More Related Content
Similar to História Eclesiástica - Eusébio de Cesaréia.pdf (20)
História Eclesiástica - Eusébio de Cesaréia.pdf
- 4. 3URLELGD D UHSURGXomR WRWDO RX SDUFLDO GHVWD REUD GH TXDOTXHU IRUPD RX PHLR HOHWU{QLFR H
PHFkQLFRLQFOXVLYHDWUDYpVGHSURFHVVRV[HURJUiILFRVVHPSHUPLVVmRH[SUHVVDGDHGLWRUD /HLQž
GH
7RGRVRVGLUHLWRVUHVHUYDGRVj
(',725$12926e8/2/7'$
5XD%DUmRGH,WDSHWLQLQJD/RMD
6mR3DXOR63
1RYR6pFXOR7HO
- 5. 35()È,2
2DXWRUHDREUD
(XVpELRELVSRGHHVDUpLDQDVFHXHPFHUFDGHIDOHFHXQRDQR$GDWDGHVHX
QDVFLPHQWRVySRGHVHULQIHULGDGHVXDREUDSRLVHOHQDUUDDSHUVHJXLomRGRVFULVWmRVVRE9DOHULDQR
FRPRVHQGRDOJRGRSDVVDGRHRVHYHQWRVVHJXLQWHVFRPRVHQGRFRQWHPSRUkQHRVVHXV
1mR VH VDEH RQGH QDVFHX PDV SDVVRX D PDLRU H PDLV LPSRU WDQWH SDUWH GH VXD YLGD HP
HVDUpLD QD pSRFD D PDLRU FLGDGH URPDQD GD 3DOHVWLQD (UD GH IDPtOLD GHVFRQKHFLGD PDV FHUWD
PHQWHFULVWmFRPRLQGLFDVHXQRPH(XVpELRQDGDIDODGHVLPHVPRHPVXDH[WHQVDREUD)RLELVSR
GHHVDUpLDGHRXHPGLDQWH
(PFRPHoDD~OWLPDHPDLRUSHUVHJXLomRDRVFULVWmRVGXUDQGRDWp1mRVHVDEHHP
TXHFLUFXQVWkQFLDV(XVpELRDWUDYHVVRXHVVDWRUPHQWD$VVLVWLXSHVVRDOPHQWHDPDUWtULRVHP7LURH
QD7HEDLGD (JLWR HOHSUySULRIRLSUHVRPDVQmRH[HFXWDGRWHQGRVLGRSRVWHULRUPHQWHDFXVDGRGH
DSRVWDVLD
6XDIRUPDomRWHROyJLFDIRLEDVHDGDQRHVWXGRGDREUDGH2UtJHQHV'XUDQWHRVGHEDWHVFRQWUD
RDULDQLVPR(XVpELRIRLXPGRVSULQFLSDLVGHIHQVRUHVGHXPDSRVLomRPHGLDGRUDTXHSURFXUDYD
PDQWHUXQLILFDGDDLQGHILQLomRGRJPiWLFDGRVSULPHLURVSDLVGD,JUHMD3DUDDGRJPiWLFDSRVWHULRU
HOHpVXVSHLWRGHVHUVHPLDULDQRRTXHSRGHWHUVLGRDFDXVDGRUiSLGRGHVDSDUHFLPHQWRGHPXLWRV
GHVHXVHVFULWRV
6XD REUD VH FRQVWLWXL GH OLYURV KLVWyULFRV DSRORJpWLFRV GH H[HJHVH EtEOLFD H GRXWULQiULRV
(VFUHYHXPDLVGHYROXPHVDPDLRULDGRVTXDLVSHUGLGRVDOJXQVVmRFRQKHFLGRVDSHQDVSRU
WUDGXo}HV'RVRULJLQDLVUHVWDPQDGDPDLVGRTXHIUDJPHQWRV
7UDWRX GH WRGRV RV WHPDV H SHUVRQDOLGDGHV OLJDGRV j ,JUHMD FLWDQGR H[WHQVDPHQWH H
FRPHQWDQGRFHUFDGHREUDVGHPXLWRVDXWRUHVTXHGHRXWUDPDQHLUDHVWDULDPSHUGLGRVVHQGR
FRQKHFLGRVDSHQDVDWUDYpVGH(XVpELR
(XVpELRGHHVDUpLD
- 6. $+,67Ï5,$(/(6,È67,$
1mRVHWUDWDGHXPD+LVWyULDGD,JUHMDFRPRVHULDHQWHQGLGDKRMH$,JUHMDQmRpSDUDHOH
H VHXV FRQWHPSRUkQHRV REMHWR GH KLVWyULD Mi TXH p XPD HQWLGDGH FULDGD SRU 'HXV H SRUWDQWR
WUDQVFHQGHQWH2TXHRKLVWRULDGRUSRGHID]HUpUHODWDURVIDWRVDVSHVVRDVHDVLQVWLWXLo}HVFRPHOD
UHODFLRQDGRV'HVVDIRUPDUHODWDPVHDFRQWHFLPHQWRVPDVQmRVHDQDOLVDXPGHVHQYROYLPHQWR
KLVWyULFR
$PRWLYDomRGDREUDFRPRH[SOLFLWDGDQRLQtFLRGRSULPHLUROLYURpUHJLVWUDUDVXFHVVmR
GRVVDQWRVDSyVWRORVRVJUDQGHVIHLWRVRVTXHVHVREUHVVDtUDPDVKHUHVLDVDVSHUVHJXLo}HVHD
SURWHomRGH'HXVVREUHVHXSRYR
$REUDpGLYLGLGDHPGH]OLYURVFRPDVHJXLQWHHVWUXWXUD,9,,8PDFRQWtQXDVXFHVVmRGHWHPDV
LQLFLDGDWDOYH]DQWHVGDSHUVHJXLomRFRPPDWHULDOUHXQLGRDWpPDLVRXPHQRVRDQR
9,,,$WXDOL]DomRGDREUDFRPRVDFRQWHFLPHQWRVPDLVUHFHQWHV
,;;/RQJDH[WHQVmRGROLYUR9,,,FRPGHVIHFKRHVFULWRDSyVDLQDXJXUDomRGD,JUHMDGH
7LUR
$IRUPDILQDOGDREUDIRLDWLQJLGDDSyVTXDWURHGLo}HVWHQGRRVQRYHSULPHLURVOLYURVVLGR
SXEOLFDGRVDQWHVGR(GLWRGH0LOmR HRGpFLPROLYURHP
$LPSRUWkQFLDGDREUDQRVGLDVGHKRMHpP~OWLSOD3DUDRHVWXGRGDKLVWRULDDQWLJDpXPD
ULFD IRQWH GH UHIHUrQFLDV H XPD FRPSLODomR GH REUDV DQWHULRUHV 3DUD D ,JUHMD WHP R YDORU GH
UHJLVWURGRVSULPyUGLRVGHVXDKLVWyULD3DUDRVFULVWmRVWUD]RWHVWHPXQKRGDTXHOHVTXHYLYHUDPDV
SHUVHJXLo}HVGRVSULPHLURVVpFXORVTXHFRPVHXPDUWtULRQRVGmRXPDOLomRGHSHUVHYHUDQoDHIp
HDRPHVPRWHPSRQRVPRVWUDPXPVLQDOGHHVSHUDQoDHPTXDOTXHUpSRFDGHFULVH
171DVQRWDVGHURGDSpTXHGmRUHIHUrQFLDDYHUVtFXORVEtEOLFRVGHOLYURVHPTXHKiGLIHUHQoDGHGLYLVmR
HQWUHDVYHUV}HVFDWyOLFDHUHIRUPDGDHVWD~OWLPDDSDUHFHHQWUHSDUrQWHVHV([6O
- 7. 6XPiULR
/LYUR,
, 3URSyVLWRGD2EUD
,, 5HVXPRGDGRXWULQDVREUHDSUHH[LVWrQFLDGH1RVVR6DOYDGRUH6HQKRURULVWR
GH'HXVHGDDWULEXLomRGD
GLYLQGDGH
,,, 'HFRPRRVQRPHVGH-HVXVHGHULVWRMiHUDPFRQKHFLGRVGHVGHDDQWLJLGDGHH
KRQUDGRVSHORVSURIHWDVLQVSLUDGRVSRU'HXV
,9 'HFRPRRFDUiWHUGDUHOLJLmRDQXQFLDGDSRUULVWRDWRGDVDVQDo}HVQmRHUDQRYR
QHPHVWUDQKR
, 'HTXDQGRULVWRVHPDQLIHVWRXDRVKRPHQV
,, 'HFRPRVHJXQGRDVSURIHFLDVHPVHXVGLDVWHUPLQDUDPRVUHLVSRUOLQKDKHUHGLWiULD
TXHUHJLDPDQDomRMXGLDHFRPHoRXDUHLQDU+HURGHVRSULPHLUR
HVWUDQJHLUR
, 'DVXSRVWDGLVFUHSkQFLDGRVHYDQJHOKRVDFHUFDGDJHQHDORJLDGHULVWR
,, 'RLQIDQWLFtGLRFRPHWLGRSRU+HURGHVHRILQDOFDWDVWUyILFRGHVXDYLGD
,,, 'RVWHPSRVGH3LODWRV
,9 'RVVXPRVVDFHUGRWHVGRVMXGHXVVRERVTXDLVULVWRHQVLQRX
9 7HVWHPXQKRVVREUH-RmR%DWLVWDHULVWR
9, 'RVGLVFtSXORVGHQRVVR6DOYDGRU
9,, 5HODWRVREUHRUHLGH(GHVVD
/LYUR,,
, 'DYLGDGRVDSyVWRORVGHSRLVGDDVFHQVmRGHULVWR
,, 'DHPRomRGH7LEpULRDRVHULQIRUPDGRSRU3LODWRVGRVIHLWRVUHIHUHQWHVD
ULVWR
,,, 'HFRPRDGRXWULQDGHULVWRHPSRXFRWHPSRVHSURSDJRXSRUWRGRRPXQGR
, 'HFRPRGHSRLVGH7LEpULRDLRHVWDEHOHFHX$JULSDFRPRUHLGRVMXGHXVHFDVWLJRX
+HURGHVFRPRGHVWHUURSHUSpWXR
, 'HFRPR)tORQIRLHPEDL[DGRUMXQWRDDLRHPIDYRUGRV
MXGHXV
9, 'RVPDOHVTXHGHVDEDUDPVREUHRVMXGHXVGHSRLVGHVXDPDOGDGHFRQWUDULVWR
9,,'HFRPR3LODWRVWDPEpPVHVXLFLGRX
9,,,'DIRPHQRVWHPSRVGHOiXGLR
,;0DUWtULRGRDSyVWROR7LDJR
;'HFRPR$JULSDWDPEpPFKDPDGR+HURGHVSHUVHJXLXRVDSyVWRORVHORJRVHQWLXD
YLQJDQoDGLYLQD
;,'RLPSRVWRU7HXGDV
;,,'H(OHQDUDLQKDGH$GLDEHQH
;,,,'H6LPmR0DJR
;,9'DSUHJDomRGRDSyVWROR3HGURHP5RPD
;9'RHYDQJHOKRGH0DUFRV
;9,'HFRPR0DUFRVIRLRSULPHLURDSUHJDUDRVHJtSFLRVRFRQKHFLPHQWRGHULVWR
;9,,2TXH)tORQFRQWDVREUHRVDVFHWDVGR(JLWR
;9,,,2EUDVGH)tORQTXHFKHJDUDPDWpQyV
;,;DODPLGDGHVTXHVHDEDWHUDPVREUHRVMXGHXVGH-HUXVDOpPQRGLDGD3iVFRD
;;'RTXHRFRUUHXHP-HUXVDOpPQRVGLDVGH1HUR
- 8. ;;,'RHJtSFLRWDPEpPPHQFLRQDGRSHORV$WRVGRV$SyVWRORV
;;,,'HFRPR3DXORHQYLDGRSUHVRGD-XGpLDD5RPDIH]VXDGHIHVDHIRLDEVROYLGRGHWRGD
DFXVDomR
;;,,,'HFRPR7LDJRFKDPDGRLUPmRGR6HQKRUVRIUHXRPDUWtULR
;;,9'HFRPR$QLDQRIRLQRPHDGRSULPHLURELVSRGD,JUHMDGH$OH[DQGULDGHSRLV
GH0DUFRV
;;9'DSHUVHJXLomRQRVWHPSRVGH1HURQDTXDO3DXORH3HGURIRUDPDGRUQDGRVFRP
RPDUWtULRSHODUHOLJLmRHP5RPD
;;9,'RVLQXPHUiYHLVPDOHVTXHHQYROYHUDPRVMXGHXVHGD~OWLPDJXHUUDTXHHOHV
PRYHUDPFRQWUDRVURPDQRV
/LYUR,,,
, (PTXHSDUWHVGDWHUUDRVDSyVWRORVSUHJDUDPVREUHULVWR
,, 4XHPIRLRSULPHLURTXHSUHVLGLXD,JUHMDGH5RPD
,,, 6REUHDVFDUWDVGRVDSyVWRORV
,9 6REUHDSULPHLUDVXFHVVmRGRVDSyVWRORV
9 6REUHR~OWLPRDVVpGLRGRVMXGHXVGHSRLVGHULVWR
9, 6REUHDIRPHTXHRVRSULPLX
9,, 6REUHDVSURIHFLDVGHULVWR
9,,, 'RVVLQDLVTXHSUHFHGHUDPDJXHUUD
,; 'H-RVHIRHRVHVFULWRVTXHGHL[RX
; 'HTXHPDQHLUDFLWDRVOLYURVGLYLQRV
, 'HFRPR6LPHmRGLULJHD,JUHMDGH-HUXVDOpPGHSRLVGH7LDJR
,, 'HFRPR9HVSDVLDQRRUGHQDTXHVHEXVTXHPRVGHVFHQGHQWHVGH'DYL
,,, 'HFRPRRVHJXQGRELVSRGH5RPDp$QDFOHWR
,9 'HFRPRRVHJXQGRDGLULJLURVDOH[DQGULQRVp$EtOLR
9 'HFRPRRWHUFHLURELVSRGH5RPDGHSRLVGH$QDFOHWRpOHPHQWH
9, 'DFDUWDGHOHPHQWH
9,, 'DSHUVHJXLomRVRE'RPLFLDQR
9,,, 6REUHRDSyVWROR-RmRHR$SRFDOLSVH
,; 'HFRPR'RPLFLDQRRUGHQDDPRUWHDRVGHVFHQGHQWHVGH'DYL
; 'RVSDUHQWHVGHQRVVR6DOYDGRU
;, 'HFRPRRWHUFHLURDGLULJLUD,JUHMDGH$OH[DQGULDpHUGRQ
;,, 'HFRPRRVHJXQGRQDGH$QWLRTXLDp,QiFLR
;,,, 5HODWRVREUHRDSyVWROR-RmR
;,9 'DRUGHPGRVHYDQJHOKRV
;9 'DVGLYLQDV(VFULWXUDVUHFRQKHFLGDVHGDVTXHQmRRVmR
;9, 6REUHRPDJR0HQDQGUR
;9,, 'DKHUHVLDGRVHELRQLWDV
;9,,, 'RKHUHVLDUFDHULQWR
;,; 'H1LFRODXHGRVTXHGHOHWRPDPRQRPH
;; 'RVDSyVWRORVFXMRPDWULP{QLRHVWiFRPSURYDGR
;;, 'DPRUWHGH-RmRHGH)HOLSH
;;,, 'HFRPRVRIUHXRPDUWtULR6LPHmRELVSRGH-HUXVDOpP
;;,,, 'HFRPR7UDMDQRLPSHGLXTXHVHSHUVHJXLVVHRVFULVWmRV
;;,9 'HFRPRRTXDUWRDGLULJLUD,JUHMDGH5RPDp(YDULVWR
, 'HFRPRRWHUFHLURQDGH-HUXVDOpPp-XVWR
,, 6REUH,QiFLRHVXDVFDUWDV
,,, 'RVHYDQJHOLVWDVTXHDLQGDHQWmRVHGLVWLQJXLDP
- 9. ,9 'DFDUWDGHOHPHQWHHRVHVFULWRVTXHIDOVDPHQWHOKHDWULEXHP
9 'RVHVFULWRVGH3DSLDV
/LYUR,9
, 4XDLVIRUDPRVELVSRVGH5RPDHGH$OH[DQGULDVRERUHLQDGRGH7UDMDQR
,, 2TXHSDGHFHUDPRVMXGHXVQRVWHPSRVGH7UDMDQR
,,, 2VTXHVDtUDPHPGHIHVDGDIpQRVWHPSRVGH$GULDQR
,9 2VELVSRVGH5RPDHGH$OH[DQGULDQRVWHPSRVGHVWH
9 2VELVSRVGH-HUXVDOpPGHVGHR6DOYDGRUDWpRVWHPSRVGH$GULDQR
9, 2~OWLPRDVVpGLRGH-HUXVDOpPQRVWHPSRVGH$GULDQR
9,, 4XHPIRUDPQHVWHWHPSRRVOtGHUHVGDJQRVLVGHHQJDQRVRQRPH
9,,, 4XHPIRUDPRVHVFULWRUHVHFOHVLiVWLFRVQRVWHPSRVGH$GULDQR
,; 8PDFDUWDGH$GULDQRGL]HQGRTXHQmRVHGHYHULDSHUVHJXLUQRVVHPMXOJDPHQWR
; 4XHPIRUDPRVELVSRVGH5RPDHGH$OH[DQGULDVRERUHLQDGRGH$QWRQLQR
;, 'RVKHUHVLDUFDVGDTXHOHVWHPSRV
;,, 'D$SRORJLDGH-XVWLQRGLULJLGDD$QWRQLQR
;,,, 8PDFDUWDGH$QWRQLQRDRFRQFLOLRGDÈVLDVREUHDQRVVDGRXWULQD
;,9 2TXHVHUHFRUGDVREUH3ROLFDUSRGLVFtSXORGRVDSyVWRORV
;9 'HFRPRQRVWHPSRVGH9HUR3ROLFDUSRVRIUHXRPDUWtULRMXQWRFRPRXWURVGD
LGDGHGH(VPLUQD
;9, 'HFRPR-XVWLQRR)LOyVRIRVHQGRGHDYDQoDGDLGDGHVRIUHXPDUWtULRSHODGRXWULQD
GHULVWRQDFLGDGHGH5RPD
;9,, 'RVPiUWLUHVPHQFLRQDGRVSRU-XVWLQRHPVXDSUySULDREUD
;9,,, 4XHWUDWDGRVGH-XVWLQRFKHJDUDPDQyV
;,; 4XHPHVWHYHIUHQWHjIUHQWHGDVLJUHMDVGH5RPDHGH$OH[DQGULDVRERUHLQDGRGH
9HUR
;; 4XHPHVWHYHjIUHQWHGDLJUHMDGH$QWLRTXLD
;;, 'RVHVFULWRUHVHFOHVLiVWLFRVTXHEULOKDUDPQDTXHOHWHPSR
;;,, 'H+HJHVLSRHGRVTXHHOHPHQFLRQD
;;,,, 'H'LRQtVLRELVSRGHRULQWRHGDVFDUWDVTXHHVFUHYHX
;;,9 'H7HyILORELVSRGH$QWLRTXLD
;;9 'H)HOLSHHGH0RGHVWR
;;9, 'H0HOLWRQHGRVTXHHOHPHQFLRQD
;;9,, 'H$SROLQiULR
;;9,,,'H0XVDQR
;;,; 'DKHUHVLDGH7DFLDQR
;;; 'H%DUGHVDQHVR6tULRHGDVREUDVTXHVHGL]VHUHPVXDV
/LYUR9
, 4XDQWRVIRUDPHGHTXHPRGROXWDUDPQRVWHPSRVGH9HURSHODUHOLJLmRQD*iOLD
,, 'HFRPRRVPiUWLUHVDPDGRVGH'HXVDFROKLDPHFXLGDYDPGRVTXHKDYLDP
IDOKDGRQDSHUVHJXLomR
,,, 4XHDSDULomRWHYHHPVRQKRVRPiUWLU$WDOR
,9 'HFRPRRVPiUWLUHVUHFRPHQGDYDP,ULQHXHPVXDFDUWD
9 'HFRPR'HXVDWHQGHXDVRUDo}HVGRVQRVVRVHIH]FKRYHUGRFpXSDUDR
LPSHUDGRU0DUFR$XUpOLR
9, /LVWDGRVELVSRVHP5RPD
9,, 'HFRPRLQFOXVLYHDWpDTXHOHVWHPSRVUHDOL]DYDPVHSRUPHLRGRVILpLV
JUDQGLRVRVPLODJUHV
, 'HFRPR,ULQHXPHQFLRQDDVGLYHUVDV(VFULWXUDV
,, 2VTXHIRUDPELVSRVVRE{PRGR
,,, 'H3DQWHQRRILOyVRIR
- 10. ;, 'HOHPHQWHGH$OH[DQGULD
;,, 'RVELVSRVGH-HUXVDOpP
;,,,'H5yGRQHDVGLVVHQV}HVTXHPHQFLRQDGRVPDUFLRQLWDV
, 'RVIDOVRVSURIHWDVFDWDIULJDV
,, 'RFLVPDGH%ODVWRHP5RPD
,,, 2TXHVHPHQFLRQDVREUH0RQWDQRHRVSVHXGRSURIHWDVGHVXDFRPSDQKLD
,9 'H0LOFtDGHVHRVWUDWDGRVTXHFRPS{V
9 (PTXHWHUPRV$SRO{QLRUHIXWRXDRVFDWDIULJDVHTXHPHOHPHQFLRQD
9, 'H6HUDSLRQVREUHDKHUHVLDGRVIUtJLRV
9,, 2TXH,ULQHXGLVFXWHSRUHVFULWRFRPRVFLVPiWLFRVGH5RPD
9,,, 'HFRPR$SRO{QLRPRUUHXPiUWLUHP5RPD
,; 4XHELVSRVHUDPFpOHEUHVQDTXHOHWHPSR
; 'DTXHVWmRHQWmRPRYLGDVREUHD3iVFRD
;, 6REUHDGLVVHQVmRQDÈVLD
;,, 'HFRPRKRXYHDFRUGRXQkQLPHHQWUHWRGRVVREUHD3iVFRD
;,,, 4XDQWRFKHJRXDQyVGH,ULQHX
;,9 4XDQWRFKHJRXGRVRXWURVTXHIORUHVFHUDPQDTXHODpSRFD
;9 'RVTXHDFROKHUDPDKHUHVLDGH$UWHPRQGHVGHRSULQFtSLRTXDOIRLVHX
FRPSRUWDPHQWRHGHTXHPRGRRXVDUDPFRUURPSHUDV(VFULWXUDV
/LYUR9,
, 'DSHUVHJXLomRGH6HYHUR
,, 'DHGXFDomRGH2ULJLQHVGHVGHPHQLQR
,,, 'HFRPR2UtJHQHVVHQGRDLQGDXPUDSD]HQVLQDYDDGRXWULQDGHULVWR
,9 4XDQWRVGRVLQVWUXtGRVSRU2UtJHQHVIRUDPHOHYDGRVjFDWHJRULDGHPiUWLUHV
9 'H3RWDPLHQD
9, 'HOHPHQWHGH$OH[DQGULD
9,, 'RHVFULWRU-XGDV
9,,, 'DIDoDQKDGH2UtJHQHV
,; 'RVPLODJUHVGH1DUFLVR
; 'RVELVSRVGH-HUXVDOpP
;,'H$OH[DQGUH
, 'H6HUDSLRQHGDVREUDVTXHGHOHVHFRQVHUYDP
,, 'DVREUDVGHOHPHQWH
,,, 'HTXDQWDVHVFULWXUDVOHPHQWHID]PHQomR
;9'H+HUDFODV
;9,'HFRPR2UtJHQHVKDYLDVHRFXSDGRFRPDImGDVGLYLQDV(VFULWXUDV
, 'RWUDGXWRU6tPDFR
,, 'H$PEUyVLR
, 4XDQWDVFRLVDVVHPHQFLRQDPVREUH2UtJHQHV
,, 4XDQWDVREUDVVXEVLVWHPGRVKRPHQVGHHQWmR
,,, 4XDQWRVELVSRVHUDPFpOHEUHVQDTXHOHVWHPSRV
,9 4XDQWDVREUDVGH+LSyOLWRFKHJDUDPDQyV
9 'R]HORGH2UtJHQHVHFRPRIRLMXOJDGRGLJQRGRSUHVELWHULDGRHFOHVLiVWLFR
9, 4XHFRPHQWiULRV2UtJHQHVHVFUHYHXHP$OH[DQGULD
9,, RPR2UtJHQHVPHQFLRQRXDVHVFULWXUDVFDQ{QLFDV
9,,, RPRHUDFRQVLGHUDGRSHORVELVSRV
,; 'HFRPR+HUDFODVUHFHEHXHPVXFHVVmRRHSLVFRSDGRGH$OH[DQGULD
; 'DSHUVHJXLomRGH0D[LPLQR
;, 'HFRPR)DELDQRIRLPLODJURVDPHQWHDVVLQDODGRSRU'HXVFRPRELVSRGH5RPD
, 4XDQWRVGLVFtSXORVWHYH2UtJHQHV
,, 'H$IULFDQXV
- 11. ,,, 4XHFRPHQWiULRVHVFUHYHX2UtJHQHVHPHVDUpLDGD3DOHVWLQD
,9 6REUHRGHVFDPLQKRGH%HULOR
, 2RFRUULGRQRWHPSRGH)HOLSH
,, 'HFRPR'LRQtVLRVXFHGHX+HUDFODVQRHSLVFRSDGR
, 4XHRXWUDVREUDVHVFUHYHX2UtJHQHV
,, 'DGLVFyUGLDGRViUDEHV
,,, 'DKHUHVLDGRVKHOFHVDtWDV
,9 'RVWHPSRVGH'pFLR
;/'RDFRQWHFLGRD'LRQtVLR
;/,'RVTXHVRIUHUDPPDUWtULRQDPHVPD$OH[DQGULD
;/,,'HRXWURVPiUWLUHVPHQFLRQDGRVSRU'LRQtVLR
;/,,,'H1RYDWRVXDFRQGXWDHVXDKHUHVLD
;/,95HODWRGH'LRQtVLRDFHUFDGH6HUDSLRQ
;/9DUWDGH'LRQtVLRD1RYDWR
;/9,'DVRXWUDVFDUWDVGH'LRQtVLR
/LYUR9,,
, 'DSHUYHUVLGDGHGH'pFLRHGH*DOR
,, 2VELVSRVGH5RPDQRVWHPSRVGH'pFLRHGH*DOR
,,, 'HFRPRLSULDQRFRPVHXVELVSRVIRLRSULPHLURDVXVWHQWDUDRSLQLmRGH
TXHGHYHULDPVHUSXULILFDGRVSHOREDWLVPRRVTXHVHFRQYHUWLDPGRHUURKHUpWLFR
,94XDQWDVFDUWDV'LRQtVLRFRPS{VVREUHHVWHDVVXQWR
, 'DSD]GHSRLVGDSHUVHJXLomR
,, 'DKHUHVLDGH6DEHOLR
9,, 'RDERPLQiYHOHUURGRVKHUHJHVGDYLVmRTXH'HXVHQYLRXD'LRQtVLRHGDUHJUD
HFOHVLiVWLFDTXHHVWHKDYLDUHFHELGR
, 'DKHWHURGR[LDGH1RYDWR
,, 'RtPSLREDWLVPRGRVKHUHJHV
;'H9DOHULDQRHVXDSHUVHJXLomR
, 'RTXHRFRUUHXD'LRQtVLRHDRVGR(JLWRQDSHUVHJXLomR
,, 'RVTXHPRUUHUDPPiUWLUHVHPHVDUpLDGD3DOHVWLQD
,,, 'DSD]HPWHPSRVGH*DOLHQR
,9 2VELVSRVTXHIORUHVFHUDPQDTXHOHWHPSR
9 'HFRPRHPHVDUpLDPRUUHXPiUWLU0DULQR
9, $KLVWyULDGH$VWLULR
;9,,
;9,,,'RVVLQDLVGDPDJQLILFrQFLDGHQRVVR6DOYDGRUH[LVWHQWHVHP3DQHDV
, 'RWURQRGH7LDJR
,, 'DVFDUWDVIHVWLYDVGH'LRQtVLRQDVTXDLVIL[DWDPEpPXPFkQRQVREUHD
3iVFRD
,,, 'RTXHDFRQWHFHXHP$OH[DQGULD
,9 'DGRHQoDTXHVREUHYHLRHP$OH[DQGULD
9 'RLPSpULRGH*DOLHQR
9, 'H1pSRVHVHXFLVPD
9,, 6REUHR$SRFDOLSVHGH-RmR
9,,, 'DVFDUWDVGH'LRQtVLR
,; 6REUH3DXORGH6DPRVDWDHDKHUHVLDTXHVXVFLWRXHP$QWLRTXLD
; 2VELVSRVLOXVWUHVTXHHUDPFpOHEUHVQDTXHOHWHPSR
;;,; 'HFRPRVHUHEDWHX3DXORHHVWHIRLH[FRPXQJDGR
;;;
, 'DKHWHURGR[DSHUYHUVmRGRVPDQLTXHXVLQLFLDGDSUHFLVDPHQWHHQWmR
,, 'RVYDU}HVHFOHVLiVWLFRVTXHVHGLVWLQJXLUDPHPQRVVRWHPSRHTXDLVGHOHV
- 12. YLYHUDPDWpRDWDTXHjVLJUHMDV
/,9529,,,
, 'DVLWXDomRDQWHULRUjSHUVHJXLomRGHQRVVRVGLDV
,, 'DGHVWUXLomRGDVLJUHMDV
,,,'RPRGRGHFRQGX]LUVHGRVTXHFRPEDWHUDPQDSHUVHJXLomR
,,, 'RVPiUWLUHVGH'HXVGLJQRVGHVHUHPFHOHEUDGRVFRPRHQFKHUDPFDGDOXJDU
FRPVXDPHPyULDGHSRLVGHFLQJLUVHYDULDGDVFRURDVHPGHIHVDGDUHOLJLmR
9 'RVPiUWLUHVGH1LFRPHGLD
9, 'RVPiUWLUHVGDVFDVDVLPSHULDLV
9,,'RVPiUWLUHVHJtSFLRVGD)HQtFLD
, 'RVPiUWLUHVGR(JLWR
,, 'RVPiUWLUHVGH7HEDLGD
,,, ,QIRUPHVHVFULWRVGRPiUWLU)LOHDVDFHUFDGRRFRUULGRHP$OH[DQGULD
,9 'RVPiUWLUHVGD)UtJLD
9 'HPXLWtVVLPRVRXWURVKRPHQVHPXOKHUHVTXHFRPEDWHUDPGHGLYHUVDVPDQHLUDV
9, 'RVSUHVLGHQWHVGDVLJUHMDVTXHSRUPHLRGHVHXVDQJXHPRVWUDUDPDYHUGDGHGD
UHOLJLmRGHTXHHUDPHPEDL[DGRUHV
9,, 'RFDUiWHUGRVLQLPLJRVGDUHOLJLmR
9,,, 'RDFRQWHFLGRDRVGHIRUD
,; 'DPXGDQoDHPHOKRUDGDVLWXDomR
; 'DSDOLQyGLDGRVVREHUDQRV
/LYUR,;
, 'DILQJLGDGLVWHQVmR
,, 'DSRVWHULRUSLRUD
,,, 'DHVWiWXDUHFpPHULJLGDHP$QWLRTXLD
, 'DVGHFLV}HVYRWDGDVFRQWUDQyV
,, 'DV0HPyULDVILQJLGDV
, 'RVTXHQHVWHWHPSRVRIUHUDPPDUWtULR
,, 'RHGLWRFRQWUDQyVDIL[DGRQDVFROXQDV
,,, 'RVDFRQWHFLPHQWRVTXHVHJXLUDPHQWUHIRPHSHVWHHJXHUUDV
,9 'DPRUWHFDWDVWUyILFDGRVWLUDQRVHSDODYUDVTXHSURQXQFLDUDPDQWHVGHPRUUHU
, 'DYLWyULDGRVLPSHUDGRUHVDPLJRVGH'HXV
,, 'DGHVWUXLomRILQDOGRVLQLPLJRVGDUHOLJLmR
/LYUR;
, 'DSD]TXH'HXVQRVRXWRUJRX
,, 'DUHVWDXUDomRGDVLJUHMDV
,,, 'DVGHGLFDo}HVHPWRGROXJDU
, 3DQHJtULFRDQWHRHVSOHQGRUGHQRVVRVDVVXQWRV
,, ySLDVGDVOHLVLPSHULDLVUHIHUHQWHVDRVFULVWmRV
9,
, 'DLPXQLGDGHGRVFOpULJRV
,, 'DSRVWHULRUSHUYHUVLGDGHGH/LFtQLRHGHVXDPRUWH
, 'DYLWyULDGHRQVWDQWLQRHGRTXHHVWHSHUPLWLXDRVV~GLWRVGRSRGHUURPDQR
- 14. ,
3URSyVLWRGDREUD
ePHXSURSyVLWRFRQVLJQDUDVVXFHVV}HVGRVVDQWRVDSyVWRORVHRVWHPSRVWUDQVFRUULGRVGHVGH
QRVVR6DOYDGRUDWpQyVRQ~PHURHDPDJQLWXGHGRVIHLWRVUHJLVWUDGRVSHODKLVWyULDHFOHVLiVWLFD
HRQ~PHURGRVTXHQHODVHVREUHVVDtUDPQRJRYHUQRHSUHVLGrQFLDGDVLJUHMDVPDLVLOXVWUHV
DVVLP FRPR R Q~PHUR GDTXHOHV TXH HP FDGD JHUDomR GH YLYD YR] RX SRU HVFULWR IRUDP RV
HPEDL[DGRUHVGDSDODYUDGH'HXVHWDPEpPTXDQWRVTXDLVHTXDQGRDEVRUYLGRVSHORHUURH
OHYDQGRDRH[WUHPRVXDVIDQWDVLDVSURFODPDUDPSXEOLFDPHQWHDVLPHVPRVLQWURGXWRUHVGHXP
PDOFKDPDGRVDEHUHGHYDVWDUDPVHPSLHGDGHFRPRORERVFUXpLVRUHEDQKRGHULVWR
H PDLV LQFOXVLYH DV GHVYHQWXUDV TXH VH DEDWHUDP VREUH WRGD D QDomR MXGLD GHSRLV TXH
FRQFOXtUDPVXDFRQVSLUDomRFRQWUDQRVVR6DOYDGRUDVVLPFRPRWDPEpPRQ~PHURRFDUiWHU
HRWHPSRGRVDWDTXHVGRVSDJmRVFRQWUDDGLYLQDGRXWULQDHDJUDQGH]DGHTXDQWRVSRUHOD
VHJXQGRDRFDVLmRHQIUHQWDUDPRFRPEDWHHPVDQJUHQWDWRUWXUDWDPEpPRVPDUWtULRVGHQRVVR
SUySULRWHPSRHDSURWHomREHQpYRODHSURStFLDGHQRVVR6DOYDGRU$RHPSUHHQGHUDREUDQmR
WRPDUHLRXWURSRQWRGHSDUWLGDTXHRSULQFtSLRGRVGHVtJQLRVGHQRVVR6DOYDGRUH6HQKRU-HVXV
RULVWRGH'HXV
0DV SRU LVVR PHVPR D REUD SHGH D FRPSUHHQVmR EHQHYROHQWH SDUD PLP TXH GHFODUR VHU
VXSHULRUDQRVVDVIRUoDVDSUHVHQWDUDFDEDGRHLQWHLURRSURPHWLGRSRVWRTXHVRPRVDWpDJRUDRV
SULPHLURVDDERUGDURWHPDFRPRTXHPHQIUHQWDXPFDPLQKRGHVHUWRHVHPSLVWDV5RJDPRVWHU
D'HXVFRPRJXLDHRSRGHUGR6HQKRUFRPRFRODERUDGRUSRUTXHGHKRPHQVTXHQRVWHQKDP
SUHFHGLGR SRU HVWH PHVPR FDPLQKR QD YHUGDGH QmR FRQVHJXLPRV HQFRQWUDU XPD VLPSOHV
SHJDGD DSHQDV VH WDQWR SHTXHQRV LQGtFLRV DWUDYpV GRV TXDLV FDGD XP D VXD PDQHLUD QRV
GHL[DUDPFRPRKHUDQoDUHODWRVSDUFLDLVGRVWHPSRVWUDQVFRUULGRVHGHORQJHQRVHVWHQGHPFRPR
WRFKDVVXDVSUySULDVSDODYUDVGHVGHOiHPFLPDFRPRGHXPDDWDODLDGLVWDQWHQRVFKDPDPH
QRVPRVWUDPSRURQGHVHGHYHFDPLQKDUHSRURQGHGHYHPRVHQFDPLQKDURVSDVVRVGDREUDVHP
HUURHVHPSHULJR
3DUDWDQWRQyVGHSRLVGHUHXQLURTXHDFKDPRVGHDSURYHLWiYHOSDUDQRVVRWHPDGDTXLORTXH
HVWHV DXWRUHV PHQFLRQDP DTXL H DOL H FROKHQGR FRPR GH XP SUDGR HVSLULWXDO DV IUDVHV
RSRUWXQDV GRV YHOKRV DXWRUHV WHQWDUHPRV GDU FRUSR D XPD WUDPD KLVWyULFD H HVWDUHPRV
VDWLVIHLWRVSRUSRGHUSUHVHUYDUGRHVTXHFLPHQWRDVVXFHVV}HVVHQmRGHWRGRVRVDSyVWRORVGH
QRVVR6DOYDGRUDRPHQRVGRVPDLVLPSRUWDQWHVQDV,JUHMDVPDLVLOXVWUHVTXHDLQGDKRMHVmR
OHPEUDGDV
$FUHGLWRTXHpGHWRGDIRUPDQHFHVViULRTXHPHSRQKDDWUDEDOKDUHVWHWHPDSRLVQmRVHLGH
QHQKXPHVFULWRUHFOHVLiVWLFRDWpKRMHTXHVHWHQKDSUHRFXSDGRFRPHVWHJrQHUROLWHUiULR(VSHUR
DLQGDTXHVHPRVWUHXWLOtVVLPRSDUDWRGRVTXDQWRVVHRFXSHPHPDGTXLULUXPDVyOLGDLQVWUXomR
KLVWyULFD
-iDQWHULRUPHQWHQRVkQRQHVFURQROyJLFRVSRUPLPUHGLJLGRVFRPSXVXPUHVXPRGHWXGR
LVVRDLQGDDVVLPQDSUHVHQWHREUDODQoDUPHHLDXPDH[SRVLomRPDLVFRPSOHWD
(FRPHoDUHLFRPRGLVVHSHODVGLVSRVLo}HVHDWHRORJLDGHULVWRTXHHPHOHYDomRHJUDQGH]D
H[FHGHPDRKRPHP
-i TXH HIHWLYDPHQWH TXHP VH GLVSRQKD D HVFUHYHU DV RULJHQV GD KLVWyULD HFOHVLiVWLFD GHYH
QHFHVVDULDPHQWHFRPHoDUSRUUHPRQWDUVHjSULPHLUDGLVSRVLomRGHULVWRPHVPRSRLVIRL
G (OHPHVPRTXHWLYHPRVDKRQUDGHUHFHEHURQRPHPDLVGLYLQDGRTXHSRVVDDSDUHFHUDR
YXOJR
,,
5HVXPRGDGRXWULQDVREUHDSUHH[LVWrQFLDGH1RVVR6DOYDGRUH6HQKRU
RULVWRGH'HXVHGDDWULEXLomRGDGLYLQGDGH@
6HQGRDtQGROHGHULVWRGXSODXPDVHPHOKDQWHjFDEHoDGRFRUSRHSRUHVWDRUHFRQKHFHPRV
FRPR'HXVHRXWUDFRPSDUiYHODRVSpVPHGLDQWHDTXDOHSDUDQRVVDVDOYDomRHOHVHUHYHVWLX
7P
$W
- 15. GHKRPHPVXMHLWRDRPHVPRTXHQyVQRVVDH[SRVLomRDVHJXLUVHUiSHUIHLWDVHLQLFLDUPRVR
GLVFXUVRGHWRGDVXDKLVWyULDSDUWLQGRGRVSRQWRVSULQFLSDLVHGRPLQDQWHV'HVWHPRGRDDQWL
JLGDGHHRFDUiWHUGLYLQRGRVFULVWmRVILFDUiSDWHQWHDRVROKRVGHWRGRVTXHSHQVDPTXHR
FULVWLDQLVPR@pDOJRQRYRHVWUDQKRGHRQWHPHQmRGHDQWHV
1HQKXPWUDWDGRSRGHULDEDVWDUSDUDH[SOLFDUHPSRUPHQRUHVDSUySULDVXEVWkQFLDHQDWXUH]D
GH ULVWR SRU LVVR R (VStULWR GLYLQR GL] 6XD OLQKDJHP TXHP D QDUUDUi SRLV QD YHUGDGH
QLQJXpPFRQKHFHXR3DLVHQmRR)LOKRHQLQJXpPFRQKHFHXDOJXPDYH]DR)LOKRVHJXQGRVXD
GLJQLGDGHVHQmRRSUySULR3DLTXHRHQJHQGURX
(TXHPDQmRVHUR3DLSRGHULDFRQFHEHUVHPLPSXUH]DDOX]TXHpDQWHULRUDRPXQGRH
DVDEHGRULDLQWHOLJHQWHHVXEVWDQFLDOTXHSUHFHGHXDRVVpFXORV R9HUERYLYHQWHQR3DLHTXH
GHVGHRSULQFtSLRp'HXVRSULPHLURH~QLFRTXH'HXVHQJHQGURXDQWHVGHWRGDDFULDomRHGH
WRGDDSURGXomRGHVHUHVYLVtYHLVHLQYLVtYHLVRJHQHUDOGRH[pUFLWRHVSLULWXDOHLPRUWDOGRFpXR
DQMRGRJUDQGHFRQVHOKRRVHUYLGRUGRSHQVDPHQWRLQHIiYHOGR3DLRID]HGRUGHWRGDVDFRLVDV
MXQWRDR3DLDFDXVDVHJXQGDGHWXGRGHSRLVGR3DLR)LOKRGH'HXVJHQXtQRH~QLFRR6HQKRU
R'HXVH5HLGHWRGRVRVVHUHVTXHUHFHEHXGR3DLDDXWRULGDGHVREHUDQDHDIRUoDMXQWRFRPD
GLYLQGDGHRSRGHUHDKRQUD3RUTXHHPYHUGDGHVHJXQGRRTXHGL]HPG (OHRVPLVWHULRVRV
HQVLQDPHQWRVGDV(VFULWXUDV1RSULQFtSLRHUDR9HUERHR9HUERHVWDYDHP'HXVHR9HUER
HUD'HXV7RGDVDVFRLVDVIRUDPIHLWDVSRU(OHHVHP(OHQDGDIRLIHLWR
(LVWRPHVPRTXHHQVLQDRJUDQGH0RLVpVFRPRRPDLVDQWLJRGRVSURIHWDVDRGHVFUHYHU
VREDLQVSLUDomRGRHVStULWRGLYLQRDFULDomRHDRUGHQDomRGRXQLYHUVRRFULDGRUHID]HGRU
GRXQLYHUVRFHGHXDULVWRHDSHQDVDULVWRVHXGLYLQRHSULPRJrQLWR9HUERRID]HURVVHUHV
LQIHULRUHVHFRP(OHRYHPRVFRQYHUVDQGRDFHUFDGDIRUPDomRGRKRPHP'LVVHWDPEpP'HXV
)DoDPRVRKRPHPjQRVVDLPDJHPHjQRVVDVHPHOKDQoD
)LDGRUGHVWDVHQWHQoDpRXWURSURIHWDDRIDODUDVVLPGH'HXVHPFHUWDSDVVDJHPGHVHXVKLQRV
3RLVHOHIDORXHIRLIHLWRHOHRUGHQRXHIRLFULDGR,QWURGX]DTXLR3DLHFULDGRUGLVSRQGRFRP
JHVWRUpJLRQDTXDOLGDGHGHVREHUDQRDEVROXWRHR9HUERGLYLQRQmRRXWURTXHRPHVPRTXH
QRVIRLDQXQFLDGRFRPRVHJXQGRGHSRLVG (OHHPLQLVWURH[HFXWRUGDVRUGHQVSDWHUQDV
$HVWHMiGHVGHRDOYRUHFHUGDKXPDQLGDGHWRGRVTXDQWRVQRVIRLGLWRTXHVREUHVVDtUDPSRUVXD
UHWLWXGHHVXDUHOLJLRVLGDGHRVFRPSDQKHLURVGRJUDQGHVHUYLGRU0RLVpVHDQWHVGHOH$EUDmR
RSULPHLURDVVLPFRPRVHXVILOKRVHWRGRVTXHVHPRVWUDUDPMXVWRVHSURIHWDVDRFRQWHPSOiOR
FRPRVROKRVOtPSLGRVGHVXDLQWHOLJrQFLDRUHFRQKHFHUDPHUHQGHUDPOKHRFXOWRGHYLGRFRPR
R)LOKRGH'HXV
( (OH PHVPR VHP GHVYLDU HP QDGD GH VXD SLHGDGH SDUD FRP R 3DL WRUQRXVH SDUD WRGRV R
PHVWUHGRFRQKHFLPHQWRGR3DL(DVVLPOHPRVTXHR6HQKRU'HXVIRLYLVWRSRU$EUDmRTXH
HVWDYDVHQWDGRQRFDUYDOKDOGH0DQUpVREDIRUPDGHXPKRPHPFRPXP$EUDmRVHSURVWUD
GH SURQWR H DLQGD TXH R ROKH FRP VHXV ROKRV GH KRPHP DLQGD DVVLP R DGRUD FRPR 'HXV
VXSOLFDOKHFRPR6HQKRUHFRQIHVVDVDEHUGHTXHPVHWUDWDYDDRGL]HUWH[WXDOPHQWH6HQKRUWX
TXHMXOJDVWRGDDWHUUDQmRYDLVID]HUMXVWLoD
3RUTXHVHQHQKXPDUD]mRSRGHDGPLWLUTXHDVXEVWkQFLDQmRFULDGDHLPXWiYHOGH'HXVWRGR
SRGHURVRVHWUDQVIRUPHQDIRUPDGHKRPHPQHPTXHFRPDDSDUrQFLDGHKRPHPFULDGRHQJDQH
RV ROKRV GRV TXH R YrHP QHP TXH D (VFULWXUD IRUMH HQJDQRVDPHQWH WDLV FRLVDV XP 'HXV H
6HQKRUTXHMXOJDWRGDDWHUUDHID]MXVWLoDHTXHpYLVWRVREDDSDUrQFLDGHKRPHPQHPVH
SHUPLWLQGRGL]HUTXHVHWUDWDGDFDXVDSULPHLUDGRXQLYHUVRTXHRXWURSRGHULDVHUSURFODPDGR
FRPRWDOVHQmRVHX~QLFRHSUHH[LVWHQWH9HUER6REUHHOHWDPEpPVHGL]QRVVDOPRV0DQGRX
,V
0W
3Y
-R
*Q
6O
*Q
*Q
- 16. VHX9HUERHRVVDQRXHRVOLYURXGHVXDFRUUXSomR
0RLVpVRSURFODPDFODUDPHQWHVHJXQGR6HQKRUGHSRLVGR3DLTXDQGRGL])H]R6HQKRUFKRYHU
HQ[RIUHHIRJRGDSDUWHGR6HQKRUVREUH6RGRPDH*RPRUUD7DPEpPD6DJUDGD(VFULWXUDR
SURFODPD'HXVTXDQGRDSDUHFHXD-DFyQDILJXUDGHXPKRPHPHIDORXDHOHGL]HQGR-iQmRWH
FKDPDUiV-DFyHVLP,VUDHOSRLVOXWDVWHFRP'HXVHHQWmR-DFyFKDPRXjTXHOHOXJDU9LVmR
GH'HXVGL]HQGR3RUTXHYL'HXVIDFHDIDFHHDPLQKDYLGDVHVDOYRX
( QmR VH SRGH VXSRU TXH HVWDV DSDULo}HV GLYLQDV PHQFLRQDGDV VHMDP GH DQMRV LQIHULRUHV H
VHUYLGRUHVGH'HXVSRLVTXDQGRDOJXPGHVWHVDSDUHFHDRVKRPHQVQmRVHFDODD(VFULWXUDPDV
FKDPDRVSRUVHXQRPHQmR'HXVQHPVHTXHU6HQKRUPDVDQMRVFRPRpIiFLOSURYDUFRP
LQFRQWiYHLVSDVVDJHQV
(DHVWH9HUER-RVXpVXFHVVRUGH0RLVpVGHSRLVGHKDYrORFRQWHPSODGRQmRGHRXWUDPDQHLUD
TXH HP IRUPD H ILJXUD GH KRPHP WDPEpP FKDPDR SUtQFLSH GR H[pUFLWR GH 'HXV FRPR
ID]HQGRRFKHIHGRVDQMRVHDUFDQMRVGRFpXHGRVSRGHUHVVXSHULRUHVHFRPRVHQGRSRGHUH
VDEHGRULDGR3DLHDTXHPIRLFRQILDGRRVHJXQGRSRVWRGRUHLQDGRHGRSULQFLSDGRVREUH
WRGDVDVFRLVDV
3RUTXHHVWiHVFULWR (VWDQGR-RVXpSHUWRGH-HULFyOHYDQWDQGRRVROKRVYLXGLDQWHGHOHXP
KRPHP TXH WUD]LD QD PmR XPD HVSDGD QXD FKHJRXVH -RVXp D HOH H GLVVHOKH eV WX GRV
QRVVRVRXGRVQRVVRVDGYHUViULRV5HVSRQGHXHOH(XVRXRJHQHUDOGRH[pUFLWRGR6HQKRU
DFDER GH FKHJDU (QWmR -RVXp VH SURVWURX VREUH R VHX URVWR QD WHUUD H GLVVHOKH 4XH GL]
PHX6HQKRUDRVHXVHUYR5HVSRQGHXRJHQHUDOGRH[pUFLWRGR6HQKRUD-RVXp'HVFDOoDDV
VDQGiOLDVGHWHXVSpVSRUTXHROXJDUHPTXHHVWiVpVDQWR
'HRQGHSDUWLQGRGDVSUySULDVSDODYUDVREVHUYDUiVTXHHVWHpRPHVPRTXHVHUHYHORXD0RLVpV
SRLVHIHWLYDPHQWHD6DJUDGD(VFULWXUDUHIHUHVHDHOHQRVPHVPRVWHUPRV9HQGRR6HQKRUTXH
HOHVHDSUR[LPDYDSDUDYHUR6HQKRUGRPHLRGDVDUoDRFKDPRXHGLVVH0RLVpV0RLVpV(OH
UHVSRQGHX
(LVPHDTXL(GLVVHR6HQKRUQmRWHFKHJXHVSDUDFiWLUDDVVDQGiOLDVGRVSpVSRUTXHR
OXJDUHPTXHHVWiVpWHUUDVDQWD(OKHGLVVH(XVRXR'HXVGHWHXSDL'HXVGH$EUDmR'HXV
GH,VDTXHH'HXVGH-DFy
(TXHDRPHQRVKiXPDVXEVWkQFLDDQWHULRUDRPXQGRYLYDHVXEVLVWHQWHTXHVHUYLXGHDMXGDDR
3DLH'HXVGRXQLYHUVRQDFULDomRGHWRGRVRVVHUHVFKDPDGD9HUERGH'HXVH6DEHGRULD$OpP
GDVSURYDVH[SRVWDVQRVIRLGDGRRXYLORGDSUySULD6DEHGRULDHPSHVVRDTXHSHODERFDGH
6DORPmRQRVLQLFLDFODUDPHQWHHPVHXSUySULRPLVWpULR(XD6DEHGRULDSODQWHLPLQKDOHQGD
QRFRQVHOKRHLQYRTXHLRFRQKHFLPHQWRHDLQWHOLJrQFLDSRUPHXLQWHUPpGLRUHLQDPRVUHLVHRV
SRWHQWDGRVDGPLQLVWUDPMXVWLoDSRUPHXLQWHUPpGLRRVJUDQGHVVmRHQJUDQGHFLGRVHSRUPHX
LQWHUPpGLRRVVREHUDQRVGRPLQDPDWHUUD
$R TXH DFUHVFHQWD 2 6HQKRU PH FULRX FRPR SULQFtSLR GH VHXV FDPLQKRV HP VXDV REUDV
DQWHV GRV VpFXORV DVVHQWRX PHXV IXQGDPHQWRV 1R SULQFtSLR DQWHV TXH IL]HVVH D WHUUD DQWHV
TXH EURWDVVHP DV IRQWHV GDV iJXDV DQWHV GH ILUPDU RV PRQWHV H DQWHV GH WRGRV RV RXWHLURV
HQJHQGURXDPLP4XDQGRSUHSDUDYDRVFpXVHXHVWDYDFRP(OHHTXDQGRWRUQDYDSHUHQHV
RV PDQDQFLDLV TXH HVWmR VRE R FpX HX HVWDYD FRP (OH D GLULJLU (X PH VHQWDYD DOL RQGH D
FDGDGLD(OHVHDJUDGDYDHPHHQFDQWDYDHVWDUGLDQWHG (OHHPWRGDRFDVLmRTXDQGR(OHVH
FRQJUDWXODYDSRUWHUWHUPLQDGRRXQLYHUVR
%UHYHPHQWHSRLVHVWiH[SRVWRTXHR9HUERGLYLQRH[LVWLDDQWHVGHWXGRHWDPEpPDTXHP
DSDUHFHXMiTXHQmRRIH]DWRGRV
6O
*Q
*Q
*Q
-V
R
-V
([
3Y
3Y
- 17. 0DVSRUTXHQmRIRLLVWRHQVLQDGRDQWHVDQWLJDPHQWHDWRGRVRVKRPHQVHDWRGDVDVQDo}HV
DVVLPFRPRpDJRUD7DOYH]SRVVDH[SOLFiORHVWDUHVSRVWDDYLGDSULPLWLYDGRVKRPHQVHUD
LQFDSD]GHHQFRQWUDUXPOXJDUSDUDRHQVLQDPHQWRGHULVWRWRGRVDEHGRULDHYLUWXGH
'H IDWR ORJR QR LQtFLR GHSRLV GH VHX SULPHLUR WHPSR GH YLGD IHOL] R SULPHLUR KRPHP VH
DIDVWRXGRVPDQGDPHQWRVGLYLQRVHODQoRXVHQHVWDYLGDPRUWDOHSHUHFtYHOWURFDQGRDVGHOtFLDV
GLYLQDVGRFRPHoRSRUHVWDWHUUDPDOGLWD
(VHXVGHVFHQGHQWHVSRYRDUDPWRGDQRVVDWHUUDHFRPH[FHomRGHXQVSRXFRVDTXLHDOLIRUDP
PDQLIHVWDPHQWH GHJHQHUDQGR H FKHJDUDP D WHU XPD FRQGXWD SUySULD GH DQLPDLV H XPD YLGD
LQWROHUiYHO
1mROKHVRFRUULDVHTXHUSHQVDUHPFLGDGHVQHPHPQRUPDVQHPHPDUWHVQHPHPFLrQFLDV
'HOHLVHMXt]RVDVVLPFRPRGDYLUWXGHHGDILORVRILDQmR
FRQKHFLDP QHP R QRPH RPR JHQWH UXGH H VHOYDJHP OHYDYDP YLGD Q{PDGH SRU OXJDUHV
GHVHUWRVRPDH[FHVVLYDPDOGDGHDTXHOLYUHPHQWHVHHQWUHJDUDPFRUURPSLDPRUDFLRFtQLR
QDWXUDOHWRGDVHPHQWHGHLQWHOLJrQFLDHMVXDYLGDGHSUySULDVGDDOPDKXPDQD(DWDOSRQWRVH
HQWUHJDYDPVHPUHVHUYDVDWRGDLQLTLGDGHTXHSRUYH]HVVHFRUURPSLDPPXWXDPHQWHjVYH]HV
VHPDWDYDPXQVDRVRXWURVRFDVLRQDOPHQWHSUDWLFDYDPDDQWURSRIDJLDOHYDUDPVXDRXVDGLDDWp
DFRPEDWHUFRQWUD'HXVHWUDYDUHVWDVJXHUUDVGHJLJDQWHVSRUWRGRVFRQKHFLGDVHSHQVDUDPHP
IRUWLILFDUDWHUUDFRQWUDRFpXHSUHSDUDUVHHPVHXORXFRGHVYDULRSDUDID]HUJXHUUDjTXHOHTXH
HVWiVREUHWXGR
$RV TXH OHYDYDP WDO YLGD 'HXV TXH WXGR FRQWUROD SHUVHJXLX FRP LQXQ GDo}HV H LQFrQGLRV
GHYDVWDGRUHV FRPR VH IRVVHP XPD IORUHVWD VHOYDJHP HVSDOKDGD SHOD WHUUD H RV DEDWHX FRP
IRPHV FRQWtQXDV FRP SHVWHV H JXHUUDV H DLQGD IXOPLQDQGRRV GR DOWR FRPR VH FRP HVWHV
UHPpGLRVWmRDPDUJRVWHQWDVVHHOLPLQDUXPDHVSDQWRVDHJUDYtVVLPDHQIHUPLGDGHGDVDOPDV
(QWmR SRLV TXDQGR HVWDYDP UHDOPHQWH D SRQWR GH FKHJDU DR HVWXSRU GD PDOGDGH FRPR R
GH XPD WUHPHQGD HPEULDJXH] TXH REVFXUHFHVVH H DIXQGDV VH HP WUHYDV DV DOPDV GH TXDVH
WRGRVRVKRPHQVD6DEHGRULDGH'HXVVXDSULPHLUDHSULPRJrQLWDFULDWXUDRSUySULR9HUER
SUHH[LVWHQWHSRUXPH[FHVVRGHDPRUDRVKRPHQVVHPDQLIHVWRXDRVVHUHVLQIHULRUHVDOJXPDV
YH]HV SRU PHLR GH YLV}HV GH DQMRV H RXWUDV SRU VL PHVPR FRPR SRGHU VDOYDGRU GH 'HXV D
DOJXQVSRXFRVGRVDQWLJRVYDU}HVDPLJRVGH'HXVHQmRGHRXWUDPDQHLUDTXHHPIRUPDGH
KRPHPD~QLFDHPTXHSRGHULDDSDUHFHUSDUDHOHV
0DV XPD YH] TXH SRU PHLR GHVWHV D VHPHQWH GD UHOLJLmR VH HVWHQGHX D XPD PXOWLGmR GH
KRPHQVHVXUJLXGRVSULPHLURVKHEUHXVGDWHUUDXPDQDomRLQWHLUDTXHVHDSHJRXjUHOLJLmR
'HXVSRUPHLRGRSURIHWD0RLVpVHQWUHJRXDHVWHVFRPRDKRPHQVTXHFRQWLQXDYDPHPVHX
DQWLJRHVWLORGHYLGDLPDJHQVHVtPERORVGHFHUWRPLVWHULRVRViEDGRHGDFLUFXQFLVmRHLQLFLRX
RVHPRXWURVSUHFHLWRVHVSLULWXDLVPDVQmRUHYHORXOKHVRSUySULRPLVWpULR
0DV D VXD OHL ILFRX IDPRVD H FRPR XPD EULVD SHUIXPDGD GLIXQGLXVH HQWUH RV KRPHQV
(QWmR D SDUWLU GHOHV DV PHQWHV GD PDLRULD GRV SRYRV VH IRL VXDYL]DQGR SRU LQIOXrQFLD GH
OHJLVODGRUHVHILOyVRIRVGDTXLHG DFROiHDSUySULDFRQGLomRGHDQLPDLVUXGHVHVHOYDJHQVIRLVH
WUDQVIRUPDQGRHPVXDYLGDGHDRSRQWRGHFKHJDUHPDXPDSD]SURIXQGDDPL]DGHHWUDWRGHXQV
FRPRVRXWURV3RLVEHPDVVLPpTXHILQDOPHQWHQRLQtFLRGRLPSpULRURPDQRHSRUPHLRGH
XPKRPHPTXHHPQDGDGLIHULDGHQRVVDQDWXUH]DTXDQWRjVXEVWkQFLDFRUSRUDOVHPDQLIHVWRX
DWRGRVRVKRPHQVHDWRGDVDVQDo}HVHVSDOKDGDVSHORPXQGRFRQVLGHUDQGRRVSUHSDUDGRVH
GLVSRVWRVMiDUHFHEHURFRQKHFLPHQWRGR3DLDTXHOHPHVPRPHVWUHGHYLUWXGHVHPSHVVRDR
FRODERUDGRUGR3DLHPWRGDERDREUDRGLYLQRHFHOHVWLDO9HUERGH'HXVHWmRJUDQGHVFRLVDV
UHDOL]RX H SDGHFHX TXDQWDV VH DFKDYDP QDV SURIHFLDV HVWDV KDYLDP SURFODPDGR GH DQWHPmR
TXHXPKRPHPH'HXVDRPHVPRWHPSRYLULDDKDELWDUQHVWDYLGDHUHDOL]DULDPDUDYLOKDVH
VHULD UHFRQKHFLGR FRPR PHVWUH GD UHOLJLmR GH VHX 3DL SDUD WRGDV DV QDo}HV WDPEpP KDYLDP
SURFODPDGR D PDUDYLOKD GH VHX QDVFLPHQWR D QRYLGDGH GH VHXV HQVLQDPHQWRV VXDV REUDV
DGPLUiYHLV H FRPR VH LVWR IRVVH SRXFR D IRUPD GH VXD PRUWH VXD UHVVXUUHLomR GH HQWUH RV
PRUWRVHVREUHWXGRVXDGLYLQDUHVWDXUDomRQRVFpXV
(VWDYLVmRWmRSHVVLPLVWDQmRSURYpPGDV(VFULWXUDVPDVGDILORVRILDJUHJD
- 18. 4XDQWRDRUHLQDGRILQDOGR9HUERRSURIHWD'DQLHOFRQWHPSODQGRRVRELQIOXrQFLDGRHVStULWR
GLYLQRVHQWLXVHGLYLQDPHQWHLQVSLUDGRHGHVFUHYHXDVVLPEHPDRHVWLORKXPDQRVXDYLVmR
3RUTXHHXGLVVHHVWDYDROKDQGRDWpTXHIRUDPFRORFDGRVWURQRVHXPDQFLmRGHPXLWRVGLDV
VHDVVHQWRX(VXDURXSDHUDDOYDFRPRDQHYHHVHXFDEHORFRPROmOLPSDVHXWURQRHUDXPD
FKDPDGHIRJRHVXDVURGDVIRJRDUGHQWH8PULRGHIRJREURWDYDGLDQWHG (OHHPLOKDUHV
GHPLOKDUHVRVHUYLDPHPLUtDGHVHPLUtDGHVHVWDYDPGLDQWHG (OH6HQWRXVHRWULEXQDOHVH
DEULUDPRVOLYURV
$SyVSRXFDVOLQKDVFRQWLQXDGL]HQGR(XHVWDYDROKDQGRHHLVTXHYLQKDFRPDVQXYHQVGR
FpXXPFRPRR)LOKRGRKRPHPTXHGLULJLXVHDR$QFLmRGHPXLWRVGLDVHRIL]HUDPFKHJDU
DWpHOH)RLOKHGDGRGRPtQLRHJOyULDHRUHLQRSDUDTXHRVSRYRVQDo}HVHKRPHQVGHWRGDV
DVOtQJXDVRVHUYLVVHPRVHXGRPtQLRpGRPtQLRHWHUQRQmRSDVVDUiHRVHXUHLQRQmRVHUi
GHVWUXtGR
3RLVEHPHVWiFODURTXHWRGDVHVWDVFRLVDVQmRSRGHULDPUHIHULUVHDRXWURTXHDQRVVR6DOYDGRU
DR 'HXV9HUER TXH QR SULQFtSLR HVWDYD HP 'HXV H TXH SRU FDXVD GH VXD HQFDUQDomR QRV
~OWLPRVWHPSRVIRLFKDPDGR)LOKRGRKRPHP
0DVILTXHPRVFRQWHQWHVFRPRTXHIRLGLWRSDUDDSUHVHQWHREUDSRLVHPFRPHQWiULRVHVSHFLDLV
MiUHXQLDVSURIHFLDVTXHWDQJHPD-HVXVULVWRQRVVR6DOYDGRUHHPRXWURVHVFULWRVGHLXPD
PHOKRUGHPRQVWUDomRGHWXGRTXHH[SXVHPRVDFHUFDG (OH
,,,
'HFRPRRVQRPHVGH-HVXVHGHULVWRMiHUDPFRQKHFLGRVGHVGHDDQWLJLGDGHHKRQUDGRV
SHORVSURIHWDVLQVSLUDGRVSRU'HXV
eFKHJDGRRPRPHQWRGHGHPRQVWUDUTXHWDPEpPHQWUHRVDQWLJRVSURIHWDVDPLJRVGH'HXVMi
VHKRQUDYDPRVQRPHVGH-HVXVHGHULVWR
0RLVpVPHVPRIRLRSULPHLURDFRQKHFHURQRPHGHULVWRFRPRRPDLVDXJXVWRHJORULRVR
TXDQGR IH] HQWUHJD GH ILJXUDV VtPERORV H LPDJHQV PLVWHULRVRV GDV FRLVDV GR FpX FRQIRUPH
D YR] TXH OKH GL]LD 9r SRLV IDUiV WRGDV DV FRLVDV VHJXQGR R PRGHOR TXH WH IRL PRVWUDGR
QRPRQWHHFHOHEUDQGRDRVXPRVDFHUGRWHGH'HXVWDQWRTXDQWRpSRVVtYHODXPKRPHP
SURFODPDR ULVWR $ HVWD GLJQLGDGH GR VXSUHPR VDFHUGyFLR TXH SDUD HOH XOWUDSDVVD D
TXDOTXHUGLJQLGDGHGRVKRPHQVVREUHDKRQUDHDJOyULDDGLFLRQDRQRPHGHULVWR3RUWDQWR
HOHFRQKHFLDRFDUiWHUGLYLQRGHULVWR
0DV R PHVPR 0RLVpV SRU REUD GR HVStULWR GLYLQR FRQKHFLD GH DQWHPmR EHP FODUDPHQWH
WDPEpPRQRPHGH-HVXVFRQVLGHUDQGRRPHVPRGLJQRGHXPSULYLOpJLR~QLFR1DYHUGDGH
QXQFDVHKDYLDSURQXQFLDGRHVWHQRPHHQWUHRVKRPHQVDQWHVGHVHUFRQKHFLGRSRU0RLVpV(VWH
DSOLFDRQRPHGH-HVXVSHODSULPHLUDH~QLFDYH]jTXHOHTXHQRYDPHQWHFRQIRUPHDILJXUDHR
VtPERORHOHVDELDTXHYLULDDVXFHGrORGHSRLVGHVXDPRUWHQRFRPDQGRVXSUHPR
1XQFD DQWHV VHX VXFHVVRU KDYLD XVDGR R QRPH GH -HVXV PDV HUD FKDPDGR SRU RXWUR QRPH
$XVpH[DWDPHQWHRTXHOKHKDYLDPGDGRVHXVSDLV0RLVpVGHXOKHRQRPHGH-HVXVFRPRXP
SULYLOpJLRSUHFLRVRPXLWRPDLRUGRTXHRGHXPDFRURDUHDO'HXOKHHVWHQRPHSRUTXHHP
UHDOLGDGHRSUySULR-HVXVILOKRGH1DYpHUDSRUWDGRUGDLPDJHPGHQRVVR6DOYDGRUR~QLFR
TXH GHSRLV GH 0RLVpV H GHSRLV GH KDYHU FRQFOXtGR R FXOWR VLPEyOLFR SRU HOH WUDQVPLWLGR R
VXFHGHULDQRFRPDQGRGDYHUGDGHLUDHVyOLGDUHOLJLmR
( GHVWD PDQHLUD 0RLVpV GDQGROKHV D PDLRU KRQUD DSOLFRX R QRPH GH -HVXV ULVWR QRVVR
6DOYDGRUDRVGRLVKRPHQVTXHVHJXQGRHOHPDLVVREUHVVDtDPHPYLUWXGHHJOyULDVREUHWRGRR
SRYRDVDEHURVXPRVDFHUGRWHHDTXHOHTXHKDYHULDGHVXFHGrORQRFRPDQGR
(VWi FODUR WDPEpP TXH RV SURIHWDV SRVWHULRUHV DQXQFLDUDP D ULVWR SRU VHX QRPH H GHUDP
WHVWHPXQKR DGLDQWDGDPHQWH QmR DSHQDV GD FRQVSLUDomR GR SRYR MXGHX TXH VHULD OHYDQWDGD
'Q
'Q
([FI+E
/Y
1P
$XVppDIRUPDXVDGDQD/;;DVVLPFRPR-HVXVPDLVDGLDQWHQRWH[WRPDVRUpWLFRRVQRPHVVmR2VpLDVH-RVXp
- 19. FRQWUD(OHPDVWDPEpPGRFKDPDPHQWRTXH(OHIDULDDWRGDVDVQDo}HV8PDYH]VHUi-HUHPLDV
TXDQGRDVVLPGL]2HVStULWRGHQRVVRURVWRRULVWR6HQKRUGHTXHPKDYtDPRVGLWR$VXD
VRPEUDYLYHUHPRVHQWUHRVSRYRVFDLXSUHVRHPVXDDUPDGLOKDV2XWUDYH]VHUi'DYLTXH
H[FODPD SHUSOH[R 3RU TXH VH DPRWLQDUDP DV QDo}HV H RV SRYRV LPDJLQDUDP SODQRV YmRV
/HYDQWDUDPVHRVUHLVGDWHUUDHRVSUtQFLSHVVHXQLUDPFRQWUDR6HQKRUHVHXULVWRHORJR
DFUHVFHQWDIDODQGRQDSUySULDSHVVRDGHULVWR26HQKRUPHGLVVH7XpVPHXILOKRHXKRMHWH
JHUHL3HGHPHHHXWHGDUHLDVQDo}HVHPKHUDQoDHRVFRQILQVGDWHUUDHPSRVVHVVmR
0DVGHYHVHVDEHUTXHHQWUHRVKHEUHXVRQRPHGHULVWRQmRHUDRUQDPHQWRDSHQDVGRVTXH
HVWDYDPLQYHVWLGRVGRVXPRVDFHUGyFLRHHUDPXQJLGRVVLPEROLFDPHQWHFRPyOHRSUHSDUDGR
PDV WDPEpP GRV UHLV TXH HUDP XQJLGRV SHORV SURIHWDV SRU LQVSLUDomR GLYLQD H ID]LDP GHOHV
LPDJHQVGHULVWRSRLVHIHWLYDPHQWHHVWHVUHLVMiOHYDYDPHPVLPHVPRVDLPDJHPGRSRGHU
UHDOHVREHUDQRGR~QLFRHYHUGDGHLURULVWR9HUERGLYLQRTXHUHLQDVREUHWRGDVDVFRLVDV
$OpPGLVVRDWUDGLomRQRVID]VDEHULJXDOPHQWHTXHWDPEpPDOJXQVSURIHWDVIRUDPFRQYHUWLGRV
HPULVWRVILJXUDGDPHQWHSRUPHLRGDXQomRFRPRyOHRGHIRUPDTXHWRGRVHVWHVID]HP
UHIHUrQFLDDRYHUGDGHLURULVWRR9HUERGLYLQRHFHOHVWLDO~QLFRVXPR6DFHUGRWHGRXQLYHUVR
~QLFRUHLGHWRGDDFULDomRHHQWUHRVSURIHWDV~QLFRVXPR3URIHWDGR3DL
3URYDGLVWRpTXHQHQKXPGRVTXHDQWLJDPHQWHIRUDPXQJLGRVVLPEROLFDPHQWHQHPVDFHUGRWHV
QHPUHLVQHPSURIHWDVSRVVXtUDPWmRDOWRSRGHUGHYLUWXGHGLYLQDFRPRHVWiGHPRQVWUDGRTXH
SRVVXLX-HVXVQRVVR6DOYDGRUH6HQKRUR~QLFRHYHUGDGHLURULVWR
$R PHQRV QHQKXP GHOHV SRU PDLV TXH EULOKDVVH SRU VXD GLJQLGDGH H SRU VXD KRQUD HQWUH RV
VHXV HP WDQWDV JHUDo}HV GHX MDPDLV R QRPH GH FULVWmRV DRV VHXV V~GLWRV DSOLFDQGROKHV
ILJXUDGDPHQWHRQRPHGHULVWR1HPWDPSRXFRVHXVV~GLWRVUHQGHUDPOKHVDKRQUDGHFXOWR
QHP IRL GH QHQKXP GHOHV D GLVSRVLomR GH TXH DSyV D VXD PRUWH HVWLYHVVHP SUHSDUDGRV SDUD
PRUUHUSHORPHVPRDTXHPKRQUDYDP(SRUQHQKXPGHOHVKRXYHWDPDQKDFRPRomRGHWRGDV
DVQDo}HVGRYDVWRPXQGR(DVVLPpTXHDIRUoDGRVtPERORTXHKDYLDQHOHVHUDLQFDSD]GH
RSHUDUFRPRRSHURXDSUHVHQoDGDYHUGDGHGHPRQVWUDGDDWUDYpVGHQRVVR6DOYDGRU
(VWHQmRWRPRXGHQLQJXpPRVVtPERORVHILJXUDVGRVXPRVDFHUGyFLRQHPGHVFHQGLDTXDQWRj
FDUQHGHIDPtOLDVDFHUGRWDOQHPIRLHOHYDGRjGLJQLGDGHUHDOSRUXPFRUSRGHJXDUGDFRPSRVWR
GHKRPHQVQHPPHVPRIRLXPSURIHWDLJXDODRVGHDQWLJDPHQWHQHPREWHYHHQWUHRVMXGHXV
QHQKXPDSUHFHGrQFLDGHKRQUDRXGHTXDOTXHURXWURWLSRHDLQGDDVVLPHVWiDGRUQDGRSHOR3DL
GHWRGDVHVWDVSUHUURJDWLYDVHQmRSRUILJXUDPDVHPYHUGDGHPHVPR
$VVLPVHPWHUVLGRREMHWRGHQDGDVHPHOKDQWHDRTXHGHVFUHYHPRVHVWiSURFODPDGRULVWRFRP
PDLVUD]mRTXHWRGRVDTXHOHVHVHQGR(OHPHVPRR~QLFRHYHUGDGHLURULVWRGH'HXVHQFKHX
R PXQGR LQWHLUR GH FULVWmRV LVWR p GH VHX QRPH UHDOPHQWH YHQHUiYHO H VDJUDGR -i QmR VmR
ILJXUDVHLPDJHQVRTXH(OHHQWUHJDDVHXVVHJXLGRUHVPDVDVSUySULDVYLUWXGHVHPVXDSXUH]DH
XPDYLGDQRFpXFRPDSUySULDGRXWULQDGDYHUGDGH
( D XQomR TXH UHFHEHX QmR IRL SUHSDUDGD FRP VXEVWkQFLDV PDWHULDLV PDV DOJR GLYLQR SHOR
(VStULWR GH 'HXV SRU VXD SDUWLFLSDomR QD GLYLQGDGH LQFULDGD GR 3DL e MXVWDPHQWH LVWR TXH
HQVLQDYD,VDtDVTXDQGRFODPDYDFRPRVHRIL]HVVHFRPDSUySULDYR]GHULVWR2(VStULWRGR
6HQKRUHVWiVREUHPLPSRULVWRPHXQJLXHQYLRXPHSDUDDQXQFLDUDERDQRYDDRVSREUHVD
DSUHJRDUDRVFDWLYRVDOLEHUGDGHHDRVFHJRVRYHUGHQRYR
(QmRDSHQDV,VDtDV7DPEpP'DYLGLULJHVHDRPHVPRULVWRHOKHGL]7HXWURQRpy'HXV
HWHUQR H SDUD VHPSUH R FHWUR GR WHX UHLQR FHWUR GH UHWLGmR $PDVWH D MXVWLoD H RGLDVWH
D PDOGDGH SRU LVVR WH XQJLX 'HXV R WHX 'HXV FRP yOHR GH DOHJULD PDLV TXH DRV WHXV
FRPSDQKHLURV$TXLRSULPHLURYHUVtFXORGRWH[WRRFKDPD'HXVRVHJXQGRKRQUDRFRPR
FHWURUHDO
/P
6O
6O
5HFRUGHVHTXHULVWRVLJQLILFDXQJLGR
,V/F
6O
- 20. (PFRQWLQXDomRGHSRLVGHVHXSRGHUGLYLQRHUHDOPRVWUDRPHVPRULVWRHPWHUFHLUROXJDU
XQJLGR QmR FRP R yOHR TXH SURFHGH GH PDWpULD ItVLFD PDV FRP R yOHR GLYLQR GD DOHJULD
UHSUHVHQWDQGRVXDH[FHOrQFLDVXDVXSHULRULGDGHHVXDGLIHUHQoDHPUHODomRDRVDQWLJRVXQJLGRV
PDLVFRUSRUHDPHQWHHILJXUDGDPHQWH
(PRXWUDSDVVDJHPRPHVPR'DYLUHYHODDVFRLVDVTXHVHUHIHUHPDULVWRFRPHVWDVSDODYUDV
'LVVH R 6HQKRU DR PHX VHQKRU 6HQWDWH j PLQKD GHVWUD HQTXDQWR SRQKR WHXV LQLPLJRV VRE
RV WHXV SpV ( WDPEpP 'R PHX VHLR WH FULHL DQWHV GR DOYRUHFHU -XURX R 6HQKRU H QmR VH
DUUHSHQGHUi7XpVVDFHUGRWHSDUDVHPSUHVHJXQGRDRUGHPGH0HOTXLVHGHTXH
3RLV EHP HVWH 0HOTXLVHGHTXH DSDUHFH QDV 6DJUDGDV (VFULWXUDV FRPR VDFHUGRWH GR 'HXV
$OWtVVLPRVHPTXHIRVVHDVVLQDODGRFRPDOJXPyOHRSUHSDUDGRHVHPTXHIRVVHDSDUHQWDGR
FRP R VDFHUGRWH KHEUHX SRU VXFHVVmR KHUHGLWiULD DOJXPD 3RU LVVR p TXH QRVVR 6DOYDGRU p
SURFODPDGRFRPMXUDPHQWRULVWRH6DFHUGRWHVHJXQGRVXDRUGHPHQmRVHJXQGRDGHRXWURV
TXHKDYLDPUHFHELGRVtPERORVHILJXUDV
(SRULVVRTXHDKLVWyULDWDPSRXFRQRVWUDQVPLWLXTXHULVWRWLYHVVHVLGRXQJLGRFRUSRUHDPHQWH
HQWUHRVMXGHXVQHPTXHWLYHVVHQDVFLGRGHXPDWULERVDFHUGRWDOSHORFRQWUiULRTXHUHFHEHXVHX
VHUGH'HXVPHVPRDQWHVGRDOYRUHFHULVWRpDQWHVGDFULDomRGRPXQGRHTXHWRPRXSRVVHGH
XPVDFHUGyFLRLPRUWDOHGXUDGRXURSHODHWHUQLGDGHVHPILP
8PDSURYDVyOLGDHSDWHQWHGHVWDXQomRLQFRUSyUHDHGLYLQDpTXHGHWRGRVRVKRPHQVGHVHX
WHPSR H GRV TXH VH VHJXLUDP DWp KRMH XQLFDPHQWH (OH HQWUH WRGRV H QR PXQGR LQWHLUR IRL
FKDPDGRHSURFODPDGRULVWRVRPHQWHD(OHUHFRQKHFHPVREHVWHQRPHGmRWHVWHPXQKRG (OH
HVHUHFRUGDPG (OHWRGRVWDQWRJUHJRVTXDQWREiUEDURVHDWpKRMHVHXVVHJXLGRUHVHVSDOKDGRV
SRUWRGDDWHUUDKDELWDGDVHJXHPGDQGROKHKRQUDVGHUHLKRQUDQGRRPDLVGRTXHDRVSURIHWDV
HJORULILFDQGRRFRPRRYHUGDGHLURH~QLFRVXPR6DFHUGRWHGH'HXVHDFLPDGHWXGRLVWRSRU
VHU9HUERGH'HXVSUHH[LVWHQWHHQDVFLGRDQWHVGHWRGRVRVVpFXORVHSRUKDYHUUHFHELGRGR3DL
DVKRQUDVGLYLQDVDGRUDPQRFRPRD'HXV
( R TXH p PDLV H[WUDRUGLQiULR TXH DTXHOHV TXH D (OH HVWDPRV FRQVDJUDGRV QmR VRPHQWH R
KRQUDPRVFRPDYR]HFRPSDODYUDVPDVWDPEpPFRPDSOHQDGLVSRVLomRGDDOPDDRSRQWRGH
HVWLPDUPDLVRPDUWtULRSRU(OHGRTXHQRVVDSUySULDYLGD
,9
'HFRPRRFDUiWHUGDUHOLJLmRDQXQFLDGDSRUULVWRDWRGDVDVQDo}HVQmRHUDQRYRQHP
HVWUDQKR
e EDVWDQWH R TXH IRL GLWR SDUD LQLFLDU PLQKD QDUUDomR SDUD TXH QLQJXpP SHQVH TXH QRVVR
6DOYDGRUH6HQKRU-HVXVULVWRpDOJRQRYRGHYLGRDVXDpSRFDGHYLGDHPFDUQHPRUWDO0DV
SDUDTXHQLQJXpPSRVVDDLQGDVXSRUTXHVXDGRXWULQDpQRYDHHVWUDQKDFRPRVHWLYHVVHVLGR
FULDGDSRUXPKRPHPUHFHQWHHHPQDGDGLIHUHQWHGRVGHPDLVKRPHQVH[SOLFDUHPRVWDPEpP
EUHYHPHQWHHVWHSRQWR
1mR ID] PXLWR WHPSR HIHWLYDPHQWH TXH EULOKRX VREUH WRGRV RV KRPHQV D SUHVHQoD GH QRVVR
6DOYDGRU-HVXVULVWRHXPSRYRQRYRQRFRQFHLWRGHWRGRVIH]VXDDSDULomRDVVLPGHUHSHQWH
FRQIRUPHDVLQHIiYHLVSUHGLo}HVGRVWHPSRVXPSRYRQmRSHTXHQRQHPIUDFRQHPORFDOL]DGR
HPDOJXPUHFDQWRGDWHUUDPDVDRFRQWUiULRRPDLVQXPHURVRHRPDLVUHOLJLRVRGHWRGRVRV
SRYRVLQGHVWUXWtYHOHLQYHQFtYHOSRUVHUHPWRGRPRPHQWRREMHWRGRIDYRUGLYLQRRSRYRDR
TXDOWRGRVKRQUDPFRPRQRPHGHULVWR
8PGRVSURIHWDVTXHFRQWHPSORXDQWHFLSDGDPHQWHFRPRVROKRVGR(VStULWRGH'HXVDIXWXUD
H[LVWrQFLDGHVWHSRYRHQFKHXVHGHWDODVVRPEURTXHVHS{VDJULWDU4XHPYLXVHPHOKDQWHFRLVD
(TXHPIDORXDVVLP1DVFHXPDWHUUDHPXPGLDHQDVFHXPSRYRGHXPDYH](RPHVPR
SURIHWDID]WDPEpPDOXVmRHPRXWUROXJDUDRQRPHIXWXURGHVWHSRYRTXDQGRGL](RVPHXV
VHUYRVVHUmRFKDPDGRVSRUXPQRPHQRYRTXHVHUiEHQGLWRVREUHDWHUUD
6O
6O
*Q
,V
,V
- 21. 0DVVHHVWiFODURTXHQyVVRPRVQRYRVHTXHHVWHQRPHGHFULVWmRVVyIRLUHDOPHQWHFRQKHFLGR
HQWUHWRGDVDVQDo}HVUHFHQWHPHQWHDLQGDDVVLPHDSHVDUGLVWRGHPRQVWUDUHPRVDTXLTXHQRVVD
YLGDHRFDUiWHUGHQRVVDFRQGXWDDGDSWDGDDRVSUySULRVSUHFHLWRVGDUHOLJLmRQmRpLQYHQomR
QRVVD GH RQWHP PDV TXH SRU DVVLP GL]HU PDQWHYHVH HP YLJRU GHVGH D SULPHLUD FULDomR GR
KRPHPJUDoDVDRERPVHQVRGDTXHOHVDQWLJRVYDU}HVDPLJRVGH'HXV
2SRYRKHEUHXQmRpXPSRYRQRYRSHORFRQWUiULRpVDELGRSRUWRGRVTXHRVKRPHQVVHPSUH
R UHFRQKHFHUDP SRU VXD DQWLJLGDGH 3RLV EHP VHXV GRFXPHQWRV H HVFULWRV PHQFLRQDP
DOJXQV KRPHQV DQWLJRV HVFDVVRV H HVSDoDGRV QR WHPSR p FHUWR PDV HP WURFD H[FHOHQWHV
HPUHOLJLRVLGDGHHPMXVWLoDHHPWRGDVDVGHPDLVYLUWXGHV'HVWHVDOJXQVYLYHUDPDQWHVGR
GLO~YLR RXWURV GHSRLV ( GHQWUH RV ILOKRV H GHVFHQGHQWHV GH 1Rp GHVWDFDVH HVSHFLDOPHQWH
$EUDmRGHTXHPRVILOKRVGRVKHEUHXVVHJDEDPGHWHUSRUDXWRUHSULPHLURSDL
6H UHPRQWDQGRVH GHVGH $EUDmR DWp R SULPHLUR KRPHP DOJXpP GLVVHVVH TXH WRGRV HVWHV
YDU}HVFXMDMXVWLoDHVWiEHPGRFXPHQWDGDIRUDPFULVWmRVDLQGDTXHQmRSRUQRPHPDVSRU
VXDVREUDVQmRHVWDULDHQJDQDGR
3RUTXHRTXHHVWHQRPHVLJQLILFDpTXHRFULVWmRGHYLGRDRFRQKHFLPHQWRGHULVWRHGHVXD
GRXWULQDVREUHVVDLSRUVXDVREULHGDGHSRUVXDMXVWLoDSHODILUPH]DGHVHXFDUiWHUSHORYDORU
GHVXDYLUWXGHHSHORUHFRQKHFLPHQWRGHXPVyH~QLFR'HXVGHWRGDVDVFRLVDVHDDWLWXGH
GDTXHOHVKRPHQVHPUHODomRDHVWDVFRLVDVHPQDGDHUDLQIHULRUjQRVVD
1mR VH SUHRFXSDUDP FRP D FLUFXQFLVmR FRUSRUDO FRPR WDPSRXFR QyV QHP GD JXDUGD
GR ViEDGR FRPR WDPSRXFR QyV QHP GD DEVWHQomR GHVWHV RX GDTXHOHV DOLPHQWRV QHP GH
DIDVWDUVHGHWDQWDVRXWUDVFRLVDVFRPR0RLVpVGHL[RXSRUWUDGLomRSDUDTXHVHFXPSULVVHP
FRPR VtPERORV H TXH QyV RV FULVWmR GH DJRUD WDPSRXFR JXDUGDPRV (P WURFD FODUDPHQWH
FRQKHFHUDPDRULVWRGH'HXVTXHFRPRGHPRQVWUDPRVDQWHVDSDUHFHXD$EUDmRWUDWRXFRP
,VDDFIDORXD,VUDHOHFRQYHUVRXFRP0RLVpVHFRPRVSURIHWDVSRVWHULRUHV
3RULVVRSRGHUiVYHUTXHDTXHOHVDPLJRVGH'HXVVmRWDPEpPGLJQRVGRVREUHQRPHGHULVWR
FRQIRUPHDVHQWHQoDTXHGL]VREUHHOHV1mRWRTXHLVDPHXVULVWRVQHPIDoDLVPDODPHXV
SURIHWDV
'DtVHSHUFHEHFODUDPHQWHDQHFHVVLGDGHGHFUHUTXHDTXHODUHOLJLmRDSULPHLUDDPDLVDQWLJD
HPDLVYHQHUiYHOGHWRGDVWHVRXURGDTXHOHVPHVPRVYDU}HVDPLJRVGH'HXVHFRPSDQKHLURV
GH$EUDmRpDPHVPDTXHUHFHQWHPHQWHIRLDQXQFLDGDDWRGRVRVSRYRVSHORVHQVLQDPHQWRVGH
ULVWR
7DOYH]VHSRVVDDOHJDUTXH$EUDmRUHFHEHXPXLWRWHPSRGHSRLVRPDQGDPHQWRGDFLUFXQFLVmR
PDV WDPEpP VH SURFODPD H VH Gi WHVWHPXQKR GH VXD MXVWLILFDomR SRU VXD Ip DQWHULRU D HVWH
PDQGDPHQWRSRLVGL]DVVLPDGLYLQD(VFULWXUD (FUHX$EUDmRHP'HXVHIRLOKHLPSXWDGR
SDUDMXVWLoD
(DHOHDVVLPMXVWLILFDGRPHVPRDQWHVGDFLUFXQFLVmR'HXVTXHOKHDSDUHFHX HHVWH'HXV
HUDRSUySULRULVWRR9HUERGH'HXV FRPXQLFRXXPRUiFXORDUHVSHLWRGRVTXHHPWHPSRV
IXWXURVVHULDPMXVWLILFDGRVGRPHVPRPRGRTXHHOHRVWHUPRVGDSURPHVVDVmR(HPWLVHUmR
EHQGLWRVWRGRVRVSRYRVGDWHUUDHWDPEpP(VHIDUiXPSRYRJUDQGHHQXPHURVRHQHOH
VHUmREHQGLWRVWRGRVRVSRYRVGDWHUUD
$JRUDSRLVSRGHVHHVWDEHOHFHUTXHLVWRIRLFXPSULGRHPQyVSRUTXH
HIHWLYDPHQWH$EUDmRIRLMXVWLILFDGRSRUVXDIpQR9HUERGH'HXVRULVWRTXHOKHDSDUHFHX
GHSRLV TXH GHX DGHXV jV VXSHUVWLo}HV GH VHXV SDLV H DR HUUR GH VXD YLGD DQWHULRU H DSyV
FRQIHVVDUXPVy'HXVTXHHVWiVREUHWRGDVDVFRLVDVHGHKRQUiORFRPREUDVGHYLUWXGHQmR
FRPDVREUDVGDOHLGH0RLVpVTXHYHLRPDLVWDUGH(VHQGRDVVLPDHOHIRLGLWRTXHWRGDVDV
WULERVGDWHUUDHWRGRVRVSRYRVVHULDPEHQGLWRVQHOH
3RLVEHPQRVGLDVGHKRMHHVWDPHVPDIRUPDGHUHOLJLmRGH$EUDmRVypSUDWLFDGDFRPREUDV
PDLVYLVtYHLVGRTXHDVSDODYUDVHQWUHRVFULVWmRVHVSDOKDGRVSRUWRGRRPXQGRKDELWDGR
6O
*Q
*Q
*Q
- 22. 3RUWDQWRRTXHSRGHULDDLQGDLPSHGLUQRVGHUHFRQKHFHUXPD~QLFDHLGrQWLFDYLGDHIRUPDGH
UHOLJLmRSDUDQyVRVTXHSURFHGHPRVGHULVWRHSDUDDTXHOHVDQWLJRVDPLJRVGH'HXV'HVWH
PRGRWHUHPRVGHPRQVWUDGRTXHDSUiWLFDGDUHOLJLmRTXHQRVIRLWUDQVPLWLGDSHORHQVLQDPHQWR
GHULVWRQmRpQRYDQHPHVWUDQKDPDVSDUDGL]HUPRVDYHUGDGHDSULPHLUDH~QLFDYHUGDGHLUD
(EDVWHQRVLVWR
9
'HTXDQGRULVWRVHPDQLIHVWRXDRVKRPHQV
%HPGHSRLVGHVWHSUHkPEXORQHFHVViULRSDUDDKLVWyULDHFOHVLiVWLFDDTXHPHSURSXVVyQRV
UHVWDFRPHoDUQRVVDHVSpFLHGHYLDJHPSDUWLQGRGDPDQLIHVWDomRGHQRVVR6DOYDGRUHPVXD
FDUQH H GHSRLV GH LQYRFDU D 'HXV 3DL GR 9HUER H DR PHVPR -HVXV ULVWR QRVVR 6DOYDGRU
H 6HQKRU 9HUER FHOHVWLDO GH 'HXV FRPR QRVVD DMXGD H QRVVR FRODERUDGRU QD YHUGDGH GD
H[SRVLomR
RUULDSRLVRDQRGRUHLQDGRGH$XJXVWRHRYLJpVLPRRLWDYRGHVGHDVXEPLVVmRGR(JLWRH
GDPRUWHGH$QWRQLRHGHOHySDWUD FRPDTXDOVHH[WLQJXLXDGLQDVWLDHJtSFLDGRV3WRORPHXV
TXDQGR QRVVR 6DOYDGRU H 6HQKRU -HVXV ULVWR QDVFHX HP %HOpP GD -XGpLD FRQIRUPH DV
SURIHFLDVDVHXUHVSHLWRQRVWHPSRVGRSULPHLURUHFHQVHDPHQWRHVHQGR4XLULQRJRYHUQDGRU
GD6tULD
(VWH UHFHQVHDPHQWR GH 4XLULQR WDPEpP p UHJLVWUDGR SHOR PDLV LOXVWUH GRV KLVWRULDGRUHV
KHEUHXV)ODYLR-RVHIRDRUHODWDURXWURVIHLWRVUHIHUHQWHVjVHLWDGRVJDOLOHXVVXUJLGDQDTXHOD
RFDVLmRHDTXDOWDPEpPpPHQFLRQDGDSHORQRVVR/XFDVQRV$WRVTXDQGRGL]'HSRLVGHVWHVH
OHYDQWRX-XGDVDJDOLOHXQRVGLDVGRUHFHQVHDPHQWRHDUUDVWRXRSRYRDWUiVGHVL7DPEpP
HVWHSHUHFHXHWRGRVRVTXHRVHJXLUDPVHGLVSHUVDUDP
$ HVWDV LQGLFDo}HV R PHQFLRQDGR -RVHIR DFUHVFHQWD OLWHUDOPHQWH QR OLYUR ;9,,, GH VXDV
$QWLJLGDGHV R VHJXLQWH 4XLULQR PHPEUR GR VHQDGR KRPHP TXH KDYLD GHVHPSHQKDGR Mi
RVRXWURVFDUJRVSHORVTXDLVSDVVRXVHPRPLWLUXPVyDWpFKHJDUDF{QVXOHJUDQGHSRUVXD
GLJQLGDGHHPWRGRVRVGHPDLVDVVXPLXQD6tULDDFRPSDQKDGRSRUXQVSRXFRVHQYLDGRSRU
pVDUFRPRMXL]GDQDomRHFHQVRUGRVEHQV
(SRXFRGHSRLVGL]0DV-XGDVRJDXODQLWDGDFLGDGHFKDPDGD*DXODWRPDQGRFRQVLJRD
6DGRFXPIDULVHXDQGDYDLQVWLJDQGRjUHEHOLmRGL]LDTXHRFHQVRQmRFRQGX]LULDDRXWUDFRLVD
TXHQmRXPDHVFUDYLGmRGHFODUDGDHH[RUWDYDRSRYRDDIHUUDUVHjOLEHUGDGH
(VREUHRPHVPRHVFUHYHQROLYUR,,GHVXDV+LVWyULDVGDJXHUUDMXGDLFD3RUHVVHWHPSR
FHUWRJDOLOHXFKDPDGR-XGDVSURYRFRXDUHEHOLmRGRVKDELWDQWHVGRSDtVUHSURYDQGROKHVD
VXEPLVVmR DR SDJDPHQWR GR WULEXWR DRV URPDQRV H DR VXEPHWHUVH D DPRV PRUWDLV DOpP GH
'HXV$VVLPHVFUHYHX-RVHIR
9,
'HFRPRVHJXQGRDVSURIHFLDVHPVHXVGLDVWHUPLQDUDPRVUHLVSRUOLQKDKHUHGLWiULDTXH
UHJLDPDQDomRMXGLDHFRPHoRXDUHLQDU+HURGHVRSULPHLURHVWUDQJHLUR@
)RLQHVVHWHPSRTXHDVVXPLXRUHLQDGRVREUHRSRYRMXGHXSHODSULPHLUDMYH]+HURGHVGH
IDPtOLDHVWUDQJHLUDHFXPSULXVHDSURIHFLDIHLWDSRUPHLRGH0RLVpVTXHGL]LD1mRIDOWDUi
FKHIHVDtGRGH-XGiQHPJRYHUQDQWHQDVFLGRGHVXDFDUQHDWpTXHFKHJXHDTXHOHSDUDTXHP
HVWiUHVHUYDGRHVLQDOL]DRFRPRHVSHUDQoDGDVQDo}HV
(VWDSUHGLomRHIHWLYDPHQWHQmRKDYLDVLGRFXPSULGDGXUDQWHRWHPSRHPTXHDLQGDOKHVHUD
SHUPLWLGR YLYHU VRE JRYHUQDQWHV GH VXD SUySULD QDomR FRPHoDQGR FRP R SUySULR 0RLVpV
H FRQWLQXDQGR DWp R LPSpULR GH $XJXVWR 1RV WHPSRV GHVWH p TXH SHOD SULPHLUD YH] XP
HVWUDQJHLUR+HURGHVVHYrLQYHVWLGRSHORVURPDQRVFRPRJRYHUQRGRVMXGHXVVHJXQGRQRV
LQIRUPD-RVHIRHUDLGXPHXSRUSDUWHGHSDLHiUDEHSRUSDUWHGHPmH0DVVHJXQGR$IULFDQXV
TXH QmR HUD PDX KLVWRULDGRU ² RV TXH GmR LQIRUPDomR H[DWD VREUH +HURGHV GL]HP TXH
$QWtSDWUR HVWH HUD VHX SDL HUD ILOKR GH XP FHUWR +HURGHV GH $VFDORQ XP GRV FKDPDGRV
0T
/F
$W
*Q
- 23. KLHUyGXORVTXHVHUYLDQRWHPSORGH$SROR
(VWH$QWtSDWURDLQGDFULDQoDIRLUDSWDGRSRUEDQGLGRVLGXPHXVHYLYHXFRPHOHVSRUTXHVHX
SDLSREUHFRPRHUDQmRSRGLDRIHUHFHUUHVJDWHSRUHOHULDGRHPPHLRDVHXVFRVWXPHVPDLV
WDUGHILUPRXDPL]DGHFRP+LUFDQRVXPRVDFHUGRWHMXGHX'HOHQDVFHXR+HURGHVGRVWHPSRV
GHQRVVR6DOYDGRU
7HQGRSRLVRUHLQRMXGHXYLQGRjVPmRVGHWDOSHVVRDDH[SHFWDWLYDGDVQDo}HVFRQIRUPHD
SURIHFLD HVWDYD WDPEpP j SRUWD KDYLDP GHVDSDUHFLGR GR UHLQR RV SUtQFLSHV H PDQGDWiULRV
GHVFHQGHQWHVSRUYLDGHVXFHVVmRHQWUHVLGRSUySULR0RLVpV
$RPHQRVWLQKDPUHLQDGRDQWHVGRFDWLYHLURHGDPLJUDomRSDUDD%DELO{QLDFRPHoDQGRFRP
6DXORSULPHLURHSRU'DYL(DQWHVGRVUHLVIRUDPJRYHUQDGRVSRUPDQGDWiULRVFKDPDGRV
MXt]HVTXHWLQKDPFRPHoDGRWDPEpPGHSRLVGH0RLVpVHGHVHXVXFHVVRU-RVXp
3RXFR GHSRLV GR UHJUHVVR GD %DELO{QLD VHUYLUDPVH LQLQWHUUXSWDPHQWH GH XP UHJLPH SROtWLFR
GH ROLJDUTXLD DULVWRFUiWLFD HUDP RV VDFHUGRWHV TXH HVWDYDP j IUHQWH GRV DVVXQWRV DWp TXH
R JHQHUDO URPDQR 3RPSHX DWDFRX -HUXVDOpP DVVDOWRXD j IRUoD H SURIDQRX RV OXJDUHV VDQWRV
HQWUDQGRDWpDSDUWHPDLVHVFRQGLGDGRWHPSOR(jTXHOHTXHDWpHVVHPRPHQWRKDYLDVHPDQWLGR
SRUVXFHVVmRKHUHGLWiULDQDTXDOLGDGHGHUHLHGHVXPRVDFHUGRWHFKDPDYDVH$ULVWyEXOR
PDQGRXDFRUUHQWDGRD5RPDMXQWRFRPVHXVILOKRVHHQWUHJRXRVXPRVDFHUGyFLRDVHXLUPmR
+LUFDQR$SDUWLUGDTXHOHPRPHQWRRSRYRMXGHXLQWHLURWRUQRXVHWULEXWiULRGRVURPDQRV
'HVWDIRUPDDVVLPTXH+LUFDQR~OWLPRDTXHPFKHJRXDVXFHVVmRGRVVXPRVVDFHUGRWHVIRL
OHYDGRFDWLYRSHORVSDUWRVRVHQDGRURPDQRHRLPSHUDGRU$XJXVWRFRORFDUDPDQDomRMXGLD
QDVPmRVGH+HURGHVRSULPHLURHVWUDQJHLURFRPRMiIRLGLWR
(PVHXWHPSRRFRUUHXYLVLYHOPHQWHDYLQGDGHULVWRHVHJXQGRDSURIHFLDVHJXLXVHDHVSHUDGD
VDOYDomRHYRFDomRGRVJHQWLRV$SDUWLUGHVVHWHPSRHIHWLYDPHQWHRVSUtQFLSHVHPDQGDWiULRV
RULJLQiULRVGH-XGiTXHURGL]HURVTXHYLQKDPGRSRYRMXGHXGHVDSDUHFHUDPHHPVHJXLGD
QDWXUDOPHQWHYLUDPSHUWXUEDGRVWDPEpPRVDVVXQWRVGRVXPRVDFHUGyFLRTXHDWpHQWmRYLQKD
VHQGRSDVVDGRGHPRGRHVWiYHOGHSDLVDILOKRVHPFDGDJHUDomR
(QFRQWUDPRVLPSRUWDQWHWHVWHPXQKRGHWXGRLVVRHP-RVHIRTXHH[SOLFDFRPR+HURGHVDVVLP
TXHRVURPDQRVOKHFRQILDUDPRUHLQRGHL[RXGHLQVWLWXLUVXPRVVDFHUGRWHVYLQGRVGDDQWLJD
OLQKDJHP SHOR FRQWUiULR GLVWULEXLX HVWD KRQUD HQWUH JHQWH VHP H[SUHVVmR ( GL] DLQGD TXH
QDLQVWLWXLomRGRVVDFHUGRWHV+HURGHVIRLLPLWDGRSRUVHXILOKR$UTXHODXHGHSRLVGHOHSHORV
URPDQRVTXDQGRWRPDUDPSDUDVLRJRYHUQRGRVMXGHXV
2 PHVPR -RVHIR H[SOLFD FRPR +HURGHV IRL R SULPHLUR D IHFKDU VRE VHX SUySULR VHOR DV
YHVWLPHQWDVVDJUDGDVGRVXPRVDFHUGRWHQmRSHUPLWLQGRPDLVDRVVXPRVVDFHUGRWHVOHYiODV
VREUHVLHTXHRPHVPRIRLIHLWRSRUVHXVXFHVVRU$UTXHODXHGHSRLVGHVWHSHORVURPDQRV
7XGRRTXHIRLGLWRVLUYDWDPEpPFRPRSURYDGRFXPSULPHQWRGHRXWUDSURIHFLDUHIHUHQWHj
PDQLIHVWDomRGH-HVXVULVWRQRVVR6DOYDGRU1ROLYURGH'DQLHOD(VFULWXUDGHWHUPLQDFODUDH
H[SUHVVDPHQWHXPQ~PHURGHVHPDQDVDWpRULVWRSUtQFLSHDFHUFDGRTXHIL]XPDH[SRVLomR
GHWDOKDGDHPRXWUDREUDVHSURIHWL]DTXHGHSRLVGHFXPSULGDVHVWDVVHPDQDVVHULDH[WLQWD
SRUFRPSOHWRDXQomRHQWUHRVMXGHXV$JRUDSRLVGHPRQVWUDVHFODUDPHQWHTXHWDPEpPLVWR
VHFXPSULXFRPRQDVFLPHQWRGHQRVVR6DOYDGRU-HVXVULVWR6LUYDRGLWRFRPRH[SRVLomR
QHFHVViULDSDUDDYHUGDGHGDVGDWDV
9,,
'DVXSRVWDGLVFUHSkQFLDGRVHYDQJHOKRVDFHUFDGDJHQHDORJLDGHULVWR@
3RVWR TXH DR HVFUHYHU VHXV HYDQJHOKRV 0DWHXV H /XFDV QRV WUDQVPLWLUDP JHQHDORJLDV
GLIHUHQWHV DFHUFD GH ULVWR TXH SDUD PXLWRV SDUHFHP VHU GLVFUHSDQWHV H FRPR FDGD FUHQWH
SRU LJQRUkQFLD GD YHUGDGH VH HVIRUoD SRU LQYHQWDU VREUH HVWDV SDVVDJHQV YDPRV DGLFLRQDU
DVFRQVLGHUDo}HVVREUHHVWHWHPDTXHFKHJDUDPDQyVHTXH$IULFDQXVPHQFLRQDGRDSRXFR
UHFRUGDHPFDUWDD$ULVWLGHVDFHUFDGDFRQFRUGkQFLDGDVJHQHDORJLDVQRVHYDQJHOKRV5HIXWD
DV RSLQL}HV GRV GHPDLV FRPR IRUoDGDV H PHQWLURVDV H H[S}H R SDUHFHU TXH UHFHEHX QHVWHV
(VFUDYRVGRVWHPSORV
'Q
0W/F
- 24. PHVPRVWHUPRV
3RUTXH HIHWLYDPHQWH HP ,VUDHO RV QRPHV GDV IDPtOLDV VH HQXPHUDYDP VHJXQGR D QDWXUH]D
RXVHJXQGRDOHL6HJXQGRDQDWXUH]DSRUVXFHVVmRGHQDVFLPHQWROHJtWLPRVHJXQGRDOHL
TXDQGRXPPRUULDVHPILOKRVHVHXLUPmRRVHQJHQGUDYDSDUDFRQVHUYDUVHXQRPH DUD]mRp
TXHDLQGDQmRVHKDYLDGDGRXPDHVSHUDQoDFODUDGHUHVVXUUHLomRHDUUHPHGDYDPDSURPHWLGD
UHVVXUUHLomRIXWXUDFRPXPDUHVVXUUHLomRPRUWDOSDUDTXHVHSHUSHWXDVVHRQRPHGRIDOHFLGR
RPRTXHLUDSRLVTXHRVLQFOXtGRVQHVWDJHQHDORJLDXQVVHVXFHGHUDPSRUYLDQDWXUDOGHSDLVD
ILOKRVHRVRXWURVDLQGDTXHJHUDGRVSRUXQVUHFHELDPRQRPHGHRXWURVGHDPERVRVJUXSRV
VHUHJLVWUDDPHPyULDGRVTXHIRUDPJHUDGRVHGRVTXHSDVVDUDPSRUVrOR
'HVWH PRGR QHQKXP GRV HYDQJHOKRV HQJDQD HQXPHUDP VHJXQGR D QDWX UH]D H VHJXQGR D
OHL'HIDWRGXDVIDPtOLDVTXHGHVFHQGLDPGH6DORPmRHGH1DWmUHVSHFWLYDPHQWHHVWDYDP
PXWXDPHQWHHQWUHODoDGDVSRUFDXVDGDVUHVVXUUHLo}HVGRVTXHKDYLDPPRUULGRVHPILOKRVGDV
VHJXQGDVQ~SFLDVHGDUHVVXUUHLomRGDGHVFHQGrQFLDGHIRUPDTXHpMXVWRFRQVLGHUDURVPHV
PRVLQGLYtGXRVHPGLIHUHQWHVRFDVL}HVILOKRVGHGLIHUHQWHVSDLVGRVILFWtFLRVHGRVYHUGDGHLURV
HWDPEpPTXHDPEDVJHQHDORJLDVVmRHVWULWDPHQWHYHUGDGHLUDVHFKHJDPDWp-RVpSRUFDPLQKRV
FRPSOLFDGRVPDVH[DWRV
0DVSDUDTXHILTXHFODURRTXHIRLGLWRYRXH[SOLFDUDWUDQVSRVLomRGDVOLQKDJHQV4XHPYDL
HQXPHUDQGRDVJHUDo}HVDSDUWLUGH'DYLHDWUDYpVGH6DORPmRHQFRQWUDTXHRWHUFHLURDQWHVGR
ILQDOp0DWmRTXDOJHURXD-DFySDLGH-RVp0DVSDUWLQGRGH1DWmILOKRGH'DYLVHJXQGR
/XFDVWDPEpPRWHUFHLURSDUDRILQDOp0HOTXLSRLV-RVpHUDILOKRGH+HOLILOKRGH0HOTXL
3RUWDQWRVHQGR-RVpQRVVRSRQWRGHDWHQomRGHYHVHGHPRQVWUDUFRPRpTXHQRVpDSUHVHQWDGR
FRPRVHXSDLXPRXRXWUR-DFyTXHWUD]VXDOLQKDJHPGH6DORPmRH+HOLTXHGHVFHQGHGH
1DWmHGHTXHPRGRSULPHLUDPHQWHRVGRLV-DFyH+HOLVmRLUPmRVHDLQGDDQWHVFRPRpTXH
RVSDLVGHVWHV0DWmH0HOTXLVHQGRGHOLQKDJHQVGLIHUHQWHVDSDUHFHPFRPRDYyVGH-RVp
$VVLPpTXH0DWmH0HOTXLVHFDVDUDPVXFHVVLYDPHQWHFRPDPHVPDPXOKHUHWLYHUDPILOKRV
ILOKRVGHXPDPHVPDPmHSRLVDOHLQmRLPSHGLDTXHXPDPXOKHUVHPPDULGRSRUTXHHVWHD
KRXYHVVHUHSXGLDGRRXSRUTXHKRXYHVVHPRUULGRVHFDVDVVHFRPRXWUR
3RLVEHPGH(VWD SHODWUDGLomRHUDDVVLPTXHVHFKDPDYDDPXOKHU 0DWmRGHVFHQGHQWHGH
6DORPmRIRLRSULPHLURJHUDQGRD-DFyWHQGRPRUULGR0DWmFDVRXVHDYL~YDFRP0HOTXL
FXMDDVFHQGrQFLDUHPRQWDD1DWmHTXHVHQGRFRPRGLVVHPRVDQWHVGDPHVPDWULERHUDGH
RXWUDIDPtOLD(VWHWHYHXPILOKR+HOL
(DVVLPHQFRQWUDPRVTXHVHQGRGHGXDVOLQKDJHQVGLIHUHQWHV-DFyH+HOLVmRLUPmRVSRUSDUWH
GHPmH0RUUHQGR+HOLVHPILOKRVVHXLUPmR-DFyFDVRXVHFRPVXDPXOKHUHGHODWHYHXP
WHUFHLURILOKR-RVpRTXDOVHJXQGRDQDWXUH]DHUDVHX HVHJXQGRRWH[WRSRLVSRULVVRHVWi
HVFULWR -DFy JHURX D -RVp PDV VHJXQGR D OHL HUD ILOKR GH +HOL Mi TXH -DFy VHQGR VHX
LUPmRVXVFLWRXOKHGHVFHQGrQFLD
3RUWDQWR QmR VH WLUDUi DXWRULGDGH D VXD JHQHDORJLD $R ID]HU D HQXPHUDomR R HYDQJHOLVWD
0DWHXVGL]-DFyJHURXD-RVpPDV/XFDVSURFHGHDRFRQWUiULR2TXDOHUDVHJXQGRVHFULD
SRUTXHWDPEpPDFUHVFHQWDLVVR ILOKRGH-RVpTXHHUDILOKRGH+HOLILOKRGH0HOTXL1mR
VHULDSRVVtYHOH[SUHVVDUPDLVFRUUHWDPHQWHRQDVFLPHQWRVHJXQGRDOHLYDLUHPRQWDQGRXPD
XPDWp$GmRTXHIRLGH'HXVHDWpRILQDORPLWHRJHURXSDUDQmRDSOLFiORDHVWHWLSRGH
SDWHUQLGDGH
(LVWRQmRHVWiVHPSURYDVQHPpLPSURYLVDGR(IHWLYDPHQWHRVSDUHQWHVFDUQDLVGR6DOYDGRU
SRU JHUDomR RX VLPSOHVPHQWH SHOR HQVLQR PDV VHQGR YHUGDGHLURV HP WXGR WUDQVPLWLUDP
WDPEpPRTXHVHJXH8QVODGU}HVLGXPHXVDVVDOWDUDP$VFDORPFLGDGHGD3DOHVWLQDGHXP
WHPSOR GH $SROR FRQVWUXtGR GLDQWH GRV PXURV OHYDUDP FDWLYR MXQWR FRP RV GHVSRMRV D
$QWtSDWUR ILOKR GH FHUWR KLHUyGXOR FKDPDGR +HURGHV 1mR SRGHQGR R VDFHUGRWH SDJDU XP
*Q'W/F
0W
/F1HVWDSDVVDJHP$IULFDQXVFRPHWHXPHUUR(P/XFDV0HOTXLHVWiHPTXLQWROXJDU
0W
/F
/F
- 25. UHVJDWH SRU VHX ILOKR $QWtSDWUR IRL HGXFDGR QRV FRVWXPHV GRV LGXPHXV H PDLV WDUGH IH]
DPL]DGHFRP+LUFDQRRVXPRVDFHUGRWHGD-XGpLD
/RJRWRUQRXVHHPEDL[DGRUMXQWRD3RPSHXHPIDYRUGH+LUFDQRSDUDTXHPFRQVHJXLXRUHLQR
GHYDVWDGRSRUVHXLUPmR$ULVWyEXORHHOHPHVPRSURVSHURXPXLWRSRLVORJRFRQVHJXLXRWtWXOR
GHHSLPHOHWpVGD3DOHVWLQD$$QWtSDWURDVVDVVLQDGRSRULQYHMDGHVXDJUDQGHIRUWXQDVXFHGHX
VHXILOKR+HURGHVTXHPDLVWDUGHSRUGHFLVmRGH$QW{QLRH$XJXVWRHSRUGHFUHWRVHQDWRULDO
UHLQDULDVREUHRVMXGHXV(VWHWHYHFRPRILOKRV+HURGHVHRVRXWURVWHWUDUFDV7RGRVHVWHVGDGRV
FRLQFLGHPFRPDVKLVWyULDVGRV
JUHJRV
$OpP GLVVR HVWDQGR LQVFULWDV DWp HQWmR QRV DUTXLYRV DV IDPtOLDV KHEUpLDV LQFOXVLYH DV TXH
UHPRQWDYDPDRVSURVpOLWRVFRPR$TXLRURDPRQLWD5XWHDPRDELWDHRVTXHVDtUDPGR
(JLWRPLVWXUDGRVDRVKHEUHXV+HURGHVSRUQmRWHUQDGDFRPDUDoDGRVLVUDHOLWDVHPDJRDGR
SHOD FRQVFLrQFLD GH VHX EDL[R QDVFLPHQWR IH] TXHLPDU RV UHJLVWURV GH VXDV OLQKDJHQV
DFUHGLWDQGR TXH SDVVDULD SRU QREUH Mi TXH RXWURV WDPEpP QmR SRGHULDP UHPRQWDU VXD
OLQKDJHP DSRLDGRV HP GRFXPHQWRV S~EOLFRV DRV SDWULDUFDV RX DRV SURVpOLWRV RX DRV
FKDPDGRVJHRUDVRVHVWUDQJHLURVPLVWXUDGRV
(P UHDOLGDGH XQV SRXFRV PDLV FXLGDGRVRV TXH WLQKDP SDUD VL UHJLVWURV SULYDGRV RX TXH VH
OHPEUDYDPGRVQRPHVRXKDYLDPQRVFRSLDGRVHXIDQDYDPGHWHUDVDOYRDPHPyULDGHVXD
QREUH]D2FRUUHXTXHHQWUHHVWHVHVWDYDPDTXHOHVGHTXHIDODPRVDQWHVFKDPDGRVGHVSyVLQRL
SRUFDXVDGHVHXSDUHQWHVFRFRPDIDPtOLDGR6DOYDGRUHTXHGHVGHDVDOGHLDVMXGLDVGH1D]DUp
HRFDEDYLVLWDUDPRUHVWRGRSDtVHH[SOLFDUDPDUHIHULGDJHQHDORJLDFRPHoDQGRSHOR/LYUR
GRVGLDVDWpRQGHDOFDQoDUDP
6HMD DVVLP RX GH RXWUR PRGR QLQJXpP SRGHULD HQFRQWUDU XPD H[SOLFDomR PDLV FODUD (X DR
PHQRVSHQVRDVVLPHDVVLPWDPEpPWRGRDTXHOHTXHWHQKDERDYRQWDGH$LQGDTXHQmRHVWHMD
FRPSURYDGDRFXSHPRQRVGHODSRUTXHQmRpSRVVtYHOH[SRURXWUDPHOKRUHPDLVFODUD(P
WRGRFDVRR(YDQJHOKRGL]LQWHLUDPHQWHDYHUGDGH
(DRILQDOGDPHVPDFDUWDDGLFLRQDRVHJXLQWH0DWmGDOLQKDJHPGH6DORPmRJHURXD-DFy
0RUWR0DWm0HOTXLRGDOLQKDJHPGH1DWmJHURXGDPHVPDPXOKHUD+HOL3RUWDQWR+HOLH
-DFyVmRLUPmRVXWHULQRV0RUWR+HOLVHPILOKRV-DFyGiOKHXPDGHVFHQGrQFLDJHUDQGRD-RVp
ILOKRVHXVHJXQGRDQDWXUH]DPDVGH+HOLVHJXQGRDOHL$VVLPpTXH-RVpHUDILOKRGHDPERV
$VVLPGL]$IULFDQXV
(VWDEHOHFLGD GHVWD PDQHLUD D JHQHDORJLD GH -RVp WDPEpP 0DULD DSDUHFH MXQWR D HOH
REULJDWRULDPHQWHFRPRVHQGRGDPHVPDWULERMiTXHDRPHQRVVHJXQGRDOHLGH0RLVpVQmR
HUDSHUPLWLGRPLVWXUDUVHjVRXWUDVWULERVSRLVpSUHVFULWDDXQLmRHPPDWULP{QLRFRPXPGR
PHVPRSRYRHGDPHVPDWULERSDUDTXHDKHUDQoDIDPLOLDUQmRURGDVVHGHWULERHPWULER4XH
VHMDLVWRREDVWDQWH
9,,,
'RLQIDQWLFtGLRFRPHWLGRSRU+HURGHVHRILQDOFDWDVWUyILFRGHVXDYLGD@
1DVFLGRULVWRHP%HOpPGH-XGiFRQIRUPHDVSURIHFLDVQRWHPSRPHQFLRQDGR+HURGHV
DQWH D SHUJXQWD GRV PDJRV YLQGRV GR 2ULHQWH TXH TXHULDP VDEHU RQGH VH DFKDYD R QDVFLGR
UHLGRVMXGHXVSRUTXHWLQKDPYLVWRVXDHVWUHODHRPRWLYRGHVXDYLDJHPWmRORQJDHUDVHX
HPSHQKRHPDGRUDUFRPR'HXVDRUHFpPQDVFLGREDVWDQWHSHUWXUEDGRSHORDVVXQWRFRPR
VHHVWLYHVVHHPSHULJRVXDVREHUDQLDDRPHQRVHUDRTXHHOHUHDOPHQWHSHQVDYDGHSRLVGH
LQIRUPDUVH FRP RV GRXWRUHV GD OHL GHQWUH R SRYR RQGH HVSHUDYDP TXH KDYHULD GH QDVFHU R
ULVWRDVVLPTXHVRXEHTXHDSURIHFLDGH0LTXpLDVLQGLFDYD%HOpPRUGHQRXPHGLDQWHXPHGLWR
PDWDURVPHQLQRVGHSHLWRGH%HOpPHUHGRQGH]DVGHGRLVDQRVSDUDEDL[RVHJXQGRRWHPSR
(VSpFLHGHSURFXUDGRUWDOYH]QmRDSHQDVPLOLWDUPDVWDPEpPDGPLQLVWUDWLYR
-GW OLYURQmRSHUWHQFHQWHDRFkQRQHKHEUDLFR
5W
(['W
1P
0TO 0W
- 26. H[DWRLQGLFDGRSHORVPDJRVSHQVDQGRTXHWDPEpP-HVXVFRPRHUDQDWXUDOWHULDFHUWDPHQWHD
PHVPDVRUWHTXHRVRXWURVPHQLQRVGHVXDLGDGH
0DV R PHQLQR OHYDGR SDUD R (JLWR DGLDQWRXVH DR SODQR XP DQMR DSDUHFHX D VHXV SDLV
LQGLFDQGROKHVGHDQWHPmRRTXHLULDDFRQWHFHU,VWRpRTXHQRVHQVLQDD6DJUDGD(VFULWXUDGR
(YDQJHOKR
0DVDOpPGLVVRpFRQYHQLHQWHGDUXPDROKDGDQDUHVSRVWDSHORDWUHYLPHQWRGH+HURGHVFRQWUD
ULVWRHRVPHQLQRVGHVXDLGDGH,PHGLDWDPHQWHGHSRLVVHPDPHQRUGHPRUDDMXVWLoDGLYLQD
RSHUVHJXLXTXDQGRDLQGDWUDQVERUGDYDGHYLGDHOKHPRVWURXRSUHO~GLRGRTXHRDJXDUGDYD
SDUDGHSRLVGHVXDVDtGDGHVWDYLGD
1mR p SRVVtYHO UHVXPLU DJRUD DV VXFHVVLYDV FDODPLGDGHV GRPpVWLFDV FRP TXH VH HQHYRRX D
VXSRVWDSURVSHULGDGHGHVHXUHLQRRVDVVDVVLQDWRVGHVXDPXOKHUGHVHXVILOKRVHGHRXWUDV
SHVVRDVPXLWRSUy[LPDVDVXDIDPtOLDSRUSDUHQWHVFRHSRUDPL]DGH2TXHVHSRGHVXSRUD
UHVSHLWRGLVVRGHL[DjVRPEUDTXDOTXHUUHSUHVHQWDomRWUiJLFD-RVHIRRH[SOLFDH[WHQVDPHQWHHP
VHXVUHODWRVKLVWyULFRV
0DVVREUHFRPRXPIODJHORGLYLQRRDUUHEDWRXHHOHFRPHoRXDPRUUHUMiGHVGHRPRPHQWR
HP TXH FRQVSLURX FRQWUD QRVVR 6DOYDGRU H FRQWUD RV GHPDLV PHQLQRV VHUi ERP HVFXWDU DV
SDODYUDVGRSUySULRHVFULWRUTXHQROLYUR;9,,GHVXDV$QWLJLGDGHVMXGDLFDVGHVFUHYHXRILQDO
FDWDVWUyILFRGDYLGDGH+HURGHVFRPRVHJXH
$GRHQoDGH+HURGHVID]LDVHPDLVHPDLVYLUXOHQWD'HXVYLQJDYDVHXVFULPHV
RP HIHLWR HUD XP IRJR VXDYH TXH QmR GHQXQFLDYD DR WDWR GRV TXH R DSDO SDYDP XP
DEUDVDPHQWRFRPRRTXHSRUGHQWURDXPHQWDYDVXDGHVWUXLomRHORJRXPDYRQWDGHWHUUtYHOGH
FRPHUDOJRVHPTXHQDGDOKHVHUYLVVHXOFHUDo}HVHGRUHVDWUR]HVQRVLQWHVWLQRVHVREUHWXGRQR
YHQWUHFRPLQFKDoR~PLGRHUHOX]HQWHQRVSpV
(P WRUQR GR EDL[RYHQWUH WLQKD XPD LQIHFomR SDUHFLGD PDLV DLQGD VXDV SDUWHV SXGHQGDV
HVWDYDPSRGUHVHFULDYDPYHUPHV6XDUHVSLUDomRHUDGHXPDULJLGH]DJXGDHH[WUHPDPHQWH
GHVDJUDGiYHO SHOD FDUJD GH VXSXUDomR H SRU VXD IRUWH DVPD HP WRGRV RV PHPEURV VRIULD
HVSDVPRVGHXPDIRUoDLQVXSRUWiYHO
2FHUWRpTXHRVDGLYLQKRVHRVTXHWrPVDEHGRULDSDUDSUHGL]HUHVWDVFRLVDVGL]LDPTXH'HXV
HVWDYDID]HQGRVHSDJDUSHODVPXLWDVLPSLHGDGHVGRUHL,VWRpRTXHRDXWRUFLWDGRDQRWDQD
PHQFLRQDGDREUD
(QROLYURVHJXQGRGHVHXVUHODWRVKLVWyULFRVQRVGiXPDWUDGLomRSDUHFLGDDFHUFDGRPHVPR
DVVXQWRHVFUHYHQGRDVVLP
(QWmR D HQIHUPLGDGH VH DSRGHURX GH WRGR R VHX FRUSR H IRL GHVWURoDQGRR FRP YDULDGRV
VRIULPHQWRV $ IHEUH QD YHUGDGH HUD IUDFD PDV HUD LQVXSRUWiYHO D FRPLFKmR HP WRGD D
VXSHUItFLHGRFRUSRDVGRUHVFRQWtQXDVGRYHQWUHRVHGHPDVGRVSpVFRPRGHXPKLGUySLFR
DLQIODPDomRGREDL[RYHQWUHHDSRGULGmRYHUPLQRVDGHVXDVSDUWHVSXGHQGDVDRTXHVHGHYH
DFUHVFHQWDUDDVPDDGLVSQpLDHHVSDVPRVHPWRGRVVHXVPHPEURVDRSRQWRGHRVDGLYLQKRV
GL]HUHPTXHHVWHVVRIULPHQWRVHUDPXPFDVWLJR
0DVHOHPHVPROXWDQGRFRPWDLVSDGHFLPHQWRVDLQGDVHDIHUUDYDjYLGDH
HVSHUDQGR VDOYDUVH LPDJLQDYD FXUDV $WUDYHVVRX R -RUGmR H XWLOL]RX DV iJXDV WHUPDLV GH
DOLUURH(VWDVYmRGHVDJXDUQRPDUGR$VIDOWRHFRPRVmRGRFHVVmRWDPEpPSRWiYHLV
$OLRVPpGLFRVGHFLGLUDPDTXHFHUFRPD]HLWHTXHQWHWRGRVHXSXUXOHQWRFRUSRHPXPDEDQKHLUD
FKHLD GH D]HLWH GHVPDLRX H UHYLURX RV ROKRV FRPR VH HVWLYHVVH DFDEDGR $UPRXVH JUDQGH
DOYRURoRHQWUHRVFULDGRVHFRPRUXtGRYROWRXDVL5HQXQFLDQGRGHVGHHQWmRjFXUDPDQGRX
GLVWULEXLUDFDGDVROGDGRGUDFPDVHPXLWRGLQKHLURDRVFKHIHVHDVHXVDPLJRV
5HJUHVVRXHQWmRHFKHJRXD-HULFyMiYtWLPDGDPHODQFROLDHDPHDoDGRSHODPRUWH3{VVHD
WUDPDUXPDDomRFULPLQRVD'HIDWRIH]UHXQLURVQRWiYHLVGHFDGDDOGHLDGHWRGDD-XGpLDH
PDQGRXHQFHUUiORVQRFKDPDGRKLSyGURPR
KDPDQGRGHSRLVVXDLUPm6DORPpHVHXPDULGR$OH[DQGUHGLVVH6HLTXHRVMXGHXVIHVWHMDUmR
PLQKDPRUWHPDVSRVVRDLQGDVHUSUDQWHDGRSRURXWURVHWHUXQVIXQHUDLVHVSOrQGLGRVVHYRFrV
0W
20DU0RUWR
- 27. DWHQGHUHP PLQKDV RUGHQV $VVLP TXH HX H[SLUDU ID]HL FRP TXH FDGD XP GRV KRPHQV DTXL
GHWLGRVVHMDLPHGLDWDPHQWHFHUFDGRSRUVROGDGRVHID]HLFRPTXHRVPDWHPSDUDTXHD-XGpLD
LQWHLUDHFDGDFDVDDLQGDTXHjIRUoDFKRUHSRUPLP
(XPSRXFRPDLVDGLDQWHGL]
'HSRLVWRUWXUDGRWDPEpPSHODIDOWDGHDOLPHQWRHSRUXPDWRVVHHVSDVPyGLFDHDEDWLGRSHODV
GRUHVWUDPDYDDQWHFLSDUDKRUDIDWDO3HJRXXPDPDomHSHGLXXPDIDFDSRLVWLQKDRFRVWXPH
GHFRUWiODSDUDFRPrOD'HSRLVROKDQGRHPYROWDSRUPHGRGHTXHKRXYHVVHDOJXpPSDUD
LPSHGLOROHYDQWRXVXDPmRGLUHLWDFRPDLQWHQomRGHIHULUVH
$OpP GHVWHV GHWDOKHV R PHVPR HVFULWRU UHIHUH TXH DQWHV GH PRUUHU GH WRGR PDQGRX TXH
PDWDVVHPRXWURGHVHXVILOKRVOHJtWLPRVWHUFHLURTXHVRPRXDRVRXWURVGRLVMiDVVDVVLQDGRV
DQWHULRUPHQWHHQRPHVPRPRPHQWRGHUHSHQWHHHQWUHHQRUPHVGRUHVH[SLURX
$VVLP IRL R ILQDO GH +HURGHV MXVWR H PHUHFLGR SHOR LQIDQWLFtGLR SHUSHWUDGR HP %HOpP SRU
DWHQWDU FRQWUD QRVVR 6DOYDGRU 'HSRLV GLVWR XP DQMR VH DSUHVHQWRX HP VRQKRV D -RVp TXH
YLYLDQR(JLWRHRUGHQRXOKHSDUWLUFRPRPHQLQRHVXDPmHSDUDD-XGpLDH[SOLFDQGROKHTXH
HVWDYDPPRUWRVRVTXHEXVFDYDPDPRUWHGRPHQLQRDRTXHDFUHVFHQWDRHYDQJHOLVWD3RUpP
RXYLQGRTXH$UTXHODXUHLQDYDQROXJDUGHVHXSDL+HURGHVWHPHXLUSDUDOiPDVDYLVDGRHP
VRQKRVUHWLURXVHSDUDDUHJLmRGD*DOLOpLD
,;
'RVWHPSRVGH3LODWRV@
2 KLVWRULDGRU DFLPD FLWDGR FRUURERUD D QRWtFLD GD VXELGD GH $UTXHODX DR SRGHU GHSRLV GH
+HURGHVHGHVFUHYHGHTXHPDQHLUDSRUWHVWDPHQWRGHVHXSDL+HURGHVHSRUGHFLVmRGHpVDU
$XJXVWR UHFHEHX HP VXFHVVmR R UHLQR MXGHX H FRPR WLUDGR GR SRGHU DSyV GH] DQRV VHXV
LUPmRV)HOLSHH+HURGHVR-RYHPMXQWRFRP/LVDQLDVJRYHUQDUDPVXDVSUySULDVWHWUDUTXLDV
2 PHVPR -RVHIR QR OLYUR ;9,,, GH VXDV $QWLJLGDGHV GHFODUD TXH QR DQR GR LPSpULR
GH7LEpULR SRLVIRLHVWHRVXFHVVRUQR,PSpULRGHSRLVGRVFLQTHQWDHVHWHDQRVGHUHLQDGR
GH $XJXVWR 3{QFLR 3LODWRV REWHYH R JRYHUQR GD -XGpLD QR TXDO VH PDQWHYH SRU GH] DQRV
FRPSOHWRVTXDVHDWpDPRUWHGH7LEpULR
3RUWDQWR HVWi FODUDPHQWH UHIXWDGD D SDWUDQKD GRV TXH DJRUD XOWLPDPHQWH GLYXOJDUDP XPDV
0HPyULDVFRQWUDQRVVR6DOYDGRUQDVTXDLVDSUySULDGDWDDQRWDGDpDSULPHLUDSURYDGDPHQWLUD
GHWDOIDUVD
'H IDWR VLWXDP VXDV DWUHYLGDV LQYHQo}HV DFHUFD GD SDL[mR GR 6DOYDGRU QR TXDUWR FRQVXODGR
GH7LEpULRTXHFRLQFLGHFRPRVpWLPRDQRGHVHXUHLQDGRWHPSRQRTXDOHVWiGHPRQVWUDGR
TXH 3LODWRV QmR WLQKD DLQGD VH DSUHVHQWDGR QD -XGpLD DR PHQRV VH WRPDUPRV -RVHIR FRPR
WHVWHPXQKD TXH FODUDPHQWH DVVLQDOD HP VHX OLYUR Mi FLWDGR TXH 7LEpULR LQVWLWXLX 3LODWRV
JRYHUQDGRUGD-XGpLDMXVWDPHQWHQRGpFLPRVHJXQGRDQRGHVHXLPSpULR
;
'RVVXPRVVDFHUGRWHVGRVMXGHXVVRERVTXDLVULVWRHQVLQRX@
)RLSRUWDQWRQHVWHVWHPSRVVHJXQGRRHYDQJHOLVWDHVWDQGR7LEpULRpVDUQRGpFLPRTXLQWR
DQRGHVHXLPSpULRH3LODWRVQRTXDUWRDQRGHVXDSURFXUDomRHVHQGRWHWUDUFDVGRUHVWRGD
-XGpLD+HURGHV/LVDQLDVH)HOLSHTXHQRVVR6DOYDGRUH6HQKRU-HVXVRULVWRGH'HXVWHQGR
FHUFD GH WULQWD DQRV VH DSUHVHQWRX SDUD R EDWLVPR FRP -RmR H GHX LQtFLR HQWmR j SURFOD
PDomRGR(YDQJHOKR
1R DQR D +HURGHV PDWRX VXD VHJXQGD HVSRVD 0DULDQD HP D RV ILOKRV TXH WHYH GHOD $OH[DQGUH H
$ULVWyEXORHDSHQDVFLQFRGLDVDQWHVGHVXDPRUWHHPDPDWRX$QWtSDWURILOKRGHVXDSULPHLUDPXOKHU'RULV
$RVVHWHQWDDQRVSURYDYHOPHQWHHPPDUoRRXDEULOGHD
0W
/F
/F
0W
0W0F
- 28. 'L] DLQGD D GLYLQD (VFULWXUD TXH WRGR R WHPSR GH VHX HQVLQR WUDQVFRUUHX GXUDQWH R VXPR
VDFHUGyFLR GH $QiV H DLIiV PRVWUDQGR TXH HIHWLYDPHQWH WRGR R WHPSR GH VHX HQVLQR VH
FXPSULX QRV DQRV HP TXH HVWHV H[HUFHUDP VHXV FDUJRV 3RUWDQWR FRPHoRX GXUDQWH R VXPR
VDFHUGyFLRGH$QiVHFRQWLQXRXDWpRFRPHoRGRGHDLIiVRTXHQmRFKHJDDGDUXPLQWHUYDOR
GHTXDWURDQRVFRPSOHWRV
'HIDWRFRPRDVQRUPDVOHJDLVQDTXHOHWHPSRHVWDYDPMiGHFHUWDIRUPDUHOD[DGDVKDYLDVH
TXHEUDGRDTXHODVHJXQGRDTXDORVFDUJRVUHIHUHQWHVDRFXOWRGH'HXVVHULDPYLWDOtFLRVHSRU
VXFHVVmR KHUHGLWiULD H RV JRYHUQDGRUHV URPDQRV LQYHVWLDP FRP R VXPR VDFHUGyFLR SHVVRDV
GLIHUHQWHVHHPWHPSRVWDPEpPGLIHUHQWHVVHPTXHGXUDVVHPQRFDUJRPDLVGHXPDQR
5HODWDSRLV-RVHIRTXHGHSRLVGH$QiVVHVXFHGHUDPTXDWURVXPRVVDFHUGRWHVDWpDLIiV1D
PHVPDREUD$QWLJLGDGHVHVFUHYHRVHJXLQWH
9DOpULR*UDWRGHVWLWXLXGRVDFHUGyFLRD$QiVHWRUQRXVXPRVDFHUGRWHD,VPDHOILOKRGH)DEL
PDVWURFDQGRWDPEpPHVWHDRFDERGHSRXFRWHPSRGHVLJQDFRPRVXPRVDFHUGRWHD(OHD]DU
ILOKRGRVXPRVDFHUGRWH$QiV
0DVWUDQVFRUULGRXPDQRGHVWLWXLXWDPEpPDHVWHHHQWUHJRXRVXPRVDFHUGyFLRD6LPmRILOKR
GHDPLWR0DVQHPSDUDHVWHGXURXDKRQUDGRFDUJRPDLVGHXPDQRVHQGRVHXVXFHVVRU-RVp
WDPEpPFKDPDGRDLIiV
3RUFRQVHJXLQWHHVWiGHPRQVWUDGRTXHWRGRRWHPSRGRHQVLQRGHQRVVR6DOYDGRUQmRFKHJDD
TXDWURDQRVFRPSOHWRVSRVWRTXHGHVGH$QiVDWpDQRPHDomRGHDLIiVIRUDPTXDWURRVVXPRV
VDFHUGRWHV TXH HP TXDWUR DQRV H[HUFHUDP R FDUJR DQXDO 7HP UD]mR R WH[WR HYDQJpOLFR DR
PHQRVHPDSRQWDUDLIiVFRPRVXPRVDFHUGRWHGRDQRTXHVHFXPSULXDSDL[mRGR6DOYDGRU
3RUQmRGLVFRUGDUGDREVHUYDomRSUHFHGHQWHILFDWDPEpPFRUURERUDGDDGXUDomRGRHQVLQRGH
ULVWR
$OpPGLVVRQRVVR6DOYDGRUH6HQKRUFKDPDRVGR]HDSyVWRORVSRXFRGHSRLVGRLQtFLRGHVHX
HQVLQRHVRPHQWHDHOHVGHQWUHRVGHPDLVGLVFtSXORVSRUSULYLOpJLRHVSHFLDOGHXRQRPHGH
DSyVWRORV'HSRLVGHVLJQRXRXWURVVHWHQWDHWDPEpPDHVWHVHQYLRXGHGRLVHPGRLVDGLDQWH
GHOHDWRGROXJDUHFLGDGHSRURQGHHOHLULD
;,
7HVWHPXQKRVVREUH-RmR%DWLVWDHULVWR@
1mR PXLWR GHSRLV +HURGHV R -RYHP PDQGRX GHFDSLWDU -RmR R %DWLVWD 2 WH[WR VDJUDGR GR
(YDQJHOKR WDPEpP R PHQFLRQD H -RVHIR R FRQILUPD DR PHQRV TXDQGR ID] UHIHUrQFLD D
+HURGLDV H GH FRPR +HURGHV VH FDVRX FRP HOD DSHVDU GH VHU PXOKHU GH VHX LUPmR GHSRLV
GHUHSXGLDUVXDSULPHLUDHOHJtWLPDHVSRVD ILOKDGH$UHWDVUHLGH3HWUD HGHVHSDUDU+HUR
GLDVGHVHXPDULGRTXHDLQGDYLYLDPHQFLRQDWDPEpPTXHSRUFDXVDGHODGHXPRUWHD-RmRH
SURPRYHXXPDJXHUUDFRQWUD$UHWDVFXMDILOKDWLQKDGHVRQUDGR
( GL] DLQGD TXH QHVWD JXHUUD GXUDQWH D EDWDOKD R H[pUFLWR GH +HURGHV IRL GHVEDUDWDGR SRU
LQWHLURHTXHWXGRLVVRDFRQWHFHXSRUWHUDWHQWDGRFRQWUD-RmR
2 PHVPR -RVHIR FRQIHVVD TXH -RmR HUD XP KRPHP H[WUHPDPHQWH MXVWR H TXH EDWL]DYD
FRQILUPDQGRDVVLPRTXHHVWiHVFULWRVREUHHOHQRWH[WRGRVHYDQJHOKRV0HQFLRQDDLQGDTXH
+HURGHVIRLGHVWURQDGRSRUFXOSDGDPHVPD+HURGLDVHFRPHODIRLGHVWHUUDGRFRQGHQDGRD
KDELWDUQDFLGDGHGH9LHQDQD*iOLD
,VWRpRTXHQDUUDQRPHVPROLYUR;9,,,GDV$QWLJLGDGHVRQGHHVFUHYHVREUH-RmRRTXHVHJXH
WH[WXDOPHQWH
3DUDDOJXQVMXGHXVSDUHFHTXHIRL'HXVTXHGHVEDUDWRXRH[pUFLWRGH+HURGHVID]HQGRRSDJDU
PXLWRMXVWDPHQWHSHORTXHIH]D-RmRFKDPDGRR%DWLVWD
/F0W
0W-R
0WVV0FVV/FVV
/F
0W0F/F
(QJDQDVHRDXWRU4XHPIRLGHVWHUUDGRSDUD9LHQDIRL$UTXHODX+HURGHVR-RYHPIRLGHVWHUUDGRSDUD/LRQ
/XJGXQXP
- 29. 3RUTXH +HURGHV KDYLDOKH GDGR PRUWH (UD XP KRPHP ERP H TXH H[RUWDYD RV MXGHXV DR
H[HUFtFLRGDYLUWXGHDXVDUGDMXVWLoDQRWUDWRGHXQVFRPRVRXWURVHGDSLHGDGHSDUDFRP'HXV
HDDFHLWDUREDWLVPR3RUTXHGHVWDPDQHLUDWDPEpPREDWLVPROKHSDUHFLDDFHLWiYHOQmRFRPR
LQVWUXPHQWRGHSHUGmRSDUDDOJXQVSHFDGRVPDVSDUDDSXULILFDomRGRFRUSRGHVGHTXHDMXVWLoD
MiGHDQWHPmRKRXYHVVHSXULILFDGRDDOPD
(FRPRRXWURVVHIRVVHPDJORPHUDQGRHPWRUQRGH-RmR SRLVILFDYDPVXVSHQVRVHVFXWDQGR
VXDV SDODYUDV +HURGHV WHPHURVR GH TXH XPD WDO IRUoD GH SHUVXDVmR VREUH RV KRPHQV
FRQGX]LVVHDDOJXPDUHYROWD MiTXHHPWXGRSDUHFLDPSURFHGHUVHJXQGRRVFRQVHOKRVGH-RmR
SHQVRXTXHRPHOKRUHUDDQWHFLSDUVHHID]rORPDWDUDQWHVTXHDUPDVVHXPDUHYROXomRHPYH]
GHYHUVHHQYROWRHPGLILFXOGDGHVSRUXPDPXGDQoDGHVLWXDomRHWHUTXHVHDUUHSHQGHUPDLV
WDUGH(-RmRGHYLGRjVXVSHLWDGH+HURGHVIRLPDQGDGRSULVLRQHLURD0DTXHURQWHDFpOHEUH
IRUWDOH]DPDLVDFLPDHDOLIRLH[HFXWDGR
'HSRLVGHH[SOLFDUWXGRLVWRDUHVSHLWRGH-RmRQDPHVPDREUDKLVWyULFDPHQFLRQDWDPEpP
QRVVR6DOYDGRUQRVVHJXLQWHVWHUPRV
3RUHVWHPHVPRWHPSRYLYHX-HVXVKRPHPPXLWRViELRVHpTXHGHKRPHPGHYHPRVFKDPi
OR SRUTXH UHDOL]DYD REUDV SRUWHQWRVDV HUD PHVWUH GRV KRPHQV TXH UHFHELDP FRP SUD]HU D
YHUGDGHHDWUDLXQmRVRPHQWHPXLWRVMXGHXVPDVWDPEpPPXLWRVJUHJRV
(VWHHUDRULVWR+DYHQGROKHLQIOLJLGR3LODWRVRVXSOtFLRGDFUX]LQVWLJDGRSRUQRVVRVOtGHUHV
RVTXHSULPHLURRKDYLDPDPDGRQmRFHVVDUDPGHDPiORSRLVDRILPGHWUrVGLDVQRYDPHQWH
DSDUHFHXOKHVYLYR2VSURIHWDVGH'HXVWLQKDPGLWRHVWDVPHVPDVFRLVDVHRXWUDVLQFRQWiYHLV
PDUDYLOKDVVREUHHOH$WULERGRVULVWmRVTXHGHOHWRPRXRQRPHDLQGDQmRGHVDSDUHFHXDWp
KRMH
4XDQGRXPHVFULWRUVDtGRGHQWUHRVSUySULRVMXGHXVWUDQVPLWHGHVGHRFRPHoRHPVXDVSUySULDV
REUDV HVWDV FRLVDV UHIHUHQWHV D -RmR %DWLVWD H D QRVVR 6DOYDGRU TXH VXEWHUI~JLR UHVWD DRV
TXHWUDPDUDPFRQWUDHOHVDV0HPyULDVVHPTXHILTXHHYLGHQWHVHXGHVFDUDPHQWR0DVVHMD
EDVWDQWHRTXHIRLGLWR
;,,
'RVGLVFtSXORVGHQRVVR6DOYDGRU@
'RV DSyVWRORV GR 6DOYDGRU SHOR PHQRV RV QRPHV DSDUHFHP FODUDPHQWH HP WRGRV RV
HYDQJHOKRV'RVVHWHQWDGLVFtSXORVSRURXWURODGRHPQHQKXPOXJDUVHHQFRQWUDOLVWDDOJXPD
PHVPRDVVLPVDEHVHDRPHQRVTXH%DUQDEpHUDXPGHOHVGHOHID]HPPHQomRHVSHFLDORV$WRV
GRV $SyVWRORV LJXDO PHQWH 3DXOR TXDQGR HVFUHYH DRV *iODWDV 'L]HP DLQGD TXH WDPEpP
6yVWHQHVXPGRVTXHHVFUHYHPFRP3DXORDRVRUtQWLRVHUDXPGHOHV
$UHIHUrQFLDVHHQFRQWUDHPOHPHQWHQROLYUR9GDV+SRWSRVHLVRQGHDILUPDTXHWDPEpP
HIDVGHTXHP3DXORGL]0DVTXDQGRHIDVYHLRD$QWLRTXLDHQIUHQWHLPHFRPHOHHUDXP
GRVVHWHQWDGLVFtSXORVHTXHVXDKRPRQtPLDFRPRDSyVWROR3HGURHUDFDVXDO
( XP GRFXPHQWR HQVLQD WDPEpP TXH 0DWLDV R TXH IRL MXQWDGR j OLVWD GRV DSyVWRORV HP
VXEVWLWXLomRD-XGDVHRRXWURTXHFRPHOHWHYHDKRQUDGHGLVSXWDUDVRUWHIRUDPGLJQRVGH
VHUHPGRVVHWHQWD'L]VHDLQGDTXHWDPEpP7DGHXHUDXPGHOHVVREUHHVWHFKHJDDQyVXP
UHODWRTXHH[SRUHLHPVHJXLGD
0DVREVHUYDQGREHPHQFRQWUDUHPRVTXHRVGLVFtSXORVGR6DOYDGRUHUDPPXLWRPDLVGRTXH
RVVHWHQWDDFHLWDQGRRWHVWHPXQKRGH3DXORTXHGL]TXHGHSRLVGHVXDUHVVXUUHLomRGHQWUHRV
PRUWRVDSDUHFHXSULPHLURDHIDVGHSRLVDRVGR]HHGHSRLVGHVWHVDPDLVGHTXLQKHQWRVLUPmRV
0W0F/F
$W
*O
R
*O
6LJQLILFDQGRWUDGLomRSDVVDGDSRUHVFULWR
$W
7UDGLomRRUDOVHPUHJLVWURHVFULWR
3DUD0WH0F7DGHXHUDXPGRVGR]HPDVHP/XFDVHOHQmRDSDUHFH
- 30. MXQWRVVREUHRVTXDLVDILUPDYDTXHDOJXQVMiWLQKDPPRUULGRPDVTXHDPDLRUSDUWHDLQGDYLYLD
QRWHPSRHPTXHHOHHVFUHYLDHVWDVFRLVDV
'HSRLVGL]TXHDSDUHFHXD7LDJR3RLVEHPHVWHHUDWDPEpPXPGRVPHQFLRQDGRVLUPmRVGR
6DOYDGRU3RUWDQWRGHTXDOTXHUIRUPDRVDSyVWRORVjLPDJHPGRVGR]HHUDPPXLWRVPDLV
RSUySULR3DXORRHUDSURVVHJXHGL]HQGRGHSRLVDSDUHFHXDWRGRVRVDSyVWRORV6REUHHVWH
WHPDEDVWHRTXHIRLGLWR
;,,,
5HODWRVREUHRUHLGH(GHVVD@
2UHODWRDFHUFDGH7DGHXpFRPRVHJXH$IDPDGDGLYLQGDGHGHQRVVR6HQKRUH6DOYDGRU
-HVXVULVWRGHYLGRDRVHXSRGHUPLODJURVRDOFDQoRXDWRGRVRVKRPHQVHFRPDHVSHUDQoD
GH FXUD GH VXDV HQIHUPLGDGHV H PROpVWLDV GH WRGD HVSpFLH DWUDtD D LQXPHUiYHLV SHVVRDV TXH
KDELWDYDPLQFOXVLYHQRHVWUDQJHLURPXLWRORQJHGD-XGpLD
1HVWDV FRQGLo}HV VH DFKDYD R UHL $EJDUR TXH UHLQDYD H[FHOHQWHPHQWH VREUH RV SRYRV GR
RXWURODGRGR(XIUDWHVHWLQKDVHXFRUSRGHVWURoDGRSRUXPDGRHQoDWHUUtYHOHLQFXUiYHOSDUD
RSRGHUKXPDQR$VVLPTXHFKHJDUDPDHOHQRWtFLDVUHFRUUHQWHVVREUHRQRPHGH-HVXVHRV
PLODJUHVXQDQLPHPHQWHWHVWHPXQKDGRVSRUWRGRVFRQYHUWHXVHHPVHXVXSOLFDQWHHQYLDQGRXP
PHQVDJHLURFRPXPDFDUWDQDTXDOSHGLDSDUDYHUVHOLYUHGDHQIHUPLGDGH
0DV-HVXVQmRDWHQGHXGHLPHGLDWRDVHXFKDPDPHQWR0HVPRDVVLPIH]OKHDKRQUDGHXPD
FDUWDGHSUySULRSXQKRHOHWUDQDTXDOSURPHWLDHQYLDUOKHXPGHVHXVGLVFtSXORVTXHRFXUDULD
GDHQIHUPLGDGHHDRPHVPRWHPSROHYDULDDVDOYDomRSDUDHOHHSDUDRVVHXV
1mRSDVVRXPXLWRWHPSRVHPTXH-HVXVFXPSULVVHVXDSURPHVVD'HSRLVGHVXDUHVVXUUHLomRGH
HQWUHRVPRUWRVHGHVXDDVFHQVmRDRVFpXV7RPiVXPGRVGR]HDSyVWRORVPRYLGRSRU'HXV
HQYLRXjUHJLmRGH(GHVVD7DGHXTXHWDPEpPHUDXPGRVVHWHQWDGLVFtSXORVGHULVWRFRPR
DUDXWRHHYDQJHOLVWDGDGRXWULQDGHULVWRHSRUPHLRGHOHVHFXPSULXRTXHR6DOYDGRUKDYLD
SURPHWLGR
7HPRV GH WXGR LVWR WHVWHPXQKR HVFULWR WLUDGR GRV DUTXLYRV GH (GHVVD TXH QDTXHOH WHPSR
HUDDFRUWH1RVGRFXPHQWRVS~EOLFRVTXHQHOHVVHJXDUGDPHTXHFRQWpPRVIHLWRVDQWLJRVH
GRV WHPSRV GH $EJDUR HQFRQWUDVH WDPEpP R UHIHULGR WHVWHPXQKR FRQVHUYDGR GHVWH HQWmR
HDWpKRMH0DVQDGDPHOKRUGRTXHRXYLUDVSUySULDVFDUWDVTXHWLUDPRVGRVDUTXLYRVHTXH
WUDGX]LGDVGRVLUtDFRGL]HPWH[WXDOPHQWHFRPRVHJXH
ySLD GD FDUWD HVFULWD SRU $EJDUR WRSDUFD D -HVXV H HQYLDGD D -HUXVDOpP SHOR PHQVDJHLUR
$QDQtDV
$EJDUR 8FDPD WRSDUFD D -HVXV R ERP VDOYDGRU TXH VXUJLX QD UHJLmR GH -HUXVDOpP
VDXGDo}HV7HPFKHJDGRDPHXVRXYLGRVQRWtFLDVDFHUFDGHWXDSHVVRDHGHWXDVFXUDVTXHDR
TXHSDUHFHUHDOL]DVVHPHPSUHJDUUHPpGLRVRXHUYDVSRLVSHORTXHVHFRQWDID]HVFRPTXHRV
FHJRVUHFREUHPDYLVmRHTXHRVFR[RVDQGHPOLPSDVRVOHSURVRVHUHWLUDVHVStULWRVLPSXURVH
GHP{QLRVFXUDVRVTXHHVWmRDWRUPHQWDGRVSRUORQJDHQIHUPLGDGHHUHVVXVFLWDVPRUWRV
(HXDRRXYLUWXGRLVWRGHWLSXVPHDSHQVDUTXHGHGXDVSRVVLELOLGDGHVXPDRXpV'HXVTXH
GHVFHQGRSHVVRDOPHQWHGRFpXUHDOL]DVHVWDVPDUDYLOKDVRXpVILOKRGH'HXVMiTXHID]HVWDLV
REUDV
(VWHpSRLVRPRWLYRSDUDHVFUHYHUWHURJDQGRWHTXHWHDSUHVVHVDYLUDPLPHFXUDUPHGR
PDOTXHPHDIOLJH3RUTXHWDPEpPWHQKRRXYLGRTXHRVMXGHXVDQGDPPXUPXUDQGRFRQWUDWLH
TXHUHPID]HUWHPDO0XLWRSHTXHQDpPLQKDFLGDGHPDVGLJQDHEDVWDUiSDUDRVGRLV
(VWDpDFDUWDTXH$EJDURHVFUHYHXLOXPLQDGRHQWmRSRUXPSRXFRGHOX]GLYLQD0DVVHUiERP
TXHHVFXWHPRVDFDUWDTXH-HVXVHQYLRXDHOHSHORPHVPRFRUUHLRFDUWDGHSRXFDVOLQKDVPDV
GHPXLWDIRUoDFXMRWHRUpRTXHVHJXH
5HVSRVWDGH-HVXVD$EJDURWRSDUFDSRUPHLRGRPHQVDJHLUR$QDQtDV
R
I
(XVpELRSURYDYHOPHQWHFRSLRXRVGRFXPHQWRVMiWUDGX]LGRVDQWHULRUPHQWH
$EJDURR1HJUR
*Q