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(VVHFRQFHLWRUHSUHVHQWDQDGDPDLVGRTXHXPGHWHUPLQDGRJUXSRGHSHVVRDVQRFDVRR
SUySULR&-DVVXPLQGRVHHQTXDQWRXPDFRPXQLGDGHTXHDWXDDSUHQGHQGRHTXHDSUHQGH
DWXDQGRVHPQHFHVVDULDPHQWHGHSHQGHUGHDJHQWHVH[WHUQRVSDUDWXWRUDURXFRQGX]LUHVVH
SURFHVVR
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WRPDUHPGHFLV}HVUHODWLYDVDSURFHVVRVGHHVFROKDVHPDLQWHUIHUrQFLDGHLQGLYtGXRVHRX
RUJDQL]Do}HV GR FKDPDGR PXQGR DGXOWR 2 SULQFtSLR GR -RYHP (VFROKH -RYHP p XP
ERP H[HPSOR GH H[HUFtFLR FRWLGLDQR GR HVStULWR SURWDJ{QLFR TXH FRORFD R MRYHP QR
FHQWURGDWRPDGDGHGHFLVmRDTXDOpIHLWDSHORVSUySULRVMRYHQVHQmRSRUWHUFHLURV3DUDHVVH
SULQFtSLRVHUH[HUFLWDGRQDSUiWLFDHOHUHTXHUTXHRVMRYHQVH[SHULPHQWHPQDVVXDVSUiWL
FDVPDWXULGDGHHFDSDFLGDGHGHGHPRQVWUDomRGHTXHVmRFDSD]HVGHUHDOL]DUGHLPSOH
PHQWDUGHDJLUGHFRQVWUXLUGHID]HUDFRQWHFHUGHH[HFXWDUVHXVSURMHWRVGHLQWHUHVVH
&DEHDLQGDVDOLHQWDUTXHHVVHVSULQFtSLRVQmRSUHVVXS}HPRLVRODPHQWRGRVMRYHQVQRVHX´SUySULR
PXQGRµPDVUHVVDOWDDUHOHYkQFLDGRGLiORJRHGDSDUFHULDHQWUHHOHVHRFKDPDGR´PXQGRDGXOWRµ
1mRVHSUHWHQGHTXHHVVDUXSWXUDFRPSDUDGLJPDVWUDGLFLRQDLVFRQGX]DDXPGLVWDQFLDPHQWRGRVMR
YHQVGRVRXWURVVXMHLWRVHGDVRUJDQL]Do}HVVRFLDLVPDVTXHFRQWULEXDSDUDDFRQVWUXomRGHXPSURFHV
VRGHLQWHUDomRHGHSDUFHULD1HVVHVHQWLGRHPHUJHXPWHUFHLURSULQFtSLRTXHDSHVDUGHQmRHVWDU
H[SOLFLWDPHQWHFRORFDGRQRPRPHQWRGHFULDomRGRVFKDPDGRV&RQVHOKRV-RYHQVGH0HLR$PELHQWH
HVWHYH SUHVHQWH R WHPSR WRGR RULHQWDQGR H SHUPHDQGR HVVH SURFHVVR 7UDWDVH GR SULQFtSLR GR
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HQFRQWUDPVHGHQWURGHXPSURFHVVRKLVWyULFR4XHPHPEDUFDHPDOJXPHQJDMDPHQWR
HP SURO GD YLGD GR SODQHWD GD KXPDQLGDGH VHPSUH HVWi GH DOJXPD PDQHLUD GDQGR
FRQWLQXLGDGHD XP SURFHVVRDFXPXODGR DR ORQJRGH DQRV SRUGLYHUVDV RXWUDV SHVVRDV
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VLQ{QLPR GH LGDGH PDV FRPR HVStULWR
GH YLGD FRPSRUWDPHQWR DWLWXGH HWF
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LQRYDPHVVHSURFHVVRHQTXDQWRRVDQWLJRVSRVVXHPXPDF~PXORGHH[SHULrQFLDVTXHp
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3HQVDQGR DVVLP DV GLIHUHQWHV JHUDo}HV WrP VHPSUH DOJR D HQVLQDU H D DSUHQGHU
H HVVH GLiORJR p XP DVSHFWR IXQGDPHQWDO SDUD IRUWDOHFHU RV PRYLPHQWRV HP SURO
GRPHLRDPELHQWHHTXDLVTXHURXWUDVFDXVDV
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ODomRHGHGLiORJRFRPGLYHUVDVRUJDQL]Do}HVGHMXYHQWXGHDWXDQWHVRXQmRQDiUHDDPELHQWDO1R
GHFRUUHUGRSURFHVVRIRLGLYHUVDVYH]HVDSRQWDGRTXHRQRPHFRQVHOKRQmRUHIOHWLDRVHXYHUGDGHLUR
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PRGRJHUDO1mRVHSUHYLDDGHILQLomRGHFDUJRVQHPGHKLHUDUTXLDVQmRHUDXPHVSDoRGHUHSUHVHQ
WDomRGDMXYHQWXGHHVXDGLQkPLFDGHIXQFLRQDPHQWRWDPEpPQmRUHIOHWLDRVSUHVVXSRVWRVGHGLYHUVRV
FRQVHOKRVMiGLIXQGLGRVQDVRFLHGDGH
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FROHWLYRVDLQGDTXHRQRPHDGRWDGRIRVVHFRQVHOKR2QRPHFRQVHOKRIRLXVDGRFRPDLQWHQomRGH
DVVHJXUDUDRVMRYHQVHVSDoRHIHWLYRGHSDUWLFLSDomRVHURXYLGRDFRQVHOKDUWRPDUGHFLV}HVHLQIOX
HQFLDUQHODVWDPEpPDJLUHWUDQVIRUPDUQRVSURFHVVRVLQHUHQWHVj&RQIHUrQFLDGHPRGRTXHXPD
&RQIHUrQFLD,QIDQWR-XYHQLOQmRIRVVHLPSOHPHQWDGDDSHQDVSRUDGXOWRV
$VLWXDomRDWXDOGHVVHV&-VpDQLPDGRUDFRQWDQGRFRPSHVVRDVHQJDMDGDVHPJHUDOSHUWHQFHQWHV
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QD SHUVSHFWLYD VRFLRDPELHQWDO +i XPD SHUFHSomR JHUDO GH SRGHU FRQWULEXLU SDUD D FRQVWUXomR
GHVRFLHGDGHVVXVWHQWiYHLVFRPDFODUH]DGHTXHKiXPDORQJDFDPLQKDGDDWpTXHDOFDQFHPRV
HVVHSDWDPDU
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HFRQ{PLFDSROtWLFDFXOWXUDOHpWLFDFRQVWUXLQGRQRGLDDGLDDo}HVTXHFRQWULEXDPSDUDDPHOKRULDGDTXDOLGDGH
GHYLGDGDTXHOHORFDOHGRSODQHWDFRPRXPWRGR(QWHQGHVHTXHFDGDFRPXQLGDGHGHXPEDLUURYLODPXQLFtSLR
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HVWDGRUHJLmRSDtVGHYHFRQVWUXLUVHXVSUySULRVSDVVRVHPGLUHomRjVXVWHQWDELOLGDGHQmRKDYHQGRIyUPXODVSURQWDV
SDUDWDOHQmRVHQGRSRVVtYHOVXDUHDOL]DomRGHPDQHLUDLVRODGDHSRQWXDO
(VVHV&ROHWLYRV-RYHQVWrPXPSRWHQFLDOGHPRELOL]DomRHDUWLFXODomRGHSHVVRDVGHGHVHQYROYLPHQWR
GHDWLYLGDGHVGHWURFDGHH[SHULrQFLDVHLQIRUPDo}HVGHUHODo}HVGHDPL]DGHGLiORJRHSDUFHULD
HGHPXLWDVRXWUDVSRVVLELOLGDGHV8PDSHVTXLVDUHDOL]DGDPRVWUDGHIRUPDFRQWXQGHQWHRSHUILO
GHVVHV&-VVXDVSRWHQFLDOLGDGHVHVHXVSULQFLSDLVGHVDILRV
3HUFHEHXVHTXHDWHPiWLFDDPELHQWDOWHPXPLPSRUWDQWHSRWHQFLDOPRELOL]DGRUGHMRYHQVeIRUWHH
FUHVFHQWHRLQWHUHVVHGHMRYHQVSRUHVVDVTXHVW}HVRTXHVHUHIOHWHHPGLYHUVDVDo}HVQRVHVSDoRVRQGH
WUDQVLWDPFRPRDHVFRODREDLUURRPXQLFtSLRRSDUTXHHWF6DEHUROKDUSDUDHVVDWHPiWLFDFRPR
XPHQRUPHHVSDoRGHPXGDQoDGHYLVmRGHPXQGRHDWXDomRVRFLDOSRGHVHUXPVDOWRLPSRUWDQWHQD
FRQVWUXomRGHXPQRYRIXWXURPDLVVXVWHQWiYHOSDUDRQRVVRPXQLFtSLRHVWDGRSDtVHSODQHWD
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EUHSHUILOGRVVHXVSDUWLFLSDQWHVHQYROYLPHQWRVRFLDOVLWXDomRDWXDomRSRWHQFLDOLGDGHVHGHVDILRVGR&RQVHOKR-RYHP
2VUHVXOWDGRVGHVVDSHVTXLVDSRGHPVHUDFHVVDGRVQDVSiJLQDV
ZZZPPDJRYEUSRUWVGLHDVLEHDLQGH[FIPREVGHVoDDEDUUDGHURODJHPHDFHVVHR5HODWyULRGD3HVTXLVDQR
FDQWRLQIHULRUHVTXHUGRGDWHOD
ZZZPHFJRYEUVHFDGDFHVVHHP´'HVWDTXHVµGRODGRGLUHLWRGDWHODRGRFXPHQWR´5HVXOWDGRVGD3HVTXLVDµ
3RUILPDFULDomRHRIRUWDOHFLPHQWRGH&ROHWLYRV-RYHQVGH0HLR$PELHQWHpLPSRUWDQWHSRUTXH
FRQWULEXL SDUD PRELOL]DU HHQJDMDU MRYHQV QXPD iUHD LPSRUWDQWH TXH YHPVH WRUQDQGR
HVVHQFLDOSDUDDPDQXWHQomRGDVGLIHUHQWHVIRUPDVGHYLGDTXHFRPSDUWLOKDPRSODQHWDH
SDUDDPHOKRULDGDTXDOLGDGHGHYLGDGHWRGRV
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FRPSOH[D LGHQWLILFDQGR GLIHUHQWHV IRUPDV GH DWXDUHP LQGLYLGXDO H FROHWLYDPHQWH SDUD
FRQGX]LODSDUDSDWDPDUHVPDLVMXVWRVHVXVWHQWiYHLV
DPSOLDDLQWHUDomRHDFRPXQLFDomRHPUHGHGHMRYHQVHRUJDQL]Do}HVGHGLIHUHQWHVORFDLV
PXQLFtSLRV HVWDGRV UHJL}HV H SDtVHV IDFLOLWDQGR D YLVXDOL]DomR GH TXH D WHPiWLFD
VRFLRDPELHQWDOVHFRQILJXUDQXPDGLVFXVVmRJOREDODWXDOHTXHHQYROYHYLV}HVGLIHUHQWHVH
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PXLWDVYH]HVFRQWUDGLWyULDVHFRQIOLWXRVDV
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QHVVDiUHDDPSOLILFDQGRVXDYR]HVHXSRGHUGHWUDQVIRUPDomR
DPSOLDSHUVSHFWLYDVHRSRUWXQLGDGHVGHDWXDomRTXDOLILFDGDGHQRYRVSURILVVLRQDLVFRP
XPDYLVmRLQWHJUDGDGDVXVWHQWDELOLGDGHHPWRGDVDViUHDV
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#OMO/RGANIZAR0ARTICIPARE
&ORTALECERUM#OLETIVO
1HVWH LWHP YDPRV VXJHULU DOJXQV SDVVRV LQLFLDLV H LPSRUWDQWHV SDUD RULHQWDU SHVVRDV H
RUJDQL]Do}HVGHMXYHQWXGH TXHGHVHMDP FULDURX IRUWDOHFHU&ROHWLYRV-RYHQV GH0HLR $PELHQWH
(VVHVFROHWLYRVSRGHPVHUSHQVDGRVSDUDGLIHUHQWHVFRQWH[WRVHDEUDQJrQFLDVHQJOREDQGRYLODVEDLU
URVFRPXQLGDGHVPXQLFtSLRVGLVWULWRVHHVWDGRV6mRGLPHQV}HVLPSRUWDQWHVQmRQHFHVVDULDPHQWH
VHTHQFLDLVSRGHQGRVHU LPSOHPHQWDGDVGH DFRUGRFRP GLIHUHQWHVUHDOLGDGHVH FRQWH[WRV6DEH
PRVDLQGDTXHKiRXWUDVGLPHQV}HVHTXHVW}HVSRVVtYHLVHTXHHVWHPDQXDOQmRSUHWHQGHHVJRWDUR
DVVXQWRPDVDSHQDVFRQWULEXLUSDUDRWHPD
2HVTXHPDD VHJXLUDMXGDD YLVXDOL]DUWRGDVHVVDV GLPHQV}HVDV TXDLV VHUmRWUDWDGDV XPDDXPD
QHVWHLWHP
D$XWRSHUFHSomR
3ULPHLUR p SUHFLVR TXH FDGD SHVVRD VH SHUFHED FRPR XP VXMHLWR TXH WUD] FRQVLJR XPD VpULH
GH VRQKRV YRQWDGHV DWLWXGHV LQWHUHVVHV HWF 8P H[HUFtFLR LQWHUHVVDQWH p PHUJXOKDU HP VL
SUySULRHSHUFHEHUTXH SRGHPRVFRPSDUWLOKDGDUFRPRXWUDV SHVVRDVTXHSRGHPRV SHQVDUHP
FRLVDV VHPHOKDQWHV HXQLU HVIRUoRV SDUD FRORFDU HPSUiWLFD HVVHV VRQKRV H LQWHUHVVHV3DUDLVVR
DFRQWHFHUpSUHFLVRVHFRQKHFHUHWHUFODUH]DGHRQGHVHTXHUFKHJDURTXHQRVOHYDDTXHVW}HV
LPSRUWDQWHVFRPR

4XDLVVmRRVPHXVLQWHUHVVHVHYRFDo}HV"
4XDLVRVSRQWRVTXHPHID]HPUHODFLRQDUFRPRVVRQKRVHLQWHUHVVHVGHRXWUDVSHVVRDV
(PTXDLVWHPDVDVVXQWRVHLGpLDVHXFRPSDUWLOKRSHQVDPHQWRVFRPRXWUDVSHVVRDV"
3RGHVHID]HUDVPHVPDVSHUJXQWDVXVDQGRRPHVPRSHQVDPHQWRSDUDTXHXPDHQWLGDGH
RUJDQL]DomRRXJUXSRGHMXYHQWXGHSDUWLFLSHGHXPFROHWLYRRTXHQRVID]UHDO]LRQDUPRV
FRPRXWURVJUXSRV"&RPRSRGHPRVLGHQWLILFDULQWHUHVVHVHPPRYLPHQWRVTXHSRGHPSRWHQ
FLDOL]DURVQRVVRVLGHDLV"
3HUFHELGRRLQWHUHVVHSHODWHPiWLFDVRFLRDPELHQWDOILFDPDLVIiFLOVHJXLUPRVDGLDQWHQRGLiORJRFRP
RXWUDVSHVVRDVHRUJDQL]Do}HVEXVFDQGRFRQVWUXLUSDUFHULDVFRPHHQWUHHODV
E)RUPDomRGR&ROHWLYR
3DUDVHRSWDUSHODIRUPDomRGHXPQRYR&ROHWLYR-RYHPGH0HLR$PELHQWHpLPSRUWDQWHHQWUDU
HPFRQWDWRFRPRVFROHWLYRVMiH[LVWHQWHVHPWRGRVRV(VWDGRVDOpPGHFRQWDWDURXWURVJUXSRVHRU
JDQL]Do}HVTXHMiWUDEDOKDPFRPDTXHVWmRDPELHQWDOQRFDVRGHRXWUDVRUJDQL]Do}HVVHUiTXHHODV
WrPDWXDomRFRPMXYHQWXGH"2TXHHVVDVRUJDQL]Do}HVID]HPTXHPSDUWLFLSDGHODVTXDLVVmRVHXV
REMHWLYRV"6mRSHUJXQWDVTXHSRGHPPHDMXGDUDHVFROKHUSHODDGHVmRDFROHWLYRVMiH[LVWHQWHVHRXD
IRUPDomRGHXPQRYRFROHWLYR
6XSHUDGRHVVHPDSHDPHQWRHFRPDFODUH]DGHTXHVHSUHWHQGHFRQVWLWXLUXPJUXSRQRYRSRGHVH
HQWmRODQoDUPmRGHDOJXQVFDPLQKRV
LGHQWLILFDomRGHLQWHUHVVDGRVQRWHPDMiGL]LDRSRHWD5DXO6HL[DVTXHR´VRQKRTXHVH
VRQKDVypVyXPVRQKRPDVRVRQKRTXHVHVRQKDMXQWRpUHDOLGDGHµID]HQGRQRVSHUFHEHU
TXH Ki RXWUDV SHVVRDV TXHFRPSDUWLOKDP VRQKRV FRPRRV QRVVRV (ODVVmR DV SRWHQFLDLV
SDUFHLUDVGHDo}HVFRQMXQWDV
FDPLQKRVHPDQHLUDVGHPRELOL]DomRFRPTXHPFRRSHUDU"2QGHHQFRQWUDURXWURVMRYHQV
RX JUXSRV TXH SRGHP VH LQWHUHVVDU" &RPR VH HQFRQWUDU FRPR PRELOL]DU" +i GLYHUVDV
PDQHLUDVGHPRELOL]DUSHVVRDVYHMDPRVDOJXPDVGHVVDVSRVVLELOLGDGHV
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eSUHFLVRILFDUDWHQWRTXHTXDOTXHUIRUPDGHPRELOL]DomRpWDPEpPXPDPDQHLUDGHH[SUHVVmRRX
VHMDGHFRPXQLFDUSDUDDVRFLHGDGHRTXHVHSUHWHQGH$PRELOL]DomRGHSHVVRDVSDUDRFROHWLYR
GHYHVHUHQFDUDGDDSHQDVFRPRXPPHLRSDUDVHFKHJDUDRVREMHWLYRVHHVVDFRPXQLFDomRSRGH
UHIRUoDUDVILQDOLGDGHVGRJUXSRHVHXVLQWHUHVVHVGHWUDQVIRUPDomRVRFLRDPELHQWDO
0RELOL]DU
eFRQYRFDUYRQWDGHVSDUDDWXDUQDEXVFDGHXPSURSyVLWRFRPXPVREDLQWHUSUHWDomRHXPVHQWLGRWDPEpPFRPSDU
WLOKDGRV0RELOL]DUHQWmRpDQWHVGHWXGRXPDWRGHOLEHUGDGHeWDPEpPXPDWRGHSDL[mRHGHSUHFLVmR1mRVH
FRQYRFDSDUDTXDOTXHUFRLVDYDJDHQmRVHID]GHPDQHLUDLVRODGDPDVVLPFRPSDUWLOKDGD6HQGRDVVLPpWDPEpPXP
DWRGHFRPXQLFDomR%HUQDUGR7RUR
(VVDDomRGHPRELOL]DomRFRQWULEXLQmRVySDUDDWUDLUPHPEURVSDUDDFRQVWLWXLomRGRFROHWLYRFRPR
WDPEpPSDUDDWUDLUQRYRVPHPEURVDFROHWLYRVMiH[LVWHQWHV6mRSHVVRDVTXHWRPDPFRQKHFLPHQWR
GDH[LVWrQFLDGRJUXSRFRPSDUWLOKDPRWHPDHVHHQJDMDPQDVXDDWXDomR$RVHSHQVDUDo}HVGH
PRELOL]DomRHGHILQLURVPHLRVGHID]rODVGHYHVHQHFHVVDULDPHQWHWHUFODUH]DGHLQIRUPDo}HVEiVL
FDVFRPR
2TXHpHVWHFROHWLYR"3DUDTXrHOHVHUYH"&RPTXHHOHDWXD"4XDLVVmRVHXVREMHWLYRV"
4XHPID]SDUWHGHOH"4XDORSHUILOGRVVHXVSDUWLFLSDQWHV"
79
´ERFDDERFDµ
FDUURGHVRP
DQ~QFLRVMRUQDO
VLWHHPDLOHRXWUDV
FRPXQLFDo}HVYLUWXDLV
WHOHIRQH
UiGLR
SURMHWRVFDPSDQKDV
HYHQWRVHWF

(VVDVTXHVW}HVVmRIXQGDPHQWDLVLQFOXVLYHSDUDRJUXSRFODUHDURXWUDVTXHVW}HVFRPR
3RU TXH PRELOL]DU PDLV JHQWH SDUD R JUXSR" 4XHUHPRV PRELOL]DU SHVVRDV RUJDQL]Do}HV
RXDPERV"
2 TXH IDUHPRV FRP D FKHJDGD GH QRYDV SHVVRDV TXH ILFDUDP LQWHUHVVDGDV FRP QRVVD
PRELOL]DomR"7HPRVHVWUDWpJLDVGHDFROKLPHQWRGHQRYRVSDUWLFLSDQWHV"
e SUHFLVR WDPEpP SHUFHEHU GXDV LPSRUWDQWHV GLPHQV}HVUHODFLRQDGDV j FRQFHSomR GRV &ROHWLYRV
-RYHQVGH0HLR$PELHQWHHTXHSRGHPIDFLOLWDUQDGLVFXVVmRGDVHVWUDWpJLDVGHPRELOL]DomRTXHVmR
OHPEUDUTXHDTXHVWmRDPELHQWDOHQYROYHP~OWLSODVGLPHQV}HVHTXHSRUWDQWRVHDUWLFXOD
 FRPRXWUDViUHDV H WHPDV FRPR FXOWXUD DUWH WXULVPR DJULFXOWXUD GHVHQYROYLPHQWRHWF
 'HVVDIRUPDDR VHSHQVDUHP PRELOL]DomRGHSHVVRDV HRUJDQL]Do}HVILTXH DWHQWRSDUD
 DPSOLDU HVVD FKDPDGD D RUJDQL]Do}HV GLYHUVDV QmR VRPHQWH DTXHODV FODUDPHQWH HQYRO
 YLGDV FRP D TXHVWmR DPELHQWDO SRUTXH FHUWDPHQWH PXLWDV GHODV Mi WrP DOJXQV WUDED
 OKRVQHVVDiUHDWrPLQWHUIDFHVRXWrPLQWHUHVVHHPDWXDUFRPHOD

 UHWRPDU RV SULQFtSLRV -RYHP (GXFD -RYHP -RYHP (VFROKH -RYHPH8PD *HUDomR
 $SUHQGHFRPD2XWUDDQWHULRUPHQWHHQXQFLDGRVQHVWHPDQXDO$TXHVWmRFHQWUDOpDGH
 TXHHVVHFROHWLYRVHMDHIHWLYDPHQWHGHMRYHQVHPTXHRVSUySULRVSDUWLFLSDQWHVGLVFXWDP
 DVDo}HVGHLQWHUHVVHGHILQDPFRPRDWXDUHWRPHPWRGDVDVGHFLV}HVUHODFLRQDGDVDRVHX
 IXQFLRQDPHQWR ,VVR QmR SUHVVXS}H LVRODPHQWR PDV UHIRUoD D QHFHVVLGDGH GR GLiORJR
 HQWUH DV JHUDo}HV UHFRQKHFHQGR RV DF~PXORV H DV H[SHULrQFLDV GDV SHVVRDV TXH VmR
 ´MRYHQVKiPDLVWHPSRµ
4XDQGRHQWmRVHUHDOL]DPDo}HVHIHWLYDVGHPRELOL]DomRSDUDDFRQVWLWXLomRGRFROHWLYRSHUFHEHVH
TXHpSUHFLVRUHGLVFXWLUTXHVW}HVLQWHUQDVTXHUHPHWDjLGHQWLGDGHGRJUXSRDVTXDLVYLVXDOL]DPRV
FRPRVHQGRRSDVVRVHJXLQWHUHODWLYRDDo}HVGH3ODQHMDPHQWR,QWHUQR
F3ODQHMDPHQWR,QWHUQR
+iGRLVJUDQGHVQtYHLVGH3ODQHMDPHQWRLQWHUQRTXHWUDWDUHPRVQHVWHWySLFRXPHQYROYHQGRTXHVW}HV
PDLVDPSODVHGHQDWXUH]DSROtWLFDGRFROHWLYRFRPRVXDPLVVmRREMHWLYRViUHDGHDWXDomRHWFHR
RXWURPDLVUHODFLRQDGRjVDo}HVHUHDOL]Do}HVGRGLDDGLDGRFROHWLYRSURMHWRVDo}HVPHWDVFURQR
JUDPDVHWF$PERVVmRLPSRUWDQWHVHVWmRLQWHUOLJDGRVHQWUHVLHQHFHVVLWDPDYDOLDo}HVFRQVWDQWHV
SDUDOKHVGDUQRomRGHUHDOLGDGHRXVHMDUHDGHTXiORVTXDQWDVYH]HVIRUHPQHFHVViULDVGHDFRUGR
FRPDGLQkPLFDFRWLGLDQDGRFROHWLYRDRVIDWRUHVH[WHUQRVHjFRQMXQWXUDTXHLQWHUIHUHQDDomRGR
JUXSR$ERUGDUHPRVWDPEpPTXHVW}HVUHODWLYDVjDYDOLDomRQHVWHLWHP
eLPSRUWDQWHOHPEUDUTXHKiGLIHUHQWHVGLPHQV}HVGR3ODQHMDPHQWR,QWHUQRHQYROYHQGRGHVGHD
PLVVmRHRVREMHWLYRVGRFROHWLYRSDVVDQGRSHORSODQRGHDWLYLGDGHVHLQFOXLQGRDTXHVWmRGDFRPX
QLFDomRLQWHUQDHH[WHUQD7RGDVHVVDVDWLYLGDGHVRXFDPSRVGHDWXDomRGHYHPHVWDUOLJDGRVUHODFLR
QDQGRVHHQWUHVL
3ROtWLFD
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TXHSROtWLFDpDDUWHGRSRVVtYHOPDVpLPSRUWDQWHSHUFHEHUTXHIDODUGHSROtWLFDpPXLWRPDLVDPSORGRTXHIDODUGH
SDUWLGRVSROtWLFRVHGHHOHLo}HV3DVVDSRUDVVXPLUPRVTXHVRPRVSHVVRDV´QmRQHXWUDVµQRPXQGRHTXHQRVSRVLFLRQD
PRVSROLWLFDPHQWHGHPDQHLUDFODUDRXVHPSHUFHEHURWHPSRWRGR)D]HPRVLVVRTXDQGRHVFROKHPRVGHWHUPLQDGR
SURGXWRFRPRFRQVXPLGRUHVTXHVRPRVTXDQGRHVWDPRVHQYROYLGRVHPDo}HVGHHQJDMDPHQWRVRFLDOHHPPXLWDV
RXWUDVVLWXDo}HV
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F3ODQHMDPHQWR0DFUR²SUHVVXS}HDGLVFXVVmRHDGHILQLomRGHTXHVW}HV
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$OJXQVFKDPDP WDPEpPGH DQiOLVH FRQMXQWXUDOHOD UHPHWHD TXHVW}HV PDLVDPSODV TXH
HVWmR´DFLPDµGDVQRVVDVFDEHoDV2XVHMDpLPSRUWDQWHLGHQWLILFDURVHOHPHQWRVTXHFRQ
ILJXUDPHVVDVLWXDomRQDTXDOHVWiVHLQVHULQGREXVFDQGRROKDUSDUDDiUHDTXHVHSUHWHQGH
DWXDURTXHYHPVHQGRIHLWRQHODTXDLVRVDYDQoRVFRQTXLVWDVHGLILFXOGDGHVTXDLVRVDWRUHV
TXHYrPWUDEDOKDQGRHFRPRLVVRYHPVHQGRIHLWR
2EMHWLYRVFRPXQVILQDOLGDGHVPLVVmR
+iGLIHUHQWHVYLV}HVVREUH HOHV(PJHUDOWUDEDOKDVHFRPREMHWLYRV JHUDLVTXHVmRPDLV
DPSORVHPDLVRXVDGRVHSRGHPWUD]HUFRQVLJRDOJXQVREMHWLYRVHVSHFtILFRVTXHVmRPDLV
GHWDOKDGRV H GHYHP WHU UHODomR FRP RV SULPHLURV $OJXQV HQWHQGHP TXH D PLVVmR GH
TXDOTXHU RUJDQL]DomR QDGD PDLV p GR TXH VHXV REMHWLYRV HVFULWRV GH PDQHLUD EHP
UHVXPLGDGHL[DQGR FODURHP SRXFDV OLQKDVSDUD TXrD RUJDQL]DomR H[LVWH(VWi SUHVHQWH
QHVWHLWHPWDPEpPDGLVFXVVmRDUHVSHLWRGDVILQDOLGDGHVVRFLRDPELHQWDLVGDRUJDQL]DomR
RXVHMDHPTXHHODFRQWULEXLSDUDDVRFLHGDGHHPWHUPRVVRFLDLVSROtWLFRVHDPELHQWDLV
PDLVDPSORV3DUDSHUFHEHUWXGRLVVRpLPSRUWDQWHVDEHUIRUPXODUSHUJXQWDVRULHQWDGRUDV
FRPRHVWDV
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(OHSUHWHQGHPRGLILFDUDOJXPDVLWXDomRRXUHYHUWHUDOJXPSUREOHPD"
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ILQV TXDQWR FRP VXDV iUHDV PHLR 1R FDVR GR &ROHWLYR -RYHP GH 0HLR $PELHQWH
SRGHVHLGHQWLILFDUiUHDVFXMDH[LVWrQFLDHVWiUHODFLRQDGDDRWUDEDOKDU´SDUDGHQWURµGDRUJD
QL]DomR FRPR SRU H[HPSOR IRUPDomRGR JUXSR FRPXQLFDomRLQWHUQD RUJDQL]DomR GR
HVSDoRVHGH HWF 7UDEDOKDU ´SDUD GHQWURµ QmR VLJQLILFD WUDEDOKDU VRPHQWH GHQWUR GD
RUJDQL]DomRSRGHHQYROYHUWDPEpPDo}HVTXHRFRUUHPIRUDGDRUJDQL]DomRHSUHVVXS}HD
SRVWXUDGH´MRJDUSDUDRWLPHµ2XVHMDVLJQLILFDTXHHVVDDomRDMXGDD´ID]HURPHLRGH
FDPSRµLGHDOSDUDTXHDRUJDQL]DomRDWXHSDUDDOFDQoDUVHXVREMHWLYRVHFXPSULUVXDPLVVmR
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+i WDPEpP Do}HV ILQV RX VHMD DTXHODV TXH FRQWULEXHP SDUD TXH GLUHWDPHQWH D RUJDQL]DomR
DOFDQFHVHXVREMHWLYRV7DPEpPDWXDPGHQWURHIRUDGRHVSDoRGDRUJDQL]DomRHHVWmRPDLVSUHRFX
SDGDVHP´ID]HURVJROVµGRTXHHPDWXDUQR´PHLRGHFDPSRµ%XVFDPSHQVDUHLPSOHPHQWDU
Do}HVTXHWrPPDLRUSRWHQFLDOGHLPSDFWDUSRVLWLYDRXQHJDWLYDPHQWHDVRFLHGDGHHSRUWDQWRD
SUySULDRUJDQL]DomR
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SHUFHEHUGLYLV}HVHHVSHFLILFLGDGHVQRWUDEDOKRpLPSRUWDQWHSDUDGHVPLVWLILFDURFKDYmRGR´WRGR
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1~FOHRVGH$omRFRPIXQo}HVHDo}HVGH
0RELOL]DomR SUHRFXSDGR HP PRELOL]DU PDLV PHPEURV RX GHWHUPLQDGR S~EOLFR
HVWUDWpJLFRSDUDXPDDomRRXXPSURMHWRTXHR&ROHWLYR-RYHPHVWHMDDWXDQGR(VWH
Q~FOHRH[LJHGHVHQYROWXUDHQHUJLDHXPDERDJDPDGHFRQWDWRVFRPSHVVRDV
HRUJDQL]Do}HV
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SDUFHLURV6XDIXQomRpHVWDUHPSHUPDQHQWHFRQWDWRFRPRXWUDVRUJDQL]Do}HVSDU
FHLUDVSRWHQFLDLVFRODERUDGRUDVHVWUDWpJLFDVGDtVHXQRPHWDPEpPSRGHYDULDUSDUD
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FRPSHVVRDVHRUJDQL]Do}HVHQHFHVVLWDGHXPDERDDQiOLVHGDVLWXDomRRTXH
SRGHDMXGDUQDLGHQWLILFDomRGHRSRUWXQLGDGHVHVWUDWpJLFDVRX´EDUFDVIXUDGDVµ
(ODERUDomRGH3URMHWRVHVWHQ~FOHRSRGHVHULQFOXtGRGHQWURGRQ~FOHRDQWHULRUVHR
REMHWLYRGHHODERUDUSURMHWRVVHMDDSHQDVSDUDFRQVHJXLUSDUFHLURVRXUHFXUVRV(OH
SRGHVHUXPQ~FOHRGLVWLQWRVHVHXIRFRIRUDFRQVWUXomRGHSURMHWRVTXHR&ROHWLYR
-RYHPSUHWHQGHGHVHQYROYHUSUHIHUHQFLDOPHQWHFRPRSURMHWRSUySULRTXHRFROHWLYR
FRPRXPWRGRDYDOLRXLQWHUHVVDQWHLPSOHPHQWDU(VWHQ~FOHRH[LJHERDFDSDFLGDGH
GHHVFULWDQRo}HVGHFRQVWUXomRGHRUoDPHQWRVHGHFURQRJUDPDV
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IXQGDPHQWDO(VWDEHOHFHUXPQ~FOHRTXHSHQVHHPIRUPDVGHIDFLOLWDURIOX[RGH
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LQIRUPDo}HVHQWUHRVSDUWLFLSDQWHVGRFROHWLYRMipXPDLPSRUWDQWHDomR+iGLYHU
VDVIRUPDVGHID]rORFRPROLVWDVGHGLVFXVVmRGDLQWHUQHWUHODomRGHFRQWDWRVGRV
PHPEURVPXUDOHWFHRQ~FOHRSRGHH[SHULPHQWiODVHPGLIHUHQWHVVLWXDo}HVR
TXHSRGHVHULQWHUHVVDQWHSDUDRJUXSR(VWHQ~FOHRH[LJHERDFDSDFLGDGHGHFRPX
QLFDomRHDJLOLGDGHSDUDFLUFXODUDVLQIRUPDo}HVGHIRUPDUiSLGDHSUHFLVDDWRGRV
RVLQWHUHVVDGRV
'LYXOJDomRVHULDDDomRGRJUXSRDQWHULRUYROWDGDSDUDIRUDGRFROHWLYR$OJXPDV
RUJDQL]Do}HVFKDPDPHVWHVHWRUGHDVVHVVRULDGHLPSUHQVDHRSWDQGRSRUHVWHRX
SRURXWURQRPHMiQRVGiXPDLGpLDGRIRFRGHVWHQ~FOHR(VWHQ~FOHRH[LJHKDELOL
GDGHHPHODERUDomRGHQRWtFLDVHERDDUWLFXODomRFRPDVGLIHUHQWHVPtGLDV
(YHQWRV HPERUD XP HYHQWR SRVVD VHU SHUFHELGR FRP XP SURMHWR GH DomR GR
FROHWLYRHOHWHPXPDVpULHGHSDUWLFXODULGDGHVTXHSRGHPPHUHFHUDIRUPDomRGH
XP Q~FOHR TXH SHQVH H DJLWH WXGR LVVR 8PD TXHVWmR HVVHQFLDO QD RUJD
QL]DomR GH TXDOTXHU HYHQWR p VHP G~YLGD D ORJtVWLFD WUDQVSRUWH GH FRQYL
GDGRVSDVVDJHQVODQFKHHTXLSDPHQWRVHWF(VWHQ~FOHRH[LJHPXLWDHQHUJLDH
GLVSRVLomRSDUDUHVROYHUVLWXDo}HVLQHVSHUDGDVHKDELOLGDGHHPOLGDUFRPSHVVRDVH
TXHVW}HVYDULDGDV
)RUPDomR H (VWXGRV XP Q~FOHR SUHRFXSDGR HP DSURIXQGDU FRQFHLWRV GHEDWHU
DVVXQWRVDWXDLVHVWXGDUHUHIOHWLUFRQMXQWDPHQWHSRGHVHUXPDERDRSomRDRJUXSR
$R ORQJR GD FDPLQKDGD GR JUXSR SHUFHEHVH D QHFHVVLGDGH GH HVWXGRV H GH
IRUPDomRWDQWRGRJUXSRTXDQWRGRVVHXVPHPEURV+iYiULDVIRUPDVGHID]rORH
HVWH Q~FOHR SRGH SHQVDU H RUJDQL]DU LVVR H[LJLQGR ERD OHLWXUD GH WH[WRV
GH IRQWHV YDULDGDV H SHUFHSomR SDUD TXHVW}HV H VLWXDo}HV DWXDLV ORFDLV H
JOREDLV
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6HFUHWDULD([HFXWLYDHVWHVHULDRQ~FOHRUHVSRQViYHOSRU´FDUUHJDURSLDQRµHVHUR
´PDHVWURµGHVWDRUTXHVWUDeRQ~FOHRTXHDWXDSDUDDJLOL]DURIXQFLRQDPHQWRJHUDO
GRFROHWLYRVHSUHRFXSDQGRFRPDDUWLFXODomRFRPRVGHPDLVQ~FOHRV0XLWRVFRQ
IXQGHPD6HFUHWDULD([HFXWLYDFRPRVHQGRRHVSDoRUHVSRQViYHOSRUWRPDUWRGDVDV
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GHFLV}HVHDSHQDVFRPXQLFiODVDRVGHPDLV1mRYHPRVSRUDtPDVVLPFRPRR
HVSDoRTXHDWXDSDUDDJLOL]DUVHPDWURSHODUHIDFLOLWDUVHPHQURODUDJHVWmRGR
FROHWLYRFRPRXPWRGR
$WHQomR
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2LPSRUWDQWHpWHQWDUSHUFHEHUTXHWRGRVHVVHVQ~FOHRVVmRLPSRUWDQWHVVHHVWLYHUHPLQVHULGRVHPIRUPDVGH
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