Baixe o app para aproveitar ainda mais
Prévia do material em texto
+,67Ï5,$�'$�&217$%,/,'$'( &RPSLODomR��(TXLSH�3RUWDO�GH�&RQWDELOLGDGH $� KLVWyULD� GD� FRQWDELOLGDGH� p� WmR� DQWLJD� TXDQWR� D� SUySULD� KLVWyULD� GD� FLYLOL]DomR�� (VWi� OLJDGD� jV SULPHLUDV� PDQLIHVWDo}HV� KXPDQDV� GD� QHFHVVLGDGH� VRFLDO� GH� SURWHomR� j� SRVVH� H� GH� SHUSHWXDomR� H LQWHUSUHWDomR�GRV�IDWRV�RFRUULGRV�FRP�R�REMHWR�PDWHULDO�GH�TXH�R�KRPHP�VHPSUH�GLVS{V�SDUD�DOFDQoDU RV�ILQV�SURSRVWRV� 'HL[DQGR� D� FDoD�� R� KRPHP� YROWRX�VH� j� RUJDQL]DomR� GD� DJULFXOWXUD� H� GR� SDVWRUHLR�� $� RUJDQL]DomR HFRQ{PLFD� DFHUFD� GR� GLUHLWR� GR� XVR� GR� VROR� DFDUUHWRX� HP� VHSDUDWLYLGDGH�� URPSHQGR� D� YLGD FRPXQLWiULD�� VXUJLQGR� GLYLV}HV� H� R� VHQVR� GH� SURSULHGDGH�� $VVLP�� FDGD� SHVVRD� FULDYD� VXD� ULTXH]D LQGLYLGXDO� $R�PRUUHU��R�OHJDGR�GHL[DGR�SRU�HVWD�SHVVRD�QmR�HUD�GLVVROYLGR��PDV�SDVVDGR�FRPR�KHUDQoD�DRV�ILOKRV RX�SDUHQWHV��$�KHUDQoD�UHFHELGD�GRV�SDLV��SDWHU��SDWULV���GHQRPLQRX�VH�SDWULP{QLR��2�WHUPR�SDVVRX�D VHU�XWLOL]DGR�SDUD�TXDLVTXHU�YDORUHV��PHVPR�TXH�HVWHV�QmR�WLYHVVHP�VLGR�KHUGDGRV� $�RULJHP�GD�&RQWDELOLGDGH�HVWi�OLJDGD�D�QHFHVVLGDGH�GH�UHJLVWURV�GR�FRPpUFLR��+i�LQGtFLRV�GH�TXH�DV SULPHLUDV�FLGDGHV�FRPHUFLDLV�HUDP�GRV�IHQtFLRV��$�SUiWLFD�GR�FRPpUFLR�QmR�HUD�H[FOXVLYD�GHVWHV��VHQGR H[HUFLGD�QDV�SULQFLSDLV�FLGDGHV�GD�$QWLJXLGDGH� $�DWLYLGDGH�GH�WURFD�H�YHQGD�GRV�FRPHUFLDQWHV�VHPtWLFRV�UHTXHULD�R�DFRPSDQKDPHQWR�GDV�YDULDo}HV�GH VHXV�EHQV�TXDQGR�FDGD�WUDQVDomR�HUD�HIHWXDGD��$V�WURFDV�GH�EHQV�H�VHUYLoRV�HUDP�VHJXLGDV�GH�VLPSOHV UHJLVWURV� RX� UHODWyULRV� VREUH� R� IDWR��0DV� DV� FREUDQoDV� GH� LPSRVWRV�� QD�%DELO{QLD� Mi� VH� ID]LDP� FRP HVFULWDV��HPERUD�UXGLPHQWDUHV��8P�HVFULED�HJtSFLR�FRQWDELOL]RX�RV�QHJyFLRV�HIHWXDGRV�SHOR�JRYHUQR GH�VHX�SDtV�QR�DQR������D�&� � ¬� PHGLGD� TXH� R� KRPHP� FRPHoDYD� D� SRVVXLU� PDLRU� TXDQWLGDGH� GH� YDORUHV�� SUHRFXSDYD�OKH� VDEHU TXDQWR�SRGHULDP�UHQGHU�H�TXDO�D�IRUPD�PDLV�VLPSOHV�GH�DXPHQWDU�DV�VXDV�SRVVHV��WDLV�LQIRUPDo}HV�QmR HUDP�GH�IiFLO�PHPRUL]DomR�TXDQGR�Mi�HP�PDLRU�YROXPH��UHTXHUHQGR�UHJLVWURV� � )RL� R� SHQVDPHQWR� GR� �IXWXUR�� TXH� OHYRX� R� KRPHP� DRV� SULPHLURV� UHJLVWURV� D� ILP� GH� TXH� SXGHVVH FRQKHFHU�DV�VXDV�UHDLV�SRVVLELOLGDGHV�GH�XVR��GH�FRQVXPR��GH�SURGXomR�HWF� � &RP�R�VXUJLPHQWR�GDV�SULPHLUDV�DGPLQLVWUDo}HV�SDUWLFXODUHV�DSDUHFLD�D�QHFHVVLGDGH�GH�FRQWUROH��TXH QmR� SRGHULD� VHU� IHLWR� VHP� R� GHYLGR� UHJLVWUR�� D� ILP� GH� TXH� VH� SXGHVVH� SUHVWDU� FRQWD� GD� FRLVD DGPLQLVWUDGD� e�LPSRUWDQWH�OHPEUDUPRV�TXH�QDTXHOH�WHPSR�QmR�KDYLD�R�FUpGLWR��RX�VHMD��DV�FRPSUDV��YHQGDV�H�WURFDV HUDP�j�YLVWD��3RVWHULRUPHQWH��HPSUHJDYDP�VH�UDPRV�GH�iUYRUH�DVVLQDODGRV�FRPR�SURYD�GH�GtYLGD�RX TXLWDomR�� 2� GHVHQYROYLPHQWR� GR� SDSLUR� �SDSHO�� H� GR� FiODPR� �SHQD� GH� HVFUHYHU�� QR� (JLWR� DQWLJR IDFLOLWRX�H[WUDRUGLQDULDPHQWH�R�UHJLVWUR�GH�LQIRUPDo}HV�VREUH�QHJyFLRV� $�PHGLGD�HP�TXH�DV�RSHUDo}HV�HFRQ{PLFDV�VH�WRUQDP�FRPSOH[DV��R�VHX�FRQWUROH�VH�UHILQD��$V�HVFULWDV JRYHUQDPHQWDLV�GD�5HS~EOLFD�5RPDQD������D�&���Mi�WUD]LDP�UHFHLWDV�GH�FDL[D�FODVVLILFDGDV�HP�UHQGDV H�OXFURV��H�DV�GHVSHVDV�FRPSUHHQGLGDV�QRV�LWHQV�VDOiULRV��SHUGDV�H�GLYHUV}HV� 1R�SHUtRGR�PHGLHYDO��GLYHUVDV� LQRYDo}HV�QD�FRQWDELOLGDGH�IRUDP�LQWURGX]LGDV�SRU�JRYHUQRV� ORFDLV�H SHOD�LJUHMD��0DV�p�VRPHQWH�QD�,WiOLD�TXH�VXUJH�R�WHUPR&RQWDELOLWi� 3RGHPRV�UHVXPLU�D�HYROXomR�GD�FLrQFLD�FRQWiELO�GD�VHJXLQWH�IRUPD� &217$%,/,'$'(�'2�081'2�$17,*2���SHUtRGR�TXH�VH� LQLFLD�FRP�DV�SULPHLUDV�FLYLOL]Do}HV�H YDL�DWp������GD�(UD�&ULVWm��TXDQGR�DSDUHFHX�R�/LEHU�$EDFL���GD�DXWRULD�/HRQDUGR�)LERQDFL��R�3LVDQR� &217$%,/,'$'(�'2�081'2�0(',(9$/� �� SHUtRGR�TXH� YDL� GH� �����GD�(UD�&ULVWm� DWp� ����� TXDQGR�DSDUHFHX�R�7UDWDFWXV�GH�&RPSXWLV�HW�6FULSWXULV��&RQWDELOLGDGH�SRU�3DUWLGDV�'REUDGDV��GH�)UHL /XFD� 3DFLROR�� SXEOLFDGR� HP� ������ HQIDWL]DQGR� TXH� j� WHRULD� FRQWiELO� GR� GpELWR� H� GR� FUpGLWR FRUUHVSRQGH� j� WHRULD� GRV� Q~PHURV� SRVLWLYRV� H� QHJDWLYRV�� REUD� TXH� FRQWULEXLX� SDUD� LQVHULU� D FRQWDELOLGDGH�HQWUH�RV�UDPRV�GR�FRQKHFLPHQWR�KXPDQR� &217$%,/,'$'(� '2� 081'2� 02'(512� �� SHUtRGR� TXH� YDL� GH� ����� DWp� ������ FRP� R DSDUHFLPHQWR� GD� 2EUD� �/D� &RQWDELOLWj� $SSOLFDWWD� DOOH� $PPLQLVWUD]LRQL� 3ULYDWH� H� 3XEEOLFKH�� �� GD DXWRULD� GH� )UDQVFHVFR� 9LOOD�� SUHPLDGD� SHOR� JRYHUQR� GD� ÈXVWULD�� 2EUD� PDUFDQWH� QD� KLVWyULD� GD &RQWDELOLGDGH� &217$%,/,'$'(�'2�081'2�&,(17Ë),&2���SHUtRGR�TXH� VH� LQLFLD�HP������H�FRQWLQXD�DWp�RV GLDV�GH�KRMH� 3(5Ë2'2�$17,*2 $� FRQWDELOLGDGH� HPStULFD�� SUDWLFDGD� SHOR� KRPHP� DQWLJR�� Mi� WLQKD� FRPR� REMHWR� R� 3DWULP{QLR� UHSUHVHQWDGR�SHORV�UHEDQKRV�H�RXWURV�EHQV�QRV�VHXV�DVSHFWRV�TXDQWLWDWLYRV� 2V�SULPHLURV�UHJLVWURV�SURFHVVDUDP�VH�GH�IRUPD�UXGLPHQWDU��QD�PHPyULD�GR�KRPHP��&RPR�HVWH�p�XP VHU� SHQVDQWH�� LQWHOLJHQWH�� ORJR� HQFRQWURX� IRUPDV� PDLV� HILFLHQWHV� GH� SURFHVVDU� RV� VHXV� UHJLVWURV� XWLOL]DQGR�JUDYDo}HV�H�RXWURV�PpWRGRV�DOWHUQDWLYRV� 2�LQYHQWiULR�H[HUFLD�XP�LPSRUWDQWH�SDSHO��SRLV�D�FRQWDJHP�HUD�R�PpWRGR�DGRWDGR�SDUD�R�FRQWUROH�GRV EHQV��TXH�HUDP�FODVVLILFDGRV�VHJXQGR�VXD�QDWXUH]D��UHEDQKRV��PHWDLV��HVFUDYRV��HWF��$�SDODYUD��&RQWD� GHVLJQD�R�DJUXSDPHQWR�GH�LWHQV�GD�PHVPD�HVSpFLH�� $V�SULPHLUDV�HVFULWDV�FRQWiEHLV�GDWDP�GR�WpUPLQR�GD�(UD�GD�3HGUD�3ROLGD��TXDQGR�R�KRPHP�UHJLVWUDYD RV�VHXV�SULPHLURV�GHVHQKRV�H�JUDYDo}HV� 2V�SULPHLURV�FRQWUROHV�HUDP�HVWDEHOHFLGRV�SHORV�WHPSORV��R�TXH�SHUGXURX�SRU�YiULRV�VpFXORV� 2V� VXPpULFRV� H� EDELO{QLFRV�� DVVLP� FRPR� RV� DVVtULRV�� ID]LDP� RV� VHXV� UHJLVWURV� HP� SHoDV� GH� DUJLOD� UHWDQJXODUHV�RX�RYDLV�� ILFDQGR� IDPRVDV�DV�SHTXHQDV� WiEXDV�GH�8UXN��TXH�PHGLDP�DSUR[LPDGDPHQWH ����D�����FHQWtPHWURV��WHQGR�IDFHV�OLJHLUDPHQWH�FRQYH[DV� 2V�UHJLVWURV�FRPELQDYDP�R�ILJXUDWLYR�FRP�R�QXPpULFR��*UDYDYD�VH�D�FDUD�GR�DQLPDO�FXMD�H[LVWrQFLD�VH TXHULD�FRQWURODU�H�R�QXPHUR�FRUUHVSRQGHQWH�jV�FDEHoDV�H[LVWHQWHV� (PERUD� UXGLPHQWDU��R� UHJLVWUR�� HP�VXD� IRUPD�� DVVHPHOKDYD�VH�DR�TXH�KRMH� VH�SURFHVVD��2�QRPH�GD FRQWD���0DWUL]HV����SRU�H[HPSOR��VXEVWLWXLX�D�ILJXUD�JUDYDGD��HQTXDQWR�R�DVSHFWR�QXPpULFR�VH�WRUQRX PDLV�TXDOLILFDGR��FRP�R�DFUpVFLPR�GR�YDORU�PRQHWiULR�DR�TXDQWLWDWLYR��(VWD�HYROXomR�SHUPLWLX�TXH� SDUDOHODPHQWH�j��$SOLFDomR�����VH�SXGHVVH�GHPRQVWUDU��WDPEpP��D�VXD��2ULJHP��� 1D� FLGDGH� GH� 8U�� QD� &DOGpLD�� RQGH� YLYHX� $EUDmR�� SHUVRQDJHP� EtEOLFR� FLWDGR� QR� OLYUR� *rQHVLV� HQFRQWUDP�VH��HP�HVFDYDo}HV��LPSRUWDQWHV�GRFXPHQWRV�FRQWiEHLV��WDEHOD�GH�HVFULWD�FXQHLIRUPH��RQGH HVWmR�UHJLVWUDGDV�FRQWDV� UHIHUHQWHV�i�PmR�GH�REUD�H�PDWHULDLV��RX�VHMD��&XVWRV�'LUHWRV�� ,VWR�VLJQLILFD TXH��Ki�������DQRV�DQWHV�GH�&ULVWR��R�KRPHP�Mi�FRQVLGHUDYD�IXQGDPHQWDO�DSXUDU�RV�VHXV�FXVWRV� 2�6LVWHPD�&RQWiELO�p�GLQkPLFR�H�HYROXLX�FRP�D�GXSOLFDomR�GH�GRFXPHQWRV�H��6HORV�GH�6LJLOR���2V UHJLVWURV�VH�WRUQDUDP�GLiULRV�H��SRVWHULRUPHQWH��IRUDP�VLQWHWL]DGRV�HP�SDSLURV�RX�WiEXDV��QR�ILQDO�GH GHWHUPLQDGRV� SHUtRGRV�� 6RIUHUDP� QRYD� VLQWHWL]DomR�� DJUXSDQGR�VH� YiULRV� SHUtRGRV�� R� TXH� OHPEUD� R GLiULR��R�EDODQFHWH�PHQVDO�H�R�EDODQoR�DQXDO� -i� VH� HVWDEHOHFLD� R� FRQIURQWR� HQWUH� YDULDo}HV� SRVLWLYDV� H� QHJDWLYDV�� DSOLFDQGR�VH�� HPSLULFDPHQWH�� R 3ULQFtSLR�GD�&RPSHWrQFLD��5HFRQKHFLD�VH�D�UHFHLWD��D�TXDO�HUD�FRQIURQWDGD�FRP�D�GHVSHVD� 2V� HJtSFLRV� OHJDUDP� XP� ULTXtVVLPR� DFHUYR� DRV� KLVWRULDGRUHV� GD� &RQWDELOLGDGH�� H� VHXV� UHJLVWURV UHPRQWDP�D�������DQRV�DQWHV�GH�&ULVWR� $�HVFULWD�QR�(JLWR�HUD�ILVFDOL]DGD�SHOR�)LVFR�5HDO��R�TXH�WRUQDYD�RV�HVFULWXUiULRV�]HORVRV�H�VpULRV�HP VXD�SURILVVmR��2�LQYHQWiULR�UHYHVWLD�VH�GH�WDO�LPSRUWkQFLD��TXH�D�FRQWDJHP�GR�ERL��GLYLQGDGH�DGRUDGD SHORV�HJtSFLRV��PDUFDYD�R�LQLFLR�GR�FDOHQGiULR�DGRWDGR��,QVFUHYLDP�VH�EHQV�PyYHLV�H�LPyYHLV��H�Mi�VH HVWDEHOHFLDP��GH�IRUPD�SULPLWLYD��FRQWUROHV�DGPLQLVWUDWLYRV�H�ILQDQFHLURV� $V��3DUWLGDV�GH�'LiULR��DVVHPHOKDYDP�VH�DR�SURFHVVR�PRGHUQR��R�UHJLVWUR�LQLFLDYD�VH�FRP�D�GDWD�H�R QRPH�GD�FRQWD��VHJXLQGR�VH�TXDQWLWDWLYRV�XQLWiULRV�H�WRWDLV��WUDQVSRUWH��VH�RFRUUHVVH��VHPSUH�HP�RUGHP FURQROyJLFD�GH�HQWUDGDV�H�VDtGDV��� 3RGH�VH� FLWDU�� HQWUH� RXWUDV� FRQWDV�� �&RQWD�GH�3DJDPHQWR�GH�(VFUDYRV��� �&RQWD�GH�9HQGDV�'LiULDV���&RQWD�6LQWpWLFD�0HQVDO�GRV�7ULEXWRV�'LYHUVRV���HWF� 7XGR�LQGLFD�TXH�IRUDP�RV�HJtSFLRV�RV�SULPHLURV�SRYRV�D�XWLOL]DU�R�YDORU�PRQHWiULR�HP�VHXV�UHJLVWURV� 8VDYDP� FRPR� EDVH�� XPD�PRHGD�� FXQKDGD� HP� RXUR� H� SUDWD�� GHQRPLQDGD� �6KDW��� (UD� D� DGRomR�� GH PDQHLUD�SUiWLFD��GR�3ULQFtSLR�GR�'HQRPLQDGRU�&RPXP�0RQHWiULR�� 2V�JUHJRV��EDVHDQGR�VH�HP�PRGHORV�HJtSFLRV��������DQRV�DQWHV�GH�&ULVWR��Mi�HVFULWXUDYDP�&RQWDV�GH &XVWRV�H�5HFHLWDV��SURFHGHQGR��DQXDOPHQWH��D�XPD�FRQIURQWDomR�HQWUH�HODV��SDUD�DSXUDomR�GR�VDOGR� 2V�JUHJRV�DSHUIHLoRDUDP�R�PRGHOR�HJtSFLR��HVWHQGHQGR�D�HVFULWXUDomR�FRQWiELO�jV�YiULDV�DWLYLGDGHV� FRPR�DGPLQLVWUDomR�S~EOLFD��SULYDGD�H�EDQFiULD� 1$�%Ë%/,$ +i�LQWHUHVVDQWHV�UHODWRV�EtEOLFRV�VREUH�FRQWUROHV�FRQWiEHLV��XP�GRV�TXDLV�R�SUySULR�-HVXV�UHODWRX�HP /XFDV� FDStWXOR� ���� YHUVRV� �� D� ��� R� DGPLQLVWUDGRU� TXH� IUDXGRX� VHX� VHQKRU�� DOWHUDQGR�RV� UHJLVWURV� GH YDORUHV�D�UHFHEHU�GRV�GHYHGRUHV� 1R� WHPSR�GH� -RVp��QR�(JLWR��KRXYH� WDO� DFXPXODomR�GH�EHQV�TXH�SHUGHUDP�D�FRQWD�GR�TXH� VH� WLQKD� �*rQHVLV�������� +RXYH�XP�KRPHP�PXLWR�ULFR��GH�QRPH�-y��FXMR�SDWULP{QLR�IRL�GHWDOKDGDPHQWH�LQYHQWDULDGR�QR�OLYUR GH� -y�� FDStWXOR� ��� YHUVR� ��� 'HSRLV� GH� SHUGHU� WXGR�� HOH� UHFXSHUD� RV� EHQV�� H� XP� QRYR� LQYHQWiULR� p DSUHVHQWDGR�HP�-y��FDStWXOR�����YHUVR���� 2V�EHQV�H�DV�UHQGDV�GH�6DORPmR�WDPEpP�IRUDP�LQYHQWDULDGRV�HP���5HLV���������H���������� (P� RXWUD� SDUiEROD� GH� -HVXV�� Ki� FLWDomR� GH� XP� FRQVWUXWRU�� TXH� ID]� FRQWDV� SDUD� YHULILFDU� VH� R� TXH GLVSXQKD�HUD�VXILFLHQWH�SDUD�FRQVWUXLU�XPD�WRUUH��/XFDV����������� $LQGD��VH�UHODWD�D�KLVWyULD�GH�XP�GHYHGRU��TXH�IRL�SHUGRDGR�GH�VXD�GtYLGD�UHJLVWUDGD��0DWHXV������� ���� 7DLV�UHODWRV�FRPSURYDP�TXH��QRV�WHPSRV�EtEOLFRV��R�FRQWUROH�GH�DWLYRV�HUD�SUiWLFD�FRPXP� 3(5Ë2'2�0(',(9$/ (P�,WiOLD��HP�������IRL�SXEOLFDGR�R�OLYUR��/LEHU�$EDFL����GH�/HRQDUGR�3LVDQR� (VWXGDYDP�VH�� QD� pSRFD�� WpFQLFDV� PDWHPiWLFDV�� SHVRV� H� PHGLGDV�� FkPELR�� HWF��� WRUQDQGR� R� KRPHP PDLV�HYROXtGR�HP�FRQKHFLPHQWRV�FRPHUFLDLV�H�ILQDQFHLURV� 6H�RV�VXPpULRV�EDELO{QLRV�SODQWDUDP�D�VHPHQWH�GD�&RQWDELOLGDGH�H�RV�HJtSFLRV�D� UHJDUDP��IRUDP�RV LWDOLDQRV�TXH�IL]HUDP�R�FXOWLYR�H�D�FROKHLWD� )RL� XP� SHUtRGR� LPSRUWDQWH� QD� KLVWyULD� GR� PXQGR�� HVSHFLDOPHQWH� QD� KLVWyULD� GD� &RQWDELOLGDGH� GHQRPLQDGR�D��(UD�7pFQLFD����GHYLGR�jV�JUDQGHV�LQYHQo}HV��FRPR�PRLQKR�GH�YHQWR��DSHUIHLoRDPHQWR GD�E~VVROD��HWF���TXH�DEULUDP�QRYRV�KRUL]RQWHV�DRV�QDYHJDGRUHV��FRPR�0DUFR�3yOR�H�RXWURV� $� LQG~VWULD� DUWHVDQDO� SUROLIHURX� FRP� R� VXUJLPHQWR� GH� QRYDV� WpFQLFDV� QR� VLVWHPD� GH� PLQHUDomR� H PHWDOXUJLD�� 2� FRPpUFLR� H[WHULRU� LQFUHPHQWRX�VH� SRU� LQWHUPpGLR� GRV� YHQH]LDQRV�� VXUJLQGR�� FRPR FRQVHTrQFLD� GDV� QHFHVVLGDGHV� GD� pSRFD�� R� OLYUR� FDL[D�� TXH� UHFHELD� UHJLVWURV� GH� UHFHELPHQWRV� H SDJDPHQWRV� HP�GLQKHLUR�� -i� VH�XWLOL]DYDP��GH� IRUPD� UXGLPHQWDU�� R�GpELWR� H�R� FUpGLWR�� RULXQGRV�GDV UHODo}HV�HQWUH�GLUHLWRV�H�REULJDo}HV��H�UHIHULQGR�VH��LQLFLDOPHQWH��D�SHVVRDV� 2�DSHUIHLoRDPHQWR�H�R�FUHVFLPHQWR�GD�&RQWDELOLGDGH�IRUDP�D�FRQVHTrQFLD�QDWXUDO�GDV�QHFHVVLGDGHV JHUDGDV�SHOR�DGYHQWR�GR�FDSLWDOLVPR��QRV�VpFXORV�;,,�H�;,,,��2�SURFHVVR�GH�SURGXomR�QD�VRFLHGDGH FDSLWDOLVWD� JHURX� D� DFXPXODomR� GH� FDSLWDO�� DOWHUDQGR�VH� DV� UHODo}HV� GH� WUDEDOKR��2� WUDEDOKR� HVFUDYR FHGHX�OXJDU�DR�WUDEDOKR�DVVDODULDGR��WRUQDQGR�RV�UHJLVWURV�PDLV�FRPSOH[RV��1R�VpFXOR�;��DSDUHFHUDP DV�SULPHLUDV�FRUSRUDo}HV�QD�,WiOLD��WUDQVIRUPDQGR�H�IRUWDOHFHQGR�D�VRFLHGDGH�EXUJXHVD� 1R� ILQDO� GR� VpFXOR�;,,,� DSDUHFHX�� SHOD� SULPHLUD� YH]� D� FRQWD� �&DSLWDO�� �� UHSUHVHQWDQGR� R� YDORU� GRV UHFXUVRV�LQMHWDGRV�QDV�FRPSDQKLDV�SHOD�IDPtOLD�SURSULHWiULD� 2�PpWRGR� GDV� 3DUWLGDV�'REUDGDV� WHYH� VXD� RULJHP� QD� ,WiOLD�� HPERUD� QmR� VH� SRVVD� SUHFLVDU� HP� TXH UHJLmR�� 2� VHX� DSDUHFLPHQWR� LPSOLFRX� D� DGRomR� GH� RXWURV� OLYURV� TXH� WRUQDVVHP� PDLV� DQDOtWLFD� D &RQWDELOLGDGH��VXUJLQGR��HQWmR��R�/LYUR�GD�&RQWDELOLGDGH�GH�&XVWRV� 1R�LQtFLR�GR�6pFXOR�;,9��Mi�VH�HQFRQWUDYDP�UHJLVWURV�H[SOLFLWDGRV�GH�FXVWRV�FRPHUFLDLV�H�LQGXVWULDLV� QDV�VXDV�GLYHUVDV�IDVHV��FXVWR�GH�DTXLVLomR��FXVWR�GH� WUDQVSRUWH�H�GRV� WULEXWRV�� MXURV�VREUH�R�FDSLWDO� UHIHUHQWH� DR� SHUtRGR� WUDQVFRUULGR� HQWUH� D� DTXLVLomR�� R� WUDQVSRUWH� H� R� EHQHILFLDPHQWR�� PmR�GH�REUD GLUHWD� DJUHJDGD�� DUPD]HQDPHQWR�� WLQJLPHQWR�� HWF��� R� TXH� UHSUHVHQWDYD� XPD� DSURSULDomR� EDVWDQWH DQDOtWLFD�SDUD�pSRFD��$�HVFULWD�Mi�VH�ID]LD�QR�PROGHV�GH�KRMH��FRQVLGHUDQGR��HP�VHSDUDGR��JDVWRV�FRP PDWpULDV�SULPDV��PmR�GH�REUD�GLUHWD�D�VHU�DJUHJDGD�H�FXVWRV�LQGLUHWRV�GH�IDEULFDomR��2V�FXVWRV�HUDP FRQWDELOL]DGRV�SRU�IDVHV�VHSDUDGDPHQWH��DWp�TXH�IRVVHP�WUDQVIHULGRV�DR�H[HUFtFLR�LQGXVWULDO� 3(5Ë2'2�02'(512 2� SHUtRGR� PRGHUQR� IRL� D� IDVH� GD� SUp�FLrQFLD�� 'HYHP� VHU� FLWDGRV� WUrV� HYHQWRV� LPSRUWDQWHV� TXH RFRUUHUDP�QHVWH�SHUtRGR� HP�������RV�WXUFRV�WRPDP�&RQVWDQWLQRSOD��R�TXH�IH]�FRP�TXH�JUDQGHV�ViELRV�EL]DQWLQRV�HPLJUDVVHP� SULQFLSDOPHQWH�SDUD�,WiOLD� HP�������p�GHVFREHUWD�D�$PpULFD�H��HP�������R�%UDVLO��R�TXH�UHSUHVHQWDYD�XP�HQRUPH�SRWHQFLDO�GH ULTXH]DV�SDUD�DOJXQV�SDtVHV�HXURSHXV� HP� ������ RFRUUHX� D� UHIRUPD� UHOLJLRVD�� RV� SURWHVWDQWHV�� SHUVHJXLGRV� QD� (XURSD�� HPLJUDP� SDUD� DV $PpULFDV��RQGH�VH�UDGLFDUDP�H�LQLFLDUDP�QRYD�YLGD� $�&RQWDELOLGDGH�WRUQRX�VH�XPD�QHFHVVLGDGH�SDUD�VH�HVWDEHOHFHU�R�FRQWUROH�GDV�LQ~PHUDV�ULTXH]DV�TXH R�1RYR�0XQGR�UHSUHVHQWDYD� $� LQWURGXomR� GD� WpFQLFD� FRQWiELO� QRV� QHJyFLRV� SULYDGRV� IRL� XPD� FRQWULEXLomR� GH� FRPHUFLDQWHV LWDOLDQRV� GR� VpF�� ;,,,�� 2V� HPSUpVWLPRV� D� HPSUHVDV� FRPHUFLDLV� H� RV� LQYHVWLPHQWRV� HP� GLQKHLUR GHWHUPLQDUDP� R� GHVHQYROYLPHQWR� GH� HVFULWDV� HVSHFLDLV� TXH� UHIOHWLVVHP� RV� LQWHUHVVHV� GRV� FUHGRUHV� H LQYHVWLGRUHV� H�� DR� PHVPR� WHPSR�� IRVVHP� ~WHLV� DRV� FRPHUFLDQWHV�� HP� VXDV� UHODo}HV� FRP� RV FRQVXPLGRUHV�H�RV�HPSUHJDGRV� 2� DSDUHFLPHQWR� GD� REUD� GH�)UHL�/XFD�3DFLROL�� FRQWHPSRUkQHR�GH�/HRQDUGR�GD�9LQFL�� TXH� YLYHX� QD 7RVFDQD��QR�VpFXOR�;9��PDUFD�R�LQtFLR�GD�IDVH�PRGHUQD�GD�&RQWDELOLGDGH� )5(,�/8&$�3$&,2/, (VFUHYHX��7UDWDFWXV�GH�&RPSXWLV�HW�6FULSWXULV���&RQWDELOLGDGH�SRU�3DUWLGDV�'REUDGDV���SXEOLFDGR�HP ������ HQIDWL]DQGR� TXH� j� WHRULD� FRQWiELO� GR� GpELWR� H� GR� FUpGLWR� FRUUHVSRQGH� j� WHRULD� GRV� Q~PHURV SRVLWLYRV�H�QHJDWLYRV� 3DFLROL�IRL�PDWHPiWLFR��WHyORJR��FRQWDELOLVWD�HQWUH�RXWUDV�SURILVV}HV��'HL[RX�PXLWDV�REUDV��GHVWDFDQGR� VH�D��6XPPD�GH�$ULWPpWLFD��*HRPHWULD��3URSRUWLRQL�HW�3URSRUFLRQDOLWi���LPSUHVVD�HP�9HQH]D��QD�TXDO HVWi�LQVHULGR�R�VHX�WUDWDGR�VREUH�&RQWDELOLGDGH�H�(VFULWXUDomR� 3DFLROL��DSHVDU�GH�VHU�FRQVLGHUDGR�R�SDL�GD�&RQWDELOLGDGH��QmR�IRL�R�FULDGRU�GDV�3DUWLGDV�'REUDGDV��2 PpWRGR�Mi�HUD�XWLOL]DGR�QD�,WiOLD��SULQFLSDOPHQWH�QD�7RVFDQD��GHVGH�R�6pFXOR�;,9� 2�WUDWDGR�GHVWDFDYD��LQLFLDOPHQWH��R�QHFHVViULR�DR�ERP�FRPHUFLDQWH��$�VHJXLU�FRQFHLWXDYD�LQYHQWiULR�H FRPR�ID]r�OR��'LVFRUULD�VREUH�OLYURV�PHUFDQWLV��PHPRULDO��GLiULR�H�UD]mR��H�VREUH�D�DXWHQWLFDomR�GHOHV� VREUH�UHJLVWURV�GH�RSHUDo}HV��DTXLVLo}HV��SHUPXWDV��VRFLHGDGHV��HWF���VREUH�FRQWDV�HP�JHUDO��FRPR�DEULU H� FRPR� HQFHUUDU�� FRQWDV� GH� DUPD]HQDPHQWR�� OXFURV� H� SHUGDV�� TXH� QD� pSRFD�� HUDP� �3UR�� H� �'DQR�� VREUH�FRUUHo}HV�GH�HUURV��VREUH�DUTXLYDPHQWR�GH�FRQWDV�H�GRFXPHQWRV��HWF� 6REUH�R�0pWRGR�GDV�3DUWLGDV�'REUDGDV��)UHL�/XFD�3DFLROL�H[S{V�D�WHUPLQRORJLD�DGDSWDGD� �3HU�����PHGLDQWH�R�TXDO�VH�UHFRQKHFH�R�GHYHGRU� �$�����SHOR�TXDO�VH�UHFRQKHFH�R�FUHGRU� $FUHVFHQWRX�TXH��SULPHLUR�GHYH�YLU�R�GHYHGRU��H�GHSRLV�R�FUHGRU��SUiWLFD�TXH�VH�XVD�DWp�KRMH� $�REUD�GH�)UHL�/XFD�3DFLROL��FRQWHPSRUkQHR�GH�/HRQDUGR�GD�9LQFL��TXH�YLYHX�QD�7RVFDQD��QR�VpFXOR ;9�� PDUFD� R� LQtFLR� GD� IDVH� PRGHUQD� GD� &RQWDELOLGDGH�� $� REUD� GH� 3DFLROL� QmR� Vy� VLVWHPDWL]RX� D &RQWDELOLGDGH�� FRPR� WDPEpP�DEULX� SUHFHGHQWH� TXH� SDUD� QRYDV� REUDV� SXGHVVHP� VHU� HVFULWDV� VREUH� R DVVXQWR��e�FRPSUHHQVtYHO�TXH�D�IRUPDOL]DomR�GD�&RQWDELOLGDGH�WHQKD�RFRUULGR�QD�,WiOLD��DILQDO��QHVWH SHUtRGR� LQVWDXURX�VH� D� PHUFDQWLOL]DomR� VHQGR� DV� FLGDGHV�LWDOLDQDV� RV� SULQFLSDLV� LQWHUSRVWRV� GR FRPpUFLR�PXQGLDO� )RL�D�,WiOLD�R�SULPHLUR�SDtV�D�ID]HU�UHVWULo}HV�j�SUiWLFD�GD�&RQWDELOLGDGH�SRU�XP�LQGLYtGXR�TXDOTXHU��2 JRYHUQR� SDVVRX� D� VRPHQWH� UHFRQKHFHU� FRPR� FRQWDGRUHV� SHVVRDV� GHYLGDPHQWH� TXDOLILFDGDV� SDUD� R H[HUFtFLR� GD� SURILVVmR�� $� LPSRUWkQFLD� GD� PDWpULD� DXPHQWRX� FRP� D� LQWHQVLILFDomR� GR� FRPpUFLR LQWHUQDFLRQDO� H� FRP� DV� JXHUUDV� RFRUULGDV� QRV� VpFXORV� ;9,,,� H� ;,;�� TXH� FRQVDJUDUDP� QXPHURVDV IDOrQFLDV� H� D� FRQVHTHQWH� QHFHVVLGDGH� GH� VH� SURFHGHU� j� GHWHUPLQDomR� GDV� SHUGDV� H� OXFURV� HQWUH FUHGRUHV�H�GHYHGRUHV� 3(5Ë2'2�&,(17Ë),&2 2� 3HUtRGR� &LHQWtILFR� DSUHVHQWD�� QRV� VHXV� SULPyUGLRV�� GRLV� JUDQGHV� DXWRUHV� FRQVDJUDGRV�� )UDQFHVFR 9LOOD�� HVFULWRU� PLODQrV�� FRQWDELOLVWD� S~EOLFR�� TXH�� FRP� VXD� REUD� �/D� &RQWDELOLWj� $SSOLFDWWD� DOOH DGPLQLVWUD]LRQL�3ULYDWH�H�3OXEEOLFKH���LQLFLD�D�QRYD�IDVH��H�)iELR�%pVWD��HVFULWRU�YHQH]LDQR� 2V� HVWXGRV� HQYROYHQGR� D� &RQWDELOLGDGH� IL]HUDP� VXUJLU� WUrV� HVFRODV� GR� SHQVDPHQWR� FRQWiELO�� D SULPHLUD��FKHILDGD�SRU�)UDQFLVFR�9LOOD��IRL�D�(VFROD�/RPEDUGD��D�VHJXQGD��D�(VFROD�7RVFDQD��FKHILDGD SRU�*LXVHSH�&HUERQL��H�D�WHUFHLUD��D�(VFROD�9HQH]LDQD��SRU�)iELR�%pVWD� (PERUD� R� VpFXOR� ;9,,� WLYHVVH� VLGR� R� EHUoR� GD� HUD� FLHQWtILFD� H� 3DVFDO� Mi� WLYHVVH� LQYHQWDGR� D FDOFXODGRUD�� D� FLrQFLD� GD� &RQWDELOLGDGH� DLQGD� VH� FRQIXQGLD� FRP� D� FLrQFLD� GD� $GPLQLVWUDomR�� H� R SDWULP{QLR�VH�GHILQLD�FRPR�XP�GLUHLWR��VHJXQGR�SRVWXODGRV�MXUtGLFRV� 1HVVD� pSRFD�� QD� ,WiOLD�� D� &RQWDELOLGDGH� Mi� FKHJDUD� j� XQLYHUVLGDGH��$�&RQWDELOLGDGH� FRPHoRX� D� VHU OHFLRQDGD�FRP�D�DXOD�GH�FRPpUFLR�GD�FRUWH��HP������� $�REUD�GH�)UDQFHVFR�9LOOD�IRL�HVFULWD�SDUD�SDUWLFLSDU�GH�XP�FRQFXUVR�VREUH�&RQWDELOLGDGH��SURPRYLGR SHOR�JRYHUQR�GD�ÈXVWULD��TXH�UHFRQTXLVWDUD�D�/RPEDUGD��WHUUD�QDWDO�GR�DXWRU��$OpP�GR�SUrPLR��9LOOD WHYH�R�FDUJR�GH�3URIHVVRU�8QLYHUVLWiULR�� )UDQFLVFR�9LOOD�H[WUDSRORX�RV�FRQFHLWRV�WUDGLFLRQDLV�GH�&RQWDELOLGDGH��VHJXQGR�RV�TXDLV�HVFULWXUDomR�H JXDUGD�OLYURV�SRGHULDP�VHU�IHLWDV�SRU�TXDOTXHU�SHVVRD�LQWHOLJHQWH��3DUD�HOH��D�&RQWDELOLGDGH�LPSOLFDYD FRQKHFHU�D�QDWXUH]D��RV�GHWDOKHV��DV�QRUPDV��DV�OHLV�H�DV�SUiWLFDV�TXH�UHJHP�D�PDWpULD�DGPLQLVWUDGDV� RX�VHMD��R�SDWULP{QLR��(UD�R�SHQVDPHQWR�SDWULPRQLDOLVWD�� )RL�R�LQLFLR�GD�IDVH�FLHQWtILFD�GD�&RQWDELOLGDGH� )iELR�%pVWD�� VHJXLGRU� GH� )UDQFHVFR�9LOOD�� VXSHURX� R�PHVWUH� HP� VHXV� HQVLQDPHQWRV��'HPRQVWURX� R HOHPHQWR�IXQGDPHQWDO�GD�FRQWD��R�YDORU��H�FKHJRX��PXLWR�SHUWR�GH�GHILQLU�SDWULP{QLR�FRPR�REMHWR�GD &RQWDELOLGDGH� )RL�9LFHQ]R�0D]L�� VHJXLGRU� GH�)iELR�%pVWD�� TXHP�SHOD� SULPHLUD� YH]�� HP������� GHILQLX� SDWULP{QLR FRPR�REMHWR�GD�&RQWDELOLGDGH�� �2�HQTXDGUDPHQWR�GD�&RQWDELOLGDGH�FRPR�HOHPHQWR� IXQGDPHQWDO�GD HTXDomR�D]LHQGDOLVWD��WHYH��VREUHWXGR��R�PpULWR�LQFRQWHVWiYHO�GH�FKDPDU�DWHQomR�SDUD�R�IDWR�GH�TXH�D &RQWDELOLGDGH�p�PXLWR�PDLV�GR�TXH�PHUR�UHJLVWUR��p�XP�LQVWUXPHQWR�EiVLFR�GH�JHVWmR� (QWUHWDQWR� D� HVFROD� (XURSpLD� WHYH� SHVR� H[FHVVLYR� GD� WHRULD�� VHP� GHPRQVWUDo}HV� SUiWLFDV�� VHP SHVTXLVDV� IXQGDPHQWDLV�� D� H[SORUDomR� WHyULFD� GDV� FRQWDV� H� R� XVR� H[DJHUDGR� GDV� SDUWLGDV� GREUDGDV� LQYLDELOL]DQGR�� HP� DOJXQV� FDVRV�� D� IOH[LELOLGDGH� QHFHVViULD�� SULQFLSDOPHQWH�� QD� &RQWDELOLGDGH *HUHQFLDO��SUHRFXSDQGR�VH�GHPDLV� HP�GHPRQVWUDU�TXH�D�&RQWDELOLGDGH�HUD�XPD�FLrQFLD�DR� LQYpV�GH GDU�YD]mR�j�SHVTXLVD�VpULD�GH�FDPSR�H�GH�JUXSR� $� SDUWLU� GH� ������ DSUR[LPDGDPHQWH�� LQLFLD�VH� � D� IDVH� GH� SUHGRPLQkQFLD� QRUWH�DPHULFDQD� GHQWUR� GD &RQWDELOLGDGH� (6&2/$�1257(�$0(5,&$1$ (QTXDQWR�GHFOLQDYDP�DV�HVFRODV�HXURSpLDV��IORUHVFLDP�DV�HVFRODV�QRUWH�DPHULFDQDV�FRP�VXDV�WHRULDV�H SUiWLFDV�FRQWiEHLV�� IDYRUHFLGDV�QmR�DSHQDV�SHOR�DSRLR�GH�XPD�DPSOD�HVWUXWXUD�HFRQ{PLFD�H�SROtWLFD� PDV� WDPEpP� SHOD� SHVTXLVD� H� WUDEDOKR� VpULR� GRV� yUJmRV� DVVRFLDWLYRV�� 2� VXUJLPHQWR� GR� $PHULFDQ ,QVWLWXW� RI� &HUWLHOG� 3XEOLF� $FFRXQWDQWV� IRL� GH� H[WUHPD� LPSRUWkQFLD� QR� GHVHQYROYLPHQWR� GD &RQWDELOLGDGH�H�GRV�SULQFtSLRV�FRQWiEHLV��YiULDV�DVVRFLDo}HV�HPSUHHQGHUDP�PXLWRV�HVIRUoRV�H�JUDQGHV VRPDV� HP� SHVTXLVDV� QRV� (VWDGRV� 8QLGRV�� +DYLD� XPD� WRWDO� LQWHJUDomR� HQWUH� DFDGrPLFRV� H� RV� Mi SURILVVLRQDLV� GD�&RQWDELOLGDGH�� R� TXH�QmR�RFRUUHX� FRP�DV� HVFRODV� HXURSpLDV�� RQGH� DV� XQLYHUVLGDGHV IRUDP�GHFUHVFHQGR�HP�QtYHO��HP�LPSRUWkQFLD� $�FULDomR�GH�JUDQGHV�HPSUHVDV��FRPR�DV�PXOWLQDFLRQDLV�RX�WUDQVQDFLRQDLV��SRU�H[HPSOR��TXH�UHTXHUHP JUDQGHV�FDSLWDLV��GH�PXLWRV�DFLRQLVWDV��IRL�D�FDXVD�SULPHLUD�GR�HVWDEHOHFLPHQWR�GDV�WHRULDV�H�SUiWLFDV FRQWiEHLV�� TXH� SHUPLWLVVHP� FRUUHWD� LQWHUSUHWDomR� GDV� LQIRUPDo}HV�� SRU� TXDOTXHU� DFLRQLVWD� RX� RXWUR LQWHUHVVDGR��HP�TXDOTXHU�SDUWH�GR�PXQGR� 1RV� LQtFLRV� GR� VpFXOR� DWXDO�� FRP� R� VXUJLPHQWR� GDV� JLJDQWHVFDV� FRUSRUDo}HV�� � DOLDGR� DR� IRUPLGiYHO GHVHQYROYLPHQWR�GR�PHUFDGR�GH�FDSLWDLV�H�DR�H[WUDRUGLQiULR�ULWPR�GH�GHVHQYROYLPHQWR�TXH�RV�(VWDGRV 8QLGRV�GD�$PpULFD�H[SHULPHQWRX�H�DLQGD�H[SHULPHQWD��FRQVWLWXL�XP�FDPSR�IpUWLO�SDUD�R�DYDQoR�GDV WHRULDV�H�SUiWLFDV�FRQWiEHLV��1mR�p�SRU�DFDVR�TXH�DWXDOPHQWH�R�PXQGR�SRVVXL�LQ~PHUDV�REUDV�FRQWiEHLV GH�RULJHP�QRUWH�DPHULFDQDV�TXH�WHP�UHIOH[RV�GLUHWRV�QRV�SDtVHV�GH�HFRQRPLD� 12�%5$6,/ 1R�%UDVLO��D�YLQGD�GD�)DPtOLD�5HDO�3RUWXJXHVD�LQFUHPHQWRX�D�DWLYLGDGH�FRORQLDO��H[LJLQGR�±�GHYLGR�DR DXPHQWR�GRV�JDVWRV�S~EOLFRV�H�WDPEpP�GD�UHQGD�QRV�(VWDGRV�±�XP�PHOKRU�DSDUDWR�ILVFDO��3DUD�WDQWR� FRQVWLWXLX�VH� R�(UiULR�5pJLR� RX� R�7HVRXUR�1DFLRQDO� H� 3~EOLFR�� MXQWDPHQWH� FRP�R�%DQFR� GR�%UDVLO ��������$V�7HVRXUDULDV�GH�)D]HQGD�QDV�SURYtQFLDV�HUDP�FRPSRVWDV�GH�XP�LQVSHWRU��XP�FRQWDGRU�H�XP SURFXUDGRU� ILVFDO�� UHVSRQViYHLV� SRU� WRGD� D� DUUHFDGDomR�� GLVWULEXLomR� H� DGPLQLVWUDomR� ILQDQFHLUD� H ILVFDO� +RMH�� DV� IXQo}HV� GR� FRQWDELOLVWD� QmR� VH� UHVWULQJHP� DR� kPELWR�PHUDPHQWH� ILVFDO�� WRUQDQGR�VH�� QXP PHUFDGR�GH�HFRQRPLD�FRPSOH[D��YLWDO�SDUD�HPSUHVDV�LQIRUPDo}HV�PDLV�SUHFLVDV�SRVVtYHLV�SDUD�WRPDGD GH� GHFLV}HV� H� SDUD� DWUDLU� LQYHVWLGRUHV�� 2� SURILVVLRQDO� YHP� JDQKDQGR� GHVWDTXH� QR� PHUFDGR� HP $XGLWRULD��&RQWURODGRULD�H�$WXDULDO� 6mR�iUHDV�GH�DQDOLVH�FRQWiELO� H�RSHUDFLRQDO�GD�HPSUHVD�� H��SDUD�DWXiULRV��XP�SURILVVLRQDO� UDUR��Ki�D HVSHFLDOL]DomR� HP� HVWLPDWLYDV� H� DQiOLVHV�� R� PHUFDGR� SDUD� HVWH� FUHVFH� HP� YLUWXGH� GH� SODQRV� GH SUHYLGrQFLD�SULYDGD�
Compartilhar