Baixe o app para aproveitar ainda mais
Prévia do material em texto
0$1(-2�'2�5,6&2�'(�68,&�',2 2�PDQHMR�GR�ULVFR�GH�VXLFGLR�LQFOXL�LQºPHUDV�WDUHIDV��DYDOLD§£R�GR�ULVFR�GH�VXLFGLR��WRPDGD�GH GHFLV£R�VREUH�R�ULVFR�GH�VXLFGLR��SODQHMDPHQWR�GD�UHVSRVWD�GH�VHJXUDQ§D�RX�FULVH�H�VHJXUDQ§D�GRV PHLRV��&DGD�XPD�VHU¡�GHVFULWD�HP�GHWDOKHV�D�VHJXLU� $YDOLD§£R�GR�ULVFR�GH�VXLFGLR 2�PDQHMR�GR�ULVFR�GH�VXLFGLR�FRPH§D�FRP�D�EXVFD�GH�XPD�FRPSUHHQV£R�FRPSDUWLOKDGD�FRP�RV FOLHQWHV�GR�TXH�OHYRX�DR�FRPSRUWDPHQWR�VXLFLGD�SDVVDGR�H�DR�SHQVDPHQWR�VXLFLGD�DWXDO��2�DOYR LQFOXL� VHX� FRPSRUWDPHQWR� H� R� GH� RXWURV�� DO©P� GDV� HPR§µHV�� FRJQL§µHV�� VHQVD§µHV� FRUSRUDLV� H LPSXOVRV�DVVRFLDGRV� �LGHD§£R�VXLFLGD��3RGH�VHU�ºWLO�UHXQLU�GDGRV�XVDQGR�XPD�DYDOLD§£R��FRPR�D (VFDOD� GH� ,GHD§£R� 6XLFLGD� �%6,�� %HFN�� %URZQ�� � 6WHHU�� ������ %HFN�� .RYDFV�� �:HLVVPDQ� ������QD�HQWUHYLVWD�RX�HP�IRUPD�GH�TXHVWLRQ¡ULR��(VVD�PHGLGD�FODVVLILFD�¡UHDV�FKDYH��LQFOXLQGR GHVHMR�GH�YLGD�H�PRUWH��KLVW³ULD�GH�WHQWDWLYDV��PHGR�GD�PRUWH�H�RXWUDV�EDUUHLUDV�DR�VXLFGLR��DO©P GRV�HVIRU§RV�SDUD�SUHSDUDU�R�VXLFGLR��H�IRL�GHPRQVWUDGR�TXH�HOD�SUHGL]�PRUWH�SRU�VXLFGLR�HQWUH SDFLHQWHV�DPEXODWRULDLV�GH�VDºGH�PHQWDO��%HFN��%URZQ��6WHHU��'DKOVJDDUG�� �*ULVKDP���������$ DYDOLD§£R�SRGH�VHU�DGPLQLVWUDGD�SDUD� LGHD§£R�VXLFLGD�DWXDO�H� WDPE©P�SDUD� LGHD§£R�QR�VHX�SLRU PRPHQWR��VHQGR�TXH�HVWD�ºOWLPD�©�XP�IRUWH�SUHYLVRU�GH�VXLFGLR�VXEVHTXHQWH��%HFN�HW�DO��������� ��HVVHQFLDO�FROHWDU�XPD�KLVW³ULD�GH�WRGDV�DV�WHQWDWLYDV�GH�VXLFGLR�H�FRQGXWDV�GH�DXWROHV£R�VHP LQWHQFLRQDOLGDGH� VXLFLGD� �&$6,6��� 'XDV�PHGLGDV� SRGHP� VHU� FRQVLGHUDGDV�� $� 6XLFLGH� $WWHPSW 6HOI�,QMXU\� ,QWHUYLHZ� �6$6,,�� /LQHKDQ�� &RPWRLV�� %URZQ�� +HDUG�� � :DJQHU�� ������ ©� XPD HQWUHYLVWD�HVWUXWXUDGD�TXH�©�HVVHQFLDOPHQWH�XPD�DQ¡OLVH�IXQFLRQDO�UHIRUPXODGD�FRPR�XPD�V©ULH GH� SHUJXQWDV� VREUH� R�P©WRGR�� RV� SUHFLSLWDQWHV�� DV� FRQVHTXªQFLDV� H� DV� IXQ§µHV� GD� DXWROHV£R��$ /LIHWLPH� 6XLFLGH� $WWHPSW� 6HOI�,QMXU\� &RXQW� �/�6$6,�� &RPWRLV� � /LQHKDQ�� ������ /LQHKDQ� &RPWRLV���������XPD�YHUV£R�DEUHYLDGD�GD�6$6,,��H[DPLQD�D�YDULD§£R�GR�FRPSRUWDPHQWR�VXLFLGD DR�ORQJR�GD�YLGD��RX�XP�SHURGR�GH�WHPSR�UHFHQWH��XVDQGR�DV�HVFDODV�GH�FODVVLILFD§£R�6$6,,��$ /�6$6,� ©� XPD� DYDOLD§£R� LQLFLDO� HILFLHQWH� TXH� SRGH� VHU� FRPSOHWDGD� HP� �� D� ��� PLQXWRV �GHSHQGHQGR�GR�QºPHUR�GH�FRPSRUWDPHQWRV�VXLFLGDV���(OD�FRPH§D�FRP�DOJXPDV�SHUJXQWDV�VREUH DV� SULPHLUDV� DXWROHVµHV�� D� PDLV� UHFHQWH� H� D� PDLV� VHYHUD� H� GHSRLV� UHºQH� HILFLHQWHPHQWH� XPD FRQWDJHP�WRWDO�GDV�WHQWDWLYDV�GH�VXLFGLR�H�&$6,6�SRU�P©WRGR�� OHWDOLGDGH�H�WUDWDPHQWR�P©GLFR� 8PD�FRPELQD§£R�GD�/�6$6,�FRP�D�6$6,,�FRPSOHWD�QD� WHQWDWLYD�GH�VXLFGLR�PDLV�UHFHQWH�H�QD SLRU�RIHUHFH�XPD�KLVW³ULD�DEUDQJHQWH�GRV�FRPSRUWDPHQWRV�QD�TXDO�EDVHDU�DV�GHFLVµHV�GH�PDQHMR� $O©P�GH�FROHWDU�D�KLVW³ULD��©�LPSRUWDQWH�REVHUYDU�DOJXP�SDGU£R�GR�TXDO�R�FOLHQWH�SRVVD�Q£R�WHU FRQVFLªQFLD��2�DPELHQWH�GR�FOLHQWH�SRGH�UHIRU§DU�RSHUDWLYDPHQWH�D�LGHD§£R�VXLFLGD��&$6,6�RX�DV FRPXQLFD§µHV� GH� VXLFGLR�� 3RU� H[HPSOR�� RV� SDLV� SRGHP� DSUHVHQWDU� XPD� UHD§£R� LQWHQVD� H�RX SURSRUFLRQDU� D� DMXGD�QHFHVV¡ULD� TXDQGR� VHX� ILOKR� VH�PDFKXFD��PDV�� TXDQGR�R� DGROHVFHQWH� Q£R HVW¡� VH� DXWROHVLRQDQGR�� RV� SDLV� SRGHP� GLUHFLRQDU� VXD� DWHQ§£R� SDUD� RXWUDV� FRLVDV�� (OHV� SRGHP QHJOLJHQFLDU�RX�DW©�PHVPR�SXQLU�WHQWDWLYDV�GH�SHGLGR�GH�DMXGD�H�Q£R�SUHVWDU�DWHQ§£R�QR�ILOKR�DW© TXH� RFRUUDP� FRPXQLFD§µHV� RX� D§µHV� VXLFLGDV�� $VVLP�� H[LVWH� XP� UHIRU§R� OLPLWDGR� SDUD� R FRPSRUWDPHQWR� DGDSWDWLYR�� SXQL§£R� SDUD� H[SUHVVµHV� QRUPDWLYDV� GH� GRU� H� SHGLGRV� GH� DMXGD� H UHIRU§R�GH�FRPSRUWDPHQWRV�VXLFLGDV��2XWUR�H[HPSOR�©�XP�FOLHQWH�TXH�IXQFLRQD�HP�XP�QYHO�DOWR DW©� TXH� VH� VHQWH� VREUHFDUUHJDGR� H� HQW£R� WHQWD� VXLFGLR�� $� HVSRVD� SURYDYHOPHQWH� V³� WHYH FRQKHFLPHQWR� GH� FRPR� VHX� PDULGR� VH� VHQWLD� XP� IDUGR� H� SUHFLVDYD� GH� DVVLVWªQFLD� �FRPR IUHTXHQWHPHQWH�©�R�FDVR�HP�VLWXD§µHV�FRPR�HVVD��GHSRLV�TXH�RFRUUHX�R�FRPSRUWDPHQWR�VXLFLGD� $V� WHQWDWLYDV� GH� HQW£R� GDU� DSRLR� RX� UHPRYHU� WDUHIDV� LQVXSRUW¡YHLV� V£R� LQDGYHUWLGDPHQWH RSRUWXQL]DGDV�FRP�R�FRPSRUWDPHQWR�VXLFLGD��SRUWDQWR�R�UHIRU§DP�QR�IXWXUR��(VVHV�SDGUµHV�HP JHUDO�VH�GHVHQYROYHP�VHP�D�LQWHQ§£R�FRQVFLHQWH�GR�FOLHQWH�RX�GH�RXWUDV�SHVVRDVߙ��XP�IDWR�TXH SUHFLVD� HVWDU� FODUR�SDUD�R� FOLHQWH� H�RV�RXWURV��1R�HQWDQWR�� SDUD�SUHYHQLU� VXLFGLR�� ©� LJXDOPHQWH HVVHQFLDO�TXH�HVVDV�FRQWLQJªQFLDV�Q£R�VHMDP�LJQRUDGDV�RX�QHJOLJHQFLDGDV��PDV�FRPSUHHQGLGDV�H PXGDGDV� 7RPDGD�GH�GHFLV£R�VREUH�R�ULVFR�GH�VXLFGLR 'HSRLV�TXH�R�ULVFR�H�RV�IDWRUHV�SURWHWLYRV�V£R�FRQKHFLGRV��R�SU³[LPR�SDVVR�©�GHWHUPLQDU�R�QYHO GH� ULVFR� H� D� UHVSRVWD� LPHGLDWD� DR� WUDWDPHQWR�� &ODUR� DSRLR� HPSULFR� VXJHUH� TXH� WUDWDPHQWRV SVLFRVVRFLDLV� DPEXODWRULDLV� VHMDP�RV�PDLV� HILFD]HV� QD� UHGX§£R�GH� LGHD§£R� VXLFLGD�� WHQWDWLYDV� H PRUWHV� �%URZQ� �*UHHQ�� ������ &RPWRLV� � /LQHKDQ�� ������ +DZWRQ� HW� DO��� ������� 1£R� IRUDP UHDOL]DGRV� HVWXGRV� ULJRURVRV� FRPSDUDQGR� WUDWDPHQWR� GH� VDºGH� PHQWDO� FRP� LQWHUQD§£R� H DPEXODWRULDO�� )RL� UHDOL]DGR� DSHQDV� XP� HVWXGR� FRQWURODGR� UDQGRPL]DGR� GH� KRVSLWDOL]D§£R �:DWHUKRXVH� �3ODWW���������TXH�Q£R�HQFRQWURX�GLIHUHQ§D�QDV�WHQWDWLYDV�GH�VXLFGLR�VXEVHTXHQWHV� (QWUHWDQWR��R�HVWXGR�IRL�IDOKR��M¡�TXH�IRUDP�LQFOXGRV�DSHQDV�DTXHOHV�FRP�EDL[R�ULVFR�GH�VXLFGLR H�D�LQWHUYHQ§£R�FRP�LQWHUQD§£R�IRL�PQLPD��3RUWDQWR��K¡�SRXFD�HYLGªQFLD�HPSULFD�QD�TXDO�EDVHDU D� WRPDGD� GH� GHFLV£R� FOQLFD� UHIHUHQWH� � KRVSLWDOL]D§£R�� 3UHGL]HU� R� ULVFR� LQGLYLGXDO� © HVVHQFLDOPHQWH�LPSRVVYHO�GDGD�D�EDL[D�WD[D�E¡VLFD�GH�WHQWDWLYDV�GH�VXLFGLR�H�VXLFGLR� 7UDWDPHQWRV�SDUD� LGHD§£R� VXLFLGD�EDVHDGRV�HP�HYLGªQFLDV� UHFRPHQGDP�EDVHDU� D� WRPDGD�GH GHFLV£R� FOQLFD� UHIHUHQWH� DR� ULVFR� GH� VXLFGLR� Q£R� V³� QR� ULVFR� HSLGHPLRO³JLFR� H� QRV� IDWRUHV SURWHWLYRV�� PDV� WDPE©P� FRQWURODU� DV� YDUL¡YHLV� SDUD� R� ULVFR� GH� VXLFGLR� GR� LQGLYGXR� RX� VHX FRPSURPLVVR�FRP�XP�SODQR�GH�WUDWDPHQWR�DPEXODWRULDO��$TXHOHV�HP�DOWR�ULVFR�H�ULVFR�LPLQHQWH GH�VXLFGLR�GLVSRVWRV�H�FDSD]HV�GH� WRPDU�XPD�DWLWXGH�SDUD� UHGX]LU�VHX� ULVFR� LPHGLDWR�HP�FXUWR SUD]R�SRGHP�VHU�PDQHMDGRV�HP�XP�FRQWH[WR�DPEXODWRULDO��HQTXDQWR�RV�LQGLYGXRV�HP�ULVFR�PDLV EDL[R�� PDV� TXH� Q£R� HVW£R� LQWHUHVVDGRV� RX� Q£R� V£R� FDSD]HV� GH� VH� HQJDMDU� HP� WUDWDPHQWR DPEXODWRULDO��SRGHP�UHTXHUHU�HQFDPLQKDPHQWR�SDUD�VHUYL§RV�GH�HPHUJªQFLD�RX�KRVSLWDOL]D§£R��2 FRQKHFLPHQWR�GDV�YDUL¡YHLV�FRQWURODGRUDV�SDUD�FRPSRUWDPHQWR�VXLFLGD�©��SRUWDQWR��HVVHQFLDO�SDUD D� WRPDGD� GH� GHFLV£R�� 3DUD� FDGD� YDUL¡YHO� FRQWURODGRUD�� ©� HVVHQFLDO� DYDOLDU� D� FDSDFLGDGH� H� D PRWLYD§£R� GR� LQGLYGXR� SDUD� PXGDQ§D�� 6H� RV� LQGLYGXRV� IRUHP� FDSD]HV� GH� PXGDU� D� YDUL¡YHO FRQWURODGRUD�SRU�FRQWD�SU³SULD�RX�FRP�D�DMXGD�GD�IDPOLD��GH�RXWUR�DSRLR�RX�GH�VHUYL§RV�VRFLDLV� HQW£R� R� WUDWDPHQWR� DPEXODWRULDO� VHU¡� PDLV� YL¡YHO�� (VVD� KDELOLGDGH� GH� PXGDU� DV� YDUL¡YHLV FRQWURODGRUDV�©�D�MXVWLILFDWLYD�SDUD�TXH�R�HQVLQR�GH�FRPSHWªQFLDV�H�HVWUDW©JLDV�GH�HQIUHQWDPHQWR VHMD� FHQWUDO� SDUD� DV� SVLFRWHUDSLDV� FRPSRUWDPHQWDLV� TXH� WUDEDOKDP� FRP� LQGLYGXRV� VXLFLGDV� (QWUHWDQWR��FDSDFLGDGH�VHP�PRWLYD§£R�SDUD�PXGDQ§D�©�GH�YDORU�OLPLWDGR��&RP�EDVH�QD�DYDOLD§£R GD�FDSDFLGDGH�GH�XP�LQGLYGXR��QR�VHX�FRPSURPLVVR�SDUD�PXGDU�H�QD�SHUFHS§£R�GR�TXH�FRQVWLWXL XPD�YLGD�TXH�YDOH�D�SHQD�VHU�YLYLGD��FOQLFR�H�FOLHQWH�SRGHP�GHWHUPLQDU�TXDO�GHYH�VHU�D�UHVSRVWD LQLFLDO�DR�WUDWDPHQWR� 1£R�K¡�XPD�I³UPXOD�TXH�SRVVD�GL]HU�DR�FOQLFR�VH�GHWHUPLQDGR�FOLHQWH�IDU¡�XPD�WHQWDWLYD�GH VXLFGLR�VH�IRU�WUDWDGR�HP�XP�FRQWH[WR�DPEXODWRULDO��(VVD�©�XPD�TXHVW£R�GH�MXOJDPHQWR�FOQLFR TXH� HVW¡� EDVHDGD� QD� DYDOLD§£R� GH�PDLRU� TXDOLGDGH� SRVVYHO��2V� WHUDSHXWDV� VH� EHQHILFLDP�PDLV WRPDQGR� HVVDV� GHFLVµHV� HP� FRQVXOWD� FRP� XPD� HTXLSH� FOQLFD� RX�� QR�PQLPR�� FRP� XP� FROHJD IDPLOLDUL]DGR�FRP�R�FOLHQWH��2�TXH�RV�FOQLFRV��D�IDPOLD�H�RV�DPLJRV�PDLV�SUHFLVDP�TXDQGR�XP FOLHQWH� FRPHWH� VXLFGLR� ©� D� FRQYLF§£R�GH�TXH�RV� FOQLFRV�TXH� WUDEDOKDP�FRP�R�FOLHQWH� IL]HUDP WXGR�R�TXH�SRGLDP��SDUD�RULHQWD§µHV�GH�PDQHMR�GHVVD�VLWXD§£R��YHU�6XQJ���������2�FOQLFR�FKHJD PHOKRU� D� HVVD� FRQYLF§£R� FRQVXOWDQGR� RXWURV� FOQLFRV� DR� WRPDU� GHFLVµHV�� HVWDEHOHFHQGR� DV YDUL¡YHLV�FRQWURODGRUDV�H�D�DYDOLD§£R�GD�KDELOLGDGH�GR�FOLHQWH�H�VHX�FRPSURPLVVR�HP�PXGDU�SDUDTXH� RV� RXWURV� SRVVDP� RIHUHFHU� VXD� SHUVSHFWLYD�� ID]HQGR� SHUJXQWDV� DGLFLRQDLV� GH� DYDOLD§£R� H FRQFRUGDQGR�FRP�R�SODQR�GH�WUDWDPHQWR�RX�DMXGDQGR�D�HGLW¡�OR��(VVD�LGHLD�©��HQW£R��GRFXPHQWDGD QRV�UHJLVWURV�P©GLFRV��2�ULVFR�GH�QHJOLJªQFLD��L�H���D�EDVH�SDUD�XPD�D§£R�OHJDO�FRQWUD�R�WHUDSHXWD� ©�UHGX]LGR�TXDQGR�R�SURFHVVR�GH�WRPDGD�GH�GHFLV£R�©�FODUR�H�PXLWRV�FOQLFRV�FRQFRUGDP�FRP�R SODQR��R�TXH�DXPHQWD�D�FRQILDQ§D�GH�WRGRV�RV�HQYROYLGRV�H�RV�SURWHJH�FRQWUD�D�GºYLGD�H�RX�FXOSD TXH�VH�VHJXH�D�XP�VXLFGLR� 3RGH� SDUHFHU� TXH� SDVVDU� SHOR� HVIRU§R� GH� WHU� XP� SODQR� LQWHLUDPHQWH� DYDOLDGR� LPSHGLU¡� VHX GHVHQYROYLPHQWR��PDV�©�H[DWDPHQWH�R�FRQWU¡ULR��2V�SULQFSLRV�FRPSRUWDPHQWDLV�VH�DSOLFDP�WDQWR DR�FOQLFR�TXDQWR�DR�FOLHQWH��H�D�UHYLV£R�IXWXUD�GRV�UHJLVWURV�FOQLFRV��H�DLQGD�PDLV�XPD�WHQWDWLYD GH�VXLFGLR�RX�PRUWH�SRU�VXLFGLR��©�XP�HYHQWR�PXLWR�UDUR�SDUD�IXQFLRQDU�GLUHWDPHQWH�FRPR�XPD FRQVHTXªQFLD��8P�VHQWLPHQWR�GH�DOYLR�RX�WUDQTXLOL]D§£R�SRGH�VHU�XP�UHIRU§R�SRGHURVR��PDV�XP SODQR�IXQFLRQDU¡�FRPR�UHIRU§R�DSHQDV�VH� WLYHU�VLGR�FXLGDGRVDPHQWH�DYDOLDGR�H�FRQILUPDGR�SRU DTXHOHV� TXH� R� UHYLVDUHP� �ߙ FRPR� XPD� VHJXUDGRUD� GH� HUUR� P©GLFR�� DGYRJDGR�� HVFULW³ULR� GH JHUHQFLDPHQWR� GH� ULVFR� GH� XPD� DJªQFLD� SDUWLFXODU�� OLGHUDQ§D� RUJDQL]DFLRQDO�� HVSHFLDOLVWD� HP SUHYHQ§£R� GH� VXLFGLR�� HWF�� �ߙ QR� FDVR� GH� XP� UHVXOWDGR� QHJDWLYR�� 5HVHUYDU� XP� WHPSR� SDUD GHVHQYROYHU�R�SODQR�H� D�GRFXPHQWD§£R�H� Wª�ORV� UHYLVDGRV� H� HQGRVVDGRV�SHORV� DWRUHV� UHOHYDQWHV SRGH� DMXGDU� PXLWR� D� WUDQTXLOL]DU� H� SURSRUFLRQDU� DOYLR� SDUD� R� FOQLFR�� R� TXH� DXPHQWD� D SUREDELOLGDGH� GH� TXH� HVVD� FRQVXOWD� H� D� GRFXPHQWD§£R� VHMDP� IHLWDV� SDUD� WRGRV� RV� FOLHQWHV VXEVHTXHQWHV��6H�R�SODQR�VREUHYLYHU�D�XP�UHVXOWDGR�QHJDWLYR��H�R�UHVXOWDGR�IRU�DTXLOR�SDUD�TXH�R SODQR� IRL� FRQFHELGR�H�Q£R� IRU� WUDXPDWL]DQWH�SDUD�R� FOQLFR��R� FRQIRUWR�TXH�HVWH� VHQWLU¡�SRU� WHU VHJXLGR�R�SODQR�WDPE©P�DXPHQWDU¡� 6LPXOWDQHDPHQWH��D�DYHUV£R�SDUD�FRPSOHWDU�D�SDSHODGD�H[WUD�GHYH�UHFHEHU�DWHQ§£R��6H�IRUHP FRORFDGDV�HP�D§£R�GLUHWUL]HV�RX�XP�SODQR�TXH�VHMD�WUDEDOKRVR��HVSHFLDOPHQWH�SDUD�XP�GHVIHFKR UDUR� FRPR� FRPSRUWDPHQWR� VXLFLGD�� R� FOQLFR� LQHYLWDYHOPHQWH� VHU¡� UHVVDOWDGR� SRU� HYLW¡�OR� RX PLQLPL]¡�OR�� 2� GHVHQYROYLPHQWR� GH� PRGHORV� �ߙ VHMD� HP� IRUPXO¡ULRV� GH� SDSHO�� VHMD� HP IRUPXO¡ULRV�PDQWLGRV�HP�UHJLVWURV�GH�VDºGH�HOHWU´QLFRVߙ��©�XPD�HVWUDW©JLD�TXH�SRGH�PHOKRUDU�D TXDOLGDGH� GD� GRFXPHQWD§£R� H� D� SUREDELOLGDGH� GH� TXH� XP� FOQLFR� D� SUHHQFKD� FRUUHWDPHQWH� ([HPSORV�LQFOXHP�R�6XLFLGH�6WDWXV�)RUP��-REHV��������-REHV��.DKQ�*UHHQH��*UHHQH�� �*RHNH� 0RUH\���������R�/LQHKDQ�6XLFLGH�6DIHW\�1HW��/LQHKDQ�HW�DO���������/LQHKDQ�,QVWLWXWH��%HKDYLRUDO 7HFK�� Q�G���� R� PDQHMR� GR� ULVFR� WHUDSªXWLFR� �+RPDLIDU�� 0WDUD]]R�� �:RUW]HO�� ������ :RUW]HO� 0DWDUD]]R�� �+RPDLIDU��������H�RV�PRGHORV�GH�UHJLVWUR�GH�VDºGH�HOHWU´QLFR�GR�'HSDUWPHQW�RI 9HWHUDQV�$IIDLUV� SDUD� DYDOLD§£R� GR� ULVFR� GH� VXLFGLR� H� SODQRV� GH� VHJXUDQ§D��� 2V�PRGHORV� WªP LQºPHUDV�YDQWDJHQV��3RU�H[HPSOR��FRQWªP�OHPEUHWHV�SDUD�WRGDV�DV�SULQFLSDLV�¡UHDV�GH�FRQWHºGR �ULVFR�GH�VXLFGLR�RX�IDWRUHV�SURWHWLYRV��HWF���SDUD�TXH�R�FOQLFR�Q£R�SUHFLVH�VH�SUHRFXSDU�FRP�D SRVVLELOLGDGH� GH� RPLWLU� FRPSRQHQWHV� LPSRUWDQWHV�� $O©P� GLVVR�� PXLWRV� LWHQV� HQYROYLGRV� QD WRPDGD� GH� GHFLV£R� VREUH� VXLFGLR� V£R� GH� XP� SDGU£R� QRUPDO� H� VH� SUHVWDP� FRPR� PRGHORV� SHUPLWLQGR� TXH� RV� FOQLFRV� RV� VHOHFLRQHP� HQWUH� RS§µHV� GH� WH[WRV� M¡� SUHSDUDGRV� �S�� H[�� �RQGX]LGD&ߡ DYDOLD§£R� GR� ULVFR� H� IDWRUHV� SURWHWLYRVߢ�� �3UHHQFKLGRߡ SODQR� GH� VHJXUDQ§D� FRP� R FOLHQWHߢ�� HWF��� RX� FRPELQD§µHV� GH� WH[WRV� SUHSDUDGRV� H� FDPSRV� SDUD� WH[WR� DEHUWR� �S�� H[�� �RQVLGHUDGD&ߡ KRVSLWDOL]D§£R� RX� SODQR� GH� WUDWDPHQWR� DPEXODWRULDO� FRQWQXR� H� GHFLGLGR� Q£R KRVSLWDOL]DU� SRUTXHߢ���� RX� �5LVFRߡ H� IDWRUHV� SURWHWLYRV� SHUPDQHFHP� RV� PHVPRV� GD� ºOWLPD DYDOLD§£R��H[FHWRߢ������(VVDV�RS§µHV�SRXSDP�RV�FOQLFRV�GH�GLJLWD§µHV� VXEVWDQFLDOPHQWH� ORQJDV� DR�PHVPR�WHPSR�TXH�WUDQVPLWHP�PXLWDV�LQIRUPD§µHV� 3ODQR�GH�VHJXUDQ§D�RX�UHVSRVWD� �FULVH $VVXPLU�XP�FRPSURPLVVR�SºEOLFR�FRP�D�YLGD�SRGH�VHU�WHUDSªXWLFR��5XGG��0DQGUXVLDN�� �-RLQHU -U����������H�RV�FOLHQWHV�ID]HP�LVVR�VHP�WHU�TXH�ID]HU�XPD�SURPHVVD�FRQWUDWXDO�GH�Q£R�FDXVDUHP GDQRV�D�VL�PHVPRV��8P�SODQR�GH�VHJXUDQ§D�RX�UHVSRVWD�D�FULVHV�©�XP�P©WRGR�PDLV�HILFD]�H�ºWLO� (VVHV�SODQRV�LQFOXHP�GRLV�FRPSRQHQWHV��R�TXH�RV�LQGLYGXRV�SRGHP�ID]HU�SRU�VL�PHVPRV�H�FRPR EXVFDU� DMXGD� GH� IRUPD� HIHWLYD�� 3RU� H[HPSOR�� QR� SODQR� GH� VHJXUDQ§D� GHVHQYROYLGR� SRU� *UHJ %URZQ�� %DUEDUD� 6WDQOH\� H� FRODERUDGRUHV� �.D\PDQ�� *ROGVWHLQ�� 'L[RQ�� � *RRGPDQ�� ����� 6WDQOH\�HW�DO����������R�FOQLFR�H�R�FOLHQWH� LGHQWLILFDP��D��VLQDLV�GH�DOHUWD�GH�TXH�SRGH�DSDUHFHU LGHD§£R�VXLFLGD�SDUD�TXH�SRVVD�VHU�WRPDGD�XPD�DWLWXGH�SUHFRFH���E��HVWUDW©JLDV�GH�HQIUHQWDPHQWR TXH�R�LQGLYGXR�SRGH�XVDU�H��F��SHVVRDV�H� OXJDUHV�TXH�R�FOLHQWH�SRGH�XWLOL]DU�SDUD�GLVWUD§£R�DW© TXH�R�PRPHQWR�VXLFLGD�SDVVH��(VVDV�HVWUDW©JLDV�V£R�FRQFHELGDV�SDUD�SURPRYHU�D§£R�SRU�SDUWH�GRV FOLHQWHV� H� HQVLQ¡�ORV� D� DXWRPDQHMDU� VXD� LGHD§£R� VXLFLGD��2� SODQR� GH� VHJXUDQ§D� WDPE©P� LQFOXL DSRLR�VRFLDO�D�TXHP�R�FOLHQWH�SRGH�UHFRUUHU�SDUD�SHGLU�DMXGD��LQFOXVLYH�SURILVVLRQDO� 3RU�GLYHUVDV�UD]µHV��RV�FOQLFRV�GHYHP�FRQVLGHUDU�ILUPHPHQWH�ID]HU�RV�LQGLYGXRV�FRP�ULVFR GH�VXLFGLR�XVDUHP�OLQKDV�WHOHI´QLFDV�SDUD�DWHQGLPHQWR�GH�FULVH�HP�YH]�GR�SURQWR�VRFRUUR��36�� (P� SULPHLUR� OXJDU�� D� Q£R� VHU� TXH� R� 36� WHQKD� XP� VHUYL§R� GH� HPHUJªQFLD� SVLTXL¡WULFD� RX� XP HVSHFLDOLVWD� HP� VDºGH� PHQWDO� GH� SODQW£R�� D� HTXLSH� P©GLFD�FLUºUJLFD� GR� 36� WHP� PHQRV FRQKHFLPHQWR�HP�SUHYHQ§£R�GH�VXLFGLR�GR�TXH�RV�FOQLFRV�GH�VDºGH�PHQWDO�H�SRGH�WHU�SRXFR�D RIHUHFHU� DO©P� GH� SURWHJHU� WHPSRUDULDPHQWH� R� SDFLHQWH�� 8PD� FRPELQD§£R� GH� YROXQW¡ULRV� H VXSHUYLVRUHV�FRPSµH�D�HTXLSH�GDV� OLQKDV� WHOHI´QLFDV�SDUD�DWHQGLPHQWR�GH�FULVH��H�D�DYDOLD§£R�H UHVSRVWD�DR�ULVFR�VXLFLGD�©�VXD�¡UHD�GH�H[SHUWLVH��$V�OLQKDV�WHOHI´QLFDV�SDUD�DWHQGLPHQWR�GH�FULVH DILOLDGDV� DR� 1DWLRQDO� 6XLFLGH� 3UHYHQWLRQ� /LIHOLQH�� IXQGDGR� SHOD� 6XEVWDQFH� $EXVH� DQG�0HQWDO +HDOWK� 6HUYLFHV� $GPLQLVWUDWLRQ�� FRQWDP� FRP� SDGUµHV� HVSHFILFRV� H� DYDOLD§µHV� UHJXODUHV� SDUD DVVHJXUDU�TXH�VHMD�XWLOL]DGD�DVVLVWªQFLD�EDVHDGD�HP�HYLGªQFLDV�DR�LQGLYGXR�FRP�ULVFR�GH�VXLFGLR �S��H[���*RXOG�HW�DO���������*RXOG��0XQIDNWK��.OHLQPDQ� �/DNH��������-RLQHU�HW�DO����������(P VHJXQGR� OXJDU�� XPD� YLVLWD� DR� 36� ©� GHPRUDGD� H� FDUD� SDUD� R� FOLHQWH� H� IUHTXHQWHPHQWH� HQYROYH PHLRV�FRHUFLWLYRV��FRPR�FRQWHQ§£R�IVLFD�RX�TXPLFD��TXH�SRGHP�VHU�HVWUHVVDQWHV�RX�WUDXP¡WLFRV� 8PD�OLQKD�WHOHI´QLFD�SDUD�DWHQGLPHQWR�GH�FULVH�©�JUDWXLWD�H�UHVXOWD�HP�DMXGD�LPHGLDWD�VHP�PHLRV FRHUFLWLYRV��$�OLQKD�GH�FULVH� WHP�OLJD§µHV�FRP�D�SROFLD�H�RV�VHUYL§RV�GH�HPHUJªQFLD��SRUWDQWR� FDVR� VXD� DYDOLD§£R� GR� ULVFR� LQGLTXH� TXH� ©� QHFHVV¡ULR� VRFRUUR� LPHGLDWR� �ߙ YROXQW¡ULR� RX LQYROXQW¡ULRߙ���HOD�SRGH�JDUDQWLU�TXH�LVVR�VHMD�IHLWR�U¡SLGD�H�HILFLHQWHPHQWH��7HUFHLUR��HQFDPLQKDU SDFLHQWHV�DR�36�SRGH� WHU�FRQVHTXªQFLDV� LDWURJªQLFDV��3RU�H[HPSOR��R�FOLHQWH�SRGH�DFKDU�TXH�R HQFDPLQKDPHQWR�VLJQLILFD�TXH�R� WHUDSHXWD�Q£R�©�FDSD]�GH�DMXG¡�OR�RX�SRGH�DW©�PHVPR�HQFDUDU LVVR� FRPR� DEDQGRQR�� $� PHQRV� TXH� R� WHUDSHXWD� UHDOPHQWH� Q£R� VHMD� FDSD]� GH� DMXGDU�� R HQFDPLQKDPHQWR�SDUD�R�36�GHYH�VHU�HYLWDGR� $V� OLQKDV� WHOHI´QLFDV� SDUD� DWHQGLPHQWR� GH� FULVH� WDPE©P� RIHUHFHP� DSRLR� FRQWLQXDGR� DRV FOLHQWHV�� TXH� FRPSOHPHQWD� D� GLVSRQLELOLGDGH� GR� WHUDSHXWD�� (VVH� DSRLR� UHGX]� D� TXDQWLGDGH� GH WHPSR�TXH�R�WHUDSHXWD�SUHFLVD�SDVVDU�WUDEDOKDQGR�FRP�XP�FOLHQWH�DJXGDPHQWH�VXLFLGD��DO©P�GDV GHPDQGDV�HPRFLRQDLV��OLEHUDQGR�VHX�WHPSR�H�HQHUJLD�HPRFLRQDO�SDUD�DV�VHVVµHV�GH�SVLFRWHUDSLD�H SDUD� R� FRQWDWR� IRUD� GD� VHVV£R� TXH� R� WHUDSHXWD� IRUQHFH� GHQWUR� GH� VHXV� OLPLWHV� SHVVRDLV� H SURILVVLRQDLV��,VVR��SRU�VXD�YH]��DMXGD�R�WHUDSHXWD�D�ILFDU�FRP�XP�FOLHQWH�TXH�VH�WRUQD�VXLFLGD�DW© TXH�D�LGHD§£R�VXLFLGD�SRVVD�VHU�WUDWDGD�H�UHVROYLGD��$VVLP��R�LGHDO�©�XPD�LQWHUYHQ§£R�FRPR�XPD OLQKD�WHOHI´QLFD�SDUD�DWHQGLPHQWR�GH�FULVH�TXH�RIHUH§D�DSRLR�DGLFLRQDO�D�LQGLYGXRV�FRP�ULVFR�GHVXLFGLR�H�OKHV�SHUPLWD�SHUPDQHFHU�FRP�VHX�WHUDSHXWD� 6HJXUDQ§D�GRV�PHLRV 8P� SODQR� GH� VHJXUDQ§D� LQFOXL� XPD� HVWUDW©JLD� SDUD� D� VHJXUDQ§D� GRV� PHLRV�� DQWHULRUPHQWH GHQRPLQDGD� UHVWUL§£R� GRV�PHLRV�� WHUPR� TXH� IRL� DEDQGRQDGR� GHYLGR� D� VXD� FRQRWD§£R� QHJDWLYD FRQWUDSURGXWLYD��$QJOHP\HU��+RUYDWK�� �5XWKHUIRUG��������,�+��6WDQOH\��+RP��5RJHUV��$QHVWLV� �-RLQHU��������<LS�HW�DO����������1R�WUDWDPHQWR�SVLFRVVRFLDO�DPEXODWRULDO��©�IXQGDPHQWDO�TXH�RV FOLHQWHV�GHL[HP�VHX�DPELHQWH�OLYUH�GRV�PHLRV�SHORV�TXDLV�SRGHP�LPSXOVLYDPHQWH�WLUDU�VXD�YLGD� 6£R�Y¡ULDV�DV�GLUHWUL]HV�SDUD�VHJXUDQ§D�GRV�PHLRV�TXH�RV�FOQLFRV�SRGHP�FRQVXOWDU�SDUD�IDFLOLWDU HVVD� GLVFXVV£R� FRP� RV� FOLHQWHV� �+DUYDUG� 7�� +�� &KDQ� 6FKRRO� RI� 3XEOLF� +HDOWK�� Q�G��� 6XLFLGH 3UHYHQWLRQ� 5HVRXUFH� &HQWHU�� Q�G���� 5HPRYHU� R� DFHVVR� D� PHLRV� OHWDLV� ©� R� FHQ¡ULR� LGHDO�� 1R HQWDQWR��TXDQGR�R�FOLHQWH�Q£R�HVW¡�GLVSRVWR�RX�©�UHOXWDQWH�HP�ID]ª�OR��R�FOQLFR�HQIUHQWD�R�GLOHPD GH�DJLU� DVVHUWLYDPHQWH�SDUD� UHGX]LU�R�DFHVVR�GR�FOLHQWH�DRV�PHLRV�H�DUULVFD�SHUGHU�R�DFHVVR�DR FOLHQWH��S��H[���R�FOLHQWH�DEDQGRQD�R�WUDWDPHQWR�RX�PHQWH�SDUD�R�FOQLFR�� &RPR�RFRUUH�FRP�D�WRPDGD�GH�GHFLV£R�VREUH�VXLFGLR��Q£R�K¡�XPD�UHJUD�D�VHU�VHJXLGD�TXDQGR VH� WRPDP� GHFLVµHV� VREUH� D� VHJXUDQ§D� GRV� PHLRV�� 0DLV� XPD� YH]�� D� HVWUDW©JLD� PDLV� HIHWLYD� © HQFRQWUDU�FRQVHQVR�FRP�RXWURV�FOQLFRV��RV�TXDLV�FRQVLGHUDP�DV�DOWHUQDWLYDV�H�FRQFRUGDP�TXH�D HVWUDW©JLD�GR�WHUDSHXWD�©�D�PDLV�HIHWLYD�FRQVLGHUDQGR�VH�DV�OLPLWD§µHV�GD�VLWXD§£R��2�FOQLFR�GHYH FRODERUDU�FRP�R�FOLHQWH�QD�VHVV£R�SDUD�WRPDU�XPD�GHFLV£R�LQLFLDO��([FHWR�QRV�UDURV�FDVRV�GH�ULVFR LPLQHQWH�� K¡� XPD� DPSOD� RSRUWXQLGDGH� QDV� KRUDV� H� QRV� GLDV� VHJXLQWHV� � VHVV£R� SDUD� FRQVXOWDU RXWURV�FOQLFRV�H��VH�IRU�UHFRPHQGDGR��PXGDU�R�SODQR�WHOHIRQDQGR�SDUD�R�FOLHQWH�RX�FRPR�SDUWH�GH XPD�VHVV£R�SRVWHULRU��6HMDP�TXDLV�IRUHP�DV�GHFLVµHV��D�WRPDGD�GH�GHFLV£R�H�TXHP�©�FRQVXOWDGR GHYHP� HVWDU� FODURV� QR� UHJLVWUR� P©GLFR�� 1R� FDVR� GH� XP� GHVIHFKR� WU¡JLFR�� D� SRVVLELOLGDGH� GH UHYLVDU� D� GRFXPHQWD§£R� TXH� PRVWUD� DV� UHIOH[µHV� H� LQIRUPD§µHV� GLVSRQYHLV� QR� PRPHQWR� © HVVHQFLDO�� WDQWR� SDUD� R� WHUDSHXWD� �ߙ SDUD� TXH� VH� VLQWD� WUDQTXLOR� TXDQWR� DR� VHX� WUDEDOKR� FRP� R FOLHQWHߙ��TXDQWR�SDUD�RXWURV�TXH�UHYLVDUHP�RV�UHJLVWURV� 75$7$1'2�$�,'($��2�68,&,'$ 6£R� GXDV� DV� SULQFLSDLV� LQWHUYHQ§µHV� SDUD� FRPSRUWDPHQWR� VXLFLGD� FRP� HQVDLRV� UDQGRPL]DGRV UHSOLFDGRV��'%7��/LQHKDQ��������/LQHKDQ��&RPWRLV��0XUUD\�HW�DO���������6WRIIHUV�HW�DO���������H WHUDSLD�FRJQLWLYR�FRPSRUWDPHQWDO��7&&��SDUD�SUHYHQ§£R�GH�VXLFGLR��%URZQ�HW�DO���������5XGG HW� DO��� ������ :HQ]HO�� %URZQ�� � %HFN�� ������� $V� GXDV� LQWHUYHQ§µHV� DSUHVHQWDP� Y¡ULDV� ¡UHDV FRPXQV� TXH� RV� FOQLFRV� SRGHP� WUD]HU� SDUD� VHX� WUDEDOKR�� IRFR� QR� VXLFGLR� HP� YH]� GH� QR GLDJQ³VWLFR�� IRFR� QR� HQJDMDPHQWR� DWLYR� H� QD� UHWHQ§£R� QR� WUDWDPHQWR�� DYDOLD§£R� IXQFLRQDO� GRV IDWRUHV�SUHFLSLWDQWHV�H�FRQWUROH�GDV�YDUL¡YHLV�GR�FRPSRUWDPHQWR�VXLFLGD��VROX§£R�GH�SUREOHPDV� SRVWXUD�DWLYD�H�GLUHWLYD�SDUD�DMXGDU�RV�FOLHQWHV�D�GHVHQYROYHU�IRUPDV�DOWHUQDWLYDV�GH�SHQVDU�H�VH FRPSRUWDU�GXUDQWH�SHURGRV�GH�VRIULPHQWR�DJXGR�HP�YH]�GH�DSUHVHQWDU�FRPSRUWDPHQWR�VXLFLGD��H JHUDU�HVSHUDQ§D�SDUD�R�IXWXUR� 2� SULPHLUR� SRQWR� FRPXP� ©� R� IRFR� QR� VXLFGLR� FRPR� DOYR� SULP¡ULR� GR� WUDWDPHQWR�� ,VVR VLJQLILFD�TXH��HPERUD�GHSUHVV£R��XVR�GH�VXEVW¢QFLDV�RX�RXWURV�GLDJQ³VWLFRV�VHMDP�DERUGDGRV�QR WUDWDPHQWR��D�LGHD§£R�VXLFLGD�Q£R�©�FRQVLGHUDGD�XP�VLQWRPD�RX�XPD�FRPSOLFD§£R�GR�GLDJQ³VWLFR TXH�QHFHVVDULDPHQWH�VHU¡�UHVROYLGD�TXDQGR�D�FRQGL§£R�GLDJQ³VWLFD�PHOKRUDU��(P�YH]�GLVVR��HOD�© FRQVLGHUDGD�Q£R�V³�XPD�TXHVW£R�LQGHSHQGHQWH��PDV�WDPE©P�XPD�TXHVW£R�SULP¡ULD�GR�WUDWDPHQWR TXH�SHUPDQHFH�VHQGR�R�IRFR�DW©�TXH�VH�UHVROYD� )D]HU� XP� WUDWDPHQWR� VREUH� SUHYHQ§£R� GH� VXLFGLR� H� UHVROYHU� R� GHVHMR� GR� FOLHQWH� GH�PRUUHU UHTXHU�TXH�R�FOLHQWH�WDPE©P�HVWHMD�HQJDMDGR�H�FRPSURPHWLGR�FRP�HVVH�REMHWLYR��2�HQJDMDPHQWR GR� FOLHQWH� WDPE©P� ©�� SRUWDQWR�� XP� IRFR�� 7DQWR� D� '%7� TXDQWR� D� 7&&� UHºQHP� HVWUDW©JLDV H[SOFLWDV� SDUD� HQJDMDU� R� FOLHQWH�QR� WUDWDPHQWR�� SUHYHQLU� R� DEDQGRQR� H� VROXFLRQDU� SUREOHPDV� H VXSHUDU�DV�EDUUHLUDV�DRV�FXLGDGRV��$�HVWUXWXUD�GD�'%7�SULRUL]D�TXH�RV�SU³SULRV�FOLHQWHV� WRPHP DWLWXGHV�� HQTXDQWR� D� 7&&� LQFOXL� XP� EUD§R� GH� HQJDMDPHQWR� DWLYR� QR� FDVR�� HQWUHWDQWR�� DPEDV DQWHFLSDP�TXH�RV�FOLHQWHV�SRGHP�WHU�SUREOHPDV�SDUD�FRPSDUHFHU�DR�WUDWDPHQWR�H�FRQVLGHUDP�TXH D� UHVSRQVDELOLGDGH� GH� SHUPDQHFHU� HP� WUDWDPHQWR� ©� FRPSDUWLOKDGD� HQWUH� WHUDSHXWD� H� FOLHQWH��$ '%7�WDPE©P�LQFOXL�HVWUDW©JLDV�GH�FRPSURPLVVR�DWLYR�EHP�GHILQLGDV�SDUD�XQLU�R�WUDWDPHQWR�DRV REMHWLYRV� GR� FOLHQWH�� DO©P� GH� SUHYHQLU� R� VXLFGLR�� $� 7&&� UHIRU§D� R� FRPSURPLVVR� GDQGR� DRV FOLHQWHV�D�RSRUWXQLGDGH�GH�FRPSDUWLOKDU�VXD�QDUUDWLYD�VXLFLGD��FRP�YDOLGD§£R�DWLYD�GR�WHUDSHXWD�H WDPE©P�SRU�PHLR�GH�SVLFRHGXFD§£R� 8P� HOHPHQWR� FHQWUDO� GDV� LQWHUYHQ§µHV� FRPSRUWDPHQWDLV� SDUD� SUHYHQ§£R� GH� VXLFGLR� ©� XPD DYDOLD§£R� IXQFLRQDO� GR� SHQVDPHQWR� H� GR� FRPSRUWDPHQWR� VXLFLGDV� SDUD� GHWHUPLQDU� DV� YDUL¡YHLV FRQWURODGRUDV��FRQIRUPH�GLVFXWLGR�HP�GHWDOKHV�DQWHULRUPHQWH��2�REMHWLYR�©�WHU�XPD�FRPSUHHQV£R LGLRJU¡ILFD� TXH� OHYDU¡� D� VROX§µHV� LGLRJU¡ILFDV�� 'HSRLV� TXH� RV� SUREOHPDV� V£R� LGHQWLILFDGRV�� D VROX§£R�GHVWHV�©�XPD�HVWUDW©JLD�GH�WHUDSLD�LPSRUWDQWH�SDUD�UHVROYHU�DV�YDUL¡YHLV�FRQWURODGRUDV�TXH V£R�VROXFLRQ¡YHLV��6LPXOWDQHDPHQWH��R� WHUDSHXWD�HQVLQD�HVWUDW©JLDV�SDUD� WROHUDU�R�TXH�Q£R�SRGH VHU� UHVROYLGR� RX� SDUD� HQIUHQWDPHQWR� DW©� TXH� RV� SUREOHPDV� VHMDP� UHVROYLGRV�� 2� REMHWLYR� © FRODERUDU� FRP� RV� FOLHQWHV� SDUD� HQFRQWUDUHP� DV� VROX§µHV�PDLV� HIHWLYDV� SDUD� RV� SUREOHPDV� TXH PRWLYDP�R�SHQVDPHQWR�VXLFLGD�H�ID]ª�ORV�SUDWLFDU�HVVDV�VROX§µHVߙ��PHVPR�TXDQGR�DV�HPR§µHV V£R�LQWHQVDV�H�D�SHUVSHFWLYD�©�OLPLWDGD��FRPR�©�R�FDVR�HP�PRPHQWRV�GH�ULVFR�GH�VXLFGLR� 3RU�ILP��XP�DVSHFWR�FUWLFR�GD�WHUDSLD�SDUD�SUHYHQ§£R�GH�VXLFGLR�©�FULDU�XPD�YLV£R�GH�IXWXUR�H HVSHUDQ§D��,VVR�GLUHFLRQDU¡�D�SHVVRD�SDUD�XPD�YLGD�TXH�YDOH�D�SHQD�VHU�YLYLGD��HP�YH]�GH�SDUD�R VXLFGLR��H�HYLWDU¡�D�QHFHVVLGDGH�GH�OLGDU�FRP�R�VXLFGLR��8P�SULQFSLR�FHQWUDO�GR�WUDWDPHQWR�FRP '%7�©�DWLQJLU�XPD�YLGD�TXH�YDOH�D�SHQD�VHU�YLYLGD�H�GH�TXDOLGDGH�VXILFLHQWH�SDUD�TXH�R�VXLFGLR Q£R�VHMD�PDLV�XPD�TXHVW£R��'HVVD�IRUPD��D�'%7�©�XP�WUDWDPHQWR�PDLV�ORQJR��2�HQIUHQWDPHQWR VXLFLGD�©�JHUDOPHQWH�VXEVWLWXGR�SHOR�HQIUHQWDPHQWR�K¡ELO�GHQWUR�GRV�SULPHLURV�TXDWUR�PHVHV�GH '%7�� R� TXH� ©� WSLFR�GD�7&&�H� GH� RXWUDV� LQWHUYHQ§µHV� FRPSRUWDPHQWDLV��2� UHVWDQWH� GD� WHUDSLD �VHLV�PHVHV��XP�DQR�RX�PDLV��VH�FRQFHQWUD�QD�TXDOLGDGH�GD�UHVROX§£R�GRV�FRPSRUWDPHQWRV�TXH LQWHUIHUHP�QD�YLGD�H�LPSHGHP�TXH�R�FOLHQWH�FRQTXLVWH�XPD�YLGD�TXH�YDOKD�D�SHQD�VHU�YLYLGD��2 FRPSRUWDPHQWR�TXH�LQWHUIHUH�QD�WHUDSLDߙ��TXH�©�DERUGDGR�QR�LQFLR�H�GXUDQWH�R�WUDWDPHQWR�SDUD DXPHQWDU�R�HQJDMDPHQWR�K¡ELO�GR�FOLHQWH�QD�WHUDSLD�H�SUHYHQLU�R�DEDQGRQRߙ��VLWXD�VH�HQWUH�R�DOYR SULP¡ULR�GR�FRPSRUWDPHQWR�H�GD�FULVH�VXLFLGDV�H�R�DOYR�GD�TXDOLGDGH�GH�YLGD� 3RU�VXD�YH]��DV�DERUGDJHQV�GH�7&&�GD�LGHD§£R�VXLFLGD�V£R�PXLWR�PDLV�EUHYHVߙ�����VHVVµHV�RX PHQRVߙ���FRP�IRFR�HP�OLGDU�FRP�D�LGHD§£R�H�R�FRPSRUWDPHQWR�VXLFLGDV�H�SUHYHQLU�D�UHFDGD��2V FOLHQWHV� SRGHP� SURVVHJXLU� D� WHUDSLD� HP� RXWUR� OXJDU� SDUD� EXVFDU� TXDOLGDGH� GH� YLGD� HP� JHUDO� $VVLP��QHVVDV�WHUDSLDV�PDLV�FXUWDV��R�IRFR�©�QD�HVSHUDQ§D��H�Q£R�HP�DWLQJLU�XPD�YLGD�TXH�YDOKD�D SHQD�VHU�YLYLGD��8PD�HVWUDW©JLD�IXQGDPHQWDO�HP�7&&�©�Rߡ�NLW�GD�HVSHUDQ§Dߢ��XPD�FDL[D�RX�RXWUR UHFLSLHQWH�TXH�FRQW©P�LWHQV�H�OHPEUDQ§DV��FRPR�IRWRJUDILDV�H�FDUWDV��TXH�VHUYHP�FRPR�OHPEUHWHV GH�UD]µHV�SDUD�YLYHU��2�NLW�GD�HVSHUDQ§D�VHUYH�FRPR�XP�OHPEUHWH�SRGHURVR�H�SHVVRDO�GD�FRQH[£R GR� FOLHQWH� FRP� D� YLGD� TXH� SRGH� VHU� XVDGR� TXDQGR� VXUJLUHP� VHQWLPHQWRV� VXLFLGDV�� 2V� FOLHQWHV JHUDOPHQWH� DFKDP� R� SURFHVVR� GH� FRQVWUX§£R� GHVVH� NLW� PXLWR� JUDWLILFDQWH�� M¡� TXH� RV� OHYD� D GHVFREULU�RX�UHGHVFREULU�UD]µHV�SDUD�YLYHU�
Compartilhar