Professional Documents
Culture Documents
DUWLVWDV HP)ORULDQySROLV6&
%HDWUL] 6WDLPEDFK $OELQR
9DQHVVD )HUQDQGHV 'DYLHV
$OH[DQGUH )HUQDQGH] 9D]
8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD
7KHLPSXOVHRIUHVHDUFKLQJVWUHHW
DUWLVWVDFWLQJLQWUDIILFOLJKWVLQ)ORULDQy
SROLV6& ZDV IRXQG WKURXJK RXU TXHHU
IHHOLQJV WKDW FRQVWUXFWHG WKHP DV UDGL
FDO RWKHUQHVV 7KH HWKQRJUDSK\ GLVFR
YHUHG EHORQJLQJ V\PEROLF UHODWLRQV DV
ZHOODVWKDWRITXHHULQJ,WEURXJKWLQWR
OLJKWWKHLQYHQWLRQRIDFORVHGEXWGDQ
JHURXVRWKHUZKRLVDNLQGRIRXWVLGHU
VR FDOOHG PLFURRUJDQLVP ZKR VKDUHV
WKHWUDIILFOLJKWZLWKWKHDUWLVW$WWKHWUD
IILFOLJKWVWDNHSODFHKRZHYHUZKDWLVH[
SHFWHG IURP WKH DUWLVWV LQ WKHLU SHUIRU
PDQFHVWREHFRPLFYLUWXRVLFFOHDQDQG
ZHOOGUHVVHG
3DODYUDVFKDYH$OWHULGDGH$UWHGHUXD
'HVYLR6HPiIRURV)ORULDQySROLV6&
.H\ZRUGV2WKHUQHVV6WUHHWDUW4XHHU
QHVV7UDIILFOLJKW)ORULDQySROLV6&
,QWURGXomR
ERUGDGRGHGLIHUHQWHVPDQHLUDVDRORQJRGDKLVWyULDGDGLVFLSOLQDRWHPD
GDDOWHULGDGHpUHFRUUHQWHHP$QWURSRORJLD7RPDGDFRPRVHXREMHWRGH
HVWXGRSULYLOHJLDGRDWpRVDQRVDUHODomRFRPRRXWURSHUPDQHFHXQD
HWQRJUDILDFRPRSULQFtSLRWHyULFRPHWRGROyJLFRDVHUDGRWDGRSHORSHVTXLVDGRU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0HHWLQJ DQG GHWRXULQJ LQ WKH WUDIILF OLJKW UHVHDUFKLQJ DUWLVWV LQ )ORULDQySROLV6&
'RXWRUDQGD GR 3URJUDPD GH 3yV*UDGXDomR ,QWHUGLVFLSOLQDU HP &LrQFLDV +XPDQDV 8)6& &DPSXV
8QLYHUVLWiULR )ORULDQySROLV 6&
'RXWRUDQGD GR 3URJUDPD GH 3yV*UDGXDomR HP 6D~GH &ROHWLYD 8)6& )ORULDQySROLV 6&
(QGHUHoR SDUD FRUUHVSRQGrQFLDV$OH[DQGUH )HUQDQGH] 9D] 3URJUDPD GH 3yV*UDGXDomR ,QWHUGLVFL
SOLQDU HP &LrQFLDV +XPDQDV &DPSXV 8QLYHUVLWiULR )ORULDQySROLV 6& 7HOHIRQH
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
5 H Y L V W D GH & L r QF L D V
80$1$ 6
TXHDSDUWLUGHHQWmRGHYHULDGHL[DUVHDIHWDUSHORVHQWLPHQWRGHHVWUDQKDPHQ
WRSRUDTXHOHVTXHHVWLYHVVHPPDLVSUy[LPRV
$WHQWDQGRDRVGHVDILRVSUHVHQWHVQRMRJRHQWUHIDPLOLDULGDGHHHVWUDQKD
PHQWRQRFRQWH[WRXUEDQRHVWHDUWLJRDSUHVHQWDXPUHODWRGDVWHVVLWXUDVGHVVD
UHODomRIDPLOLDUHVWUDQKRHQWUHQyVHRVLQWHUORFXWRUHVQDLQYHVWLJDomRDUWLV
WDV TXH WUDEDOKDP HP VHPiIRURV QD FDSLWDO GH 6DQWD &DWDULQD D FLGDGH GH
)ORULDQySROLV1DSUHVHQWHSHVTXLVDDIDPLOLDULGDGHSHODYLVmRFRWLGLDQDGRV
DUWLVWDVQRVVHPiIRURVGHWUkQVLWRQRVSURYRFRXDVHQVDomRGHHVWDUPRVSHUDQ
WHDXPDDOWHULGDGHTXDVHUDGLFDODOJRTXHpGLYHUVRGRTXHFRUUHQWHPHQWH
DFRQWHFHQDVLQYHVWLJDo}HVQRFHQiULRXUEDQR
(QWHQGHPRVTXHRHVWUDQKDPHQWRLPHGLDWRIRLGHFRUUHQWHGRLPDJLQiULR
HPWRUQR GHVVDVSHVVRDVVHU SRXFRRXQDGD FRQIRUPHDRFLWDGLQR DYLGD
Q{PDGHGHDOJXQVDIUHTXrQFLDDOJRFRPXPGRXVRGHFDEHORVFRPGUHDGV
PDUFDFRUSRUDOTXHUHPHWHDRPRYLPHQWRKLSSLHDVXSRVLomRGHTXHQmR
SRVVXtDPWUDEDOKRVIRUPDLVHRIDWRGHDJUDQGHPDLRULDDSUHVHQWDUVHPDQX
VHDQGRPDODEDUHVRTXHUHSRUWDDRXQLYHUVRFLUFHQVHIRPHQWDUDPRUHIH
ULGRHVWUDQKDPHQWR
2UJDQL]DPRVHVWHDUWLJRHPWRUQRGDH[SHULrQFLDGHGHVFRQVWUXomRSRU
QyVGHXPDLPDJLQDGDDOWHULGDGHUDGLFDOHPUHODomRDRVDUWLVWDV7DOGHVFRQV
WUXomRVHGHXFRPRVHYHUiDRORQJRGRWH[WRDSDUWLUGDUHYHODomRSRU
SDUWHGRVLQWHUORFXWRUHVGHXPRXWURGHVYLDQWH'HVFUHYHPRVSRUWDQWRFRPR
QRVVDQRomRGHIDPLOLDULGDGHHVWUDQKDPHQWRFRPRVDUWLVWDVDGTXLULXXPGHV
GREUDPHQWRVLQJXODUSRUPHLRGRPRGRFRPRHVWDPHVPDQRomRVHH[SULPH
HQWUHRVSUySULRVDUWLVWDV
1RVVDSULQFLSDOUHIHUrQFLDSDUDDVDQiOLVHVIRUDPRVHVFULWRVGH*LOEHUWR
9HOKRVREUHRVHOHPHQWRVGHFRQWLQXLGDGHHHVWDELOLGDGHTXHVXVWHQWDP
DVUHGHVGHUHODo}HVVRFLDLVHGDVUHVSHFWLYDVUHSUHVHQWDo}HVVREUHRTXHp
GHVFRQWtQXRGHVYLDQWHHVWDEHOHFHGRUVLPEyOLFRGHXPDIURQWHLUD
1DVSUy[LPDVSiJLQDVDSUHVHQWDPRVRFRQWH[WRHPTXHVHGHXDSHV
TXLVDDOpPGHXPDEUHYHFDUDFWHUL]DomRGRJUXSRHGDVHVWUDWpJLDVPHWR
GROyJLFDVXWLOL]DGDV(PVHJXLGDRFXSDPRQRVGDVUHODo}HVHQWUHRJUXSR
RXPDLV HVSHFLILFDPHQWHGDDXVrQFLD GHVWDV1RFDStWXORVXEVHTXHQWH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VVH p XP GRV DVSHFWRV IXQGDGRUHV GD$QWURSRORJLD 8UEDQD H FDUDFWHUtVWLFD GH SHVTXLVDV GHVHQYRO
YLGDV QR %UDVLO SDtV SLRQHLUR QHVVH WLSR GH LQYHVWLJDomR 3(,5$12 8PD GDV UHIHUrQFLDV
FHQWUDLV QD$QWURSRORJLD 8UEDQD p D REUD GH *LOEHUWR 9HOKR HP HVSHFLDO DTXHOH LQWLWXODGR 2EVHU
YDQGR R IDPLOLDU 9(/+2
2 LPSXOVR j UHDOL]DomR GD SHVTXLVD GHYHPRV j GLVFLSOLQD$QWURSRORJLD &XOWXUDO H 0pWRGRV$QWURSR
OyJLFRV GR FXUVR GH 3yV*UDGXDomR HP$QWURSRORJLD 6RFLDO GD 8QLYHUVLGDGH )HGHUDO GH 6DQWD
&DWDULQD PLQLVWUDGD SRU 0LULDP 3LOODU *URVVL H &DUPHQ 6LOYLD 5LDO
1HVWH FDVR R H[HUFtFLR GHHVWUDQKDPHQWRTXH9HOKR GHVWDFDFRPRIXQGDPHQWDO SDUD SHVTXLVD
FRP JUXSRV TXH KDELWDP R FHQiULR XUEDQR VH GHX GH PDQHLUD LPHGLDWD QmR QRV H[LJLQGR XP
H[HUFtFLR QHVWD GLUHomR (P QRVVD LQYHVWLJDomR D SUySULD IDPLOLDULGDGH QR VHQWLGR GD YLVmR
FRWLGLDQD IRUMRX R HVWUDQKDPHQWR
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
(QFRQWURVHGHVYLRVQRVVHPiIRURVLQYHVWLJDQGRDUWLVWDVHP)ORULDQySROLV6&
%6$OELQR9)'DYLHV $)9D]
+i XPD SRUWDULD H[SHGLGD HP GH MXQKR GH SHOD 6HFUHWDULD 0XQLFLSDO GH 0HLR$PELHQWH H
'HVHQYROYLPHQWR 8UEDQR 60'8 GD 3UHIHLWXUD 0XQLFLSDO GH )ORULDQySROLV TXH SURtEH R WUDEDOKR
QRV VHPiIRURV GD FLGDGH
2 LQWHUPHGLiULR DLQGD VXJHULX D SRVVLELOLGDGH GH RIHUHFHU DOJXP WLSR GH WURFD FRP HOHV FRPR XP
ODQFKH RX DWp DOJXPD URXSD VXJHULX R HVWDEHOHFLPHQWR GH FRQYHUVDV TXH IRVVHP LQIRUPDLV FRQFH
GHX XP FRQWDWR WHOHI{QLFR H SRU ILP IRL XP GRV HQWUHYLVWDGRV
'XUDQWH D SHVTXLVD KRXYH GXDV VDtGDV GH FDPSR DR HQFRQWUR QD 3UDoD GD /DJRD GD &RQFHLomR
$ WpFQLFD PDLV SUDWLFDGD QR ORFDO p R PDODEDULVPR VHJXLGR GR HTXLOLEULVPR FRP PRQRFLFOR H GD
FRUGD EDPED 2 HQFRQWUR p UHFRQKHFLGR SHORV TXH Oi HVWDYDP H SRU RXWURV HQWUHYLVWDGRV DR ORQJR
GD SHVTXLVD FRPR ORFDO GH WUHLQDPHQWR GH PDODEDUHV H GH WURFD GH H[SHULrQFLDVFRQKHFLPHQWRV
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
5 H Y L V W D GH & L r QF L D V
80$1$ 6
6HHVVDVGLILFXOGDGHVIRUDPJUDGDWLYDPHQWHWUDQVSRVWDVRXWUDVSHUPD
QHFHUDPFRPRDLQFRPSDWLELOLGDGHHQWUHQRVVRVKRUiULRVGHWUDEDOKRHRVPR
PHQWRVHPTXHRVDUWLVWDVHUDPHQFRQWUDGRVQRVVHPiIRURV3UHGRPLQDUDPRV
HQFRQWURVIRUWXLWRV(PXPGHOHVDH[SUHVVmRGHXPDUWLVWDVHPRVWURXPXLWR
DGHTXDGDHQTXDQWRVtQWHVHGDVLWXDomRDJHQWHVHWURPSD$UWLVWD7'LiULR
GHFDPSR2TXHTXHUGL]HUQRVVRHQFRQWURGHSHQGHULDGRDFDVR
)RLQHVVHFOLPDGHLPSUHYLVLELOLGDGHTXHVHUHDOL]RXDLQYHVWLJDomRQD
TXDOIRUDPUHJLVWUDGDVHPGLiULRGHFDPSRGXDVHQWUHYLVWDVIRUPDLVHRXWUDV
FLQFRFRQYHUVDVLQIRUPDLV2VDUWLVWDVWLQKDPHQWUHYLQWHHGRLVHWULQWDHTXD
WURDQRVHGRLVGHOHVHVWDYDPGHSDVVDJHPHQTXDQWRRVRXWURVFLQFRHUDP
PRUDGRUHVGH)ORULDQySROLVQHODYLYHQGRKDYLDHQWUHWUrVHGH]HVVHLVDQRV
$SHQDVXPGHOHVHUDEUDVLOHLUR
1DVSiJLQDVDVHJXLUDPDUJLQDOL]DomRGDSUiWLFDGRDUWLVWDTXHWUDEDOKD
QRV VHPiIRURV D TXDO HQFRQWUD QD SURLELomR XPD GH VXDV H[SUHVV}HV PDLV
UDGLFDLVSHUPDQHFHSUHVHQWHHQTXDQWRFRQGLomRDTXHHOHVGLUHWDRXLQGLUH
WDPHQWHVHRS}HP9LVDQGRH[SRUGDIRUPDPDLVDGHTXDGDSRVVtYHODFRPSOH
[LGDGHGRREMHWRDRSRVLomRjPDUJLQDOL]DomRFRQILJXURXVHFRPRRQ~FOHRHP
WRUQRGRTXDOJUDYLWDPDVFDWHJRULDVGHDQiOLVHDSUHVHQWDGDVDVHJXLU
SURFXUD GDV UHGHV GH UHODo}HV
&RPRMiH[SRVWRDHVFROKDHPSHVTXLVDUDUWLVWDVTXHWUDEDOKDPQRVVH
PiIRURVGH)ORULDQySROLVIRLDWUDYHVVDGDSHORDSDUHQWHFRQWUDVWHHQWUHRPRGR
GHYLGDXUEDQRHRGRVDUWLVWDV8QLGRDRIDWRGRVHPiIRURVHUXPORFDOGH
WUDEDOKRFRPXPWDOFRQWUDVWHFRQWULEXLXSDUDFRQILJXUDomRGDTXLORTXH0DJ
QDQLFKDPRXGHWHQWDomRGDDOGHLDRXVHMDDWHQWDWLYDGHUHSURGX]LU
QRFRQWH[WREDVWDQWHGLYHUVLILFDGRHKHWHURJrQHRGDVPHWUySROHVDTXHOHOXJDU
LGHDORQGHVXSRVWDPHQWHVHSRGHULDDSOLFDUFRPPDLVDFHUWRRPpWRGRHWQR
JUiILFR0$*1$1,S
&RQWUDULDQGRQRVVDVH[SHFWDWLYDVXPDGDV~QLFDVFDUDFWHUtVWLFDVTXHQR
GHFRUUHUGDLQYHVWLJDomRSHUFHEHPRVFRPRFRPSDUWLOKDGDVSRUHOHVDOpPGR
WUDEDOKRQRVHPiIRURIRLDDXWRGHVLJQDomRFRPRDUWLVWDV6HUDUWLVWDpDSUH
VHQWDGRSHODPDLRULDFRPRHVWDEHOHFHUXPDLQWHUDomRFRPRS~EOLFRWHULQWH
UHVVHHPHVWDUFRQWLQXDPHQWHDSUHQGHQGRDOJRQRYRHQmREXVFDUVRPHQWH
FRPSHQVDomRILQDQFHLUDPDVVDWLVIDomRFRPRTXHID]0HVPRQHVWHSRQWR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$LQGD TXH QmR VH WHQKD SURFXUDGR XPD UHODomR GLUHWD HQWUH XP H RXWUR IDWR D FRQGLomR GH
HVWUDQJHLUR SRGH VHU XP LPSOLFDQWH QR VHQWLPHQWR GH LQVHJXUDQoD FDXVDGR SHUDQWH R FOLPD GH
SURLELomR GD SUiWLFD QRV VHPiIRURV GD FLGDGH
9iULRV DUWLVWDV UHODWDUDP TXHVmR RIHQGLGRVGXUDQWHVXDV DSUHVHQWDo}HVRXH TXDQGR SDVVDP HQWUH RV
FDUURV SDUD UHFROKHU DV FRQWULEXLo}HV
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
(QFRQWURVHGHVYLRVQRVVHPiIRURVLQYHVWLJDQGRDUWLVWDVHP)ORULDQySROLV6&
%6$OELQR9)'DYLHV $)9D]
FRQWXGRQmRKRXYHFRQVHQVR8PGRVLQWHUORFXWRUHVDILUPRXTXHDUWLVWDVVmR
DTXHOHVTXHIUHTXHQWDPRVHQFRQWURVQD/DJRDHQmRYLYHUHPGHVLQDOHQ
TXDQWRHOHVXVWHQWDVXDIDPtOLDFRPRWUDEDOKRQRVHPiIRURHSRULVVRpXP
DUWLVWDGHUXD$UWLVWD5'LiULRGHFDPSR
'HIDWRDOJXQVGRVDUWLVWDVUHVLGHQWHVHP)ORULDQySROLVHTXHIUHTXHQWDP
RVHQFRQWURVQD/DJRDGD&RQFHLomRSRVVXHPQHJyFLRVSUySULRVGHDQLPDomR
GHIHVWDVLQIDQWLVHRXDWXDPQDSURPRomRGHHYHQWRVRTXHDSRQWDSDUDD
GLYHUVLGDGHH[LVWHQWHQRLQWHULRUGRQRVVRFDPSRGHSHVTXLVD2XWUDGLIHUHQ
FLDomRDLQGDHPUHODomRjTXHOHVTXHIUHTXHQWDPRVHQFRQWURVQD/DJRDIRL
PHQFLRQDGDSRUXPDUWLVWDTXHMiSDUWLFLSRXGRVHQFRQWURVDVDEHUGHTXHKi
XPDSUHRFXSDomRH[DFHUEDGDFRPDWpFQLFDGHPDODEDUHV$UWLVWD6'LiULRGH
FDPSR8PWHUFHLURDUWLVWDTXHL[RXVHTXHPXLWDVYH]HVpVROLFLWDGR
DSDUWLFLSDUDSHQDVGHHYHQWRVTXHVmRYROXQWiULRVHQmRUHPXQHUDGRV
$OpPGHVVDUHODomRGHQWURIRUDGRVHQFRQWURVGD/DJRDREVHUYRXVH
DLQGDDH[LVWrQFLDGDTXHOHVTXHVmRGHIRUDQmRVRPHQWHTXDQWRj/DJRDRX
j,OKDPDVDRHWKRVFRPSDUWLOKDGRSHORVDUWLVWDVFRPRVTXDLVFRQYHUVDPRV
7UDWDVHGRVPLFUyELRVSHVVRDVLGHQWLILFDGDVHQWUHRXWUDVFDUDFWHUtVWLFDVFRPR
YLDMDQWHVHTXHQmRWrPDPELomRHPWUDEDOKDUYiULDVKRUDVSRUGLDEXVFDQGR
DSHQDVRVXILFLHQWHSDUDYLYHU$UWLVWD6'LiULRGHFDPSR6HULDP
SHVVRDVTXHYrPGHIRUDSULQFLSDOPHQWHQRSHUtRGRGRYHUmRHTXHDOpPGH
VHDSUHVHQWDUHPGHXPDPDQHLUDQmRUHFRQKHFLGDFRPRDGHTXDGDSHORVOR
FDLVLQWHQVLILFDPDVGLVSXWDVSHORVVHPiIRURV
6HRXVRGRVHPiIRURMiSURYRFDDWULWRVGXUDQWHRDQRHQWUHRVDUWLVWDVH
RVSHGLQWHVHOLPSDGRUHVGHYLGURWDOFRPRQRVGHVFUHYHXXPGRVLQWHUORFXWR
UHVQRYHUmRDVWHQV}HVDOFDQoDPSURSRUo}HVGUDPiWLFDVDSRQWRGHTXDVH
HYROXtUHPSDUDDJUHVV}HVItVLFDV'LDQWHGDGLVSXWDSHORVVHPiIRURVDOJXPDV
GDVHVWUDWpJLDVDGRWDGDVQHVVHSHUtRGRSHORVTXHVmRGHGHQWURGD,OKDH
QmRDSHQDVGD/DJRDpVDLUFHGRSDUDWUDEDOKDUSRLVHQWUHRVPLFUyELRVRX
RSRUWXQLVWDVVHJXQGRHOHVUDURVVmRRVTXHWrPWDOKiELWR(VWHVVHGHSD
UDPHQWmRFRPRHVSDoRRFXSDGRRTXHFRQWXGRQHPVHPSUHSUHYLQHRFRQ
IOLWRMiTXHPXLWRVGRVRSRUWXQLVWDVH[HUFHPSUHVVmRSDUDGLYLGLURVHPiIR
UR$UWLVWD-'LiULRGHFDPSR1HVVDVVLWXDo}HVKDYHULDUHDo}HV
GLVWLQWDVHQWUHRVQRVVRVLQWHUORFXWRUHVDOJXQVUHVLVWHPQRORFDORXWURVVLPSOHV
PHQWHRDEDQGRQDPMiTXHQmRJRVWDPGHWUDEDOKDUVRESUHVVmR1HQKXPGRV
DUWLVWDVFRQWXGRDILUPRXWUDEDOKDUGLYLGLQGRRVHPiIRURFRPRVPLFUyELRV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RVPHVHV VHJXLQWHV j SHVTXLVD IRL RUJDQL]DGRSRU HVVH JUXSR R&DEDUp &LUFR )ORULSD EHP FRPR
SDVVRX D VHU UHDOL]DGR PHQVDOPHQWH R 3URMHWR 3DOFR $EHUWR &LUFR )ORULSD 1R EORJ KWWS
FLUFRIORULSDEORJVSRWFRPEUSSDOFRDEHUWRKWPO HQFRQWUDPVH LQIRUPDo}HV VREUH RV HYHQWRV
$SHVDU GDV GLYHUJrQFLDV HP WRUQR GD SUiWLFD GH KDELOLGDGH WpFQLFD H GD UHDOL]DomR GH WUDEDOKRV SDUD
XP S~EOLFR GLIHUHQFLDGR QDV REVHUYDo}HV IHLWDV H HP FRQYHUVDV FRP RV RUJDQL]DGRUHV GRV HQFRQ
WURVGD/DJRDDLPSUHVVmRIRLGHTXHRHVSDoRHUDGHFRPSDUWLOKDPHQWRGHH[SHULrQFLDVRTXHQmR
VLJQLILFD TXH DV WHQV}HV QmR H[LVWLVVHPH[LVWDP
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
5 H Y L V W D GH & L r QF L D V
80$1$ 6
3DUDVDEHUTXHPHVWiTXHLPDQGRRILOPHGRVDUWLVWDVREMHWLYDQGRQmR
LQFRUUHUQRHUURGHGLYLGLURVHPiIRURFRPHVVDVSHVVRDVRFRUUHXPDHVSp
FLH GH ILVFDOL]DomRGRV UHFpPFKHJDGRV SRU PHLR GD REVHUYDomR GRV VHXV
KiELWRVQRPRPHQWRHPTXHHVWHVHVWmRQRVHPiIRUR$RQHJDUDDVVRFLDomR
GD VXD LPDJHP FRP D GRV PLFUyELRV RV DUWLVWDV FRQILJXUDP R VHPiIRUR
FRPRORFDOGHLQGLYLGXDomRDSDUWLUGRHVWDEHOHFLPHQWRGHGLIHUHQoDVFRP
UHODomRDRVRXWURV
&RQWUDULDQGRDVH[SHFWDWLYDVLQLFLDLVQmRIRUDPREVHUYDGDVUHGHVGHUH
ODo}HVDSDUWLUGRSHUWHQFLPHQWRUHFRQKHFLGRSRUHOHVjFRQGLomRGHDUWLVWD
VHQGRDRFRQWUiULRSHUFHELGDVUHGHVGHQmRUHODo}HVRXGHGLIHUHQFLDomR
VREUHWXGRTXDQWRDRVPLFUyELRV+iTXHVHGHVWDFDUDLPSRUWkQFLDGHDSUHHQ
GHURVHOHPHQWRVTXHHQJHQGUDPXPDGHVFRQWLQXLGDGHXPGHVYLRDRVROKRV
GRVQDWLYRVHTXHSHUPLWHPYHUSHORTXHVHQHJDiUHDVRXGRPtQLRVTXHVmR
HVSHFtILFRV9(/+2
2 SHULJR GRV PLFUyELRV
$RORQJRGDLQYHVWLJDomRRXQLYHUVRVLPEyOLFRFRPSDUWLOKDGRSHORVDUWLVWDV
IH]VHYHUSRUPHLRGRTXHpGHVFRQWtQXRRVPLFUyELRV(VWHVVmRFLWDGRVFRPR
RXWURVQmRVRPHQWHGLVWLQWRVPDVFRPRSRUWDGRUHVGHKiELWRVGHVSUH]tYHLV
FRPRVHSRGHOHUQDFUtWLFDDEDL[RVREUHDVVXDVFRQGXWDVGHVWHVQRVHPiIRUR
6H FRPHQWD HQWUH DV SHVVRDV SRUTXH WHP RXWURV
DPLJRVTXHOHYDPLVVRGHXPDIRUPDOHJDORPDOD
EDULVPRWUDEDOKDPEHPHWXGRHIDODPROKDWRPD
FXLGDGRTXHHVVHFDUDWiWRPDQGRFDFKDoDWiID
]HQGRTXDOTXHUFRLVDDt$tWHYHXPGLDTXHHX
WDYDWUDEDOKDQGRHHOHFKHJRXILFRXVHQWDGRMR
JDGRDOLQDJUDPD(VVDpRXWUDFRLVDQp"2VFDUDV
ILFDPDOLMRJDGRVLVVRTXHLPDPXLWRRILOPH$UWLV
WD-'LiULRGHFDPSR
$SDUHFHPGXDVUHIHUrQFLDVDFRQGXWDVGHSUHFLDGDVSHORVDUWLVWDVRFRQ
VXPRGHEHELGDVDOFRyOLFDVHXPDSRVWXUDGHGHVFDVRGHVHDSUHVHQWDUMRJD
GR2XWURDUWLVWDFULWLFRXDLQGDRXVRGHGURJDVSRUSDUWHGRVPLFUyELRV$
FUtWLFDQmRpFRQWXGRDRFRQVXPRGRiOFRRORXGHRXWUDVGURJDVPDVDVXD
UHDOL]DomRQRORFDOGHWUDEDOKRSRLVLVVRTXHLPDRILOPHLQFLWDQGRDDVVRFLD
omRGDVSHVVRDVTXHWUDEDOKDPQRVVHPiIRURVFRPFRPSRUWDPHQWRVPDUJLQDLV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
([FHomR IHLWD DRV DUWLVWDV TXH SDUWLFLSDYDP GRV HQFRQWURV QD 3UDoD GD /DJRD&RPRD SHVTXLVDWHP
PDLRU HVFRSR WDLV UHODo}HV QmR IRUDP GHWLGDPHQWH DQDOLVDGDV
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
(QFRQWURVHGHVYLRVQRVVHPiIRURVLQYHVWLJDQGRDUWLVWDVHP)ORULDQySROLV6&
%6$OELQR9)'DYLHV $)9D]
+RUNKHLPHU H$GRUQR PRVWUDP TXHD SURGXomR VRFLDO GR RXWURpFRQMXQWXUDO H PXLWR PDLV
WHP D YHU FRP VHXV SURGXWRUHV GR TXH FRP RV DOYRV H YtWLPDV GHVVH PRYLPHQWR 2 RXWUR VHULD
SRUWDQWR LQWHUFDPELiYHO QRV PDUFRV GR FRQWH[WR PDV WDPEpP GD PRELOL]DomR GH DUJXPHQWRV SRXFR
UDFLRQDLV SDUDVXD SURGXomR(P SHUVSHFWLYDV GLVWLQWDV 1RUEHUW (OLDV H -RKQ/ 6FRWVRQ DVVLP
FRPR9HOKR H VHXV FRODERUDGRUHV LGHQWLILFDP H GHVFUHYHP VLWXDo}HV VHPHOKDQWHV
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
5 H Y L V W D GH & L r QF L D V
80$1$ 6
'HVWDTXHVH TXH VHJXQGR XP GRV LQWHUORFXWRUHV TXH HP GHWHUPLQDGR PRPHQWR WUDEDOKRX FRPR
DUWHVmR QmR KDYLD VHQWLPHQWR GH SHUWHQFLPHQWR D HVWH JUXSR (OH HUD HP VXDV SDODYUDV XP
SOD\ER\ YHVWLDVH FRP URXSDV GH PDUFD VHPSUH OLPSR FRP EDUED IHLWD (OH SRUWDQWR MDPDLV IRL
XP PLFUyELR DSHVDU GH WHU FRQYLYLGR PXLWR FRP HOHV
$ FRQVWUXomR GH XPD FRHUrQFLD VREUH DV Do}HV GRV DUWLVWDV YLVDQGR XPD RUJDQL]DomR GH VL H GH VXD
SUiWLFD WDQWR QR SUHVHQWH TXDQWR QR IXWXUR p XPD YLD SDUD FRPSUHHQGHU R TXH 9HOKR
FKDPRX GH SURMHWR RX VHMD R PRGR FRPR R VXMHLWR UHIOHWH VREUH VXD FRQGXWD H VREUH R OXJDU GHOD
GHQWUR GR FRQWH[WR VRFLDO PDLV DPSOR ,VVR VH UHIOHWH QR FDPSR GH SRVVLELOLGDGHV UHFRQKHFLGRV QR
LQWHULRU GR TXDO SRU VXD YH] VH RUJDQL]D D FRQGXWD
e GLItFLO GHOLPLWDU R TXH VH UHIHUH H[DWDPHQWH D XP RX D RXWUR (P ~OWLPD PHGLGD HQWHQGHVH DTXL
TXH D QHJDomR GRV PLFUyELRV UHIOHWH R DQVHLR SHOD DFHLWDomR VRFLDO
3RU SHUIRUPDQFH HQWHQGHPRV D IRUPD FRPR RV DUWLVWDV PDQXVHLDP REMHWRV H[HFXWDP JHVWRV H RV
VHQWLGRV TXH DWULEXHP D HVWHV
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
(QFRQWURVHGHVYLRVQRVVHPiIRURVLQYHVWLJDQGRDUWLVWDVHP)ORULDQySROLV6&
%6$OELQR9)'DYLHV $)9D]
RTXHHUDUHFRQKHFLGRSRUHOH HWDPEpPSRUQyVDRREVHUYiORSDVVDQGR
HQWUH RV FDUURV H GXUDQWH VXD DSUHVHQWDomR QR VRUULVR GDV SHVVRDV H QR
UHWRUQRILQDQFHLUR
2XWURDUWLVWDTXHMiWUDEDOKRXHPGLYHUVDVFLGDGHVGR%UDVLOHGHRXWURV
SDtVHVGD$PpULFDGR6XOLGHQWLILFDTXHQRVXOpPDLVYDORUL]DGRRHOHPHQWR
GR ULVR H SRU LVVR DSHVDU GH QmR ID]HU XPD SHUIRUPDQFH FRPR UHFXUVRV
SUySULRVGDSDOKDoDULDXVDRQDUL]YHUPHOKR$OpPGLVVRWUDEDOKDVREUHWXGR
GXUDQWHRILPGHVHPDQDTXDQGRDVSHVVRDVQmRHVWmRWmRHVWUHVVDGDV$U
WLVWD3'LiULRGHFDPSRHSRUWDQWRDUHFHSomRpPHOKRU
$TXHOHVTXHEDVHLDPVXDSHUIRUPDQFHQRYLUWXRVLVPRWDPEpPWHQWDP
HVWDEHOHFHUDOJXPWLSRGHLQWHUDomRFRPRVPRWRULVWDVJHUDOPHQWHROKDQGR
SDUDDVSHVVRDVQRLQWHULRUGRVFDUURVTXDQGRSDVVDPSRUHQWUHHOHV8P
LQWHUORFXWRUIDORXTXHREWpPXPDOWRJUDXGHDFHLWDomRTXDQWRPDQXVHLDR
PDODEDUGHFRQWDWRQDFDEHoDSRLVVHJXQGRHOHLVVRUHPHWHDRLPDJLQiULR
GRIXWHERO
$H[LVWrQFLDGHDOJXPFRQKHFLPHQWRDQWHULRURXGHXPDUHIHUrQFLDTXH
VLUYDGHEDOL]DFRPRDFRQWHFHQRFDVRDFLPDFLWDGRVREUHRTXHpDSUHVHQWD
GRSHORDUWLVWDPRVWUDVHFRPRXPDYLDSDUDREWHUXPDUHFHSomRSRVLWLYDSRU
SDUWHGRVPRWRULVWDVSHUDQWHRVHXWUDEDOKR(PDOJXQVFDVRVWDOIDWRGHWHUPLQD
RTXHpIHLWRFRPRQRVUHODWRXRDUWLVWDTXHVHDSUHVHQWDFRPRFLJDUER[
3RUVHUXPPDODEDUSRXFRFRQKHFLGRHDVSHVVRDVSRXFRVDEHUHPVREUHRVHX
IXQFLRQDPHQWRSHQVDPTXHDVFDL[DVSRUWDPLPmVHSRULVVRQmRFDHPSRU
H[HPSORHOHHYLWDDUHDOL]DomRGHDOJXQVWUXTXHVSRUTXHVXS}HTXHDVSHVVRDV
QmRHQWHQGHUmRRTXHDFRQWHFH
9LVDQGRDLQGDDUHFHSWLYLGDGHGRS~EOLFRPXLWRVDUWLVWDVDSUHVHQWDP
VHPSUH TXHSRVVtYHODOJR QRYR SDUD TXHRVPRWRULVWDVSHUFHEDPTXH>R
DUWLVWD@HVWiVHGHGLFDQGRDWUD]HUQRYLGDGHV$UWLVWD3'LiULRGHFDPSR
8PGHOHVDILUPRXTXHWHQWDWRGDVHPDQDUHQRYDUDOJXQVGRVWUX
TXHVGHPDODEDUHV2XWURVUHODWDUDPXPSURFHVVRPDLVOHQWRGHDSULPRUD
PHQWRTXHHQYROYHULDDRORQJRGHYiULRVDQRVDH[SHULPHQWDomRGHYHVWL
PHQWDVJHVWRVHPDTXLODJHP(PDPEDVDVVLWXDo}HVQRWDPVHXPDSUHRFX
SDomR SRU SDUWH GRV DUWLVWDV HP HYLGHQFLDU TXH R Q~PHUR DSUHVHQWDGR QR
VHPiIRURpUHVXOWDGRGHVHXHPSHQKR
'HPRGRJHUDORVDUWLVWDVGHVWDFDUDPTXHWrPXPDURWLQDGHWUDEDOKRH
GHWUHLQDPHQWREHPHVWDEHOHFLGDDLQGDTXHRSHUtRGRGHGLFDGRDHODVHMD
YDULiYHOGHQWUHHOHVKDYHQGRRVTXHWUDEDOKDPDSHQDVQRVILQDLVGHVHPDQD
HQTXDQWRRXWURVGHGLFDPGHWUrVDTXDWURKRUDVGLiULDVjSUiWLFDQRVHPiIRUR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7UDWDVH GH XPD WpFQLFD HP TXH R SUDWLFDQWH PDQWpP XPD RX PDLV ERODV HP FRQWDWR FRP R FRUSR
2 PDODEDULVPR HVWi HP PRYHU R FRUSR HRX D EROD VHP SHUGHU XP R FRQWDWR FRP R RXWUR
7pFQLFD HP TXH WUrV SHTXHQDV FDL[DV HP VHXV SULPyUGLRV HUDP FDL[DV GH FLJDUUR VmR PDQLSXODGDV
SHOR DUWLVWD VHP TXH QHQKXPD GHODV FDLD QR FKmR
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
5 H Y L V W D GH & L r QF L D V
80$1$ 6
8PGHOHVDILUPRXGHGLFDUVHHQWUHWUDEDOKRHWUHLQRPDLVGHVHLVKRUDVSRUGLD
)XQGDPHQWDO SDUHFHXQRV p R DIDVWDPHQWR GH VLGH XP LPDJLQiULR TXHRV
YLQFXODjPDUJLQDOLGDGH
3RU ILP QR FDPSR GH SRVVLELOLGDGHV GH PXLWRV DUWLVWDV HQFRQWUDVH D
DVSLUDomRHPDOFDQoDUDOJXPWLSRGHHVWDELOLGDGHVHMDILQDQFHLUDVHMDDGHXP
FDPSRIRUPDOSDUDDWXDUFRPRVHULDRFDVRGHSURMHWRVFXOWXUDLVHPHVFRODVH
DFRQVWLWXLomRGHXPDPLFURHPSUHVD
$OJXPDV FRQVLGHUDo}HV
$SDUWLUGRHVWUDQKDPHQWRGLDQWHGRVDUWLVWDVTXHWUDEDOKDPQRVVHPiIR
URVGH)ORULDQySROLVODQoDPRQRVDFDPSRSDUDDSUR[LPDUPRVGHVXDVSUiWLFDV
TXHDSDUHQWHPHQWHWLQKDPDOJRGHDYHVVRDRVGLWDPHVGDYLGDFLWDGLQD6H
JXLQGRDVXJHVWmRGH9HOKRVREUHDLQWHUSUHWDomRGDUHODomRHQWUHLQGL
YtGXRHVRFLHGDGHDSDUWLUGDVUHODo}HVVLPEyOLFDVGHSHUWHQFLPHQWRHGHGHV
YLRVYLPRVHPHUJLUDTXHVWmRGRHVWUDQKDPHQWRQRLQWHULRUGRGLVFXUVRGRV
SUySULRVLQWHUORFXWRUHVGDLQYHVWLJDomR1DDQiOLVHGRPDWHULDOFROHWDGRDUHOD
omRGRVDUWLVWDVFRPVHXVRXWURVRVPLFUyELRVSURYRFRXXPGHVORFDPHQWR
GRQRVVRHVWUDQKDPHQWRLQLFLDOTXDQWRjTXHOHV
2VPLFUyELRVSHVVRDVTXHYHPGHIRUDGD,OKDHTXHDSUHVHQWDP
FRQGXWDVPRUDLVHGHKLJLHQHTXHVmRGHVSUH]DGDVSHORVDUWLVWDVGHL[DUDP
YHUTXHHVWHVQmRDOPHMDYDPVHLGHQWLILFDUFRPDQRomRGHGHVYLDQWHV$R
FRQWUiULRDGHSUHFLDomRGRVPLFUyELRVUHLWHURXSULQFtSLRVTXHVmRIRUWH
PHQWHYLQFXODGRVjQRomRGHXUEDQLGDGHEHPFRPRHYLGHQFLRXRDQVHLR
GRV DUWLVWDV HP QmR VHUHP DVVRFLDGRV D FRQGXWDVPDUJLQDLV$QHJDomR
FRQWXGRGHTXDOTXHUSUR[LPLGDGHFRPRVPLFUyELRVDSRQWDSDUDDXUJrQ
FLDHPVHHVWDEHOHFHUIURQWHLUDVTXLoiSHORUHFRQKHFLPHQWRGDIUDJLOLGD
GHGDVGLVWLQo}HVHQWUHHOHV2VDUWLVWDVHPPXLWRVPRPHQWRVGLVWLQJXLUDP
VH SHOD YDORUL]DomR GR WUHLQDPHQWR H SHOD H[SUHVVmR GD UHYROWD IUHQWH D
SURLELomRGHVXDVSUiWLFDV
2VVHPiIRURVGDFLGDGHDSUHVHQWDUDPVHDVVLPDSyVDLQYHVWLJDomR
FRPRXPSDOFRHPTXHHPUHODo}HVGHSHUWHQFLPHQWRHGHVYLRVHHVWD
EHOHFHPHOHpDRPHVPRWHPSRORFDOTXHSHUPLWHDFRQIXVmRHQWUHPL
FUyELRVHDUWLVWDVPDVWDPEpPSURSLFLDDUHLWHUDomRSRUPHLRGDVSHUIRU
PDQFHVGRVLQWHUORFXWRUHVGHDOJRTXHpGHOHVHVSHUDGRDFRPLFLGDGHD
YLUWXRVHDDSDUrQFLDDGHTXDGD1RFDPSRGHSRVVLELOLGDGHVHVWDEHOHFL
GRVSHORVDUWLVWDVHVWHVVHPRVWUDPSRUILPPDLVIDPLOLDUHVGRTXHHVWUD
QKRVjVSHVTXLVDGRUDV
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH
(QFRQWURVHGHVYLRVQRVVHPiIRURVLQYHVWLJDQGRDUWLVWDVHP)ORULDQySROLV6&
%6$OELQR9)'DYLHV $)9D]
5HIHUrQFLDV ELEOLRJUiILFDV
%$57+)*UXSRVpWQLFRVHVXDVIURQWHLUDV,Q33287,*1$7 -675(,
)))(1$57 7HRULDV GD HWQLFLGDGH 3S 6mR 3DXOR (GLWRUD GD
81(63
(/,$61 6&27621-/7KHHVWDEOLVKHGDQGWKHRXWVLGHUV/RQGUHVH
1RYD'HOKL7KRXVDQG2DNVH6DJH3XEOLFDWLRQV
)227(:+<7(:7UHLQDQGRDREVHUYDomRSDUWLFLSDQWH,Q'HVYHQGDQGR
PiVFDUDVVRFLDLV3S5LRGH-DQHLUR)UDQFLVFR$OYHV
+25.+(,0(50 $'25127:'LDOpWLFDGRHVFODUHFLPHQWR IUDJ
PHQWRVILORVyILFRV5LRGH-DQHLUR-RUJH=DKDU
0$*1$1,-*&$DQWURSRORJLDXUEDQDHRVGHVDILRVGDPHWUySROH7HPSR
6RFLDO
'28*/$603XUH]DHSHULJRHQVDLRVREUHDQRomRGHSROXLomRHWDEX
/LVERD(GLo}HV
3(,5$12 0 $ WHRULD YLYLGD H RXWURV HQVDLRV GH DQWURSRORJLD 5LR GH
-DQHLUR-RUJH=DKDU
9(/+2*,QGLYLGXDOLVPRHFXOWXUD5LRGH-DQHLUR-RUJH=DKDU
9(/+2*2UJ'HVYLRHGLYHUJrQFLDXPDFUtWLFDGDSDWRORJLDVRFLDO5LR
GH-DQHLUR-RUJH=DKDU
5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH 1~PHUR S 2XWXEUR GH