SlideShare a Scribd company logo
1 of 47
Download to read offline
MINISTÉRIO DA EDUCAÇÃO
UNIVERSIDADE FEDERAL DO RIO GRANDE DO SUL
DEPARTAMENTO DE ENGENHARIA NUCLEAR
CURSO DE ESPECIALIZAÇÃO EM ENGENHARIA DE SEGURANÇA DO
TRABALHO
CHOQUE ELÉTRICO - BARRASHOPPINGSUL
por
Humberto Bortoluzzi
Orientadora:
Luisa Tânia Elesbão Rodrigues
Porto Alegre, Agosto 2009
CHOQUE ELÉTRICO - BARRASHOPPINGSUL
por
H u m b e r t o B o r t o l u z z i
Engenheiro Eletricista
Monografia submetida ao Corpo Docente do Curso de Especialização em
Engenharia de Segurança do Trabalho, do Departamento de Engenharia Nuclear,
da Escola de Engenharia da Universidade Federal do Rio Grande do Sul,
como parte dos requisitos necessários para a obtenção do Título de
Especialização
em Engenharia de Segurança do Trabalho
Orientadora: Profª. Luisa Tânia Elesbão Rodrigues
Prof. Dr. Sergio Viçosa Möller
Coordenador do Curso de Especialização em
Engenharia de Segurança do Trabalho
Porto Alegre, Agosto 2009
DEDICATÓRIA
A minha esposa Tânia, as minhas filhas Letícia,
Luiza e a minha mãe Maria Amália (Tia Mamá),
pelo apoio e incentivo dado durante os longos
18 meses do curso.
iii
AGRADECIMENTOS
Aos grandes colegas e amigos conquistados durante o curso de
Especialização na gelada sala de aula durante o inverno e sufocante, nas noites
quentes do verão, do prédio de Engenharia Mecânica.
A minha mãe que lutou para que eu fizesse o curso, a Tânia que me
esperava na República para tomar àquela cerveja.
A Profª. Luisa Tânia pela paciência em esperar o início do trabalho e,
finalmente, a conclusão, que me pareceu interminável.
iv
RESUMO
Choque Elétrico
Eletricidade é uma das formas de energia mais difundida no planeta neste
início de século. Ela está presente em todos os segmentos da sociedade, em todos
os lugares, e, de certa forma, sempre há a nossa disposição uma fonte provedora de
tensão para ser utilizada. Esta difusão de pontos e facilidades torna elevado o risco
de acidente com eletricidade.
O problema existe, é grave e de certa forma é desconhecido pela grande
maioria da população. A legislação que regulamenta o trabalho em eletricidade, NR-
10 é atual e suficiente, as normas da Associação Brasileira de Normas Técnicas
(ABNT) que especificam equipamentos, partes e peças são inúmeras e contribuem
para a segurança de todos no quesito elétrico. A observância de empregados e
empregadores, o respeito dos fabricantes na preparação de componentes elétricos,
a fiscalização atuante e ainda assim os acidentes com eletricidade são freqüentes e
na grande maioria deixam seqüelas graves.
O novo shopping na cidade de Porto Alegre, o BarraShoppingSul é um
prédio moderno que respeitou todas as regras de segurança no que diz respeito à
eletricidade, mas mesmo assim, os riscos existem e são reais.
O presente trabalho tem como objetivo identificar os pontos que oferecem
risco à saúde e segurança das pessoas que de certa forma, habitam as
dependências do prédio do BarraShoppingSul e por quais motivos, apesar de todos
os cuidados, ainda ocorrem acidentes com eletricidade.
v
ABSTRACT
Electric Shock
Electricity is one of the most disseminate ways of energy on the planet in the
beginning of this century. It is present in all segments of society, in all places, and, in
certain way, we always have at our disposal a tension source supplier to be used.
This diffusion of points and the facilities make the risk of accident with electricity
extremely high.
The problem exists, is serious and in certain way it is unknown to the great
majority of the population. The legislation that regulates the work in electricity, NR-10
is current and adequate; the norms of the Brazilian Association of Technical Norms
(ABNT) which specify equipment, parts and pieces are innumerable and contribute
for the security of all in the electric question. Although the observance of employers
and employees, the respect of the manufacturers in the preparation of electric
components, the operating supervision still the accidents with electricity are frequent
and in a great majority of the cases leave serious sequels.
The new shopping in the city of Porto Alegre, BarraShoppingSul is a modern
building that has respected all the security rules concerning electricity, and even
though the risks still exist and are real.
The present work is meant to identify the points that offer risk to the health and
the safety of the people who in a certain way, inhabit the dependences of the building
of BarraShoppingSul and for which reasons, although all the cares, accidents with
electricity still occur.
vi
ÍNDICE Pág.
1. INTRODUÇÃO .................................................................................................01
1.1 Eletricidade.............................................................................................01
1.2 Conceitos ...............................................................................................02
2. RISCOS............................................................................................................02
2.1 Riscos com Eletricidade .........................................................................02
2.1.1 Aquecimento ...............................................................................03
2.1.2 Fogo............................................................................................03
2.1.3 Arco Elétrico................................................................................03
2.1.4 Choque elétrico ...........................................................................04
2.2 Tipos de Choque Elétrico .......................................................................06
2.2.1 Choque Estático..........................................................................06
2.2.2 Choque Dinâmico........................................................................06
2.2.3 Tipos de Potencial.......................................................................06
2.3 Acidentes com Eletricidade ....................................................................07
2.3.1 Classificação dos Acidentes........................................................08
2.3.2 Efeitos .........................................................................................08
3. RISCO DE CHOQUE NO BARRASHOPPINGSUL..........................................09
3.1 Localização do Prédio ............................................................................10
3.2 Mall.........................................................................................................11
3.2.1 Tomadas de Piso ........................................................................11
3.2.2 Tomadas de Parede....................................................................12
3.2.3 Caixas de Passagem ..................................................................12
3.3 Galerias Técnicas...................................................................................13
3.3.1 Quadros de Distribuição..............................................................14
3.3.2 Centros de Medição ....................................................................14
3.3.3 Tomadas de Potência .................................................................15
3.4 Estacionamento Externo ........................................................................15
3.4.1 Caixas de Passagem / Alimentação Postes................................16
vii
3.5 Subestações...........................................................................................16
3.5.1 Quadros de Distribuição..............................................................17
3.5.2 QGBT..........................................................................................17
3.5.3 Iluminação...................................................................................18
3.6 Gerador ..................................................................................................18
3.7 Centro Medição MT................................................................................19
4. LEGISLAÇÃO...................................................................................................20
4.1 Normas Brasileiras.................................................................................20
4.1.1 NR-10..........................................................................................21
4.2 Ministério do Trabalho e Emprego (MTE) ..............................................24
5. MEDIDAS DE PROTEÇÃO..............................................................................24
5.1 Proteção contra o Contato Direto...........................................................25
5.2 Proteção contra o Contato Indireto.........................................................26
5.3 Aterramento............................................................................................26
6. EQUIPAMENTOS DE PROTEÇÃO .................................................................29
6.1 Equipamento de Proteção Individual (EPI).............................................29
6.2 Equipamento de Proteção Coletiva (EPC) .............................................31
6.3 Primeiros Socorros.................................................................................32
7. RESPONSABILIDADES...................................................................................32
7.1 Responsabilidade Civil ...........................................................................33
7.2 Responsabilidade Criminal.....................................................................35
8. CONCLUSÃO...................................................................................................36
REFERÊNCIAS BIBLIOGRÁFICAS.....................................................................37
viii
ÍNDICE DE FIGURAS Pág.
Figura 01 .............................................................................................................05
Figura 02 .............................................................................................................07
Figura 03 .............................................................................................................07
Figura 04 .............................................................................................................22
Figura 05 .............................................................................................................22
Figura 06 .............................................................................................................26
Figura 07 .............................................................................................................26
Figura 08 .............................................................................................................28
Figura 09 .............................................................................................................28
Figura 10 .............................................................................................................29
Figura 11 .............................................................................................................31
ÍNDICE DE TABELAS
Tabela 01 .............................................................................................................05
Tabela 02 .............................................................................................................30
Tabela 03 .............................................................................................................32
ix
ÍNDICE DE IMAGENS Pág.
Imagem 01 ...........................................................................................................04
Imagem 02 ...........................................................................................................08
Imagem 03 ...........................................................................................................10
Imagem 04 ...........................................................................................................11
Imagem 05 ...........................................................................................................12
Imagem 06 ...........................................................................................................12
Imagem 07 ...........................................................................................................13
Imagem 08 ...........................................................................................................13
Imagem 09 ...........................................................................................................14
Imagem 10 ...........................................................................................................14
Imagem 11 ...........................................................................................................15
Imagem 12 ...........................................................................................................15
Imagem 13 ...........................................................................................................16
Imagem 14 ...........................................................................................................16
Imagem 15 ...........................................................................................................17
Imagem 16 ...........................................................................................................18
Imagem 17 ...........................................................................................................18
Imagem 18 ...........................................................................................................19
Imagem 19 ...........................................................................................................31
x
,1752'8d­2
(VWH WUDEDOKR WHP R REMHWLYR GH DSRQWDU RV PRWLYRV RX IDOKDV SHODV TXDLV
WDQWDV SHVVRDV VmR HQYROYLGDV HP DFLGHQWHV FRP HOHWULFLGDGH WDQWR QD DWLYLGDGH
ODERUDO FRPR HP DWLYLGDGHV GRPpVWLFDV 5HVSHLWDQGR VH D OHJLVODomR DWXDO
WRPDQGR VH FXLGDGR DQWHV GH LQLFLDU XPD DWLYLGDGH HTXLSDQGR VH FRP RV (3,¶V
GLVSRQtYHLV H PHVPR DVVLP RV DFLGHQWHV FRP HOHWULFLGDGH VmR IUHTHQWHV $
IDWDOLGDGH QHVWHV FDVRV p PXLWR DOWD H SRU HVVD UD]mR RV DFLGHQWHV VmR VHPSUH
JUDYHV H SHULJRVRV
2 HVWXGR GH FDVR WHP FRPR UHIHUrQFLD D HGLILFDomR UHFpP WHUPLQDGD GR
%DUUD6KRSSLQJ6XO QD FLGDGH GH 3RUWR $OHJUH DQH[R DR Mi H[LVWHQWH SUpGLR GR
VXSHUPHUFDGR %,* WRGR R FRQMXQWR IRUPD XP FRPSOH[R GH VHLV VXEHVWDo}HV GR
VXE FRQGRPtQLR H PDLV VXEHVWDo}HV GH ORMDV kQFRUDV RQGH PDLV DGLDQWH VHUmR
GHWDOKDGDV
$ SDUWH LQLFLDO GD SHVTXLVD IRL FROKHU RV GDGRV GH HQJHQKDULD GR VXE
FRQGRPtQLR WUDEDOKRV Mi UHDOL]DGRV VREUH HOHWULFLGDGH H HP SDUWLFXODU VREUH FKRTXH
HOpWULFR DUWLJRV SXEOLFDGRV HP PHLRV HOHWU{QLFRV OLYURV H UHYLVWDV HVSHFLDOL]DGDV
VREUH R DVVXQWR
(OHWULFLGDGH
3RU GHILQLomR p XP IHQ{PHQR ItVLFR RULJLQDGR SRU FDUJDV HOpWULFDV HVWiWLFDV
RX HP PRYLPHQWR $ PDWpULD p FRQVWLWXtGD SRU iWRPRV TXH VmR SRU VXD YH]
FRQVWLWXtGRV GH HOpWURQV SUyWRQV H QrXWURQV
(OHWULFLGDGH p D SDVVDJHP GH HOpWURQV SRU XP FRQGXWRU H ERQV
FRQGXWRUHV VmR GD IDPtOLD GRV PHWDLV FREUH RXUR DOXPtQLR IHUUR SUDWD HQWUH
RXWURV RV LVRODQWHV VmR PDWHULDLV TXH LPSHGHP WRWDO RX SDUFLDOPHQWH R
GHVORFDPHQWR GH HOpWURQV
(P WRGRV RV OXJDUHV WUDEDOKDGRUHV RX QmR HQFRQWUDP SRQWRV HQHUJL]DGRV
H ERQV FRQGXWRUHV ORJR WHPRV D WRGR R PRPHQWR XP FHQiULR SHUIHLWR SDUD TXH
DFRQWHoD XP DFLGHQWH JUDYH 1HVWDV VLWXDo}HV RV SURILVVLRQDLV GH VHJXUDQoD H
VD~GH QR WUDEDOKR WrP D UHVSRQVDELOLGDGH GH DOHUWDU SURWHJHU H HP PXLWRV FDVRV
HOLPLQDU RV ULVFRV
&RQFHLWRV
$OJXQV FRQFHLWRV VmR LPSRUWDQWHV SDUD R ERP HQWHQGLPHQWR GR DVVXQWR D
VHU WUDWDGR VREUH FKRTXH HOpWULFR
3RWHQFLDO (OpWULFR p D FDSDFLGDGH TXH XP FRUSR HQHUJL]DGR WHP GH UHDOL]DU
WUDEDOKR DWUDLU RX UHSHOLU RXWUDV FDUJDV HOpWULFDV LVWR p TXDQWR PDLRU R SRWHQFLDO
PDLRU D FDSDFLGDGH H WDQWR PDLRU VHUi D IDFLOLGDGH GH GHVORFDPHQWR GH HOpWURQV
PHVPR TXH R FRQGXWRU QmR VHMD R LGHDO
&RUUHQWH HOpWULFD p R IOX[R RUGHQDGR GH FDUJDV HOpWULFDV JHUDOPHQWH HP
PDWHULDLV FRQGXWRUHV $ LQWHQVLGDGH GH FRUUHQWH HOpWULFD p D TXDQWLGDGH GH FDUJD TXH
SDVVD HP XP GHWHUPLQDGR SRQWR SRU XQLGDGH GH WHPSR p UHSUHVHQWDGD SHOD OHWUD ³L´
5HVLVWrQFLD HOpWULFD p D GLILFXOGDGH TXH XP PDWHULDO DSUHVHQWD GH VH SRU D
SDVVDJHP GH FRUUHQWH HOpWULFD p UHSUHVHQWDGD SHOD OHWUD JUHJD ³Ÿ´
7HQVmR $OWHUQDGD WHP FRPR FDUDFWHUtVWLFD SULQFLSDO D WURFD GH SRODULGDGH HP
IXQomR GR WHPSR ID]HQGR FRP TXH R VHQWLGR GR IOX[R VH DOWHUQH WDPEpP $ JUDQGH
PDLRULD GDV WUDQVPLVV}HV GH HQHUJLD HOpWULFD RFRUUH FRP HVWH WLSR GH WHQVmR
DGLFLRQDQGR DR FLUFXLWR RV HOHPHQWRV FRQVXPLGRUHV LVWR p RV DSDUHOKRV HOpWULFRV H
HOHWU{QLFRV IRUPDQGR DVVLP XP VLVWHPD FRPSOHWR $ UHVLVWrQFLD DQWHULRUPHQWH
YLVWD SDVVD D VH FKDPDU LPSHGkQFLD TXH p XPD JUDQGH]D FRPSOH[D
5,6&26
2 ULVFR p XPD FRQGLomR RX PXGDQoD GH XP FRQMXQWR GH FLUFXQVWkQFLDV
TXH DSUHVHQWDP XP GHWHUPLQDGR SRWHQFLDO SDUD D H[LVWrQFLD GH GDQRV GRHQoD RX
SUHMXt]R GH XP HVWDEHOHFLPHQWR &RQIRUPH R GLFLRQiULR GH WHUPRV GD 6RFLHGDGH
$PHULFDQD GH (QJHQKHLURV HP 6HJXUDQoD $66( ³p D FDUDFWHUtVWLFD SRWHQFLDO RX
LQHUHQWH GH XPD DWLYLGDGH FRQGLomR RX FLUFXQVWkQFLD TXH SRGH SURGX]LU
FRQVHTrQFLDV DGYHUVDV RX SHULJRVDV´ &RQWUROH p TXDOTXHU PHLR DWUDYpV GR TXDO
SRGHP VHU HOLPLQDGRV RX UHGX]LGRV RV ULVFRV GHULYDGRV GH XP SHULJR
5LVFRV FRP HOHWULFLGDGH
2V ULVFRV DVVRFLDGRV FRP HOHWULFLGDGH DSUHVHQWDP FDUDFWHUtVWLFDV
HVSHFtILFDV RIHUHFHP XP SRWHQFLDO SDUD VpULDV FRQVHTrQFLDV H H[LJHP XPD
SHUFHSomR GLIHUHQFLDGD LVWR p D SHVVRD GHYH HVWDU SUHSDUDGD SDUD SRGHU DQWHYHU R
ULVFR 0XLWDV YH]HV VRPHQWH D KDELOLWDomR QmR SHUPLWH HVWD SHUFHSomR p QHFHVViULR
XP FRQMXQWR GH YiULRV IDWRUHV SDUD TXH R SUREOHPD VHMD DQWHFLSDGR
(P WRGDV DV VLWXDo}HV TXH D HOHWULFLGDGH HVWi HQYROYLGD GHYH VH WHU R
FRQWUROH GR WUDEDOKR H GRV WUDEDOKDGRUHV 2 ORFDO GHYH HVWDU RUJDQL]DGR OLPSR H
SULQFLSDOPHQWH GHYH VH WHU D HTXLSH LQIRUPDGD GD WDUHID H ULVFRV DVVRFLDGRV
$TXHFLPHQWR
(P WRGDV DV LQVWDODo}HV RQGH D HOHWULFLGDGH HVWi SUHVHQWH p H[LJLGR R
DWHVWDGR GH UHVSRQVDELOLGDGH WpFQLFD $57 LVWR GHYH VHU R VXILFLHQWH SDUD TXH
WRGRV RV HOHPHQWRV HVWHMDP GLPHQVLRQDGRV FRUUHWDPHQWH H TXH D REUD VHMD
H[HFXWDGD GH DFRUGR FRP DV QRUPDV YLJHQWHV
&DVR FRQWUiULR R SHULJR p UHDO H SRGHUi RFRUUHU DTXHFLPHQWR QRV FDERV
HOpWULFRV TXH p XQV GRV SULQFLSDLV PRWLYRV GH LQFrQGLRV HP WRGDV DV HGLILFDo}HV $
IDOWD GH PDQXWHQomR HP LQVWDODo}HV HOpWULFDV WDPEpP FRQWULEXL SDUD VLQLVWURV GHVWD
QDWXUH]D WHQGR FRPR DJUDYDQWH DV TXHLPDGXUDV SHVVRDLV
)RJR
)RJR p R UHVXOWDGR GH FRQH[}HV PDO IHLWDV GH VXE GLPHQVLRQDPHQWR GR
FDEHDPHQWR GH DFUpVFLPR H[FHVVLYR GH FDUJD HP VLVWHPDV HOpWULFRV VRPDQGR VH D
LQH[LVWrQFLD GH PDQXWHQomR RX FRQVHUYDomR DGHTXDGD R ULVFR WRUQD VH PDLRU H
PDLV SHULJRVR
$FLGHQWHV FRP HOHWULFLGDGH RFRUUHP PXLWDV YH]HV GHYLGR D HVVDV FDXVDV
H PXLWDV YH]HV VmR IDWDLV VHQmR FRP JUDYHV VHTHODV DR WUDEDOKDGRU
$ JUDQGH PDLRULD GRV FDERV p GLPHQVLRQDGD SDUD WUDEDOKDU HP ž& VHP
SUHMXt]R GDV FDUDFWHUtVWLFDV LVRODQWHV GR PDWHULDO PDV VHJXQGR GDGRV GRV
IDEULFDQWHV R FDER HOpWULFR SRGH VXSRUWDU HP DWp GDV UHFRPHQGDo}HV WpFQLFDV
3RUWDQWR SDUD TXH KDMD GDQR DV FRQGLo}HV GHYHP HVWDU DFLPD GDV HVSHFLILFDo}HV H
LVWR p GH FHUWD IRUPD QHJOLJrQFLD GR UHVSRQViYHO SHOR VLVWHPD
$UFR (OpWULFR
$V TXHLPDGXUDV SRU DUFR HOpWULFR UHSUHVHQWDP XPD SDUFHOD VLJQLILFDWLYD
GRV DFLGHQWHV FRP WUDEDOKDGRUHV HP HOHWULFLGDGH 0HVPR VDEHQGR GDV JUDYHV
FRQVHTrQFLDV TXH UHSUHVHQWD R DUFR WDQWR SDUD R HTXLSDPHQWR H LQVWDODo}HV FRPR
SDUD D YLGD KXPDQD R DVVXQWR QmR p WUDWDGR FRP D VHULHGDGH GHYLGD 2 SHULJR
DXPHQWD TXDQGR HP PDQXWHQomR DV SURWHo}HV GHYHP VHU UHPRYLGDV e HP
PRPHQWRV FRPR HVWH TXH RV SURILVVLRQDLV GH HQJHQKDULD GH VHJXUDQoD GR WUDEDOKR
WrP VXD UHVSRQVDELOLGDGH DXPHQWDGD
$ HQHUJLD OLEHUDGD
QHVWDV RFDVL}HV p H[WUHPDPHQWH
DOWD H SRGH FDXVDU GDQRV VHYHURV
D XPD GLVWkQFLD GH PHWURV GR
SRQWR GH IDOKD QRV HTXLSDPHQWRV
GH DOWD SRWrQFLD HP EDL[D WHQVmR
D HQHUJLD OLEHUDGD p DLQGD PDLRU
,PDJHP ± $UFR 9ROWDLFR )RQWH ,QWHUQHW
&KRTXH HOpWULFR
$R SDVVDU SHOR FRUSR KXPDQR D FRUUHQWH HOpWULFD FDXVD XPD VpULH GH
SHUWXUEDo}HV TXH R RUJDQLVPR UHDJH GHVGH XPD OLJHLUD FRQWUDomR VXSHUILFLDO DWp
XPD YLROHQWD FRQWUDomR PXVFXODU SRGHQGR RFDVLRQDU D PRUWH GR LQGLYtGXR
3HUWXUEDo}HV FRPR LQLELomR GR FHQWUR QHUYRVR FRP SDUDGD UHVSLUDWyULD
DOWHUDomR GR ULWPR FDUGtDFR SRGHQGR SURGX]LU ILEULODomR YHQWULFXODU H DWp SDUDGD
FDUGtDFD TXHLPDGXUDV SURIXQGDV LQFOXVLYH FRP D QHFURVH GRV WHFLGRV DOWHUDo}HV
GR VDQJXH SURGX]LGDV SRU HIHLWRV WpUPLFRV HOHWUROtWLFRV GD FRUUHQWH HOpWULFD
$V SDUWHV GR FRUSR KXPDQR TXH QRUPDOPHQWH VmR DIHWDGDV ORJLFDPHQWH
SHOD QDWXUH]D GR WUDEDOKR VmR DV PmRV RV SpV H SHUQDV WURQFR H WyUD[ 4XDQGR D
FRUUHQWH SHUID] R FDPLQKR HQWUH RV EUDoRV H[LVWH XP ULVFR PDLRU SRLV HOD SRGHUi
DIHWDU GLUHWDPHQWH R FRUDomR
(P FKRTXHV HOpWULFRV p LPSRUWDQWH GHVWDFDU DV FRQGLo}HV HP TXH VH
HQFRQWUD D SHVVRD LVWR p TXDO VHUi D UHVLVWrQFLD RIHUHFLD j SDVVDJHP GH FRUUHQWH
SHOR FRUSR &RP YHVWLPHQWD DGHTXDGD D LQWHQVLGDGH GH FRUUHQWH HOpWULFD GLPLQXL DV
FRQVHTrQFLDV VmR PHQRV JUDYHV H HP PXLWRV FDVRV VDOYDP YLGDV 'Dt D JUDQGH
LPSRUWkQFLD GR XVR FRUUHWR GRV (3,¶V
2 FRQWDWR FRP SDUWHV HQHUJL]DGDV GR VLVWHPD H
QmR LVRODGDV SHUID]HP XP FDPLQKR GR SRWHQFLDO PDLV DOWR
DR SRWHQFLDO PDLV EDL[R WHQGR FRPR ~QLFR FDPLQKR R
FRUSR KXPDQR 1D JUDQGH PDLRULD HVWH WLSR GH DFLGHQWH
RFRUUH HP UHVLGrQFLDV
)LJXUD )RQWH 6LHPHQV
1HVWHV FDVRV TXDQGR R FRUSR KXPDQR p SHUFRUULGR SRU XPD FRUUHQWH
HOpWULFD RV HIHLWRV WDPEpP GHSHQGHP GH RXWURV IDWRUHV
WHPSR GH GXUDomR GR FKRTXH HOpWULFR
iUHD GH FRQWDWR FRP DV SDUWHV GR FRUSR H HQHUJL]DGDV
WHQVmR HOpWULFD SRWHQFLDO HOpWULFR
HVWDGR GH VD~GR HP TXH D SHVVRD VH HQFRQWUD QR PRPHQWR
FRQVWLWXLomR ItVLFD GD SHVVRD
IUHTrQFLD GD FRUUHQWH HOpWULFD
$VVLP SRGHPRV DILUPDU TXH R FKRTXH QmR DFRQWHFH VRPHQWH GHYLGR D
XPD GHWHUPLQDGR IDWRU PDV D XPD FRPELQDomR GH VLWXDo}HV SDUWLFXODUHV GD SHVVRD
RX GR WUDEDOKDGRU
1D WDEHOD DEDL[R SRGHPRV YHU D UHODomR HQWUH D FRUUHQWH HOpWULFD H VHXV
HIHLWRV VREUH FRUSR KXPDQR
7DEHOD ± )RQWH 0DQXDO 6LHPHQV
&RP DSHQDV P$ Ki ULVFR GH ILEULODomR FDUGtDFD FRPR FRPSDUDWLYR GD
JUDQGH]D GHVWD FRUUHQWH HP XPD OkPSDGD LQFDQGHVFHQWH GH : XWLOL]DGD QDV
UHVLGrQFLDV D FRUUHQWH HOpWULFD p GH DSUR[LPDGDPHQWH P$ TXDQGR XWLOL]DGD HP
VLVWHPDV GH 9 &RP XPD FRUUHQWH YH]HV PHQRU GR TXH HP XPD OkPSDGD Ki
JUDQGH ULVFR GH ILEULODomR FDUGtDFD
7LSRV GH &KRTXH (OpWULFR
$ QDWXUH]D GR FKRTXH HOpWULFR SRGH VHU GH PRGRV GLIHUHQWHV XP GR RXWUR
LVWR p TXDO p D IRQWH SULPiULD GH HQHUJLD FDXVDGRUD GR FKRTXH $VVLP WHPRV
GHILQLo}HV GLIHUHQWHV SDUD FDGD XP GHOHV
&KRTXH (VWiWLFR
e R FKRTXH REWLGR SHOD GHVFDUJD GH XP FDSDFLWRU LVWR p JHUDGR SRU XP
GLVSRVLWLYR TXH DUPD]HQD HQHUJLD ([LVWHP GLYHUVRV WLSRV GH DUPD]HQDGRUHV GH
HQHUJLD HOpWULFD H FDGD XP GHOHV SRGH WHU XPD TXDQWLGDGH GLIHUHQWH GH HQHUJLD
(VWHV GLVSRVLWLYRV HVWmR SUHVHQWH HP WRGRV RV HOHWURGRPpVWLFRV XWLOL]DGRV
DWXDOPHQWH H[LVWHP HP WRGRV RV VHJPHQWRV GR FRPpUFLR H GD LQG~VWULD 'H PRGR
JHUDO HVWmR SUHVHQWHV HP WRGRV RV ORFDLV H SRGHP GH FHUWD IRUPD RIHUHFHU SHULJR VH
IRUHP PDQXVHDGRV GH IRUPD LQFRUUHWD
&KRTXH 'LQkPLFR
e R FKRTXH PDLV FRQKHFLGR H WUDGLFLRQDO REWLGR DR VH WRFDU HP XP
HOHPHQWR GD UHGH GH HQHUJLD HOpWULFD 2IHUHFH DOWR JUDX GH ULVFR j VD~GH GDV
SHVVRDV 'HSHQGHQGR GDV FRQGLo}HV p IDWDO
7LSRV GH 3RWHQFLDO
([LVWHP DOJXPDV FRQGLo}HV TXH IDYRUHFHP R FKRTXH HOpWULFR D HVVDV
FRQGLo}HV FKDPDPRV GH WHQVmR GH WRTXH H WHQVmR GH SDVVR
$ WHQVmR GH WRTXH p D WHQVmR HOpWULFD H[LVWHQWH HQWUH RV PHPEURV
LQIHULRUHV H VXSHULRUHV GH XP LQGLYtGXR TXDQGR R PHVPR WRFD HP XP HTXLSDPHQWR
FRP GHIHLWR QD LVRODomR RX QD SDUWH QXD GH XP FRQGXWRU HQHUJL]DGR
2 FDPLQKR TXH D
WHQVmR GH WRTXH
SHUFRUUH p HQWUH RV
PHPEURV VXSHULRUHV H
LQIHULRUHV GR FRUSR
KXPDQR 2 FLUFXLWR
HTXLYDOHQWH SRGH VHU
YLVWR QD LPDJHP DR
ODGR
)LJXUD ± )RQWH .LQGHUPDQQ
7HQVmR GH SDVVR
p DTXHOD GLIHUHQoD GH
SRWHQFLDO HQWUH RV GRLV SpV
GR LQGLYtGXR TXDQGR R
PHVPR HVWi QR VROR
SUy[LPR D XP ORFDO FRP
IXJD GH FRUUHQWH HOpWULFD
SDUD D WHUUD 3RGH VHU
FDXVDGD SRU TXHGD GH
FRQGXWRUHV GD UHGH HOpWULFD
RX SRU GHVFDUJDV
DWPRVIpULFDV )LJXUD ± )RQWH .LQGHUPDQQ
$FLGHQWHV FRP (OHWULFLGDGH
2V ULVFRV GH DFLGHQWHV FRP HPSUHJDGRV TXH WUDEDOKDP HP TXDOTXHU GDV
HWDSDV GH JHUDomR WUDQVPLVVmR GLVWULEXLomR H WDPEpP FRQVXPR GH HQHUJLD HOpWULFD
p HVSHFLILFDGD QD QRUPD UHJXODPHQWDGRUD 15 GR 0LQLVWpULR GR 7UDEDOKR H
(PSUHJR 07( LQFOXVLYH FRP QRo}HV GH SULPHLURV VRFRUURV FRP DFLGHQWDGRV
$V IRQWHV GH HOHWULFLGDGH VmR LQ~PHUDV H SRGHP VHU WmR LQHVSHUDGDV
FRPR D RULXQGD GR SHL[H HOpWULFR 3RUDTXr GD $PD]{QLD DOpP GR PRWRU
HVWDFLRQiULR JHUDGRU GH XPD WXUELQD KLGUHOpWULFD GH XPD FHUFD HOpWULFD QR
FDPSR SDUD UHWHQomR GH DQLPDLV GH SDLQpLV IRWRYROWDLFRV HQHUJLD VRODU GR SUySULR
DWULWR HQHUJLD HVWiWLFD GH GHVFDUJDV DWPRVIpULFDV GH EDWHULDV DXWRPRWLYDV H
EDWHULDV VHODGDV HQWUH PXLWDV RXWUDV IRQWHV
2V DFLGHQWHV DFRQWHFHP PHVPR TXH KDMD WRGR XP
FRQWUROH SUpYLR TXH WHQKD VLGR H[HFXWDGR SDUD D UHDOL]DomR GD
WDUHID $ PpGLD DQXDO GH DFLGHQWHV FRP HOHWULFLGDGH p GH
SHVVRDV DFLGHQWDGDV FRP FDVRV IDWDLV LVWR UHSUHVHQWD XP
tQGLFH GH WHQGR DLQGD OHV}HV JUDYHV H GHVWD IRUPD R
SHUFHQWXDO VH HOHYD SDUD
,PDJHP ± )RQWH ,QWHUQHW
&ODVVLILFDomR GRV $FLGHQWHV
$V OHV}HV SURYRFDGDV SHOR FKRTXH HOpWULFR SRGHP VHU GH TXDWUR
QDWXUH]DV GLIHUHQWHV
(OHWURFXomR IDWDO
&KRTXH (OpWULFR
4XHLPDGXUDV
4XHGDV SURYRFDGDV SHOR FKRTXH
(IHLWRV
2V HIHLWRV HVWmR DEDL[R GHVFULWRV
(OHWURFXomR p D PRUWH SURYRFDGD SHOD H[SRVLomR GR FRUSR KXPDQR D XPD
GRVH OHWDO GH HQHUJLD HOpWULFD 7HQV}HV VXSHULRUHV D 9 FRVWXPDP FDXVDU HVWH
WLSR GH DFLGHQWH WDPEpP SRGH RFRUUHU D HOHWURFXomR HP WHQV}HV EDL[DV VH KRXYHU D
SUHVHQoD GH SRoDV G¶iJXD URXSDV PROKDGDV H[FHVVR GH XPLGDGH H VXRU
&KRTXH HOpWULFR Mi IRL GHWDOKDGR DFLPD PDV YDOH UHVVDOWDU TXH R SLRU
FKRTXH p DTXHOH TXH HQWUH SRU XPD PmR H VDL SHOD RXWUD QHVWH FDVR DWUDYHVVDQGR R
WyUD[ SRLV WHP JUDQGH FKDQFH GH DIHWDU R FRUDomR H D UHVSLUDomR
4XHLPDGXUDV SRGHP DIHWDU DSHQDV XPD UHJLmR VXSHUILFLDO GR FRUSR PDV
WDPEpP SRGHP OHYDU D REWLGR R DFLGHQWDGR $ SHOH KXPDQD p XP ERP LVRODQWH H
DSUHVHQWD XPD UHVLVWrQFLD GH DSUR[LPDGDPHQWH NŸ D SDVVDJHP GD FRUUHQWH
HOpWULFD PDV TXDQGR PROKDGD HVWD UHVLVWrQFLD EDL[D SDUD DSHQDV NŸ (VWD
GLIHUHQoD GH YH]HV D PHQRU p PXLWR SHULJRVD
4XDQGR RFRUUH R URPSLPHQWR GLHOpWULFR QDWXUDO D UHVLVWrQFLD SDVVD SDUD
PHURV NŸ $VVLP FRP XPD WHQVmR GH 9 D FRUUHQWH FLUFXODQWH SHOR FRUSR VHUi
GH P$ &RQIRUPH YLVWR DFLPD QD WDEHOD p XPD FRUUHQWH VXILFLHQWH SDUD XPD
SDUDGD FDUGtDFD
4XHGDV SURYRFDGDV SHOR FKRTXH VmR XPD GDV SULQFLSDLV FDXVDV GH
DFLGHQWHV QDV FRPSDQKLDV GH HQHUJLD HOpWULFD $OpP GR FKRTXH R WUDEDOKDGRU VRIUH D
OHVmR WDPEpP SHOD SUySULD TXHGD
5,6&26 '( &+248( 12 %$55$6+233,1*68/
&RPR HP TXDOTXHU RXWUR ORFDO QD FLGDGH Ki SHULJR GH FKRTXH HOpWULFR
GHQWUR GR VKRSSLQJ UHFpP LQDXJXUDGR QD FLGDGH GH 3RUWR $OHJUH 7DOYH] SRU VHU
XPD REUD UHFHQWH RV FXLGDGRV GHYDP VHU PDLRUHV SRLV DSHVDU GH WRGRV RV
FRPLVVLRQDPHQWRV UHDOL]DGRV DQWHV H GHSRLV GD LQDXJXUDomR Ki SUREOHPDV TXH
HVWmR VHQGR PDSHDGRV H GHQWUR GH XPD SURJUDPDomR VmR FRUULJLGRV 0DV DQWHV GH
VHUHP VDQDGRV RV ULVFRV H[LVWHP H GHYHP VHU HYLWDGRV QD PHGLGD GR SRVVtYHO
1mR SRGHULD VHU GLIHUHQWH SHOD JUDQGLRVLGDGH GD REUD WDQWR HP iUHD
RFXSDGD H iUHD FRQVWUXtGD FRPR HP Q~PHURV GH WUDEDOKDGRUHV H IXQFLRQiULRV TXH R
HPSUHHQGLPHQWR H[LJH
$SyV D DEHUWXUD GDV SRUWDV SDUD R S~EOLFR D REUD DLQGD QmR WLQKD
WHUPLQDGR H FRQWLQXRX DVVLP SRU YiULRV PHVHV VRPHQWH R KRUiULR GRV RSHUiULRV p
TXH PXGRX LVWR p FRP D SDUWH FRPHUFLDO DWLYD QmR KDYLD WUDEDOKR GH REUD PDV
GXUDQWH D PDGUXJDGD RV WUDEDOKRV UHFRPHoDYDP D SOHQR YDSRU
7HQGR HVWD EUHYH LQWURGXomR GH FRPR D VLWXDomR VH GHVHQYROYHX QR
%DUUD6KRSSLQJ6XO YDPRV GHWDOKDU RV ULVFRV H[LVWHQWHV QR TXH VH UHIHUH D FKRTXHV
HOpWULFRV WDQWR SDUD WUDEDOKDGRUHV FRPR SDUD IUHTHQWDGRUHV XVXDLV GR ORFDO
/RFDOL]DomR GR 3UpGLR
,PDJHP ± /RFDOL]DomR )RQWH ,QWHUQHW *RRJOH (DUWK
/RFDOL]DGR HQWUH DV DYHQLGDV 'LiULR GH 1RWtFLDV H ,FDUDt QR EDLUUR &ULVWDO
]RQD VXO GH 3RUWR $OHJUH RFXSD XPD iUHD DSUR[LPDGD GH Pð (VWi
GLVWULEXtGR HQWUH GRLV SLVRV -yTXHL H *XDtED DGLFLRQDQGR R VXSHUPHUFDGR %LJ Mi
H[LVWHQWH QR ORFDO e FRPSRVWR SRU XP PL[ GH ORMDV GLYLGLGDV HQWUH OLYUDULDV
HQWUHWHQLPHQWR YHVWXiULR LQIRUPiWLFD DOLPHQWDomR H PXLWR PDLV
2 FRPSOH[R FRQWD DLQGD FRP XP &HQWUR GH (YHQWRV PXOWLXVR FRP iUHD GH
Pð VXEHVWDomR SUySULD H VLVWHPD GH DU H LOXPLQDomR LQGHSHQGHQWH /RFDO HVWH
TXH Mi UHFHEHX H[SRVLomR FRPR 2 &RUSR +XPDQR H KRMH D DWUDomR p R %LJ ,FH SLVWD
GH SDWLQDomR QR JHOR
(P WRGR R SHUtPHWUR GD iUHD H[WHUQD DR VKRSSLQJ H[LVWH UHGH HOpWULFD
FRPR DSRLR FDVD KDMD QHFHVVLGDGH HP WRGR R HVWDFLRQDPHQWR Ki XPD FRPSOH[D
HVWUXWXUD SDUD DWHQGHU WRGRV RV SRVWHV GH LOXPLQDomR FRP OkPSDGDV
SHUID]HQGR XP WRWDO GH : GH SRWrQFLD
0DOO
$ WUDGXomR SDUD D SDODYUD ³PDOO´ p UXD GH SHGHVWUHV HQWUH RXWURV
VLJQLILFDGRV PDV QHVWH FDVR p R WHUPR XWLOL]DGR SDUD D iUHD GH FLUFXODomR GDV
SHVVRDV GHQWUR GDV HGLILFDo}HV FRPHUFLDLV
(P DPERV RV SLVRV H[LVWHQWHV Ki HOHPHQWRV GH LQVWDODomR HOpWULFD TXH
SRGHP RIHUHFHU ULVFR DRV WUDEDOKDGRUHV Mi TXH R SLVR p SHULRGLFDPHQWH ODYDGR FRP
iJXD $OJXQV GHVWHV SRQWRV ILFDP FRP RV FDERV OLWHUDOPHQWH VXEPHUVRV
,PDJHP ± 0DOO )RQWH $UTXLYR
7RPDGDV GH 3LVR
$V WRPDGDV GH SLVR VmR XWLOL]DGDV FRPR VXSRUWH SDUD RV HTXLSDPHQWRV GH
OLPSH]D PDQXWHQomR H DR GHSDUWDPHQWR GH PDUNHWLQJ 0DV D VLWXDomR GH FRPR
HVWmR D PHOKRU PHGLGD SDUD VH HYLWDU DFLGHQWHV IRL GHVDWLYDU H WDPSRQDU GH IRUPD
TXH VHMD SURWHJLGR FRQWUD FKRTXHV HOpWULFRV H TXHGDV GH SHVVRDV
'HVWD IRUPD TXDQGR QHFHVViULR D LQVWDODomR GH DOJXP HTXLSDPHQWR FRP
WHPSR GH SHUPDQrQFLD SURORQJDGR R SRQWR p UHDWLYDGR
$V WRPDGDV QDV LQVWDODo}HV HOpWULFDV LQWHUQDV HVWmR HP FLUFXLWR HVSHFLDO
FRPR SUHYr D QRUPD SURYLGDV SRU GH GLVMXQWRU GLIHUHQFLDO UHVLGXDO ± '5 GH P$
FDVR KDMD IXJD GH FRUUHQWH DFLPD GHVWH OLPLWH R FLUFXLWR DXWRPDWLFDPHQWH p
GHVHQHUJL]DGR
7RPDGDV GH 3DUHGH
$V WRPDGDV LQVWDODGDV QDV SDUHGHV GDV iUHDV GH FLUFXODomR FRPXP
IRUDP SUHVHUYDGDV SRU GRLV PRWLYRV
QmR RIHUHFHP WDQWR ULVFR FRPR DV LQVWDODGDV QR SLVR
WDPEpP HVWmR SURWHJLGDV SRU GLVMXQWRU '5
,PDJHP ± 7RPDGD SDUHGH PDOO ± )RQWH $UTXLYR 6KRSSLQJ
&DL[DV GH 3DVVDJHP
1D VXD JUDQGH PDLRULD HVWmR LQVWDODGDV QD iUHD H[WHUQD GR VKRSSLQJ H
SRU HVVD UD]mR WRGR R WUDEDOKR H[HFXWDGR QHODV GHYH WHU R GHVOLJDPHQWR HOpWULFR $
FRUUHomR GH VLWXDo}HV FRPR D GD IRWR DEDL[R iJXD DFXPXODGD VHUi VROXFLRQDGD QR
GHFRUUHU GDV SUy[LPDV VHPDQDV
,PDJHP ± &DL[D SDVVDJHP ± )RQWH $UTXLYR 6KRSSLQJ
*DOHULDV 7pFQLFDV
6mR RV FRUUHGRUHV H[LVWHQWHV DR ODGR GR 0DOO TXH GmR VXSRUWH SDUD DV
RSHUDo}HV GH OLPSH]D VXSULPHQWR H PDQXWHQomR e QHOHV RQGH HVWmR RV TXDGURV GH
GLVWULEXLomR HOpWULFD RV FHQWURV GH PHGLomR HP EDL[D WHQVmR DV YiOYXODV H UHJLVWURV
GDV WXEXODo}HV KLGUiXOLFDV H YiOYXODV GH IOX[R GR VLVWHPD GH KLGUDQWHV
,PDJHP ± *DOHULD 7pFQLFD )RQWH $UTXLYR 6KRSSLQJ
([LVWHP DLQGD DV JDOHULDV WpFQLFDV HQFODXVXUDGDV TXH HVWmR DFLPD GDV
JDOHULDV QRUPDLV RQGH p IHLWR D PDQXWHQomR GDV WXEXODo}HV HOpWULFDV GDGRV
WHOHIRQLD VSULQNOHUV KLGUDQWHV JiV H iJXD SRWiYHO 1HVWHV ORFDLV FRPR WRGR R
WUDEDOKR HP HOHWULFLGDGH p UHFRPHQGDGR R WUDEDOKR HP GXSOD
,PDJHP ± *DOHULD (QFODXVXUDGD )RQWH $UTXLYR 6KRSSLQJ
4XDGURV GH 'LVWULEXLomR
2V TXDGURV GH GLVWULEXLomR HP EDL[D WHQVmR IRUQHFHP HQHUJLD SDUD DV
iUHDV FRPXQV GR VKRSSLQJ DOpP GD LOXPLQDomR GH JDOHULDV H PDOO 2 WUDEDOKR QHVWHV
ORFDLV p SHULJRVR SRLV QRUPDOPHQWH R HTXLSDPHQWR QmR p GHVOLJDGR VHQGR R XVR GH
(3,¶V REULJDWyULR
,PDJHP ± 4XDGUR GH GLVWULEXLomR ± )RQWH $UTXLYR 6KRSSLQJ
&HQWUR GH 0HGLomR
2 FHQWUR GH PHGLomR HP %7 WHP D IXQomR GH GLVWULEXLU HQHUJLD HOpWULFD
SDUD DV ORMDV H PHGLU R FRQVXPR $ PDQXWHQomR QHVWH WLSR GH HTXLSDPHQWR p PDLV
VHJXUD Mi TXH R HTXLSDPHQWR p GHVOLJDGR TXDQGR HP PDQXWHQomR
,PDJHP ± &HQWUR GH PHGLomR HP %7 ± )RQWH $UTXLYR 6KRSSLQJ
7RPDGDV GH 3RWrQFLD
8WLOL]DGDV SDUD DOLPHQWDomR GH
HTXLSDPHQWRV PDLRUHV RQGH Ki QHFHVVLGDGH
GH DOLPHQWDomR HP 9 SDUD LVWR XWLOL]D VH
WRPDGDV WLSR ³SOXJ´ FRQIRUPH UHJXODPHQWDomR
YLJHQWH
,PDJHP ± 7RPDGDV SRWrQFLD ± )RQWH $UTXLYR 6KRSSLQJ
(VWDFLRQDPHQWR ([WHUQR
(P WRGR R HVWDFLRQDPHQWR Ki XPD UHGH SDUD DOLPHQWDomR GRV SRVWHV GH
LOXPLQDomR (VWH VLVWHPD p FRQWURODGR SRU TXDGURV GH GLVWULEXLomR TXH HVWmR GHQWUR
GR SUpGLR D XPD GLVWkQFLD UD]RiYHO GR SRQWR ILQDO
3DUD HVWH FDVR Ki XPD SURJUDPDomR GH PDQXWHQomR VLVWHPiWLFD
HILFLHQWH SRLV D LOXPLQDomR H[WHUQD QmR SRGH IDOWDU HP QHQKXP PRPHQWR GXUDQWH D
RSHUDomR QRWXUQD
,PDJHP ± (VWDFLRQDPHQWR H[WHUQR ± )RQWH $UTXLYR 6KRSSLQJ
&DL[DV GH 3DVVDJHP $OLPHQWDomR 3RVWHV
&RPR SRGH VHU YLVXDOL]DGR Ki XP JUDQGH ULVFR HP WUDEDOKDU QHVWD
VLWXDomR 3RXFR HVSDoR SDUD PDQREUD XPLGDGH DOWD H FDERV FRP ELWROD HQWUH H
PPð 6HQGR DVVLP R
GHVOLJDPHQWR SURJUDPDGR
p QHFHVViULR $ FRQGLomR
GR WHPSR p DQDOLVDGD
DQWHV GD UHDOL]DomR GH
DWLYLGDGH QD iUHD H[WHUQD
$ VD~GH GR
WUDEDOKDGRU p YLVWD FRP
JUDQGH SUHRFXSDomR SHOD
DGPLQLVWUDomR GR JUXSR
,PDJHP ± &DL[DV GH SDVVDJHP ± )RQWH $UTXLYR 6KRSSLQJ
6XEHVWDo}HV
1HVWH ORFDO GH WUDEDOKR Ki GRLV WLSRV GH WHQVmR GLVSRQtYHO EDL[D WHQVmR
IRUQHFLGD HP 9 IDVH IDVH 9 IDVH QHXWUR H N9 QD EXFKD GR
WUDQVIRUPDGRU
,PDJHP ± 6XEHVWDomR ± )RQWH $UTXLYR 6KRSSLQJ
4XDGURV GH 'LVWULEXLomR
,JXDOPHQWH FRPR QDV JDOHULDV WpFQLFDV HVWHV TXDGURV GLVSRQLELOL]DP
HQHUJLD HP EDL[D WHQVmR 2V SURFHGLPHQWRV VmR LJXDLV H VmR DGRWDGDV DV PHGLGDV
SUHYLVWDV QD QRUPD UHJXODPHQWDGRUD Q~PHUR 15 SDUD WUDEDOKRV QHVWH
HTXLSDPHQWR
4*%7
5HVSRQViYHO SHOR IRUQHFLPHQWR GH HQHUJLD DRV TXDGURV GH GLVWULEXLomR
QDV JDOHULDV WpFQLFDV p GH JUDQGH LPSRUWkQFLD H D PDQXWHQomR GHYH VHU SURJUDPDGD
SDUD VHX GHVOLJDPHQWR
$ SRWrQFLD QHVWHV TXDGURV p DOWD R EDUUDPHQWR HVWi GLPHQVLRQDGR SDUD
$ PHVPR VHQGR D WHQVmR GH 9 IDVH IDVH 2 4*%7 p LQWHUQDPHQWH GLYLGLGR
HP GXDV SDUWHV FDGD XPD p DOLPHQWDGD SRU XP WUDQVIRUPDGRU LQGHSHQGHQWHPHQWH
GH N9 SDUD 9
,PDJHP ± 4*%7 ± )RQWH $UTXLYR 6KRSSLQJ
1HVWH DPELHQWH H[LVWHP FXLGDGRV D VHUHP REVHUYDGRV TXH VmR
GLIHUHQFLDGRV GRV RXWURV WDLV FRPR WDSHWH GH ERUUDFKD OXYDV LVRODQWHV SDUD N9
GH DFRUGR FRP D 1%5 LOXPLQDomR DGHTXDGD Q~PHUR GH WUDEDOKDGRUHV QXQFD
LQIHULRU D GRLV
,OXPLQDomR
1DV VXEHVWDo}HV D LOXPLQDomR p LPSRUWDQWH H GHYH HVWDU OLJDGD QR FLUFXLWR
GH HPHUJrQFLD LVWR p D DOLPHQWDomR GDV PHVPDV p IHLWD SRU EDWHULDV H SHOR JHUDGRU
QD IDOWD GH HQHUJLD GD FRQFHVVLRQiULD
,PDJHP ± ,OXPLQDomR 6( ± )RQWH $UTXLYR 6KRSSLQJ
*HUDGRU
2 VLVWHPD
GH HPHUJrQFLD p
UHVSRQViYHO SHOR
IRUQHFLPHQWR GH
HQHUJLD SDUD D
LOXPLQDomR GH
HPHUJrQFLD GR PDOO
ERPEDV GR VLVWHPD
GH FRPEDWH D
LQFrQGLR KLGUDQWHV H
VSULQNOHUV ERPEDV
GH UHFDOTXH HVWDomR ,PDJHP ± *HUDGRU ± )RQWH $UTXLYR 6KRSSLQJ
GH WUDWDPHQWR (7( H SDUD DV FDQFHODV GH DFHVVR DR HVWDFLRQDPHQWR GR VKRSSLQJ
$ DXWRQRPLD GRV JHUDGRUHV p GH DSUR[LPDGDPHQWH KRUDV FRQWtQXDV
VHP UHDEDVWHFLPHQWR WHPSR VXILFLHQWH SDUD HQFHUUDU DV DWLYLGDGHV VHP TXH KDMD
WXPXOWXR SDUD RV FOLHQWHV
&HQWUR GH PHGLomR 07
5HVSRQViYHO SHOR IRUQHFLPHQWR GH HQHUJLD HP PpGLD WHQVmR SDUD WRGR R
FRQGRPtQLR H SDUD DV ORMDV kQFRUDV TXH VmR DEDVWHFLGDV WDPEpP HP PpGLD WHQVmR
H SRVVXHP VXEHVWDomR SUySULD
,PDJHP ± &HQWUR PHGLomR HP PpGLD WHQVmR ± )RQWH $UTXLYR 6KRSSLQJ
7RGDV DV FHODV VmR HTXLSDGDV FRP GLVMXQWRU GH $ SDUD LQWHUUXSomR
VRE FDUJD GXDV VHFFLRQDGRUDV DPRQWDQWH GR GLVMXQWRU SiUD UDLRV QD FDEHoD GR
GLVMXQWRU H DWHUUDPHQWR HP WRGDV DV SDUWHV PHWiOLFDV GD LQVWDODomR
9HQWLODomR DGHTXDGD EORFRV DXW{QRPRV GH LOXPLQDomR H VLVWHPD GH
EDWHULDV SDUD DOLPHQWDomR GRV FRPDQGRV GH VHFFLRQDPHQWR 7RGR R SURFHGLPHQWR
SDUD TXH R ULVFR VHMD R PHQRU SRVVtYHO QD RSHUDomR GR FRQMXQWR TXH HVWi DOLPHQWDGR
HP PpGLD WHQVmR
/(*,6/$d­2
7RGR R VHWRU HQHUJpWLFR EUDVLOHLUR p UHJXODGR SHOD $JrQFLD 1DFLRQDO GH
(QHUJLD (OpWULFD ± $1((/ TXH WUDWD GDV UHODo}HV HQWUH FRQFHVVLRQiULDV H
FRQVXPLGRUHV /HJLVOD VREUH D JHUDomR WUDQVPLVVmR H GLVWULEXLomR GH HQHUJLD
HOpWULFD 1RUPDWL]D UHJXOD H FRQWUROD RV SDGU}HV H[LVWHQWHV QR VHWRU
$ PLVVmR GD $1((/ p GH SURSRUFLRQDU FRQGLo}HV IDYRUiYHLV SDUD TXH R
PHUFDGR GH HQHUJLD HOpWULFD VH GHVHQYROYD FRP HTXLOtEULR HQWUH RV DJHQWHV H HP
EHQHItFLR GD VRFLHGDGH FRPR HVFULWR HP VXD SiJLQD GLJLWDO GLVSRQtYHO QD ,QWHUQHW
1RUPDV %UDVLOHLUDV
$ QRUPD UHJXODPHQWDGRUD DWXDOPHQWH HP YLJRU TXH WUDWD VREUH WUDEDOKR
HP HOHWULFLGDGH p D 15 VHJXUDQoD HP LQVWDODo}HV H VHUYLoRV HP HOHWULFLGDGH
FRP UHGDomR GDGD SHOD 3RUWDULD Qž GH GH GH]HPEUR GH
0DV TXHP QRUPDOL]D R SDGUmR HP WUDEDOKRV WpFQLFRV QR WHUULWyULR QDFLRQDO
p D $VVRFLDomR %UDVLOHLUD GH 1RUPDV 7pFQLFDV ± $%17 VHQGR VHXV SULQFLSDLV
REMHWLYRV HYLWDU D H[LVWrQFLD GH UHJXODPHQWRV SURWHomR GD YLGD H D VD~GH SURYHU D
VRFLHGDGH GH PHLRV HILFD]HV SDUD DIHULU D TXDOLGDGH GRV SURGXWRV HQWUH RXWURV
([LVWHP LQ~PHUDV QRUPDV GHQWUH HODV VH GHVWDFDP
1%5 ,QVWDODo}HV (OpWULFDV GH %DL[D 7HQV}HV
1%5 7UDQVIRUPDGRU GH 3RWrQFLD
1%5 'LVMXQWRUHV GH %DL[D 7HQVmR
1%5 3URWHomR GH (VWUXWXUDV FRQWUD 'HVFDUJDV $WPRVIpULFDV
1%5 5HGHV GH 'LVWULEXLomR $pUHD 8UEDQD GH (QHUJLD (OpWULFD
1%5 (OHWULFLGDGH *HUDO
1%5 6LVWHPDV (OpWULFRV GH 3RWrQFLD
1%5 &RQGXWRUHV (OpWULFRV
1%5 5HOpV (OpWULFRV 7pUPLFRV
1%5 6XEHVWDo}HV GH 'LVWULEXLomR
1%5 7UDQVIRUPDGRUHV GH 3RWrQFLD 6HFRV
1%5 &iOFXOR GD &DSDFLGDGH GH &RQGXomR
1%5 &KXYHLURV (OpWULFRV
1%5 ,QVWDODo}HV HOpWULFDV GH PpGLD WHQVmR GH D N9
15 6HJXUDQoD HP ,QVWDODo}HV H 6HUYLoRV HP (OHWULFLGDGH
$ QRUPD UHJXODPHQWDGRUD Q~PHUR WHP FRPR REMHWLYR HVWDEHOHFHU RV
UHTXLVLWRV H FRQGLo}HV PtQLPDV D LPSOHPHQWDomR GH PHGLGDV GH FRQWUROH H VLVWHPDV
SUHYHQWLYRV GH IRUPD D JDUDQWLU D VHJXUDQoD H D VD~GH GRV WUDEDOKDGRUHV TXH GH
IRUPD GLUHWD RX QmR LQWHUDMDP FRP HOHWULFLGDGH
$ 15 p DSOLFDGD HP WRGDV DV IDVHV TXH H[LVWHP H HVWmR UHODFLRQDGDV
FRP HQHUJLD LVWR p FRP D JHUDomR WUDQVPLVVmR GLVWULEXLomR H FRQVXPR GH HQHUJLD
HOpWULFD 9DL PDLV DOpP GHYH VHU DSOLFDGD GHVGH D IDVH GR SURMHWR HP PDQXWHQomR
FRQVWUXomR H RSHUDomR ,QFOXVLYH FRP WUDEDOKRV TXH HVWLYHUHP VHQGR UHDOL]DGRV QDV
SUR[LPLGDGHV GH LQVWDODo}HV HOpWULFDV
$ QRUPD SUHYr DOJXPDV FRQGLo}HV WDLV FRPR
DV LQWHUYHQo}HV HP LQVWDODo}HV HOpWULFDV FRP WHQVmR LJXDO RX VXSHULRU D 9ROWV
HP FRUUHQWH DOWHUQDGD RX VXSHULRU D 9ROWV HP FRUUHQWH FRQWtQXD VRPHQWH
SRGHP VHU UHDOL]DGDV SRU SHVVRDV TXDOLILFDGDV TXH WHQKD FRQFOXtGR FXUVR
HVSHFtILFR QD iUHD HOpWULFD UHFRQKHFLGR SHOR VLVWHPD RILFLDO GH HQVLQR
DV iUHDV RQGH KRXYHU LQVWDODo}HV RX HTXLSDPHQWRV HOpWULFRV GHYHP VHU GRWDGDV GH
SURWHomR FRQWUD LQFrQGLR H H[SORVmR FRQIRUPH D 15
QDV LQVWDODo}HV H VHUYLoRV HP HOHWULFLGDGH GHYH VHU GRWDGD GH VLQDOL]DomR
DGHTXDGD GH VHJXUDQoD REHGHFHQGR DR GLVSRVWR QD 15
QRV ORFDLV GH WUDEDOKR Vy SRGHP VHU XWLOL]DGRV HTXLSDPHQWRV H IHUUDPHQWDV
HOpWULFDV FRPSDWtYHLV FRP D LQVWDODomR HOpWULFD H[LVWHQWH
D LOXPLQDomR GHYH VHU DGHTXDGD H JDUDQWLGD DR WUDEDOKDGRU HP SRVLomR GH
WUDEDOKR VHJXUD FRQIRUPH GLVS}H D 15 WHQGR R FXLGDGR GH SHUPLWLU TXH RV
PHPEURV VXSHULRUHV ILTXH OLYUHV SDUD D UHDOL]DomR GR VHUYLoR
DV LQVWDODo}HV GHYHP VHU SURYLGDV GH GLVSRVLWLYR DXWRPiWLFR GH SURWHomR FRQWUD
VREUH FRUUHQWH H VREUH WHQVmR SDUD HYLWDU ULVFRV GH LQFrQGLR H H[SORVmR
WRGDV DV HGLILFDo}HV GHYHP VHU SURWHJLGDV FRQWUD GHVFDUJDV HOpWULFDV DWPRVIpULFDV
FRP OLJDomR D WHUUD H SiUD UDLRV 63'$
p SURLELGD D OLJDomR VLPXOWkQHD GH PDLV GH XP DSDUHOKR j PHVPD WRPDGD GH
WHQVmR D QmR VHU TXH D LQVWDODomR IRL SURMHWDGD SDUD LVWR
D QRUPD HVWDEHOHFH R GLUHLWR GH UHFXVD SDUD VLWXDo}HV GH SHULJR
SDGURQL]D DV GLVWkQFLDV VHJXUDV DWUDYpV GDV ]RQDV FRQWURODGDV H GH ULVFR QD
UHJLmR GRV SRQWRV HQHUJL]DGRV RQGH VRPHQWH SURILVVLRQDLV RX SHVVRDV DXWRUL]DGDV
SRGHP LQJUHVVDU
)LJXUD ± 'HOLPLWDomR GH ]RQDV ± )RQWH 15
)LJXUD ± 'HOLPLWDomR GH ]RQDV ± )RQWH 15
6XSHUItFLH LVRODQWH QR UDLR GH GHOLPLWDomR
=/ =RQD /LYUH
=& =RQD &RQWURODGD
=5 =RQD GH 5LVFR
3( 3RQWR (QHUJL]DGR
6, 6XSHUItFLH LVRODQWH
'LVWkQFLDV QR DU
=/ =RQD /LYUH
=&3 =RQD &RQWURODGD
UHVWULWD D SHVVRDV DXWRUL]DGDV
=5 =RQD GH 5LVFR
3( 3RQWR (QHUJL]DGR
$OJXPDV GHILQLo}HV HVWDEHOHFLGDV SHOD 15 VHQGR TXH WRGR R
WUDEDOKDGRU GHYH UHDOL]DU R FXUVR GH FDSDFLWDomR HP QtYHO EiVLFR SDUD WUDEDOKRV HP
EDL[D WHQVmR H R QtYHO FRPSOHPHQWDU VLVWHPD HOpWULFR GH SRWrQFLD ± 6(3 TXDQGR
IRU DWXDU HP SRQWRV HQHUJL]DGRV DFLPD GH YROWV DPERV FRP KRUDV
5LVFR ± FDSDFLGDGH GH XPD JUDQGH]D FRP SRWHQFLDO SDUD FDXVDU OHV}HV RX
GDQRV j VD~GH GDV SHVVRDV
3HULJR ± VLWXDomR RX FRQGLomR GH ULVFR FRP SUREDELOLGDGH GD FDXVDU OHVmR
ItVLFD RX GDQR j VD~GH GDV SHVVRDV SRU DXVrQFLD GH PHGLGDV GH FRQWUROH
,QVWDODomR HOpWULFD ± FRQMXQWR GDV SDUWHV HOpWULFDV H QmR HOpWULFDV DVVRFLDGDV H
FRP FDUDFWHUtVWLFDV FRRUGHQDGDV HQWUH VL TXH VmR QHFHVViULDV DR IXQFLRQDPHQWR GH
XPD SDUWH GHWHUPLQDGD GH XP VLVWHPD HOpWULFR
%DL[D WHQVmR ± WHQVmR VXSHULRU D YROWV HP FRUUHQWH DOWHUQDGD RX YROWV
HP FRUUHQWH FRQWtQXD H LJXDO RX LQIHULRU D YROWV HP FRUUHQWH DOWHUQDGD RX
YROWV HP FRUUHQWH FRQWtQXD HQWUH IDVHV RX HQWUH IDVH H WHUUD
$OWD WHQVmR ± WHQVmR VXSHULRU D YROWV HP FRUUHQWH DOWHUQDGD RX
YROWV HP FRUUHQWH FRQWtQXD HQWUH IDVHV RX HQWUH IDVH H WHUUD
=RQD GH ULVFR ± HQWRUQR GH SDUWH FRQGXWRUD HQHUJL]DGD QmR VHJUHJDGD
DFHVVtYHO LQFOXVLYH DFLGHQWDOPHQWH GH GLPHQV}HV HVWDEHOHFLGDV GH DFRUGR FRP R
QtYHO GH WHQVmR FXMD DSUR[LPDomR Vy p SHUPLWLGD D SURILVVLRQDLV DXWRUL]DGRV H FRP
DGRomR GH WpFQLFDV H LQVWUXPHQWRV DSURSULDGRV GH WUDEDOKR
=RQD FRQWURODGD ± HQWRUQR GH SDUWH FRQGXWRUD HQHUJL]DGD QmR VHJUHJDGD
DFHVVtYHO GH GLPHQV}HV HVWDEHOHFLGDV GH DFRUGR FRP R QtYHO GH WHQVmR FXMD
DSUR[LPDomR Vy p SHUPLWLGD D SURILVVLRQDLV DXWRUL]DGRV
(TXDOL]DQGR D IRUoD GH WUDEDOKR LQVWUXLQGR DV SHVVRDV VREUH FRPR
FRQWURODU RV SHULJRV HVWDEHOHFHQGR OLPLWHV GH WROHUkQFLD SDUD WUDEDOKRV HP
HOHWULFLGDGH p SURYiYHO D UHGXomR GH DFLGHQWDGRV 6HQGR DVVLP D 15 DWLQJH
SOHQDPHQWH VXD PHWD H FRUULJH XPD ODFXQD TXH H[LVWLD QD OHJLVODomR WUDEDOKLVWD
EUDVLOHLUD
$ 15 OHYRX PDLV GH DQRV SDUD VHU HODERUDGD p UHVXOWDGR GH XPD
FRPLVVmR WULSDUWLWH HQYROYHQGR R JRYHUQR RV HPSUHJDGRUHV H RV HPSUHJDGRV (OD
HVWi HP VLQWRQLD FRP DV QRUPDV GH VHJXUDQoD Mi HP YLJRU HP RXWURV SDtVHV
0LQLVWpULR GR 7UDEDOKR H (PSUHJR 07(
$ VHJXUDQoD VHPSUH HVWHYH DVVRFLDGD j VREUHYLYrQFLD GR KRPHP
GHIHQGHQGR VH DEULJDQGR VH FDoDQGR OXWDQGR VRFLDOPHQWH H GHIHQGHQGR VH FRQWUD
DV PiTXLQDV 3RGHPRV DILUPDU TXH D VHJXUDQoD QDVFHX FRP R VHU KXPDQR
(P FRP D 5HYROXomR ,QGXVWULDO R WUDEDOKR SDVVRX GH DUWHVDQDO SDUD
LQGXVWULDO e FODUR TXH HVWD WUDQVIRUPDomR QmR DFRQWHFHX GD QRLWH SDUD R GLD
2FRUUHX QXPD IDL[D GH FLQFR D GH] DQRV 7URX[H XPD VpULH GH EHQHItFLRV PDV
FRPR HUD GH VH HVSHUDU WURX[H XPD VpULH GH SUREOHPDV SDUD D KXPDQLGDGH
6XUJLUDP DVVLP RV DFLGHQWHV GR WUDEDOKR
3UREOHPDV FRPR RV DFLGHQWHV GR WUDEDOKR TXH D ,QJODWHUUD WHYH QR
VpFXOR ;9,,, R %UDVLO SDVVRX D Wr ORV QR ILQDO GR VpFXOR ;; (P *HW~OLR
9DUJDV HQWmR 3UHVLGHQWH GR %UDVLO FULRX D &,3$ ± &RPLVVmR ,QWHUQD GH 3UHYHQomR
GH $FLGHQWHV TXH VREUHYLYH DWp RV GLDV GH KRMH 0DV FRP D LQWHQVLILFDomR GD
LQGXVWULDOL]DomR FRP R FUHVFLPHQWR GDV FLGDGHV H FRQVHTHQWH FRP R DXPHQWR GD
LQG~VWULD GD FRQVWUXomR FLYLO QR %UDVLO RV DFLGHQWHV GR WUDEDOKR SDVVDUDP D VHU XP
SUREOHPD WmR JUDYH TXH VHX ILP SDVVRX D VHU XPD GDV PHWDV GR %UDVLO SDUD FRP R
)0, ± )XQGR 0RQHWiULR ,QWHUQDFLRQDO ± SDUD HPSUHVWDU GLQKHLUR SDUD R %UDVLO
)RL QHVWD pSRFD TXH D OHJLVODomR ILFRX PDLV LQWHQVD VXUJLQGR HQWmR D
/HL GH GH GH]HPEUR GH H DV 1RUPDV 5HJXODPHQWDGRUDV 15
DSURYDGDV SHOD 3RUWDULD GH GH MXQKR GH GR 0LQLVWpULR GR 7UDEDOKR
$WXDOPHQWH VmR 1RUPDV 5HJXODPHQWDGRUDV 15 UHODWLYDV j
6HJXUDQoD H 0HGLFLQD GR 7UDEDOKR 7HPRV WDPEpP 1RUPDV 5HJXODPHQWDGRUDV
5XUDLV 155 DSURYDGDV SHOD 3RUWDULD GH GH DEULO GH
0(','$6 '( 3527(d­2
(P WRGDV DV LQWHUYHQo}HV HP LQVWDODo}HV HOpWULFDV GHYHP VHU DGRWDGDV
PHGLGDV SUHYHQWLYDV GH FRQWUROH GR ULVFR HOpWULFR H GH RXWURV ULVFRV DGLFLRQDLV
PHGLDQWH WpFQLFDV GH DQiOLVH GH ULVFR GH IRUPD D JDUDQWLU D VHJXUDQoD H D VD~GH GR
WUDEDOKDGRU
&HUWRV ORFDLV HTXLSDPHQWRV RX XWLOL]Do}HV SRGHP UHTXHUHU PHGLGDV GH
SURWHomR HVSHFLDLV SUHYLVWDV HP QRUPDV HVSHFtILFDV TXH UHJXODP R DVVXQWR 3DUD
XPD VLWXDomR HP SDUWLFXODU GHYH VHU YLVWR HP TXDO UHJXODPHQWDomR VH HQTXDGUD WDLV
FRPR DV QRUPDV GD $%17 GR 0LQLVWpULR GR 7UDEDOKR RX DV 1RUPDV
5HJXODPHQWDGRUDV %UDVLOHLUDV
$V LQIOXrQFLDV H[WHUQDV GHYHP VHU DYDOLDGDV SDUD D WRPDGD GH PHGLGDV
VXSOHWLYDV GH SURWHomR R FDVR PDLV FDUDFWHUtVWLFR p D SURLELomR GR WUDEDOKR HP
UHGHV GH DOWD WHQVmR FRP XPLGDGH UHODWLYD DOWD 2XWUDV PHGLGDV VmR SRU H[HPSOR D
HTLSRWHQFLDOL]DomR H R VHFFLRQDPHQWR DXWRPiWLFR GH FLUFXLWRV
3DUD D VHOHomR GH PHGLGDV GH SURWHomR FRQWUD FKRTXHV HOpWULFRV SRU
FRQWDWR GLUHWR RX LQGLUHWR D 1%5 UHFRPHQGD TXH VHMD HVSHFLDOPHQWH
REVHUYDGDV jV VHJXLQWHV FRQGLo}HV GH LQIOXrQFLD H[WHUQDV
&RPSHWrQFLD GDV SHVVRDV ± FRQVLGHUD D FDSDFLGDGH ItVLFD
FRQKHFLPHQWR WpFQLFR H H[SHULrQFLD FRP VHUYLoRV HOpWULFRV
5HVLVWrQFLD HOpWULFD GR FRUSR KXPDQR ± YDORUHV GH LPSHGkQFLD GR
FRUSR HP IXQomR GD WHQVmR GH FRQWDWR SDUD FRUUHQWHV DOWHUQDGDV GH DWp +]
&RQWDWR GDV SHVVRDV FRP SRWHQFLDO GD WHUUD ± FDVR R SLVR H DV
SDUHGHV VHMDP FRQGXWRUDV RX R ORFDO SRVVXL HOHPHQWRV FRQGXWRUHV TXH SRGHP VHU
WRFDGRV VLPXOWDQHDPHQWH FRP PDVVDV GH HTXLSDPHQWRV HOpWULFRV FR]LQKDV
EDQKHLURV ORFDLV H[WHUQRV H LQG~VWULDV HP JHUDO
3URWHomR FRQWUD R &RQWDWR 'LUHWR
$OJXPDV PHGLGDV VmR QHFHVViULDV SDUD QmR KDYHU FRQWDWR GLUHWR FRP
SDUWHV HQHUJL]DGDV GR VLVWHPD HOpWULFR
x ,VRODPHQWR GDV SDUWHV YLYDV H SRU PHLR GH EDUUHLUDV RX LQYyOXFURV
x 0HGLGDV GH SURWHomR SDUFLDO SRU PHLR GH REVWiFXORV RX SRU FRORFDomR
IRUD GH DOFDQFH DGPLWLGDV HP ORFDLV DFHVVtYHLV VRPHQWH D SHVVRDV
DGYHUWLGDV RX TXDOLILFDGDV
x 2 XVR GH (3, UHGX] R ULVFR FRQVLGHUD VH (3, WRGR GLVSRVLWLYR GH XVR
LQGLYLGXDO GHVWLQDGR D SUHVHUYDU H SURWHJHU D LQWHJULGDGH ItVLFD GR
WUDEDOKDGRU
3URWHomR FRQWUD FRQWDWR LQGLUHWR
4XDQGR Ki SDUWHV FRQGXWRUDV H[SRVWDV GRV FRPSRQHQWHV GD LQVWDODomR
HOpWULFD DFHVVtYHLV VHP TXH VHMD QHFHVViULR GHVPRQWDU R HTXLSDPHQWR 4XDQGR
KRXYHU IDOKDV QD LVRODomR EiVLFD LVWR WRUQDUi YLYDV DV SDUWHV FRQGXWRUDV H[WHUQDV GR
FRPSRQHQWH
$R WRTXH GH XPD SDUWH PHWiOLFD H[WHUQD TXH QRUPDOPHQWH HVWDULD VHP
QHQKXP SRWHQFLDO FRORFDUi HP ULVFR D SHVVRD SRLV R FKRTXH HOpWULFR p TXDVH
LQHYLWiYHO SRU FRQWDWR LQGLUHWR
$ SURWHomR SRU FRQWDWR LQGLUHWR p R FRQMXQWR GH PHGLGDV TXH YLVD LPSHGLU
TXH DSDUHoD QD LQVWDODomR XPD WHQVmR TXH SRVVD UHVXOWDU HP ULVFR GH HIHLWR
ILVLROyJLFR SHULJRVR 2 VHFFLRQDPHQWR DXWRPiWLFR GD DOLPHQWDomR R HPSUHJR GH
HTXLSDPHQWRV GD FODVVH ,, RX SRU LVRODomR HTXLYDOHQWH H D VHSDUDomR HOpWULFD
$WHUUDPHQWR
8P GRV REMHWLYRV HP DWHUUDU RV VLVWHPDV HOpWULFRV p GH SURWHJHU DV
SHVVRDV H R SDWULP{QLR FRQWUD XPD IDOWD FXUWR FLUFXLWR 2XWUD VLWXDomR p RIHUHFHU
XP FDPLQKR VHJXUR FRQWURODGR H GH EDL[D LPSHGkQFLD HP GLUHomR j WHUUD SDUD DV
FRUUHQWHV LQGX]LGDV SRU GHVFDUJDV DWPRVIpULFDV
)LJXUD ± 6LVWHPD QmR DWHUUDGR ± )RQWH 3URFREUH
)LJXUD ± 6LVWHPD DWHUUDGR ± )RQWH 3URFREUH
(P HTXLSDPHQWRV TXH QmR VmR
DWHUUDGRV D FRUUHQWH GH IDOWD LUi SHUFRUUHU
R FDPLQKR DWp D WHUUD SHOR FRUSR KXPDQR
1HVWH FDVR R SHULJR p JUDQGH H R DFLGHQWH
SRGH VHU IDWDO
1HVWH FDVR R VLVWHPD HVWi DWHUUDGR
H FRPR SRGH VHU YLVWR D FRUUHQWH GH IDOWD
LUi SHUFRUUHU R FDPLQKR FRP PHQRU
LPSHGkQFLD DWp D WHUUD
1D 1%5 R DWHUUDPHQWR p REULJDWyULR H D JUDQGH SUHRFXSDomR GH
WRGR R FRQMXQWR HVWi HP XPD GDV H[WUHPLGDGHV R HOHWURGR GH DWHUUDPHQWR Ê HOH R
UHVSRQViYHO SDUD TXH D PDOKD VHMD IHFKDGD GDQGR FRQWLQXLGDGH GDV SDUWHV
PHWiOLFDV j WHUUD e PXLWR LPSRUWDQWH TXH HVWD XQLmR HQWUH R HOHWURGR H D WHUUD HVWHMD
VHPSUH HP FRQGLo}HV GH VXSRUWDU XPD FRUUHQWH DOWD WHQGR XP EDL[D UHVLVWrQFLD H
SRVVLELOLWDQGR TXH D FRUUHQWH FLUFXOH SHOR FDPLQKR RIHUHFLGR DWUDYpV GD PDOKD GH
DWHUUDPHQWR
'HYHPRV VDEHU FODUDPHQWH TXH D WHUUD QmR p XP VXPLGRXUR GH FRUUHQWH
LVWR p D FRUUHQWH IHFKD R FLUFXLWR HOpWULFR SHOD WHUUD LQGR GD FDUJD DWp D IRQWH 0DV
LVWR Vy DFRQWHFHUi FDVR R DWHUUDPHQWR HVWLYHU SHUIHLWR H VH IRU VHPSUH FRQVHUYDGR
GHVWD PDQHLUD
7LSRV GH DWHUUDPHQWR TXH SRGHP VHU GHVWDFDGRV
x $WHUUDPHQWR IXQFLRQDO ± p R DWHUUDPHQWR GH XP FRQGXWRU YLYR
QRUPDOPHQWH R QHXWUR WHQGR FRPR REMHWLYR R FRUUHWR IXQFLRQDPHQWR
GD LQVWDODomR
x $WHUUDPHQWR GH SURWHomR ± DWHUUDPHQWR GDV PDVVDV H GRV HOHPHQWRV
HVWUDQKRV WHQGR FRPR REMHWLYR D SURWHomR FRQWUD FKRTXHV FRQWDWR
LQGLUHWR
&ODVVLILFDomR GRV HVTXHPDV GH DWHUUDPHQWR
x 3ULPHLUD OHWUD ± GHVLJQD D VLWXDomR GR QHXWUR GD LQVWDODomR HP UHODomR
j WHUUD
7 XP SRQWR GD DOLPHQWDomR JHUDOPHQWH R QHXWUR HVWi OLJDGR
GLUHWDPHQWH j WHUUD
, QHQKXP SRQWR GD DOLPHQWDomR HVWi OLJDGR GLUHWDPHQWH j WHUUD
QHXWUR LVRODGR RX OLJDGR j WHUUD SRU PHLR GH XPD LPSHGkQFLD DOWD
x 6HJXQGD OHWUD ± LQGLFD D VLWXDomR GDV PDVVDV GD LQVWDODomR HOpWULFD
HP UHODomR j WHUUD
7 PDVVDV HVWmR OLJDGDV GLUHWDPHQWH j WHUUD LQGHSHQGHQWHPHQWH
GD KDYHU RX QmR XP SRQWR GH DOLPHQWDomR DWHUUDGR
1 PDVVDV HVWmR OLJDGDV DR SRQWR GH DOLPHQWDomR DWHUUDGR
QRUPDOPHQWH R QHXWUR
(VTXHPD GD DWHUUDPHQWR 71 &
)LJXUD ± $WHUUDPHQWR 71 & ± )RQWH 6LHPHQV
(VTXHPD GH DWHUUDPHQWR 71 6
)LJXUD ± $WHUUDPHQWR 71 6 ± )RQWH 6LHPHQV
(VTXHPD GH DWHUUDPHQWR 77
)LJXUD ± $WHUUDPHQWR 77 ± )RQWH 6LHPHQV
(48,3$0(1726 '( 3527(d­2
2V HTXLSDPHQWRV GH VHJXUDQoD GHYHP VHU IRUQHFLGRV SHOD HPSUHVD
UHVSRQViYHO SHOR WUDEDOKDGRU $ 15 HVSHFLILFD DLQGD TXH RV HTXLSDPHQWRV GH
SURWHomR GHYDP HVWDU HP SHUIHLWR HVWDGR GH FRQVHUYDomR H IXQFLRQDPHQWR
$ XWLOL]DomR GH (3, GHYH VHU REULJDWyULD TXDQGR
DV PHGLGDV GH SURWHomR FROHWLYD IRUHP WHFQLFDPHQWH LQYLiYHLV RX QmR
RIHUHFHUHP DGHTXDGD SURWHomR FRQWUD ULVFRV GH DFLGHQWHV GH WUDEDOKR H FRQWUD
GRHQoDV SURILVVLRQDLV
DV PHGLGDV GH SURWHomR FROHWLYD HVWLYHUHP DLQGD VHQGR LPSOHPHQWDGDV
SDUD DWHQGHU VLWXDo}HV HPHUJHQFLDLV
(TXLSDPHQWR GH 3URWHomR ,QGLYLGXDO (3,
(TXLSDPHQWR GH SURWHomR LQGLYLGXDO p WRGR GLVSRVLWLYR GH XVR LQGLYLGXDO
GHVWLQDGR D SURWHJHU R WUDEDOKDGRU FRQWUD ULVFRV FDSD]HV GH DPHDoDU D VHJXUDQoD H
D VXD VD~GH
3DUD R WUDEDOKR HP HOHWULFLGDGH LQVWDODo}HV HOpWULFDV GH EDL[D PpGLD RX
DOWD WHQVmR UHTXHU HTXLSDPHQWRV GH SURWHomR HVSHFtILFRV H DGHTXDGRV jV
DWLYLGDGHV GHVHQYROYLGDV
2V HTXLSDPHQWRV GH SURWHomR LQGLYLGXDO D VHUHP XWLOL]DGRV HP WUDEDOKRV
FRP HOHWULFLGDGH VmR
FDSDFHWH
yFXORV GH VHJXUDQoD
OXYDV LVRODQWHV SDUD HOHWULFLVWD FODVVH ]HUR H OXYDV GH FREHUWXUD
FLQWR GH VHJXUDQoD WLSR VXE DEGRPLQDO FRP WDODEDUWH
ERWLQDV GH FRXUR FRP VRODGR LQMHWDGR VHP FRPSRQHQWHV PHWiOLFRV
$ ERUUDFKD p XWLOL]DGD FRQWUD ULVFRV GH FKRTXHV HOpWULFRV IRUPDWDQGR
FODVVHV GH LVRODPHQWR FRQIRUPH D WHQVmR GH WUDEDOKR
&ODVVH 7HQVmR Pi[LPD GH XVR
&ODVVH YROWV
&ODVVH YROWV
&ODVVH YROWV
&ODVVH YROWV
&ODVVH YROWV
&ODVVH YROWV
$V YHVWLPHQWDV GH WUDEDOKR GHYHP VHU DGHTXDGDV jV DWLYLGDGHV
FRQVLGHUDQGR VH D FRQGXWLELOLGDGH LQIODPDELOLGDGH H LQIOXrQFLDV HOHWURPDJQpWLFDV
HP HOHWULFLGDGH GHYHP VHU FRQIHFFLRQDGDV FRP SURGXWRV ³LJQtIXJRV´
$ GHILQLomR GD URXSD GHSHQGH GR QtYHO GD HQHUJLD LQFLGHQWH FDO FPð TXH
LUi RFRUUHU QR SRQWR GH WUDEDOKR FDVR RFRUUD XP DUFR HOpWULFR (P FRQIRUPLGDGH FRP
D 15 D YHVWLPHQWD DGHTXDGD GHYH VHU HVSHFLILFDGD FRPR (3, H QmR FRPR
XQLIRUPH
7DEHOD ± &ODVVHV GH ULVFRV ± )RQWH ZZZ IXQFRJH RUJ EU
$739 ± $UF 7KHUPDO 3HUIRUPDQFH 9DOXH ± p XP LQGLFDGRU TXH PHGH R
GHVHPSHQKR GRV WHFLGRV H FDUDFWHUL]D D URXSD GH SURWHomR FRQWUD DUFR HOpWULFR R
YDORU Pi[LPR GD HQHUJLD LQFLGHQWH VREUH R WHFLGR QmR SRGH XOWUDSDVVDU MRXOHV FPð
QR ODGR SURWHJLGR (VWH p R YDORU GR OLPLDU GH TXHLPDGXUD GH VHJXQGR JUDX
)LJXUD ± (QHUJLD GR DUFR HOpWULFR ± )RQWH /XL] . 7RPLRVKL
,PDJHP ± /XYDV GH ERUUDFKD ± )RQWH 2ULRQ
(TXLSDPHQWRV GH 3URWHomR &ROHWLYD (3&
&RQIRUPH R LWHP GD 15 ³(P WRGRV RV VHUYLoRV H[HFXWDGRV
HP LQVWDODo}HV HOpWULFDV GHYHP VHU SUHYLVWDV H DGRWDGDV SULRULWDULDPHQWH PHGLGDV
GH SURWHomR FROHWLYD DSOLFiYHLV PHGLDQWH SURFHGLPHQWRV jV DWLYLGDGHV D VHUHP
GHVHQYROYLGDV GH IRUPD D JDUDQWLU D VHJXUDQoD H D VD~GH GRV WUDEDOKDGRUHV´
&RQWLQXDQGR DLQGD QR LWHP ³$V PHGLGDV GH SURWHomR FROHWLYD
FRPSUHHQGHP SULRULWDULDPHQWH D GHVHQHUJL]DomR HOpWULFD FRQIRUPH HVWDEHOHFH HVWD
15 H QD VXD LPSRVVLELOLGDGH R HPSUHJR GH WHQVmR GH VHJXUDQoD´ ( FDVR QmR
SRVVD VHU DGRWDGR R LWHP DFLPD GHYHP VHU XWLOL]DGDV PHGLGDV GH SURWHomR FROHWLYD
WDLV FRPR LVRODomR GDV SDUWHV YLYDV REVWiFXORV EDUUHLUDV VLQDOL]DomR VLVWHPD GH
VHFFLRQDPHQWR DXWRPiWLFR GH DOLPHQWDomR EORTXHLR GR UHOLJDPHQWR DXWRPiWLFR
3ULPHLURV 6RFRUURV
e R DX[LOLR LPHGLDWR H SURYLVyULR SUHVWDGR HQTXDQWR VH DJXDUGD
DWHQGLPHQWR PpGLFR e LPSRUWDQWH TXH R VRFRUULVWD WHQKD LQLFLDWLYD H OLGHUDQoD DR
DWXDU MXQWR j YtWLPD
$V FKDQFHV GH VDOYDPHQWR GD YtWLPD GH FKRTXH HOpWULFR GLPLQXHP FRP R
SDVVDU GH DOJXQV PLQXWRV SHVTXLVDV UHDOL]DGDV DSUHVHQWDP DV FKDQFHV GH
VDOYDPHQWR HP IXQomR GR Q~PHUR GH PLQXWRV GHFRUULGRV GR FKRTXH
7DEHOD ± 7HPSRV SDUD UHDQLPDomR ± )RQWH KWWS GDOFDQWDUD YLODERO XRO FRP EU LQGH[ KWPO
&XLGDGRV HVSHFLDLV FRP WUDEDOKDGRUHV DFLGHQWDGRV SRU FKRTXH HOpWULFRV
VmR QHFHVViULRV FRPR SRU H[HPSOR D XWLOL]DomR GH OXYDV GH ERUUDFKD SDUD DIDVWDU D
YtWLPD QmR XVDU REMHWRV PHWiOLFRV RX ~PLGRV SDUD LQWHUURPSHU XP FLUFXLWR QmR
PRYHU D SHVVRD PDLV GR TXH D QHFHVVLGDGH j VXD VHJXUDQoD
5(63216$%,/,'$'(6
5HVSRQVDELOLGDGH p D REULJDomR GH UHVSRQGHU SRU DOJXPD FRLVD SRU
DOJXP IDWR RFRUULGR TXH VHMD GH VXD FRPSHWrQFLD 3RGH VH HQWHQGHU
UHVSRQVDELOLGDGH FRPR XP YtQFXOR VXUJLGR HQWUH SHVVRDV GHYLGR D XP HYHQWR 2
IXQGDPHQWR JHUDO GH UHVSRQVDELOLGDGH HVWi QR DUWLJR GR &yGLJR &LYLO TXH
HVWDEHOHFH R GHYHU GH LQGHQL]DU DTXHOH TXH VRIUH DOJXP SUHMXt]R HP VXD HVIHUD
MXUtGLFD 2EULJDomR GH UHSDUDU R GDQR RX GH UHVVDUFL OR TXDQGR LQMXVWDPHQWH
FDXVDGR D RXWUHP
2 LQWHUHVVH GLUHWDPHQWH OHVDGR p R SULYDGR $ UHDomR GD VRFLHGDGH p
UHSUHVHQWDGD SHOD LQGHQL]DomR 6H R SUHMXGLFDGR VH PDQWLYHU LQHUWH QHQKXPD
FRQVHTrQFLD DGYLUi SDUD R DJHQWH FDXVDGRU GR GDQR
'H DFRUGR FRP D 15 DV UHVSRQVDELOLGDGHV TXDQWR DR FXPSULPHQWR GD
QRUPD VmR VROLGiULDV DRV FRQWUDWDQWHV H FRQWUDWDGRV HQYROYLGRV e GH
UHVSRQVDELOLGDGH GRV FRQWUDWDQWHV PDQWHUHP RV WUDEDOKDGRUHV LQIRUPDGRV VREUH RV
ULVFRV TXH HVWDUmR H[SRVWRV LQVWUXLQGR RV TXDQWR DRV SURFHGLPHQWRV H PHGLGDV GH
FRQWUROH FRQWUD RV ULVFRV HOpWULFRV D VHUHP DGRWDGRV &DEH j HPSUHVD QD RFRUUrQFLD
GH DFLGHQWHV GH WUDEDOKR HQYROYHQGR LQVWDODo}HV H VHUYLoRV HP HOHWULFLGDGH SURSRU H
DGRWDU PHGLGDV SUHYHQWLYDV H FRUUHWLYDV
$WR /tFLWR e D PDQLIHVWDomR GH YRQWDGH FRQIRUPH D OHL
$WR ,OtFLWR e D PDQLIHVWDomR GH YRQWDGH RX VXD RPLVVmR TXH VH RS}H j OHL e R
DWR MXUtGLFR LOtFLWR RX DQWLMXUtGLFR
&XOSD e XPD FRQGXWD SRVLWLYD RX QHJDWLYD VHJXQGR D TXDO DOJXpP QmR TXHU TXH
R GDQR DFRQWHoD PDV HVWH RFRUUH SHOD IDOWD GH SUHYLVmR GDTXLOR TXH p SHUIHLWDPHQWH
SUHYLVtYHO $WR FXOSRVR p SUDWLFDGR SRU
1HJOLJrQFLD e D RPLVVmR YROXQWiULD GH GLOLJrQFLD RX FXLGDGR e D IDOWD RX
GHPRUD QR SUHYHQLU RX QR REVWDU GH XP GDQR
,PSUXGrQFLD &RQVLVWH QD IDOWD LQYROXQWiULD GH REVHUYkQFLD GH PHGLGDV GH
SUHFDXomR H VHJXUDQoD GH FRQVHTrQFLDV SUHYLVtYHLV H TXH VH ID]LDP QHFHVViULDV
QR PRPHQWR
,PSHUtFLD e D IDOWD GH DSWLGmR HVSHFLDO D KDELOLGDGH RX H[SHULrQFLD RX GH
SUHYLVmR QR H[HUFtFLR GH GHWHUPLQDGD IXQomR SURILVVmR DUWH RX RItFLR
5HVSRQVDELOLGDGH &LYLO
2 QRYR FyGLJR FLYLO EUDVLOHLUR GL] QR 7tWXOR ,; GD 5HVSRQVDELOLGDGH &LYLO
QR FDStWXOR , GD 2EULJDomR GH ,QGHQL]DU GL] QR DUWLJR TXH
$TXHOH TXH SRU DWR LOtFLWR DUWV H FDXVDU GDQR D RXWUHP
ILFD REULJDGR D UHSDUi OR
( QR SDUiJUDIR ~QLFR GL] TXH
+DYHUi REULJDomR GH UHSDUDU R GDQR LQGHSHQGHQWHPHQWH GH FXOSD
QRV FDVRV HVSHFLILFDGRV HP OHL RX TXDQGR D DWLYLGDGH QRUPDOPHQWH
GHVHQYROYLGD SHOR DXWRU GR GDQR LPSOLFDU SRU VXD QDWXUH]D ULVFR SDUD RV GLUHLWRV
GH RXWUHP
$UW GR &yGLJR &LYLO 1mR FRQVWLWXHP DWRV LOtFLWRV
, RV SUDWLFDGRV HP OHJtWLPD GHIHVD RX QR H[HUFtFLR UHJXODU GH XP GLUHLWR
UHFRQKHFLGR
,, D GHWHULRUDomR RX GHVWUXLomR GD FRLVD DOKHLD RX D OHVmR D SHVVRD D ILP GH
UHPRYHU SHULJR LPLQHQWH
3DUiJUDIR ~QLFR 1R FDVR GR LQFLVR ,, R DWR VHUi OHJtWLPR VRPHQWH TXDQGR
DV FLUFXQVWkQFLDV R WRUQDUHP DEVROXWDPHQWH QHFHVViULR QmR H[FHGHQGR RV OLPLWHV
GR LQGLVSHQViYHO SDUD D UHPRomR GR SHULJR
0DV DWR LOtFLWR p
$UW GR &yGLJR &LYLO $TXHOH TXH SRU DomR RX RPLVVmR YROXQWiULD
QHJOLJrQFLD RX LPSUXGrQFLD YLRODU GLUHLWR H FDXVDU GDQR D RXWUHP DLQGD TXH
H[FOXVLYDPHQWH PRUDO FRPHWH DWR LOtFLWR
$UW GR &yGLJR &LYLO 7DPEpP FRPHWH DWR LOtFLWR R WLWXODU GH XP GLUHLWR
TXH DR H[HUFr OR H[FHGH PDQLIHVWDPHQWH RV OLPLWHV LPSRVWRV SHOR VHX ILP
HFRQ{PLFR RX VRFLDO SHOD ERD Ip RX SHORV ERQV FRVWXPHV
$ LQGHQL]DomR YLVD D VXEVWLWXLU SRU FLIUD HP GLQKHLUR DTXLOR TXH
DSUR[LPDGDPHQWH VH FDOFXOD WHQKD VLGR R SUHMXt]R GD YtWLPD GR DWR LOtFLWR
5HVSRQVDELOLGDGH VROLGiULD p TXH FRQVLVWH QD GHOHJDomR GH VHUYLoRV RX
GH WDUHIDV VHP TXH LVVR LPSOLTXH D GHVREULJDomR GH DWHQGHU jV FRQVHTrQFLDV GDV
Do}HV SUDWLFDGDV SHOR VXEFRQWUDWDGR
$ UHVSRQVDELOLGDGH p VROLGiULD VDOYR VH KRXYHU FXOSD H[FOXVLYD GD YtWLPD
RX FDVR IRUWXLWR FRQWUDWDU EHP FXOSD LQ HOLJHQGR H ILVFDOL]DU R FXPSULPHQWR SRU
SDUWH GD FRQWUDWDGD 6H HOD HVFROKHX EHP PDV QmR ILVFDOL]RX R FRQWUDWR FHOHEUDGR
REURX HP QHJOLJrQFLD SRU DXVrQFLD GH YLJLOkQFLD RX GH ILVFDOL]DomR
$ DomR FtYHO SRGH VHU SURSRVWD SHOD YtWLPD RX SRU VHXV GHSHQGHQWHV RX
EHQHILFLiULRV &RQIRUPH LWHP GD 15 GHVWDFD VH D ³VROLGDULHGDGH´ HQWUH
FRQWUDWDQWH H FRQWUDWDGR RX VHMD DPERV DVVXPHP VROLGDULDPHQWH D
UHVSRQVDELOLGDGH SHOR FXPSULPHQWR GRV SUHFHLWRV GD QRUPD
3RUWDQWR R SURILVVLRQDO HP 6HJXUDQoD H 0HGLFLQD GR 7UDEDOKR EHP FRPR
VXD HPSUHVD SRGHUmR VHU DFLRQDGRV YLD MXGLFLDO SRU GDQRV FDXVDGRV DR DFLGHQWDGR
5HVSRQVDELOLGDGH &ULPLQDO
$ PDQXWHQomR GD LQWHJULGDGH ItVLFD GR WUDEDOKDGRU GHYH VHU HQFDUDGD
SHOR HPSUHJDGRU FRPR IDWRU LPSUHVFLQGtYHO DR GHVHQYROYLPHQWR GD SDUFHULD QR
FRQWH[WR GD HPSUHVD PRGHUQD TXH SURFXUD DJUHJDU HVIRUoRV H DFUHVFHQWDU YDORUHV
SDUD VH WRUQDU FRPSHWLWLYD H YHQFHU RV GHVDILRV UHVXOWDQWHV GD JOREDOL]DomR GD
HFRQRPLD
6H D UHVSRQVDELOLGDGH FLYLO DOFDQoD RV JHVWRUHV GH 5+ H GH
DGPLQLVWUDGRUHV GH SHVVRDO GH IRUPD TXDVH LQGLUHWD D UHVSRQVDELOLGDGH FULPLQDO p
GLUHWD (P FDVR GH PRUWH SRU DFLGHQWH GH WUDEDOKR WDLV SURILVVLRQDLV SRGHUmR YLU D
VHU HQTXDGUDGRV QR &yGLJR 3HQDO DUWLJR SDUiJUDIR ž KRPLFtGLR FXOSRVR H
HP FDVR GH IHULPHQWRV RX VHTHODV QR DUWLJR SDUiJUDIR ž OHVmR FRUSRUDO
FXOSRVD
2 DUWLJR GR &yGLJR 3HQDO WUDWD GD H[SRVLomR DR SHULJR H SRGH VHU
DUJLGR SRU HPSUHJDGR VLQGLFDWR GHIHQVRU RX SURPRWRU S~EOLFR VHPSUH TXH DV
PHGLGDV SUHYLVWDV QD OHJLVODomR GH VHJXUDQoD H VD~GH RFXSDFLRQDO QmR HVWLYHUHP
VHQGR FXPSULGDV SRQGR HP SHULJR D YLGD RX D VD~GH GH TXDOTXHU WUDEDOKDGRU RX
SUHVWDGRU GH VHUYLoR Mi TXH D UHVSRQVDELOLGDGH SHOD ILVFDOL]DomR GR FXPSULPHQWR
GDV QRUPDV OHJDLV LQFLGH VREUH R FRQWUDWDQWH SULQFLSDO
$UW ± ([SRU D YLGD RX D VD~GH GH RXWUHP D SHULJR GLUHWR H HPLQHQWH
3HQD GHWHQomR GH WUrV PHVHV D XP DQR VH R IDWR QmR FRQVWLWXL
FULPH PDLV JUDYH
3DUiJUDIR ~OWLPR $ SHQD p DXPHQWDGD GH XP VH[WR D XP WHUoR
VH D H[SRVLomR GD YLGD RX GD VD~GH GH RXWUHP D SHULJR GHFRUUH GR WUDQVSRUWH GH
SHVVRDV SDUD D SUHVWDomR GH VHUYLoRV HP HVWDEHOHFLPHQWRV GH TXDOTXHU QDWXUH]D
HP GHVDFRUGR FRP DV QRUPDV OHJDLV
&21&/86­2
$ HOHWULFLGDGH HVWi SUHVHQWH HP SUDWLFDPHQWH WRGDV DV QRVVDV DWLYLGDGHV
RQGH TXHU TXH HVWHMDPRV Ki SRQWRV YLYRV H SRUWDQWR R FKRTXH HOpWULFR p XP HYHQWR
KDELWXDO H PXLWDV YH]HV R UHVXOWDGR SRGH VHU IDWDO
$ SURWHomR FRQWUD FKRTXHV HOpWULFRV DOpP GR FRQKHFLPHQWR WpFQLFR VmR
PHLRV GH XWLOL]DomR FRPR SUHYHQomR $ PRQLWRUDomR ILVFDOL]DomR GD VLWXDomR OHJDO
GH FDGD WUDEDOKDGRU p LPSRUWDQWH SDUD TXH KDMD FDGD YH] PDLV D GLVVHPLQDomR GR
FXPSULPHQWR GDV QRUPDV H[LVWHQWHV QR %UDVLO
$V FRQGLo}HV GH ULVFR SDUD R FKRTXH HOpWULFR VmR LQ~PHUDV DV VLWXDo}HV
HQFRQWUDGDV QR FRWLGLDQR FDXVDP XP GHVFRPSDVVR HQWUH UHDOLGDGH H DV
UHJXODPHQWDo}HV H QRUPDV VREUH R DVVXQWR $ FRQWULEXLomR p R GHVHQYROYLPHQWR
WHFQROyJLFR D HYROXomR GD SHVTXLVD FLHQWtILFD SDUD D PLQLPL]DomR GR ULVFR IDWR HVWH
FRPSURYDGR SHOR GLVSRVLWLYR '5 GLVMXQWRU UHVLGXDO SHORV VHQVRUHV GH WHQVmR FRP
PHGLomR D GLVWkQFLD FRP D WHUPRJUDILD H FRP D PHGLomR GH WHPSHUDWXUD D ODVHU
LPSHGLQGR TXH DFLGHQWHV IDWDLV RFRUUDP VHP FRQWUROH
9LPRV TXH D SUREDELOLGDGH GH DFLGHQWH p JUDQGH PDV TXDQGR VmR
UHVSHLWDGDV DV QRUPDV H D OHJLVODomR WDQWR EUDVLOHLUD TXDQWR LQWHUQDFLRQDO LVWR
WHQGH D GLPLQXLU FRQVLGHUDYHOPHQWH
$ 15 WUD] JUDQGHV DYDQoRV SDUD D VHJXUDQoD H VD~GH QR WUDEDOKR HP
HOHWULFLGDGH WUD] DLQGD VHJXUDQoD SDUD DV SHVVRDV WUDEDOKDGRUHV RX QmR p XP
LQVWUXPHQWR YDOLRVR SDUD TXH R VHWRU VHMD UHVSHLWDGR QD HVIHUD WUDEDOKLVWD H MXUtGLFD
5HFXUVRV H RSo}HV H[LVWHP SDUD TXH WRGR R WUDEDOKR VHMD IHLWR FRP
JDUDQWLD GH VHJXUDQoD DV HPSUHVDV IRUQHFHGRUDV GR VHWRU WHP HTXLSDPHQWRV GH
DOWR SDGUmR D ILVFDOL]DomR p DWXDQWH H R UHVXOWDGR p D WUDQTLOLGDGH SDUD WRGD D
FRPXQLGDGH
2 HPSUHHQGLPHQWR %DUUD6KRSSLQJ6XO HVWi LQVHULGR QD VRFLHGDGH GH
3RUWR $OHJUH H QmR SRGHULD VHU LQGLIHUHQWH D HVWD TXHVWmR HOHWULFLGDGH p WUDWDGD FRP
SULRULGDGH SHOD HTXLSH GH JHVWmR RV TXHVLWRV H[LJLGRV SHOD 15 VmR FXPSULGRV GH
IRUPD LQFLVLYD H DV IDOKDV H[LVWHQWHV GD REUDV HVWmR VHQGR FRUULJLGDV XPD D XPD
5()(5Ç1&,$6 %,%/,2*5È),&$6
‡ $*Ç1&,$ 1$&,21$/ '( (1(5*,$ (/e75,&$ ± $1((/ &RQGLo}HV *HUDLV GH
)RUQHFLPHQWR GH (QHUJLD (OpWULFD 5HVROXomR
‡ $662&,$d­2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 ,QVWDODo}HV HOpWULFDV GH
EDL[D WHQVmR 1%5 5LR GH -DQHLUR
‡ $662&,$d­2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 (OHWULFLGDGH JHUDO 1%5
5LR GH -DQHLUR
‡ $662&,$d­2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 ,QVWDODo}HV (OpWULFDV GH
0pGLD 3RWrQFLD 1%5 5LR GH -DQHLUR
‡ %5$6,/ 0LQLVWpULR GR 7UDEDOKR 6HFUHWDULD GH 6HJXUDQoD H 0HGLFLQD QR 7UDEDOKR
/HJLVODomR GH 6HJXUDQoD +LJLHQH H 0HGLFLQD GR 7UDEDOKR /HL GH H
3RUWDULD GH
‡ &5('(5 +pOLR ,QVWDODo}HV HOpWULFDV  (GLomR 5LR GH -DQHLUR /LYUR 7pFQLFR
‡ .,1'(50$11 *HUDOGR $WHUUDPHQWR (OpWULFR 3RUWR $OHJUH (GLWRUD 6DJUD '&
/X]]DWWR  HGLomR
‡ 15 ,QVWDODo}HV H 6HUYLoRV HP (OHWULFLGDGH 0DQXDO GH 6HJXUDQoD H 0HGLFLQD
GR 7UDEDOKR 6mR 3DXOR (GLWRUD $WODV  HGLomR
‡ 6,(0(16 3URWHomR FRQWUD RV HIHLWRV GDV FRUUHQWHV HOpWULFDV GRV FKRTXH HOpWULFR H
DWHUUDPHQWRV GD LQVWDODomR GH EDL[D WHQVmR 6HPLQiULRV 7pFQLFRV %UDVLO
‡ (QGHUHoR +WWS ZZZ SRUWDOIDUPDFLD FRP EU IDUPDFLD SULQFLSDO FRQWHXGR DVS"LG
GLVSRQtYHO HP
‡ (QGHUHoR +WWS ZZZ GHO XIPV EU 0DWHULDLV SGI GLVSRQtYHO HP
‡ (QGHUHoR KWWS ZZZ SUHYLGHQFLDVRFLDO JRY EU DUTXLYRV RIILFH B SGI
GLVSRQtYHO HP
‡ (QGHUHoR KWWS ZZZ VHJXUDQFDHWUDEDOKR FRP EU GRZQORDG FKRTXH HOHWULFR
OLDQHBGLOGD SGI GLVSRQtYHO HP

More Related Content

Similar to 000748254.pdf ..

Electrical Safety in Power System Distribution
Electrical Safety in Power System DistributionElectrical Safety in Power System Distribution
Electrical Safety in Power System DistributionEze , Monday Ndubuisi
 
Elec hazard awareness_study_guide
Elec hazard awareness_study_guideElec hazard awareness_study_guide
Elec hazard awareness_study_guideRobin George
 
Best Practice(s) in regulating Electrical Safety in the home
Best Practice(s) in regulating Electrical Safety in the homeBest Practice(s) in regulating Electrical Safety in the home
Best Practice(s) in regulating Electrical Safety in the homeLeonardo ENERGY
 
Factors Affecting the Electrical Safety of 20 residential buildings of Bulua,...
Factors Affecting the Electrical Safety of 20 residential buildings of Bulua,...Factors Affecting the Electrical Safety of 20 residential buildings of Bulua,...
Factors Affecting the Electrical Safety of 20 residential buildings of Bulua,...Rygine Galgao
 
Electrical danger
Electrical dangerElectrical danger
Electrical dangerJohan Roels
 
Perturbaciones de flujo de energía eléctrica en la red de la facultad de ing...
Perturbaciones de flujo de  energía eléctrica en la red de la facultad de ing...Perturbaciones de flujo de  energía eléctrica en la red de la facultad de ing...
Perturbaciones de flujo de energía eléctrica en la red de la facultad de ing...JOe Torres Palomino
 
Manual prevencion-riesgos-electricos
Manual prevencion-riesgos-electricosManual prevencion-riesgos-electricos
Manual prevencion-riesgos-electricosecasadecv
 
Electrical safety in power stations
Electrical safety in power stationsElectrical safety in power stations
Electrical safety in power stationsManohar Tatwawadi
 
All About Workplace Electrical Safety
All About Workplace Electrical SafetyAll About Workplace Electrical Safety
All About Workplace Electrical SafetyCurrent Solutions PC
 
Safety precautions while using electricity
Safety precautions while using electricitySafety precautions while using electricity
Safety precautions while using electricityanna barton
 
IRJET- Refocusing Electrical Safety Aspects & its Regulatory Requirement in P...
IRJET- Refocusing Electrical Safety Aspects & its Regulatory Requirement in P...IRJET- Refocusing Electrical Safety Aspects & its Regulatory Requirement in P...
IRJET- Refocusing Electrical Safety Aspects & its Regulatory Requirement in P...IRJET Journal
 
Arc flash analysis, electrical safety and risk assessment
Arc flash analysis, electrical safety and risk assessmentArc flash analysis, electrical safety and risk assessment
Arc flash analysis, electrical safety and risk assessmentPremium Power
 
Arc flash in Industry
Arc flash in Industry Arc flash in Industry
Arc flash in Industry Nicola Cassidy
 
Why electric engineers should check emr
Why electric engineers should check emrWhy electric engineers should check emr
Why electric engineers should check emrRad Meters
 
Electricity systems for hospitals
Electricity systems for hospitalsElectricity systems for hospitals
Electricity systems for hospitalsBruno De Wachter
 
Electrical Arc Flash Safety and Risk Management
Electrical Arc Flash Safety and Risk ManagementElectrical Arc Flash Safety and Risk Management
Electrical Arc Flash Safety and Risk ManagementSchneider Electric
 

Similar to 000748254.pdf .. (20)

Electrical Safety in Power System Distribution
Electrical Safety in Power System DistributionElectrical Safety in Power System Distribution
Electrical Safety in Power System Distribution
 
Elec hazard awareness_study_guide
Elec hazard awareness_study_guideElec hazard awareness_study_guide
Elec hazard awareness_study_guide
 
Electrical hazard awareness_study_guide
Electrical hazard awareness_study_guideElectrical hazard awareness_study_guide
Electrical hazard awareness_study_guide
 
Electrical Safety.pptx
Electrical Safety.pptxElectrical Safety.pptx
Electrical Safety.pptx
 
Best Practice(s) in regulating Electrical Safety in the home
Best Practice(s) in regulating Electrical Safety in the homeBest Practice(s) in regulating Electrical Safety in the home
Best Practice(s) in regulating Electrical Safety in the home
 
Factors Affecting the Electrical Safety of 20 residential buildings of Bulua,...
Factors Affecting the Electrical Safety of 20 residential buildings of Bulua,...Factors Affecting the Electrical Safety of 20 residential buildings of Bulua,...
Factors Affecting the Electrical Safety of 20 residential buildings of Bulua,...
 
Electrical danger
Electrical dangerElectrical danger
Electrical danger
 
Perturbaciones de flujo de energía eléctrica en la red de la facultad de ing...
Perturbaciones de flujo de  energía eléctrica en la red de la facultad de ing...Perturbaciones de flujo de  energía eléctrica en la red de la facultad de ing...
Perturbaciones de flujo de energía eléctrica en la red de la facultad de ing...
 
Manual prevencion-riesgos-electricos
Manual prevencion-riesgos-electricosManual prevencion-riesgos-electricos
Manual prevencion-riesgos-electricos
 
Electrical safety in power stations
Electrical safety in power stationsElectrical safety in power stations
Electrical safety in power stations
 
Arc flash q
Arc flash qArc flash q
Arc flash q
 
All About Workplace Electrical Safety
All About Workplace Electrical SafetyAll About Workplace Electrical Safety
All About Workplace Electrical Safety
 
Safety precautions while using electricity
Safety precautions while using electricitySafety precautions while using electricity
Safety precautions while using electricity
 
IRJET- Refocusing Electrical Safety Aspects & its Regulatory Requirement in P...
IRJET- Refocusing Electrical Safety Aspects & its Regulatory Requirement in P...IRJET- Refocusing Electrical Safety Aspects & its Regulatory Requirement in P...
IRJET- Refocusing Electrical Safety Aspects & its Regulatory Requirement in P...
 
Arc flash analysis, electrical safety and risk assessment
Arc flash analysis, electrical safety and risk assessmentArc flash analysis, electrical safety and risk assessment
Arc flash analysis, electrical safety and risk assessment
 
Arc flash in Industry
Arc flash in Industry Arc flash in Industry
Arc flash in Industry
 
Why electric engineers should check emr
Why electric engineers should check emrWhy electric engineers should check emr
Why electric engineers should check emr
 
Electricity systems for hospitals
Electricity systems for hospitalsElectricity systems for hospitals
Electricity systems for hospitals
 
WIPAC Monthly - August 2017
WIPAC Monthly - August 2017WIPAC Monthly - August 2017
WIPAC Monthly - August 2017
 
Electrical Arc Flash Safety and Risk Management
Electrical Arc Flash Safety and Risk ManagementElectrical Arc Flash Safety and Risk Management
Electrical Arc Flash Safety and Risk Management
 

Recently uploaded

Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls Available
Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls AvailableVip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls Available
Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls AvailableNehru place Escorts
 
Bangalore Call Girls Majestic 📞 9907093804 High Profile Service 100% Safe
Bangalore Call Girls Majestic 📞 9907093804 High Profile Service 100% SafeBangalore Call Girls Majestic 📞 9907093804 High Profile Service 100% Safe
Bangalore Call Girls Majestic 📞 9907093804 High Profile Service 100% Safenarwatsonia7
 
VIP Call Girls Tirunelveli Aaradhya 8250192130 Independent Escort Service Tir...
VIP Call Girls Tirunelveli Aaradhya 8250192130 Independent Escort Service Tir...VIP Call Girls Tirunelveli Aaradhya 8250192130 Independent Escort Service Tir...
VIP Call Girls Tirunelveli Aaradhya 8250192130 Independent Escort Service Tir...narwatsonia7
 
Call Girl Number in Panvel Mumbai📲 9833363713 💞 Full Night Enjoy
Call Girl Number in Panvel Mumbai📲 9833363713 💞 Full Night EnjoyCall Girl Number in Panvel Mumbai📲 9833363713 💞 Full Night Enjoy
Call Girl Number in Panvel Mumbai📲 9833363713 💞 Full Night Enjoybabeytanya
 
Call Girls Colaba Mumbai ❤️ 9920874524 👈 Cash on Delivery
Call Girls Colaba Mumbai ❤️ 9920874524 👈 Cash on DeliveryCall Girls Colaba Mumbai ❤️ 9920874524 👈 Cash on Delivery
Call Girls Colaba Mumbai ❤️ 9920874524 👈 Cash on Deliverynehamumbai
 
Low Rate Call Girls Pune Esha 9907093804 Short 1500 Night 6000 Best call girl...
Low Rate Call Girls Pune Esha 9907093804 Short 1500 Night 6000 Best call girl...Low Rate Call Girls Pune Esha 9907093804 Short 1500 Night 6000 Best call girl...
Low Rate Call Girls Pune Esha 9907093804 Short 1500 Night 6000 Best call girl...Miss joya
 
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...Garima Khatri
 
Call Girls Darjeeling Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Darjeeling Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Darjeeling Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Darjeeling Just Call 9907093804 Top Class Call Girl Service AvailableDipal Arora
 
Call Girls Service Navi Mumbai Samaira 8617697112 Independent Escort Service ...
Call Girls Service Navi Mumbai Samaira 8617697112 Independent Escort Service ...Call Girls Service Navi Mumbai Samaira 8617697112 Independent Escort Service ...
Call Girls Service Navi Mumbai Samaira 8617697112 Independent Escort Service ...Call girls in Ahmedabad High profile
 
High Profile Call Girls Coimbatore Saanvi☎️ 8250192130 Independent Escort Se...
High Profile Call Girls Coimbatore Saanvi☎️  8250192130 Independent Escort Se...High Profile Call Girls Coimbatore Saanvi☎️  8250192130 Independent Escort Se...
High Profile Call Girls Coimbatore Saanvi☎️ 8250192130 Independent Escort Se...narwatsonia7
 
Call Girls Service Pune Vaishnavi 9907093804 Short 1500 Night 6000 Best call ...
Call Girls Service Pune Vaishnavi 9907093804 Short 1500 Night 6000 Best call ...Call Girls Service Pune Vaishnavi 9907093804 Short 1500 Night 6000 Best call ...
Call Girls Service Pune Vaishnavi 9907093804 Short 1500 Night 6000 Best call ...Miss joya
 
CALL ON ➥9907093804 🔝 Call Girls Hadapsar ( Pune) Girls Service
CALL ON ➥9907093804 🔝 Call Girls Hadapsar ( Pune)  Girls ServiceCALL ON ➥9907093804 🔝 Call Girls Hadapsar ( Pune)  Girls Service
CALL ON ➥9907093804 🔝 Call Girls Hadapsar ( Pune) Girls ServiceMiss joya
 
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipur
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls JaipurCall Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipur
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipurparulsinha
 
Call Girls Ludhiana Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Ludhiana Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Ludhiana Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Ludhiana Just Call 9907093804 Top Class Call Girl Service AvailableDipal Arora
 
♛VVIP Hyderabad Call Girls Chintalkunta🖕7001035870🖕Riya Kappor Top Call Girl ...
♛VVIP Hyderabad Call Girls Chintalkunta🖕7001035870🖕Riya Kappor Top Call Girl ...♛VVIP Hyderabad Call Girls Chintalkunta🖕7001035870🖕Riya Kappor Top Call Girl ...
♛VVIP Hyderabad Call Girls Chintalkunta🖕7001035870🖕Riya Kappor Top Call Girl ...astropune
 
Call Girls Service In Shyam Nagar Whatsapp 8445551418 Independent Escort Service
Call Girls Service In Shyam Nagar Whatsapp 8445551418 Independent Escort ServiceCall Girls Service In Shyam Nagar Whatsapp 8445551418 Independent Escort Service
Call Girls Service In Shyam Nagar Whatsapp 8445551418 Independent Escort Serviceparulsinha
 
Lucknow Call girls - 8800925952 - 24x7 service with hotel room
Lucknow Call girls - 8800925952 - 24x7 service with hotel roomLucknow Call girls - 8800925952 - 24x7 service with hotel room
Lucknow Call girls - 8800925952 - 24x7 service with hotel roomdiscovermytutordmt
 
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...astropune
 

Recently uploaded (20)

Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls Available
Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls AvailableVip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls Available
Vip Call Girls Anna Salai Chennai 👉 8250192130 ❣️💯 Top Class Girls Available
 
Bangalore Call Girls Majestic 📞 9907093804 High Profile Service 100% Safe
Bangalore Call Girls Majestic 📞 9907093804 High Profile Service 100% SafeBangalore Call Girls Majestic 📞 9907093804 High Profile Service 100% Safe
Bangalore Call Girls Majestic 📞 9907093804 High Profile Service 100% Safe
 
VIP Call Girls Tirunelveli Aaradhya 8250192130 Independent Escort Service Tir...
VIP Call Girls Tirunelveli Aaradhya 8250192130 Independent Escort Service Tir...VIP Call Girls Tirunelveli Aaradhya 8250192130 Independent Escort Service Tir...
VIP Call Girls Tirunelveli Aaradhya 8250192130 Independent Escort Service Tir...
 
Call Girl Number in Panvel Mumbai📲 9833363713 💞 Full Night Enjoy
Call Girl Number in Panvel Mumbai📲 9833363713 💞 Full Night EnjoyCall Girl Number in Panvel Mumbai📲 9833363713 💞 Full Night Enjoy
Call Girl Number in Panvel Mumbai📲 9833363713 💞 Full Night Enjoy
 
Call Girls Colaba Mumbai ❤️ 9920874524 👈 Cash on Delivery
Call Girls Colaba Mumbai ❤️ 9920874524 👈 Cash on DeliveryCall Girls Colaba Mumbai ❤️ 9920874524 👈 Cash on Delivery
Call Girls Colaba Mumbai ❤️ 9920874524 👈 Cash on Delivery
 
Low Rate Call Girls Pune Esha 9907093804 Short 1500 Night 6000 Best call girl...
Low Rate Call Girls Pune Esha 9907093804 Short 1500 Night 6000 Best call girl...Low Rate Call Girls Pune Esha 9907093804 Short 1500 Night 6000 Best call girl...
Low Rate Call Girls Pune Esha 9907093804 Short 1500 Night 6000 Best call girl...
 
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...
VIP Mumbai Call Girls Hiranandani Gardens Just Call 9920874524 with A/C Room ...
 
Call Girls Darjeeling Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Darjeeling Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Darjeeling Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Darjeeling Just Call 9907093804 Top Class Call Girl Service Available
 
Call Girls Service Navi Mumbai Samaira 8617697112 Independent Escort Service ...
Call Girls Service Navi Mumbai Samaira 8617697112 Independent Escort Service ...Call Girls Service Navi Mumbai Samaira 8617697112 Independent Escort Service ...
Call Girls Service Navi Mumbai Samaira 8617697112 Independent Escort Service ...
 
High Profile Call Girls Coimbatore Saanvi☎️ 8250192130 Independent Escort Se...
High Profile Call Girls Coimbatore Saanvi☎️  8250192130 Independent Escort Se...High Profile Call Girls Coimbatore Saanvi☎️  8250192130 Independent Escort Se...
High Profile Call Girls Coimbatore Saanvi☎️ 8250192130 Independent Escort Se...
 
Escort Service Call Girls In Sarita Vihar,, 99530°56974 Delhi NCR
Escort Service Call Girls In Sarita Vihar,, 99530°56974 Delhi NCREscort Service Call Girls In Sarita Vihar,, 99530°56974 Delhi NCR
Escort Service Call Girls In Sarita Vihar,, 99530°56974 Delhi NCR
 
Call Girls Service Pune Vaishnavi 9907093804 Short 1500 Night 6000 Best call ...
Call Girls Service Pune Vaishnavi 9907093804 Short 1500 Night 6000 Best call ...Call Girls Service Pune Vaishnavi 9907093804 Short 1500 Night 6000 Best call ...
Call Girls Service Pune Vaishnavi 9907093804 Short 1500 Night 6000 Best call ...
 
CALL ON ➥9907093804 🔝 Call Girls Hadapsar ( Pune) Girls Service
CALL ON ➥9907093804 🔝 Call Girls Hadapsar ( Pune)  Girls ServiceCALL ON ➥9907093804 🔝 Call Girls Hadapsar ( Pune)  Girls Service
CALL ON ➥9907093804 🔝 Call Girls Hadapsar ( Pune) Girls Service
 
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipur
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls JaipurCall Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipur
Call Girls Service Jaipur Grishma WhatsApp ❤8445551418 VIP Call Girls Jaipur
 
Call Girls Ludhiana Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Ludhiana Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Ludhiana Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Ludhiana Just Call 9907093804 Top Class Call Girl Service Available
 
♛VVIP Hyderabad Call Girls Chintalkunta🖕7001035870🖕Riya Kappor Top Call Girl ...
♛VVIP Hyderabad Call Girls Chintalkunta🖕7001035870🖕Riya Kappor Top Call Girl ...♛VVIP Hyderabad Call Girls Chintalkunta🖕7001035870🖕Riya Kappor Top Call Girl ...
♛VVIP Hyderabad Call Girls Chintalkunta🖕7001035870🖕Riya Kappor Top Call Girl ...
 
Call Girls Service In Shyam Nagar Whatsapp 8445551418 Independent Escort Service
Call Girls Service In Shyam Nagar Whatsapp 8445551418 Independent Escort ServiceCall Girls Service In Shyam Nagar Whatsapp 8445551418 Independent Escort Service
Call Girls Service In Shyam Nagar Whatsapp 8445551418 Independent Escort Service
 
Lucknow Call girls - 8800925952 - 24x7 service with hotel room
Lucknow Call girls - 8800925952 - 24x7 service with hotel roomLucknow Call girls - 8800925952 - 24x7 service with hotel room
Lucknow Call girls - 8800925952 - 24x7 service with hotel room
 
sauth delhi call girls in Bhajanpura 🔝 9953056974 🔝 escort Service
sauth delhi call girls in Bhajanpura 🔝 9953056974 🔝 escort Servicesauth delhi call girls in Bhajanpura 🔝 9953056974 🔝 escort Service
sauth delhi call girls in Bhajanpura 🔝 9953056974 🔝 escort Service
 
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...
Best Rate (Hyderabad) Call Girls Jahanuma ⟟ 8250192130 ⟟ High Class Call Girl...
 

000748254.pdf ..

  • 1. MINISTÉRIO DA EDUCAÇÃO UNIVERSIDADE FEDERAL DO RIO GRANDE DO SUL DEPARTAMENTO DE ENGENHARIA NUCLEAR CURSO DE ESPECIALIZAÇÃO EM ENGENHARIA DE SEGURANÇA DO TRABALHO CHOQUE ELÉTRICO - BARRASHOPPINGSUL por Humberto Bortoluzzi Orientadora: Luisa Tânia Elesbão Rodrigues Porto Alegre, Agosto 2009
  • 2. CHOQUE ELÉTRICO - BARRASHOPPINGSUL por H u m b e r t o B o r t o l u z z i Engenheiro Eletricista Monografia submetida ao Corpo Docente do Curso de Especialização em Engenharia de Segurança do Trabalho, do Departamento de Engenharia Nuclear, da Escola de Engenharia da Universidade Federal do Rio Grande do Sul, como parte dos requisitos necessários para a obtenção do Título de Especialização em Engenharia de Segurança do Trabalho Orientadora: Profª. Luisa Tânia Elesbão Rodrigues Prof. Dr. Sergio Viçosa Möller Coordenador do Curso de Especialização em Engenharia de Segurança do Trabalho Porto Alegre, Agosto 2009
  • 3. DEDICATÓRIA A minha esposa Tânia, as minhas filhas Letícia, Luiza e a minha mãe Maria Amália (Tia Mamá), pelo apoio e incentivo dado durante os longos 18 meses do curso. iii
  • 4. AGRADECIMENTOS Aos grandes colegas e amigos conquistados durante o curso de Especialização na gelada sala de aula durante o inverno e sufocante, nas noites quentes do verão, do prédio de Engenharia Mecânica. A minha mãe que lutou para que eu fizesse o curso, a Tânia que me esperava na República para tomar àquela cerveja. A Profª. Luisa Tânia pela paciência em esperar o início do trabalho e, finalmente, a conclusão, que me pareceu interminável. iv
  • 5. RESUMO Choque Elétrico Eletricidade é uma das formas de energia mais difundida no planeta neste início de século. Ela está presente em todos os segmentos da sociedade, em todos os lugares, e, de certa forma, sempre há a nossa disposição uma fonte provedora de tensão para ser utilizada. Esta difusão de pontos e facilidades torna elevado o risco de acidente com eletricidade. O problema existe, é grave e de certa forma é desconhecido pela grande maioria da população. A legislação que regulamenta o trabalho em eletricidade, NR- 10 é atual e suficiente, as normas da Associação Brasileira de Normas Técnicas (ABNT) que especificam equipamentos, partes e peças são inúmeras e contribuem para a segurança de todos no quesito elétrico. A observância de empregados e empregadores, o respeito dos fabricantes na preparação de componentes elétricos, a fiscalização atuante e ainda assim os acidentes com eletricidade são freqüentes e na grande maioria deixam seqüelas graves. O novo shopping na cidade de Porto Alegre, o BarraShoppingSul é um prédio moderno que respeitou todas as regras de segurança no que diz respeito à eletricidade, mas mesmo assim, os riscos existem e são reais. O presente trabalho tem como objetivo identificar os pontos que oferecem risco à saúde e segurança das pessoas que de certa forma, habitam as dependências do prédio do BarraShoppingSul e por quais motivos, apesar de todos os cuidados, ainda ocorrem acidentes com eletricidade. v
  • 6. ABSTRACT Electric Shock Electricity is one of the most disseminate ways of energy on the planet in the beginning of this century. It is present in all segments of society, in all places, and, in certain way, we always have at our disposal a tension source supplier to be used. This diffusion of points and the facilities make the risk of accident with electricity extremely high. The problem exists, is serious and in certain way it is unknown to the great majority of the population. The legislation that regulates the work in electricity, NR-10 is current and adequate; the norms of the Brazilian Association of Technical Norms (ABNT) which specify equipment, parts and pieces are innumerable and contribute for the security of all in the electric question. Although the observance of employers and employees, the respect of the manufacturers in the preparation of electric components, the operating supervision still the accidents with electricity are frequent and in a great majority of the cases leave serious sequels. The new shopping in the city of Porto Alegre, BarraShoppingSul is a modern building that has respected all the security rules concerning electricity, and even though the risks still exist and are real. The present work is meant to identify the points that offer risk to the health and the safety of the people who in a certain way, inhabit the dependences of the building of BarraShoppingSul and for which reasons, although all the cares, accidents with electricity still occur. vi
  • 7. ÍNDICE Pág. 1. INTRODUÇÃO .................................................................................................01 1.1 Eletricidade.............................................................................................01 1.2 Conceitos ...............................................................................................02 2. RISCOS............................................................................................................02 2.1 Riscos com Eletricidade .........................................................................02 2.1.1 Aquecimento ...............................................................................03 2.1.2 Fogo............................................................................................03 2.1.3 Arco Elétrico................................................................................03 2.1.4 Choque elétrico ...........................................................................04 2.2 Tipos de Choque Elétrico .......................................................................06 2.2.1 Choque Estático..........................................................................06 2.2.2 Choque Dinâmico........................................................................06 2.2.3 Tipos de Potencial.......................................................................06 2.3 Acidentes com Eletricidade ....................................................................07 2.3.1 Classificação dos Acidentes........................................................08 2.3.2 Efeitos .........................................................................................08 3. RISCO DE CHOQUE NO BARRASHOPPINGSUL..........................................09 3.1 Localização do Prédio ............................................................................10 3.2 Mall.........................................................................................................11 3.2.1 Tomadas de Piso ........................................................................11 3.2.2 Tomadas de Parede....................................................................12 3.2.3 Caixas de Passagem ..................................................................12 3.3 Galerias Técnicas...................................................................................13 3.3.1 Quadros de Distribuição..............................................................14 3.3.2 Centros de Medição ....................................................................14 3.3.3 Tomadas de Potência .................................................................15 3.4 Estacionamento Externo ........................................................................15 3.4.1 Caixas de Passagem / Alimentação Postes................................16 vii
  • 8. 3.5 Subestações...........................................................................................16 3.5.1 Quadros de Distribuição..............................................................17 3.5.2 QGBT..........................................................................................17 3.5.3 Iluminação...................................................................................18 3.6 Gerador ..................................................................................................18 3.7 Centro Medição MT................................................................................19 4. LEGISLAÇÃO...................................................................................................20 4.1 Normas Brasileiras.................................................................................20 4.1.1 NR-10..........................................................................................21 4.2 Ministério do Trabalho e Emprego (MTE) ..............................................24 5. MEDIDAS DE PROTEÇÃO..............................................................................24 5.1 Proteção contra o Contato Direto...........................................................25 5.2 Proteção contra o Contato Indireto.........................................................26 5.3 Aterramento............................................................................................26 6. EQUIPAMENTOS DE PROTEÇÃO .................................................................29 6.1 Equipamento de Proteção Individual (EPI).............................................29 6.2 Equipamento de Proteção Coletiva (EPC) .............................................31 6.3 Primeiros Socorros.................................................................................32 7. RESPONSABILIDADES...................................................................................32 7.1 Responsabilidade Civil ...........................................................................33 7.2 Responsabilidade Criminal.....................................................................35 8. CONCLUSÃO...................................................................................................36 REFERÊNCIAS BIBLIOGRÁFICAS.....................................................................37 viii
  • 9. ÍNDICE DE FIGURAS Pág. Figura 01 .............................................................................................................05 Figura 02 .............................................................................................................07 Figura 03 .............................................................................................................07 Figura 04 .............................................................................................................22 Figura 05 .............................................................................................................22 Figura 06 .............................................................................................................26 Figura 07 .............................................................................................................26 Figura 08 .............................................................................................................28 Figura 09 .............................................................................................................28 Figura 10 .............................................................................................................29 Figura 11 .............................................................................................................31 ÍNDICE DE TABELAS Tabela 01 .............................................................................................................05 Tabela 02 .............................................................................................................30 Tabela 03 .............................................................................................................32 ix
  • 10. ÍNDICE DE IMAGENS Pág. Imagem 01 ...........................................................................................................04 Imagem 02 ...........................................................................................................08 Imagem 03 ...........................................................................................................10 Imagem 04 ...........................................................................................................11 Imagem 05 ...........................................................................................................12 Imagem 06 ...........................................................................................................12 Imagem 07 ...........................................................................................................13 Imagem 08 ...........................................................................................................13 Imagem 09 ...........................................................................................................14 Imagem 10 ...........................................................................................................14 Imagem 11 ...........................................................................................................15 Imagem 12 ...........................................................................................................15 Imagem 13 ...........................................................................................................16 Imagem 14 ...........................................................................................................16 Imagem 15 ...........................................................................................................17 Imagem 16 ...........................................................................................................18 Imagem 17 ...........................................................................................................18 Imagem 18 ...........................................................................................................19 Imagem 19 ...........................................................................................................31 x
  • 11. ,1752'8d­2 (VWH WUDEDOKR WHP R REMHWLYR GH DSRQWDU RV PRWLYRV RX IDOKDV SHODV TXDLV WDQWDV SHVVRDV VmR HQYROYLGDV HP DFLGHQWHV FRP HOHWULFLGDGH WDQWR QD DWLYLGDGH ODERUDO FRPR HP DWLYLGDGHV GRPpVWLFDV 5HVSHLWDQGR VH D OHJLVODomR DWXDO WRPDQGR VH FXLGDGR DQWHV GH LQLFLDU XPD DWLYLGDGH HTXLSDQGR VH FRP RV (3,¶V GLVSRQtYHLV H PHVPR DVVLP RV DFLGHQWHV FRP HOHWULFLGDGH VmR IUHTHQWHV $ IDWDOLGDGH QHVWHV FDVRV p PXLWR DOWD H SRU HVVD UD]mR RV DFLGHQWHV VmR VHPSUH JUDYHV H SHULJRVRV 2 HVWXGR GH FDVR WHP FRPR UHIHUrQFLD D HGLILFDomR UHFpP WHUPLQDGD GR %DUUD6KRSSLQJ6XO QD FLGDGH GH 3RUWR $OHJUH DQH[R DR Mi H[LVWHQWH SUpGLR GR VXSHUPHUFDGR %,* WRGR R FRQMXQWR IRUPD XP FRPSOH[R GH VHLV VXEHVWDo}HV GR VXE FRQGRPtQLR H PDLV VXEHVWDo}HV GH ORMDV kQFRUDV RQGH PDLV DGLDQWH VHUmR GHWDOKDGDV $ SDUWH LQLFLDO GD SHVTXLVD IRL FROKHU RV GDGRV GH HQJHQKDULD GR VXE FRQGRPtQLR WUDEDOKRV Mi UHDOL]DGRV VREUH HOHWULFLGDGH H HP SDUWLFXODU VREUH FKRTXH HOpWULFR DUWLJRV SXEOLFDGRV HP PHLRV HOHWU{QLFRV OLYURV H UHYLVWDV HVSHFLDOL]DGDV VREUH R DVVXQWR (OHWULFLGDGH 3RU GHILQLomR p XP IHQ{PHQR ItVLFR RULJLQDGR SRU FDUJDV HOpWULFDV HVWiWLFDV RX HP PRYLPHQWR $ PDWpULD p FRQVWLWXtGD SRU iWRPRV TXH VmR SRU VXD YH] FRQVWLWXtGRV GH HOpWURQV SUyWRQV H QrXWURQV (OHWULFLGDGH p D SDVVDJHP GH HOpWURQV SRU XP FRQGXWRU H ERQV FRQGXWRUHV VmR GD IDPtOLD GRV PHWDLV FREUH RXUR DOXPtQLR IHUUR SUDWD HQWUH RXWURV RV LVRODQWHV VmR PDWHULDLV TXH LPSHGHP WRWDO RX SDUFLDOPHQWH R GHVORFDPHQWR GH HOpWURQV (P WRGRV RV OXJDUHV WUDEDOKDGRUHV RX QmR HQFRQWUDP SRQWRV HQHUJL]DGRV H ERQV FRQGXWRUHV ORJR WHPRV D WRGR R PRPHQWR XP FHQiULR SHUIHLWR SDUD TXH DFRQWHoD XP DFLGHQWH JUDYH 1HVWDV VLWXDo}HV RV SURILVVLRQDLV GH VHJXUDQoD H VD~GH QR WUDEDOKR WrP D UHVSRQVDELOLGDGH GH DOHUWDU SURWHJHU H HP PXLWRV FDVRV HOLPLQDU RV ULVFRV
  • 12. &RQFHLWRV $OJXQV FRQFHLWRV VmR LPSRUWDQWHV SDUD R ERP HQWHQGLPHQWR GR DVVXQWR D VHU WUDWDGR VREUH FKRTXH HOpWULFR 3RWHQFLDO (OpWULFR p D FDSDFLGDGH TXH XP FRUSR HQHUJL]DGR WHP GH UHDOL]DU WUDEDOKR DWUDLU RX UHSHOLU RXWUDV FDUJDV HOpWULFDV LVWR p TXDQWR PDLRU R SRWHQFLDO PDLRU D FDSDFLGDGH H WDQWR PDLRU VHUi D IDFLOLGDGH GH GHVORFDPHQWR GH HOpWURQV PHVPR TXH R FRQGXWRU QmR VHMD R LGHDO &RUUHQWH HOpWULFD p R IOX[R RUGHQDGR GH FDUJDV HOpWULFDV JHUDOPHQWH HP PDWHULDLV FRQGXWRUHV $ LQWHQVLGDGH GH FRUUHQWH HOpWULFD p D TXDQWLGDGH GH FDUJD TXH SDVVD HP XP GHWHUPLQDGR SRQWR SRU XQLGDGH GH WHPSR p UHSUHVHQWDGD SHOD OHWUD ³L´ 5HVLVWrQFLD HOpWULFD p D GLILFXOGDGH TXH XP PDWHULDO DSUHVHQWD GH VH SRU D SDVVDJHP GH FRUUHQWH HOpWULFD p UHSUHVHQWDGD SHOD OHWUD JUHJD ³Ÿ´ 7HQVmR $OWHUQDGD WHP FRPR FDUDFWHUtVWLFD SULQFLSDO D WURFD GH SRODULGDGH HP IXQomR GR WHPSR ID]HQGR FRP TXH R VHQWLGR GR IOX[R VH DOWHUQH WDPEpP $ JUDQGH PDLRULD GDV WUDQVPLVV}HV GH HQHUJLD HOpWULFD RFRUUH FRP HVWH WLSR GH WHQVmR DGLFLRQDQGR DR FLUFXLWR RV HOHPHQWRV FRQVXPLGRUHV LVWR p RV DSDUHOKRV HOpWULFRV H HOHWU{QLFRV IRUPDQGR DVVLP XP VLVWHPD FRPSOHWR $ UHVLVWrQFLD DQWHULRUPHQWH YLVWD SDVVD D VH FKDPDU LPSHGkQFLD TXH p XPD JUDQGH]D FRPSOH[D 5,6&26 2 ULVFR p XPD FRQGLomR RX PXGDQoD GH XP FRQMXQWR GH FLUFXQVWkQFLDV TXH DSUHVHQWDP XP GHWHUPLQDGR SRWHQFLDO SDUD D H[LVWrQFLD GH GDQRV GRHQoD RX SUHMXt]R GH XP HVWDEHOHFLPHQWR &RQIRUPH R GLFLRQiULR GH WHUPRV GD 6RFLHGDGH $PHULFDQD GH (QJHQKHLURV HP 6HJXUDQoD $66( ³p D FDUDFWHUtVWLFD SRWHQFLDO RX LQHUHQWH GH XPD DWLYLGDGH FRQGLomR RX FLUFXQVWkQFLD TXH SRGH SURGX]LU FRQVHTrQFLDV DGYHUVDV RX SHULJRVDV´ &RQWUROH p TXDOTXHU PHLR DWUDYpV GR TXDO SRGHP VHU HOLPLQDGRV RX UHGX]LGRV RV ULVFRV GHULYDGRV GH XP SHULJR 5LVFRV FRP HOHWULFLGDGH 2V ULVFRV DVVRFLDGRV FRP HOHWULFLGDGH DSUHVHQWDP FDUDFWHUtVWLFDV HVSHFtILFDV RIHUHFHP XP SRWHQFLDO SDUD VpULDV FRQVHTrQFLDV H H[LJHP XPD
  • 13. SHUFHSomR GLIHUHQFLDGD LVWR p D SHVVRD GHYH HVWDU SUHSDUDGD SDUD SRGHU DQWHYHU R ULVFR 0XLWDV YH]HV VRPHQWH D KDELOLWDomR QmR SHUPLWH HVWD SHUFHSomR p QHFHVViULR XP FRQMXQWR GH YiULRV IDWRUHV SDUD TXH R SUREOHPD VHMD DQWHFLSDGR (P WRGDV DV VLWXDo}HV TXH D HOHWULFLGDGH HVWi HQYROYLGD GHYH VH WHU R FRQWUROH GR WUDEDOKR H GRV WUDEDOKDGRUHV 2 ORFDO GHYH HVWDU RUJDQL]DGR OLPSR H SULQFLSDOPHQWH GHYH VH WHU D HTXLSH LQIRUPDGD GD WDUHID H ULVFRV DVVRFLDGRV $TXHFLPHQWR (P WRGDV DV LQVWDODo}HV RQGH D HOHWULFLGDGH HVWi SUHVHQWH p H[LJLGR R DWHVWDGR GH UHVSRQVDELOLGDGH WpFQLFD $57 LVWR GHYH VHU R VXILFLHQWH SDUD TXH WRGRV RV HOHPHQWRV HVWHMDP GLPHQVLRQDGRV FRUUHWDPHQWH H TXH D REUD VHMD H[HFXWDGD GH DFRUGR FRP DV QRUPDV YLJHQWHV &DVR FRQWUiULR R SHULJR p UHDO H SRGHUi RFRUUHU DTXHFLPHQWR QRV FDERV HOpWULFRV TXH p XQV GRV SULQFLSDLV PRWLYRV GH LQFrQGLRV HP WRGDV DV HGLILFDo}HV $ IDOWD GH PDQXWHQomR HP LQVWDODo}HV HOpWULFDV WDPEpP FRQWULEXL SDUD VLQLVWURV GHVWD QDWXUH]D WHQGR FRPR DJUDYDQWH DV TXHLPDGXUDV SHVVRDLV )RJR )RJR p R UHVXOWDGR GH FRQH[}HV PDO IHLWDV GH VXE GLPHQVLRQDPHQWR GR FDEHDPHQWR GH DFUpVFLPR H[FHVVLYR GH FDUJD HP VLVWHPDV HOpWULFRV VRPDQGR VH D LQH[LVWrQFLD GH PDQXWHQomR RX FRQVHUYDomR DGHTXDGD R ULVFR WRUQD VH PDLRU H PDLV SHULJRVR $FLGHQWHV FRP HOHWULFLGDGH RFRUUHP PXLWDV YH]HV GHYLGR D HVVDV FDXVDV H PXLWDV YH]HV VmR IDWDLV VHQmR FRP JUDYHV VHTHODV DR WUDEDOKDGRU $ JUDQGH PDLRULD GRV FDERV p GLPHQVLRQDGD SDUD WUDEDOKDU HP ž& VHP SUHMXt]R GDV FDUDFWHUtVWLFDV LVRODQWHV GR PDWHULDO PDV VHJXQGR GDGRV GRV IDEULFDQWHV R FDER HOpWULFR SRGH VXSRUWDU HP DWp GDV UHFRPHQGDo}HV WpFQLFDV 3RUWDQWR SDUD TXH KDMD GDQR DV FRQGLo}HV GHYHP HVWDU DFLPD GDV HVSHFLILFDo}HV H LVWR p GH FHUWD IRUPD QHJOLJrQFLD GR UHVSRQViYHO SHOR VLVWHPD $UFR (OpWULFR $V TXHLPDGXUDV SRU DUFR HOpWULFR UHSUHVHQWDP XPD SDUFHOD VLJQLILFDWLYD GRV DFLGHQWHV FRP WUDEDOKDGRUHV HP HOHWULFLGDGH 0HVPR VDEHQGR GDV JUDYHV
  • 14. FRQVHTrQFLDV TXH UHSUHVHQWD R DUFR WDQWR SDUD R HTXLSDPHQWR H LQVWDODo}HV FRPR SDUD D YLGD KXPDQD R DVVXQWR QmR p WUDWDGR FRP D VHULHGDGH GHYLGD 2 SHULJR DXPHQWD TXDQGR HP PDQXWHQomR DV SURWHo}HV GHYHP VHU UHPRYLGDV e HP PRPHQWRV FRPR HVWH TXH RV SURILVVLRQDLV GH HQJHQKDULD GH VHJXUDQoD GR WUDEDOKR WrP VXD UHVSRQVDELOLGDGH DXPHQWDGD $ HQHUJLD OLEHUDGD QHVWDV RFDVL}HV p H[WUHPDPHQWH DOWD H SRGH FDXVDU GDQRV VHYHURV D XPD GLVWkQFLD GH PHWURV GR SRQWR GH IDOKD QRV HTXLSDPHQWRV GH DOWD SRWrQFLD HP EDL[D WHQVmR D HQHUJLD OLEHUDGD p DLQGD PDLRU ,PDJHP ± $UFR 9ROWDLFR )RQWH ,QWHUQHW &KRTXH HOpWULFR $R SDVVDU SHOR FRUSR KXPDQR D FRUUHQWH HOpWULFD FDXVD XPD VpULH GH SHUWXUEDo}HV TXH R RUJDQLVPR UHDJH GHVGH XPD OLJHLUD FRQWUDomR VXSHUILFLDO DWp XPD YLROHQWD FRQWUDomR PXVFXODU SRGHQGR RFDVLRQDU D PRUWH GR LQGLYtGXR 3HUWXUEDo}HV FRPR LQLELomR GR FHQWUR QHUYRVR FRP SDUDGD UHVSLUDWyULD DOWHUDomR GR ULWPR FDUGtDFR SRGHQGR SURGX]LU ILEULODomR YHQWULFXODU H DWp SDUDGD FDUGtDFD TXHLPDGXUDV SURIXQGDV LQFOXVLYH FRP D QHFURVH GRV WHFLGRV DOWHUDo}HV GR VDQJXH SURGX]LGDV SRU HIHLWRV WpUPLFRV HOHWUROtWLFRV GD FRUUHQWH HOpWULFD $V SDUWHV GR FRUSR KXPDQR TXH QRUPDOPHQWH VmR DIHWDGDV ORJLFDPHQWH SHOD QDWXUH]D GR WUDEDOKR VmR DV PmRV RV SpV H SHUQDV WURQFR H WyUD[ 4XDQGR D FRUUHQWH SHUID] R FDPLQKR HQWUH RV EUDoRV H[LVWH XP ULVFR PDLRU SRLV HOD SRGHUi DIHWDU GLUHWDPHQWH R FRUDomR (P FKRTXHV HOpWULFRV p LPSRUWDQWH GHVWDFDU DV FRQGLo}HV HP TXH VH HQFRQWUD D SHVVRD LVWR p TXDO VHUi D UHVLVWrQFLD RIHUHFLD j SDVVDJHP GH FRUUHQWH SHOR FRUSR &RP YHVWLPHQWD DGHTXDGD D LQWHQVLGDGH GH FRUUHQWH HOpWULFD GLPLQXL DV FRQVHTrQFLDV VmR PHQRV JUDYHV H HP PXLWRV FDVRV VDOYDP YLGDV 'Dt D JUDQGH LPSRUWkQFLD GR XVR FRUUHWR GRV (3,¶V
  • 15. 2 FRQWDWR FRP SDUWHV HQHUJL]DGDV GR VLVWHPD H QmR LVRODGDV SHUID]HP XP FDPLQKR GR SRWHQFLDO PDLV DOWR DR SRWHQFLDO PDLV EDL[R WHQGR FRPR ~QLFR FDPLQKR R FRUSR KXPDQR 1D JUDQGH PDLRULD HVWH WLSR GH DFLGHQWH RFRUUH HP UHVLGrQFLDV )LJXUD )RQWH 6LHPHQV 1HVWHV FDVRV TXDQGR R FRUSR KXPDQR p SHUFRUULGR SRU XPD FRUUHQWH HOpWULFD RV HIHLWRV WDPEpP GHSHQGHP GH RXWURV IDWRUHV WHPSR GH GXUDomR GR FKRTXH HOpWULFR iUHD GH FRQWDWR FRP DV SDUWHV GR FRUSR H HQHUJL]DGDV WHQVmR HOpWULFD SRWHQFLDO HOpWULFR HVWDGR GH VD~GR HP TXH D SHVVRD VH HQFRQWUD QR PRPHQWR FRQVWLWXLomR ItVLFD GD SHVVRD IUHTrQFLD GD FRUUHQWH HOpWULFD $VVLP SRGHPRV DILUPDU TXH R FKRTXH QmR DFRQWHFH VRPHQWH GHYLGR D XPD GHWHUPLQDGR IDWRU PDV D XPD FRPELQDomR GH VLWXDo}HV SDUWLFXODUHV GD SHVVRD RX GR WUDEDOKDGRU 1D WDEHOD DEDL[R SRGHPRV YHU D UHODomR HQWUH D FRUUHQWH HOpWULFD H VHXV HIHLWRV VREUH FRUSR KXPDQR 7DEHOD ± )RQWH 0DQXDO 6LHPHQV
  • 16. &RP DSHQDV P$ Ki ULVFR GH ILEULODomR FDUGtDFD FRPR FRPSDUDWLYR GD JUDQGH]D GHVWD FRUUHQWH HP XPD OkPSDGD LQFDQGHVFHQWH GH : XWLOL]DGD QDV UHVLGrQFLDV D FRUUHQWH HOpWULFD p GH DSUR[LPDGDPHQWH P$ TXDQGR XWLOL]DGD HP VLVWHPDV GH 9 &RP XPD FRUUHQWH YH]HV PHQRU GR TXH HP XPD OkPSDGD Ki JUDQGH ULVFR GH ILEULODomR FDUGtDFD 7LSRV GH &KRTXH (OpWULFR $ QDWXUH]D GR FKRTXH HOpWULFR SRGH VHU GH PRGRV GLIHUHQWHV XP GR RXWUR LVWR p TXDO p D IRQWH SULPiULD GH HQHUJLD FDXVDGRUD GR FKRTXH $VVLP WHPRV GHILQLo}HV GLIHUHQWHV SDUD FDGD XP GHOHV &KRTXH (VWiWLFR e R FKRTXH REWLGR SHOD GHVFDUJD GH XP FDSDFLWRU LVWR p JHUDGR SRU XP GLVSRVLWLYR TXH DUPD]HQD HQHUJLD ([LVWHP GLYHUVRV WLSRV GH DUPD]HQDGRUHV GH HQHUJLD HOpWULFD H FDGD XP GHOHV SRGH WHU XPD TXDQWLGDGH GLIHUHQWH GH HQHUJLD (VWHV GLVSRVLWLYRV HVWmR SUHVHQWH HP WRGRV RV HOHWURGRPpVWLFRV XWLOL]DGRV DWXDOPHQWH H[LVWHP HP WRGRV RV VHJPHQWRV GR FRPpUFLR H GD LQG~VWULD 'H PRGR JHUDO HVWmR SUHVHQWHV HP WRGRV RV ORFDLV H SRGHP GH FHUWD IRUPD RIHUHFHU SHULJR VH IRUHP PDQXVHDGRV GH IRUPD LQFRUUHWD &KRTXH 'LQkPLFR e R FKRTXH PDLV FRQKHFLGR H WUDGLFLRQDO REWLGR DR VH WRFDU HP XP HOHPHQWR GD UHGH GH HQHUJLD HOpWULFD 2IHUHFH DOWR JUDX GH ULVFR j VD~GH GDV SHVVRDV 'HSHQGHQGR GDV FRQGLo}HV p IDWDO 7LSRV GH 3RWHQFLDO ([LVWHP DOJXPDV FRQGLo}HV TXH IDYRUHFHP R FKRTXH HOpWULFR D HVVDV FRQGLo}HV FKDPDPRV GH WHQVmR GH WRTXH H WHQVmR GH SDVVR $ WHQVmR GH WRTXH p D WHQVmR HOpWULFD H[LVWHQWH HQWUH RV PHPEURV LQIHULRUHV H VXSHULRUHV GH XP LQGLYtGXR TXDQGR R PHVPR WRFD HP XP HTXLSDPHQWR FRP GHIHLWR QD LVRODomR RX QD SDUWH QXD GH XP FRQGXWRU HQHUJL]DGR
  • 17. 2 FDPLQKR TXH D WHQVmR GH WRTXH SHUFRUUH p HQWUH RV PHPEURV VXSHULRUHV H LQIHULRUHV GR FRUSR KXPDQR 2 FLUFXLWR HTXLYDOHQWH SRGH VHU YLVWR QD LPDJHP DR ODGR )LJXUD ± )RQWH .LQGHUPDQQ 7HQVmR GH SDVVR p DTXHOD GLIHUHQoD GH SRWHQFLDO HQWUH RV GRLV SpV GR LQGLYtGXR TXDQGR R PHVPR HVWi QR VROR SUy[LPR D XP ORFDO FRP IXJD GH FRUUHQWH HOpWULFD SDUD D WHUUD 3RGH VHU FDXVDGD SRU TXHGD GH FRQGXWRUHV GD UHGH HOpWULFD RX SRU GHVFDUJDV DWPRVIpULFDV )LJXUD ± )RQWH .LQGHUPDQQ $FLGHQWHV FRP (OHWULFLGDGH 2V ULVFRV GH DFLGHQWHV FRP HPSUHJDGRV TXH WUDEDOKDP HP TXDOTXHU GDV HWDSDV GH JHUDomR WUDQVPLVVmR GLVWULEXLomR H WDPEpP FRQVXPR GH HQHUJLD HOpWULFD p HVSHFLILFDGD QD QRUPD UHJXODPHQWDGRUD 15 GR 0LQLVWpULR GR 7UDEDOKR H (PSUHJR 07( LQFOXVLYH FRP QRo}HV GH SULPHLURV VRFRUURV FRP DFLGHQWDGRV
  • 18. $V IRQWHV GH HOHWULFLGDGH VmR LQ~PHUDV H SRGHP VHU WmR LQHVSHUDGDV FRPR D RULXQGD GR SHL[H HOpWULFR 3RUDTXr GD $PD]{QLD DOpP GR PRWRU HVWDFLRQiULR JHUDGRU GH XPD WXUELQD KLGUHOpWULFD GH XPD FHUFD HOpWULFD QR FDPSR SDUD UHWHQomR GH DQLPDLV GH SDLQpLV IRWRYROWDLFRV HQHUJLD VRODU GR SUySULR DWULWR HQHUJLD HVWiWLFD GH GHVFDUJDV DWPRVIpULFDV GH EDWHULDV DXWRPRWLYDV H EDWHULDV VHODGDV HQWUH PXLWDV RXWUDV IRQWHV 2V DFLGHQWHV DFRQWHFHP PHVPR TXH KDMD WRGR XP FRQWUROH SUpYLR TXH WHQKD VLGR H[HFXWDGR SDUD D UHDOL]DomR GD WDUHID $ PpGLD DQXDO GH DFLGHQWHV FRP HOHWULFLGDGH p GH SHVVRDV DFLGHQWDGDV FRP FDVRV IDWDLV LVWR UHSUHVHQWD XP tQGLFH GH WHQGR DLQGD OHV}HV JUDYHV H GHVWD IRUPD R SHUFHQWXDO VH HOHYD SDUD ,PDJHP ± )RQWH ,QWHUQHW &ODVVLILFDomR GRV $FLGHQWHV $V OHV}HV SURYRFDGDV SHOR FKRTXH HOpWULFR SRGHP VHU GH TXDWUR QDWXUH]DV GLIHUHQWHV (OHWURFXomR IDWDO &KRTXH (OpWULFR 4XHLPDGXUDV 4XHGDV SURYRFDGDV SHOR FKRTXH (IHLWRV 2V HIHLWRV HVWmR DEDL[R GHVFULWRV (OHWURFXomR p D PRUWH SURYRFDGD SHOD H[SRVLomR GR FRUSR KXPDQR D XPD GRVH OHWDO GH HQHUJLD HOpWULFD 7HQV}HV VXSHULRUHV D 9 FRVWXPDP FDXVDU HVWH WLSR GH DFLGHQWH WDPEpP SRGH RFRUUHU D HOHWURFXomR HP WHQV}HV EDL[DV VH KRXYHU D SUHVHQoD GH SRoDV G¶iJXD URXSDV PROKDGDV H[FHVVR GH XPLGDGH H VXRU &KRTXH HOpWULFR Mi IRL GHWDOKDGR DFLPD PDV YDOH UHVVDOWDU TXH R SLRU FKRTXH p DTXHOH TXH HQWUH SRU XPD PmR H VDL SHOD RXWUD QHVWH FDVR DWUDYHVVDQGR R WyUD[ SRLV WHP JUDQGH FKDQFH GH DIHWDU R FRUDomR H D UHVSLUDomR
  • 19. 4XHLPDGXUDV SRGHP DIHWDU DSHQDV XPD UHJLmR VXSHUILFLDO GR FRUSR PDV WDPEpP SRGHP OHYDU D REWLGR R DFLGHQWDGR $ SHOH KXPDQD p XP ERP LVRODQWH H DSUHVHQWD XPD UHVLVWrQFLD GH DSUR[LPDGDPHQWH NŸ D SDVVDJHP GD FRUUHQWH HOpWULFD PDV TXDQGR PROKDGD HVWD UHVLVWrQFLD EDL[D SDUD DSHQDV NŸ (VWD GLIHUHQoD GH YH]HV D PHQRU p PXLWR SHULJRVD 4XDQGR RFRUUH R URPSLPHQWR GLHOpWULFR QDWXUDO D UHVLVWrQFLD SDVVD SDUD PHURV NŸ $VVLP FRP XPD WHQVmR GH 9 D FRUUHQWH FLUFXODQWH SHOR FRUSR VHUi GH P$ &RQIRUPH YLVWR DFLPD QD WDEHOD p XPD FRUUHQWH VXILFLHQWH SDUD XPD SDUDGD FDUGtDFD 4XHGDV SURYRFDGDV SHOR FKRTXH VmR XPD GDV SULQFLSDLV FDXVDV GH DFLGHQWHV QDV FRPSDQKLDV GH HQHUJLD HOpWULFD $OpP GR FKRTXH R WUDEDOKDGRU VRIUH D OHVmR WDPEpP SHOD SUySULD TXHGD 5,6&26 '( &+248( 12 %$55$6+233,1*68/ &RPR HP TXDOTXHU RXWUR ORFDO QD FLGDGH Ki SHULJR GH FKRTXH HOpWULFR GHQWUR GR VKRSSLQJ UHFpP LQDXJXUDGR QD FLGDGH GH 3RUWR $OHJUH 7DOYH] SRU VHU XPD REUD UHFHQWH RV FXLGDGRV GHYDP VHU PDLRUHV SRLV DSHVDU GH WRGRV RV FRPLVVLRQDPHQWRV UHDOL]DGRV DQWHV H GHSRLV GD LQDXJXUDomR Ki SUREOHPDV TXH HVWmR VHQGR PDSHDGRV H GHQWUR GH XPD SURJUDPDomR VmR FRUULJLGRV 0DV DQWHV GH VHUHP VDQDGRV RV ULVFRV H[LVWHP H GHYHP VHU HYLWDGRV QD PHGLGD GR SRVVtYHO 1mR SRGHULD VHU GLIHUHQWH SHOD JUDQGLRVLGDGH GD REUD WDQWR HP iUHD RFXSDGD H iUHD FRQVWUXtGD FRPR HP Q~PHURV GH WUDEDOKDGRUHV H IXQFLRQiULRV TXH R HPSUHHQGLPHQWR H[LJH $SyV D DEHUWXUD GDV SRUWDV SDUD R S~EOLFR D REUD DLQGD QmR WLQKD WHUPLQDGR H FRQWLQXRX DVVLP SRU YiULRV PHVHV VRPHQWH R KRUiULR GRV RSHUiULRV p TXH PXGRX LVWR p FRP D SDUWH FRPHUFLDO DWLYD QmR KDYLD WUDEDOKR GH REUD PDV GXUDQWH D PDGUXJDGD RV WUDEDOKRV UHFRPHoDYDP D SOHQR YDSRU 7HQGR HVWD EUHYH LQWURGXomR GH FRPR D VLWXDomR VH GHVHQYROYHX QR %DUUD6KRSSLQJ6XO YDPRV GHWDOKDU RV ULVFRV H[LVWHQWHV QR TXH VH UHIHUH D FKRTXHV HOpWULFRV WDQWR SDUD WUDEDOKDGRUHV FRPR SDUD IUHTHQWDGRUHV XVXDLV GR ORFDO
  • 20. /RFDOL]DomR GR 3UpGLR ,PDJHP ± /RFDOL]DomR )RQWH ,QWHUQHW *RRJOH (DUWK /RFDOL]DGR HQWUH DV DYHQLGDV 'LiULR GH 1RWtFLDV H ,FDUDt QR EDLUUR &ULVWDO ]RQD VXO GH 3RUWR $OHJUH RFXSD XPD iUHD DSUR[LPDGD GH Pð (VWi GLVWULEXtGR HQWUH GRLV SLVRV -yTXHL H *XDtED DGLFLRQDQGR R VXSHUPHUFDGR %LJ Mi H[LVWHQWH QR ORFDO e FRPSRVWR SRU XP PL[ GH ORMDV GLYLGLGDV HQWUH OLYUDULDV HQWUHWHQLPHQWR YHVWXiULR LQIRUPiWLFD DOLPHQWDomR H PXLWR PDLV 2 FRPSOH[R FRQWD DLQGD FRP XP &HQWUR GH (YHQWRV PXOWLXVR FRP iUHD GH Pð VXEHVWDomR SUySULD H VLVWHPD GH DU H LOXPLQDomR LQGHSHQGHQWH /RFDO HVWH TXH Mi UHFHEHX H[SRVLomR FRPR 2 &RUSR +XPDQR H KRMH D DWUDomR p R %LJ ,FH SLVWD GH SDWLQDomR QR JHOR (P WRGR R SHUtPHWUR GD iUHD H[WHUQD DR VKRSSLQJ H[LVWH UHGH HOpWULFD FRPR DSRLR FDVD KDMD QHFHVVLGDGH HP WRGR R HVWDFLRQDPHQWR Ki XPD FRPSOH[D HVWUXWXUD SDUD DWHQGHU WRGRV RV SRVWHV GH LOXPLQDomR FRP OkPSDGDV SHUID]HQGR XP WRWDO GH : GH SRWrQFLD
  • 21. 0DOO $ WUDGXomR SDUD D SDODYUD ³PDOO´ p UXD GH SHGHVWUHV HQWUH RXWURV VLJQLILFDGRV PDV QHVWH FDVR p R WHUPR XWLOL]DGR SDUD D iUHD GH FLUFXODomR GDV SHVVRDV GHQWUR GDV HGLILFDo}HV FRPHUFLDLV (P DPERV RV SLVRV H[LVWHQWHV Ki HOHPHQWRV GH LQVWDODomR HOpWULFD TXH SRGHP RIHUHFHU ULVFR DRV WUDEDOKDGRUHV Mi TXH R SLVR p SHULRGLFDPHQWH ODYDGR FRP iJXD $OJXQV GHVWHV SRQWRV ILFDP FRP RV FDERV OLWHUDOPHQWH VXEPHUVRV ,PDJHP ± 0DOO )RQWH $UTXLYR 7RPDGDV GH 3LVR $V WRPDGDV GH SLVR VmR XWLOL]DGDV FRPR VXSRUWH SDUD RV HTXLSDPHQWRV GH OLPSH]D PDQXWHQomR H DR GHSDUWDPHQWR GH PDUNHWLQJ 0DV D VLWXDomR GH FRPR HVWmR D PHOKRU PHGLGD SDUD VH HYLWDU DFLGHQWHV IRL GHVDWLYDU H WDPSRQDU GH IRUPD TXH VHMD SURWHJLGR FRQWUD FKRTXHV HOpWULFRV H TXHGDV GH SHVVRDV 'HVWD IRUPD TXDQGR QHFHVViULR D LQVWDODomR GH DOJXP HTXLSDPHQWR FRP WHPSR GH SHUPDQrQFLD SURORQJDGR R SRQWR p UHDWLYDGR $V WRPDGDV QDV LQVWDODo}HV HOpWULFDV LQWHUQDV HVWmR HP FLUFXLWR HVSHFLDO FRPR SUHYr D QRUPD SURYLGDV SRU GH GLVMXQWRU GLIHUHQFLDO UHVLGXDO ± '5 GH P$ FDVR KDMD IXJD GH FRUUHQWH DFLPD GHVWH OLPLWH R FLUFXLWR DXWRPDWLFDPHQWH p GHVHQHUJL]DGR
  • 22. 7RPDGDV GH 3DUHGH $V WRPDGDV LQVWDODGDV QDV SDUHGHV GDV iUHDV GH FLUFXODomR FRPXP IRUDP SUHVHUYDGDV SRU GRLV PRWLYRV QmR RIHUHFHP WDQWR ULVFR FRPR DV LQVWDODGDV QR SLVR WDPEpP HVWmR SURWHJLGDV SRU GLVMXQWRU '5 ,PDJHP ± 7RPDGD SDUHGH PDOO ± )RQWH $UTXLYR 6KRSSLQJ &DL[DV GH 3DVVDJHP 1D VXD JUDQGH PDLRULD HVWmR LQVWDODGDV QD iUHD H[WHUQD GR VKRSSLQJ H SRU HVVD UD]mR WRGR R WUDEDOKR H[HFXWDGR QHODV GHYH WHU R GHVOLJDPHQWR HOpWULFR $ FRUUHomR GH VLWXDo}HV FRPR D GD IRWR DEDL[R iJXD DFXPXODGD VHUi VROXFLRQDGD QR GHFRUUHU GDV SUy[LPDV VHPDQDV ,PDJHP ± &DL[D SDVVDJHP ± )RQWH $UTXLYR 6KRSSLQJ
  • 23. *DOHULDV 7pFQLFDV 6mR RV FRUUHGRUHV H[LVWHQWHV DR ODGR GR 0DOO TXH GmR VXSRUWH SDUD DV RSHUDo}HV GH OLPSH]D VXSULPHQWR H PDQXWHQomR e QHOHV RQGH HVWmR RV TXDGURV GH GLVWULEXLomR HOpWULFD RV FHQWURV GH PHGLomR HP EDL[D WHQVmR DV YiOYXODV H UHJLVWURV GDV WXEXODo}HV KLGUiXOLFDV H YiOYXODV GH IOX[R GR VLVWHPD GH KLGUDQWHV ,PDJHP ± *DOHULD 7pFQLFD )RQWH $UTXLYR 6KRSSLQJ ([LVWHP DLQGD DV JDOHULDV WpFQLFDV HQFODXVXUDGDV TXH HVWmR DFLPD GDV JDOHULDV QRUPDLV RQGH p IHLWR D PDQXWHQomR GDV WXEXODo}HV HOpWULFDV GDGRV WHOHIRQLD VSULQNOHUV KLGUDQWHV JiV H iJXD SRWiYHO 1HVWHV ORFDLV FRPR WRGR R WUDEDOKR HP HOHWULFLGDGH p UHFRPHQGDGR R WUDEDOKR HP GXSOD ,PDJHP ± *DOHULD (QFODXVXUDGD )RQWH $UTXLYR 6KRSSLQJ
  • 24. 4XDGURV GH 'LVWULEXLomR 2V TXDGURV GH GLVWULEXLomR HP EDL[D WHQVmR IRUQHFHP HQHUJLD SDUD DV iUHDV FRPXQV GR VKRSSLQJ DOpP GD LOXPLQDomR GH JDOHULDV H PDOO 2 WUDEDOKR QHVWHV ORFDLV p SHULJRVR SRLV QRUPDOPHQWH R HTXLSDPHQWR QmR p GHVOLJDGR VHQGR R XVR GH (3,¶V REULJDWyULR ,PDJHP ± 4XDGUR GH GLVWULEXLomR ± )RQWH $UTXLYR 6KRSSLQJ &HQWUR GH 0HGLomR 2 FHQWUR GH PHGLomR HP %7 WHP D IXQomR GH GLVWULEXLU HQHUJLD HOpWULFD SDUD DV ORMDV H PHGLU R FRQVXPR $ PDQXWHQomR QHVWH WLSR GH HTXLSDPHQWR p PDLV VHJXUD Mi TXH R HTXLSDPHQWR p GHVOLJDGR TXDQGR HP PDQXWHQomR ,PDJHP ± &HQWUR GH PHGLomR HP %7 ± )RQWH $UTXLYR 6KRSSLQJ
  • 25. 7RPDGDV GH 3RWrQFLD 8WLOL]DGDV SDUD DOLPHQWDomR GH HTXLSDPHQWRV PDLRUHV RQGH Ki QHFHVVLGDGH GH DOLPHQWDomR HP 9 SDUD LVWR XWLOL]D VH WRPDGDV WLSR ³SOXJ´ FRQIRUPH UHJXODPHQWDomR YLJHQWH ,PDJHP ± 7RPDGDV SRWrQFLD ± )RQWH $UTXLYR 6KRSSLQJ (VWDFLRQDPHQWR ([WHUQR (P WRGR R HVWDFLRQDPHQWR Ki XPD UHGH SDUD DOLPHQWDomR GRV SRVWHV GH LOXPLQDomR (VWH VLVWHPD p FRQWURODGR SRU TXDGURV GH GLVWULEXLomR TXH HVWmR GHQWUR GR SUpGLR D XPD GLVWkQFLD UD]RiYHO GR SRQWR ILQDO 3DUD HVWH FDVR Ki XPD SURJUDPDomR GH PDQXWHQomR VLVWHPiWLFD HILFLHQWH SRLV D LOXPLQDomR H[WHUQD QmR SRGH IDOWDU HP QHQKXP PRPHQWR GXUDQWH D RSHUDomR QRWXUQD ,PDJHP ± (VWDFLRQDPHQWR H[WHUQR ± )RQWH $UTXLYR 6KRSSLQJ
  • 26. &DL[DV GH 3DVVDJHP $OLPHQWDomR 3RVWHV &RPR SRGH VHU YLVXDOL]DGR Ki XP JUDQGH ULVFR HP WUDEDOKDU QHVWD VLWXDomR 3RXFR HVSDoR SDUD PDQREUD XPLGDGH DOWD H FDERV FRP ELWROD HQWUH H PPð 6HQGR DVVLP R GHVOLJDPHQWR SURJUDPDGR p QHFHVViULR $ FRQGLomR GR WHPSR p DQDOLVDGD DQWHV GD UHDOL]DomR GH DWLYLGDGH QD iUHD H[WHUQD $ VD~GH GR WUDEDOKDGRU p YLVWD FRP JUDQGH SUHRFXSDomR SHOD DGPLQLVWUDomR GR JUXSR ,PDJHP ± &DL[DV GH SDVVDJHP ± )RQWH $UTXLYR 6KRSSLQJ 6XEHVWDo}HV 1HVWH ORFDO GH WUDEDOKR Ki GRLV WLSRV GH WHQVmR GLVSRQtYHO EDL[D WHQVmR IRUQHFLGD HP 9 IDVH IDVH 9 IDVH QHXWUR H N9 QD EXFKD GR WUDQVIRUPDGRU ,PDJHP ± 6XEHVWDomR ± )RQWH $UTXLYR 6KRSSLQJ
  • 27. 4XDGURV GH 'LVWULEXLomR ,JXDOPHQWH FRPR QDV JDOHULDV WpFQLFDV HVWHV TXDGURV GLVSRQLELOL]DP HQHUJLD HP EDL[D WHQVmR 2V SURFHGLPHQWRV VmR LJXDLV H VmR DGRWDGDV DV PHGLGDV SUHYLVWDV QD QRUPD UHJXODPHQWDGRUD Q~PHUR 15 SDUD WUDEDOKRV QHVWH HTXLSDPHQWR 4*%7 5HVSRQViYHO SHOR IRUQHFLPHQWR GH HQHUJLD DRV TXDGURV GH GLVWULEXLomR QDV JDOHULDV WpFQLFDV p GH JUDQGH LPSRUWkQFLD H D PDQXWHQomR GHYH VHU SURJUDPDGD SDUD VHX GHVOLJDPHQWR $ SRWrQFLD QHVWHV TXDGURV p DOWD R EDUUDPHQWR HVWi GLPHQVLRQDGR SDUD $ PHVPR VHQGR D WHQVmR GH 9 IDVH IDVH 2 4*%7 p LQWHUQDPHQWH GLYLGLGR HP GXDV SDUWHV FDGD XPD p DOLPHQWDGD SRU XP WUDQVIRUPDGRU LQGHSHQGHQWHPHQWH GH N9 SDUD 9 ,PDJHP ± 4*%7 ± )RQWH $UTXLYR 6KRSSLQJ 1HVWH DPELHQWH H[LVWHP FXLGDGRV D VHUHP REVHUYDGRV TXH VmR GLIHUHQFLDGRV GRV RXWURV WDLV FRPR WDSHWH GH ERUUDFKD OXYDV LVRODQWHV SDUD N9 GH DFRUGR FRP D 1%5 LOXPLQDomR DGHTXDGD Q~PHUR GH WUDEDOKDGRUHV QXQFD LQIHULRU D GRLV
  • 28. ,OXPLQDomR 1DV VXEHVWDo}HV D LOXPLQDomR p LPSRUWDQWH H GHYH HVWDU OLJDGD QR FLUFXLWR GH HPHUJrQFLD LVWR p D DOLPHQWDomR GDV PHVPDV p IHLWD SRU EDWHULDV H SHOR JHUDGRU QD IDOWD GH HQHUJLD GD FRQFHVVLRQiULD ,PDJHP ± ,OXPLQDomR 6( ± )RQWH $UTXLYR 6KRSSLQJ *HUDGRU 2 VLVWHPD GH HPHUJrQFLD p UHVSRQViYHO SHOR IRUQHFLPHQWR GH HQHUJLD SDUD D LOXPLQDomR GH HPHUJrQFLD GR PDOO ERPEDV GR VLVWHPD GH FRPEDWH D LQFrQGLR KLGUDQWHV H VSULQNOHUV ERPEDV GH UHFDOTXH HVWDomR ,PDJHP ± *HUDGRU ± )RQWH $UTXLYR 6KRSSLQJ GH WUDWDPHQWR (7( H SDUD DV FDQFHODV GH DFHVVR DR HVWDFLRQDPHQWR GR VKRSSLQJ $ DXWRQRPLD GRV JHUDGRUHV p GH DSUR[LPDGDPHQWH KRUDV FRQWtQXDV VHP UHDEDVWHFLPHQWR WHPSR VXILFLHQWH SDUD HQFHUUDU DV DWLYLGDGHV VHP TXH KDMD WXPXOWXR SDUD RV FOLHQWHV
  • 29. &HQWUR GH PHGLomR 07 5HVSRQViYHO SHOR IRUQHFLPHQWR GH HQHUJLD HP PpGLD WHQVmR SDUD WRGR R FRQGRPtQLR H SDUD DV ORMDV kQFRUDV TXH VmR DEDVWHFLGDV WDPEpP HP PpGLD WHQVmR H SRVVXHP VXEHVWDomR SUySULD ,PDJHP ± &HQWUR PHGLomR HP PpGLD WHQVmR ± )RQWH $UTXLYR 6KRSSLQJ 7RGDV DV FHODV VmR HTXLSDGDV FRP GLVMXQWRU GH $ SDUD LQWHUUXSomR VRE FDUJD GXDV VHFFLRQDGRUDV DPRQWDQWH GR GLVMXQWRU SiUD UDLRV QD FDEHoD GR GLVMXQWRU H DWHUUDPHQWR HP WRGDV DV SDUWHV PHWiOLFDV GD LQVWDODomR 9HQWLODomR DGHTXDGD EORFRV DXW{QRPRV GH LOXPLQDomR H VLVWHPD GH EDWHULDV SDUD DOLPHQWDomR GRV FRPDQGRV GH VHFFLRQDPHQWR 7RGR R SURFHGLPHQWR SDUD TXH R ULVFR VHMD R PHQRU SRVVtYHO QD RSHUDomR GR FRQMXQWR TXH HVWi DOLPHQWDGR HP PpGLD WHQVmR
  • 30. /(*,6/$d­2 7RGR R VHWRU HQHUJpWLFR EUDVLOHLUR p UHJXODGR SHOD $JrQFLD 1DFLRQDO GH (QHUJLD (OpWULFD ± $1((/ TXH WUDWD GDV UHODo}HV HQWUH FRQFHVVLRQiULDV H FRQVXPLGRUHV /HJLVOD VREUH D JHUDomR WUDQVPLVVmR H GLVWULEXLomR GH HQHUJLD HOpWULFD 1RUPDWL]D UHJXOD H FRQWUROD RV SDGU}HV H[LVWHQWHV QR VHWRU $ PLVVmR GD $1((/ p GH SURSRUFLRQDU FRQGLo}HV IDYRUiYHLV SDUD TXH R PHUFDGR GH HQHUJLD HOpWULFD VH GHVHQYROYD FRP HTXLOtEULR HQWUH RV DJHQWHV H HP EHQHItFLR GD VRFLHGDGH FRPR HVFULWR HP VXD SiJLQD GLJLWDO GLVSRQtYHO QD ,QWHUQHW 1RUPDV %UDVLOHLUDV $ QRUPD UHJXODPHQWDGRUD DWXDOPHQWH HP YLJRU TXH WUDWD VREUH WUDEDOKR HP HOHWULFLGDGH p D 15 VHJXUDQoD HP LQVWDODo}HV H VHUYLoRV HP HOHWULFLGDGH FRP UHGDomR GDGD SHOD 3RUWDULD Qž GH GH GH]HPEUR GH 0DV TXHP QRUPDOL]D R SDGUmR HP WUDEDOKRV WpFQLFRV QR WHUULWyULR QDFLRQDO p D $VVRFLDomR %UDVLOHLUD GH 1RUPDV 7pFQLFDV ± $%17 VHQGR VHXV SULQFLSDLV REMHWLYRV HYLWDU D H[LVWrQFLD GH UHJXODPHQWRV SURWHomR GD YLGD H D VD~GH SURYHU D VRFLHGDGH GH PHLRV HILFD]HV SDUD DIHULU D TXDOLGDGH GRV SURGXWRV HQWUH RXWURV ([LVWHP LQ~PHUDV QRUPDV GHQWUH HODV VH GHVWDFDP 1%5 ,QVWDODo}HV (OpWULFDV GH %DL[D 7HQV}HV 1%5 7UDQVIRUPDGRU GH 3RWrQFLD 1%5 'LVMXQWRUHV GH %DL[D 7HQVmR 1%5 3URWHomR GH (VWUXWXUDV FRQWUD 'HVFDUJDV $WPRVIpULFDV 1%5 5HGHV GH 'LVWULEXLomR $pUHD 8UEDQD GH (QHUJLD (OpWULFD 1%5 (OHWULFLGDGH *HUDO 1%5 6LVWHPDV (OpWULFRV GH 3RWrQFLD 1%5 &RQGXWRUHV (OpWULFRV 1%5 5HOpV (OpWULFRV 7pUPLFRV 1%5 6XEHVWDo}HV GH 'LVWULEXLomR 1%5 7UDQVIRUPDGRUHV GH 3RWrQFLD 6HFRV 1%5 &iOFXOR GD &DSDFLGDGH GH &RQGXomR 1%5 &KXYHLURV (OpWULFRV 1%5 ,QVWDODo}HV HOpWULFDV GH PpGLD WHQVmR GH D N9
  • 31. 15 6HJXUDQoD HP ,QVWDODo}HV H 6HUYLoRV HP (OHWULFLGDGH $ QRUPD UHJXODPHQWDGRUD Q~PHUR WHP FRPR REMHWLYR HVWDEHOHFHU RV UHTXLVLWRV H FRQGLo}HV PtQLPDV D LPSOHPHQWDomR GH PHGLGDV GH FRQWUROH H VLVWHPDV SUHYHQWLYRV GH IRUPD D JDUDQWLU D VHJXUDQoD H D VD~GH GRV WUDEDOKDGRUHV TXH GH IRUPD GLUHWD RX QmR LQWHUDMDP FRP HOHWULFLGDGH $ 15 p DSOLFDGD HP WRGDV DV IDVHV TXH H[LVWHP H HVWmR UHODFLRQDGDV FRP HQHUJLD LVWR p FRP D JHUDomR WUDQVPLVVmR GLVWULEXLomR H FRQVXPR GH HQHUJLD HOpWULFD 9DL PDLV DOpP GHYH VHU DSOLFDGD GHVGH D IDVH GR SURMHWR HP PDQXWHQomR FRQVWUXomR H RSHUDomR ,QFOXVLYH FRP WUDEDOKRV TXH HVWLYHUHP VHQGR UHDOL]DGRV QDV SUR[LPLGDGHV GH LQVWDODo}HV HOpWULFDV $ QRUPD SUHYr DOJXPDV FRQGLo}HV WDLV FRPR DV LQWHUYHQo}HV HP LQVWDODo}HV HOpWULFDV FRP WHQVmR LJXDO RX VXSHULRU D 9ROWV HP FRUUHQWH DOWHUQDGD RX VXSHULRU D 9ROWV HP FRUUHQWH FRQWtQXD VRPHQWH SRGHP VHU UHDOL]DGDV SRU SHVVRDV TXDOLILFDGDV TXH WHQKD FRQFOXtGR FXUVR HVSHFtILFR QD iUHD HOpWULFD UHFRQKHFLGR SHOR VLVWHPD RILFLDO GH HQVLQR DV iUHDV RQGH KRXYHU LQVWDODo}HV RX HTXLSDPHQWRV HOpWULFRV GHYHP VHU GRWDGDV GH SURWHomR FRQWUD LQFrQGLR H H[SORVmR FRQIRUPH D 15 QDV LQVWDODo}HV H VHUYLoRV HP HOHWULFLGDGH GHYH VHU GRWDGD GH VLQDOL]DomR DGHTXDGD GH VHJXUDQoD REHGHFHQGR DR GLVSRVWR QD 15 QRV ORFDLV GH WUDEDOKR Vy SRGHP VHU XWLOL]DGRV HTXLSDPHQWRV H IHUUDPHQWDV HOpWULFDV FRPSDWtYHLV FRP D LQVWDODomR HOpWULFD H[LVWHQWH D LOXPLQDomR GHYH VHU DGHTXDGD H JDUDQWLGD DR WUDEDOKDGRU HP SRVLomR GH WUDEDOKR VHJXUD FRQIRUPH GLVS}H D 15 WHQGR R FXLGDGR GH SHUPLWLU TXH RV PHPEURV VXSHULRUHV ILTXH OLYUHV SDUD D UHDOL]DomR GR VHUYLoR DV LQVWDODo}HV GHYHP VHU SURYLGDV GH GLVSRVLWLYR DXWRPiWLFR GH SURWHomR FRQWUD VREUH FRUUHQWH H VREUH WHQVmR SDUD HYLWDU ULVFRV GH LQFrQGLR H H[SORVmR WRGDV DV HGLILFDo}HV GHYHP VHU SURWHJLGDV FRQWUD GHVFDUJDV HOpWULFDV DWPRVIpULFDV FRP OLJDomR D WHUUD H SiUD UDLRV 63'$ p SURLELGD D OLJDomR VLPXOWkQHD GH PDLV GH XP DSDUHOKR j PHVPD WRPDGD GH WHQVmR D QmR VHU TXH D LQVWDODomR IRL SURMHWDGD SDUD LVWR
  • 32. D QRUPD HVWDEHOHFH R GLUHLWR GH UHFXVD SDUD VLWXDo}HV GH SHULJR SDGURQL]D DV GLVWkQFLDV VHJXUDV DWUDYpV GDV ]RQDV FRQWURODGDV H GH ULVFR QD UHJLmR GRV SRQWRV HQHUJL]DGRV RQGH VRPHQWH SURILVVLRQDLV RX SHVVRDV DXWRUL]DGDV SRGHP LQJUHVVDU )LJXUD ± 'HOLPLWDomR GH ]RQDV ± )RQWH 15 )LJXUD ± 'HOLPLWDomR GH ]RQDV ± )RQWH 15 6XSHUItFLH LVRODQWH QR UDLR GH GHOLPLWDomR =/ =RQD /LYUH =& =RQD &RQWURODGD =5 =RQD GH 5LVFR 3( 3RQWR (QHUJL]DGR 6, 6XSHUItFLH LVRODQWH 'LVWkQFLDV QR DU =/ =RQD /LYUH =&3 =RQD &RQWURODGD UHVWULWD D SHVVRDV DXWRUL]DGDV =5 =RQD GH 5LVFR 3( 3RQWR (QHUJL]DGR
  • 33. $OJXPDV GHILQLo}HV HVWDEHOHFLGDV SHOD 15 VHQGR TXH WRGR R WUDEDOKDGRU GHYH UHDOL]DU R FXUVR GH FDSDFLWDomR HP QtYHO EiVLFR SDUD WUDEDOKRV HP EDL[D WHQVmR H R QtYHO FRPSOHPHQWDU VLVWHPD HOpWULFR GH SRWrQFLD ± 6(3 TXDQGR IRU DWXDU HP SRQWRV HQHUJL]DGRV DFLPD GH YROWV DPERV FRP KRUDV 5LVFR ± FDSDFLGDGH GH XPD JUDQGH]D FRP SRWHQFLDO SDUD FDXVDU OHV}HV RX GDQRV j VD~GH GDV SHVVRDV 3HULJR ± VLWXDomR RX FRQGLomR GH ULVFR FRP SUREDELOLGDGH GD FDXVDU OHVmR ItVLFD RX GDQR j VD~GH GDV SHVVRDV SRU DXVrQFLD GH PHGLGDV GH FRQWUROH ,QVWDODomR HOpWULFD ± FRQMXQWR GDV SDUWHV HOpWULFDV H QmR HOpWULFDV DVVRFLDGDV H FRP FDUDFWHUtVWLFDV FRRUGHQDGDV HQWUH VL TXH VmR QHFHVViULDV DR IXQFLRQDPHQWR GH XPD SDUWH GHWHUPLQDGD GH XP VLVWHPD HOpWULFR %DL[D WHQVmR ± WHQVmR VXSHULRU D YROWV HP FRUUHQWH DOWHUQDGD RX YROWV HP FRUUHQWH FRQWtQXD H LJXDO RX LQIHULRU D YROWV HP FRUUHQWH DOWHUQDGD RX YROWV HP FRUUHQWH FRQWtQXD HQWUH IDVHV RX HQWUH IDVH H WHUUD $OWD WHQVmR ± WHQVmR VXSHULRU D YROWV HP FRUUHQWH DOWHUQDGD RX YROWV HP FRUUHQWH FRQWtQXD HQWUH IDVHV RX HQWUH IDVH H WHUUD =RQD GH ULVFR ± HQWRUQR GH SDUWH FRQGXWRUD HQHUJL]DGD QmR VHJUHJDGD DFHVVtYHO LQFOXVLYH DFLGHQWDOPHQWH GH GLPHQV}HV HVWDEHOHFLGDV GH DFRUGR FRP R QtYHO GH WHQVmR FXMD DSUR[LPDomR Vy p SHUPLWLGD D SURILVVLRQDLV DXWRUL]DGRV H FRP DGRomR GH WpFQLFDV H LQVWUXPHQWRV DSURSULDGRV GH WUDEDOKR =RQD FRQWURODGD ± HQWRUQR GH SDUWH FRQGXWRUD HQHUJL]DGD QmR VHJUHJDGD DFHVVtYHO GH GLPHQV}HV HVWDEHOHFLGDV GH DFRUGR FRP R QtYHO GH WHQVmR FXMD DSUR[LPDomR Vy p SHUPLWLGD D SURILVVLRQDLV DXWRUL]DGRV (TXDOL]DQGR D IRUoD GH WUDEDOKR LQVWUXLQGR DV SHVVRDV VREUH FRPR FRQWURODU RV SHULJRV HVWDEHOHFHQGR OLPLWHV GH WROHUkQFLD SDUD WUDEDOKRV HP HOHWULFLGDGH p SURYiYHO D UHGXomR GH DFLGHQWDGRV 6HQGR DVVLP D 15 DWLQJH SOHQDPHQWH VXD PHWD H FRUULJH XPD ODFXQD TXH H[LVWLD QD OHJLVODomR WUDEDOKLVWD EUDVLOHLUD $ 15 OHYRX PDLV GH DQRV SDUD VHU HODERUDGD p UHVXOWDGR GH XPD FRPLVVmR WULSDUWLWH HQYROYHQGR R JRYHUQR RV HPSUHJDGRUHV H RV HPSUHJDGRV (OD HVWi HP VLQWRQLD FRP DV QRUPDV GH VHJXUDQoD Mi HP YLJRU HP RXWURV SDtVHV
  • 34. 0LQLVWpULR GR 7UDEDOKR H (PSUHJR 07( $ VHJXUDQoD VHPSUH HVWHYH DVVRFLDGD j VREUHYLYrQFLD GR KRPHP GHIHQGHQGR VH DEULJDQGR VH FDoDQGR OXWDQGR VRFLDOPHQWH H GHIHQGHQGR VH FRQWUD DV PiTXLQDV 3RGHPRV DILUPDU TXH D VHJXUDQoD QDVFHX FRP R VHU KXPDQR (P FRP D 5HYROXomR ,QGXVWULDO R WUDEDOKR SDVVRX GH DUWHVDQDO SDUD LQGXVWULDO e FODUR TXH HVWD WUDQVIRUPDomR QmR DFRQWHFHX GD QRLWH SDUD R GLD 2FRUUHX QXPD IDL[D GH FLQFR D GH] DQRV 7URX[H XPD VpULH GH EHQHItFLRV PDV FRPR HUD GH VH HVSHUDU WURX[H XPD VpULH GH SUREOHPDV SDUD D KXPDQLGDGH 6XUJLUDP DVVLP RV DFLGHQWHV GR WUDEDOKR 3UREOHPDV FRPR RV DFLGHQWHV GR WUDEDOKR TXH D ,QJODWHUUD WHYH QR VpFXOR ;9,,, R %UDVLO SDVVRX D Wr ORV QR ILQDO GR VpFXOR ;; (P *HW~OLR 9DUJDV HQWmR 3UHVLGHQWH GR %UDVLO FULRX D &,3$ ± &RPLVVmR ,QWHUQD GH 3UHYHQomR GH $FLGHQWHV TXH VREUHYLYH DWp RV GLDV GH KRMH 0DV FRP D LQWHQVLILFDomR GD LQGXVWULDOL]DomR FRP R FUHVFLPHQWR GDV FLGDGHV H FRQVHTHQWH FRP R DXPHQWR GD LQG~VWULD GD FRQVWUXomR FLYLO QR %UDVLO RV DFLGHQWHV GR WUDEDOKR SDVVDUDP D VHU XP SUREOHPD WmR JUDYH TXH VHX ILP SDVVRX D VHU XPD GDV PHWDV GR %UDVLO SDUD FRP R )0, ± )XQGR 0RQHWiULR ,QWHUQDFLRQDO ± SDUD HPSUHVWDU GLQKHLUR SDUD R %UDVLO )RL QHVWD pSRFD TXH D OHJLVODomR ILFRX PDLV LQWHQVD VXUJLQGR HQWmR D /HL GH GH GH]HPEUR GH H DV 1RUPDV 5HJXODPHQWDGRUDV 15 DSURYDGDV SHOD 3RUWDULD GH GH MXQKR GH GR 0LQLVWpULR GR 7UDEDOKR $WXDOPHQWH VmR 1RUPDV 5HJXODPHQWDGRUDV 15 UHODWLYDV j 6HJXUDQoD H 0HGLFLQD GR 7UDEDOKR 7HPRV WDPEpP 1RUPDV 5HJXODPHQWDGRUDV 5XUDLV 155 DSURYDGDV SHOD 3RUWDULD GH GH DEULO GH 0(','$6 '( 3527(d­2 (P WRGDV DV LQWHUYHQo}HV HP LQVWDODo}HV HOpWULFDV GHYHP VHU DGRWDGDV PHGLGDV SUHYHQWLYDV GH FRQWUROH GR ULVFR HOpWULFR H GH RXWURV ULVFRV DGLFLRQDLV PHGLDQWH WpFQLFDV GH DQiOLVH GH ULVFR GH IRUPD D JDUDQWLU D VHJXUDQoD H D VD~GH GR WUDEDOKDGRU &HUWRV ORFDLV HTXLSDPHQWRV RX XWLOL]Do}HV SRGHP UHTXHUHU PHGLGDV GH SURWHomR HVSHFLDLV SUHYLVWDV HP QRUPDV HVSHFtILFDV TXH UHJXODP R DVVXQWR 3DUD
  • 35. XPD VLWXDomR HP SDUWLFXODU GHYH VHU YLVWR HP TXDO UHJXODPHQWDomR VH HQTXDGUD WDLV FRPR DV QRUPDV GD $%17 GR 0LQLVWpULR GR 7UDEDOKR RX DV 1RUPDV 5HJXODPHQWDGRUDV %UDVLOHLUDV $V LQIOXrQFLDV H[WHUQDV GHYHP VHU DYDOLDGDV SDUD D WRPDGD GH PHGLGDV VXSOHWLYDV GH SURWHomR R FDVR PDLV FDUDFWHUtVWLFR p D SURLELomR GR WUDEDOKR HP UHGHV GH DOWD WHQVmR FRP XPLGDGH UHODWLYD DOWD 2XWUDV PHGLGDV VmR SRU H[HPSOR D HTLSRWHQFLDOL]DomR H R VHFFLRQDPHQWR DXWRPiWLFR GH FLUFXLWRV 3DUD D VHOHomR GH PHGLGDV GH SURWHomR FRQWUD FKRTXHV HOpWULFRV SRU FRQWDWR GLUHWR RX LQGLUHWR D 1%5 UHFRPHQGD TXH VHMD HVSHFLDOPHQWH REVHUYDGDV jV VHJXLQWHV FRQGLo}HV GH LQIOXrQFLD H[WHUQDV &RPSHWrQFLD GDV SHVVRDV ± FRQVLGHUD D FDSDFLGDGH ItVLFD FRQKHFLPHQWR WpFQLFR H H[SHULrQFLD FRP VHUYLoRV HOpWULFRV 5HVLVWrQFLD HOpWULFD GR FRUSR KXPDQR ± YDORUHV GH LPSHGkQFLD GR FRUSR HP IXQomR GD WHQVmR GH FRQWDWR SDUD FRUUHQWHV DOWHUQDGDV GH DWp +] &RQWDWR GDV SHVVRDV FRP SRWHQFLDO GD WHUUD ± FDVR R SLVR H DV SDUHGHV VHMDP FRQGXWRUDV RX R ORFDO SRVVXL HOHPHQWRV FRQGXWRUHV TXH SRGHP VHU WRFDGRV VLPXOWDQHDPHQWH FRP PDVVDV GH HTXLSDPHQWRV HOpWULFRV FR]LQKDV EDQKHLURV ORFDLV H[WHUQRV H LQG~VWULDV HP JHUDO 3URWHomR FRQWUD R &RQWDWR 'LUHWR $OJXPDV PHGLGDV VmR QHFHVViULDV SDUD QmR KDYHU FRQWDWR GLUHWR FRP SDUWHV HQHUJL]DGDV GR VLVWHPD HOpWULFR x ,VRODPHQWR GDV SDUWHV YLYDV H SRU PHLR GH EDUUHLUDV RX LQYyOXFURV x 0HGLGDV GH SURWHomR SDUFLDO SRU PHLR GH REVWiFXORV RX SRU FRORFDomR IRUD GH DOFDQFH DGPLWLGDV HP ORFDLV DFHVVtYHLV VRPHQWH D SHVVRDV DGYHUWLGDV RX TXDOLILFDGDV x 2 XVR GH (3, UHGX] R ULVFR FRQVLGHUD VH (3, WRGR GLVSRVLWLYR GH XVR LQGLYLGXDO GHVWLQDGR D SUHVHUYDU H SURWHJHU D LQWHJULGDGH ItVLFD GR WUDEDOKDGRU
  • 36. 3URWHomR FRQWUD FRQWDWR LQGLUHWR 4XDQGR Ki SDUWHV FRQGXWRUDV H[SRVWDV GRV FRPSRQHQWHV GD LQVWDODomR HOpWULFD DFHVVtYHLV VHP TXH VHMD QHFHVViULR GHVPRQWDU R HTXLSDPHQWR 4XDQGR KRXYHU IDOKDV QD LVRODomR EiVLFD LVWR WRUQDUi YLYDV DV SDUWHV FRQGXWRUDV H[WHUQDV GR FRPSRQHQWH $R WRTXH GH XPD SDUWH PHWiOLFD H[WHUQD TXH QRUPDOPHQWH HVWDULD VHP QHQKXP SRWHQFLDO FRORFDUi HP ULVFR D SHVVRD SRLV R FKRTXH HOpWULFR p TXDVH LQHYLWiYHO SRU FRQWDWR LQGLUHWR $ SURWHomR SRU FRQWDWR LQGLUHWR p R FRQMXQWR GH PHGLGDV TXH YLVD LPSHGLU TXH DSDUHoD QD LQVWDODomR XPD WHQVmR TXH SRVVD UHVXOWDU HP ULVFR GH HIHLWR ILVLROyJLFR SHULJRVR 2 VHFFLRQDPHQWR DXWRPiWLFR GD DOLPHQWDomR R HPSUHJR GH HTXLSDPHQWRV GD FODVVH ,, RX SRU LVRODomR HTXLYDOHQWH H D VHSDUDomR HOpWULFD $WHUUDPHQWR 8P GRV REMHWLYRV HP DWHUUDU RV VLVWHPDV HOpWULFRV p GH SURWHJHU DV SHVVRDV H R SDWULP{QLR FRQWUD XPD IDOWD FXUWR FLUFXLWR 2XWUD VLWXDomR p RIHUHFHU XP FDPLQKR VHJXUR FRQWURODGR H GH EDL[D LPSHGkQFLD HP GLUHomR j WHUUD SDUD DV FRUUHQWHV LQGX]LGDV SRU GHVFDUJDV DWPRVIpULFDV )LJXUD ± 6LVWHPD QmR DWHUUDGR ± )RQWH 3URFREUH )LJXUD ± 6LVWHPD DWHUUDGR ± )RQWH 3URFREUH (P HTXLSDPHQWRV TXH QmR VmR DWHUUDGRV D FRUUHQWH GH IDOWD LUi SHUFRUUHU R FDPLQKR DWp D WHUUD SHOR FRUSR KXPDQR 1HVWH FDVR R SHULJR p JUDQGH H R DFLGHQWH SRGH VHU IDWDO 1HVWH FDVR R VLVWHPD HVWi DWHUUDGR H FRPR SRGH VHU YLVWR D FRUUHQWH GH IDOWD LUi SHUFRUUHU R FDPLQKR FRP PHQRU LPSHGkQFLD DWp D WHUUD
  • 37. 1D 1%5 R DWHUUDPHQWR p REULJDWyULR H D JUDQGH SUHRFXSDomR GH WRGR R FRQMXQWR HVWi HP XPD GDV H[WUHPLGDGHV R HOHWURGR GH DWHUUDPHQWR Ê HOH R UHVSRQViYHO SDUD TXH D PDOKD VHMD IHFKDGD GDQGR FRQWLQXLGDGH GDV SDUWHV PHWiOLFDV j WHUUD e PXLWR LPSRUWDQWH TXH HVWD XQLmR HQWUH R HOHWURGR H D WHUUD HVWHMD VHPSUH HP FRQGLo}HV GH VXSRUWDU XPD FRUUHQWH DOWD WHQGR XP EDL[D UHVLVWrQFLD H SRVVLELOLWDQGR TXH D FRUUHQWH FLUFXOH SHOR FDPLQKR RIHUHFLGR DWUDYpV GD PDOKD GH DWHUUDPHQWR 'HYHPRV VDEHU FODUDPHQWH TXH D WHUUD QmR p XP VXPLGRXUR GH FRUUHQWH LVWR p D FRUUHQWH IHFKD R FLUFXLWR HOpWULFR SHOD WHUUD LQGR GD FDUJD DWp D IRQWH 0DV LVWR Vy DFRQWHFHUi FDVR R DWHUUDPHQWR HVWLYHU SHUIHLWR H VH IRU VHPSUH FRQVHUYDGR GHVWD PDQHLUD 7LSRV GH DWHUUDPHQWR TXH SRGHP VHU GHVWDFDGRV x $WHUUDPHQWR IXQFLRQDO ± p R DWHUUDPHQWR GH XP FRQGXWRU YLYR QRUPDOPHQWH R QHXWUR WHQGR FRPR REMHWLYR R FRUUHWR IXQFLRQDPHQWR GD LQVWDODomR x $WHUUDPHQWR GH SURWHomR ± DWHUUDPHQWR GDV PDVVDV H GRV HOHPHQWRV HVWUDQKRV WHQGR FRPR REMHWLYR D SURWHomR FRQWUD FKRTXHV FRQWDWR LQGLUHWR &ODVVLILFDomR GRV HVTXHPDV GH DWHUUDPHQWR x 3ULPHLUD OHWUD ± GHVLJQD D VLWXDomR GR QHXWUR GD LQVWDODomR HP UHODomR j WHUUD 7 XP SRQWR GD DOLPHQWDomR JHUDOPHQWH R QHXWUR HVWi OLJDGR GLUHWDPHQWH j WHUUD , QHQKXP SRQWR GD DOLPHQWDomR HVWi OLJDGR GLUHWDPHQWH j WHUUD QHXWUR LVRODGR RX OLJDGR j WHUUD SRU PHLR GH XPD LPSHGkQFLD DOWD x 6HJXQGD OHWUD ± LQGLFD D VLWXDomR GDV PDVVDV GD LQVWDODomR HOpWULFD HP UHODomR j WHUUD 7 PDVVDV HVWmR OLJDGDV GLUHWDPHQWH j WHUUD LQGHSHQGHQWHPHQWH GD KDYHU RX QmR XP SRQWR GH DOLPHQWDomR DWHUUDGR 1 PDVVDV HVWmR OLJDGDV DR SRQWR GH DOLPHQWDomR DWHUUDGR QRUPDOPHQWH R QHXWUR
  • 38. (VTXHPD GD DWHUUDPHQWR 71 & )LJXUD ± $WHUUDPHQWR 71 & ± )RQWH 6LHPHQV (VTXHPD GH DWHUUDPHQWR 71 6 )LJXUD ± $WHUUDPHQWR 71 6 ± )RQWH 6LHPHQV
  • 39. (VTXHPD GH DWHUUDPHQWR 77 )LJXUD ± $WHUUDPHQWR 77 ± )RQWH 6LHPHQV (48,3$0(1726 '( 3527(d­2 2V HTXLSDPHQWRV GH VHJXUDQoD GHYHP VHU IRUQHFLGRV SHOD HPSUHVD UHVSRQViYHO SHOR WUDEDOKDGRU $ 15 HVSHFLILFD DLQGD TXH RV HTXLSDPHQWRV GH SURWHomR GHYDP HVWDU HP SHUIHLWR HVWDGR GH FRQVHUYDomR H IXQFLRQDPHQWR $ XWLOL]DomR GH (3, GHYH VHU REULJDWyULD TXDQGR DV PHGLGDV GH SURWHomR FROHWLYD IRUHP WHFQLFDPHQWH LQYLiYHLV RX QmR RIHUHFHUHP DGHTXDGD SURWHomR FRQWUD ULVFRV GH DFLGHQWHV GH WUDEDOKR H FRQWUD GRHQoDV SURILVVLRQDLV DV PHGLGDV GH SURWHomR FROHWLYD HVWLYHUHP DLQGD VHQGR LPSOHPHQWDGDV SDUD DWHQGHU VLWXDo}HV HPHUJHQFLDLV (TXLSDPHQWR GH 3URWHomR ,QGLYLGXDO (3, (TXLSDPHQWR GH SURWHomR LQGLYLGXDO p WRGR GLVSRVLWLYR GH XVR LQGLYLGXDO GHVWLQDGR D SURWHJHU R WUDEDOKDGRU FRQWUD ULVFRV FDSD]HV GH DPHDoDU D VHJXUDQoD H D VXD VD~GH 3DUD R WUDEDOKR HP HOHWULFLGDGH LQVWDODo}HV HOpWULFDV GH EDL[D PpGLD RX DOWD WHQVmR UHTXHU HTXLSDPHQWRV GH SURWHomR HVSHFtILFRV H DGHTXDGRV jV DWLYLGDGHV GHVHQYROYLGDV
  • 40. 2V HTXLSDPHQWRV GH SURWHomR LQGLYLGXDO D VHUHP XWLOL]DGRV HP WUDEDOKRV FRP HOHWULFLGDGH VmR FDSDFHWH yFXORV GH VHJXUDQoD OXYDV LVRODQWHV SDUD HOHWULFLVWD FODVVH ]HUR H OXYDV GH FREHUWXUD FLQWR GH VHJXUDQoD WLSR VXE DEGRPLQDO FRP WDODEDUWH ERWLQDV GH FRXUR FRP VRODGR LQMHWDGR VHP FRPSRQHQWHV PHWiOLFRV $ ERUUDFKD p XWLOL]DGD FRQWUD ULVFRV GH FKRTXHV HOpWULFRV IRUPDWDQGR FODVVHV GH LVRODPHQWR FRQIRUPH D WHQVmR GH WUDEDOKR &ODVVH 7HQVmR Pi[LPD GH XVR &ODVVH YROWV &ODVVH YROWV &ODVVH YROWV &ODVVH YROWV &ODVVH YROWV &ODVVH YROWV $V YHVWLPHQWDV GH WUDEDOKR GHYHP VHU DGHTXDGDV jV DWLYLGDGHV FRQVLGHUDQGR VH D FRQGXWLELOLGDGH LQIODPDELOLGDGH H LQIOXrQFLDV HOHWURPDJQpWLFDV HP HOHWULFLGDGH GHYHP VHU FRQIHFFLRQDGDV FRP SURGXWRV ³LJQtIXJRV´ $ GHILQLomR GD URXSD GHSHQGH GR QtYHO GD HQHUJLD LQFLGHQWH FDO FPð TXH LUi RFRUUHU QR SRQWR GH WUDEDOKR FDVR RFRUUD XP DUFR HOpWULFR (P FRQIRUPLGDGH FRP D 15 D YHVWLPHQWD DGHTXDGD GHYH VHU HVSHFLILFDGD FRPR (3, H QmR FRPR XQLIRUPH 7DEHOD ± &ODVVHV GH ULVFRV ± )RQWH ZZZ IXQFRJH RUJ EU
  • 41. $739 ± $UF 7KHUPDO 3HUIRUPDQFH 9DOXH ± p XP LQGLFDGRU TXH PHGH R GHVHPSHQKR GRV WHFLGRV H FDUDFWHUL]D D URXSD GH SURWHomR FRQWUD DUFR HOpWULFR R YDORU Pi[LPR GD HQHUJLD LQFLGHQWH VREUH R WHFLGR QmR SRGH XOWUDSDVVDU MRXOHV FPð QR ODGR SURWHJLGR (VWH p R YDORU GR OLPLDU GH TXHLPDGXUD GH VHJXQGR JUDX )LJXUD ± (QHUJLD GR DUFR HOpWULFR ± )RQWH /XL] . 7RPLRVKL ,PDJHP ± /XYDV GH ERUUDFKD ± )RQWH 2ULRQ (TXLSDPHQWRV GH 3URWHomR &ROHWLYD (3& &RQIRUPH R LWHP GD 15 ³(P WRGRV RV VHUYLoRV H[HFXWDGRV HP LQVWDODo}HV HOpWULFDV GHYHP VHU SUHYLVWDV H DGRWDGDV SULRULWDULDPHQWH PHGLGDV GH SURWHomR FROHWLYD DSOLFiYHLV PHGLDQWH SURFHGLPHQWRV jV DWLYLGDGHV D VHUHP GHVHQYROYLGDV GH IRUPD D JDUDQWLU D VHJXUDQoD H D VD~GH GRV WUDEDOKDGRUHV´ &RQWLQXDQGR DLQGD QR LWHP ³$V PHGLGDV GH SURWHomR FROHWLYD FRPSUHHQGHP SULRULWDULDPHQWH D GHVHQHUJL]DomR HOpWULFD FRQIRUPH HVWDEHOHFH HVWD 15 H QD VXD LPSRVVLELOLGDGH R HPSUHJR GH WHQVmR GH VHJXUDQoD´ ( FDVR QmR SRVVD VHU DGRWDGR R LWHP DFLPD GHYHP VHU XWLOL]DGDV PHGLGDV GH SURWHomR FROHWLYD WDLV FRPR LVRODomR GDV SDUWHV YLYDV REVWiFXORV EDUUHLUDV VLQDOL]DomR VLVWHPD GH VHFFLRQDPHQWR DXWRPiWLFR GH DOLPHQWDomR EORTXHLR GR UHOLJDPHQWR DXWRPiWLFR
  • 42. 3ULPHLURV 6RFRUURV e R DX[LOLR LPHGLDWR H SURYLVyULR SUHVWDGR HQTXDQWR VH DJXDUGD DWHQGLPHQWR PpGLFR e LPSRUWDQWH TXH R VRFRUULVWD WHQKD LQLFLDWLYD H OLGHUDQoD DR DWXDU MXQWR j YtWLPD $V FKDQFHV GH VDOYDPHQWR GD YtWLPD GH FKRTXH HOpWULFR GLPLQXHP FRP R SDVVDU GH DOJXQV PLQXWRV SHVTXLVDV UHDOL]DGDV DSUHVHQWDP DV FKDQFHV GH VDOYDPHQWR HP IXQomR GR Q~PHUR GH PLQXWRV GHFRUULGRV GR FKRTXH 7DEHOD ± 7HPSRV SDUD UHDQLPDomR ± )RQWH KWWS GDOFDQWDUD YLODERO XRO FRP EU LQGH[ KWPO &XLGDGRV HVSHFLDLV FRP WUDEDOKDGRUHV DFLGHQWDGRV SRU FKRTXH HOpWULFRV VmR QHFHVViULRV FRPR SRU H[HPSOR D XWLOL]DomR GH OXYDV GH ERUUDFKD SDUD DIDVWDU D YtWLPD QmR XVDU REMHWRV PHWiOLFRV RX ~PLGRV SDUD LQWHUURPSHU XP FLUFXLWR QmR PRYHU D SHVVRD PDLV GR TXH D QHFHVVLGDGH j VXD VHJXUDQoD 5(63216$%,/,'$'(6 5HVSRQVDELOLGDGH p D REULJDomR GH UHVSRQGHU SRU DOJXPD FRLVD SRU DOJXP IDWR RFRUULGR TXH VHMD GH VXD FRPSHWrQFLD 3RGH VH HQWHQGHU UHVSRQVDELOLGDGH FRPR XP YtQFXOR VXUJLGR HQWUH SHVVRDV GHYLGR D XP HYHQWR 2 IXQGDPHQWR JHUDO GH UHVSRQVDELOLGDGH HVWi QR DUWLJR GR &yGLJR &LYLO TXH HVWDEHOHFH R GHYHU GH LQGHQL]DU DTXHOH TXH VRIUH DOJXP SUHMXt]R HP VXD HVIHUD MXUtGLFD 2EULJDomR GH UHSDUDU R GDQR RX GH UHVVDUFL OR TXDQGR LQMXVWDPHQWH FDXVDGR D RXWUHP 2 LQWHUHVVH GLUHWDPHQWH OHVDGR p R SULYDGR $ UHDomR GD VRFLHGDGH p UHSUHVHQWDGD SHOD LQGHQL]DomR 6H R SUHMXGLFDGR VH PDQWLYHU LQHUWH QHQKXPD FRQVHTrQFLD DGYLUi SDUD R DJHQWH FDXVDGRU GR GDQR
  • 43. 'H DFRUGR FRP D 15 DV UHVSRQVDELOLGDGHV TXDQWR DR FXPSULPHQWR GD QRUPD VmR VROLGiULDV DRV FRQWUDWDQWHV H FRQWUDWDGRV HQYROYLGRV e GH UHVSRQVDELOLGDGH GRV FRQWUDWDQWHV PDQWHUHP RV WUDEDOKDGRUHV LQIRUPDGRV VREUH RV ULVFRV TXH HVWDUmR H[SRVWRV LQVWUXLQGR RV TXDQWR DRV SURFHGLPHQWRV H PHGLGDV GH FRQWUROH FRQWUD RV ULVFRV HOpWULFRV D VHUHP DGRWDGRV &DEH j HPSUHVD QD RFRUUrQFLD GH DFLGHQWHV GH WUDEDOKR HQYROYHQGR LQVWDODo}HV H VHUYLoRV HP HOHWULFLGDGH SURSRU H DGRWDU PHGLGDV SUHYHQWLYDV H FRUUHWLYDV $WR /tFLWR e D PDQLIHVWDomR GH YRQWDGH FRQIRUPH D OHL $WR ,OtFLWR e D PDQLIHVWDomR GH YRQWDGH RX VXD RPLVVmR TXH VH RS}H j OHL e R DWR MXUtGLFR LOtFLWR RX DQWLMXUtGLFR &XOSD e XPD FRQGXWD SRVLWLYD RX QHJDWLYD VHJXQGR D TXDO DOJXpP QmR TXHU TXH R GDQR DFRQWHoD PDV HVWH RFRUUH SHOD IDOWD GH SUHYLVmR GDTXLOR TXH p SHUIHLWDPHQWH SUHYLVtYHO $WR FXOSRVR p SUDWLFDGR SRU 1HJOLJrQFLD e D RPLVVmR YROXQWiULD GH GLOLJrQFLD RX FXLGDGR e D IDOWD RX GHPRUD QR SUHYHQLU RX QR REVWDU GH XP GDQR ,PSUXGrQFLD &RQVLVWH QD IDOWD LQYROXQWiULD GH REVHUYkQFLD GH PHGLGDV GH SUHFDXomR H VHJXUDQoD GH FRQVHTrQFLDV SUHYLVtYHLV H TXH VH ID]LDP QHFHVViULDV QR PRPHQWR ,PSHUtFLD e D IDOWD GH DSWLGmR HVSHFLDO D KDELOLGDGH RX H[SHULrQFLD RX GH SUHYLVmR QR H[HUFtFLR GH GHWHUPLQDGD IXQomR SURILVVmR DUWH RX RItFLR 5HVSRQVDELOLGDGH &LYLO 2 QRYR FyGLJR FLYLO EUDVLOHLUR GL] QR 7tWXOR ,; GD 5HVSRQVDELOLGDGH &LYLO QR FDStWXOR , GD 2EULJDomR GH ,QGHQL]DU GL] QR DUWLJR TXH $TXHOH TXH SRU DWR LOtFLWR DUWV H FDXVDU GDQR D RXWUHP ILFD REULJDGR D UHSDUi OR ( QR SDUiJUDIR ~QLFR GL] TXH +DYHUi REULJDomR GH UHSDUDU R GDQR LQGHSHQGHQWHPHQWH GH FXOSD QRV FDVRV HVSHFLILFDGRV HP OHL RX TXDQGR D DWLYLGDGH QRUPDOPHQWH GHVHQYROYLGD SHOR DXWRU GR GDQR LPSOLFDU SRU VXD QDWXUH]D ULVFR SDUD RV GLUHLWRV GH RXWUHP
  • 44. $UW GR &yGLJR &LYLO 1mR FRQVWLWXHP DWRV LOtFLWRV , RV SUDWLFDGRV HP OHJtWLPD GHIHVD RX QR H[HUFtFLR UHJXODU GH XP GLUHLWR UHFRQKHFLGR ,, D GHWHULRUDomR RX GHVWUXLomR GD FRLVD DOKHLD RX D OHVmR D SHVVRD D ILP GH UHPRYHU SHULJR LPLQHQWH 3DUiJUDIR ~QLFR 1R FDVR GR LQFLVR ,, R DWR VHUi OHJtWLPR VRPHQWH TXDQGR DV FLUFXQVWkQFLDV R WRUQDUHP DEVROXWDPHQWH QHFHVViULR QmR H[FHGHQGR RV OLPLWHV GR LQGLVSHQViYHO SDUD D UHPRomR GR SHULJR 0DV DWR LOtFLWR p $UW GR &yGLJR &LYLO $TXHOH TXH SRU DomR RX RPLVVmR YROXQWiULD QHJOLJrQFLD RX LPSUXGrQFLD YLRODU GLUHLWR H FDXVDU GDQR D RXWUHP DLQGD TXH H[FOXVLYDPHQWH PRUDO FRPHWH DWR LOtFLWR $UW GR &yGLJR &LYLO 7DPEpP FRPHWH DWR LOtFLWR R WLWXODU GH XP GLUHLWR TXH DR H[HUFr OR H[FHGH PDQLIHVWDPHQWH RV OLPLWHV LPSRVWRV SHOR VHX ILP HFRQ{PLFR RX VRFLDO SHOD ERD Ip RX SHORV ERQV FRVWXPHV $ LQGHQL]DomR YLVD D VXEVWLWXLU SRU FLIUD HP GLQKHLUR DTXLOR TXH DSUR[LPDGDPHQWH VH FDOFXOD WHQKD VLGR R SUHMXt]R GD YtWLPD GR DWR LOtFLWR 5HVSRQVDELOLGDGH VROLGiULD p TXH FRQVLVWH QD GHOHJDomR GH VHUYLoRV RX GH WDUHIDV VHP TXH LVVR LPSOLTXH D GHVREULJDomR GH DWHQGHU jV FRQVHTrQFLDV GDV Do}HV SUDWLFDGDV SHOR VXEFRQWUDWDGR $ UHVSRQVDELOLGDGH p VROLGiULD VDOYR VH KRXYHU FXOSD H[FOXVLYD GD YtWLPD RX FDVR IRUWXLWR FRQWUDWDU EHP FXOSD LQ HOLJHQGR H ILVFDOL]DU R FXPSULPHQWR SRU SDUWH GD FRQWUDWDGD 6H HOD HVFROKHX EHP PDV QmR ILVFDOL]RX R FRQWUDWR FHOHEUDGR REURX HP QHJOLJrQFLD SRU DXVrQFLD GH YLJLOkQFLD RX GH ILVFDOL]DomR $ DomR FtYHO SRGH VHU SURSRVWD SHOD YtWLPD RX SRU VHXV GHSHQGHQWHV RX EHQHILFLiULRV &RQIRUPH LWHP GD 15 GHVWDFD VH D ³VROLGDULHGDGH´ HQWUH FRQWUDWDQWH H FRQWUDWDGR RX VHMD DPERV DVVXPHP VROLGDULDPHQWH D UHVSRQVDELOLGDGH SHOR FXPSULPHQWR GRV SUHFHLWRV GD QRUPD 3RUWDQWR R SURILVVLRQDO HP 6HJXUDQoD H 0HGLFLQD GR 7UDEDOKR EHP FRPR VXD HPSUHVD SRGHUmR VHU DFLRQDGRV YLD MXGLFLDO SRU GDQRV FDXVDGRV DR DFLGHQWDGR
  • 45. 5HVSRQVDELOLGDGH &ULPLQDO $ PDQXWHQomR GD LQWHJULGDGH ItVLFD GR WUDEDOKDGRU GHYH VHU HQFDUDGD SHOR HPSUHJDGRU FRPR IDWRU LPSUHVFLQGtYHO DR GHVHQYROYLPHQWR GD SDUFHULD QR FRQWH[WR GD HPSUHVD PRGHUQD TXH SURFXUD DJUHJDU HVIRUoRV H DFUHVFHQWDU YDORUHV SDUD VH WRUQDU FRPSHWLWLYD H YHQFHU RV GHVDILRV UHVXOWDQWHV GD JOREDOL]DomR GD HFRQRPLD 6H D UHVSRQVDELOLGDGH FLYLO DOFDQoD RV JHVWRUHV GH 5+ H GH DGPLQLVWUDGRUHV GH SHVVRDO GH IRUPD TXDVH LQGLUHWD D UHVSRQVDELOLGDGH FULPLQDO p GLUHWD (P FDVR GH PRUWH SRU DFLGHQWH GH WUDEDOKR WDLV SURILVVLRQDLV SRGHUmR YLU D VHU HQTXDGUDGRV QR &yGLJR 3HQDO DUWLJR SDUiJUDIR ž KRPLFtGLR FXOSRVR H HP FDVR GH IHULPHQWRV RX VHTHODV QR DUWLJR SDUiJUDIR ž OHVmR FRUSRUDO FXOSRVD 2 DUWLJR GR &yGLJR 3HQDO WUDWD GD H[SRVLomR DR SHULJR H SRGH VHU DUJLGR SRU HPSUHJDGR VLQGLFDWR GHIHQVRU RX SURPRWRU S~EOLFR VHPSUH TXH DV PHGLGDV SUHYLVWDV QD OHJLVODomR GH VHJXUDQoD H VD~GH RFXSDFLRQDO QmR HVWLYHUHP VHQGR FXPSULGDV SRQGR HP SHULJR D YLGD RX D VD~GH GH TXDOTXHU WUDEDOKDGRU RX SUHVWDGRU GH VHUYLoR Mi TXH D UHVSRQVDELOLGDGH SHOD ILVFDOL]DomR GR FXPSULPHQWR GDV QRUPDV OHJDLV LQFLGH VREUH R FRQWUDWDQWH SULQFLSDO $UW ± ([SRU D YLGD RX D VD~GH GH RXWUHP D SHULJR GLUHWR H HPLQHQWH 3HQD GHWHQomR GH WUrV PHVHV D XP DQR VH R IDWR QmR FRQVWLWXL FULPH PDLV JUDYH 3DUiJUDIR ~OWLPR $ SHQD p DXPHQWDGD GH XP VH[WR D XP WHUoR VH D H[SRVLomR GD YLGD RX GD VD~GH GH RXWUHP D SHULJR GHFRUUH GR WUDQVSRUWH GH SHVVRDV SDUD D SUHVWDomR GH VHUYLoRV HP HVWDEHOHFLPHQWRV GH TXDOTXHU QDWXUH]D HP GHVDFRUGR FRP DV QRUPDV OHJDLV
  • 46. &21&/86­2 $ HOHWULFLGDGH HVWi SUHVHQWH HP SUDWLFDPHQWH WRGDV DV QRVVDV DWLYLGDGHV RQGH TXHU TXH HVWHMDPRV Ki SRQWRV YLYRV H SRUWDQWR R FKRTXH HOpWULFR p XP HYHQWR KDELWXDO H PXLWDV YH]HV R UHVXOWDGR SRGH VHU IDWDO $ SURWHomR FRQWUD FKRTXHV HOpWULFRV DOpP GR FRQKHFLPHQWR WpFQLFR VmR PHLRV GH XWLOL]DomR FRPR SUHYHQomR $ PRQLWRUDomR ILVFDOL]DomR GD VLWXDomR OHJDO GH FDGD WUDEDOKDGRU p LPSRUWDQWH SDUD TXH KDMD FDGD YH] PDLV D GLVVHPLQDomR GR FXPSULPHQWR GDV QRUPDV H[LVWHQWHV QR %UDVLO $V FRQGLo}HV GH ULVFR SDUD R FKRTXH HOpWULFR VmR LQ~PHUDV DV VLWXDo}HV HQFRQWUDGDV QR FRWLGLDQR FDXVDP XP GHVFRPSDVVR HQWUH UHDOLGDGH H DV UHJXODPHQWDo}HV H QRUPDV VREUH R DVVXQWR $ FRQWULEXLomR p R GHVHQYROYLPHQWR WHFQROyJLFR D HYROXomR GD SHVTXLVD FLHQWtILFD SDUD D PLQLPL]DomR GR ULVFR IDWR HVWH FRPSURYDGR SHOR GLVSRVLWLYR '5 GLVMXQWRU UHVLGXDO SHORV VHQVRUHV GH WHQVmR FRP PHGLomR D GLVWkQFLD FRP D WHUPRJUDILD H FRP D PHGLomR GH WHPSHUDWXUD D ODVHU LPSHGLQGR TXH DFLGHQWHV IDWDLV RFRUUDP VHP FRQWUROH 9LPRV TXH D SUREDELOLGDGH GH DFLGHQWH p JUDQGH PDV TXDQGR VmR UHVSHLWDGDV DV QRUPDV H D OHJLVODomR WDQWR EUDVLOHLUD TXDQWR LQWHUQDFLRQDO LVWR WHQGH D GLPLQXLU FRQVLGHUDYHOPHQWH $ 15 WUD] JUDQGHV DYDQoRV SDUD D VHJXUDQoD H VD~GH QR WUDEDOKR HP HOHWULFLGDGH WUD] DLQGD VHJXUDQoD SDUD DV SHVVRDV WUDEDOKDGRUHV RX QmR p XP LQVWUXPHQWR YDOLRVR SDUD TXH R VHWRU VHMD UHVSHLWDGR QD HVIHUD WUDEDOKLVWD H MXUtGLFD 5HFXUVRV H RSo}HV H[LVWHP SDUD TXH WRGR R WUDEDOKR VHMD IHLWR FRP JDUDQWLD GH VHJXUDQoD DV HPSUHVDV IRUQHFHGRUDV GR VHWRU WHP HTXLSDPHQWRV GH DOWR SDGUmR D ILVFDOL]DomR p DWXDQWH H R UHVXOWDGR p D WUDQTLOLGDGH SDUD WRGD D FRPXQLGDGH 2 HPSUHHQGLPHQWR %DUUD6KRSSLQJ6XO HVWi LQVHULGR QD VRFLHGDGH GH 3RUWR $OHJUH H QmR SRGHULD VHU LQGLIHUHQWH D HVWD TXHVWmR HOHWULFLGDGH p WUDWDGD FRP SULRULGDGH SHOD HTXLSH GH JHVWmR RV TXHVLWRV H[LJLGRV SHOD 15 VmR FXPSULGRV GH IRUPD LQFLVLYD H DV IDOKDV H[LVWHQWHV GD REUDV HVWmR VHQGR FRUULJLGDV XPD D XPD
  • 47. 5()(5Ç1&,$6 %,%/,2*5È),&$6 ‡ $*Ç1&,$ 1$&,21$/ '( (1(5*,$ (/e75,&$ ± $1((/ &RQGLo}HV *HUDLV GH )RUQHFLPHQWR GH (QHUJLD (OpWULFD 5HVROXomR ‡ $662&,$d­2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 ,QVWDODo}HV HOpWULFDV GH EDL[D WHQVmR 1%5 5LR GH -DQHLUR ‡ $662&,$d­2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 (OHWULFLGDGH JHUDO 1%5 5LR GH -DQHLUR ‡ $662&,$d­2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 ,QVWDODo}HV (OpWULFDV GH 0pGLD 3RWrQFLD 1%5 5LR GH -DQHLUR ‡ %5$6,/ 0LQLVWpULR GR 7UDEDOKR 6HFUHWDULD GH 6HJXUDQoD H 0HGLFLQD QR 7UDEDOKR /HJLVODomR GH 6HJXUDQoD +LJLHQH H 0HGLFLQD GR 7UDEDOKR /HL GH H 3RUWDULD GH ‡ &5('(5 +pOLR ,QVWDODo}HV HOpWULFDV  (GLomR 5LR GH -DQHLUR /LYUR 7pFQLFR ‡ .,1'(50$11 *HUDOGR $WHUUDPHQWR (OpWULFR 3RUWR $OHJUH (GLWRUD 6DJUD '& /X]]DWWR  HGLomR ‡ 15 ,QVWDODo}HV H 6HUYLoRV HP (OHWULFLGDGH 0DQXDO GH 6HJXUDQoD H 0HGLFLQD GR 7UDEDOKR 6mR 3DXOR (GLWRUD $WODV  HGLomR ‡ 6,(0(16 3URWHomR FRQWUD RV HIHLWRV GDV FRUUHQWHV HOpWULFDV GRV FKRTXH HOpWULFR H DWHUUDPHQWRV GD LQVWDODomR GH EDL[D WHQVmR 6HPLQiULRV 7pFQLFRV %UDVLO ‡ (QGHUHoR +WWS ZZZ SRUWDOIDUPDFLD FRP EU IDUPDFLD SULQFLSDO FRQWHXGR DVS"LG GLVSRQtYHO HP ‡ (QGHUHoR +WWS ZZZ GHO XIPV EU 0DWHULDLV SGI GLVSRQtYHO HP ‡ (QGHUHoR KWWS ZZZ SUHYLGHQFLDVRFLDO JRY EU DUTXLYRV RIILFH B SGI GLVSRQtYHO HP ‡ (QGHUHoR KWWS ZZZ VHJXUDQFDHWUDEDOKR FRP EU GRZQORDG FKRTXH HOHWULFR OLDQHBGLOGD SGI GLVSRQtYHO HP