3/85$/,'$'(6 '2 +$%,7$5
8VR H DSURSULDomR GRV HVSDoRV FROHWLYRV OLJDGRV j KDELWDomR
7UDEDOKR GH *UDGXDomR ,QWHJUDGR 0DULDQD 8HGD )HUQDQGHV 3URIHVVRUHV GD &$3
'DYLG 0RUHQR 6SHUOLQJ -RXEHUW -RVp /DQFKD /XFLD =DQLQ 6KLPER /XFLDQD 0DUWLQV 6FKHQN
&RRUGHQDGRU *7
3DXOR <DVVXKLGH )XMLRND
Ã&#x152;QGLFH 'LVSDUDGRUHV GH SURMHWR _ 3UREOHPD _ 4XHVWmR _ 3URSRVWD _ 5HIHUrQFLDV SURMHWXDLV _ /XJDU _ ,QVHUomR XUEDQD _ ,QWHQo}HV H HVWUDWpJLDV _ 3URMHWR _
',63$5$'25(6 '( 352-(72
,GHQWLÃ&#x20AC;FDomR GR SUREOHPD GHWHUPLQDomR GD TXHVWmR H SURSRVLomR SURMHWXDO
3UREOHPD 'HVGH D GpFDGD GH QR %UDVLO FUHVFH XPD LGHRORJLD GH PRUDGLD IHFKDGD HP FRQGRPtQLRV YLQFXODGD j LGHLD GH VWDWXV 'XQNHU 7DO FLUFXQVWkQFLD UHIRUoDGD SHOR FUHVFHQWH VHQWLPHQWR GH LQVHJXUDQoD QDV F L G D G H V F X O P L Q D Q X P D F X O W X U D X U E D Q D G H VXEXWLOL]DomR GDV iUHDV S~EOLFDV GH OD]HU ² FRPR SUDoDV SDUTXHV H HVSDoRV VLPLODUHV ² HP GHWULPHQWR GD ´SULYDWL]DomRµ GHVVDV GHQWUR GRV FKDPDGRV ´FRQGRPtQLRV FOXEHµ TXH RIHUHFHP GHQWUR GR FRQMXQWR UHVLGHQFLDO GLYHUVDV DPELrQFLDV FRPR FKXUUDVTXHLUDV SUDoDV TXDGUDV GH HVSRUWHV SOD\JURXQGV DFDGHPLD VDODV GH FLQHPD GHQWUH RXWURV GH XVR H[FOXVLYR GRV PRUDGRUHV &ULD VH SRUWDQWR XPD HVSpFLH GH PLFURFRVPR GR TXH GHYHULD VHU R DPELHQWH XUEDQR XPD VHQVDomR IDOVD GH XUEDQLGDGH $ GLVVHPLQDomR GDV FRQIRUPDo}HV UHVLGHQFLDLV GH
FRQGRPtQLRV IHFKDGRV FRQÀJXUD VH FRPR XPD SUiWLFD DQWLXUEDQD H VHJUHJDGRUD XPD YH] TXH QHJD D G L Y H U V L G D G H V R F L D O G R V H V S D o R V G D F L G D G H FRPSURPHWHP D ÁXLGH] XUEDQD HP IXQomR GR D X W R H Q F O D X V X U D P H Q W R G H Q W U R G H P X U R V H SULQFLSDOPHQWH D LQWHJUDomR HQWUH XVRV H JUXSRV
VRFLDLV SUHVVXSRVWRV DR H[HUFtFLR GH YHUGDGHLUD YLGD XUEDQD )(55(,5$ S
´2 PXUR GR FRQGRPtQLR p XPD FRQVWUXomR VLPEyOLFD p XPD HVWUXWXUD TXH GL] ´QmR GDTXL YRFr QmR YDL SDVVDU GDTXL SUD Oi YRFr p SHULJRVRµ 2 UDFLRFtQLR p ´HX Vy SRVVR HVWDU VHJXUR HQWUH LJXDLVµ ( HVVH FULWpULR GH LJXDLV p R FULWpULR GH SRGHU SDJDU SRU DTXHOD YLGD $ JUDoD GH YLYHU QR FRQGRPtQLR p D LGHLD GH TXH TXHP HVWi SRU IRUD TXHU HQWUDU e R JR]R DGLFLRQDO GD LQYHMD µ 'XQNHU &XOWXUDOPHQWH QR
%UDVLO D YLGD XUEDQD HQWUH PXURV SULYDWL]DGD p R LGHDO EXVFDGR p R TXH p FRQVLGHUDGR YLYHU EHP )(55(,5$ S &RPR UHÁH[R D HVVH FRQWH[WR QRWD VH D UHSURGXomR GHVVD ¶LGHRORJLD GH KDELWDU· WDPEpP QRV FRQMXQWRV GH KDELWDomR GH LQWHUHVVH VRFLDO +,6 IUXWR WDOYH] GHVVH ¶JR]R GD LQYHMD· H GR DSHOR PHUFDGROyJLFR SHOR LGHDO GH VWDWXV 1R TXH GL] UHVSHLWR jV SUiWLFDV DQWLXUEDQDV R SUREOHPD VH DJUDYD QR kPELWR GDV +,6 SHORV PpWRGRV GH FRQFHSomR TXH YHP VHQGR GLVVHPLQDGRV HVVHQFLDOPHQWH TXDQWR j LQVHUomR XUEDQD H j LPSODQWDomR GDV XQLGDGHV *UDQGH SDUWH GRV HPSUHHQGLPHQWRV GH +,6 QR %UDVLO VH HQFRQWUDP IRUD GD PDOKD XUEDQD UHFRUUrQFLD MXVWLÀFDGD SRU SDUWH
GRV HPSUHHQGHGRUHV SHOR PHQRU FXVWR GD WHUUD ´$R FRQVWUXLU HP WHUUHQRV SHULIpULFRV GHL[D VH GH DSURYHLWDU H RWLPL]DU RV WHUUHQRV YD]LRV LQVHULGRV QD PDOKD XUEDQD QD TXDO Mi H[LVWHP HTXLSDPHQWRV VHUYLoRV H LQIUDHVWUXWXUD LQVWDODGDµ )(55(,5$ S $V FRQVHTXrQFLDV GD Pi LQVHUomR XUEDQD UHFDHP HVVHQFLDOPHQWH VREUH RV PRUDGRUHV RV TXDLV GLVWDQWHV GD UHJLmR FHQWUDO VmR VXEPHWLGRV D XP PDLRU WHPSR GH GHVORFDPHQWR GLiULR GLVWDQFLDPHQWR GD PRUDGLD GRV ORFDLV GH HPSUHJR H j IDOWD RX
UHGX]LGD LQIUDHVWUXWXUD GH VHUYLoRV H HTXLSDPHQWRV XUEDQRV WUDQVSRUWH S~EOLFR
HGXFDomR OD]HU FXOWXUD VD~GH FRPpUFLR 4XDQWR j LPSODQWDomR QRWD VH D RSomR GH PXLWDV
LQFRUSRUDGRUDV RX FRQVWUXWRUDV SRU VROXo}HV SDGURQL]DGDV ~QLFDV FDULPERV D VHUHP DGRWDGDV HP HPSUHHQGLPHQWRV SRU WRGR R SDtV 2 UHVXOWDGR VmR FRQIRUPDo}HV PRQyWRQDV H UHSHWLWLYDV F R Q V W L W X t G D V VHP TXDOTXHU SUHRFXSDomR FRP DVSHFWRV ORFDLV GR WHUUHQR FRPR GHFOLYLGDGH LQVRODomR YHQWLODomR RX FOLPD 1DV IRWRV D VHJXLU WHP VH FRPR H[HPSOR FRQMXQWRV +,6 &DPSLQDV 0DQDXV 1DWDO H 3RUWR $OHJUH 'H PDQHLUD JHUDO p YLVtYHO JUDQGHV VHPHOKDQoDV HQWUH RV FRQMXQWRV HPERUD ORFDOL]HP VH HP UHJL}HV
EDVWDQWH GLVWLQWDV GR SDtV 2 FXOWR DR DXWRPyYHO PXLWDV YH]HV LPSRVWR SHOD
OHJLVODomR WDPEpP PRVWUD VH FRPR XP SUREOHPD (P GLYHUVRV FDVRV GHYLGR D JUDQGH TXDQWLGDGH GH
Y D J D V G L W D V Q H F H V V i U L D V D V i U H D V G H HVWDFLRQDPHQWR GHÃ&#x20AC;QHP D GLVSRVLomR GDV HGLÃ&#x20AC;FDo}HV QR ORWH JHUDQGR JUDQGHV EROV}HV SDYLPHQWDGRV QRV
HPSUHHQGLPHQWRV YHUWLFDOL]DGRV R TXH FRQWULEXL SDUD
SUREOHPDV GH GUHQDJHP H GH FRQIRUWR DPELHQWDO QR FRQMXQWR )HQ{PHQR VHPHOKDQWH RFRUUH
WDPEpP QRV HPSUHHQGLPHQWRV WpUUHRV $ GLVSRVLomR GDV YDJDV HP IUHQWH DRV ORWHV RFXSDP JUDQGH SDUWH GR WHUUHQR UHGX]LQGR D iUHD D VHU GHVWLQDGD DRV HVSDoRV YHUGHV GH XVR FROHWLYR H GH OD]HU )(55(,5$ S 4XHVW}HV SDLVDJtVWLFDV WDPEpP VmR UDUDPHQWH FRQVLGHUDGDV VHQGR DV iUHDV YHUGHV H RX DUERUL]DGDV QRUPDOPHQWH ORFDOL]DGDV HP HVSDoRV
UHVLGXDLV
B+,6 HP &DPSLQDV 63 B+,6 HP &DPSLQDV 63 B+,6 HP 0DQDXV $0 B+,6 HP 1DWDO 51 B+,6 HP 3RUWR $OHJUH 56 B +,6 HP &DPSLQDV 63 B +,6 HP 0DQDXV $0
4XHVWmR
7HQGR HP YLVWD RV SUREOHPDV DSRQWDGRV FRPR TXHVWmR GR 7*, VHUi DERUGDGD D EXVFD SHOD XUEDQLGDGH QRV HVSDoRV KDELWDFLRQDLV DGRWDQGR FRPR HQIRTXH DV iUHDV FRPXQV GH XVR FROHWLYR H S~EOLFR HP VXDV GLIHUHQWHV HVFDODV GH XWLOL]DomR
$ WHPiWLFD IRL DÁRUDGD D SDUWLU GH XPD YLVLWD DR 7KH %DUELFDQ &HQWUH HP /RQGUHV 2 FRQMXQWR KDELWDFLRQDO p FRQÀJXUDGR GH IRUPD D FULDU GLYHUVRV SiWLRV SDUD R XVR FROHWLYR GRV UHVLGHQWHV FRQHFWDGRV D HVSDoRV GH YLYrQFLD XUEDQD ² VHQGR R HTXLSDPHQWR FHQWUDO XP LPSRUWDQWH FHQWUR FXOWXUDO GD FLGDGH
3URSRVWD 3URS}H VH DERUGDU D TXHVWmR GD KDELWDomR VRFLDO YLQFXODGD D XP VLVWHPD GH HVSDoRV OLYUHV DVVLP FRPR D HTXLSDPHQWRV FXOWXUDLV SHTXHQRV FRPpUFLRV H VHUYLoRV 7DLV HTXLSDPHQWRV FRQÃ&#x20AC;JXUDULDP VH FRPR D HVFDOD PDLV DEUDQJHQWH GR XVR S~EOLFR HVSDoRV YROWDGRV j FLGDGH 3DUWLQGR SDUD XPD HVFDOD PHQRU GH XWLOL]DomR QDV SDUFHODV KDELWDFLRQDLV GR SURMHWR RSWD VH SHOD FRQIRUPDomR GH XQLGDGHV GH YL]LQKDQoD YDOHQGR VH GH WLSRORJLDV XQLIDPLOLDUHV WpUUHDV H RX VREUHSRVWDV GH IRUPD D FULDU SiWLRV SDUD DSURSULDomR GRV UHVLGHQWHV ² DLQGD FRQÃ&#x20AC;JXUDQGR D HVFDOD S~EOLFD SRUpP YLVDQGR R XVR ORFDO GRV PRUDGRUHV 1R FDVR GH HGLItFLRV KDELWDFLRQDLV PXOWLIDPLOLDUHV DV TXHVW}HV GH DSURSULDomR H GR XVR FROHWLYR VHULDP H[SORUDGDV HP WHUUDoRV H iUHDV GH FLUFXODomR LQWHUQDV DR HGLItFLR FRQÃ&#x20AC;JXUDQGR VH FRPR D HVFDOD PDLV UHVWULWD GH XVR HVSDoRV GH XVR FROHWLYR $ LQWHQomR p WHQWDU TXDOLÃ&#x20AC;FDU R ´KDELWDU D FLGDGHµ HP FRQWUDSRVLomR DR ´KDELWDU SULYDWL]DGRµ RIHUHFLGR SHOR VLVWHPD GH ´FRQGRPtQLRV FOXEHµ $ SDUWLU GD SURSRVLomR GH XP GLQDPLVPR GH XVRV H GH S~EOLFRV EXVFD VH D YLYrQFLD XUEDQD QR FRQMXQWR FRPR DJHQFLDGRUD GH XP VHQWLPHQWR GH FRPXQLGDGH H GH VHJXUDQoD ² HOLPLQDQGR D QHFHVVLGDGH GH EDUUHLUDV H PXURV
2 SURMHWR D VHU GHVHQYROYLGR SURFXUDUi GHEUXoDU VH VREUH D ´GLItFLO WDUHID GH TXHEUDU YDORUHV FXOWXUDLV GD VRFLHGDGH VREUH R TXH p ´YLYHU EHPµµ )(55(,5$ S
5()(5Ã&#x2C6;1&,$6 352-(78$,6
(P WHUPRV GH HVSDFLDOLGDGH GDV iUHDV S~EOLFDV H GH X V R F R O H W L Y R D G R W D V H F R P R U H I H U r Q F L D R 3ODFHPDNLQJ 2 WHUPR UHIHUH VH D XPD WHQGrQFLD GR XUEDQLVPR FRQWHPSRUkQHR SHOD EXVFD H R UHVJDWH GD HVFDOD KXPDQD QD FLGDGH LQVWLJDQGR R XVR H DSURSULDomR GDV iUHDV S~EOLFDV LQGHSHQGHQWH GD HVFDOD %DVHDQGR VH QDV LGHLDV SUHFXUVRUDV GH -DQH -DFREV H :LOOLDQ + :K\WH R 3ODFHPDNLQJ EXVFD UHIRUoDU D LPSRUWkQFLD VRFLDO H FXOWXUDO GD
YLWDOLGDGH QDV YL]LQKDQoDV H GRV HVSDoRV S~EOLFRV FRQYLGDWLYRV
$ SURSRVLomR GH HVSDoRV DFHVVtYHLV FRQYLGDWLYRV j DSURSULDomR FRP DEUDQJrQFLD GH S~EOLFRV H GH XVRV QDV GLYHUVDV KRUDV GR GLD H GD QRLWH IRL D SULQFLSDO TXHVWmR QRUWHDGRUD GR SURMHWR
,PDJHP
,PDJHQV D FRPR H[HPSORV GH DSURSULDoDR GR HVSDoR S~EOLFR HP VXDV GLIHUHQWHV HVFDODV
$OPHMD VH SURMHWDU HVSDoRV TXH LQVWLJXHP XP VHQWLPHQWR GH SHUWHQFLPHQWR H DVVLP VH WRUQHP SDUWH GH
FRWLGLDQRV XUEDQRV
&RPR UHIHUrQFLD GH SURJUDPD LQVWLWXFLRQDO H JHVWmR FRQVLGHUD VH R &HQWUR GD -XYHQWXGH 6mR -RVp GRV &DPSRV 63 $GPLQLVWUDGR SHOD 6HFUHWDULD GH 3URPRomR GD &LGDGDQLD ² 6(&,' R FHQWUR PRYLPHQWD XP S~EOLFR PHQVDO GH FHUFD GH PLO SHVVRDV GH WRGDV DV LGDGHV H FODVVHV VRFLDLV IXQFLRQDQGR FRPR XP HTXLSDPHQWR FRPSOHPHQWDU j HVFROD FXMD SURJUDPDomR DEUDQJH WDQWR R S~EOLFR MRYHP TXDQWR VHX XQLYHUVR IDPLOLDU $ SUHIHLWXUD UHDOL]D SRU YROWD GH K GH SURJUDPDomR PHQVDO FKHJDQGR D PDLV GH K GH DWLYLGDGHV SRU GLD $V DWLYLGDGHV VmR JUDWXLWDV H DEUDQJHP Do}HV FXOWXUDLV O~GLFDV HVSRUWLYDV HGXFDWLYDV GH
OD]HU H GH HQWUHWHQLPHQWR
&RPSOHPHQWDU DR VLVWHPD GH HVSDoRV OLYUHV SURS}H VH XP JUDQGH HTXLSDPHQWR FHQWUDO QR SURMHWR TXH DEULJXH IXQo}HV FXOWXUDLV GH FRPpUFLR H GH VHUYLoR 2 LQWXLWR p UHIRUoDU R LGHDO GH YLWDOLGDGH XUEDQD D SDUWLU GH XP HTXLSDPHQWR DWUDWLYR DRV PDLV GLYHUVRV S~EOLFRV H FXMR IXQFLRQDPHQWR H[WUDSROH VXDV IXQo}HV SURJUDPiWLFDV VH WRUQDQGR DVVLP XP HVSDoR S~EOLFR SHUPDQHQWHPHQWH DEHUWR SDUD D VRFLDELOLGDGH H D DSURSULDomR
4XDQWR D FRQIRUPDomR GRV HGLItFLRV R WUDEDOKR EXVFRX EDVHDU VH QR SURMHWR 0DQDJHPHQW 6FLHQFHV 8QLYHUVLW\ HP %RUGHDX[ )UDQoD GR HVFULWyULR /DFDWRQ 9DVVDO 'HVWDFD VH QR SURMHWR RV SiWLRV GH FRQYLYrQFLD ODGHDGRV SRU ODUJRV FRUUHGRUHV TXH H[WUDSRODP D IXQomR GH FLUFXODomR H VH WRUQDP OXJDUHV GH HQFRQWUR H SHUPDQrQFLD GHQWUR GR HGLItFLR WDO TXDOLÃ&#x20AC;FDomR GR HVSDoR p PDUFDGR QR SURMHWR SRU XP DFHUYR GH GLYHUVRV WLSRV GH URVDV 3UHWHQGH VH H[SORUDU XPD HVWUDWpJLD SURMHWXDO VHPHOKDQWH QR H T X L S D P H Q W R F R Q Ã&#x20AC; J X U D Q G R H V S D o R V G H VRFLDELOLGDGH FLUFXODomR SHUPDQHQWHPHQWH DEHUWRV H YROWDGRV D SiWLRV H SUDoDV QR LQWHULRU GR HGLItFLR VHQGR D SDUFHOD TXH DEULJDULD DV IXQo}HV SURJUDPiWLFDV H DGPLQLVWUDWLYDV GR HTXLSDPHQWR D ~QLFD FRP UHVWULomR GH DFHVVR
4XDQWR DRV HVSDoRV GH FRQYLYrQFLD GRV PRUDGRUHV QR OLYUR ´/Lo}HV GH $UTXLWHWXUDµ +HUPDQ +HUW]EHUJHU GLVFRUUH VREUH YiULRV H[HPSORV GH HVFROKDV SURMHWXDLV TXH IDYRUHFHP D VRFLDOL]DomR H D DSURSULDomR GR HVSDoR FROHWLYR $ ´RUJDQL]DomR HVSDFLDO GHYH VHUYLU SDUD HVWLPXODU D LQWHUDomR H D FRHVmR VRFLDOµ +(57=%(5*(5 + S 'HQWUH HOHV GHVWDFD VH D FRQFHSomR HVSDoRV TXH VLUYDP FRPR XPD H[WHQVmR GD KDELWDomR WUD]HQGR D YLYrQFLD GD UXD SDUD R LQWHULRU GR FRQMXQWR 7DLV HVSDoRV SRGHP VHU SDVVDUHODV FRUUHGRUHV GLPHQVLRQDGRV GH IRUPD D SRVVLELOLWDUHP RXWURV XVRV DOpP GD IXQomR ~QLFD GH FLUFXODomR WHUUDoRV SiWLRV GHQWUH RXWURV (VWUDWpJLDV HVVDV VHPHOKDQWHV DR H[HPSOLÃ&#x20AC;FDGR DQWHULRUPHQWH QR SURMHWR GH /DFDWRQ 9DVVDO
&RPR UHIHUrQFLD SURMHWXDO GDV iUHDV UHVLGHQFLDLV WUD] VH R VHJXQGR FRORFDGR GR FRQFXUVR 5\WHUQD 0RGXODU %XLOGLQJ ,QWLWXODGR ¶/D FRPXQLGDG· R SURMHWR VH FRQVWUyL D SDUWLU GD LGHLD GH SiWLRV FRPR HVSDoRV tQWLPRV GH HQFRQWUR H YLYrQFLD GRV PRUDGRUHV ¶R FRUDomR GR FRPSOH[R UHVLGHQFLDO· 2 DUUDQMR GDV XQLGDGHV WDPEpP FULD HP VHXV LQWHUVWtFLRV XPD RXWUD HVFDOD GH HVSDoR GH YLYrQFLD HP DOWXUD WHUUDoRV H HP QtYHO SDVVDJHQV FREHUWDV TXH DOpP GD IXQomR LQLFLDO GH DFHVVR H FLUFXODomR DVVXPHP VH FRPR HVWDUHV H RX ORFDLV SDUD DWLYLGDGHV FRPXQLQWiULDV
$ UHIHUrQFLD GR ¶/D FRPXQLGDG· IRL D SULQFLSDO HQFDGHDGRUD GD SURSRVLomR GH XQLGDGHV GH YL]LQKDQoD FULDGDV D SDUWLU GD FRQIRUPDomR GH WLSRORJLDV XQLIDPLOLDUHV WpUUHDV H RX VREUHSRVWDV 3DUD DV WLSRORJLDV PXOWLIDPLOLDUHV R SURMHWR EXVFRX EDVHDU VH QDV HVWUDWpJLDV DSRQWDGDV SRU +HUW]EHUJHU QR TXH GL] UHVSHLWR j TXDOLÃ&#x20AC;FDomR GDV iUHDV GH FLUFXODomR
FRPR H[WHQV}HV GD KDELWDomR
/8*$5
6mR &DUORV
(P 6mR &DUORV DVVLP FRPR HP LQ~PHUDV RXWUDV FLGDGH EUDVLOHLUDV RV FRQGRPtQLRV IHFKDGRV WHQGHP D VH FRQFHQWUDU QD UHJLmR SHULIpULFD GD FLGDGH IDWR TXH VHJUHJD DLQGD PDLV DV PRUDGLDV GD YLYrQFLD XUEDQD 3DUDOHODPHQWH QDV FODVVHV PDLV EDL[DV RFRUUH R PHVPR I H Q { P H Q R G H S H U L I H U L ] D o m R H ¶FRQGRPLQLDOL]DomR· SRUpP SRU SDUWH GRV SURJUDPDV GH +DELWDomR GH ,QWHUHVVH 6RFLDO $ FLGDGH SRUWDQWR HQTXDGUD VH QR SHUÃ&#x20AC;O XUEDQR EUDVLOHLUR EDVHDGR QR VXE DSURYHLWDPHQWR GRV YD]LRV XUEDQRV H QR PRGHOR KDELWDFLRQDO EDVHDGR QR DXWR HQFODXVXUDPHQWR GHQWUR GH FRQMXQWRV PXUDGRV R TXH GLÃ&#x20AC;FXOWD FDGD YH] PDLV D H[LVWrQFLD GH XPD YLWDOLGDGH XUEDQD QRV HVSDoRV S~EOLFRV , P D J H P _ / R W H D P H Q W R V H HPSUHHQGLPHQWRV DSURYDGRV H HP DSURYDomR 0DSD 352+$% 6mR &DUORV
,PDJHP _ 3URJUDPDV KDELWDFLRQDLV H iUHDV S~EOLFDV GLVSRQtYHLV SDUD +,6 352+$% 6mR &DUORV
,QVHUomR XUEDQD 7HQGR HP YLVWD WDO SDQRUDPD HVWH WUDEDOKR SUHWHQGH YDOHU VH GRV YD]LRV XUEDQRV H[LVWHQWHV QD FLGDGH GH 6mR &DUORV SDUD SURSRU XPD FRQWUDSDUWLGD DR PRGHOR YLJHQWH GH GLVWULEXLomR GRV HPSUHHQGLPHQWRV +,6 $ SDUWLU GR PDSHDPHQWR GDV SULQFLSDLV YLDV H FHQWUDOLGDGHV FRPHUFLDLV FXOWXUDLV GH HGXFDomR VD~GH H OD]HU GD FLGDGH IRL GHÃ&#x20AC;QLGR XP YD]LR XUEDQR GH FHUFD GH KD QD PDUJHP GD $Y &RPHQGDGRU $OIUHGR 0DIIHL FRPR iUHD GH LQWHUHVVH GH SURMHWR $ iUHD HVFROKLGD HQFRQWUD VH GHQWUR GH XP UDLR GH PLQ GH FDPLQKDGD GR FHQWUR GD FLGDGH
,PDJHP _ 0DSHDPHQWR GD LQVHUomR XUEDQD
2 OHYDQWDPHQWR GR HQWRUQR UHYHOD XPD RFXSDomR PDMRULWDULDPHQWH UHVLGHQFLDO GH FDVDV WpUUHDV RX VREUDGRV KDYHQGR H G L I t F L R V Y H U W L F D O L ] D G R V D S H Q D V Q D H[WUHPLGDGH QRUGHVWH GR WHUUHQR 1DV SUR[LPLGDGHV GD 6DQWD &DVD YHULÃ&#x20AC;FD VH FRQFHQWUDomR GH FOtQLFDV PpGLFDV H V H U Y L o R V H Q D P D U J H P G D $ Y &RPHQGDGRU $OIUHGR 0DIIHL H[LVWH XVR SUHGRPLQDQWH GH JDOS}HV FRPHUFLDLV H GH VHUYLoRV ² VHQGR R 6(6& XP FDVR D SDUWH FRPR HTXLSDPHQWR LQVWLWXFLRQDO (PERUD VHMD XPD UHJLmR UHVLGHQFLDO QRWD VH XPD FDUrQFLD GH FRPpUFLRV H V H U Y L o R V O R F D L V G H S U L P H L U D QHFHVVLGDGH FRPR SHTXHQDV YHQGDV IDUPiFLDV OXJDUHV SDUD DOLPHQWDomR GHQWUH RXWURV
,PDJHP _ 0DSHDPHQWR GR HQWRUQR
,17(*5$d®2
3RU VH WUDWDU GH XPD JOHED HP PHLR D GRLV WUDGLFLRQDLV EDLUURV UHVLGHQFLDLV GH DOWR SDGUmR 3DUTXH 6DQWD 0RQLFD H -DUGLP %HWKDQLD ² DWXDOPHQWH HP GHFDGrQFLD GHYLGR D PLJUDomR SDUD FRQGRPLQLRV IHFKDGRV ² D SURSRVLomR GH XP FRQMXQWR +,6 DVVRFLDGR D HVSDoRV S~EOLFRV GH OD]HU H FXOWXUD WHP WDPEpP XP DVSHFWR VRFLDO QR TXH GL] UHVSHLWR D WHQWDWLYD GH
$/,(1$'2 $7/(7$ /(,725 7$/(17262 ,'262 $57,67$ '(),&,(17( 5,&2 ,17(/(&78$/ -29(0 $725 $57,67$ $'8/72 35(*8,d262 0Ã&#x201D;6,&2 '(6&225'(1$'2 6('(17Ã&#x2030;5,2 32%5( &5,$1d$ ,PDJHP _ 'LDJUDPD GD LQWHJUDomR GH S~EOLFRV
LQWHJUDomR GH S~EOLFRV GLVWLQWRV & R P R L Q I U D H V W U X W X U D G H V H U Y L o R V H H T X L S D P H Q W R V X U E D Q R V V H G H V W D F D D SUR[LPLGDGH D HTXLSDPHQWRV LQVWLWXFLRQDLV FRPR HVFRODV FUHFKHV HTXLSDPHQWRV GH VD~GH H DR SUySULR 6(6& DOpP GR VHUYLPHQWR GH WUDQVSRUWH FROHWLYR SHODV OLQKDV GR 6(6& H GD 6DQWD &DVD
,PDJHP _ 'LDJUDPD GD UHODomR FRP R HQWRUQR
,PDJHP _ 0DSHDPHQWR GH ,QIUDHVWUXWXUD H HTXLSDPHQWRV
,17(1d¯(6 ( (675$7e*,$6
(VSDFLDOL]DomR GR SURJUDPD H DERUGDJHQV SURMHWXDLV
IXQFLRQDO H DUWLFXODQGR R VLVWHPD GH iUHDV OLYUHV FRQVWLWXL D HVFDOD PDLV DEUDQJHQWH GR XVR S~EOLFR QR SURMHWR VHQGR XP HVSDoR YROWDGR SDUD WRGD D FLGDGH 1R TXH GL] UHVSHLWR jV SDUFHODV KDELWDFLRQDLV XWLOL]RX VH FRPR FULWpULR LQLFLDO D UHODomR FRP R HQWRUQR LPHGLDWR 6HQGR DVVLP RSWRX VH SRU XQLGDGHV GH YL]LQKDQoD GH FDVDV WpUUHDV H VREUHSRVWDV DWp SDYLPHQWRV FRPR RFXSDomR SUHSRQGHUDQWH VHQGR D TXDGUD QRUGHVWH ODGHDGD SRU HGLItFLRV GH H SDY H DV UHJL}HV PDLV DIDVWDGDV GDV ERUGDV GR WHUUHQR H PDLV SUy[LPDV GD DYHQLGD SDUFHODV PDLV DGHQVDGDV FRP WLSRORJLDV PXOWLIDPLOLDUHV ODPLQDUHV GH SDY /LPLWD VH R JDEDULWR HP SDYLPHQWRV WpUUHR D Ã&#x20AC;P GH PDQWHU D FLUFXODomR YHUWLFDO H[FOXVLYDPHQWH SRU HVFDGDV VHP D QHFHVVLGDGH GH HOHYDGRUHV HOHPHQWR HQFDUHFHGRU H SRU HVVD UD]mR XVXDOPHQWH HYLWDGR HP HPSUHHQGLPHQWRV +,6 4XDQWR DV iUHDV PXUDGDV GR IXQGR GRV ORWHV H[LVWHQWHV IRUDP DSURYHLWDGDV FRPR HVWDFLRQDPHQWR DVVLP FRPR D GHFOLYLGDGH IRL WUDEDOKDGD HP DOJXQV SRQWRV HP IDYRU GR PHVPR SURSyVLWR
&RPR SULPHLUR JHVWR HP UHODomR DR WHUUHQR SURFXURX VH GDU FRQWLQXLGDGH D PDOKD YLiULD Mi H[LVWHQWH YLVWR TXH HVWD LQWHUURPSH VH DR HQFRQWUDU R WHUUHQR (P VHJXLGD IRL GHWHUPLQDGD D VHWRUL]DomR SURJUDPiWLFD GR SURMHWR VHQGR HVVD QRUWHDGD D SDUWLU GH XP VLVWHPD GH iUHDV OLYUHV TXH SHUPHDVVH WRGR R WHUUHQR 2SWRX VH SRU ORFDOL]DU iUHDV OLYUHV FRP FDUiWHU GH SUDoD QDV SUR[LPLGDGHV GDV KDELWDo}HV FRP LQWXLWR GH RIHUHFHU HVSDoRV GH DSURSULDomR H OD]HU H QD PDUJHP GD $Y &RPHQGDGRU $OIUHGR 0DIIHL D Ã&#x20AC;P GH GLPLQXLU D FRQGLomR GH ¶DYHQLGD FRUUHGRU · LQVWLJDQGR DVVLP D SHUPDQrQFLD HP FRQWUDSRVLomR DR XVR SRQWXDO UHFRUUHQWH Ã&#x2030;UHDV ERVTXHDGDV IRUDP ORFDOL]DGDV QD H[WUHPLGDGH VXGRHVWH GHYLGR D PDLRU GHFOLYLGDGH DSURYHLWDQGR R SRWHQFLDO FRQWHPSODWLYR QD H[WUHPLGDGH OHVWH D Ã&#x20AC;P GH SURPRYHU XPD FRQH[mR FRP R ERVTXH GDV SDLQHLUDV iUHD GH SURWHomR DPELHQWDO H QD UHJLmR FHQWUDO FRQVWLWXLQGR VH FRPR R SRQWR GH DUWLFXODomR GR VLVWHPD 'HÃ&#x20AC;QLX VH HQWmR D TXDGUD FHQWUDO FRPR SULQFLSDO SRQWR GH DWUDomR GR SURMHWR TXH DEULJDQGR R HTXLSDPHQWR PXOWL
,PDJHQV H PRVWUDP DV LQWHUUXSo}HV QD PDOKD YLiULD H LPDJHP P R V W U D D S U D o D H[LVWHQWH D VHU WUDEDOKDGD M X Q W R D R S U R M H W R ,QGLFDo}HV GH ORFDOL]DomR QR GLDJUDPD DR ODGR
&RQWLQXDomR GD PDOKD YLiULD (VWDFLRQDPHQWR ÉUHD OLYUH ERVTXHDGD ÉUHD OLYUH _ SUDoD +DELWDFLRQDO _ FDVDV +DELWDFLRQDO _ OkPLQDV (TXLSDPHQWR PXWLIXQFLRQDO 3DVVDUHOD H[LVWHQWH &LFORYLD H[LVWHQWH %RVTXH GDV 3DLQHLUDV
1
6(6& ,PDJHP _ 0DSD GD VHWRUL]DomR SURJUDPiWLFD GR SURMHWR
7HQGR HP YLVWD D JUDQGH GHFOLYLGDGH GR WHUUHQR SURFXURX VH GHVHQYROYHU HVWUDWpJLDV SURMHWXDLV TXH QRUWHDULDP RV HVWXGRV GH LPSODQWDomR GRV HGLItFLRV GH IRUPD D WLUDU SURYHLWR GD LQFOLQDomR QDV GLIHUHQWHV HVSDFLDOLGDGHV DOPHMDGDV D SDUWLU GDV GLUHWUL]HV SURMHWXDLV Mi HVWDEHOHFLGDV 1R TXH GL] UHVSHLWR jV WLSRORJLDV XQLIDPLOLDUHV FRQVLGHUDQGR D GLUHWUL] DGRWDGD GH OLPLWDU R JDEDULWR HP DWp SDYLPHQWRV D ÀP GH FRQIRUPDU VH DV FRQVWUXo}HV GR HQWRUQR LPHGLDWR D RSomR SHOD VREUHSRVLomR GH XQLGDGHV WHYH FRPR EDVH D SRVVLELOLGDGH GH FULDU XPD GLIHUHQFLDomR GH DFHVVR HQWUH D FDVD GH FLPD H D GH EDL[R ,PDJHP 2SWRX VH HQWmR SRU WUDEDOKDU D LPSODQWDomR D SDUWLU GH SDWDPDUHV QRV TXDLV VH GLVWULEXLULDP DV XQLGDGHV GH YL]LQKDoD FRP FDVDV FXMR DFHVVR VHULD IHLWR HP QtYHO SHOR UHVSHFWLYR SiWLR RXWUDV FXMR DFHVVR VHULD IHLWR SRU PHLR GH
HVFDGDV H XP WHUFHLUR WLSR TXH VHULD DFHVVDGR SHOR SDWDPDU DFLPD 9DOH UHVVDOWDU TXH DV FDVDV FRQVLGHUDGDV ¶DFLPD· DV TXDLV R DFHVVR VH Gi SRU HVFDGDV RX SRU RXWUR SDWDPDU VmR GRWDGDV GH WHUUDoRV TXH DOpP GH FRQIRUPDUHP VH FRPR XP HVSDoR GH DFHVVR VmR WDPEpP SDVVtYHLV GH DSURSULDomR SRU SDUWH GRV PRUDGRUHV ,PDJHP 1R FDVR GRV SiWLRV LPDJLQD VH D GLVSRVLomR GDV FDVDV DFLPD GH IRUPD D QmR Vy FLUFXQGDU D iUHD FRPXP GRV SiWLRV PDV WDPEpP DYDQoDU VREUH HVWH FULDQGR UHJL}HV VRPEUHDGDV GH HVWDU H OD]HU
,PDJHP 4XDQWR jV WLSRORJLDV PXOWLIDPLOLDUHV SHQVRX VH HP YDOHU VH GD WRSRJUDÀD GH GXDV PDQHLUDV GLVWLQWDV $ SULPHLUD VHPHOKDQWH DR UDFLRFtQLR GR DFHVVR GDV FDVDV GL] UHVSHLWR D GLVWLQomR HQWUH RV SHUtPHWURV GH LQÁXrQFLD GH FDGD HGLItFLR $ORFDGRV HP FRWDV
GLIHUHQWHV WDQWR R DFHVVR TXDQWR R HVSDoR OLYUH TXH R HGLItFLR DWLYD FRPR OXJDU GH SHUPDQrQFLD H OD]HU VHUmR WDPEpP GLIHUHQWHV ,PDJHP -i D VHJXQGD UHIHUH VH D FRQIRUPDomR GR HGLItFLR HP VL 4XDQGR SRVLFLRQDGRV WUDQVYHUVDOPHQWH jV FXUYDV GH QtYHO WHQGR FRPR SDUkPHWUR R OLPLWDQWH GH SDYLPHQWRV SDUD TXH QmR VHMD QHFHVViULD D LQVWDODomR GH HOHYDGRUHV p SRVVtYHO SURSRU ¶TXHEUDV· QR HGLItFLR GH IRUPD D FULDU WHUUDoRV GH XVR FROHWLYR GRV PRUDGRUHV ,PDJHP
,PDJHP
,PDJHP
,PDJHP
,PDJHP
,PDJHP
1R TXH GL] UHVSHLWR DR HTXLSDPHQWR PXOWLIXQFLRQDO RSWRX VH SRU XP JUDQGH HGLItFLR FHQWUDO QR SURMHWR D Ã&#x20AC;P GH FRQÃ&#x20AC;JXUDU VH FRPR D HVFDOD PDLV DEUDQJHQWH GR XVR S~EOLFR FRPR XP HTXLSDPHQWR SDUD D FLGDGH 9LVWR D SUR[LPLGDGH GR 6(6& SURFXURX VH XPD FRPSRVLomR SURJUDPiWLFD TXH IRVVH FRPSOHPHQWDU D HVVH 7HP VH HQWmR XP YROXPH TXH FRQIRUPD VH WDQWR FRPR HTXLSDPHQWR LQVWLWXFLRQDO TXDQWR FRPR iUHD
S~EOLFD GH HVWDU H OD]HU
3DUD D SDUWH LQVWLWXFLRQDO SDUWH UR[D QR GLDJUDPD D VHJXLU UHVHUYRX VH RV SDYLPHQWRV VXSHULRUHV XPD YH] TXH HVWH GHPDQGD FHUWD UHVWULomR GH DFHVVR S~EOLFR 4XDQWR DR SURJUDPD SHQVRX VH HP VDODV HTXLSDGDV SDUD RV PDLV GLYHUVRV FDPSRV GH DWXDomR DWLYLGDGHV FRUSRUDLV FRPR GDQoDV FDSRHLUD P~VLFD WHDWUR WHFLGR DFUREiWLFR RÃ&#x20AC;FLQDV GH H[SUHVVmR FRUSRUDO RÃ&#x20AC;FLQDV RX HYHQWRV UHODFLRQDGRV j FXOWXUD GLJLWDO YLGHR JDPH LQIRUPiWLFD SURJUDPDomR UREyWLFD RIHUHFLPHQWR GH RÃ&#x20AC;FLQDV GH FXOLQiULD GHVHQKR IRWRJUDÃ&#x20AC;D GHVLJQ JUiÃ&#x20AC;FR FXUVRV UHODFLRQDGRV j PXVLFD GHQWUH RXWURV $VVXPLQGR FRPR UHIHUrQFLD R &HQWUR GD -XYHQWXGH GH 6mR -RVp GRV &DPSRV 63
$/,0(17$d®2 3$7,16 6.$7(
/(,785$
WHP VH FRPR LQWHQomR RIHUHFHU XP SURJUDPD LQVWLWXFLRQDO GH IRUPD TXH R HTXLSDPHQWR VH WRUQH XPD LQVWLWXLomR FRPSOHPHQWDU j HVFROD DWHQGHQGR WDQWR R S~EOLFR LQIDQWLO H MRYHP TXDQWR VHX XQLYHUVR IDPLOLDU -i D SDUWH WpUUHD GR HGLItFLR IRL FRQFHELGD GH IRUPD D FRQIRUPDU VH FRPR XPD H[WHQVmR GR VLVWHPD GH HVSDoRV OLYUHV VHQGR LQGHSHQGHQWH GR IXQFLRQDPHQWR GD SDUFHOD LQVWLWXFLRQDO 'LVS{V VH SHTXHQRV FRPpUFLRV H VHUYLoRV QDV H[WUHPLGDGHV YROWDGDV jV iUHDV KDELWDFLRQDLV D Ã&#x20AC;P GH DWHQGHU D XPD GHPDQGD GR EDLUUR $ UHJLmR FHQWUDO GR HGLItFLR FRPS}H VH GH XP VLVWHPD GH SUDoDV DUERUL]DGDV H VHFDV FRQHFWDGDV SRU UDPSDV GH DFHVVR XQLYHUVDO 9ROXPHWULFDPHQWH R HGLItFLR IRL
XP SHTXHQR UHVWDXUDQWH SRSXODU TXH SRVVDP DSURSULDU
&20e5&,2
&XOWXUDO 6mR 3DXOR
,PDJHP _ 'LDJUDPD HP SODQWD GR HGLItFLR PXOWLIXQFLRQDO
$/
64
/$
8(
=(
5 &
(67$5 &2%(572
,0
(1
35
2%
7$ d
$d
®2
$
(5
72
+$%,7$d®2
35$d$
%2
&20e5&,2 6(59,d2
ORFDO RQGH DÁRUH VH XPD YLWDOLGDGH XUEDQD 7DPEpP IXQFLRQD FRPR XPD FRQH[mR HQWUH D SUDoD FULDGD QD PDUJHP GD $Y &RPHQGDGRU $OIUHGR 0DIIHL H D UHJLmR ERVTXHDGD QR LQWHULRU GR SURMHWR &RPSOHPHQWDU jV SUDoDV SHQVRX VH HP HVSDoRV GH OHLWXUD H D O L P H Q W D o m R F R P R F D I p V O D Q F K R Q H W H V H
&20e5&,2 (67$5 6(59,d2 /(,785$
SHQVDGR GH IRUPD D HQYROYHU R VLVWHPD GH SUDoDV 7RGRV RV SDYLPHQWRV VmR GRWDGRV GH ODUJRV FRUUHGRUHV YROWDGRV SDUD HVWH GH IRUPD TXH FRQÀJXUHP VH FRPR DOpP GD VXD IXQomR SULPHLUD GH FLUFXODomR WDPEpP XP HVSDoR GH HQFRQWUR H VRFLDELOLGDGH 2 LQWXLWR p TXDOLÀFDU R OXJDU FRPR XP SRQWR GH DWUDomR GH HVWDU H OD]HU GD FLGDGH UHXQLQGR GLIHUHQWHV S~EOLFRV HQÀP RIHUHFHU XP
+$%,7$d®2
,PDJHP _ 'LDJUDPD HP FRUWH GR HGLItFLR PXOWLIXQFLRQDO
35$d$
6(59,d2
VH GDV iUHDV H[WHUQDV FRPR H[WHQVmR GR DPELHQWH LQWHUQR &RPR UHIHUrQFLD WHP VH R &HQWUR
352-(72
(VWXGRV GH LPSODQWDomR FRUWHV H SODQWDV
1
&RUWH $$·
&RUWH $$·
3URFXURX VH GHVHQYROYHU D SDUFHOD KDELWDFLRQDO GR SURMHWR DWHQWDQGR VH D TXHVW}HV SDLVDJtVWLFDV GRV HVSDoRV FRPXQV GH HVWDU H OD]HU TXHVW}HV GH FRQIRUWR DPELHQWDO H GH GLYHUVLGDGH H GLQDPLVPR GRV HVSDoRV DSRQWDGDV FULWLFDPHQWH QR PRGHOR GH LPSODQWDomR GH +,6 FRPXPHQWH GLVVHPLQDGR QR %UDVLO $VVLP FRPR H[SOLFLWDGR QDV LQWHQo}HV H HVWUDWpJLDV SURFXURX VH WUDEDOKDU D SDUWLU GH SDWDPDUHV VREUH RV TXDLV GLVWULEXHP VH DV XQLGDGHV GH YL]LQKDQoD 3RU TXHVW}HV GH DFHVVR H GH PDQXWHQomR IRUDP SURSRVWDV YLDV FRPSDUWLOKDGDV SDUD DFHVVR ORFDO GH DXWRPyYHLV LQGLFDGRV SHOD VHWD YHUPHOKD QR GHVHQKR 'DGD D SUR[LPLGDGH GR FHQWUR H GH SRQWRV GH WUDQVSRUWH S~EOLFR MXOJRX VH YLiYHO D SULRUL]DomR GR SHGHVWUH HP
GHWULPHQWR GR DXWRPyYHO VHQGR HVWHV OLPLWDGRV jV YLDV FRPSDUWLOKDGDV iUHDV GH HVWDFLRQDPHQWR H UXDV (P FRQWUDSDUWLGD R SHGHVWUH WHP WRWDO DFHVVR GHQWUR GR VLVWHPD GH HVSDoRV OLYUHV H D WRGDV XQLGDGHV GH YL]LQKDQoD XPD YH] TXH HVVDV LQWHUOLJDP VH SRU SiWLRV HVFDGDV RX UDPSDV $ FRQIRUPDomR GDV XQLGDGHV GH YL]LQKDQoD SRU FDVDV WpUUHDV H VREUHSRVWDV IRL GHVHQYROYLGD QR LQWXLWR GH FULDU XP PDLRU GLQDPLVPR QRV HVSDoRV KDELWDFLRQDLV GH SHUPDQrQFLD H FRQYtYLR VHMDP HOHV SUDoDV SiWLRV RX WHUUDoRV 2 LQWXLWR p SURPRYHU XPD FRQWUDSRVLomR jV VROXo}HV SDGURQL]DGDV ~QLFDV FDULPERV RIHUHFLGDV HP JUDQGH SDUWH GRV FRQMXQWRV +,6 GR SDtV
1DV SDUFHODV PDLV DGHQVDGDV GR SURMHWR RQGH RSWRX VH SHOD FRQIRUPDomR GH OkPLQDV RV HVSDoRV GH HQFRQWUR H SHUPDQrQFLD DOpP GDV SUDoDV H SiWLRV FRPSDUWLOKDGRV FRP DV XQLGDGHV GH YL]LQKDQoD VHULDP LQWHULRUHV DR HGLItFLR 6HPHOKDQWH D HVWUDWpJLD DGRWDGD QR HGLItFLR PXOWLIXQFLRQDO SURS}H VH TXDOLÃ&#x20AC;FDU RV HVSDoRV GH FLUFXODomR WDQWR YHUWLFDO TXDQWR KRUL]RQWDO FRPR WDPEpP HVSDoRV GH HVWDU H FRQYtYLR GRV PRUDGRUHV 6HQGR DVVLP R DFHVVR jV XQLGDGHV GDV OkPLQDV VHULD IHLWR SRU PHLR GH ODUJRV FRUUHGRUHV RV TXDLV SDVVtYHLV GH DSURSULDomR SRGHULDP WRUQDU VH XPD H[WHQVmR GD VDOD GH HVWDU GDV UHVLGrQFLDV FRPR YLVWR QR OLYUR GH +HUW]EHUJXHU 4XDQWR j FLUFXODomR YHUWLFDO HVWDEHOHFH VH XPD HVSpFLH GH SiWLR HP DOWXUD XP DODUJDPHQWR QR HVSDoR GH FLUFXODomR DR UHGRU GD FDL[D GH HVFDGD TXH IXQFLRQDULD WDPEpP FRPR XPD iUHD GH XVR FRPXP GRV PRUDGRUHV $OpP GRV HVSDoRV GH FLUFXODomR GDGD D GHFOLYLGDGH GR WHUUHQR HP DOJXPDV OkPLQDV VH ID] SRVVtYHO D FULDomR GH WHUUDoRV SDUD XVR FROHWLYR D SDUWLU GH ¶TXHEUDV· QRV HGLItFLR 1R TXH GL] UHVSHLWR jV TXHVW}HV GH FRQIRUWR DPELHQWDO DV FDVDV IRUDP SURMHWDGDV GH IRUPD TXH IRVVH VHPSUH SRVVtYHO D SURPRomR GD YHQWLODomR FUX]DGD $OpP GLVVR RV F{PRGRV GH PDLRU SHUPDQrQFLD TXDUWRV
H VDODV IRUDP GLVSRVWRV D Ã&#x20AC;P GH REWHU VH XPD LQVRODomR DGHTXDGD SRU PHLR GDV DEHUWXUDV HP WRGDV DV VLWXDo}HV GH LPSODQWDomR HVWDEHOHFLGDV QR SURMHWR $V OkPLQDV SRU VXD YH] IRUDP LPSODQWDGDV GH IRUPD D SULRUL]DU D PHOKRU RULHQWDomR VRODU QDV IDFKDGDV GH DEHUWXUD GDV KDELWDo}HV VHQGR HVVDV YROWDGDV D OHVWH VRO GD PDQKm RX D QRUWH VRO R GLD WRGR 4XDQWR jV XQLGDGHV RXWUR SRQWR D VHU GLVFXWLGR DFHUFD GRV FRQMXQWRV +,6 p R OLPLWDQWH LPSRVWR SHOR SURJUDPD DUTXLWHW{QLFR ~QLFR VDOD FR]LQKD EDQKHLUR H GRLV GRUPLWyULRV 7HQGR HP YLVWD D UHDOLGDGH GD SRSXODomR HP VXDV PDLV GLYHUVDV FRQIRUPDo}HV IDPLOLDUHV R SURMHWR GDV FDVDV VREUHSRVWDV IRL GHVHQYROYLGR D Ã&#x20AC;P GH SRVVLELOLWDU VXD H[SDQVmR LQGHSHQGHQWHPHQWH GD HVWUXWXUD LQLFLDO $ GLVSRVLomR GDV FDVDV IRL IHLWD GHQWUR GH XP JULGH GH P [ P KDYHQGR VHPSUH XP GLVWDQFLDPHQWR PtQLPR GH P HQWUH FDGD FDVD SDUD SHUPLWLU D LQVRODomR 1RV FDVRV RQGH HVVD GLVWkQFLD p PDLRU H[LVWH D SRVVLELOLGDGH GH H[SDQGLU D KDELWDomR VREUH RV WHUUDoRV 'HVVD IRUPD FULD VH FRQGLo}HV SDUD R PRUDGRU DGHTXDU D PRUDGLD GH DFRUGR FRP DV UHDLV QHFHVVLGDGHV GH VXD IDPtOLD 7HP VH D SULQFtSLR GXDV SURSRVWDV SDUD R SURJUDPD EDVH GH KDELWDomR GDV FDVDV
XPD GH P DWHQGHQGR j GLVSRVLomR GH VDOD FR]LQKD EDQKHLUR H GRLV GRUPLWyULRV H RXWUD GH P FRP FDUiWHU GH VWXGLR FRP XP ~QLFR DPELHQWH VRFLDO 'HYLGR jV GLIHUHQWHV FRQGLo}HV GH DFHVVR FULDGDV SHOD GLVSRVLomR GDV FDVDV H j SUHPLVVD GH SRVVLELOLWDU D H[SDQVmR GHVWDV IRUDP GHVHQYROYLGDV SODQWDV GH IRUPD TXH RV ~QLFRV HOHPHQWRV Ã&#x20AC;[RV IRVVHP R VLVWHPD HVWUXWXUDO GH SLODUHV H YLJDV PHWiOLFDV H R Q~FOHR KLGUiXOLFR EDQKHLUR FR]LQKD H iUHD GH VHUYLoR VHQGR R UHVWDQWH GDV YHGDo}HV H GDV GLYLV}HV LQWHUQDV SDLQpLV OHYHV
3ODQWDV EDVH GDV KDELWDo}HV WpUUHDV H VREUHSRVWDV P H P FRP SRVVLELOLGDGH GH DOWHUDomR QR DFHVVR
3ODQWD EDVH GH P FRP H[SDQVmR Q R V H Q W L G R O R Q J L W X G L Q D O H SRVVLELOLGDGH GH DOWHUDomR QR DFHVVR
3ODQWDV EDVH GH P FRP H[SDQVmR QR VHQWLGR WUDQVYHUVDO H GH DOWHUDomR QR DFHVVR
&RQVLGHUDQGR VH D SURSRVLomR GH FDVDV WpUUHDV IRL SHQVDGR HP YHQH]LDQDV GH DEHUWXUD FDPDUmR D Ã&#x20AC;P GH SURSRUFLRQDU FHUWD SULYDFLGDGH 4XDQGR DEHUWDV DV YHQH]LDQDV HYLGHQFLDULDP HVTXDGULDV GH WHWR DR FKmR FRP MDQHODV JXLOKRWLQD $ IROKD GH EDL[R VHULD Ã&#x20AC;[D VHUYLQGR R SURSyVLWR DSHQDV GH LOXPLQDomR H D IROKD GH FLPD PyYHO SRVVLELOLWDQGR YHQWLODomR H LOXPLQDomR
3ODQWD EDVH GH P FRP H[SDQVmR H SRVVLELOLGDGH GH DOWHUDomR QR DFHVVR
,PDJHP
,PDJHP
,PDJHP
,PDJHP
,PDJHP
,PDJHP
,PDJHP
,PDJHP
7HQGR HP YLVWD D FRQH[mR H[LVWHQWH HQWUH DV GXDV PDUJHQV GR ULR HP IUHQWH DR 6(6& QHVVD iUHD GR SURMHWR LQGLFDomR QD LPDJHP DR ODGR LQWHQFLRQD VH UHIRUoDU R GLiORJR FRP D LQVWLWXLomR HVWDEHOHFHQGR XPD DPELrQFLD GH SUDoD FRP HVWDUHV H TXLRVTXHV GH DOLPHQWDomR H SHTXHQDV YHQGDV LQVWLJDQGR DVVLP D SHUPDQrQFLD QR RXWUR ODGR GD DYHQLGD WDPEpP &RPR H[WHQVmR GHVVH HVSDoR SHQVRX VH HP FULDU XP OXJDU SDUD DWLYLGDGHV ItVLFDV LQGLFDomR YLVWR D H[LVWrQFLD GH XPD SLVWD GH FDPLQKDGD H FLFORYLD LPDJHP QD PDUJHP GR ULR $PEDV LQWHQo}HV WrP FRPR SURSyVLWR R DSURYHLWDPHQWR GH XPD iUHD DSODLQDGD QD PDUJHP GD DYHQLGD TXH DWXDOPHQWH p XWLOL]DGD SDUD ORFDomR GH ¶RXWGRRUV· LPDJHP 3DUD R HGLItFLR PXOWLIXQFLRQDO DOpP GR VLVWHPD GH SUDoDV Mi FRPHQWDGR LQGLFDomR SHQVRX VH HP iUHDV SDUD R OD]HU FREHUWR LQGLFDomR H HVSDoRV TXH IXQFLRQDVVHP FRP XPD H[WHQVmR GDV VDODV GH OHLWXUD FDIp H UHVWDXUDQWH SURSRVWRV SDUD R HGLItFLR LQGLFDomR
1
,PDJHP
,PDJHP
6(6& ,PDJHP _ &RQH[mR FRP R 6(6& H FLFORYLD
,PDJHP _ 3ODW{ FRP ORFDomR GH RXWGRRUV QD PDUJHP GD DYHQLGD
1
5HFRUWH 9LVWD GH FLPD
1
5HFRUWH 7pUUHR
1
&RUWH %%·
5HFRUWH 9LVWD GH FLPD
1
&RUWH %%·
5HFRUWH 7pUUHR
1
&RUWH &&·
5HFRUWH 9LVWD GH FLPD
1
&RUWH &&·
5HFRUWH 7pUUHR
&RUWH %%·
5HFRUWH _,QGLFDomR &RUWH %%·
&RUWH %%·
&RUWH &&·
&RUWH &&·
5HFRUWH _,QGLFDomR &RUWH &&·
1
1
5HFRUWH 7pUUHR
&RUWH ''·
&RUWH ''·
1
1
5HFRUWH _7pUUHR ,QVWLWXFLRQDO
%LEOLRJUDÀD
2XWUDV UHIHUrQFLDV
(QWUHYLVWD GH &KULVWLDQ 'XQNHU 0DO HVWDU VRIULPHQWR H VLQWRPD XPD SVLFRSDWRORJLD GR %UDVLO HQWUH PXURV QD &3)/ 'LVSRQtYHO HP
/XFLHQ .UROO 0HPp 5HVLGHQWLDO %XLOGLQJ /RXYDLQ 8QLYHUVLW\ %pOJLFD
KWWS ZZZ LQVWLWXWRFSÁ RUJ EU FXOWXUD PDO HVWDU VRIULPHQWR H VLQWRPD FRP FKULVWLDQ GXQNHU LQWHJUD ! $FHVVR HP
0DUN 0DFN 1H[XV :RUOG .DVKLL )XNXRND -DSmR
(63$//$5*$6 *,0(1(= /XLV &RQVWUXLU H FRQÀJXUDU $UTXLWH[WRV 6mR 3DXOR DQR Q 9LWUXYLXV QRY
&KDUOHV 0RRUH 0/7: &RQMXQWR 6HD 5DQFK &DOLIyUQLD (8$
KWWS ZZZ YLWUXYLXV FRP EU UHYLVWDV UHDG DUTXLWH[WRV ! $FHVVR HP
.D]XN\R 6HMLPD 6$1$$ .LWDJDWD $SDUWPHQW %XLOGLQJ *LIX -DSmR
)(/,; ( $OWHUDo}HV QDV SODQWDV PRVWUDP UHYROXomR QR PRUDU· (VWDGmR 'LVSRQtYHO HP KWWS HFRQRPLD HVWDGDR FRP EU EORJV UDGDU
6KLJHUX %DQ +RXVLQJ DW 6KDNXMLL 3DUN 7yTXLR -DSmR 3& 3LOH +RXVH 6KL]XRND -DSmR &XUWDLQ :DOO +RXVH 7yTXLR -DSmR
LPRELOLDULR DOWHUDFRHV QDV SODQWDV PRVWUDP UHYROXFDR QR PRUDU ! $FHVVR HP
)XUQLWXUH +RXVH <DPDQDVKL -DSmR 1DNHG +RXVH 6DLWDPD -DSmR 0HWDO 6KXWWHU +RXVH 1RYD ,RUTXH (8$
)(55(,5$ -RmR 6HWWH :KLWDNHU 3URGX]LU FDVDV RX FRQVWUXLU FLGDGHV" 'HVDÀRV SDUD XP QRYR %UDVLO XUEDQR HG 6mR 3DXOR /$%+$% )83$0
5DOSK (UVNLQH %\NHU 5HGHYHORSPHQW 1HZFDVWOH XSRQ 7\QH ,QJODWHUUD *UHHQZLFK 0LOOHQQLXP 9LOODJH /RQGUHV
,QJODWHUUD
),*8(52$ 0iULR +DELWDomR FROHWLYD H D HYROXomR GD TXDGUD $UTXLWH[WRV 6mR 3DXOR DQR Q 9LWUXYLXV IHY
.LVKR .XURNDZD 1DNDJLQ &DSVXOH 7RZHU 7yTXLR -DSmR
KWWS ZZZ YLWUXYLXV FRP EU UHYLVWDV UHDG DUTXLWH[WRV ! $FHVVR HP
7DGDR $QGR 5RNNR +RXVLQJ , ,, H ,,, .REH -DSmR $ZDML <XPHEXWDL +\RJR -DSmR
*8(55$ $ELOLR 4XDGUD DEHUWD 8PD WLSRORJLD XUEDQD UDUD HP 6mR 3DXOR 3URMHWRV 6mR 3DXOR DQR Q 9LWUXYLXV DEU
20$ 0LOVWHLQ +DOO &RUQHOO 8QLYHUVLW\ ,WKDFD 1RYD ,RUTXH (8$
KWWS ZZZ YLWUXYLXV FRP EU UHYLVWDV UHDG SURMHWRV !$FHVVR HP
6$1$$ 5ROH[ /HDUQLQJ &HQWHU eFROH 3RO\WHFKQLTXH )pGpUDOH GH /DXVDQQH (3)/ 6XtoD
+$%5$.(1 1 - 7KH VWUXFWXUH RI WKH RUGLQDU\ IRUP DQG FRQWURO LQ WKH EXLOW HQYLURQPHQW /RQGRQ 0,7 3UHVV
$SDUWDPHQWRV ,GHD =DUYRV *UXSR 63 (GLItFLR 6LPSDWLD 6mR 3DXOR %UDVLO *XL 0DWWRV (GLItFLR 2XUkQLD 6mR 3DXOR %UDVLO
+((0$11 - H &$,8%< 3 2 TXH ID] XP HVSDoR S~EOLFR VHU EHP VXFHGLGR" 'LVSRQtYHO HP KWWS ZZZ SODFHPDNLQJ RUJ EU KRPH R TXH ID]
7U\SWLTXH (GLItFLR )LGDOJD 6mR 3DXOR %UDVLO $QGUDGH 0RUHWWLQ (GLItFLR )LGDOJD 6mR 3DXOR %UDVLO
XP HVSDFR SXEOLFR VHU EHP VXFHGLGR $FHVVR HP
$WHOLHU +DOHQ +RXVLJQ %HUQD 6XtoD
+(57=%(5*(5 +HUPDQ /Lo}HV GH DUTXLWHWXUD 6mR 3DXOR 3HUVSHFWLYD
'HQ\V /DVGXQ 5R\DO 1DWLRQDO 7KHDWHU /RQGUHV ,QJODWHUUD
3URJUHVVR H +DELWDomR GH 6mR &DUORV 6 $ 3ODQR /RFDO GH +DELWDomR GH ,QWHUHVVH 6RFLDO GH 6mR &DUORV 'LVSRQtYHO HP
1HZ 7RZQV &DEHUQDXOG 5XQFRUQ H 6WHYHQDJH 5HLQR 8QLGR
KWWS ZZZ VDRFDUORV VS JRY EU LQGH[ SKS SOKLV VDR FDUORV KWPO $FHVVR HP
3DXO 5XGROSK 7KH &RORQQDGH &RQGRPLQLXPV 6LQJDSXUD $UFKLWHFWXUDO 5HFRUG )RUW /LQFROQ +RXVLQJ SURMHWR QmR FRQVWUXtGR
3URMHFW IRU 3XEOLF 6SDFHV 336 :KDW LV 3ODFHPDNLQJ" 'LVSRQtYHO HP KWWS ZZZ SSV RUJ UHIHUHQFH ZKDWBLVBSODFHPDNLQJ $FHVVR HP
0DUULHG *UDGXDWH 6WXGHQW +RXVLQJ <DOH 8QLYHUVLW\ 1HZ +DYHQ (8$
7 $ 9 $ 5 ( 6 6 L O Y L D 3 O D F H P D N L Q J X U E D Q L V P R H R I X W X U R G R V H V S D o R V S ~ E O L F R V ' L V S R Q t Y H O H P
1LFN 0LONRYLFK $UFKLWHFWV ZLWK $UWKXU (ULFNVRQ :DOWHU )UDQFO $UFKLWHFWXUH /WG (YHO\Q 'ULYH 5HVLGHQWLDO 'HYHORSPHQW HP FRQVWUXomR :HVW
KWWS ZZZ SODFHPDNLQJ RUJ EU KRPH SODFHPDNLQJ XUEDQLVPR H R IXWXUR GRV HVSDFRV SXEOLFRV $FHVVR HP
9DQFRXYHU &DQDGi
9(,*$ ( &DVD FRPSDUWLOKDGD YLUD RSomR HP 63 (VWDGmR 'LVSRQtYHO HP KWWS VDR SDXOR HVWDGDR FRP EU EORJV HGLVRQ YHLJD FDVD
3URMHWRV GH &OXVWHU +RXVLQJ
FRPSDUWLOKDGD YLUD RSFDR HP VS ! $FHVVR HP
5RFFR 9LGDO DUTXLWHWRV DWXDO 3HUNLQV :LOO 0yGXOR $OWR 3LQKHLURV 6mR 3DXOR %UDVLO (GLItFLR 3HUHLUD /HLWH 6mR 3DXOR %UDVLO
9(,*$ ( )HLUD OLYUH GHQWUR GH FRQGRPtQLR YLUD PRGD (VWDGmR 'LVSRQtYHO HP KWWS VDR SDXOR HVWDGDR FRP EU EORJV HGLVRQ YHLJD IHLUD
0RVKH 6DIGLH +DELWDW 0RQWUHDO &DQDGi
OLYUH FRQGRPLQLR ! $FHVVR HP
&R[ 5D\QHU $UFKLWHFWV .XULOSD %ULGJH %ULVEDQH $XVWUiOLD
,PDJHQV ,PDJHP )(55(,5$ -RmR 6HWWH :KLWDNHU 3URGX]LU FDVDV RX FRQVWUXLU FLGDGHV" 'HVDILRV SDUD XP QRYR %UDVLO XUEDQR HG 6mR 3DXOR /$%+$% )83$0 S
,PDJHP $FHUYR SHVVRDO
,PDJHP )(55(,5$ -RmR 6HWWH :KLWDNHU 3URGX]LU FDVDV RX FRQVWUXLU FLGDGHV" 'HVDILRV SDUD XP QRYR %UDVLO XUEDQR HG 6mR 3DXOR /$%+$% )83$0 S
,PDJHP $FHUYR SHVVRDO
,PDJHP )(55(,5$ -RmR 6HWWH :KLWDNHU 3URGX]LU FDVDV RX FRQVWUXLU FLGDGHV" 'HVDILRV SDUD XP QRYR %UDVLO XUEDQR HG 6mR 3DXOR /$%+$% )83$0 S
,PDJHP $FHUYR SHVVRDO
,PDJHP )(55(,5$ -RmR 6HWWH :KLWDNHU 3URGX]LU FDVDV RX FRQVWUXLU FLGDGHV" 'HVDILRV SDUD XP QRYR %UDVLO XUEDQR HG 6mR 3DXOR /$%+$% )83$0 S
,PDJHP $FHUYR SHVVRDO
,PDJHP )(55(,5$ -RmR 6HWWH :KLWDNHU 3URGX]LU FDVDV RX FRQVWUXLU FLGDGHV" 'HVDILRV SDUD XP QRYR %UDVLO XUEDQR HG 6mR 3DXOR /$%+$% )83$0 S
,PDJHP $FHUYR SHVVRDO
,PDJHP )(55(,5$ -RmR 6HWWH :KLWDNHU 3URGX]LU FDVDV RX FRQVWUXLU FLGDGHV" 'HVDILRV SDUD XP QRYR %UDVLO XUEDQR HG 6mR 3DXOR /$%+$% )83$0 S
,PDJHP $FHUYR SHVVRDO
,PDJHP )(55(,5$ -RmR 6HWWH :KLWDNHU 3URGX]LU FDVDV RX FRQVWUXLU FLGDGHV" 'HVDILRV SDUD XP QRYR %UDVLO XUEDQR HG 6mR 3DXOR /$%+$% )83$0 S
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS ZZZ XNDGDSWD FRP H DUFKLWHFWXUH EDUELFDQ KWPO
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS PRGHUQDUFKLWHFWXUHORQGRQ FRP EXLOGLQJV EDUELFDQ FHQWUH SKS
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWSV FRPPRQV ZLNLPHGLD RUJ ZLNL )LOH %DUELFDQ '7 MSJ
,PDJHP $FHUYR SHVVRDO
,PDJHP $FHUYR SHVVRDO
,PDJHP $FHUYR SHVVRDO
,PDJHP $FHUYR SHVVRDO
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS ZZZ SODFHPDNLQJ RUJ EU KRPH R TXH ID] XP HVSDFR SXEOLFR VHU EHP VXFHGLGR
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS ZZZ UXGL QHW QRGH
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS ZZZ SODFHPDNLQJFKLFDJR FRP DERXW
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS J JORER FRP 1RWLFLDV 6DR3DXOR IRWR (; MSJ
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS ZZZ KDOLID[ FD FXOWXUH &RPPXQLW\$UWV LPDJHV GHDFRQ VW SDLQW UHG IRU ZHE MSJ
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS ZZZ SODFHPDNLQJFKLFDJR FRP DERXW
,PDJHP KWWS ZZZ RQGHOLVERD FRP RQGH TXLRVTXHV OLVERD
,PDJHP KWWS PDUYHODUFKLWHFWV FRP SUDWW LQVWLWXWH SODFHPDNLQJ GHJUHH
,PDJHP KWWS ZZZ XQLPHG FRRS EU SFW FRPXP UHGLUHFLRQD MVS"FGBPDWHULD
,PDJHP KWWS ZZZ ODFDWRQYDVVDO FRP LQGH[ SKS"LGS
,PDJHP KWWS ZZZ JOREDOSRVVLELOLWLHV RUJ ORYHIHVW ODQGVFDSH DUFKLWHFWV DQG UHVWRUDWLRQ HFRORJLVWV
,PDJHP KWWS ZZZ ODFDWRQYDVVDO FRP LQGH[ SKS"LGS
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS ZZZ ODFDWRQYDVVDO FRP LQGH[ SKS"LGS
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS WKHFRPSHWLWLRQVEORJ FRP UHVXOWV B
,PDJHP KWWS ZZZ SODFHVWRYLVLWEUD]LO FRP LELUDSXHUD SDUN
,PDJHP KWWS WKHFRPSHWLWLRQVEORJ FRP UHVXOWV B
,PDJHP $FHUYR SHVVRDO
,PDJHP KWWS WKHFRPSHWLWLRQVEORJ FRP UHVXOWV B
,PDJHP KWWS IXWXUDDUTXLWHWRV FRP EU SULPHLUR PDQXDO GH UXDV FRPSDUWLOKDGDV
,PDJHP 0DSD KWWS ZZZ VDRFDUORV VS JRY EU LQGH[ SKS SURKDE KWPO
,PDJHP KWWS WKHFRPSHWLWLRQVEORJ FRP UHVXOWV B
,PDJHP 0DSD KWWS ZZZ VDRFDUORV VS JRY EU LQGH[ SKS SURKDE KWPO
,PDJHP $FHUYR SHVVRDO
,PDJHP $FHUYR SHVVRDO
,PDJHP $FHUYR SHVVRDO