Brasil PRESBITERIANO
Transcrição
&VEWMP 46)7&-8)6-%23 $JRVW R GH ÔYNqV6MPJPHSKH0NYLQH7YLZIP[LYPHUHKV)YHZPS 5HGH 3UHVELWHULDQD GH&RPXQLFDomR $QR15 ,3%FRPSOHWDDQRV 2SDSHOGHXPDLJUHMDQDVRFLHGDGHEUDVLOHLUD /LYUR2V3LRQHLURV±3UHVELWHULDQRVGR%UDVLO 6tQRGRGD,JUHMD3UHVELWHULDQDGR%UDVLORSULPHLURVtQRGRIRUPDGRHP TXDQGRD,3%VHWRUQRXLQGHSHQGHQWHGDLJUHMDSUHVELWHULDQDGRV(VWDGRV8QLGRV 3iJLQDVH :LOVRQ&DPDUJR :LOVRQ&DPDUJR 0DUFKDSDUD-HVXVXPDUHIOH[mR 0DFNHQ]LHJDQKDQRYRGLUHWRU UHIRUPDGDVREUHRPRYLPHQWR SUHVLGHQWHUHY0DUFRV/LQV 3URMHWRRGRQWROyJLFRYDORUL]D LQIkQFLDQRkPELWRVRFLDO 3iJLQD 3iJLQD 3iJLQD &VEWMP46)7&-8)6-%23 $JRVWRGH 3DODYUDGD5HGDomR $RQGDUHFHQWHGHGHVFREHUWDVGHFRUUXSomRQRJRYHUQRIHGHUDO WHP GHL[DGR D LPSUHQVD H D SRSXODomR EUDVLOHLUD HP SROYRURVD FRPRVHLVVRIRVVHQRYLGDGH+iDQRVRSDtVSDGHFHVREDPmRGH JRYHUQDQWHVSROtWLFRVHPSUHViULRVHWFFRUUXSWRVWDQWRTXHRSRYR QDVJUDQGHVFLGDGHVHVWiDFRVWXPDGRDYHUIDPtOLDVPRUDQGRQDV UXDVDWHUPHGRGHFULDQoDVTXHPQmRSHQVDHPPXGDUGHFDOoDGD TXDQGRYrXPJUXSRGHPHQLQRVGHUXDVHMDTXHLGDGHDSDUHQWH VHDSUR[LPDU"HDYHUQRVQRWLFLiULRVWRGRVRVGLDVQRWtFLDVGH YLROrQFLD'HVWDYH]SRUpPRSRYRQmRHVSHUDYDTXHRJRYHUQR IHGHUDOFRPDQGDGRSRUXPKRPHPGHRULJHPKXPLOGHVHPRVWUDV VHWmRSROXtGRTXDQWRTXDOTXHURXWUR 1R HQWDQWR WDOYH] D VXUSUHVD D SHUSOH[LGDGH H D LQGLJQDomR WHQKDPYLQGRHPERDKRUDeRTXHSHQVDRJUXSRTXHIRUPRXR PRYLPHQWR'HPRFUDFLD9LYDGHVHQYROYLGRHOLGHUDGRSHOD,3GD %DUUD GD7LMXFD QR 5LR GH -DQHLUR SDVWRUHDGD SHOR UHY$QW{QLR &DUORV$OYHV GH 6i &RVWD 2 JUXSR SUHWHQGH GHVSHUWDU D LJUHMD j OXWDU D IDYRU GD GHPRFUDFLD MXVWD H GRV GLUHLWRV KXPDQRV H VHX SULPHLURSDVVRpUHFROKHUPLODVVLQDWXUDVSDUDOHYDUMXQWRFRPXP PDQLIHVWRjVPDLRUHVDXWRULGDGHVGR%UDVLO$RODGRGHVVHSDVVR RXWUR p FULDU JUXSRV GH RUDomR QDV LJUHMDV ORFDLV TXH RUHP SRU PXGDQoDVQRSDtV&RQILUDDPDWpULDQDSiJLQD $,3%YHPOXWDQGRSRUPXGDQoDVFRPLQLFLDWLYDVGHFXQKRVRFLDO HHGXFDWLYRTXHOHYDPDLQGDRHYDQJHOKRSDUDPHOKRUDUDTXDOL GDGHGHYLGDItVLFDHPRFLRQDOHHVSLULWXDOGRSRYReRTXHPRVWUD D FRPSLODomR IHLWD SHOD UHGDomR QD PDWpULD GDV SiJLQDV H HP OHPEUDQoD GR DQLYHUViULR GD FKHJDGD GR PLVVLRQiULR$VKEHOO *UHHQ6LPRQWRQHFRPHOHGDLJUHMDSUHVELWHULDQDDR%UDVLO DQRVDWUiV ([HPSORVGHTXHDGHQRPLQDomRFRODERUDQmRDSHQDVQR%UDVLO PDVQRPXQGRWUD]HPDVPDWpULDVGDVSiJLQDVVREUHR4XLQWR (QFRQWURGH0RELOL]DGRUHVH/tGHUHV&ULVWmRVSURPRYLGRHPMXQKR SHOD$JrQFLD 3UHVELWHULDQD GH 0LVV}HV 7UDQVFXOWXUDLV $307 H SHOD-XQWDGH0LVV}HV1DFLRQDLV-01GDSiJLQDVREUHRXP SURMHWRGLULJLGRSRUPLVVLRQiULRVEUDVLOHLURVGD$307HP6HYLOKD QD (VSDQKD GD SiJLQD VREUH XPD LJUHMD TXH HVWi DOFDQoDQGR SHVVRDVSDUD&ULVWRSRUPHLRGDVDUWHVGDSiJLQDVREUHDLQLFLD WLYDGHXPDLJUHMDGHRIHUHFHUDWHQGLPHQWRRGRQWROyJLFRJUDWXLWRD FULDQoDVFDUHQWHVHRGDSiJLQDQDVHomR&RQKHoDD,3%IDODQ GRVREUHD6RFLHGDGH$PLJRVGH0HQLQRV0HQLQDVH$GROHVFHQWHV $SUHQGL]HVGH5XELDWDEDHP*RLiV 9HMD DLQGD D PXGDQoD QD SUHVLGrQFLD GR ,QVWLWXWR 3UHVELWHULDQR 0DFNHQ]LH QD SiJLQD R -XELOHX GH 3UDWD GR 6HPLQiULR 3UHVELWHULDQR 5HY -RVp 0DQRHO GD &RQFHLomR HP 6mR 3DXOR QD SiJLQDXPDUWLJRVREUHDYLVmRUHIRUPDGDDUHVSHLWRGDVPDU FKDVSDUD-HVXVQDSiJLQDHDSRVVHGRYLFHSUHVLGHQWHGR6& ,3% UHY *XLOKHUPLQR &XQKD QD SUHVLGrQFLD GR SULPHLUR 5RWDU\ &OXEGR%UDVLOQDSiJLQD 7HQKDXPDOHLWXUDDEHQoRDGD 6HXUHFDGR e LQDGPLVVtYHO TXDQGR VH IDOD QD 0LVVmR &DLXi QmR KDYHU UHIHUrQFLDV DR WUDEDOKR GR 5LR GH -DQHLUR SHOD PLVVmR IXQGDGR HP GH$JRVWR GH FRQKHFLGR QDFLRQDO H LQWHUQDFLRQDOPHQWH H TXH WHP FRPR VHGH D ,3GR5LRGH-DQHLURTXHRUHFRQKHFHHLQWHJUDOPHQWHR DSyLDSHOR6XSUHPR&RQFtOLR (P UHODomR j PDWpULD SXEOLFDGD QHVWH MRUQDO QR PrV GH MXOKR GR FRUUHQWH DQR VREUH D PLVVmR TXHUR UHV VDOWDU H DFUHVFHQWDU GDGRV QmR SXEOLFDGRV R FDULQKR H R DPRU GHGLFDGRV SHOR UHY %HLMDPLP %HUQDUGHV H VXD HVSRVD 0DUJDULGD QHVWHV DQRV DR SRYR LQGtJHQD GH 'RXUDGRVHR,QVWLWXWR%tEOLFR5HY)HOLSH/DQGHVTXH IRL FRQVWUXtGR H IXQGDGR SHOR 7UDEDOKR SDUD D 0LVVmR &DLXi QR 5LR GH -DQHLUR 'HVGH D IXQGDomR GD PLVVmR R 7UDEDOKR QR 5LR GH -DQHLUR TXH DWXDOPHQWH FRQWD FRP PDLV GH FHP LJUHMDV SUHVELWHULDQDV FRODERUDQGR VXVWHQWDWRGDVDVDWLYLGDGHVGRLQVWLWXWRDOpPGHPDQWHU PLVVLRQiULRV LQGtJHQDV$FUHVFHQWHVH TXH HTXLSRX WRGR RLQVWLWXWRGRUPLWyULRVDODVFR]LQKDUHIHLWyULRHDQX DOPHQWHFRQIHFFLRQDHOHYDFHUFDGHFLQFRPLOSHoDVGH URXSDVSDUDR+RVSLWDO3RUWDGD(VSHUDQoDHD8QLGDGH GH &ULDQoDV &DUHQWHV H 'HVQXWULGDV WDLV FRPR FXHLURV FDPLVDVGHSDJmRFREHUWRUHVVKRUWVOHQoyLVDJDVDOKRV HQ[RYDLVGHEHErVIUDOGDVHWF2WUDEDOKRWDPEpPFRQV WUXLXLQWHJUDOPHQWHFLQFRFRQJUHJDo}HVDOpPGHDMXGDU RWpUPLQRGHRXWUDVMiFRPUHFXUVRVSDUDDFRQVWUXomRGH PDLVXPDHSODQRVGHFRQVWUXLURXWUDDWpRILQDOGRDQR 7HP SDUWLFLSDGR GDV DOHJULDV OXWDV VRIULPHQWRV H GRUHV GDTXHOHSRYRTXHULGRDWUDYpVGDVRUDo}HVHVROLGDULHGDGH GRSRYRFDULRFD -HDQQH )UDQFLQH 9LOORQ SUHVLGHQWH GR 7UDEDOKR SDUDD0LVVmR(YDQJpOLFD&DLXiQR5LRGH-DQHLUR 6REUH R DUWLJR 9RFr p XP 6HUYR ,Q~WLO" %3 MXQKR GH SJ%WHQKRTXHGLVFRUGDUGRFROHJDVHXDXWRU 6HQGRHXXPGRVWUDGXWRUHVHRHVWLOLVWDGD1RYD9HUVmR ,QWHUQDFLRQDO 19, QmR SRVVR GHL[DU GH PH SURQXQ FLDUXPDYH]TXHpIHLWDDOXVmRj³HVFROKDLQIHOL]´GR WHUPR³LQ~WLO´SHORVWUDGXWRUHVSDUDDWUDGXomRGRWHUPR JUHJR DFKUHLRV HP /XFDV ³VHUYRV LQ~WHLV´ 2 DXWRUGRDUWLJRHORJLDYHUV}HVLQJOHVDVTXHHPSUHJDPRV 1RVVRUHFDGR (UUDPRV 1DQRWD)HVWDGH0LVV}HVQD,36HQDGRU&kPDUDSXEOLFDGDQDSiJLQDGDHGLomR GHMXOKRGR%3RKRUiULRFRUUHWRGDIHVWDpLQtFLRjVKHWpUPLQRjVKQRGLDGH DJRVWR ,?7,+0,5;, ÐUJmR2ILFLDOGD &VEWMP46)7&-8)6-%23 8PDSXEOLFDomRGD $QRQ²$JRVWRGH ZZZLSERUJEU 5XD0DULD$QW{QLDDQGDU&(36mR3DXOR²63 7HOHIRQH;; (PDLOHGLWRUES#USFLSERUJEU 3UHVE*XQQDU%HGLFNV-U²3UHVLGHQWH 3UHVE*LOVRQ$OEHUWR1RYDHV6HFUHWiULR 3UHVE$OFLGHV0DUWLQV-U²7LWXODU 3UHVE-RVp$XJXVWR3HUHLUD%ULWR²7LWXODU 5HY&DUORV9HLJD)HLWRVD²7LWXODU 3UHVE6tOYLR)HUUHLUD-U²7LWXODU 3UHVE&OLQHX$SDUHFLGR)UDQFLVFR²'LUHWRU$GPLQLVWUDWLYRILQDQFHLUR 5HY$QGUp0HOOR²'LUHWRUGH3URGXomRH3URJUDPDomR WHUPRVXQZRUWK\HZRUWKOHVVJHUDOPHQWHWUDGX]LGRVSRU ³LQGLJQR´ 1RWHVH TXH D9HUVmR$XWRUL]DGD ,QJOHVD GR 5HL 7LDJR FXMRV WUDGXWRUHV IRUDP DOWDPHQWH HORJLDGRV SHORJHUDOPHQWHDJXGRHDFHUERFUtWLFRLUODQGrV%HUQDUG 6KDZRWUDGX]SRUXQSURILWDEOHLQDSURYHLWiYHO $ DOWHUQDWLYD GH VHQWLGRV ³LQ~WHLVLQGLJQRV´ p PDLV DSDUHQWHGRTXHUHDO$UDL]GDSDODYUDXQZRUWK\ZRUWK DFHQWXDRVHQWLGRGH³VHPYDORU´³LQ~WLO´7KD\HUHPVHX Op[LFRH[SOLFDXPWDQWRORQJDPHQWHRVHQWLGRGDSDODYUD JUHJDUHIRUoDQGRDLGpLDGHLQXWLOLGDGH(TXDOTXHUGLFLR QiULR Gi RV VHQWLGRV GH ³VHP YDORU´ H ³LQ~WLO´ DOpP GH ³LQGLJQR´SDUDRWHUPRZRUWKOHVV 3RU RXWUR ODGR ³LQGLJQR´ SRGH VHU PDLV IRUWH H PDLV QHJDWLYRTXH³LQ~WLO´8PDSHVVRDSRGHQmRWHUXWLOLGDGH HQmRREVWDQWHWHUGLJQLGDGH8PDSHVVRDGLJQDWRUQD GD LQYiOLGD SRU GRHQoD RX SRU DFLGHQWH FRQWLQXD VHQGR GLJQD (PGLYHUVRVFRQWH[WRVGHGLYHUVDVIRUPDV-HVXV&ULVWR LQVLVWH QD LQXWLOLGDGH GR TXH RV KRPHQV ID]HP SULQFL SDOPHQWH FRP YLVWDV j DSURYDomR GLYLQD +RMH TXDQGR DOJXpPGiSURYDGHKRQHVWLGDGHILGHOLGDGHRXFRQILDELOL GDGHpH[DOWDGRHjVYH]HVDWpSUHPLDGRPDVQDUHDOLGD GHQmRID]PDLVGRTXHDREULJDomRXQLYHUVDOMiH[DUDGD QD ILUPH SDODYUD GH 'HXV D &DLP ³(LV TXH R SHFDGR MD]jSRUWDRVHXGHVHMRVHUiFRQWUDWLPDVDWLFXPSUH GRPLQiOR´ *Q JULIR PHX$ PDLRULD GHYHULD VHU FRQGHQDGD H SXQLGD SHOD GHVRQHVWLGDGH JHQHUDOL]DGD 1mRpVyLQ~WLOSRGHDWpVHU~WLOSDUDRVKRPHQVPDVp LQGLJQDHFRQGHQiYHO -HVXV&ULVWRTXHUTXHQRVKXPLOKHPRVDWpDRSySDUD TXH 'HXV SRU 6XD JUDoD H PLVHULFyUGLD QRV H[DOWH QRV 6HXV WHUPRV H SDUD RV 6HXV ILQV ³7RGR R TXH VH H[DOWD VHUi KXPLOKDGR PDV R TXH VH KXPLOKD VHUi H[DOWDGR´ /F $VDEHGRULDDQWLJDTXHPXLWDVYH]HVVXSODQWDDPRGHU QDUHVXPHWXGRQHVWHYHUVRGRKLQRTXHGL]³6HUYRLQ~ WLOVHPYDORUPDVSHUWHQoRDRPHX6HQKRU´,Q~WLOPDV GLJQLILFDGR SHOD JUDoD GH 'HXV H SHOD MXVWLoD GH &ULVWR LPSXWDGDDRSHFDGRUTXHQHOHFUr&R 5HY 2GD\U 2OLYHWWL FROXQLVWD GR MRUQDO %UDVLO 3UHVELWHULDQR &RQVHOKR(GLWRULDO 5HY$XJXVWXV1LFRGHPXV/RSHV 5HY&HOVLQR*DPD 5HY(YDOGR%HUDQJHU 3UHVE*LOVRQ$OEHUWR1RYDHV 5HY+HUQDQGHV'LDV/RSHV 5HY9LYDOGRGD6LOYD0HOR 6HFUHWDULDGH$WHQGLPHQWRDR$VVLQDQWH 5HGH3UHVELWHULDQD GH&RPXQLFDomR (GLomRH&KHILDGH5HSRUWDJHP/HWtFLD)HUUHLUD '5735 (PDLOOHGLWRUES#USFLSERUJEU 7H[WRV/HWtFLD)HUUHLUDHGLWRUES#USFLSERUJEUH 0DUWKDGH$XJXVWLQLVHPDLOPDUWKD#USFLSERUJEU 'LDJUDPDomR$ULVWLGHV1HWR 5HYLVmR'RXJODV0RXUD)HUUHLUD ,PSUHVVmR)ROKDJUiILFD $VVLQDWXUDV 3DUDTXDOTXHUDVVXQWR UHODFLRQDGRDDVVLQDWXUDVGR%3 HQWUHHPFRQWDWRFRP /X]SDUDR&DPLQKR ;; EUDVLOSUHVELWHULDQR#OSFRUJEU 5XD$QW{QLR=LQJUDQ -DUGLP,9&HQWHQiULR &(3&DPSLQDV63 &VEWMP46)7&-8)6-%23 $JRVWRGH 2SLQLmR .BMBT + RXYH XP WHPSR HP TXH PDODVVLJQLILFDYDPDSH QDVXPDYLDJHPLPLQHQ WH RX FRPR QD FRQVDJUDGD H[SUHVVmR ³ID]HU DV PDODV´ TXH DOJXpP HVWDYD GHL[DQGR XPOXJDUFDUJRRXIXQomR 0DODKRMHQR%UDVLOpVLQ{ QLPR GH FRUUXSomR 1mR VH SRGH YHU XP GHVWHV RXWURUD LQRIHQVLYRVHWXUtVWLFRVREMHWRV SDUD VH LPDJLQDU TXH SRGHP HVWDU FKHLRV GH GLQKHLUR TXH GHYHULDVHUS~EOLFRPDVVHWRU QRXSULYDGR2XSLRUGLQKHLUR GRVGt]LPRVHRIHUWDVGRSRYR GH'HXVTXHGHYHULDPVHUXVD GRVEHPQDREUDGH'HXV 'HSRLVGHYHUPDODVFODQGHV WLQDVDEHUWDVVHPFRQWDELOL]D omRHILFLHQWHQHPSUHVWDomRGH FRQWDV LQVXVSHLWDV VDEHVH Oi FRPRWHPVLGRXVDGRRVDJUD GRGLQKHLURGR6HQKRU 0DODWDPEpPVLPEROL]DSHU SOH[LGDGHHGHFHSomRQR%UDVLO GH KRMH 3HUSOH[LGDGH FRP D TXDQWLGDGH GH ODPD TXH SRGH FDEHU QD EDJDJHP GH SHVVR DV H LQVWLWXLo}HV QDV TXDLV VH GHSRVLWRXWDQWDIpHFRQILDQoD &KHJDVH D TXHVWLRQDU VH YDOH DSHQDFRQWLQXDUFRQILDQGRHP TXDOTXHU SHVVRD RX LQVWLWXL omR 1RWHFRPRHVWDVFULVHVLQVWL WXFLRQDO PRUDO H SROtWLFD QRV DIHWDPFRPRLJUHMD6mRFULVHV GH Ip H GH FRQILDQoD QD ILGH OLGDGH GDV LQVWLWXLo}HV FULVHV pWLFDV 'HVWHV DUWLJRV WmR SUR FXUDGRVQRVVDVPDODVHFOHVLiV WLFDVGHYHULDPHVWDUFKHLDV 3HUPLWDPH DFDOHQWDU XP VRQKR SUHVELWHULDQR TXLoi HYDQJpOLFR ,PDJLQR QRV VRV OtGHUHV HFOHVLiVWLFRV VHU YRV RUGHQDGRV SDUD D REUD GH 'HXV FRP PDODV DEDUURWDGDV VHQGR DERUGDGRV SRU DJHQWHV GD QDomR TXH OKHV SHGLVVHP TXH DEULVVHP VXDV EDJDJHQV SRUVXVSHLWDUKDYHUDOLYDORUHV QmR GHFODUDGRV 6RQKR PDLV QmR VRPHQWH RV FLWDGRV OtGH UHV PDV TXDLVTXHU PHPEURV GHQRVVDVLJUHMDVFRQFtOLRVRX DXWDUTXLDV 3RLVEHPVRQKRGHVFREULUHP RVGLWRVDJHQWHVTXHHVWDVPDODV HVWmRFKHLDVVLPQmRGHYDOR UHVHVFXVRVRXQmRGHFODUDGRV PDV GRV YDORUHV PDLV FDURV FXOWLYDGRV SRU JHQWH KRQHVWD HILHOD'HXVDRORQJRGH DQRVGHSUHVELWHULDQLVPRQHVWH SDtV0DODVFKHLDVGRVYDORUHV GHFODUDGRVHPQRVVRVS~OSLWRV H(VFRODV%tEOLFDV'RPLQLFDLV %DJDJHQVUHSOHWDVGHIpYHUGD GHLUDFDSD]GHVDOYDUHVDQWLIL FDU EHP FRPR SRUo}HV JHQH URVDVGHERDVREUDVTXHID]HP GLIHUHQoDQDVRFLHGDGH6RQKR HQFRQWUDUHP ED~V FKHLRV GH ³YHVWLGXUDV EUDQFDV´ DEDUUR WDGRV GH ³RXUR UHILQDGR SHOR IRJR SDUD HQULTXHFHU´ YDOL VHV UHSOHWDV GH ³FROtULRV GD PHOKRUTXDOLGDGHSDUDDEULURV ROKRVGDQDomR´HRSULQFLSDO WXGRLVWREHPGHFODUDGRHFRP RULJHP FRPSURYDGD D JUDoD UHJHQHUDGRUD H VDQWLILFDGRUD GHQRVVR'HXV (P WHPSRV GH PDODV FRU URPSLGDV GHYHPRV H[DPLQDU QRVVDV EDJDJHQV DQWHV GH QRV DYHQWXUDUPRVDQRVH[SRUSRLV D LQVWLWXLomR HFOHVLiVWLFD jV YH]HV FDL QD WHQWDomR GH LPL WDU R PXQGR HP VXD VRUGLGH] DRLQYpVGHLQIOXHQFLiORFRPR ³ILOKRVGH'HXVLQFXOSiYHLVQR PHLRGHXPDJHUDomRSHUYHUWL GDHFRUUXSWD«´ (PWHPSRVFRPRHVWHDQDomR EXVFDQDEDJDJHPGRSRYRGH 'HXV YDORUHV GHFODUDGRV HP VXDFRQILVVmRGHIp&RQILDQoD IpKRQHVWLGDGHDGPLQLVWUDomR SUREDSUHVWDomRGHFRQWDVLUUH WRFiYHLV9DORUHVSUHFLRVRVGRV TXDLV QRVVDV PDODV GHYHULDP HVWDUFKHLDV 6HQKRUHV SDVVDJHLURV GH XP SDtVHPFULVHDSyVDDYHULJXD omR GH EDJDJHQV SRU IDYRU GLULMDPVHDRSRUWmRGHHPEDU TXH &RQVXOWyULR%tEOLFR /BCVDPEPOPTPSF4BUBOgT 2GD\U2OLYHWWL 3 HUJXQWD±³3RUTXH'HXV FKDPD 1DEXFRGRQRVRU GH µPHX VHUYR¶ -U "´ 5HVSRVWDeXPGHVWDTXHGR IDWRGHTXH'HXVH[HUFHGRPt QLRVREHUDQRVREUHDVSHVVRDV VREUHDVQDo}HVHVREUHRVUHLV 9HU SRU H[HPSOR ,V VV -R$S 2SUySULRUHL1DEXFRGRQRVRU GHSRLV GH KXPLOKDGR VRE D SRWHQWH PmR GH 'HXV 'Q UHFRQKHFHX H SURFOD PRX HORTHQWHPHQWH R GRPt QLR VHPSLWHUQR GR $OWtVVLPR 'Q 1DEXFRGRQRVRU ³EHQGLVVH R $OWtVVLPR´ ORX YRXR JORULILFRXR H GHFODURX TXH 'HXV ³RSHUD FRP R H[pU FLWR GR FpX´ H FRP ³RV PRUD GRUHVGDWHUUD´,VWRpRVDQMRV H RV KRPHQV VmR VHUYRV GH 'HXV )HOL]HV RV VHUYRV GH 'HXV TXH FUHQGR YHUGDGHLUDPHQWH HP-HVXV&ULVWRFRPR6DOYDGRU H6HQKRUUHFRQKHFHPVXDFRQ GLomR GH VHUYRV H SURFXUDP H[DOWDURQRPHGH'HXVHJOR ULILFiORFRPXPDYLGDGHIpH VHUYLoRILHO$PpP 3HUJXQWD±³(P,VDtDV D UHIHUrQFLD p D 6DWDQiV" 3RUTXHpFKDPDGRµHVWUHODGD PDQKm¶"´ 5HVSRVWD $ SURIHFLD GR FDStWXORVHUHIHUHjDUURJDQ WHH[DOWDomRGD%DELO{QLD TXH VHULD SRVWD DEDL[R SHOR SRGHU GH'HXV +iERQVLQWpUSUHWHVTXHYrHP QHVVDSDVVDJHPXPDUHIHUrQFLD D6DWDQiV1mRFRQYpPDILUPDU LVVRGRJPDWLFDPHQWH e ERP HQWHQGHU D SDVVDJHP FRPR XPD UHIHUrQFLD KLVWyUL FD j %DELO{QLD H FRPR XPD DSOLFDomR D 6DWDQiV 0XLWRV IDWRVKLVWyULFRVWLYHUDPVHQWLGR HDSOLFDomRSURIpWLFDHJ1P H-R 4XDQWR D FKDPiOR ³HVWUHOD GDPDQKm´QmRVHGHYHHVWUD QKDU 6DWDQiV p XP JUDQ GH LPLWDGRU H IDOVLILFDGRU GH &ULVWR H GR FULVWLDQLVPR (OH p GHVFULWR FRPR DQMR GD PDLV DOWD KLHUDUTXLD -XGDV IDOD GH 0LJXHO FRPR DUFDQMR HP'QH³XPGRV SULPHLURV SUtQFLSHV R JUDQ GH SUtQFLSH´ $SHVDU GD DOWD SRVLomR DQJpOLFD GH 0LJXHO GL] D 3DODYUD GH 'HXV TXH HOH QmR VH DWUHYHX D UHSUHHQGHU 6DWDQiVPDVGLVVH³26HQKRU WH UHSUHHQGD´ 6DWDQiV VH WUDQVIRUPD HP DQMR GH OX] &RHPVHXDImGHHQJD QDU H VHGX]LU RV FUHQWHV $S 0DVTXHPWHPWRGRRSRGHUH WRGDDDXWRULGDGH³QRFpXHQD WHUUD´0WHSRGHGL]HU ³(X VRX D OX] GR PXQGR´ -R p -HVXV &ULVWR ( (OH TXH YHQFHX R PXQGR R SHFD GR H D PRUWH GHFODUD ³(X -HVXVVRXD5DL]HD*HUDomR GH'DYLDEULOKDQWH(VWUHODGD PDQKm´ ± GHFODUDomR VHJXLGD GHVWH DSHOR IHLWR SHOR (VStULWR 6DQWRHSHODLJUHMD³2(VStULWR HDQRLYDGL]HP9HP$TXHOH TXH WHP VHGH YHQKD H TXHP TXLVHU UHFHED GH JUDoD D iJXD GDYLGD´$S 2UHY2GD\U2OLYHWWLpPLQLV WURMXELODGRGD,3%IRLSDVWRU GHYiULDVLJUHMDVHSURIHVVRU GH7HRORJLD6LVWHPiWLFDQR 6HPLQiULR3UHVELWHULDQRGH &DPSLQDVeDXWRUGHDOJXQV OLYURVHWUDGXWRUGHLQ~PHUDV REUDVFULVWmV &VEWMP46)7&-8)6-%23 $JRVWRGH +LVWyULDGR0RYLPHQWR5HIRUPDGR 01SFTCJUFSJBOJTNP/PSUF"NFSJDBOP** $OGHUL6RX]DGH0DWRV 2 6HJXQGR *UDQGH 'HV SHUWDPHQWR TXH VXUJLX SRU YROWD GH H VH HVWHQGHXSRUYiULDVGpFDGDVJHURX HQRUPH FUHVFLPHQWR QDV LJUHMDV SURWHVWDQWHV GRV (VWDGRV 8QLGRV LQFOXVLYHDSUHVELWHULDQD(P RV SUHVELWHULDQRV H RV FRQJUHJD FLRQDLVLQLFLDUDPXPWUDEDOKRFRR SHUDWLYR R 3ODQR GH 8QLmR TXH GXURXTXDVHDQRVHUHVXOWRXQD FULDomRGHPXLWDVLJUHMDVQR(VWDGR GH1RYD,RUTXHHUHJL}HVYL]LQKDV $V GXDV LJUHMDV WDPEpP FRRSHUD UDPQDFULDomRGD-XQWD$PHULFDQD GH &RPLVVLRQDGRV SDUD 0LVV}HV (VWUDQJHLUDV%RVWRQDSUL PHLUD DJrQFLD GH PLVV}HV LQWHUQD FLRQDLVGRV(VWDGRV8QLGRV3RXFR GHSRLV HP IRL IXQGDGR HP 1RYD-HUVH\R6HPLQiULR7HROyJLFR GH3ULQFHWRQRPDLVLPSRUWDQWHGD GHQRPLQDomRHHPIRLFULD GD D -XQWD GH 0LVV}HV 1DFLRQDLV (P JUDoDV DR DYLYDPHQWR H DR HVIRUoR PLVVLRQiULR D ,JUHMD 3UHVELWHULDQD WLQKD FUHVFLGR SDUD SDVWRUHVLJUHMDVH PLOPHPEURVRQ]HYH]HVPDLVTXH HP 9iULDV FRQWURYpUVLDV DEDODUDP R SUHVELWHULDQLVPR DPHULFDQR QHVVH SHUtRGR (P XP JUXSR TXH GHIHQGLD SDGU}HV PHQRV ULJRURVRV GH SUHSDUDomR SDUD R PLQLVWpULR H D RUGHQDomR GH OHLJRV TXH QmR KDYLDP IHLWR RV HVWXGRV WHROyJL FRV UHJXODPHQWDUHV FULRX D ,JUHMD 3UHVELWHULDQDGH&XPEHUODQG0DLV LPSRUWDQWH IRL D GLYLVmR HQWUH DV FRUUHQWHV FRQKHFLGDV FRPR 9HOKD (VFRODH1RYD(VFROD$SULPHLUD PDLV IRUWH QRV (VWDGRV FHQWUDLV H GR VXO WLQKD UHVHUYDV TXDQWR DR DYLYDPHQWR H HUD IRUWHPHQWH DSH JDGD DRV SDGU}HV GH :HVWPLQVWHU $ 1RYD (VFROD ORFDOL]DGD HP 1RYD,RUTXHHQD1RYD,QJODWHUUD GHIHQGLD XP FDOYLQLVPR DWHQXDGR (P D 9HOKD (VFROD DGTXL ULX R FRQWUROH GD $VVHPEOpLD *HUDO FDQFHORX R 3ODQR GH 8QLmR H H[FOXLX TXDWUR VtQRGRV LQWHLURV TXH KDYLDP VLGR RUJDQL]DGRV VRE HVVH SODQR VXUJLQGR GXDV GHQR PLQDo}HV GLVWLQWDV TXH ILFDUDP VHSDUDGDVSRUPDLVGHDQRV1D PHVPD RFDVLmR IRL FULDGD D -XQWD GH 0LVV}HV (VWUDQJHLUDV VHGLDGD HP1RYD,RUTXH(VVDMXQWDHQYLD ULD $VKEHO * 6LPRQWRQ SDUD R %UDVLOHP 2 SUREOHPD DQJXVWLRVR GD HVFUDYLGmR JHURX QRYDV GLILFXO GDGHV (P RV SUHVELWHULD QRV GD 1RYD (VFROD VH GLYLGLUDP HQWUH R QRUWH H R VXO 4XDWUR DQRV GHSRLV HP D 9HOKD (VFROD WDPEpP VH GLYLGLX HQWUH DV GXDV UHJL}HV R TXH OHYRX DR VXUJL PHQWR GD ,JUHMD 3UHVELWHULDQD GRV (VWDGRV &RQIHGHUDGRV RX ,JUHMD 3UHVELWHULDQD GRV (VWDGRV 8QLGRV PDLV FRQKHFLGD FRPR ,JUHMD GR 6XO3&86)LQDOPHQWHHP D 9HOKD (VFROD H D 1RYD (VFROD YROWDUDP D VH XQLU QR QRUWH DSyV DQRV GH VHSDUDomR (VVD GHQR PLQDomR PDMRULWiULD ILFRX FRQKH FLGD FRPR D ,JUHMD 3UHVELWHULDQD GRV (VWDGRV 8QLGRV GD $PpULFD 3&86$ (P HVVD LJUH MD OLGHURX D FULDomR GD $OLDQoD 3UHVELWHULDQD0XQGLDO$,JUHMDGR 1RUWH LQYHVWLX PDFLoDPHQWH HP PLVV}HV QDFLRQDLV HVSHFLDOPHQWH QR RHVWH DPHULFDQR TXH H[SHUL PHQWDYD H[WUDRUGLQiULR GHVHQYRO YLPHQWRHWDPEpPQDREUDPLVVLR QiULDQRH[WHULRU(PDLJUHMD DWLQJLX D PDUFD GH XP PLOKmR GH PHPEURV $,JUHMDGR6XOSHUPDQHFHXVROL GDPHQWH QD 9HOKD (VFROD DWUDYpV GHWHyORJRVLQIOXHQWHVFRPR5REHUW / 'DEQH\ -DPHV + 7KRUQZHOO H %HQMDPLQ 0 3DOPHU 'HIHQGLD D ³GRXWULQD GD LJUHMD HVSLULWXDO´ HYLWDQGR R HQYROYLPHQWR FRP TXHVW}HV SROtWLFDV H VRFLDLV H FRQ FHQWUDQGRVH QD HYDQJHOL]DomR ,QVLVWLD QD LJXDOGDGH HQWUH SUHVEt WHURVGRFHQWHVHUHJHQWHVQRJRYHU QR GRV FRQFtOLRV H HQWHQGLD TXH DV DWLYLGDGHV GD LJUHMD GHYLDP VHU UHDOL]DGDVSRUFRPLVV}HVUHVSRQVi YHLVSHUDQWHD$VVHPEOpLD*HUDOH QmRSRUMXQWDVVHPLLQGHSHQGHQWHV 1RPHVPRDQRGDVXDRUJDQL]DomR D3&86FULRXR&RPLWr([HFXWLYR GH0LVV}HV(VWUDQJHLUDVTXHFRPH oRXDDWXDUQR%UDVLOHP 2UHY$OGHUL6RX]DGH 0DWRVpRKLVWRULDGRU RILFLDOGD,3% DVGP#PDFNHQ]LHFRPEU &VEWMP46)7&-8)6-%23 $JRVWRGH /LGHUDQoD /Lo}HVGHXPDQDomRHPFULVH 9DOGHFLGD6LOYD6DQWRV 8 P YtGHR PRVWUDQGR XPD FHQD GH FRU UXSomR QRV FRUUHLRV GHIODJURX XPD FULVH GH SURSRUo}HV JLJDQWHVFDV QR FHQiULR SROtWLFR EUDVLOHLUR $SRSXODomRSRUpPSDUHFH DFRVWXPDGD D HVVH WLSR GH VLWXDomR$OJXQVDWpHVSHUDP SHORVXUJLPHQWRGRSUy[LPR HVFkQGDOR D RFXSDU HVSDoR QD PtGLD GHVYLDQGR DVVLP DDWHQomR$KLVWyULDSROtWLFD GR %UDVLO p SURGLJLRVD HP HVFkQGDORV SURYRFDGRV SRU GHQ~QFLDV GH FRUUXSo}HV &RQWXGR DV ~OWLPDV UHYHOD o}HV WrP YHUGDGHLUDV DXODV PDJQDVGHFRUUXSomRDFHOH UDQGRGHVVDIRUPDRGHVFUp GLWRSROtWLFRQRSDtV (P RFDVL}HV FRPR HVVDV RV FULVWmRV JHUDOPHQWH SUR FXUDPVHOHPEUDUGHDOJXQV WH[WRV EtEOLFRV TXH ODQoDP OX] VREUH RV DFRQWHFLPHQ WRV 8P GRV WH[WRV PDLV XWLOL]DGRV QHVVH VHQWLGR p R 6DOPR TXH GL] ³)HOL] D QDomR FXMR 'HXV p R 6HQKRU H R SRYR TXH HOHHVFROKHXSDUDVXDKHUDQ oD´$H[SOLFDomRXVXDOPHQ WH DSUHVHQWDGD j OX] GHVVH YHUVR p TXH VH 'HXV IRVVH R 6HQKRU GR %UDVLO QDGD GLVVR HVWDULD DFRQWHFHQGR 7RGDYLD Ki TXH VH OHPEUDU TXH QHP PHVPR D UHDOLGD GH GR UHLQR WHRFrQWULFR QR $QWLJR 7HVWDPHQWR LPSHGLX TXH D QDomR GH ,VUDHO H[SH ULPHQWDVVH FULVHV PRUDLV H HVSLULWXDLV 6HULD LQJHQXL GDGH SHQVDU TXH HQTXDQWR YLYHQGR HP XP PXQGR GH FRUUXSomR RV FULVWmRV VmR SRXSDGRV GRV HIHLWRV GD TXHGD H GRV GDQRV VRFLDLV SURGX]LGRVSHORSHFDGR 2 SULQFtSLR GH DQDOLVDU DV FLUFXQVWkQFLDV j OX] GDV (VFULWXUDV SDUHFH VHU DOJR VDXGiYHOHDWpPHVPRQDWX UDO SDUD R FULVWmR SRLV SDUD HOHD%tEOLDpXPDIRQWHGH DXWRULGDGH QmR DSHQDV HP PDWpULDGHFUHQoDPDVWDP EpP GH SUiWLFD +i DOJXQV RXWURV WH[WRV EtEOLFRV TXH DSRQWDP SDUD OLo}HV HVSH FLDLVHPPRPHQWRVGHFULVH VHPHOKDQWHVDRVYLYLGRVSHOD QDomREUDVLOHLUD $ SULPHLUD OLomR p TXH HVVHVPRPHQWRVH[LJHPTXH D OX] GR ERP SURFHGLPHQWR FULVWmR EULOKH PDLV LQWHQVD PHQWHDILPGHTXHRQRPH GH'HXVVHMDJORULILFDGR0W H3H$VHULHGD GHGHVVDYHUGDGHSRGHDLQGD VHU REVHUYDGD SHOR IDWR GH TXH R PDX H[HPSOR FULV WmRSRGHVHUIDWRUPRWLYDGRU SDUDTXHRVLQFUpGXORVEODV IHPHPFRQWUD'HXVFI5P 7P $VHJXQGDOLomRDVHUDSUHQ GLGD p TXH HVVHV PRPHQWRV H[LJHP XPD SUiWLFD LQWHU FHVVyULD PDLV LQWHQVD SRU SDUWH GRV TXH FUrHP HP 'HXV 7P (P VXD ERQGDGH 'HXV GHWHUPLQRX DJLUQRXQLYHUVRHPUHVSRV WDjVRUDo}HVGRVVDQWRVHD LQWHUFHVVmR SHODV DXWRULGD GHVpDOJR³ERPHDFHLWiYHO´ GLDQWHG(OH $ WHUFHLUD OLomR D VHU OHP EUDGD p TXH D LJUHMD SRVVXL XP PLQLVWpULR SURIpWLFR R TXDO LPSOLFD QD GHQ~QFLD GD LQMXVWLoD FI 7P 'HVVD IRUPD R FULVWmR QmR SRGH VHU FRQLYHQWH H QHP F~PSOLFH GR SURFHGLPHQWR FRUUXSWR PDV GHYH YLYHU YLGD UHWD H H[HPSODU 8PD ~OWLPD OLomR D VHU OHPEUD GD HP PRPHQWRV GH FULVH FRPRRTXHDQDomREUDVLOHL UD H[SHULPHQWD p TXH ³QDGD KiHQFREHUWRTXHQmRYHQKD D VHU UHYHODGR´ 0W $V GLYXOJDo}HV GH WUDPyLDV RXWURUDRFXOWDVLQGLFDPTXH D MXVWLoD H R MXt]R GH 'HXV FRQWUD R SHFDGR WUD]HP D OXPHRTXHHVWDYDHQWHUUDGR LQFOXVLYHRV³SHFDGRVVHFUH WRV´GHDOJXQVFULVWmRV $FULVHSROtWLFDEUDVLOHLUDp VpULD H Mi UHVXOWD QD HURVmR GD LPDJHP GH PXLWRV OtGH UHVEHPFRPRQDSRXFDFUH GLELOLGDGH TXH HOHV SRVVXt DPMXQWRDRSRYREUDVLOHLUR $OpP GH ODPHQWDU RV IDWRV RV FULVWmRV SRGHP UHIOHWLU H DSUHQGHUDOJRGDV(VFULWXUDV jOX]GRV~OWLPRVHYHQWRV 2UHY9DOGHFL66DQWRV pFRRUGHQDGRUGH 7HRORJLD3UiWLFDGR&HQWUR 3UHVELWHULDQRGH3yVJUD GXDomR$QGUHZ-XPSHU YDOVDLQWV#PDFNHQ]LHFRPEU 5HVHQKD $YLUJHP0DULD8PDDQiOLVHGDGRXWULQDGR&DWROLFLVPR & RPSUHHQGHUDQDWXUH]DGD GHYRomRGR&DWROLFLVPR D0DULDpDOJRHVVHQFLDO PHQWHUHOHYDQWHQRFRQWH[WRGR FULVWLDQLVPR ODWLQR DPHULFDQR (VVD GHYRomR SRGH VHU REVHU YDGD DWUDYpV GD SUROLIHUDomR GRV FRQJUHVVRV PDULDQRV GDV URPDULDV GH 0DULD EHP FRPR GR VWDWXV FRQFHGLGR D HOD GH ³PHGLDGRUD Pi[LPD GD JUDoD GH'HXVDRVKRPHQV´³0mHGH 'HXV´ ³,PDFXODGD´ H ³5DLQKD GRV &pXV´ D TXDO p SOHQD GH PLVHULFyUGLD e FRPXP HQFRQ WUDU DGHVLYRV DXWRPRWLYRV FRP RV GL]HUHV ³&RP -HVXV WXGR VHP 0DULD QDGD´ RX ³3HoD j 0mH TXH R )LOKR DWHQGH´ 2 FRQYtYLR GLiULR FRP LQ~PHUDV SHVVRDV TXH H[HUFLWDP HVVD GHYRomR ID] FRP TXH VHMD XPD QHFHVVLGDGHSUHPHQWHDFRPSUH HQVmR GD PHVPD SRU SDUWH GRV SURWHVWDQWHV 2 OLYUR $ YLUJHP 0DULD 0,(**( *LRYDQQL &XOWXUD &ULVWm p XP HVWXGR KLV WyULFRWHROyJLFR GR GHVHQYROYL PHQWR GD PDULRORJLD GHQWUR GD ,JUHMD&DWyOLFD5RPDQD(VFULWR SRU YROWD GH H SXEOLFDGR SHOD SULPHLUD YH] QR %UDVLO HP D REUD p UHLPSUHVVD SHOD (GLWRUD &XOWXUD &ULVWm GHYLGR j VXD UHOHYkQFLD SDUD R SUR WHVWDQWLVPREUDVLOHLUR*LRYDQQL 0LHJJHIRLSURIHVVRUGH+LVWyULD GD ,JUHMD QD )DFXOGDGH GH 7HRORJLD9DOGHVLDQDGH5RPDH QHVVD REUD UHJLVWURX R IUXWR GH XPD SHVTXLVD PLQXFLRVD VREUH R SURJUHVVR GD SHUVSHFWLYD &DWyOLFR 5RPDQD VREUH 0DULD WDQWRQRGRJPDTXDQWRQDGHYR omRGRVILpLV 2 OLYUR IRL HVFULWR HP XPD OLQJXDJHP GLQkPLFD GH IiFLO FRPSUHHQVmR (PERUD R DXWRU VHMDULJRURVRHPVXDSHVTXLVDD SDUWLUGDSDWUtVWLFDHRXWURVSULQ FLSDLV SHUtRGRV GD KLVWyULD GD LJUHMDVXDDERUGDJHPpHPSRO JDQWH R TXH WRUQD D OHLWXUD XP H[HUFtFLRDJUDGiYHO&HUWDPHQWH HVWH OLYUR p UHFRPHQGDGR D WRGRV RV FULVWmRV LQWHUHVVDGRV HP FRPSUHHQGHU PHOKRU D Ip GRVFDWyOLFRVFRPRVTXDLVHOHV VHUHODFLRQDPEHPFRPRDTXH OHV TXH GHVHMDP HYDQJHOL]DU RV TXHGHIHQGHPSRVLo}HVPDULyOD WUDVRXVHHQFRQWUDPQDG~YLGDD HVVHUHVSHLWR $JRVWRGH &VEWMP46)7&-8)6-%23 1RWtFLDV ,3&HQWUDOGH,SDWLQJDLQDXJXUD HVSDoRYLUWXDO $,3&HQWUDOGH,SDWLQJD0*LQDXJX URXQRGLDGHMXQKRVHXVLWHZZZ LSFLRUJEU$VROHQLGDGHTXHDFRQWHFHX GXUDQWHRFXOWRQRWXUQRIH]SDUWHVGDV FRPHPRUDo}HV GRV DQRV GH RUJD QL]DomR GD LJUHMD RFRUULGD HP GH MXQKRGH 2 VLWH p IUXWR GH TXDVH XP DQR GH WUDEDOKRGRVPHPEURV0DUFHOR/XFLDQR GD &RVWD 6DQWRV MRUQDOLVWD UDGLDOLV WD H GLiFRQR GD FRPXQLGDGH /XFDV (PDQXHO )UDQFR $OPHLGD H GR SUHVE 0DUFRV 5LEHLUR 3LQWR TXH UHSUHVHQWRX RFRQVHOKRQDFRPLVVmRSRUHOHIRUPD GDSDUDDFRQVWUXomRGRVLWH0DUFHOR TXH LGHDOL]RX R SURMHWR IRL WDPEpP R UHVSRQViYHOSHORWUDEDOKRGHSHVTXLVD FRPSLODomR GH GDGRV H UHGDomR ILQDO GDV SiJLQDV HQTXDQWR /XFDV R PDLV QRYR GD WXUPD FRP DSHQDV DQRV FXLGRXGDSDUWHJUiILFDHGHVLJQ 2VQDYHJDQWHVWHUmRjGLVSRVLomRXPD VpULHGHLQIRUPDo}HVVREUHDKLVWyULDGD LJUHMD H VXD YLGD FRWLGLDQD DWLYLGDGHV DOpPGHLQIRUPDo}HVGDVFRPXQLGDGHV GH ,SDWLQJD H GR 9DOH GR$oR 0DUFHOR DILUPDTXHQmRKiRXWURVLWHVLPLODUQD ZHE³1RVVRVLWHLQIRUPDGLYHUWHHLQV WUXLTXHPRYLVLWDHFUHLRTXHVHUiXPD UHIHUrQFLDSDUDRXWURVHPQRVVRSDtV´ ,3HP0LQDV*HUDLVFRPHPRUD DQLYHUViULR 1RV GLDV H GHVWH PrV D ,3 (EHQp]HU QD KLVWyULFD FLGDGH PLQHLUD GH 0DULDQD FRPHPRUD DQRV GH H[LVWrQFLD$RUJDQL]DomRDFRQWHFHXQR GLDGHIHYHUHLURGHKiDQRV 2XWUR DQLYHUViULR p R GH DQRV GH RUJDQL]DomRGDFRQJUHJDomRGDLJUHMD QRGLVWULWRGH&DFKRHLUDGR%UXPDGR 6HUmR UHDOL]DGRV FXOWRV FRP LQtFLR jV K 2XWUR DQLYHUViULR FRPHPRUDGR VHUi R GRV DQRV GD ,3% FRP D 4XDUWD &RQIHUrQFLD 0LVVLRQiULD TXH WHUi D SUHVHQoD GH PLVVLRQiULRV GD DJrQFLD$0(0 $LJUHMDFRQWDKRMHFRPPHPEURV FRPXQJDQWHV H HVWi FRQFOXLQGR REUDV GHDFDEDPHQWRGRWHPSORHGHSHQGrQ FLDV2PHVPRDFRQWHFHQDFRQJUHJD omRQDiUHDHPTXHVHHQFRQWUDPHP FRQFOXVmR R WHPSOR VDODV H GHPDLV HVSDoRVSDUDHVFRODGRPLQLFDO$LJUHMD WHPDFRODERUDomRGHGRLVHYDQJHOLVWDV XPGHOHVHPWHPSRLQWHJUDOHXPGLi FRQR IRUPDQGRVH QR ,QVWLWXWR %tEOLFR (GXDUGR /DQH HVWH DQR H TXH VHUi LQFRUSRUDGRDR&RQVHOKR0LVVLRQiULRH SDVVDUi D FRODERUDU FRP HVWH WUDEDOKR HPWRGDDUHJLmRGH0DULDQDTXHFRQWD KRMH FRP PLO KDELWDQWHV HP WUH]H GLVWULWRVGRVTXDLVPDLVGHHVWmR QDIDL[DGRVTXDWURDRVGH]HQRYHDQRV GHLGDGH ,JUHMDEUDVLOLHQVHUHDOL]D FRQIHUrQFLDPLVVLRQiULD $ ,3 GH $OYRUDGD HP %UDVtOLD ') UHDOL]D GH D GH DJRVWR XPD FRQIHUrQFLD PLVVLRQiULD VRE R WHPD 2 3URSyVLWR SDUD R TXDO IRPRV FULDGRV H SDUD R TXDO IRPRV FKDPDGRV $V UHXQL}HV DFRQWHFHP jV K H RV SUHOHWRUHV VHUmR DV PLVVLRQiULDV (GQD $SDUHFLGDH/X]LQHWH6DQWRVGDPLVVmR $PLGHHRUHY6LODGH/LPDGDPLVVmR 1RYDV 7ULERV $V SDOHVWUDV YHUVDUmR VREUHRHVWDEHOHFLPHQWRGHFULWpULRVGH DSRLR j REUD PLVVLRQiULD HVWtPXOR DR OHYDQWDPHQWR GH UHFXUVRV SDUD D REUD PLVVLRQiULD H FRPR PDQWHU XPD UHGH GHLQWHUFHVVRUHVSRUPLVV}HV ,QIRUPDo}HV H FRQWDWR FRP R SUHVE (GVRQ )HUUHLUD GH /LPD SHOR HPDLO HGIOLPD#JPDLOFRP H WHOHIRQH 3DVWRUHVSUHVELWHULDQRVODQoDP OLYURV 'XUDQWH DQRV GH PLQLVWpULR R UHY ,YDQ*LOEHUW*UDKDP5RVVWHPSUHJDGR LQ~PHUDVPHQVDJHQVTXHIRUDPRUJDQL ]DGDVHFODVVLILFDGDVHPWHPDVQROLYUR 9DVRVGH+RQUDHGH'HVRQUD/Lo}HV 3UiWLFDVSDUD$VVXQWRV3ROrPLFRVeR SULPHLUR GH XPD VpULH TXH VH SURS}H D H[SRU WHPDV SROrPLFRV QD ,3% GH PDQHLUD VLPSOHV H EtEOLFD 3DUWH GR OXFURGDYHQGDGRVOLYURVVHUiSDVVDGD SDUDREUDVPLVVLRQiULDVGDLJUHMD ,QIRUPDo}HV SRGHP VHU HQFRQWUDGDV QR VLWH KWWSJHRFLWLHV\DKRRFRPEU GGH\ZHVLQGH[KWP 2XWUR ODQoDPHQWR p R OLYUR GR UHY 6DORPyQ %DU]ROD 7DEUDM SDVWRU GD 6HJXQGD ,3 GH 'LYLQySROLV +HUGHLURV GR3DFWRXPHVWXGREtEOLFRH[HJpWLFR H KLVWyULFR GR EDWLVPR GH FULDQoDV 2 OLYUR WHP DSUHVHQWDomR GR VHFUHWiULR H[HFXWLYRGR6XSUHPR&RQFtOLRGD,3% UHY /XGJHUR %RQLOKD 0RUDLV ³7HQKR D JUDWD VDWLVIDomR GH DSUHVHQWDU HVWH VLJQLILFDWLYRWUDEDOKRWHROyJLFRGHYRFLR QDOTXHRPHXSUH]DGRLUPmRHFROHJD UHDOL]RX1HVVH0DQLIHVWRTXHpD 3DODYUD GH 'HXV GR 9HOKR H GR 1RYR 7HVWDPHQWRVRULWRGHLQLFLDomRpFRQ VLGHUDGR FRPR DOJR GH JUDQGH PRQWD SHOR TXH DV (VFULWXUDV LQVLVWHP HP RULHQWDUVXD,JUHMDVREUHREDWLVPRGRV LQIDQWHV ( VHQGR D ,JUHMD GH &ULVWR XPD IDPtOLD GH IDPtOLDV DV FULDQoDV GHYHP PHUHFHU D DWHQomR TXH OKHV FDEH25HY6DORPyQYDLWUDWDQGR GR DVVXQWR VHP URGHLRV PHQHLRV RX PHDQGURV VHPSUH ILUPH HP VXDV FRQFOXV}HV SHOR TXH UHVSDOGDGR QDV 3iJLQDV6DJUDGDV5HFRPHQGRDOHLWX UDGHVWHOLYURDRVSDLVTXHWUDUmRVHXV ILOKRVDREDWLVPR´ ,QIRUPDo}HVHFRQWDWRSHORVWHOHIRQHV H (QFRQWURGHKRPHQV SUHVELWHULDQRV $)HGHUDomRGH83+¶VGR3UHVELWpULR 9DOH GR 5LR 0DFKDGR HP -L3DUDQi 52 SURPRYH QR GLD GH DJRV WR GDV K jV K QR $XGLWyULR GD &kPDUD 0XQLFLSDO R HQFRQWUR +RPHP GH6XFHVVRFRP'HXV2SUHOHWRUVHUi RUHY$OXLVLR9LGDO)ORU ,QIRUPDo}HV FRP D &RPLVVmR ([HFXWLYD GD )HGHUDomR RX FRP R VHFUHWiULRSUHVELWHULDOGH83+¶VSHORH PDLO MDFLQWRDGY#EROFRPEU H WHOHIRQH &VEWMP46)7&-8)6-%23 $JRVWRGH -DQHODVSDUDRPXQGR &ULDFLRQLVPRpFULPH" 2MRUQDO)ROKDGH6mR3DXORSURPR YHX QR GLD GH MXQKR XPD VDED WLQD FRP R ItVLFR 0DUFHOR *OHLVHU TXH DFDED GH ODQoDU QDFLRQDOPHQ WH R OLYUR 0LFUR 0DFUR ± 5HIOH[}HV VREUHR+RPHPR7HPSRHR(VSDoR 3XEOLIROKDFROHomRGHWH[WRVSXEOLFD GRV HP VXD FROXQD QR FDGHUQR 0DLV GDTXHOHMRUQDO 'XUDQWH D VDEDWLQD HOH DILUPRX TXH WHQWDU HQWHQGHU D FULDomR GD YLGD SRU XPDHQWLGDGHVREUHQDWXUDOFULDFLRQLV PRpGHWHURFRQKHFLPHQWRHFRORFDU LVVRQRFXUUtFXORHVFRODUUHIHULQGRVH jGLVVHPLQDomRGDWHRULDQRV(VWDGRV 8QLGRV p XP FULPH SRLV DV FULDQoDV QmRWrPFRQGLo}HVGHHQWHQGHURTXH p FHUWR RX HUUDGR (OH DILUPRX DLQGD TXHVHGHYHWHUFXLGDGRFRPSHVVRDV TXH SDUD SURYDU R FULDFLRQLVPR VH FRORFDPQRVWDWXVGHFLHQWLVWDV 6DQWRVXGiULRpIDOVR 8PDHTXLSHGDUHYLVWDFLHQWtILFDIUDQ FHVD&LrQFLDH9LGDDILUPRXQRGLD GH MXQKR TXH UHDOL]RX XPD SHVTXLVD TXHSURYDTXHR6DQWR6XGiULRWHFLGR TXH WHULD HQYROYLGR R FRUSR GH -HVXV DSyV VHU UHWLUDGR GD FUX] p IDOVR $ SHVTXLVD IRL SXEOLFDGD HP MXOKR H GHPRQVWURX FRPR RV SHVTXLVDGRUHV XVDQGR WpFQLFDV PHGLHYDLV FULDUDP XPVXGiULRRTXHWHULDVLGRIHLWRSHOR IDOVLILFDGRU 1D GpFDGD GH R WHFLGR IRL VXEPHWLGR D WHVWHV GH FDUERQR SDUD GDWiORTXHFRQFOXtUDPTXHRPDWHULDO GHYH WHU VLGR SURGX]LGR HQWUH D 3DSDPXOKHU" 8P HVFULWRU ³GLWR´ FDOYLQLVWD 'DYLG %ROGHO HP OHYDQWRX D SRVVLELOL GDGH GH WHU KDYLGR XP SDSD GR VH[R IHPLQLQR (OH FKHJRX D HVFUHYHU XP OLYURVREUHRDVVXQWR(VFODUHFLPHQWR )DPLOLDU GD 4XHVWmR 6DEHU VH 8PD 0XOKHU6H6HQWRXQR7URQR3DSDOHP 5RPD 6HULD D 3DSLVD -RDQD FXMR EXVWRHVWiQD&DWHGUDOGH6LHQDHQWUH RV EXVWRV GRV SDSDV H WLQKD D LQVFUL omR3DSD-RmR9,,,XPDPXOKHULQJOH VD1RHQWDQWRQRVpFXORRSDSD &OHPHQWH RUGHQRX TXH R EXVWR IRVVHUHQRPHDGRGH3DSD=DFDULDV 2VKLVWRULDGRUHVGHKRMHQRHQWDQWR QmRVHVXUSUHHQGHPVHUHDOPHQWHQD HUD PHGLHYDO KRXYHVVH XPD PXOKHU RFXSDQGRRFDUJRGHSDSDHDWpDFHL WDPDKLVWyULDFRPRYHUGDGHLUDMiTXH QDpSRFDRVUHOLJLRVRVQmROHYDYDPD VpULRVXDVREULJDo}HV³VDQWDV´HPXL WRVGHOHVHUDPGpVSRWDVFUXpLV 9HUmRUHOLJLRVR 4XH RV MRYHQV DSURYHLWHP R YHUmR SDUDWHU~WHLVH[SHULrQFLDVKXPDQDVH UHOLJLRVDVHVWHpRFRQVHOKRGRSDSD %HQWRDOpPGHSHGLUDRVILpLVTXH WHVWHPXQKHP GH PDQHLUD FDGD YH] PDLV JHQHURVD H FRPSURPHWLGD RV YDORUHV FULVWmRV QD (XURSD 2 SHGLGR IRL GLULJLGR D PLO SHVVRDV QD DXGL rQFLD S~EOLFD GR SRQWtILFH GH WRGDV DV TXDUWDVIHLUDV DQWHV GHOH VDLU GH IpULDVQRGLDGHMXOKR (OHWDPEpPSHGLXDRVFDWyOLFRVTXH UH]HP SDUD TXH R SURFHVVR GH EHD WLILFDomR GH -RmR 3DXOR TXH WHYH LQtFLRHPGHMXQKRWHQKDXPERP GHVHQYROYLPHQWR 'DQoDUHFDQWDUHUDPSUiWLFDV SUpKLVWyULFDV 8P HVWXGR GDV ~OWLPDV HYLGrQFLDV SDOHRQWROyJLFDVGDFRPXQLFDomRHQWUH RV SULPDWDV H DWp SVLFRORJLD LQIDQ WLO H QHXURORJLD OHYDUDP XP FLHQWLVWD LQJOrV 6WHYHQ 0LWKHQ D IRUPXODU D WHRULDGHTXHRVXSRVWRDQFHVWUDOGLUH WRGRKRPHPRKRPHPGH1HDQGHUWDO PDLVSRSXODUFRPRKRPHPGDVFDYHU QDV JRVWDYD GH FDQWDU H GDQoDU (OH YDLPDLVORQJHDILUPDQGRTXHDP~VL FDGHYHULDVHUXPWLSRGH5$3HTXH RV QHDQGHUWDLV WLQKDP XPD QRomR GH ULWPRHP~VLFDHJRVWDYDPGHFDQWDU HPS~EOLFR3DUDHOHP~VLFDHOLQJXD JHP VH GHVHQYROYHUDP VLPXOWDQHD PHQWH 1R HQWDQWR R WUDEDOKR Mi HVWi UHFH EHQGR FUtWLFDV SRLV WHVWHV GH '1$ PRVWUDUDP TXH RV QHDQGHUWDLV QmR VHULDP RV DQWHFHVVRUHV GR KRPHP PDV SHUWHQFHULDP D XPD RXWUD HVSp FLH $OpP GLVVR RXWUD FLHQWLVWD HVWD QRUWHDPHULFDQD-DQHW0RQJHDILUPD TXH QmR Ki FRPR OLJDU R GHVHQYROYL PHQWRGDIDODGRKRPHPDRGHVHQYRO YLPHQWR GR FDQWR FRLVDV TXH WHULDP VHGDGRVHSDUDGDPHQWH(TXHDWHR ULDDSHQDVHVWDULDWHQWDQGRDSUR[LPDU RVQHDQGHUWDLVGRVKRPHQV 3URIHVVRUDQDOLVDDVSHFWRV OLWHUiULRVGDV6DJUDGDV(VFULWXUDV )RQWHVLWH(O1HW 1XPD FRQIHUrQFLD UHDOL]DGD QR LQtFLR GH MXOKR QD )HVWD /LWHUiULD ,QWHUQDFLRQDOGH3DUDWL5-RSURIHV VRU 5REHUW $OWHU GD 8QLYHUVLGDGH GD &DOLIyUQLD GHILQLX D %tEOLD FRPR ³XP JUDQGHWUDEDOKRGDLPDJLQDomRKXPD QD (VWXGDQGR RV UHFXUVRV OLWHUiULRV GR/LYUR6DJUDGRKiPDLVGHDQRV $OWHU PRVWURX FDUDFWHUtVWLFDV GD HVWL OtVWLFD EtEOLFD FRPR D PHGLDomR HQWUH HVFULWRUHROHLWRUGDpSRFDHDFDSDFL GDGHGHVtQWHVHGRVWH[WRV´ &RPUHODomRDRVDVSHFWRVOLWHUiULRV $OWHU DILUPRX TXH D UHSHWLomR GH WHU PRV H SDODYUDV DGTXLUHP VHQWLGRV GLIHUHQWHV GH DFRUGR FRP R FRQWH[WR EtEOLFR³$VUHSHWLo}HVVmRXPDMDQHOD SDUDDFRPSUHHQVmRGRWH[WR´H[SOLFD &RQFLVDHHFRQ{PLFDD%tEOLDSDUDR SURIHVVRUREWpPRPi[LPRGHVLJQLIL FDGRVFRPRPtQLPRGHUHFXUVRV 2SURIHVVRUEXVFRXHPVXDSDOHVWUD VHDIDVWDUGDVLGpLDVWHROyJLFDV$LQGD DVVLP R S~EOLFR OHYDQWRX TXHVWLRQD PHQWRVFRPRDRULJHPGLYLQDGRWH[WR ³1mRIDoROHLWXUDWHROyJLFD0DVpYHU GDGHTXHRVHVFULWRUHVGD%tEOLDHUDP IRUWHPHQWH PRWLYDGRV SHOD LGHRORJLD UHOLJLRVD´FRQVWDWRX &VEWMP46)7&-8)6-%23 $JRVWRGH 0LVV}HV (QFRQWURDERUGDGHVDILRVHErQomRVGDHYDQJHOL]DomRDFRQVHOKDQGR OtGHUHV (OHLWRV3DUD3URFODPDU 0DUWKDGH$XJXVWLQLV ³6 HL TXH 'HXV PH WURX[H DTXL SDUD PH GDU FRUDJHP H QmRGHVLVWLUGHSODQWDUDYLVmR PLVVLRQiULD QD PLQKD LJUHMD (VVHHQFRQWURIRLVHPG~YL GD XPD ErQomR HP PLQKD YLGD´ (VVH p XP GRV WHVWH PXQKRVUHVXOWDQWHVGR4XLQWR (QFRQWUR GH 0RELOL]DGRUHV H /tGHUHV GH 0LVV}HV TXH DFRQWHFHX HQWUH RV GLDV H GHPDLRQR$FDPSDPHQWR (YDQJpOLFR ,r2D HP 0RJL GDV &UX]HV 63 2V HQFRQ WURVDQWHULRUHVTXHRFRUUHUDP H DLQGD RFRUUHP GH GRLV HP GRLVDQRVIRUDPSURPRYLGRV SHOD $JrQFLD 3UHVELWHULDQD GH 0LVV}HV 7UDQVFXOWXUDLV $307TXHQHVWHDQRFRQ WRXFRPDSDUFHULDGD-XQWDGH 0LVV}HV1DFLRQDLV-01 $ERUGDQGR R WHPD (OHLWRV 3DUD3URFODPDUTXHVHJXQ GR R VHFUHWiULR H[HFXWL YR GD $307 UHY 0DUFRV $JULSLQR UHIOHWH D EDVH H R FDUiWHU GD REUD PLVVLRQiULD RDVVXQWRIRLH[SRVWRHPUHX QL}HVSOHQiULDVTXHGLVFXWLDP SRQWRV VREUH D SURFODPDomR GR5HLQRGH'HXVHVHPLQi ULRV VREUH R LQWHUHVVH DYL YDPHQWRHH[SDQVmRGDREUD HYDQJHOL]DGRUD ',),&8/'$'(6 $ PLVVLRQiULD GD $307 0{QLFD GH 0HVTXLWD FRQWD TXH GXUDQWH RV VHPLQiULRV PXLWRVGRVSDUWLFLSDQWHVDEUL UDP VHXV FRUDo}HV FRPSDU WLOKDQGR DV GLILFXOGDGHV TXH YLYHPHPVXDVLJUHMDVTXDQGR R DVVXQWR HVWi UHODFLRQDGR D PLVV}HV³3HORVWHVWHPXQKRV 3DUWLFLSDQWHVGRHQFRQWUR SRGHVHREVHUYDUTXHPXLWRV GRV SDUWLFLSDQWHV UHFHEHUDP UHYLJRUDPHQWR HVSLULWXDO HP VXDVYLGDVWLYHUDPVXDYLVmR HP UHODomR j REUD PLVVLRQi ULD H[SDQGLGD H VH VHQWLUDP LPSHOLGRV D OHYDU SDUD VXDV LJUHMDVWXGRRTXHRXYLUDPH YLUDPQDTXHOHVGLDV´ 0{QLFDGL]EDVHDGDHPVXD H[SHULrQFLD HP LJUHMDV HVSD OKDGDVSRUWRGRR%UDVLOTXH RV PDLRUHV HPSHFLOKRV SDUD TXH DV LJUHMDV VH HQYROYDP H SDUWLFLSHP PDLV H HIHWLYD PHQWH GD REUD PLVVLRQiULD VmR D IDOWD GH LQIRUPDomR H GH HVWtPXOR SRU SDUWH GRV SDVWRUHV H FRQVHOKRV ± TXH VHJXQGRHODQmRpXPSHUILO JHQHUDOL]DGR PDV TXH HVWi SUHVHQWHHPJUDQGHSDUWHGDV LJUHMDV H R IDWR GH SRX FDV LJUHMDV WHUHP FRQVHOKRV PLVVLRQiULRV RUJDQL]DGRV H DWXDQWHV³$VVLPR(QFRQWUR GH 0RELOL]DGRUHV H /tGHUHV GH0LVV}HVYHPFRQWULEXLUGH XPD PDQHLUD H[WUHPDPHQWH RSRUWXQD H DSURSULDGD SDUD TXH HVVD ODFXQD VHMD SUHHQ FKLGD SRLV RIHUHFH IHUUD PHQWDV H UHFXUVRV DWXDLV H FRQGL]HQWHV FRP R FRQWH[WR PLVVLRQiULRQDFLRQDOHWUDQV FXOWXUDO´DILUPD 20,66,21È5,2 ³$QWHVGHTXDOTXHUFRLVDp ERPHVFODUHFHUTXHDSHVVRD GR PLVVLRQiULR p XP FULV WmR GH µFDUQH H RVVR¶ FRPR TXDOTXHU RXWUR 1mR p XP VHUVXSHUHVSLULWXDOGRWDGRGH SRGHUHV HVSHFLDLV FRPR VH IRVVHµPDLVFUHQWH¶TXHTXDO TXHU RXWUR´ GHILQH 0{QLFD H[SOLFDQGRDLQGDTXHDILJXUD GR PLVVLRQiULR PXLWDV YH]HV VH WRUQD XP PLWR QDV LJUH MDV (QWUHWDQWR DTXHOH TXH p YRFDFLRQDGRSDUDVHUYLUGHYH WHU HP PHQWH TXH VXD YLGD GHSHQGH FRPSOHWD H DEVROX WDPHQWHGH'HXV 'HVVDIRUPDHODGHPRQVWUD DTXLOR TXH SRGH VHU HYLGHQ FLDGR QRV FRUDo}HV GH WRGRV RVPLVVLRQiULRVTXHSRVVXHP XP FKDPDGR OHJtWLPR SRU SDUWHGH'HXVHTXHDPDPH QmRSRGHPYLYHUVHPVHUYLUD (OH ³+i GRLV DQRV RXYL XP FROHJDPLVVLRQiULRGL]HUFRP PXLWDSURSULHGDGHµ1mRVRX XPFRLWDGRRXXPORXFRSRU HVWDURQGHHVWRX$PRRTXH IDoRDPRHVWHSRYRTXHpR SRYRDTXHP'HXVPHRUGH QRX DOFDQoDU PLQKD YLGD Vy WHPVHQWLGRVHHXHVWLYHUDTXL HHXHVWRXFHUWRHFRQYLFWRGH TXHDTXLpRPHXOXJDU&ODUR TXHWHQKRVDXGDGHVGR%UDVLO H GD PLQKD IDPtOLD LJUHMD H DPLJRVPDVQmRFRQVLJRPH LPDJLQDUHPRXWUROXJDUTXH QmRVHMDDTXL¶´ $ ,3% WHP KRMH PLV VLRQiULRV H HYDQJHOLVWDV 6(6&,3%DWXDQWHVHHVSD OKDGRV SHOR SDtV (QWUHWDQWR 0{QLFD GL] TXH HP VHXV DQRVGHWUDEDOKRWHPHQFRQ WUDGR SRXFDV SHVVRDV HQYRO YLGDV H DSDL[RQDGDV SHOD REUDPLVVLRQiULD³&ODURTXH Ki DTXHOHV LUPmRV H LUPmV ILGHOtVVLPRV HP LQWHUFHGHU SRU PLVV}HV RXWURV TXH VmR ILpLV SDUFHLURV GH VXVWHQWR FRQVHOKRV PLVVLRQiULRV FULD WLYRVDWLYRVHPRWLYDFLRQDLV PDV SRU HQTXDQWR VmR XPD PLQRULD(QmRHVWRXIDODQGR VRPHQWH HP UHODomR D PLV V}HV WUDQVFXOWXUDLV PDV GH XPPRGRJHUDO´ (OD DILUPD DLQGD VHQWLU PXLWD SUHRFXSDomR FRP RV SRVVtYHLVGHVYLRVGHIRFRTXH D LJUHMD SRGH VRIUHU FRPR DVUHIRUPDVHFRQVWUXo}HVGH WHPSORHPLQLVWpULRVGHDGR UDomRHORXYRU³2EYLDPHQWH WRGDV HVVDV Do}HV VmR OHJtWL PDV PDV GHYH KDYHU HTXLOt EULRHPRGHUDomRSDUDTXHD WDUHIDSULQFLSDOGDLJUHMDTXH pµSUHJDURHYDQJHOKRDWRGD FULDWXUD¶ QmR VHMD SUHMXGLFD GDLJQRUDGDRXSRVWHUJDGD´ -817$ '( 0,66®(6 1$&,21$,6 2 VHFUHWiULR H[HFXWLYR GD -01 UHY /RXULYDO 3UDGR DILUPDTXHR4XLQWR(QFRQWUR GH 0RELOL]DGRUHV H /tGHUHV GH 0LVV}HV FULRX XPD LQWH JUDomRHQWUHDMXQWDHDVOLGH UDQoDV ORFDLV H UHJLRQDLV GH WRGRR%UDVLOHTXHDSyVHVVH HYHQWR VH HVSHUD XP PDLRU HQYROYLPHQWR GDV LJUHMDV QD REUDPLVVLRQiULD &RP UHODomR j SURSDJDomR GR HYDQJHOKR H R DPRU D HVVD DWLYLGDGH R UHYHUHQGR VHEDVHLDQRTXHGL]D3DODYUD GH'HXV³([LVWHDSUHRFXSD omRGHHYDQJHOL]DUHYDORUL]DU D REUD PLVVLRQiULD PDV QmR VmRWRGDVDVLJUHMDVQHPWRGRV RVFUHQWHVTXHDGHPRQVWUDP )HOL]PHQWH VHPSUH H[LVWH R 6DOHD/X]´ &VEWMP46)7&-8)6-%23 (QWUHYLVWD $JRVWRGH 8QLILFDQGRDYLGDHFOHVLiVWLFDFRPDYLGDSURILVVLRQDOSUHVEtWHURIDODGH PLQLVWpULRVHPEDUUHLUDV ,3%FRPHPRUD'LDGR3UHVEtWHUR 0DUWKDGH$XJXVWLQLV 3 UHVHQWHV QD LJUHMD SDUD UHSUHVHQWDU RVLQWHUHVVHVGH'HXVFXLGDQGRSDUD TXHRVSURSyVLWRVG¶(OHSDUDFRPVHX SRYRVHMDPFXPSULGRVHGDPHVPDIRUPD RUJDQL]DU H GLUHFLRQDU D FRPXQLGDGH VHU SUHVEtWHURFRQVLVWHHPVHUXPKRPHPFRP PXLWDVIXQo}HVHUHVSRQVDELOLGDGHVeSUH FLVRVHUREUDoRGLUHLWRGRSDVWRUVHUSDLH PHPEURGHXPDIDPtOLDHDOpPGHWRGRVRV VHXVGHYHUHVSDUDFRPDFRPXQLGDGHFULVWm VHUXPKRPHPVHFXODUTXHH[HUFHLPSRU WDQWHV FDUJRV QD VRFLHGDGH H TXH VHUYH GH H[HPSORDPXLWRVGDTXHOHVTXHQmRFRQKH FHPD3DODYUD (PXPDLJUHMDTXHGHDFRUGRFRPGDGRV %3 2 VHQKRU DFUHGLWD TXH VXD IXQomR GH SUHVEtWHUR WHPVLGRUHDOL]DGDFRQIRUPH HVWDEHOHFLGD QD %tEOLD H QD &RQVWLWXLomRGD,3%" 3UHVE:LOVRQ 6RX SUHVEt WHURKiPDLVGHYLQWHDQRVH SRVVR GL]HU TXH PH HVIRUoR PXLWR SDUD LVVR 'L]HU TXH FXPSUR WRGDV DV IXQo}HV GR SUHVELWHUDWR SOHQDPHQWH VHULD XPD HQRUPH SUHVXQ omR /HYR XPD YLGD SUR ILVVLRQDO SDUDOHOD j HFOHVL iVWLFD H DOJXPDV IXQo}HV GR PLQLVWpULR SUHVELWHULDO VmR PXLWR GLItFHLV GH VHU H[HUFLGDV SDUDOHODPHQWH j PLQKD SURILVVmR 2 SUHV ELWHUDWR QmR p WmR VLPSOHV 3RU H[HPSOR XP DVSHFWR LPSRUWDQWH GHVVH FDUJR p D YLVLWDomR 'HGLFDU WHPSR j YLVLWDomR p XPD FRLVD TXH SURFXUR ID]HU FRP FDULQKR PDVQHPVHPSUHSRVVRHVWDU GLVSRQtYHOSRLVYLDMRPXLWR GD6HFUHWDULD([HFXWLYDGR6XSUHPR &RQFtOLRGD,3%FRQWDSUHVEtWHURV SDUDDX[LOLDUHJHULUDVFRPXQLGDGHVMXQWR GHSDVWRUHVDWLYRVDIXQomRGHWDLV RILFLDLVWHPVHWRUQDGRFDGDYH]PDLV LPSRUWDQWH2SUHVELWHUDWRpXPFDUJRTXH QmRVHUHVWULQJHDSHQDVjYLGDHFOHVLiVWLFD PDVVHHVWHQGHDWRGDDWLYLGDGHH[HUFLGD SRUDTXHOHTXHIRLXQJLGRHHVFROKLGR SDUDHVVDIXQomReH[DWDPHQWHVREUHHVVH DVVXQWRTXHRSUHVLGHQWHGD$VVRFLDomR 1DFLRQDOGH(VFRODV3UHVELWHULDQDV $1(3HRILFLDOGD,3GD*iYHDQR5LR GH-DQHLUR5-SUHVE:LOVRQGH6RX]D IDODDR%UDVLO3UHVELWHULDQR 0LQKDV IXQo}HV SURILVVLR QDLV SRU YH]HV PH ID]HP DXVHQWHGDVHPDQDHGHDOJX PDV DWLYLGDGHV TXH SUHFLVR H[HUFHU FRP RV PHPEURV H FRP PLQKD LJUHMD 1R TXH SRVVR UHDOL]DU GH TXDOTXHU GLVWkQFLDVRXPXLWRDWXDQWH FRPR DGPLQLVWUDU D LJUHMD DWXDUQRFRQVHOKRPLQLVWUDU D 3DODYUD (QWmR HX DFKR TXHFXPSUREHPHFUHLRTXH WRGRV RV PHXV FRPSDQKHL URVGHYHPWHUWDPEpPRVHX JUDXGHGLILFXOGDGHQRH[HU FtFLRSOHQRGHWRGDVDVVXDV IXQo}HV QmR Vy HP UHODomR DR WHPSR PDV WDPEpP HP UHODomR j SUHSDUDomR SDUD R VHUYLoR GR SUHVELWHUDWR 2V FDUJRV GH OLGHUDQoD QDV LJUHMDV FRPR R GLDFRQDWR R SUHVELWHUDWR H DWp PHVPR D OLGHUDQoD GH VRFLHGDGHV LQWHUQDVUHTXHUHPXPDFRQ WtQXDDWXDOL]DomRHHPPXL WRVFDVRVQRVVDVLJUHMDVQmR SUHSDUDPVXDOLGHUDQoDSDUD RH[HUFtFLRGDVIXQo}HV %3 4XDO D VXD SURILVVmR VHFXODU" 3UHVE:LOVRQ(PSULPHLUR OXJDU QmR JRVWR GD SDODYUD ³VHFXODU´ SRUTXH VH FUH PRV QD 6REHUDQLD GH 'HXV HGHTXHWXGRHVWiVRER6HX GRPtQLR QDGD p ³VHFXODU´ QR VHQWLGR GH VHU VHSDUD GRGDYLGDHFOHVLiVWLFD6RX HQJHQKHLURPDVPLQKDYLGD SURILVVLRQDO HVWi UHODFLRQD GDjDGPLQLVWUDomRHJHVWmR HPSUHVDULDO %3 4XDO IXQomR VXUJLX SULPHLUR SDUD R VHQKRU D JHVWmR GH HPSUHVDV RX R SUHVELWHUDWR"4XDORVHQKRU VHVHQWHPDLVFKDPDGRSDUD H[HUFHU" 3UHVE :LOVRQ 0LQKDV FDUUHLUDV FRPHoDUDP HP PRPHQWRV GLIHUHQWHV &RPHFHLPLQKDYLGDSURILV VLRQDOMRYHPFRPHSRX FRVDQRVSRUWDQWRFRPHoRX DQWHV GD PLQKD IXQomR GH SUHVEtWHUR VHQGR TXH DQWHV GRSUHVELWHUDWRHXH[HUFLGRLV DQRVGHGLDFRQDWR1DVFLQD LJUHMD H DLQGD QmR FRQVLJR YHU D YLGD IRUD GHOD GHVVD IRUPDPLQKDYLGDSURILVVLR QDOpXPDH[WHQVmRGDPLQKD YLGD HVSLULWXDO HODV QmR VH GLVWLQJXHP (QWmR FRPR HQJHQKHLUR RX FRPR JHV WRU HPSUHVDULDO HX WDPEpP WHQKR DV IXQo}HV SUHVELWH ULDLVLVWRpVRXXPVHUYRGH 'HXVHPTXDOTXHUOXJDUHP TXH HVWLYHU VHMD TXDO IRU D IXQomR (VVD p D YLVmR TXH HX WHQKR GD YLGD ³VHFXODU´ H GD YLGD SUHVELWHULDO XPD YLGDXQLILFDGD (X GLULD TXH PLQKD YLGD GH HQJHQKHLUR H JHVWRU FRPH oRX DQWHV PDV KRMH R TXH FDSLWDQHLD PHX YLYHU p D YLGD GH SUHVEtWHUR SRLV QD PHGLGDHPTXHVRXVHUYRGH 'HXV WRGDV DV IXQo}HV TXH H[HUoRVmRSDUDREHPHSDUD DJOyULDGR5HLQRGH'HXV 3RVVRGL]HUDLQGDTXHTXDO TXHU RXWUD SURILVVmR p XPD H[WHQVmR XPD IRUPD GH H[SUHVVmR GR VHUYLoR TXH YRFr WHP D 'HXV H TXH p SUHFLVR SUHVWDU HP TXDOTXHU OXJDU'HQWURGDLJUHMDGHYH VHU IHLWR FRP PXLWR HVPH UR PDV IRUD GHOD GHYHVH WRPDU RV FXLGDGRV TXH XPD YLGD GH WHVWHPXQKR UHTXHU ( GLJR PDLV p SUHFLVR WHU HPPHQWHTXHDUHVSRQVDEL OLGDGH GRV RILFLDV GD LJUHMD IRUD GR PXQGR FRPXQLWiULR HFOHVLiVWLFR p PXLWR PDLRU GRTXHGHRXWURTXHQmRRp (XPHVLQWRPXLWRUHVSRQVi YHOSHODVREULJDo}HVGHWHV WHPXQKR GH H[HUFtFLR H GH SUiWLFDFULVWmSRUTXHDEUDFHL HVVH PLQLVWpULR GD LJUHMD H SDUD LVVR HX IXL XQJLGR H RUGHQDGR &VEWMP46)7&-8)6-%23 $ J R V W R G H $QLYHUViULR &VEWMP46)7&-8)6-%23 'HQRPLQDomRPDQWpPRDOYRHPSUHJDURHYDQJHOKRGDVPDLVGLYHUVDVPDQHLUDVLQFOXVLYHHVWHQGHQGRDPmRDRSUy[LPR ,3%FRPSOHWDDQRVFUHVFHQGRHID]HQGRGLIHUHQoDQDVRFLHGDGH /HWtFLD)HUUHLUD 1 D UHXQLmR GD &RPLVVmR ([HFXWLYDGR6XSUHPR&RQFtOLR GD,JUHMD3UHVELWHULDQDGR%UDVLO GHVWH DQR HP PDUoR D FRQFOXVmR IRL TXHD,3%HVWiFUHVFHQGRHPPHPEURV HDUUHFDGDomR1DUHXQLmRGRDQRSDV VDGR IRL DQXQFLDGR TXH HP D GHQRPLQDomRFUHVFHX6HJXQGR RV GDGRV GD 6HFUHWDULD ([HFXWLYD GR 6& D ,3% UH~QH KRMH QR SDtV DSUR [LPDGDPHQWH PLO PHPEURV HP FHUFD GH LJUHMDV (VWH Q~PHUR HVWiFUHVFHQGRHQRTXHGHSHQGHUGRV PLVVLRQiULRVHGRVVHUYRVGH'HXVTXH QHODPLOLWDPFUHVFHUiFDGDYH]PDLV $ ,3% p XPD LJUHMD TXH DFHLWRX R GHVDILR GH QmR DSHQDV IDODU GR 5HLQR GH 'HXV PDV GH WUDEDOKDU SDUD HVWD EHOHFrOR 1HVWH LQWXLWR GHVGH DV LQV WkQFLDVPDLVDOWDVDWpjVLJUHMDVORFDLV FRQJUHJDo}HVHSRQWRVGHSUHJDomRRV PHPEURVGHVWDGHQRPLQDomRKLVWyULFD WrPVHHVIRUoDGRSDUDOXWDUSRUXPSDtV HSRUXPPXQGRPHOKRUVHPSUHOHYDQ GRjIUHQWHDEDQGHLUDGRHYDQJHOKR 1DViUHDVGHDomRVRFLDOHHGXFDomR DR ODGR GD HYDQJHOL]DomR SHOR %UDVLO LQWHLUR DV ,3%V WrP VH GHVWDFDGR 2 %UDVLO 3UHVELWHULDQR WHP PRVWUDGR DSHQDV XP SRXFR GR TXH HVWD LJUHMD WHP IHLWR PDV VH SURS}H D VHPSUH GLYXOJDU R WUDEDOKR GH LUPmRV PXLWDV YH]HV DQ{QLPRV TXH FRQWULEXHP GH IRUPDPXLWRSUHFLRVDFRPR5HLQRGH 'HXV '(6$),2 6HJXQGR R SUHVLGHQWH GR 6XSUHPR &RQFtOLR GD ,3% UHY 5REHUWR %UDVLOHLUR D LJUHMD GHYH DQXQFLDU D REUD GH -HVXV FRP WRGD D H[DWLGmR GL]HQGRDRPXQGRTXHD~QLFDUD]mRGH VHUpWHUXPHQFRQWURUHDOFRP(OH³$ LJUHMDTXDQGRDQXQFLDDPHQVDJHPGD UHFRQFLOLDomR HVWi DSUHVHQWDQGR WDP EpP XPD SRVWXUD GLYLQD QD VRFLHGD GH´DILUPDRSUHVLGHQWH'HVWDFRXHOH TXHVHJXQGRDSRQWDPHVWDWtVWLFDVDWp R %UDVLO WHUi PDLV GH GD SRSXODomR IRUPDGD SRU HYDQJpOLFRV ³0DVDJUDQGHSHUJXQWDpTXHWLSRGH YLGD HVVH HYDQJHOKR WHUi PRVWUDGR DR SRYR EUDVLOHLUR" 4XH LPSDFWR YDPRV JHUDU QHVVH PXQGR" 4XH VRFLHGDGH YDPRVIRUPDUDSDUWLUGHXPDpWLFDTXH JRVWDUtDPRVTXHIRVVHHYDQJpOLFD"4XH WLSRGHHYDQJHOKRYHPVHQGRPRVWUDGR SRUHVVDVLJUHMDVFKDPDGDVHYDQJpOLFDV QR %UDVLO H TXH WrP WLGR XP FUHVFL PHQWRHQRUPHHPVROREUDVLOHLUR"4XH SURSRVWDGHYLGDDSUHVHQWDP"´ 6HJXQGRHOHDYLGDTXHD,3%GHYHUi PRVWUDU p XPD YLGD ViELD XPD YLGD GR (VStULWR 6DQWR GH DFRUGR FRP R 8QJLGR FRP D 3DODYUD GD 9HUGDGH R SRGHU GH 'HXV ³6HUi TXH WHUHPRV HVVDYLGDSDUDPRVWUDUDRPXQGRFDGD YH]PDLVSDUDTXHDVSHVVRDVSRVVDP VHQWLURLPSDFWRGDVQRVVDVYLGDV"´p RGHVDILRTXHHOHODQoD :LOVRQ&DPDUJR WXLo}HVOLJDGDVj,3%QRSDtV (P &XULWLED SRU H[HPSOR D ,3 GD &LGDGH ,QGXVWULDO GHVHQYROYH FRP RV SUySULRV UHFXUVRV XPD IDULQKD QXWUL FLRQDOTXHHVWiVDOYDQGRDYLGDGHPXL WDVFULDQoDV2SURMHWRIRLLGHDOL]DGRH pGLULJLGRSHORSDVWRUHIHWLYRGDLJUHMD R UHY$OH[DQGUH 3HYLGRU ³3DUD PLP SDVWRU p DTXHOH TXH VHQWH DV GRUHV GH XPDFLGDGHHVHHQYROYHFRPHOD´HOH DILUPD &RPRHOHVmRDVSHVVRDVTXHWRFDP D)XQGDomR6RFLDO(YDQJpOLFDGH$omR 6RFLDO 5HY$GmR %RPWHPSR D )DVH HP 8EHUOkQGLD 0* 'LULJLGD SHOD 6HJXQGD ,3 GH 8EHUOkQGLD D LQVWLWXL omR DWXD HP WUrV iUHDV FXLGDGRV FRP LGRVRVHFULDQoDVHUHDELOLWDomRGHDGR OHVFHQWHV GHSHQGHQWHV GH GURJDV ³2 HYDQJHOKRYLVDDVDOYDURVHUKXPDQR FRPR XP WRGR HQWmR VXD SUHJDomR GHYH VHU DFRPSDQKDGD GD DomR VRFLDO TXH p WHVWHPXQKR SDUD D PDLV SURQWD DFHLWDomRGDVHVFULWXUDV´GHFODUDRUHY -RmRGH2OLYHLUD6RX]DSDVWRUGDLJUH MDTXHFRQFHEHXHDSyLDD)DVH $ ,3% WHP XP &RQVHOKR GH $omR 5HY$OH[DQGUH3HYLGRUGD ,3GD&LGDGH,QGXVWULDOHP &XULWLEDDOpPGDIDULQKD QXWULFLRQDODLJUHMDGHVHQYRO YHYiULRVRXWURVWUDEDOKRV QDViUHDVGHDomRVRFLDOH HYDQJHOL]DomR SRWHQFLDOLGDGHV GD ,3% D LJUHMD WHP H[SHULPHQWDGR XP GHVSHUWDPHQWR HP GLUHomRDRFXPSULPHQWRGHVXDUHVSRQ VDELOLGDGHVRFLDODRODGRGDHVSLULWXDO (OHLQIRUPDTXHVmRFHUFDGHHQWL GDGHV DVVLVWHQFLDLV H PLO SURMHWRV GH TXHVHWHPFRQKHFLPHQWRGHFRPEDWH jSREUH]DSROtWLFDVVRFLDLVHGHGLUHL WRV KXPDQRV H DPELHQWDOLVPR JHVWmR VRFLDOFDSDFLWDomRSURILVVLRQDOFDSWD omR GH UHFXUVRV HWF$ LJUHMD JHUHQFLD DLQGDFHUFDGHOHLWRVKRVSLWDODUHV HVFRODV GD SUpHVFROD j SyVJUD GXDomR FODVVHV GH DOIDEHWL]DomR GH MRYHQV H DGXOWRV H FDPSDQKDV HPHU JHQFLDLVHPXWLU}HV $UTXLYR 6RFLDO &$6 TXH EXVFD RUJDQL]DU H UHXQLU WRGDV HVWDV LQLFLDWLYDV SUHVL GLGR SHOR UHY 0DUFRV $QW{QLR 6HUMR GD&RVWD6HJXQGRHOHDGHVSHLWRGDV GLILFXOGDGHVHDLQGDPXLWRDTXpPGDV 5HY0DUFRV6HUMRSUHVLGHQWH GR&$6RUJDQL]DDVFHQWHQDV GHPDQLIHVWDo}HVGD,3%SDUD XP%UDVLOPHOKRU 5HY5REHUWR%UDVLOHLURSUHVL GHQWHGR6&,3%GHVGHMXOKR GH %5$d26(67(1','26 $ ,3% WHP YiULRV EUDoRV HVWHQGLGRV SDUDID]HUYDOHUVHXVREMHWLYRVH[SDQ GLU R HYDQJHOKR H R SUHVELWHULDQLVPR QR %UDVLO 1D iUHD GD DomR VRFLDO WDQWRV VmR HVVHV EUDoRV TXH DLQGD p LPSRVVtYHO VDEHU H[DWDPHQWH TXDQWRV WUDEDOKRVVmRGHVHQYROYLGRVSRUWRGDV DVLJUHMDVSUHVELWpULRVVtQRGRVHLQVWL $EULJRGD)DVHDX[LOLDLGRVRVFDUHQWHVFRPFXLGDGRVFRPR ILVLRWHUDSLDHRXWURVWUDWDPHQWRVPpGLFRVDOpPGHDWLYLGD GHVUHFUHDWLYDVHHVWLPXODQWHV ('8&$d2 2JUDQGHUHIRUPDGRU0DUWLQKR/XWHUR GLVVHFHUWDYH]³$RODGRGHFDGDLJUHMD GHYH KDYHU XPD HVFROD´ 'HVGH VHX LQtFLRQRPXQGRHQR%UDVLODLJUHMD SUHVELWHULDQD WHP PDQWLGR XPD FRQV WDQWH SUHRFXSDomR FRP D HGXFDomR 6HJXQGRRFKDQFHOHUGD8QLYHUVLGDGH 3UHVELWHULDQD 0DFNHQ]LH HP 6mR 3DXORUHYGU$XJXVWXV1LFRGHPXVD FDUDFWHUtVWLFDGLVWLQWLYDGDHVFRODFULVWm GHYH VHU D WUDQVPLVVmR GR FRQWH~GR GDV GLVFLSOLQDV H[LJLGDV SHOR FXUUtFX $JRVWRGH 6XDPLVVmRpFRQVFLHQWL]DUPRELOL]DU UHFUXWDUVHOHFLRQDUDVVHVVRUDUHWUHLQDU FULVWmRV SDUD D SURSDJDomR GD Ip HP -HVXVHPORFDLVGHGLIHUHQWHVFXOWXUDV QR%UDVLOHQRH[WHULRU³3UHJDURHYDQ JHOKR p XP GHVDILR SDUD FDGD FULVWmR TXHDFHLWRXDUHVSRQVDELOLGDGHGHFRP SDUWLOKDURDPRULPHQVXUiYHOGH'HXV DWRGDFULDWXUDHHPWRGRVRVOXJDUHV´ DILUPDRUHY0DUFRV$JULSLQRH[HFX WLYRGDDJrQFLD$$307WUDEDOKDFRP FDPSRV WUDQVFXOWXUDLV QR %UDVLO H HP PDLVSDtVHVRXUHJL}HV $-01GHVGHWHPFRPRREMH WLYR DOFDQoDU R SDtV FRP R HYDQJH OKR GH &ULVWR H SODQWDU QRYDV LJUHMDV SUHVELWHULDQDV$WXDOPHQWHPDQWpP PLVVLRQiULRV HP FDPSRV GH HVWDGRV EUDVLOHLURV (P D MXQWD FUHVFHX H DWp GHYHUmR VHU SODQWDGRVPDLVFDPSRV 8PDSUHRFXSDomRGD-01SUHVLGLGD SHORUHY-RVp%DWLVWDGD+RUDpIRUPDU SDUFHULDV FRP RV SUHVELWpULRV H LJUH OR QDFLRQDO FRPR JHRJUDILD KLVWyULD PDWHPiWLFDHWFDSDUWLUGDPHQWDOLGDGH FULVWmLQWHJUDQGRDIpDRHQVLQR $,3%PDQWpPD)HGHUDomR1DFLRQDO GH (VFRODV 3UHVELWHULDQDV )HQHS H D $VVRFLDomR 1DFLRQDO GDV (VFRODV 3UHVELWHULDQDV$QHS6mRFHUFDGH LQVWLWXLo}HV GH HQVLQR SUHVELWHULDQDV SHORSDtV2SUHVLGHQWHGR&$6WDP EpP FKHIH GH JDELQHWH GD SUHVLGrQFLD GR 6XSUHPR &RQFtOLR GD ,3% UHY 0DUFRV 6HUMR DILUPD TXH DV HVFRODV SUHVELWHULDQDV HVWmR LQVHULGDV QR FRQ WH[WR JOREDOL]DGR DWXDQGR j OX] GD YRFDomR GR HYDQJHOKR QHVWH PXQGR PDUFDGR SHODV FRQWUDGLo}HV UHOD WLYLVPRV H LQGLYLGXDOLVPR ³$V HVFR ODV SUHVELWHULDQDV ILpLV DRV SULQFtSLRV UHIRUPDGRVWHUmRXPDPHQVDJHPYLYD H HILFD] SDUD D VRFLHGDGH SyVPRGHU QD´GHFODUD 2VHFUHWiULRH[HFXWLYRGD$QHSUHY 'tGLPRGH)UHLWDVDILUPDTXHRFXUUt FXORGHVHQYROYLGRSHODDVVRFLDomRSDUD DVHVFRODVDILOLDGDVWHPFRPRREMHWLYRV SULQFLSDLV SURSRUFLRQDU DRV DOXQRV GD HGXFDomR LQIDQWLO DR HQVLQR PpGLR D SRVVLELOLGDGHGHWHUXPFRQKHFLPHQWR DGHTXDGRGH'HXVGRLQGLYtGXRHGRV PHLRVRQGHYLYHP³1mRpXPFXUUtFX OR DSHQDV H[SRVLWLYR´ H[SOLFD ³0DV IRL SUHSDUDGR SDUD LQWHUDJLU FRP RV 5HY0DUFRV$JULSLQR HGXFDQGRV GDQGR RSRUWXQLGDGH SDUD TXH R DSUHQGL]DGR DFRQWHoD GH XPD IRUPDDXW{QRPD´ (9$1*(/,=$1'22081'2 3DUDFXPSULUR³,GHSRUWRGRPXQGR HSUHJDLRHYDQJHOKR´TXH-HVXVGHL[RX D VHXV GLVFtSXORV D ,3% RUJDQL]RX D -XQWD GH 0LVV}HV 1DFLRQDLV -01 H D $JrQFLD 3UHVELWHULDQD GH 0LVV}HV 7UDQVFXOWXUDLV$307 $$307WHPRSURSyVLWRGHVHUXPD DJrQFLD PLVVLRQiULD TXH VH SRVLFLR QD HVWUDWHJLFDPHQWH SDUD SURFODPDU R HYDQJHOKR GH DFRUGR FRP D %tEOLD YLVDQGRjRUJDQL]DomRGHLJUHMDVJHQXL QDPHQWHFULVWmVQDIpUHIRUPDGDSUHV ELWHULDQD UHVSHLWDQGR DV SHFXOLDULGD GHV GH FDGD SRYR H HWQLD DOFDQoDGRV -RVp%DWLVWDGD+RUD $UTXLYR MDVORFDLVDQDOLVDQGRRVGDGRVVRFLDLV H HFRQ{PLFRV GDV UHJL}HVDOYR SDUD DVVLPLQLFLDURWUDEDOKRGHHYDQJHOL]D omRHSODQWDomRGHQRYDVLJUHMDV )250$1'22%5(,526 1RYH VmR RV VHPLQiULRV PDQWLGRV SHOD,3%DOpPGHPXLWRVLQVWLWXWRVGH HGXFDomRWHROyJLFDSHORSDtV3DUDWUD WDUGHVWDVTXHVW}HVD,3%FULRXD-XQWD GH(GXFDomR7HROyJLFDSUHVLGLGDSHOR UHY:LOVRQGR$PDUDO)LOKRTXHSDUD PHOKRUDWHQGHUjVHVFRODVVHGLYLGHHP VHLVMXQWDVUHJLRQDLV³7RGRVDQVLDPRV SRUSDVWRUHVHREUHLURVTXHFRQGX]DP D ,3% DR HVWXGR H REHGLrQFLD GDV 6DJUDGDV(VFULWXUDVHGRV6tPERORVGH )p DOLDQGR R FRQKHFLPHQWR WHROyJLFR HDSLHGDGHFULVWm´DILUPDRSUHVLGHQWH GD-(73DUDHOHDMXQWDGHYHSURPRYHU HVIRUoRVSDUDTXHDVHVFRODVSURSRUFLR QHPDRVIXWXURVREUHLURVHSDVWRUHVGD ,3% XPD IRUPDomR QD WHRORJLD FDOYL QLVWD H UHIRUPDGD FRP FRQKHFLPHQWR KHUPHQrXWLFR H[HJpWLFR H KLVWyULFR TXH GmR VXEVtGLR DR GHVHQYROYLPHQWR H H[HUFtFLR GH XPD WHRORJLD SDVWRUDO FULVWm SUHVELWHULDQD H TXH R ELQ{PLR HGXFDomRSLHGDGH SULRUL]H SDVWRUDGRV HLQLFLDWLYDVPLVVLRQiULDVEDVHDGRVQRV PHVPRVSULQFtSLRVHYDORUHV 25*$1,=$d2 3DUDDWHQGHUDVQHFHVVLGDGHVGHVHXV PHPEURV GH IRUPD HVSHFLDOL]DGD D ,3% HVWi RUJDQL]DGD HP VHFUHWDULDV JHUDLV H VRFLHGDGHV LQWHUQDV TXH DWLQ JHPWRGRVRVPHPEURV$VVHFUHWDULDV JHUDLVDWHQGHPjWHUFHLUDLGDGHVRED SUHVLGrQFLDGRUHY$GDLO6DQGRYDODRV SDVWRUHVVREDSUHVLGrQFLDGRUHY(OLHO )DXVWR %RWHOKR DRV DGROHVFHQWHV DRV FXLGDGRV GR UHY +DYHUDOGR )HUUHLUD 9DUJDV-~QLRUjVFULDQoDVVRERVFXL GDGRVGRUHY-RVXp$OYHV)HUUHLUDjV PXOKHUHV VRE D GLUHomR GH /HRQWLQD 'XWUD 5RFKD DRV MRYHQV VRE RV FXL GDGRV GR UHY :DOF\U -RVp GH 3DLYD *RQoDOYHVHILQDOPHQWHDRVKRPHQV FRP R 7UDEDOKR 0DVFXOLQR GLULJLGR SHORSUHVE+DUROGR3H\QHDX $OpP GLVVR DV VRFLHGDGHV LQWHUQDV 6RFLHGDGH$X[LOLDGRUD)HPLQLQD6$) 8QLmR GRV +RPHQV 3UHVELWHULDQRV 83+8QLmRGD0RFLGDGH3UHVELWHULDQD 803 8QLmR 3UHVELWHULDQD GRV $GROHVFHQWHV 83$ H D 8QLmR GDV &ULDQoDV 3UHVELWHULDQDV 8&3 VH UH~ QHP HP IHGHUDo}HV H FRQIHGHUDo}HV SDUDPHOKRUDOFDQoDUHDVVLVWLUDWRGRV RVPHPEURVGD,3% &VEWMP46)7&-8)6-%23 $JRVWRGH (YDQJHOL]DomR 3URMHWRGHDFROKLGDHDX[tOLRDLPLJUDQWHVQHFHVVLWDGRVWHPDSRLRGD,3% .JTTJPOgSJPTEB"1.5QMBOUBNB1BMBWSBEF%FVT 5HY(YHUWRQ3LWD7DYDUHV 2 &HQWUR (YDQJpOLFR 3UHVELWHULDQR GH $FRJLGD &(3$ HP 6HYLOKD QD UHJLmR GD (VSDQKD FRQKHFLGD FRPR $QGDOX]LD p XP ORFDO GH DVVLVWrQFLD VRFLDO H HVSLUL WXDODLPLJUDQWHVGD,JUHMD (YDQJpOLFD 3UHVELWHULDQD HP(VSDQKDGLULJLGRSHOR UHY(YHUWRQ3LWD7DYDUHVH VXDHVSRVD1D\UD:DTXLP 7DYDUHV PLVVLRQiULRV GD $JrQFLD 3UHVELWHULDQD GH 0LVV}HV 7UDQVFXOWXUDLV $307 (QWUHRXWURVRREMHWLYRGD LJUHMDpFRQVWUXLUDSRLDUH VXVWHQWDU FHQWURV GH DVVLV WrQFLD FXOWXUDO HGXFDFLR QDO H VRFLDO GHVHQYROYHQ GR WDQWDV Do}HV TXDQWDV SRVVDP FRQWULEXLU SDUD R FXPSULPHQWR GRV ILQV GD LJUHMD H R EHP HVWDU GRV VHXV PHPEURV H GD VRFLH GDGHHPJHUDO 'HSRLV GH YLYHU HP 6HYLOKD SRU WUrV DQRV 1D\UDHHXIRPRVGHVDILD GRVSRU'HXVQDHODERUDomR H H[HFXomR GH XP SURMHWR TXH MDPDLV LPDJLQiYDPRV HTXHQRHQWDQWRHVWDPRV VHJXURV TXH HVWDYD QRV SODQRV G(OH SDUD QRVVDV YLGDV EHP FRPR SDUD D YLGDGHPXLWRVTXHHVWDUmR VRE D QRVVD UHVSRQVDELOL GDGH 8P HPLQHQWH HVSDQKRO )HUQDQGR &DPDFKR SUR IHVVRUGH1RYR7HVWDPHQWR GR &HQWUR GH (VWXGRV 7HROyJLFRV GH 6HYLOKD VH SURQXQFLRXDFHUFDGDSUR EOHPiWLFDGDLPLJUDomRQD (VSDQKD FRPHQWDQGR R IUDFDVVR GH XPD SDVVHDWD RUJDQL]DGD HP 0DGUL QR GLD GH PDUoR FRQWUD XPD OHL TXH FRtEH D LPL JUDomR H RV LPLJUDQWHV QD (VSDQKD 6HJXQGR HOH R IUDFDVVR VH GHX SHOD IDOWD GHDSRLRGRSRYRHVSDQKRO H D LPSUHQVD QRWLFLRX R IDWRFRPVDWLVIDomRRTXH R LQGLJQRX SRLV R IOX[R GHLPLJUDQWHVQDTXHOHSDtV FUHVFHGHPDQHUDDODUPDQ WHHpQHFHVViULRID]HUDOJR SRU HVVDV SHVVRDV PXLWDV YH]HV FDUHQWHV H UHMHLWD GDV 3DUD HOH RV FLGDGmRV TXHUHMHLWDPRVLPLJUDQWHV RID]HPSRUPHGR³&RPR FULVWmRHSURIHVVRUGH1RYR 7HVWDPHQWRPLQKDPLVVmR pGHSURSRUHWHQWDUUHDOL]DU HP FRPXQKmR FRP TXDQ WRV HVWLYHUHP LQWHUHVVDGRV SHOREHPHVWDUGDKXPDQL GDGHXPDµXWRSLD¶DHQVL QDGDSRU-HVXV&ULVWRTXH QRV FRQYLGD D DQGDUPRV VHP DSHJR H SUHRFXSDomR FRP DV FRLVDV PDWHULDLV 0W 0F GLVSRQtYHLV DR SUy[LPR DWHQWRV jV VXDV QHFHVVLGD GHV H SURQWRV D DMXGiORV 0W D VHQWLUPRV H D QRV FRPSRUWDUPRV GH IRUPDVROLGiULDFRPWRGRV RV VHUHV KXPDQRV D QmR IHFKDUPRVRVROKRVGLDQWH GDVFDUrQFLDVEiVLFDVHGDV VLWXDo}HV GUDPiWLFDV GRV VHUHVKXPDQRVDRFRQWUi ULRDID]HUPRVWXGRRTXH HVWLYHU DR QRVVR DOFDQFH SDUD UHPHGLiODV´ GHFOD URX)HUQDQGR&DPDFKR $ 1(&(66,'$'( '2 352-(72 2FRQMXQWRGRVHVWUDQJHL URVQD(VSDQKDVHJXQGRD VXD RULJHP p R VHJXLQWH GDGRVGHSUR YrP GD 8QLmR (XURSpLD HVSHFLDOPHQWH GR 5HLQR 8QLGR GD ÈIULFD TXH RV GHPDLV DOPHMDQGR QmR VRPHQWH XPD HVWUX WXUD SROtWLFD HFRQ{PLFD VRFLDOHHGXFDWLYDPDVXP DSRLRHVSLULWXDO6HJXQGRD QRVVDYLVmRDLJUHMDHYDQ JpOLFD QmR SRGH VH RPLWLU SRLV p SRVVXLGRUD GH XPD PHQVDJHP IRUWDOHFHGRUD TXH FRQGX] j VDOYDomR (VWD PHQVDJHP SURGX]LUi $307 5HY(YHUWRQ3LWD7DYDUHVHVXDHVSRVD 1D\UD :DTXLP7DYDUHVFRPRVILOKRV HVSHFLDOPHQWH 0DUURFRV $UJpOLD H 6HQHJDO GD $PpULFD /DWLQD HVSH FLDOPHQWH (TXDGRU &RORPELD3HU~5HS~EOLFD 'RPLQLFDQD $UJHQWLQD H &XED H R UHVWDQWH GH RXWURV SDtVHV HXURSHXV FRPR 5RPrQLD %XOJiULD RX 8FUkQLD RX GD ÈVLD FRPR&KLQD3DTXLVWmRRX )LOLSLQDV &RPR QDV GHPDLV FRPX QLGDGHV DXW{QRPDV GD (VSDQKD D $QGDOX]tD Yr DXPHQWDU YLVLYHOPHQWH D SRSXODomR GH LPLJUDQWHV TXHWrPDVPHVPDVQHFHV VLGDGHVGLUHLWRVHGHYHUHV XPD WUDQVIRUPDomR UDGL FDO QD YLGD GRV HVSDQKyLV H QDTXHOHV TXH FKHJDP j (VSDQKDHPEXVFDGHDOJR PHOKRUSDUDDVXDIDPLOLD &RPRGHVHMRGHFXPSULU DYRQWDGHGR6HQKRUQDVFH R &(3$ $OpP GD ,JUHMD (YDQJpOLFD 3UHVELWHULDQD HP (VSDQKD FDPSR GD $307HVVHQRPHVHUiDYD OLDGRVHJXQGRDVDOWHUDo}HV SURSRVWDVQRVHVWDWXWRVGD LJUHMD GD ,3% GD$307 H GD ,JUHMD 3UHVELWHULDQD 5HIRUPDGDHP(VSDQKDR SURMHWRFRQWDFRPRDSRLR GD 21* 6HYLOOD $FRJH LQVWLWXLomRORFDOTXHHVWij QRVVDGLVSRVLomRSDUDDMX GDU H QRV RIHUHFHX DSRLR DGPLQLVWUDWLYR H MXUtGLFR FXUVRGHIRUPDomRGHSHV VRDO H HQYLR GH LPLJUDQ WHV 2%-(7,926 (YDQJHOL]DU H FRQGX]LU RV LPLJUDQWHV D &ULVWR H IDYRUHFHURVHXFUHVFLPHQ WR HVSLULWXDO PHGLDQWH R GLVFLSXODGR D IRUPDomR GH LJUHMDV DFRQVHOKDPHQ WR EtEOLFR LQWHJUDomR QD VRFLHGDGH H FDSDFLWDomR SDUDTXHHQFRQWUHPHPSUH JRV GLJQRV VHP PHGR GR GHVFRQKHFLPHQWR FXOWXUDO VmRRVSULQFLSDLVREMHWLYRV GR&(3$ $ PHWD p FRODERUDU FRP D VRFLHGDGH HVSDQKROD QD SUREOHPiWLFD GD LPLJUD omR GHVHVWLPXODQGR TXDO TXHU LQLFLDWLYD TXH WHQKD FRPR REMHWLYR D HQWUDGD LOHJDO GH LPLJUDQWHV QR SDtV PDV VHQVLELOL]DQGR D VRFLHGDGH TXDQWR j QRYD UHDOLGDGHLQWHUFXOWXUDO 2 &(3$ p DGPLQLV WUDGR SRU XPD -XQWD $GPLQLVWUDWLYD HOHLWD SHOD 0HVD 5HSUHVHQWDWLYD GD ,JUHMD (YDQJpOLFD 3UHVELWHULDQDHP(VSDQKD SDUD XP PDQGDWR GH GRLV DQRV$GLYXOJDomRpIHLWD PHGLDQWH IROKHWRV FDUWDV HPDLOV YLVLWDV DRV SDVWR UHVHLJUHMDVLQWHUHVVDGDV 2SURMHWRpWDPEpPDSUH VHQWDGR D yUJmRV S~EOLFRV ORFDLVDILPGHREWHUDSRLR ILQDQFLHUR FRQVLGHUDQGR TXH p XP FHQWUR GH DVVLV WrQFLDDRVLPLJUDQWHV &VEWMP46)7&-8)6-%23 $JRVWRGH (GXFDomR7HROyJLFD 8PDGDVFHOHEUDo}HVDFRQWHFHXQRWpUPLQRGRSULPHLURVHPHVWUH 6HPLQiULR-0&FRPHPRUDMXELOHXGHSUDWD /HWtFLD)HUUHLUD 8 PFXOWRQD,3(EHQH ]HU HP 6mR 3DXOR QR GLD GH MXQKR IH] SDUWH GDV FHOHEUDo}HV GR -XELOHX GH 3UDWD GR 6HPLQiULR3UHVELWHULDQR5HY -RVp 0DQRHO GD &RQFHLomR ORFDOL]DGR QD FDSLWDO SDXOLV WD$ FHOHEUDomR IRL GH DomR GH JUDoDV SHOR WpUPLQR GR SULPHLUR VHPHVWUH GH H SHOR ODQoDPHQWR GD UHYLV WD WHROyJLFD GR VHPLQiULR 7HRORJLDSDUDD9LGD'LULJLX RHYHQWRRGLUHWRUGRVHPLQi ULRUHY3DXOR5LEHLUR)RQWHV H HVWLYHUDP SUHVHQWHV HQWUH RXWURVRSUHVLGHQWHGD-XQWD GH (GXFDomR 7HROyJLFD GD ,3% UHY:LOVRQ GR$PDUDO )LOKR R YLFHSUHVLGHQWH GD -XQWD5HJLRQDOGH(GXFDomR 7HROyJLFD GH 6mR 3DXOR UHVSRQViYHO SHOR -0& UHY 5HJLQDOGR &DPSDQDWL $QWXQHV H R SUHVLGHQWH GD )XQGDomR5HY-RVp0DQRHO GD &RQFHLomR SUHVE 3DXOR 5DQJHO $PHQVDJHPIRLPLQLVWUDGD SHOR SUHVLGHQWH GR 6XSUHPR &RQFtOLR UHY 5REHUWR %UDVLOHLUR TXH H[WHUQRX R GHVHMR GH TXH D (GXFDomR 7HROyJLFDGD,3%SRVVDFDGD YH]PDLVFXPSULURPLQLVWp ULR H D IXQomR GH HQVLQDU H IRUPDU REUHLURV GHGLFDGRV H FRQVFLHQWHVGRVGHVDILRVGRV GLDV DWXDLV QD SUHVWDomR GH VHUYLoRVQDGHQRPLQDomR (OH EDVHRX D SUHJDomR QR WH[WR GH &R D H H GLVVH TXH DOpP GH JUDWLGmR R PRPHQWR p GH UHIOHWLUVREUHRTXDQWRD,3% WHP FXPSULGR VHX FKDPDGR H FRPR WHP VLGR VXD SRV WXUD YLGD H WUDEDOKR FRPR LJUHMD GR 6HQKRU 6HJXQGR R UHYHUHQGR R VHPLQiULR p XPD H[WHQVmR GD LJUHMD p D LJUHMD SUHVHQWH QD IRUPDomR GRV REUHLURV GRV SDVWRUHV H GH LUPmRV FKDPDGRV SHOR 6HQKRU SDUD R H[HUFtFLR GR 6HX SDVWRUHLR ³7RGRV QyV VRPRV PLQLVWURV H HPEDL [DGRUHV GR QRVVR 'HXV H GHYHPRVSUHJDUXPDPHQVD JHPDRPXQGR´GLVVH³4XH SDODYUDWHPRVSUHJDGR"4XH PHQVDJHP WHPRV DQXQFLD GR" 4XH SUHJDGRUHV HVWmR VDLQGR GRV QRVVRV VHPLQi ULRV" 4XH PHQVDJHP LUmR OHYDUDRPXQGR"4XHSUHJD omRDQRVVDLJUHMDWHPGDGR QRPXQGRHQDVRFLHGDGH"´ 2 UHY 5REHUWR H[SOLFRX TXHDSUHRFXSDomRGH3DXOR DRVHGLULJLUDRVFRUtQWLRVHUD TXHDLJUHMDGDTXHOHVGLDVHD LJUHMDGHKRMHDQXQFLDVVHPD REUDGR6HQKRU-HVXV&ULVWR FRPWRGDDH[DWLGmRGL]HQGR DRPXQGRTXHD~QLFDUD]mR GHVHUpWHUXPHQFRQWURUHDO FRP (OH ³6H QRVVRV DOXQRV QmR OHYDUHP D PHQVDJHP GD UHFRQFLOLDomR R DWR GH &ULVWR VH ID]HU SHFDGR SRU QyVVHHOHVSUHJDUHPILORVR ILDVHHOHVSUHJDUHPKLVWyULD VH HOHV SUHJDUHP TXDOTXHU RXWUD FRLVD QyV ILFDUHPRV LPHQVDPHQWH WULVWHV H IUXV WUDGRV SRUTXH QmR WHUHPRV FXPSULGRDPLVVmRTXHUHFH EHPRV´ 2 SDVWRU DILUPRX TXH WHP FODPDGR D 'HXV SDUD TXH D ,3%VHMDXPDLJUHMDDPRURVD VHXV SDVWRUHV H VHPLQDULVWDV VHMDP DPRURVRV H WDPEpP RV SURIHVVRUHV GHVWHV SDUD TXH D GHQRPLQDomR SRVVD DODUJDUVHXVDIHWRVSDUDFRP RVRXWURVSRLVpLVVRTXHOHYD GHIDWRRPXQGRDFRQKHFHU D'HXV 7(2/2*,$3$5$ $9,'$ 3DVWRUHV H OtGHUHV GD ,3% GDFRRUGHQDomRGRUHY$JHX &LULORGH0DJDOKmHV-UHGL WRUGDUHYLVWDHWHPRVWUDED OKDGR GHEDL[R GH VXD FRRU GHQDomR H GH VXD UHJrQFLD´ GLVVHRGLUHWRUGRVHPLQiULR UHY3DXOR5LEHLUR)RQWHV 2 UHY $JHX GHFODURX TXH /HWtFLD)HUUHLUD 5HY$JHXHGLWRUGDUHYLVWD7HRORJLDSDUDD 9LGDSURGX]LGDSHOR-0& WHUmR DFHVVR j QRYD UHYLVWD GR -0& 7HRORJLD SDUD D 9LGD FRP DUWLJRV UHVHQKDV H VHUP}HV HVFULWRV SRU OtGH UHV GHVWDFDGRV QD GHQRPL QDomR ³9iULDV PmRV IRUDP QHFHVViULDV SDUD WRUQDU UHD OLGDGHHVVHSULPHLURQ~PHUR GD QRVVD UHYLVWD WHROyJLFD H YiULDVIRUDPDVSHVVRDVTXH R 6HQKRU 'HXV XVRX PDV WRGDV WUDEDOKDUDP GHEDL[R R REMHWLYR GD UHYLVWD p RIH UHFHU D SDVWRUHV RILFLDLV H PHPEURV GD LJUHMD DUWLJRV TXH SURGX]DP FRQKHFLPHQ WR GDV (VFULWXUDV H FUHVFL PHQWRHVSLULWXDO³4XHUHPRV TXH QRVVRV LUPmRV VH WRU QHPFUHQWHVPDLVIRUWHVDSyV D OHLWXUD GH QRVVD UHYLVWD 3HGLPRVD'HXVDVXDJUDoD VREUHHVWHSURSyVLWR´ (OH GLVVH DLQGD TXH GHVGH D FULDomR GD SUHQVD GH *XWHPEHUJ HP 'HXV WHPXVDGRDLPSUHQVDFRPR PHLR GH SURSDJDomR GD 6XD 3DODYUD SRLV JUDoDV j HOD R SRYR GD $OHPDQKD WHYH DFHVVR j WUDGXomR GR 1RYR 7HVWDPHQWR D 6XtoD H D )UDQoDWLYHUDPDFHVVRjREUD PDJQD GD UHIRUPD H PXL WRVSDtVHVGD(XURSDWLYHUDP DFHVVR jV ,QVWLWXWDV GH -RmR &DOYLQR)RLJUDoDVjLPSUHQ VD TXH R MRYHP PLVVLRQiULR $VKEHO *UHHQ 6LPRQWRQ QR %UDVLO S{GH VHPHDU DV ERDV QRYDV DWUDYpV GR SULPHLUR MRUQDO HYDQJpOLFR GR SDtV ,PSUHQVD (YDQJpOLFD HP RXWXEUR GH H p JUD oDV j LPSUHQVD TXH Ki PDLV GH DQRV D &DVD (GLWRUD 3UHVELWHULDQDYHPVXSULPLQ GR D LJUHMD H SDVWRUHV FRP OLYURVHUHYLVWDV ³(pDLQGDJUDoDVjLPSUHQ VD TXH WHP VLGR XVDGD SRU 'HXVTXHWHPRVKRMHDUHYLV WD7HRORJLDSDUDD9LGDFRP SURIXQGLGDGH WHROyJLFD H VLPSOLFLGDGHEtEOLFD5HYLVWD TXHSHODJUDoDGH'HXVWHP VLGR XVDGD SRU (OH SDUD D SURSDJDomR GDV ERDV QRYDV GR HYDQJHOKR H HQULTXHFL PHQWR GRV SDVWRUHV SUHVEt WHURV H OtGHUHV GD LJUHMD´ GLVVH³$QRVVDRUDomRpTXH R 'HXV 6REHUDQR TXH WHP DEHQoRDGR D SXEOLFDomR GRV SURWHVWDQWHVQRGHFRUUHUGHV VHVVpFXORVWDPEpPDEHQoRH D QRVVD UHYLVWD SDUD TXH HOD FXPSUD VXD YRFDomR GHQWUR GD,3%´ $WLUDJHPGDUHYLVWDLGHDOL ]DGDSHORUHY3DXOR5LEHLUR )RQWHV p GH TXDWUR PLO H[HPSODUHVVHPHVWUDLV &VEWMP46)7&-8)6-%23 $JRVWRGH (GXFDomR 5HY0DUFRV/LQVDVVXPHDGLUHWRULDGDSUHVLGrQFLDGDDGPLQLVWUDomRGR ,QVWLWXWR3UHVELWHULDQR0DFNHQ]LHHP6mR3DXOR .BDLFO[JFUFNOPWPEJSFUPSQSFTJEFOUF /HWtFLD)HUUHLUD 1 RGLDGHMXOKRRGU &XVWyGLR3HUHLUDSDV VRXRFDUJRGHGLUHWRU SUHVLGHQWH GD DGPLQLVWUDomR GR ,QVWLWXWR 3UHVELWHULDQR 0DFNHQ]LH DR UHY 0DUFRV /LQV ³&DOYLQR GLVVH TXH R PXQGR p R WHDWUR GD JOyULD GH 'HXV 7RGRV WHPRV XP SDSHO GHVLJQDGR SRU (OH QR TXDO TXHUHPRV JORULILFiO2 &RXEHPH R SDSHO GH GLUL JLU R 0DFNHQ]LH FXUYRPH D HOH´ IRUDP DV SULPHLUDV SDODYUDV GR QRYR SUHVLGHQ WH HP VHX GLVFXUVR GL]HQGR DLQGD TXH HVWi FRORFDQGR R ,30 QR DOWDU GH 'HXV SDUD TXH HVWD LQVWLWXLomR FRQWLQXH VHQGR DEHQoRDGD SDUD JORUL ILFDUD(OH $R GLULJLUVH DR H[GLUH WRU SUHVE &XVWyGLR R UHY 0DUFRV /LQV GLVVH VH WUDWDU GH XP DPLJR FXMR H[HPSOR DXPHQWDYD VXD GHWHUPLQDomR HP WUDEDOKDU j IUHQWH GR LQV WLWXWR FRP kQLPR FRQILDQoD HP'HXVHKXPLOGDGHMXVWLoD HILUPH]D 3DUD R ,30 R UHY 0DUFRV /LQV WUD] XPD H[SHULrQFLD GH DQRV GH SURILVVLRQD OLVPR QD iUHD ILQDQFHLUD H GH ILGHOLGDGH j ,3% VH SUR SRQGR D ID]HU RV DMXVWHV TXH IRUHP QHFHVViULRV SDUD TXH R 0DFNHQ]LH FXPSUD D PLV VmR HGXFDFLRQDO TXH KRQUD D 'HXV H j LJUHMD (OH URJRX D DMXGD H D ILGHOLGDGH GH 'HXV QHVWDHPSUHLWDGDHDJUDGHFHX DR &RQVHOKR 'HOLEHUDWLYR GD LQVWLWXLomR D FRQILDQoD FRP TXHRHOHJHXFRPHVSHUDQoD GHKRQUDUHFRUUHVSRQGHUVXDV H[SHFWDWLYDV'LVVHDLQGDTXH HVSHUDYDFRQWDUFRPWRGRVRV IXQFLRQiULRVGR,30GRPDLV KXPLOGH DRV GH FDUJRV GH GLUHomR DJUDGHFHQGR HVSH FLDOPHQWH DR SUHVE *LOVRQ 1RYDHV GLUHWRU DGPLQLVWUD WLYRILQDQFHLUR GR ,30 UHY $XJXVWXV 1LFRGHPXV FKDQ FHOHU 0DQDVVpV )RQWHOHV UHLWRU H GU 3HGUR 5RQ]HOOL -~QLRU YLFHUHLWRU GD XQLYHU VLGDGH $RILQDOGRGLVFXUVRRQRYR SUHVLGHQWHUHFHEHXHPQRPH GR,30HGDVPmRVGRSUHVE &XVWyGLR 3HUHLUD XPD SODFD HP KRPHQDJHP D VXD SHV VRD H j RFDVLmR ³$OJR TXH HP VHX GLVFXUVR DJUDGHFHX D 'HXV D RSRUWXQLGDGH GH WHU FRODERUDGR GXUDQWH WDQWR WHPSR FRP R 0DFNHQ]LH TXDQGRFRQYLYHXFRPSURILV VLRQDLVGRPDLVDOWRQtYHO³2 &RQVHOKR'HOLEHUDWLYRSDUDR 0DFNHQ]LHpXPUHIHUHQFLDOGH JRYHUQR QR %UDVLO´ DILUPRX 'LVVHWDPEpPTXHHPWRGRV RV PRPHQWRV GLItFHLV VHQWLX DV PmRV GH 'HXV R GLULJLQ GRSRLV'HXVQmRHVFROKHRV FDSDFLWDGRV PDV FDSDFLWD RV HVFROKLGRV ³)LODQWURSLD QmR pPDLVXPSUREOHPDQR,30 PRVXPSRXFRGHQyVHOHYD PRVXPSRXFRGROXJDU´ 2 SUHVLGHQWH GR 6XSUHPR &RQFtOLRGD,3%UHY5REHUWR %UDVLOHLUR WDPEpP GHX VXD SDODYUD HORJLDQGR DV TXDOL GDGHV WDQWR GR H[SUHVLGHQ WH TXDQWR DV GR TXH DJRUD DVVXPH R FDUJR H PLQLVWURX XPD GHYRFLRQDO (OH XWLOL]RX D SDVVDJHP GR OLYUR GR SUR IHWD$JHX TXH FRQWD VREUH D UHFRQVWUXomR GR WHPSOR HP -HUXVDOpP LOXVWUDQGR FRP DV G~YLGDV GR SRYR VREUH VH R QRYRWHPSORVHULDWmRPDJQt :LOVRQ&DPDUJR (3UHVEGU&XVWyGLR3HUHLUDFRPXPDSODFDHPKRPHQDJHPjRFD VLmRSDVVDDRUHYGU0DUFRV/LQVDSRVVHGDSUHVLGrQFLDGDGLUHWRULDGR ,QVWLWXWR3UHVELWHULDQR0DFNHQ]LH PH WUDQTLOL]D p VDEHU TXH R UHY 0DUFRV /LQV HVWDUi j IUHQWH GR ,30 SRLV p XPD SHVVRD GH PXLWD FDSDFLGDGH H GH IiFLO UHODFLRQDPHQWR´ DILUPRXRSUHVE&XVWyGLR´e XPDJUDQGHKRQUDSDVVDUHVWH FDUJRSDUDHOH´ '(86 &$3$&,7$ 26 (6&2/+,'26 2SUHVEGU&XVWyGLR3HUHLUD VDL GR 0DFNHQ]LH SDUD DVVX PLURXWURHPSUHHQGLPHQWRH SRLV VH R 0DFNHQ]LH QmR p XPD LQVWLWXLomR ILODQWUySLFD HQWmR QmR H[LVWH ILODQWURSLD QR%UDVLO´HQIDWL]RX (OH DJUDGHFHX R DSRLR H D DPL]DGHFRPTXHIRLFHUFDGR SHOR &RQVHOKR 'HOLEHUDWLYR GD LQVWLWXLomR ³1mR p IiFLO GHL[DU R 0DFNHQ]LH SRLV FRPR GLVVH 6DLQW ([XSpU\ TXDQGRFKHJDPRVDXPOXJDU SRGHPRV FKHJDU VR]LQKRV PDV TXDQGR VDtPRV GHL[D ILFR TXDQWR R TXH KDYLD VLGR FRQVWUXtGRSRU'DYL2SDVWRU DILUPRX TXH D HVSHUDQoD VH UHQRYDQDYLVmRGH'HXVTXH WHP D YLVmR GR WRGR VDEH R TXHYDLQRVFRUDo}HVHWHPR FRQWUROH GH WXGR´ 2 6HQKRU p VREHUDQR 1yV QmR VRPRV QDGD QHP R 0DFNHQ]LH p QDGDVHQmRIRUDPLVHULFyUGLD GRQRVVR'HXV´ 5($/,=$d®(6 'XUDQWH D VROHQLGDGH IRUDPWDPEpPUHVXPLGDVDV ELRJUDILDV GR H[SUHVLGHQWH HGRTXHDFDEDYDGHDVVXPLU D IXQomR 2 GU &XVWyGLR 3HUHLUDIRUPRXVHSURILVVLR QDOHHVSLULWXDOPHQWHHP6mR 3DXORRQGHWDPEpPIRUPRX IDPtOLD )RL GLWR TXH FRP R WHPSR VXD ILJXUD JDQKRX SHVRUHYHODQGRWUDoRVGHXP SHUILO HFOpWLFR WDOKDGR SDUD D OLGHUDQoDV JHQXtQDV H QDV YLUWXGHVFULVWmV)RLWDPEpP OLVWDGD XPD VpULH GH EHQH ItFLRV TXH R GU &XVWyGLR DJUHJRXDR,30GXUDQWHVXD DGPLQLVWUDomR FRPR D LQV WLWXLomR GR 'LD 0DFNHQ]LH 9ROXQWiULR UHIRUPD GR &HQWUR +LVWyULFR UHFHEL PHQWR GH VHLV SUrPLRV GH SURMHWRVVRFLDLVUHFXSHUDomR GD ILODQWURSLD H GLPLQXLomR GR tQGLFH GH LQDGLPSOrQFLD HQWUHRXWURV 6REUH R UHY 0DUFRV /LQV SHUQDPEXFDQRIRLIDODGRGH VXD GRFLOLGDGH FRPR SHVVRD HGDVHULHGDGHQRVHVWXGRVH QDYLGDHVSLULWXDODSHVDUGD SHUVRQDOLGDGH EULQFDOKRQD (OHVHIRUPRXQR6HPLQiULR 3UHVELWHULDQR GR 1RUWH HP 5HFLIH 3( H IRL RUGHQDGR HPMDQHLURGH)RUPRX VH DLQGD HP &LrQFLDV &RQWiEHLVHP)RLXP SURILVVLRQDO GH GHVWDTXH QD 3ULFHZDWHUKRXVH&RRSHUV RQGH IRL VyFLR SULQFLSDO GH DXGLWRULDHPQtYHOQDFLRQDOH YLFHSUHVLGHQWHPDVQmRGHL [RXGHDWXDUQD,3%HPYiULDV LQVWkQFLDV DXWDUTXLDV HWF )RLGRFHQWHQD8QLYHUVLGDGH &DWyOLFD GH 3HUQDPEXFR H QR 0DFNHQ]LH LQJUHV VRX HP RXWXEUR GH QR &RQVHOKR 'HOLEHUDWLYR DWXDQGR FRPR UHODWRU GD &RPLVVmRGH)LQDQoDV &VEWMP46)7&-8)6-%23 $JRVWRGH (YHQWR 5HY*XLOKHUPLQR&XQKDpRQRYRSUHVLGHQWHGRSULPHLUR5RWDU\&OXEGR%UDVLO 9LFHSUHVLGHQWHGR6&,3%pHPSRVVDGRGR /HWtFLD)HUUHLUD 1 R DQR HP TXH R 5RWDU\ &OXE FRPSOHWD VHX FHQ WHQiULRQRPXQGRRSUL PHLUR FOXEH IXQGDGR QR %UDVLO QR5LRGH-DQHLURHPUHFH EHFRPRSUHVLGHQWHSDUDRELrQLR R YLFHSUHVLGHQWH GR 6XSUHPR &RQFtOLR GD ,3% UHY *XLOKHUPLQR&XQKDSDVWRUHIHWL YRGD,3GR5LRGH-DQHLUR$SRVVH DFRQWHFHXQDVHGHGD$VVRFLDomR &RPHUFLDOGR5LRGH-DQHLURQR GLD GH MXQKR TXDQGR HVWLYH UDP SUHVHQWHV PXLWRV URWDULDQRV H UHSUHVHQWDQWHV DOpP GH RXWUDV HQWLGDGHV GH VHLV FRQVXODGRV LQFOXLQGR R GD $UJHQWLQD H GH 3RUWXJDO GD ,3% GD 2UGHP GRV 0LQLVWURV (YDQJpOLFRV GR %UDVLO HGD6RFLHGDGH%tEOLFDGR%UDVLO 6%% $ 6%% H D $VVRFLDomR 0DFNHQ]LHGH(GXFDomR3HVTXLVD H&XOWXUD$PHSHFQDSHVVRDGH &\UR&pVDUGH$JXLDUVHFUHWiULR GH,QIRUPiWLFDGDVRFLHGDGHHSUH VLGHQWHGR&RQVHOKR'HOLEHUDWLYR GD DVVRFLDomR IH] XPD KRPHQD JHP DR UHY *XLOKHUPLQR HQWUH JDQGROKH XPD SODFD FRPHPR VHUYLU j LJUHMD FRP R DPRU D GHGLFDomR H R FDULQKR FRP TXH VHPSUH SURFXUHL ID]HU R PHOKRU 'HXV PH FKDPRX SDUD VHUYLU HQWmRVRXXPFULVWmRFLQFRHVVHV 6V VHUYR VDOYR SDUD VHUYLU VHPSUH H VRUULQGR´ H[SOLFRX R UHY *XLOKHUPLQR VHX WUDEDOKR QR 5RWDU\ (OH DLQGD WUDoRX XP SDUDOHORHQWUHDVDo}HVGRFOXEHH DLJUHMDFULVWmPRUPHQWHD,3% R5RWDU\WHPSRUEDVHDPL]DGH DPRU FRPSDQKHLULVPR H VHUYL oR$LJUHMDH[LVWHSDUDDGRUDUD 'HXVDPDUHVHUYLUDRSUy[LPR 5HSUHVHQWDQWHVGD,3%HGD6%% &DVDOUHSUHVHQWDQGR FRPRGXDVFRRUGHQDGDVPDLRUHV KRPHQDJHLDPUHY*XLOKHUPLQR&XQKD -HDQH3DXO+DUULV ³1mR p IXQomR GD LJUHMD DSHQDV SULPHLURVURWDULDQRV SUHSDUDU D SHVVRD SDUD LU SDUD DFKHJDUHPDR%UDVLO R FpX PDV SDUD YLYHU DPDU H GLVWULWR URWDULDQR GR SULPHLUR UDWLYD HPKRPHQDJHLD VHUYLU DTXL QD 7HUUD 2 5RWDU\ )RUPDUDP D 0HVD 'LUHWRUD GR 5RWDU\&OXEGR%UDVLOHDHVSRVD XPDGDVVyFLDV,UHQH &OXE QmR HVWi QHFHVVDULDPHQ HYHQWRRUHY*XLOKHUPLQR&XQKD +LHGD3RUWR$UUXGD3LQKRSUH WH DSRQWDQGR SDUD R FpX PDV 0HOORU1LNODXVTXH HDHVSRVDeOLGD%DUUHWR&XQKD VLGHQWHGR5RWDU\GH6mR3DXOR HVWi HQVLQDQGR D DPDU VHUYLU H DFDEDUDGHQDVFHU R SUHVLGHQWH DQWHULRU DR SDVWRU )OiYLR GH 0DWRV JRYHUQDGRU GR FXOWLYDU D pWLFD RV SULQFtSLRV GD TXDQGRGDFKHJDGD (GXDUGR/HVVD%DVWRVHDHVSRVD GLVWULWR URWDULDQR 0DXUR YHUGDGHGDKRQHVWLGDGHGREHP GHOHVDRSDtV 0DULD)UDQFLVFDSUHVE&XVWyGLR 9LHJDV H[JRYHUQDGRU GR GLVWUL FRPXP GD SD] PXQGLDO H GD 3HUHLUD HQWmR GLUHWRU SUHVLGHQ WR URWDULDQR GR SULPHLUR 5RWDU\ FRPSUHHQVmR HQWUH RV SRYRV GH WH GR ,QVWLWXWR 3UHVELWHULDQR GR %UDVLO H *XLOKHUPH /HY\ 0DFNHQ]LH UHY ,VDtDV GH 6RX]D VyFLRHPpULWR GR 5RWDU\ &OXE YLFHSUHVLGHQWHGR6&,3%HVWD PDQHLUD TXH R LGHiULR GR FOXEH 0DFLHOSUHVLGHQWHGD2UGHPGRV GR%UDVLO UHLFRPRSUHVLGHQWHGHVWH5RWDU\ HVEDUUDHFULDXPDIOXrQFLDFRP 0LQLVWURV(YDQJpOLFRVGR%UDVLO 6(59,d2 &OXEPDQLIHVWDQGRH[DWDPHQWHD DTXLOR TXH D LJUHMD H[LVWH SDUD 6HEDVWLmR 3RUWR JRYHUQDGRU GR ³&RPRPLQLVWURSUHVELWHULDQRH PHVPD YRFDomR TXH WHQKR SDUD ID]HU´H[SOLFRXRSDVWRU (YHQWR ,JUHMDHP6mR3DXORDEUHHVSDoRSDUDDUWLVWDVSUHJDUHPRD3DODYUDGH'HXV $UWHpXWLOL]DGDSDUDDOFDQoDUSHVVRDVSDUDRHYDQJHOKR /HWtFLD)HUUHLUD 7 HDWUR GDQoD P~VLFD GH YiULRV HVWLORV OLWHUDWXUD H GLYHUVDV RXWUDV PDQL IHVWDo}HVDUWtVWLFDVVmRRFDPLQKR XWLOL]DGRSHOD,3GD6D~GHHP6mR 3DXOR SDUD SUHJDU R HYDQJHOKR FRPR3URMHWR5HGHQomR6HJXQGR RSDVWRUHIHWLYRGDLJUHMDHLGHDOL ]DGRUGRSURMHWRUHY(OL0RUHLUD GH $]HUHGR H 6LOYD R SURSyVLWR p DOFDQoDU QmRFULVWmRV SHVVRDV TXHSRVVDPVHUWRFDGDVSRU-HVXV GH PDQHLUD GLIHUHQWH DWUDYpV GD DUWH³8PDGDVPLQKDVIRUPDo}HV p HP DUWH HP /LWHUDWXUD HQWmR FUHLR PXLWR GHVGH D pSRFD HP TXH ID]LD IDFXOGDGH GH *UHJR H 3RUWXJXrV QD 863 8QLYHUVLGDGH GH 6mR 3DXOR TXH D DUWH p XP FDPLQKR WUHPHQGR SDUD IDODU jV SHVVRDVVREUHRHYDQJHOKR´DILU PDRSDVWRU(OL³$DUWHGHIDWR IDOD R TXmR 'HXV p FULDWLYR H R TXDQWR(OHSRGHDJLU(pSRULVVR TXH R SURMHWR WUD] P~VLFD WHD WURHWFFRPRPDQLIHVWDo}HVSDUD IDODUG(OH´ $OpP GH XPD DSUHVHQWDomR VHPSUHKiDSUHJDomRGD3DODYUD FRPEDVHEtEOLFD³$3DODYUDpR FHQWURGRLQLFLRDRILPGHVGHDV P~VLFDVDWpDPHQVDJHP´GHFODUD RSDVWRU 2 3URMHWR 5HGHQomR LGHDOL]D GR Ki RLWR DQRV TXDQGR R UHY (OL HUD SDVWRU DX[LOLDU QD ,3 GD 9LOD0DULDQDQDFDSLWDOSDXOLVWD DFRQWHFHWRGDVDVVHJXQGDVIHLUDV jV K FRP HQWUDGD JUDWXLWD 1R IROKHWR GHVHQYROYLGR FRPR FRQYLWH R WH[WR HQIDWL]D TXH R HVSDoR p DEHUWR D WRGRV RV TXH DPDP D YLGD H VmR DSDL[RQDGRV SHOD ERD P~VLFD H SHOD DUWH HP JHUDO'L]DLQGDTXHRSURMHWRQmR ID]DFHSomRGHSHVVRDVHFRQYLGD FULVWmRV TXH TXHLUDP SDUWLFLSDU D VH LQVFUHYHU ³$FKR PDUDYLOKRVR TXHLQLFLDWLYDVYHUGDGHLUDVVHMDP IHLWDV SDUD EXVFDU DV SHVVRDV´ SHOR SDOFR GR 5HGHQomR DUWLV DFUHVFHQWDRUHY(OL WDV FRPR -RmR $OH[DQGUH TXH p 1RV ~OWLPRV PHVHV SDVVDUDP PHPEUR GD ,3 GD 6D~GH 0DQJD 5HY(OL´$DUWHGH IDWRIDODRTXmR'HXV pFULDWLYRHRTXDQWR HOHSRGHDJLU(pSRU LVVRTXHRSURMHWRWUD] P~VLFDWHDWURHWF FRPRPDQLIHVWDo}HV SDUDIDODUG(OHµ H[YRFDOLVWD GR 2ILFLQD * H %DQGD $GKHPDU GH &DPSRV H RXWURV$SURJUDPDomRGHDJRVWR H GRV SUy[LPRV PHVHV DLQGD QmR HVWi GHILQLGD PDV LQIRUPDo}HV SRGHP VHU REWLGDV SHOR WHOHIRQH &VEWMP46)7&-8)6-%23 $JRVWRGH $omR6RFLDO 3URMHWRDWLQJHGHWHQWRVHIDPLOLDUHVHPSUHVtGLRQRVXOGR$PD]RQDV 1SFTCJUFSJBOPTEkPBTTJTUpODJBFNQSFTrEJP & RP D LQWHQomR GH FXPSULU D RUGHP GH -HVXVGDGDDVHXVGLV FtSXORV³LGHSRUWRGRRPXQGR H SUHJDL HYDQJHOKR D WRGD D FULDWXUD´ D ,3 GH 0DQLFRUp $0 WHP SURFXUDGR OHYDU R HYDQJHOKR LQWHJUDO DR SUHVt GLR GD FLGDGH QXP SURMH WR GLUHFLRQDGR DRV GHWHQWRV H VXDV IDPtOLDV 6HJXQGR R SDVWRU GD LJUHMD UHY 0DXUR &DYDOFDQWH0DFrGR-~QLRUR SURMHWR WHYH LQtFLR HP DEULO FRPDILQDOLGDGHGHDOpPGH OHYDU D PHQVDJHP GH &ULVWR TXH VDOYD OLEHUWD H UHVWDXUD DYLGDGRPDLVSHUGLGRSHFD GRU SURSRUFLRQDU DRV GHWHQ WRV XPD DVVLVWrQFLD HVSLULWX DO SVLFROyJLFD HPRFLRQDO H 0LVV}HV VRFLDO D SDUWLU GH XPD SHUV SHFWLYD&ULVWm 2SURMHWRIXQFLRQDXPDYH] SRU VHPDQD QR SUHVtGLR QDV WDUGHV GH WHUoDIHLUD TXDQ GR VmR UHDOL]DGRV XP FXOWR GLVFLSXODGR DFRQVHOKDPHQ WR SDVWRUDO HVSRUWH H OD]HU (VWH SURMHWR WDPEpP DWHQ GH jV IDPtOLDV GRV GHWHQWRV SULQFLSDOPHQWH DV FULDQoDV $WXDOPHQWH FLQFR IDPtOLDV HVWmRVHQGRDWHQGLGDV 2 UHY 0DXUR PLVVLRQiULR PHPEURGD-XQWDGH0LVV}HV 1DFLRQDLV -01 p OtGHU GR FDPSRGD,3%QDTXHODFLGDGH Ki GRLV DQRV (OH FRQWD TXH 0DQLFRUpVHORFDOL]DQRVXOGR (VWDGRGR$PD]RQDVjVPDU JHQVGR5LR0DGHLUDHpFKD PDGDGHSyORDJUtFRODSRUVXD JUDQGHSURGXomRGHPHODQFLD EDQDQD PDPmR FDVWDQKD GD $PD]{QLD H SHVFD PDV WHP SRXFRDRIHUHFHUDVHXVKDEL WDQWHVTXHVRIUHPFRPDIDOWD GHHPSUHJRHVDOiULRVDEDL[R GR PtQLPR ³&RP LVVR PXL WRV FDHP QD FULPLQDOLGDGH H QRV YtFLRV H DFDEDP VHQGR SUHVRV 0XLWDV IDPtOLDV GHV VHV SUHVRV VREUHYLYHP FRP DDMXGDGRJRYHUQRIHGHUDOR &DUWmR &LGDGmR FRP R TXDO SRGHP UHFHEHU HQWUH H UHDLVRXWURVEXVFDPDMXGDQR JDELQHWHGRSUHIHLWRTXHYDULD GHUHDLVDXPDFHVWDEiVL FD3DUDLVVRSDVVDPTXDVHR GLD WRGR HVSHUDQGR H PXLWDV YH]HVVDHPGHPmRVYD]LDV´ DILUPDRUHY0DXUR &RPDDMXGDGHDOJXPDVLJUH MDVHLUPmRVGHRXWUDVUHJL}HV R UHY 0DXUR H VXD HVSRVD $QD0DULDTXHGLULJHPXPD LJUHMDGHPHPEURVFRPXQ JDQWHV QmRFRPXQJDQWHV H SHVVRDV PDWULFXODGDV QD (VFROD 'RPLQLFDO FRQVH JXHP DX[LOLDU XPD SHTXHQD SDUWHGHVVDVIDPtOLDVGRDQGR FHVWDV EiVLFDV URXSDV H FDO oDGRVXVDGRVSULQFLSDOPHQWH SDUD DV FULDQoDV H PDWHULDO HVFRODU ³'LDQWH GHVWH JUDQGH GHVD ILRUHFRQKHFHPRVTXH SUHFL VDPRVGHPDLVSDUFHLURVSDUD DWHQGHU RXWUDV IDPtOLDV TXH QHFHVVLWDPGRQRVVRDX[tOLR´ DSHODRUHY0DXUR³2SURMH WRHVWiFRPDVSRUWDVDEHUWDV SDUD UHFHEHU TXDOTXHU SHVVRD TXH GHVHMH FRQKHFHU PDLV GH SHUWRRQRVVRWUDEDOKR´ 2UHY0DXURLQIRUPDTXHR DX[tOLR DR SUHVtGLR WHP VLGR D SULQFLSDO DomR GH HYDQJHOL ]DomRGDLJUHMDHVWHDQRTXH MiFRPHoDDFROKHURVIUXWRV SRLVDOJXQVGRVGHWHQWRVUHFH EHUDP -HVXV HP VXDV YLGDV FRPR 6HQKRU H 6DOYDGRU DSyV DVVLVWLU DR ILOPH -HVXV SURGX]LGR SHOD &UX]DGD (VWXGDQWLOH3URILVVLRQDOSDUD &ULVWR VHJXQGR R (YDQJHOKR GH/XFDV ,QIRUPDo}HVHFRQWDWRSHORV WHOHIRQHV H RX SHOR HPDLO PDXURFDYDOFDQWH#LJFRPEU 3URMHWR5XPR&HUWRWHPDSRLRGD-XQWDGH0LVV}HV1DFLRQDLV +PWFOTGB[FNNJTT{FTEVSBOUFBTGnSJBT ' H D GH MXOKR IRL UHDOL]DGD XPD HGL omR GR SURMHWR 5XPR &HUWR HP TXH FHUFD GH MRYHQVGHGLYHUVDVUHJL}HVGR %UDVLOFRPR7RFDQWLQV*RLiV H%UDVtOLDVDtUDPHPPLVV}HV HP 3HGUR$IRQVR 72 ³)RL XP SURMHWR PLVVLRQiULR GH IpULDVXPPRPHQWRKLVWyULFR H PDUFDQWH QD YLGD GDTXH OD FLGDGH H GDV SHVVRDV TXH SDUWLFLSDUDP´ GLVVH R SUHVL GHQWH GR SURMHWR (OWRQ (OLDV GH 6RX]D WDPEpP VHFUHWiULR GH &RPXQLFDo}HV GD 803 GDTXHOH(VWDGR 6HJXQGR HOH R HYHQWR FRQ WRX FRP R DSRLR GD -XQWD GH 0LVV}HV 1DFLRQDLV GD &RQIHGHUDomR 1DFLRQDO GH 0RFLGDGH 3UHVELWHULDQD &10QDSHVVRDGH0LULDP &RHOKR YLFHSUHVLGHQWH GD UHJLmR&HQWURRHVWHHGD-XQWD 3UHVELWHULDO GH 0LVV}HV GR 7RFDQWLQV QD SHVVRD GR UHY /DXGHPLUR&XQKD (OWRQ(OLDVFRQWDTXH3HGUR $IRQVR p XPD FLGDGH FRP DSUR[LPDGDPHQWH PLO KDELWDQWHV RQGH R WUDEDOKR SUHVELWHULDQR IRL LPSODQWD GR Ki VRPHQWH VHLV PHVHV$ LJUHMD p SDVWRUHDGD SHOR UHY -DLUR 9LUWXGH 3URFySLR FRP R DX[tOLR GD HVSRVD 0DULD $OLFH GRV 6DQWRV 3URFySLR H GDILOKD-DLFH2VFXOWRVDLQGD DFRQWHFHP QD UHVLGrQFLD GD IDPtOLD 2 WUDEDOKR PLVVLRQiULR IRL [LPDGDPHQWH RLWR PLO SHV VRDV RXYLUDP D 3DODYUD GH 'HXV &LQTHQWD H VHLV SHV VRDV HQWUHJDUDP VXDV YLGDV D &ULVWRRTXHIRLFRQVLGHUDGR XPDYLWyULDSRLVDFLGDGHWHP GD SRSXODomR IRUPDGD SRUFDWyOLFRV 2 SUy[LPR SDVVR GHQWUR GR SURMHWR p D FRQVWUXomR GD LJUHMDSUHVELWHULDQDHP3HGUR $IRQVR 3DUD WDQWR VHUi LQL FLDGD XPD FDPSDQKD HP WRGRR7RFDQWLQVHQR%UDVLO 7HDWURHP~VLFDIRUDPXWLOL]DGRVQDHYDQJHOL]D omRHGXUDQWHD(%)QRWUDEDOKRPLVVLRQiULRHP $MXGH D FRQVWUXLU XPD LJUH MD 3UHVELWHULDQD HP 3HGUR 3HGUR$IRQVR72 $IRQVR ³3HGLPRV DV RUDo}HV GHWRGRVSDUDTXH'HXVOHYDQ GHVHQYROYLGR SRU PHLR GH GH)pULDV P~VLFD WHDWUR HYDQJHOL]DomR 1R SULPHLUR GLD GD (%) WH DV YHUEDV QHFHVViULDV SDUD SHVVRDOGLVWULEXLomRGHIROKH SDUWLFLSDUDP FULDQoDV H FRQVWUXomRGRWHPSOR´DSHOD WRVYLVLWDomRH(VFROD%tEOLFD GXUDQWHWRGRRWUDEDOKRDSUR R(OWRQ(OLDV &VEWMP46)7&-8)6-%23 $omR6RFLDO $JRVWRGH 3URMHWRRGRQWROyJLFRYDORUL]DLQIkQFLDQRkPELWRPpGLFRVRFLDOHIDPLOLDU 6RUULQGR&RP-HVXVQR5LRGH-DQHLUR 0DUWKDGH$XJXVWLQLV ³5 LSRU~OWLPRTXHP UL FRP -HVXV´ (VWD IUDVH UHVXPH D LGpLD SULQFLSDO GH XP GRV PXLWRV SURMHWRV UHDOL]DGRV SHOD ,3 GD 7LMXFD QR 5LR GH -DQHLUR GLUHFLRQDGR DR EHPHVWDUHjVD~GHEXFDOGH FULDQoDVHQWUHWUrVHDQRV GH LGDGH GDV PDLV GLYHU VDV ORFDOLGDGHV GR 5LR GH -DQHLUR2SURMHWRRGRQWRLQ IDQWLO LQWLWXODGR 6RUULQGR FRP -HVXV IRL XPD LQLFLD WLYD GH SHVVRDV GD LJUHMD TXH GHVHMDYDP LQLFLDU XP WUDEDOKR VRFLDO FRP DTXH OD FRPXQLGDGH FDUHQWH TXH KRMHDWHQGHDXPDPpGLDGH FULDQoDVSRUPrV &RQWDQGR FRP D FRODER UDomR GD LJUHMD TXH FHGHX XPD VDOD SDUD R IXQFLRQD PHQWRGRFRQVXOWyULRHFRP DDMXGDGH,UHQHGH6iHVXD QHWD GUD 3DXOD ;DYLHU H RXWURV PHPEURV GD LJUHMD RSURMHWRWRPRXIRUoDHLQL FLRX VXDV DWLYLGDGHV DSHQDV GRLV PHVHV DSyV DIORUDGD D LGpLDLQLFLDO³(XKDYLDDVVX PLGRD,3GD7LMXFDHP H SRXFR WHPSR GHSRLV D ,UHQH YHLR FRQYHUVDU FRPL JR SURSRQGR LQLFLDU XP WUDEDOKR VRFLDO FRP DWHQ GLPHQWR RGRQWROyJLFR jV FULDQoDV GDV FRPXQLGDGHV FDUHQWHV GR 5LR GH -DQHLUR )LTXHL HPSROJDGR H FRP SUHLDLGpLDLPHGLDWDPHQWH´ FRQWD R SDVWRU HIHWLYR GD ,3 GD 7LMXFD UHY (XUtSLGHV GD&RQFHLomR2SURMHWRIRL OHYDGRDRFRQVHOKRHVHJXQ GRRUHYHUHQGRDUHDomRIRL GHPXLWRHQWXVLDVPRHDFHL WDomR ³,UHQH GRRX WRGRV RV HTXLSDPHQWRV ILQDQFLDQGR D GHVSHVD GH PmRGHREUD SDUD UHIRUPDU D VDOD H D GUD3DXODGRRXVHXVHUYLoR YROXQWiULR *HUHQFLDGR SHOD -XQWD 'LDFRQDOGDLJUHMDTXHIRU QHFH SDUWH GH VHX RUoDPHQ WR DQXDO SDUD DV GHVSHVDV ULGDGH D FULDQoDV GHVVDV FRPXQLGDGHV YROXQWiULRV GD-XQWD'LDFRQDOHGD6$) SUHSDUDP XPD HQWUHYLVWD FRP RV SDLV GD FULDQoD H SUHHQFKHP XP IRUPXOiULR GHSHUILOVRFLRHFRQ{PLFR2 FDQGLGDWR VHUi LQFOXtGR QR SURMHWRVRPHQWHVHQmRSRV VXLU FRQGLo}HV ILQDQFHLUDV WRUVHEDVHLDQDYLGDGH-HVXV &ULVWR SDUD H[SOLFDU D UHOD omR HQWUH D DomR VRFLDO H D HYDQJHOL]DomR ³1mR FRQVL JRLPDJLQDUXPDDomRVRFLDO FRPSOHWDVHPDSUHJDomRGR HYDQJHOKR GH &ULVWR PDV WDPEpPQmRFRQVLJRLPDJL QDUDSUHJDomRGRHYDQJHOKR VHPDDomRVRFLDODLQGDTXH 5HY(XUtSHGHVFRPDGUD3DXOD;DYLHUHXPDGDVFULDQoDVDWHQGLGDV SHORSURMHWR GR SURMHWR H SHOD 6$) R FRQVXOWyULR DWHQGH JUDWXLWD PHQWHWRGDVDVVH[WDVIHLUDV D XPD PpGLD GH GH] FULDQ oDV R TXH R UHY (XUtSHGHV FRORFDFRPRXPDGDVDOWHU QDWLYDV HQFRQWUDGDV SHOD LJUHMD SDUD PLQLPL]DU RV SUREOHPDVVRFLDLVGDUHJLmR ³(PERUD R SURMHWR WDPEpP DWHQGD D FULDQoDV GD LJUHMD DSUR[LPDGDPHQWH GDV FULDQoDV DWHQGLGDV VmR GH IDPtOLDVGHIRUDGDLJUHMD2 EDLUUR GD 7LMXFD QR 5LR GH -DQHLUR p FHUFDGR SRU XP FLQWXUmR GH FRPXQLGDGHV FDUHQWHV´ 3DUDTXHRSURMHWRGrSULR IDYRUiYHLV SRLV R DWHQGL PHQWRpGLUHFLRQDGRjTXHOHV TXH QmR SRGHP SDJDU SRU XPWUDWDPHQWRGHQWiULR 2120( ³2 QRPH p XPD FKDPDGD HYDQJHOtVWLFD 6XJHUH TXH D LJUHMD QmR HVWi RIHUHFHQGR DSHQDV D SRVVLELOLGDGH GH XP VRUULVR VHP FiULH PDV WDPEpPDJUDoDHVSLULWXDOGH XP FRUDomR WUDQVIRUPDGR´ H[SOLFD R UHY (XUtSHGHV DILUPDQGRTXHPXLWDVIDPt OLDVWrPHQFRQWUDGRD&ULVWR DWUDYpV GH VHXV ILOKRV DWHQ GLGRVSHORSURMHWR &RORFDQGR FRPR SULQFLSDO IRFRDHYDQJHOL]DomRRSDV VHMDPtQLPD7RGDVDVYH]HV TXHOHLRQD%tEOLDTXH-HVXV µFXUDYD HQVLQDYD H SUHJD YD¶ ILFR PDLV FRQYLFWR GH TXHRHYDQJHOKRHVWiLQWLPD PHQWH OLJDGR j DomR VRFLDO HVSRQWkQHD´ 2 SURMHWR 6RUULQGR &RP -HVXV QmR YDORUL]D DSHQDV D VD~GH GDV FULDQoDV PDV WDPEpP]HODSHOREHPHVWDU QR kPELWR VRFLDO H IDPLOLDU GLVSRQLELOL]DQGRHPVHXVLWH DFHVVRjVVHFUHWDULDVHVWDGX DLV GH 6HJXUDQoD 3~EOLFD H DRVGHSDUWDPHQWRVGD3ROtFLD )HGHUDO SDUD TXH WRGR H TXDOTXHU DEXVR LQIDQWLO VHMD GHQXQFLDGR H GHYLGDPHQWH SXQLGR ³1RVVD SUHRFXSD omR QmR p VRPHQWH FRP DV FULDQoDV PDV WDPEpP FRP RV MRYHQV DGXOWRV H LGRVRV $LQIkQFLDpRSULPHLURHVWi JLR GD H[LVWrQFLD KXPDQD H H[LJH PDLRU DWHQomR GDt D UD]mR GH GDUPRV SULRULGDGH D HVVH VHJPHQWR´ FRQWD R UHYHUHQGR (OHHQIDWL]DDSUHRFXSDomR GD,3GD7LMXFDFRPRVSURMH WRV VRFLDLV ³5HFHQWHPHQWH LQDXJXUDPRV R &XUVR 3Up 9HVWLEXODU &RPXQLWiULR 0DLV 4XH 9HQFHGRUHV TXH DWHQGH MRYHQV GH FRPXQL GDGHV FDUHQWHV TXH QmR GLV S}HPGHFRQGLo}HVILQDQFHL UDVSDUDSDJDUXPFXUVRTXH RVKDELOLWHDHQWUDUHPXPD XQLYHUVLGDGHS~EOLFD´ 6HJXQGR R UHY (XUtSHGHV RVRUJDQL]DGRUHVGR6RUULQGR FRP-HVXVHVWmRSURFXUDQGR FRQVROLGDU R DWHQGLPHQWR H Vy SHQVDP HP DPSOLDU R SURMHWR VH DSDUHFHUHP PDLV GHQWLVWDV SURQWRV SDUD R YROXQWDULDGR 2 UHYHUHQGR ]HOD SHOD TXDOLGDGH GR WUD EDOKR H SRU LVVR WHP GDGR XPSDVVRGHFDGDYH]DQXQ FLDQGRDVHYROXo}HVGRSUR MHWR DSHQDV SRU PHLR GRV UHODWyULRV DQXDLV SXEOLFD GRV QR EROHWLP GD LJUHMD ³7HPRVHYLWDGRµWRFDUWURP EHWD¶ VREUH R SURMHWR SDUD TXH QmR KDMD XP DXPHQWR H[FHVVLYR QD GHPDQGD TXH FRPSURPHWDDTXDOLGDGHGR WUDEDOKRRIHUHFLGRjVFRPX QLGDGHV´ ,QIRUPDo}HV H FRQWDWR QR VLWH GR SURMHWR ZZZSURMH WRRGRQWRLQIDQWLOFRP RX QR HPDLO GR SDVWRU GD LJUHMD UHYHXULSHGHV#LJFRPEU &VEWMP46)7&-8)6-%23 $JRVWRGH &LGDGDQLD ,3%QR5LRGH-DQHLURpVHGHGHPRYLPHQWRGHPRFUiWLFR 3UHVELWHULDQRVWUDEDOKDPSRUGLUHLWRVKXPDQRVQR%UDVLO /HWtFLD)HUUHLUD ,3 GD %DUUD GD 7LMXFD QR 5LR GH -DQHLUR GHVHQYROYHX XPPRYLPHQWRHXPPDQL IHVWR SUyGLUHLWRV KXPDQRV QR%UDVLOVREDOLGHUDQoDGR SDVWRUHIHWLYRGDLJUHMDUHY $QW{QLR&DUORV$OYHVGH6i &RVWDeR'HPRFUDFLD9LYD TXH VHJXQGR R PDQLIHVWR HODERUDGRSHORSDVWRUUHSUH VHQWD ³XP FKDPDGR VDQWR H VROHQH SDUD TXH D LJUHMD GH&ULVWRDMXGHDVRFLHGDGH EUDVLOHLUD D VH RUJDQL]DU QD OXWD FRQWUD D YLRODomR GRV GLUHLWRVKXPDQRVQR%UDVLO´ 2 UHY $QW{QLR DILUPD TXH YiULRV SDVWRUHV EUDVLOHLURV PXLWRVGD,3%FRPRRUHY +HUQDQGHV 'LDV /RSHV GD 3ULPHLUD,3GH9LWyULD%+ UHY 6DPXHO 9LHLUD GD ,3 &HQWUDO GH $QiSROLV *2 RV UHYHUHQGRV -HUHPLDV 3HUHLUD GD 6LOYD H $PDXUL &RVWDGH2OLYHLUDGD2LWDYD ,3GH%HOR+RUL]RQWH0* HRUHY0iULR+HQULTXHGH 2OLYHLUD )UHLWDV GD ,3 GD 6LOYD -DUGLP HP &XULWLED 35 HQWUH RXWURV HVWmR HQJDMDGRV 8PD OLVWD FRP RVQRPHVGHWRGRVRVHQYRO YLGRV VHUi DSUHVHQWDGD HP EUHYH 2 UHY $QW{QLR WHP YLDMDGRSDUDGLYXOJDURSUR MHWRHMiIRLDFLGDGHVFRPR &DPSLQD *UDQGH H -RmR 3HVVRD 3% QR (QFRQWUR GD &RPLVVmR 1DFLRQDO GH (YDQJHOL]DomRQR1RUGHVWH HP 1DWDO 51 HWF ³$ LGpLD p TXH QHVWH PrV XP JUXSR GH SDVWRUHV GH WRGRV RV(VWDGRVGD)HGHUDomRVH GLULMDD%UDVtOLD')SDUDD HQWUHJDGHXPDFROHWkQHDGH $ DVVLQDWXUDVHDOHLWXUDGHXP PDQLIHVWR´ 2 UHY $QW{QLR FRQWD TXH HVWD PRELOL]DomR FRPHoRX QD ,3 GD %DUUD GD 7LMXFD H RXWUDV ,3%V QR 5LR GH -DQHLURDSyVDFKDFLQDRFRU ULGD HP 4XHLPDGRV 5- QR GLD GH PDLR TXDQGR SHVVRDV IRUDP PRUWDV 0DV YHP D VHU DLQGD PDLV RSRUWXQR FRP D FULVH DWXDO GH FRUUXSomR QR JRYHUQR ³,QLFLDOPHQWH R PRYLPHQ WR VHULD UHVWULWR DR 5LR GH -DQHLUR PDV SHUFHEHPRV TXH D YLROrQFLD HP QRVVD FLGDGHHVWiOLJDGDDSUREOH PDV QDFLRQDLV H QmR DGLDQ WD OXWDUPRV DSHQDV DTXL´ DILUPD (OH IULVD DLQGD TXH R SURMHWR QmR WHP YtQFXOR SROtWLFRFRPD7HRORJLDGD /LEHUWDomRRXTXDOTXHUWHR ORJLDOLEHUDO ',63®(7((9$, 2 UHY $QW{QLR WUDoD XP SDUDOHOR HQWUH HVWH PRYL PHQWR H D RUGHP GDGD SRU 'HXV D -RQDV ³'LVS}H WH YDL j JUDQGH FLGDGH GH 1tQLYH H FODPD FRQWUD HOD SRUTXH D VXD PDOtFLD VXELX DWp PLP´ 3DUD R SDVWRU D PDOtFLD GR %UDVLO WDPEpP VXELX DWp 'HXV H D LJUH MD WHP TXH HUJXHU D VXD YR] VRE SHQD GH 'HXV WHU TXH MXOJiOD H j VRFLHGDGH SRU FRQYLYHU FRP DWURFL GDGHV GH PRGR LQGLIHUHQWH ³3RUpPR'HXVFULVWmRWHP PDLV SUD]HU QD FRPSDL[mR GR TXH QD GHVWUXLomR GRV TXHYLRODP6XDOHLSRULVVR ROLYURGRSURIHWD-RQDVWHU PLQD FRP DV SDODYUDV TXH GHYHULDPDIHWDUDWRGRVQyV TXH WHPHPRV H DPDPRV D 'HXV µ H QmR KHL GH (XWHUFRPSDL[mRGDJUDQGH FLGDGH GH 1tQLYH HP TXH Ki PDLV GH FHQWR H YLQWH PLOSHVVRDVTXHQmRVDEHP GLVFHUQLUHQWUHDPmRGLUHLWD HDPmRHVTXHUGDHWDPEpP PXLWRVDQLPDLV"¶4XH'HXV QRVGrFRUDJHPSDUDHUJXHU YLUi GH H[HPSOR j VRFLH GDGH QHVVH UHVJDWH ³,VVR GDUiHQVHMRDRTXHGHPDLV QHFHVViULR H[LVWH SDUD TXH WHQKDPRV XPD GHPRFUDFLD YLYD D SDUWLFLSDomR SRSX ODU´ DILUPD 3RLV VHJXQGR HOH D SRVVLELOLGDGH GH XPD 5HY$QW{QLR&DUORV$OYHVGH6i&RVWDDFUHGL WDQGRTXHDRUJDQL]DomRGDLJUHMDVHUYLUiGH H[HPSORjVRFLHGDGHQRUHVJDWHDRVFRQFHLWRV GHGHPRFUDFLDHGLUHLWRVKXPDQRV D YR] QD QRVVD 1tQLYH R DPDGR%UDVLO´ 3DUDHOHRSDtVSUHFLVDUHV JDWDURFRQFHLWRGHGHPRFUD FLD YLYD SRUTXH DSyV DQRV GHFRQTXLVWDVGHPRFUiWLFDV YrVHXSRYRSULYDGRGHVHXV GLUHLWRVFRPRFLGDGmRHVHU KXPDQR(OHDFUHGLWDTXHD RUJDQL]DomR GD LJUHMD VHU GHIHVDXQLYHUVDOGRVGLUHLWRV KXPDQRV H R FXPSULPHQWR GD FRQVWLWXLomR IHGHUDO EUD VLOHLUD RFRUUHUHP GH RXWUD IRUPD p PtQLPD SRU FDXVD GR QtYHO GH FRPSURPHWL PHQWR GDV LQVWLWXLo}HV FRP RFULPHHDFRUUXSomR³1mR Ki QDGD TXH QRVVRV JRYHU QDQWHV PDLV WHPDP GR TXH SHUGHU R HOHLWRUDGR $ KLV WyULD UHFHQWH GR QRVVR SDtV PRVWUD R TXH SRGH RFRUUHU TXDQGRRSRYRSDUWLFLSDGH PRGR RUGHLUR FRQVFLHQWH O~FLGR H GHPRFUiWLFR 4XDO IRL R HIHLWR GD FDPSDQKD µ'LUHWDV -i¶" 1mR YLYHPRV KRMH QXPD GHPRFUDFLD TXH HP SDUWH VH GHYH DR TXH RFRUUHX DOJXQV DQRV DWUiV PHGLDQWH PDQLIHVWDomR S~EOLFD" &RPR IRL TXH XP SUHVLGHQWHQRVVRVRIUHXSUR FHVVRGHLPSHDFKPHQW"´ 2SDVWRUDSRQWDRSULPHLUR SDVVRTXHDLJUHMDGHYHGDU SDUD FRPHoDU D DOFDQoDU R TXH HOH FKDPD GH VRQKR RUJDQL]DU JUXSRV GH RUD omR SHOD PXGDQoD QR SDtV 'HSRLVSDUWLFLSDUGRPRYL PHQWRFROHWDQGRDVVLQDWXUDV SDUD XP GRFXPHQWR D VHU HQYLDGR jV PDLRUHV DXWRUL GDGHVGR%UDVLOHTXHWHUiR VHJXLQWHFDEHoDOKR³$YHU GDGHTXHUHFHEHPRVQRVVRV YDORUHV H D PHPyULD GDV OXWDV GH QRVVRV DQWHSDVVD GRVQmRQRVSHUPLWHPDFHL WDUDYLGDQRVRIULPHQWRQD PLVpULD H QD LQMXVWLoD HP TXH YLYH D LPHQVD PDLRULD GRSRYREUDVLOHLURQHPSRU LJXDOUD]mRDFULPLQDOLGDGH HDYLROrQFLDTXHDVVRODPR SDtV 5HSXGLDPRV DV Do}HV GHFRUUXSomRTXHDYLOWDPRV GLYHUVRVVHWRUHVGDDGPLQLV WUDomR S~EOLFD EHP FRPR WRGRV RV DWRV GDTXHOHV TXH EXVFDP R HQULTXHFLPHQWR IiFLO j FXVWD GD SREUH]D H PLVpULD GR SRYR 1mR DFHL WDPRVDLPSXQLGDGHGRVFUL PHVTXHWrPPDUFDGRQRVVD KLVWyULD´ ,QIRUPDo}HVHFRQWDWRSHOR WHOHIRQH &VEWMP46)7&-8)6-%23 5HSHUFXVVmR $JRVWRGH 3DVWRUGD,3%IDODVREUHDVPDUFKDVVREDSHUSVSHFLYDUHIRUPDGD $,GHRORJLDGD0DUFKDSDUD-HVXV $XJXVWXV1LFRGHPXV /RSHV $ FRQWHFHXUHFHQWHPHQ WH HP YiULDV FLGDGHV EUDVLOHLUDV D HGLomR GD0DUFKDSDUD-HVXV FRQIRUPHQRWtFLDGHFDSDGR ~OWLPR%UDVLO3UHVELWHULDQR $SHVDU GH WRPDU IRUPDV GLIHUHQWHV QRV OXJDUHV RQGH RFRUUH R HYHQWR FRQVLVWH EDVLFDPHQWH QXPD JUDQ GH SDVVHDWD GH HYDQJpOLFRV PRYLGD D WULRV HOpWULFRV H VKRZV JRVSHO (P 6mR 3DXOR PDUFKDUDP MXQWRV LQFOXVLYH UHSUHVHQWDQWHV GD &RPXQLGDGH &ULVWm 1RYD (VSHUDQoD H D ,JUHMD SDUD 7RGRVGRLVQ~FOHRVKRPRV VH[XDLV GD FLGDGH DXWR HQWLWXODGRV HYDQJpOLFRV $SDUHQWHPHQWH QmR KRXYH XP SURQXQFLDPHQWR GR JUXSR RUJDQL]DGRU GD PDU FKDVREUHRIDWR$PDUFKD SRUWDQWR GLYLGH DV RSLQL }HV QmR VRPHQWH QD PtGLD VHFXODU FRPR WDPEpP H HVSHFLDOPHQWH HQWUH RV HYDQJpOLFRV (P WHUPRV GD QRVVDGHQRPLQDomRD,JUHMD 3UHVELWHULDQD GR %UDVLO TXHVWLRQDVH D YDOLGDGH RX SURSULHGDGH GD SDUWLFLSDomR GH SDVWRUHV LJUHMDV H PHP EURV SUHVELWHULDQRV QD PDU FKD $Wp R PRPHQWR QmR H[LVWH XP SRVLFLRQDPHQWR RILFLDOGD,3%VREUHRHYHQ WR0XLWRHPERUDSDUDPXL WRV HYDQJpOLFRV D PDUFKD SDUHoD VHU DOJR ERP SRLV DJOXWLQDRSRYRGH'HXVHP EXVFD GH XP EHP FRPXP ± DUJXPHQWR HVVHQFLDOPHQ WH SUDJPiWLFR ± H[LVWHP FRQWXGR DOJXPDV FRQVLGH UDo}HV QmRSUDJPiWLFDV TXH GHYHPVHUOHYDGDVHPFRQWD SHORV HYDQJpOLFRV TXH VmR VLPSiWLFRVRXGHIHQVRUHVGD ,VUDHOQR$QWLJR7HVWDPHQWR LQWHLUD" QmR WLQKDP FRPR DOYR 4XDUWD D ³WHRORJLD GD PDUFKD 3ULPHLUD D 0DUFKD SDUD HYDQJHOL]DU RV SRYRV ± DR 0DUFKD´ HVWi LPSUHJQDGD -HVXV WHP XPD WHRORJLD FRQWUiULR HUDP PDUFKDV GH GHFRQFHLWRVGRPRYLPHQWR SRU GHWUiV GHOD FODUDPHQ JXHUUD SDUD FRQTXLVWiORV GH EDWDOKD HVSLULWXDO FRPR WH H[SRVWD SRU VHXV SDWUR RX H[WHUPLQiORV FRQIRU UHLYLQGLFDU R OXJDU QR TXDO FLQDGRUHV H GHIHQGLGD FRP PH R SUySULR 'HXV PDQ RV SDUWLFLSDQWHV FDPLQKDP FLWDo}HV GD %tEOLD YHMD HP GRX QDTXHOD pSRFD )LFD GHVWUXLU DV IRUWDOH]DV HUJXL ZZZPDUFKDSD :LOVRQ&DPDUJR GDV SHOR LQLPLJR HPFHUWDViUHDVGDV UDMHVXVFRPEU FLGDGHV H UHJL}HV 7UDWDVH GH XP RQGHDFRQWHFH2V HYHQWR LGHROyJL OtGHUHV GR PRYL FRXPDWROLW~UJL PHQWR SURSDJDP FRHGHIp2VTXH TXHDPDUFKDWHP GHOH SDUWLFLSDP RSRGHUGH³PXGDU GHPRQVWUDP HVWDU R GHVWLQR GH XPD GH DFRUGR FRP QDomR´ QD YLVmR VHXLGHiULRDQmR GRJUXSRDPDUFKD VHU TXH R GHVFR VHUYHSDUDWDSDUDV QKHoDP LQRFHQ ³EUHFKDV GHL[DGDV WHPHQWH SHORV DWRV tPSLRV 6HJXQGD D RUL GH QRVVD QDomR´ JHP GD PDU GHVWUyL ³IRUWDOH FKD FRQIRUPH ]DV HUJXLGDV SHOR VH GHSUHHQGH GH LQLPLJRHPFHUWDV GHFODUDo}HV GR iUHDV HP QRVVDV JUXSR SURPRWRU FLGDGHV H UHJL GRHYHQWRVHGHYH }HV´ 3RU GHWUiV D XPD UHYHODomR GHVWD LGHRORJLD GLYLQD FRQWHPSR HVWiRFRQFHLWRGH UkQHD SHOD TXDO HVStULWRV WHUULWR FKHJRX D RUGHP ULDLV H DTXHOH GD SDUD PDUFKDU FRQILVVmR SRVLWL ±DOJRFRPSDWtYHO 2UHY$XJXVWXV1LFRGHPXV/RSHVp FRPRIDWRGHTXH FKDQFHOHUGD8QLYHUVLGDGH3UHVELWHULDQD YD R TXDO DILUPD TXH FULDPRV UHD R PRYLPHQWR p 0DFNHQ]LHHDXWRUGHYiULRVOLYURV OLGDGHV HVSLULWXDLV OLGHUDGR SRU XP GLItFLOLPDJLQDURVLVUDHOLWDV SHORSRGHUGDVQRVVDVGHFOD DSyVWRORDXWRGHQRPLQDGR 7HUFHLUD D ³WHRORJLD GD RUJDQL]DQGR XPD PDUFKD UDo}HVHSDODYUDV(VWHVFRQ 0DUFKD´ WUD] DUJXPHQ DWUDYpV GH &DQDm FRP RV FHLWRV WHROyJLFRV VmR DEHU WRV TXHVWLRQiYHLV j OX] GD OHYLWDV WRFDQGR VHXV LQVWUX WDPHQWH FRQWUiULRV QmR Vy Vm LQWHUSUHWDomR EtEOLFD PHQWRVHGDQGRVKRZVSDUD D XPD H[HJHVH VDGLD GDV 'H DFRUGR FRP HOD PDU JDQKDU RV FDQDQHXV SDUD D (VFULWXUDV PDV j WHRORJLD FKDU SDUD -HVXV p XP DWR Ip QR 'HXV GH ,VUDHO$OpP UHIRUPDGD DFHLWD SHOD ,3% SURIpWLFR TXH Gi FRQVFLrQ GR TXH VH YDPRV WRPDU R HPVHXV6tPERORV FLD HVSLULWXDO jV SHVVRDV j WH[WR GH -RVXp FRPR XPD 4XLQWD D 0DUFKD SDUD VHPHOKDQoD GD PDUFKD GH RUGHP SDUD TXH RV FULVWmRV -HVXV ID] UHLYLQGLFDo}HV ,VUDHO DR UHGRU GDV SDUHGHV PDUFKHP SRU TXH HQWmR HQTXDQWR HYHQWR TXH VRE GH -HULFy H GD PDUFKD OLGH VRPHQWH PDUFKDU" 3RU TXH H[DPH FULWHULRVR QmR VH UDGD SRU -HRVDIi QR GHVHUWR QmR WRFDU WURPEHWDV" ( SRU VXVWHQWDP e GLWR TXH HOD HQWRDQGR ORXYRUHV D 'HXV TXH Vy PDUFKDU XPD YH] H SURMHWDDSUHVHQoDGRVHYDQ &RQWXGR DV ³PDUFKDV´ GH QmRVHWHDRUHGRUGDFLGDGH JpOLFRV QD PtGLD GH WRGR R %UDVLO e YHUGDGH Vy TXH D SURMHomR QHP VHPSUH WHP VLGR SRVLWLYD (P 6mR 3DXORSRUH[HPSORDPtGLD FRQFHQWURXVHHPID]HUXPD FRPSDUDomR HQWUH D 3DUDGD *D\HD0DUFKDSDUD-HVXV 2XWUD UHLYLQGLFDomR p GH SURPRYHU D XQLGDGH HQWUH RV FULVWmRV $ 0DUFKD SUR PRYH XP ³SDFWR´ LPSOtFL WR HQWUH DV GHQRPLQDo}HV FRQILVV}HVHLQGLYtGXRVTXH GHODSDUWLFLSDPGHTXHQmR IDUmR PDLV GLVFULPLQDomR HQWUHVLSRUUD]}HVGRXWULQi ULDV &RQWXGR D PHQVDJHP SUHGRPLQDQWH SURFODPDGD p DTXHOD GRV LGHDOL]DGRUHV FRP D TXDO QDWXUDOPHQWH DV LJUHMDV HYDQJpOLFDV KLV WyULFDV QmR FRQFRUGDULDP FRPR Mi DSRQWDPRV SRLV p LQIOXHQFLDGDSHODWHRORJLDGD SURVSHULGDGH H SHOD EDWDOKD HVSLULWXDO 8PD ³XQLGDGH´ SURPRYLGDVREDVFRQGLo}HV PHQFLRQDGDV DFLPD WHP R HIHLWR GH UHOHJDU D YHUGD GH EtEOLFD D XPD FRQGLomR VHFXQGiULD6HTXHUHPRVGH IDWRXQLGDGHYDPRVHQFDUDU QRVVDVGLIHUHQoDVGHIUHQWHH SURFXUDU GLVFXWLODV H UHVRO YrODV HP FRQFtOLRV UHXQL }HV QD PHVD GH GLVFXVVmR ±HQmRPDUFKDQGR 6HRVHYDQJpOLFRVGHVHMDP LPSDFWDU R QRVVR SDtV TXH R IDoDPRV DWUDYpV GH YLGDV TXHLPSUHVVLRQHPSHODVDQ WLGDGH SRU PLQLVWpULRV TXH QmR FDXVHP HVFkQGDORV GH QDWXUH]DVH[XDOHILQDQFHLUD SHODSUHJDomRGRSXURHYDQ JHOKR GD JUDoD GH 'HXV H SHORHQYROYLPHQWRDWLYRQDV LQVWLWXLo}HV GR QRVVR SDtV SRUSROtWLFRVHSURILVVLRQDLV HYDQJpOLFRV TXH KRQUHP D pWLFD FULVWm SURPRYHQGR D YHUGDGHHDMXVWLoD &VEWMP46)7&-8)6-%23 $JRVWRGH &RQKHoDD,3% 3URFXUDQGRRIHUHFHUXPIXWXURPHOKRUjVFULDQoDVHDGROHVFHQWHV LQVWLWXLomRSUHVELWHULDQD]HODSHORHQVLQRHP*RLiV &OUJEBEFBMDBOmBDSJBOmBTQPSNFJPEBFEVDBmkP 0DUWKDGH$XJXVWLQLV 2 %UDVLOWHPLQYHVWLGR JUDGXDO H YDJDURVD PHQWH QD HGXFDomR GH VHX SRYR H FRQVHJXLX REWHU DWp R DQR GH DSUR[LPDGDPHQWH FHP PLOK}HV GH SHVVRDV D PDLV QR tQGLFH GH DOIDEHWL]DomR QXP WRWDO GH KDELWDQWHVFRPJUDQGHSDUWH GDV RSRUWXQLGDGHV GLUH FLRQDGDV DR HQVLQR S~EOL FR FRQIRUPH GHPRQVWUDP GDGRVGR,QVWLWXWR%UDVLOHLUR GH *HRJUDILD H (VWDWtVWLFD ,%*(3HQVDQGRQDQHFHV VLGDGHGHHGXFDUHSUHSDUDU FULDQoDV H MRYHQV FDUHQWHV SDUDRPHUFDGRGHWUDEDOKRH SDUDXPDYLGDHVSLULWXDOVDX GiYHO D 6RFLHGDGH $PLJRV GH 0HQLQRV 0HQLQDV H $GROHVFHQWHV$SUHQGL]HVGH 5XELDWDED 6DPPDDU HP *RLiVRIHUHFHJUDWXLWDPHQ WH DOLPHQWDomR YHVWXiULR FXLGDGRV PpGLFRV RGRQWR OyJLFRV HGXFDomR HVFRODU H DFRQVHOKDPHQWR HVSLULWXDO H SURILVVLRQDO 2ULHQWDGD SHOD ,3% H FRQ WDQGRFRPDSDUWLFLSDomRGH YiULRV VHJPHQWRV GD VRFLH GDGH UXELDWDEHQVH D LQVWL WXLomR IXQGDGD HP GH GH]HPEUR GH FRQWD FRP D SUHVLGrQFLD GH $QD 0DULD7HL[HLUDGH&DUYDOKR TXHVHDOHJUDHPGL]HUTXHDV DWLYLGDGHV GD HQWLGDGH WrP FRQVHJXLGR ERQV IUXWRV ³2 WUDEDOKRGHVHPSHQKDGRSHOD 6DPPDDU H D LJUHMD ORFDO WHP VH PRVWUDGR XP YDVWR FDPSR PLVVLRQiULR SRLV DV FULDQoDV DFHLWDP FRP IDFL OLGDGHDVRULHQWDo}HVHVSLUL WXDLV H PRUDLV WUDQVPLWLGDV QR FRWLGLDQR GH VXDV DWLYL GDGHV´ '(61875,'$6'( &2532($/0$ $ VRFLHGDGH DFROKH FULDQoDV HP XP UHJLPH GH LQWHUQDWRTXHDOpPGRVFXL GDGRV EiVLFRV GH VD~GH H DX[tOLR HVSLULWXDO UHFHEHP SUHSDURHVFRODUSURILVVLRQDO HVRFLDOSDUDDLQWHJUDomRQD FRPXQLGDGHHQRPHUFDGRGH WUDEDOKR,QJUHVVDQGRQDLQV WLWXLomRFRPFHUFDGHFLQFR DQRVRVQRYRVPHPEURVGD 6DPPDDUVmRHQFDPLQKDGRV SHORVFRQVHOKRVWXWHODUHVGR PXQLFtSLR H GLUHFLRQDGRV SRU SDVWRUHV SUHVELWHULDQRV 6HJXQGR D SUHVLGHQWH HODV VHPSUH FKHJDP DSUHVHQ WDQGR YiULDV GLILFXOGDGHV ³4XDQGR DV FULDQoDV VmR HQYLDGDV j 6DPPDDU DSUH VHQWDP DOWD FDUrQFLD DIHWL YD HVWDQGR GHVDMXVWDGDV HPRFLRQDOPHQWHHFRPGLIL FXOGDGHV GH DSUHQGL]DJHP HVFRODU $ PDLRULD FKHJD VDELOLGDGHGHFXLGDUGHSDUWH GD LQIkQFLD H GD DGROHVFrQ FLD UXELDWDEHQVH GRV FLQFR DRV DQRV HQWUHJDQGR j VRFLHGDGH SHVVRDV FDSD]HV H SURQWDV SDUD H[HUFHU FDU JRV H SUHVWDU VHUYLoRV 3DUD WDQWR RIHUHFH FDSDFLWDomR SURILVVLRQDO H SHGDJyJLFD FRORFDQGR VHXV PHPEURV HPHVFRODVS~EOLFDVGDUHGH HVWDGXDOHRIHUHFHQGRUHIRU oRHVFRODUHPVXDVSUySULDV LQVWDODo}HV 6mR PLQLVWUD GDV DLQGD DXODV GH P~VLFD HVSRUWHV DUWHVDQDWR DOpP FRPDURXSDGRFRUSRHGHV GH RULHQWDomR SURILVVLRQDO QXWULGD´FRQWD LQLFLDOQDVYiULDVRFXSDo}HV 'H DFRUGR FRP HOD UDUD GH PDQXWHQomR GR LQWHUQD PHQWH DFRQWHFHP FDVRV GH WR $V DXODV VmR HVSHFLIL QmRDGDSWDomRGHVVDVFULDQ oDV QD 6DPPDDU H GLILFLO PHQWH RV SDLV H IDPLOLDUHV UHLYLQGLFDP VXD WXWHOD e H[DWDPHQWHQHVVHSRQWRTXH D VRFLHGDGH WHP WDPEpP WUDEDOKDGR XPD PHOKRU DVVLVWrQFLD QR DFRPSDQKD PHQWR IDPLOLDU EXVFDQGR SRU PHLR GD ,3% XP FDVDO GH PLVVLRQiULRV TXH SRVVD GDU DVVLVWrQFLD HVSLULWXDO H VRFLDO jV FULDQoDV H SULQFL SDOPHQWH DRV VHXV IDPLOLD UHVTXHQDVXDPDLRULDVmR HQYROYLGRV FRP DOFRROLVPR H SURVWLWXLomR $ HQWLGDGH VH SUHRFXSD FRP D VD~GH H EHPHVWDU GRV IDPLOLDUHV FDPHQWH GLUHFLRQDGDV SDUD SULQFLSDOPHQWH SRU FDXVD DV PHQLQDV TXH ERUGDP H GRSHUtRGRGHIpULDVHVFROD SLQWDPHSDUDRVPHQLQRV UHV TXDQGR DV FULDQoDV VmR TXH FRQVWURHP FDUULQKRV H HQWUHJXHV j IDPtOLD H DRV EULQTXHGRVHPWUDEDOKRVGH FRQVHOKRV WXWHODUHV UHJUHV PDUFHQDULD VDQGR j 6DPPDDU VRPHQWH ³1R VHJXQGR VHPHVWUH QRUHLQtFLRGDVDXODV GR FRUUHQWH DQR DV FULDQ oDV H DGROHVFHQWHV FRQWD 25,(17$d2 $ 6DPPDDU WHP D UHVSRQ UmR FRP XP 7HOHFHQWUR GH ,QIRUPiWLFD GRDGR SHOR %DQFR GR %UDVLO RQGH UHFH EHUmRDXODVGHFRPSXWDomR FXMR ODERUDWyULR IRL LQDX JXUDGRSHORVXSHULQWHQGHQWH UHJLRQDOGR%DQFRGR%UDVLO HDXWRULGDGHVPXQLFLSDLVQR GLDGHMXQKRGHVVHDQR´ FRQWD$QD0DULD 2XWURV SODQRV TXH D 6DPPDDUHVSHUDFRORFDUHP SUiWLFD VmR D 3DQLILFDomR H D )iEULFD GH 5DSDGXUD TXH Mi WrP YROXQWiULRV ,QIHOL]PHQWH D HQWLGDGH DLQGD QmR WHP YHUED VXIL FLHQWHSDUDDFRQVWUXomRGRV HVWDEHOHFLPHQWRV QHFHVVi ULRV $SHVDU GDV GLILFXOGD GHV HVWi VHQGR FRQVWUXtGD XPD FDSHOD RQGH VHUmR UHD OL]DGRV FXOWRV DEULQGR D SRVVLELOLGDGHGHFRQYLGDURV IDPLOLDUHVGDVFULDQoDVSDUD SDUWLFLSDUHP GDV FHOHEUD o}HVTXHDWXDOPHQWHDFRQ WHFHPWRGDVDVTXLQWDVIHLUDV DSHQDVSDUDRVLQWHUQRV ,QIRUPDo}HV H FRQWDWR QR WHOHIRQH
Documentos relacionados
Livro: Benjamin Franklin para professores.
UHDOL]DGDV SRU HOH Ki PDLV GH GX]HQWRV H FLQTHQWD DQRV DWUiV SRGHP VDOYR PHOKRU HQWHQGLPHQWR VHU PHOKRU H[SOLFDGDV H FRQGX]LGDV QRV ODERUDWyULRV GH QRVVDV HVFRODV GH KR...
Leia maisR E S U R R E X I T
H[LVWHQWHV HP PXLWDV LJUHMDV QRVVDV TXH VHWRUQDUDPFRQKHFLGDVJUDoDVjVXDREUD GH SXEOLFDU DQXDOPHQWH GH D R&DOHQGiULRLFRQRJUiILFRGRV6HUYRVGH 0DULD 6XD YLG...
Leia maisBrasil PRESBITERIANO
SOHWDDQRVGDVHomR1RWtFLDVSJ%3QRYHPEUR GHDRFRQWUiULRGRTXHIRLSXEOLFDGRDFLGDGH GH'XTXHGH&D[LDVQmRILFDHP0LQDV*HUDLVPDV QR5LRGH-DQHLUR$OpPGLVVRRDQLYH...
Leia maiso desenho como iminçncia do acontecimento: uma entrevista com
WHyULFDHSOiVWLFDQmRFRPRDWLYLGDGHVSDUDOHODVPDVVLPFRPRXPDWUDPD TXHLQVHUHQmRVRPHQWHRHVFUHYHURSLQWDURGHVHQKDUPDVVLPRSHQVDU R VHU 2 WHFLGR p XUGLGR FRQWLQXDPHQWH ...
Leia maisda publicação
Também é importante observar que a segurança não pode ser um diYLVRULGHROyJLFR$VHJXUDQoDQmRpXPSUREOHPDGHHVTXHUGDRXGLUHLWDQHP pXPSUREOHPDGHRUGHPPLOLWDU8P(VWDGRTXHHQIUHQWDR...
Leia maisBarão do Rio Branco
8SHSWSWHMVIMXSWHIWXEIHMËÇSVIWIVZEHSWE )1'z)(-«¹)7 IQGFV$IQGFVEWMPGSQFV 6YE,SR×VMSHI&EVVSWGIT 6MSHI.ERIMVS6.&VEWMP
Leia mais