Baixe o app para aproveitar ainda mais
Prévia do material em texto
,QVWUXPHQWRV�GH�&RQWUROH�6RFLDO $VSHFWRV�5HOHYDQWHV�± 1£R�VH�SRGH� DWULEXLU��H[FOXVLYDPHQWH�DR�'LUHLWR��D� PLVV£R�GH�KDUPRQL]DU�D�YLGD�VRFLDO��1HVVH� SURFHVVR�QRUPDWLYR�HVW¡�LQFOXGR��D�0RUDO�� D�5HOLJL£R�H�DV�5HJUDV�GH�7UDWR�6RFLDO�� 2V�2UGHQDPHQWRV�6RFLDLV�± DSHVDU�GD� H[LVWªQFLD�GRV�GHPDLV�HOHPHQWRV�GH�FXQKR� QRUPDWLYR��R�'LUHLWR�SDVVRX�D�DEVRUYHU� TXHVWµHV�UHODWLYDV�DR�SODQR�GD�FRQVFLªQFLD�� SU³SULD�GD�0RUDO�H�GD�5HOLJL£R��H�DVVXQWRV� Q£R�SHUWLQHQWHV� �GLVFLSOLQD�H�HTXLOEULR�GD� VRFLHGDGH��LGHQWLILFDGRV�KRMH�SRU�XVRV� VRFLDLV�� 'LUHLWR�H�-XVWL D 'LUHLWR�H�-XVWL§D�Q£R�VH�FRQIXQGHP� 2�FDPSR�GD�-XVWL§D� �DPSOR�� 2�FDPSR�GR�'LUHLWR� �PXQGR�GD�FXOWXUD� ��HVVHQFLDO�TXH�R�RUGHQDPHQWR��R�'LUHLWR�� VHMD�MXVWR� 2�'LUHLWR�©�FRQVLGHUDGR�R�YHFXOR�SDUD�D� UHDOL]D§£R�GD�-XVWL§D��TXH�©�R�REMHWLYR�GD� RUGHP�MXUGLFD� &RQFHLWR�GH�-XVWL D� ���SRGH�VHU�GHILQLGR�FRPR�D�HTXLGDGH��R� HTXLOEULR�GH�FRQGL§µHV�HQWUH�DV�SHVVRDV�� PDV�©�WDPE©P�D�JDUDQWLD�GH�SDUWLFLSD§£R� QD�GLVWULEXL§£R�GR�SRGHU�HQWUH�RV� LQGLYGXRV� ���*DUDQWLD�GD�SRVVLELOLGDGH�GH�FRQYLYªQFLD� HQWUH�GHVLJXDLV��WHQWDQGR�HTXLSDUDU�H� SDGURQL]DU�UHVSRVWDV�D�SUREOHPDV�TXH�VH� DSUHVHQWDP��IRU§RVDPHQWH��QD�YLGD�HP� VRFLHGDGH� �'DU�WUDWDPHQWR�LVRQ´PLFR� V�SDUWHV� VLJQLILFD�WUDWDU�LJXDOPHQWH�RV�LJXDLV�H� GHVLJXDOPHQWH�RV�GHVLJXDLV��QD�H[DWD� PHGLGD�GH�VXDV�GHVLJXDOGDGHV����1(5<� -81,25��������S������ ���6HJXQGR�$ULVW³WHOHV��R�WHUPR�MXVWL§D� GHQRWD��DR�PHVPR�WHPSR��OHJDOLGDGH�H� LJXDOGDGH� $VVLP��MXVWR�©�WDQWR�DTXHOH�TXH� FXPSUH�D�OHL��MXVWL§D�HP�VHQWLGR�HVWULWR�� TXDQWR�DTXHOH�TXH�UHDOL]D�D�LJXDOGDGH� �MXVWL§D�HP�VHQWLGR�XQLYHUVDO�� ���3DUD�+DQV�.HOVHQ � D�MXVWL§D�Q£R�SHUWHQFH� � FLªQFLD�-XUGLFD�SRU�Q£R�VHU�MXVSRVLWLYD��PDV�VLP� SHUWHQFH� �0RUDO��&RQVLGHUD�D�MXVWL§D��XPD� FDUDFWHUVWLFD�SRVVYHO��SRU©P�Q£R�QHFHVV¡ULD��GH� XPD�RUGHP�VRFLDO��� ���,JXDOGDGH�H�3URSRUFLRQDOLGDGH� � -XVWL§D�&RPXWDWLYD�± WHP�SRU�FULW©ULR�D� LJXDOGDGH�GH�WUDWDPHQWR�MXUGLFR� � -XVWL§D�'LVWULEXWLYD�± WHP�SRU�FULW©ULR�D� SURSRUFLRQDOLGDGH�GD�SHQD�DR�GHOLWR��GD� LQGHQL]D§£R�DR�GDQR��GR�SUH§R� �FRLVD�YHQGLGD� Â$�-XVWL§D�©�D�GºYLGD�VREUH�R�'LUHLWR�TXH�VDOYD�R� 'LUHLWRÃ��(PLOH�&KDUWLHU�± ILO³VRIR�IUDQFªV� �� 3DUD�&KD¯P�3HUHOPDQ � 'HVWDFD�DV�VHLV� FRQFHS§µHV�GD�MXVWL§D�FRQFUHWD�QD�FLYLOL]D§£R� RFLGHQWDO�� � $�FDGD�TXDO�D�PHVPD�FRLVD �VHU�MXVWR�©�WUDWDU� WRGRV�GD�PHVPD�IRUPD��VHP�FRQVLGHUDU� QHQKXPD�GDV�SDUWLFXODULGDGHV�TXH�GLVWLQJXHP�RV� LQGLYGXRV�� � $�FDGD�TXDO�VHJXQGR�VHXV�P©ULWRV �Q£R�H[LJH� D�LJXDOGDGH�GH�WRGRV��PDV�XP�WUDWDPHQWR� SURSRUFLRQDO�D�XPD�TXDOLGDGH�LQWUQVHFD��DR� P©ULWR�GR�LQGLYGXR�� � $�FDGD�TXDO�VHJXQGR�VXDV�REUDV �SHUPLWH�V³� OHYDU�HP�FRQVLGHUD§£R�HOHPHQWRV�VXMHLWRV�DR� F¡OFXOR��DR�SHVR�RX� �PHGLGD��DR�FXVWR��DR� FRQVXPR��H[��VDO¡ULR��� � $�FDGD�TXDO�VHJXQGR�VXDV�QHFHVVLGDGHV �DTXHOHV�TXH�VH�HQFRQWUDP�HP�VLWXD§£R� SUHF¡ULD��FDUHFHQGR�GH�FRQGL§µHV�FRQVLGHUDGDV� FRPR�XP�PQLPR�YLWDO��GHYHP�WHU�XP� WUDWDPHQWR�GLIHUHQFLDGR�± MXVWL§D�VRFLDO�� � $�FDGD�TXDO�VHJXQGR�VXD�SRVL§£R �EDVHLD�VH�QD� VXSHULRULGDGH�GH�LQGLYGXRV�HP�GHFRUUªQFLD�GD� KHUHGLWDULHGDGH�RX�GR�QDVFLPHQWR��OHYDP�HP� FRQVLGHUD§£R�FULW©ULRV�FRPR�D�UD§D��D�UHOLJL£R�H�D� IRUWXQD�� � $�FDGD�TXDO�VHJXQGR�R�TXH�D�OHL�OKH�DWULEXL �VH� SURSµH�D�DSOLFDU�DRV�IDWRV�XP�VLVWHPD� SUHHVWDEHOHFLGR�GH�UHJUDV�GH�GLUHLWR�± FRP� UHVXOWDGRV�GLIHUHQWHV�FRQIRUPH�R�RUGHQDPHQWR� MXUGLFR�D�VHU�DSOLFDGR�� 2�TXH�¢�XPD�RUGHP�MXVWD" 5HJXODU�R�FRPSRUWDPHQWR�GRV�KRPHQV� � FRQWHQWDU�D�WRGRV� �IHOLFLGDGH�� 2�DQVHLR�SRU�MXVWL§D�©�R�HWHUQR�DQVHLR�GR� KRPHP�SRU�IHOLFLGDGH��$�SURFXUD�GHVVD� IHOLFLGDGH�©�GHQWUR�GD�VRFLHGDGH�� -XVWL§D�©�IHOLFLGDGH�VRFLDO��©�D�IHOLFLGDGH� JDUDQWLGD�SRU�XPD�RUGHP�VRFLDO� � &DUDFWHUVWLFDV�HVVHQFLDLV�GD�-XVWL§D� D��$OWHULGDGH� D�MXVWL§D�©�YLUWXGH�VRFLDO��YH]� TXH�UHJXOD�UHOD§µHV�HQWUH�SHVVRDV� �LQWHUD§£R���3RU�LVVR�VH�GLVWLQJXH�GDV�YLUWXGHV� PRUDLV� E��2�'HYLGR��REULJDWRULHGDGH� �SRUTXH�©� QRUPD��LPSRVWD��H�GHYH�VHU�FXPSULGD�RX� H[LJLELOLGDGH� �IDFXOGDGH�GH�H[LJLU�GR�YLRODGRU� R�FXPSULPHQWR�GD�QRUPD�� F� ,JXDOGDGH��©�HTXLYDOªQFLD�GH�TXDQWLGDGHV�� ,VWR�YDOH�SDUD�R�FRQFHLWR�GH�MXVWL§D��Â7RGRV� V£R�LJXDLV�SHUDQWH�D�OHLÃ��$UW��z��&)���� $�,JXDOGDGH�QD�/HL�² FRQVWLWXL�H[LJªQFLD� GHVWLQDGD�DR�OHJLVODGRU�TXH��QR�SURFHVVR�GH� VXD�IRUPD§£R��QHOD�Q£R�SRGHU¡�LQFOXLU�IDWRUHV� GH�GLVFULPLQD§£R��UHVSRQV¡YHLV�SHOD�UXSWXUD� GD�RUGHP�LVRQ´PLFD��FRPSUHHQGH�VH�R� GHYHU�GH�DSOLFDU�R�GLUHLWR�QR�FDVR�FRQFUHWR�� $�,JXDOGDGH�SHUDQWH�D�/HL � SUHVVXSRQGR�OHL� M¡�HODERUDGD��WUDGX]�LPSRVL§£R�GHVWLQDGD�DRV� GHPDLV�SRGHUHV�HVWDWDLV��TXH��QD�DSOLFD§£R�GD� QRUPD�OHJDO��Q£R�SRGHU£R�VXERUGLQ¡�OD�D� FULW©ULRV�TXH�HQVHMHP�WUDWDPHQWR�VHOHWLYR�RX� GLVFULPLQDW³ULR��FRPSUHHQGH�VH�R�GHYHU�GH� DSOLFDU�R�GLUHLWR�QR�FDVR�FRQFUHWR� 'LUHLWR�H�5HOLJL�R � &RQFHLWR�GH�5HOLJL£R � ©�XP�VLVWHPD�GH� SULQFSLRV�H�SUHFHLWRV��TXH�YLVD�D�UHDOL]D§£R� GH�XP�YDORU�VXSUD�WHUUHQR��D�GLYLQGDGH�� 9LVDQGR�RULHQWDU�RV�KRPHQV�QD�EXVFD�H� FRQTXLVWD�GD�IHOLFLGDGH�HWHUQD�� � $VSHFWRV�5HOHYDQWHV � 3RU�PXLWR�WHPSR�D� 5HOLJL£R�H[HUFHX�XP�GRPQLR�DEVROXWR�VREUH� DV�FRLVDV�KXPDQDV��$�IDOWD�GR�FRQKHFLPHQWR� FLHQWILFR�HUD�VXSULGD�SHOD�I©�� $�IDOWD�GR�FRQKHFLPHQWR�FLHQWILFR�HUD� VXSULGD�SHOD�I©��2�LOFLWR�VH�FRQIXQGLD�FRP�R� SHFDGR��Q£R�KDYHQGR�GLIHUHQ§D�HQWUH�UHOLJL£R� H�GLUHLWR� $V�FUHQ§DV�UHOLJLRVDV�IRUPXODYDP�DV�H[SOLFD§µHV� QHFHVV¡ULDV��TXH�MXVWLILFDYDP�DV�WUDJ©GLDV��D�IDUWXUD� H�R�'LUHLWR��FRPR�H[SUHVVµHV�GD�YRQWDGH�GLYLQD�� 127$��DWUDY©V�GRV�RU¡FXORV��RV�VDFHUGRWHV� UHFHELDP�GH�'HXV�DV�OHLV�H�RV�F³GLJRV�� &DUDFWHU¦VWLFDV�GD�LQIOX£QFLD�GD�5HOLJL�R�± $�FODVVH�VDFHUGRWDO�SRVVXD�R�PRQRS³OLR�GR� FRQKHFLPHQWR�MXUGLFR��ILFDUDP�IDPRVRV�RV� FKDPDGRV� ���MX]RV�GH�'HXV��D�FUHQ§D�GH�TXH�'HXV� DFRPSDQKDYD�H�LQWHUIHULD�QRV�MXOJDPHQWRV��� ��DV�RUG¡OLDV��TXH�HUD�DSOLFDGD�TXDQGR�DV� WHVWHPXQKDV�HUDP�DFDUHDGDV�� $WUDY©V�GH�VHX�GLVFXUVR�MXUGLFR��D�,JUHMD�OHJLWLPRX� VH�FRPR�VHQGR�D�ºQLFD�LQVWLWXL§£R�TXH�LQWHUSUHWDYD� D�UHDOLGDGH��Q£R�DFHLWDQGR�RXWUDV�YLVµHV 3RQWRV�GH�&RQYHUJ£QFLD�HQWUH�R�'LUHLWR�H�D� 5HOLJL�R� 'HVWDFD�VH�D�YLYªQFLD�GR�EHP��2�YDORU�GH�MXVWL§D� SDUD�RUGHQDPHQWR�MXUGLFR�HVW¡�QD�LG©LD�GR�EHP� FRPXP�� ��2V�GRLV�SURFHVVRV�QRUPDWLYRV�SRVVXHP�DWLYRV� HOHPHQWRV�GH�LQWLPLGD§£R�GH�FRQRWD§µHV�GLYHUVDV�� $�VDQ§£R�MXUGLFD��HP�VXD�JHQHUDOLGDGH��DWLQJH�D� OLEHUGDGH�RX�R�SDWULP´QLR��������������� $�VDQ§£R�UHOLJLRVD�OLPLWD�VH�DR�SODQR�HVSLULWXDO�� 3RQWRV�GH�'LYHUJ£QFLD�HQWUH�R�'LUHLWR�H�D� 5HOLJL�R� $�DOWHULGDGH��WRGR�R�KRPHP�VRFLDO�LQWHUDJH�H� LQWHUGHSHQGH�GR�RXWUR���HVVHQFLDO�DR�'LUHLWR��Q£R�©� QHFHVV¡ULD� �5HOLJL£R� $�VHJXUDQ§D��R�'LUHLWR�D�WHP�FRPR�PHWD��PDV��SDUD� D�5HOLJL£R�HOD�©�LQDWLQJYHO��SRLV��VH�WUDWDP�GH� VHJXUDQ§DV�GLVWLQWDV� $�,QIOX£QFLD�GD�5HOLJL�R�QDV�/HLV� 2V�3UH¢PEXORV�GDV�&RQVWLWXL§µHV�EUDVLOHLUDV�GH� ������������������������D�(PHQGD�&RQVWLWXFLRQDO�GH� ������H�D�GH������ID]HP�LQYRFD§£R� �GLYLQGDGH��H� WH[WXDOL]DP���H[FH§£R�GDV�&RQVWLWXL§µHV�GH������H� ����� ���'RP�3HGUR�3ULPHLUR��SRU�JUD§D�GH�'HXV����� �SUH¢PEXOR�GD�&RQVWLWXL§£R�)HGHUDO�GH������ ������SURPXOJDPRV��VRE�D�SURWH§£R�GH�'HXV������ �SUH¢PEXOR�GD�&RQVWLWXL§£R�)HGHUDO�GH������� 'LUHLWR�H�0RUDO &RQVLGHUD§µHV�,QLFLDLV � 'LUHLWR�H�0RUDO�V£R� LQVWUXPHQWRV�GH�FRQWUROH�VRFLDO�TXH�Q£R�VH� H[FOXHP��PDV��VH�FRPSOHWDP�H�PXWXDPHQWH� VH�LQIOXHQFLDP��Q£R�REVWDQWH�FDGD�TXDO�WHQKD� VHX�REMHWLYR�SU³SULR�� 127$��2�'LUHLWR�©�JUDQGHPHQWH�LQIOXHQFLDGR� SHOD�0RUDO� &RQFHLWR�GH�025$/��SRGH�VHU� FRPSUHHQGLGD�FRPR�XP�FRQMXQWR�GH� SU¡WLFDV��GH�FRVWXPHV��GH�XVRV��GH�SDGUµHV� GH�FRQGXWD�HP�GHWHUPLQDGR�VHJPHQWR�VRFLDO� �FRQMXQWR�GH�UHJUDV�GH�FRQYYLR�� � 2�'HYHU�0RUDO�Q£R�©�H[LJYHO�SRU� QLQJX©P�± UHGX]�VH�DR�GHYHU�GH�FRQVFLªQFLD� �WX�GHYHV�� � 5HJUDV�0RUDLV�HVW£R�SUHVHQWHV�QR�'LUHLWR�± 3HQDO �Q£R�PDWDU��Q£R�IXUWDU��UHVSHLWDU�RV� PRUWRV����)DPOLD��DOLPHQWRV��� 2�$OFDQFH�GR�'LUHLWR�H�GD�0RUDO� $�0RUDO�HVWDEHOHFH�UHJUDV TXH�V£R� DVVXPLGDV�SHOD�SHVVRD��FRPR�XPD�IRUPD�GH� JDUDQWLU�R�VHX�EHP�YLYHU��(�LQGHSHQGH�GDV� IURQWHLUDV�JHRJU¡ILFDV��JDUDQWLQGR�XPD� LGHQWLGDGH�HQWUH�SHVVRDV�TXH�VHTXHU�VH� FRQKHFHP��PRUDO�FRPXP��� $�0RUDO�VH�SUHRFXSD�SHOD�YLGD�LQWHULRU�GDV� SHVVRDV��FRPR�D�FRQVFLªQFLD��MXOJDQGR�RV�DWRV� H[WHULRUHV�DSHQDV�FRPR�PHLR�GH�DIHULU�D�LQWHQFLRQDOLGDGH�� 2�'LUHLWR�EXVFD�HVWDEHOHFHU�R�UHJUDPHQWR�GH� XPD�VRFLHGDGH�GHOLPLWDGD�SHODV�IURQWHLUDV�GR� (VWDGR��$V�OHLV�WHP�XPD�EDVH�WHUULWRULDO��HODV� YDOHP�DSHQDV�SDUD�DTXHOD�¡UHD�JHRJU¡ILFD�� 2�'LUHLWR�FXLGD�GDV�D§µHV�KXPDQDV�HP� SULPHLUR�SODQR H��HP�IXQ§£R�GHVWDV��TXDQGR� QHFHVV¡ULR��LQYHVWLJD�R�DQLPXV�GR�DJHQWH�� 2EMHWLYRV�� 'D�0RUDO�± YLVD�DR�DSHUIHL§RDPHQWR�GR�VHU� KXPDQR�H�SRU�LVVR�©�DEVRUYHQWH�� HVWDEHOHFHQGR�GHYHUHV�GR�KRPHP�HP� UHOD§£R�DR�SU³[LPR��6RFLDO���D�VL�PHVPR�H� �$XW´QRPD���VHJXQGR�D��WLFD�VXSHULRU��SDUD� FRP�'HXV��2�EHP�GHYH�VHU�YLYLGR�HP�WRGDV� DV�GLUH§µHV� 'R�'LUHLWR � OLPLWD�VH�D�HVWDEHOHFHU�H�D�� JDUDQWLU�XP�DPELHQWH�GH�RUGHP��D�SDUWLU�GR� TXDO�SRVVDP�DWXDU�DV�IRU§DV�VRFLDLV� 'LYHUJ£QFLDV�GR�'LUHLWR�H�GD�0RUDO� ��2�',5(,72�©�� KHWHU´QRPR �©�LPSRVWR�RX�JDUDQWLGR�SHOD�DXWRULGDGH� FRPSHWHQWH��PHVPR�FRQWUD�D�YRQWDGH�GH�VHXV� GHVWLQDW¡ULRV��� ELODWHUDO �VH�RSHUD�HQWUH�LQGLYGXRV��SDUWHV��TXH�VH� FRORFDP�FRPR�VXMHLWRV��XP�GH�GLUHLWRV�H�RXWUR�GH� REULJD§µHV��� FRHUFYHO �R�GHYHU�MXUGLFR�GHYH�VHU�FXPSULGR�VRE�SHQD� GH�VRIUHU�R�GHYHGRU�RV�HIHLWRV�GD�VDQ§£R�RUJDQL]DGD�� DSOLF¡YHO�SHORV�³UJ£RV�HVSHFLDOL]DGRV�GD�VRFLHGDGH�� $�025$/�©�� DXW´QRPD �©�LPSRVWD�SHOD�FRQVFLªQFLD�DR�KRPHP��� XQLODWHUDO �GL]�UHVSHLWR�DSHQDV�DR�LQGLYGXR��� LQFRHUFYHO �R�GHYHU�PRUDO�Q£R�©�H[LJYHO�SRU�QLQJX©P�� UHGX]LQGR�VH�D�GHYHU�GH�FRQVFLªQFLD�� &DUDFWHU¦VWLFDV�GR�'LUHLWR�H�GD�0RUDO� ��6LPLODULGDGHV� ��$PERV�WªP�FDU¡WHU�SUHVFULWLYR��YLQFXODP�H�HVWDEHOHFHP� REULJD§µHV�QXPD�IRUPD�REMHWLYD��LQGHSHQGHQWH�GR� FRQVHQWLPHQWR�VXEMHWLYR�LQGLYLGXDO�� ��$PERV�V£R�HOHPHQWRV�LQH[WLUS¡YHLV�GD�FRQYLYªQFLD��Q£R� K¡�VRFLHGDGH�VHP�GLUHLWR��QHP�VHP�PRUDO�� 1RUPDV�0RUDLV 6£R�DTXHODV�DWLWXGHV�H�D§µHV�TXH�R�VHU�KXPDQR�UHDOL]D�� EDVHDGDV�HP�SUHFHLWRV�TXH�GL]HP�UHVSHLWR�D�HOH�PHVPR�� 6£R�IUXWRV�GD�HGXFD§£R��RULHQWD§£R�UHFHELGD�GD�IDPOLD�� GR�DPELHQWH�RQGH�YLYH�� 6£R�SUHFHLWRV�LQWURMHWDGRV��LQWHULRUL]DGRV�FRPR�R�TXH� GHYH�RULHQWDU�XPD�YLGD�GH�EHP�� 1RUPDV�-XU¦GLFDV� 6£R�QRUPDV�UHVXOWDQWHV�GR�'LUHLWR��GD�DSOLFD§£R�GH�OHLV�� IHLWDV�FRP�R�LQWXLWR�GH�UHJXODU�D�YLGD�QD�VRFLHGDGH�� 6£R�UHVXOWDGR�GH�XPD�FRD§£R�H[WHUQD��,QGHSHQGHQWH�GH� DFHLW¡�ODV�RX�Q£R��GHYH�VH�REHGHFª�ODV�VRE�R�ULVFR�GD� SXQL§£R�GD�DXWRULGDGH�� � &DPSR�GH�$SOLFD§£R�HQWUH�R�'LUHLWR�H�D�0RUDO �WHRULDV�� ��7HRULD�GRV�&UFXORV�6HFDQWHV�GR�MXULVWD�IUDQFªV &ODXGH� GX�3DVTXLHU��VHJXQGR�D�TXDO�'LUHLWR�H�0RUDO�FRH[LVWHP�� Q£R�VH�VHSDUDP��SRLV�K¡�XP�FDPSR�GH�FRPSHWªQFLD� FRPXP�RQGH�K¡�UHJUDV�FRP�TXDOLGDGH�MXUGLFD�H�TXH�WªP� FDU¡WHU�PRUDO�� ([LVWHP�UHJUDV�PRUDLV�Q£R�MXUGLFDV�H�UHJUDV�MXUGLFDV� DPRUDLV�H�LPRUDLV��(�UHJUDV�FRPXQV��TXH�V£R�DR�PHVPR� WHPSR�PRUDLV�H�MXUGLFDV� 7HRULD�GRV�&¦UFXORV�&RQF£QWULFRV �-HUHP\� %HQWKDP�� ILORVRIR�LQJOªV���VHJXQGR�D�TXDO�D� RUGHP�MXUGLFD�HVWDULD�LQFOXGD�WRWDOPHQWH�QR� FDPSR�GD�0RUDO�� 127$��R�FDPSR�PRUDO�©�PDLV�DPSOR�GR�TXH� R�GR�'LUHLWR�H�HVWH�VH�VXERUGLQD� �0RUDO� &DPSR�GH�$SOLFD§£R�HQWUH�R�'LUHLWR�H�D�0RUDO� �WHRULDV�� 7HRULD�GR�P¦QLPR�¢WLFR ��*HRUJ�-HOOLQHN��� VHJXQGR�D�TXDO�R�'LUHLWR�UHSUHVHQWD�DSHQDV�R� PQLPR�GH�0RUDO�REULJDW³ULR�SDUD�TXH�D� VRFLHGDGH�SRVVD�VREUHYLYHU� 127$��&RQVLVWH�QD�LG©LD�GH�TXH�R�'LUHLWR� UHSUHVHQWD�R�PQLPR�GH�SUHFHLWRV�PRUDLV� QHFHVV¡ULRV�DR�EHP�HVWDU�GD�FROHWLYLGDGH�� &RQILJXUDQGR��DVVLP��D�KLS³WHVH�GRV�FUFXORV� FRQFªQWULFRV� &DPSR�GH�$SOLFD§£R�HQWUH�R�'LUHLWR�H�D�0RUDO� �WHRULDV�� 7HRULD�GRV�&¦UFXORV�,QGHSHQGHQWHV �+DQV� .HOVHQ��� $�LG©LD�GH�'LUHLWR�Q£R�JXDUGD� UHOD§£R�DOJXPD�FRP�D�0RUDO�� 127$��3DUD�R�LOXVWUH�MXULVWD��D�QRUPD�©�R� ºQLFR�HOHPHQWR�HVVHQFLDO�DR�'LUHLWR��FXMD� YDOLGDGH�Q£R�GHSHQGH�GH�FRQWHºGRV�PRUDLV� �WLFD�H�0RUDO� $��WLFD�HVW¡�DVVRFLDGD�DR�HVWXGR� IXQGDPHQWDGR�GRV�YDORUHV�PRUDLV�TXH� RULHQWDP�R�FRPSRUWDPHQWR�KXPDQR�HP� VRFLHGDGH�� $��WLFD�WHQWD�H[SOLFDU�DV�UHJUDV�PRUDLV�GH� IRUPD�UDFLRQDO��IXQGDPHQWDGD��FLHQWILFD�H� WH³ULFD��8PD�UHIOH[£R�VREUH�D�PRUDO $�0RUDO�V£R�RV�FRVWXPHV��UHJUDV��WDEXV�H� FRQYHQ§µHV�HVWDEHOHFLGDV�SRU�FDGD�VRFLHGDGH�� $�0RUDO�©�XP�FRQMXQWR�GH�QRUPDV�H�YDORUHV� TXH�UHJXODPHQWDP�R�FRPSRUWDPHQWR�GRV� LQGLYGXRV�HP�VRFLHGDGH� ([HPSORV�GH��WLFD� 8P�ERP�QHJ³FLR�V³�©�ERP�VH�R�IRU�SDUD�DV� GXDV�SDUWHV�� ,QWHUURPSHU�XPD�ILOD��GH�EDQFR�RX�TXDOTXHU� RXWUD��©�XP�GHOLWR�� (QVLQDU� V�FULDQ§DV�TXH��FRODU��HP�SURYDV�©� QRUPDO��©�HUUDGR�� $SRGHUDU�VH�GH�YDORUHV�TXH�Q£R�OKH� SHUWHQFHP�©�GHVRQHVWLGDGH�� 'LUHLWR�H�DV�UHJUDV�GH�WUDWR�VRFLDO � $VSHFWRV�5HOHYDQWHV � FKDPDGDV�WDPE©P� &RQYHQFLRQDOLVPRV�6RFLDLV�H�8VR�6RFLDLV��V£R�SDGUµHV� GH�FRQGXWD�VRFLDO��HODERUDGDV�SHOD�VRFLHGDGH� 6£R�DV�UHJUDV�GH�FRUWHVLD��HWLTXHWD��SURWRFROR�� FHULPRQLDO��PRGD��OLQJXDJHP��HGXFD§£R��GHFRUR�� FRPSDQKHLULVPR��DPL]DGH�HWF� &DUDFWHUVWLFDV�GDV�5HJUDV�GH�7UDWR�6RFLDO�± D��$VSHFWR�6RFLDO �1LQJX©P�©�FRUWªV�FRQVLJR�SU³SULR�� 6H�D�VXD�ILQDOLGDGH�©�R�DSHUIHL§RDPHQWR�GR�FRQYYLR� VRFLDO��©�QDWXUDO�TXH�HVVDV�UHJUDV�DWLQMDP�DSHQDV�D� GLPHQV£R�VRFLDO�GRV�KRPHQV�� E��([WHULRULGDGH �HVVDV�QRUPDV�YLVDP�DSHQDV� � VXSHUILFLDOLGDGH�� V�DSDUªQFLDV��DR�H[WHULRU��$VVLP��SRU� H[HPSOR��V£R�DV�QRUPDV�GH�HWLTXHWD��FHULPRQLDO�� FRUWHVLD�� F��8QLODWHUDOLGDGH �SRVVXHP�HVWUXWXUD�LPSHUDWLYD�� LPSµHP�GHYHUHV�H�Q£R�DWULEXHP��SRGHUHV�GH�H[LJLU��� G��+HWHURQRPLD �GHFRUUH�GR�IDWR�GH�TXH�REULJDP�RV� LQGLYGXRV�LQGHSHQGHQWHPHQWH�GH�VXDV�YRQWDGHV��$�FDGD� XP�FRPSHWH�DSHQDV�D�DGDSWD§£R�GH�DWLWXGHV�GH�DFRUGR� FRP�RV�SUHFHLWRV�LQVWLWXGRV��� H��,QFRHUFLELOLGDGH �3RU�VHUHP�XQLODWHUDLV�H�Q£R�VRIUHUHP� D�LQWHUYHQ§£R�GR�(VWDGR��HVVDV�UHJUDV�Q£R�V£R�LPSRVWDV� FRHUFLWLYDPHQWH��� I��6DQ§£R�'LIXVD �Q£R�©�SUHIL[DGD��©�LQFHUWD�H�FRQVLVWH� QD�UHSURYD§£R��QD�FHQVXUD��FUWLFD��URPSLPHQWR�GH� UHOD§µHV�VRFLDLV�H�DW©�H[SXOV£R�GR�JUXSR���([��R� LQGLYGXR�TXH�QHJD�XPD�DMXGD�D�VHX�DPLJR��YLROD�RV� SUHFHLWRV�GH�FRPSDQKHLULVPR��� J��,VRQRPLD�SRU�FODVVHV�H�QYHLV�GH�FXOWXUD �2�VHX� FDU¡WHU�LPSRVLWLYR�YDULD�HP�IXQ§£R�GD�FODVVH�VRFLDO�H� QYHO�GH�FXOWXUD�� ([��8P�MXL]�TXH�VH�DSUHVHQWH�VRFLDOPHQWH�FRP�DV� YHVWHV�GH�XP�DQGDULOKR�SURYRFD�HVWUDQKH]D�H� UHSURYD§£R��
Compartilhar