$57,*2 7®&1,&2
UHYLVWD W¹FQLFR SURILVVLRQDO
R HOHFWULFLVWD
5LFDUGR 3XULVFK *HUHQWH GH ([SRUWD¸¶R &LUSURWHF
PHVPR TXH YRF» Q¶R HVWHMD
^80 1292 &21&(,72 '( 3527(&Ó2 &2175$ 62%5(7(16Ô(6 $ 3527(&Ó2 &203$&7$ &2175$ 62%5(7(16Ô(6 3(50$1(17(6 ( 75$16,7á5,$6 180 ä1,&2 0á'8/2 '( 3527(&Ó2`
'HVGH TXH VH HGLWRX R QRYR 5HJXODPHQWR GH %DL[D 7HQV¶R DV VREUHWHQVÆHV IRUDP DGTXLULQGR XP PDLRU SURWDJRQLVPR QDV LQVWDOD¸ÆHV HO¹FWULFDV
-² K² DOJXQV DQRV TXH DV SURWHF¸ÆHV FRQWUD VREUHWHQVÆHV VH IRUDP LQVWDODQGR SULQFLSDO PHQWH QXP ´PELWR EDVLFDPHQWH LQGXVWULDO H Q¶R VH WLYHUDP HP FRQWD DV LQVWDOD¸ÆHV GRP¹VWLFDV 1D DFWXDOLGDGH R QÇPHUR GH HTXLSDPHQWRV RX HOHFWURGRP¹VWLFRV LQVWD ODGRV QXPD PRUDGLD DXPHQWRX FRQVLGH UDYHOPHQWH H VDEHQGR TXH DFWXDOPHQWH HVWHV HTXLSDPHQWRV V¶R FDGD YH] PDLV VHQV½YHLV D QHFHVVLGDGH GH SURWHJHU R YDORU GHVWHV H D FXOWXUD SUHYHQWLYD VXSÄV XP DXPHQWR FRQVLGHU²YHO GH LQVWDOD¸ÆHV TXH M² GLVSÆHP GH XP VLVWHPD GH SURWHF¸¶R SDUD D PRUDGLD
²XGLR H Y½GHR FDGD YH] PDLV VRILVWLFDGRV HOHFWURGRP¹VWLFRV FRP FRQWURODGRUHV H SURJUD PDGRUHV HOHFWUÂQLFRV HP YH] GRV DQWLJRV SURJUDPDGRUHV HOHFWURPHF´QLFRV HWF 7RGRV RV FRPSRQHQWHV HOHFWUÂQLFRV V¶R HVSHFLDOPHQWH VHQV½YHLV ³V VREUHWHQVÆHV H V¶R PXLWR DIHFWDGRV SRU HVWDV 6HJXQGR LQIRUPD¸¶R GLVSRQLELOL]DGD SRU FRPSDQKLDV VHJXUDGRUDV RV VLQLVWURV GHFODUDGRV QR ODU GHYLGR D VREUHWHQVÆHV V¶R D WHUFHLUD FDXVD PDLV LPSRUWDQWH RV GDGRV RVFLODP HQWUH H GDGRV GLVSRQLELOL]DGRV SHOR ,&($ ,QYHVWLJDFLÂQ &RRSHUDWLYD HQWUH (QWLGDGHV $VHJXUDGRUDV \ )RQGRV GH SHQVLRQHV 2XWUR DVSHFWR D WHU HP FRQWD ¹ D LPSRUW´QFLD GDGD D HVWH IHQÂPHQR SRU SDUWH GH HPSUHVDV GH GLVWULEXL¸¶R GH HQHUJLD 8P H[HPSOR FODUR ¹ D FRPSDQKLD 6HYLOODQD (QGHVD (VSDQKD TXH DWUDY¹V GDV VXDV QRUPDV SDUWLFXODUHV FRQVLGHURX QHFHVV²ULR H REULJDWÂULR R XVR GH SURWHFWRUHV FRQWUD VREUHWHQVÆHV WUDQVLWÂULDV H SHUPDQHQWHV HP WRGD LQVWDOD¸¶R QRYD GH PRUDGLDV SRVWHULRUHV GH 'H]HPEUR GH
$ 352%/(0Ú7,&$ $&78$/ $V VREUHWHQVÆHV V¶R VXELGDV EUXVFDV GD WHQV¶R GD UHGH HO¹FWULFD DV TXDLV FDXVDP GHIHLWRV QRV HTXLSDPHQWRV GD QRVVD PRUD GLD RX QHJÂFLR (P DOJXQV FDVRV V¶R GHVWUX½GRV LPHGLDWDPHQWH H QRXWURV Y¶R VH GHWHULRUDQGR SURJUHVVLYDPHQWH GLPLQXLQ GR DVVLP VXD YLGD ÇWLO $FWXDOPHQWH QDV PRUDGLDV H[LVWH XPD JUDQGH TXDQWLGDGH GH HOHPHQWRV HOHF WUÂQLFRV FRPSXWDGRUHV HTXLSDPHQWRV GH
$6 62%5(7(16Ô(6 $V VREUHWHQVÆHV FODVVLILFDP VH HP SHUPDQHQWHV H WUDQVLWÂULDV $V VREUHWHQVÆHV SHUPDQHQWHV V¶R GH ORQJD GXUD¸¶R GHVGH PLOLVVHJXQGRV D KRUDV TXH UHSUHVHQWDP XP PRGHUDGR DXPHQWR GD WHQV¶R (VWDV SURGX]HP VH SRU DYDULDV QD UHGH GH GLV WULEXL¸¶R JUDQGHV FRPXWD¸ÆHV GH PDQREUD FRUWHV GH QHXWUR SRU REUDV QD YLD SÇEOLFD HWF $V VREUHWHQVÆHV WUDQVLWÂULDV V¶R SLFRV GH WHQV¶R PXLWR HOHYDGRV H GH PXLWR FXUWD GXUD¸¶R GD RUGHP GH ÐV TXH SRGHP FKHJDU D GDQLILFDU RV HTXLSDPHQWRV OLJDGRV ³ LQVWDOD¸¶R HO¹F WULFD IXQGDPHQWDOPHQWH FRPR FRQVHTX»QFLD GH GHVFDUJDV DWPRVI¹ULFDV FRPXWD¸ÆHV GH UHGH H GHIHLWRV QDV PHVPDV