Baixe o app para aproveitar ainda mais
Prévia do material em texto
EROHWLP�WpFQLFR������ 3$72/2*,$�’$6�&216758dfi(6 125%(572�%��/,&+7(167(,1 0HVWUH�HP�(QJHQKDULD��(3863 3$72/2*,$�’$6�&216758dfl(6 352&(’,0(172�3$5$�’,$*1267,&2�(�5(&83(5$dfi2 1RUEHUWR�%OXPHQIHOG�/LFKWHQVWHLQ�� � 3$/$95$6�&+$9(� &RQVWUXomR�FLYLO��SDWRORJLD�GDV�FRQVWUXo}HV��UHFXSHUDomR 5(6802� ’LVFXWH�VH� D� TXHVWmR� GRV� HGLItFLRV� TXH�� HP� QmR� DOFDQoDQGR� XP� GHVHPSHQKR� PtQLPR SUp�HVWDEHOHFLGR�� QmR� DWHQGHP� jV� H[LJrQFLDV� GRV� VHXV� XVXiULRV�� /HYDQWD�VH� D� QHFHVVLGDGH� � GD GHOLPLWDomR� GH� WRGR� XP� FDPSR�GD� HQJHQKDULD�� D�3DWRORJLD� GDV�&RQVWUXo}HV� � SDUD� R� HVWXGR� GDV IDOKDV�GRV�HGLItFLRV� 3DUD�R�FDVR�GRV�HGLItFLRV�TXH�DSUHVHQWDP�SUREOHPDV�SDWROyJLFRV���H�SURSRVWR�XP�SURFHGLPHQWR�GH DWXDomR��(VWH�SURFHGLPHQWR�FRQVLVWH�EDVLFDPHQWH�HP��OHYDQWDPHQWR�GR�PDLRU�Q~PHUR�SRVVtYHO�GH VXEVtGLRV�SDUD�R�HQWHQGLPHQWR�GR�SUREOHPD�DWUDYpV�GH�YLVWRULD�GR�ORFDO��GR�KLVWyULFR�GR�HGLItFLR�H�GR UHVXOWDGR� GH� H[DPHV� FRPSOHPHQWDUHV�� GLDJQyVWLFR� GD� VLWXDomR�� RX� VHMD�� HQWHQGLPHQWR� FRPSOHWR GRV�IHQ{PHQRV�RFRUULGRV���GHILQLomR�GD�FRQGXWD�D�SDUWLU�GD�HVFROKD�GD�DOWHUQDWLYD�GH� LQWHUYHQomR� PDLV�FRQYHQLHQWH��e�DSUHVHQWDGD�D�DSOLFDomR� UHDO�GD�PHWRGRORJLD�SURSRVWD�HP�GLIHUHQWHV� FDVRV� WUDWDGRV�SRU�GLIHUHQWHV�WpFQLFRV��WRGRV�HOHV�FRP�VXFHVVR� � �� 1RUEHUWR� %OXPHQIHOG� /LFKWHQVWHLQ�� 0HVWUH� HP� (QJHQKDULD�� 3URIHVVRU� GR� ’HSDUWDPHQWR� GH (QJHQKDULD�GH�&RQVWUXomR�&LYLO�GD�(VFROD�3ROLWpFQLFD�GD�8QLYHUVLGDGH�GH�6mR�3DXOR� 3$72/2*,$�’$6�&216758dfl(6� 352&(’,0(172�3$5$�’,$*1267,&2�(�5(&83(5$dfi2 ���,1752’8dfi2 2� �GHVHQYROYLPHQWR�GD� WHFQRORJLD�GD�FRQVWUXomR�VH�GHX��GHVGH�RV�SULPyUGLRV�GD�FLYLOL]DomR��HP GLYHUVDV� GLUHo}HV� FRQFRPLWDQWHPHQWH�� FULDQGR�VH� XP� DFHUYR� GH� FRQKHFLPHQWR� TXH� SHUPLWLX� DR KRPHP��GHQWUR�GH�FHUWRV�OLPLWHV�FRQVWUXLU�HGLItFLRV�DGDSWDGRV�jV�VXDV�QHFHVVLGDGHV�HP�HTXLOtEULR FRP�R�PHLR�DPELHQWH� $R� PHVPR� WHPSR�� HQWUHWDQWR�� HP� WRGDV� DV� pSRFDV�� HP� PDLRU� RX� PHQRU� JUDX�� XPD� SDUWH� GRV HGLItFLRV�FRQVWUXtGRV�QmR�WHP�DSUHVHQWDGR�XP�GHVHPSHQKR�VDWLVIDWyULR�$�SUHRFXSDomR�FRP�HVWHV HGLItFLRV��FRP�VHXV�SUREOHPDV����p�PXLWR�DQWLJD�H�SRGH�VH�GL]HU�TXH�QDVFHX�FRP�R�SUySULR�DWR�GH FRQVWUXLU��(VWD�SUHRFXSDomR��FRQWXGR��QmR�VH�UHYHVWLD�DQWLJDPHQWH�GH�FDUiWHU�VLVWHPiWLFR�HVWDQGR UHVWULWD�DR�HVWXGR�GH�DOJXQV�SUREOHPDV�PDLV�FRPXQV��JHUDOPHQWH�DTXHOHV�TXH�SURYRFDYDP�DOJXPD IDOWD�GH�VHJXUDQoD�HVWUXWXUDO� 0RGHUQDPHQWH�� FRP� D� DSOLFDomR� QD� (QJHQKDULD� &LYLO� GR� FRQFHLWR� GH� GHVHPSHQKR�� RV� HGLItFLRV FRPHoDP� D� VHU� DQDOLVDGRV� FRPR� XP� WRGR�� &RQVHTHQWHPHQWH�� RV� SUREOHPDV� GH� GHVHPSHQKR LQVDWLVIDWyULR� WDPEpP� FRPHoDP� D� VHU� HQWHQGLGRV� GHQWUR� GH� XP� FRQWH[WR� JOREDO� H� QmR� GH� IRUPD HVWDQTXH��SRU�GHIHLWR��FRPR�DQWHULRUPHQWH� 3HUFHEHQGR� D� QHFHVVLGDGH� GH� FRQVROLGDU�� RUJDQL]DU� H� DPSOLDU� RV� FRQKHFLPHQWRV� QHVWD� iUHD�� RV RUJDQLVPRV�LQWHUQDFLRQDLV�GH�SHVTXLVD�WrP�SURFXUDGR�DWXDU�VREUH�HVWD�TXHVWmR��2�SULPHLUR�SDVVR TXH�HVWi�VHQGR�GDGR�p�QR�VHQWLGR�GH�OHYDQWDU�D�VLWXDomR�GRV�HGLItFLRV�HP�XVR���’LYHUVDV�HQTXHWHV� FRP�FROHWDV�RUJDQL]DGRV�GH�LQIRUPDo}HV��LQ�ORFR���WrP�VLGR�IHLWDV�FRP�R�REMHWLYR�GH�UHFHQVHDU�DV IDOKDV�GRV�HGLItFLRV�H[LVWHQWHV��2V�SULPHLURV�UHVXOWDGRV�PRVWUDUDP�XP�Q~PHUR�HQRUPH�GH�HGLItFLRV FRP� EDL[R� GHVHPSHQKR�� PHVPR� QRV� SDtVHV� FRP� ORQJD� WUDGLomR� GH� FRQVWUXLU� EHP�� &RP� HVWHV OHYDQWDPHQWRV� HVWi� VH� WRPDQGR� FRQKHFLPHQWR� GD� JUDYLGDGH� GD� VLWXDomR� H� VH� IRUPDQGR� D FRQVFLrQFLD�GD�QHFHVVLGDGH�GH�UHVROYL�OD�GH�IRUPD�JOREDO�� ’HQWUH�DV�SHVTXLVDV�UHDOL]DGDV��DOJXPDV�PHUHFHP�GHVWDTXH��’HYHP�VHU�UHVVDOWDGRV�RV�HVIRUoRV GR�&67&��&HQWUH�6FLHQWLILTXH�HW�7HFKQLTXH�GH�OD�&RQVWUXFWLRQ��QD��%pOJLFD��>���@��GR�%5(���%XLOGLQJ 5HVHDUFK�(VWDEOLVKPHQW��QD�,QJODWHUUD�>�@�H�Gi�(3(%$7��$VVRFLDWLRQ�3RXU�/ pWXGH�GH�OD�3DWKRORJLH HW�GH�/ HQWUHWLHQ�GX�%kWLPHQW��QD)UDQoD�>�@��HQWUH�RXWURV� 1R�%UDVLO��Mi�HP�������ORVKLPRWR�HP�WUDEDOKR�UHDOL]DGR�SHOR�,37�SHVTXLVRX�D��RFRUUrQFLD�GH�DOJXQV SUREOHPDV�SDWROyJLFRV�HP����FRQMXQWRV�KDELWDFLRQDLV�YLVLWDQGR��XP�WRWDO�GH�TXDVH�����KDELWDo}HV >�@� $� SDWRORJLD� GDV� FRQVWUXo}HV� HVWLR� GDQGR�� SRUWDQWR�� VHXV� SULPHLURV� SDVVRV� SHOR� OHYDQWDPHQWR� GD VLWXDomR�H[LVWHQWH��2�FDPLQKR�D�VHJXLU�p�ORQJR�H�FRPHoD�SRU�XPD�KRPRJHQHL]DomR�GH�FRQFHLWRV�H PpWRGRV� (VWH�WUDEDOKR�GH�KRPRJHQHL]DomR�FRPHoD�D�VHU�IHLWR�FRP�D�FULDomR�SHOR�&,%��&RQVHLO�,QWHUQDWLRQDO ’X�%kWLPHQW��GH�XPD�QRYD�FRPLVVmR�GH�WUDEDOKR��D�:������3DWRORJLD�GDV�&RQVWUXo}HV� $V SURSRVWDV�LQLFLDLV�GH�WUDEDOKR�VmR�DV�VHJXLQWHV�>�@� ���’HVHQYROYLPHQWR�GH�HVWUXWXUDV�GH�LQYHVWLJDomR�H�GLYXOJDomR�GDV�IDOKDV��$V�SULPHLUDV�HVWUXWXUDV VHUmR�SURGX]LGDV�SDUD�D� LQILOWUDomR�GH�DU�H�iJXD�SHODV� MDQHODV�� ILVVXUDomR�GH�SDUHGHV� LQWHUQDV�GH DOYHQDULD�UHVLVWHQWH�H�XPLGDGH�DVVRFLD�GD�FRP�FREHUWXUDV�SODQDV� ��� ,GHQWLILFDomR� GRV� WLSRV� PDLV� FRPXQV� GH� IDOKDV� GDV� &RQVWUXo}HV� H� DV� PHGLGDV� WHUDSrXWLFDV DSOLFDGDV�D�HODV� ���’HILQLomR�GR�FDPSR�GD�3DWRORJLD�GDV�&RQVWUXo}HV� 2�SUHVHQWH�WUDEDOKR�WDPEpP�VH�LQVHUH�QHVWH�FRQWH[WR�GD�SURFXUD�GR�GHVHQYROYLPHQWR�SDWRORJLD�GDV FRQVWUXo}HV��HQIRFDQGR�QmR�RV� IHQ{PHQR� ItVLFRV�H�TXtPLFRV�GyV�SUREOHPDV�SDWROyJLFRV�PDV�VLP IRUPDOL]DQGR�XP�SURFHGLPHQWR�DSOLFiYHO�SDUD�D�UHVROXomR�GHVWHV�SUREOHPDV� ���$�3523267$�’(�80$�0(72’2/2*,$�(�’(�80�352&(’,0(172�35$7,&2 �����$�QHFHVVLGDGH�GR�PpWRGR�H�VXD�UHODomR�FRP�D�H[SHULrQFLD�GR�WpFQLFR 8PD� HQRUPH� TXDQWLGDGH� GH� HGLItFLRV� HP� WRGR� R� PXQGR� WHP� KRMH� SUREOHPDV� UHODFLRQDGRV� D� XP GHVHPSHQKR� LQVDWLVIDWyULR� VHMD� HP� WHUPRV� JOREDLV�� VHMD� HP� WHUPRV� GH� VXDV� SDUWHV�� 8PD� JUDQGH SDUWH� GHVWHV� SUREOHPDV�� GHVGH� TXH� PHUHoD� XPD� DQiOLVH� PHWyGLFRV� LQGLYLGXDOL]DGD�� SRGHUi� VHU UHVROYLGD� $� SUiWLFD� SURILVVLRQDO� GD� DQiOLVH� GHVVHV� SUREOHPDV�� QR� HQWDQWR�� � WHP� VLGR� PXLWDV� YH]HV FDUDFWHUL]DGD� SHOD� IDOWD� GH� XPD� PHWRGRORJLD� XQLYHUVDOPHQWH� DFHLWD�� 6mR� DV� LQWXLo}HV� SHVVRDLV IXQGDPHQWDGDV�QD�H[SHULrQFLD� TXH� SUHYDOHFHP�H� QmR� SRGHP�VHU� WUDQVPLWLGDV��0XLWDV� YH]HV� p� D �KDELOLGDGH��TXH�SUHYDOHFH��QR�OXJDU�Gy�PpWRGR��$�KDELOLGDGH�H�D�DUWH�QD�3DWRORJLD�GDV�&RQVWUXo}HV QmR�SRGHP�VHU�H[SUHVVDV�H�VLP�QR�Pi[LPR�WUDQVPLWLGDV�D�SHVVRDV�UHFHSWLYDV�QR�WUDWR�SHVVRDO� 2� PXQGR� GD� KDELOLGDGH� H� R� PXQGR� GD� FLrQFLD� VmR� PXQGRV� GLIHUHQWHV�� FXMD� IURQWHLUD� QmR� H VXILFLHQWHPHQWH�GHILQLGD��$R�FRQWUiULR���DV�IURQWHLUDV�GD�FLrQFLD�VHPSUH�PDLV�LQYDGHP�R�WHUUHQR�GD KDELOLGDGH��&RP�LVVR��QR�HQWDQWR��D�KDELOLGDGH�QmR�p�VXSULPLGD��DSHQDV�DGTXLUH�QRYRV�KRUL]RQWHV� 6HPSUH� TXH� SXGHU� VHU� VXEVWLWXtGD� SHOR�PpWRGR�� GHYH� VHU� GHL[DGD� GH� ODGR� D� KDELOLGDGH� SHVVRDO LQWXLWLYD�TXH�QDWXUDO�PHQWH�VH�HQJDQD�PXLWDV�YH]HV� $�FLrQFLD�UHTXHU�XP�SHQVDPHQWR�FRQFHLWXDO�SDVVtYHO�GH�FRPXQLFDomR��6RPHQWH�QD�PHGLGD�HP�TXH VH�WHQKD�UHVROYLGR�XP�SHQVDPHQWR�GHVWH�WLSR�p�TXH�VH�SRGH�DOPHMDU�HVWDEHOHFHU�XPD�PHWRGRORJLD DSOLFiYHO�SDUD�D�UHVROXomR�GRV�SUREOHPDV�SDWROyJLFRV $LQGD� TXH� D� 3DWRORJLD� QmR� GHYD� VH� EDVHDU� VRPHQWH� QDV� LQWXLo}HV� SHVVRDLV�� D� HILFLrQFLD� QD UHVROXomR� GRV� SUREOHPDV� H� IXQomR� GD� YLYrQFLD� GR� WpFQLFR� HQYROYLGR�� 8P� SDWRORJLVWD� QmR� VH FDUDFWHUL]D�SRU� WHU�XP�LQWHOHFWR�TXH��FRPR�XP�UHFHSWiFXOR�YD]LR��VRPHQWH� UHFROKH�GD�H[SHULrQFLD DOKHLD� WXGR� TXH� SRVVD� FROKHU�� 2� VXFHVVR� QD� UHVROXomR� GRV� SUREOHPDV� GHSHQGH� GR� DOFDQFH�� GD DEHUWXUD�H�SOHQLWXGH�GD�FDSDFLGDGH�GR�WpFQLFR�GH�SHUFHEHU�H�YLYHQFLDU�D�SUySULD�H[SHULrQFLD� $V�SHVVRDV�VHJXQGR�5D\JDHUWV�>�@��TXH�HVWLYHUHP�HVWUHLWDPHQWH�OLJDGDV�DR�SURFHVVR�GD�FRQVWUXomR TXH�WLYHUHP�XPD�ERD�EDJDJHP�GH�FRQKHFLPHQWR�VREUH�D�ItVLFD�H�D�TXtPLFD�DSOLFDGD�DRV�PDWHULDLV GH� FRQVWUXomR� H� TXH� IRUHP� SRVVXLGRUDV� GH� XPD� ODUJD� H[SHULrQFLD� YLYHQFLDGD� QHVWH� FDPSR�� WrP FRQGLo}HV�GH�UHVROYHU�D�JUDQGH�PDLRULD�GRV�SUREOHPDV�SDWROyJLFRV� 6RPHQWH�RV�FDVRV�PDLV�FRPSOH[RV��TXH�HQYROYHP�FRQKHFLPHQWR�HVSHFtILFRV��H[LJHP�HVSHFLDOLVWDV HP�3DWRORJLD�GDV�&RQVWUXo}HV�RX�DLQGD�HVSHFLDOLVWDV�HP�DOJXP�WLSR�GH�SUREOHPD�SDWROyJLFR 4XHP� TXHU� TXH� VHMD� R� UHVSRQViYHO�SHOD� UHVROXomR� GH� XP� SUREOHPD�� GHYHUi�� SRVVXLU� XPD FRQFHLWXDomR�ILUPH�GR�PpWRGR�D�VHU�HPSUHJDGR�H�GH�FDGD�XPD�GH�VXDV�HWDSDV� �����$�HVWUXWXUD�JHQpULFD�GR�PpWRGR�QD�3DWRORJLD $�HVWUXWXUD�GR�PpWRGR�JHQpULFR�SURSRVWR�p�IRUPDGR�EDVLFDPHQWH�SRU�WUrV�SDUWHV�GLVWLQWDV�WLQWDV� 3DUWH����/HYDQWDPHQWR�GH�VXEVtGLRV /HYDQWDU�VXEVtGLRV�UHSUHVHQWD�DFXPXODU�H�RUJDQL]DU�DV�LQIRUPDo}HV�QHFHVViULDV�H�VXILFLHQWHV�SDUD R�HQWHQGLPHQWR�FRPSOHWR�GRV�IHQ{PHQRV��$V�LQIRUPDo}HV�SRGHP�VHU�REWLGDV�DWUDYpV�GH�WUrV�IRQWHV EiVLFDV�� TXDLV� VHMDP�� D� YLVWRULD� GR� ORFDO�� R� OHYDQWDPHQWR� GD� KLVWyULD� GR� SUREOHPD� H� GR� HGLItFLR �DQDPQHVH�GR�FDVR��H�R�UHVXOWDGR�GH�DQiOLVHV�H�HQVDLRV�FRPSOHPHQWDUHV� 3DUWH����’LDJQyVWLFR�GD�VLWXDomR 2�GLDJQyVWLFR� GD� VLWXDomR� p� R� HQWHQGLPHQWR� GRV� IHQ{PHQRV� HP� WHUPRV� GD� LGHQWLILFDGDV� FLR� GDV P~OWLSODV� UHODo}HV�GH�FDXVD�H�HIHLWR�TXH�QRUPDOPHQWH�FDUDFWHUL]DP�XP�SUREOHPD�SDWROyJLFR� �(P RXWUDV� SDODYUDV�� R� REMHWLYR� GR� GLDJQyVWLFR� L� HQWHQGHU� RV� SRUTXHV� H� RV� FRPRV� D� SDUWLU� GH� GDGRV FRQKHFLGRV� 3DUWH����’HILQLomR�GH�FRQGXWD 2� REMHWLYR� JHQpULFR� GD� GHILQLomR� GD� FR� FRQGXWD� p� SUHVFUHYHU� R� WUDEDOKR� D� VHU� H[HFXWDGR� SDUD UHVROYHU� R� SUREOHPD�� QLVWR� LQFOXLQGR�VH� D� GHILQLomR� VREUH� RV� PHLRV� �PD� WHULD@�� PLR� GH� REUD� H HTXLSDPHQWRV�� H� D� SUHYLVmR� GDV� FRQVHTrQFLDV� HP� WHUPRV� GR� GHVHPSHQKR� ILQDO�� 3DUD� GHILQLU� D FRQGXWD�� LQLFLDOPHQWH� p� IHLWR� R� SURJQyVWLFR� GD� VLWXDomR�� RX� VHMD�� VmR� OHYDQWDGDV� KLSyWHVHV� GD WHQGrQFLD� GH� HYROXomR� IXWXUD� GR� SUREOHPD� H� DV� DOWHUQDWLYDV� GH� LQWHUYHQomR� DFRPSDQKDGDV� GRV UHVSHFWLYRV�SURJQyVWLFRV �����2�SURFHGLPHQWR�SUiWLFR�H�D�SURSRVWD�GH�XP�IOX[RJUDPD�GH�DWXDomR� 2�PpWRGR�JHQpULFR�SURSRVWR�Gi�RULJHP��HP�WHUPRV�GH�DSOLFDomR�SUiWLFD��D�XP�SURFHGLPHQWR�SDUD UHVROXomR�GH�SUREOHPDV� (VWH� SURFHGLPHQWR� SRGH� VHU� XWLOL]DGR� LQGHSHQGHQWH� GR� QtYHO� GH� H[SHULrQFLD� GR� WpFQLFR� H� GD FRPSOH[LGDGH�GR�SUREOHPD� 1R� JHUDO�� R� SULPHLUR� SDVVR�� GHQWUR� GD� IDVH� GH� OHYDQWDPHQWR� GH� VXEVtGLRV�� p� D� YLVWRULD� GR� ORFDO� %DVHDGR�QD�PDQLIHVWDomR� GR� SUREOHPD�� R� WpFQLFR� GLUHFLRQD� D� UHDOL]DomR� GR� H[DPH� XWLOL]DQGR� RV VHXV�VHQWLGRV�H�GHWHUPLQDGRV�LQVWUXPHQWRV�HVSHFtILFRV��1HVWH�SULPHLUR�SDVVR��DLQGD�VmR�UHDOL]DGRV RV�HQVDLRV�UiSLGRV�GH�FDPSR�TXH�VH�IL]HUHP�QHFHVViULRV��’HSHQGHQGR�GR�SUREOHPD�H�GR�WpFQLFR HQYROYLGR��H�SRVVtYHO�TXH�Mi�DSyV�R�H[DPH�LQLFLDO�VH�SRVVD�HQWHQGHU�R�IHQ{PHQR�RFRUULGR�HP�VXD WRWDOLGDGH��(P�RXWUDV�SDODYUDV��HP�DOJXPDV�VLWXDo}HV�Mi�VH�SRGH�ID]HU�GLDJQyVWLFR�FRP�R�UHVXOWDGR GR�H[DPH�LQLFLDO� 1RV�FDVRV�HP�TXH�RV�VXEVtGLRV�REWLGRV�QmR�VH�PRVWUDUHP�VXILFLHQWHV��R�VHJXQGR�SDVVR�QD�SURFXUD GH� LQIRUPDo}HV� HVWi� UHODFLRQDGR� FRP� R� OHYDQWDPHQWR� GD� KLVWyULD� GR� HGLItFLR� H� GD� KLVWyULD� GR SUREOHPD��)D]�VH��SRUWDQWR��D�DQDPQHVH�GD�VLWXDomR��(VWDV� LQIRUPDo}HV�SRGHP�VHU�FRQVHJXLGDV YHUEDOPHQWH��DWUDYpV�GH�HQTXHWHV�FRP�WHVWHPXQKDV��RX�SRGHP�HVWDU�IRUPDOL]DGDV�HP�GRFXPHQWRV FRPR�R�SURMHWR��R�GLiULR�GH�REUD���QRWDV�ILVFDLV�GH�PDWHULDLV�H�FRPSRQHQWHV��H�DVVLP�SRU�GLDQWH� 0DLV� XPD� YH]�� GH� SRVVH� GHVWHV� QRYRV� VXEVtGLRV�� R� WpFQLFR� GHYH� GHILQLU� VH� HVWi� SUHSDUDGR� SDUD HVWDEHOHFHU�R�GLDJQyVWLFR�GR�SUREOHPD��8PD�YH]�TXH�QmR�VHMDP�VXILFLHQWHV�DV�LQIRUPDo}HV�REWLGDV� ID]�VH�QHFHVViULD�D�XWLOL]DomR�GH�DQiOLVH�H�HQ�VDLRV�FRPSOHPHQWDUHV��$�HVSHFLILFDomR�GRV�WLSRV�GH HQVDLRV� p� IXQomR� GD� QDWXUH]D� GR� SUREOHPD� H� QRUPDOPHQWH� HVWHV� HQVDLRV� VmR� GLUHFLRQDGRV� QR VHQWLGR�GH�GLULPLU�DOJXPD�G~YLGD�HVSHFtILFD�GR�WpFQLFR� 8PD�YH]�TXH�D�3DWRORJLD�GDV�&RQVWUXo}HV�DLQGD�QmR�VH�FRQVROLGRX�LQWHLUDPHQWH�HQTXDQWR�FLrQFLD� H[LVWLUmR�FDVRV�HP�TXH��PHVPR�VHQGR�VXILFLHQWHPHQWH�FDSD]�H�WHQGR�SHUFRUULGR�WRGRV�RV�SDVVRV SUHVFULWRV�SDUD�R�OHYDQWDPHQWR�GH�VXEVtGLRV��R�WpFQLFR�QmR�FRQVHJXH�GLDJQRVWLFDU��1RV�FDVRV�HP TXH�VH�WUDWDU�GH�OLPLWDo}HV�QR�FRQKHFLPHQWR�GR�WpFQLFR��ID]�VH�QHFHVViULD�XPD�SURIXQGD�SHVTXLVD ELEOLRJUiILFD��3RU�RXWUR�ODGR��QRV�FDVRV�GH�IURQWHLUD�GR�FRQKHFLPHQWR�FROHWLYR��D�~QLFD�DOWHUQDWLYD�p D�SHVTXLVD�WHFQROyJLFD�RX�FLHQWtILFD� 1D� JUDQGH�PDLRULD� GRV� FDVRV�� FRQWXGR�� DV� LQIRUPDo}HV� OHYDQWDGDV� VmR� VXILFLHQWHV� SDUD� TXH� VH FRQVLJD�GLDJQRVWLFDU�D�VLWXDomR��$WUDYpV�GR�GLDJQyVWLFR�VmR� LGHQWLILFDGDV�DV�RULJHQV�GR�SUREOHPD� VXDV�FDXVDV�SUHFLVDV��RV�IHQ{PHQRV�LQWHUYHQLHQWHV�H�VHXV�PHFDQLVPRV�GH�RFRUUrQFLD� (QWHQGLGD�D�VLWXDomR��R�WpFQLFR�HVWi�FDSDFLWDGR�D�GHILQLU�D�FRQGXWD�D�VHU�VHJXLGD�FRP�UHODomR�DR SUREOHPD�� (VWD� IDVH� GH� GHILQLomR� GHYH� VHU� FRQGX]LGD� LQLFLDOPHQWH� SHOR� OHYDQWDPHQWR� GDV DOWHUQDWLYDV� GH� HYROXomR� IXWXUD� GRV� IHQ{PHQRV�� &RP� R� SURJQyVWLFR� HVWDEHOHFLGR�� R� WpFQLFR� VH GHILQH� SRU� XPD�GDV� DOWHUQDWLYDV� HVWXGDGDV�� VHPSUH� EDVHDGR�QD� UHODomR� FXVWR�EHQHItFLR� GH� FDGD XPD�GHODV� $�DOWHUQDWLYD�GHILQLGD�SRGH�UHTXHUHU�DOJXP�WLSR�GH�LQWHUYHQomR�RX�QmR��1RUPDOPHQWH�WH�D�GHFLVmR SRU�QmR�LQWHUYLU�VLJQLILFD�D�DFHLWDomR�GH�XP�GHVHPSHQKR�LQVDWLVIDWyULR�ULR�HP�YLVWD�GR�FXVWR�GH�XPD HYHQWXDO�WHUDSLD� $�LQWHUYHQomR�RX�D�WHUDSLD�UHTXHULGD�QRUPD�@PHQWH�WLQL�WHFQRORJLD�GRPLQDGD��SRGHQGR�SRUWDQWR�VHU DSOLFDGD�QR�FDVR��([LVWHP�VLWXDo}HV��QR�HQWDQWR����HP�TXH�QmR�VH�GLVS}H�GD�WHFQRORJLD�QHFHVViULD� UHVWDQGR�D�QHFHVVLGDGH�GH�SHVTXLVi�OD�H�GHVHQYROYr�OD� 2� SURFHVVR� VH� HQFHUUD� FRP� D� H[HFXomR� GRV� VHUYLoRV� SUHVFULWRV�� TXDQGR� QHFHVViULR�� � H� FRP� R UHJLVWUR�GR�FDVR��(VWH� UHJLVWUR�(�� IHLWR�FRP�D� ILQDOLGDGH�GH�PDQWHU� IRUPDOL]DGD�D�KLVWyULD�GD�REUD SDUD�SRVVtYHLV�QRYDV�LQWHUYHQo}HV�H�SULQFLSDOPHQWH�SDUD�D�GLYXOJDomR�GR�FRQKHFLPHQWR�DGTXLULGR QD�UHVROXomR�GR�SUREOHPD� $�ILJXUD���UHSUHVHQWD�XPD�SURSRVWD�GH�IOX[RJUDPD�GH�DWXDomR�EDVHDGD�QD�SURSRVWD�SRU�+HOHQH�>�� H�TXH�FRQWHPSOD�R�SURFHGLPHQWR�GHVFULWR� &DGD�XP�GRV�SDVVRV�FLWDGRV�GR�SURFHGLPHQWR�SURSRVWR�GHYH�VHU�UHDOL]DGR�VHJXQGR�GH�WHUPLQDGRV SDUkPHWURV��H�DWHQGHQGR�D�GHWHUPLQDGRV�FXLGDGRV�SDUD�FRQVHJXLU�DWLQJLU�VHXV�REMHWLYRV��3DVVDPRV D�VHJXLU�DR�HVWXGR�GH�FDGD�XP�GHVWHV�SDVVRV�HP�SDUWLFXODU� ���2�/(9$17$0(172�’(�68%6Ì’,26�3$5$�2�(17(1’,0(172�’2�352%/(0$ �����$�PDQLIHVWDomR�GRBSUREOHPD��D�TXHL[D�GR�XVXiULR�H�D�LQVSHomR�SHULyGLFD &RQIRUPH�DQDOLVDGR�DQWHULRUPHQWH��WRGRV�HGLItFLRV�WrP�GHWHUPLQDGDV�FDUDFWHUtVWLFDV�TXH�RV�ID]HP UHDJLU� LQGLYLGXDOPHQWH�DV�FRQGLo}HV�GH�H[SRVLomR�D�TXH�HVWLR�VXE�PHWLGRV��(TXLYDOH�GL]HU�TXH��R FRQMXQWR�GH�DJHQWHV�DJUHVVLYRV�TXH�DWXDP�VREUH�FDGD�HGLILFLR� LQWHUDJH�FRP�HVWH�SURGX]LQGR�XP OHTXH� GH� IHQ{PHQRV� ItVLFRV�� TXtPLFRV� H� ELROyJLFRV�� $OJXQV� IHQ{PHQRV� TXH� RFRUUHP� QR� HGLItFLR SRGHP�SURYRFDU�XPD�TXHGD�GR�VHX�GHVHPSHQKR��FRQILJXUDQGR�VH�RV�SUREOHPDV�SDWROyJLFRV� 7RGR�SUREOHPD�SDWROyJLFR���HVWDQGR�UHODFLRQDGR�SRU�GHILQLomR�FRP��XPD�TXHGD�GH�GHVHPSHQKR��VH PDQLIHVWD� GH� DOJXPD� IRUPD�� &RQFHLWXDPRV� VLQWRPD� GR� SUREOHPD� SDWROyJLFR� FRPR� HVWD PDQLIHVWDomR�GD�TXHGD�GR�GHVHPSHQKR��3RU�VLQWRPDWRORJLD�VH�HQWHQGH�R�TXDGUR�JHUDO�GH�VLQWRPDV SUHVHQWHV�HP�GHWHUPLQDGD�IDVH�GR�SUREOHPD� 2�SUREOHPD�SDWROyJLFR�QmR�PHUHFH�DQiOLVH�VRPHQWH�TXDQGR�R�GHVHPSHQKR�Mi�HVWLYHU�LQVDWLVIDWyULR RX�� HP� RXWUDV� SDODYUDV�� TXDQGR� H[LVWLU� XPD� VLQWRPDWRORJLD� FDUDFWHUtVWLFDV� 6H� LPDJLQDUPRV� XP HGLItFLR�FRP�XP�GHVHPSHQKR�VDWLVIDWyULR���DLQGD�DVVLP�QmR�SRGHPRV�VDEHU�VH�HP�DOJXP�PDWHULDO RX�FRPSRQHQWH� Mi� QmR� H[LVWDP� DOWHUDo}HV� HQTXDGUiYHLV� QR� TXH� VH� FKDPD� GH� SHUtRGR SUp�SDWRJrQLFR�GR�SUREOHPD� 1R�SHUtRGR�SUp�SDWRJrQLFR�RFRUUHP� LQWHUDo}HV� GRV� DJHQWHV� DJUHVVLYRV� GR�PHLR� DPELHQWH� FRP�R HGLItFLR�VHP�TXH�VXUMDP�PDQLIHVWDo}HV�SHUFHSWtYHLV�SHOR�XVXiULR�RX�PHVPR�SHOR�SURILVVLRQDO� 2� SHUtRGR� SDWRJrQLFR� p� FDUDFWHUL]DGR�� QR� LQLFLR� SHOR� DSDUHFLPHQWR� GDV� SULPHLUDV� PDQLIHVWDo}HV SHUFHSWtYHLV�� RV� VLQWRPDV�� TXH� LUmR� HYROXLU� GH� DFRUGR� FRP� R� WLSR� GH� DJUHVVmR�� FRP� DV FDUDFWHUtVWLFDV�GR�HGLItFLR�H�FRP�GLYHUVRV�RXWURV�IDWRUHV� e� HYLGHQWH� TXH� VHULD� GHVHMiYHO� LGHQWLILFDU� R� SUREOHPD� HP� VHX� SHUtRGR� SUp�SDWRJrQLFR� TXDQGR� D SRVVLELOLGDGH� GH� UHVROXomR� p� VHPSUH� PXLWR� JUDQGH�� 2FRUUH�� QR� HQWDQWR��TXH� SHOD� DXVrQFLD� GH PDQLIHVWDo}HV�SHUFHSWtYHLV���LVWR�VH�WRUQD�QD�SUiWLFD�PXLWR�GLItFLO� &RQVHTXHQWHPHQWH�� � D�PHOKRU� RSRUWXQLGDGH� GH� GHWHFomR� H� UHVROXomR� GH� XP� SUREOHPD� j� D� IDVH LQLFLDO� GR� SHUtRGR� SDWRJrQLFR�� � RQGH� Mi� H[LVWHP� PDQLIHVWDo}HV� SHUFHSWtYHLV� GDV� DOWHUDo}HV� GH GHVHPSHQKR��SRUpP�QRUPDOPHQWH�GH�FDUiWHU�VXSHUILFLDO�H�UHYHUVtYHO 2V�VLQWRPDV�GRV�SUREOHPDV�SDWROyJLFRV�SRGHP�VHU�OHYDQWDGRV�SHOR�SUySULR�XVXiULR�RX�SRU�WpFQLFRV HVSHFLDOPHQWH�HQFDUUHJDGRV�GD�LQVSHomR�SHULyGLFD�GDV�FRQVWUXo}HV� 1RUPDOPHQWH� DV� REVHUYDo}HV� GR� XVXiULR�� SRU� QmR� WHUHP� ULJRU� WpFQLFR�� QmR� VmR� LQGLFDGRUHV FRQFOXVLYRV� GD� H[LVWrQFLD� H� GD� H[WHQVmR� GR� SUREOHPD� SDWROyJLFR� SDUD� HIHLWRV� WpFQLFRV�� DV REVHUYDo}HV�GR�XVXiULR�VLJQLILFDP�D�RFRUUrQFLD�GH�IHQ{PHQRV�WtSLFRV�H�FRORFDP�D�FRQVWUXomR�VRE VXVSHLWD�GH�GHVHPSHQKR�LQVDWLVIDWyULR 2�SUREOHPD�SRGH�VHU�PDLV�SUHFLVDPHQWH�OHYDQWDGR�GXUDQWH�XPD�LQVSHomR�SHULyGLFD��QXP�FRQWH[WR GD�PDQXWHQomR�URWLQHLUD�GR�HGLItFLR��(VWD�LQFOXVLYH�p�XPD�GDV�UD]}HV�GHVWDV�LQVSHo}HV�SHULyGLFDV VHUHP� DOWDPHQWH� UHFRPHQGiYHLV� >�@�� 1HVWHV� FDVRV�� QRUPDOPHQWH� D� H[LVWrQFLD� GR� SUREOHPD SDWROyJLFR� p� FRQVWDWDGD� LPHGLDWDPHQWH�� SDVVDQGR�VH� SDUD� D� IDVH� VHJXLQWH� GR� SURFHGLPHQWR JHQpULFR�TXH�p�D�GH�OHYDQWDPHQWR�GH�VXEVtGLRV�SDUD�D�UHVROXomR�GR�SUREOHPD� �����$�YLVWRULD�GR�ORFDO��D�XWLOL]DomR�GH�LQVWUXPHQWRV�H�D�RUJDQL]DomR�GRV�UHVXOWDGRV 8P� GHWHUPLQDGR� XVXiULR�� HVWDQGR� LQVDWLVIHLWR� FRP� R� GHVHPSHQKR� GR� VHX� HGLILFLR�� SURFXUD� XP SURILVVLRQDO�FRP�R�LQWXLWR�GH�WHQWDU�UHVROYHU�R�SUREOHPD��(P��RXWUD�KLSyWHVH��GHQWUR�GH�XP�SURJUDPD GH� PDQXWHQomR� URWLQHLUD�� FRQVWDWD�VH� D� H[LVWrQFLD� GR� SUREOHPD� SDWROyJLFR� HP� XPD� LQVSHomR UHDOL]DGD�SRU�XP�WpFQLFR� $� SDUWLU� GD� TXHL[D� GR� XVXiULR�� � RX� GDV� LQGLFDo}HV� GR� WpFQLFR� UHVSRQViYHO� SHOD� LQVSHomR� � R SURILVVLRQDO� LQLFLD� R� SURFHVVR� GH� HOLPLQDomR� GR� SUREOHPD�� 2� SURFHGLPHQWR� JHUDO�� FRQIRUPH VDOLHQWDGR� DQWHULRUPHQWH�� VH� LQLFLD� SHOD� IDVH� GH� OHYDQWDPHQWR� GR� PDLRU� Q~PHUR� SRVVtYHO� GH LQIRUPDo}HV�TXH�SRVVDP�VH�PRVWUDU�~WHLV�SDUD�R�GLDJQyVWLFR�GD�VLWXDomR�H�SRVWHULRU�UHVROXomR�GR SUREOHPD� ’HQWUR�GD�IDVH�GH�OHYDQWDPHQWR�GH�68%6¸’,26�FRQFHLWXDPRV�D�YLVWRULD�GR�ORFDO�FR�PR�R�SURFHVVR HP�TXH�R�SURILVVLRQDO�VH�DSUR[LPD�ILVLFDPHQWH�GR�HGLILFLR��H�HP�SDUWLFXODU�GR�GHIHLWR�HVSHFLILFR��H SURFXUD��DWUDYpV�GH�H[DPH�PLQXFLRVR��SHVTXLVDU�R�PDLRU��Q~PHUR�SRVVtYHO�GH�LQIRUPDo}HV�D�SDUWLU GHVWD�SRVVLELOLGDGH�GH�FRQWD�WR�ItVLFR�>��@� 2�SURFHGLPHQWR�EiVLFR�SDUD�D�UHDOL]DomR�GD�YLVWRULD�GR�ORFDO��TXH�VHUi�DQDOLVDGR�QR�SUHVHQWH�LWHP� SUHVVXS}H� XQLD� PHWRGRORJLD� REMHWLYD� H� JHQpULFD� TXH� GLUHFLRQH� R� OHYDQWDPHQWR� GH� GDGRV�� (VWH GLUHFLRQDPHQWR���QR�HQWDQWR��QmR�SRGH�VHU�DGRWDGR�FR�DR�XPD�UHJUD�LPXWiYHO���VHQGR�UHFRPHQGiYHO XPD�SRVWXUD�GH�FRQWLQXD�DGDSWDomR�j�LQGLYLGXDOLGDGH��GH�FDGD�FDVR� $OJXQV�SDVVRV� SRGHP�VHU� FLWDGRV� SRU� FRQVWLWXtUHP�HVTXHOHWR� EiVLFR� SDUD� D� YLVWRULD� GR� SUREOHPD SDWROyJLFR� • ’HWHUPLQDomR�GD�H[LVWrQFLD�H�GD�JUDYLGDGH�GR�SUREOHPD�SDWROyJLFR� • ’HILQLomR�GD�H[WHQVmR�H�GR�DOFDQFH�GR�H[DPH� • &DUDFWHUL]DomR�GRV�PDWHULDLV�H�GD�SDWRORJLD� • 8WLOL]DomR�GRV�VHQWLGRV�KXPDQRV • 8WLOL]DomR�GH�LQVWUXPHQWRV� • 5HJLVWUR�GRV�UHVXOWDGRV� • ’HWHUPLQDomR�GD�H[LVWrQFLD�H�GD�JUDYLGDGH�GR�SUREOHPD�SDWROyJLFR $�GHWHUPLQDomR�GD�H[LVWrQFLD�GR�SUREOHPD�SDWROyJLFR�p�IHLWDaSHOD�FRPSDUDomR��TXDOLWDWLYD��QR�FDVR JHUDO��HQWUH�R�GHVHPSHQKR�H[LJtYHO�GR�HGLILFLR�RX�GH�SDUWH�H�R�GHVHPSHQKR�HQFRQWUDGR��$�PDLRULD GRV� SUREOHPDV� SDWROyJLFRV� DSUHVHQWD� XPD� VLQWRPDWRORJLD� TXH� WRUQD� LPHGLDWD� D� FRQVWDWDomR� GD H[LVWrQFLD�GR�SUREOHPD ([LVWHP�VLWXDo}HV��QR�HQWDQWR��HP�TXH�D�FRPSURYDomR�GD�H[LVWrQFLD�GR�SUREOHPD�SDWROyJLFR��QmR�p LPHGLDWD�� (VWDV� VLWXDo}HV� QRUPDOPHQWH� HVWLR� UHODFLRQDGDV� FRP� SUREOHPDV� SDWROyJLFRV� TXH� QmR SURYRFDP�DOWHUDo}HV�QRV�PDWHULDLV��(VWH�p�R�FDVR��SRU�H[HPSOR��GD�IDOWD�GH�FRQIRUWR�KLJURPrWULFR RQGH�DOJXPDV�YH]HV��R�FDPLQKR�SRGH�WHU�GH�VHU�D�XWLOL]DomR�GH�PRGHORV�ItVLFRV�H�PDWHPiWLFRV�GR GHVHPSHQKR�GR�HGLItFLR���D�SDUWLU�GDV�SURSULHGDGHV�GRV�PDWHULDLV�H�FRPSRQHQWHV�FRQVWLWXLQWHV�>��@� ’HILQLGD� D� H[LVWrQFLD� GR� SUREOHPD�� SDVVD�VH� j� DYDOLDomR� GH� VXD� JUDYLGDGH�� 2� OHYDQWDPHQWR� GD JUDYLGDGH� GD� VLWXDomR� OHYD� HP� FRQWD� EDVLFDPHQWH� D� H[LVWrQFLD� GH� ULVFR� TXDQWR� j� VHJXUDQoD� GR XVXiULR�� 4XDQGR� KRXYHU�� SRU�H[HPSOR�� R� ULVFR� GH� FRODSVR�GD� HVWUXWXUD�� SRGH�VH� DSHODU� SDUD� XP HVFRUDPHQWR�DGHTXDGR� 2�HVFRUDPHQWR��RX�TXDOTXHU�RXWUD�PHGLGD�GH�SURWHomR�GR�XVXiULR��DOpP�GD�IXQomR�yEYLD�GH�HYLWDU ULVFRV�� SURSRUFLRQD� R� WHPSR� VXILFLHQWH� SDUD� TXH� D� YLVWRULD� SRVVD� VHU� H[HFXWDGD� FRP� RV� GHYLGRV FXLGDGRV� • ’HILQLomR�GD�H[WHQVmR�H�GR�DOFDQFH�GR�H[DPH $�GHWHUPLQDomR�GD� H[WHQVmR� H� GR� DOFDQFH� GR� H[DPH� WHP� FRPR� FRQGLFLRQDQWH� EiVLFR� R� JUDX� GH HVSUDLDPHQWR� GRV� VLQWRPDV� QR� HGLItFLR�� 8P� SUREOHPD� SDWROyJLFR� TXH� DSUHVHQWH� VLQWRPDV HVSUDLDGRV�SRU�WRGR�R�HGLItFLR�VLJQLILFD�D�QHFHVVLGDGH�GR�H[DPH�PLQXFLRVR�GH�WRGR�R�HGLItFLR��3RU RXWUR� ODGR�� QRV� FDVRV� GH� VLQWRPDV� ORFDOL]DGRV�� p� QR� SURFHVVR� GH� YLVWRULD� TXH� VH� GHILQH� D DEUDQJrQFLD� GR� H[DPH�� 2� FULWpULR� SDUD� HVWD� GHFLVmR�� �H[DPH� GD� SDUWH� [� H[DPH� GR� WRGR�� HVWi UHODFLRQDGR�GLUHWDPHQWH�FRP�D�VXILFLrQFLD�GDV�LQIRUPDo}HV�SDUD�D�HODERUDomR�GR�GLDJQyVWLFR 1RV�FDVRV�HP�TXH�VH�PRVWUDU� UHFRPHQGiYHO� R�H[DPH�PLQXFLRVR� GH� WRGR� R� HGLItFLR�� R� URWHLUR� GH YLVWRULD� p� SUHYLDPHQWH� HVWDEHOHFLGR� D� SDUWLU� GH� DOJXPD� PHWRGRORJLD� EiVLFD� $� WtWXOR� GH� H[HPSOR SRGHPRV�FLWDU�D�PHWRGRORJLD�SURSRVWD�SRU�0HOYLOOH����*RUGRQ�>��@� ��2�H[DPH�FRPHoD�QR�SLVR�VXSHULRU�GR�HGLItFLR��FDGD�F{PRGR�VHQGR�YLVLWDGR�REHGHFHQGR�VH�XP VHQWLGR�GH�FDPLQKDPHQWR�SUHYLDPHQWH�HVWDEHOHFLGR� �KRUiULR�RX�DQWL�KRUiULR���5HSHWH�VH�R�PHVPR SURFHVVR�HP�WRGRV�RV�DQGDUHV�DWp�TXH�VH�FKHJXH�DR�SLVR�LQIHULRU��&RQFOXL�GD�D�LQVSHomR�GR�LQWHULRU GR�HGLItFLR��R� WpFQLFR�FRPHoD�R�H[DPH�GR�VHX�H[WHULRU� WRPDQGR�FDGD�HOHYDomR�FRP�D� UHVSHFWLYD iJXD�GR�WHOKDGR��QRPHVPR�VHQWLGR�GH�FDPLQKDPHQWR�GR�H[DPH�LQWHUQR�� e� SRVVtYHO� TXH�� PHVPR� WHQGR� VLGR� H[DPLQDGR� WRGR� R� HGLItFLR�� RV� VXEVtGLRV� FROHWDGRV� QmR� VH PRVWUHP�VXILFLHQWHV��1HVWHV�FDVRV�SRGH�VHU�QHFHVViULR�R�H[DPH�GDV�FLUFXQYL]LQKDQoDV��3RGH�VHU SURGXWLYD�� SRU� H[HPSOR�� D� DQDOLVH� GH� FDVDV� YL]LQKDV� VHPHOKDQWHV� SDUD� YHULILFDU� D� H[LVWrQFLD� GRV PHVPRV�SUREOHPDV�� �SRVVLYHOPHQWH��HP�GLIHUHQWHV�HVWiJLRV�GH�HYROXomR��$OpP�GLVVR��SRGHP�VHU QHFHVViULRV�GDGRV�VREUH�D�WRSRJUDILD�GD�iUHD��VXD�YHJHWDomR��R�SRVLFLRQDPHQWR�GR�OHQoRO�IUHiWLFR� DV�FDUDFWHUtVWLFDV�GR�VROR��D�H[LVWrQFLD�GH�DWHUURV�H�DVVLP�SRU�GLDQWH� • &DUDFWHUL]DomR�GRV�0DWHULDLV�H�GD�3DWRORJLD 7HUPLQDGD�D�IDVH�TXH�SRGH�VHU�GHQRPLQDGD�GH�GHOLPLWDomR�H�SODQHMDPHQWR�GD�YLVWRULD��SDVVD�VH�DR OHYDQWDPHQWR� GH� VXEVtGLRV� SURSULDPHQWH� GLWR�� $� WpFQLFD� SDVVtYHO� GH� VHU� XWLOL]DGD� p� IXQomR� GRV LQVWUXPHQWRV�GLVSRQtYHLV� 2V�LQVWUXPHQWRV�HVVHQFLDLV�HP�WRGRV�RV�FDVRV�VmR�RV�FLQFR�VHQWLGRV�KXPDQRV��3RU�PDLRU�TXH�VHMD D�KDELOLGDGH�QD�XWLOL]DomR�GH�HTXLSDPHQWRV��RV� VHQWLGRV�KXPDQRV�DSUHVHQWDP��SDUD�R� WpFQLFR��D UHDOLGDGH� VHP� LQWHUPHGLDomR� $OpP� GD� YLVmR� H� GD� DXGLomR�� TXH� REYLDPHQWH� QHFHVViULDV�� PXLWDV YH]HV�R�WDWR��R�ROIDWR�H�PHVPR�R�SDODGDU �VmR�LPSUHVFLQGtYHLV� 2V�HTXLSDPHQWRV�VHUYHP�GH�FRPSOHPHQWR�D�YHUVDWLELOLGDGH�KXPDQD��TXDQWLILFDQGR�DV�LPSUHVV}HV� 8P� HTXLSDPHQWR�� TXDQGR� EHP� XWLOL]DGR�� p� XPD� HVSpFLH� GH� SURORQJDPHQWR� GD� FDSDFLGDGH� GR WpFQLFR� GH� DSUHHQGHU� D� UHDOLGDGH�� 2V� VHQWLGRV� KXPDQRV� H� RV� HTXLSDPHQWRV� WrP� RV� VHXV UHVSHFWLYRV�FDPSRV�GH�DWXDomR�H�OLPLWDo}HV����VHQGR�UHFRPHQGiYHO�D�KDUPRQL]DomR�GH�VHX�XVR� 2�&67&� �&HQWUH�6FLHQWLILTXH�HW�7HFKQLTXH�GH� OD�&RQVWUXFWLRQ��SURS{V�XPD� UHODomR�GH�DSDUHOKRV TXH�� VHJXQGR� 5H\JDHUWV� >�@�� VmR� VXILFLHQWHV� SDUD� H[DPLQDU� D� JUDQGH� PDLRULD� GRV� SUREOHPDV SDWROyJLFR�6mR�HOHV� • 1tYHO�G iJXD • )LR�GH�SUXPR� • 5pJXD�H�PHWUR�SUHFLVRV� • +LGU{PHWUR�HOpWULFR�• 3VLFU{PHWUR��GR�WLSR�WHUP{PHWUR�~PLGR�H�VHFR�� • 7HUP{PHWUR�GH�FRQWDWR� • 3DF{PHWUR • 3DSHO�LQGLFDGR�GH�3+ • ’LODW{PHWUR • 7HVWHPXQKDV�GH�PHWDO�RX�YLGUR� • (QGRVFySLR • /XSD�JUDGXDGD� $OpP�GHVVHV� LQVWUXPHQWRV�� � RXWURV� LJXDOPHQWH� VLPSOHV� H� GH� SHTXHQDV� GLPHQV}HV� SRGH� ULDP� VHU DFUHVFHQWDGRV��0DLV� GR� TXH� D� UHODomR� HVSHFtILFD� GH� DSDUHOKRV�� p� LQWHUHVVDQWH� D� LGpLD� GH� MXQWDU WRGRV�QXP�Vy�FRQMXQWR�TXH�SRGH�VHU� OHYDGR�HP�XPD�PDOHWD�H�p�VXILFLHQWH�SDUD�D�JUDQGH�PDLRULD GRV�SUREOHPDV� • 5HJLVWUR�GRV�UHVXOWDGRV $� WpFQLFD� H� D�PHWRGRORJLD� GH� UHJLVWUR� H� RUJDQL]DomR� GRV� VXEVtGLRV� FROHWDGRV� p� GH� IXQGDPHQWDO LPSRUWkQFLD� SDUD� VXD� XWLOL]DomR� QD� IRUPXODomR� GR� GLDJQyVWLFR�� (V� WH� UHJLVWUR� SRGH� VHU� IHLWR PDQXDOPHQWH��DWUDYpV�GH�FURTXLV�H�RX�LQGLFDo}HV�QDV�SODQWDV�H�HOHYDo}HV�RX�SRGH�VHU�IHLWR�DWUDYpV GH�UHJLVWURV�SHUPDQHQWHV�FRPR�ILWDV�FDVVHWHV�RX�IRWRJUDILDV� �����$�DQDPQHVH�GR�FDVR��DV�LQIRUPDo}HV�IRUPDOL]DGDV�H�DV�LQIRUPDo}HV�RUDLV ’DGR�TXH� H[LVWD� R� SUREOHPD�SDWROyJLFR� H� GDGR�TXH� R� SURILVVLRQDO� RX� JUXSR� GH� SURILVVLRQDLV� QmR WHQKD� FRQVHJXLGR� GLDJQRVWLFi�OR� DSHQDV� DWUDYpV� GD� YLVWRULD� GR� ORFDO�� SDVVD�VH� L� IDVH� GH OHYDQWDPHQWR�GH�68%6¸’,26�SDUD�R�HQWHQGLPHQWR�GD�KLVWyULD�GR�SUREOHPD�1mR�DSHQDV�D�KLVWyULD GR�SUREOHPD�DWXDO�PDV�D�SUySULD�KLVWyULD�GR�HGLILFLR� 2� WHUPR� DQDPQHVH� WHP� RULJHP� JUHJD� H� VLJQLILFD� UHFRUGDU�� e� HQWHQGLGD� FRPR� D� DWLYLGDGH� GH OHYDQWDPHQWR�GD�KLVWyULD�HYROXWLYD�GR�SUREOHPD�GHVGH�VXDV�PDQLIHVWDo}HV� LQLFLDLV�RX�SUHFXUVRUDV DWp�R�HVWiJLR�GH�HYROXomR�GR�PRPHQWR�GR�H[DPH��6mR�LQFOXtGDV��DOpP�GDV�LQIRUPDo}HV�D�UHVSHLWR GD�HYROXomR�GR�SUREOHPD��DTXHODV�UHIHUHQWHV�j�GHVFULomR�GD�YLGD�GR�HGLItFLR�RX�VHMD��R�TXDGUR�JHUDO GR�VHX�GHVHPSHQKR�DR�ORQJR�GR�WHPSR��4XDQGR�IRU�R�FDVR��SRGHP�VHU�QHFHVViULDV�DV�LQIRUPDo}HV UHIHUHQWHV�j�YDULDomR�GDV�FRQGLo}HV�GH�H[SRVLomR�D�TXH�HVWHYH�VXEPHWLGR�R�HGLItFLR� $V�LQIRUPDo}HV�SRGHP�VHU�REWLGDV�DWUDYpV�GH�GXDV�IRQWHV�EiVLFDV� • ,QYHVWLJDomR�FRP�SHVVRDV�HQYROYLGDV�FRP�D�FRQVWUXomR • $QiOLVH�GH�GRFXPHQWRV�IRUPDOL]DGRV� • ,QYHVWLJDomR�FRP�SHVVRDV�HQYROYLGDV�FRP�D�FRQVWUXomR ’XUDQWH�D�SUySULD�YLVWRULD�LQLFLDO�GR�HGLItFLR��GLYHUVDV�LQIRUPDo}HV�RUDLV�SRGHP�VHU�REWLGDV�MXQWR�DR XVXiULR��$OpP�GHVWH��H�GHSHQGHQGR�GD�QHFHVVLGDGH��SRGHP�VHU�SURFXUDGRV�RV�YL]LQKRV��R�SURPRWRU GR�HPSUHHQGLPHQWR��R�SURMHWLVWD��R�FRQVWUXWRU��RV�IDEULFDQWHV�GH�PDWHULDLV�H�DVVLP�SRU�GLDQWH� $� QHFHVVLGDGH� GH� HQWUHYLVWDU� SHVVRDV� FRP� HQYROYLPHQWRV� GLIHUHQWHV� FRP� D� FRQVWUXomR� H� FRP FRQKHFLPHQWRV� WpFQLFRV� RV� PDLV� GLVSDUHV�� SURYRFD� D� QHFHVVLGDGH� GR� GHVHQYROYLPHQWR� GH� XPD FHUWD�WpFQLFD�GH�LQWHUURJDWyULR��3DFLrQFLD�FODUH]D�H�KDELOLGDGH�VmR�VHPSUH�QHFHVViULRV� $� HQWUHYLVWD� SRGH� QmR� VHU� D� PHVPD� TXDOTXHU� TXH� VHMD� R� LQWHUORFXWRU�� � PDV� DOJXPDV� SHUJXQWDV SRGHP�VH�UHSHWLU��5D\JDHUWV�>�@�SURS}H�DV�VHJXLQWHV�LQGDJDo}HV�EiVLFDV� 4XDQGR�IRUDP�FRQVWDWDGRV�RV�VLQWRPDV�SHOD�SULPHLUD�YH]�H�GH�TXH�IRUPD" (OHV�Mi�IRUDP�REMHWR�GH�LQWHUYHQo}HV��VH�VLP��TXDLV�H�FRP�TXH�UHVXOWDGRV" 1R�GHFRUUHU�GD�FRQVWUXomR���IRUDP�IHLWDV�PRGLILFDo}HV�QR�SURMHWR��QD�H[HFXomR�RX�QD�HVFROKD GRV�PDWHULDLV" )RUDP�WRPDGDV�DV�PHGLGDV�QHFHVViULDV�TXDQWR�j�PDQXWHQomR�H�OLPSH]D" $OpP�GHVWDV�LQGDJDo}HV�EiVLFDV��RXWUDV�TXHVW}HV�WDPEpP�VmR�LPSRUWDQWHV�H�SRGHP�VHU�IHLWDV�DR XVXiULR�GR�HGLItFLR� 4XDQGR�R�XVXiULR�QRWRX�SHOD�SULPHLUD�YH]�R�SUREOHPD�H�TXDQGR�HOH�UHVROYHX�LQWHUYLU" R�XVXiULR�VH�UHFRUGD�GH�DOJXP�IDWR�TXH�SRVVD�HVWDU�OLJDGR�DR�DSDUHFLPHQWR�GR�SUREOHPD" 2FRUUHP�HSLVyGLRV�GH�H[DFHUEDomR�RX�UHPLVVmR�GRV�VLQWRPDV" &RPR�HUDP�DV�FRQGLo}HV�FOLPiWLFRV�TXDQGR�R��SUREOHPD�IRL�QRWDGR�H�TXDQGR�R�XVXiULR�UHVROYHX LQWHUYLU" 6mR�HVWHV�DSHQDV�DOJXQV�H[HPSORV�GH�SHUJXQWDV�EDVWDQWH�FRPXQV��SRUpP�FDGD�FDVR�GHWHUPLQD�D FRQGXomR�GR�LQWHUURJDWyULR�FRQIRUPH�VXDV�FDUDFWHUtVWLFDV�SUySULDV� (P�TXDOTXHU� FDVR�� D� YHORUL]DomR� GH� WRGDV� DV� LQIRUPDo}HV� RUDLV� REWLGDV� p� EDVWDQWH� SUREOHPiWLFD >�������@��(P�SULPHLUR�OXJDU��DV�SHVVRDV�VRPHQWH�SRGHP�VH�UHSRUWDU�D�SULPHLUD�YH]�TXH�QRWDUDP�RV VLQWRPDV� R� TXH�� HYHQWXDOPHQWH�� SRGH� QmR� FRLQFLGLU� FRP� R� VHX� VXUJLPHQWR�� 3RU� RXWUR� ODGR� LQIRUPDo}HV�RUDLV�LPSRUWDQWHV�SRGHP�VHU�RPLWLGDV�RX�PHVPR�GLVWRUFLGDV�SULQFLSDOPHQWH�QRV�FDVRV HP� TXH� KRXYHU� GLVSXWD� H� R� LQIRUPDQWH� HVWLYHU� GHIHQGHQGR� VHXV� LQWHUHVVHV�� 2� FRQVWUXWRU�� SRU H[HPSOR�� TXH� XWLOL]RX� PDWHULDO� GH� TXDOLGDGH� LQIHULRU� DR� HVSHFLILFDGR� QR� SURMHWR� SRGH�� WHPHQGR UHDo}HV�� WHQWDU� RFXOWDU� WDO� IDWR�� 8PD� YH]� TXH� GHWHUPLQDGDV� � LQIRUPDo}HV� VH� PRVWUDUHP VLJQLILFDWLYDV��VXD�FRQILUPDomR��DWUDYpV�GH�RXWUDV�IRQWHV��SRGH�VHU�UHFRPHQGiYHO • $QiOLVH�GH�GRFXPHQWRV�IRUPDOL]DGRV $V� LQIRUPDo}HV� REWLGDV� RUDOPHQWH� QmR� IRUQHFHP�� QD� JUDQGH� PDLRULD� GRV� FDVR� V�� XP� TXDGUR VXILFLHQWHPHQWH�DPSOR�H�FRQILiYHO�SDUD�R�HVWDEHOHFLPHQWR�GD�DQDPQHVH�GR�FDVR��1RUPDOPHQWH�p QHFHVViULD� D� XWLOL]DomR� GH� IRQWHV� GRFXPHQWDGDV� FXMD� YHUDFLGDGH� SRVVD� VHU� FRORFDGD� IRUD� GH TXHVWmR�� ’HQWUH� HVWDV� IRQWHV�� GLWDV� IRUPDOL]DGDV�� D� IRQWH� SULQFLSDO� GH� LQIRUPDo}HV� H� DTXHOD� TXH DFRPSDQKD�R�WpFQLFR�GXUDQWH�WRGR�R�SURFHVVR�GR�GLDJQyVWLFR�p�R�SURMHWR��2�SURMHWR�HQWHQGLGR�QmR VRPHQWH�FRPR�DV�SODQWDV�GH�FRQFHSomR�PDV�WDPEpP�R�SURMHWR�H[HFXWLYR��R�PHPRULDO�RV�FDGHUQRV GH� HQFDUJRV�� DV� HVSHFLILFDo}HV� GH�PDWHULDLV�� RV�PDQXDLV� GH� H[HFXomR� H� 862�� (QILP�� WRGDV� DV LQGLFDo}HV� TXH� R� UHVSRQViYHO� SHOD� H[HFXomR� S{GH� FRQWDU� SDUD� D� &RQVWUXomR� GD� REUD�� H� TXH� R XVXiULR�S{GH�FRQWDU�SDUD�RSHUDU�VXD�SURSULHGDGH� 8PD�GLVWLQomR�PXLWR� LPSRUWDQWH�GHYH�VHU� IHLWD�HQWUH�R�SURMHWR��FRPR�SURMHWDGR��H�R�SURMHWR��FRPR FRQVWUXtGR��� �0XLWDV� YH]HV� DFRQWHFHP� GXUDQWH� D� H[HFXomR� YDULDo}HV� HP� UHODomR� DR� SURMHWR� YDULDo}HV�HVWDV�QmR�UHJLVWUDGDV� 2V�GRFXPHQWRV��SRU�VHX�WXUQR��SURGX]LGRV�GXUDQWH�D�SUySULD�H[HFXomR�GD�REUD�WDPEpP�VmR�IRQWHV EDVWDQWH� LPSRUWDQWHV�� $� UHDOLGDGH� WHP� PRVWUDGR� TXH�� MXVWDPHQWH� RV� HGLItFLRV� FRP� PDLRUHV SUREOHPDV�SDWROyJLFRV�� VmR� RV� TXH� SRVVXHP�PHQRU� TXDQWLGDGH� H� TXDOLGDGH� GH� GRFXPHQWRV� TXH SRVVDP�VHU�D� IRQWH�SDUD�R�HVWXGR�GHVVHV�SUREOHPDV�SDWROyJLFRV�� ,VVR�p� FRPSUHHQVtYHO� XPD�YH] TXH�D�SUHRFXSDomR�FRP�D�GRFXPHQWDomR�GDV�GHFLV}HV�H�GR�GLD�D�GLD�UHYHOD�XPD�SUHRFXSDomR�FRP D�RUJDQL]DomR�TXH�QRUPDOPHQWH�VH�UHIOHWH�QXPD�FRQVWUXomR�GH�PHOKRU�TXDOLGDGH� $OJXQV� GRFXPHQWRV�� QR� HQWDQWR�� VmR� HQFRQWUDGRV� HP� PXLWDV � REUDV�� VHQGR� IRQWHV� LPSRUWDQWHV� 3RGHPRV�FLWDU� • ’LiULR�GH�REUD� • (QVDLRV�SDUD�UHFHELPHQWR�GH�PDWHULDLV�H�FRPSRQHQWHV� • 1RWDV�ILVFDLV�GH�PDWHULDLV�H�FRPSRQHQWHV� • &RQWUDWRV�SDUD�H[HFXomR�GH�VHUYLoRV� • &URQRJUDPD�ItVLFR�ILQDQFHLUR�SUHYLVWR�H�H[HFXWDGR� $� KLVWyULD� GR� XVR� QRUPDOPHQWH� WHP� QD� SUiWLFD� GRFXPHQWDomR� EDVWDQWH� PDLV� HVSRUiGLFD�� 1RV HGLILFLRV�TXH�VmR�FRQVHUYDGRU�DWUDYpV�GH�SURJUDPDV�GH�PDQXWHQomR�URWLQHLUD�SRGH�VH�FRQVXOWDU�RV UHJLVWURV� GDV� LQWHUYHQo}HV� UHDOL]DGDV�� 2FRUUH� TXH� DLQGD� QmR� VH� GLVVHPLQRX� DPSODPHQWH� D DSOLFDomR�GHVWHV�SURJUDPDV�H�R�TXH�VH�REWpP�QRUPDOPHQWH�VmR�GRFXPHQWRV�D�UHVSHLWR�GR�XVR�DR ORQJR� GR� WHPSR� GDV� PDTXLQDV� H� HTXLSDPHQWRV� GR� HGLILFLR�� FRPR� RV� HOHYDGRUHV�� R� VLVWHPD� GH DTXHFLPHQWR�H�RXWURV� )LQDOPHQWH�� DOpP� GDV� LQIRUPDo}HV� RUDLV� H� IRUPDOL]DGDV� D� UHVSHLWR� GD� KLVWyULD� GR� HGLILFLR� H� GR SUREOHPD��SRGH�VHU�QHFHVViULR�R�OHYDQWDPHQWR�GD�KLVWyULD�GDV�FRQGLo}HV�GH�H[SRVLomR�D�TXH�ILFRX VXEPHWLGR� R� HGLILFLR�� 4XHVW}HV� FRPR� DV� YDULDo}HV� FOLPiWLFDV�� � GH� YL]LQKDQoD�� HVFDYDo}HV� YLEUDo}HV� H[FHVVLYDV�� UHEDL[DPHQWR� GR� OHQoRO� IUHiWLFR�� SRGHP� VHU� UHVSRQGLGDV� DWUDYpV� GH LQYHVWLJDo}HV� PLQXFLRVDV� FXMD� PHWRGRORJLD� p� SDUWLFXODU� SDUD� FDGD� FDVR� GDGD� D� YDULHGDGH� GH DOWHUDo}HV� H� GH� DJHQWHV� SRVVtYHLV�� &RPR� H[HPSOR� GH� SUREOHPD� FDXVDGR� SHOD� YDULDomR� GDV FRQGLo}HV�GH�H[SRVLomR��SRGH�VHU�FLWDGR�R�DSRGUHFLPHQWR�GH�HVWDFDV�GH�HXFDOtSWLFR�GH�IXQGDomR FDXVDGR�SRU�XP�UHEDL[DPHQWR�JHUDO�GR�OHQoRO�IUHiWLFR�GD�UHJLmR�RQGH�VH�HQFRQWUD�D�REUD������2V�([DPHV�&RPSOHPHQWDUHV�SDUD�D�)RUPXODomR�GR�’LDJQyVWLFR 8P�SUREOHPD�SDWROyJLFR�VH�UHYHOD�VRE�D�IRUPD�GH�VLQWRPDV��(VWHV�VLQWRPDV�6mR� OHYDQWDGRV�SHOR SURILVVLRQDO�DWUDYpV�GH�VHXV�VHQWLGRV�QDWXUDLV��DWUDYpV�GH�LQWHUURJDWyULR�GRV�HQYROYLGRV�H�DWUDYpV�GD DQiOLVH�GRV�GRFXPHQWRV�SHUWLQHQWHV� 2�SRGHU�GH� UHVROXomR�GD�YLVWRULD�GR� ORFDO�� LVWR�p��D�SRVVLELOLGDGH�GH�SHUPLWLU�D�HODERUDomR�GH�XP GLDJQyVWLFR�ILQDO��HVWi�UHODFLRQDGD�FRP�D�PDQLIHVWDomR�GR�SUREOHPD�H�FRP�D�SRVVLELOLGDGH�GH�VXD LGHQWLILFDomR�H�YDORUL]DomR�SHOR�SURILVVLRQDO��$�YLVWRULD�QRUPDOPHQWH�p� OLPLWDGD�SHORV� UHFXUVRV�GRV VHQWLGRV�KXPDQRV�H�SHUPLWH�DSHQDV�D�REVHUYDomR�PDFURVFySLFD�GH�XP�SUREOHPD� 8P� FRQVLGHUiYHO� Q~PHUR� GH� SUREOHPDV� DSUHVHQWD� VLQWRPDWRORJLD� EDVWDQWHV� FDUDFWHUtVWLFD� SHUPLWLQGR� D� IRUPXODomR� LPHGLDWD� GR� GLDJQyVWLFR� ILQDO�� ([LVWHP� FDVRV� QR� HQWDQWR�� HP� TXH� VmR QHFHVViULRV� H[DPHV� FRPSOHPHQWDUHV� QRV� TXDLV�� FRQFHLWXDOPHQWH� VmR� DPSOLDGRV� RV� VHQWLGRV QDWXUDLV�GR�SURILVVLRQDO�DWUDYpV�GH�PHLRV�ItVLFRV��TXtPLFRV�H�DWp�ELROyJLFRV� 2V�GDGRV�REWLGRV�GR�H[DPH�H�GD�DQDPQHVH�GR�HGLILFLR�GLUHFLRQDP�D�UHDOL]DomR�RX�VROLFLWDomR�GH FHUWR�H[DPH�FRPSOHPHQWDU��&DGD�H[DPH�WHP�DVVRFLDGR�XP�FHUWR�SRGHU�GH�UHVROXomR��LVWR�p��XPD FDSDFLGDGH�GH� LQGLFDU�D�SUHVHQoD�GH�DOWHUDomR�KLSRWpWLFD�H� XPD�SRVVLELOLGDGH� GH� IRUQHFHU� IDOVRV UHVXOWDGRV�SRVLWLYRV�H�QHJDWLYRV� &RQKHFHU� R� SRGHU� GH� UHVROXomR� H� DV� OLPLWDo}HV� GH� FDGD� H[DPH� FRPSOHPHQWDU� SURYRFD� D� QmR UHDOL]DomR� HP� FDGD� FDVR� GH� XPD� VpULH� GH� H[DPHV� GLVSHQGLRVRV�� GHPRUDGRV� H� IUHTHQWHPHQWH LQ~WHLV��3RU�RXWUR�ODGR��GHVFRQKHFHU�D�SRVVLELOLGDGH�GR���H[DPH�SUHVFULWR�IRUQHFHU�UHVXOWDGRV�IDOVRV HP�GHWHUPLQDGDV�VLWXDo}HV��SRGH�SURYRFDU�XP�GLDJQyVWLFR�HTXLYRFDGR��R�TXH�SHUPLWH�D��HYROXomR GR�SUREOHPD�H�UHGX]�DV�VXDV�SRVVLELOLGDGHV�GH�UHVROXomR� 1RUPDOPHQWH�RV�H[DPHV�FRPSOHPHQWDUHV�VmR�QHFHVViULRV�TXDQGR�RV�GDGRV�REWLGRV�QD�YLVWRULD�GR ORFDO�H�QD�DQDPQHVH�VH�PRVWUDUHP�LQVXILFLHQWHV�SDUD�D�HODERUDomR�GR�GLDJQyVWLFR��([LVWHP�FDVRV� QR�HQWDQWR��HP�TXH�RV�H[DPHV�FRPSOHPHQWDUHV�6mR�SUHVFULWRV�PHVPR�TXDQGR�R�GLDJQyVWLFR�HVWi IRUPXODGR�� � FRP�R� LQWXLWR� GH� JDUDQWLU� D� VXD� FRUUHomR�� (VWDV� VLWXDo}HV� SRGHP� RFRUUHU� TXDQGR� VH PRVWUDUHP�FDWDVWUyILFDV�DV�FRQVHTrQFLDV�GH�XP�GLDJQyVWLFR��LQFRUUHWR� 2V�H[DPHV�FRPSOHPHQWDUHV�SRGHP�VHU�FODVVLILFDGRV�HP� • $QiOLVHV�H�HQVDLRV�HP�ODERUDWyULR� • (QVDLRV��LQ�ORFR�� • $QiOLVHV�H�HQVDLRV�HP�ODERUDWyULRV $V� DQiOLVH� H� HQVDLRV� HP� ODERUDWyULR� SRGHP�VHU� GH� FDUDFWHUL]DomR� GH� DPRVWUDV� FROHWDGDV�� RX� GH DYDOLDomR�GH�GHVHPSHQKR�D�SDUWLU�GH�PDWHULDLV�H�FRPSRQHQWHV�VLPLODUHV�DRV�XVDGRV�QD�REUD� $QDOLVDU�H�HQVDLDU�R�PDWHULDO�VLJQLILFD�GHWHUPLQDU�RV�YDORUHV�GH�SURSULHGDGHV�TXH�VHMDP�UHOHYDQWHV SDUD�R�VHX�XVR��$V�SURSULHGDGHV�UHOHYDQWHV�SRGHP�VHU�GH�QDWXUH]D�ItVLFD��TXtPLFD�RX�ELROyJLFD� $OJXPDV� SURSULHGDGHV� ItVLFDV� VmR� LQHUHQWHV� DR� PDWHULDO�� RX� VHMD�� LQGHSHQGHP� GH� VXD� IRUPD JHRPpWULFD��(VWH�WLSR�GH�HQVDLR�L�FRQVLGHUDGR�FRPR�GH�FDUDFWHUL]DomR�GR�PDWHULDO��6mR�H[HPSORV�D GHWHUPLQDomR�GD� GHQVLGDGH�� GD� FRQGXWLELOLGDGH� WpUPLFD� H� HOpWULFD� GR� FRHILFLHQWH� GH� GLODWDomR�� GR tQGLFH�GH�UHGXomR�DF~VWLFD�H�RXWUDV��3RU�RXWUR�ODGR��GHWHUPLQDGDV�SURSULHGDGHV�ItVLFDV�HVWLR�OLJDGDV L�IRUPD�JHRPpWULFD�GR�PDWHULDO��VmR�DV�SURSULHGDGHV�PHFkQLFDV� $� FDUDFWHUL]DomR� TXtPLFD� GR� PDWHULDO� SRGH� VHU� D� LGHQWLILFDomR� TXDOLWDWLYD� H� TXDQWLWDWLYD� GRV HOHPHQWRV�H�FRPSRVWRV�TXtPLFRV�SUHVHQWHV�QD�DPRVWUD�H�GH�FDUDFWHUL]DomR�GD�PLFURHVWUXWXUD�GR PDWHULDO� 1RV�FDVRV�HP�TXH�R�PDWHULDO�D�VHU�DQDOLVDGR�VRIUH�R�DWDTXH�GH�RUJDQLVPRV�YLYRV�FRPR�IXQJRV��SRU H[HPSOR��D�DQiOLVH�SRGH�VHU�IHLWD�SRU�PHLR�GH�SURFHVVRV�ELROyJLFRV��1R�FDVR�GD�PDGHLUD�DWDFDGD SRU� IXQJRV�� XP�GRV� SURFHVVRV� GH� H[DPH�p� D� UHWLUDGD� GH� DPRVWUD� H� VXD� LQWURGXomR� HP�PHLR� GH FXOWXUD�ULFD�HP�QXWULHQWHV�>��@� $� FDUDFWHUL]DomR� GH� DPRVWUD� FROHWDGD� p� XP� GRV� FDPLQKRV� GLVSR� QtYHLV� GRV� H[DPHV FRPSOHPHQWDUHV�QHFHVViULRV�SDUD�D� IRUPXODomR�GR�GLDJQyVWLFR�GH�XP�SUREOHPD�SDWROyJLFR�FR�GH XP� SUREOHPD� SDWROyJLFR�� 2� RXWUR� FDPLQKR�� HP� ODERUDWyULR�� H� D� UHDOL]DomR� GH� HQVDLRV� TXH SURSRUFLRQHP�D�DYDOLDomR�GR�GHVHPSHQKR�GR�HGLItFLR�RX�GH�FDGD�XPD�GH�VXDV�SDUWHV� 1RV�HQVDLRV�GH�GHVHPSHQKR�UHDOL]DGRV�HP�ODERUDWyULR��SURFXUD�VH�UHSURGX]LU��GH�XP�ODGR�D�SDUWH GR� HGLItFLR� HP�HVWXGR� XWLOL]DQGR�VH�PDWHULDLV� H� FRPSRQHQWHV� VLPLODUHV� DRV� XVDGRV� QD� REUD� H� GH RXWUR��DV�FRQGLo}HV�GH�H[SRVLomR�D�TXH�HVWD�SDUWH�HVWi�VXEPHWLGD�QR�HGLItFLR� • (QVDLRV��,Q�ORFR� (VWHV�HQVDLRV��LQ� ORFR��VH�FDUDFWHUL]DP�SHOD�XWLOL]DomR�H�DSOLFDomR�GH�HTXLSDPHQWR�HVSHFtILFR�QR SUySULR�ORFDO�GD�REUD��PHGLQGR�VH�H�RX�DYDOLDQGR�VH�GHWHUPLQDGDV�FDUDFWHUtVWLFDV�GR�HGLILFLR��RX�GH XPD�GH� VXDV� SDUWHV��(VWHV� HQVDLRV� FRPSOHPHQWDUHV� UHDOL]DGRV� �LQ� ORFR�� VH� GLVWLQJXHP�GDTXHOHV TXH�SRGHP�VHU�UHDOL]DGRV�QD�YLVWRULD� LQLFLDO�EDVLFDPHQWH�SHOD�FRPSOH[LGDGH�SDUWLFXODULGDGH��H�HP DOJXQV�FDVRV�FRPR�GH��GRV�HTXLSDPHQWRV�QHFHVViULRV D�VXD�UHDOL]DomR��2XWUR�SRQWR�GH�GLVWLQomR HQWUH�RV�H[DPHV�FRPSOHPHQWDUHV��LQ�ORFR��H�D�YLVWRULD�GR�ORFDO�p�D�QHFHVVLGDGH�TXH�DOJXQV�H[DPHV FRPSOHPHQWDUHV�WrP�GH�VHU�HVSUDLDGRV�QR�WHPSR� $�WDEHOD���UHSUHVHQWD�XPD�UHODomR�GH�H[DPHV�FRPSOHPHQWDUHV�TXH�VmR�QRUPDOPHQWH�XWLOL]DGRV�QD 3DWRORJLD� GDV� &RQVWUXo}HV�� 1D� WDEHOD� �� VmR� DSUHVHQWDGRV� DOJXQV� GRV� SULQFLSDLV� H[DPHV FRPSOHPHQWDUHV�SURFXUDQGR�VH��VXFLQWDPHQWH��HVFODUHFHU�RV�SULQFtSLRV�H�FRQFHLWRV�TXH�JRYHUQDP D�VXD�DSOLFDomR� 2V� H[DPHV� FRPSOHPHQWDUHV� GH� XPD� IRUPD� JHUDO� VmR� PXLWR� ~WHLV� H� HP� DOJXQV� FDVRV� VmR LPSUHVFLQGtFHLV�� �� $LQGD� TXH� D� WHFQRORJLD� GLVSRQtYHO� SDUD� VXD� UHDOL]DomR� HVWH� Mi� HP� FRQVWDQWH HYROXomR�� QmR� SRGHP� VHU� SHQVDGRV� FRPR� XPD� IRUPD� GH� VXEVWLWXLU� D� YLVWRULD� ORFDO� UHDOL]DGD� SRU SURILVVLRQDO�FRPSHWHQWH��2V�H[DPHV�FRPSOHPHQWDUHV��TXDQGR�QHFHVViULRV��Vm�RULHQWDGRV�D�SDUWLU GD�YLVWRULD�GR�ORFDO�QR�VHQWLGR�GH�REMHWLYRV�HVSHFtILFRV�HP�UD]mR��GH�XPD�IRUPD�JHUDO�� GR�VHX�DOWR FXVWR�H�PXOWDV�YH]HV�GH�VXD�JUDQGH�GHPRUD� ��� 2� ’,$*1267,&2� ’$� 6,78$dfi2�� 2� (17(1’,0(172� &202� 5(48,6,72� 3$5$� $ ,17(59(1dfi2 �����&RQFHLWRV�EiVLFRV�SDUD�D�IRUPXODomR�GR�GLDJQyVWLFR 2� SURGXWR� HGLItFLR�� VXEPHWLGR� D� GHWHUPLQDGDV� FRQGLo}HV� GH� H[SRVLomR�� � WHQGH� D� XP� HTXLOtEULR GLQkPLFR�FRP�R�VHX�HQWRUQR��’D�LQWHUDomR�HQWUH�DV�Do}HV�H[WHUQDV�H�D�FDSDFLGDGH�GR�HGLItFLR�GH UHDJLU�p�TXH�UHVXOWD�R�GHVHPSHQKR�FRP�R�TXDO�R�HGLItFLR�FXPSUH�VXDV�IXQo}HV��1D�PHGLGD�HP�TXH VH�TXHLUD�UHVROYHU�XP�SUREOHPD�SDWROyJLFR�GR�HGLItFLR��R�HQWHQGLPHQWR� LQWHJUDO�GHVWH�SURFHVVR�GH LQWHUDomR� (� LQGLVSHQViYHO�� $� HVWH� HQWHQGLPHQWR�� TXH� H[SOLFD� FLHQWLILFDPHQWH� RV� IHQ{PHQRV RFRUULGRV�H�VHX�GHVHQYROYLPHQWR��GDPRV�R�QRPH�GH�GLDJQyVWLFR�GH�SUREOHPD�SDWROyJLFR� 2V� SUREOHPDV� SDWROyJLFRV�� QRUPDOPHQWH� VmR� SURYRFDGRV� SHOD� DomR� GH� DJHQWHV� DJUHVVLYRV�� DRV TXDLV�R�HGLItFLR�QmR�p�FDSD]�GH�VH�DGDSWDU�GH�SURQWR�QR�PRPHQWR�RSRUWXQR��5DUDPHQWH�D�DomR�Gy DJHQWH�DJUHVVLYR�WHP�YDORU�DEVROXWR��(QWUH�YiULRV�HGLItFLRV�H[SRVWRV�j�DomR�GDV�PHVPDV�FRQGLo}HV GH�H[SRVLomR��DOJXQV�SDVVDP�D�DSUHVHQWDU�SUREOHPDV�SDWROyJLFRV��H�RXWURV�QmR�H�DOpP�GLVVR��HQWUH DTXHOHV�TXH�RV�DSUHVHQWDP��XQV�DSUHVHQWDP�XP�TXDGUR�JUDYH��HQTXDQWR�TXH�RXWURV�R�DSUHVHQWDP DWHQXDGR� &DGD�HGLItFLR�SRVVXL�XPD�UHVLVWrQFLD�FDUDFWHUtVWLFD�D�DomR�GH�FDGD�XP�GRV�DJHQWHV�DJUHVVLYRV��2 HGLItFLR�SRGH�VHU�LPXQH�D�GHWHUPLQDGDV�LQWHQVLGDGHV�GH�DWXDomR�GH�GHWHUPLQDGRV�DJHQWHV�H�QmR�R VHU� SDUD� LQWHQVLGDGHV�PDLRUHV�� 3RU� RXWUR� OD� Gy�� SRGH� DFRQWHFHU� GDV� FDUDFWHUtVWLFDV� GRV� HGLItFLRV IDYRUHFHP�D�DomR�GH�XP�DJHQWH�DJUHVVLYR��’HQRPLQD�VH�SUHGLVSRVLomR�L�HVSHFLDO�WHQGrQFLD�GH�XP HGLILFLR� L� VRIUHU� XPD� TXHGD� GH� GHVHPSHQKR� VRE� D� DomR� GH� GHWHUPLQDGRV� DJHQWHV� DJUHVVLYRV�� $ SUHGLVSRVLomR�GR�HGLItFLR��RX�GH�XPD�GH�VXDV�SDUWHV��SDUD�DSUHVHQWDU�SUREOHPDV�SDWROyJLFRV�SRGH VHU� RULJLQDGD� GXUDQWH� D� IDVH� GH� FRQVWUXomR� RX� VHU� DGTXLULGD� QD� IDVH�GH� XVR�� (QWUH� HVWHV� GRLV H[WUHPRV��LPXQLGDGH� H� SUHGLVSRVLomR��� RV� HGLItFLRV� SRGHP� DSUHVHQWDU� WRGD� D� JDPD� GH FDUDFWHUtVWLFDV�LQWHUPHGLiULDV�HP�UHODomR�D�FDGD�XP�GRV�DJHQWHV�DJUHVVLYRV�LQGLFDGRV�QD�WDEHOD��� $�DWXDomR�GH�DJHQWHV�DJUHVVLYRV�FRP�LQWHQVLGDGH�PDLRU�TXH�D�UHVLVWrQFLD�GR�HGLItFLR�RX�VXD�SDUWH� FDXVD�R�SUREOHPD�SDWROyJLFR�1D�PHGLGD�HP�TXH�WRGRV�HGLItFLRV�WrP�FDUDFWHUtVWLFDV�FRPSOH[DV�H�QR FDVR� JHUDO� QmR� HVWLR� VXMHLWRV� j� DWXDomR� GH� VRPHQWH� XP� DJHQWH� DJUHVVLYR� PDV� VLP� GH� XP FRQMXQWR�GH� DJHQWHV� DJUHVVLYRV�� QRUPDO�PHQWH� XP�SUREOHPD�SDWROyJLFR� HVWi� OLJDGR� D� XP� TXDGUR JHUDO�GH�FDXVDV��H�QmR�D�XPD�FDXVD�~QLFD��3DUD�FDGD�FDVR��SRGHPRV�FODVVLILFi�ODV�HP� • FDXVDV�HILFLHQWHV�RX�RSHUDQWHV • FDXVDV�FRDGMXYDQWHV�RX�SUHGLVSRQHQWHV� $V�FDXVDV�HILFLHQWHV�VmR�DV�FDXVDV�SULQFLSDLV��DV�UHVSRQViYHLV�DSHQDV�SHOR�SUREOHPD�QRUPDOPHQWH SURYRFDQGR�DOWHUDomR�QRV�PDWHULDLV�H�FRPSRQHQWHV��*HUDOPHQWH�HVWmR�OLJDGDV�j�DomR�GH�DJHQWHV ItVLFRV�H�ELROyJLFRV��$V�FDXVDV�SUHGLVSRQHQWHV�SRGHP�HVWDU�UHODFLRQDGDV�FRP�D� LGDGH�GR�HGLItFLR� FRP�D�IDOWD�GH�FRQVHUYDomR�H�OLPSH]D�H�DVVLP�SRU�GLDQWH� 1R�TXH�GL]�UHVSHLWR�j�H[WHQVmR�GRV�SUREOHPDV�QR�HGLItFLR��GHYHP�VHU�GLIHUHQFLDGRV�RV�SUREOHPDV JHUDLV�GRV� ORFDLV��2V�SUREOHPDV� ORFDLV�DIHWDP�XPD�SDUWH� OLPLWDGD� GR� HGLItFLR� HQTXDQWR� RV� JHUDLV DIHWDP� R� HGLItFLR� FRPR� XP� WRGR�� $LQGD� TXH� RUJLQDULDPHQWH� XP� SUREOHPD� SRVVD� DIHWDU� R� HGLItFLR ORFDOL]DGDPHQWH��PXLWDV� YH]HV� RXWURV�PDWHULDLV� H� FRPSRQHQWHV� DFDEDP� SRU� VHU� DIHWDGRV�� (VWDV PDQLIHVWDo}HV�VHFXQGiULDV�TXH�FRQVWLWXHP�RV� SUREOHPDV�SDWROyJLFRV� GH� VHJXQGD�RUGHP�SRGHP� SRU�VXD�YH]��GDU�OXJDU�D�PDQLIHVWDo}HV�GH�WHUFHLUD�RUGHP�H�DVVLP�SRU�GLDQWH��GH PRGR�D�FRPSOLFDU FDGD�YH]�PDLV�R�TXDGUR�JHUDO��2�SURFHVVR�GHVWH�GHVHQYROYLPHQWR�GR�SUREOHPD�SDWROyJLFR�SRGH�VH GDU�OHQWDPHQWH��GH�IRUPD�FU{QLFD��RX�SRGH�VHU�UiSLGR�DWLQJLQGR�PDQLIHVWDo}HV�LQWHQVDV�HP�SRXFR WHPSR� 2V� SUREOHPDV� SDWROyJLFRV� VmR� SRUWDQWR�� SURFHVVRV� GLQkPLFRV�� 1XPD� IDVH� GR� SURFHVVR�� DV PDQLIHVWDo}HV� SDWROyJLFDV� SRGHP� DSUHVHQWDU� XP� DVSHFWR� FRPSOHWDPHQWH� GLIHUHQWH� GR� TXH� VH REVHUYDYD�HP�IDVH�DQWHULRU��HVWDQGR�HP�FRQVWDQWH�HYROXomR��R�TXDGUR�JHUDO��(P�FRQVHTXrQFLD��R SURFHVVR� GH� GLDJQyVWLFR� GHYH� VHU� GLQkPLFR� WHQGR�TXH� DOFDQoDU� R� HQWHQGLPHQWR� GH� WRGR� R GHVHQYROYLPHQWR�GR�SUREOHPD�SDWROyJLFR�H�QmR�VLPSOHVPHQWH�GD�VLWXDomR�LQVWDQWkQHD� �����2�SURFHVVR�GR�GLDJQyVWLFR� 2� GLDJQyVWLFR� WHQGR� FRPR� REMHWLYR� ILQDO� R� HQWHQGLPHQWR� GH� XP� TXDGUR� JHUDO� GH� IHQ{PHQRV� H PDQLIHVWDo}HV�GLQkPLFDV�� � SUHVVXS}H�XP�SURFHVVR� FRPSOH[R� H� LQWULQFDGR� GH� HODERUDomR�PHQWDO� (VWH� SURFHVVR� GH� HQWHQGLPHQWR� GD� VLWXDomR� H� GH� HODERUDomR� PHQWDO� VH� LQLFLD�� FRQIRUPH 5HQRQG�6DOLV� >��@�� DVVLP� TXH� R� SUREOHPD� SDWROyJLFR� FRPHoD� D� VHU� HVWXGDGR�� �� SURFHVVR� GR GLDJQyVWLFR�QmR�VH�LQLFLD�VRPHQWH�DSyV�OHYDQWDGR�R�TXDGUR�VLQWRPDWROyJLFR� 2� OHYDQWDPHQWR� GD� KLVWyULD� GR� HGLItFLR� H� GD� SDWRORJLD�� RV� H[DPHV� H� HQVDLRV� GH� FDPSR� H� HP ODERUDWyULR� VmR� IHLWRV� QmR� QR� VHQWLGR� GH� VLPSOHVPHQWH� OHYDQWDU� IDWRV� VHTXHQFLDGRV FURQRORJLFDPHQWH�RX�TXDQWLILFDU�VLQWRPDV�L�VRODGDPHQWH��&DGD�VXEVtGLR�REWLGR�QD�YLVWRULD�GR�ORFDO� QD� DQDPQHVH� RX� QRV� H[DPHV�� FRPSOHPHQWDUHV� GHYH� VHU� ,QWHUSUHWDGR� QR� VHQWLGR� GH� FRPSRU SURJUHVVLYDPHQWH�XP�TXDGUR�GH�HQWHQGLPHQWR�GH�FRPR�WUDEDOKD�R�HGLItFLR��FRPR�UHDJH�j�DomR�GRV DJHQWHV� DJUHVVLYRV�� SRUTXH� VXUJLX� H� FRPR� VH� GHVHQYROYHX� R� SUREOHPD� SDWROyJLFR� H� DVVLP� SRU GLDQWH��&DGD� UHVXOWDGR�GD� IDVH�GH� OHYDQWDPHQWR�GH�68%6¸’,26�Vy� WHP�VHQWLGR� VH� FRUUHWDPHQWH LQWHUSUHWDGR� H� LQVHULGR� QXP� TXDGUR� JHUDO� GH� HQWHQGLPHQWR�� (VWD� LQWHUSUHWDomR� GH� FDGD� VXEVtGLR REWLGR�H�D�FRUUHVSRQGHQWH�KLSyWHVH�GH�DYDOLDomR�GD�VLWXDomR�RULHQWD�D�SURFXUD�GH�QRYRV�GDGRV��R TXH� FDUDFWHUL]D� D� LQWHUDomR� LQFOXVLYH� WHPSRUDO� HQWUH� D� IDVH� GH� OHYDQWDPHQWR� GH� VXEVtGLRV� H� R SURFHVVR�GR�GLDJQyVWLFR� 6LPSOLILFDGDPHQWH��R�SURFHVVR�GH�HQWHQGLPHQWR�GH�XP�SUREOHPD�SDWROyJLFR�SRGH�VHU�GHVFULWR�FRPR R�GH�JHUDomR�GH�KLSyWHVHV�RX�PRGHORV�H�R�VHX�UHVSHFWLYR� WHVWH��(P�RXWUDV�SDODYUDV� ��D�SDUWLU�GH GHWHUPLQDGRV�GDGRV�IXQGDPHQWDLV��R�WpFQLFR�HODERUD�KLSyWHVHV�GH�DYDOLDomR�GD�VLWXDomR�H�FRPSDUD HVWHV�PRGHORV�DR�TXDGUR�VLQWRPDWROyJLFR�JHUDO�H�DR�FRQKHFLPHQWR�TXH� WHP�GD�3DWRORJLD��3DUD�D HODERUDomR�GDV�KLSyWHVHV�H�R�VHX� WHVWH��HP�FDGD�SDVVR�GD� IDVH� OHYDQWDPHQWR�GH�VXEVtGLRV�H�GR GLDJQyVWLFR�p�IHLWD�XPD�DQiOLVH�H�VtQWHVH�GR�TXDGUR�LQVWDQWkQHR�LQIRUPDo}HV�H�KLSyWHVHV��$�DQiOLVH �GHFRPSRVLomR�GR�TXDGUR�H�HVWXGR�LVRODGR�GRV�VLQWRPDV���H�D�VtQWHVH��HQWHQGLPHQWR�GD�LQWHUDomR HQWUH�RV�VLQWRPDV�H�GR�TXDGUR�GH�VLQWRPDV�FRP�R�HGLItFLR��SRGHP�VHU�UHDOL]DGDV�FRQVFLHQWHPHQWH� FRP� YDJDU�� RX� LQVWDQWDQHDPHQWH�� PRELOL]DQGR� UHSHQWLQD� H� DXWRPDWLFDPHQWH� LQIRUPDo}HV DFXPXODGDV�SHOR�WpFQLFR�DR�ORQJR�GR�WHPSR�QXP�SURFHVVR�VXEOLPLQDU���QR�TXDO�D�FRQVFLrQFLD�QmR VH�Gi�FRQWD� 2� SURFHVVR� GR� GLDJQyVWLFR� FRQVWLWXL� D� FRQWtQXD� UHGXomR� GD� LQFHUWH]D� LQLFLDO� SHOR� SURJUHVVLYR OHYDQWDPHQWR�GH�GDGRV��(VWD�SURJUHVVLYD�UHGXomR�GD� LQFHUWH]D�p�DFRPSDQKDGD�SRU�XPD�UHGXomR SDUDOHOD� GR� Q~PHUR� GH� SRVVtYHLV��PRGHORV� �RX� KLSyWHVHV��� DWp� TXH� VH� FKHJXH� D� XPD� FRUUHODomR VDWLVIDWyULD� HQWUH� R� SUREOHPD� REVHUYDGR� H� XP� PRGHOR� GHVWH� SUREOHPD� �R� GLDJQyVWLFR��� 1HVWH HVWiJLR��D�UHSUHVHQWDomR�GR�SUREOHPD�QmR�SRGH�PDLV�VHU�HQULTXHFLGD��’HQWUR�GHVWD�YLVmR�DPSOD�GR SURFHVVR� GR� GLDJQyVWLFR� � D� IDVH� GH� OHYDQWDPHQWR� GH� VXEVtGLRV� p� LQWHUURPSLGD� TXDQGR� R� WpFQLFR DYDOLD�TXH�D�,QYHVWLJDomR�DGLFLRQDO�WHP�SRXFD�RX�QHQKXPD�SUREDELOLGDGH�GH�DOWHUDU�R�GLDJQyVWLFR� QmR�MXVWLILFDQGR�VHX�FXVWR� 1RV� FDVRV� PDLV� VLPSOHV�� GH� GLDJQyVWLFR�� HYLGHQWH�� D� HODERUDomR� PHQWDO� SRGH� VHU� DPSODPHQWH VLPSOLILFDGD�SHOD�XWLOL]DomR�GH�HVTXHPDV�GH�GLDJQyVWLFR��1HVWHV�HVTXHPDV��DWUDYpV�GR�TXDGUR�GH VLQWRPDV�� VmR� OHYDQWDGDV� DV� FDXVDV� D� RULJHQV� H� DV� SRVVLELOLGDGHV� GH� UHSDUDomR� GRV� SUREOHPDV SDWROyJLFRV��2�HVTXHPD�GLDJQyVWLFR�LGHDO�GHYH�DWHQGHU�DRV�VHJXLQWHV�UHTXLVLWRV� • &DGD�TXDGUR�GH�VLQWRPDV�Vy�SRGH�VHU�FODVVLILFDGR�QXP�OXJDU� • 4XDOTXHU�TXDGUR�GH�VLQWRPDV�HQFRQWUD�XP�OXJDU� • 2EVHUYDGRUHV�GLIHUHQWHV�VHPSUH�FRQFOXHP�SHOD�PHVPD�FODVVLILFDomR� 2FRUUH��QR�HQWDQWR��TXH�HPERUD�VHMDP�FRQKHFLGRV�FHUWRV��IHQ{PHQRV��UHODo}HV�FDXVDLV�FRQH[}HV VLJQLILFDWLYDV��QmR�SRGHPRV�DOPHMDU�FODVVLILFDU�WRGRV�RV�SUREOHPDV�SDWROyJLFRV�WmR�ULJRURVDPHQWH��$ WHQWDWLYD� GH� HVTXHPDWL]DomR� QmR�VH�GHIURQWD� VRPHQWH� FRP�XP�GHILFLHQWH� JUDX� GH� FRQKHFLPHQWR WpFQLFR�H�FLHQWtILFR��0XL�WDV�YH]HV�SUREOHPDV�SDWROyJLFRV��GLIHUHQWHV�RFRUUHP�GH�IRUPD�FRPELQDGD RX� DSUHVHQWDP� PDQLIHVWDo}HV� VHPHOKDQWHV�� GLILFXOWDQGR�� RX� LPSRVVLELOLWDQGR�� D� XWLOL]DomR� GH HVTXHPDV�GH�GLDJQyVWLFR� &RQILUPDQGR�DV�GLILFXOGDGHV�HQXPHUDGDV��H[LVWHP� FDVRV� HP�TXH�PHVPR�HVJRWDQGR�VH� WRGDV� DV IRQWHV� SDUD� R� OHYDQWDPHQWR� GH� GDGRV�� QmR� VH� FRQVHJXH� HODERUDU� R� GLDJQyVWLFR� 1HVWHV� FDVRV� FUDTXH�VXEVLVWHP�DOJXPDV�KLSyWHVHV�SRVVtYHLV��R�GLDJQyVWLFR�GHILQLWLYR�SRGH�VHU�HODERUDGR�D�SDUWLU GDV�UHVSRVWDV�GR�HGLItFLR�D�DOJXP�WLSR�GH�LQWHUYHQomR�GHFLGLGR�HP�IXQomR�GH�XP�GLDJQyVWLFR��DLQGD SURYLVyULR� 2� SULPHLUR� FRQWH[WR� FLWDGR�� RQGH� SRGHP� VHU� XWLOL]DGR� HVTXHPDV� GH� GLDJQyVWLFR�� GH� FHUWH]D�� RV IHQ{PHQRV�VmR�DPSODPHQWH�FRQKHFLGRV�H�D�RWLPL]DomR�GRV�UHVXOWDGRV�p�XPD�VLPSOHV�TXHVWmR�GH DSOLFDomR�GRV�FRQKHFLPHQWRV��2�VHJXQGR�FRQWH[WR��RQGH�VH�ODQoD�PmR�GRV�WHVWHV�GH�LQWHUYHQomR� H� R� GD� LQFHUWH]D� SRLV�� DSHVDU� GH� XWLOL]DGDV� WRGDV� DV� WpFQLFDV� GH� OHYDQWDPHQWR� GH� VXEVtGLRV� SHUPDQHFH�D�G~YLGD� (QWUH� GRLV� H[WUHPRV� SRGH� VHU� HQFRQWUDGD� XPD� HQRUPH� JDPD� GH� FDVRV� FRP� YDULDGRV� JUDXV� GH FHUWH]D� QD� IRUPXODomR� GR� GLDJQyVWLFR�� ,VWR� QRV� OHYD� D� DVVRFLDU� D� FDGD� GLDJQyVWLFR� IRUPXODGR� D QRomR�GH�TXH�H[LVWH�XPD�SUREDELOLGDGH�GH�VXD�FRUUHomR�RX��HP�RXWUDV�SDODYUDV��D�QRomR�GH�TXH WRGR�GLDJQyVWLFR��HQYROYH�XP�ULVFR�GH�LQFRUUHomR� $�SDUWLU�GHVWD�FRQVWDWDomR���R�REMHWLYR�ILQDO�GR�SURFHVVR�GHL[D�GH�VHU�HQWHQGLGR�FRPR�D�FHUWH]D�GRGLDJQyVWLFR�PDV�VLP�XP�GLDJQyVWLFR�PXLWR�SURYiYHO� ���$�’(),1,dfi2�’$�&21’87$�$�6(5�6(*8,’$ �����$V�KLSyWHVHV�GH�HYROXomR�IXWXUD�H�DV�DOWHUQDWLYDV�GH�LQWHUYHQomR (VWDEHOHFLGR�R�GLDJQyVWLFR�GR�SUREOHPD�SDWROyJLFR��R�WpFQLFR�HVWD�GH�SRVVH�GR�FRQKHFLPHQWR�JHUDO GR�SURFHVVR�H��SRUWDQWR��GHYH�SUHSDUDU�VXD�LQWHUYHQomR� $QWHV� GD� GHILQLomR� GD� FRQGXWD� SURSULDPHQWH� GLWD� D� VHU� WRPDGD�� D� SDUWLU� GR� GLDJQyVWLFR�� VmR OHYDQWDGDV�DV�KLSyWHVHV�GH�HYROXomR� IXWXUD�GR�SUREOHPD��$�HVVH�FRQMXQWR�GH�KLSyWHVHV�GDPRV�R QRPH� GH� SURJQyVWLFR�� $WUDYpV� GR� SURJQyVWLFR� QmR� VH� SUHWHQGH� FKHJDU� D� XPD� ~QLFD� SUHYLVmR� GR IXWXUR� PDV� VLP� LV� DOWHUQDWLYDV� SRVVtYHLV� GH� GHVHQYROYLPHQWR� GR� SUREOHPD�� 3HUFHEH�VH� TXH� p LPSRVVtYHO� SUHYHU� IHQ{PHQRV� TXH� DLQGD� HVWLR� SRU� RFRUUHU� VHP� WHU� FODUR� TXH� HVWD� VH� WUDWDQGR� GH SRVVLELOLGDGHV�H�QmR�GH�FHUWH]DV� (QTXDQWR�R�GLDJQyVWLFR�p�XPD�DWLYLGDGH�XQLWHPSRUDO�GH�DYDOLDomR�GH�XPD�VLWXDomR�YHULILFDGD�HP GHWHUPLQDGR�LQVWDQWH�GR�SURFHVVR��R�SURJQyVWLFR�p�PXOWLWHPSRUDO��GHYHQGR�R�WpFQLFR�YDWLFLQDU��FRP EDVH�HP�GHWHUPLQDGR�SDUkPHWURV��D�HYROXomR�GR�FDVR�DR�ORQJR�GR�WHPSR� 2� SURJQyVWLFR� p� EDVHDGR� HP� GDGRV� IRUQHFLGRV� SHOR� WLSR� GH� SUREOHPD�� SHOR� VHX� HVWiJLR� GH GHVHQYROYLPHQWR��SHODV�FDUDFWHUtVWLFDV�JHUDLV�GR�HGLILFLR�H�SHODV�FRQGLo}HV�GH�H[SRVLomR�D�TXH�HVWi VXEPHWLGR�� (QWUDP� HP� FRQVLGHUDomR�� SRUWDQWR�� R� TXDGUR� GH� HYROXomR� QDWXUDO� GR� SUREOHPD�� DV FLUFXQVWkQFLDV� HP� TXH� HOH� SRUYHQWXUD� VH� DSUHVHQWH� R� WHUUHQR� VREUH� R� TXDO� VH� GHVHQYROYH� H� RV FXLGDGRV�H�FRQGLo}HV�TXH�URGHLDP�R�HGLItFLR� $� HODERUDomR� PHQWDO� TXH� FRQGX]� j� IRUPXODomR� GR� SURJQyVWLFR� SUHVVXS}H� D� VLQWHWL]DomR� GRV SDUkPHWURV� FLWDGRV� GHQWUR� GH� XP� TXDGUR� JHUDO�� D� FRPSDUDomR� GHVWH� TXDGUR� FRP� FDVRV VHPHOKDQWHV� SHUPLWH� GHOLPLWDU� R� FDPSR� GRV� SRVVtYHLV� FXUVRV� GR� SUREOHPD� SDWROyJLFR�� (VWD FRPSDUDomR� H� RV� FRQKHFLPHQWRV� TXH� R� WpFQLFR� SRVVXL� GD� IHQRPHQRORJLD� GRV� SUREOHPDV SDWROyJLFRV�� VHXV� SURFHVVRV� ItVLFRV� H� TXtPLFRV� GH� HYROXomR�� � SRGHP� SHUPLWLU� D� LQIHULomR� GR� VHX GHVHQYROYLPHQWR�HP�IXQomR�GDV�YDULiYHLV�GLQkPLFDV�LQWHUYHQLHQWHV� 2� LQWHUHVVH�SHOD�SUHYLVmR�GR�GHVHQYROYLPHQWR�GRV�D�SUREOHPDV�SDWROyJLFRV�H[LVWH�SDUD�RV�FDVRV VLPSOHV��GH�GLDJQyVWLFR�H� UHSDUR�HYLGHQWHV��PDV�HVWH� LQWHUHVVH�(�DLQGD�PDLRU�SDUD�RV�SUREOHPDV PDLV� FRPSOH[RV�� FRP� HVSHFLDO� rQIDVH� SDUD� DTXHOHV� FXMD�� SRVVLELOLGDGH� GH� UHVROXomR� FRPSOHWD� H UHPRWD�� $� DYDOLDomR� GR� IXWXUR� GHVHQYROYLPHQWR� GR� SUREOHPD� SDWROyJLFR� TXDQGR� FRUUHWDPHQWH H[HFXWDGD��SRGH�JUDGXDU�D�SRVVLELOLGDGH�TXH�VH�DOFDQFH�R�REMHWLYR� LQLFLDO�GR�SURFHVVR��TXH�SRGH VHU�VLPSOHV�FRPR�p�HYHQWXDOPHQWH�R�GHVDSDUHFLPHQWR�GH�XP�VLQWRPD��RX�PDLV�FRPSOH[R�FRPR�p�D UHHVWUXWXUDomR� UDGLFDO� GR� PRGR� FRPR� WUDEDOKD� R� HGLILFLR�� ([LVWHP� FDVRV�� GHSHQGHQGR� GDV FDUDFWHUtVWLFDV�GR�HGLItFLR��GR�WLSR�GH�SUREOHPD�H�GR�VHX�HVWiJLR GH� HYROXomR�� TXH� SRGHP� H[LJLU� D UHIRUPXODomR�GR�REMHWLYR�LQLFLDO�QR�VHQWLGR�GH�TXH�R�SUREOHPD�VLPSOHVPHQWH�WHQKD�VXD�SURJUHVVmR FRQWURODGD��(P�DOJXQV�FDVRV��H�FRQIRUPH�R�SURJQyVWLFR�R�TXH�VH�SRGH�DOPHMDU�p�TXH�D�VLWXDomR�QmR SLRUH� ([LVWHP�SUREOHPDV�SDWROyJLFRV��SRU�RXWUR� ODGR��TXH�SUDWLFDPHQWH�QmR�SHUPLWHP�TXDO�TXHU� WLSR�GH LQWHUYHQomR��FRQGX]LQGR�R�HGLILFLR�QXP�PDLRU�RX�PHQRU�SUD]R�QR�VHQWLGR�GR� ILP�GH�VXD�YLGD�~WLO� 1HVWHV� FDVRV�� GH� SURJQyVWLFR� SHVVLPLVWD� TXDQWR� j� HYROXomR� GH� SUREOHPD�� XPD� GLVWLQomR WHUPLQROyJLFD� GHYH� VHU� IHLWD� TXDQWR� D� H[SUHVVmR� �SURJQyVWLFR� UXLP��� 0XOWDV� YH]HV� p� XWLOL]DGD� D H[SUHVVmR��SURJQyVWLFR�UXLP��TXDQGR�XPD�HYROXomR�GHVIDYRUiYHO�p�SUHYLVWD��1HVWHV�FDVRV���VH�IRU LQHYLWiYHO�D�SHUGD�GR�HGLILFLR��R�SURJQyVWLFR�HVWDYD�FRUUHWR��H�SRUWDQWR�VHJXQGR��&KDVWDQJ�>��@��HUD ERP� H� QmR� �UXLP��� $LQGD� VHJXQGR� &KDVWDQJ�� VHU� HYLWDGD� D� FRQIXVmR� HQWUH� R� DWR� GH� SUHYHU� H� R UHVXOWDGR�GD�SUHYLVmR� )RUPXODGR�R�GLDJQyVWLFR�FR�H�R�SURJQyVWLFR�GH�XP�GDGR�SUREOHPD��SDVVD�VH�j�IDVH�GH�HODERUDomR GDV�DOWHUQDWLYDV�GH�LQWHUYHQomR�SRVVtYHLV� 1D�IDVH�GH�OHYDQWDPHQWR�GH�VXEVtGLRV�p�D�WpFQLFD�GH�REVHUYDomR�H�XWLOL]DomR�GRV�LQVWUXPHQWRV�TXH FRQGLFLRQD�D�HILFLrQFLD��3DUD�R�GLDJQyVWLFR�p�D�VHQVLELOLGDGH�SDUD�D�LQWHUSUHWDomR�H�D�FDSDFLGDGH�GH DQiOLVH� H� HQWHQGLPHQWR� GRV� IHQ{PHQRV� TXH� VmR� LPSUHVFLQGtYHLV�� $� IDVH� GH� OHYDQWDPHQWR� GDV DOWHUQDWLYDV� GH� LQWHUYHQomR� SRVVtYHLV� H[LJH� GR� WpFQLFR�� DOpP� GR� FRQKHFLPHQWR� GD� WHFQRORJLD� GH LQWHUYHQomR�GLVSRQtYHO�QtYHO��XPD�JUDQGH�SDUFHOD�GH�FULDWLYLGDGH��e�DWUDYpV�GHVWD�FULDWLYLGDGH�TXH�p WpFQLFR��D�SDUWLU�GH�GHWHUPLQDGRV�SDUkPHWURV�H�D�SDUWLU�GR�VHX�FRQKHFLPHQWR�� LPDJLQD�H�IRUPDOL]D DOWHUQDWLYDV�GH�FRQGXWD�RX��PDLV�SDUWLFXODUPHQWH��GH�LQWHUYHQomR�TXH�VmR�SRVWHULRUPHQWH�MXOJDGDV�H KLHUDUTXL]DGDV� �����$�GHFLVmR�GR�TXH�ID]HU ,QLFLDOPHQWH�� SDUD� TXH� SDVVD� KDYHU� XPD� GHFLVmR� GHYH� H[LVWLU� XP� DOYR�� RX� VHMD�� XPD� VLWXDomR GHVHMiYHO�HP�UHODomR�D�TXDO�R�SUREOHPD�H�VXD�H[WHQVmR�p�GHILQLGR��1R�GLDJQyVWLFR�GD�VLWXDomR�p HVWDEHOHFLGD� D� GLIHUHQoD� HQWUH� D� VLWXDomR� REVHUYDGD� H� D� VLWXDomR� GHVHMDGD�� D� GLIHUHQoD� HQWUH� R GHVHPSHQKR� UHDO� H� R� UHTXHULGR�� HP� VXPD�� HQWUH� XP� REMHWR� H� R� VHX� PRGHOR�� 1R� GLDJQyVWLFR� LGHQWLILFD�VH� R� GHVYLR�� HP� VHJXL� GD� OHYDQWDP�VH� DV� DOWHUQDWLYDV� GH� LQWHUYHQomR� SRVVtYHLV� H� ILQDOPHQWH��GHQWUH�DV�Do}HV�SRVVtYHLV�p�HVFROKLGD�DTXHOD�PDLV�DGHTXDGD�SDUD�UHGX]LU�RX�HOLPLQDU�R GHVYLR�SHUFHELGR� 2� GLDJQyVWLFR� GD� VLWXDomR� p� JXLDGR� HVVHQFLDOPHQWH� SHOR� GHVHPSHQKR� UHTXHULGR�� SHOR� PRGHOR HVWLSXODGR��$�IDVH�GH�GHILQLomR�GD�FRQGXWD��QR�HQWDQWR��WHP�FRQGLFLRQDQWHV�PDLV�DPSORV��VHQGR�R GHVHPSHQKR�LGHDO�UHTXHULGR�DSHQDV�XP�QRUWH�JHQpULFR��1D�IDVH�GH�DYDOLDomR�H�HVFROKD��DV�Do}HV LPDJLQDGDV� VmR� KLHUDUTXL]DGDV� SHOR� MXOJDPHQWR� GH� VXDV� SRVVtYHLV� FRQVHTrQFLDV�� $� HVFROKD UDFLRQDO�UHFDL�QD�DomR�RX�QD�VHULH�GH�Do}HV�TXH��HP�YLVWD�GD� LQFHUWH]D�H�GRV�ULVFRV�SUHHQFKD�GD PHOKRU� IRUPD� RV� FULWpULRV� HVWDEHOHFLGRV�� $� GHFLVmR� ILQDO� p� JXLDGD� SHOD� SURFXUD� GR� PHOKRU GHVHPSHQKR� SRVVtYHO�� GHQWUR� GR� PHQRU� FXVWR� DOFDQoiYHO�� 5HVXPLQGR�� D� GHFLVmR� p� EDVHDGD� QD UHODomR�FXVWR�EHQHItFLR�GH�FDGD�XPD�GDV�DOWHUQDWLYDV��REHGHFHQGR�XP�GHVHPSHQKR� ILQDO�PtQLPR UHTXHULGR�� (VWDEHOHFHU� XP� GHVHPSHQKR� PtQLPR� DFHLWiYHO� VLJQLILFD� TXH�� QR� FDVR� GH� QHQKXPD VROXomR�VDWLVIDWyULD�VHU�HQFRQWUDGD�� �D�GHFLVmR�Sy�GH�VHU�D�GH� UHWRUQDU�j� IDVH�GH�GLDJQyVWLFR��QD EXVFD�GH�VROXo}HV�PHOKRUHV� $� GHILQLomR� GD� FRQGXWD� HQYROYH�� GD� PHVPD� IRUPD� TXH� R� GLDJQyVWLFR�� XP� SURFHVVR� ULFR� GH HODERUDomR� PHQWDO� TXH� FXOPLQD� QXPD� GHFLVmR� TXH� WHP� DVVRFLDGD�� QHFHVVDULDPHQWH�� DOJXPD LQFHUWH]D�VREUH�RV�HIHLWRV� GD� DomR� HVFROKLGD��$� HVVrQFLD� GH� XPD�GHFLVmR� p� D� GH� TXH� p� WRPDGD GHQWUR� GH� XP� XQLYHUVR� SUREDELOtVWLFR� H�� SRUWDQWR�� HQ� YROYH� XP� ULVFR� UHODWLYR� j� LQFHUWH]D�� (VWD LQFHUWH]D� SRGH� VHU� GHELWDGD� DR� SUySULR� DWR� GH� HODERUDomR� PHQWDO� H� WDPEpP� DR� JUDX� GH FRQKHFLPHQWR�H�FHUWH]D�TXH�HVWD�DVVRFLDGD�D�FDGD��DOWHUQDWLYD�HP�WHUPRV�GRV�VHXV�HIHLWRV� $�GHILQLomR�GD�FRQGXWD�p�IHLWD�OHYDQGR�VH�HP�FRQWD�WUrV�SDUkPHWURV�EiVLFRV�TXH�VmR�DVVRFLDGRV�D FDGD�DOWHUQDWLYD�GH�LQWHUYHQomR� • *UDX�GH�LQFHUWH]D�VREUH�RV�HIHLWRV� • 5HODomR�FXVWR�EHQHItFLR� • ’LVSRQLELOLGDGH�GH�WHFQRORJLD�SDUD�H[HFXomR�GRV�VHUYLoRV� • *UDX�GH�LQFHUWH]D�VREUH�RV�HIHLWRV 7RGD�DOWHUQDWLYD� WHP�DVVRFLDGR�XP�JUDX�GH� LQFHUWH]D�TXDQWR�D� VHXV�HIHLWRV��&RQVHTHQWHPHQWH� SRGHPRV�DVVRFLDU�D�FDVD�XPD�GDV�SRVVtYHLV�LQWHUYHQo}HV�XPD�SUREDELOLGDGH�TXDQWR�D�HILFLrQFLD�GR UHVXOWDGR�� (VWD� SUREDELOLGDGH� HVWi� GLUHWDPHQWH� UHODFLRQDGD� FRP� D� LQFHUWH]D� GH� FRUUHomR� GR GLDJQyVWLFR� H� FRP� D� HILFLrQFLD� GHPRQVWUDGD� SHOR� WLSR� HVSHFLILFR� GH� LQWHUYHQomR� HP� FDVRV VHPHOKDQWHV� &DEH� UHVVDOWDU��SRUWDQWR�� D� LPSRUWkQFLD�GD� UHWURDOLPHQWDomR�GR�VLVWHPD�D�SDUWLU� GD�GLYXOJDomR�GH FDVRV� UHDLV�� TXH� VHUi� DQDOLVDGD� QR� LWHP� ��� QR� VHQWLGR� GH� SURSLFLDU� XPD� EDVH� PDLV� VHJXUD� GH GHFLVmR�SHOD�FRQGXWD�PDLV�DGHTXDGD�HP�FDGD�QRYD�VLWXDomR�• ��5HODomR�FXVWR�EHQHItFLR 2� HVWXGR� GRV� FXVWRV� GDV� DOWHUQDWLYDV� GH� LQWHUYHQomR� SDUWH� GH� XPD� FRQVWDWDomR� LPSRUWDQWH� 4XDOTXHU�TXH�VHMD�D�RULJHP�RX�D�QDWXUH]D�GR�SUREOHPD�SDWROyJLFR��R�FXVWR�GD�WDUHID�GH�UHVROYHU�R SUREOHPD��VRPDGR�DR�FXVWR�GD�FRQVWUXomR� IDOKD�RULJLQDO�p�VHPSUH�PDLRU�GR�TXH�VHULD�R�FXVWR�GH XPD�FRQVWUXomR�TXH�WLYHVVH�XP�GHVHPSHQKR�VDWLVIDWyULR� $V� DOWHUQDWLYDV� GH� LQWHUYHQomR� GHYHP� VHU� FRPSDUDGDV� WDQWR� HP� WHUPRV� GRV� FXVWRV� HQYROYLGRV� FRPR�HP�WHUPRV�GR�GHVHPSHQKR�GR�HGLILFLR�DR�ORQJR�GR�WHPSR�TXH�FDGD�DOWHUQDWLYD�SURSLFLD��(P RXWUDV�SDODYUDV��p�QHFHVViULR�R�FRQIURQWR�GRV�EHQHItFLRV�TXH�SRVVDP�VHU�DXIHULGRV�WDQWR�HP�WHUPRV LQVWDQWkQHRV�FRPR�QR�GHFRUUHU�GR�UHVWDQWH�GD�YLGD�~WLO�GR�HGLItFLR� • ’LVSRQLELOLGDGH�GH�WHFQRORJLD�SDUD�H[HFXomR�GRV�VHUYLoRV (VWLPDGR� R� JUDX� GH� LQFHUWH]D� H� D� UHODomR� FXVWR�EHQHItFLR� GH� FDGD� XPD� GDV� DOWHUQDWLYDV� GH LQWHUYHQomR��p�QHFHVViULR�R� OHYDQWDPHQWR�GRV� UHFXUVRV� WHFQROyJLFRV�HQYROYLGRV�QD�H[HFXomR�GRV VHUYLoRV� SURSRVWRV� HP� FDGD� XPD� GDV� DOWHUQDWLYDV�� 6mR� HQJOREDGRV� QR� FRQFHLWR� GH� UHFXUVRV WHFQROyJLFRV���D�WpFQLFD�UHTXHULGD�GRV�UHVSRQViYHLV�SHOD�H[HFXomR�H�RV�PDWHULDLV�H�HTXLSDPHQWRV QHFHVViULRV� 7RGDV�DV�GLILFXOGDGHV�SDUD�D�FRUUHWD�H[HFXomR�GDV�REUDV�GH�HQJHQKDULD�WDPEpP�VmR�YiOLGDV�SDUD RV� VHUYLoRV� QHFHVViULRV� j� UHVROXomR� GH� XP� SUREOHPD� 3DWROyJLFR�� FRP� R� DJUDYDQWH� GH� TXH� D RFRUUrQFLD�GH�IDOKDV�QD�H[HFXomR�GHVWHV�VHUYLoRV�SRGH�JHUDU�QRYDV�DJUHVV}HV�TXH��HYHQWXDOPHQWH� FRPSOLFDP��H[DUFHEDP�RX�PHVPR�HWHUQL]DP�R�SUREOHPD�RULJLQDO� (P�FRQVHTrQFLD�GR�TXH�IRL�H[SRVWR��D�GHILQLomR�GD�FRQGXWD�D�VHU�VHJXLGD�GHYH� OHYDU�HP�FRQWD� DOpP� GR� JUDX� GH� LQFHUWH]D� TXDQWR� j� HILFLrQFLD� H� D� UHODomR� FXVWR�EHQHItFLR� GH� FDGD� XPD� GDV DOWHUQDWLYDV��R�FRQIURQWR�HQWUH�D�WHFQRORJLD�UHTXHULGD�H�D�GLVSRQtYHO�SDUD�D�H[HFXomR�GRV�VHUYLoRV� 2�QtYHO�QHFHVViULR�GH�TXDOLILFDomR�GD�PmR�GH�REUD�H�VRILVWLFDomR�GRV�PDWHULDLV�H�HTXLSDPHQWRV��p XP� IDWRU� GH� KLHUDUTXL]DomR� GDV� DOWHUQDWLYDV� GH� LQWHUYHQomR� HP� YLVWD� GDV� FDUrQFLDV� GD� ,QG~VWULD %UDVLOHLUD�GD�&RQVWUXomR� ��� $� 5(752$/,0(17$dfi2� ’2� 352&(662� (� $� &2175,%8,&fi2� ’2� &$62� 3$57,&8/$5 3$5$�2�’(6(192/9,0(172�’$�3$72/2*,$�’$6�&216758dfl(6 (TXDFLRQDQGR� R� SUREOHPD� SDWROyJLFR�� DGRWDGD� D� FRQGXWD�� SDVVD�VH� j� DomR� SURSULDPHQWH� GLWD� 4XDOTXHU� LQWHUYHQomR� H[HFXWDGD� QR� HGLItFLR� SURGX]� HIHLWRV� TXDQWR� DR� VHX� GHVHPSHQKR�� 2 DFRPSDQKDPHQWR�GR�HGLILFLR�DSyV�D�LQWHUYHQomR��D�FRQIURQWDomR�HQWUH�RV�HIHLWRV�SURYRFDGRV�H�RV HVSHUDGRV��p�IRQWH�GH�QRYDV�LQIRUPDo}HV�TXH�UHWURDOLPHQWDP�R�SURFHVVR� 2�SURFHVVR�GH� UHVROXomR�GH�XP�SUREOHPD�SDWROyJLFR�SRGH��SRUWDQWR��VHU� UHSUHVHQWD�GR�VRE�XPD IRUPD�FLUFXODU� (VWH�PRGHOR� GR� SURFHVVR�� EDVHDGR�QXP�FLUFXOR� GH� LQIRUPDomR�GHFLVmR�DomR�LQIRUPDomR�GHFLVmR� WRUQD� SRVVtYHO� R� HQWHQGLPHQWR� GDV� SURSULHGDGHV� GH� DXWR�DSUHQGL]DJHP� GR� SURFHVVR� H� FRQVHTHQWHPHQWH��GDV�SRVVLELOLGDGHV�PHWRGROyJLFDV�GH�DSHUIHLoRDPHQWR�GDV�GHFLV}HV� $WUDYpV�GR�VLVWHPD�GH�DYDOLDomR�H�FKHFDJHP�GRV�HIHLWRV�GDV�GHFLV}HV�HP�WHUPRV�GR�GHVHPSHQKR GR�HGLILFLR��p�SRVVtYHO�GLULPLU�DV�LQFHUWH]DV�LQHUHQWHV�j�IRUPXODomR�GR�GLDJQyVWLFR�H�j�GHILQLomR�GD FRQGXWD� H�� HYHQWXDOPHQWH�� FRUULJLU� HUURV� FRPHWLGRV� QR� SURFHVVR� GR� WUDWDPHQWR�� RWLPL]DQGR�VH� R GHVHPSHQKR�ILQDO�REWLGR� (VWH� FRQWLQXR� SURFHVVR� GH� DYDOLDomR� H� FKHFDJHP� SDVVD�� QR�PRPHQWR� HP� TXH� VH� DYDOLD� TXH� R GHVHPSHQKR�REWLGR� Mi�HVWHMD�RWLPL]DGR��D�QmR�ID]HU�SDUWH�GR�SURFHVVR�GH� UHVROXomR�GR�SUREOHPD SDWROyJLFR��WUDQVIRUPDQGR�VH��GXUDQWH�R�UHVWDQWH�GD�YLGD�~WLO�GR�HGLILFLR��HP�LQVSHo}HV�SHULyGLFDV�QR FRQWH[WR�GD�PDQXWHQomR�GHVWH�HGLItFLR� 5HVROYLGR� R� FDVR� LQGLYLGXDO� �� R� SURFHGLPHQWR� JHQpULFR� DLQGD� QmR� HVWi� FRQFOXtGR� SRLV� R FRQKHFLPHQWR�DGTXLULGR�GHYH�VHU�GLUHFLRQDGR�QR�VHQWLGR�GR�GHVHQYROYLPHQWR�JOREDO� GD�3DWRORJLD GDV� &RQVWUXo}HV�� $� 3DWRORJLD� GDV� &RQVWUXo}HV� SRGH� VH� GHVHQYROYHU� EDVLFDPHQWH� D� SDUWLU� GR FRQKHFLPHQWR� WHyULFR� FDGD� YH]� PDLRU� GRV� IHQ{PHQRV� QDWXUDLV� H� D� SDUWLU� GD� GLYXOJDomR� GRV FRQKHFLPHQWRV�SUiWLFRV�REWLGRV�QR�WUDWDPHQWR�GH�FDGD�WLSR�GH�SUREOHPD�SDWROyJLFR� &RQILJXUDGD�D�QHFHVVLGDGH�GH�TXH�R�FRQKHFLPHQWR�WpFQLFR�H�FLHQWtILFR�QmR�VH�UHVWULQMD�DR�WpFQLFR HQYROYLGR��D�VXD�GLYXOJDomR�SUHVVXS}H�D�IRUPDOL]DomR�SRU�HVFULWR�GD�KLVWyULD�GR�SUREOHPD�H�GH�VXD VROXomR��3UHWHQGH�VH�FRP�HVWH�UHJLVWUR�QmR�D�QDUUDomR�OLWHUiULD�GH�IDWRV�H�IHQ{PHQRV�ItVLFRV�PDV�D VtQWHVH�GR�FRQKHFLPHQWR�WpFQLFR�H�FLHQWtILFR�HPSUHJDGR�H�SULQFLSDOPHQWH�DGTXLULGR�QR�SURFHVVR�GH UHVROXomR�GR�SUREOHPD� (VWH� UHJLVWUR� VH� FRQVWLWXL� QD� IRQWH�PDLV� VHJXUD� SDUD� D� REWHQomR� GH� GDGRV� HVWDWtVWLFRV� VREUH� DV PDQLIHVWDo}HV�H�LQFLGrQFLD�GRV�SUREOHPDV�SDWROyJLFRV��DVVLP�FRPR�GD�HILFLrQFLD�GRV�GLYHUVRV�WLSRV GH� WUDWDPHQWR�� (VWHV� GDGRV�� FRQIRUPH� VDOLHQWDGR� DQWHULRUPHQWH� QR� LWHP� ����� VmR� VXEVtGLRV HVVHQFLDLV�SDUD�R�GLDJQyVWLFR�GH�FDVRV�VHPHOKDQWHV�H�SDUD�D�GHILQLomR��QHVWHV�FDVRV��GD�FRQGXWD WHUDSrXWLFD�PDLV�HILFLHQWH� ’D�DQiOLVH�IHLWD��SRGHPRV�FRQFOXLU�TXH�VH�WRGRV�RV�SURFHVVRV�GH� WUDWDPHQWR�GH�HGLItFLRV� IRVVHP� LQGHSHQGHQWH� GR� JUDX� GH� r[LWR� UHJLVWUDGDV� H� GLYXOJDGRV�� R� FRQKHFLPHQWR� GD� 3DWRORJLD� H� D FDSDFLGDGH�JHUDO� GH� UHVROXomR� GRV� SUREOHPDV� VHULD� HQRUPHPHQWH� DPSOLDGD��2FRUUH�� QR� HQWDQWR� TXH��GH�XP�ODGR�XPD�JUDQGH�SDUWH�GRV�HGLItFLRV�FRP�SUREOHPDV�QmR�VmR�UHJLVWUDGRV�VHJXQGR�XPD PHWRGRORJLD� FLHQWtILFD� H� LQGLYLGXDOL]DGD� SDVVtYHO� GH� UHJLVWUR�� H� GH� RXWUR�� XPD�� SDUWH� GRV� HGLItFLRV WUDWDGRV� FRUUHWDPHQWH� QmR� WHP� D� KLVWyULD� GR� WUDWDPHQWR� GLYXOJDGD�� (P� FRQVHTrQFLD� GLVVR�� VmR tQILPRV��DR�PHQRV�QR�%UDVLO��RV�GDGRV�HVWDWtVWLFRV�D�UHVSHLWR�GRV�SUREOHPDV�SDWROyJLFRV��H�VREUH�R VHX�WUDWDPHQWR� ���$3/,&$dfi2�’$�0(72’2/2*,$��&$626 $�PHWRGRORJLD� DSUHVHQWDGD� QmR� p� HVSHFtILFD� H� QHP� UHVWULWD� D� DOJXP� WLSR� SDUWLFXODU� GH� SUREOHPD SDWROyJLFR��$R�LQYHUVR��HVWD�PHWRGRORJLD�SRGH��HP�VXDV�OLQKDV�EiVLFDV��VHU�HVWHQGLGD�j�UHVROXomR GH�TXDOTXHU�VLWXDomR�HP�TXH�RV�HGLItFLRV�QmR�HVWHMDP�DSUHVHQWDQGR�GHVHPSHQKR�VDWLVIDWyULR� 6mR� DSUHVHQWDGRV� D� VHJXLU� GLYHUVRV� SUREOHPDV� SDWROyJLFRV�� DFRQWHFLGRV� QD� UHDOLGDGH� H� FXMR SURFHVVR�GH�UHVROXomR�IRL�UHODWDGR�SHORV�GLIHUHQWHV�WpFQLFRV�HQYROYLGRV�VHJXQGR�FULWpULRV�FLHQWtILFRV H�VHJXLQGR�D�PHWRGRORJLD�SURSRVWD� &$62��� ��’HVFRODPHQWR�GH�SDVWLOKDV�GD� IDFKDGD�GH�XP�JUDQGH�6KRSSLQJ�&HQWHU�HP�6mR�3DXOR >��@ 2�SURFHVVR�D�VHJXLU�DSUHVHQWDGR��GH�UHFXSHUDomR�GH�6KRSSLQJ�&HQWHU�FXMDV�SDVWLOKDV�GD�IDFKDGD VH�HQFRQWUDYDP�HP�SURFHVVR�GH�GHVFRODPHQWR��p�R�UHVXPR�GH�SDUHFHU� WpFQLFR�HODERUDGR�D�SDUWLU GH� VROLFLWDomR� GR� SURSULHWiULR�� SUHPLGR� SHOR� ULVFR� TXH� HVWH� GHVORFDPHQWR� UHSUHVHQWDYD� SDUD� D VHJXUDQoD�GRV�XVXiULRV� 9LVWRULD • 3DVWLOKDV�FHUkPLFDV�TXH�FRPS}HP�D� IDFKDGD�VH�GHVFRODP�HP�JUDQGHV�SODFDV�DPHDoDQGR�D VHJXUDQoD�GH�WUDQVHXQWHV�H�DXWRPyYHLV� • ¨UHDV�RQGH�DFRQWHFHUDP�RV�GHVFRODPHQWRV�VLWXDP�VH�QDV�IDFKDGDV�RQGH�RFRUUH�D�DomR�PDLV LQWHQVD�GD�LQVRODomR�GLUHWD�RX�QDV�UHJL}HV�FRQWtJXDV�LV�MXQWDV�GH�GLODWDomR� • $OpP�GDV�iUHDV�RQGH�RFRUUHX�R�GHVFRODPHQWR��RXWUDV�DSUHVHQWDYDP�VRP�FDYR�j�SHUFXVVmR� • 3URFHVVR�GH�DVVHQWDPHQWR�GDV�SDVWLOKDV�FRP�SDSHO�SHUIXUDGR�FRODGR�j�IDFH�LQWHUQDGD�SDVWLOKD� • 8WLOL]DomR�GH�DUJDPDVVD�DGHVLYD�FRP�WRQDOLGDGH�HVSHFLDO� $QDPQHVH� • )RL� HVWXGDGR� PDSD� Mi� HODERUDGR� RQGH� HUDP� LQGLFDGDV� iV� DUHDV� DIHWDGDV� H� DV� iUHDV� GH GHVFRODPHQWR�SRWHQFLDO�SRU�DSUHVHQWDUHP�VRP�FDYR�j�SHUFXVVmR� • HGLItFLR�IRL�FRQVWUXtGR�DSUR[LPDGDPHQWH�GH]�DQRV�DQWHV�GD�YLVWRULD��+i�DSUR[LPDGDPHQWH�VHLV PHVHV�WRGR�R�UHYHVWLPHQWR�GD�IDFKDGD�IRL�UHIHLWR��VHQGR�TXH�Ki�XP�PrV�FRPHoDUDP�D�RFRUUHU RV�GHVFRODPHQWRV� • &RQWDWR� FRP� RV� IDEULFDQWHV� GD� SDVWLOKD� H� GD� DUJDPDVVD� DGHVLYD� LQGLFRX� TXH� D� DUJDPDVVD DGHVLYD�XWLOL]DGD�IRL�IHLWD�VRE�HQFRPHQGD�GHYLGR�L�WRQDOLGDGH�HVSHFLDO • PDQXDO� GR� IDEULFDQWH� GH� SDVWLOKDV� LQGLFD� D� UHFRPHQGDomR� GR� XVR� GH� DUJDPDVVD� DGHVLYD TXDQGR�D�EDVH�p�HP�HPERoR�GHVHPSHQDGR�([DPHV�&RPSOHPHQWDUHV� • �,Q�/RFR����(QVDLRV�GH�DUUDQFDPHQWR�GDV�SDVWLOKDV�HP�GLYHUVRV�ORFDLV�PRVWUDUDP��TXH�PHVPR QRV� ORFDLV�TXH�DSUHVHQWDYDP�VRP�FDYR��D� IRUoD�GH�DUUDQFDPHQWR�QHFHVViULD�p� UHODWLYDPHQWH JUDQGH��GHYLGR�DR�IHQ{PHQR�GR�HQFXQKDPHQWRGDV�MXQWDV� • (P�/DERUDWyULR • $�FDUDFWHUL]DomR�GH�DPRVWUDV�GH�DUJDPDVVD�DGHVLYD�VLPLODUHV�jV�XVDGDV�QD�REUD�PRVWURX UHVXOWDGRV�VDWLVIDWyULRV�GH�UHVLVWrQFLD�GH�DGHUrQFLD� • $�FDUDFWHUL]DomR�GDV�SDVWLOKDV�FHUkPLFDV�XVDGDV�GHPRQVWURX�VHUHP�HODV�GH�ERD�TXDOLGDGH� 2FRUUH�TXH�HVWDV�DSUHVHQWDUDP�XPD�SHOtFXOD�GH�FROD�GH�DPLGR�VREUH�D�VXSHUItFLH�GRV�IXURV� • )RUDP� IHLWRV�HQVDLRV�GH�VLPXODomR�GH�GHVHPSHQKR�D�SDUWLU� GH�PDWHULDLV�� FRPSRQHQWHV��H WpFQLFD� GH� DVVHQWDPHQWR� VLPLODUHV� DRV� XVDGRV� QD� REUD�� )RUDP� UHDOL]DGRV� RV� VHJXLQWHV HQVDLRV�GH�DGHUrQFLD��XWLOL]DQGR�VH�D�PHVPD�EDVH� • 3DVWLOKD�FRP�SDSHO�SHUIXUDGR�QR�YHUVR��DUJDPDVVD�DGHVLYD�VLPLODU�L�XVDGD�QD�REUD� • 3DVWLOKD�VHP�SDSHO�SHUIXUDGR�QR�YHUVR�H�VHP�D�SHOtFXOD�GH�FROD�GH�DPLGR��DUJDPDVVD DGHVLYD�VLPLODU�L�XVDGD�QD�REUD� • 3DVWLOKDV�FRP�SDSHO�SHUIXUDGR�QR�YHUVR��DUJDPDVVD�DGHVLYD�UHFRQKHFLGDPHQWH�HILFLHQWH� • 3DVWLOKD�VHP�SDSHO�SHUIXUDGR�QR�YHUVR�H�VHP�D�SHOtFXOD�GH�FROD�GH�DPLGR��DUJDPDVVD DGHVLYD�UHFRQKHFLGDPHQWH�HILFLHQWH� 2�UHVXOWDGR�GHVWHV�HQVDLRV�PRVWURX�QmR�KDYHU�GLIHUHQoD�QD�DGHUrQFLD�TXDQWR�j�DUJDPDVVD�DGHVLYD HPSUHJDGD��2�PHVPR�QmR�SRGH�VHU�GLWR�TXDQWR�j�H[LVWrQFLD�GR�SDSHO�SHUIXUDGR�HQWUH�D�SDVWLOKD�H�D DUJDPDVVD��RFRUUHQGR�QR�FDVR�GD�H[LVWrQFLD�GR�SDSHO� SHUIXUDGR�H�GD�SHOtFXOD�GD�FROD�GH�DPLGR XPD�VHQVtYHO�GLPLQXLomR�GD�DGHUrQFLD� ’LDJQyVWLFR� 2�GHVFRODPHQWR�GDV�SDVWLOKDV�RFRUUHX�QRV�ORFDLV�HP�TXH�FRQFRPLWDQWHPHQWH�H[LVWLD�XPD�DGHUrQFLD GHILFLHQWH�H�HVIRUoRV�VROLFLWDQWHV�GH�PDLRU� LQWHQVLGDGH��2V�HV� IRUoRV�VROLFLWDQWHV�PDLRUHV�RFRUUHP QDV� IDFKDGDV� VXEPHWLGDV� j� LQVRODomR� GLUHWD� H� QDV� iUHDV� FRQWtJXDV� DV� MXQWDV� GH� GLODWDomR� GD HVWUXWXUD�� $� DGHUrQFLD� GHILFLHQWH� SRGH� VHU� GHELWDGD� j� SUySULD� WHFQRORJLD� GH� SURGXomR� H DVVHQWDPHQWR�GDV�SDVWLOKDV��’RLV�IDWRUHV�SRGHP�VHU�UHVVDOWDGRV�FRPR�EiVLFRV� �� ’LPLQXLomR�GD�iUHD�Pi[LPD�GH�FRQWDWR�SDUD�����GD�iUHD�SRVVtYHO��VH�QmR�KRXYHVVH�R�SDSHO SHUIXUDGR�� �� ([LVWrQFLD�GH�XPD�SHOtFXOD�GH�FROD�GH�DPLGR�VREUH�D�SDVWLOKD�QD� UHJLmR�GRV� IXURV��SHOtFXOD HVWD�TXH�GLILFXOWD�D�DGHUrQFLD� &RQGXWD�5HFRPHQGDGD� 5HFXSHUDomR� GD� IDFKDGD� SHOR� UHDVVHQWDPHQWR� GDV� SDVWLOKDV� WDQWR� QDV� iUHD� HP� TXH� KRXYH� R GHVFRODPHQWR�GDV�SDVWLOKDV��FRPR�QDV�iUHDV�RQGH��DWUDYpV�GR�UHVXOWDGR�GH�HQVDLRV�GH�SHUFXVVmR� VH�FRQFOXLX�SHOD�H[LVWrQFLD�GH�XP�JUDQGH�SRWHQFLDO�GH�GHVFRODPHQWR� ’HVFDUWRX�VH� D� QHFHVVLGDGH� GR� UHDVVHQWDPHQWR� GDV� SDVWLOKDV� GH� WRGDV� DV� IDFKDGDV�� DSHVDU� GD SRVVtYHO� DGHUrQFLD� LQDGHTXDGD�� SHOD� H[LVWrQFLD� GR� HIHLWR� GR� HQFXQKDPHQWR� GDV� SDVWLOKDV�� TXH GLILFXOWD�R�VHX�GHVFRODPHQWR� 1R�SURFHVVR�GH�UHDVVHQWDPHQWR�GDV�SDVWLOKDV�IRL�SURLELGD�D�XWLOL]DomR�GH�SDSHO�SHUIXUDGR�QD�IDFH GH�DGHUrQFLD�FRP�UHVXOWDGRV�H[FHOHQWHV� &$62� �� �� )LVVXUDomR� HP� SDUHGHV� GH� DOYHQDULD� GH� EORFR� VtOLFR�FDOFiULR� HP� HGLItFLRV� GH� FRQMXQWR KDELWDFLRQDO�GD�&LGDGH�GH�&DPSLQDV�>��@ 2� SURFHVVR� �� D� VHJXLU� DSUHVHQWDGR�� GH� UHFXSHUDomR� GH� FRQMXQWR� KDELWDFLRQDO� FXMRV� HGLILFLRV DSUHVHQWDYDP�JUDQGH�LQFLGrQFLD�GH�ILVVXUDV�QDV�MXQWDV�GD�DOYHQDULD��p�R�UHVXPR�GH�SDUHFHU�WpFQLFR HODERUDGR�D�SDUWLU�GH�VROLFLWDomR�GD�FRQVWUXWRUD��TXH�SRU�VXD�YH]�DWHQGLD�j�TXHL[D�GRV�XVXiULRV�H LQWLPDomR�GRV�SRGHUHV�S~EOLFRV� 9LVWRULD� • &DUDFWHUtVWLFDV�H�SRVLFLRQDPHQWR�GDV�ILVVXUDV�FRQVWDQWHV�QRV�GLYHUVRV�HGLItFLRV� • )LVVXUDV�HP�PDLRU�LQFLGrQFLD�QDV�IDFKDGDV�PDLV�FRPSURPHWLGDV�SHORV�DJHQWHV�DWPRVIpULFRV� • $EHUWXUD�GDV�ILVVXUDV�GD�RUGHP�GH�����D�����PP� • ’HWHUPLQDGRV�HGLItFLRV�DSUHVHQWDYDP�XPD�LQFLGrQFLD�PXLWR�PDLRU�TXH�RXWURV� • )LVVXUDV� QmR� DSUHVHQWDYDP� DV� FDUDFWHUtVWLFDV� WtSLFDV� GDTXHODV� UHODFLRQDGDV� FRP� DV� FDXVDV PDLV� FRPXQV� �UHFDOTXH� GH� IXQGDomR�� GHIRUPDomR� HVWUXWXUDO� H[FHVVLYD� H� ILVVXUDV� GH� RULJHP WpUPLFD�� • 5HSDURV�HVWDYDP�VHQGR�H[HFXWDGRV�XWLOL]DQGR�HODVW{PHURV�VLQWpWLFRV� $QDPQHVH� • &RQWDWR� FRP� FRQVWUXWRUD� GHPRQVWURX� TXH� D� WHFQRORJLD� XWLOL]DGD� QmR� KDYLD� VLGR� DGDSWDGD� LV FRQGLo}HV�EUDVLOHLUDV� • &RQWDWR� FRP�R�GHWHQWRU�GD� WHFQRORJLD�GR� SURFHVVR� FRQVWUXWLYR� WDPEpP�GHPRQVWURX� TXH� HVWD QmR�HVWDYD�FRPSOHWDPHQWH�GRPLQDGD� • /HYDQWDPHQWR� GDV� FRQGLo}HV� FOLPiWLFDV� GXUDQWH� D� FRQVWUXomR� GH� FDGD� XP� GRV� HGLItFLRV GHPRQVWURX�XPD�FRUUHODomR�PDUFDQWH�HQWUH�D�DJUHVVLYLGDGH�GR�PHLR�QD�pSRFD�GD�FRQVWUXomR�H XPD�PDLRU�LQFLGrQFLD�GDV�ILVVXUDV�GR�HGLItFLR�FRQVWUXtGR� • OHYDQWDPHQWR�GD�LQFLGrQFLD�GRV�SUREOHPDV�IRL�IHLWR�SHOD�FRQVWUXWRUD�H�EDVHDGR�HP�UHFODPDo}HV GRV�XVXiULRV�TXDQWR�j�SHUGD�GD�HVWDQTXHLGDGH��(VWH�WLSR�GH�PHWRGRORJLD�IRL�HPSUHJDGR�GHYLGR D�GLILFXOGDGH�QD�YLVXDOL]DomR�GDV�ILVVXUDV�TXH�WLQKDP�SHTXHQD�DEHUWXUD� • SUREOHPD�-i�WLQKD�VLGR�REMHWR�GH�GLDJQyVWLFR�LQFRUUHWR��$�FDXVD�DSRQWDGD�KD�YLD�VLGR�D�UHWUDomR GD� DUJDPDVVD�� (VWD� FDXVD� QmR� IRL� FRQVLGHUDGD� SURFHGHQWH� XQLD� YH]� TXH� D� XWLOL]DomR� GH DUJDPDVVD� VHPHOKDQWH�� QD� PHVPD� UHJLmR�� HP� REUDV� XWLOL]DQGR� RXWURV� WLSRV� GH� EORFRV� QmR DSUHVHQWRX�SUREOHPDV� ([DPHV�&RPSOHPHQWDUHV� 1mR�IRUDP�UHDOL]DGRV�SRU�VH�FRQVLGHUDU�TXH�D�WHFQRORJLD�QmR�HUD�VXILFLHQWHPHQWH�GRPLQDGD�R�TXH SURYRFDYD�D�QHFHVVLGDGH�GH�SHVTXLVD�ELEOLRJUiILFD�H�WHFQROyJLFD� 3HVTXLVD� $WUDYpV�GH�SHVTXLVD�GH�ELEOLRJUDILD�HVWUDQJHLUD�YHULILFRX�VH�TXH�D� WHFQRORJLD�FRQVWUXWLYD�GHYH�VHU DGDSWDGD�jV�FDUDFWHUtVWLFDV�FOLPiWLFDV�ORFDLV�H�j�FDUDFWHUtVWLFD�GRV�HGLItFLRV� 5HDOL]RX�VH� SHVTXLVD� H[SHULPHQWDO� GD� FDUDFWHUL]DomR� GD� DUJDPDVVD� HPSUHJDGD� H� GR� EORFR VtOLFR�FDOFDULR�H[LVWHQWH�QR�PHUFDGR� 5HDOL]RX�VH�SHVTXLVD�GH�DYDOLDomR�GH�GHVHPSHQKR�GD� LQWHUDomR�GR�EORFR�FRP�GLYHUVRV� WLSRV� GH DUJDPDVVD� ’LDJQRVWLFR� • )RL�FRQVLGHUDGR�FRPR�FDXVDGRU�EiVLFR�GD�ILVVXUDomR�R�IHQ{PHQR�GD�UHWUDomR�QD�VHFDJHP�GH DOYHQDULD���(VWH�IHQ{PHQR�IRL�PD[LPL]DGR�SHOD�FRQMXJDomR�GH�GLYHUVRV�IDWRUHV��HQWUH��RV�TXDLV� • &RPSRVLomR� LQDGHTXDGD� GD� DUJDPDVVD� �DOWR�PyGXOR� GH� HODVWLFLGDGH� H� EDL[D� FDSDFLGDGH� GH UHWHQomR�GH�iJXD�� • 8WLOL]DomR�GH�EORFRV�SUHYLDPHQWH�XPHGHFLGRV� • &RQGLo}HV�DPELHQWDLV��DGYHUVDV�QD�pSRFD�GD�FRQVWUXomR��pSRFD�H[FHVVLYDPHQWH�TXHQWH�H�FRP DOWR�tQGLFH�SOXYLRPpWULFR�� &RQGXWD�5HFRPHQGDGD� • 5HFREULPHQWR�GH�WRGR�R�SDQR�GDV�SDUHGHV�FRP�XPD�WLQWD�GH�FDUDFWHUtVWLFDV�HOiVWLFDV� • 1RV�ORFDLV�RQGH�DV��ILVVXUDV�WHP�DEHUWXUD�VXSHULRU�D�FDSDFLGDGH�GD�WLQWD�GH�UHFREUt�ODV�GHYH��VH UHWLUDU� �SRU� UDVSDJHP�� XPD� FDPDGD� GH� ���� FP� GD� DUJDPDVVD� H� VXEVWLWXt�OD� SRU� RXWUD VXILFLHQWHPHQWH�HOiVWLFD� • 8WLOL]DomR�GH�HODVW{PHURV�VLQWpWLFRV�VRPHQWH�HP�ILVVXUDV�GH�JUDQGH�DEHUWXUD� &$62�����&RUURVmR�GDV�DUPDGXUDV�GRV�EULVHV�GD�IDFKDGD�GH�HGLItFLR�HP�5HFLIH�>��@ 2�SURFHVVR�D�VHJXLU�DSUHVHQWDGR��GH�UHFXSHUDomR�GH�HGLItFLR�S~EOLFR�FXMRV�EULVHV�GDV�IDFKDGDV�VH DSUHVHQWDYDP�JHQHUDOL]DGDPHQWH�ILVVXUDGRV�H�FRP�PDQFKDV�IHUUXJLQRVDV���H�R�UHVXPR�GH�SDUHFHU WpFQLFR�HODERUDGR�D�SDUWLU�GH�VROLFLWDomR�GR�yUJmR�S~EOLFR�SURSULHWiULR�GR�HGLItFLR� 9LVWRULD� • Q~PHUR� WRWDO� GH� EULVHV� p� GH� DSUR[LPDGDPHQWH� TXDWUR� PLO�� YDULDQGR� HP� VXDV� IRUPDV� �VHWH IRUPDWRV��H�YDULDQGR�DLQGD�HP�VXDV�GLPHQV}HV� • %DVLFDPHQWH�D�HVWUXWXUD�GRV�EULVHV�p�FRQVWLWXtGD�GH� • 8PD�SDUWH�H[WHUQD��PROGDGD��H[HFXWDGD�HP�FRQFUHWR�DUPDGR�FRQYHQFLRQDO� • 8PD�SDUWH�FHQWUDO��H[HFXWDGD�HP�FRQFUHWR�FHOXODU��WDPEpP�FRP�DUPDGXUD�GH�VXVWHQWDomR� • )RL�YHULILFDGD�D�SUHVHQoD�GH�PDQFKDV�IHUUXJLQRVDV�GLVWULEXtGDV�HP�WRGRV�RV�EULVHV� • 0DLRU�LQFLGrQFLD�GH�PDQFKDV�QRV�EULVHV�ORFDOL]DGRV�HP�iUHDV�GH�PHQRU� LQVRODomR�H�SHTXHQD YHQWLODomR • (PERUD�RV�EULVHV�IRVVHP�GH�IRUPDV�JHRPpWULFDV�GLVWLQWDV��DV�PDQFKDV�VH�DSUHVHQWDYDP�FRP DVSHFWR�H�ORFDOL]DomR�VHPHOKDQWHV� • $V� PDQFKDV� DSUHVHQWDYDP�VH� SRQWXDLV� RX� HVFRUULGDV� QD� GLUHomR�� YHUWLFDO�� VLWXDQGR�VH�� GH SUHIHUrQFLD��QD�PROGXUD�H�MXQomR�GR�FRQFUHWR�FHOXODU�• SUREOHPD�IRL�WDPEpP�FRQVWDWDGR�HP�EULVHV�JXDUGDGRV�QR�GHSyVLWR�� $QDPQHVH� • 2V�EULVHV�IRUDP�IDEULFDGRV�HP�6mR�3DXOR�H�WUDQVSRUWDGRV��YLD�URGRYLiULD��SDUD�5HFLIH� • $�FRORFDomR�GRV�EULVHV��HP�DOJXPDV�SDUWHV�GR�HGLILFLR��IRL�IHLWD�FRQFRPLWDQWHPHQWH�j�H[HFXomR GR�UHYHVWLPHQWR�GH�SDVWLOKDV��(VWH�IDWR�DFDUUHWRX�TXH�R�EDQKR�GH�VROXomR�GH�iFLGR�PXULiWLFR�D �����XWLOL]DGR�QDV�SDVWLOKDV�DWLQJL�VH XPD�SDUWH�GRV�EULVHV��(P�RXWUDV�SDUWHV�GR�HGLItFLR�R� IDWR RFRUUHX�HP�PHQRU�HVFDOD�� RFRUUHQGR�VLWXDo}HV�HP�TXH�RV�EULVHV� IRUDP�PRQWDGRV�GHSRLV�GD H[HFXomR�GR� UHYHVWLPHQWR�HP�SDVWLOKDV��(P� WRGRV�RV�FDVRV��QR�HQWDQWR�� WHYH�VH�GH� ID]HU�RV DUUHPDWHV� ILQDLV� GR� DFDEDPHQWR� QDV� SDUHGHV� RQGH� RV� EULVHV� VmR� PRQWDGRV� QD� HVWUXWXUD� TXDQGR�QRYDPHQWH�IRL�XWLOL]DGD�D�VROXomR�GH�iFLGR�PXULiWLFR� • 7RGRV� RV� EULVHV� UHFHEHUDP�� QR� ORFDO�� XP� UHYHVWLPHQWR� GH� DUJDPDVVD� GH� FLPHQWR� FRPR DFDEDPHQWR�H[WHUQR� • IHQ{PHQR�GR�DSDUHFLPHQWR�GD�IHUUXJHP�IRL�REVHUYDGR�FRP�D�FKHJDGD�GDV�FKXYDV� • $�XPLGDGH�UHODWLYD�GR�DU�QR�ORFDO�GR�HGLILFLR�L EDVLFDPHQWH�DOWD��DVVLP�FRPR�D�WHPSHUDWXUD� ([DPHV�&RPSOHPHQWDUHV� • )RL�FROHWDGR�XP�EULVH�SDUD�H[DPHV�FRPSOHPHQWDUHV�HP�ODERUDWyULR� • 5HVLVWrQFLD�j�FRPSUHVVmR�GH�DPRVWUD�FROHWDGD�GH�FRQFUHWR�FHOXODU�DSUHVHQWRX�R�YDORU�PpGLR GH��IFM� �����03D� • &RQFUHWR�FHOXODU��YROXPH�GH�YD]LRV������PDVVD�HVSHFLILFD������NJOGP�� • FRQFUHWR�QRUPDO���YROXPH�GH�YD]LRV������PDVVD�HVSHFLILFD������NJOGP�� • FRQFUHWR� FHOXODU� DSUHVHQWRX� XPD� UHVLVWLYLGDGH� LQIHULRU� j� GR� FRQFUHWR� FRPXP� QDV� FRQGLo}HV LQLFLDLV�GR�HQVDLR��$R�ILQDO�GR�TXDUWR�GLD�GH�H[SRVLomR�D�XP�DPELHQWH�GH�EDL[D�XPLGDGH�UHODWLYD ����D�������D�UHVLVWLYLGDGH�SUDWLFDPHQWH�TXLQWXSOLFRX�R�VHX�YDORU��H�WRUQRX�VH�TXDVH�GXDV�YH]HV PDLRU�GR�TXH�D�GR�FRQFUHWR�&2080� • FREULPHQWR�GDV�DUPDGXUDV��WDQWR�QDV�SDUWHV�GH�FRQFUHWR�QRUPDO�TXDQWR�QR�FRQFUHWR�FHOXODU��p EDVLFDPHQWH�LUUHJXODU��YDULDQGR�GH�����FP�D�����FP� • S+�SRWHQFLRPpWULFR�GR�FRQFUHWR�FHOXODU�HUD�GD�RUGHP�GH�����H�GR�FRQFUHWR�QRUPDO�GH������D ����� • 7RGDV� EDUUDV� GH� DUPDGXUDV� DSUHVHQWDYDP� FRUURVmR� VXSHUILFLDO� H� DOWD� UHVLVWrQFLD� j� WUDomR �VXSHULRUHV�DR�DoR�&$����� )RL�FRQVWDWDGD�D�SUHVHQoD�GH�VXOIHWRV�QD�DPRVWUD�GH�FRQFUHWR�FHOXODU� ’LDJQyVWLFR� $� RFRUUrQFLD� GD� FRUURVmR� GDV� DUPDGXUDV� GRV� EULVHV� GHYH� VHU� DWULEXtGD� jV� FDUDFWHUtVWLFDV� GR FRQFUHWR� FHOXODU�� (VWH� QmR� p� FDSD]� GH� RIHUHFHU� XPD� SURWHomR� DR� DoR� GR� PHVPR� WLSR� TXH� XP FRQFUHWR� QRUPDO� RIHUHFH� TXDQGR� H[SRVWR� jV� FRQGLo}HV� DWPRVIpULFDV� DJUHVVLYDV� REVHUYDGDV� QR ORFDO� $�FRUURVmR�QDV�SDUWHV�H[HFXWDGDV�HP�FRQFUHWR�FRPXP�GHYH�VHU�DWULEXtGD�j�HVSHVVXUD�LQVXILFLHQWH GR�FREULPHQWR�GR�FRQFUHWR��QRUPDOPHQWH�LQIHULRU�D�����FP� 2V� FRPSRVWRV� DJUHVVLYRV� GHFRUUHQWHV� GD� ODYDJHP� GH� SDVWLOKDV� FRP� iFLGR� PXULiWLFR� SRGHP� WHU DFHOHUDGR� R� SURFHVVR� GH� FRUURVmR�� SRUHP� D� QmR� XWLOL]DomR� GHVVH� iFLGR� QmR� LPSOLFD� HP� TXH� D FRUURVmR�QmR�YLHVVH�D�FRUUHU� &RQGXWD�5HFRPHQGDGD� • 6XEVWLWXLomR� GRV� EULVHV� DWXDLV� SRU� EULVH V� GH� RXWUR� PDWHULDO� �TXH� QmR� R� FRQFUHWR� FHOXODU� UHVLVWHQWH�DR�DPELHQWH��RX • 6XEVWLWXLomR�GRV�EULVHV�SRU�RXWURV� LQWHJUDOPHQWH�FRQVWLWXtGRV�GH�FRQFUHWR�FHOX� ODU�SRUpP�FRP DUPDGXUDV�QmR�VXVFHSWtYHLV�D�FRUURVmR� &$62�����&RUURVmR�GDV�LQVWDODo}HV�GH�iJXD�IULD�H�TXHQWH�GH�HGLItFLR�GD�FLGDGH�GH�6mR�3DXOR�>��@ 2� SURFHVVR� D� VHJXLU� DSUHVHQWDGR�� GH� UHFXSHUDomR� GH� HGLItFLR� FXMDV�LQVWDODomHV� GH� iJXD� IULD� H TXHQWH�DSUHVHQWDYDP�WUHFKRV�GH�FRUURVmR�H�YD]DPHQWR��H�R�UHVXPR�GH�SDUHFHU�WpFQLFR�HODERUDGR�D SDUWLU�GH�VROLFLWDomR�GR�FRQGRPtQLR�GR�HGLILFLR� 9LVWRULD� • (GLILFLR� WHP� RQ]H� DQGDUHV� WLSR�� FRP� GRLV� DSDUWDPHQWRV� SRU� DQGDU�� &DGD� DSDUWDPHQWR� H FRPSRVWR� SRU� VDOD�� WUrV� GRUPLWyULRV�� GRLV� EDQKHLURV�� FRSD�FR]LQKD�� iUHD� GH� VHUYLoR�� TXDUWR� H EDQKHLUR�GH�HPSUHJDGD� • VLVWHPD�GH�DTXHFLPHQWR�GD�iJXD�p�FHQWUDOL]DGR�HP�FDOGHLUDV�ORFDOL]DGDV�QR�VXE�VROR� • $�WXEXODomR�GH�iJXD�IULD�p�GH�DoR�JDOYDQL]DGR�H�D�GH�iJXD�TXHQWH�GH�FREUH��DPEDV�HPEXWLGDV HP�SDUHGH�GH�DOYHQDULD�GH�WLMROR�UHYHVWLGD�FRP�SODFDV�GH�UHVLQD�PHODPtQLFD��IyUPLFD���(VWH�WLSR GH� UHYHVWLPHQWR� GLILFXOWD� D� UiSLGD� SHUFHSomR� GR� SUREOHPD�� (P� JHUDO� TXDQGR� VH� SHU�FHEH� R SUREOHPD�D�WXEXODomR�Mi�DSUHVHQWD�SUREOHPD�GH�YD]DPHQWR�VLJQLILFDWLYR� • 2V�YD]DPHQWRV�QD�WXEXODomR�GH�¨JXD�VH�PDQLIHVWDP�SRU�HVFRUULPHQWR�QR�Sp�GD�SDUHGH�H�SHOD GHIRUPDomR�H�GHVFRODPHQWR�GR�UHYHVWLPHQWR�GH�IyUPLFD� • $� WXEXODomR� GH� FREUH� HVWDYD� HOHWULFDPHQWH� FRQHFWDGD� j� WXEXODomR� GH� DoR� JDOYDQL]DGR� QRV SRQWRV�GH�PLVWXUD�GD�iJXD�SDUD�RV�FKXYHLURV��EDQKHLURV�H�ELGrV� • $� FRUURVmR� QRV� WXERV� GH� DoR� JDOYDQL]DGR�PDQLIHVWDYD�VH� HP� SRQWRV� DOHDWyULRV� DR� ORQJR� GD WXEXODomR��$OJXPDV�GDV� UHJL}HV�FRUURtGDV�HVWDYDP�SUy[LPDV�jV� UHJL}HV�GH�FRQH[}HV��RXWUDV HVWDYDP�PDLV�SUy[LPDV�jV�WXEXODo}HV�GH�FREUH� • $�SDUHGH�HUD�KHWHURJrQHD��GR�SRQWR�GH�YLVWD�GRV�PDWHULDLV�FRQVWLWXLQWHV��H[LVWLQGR�WUHFKRV�HP WLMRORV� DVVHQWDGRV� FRP�DUJDPDVVD� H� WUHFKRV� GH� FRQFUHWR�� $� WXEXODoLR� DWUDYHVVDYD� HVVDV UHJL}HV�H�D�FRUURVmR�VH�PDQLIHVWDYD�SUHIHUHQFLDOPHQWH�QD�VXSHUItFLH�HP�FRQWDWR�FRP�RV�WLMRORV� $QDPQHVH� )RUDP�FROHWDGDV�DV�VHJXLQWHV�LQIRUPDo}HV�SUHVWDGDV�SRU�PRUDGRUHV�GR�HGLItFLR� • $OJXQV� SURSULHWiULRV�� LQGHSHQGHQWHPHQWH� GD� UHIRUPD� JHUDO� GR� SUpGLR�� VXEVWLWXLUDP� DV WXEXODo}HV�GRV�UDPDLV�TXH�HUDP�GH�DoR�JDOYDQL]DGR�SRU�FREUH� • 2FRUUHX�D�WURFD�GH�SDUWH�GD�WXEXODomR�GD�SUXPDGD�GRV�EDQKHLURV��$�WXEXODomR��TXH�HUD�GH�DoR JDOYDQL]DGR�� IRL� VXEVWLWXtGD� SRU� FREUH� QXP� WUHFKR� GH� DSUR[LPDGD��PHQWH� FLQFR�PHWURV�� (VWD VXEVWLWXLomR�RFRUUHX�HQWUH�RV����H����DQGDUHV� ’LDJQyVWLFR� $�WXEXODomR�GH�DoR�JDOYDQL]DGR�GR�HGLItFLR�DSUHVHQWDYD�FRUURVmR�QD�VXD�VXSHUItFLH�H[WHUQD�GHYLGR� EDVLFDPHQWH��D�WUrV�IDWRUHV�� • 3UHVHQoD�GH�XPLGDGH�GHYLGR�D�PLFURYD]DPHQWR�QDV�MXQWDV� • &RQWDWR�GRV�WXERV�FRP�PHLR�KHWHURJrQHR� • $FHOHUDomR� GR� SURFHVVR� GHYLGR� DR� FRQWDWR� HOpWULFR� GR� WXER� GH� DoR� JDOYDQL]DGR� FRP� WXER� GH FREUH� &RQGXWD�5HFRPHQGDGD� ’XDV�DOWHUQDWLYDV�GH�FRQGXWD�VmR�SRVVtLYHLV� �� 5HFXSHUDomR� GD� WXEXODomR� GH� DoR� JDOYDQL]DGR� H[LVWHQWH�� LPSOLFDQGR� QD� GHVPRQWDJHP� OLPSH]D�� VXEVWLWXLomR� GRV� WXERV� FRUURtGRV� H� QRYD� PRQWDJHP�� REVHUYDQGR�VH� RV� VHJXLQWHV FXLGDGRV� • $VVHJXUDU� SHUIHLWD� YHGDomR� GDV� MXQWDV� GDV� FRQH[}HV� H� UHDOL]DU� HQVDLR� GH� YHULILFDomR� GD HVWDQTXHLGDGH�GD� WXEXODomR� DSOLFDQGR�� DQWHV� GHOD� VHU� FREHUWD� FRP� DUJDPDVVD�� SUHVVmR KLGURVWtWLFD�GH�YDORU�LJXDO�D�����YH]HV�D�PDLRU�DOWXUD�PDQRPpWULFD�YHULILFDGD�SRU�SUXPDGD� • 1R� FDVR� GDV� SDUHGHV� FRQVWLWXtGDV� GH�PDWHULDLV� GLIHUHQWHV� �DUJDPDVVD�� WLMRORV�� EORFRV� GH FRQFUHWR��� FREULU� D� VXSHUItFLH� VREUH� j� TXDO� VHUi� DVVHQWDGD� D� WXEXODomR� FRP� DUJDPDVVD LJXDO�DTXHOD�TXH�VHUi�GHSRLV�XWLOL]DGD�SDUD�HPEXWL�OD��GH�PRGR�TXH�D�WXEXODomR�ILTXH�HP FRQWDWR�FRP�DSHQDV�XP�WLSR�GH�PDWHULDO� • $VVHJXUDU�D�LVRODomR�HOpWULFD�HQWUH�RV�WXERV��GH�DoR�JDOYDQL]DGR�H�RV�WXERV�GH�FREUH� �� 6XEVWLWXLomR� LQWHJUDO�GD� WXEXODomR�H[LVWHQWH�SRU�RXWUD��D�SDUWLU�GH�XP�QRYR�SURMHWR�GH�DFRUGR FRP�DV�SUHVFULo}HV�GD�QRUPD�1%5�������LQVWDODo}HV�SUHGLDLV�GH�iJXD�IULD���$�QRYD�WXEXODomR SRGH�VHU�FRQVWLWXtGD�SRU� • 0DWHULDLV�QmR�PHWiOLFRV��WXERV�GH�39&� • 0DWHULDLV�QmR�IHUURVRV��WXERV�GH�FREUH�� &$62� �� ��0DQLIHVWDo}HV� GH� XPLGDGH�� iJXD� FRUUHQWH�� ERORU� H� UHWRUQR� GH� HVSXPD� HP� DPELHQWHV VDQLWiULRV�GH�HGLItFLR�UHVLGHQFLDO�GH�6mR�3DXOR�>��@ 2� SURFHVVR� D� VHJXLU� DSUHVHQWDGR�� GH� UHFXSHUDomR� GH� HGLItFLR� GH� DOWR� SDGUmR� FXMRV� DPELHQWHV VDQLWiULRV� DSUHVHQWDYDP� LQ~PHUDV� PDQLIHVWDo}HV� SDWROyJLFDV�� p� R� UHVXPR� GH� SDUHFHU� WpFQLFR HODERUDGR�D�SDUWLU�GH�VROLFLWDomR�GR�FRQGRPtQLR�GR�HGLItFLR� 9LVWRULD� • (VFRUULPHQWR�GH�iJXD�QR�WXER�GH�YHQWLODomR�GH�DOJXQV�EDQKHLURV�QREUHV�GR�HGLItFLR� • )RUPDomR�GH�ERORU�QR�IRUUR�IDOVR�GHVWHV�EDQKHLURV� • )XURV�QR�IRUUR�IDOVR�HP�DOJXQV�DSDUWDPHQWR� • ’LYHUVLGDGH�GH�PDWHULDLV�HPSUHJDGRV�QD�UHGH�GH�HVJRWRV�
Compartilhar