&$'(512 '( 7(;726
&$57,/+$6 '$ 32/Ì7,&$ 1$&,21$/ '( +80$1,=$d®2
$&2/+,0(172 ( &/$66,),&$d®2 '( 5,6&2
126 6(59,d26 '( 85*È1&,$
$FROKLPHQWR SRVWXUD H SUiWLFD SDUD XP 686 KXPDQL]DGR
0XLWDV ...
7UDGLFLRQDOPHQWH D QRomR GH DFROKLPHQWR SRGH VH UHVWULQJLU D XPD DWLWXGH YROXQWiULD
GH ERQGDGH H IDYRU SRU SDUWH GH DOJXQV...
FRP VHOHomR GDTXHOHV TXH VHUmR
DWHQGLGRV SHOR VHUYLoR QDTXHOH PRPHQWR
(VWDV SHUVSHFWLYDV TXDQGR WRPDGDV VHSDUDGDPHQWH GRV ...
2 DFROKLPHQWR FRPR DWR RX HIHLWR GH
DFROKHU H[SUHVVD XPD DomR GH DSUR[LPD omR XP ´HVWDU FRPµ H ´SHUWR GHµ RX VHMD
XPD DWLW...
3ROtWLFD SRUTXH LPSOLFD R FRPSURPLVVR FROHWLYR GH HQYROYHUVH QHVWH ´HVWDU FRPµ
SRWHQFLDOL]DQGR SURWDJRQLVPRV H YLGD QRV GL...
FRPR GLUHWUL] TXH VH DOLQKD DRV SULQFtSLRV GR 686 WRUQDVH XPD HVWUDWpJLD PLFURSROtWLFD
GH DILUPDomR GH XPD SROtWLFD S~EOLF...
4XDO R VHQWLGR GHVWDV UHIOH[}HV SDUD DV SUiWLFDV GH SURGXomR GH
VD~GH
7HPRV YLVWR TXH DSHVDU GRV DYDQoRV H FRQTXLVWDV GR 6...
‡ $FHVVR j TXDOLGDGH GDQD DVVLVWrQFLD
HVFXWDYtQFXORUHVSRQVDELOL]DomRUHVROXWLYLGDGH
‡ $FHVVR j FRQWLQXLGDGH GR FXLGDGR
‡ $FHVVR j SDUWLFLSDomR QRV SURMHWRV WHUDSrXWLFRV H GH SURGXomR GH VD~GH DXWRQRPLD H
SU...
‡ $FHVVR j VD~GH FRPR EHP FRP ´YDORU GH XVRµ H QmR FRPR PHUFDGRULD IRUPDV
GLJQDVSRWHQWHV GH YLYHU D YLGD FRP DXWRQRPLD
,VWR GHYH VHU LPSOHPHQWDGR FRP D FRQVWLWXLomR GH YtQFXORV VROLGiULRV HQWUH RV
SURILVVLRQDLV H D SRSXODomR HPSHQKDGRV QD FR...
‡ 5HFRQKHFLPHQWR GR SURWDJRQLVPR GRV VXMHLWRV HQYROYLGRV QR SURFHVVR GH SURGXomR GH
VD~GH
‡ 9DORUL]DomR H DEHUWXUD SDUD R ...
$R VHU FRPXQLFDGD VREUH R SURFHGLPHQWR
LQGLFDGR D XVXiULD VH UHFXVD D UHDOL]DU D FLUXUJLD $UJXPHQWD TXH QmR SRGH GHL[DU TX...
TXH DQWHV GR SURFHGLPHQWR R SDMp GD WULER UHDOL]DULD XP ULWXDO TXH JDUDQWLULD D
SUHVHUYDomR GH VXD DOPD 6XD FUHQoD IRL FRQ...
SUREOHPDV ItVLFRV PDV PXLWR DQJXVWLDGR SRGH HVWDU PDLV QHFHVVLWDGR GH DWHQGLPHQWR
H FRP PDLRU JUDX GH ULVFR H YXOQHUDELOLG...
3DUHFH EDVWDQWH FRHUHQWH SHQVDU TXH XPD XQLGDGH GH XUJrQFLD VH UHODFLRQD
GLUHWDPHQWH FRP WRGDV DV RXWUDV XQLGDGHV GH XP KR...
GH XP HVSDoR ItVLFR QD VD~GH QmR
VH VHSDUD GD SURGXomR GH VD~GH H GD SURGXomR GH VXEMHWLYLGDGH ( TXH QHVVD
SURGXomR VH H[S...
e XPD FRPSUHHQVmR TXH DSRVWD QD FRPSRVLomR GH VDEH UHV SDUD D FRSURGXomR GRV
HVSDoRV ItVLFRV HQWHQGHQGR TXH R HVSDoR QmR p...
VHQWLGR HVWpWLFR GD LQRYDomR FULDWLYD SURGX]LGD QR SURFHVVR FROHWLYR H FRP
SURWDJRQL]DomR GRV VXMHLWRV TXH R YLYHQFLDP 3HV...
8P GHVWDTXH SDUD D DPELrQFLD QD XUJrQFLD
$ RULHQWDomR GD DPELrQFLD QD XUJrQFLD DUWLFXODGD j GLUHWUL] GR DFROKLPHQWR IDYRUH...
Nächste SlideShare
Wird geladen in …5
×

Regulacao Politica Nacional de Humanizacao e Acolhimento

348 Aufrufe

Veröffentlicht am

0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
348
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
24
Aktionen
Geteilt
0
Downloads
1
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Regulacao Politica Nacional de Humanizacao e Acolhimento

  1. 1. &$'(512 '( 7(;726 &$57,/+$6 '$ 32/Ì7,&$ 1$&,21$/ '( +80$1,=$d®2
  2. 2. $&2/+,0(172 ( &/$66,),&$d®2 '( 5,6&2 126 6(59,d26 '( 85*È1&,$ $FROKLPHQWR SRVWXUD H SUiWLFD SDUD XP 686 KXPDQL]DGR 0XLWDV VmR DV GLPHQV}HV FRP DV TXDLV HVWDPRV FRPSURPHWLGRV QR WUDEDOKR HP VD~GH SUHYHQLU FXLGDU SURWHJHU WUDWDU UHFXSHUDU SURPRYHU HQILP SURGX]LU VD~GH 0XLWRV VmR RV GHVDILRV TXH DFHLWDPRV HQIUHQWDU TXDQGR HVWDPRV OLGDQGR FRP D GHIHVD GD YLGD H FRP D JDUDQWLD GR GLUHLWR j VD~GH 3DUWLFLSDQGR GR SHUFXUVR GH FRQVWUXomR GR 686 DOFDQoDPRV DYDQoRV TXH QRV DOHJUDP DFRPSDQKDPRV R VXUJLPHQWR GH QRYDV TXHVW}HV TXH GHPDQGDP RXWUDV UHVSRVWDV PDV WDPEpP YHPRV SUREOHPDV H GHVDILRV TXH SHUVLVWHP LPSRQGR D QHFHVVLGDGH VHMD GH DSHUIHLoRDPHQWR GR VLVWHPD VHMD GH PXGDQoD GH UXPRV $ PXGDQoD GDV SUiWLFDV GH DFROKLGD DRV FLGDGmRV XVXiULRV H DRV FLGDGmRV WUDEDOKDGRUHV QRV VHUYLoRV GH VD~GH p XP GHVWHV GHVDILRV 2 DFROKLPHQWR FRPR SRVWXUD H SUiWLFD QDV Do}HV GH DWHQomR H JHVWmR QDV XQLGDGHV GH VD~GH D SDUWLU GD DQiOLVH GRV SURFHVVRV GH WUDEDOKR IDYRUHFH D FRQVWUXomR GH UHODomR GH FRQILDQoD H FRPSURPLVVR HQWUH DV HTXLSHV H RV VHUYLoRV 3RVVLELOLWD WDPEpP DYDQoRV QD DOLDQoD HQWUH XVXiULRV WUDEDOKDGRUHV H JHVWRUHV GD VD~GH HP GHIHVD GR 686 FRPR XPD SROtWLFD S~EOLFD HVVHQFLDO SDUD D SRSXODomR EUDVLOHLUD $SHVDU GH R DFROKLPHQWR VHU FRQVWLWXLQWH GH WRGDV DV SUiWLFDV GH DWHQomR H JHVWmR HOHJHPRV RV VHUYLoRV GH XUJrQFLD FRPR IRFR SDUD HVWH WH[WR SRU DSUHVHQWDUHP DOJXQV GHVDILRV D VHUHP VXSHUDGRV QR DWHQGLPHQWR HP VD~GH VXSHUORWDomR SURFHVVR GH WUDEDOKR IUDJPHQWDGR FRQIOLWRV H DVVLPHWULDV GH SRGHU H[FOXVmR GRV XVXiULRV QD SRUWD GH HQWUDGD GHVUHVSHLWR DRV GLUHLWRV GHVVHV XVXiULRV SRXFD DUWLFXODomR FRP R UHVWDQWH GD UHGH GH VHUYLoRV HQWUH RXWURV e SUHFLVR SRUWDQWR UHSHQVDU H FULDU QRYDV IRUPDV GH DJLU HP VD~GH TXH OHYHP D XPD DWHQomR UHVROXWLYD KXPDQL]DGD H DFROKHGRUD D SDUWLU GD FRPSUHHQVmR GD LQVHUomR GRV VHUYLoRV GH XUJrQFLD QD UHGH ORFDO 3UHWHQGHPRV QHVWH WH[WR VXVFLWDU DOJXPDV UHIOH[}HV GLVFXWLU FRQFHLWRV H DSRQWDU FDPLQKRV SDUD R GHVHQYROYLPHQWR GR DFROKLPHQWR QRV VHUYLoRV GH XUJrQFLD $ H[SHULrQFLD GRV SURILVVLRQDLV GRV JHVWRUHV H GRV XVXiULRV p PXLWR LPSRUWDQWH SDUD FRPSRU FRQRVFR HVWDV SiJLQDV TXH VRPHQWH WHUmR VHQWLGR j PHGLGD TXH HQULTXHFLGDV H UHLQYHQWDGDV SHODV IDODV GDTXHOHV TXH DSRVWDP QR DSHUIHLoRDPHQWR GR 686 TXH WRUQDUmR HVWH HVFULWR YLYR QDV GLVFXVV}HV FRWLGLDQDV GD SUiWLFD SURILVVLRQDO 2V VHQWLGRV GR DFROKLPHQWR QRV VHUYLoRV GH XUJrQFLD GR 686 $ LGpLD GH DFROKLPHQWR Mi DFXPXOD XPD IDUWD H[SHULrQFLD HP GLYHUVRV VHUYLoRV GH VD~GH RIHUHFLGRV SHOR 686 (VWD H[SHULrQFLD p KHWHURJrQHD FRPR R SUySULR 686 H WHP DF~PXORV SRVLWLYRV H QHJDWLYRV 5HFRQKHFHU HVWD ORQJD WUDMHWyULD DR IDODU GR DFROKLPHQWR VLJQLILFD OHJLWLPDU TXH JUDQGH SDUWH GR TXH VDEHPRV KRMH VH GHYH D HVWH DF~PXOR SUiWLFR
  3. 3. 7UDGLFLRQDOPHQWH D QRomR GH DFROKLPHQWR SRGH VH UHVWULQJLU D XPD DWLWXGH YROXQWiULD GH ERQGDGH H IDYRU SRU SDUWH GH DOJXQV SURILVVLRQDLV D XPD GLPHQVmR HVSDFLDO TXH VH WUDGX] HP UHFHSomR DGPLQLVWUDWLYD H DPELHQWH FRQIRUWiYHO RX WDPEpP D XPD DomR GH WULDJHP DGPLQLVWUDWLYD GH HQIHUPDJHP RX PpGLFD
  4. 4. FRP VHOHomR GDTXHOHV TXH VHUmR DWHQGLGRV SHOR VHUYLoR QDTXHOH PRPHQWR (VWDV SHUVSHFWLYDV TXDQGR WRPDGDV VHSDUDGDPHQWH GRV SURFHVVRV GH WUDEDOKR HP VD~GH UHGX]HP R DFROKLPHQWR D XPD DomR SRQWXDO LVRODGD H GHVFRPSURPHWLGD FRP RV SURFHVVRV GH UHVSRQVDELOL]DomR H SURGXomR GH YtQFXOR e SUHFLVR QmR UHVWULQJLU R FRQFHLWR GH DFROKLPHQWR DR SUREOHPD GD UHFHSomR GD GHPDQGD 2 DFROKLPHQWR QD SRUWD GH HQWUDGD Vy JDQKD VHQWLGR VH R HQWHQGHUPRV FRPR SDUWH GR SURFHVVR GH SURGXomR GH VD~GH FRPR DOJR TXH TXDOLILFD D UHODomR H TXH SRUWDQWR p SDVVtYHO GH VHU DSUHHQGLGR H WUDEDOKDGR HP WRGR H TXDOTXHU HQFRQWUR QR VHUYLoR GH VD~GH 2 SURFHVVR GH DFROKLPHQWR GHYH SRUWDQWR RFRUUHU HP DUWLFXODomR FRP DV YiULDV GLUHWUL]HV SURSRVWDV SDUD DV PXGDQoDV QRV SURFHVVRV GH WUDEDOKR H JHVWmR GRV VHUYLoRV OtQLFD $PSOLDGD RJHVWmR $PELrQFLD 9DORUL]DomR GR 7UDEDOKR HP 6D~GH 2 TXH HQWHQGHPRV SRU DFROKLPHQWR $ SDODYUD ´DFROKHUµ HP VHXV YiULRV VHQWLGRV H[SUHVVD ´GDU DFROKLGD DGPLWLU DFHLWDU GDU RXYLGRV GDU FUpGLWR D DJDVDOKDU UHFHEHU DWHQGHU DGPLWLUµ 1RYR 'LFLRQiULR $XUpOLR 5LR GH -DQHLUR 1RYD )URQWHLUD
  5. 5. 2 DFROKLPHQWR FRPR DWR RX HIHLWR GH DFROKHU H[SUHVVD XPD DomR GH DSUR[LPD omR XP ´HVWDU FRPµ H ´SHUWR GHµ RX VHMD XPD DWLWXGH GH LQFOXVmR GH HVWDU HP UHODomR FRP DOJR RX DOJXpP e H[DWDPHQWH QR VHQWLGR GD DomR GH ´HVWDU FRPµ RX ´SUy[LPR GHµ TXH TXHUHPRV DILUPDU R DFROKLPHQWR FRPR XPD GDV GLUHWUL]HV GH PDLRU UHOHYkQFLD SROtWLFD pWLFD H HVWpWLFD GD 3ROtWLFD 1DFLRQDO GH +XPDQL]DomR GD $WHQomR H *HVWmR GR 686 %UDVLO
  6. 6. 3ROtWLFD SRUTXH LPSOLFD R FRPSURPLVVR FROHWLYR GH HQYROYHUVH QHVWH ´HVWDU FRPµ SRWHQFLDOL]DQGR SURWDJRQLVPRV H YLGD QRV GLIHUHQWHV HQFRQWURV eWLFD QR TXH VH UHIHUH DR FRPSURPLVVR FRP R UHFRQKHFLPHQWR GR RXWUR QD DWLWXGH GH DFROKrOR HP VXDV GLIHUHQoDV GRUHV DOHJULDV PRGRV GH YLYHU VHQWLU H HVWDU QD YLGD (VWpWLFD QR TXH GL] UHVSHLWR j LQYHQomR GH HVWUDWpJLDV QDV UHODo}HV H HQFRQWURV GR GLD DGLD TXH FRQWULEXHP SDUD D GLJQLILFDomR GD YLGD H GR YLYHU H DVVLP SDUD D FRQVWUXomR GH QRVVD SUySULD KXPDQLGDGH 4XHUHPRV FKDPDU D DWHQomR QHVWH LQtFLR GH FRQYHUVD SDUD D LGpLD GH TXH R DFROKLPHQWR HVWi SUHVHQWH HP WRGDV DV UHODo}HV H HQFRQWURV TXH ID]HPRV QD YLGD PHVPR TXDQGR SRXFR FXLGDPRV GHOH (QWUHWDQWR WHPRV TXH DGPLWLU TXH SDUHFH WHU ILFDGR GLItFLO H[HUFHU H DILUPDU R DFROKLPHQWR HP QRVVDV SUiWLFDV FRWLGLDQDV 2 DYDQoR GH SROtWLFDV FRP XPD FRQFHSomR GH (VWDGR PtQLPR HP VXD UHFRQILJXUDomR GD PiTXLQD HVWDWDO WHP SURGX]LGR HIHLWRV GHYDVWDGRUHV WDQWR QR TXH VH UHIHUH j FUHVFHQWH SULYDWL]DomR GRV VLVWHPDV GH VHJXULGDGH VRFLDO TXH DOLMDP JUDQGH SDUWH GD SRSXODomR GD JDUDQWLD GDV FRQGLo}HV GH H[LVWrQFLD TXDQWR QR TXH VH UHIHUH j PHUFDQWLOL]DomR GDV UHODo}HV HQWUH VXMHLWRV WUDQVIRUPDGDV PXLWDV YH]HV HP YDORU GH WURFD 2 DFROKLPHQWR
  7. 7. FRPR GLUHWUL] TXH VH DOLQKD DRV SULQFtSLRV GR 686 WRUQDVH XPD HVWUDWpJLD PLFURSROtWLFD GH DILUPDomR GH XPD SROtWLFD S~EOLFD XQLYHUVDO H UHGLVWULEXWLYD 2V SURFHVVRV GH ´DQHVWHVLDPHQWRµ GH QRVVD HVFXWD GH SURGXomR GH LQGLIHUHQoD GLDQWH GR RXWUR WrP QRV SURGX]LGR D HQJDQRVD VHQVDomR GH VDOYDJXDUGD GH SURWHomR GR VRIULPHQWR (VVD IRUPD GH SURFHGHU QR HQWDQWR QRV PHUJXOKD QR LVRODPHQWR HQWRUSHFH QRVVD VHQVLELOLGDGH H HQIUDTXHFH RV ODoRV FROHWLYRV PHGLDQWH RV TXDLV VH QXWUHP DV IRUoDV GH LQYHQomR H GH UHVLVWrQFLD TXH QRV FRQVWLWXHP FRPR VHUHV KXPDQRV 3RLV D YLGD QmR p R TXH VH SDVVD DSHQDV HP FDGD XP GRV VXMHLWRV PDV SULQFLSDOPHQWH R TXH VH SDVVD HQWUH RV VXMHLWRV QRV YtQFXORV TXH HOHV FRQVWURHP H TXH FRQVWURHP D HOHV FRPR SRWrQFLD GH DIHWDU H VHU DIHWDGRV 3RGHPRV GHVWH PRGR GL]HU TXH WHPRV FRPR XP GRV QRVVRV GHVDILRV UHDWLYDU QRV HQFRQWURV QRVVD FDSDFLGDGH GH FXLGDU H GH HVWDU DWHQWRV SDUD DFROKHU WHQGR FRPR SULQFtSLRV QRUWHDGRUHV ‡ 2 FROHWLYR FRPR SODQR GH SURGXomR GD YLGD ‡ 2 FRWLGLDQR FRPR SODQR DR PHVPR WHPSR GH UHSURGXomR GH H[SHULPHQWDomR H GH LQYHQomR GH PRGRV GH YLGD ‡ $ LQGLVVRFLDELOLGDGH HQWUH R PRGR GH QRV SURGX]LUPRV FRPR VXMHLWRV H RV PRGRV GH HVWDUPRV QRV ´YHUERV GD YLGDµ WUDEDOKDU YLYHU DPDU VHQWLU SURGX]LU VD~GH HWF
  8. 8. 4XDO R VHQWLGR GHVWDV UHIOH[}HV SDUD DV SUiWLFDV GH SURGXomR GH VD~GH 7HPRV YLVWR TXH DSHVDU GRV DYDQoRV H FRQTXLVWDV GR 686 DLQGD H[LVWHP JUDQGHV ODFXQDV QR DFHVVR H QR PRGR FRPR R XVXiULR p DFROKLGR QRV VHUYLoRV GH VD~GH 2 JUDQGH GHVDILR D VHU HQIUHQWDGR SRU WRGRV QyV WUDEDOKDGRUHV GD VD~GH JHVWRUHV H XVXiULRV QD FRQVWUXomR H HIHWLYDomR GR 686 FRPR SROtWLFD S~EOLFD p WUDQVSRU RV SULQFtSLRV DSURYDGRV SDUD R VHWRU GH VD~GH H DVVHJXUDGRV QRV WH[WRV FRQVWLWXFLRQDLV SDUD RV PRGRV GH RSHUDU R WUDEDOKR GD DWHQomR H JHVWmR HP VD~GH e SUHFLVR UHVWDEHOHFHU QR FRWLGLDQR SRU H[HPSOR R SULQFtSLR GD XQLYHUVDOLGDGHHTLGDGH SDUD R DFHVVR H D UHVSRQVDELOL]DomR GDV LQVWkQFLDV S~EOLFDV SHOD VD~GH GRV FLGDGmRV 4XDQGR IDODPRV HP DFHVVR p SUHFLVR HQWHQGrOR HP VXDV YiULDV GLPHQV}HV TXDLV VHMDP ‡ $FHVVR jV XQLGDGHV H VHUYLoRV JDUDQWLD GR FXLGDGR
  9. 9. ‡ $FHVVR j TXDOLGDGH GDQD DVVLVWrQFLD HVFXWDYtQFXORUHVSRQVDELOL]DomRUHVROXWLYLGDGH
  10. 10. ‡ $FHVVR j FRQWLQXLGDGH GR FXLGDGR ‡ $FHVVR j SDUWLFLSDomR QRV SURMHWRV WHUDSrXWLFRV H GH SURGXomR GH VD~GH DXWRQRPLD H SURWDJRQLVPR GR FLGDGmR²XVXiULR H VXD UHGH VRFLDO
  11. 11. ‡ $FHVVR j VD~GH FRPR EHP FRP ´YDORU GH XVRµ H QmR FRPR PHUFDGRULD IRUPDV GLJQDVSRWHQWHV GH YLYHU D YLGD FRP DXWRQRPLD
  12. 12. ,VWR GHYH VHU LPSOHPHQWDGR FRP D FRQVWLWXLomR GH YtQFXORV VROLGiULRV HQWUH RV SURILVVLRQDLV H D SRSXODomR HPSHQKDGRV QD FRQVWUXomR FROHWLYD GH HVWUDWpJLDV TXH SURPRYDP PXGDQoDV QDV SUiWLFDV GRV VHUYLoRV WHQGR FRPR SULQFtSLR pWLFR D GHIHVD H DILUPDomR GH XPD YLGD GLJQD GH VHU YLYLGD (VVD FRQVWUXomR UHTXHU DLQGD R HQYROYLPHQWR GDV WUrV HVIHUDV GH JRYHUQR PXQLFLSDO HVWDGXDO H IHGHUDO ² H D DUWLFXODomR HQWUH RV WUDEDOKDGRUHV GD VD~GH RV JHVWRUHV D VRFLHGDGH FLYLO H DV LQVWkQFLDV GH SDUWLFLSDomR H GH FRQWUROH VRFLDO GR 686 HP FDGD FRQWH[WR 2 DFROKLPHQWR WUD] VXD FRQWULEXLomR QD PHGLGD HP TXH LQFRUSRUD D DQiOLVH H UHYLVmR FRWLGLDQD GDV SUiWLFDV GH DWHQomR H JHVWmR LPSOHPHQWDGDV QDV XQLGDGHV GR 686 2V SURFHVVRV GH SURGXomR GH VD~GH GL]HP UHVSHLWR QHFHVVDULDPHQWH D XP WUDEDOKR FROHWLYR H FRRSHUDWLYR HQWUH VXMHLWRV H VH ID]HP QXPD UHGH GH UHODo}HV TXH H[LJHP LQWHUDomR H GLiORJR SHUPDQHQWHV XLGDU GHVVD UHGH GH UHODo}HV SHUPHDGDV FRPR VmR SRU DVVLPHWULDV GH VDEHU H GH SRGHU p XP LPSHUDWLYR IXQGDPHQWDO QR WUDEDOKR HP VD~GH 3RLV p HP PHLR D HODV HP VHXV TXHVWLRQDPHQWRV H DWUDYpV GHODV TXH FRQVWUXtPRV SUiWLFDV GH FR UHVSRQVDELOLGDGH H GH DXWRQRPLD GDV SHVVRDV LPSOLFDGDV DILUPDQGR DVVLP D LQGLVVRFLDELOLGDGH HQWUH D SURGXomR GH VD~GH H D SURGXomR GH VXMHLWRV 2 DFROKLPHQWR FRPR GLUHWUL] H GLVSRVLWLYR GH LQWHUIHUrQFLD QRV SURFHVVRV GH WUDEDOKR 2 DFROKLPHQWR QR FDPSR GD VD~GH GHYH VHU HQWHQGLGR DR PHVPR WHPSR FRPR GLUHWUL] pWLFRHVWpWLFRSROtWLFD FRQVWLWXWLYD GRV PRGRV GH VH SURGX]LU VD~GH H FRPR IHUUDPHQWD WHFQROyJLFD UHODFLRQDO GH LQWHUYHQomR QD HVFXWD QD FRQVWUXomR GH YtQFXOR QD JDUDQWLD GR DFHVVR FRP UHVSRQVDELOL]DomR H QD UHVROXWLYLGDGH GRV VHUYLoRV 2 DFROKLPHQWR FRPR GLUHWUL] p XP UHJLPH GH DIHWDELOLGDGH FRQVWUXtGR D FDGD HQFRQWUR H DWUDYpV GRV HQFRQWURV TXH VH SURGX] SRUWDQWR QD FRQVWUXomR GH UHGHV GH FRQYHUVDo}HV DILUPDGRUDV GH UHODo}HV GH SRWrQFLD QRV SURFHVVRV GH SURGXomR GH VD~GH 2 DFROKLPHQWR p WDPEpP XP GLVSRVLWLYR GH LQWHUYHQomR TXH SRVVLELOLWD DQDOLVDU R SURFHVVR GH WUDEDOKR HP VD~GH FRP IRFR QDV UHODo}HV H TXH SUHVVXS}H D PXGDQoD GDV UHODo}HV SURILVVLRQDOXVXiULRUHGH VRFLDO H SURILVVLRQDO SURILVVLRQDO DWUDYpV GH SDUkPHWURV WpFQLFRV pWLFRV KXPDQLWiULRV H GH VROLGDULHGDGH UHFRQKHFHQGR R XVXiULR FRPR VXMHLWR H FRPR SDUWLFLSDQWH DWLYR QR SURFHVVR GH SURGXomR GD VD~GH 2 DFROKLPHQWR QmR p XP HVSDoR RX XP ORFDO PDV XPD SRVWXUD pWLFD QmR SUHVVXS}H KRUD RX SURILVVLRQDO HVSHFtILFR SDUD ID]rOR PDV LPSOLFD QHFHVVDULDPHQWH R FRPSDUWLOKDPHQWR GH VDEHUHV DQJ~VWLDV H LQYHQo}HV TXHP DFROKH WRPD SDUD VL D UHVSRQVDELOLGDGH GH ´DEULJDU H DJDVDOKDUµ RXWUHP HP VXDV GHPDQGDV FRP D UHVROXWLYLGDGH QHFHVViULD SDUD R FDVR HP TXHVWmR 'HVVH PRGR p TXH R GLIHUHQFLDPRV GH WULDJHP SRLV VH FRQVWLWXL QXPD DomR GH LQFOXVmR TXH QmR VH HVJRWD QD HWDSD GD UHFHSomR PDV TXH GHYH RFRUUHU HP WRGRV RV ORFDLV H PRPHQWRV GR VHUYLoR GH VD~GH RORFDU HP DomR R DFROKLPHQWR UHTXHU XPD DWLWXGH GH PXGDQoD TXH LPSOLFD QD DQiOLVH H UHYLVmR FRWLGLDQD GDV SUiWLFDV GH DWHQomR H JHVWmR LPSOHPHQWDGDV QDV XQLGDGHV GR 686 FRP
  13. 13. ‡ 5HFRQKHFLPHQWR GR SURWDJRQLVPR GRV VXMHLWRV HQYROYLGRV QR SURFHVVR GH SURGXomR GH VD~GH ‡ 9DORUL]DomR H DEHUWXUD SDUD R HQFRQWUR HQWUH SURILVVLRQDO GH VD~GH XVXiULR H VXD UHGH VRFLDO FRPR OLJD IXQGDPHQWDO QR SURFHVVR GH SURGXomR GH VD~GH ‡ 5HRUJDQL]DomR GR VHUYLoR GH VD~GH D SDUWLU GD SUREOHPDWL]DomR GRV SURFHVVRV GH WUDEDOKR GH PRGR D SRVVLELOLWDU D LQWHUYHQomR GH WRGD D HTXLSH PXOWLSURILVVLRQDO HQFDUUHJDGD GD HVFXWD H UHVROXomR GR SUREOHPD GR XVXiULR ‡ (ODERUDomR GH SURMHWR WHUDSrXWLFR LQGLYLGXDO H FROHWLYR FRP KRUL]RQWDOL]DomR SRU OLQKDV GH FXLGDGR ‡ 0XGDQoDV HVWUXWXUDLV QD IRUPD GH JHVWmR GR VHUYLoR GH VD~GH DPSOLDQGR RV HVSDoRV GHPRFUiWLFRV GH GLVFXVVmR GH HVFXWD GH WURFDV H GH GHFLV}HV FROHWLYDV $ HTXLSH QHVWH SURFHVVR SRGH WDPEpP JDUDQWLU DFROKLPHQWR SDUD VHXV SURILVVLRQDLV H SDUD DV GLILFXOGDGHV GH VHXV FRPSRQHQWHV QD DFROKLGD j GHPDQGD GD SRSXODomR ‡ 3RVWXUD GH HVFXWD H FRPSURPLVVR HP GDU UHVSRVWDV jV QHFHVVLGDGHV GH VD~GH WUD]LGDV SHOR XVXiULR TXH LQFOXD VXD FXOWXUD VDEHUHV H FDSDFLGDGH GH DYDOLDU ULVFRV ‡ RQVWUXomR FROHWLYD GH SURSRVWDV FRP D HTXLSH ORFDO H FRP D UHGH GH VHUYLoRV H JHUrQFLDV GH WRGRV RV QtYHLV GR VLVWHPD 2 IXQFLRQDPHQWR GR DFROKLPHQWR VH PXOWLSOLFD HP LQ~PHUDV RXWUDV Do}HV H WUD] D SRVVLELOLGDGH GH DQDOLVDU ‡ $ DGHTXDomR GD iUHD ItVLFD R GLPHQVLRQDPHQWR GDV HTXLSHV H D FRPSDWLELOL]DomR HQWUH D RIHUWD H GHPDQGD SRU Do}HV GH VD~GH ‡ $V IRUPDV GH RUJDQL]DomR GRV VHUYLoRV H RV SURFHVVRV GH WUDEDOKR ‡ $ JRYHUQDELOLGDGH GDV HTXLSHV ORFDLV ‡ $ KXPDQL]DomR GDV UHODo}HV HP VHUYLoR ‡ 2V PRGHORV GH JHVWmR YLJHQWHV QD XQLGDGH GH VD~GH ‡ 2 DWR GD HVFXWD H D SURGXomR GH YtQFXOR FRPR DomR WHUDSrXWLFD ‡ $ PXOWLLQWHUGLVFLSOLQDULGDGH QDV SUiWLFDV 8PD DWLWXGH DFROKHGRUD p XPD DWLWXGH DWHQWD H SRURVD j GLYHUVLGDGH FXOWXUDO UDFLDO H pWQLFD 9HMDPRV FRPR HVWD DWLWXGH VH H[SUHVVD QXP FDVR FRQFUHWR 8PD XVXiULD LQGtJHQD UHFRUUH D XPD XQLGDGH GH VD~GH SRU FRQWD GH XP DJXGR PDO HVWDU 5HDOL]DGR R DWHQGLPHQWR H R GLDJQyVWLFR p LQGLFDGD XPD FLUXUJLD XUJHQWH D VHU UHDOL]DGD SHOR XPELJR ODSDURVFRSLD
  14. 14. $R VHU FRPXQLFDGD VREUH R SURFHGLPHQWR LQGLFDGR D XVXiULD VH UHFXVD D UHDOL]DU D FLUXUJLD $UJXPHQWD TXH QmR SRGH GHL[DU TXH PH[DP QR VHX XPELJR SRLV HVWH p ´D IRQWH GH RQGH EURWD D YLGDµ H VH DVVLP R IL]HVVH VXD DOPD VHULD PDFXODGD 'LDQWH GD UHFXVD H IUHQWH j XUJrQFLD SDUD D UHDOL]DomR GR SURFHGLPHQWR D HTXLSH HQWUD HP FRQWDWR FRP R FDFLTXH GD WULER RQGH D XVXiULD YLYH -XQWRV GHFLGHP TXH D XVXiULD VHULD OHYDGD SDUD XPD XQLGDGH PDLV SHUWR GH VXD WULER H
  15. 15. TXH DQWHV GR SURFHGLPHQWR R SDMp GD WULER UHDOL]DULD XP ULWXDO TXH JDUDQWLULD D SUHVHUYDomR GH VXD DOPD 6XD FUHQoD IRL FRQVLGHUDGD SHOD HTXLSH TXH SRVWHULRUPHQWH WHYH VXFHVVR QD UHDOL]DomR GD FLUXUJLD 2 DFROKLPHQWR p XP PRGR GH RSHUDU RV SURFHVVRV GH WUDEDOKR HP VD~GH GH IRUPD D DWHQGHU D WRGRV TXH SURFXUDP RV VHUYLoRV GH VD~GH RXYLQGR VHXV SHGLGRV H DVVXPLQGR XPD SRVWXUD FDSD] GH DFROKHU HVFXWDU H GDU UHVSRVWDV DGHTXDGDV DRV XVXiULRV 2X VHMD UHTXHU SUHVWDU XP DWHQGLPHQWR FRP UHVSRQVDELOL]DomR H UHVROXWLYLGDGH H TXDQGR IRU R FDVR GH RULHQWDU R XVXiULR H D IDPtOLD SDUD FRQWLQXLGDGH GD DVVLVWrQFLD HP RXWURV VHUYLoRV UHTXHU R HVWDEHOHFLPHQWR GH DUWLFXODo}HV FRP HVVHV VHUYLoRV SDUD JDUDQWLU D HILFiFLD GHVVHV HQFDPLQKDPHQWRV $FROKHU FRP D LQWHQomR GH UHVROYHU RV SUREOHPDV GH VD~GH GDV SHVVRDV TXH SURFXUDP XPD XQLGDGH GH XUJrQFLD SUHVVXS}H TXH WRGRV VHUmR DFROKLGRV SRU XP SURILVVLRQDO GD HTXLSH GH VD~GH (VWH SURILVVLRQDO YDL HVFXWDU D TXHL[D RV PHGRV H DV H[SHFWDWLYDV LGHQWLILFDU ULVFR H YXOQHUDELOLGDGH H DFROKHU WDPEpP D DYDOLDomR GR SUySULR XVXiULR YDL VH UHVSRQVDELOL]DU SHOD UHVSRVWD DR XVXiULR D SDUD LVVR YDL QHFHVVDULDPHQWH FRORFDU HP DomR XPD UHGH PXOWLGLVFLSOLQDU GH FRPSURPLVVR FROHWLYR FRP HVVD UHVROXomR $VVLP R DFROKLPHQWR GHL[D GH VHU XP DWR LVRODGR SDUD VHU XP GLVSRVLWLYR GH DFLRQDPHQWR GH UHGHV LQWHUQDV H[WHUQDV PXOWLGLVFLSOLQDUHV FRPSURPHWLGDV FRP DV UHVSRVWDV jV QHFHVVLGDGHV GRV FLGDGmRV 2 $FROKLPHQWR FRP ODVVLILFDomR GH 5LVFR H DV PXGDQoDV SRVVtYHLV QR WUDEDOKR QRV VHUYLoRV GH XUJrQFLD 0XLWRV VHUYLoRV GH DWHQGLPHQWR jV XUJrQFLDV FRQYLYHP FRP JUDQGHV ILODV RQGH DV SHVVRDV GLVSXWDP R DWHQGLPHQWR VHP FULWpULR DOJXP D QmR VHU D KRUD GD FKHJDGD $ QmRGLVWLQomR GH ULVFRV RX JUDXV GH VRIULPHQWR ID] FRP TXH DOJXQV FDVRV VH DJUDYHP QD ILOD RFRUUHQGR jV YH]HV DWp D PRUWH GH SHVVRDV SHOR QmRDWHQGLPHQWR QR WHPSR DGHTXDGR (VWH WLSR GH RUJDQL]DomR GR VHUYLoR UHSURGX] XPD FHUWD IRUPD GH OLGDU FRP R WUDEDOKR TXH SULYLOHJLD R DVSHFWR GD SURGXomR GH SURFHGLPHQWRV H DWLYLGDGHV HP GHWULPHQWR GD DQiOLVH GRV UHVXOWDGRV H HIHLWRV SDUD RV VXMHLWRV TXH HVWmR VRE VXD UHVSRQVDELOLGDGH 2V SURILVVLRQDLV QD PDLRULD GDV YH]HV HQFRQWUDPVH PXLWR DWDUHIDGRV PDV QmR FRQVHJXHP DYDOLDU RV VHXV SURFHVVRV GH WUDEDOKR H LQWHUIHULU SDUD PXGiORV (VVHV IXQFLRQDPHQWRV GHPRQVWUDP D OyJLFD SHUYHUVD QD TXDO JUDQGH SDUWH GRV VHUYLoRV GH XUJrQFLD YHP VH DSRLDQGR SDUD R GHVHQYROYLPHQWR GR WUDEDOKR FRWLGLDQR IRFDQGR D GRHQoD H QmR R VXMHLWR H VXDV QHFHVVLGDGHV ² H UHSDVVDQGR R SUREOHPD SDUD RXWUR DR LQYpV GH DVVXPLU D UHVSRQVDELOLGDGH SRU VXD UHVROXomR 2 $FROKLPHQWR FRPR GLVSRVLWLYR WHFQRDVVLVWHQFLDO SHUPLWH UHIOHWLU H PXGDU RV PRGRV GH RSHUDU D DVVLVWrQFLD SRLV TXHVWLRQD D FOtQLFD QR WUDEDOKR HP VD~GH RV PRGHORV GH DWHQomR H JHVWmR H R DFHVVR DRV VHUYLoRV $ DYDOLDomR GH ULVFR H YXOQHUDELOLGDGH QmR SRGH VHU FRQVLGHUDGD SUHUURJDWLYD H[FOXVLYD GRV SURILVVLRQDLV GH VD~GH R XVXiULR H VXD UHGH VRFLDO GHYHP WDPEpP VHU FRQVLGHUDGRV QHVWH SURFHVVR $YDOLDU ULVFRV H YXOQHUDELOLGDGH LPSOLFD HP HVWDU DWHQWR WDQWR DR JUDX GH VRIULPHQWR ItVLFR TXDQWR SVtTXLFR SRLV PXLWDV YH]HV R XVXiULR TXH FKHJD DQGDQGR VHP VLQDLV YLVtYHLV GH
  16. 16. SUREOHPDV ItVLFRV PDV PXLWR DQJXVWLDGR SRGH HVWDU PDLV QHFHVVLWDGR GH DWHQGLPHQWR H FRP PDLRU JUDX GH ULVFR H YXOQHUDELOLGDGH 9HMDPRV XP H[HPSOR $ DGROHVFHQWH $0 GH DQRV GH LGDGH FKHJD D XPD XQLGDGH GH VD~GH VR]LQKD DQGDQGR YLVLYHOPHQWH DQJXVWLDGD 'L] HVWDU FRP PXLWD GRU QD EDUULJD $ SURILVVLRQDO TXH D UHFHEH DYDOLD TXH HOD SRGH ILFDU QD ILOD 'HSRLV GH PLQXWRV HVSHUDQGR $0 YROWD j UHFHSomR H GL] TXH D GRU HVWi DXPHQWDQGR PDV p UHFRQGX]LGD D HVSHUDU D VXD YH] QD ILOD 3DVVDGRV RXWURV PLQXWRV $0 FDL QR FKmR H p OHYDGD SDUD R DWHQGLPHQWR HP FRPD SRU WHU LQJHULGR YHQHQR SDUD LQWHUURPSHU XPD JUDYLGH] LQGHVHMDGD 2 TXH D KLVWyULD GH $0 QRV LQGLFD p D XUJrQFLD GH UHYHUVmR H UHLQYHQomR GRV PRGRV GH RSHUDU RV SURFHVVRV GH DFROKLPHQWR QR FRWLGLDQR GRV VHUYLoRV GH XUJrQFLD REMHWLYDQGR ‡ $ PHOKRULD GR DFHVVR GRV XVXiULRV PXGDQGR D IRUPD WUDGLFLRQDO GH HQWUDGD SRU ILODV H RUGHP GH FKHJDGD ‡ $ PXGDQoD GDV UHODo}HV HQWUH SURILVVLRQDLV GH VD~GH H XVXiULRV QR TXH VH UHIHUH j IRUPD GH HVFXWDU HVWH XVXiULR HP VHXV SUREOHPDV H GHPDQGDV ‡ 2 DSHUIHLoRDPHQWR GR WUDEDOKR HP HTXLSH FRP D LQWHJUDomR H FRPSOHPHQWDULGDGH GDV DWLYLGDGHV H[HUFLGDV SRU FDGD FDWHJRULD SURILVVLRQDO ‡ 2 DXPHQWR GD UHVSRQVDELOL]DomR GRV SURILVVLRQDLV GH VD~GH HP UHODomR DRV XVXiULRV H D HOHYDomR GRV JUDXV GH YtQFXOR H FRQILDQoD HQWUH HOHV ‡ $ DERUGDJHP GR XVXiULR SDUD DOpP GD GRHQoD H VXDV TXHL[DV ‡ $ SDFWXDomR FRP R XVXiULR GD UHVSRVWD SRVVtYHO j VXD GHPDQGD GH DFRUGR FRP D FDSDFLGDGH GR VHUYLoR e LPSRUWDQWH DFHQWXDU TXH WRGRV RV SURILVVLRQDLV GH VD~GH ID]HP DFROKLPHQWR HQWUHWDQWR QDV ´SRUWDV GH HQWUDGDµ RV VHUYLoRV GH VD~GH SRGHP GHPDQGDU D QHFHVVLGDGH GH XP JUXSR GH SURILVVLRQDLV GH VD~GH SUHSDUDGR SDUD SURPRYHU R SULPHLUR FRQWDWR FRP R XVXiULR LGHQWLILFDQGR VXD GHPDQGD RULHQWDQGRR TXDQWR DRV IOX[RV LQWHUQRV GR VHUYLoR H TXDQWR DR IXQFLRQDPHQWR GD UHGH GH VD~GH ORFDO $ FODVVLILFDomR GH ULVFR p XPD IHUUDPHQWD TXH DOpP GH RUJDQL]DU D ILOD GH HVSHUD H SURSRU RXWUD RUGHP GH DWHQGL PHQWR TXH QmR D RUGHP GH FKHJDGD WHP WDPEpP RXWURV REMHWLYRV LPSRUWDQWHV FRPR JDUDQWLU R DWHQGLPHQWR LPHGLDWR GR XVXiULR FRP JUDX GH ULVFR HOHYDGR LQIRUPDU R SDFLHQWH TXH QmR FRUUH ULVFR LPHGLDWR DVVLP FRPR D VHXV IDPLOLDUHV VREUH R WHPSR SURYiYHO GH HVSHUD SURPRYHU R WUDEDOKR HP HTXLSH DWUDYpV GD DYDOLDomR FRQWtQXD GR SURFHVVR GDU PHOKRUHV FRQGLo}HV GH WUDEDOKR SDUD RV SURILVVLRQDLV SHOD GLVFXVVmR GD DPELrQFLD H LPSODQWDomR GR FXLGDGR KRUL]RQWDOL]DGR DXPHQWDU D VDWLVIDomR GRV XVXiULRV H SULQFLSDOPHQWH SRVVLELOLWDU H LQVWLJDU D SDFWXDomR H D FRQVWUXomR GH UHGHV LQWHUQDV H H[WHUQDV GH DWHQGLPHQWR $ UHDOL]DomR GD FODVVLILFDomR GH ULVFR LVRODGDPHQWH QmR JDUDQWH XPD PHOKRULD QD TXDOLGDGH GD DVVLVWrQFLD e QHFHVViULR FRQVWUXLU SDFWXDo}HV LQWHUQDV H H[WHUQDV SDUD D YLDELOL]DomR GR SURFHVVR FRP D FRQVWUXomR GH IOX[RV FODURV SRU JUDX GH ULVFR H D WUDGXomR GHVWHV QD UHGH GH DWHQomR
  17. 17. 3DUHFH EDVWDQWH FRHUHQWH SHQVDU TXH XPD XQLGDGH GH XUJrQFLD VH UHODFLRQD GLUHWDPHQWH FRP WRGDV DV RXWUDV XQLGDGHV GH XP KRVSLWDO H TXH RV SURFHVVRV GH WUDEDOKR HP XP VHWRU ² FRPR SRU H[HPSOR XPD HQIHUPDULD RX PHVPR XPD 8QLGDGH GH 7HUDSLD ,QWHQVLYD LQIOXLUmR GLUHWDPHQWH QRV SURFHVVRV GR 3URQWR 6RFRUUR H LQYHUVDPHQWH 3RU H[HPSOR RV WHPSRV GH SHUPDQrQFLD QRV VHWRUHV GH LQWHUQDomR WrP UHODomR GLUHWD FRP R WHPSR GH SHUPDQrQFLD QR VHWRU GH XUJrQFLD XPD UHVSRVWD PDLV RX PHQRV UiSLGD GH VHWRUHV FRPR /DERUDWyULR RX 6HWRU GH ,PDJHQV WHP UHODomR LPHGLDWD FRP D UHVROXWLYLGDGH GDV 8QLGDGHV GH 8UJrQFLD H (PHUJrQFLD 1mR p PHQRV LPSRUWDQWH HVWD UHODomR SDUD IRUD GR KRVSLWDO 'HVHQYROYHU DUWLFXODo}HV FRP D $WHQomR %iVLFD $PEXODWyULRV GH (VSHFLDOLGDGH 6HUYLoRV GH $WHQomR H ,QWHUQDomR 'RPLFLOLDU HWF SURPRYH XPD UHLQVHUomR GR XVXiULR HP iUHDV GR VLVWHPD TXH TXDOLILFDP D DOWD GR XVXiULR GD 8QLGDGH GH 8UJrQFLD H (PHUJrQFLD SURGX]LQGR SRVVLELOLGDGHV GH YtQFXOR H UHVSRQVDELOL]DomR $ VXVWHQWDomR GH XPD UHGH ORFRUHJLRQDO GH 8UJrQFLD H (PHUJrQFLD HQYROYHQGR XQLGDGHV KRVSLWDODUHV H DWHQomR SUpKRVSLWDODU IL[D H PyYHO DOpP GH WRGRV RV RXWURV HTXLSDPHQWRV FRUUHODWRV SURPRYH DFHVVR TXDOLILFDGR D HVWD UHGH LQGX]LGR SHOR SODQHMDPHQWR DGHTXDGR QD PHGLGD GDV QHFHVVLGDGHV TXH VH DSUHVHQWDP H GDV RIHUWDV SRVVtYHLV 2 $FROKLPHQWR FRP $YDOLDomR GH 5LVFR FRQILJXUDVH DVVLP FRPR XPD GDV LQWHUYHQo}HV SRWHQFLDOPHQWH GHFLVLYDV QD UHRUJDQL]DomR GDV SRUWDV GH XUJrQFLD H QD LPSOHPHQWDomR GD SURGXomR GH VD~GH HP UHGH SRLV H[WUDSROD R HVSDoR GH JHVWmR ORFDO DILUPDQGR QR FRWLGLDQR GDV SUiWLFDV HP VD~GH D FRH[LVWrQFLD GDV PDFUR H PLFURSROtWLFDV 2 DFROKLPHQWR H D DPELrQFLD QRV VHUYLoRV GH XUJrQFLD UHLQYHQWDQGR RV HVSDoRV H VHXV XVRV $ UHLQYHQomR GRV HVSDoRV ItVLFRV H VHXV XVRV QD XUJrQFLD RULHQWDGD SHODV GLUHWUL]HV GR $FROKLPHQWR H GD $PELrQFLD QRV FRQYRFD GH LPHGLDWR D OLGDU FRP DOJXQV GHVDILRV WDQWR FRQFHLWXDLV TXDQWR PHWRGROyJLFRV 8P GRV GHVDILRV p WUDEDOKDU HVVD UHLQYHQomR GH PRGR D FRQWULEXLU SDUD D SURGXomR GH VD~GH FRPSUHHQGHQGR TXH D SURGXomR UHLQYHQomR
  18. 18. GH XP HVSDoR ItVLFR QD VD~GH QmR VH VHSDUD GD SURGXomR GH VD~GH H GD SURGXomR GH VXEMHWLYLGDGH ( TXH QHVVD SURGXomR VH H[SUHVVDP UHJLPHV GH VHQVLELOLGDGHV RQGH DQWHV PHVPR GD UHDOLGDGH FRQVWUXtGD Ki R SURFHVVR GH FRQVWUXomR GHVVD UHDOLGDGH GD TXDO HVVHV UHJLPHV ID]HP SDUWH FRPR GLJR FRPR YHMR FRPR XVR
  19. 19. e XPD FRPSUHHQVmR TXH DSRVWD QD FRPSRVLomR GH VDEH UHV SDUD D FRSURGXomR GRV HVSDoRV ItVLFRV HQWHQGHQGR TXH R HVSDoR QmR p GDGR D SULRUL 2 HVSDoR p XP WHUULWyULR TXH VH KDELWD TXH VH YLYHQFLD RQGH VH FRQYLYH H VH UHODFLRQD e XP WHUULWyULR TXH VH H[SHULPHQWD TXH VH UHLQYHQWD H TXH VH SURGX] 8PD SURGXomR GR HVSDoR TXH DFRQWHFH SRUTXH Ki SURFHVVRV GH WUDEDOKR HQFRQWURV HQWUH DV SHVVRDV PRGRV GH VH YLYHU H PRGRV GH LU UHFRQVWUXLQGR R HVSDoR ( QHVVD FRQVWUXomRUHLQYHQomR VH GHVWDFD R
  20. 20. VHQWLGR HVWpWLFR GD LQRYDomR FULDWLYD SURGX]LGD QR SURFHVVR FROHWLYR H FRP SURWDJRQL]DomR GRV VXMHLWRV TXH R YLYHQFLDP 3HVVDWWL
  21. 21. 8P GHVWDTXH SDUD D DPELrQFLD QD XUJrQFLD $ RULHQWDomR GD DPELrQFLD QD XUJrQFLD DUWLFXODGD j GLUHWUL] GR DFROKLPHQWR IDYRUHFH TXH DR VH LQWHUYLU FULDU H UHFULDU RV HVSDoRV ItVLFRV QD XUJrQFLD VH SUREOHPDWL]HP WDPEpP DV SUiWLFDV RV SURFHVVRV GH WUDEDOKR H RV PRGRV GH YLYHU H FRQYLYHU QHVVH HVSDoR ( QHVVH VHQWLGR TXDQGR VH WHP R $FROKLPHQWR FRP ODVVLILFDomR GH 5LVFR FRPR JXLD RULHQWDGRU SDUD D DWHQomR H JHVWmR QD XUJrQFLD RXWURV PRGRV GH HVWDU RFXSDU H WUDEDOKDU VH H[SUHVVDUmR QHVVH OXJDU H VROLFLWDUmR DUUDQMRV HVSDFLDLV VLQJXODUHV FRP IOX[RV DGHTXDGRV TXH IDYRUHoDP RV SURFHVVRV GH WUDEDOKR 3DUD D RUJDQL]DomR GRV HVSDoRV H VHXV XVRV H SDUD D FODUH]D QR HQWHQGLPHQWR D FRPSRVLomR HVSDFLDO DTXL VXJHULGD p FRPSRVWD SRU HL[RV H iUHDV TXH HYLGHQFLDP RV QtYHLV GH ULVFR GRV SDFLHQWHV $ SURSRVWD GH GHVHQKR VH GHVHQYROYH SHOR PHQRV HP GRLV HL[RV R GR SDFLHQWH JUDYH FRP ULVFR GH PRUWH TXH FKDPDUHPRV GH HL[R YHUPHOKR H R GR SDFLHQWH DSDUHQWHPHQWH QmRJUDYH PDV TXH QHFHVVLWD RX SURFXUD R DWHQGLPHQWR GH XUJrQFLD TXH FKDPDUHPRV GH HL[R D]XO DGD XP GHVVHV HL[RV SRVVXL GLIHUHQWHV iUHDV GH DFRUGR FRP D FOtQLFD GR SDFLHQWH H RV SURFHVVRV GH WUDEDOKR TXH QHOH VH HVWDEHOHFHP VHQGR TXH HVVD LGHQWLILFDomR WDPEpP GHILQH D FRPSRVLomR HVSDFLDO SRU GRLV DFHVVRV GLIHUHQWHV 2V HL[RV H VXDV iUHDV (,;2 9(50(/+2 (VWH HL[R HVWi UHODFLRQDGR j FOtQLFD GR SDFLHQWH JUDYH FRP ULVFR GH PRUWH VHQGR FRPSRVWR SRU XP DJUXSDPHQWR GH WUrV iUHDV SULQFLSDLV D iUHD YHUPHOKD D iUHD DPDUHOD H D iUHD YHUGH D
  22. 22. ÉUHD 9HUPHOKD p QHVWD iUHD TXH HVWi D VDOD GH HPHUJrQFLD SDUD DWHQGLPHQWR LPHGLDWR GRV SDFLHQWHV FRP ULVFR GH PRUWH H D VDOD GH SURFHGLPHQWRV HVSHFLDLV LQYDVLYRV E
  23. 23. ÉUHD $PDUHOD FRPSRVWD SRU XPD VDOD GH UHWDJXDUGD SDUD SDFLHQWHV Mi HVWDELOL]DGRV SRUpP TXH DLQGD UHTXHUHP FXLGDGRV HVSHFLDLV SDFLHQWHV FUtWLFRV RX VHPLFUtWLFRV
  24. 24. +RMH QD PDLRULD GDV YH]HV HVVHV SDFLHQWHV SHUPDQHFHP QD VDOD YHUPHOKD FULDQGR GLILFXOGDGHV SDUD R DWHQGLPHQWR GRV SDFLHQWHV TXH FKHJDP FRP ULVFR GH PRUWH DVVLP FRPR VLWXDo}HV PXLWR GHVDJUDGiYHLV SDUD RV SDFLHQWHV Mi HVWDELOL]DGRV F
  25. 25. ÉUHD 9HUGH FRPSRVWD SHODV VDODV GH REVHUYDomR TXH GHYHP VHU GLYLGLGDV SRU VH[R IHPLQLQR H PDVFXOLQR
  26. 26. H LGDGH FULDQoDV H DGXOWRV
  27. 27. D GHSHQGHU GD GHPDQGD 1DV VDODV DPDUHOD H YHUGH DOpP GD DGHTXDomR GRV HVSDoRV H GRV PRELOLiULRV D XPD IXQFLRQDOLGDGH TXH IDFLOLWH R SURFHVVR GH WUDEDOKR p LPSRUWDQWH TXH VH FRQVLGHUH
  28. 28. TXHVW}HV UHODWLYDV D VRP FKHLUR FRU LOXPLQDomR HWF XPD YH] TXH R WHPSR GH SHUPDQrQFLD GR SDFLHQWH QHVWDV iUHDV p PDLV SURORQJDGR TXH QD iUHD YHUPHOKD 1D VDOD YHUPHOKD PHVPR R SDFLHQWH QmR SHUPDQHFHQGR SRU XP SHUtRGR SURORQJDGR WDPEpP p LPSRUWDQWH REVHUYDU RV HOHPHQWRV DFLPD DSRQWDGRV PRGLILFDGRUHV H TXDOLILFDGRUHV GR HVSDoR GH PRGR D SURSLFLDU XP DPELHQWH FRQIRUWiYHO H DJUDGiYHO SDUD RV WUDEDOKDGRUHV DOpP GD IXQFLRQDOLGDGH QHFHVViULD j UHDOL]DomR GR WUDEDOKR e LQGLVSHQViYHO TXH R SRVWR GH HQIHUPDJHP QHVWDV VDODV SRVVD SURSLFLDU XPD YLVmR DPSOD GH WRGRV RV OHLWRV H TXH iUHDV GH DSRLR SDUD RV SURILVVLRQDLV FRQIRUWR FRSD HWF
  29. 29. VHMDP SODQHMDGDV QD SUR[LPLGDGH GDV iUHDV GH WUDEDOKR 4XHVW}HV UHODWLYDV j SULYDFLGDGH H LQGLYLGXDOLGDGH WDPEpP GHYHP VHU REVHUYDGDV SRLV UHSHUFXWHP SRVLWLYDPHQWH QR SURFHVVR WHUDSrXWLFR GR SDFLHQWH $ SULYDFLGDGH GL] UHVSHLWR j SURWHomR GD LQWLPLGDGH GR SDFLHQWH H PXLWDV YH]HV SRGH VHU JDUDQWLGD FRP R XVR GH GLYLVyULDV FRUWLQDV RX RXWURV HOHPHQWRV PyYHLV TXH SHUPLWDP WDQWR D LQWHJUDomR H D IDFLOLGDGH GH PRQLWRUDPHQWR SHOD HTXLSH FRPR PRPHQWRV GH SULYDFLGDGH GRV SDFLHQWHV H VHXV DFRPSDQKDQWHV /HPEUHPRV HQWmR GH XPD GLUHWUL] LPSRUWDQWH SDUD HVWDV iUHDV FULDU HVSDoRV TXH IDYRUHoDP R GLUHLWR DR DFRPSDQKDQWH H D YLVLWD e LPSRUWDQWH TXH XVXiULRV H YLVLWDQWHV QmR VHMDP UHFHELGRV SRU XP SRUWmR JUDGHDGR H FRP KRUiULRV GH YLVLWD UtJLGRV H UHVWULWRV PDV TXH H[LVWDP SDUD HOHV UHFHSomR OXJDUHV GH HVSHUD H DPELHQWHV GH HVFXWD SDUD TXH SRVVDP DJXDUGDU FRP FRQIRUWR H UHFHEHU LQIRUPDo}HV VREUH R HVWDGR FOtQLFR GRV SDFLHQWHV TXDQGR QmR IRU SRVVtYHO D SUHVHQoD GHOHV MXQWR DR OHLWR 6mR WDPEpP LPSRUWDQWHV HVSDoRV RQGH RV SDFLHQWHV SRVVDP UHFHEHU YLVLWDV IRUD GR OHLWR H WHU PRPHQWRV GH FRQYHUVD TXH VHMDP GLIHUHQWHV GDTXHOHV TXH WrP SDUD IDODU FRP RV PpGLFRV H GHPDLV SURILVVLRQDLV UHVSRQViYHLV 1mR EDVWD SRUWDQWR JDUDQWLU R GLUHLWR DR DFRPSDQKDQWH PDV p SUHFLVR TXH H[LVWDP HVSDoRV FDSD]HV GH DFROKrORV H DFRPRGiORV QmR Vy QDV VDODV DTXL UHIHULGDV FRPR DPD UHOD H YHUGH PDV QRV GLYHUVRV DPELHQWHV GDV XQLGDGHV GH PDQHLUD TXH SRVVDP WDPEpP WHU PRPHQWRV GH HQFRQWURV GLiORJRV UHOD[DPHQWR H HQWUHWHQLPHQWR FRPR DVVLVWLU WHOHYLVmR RX RXYLU P~VLFD (,;2 $=8/ e R HL[R GRV SDFLHQWHV DSDUHQWHPHQWH QmRJUDYHV 2 DUUDQMR GR HVSDoR GHYH IDYRUHFHU R DFROKLPHQWR GR FLGDGmR H D FODVVLILFDomR GR JUDX GH ULVFR (VVH HL[R p FRPSRVWR SRU DR PHQRV WUrV SODQRV GH DWHQGLPHQWR VHQGR LPSRUWDQWH TXH WHQKD IOX[RV FODURV LQIRUPDomR H VLQDOL]DomR D
  30. 30. 3ODQR HVSDoRV SDUD R DFROKLPHQWR HVSHUD UHFHSomR FODVVLILFDomR GR ULVFR H DWHQGLPHQWR DGPLQLVWUDWLYR $ GLUHWUL] SULQFLSDO QHVWH SODQR p DFROKHU R TXH SUHVVXS}H D FULDomR GH HVSDoRV GH HQFRQWURV HQWUH RV VXMHLWRV (VSDoRV GH HVFXWD H GH UHFHSomR TXH SURSRUFLRQHP D LQWHUDomR HQWUH XVXiULRV H WUDEDOKDGRUHV HQWUH WUDEDOKDGRUHV H WUDEDOKDGRUHV ² HTXLSHV ² H HQWUH RV SUySULRV XVXiULRV TXH VHMDP DFROKHGRUHV WDPEpP QR VHQWLGR GH FRQIRUWR TXH SRGH VHU SURGX]LGR SHOR XVR GH YHJHWDomR LOXPLQDomR H YHQWLODomR QDWXUDLV FRUHV DUWHV HQWUH RXWURV H[HPSORV SRVVtYHLV 7DPEpP GHYHPRV HVWDU DWHQWRV SDUD R IDWR GH TXH DR HQWUDU HP XP DPELHQWH GH WUDEDOKR HP VD~GH WDQWR RV XVXiULRV FRPR RV WUDEDOKDGRUHV GHL[DP GR ODGR GH IRUD WXGR TXH p UHODWLYR DR VHX PXQGR H SRGHP SHUGHU DV UHIHUrQFLDV VREUH VHX FRWLGLDQR
  31. 31. VXD FXOWXUD H VHXV GHVHMRV 1HVVH VHQWLGR p LPSRUWDQWH TXH DR FULDU HVVDV DPELrQFLDV VH DILUPHP YDORUHV FXOWXUDLV GD SRSXODomR XVXiULD VHQGR XP GRV PRGRV SRVVtYHLV D LQFOXVmR GH WUDEDOKRV DUWtVWLFRV FULDGRV HODERUDGRV FRSURGX]LGRV SHOD FRPXQLGDGH 2 WUDWDPHQWR GDV iUHDV H[WHUQDV LQFOXLQGR MDUGLQV H EDQFRV p EDVWDQWH LQWHUHVVDQWH Mi TXH DOpP GD HQWUDGD HVWDV iUHDV FRQVWLWXHPVH PXLWDV YH]HV HP OXJDUHV GH HVSHUD GH GHVFDQVR H GH ´HVWDUµ 5HFRPHQGDVH WDPEpP D XWLOL]DomR GH PRELOLiULRV TXH VHMDP FRQIRUWiYHLV H HP Q~PHUR VXILFLHQWH GLVSRVWRV GH PDQHLUD D SURPRYHU D LQWHUDomR HQWUH RV XVXiULRV 6mR VXJHULGRV EDOF}HV EDL[RV H VHP JUDGHV TXH QmR VHMDP LQWLPLGDGRUHV SRVVLELOLWDQGR TXH R SDFLHQWH VHMD DWHQGLGR VHQWDGR H TXH GH DOJXPD PDQHLUD SHUPLWDP SULYDFLGDGH SDUD R XVXiULR TXH FKHJD DOL SDUD IDODU GR VHX SUREOHPD VHP TXH RV GHPDLV SUHFLVHP RXYLU 1mR SRGHPRV HVTXHFHU WDPEpP GH HTXLSDPHQWRV TXH SHUPLWDP WUDQVPLWLU LQIRUPDo}HV SDUD R XVXiULR HP HVSHUD e WDPEpP QHVWH SODQR TXH HVWi D VDOD RX DV VDODV
  32. 32. SDUD ODVVLILFDomR GH 5LVFR GHYHQGR FDGD XPD GHODV VHU DPSOD R VXILFLHQWH SDUD IDFLOLWDU R SURFHVVR GH WUDEDOKR H PDQWHU IOX[R IiFLO FRP FRQVXOWyULRV H FRP D iUHD YHUPHOKD E
  33. 33. 3ODQR iUHD GH DWHQGLPHQWR PpGLFR OXJDU RQGH RV FRQVXOWyULRV GHYHP VHU SODQHMDGRV GH PRGR D SRVVLELOLWDU D SUHVHQoD GR DFRPSDQKDQWH H D LQGLYLGXDOLGDGH GR SDFLHQWH 3DUD SHQVDU R HVSDoR QHVVH SODQR p QHFHVViULR OHYDU HP FRQWD D H[LVWrQFLD RX QmR GH ´HVSHFLDOLGDGHVµ H UHSHQVDU RV SURFHVVRV GH WUDEDOKR HP HVSHFLDO D UHODomR TXH VH HVWDEHOHFH QD HTXLSH 1R FDVR GHVWHV HVSHFLDOLVWDV UHDOL]DUHP DSRLR DRV FOtQLFRV SHGLDWUDV RX FLUXUJL}HV p LPSRUWDQWH TXH D DUTXLWHWXUD FRQWULEXD SDUD HVVH IXQFLRQDPHQWR DR VH SURMHWDU VDODV PXOWLIXQFLRQDLV RX HVSDoRV TXH VHMDP FRQWtJXRV H DJUXSDGRV DR LQYpV GH FRPSDUWLPHQWRV FRP XVRV UHVWULWRV H HVSHFtILFRV TXH FRQVROLGDP YHUGDGHLURV ´IHXGRVµ QRV HVSDoRV GH VD~GH D IUDJPHQWDomR GR WUDEDOKR H[SUHVVD QD IUDJPHQWDomR GR HVSDoR F
  34. 34. 3ODQR iUHDV GH SURFHGLPHQWRV PpGLFRV H GH HQIHUPDJHP FXUDWLYR VXWXUD PHGLFDomR QHEXOL]DomR
  35. 35. e LPSRUWDQWH TXH DV iUHDV GH SURFHGLPHQWRV HVWHMDP ORFDOL]DGDV SUy[LPDV DRV FRQVXOWyULRV DR VHUYLoR GH LPDJHP H TXH IDYRUHoDP R WUDEDOKR HP HTXLSH 1HVWH SODQR R DFRPSDQKDQWH SRGHUi HVWDU SUHVHQWH HP WRGRV RV PRPHQWRV VHQGR QHFHVViULR SUHYHU HVSDoRV LQWHUQRV SDUD HVSHUD WDQWR SDUD HOHV TXDQWR SDUD RV XVXiULRV TXH DJXDUGDP GLDJQyVWLFRV H UHDYDOLDo}HV $ VDOD GH VXWXUD GHYHUi WHU IiFLO DFHVVR H HVWDU PDLV SUy[LPD GD HQWUDGD HYLWDQGR TXH SDFLHQWHV VDQJUDQGR WHQKDP TXH FLUFXODU SRU JUDQGHV GLVWkQFLDV $V iUHDV SDUD DWHQGLPHQWR SHGLiWULFR GHYHUmR VHU VHSDUDGDV FRP D FULDomR GH XP DPELHQWH O~GLFR e SRVVtYHO QR HQWDQWR SDUD D RWLPL]DomR GH UHFXUVRV TXH VH FRPSDUWLOKH D UHFHSomR DGPLQLVWUDWLYD H D VDOD YHUPHOKD GHVGH TXH HVWD WHQKD HVSDoR SUHVHUYDGR HVSHFLDO SDUD D FULDQoD $OJXQV SRQWRV LPSRUWDQWHV GHYHP VHU UHVVDOWDGRV
  36. 36. ‡ DUDFWHUL]DomR GR HVSDoR SRU FRUHV SDUD PDLRU FODUH]D H IDFLOLGDGH QD FRPSUHHQVmR GDV iUHDV H VHXV XVRV TXDQGR DV FRUHV HVFROKLGDV ID]HP DOJXPD UHIHUrQFLD DR VLVWHPD DGRWDGR QD FODVVLILFDomR GH ULVFR $V FRUHV SRGHP HVWDU FRPR GHWDOKHV HP IDL[DV SLVR SDUHGH GR DPELHQWH FRQWULEXLQGR WDPEpP SDUD D VLQDOL]DomR ‡ 6LQDOL]DomR H LGHQWLILFDomR FODUD GRV HVSDoRV H XVRV GH PRGR D LQFOXLU WRGRV RV XVXiULRV VHQGR LPSRUWDQWH TXH HVWD RULHQWDomR Mi VH LQLFLH QR HQWRUQR GR HTXLSDPHQWR GH VD~GH ‡ ÉUHDV GH DSRLR SDUD RV WUDEDOKDGRUHV VHPSUH SUy[LPDV GR HVSDoR GH WUDEDOKR FRSD FRQIRUWR EDQKHLURV HWF
  37. 37. e LPSRUWDQWH UHVVDOWDU TXH QmR VH SUHWHQGH DTXL FULDU QRUPDV RX HVWDEHOHFHU SDUkPHWURV UtJLGRV VHQGR TXH HVWDV FRQVLGHUDo}HV H SURSRVWDV GHYHP VHU DGDSWDGDV UHSHQVDGDV H UHFULDGDV GH DFRUGR FRP DV VLQJXODULGDGHV GH FDGD VLWXDomR ORFDO GLIHUHQWHV GHPDQGDV QXPD FRQVWUXomR FROHWLYD SHORV VXMHLWRV HQYROYLGRV ² WUDEDOKDGRUHV DUTXLWHWRV HQJHQKHLURV JHVWRUHV H XVXiULRV (,;2 $=8/ (,;2 9(50(/+2(,;2 $=8/ 3(',É75,2 É5($ 9(50(/+$ ² (0(5*È1,$ 6DOD GH (PHUJrQFLD5HDQLPDomR H 6DOD GH 3URFHGLPHQWRV (VSHFLDLV ,QYDVLYRV É5($ $0$5(/$ 5(7$*8$5'$ GD (PHUJrQFLD (VWDELOL]DomR $QWHFHGH ,QWHUQDomR HP XLGDGRV ,QWHQVLYRV RX HQWUR LU~UJLFR É5($ 9(5'( 2EVHUYDomR $QWHFHGH ,QWHUQDomR RX $OWD $/7$ ,17(51$d®2 É5($ $=8/ ž 3ODQR $2/+,0(172 ² /$66,),$d®2 '( 5,62 É5($ $=8/ ž 3ODQR 2168/7Ð5,26 0e',26 $5($ $=8/ ž 3ODQR 3URFHGLPHQWRV PpGLFRV H GH (QIHUPDJHP XUDWLYR 6XWXUD 0HGLFDomR ,QDODomR 683257( ',$*1Ð67,2 ,0$*(0 (,;2 $=8/ 3(',É75,2 2%67e75,2 25723e',2 (7 +263,7$/ 81,'$'( '( 6É8'( ( 6(8 (172512 ,'$'( 2V SURWRFRORV GH FODVVLILFDomR GH ULVFR $ FODVVLILFDomR GH ULVFR YHP VHQGR XWLOL]DGD HP GLYHUVRV SDtVHV LQFOXVLYH QR %UDVLO 3DUD HVVD FODVVLILFDomR IRUDP GHVHQYROYLGRV GLYHUVRV SURWRFRORV TXH REMHWLYDP HP SULPHLUR OXJDU QmR GHPRUDU HP SUHVWDU DWHQGLPHQWR jTXHOHV TXH QHFHVVLWDP GH XPD FRQGXWD LPHGLDWD 3RU LVVR WRGRV HOHV VmR EDVHDGRV QD DYDOLDomR SULPiULD GR SDFLHQWH Mi EHP GHVHQYROYLGD SDUD R DWHQGLPHQWR jV VLWXDo}HV GH FDWiVWURIHV H DGDSWDGD SDUD RV VHUYLoRV GH XUJrQFLD 8PD YH] TXH QmR VH WUDWD GH ID]HU XP GLDJQyVWLFR SUpYLR QHP GH H[FOXLU SHVVRDV VHP TXH WHQKDP VLGR DWHQGLGDV SHOR PpGLFR D FODVVLILFDomR GH ULVFR p UHDOL]DGD SRU SURILVVLRQDO GH HQIHUPDJHP GH QtYHO VXSHULRU TXH VH EDVHLD HP FRQVHQVRV HVWDEHOHFLGRV FRQMXQWDPHQWH FRP D HTXLSH PpGLFD SDUD DYDOLDU D JUDYLGDGH RX R
  38. 38. SRWHQFLDO GH DJUDYDPHQWR GR FDVR DVVLP FRPR R JUDX GH VRIULPHQWR GR SDFLHQWH 2V SURWRFRORV GH FODVVLILFDomR VmR LQVWUXPHQWRV TXH VLVWHPDWL]DP D DYDOLDomR TXH HP PXLWRV FDVRV p IHLWD LQIRUPDOPHQWH SHOD HQIHUPDJHP H GHYHP WHU VHPSUH UHVSDOGR PpGLFR 2 SURWRFROR GH FODVVLILFDomR GH ULVFR p XPD IHUUDPHQWD ~WLO H QHFHVViULD SRUpP QmR VXILFLHQWH XPD YH] TXH QmR SUHWHQGH FDSWXUDU RV DVSHFWRV VXEMHWLYRV DIHWLYRV VRFLDLV FXOWXUDLV FXMD FRPSUHHQVmR p IXQGDPHQWDO SDUD XPD HIHWLYD DYDOLDomR GR ULVFR H GD YXOQHUDELOLGDGH GH FDGD SHVVRD TXH SURFXUD R VHUYLoR GH XUJrQFLD 2 SURWRFROR QmR VXEVWLWXL D LQWHUDomR R GLiORJR D HVFXWD R UHVSHLWR HQILP R DFROKLPHQWR GR FLGDGmR H GH VXD TXHL[D SDUD D DYDOLDomR GR VHX SRWHQFLDO GH DJUDYDPHQWR $ FRQVWUXomR GH XP SURWRFROR GH FODVVLILFDomR GH ULVFR D SDUWLU GDTXHOHV H[LVWHQWHV H GLVSRQtYHLV QRV WH[WRV ELEOLRJUiILFRV SRUpP DGDSWDGR DR SHUILO GH FDGD VHUYLoR H DR FRQWH[WR GH VXD LQVHUomR QD UHGH GH VD~GH p XPD RSRUWXQLGDGH GH IDFLOLWDomR GD LQWHUDomR HQWUH D HTXLSH PXOWLSURILVVLRQDO H GH YDORUL]DomR GRV WUDEDOKDGRUHV GD XUJrQFLD e WDPEpP LPSRUWDQWH TXH VHUYLoRV GH XPD PHVPD UHJLmR GHVHQYROYDP FULWpULRV GH FODVVLILFDomR VHPHOKDQWHV EXVFDQGR IDFLOLWDU R PDSHDPHQWR H D FRQVWUXomR GDV UHGHV ORFDLV GH DWHQGLPHQWR $ HODERUDomR H DQiOLVH GR IOX[RJUDPD GH DWHQGLPHQWR QR SURQWRVRFRUUR LGHQWLILFDQGR RV SRQWRV RQGH VH FRQFHQWUDP RV SUREOHPDV SURPRYHP XPD UHIOH[mR SURIXQGD VREUH R SURFHVVR GH WUDEDOKR $ IHUUDPHQWD GR IOX[RJUDPD DQDOLVDGRU p EDVWDQWH ~WLO WUDWDVH GH ID]HU R GHVHQKR GRV IOX[RV SHUFRUULGRV SHORV XVXiULRV GDV HQWUDGDV QR SURFHVVR GDV HWDSDV SHUFRUULGDV GDV VDtGDV H GRV UHVXOWDGRV DOFDQoDGRV LGHQWLILFDQGR D FDGD HWDSD RV SUREOHPDV QR IXQFLRQDPHQWR $ DQiOLVH GH FDVRV TXH LOXVWUHP RV PRGRV GH IXQFLRQDPHQWR GR VHUYLoR WDPEpP p XPD IHUUDPHQWD LPSRUWDQWH $PEDV SURPRYHP D UHIOH[mR GD HTXLSH VREUH FRPR p R WUDEDOKR QR GLDD GLD 4XDQGR HVWD HODERUDomR H DQiOLVH VmR UHDOL]DGDV FRQMXQWDPHQWH SRU UHSUHVHQWDQWHV GH WRGDV DV FDWHJRULDV SURILVVLRQDLV TXH WUDEDOKDP QR VHUYLoR D LGHQWLILFDomR GH SUREOHPDV WRUQDVH PXLWR PDLV DPSOD H DV SURSRVWDV GH PXGDQoD PDLV FULDWLYDV PDLV OHJtWLPDV H PDLV DFHLWDV 6XJHULPRV SDUD HVVD DQiOLVH H FRQVWUXomR OHYDU HP FRQWD RV VHJXLQWHV IDWRUHV ‡ DSDFLGDGH LQVWDODGD GH DFRUGR FRP R Q~PHUR GH DWHQGLPHQWRV GLiULRV D VHU SUHVWDGRV QHVWDV XQLGDGHV ‡ +RUiULRV GH SLFR GH DWHQGLPHQWRV ‡ )OX[RV LQWHUQRV PRYLPHQWDomR GRV XVXiULRV ORFDLV GH HVSHUD GH FRQVXOWD GH SURFHGLPHQWRV GH UHDYDOLDomR H ´FDPLQKRVµ HQWUH HOHV ‡ $QiOLVH GD UHGH H GR DFHVVR DRV GLIHUHQWHV QtYHLV GH FRPSOH[LGDGH ‡ 7LSR GH GHPDQGD QHFHVVLGDGHV GRV XVXiULRV SHUILO HSLGHPLROyJLFR ORFDO ‡ 3DFWXDomR LQWHUQD H H[WHUQD GH FRQVHQVRV HQWUH DV HTXLSHV PpGLFDV GH HQIHUPDJHP H RXWURV SURILVVLRQDLV ‡ DSDFLWDomR WpFQLFD GRV SURILVVLRQDLV
  39. 39. 3URSRPRV WDPEpP DOJXPDV RULHQWDo}HV SDUD D LPSOHPHQWDomR GD FODVVLILFDomR GH ULVFR QRV VHUYLoRV GH XUJrQFLD ‡ $ ILQDOLGDGH GD FODVVLILFDomR GH ULVFR p D GHILQLomR GD RUGHP GR DWHQGLPHQWR HP IXQomR GR SRWHQFLDO GH JUDYLGDGH RX GH DJUDYDPHQWR GD TXHL[D DSUHVHQWDGD ‡ 2 SURWRFROR p XPD IHUUDPHQWD SDUD DX[LOLDU D DYDOLDomR GD JUDYLGDGH H GR ULVFR GH DJUDYDPHQWR ‡ 2 SURWRFROR GH FODVVLILFDomR GH ULVFR p XPD IHUUDPHQWD GH LQFOXVmR RX VHMD QmR WHP FRPR REMHWLYR UHHQFDPLQKDU QLQJXpP VHP DWHQGLPHQWR PDV VLP RUJDQL]DU H JDUDQWLU R DWHQGLPHQWR GH WRGRV ‡ $ FODVVLILFDomR GH ULVFR p DWLYLGDGH UHDOL]DGD SRU SURILVVLRQDO GH HQIHUPDJHP GH QtYHO VXSHULRU SUHIHUHQFLDOPHQWH FRP H[SHULrQFLD HP VHUYLoR GH XUJrQFLD H DSyV FDSDFLWDomR HVSHFtILFD SDUD D DWLYLGDGH SURSRVWD ‡ 2 SURWRFROR GHYH VHU DSURSULDGR SRU WRGD D HTXLSH TXH DWXD QD XUJrQFLD HQIHUPHLURV WpFQLFRV GH HQIHUPDJHP PpGLFRV SVLFyORJRV DVVLVWHQWHV VRFLDLV IXQFLRQiULRV DGPLQLVWUDWLYRV ‡ 2 SURWRFROR GHYH H[SOLFLWDU FRP FODUH]D TXDO R HQFDPLQKDPHQWR D VHU GDGR XPD YH] TXH R ULVFR p FODVVLILFDGR ‡ 5HFRPHQGDVH TXH R SURWRFROR WHQKD QR PtQLPR QtYHLV GH FODVVLILFDomR GH ULVFR ‡ 5HFRPHQGDVH R XVR SUHIHUHQFLDO GH FRUHV H QmR GH Q~PHURV SDUD D FODVVLILFDomR GH ULVFR H[HPSOR QR FDVR GH QtYHLV GH FODVVLILFDomR GR PDLV JUDYH DR PHQRV JUDYH YHUPHOKR DPDUHOR YHUGH D]XO
  40. 40. ‡ 5HFRPHQGDVH LGHQWLILFDU D FODVVLILFDomR QD ILFKD GH DWHQGLPHQWR H QmR GLUHWDPHQWH QR XVXiULR SXOVHLUD SRU H[HPSOR
  41. 41. XPD YH] TXH D FODVVLILFDomR QmR p SHUPDQHQWH H SRGH PXGDU HP IXQomR GH DOWHUDo}HV GR HVWDGR FOtQLFR H GH UHDYDOLDo}HV VLVWHPiWLFDV ‡ DVR ILTXH GHILQLGR TXH QHP WRGRV RV XVXiULRV SDVVDUmR SHOD FODVVLILFDomR GH ULVFR RV FDVRV TXH QmR VHUmR FODVVLILFDGRV GHYHP VHU FDUDFWHUL]DGRV GH DFRUGR FRP DV HVSHFLILFLGDGHV H D SDFWXDomR IHLWD HP FDGD VHUYLoR H[HPSORV VXWXUD JHVWDQWHV JLQHFRORJLD RIWDOPRORJLD HWF
  42. 42. ‡ $ FODVVLILFDomR GH ULVFR p GLQkPLFD VHQGR QHFHVViULR TXH SHULRGLFDPHQWH VH UHDYDOLH R ULVFR GDTXHOHV TXH DLQGD QmR IRUDP DWHQGLGRV RX PHVPR GDTXHOHV FXMR WHPSR GH HVSHUD DSyV D FODVVLILFDomR p PDLRU GR TXH DTXHOH TXH IRL HVWDEHOHFLGR QR SURWRFROR ‡ e PXLWR LPSRUWDQWH TXH D RUJDQL]DomR GR DWHQGLPHQWR QD XUJrQFLD DWUDYpV GR DFROKLPHQWR FRP FODVVLILFDomR GH ULVFR VHMD GLYXOJDGD FRP FODUH]D SDUD RV XVXiULRV $OJXPDV VXJHVW}HV H UHIOH[}HV VREUH D LPSODQWDomR GR DFROKLPHQWR H GD FODVVLILFDomR GH ULVFR QRV VHUYLoRV GH XUJrQFLD
  43. 43. /HYDQGR HP FRQVLGHUDomR TXH R $FROKLPHQWR FRP ODVVLILFDomR GH 5LVFR p XP GLVSRVLWLYR GH PHOKRULD GD TXDOLGDGH GRV VHUYLoRV GH XUJrQFLD TXH SHUPLWH H LQVWLJD GLYHUVDV PXGDQoDV QDV SUiWLFDV H TXH p XP LPSRUWDQWH LQVWUXPHQWR QD FRQVWUXomR GH UHGHV GH DWHQomR VXJHULPRV TXH VXD LPSOHPHQWDomR QR 6LVWHPD GH 8UJrQFLD GR 686 FRQWHPSOHP DOJXPDV HWDSDV TXH SRGHUmR IDYRUHFHU D SDUWLFLSDomR H R HQYROYLPHQWR GRV JHVWRUHV WUDEDOKDGRUHV H XVXiULRV JDUDQWLQGR PDLRU OHJLWLPLGDGH H SHUHQLGDGH DR SURFHVVR 6HQVLELOL]DomR GRV JHVWRUHV JHUHQWHV FKHIHV GLULJHQWHV GHPDLV WUDEDOKDGRUHV H XVXiULRV GRV VLVWHPDV GH XUJrQFLD H HPHUJrQFLD H DWHQomR KRVSLWDODU HP WRGRV RV QtYHLV GH DWHQomR H JHVWmR ORFDLV DWUDYpV GH HQFRQWURV DPSORV H DEHUWRV SDUD FRQVWUXLU D DGHVmR DR SURFHVVR GH $FROKLPHQWR FRP ODVVLILFDomR GH 5LVFR H GH RQVWUXomR GH 5HGHV 5HDOL]DomR GH RILFLQDV GH WUDEDOKR SDUD LPSOHPHQWDomR GR $FROKLPHQWR FRP ODVVLILFDomR GH 5LVFR GLUHFLRQDGDV DRV WUDEDOKDGRUHV GH WRGDV DV iUHDV GLUHWD RX LQGLUHWDPHQWH HQYROYLGDV FRP R VHUYLoR GH XUJrQFLD QDV XQLGDGHV KRVSLWDODUHV H QmR KRVSLWDODUHV 5HDOL]DomR GH FDSDFLWDomR HVSHFtILFD GD HQIHUPDJHP SDUD D XWLOL]DomR GR SURWRFROR GH FODVVLILFDomR GH ULVFR $FRPSDQKDPHQWR PRQLWRUDPHQWR H DYDOLDomR VLVWHPiWLFDV GDV Do}HV SDUD PHOKRULDV H FRUUHo}HV GH UXPR TXH VH IDoDP QHFHVViULDV $OpP GLVVR D LPSOHPHQWDomR GR $FROKLPHQWR FRP ODVVLILFDomR GH 5LVFR SRGH VHU SRWHQFLDOL]DGD SHOD DGRomR GDV VHJXLQWHV LQLFLDWLYDV (ODERUDomR GH XP ´0DQXDO GH ,QIRUPDo}HV VREUH R 686 ORFDOµ DWXDOL]DGR VLVWHPDWLFDPHQWH TXH VHUYLUi GH DSRLR DRV SURILVVLRQDLV TXH RULHQWDP RV IOX[RV HQWUH VHUYLoRV GLYHUVRV DSDFLWDomR WpFQLFD LQFOXLQGR VXSRUWH EiVLFR H VXSRUWH DYDQoDGR GH YLGD SDUD WRGRV RV SURILVVLRQDLV TXH DWXDP QD XUJrQFLD LQFOXVLYH DTXHOHV TXH QmR VmR SURILVVLRQDLV GH VD~GH HVWULWDPHQWH DVVLVWHQWHV VRFLDLV DGPLQLVWUDWLYRV SRUWHLURV H RXWURV
  44. 44. 1DV XQLGDGHV GH DWHQGLPHQWR jV XUJrQFLDV DV RILFLQDV GH WUDEDOKR GHYHP WHU RV VHJXLQWHV REMHWLYRV ‡ RPSUHHQGHU D DUWLFXODomR HQWUH R GLVSRVLWLYR GH DFROKLPHQWR FRP FODVVLILFDomR GH ULVFR H RV SULQFtSLRV H GLUHWUL]HV GR 686 ‡ 5HIOHWLU VREUH D RUJDQL]DomR GR SURFHVVR GH WUDEDOKR H R WUDEDOKR HP HTXLSH ‡ $SUHHQGHU R FRQFHLWR GH DFROKLPHQWR QDV GLPHQV}HV UHODFLRQDO WpFQLFD FOtQLFD H GH FLGDGDQLD ‡ 3URPRYHU D DSURSULDomR GDV WHFQRORJLDV GH FODVVLILFDomR GH ULVFR ‡ (ODERUDU SURSRVWDV SDUD D LPSOHPHQWDomR GR DFROKLPHQWR FRP FODVVLILFDomR GH ULVFR QRV VHUYLoRV H SDUD D FRQVWUXomR GH UHGHV TXH JDUDQWDP D FRQWLQXLGDGH GR FXLGDGR HP VD~GH
  45. 45. ‡ (QYROYHU DV HTXLSHV H JHUHQWHV GRV VHUYLoRV QR SURFHVVR GH UHIOH[mR FUtWLFD VREUH DV SUiWLFDV 1HVWH VHQWLGR p LPSRUWDQWH D PRQWDJHP GH JUXSRV PXOWLSURILVVLRQDLV FRP D SDUWLFLSDomR GRV SURILVVLRQDLV TXH DWXDP GLUHWDPHQWH QD iUHD GH XUJrQFLD PpGLFRV HQIHUPHLURV DX[LOLDUHV GH HQIHUPDJHP SHVVRDO DGPLQLVWUDWLYR SVLFyORJRV DVVLVWHQWHV VRFLDLV HQWUH RXWURV
  46. 46. GRV JHVWRUHV H JHUHQWHV GD iUHD GH XUJrQFLD DVVLP FRPR GRV JHVWRUHV H WpFQLFRV LPSOLFDGRV QDV iUHDV TXH WrP LQWHUIDFH GLUHWD FRP R VHUYLoR GH XUJrQFLD JHVWmR GH SHVVRDO iUHDV GH DSRLR UHJXODomR UHSUHVHQWDomR GD UHGH H[WHUQD 1RV VHUYLoRV GH XUJrQFLD RQGH DV HTXLSHV WUDEDOKDP QD PDLRU SDUWH GDV YH]HV HP UHJLPH GH SODQWmR p LQGLVSHQViYHO D FRQVWUXomR GH HVWUDWpJLDV GH PRELOL]DomR GH FURQRJUDPD GH URGDV GH FRQYHUVD FRP D HTXLSH PXOWLGLVFLSOLQDU D VHUHP UHDOL]DGDV HP GLYHUVRV KRUiULRV GLXUQRV H QRWXUQRV YLVDQGR D FROHWLYL]DomR GD DQiOLVH H D SURGXomR GH HVWUDWpJLDV FRQMXQWDV SDUD R HQIUHQWDPHQWR GRV SUREOHPDV $SUHVHQWDPRV D VHJXLU DOJXQV H[HPSORV GH TXHVW}HV D VHUHP FRQVLGHUDGDV H DQDOLVDGDV SHOR JUXSR QDV URGDV $FHVVR H FDUDFWHUL]DomR GD GHPDQGD GR VHUYLoR ‡ RPR DFRQWHFH R DFHVVR GR XVXiULR DR DWHQGLPHQWR HP VHX VHUYLoR ‡ 4XHP SURFXUD R VHUYLoR ‡ 4XHP HQFDPLQKD SDUD R VHUYLoR H FRPR VmR HVVHV HQFDPLQKDPHQWRV ‡ 2 TXH VH FRQILJXUD FRPR QHFHVVLGDGH GH DWHQGLPHQWR QR VHUYLoR )OX[RV H FULWpULRV DGRWDGRV SDUD D RUJDQL]DomR GD DWHQomR DR XVXiULR ‡ $R FKHJDU QD XQLGDGH D TXHPSDUD RQGH R XVXiULR VH GLULJH 4XHP R UHFHEH 'H TXH PRGR ‡ 4XDO R FDPLQKR TXH R XVXiULR ID] DWp VHU DWHQGLGR ‡ RPR YRFr SHUFHEH D HVFXWD j GHPDQGD GR XVXiULR ‡ RPR VH Gi R DFROKLPHQWR QR VHUYLoR ‡ 2 SURFHVVR GH WUDEDOKR HVWi RUJDQL]DGR GH IRUPD D SRVVLELOLWDU R DFROKLPHQWR 3RU TXr ‡ 4XHP GHILQH TXHP VHUi DWHQGLGR 4XHP QmR p DWHQGLGR H SRU TXr ‡ 4XH WLSRV GH DJUDYR j VD~GH VmR LPHGLDWDPHQWH DWHQGLGRV ‡ (P TXDQWR WHPSR 2 TXH RV GHILQH FRPR SULRULWiULRV
  47. 47. ‡ +i HP VHX VHUYLoR XPD RUGHQDomR GR DWHQGLPHQWR 4XDO ‡ 2 VHUYLoR DGRWD FULWpULRV GH ODVVLILFDomR GH 5LVFR RPR HVWi HVVH SURFHVVR ‡ 4XDO D UHVROXWLYLGDGH GR VHUYLoR 5HODo}HV GH WUDEDOKR HVSDoRV GH WURFD DPELrQFLD UHODo}HV FRP XVXiULRV H IDPLOLDUHV ‡ RPR VmR FRPSRVWDV DV HTXLSHV GH DWHQGLPHQWR HP VXD XQLGDGH 3RU JUXSRFODVVH SURILVVLRQDO ‡ +i WUDEDOKR GH HTXLSH PXOWLSURILVVLRQDO (P TXH VHWRUHV ‡ +i UHXQL}HV RUGLQiULDV 4XDO D SHULRGLFLGDGH 4XDO p D FRPSRVLomR GR JUXSR ‡ 4XDLV DV PDLRUHV GLILFXOGDGHV HQFRQWUDGDV QR IXQFLRQDPHQWR SRU JUXSRFODVVH RX HTXLSH PXOWLSURILVVLRQDO ‡ RPR VH GmR DV UHODo}HV GH WUDEDOKR HQWUH DV SHVVRDV GD HTXLSH H GHVWDV FRP RV XVXiULRV H IDPLOLDUHV ‡ ([LVWHP HVSDoRV GH GLVFXVVmR VREUH RV SURFHVVRV GH WUDEDOKR HQWUH JHUHQWHV H WUDEDOKDGRUHV ‡ RPR VmR WRPDGDV DV GHFLV}HV HP VXD XQLGDGH 3HODV FKHILDV SHOR JHVWRU JHUDO GD XQLGDGH SRU FROHJLDGRV ‡ RPR p VHX DPELHQWH GH WUDEDOKR ‡ RPR VH Gi D SDUWLFLSDomR GRV WUDEDOKDGRUHV H XVXiULRV QRV SURFHVVRV GH PXGDQoD GR HVSDoR GH WUDEDOKR ‡ RPR p R DPELHQWH H QR TXH HOH LQWHUIHUH QDV SUiWLFDV GH DFROKLPHQWR RQIRUWR SULYDFLGDGH LQIRUPDomR VLQDOL]DomR
  48. 48. ‡ (P TXH PHGLGD D DPELrQFLD WHP FRQWULEXtGR SDUD D SURPRomR GR $FROKLPHQWR FRP ODVVLILFDomR GH 5LVFR ‡ ([LVWHP IRUPDV H FDQDLV GH FRPXQLFDomR FRP RV XVXiULRV 4XDLV ‡ 'R TXH H FRPR D UHGH VRFLDO GR XVXiULR p LQIRUPDGD 4XH SURILVVLRQDLV SDUWLFLSDP GHVWH SURFHVVR 5HODo}HV FRP RXWURV VHUYLoRV LQWHUQRV H H[WHUQRV ‡ 4XDLV VmR DV UHVSRQVDELOLGDGHV GDV SRUWDV GH XUJrQFLD QR 686 QD VXD FLGDGHUHJLmRHVWDGR
  49. 49. ‡ RPR D SRUWD GD XUJrQFLD GR VHX VHUYLoR VH UHODFLRQD FRP RV RXWURV VHUYLoRV GR 6LVWHPD GH 6D~GH +RVSLWDLV $WHQomR %iVLFD 6$08 3URQWR $WHQGLPHQWRV $36 HWF
  50. 50. ‡ RPR D XQLGDGH GH XUJrQFLD VH UHODFLRQD FRP DV GHPDLV XQLGDGHV GR KRVSLWDO 87, HQIHUPDULDV VHUYLoRV GH DSRLR WUDQVSRUWH HWF
  51. 51. ‡ RPR p IHLWR R HQFDPLQKDPHQWR GRV FDVRV QmR DWHQGLGRV QD XQLGDGH 4XHP UHVSRQGH SRU HOHV ‡ +i DUWLFXODomR FRP D UHGH GH VHUYLoRV GH VD~GH VLVWHPD GH UHIHUrQFLDFRQWUD UHIHUrQFLD
  52. 52. RPR IXQFLRQD 5HIHUrQFLDV %LEOLRJUiILFDV $(0 JXLGHOLQHV *XGHOLQHV IRU LPSOHPHQWDWLRQ RI WKH $XVWUDOLDQ 7ULDJH 6FDOH LQ HPHUJHQF ,Q $XVWUDOLDQ ROOHJH RI (PHUJHQF 0HGLFLQH *XLGHOLQHV IRU LPSOHPHQWDWLRQ RI WKH $XVWUDOLDQ 6FDOH LQ (PHUJHQF 'HSDUWPHQWV %(/2 +25,=217( 6HFUHWDULD 0XQLFLSDO GH 6D~GH $FROKLPHQWR QR 686 %HOR +RUL]RQWH 0LPHR %(1(9,'(6 5 3$6626 ( $ KXPDQL]DomR FRPR GLPHQVmR S~EOLFD GDV SROtWLFDV GH VD~GH ,Q LrQFLD 6D~GH ROHWLYD Y Q SS %(1(9,'(6 5 3$6626 ( +XPDQL]DomR QD VD~GH XP QRYR PRGLVPR ,Q ,QWHUIDFH RPXQLFDomR 6D~GH H (GXFDomR 6mR 3DXOR Y Q S %5$6,/ 0LQLVWpULR GD 6D~GH 2 SURFHVVR GH WUDEDOKR HP VD~GH XUVR GH )RUPDomR GH )DFLOLWDGRUHV GH (GXFDomR 3HUPDQHQWH HP 6D~GH 8QLGDGH GH $SUHQGL]DJHP H 5HODo}HV GH 3URGXomR GH XLGDGRV ($' (163),258= SS %5$6,/ 0LQLVWpULR GD 6D~GH DUWD GRV 'LUHLWRV GRV 8VXiULRV GD 6D~GH %5$6,/ 0LQLVWpULR GD 6D~GH 3ROtWLFD 1DFLRQDO GH +XPDQL]DomR 31+
  53. 53. $FROKLPHQWR FRP FODVVLILFDomR GH ULVFR 6pULH DUWLOKDV GD 31+ %5$6,/ 0LQLVWpULR GD 6D~GH 3ROtWLFD 1DFLRQDO GH +XPDQL]DomR 'RFXPHQWR EDVH SDUD JHVWRUHV H WUDEDOKDGRUHV GR 686 %5$6,/ 0LQLVWpULR GD 6D~GH $PELrQFLD +XPDQL]DomR GRV ´7HUULWyULRVµ GH HQFRQWURV GR 686 )RUPDomR GH DSRLDGRUHV SDUD D 3ROtWLFD 1DFLRQDO GH +XPDQL]DomR GD *HVWmR H GD $WHQomR j 6D~GH ($'(163),258= 0LQLVWpULR GD 6D~GH SS %5$6,/ 0LQLVWpULR GD 6D~GH 3ROtWLFD 1DFLRQDO GH 8UJrQFLDV 3RUWDULD *0 GH GH VHWHPEUR GH 3RUWDULD GH GH VHWHPEUR GH 3RUWDULD GH GH QRYHPEUR GH $FROKLPHQWR H ODVVLILFDomR GH 5LVFR QRV 6HUYLoRV GH 8UJrQFLD $0326 5 0$/7$ ' 5(,6 $ 6LVWHPD ÔQLFR GH 6D~GH HP %HOR +RUL]RQWH UHHVFUHYHQGR R S~EOLFR 6mR 3DXOR (G ;DPm
  54. 54. $0326 *:6 6D~GH 3DLGpLD 6mR 3DXOR (G +8,7( $1$',$1 $662,$7,21 2) (0(5*(1 3+6,,$16 DQDGLDQ $VVRFLDWLRQ RI (PHUJHQF 3KVLFLDQV $(3
  55. 55. 1DWLRQDO (PHUJHQF 1XUVHV $IILOLDWLRQ RI DQDGD 1(1$
  56. 56. $VVRFLDWLRQ GHV 0pGHFLQV G8UJHQFH GX 4XpEHF $084
  57. 57. ,PSOHPHQWDWLRQ *XLGHOLQHV IRU 7KH DQDGLDQ (PHUJHQF 'HSDUWPHQW 7ULDJH $FXLW 6FDOHV 7$6
  58. 58. 'HFHPEHU '(6/$1'(6 6) 2 3URMHWR pWLFRSROtWLFR GD KXPDQL]DomR FRQFHLWRV PpWRGRV H LGHQWLGDGH ,Q 5HYLVWD ,QWHUIDFH RPXQLFDomR 6D~GH H (GXFDomR 9 Q PDUDJR S '(6/$1'(6 6) )UiJHLV 'HXVHV SURILVVLRQDLV GD HPHUJrQFLD HQWUH RV GDQRV GD YLROrQFLD H D UHFULDomR GD YLGD 5LR GH -DQHLUR (GLWRUD ),258= )5$12 7 % %8(12 :6 0(5+ (( 2 DFROKLPHQWR H RV SURFHVVRV GH WUDEDOKR HP VD~GH R FDVR %HWLP 0* DGHUQRV GH 6D~GH 3~EOLFD 5LR GH -DQHLUR YRO Qž DEUMXQ )5$12 7 3$1,==, 0 )26+,5($ 0 2 $FROKHU KDSHFy H D PXGDQoD GR SURFHVVR GH WUDEDOKR QD UHGH EiVLFD GH VD~GH ,Q 5HYLVWD 6D~GH HP 'HEDWH 5LR GH -DQHLUR Qž *,*/,2-$48(027 $UPHOOH 8UJrQFLDV H (PHUJrQFLDV HP 6D~GH SHUVSHFWLYDV GH SURILVVLRQDLV H XVXiULRV 5LR GH -DQHLUR (GLWRUD ),258= *,/%2 1 7$1$%( 3 75$9(56 '$ 526(1$8 $0 (,7(/ '5 (PHUJHQF 6HYHULW ,QGH[ 9HUVLRQ ,PSOHPHQWDWLRQ +DQGERRN $+54 3XEOLFDWLRQ 1R 5RFNYLOOH 0' $JHQF IRU +HDOWKFDUH 5HVHDUFK DQG 4XDOLW 0D 'LVSRQtYHO HP KWWSZZZPHGHVHUYFRPDXDFHPRSHQ GRFXPHQWVWULDJHJXLGHKWP *20(6 $0$ 1$7,216 0. /8= 07 3LVDGD FRPR SDQR GH FKmR H[SHULrQFLD GH YLROrQFLD KRVSLWDODU QR 1RUGHVWH %UDVLOHLUR 6DXGH VRF 0DUoR YRO QR S ,661 -,0e1(= - *Ð0(= ODVLILFDFLyQ GH 3DFLHQWHV HQ ORV VHUYLFLRV GH XUJrQFLDV HPHUJHQFLDV KDFLD XQ PRGHOR GH WULDMH HWUXFWXUDGR GH XUJHQFLDV HPHUJHQFLDV ,Q (PHUJHQFLDV Q SS 0$.$:$-21(6 . 0$56'(1 - :,1'/( - 0DQFKHVWHU 7ULDJH *URXS (PHUJHQF 7ULDJH (GLWRUD 3DSHUEDFN D (GLomR 0$)5$ $$ 0$57,1$ 3 %(/(=,$ % 6+,0$=$., 0( %$5%26$ 5 5$7(6 600 12521+$ 5 52+$ 02 $FROKLPHQWR FRP ODVVLILFDomR GH 5LVFR QR +RVSLWDO 0XQLFLSDO 2GLORQ %HKUHQV HP %HOR +RUL]RQWH 0(5+(( 212.25 2UJV
  59. 59. $JLU HP VD~GH XP GHVDILR SDUD R S~EOLFR 6mR 3DXOR +8,7( 0(5+(( 6D~GH $ FDUWRJUDILD GR WUDEDOKR YLYR 63 +8,7( 1$7,216 0. *20(6 $0$ XLGDGR ´FDYDOR EDWL]DGRµ H FUtWLFD GD FRQGXWD SURILVVLRQDO SHOR
  60. 60. SDFLHQWHFLGDGmR KRVSLWDOL]DGR QR 1RUGHVWH EUDVLOHLUR DGHUQRV GH 6D~GH 3~EOLFD Y Q 5LR GH -DQHLUR 6HWHPEUR 3(66$77, 0LUHOD 3LORQ $ ,QWHUFHVVmR $UTXLWHWXUD H 6D~GH DPSLQDV 63 $' )0 ² 81,$03 32578*$/ 0LQLVWpULR GD 6D~GH 5HODWyULR GR *UXSR GH 7UDEDOKR GH 8UJrQFLDV 2 VHUYLoR GH XUJrQFLD UHFRPHQGDo}HV SDUD RV FXLGDGRV XUJHQWHV H HPHUJHQWHV 7(,;(,5$ 55 2 DFROKLPHQWR QXP VHUYLoR GH VD~GH HQWHQGLGR FRPR XPD UHGH GH FRQYHUVDo}HV ,Q 3,1+(,52 5 0$7726 5$ RUJ
  61. 61. RQVWUXomR GD ,QWHJUDOLGDGH RWLGLDQR 6DEHUHV H 3UiWLFDV GH 6D~GH 5LR GH -DQHLUR 8(5- 06$%5$62   ¡ ¢ £ ¤ ¥ ¦ § ¤ ¨ ¤ £ © ¡ ¤ ¢ ¢ ¦ ¡ © ¢ ¡ ¤ ¢ © ¨ ¢ ¦ ! ¥ © ¤ ¢ # ¢ ¤ ¨ ¢ ¥ $ % ¢ ¨ ¤ ' ¢ ¢ © ¨ ( £ © ) ¦ ¥ 0 ¤ ¨ © ¥ ¢ £ £ ¤ 1 ¤ ¢ ¡ ¤ £ ¨ £ £ ¡ 2 ¤ £ % ¡ 3 4 ¨ ¤ ¢ 5 § ¤ ¨ ¤ £ © ¡ ¤ ¢ ¢ 6 ¡ © ¢ ¡ ¤ ¢ © ¨ ¢ 6 ! ¥ © ¤ ¢ # ¢ ¤ ¨ ¢ ¥ $ % ¢ ¨ ¤ ' ¢ ¢ © ¨ ( £ © ) ¦ 7   ¡ ¢ £ ¥ ¤ ¢ 8 § ¤ ¨ ¤ £ © ¡ ¤ ¢ ¢ 6 9 @ @ A ¦ B C D ¦ 8 ¤ ¥ ¦ ¥ ¡ ¦ 7 E ¡ ¤   ¦ F G © £   H £ ¤ £ ¢ I

×