Revista Viriatos

Page 1




_ 9,5,$726


editorial

$ SDODYUD GR &RPDQGDQWH

&

RPR PDQGD D WUDGLomR FHOHEUDPRV D GH

IUDQFHVDV H WDQWR VH WHP IDODGR H HVFULWR VREUH

0DUoR R GLD GR 5HJLPHQWR GH ,QIDQWDULD

HVWH FDStWXOR GD QRVVD +LVWyULD WDQWDV HYRFDo}HV H

HYRFDQGR XPD GDWD GDV PDLV KHUyLFDV SDUD

FHOHEUDo}HV IRUDP UHDOL]DGDV TXH R DVVXQWR SRGHUi

R 5HJLPHQWR H SDUD R ([pUFLWR 3RUWXJXrV

SDUHFHU HVJRWDGR 1mR HVWi 0DV DOpP GHVWH RXWUDV

TXDQGR WURSDV VDtGDV GHVWD XQLGDGH VH

HIHPpULGHV IRUDP HYRFDGDV H RXWUDV FRPHoDP DJRUD

FREULUDP GH JOyULD QR Mi GLVWDQWH DQR GH QD )ODQGUHV

D Vr OR 2 FHQWHQiULR GD LPSODQWDomR GD 5HS~EOLFD 2

&RPR &RPDQGDQWH FXPSUH PH FHOHEUDU HVWH GLD SHOD

FHQWHQiULR GD PRUWH GH 5LEHLUR $UWKXU GH TXHP VH

VHJXQGD YH] H p FRP RUJXOKR H VDWLVIDomR TXH ROKR SDUD

IDORX QD HGLomR DQWHULRU 2 FLQTXHQWHQiULR GD *XHUUD

R WUDMHFWR SHUFRUULGR GHVGH R DQR SDVVDGR $SHUFHER PH

HP ÉIULFD GR VHX LQtFLR 7XGR HYHQWRV GRV TXDLV HVWD

DJRUD GD YHUGDGHLUD GLPHQVmR GD KRQUD TXH FRQVWLWXL

XQLGDGH QmR SRGH VHU GLVVRFLDGD SRUTXDQWR QHOHV WHYH

FRPDQGDU WDO 5HJLPHQWR

SDSHO DFWLYR RX SRU HOHV IRL LQIOXHQFLDGD

1mR REVWDQWH DV FRQVDELGDV GLILFXOGDGHV H D GLPHQVmR

'H WXGR LVWR QRV SURSRPRV IDODU QHVWD HGLomR SDUD DOpP

H FRPSOH[LGDGH GD WDUHID D WXGR RV PLOLWDUHV H FLYLV TXH

GRV JHQpULFRV WHPDV H UXEULFDV TXH ID]HP KDELWXDOPHQWH

DTXL VHUYHP UHVSRQGHUDP FRP EULR H PpULWR UHFRQKHFLGR

SDUWH GH XPD SXEOLFDomR GHVWH WLSR

GHQWUR H IRUD GH SRUWDV 2 5HJLPHQWR GH ,QIDQWDULD p

1HVWDV OLQKDV FDEH DLQGD XPD SDODYUD GH JUDWLGmR H

XP H[HPSOR GH H[FHOrQFLD H LVVR DSDUHFH UHIOHFWLGR QR

KRPHQDJHP SDUD DTXHOHV TXH GHUDP UD]mR H FRUSR DR TXH

FUHVFHQWH Q~PHUR GH VROLFLWDo}HV GDV PDLV GLYHUVDV TXH

DTXL VH Gi j HVWDPSD

OKH VmR DSUHVHQWDGDV SHOD VRFLHGDGH FLYLO H SHOR SUySULD

$RV QRVVRV DQWHFHVVRUHV TXH IL]HUDP D QRVVD +LVWyULD

KLHUDUTXLD PLOLWDU WHVWHPXQKR LQGLVFXWtYHO GD FRQILDQoD H

² SDUD FXMD HVFULWD DTXL FRQWULEXtPRV ² SHOR VHX HVIRUoR H

SUHVWtJLR GH TXH EHQHILFLDPRV

VDFULItFLR H SHOR OHJDGR TXH QRV GHL[DUDP

1HVWD HGLomR GD 9LULDWRV SURSRPR QRV R DPELFLRVR REMHFWLYR GH UHIOHFWLU D PHVPD TXDOLGDGH 6DEHPRV TXH DV GLILFXOGDGHV VmR PDLRUHV ² RV UHFXUVRV

$RV QRVVRV SDUHV SHOD IUDQFD FRRSHUDomR H HQWUHDMXGD TXH WHP VLGR GHFLVLYD QR XOWUDSDVVDU GH WDQWDV LQVXILFLrQFLDV H QR ERP FXPSULPHQWR GD QRVVD PLVVmR

VmR PDLV HVFDVVRV 4XH LVVR QmR VLUYD GH GHVFXOSD ²

$R 'LVWULWR GH 9LVHX jV VXDV DXWRULGDGHV FLYLV PLOLWDUHV

DSHQDV DXPHQWD R GHVDILR $ JUDQGH]D GR KRPHP PHGH

UHOLJLRVDV H jV VXDV LQVWLWXLo}HV H FROHFWLYLGDGHV SHORV

VH QD DWLWXGH FRP TXH HQIUHQWD RV REVWiFXORV H RV KRPHQV

VLQDLV FRQVWDQWHV GH FDULQKR H GH FRQILDQoD SHOR 5HJLPHQWR

H DV PXOKHUHV GR 5, 9LULDWRV GH VDQJXH H DOPD WrP

TXH p QRVVR PDV DFLPD GH WXGR VHX

SURYDV GDGDV 1D VXD QDWXUH]D UDGLFD XPD YRQWDGH H IRUoD

$ WRGRV RV TXH FRP DV VXDV VROLFLWDo}HV RX FRP D VXD

PRUDO VXSHULRUHV GHWHUPLQDQWHV SDUD D VXSHUDomR GD

DMXGD GHVLQWHUHVVDGD WRUQDUDP HVWH Q~PHUR GD 9LULDWRV

DGYHUVLGDGH

YLiYHO H SRVVtYHO

&RQWLQXDPRV SRUWDQWR D DSRVWDU QD GLYHUVLGDGH GRV

$RV PLOLWDUHV H FLYLV GR 5, SHOR HVIRUoR H GHGLFDomR

WHPDV FHQWUDGRV p FHUWR QD GLYXOJDomR GR 5HJLPHQWR

TXH UHYHODP QR GLD D GLD QD VHQGD GD FRQWLQXLGDGH GR

GD VXD DFWLYLGDGH H GR VHX PHVWHU 0DV DSRVWDQGR HP

PpULWR GRV TXH RV DQWHFHGHUDP

VLPXOWkQHR QHVWH IHOL] FDVDPHQWR HQWUH R IDFWXDO H R

&RQFOXR FRP XP YRWR SDUD DTXHOHV TXH WHQKDP D

FXOWXUDO SURFXUDQGR RIHUHFHU DOJR PDLV GR TXH XP PHUR

RSRUWXQLGDGH GH DFHGHU D HVWD UHYLVWD TXH D VXD OHLWXUD

EDODQoR GDV DFWLYLGDGHV UHDOL]DGDV DR ORQJR GR FLFOR HQWUH

VHMD WmR HQULTXHFHGRUD TXDQWR DJUDGiYHO

D SXEOLFDomR DQWHULRU H HVWD 1R Q~PHUR DQWHULRU IRL UHODWLYDPHQWH VLPSOHV HVFROKHU XP WHPD SULQFLSDO HP WRUQR GDV LQYDV}HV

1yV FRQWLQXDUHPRV D SURFXUDU PHUHFHU R HStWHWR GH 9LULDWRV H D ID]HU MXV j KRQURVD GLYLVD TXH QRV LGHQWLILFD FRPR DTXHOHV ²&XMD IDPD QLQJXpP YLUi TXH GRPH³ 2 &RPDQGDQWH

-RmR 0DQXHO GH &DUYDOKR 2OLYHLUD GD &XQKD 3RUWR &RU ,QI

9,5,$726 _


JXHUUDGRXOWUDPDU

MAPA DE PORTUGAL INSULAR E IMPERIO COLONIAL PORTUGUES, (98x87 cm), Livraria Escolar “Progredior”, Porto, 1934. Fonte: Biblioteca Nacional de Portugal, Biblioteca Digital.

Fj Xek\Z\[\ek\j [X >l\iiX [f LckiXdXi \ f <jkX[f Gfikl^l j ef Zfek\okf `ek\ieXZ`feXc $QWHFHGHQWHV $ VDJD GRV GHVFREULPHQWRV SRUWXJXHVHV ² TXH PXGRX HP GHILQLWLYR R PXQGR SRVVLYHOPHQWH PDLV TXH TXDOTXHU RXWUD GHVFREHUWD RX LQYHQomR QD KLVWyULD GD KXPDQLGDGH ² UHVXOWRX SDUD R QRVVR SDtV QR HVWDEHOHFLPHQWR GH FROyQLDV DR ORQJR GH WRGD D FRVWD DIULFDQD HVWHQGHQGR VH DWp j ÉVLD PHQRU 6mR KRMH H FDGD YH] PDLV DV YR]HV TXH DILUPDP TXH IRL FRP RV GHVFREULPHQWRV SRUWXJXHVHV TXH YHUGDGHLUDPHQWH FRPHoRX LVWR D TXH KRMH FKDPDPRV JOREDOL]DomR 1R FRPHoR HUDP SHTXHQRV SRVWRV IXQGDPHQWDOPHQWH GH FDUL] PLOLWDU GHVWLQDGRV DR DSRLR jV URWDV GH QDYHJDomR HPERUD H GHVGH R LQtFLR 3RUWXJDO WHQKD UHFODPDGR SDUD VL D SRVVH GH WDLV WHUULWyULRV ² FRQWXGR 3RUWXJDO QXQFD FRQVHJXLX D PDVVD FUtWLFD SRSXODFLRQDO H HFRQyPLFD SDUD XPD RFXSDomR HIHFWLYD H VHJXUD GHVVHV PHVPRV WHUULWyULRV H SDUD R VHX SURJUHVVR H GHVHQYROYLPHQWR HFRQyPLFR H FXOWXUDO $ FUHQoD GH VXSHULRULGDGH GR KRPHP EUDQFR OHYDYD j WROHUkQFLD SDUD FRP D HVFUDYDWXUD H D DFWRV GH YLROrQFLD VREUH DV SRSXODo}HV DXWyFWRQHV YHUGDGHLUR IHUPHQWR SDUD D UHMHLomR GR QRYR RFXSDQWH $SHVDU GH RV SRUWXJXHVHV WHUHP DOWHUQDGR WDLV DFWRV GH VXEMXJDomR FRP RXWURV GH

_ 9,5,$726

YHUGDGHLUD KXPDQLGDGH H QmR REVWDQWH R SUHFRQFHLWR UDFLDO TXH SHUVLVWLX GXUDQWH PXLWRV VpFXORV VHPSUH H[LVWLUDP WDPEpP DTXHOHV TXH QRV DFROKLDP H UHFHELDP FRP VLPSDWLD SHOR TXH D UHMHLomR QmR HUD XQkQLPH 7DOYH] SRU LVVR DV EULVDV OLEHUWiULDV WHQKDP GHPRUDGR WDQWRV VpFXORV D WUDQVIRUPDU VH HP YHQWRV LQGHSHQGHQWLVWDV H SURYDYHOPHQWH QXQFD WDO WLYHVVH DFRQWHFLGR VH QmR IRVVHP DV LQIOXrQFLDV H[WHUQDV 2 VRQKR SRUWXJXrV GH OLJDU $QJROD D 0RoDPELTXH SRU WHUUD QXP ~QLFR H LPHQVR WHUULWyULR IRL WHQWDGR DWUDYpV GD H[SORUDomR GH +HUPHQHJLOGR &DSHOR H 5REHUWR ,YHQV D H[SHGLomR GH $QJROD j FRQWUD FRVWD $ FDUWRJUDILD UHVXOWDQWH GHVWD H[SHGLomR ² R WmR FLWDGR ´0DSD &RU GH URVDµ ² IRL DSUHVHQWDGD SRU 3RUWXJDO QD PDO VXFHGLGD &RQIHUrQFLD GH %HUOLP RQGH VH VHQWDUDP WRGDV DV SRWrQFLDV FRORQLDLV RX FRP SUHWHQV}HV D WDO 3DUD VXUSUHVD H QXP YHUGDGHLUR XOWUDMH DR WUDWDGR GH :LQGVRU D ,QJODWHUUD UHMHLWRX OLPLQDUPHQWH HVWD SUHWHQVmR YLQGR D DSUHVHQWDU D 3RUWXJDO R WULVWHPHQWH FpOHEUH 8OWLPDWXP GH $ ÉIULFD DFDEDULD GLYLGLGD D UpJXD H HVTXDGUR VHP TXDOTXHU UHVSHLWR RX DWHQomR jV GLYLV}HV


JXHUUDGRXOWUDPDU

(VTXHPD GR PDSD FRU GH URVD DSUHVHQWDGR SRU 3RUWXJDO QD &RQIHUrQFLD GH %HUOLP

pWQLFDV H UHVSHFWLYRV WHUULWyULRV FRQWULEXLQGR SDUD R VHQWLPHQWR GH DYHUVmR DR RFXSDQWH EUDQFR 4XDVH PLODJURVDPHQWH RX QmR D IUDTXH]D PLOLWDU SRUWXJXHVD FRQVHJXLD LU DSODFDQGR RV IRFRV GH VXEYHUVmR TXH LDP VXUJLQGR $ YHUGDGH p TXH PHVPR IUDFR TXDQGR FRPSDUDGR FRP DV SRWHQFLDV HXURSHLDV H DPHULFDQD R DSDUHOKR PLOLWDU SRUWXJXrV HUD WHFQROyJLFD H RUJDQL]DFLRQDOPHQWH PXLWR VXSHULRU DR TXH VH OKH RSXQKD ² 3RUWXJDO GLVSXQKD GH XPD RUJDQL]DomR PLOLWDU WUHLQDGD GR SRQWR GH YLVWD WiFWLFR H WpFQLFR DUPDGD FRP DUPDV GH IRJR FRPSDUDWLYDPHQWH PRGHUQDV D TXH VH RSXQKDP PHURV EDQGRV GHVRUJDQL]DGRV DSHQDV DUPDGRV FRP SRXFR PDLV TXH ODQoDV H ]DJDLDV ­ SDFLILFDomR GRV FXDPDWRV VXEOHYDGRV QR ILQDO GR 6pF ;,; H LQtFLR GR 6pF ;; VHJXLD VH D GRV FXDQKDPDV

2 5, QD ÌQGLD (P R 5, UHFHEHX D RUGHP GH GHVWDFDU XPD FRPSDQKLD GH FDoDGRUHV SDUD LQWHJUDU R FKDPDGR %DWDOKmR GH &DoDGRUHV GDV %HLUDV R TXDO LQWHJUDYD VXE XQLGDGHV GH GLIHUHQWHV SURYHQLrQFLDV H FXMR FRPDQGR ILFRX VHGHDGR HP 9HOKD *RD $ PLVVmR GHFRUUHX QDTXHOH WHUULWyULR HQWUH $EULO GH H 0DLR GH $ FRPSDQKLD SURYHQLHQWH GR 5, ILFRX LQLFLDOPHQWH DTXDUWHODGD HP $JXDGD UHSDUWLQGR RV VHXV SHORW}HV SRU $JXDGD FRP R FRPDQGR GD FRPSDQKLD 5HLV 0DJRV *RD UHIRUoR GD SROtFLD H QR 3DOiFLR GR *RYHUQDGRU VHJXUDQoD SHVVRDO GR *RYHUQDGRU GR (VWDGR 3RUWXJXrV GD ÌQGLD

DPERV SRYRV TXH KDELWDYDP DV UHJL}HV DTXpP H DOpP GD IURQWHLUD 6XO GH $QJROD 3DUD WDO QR 9HUmR GH IRL HQYLDGR SDUD $QJROD XP FRUSR H[SHGLFLRQiULR FRPDQGDGR SHOR 7HQHQWH FRURQHO 5RoDGDV HVWH DFDEDULD SRU OXWDU FRQWUD IRUoDV HXURSHLDV QR HSLVyGLR GH 1DXOLOD WDPEpP WUDWDGR QHVWH Q~PHUR GD 9LULDWRV DQWHV GH SRGHU SURVVHJXLU FRP R FXPSULPHQWR GD VXD PLVVmR LQLFLDO 2 6XO GH $QJROD YLULD D ILFDU RFXSDGR H SDFLILFDGR HP QD VHTXrQFLD GR FRPEDWH GH 0{QJXD HP $JRVWR FRPEDWH HVVH TXH WHP D SDUWLFXODULGDGH GH WHU VLGR DTXHOH HP TXH R ([pUFLWR 3RUWXJXrV IH] D VXD ~OWLPD FDUJD GH FDYDODULD 'HVGH HQWmR DV DPELo}HV HXURSHLDV H DPHULFDQDV QmR PDLV GHL[DUDP GH GLVSXWDU D VXD LQIOXrQFLD VREUH RV WHUULWyULRV DIULFDQRV PXLWDV YH]HV DOLFLDQGR RV DXWyFWRQHV D VXEOHYDU VH FRQWUD RV RFXSDQWHV $ HVWH MRJR GH LQIOXrQFLDV YLULD D MXQWDU VH PDLV WDUGH XP WHUFHLUR DFWRU D 8QLmR 6RYLpWLFD GHVHMRVD GH HVWHQGHU D VXD LQIOXrQFLD SROtWLFD D XPD iUHD JHRJUiILFD FKHLD GH DSHWHFtYHLV UHFXUVRV HFRQyPLFRV 1D VHTXrQFLD GD LQGHSHQGrQFLD GD ÌQGLD 3RUWXJDO DEDQGRQD RV HQFODYHV GH 1DJDU $YHOL H 'DGUi RV TXDLV VROLFLWDUDP DSRLR DGPLQLVWUDWLYR DR QRYR HVWDGR (PERUD 3RUWXJDO UHFODPDVVH DLQGD D SRVVH GHVWHV GH GLUHLWR WLQKD RV Mi SHUGLGR GH IDFWR *RD 'DPmR H 'LX FDHP HP QR SUHO~GLR GR LQGHSHQGHQWLVPR TXH VH DODVWURX jV UHVWDQWHV SRVVHVV}HV XOWUDPDULQDV FRP H[FHSomR GH 0DFDX H 7LPRU

0DSDV GDV DQWLJDV SRVVHVV}HV TXH FRPSXQKDP R (VWDGR 3RUWXJXrV GD ÌQGLD H D VXD ORFDOL]DomR QD SHQtQVXOD LQGLDQD 3HQtQVXOD LQGLDQD 'LX 'DPmR *RD

1RYH PHVHV PDLV WDUGH D PLVVmR GHVWD FRPSDQKLD VHULD DOWHUDGD SDVVDQGR D HVWDU ORFDOL]DGD HP &RUWHOLP ² D PLVVmR HUD D GH JDUDQWLU D VHJXUDQoD GD WUDYHVVLD SRU IHUU\ GR ULR =XDUL FRP XP SHORWmR HP FDGD PDUJHP H JDUDQWLU D VHJXUDQoD GRV HPLVVRUHV UiGLR GH %DPEROLP GLYLGLGRV SRU GRLV ORFDLV GLVWLQWRV SDUD D HPLVVmR H UHFHSomR DVVHJXUDQGR DV FRPXQLFDo}HV FRP /LVERD $ FRPLVVmR GHFRUUHX VHP LQFLGHQWHV GLJQRV GH UHJLVWR H R %DWDOKmR GH &DoDGRUHV GDV %HLUDV IRL UHQGLGR SHOR %DWDOKmR GR $OHQWHMR H $OJDUYH UHJUHVVDQGR j PHWUySROH HP 0DLR GH $ &RPSDQKLD GR 5, UHJUHVVRX D 9LVHX VHQGR RV PLOLWDUHV GR TXDGUR SHUPDQHQWH UHLQWHJUDGRV QD HVWUXWXUD GR 5HJLPHQWR H RV UHVWDQWHV GHVPRELOL]DGRV

9,5,$726 _


JXHUUDGRXOWUDPDU

2 (VWDGR 3RUWXJXrV QR FRQWH[WR LQWHUQDFLRQDO 2 SHUtRGR GH UHFRQVWUXomR SROtWLFD HFRQyPLFD H VRFLDO TXH VH VHJXLX j ,, *XHUUD 0XQGLDO QHP SRU LVVR IRL XP SHUtRGR GH DFDOPLD QDV UHODo}HV LQWHUQDFLRQDLV 1D YHUGDGH R PXQGR GR SyV JXHUUD IRL HVVHQFLDOPHQWH XP PXQGR ELSRODU GLYLGLGR HQWUH XP EORFR RFLGHQWDO D 27$1 OLGHUDGD SHORV (VWDGRV 8QLGRV H XP EORFR GLWR GH /HVWH FRQVWLWXtGR SHOD 8566 UHIRUoDGR HP FRP D DGHVmR GRV UHVWDQWHV SDtVHV GH JRYHUQDomR FRPXQLVWD GR OHVWH GD (XURSD VLJQDWiULRV GR 3DFWR GH 9DUVyYLD ILUPDGR HP GH 0DLR GHVVH DQR (VWD ELSRODUL]DomR FRQMXJDGD FRP R GHVHQYROYLPHQWR GR DUPDPHQWR QXFOHDU FRQGX]LX j FKDPDGD *XHUUD )ULD FRPEDWLGD HVVHQFLDOPHQWH QR WDEXOHLUR GLSORPiWLFR H HP FRQIOLWRV UHJLRQDLV HVWLPXODGRV H DOLPHQWDGRV SRU XP RX DPERV RV EORFRV ² D DPHDoD GH XPD JXHUUD QXFOHDU HUD p DLQGD" GH WDO IRUPD DWHUUDGRUD TXH HVWH FRQIOLWR HUD XP JLJDQWHVFR HGLItFLR FXMRV DOLFHUFHV HUDP D GLVVXDVmR TXH GHVHQFDGHRX D ´FRUULGD DRV DUPDPHQWRVµ H FXMDV SDUHGHV HUDP D PDQLSXODomR GH LQWHUHVVHV ORFDLV HP FRQIOLWRV GH SHTXHQD GLPHQVmR LQVWLJDGRV DTXL H DOL SRU FDGD XPD GDV SDUWHV 1HVWH [DGUH] FRPSOH[R WRPDYDP SDUWH RV SDtVHV GLWRV QmR DOLQKDGRV ² HVWHV SUHWHQGLDP DVVXPLU VH IRUPDOPHQWH FRPR XPD YLD ODQoDGD QD FRQIHUrQFLD GH %DQGXQJ HP H EDVLFDPHQWH HUD XPD FROLJDomR GH QDo}HV DIULFDQDV H DVLiWLFDV GR FKDPDGR PXQGR (VWD FROLJDomR VHULD DODUJDGD QD FLPHLUD GH %HOJUDGR HP 3UHWHQGLDP R UHFRQKHFLPHQWR GH XP HVWDWXWR GH

$UTXLSpODJRV GH &DER 9HUGH H GH 6 7RPp H 3UtQFLSH R WHUULWyULR GH 7LPRU /HVWH 0DFDX H RV WHUULWyULRV LQGLDQRV GH *RD 'DPmR H 'LX LQFOXLQGR DLQGD RV HQFODYHV GH 'DGUi H GH 1DJDU $YHOL

0LOLWDUHV SRUWXJXHVHV SULVLRQHLURV GD 8QLmR ,QGLDQD 3XEOLFDGD HP KWWS ZZZ VXSHUJRD FRP

QHXWUDOLGDGH H LQGHSHQGrQFLD UHODWLYDPHQWH DRV EORFRV RFLGHQWDO H GH OHVWH HPERUD QD VXD PDLRULD H QD SUiWLFD IRVVHP GLVVLPXODGD RX DEHUWDPHQWH KRVWLV DR EORFR RFLGHQWDO TXH UHSUHVHQWDYD DV DQWLJDV SRWrQFLDV FRORQLDLV TXH RV WLQKDP RFXSDGR H FXMR UHJUHVVR UHFHDYDP 3RUWXJDO DLQGD TXH SDtV PHPEUR IXQGDGRU GD 27$1 FRQVHJXLD R SURGtJLR GLSORPiWLFR GH SHUWHQFHU D XP GRV EORFRV VHP QXQFD YHUGDGHLUDPHQWH VH HQYROYHU QR FRQIOLWR ² UHFHELD DOJXP DUPDPHQWR H PDWHULDO PLOLWDU GRV (VWDGRV 8QLGRV DTXHOH TXH QD RULJHP HUD Mi REVROHWR FHGLD D XWLOL]DomR GH XPD EDVH DpUHD QD LOKD 7HUFHLUD D %DVH GD /DJHV H ´FREUDYDµ DLQGD D XWLOL]DomR GH XP +RVSLWDO GH UHWDJXDUGD QD LOKD GH 6 0LJXHO FXMD XWLOLGDGH IRL GHFDLQGR j PHGLGD TXH RV IHULGRV GD ,, *UDQGH *XHUUD LDP VHQGR UHSDWULDGRV 1HP PHVPR JUDQGHV GHFODUDo}HV SROtWLFDV HUDP SURIHULGDV WLUDQGR D PDQLIHVWD UHMHLomR GR FRPXQLVPR SRU SDUWH GR JRYHUQR SRUWXJXrV GH HQWmR OLGHUDGR SRU 2OLYHLUD 6DOD]DU $ VXD FpOHEUH Pi[LPD ²RUJXOKRVDPHQWH VyV³ QmR HUD DSHQDV XPD SDODYUD GH FLUFXQVWkQFLD PDV VLP XPD SUiWLFD HIHFWLYD WDOYH] WHQKD VLGR GH IDFWR R YHUGDGHLUR SDtV QmR DOLQKDGR ( 3RUWXJDO SDVVRX D VHU ² DSyV D GHFODUDomR GH LQGHSHQGrQFLD GD 8QLmR ,QGLDQD HP ² D ~OWLPD JUDQGH SRWrQFLD FRORQLDO VHQKRU GH XP YDVWtVVLPR LPSpULR TXH FRPSUHHQGLD R WHUULWyULR FRQWLQHQWDO HXURSHX RV DUTXLSpODJRV GRV $oRUHV H 0DGHLUD H DV HQWmR 3URYtQFLDV 8OWUDPDULQDV GH $QJROD 0RoDPELTXH *XLQp

(StORJR 1D VHTXrQFLD GD LQYDVmR GDV SRVVHVV}HV LQGLDQDV SHODV WURSDV GD 8QLmR ,QGLDQD H GD FRQVHTXHQWH UHQGLomR GRV PLOLWDUHV SRUWXJXHVHV HVWHV IRUDP GHWLGRV VRE HVWDWXWR GH SULVLRQHLURV GH JXHUUD SRU DTXHOHV 6HJXQGR XP WHVWHPXQKR ²ªVy HP GH -DQHLUR GH p TXH RV PLOLWDUHV IRUDP LQWHUQDGRV QR $OIDµV 'HWHQX &DPS HP 3RQGi GR TXDO HP GH 0DLR GH VDtUDP OLEHUWRV SDUD D FDSLWDO SDTXLVWDQHVD RQGH DJXDUGDUDP WUDQVSRUWHªµ

0DSD FRPSDUDWLYR HP TXH VH VREUHSXQKDP HP HVFDOD LGrQWLFD RV WHUULWyULRV XOWUDPDULQRV VREUH D (XURSD LOXVWUDQGR D GLPHQVmR JHRJUiILFD GD VXSHUItFLH WHUUHVWUH GR ,PSpULR 3RUWXJDO QmR p XP SDtV SHTXHQR PDSD RUJDQL]DGR SRU +HQULTXH *DOYmR (VFDOD >FD @ &kPDUD 0XQLFLSDO GH 3HQDILHO >FD @ [ FP )RQWH %LEOLRWHFD 1DFLRQDO GH 3RUWXJDO %LEOLRWHFD 'LJLWDO

KWWS XOWUDPDU WHUUDZHE EL] 1RWLFLDB(PGHIHVD,QGLDB9LOD5HDOB/& KWP

_ 9,5,$726


F I@ (+ \ Xj ZXdgXe_Xj [f lckiXdXi 2UJDQL]DomR GR 5, DQWHV GR FRQIOLWR DIULFDQR

QR FDVR GRV GHVWLQDGRV DR XOWUDPDU 1HVWHV FDVRV TXHU

1R LQtFLR GD GpFDGD GH R 5HJLPHQWR GH ,QIDQWDULD FRPSUHHQGLD XP %DWDOKmR GH &RPDQGR H 6HUYLoRV H XP %DWDOKmR GH ,QVWUXomR TXH RUJDQL]DYD LQFRUSRUDo}HV DQXDLV jV TXDLV PLQLVWUDYD D LQVWUXomR EiVLFD $SyV R -XUDPHQWR GH %DQGHLUD RV QRYRV VROGDGRV

LQWHJUDVVHP XQLGDGHV FRQVWLWXtGDV TXHU PDUFKDVVHP SDUD UHQGLo}HV LQGLYLGXDLV RV ´EHQHILFLDGRVµ FROKLDP VHPSUH PDLV XP PrV RX GRLV ´GH EyQXVµ SRUTXH DV UHQGLo}HV HUDP VHPSUH SURFHVVDGDV FRP DWUDVR 3RU RXWUR ODGR KDYLD DLQGD D FRQVLGHUDU DV HVSHFLDOLGDGHV

HUDP GLVWULEXtGRV SRU RXWUDV XQLGDGHV GH IRUPDomR RQGH LDP UHFHEHU D LQVWUXomR GD HVSHFLDOLGDGH D TXH HUDP GHVWLQDGRV 1HVWH WHPSR DV FDVHUQDV REHGHFLDP DR FRQFHLWR GH iUHD DEHUWD XP JUDQGH YmR GLYLGLGR HP iUHDV DSHQDV VHSDUDGDV SRU PXUHWHV FRP FHUFD GH P GH DOWXUD QR VHX FRQMXQWR FKHJDYDP D DORMDU HQWUH D VROGDGRV UHFUXWDV SRU FDVHUQD &RP R HFORGLU GD JXHUUD H SHUDQWH D GHFLVmR SROtWLFD GH DXPHQWDU R HIHFWLYR GHVWLQDGR j GHIHVD GDV 3URYtQFLDV 8OWUDPDULQDV R Q~PHUR GH LQFRUSRUDo}HV GXSOLFRX SDVVDQGR D SRU DQR DWLQJLQGR R HIHFWLYR GH VROGDGRV UHFUXWDV SRU LQFRUSRUDomR ² QHVWD DOWXUD R FKHJRX D WHU FRPSDQKLDV GH LQVWUXomR RUJDQL]DGDV HP SHORW}HV GH UHFUXWDV D FHUFD GH KRPHQV H FDGD FDVHUQD SRGLD DOEHUJDU KRPHQV OLWHUDOPHQWH HPSLOKDGRV HP EHOLFKHV D FDPDV GH DOWXUD 2OKDQGR DRV SDGU}HV GH KRMH p GLItFLO LPDJLQDU FRPR VH ´HQFDL[DULDµ WDQWD JHQWH QD FDVHUQD QD SDUDGD QR UHIHLWyULR ² PDV IH] VH« DQRV D ILR

FUtWLFDV ² DTXHODV FXMD IRUPDomR HUD VHPSUH PDLV UHVWULWD H FXMR HIHFWLYR HVWDYD VHPSUH DEDL[R GDV QHFHVVLGDGHV 2 HVIRUoR GH JXHUUD VREUHSXQKD VH VHPSUH DR LQWHUHVVH LQGLYLGXDO H D FULDomR GH VLWXDo}HV GH SURIXQGD LQMXVWLoD HUD YLVWD FRPR XP PDO PHQRU 2V DSDQKDGRV QHVWD ´PDOKDµ HUDP FRQYRFDGRV SRU PDLV DQRV FXPSULQGR XP WRWDO GH FHUFD GH &ULWpULRV GH HVFROKD" %HP DOpP GH WHU QDVFLGR GHEDL[R GD Pi HVWUHOD R TXH GHVWLQDYD FDGD XP GHVWHV SDUD D HVSHFLDOLGDGH TXH HVWLYHVVH HP IDOWD HUD R Q~PHUR PHFDQRJUiILFR ² H HVWH HUD DWULEXtGR SHOD RUGHP GH FKHJDGD j SRUWD GH DUPDV QR GLD GD LQFRUSRUDomR

'XUDomR GR VHUYLoR PLOLWDU QD pSRFD $ GXUDomR SUHYLVWD GR VHUYLoR PLOLWDU REULJDWyULR HUD GH DQRV 1D SUiWLFD LVWR UDUDPHQWH HUD FXPSULGR SHOR PHQRV

$ IRUPDomR H WUHLQR PLOLWDU &DGD LQVWUXomR EiVLFD GXUDYD D VHPDQDV H HQWUH FDGD UHFUXWD KDYLD XP SHUtRGR GH ´SRXVLRµ GH D VHPDQDV GHVWLQDGR TXHU jV RSHUDo}HV GH SUHSDUDomR ORJtVWLFD SDUD D LQFRUSRUDomR VHJXLQWH TXHU j SUHSDUDomR GRV LQVWUXWRUHV DV FKDPDGDV HVFRODV SUHSDUDWyULDV GH TXDGURV GXUDQWH DV TXDLV VH SURFXUDYD OLPDU DV DUHVWDV YHULILFDGDV QD UHFUXWD DQWHULRU QLYHODU D SUHSDUDomR GRV LQVWUXWRUHV H PHVPR PLQLVWUDU D HVWHV DV LQRYDo}HV HQWUHWDQWR VXUJLGDV TXHU UHVXOWDQWHV GD H[SHULrQFLD GR FRPEDWH TXHU GD LQWURGXomR GH QRYRV PHLRV H HTXLSDPHQWRV 1D PDLRULD GRV FDVRV R 5, SHUGLD R UDVWR GRV VHXV

9,5,$726 _


JXHUUDGRXOWUDPDU

* &ROHFomR GR 5,

PDLV OHYHV H FRQIRUWiYHLV PDV GH GXUDELOLGDGH UHGX]LGD 'H DFRUGR FRP RV UHODWRV GRV YHWHUDQRV GDTXHOD pSRFD R FDPXIODGR IRL Mi GLVWULEXtGR DRV SULPHLURV FRQWLQJHQWHV HQYLDGRV SDUD UHIRUoDU DV SURYtQFLDV $ HVFROD 5HJLPHQWDO $LQGD TXH Mi IRVVH LPSRVWD XPD HVFRODULGDGH REULJDWyULD D YHUGDGH p TXH R QtYHO GH LOLWHUDFLD WRWDO GRV PDQFHERV LQFRUSRUDGRV HUD HOHYDGtVVLPR $VVLP QDV XQLGDGHV GD PHWUySROH IXQFLRQDYDP DV FKDPDGDV ´HVFRODV UHJLPHQWDLVµ HP TXH DRV PDQFHERV

)DUGDPHQWR 3XEOLFDGR HP KWSS XOWUDPDU WHUUDZHE EL]

UHFUXWDV DSyV D LQVWUXomR EiVLFD 7HRULFDPHQWH DSyV D LQVWUXomR GD HVSHFLDOLGDGH WRGRV GHYHULDP SDVVDU SRU XPD IDVH GH LQVWUXomR FROHFWLYD DQWHV GR HPEDUTXH &RQWXGR WDO DSHQDV SRGHULD DFRQWHFHU jTXHOHV TXH LDP LQWHJUDGRV HP XQLGDGHV FRQVWLWXtGDV H DSHQDV GXUDQWH R SHUtRGR HQWUH D FRQFOXVmR GD IRUPDomR GD HVSHFLDOLGDGH H R HPEDUTXH ² SHUtRGR HVVH TXH HUD VHPSUH FXUWR $TXHOHV GHVWLQDGRV D UHQGLo}HV LQGLYLGXDLV PDO WLQKDP WHPSR GH VH GHVSHGLU GD IDPtOLD H DPLJRV H HUDP HQYLDGRV QR SULPHLUR WUDQVSRUWH GLVSRQtYHO

HUD LPSRVWD D IUHTXrQFLD GH DXODV QDV TXDLV 6DUJHQWRV GRV TXDGURV SHUPDQHQWHV PLQLVWUDYDP R SURJUDPD GR HQVLQR SULPiULR (UDP DV )RUoDV $UPDGDV TXHP HQVLQDYD R 3DtV D OHU 1R ILQDO GRV FLFORV GH LQVWUXomR SURIHVVRUHV FLYLV DSRQWDGRV SHOR 0LQLVWpULR GD (GXFDomR YLQKDP DVVLVWLU jV SURYDV ILQDLV GH DSURYHLWDPHQWR SDUD D FRQFHVVmR GRV UHVSHFWLYRV FHUWLILFDGRV GH KDELOLWDo}HV 7DO VLVWHPD YLJRURX HP VLPXOWkQHR QD PHWUySROH H QR XOWUDPDU DWp DQR D SDUWLU GR TXDO DSHQDV HVWDYD LPSODQWDGR QDTXHODV SURYtQFLDV GLVWDQWHV SDUD D LQVWUXomR GRV LQGtJHQDV 8PD YH] PDLV HUDP RV HXURSHXV RV GD PHWUySROH TXHP PLQLVWUDYD D LQVWUXomR SULPiULD H TXHP HQVLQDYD D ÉIULFD D OHU H HVFUHYHU 2 DUPDPHQWR H HTXLSDPHQWR SULQFLSDO

2 IDUGDPHQWR $QWHV GR FRQIOLWR H QRV SULPHLURV GLDV GHVWH DRV PLOLWDUHV LQFRUSRUDGRV HUD GLVWULEXtGR R YHOKR XQLIRUPH GH FRWLP FLQ]HQWR WRWDOPHQWH LQDGHTXDGR SDUD TXDOTXHU FRPEDWH PRGHUQR Mi TXH SRXFR WLQKD HYROXtGR GHVGH R XWLOL]DGR QD , *UDQGH *XHUUD $RV PLOLWDUHV H FRQWLQJHQWHV GHVWLQDGRV DR XOWUDPDU HUD SRVWHULRUPHQWH GLVWULEXtGR R HQWmR FKDPDGR XQLIRUPH FRORQLDO FRQVWLWXtGR SRU FDOomR H GROPDQ FDTXL PHLD DOWD DWp DR MRHOKR SRODLQLWRV H FKDSpX FRORQLDO &RP DV SULPHLUDV WURFDV GH WLURV QRWRX VH GH LPHGLDWR TXH HUD XP XQLIRUPH YLVWRVR SDUD SDUDGDV H SODQW}HV GH VHQWLQHOD D HGLItFLRV S~EOLFRV PDV HUD SRXFR SUiWLFR SDUD R FRPEDWH QD VHOYD VHQGR HP PXLWRV FDVRV XP DOYR IDFLOPHQWH UHIHUHQFLiYHO H TXH QmR SURWHJLD GHYLGDPHQWH FRQWUD DV SLFDGDV GH LQVHFWRV )RL SRU FRQVHTXrQFLD GHVHQYROYLGR XP QRYR XQLIRUPH HP WHFLGR GH DOJRGmR SDUD R VHUYLoR LQWHUQR QDV XQLGDGHV GD PHWUySROH R XQLIRUPH Q FRQVWLWXtGR SRU FDOoD FDPLVD H TXLFR GH FRU YHUGH D]HLWRQD H SDVVRX D VHU GLVWULEXtGR DRV FRQWLQJHQWHV H HOHPHQWRV LVRODGRV FRP GHVWLQR D ÉIULFD XP QRYR XQLIRUPH GH FDPSDQKD HP WHFLGR PHVFODGR FRQVWLWXtGR SRU FDOoD GROPDQ H TXLFR R FDPXIODGR 5HFHELDP DLQGD XPDV ERWDV HP FRXUR H XPDV HP ORQD FRP VROD GH ERUUDFKD

_ 9,5,$726

$Wp R 5HJLPHQWR GH ,QIDQWDULD HVWDYD HTXLSDGR FRP D DQWLTXDGD HVSLQJDUGD 0DXVHU H FRP D LJXDOPHQWH YHWXVWD PHWUDOKDGRUD 0DGVHQ 2 UHEHQWDU GR FRQIOLWR FRLQFLGH SUDWLFDPHQWH FRP R UHDUPDPHQWR GR ([pUFLWR H HP R 5HJLPHQWR UHFHEH DV SULPHLUDV )1 HVSLQJDUGD DXWRPiWLFD SUHFXUVRUD GD * 2 SULPHLUR FRQWLQJHQWH 9LULDWR HQYLDGR SDUD R XOWUDPDU DLQGD OHYDYD DPEDV DV DUPDV )1 H 0DXVHU $ * FRPHoRX D FKHJDU HP DQR HP TXH D 0DGVHQ FRPHoD WDPEpP D FHGHU R OXJDU j PHWUDOKDGRUD +. DUPD GD PHVPD IDPtOLD GD * H FRP D TXDO SDUWLOKD PXLWRV FRPSRQHQWHV $ QRYD HVSLQJDUGD DXWRPiWLFD IRL QD DOWXUD XP HQRUPH DYDQoR WHFQROyJLFR SHUPLWLQGR FDGrQFLDV GH WLUR LQFRPSDUDYHOPHQWH VXSHULRUHV jV SHUPLWLGDV SHOD 0DXVHU GH RSHUDomR PDQXDO H TXH WLQKD DLQGD D SDUWLFXODULGDGH GH VHU XPD DUPD H[WUHPDPHQWH UREXVWD H PXLWR ILiYHO ² GLVSDUDYD HP WRGDV DV VLWXDo}HV H DV RSHUDo}HV GH -i QRV DQRV R UHGDFWRU GHVWH WH[WR HQFRQWURX LQFRUSRUDo}HV QR HQWmR 5HJLPHQWR GH ,QIDQWDULD GH 3RQWD 'HOJDGD FRP WD[DV GH DQDOIDEHWLVPR WRWDO VXSHULRUHV D H GR HIHFWLYR LQFRUSRUDGR DSHQDV PDLV WLQKDP IUH TXHQWDGR R HQVLQR SULPiULR PXLWRV GHVVHV VHP R FRQFOXLU HP GRV LQFRUSRUDGRV HP 3RQWD 'HOJDGD DSHQDV XQV PDJURV WHULDP R DQR GH HVFRODULGDGH H RV UHVWDQWHV KDELOLWDo}HV OLWHUiULDV VXSHULRUHV DR DQR


JXHUUDGRXOWUDPDU

OLPSH]D H PDQXWHQomR HUDP VLPSOHV H UiSLGDV e DLQGD

TXDLV D JDVROLQD H R JDVyOHR SDUD FRQVHJXLU D JDVROLQD

KRMH XPD DUPD H[FHOHQWH HPERUD R YROXPH ORJtVWLFR GDV PXQLo}HV VHMD H[FHVVLYDPHQWH SHQDOL]DQWH SDUD XP

QHFHVViULD SDUD R FRQVXPR QDFLRQDO HUDP LPSRUWDGDV UDPDV GH SHWUyOHR EUXWR HP TXDQWLGDGHV WDLV TXH RV

H[pUFLWR TXDQGR FRPSDUDGR FRP R GRV FDOLEUHV PDLV UHGX]LGRV DFWXDOPHQWH HP XVR

GHPDLV SURGXWRV H XPD YH] PDLV R JDVyOHR VH WRUQDYDP H[FHGHQWiULRV 'Dt TXH R JDVyOHR IRVVH XP FRPEXVWtYHO

$V H[LJrQFLDV GD JXHUUD LPSXVHUDP LJXDOPHQWH XPD UHYLVmR GR HTXLSDPHQWR LQGLYLGXDO GH FRPEDWH H D SDUWLU

PXLWR PDLV FRQYHQLHQWH SDUD R QRVVR HVIRUoR EpOLFR GH HQWmR $ WtWXOR GH FXULRVLGDGH R OLWUR GH JDVyOHR FXVWDYD HP

GH FRPHoD LJXDOPHQWH D VHU IRUQHFLGR XP QRYR

ILQDLV GD GpFDGD GH R HTXLYDOHQWH D FHUFD GH« XP

FRQMXQWR TXH FRPSUHHQGLD FLQWXUmR VXVSHQVyULRV FDQWLO SRUWD FDUUHJDGRUHV H SRUWD JUDQDGDV Vy SDUD FLWDU RV

FrQWLPR

HOHPHQWRV PDLV VLJQLILFDWLYRV $V YLDWXUDV

)DUGD GH VROGDGR XWLOL]DGD QD *XHUUD GR 8OWUDPDU &ROHFomR GR 5,

$ DOLPHQWDomR 2V IHOL]DUGRV HVWDFLRQDGRV QDV ORFDOLGDGHV SULQFLSDLV

(P R SDUTXH DXWRPyYHO GR 5HJLPHQWR HUD TXDVH

UHFHELDP D DOLPHQWDomR HP GLQKHLUR HP VHULDP HVFXGRV SRU GLD ² XPD TXDQWLD EDVWDQWH UD]RiYHO QHVVH

WRGR GH RULJHP DPHULFDQD &DPL}HV *0& FRP EDQFRV FRUULGRV ORQJLWXGLQDOPHQWH MLS}HV GD PDUFD 'RJGH TXH

WHPSR VXEVtGLR TXH LJXDOPHQWH UHFHELDP GXUDQWH DV OLFHQoDV $SHQDV DRV LQGtJHQDV HUD IRUQHFLGD DOLPHQWDomR

WUDQVSRUWDYDP XPD VHFomR H MLSHV GH FRPDQGR H SDUD DV

HP JpQHURV ² D HVWHV FRP KiELWRV DOLPHQWDUHV PXLWR

IXQo}HV ORJtVWLFDV RV :LOOLV (UDP YLDWXUDV PXLWR ILiYHLV PDV D GHSHQGrQFLD GR

GLIHUHQWHV GRV HXURSHXV R ([pUFLWR IRUQHFLD DOLPHQWDomR GH DFRUGR FRP DV VXDV WUDGLo}HV

PHUFDGR DPHULFDQR SDUD R IRUQHFLPHQWR GH VREUHVVDOHQWHV FRQVWLWXtD XPD OLPLWDomR VLJQLILFDWLYD SDUWLFXODUPHQWH D

&RQWXGR QR PDWR DV FRLVDV HUDP GLIHUHQWHV $TXL WRGRV UHFHELDP DOLPHQWDomR HP JpQHURV SDUD DV RSHUDo}HV

SDUWLU GR PRPHQWR HP TXH RV (VWDGRV 8QLGRV FRPHoDP D FRQGHQDU D SROLWLFD XOWUDPDULQD VHJXLGD SRU /LVERD 7LQKDP DLQGD XP JUDYH LQFRQYHQLHQWH ORJtVWLFR ² DOpP GRV PRWRUHV VHUHP D JDVROLQD H[LELDP XP DSHWLWH ´YRUD]µ VHQGR LQFRPSRUWiYHO DOLPHQWDU XPD FRPSDQKLD TXH

WUDQVSRUWDYDP D UDomR GH FRPEDWH H D FRQIHFomR GH XPD DOLPHQWDomR SDUD EUDQFRV H RXWUD SDUD QHJURV DXPHQWDYD D FRPSOH[LGDGH ORJtVWLFD R TXH OHYRX /LVERD HP D GHWHUPLQDU TXH WRGD D JHQWH SDVVDVVH D FRPHU GR PHVPR 7DO GHFLVmR SURYRFRX SUREOHPDV JUDYHV XPD YH] TXH RV

WUDQVSRUWDVVH RV VHXV SHORW}HV HP YLDWXUDV GH VHFomR TXH FKHJDYDP D XOWUDSDVVDU RV OLWURV HP FDGD NP 2 LVRODPHQWR LQWHUQDFLRQDO GLILFXOWDYD TXDOTXHU DTXLVLomR GH PDWHULDO PLOLWDU PDV PHVPR DVVLP 3RUWXJDO FRQVHJXH ODQoDU D PRQWDJHP GDV IDPRVDV %HUOLHW 7UDPDJDO QD LQIHOL]PHQWH GHVDSDUHFLGD 0HWDO~UJLFD 'XDUWH )HUUHLUD

ORFDLV UHFXVDYDP RV QRVVRV KiELWRV DOLPHQWDUHV H LVVR YHLR D FULDU VLWXDo}HV GLVFLSOLQDUHV PXLWR GHOLFDGDV SDUD RV JUDGXDGRV EUDQFRV TXH WLQKDP TXH PDQWHU DTXHOD WURSD GLVFLSOLQDGD H FRP YRQWDGH GH FRPEDWHU SRU 3RUWXJDO 0DV QD YHUGDGH R SDUiJUDIR DQWHULRU FRPHoRX FRP XPD« LQYHUGDGH e TXH QRV SRVWRV PDLV UHPRWRV R

QR 7UDPDJDO GDt D GHVLJQDomR 3DUDOHODPHQWH FRQVHJXH DGTXLULU DV YLDWXUDV 8QLPRJ GH IDEULFR 0HUFHGHV SDVVDQGR D XWLOL]DU TXDVH H[FOXVLYDPHQWH R JDVyOHR FRPR FRPEXVWtYHO H FRP FRQVXPRV HVSHFtILFRV EDVWDQWH LQIHULRUHV /HPEUHPR QRV TXH QRV DQRV R JDVyOHR HUD DLQGD PXLWR SRXFR XWLOL]DGR QDV YLDWXUDV OLJHLUDV ² RV PRWRUHV GLHVHO SRXFR GHVHQYROYLGRV HUDP EDUXOKHQWRV PDO FKHLURVRV H SURGX]LDP XPD IXPDUDGD TXH RV WRUQDYD SRXFR DWUDFWLYRV 6DEHQGR TXH GD UHILQDomR GR SHWUyOHR VmR H[WUDtGDV XPD PLUtDGH G H SURGXWRV HQWUH RV

UHDEDVWHFLPHQWR HUD IHLWR FRP XPD SHULRGLFLGDGH YDULiYHO HP PXLWRV FDVRV QmR LQIHULRU D GXDV VHPDQDV VH WXGR FRUUHVVH EHP )RVVH SRU YLD DpUHD RX WHUUHVWUH HUD IUHTXHQWH RFRUUHUHP DWUDVRV QRV UHDEDVWHFLPHQWRV RX PHVPR SHUGD SDUFLDO RX WRWDO GDV UHPHVVDV TXHU SRU DFLGHQWH TXHU SRU DFomR LQLPLJD $ WURSD SDVVDYD IRPH PXLWD IRPH 1R FDVR GR UHDEDVWHFLPHQWR SRU YLD DpUHD KDYLD DLQGD R SUREOHPD DFUHVFLGR GD LPSRVVLELOLGDGH GH DWHUUDJHP R TXH OHYDYD D TXH RV JpQHURV IRVVHP ODUJDGRV HP SiUD TXHGDV H PXLWDV YH]HV VH GHVWUXtVVHP DR LPSDFWR QR VROR

7HRULFDPHQWH DV XQLGDGHV HP SR VLo}HV FRP HVWDV FDUDFWHUtVWLFDV ID]LDP WXUQRV GH PHVHV 1D SUiWLFD H QD PDLRULD GRV FDVRV RV PHVHV HUDP H[FHGLGRV PXLWDV YH]HV SDUD Oi GRV PHVHV

%HUOLHW 7UDPDJDO

9,5,$726 _


JXHUUDGRXOWUDPDU

$ FDSDFLGDGH GH FRQVHUYDomR HUD LQFLSLHQWH RX QXOD

LQWHQomR GD 8QLmR ,QGLDQD VREUH D DQH[DomR GH *RD 'DPmR

SHOR TXH VH TXHULDP YHJHWDLV IUHVFRV WLQKDP TXH VHU RV SUySULRV PLOLWDUHV D UHVHUYDUHP XPD iUHD GH FXOWLYR QD

H 'LX 6DOD]DU UHVYDORX GD GHWHUPLQDomR SDUD D REVWLQDomR LUUHDOLVWD SURIHULQGR D WULVWH H FpOHEUH IUDVH ´$SHQDV SRGH

YL]LQKDQoD GR HVWDFLRQDPHQWR RX DTXDUWHODPHQWR ² D PDFKDPED FRPR OKH FKDPDYDP ² H VHU RV SUySULRV D

KDYHU VROGDGRV H PDULQKHLURV YLWRULRVRV RX PRUWRVµ ² VHP TXDLVTXHU DSRLRV QHP FRQGLo}HV QmR WLQKDP VHTXHU

WUDWDU GR SODQWLR PDQXWHQomR H FROKHLWD H FODUR LVWR Vy HUD SUDWLFiYHO RQGH KRXYHVVH iJXD SRU SHUWR

PXQLo}HV SDUD GRLV GLDV GH FRPEDWH DRV PLOLWDUHV TXH FRPSXQKDP R FRQWLQJHQWH DOL HVWDFLRQDGR QmR UHVWRX

$ SUySULD iJXD HUD PXLWDV YH]HV XP SUREOHPD VpULR

RXWUD DOWHUQDWLYD TXH QmR IRVVH D GHVREHGLrQFLD D 6DOD]DU

QRPHDGDPHQWH QD HVWDomR VHFD SULQFLSDOPHQWH HP PXLWDV UHJL}HV GH $QJROD ­ IRPH MXQWDYD VH D VHGH PXLWR

UHQGHQGR VH D GHVVH PrV )RL R ILP GD SUHVHQoD SRUWXJXHVD QD ÌQGLD H XP IRUWH DEDOR QD SROtWLFD LQWHUQD

PDLV DIOLWLYD H TXH OHYDYD RV PLOLWDUHV D YHUGDGHLURV DFWRV GH GHVHVSHUR FKHJDQGR D FKXSDU D WHUUD KXPHGHFLGD TXH

H H[WHUQD SRUWXJXHVD TXH GHL[RX H[SRVWD D IUDJLOLGDGH FUyQLFD GR VHX VLVWHPD GH GHIHVD FXMR SULQFLSDO YDORU

HQFRQWUDVVHP GHEDL[R GDV SHGUDV SDUD PROKDU RV OiELRV H

DFUHGLWDYD 6DOD]DU DVVHQWDYD QD GHWHUPLQDomR VHP OLPLWH

DEVRUYHU DOJXPD KXPLGDGH 2 SUREOHPD GD FRPLGD HUD GH DOJXP PRGR PLQLPL]DGR

H TXH DVVLP ILFRX LJXDOPHQWH SRVWR HP FDXVD 6DOD]DU FODVVLILFRX RV UHQGLGRV FRPR WUDLGRUHV j 3iWULD H Vy R

SHOR UHFXUVR j FDoD HP FDGD FRPSDQKLD HUD ´OHYDQWDGDµ XPD VHFomR GH FDoDGRUHV j TXDO FRPSHWLD DUUDQMDU FDUQH

GH $EULO RV YHLR UHDELOLWDU $ SDUWLU GH 3RUWXJDO Yr VH D EUDoRV FRP

SDUD D JXDUQLomR ² FRQWXGR QR GL]HU GH DOJXQV GHVWHV

XP FUHVFHQGR GH YLROrQFLD HP WHUULWyULRV GLVWLQWRV

H[ FRPEDWHQWHV LVWR DR ILP GH DOJXQV GLDV WRUQDYD VH FRPSOHWDPHQWH HQMRDWLYR H LQVXSRUWiYHO SRUTXH DR

HQIUHQWDQGR XP LQLPLJR SURJUHVVLYDPHQWH PHOKRU RUJDQL]DGR H HTXLSDGR FXMR DUPDPHQWR YLULD

TXH SDUHFH HVWD FDUQH H[DODYD XP RGRU SUy[LPR GR LQVXSRUWiYHO H SRXFRV DJXHQWDYDP PDLV TXH XPD PHLD

LQFOXVLYDPHQWH D XOWUDSDVVDU R XWLOL]DGR SHODV IRUoDV DUPDGDV SRUWXJXHVDV ,VRODGR QD FHQD LQWHUQDFLRQDO

G~]LD GH UHIHLo}HV FRQVHFXWLYDV p IiFLO LPDJLQDU R DURPD H SDODGDU QR FDVR GR MDYDOL PDFKR XPD GDV SHoDV PDLV IiFHLV GH FRQVHJXLU

3RUWXJDO WLQKD GLILFXOGDGH HP HQFRQWUDU IRUQHFHGRUHV GH DUPDPHQWR GH SRQWD H PHVPR R UHFHELGR GD DMXGD H[WHUQD DPHULFDQD HVWDYD LPSHGLGR GH XWLOL]DU GHYLGR DR IDFWR GH WHU VLGR PDWHULDO FHGLGR QR TXDGUR GRV FRPSURPLVVRV GR SDtV SDUD FRP D 27$1 1HVWH FRQWH[WR HQWUH H R 5, IRL XPD

2 HFORGLU GR FRQIOLWR (P GH )HYHUHLUR GH Gi VH D UHYROWD HP /XDQGD FRP DWDTXHV j &DVD GH 5HFOXVmR DR TXDUWHO GD 363 H j (PLVVRUD 2ILFLDO GH $QJROD DFomR WLGD FRPR R LQtFLR GD OXWD DUPDGD HP $QJROD $V DXWRULGDGHV SRUWXJXHVDV QmR GHUDP ORJR D GHYLGD LPSRUWkQFLD DR FDVR QD FRQYLFomR GH VH WUDWDU GH XP DFWR LVRODGR H VHP FRQVHTXrQFLDV GH PDLRU 'LDV PDLV WDUGH IRUDP GHVSUH]DGDV DV LQIRUPDo}HV IRUQHFLGDV SHOR HPEDL[DGRU GRV (VWDGRV 8QLGRV GH TXH D 83$ 8QLmR 3RSXODU GH $QJROD RUJDQL]DomR DWp Dt LJQRUDGD WLQKD GHFLGLGR FRQWLQXDU D RQGD GH YLROrQFLD QR GLD GH 0DUoR 'H IDFWR QLQJXpP DFUHGLWDYD TXH SXGHVVH H[LVWLU DOJXPD DPHDoD PLOLWDU FUHGtYHO YLQGD GR JHQWLR &RQWXGR R PXOWLSOLFDU GDV DFo}HV ID]HP VXELU R FDVR j $VVHPEOHLD JHUDO GD 218 RQGH D DWLWXGH SRUWXJXHVD IRL FRQGHQDGD QHVVH PHVPR GLD R LQtFLR GD UHEHOLmR GHVHQFDGHDGR SHOD 83$ IRL DFRPSDQKDGR SRU XPD PRomR GH FHQVXUD DR *RYHUQR 3RUWXJXrV YRWDGD QR &RQVHOKR GH 6HJXUDQoD GD 218 ² HVWi WHUi VLGR GDV SRXFDV YH]HV VH QmR D ~QLFD HP TXH (VWDGRV 8QLGRV H 8QLmR 6RYLpWLFD HVWLYHUDP D SDU GXUDQWH D *XHUUD )ULD R TXH Mi LQGLFLDYD LQIOXrQFLDV H[WHUQDV QR FRQIOLWR (P GH 0DLR p SHOD SULPHLUD YH] UHJLVWDGD D XWLOL]DomR GH DUPDV DXWRPiWLFDV SHOR LQLPLJR DWDTXH DR SRVWR GH 3RUWR 5LFR SUy[LPR GH 6DQWR $QWyQLR GR =DLUH (VWH IRL PDLV XP VLQDO Mi QmR GHVFDUWiYHO GH DX[tOLR H[WHUQR j JXHUULOKD (VVH DX[tOLR YHLR VRXEH VH PDLV WDUGH GD LQWHUHVVDGtVVLPD 8QLmR 6RYLpWLFD PDV WDPEpP GH ´LQVXVSHLWRVµ SDtVHV QmR DOLQKDGRV FRPR D -XJRVOiYLD H &XED (P GH -XOKR p UHJLVWDGR R SULPHLUR LQFLGHQWH QD *XLQp H Mi HP FRPHoDP D VXUJLU DV SULPHLUDV RUJDQL]Do}HV LQGHSHQGHQWLVWDV HP 0RoDPELTXH (P GH 'H]HPEUR DLQGD HP FRQKHFHGRU GD

_ 9,5,$726

XQLGDGH GH SUHSDUDomR H WUHLQR GH UHFUXWDV H GH DOJXPDV HVSHFLDOLGDGHV GH LQIDQWDULD VHQGR D JUDQGH PDLRULD GRV VHXV HOHPHQWRV UHFUXWDGRV QD UHJLmR GDV %HLUDV 'HSRLV GR SHUtRGR GH LQVWUXomR HVWHV PLOLWDUHV HUDP LQWHJUDGRV HP XQLGDGHV GH FRPEDWH PRELOL]DGDV SRU XQLGDGHV UHJLPHQWDLV GR ([pUFLWR $OpP GHVWHV FRQWLQJHQWHV GH SUDoDV JUDGXDGRV GR 5, HUDP PRELOL]DGRV LQGLYLGXDOPHQWH SDUD R GHVHPSHQKR GH FRPLVV}HV GH VHUYLoR QR XOWUDPDU TXHU LQWHJUDQGR XQLGDGHV GH FRPEDWH DQWHV GD SDUWLGD TXHU SDUD UHFRPSOHWDPHQWR GH SHUGDV QRV GLIHUHQWHV WHDWURV GH RSHUDo}HV 1RV SULPHLURV DQRV

´

$ H[SOLFDomR p $QJROD DQGDU UDSLGDPHQWH H HP IRUoD p R REMHFWLYR TXH YDL SRU j SURYD D QRVVD FDSDFLGDGH GH GHFLVmR

µ

$QWyQLR 2OLYHLUD 6DOD]DU QD WRPDGD GH SRVVH GH QRYRV PHPEURV GR JRYHUQR HP GH $EULO GH

GR FRQIOLWR R FKHJRX PHVPR D PRELOL]DU H RUJDQL]DU XQLGDGHV FRPSOHWDV $QWHV GR LQtFLR GR FRQIOLWR DV XQLGDGHV H[FOXVLYDPHQWH GH HXURSHXV HUDP XPD UDULGDGH HP ÉIULFD $ WURSD GH SUHVHQoD DOL HVWDFLRQDGD XQLGDGHV GH JXDUQLomR HUD QD VXD JUDQGH PDLRULD FRQVWLWXtGD SRU LQGtJHQDV HQTXDGUDGRV SRU JUDGXDGRV GD PHWUySROH RV ~QLFRV FRP KDELOLWDo}HV OLWHUiULDV &RP R HFORGLU GRV PRYLPHQWRV LQGHSHQGHQWLVWDV UDSLGDPHQWH R DSDUHOKR PLOLWDU FUHVFHX H YDJDV VXFHVVLYDV GH ´EUDQFRVµ IRUDP HQYLDGDV HP XQLGDGHV RUJDQL]DGDV H OHYDQWDGDV QD PHWUySROH &RQWXGR DV QHFHVVLGDGHV VHPSUH FUHVFHQWHV GH PDVVDV KXPDQDV OHYDUDP D TXH UDSLGDPHQWH HVWDV XQLGDGHV ´SXUDVµ SDVVDVVHP D LQFOXLU XP SHORWmR GH LQGtJHQDV FXMD LQFRUSRUDomR H IRUPDomR HUD IHLWD HP 0DIUD 6XUJLUDP SRVWHULRUPHQWH RV FKDPDGRV *UXSRV (VSHFLDLV *(·V RV TXDLV HUDP SULQFLSDOPHQWH FRQVWLWXtGRV SRU LQGtJHQDV DOWDPHQWH WUHLQDGRV H SUHSDUDGRV H GRWDGRV GH XP SURIXQGR FRQKHFLPHQWR GD iUHD GH DFWXDomR RQGH HUDP HPSUHJXHV &I ´2 GH ,QIDQWDULDµ HGLomR GR 5, 2XWXEUR GH


JXHUUDGRXOWUDPDU

QDWXUDO VRFLDO H PLOLWDU GHWHUPLQRX TXH FKHJDVVHP D H[LVWLU RILFLDLV H VDUJHQWRV GH FRU HP PXLWDV XQLGDGHV GR ([pUFLWR 3RUWXJXrV QRV GLIHUHQWHV WHDWURV 2 5, HP $QJROD $ SUHVHQoD GH VXE XQLGDGHV GRV 9LULDWRV HP $QJROD FRPHoRX HP H WHUPLQRX HP GH 1RYHPEUR GH

3ODFD HYRFDWLYD

)RUDP GHVWDFDGRV SDUD HVWD SURYtQFLD RV 3HORW}HV GH 0RUWHLURV Q Q H Q H DV &RPSDQKLDV GH

GRV PRUWRV GR 5, QR 8OWUDPDU

&RP R DYDQoDU GR FRQIOLWR DV XQLGDGHV HP WHDWUR LDP VH WUDQVIRUPDQGR HP ´XQLGDGHV GH UHQGLomR LQGLYLGXDOµ GHYLGR jV SHUGDV ² HVWDV IRUDP VHQGR UHFRPSOHWDGDV TXHU j FXVWD GH HOHPHQWRV LVRODGRV YLQGRV GD PHWUySROH TXHU j FXVWD GH LQGtJHQDV WRUQDQGR VH YHUGDGHLUDV XQLGDGHV PLVWDV GR SRQWR GH YLVWD UDFLDO $FUHVFH GL]HU TXH QDV XQLGDGHV RQGH H[LVWLVVHP LQGtJHQDV SXUDV RX PLVWDV H[LVWLD VHPSUH XP DXWyFWRQH PDLV LQVWUXtGR D TXHP HUD DWULEXtGD D SDWHQWH GH &DER H TXH VH FRQVWLWXtD FRPR XP HOR GH OLJDomR HQWUH HVWHV H D KLHUDUTXLD HXURSHLD 1RUPDOPHQWH SURFXUDYD VH HYLWDU PLVWXUDU HWQLDV GLIHUHQWHV QD PHVPD XQLGDGH H HVWH &DER HUD UHFRQKHFLGR SHORV ´VHXVµ FRPR XP FKHIH QDWXUDO DOpP GH IDODU IOXHQWHPHQWH H SHUFHEHU R SRUWXJXrV FRLVD TXH QHP VHPSUH RV VHXV SDUHV FRQVHJXLDP $ HYROXomR

&DoDGRUHV Q Q Q H Q (VWDV VXE XQLGDGHV LQWHJUDUDP EDWDOK}HV GLVWLQWRV WHQGR RFXSDGR QDWXUDOPHQWH SRVLo}HV GLIHUHQWHV QR HVTXHPD GH TXDGUtFXOD DGRSWDGR SDUD D RFXSDomR H VHJXUDQoD GR WHUULWyULR 7RGRV RV SHORW}HV GH PRUWHLURV IRUDP LQLFLDOPHQWH FRORFDGRV HP /XDQGD PDV SDVVDUDP SRU PLVV}HV GH UHIRUoR D EDWDOK}HV GH TXDGUtFXOD H GH LQWHUYHQomR ,QIHOL]PHQWH R UHGDFWRU GHVWH WH[WR QmR FRQVHJXLX UHXQLU HOHPHQWRV PDLV H[DFWRV VREUH DV GDWDV GH SDUWLGD RX GH GHVHPEDUTXH QR WHUULWyULR QHP GR UHJUHVVR GH FDGD XP GHVWHV HOHPHQWRV $ &RPSDQKLD GH &DoDGRUHV Q IRL D SULPHLUD D VDLU GR 5HJLPHQWR VRE R FRPDQGR GR &DSLWmR &DUYDOKLQKD H 6RXVD $ VXD DFWXDomR QR WHDWUR IRL GH PROGH D PHUHFHU XP ORXYRU FROHFWLYR DWULEXtGR SHOR &RPDQGDQWH GR 6HFWRU H

9,5,$726 _


JXHUUDGRXOWUDPDU

YLULD D GDU RULJHP j &RPSDQKLD GH &DoDGRUHV (VSHFLDLV WHQGR H[HFXWDGR GLYHUVDV RSHUDo}HV GH FHUFR H EXVFD TXHU SDUD HOLPLQDU RX FDSWXUDU HOHPHQWRV GR LQLPLJR TXHU SDUD DSUHHQGHU PDWHULDO EpOLFR XWLOL]DGR SRU HVWH $ FRPLVVmR HVWHQGHX VH HQWUH 0DUoR GH H 'H]HPEUR GH 3RXFR GHSRLV HP GH -XQKR GH VHJXLU VH OKH LD D &&Do LQWHJUDGD QR %DWDOKmR 5HJUHVVRX D 3RUWXJDO HP GH 6HWHPEUR GH WDPEpP DSyV LQWHQVD DFWLYLGDGH RSHUDFLRQDO HP TXH GHVWUXLX YiULRV SRQWRV GH DSRLR j JXHUULOKD LQLPLJD WHQGR WDPEpP FDXVDGR XP Q~PHUR VLJQLILFDWLYR GH EDL[DV HQWUH RV VHXV HOHPHQWRV 6HJXLX VH GH LPHGLDWR D &&Do D TXDO GHVHPEDUFRX HP $QJROD XPDV VHPDQDV PDLV WDUGH PDLV SUHFLVDPHQWH QR GLD GH -XOKR LQWHJUDGD QR %DWDOKmR GH &DoDGRUHV 7DPEpP HVWD H[HFXWRX YiULDV RSHUDo}HV WHQGR RFXSDGR GLIHUHQWHV VHFWRUHV QR WHUULWyULR $QJRODQR H LQFOXVLYDPHQWH HQWUH GH 2XWXEUR GH H GH 0DUoR GR DQR VHJXLQWH HVWHYH DIHFWD DR %DWDOKmR GH

2 5, HP 0RoDPELTXH 2V 9LULDWRV FHGLDP VRPHQWH RV PLOLWDUHV SDUD LQWHJUDUHP R &RPDQGR GR %DWDOKmR GH &DoDGRUHV R TXDO GHVHPEDUFRX HP 1DFDOD QR GLD GH -XOKR GH ILFDQGR FRP XPD LPHQVD iUHD GH UHVSRQVDELOLGDGH TXH DEDUFDYD WRGR R GLVWULWR GD =DPEp]LD $ VXD DFWLYLGDGH RSHUDFLRQDO FRQVLVWLD HP PLQLVWUDU LQVWUXomR GH DSHUIHLoRDPHQWR RSHUDFLRQDO HIHFWXDU SDWUXOKDPHQWRV PDQWHU R FRQWDFWR FRP DV SRSXODo}HV FRODERUDU FRP DV DXWRULGDGHV DGPLQLVWUDWLYDV SUHVWDU DVVLVWrQFLD VDQLWiULD H GHVHQYROYHU XPD DFomR SVLFR VRFLDO TXH FRQWULEXtVVH SDUD D FRQWHQomR RX PHVPR HYLWDVVH R DSDUHFLPHQWR GH JUXSRV VXEYHUVLYRV 2 EDWDOKmR IRL UHQGLGR HP 1RYHPEUR GH DSyV TXDVH PHVHV GH FRPLVVmR HP 0RoDPELTXH 2 5, QD *XLQp

&DoDGRUHV 5HJUHVVRX j PHWUySROH HP $JRVWR GH )LQDOPHQWH HP GH -XOKR GH GHVHPEDUFDYD HP

2 3HORWmR GH &DQKmR Q IH] XPD FRPLVVmR TXDVH SDFtILFD FRPR UHVHUYD GR 4XDUWHO *HQHUDO GR &RPDQGR

/XDQGD D &&Do WHUPLQDQGR D FRPLVVmR HP GH 1RYHPEUR GH D PDLV ORQJD GH WRGDV DV FRPSDQKLDV

&XPSULX D FRPLVVmR HQWUH H 2XWXEUR GH

GHVWDFDGDV SHOR 5, PHVHV HP $QJROD

_ 9,5,$726

7HUULWRULDO ,QGHSHQGHQWH GD *XLQp HP %LVVDX


,

JXHUUDGRXOWUDPDU

\g`j [`fj ifZXdYfc\jZfj [X >l\iiX [f LckiXdXi

1RWD SUpYLD 2V HSLVyGLRV TXH VH VHJXHP IRUDP WRGRV HOHV FRQWDGRV QD SULPHLUD SHVVRD SRU HOHPHQWRV TXH RV YLYHUDPª HQWUH R SLFDUHVFR H R ULGtFXOR HQWUH R YHUGDGHLUDPHQWH URFDPEROHVFR H R WUiJLFR VmR LOXVWUDWLYRV GDV SHTXHQDV H JUDQGHV FRLVDV GH TXH p IHLWD XPD JXHUUD $SHQDV H[HPSORVª

$ SRVLomR UHFHEHUD LQIRUPDo}HV

GD SDVVDJHP GH HOHPHQWRV GR 3$,*&

$QJROD

*XLQp "

GHVDUPDGR SRUTXH QHP XPD PXQLomR]LWD HVTXHFLGD QXP EROVR GR FDPXIODGR OHYDYD

(P PLVVmR GH SDWUXOKDPHQWR

GH TXDGUtFXOD DOJXUHV QR /HVWH GH

QDV SUR[LPLGDGHV SUHYLVWD SDUD GDWD SUy[LPD 2

$FRQWHFH TXH R FRPRGLVPR GHVWH ²JXHUUHLUR³

$QJROD DFRQWHFHX TXH DR ILP GH DOJXQV GLDV

WHPSR XUJLD ² SODQHDU D SDWUXOKD GHVORFDU SDUD

QmR VH ILFDYD SRU DTXL H[LVWLDP QD *XLQp XQV

D PDLRULD GR HIHFWLYR WLQKD RV GRLV FDQWLV FRP

R ORFDO PRQWDU D HPERVFDGD H DJXDUGDU

PRVTXLWRV TXH HUDP XP YHUGDGHLUR IODJHOR

TXH WLQKDP VDtGR FRPSOHWDPHQWH VHFRV $ VHGH

8PD HPERVFDGD WHP TXH VHU PRQWDGD FRP

( UHVROYHX R ´KHUyLµ DFHQGHU XQV DUWLItFLRV

D PDOGLWD IDOWD GH iJXD QR LQWHULRU DQJRODQR ²

PXLWD DQWHFHGrQFLD ,PSOLFD R Pi[LPR VLOrQFLR

VHPHOKDQWHV DRV DFWXDLV SDOLWRV GH LQFHQVR

SDUD PXLWRV R PDLRU LQLPLJR GRV HXURSHXV SRLV

H R PtQLPR GH YHVWtJLRV 3RU HVWH PRWLYR D

FXMR RGRU LQWHQVR HUD H[WUHPDPHQWH HILFD] SDUD

FKHJDYD D PDWDU PXLWR OHQWDPHQWH QR PHLR GH

HVSHUD HUD VHPSUH ORQJD« GH PXLWDV KRUDV

UHSHOLU WDLV PRVTXLWRV 6y TXH SUHFLVDPHQWH

XP VRIULPHQWR DWUR]

LPyYHO HP TXH R ~QLFR UXtGR FRQVHQWLGR HUD R

SRU LQWHQVR WDO RGRU HUD GHWHFWiYHO D PXLWDV

2 UiGLR WHOHIRQLVWD j RUGHP GR FRPDQGDQWH

GR LQHYLWiYHO UHVSLUDU

FHQWHQDV GH PHWURV SHOR ROIDFWR DSXUDGR GRV

GD SDWUXOKD SHGH UHDEDVWHFLPHQWR GH iJXD

LQGtJHQDV H RV ´HPERVFDQWHVµ ILFDUDP HOHV

YLVWR TXH DLQGD WLQKDP YiULRV GLDV SHOD IUHQWH

HPERVFDGRV

DQWHV GH UHJUHVVDUHP DR ´FRQIRUWRµ H SURWHFomR

8P JDOKR TXHEUDGR XP HVSLUUR i DSUR[LPDomR GR LQLPLJR H WXGR HUD GHLWDGR D SHUGHU )RL QD SDWUXOKD XP $OIHUHV PLOLFLDQR PDoDULFR

'R WLURWHLR TXH VH VHJXLX VDOGDUDP VH YiULDV

UDSD] FRUGDWR ERD SHVVRD PDV SRXFR RX QDGD

SHUGDV HQWUH RV SRUWXJXHVHV H Vy QmR IRL PDLRU

'D VXD XQLGDGH UHVSRQGHP OKH TXH VHULD

PRWLYDGR SDUD D JXHUUD H GHVFRQKHFHGRU GDV

D WUDJpGLD SRUTXH XP GRV JUXSRV GH GHWHQomR

UHDEDVWHFLGR SRU YLD DpUHD GHYHQGR HQWUDU HP

VXDV YLFLVVLWXGHV H H[LJrQFLDV 2 VHX SLRU GHIHLWR

² TXH VH HQFRQWUDYD QR H[WUHPR GR GLVSRVLWLYR

FRQWDFWR FRP R KHOLFySWHUR j DSUR[LPDomR GR

HUD HQIHUPDU GH XP FRPRGLVPR H[DFHUEDGR

GD HPERVFDGD ² QmR ILFRX HPSHQKDGR H SRU

PHVPR D ILP GH FRRUGHQDU D DWHUUDJHP SDUD

WRWDOPHQWH GHVDMXVWDGR GRV GHVFRQIRUWRV GR

EULOKDQWH LQLFLDWLYD GR FRPDQGDQWH GR PHVPR

UHFHEHU D iJXD

PDWR

JUXSR FRQVHJXLX PDQREUDU H TXDVH UHSRU D

&RPHoDUDP SRU URoDU R FDSLP ² VHPSUH

RUGHP QDWXUDO GDV FRLVDV SRQGR RV DWDFDQWHV

DOWR ² PDV HP WDO VtWLR R WLQKDP IHLWR TXH R KHOL

HP IXJD

DR FKHJDU UHFXVRX D DWHUUDJHP LQIRUPDQGR

­ VRFDSD GRV VXSHULRUHV HQWHQGLD HVWH 'RXWRU D PDLRULD GRV RILFLDLV PLOLFLDQRV HUDP

GR HVWDFLRQDPHQWR SHUPDQHQWH

UHFpP OLFHQFLDGRV ´DUUHEDQKDGRVµ SDUD D

)LFRX WDPEpP MXOJD VH XPD DPDUJD OLomR

TXH WHULDP TXH SUHSDUDU XPD QRYD SRVLomR

JXHUUD SRU PRU GR VHUYLoR PLOLWDU REULJDWyULR H

DSUHQGLGD SDUD R FLWDGR $OIHUHV PLOLFLDQR TXH

QXP SRQWR PDLV HOHYDGR )DFH j OLPLWDomR GH

FRQVHTXHQWH PRELOL]DomR TXH RV FDUUHJDGRUHV

QR GHFRUUHU GD DFomR Mi DQGDYD D ´PHQGLJDUµ

DXWRQRPLD QR DU R GLWR DSDUHOKR IRL IRUoDGR D

GD * HUDP PXLWR SHVDGRV H GHVFRQIRUWiYHLV

PXQLo}HV HPSUHVWDGDV SDUD SRGHU FRODERUDU

UHJUHVVDU OHYDQGR FRQVLJR D iJXD WUDQVSRUWDGD

H VmR H UHVROYHX QmR RV OHYDU ´,VWR QmR YDL

QD GHIHVD GD SUySULD YLGD ² DOpP GH QmR WHU

GDU HP QDGD QmR YmR VHU SUHFLVRV RV PHXV WLURVµ

JDQKR SDUD R VXVWR SHUFHEHX TXH ´HP WHPSR

GL]LD ( Oi IRL SDUD D HPERVFDGD YLUWXDOPHQWH

GH JXHUUD QmR VH GHVFXUDP DUPDVµ«

1HVVD QRLWH WLQKDP FDtGR DOJXPDV JRWDV GH

2 DXWRU GHVWH HSLVyGLR WUDtGR SHOD PHPyULD QmR UHFRUGD R OXJDU QHP GDWD H[DFWRV

9,5,$726 _


JXHUUDGRXOWUDPDU

iJXD ² SRXFDV QmR XPD GHVVDV FKXYDGDV TXH

1mR IRUD D FKXYD H R H[SHGLHQWH GD WURSD

WUDQVIRUPDP OHLWRV VHFRV HP WRUUHQWHV PDV R

H SRVVLYHOPHQWH DV QHFHVVLGDGHV GH HYDFXDomR

VXILFLHQWH SDUD KXPHGHFHU R VROR

WHULDP VLGR EDVWDQWH VXSHULRUHV«

EROVD GR HQIHUPHLUR R DXWRU GHVWH UHODWR DILUPD WHU PLWLJDGR D VHGH D PDLV GH GH] GRV VHXV KRPHQV HPEHEHQGR XP SHGDoR GH DOJRGmR QD SRXFD iJXD TXH OKH UHVWDYD FRP R TXH OKHV

TXH QmR IDOWDYD QHQKXP 2UD FRLVD TXH QmR IDOWDYD QDV FHUFDQLDV

$ WURSD WLQKD DWLQJLGR R JUDX GH GHVHVSHUR TXH RV OHYDYD D PROKDU RV OiELRV FRP R iOFRRO GD

TXH VH OKH SRGLDP FRQWDU RV RVVRV H YHULILFDU

HUD SDVWR H SRUWDQWR PDLV YDOLD HVSHUDU

SDFLHQWHPHQWH TXH R ELFKR ERWDVVH FRUSR TXH p EHP VDELGR PDLV YDOH XP ELIH GH FDUQH

$QJROD ""

GH DFpP GDTXL D XQV PHVHV TXH XP ELIH VHP

(VWD p XPD GDV FXULRVLGDGHV

VREUH R SUHWHQVR LQLPLJR DOWDPHQWH

KXPHGHFHX RV OiELRV 3RLV GHVFREULX XP TXH

WUHLQDGR LQVWUXtGR H RUJDQL]DGR TXH RV

SRU EDL[R GDV SHGUDV D WHUUD WLQKD FRQVHUYDGR

SRUWXJXHVHV HQIUHQWDUDP

FDUQH QHQKXPD QR LPHGLDWR H SRU RUGHP GR FRPDQGDQWH S{V VH HQWmR R DQLPDO D SDVWDU $ FRLVD HVWDYD D LU EHP H D

D KXPLGDGH GDV SLQJXLWDV FKRYLGDV SRXFR

+DYLD LQIRUPDo}HV TXH LQGLFLDYDP TXH

DQWHV H IRL Dt TXH ² WDO HUD R GHVHVSHUR ² PXLWRV

D PDLRU SDUWH GRV PRYLPHQWRV GD WURSD

YLVWRV DJXoDQGR D

FRPHoDUDP D OHYDQWDU DV SHGUDV HP UHGRU

SRUWXJXHVD HUDP DFRPSDQKDGRV GH SHUWR SHORV

JXOD D WRGRV QD

DSHQDV SDUD DSDQKDUHP HVVD WHUUD K~PLGD

HOHPHQWRV GR LQLPLJR

LGHLD

H OHYi OD j ERFD ~QLFD IRUPD GH FRQVHJXLUHP

YDFD HQJRUGDYD D ROKRV

JXORVD

GH

(P PXLWRV FDVRV LVVR HUD WULVWHPHQWH

XP EHOR GH XP

HYLGHQWH QmR Vy SHODV PLQDV DQWL SHVVRDO H

JUHOKDGR 6y TXH

&RP D SRXFD HQHUJLD VREUDQWH YROWDUDP DR

DQWL YLDWXUDV TXH GH WHPSRV D WHPSRV DV QRVVDV

SRU HVWD QLQJXpP

WUDEDOKR URoDQGR QRYDPHQWH R FDSLP GHVWD

FROXQDV ID]LDP GHWRQDU ² QXQV FDVRV VHP PDLV

HVSHUDYD R DQLPDO

YH] QR ORFDO LQGLFDGR SHOR KHOLFySWHUR« PDV D

DIOLo}HV QRXWURV QR TXDGUR GH YHUGDGHLUDV H

HQJRUGDYD

HQHUJLD VREUDQWH HUD SRXFD H D YRQWDGH PHQRU

EHP RUJDQL]DGDV HPERVFDGDV TXH YLWLPDYDP

PDV WDPEpP SRU GHQWUR« H

DLQGD SHOR TXH TXDQGR R VHJXQGR KHOLFySWHUR

EDVWDQWHV GRV QRVVRV

GH WDO VRUWH TXH FHGR VH YHULILFRX TXH D YDFD

DOJXPD KXPLGDGH

SRU

IRUD

FKHJRX UHFXVRX QRYDPHQWH D DWHUUDJHP SRUTXH

1R HQWDQWR LQWULJDQWHPHQWH QHP VHPSUH

YLQKD SUHPLDGD FRP YLWHOR 8P GRLV HP XP

D iUHD OLPSD QmR WLQKD GLPHQVmR VXILFLHQWH

R DQJRODQR DWDFDYD R TXH GHL[DYD R &RPDQGR

LQHVSHUDGR PDV TXH QmR HUD Vy YDQWDJHQV ² p

² QDWXUDOPHQWH UHJUHVVRX FRPR R DQWHULRU

GD SURYtQFLD SHUSOH[R ² SRU YH]HV FROXQDV VHP

TXH SDUD IUXLU GR EyQXV Oi VH LPSXQKDP PDLV

WUDQVSRUWDQGR GH YROWD D FDUJD TXH WLQKD WUD]LGR

LPSRUWkQFLD H HP VtWLRV SRXFR SURStFLRV HUDP

XQV PHVHV GH DEVWLQrQFLD

'HVHVSHUR DFUHVFLGR« PDLV XPD QRLWH GH

IODJHODGDV HQTXDQWR TXH QRXWUDV HP TXH HUD

VHFXUD FRPSOHWD H FRPHoDYDP D UHYHODU VH

PDLV IiFLO DR LQLPLJR FDXVDU HVWUDJRV H EDL[DV

VLQWRPDV GH GHVLGUDWDomR HP DOJXQV PLOLWDUHV

HODV FKHJDYDP DR GHVWLQR VHP LQFLGHQWHV

0DV QmR ID]LD PDO $ HVSHUD VHULD FHUWDPHQWH FRPSHQVDGRUD 2 YLWHOR QDVFHX H KDYLD DLQGD TXH HVSHUDU

TXH FDVR QmR YLHVVH iJXD GRQGH TXHU TXH IRVVH

3RU XP GHVWHV DFDVRV GD JXHUUD KRXYH XPD

SHOR GHVPDPH DWp TXH FKHJRX ILQDOPHQWH R GLD

SRGHULDP QmR FRQVHJXLU UHFXSHUDU QHP FRP

DOWXUD HP TXH XPD GDV XQLGDGHV GH TXDGUtFXOD

UHGHQWRU GH DEDWHU D PmH H ILQDOPHQWH IHUUDU R

DSRLR PpGLFR

FDSWXURX DOJXQV WHUURULVWDV LQGtJHQDV RV TXDLV

GHQWH HP TXDOTXHU FRLVD VDtGD GR FRLUR HP YH]

IRUDP VXEPHWLGRV D LQWHUURJDWyULR

GD ODWD

0DV R DFDVR WHP GHVWDV FRLVDV 1HVVD QRLWH FKRYHX DEXQGDQWHPHQWH« D

( GH Oi VDLX D H[SOLFDomR VHPSUH TXH DV FROXQDV

*UDQGH IHVWD QD SRVLomR 0HVD SRVWD FRPR

SULPHLUD JUDQGH GHVFDUJD GR LQtFLR GD HVWDomR

LQFOXtDP DWUHODGRV FLVWHUQD R YHOKLQKR DWUHODGR

VH IRVVH D GD FHLD GH 1DWDO JUHOKDGRV D ULJRU

GDV FKXYDV ( IRL SUHFLVDPHQWH R UHVWROKR GR

WDQTXH GH iJXD GH OLWURV FLOtQGULFR D

EHP WHPSHUDGRV H YLQKR SDUD UHJDU WmR IHVWLYD

FDSLP SRU FRUWDU DTXHODV SRQWDV TXH VHPSUH

FROXQD Mi QmR HUD DWDFDGD &RQIXQGLDP QR FRP

RFDVLmR«

ILFDYDP XQV FP D DSRQWDU DR FpX TXH IRL

XPD DUPD GH JUDQGH ´HQRUPtVVLPRµ FDOLEUH

$FRQWHFH TXH RV WHUURULVWDV YLJLDYDP

SURYLGHQFLDO FRP RV SDQRV GH WHQGD RV KRMH

3RLV VH FRP RV ODQoD JUDQDGDV Mi FDXViYDPRV

DV SRVLo}HV H SHUFHELDP RV LQGtFLRV GH

YHOKLQKRV SDQRV GD WHQGD 3 LPSURYLVDUDP

XPD GHVWUXLomR DWHUUDGRUD R TXH QmR IDUtDPRV

DEUDQGDPHQWR GD YLJLOkQFLD H R ILQDO HUD

UHFLSLHQWHV FyQLFRV DSRLDGRV QDV KDVWHV GR

FRP XP ´FDQKmRµ GDTXHOH WDPDQKR

SUHYLVtYHO

WUDYHVVDV UHEHQWD XP ULERPEDU GH PRUWHLURV

FDSLP PDO FRUWDGR FRP R TXH FRQVHJXLUDP UHFROKHU iJXD SDUD WRGRV EHEHUHP DWp IDUWDU H DLQGD SDUD HQFKHU QRYDPHQWH RV FDQWLV 4XDQGR R KHOLFySWHUR FKHJRX DWHUURX 7DPEpP GHVWD YH] OHYRX QRYDPHQWH TXDVH WRGD D iJXD TXH WUD]LD SRUTXH Mi QmR HUD SUHFLVD H

4XDQGR WRGRV HVWDYDP Mi D GHLWDU R JDUIR jV TXH SDUHFLD R ILP GR PXQGR

%HGDQGi *XLQp

(P %HGDQGi WRGR R FRQWLQJHQWH GRUPLD HP

1D SRVLomR GH %HGDQGi RV

UHDEDVWHFLPHQWRV

IXQFLRQDYDP

FDVHUQDV VXEWHUUkQHDV H RV DEULJRV HVWDYDP VHPSUH DEHUWRV SDUD DR PHQRU SHULJR JDUDQWLU

QHP WLQKDP RQGH D WUDQVSRUWDU« PDV OHYRX

FRPR HP WRGD D ÉIULFD ² PDO (UDP GHPDVLDGR

WDPEpP GRLV GRV GHVLGUDWDGRV SDUD WUDWDPHQWR

HVSDoDGRV H SRU IRUoD GD LQH[LVWrQFLD GH PHLRV

7DQWR SLRU SDUD RV ELIHV ² TXHP HVSHURX

KRVSLWDODU

GH IULR R IRUQHFLPHQWR GH JpQHURV IDFLOPHQWH

PHVHV HVSHUD PDLV XQV PLQXWRV ² H WRGD D WURSD

SHUHFtYHLV WLQKD TXH VHU IRUoRVDPHQWH OLPLWDGR

GHEDQGRX SDUD FDVHUQDV H DEULJRV j HVSHUD TXH

$ WHQGD 3 HUD XP FRQMXQWR GH LWHQV LQGLYLGXDLV FRQVWLWXtGD SRU XPD EROVD GH HVWDFDV TXH VH HQFDL[DYDP XPDV QDV RXWUDV H XP SDQR ² FDGD FRQMXQWR GH PLOLWDUHV DERWRDYDP RV VHXV SDQRV XQV DRV RXWURV H PRQWDYDP R VHX FRQMXQWR GH HVWDFDV H FRP LVVR HP SRXFRV PLQXWRV HVWDYD PRQWDGD XPD WHQGD VHP FKmR TXH D WURSD p KDELWXDGD H GHVFRQIRUWRV H HP FDPSDQKD QmR Ki OXJDU SDUD JUDQGHV PRUGRPLDV 2 SDQR HUD GH ORQD VXILFLHQWHPHQWH JURVVD SDUD GHWHU D iJXD GD FKXYD

_ 9,5,$726

$OJXpP XP GLD SRVVLYHOPHQWH HP %LVVDX WHULD GHFLGLGR FRPSUDU YDFDV H DWULEXLU XPD D FDGD SRVLomR

SURWHFomR

R ´WHPSRUDOµ SDVVDVVH 7HUPLQDGR R ERPEDUGHDPHQWR UHJUHVVDP j PHVVH ² XP EDUUDFmR GH WHOKDGR PDO

&DOKRX HP VRUWH j FRPSDQKLD HP %HGDQGi

LPSURYLVDGR HP FKDSD RQGXODGD ² H SDUD

XP ERYLQR GH DVSHFWR QREUH PDV WmR HVTXiOLGR

HVSDQWR JHUDO TXDQGR FKHJDUDP D PHVD


JXHUUDGRXOWUDPDU

$ORXHWWH ,,, KHOLFySWHUR GD )RUoD $pUHD 3RUWXJXHVD

HVWDYD TXDVH ´OLPSDµ 7UDYHVVDV LQWHLUDV WLQKDP

HVSHFtILFD VHP SURMpFWLO WLSR PXQLomR GH VDOYD

VXDV PHPyULDV 0HLR VpFXOR GHFRUULGR GHVGH R

GHVDSDUHFLGR

PDV FRP FDUJD GLIHUHQWH FXMD SHUFXVVmR

LQtFLR GD JXHUUD GR XOWUDPDU VHUi WDOYH] FKHJDGR

2XYLQGR ULVRV GHVFREULUDP HQWmR R )XUULHO

GHVHQFDGHDYD D H[SORVmR GD SyOYRUD TXH GDYD

R WHPSR GH FRPHoDU D HVFUHYHU D VXD KLVWyULD H

6HUWyULR TXH LQFKDGR ODPELD RV GHGRV ²

R LPSXOVR SURSXOVRU SDUD R ODQoDPHQWR 6H

QmR IDOWDP SRU Dt OLYURV PDLV URPDQFHDGRV RX

HQTXDQWR WRGRV WLQKDP FRUULGR DRV DEULJRV

XWLOL]DGD FRP XPD PXQLomR QRUPDO LVWR p FRP

PDLV DFXVDWyULRV VREUH R WHPD WUDEDOKDGRV j

HOH ´DEULJDUD VHµ SRU EDL[R GD PHVD H IRUD

SURMpFWLO D JUDQDGD H[SORGLD DQWHV GH VDLU GR

OX] GD H[SHULrQFLD SHVVRDO GRV VHXV DXWRUHV TXH

VXUULSLDQGR ELIH D ELIH WUDYHVVD SRU WUDYHVVD

FDQR GD DUPD

HP PXLWRV FDVRV HVFUHYHUDP DSHQDV HP EXVFD

FRPHQGR DWp QmR SRGHU PDLV«

4XDQGR HVWHV DFLGHQWHV DFRQWHFHP QmR p GLItFLO DGLYLQKDU R TXH DFRQWHFHX PHVPR VHP

WHU DVVLVWLGR

GD VXD SUySULD FDWDUVH $ UHGDFomR GD 9LULDWRV VRPHQWH SUHWHQGHX SDUWLOKDU DOJXPDV GDV H[SHULrQFLDV QHFHVVD

1mR VHUHL SRUWDQWR H[DXVWLYR QRV GHWDOKHV ²

ULDPHQWH GH IRUPD JHQpULFD H JHQHUDOLVWD Mi

0RDJXLGH 0RoDPELTXH GH

PDV RV PRUWRV IRUDP RV TXH VH HQFRQWUDYDP

TXH RV GHWDOKHV H IRWRV GLVSRQtYHLV SHUPLWHP

0DUoR GH

HPEDUFDGRV QD %HUOLHW

XPD REUD GH YiULDV FHQWHQDV GH SiJLQDV H TXH

(SLVyGLR QHJUR WUiJLFR WULVWH

$R FRQWUiULR GR TXH VH SHQVDYD QD

PRUWRV QXP HVW~SLGR DFLGHQWH QD PDQLSXODomR

*XHUUD GH ÉIULFD QmR HUD D DFomR LQLPLJD D

GH XPD DUPD

SULQFLSDO FDXVD GH PRUWH 6HJXQGR PXLWRV

'HL[DPRV DTXL R UHSWR D WRGRV RV YHWHUDQRV

$ KLVWyULD p VLPSOHV H FRQWD VH HP EUHYHV

UHODWRV D SULPHLUD FDXVD GH PRUWH HUDP RV

H PHVPR YtWLPDV LQRFHQWHV GR FRQIOLWR SDUD

SDODYUDV UHJUHVVR DR TXDUWHO HPEDUTXH QD

DFLGHQWHV GH YLDomR TXH DLQGD KRMH H SRU

TXH HVFUHYDP D VXD YHUVmR D VXD YLVmR GH XPD

YLDWXUD GH SDUWH GD SDWUXOKD ² MXOJD VH TXH

Fi FRQWLQXDP D YLWLPDU DRV PLOKDUHV D

JXHUUD FXMRV FRQWRUQRV HVWmR DLQGD HP PXLWRV

XPD %HUOLHW GDTXHODV TXH WLQKDP EDQFRV

VHJXQGD RV DFLGHQWHV FRP DUPDV GH IRJR H D

DVSHFWRV HQYROWRV HP SROpPLFD H SRU HVFODUHFHU

ORQJLWXGLQDLV DGDSWDGRV j FDL[D GH FDUJD

WHUFHLUD RV DIRJDPHQWRV

$ILQDO D VLWXDomR HVWDYD PLOLWDUPHQWH FRQWURODGD

SRUWDQWR QmR FDEHP QXPD SXEOLFDomR GHVWDV ( FODUR HVWi GLYXOJDU R SDSHO GRV 9LULDWRV QR FRQIOLWR

8P PLOLWDU GHFLGH ID]HU DV RSHUDo}HV GH

([LVWHP DLQGD KRMH PXLWRV WUDXPDWL]DGRV

RX QmR" 6HUi TXH QD *XLQp HVWiYDPRV

VHJXUDQoD j VXD HVSLQJDUGD Mi FRP WRGR R

SRU DFo}HV GH IRJR H SHOD SUR[LPLGDGH SHOR

PHVPR PLOLWDUPHQWH GHUURWDGRV" 6HUi TXH DV

SHVVRDO HPEDUFDGR ­ DUPD WLQKD DFRSODGR XP

FRQYtYLR FRP D YLROrQFLD PDV H[LVWHP FDVRV

SRSXODo}HV DXWyFWRQHV HUDP PDLRULWDULDPHQWH

GLODJUDPD DEUHYLDWXUD SDUD 'LVSRVLWLYR SDUD R

WDPEpP HP TXH RV WUDXPDV IRUDP RULJLQDGRV

D IDYRU RX FRQWUD QyV"

/DQoDPHQWR GH *UDQDGDV GH 0mR ² LVWR HUD XP

SHODV FRQGLo}HV GH LVRODPHQWR SURORQJDGDV

(VWDV VmR TXHVW}HV TXH QmR FRPSHWH j

WXER TXH QXPD GDV H[WUHPLGDGHV DFRSODYD XPD

D TXH RV QRVVRV PLOLWDUHV HVWDYDP VXMHLWRV

9LULDWRV UHVSRQGHU PDV VHP FXMD UHVSRVWD QXQFD

JUDQDGD GH PmR GHIHQVLYD H FXMD H[WUHPLGDGH

TXH TXDVH QDOJXQV FDVRV PHVPR OHYDYD j

D +LVWyULD VHUi FRPSOHWD QHP FRUUHFWDPHQWH

RSRVWD HUD DFRSODGD H DMXVWDGD DR FDQR GD *

ORXFXUD«

HVFULWD

3HUPLWLD TXH D HVSLQJDUGD IRVVH XWLOL]DGD FRPR

$JUDGHFHPRV DR 6DUJHQWR 0RU $QWyQLR

XP PRUWHLUHWH GH FXUWR DOFDQFH DWLQJLQGR FHUFD

&DPSRV DR 6DUJHQWR 0RU 1DWDO GRV 6DQWRV

GH PHWURV FRP D LQFOLQDomR LGHDO 3DUD IXQFLRQDU H[LJLD D XWLOL]DomR GH XPD PXQLomR

1RPH ILFWtFLR

&21&/86®2

DR 6DUJHQWR $MXGDQWH 3LQWR GD 6LOYD H DR

0XLWR GHVWH WH[WR IRL UHFROKLGR GH H[SHULrQFLDV

6DUJHQWR $QWyQLR 6LP}HV SRU WHUHP SDUWLOKDGR

FRQWDGDV QD SULPHLUD SHVVRD ² YHWHUDQRV

FRQQRVFR DV VXDV H[SHULrQFLDV TXH WDQWR

9LULDWRV FRQYLGDGRV D SDUWLOKDUHP FRQQRVFR DV

FRQWULEXtUDP SDUD D IHLWXUD GHVWH DUWLJR

9,5,$726 _


_ 9,5,$726


1DXOLOD $ WUDJpGLD GH

3UHO~GLR SDUD GXDV JXHUUDV

3RXFRV FRQKHFHP D KLVWyULD GD WUDJpGLD GH 1DXOLOD 2ILFLDOPHQWH QDVFH GH XP FRQMXQWR GH PDO HQWHQGLGRV H RFRUUH GHVFRQWH[WXDOL]DGD GH TXDOTXHU FRQIOLWR QR TXDO 3RUWXJDO HVWLYHVVH HQYROYLGR ´,QRILFLDOPHQWHµ HOD p LQGLVVRFLiYHO GD GLVSXWD GRV WHUULWyULRV DIULFDQRV WmR DFHVD HQWUH DV SRWrQFLDV HXURSHLDV GHVGH R HSLVyGLR GR ´PDSD FRU GH URVDµ H GR XOWLPDWXP GH 4XH QRV FRQVWH VmR UDUDV DV SXEOLFDo}HV GD KLVWRULRJUDILD RILFLDO RQGH R HSLVyGLR PHUHFH PDLV TXH DOJXPDV OLQKDV ² DLQGD TXH D LPSUHQVD GD pSRFD R WHQKD DPSODPHQWH QRWLFLDGR ² H RV HVWXGLRVRV GR WHPD DLQGD KRMH QmR VH S}H GH DFRUGR HP UHODomR D PXLWRV GHWDOKHV &RQWXGR HOH IRL D SULPHLUD DFomR GH FRPEDWH HP TXH 3RUWXJDO VH HQYROYHX QR TXDGUR GD , JXHUUD PXQGLDO DQRV DQWHV GH VH YHU QHOD HQYROYLGR H IRL D IDtVFD GH XPD

LQ ´,OXVWUDomR 3RUWXJXHVDµ VpULH Q GH

VLWXDomR TXH HUD Mi H[SORVLYD WHQGR GHVHQFDGHDGR XP

)HYHUHLUR GH /LVERD +HPHURWHFD 'LJLWDO

FRQMXQWR GH OHYDQWDPHQWRV GDV WULERV LQGtJHQDV FRQWUD D 1DXOLOD HUD XPD SHTXHQD VDQ]DOD QR 6XO GH $QJROD

RFXSDomR SRUWXJXHVD TXH IRUDP VH QmR D VHPHQWH SHOR PHQRV R DUDGR SDUD R SODQWLR GR LQGHSHQGHQWLVPR

SUy[LPD GD IURQWHLUD FRP D HQWmR 'DPDUDODQGLD DR WHPSR XPD FROyQLD DOHPm KRMH 1DPtELD QDV PDUJHQV GR &XQHQH H D XQV ERQV NP GR PDU QR WHUULWyULR GRV &XDPDWRV $V SRXFDV LPDJHQV GLVSRQtYHLV PRVWUDP XPD PHLD G~]LD GH HGLILFDo}HV H MXOJD VH TXH R FKDPDGR )RUWH GH 1DXOLOD FRUUHVSRQGHULD DR SDGUmR GH FRQVWUXomR GRV IRUWHV LQWHULRUHV SRU RSRVLomR DRV IRUWHV FRVWHLURV FRQFHELGRV SDUD UHVLVWLUHP DRV LPSDFWRV GD SULPHLUD DUWLOKDULD QDYDO D GRV FDQK}HV TXH GLVSDUDYDP LQHUWHV GH FDUUHJDU SHOD ERFD (VWHV IRUWHV LQWHULRUHV HUDP QD VXD PDLRULD GR WLSR ´YHGDomR GH SDOLoDGDµ HP WRGR R SHUtPHWUR D SURWHJHU R VXILFLHQWH SDUD JDUDQWLU D VHJXUDQoD FRQWUD LQFXUV}HV GH 6HJXQGR XP DUWLJR GD DXWRULD GR 3URI 0DUTXHV GH 2OLYHLUD QR -RUQDO GH $QJROD R IRUWH GH 1DXOLOD WHULD VLGR HUJXLGR QD VHTXrQFLD GH XPDV LQFXUV}HV DOHPmV HP KWWS MRUQDOGHDQJROD VDSR DR RVBFDPLQKRVBKLVWRULFRVBGDVBIURQWHL UDVBGHBDQJRODB

0DSD GD UHJLmR IURQWHLUD HQWUH $QJROD H R WHUULWyULR DOHPmR FRP GHVWDTXH SDUD D ]RQD GH QHXWUDOLGDGH

9,5,$726 _


WUDJpGLDGHQDXOLOD

WULERV LQGtJHQDV DUPDGDV GH ODQoDV H ]DJDLDV 1R VHX LQWHULRU ILFDULDP DV FRQVWUXo}HV IL[DV FRP RV DORMDPHQWRV PHVVHV H JDELQHWHV GH WUDEDOKR GRV HXURSHXV H QDV SUR[LPLGDGHV ILFDULDP DV FXEDWDV GRV DXWyFWRQHV 2 *HQHUDO 6DQWRV &RUUHLD GHVFUHYHX R GL]HQGR TXH ²2 SRVWR GH 1DXOLOD QmR WLQKD TXDOTXHU YDORU PLOLWDU FRQWUD IRUoDV HXURSHLDV FRQVLVWLD QXP PXUR GH DGREH WHQGR j YROWD XPD ILDGD GH DUDPH IDUSDGR XP SRXFR DGLDQWH GDV IDFHV 6XO H /HVWH WLQKD XOWLPDPHQWH VLGR FRQVWUXtGD XPD WULQFKHLUD SDUD DWLUDGRUHV GH MRHOKRV 'HQWUR GR SRVWR KDYLD DOJXPDV FDVDV UXGLPHQWDUHV SDUHGHV GH SDX D SLTXH H EDUUR WHFWRV GH FDSLP VHUYLDP GH VHFUHWDULD DUUHFDGDo}HV FDVHUQD FDYDODULoD HWF³ 1R LQtFLR GR 6pF ;; DV GLVSXWDV SHORV WHUULWyULRV DIULFDQRV HVWDYDP DLQGD DFHVDV H R LQIHOL] UHVXOWDGR GD GLVFXVVmR GR WULVWHPHQWH FpOHEUH ´0DSD FRU GH URVDµ TXH UHSDUWLX D ÉIULFD D UpJXD H HVTXDGUR IRL TXH PXLWDV HWQLDV ORFDLV FRPSOHWDPHQWH DOKHLDV DR DVVXQWR ILFDULDP GLYLGLGDV HQWUH GRLV RFXSDQWHV HXURSHXV VXMHLWDV j LQIOXrQFLD GH XP RX GH RXWUR GRV ODGRV GH XPD IURQWHLUD TXH SDUD RV QDWLYRV QmR H[LVWLD QHP ID]LD VHQWLGR 7DO HUD R FDVR GRV &XDQKDPDV H &XDPDWRV FXMDV DOGHLDV VH HVSDOKDYDP SHORV ODGRV 1RUWH H 6XO GD IURQWHLUD $QJRODQR 'DPDUDODQGHVD VRIUHQGR D LQIOXrQFLD DOHPm D 6XO H SRUWXJXHVD D 1RUWH $ LPDJHP GH VDWpOLWH GH KRMH UHYHOD XP WHUULWyULR LQyVSLWR H D SRVLomR GH 1DXOLOD GHVDELWDGD ² Mi HQWmR D LPHQVD YDVWLGmR GHVVH WHUULWyULR LPSOLFDYD XPD PXLWR EDL[D GHQVLGDGH SRSXODFLRQDO DV YLDV GH FRPXQLFDomR HUDP LQFLSLHQWHV H R SURJUHVVR TXH Oi FKHJDYD HVWDYD QDV PmRV GR KRPHP EUDQFR &KHJDYD PDV PHVPR DVVLP DWUDVDGR H FRP VpULR GHVIDVDPHQWR GR TXH VH SDVVDYD QXPD (XURSD HIHUYHVFHQWH H j EHLUD GH XP FRQIOLWR GH SURSRUo}HV LPSHQViYHLV SDUD D pSRFD 7RGDV DV SRWrQFLDV FRORQLDLV PDQWLQKDP XPD SUHVHQoD PLOLWDU QDV VXDV SRVVHVV}HV DLQGD TXH OLPLWDGD IDFH j H[SORVLYD VLWXDomR QD (XURSD (VWHV GHVWDFDPHQWRV QDWXUDOPHQWH SHTXHQRV WLQKDP FRPR PLVVmR GHIHQGHU D %DQGHLUD TXHU YLJLDQGR DV IURQWHLUDV TXHU UHSULPLQGR DV SRVVtYHLV UHEHOL}HV GRV QDWXUDLV 1R FDVR SRUWXJXrV GDGD D GLPHQVmR GR WHUULWyULR $QJRODQR WDO WDUHID HUD FLFOySLFD IDFH DRV HIHFWLYRV GHVWDFDGRV ² OHPEUHPR QRV TXH R WHUULWyULR $QJRODQR WLQKD XPD VXSHUItFLH TXH HUD FHUFD GH YH]HV D GH 3RUWXJDO FRQWLQHQWDO H 0RoDPELTXH HUD FHUFD GH YH]HV PDLRU QmR HVTXHFHQGR RV WHUULWyULRV GD *XLQp 0DFDX H 7LPRU DV SRVVHVV}HV LQGLDQDV H RV DUTXLSpODJRV GH 6mR 7RPp H 3UtQFLSH &DER 9HUGH $oRUHV H 0DGHLUD (P 1DXOLOD QR DQR GH HVWDYD SRUWDQWR XPD SHTXHQD JXDUQLomR FRQVWLWXtGD SRU XPD FRPSDQKLD LQGtJHQD GH 0RoDPELTXH H PXLWR SRXFR DUPDPHQWR SHVDGR VHQGR TXH D SRVLomR PDLV SUy[LPD HP FRQGLo}HV ,Q ´1JLYD ² FDPSDQKD GR 6XO GH $QJROD HP H VHXV DQWHFHGHQWHV ² 1DX OLODµ *HQ - 6DQWRV &RUUHLD /LVERD

1RWDU TXH QmR VmR UHIHULGDV QHP D DOWXUD QHP D HVSHVVXUD GR PXUR 3DX D SLTXH H EDUUR WDELTXH"

_ 9,5,$726

GH UDSLGDPHQWH DFRUUHU HP VRFRUUR GHVWD VHULD R )RUWH

(PEDUTXH GR FDLV GR $UVHQDO

'RQJRHQD D FHUFD GH NP HP OLQKD UHFWD PDV QD

/LVERD GH WURSDV SRUWXJXHVDV

PDUJHP RSRVWD GR &XQHQH RX R )RUWH 5RoDGDV D FHUFD GH

SDUD $QJROD GXUDQWH D

NP« DQWHV GD FKHJDGD GD PRWRUL]DomR H FRP D PDLRULD GDV FRPXQLFDo}HV D VHUHP DVVHJXUDGDV SRU HVWDIHWDV« 7XGR WHULD FRPHoDGR QR GLD GH 2XWXEUR TXDQGR R 'U 6FKXOW]H -HQD DGPLQLVWUDGRU GH 2XWM{ GLVWULWR

*XHUUD 0XQGLDO ,Q 5HVHQGH 0iULR %HWWHQFRXUW 3RUWXJDO XP VpFXOR GH LPDJHQV 'LiULR GH 1RWtFLDV /LVERD

IURQWHLULoR GD 'DPDUDODQGLD DFRPSDQKDGR GH RILFLDLV LQWpUSUHWH VDUJHQWR VROGDGRV HXURSHXV H XQV VROGDGRV LQGtJHQDV WRGRV DUPDGRV H PRQWDGRV H FRP XPD YLDWXUD D TXDWUR SDUHOKDV GH PXDUHV DWUDYHVVD D IURQWHLUD HQWUDQGR QR WHUULWyULR GD +LQJD VHP WHU WLGR SDUD FRP DV QRVVDV DXWRULGDGHV D PHQRU DWHQomR H DFDPSD D SUy[LPR GR YDX GH &DOXHTXH )RL HQYLDGR DR VHX HQFRQWUR R $OIHUHV 6HUHQR GH XP GHVWDFDPHQWR GH 'UDJ}HV TXH VH HQFRQWUDYD HP 2WRTXHUR ² R HQFRQWUR IRL FRUGLDO GL] VH H QD VHTXrQFLD GDV H[SOLFDo}HV GDGDV SHORV DOHPmHV WHULDP FRQFRUGDGR HP ID]HU VH DFRPSDQKDU SHOD SDWUXOKD SRUWXJXHVD DWp DR &DSLWmR PRU GR &XDPDWR ² D SDUWLGD VHULD QR GLD VHJXLQWH H RV SRUWXJXHVHV GRUPLUDP QR DFDPSDPHQWR DOHPmR ,QLFLDGD D PDUFKD D SULPHLUD HWDSD WHUPLQD HP 1DXOLOD SDUD DOPRoR TXDQGR RV SRUWXJXHVHV VH DSHUFHEHP TXH Mi GHSRLV GH WHUHP DSHDGR RV DOHPmHV DSUHVVDP RV SUHSDUDWLYRV SDUD PRQWDU QRYDPHQWH VHP DOPRoDU 7HQWDQGR WUDYDU DTXLOR H Mi GHSRLV GH DOWHUFDomR R $OIHUHV 6HUHQR DJDUURX DV UpGHDV GR FDYDOR GH 6KXOW]H -HQD TXH OKH DSRQWD XPD HVSLQJDUGD DR SHLWR ­ RUGHP GH IRJR 6KXOW]H -HQD p R SULPHLUR D VHU PRUWR SHOD WURSD SRUWXJXHVD TXH DLQGD DEDWHUDP RV GRLV RILFLDLV H IL]HUDP XP SULVLRQHLUR $ , *XHUUD 0XQGLDO WLQKD Mi HFORGLGR QD (XURSD 6HQGR 3RUWXJDO XP DOLDGR GD ,QJODWHUUD RV UHFHLRV GH FRPSOLFDo}HV QRV WHUULWyULRV XOWUDPDULQRV WLQKDP OHYDGR DR UHIRUoR GRV

&KDSpX XVDGR QDV FDPSDQKDV GR VXO GH $QJROD ,QtFLR GR VpF ;; &ROHFomR GR 5,


WUDJpGLDGHQDXOLOD

2 0DMRU 6DOJDGR FRPDQGDQWH GR GHVWDFDPHQWR GR 5, QR IRUWH 5RoDGDV DR VHU LQIRUPDGR SHOR &DSLWmR 9DUmR &DSLWmR PRU GR &XDPDWR GRV PRYLPHQWRV DOHPmHV GHFLGH HQYLDU SDUD 1DXOLOD GRLV SHORW}HV GD WURSD GR 5, UHIRUoDGRV SRU XPD SDUWH GD EDWHULD (KUDUGW H DOJXQV GUDJ}HV $ GH 1RYHPEUR VHULD GDGD D RUGHP SDUD WRGRV RV GUDJ}HV GLVSRQtYHLV VH FRQFHQWUDUHP HP 1DXOLOD 1R GLD QDWLYRV LQIRUPDP RV SRUWXJXHVHV GD SUHVHQoD

7URSDV GH FDYDODULD SRUWXJXHVD

GRV DOHPmHV QD ]RQD HQWUH R *DQJHOD H R &XDPEL

j SDUWLGD GR /XEDQJR SDUD R )RUWH GH &XDPDWR )RWRJUDILD

1D PDQKm GH GH 'H]HPEUR 5RoDGDV UHFRQKHFH

GH 7HOHV *ULOR LQ ´,OXVWUDomR

R &DOXHTXH RQGH XP SHORWmR GH GUDJ}HV VH HQFRQWUD

3RUWXJXHVDµ Q

YLJLDQGR VHQGR D SURWHFomR GD PDUJHP HVTXHUGD GR

+HPHURWHFD 'LJLWDO GH /LVERD

&XQHQH IHLWD SRU DX[LOLDUHV FXDPDWRV 5HJUHVVD D 1DXOLOD H PHVPRV WHQGR QR FDVR GH $QJROD VLGR HQYLDGR XP &RUSR ([SHGLFLRQiULR VRE R FRPDQGR GR 7HQHQWH &RURQHO $OYHV 5RoDGDV FRQVWLWXtGR SRU XP %DWDOKmR GR 5, XPD EDWHULD GH PRQWDQKD H XP HVTXDGUmR GR 5& YLQGR DLQGD D VHU UHIRUoDGR FRP XPD EDWHULD GH PHWUDOKDGRUDV (VWH FRQWLQJHQWH GHYHULD MXQWDU VH DR Mi H[LVWHQWH QR WHUULWyULR H WLQKD FRPR WDUHID SULQFLSDO DVVHJXUDU R FRQWUROR H SDFLILFDomR GR WHUULWyULR &XDPDWR H JDUDQWLU D LQWHJULGDGH H LQYLRODELOLGDGH GD IURQWHLUD 1R GLD GH 2XWXEUR WRGR HVWH FRQWLQJHQWH WLQKD GHVHPEDUFDGR $V QRWtFLDV FRQIRUPH VH GLVVH FKHJDYDP GHVIDVDGDV D ÉIULFD 6HQGR 3RUWXJDO XP DOLDGR GD ,QJODWHUUD VDEHQGR GHVWH UHIRUoR H IDFH D HVWH LQFLGHQWH RV DOHPmHV UiSLGD H HUUDGDPHQWH GHVID]HP DV G~YLGDV VREUH VH 3RUWXJDO IDULD RX QmR SDUWH GR FRQIOLWR D LQFHUWH]D DQWHULRU LD DR SRQWR GH QmR HVWDUHP FHUWRV GH TXH ODGR R IDULD VH WLYHVVH HQWUDGR H FRQFOXtUDP TXH 3RUWXJDO HVWDYD HP JXHUUD FRQWUD D $OHPDQKD ­ SULPHLUD DFomR SXQLWLYD R PDVVDFUH GH &XDQJDU UHDOL]DGR HP GH 2XWXEUR RV DOHPmHV SURFHGHP D XPD VHJXQGD H[SHGLomR GH UHWDOLDomR H DV SULPHLUDV QRWtFLDV GHVWD GDYDP FRQWD GH SUHVHQoD GH XPD IRUoD DOHPm HP

)RUWH GH &XDQJDU QR VXO

WHUULWyULR DQJRODQR GLULJLQGR VH HP GLUHFomR D 1DXOLOD

GH $QJROD ,Q ´,OXVWUDomR

1R HQWDQWR R REMHFWLYR DOHPmR WDQWR SRGHULD VHU R IRUWH

3RUWXJXHVDµ Q

GH 1DXOLOD FRPR R GH 'RQJRHQD OHYDQGR $OYHV 5RoDGDV D

+HPHURWHFD 'LJLWDO GH /LVERD

GLYLGLU DV IRUoDV

XPD SDWUXOKD GH GUDJ}HV TXH SDVVD j PDUJHP HVTXHUGD DYLVWD RV SULPHLURV DOHPmHV e D JXDUGD DYDQoDGD VRE R FRPDQGR GR &DSLWmR :DWHU 7URFDP VH RV SULPHLURV WLURV (P QRYR UHFRQWUR GH SDWUXOKDV WHQGR XP DOHPmR FDtGR SULVLRQHLUR 2V FXDPDWRV TXH SURWHJLDP D PDUJHP HVTXHUGD WLQKDP GHVDSDUHFLGR $ YLJLOkQFLD ILFDYD H[FOXVLYDPHQWH HQWUHJXH DRV GUDJ}HV :DWHU DFDPSD D RX TXLOyPHWURV GRV PRUURV GR &DOXHTXH HP IUHQWH GRV REVHUYDWyULRV GD SRVLomR GR GHVWDFDPHQWR GR PDMRU 6DOJDGR TXH QmR DWDFD SRU QmR WHU RUGHP GR FRPDQGDQWH 5RoDGDV SDUD R ID]HU H ¨FRP JUDQGH DOHJULD GRV DOHPmHV SRU RV SRUWXJXHVHV RV GHL[DUHP HP FRPSOHWR VRVVHJR © 'U :DOWHU 6XFKLH] 8PD LQWHUSUHWDomR HUUDGD GH XP WHOHJUDPD GD FDSLWDO VHJXQGR R TXDO HUD ´QHFHVViULR TXH WRGRV RILFLDLV H SUDoDV VDLEDP TXH QmR HVWDPRV HP JXHUUD FRP D $OHPDQKDª ª H S{U VH HP FRQWDFWR FRP DXWRULGDGHV DGPLQLVWUDWLYDV GR WHUULWyULR YL]LQKR D ILP GH FRQKHFHU D VXD DWLWXGH H GDU OKHV D FRQKHFHU D QRVVDµ DXPHQWRX D KHVLWDomR GR &RPDQGDQWH ([SHGLFLRQiULR TXH QmR GHX D RUGHP SDUD DWDFDU RV DOHPmHV :DWHU FRQWLQXD DFDPSDGR H WUDQTXLOR QD PDUJHP HVTXHUGD GR &XQHQH DWp j PHLD QRLWH GH ­V K GH R 0DMRU )UDQFN FKHJD FRP R JURVVR GDV IRUoDV DOHPmV HVWDFLRQDQGR WDPEpP MXQWR GR ULR 1R GLD GH 'H]HPEUR R JURVVR GDV IRUoDV DOHPmV GHVORFD VH SDUD OHVWH LQGR HVWDFLRQDU QR HPDUDQKDGR GR PDWR ILFDQGR DSHQDV QDV PDUJHQV GR &XQHQH DV GR FRPDQGR GH :DWHU (QWUHWDQWR PDLV UHIRUoRV WLQKDP VLGR HQYLDGRV SDUD 1DXOLOD FXMD JXDUQLomR QR GLD HUD FRPSRVWD SHOR &RPDQGR GD ([SHGLomR FRP R SUySULR $OYHV 5RoDGDV DV H FRPSDQKLDV GR %, XPD EDWHULD GH PHWUDOKDGRUDV D EDWHULD (UKDUGW D SHoDV XP SHORWmR GH GUDJ}HV LQFRPSOHWR H XPD FRPSDQKLD LQGtJHQD GH 0RoDPELTXH D $ SRVLomR QmR WLQKD FRQGLo}HV GH GHIHVD H QmR KDYLD PDWHULDLV SDUD D UHIRUoDU QHP IHUUDPHQWDV DGHTXDGDV SDUD D OLPSH]D GR WHUUHQR FLUFXQGDQWH $ WURSD DOL SUHVHQWH QmR UHFHELD DEDVWHFLPHQWRV Ki YiULRV GLDV H VHJXQGR UHODWRV QR GLD D UDomR SDUD RILFLDLV H SUDoDV IRUDP ERODFKDV H XP TXDUWR GH OLWUR GH YLQKR KWWS ZZZ DUTQHW SW SRUWDO SRUWXJDO JUDQGHJXHUUD SJPBDQJ KWPO ,Q ´1JLYD ² FDPSDQKD GR 6XO GH $QJROD HP H VHXV DQWHFHGHQWHV ² 1DX OLODµ *HQ - 6DQWRV &RUUHLD /LVERD

9,5,$726 _


WUDJpGLDGHQDXOLOD

$ RUGHP HQYLDGD SRU $OYHV 5RoDGDV DR GHVWDFDPHQWR GH &DOXHTXH RQGH VH HQFRQWUDYD R JURVVR GR %, DSHQDV FKHJRX jV PmRV GR 0DM 6DOJDGR KRUDV H PLQXWRV GHSRLV GRV DOHPmHV WHUHP LQLFLDGR R VHX DWDTXH )UDQFN HVWDFLRQD Mi QRLWH IHFKDGD D XQV TXLOyPHWURV GD SRVLomR GH 1DXOLOD :DWHU MXQWR DR &XQHQH SURWHJH R FRQWUD XP SRVVtYHO DWDTXH GR PDMRU 6DOJDGR 5HVSHFWLYDPHQWH j PHLD QRLWH H QD PDGUXJDGD GH DV GLWDV FROXQDV ² :DWHU H )UDQFN ² URPSHP D PDUFKD VREUH 1DXOLOD :DWHU LQLFLDUi R DWDTXH jV K P VREUH D HVTXHUGD )UDQFN DWDFDUi SRU OHVWH VREUH D HVWUDGD GD 2QFXiQFXD IODQFR TXH MXOJD PDLV IUDFDPHQWH JXDUQHFLGR 'XUDQWH TXDWUR KRUDV GH OXWD LQWHQVD j GHFLVmR H PDQREUD HQpUJLFD GRV DOHPmHV RS}H VH GR QRVVR ODGR IDOWD GH GLUHFomR H GH FRPDQGR HVIRUoRV GLVSHUVRV TXH QXQFD

2 YDX &DOXHTXH QR ULR &XQHQH $R IXQGR

FKHJDP D WHUPR PXLWR HPERUD D JUDQGH PDLRULD GDV

DV FROXQDV H YHJHWDomR RQGH RV DOHPmHV

IRUoDV HPSHQKDGDV VH EDWDP FRP HQHUJLD WHQDFLGDGH

DJXDUGDUDP R PRPHQWR GH ODQoDU R DWDTXH

H YDORU ² D EUDYXUD GRV GHIHQVRUHV IRL UHFRQKHFLGD SHORV

LQ ´,OXVWUDomR 3RUWXJXHVDµ Q

SUySULRV DOHPmHV &RQWXGR D TXHGD GH JUDQDGDV LQFHQGLiULDV DOHPmV SURYRFRX YiULRV LQFrQGLRV TXH QmR Vy GHVWUXtDP YtYHUHV H EDJDJHQV PDV WDPEpP JHUDYDP R FDRV QR LQWHULRU GR IRUWH

_ 9,5,$726

+HPHURWHFD 'LJLWDO GH /LVERD


WUDJpGLDGHQDXOLOD

$V SHUGDV GR ODGR GRV DOHPmHV IRUDP FRQWDGDV HP PRUWRV H IHULGRV 'R QRVVR ODGR FRQWDP VH SRU PRUWRV R FDSLWmR +RPHP 5LEHLUR R WHQHQWH 6HUHQR R DOIHUHV $OYHV H SUDoDV GDV TXDLV HXURSHLDV IHULGRV H DLQGD SULVLRQHLURV GRV DOHPmHV $ UHWLUDGD IRL LQLFLDGD jV K P VHP VHUPRV LQFRPRGDGRV SHOR LQLPLJR VHJXLQGR SDUD 'RQJRHQD SRVWR PLOLWDU PDLV SUy[LPR DR PDMRU 6DOJDGR IRL HQYLDGR 0LOLWDUHV GR 5, 7HQHQWH -RVp 7ULVWmR GH %HWWHQFRXUW IHULGR HP FRPEDWH 2 TXH VREURX GR HVTXDGUmR GH 'UDJ}HV

j FKHJDGD DR /XEDQJR 15 e YLVtYHO D GLIHUHQoD GH

7HQHQWH $QWyQLR 5RGULJXHV 0DUTXHV IHLWR SULVLRQHLUR SHORV DOHPmHV &DSLWmR $OEDQR GH 0HOR 3LQWR 9HORVR IHULGR HP FRPEDWH

SRVWXUD HQWUH HVWD H D QD GD SiJLQD )RWRJUDILD GH 7HOHV *ULOR LQ ´,OXVWUDomR 3RUWXJXHVDµ Q

+HPHURWHFD 'LJLWDO GH /LVERD

XP HVWDIHWD FRP D LQGLFDomR GH UHWLUDU WDPEpP SDUD R

²6QUHV RILFLDHV H SUDoDV GR UHJLPHQWR GµLQIDQWHULD Q

PHVPR VtWLR HQFHUUDQGR VH DVVLP R HSLVyGLR PDLV QHJUR H WUiJLFR GD KLVWyULD GR 5HJLPHQWR GH ,QIDQWDULD

&DSLWmR $UWXU +RPHP 5LEHLUR PRUWR HP FRPEDWH

3RU LQIRUPDo}HV H[DUDGDV RILFLRVDPHQWH QD LPSUHQVD FRQKHoR TXH

(VWH LQFLGHQWH FRQILUPRX XP GRV PDLRUHV UHFHLRV GR

)DFWRV TXH DLQGD QmR p OtFLWR FODVVLILFDU UHDOLVDGRV QD

&RPDQGDQWH GD ([SHGLomR ² DR ILFDUHP H[SRVWDV DV

QRVVD SURYtQFLD GH $QJROD SRU IRUoDV DOHPmV FRQWUD IRUoDV

IUDJLOLGDGHV GR ([pUFLWR 3RUWXJXrV JDQKDUDP FRQILDQoD

GR QRVVR H[pUFLWR H SDUWLFXODUPHQWH FRQWUD D FRPSDQKLD

DV SRSXODo}HV LQGtJHQDV TXH VH VXEOHYDUDP 1mR IRL D

GHVWH UHJLPHQWR FREULUDP GH WULVWH]D D QRVVD 3iWULD H GH

SULPHLUD UHEHOLmR TXH DOL HQIUHQWDPRV QHP YLULD D VHU D

PDJRD R QRVVR FRUDomR GH VROGDGRV TXH SRU HQTXDQWR Vy WHP

~OWLPD FRPR D QRVVD KLVWyULD PDLV UHFHQWH EHP SURYRX DLQGD TXH QmR IRVVH GHVWD TXH VDLUtDPRV GHUURWDGRV 3RUWXJDO YLULD D HQWUDU QD , *XHUUD 0XQGLDO FHUFD GH DQRV PDLV WDUGH QD VHTXrQFLD GD GHFODUDomR GH JXHUUD SURIHULGD SHOD $OHPDQKD HP GH 0DUoR GH TXH FXOPLQDULD FRP R OHYDQWDPHQWR GR &RUSR ([SHGLFLRQiULR 3RUWXJXrV TXH FRP WDQWD GLILFXOGDGH PDV WDPEpP WDQWD GLVWLQomR FRPEDWHX QD )ODQGUHV HP H « PDV LVVR VmR RXWUDV KLVWyULDV SDUD Q~PHURV IXWXURV 1R FRPEDWH GH 1DXOLOD OXWRX WDPEpP R $OIHUHV 9DOOH GH $QGUDGH QR FRPDQGR GH XP SHORWmR GD FRPSDQKLD GR %, (VWH p R PHVPR DSHOLGR GR FDSLWmR TXH FRPDQGRX R IDPRVR DVVDOWR jV OLQKDV DOHPmV QR VHFWRU GD PRUWH HP 1HXYH &KDSHOOH QR GLD GH 0DUoR GH ² YLQJRX QRV EHP H HVWD IDPtOLD PRVWURX SHUWHQFHU j JHVWD GRV ´&XMD IDPD QLQJXpP YLUi TXH GRPHµ

D PLQRUDOD D FRQYLFomR GH TXH R D OHDOGDGH H D ERD Ip QmR IRL R DSDQiJLR GRV QRVVRV DGYHUViULRV H Vy DVVLP OHYDUDP GH YHQFLGD D JDOKDUGLD H KRPEULGDGH GDV QRVVDV WURSDV 7ULVWH]D H PDJRD VROGDGRV QmR p SRUHP GHVFRQILDQoD QR IXWXUR QHP PRWLYR GH ILFDUPRV DEDWLGRV 3HOR FRQWUDULR R H[HPSOR GDGR SHORV QRVVRV LUPmRV GµDUPDV TXH VHODUDP FRP R VHX VDQJXH H FRP R VHX VDFULItFLR GD YLGD D QRVVD YRQWDGH GH YLYHUPRV FRPR QDomR LQGHSHQGHQWH H VREHUDQD GR TXH OKH IRL OHJDGR SHORV DQWHSDVVDGRV JORULRVRV REULJD QRV D HPSUHJDU PRV WRGRV RV PHLRV DR QRVVR DOFDQFH SDUD SDJDUPRV FRP FDSLWDO H MXUR D GLYLGD TXH RUD HVWD DEHUWD $PRU i GLVFLSOLQD FRQILDQoD QRV VXSHULRUHV GHGLFDomR QR VHUYLoR ERD YRQWDGH H ]HOR QD H[HFXomR GH RUGHQV UHFHELGDV H FRQYLFomR GH TXH Vy p YHQFLGR TXHP DVVLP VH GHFODUD GHYH VHU D QRUPD GR QRVVR SURFHGHU 'HVIROKHPRV VREUH D VHSXOWXUD GRV QRVVRV FDPDUDGDV DVVDVVLQDGRV D QRVVD VHQWLGD H[SUHVVmR GH SH]DU H VDXGDGHV HQYLDPRV OKH WDPEpP R QRVVR SHLWR GH VROLGDULHGDGH H GHVHMR VLQFHUR GµXPD JORULRVD GHVIRUUD TXH Vy FRQVLGHUDPRV FRPSOHWD

15 3RU VH FRQVLGHUDU GH LQWHUHVVH KLVWyULFR PDV

TXDQGR SURYDUPRV i $OHPDQKD TXH R VROGDGR SRUWXJXH] p

WDPEpP FXULRVD D IRUPD HPRWLYD FRPR IRL GHVFULWR R

SDVFLHQWH QD DGYHUVLGDGH FRPR VHUi JHQHURVR QD YLWRULD TXH

LQFLGHQWH DFKDPRV RSRUWXQR WUDQVFUHYHU D 2UGHP GH

Ki GH FRURDU DV VXDV IDGLJDV H SULYDo}HV SDUD D GHIHVD GD 3iWULD

6HUYLoR Q ² D RUGHP HUD SXEOLFDGD GLDULDPHQWH ² GH

H GD 5HSXEOLFD ° 9LYD D 3iWULD ° 9LYD D 5HSXEOLFD 3RUWXJXH]Dµ

GH 'H]HPEUR GH GR 5, RQGH R PHVPR IRL GDGR D FRQKHFHU jV WURSDV HP 9LVHX PDQWHQGR D JUDILD RULJLQDO DLQGD TXH D QDUUDomR HVWHMD HLYDGD GR H[SHFWiYHO QDFLRQDOLVPR TXH OKH UHWLUD ULJRU

5HSDUH VH LJXDOPHQWH TXH D WUDJpGLD DFRQWHFH HP GH 'H]HPEUR H DSHQDV D R &RPDQGDQWH D DQXQFLD j WURSD QD PHWUySOH H EDVHDGD DSHQDV QDV QRWtFLDV GD LPSUHQVD«

9,5,$726 _


MXÃY PM YU__½[ EFK@:@8J ;F I@ (+ <D )'('$)'(( 2 ([pUFLWR H[LVWH SDUD DVVHJXUDU D GHIHVD GR 3DtV FRQWUD

HP HYHQWRV GHQWUR H IRUD GH PXURV TXHU FRQWULEXLQGR

DPHDoDV H[WHUQDV ² PDV p WDPEpP XP YHFWRU GD SROtWLFD H[WHUQD

SDUD D GLYXOJDomR FXOWXUDO GHVLJQDGDPHQWH SURSDJDQGR D

QDFLRQDO QRPHDGDPHQWH JHUDQGR IRUoDV SDUD D SURMHFomR

+LVWyULD PDV WDPEpP SURPRYHQGR GLYHUVRV HYHQWRV TXHU

SDUD R H[WHULRU QR TXDGUR GRV FRPSURPLVVRV LQWHUQDFLRQDLV

VLPSOHVPHQWH DSRLDQGR RUJDQL]Do}HV H LQVWLWXLo}HV TXH

DVVXPLGRV SHOR (VWDGR 3RUWXJXrV 1HVWH FRQWH[WR R WUHLQR

QRV YLVLWDP RX VLPSOHVPHQWH QRV SHGHP DX[LOLR QR TXH R

RSHUDFLRQDO FRP YLVWD DR DSURQWDPHQWR GDV VXDV 8QLGDGHV

5HJLPHQWR GH ,QIDQWDULD VH WHP FRQVWLWXtGR FRPR XPD

WHP TXH VHU VHPSUH HQFDUDGR FRPR D SULRULGDGH DEVROXWD GD

YHUGDGHLUD UHVHUYD GD VRFLHGDGH FROPDWDQGR ODFXQDV TXH GH

VXD DFWLYLGDGH HP WHPSR GH SD]

RXWUR PRGR Vy FRP GLILFXOGDGH H FXVWRV DFUHVFLGRV VHULDP

&RQWXGR Ki YLGD SDUD DOpP GD PLVVmR FRPR HVWH DUWLJR

XOWUDSDVVDGDV

PXLWR EHP Gi FRQWD ² H QHVVD PDWpULD R 5HJLPHQWR GH

1DV OLQKDV VHJXLQWHV FRQYLGDPRV R OHLWRU D WRPDU FRQWDFWR FRP

,QIDQWDULD QmR WHP UHJDWHDGR HVIRUoRV SDUD GHQWUR GD VXD

DV DFWLYLGDGHV GHVHQYROYLGDV SDUD DOpP GD PLVVmR GXUDQWH

FDSDFLGDGH VREUDQWH H GHQWUR GD JHQHURVLGDGH H GHGLFDomR

R FLFOR TXH GHFRUUHX HQWUH R GLD GR 5HJLPHQWR HP H R

GRV VHXV TXDGURV H WURSDV VHUYLU D VRFLHGDGH FLYLO GH TXH

PRPHQWR DFWXDO $ OHLWXUD SRGHUi SDUHFHU FDQVDWLYD PDV D

HPDQD H D SUySULD LQVWLWXLomR PLOLWDU TXHU PDQWHQGR R FXOWR

UHGDFomR GD ´9LULDWRVµ QmR WHP FXOSD VH RV 9LULDWRV IL]HUDP

GDV WUDGLo}HV DWUDYpV GD SDUWLFLSDomR QR FHULPRQLDO PLOLWDU

PXLWDV FRLVDV« H DLQGD EHP TXH DV IL]HUDP

M`j`kXj [\ `ejk`kl` \j [\ \ej`ef 'XUDQWH R DQR GH R 5HJLPHQWR GH ,QIDQWDULD 1 IRL

'XUDQWH DV YLVLWDV RV JUXSRV YLVLWDQWHV WLYHUDP RSRUWXQLGDGH

YLVLWDGR SRU FHUFD GH DOXQRV H SURIHVVRUHV GH (VFRODV

GH FRQKHFHU D &ROHFomR 9LVLWiYHO 1~FOHR 0XVHROyJLFR GR

GD 5HJLmR GH 9LVHX

5HJLPHQWR H WRPDU FRQWDFWR FRP DV QRYDV YLDWXUDV EOLQGDGDV GR ([pUFLWR 3$1'85 ,, $OJXQV YLVLWDQWHV SXGHUDP DLQGD XVXIUXLU GH DOJXPDV DFWLYLGDGHV SURSRUFLRQDGDV SHOR 5, FRPR SRU H[HPSOR D 7RUUH 0XOWL DFWLYLGDGHV H SUiWLFD GH -RJRV QR 3DYLOKmR *LPQRGHVSRUWLYR 9LVLWDUDP R 5, DV VHJXLQWHV HVFRODV (6 GH 3HQDOYD GR &DVWHOR (6 GH 6 3HGUR GR 6XO (6 GH 6iWmR -DUGLP GH ,QIkQFLD GH 5HSHVHV (% *UmR 9DVFR &ROpJLR 9LD 6DFUD (% *RPHV (DQHV GH $]XUDUD (% ,QIDQWH ' +HQULTXH (% ,QWHJUDGD GD ÌQVXD (% ,QWHJUDGD H 6HFXQGiULD -HDQ 3LDJHW (% 0DQJXDOGH $JUXSDPHQWR GH (VFRODV GH 6LOJXHLURV (% 6DQWD &ODUD (% &DPStD HQWUH RXWUDV

F gifa\Zkf = i`Xj [X G}jZfX )'(' gifdfm`[f g\cX :XjX [f Gfmf [\ M`cX EfmX [\ GX`mX# m`j`kfl f I@(+

_ 9,5,$726

1R GLD GH $EULO GH FHUFD GH MRYHQV FRP LGDGHV

SURPRYLGR SHOD &DVD GR 3RYR GH 9LOD 1RYD GH 3DLYD

FRPSUHHQGLGDV HQWUH RV H RV DQRV YLVLWDUDP R 5HJLPHQWR

H RV YLVLWDQWHV WLYHUDP RSRUWXQLGDGH GH FRQKHFHU R 1~FOHR

GH ,QIDQWDULD 1

0XVHROyJLFR GR 5HJLPHQWR H GH WRPDU FRQWDFWR FRP D YLDWXUD

$ YLVLWD UHDOL]RX VH QR kPELWR GR SURMHFWR )pULDV GD 3iVFRD

EOLQGDGD 3$1'85 ,,


CXi [\ @[fjfj [X JXekX :XjX [X D`j\i`Z i[`X [\ J\`X m`j`kX f I@(+

<jZfcXj [X I\^` f [\ M`j\l gXik`Z`gXd ef Gifa\Zkf )+ _fiXj ef <o iZ`kf 2 SURMHFWR ´ KRUDV QR ([pUFLWRµ p XPD LQLFLDWLYD GHVWLQDGD D SURSRUFLRQDU DRV MRYHQV HP ILQDO GR HQVLQR VHFXQGiULR XPD WRPDGD GH FRQWDFWR FRP R ([pUFLWR 'HYLGDPHQWH

DFRPSDQKDGRV

H

HQTXDGUDGRV SRU GRFHQWHV GDV VXDV HVFRODV GH RULJHP DRV MRYHQV SDUWLFLSDQWHV IRL GDGD D RSRUWXQLGDGH GH H[SHULPHQWDUHP D YLYrQFLD GH XP GLD GH LQVWUXomR H GH 1R GLD GH 0DLR GH FHUFD GH XWHQWHV GR /DU GH ,GRVRV GD 6DQWD &DVD GD 0LVHULFyUGLD GH 6HLD YLVLWDUDP R 5HJLPHQWR GH ,QIDQWDULD 1 2V YLVLWDQWHV WLYHUDP RSRUWXQLGDGH GH FRQKHFHU R 1~FOHR 0XVHROyJLFR GR 5HJLPHQWR H FRQKHFHU D KLVWyULD GH DOJXQV REMHFWRV Oi H[SRVWRV 2 JUXSR YLVLWRX DLQGD D %LEOLRWHFD GR 5HJLPHQWR H SRVWHULRUPHQWH SXGHUDP DVVLVWLU j PRVWUD GH XPD YLDWXUD EOLQGDGD 3$1'85 ,,

8jjfZ`X f Gfikl^l\jX [\ GX`j \ 8d`^fj [f :`[X[ f ;\]`Z`\ek\ D\ekXc [\ M`j\l m`j`kX f I@(+

REVHUYDUHP R GLD D GLD GR 5HJLPHQWR $RV SDUWLFLSDQWHV HUD FHGLGR XP ´PHLR XQLIRUPHµ H GLVWULEXtGR DORMDPHQWR QXPD VLPXODomR GD LQFRUSRUDomR WHQGR FRPR

$EU ² 2OLYHLUD GH )UDGHV

SULPHLUD DFWLYLGDGH R IDUGDU H ID]HU D VXD

0DL ² 9LOD 1RYD GH 3DLYD

SUySULD FDPD

0DL ² &DVWUR 'DLUH H *RXYHLD

$ DFWLYLGDGH SURVVHJXLD FRP LQVWUXomR

'RV LQTXpULWRV UHFROKLGRV UHVXOWDUDP

PLOLWDU LQFOXLQGR LQVWUXomR QRFWXUQD H

LPSUHVV}HV PXLWR IDYRUiYHLV j LQLFLDWLYD

WHUPLQDYD QR GLD VHJXLQWH FRP D FHULPyQLD

DLQGD TXH D DOJXQV GHVWHV MRYHQV WLYHVVH

GH HQWUDGD GR &RPDQGDQWH QR 5HJLPHQWR H

GHVDJUDGDGR D ULJLGH] GD YLGD PLOLWDU

XPD DSUHVHQWDomR ILQDO GH FXPSULPHQWRV

² D LQWHQomR HUD PRVWUDU R TXH VRPRV

QD %LEOLRWHFD GR 5HJLPHQWR GR 5,

H FRPR YLYHPRV VHP VXEWHUI~JLRV H

2 5HJLPHQWR UHFHEHX JUXSRV GH

VHP FDLU HP SXEOLFLGDGH HQJDQRVD )RL

HVFRODV HP DFo}HV

FRQVHJXLGD

1R GLD GH -XOKR GH D $VVRFLDomR 3RUWXJXHVD GH 3DLV H $PLJRV GR &LGDGmR 'HILFLHQWH 0HQWDO GH 9LVHX $33$&'0

YLVLWRX

Afm\ej gXik`Z`gXek\j ef :Xdgf [\ = i`Xj ;\jgfik`mXj [X 8lkXihl`X [\ DXe^lXc[\ m`j`kXd f I@(+

R

(P GH $EULO GH FHUFD GH

DFWLYLGDGHV GD 7RUUH 5DGLFDO GR 5,

5HJLPHQWR GH ,QIDQWDULD 1

MRYHQV FRP LGDGHV FRPSUHHQGLGDV HQWUH

QRPHDGDPHQWH D HVFDODGD H R VOLGH

$ YLVLWD GHFRUUHX QR kPELWR

RV H RV DQRV YLQGRV GH 0DQJXDOGH

GD )RUPDomR 3URILVVLRQDO

YLVLWDUDP R 5HJLPHQWR GH ,QIDQWDULD

PLQLVWUDGD

1

QD

UHIHULGD

DVVRFLDomR H FRQWRX FRP

$ YLVLWD UHDOL]RX VH QR kPELWR GR

D SUHVHQoD GH FHUFD GH

SURJUDPD &DPSR GH )pULDV 'HVSRUWLYDV

IRUPDQGRV

H RV YLVLWDQWHV WLYHUDP RSRUWXQLGDGH

DFRPSDQKDGRV

SRU PRQLWRUHV H DX[LOLDUHV

GH FRQKHFHU R 1~FOHR 0XVHROyJLFR GR

2V YLVLWDQWHV WLYHUDP RSRUWXQLGDGH GH UHDOL ]DU XP

5HJLPHQWR H GH WRPDU FRQWDFWR FRP D

FRQMXQWR GH DFWLYLGDGHV HQWUH DV TXDLV IXWHERO HVFDODGD

YLDWXUD EOLQGDGD 3$1'85 ,,

H VOLGH

$QWHV GR UHJUHVVR D FDVD RV MRYHQV H

1R ILQDO WRGRV VH PRVWUDUDP DJUDGDGRV FRP D YLVLWD

RV PRQLWRUHV DLQGD H[SHULPHQWDUDP DV

9,5,$726 _


DOpPGDPLVVmR

GXik`Z`gXek\j [f ÈM@ <eZfekif :lckliXc [\ J% :i`jk m f [\ CX] \jÉ m`j`kXd f I@(+

;\glkX[fj [X 8jj\dYc\`X [X I\g Yc`ZX \c\`kfj g\cf : iZlcf <c\`kfiXc [\ M`j\l m`j`kXd f (+

1R GLD GH 0DLR GH R 5HJLPHQWR GH ,QIDQWDULD 1 UHFHEHX D YLVLWD GRV SDUWLFLSDQWHV GR 9, (QFRQWUR &XOWXUDO 6 &ULVWyYmR GH /DI}HV TXH GHFRUUHX VRE R WHPD ´,JUHMD H 5HS~EOLFD 0LWR V H +LVWyULD V µ 2 JUXSR YLVLWDQWH WHYH RSRUWXQLGDGH GH FRQKHFHU R 1~FOHR 0XVHROyJLFR GR 5HJLPHQWR RQGH OKH IRL GDGD D FRQKHFHU D SHUVSHFWLYD PLOLWDU GRV FRQIOLWRV HP TXH R 5, SDUWLFLSRX 3RVWHULRUPHQWH IRL PRVWUDGD DR JUXSR D YDOLRVD %LEOLRWHFD GR 5HJLPHQWR 1R ILQDO WRGRV RV SDUWLFLSDQWHV VH PRVWUDUDP EDVWDQWH DJUDGDGRV FRP D YLVLWD

;\jg\[`[X [f :fdXe[Xek\ [X 9i`^X[X [\ @ek\im\e f

'HOHJDomR GH GHSXWDGRV GR 36 HOHLWRV SRU

2 'HSXWDGR +pOGHU $PDUDO GR &'6 33

9LVHX HP YLVLWD jV LQVWDODo}HV GR 5,

DVVLQD R /LYUR GH +RQUD GR 5HJLPHQWR

(P GH 2XWXEUR GH RV 'HSXWDGRV GD

RSHUDFLRQDO R %DWDOKmR GH ,QIDQWDULD H DLQGD

$VVHPEOHLD GD 5HS~EOLFD $FiFLR 3LQWR -RVp 5XL

GH FRQKHFHU DV LQVWDODo}HV GR 5HJLPHQWR

&UX] 3DXOR %DUUDGDV H +HOHQD 5HEHOR YLVLWDUDP

9LVLWD LGrQWLFD VHULD UHDOL]DGD SHOR 'HSXWDGR

R 5HJLPHQWR GH ,QIDQWDULD 1 2V 'HSXWDGRV

+pOGHU $PDUDO WDPEpP HOHLWR SHOR FtUFXOR GH

GR 3DUWLGR 6RFLDOLVWD HOHLWRV SHOR &LUFXOR (OHLWRUDO

9LVHX PDV LQWHJUDQGR DV OLVWDV GR &'6 3DUWLGR

GH 9LVHX WLYHUDP RSRUWXQLGDGH GH DVVLVWLU D XPD

3RSXODU GHVWD IHLWD QR GLD GH 'H]HPEUR GH

DSUHVHQWDomR VREUH R 5, H D VXD FRPSRQHQWH

F <odf% D><E Afj :Xicfj =`c`g\ 8ekle\j :Xc X[X# :fdXe[Xek\ [X 9i`^@ek# m`j`kX f I@(+ 1R GLD GH $EULO GH R ([PR &RPDQGDQWH GD %ULJDGD GH ,QWHUYHQomR 0*(1 -RVp &DUORV )LOLSH $QWXQHV &DOoDGD UHDOL]RX XPD YLVLWD DR 5HJLPHQWR GH ,QIDQWDULD 1 2 ([PR 0*(1 $QWXQHV &DOoDGD IRL UHFHELGR SRU YROWD GD FRP DV KRQUDV UHJXODPHQWDUHV VHQGR OKH GH VHJXLGD DSUHVHQWDGR XP EULILQJXH QD 6DOD GH $UPDV 1R GLD )(9 R &RPDQGDQWH GD %ULJDGD GH ,QWHUYHQomR 0*(1 -RVp $OEHUWR 0DUWLQV )HUUHLUD UHDOL]RX XPD YLVLWD GH GHVSHGLGD DR 5HJLPHQWR GH

VREUH R 5, H VREUH R %DWDOKmR GH ,QIDQWDULD $SyV R DOPRoR QD 0HVVH GH 2ILFLDLV R ([PR 0*(1 &PGW GD %ULJ,QW YLVLWRX DV LQVWDODo}HV H iUHDV GD

0*HQ $QWXQHV &DOoDGD QR DFWR GD DVVLQDWXUD

8QLGDGH GHSRLV GR TXH GHX SRU FRQFOXtGD D YLVLWD

GR /LYUR GH +RQUD GR 5,

,QIDQWDULD 1 )RL UHFHELGR SRU YROWD GDV FRP DV KRQUDV UHJXODPHQWDUHV GHYLGDV 6HJXLX VH XPD EUHYH FHULPyQLD PLOLWDU FRP IRUPDWXUD JHUDO GR 5HJLPHQWR DSyV R TXH R ([PR 0*(1 &RPDQGDQWH GD %5,* ,17 IH] XPD DORFXomR SDUD WRGRV RV PLOLWDUHV H FLYLV GR 5HJLPHQWR $R GHVILOH GDV IRUoDV HP SDUDGD VHJXLX VH XP DOPRoR QD 0HVVH GH 2ILFLDLV $ YLVLWD WHUPLQRX SRU YROWD GDV FRP D DSUHVHQWDomR GH FXPSULPHQWRV DVVLQDWXUD GR /LYUR GH +RQUD H HQWUHJD GH XPD RIHUWD VLPEyOLFD

_ 9,5,$726

J% <oX% I\m%± f 9`jgf [Xj =fi Xj 8idX[Xj \ [Xj =fi Xj [\ J\^liXe X m`j`kX f I@(+ 1R GLD GH 0DLR GH 6 ([D 5HY R

5HFUXWDPHQWR GH 9LVHX GD *XDUGD 1DFLRQDO

%LVSR GDV )RUoDV $UPDGDV H GDV )RUoDV GH

5HSXEOLFDQD GD 3ROtFLD GH 6HJXUDQoD 3~EOLFD

6HJXUDQoD ' -DQXiULR 7RUJDO )HUUHLUD HVWHYH

GD 3ROtFLD 0XQLFLSDO DOpP GH RXWUDV LQVWLWXLo}HV

QD FLGDGH GH 9LVHX RQGH FHOHEURX D (XFDULVWLD

H LQGLYLGXDOLGDGHV

H PLQLVWURX R 6DFUDPHQWR GD &RQILUPDomR D

$SyV D FHOHEUDomR ' -DQXiULR SDVVRX SHOR

GH] PLOLWDUHV GR GH ,QIDQWDULD QD &DWHGUDO

5, RQGH IDORX D WRGRV RV PLOLWDUHV H FLYLV

GD FLGDGH

GR 5HJLPHQWR $ YLVLWD WHUPLQRX SRU YROWD GDV

(VWLYHUDP SUHVHQWHV QD FHOHEUDomR IRUoDV GR

K FRP D DVVLQDWXUD GR /LYUR GH +RQUD QD

5HJLPHQWR GH ,QIDQWDULD 1 GR &HQWUR GH

%LEOLRWHFD GR 5HJLPHQWR


3DUWLGD SDUD D ´&RUULGD GRV 9LULDWRVµ 3HORWmR 3DOHVWUD VREUH D *XHUUD 3HQLQVXODU SHOR &RURQHO GH LQIDQWDULD -RVp *XLPDUmHV +HQULTXHV $V LQGLYLGXDOLGDGHV TXH DVVLVWLUDP j FHULPyQLD PLOLWDU

3RUPHQRU GD H[SRVLomR QR 3DOiFLR GR *HOR

3RUWDV $EHUWDV D FRPXQLGDGH FLYLO WRPD FRQWDFWR FRP D UHDOLGDGH PLOLWDU 'HVILOH GDV IRUoDV HP SDUDGD 3RUWDV $EHUWDV R FRQWDFWR FRP DV 3DQGXU IRL WDPEpP SURSLFLDGR 3RUWDV $EHUWDV H[SRVLomR GH PDWHULDLV H HTXLSDPHQWRV

;`X [f I\^`d\ekf [\ @e]XekXi`X (+ 1R GLD GH 0DUoR GH UHDOL]DUDP VH DV FHULPyQLDV PLOLWDUHV

JHQHUDO $PDUDO 9LHLUD &RPDQGDQWH GDV )RUoDV 7HUUHVWUHV TXH

GR 'LD GR 5HJLPHQWR GH ,QIDQWDULD 1 RQGH VH UHFRUGRX XPD

SUHVLGLX j FHULPyQLD VHJXLGD GH XPD KRPHQDJHP DRV 0RUWRV

YH] PDLV D DFomR GR GLD GH 0DUoR GH UHDOL]DGD SHOD

GR 5HJLPHQWR H GD SUySULD FHULPyQLD D TXDO QmR REVWDQWH D

&RPSDQKLD GR %DWDOKmR RULXQGR GR GH ,QIDQWDULD DFomR TXH

FKXYD TXH WHLPDYD HP FDLU GHFRUUHX FRP JUDQGH GLJQLGDGH H

GHFRUUHX GXUDQWH D *XHUUD 0XQGLDO H TXH FRQVLVWLX QXP DVVDOWR

EULR WHQGR PHUHFLGR UDVJDGRV HORJLRV GD SDUWH GD QXPHURVD

jV OLQKDV DOHPmV FRQGX]LGD FRP JUDQGH LQWUHSLGH] H YDOHQWLD

DVVLVWrQFLD FRQVWLWXtGD SRU DOWDV HQWLGDGHV FLYLV PLOLWDUHV H

H TXH UHVXOWRX QD FDSWXUD GH XPD TXDQWLGDGH VLJQLILFDWLYD GH

UHOLJLRVDV H DPLJRV GR 5HJLPHQWR RX GRV VHXV PLOLWDUHV

PDWHULDO GH JXHUUD H SULVLRQHLURV DOHPmHV

'XUDQWH D WDUGH QD SUHVHQoD GH YiULDV LQGLYLGXDOLGDGHV

(VWDV FHULPyQLDV Mi WLQKDP VLGR SUHFHGLGDV SRU XP FRQMXQWR

IRL LQDXJXUDGD VROHQHPHQWH D ([SRVLomR &RPHPRUDWLYD GR

GH DFWLYLGDGHV GH QDWXUH]D FXOWXUDO H GHVSRUWLYD D &RUULGD GRV

%LFHQWHQiULR GD *XHUUD 3HQLQVXODU QR 3DOiFLR GR *HOR D TXDO

9LULDWRV R (QFRQWUR GH $UWHV R 7RUQHLR GH %ULGJH D 3DOHVWUD

HQWUH SHoDV PXVHROyJLFDV H UpSOLFDV GH XQLIRUPHV GD pSRFD

VREUH D *XHUUD 3HQLQVXODU R &RQFHUWR SHOD %DQGD 6LQIyQLFD GR

H[LELD LJXDOPHQWH DV REUDV FULDGDV GXUDQWH R (QFRQWUR GH $UWHV

([pUFLWR

$ H[SRVLomR GXURX DWp GLD GH 0DUoR

2 GLD FRPHoRX FRP R LoDU GD %DQGHLUD 1DFLRQDO QR

1R 6iEDGR GLD R 5HJLPHQWR HVWHYH GH 3RUWDV $EHUWDV j

5HJLPHQWR H D H[HFXomR GD $OYRUDGD )HVWLYD HP IUHQWH j &kPDUD

SRSXODomR 8PD YH] PDLV D FKXYD FDLX FRP JUDQGH LQVLVWrQFLD

0XQLFLSDO VHJXLGD GH XPD KRPHQDJHP D 9LULDWR H GHVILOH SHOD

PDV QHP LVVR GHPRYHX D QXPHURVD DVVLVWrQFLD YiULDV

FLGDGH -i QR 5HJLPHQWR IRL FHOHEUDGD XPD (XFDULVWLD QD

FHQWHQDV GH YLVLWDQWHV D TXHP IRL GDGD D RSRUWXQLGDGH GH

&DSHOD GR 5HJLPHQWR SUHVLGLGD SHOR &DSHOmR GD 8QLGDGH

YLVLWDU DV LQVWDODo}HV HIHFWXDU WLUR RX WRPDU FRQWDFWR FRP

3DGUH -RVp 0DUFHOLQR 3HUHLUD $SyV D FKHJDGD GRV FRQYLGDGRV

DV QRYDV YLDWXUDV EOLQGDGDV 3DQGXU H FRP GLYHUVRV RXWURV

H YLVLWDQWHV IRL H[HFXWDGD XPD *XDUGD GH +RQUD DR 7HQHQWH

HTXLSDPHQWRV

I@ (+ gXik`Z`gX \d Z\i`d e`X d`c`kXi eX :fm`c_ 1R GLD GH 0DLR GH R 1~FOHR GD &RYLOKm GD /LJD GRV

DQWLJRV &RPEDWHQWHV GD *XHUUD GR 8OWUDPDU SDUD D &ULSWD

&RPEDWHQWHV FRPHPRURX R VHX DQLYHUViULR

2 5HJLPHQWR GH ,QIDQWDULD 1 SDUWLFLSRX QDV FHULPyQLDV

3DUD DVVLQDODU HVWD GDWD IHVWLYD IRL LQDXJXUDGD HP

UHDOL]DGDV QR FHPLWpULR PXQLFLSDO MXQWR DR 7DOKmR GRV

FRODERUDomR FRP D DXWDUTXLD GD FLGDGH XPD &ULSWD 2VViULR

&RPEDWHQWHV WHQGR SUHVWDGR KRQUDV PLOLWDUHV QD FHULPyQLD

QR 7DOKmR GRV &RPEDWHQWHV QR FHPLWpULR PXQLFLSDO $SyV D

GH WUDVODGDomR H UHDOL]DQGR XPD FHULPyQLD GH +RPHQDJHP

LQDXJXUDomR IRL IHLWD D WUDVODGDomR GRV UHVWRV PRUWDLV GH

DRV 0LOLWDUHV FDtGRV HP &RPEDWH

9,5,$726 _


DOpPGDPLVVmR

GXik`Z`gX f eXj Z\i`d e`Xj \mfZXk`mXj [X 9XkXc_X [\ CX Cpj &HOHEURX VH QR GLD GH $EULO GH R

LQGLIHUHQWH D HVWD GDWD H SDUWLFLSRX QDV

$QLYHUViULR GD %DWDOKD GH /D /\V

FHULPyQLDV GH KRPHQDJHP DRV PLOLWDUHV

;\c\^X f [f <o iZ`kf 8i^\c`ef ef I@(+

IDOHFLGRV UHDOL]DGDV HP YiULRV ORFDLV GH 9LVHX $VVLP jV GR GLD GH $EULO PLOLWDUHV GR 5, HVWLYHUDP SUHVHQWHV QD (XFDULVWLD FHOHEUDGD QD ,JUHMD GH 6DQWR $QWyQLR 3RVWHULRUPHQWH IRL IHLWD XPD FHULPyQLD GH +RPHQDJHP DRV 0RUWRV MXQWR GR 0RQXPHQWR DR 6ROGDGR 'HVFRQKHFLGR RQGH IRL GHSRVLWDGD XPD FRURD GH IORUHV FHPLWpULR

2 5HJLPHQWR GH ,QIDQWDULD 1 IRL YLVLWDGR

PXQLFLSDO GH 9LVHX RQGH WDPEpP VH UHDOL]RX

SRU XPD GHOHJDomR GR ([pUFLWR $UJHOLQR

XPD FHULPyQLD GH +RPHQDJHP DRV 0RUWRV H

FRQVWLWXtGD SRU VHWH PLOLWDUHV H FRPDQGDGD

VH FRORFRX XPD FRURD GH IORUHV QR 7DOKmR GRV

SRU XP &DSLWmR $ GHOHJDomR UHIHULGD

&RPEDWHQWHV

SDUWLFLSRX QR ([HUFtFLR ´'UDJmR µ TXH

6HJXLX VH

2 5HJLPHQWR GH ,QIDQWDULD 1 QmR ILFRX

XPD

URPDJHP

DR

GHFRUUHX GH 0$, D 0$,

@eXl^liX f [\ Dfeld\ekf Xfj :fdYXk\ek\j \d DXe^lXc[\ 1R GLD GH 0DLR GH IRL LQDXJXUDGR HP

1HVWH kPELWR IRL UHDOL]DGD XPD FHULPyQLD GH

0DQJXDOGH XP PRQXPHQWR DOXVLYR DRV DQWLJRV

LQDXJXUDomR H GH KRPHQDJHP DRV PLOLWDUHV GR FRQFHOKR (VWLYHUDP SUHVHQWHV QDV FHULPyQLDV 6 ([D R 6HFUHWiULR GH (VWDGR GD 'HIHVD 1DFLRQDO H GRV $VVXQWRV GR 0DU 'U 0DUFRV 3HUHVWUHOOR R 3UHVLGHQWH GD &kPDUD 0XQLFLSDO GH 0DQJXDOGH 'U -RmR $]HYHGR R *RYHUQDGRU &LYLO GR 'LVWULWR GH 9LVHX 'U 0LJXHO *LQHVWDO HQWUH RXWUDV LQGLYLGXDOLGDGHV FLYLV H PLOLWDUHV 2 5, SDUWLFLSRX QDV FHULPyQLDV UHDOL]DGDV MXQWR DR 0RQXPHQWR DRV &RPEDWHQWHV WHQGR

)² :fdXe[Xek\ [X 9I@>@EK [\jg\[\$j\ [f (+ 1R GLD GH 6HWHPEUR R &RURQHO GH ,QIDQWDULD -RmR 2WLOLR 3DVVRV *RQoDOYHV &RPDQGDQWH GD %ULJDGD GH ,QWHUYHQomR UHDOL]RX D YLVLWD GH GHVSHGLGD DR 5HJLPHQWR GH ,QIDQWDULD 1 'R SURJUDPD GD YLVLWD FRQVWRX XPD FHULPyQLD PLOLWDU RQGH R &PGW GD QRVVD %ULJDGD GLULJLX XPDV EUHYHV SDODYUDV DRV PLOLWDUHV H FLYLV GR 5HJLPHQWR H XP DOPRoR FRQYtYLR QD 0HVVH GH 2ILFLDLV

SUHVWDGR KRQUDV PLOLWDUHV FRP D UHDOL]DomR GH XPD *XDUGD GH +RQUD D 6 ([D R 6HFUHWiULR &RPEDWHQWHV GD *XHUUD GR 8OWUDPDU QXPD

GH (VWDGR GD 'HIHVD 1DFLRQDO H GRV $VVXQWRV

RUJDQL]DomR GD DXWDUTXLD ORFDO H GD $VVRFLDomR

GR 0DU H QR FHULPRQLDO LQHUHQWH j +RPHQDJHP

GH H[ &RPEDWHQWHV %HLU}HV GH 0DQJXDOGH

DRV 0RUWRV HP &RPEDWH

I@(+ Xgf`X 8jjfZ`X f [\ :fdXe[fj Æ ;\c\^X f [\ M`j\l 1mR UDUR DVVRFLDo}HV GH DQWLJRV PLOLWDUHV FRQILDP QR SDUD DSRLDU D UHDOL]DomR GRV VHXV HQFRQWURV HYRFDWLYRV H GH FRQYtYLR

I@(+ \d @eXl^liX f [\ dfeld\ekf \d JXekX :fdYX ; f

$ $VVRFLDomR GH &RPDQGRV ² 'HOHJDomR GH

1R GLD GH 0DLR GH IRL LQDXJXUDGR HP

DQWLJRV &RPEDWHQWHV GD *XHUUD GR 8OWUDPDU

6DQWD &RPED 'mR XP 0RQXPHQWR DOXVLYR DRV

$ FHULPyQLD GH LQDXJXUDomR HVWHYH LQVHULGD

GH R VHX DQLYHUViULR UHDOL]DQGR

QR SURJUDPD GDV FRPHPRUDo}HV GR GLD GR 0XQLFtSLR H HVWHYH D FDUJR GD &kPDUD 0XQLFLSDO GH 6DQWD &RPED 'mR HP FRODERUDomR FRP R 1~FOHR GH &RPEDWHQWHV GR 8OWUDPDU GHVWD ORFDOLGDGH 2 5, SDUWLFLSRX QDV FHULPyQLDV UHDOL]DGDV MXQWR DR 0RQXPHQWR DRV &RPEDWHQWHV WHQGR SUHVWDGR KRQUDV PLOLWDUHV QD FHULPyQLD GH ,oDU GD %DQGHLUD 1DFLRQDO H QR FHULPRQLDO LQHUHQWH j +RPHQDJHP DRV 0RUWRV HP &RPEDWH

_ 9,5,$726

9LVHX FHOHEURX QR SDVVDGR GLD GH 0DLR XP FRQMXQWR GH DFWLYLGDGHV DOXVLYDV D HVWD GDWD IHVWLYD 2 5, DSRLRX HVWH HYHQWR FHGHQGR R HVSDoR GR 5HJLPHQWR SDUD TXH R PHVPR VH UHDOL]DVVH 'R SURJUDPD GR HYHQWR FRQVWRX (XFDULVWLD FHOHEUDGD QD FDSHOD GR 5HJLPHQWR H SUHVLGLGD SHOR 5HY 3DGUH -RVp $UHHLUD &HULPyQLD GH +RPHQDJHP DRV 0RUWRV MXQWR DR 0RQXPHQWR GR 5, DRV 0RUWRV HP &RPEDWH H WHUPLQRX FRP DOPRoR FRQYtYLR QD 0HVVH GH 6DUJHQWRV GR 5,


I\^`d\ekf [\ @e]XekXi`X E%²(+ gXik`Z`gX \d :\i`d e`X \d CX^\fjX [f ; f# Kfe[\cX $ &RPLVVmR GH H[ FRPEDWHQWHV GH /DJHRVD GR 'mR HP FRRUGHQDomR FRP D -XQWD GH )UHJXHVLD GDTXHOD ORFDOLGDGH SURFHGHX D REUDV GH PHOKRUDPHQWR QR PRQXPHQWR HYRFDWLYR GRV &RPEDWHQWHV GH ÉIULFD 1R GLD GH 6HWHPEUR GH UHDOL]RX VH D FHULPyQLD GH LQDXJXUDomR GRV PHOKRUDPHQWRV HIHFWXDGRV QR PRQXPHQWR GD TXDO FRQVWRX XPD &HULPyQLD GH +RPHQDJHP DRV 0RUWRV UHDOL]DGD SRU XPD IRUoD GR 5HJLPHQWR GH ,QIDQWDULD 1

I\^`d\ekf [\ @e]XekXi`X E%²(+ \d :\i`d e`X eX =i\^l\j`X [f :Xdgf# M`j\l 1R GLD 6HWHPEUR GH WHYH OXJDU QD )UHJXHVLD GR &DPSR QR FRQFHOKR GH 9LVHX D WUDGLFLRQDO ´)HVWD DQXDO HP KRQUD GRV DQWLJRV FRPEDWHQWHVµ 'R SURJUDPD GD IHVWD FRQVWRX XPD &HULPyQLD 0LOLWDU GH +RPHQDJHP DRV 0RUWRV D FHOHEUDomR GH XPD 0LVVD QD FDSHOD GR ,QVWLWXWR 3ULVLRQDO H DLQGD XPD URPDJHP DR FHPLWpULR 2 5HJLPHQWR GH ,QIDQWDULD 1 SDUWLFLSRX QDV FHULPyQLDV SUHVWDQGR *XDUGD GH +RQUD QD &HULPyQLD GH +RPHQDJHP DRV 0RUWRV H QR $OWDU GXUDQWH D FHOHEUDomR GD 0LVVD

<eki\^X [f <jkXe[Xik\ EXZ`feXc Xf :E [\jkXZX[f gXiX f K\Xkif [\ Fg\iX \j [f 8]\^Xe`jk f 1R SDVVDGR GLD 6(7 WHYH OXJDU QR

&RPDQGDQWH GDV )RUoDV 7HUUHVWUHV H FRQWRX

5HJLPHQWR GH ,QIDQWDULD 1 D FHULPyQLD

FRP D SUHVHQoD GR ([PR 3UHVLGHQWH GD

PLOLWDU GH HQWUHJD GR (VWDQGDUWH 1DFLRQDO

&kPDUD 0XQLFLSDO GH 9LVHX 'U )HUQDQGR

DR &RQWLQJHQWH 1DFLRQDO TXH EUHYHPHQWH

5XDV GR ([PR *RYHUQDGRU &LYLO GR 'LVWULWR

VHUi SURMHFWDGR SDUD R 7HDWUR GH 2SHUDo}HV

GH 9LVHX 'U 0LJXHO *LQHVWDO GR ([PR

GR $IHJDQLVWmR

0DMRU

$ FHULPyQLD IRL SUHVLGLGD SHOR ([PR

GD %ULJDGD GH LQWHUYHQomR HQWUH RXWUDV

7HQHQWH JHQHUDO 9tWRU 0DQXHO $PDUDO 9LHLUD

LQGLYLGXDOLGDGHV FLYLV H PLOLWDUHV

*HQHUDO

&DOoDGD

&RPDQGDQWH

9,5,$726 _


DOpPGDPLVVmR

K:FI @E= C Z`f :Xdgfj kfdX gfjj\ [f ZfdXe[f [f )²9@

:\i`d e`X [f Xe`m\ij}i`f [X Xjj`eXkliX [f 8id`jk Z`f [X (± >l\iiX Dle[`Xc

1R SDVVDGR GLD GH 6HWHPEUR UHDOL]RX VH QD 3DUDGD GR 5HJLPHQWR GH ,QIDQWDULD 1 D &HULPyQLD GH WRPDGD GH 3RVVH GR ([PR &RPDQGDQWH GR %DWDOKmR GH ,QIDQWDULD GD %ULJDGD GH ,QWHUYHQomR 7HQHQWH &RURQHO GH ,QIDQWDULD /~FLR 0DQXHO 6RHLUR 0DULQKR &DPSRV $SyV D &HULPyQLD GHFRUUHX

5HFHSomR GR *XLmR GR %, SHOR 7&RU /~FLR &DPSRV DVVLQDODQGR D WRPDGD GH SRVVH FRPR FRPDQGDQWH GR HQFDUJR RSHUDFLRQDO GR 5,

QD %LEOLRWHFD GR 5HJLPHQWR D

&HOHEURX VH QR SDVVDGR GLD GH 1RYHPEUR

DSUHVHQWDomR GH FXPSULPHQWRV

GH R $QLYHUViULR GD DVVLQDWXUD GR

RQGH HVWLYHUDP SUHVHQWHV 2ILFLDLV

$UPLVWtFLR GD *XHUUD 0XQGLDO

6DUJHQWRV H XPD UHSUHVHQWDomR GH

3DUD DVVLQDODU HVWD GDWD D /LJD GRV

SUDoDV GR %,

&RPEDWHQWHV GH 9LVHX SURPRYHX XPD &HULPyQLD GH +RPHQDJHP DRV 0RUWRV

I@ (+ \d :\i`d e`X [f ;`X [\ =`eX[fj &HOHEURX VH QR SDVVDGR GLD GH 1RYHPEUR

0XQLFLSDO GH 9LVHX H DLQGD XPD &HULPyQLD GH

GH R ´'LD GH )LQDGRVµ 3DUD DVVLQDODU

+RPHQDJHP DRV 0RUWRV HP 'HIHVD GD 3iWULD

HVWD GDWD R 5HJLPHQWR GH ,QIDQWDULD 1

MXQWR DR 7DOKmR GRV &RPEDWHQWHV GR &HPLWpULR

SURPRYHX XPD VHQWLGD KRPHQDJHP DRV

(VWLYHUDP SUHVHQWHV R ([PR &RPDQGDQWH GR

FDPDUDGDV GH DUPDV Mi GHVDSDUHFLGRV 'R

5, &RURQHO -RmR 3RUWR H R ([PR 6U *RYHUQDGRU

SURJUDPD FRQVWRX XPD 0LVVD GH 6XIUiJLR

&LYLO GH 9LVHX 'U 0LJXHO *LQHVWDO HQWUH RXWUDV

FRP KRQUDV PLOLWDUHV QD &DSHOD GR &HPLWpULR

LQGLYLGXDOLGDGHV PLOLWDUHV H FLYLV GH 9LVHX

UHDOL]DGD MXQWR GR 0RQXPHQWR DR 6ROGDGR 'HVFRQKHFLGR HP 9LVHX 'R SURJUDPD FRQVWRX DLQGD XPD 0LVVD FHOHEUDGD QD ,JUHMD GH 6DQWR $QWyQLR (VWLYHUDP SUHVHQWHV QD FHULPyQLD R ([PR &PGW GR 5HJLPHQWR GH ,QIDQWDULD 1 &RURQHO GH ,QIDQWDULD -RmR 3RUWR R 3UHVLGHQWH GR 1~FOHR GH 9LVHX GD /LJD GRV &RPEDWHQWHV 7HQHQWH FRURQHO 0DUTXHV GD 6LOYD HQWUH RXWUDV LQGLYLGXDOLGDGHV PLOLWDUHV H FLYLV 2 5, HVWHYH SUHVHQWH QD 0LVVD FRP XPD 6HFomR GH *XDUGD GH +RQUD DR $OWDU H DLQGD QD &HULPyQLD GH +RPHQDJHP DRV 0RUWRV FRP XP 3HORWmR GH *XDUGD GH +RQUD

2 ([PR *RYHUQDGRU &LYLO GH 9LVHX 'U 0LJXHO

$ *XDUGD GH +RQUD GR 5, QD FHULPyQLD GR 'LD

*LQHVWDO H R ([PR 9HUHDGRU GD &kPDUD 0XQLFLSDO GH

GH )LQDGRV UHDOL]DGD QR &HPLWpULR 0XQLFLSDO GH

9LVHX 3URI $QWyQLR GD &XQKD /HPRV DVVRFLDUDP VH

9LVHX

DR 5, QDV FHOHEUDo}HV GR 'LD GH )LQDGRV

I\^`d\ekf [\ @e]XekXi`X (+ gXik`Z`gX \d Z\i`d e`X \d :Xii\^Xc [f JXc 1R SDVVDGR GLD 287 FHOHEURX VH R $QLYHUViULR GR 0RQXPHQWR DRV H[ &RPEDWHQWHV GR FRQFHOKR GH &DUUHJDO GR 6DO VLWXDGR QD IUHJXHVLD GH &XUUHORV

GXjjX^\d ~ i\j\imX [\ d`c`kXi\j [f I@ (+

3DUD DVVLQDODU HVWD GDWD UHDOL]RX VH XPD &HULPyQLD GH +RPHQDJHP DRV 0RUWRV WHQGR R

1R GLD GH $JRVWR GH IRUDP UHDOL]DGDV

5HJLPHQWR GH ,QIDQWDULD 1 HVWDGR SUHVHQWH

QD %LEOLRWHFD 6DOD GH +RQUD GR 5, DV

FRP XPD 6HFomR GH *XDUGD GH +RQUD

FHULPyQLDV GH GHVSHGLGD GR 7&25 6tOYLR 9DVFRQFHORV H GR 7&25 0DUTXHV GD 6LOYD SRU PRWLYR GH SDVVDJHP j VLWXDomR GH UHVHUYD (VWDV FHULPyQLDV H[SUHVVDUDP RV YRWRV GH UHFRQKHFLPHQWR H DSUHoR SHOR VHUYLoR SUHVWDGR DR ([pUFLWR GXUDQWH FHUFD GH DQRV 9RWRV GH IHOLFLGDGHV D DPERV QD VXD QRYD 2V 7HQHQWHV &RURQpLV 0DUTXHV GD 6LOYD H 6tOYLR 9DVFRQFHORV QD FHULPyQLD GH SDVVDJHP j UHVHUYD

_ 9,5,$726

VLWXDomR H TXH QXQFD VH HVTXHoDP GH TXH VHPSUH VHUmR 9LULDWRV«

DX^ljkf ef I@ (+ 1R GLD GH 1RYHPEUR FHOHEUD VH R GLD GH 6mR 0DUWLQKR 2 5, QmR GHL[RX SDVVDU HVWD GDWD HP YmR H UHDOL]RX XP PDJXVWR QR 5DQFKR *HUDO $VVLP j YROWD GH XPD PHVD UHFKHDGD GH FDVWDQKDV DVVDGDV SURPRYHX VH R VmR FRQYtYLR HQWUH PLOLWDUHV H FLYLV GR 5HJLPHQWR


DOpPGDPLVVmR

Kfie\`fj [\ 9fZZ`X (P GH )HYHUHLUR GH D

7RUQHLR GH %RFFLD 2 UHIHULGR WRUQHLR

$VVRFLDomR GH 3DUDOLVLD &HUHEUDO

UHDOL]RX VH QR kPELWR GR 'HVSRUWR

GH 9LVHX SURPRYHX R ´ 7RUQHLR GH

(VFRODU H IRL SURPRYLGR SHOD (VFROD

%RFFLD GDV (VFRODVµ 2 5, DSRLRX

%iVLFD -RmR GH %DUURV

HVWH HYHQWR FHGHQGR DV LQVWDODo}HV

3RVWHULRUPHQWH QR PrV GH -XQKR

GR SDYLOKmR JLPQRGHVSRUWLYR SDUD

LQWHJUDGR QD ´ (GLomR GRV

TXH R PHVPR VH UHDOL]DVVH

-RJRV

1R GLD GH $EULO GH GHFRUUHX

GHFRUUHX WDPEpP QR SDYLOKmR

QR SDYLOKmR JLPQRGHVSRUWLYR GR 5HJLPHQWR GH ,QIDQWDULD 1 XP

'HVSRUWLYRV

JLPQRGHVSRUWLYR

GR

GH

D`c`kXi\j [f I@ (+ \ >ilgf [\ F]`Z`X`j eX I\j\imX \d gXik`[X [\ =lk\Yfc

9LVHX

5,

XP

7RUQHLR GH %RFFLD

5HDOL]RX VH QR SDVVDGR GLD GH -XQKR GH FRPR Mi p WUDGLomR PDLV XPD SDUWLGD DPLJiYHO GH IXWHERO HQWUH PLOLWDUHV GR 5HJLPHQWR GH ,QIDQWDULD 1 H XP JUXSR GH 2ILFLDLV QD 5HVHUYD H QD 5HIRUPD $ UHIHULUD SDUWLGD UHDOL]RX VH QXP GRV FDPSRV GH MRJRV GR 3DUTXH GR )RQWHOR QD FLGDGH GH 9LVHX H WHYH FRPR UHVXOWDGR R HPSDWH D XPD EROD 1R ILQDO WRGRV RV SDUWLFLSDQWHV VH UHXQLUDP QXP DOPRoR FRQYtYLR QD 0HVVH GH 2ILFLDLV GR 5HJLPHQWR

9,5,$726 _


DOpPGDPLVVmR

I@ (+ fi^Xe`qX :Xdg\feXkf [\jgfik`mf d`c`kXi [\ :fikX$dXkf )'(' Æ =Xj\ @@ 9I@> @EK

I@ (+ Xgf`X :ilq M\id\c_X Gfikl^l\jX Æ ;\c\^X f M`j\l 1R SDVVDGR GLD GH 0DLR GH UHDOL]RX VH R &RPSURPLVVR GH +RQUD GD H (VFRODV GH 6RFRUULVWDV GD &UX] 9HUPHOKD 3RUWXJXHVD ² GHOHJDomR GH 9LVHX 2 5HJLPHQWR GH ,QIDQWDULD 1 DSRLRX DV FHULPyQLDV UHDOL]DGDV FHGHQGR DV VXDV LQVWDODo}HV SDUD R HIHLWR 'R SURJUDPD FRQVWRX (XFDULVWLD FHOHEUDGD QD FDSHOD GR 5HJLPHQWR &HULPyQLD GH &RPSURPLVVR GH +RQUD QD 3DUDGD GR 5, H DOPRoR FRQYtYLR QD 0HVVH GH 6DUJHQWRV

2 5HJLPHQWR GH ,QIDQWDULD 1 RUJDQL]RX

GD $VVRFLDomR GH $WOHWLVPR GH 9LVHX H GD

SHOR VHJXQGR DQR FRQVHFXWLYR R &DPSHRQDWR

(VWDomR $JUiULD GH 9LVHX QD FHGrQFLD GH

'HVSRUWLYR 0LOLWDU GH &RUWD PDWR ² )DVH

WHUUHQRV SDUD D H[HFXomR GDV SURYDV H GH

,, %ULJDGD GH ,QWHUYHQomR TXH GHFRUUHX HP

LQIUD HVWUXWXUDV GH DSRLR EHP FRPR QR

GH )HYHUHLUR GH $V SURYDV PDVFXOLQD

DSRLR WpFQLFR QHFHVViULR j UHDOL]DomR GR

H IHPLQLQD LQHUHQWHV DR FDPSHRQDWR IRUDP

FDPSHRQDWR HYLGHQFLDQGR XPD YH] PDLV D

UHDOL]DGDV QD iUHD GR SDUTXH GR )RQWHOR H

H[FHOHQWH UHODomR FRP D FRPXQLGDGH RQGH

GD (VWDomR $JUiULD ­ VHPHOKDQoD GR DQR

R 5HJLPHQWR VH LQVHUH 3DUWLFLSDUDP QR

DQWHULRU R 5, FRQWRX FRP D SUHVWLPRVD

FDPSHRQDWR FHUFD GH DWOHWDV GDV YiULDV

FRODERUDomR GD &kPDUD 0XQLFLSDO GH 9LVHX

XQLGDGHV GD %ULJDGD GH ,QWHUYHQomR

:fd\dfiX \j [f *,² Xe`m\ij}i`f [X 8;=8 $ ;\c\^X f [\ M`j\l 1R SDVVDGR GLD GH 0DLR GH D $VVRFLDomR GH 'HILFLHQWHV GDV )RUoDV $UPDGDV $')$ ² 'HOHJDomR GH 9LVHX FRPHPRURX R VHX $QLYHUViULR 2 5HJLPHQWR GH ,QIDQWDULD 1 DSRLRX HVWDV FRPHPRUDo}HV FHGHQGR R HVSDoR GR 5HJLPHQWR SDUD D UHDOL]DomR GDV DFWLYLGDGHV SUHYLVWDV 'R SURJUDPD GHVWD GDWD IHVWLYD FRQVWRX D (XFDULVWLD FHOHEUDGD QD &DSHOD GR

I@ (+ Xgf`X @ejk`klkf Gfikl^l j [f JXe^l\ 1R GLD GH -XQKR GH R ,QVWLWXWR

DGHUrQFLD FRQVLGHUiYHO D HVWD LQLFLDWLYD $VVLP

3RUWXJXrV GR 6DQJXH HVWHYH SUHVHQWH QR

IRUDP RV YROXQWiULRV WHQGR VH HIHFWXDGR

5HJLPHQWR GH ,QIDQWDULD 1 SDUD HIHFWXDU

UHFROKDV

UHFROKD GH VDQJXH HQWUH RV PLOLWDUHV H FLYLV GR

3RVWHULRUPHQWH HP 'H]HPEUR IRL IHLWD XPD

5HJLPHQWR

VHJXQGD UHFROKD QR 5, WHQGR VH LJXDOPHQWH

$SHVDU GH SRU PRWLYRV RSHUDFLRQDLV R HIHFWLYR

YHULILFDGR JUDQGH DGHVmR SRU SDUWH GH PLOLWDUHV

SUHVHQWH VH HQFRQWUDU UHGX]LGR KRXYH XPD

GR 5HJLPHQWR

5HJLPHQWR H SUHVLGLGD SHOR 5HY 3DGUH 0DUFHOLQR 3HUHLUD FDSHOmR GR 5, $SyV D 0LVVD GHX VH R DOPRoR FRQYtYLR QR 5HIHLWyULR *HUDO GR 5HJLPHQWR

I@ (+ XZfc_\ È@ J\d`e}i`f [\ <[lZX f \ :fdgfikXd\ekf :Xe`efÉ 1RV GLDV H GH )HYHUHLUR GH UHDOL]RX VH QR 5HJLPHQWR GH ,QIDQWDULD 1 R ´, 6HPLQiULR GH (GXFDomR H &RPSRUWDPHQWR &DQLQRµ 1R UHIHULGR VHPLQiULR IRUDP DERUGDGRV WHPDV FRPR ´&mHV *XLD SDUD &HJRVµ ´2 %RUGHU &ROOLH QR 0DQHLR GR *DGRµ ´$OWHUDo}HV &RPSRUWDPHQWDLV HP &DQtGHRVµ ´2 &mR GH 3DUDUµ ´,PSRUWkQFLD GD (GXFDomR &DQLQDµ ´%OXH 'RJ ² 9LYHU GH )RUPD 6HJXUD FRP R VHX &mRµ H ´ $VSHFWRV 7HyULFRV H 3UiWLFRV GR 7UHLQR &DQLQRµ 2V PXLWRV SDUWLFLSDQWHV SUHVHQWHV WLYHUDP DLQGD RSRUWXQLGDGH GH DVVLVWLU D XPD GHPRQVWUDomR GD %ULJDGD &LQRWpFQLFD GD *15 GH 9LVHX

_ 9,5,$726


DOpPGDPLVVmR

M@ GifmX [\ 9KK [f ZXdg\feXkf ÈLg Xe[ ;fneÉ

Ki\`ef [\ ZXe[`[Xkfj Xf :=F# :=J < :=G

5HDOL]RX VH QR SDVVDGR GLD

GD &kPDUD 0XQLFLSDO GH 9LVHX GR

1R GLD GH 2XWXEUR GH R &HQWUR GH 5HFUXWDPHQWR GH 9LVHX

GH -XOKR GH D VH[WD SURYD GH

5HJLPHQWR GH ,QIDQWDULD 1 H GR

SURPRYHX XPD VHVVmR GH WUHLQR SDUD FDQGLGDWRV DRV &XUVRV GH

%77 GH XP FRQMXQWR GH GH] GR

&HQWUR GH 5HFUXWDPHQWR GH 9LVHX

)RUPDomR GH 2ILFLDLV 6DUJHQWRV H 3UDoDV

&DPSHRQDWR ´83 $1' '2:1 µ

3DUWLFLSDUDP QD SURYD FHUFD GH

2 5HJLPHQWR GH ,QIDQWDULD 1 DSRLRX HVWD LQLFLDWLYD FHGHQGR DV

$ UHIHULGD SURYD IRL RUJDQL]DGD

DWOHWDV WHQGR D SURYD LQLFLDGR H

LQVWDODo}HV LQIUD HVWUXWXUDV H HTXLSDPHQWRV QHFHVViULRV SDUD TXH

SHOR ,1$7(/ H FRQWRX FRP R DSRLR

WHUPLQDGR QD SDUDGD GR 5,

R UHIHULGR WUHLQR VH UHDOL]DVVH

9,5,$726 _


DOpPGDPLVVmR

8cdf fj [\ EXkXc [\ Xek`^fj ZfdXe[Xek\j \ Xek`^fj jXi^\ekfj$dfi\j [f I@ (+ 1R

SDVVDGR

GLD

GH

1R SDVVDGR GLD GH

'H]HPEUR GH UHDOL]RX

'H]HPEUR GH GHFRUUHX

VH QR 5HJLPHQWR GH ,QIDQWDULD

R

1 R DOPRoR GH 1DWDO

GH

GH

H

DQWLJRV

6DUJHQWRV

Mi

WUDGLFLRQDO

DQWLJRV V

DOPRoR

&RPDQGDQWHV

&RPDQGDQWHV

GR

5HJLPHQWR

GH

,QIDQWDULD 1 2V

LOXVWUHV

F R Q Y L G D G R V IRUDP UHFHELGRV SRU YROWD GDV WHQGR GH VHJXLGD DVVLVWLGR D XPD &HULPyQLD GH +RPHQDJHP DRV PRUHV

GR

0RUWRV

5HJLPHQWR

MXQWR DR 0RQXPHQWR DRV

2V DQWLJRV 6DUJHQWRV PRUHV

&RPEDWHQWHV QD 8QLGDGH

IRUDP UHFHELGRV SRU YROWD

2 DOPRoR UHDOL]RX VH QD

GD WHQGR YLVLWDGR DV

0HVVH GH 2ILFLDLV H DSyV R

LQVWDODo}HV GR 5HJLPHQWR 'H

DOPRoR UHDOL]RX VH QD 6DOD GH

VHJXLGD GHFRUUHX R DOPRoR QD

+RQUD GR 5HJLPHQWR D UHXQLmR

0HVVH GH 6DUJHQWRV GR 5,

GH DQWLJRV &RPDQGDQWHV

I@(+ Xgf`X 9XeZf 8c`d\ekXi ZfekiX X ]fd\ $ GHOHJDomR GH 9LVHX GR %DQFR $OLPHQWDU FRQWUD D IRPH H[HFXWD DQXDOPHQWH GXDV FDPSDQKDV GH UHFROKD JpQHURV QR GLVWULWR HP 0DLR H HP 1RYHPEUR 'XUDQWH R DQR GH R 5, FRODERURX QHVWDV FDPSDQKDV FHGHQGR XPD YLDWXUD FRP FRQGXWRU SDUD DX[LOLDU QR WUDQVSRUWH GRV EHQV GRDGRV HQWUH DV ORMDV H R DUPD]pP GR %DQFR $OLPHQWDU HP 9LVHX

/.² 8e`m\ij}i`f [f E Zc\f [\ M`j\l [X C`^X [fj :fdYXk\ek\j 1R GLD GH 2XWXEUR GH

FRQVWRX D

UHDOL]RX VH R HQFRQWUR

$VVHPEOHLD JHUDO

FRQYtYLR

H D FHOHEUDomR GD

GRV

VyFLRV

GR

1~FOHR GH 9LVHX GD /LJD GRV

(XFDULVWLD QR $QILWHDWUR GD

&RPEDWHQWHV FRPHPRUDWLYR

8QLGDGH XPD FHULPyQLD GH

GR DQLYHUViULR GD VXD

+RPHQDJHP DRV 0LOLWDUHV

IXQGDomR

0RUWRV MXQWR DR 0RQXPHQWR

2 5HJLPHQWR GH ,QIDQWDULD

DRV

1 DSRLRX HVWH HYHQWR

*XDUGD GH +RQUD IRL IHLWD

FHGHQGR DV LQVWDODo}HV SDUD

SRU XP 3HORWmR GR 5, H

TXH R PHVPR VH UHDOL]DVVH

DLQGD XP DOPRoR FRQYtYLR QR

'R SURJUDPD GR HQFRQWUR

5DQFKR *HUDO

_ 9,5,$726

&RPEDWHQWHV

FXMD

8e^Xi`X f [\ dXk\i`Xc \jZfcXi gXiX f 8]\^Xe`jk f 1XPD LQLFLDWLYD GH PLOLWDUHV GR 5, TXH LQWHJUDP R FRQWLQJHQWH SRUWXJXrV

DFWXDOPHQWH

QR

$IHJDQLVWmR IRL VROLFLWDGR D HVFRODV 6HFXQGiULDV GD &RYLOKm H )LJXHLUD GD )R] R ODQoDPHQWR GH XPD FDPSDQKD GH GRDo}HV GH PDWHULDO HVFRODU GHVWLQDGR D XPD HVFROD HP 3RO H &KDUNL (P DPEDV DV FLGDGHV IRUDP YiULDV DV (VFRODV TXH UHVSRQGHUDP DR QRVVR DSHOR H R PDWHULDO UHFROKLGR IRL HQWUHJXH DR 5, GXUDQWH D SULPHLUD TXLQ]HQD GH -DQHLUR GH ² QD DOWXUD HP TXH HVWD UHYLVWD p GDGD j HVWDPSD Mi GHYHUi HVWDU GLVWULEXtGR 2EULJDGR D HVWDV HVFRODV

&DUUHJDPHQWR GH PDWHULDO HVFRODU GRDGR FRP GHVWLQR DR $IHJDQLVWmR


&20(025$d¯(6 2),&,$,6 '$6 *8(55$6 3(1,168/$5(6 (0

$

V DFWLYLGDGHV SUHYLVWDV QR 3URJUDPD GR ([pUFLWR SDUD DV

TXH RV 9LULDWRV HVWLYHUDP HQYROYLGRV H R TXDGUR WHPSRUDO HP TXH

&RPHPRUDo}HV GR %LFHQWHQiULR GD *XHUUD 3HQLQVXODU

HVWDV FRPHPRUDo}HV RFRUUHP MXVWLILFD VH SOHQDPHQWH D UHGDFomR

WLYHUDP LQtFLR HP H FRQWLQXDUmR DWp

GH XP DUWLJR GHGLFDGR 1mR HVTXHoDPRV TXH D *XHUUD 3HQLQVXODU

1R DQR GH FRPHPRUDUDP VH D SDVVDJHP GRV DQRV

FRPHoD FRP D LQYDVmR IUDQFHVD HP H D FDPSDQKD Vy

VREUH R LQtFLR GD ,QYDVmR )UDQFHVD 3RU HVWD WHU VLGR D PDLV

WHUPLQD QD %DWDOKD GH 7RXORXVH HP SHOR TXH DLQGD TXH H

ORQJD H PDLV JUDYRVD SDUD D 1DomR 3RUWXJXHVD DEUDQJHQGR XP

PXLWR ODPHQWDYHOPHQWH SRVVD H[LVWLU TXHP HQWHQGD TXH R WHPD

FRQMXQWR GH IDFWRV H PDUFRV KLVWyULFRV UHOHYDQWHV PHUHFHX R

FRPHoD D HVWDU JDVWR WHQGR VLGR HVWH R SHUtRGR PDLV GUDPiWLFR

GHVHQYROYLPHQWR GH XP SURJUDPD DODUJDGR GH FRPHPRUDo}HV

H PDLV DSDL[RQDQWH GD KLVWyULD GR 3RYR 3RUWXJXrV 7XGR GHYH VHU

HYRFDWLYDV

IHLWR SDUD TXH D VXD 0HPyULD VHMD EHP DYLYDGD H HVWHMD EHP YLYD

'DGD D LPSRUWkQFLD GR DVVXQWR D TXDQWLGDGH GH DFWLYLGDGHV HP

3DVVHPRV HQWmR RV HYHQWRV HP UHYLVWD RQGH SDUWLFLSRX R 5,

([SRVLomR ´6ROGDGRV GD *XHUUD 3HQLQVXODUµ

([SRVLomR GH PLQLDWXUDV ´6ROGDGRV GD *XHUUD 3HQLQVXODUµ 9LVHX 3DOiFLR GR *HOR

$V &RPHPRUDo}HV GD 8QLGDGH IRUDP QHVWH DQR VXERUGLQDGDV DR

GD +LVWyULD H &XOWXUD 0LOLWDU H SRU FRUWHVLD GR SURSULHWiULR GD

WHPD JHUDO ´$ *XHUUD 3HQLQVXODUµ H QHVWD PHGLGD IRL H[HFXWDGR

FROHFomR 6HQKRU (QJ -RVp 3HGUR 6DQWRV TXH VH GHVORFRX

XP FRQMXQWR GH DFo}HV GH FDUL] FXOWXUDO GHGLFDGDV D HVWH FDStWXOR

SURSRVLWDGDPHQWH GH /LVERD SDUD R HIHLWR H UHJUHVVRX D /LVERD

GD QRVVD +LVWyULD 1HVWH kPELWR R 5, SURPRYHX QR 3DOiFLR GR

GHSRLV GDV GD PDGUXJDGD GHSRLV GH FRQFOXLU FRQQRVFR D

*HOR HP 9LVHX D H[SRVLomR ´6ROGDGRV GD *XHUUD 3HQLQVXODUµ

PRQWDJHP GD H[SRVLomR

TXH GHFRUUHX GH D GH 0DUoR GH 1HVWD RV YLVLWDQWHV

(VWD PRVWUD LQFOXLX DLQGD D DSUHVHQWDomR GDV REUDV UHDOL]DGDV QR

SXGHUDP YHU SHoDV GH PDWHULDO PXVHROyJLFR QRPHDGDPHQWH

9,, (QFRQWUR GH 3LQWXUD UHDOL]DGR SHOR 5, WDPEpP HVWH VRE R

SHoDV GH DUWLOKDULD GD pSRFD XQLIRUPHV GH GLIHUHQWHV XQLGDGHV

WHPD ´6ROGDGRV GD *XHUUD 3HQLQVXODUµ GHVHQYROYLGR QRXWUR ORFDO

HQWUH RXWURV LWHQV YDULDGRV H GH DUPDPHQWR OLJHLUR GD pSRFD

GD 9LULDWRV

0HUHFH SDUWLFXODU GHVWDTXH D FROHFomR GH PLQLDWXUDV GH SHTXHQRV VROGDGRV GDV *XHUUDV 3HQLQVXODUHV H TXDGURV GH EDWDOKDV (VWD SDUWH GD H[SRVLomR IRL PRQWDGD HP SDUFHULD FRP D 'LUHFomR

$ FROHFomR FRPSOHWD FRPSUHHQGH PDLV GH SHoDV HPERUD QD ´QRVVDµ H[SRVLomR WHQKDP HVWDGR ´DSHQDVµ FHUFD GH PHLR PLOKDU

9,5,$726 _


FRPHPRUDo}HVJXHUUDVSHQLQVXODUHV

(YRFDomR GD %DWDOKD GR 5LR &{D

&RPHPRUDomR GD %DWDOKD GR %XoDFR 1R GLD GH 6HWHPEUR GH UHDOL]RX VH D HYRFDomR GR DQLYHUViULR GD %DWDOKD GR %XoDFR (VWD %DWDOKD WHP SDUD R (P GH -XOKR GH WLYHUDP OXJDU HP $OPHLGD MXQWR DR 5LR &{D DV &HULPyQLDV (YRFDWLYDV GR &RPEDWH GR 5LR &{D SUHVLGLGDV SHOR &KHIH GH (VWDGR PDLRU GR ([pUFLWR *HQHUDO -RVp /XtV 3LQWR 5DPDOKR ­ UHJXODPHQWDU *XDUGD GH +RQUD SUHVWDGD SHOR 5, D 6 ([D R *(1 &(0( VHJXLX VH D LQDXJXUDomR GR 0HPRULDO DRV 0RUWRV QR &RPEDWH GR &{D FRP R GHVFHUUDPHQWR GD SODFD LQDXJXUDO H DLQGD XPD &HULPyQLD 0LOLWDU GH +RPHQDJHP DRV 0RUWRV TXH OXWDUDP HP GHIHVD GD 3iWULD FXMD *XDUGD GH +RQUD HVWHYH D FDUJR GR 3HORWmR GR 5,

5, XP VLJQLILFDGR DFUHVFLGR XPD YH] TXH p RILFLDOPHQWH UHFRQKHFLGR TXH IRL DTXHOD HP TXH R 5HJLPHQWR WHYH R VHX EDSWLVPR GH IRJR $V FHULPyQLDV RQGH HVWHYH SUHVHQWH 6XD ([D R 3UHVLGHQWH GD 5HS~EOLFD 3RUWXJXHVD 3URIHVVRU 'RXWRU $QtEDO &DYDFR 6LOYD LQLFLDUDP FRP D &HULPyQLD GR KDVWHDU GDV %DQGHLUDV 1DFLRQDLV GH 3RUWXJDO 5HLQR 8QLGR H )UDQoD FXMD *XDUGD GH KRQUD HVWHYH D FDUJR GH XPD &RPSDQKLD IDUGDGD j pSRFD (VWHV SDtVHV QDTXHOH WHPSR EHOLJHUDQWHV IL]HUDP VH UHSUHVHQWDU QHVWDV HYRFDo}HV $ *XDUGD GH +RQUD D 6XD ([D R 3UHVLGHQWH GD 5HS~EOLFD HVWHYH D FDUJR GR %, GR 5, H D &HULPyQLD GH +RPHQDJHP DRV 0RUWRV IRL UHDOL]DGD SHOD &RPSDQKLD GD TXDO R 3HORWmR GR 5, IH] SDUWH

(YRFDomR GD GHIHVD H GD UHVLVWrQFLD GH $OPHLGD

&HULPyQLD GH (YRFDomR GR %LFHQWHQiULR GD *XHUUD 3HQLQVXODU HP 7UDQFRVR

1R GLD GH $JRVWR GH GHFRUUHUDP HP $OPHLGD DV &HULPyQLDV (YRFDWLYDV GR %LFHQWHQiULR GD 'HIHVD H 5HVLVWrQFLD GH $OPHLGD $ &HULPyQLD IRL SUHVLGLGD SRU 6XD ([D R &KHIH GH (VWDGR PDLRU GR ([pUFLWR HP H[HUFtFLR GH IXQo}HV 7*(1 0iULR GH 2OLYHLUD &DUGRVR H LQLFLRX FRP R KDVWHDU GDV %DQGHLUDV 1DFLRQDLV 3RUWXJDO 5HLQR 8QLGR (VSDQKD H )UDQoD RQGH HVWHYH SUHVHQWH R 3HORWmR GR 5, 6HJXLX VH XPD *XDUGD GH +RQUD DR 7*(1 0iULR &DUGRVR H &HULPyQLD GH +RPHQDJHP DRV 0RUWRV RQGH HVWLYHUDP SUHVHQWHV R 3HORWmR H D )DQIDUUD GR 5$$$ IDUGDGRV j pSRFD H DLQGD XPD &RPSDQKLD GR %, GR 5,

_ 9,5,$726

1R GLD GH 1RYHPEUR GH GHFRUUHUDP HP 7UDQFRVR DV &HULPyQLDV (YRFDWLYDV GR %LFHQWHQiULR GD *XHUUD 3HQLQVXODU ² ,QYDVmR )UDQFHVD $ &HULPyQLD IRL SUHVLGLGD SRU 6XD ([D 2 &RPDQGDQWH GDV )RUoDV 7HUUHVWUHV 7*(1 9tWRU 0DQXHO $PDUDO 9LHLUD H FRQVWRX GD LQDXJXUDomR GR PRQXPHQWR HYRFDWLYR H DLQGD GH XPD &HULPyQLD GH +RPHQDJHP DRV 0RUWRV HP GHIHVD GD 3iWULD TXH HVWHYH D FDUJR GR 3HORWmR GR 5,


JDOHULD GRV

,OXVWUHV

7HQHQWH 0~VLFR 0DQXHO -RDTXLP

0

DQXHO -RDTXLP QDVFHX HP GH 2XWXEUR GH

$QRV PDLV WDUGH DR HYRFDU R HSLVyGLR R PHVPR

RULXQGR GH KXPLOGH EHUoR QD IUHJXHVLD GH 1RVVD

PLOLWDU GH WRGR UHQGLGR DR DOWtVVLPR SUHVWtJLR GH 0DQXHO

6HQKRUD GD $VVXQomR GH 7LQKHOD GH 0RQIRUWH QR

-RDTXLP GH TXHP VH KDYLD WRUQDGR DGPLUDGRU IHUYRURVR

FRQFHOKR GH 9DOSDoRV

FRP JRVWR GHVYDQHFLGR UHFRUGDYD R GHVDFHUWR GR YDWLFtQLR

$RV DQRV SDUWH FRP D PmH SDUD R %UDVLO RQGH

HVSHUDYDP YLU D HQFRQWUDU D JDUDQWLD GH XP IXWXUR

FRQIHVVDQGR TXDQWR VH HQJDQDUD D UHVSHLWR GR VHX DQWLJR H DILQDO WDOHQWRVR GLVFtSXOR

PHQRV LQFHUWR 3RU UD]}HV TXH MXOJDPRV GHVQHFHVViULR

1D kQVLD GH YHQFHU SDVVD HP GR 5HJLPHQWR

DTXL H[SRU YLUDP VH REULJDGRV D UHWRUQDU D 3RUWXJDO HP

GH ,QIDQWDULD SDUD R GH ,QIDQWDULD 0XLWR PHWyGLFR

FLUFXQVWkQFLDV H[WUHPDPHQWH SHQRVDV

H[WUHPDPHQWH DSOLFDGR DR HVWXGR GRWDGR GH XPD YRQWDGH

6HQWLQGR GHVGH VHPSUH XPD DYDVVDODGRUD SDL[mR SHOD

IpUUHD VHUYLGD SRU LQWHOLJrQFLD IXOJXUDQWH H PHVWULD

P~VLFD WXGR ID] SRU D VDWLVID]HU DWp TXH D FRQVHOKR GH

LQYXOJDU OLD WXGR TXDQWR DSDQKDYD D MHLWR GHVGH RV OLYURV

DOJXpP DVVHQWD SUDoD QR 5HJLPHQWR GH ,QIDQWDULD HP

GH P~VLFD HYLGHQWHPHQWH DRV GH OLWHUDWXUD QDFLRQDO H

&KDYHV

HVWUDQJHLUD GH KLVWyULD XQLYHUVDO H SiWULD GH JHRJUDILD GH

7LQKD HQWmR DQRV H SHOD SULPHLUD YH] QD YLGD ² SHQVDYD HOH ² R IXWXUR VRUULD OKH $SHVDU GH WmR UDUD H DUGHQWH YRFDomR D VXD LQLFLDomR QRV VHJUHGRV GD ´GLYLQD $UWH GRV VRQVµ QmR IRL IiFLO GH WDO VRUWH

DUWH ELRJUDILDV PRQRJUDILDV +LVWyULD 6DJUDGD ILORVRILD WXGR TXDQWR OKH SXGHVVH PLWLJDU DTXHOD VHGH LQH[WLQJXtYHO GH VDEHU ´2V PHXV DPDGRV OLYURV GLULD HOH XP GLD VmR DV PHVWUHV GD PLQKD DXWRGLGD[LDµ

TXH R FKHIH GD EDQGD PLOLWDU IODYLHQVH FDSLWmR -RmR &DUORV

7DPDQKR HUD R VHX DPRU DRV OLYURV TXH Mi HP 9LVHX

3LQWR 5LEHLUR FKHJDULD XP GLD D DFRQVHOKi OR D PXGDU GH

YHQGLD R SmR D TXH WLQKD GLUHLWR QDV UDo}HV GR TXDUWHO SDUD

UXPR ´SRU QmR GDU QDGD HP DSUHQGL] GH P~VLFD µ

SRGHU DOXJDU QD YHOKD /LYUDULD GH 6HYHULQR GD 3DL[mR j

9,5,$726 _


JDOHULDGRVLOXVWUHV

HQWUDGD GD 5XD 'LUHLWD RV YROXPHV GH TXH FDUHFLD ´(VWXGR

GRV VHXV FRQFHUWRV SXQKD HOH XP FXLGDGR HVSHFLDO GH

WUDEDOKR KRQHVWLGDGH H FRQVWkQFLDµ HLV R VHX OHPD RV SLODUHV

HIHLWR VHJXUR DR HODERUDU SHTXHQDV QRWDV ELRJUiILFDV GRV

VREUH TXH DVVHQWDYD D VXD FRQFHSomR GH YLGD

FRPSRVLWRUHV RX GH LQWHUHVVH SDUD D PHOKRU FRPSUHHQVmR GDV

6HQKRU GH SUHGLFDGRV WDLV QmR DGPLUD TXH YLHVVH D VHU FODVVLILFDGR HP SULPHLUR OXJDU QRV VHXV WUrV ~OWLPRV H[DPHV GH VDUJHQWR P~VLFR VDUJHQWR DMXGDQWH H DOIHUHV FKHIH GH EDQGD

REUDV PXVLFDLV RIHUHFLGDV DR S~EOLFR 'HPDVLDGR ORQJR VHULD UHOHPEUDU DTXL XP SRU XP RV FRQFHUWRV FRP TXH 0DQXHO -RDTXLP EULQGRX RV YLVHHQVHV

1RV LQtFLRV GD 3ULPDYHUD GH YLQGR GH (OYDV GR

GHVGH DTXHOD QRLWH GH GH $EULO GH HP TXH SHOD

%DWDOKmR GH &DoDGRUHV 0DQXHO -RDTXLP DVVXPLD HP 9LVHX D

SULPHLUD YH] VH DSUHVHQWRX j IUHQWH GD VXD %DQGD QXP VDUDX

UHJrQFLD GD EDQGD GR 5HJLPHQWR GH ,QIDQWDULD VXFHGHQGR

GH EHQHILFrQFLD UHDOL]DGR QR $YHQLGD 7HDWUR SRXFRV GLDV DSyV

DR 7HQHQWH ) 0DWRV 1HVVD DOWXUD FRQWD $QWyQLR 5RGULJXHV

D VXD FKHJDGD D HVWD FLGDGH DWp j SXEOLFDomR GR GHFUHWR GH

&RUUHLD ² Mi HOH HUD EHP FRQKHFLGR QR PHLR P~VLFR PLOLWDU SHOR

GH 'H]HPEUR GH TXH H[WLQJXLX D %DQGD GR 5, /LPLWDU

FRQWULEXWR GDGR j HOHYDomR FXOWXUDO GD FODVVH DJRUD REULJDGD

QRV HPRV DVVLP D OHPEUDU WUrV RX TXDWUR HQWUH DTXHOHV TXH

D IUHTXHQWDU SDUD HIHLWRV GH FRQFXUVR DR SRVWR LPHGLDWR DV

WLYHUDP PDLRU UHSHUFXVVmR

&XUVRV GH +DELOLWDomR GDV (VFRODV 5HJLPHQWDLV 9LVDYD VH

(P GH $EULO GH QXP VDUDX SURPRYLGR SHOD DJrQFLD

FRP WDO PHGLGD D GLJQLILFDomR GRV P~VLFRV PLOLWDUHV D VXD

GH 9LVHX GD /LJD GRV &RPEDWHQWHV D EDQGD PLOLWDU GR p D

SURPRomR LQWHOHFWXDO H VRFLDO QR SURSyVLWR GH HOLPLQDU GH YH]

SULPHLUD GR 3DtV D H[HFXWDU R FpOHEUH H GLItFLO SRHPD VLQIyQLFR

R ,DEpX GH DQDOIDEHWRV TXH DR URVWR OKHV HUD ODQoDGR

´6WHQND 5DFLQHµ GH $OH[DQGHU *OD]XQRY VHJXQGR XPD VREHUED

2 7HQHQWH 0DQXHO -RDTXLP WRUQD VH QR GpFLPR SULPHLUR PDHVWUR GD %DQGD 0LOLWDU GR 5, HP &RP D VXD

WUDQVFULomR GR 0DHVWUR 0DQXHO -RDTXLP TXH GHPRURX PDLV GH XP PrV D HQVDLDU

YLQGD XP QRYR FDStWXOR VH DEULD QD KLVWyULD GD %DQGD 0LOLWDU

1D QRLWH GH GH 'H]HPEUR GR PHVPR DQR UHDOL]RX VH QR

GH 9LVHX VHP G~YLGD D PDLV EULOKDQWH GD Mi ORQJD H[LVWrQFLD

$YHQLGD 7HDWUR XP VDUDX PXVLFDO H OLWHUiULR RUJDQL]DGR SHOR

GR DFUHGLWDGR FRQMXQWR PXVLFDO YLVHHQVH 2 VHX SURJUDPD GH

&KHIH GD %DQGD GR FRPHPRUDWLYR GR &HQWHQiULR GD PRUWH

DFomR SRGH UHGX]LU VH D WUrV iUHDV HVVHQFLDLV D IRUPDomR GRV

GH *RHWKH 'HVVH VDUDX ² HP TXH WDPEpP FRODERURX R 2UIHmR

P~VLFRV R UHDSHWUHFKDPHQWR LQVWUXPHQWDO H D VHOHFomR GR

GH 9LVHX H FXMR SURGXWR UHYHUWLD D IDYRU GD ´&UX]DGD FRQWUD D

UHSRUWyULR

0HQGLFLGDGHµ ² YLHUDP HFRV QRV yUJmRV GD LPSUHQVD GD pSRFD

1R SURSyVLWR GH HOHYDU R QtYHO VRFLDO H LQWHOHFWXDO GRV VHXV

QRPHDGDPHQWH QR ´-RUQDO GD %HLUDµ RQGH SRGH OHU VH

P~VLFRV HQFHWD VHP GHPRUD XP SURFHVVR ² GLJDPRV ² GH

´ VU 7HQHQWH 0DQXHO -RDTXLP TXH QmR p VLPSOHVPHQWH R FKHIH

VHQVLELOL]DomR GH PHQWDOL]DomR ID]HQGR OKHV VHQWLU D SULPD]LD

H[tPLR GD %DQGD GR PDV XP P~VLFR GLVWLQWtVVLPR DOPD GH

GD VXD SURILVVmR DR VHUYLoR GH XPD $UWH GH WRGDV D PDLV

DUWLVWD H DSDL[RQDGR FXOWRU GH OLWHUDWXUD PXVLFDO D TXH YHP GDQGR

HPLQHQWH D 0~VLFD

XP FRQWULEXWR QRWiYHO H YDOLRVR QmR TXLV GHL[DU SDVVDU R DQR GR

(VWXGLRVR LQYXOJDU HOH IRL WDPEpP R HGXFDGRU LQVDWLVIHLWR

FHQWHQiULR GH *RHWKH VHP R DVVLQDODU GH TXDOTXHU PRGR QD YLGD

VHPSUH GHVHMRVR GH PDLV PXLWR PDLV H VHPSUH PHOKRU

GD QRVVD WHUUD ( SRU LQLFLDWLYD VXD WHYH 9LVHX QR HVSHFWiFXOR GR

DQVLDQGR SHOR PRPHQWR HP TXH VHXV P~VLFRV R LPLWDVVHP

$YHQLGD XPD YHUGDGHLUD QRLWH GH DUWH TXH GHL[RX HQFDQWDGRV WRGRV

QD SHUVLVWrQFLD QR WUDEDOKR H DFHQWXDGR DUGRU SHOD FXOWXUD GR

RV TXH D HOD DVVLVWLUDP

HVStULWR

1D VHJXQGD SDUWH WRFRX D %DQGD GR 5HJLPHQWR GH ,QIDQWDULD

'RWDGR GH XP SRGHU GH SHUVXDVmR LQYXOJDU H GH IiFLO GRP

TXH GHVGH D YLQGD SDUD 9LVHX GR VHX DFWXDO &KHIH GLD D

GH SDODYUD LVVR SHUPLWLD OKH D SURSyVLWR GH WXGR GDU RSRUWXQD

GLD FRQTXLVWD D DGPLUDomR H D FRQVDJUDomR GRV HQWHQGLGRV

OLomR VREUH YDULDGtVVLPRV DVSHFWRV GR VDEHU KXPDQR

'XUDQWH DOJXQV PLQXWRV D DVVLVWrQFLD HVFXWD QXP HQOHYR H QXP

4XDQWR DR UHDSHWUHFKDPHQWR LQVWUXPHQWDO GD %DQGD HOH FKHJRX D FRPSUDU j VXD FXVWD DTXHOHV LQVWUXPHQWRV TXH QmR FRQVWDQGR GRV HVTXHPDV GD RUJDQL]DomR P~VLFR PLOLWDU FRQVLGHUDYD LPSUHVFLQGtYHLV DRV ILQV SRU HOH GHVHMDGRV

HQFDQWDPHQWR WRGD D JUDQGH]D H EHOH]D GH DOJXQV HVFROKLGRV WUHFKRV GH 6FKXEHUW 0DVVHQHW $PEURVLR 7RPDV H %HUOLR] 1D GHGLFDGD DWHQomR H LQWHOLJHQWH SUiWLFD GH HOXFLGDU R S~EOLFR VREUH R VLJQLILFDGR GDV P~VLFDV TXH H[HFXWD R ([ PR &KHIH GH

1D VHOHFomR GR UHSRUWyULR IRL VHPSUH H[LJHQWtVVLPR (VWH

%DQGD KDYLD LQVHULGR QRV SURJUDPDV XPD VXFLQWD QRWtFLD H[SOLFDWLYD

² QD RSLQLmR GRV HQWHQGLGRV ´EHP GLJQR GH VHU DUTXLYDGR

GH FDGD XP GRV WUHFKRV D H[HFXWDU ( DVVLP R SXEOLFR VHQWLQGR

QD %LEOLRWHFD 0XQLFLSDO GH 9LVHX RX QR $UTXLYR +LVWyULFR

PHOKRU DV VXDV QXDQFHV PHOKRU FRPSUHHQGHX H RXYLX DV P~VLFDV

0LOLWDU GH /LVERDµ ² HUD FRQVWLWXtGR SRU XPD LPSUHVVLRQDQWH

H[HFXWDGDV

UHFROKD GRV WH[WRV PDLV VLJQLILFDWLYRV GRV PDLRUHV H[SRHQWHV

3HOD ERD QRLWH TXH SURSRUFLRQRX DR S~EOLFR GH 9LVHX DWH SHOR

GD $UWH PXVLFDO GH WRGRV RV WHPSRV SRU 0DQXHO -RDTXLP

ILP DOWUXtVWD D TXH R SURGXWR GR HVSHFWiFXOR VH GHVWLQRX GHYH R VU

WUDQVFULWRV PDJLVWUDOPHQWH 'HVGH RV DXWRUHV FOiVVLFRV DRV

7HQHQWH 0DQXHO -RDTXLP WHU VHQWLGR R DJUDGHFLPHQWR H DGPLUDomR

LPSUHVVLRQLVWDV GRV EDUURFRV DRV URPkQWLFRV QHQKXP GRV

GD JHQWH GD QRVVD 7HUUD QRV IDUWRV DSODXVRV TXH OKH WULEXWRX

JUDQGHV JpQLRV XQLYHUVDLV GD FRPSRVLomR PXVLFDO GHL[RX GH HVWDU SUHVHQWH QRV FRQFHUWRV SRU HOH SURJUDPDGRV

2XWUR FRQFHUWR HP GH 6HWHPEUR GH UDGLRGLIXQGLGR SHOD (PLVVRUD 1DFLRQDO ² QmR QRV HVTXHoDPRV TXH IRL D

1HVWH GRPtQLR j H[FHSomR GH /LVERD H 3RUWR QHQKXPD

%DQGD GR D SULPHLUD GD 3URYtQFLD D WHU RV VHXV FRQFHUWRV

RXWUD FLGDGH GR 3DtV S{GH HQWmR FRPSHWLU FRP 9LVHX ² JUDoDV

WUDQVPLWLGRV SHOD ( 1 ² PHUHFHX GH 0iULR 6DPSD\R 5LEHLUR

DR HVIRUoR j VDEHGRULD j GHWHUPLQDomR H j KRQHVWLGDGH GH XP

RV VHJXLQWHV FRPHQWiULRV HP DUWLJR SXEOLFDGR QR GLiULR

+RPHP JUDQGH HP TXDOTXHU SDUWH

OLVERQHQVH ´$ 9R]µ GH GR PHVPR PrV

$FLPD GH WXGR 0DQXHO -RDTXLP IRL XP HGXFDGRU XP

´$ WUDQVPLVVmR UHYHVWLX IRURV GH DFRQWHFLPHQWR DUWtVWLFR 3RUTXH

SHGDJRJR GH UHFXUVRV H[FHSFLRQDLV 1RV SUySULRV SURJUDPDV

D YHUGDGH p HVWD D EDQGD GH 9LVHX QmR WRFRX ²3LUROLWR TXH EDWH

_ 9,5,$726


JDOHULDGRVLOXVWUHV

&DUWD] DOXVLYR SRUPHQRU D XP GRV SULPHLURV FRQFHUWRV GLULJLGRV SHOR 7HQHQWH P~VLFR 0DQXHO -RDTXLP FRPR PDHVWUR GD %DQGD GR 5, UHDOL]DGR QR 7HDWUR $YHQLGD 9LVHX HP GH $EULO GH FRPHPRUDWLYR GD %DWDOKD GH /D /\V H HP TXH D UHFHLWD UHYHUWLD D IDYRU GDV 9L~YDV H ÐUImRV GD *UDQGH *XHUUD

&ROHFomR $UTXLYR 'LVWULWDO GH 9LVHX

TXH EDWH³ QHP ²9LUD³ GH ²$V 3XSLODV GR 6HQKRU 5HLWRU³ QHP XPD

EHP FRPR IHOLFLWD OR SHOR EULOKDQWH r[LWR H DOWR YDORU DUWtVWLFR GD

VHOHFomR GR ´µ7URYDGRUµµ REULJDGD D FRUQHWLP $ EDQGD WRFRX XP

%DQGD GHVVH 5HJLPHQWRµ

SURJUDPD GR PDLV HOHYDGR QtYHO HVWpWLFR H WRFRX R PHOKRU TXH SRGLD

/HPEUHPRV DLQGD D H[FHOHQWH VpULH GH RLWR FRQFHUWRV

WRFDU 1DV WUDQVFULo}HV GDV REUDV IRUoRVDV YLVWR TXH VH WUDWD GH

UHDOL]DGD GXUDQWH D )HLUD GH 6 0DWHXV GH HQWUH H

XPD SHTXHQD EDQGD QRWHL PXLWDV SDVVDJHQV HP TXH HQ[DPHDYDP

GH 6HWHPEUR VRE D pJLGH GD ´/LJD GRV $PLJRV GD P~VLFDµ

EHOH]DV GH LQVWUXPHQWDomR TXH DWHVWDYDP D LQYXOJDU FRPSHWrQFLD

H DLQGD R FRQFXUVR GDGR SHOD %DQGD DRV VHU}HV OLWHUiULRV H

H R UHTXLQWDGR ERP JRVWR GR WUDQVFULWRU TXH p FRPR TXHP GL] GR

PXVLFDLV SURPRYLGRV SHOD ´6HFomR &XOWXUDO GR OLFHX GH $OYHV

FKHIH GD EDQGD )LQGR R FRQFHUWR SHQVHL FRP RV PHXV ERW}HV TXH

0DUWLQVµ QR 7HDWUR 9LULDWR HP GH $EULO H GH 0DLR GH

IDULD R 7HQHQWH 0DQXHO -RDTXLP VH WLYHVVH VRE D VXD SUHVWLJLRVD

GHGLFDGRV UHVSHFWLYDPHQWH D ´+D\GQµ H D ´0R]DUWµ 8P

EDWXWD HP YH] GH XPD EDQGD GH WULQWD H SRXFDV ILJXUDV XPD RXWUD

WHUFHLUR VHUmR GHGLFDGR D %HHWKRYHQ QmR FKHJDULD D UHDOL]DU

Dt FRP FRLVD GH FLQTXHQWD" 'HYHULD ID]HU FRLVD GH YXOWR

VH GHYLGR D GLILFXOGDGHV ILQDQFHLUDV (P YHUGDGH EHP SRGH

3HOR TXH RXYL GHGX]R TXH D REUD GR 7HQHQWH 0DQXHO -RDTXLP p

GL]HU VH TXH IRL HVWH R ´FDQWR GR FLVQHµ GR SUHVWLJLRVR FRQMXQWR

JLJDQWHVFD H TXH JUDoDV D HOD 9LVHX p KRMH D ~QLFD FLGDGH GR 3DtV

PXVLFDO YLVHHQVH H[WLQWR SRXFR GHSRLV FXPSULGRV QRYHQWD H

DIRUD /LVERD RQGH VH ID] QRUPDOPHQWH PXVLFD YLYD GXP JUDX

VHLV DQRV GH UHOHYDQWHV VHUYLoRV HP SURO GD &XOWXUD H GR ERP

HVWpWLFR GHVXVDGR HQWUH QyVµ

QRPH GHVWD QRVVD 7HUUD

+i WmR SRXFRV 0DQXHLV -RDTXLQV HP 3RUWXJDO TXH Vy WHQKR

3RXFR GHSRLV 0DQXHO -RDTXLP SDVVDYD j UHVHUYD

QRWtFLD GH XP R &KHIH GD %DQGD GR TXH DFDED GH GDU DWUDYpV

(QFHUUDGD GHILQLWLYDPHQWH D VXD FDUUHLUD GH &KHIH GD

GD FKDPDGD (PLVVRUD 1DFLRQDO XPD OLomR D 3RUWXJDO LQWHLUR +RQUD

%DQGD PLOLWDU SDVVD 0DQXHO -RDTXLP D FRQVDJUDU VH D WHPSR

OKH VDLD ³

LQWHLUR j DFWLYLGDGH TXH LUi SURMHFWDU R VHX QRPH PXLWR SDUD

(QWXVLDVPR VHPHOKDQWH IRL PDQLIHVWDGR SHOR 3URI /XLV GH

DOpP GRV HVWUHLWRV OLPLWHV GDV IURQWHLUDV GD 3iWULD WRUQDQGR R

)UHLWDV %UDQFR TXH HP ORQJR H HQFRPLiVWLFR DUWLJR LQWLWXODGR

FRQKHFLGR H DGPLUDGR QR HVWUDQJHLUR QDV PDLV DOWDV HVIHUDV

8P H[HPSOR D VHJXLU SXEOLFDGR QD UHYLVWD ´$ $UWH 0XVLFDOµ GH

GD FXOWXUD PXVLFDO HVSHFLDOPHQWH GD (XURSD H GDV $PpULFDV

GH 2XWXEUR GH D FHUWD DOWXUD GL]

D 0XVLFRORJLD (P 3RUWXJDO H QR HVWUDQJHLUR WHVWHPXQKDUDP

´)RL D %DQGD GH ,QIDQWDULD D SULPHLUD GD 3URYtQFLD FXMRV

OKH R VHX DSUHoR HP H[SUHVV}HV SRU YH]HV GD PDLV FDORURVD

FRQFHUWRV IRUDP WUDQVPLWLGRV SHOD (PLVVRUD 1DFLRQDO 2 QRVVR

DGPLUDomR SURIHVVRUHV PDHVWURV LQWpUSUHWHV PXVLFyORJRV H

HQWXVLiVWLFR DSODXVR DR VU 7HQHQWH 0DQXHO -RDTXLP H DRV

FUtWLFRV PXVLFDLV GR PDLV DOWR SUHVWtJLR

FRPSRQHQWHV GD %DQGD GR FXMDV LQWHUSUHWDo}HV QRV DJUDGDUDP LQFRQGLFLRQDOPHQWHµ

$ ELEOLRJUDILD GH 0DQXHO -RDTXLP p YDVWD H ULTXtVVLPD DEUDQJHQGR FHUFD GH WUrV GH]HQDV GH WtWXORV SXEOLFDGRV

3RU ILP GD SDUWH GH +HQULTXH *DOYmR QDTXHOH WHPSR

UHSUHVHQWDQGR R IUXWR GH XPD YLGD LQWHLUD GH LQYHVWLJDomR

3UHVLGHQWH GD &RPLVVmR $GPLQLVWUDWLYD GD (PLVVRUD 1DFLRQDO

DWXUDGD GH HVWXGR SDFLHQWH H PHWyGLFR GH LQYXOJDU SURELGDGH

IRL GLULJLGR DR FRPDQGDQWH GR 5, R VHJXLQWH RItFLR GH

GH LQWHOLJrQFLD H HUXGLomR H[FHSFLRQDLV HQILP GH XP UDUR

DJUDGHFLPHQWR H IHOLFLWDo}HV

DPRU GHVLQWHUHVVDGR H SURIXQGR j FDXVD VXEOLPH GD &LrQFLD

´$JUDGHFHQGR PXLWR UHFRQKHFLGDPHQWH D 9 ([ D RSRUWXQLGDGH

'H PRGR QHQKXP SHUPLWLULDP RV PDJURV SURYHQWRV GH

TXH QRV RIHUHFHX GH ID]HU RXYLU DR 3DtV D PDJQtILFD %DQGD GR

0DQXHO -RDTXLP DFXGLU jV GHVSHVDV FRP D SXEOLFDomR GRV

5HJLPHQWR GH ,QIDQWDULD Q YHQKR JRVWRVDPHQWH UHIHULU D 9 ([

VHXV JUDQGHV WUDEDOKRV 7DO HQFDUJR YLULD D FDEHU D RUJDQLVPRV

R DJUDGR XQkQLPH TXH R FRQFHUWR SRU QyV UDGLRGLIXQGLGR REWHYH

YiULRV TXH SDWULRWLFDPHQWH D VL FKDPDUDP R PHFHQDWR FRPR

9,5,$726 _


2 &DQFLRQHLUR GH (OYDV SRUPHQRU 2 PDQXVFULWR IRL GHVFREHUWR HP QD %LEOLRWHFD 0XQLFLSDO GH (OYDV SHOR PXVLFyORJR 0DQXHO -RDTXLP H SRU VL SXEOLFDGR HP FRP R WtWXOR ´&DQFLRQHLUR 0XVLFDO H 3RpWLFR GD %LEOLRWHFD 3~EOLFD +RUWrQVLDµ e XP GRV TXDWUR FDQFLRQHLURV SRUWXJXHVHV GR VpFXOR ;9, TXH FKHJDUDP DWp QyV

IRUDP SRU H[HPSOR R ,QVWLWXWR GH $OWD &XOWXUD D )XQGDomR GD

FLHQWLVWD FRPELQDGRV 6y HOH WHP WLGR D SDFLrQFLD H D GHWHUPLQDomR

&DVD GH %UDJDQoD H D )XQGDomR &DORXVWH *XOEHQNLDQ

SDUD GHVFREULU QRYRV H YLWDLV GRFXPHQWRV H SDUD WUDWDU FDGD XP

0XLWR ORQJH QRV OHYDULD D H[SRVLomR H[DXVWLYD GRV

GHOHV FRP SHUIHLWD H FRQVFLHQFLRVD FRQVLGHUDomR (X DGPLUR R

WHVWHPXQKRV GH DSUHoR VXVFLWDGRV SHOR ODERU GR HPLQHQWH

QmR DSHQDV FRPR HVWXGLRVR PDV WDPEpP FRPR ²JHQWOHPDQ³ 2

PXVLFyORJR 0DQXHO -RDTXLP %DVWDUmR QR HQWDQWR SDUD

PXQGR PXVLFROyJLFR RVWHQWD SRUpP SRXFRV ²JHQWOHPHQ³ FRPR

DTXLODWDUPRV GR VHX DOWtVVLPR YDORU HVWHV DJRUD DGX]LGRV

YRFr PXLWR EHP VDEH

DVVLQDGRV SRU HVSHFLDOLVWDV FRPSHWHQWHV 3HGLPRV D GHYLGD YpQLD SDUD D WUDQVFULomR GH DOJXQV SDVVRV GH GXDV FDUWDV GH

'HYLD VHU HVWDEHOHFLGD HP VXD KRQUD XPD SHQVmR UHFRPSHQVDQGR RV VHXV VHUYLoRV HP SURO GD FLrQFLD ´

5REHUW 6WHYHQVRQ ² HVWH PXVLFyORJR QRUWH DPHULFDQR HUD XPD

2 7HQHQWH 0DQXHO -RDTXLP SDVVRX j UHVHUYD HP 1RYHPEUR

DXWRULGDGH HP P~VLFD DQWLJD SHQLQVXODU ² H SRU RFDVLmR GR VHX

GH SDVVDQGR D SDUWLU GDt D GHGLFDU WRGR R VHX WHPSR j

DQLYHUViULR HP FDUWD GH GH 'H]HPEUR GH HVFUHYLD

LQYHVWLJDomR H DRV VHXV HVWXGRV QD iUHD GD P~VLFD

DR VHX ´&DUR 7HQHQWH -RDTXLP

&DVRX FRP -RDQD 5LWD GD &UX] 'LDV GH TXHP WHYH GXDV

&RPR SURYD GH HVWLPD D )XQGDomR *XOEHQNLDQ IDULD EHP

ILOKDV /XFLQGD GD &RQFHLomR 'LDV TXH SHOR VHX FDVDPHQWR

HP RUJDQL]DU XPD IHVWD GH FRPHPRUDomR HP KRQUD GR VHX

DQH[RX DR VHX QRPH R DSHOLGR GH VHX PDULGR 0HULQR H $LGD

DQLYHUViULR 1R VpFXOR ;; QLQJXpP IH] R TXH R VHQKRU WHP IHLWR HP

)HUQDQGD 'LDV

SURO GD P~VLFD KLVWyULFD SRUWXJXHVD 4XDQWR PDLV PH IDPLOLDUL]R

(P SRU RFDVLmR GR VHX DQLYHUViULR IRL OKH SUHVWDGD

FRP D VXD REUD PDLV R DGPLUR 2 VHQKRU SURVVHJXLX XP FDPLQKR

HP 9LVHX XPD KRPHQDJHP SRU LQLFLDWLYD GR &RUDO /RSHV 0RUDJR

LVRODGR 6y DTXHOHV TXH YrP D 3RUWXJDO H WrP D RSRUWXQLGDGH

TXH WHYH D FRODERUDomR GD %DQGD GD 5HJLmR 0LOLWDU GR &HQWUR

GH FRQVXOWDU RV GRFXPHQWRV SRGHP YHULILFDU D KRQHVWLGDGH D

GR &RUDO 6WHOOD 9LWDH H GR 5HJLPHQWR GH ,QIDQWDULD GH 9LVHX

LQWHJULGDGH H R GXUDGRXUR PHUHFLPHQWR GRV YRVVRV UHVXOWDGRVªµ

DFWXDO 5, ­ LQLFLDWLYD DVVRFLDUDP VH D &kPDUD 0XQLFLSDO

1R DQR LPHGLDWR HP FDUWD GH GH -XQKR GLULJLGD DR 3URI

GH 9LVHX H R *RYHUQR &LYLO GH 9LVHX 1HVVD DOWXUD IRL OKH

&DUSHQWHU GR 'HSDUWDPHQWR GH 0~VLFD GR &ROpJLR GR (VWDGR

DWULEXtGD D 0HGDOKD GH 2XUR GD &LGDGH GH 9LVHX H R 3UHVLGHQWH

GH *ODVVERUR 1RYD -HUVH\ YROWD 5REHUW 6WHYHQVRQ D LQVLVWLU

GD 5HS~EOLFD VRE SURSRVWD GR 0LQLVWpULR GD &XOWXUD DJUDFLRX R

QD VXD LGHLD

7HQHQWH 0DQXHO -RDTXLP FRP D &RPHQGD GD 2UGHP GR ,QIDQWH

´8PD KRPHQDJHP D 0DQXHO -RDTXLP VHULD QD YHUGDGH R

' +HQULTXH $ DSUHVHQWDomR GR KRPHQDJHDGR QD FHULPyQLD

WULEXWR DGHTXDGR D XP GRV HUXGLWRV UHDOPHQWH H[FHOHQWHV GR QRVVR

TXH IRL SUHVLGLGD SHOR 6HFUHWiULR GH (VWDGR GD 'HIHVD IRL IHLWD

WHPSR (QTXDQWR HOH DLQGD YLYH p R PRPHQWR GH WUDQVIRUPDU HVWH

SHOR LOXVWUH 'U $OH[DQGUH $OYHV

VRQKR HP UHDOLGDGH

2 7HQHQWH 0DQXHO -RDTXLP IDOHFHX FRP DQRV HP GH

0XLWDV YH]HV WHQKR GLWR DRV PHXV DPLJRV GH 3RUWXJDO TXH HOH p

0DUoR GH 6H[WD IHLUD 6DQWD HP &RLPEUD RQGH UHVLGLD

R PDLRU PXVLFyORJR LQYHVWLJDGRU GR QRVVR VpFXOR QDTXHOD 1DomR

FRP VXD ILOKD $LGD GHSRLV GH WHU HQYLXYDGR 3RU VXD YRQWDGH IRL

3RU PXVLFyORJR LQYHVWLJDGRU HX TXHUR VLJQLILFDU R LGHDOLVWD H R

VHSXOWDGR QR FHPLWpULR GH 9LVHX

_ 9,5,$726


JDOHULDGRVLOXVWUHV

(StORJR $ H[LVWrQFLD GH XPD EDQGD PLOLWDU HP 9LVHX UHPRQWD DRV SULQFtSLRV GR DQR GH TXDQGR R %DWDOKmR GH ,QIDQWDULD DWp HQWmR VHGLDGR HP 9LDQD GR &DVWHOR IRL WUDQVIHULGR SDUD HVWD QRVVD FLGDGH LQVWDODQGR VH QR 4XDUWHO GD 5LEHLUD $ FKHJDGD GDTXHOD XQLGDGH PLOLWDU D 9LVHX YHULILFDUD VH QXPD WDUGH GH ViEDGR QR GLD GH 0DUoR ² ORJR QR GLD VHJXLQWH GRPLQJR GH /i]DUR IRL R %DWDOKmR DVVLVWLU j PLVVD FHOHEUDGD QD LJUHMD GD 0LVHULFyUGLD SHODV RQ]H KRUDV GD PDQKm R TXH IH] DWUDLU JUDQGH PXOWLGmR DR ODUJR GD 6p iYLGD GH DSUHFLDU D JDEDGD DILQDomR GD EDQGD FRPSRVWD GH JUDQGH Q~PHUR GH H[HFXWDQWHV ´DOJXQV GRV TXDLV WRFDYDP LQVWUXPHQWRV GH ODWmR DPDUHORµ FRLVD QXQFD YLVWD SRU DOL $VVLP LQLFLDYD D VXD EULOKDQWH FDUUHLUD DUWtVWLFD HP WHUUDV GH 9LULDWR D EDQGD P~VLFR PLOLWDU ² FDUUHLUD QRWiYHO D TXDO YLULD D S{U WHUPR FHUFD GH FHP DQRV YROYLGRV R GHFUHWR GH GH 'H]HPEUR GH DR H[WLQJXLU GH XP Vy JROSH EDQGDV HQWUH HODV D GR 5, 2V DSHORV PHVPR RV YLQGRV GR HVWUDQJHLUR SDUD KRPHQDJHDU 0DQXHO -RDTXLP HP YLGD QmR IRUDP DFROKLGRV &RQWXGR TXDQGR SHVVRD DPLJD GR 5HJLPHQWR VXJHULX HVWH QRPH SDUD D *DOHULD GRV ,OXVWUHV GR SUHVHQWH Q~PHUR GD 9LULDWRV D LGHLD IRL LPHGLDWDPHQWH DFROKLGD 8PD YH] PDLV GDV ILOHLUDV GR FRQVHJXLPRV H[WUDLU H HQDOWHFHU XP GRV VHXV HOHPHQWRV FXMRV PpULWRV VH LGHQWLILFDP QDV FRPSRQHQWHV PLOLWDU FtYLFD H DUWtVWLFD PpULWRV H TXDOLGDGHV SRVWDV DR VHUYLoR GR 5HJLPHQWR H GD FLGDGH GH 9LVHX -XOJDPRV DVVLP SUHVWDU XP ERP VHUYLoR j FXOWXUD PDV PDLV TXH LVVR UHDOL]DU XP DFWR GH MXVWLoD HYLWDQGR R HVTXHFLPHQWR GH XPD ILJXUD LQVLJQH TXH PHUHFH EHP VHU UHOHPEUDGD 0DQXHO -RDTXLP QRV DQRV )RWRJUDILD WLUDGD SRU $QWyQLR %DWDOKD

2EULJDGR DR 7HQHQWH 0DQXHO -RDTXLP SRU WXGR TXDQWR IH] SRU QyV 5HJLPHQWR H &LGDGH )RL EHP XP GDTXHOHV ´&XMD IDPD QLQJXpP YLUi TXH GRPH µ

(VWH WH[WR WHYH SRU EDVH GRLV DUWLJRV GR VDXGRVR 'U $OH[DQGUH $OYHV SXEOLFDGRV QD UHYLVWD %HLUD $OWD HGLWDGD SHOD $VVHPEOHLD 'LVWULWDO GH 9LVHX DQR YRO H DQR YRO

9,5,$726 _


)² 9XkXc_ f [\ @e]XekXi`X [X 9i`^X[X [\ @ek\im\e f \eZXi^f fg\iXZ`feXc [f I@ (+ \ 8Zk`m`[X[\j \d )'(' 8 'XUDQWH R DQR GH R %DWDOKmR GH ,QIDQWDULD %, SDUWLFLSRX HP YiULDV DFWLYLGDGHV H UHDOL]RX GLYHUVRV ([HUFtFLRV TXH SUHHQFKHUDP D VXD $FWLYLGDGH 2SHUDFLRQDO QHVWH SHUtRGR TXH SHUPLWLUDP DYDOLDU WHVWDU R QtYHO GH SURILFLrQFLD H FDSDFLGDGH GH H[HFXomR GR %DWDOKmR FRPR XP WRGR EHP FRPR SURSRUFLRQDU PHOKRU FRQKHFLPHQWR H LQWHUDFomR HQWUH RV VHXV PLOLWDUHV

$VVLP R SULPHLUR ([HUFtFLR GH IRL R

6LPXOWDQHDPHQWH H QR kPELWR GR FRQFHLWR GH

'H D GH $EULO R %, SDUWLFLSRX QR

GHVLJQDGR ´*$/2 3$758/+(,52 µ TXH

DUPDV FRPELQDGDV SDUWLFLSDUDP WDPEpP QR

H[HUFtFLR ´(),&É&,$ µ QR &DPSR 0LOLWDU GH

GHFRUUHX GH D GH )HYHUHLUR QD

H[HUFtFLR XP 3HORWmR GH $UWLOKDULD $QWL $pUHD GR

6DQWD 0DUJDULGD &060 FRP XP HIHFWLYR GH

5HJLmR GR 7UDQFDOKmR ² 9,6(8 2 ([HUFtFLR WHYH

5HJLPHQWR GH $UWLOKDULD $QWL $pUHD 1 VHGHDGR

0LOLWDUHV

FRPR REMHFWLYR D DSOLFDELOLGDGH GD GRXWULQD

HP 4XHOX] XP 3HORWmR GH $XWR 0HWUDOKDGRUDV

(VWH ([HUFtFLR WHYH FRPR ILQDOLGDGH H[HUFLWDU

WiFWLFD H WpFQLFD GH 3DWUXOKDV HP 0LVV}HV GH

GR *UXSR GH $XWR 0HWUDOKDGRUDV GR 5HJLPHQWR

DV 8QLGDGHV GH $SRLR GH )RJRV GR 6LVWHPD GH

5HFRQKHFLPHQWR H &RPEDWH SODQHDU H H[HFXWDU

GH &DYDODULD 1 VHGHDGR HP %UDJD H XPD

)RUoDV GR ([pUFLWR QR SODQHDPHQWR FRQWUROR

XPD 3DVVDJHP GH /LQKD SODQHDU H H[HFXWDU

(TXLSD GH 6QLSHUV GDV )RUoDV GH 2SHUDo}HV

H FRQGXWD QDV RSHUDo}HV WHUUHVWUHV IRUDP

GHVORFDPHQWRV HP WHUULWyULR LQLPLJR DWp DR

(VSHFLDLV GR &HQWUR GH 7URSDV GH 2SHUDo}HV

WDPEpP WUHLQDGRV RV SURFHGLPHQWRV GH

DOFDQFH GDV DUPDV GH DSRLR SODQHDU H H[HFXWDU

(VSHFLDLV VHGHDGR HP /DPHJR

SODQHDPHQWR H FRRUGHQDomR GR DSRLR GH IRJRV

PLVV}HV GH 5HFRQKHFLPHQWR GH ÉUHD H SODQHDU H

1R kPELWR GHVWH ([HUFtFLR WDPEpP VH UHDOL]DUDP

LQFOXLQGR DV DFWLYLGDGHV GH 7DUJHWLQJ TXH

H[HFXWDU PLVV}HV GH &RPEDWH *ROSH GH 0mR H

XP FRQMXQWR GH DFWLYLGDGHV FRPSOHPHQWDUHV

HQYROYHP GLIHUHQWHV PHLRV GH H[HFXomR GH IRJRV

(PERVFDGD

GHVWLQDGDV D GLYXOJDU H SURPRYHU DFWLYLGDGHV

H ILQDOPHQWH SUDWLFDU D LQWHJUDomR GDV GLIHUHQWHV

H

8QLGDGHV GH $SRLR GH )RJRV SDUWLFLSDQWHV QR

(P 0DUoR QR SHUtRGR GH D GH R

QRPHDGDPHQWH XP 5DVWUHLR 6DQLWiULR j

H[HUFtFLR

%, UHDOL]RX RXWUR ([HUFtFLR PLOLWDU GHVLJQDGR

SRSXODomR WHQGR FRPR EDVH DYDOLDo}HV

(VWH ([HUFtFLR WHYH LJXDOPHQWH FRPR REMHFWLYRV

´0$57( µ QD UHJLmR GH $OPHLGD GLVWULWR GD

GH WHQVmR DUWHULDO JOLFHPLDV H HQVLQRV

HIHFWXDU

*XDUGD

HVFODUHFLPHQWRV VREUH DVVXQWRV OLJDGRV j iUHD

GHVORFDPHQWR H R UHFRQKHFLPHQWR HVFROKD

(VWH ([HUFtFLR LQVHULX VH QDV DFWLYLGDGHV GH 7UHLQR

GH VD~GH

RFXSDomR RUJDQL]DomR H VHJXUDQoD GDV SRVLo}HV

2SHUDFLRQDO TXH R %DWDOKmR UHDOL]D DQXDOPHQWH

)RUDP LJXDOPHQWH SURPRYLGDV DFo}HV GH

WUHLQDU WpFQLFDV GH WLUR LQFOXLQGR GLIHUHQWHV

YLVDQGR H[HUFLWDU R SODQHDPHQWR H FRQGXomR GH

'LYXOJDomR GR 5HJLPH GH 9ROXQWDULDGR H GH

VLVWHPDV GH DUPDV SUDWLFDU D FRQVWLWXLomR H

GLYHUVRV WLSRV GH 2SHUDo}HV DVVLP FRPR WHVWDU H

&RQWUDWR GR ([pUFLWR UHDOL]DGDV SHOR &HQWUR

IXQFLRQDPHQWR GH XP $JUXSDPHQWR GH *$&

DYDOLDU DV FDSDFLGDGHV GDV VXDV IRUoDV H QR TXDO

GH 5HFUXWDPHQWR GH 9LVHX QDV LQVWDODo}HV GD

$JU*$& H GH (OHPHQWRV GH $SRLR GH )RJRV ($)

HPSUHJRX DOJXPDV GDV QRYDV 9LDWXUDV %OLQGDGDV

(VFROD ( % 'U -RVp &DVLPLUR 0DWLDV HP

DR QtYHO %ULJDGD H %DWDOKmR WHVWDU H WUHLQDU D

GH 5RGDV PP 3$1'85 ,, [

$OPHLGD

XWLOL]DomR GR 6LVWHPD $XWRPiWLFR GH &RPDQGR H

_ 9,5,$726

FDSDFLGDGHV

GR

([pUFLWR

3RUWXJXrV

R

WUHLQR

WiFWLFR

HQYROYHQGR

R


² ([HUFtFLR *DOR 3DWUXOKHLUR ² ([HUFtFLR 0DUWH

² ([HUFtFLR (ILFiFLD

&RQWUROR 6$&& DWUDYpV GD XWLOL]DomR GR $)$7'6

­ &RPSDQKLD 9,5,$72 FRPSHWLX D H[HFXomR

SDUD FRP R LQWXLWR GH SUDWLFDU H WUHLQDU

$GYDQFHG )LHOG $UWLOOHU\ 7DFWLFDO 'DWD 6\VWHP

GH GLYHUVDV WDUHIDV QRPHDGDPHQWH SUHSDUDU

D FDSDFLGDGH GH SODQHDPHQWR FRPDQGR H

UHIRUoDU D FRHVmR H HVStULWR GH FDPDUDGDJHP

RFXSDU H GHIHQGHU XPD 3RVLomR GH &RPEDWH

FRQWUROR GD %ULJDGD HQTXDQWR *UDQGH 8QLGDGH

HQWUH RV PLOLWDUHV GDV XQLGDGHV GH DSRLR GH IRJRV

GH HVFDOmR 3HORWmR H &RPSDQKLD QR kPELWR

GD &RPSRQHQWH 2SHUDFLRQDO GR 6LVWHPD GH

SDUWLFLSDQWHV SUDWLFDU D LQWHJUDomR GDV XQLGDGHV

GDV 2SHUDo}HV 'HIHQVLYDV H[HFXWDU IODJHODo}HV

)RUoDV GR ([pUFLWR

GH DSRLR GH IRJRV QDV XQLGDGHV GH PDQREUD

(PERVFDGDV $QWL &DUUR H $QWL 3HVVRDO FRQGX]LU

2 ([HUFtFLR ´'5$*®2 µ WHYH FRPR ILQDOLGDGH

QRPHDGDPHQWH GRV 3HO0RUW3HV GRV %DWDOK}HV GH

LQILOWUDo}HV QD UHWDJXDUGD GDV IRUoDV GD %ULJ0HF

H[HUFLWDU H GHVHQYROYHU D FDSDFLGDGH H HILFLrQFLD

,QIDQWDULD H SUDWLFDU REVHUYDomR DpUHD LQFOXLQGR

FRP UHFXUVR D PHLRV GD )RUoD $pUHD 3RUWXJXHVD

RSHUDFLRQDO GDV 8QLGDGHV GD %ULJ,QW QHVWD

UHJXODomR GRV IRJRV

$ORXHWWH ,,, H DSHDGDV QR kPELWR GDV 3DWUXOKDV

WLSRORJLD GH DPELHQWH RSHUDFLRQDO

GH &RPEDWH

(VWH H[HUFtFLR IRL SODQHDGR QDV PRGDOLGDGHV

1R SHUtRGR GH D $%5 R %, SDUWLFLSRX

(P UHVXPR SRGH DILUPDU VH TXH R H[HUFtFLR

GH &3; H GH )7; GH DFRUGR FRP R VHJXLQWH

FRP D &RPSDQKLD 9,5,$72 QD IDVH )7; /);

FRQVWLWXLX XPD H[FHOHQWH RSRUWXQLGDGH GH WUHLQR

IDVHDPHQWR

FRPR )RUoD GH &HQiULR QR ([HUFtFLR ¶·526$

H XP GHVDILR SHUPDQHQWH SDUD RV PLOLWDUHV

)DVH , ² 3ODQHDPHQWR GR ([HUFtFLR GH -$1

%5$9$ ·· GD %ULJDGD 0HFDQL]DGD %ULJ0HF

GD &RPSDQKLD 9,5,$72 WHQGR VLGR XPD KRQUD

D $%5 )DVH ,, ² 6LPXODomR GH D

TXH GHFRUUHX QR &DPSR 0LOLWDU GH 6DQWD

SDUD RV PHVPRV UHSUHVHQWDU D %ULJDGD GH

$%5 H )DVH ,,, ² )7; D 0$,

0DUJDULGD &060 $ IRUoD SDUWLFLSDQWH IRL

,QWHUYHQomR

)RL HVVHQFLDOPHQWH GXUDQWH HVWD )DVH ,,, GH D

FRQVWLWXtGD SRU PLOLWDUHV H YLDWXUDV

GH 0DLR H WHQGR SRU EDVH R GHVHQYROYLPHQWR

GDV TXDLV DV 9%5 3$1'85 ,, ;

(P 0DLR GH D R %, SDUWLFLSRX FRP

GR FRQFHLWR JHUDO GH XPD 2SHUDomR GH $SRLR j

$ ILQDOLGDGH GR H[HUFtFLR YLVRX R WUHLQR GDV

PLOLWDUHV QR ([HUFtFLR DQXDO GD %ULJDGD

3D] &52 TXH VH IH] VHQWLU D SUHVHQoD GR %,

SULQFLSDLV FDSDFLGDGHV GDV 8QLGDGHV GD %ULJ0HF

GH ,QWHUYHQomR %ULJ,QW ´'5$*®2 µ TXH

%ULJ,QW QD &LGDGH GH 7UDQFRVR RQGH H[HFXWRX

HP 2SHUDo}HV GH $SRLR j 3D] $UW EHP

GHFRUUHX QRV FRQFHOKRV GH &HORULFR GD %HLUD

YiULDV WDUHIDV GH 3DWUXOKDPHQWRV $SHDGRV

FRPR R SODQHDPHQWR H R &RPDQGR H &RQWUROR

7UDQFRVR H 0HGD HP TXH IRUDP HPSHQKDGRV

H 0RWRUL]DGRV &RQWUROR GH $FHVVRV 3RQWRV

& QD FRQGXWD GH XP $WDTXH 'HOLEHUDGR 1R

FHUFD GH HIHFWLYRV

GH &RQWUROR &KHFN 3RLQW 'HIHVD GH 3RQWRV

GHFRUUHU GR H[HUFtFLR IRL DLQGD SRVVtYHO H[HUFLWDU

(VWH ([HUFtFLR p GH QtYHO %ULJDGD FRQWHPSODGR

VHQVtYHLV 5HYLVWDV H GHWHQo}HV 5HFRQKHFLPHQWR

H WHVWDU R 3URFHVVR GH 'HFLVmR 0LOLWDU

QR 3ODQR ,QWHJUDGR GH 7UHLQR 2SHUDFLRQDO

H 9LJLOkQFLD H (VFROWDV GH QDWXUH]D GLYHUVD

9,5,$726 _


EDWDOKmRLQIDQWDULD

² ([HUFtFLR 5RVD %UDYD ² ([HUFtFLR 'UDJmR ² 'LD GD %ULJDGD GH ,QWHUYHQomR ² ([HUFtFLR $OYR

$ SUHVHQoD GR %, %ULJ,QW GHVSHUWRX D

WDPEpP IRJR HP PRYLPHQWR XWLOL]DQGR DV 9%5

GH %DWDOKmR $SyV R GHVILOH HIHFWXRX VH D

FXULRVLGDGH GD SRSXODomR ORFDO TXH RFRUUHX

3$1'85 ,, ;

DSUHVHQWDomR GH FXPSULPHQWRV SRU SDUWH GRV

HP JUDQGH Q~PHUR DR 3DYLOKmR 0XOWLXVRV

2ILFLDLV 6DUJHQWRV H XPD UHSUHVHQWDomR GH

GHVWD FLGDGH ORFDO RQGH R %, VH HQFRQWUDYD

1RV GLDV H GH -XOKR R 5, UHFHEHX D YLVLWD

DTXDUWHODGR HVWLPDQGR VH TXH PDLV GH

GRV DOXQRV GR DQR GH ,QIDQWDULD GD $FDGHPLD

3UDoDV GR %, QD %LEOLRWHFD GD 8QLGDGH

SHVVRDV WLYHVVHP YLVLWDGR DV YLDWXUDV H

0LOLWDU $0 (VWD YLVLWD GH HVWXGR LQVHULGD QR

(P GH 6HWHPEUR QR kPELWR GDV &HULPyQLDV

HTXLSDPHQWRV RUJkQLFRV Dt H[LVWHQWHV

FDOHQGiULR DQXDO GH DFWLYLGDGHV GD $0 WHP

&RPHPRUDWLYDV GRV DQRV GD %DWDOKD

FRPR SULQFLSDO REMHFWLYR D FRQVROLGDomR GH

GR %XoDFR R %, H[HFXWRX XPD *XDUGD GH

1R GLD GH -XQKR ´'LD GD %ULJDGD GH

FRQKHFLPHQWRV DGTXLULGRV SHORV DOXQRV GXUDQWH

+RQUD *+ DR 3UHVLGHQWH GD 5HSXEOLFD TXH VH

,QWHUYHQomRµ R %, SDUWLFLSRX QDV &HULPyQLDV

D VXD IRUPDomR EHP FRPR R FRQWDFWR SUy[LPR

GHVORFRX DR %XoDFR SDUD SUHVLGLU j &HULPyQLD

&RPHPRUDWLYDV FRP PLOLWDUHV (VWDV

H UHDO FRP DV 8QLGDGHV GH ,QIDQWDULD

0LOLWDU TXH Dt WHYH OXJDU (VWDV FHULPyQLDV

FHULPyQLDV WLYHUDP HVWH DQR OXJDU QR 3DUTXH

2 %, SUHSDURX H DSUHVHQWRX XPD ([SRVLomR

GHFRUUHUDP MXQWR DR PRQXPHQWR HYRFDWLYR GD

GD &DQomR QD FLGDGH GH &RLPEUD

HVWiWLFD

PDWHULDO HTXLSDPHQWR

HIHPpULGH VHJXLQGR VH XPD YLVLWD DR 0XVHX

H DUPDPHQWR SULQFLSDO EHP FRPR XPD

0LOLWDU GR %XoDFR H D LQDXJXUDomR GD H[SRVLomR

GHPRQVWUDomR WiFWLFD GDV VXDV FDSDFLGDGHV

´/LQKDV GH 'HIHVD GH /LVERD GXUDQWH D *XHUUD

(P 0DLR H -XQKR QR SROtJRQR GH 7LUR GR &DPSR

GR

VHX

0LOLWDU GH 6DQWD 0DUJDULGD &060 UHDOL]RX VH

3HQLQVXODU ² D DUWH H R HQJHQKR GH IRUWLILFDU

R H[HUFtFLR GH IRJRV UHDLV GR %, GHQRPLQDGR

(P GH 6HWHPEUR WHYH OXJDU D &HULPyQLD GH

SDURX D LQYDVmR GH 0DVVHQDµ QR &RQYHQWR GH

GH ´$/92 µ

WRPDGD GH SRVVH GR QRYR &RPDQGDQWH GR %,

6DQWD &UX] QR %XoDFR

&RP HVWH H[HUFtFLR SUHWHQGHX VH WUHLQDU DV

² 7&RU ,QI /Ó&,2 &$0326

VXEXQLGDGHV GR %DWDOKmR QD H[HFXomR GH IRJRV

$ FHULPyQLD FRQWRX FRP D SUHVHQoD GH WRGRV RV

'H D GH 2XWXEUR R %, SDUWLFLSRX QD

UHDLV FRP R DUPDPHQWR SULQFLSDO RUJkQLFR GR

0LOLWDUHV GR %DWDOKmR TXH HP IRUPDWXUD JHUDO QD

UHJLmR GH ,'$1+$ $ 129$ QR ([HUFtFLR ´25,21

%, ID]HQGR XVR GH WRGRV RV SURFHGLPHQWRV

SDUDGD GR 5HJLPHQWR GH ,QIDQWDULD Q 5,

µ R PDLV LPSRUWDQWH ([HUFtFLR UHDOL]DGR SHOR

H WpFQLFDV GH WLUR H RQGH IRUDP WHVWDGRV H

SUHVWDUDP FRQWLQrQFLD DR QRYR &RPDQGDQWH GH

([pUFLWR 3RUWXJXrV TXH WHP SRU ILQDOLGDGH WHVWDU

YDOLGDGRV RV QtYHLV GH WUHLQR H DSHUIHLoRDPHQWR

%DWDOKmR 7HUPLQRX FRP DV )RUoDV HP 3DUDGD D

DV FDSDFLGDGHV GD &RPSRQHQWH 2SHUDFLRQDO GR

RSHUDFLRQDO HQWUHWDQWR DOFDQoDGRV )RL H[HFXWDGR

GHVILODUHP HP &RQWLQrQFLD DR QRYR &RPDQGDQWH

6LVWHPD GH )RUoDV 3HUPDQHQWH GR ([pUFLWR HP

_ 9,5,$726


EDWDOKmRLQIDQWDULD

² 7RPDGD GH SRVVH GR QRYR &RPDQGDQWH GR %, 7&RU /~FLR &DPSRV ² &RPHPRUDo}HV GRV DQRV VREUH D %DWDOKD GR %XoDFR *XDUGD GH +RQUD D 6 ([ D R 3UHVLGHQWH GD 5HS~EOLFD ² 3RVWR GH &RPDQGR GR %DWDOKmR QR H[HUFtFLR 2ULRQ ² 9LVLWD GR FXUVR GH ,QIDQWDULD GD $FDGHPLD 0LOLWDU

² (OHPHQWR GD &RPSDQKLD GH $WLUDGRUHV HP DFWLYLGDGH HP 7DYLUD ² 9LVLWD GR &35/5$

GLYHUVRV FHQiULRV GH FULVH

8UEDQL]DomR 7XUtVWLFD ´4XLQWD GDV 2OLYHLUDVµ

SRU PLOLWDUHV TXH IUHTXHQWDUDP R &HQWUR GH

2 ([pUFLWR 3RUWXJXrV DSURYHLWRX HVWD VXD

(VWDV DFo}HV FRQWULEXtUDP SDUD UHIRUoDU D

7URSDV GH 2SHUDo}HV (VSHFLDLV &72( (VWD

SUHVHQoD QHVWD UHJLmR GD %HLUD %DL[D SDUD

LPDJHP GH FUHGLELOLGDGH H SURILVVLRQDOLVPR GR

YLVLWD LQVHULX VH QR kPELWR GH GDU D FRQKHFHU DV

SURPRYHU XP FRQMXQWR GH DFWLYLGDGHV DEHUWDV j

([pUFLWR H GR &$W %, %ULJ,QW HP SDUWLFXODU

YDOrQFLDV GDV QRYDV 9%5 3$1'85 ,, ;

SRSXODomR HP JHUDO GHVWDFDQGR VH D UHDOL]DomR

SURFXUDQGR VH VLPXOWDQHDPHQWH WUDQVPLWLU XPD

2 &35/5$ WHP GXUDomR GH RLWR VHPDQDV H

GH UDVWUHLRV VDQLWiULRV DR QtYHO GR FROHVWHURO

VHQVDomR GH VHJXUDQoD j SRSXODomR ORFDO

YLVD HVVHQFLDOPHQWH KDELOLWDU RV PLOLWDUHV GH

JOLFHPLD H PHGLomR GD WHQVmR DUWHULDO QR +RVSLWDO GH &DPSDQKD LQVWDODGR HP $/7(5 '2 &+®2

2SHUDo}HV (VSHFLDLV FRP FRQKHFLPHQWRV H (P GH 2XWXEUR XPD FRPLVVmR FRPSRVWD SRU

DSWLG}HV QHFHVViULDV SDUD R GHVHPSHQKR GH

WpFQLFRV GD 67<(5 H XPD UHSUHVHQWDomR GH PLOLWDUHV

PLVV}HV GH UHFRQKHFLPHQWR H YLJLOkQFLD

$ &$W %, QR SHUtRGR GH GH 2XWXEUR D

GR ([pUFLWR 3RUWXJXrV GHVORFDUDP VH DR 5, FRP

'H VDOLHQWDU D SUHVHQoD QHVWH FXUVR GH XP

GH 'H]HPEUR GH IRL SURMHFWDGD SDUD R

R REMHFWLYR GH DQDOLVDU D VLWXDomR GDV 9%5 3$1'85

PLOLWDU GR ([pUFLWR %UDVLOHLUR

5HJLPHQWR GH ,QIDQWDULD 1 VHGLDGR QD FLGDGH

,, ; DFWXDOPHQWH H[LVWHQWHV QD 8QLGDGH

GH 7$9,5$ D ILP GH GDU FXPSULPHQWR i GLUHFWLYD

(VWD YLVLWD GD 0LVVmR GH $FRPSDQKDPHQWR

&RQFOXVmR

1 GD %ULJDGD GH ,QWHUYHQomR TXH GHWHUPLQD

H )LVFDOL]DomR 0$) jV 9%5 3$1'85 ,,

&RPR p GD WUDGLomR H QHVWH DUWLJR VH GHX FRQWD

D ´FRQGXomR GR WUHLQR RSHUDFLRQDO H PDQXWHQomR

;

LQWHLUDU VH

R %, QR DQR GH FRQWLQXRX HPSHQKDGR

GD SUHVHQoD GR ([pUFLWR QDTXHOD UHJLmRµ

GRV SULQFLSDLV SUREOHPDV TXH DIHFWDP D

QXPD JUDQGH YROXPH H GLYHUVLGDGH GH

(P 7DYLUD 5, D &$W OHYRX D FDER GLYHUVDV

RSHUDFLRQDOLGDGH GHVWDV YLDWXUDV

DFWLYLGDGHV GH tQGROH RSHUDFLRQDO PDV QmR Vy

DFo}HV GHVWDFDQGR VH YiULRV H[HUFtFLRV QR

$SyV XP EULHILQJ DSUHVHQWDGR SHOR &RPDQGDQWH

2 SURILVVLRQDOLVPR JHQHURVLGDGH GHGLFDomR H

kPELWR GR WUHLQR RSHUDFLRQDO FHULPyQLDV

GR %, RV LQWHUYHQLHQWHV GHVORFDUDP VH j iUHD

YRQWDGH GH EHP VHUYLU VmR DV DUPDV TXH VHPSUH

PLOLWDUHV DXODV GH GHIHVD SHVVRDO PLQLVWUDGD

GH 0DQXWHQomR RQGH WLYHUDP D RSRUWXQLGDGH GH

FDUUHJDUDP H TXH WDQWR WrP FRQWULEXtGR SDUD R

SHOR &OXEH GH 'HIHVD 3HVVRDO ´(/,7(µ GHVFLGDV

FRQKHFHU DV LQVWDODo}HV H[LVWHQWHV EHP FRPR D

FXPSULPHQWR GD VXD PLVVmR H D GD %ULJDGD GH

GH UDSSHO GD WRUUH GRV %RPEHLURV 9ROXQWiULRV GH

iUHD GH SDUTXHDPHQWR GDV 9%5 3$1'85 ,, ;

,QWHUYHQomR H GR ([pUFLWR

7DYLUD 3DWUXOKDV 8UEDQDV QD 9LOD GH 7DYLUD WLUR

1R GLD GH 'H]HPEUR R %, UHFHEHX D YLVLWD

'LJQLILFDP R %DWDOKmR D TXH SHUWHQFHP H RV

LQVWLQWLYR GH (VS $XW * H GH 0/ +. DVVLP

GR &XUVR GH 3DWUXOKDV GH 5HFRQKHFLPHQWR GH

9LULDWRV ID]HQGR MXV DR OHPD TXH QRV XQH ²48(

FRPR WUHLQR GH FRPEDWH HP iUHDV HGLILFDGDV QD

/RQJR 5DLR GH $FomR GH &35/5$

1$6 $6$6 '$ )$0$ 6( 6867(1+$³

SURFXURX

HVVHQFLDOPHQWH

9,5,$726 _


_ 9,5,$726


<lifg\Xe Le`fe 9Xkkc\^iflg <L9> GXik`Z`gX f [f )² 9XkXc_ f [\ @e]XekXi`X $VSHFWR GD FROXQD

$ RULJHP

GDV IRUoDV DIHFWDV D XP %* LQFOXHP

2SHUDo}HV GH HVWDELOL]DomR DSyV FRQIOLWRV

GH YLDWXUDV 3DQGXU

2 FRQFHLWR GH %DWWOHJURXS %* WHYH

VHLV PHVHV LQLFLDLV GH WUHLQR DR TXH

0LVV}HV HP DSRLR GD OXWD FRQWUD R

RULJHP H IRL GHVHQYROYLGR QR kPELWR

VH VHJXHP VHLV PHVHV VHJXLQWHV GH

GD 8QLmR (XURSHLD (8 QR TXDGUR

FHUWLILFDomR LQWHUQDFLRQDO H ILQDOPHQWH

GR OHYDQWDPHQWR GH IRUoDV PLOLWDUHV

XP SHUtRGR HP 6WDQG E\ LVWR p R

FUHGtYHLV SDUD VXSRUWH GH XPD SROtWLFD

SHUtRGR HP TXH SRGHP GH IDFWR VHU

'HFRUUHQWH GD GHFLVmR GH -81

H[WHUQD H GHIHVD FRPXP GD 8QLmR (VWH

HPSHQKDGDV QXP TXDOTXHU 7HDWUR GH

GR &RPLWp ,QWHUPLQLVWHULDO GH $OWR 1tYHO

FRQFHLWR GHVLJQD IRUoDV GLVSRQtYHLV SDUD

2SHUDo}HV RQGH D 8QLmR (XURSHLD GHFLGD

&,0,1 WRPDGD HP 520$ 3RUWXJDO

DVVXPLU RSHUDo}HV FRP HOHYDGR QtYHO

LQWHUYLU

FRPSURPHWHX VH HP 287 QD

GR HQFDUJR GR 5, DWULEXtGR DR (8%*

WHUURULVPR QR SUySULR WHUULWyULR GD 8( 2 %DWWOH *URXS ´SRUWXJXrVµ

%DWWOHJURXS &RRUGLQDWLRQ &RQIHUHQFH

GH DXWRQRPLD FRP SRXFR WHPSR GH

2 WUHLQR SUHSDUDomR H FHUWLILFDomR GDV

SUp DYLVR H PDLRULWDULDPHQWH PDV QmR

IRUoDV FRQVWLWXHP XPD UHVSRQVDELOLGDGH

TXH

H[FOXVLYDPHQWH SDUD DFWXDU D SDUWLU

GRV (VWDGRV 0HPEURV H GHYHP LQFOXLU

RIHUHFLPHQWR GH XP %DWWOHJURXS %*

GH XPD VROLFLWDomR GD 2UJDQL]DomR GDV

H[HUFtFLRV PXOWLQDFLRQDLV

FRP EDVH QD (852)25 (5) DVVXPLQGR

GHFRUUHX

HP

%UX[HODV

DR

GHVWD IRUPD DV IXQo}HV GH 1DomR

1Do}HV 8QLGDV 218 FRP FDSDFLGDGH GH DFWXDU HP PLVV}HV GR FDStWXOR 9,, GD

$ ILQDOLGDGH

/tGHU /HDG 1DWLRQ ° /1 H QHVWH TXDGUR

UHVSHFWLYD FDUWD

$V PLVV}HV PDLV SURYiYHLV GH

FRPSURPHWH VH D OHYDQWDU H DSURQWDU XP

HPSUHJR GDV IRUoDV TXH LQWHJUDP XP %*

%DWDOKmR GH ,QIDQWDULD FRPR FRQWULEXWR

FUHGtYHLV GH IRUoDV DSUR[LPDGDPHQWH

VmR DV VHJXLQWHV

SDUD RV HOHPHQWRV GH PDQREUD WiFWLFD H

FRP PLOLWDUHV LQFOXLQGR XQLGDGHV

0LVV}HV +XPDQLWiULDV

R UHVSHFWLYR HOHPHQWR GH DSRLR 1DWLRQDO

GH PDQREUD H HOHPHQWRV GH DSRLR GH

0LVV}HV GH (YDFXDomR

6XSSRUW (OHPHQW ² 16( SDUD R DSRLR

FRPEDWH H GH VHUYLoRV

0LVV}HV GH 0DQXWHQomR GD 3D]

DGPLQLVWUDWLYR H ORJtVWLFR DR FRQWLQJHQWH

0LVV}HV GH IRUoDV GH FRPEDWH HP

RIHUHFLGR DPERV SDUD LQWHJUDUHP R

2V %* VmR SDFRWHV FRHUHQWHV H

2V %* WrP SRU ILQDOLGDGH FRQWULEXLU GD (8 H GHVHQYROYLPHQWR GD VXD

%DWWOHJURXS GD 8QLmR (XURSHLD 1HVWH

JHVWmR GH FULVHV

SDUD DV FDSDFLGDGHV GH UHDFomR UiSLGD

FRQWH[WR D (852)25 DWUDYpV GD

0LVV}HV GH UHVWDEHOHFLPHQWR GD SD] ([LVWHP WDPEpP RXWUDV PLVV}HV

&RPLVVmR ,QWHUPLQLVWHULDO GH $OWR 1tYHO

(ODV VmR GHVHQKDGDV FRP FDSDFLGDGH

FRQWHPSODGDV SHOR 7UDWDGR &RQVWLWXFLRQDO

&,0,1 HVWDEHOHFH R TXDGUR GH DFWXDomR

SDUD DFWXDUHP QXP FtUFXOR FRP UDLR GH

GD 8QLmR (XURSHLD DLQGD TXH FRP PHQRU

GR (8%* EHP FRPR DV VXDV PLVV}HV H

.P H FXMR FHQWUR p %58;(/$6

SUREDELOLGDGH GH HPSUHJR

iUHDV GH HPSUHJR

SRGHQGR QR HQWDQWR VHU HPSUHJXHV HP

$Fo}HV FRQMXQWDV HP PDWpULD GH

HVWUXWXUD GH RUJDQL]DomR GH IRUoDV

GHVWDV IRUoDV SDUD XPD GDGD iUHD SUHYr XP SUp DYLVR 1RWLFH WR PRYH ² 170 GH SHUtRGRV

0LVV}HV

GH

DFRQVHOKDPHQWR

DVVLVWrQFLD HP PDWpULD PLOLWDU 0LVV}HV GH SUHYHQomR GH FRQIOLWRV

D GLDV 2V

GH

HPSHQKDPHQWR

(VWH %DWWOHJURXS SDUD DOpP GD SDUWLFLSDomR GH 3RUWXJDO FRQWD WDPEpP

GHVDUPDPHQWR

TXDOTXHU ORFDO D QtYHO JOREDO $ SURMHFomR

/XWD FRQWUD R WHUURULVPR

H

FRP D SDUWLFLSDomR GD )UDQoD GD (VSDQKD H ,WiOLD 2 DSURQWDPHQWR SDUD R %DWWOHJURXS p H[HFXWDGR HP )DVHV

9,5,$726 _


EDWDOKmRLQIDQWDULD

)DVH QDFLRQDO GH -XO 'HF )DVH PXOWLQDFLRQDO GH -DQ -XQ )DVH GH 6WDQG E\ GH -XO 'HF 2 %DWDOKmR ,QIDQWDULD SDUD R %DWWOH

PRUWHLURV SHVDGRV DFLPD PHQFLRQDGRV (37 FRQVWLWXL H FHGH XP SHORWmR GH WUDQVPLVV}HV

9LDWXUD EOLQGDGD 3DQGXU H[ OLEULV

&RQYHQFLRQDO WUHLQR 2ULHQWDGR SDUD D

$ 'LUHFomR GH 6D~GH FRQVWLWXL H FHGH XP PyGXOR VDQLWiULR

0LVVmR H TXH FXOPLQD FRP XPD $YDOLDomR (QWUH H GH 2XWXEUR GH D

*URXS GD 8QLmR (XURSHLD WHP SRU EDVH R %DWDOKmR GH ,QIDQWDULD GD %ULJDGD

(VWH WUHLQR REHGHFH D XP SURJUDPD TXH HQJORED XP 1LYHODPHQWR WUHLQR

&$7 SDUWLFLSRX QR H[HUFtFLR 67$57 TXH 2 %DWDOKmR GH ,QIDQWDULD H R (8%*

GHFRUUHX HP VLPXOWkQHR FRP R 25,21

GR HTXLSDPHQWR SULQFLSDO GD &$W 7UHLQR RSHUDFLRQDO XP SRVWR GH FRQWUROR

([HUFtFLR GH

GH ,QWHUYHQomR R TXDO SRU VXD YH]

(P -XQKR GH R 5, UHFHEHX

0DLV WDUGH GH 129 D '(&

FRQVWLWXL R HQFDUJR RSHUDFLRQDO GR 5,

D PLVVmR GH FRQVWLWXLU XPD FRPSDQKLD

D &$7 SHUPDQHFHX QR 5, FRP R

9LOD 5HDO &RQWXGR QmR IRL SRVVtYHO

GH DWLUDGRUHV FRPSOHWD HP SHVVRDO H

LQWXLWR GH FRQFHQWUDU WRGR R HIHFWLYR

9LDWXUDV ORJtVWLFDV

HYLWDU R UHFXUVR D VXEXQLGDGHV GD

PDWHULDO SDUD FHGrQFLD DR %DWDOKmR GH

H PHLRV PDWHULDLV GR %, 1D IDVH

GD &RPSDQKLD

%ULJDGD GH ,QWHUYHQomR %ULJ,QW H D

,QIDQWDULD GHVWLQDGR DR (8%* 3DUD WDO

ILQDO

RXWUDV XQLGDGHV HVWDEHOHFLPHQWRV H

FRP EDVH QD &RPSDQKLD GH $WLUDGRUHV

GHFRUUHX R ([HUFtFLR $48,/$ H HP

yUJmRV GR ([pUFLWR QmR GHSHQGHQWHV GD

GR %DWDOKmR GH ,QIDQWDULD UHRUJDQL]RX

VLPXOWkQHR D DYDOLDomR GDV IRUoDV SHOD

%ULJ,QW SDUD FRPSOHWDU HVWH EDWDOKmR

R HIHFWLYR GLVSRQtYHO SDUD FRQVWLWXLU D

,QVSHFomR *HUDO GR ([HUFLWR ,*( SDUD

FXMR HIHFWLYR RUJkQLFR p GH PLOLWDUHV

&$7 %, %* (5) ² HVWD WDUHID H[LJLX D

YDOLGDU R WUHLQR PLQLVWUDGR GXUDQWH R

(P WHUPRV JHUDLV DV XQLGDGHV GH

WUDQVIHUrQFLD GH PLOLWDUHV GDV GLYHUVDV

DSURQWDPHQWR QDFLRQDO

RULJHP TXH FRQWULEXHP FRP IRUoDV SDUD

VXEXQLGDGHV GR 5,

R %DWDOKmR GR (8%* VmR DV VHJXLQWHV

GHVWH

SHUtRGR

'(&

2 3HUtRGR GH 7UHLQR 0XOWLQDFLRQDO

$ &$7 %, %* (5) p FRQVWLWXtGD SRU

LQLFLDGR HP -$1 GHYHUi SURORQJDU

2 5, FRQVWLWXL R &RPDQGR H

&RPDQGR H 6HFomR GH &RPDQGR

VH DWp -81 FRPXP DR %, H 16( 2

(VWDGR PDLRU GR %DWDOKmR GH ,QIDQWDULD

3HORW}HV GH $WLUDGRUHV 6HFomR GH

LQWXLWR p UHDOL]DU WUHLQR FRPELQDGR SDUD

GXDV FRPSDQKLDV GH DWLUDGRUHV XP

7UDQVPLVV}HV H 6HFomR &DQKmR 7HP

PDQWHU H DSHUIHLoRDU DV FDSDFLGDGHV

SHORWmR GH PDQXWHQomR H XP SHORWmR

XP HIHFWLYR GH PLOLWDUHV RILFLDV

DGTXLULGDV QD IDVH QDFLRQDO DWUDYpV GD

GH UHDEDVWHFLPHQWR H WUDQVSRUWHV H XP

VDUJHQWRV H SUDoDV H GR HIHFWLYR

H[HFXomR GH H[HUFtFLR GH SURQWLGmR

SHORWmR DQWL FDUUR

WRWDO VHLV PLOLWDUHV VmR GR VH[R IHPLQLQR

$ -8/ H GXUDQWH RV PHVHV

5, FRQVWLWXL H FHGH XPD FRPSDQKLD

1R SHUtRGR GH -8/ D

VHJXLQWHV GHFRUUHUi R 3HUtRGR GH

GH DWLUDGRUHV SDUD FRQVWLWXLU D

&$7 FRQFHQWURX VH QR 5, SDUD

(PSUHJR RX 6WDQG E\ ² GXUDQWH HVWH

&RPSDQKLD GH $WLUDGRUHV GR %DWDOKmR

SURFHVVDPHQWR

H

SHUtRGR H FDVR QmR VHMDP SURMHFWDGDV

GH ,QIDQWDULD

LQWHJUDomR RSHUDFLRQDO FRP R REMHFWLYR

SDUD QHQKXPD RSHUDomR UHDO DV IRUoDV

GH

DVSHFWRV

YmR SURVVHJXLU FRP R WUHLQR RSHUDFLRQDO

DGPLQLVWUDWLYRV H HIHFWXDU R OHYDQWDPHQWR

SDUD PDQWHU R QtYHO GH SURQWLGmR DR

5& FRQVWLWXL H FHGH XPD FRPSDQKLD

GH QHFHVVLGDGHV GH IRUPDomR WHQGR GH

ORQJR GR TXDO SODQHLDP H GHVHQYROYHP

GH DSRLR GH FRPEDWH SDUD D TXDO

LPHGLDWR LQLFLDGR R 3HUtRGR GH 7UHLQR

WRGDV DV WDUHIDV LQHUHQWHV D XPD HYHQWXDO

FRQWULEXHP RV SHORW}HV DQWL FDUUR H GH

1DFLRQDO

SURMHFomR DWp '(&

5$$$ FRQVWLWXL H FHGH XP SHORWmR GH PRUWHLURV SHVDGRV

_ 9,5,$726

FRRUGHQDU

DGPLQLVWUDWLYR WRGRV

RV

FHUWLILFDomR QDFLRQDO

GH DWLUDGRUHV 2 WUHLQR RSHUDFLRQDO IRL FRQMXJDGR FRP PHLRV DpUHRV


OBJECTIVO: QUALIDADE

Qta. do Salgueiro, Lt. 11 Esculca – 3500-421 Viseu Tel.: (+351) 232 424 258 Fax: (+351) 232 441 802 tipbeiraalta@tipbeiraalta.com www.tipbeiraalta.com


F I\^`d\ekf [\ @e]XekXi`X (+%%%

Zi\jZ\l

<d F]`Z`f [\ ),$('$)'',# [`i`^`[f Xf <odf J\e_fi ;`i\Zkfi >\iXc [\ @e]iX$<jkilkliXj [f D;E# f HlXik\c D\jki\ >\e\iXc :fdXe[Xek\ [X Cf^ jk`ZX Zfej`[\ifl È¿ f GIy;@F D@C@K8I '(-& M`j\l Zfdf XYXk`[f Xf ZX[Xjkif# gfi `ek\^iX f [X jlX }i\X ef GIy;@F D@C@K8I '(*&M`j\l%É

2 SUpGLR PLOLWDU p XPD SDUFHOD GH WHUUHQR TXH FRQILQD

$V WUDQVIRUPDo}HV HP FXUVR QR ([pUFLWR H D DFWXDOL]DomR

FRP R PXUR SHULIpULFR QR OLPLWH 1RUWH GR TXDUWHO MXQWR

GD GHILQLomR GDV LQVWDODo}HV QHFHVViULDV OHYDUDP D TXH VH

j $YHQLGD GR 5HJLPHQWR GH ,QIDQWDULD ILJ H WHYH

GHL[DVVH GH FRQVLGHUDU WDO LPyYHO FRPR GLVSRQLELOL]DGR

RULJHP SRU FHGrQFLD H UHYHUVmR GH WHUUHQRV FHOHEUDGD HP

SDVVDQGR D LQWHJUDU VH D VXD iUHD QR SUpGLR PLOLWDU

HVFULWXUD S~EOLFD D GH -XQKR GH QHVWD FLGDGH GH

9LVHX TXH OKH p FRQWtJXR H TXH p VHGH GR 5,

9LVHX HQWUH R UHSUHVHQWDQWH Pi[LPR GD DXWDUTXLD YLVHHQVH QD DOWXUD H R (VWDGR

,PSXQKD VH SRUWDQWR SODQHDU DV REUDV DGHTXDGDV SRU IRUPD D TXH HVWH WHUUHQR SDVVDVVH D HVWDU GHQWUR GD

2 WHUUHQR FHGLGR HUD j GDWD GRV IDFWRV FRQVWLWXtGR SRU

SHULIHULD QmR Vy SRUTXH WDO FRPR HVWDYD D PDQXWHQomR

GRLV DUWLJRV FRP XPD iUHD GH FHUFD GH P H XP

GR WHUUHQR ² OLPSH]D H FRQVHUYDomR HQWHQGD VH ²

YDORU GH (XURV QD PRHGD DFWXDO 1D

LPSXQKD GLILFXOGDGHV DFUHVFLGDV DR 5HJLPHQWR PDV

WURFD H SHUPXWD GH WHUUHQRV R (VWDGR UHFHEHX DLQGD XP

WDPEpP SRUTXH HVWDQGR QR H[WHULRU GD iUHD PXUDGD QmR

YDORU PRQHWiULR GH (XURV

FRQVHJXLULD GDU VH OKH D XWLOLGDGH SUHWHQGLGD DOpP GH

2 HVSDoR GLVSRQLELOL]DGR HUD GHVWLQDGR j FRQVWUXomR GD 6XFXUVDO GD 0DQXWHQomR 0LOLWDU HP 9LVHX D TXDO QXQFD FKHJRX D VHU FRQVWUXtGD WHQGR SDVVDGR D IXQFLRQDU HP LQVWDODo}HV QR LQWHULRU GR TXDUWHO

HVWDU D FRQVWLWXLU XP HOHPHQWR SHUWXUEDGRU GD HVWpWLFD SDLVDJtVWLFD GD DYHQLGD FRP D TXDO FRQIURQWD (IHFWXDGR R OHYDQWDPHQWR WRSRJUiILFR H HODERUDGR R SURMHFWR SHOD (QJHQKDULD 0LOLWDU IRL FRQFHGLGR SHOR

2 ([pUFLWR HP GH -XQKR GH GLVSRQLELOL]RX SDUD

&RPDQGR GD /RJtVWLFD XP FUpGLWR HVSHFLDO TXH SHUPLWLX

D FHVVmR GHILQLWLYD H RQHURVD j &kPDUD 0XQLFLSDO GH 9LVHX

TXH VH GHVVH FRUSR j LQWHJUDomR HIHFWLYD GR ´WHUUHQR GD

R UHIHULGR SUpGLR PLOLWDU QmR WHQGR HVWD SRU DXVrQFLD GH

0DQXWHQomR 0LOLWDUµ QR ´5, µ $VVLP D GH 2XWXEUR GH

UHVSRVWD PDQLIHVWDGR LQWHUHVVH

DV PiTXLQDV GD (QJHQKDULD LUURPSHUDP SHOD 3RUWD

_ 9,5,$726


9LVWD DpUHD GR SHUtPHWUR GR TXDUWHO GRV 9LULDWRV $ OLQKD DPDUHOD QR TXDGUDQWH LQIHULRU GLUHLWR LQGLFD R QRYR WUDoDGR GR PXUR SHULIpULFR $VSHFWR GR WHUUHQR DJRUD HQJOREDGR GXUDQWH D REUD 2 &RPDQGDQWH GR 5HJLPHQWR YHULILFD R DQGDPHQWR GRV WUDEDOKRV

GH $UPDV H GHUDP LQLFLR j REUD GH GHUUXEH H FRQVWUXomR

p XPD XQLGDGH TXH WHP GHVWDFDGR FRQWLQJHQWHV SDUD R

GH QRYR PXUR GH OLPLWDomR TXH SHUPLWLUi DR 5HJLPHQWR

/tEDQR WHDWUR GH RSHUDo}HV RQGH PXLWDV GDV WDUHIDV TXH

QR IXWXUR HIHFWXDU XP RUGHQDPHQWR GLIHUHQWH GDV DFWXDLV

WrP VLGR FRPHWLGDV j (QJHQKDULD 0LOLWDU SRUWXJXHVD WrP

LQVWDODo}HV

VLGR GHVWH WLSR H PDLV LPSRUWDQWH FXMR GHVHPSHQKR QR

$R OHYDU D FDER HVWD REUD R ([pUFLWR H R 5HJLPHQWR

WHUUHQR OKHV WHP PHUHFLGR UDVJDGRV HORJLRV GD SDUWH GDV

GH ,QIDQWDULD YrP WDPEpP GDU UHVSRVWD D XP YHOKR

GLIHUHQWHV DXWRULGDGHV SROtWLFDV H PLOLWDUHV LQWHUQDFLRQDLV

DQVHLR GD &kPDUD 0XQLFLSDO GH 9LVHX D TXDO GH Ki

QDTXHOH SDtV

PXLWR SUHWHQGLD YHU HVWD iUHD HPEHOH]DGD UHFRQKHoD

$V REUDV OHYDGRV HIHLWR SHORV PLOLWDUHV GH (QJHQKDULD GR

VH ² R WHUUHQR WDO FRPR HVWDYD SUHMXGLFDYD D KDUPRQLD

5( WrP GHFRUULGR D XP ULWPR DSUHFLiYHO QmR REVWDQWH

XUEDQtVWLFD GR ORFDO H TXDQGR FRQFOXtGR SURSRUFLRQDUi

DV GLILFXOGDGHV TXH HQIUHQWDP R YROXPH GH WHUUDV

HVSDoR GH HVWDFLRQDPHQWR DFUHVFLGR SDUD RV PLOLWDUHV GR

UHPRYLGR H D HQRUPH TXDQWLGDGH GH PDWHULDLV QHFHVViULRV

5HJLPHQWR HYLWDQGR D RFXSDomR GH OXJDUHV QD YLD S~EOLFD

j FRQVHFXomR GRV WUDEDOKRV H DLQGD R WHPSR LQYHUQRVR H

TXH DVVLP ILFDUmR GLVSRQtYHLV SDUD D SRSXODomR

IULR SUySULR GDV WHUUDV %HLUmV TXH WrP SRVWR j SURYD D VXD

,QLFLDGDV Mi HP 2XWXEUR DV REUDV WrP VLGR H[HFXWDGDV

FDSDFLGDGH GH WUDEDOKR 7rP VHJXUDPHQWH H[HFXWDGR XP

SRU HOHPHQWRV GD &RPSDQKLD GH &RQVWUXo}HV GR 5HJLPHQWR

H[FHOHQWH WUDEDOKR H PRVWUDP SRU Fi D UD]mR SRUTXH WrP

GH (QJHQKDULD (VSLQKR DSURYHLWDQGR VLQHUJLDV

PHUHFLGR HORJLRV Oi IRUD 6HQGR FHUWR TXH QR PRPHQWR HP

H[LVWHQWHV QR ([pUFLWR ² D XQLGDGH H[HFXWDQWH GHVWD IRUPD

TXH HVWD UHYLVWD IRU GDGD j HVWDPSD Mi DV REUDV H[WHUQDV

XWLOL]D XPD QHFHVVLGDGH UHDO SDUD D H[HFXomR GH WUHLQR

HVWDUmR FRQFOXtGDV SRGHPRV GHVGH Mi DILUPDU TXH« R 5,

RSHUDFLRQDO DR VHX SHVVRDO VHP FXVWRV DFUHVFLGRV SDUD

FUHVFHX

R ([pUFLWR /HPEUHPR QRV TXH R 5HJLPHQWR GH (QJHQKDULD

2V ´9LULDWRVµ DJUDGHFHP DR 5HJLPHQWR GH (QJHQKDULD

9,5,$726 _


F I<:ILK8D<EKF

(0(( $ )'((

:<EK<EÝI@F ;F :<EKIF ;< I<:ILK8D<EKF ;< M@J<L

$VSHFWR GD HQWUDGD GH DFHVVR DR &59 QD 5XD 'LUHLWD HP 9LVHX

J\im` fj [\ I\ZilkXd\ekf Xljk\iX \ `dgXiZ`Xcd\ek\ \o\Zlk}m\`j# j f f e`Zf Xc`Z\iZ\ j c`[f [\ ldX YfX Zfejk`kl` f [X =fi X D`c`kXiÉ GfikXi`X [\ )+8^f(//,# )%± I\gXik` f [X J\Zi\kXi`X [\ <jkX[f [fj E\^ Z`fj [X >l\iiX

_ 9,5,$726

$V )RUoDV $UPDGDV VmR XP LQVWUXPHQWR HVVHQFLDO GD JDUDQWLD GD VREHUDQLD GR (VWDGR H

/HL Q GH 1RY 5/60 R 6(1 IRL H[WLQWR HP GH 1RYHPEUR GH

GD VDOYDJXDUGD GRV LQWHUHVVHV QDFLRQDLV 1HVWH

$ IXQomR UHFUXWDPHQWR GH XP ([pUFLWR GH

VHQWLGR D VXD FDSDFLGDGH RSHUDFLRQDO GHYH

QDWXUH]D YROXQWiULD LPS}H R GHVHQYROYLPHQWR

HVWDU HP FRQVRQkQFLD FRP DV RSo}HV GD SROtWLFD

GH SURFHVVRV GH DWUDFomR H HVFROKD FRPSOH[RV

H[WHUQD H GH GHIHVD UHIOHFWLQGR D YRQWDGH

FRPSDUDWLYDPHQWH GLIHUHQWHV HP UHODomR j

QDFLRQDO $ DGDSWDomR GD VXD FRPSRQHQWH

QDWXUH]D REULJDWyULD GR VHUYLoR PLOLWDU 2

RSHUDFLRQDO j HYROXomR GR FRQWH[WR GH VHJXUDQoD

([pUFLWR H RV LQGLYtGXRV QR VHUYLoR PLOLWDU

LQWHUQDFLRQDO GH IRUPD D UHVSRQGHU FRP HILFiFLD

SURILVVLRQDOL]DQWH GHYHUmR HVWDU HQJDMDGRV

H SURQWLGmR QRPHDGDPHQWH jV VLWXDo}HV GH

QXP SURFHVVR FRQWLQXDGR GH DWUDFomR HQWUH

LQVWDELOLGDGH RX FRQIOLWR TXH SRVVDP RFRUUHU

XQV H RXWURV $TXL UHVLGH D SULQFLSDO GLIHUHQoD

p XP LPSHUDWLYR QDFLRQDO TXH UHVXOWD WDPEpP

HQWUH RV PRGHORV GH RUJDQL]DomR HP TXHVWmR

GRV FRPSURPLVVRV DVVXPLGRV QR TXDGUR

QR VLVWHPD FRQVFULWR RQGH H[LVWH REULJDomR QR

GDV RUJDQL]Do}HV H DOLDQoDV HP TXH 3RUWXJDO

VLVWHPD SURILVVLRQDOL]DQWH H[LVWH DWUDFomR

HVWi LQVHULGR 7HQGR HP FRQWD R QRYR PRGHOR

1R ([pUFLWR SURILVVLRQDO QDGD GHYH VHU

RUJDQL]DFLRQDO GHFRUUHQWH GD SURILVVLRQDOL]DomR

GHVFXUDGR HP WHUPRV GH LPDJHP S~EOLFD QHP D

IRL QHFHVViULR HVWDEHOHFHU XP 6LVWHPD GH

VXD LPDJHP FRPR XP WRGR QHP D LPDJHP TXH

5HFUXWDPHQWR &RQYRFDomR H 5HTXLVLomR GH

FDGD 8QLGDGH WHP RX R VHX FRPDQGDQWH RX RV VHXV

UHFXUVRV KXPDQRV TXH RSWLPL]DVVHP D DFWXDO

RILFLDLV VDUJHQWRV H SUDoDV WrP ORFDO UHJLRQDO RX

/HL GR 6HUYLoR 0LOLWDU

PHVPR QDFLRQDOPHQWH 3RU RXWUR ODGR R ([pUFLWR

(P IDFH GD SXEOLFDomR GD /HL GR 6HUYLoR

D 0DULQKD H D )RUoD $pUHD VmR RUJDQL]Do}HV TXH

0LOLWDU /HL Q GH 6HW /60 H GR

SRGHP SDUWLOKDU HVWDQGR HP FRQFRUUrQFLD R

5HJXODPHQWR GD /HL GR 6HUYLoR 0LOLWDU 'HFUHWR

PHVPR PHUFDGR GH LQGLYtGXRV SRWHQFLDOPHQWH


´

Ef <o iZ`kf gif]`jj`feXc eX[X [\m\ j\i [\jZliX[f \d k\idfj [\ `dX^\d g Yc`ZX# e\d X jlX `dX^\d Zfdf ld kf[f# e\d X `dX^\d hl\ ZX[X Le`[X[\ k\d fl f j\l ZfdXe[Xek\ fl fj j\lj f]`Z`X`j#

jXi^\ekfj \ giX Xj k d cfZXc# i\^`feXc fl d\jdf eXZ`feXcd\ek\

µ

2 &59 QD IHLUD GH 6 0DWHXV 8PD GDV PLVV}HV GR &59 ² GLYXOJDU R ([pUFLWR 7XUPD GR HQVLQR VHFXQGiULR HP YLVLWD DR &59 5HFROKD GH GDGRV GH SRVVtYHLV YROXQWiULRV

LQWHUHVVDGRV 7DO FRPR QmR VH SRGH HVTXHFHU TXH

TXH QmR VHUmR DOKHLRV RV LGHDLV UHSXEOLFDQRV

VXUJLU HP VXEVWLWXLomR R GH 7URSDV 7HUULWRULDLV

R ([pUFLWR DR UHFUXWDU HVWi WDPEpP QR PHUFDGR

DFLFDWDGRV SHOD FULVH GR 0DSD &RU GH 5RVD

H 7URSDV /LFHQFLDGDV FRP RV FRQVHTXHQWHV

GH UHFXUVRV KXPDQRV D FRQFRUUHU FRP RXWURV

YHUGDGHLUR JULWR GH HPDQFLSDomR GD LQIOXrQFLD

(VFDO}HV GH 0RELOL]DomR ILFRX DEHUWD D SRUWD

HPSUHJDGRUHV WRGRV HOHV YRWDGRV DR PHVPR

LQJOHVD TXH QRV OHYDUi i FULDomR GH XP ([pUFLWR

SDUD D FULDomR GRV 'LVWULWRV GH 5HFUXWDPHQWR H

SULQFtSLR GD HVFROKD GRV PHOKRUHV LQGLYtGXRV

PRGHUQR H DVVHQWH QXP SUHVVXSRVWR GH XP

0RELOL]DomR '50

1HVWD PHGLGD R ([pUFLWR FRQFRUUH FRP

VHUYLoR j 1DomR

HPSUHVDV DVVRFLDo}HV XQLYHUVLGDGHV HVFRODV DGPLQLVWUDomR S~EOLFD HWF 0DV DV DFWLYLGDGHV GR UHFUXWDPHQWR VmR XP

&RPR FRQVHTXrQFLD HP DWUDYpV GR

6XUJHP DVVLP OLJDGRV D HVWD QRYD

GHFUHWR SXEOLFDGR QD 2( Q GH GH

PHQWDOLGDGH RV yUJmRV GHVWLQDGRV D UHFUXWDU H

2XWXEUR p FULDGR R 'LVWULWR GH 5HFUXWDPHQWR H

D PDQWHU XP FRQMXQWR GH HIHFWLYRV

0RELOL]DomR Q KHUGHLUR OHJtWLPR H VXEVWLWXWR

SURFHVVR HP FRQWtQXD HYROXomR 2 UHFUXWDPHQWR

(P SHUDQWH D QRYD ´ OHL GR 5HFUXWDPHQWR

GHYH VHU XP FDPSR GH HVWXGR SHUPDQHQWH

SDUD R ([pUFLWRµ DSURYDGD SRU 'HFUHWR GH

GR '55 Q

GDV UHODo}HV HQWUH R ([pUFLWR H R PHUFDGR GH

GH 0DUoR ILFRX HVWDEHOHFLGR TXH R 3DtV VH

FXPSULPHQWR

UHFXUVRV KXPDQRV GDV IRQWHV GH UHFUXWDPHQWR

GLYLGLD HP FLUFXQVFULo}HV GH 'LYLVmR FDGD XPD

GLVSRVLWLYR PLOLWDU LPSRVWD SHOR 'HFUHWR

GR SURFHVVR GH UHFUXWDPHQWR GR DPELHQWH GH

GHODV FRP TXDWUR 'LVWULWRV GH 5HFUXWDPHQWR

OHL GH GH )HYHUHLUR p H[WLQWR SHOR

UHFUXWDPHQWR

VHQGR TXH D FDGD XP GHOHV FRUUHVSRQGLD XP

'HVSDFKR 0'1 GH GH -XQKR GR 0'1

$ HYROXomR KLVWyULFD UHJLVWD D HYROXomR

5HJLPHQWR GH ,QIDQWDULD DFWLYR RXWUR GH 5HVHUYD

R '509LVHX H HP VXD VXEVWLWXLomR p FULDGR SHOR

GR 6HUYLoR 0LOLWDU GHVGH R 5HFUXWDPHQWR GH

H RXWURV GH 7URSDV GH 5HVHUYD H 7HUULWRULDO

'HVSDFKR 0'1 GH -XQKR GR 0'1 R

PHUFHQiULRV TXH SUHVLGLX i IRUPD GH FRQVWLWXLomR

QXP Q~FOHR GH %DWDOK}HV GH 5HVHUYD 7HUULWRULDO

&HQWUR GH 5HFUXWDPHQWR GH 9LVHX &5HFU9LVHX

GRV ([pUFLWRV GXUDQWH PXLWRV VpFXORV DWp i

SDVVDQGR RV 'LVWULWRV GH 5HFUXWDPHQWR D WHU

TXH VH PDQWHYH QDV PHVPDV LQVWDODo}HV

DGRSomR GR 6HUYLoR 0LOLWDU REULJDWyULR QD

R PHVPR QXPHUR TXH RV 5HJLPHQWRV DFWLYRV

VHTXrQFLD GD 5HYROXomR )UDQFHVD

FRUUHVSRQGHQWHV

(P IDFH i QHFHVVLGDGH GH GDU i

QRYD

UHRUJDQL]DomR

GR

1R TXH FRQFHUQH i SROLWLFD GH 'HIHVD 1DFLRQDO DV PXGDQoDV IXQGDPHQWDLV HP

$ SDUWLU GDTXL DOWHUDP VH RV GDGRV

&RP HVWD UHIRUPD SRVWD HP H[HFXomR

WHUPRV GH ULVFRV H DPHDoDV TXH RFRUUHP QR

GH 5HFUXWDPHQWR XPD YH] TXH VXUJH D

SHOR 'HFUHWR OHL GH GH 0DLR DSDUHFHX SHOD

FRQWH[WR LQWHUQDFLRQDO QRV ~OWLPRV DQRV H[LJHP

LPSRUWkQFLD GR UHFHQVHDPHQWR PLOLWDU GD

SULPHLUD YH] R ''5 Q VHGLDGR HP 9LVHX HP

XP 6LVWHPD GH 5HFUXWDPHQWR TXH DVVHJXUH

SRSXODomR PDVFXOLQD FRPR EDVH IXQGDPHQWDO

LQVWDODo}HV DQH[DV DR 5HJLPHQWR GH ,QIDQWDULD

D

QD GLQDPL]DomR GR SURFHVVR GH IRUPDomR GRV

Q QR &RQYHQWR GRV )UDGHV &DSXFKRV

TXDOLILFDGRV H D FDSDFLGDGH GH HPSHQKDPHQWR

([pUFLWRV (P 3RUWXJDO H DSHVDU GDV YiULDV UHRUJDQL]Do}HV

&RPSRUWDYD FRQFHOKRV GRV TXDLV VmR UHWLUDGRV DR ''5 Q GH 6DQWD &RPED 'mR

GLVSRQLELOLGDGH

GH

UHFXUVRV

KXPDQRV

GH HIHFWLYRV PLOLWDUHV QmR Vy QD GHIHVD PLOLWDU GD 5HSXEOLFD PDV WDPEpP HP PLVV}HV IRUD GR

TXH DR ORQJR GRV WHPSRV R ([pUFLWR VRIUHX p

&RP D SXEOLFDomR HP GD ´/HL

HVSDoR WHUULWRULDO QD SUHYHQomR GH FRQIOLWRV RX

SUDWLFDPHQWH D SDUWLU GH PHDGRV GR 6HF ;,;

GR 5HFUXWDPHQWR H 6HUYLoR 0LOLWDUµ H R

GH JHVWmR H UHVROXomR GH FULVHV QR kPELWR GD

TXH FRPHoD XPD WUDQVIRUPDomR SURIXQGD D

GHVDSDUHFLPHQWR GR FRQFHLWR GH 5HVHUYD SDUD

SROLWLFD H[WHUQD H FRRSHUDomR PXOWLODWHUDO

9,5,$726 _


Gi\j\imX f \ [`mlc^X f [X ?`jk i`X [\ kf[fj e j $ F E Zc\f dlj\fc ^`Zf [fj ÈM`i`XkfjÉ $ 1mR VDEHPRV VH p GRV HVSDoRV PDLV YLVLWDGRV HP 9LVHX

UHSUHVHQWDGD HP FDGD VDOD ² p XPD YHUGDGHLUD SDOHVWUD GH

² SURYDYHOPHQWH QmR 0DV p VHJXUDPHQWH R PDLV YLVLWDGR

KLVWyULD QRUPDOPHQWH DFRPSDQKDGD FRP JUDQGH LQWHUHVVH

GR TXDUWHO

SHODV DXGLrQFLDV D TXHP VmR DSUHVHQWDGRV DVSHFWRV TXH

*UXSRV HVFRODUHV PXLWRV DFRPSDQKDGRV GH SURIHVVRUHV

QRUPDOPHQWH VmR GHVFRQKHFLGRV GR JUDQGH S~EOLFR H HVWD p

DVVRFLDo}HV FXOWXUDLV DVVRFLDo}HV GHVSRUWLYDV H UHFUHDWLYDV

D JUDQGH PDLV YDOLD GR QRVVR Q~FOHR ,VWR p DOJR TXH WRGDV

ODUHV FLGDGmRV LVRODGRV HQILP GH WXGR XP SRXFR ² DR

DV XQLGDGHV GR ([pUFLWR GHYLDP WHU ID]HU GHVHQYROYHU H

ORQJR GH IRUDP FHUFD GH YLVLWDQWHV« XP Q~PHUR

HVWLPXODU 3RUTXH p DTXL TXH D KLVWyULD p YHUGDGHLUDPHQWH

VLJQLILFDWLYR VH SHQVDUPRV TXH R HIHLWR LQWLPLGDWyULR GH XP

GDGD D FRQKHFHU H GLYXOJDGD

PXUR H XPD SRUWD GH DUPDV GLVVXDGH PXLWD JHQWH GH DTXL

0HUHFH XPD PHQomR HVSHFLDO R IDFWR GH R HQULTXHFLPHQWR

YLU QmR REVWDQWH D LQVLVWHQWH SXEOLFLGDGH TXH VH WHP IHLWR

GR DFHUYR GHSHQGHU HP H[FOXVLYR GD FRPXQLGDGH FLYLO« H p

DR HVSDoR

FRP DJUDGiYHO VXUSUHVD TXH DR ORQJR GH YLPRV HVWD

2 HVSDoR PXVHROyJLFR GR 5, HVWi GLYLGLGR HP VDODV

FROHFomR FUHVFHU VLJQLILFDWLYDPHQWH UHFHEHPRV GRDo}HV GH

TXH SURFXUDP UHWUDWDU RV SHUtRGRV PDLV PDUFDQWHV GD

DUPDV PXVHROyJLFDV GH REMHFWRV H GRFXPHQWRV UHODFLRQDGRV

KLVWyULD GR UHJLPHQWR

FRP D JXHUUD GR XOWUDPDU GH XQLIRUPHV H PDWHULDO KRQRUtILFR

8PD SULPHLUD VDOD GHVGH D FULDomR GR 5HJLPHQWR DWp DR ILQDO GR VpFXOR ;,; ² QHP WXGR R TXH VH Oi HQFRQWUD p

GH H[ PLOLWDUHV Mi IDOHFLGRV PDQXVFULWRV WHVWHPXQKDLV D KLVWyULD FRQWDGD QD SULPHLUD SHVVRD« QmR WHP SUHoR

H[DFWDPHQWH GHVWH SHUtRGR PDV R PDLV LPSRUWDQWH R

7XGR LVWR HVWi H[SRVWR" ,QIHOL]PHQWH« QmR (VWDV FRLVDV

UHODWLYR jV FDPSDQKDV GDV JXHUUDV QDSROHyQLFDV p QHVWD

SDUD DV TXDLV Mi QmR Ki VXEVWLWXLomR VmR SRU GHPDLV GHOLFDGDV

VDOD TXH VH HQFRQWUD

H DV VDODV QmR GLVS}HP GDV FRQGLo}HV QHFHVViULDV 1mR

$ VDOD VHJXLQWH SUHWHQGH FREULU D , *UDQGH *XHUUD H WHP LJXDOPHQWH PXLWR TXH FRQWDU

H[LVWHP PDQHTXLQV SDUD H[SRU RV XQLIRUPHV QHP PROGXUDV DGHTXDGDV SDUD RV GRFXPHQWRV )DOWDP HVWDQWHV H YLWULQDV

$ WHUFHLUD VDOD p GHGLFDGD jV FDPSDQKDV GR XOWUDPDU

SDUD D H[SRVLomR« D VHX WHPSR GHYDJDU WXGR TXDQWR VHMD

H FRPHoD LJXDOPHQWH D UHFHEHU XPDV SHoDV UHODWLYDV j

UHOHYDQWH ² RX VHMD UHODFLRQDGR FRP R SDVVDGR GR ´ µ VHUi

SUHVHQoD GR 5, QDV PLVV}HV GH SD] ² HVWD VDOD p D TXH

GHYLGDPHQWH H[SRVWR

WHP R DFHUYR PDLV GH DFRUGR FRP R SHUtRGR UHWUDWDGR

4XHU LVWR GL]HU TXH Mi QmR WHPRV FRQGLo}HV SDUD UHFHEHU

(VWi HP IDVH GH GHVHQYROYLPHQWR XPD TXDUWD VDOD

PDLV PDWHULDO" $ UHVSRVWD p VHJXUDPHQWH QHJDWLYD +i PXLWD FRLVD TXH R

² DQWHFLSDGDPHQWH EDSWL]DGD FRPR ´6DOD 5LEHLUR $UWKXUµ

Q~FOHR PXVHROyJLFR GR 5, GHYHULD WHU H VLPSOHVPHQWH QmR

HVWD VDOD SUHWHQGH UHXQLU GRFXPHQWRV H REMHFWRV SHVVRDLV

WHP ² DUPDV GD pSRFD QDSROHyQLFD XQLIRUPHV GD , *XHUUD

GH ´9LULDWRVµ LOXVWUHV H WHPRV Mi GLVSRQtYHLV XP FRQMXQWR

0XQGLDO GH ÉIULFD H GR &(3 XQLIRUPHV GD pSRFD SUp

GRFXPHQWDO ULTXtVVLPR GH 5LEHLUR $UWKXU GHVFULWR QR

XOWUDPDULQD« H Ki VHPSUH HVSDoR SDUD RV GRFXPHQWRV«

Q~PHUR DQWHULRU GD 9LULDWRV H RXWURV REMHFWRV KRQRUtILFRV GH

TXDQWRV GLiULRV FRQWRV KLVWyULDV QmR HVWmR SRU Dt LJQRUDGRV

DQWLJRV PLOLWDUHV TXH SDVVDUDP SHODV QRVVDV ILOHLUDV

HP VyWmRV"

&DUYDOKLQKD H 6RXVD 'RDomR HP GH VXD YL~YD DR 5, 2 FRPDQGDQWH GR 5, &RURQHO -RmR 3RUWR H R &RURQHO FRPDQGDQWH GR 5, QXPD YLVWD DR 1~FOHR 0XVHROyJLFR GR 5, (VSDGD H FRQGHFRUDo}HV GR *HQHUDO +XJR 0DQXHO 5RGULJXHV GRV 6DQWRV GRDGDV SRU VL DR 5,

6HPSUH TXH R HVSDoR UHFHEH YLVLWDV GH JUXSRV

4XHP VDEH XP GLD WXGR LVVR YROWD j OX] H DMXGD j

SUHYLDPHQWH PDUFDGDV p GHVLJQDGR XP JXLD TXH FRQGX] D

FRQVWUXomR GD KLVWyULD ² QyV Fi HVWDUHPRV SDUD D H[LELU H

YLVLWD H H[SOLFD R FRQWH[WR PLOLWDU GD pSRFD RX FDPSDQKD

GLYXOJDU

_ 9,5,$726

GH ,QIDQWDULD -RVp /XtV

3HGUR (VJDOKDGR H[

GHGLFDGD QmR DR WHPSR PDV j PHPyULD GRV SURWDJRQLVWDV

(VSDGD GR &RURQHO

)DUGD GH JDOD GH FDSLWmR )LP GR VpF ;,;


FJ =LE>FJ < 8 G<C<

K`e_Xj fl [\idXkf]`k`Xj dX`j ]i\hl\ek\j $OIHUHV 5& 0pGLFD $QD 5LWD &DEUDO

1RWD SUpYLD D H[HPSOR GD SXEOLFDomR DQWHULRU D UHGDFomR GD UHYLVWD 9LULDWRV GHVDILRX R FRUSR FOtQLFR GR 5, D GHVHQYROYHU XP WHPD UHODFLRQDGR FRP DV SDWRORJLDV PDLV IUHTXHQWHV HQWUH R SHVVRDO GD FDVD H FXMD RULJHP UDGLTXH HP GHVFRQKHFLPHQWR VREUH FDXVDV SUHYHQomR H WUDWDPHQWR (VWH DUWLJR UHVSRQGH D HVVH GHVDILR

2V IXQJRV VmR PLFURUJDQLVPRV TXH LQFOXHP RV ERORUHV H DV

SRGHQGR FDXVDU R PHVPR WLSR FOtQLFR GH LQIHFomR HPERUD

OHYHGXUDV SRGHQGR DVVXPLU GLYHUVDV IRUPDV $V IRUPDV TXH

FDUDFWHULVWLFDPHQWH VH REVHUYH XP SUHGRPtQLR GH FHUWRV

SRGHPRV GLVWLQJXLU PDLV IDFLOPHQWH QR QRVVR TXRWLGLDQR VmR

IXQJRV HP GHWHUPLQDGDV ORFDOL]Do}HV /RFDOL]DP VH HP

DV IRUPDo}HV D]XLV H YHUGHV QDV ODUDQMDV OLP}HV H TXHLMRV DV

TXDOTXHU SRQWR GD SHOH FRXUR FDEHOXGR EDUED XQKDV YLULOKDV

IRUPDo}HV EUDQFDV RX DFLQ]HQWDGDV QR SmR H QR SUHVXQWR RV

iUHDV GH SHOH JODEUD SHOH VHP SrOR H SpV

FRJXPHORV QRV FDPSRV HQWUH RXWUDV )LJ

$ WLQKD GR FRXUR FDEHOXGR DWDFD JHUDOPHQWH DV FULDQoDV VHQGR UDUD QR DGXOWR e PXLWR FRQWDJLRVD VXUJLQGR QRUPDOPHQWH HP VXUWRV QDV HVFRODV FUHFKHV H LQIDQWiULRV VHQGR D WUDQVPLVVmR JHUDOPHQWH DWUDYpV GR FRQWDFWR LQWHUSHVVRDO RX FRP REMHFWRV FRQWDPLQDGRV FKDSpXV FDGHLUDV RX FRP DQLPDLV &DUDFWHUL]D VH SHOR DSDUHFLPHQWR GH iUHDV GR FRXUR FDEHOXGR HP TXH RV FDEHORV HVWmR SDUWLGRV D QtYHO GD VXSHUItFLH FXWkQHD FRP R

)LJ ² )XQJR H[LVWHQWH

DVSHFWR GH iUHDV ´VHP FDEHORµ GHVFDPDomR H ´FRPLFKmRµ SUXULGR FRPR SRGHPRV REVHUYDU QDV )LJ H

QD 1DWXUH]D

0XLWRV GHVWHV PLFURUJDQLVPRV H[LVWHP QD VXSHUItFLH GR FRUSR KXPDQR QXPD UHODomR VHP SUHMXt]R SDUD R +RPHP ID]HQGR SDUWH GD IORUD QRUPDO GD SHOH RX PXFRVDV H Vy HP FRQGLo}HV HVSHFtILFDV p TXH SRGHP FDXVDU LQIHFo}HV UDUDPHQWH JUDYHV HVWDV RFRUUHP VREUHWXGR HP LQGLYtGXRV FRP R VLVWHPD LPXQLWiULR GHELOLWDGR $V LQIHFo}HV KXPDQDV SURYRFDGDV SRU IXQJRV DV FKDPDGDV PLFRVHV KXPDQDV PDLV IUHTXHQWHV VmR JHUDOPHQWH VXSHUILFLDLV FDXVDGDV SRU IXQJRV TXHUDWLQRItOLFRV RUJDQLVPRV FDSD]HV GH SDUDVLWDU H PXOWLSOLFDU VH HP YiULDV HVWUXWXUDV GD SHOH HSLGHUPH FDPDGD PDLV VXSHUILFLDO GD SHOH FDEHOR H XQKDV 2 WLSR GH PDQLIHVWDo}HV p GLIHUHQWH FRQVRDQWH D iUHD GR FRUSR

)LJ )LJ

DWLQJLGD H SRGHP LU GHVGH OHV}HV FRP WRQDOLGDGH DYHUPHOKDGD

² 7LQKD GR

FRP GHVFDPDomR H SUXULGR FRPLFKmR DWp OHV}HV YHVLFXORVDV

FRXUR FDEHOXGR

SRU YH]HV FRP OLEHUWDomR GH OtTXLGR QRUPDOPHQWH TXDQGR RFRUUH VREUHLQIHFomR EDFWHULDQD RX OHV}HV UHVXOWDQWHV GR DFWR GH FRoDU TXH QmR Vy UHVXOWDP QD SURSDJDomR GD GRHQoD FRPR QD LQGXomR GH PDLV OHV}HV D FKDPDGD DXWR LQRFXODomR 1HVWH JUXSR GLVWLQJXHP VH DV GHUPDWRILWLDV RX WLQKDV XP WLSR SDUWLFXODU GH PLFRVHV UHODWLYDPHQWH IUHTXHQWH FRQWDJLRVDV TXH VmR SURYRFDGDV SRU IXQJRV GHUPDWyILWRV GH TXH VH GLVWLQJXHP WUrV JpQHURV 7ULFKRSK\WRQ 0LFURVSRUXP H (SLGHUPRSK\WRQ

$ WLQKD GD SHOH JODEUD RX WLQKD GR FRUSR SRGH VXUJLU HP TXDOTXHU LGDGH VHQGR D LPDJHP FDUDFWHUtVWLFD D ´LPSLJHPµ XPD PDQFKD DYHUPHOKDGD FRP GHVFDPDomR QD VXD SHULIHULD H WHQGrQFLD SDUD XP DVSHFWR GH FXUD FHQWUDO TXH WHQGH D FUHVFHU SDUD D SHULIHULD FRP SUXULGR DVVRFLDGR )LJ H 3RGHP WUDQVPLWLU VH DWUDYpV GD FRQWDPLQDomR GH RXWUDV SDUWHV GR FRUSR RX DWUDYpV GR FRQWDFWR FRP R VROR RX DQLPDLV FRQWDPLQDGRV

9,5,$726 _


RVIXQJRVHDSHOH

YH] TXH RV IXQJRV FDXVDGRUHV WrP D FDSDFLGDGH GH VREUHYLYHU QHVWHV DPELHQWHV VREUHWXGR VH KRXYHU FRQGLo}HV ySWLPDV GH FDORU H KXPLGDGH 2 Sp GH DWOHWD SRGH VHU DFRPSDQKDGR GH PLFRVHV GH RXWUDV SDUWHV GR FRUSR FRPR DV XQKDV GRV SpV YLULOKDV H PDLV UDUDPHQWH QRXWURV ORFDLV $ WLQKD LQJXLQDO p WDPEpP IUHTXHQWH SRGHQGR DVVRFLDU VH j ORFDOL]DomR QRV SpV $WLQJH JHUDOPHQWH D VXSHUItFLH LQWHUQD GDV FR[DV H YLULOKDV SURORQJDQGR VH DWp jV QiGHJDV FRP D )LJ ² 7LQKD GR FRUSR

)LJ ² 7LQKD GDV PmRV

GHVFDPDomR H SUXULGR DVVRFLDGRV 2 LQFyPRGR FDXVDGR SRU HVWD YDULDQWH SRGH FKHJDU D VHU LQFDSDFLWDQWH )LJ

$ WLQKD GD EDUED WDPEpP VH SRGH PDQLIHVWDU DWUDYpV GDV ´LPSLJHQVµ TXH VH SRGHP SURORQJDU DWp DR SHVFRoR H SRGHP PHVPR PDQLIHVWDU VLQDLV LQIODPDWyULRV YHUPHOKLGmR HGHPD H H[VXGDomR 7UDQVPLWHP VH DWUDYpV GH OkPLQDV FRQWDPLQDGDV RX GR FRQWDFWR FRP VROR RX DQLPDLV FRQWDPLQDGRV )LJ )LJ ² 7LQKD LQJXLQDO PLFRVH GDV YLULOKDV

$ WLQKD GDV XQKDV UHIHULGD FRUUHQWHPHQWH FRPR RQLFRPLFRVH WHP RULJHP JHUDOPHQWH QXPD XQKD PDLV XVXDOPHQWH GRV )LJ

SpV FRP DOWHUDomR GR VHX DVSHFWR QRPHDGDPHQWH GD FRU

² 7LQKD GD

FRP GHVFRODPHQWR IUDJPHQWDomR H HVSHVVDPHQWR GD XQKD

EDUED

XQKD HVSHVVD DPDUHOD (VWDV DOWHUDo}HV WrP JHUDOPHQWH XPD

$ WLQKD GRV SpV YXOJDUPHQWH FKDPDGD ´Sp GH DWOHWDµ p D IRUPD PDLV IUHTXHQWH GH LQIHFomR SRU HVWH JUXSR GH IXQJRV

HYROXomR DUUDVWDGD FRP H[WHQVmR jV RXWUDV XQKDV H PHVPR FRQWDPLQDomR GH RXWUDV ]RQDV GR FRUSR )LJ

H FDUDFWHUL]D VH SHOR DSDUHFLPHQWR GH OHV}HV HQWUH RV GHGRV GRV SpV FRP SUXULGR GHVFDPDomR H ILVVXUDV RX ´JUHWDVµ TXH SRGHP GDU DR GRHQWH XPD VHQVDomR GH DUGRU H TXHLPDGXUD )LJ H )LJ ² 7LQKD GDV XQKDV

$ FRQILUPDomR GRV GLYHUVRV WLSRV GH GHUPDWRILWLD SDVVD SHOD REVHUYDomR PpGLFD H FDVR VHMD QHFHVViULR SHOD FROKHLWD GH PDWHULDO LQIHFWDGR HVFDPDV GD VXSHUItFLH GD SHOH FRWRV GRV FDEHORV H IUDJPHQWRV GH XQKDV SDUD H[DPH GLUHFWR REVHUYDomR DR PLFURVFySLR RX FXOWXUD HP PHLRV DSURSULDGRV SDUD LGHQWLILFDomR GR IXQJR LPSOLFDGR 2 WUDWDPHQWR GRV GLYHUVRV WLSRV GH GHUPDWRILWLDV H[LJH )LJ ² 7LQKD GRV SpV

)LJ ² 7LQKD GDV PmRV $ IDOWD GH FXLGDGRV GH KLJLHQH SRGH OHYDU j SURSDJDomR GD PLFRVH FRP H[WHQVmR D RXWUDV ]RQDV GR FRUSR DV PmRV GHYHP VHU VHPSUH EHP ODYDGDV GHSRLV GH WRFDU QDV iUHDV DIHFWDGDV

(VWD GHVFDPDomR SRGH GHSRLV HVSDOKDU VH SDUD D SODQWD H GRUVR GRV SpV 0DLV UDUDPHQWH DV PDQLIHVWDo}HV SRGHP FRQVLVWLU QR DSDUHFLPHQWR GH SHTXHQLQDV EROKDV FRP iJXD RX S~V QD SODQWD GRV SpV QHVWH FDVR Mi DFRPSDQKDGDV JHUDOPHQWH GH VLQDLV GH LQIODPDomR FRPR D YHUPHOKLGmR (VWmR JHUDOPHQWH UHODFLRQDGDV FRP R FRQWiJLR HP EDOQHiULRV RX SLVFLQDV SURORQJDQGR VH SHOR XVR GH FDOoDGR DSHUWDGR H RFOXVLYR LVWR p TXH QmR ´UHVSLUDµ 7UDWD VH GH XPD LQIHFomR WUDQVPLWLGD KDELWXDOPHQWH GH SHVVRD D SHVVRD TXHU DWUDYpV GR FRQWDFWR GLUHFWR TXHU DWUDYpV GR VROR RX GH REMHFWRV FRQWDPLQDGRV XPD

_ 9,5,$726

IUHTXHQWHPHQWH

D

DSOLFDomR

ORFDO

GH

PHGLFDPHQWRV

DQWLI~QJLFRV GHULYDGRV D]yOLFRV FHWRFRQD]RO FORWULPD]RO HFRQD]RO WLRFRQD]RO VHUWDFRQD]RO WHUELQDILQD RX DPRUROILQD JHUDOPHQWH VRE D IRUPD GH FUHPHV H SRU YH]HV FRP GXUDomR DUUDVWDGD VHPDQDV D PHVHV FRPR p R FDVR GR WUDWDPHQWR GDV RQLFRPLFRVHV 3RGH VHU QHFHVViULR QRV FDVRV PDLV JUDYHV R XVR GH PHGLFDPHQWRV SRU YLD RUDO $ SUHYHQomR GDV UHFRUUrQFLDV GD GRHQoD QmR p IiFLO XPD YH] TXH FRPR Mi VH GLVVH RV IXQJRV SRGHP VREUHYLYHU QR VROR RX QDV URXSDV DOpP GD SRVVLELOLGDGH GH WUDQVPLVVmR HQWUH SHVVRDV 6mR LPSRUWDQWHV DV VHJXLQWHV PHGLGDV FRQWURODU D KXPLGDGH GRV SpV XVDU FDOoDGR DUHMDGR VHPSUH TXH SRVVtYHO HYLWDU DQGDU GHVFDOoR HP EDOQHiULRV SLVFLQDV HWF QXQFD SDUWLOKDU YHVWXiULR FDOoDGR WRDOKDV RX RXWURV REMHFWRV GH XVR SHVVRDO


8 Xjj`jk eZ`X i\c`^`fjX eXj

ZXdgXe_Xj [f LckiXdXi

J

HQGR R 3RUWXJDO GD pSRFD XP SDtV RILFLDOPHQWH

D ²%rQomR GRV 5DPRV ² PDLV OLQGD D TXH DVVLVWL FRPR VDFHUGRWH

&DWyOLFR H VHQGR FRPXP j PDLRULD GRV ([pUFLWRV

XPD YH] HP TXH R $GPLQLVWUDGRU GRV 'HPERV DQXQFLRX R

SRU HVVH PXQGR IRUD D H[LVWrQFLD GH HOHPHQWRV

DFRQWHFLPHQWR jV SRSXODo}HV WHQGR FRPSDUHFLGR ODUJDV

GHGLFDGRV j DVVLVWrQFLD UHOLJLRVD QR LQWHULRU GDV

GH]HQDV GH SHVVRDV WUDQVSRUWDQGR UDPRV HQIHLWDGRV $SyV D

VXDV ILOHLUDV D SUHVHQoD GH VDFHUGRWHV FDSHOmHV

ErQomR GHVORFDPR QRV SDUD XP VDOmR RQGH WRGRV SDUWLFLSDUDP

PLOLWDUHV QDV ]RQDV GH FRQIOLWR HUD YLVWD FRP

GD (XFDULVWLD TXH DOL FHOHEUHL

QDWXUDOLGDGH SDUD QmR GL]HU HQFDUDGD FRPR XPD

(PERUD H[LVWDP UHODWRV GH DOJXPD ²FULDWLYLGDGH³ GD SDUWH GRV

QHFHVVLGDGH

LQGtJHQDV QDV VXDV SUiWLFDV UHOLJLRVDV ° DOHJDGDPHQWH WHULDP

2 DSRLR UHOLJLRVR HUD H p DLQGD XPD GDV FRPSRQHQWHV GRV

WHQGrQFLD D PLVWXUDU DOJXQV GRV VHXV DQWLJRV ULWRV SDJmRV FRP

VHUYLoRV GH SHVVRDO H GH WDO IRUPD TXH FRQIRUPH D 9LULDWRV

RV ULWRV FDWyOLFRV ° D YHUGDGH p TXH VHPSUH RV YL QXPD SRVWXUD

GDYD FRQWD QD HGLomR DQWHULRU HVWi HP DEHUWR D SRVVLELOLGDGH

UHVSHLWRVD HP WRGRV RV DFWRV H QXQFD SUHVHQFLHL QDGD TXH VH

GH SDVVDU D FREULU RXWUDV FRQILVV}HV TXH QmR DSHQDV D &DWyOLFD

DVVHPHOKDVVH D WDLV DOHJDo}HV

$ FULVH GH Ip H GH YRFDo}HV TXH WHP UHGX]LGR R Q~PHUR GH

-i HP /XDQGD D SULQFLSDO GLIHUHQoD UHODWLYDPHQWH DR ²PDWR³ HUD

VDtGDV GRV VHPLQiULRV WHP LPSOLFDGR XPD UHGXomR VHQVtYHO GR

D PXLWR PHQRU QHFHVVLGDGH GH HIHFWXDU GHVORFDo}HV ° DOpP GDV

Q~PHUR GH FDSHOmHV PLOLWDUHV 7RGDYLD QR WHPSR GR XOWUDPDU

REULJDo}HV VDFHUGRWDLV UHODFLRQDGDV FRP R FXOWR H GDV GHPDLV

WDO QmR VH YHULILFDYD H WRGR R %DWDOKmR LQFOXtD QR (VWDGR PDLRU

UHODFLRQDGDV FRP R PRUDO H EHP HVWDU GDV WURSDV PXLWR GR PHX

SHVVRDO GR &RPDQGDQWH XP FDSHOmR

WHPSR HUD SDVVDGR QR KRVSLWDO HP YLVLWDV DRV GRHQWHV 7DPEpP

$ 9LULDWRV UHFROKHX XP WHVWHPXQKR GH XP GHVWHV FDSHOmHV GR

H WDO FRPR QRV 'HPERV RUJDQL]DYD VHVV}HV GH SURMHFomR GH

XOWUDPDU ² R 3DGUH &HOHVWLQR 0DQVR ² TXH FRQWD R VHJXLQWH

VOLGHV H GH ILOPHV H WDPEpP DTXL HP /XDQGD QmR DSHQDV GHGLFDGRV j SRSXODomR PLOLWDU HPERUD QDWXUDOPHQWH FRP

(VWLYH HP $QJROD H 0RoDPELTXH

PDLRU SUHVHQoD GH FLYLV GH RULJHP HXURSHLD

(P $QJROD HVWLYH QR &XDQ]D 1RUWH GH D H

(VWLYH HP 0RoDPELTXH GHVGH D FRORFDGR HP 3RUWR

SRVWHULRUPHQWH HP /XDQGD GH D

$PpOLD HPERUD FREULQGR WRGR R GLVWULWR GH &DER 'HOJDGR

1R &XDQ]D 1RUWH YLVLWDYD PHQVDOPHQWH DV PXLWDV XQLGDGHV

$ UHDOLGDGH PRoDPELFDQD HUD EDVWDQWH GLVWLQWD GD DQJRODQD

GLVSHUVDV SULQFLSDOPHQWH DFRPSDQKDYD RV PLOLWDUHV QRV VHXV

SRUTXDQWR D SUHVHQoD GH RXWUDV FRQILVV}HV HQWUH D SRSXODomR

SUREOHPDV SHVVRDLV 2 &DSHOmR HUD QmR DSHQDV R FRQIHVVRU

ORFDO HUD EDVWDQWH PDLV IRUWH 1RPHDGDPHQWH R Q~PHUR GH

HVSLULWXDO GR SRQWR GH YLVWD GD SUiWLFD UHOLJLRVD PDV WDPEpP

PXoXOPDQRV H KLQGXV HUD VLJQLILFDWLYR R TXH UHGX]LD D LQIOXrQFLD

R SDL LUPmR H DPLJR R FRQILGHQWH GHVWHV KRPHQV DUUDQFDGRV j

GD UHOLJLmR FDWyOLFD

MXYHQWXGH H D WRGRV RV TXH OKHV HUDP SUy[LPRV

&RQWXGR D DFWLYLGDGH GR &DSHOmR PLOLWDU QHP SRU LVVR PXGDYD

1R &XDQ]D 1RUWH GHVORFDYD PH GH MLSH FRP DOJXPD HVFROWD

H UHSDUWLD R PHX WHPSR HQWUH DV FHOHEUDo}HV UHOLJLRVDV R DSRLR

TXDQGR LD YLVLWDU DV 8QLGDGHV GRV 'HPERV RX TXDQGR QmR KDYLD

PRUDO H HVSLULWXDO DRV PLOLWDUHV H D RUJDQL]DomR GH HYHQWRV GH

HVWUDGD 1DV ]RQDV PHQRV SHULJRVDV LD QR PHX FDUUR FRP R PHX

tQGROH FXOWXUDO SDUD PLOLWDUHV H FLYLV

DMXGDQWH H R RSHUDGRU GR FLQHPD IRWR &HOHEUDomR GD 0LVVD HP KRQUD GH 6DQWD %iUEDUD QD 5RoD %RP -HVXV QR GLD

H[LVWLDP RV DJRUD REVROHWRV SURMHFWRUHV GH PP ° GDt D

DUPDGR VREUH FDL[DV

QHFHVVLGDGH GH PH ID]HU DFRPSDQKDU SRU XP RSHUDGRU GH

FRP

HFRQyPLFR VLP PDV WDPEpP FXOWXUDO H HVSLULWXDO

SDOHVWUDV H TXDQGR SHUQRLWDYD QD SRVLomR RUJDQL]DYD VHVV}HV GH SURMHFomR GH VOLGHV H GH ILOPHV FRP RV VLVWHPDV TXH HQWmR

EORJVSRW

TXH WHQKDP DJRUD SD] H FRQGLo}HV SDUD R VHX FUHVFLPHQWR

SDUD HIHFWXDU D FHOHEUDomR HXFDUtVWLFD $OpP GLVVR HIHFWXDYD

FRP R DOWDU

FHQDVGHJXHUUD

H FRPR 3DGUH ° PDV WDPEpP HQULTXHFHGRUD )DoR YRWRV SDUD

YHULILFD SHOR SDUiJUDIR DQWHULRU DLQGD TXH IRVVHP DSURYHLWDGDV

GH 'H]HPEUR GH

GH PXQLo}HV KWWS

)RL SDUD PLP XPD H[SHULrQFLD PDUFDQWH ° FRPR VHU KXPDQR

(VWDV YLVLWDV QmR HUDP DSHQDV GH FDUL] SDVWRUDO FRQIRUPH VH

1RWD ILQDO $ UHGDFomR GD 9LULDWRV DJUDGHFH DR 3DGUH &HOHVWLQR 0DQVR D FRUWHVLD GR VHX GHSRLPHQWR

FLQHPD 7DLV VHVV}HV GH SURMHFomR HUDP DEHUWDV jV SRSXODo}HV SUy[LPDV TXH DFRUULDP HP JUDQGH Q~PHUR

JXHUUD FRORQLDO HP

7DPEpP DV FHOHEUDo}HV HXFDUtVWLFDV HUDP DEHUWDV j SRSXODomR

DQJRODB KWPO

TXH LJXDOPHQWH DFRUULD D DVVLVWLU ° UHFRUGR DLQGD DTXHOD TXH IRL

15 /HPEUHP VH RV OHLWRUHV TXH HPERUD KRXYHVVH XP FDSHOmR SRU %DWDOKmR HVWHV RSHUDYDP FRP DV VXDV FRPSDQKLDV GLVSHUVDV HP GLIHUHQWHV SRVLo}HV H PXLWDV YH]HV DV SUySULDV FRPSDQKLDV VH GLYLGLDP WDPEpP SRU YiULDV SRVLo}HV GHQWUR GR VHFWRU TXH OKHV HVWLYHVVH DWULEXtGR 15 ,VWR VXJHUH TXH SDUD ERD SDUWH GD SRSXODomR DXWyFWRQH DV TXHVW}HV SROtWLFDV QD EDVH GD JXHUUD HUDP OKHV DOKHLDV H TXH H[LVWLD ERD FRQYLYrQFLD HQWUH SRUWXJXH VHV H PXLWRV VHFWRUHV GD SRSXODomR QDWLYD

9,5,$726 _


f (+ \ Xj Xik\j

M@@ :FE:LIJF ;< G@EKLI8 EF I@ (+ ,QWHJUDGR QR FRQMXQWR GH HYHQWRV GR SURJUDPD GDV FRPHPRUDo}HV GR GLD GD XQLGDGH R OHYRX D HIHLWR R 9,, &RQFXUVR GH 3LQWXUD GR 5HJLPHQWR GH ,QIDQWDULD R TXDO IRL UHDOL]DGR QRV GLDV H GH 0DUoR GH &ODVVLILFDGR ² 5R[DQQH %XHVR

)RUDP FRQYLGDGRV SULQFLSDOPHQWH DUWLVWDV

R -~UL GH YRWDomR H TXDO R WHPD GR 9,, &RQFXUVR

/LPLWDo}HV GR HVSDoR HGLWRULDO LPSHGHP

SOiVWLFRV GR 'LVWULWR GH 9LVHX PDV HVWH DQR

GH 3LQWXUD ´$ *XHUUD 3HQLQVXODUµ

D SXEOLFDomR GH IRWRV GH WRGDV DV REUDV

WDPEpP DOJXQV GH IRUD

2 RIHUHFHX DV WHODV H RV HVSDoRV H RV DUWLVWDV

SURGX]LGDV ² QR HQWDQWR HQWUH H[SRVWDV QDV

2 HYHQWR ´DUUDQFRXµ QD PDQKm GH 6iEDGR GH

RIHUHFHUDP D VXD FULDWLYLGDGH

SDUHGHV GRV HGLItFLRV GR TXDUWHO RX GHYLGDPHQWH

0DUoR FRP XP EULHILQJ DRV SDUWLFLSDQWHV RQGH

$RV PLOLWDUHV GR TXH DFRUUHUDP FXULRVRV

SUHVHUYDGDV QR 1~FOHR 0XVHROyJLFR GD XQLGDGH

OKHV IRL H[SOLFDGR TXDLV VHULDP RV FULWpULRV GH

IRL GDGD D RSRUWXQLGDGH GH REVHUYDU DR YLYR

WRGDV SRGHP VHU YLVWDV XPD YH] TXH XPD GDV

DSUHFLDomR GDV REUDV SRU TXHP HUD FRQVWLWXtGR

D HYROXomR GR SURFHVVR FULDWLYR H DOJXPDV GDV

FRQGLo}HV GH SDUWLFLSDomR p TXH R ILTXH QD

WpFQLFDV TXH DUWLVWDV GD DFWXDOLGDGH XWLOL]DP

SRVVH GRV TXDGURV

SDUD GHVHQYROYHUHP XPD FULDomR

2 SUHVHQWH DUWLJR GHL[D YRV DVVLP FRP LPDJHQV GDV REUDV SUHPLDGDV«

&ODVVLILFDGR ² $LUHV GRV 6DQWRV &ODVVLILFDGR ² 7HVKD 1DWpUFLD /HLWmR

0HQomR KRQURVD ² )LOLQWR 9LDQD

0HQomR +RQURVD ² 6DQGUD )HUUmR

2V PHPEURV GR M~UL GD HVTXHUGD SDUD D GLUHLWD &RPDQGDQWH GR 5HJLPHQWR &RU 3RUWR 'U 3DXOR 0HGHLURV DUWLVWD SOiVWLFR 'U $QD 3DXOD 6DQWDQD 9HUHDGRUD GD &XOWXUD GD &09 'U $OFLQD 6LOYD 0XVHX *UmR 9DVFR 'RXWRUD )iWLPD (XVpELR 'LUHFWRUD GRV %HQV &XOWXUDLV GD 'LRFHVH GH 9LVHX 0HVWUH 0iULR 6LOYD DUWLVWD SOiVWLFR H 0DMRU JHQHUDO +XJR %RUJHV 'LUHFWRU GR SURJUDPD ' $IRQVR +HQULTXHV GR ([pUFLWR 8P M~UL KHWHURJpQHR FRQYLGDGR

2V SDUWLFLSDQWHV QR 9,, &RQFXUVR GH 3LQWXUD GR 5, FRP R &RPDQGDQWH

QXPD WHQWDWLYD GH FRQJUHJDomR GH GLIHUHQWHV VHQVLELOLGDGHV

GR 5HJLPHQWR

_ 9,5,$726




Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.