38%/, 5(3257$*(0 48,7®5,26
UHYLVWD W¹FQLFR SURILVVLRQDO
R HOHFWULFLVWD
48,7®5,26
^ &217,18$5 $ 6(5 $ 0$5&$ '( 5()(5Ù1&,$ 12 0(5&$'2 `
$ 4XLW¹ULRV GHGLFD VH DR GHVHQYROYLPHQWR SURGX¸¶R H FRPHU FLDOL]D¸¶R GH VROX¸ÆHV SDUD LQFRUSRUD¸¶R GH HTXLSDPHQWRV GH FRPXWD¸¶R GHULYD¸¶R H FRQWUROH GDV UHGHV H LQVWDOD¸ÆHV GH GLVWULEXL¸¶R GH HOHFWULFLGDGH WHOHFRPXQLFD¸ÆHV ²JXD H J²V HP HGLI½FLRV RX PRUDGLDV |R HOHFWULFLVWD} FRQYHUVRX FRP -RV¹ 4XLW¹ULR 'LUHFWRU *HUDO GD HPSUHVD $SUHVHQWH QRV XPD EUHYH GHVFUL¸¶R GR KLVWRULDO GD 4XLW¹ULRV $ 4XLW¹ULRV HVW² VHGHDGD QR OXJDU GH 3RUWRPDU FRQFHOKR GH 0LUD GLVWULWR GH &RLPEUD WHP DR VHX VHUYL¸R SHVVRDV TXH FRODERUDP GLUHFWDPHQWH H FRQWD FRP XPD ²UHD FREHUWD GH P H XPD ²UHD WRWDO GH LPSODQWD¸¶R GH P &ULDGD D GH -DQHLUR GH GHULYD GH XPD HPSUHVD HP QRPH LQGLYLGXDO HQW¶R IXQGDGD HP 1HVVH DQR R IXQGDGRU GD HPSUHVD H[HUFHQGR DFWLYLGDGH GH VHUUDO KDULD FLYLO FRPH¸RX SRU IDEULFDU RV SULPHLURV TXDGURV HO¹FWULFRV (P GHX LQ½FLR D XPD HVWUXWXUD GH SURGX¸¶R HP V¹ULH $ JHUD¸¶R VHJXLQWH DEUD¸RX R SURMHFWR GD HPSUHVD H SURQWDPHQWH LQWHUFHGHUDP QD JHVW¶R H GLUHF¸¶R GD PHVPD UHVSRQGHQGR H FRQVROLGDQGR R TXH QHVVD DOWXUD M² HUD D 9LV¶R H 0LVV¶R GD HPSUHVD $ 4XLW¹ULRV GHGLFD VH DR GHVHQYROYLPHQWR SURGX¸¶R H FRPHUFLDOL]D¸¶R GH VROX¸ÆHV SDUD LQFRUSRUD¸¶R GH HTXLSDPHQWRV GH FRPXWD¸¶R GHULYD¸¶R H FRQWUROH GDV UHGHV H LQVWDOD¸ÆHV GH GLVWULEXL¸¶R GH HOHFWULFL GDGH WHOHFRPXQLFD¸ÆHV ²JXD H J²V HP HGLI½FLRV RX PRUDGLDV 'HVGH YHULILFD XP FUHVFLPHQWR DQXDO
P¹GLR GH H ¹ DFWXDOPHQWH D HPSUHVD O½GHU GH PHUFDGR QR VHX VHFWRU D Q½YHO QDFLRQDO $ SHFXOLDU FDSDFLGDGH GH LQRYD¸¶R H GHVHQYROYLPHQWR WRPDGD FRPR XPD GDV SULPRUGLDLV YDQWDJHQV FRPSHWLWLYDV VXEVLVWH QDV WDVN IRUFHV LQWHUGHSDUWDPHQWDLV VRE D ¹JLGH GR &RPLW¹ , ' SDUD GRWDU D HPSUHVD GH VROX¸ÆHV FRPSOHPHQWDUHV H DOWHUQDWLYDV VHMD SDUD R GHVHQYROYL PHQWR GH QRYRV SURGXWRV SDUD LPSOHPHQWD¸¶R GH PHOKRULDV HP SURGXWRV H SURFHVVRV RX SDUD DGRS¸¶R GH QRYDV WHFQRORJLDV SURGXWLYDV $ VXD GLPHQV¶R HVWUXWXUDO H IOH[LELOLGDGH RUJ´QLFD SHUPLWHP OKH HQFDUDU FRP VHJXUDQ¸D R IXWXUR H DGDSWDU RX UHIRU¸DU VHPSUH TXH QHFHVV²ULR R VHX FRUH EXVLQQHVV 2 VORJDQ /LJXH VH ³ 4XDOLGDGH IXQGLGR FRP R 4 GR ORJRWLSR VLJQLILFD XPD H[RUWD¸¶R D TXH RV FOLHQWHV VH OLJXHP QXPD DOXV¶R ³ UDL] GH LQYÂOXFURV SDUD DSDUHOKDJHP HO¹FWULFD TXH HVW² QD RULJHP GD HPSUHVD PDV WDPE¹P D FRQVWDQWH GD 4XDOLGDGH TXH ¹ H[WHQVLYD DRV QRYRV VHJPHQWRV TXH VH DEUHP H D TXH D H[SUHVV¶R OLJXH VH VH PDQW¹P DGPLUDYHOPHQWH DVVRFLDGD 9,6Ó2 6HU O½GHU QR PHUFDGR QDFLRQDO QRV Y²ULRV VHJPHQWRV SHQHWUDU VXVWHQWDGDPHQWH H VHU FRPSHWLWLYR QR PHUFDGR LQWHUQDFLRQDO 3URSRUFLRQDU D WRGRV RV FRODERUDGRUHV FOLHQWHV IRUQHFHGRUHV H PHLR HQYROYHQWH XP DPELHQWH LQWHUQR H H[WHUQR GH H[FHO»QFLD 0,66Ó2 'HWHU D PHOKRU FDSDFLGDGH GH GHVHQYROYLPHQWR SURGX]LU H FRPHUFLDOL]DU VROX¸ÆHV SDUD DV LQVWDOD¸ÆHV H UHGHV GH GLVWULEXL¸¶R GH HOHFWULFLGDGH WHOHFRPXQLFD¸ÆHV ²JXD H J²V HP HGLI½FLRV RX PRUDGLDV (VWLPXODU D YDORUL]D¸¶R H IRUPD¸¶R SURILVVLRQDO GRV VHXV FRODERUDGRUHV SURPRYHU R EHP HVWDU VRFLDO H XP ERP DPELHQWH GH WUDEDOKR $SRLDU VH QXPD DWLWXGH SURILVVLRQDO GH ULJRU H VHULHGDGH DFDXWHODU D SUHVHUYD¸¶R DPELHQWDO UHGX]LU R LPSDFWH GD VXD DFWLYLGDGH H VHU XPD HPSUHVD UHFRQKHFLGD SHOR VHX HVWDWXWR GH FLGD GDQLD HPSUHVDULDO 32/Ý7,&$ '$ 48$/,'$'( (VWDEHOHFHU H PDQWHU R VLVWHPD TXH DVVHJXUD R FRUUHFWR IXQFLRQDPHQWR GDV DFWLYLGDGHV GH JHVW¶R TXH SURPRYD H JDUDQWD D PHOKRULD FRQW½QXD GD TXDOLGDGH H TXH QRV SURFHVVRV DFDXWHOH R FXPSULPHQWR GRV UHTXLVLWRV QRUPDWLYRV $SRVWDU QD VDWLVID¸¶R GDV QHFHVVLGDGHV GRV FOLHQWHV RIHUHFHQGR SURGXWRV H VHUYL¸RV GH TXDOLGDGH 'HVHQFDGHDU DF¸ÆHV SURJUDPDGDV GH IRUPD¸¶R LQIRUPD¸¶R H VHQVLELOL]D¸¶R GH IRUPD D LQFXWLU D FXOWXUD GD TXDOLGDGH DSURYHLWDU DV VXDV SRWHQFLDOLGDGHV H PHOKRUDU R GHVHPSHQKR