXPPRGRUHIOH[R ,1)250$®2(21+(,0(1722168021®2'(67587,92 ($35235,$d®21®2(;/86,9$ $OpPGRVVHWRUHVGDYLUWXDOL]DomRSURSULDPHQWHGLWDFRPRRWXULVPR DV FRPXQLFDo}HV H DV ILQDQoDV R FRQMXQWR GDV DWLYLGDGHV GHSHQGH KRMH D PRQWDQWHGRVEHQVHFRQ{PLFRVPXLWRSDUWLFXODUHVTXHVmRDVLQIRUPDo}HVH RVFRQKHFLPHQWRV $LQIRUPDomRHRFRQKHFLPHQWRGHIDWRVmRGRUDYDQWHDSULQFLSDO IRQWHGHSURGXomRGHULTXH]D3RGHUVHLDUHWRUTXLUTXHLVWRVHPSUHIRLDVVLP R FDoDGRU R FDPSRQrV R PHUFDGRU R DUWHVmR R VROGDGR GHYLDP QHFHVVDULDPHQWH DGTXLULU FHUWDV FRPSHWrQFLDV H VH LQIRUPDU VREUH VHX DPELHQWHSDUDH[HFXWDUVXDVWDUHIDV0DVDUHODomRFRPRFRQKHFLPHQWRTXH H[SHULPHQWDPRV GHVGH D 6HJXQGD *XHUUD PXQGLDO H VREUHWXGR GHSRLV GRV DQRVVHWHQWDpUDGLFDOPHQWHQRYD$WpDVHJXQGDPHWDGHGRVpFXOR;;XPD SHVVRDSUDWLFDYDQRILQDOGHVXDFDUUHLUDDVFRPSHWrQFLDVDGTXLULGDVHPVXD MXYHQWXGH0DLVGRTXHLVWRWUDQVPLWLDJHUDOPHQWHVHXVDEHUTXDVHLQDOWHUDGR D VHXV ILOKRV RX D DSUHQGL]HV +RMH HVVH HVTXHPD HVWi HP JUDQGH SDUWH REVROHWR$VSHVVRDVQmRDSHQDVVmROHYDGDVDPXGDUYiULDVYH]HVGHSURILVVmR HP VXD YLGD FRPR WDPEpP QR LQWHULRU GD PHVPD ´SURILVVmRµ RV FRQKHFLPHQWRVWrPXPFLFORGHUHQRYDomRFDGDYH]PDLVFXUWRWUrVDQRVRX DWp PHQRV HP LQIRUPiWLFD SRU H[HPSOR
  • 94. 7RUQRXVH GLItFLO GHVLJQDU DV FRPSHWrQFLDV ´GH EDVHµ QXP GRPtQLR 1RYDV WpFQLFDV RX QRYDV FRQILJXUDo}HV VyFLRHFRQ{PLFDV SRGHP D WRGR PRPHQWR UHFRORFDU HP TXHVWmRDRUGHPHDLPSRUWkQFLDGRVFRQKHFLPHQWRV 3DVVRXVHSRUWDQWRGDDSOLFDomRGHVDEHUHVHVWiYHLVTXHFRQVWLWXHPR SODQR GH IXQGR GD DWLYLGDGH j DSUHQGL]DJHP SHUPDQHQWH j QDYHJDomR FRQWtQXDQXPFRQKHFLPHQWRTXHGRUDYDQWHVHSURMHWDHPSULPHLURSODQR2 VDEHUSUHQGLDVHDRIXQGDPHQWRKRMHVHPRVWUDFRPRILJXUDPyYHO7HQGLD SDUD D FRQWHPSODomR SDUD R LPXWiYHO HLOD DJRUD WUDQVIRUPDGR HP IOX[R DOLPHQWDQGRDVRSHUDo}HVHILFD]HVHOHSUySULRRSHUDomR$OpPGLVVRQmRp PDLVDSHQDVXPDFDVWDGHHVSHFLDOLVWDVPDVDJUDQGHPDVVDGDVSHVVRDVTXH
  • 95. VmR OHYDGDV D DSUHQGHU WUDQVPLWLU H SURGX]LU FRQKHFLPHQWRV GH PDQHLUD FRRSHUDWLYDHPVXDDWLYLGDGHFRWLGLDQD $VLQIRUPDo}HVHRVFRQKHFLPHQWRVSDVVDUDPDFRQVWDUHQWUHRVEHQV HFRQ{PLFRVSULPRUGLDLVRTXHQHPVHPSUHIRLYHUGDGH$GHUQDLVVXDSRVLomR GH LQIUDHVWUXWXUD ² IDODVH GH LQIRVWUXWXUD ² GH IRQWH RX GH FRQGLomR GHWHUPLQDQWH SDUD WRGDV DV RXWUDV IRUPDV GH ULTXH]D WRUQRXVH HYLGHQWH HQTXDQWRDQWHVVHPDQWLQKDQDSHQXPEUD 2UDRVQRYRVUHFXUVRVFKDYHVVmRUHJLGRVSRUGXDVOHLVTXHWRUQDP SHORDYHVVRRVFRQFHLWRVHRVUDFLRFtQLRVHFRQ{PLFRVFOiVVLFRVFRQVXPLORV QmRRVGHVWUyLHFHGrORVQmRID]FRPTXHVHMDPSHUGLGRV4XHPGiXPVDFR GHWULJRXPFDUURXPDKRUDGHWUDEDOKRRXXPDVRPDHPGLQKHLURSHUGHX DOJRHPSURYHLWRGHXPRXWUR4XHUVHIDEULTXHIDULQKDVHDQGHGHFDUURVH H[SORUH R WUDEDOKR GH XP RSHUiULR RX VH JDVWH GLQKHLUR XP SURFHVVR LUUHYHUVtYHOHIHWXDVHGHVJDVWHJDVWRWUDQVIRUPDomRFRQVXPR $HFRQRPLDUHSRXVDODUJDPHQWHVREUHRSRVWXODGRGDUDULGDGHGRV EHQV$SUySULDUDULGDGHVHIXQGDVREUHRFDUiWHUGHVWUXLGRUGRFRQVXPREHP FRPRVREUHDQDWXUH]DH[FOXVLYDRXSULYDWLYDGDFHVVmRRXGDDTXLVLomR2UD XPDYH]PDLVVHWUDQVPLWRDYRFrXPDLQIRUPDomRQmRDSHUFRHVHDXWLOL]R QmR D GHVWUXR RPR D LQIRUPDomR H R FRQKHFLPHQWR HVWmR QD IRQWH GDV RXWUDVIRUPDVGHULTXH]DHFRPRILJXUDPHQWUHRVEHQVHFRQ{PLFRVSULQFLSDLV GH QRVVD pSRFD SRGHPRV FRQVLGHUDU D HPHUJrQFLD GH XPD HFRQRPLD GD DEXQGkQFLDFXMRVFRQFHLWRVHVREUHWXGRDVSUiWLFDVHVWDULDPHPSURIXQGD UXSWXUDFRPRIXQFLRQDPHQWRGDHFRQRPLDFOiVVLFD1DYHUGDGHYLYHPRVMi PDLV RX PHQRV VRE HVVH UHJLPH PDV FRQWLQXDPRV D QRV VHUYLU GRV LQVWUXPHQWRV GRUDYDQWH LQDGHTXDGRV GD HFRQRPLD GH UDULGDGH *ROGILQJHU
  • 96. '(60$7(5,$/,=$d®2289,578$/,=$d®2248(e80$ ,1)250$d®2 2TXHQDQDWXUH]DGDLQIRUPDomRHGRFRQKHFLPHQWROKHVFRQIHUH SURSULHGDGHV HFRQ{PLFDV WmR SDUWLFXODUHV $ SULPHLUD UHVSRVWD TXH YHP DR HVStULWR p TXH VH WUDWD GH EHQV ´LPDWHULDLVµ ([DPLQHPRV DWHQWDPHQWH HVVD SURSRVLomR (OD VXS}H HP SULPHLUR OXJDU XPD PHWDItVLFD GD VXEVWkQFLD +DYHULDFRLVDV´PDWHULDLVµH FRLVDV ´LPDWHULDLVµ 2UD PHVPR RV EHQV GLWRV PDWHULDLV YDOHP SULQFLSDOPHQWH SRU VXDV IRUPDV VXDV HVWUXWXUDV VXDV SURSULHGDGHV HP FRQWH[WR RX VHMD HP ILP GH FRQWDV SRU VXD GLPHQVmR ´LPDWHULDOµ5LJRURVDPHQWHIDODQGRHQWUHRVEHQVSXUDPHQWHPDWHULDLVVyVH HQFRQWUDULDP DV PDWpULDVSULPDV ,QYHUVDPHQWH QmR VH SRGH VHSDUDU DV LQIRUPDo}HVGHXPVXSRUWHItVLFRTXDOTXHUVRESHQDGHGHVWUXtODVODURTXH pSRVVtYHOUHFRSLiODVWUDQVPLWLODVPXOWLSOLFiODVIDFLOPHQWH0DVVHWRGRVRV OXJDUHV GH LQVFULomR ´PDWHULDOµ GHVDSDUHFHVVHP D LQIRUPDomR GHVDSDUHFHULD
  • 97. SDUDVHPSUH4XDQWRDRFRQKHFLPHQWRTXHXPVHUKXPDQRSRVVXLHOHHVWi DLQGDPDLVOLJDGRj´PDWpULDµSRLVVXS}HXPFRUSRYLYRHXQVGRLVTXLORVGH PDVVDFLQ]HQWDH~PLGDHPFRQGLo}HVGHIXQFLRQDPHQWR0DVGLUiYRFrR SRQWR HVVHQFLDO DTXL p TXH R FRQKHFLPHQWR SRVVD SDVVDU GH XP FpUHEUR D RXWUR TXH HOH QmR HVWHMD QHFHVVDULDPHQWH OLJDGR D XPD ~QLFD SHVVRD 3UHFLVDPHQWH R FRQKHFLPHQWR H D LQIRUPDomR QmR VmR ´LPDWHULDLVµ H VLP GHVWHUULWRULDOL]DGRV ORQJH GH HVWDUHP H[FOXVLYDPHQWH SUHVRV D XP VXSRUWH SULYLOHJLDGR HOHV SRGHP YLDMDU 0DV LQIRUPDomR H FRQKHFLPHQWR WDPSRXFR VmR ´PDWHULDLVµ $ DOWHUQDWLYD GR PDWHULDO H GR LPDWHULDO YDOH DSHQDV SDUD VXEVWkQFLDV FRLVDV DR SDVVR TXH D LQIRUPDomR H R FRQKHFLPHQWR VmR GD RUGHPGRDFRQWHFLPHQWRRXGRSURFHVVR 6HJXQGRDWHRULDPDWHPiWLFDGDFRPXQLFDomRXPDLQIRUPDomRpXP DFRQWHFLPHQWRTXHSURYRFDXPDUHGXomRGHLQFHUWH]DDFHUFDGHXPDPELHQWH GDGR1HVVDWHRULDQmRVHFRQVLGHUDTXHXPXQLYHUVRGHVLJQRVHDRFRUUrQFLD GH FDGD VLJQR QXPD PHQVDJHP HVWHMDP DVVRFLDGRV D XPD LQIRUPDomR PHQVXUiYHO 3RU H[HPSOR D RFRUUrQFLD GH FDGD OHWUD GHVWH WH[WR WUD] XPD LQIRUPDomRTXHVHUiWDQWRPDLRUTXDQWRPDLVLPSURYiYHOHODIRU2UDXPD RFRUUrQFLDQmRTXPDFRLVD1mRpPDWHULDOFRPRXPDPDomQHPLPDWHULDO FRPRXPDDOPDLPRUWDO6LPHWULFDPHQWHXPDFRLVDQmRpQHPSURYiYHOQHP LPSURYiYHO 6RPHQWH XP DFRQWHFLPHQWR RX XP ´IDWRµ SRGH HVWDU OLJDGR D XPD SUREDELOLGDGH H SRUWDQWR VHU LQIRUPDWLYR FRPR SRU H[HPSOR MXVWDPHQWH R IDWR GH WDO FRLVD HVWDU SUHVHQWH DJRUD RX QmR H[LVWLU ,QWXLWLYDPHQWH VHQWLPRV FODUDPHQWH TXH D LQIRUPDomR HVWi OLJDGD D XPD SUREDELOLGDGH VXEMHWLYD GH RFRUUrQFLD RX GH DSDUHFLPHQWR XP IDWR LQWHLUDPHQWH SUHYLVtYHO QDGD QRV HQVLQD HQTXDQWR XP DFRQWHFLPHQWR VXUSUHHQGHQWHQRVWUD]UHDOPHQWHXPDLQIRUPDomR (VWXGHPRV DJRUD FXLGDGRVDPHQWH D QDWXUH]D GD LQIRUPDomR 6XSRQKDPRVTXHXPDHOHLomRWHQKDVHUHDOL]DGRQXPFHUWRSDtV(VVDHOHLomR SURGX]LXVH QXP FHUWR OXJDU H QXP PRPHQWR SUHFLVR (QTXDQWR WDO HVVH DFRQWHFLPHQWR p LQGLVVRFLiYHO GH XP ´DTXL H DJRUDµ SDUWLFXODU 'L]VH MXVWDPHQWH TXH D HOHLomR WHYH ´OXJDUµ 'LUHPRV TXH VH WUDWD GH XP DFRQWHFLPHQWR DWXDO 1XPD SULPHLUD DSUR[LPDomR TXDQGR DV DJrQFLDV GH QRWtFLDV D DQXQFLDP RX D FRPHQWDP HODV QmR GLIXQGHP R DFRQWHFLPHQWR SURSULDPHQWHGLWRPDVXPDPHQVDJHPTXHOKHGL]UHVSHLWR'LUHPRVTXHVH RDFRQWHFLPHQWRpDWXDODSURGXomRHDGLIXVmRGHPHQVDJHQVDVHXUHVSHLWR FRQVWLWXHPXPDYLUWXDOL]DomRGRDFRQWHFLPHQWRSURYLGDGHWRGRVRVDWULEXWRV TXHDWpDTXLDVVRFLDPRVjYLUWXDOL]DomRGHVSUHQGLPHQWRGHXPDTXLHDJRUD SDUWLFXODU SDVVDJHP DR S~EOLFR H VREUHWXGR KHWHURJrQHVH RP HIHLWR DV PHQVDJHQV TXH YLUWXDOL]DP R DFRQWHFLPHQWR VmR DR PHVPR WHPSR VHX SURORQJDPHQWR HODV SDUWLFLSDP GH VXD HIHWXDomR GH VXD GHWHUPLQDomR LQDFDEDGD ID]HP SDUWH GHOD *UDoDV j LPSUHQVD H D VHXV FRPHQWiULRV R
  • 98. UHVXOWDGR GD HOHLomR UHSHUFXWH GHVWD RX GDTXHOD PDQHLUD VREUH R PHUFDGR ILQDQFHLUR GH XP SDtV HVWUDQJHLUR (P GHWHUPLQDGR GLD QD %ROVD GH GHWHUPLQDGD FDSLWDO HFRQ{PLFD WUDQVDo}HV VLQJXODUHV VH SURGX]LUDP R DFRQWHFLPHQWRFRQWLQXDDVHDWXDOL]DUHPWHPSRVHOXJDUHVSDUWLFXODUHV0DV HVVDDWXDOL]DomRDGTXLUHHODPHVPDDIRUPDGHSURGXomRGHPHQVDJHQVHGH LQIRUPDo}HVGHPLFURYLUWXDOL]Do}HV5HHQFRQWUDPRVDtQRVVRWHPDGRDQHOGH 0RHELXV D PHQVDJHP VREUH R DFRQWHFLPHQWR p DR PHVPR WHPSR H LQGLVVROXYHOPHQWHXPDVHTrQFLDGRDFRQWHFLPHQWR2PDSDDPHQVDJHP
  • 99. ID] SDUWH GR WHUULWyULR R DFRQWHFLPHQWR
  • 100. H R WHUULWyULR p ODUJDPHQWH FRQVWLWXtGRGHXPDDGLomRLQGHILQLGDGHXPDDUWLFXODomRGLQkPLFDGHXPD UHGHGHPDSDVHPH[SDQVmR'LWRGHRXWURPRGRWXGRRTXHpGDRUGHPGR DFRQWHFLPHQWRWHPDYHUFRPXPDGLQkPLFDGDDWXDOL]DomRWHUULWRULDOL]DomR LQVWDQFLDokR DTXL H DJRUD VROXomR SDUWLFXODU
  • 101. H GD YLUWXDOL]DomR GHVWHUULWRULDOL]DomR GHVSUHQGLPHQWR FRORFDomR HP FRPXP HOHYDomR j SUREOHPiWLFD
  • 102. $FRQWHFLPHQWRV H LQIRUPDo}HV VREUH RV DFRQWHFLPHQWRV WURFDPVXDVLGHQWLGDGHVHVXDVIXQo}HVDFDGDHWDSDGDGLDOpWLFDGRVSURFHVVRV VLJQLILFDQWHV 3RUTXHRFRQVXPRGHXPDLQIRUPDomRQmRpGHVWUXWLYRHVXDSRVVH QmR p H[FOXVLYD 3RUTXH D LQIRUPDomR p YLUWXDO RQIRUPH Mi VXEOLQKDPRV DPSODPHQWH XP GRV SULQFLSDLV FDUDFWHUHV GLVWLQWLYRV GD YLUWXDOLGDGH p VHX GHVSUHQGLPHQWRGHXPDTXLHDJRUDSDUWLFXODUHSRULVVRSRVVRGDUXPEHP YLUWXDO SRU HVVrQFLD GHVWHUULWRULDOL]DGR VHP SHUGrOD 3RU RXWUR ODGR OHPEUHPRQRVGHTXHRYLUWXDOSRGHVHUDVVLPLODGRDXPSUREOHPDHRDWXDOD XPDVROXomR$DWXDOL]DomRQmRpSRUWDQWRXPDGHVWUXLomRPDVDRFRQWUiULR XPDSURGXomRLQYHQWLYDXPDWRGHFULDomR4XDQGRXWLOL]RDLQIRUPDomRRX VHMDTXDQGRDLQWHUSUHWROLJRDDRXWUDVLQIRUPDo}HVSDUDID]HUVHQWLGRRX TXDQGRPHVLUYRGHODSDUDWRPDUXPDGHFLVmRDWXDOL]RD(IHWXRSRUWDQWRXP DWR FULDWLYR SURGXWLYR 2 FRQKHFLPHQWR SRU VXD YH] p R IUXWR GH XPD DSUHQGL]DJHP RX VHMD R UHVXOWDGR GH XPD YLUWXDOL]DomR GD H[SHULrQFLD LPHGLDWD (P VHQWLGR LQYHUVR HVWH FRQKHFLPHQWR SRGH VHU DSOLFDGR RX PHOKRU VHU DWXDOL]DGR HP VLWXDo}HV GLIHUHQWHV GDTXHODV GD DSUHQGL]DJHP LQLFLDO7RGDDSOLFDomRHIHWLYDGHXPVDEHUpXPDUHVROXomRLQYHQWLYDGHXP SUREOHPDXPDSHTXHQDFULDomR 'LDOpWLFDGR5HDOHGR3RVVtYHO 9ROWHPRVDJRUDDQRVVRVVDFRVGHWULJRHQRVVRVFDUURV6XDSURGXomR H VHX FRQVXPR HVWi PHQRV OLJDGD D XPD GLDOpWLFD GD DWXDOL]DomR H GD YLUWXDOL]DomR TXH D XPD DOWHUQDWLYD GR SRVVtYHO H GR UHDO (P YH] GH SHUPDQHFHU IDVFLQDGR SRU VXD QDWXUH]D ´PDWHULDOµ GHYHVH WHQWDU FRPSUHHQGHURWLSRGHGLQkPLFDQRTXDOVHLQVFUHYHVHXXVR2VEHQVFXMR
  • 103. FRQVXPR p GHVWUXWLYR H D DSURSULDomR p H[FOXVLYD VmR UHVHUYDWyULRV GH SRVVLELOLGDGHV´SRWHQFLDLVµ6HXFRQVXPRFRPHURWULJRFRQGX]LURFDUUR
  • 104. HTXLYDOHDXPDUHDOL]DomRLVWRpDXPDHVFROKDH[FOXVLYDHLUUHYHUVtYHOHQWUHRV SRVVtYHLVDXPD´TXHGDGHSRWHQFLDOµ$UHDOL]DomRVyFRQIHUHH[LVWrQFLDD FHUWDVSRVVLELOLGDGHVHPGHWULPHQWRGHRXWUDV2VSRVVtYHLVVmRFDQGLGDWRVH QmRXPFDPSRSUREOHPiWLFRDUHDOL]DomRpXPDHOHLomRRXXPDVHOHomRHQmR XPDUHVROXomRLQYHQWLYDGHXPSUREOHPD2EHPYLUWXDOFRORFDXPSUREOHPD DEUHXPFDPSRGHLQWHUSUHWDomRGHUHVROXomRRXGHDWXDOL]DomRHQTXDQWRXP HQYROWyULR GH SRVVLELOLGDGHV SUHVWDVH DSHQDV D XPD UHDOL]DomR H[FOXVLYD 3RWHQFLDOGHUHDOLGDGHREHPGHVWUXWtYHOHSULYDWLYRQmRSRGHHVWDUDRPHVPR WHPSRDTXLHOiGHVSUHQGLGRGRDTXLHDJRUD(OHpUHJLGRSHODOHLGDH[FOXVmR P~WXD RXRX 1mR IRVVH DVVLP SRGHULD VH UHDOL]DU GH GXDV PDQHLUDV GLIHUHQWHVHPGRLVOXJDUHVHGRLVPRPHQWRVGLVWLQWRVRTXHSRUGHILQLomRp LPSRVVtYHO$VUHVHUYDVGHSRVVtYHLVRVEHQVFXMRFRQVXPRpXPDUHDOL]DomR QmRSRGHPSRUWDQWRVHUVHSDUDGRVGHVHXVXSRUWHItVLFR 3DUDHYLWDUTXDOTXHUPDOHQWHQGLGRVXEOLQKHPRVGHLPHGLDWRTXHVH WUDWD DTXL GH GLVWLQo}HV FRQFHLWXDLV H QmR GH XP SULQFtSLR GH FODVVLILFDomR H[FOXVLYR8PDREUDGHDUWHSRUH[HPSORSRVVXLVLPXOWDQHDPHQWHDVSHFWRV GHSRVVLELOLGDGHHGHYLUWXDOLGDGH(QTXDQWRIRQWHGHSUHVWtJLRHGHDXUDRX FRPR SXUR YDORU PHUFDQWLO XP TXDGUR p XPD UHVHUYD GH SRVVtYHLV R ´RULJLQDOµ
  • 105. TXH QmR SRGHP VH UHDOL]DU H[SRVLomR YHQGD
  • 106. VLPXOWDQHDPHQWH DTXLHDOL(QTXDQWRSRUWDGRUGHXPDLPDJHPDLQWHUSUHWDUGHXPDWUDGLomRD SURVVHJXLURXDFRQWUDGL]HUHQTXDQWRDFRQWHFLPHQWRQDKLVWyULDFXOWXUDOXP TXDGUR p XP REMHWR YLUWXDO GR TXDO R RULJLQDO DV FySLDV JUDYXUDV IRWRV UHSURGXo}HV GLJLWDOL]Do}HV FRORFDo}HV HP UHGH LQWHUDWLYD VmR RXWUDV WDQWDV DWXDOL]Do}HV DGD HIHLWR PHQWDO RX FXOWXUDO SURGX]LGR SRU XPD GHVVDV DWXDOL]Do}HVpSRUVXDYH]XPDDWXDOL]DomRGRTXDGUR 275$%$/+2 1DLQVWLWXLomRFOiVVLFDGRWUDEDOKRWDOFRPRIRLIL[DGDQRVpFXOR;,; RRSHUiULRYHQGHVXDIRUoDGHWUDEDOKRHUHFHEHXPVDOiULRHPWURFD$IRUoD GH WUDEDOKR p XP WUDEDOKR SRVVtYHO XP SRWHQFLDO Mi GHWHUPLQDGR SHOD RUJDQL]DomREXURFUiWLFDGDSURGXomReXPSRWHQFLDODLQGDMiTXHXPDKRUD GDGD p LUUHPHGLDYHOPHQWH SHUGLGD 2 WUDEDOKR DVVDODULDGR p XPD TXHGD GH SRWHQFLDOXPDUHDOL]DomRSRULVVRSRGHVHUPHGLGRSRUKRUD (PFRQWUDSDUWLGDRWUDEDOKDGRUFRQWHPSRUkQHRWHQGHDYHQGHUQmR PDLVVXDIRUoDGHWUDEDOKRPDVVXDFRPSHWrQFLDRXPHOKRUXPDFDSDFLGDGH FRQWLQXDPHQWH DOLPHQWDGD H PHOKRUDGD GH DSUHQGHU H LQRYDU TXH SRGH VH DWXDOL]DUGHPDQHLUDLPSUHYLVtYHOHPFRQWH[WRVYDULiYHLV­IRUoDGHWUDEDOKR GRDVVDODULDGRFOiVVLFRXPSRWHQFLDOVXFHGHSRUWDQWRXPDFRPSHWrQFLDXP