UNIVERSIDADE FEDERAL DE ALAGOAS FACULDADE DE ARQUITETURA E URBANISMO PROGRAMA DE PÓS-GRADUAÇÃO EM ARQUITETURA E URBANISMO MESTRADO EM DINÂMICAS DO ESPAÇO HABITADO

214 

Full text

(1)

UNIVERSIDADE FEDERAL DE ALAGOAS FACULDADE DE ARQUITETURA E URBANISMO

PROGRAMA DE PÓS-GRADUAÇÃO EM ARQUITETURA E URBANISMO MESTRADO EM DINÂMICAS DO ESPAÇO HABITADO

CRISTINE GONÇALVES DE CASTRO

Relações de Poder no Complexo Fabril Têxtil de Rio Largo: identificando inter-relações socioespaciais

(2)

CRISTINE GONÇALVES DE CASTRO

Relações de Poder no Complexo Fabril Têxtil de Rio Largo: identificando inter-relações socioespaciais

Dissertação de mestrado apresentada ao Programa de Pós-Graduação em Arquitetura e Urbanismo da Faculdade de Arquitetura e Urbanismo da Universidade Federal de Alagoas, como requisito para a obtenção do grau de Mestre em Arquitetura e Urbanismo.

Orientadora: Profa. Dra. Josemary Omena Passos Ferrare.

Co-orientadora: Profa. Dra. Suzann Flavia Cordeiro de Lima.

(3)

Catalogação na fonte

Universidade Federal de Alagoas

Biblioteca Central

Divisão de Tratamento Técnico

Bibliotecária Responsável: Helena Cristina Pimentel do Vale

C355r Castro, Cristine Gonçalves de

Relações de poder no complexo fabril têxtil de Rio Largo : identificação inter-relações socioespaciais / Cristine Gonçalves de Castro. – 2015.

211 f. : il.

Orientadora: Josemary Omena Passos Ferrare. Coorientadora: Suzann Flavia Cordeiro de Lima.

Dissertação (Mestrado em Arquitetura e Urbanismo : Dinâmicas do Espaço Habitado) – Universidade Federal de Alagoas. Faculdade de Arquitetura e Urbanismo. Maceió, 2015.

Bibliografia: f. 185-190. Apêndices: f. 191-206.

Anexos: f. 207-211.

1. Rio Largo (AL) – Historiografia. 2. Relações de poder. 3. História oral. I. Título.

(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)

,1752'8d­2

(VWDGLVVHUWDomRLQWLWXODVH5HODo}HVGH3RGHUQR&RPSOH[R)DEULO7r[WLO GH5LR/DUJRLGHQWLILFDQGRLQWHUUHODo}HVVRFLRHVSDFLDLV(ODWHYHFRPRHVSDoR GH HVWXGR R SHUtPHWUR XUEDQRDUTXLWHW{QLFR UHPDQHVFHQWH GD LQG~VWULD Wr[WLO GR PXQLFtSLRGH5LR/DUJR$ODJRDVLQVWDXUDGRHPILQVGRVpFXOR;,;HFRPDSRJHX HP PHDGRV GR VpFXOR ;; (P VHX DUUDQMR HVSDFLDO UHVHUYDPVH LPSRUWDQWHV HGLILFDo}HV VHFXODUHV GR FRQWH[WR IDEULO FRPR SRU H[HPSOR DV UXtQDV UHPDQHVFHQWHV GDV IiEULFDV 3URJUHVVR H &DFKRHLUD XPD YLOD RSHUiULD FRP HGLILFDo}HVUHVLGHQFLDLVRGHSDUWDPHQWRGHVD~GHRFOXEHFRPRFDVVLQRH DVLJUHMDVHVFRODVFUHFKHFLQHPDHTXLSDPHQWRVXUEDQRVHQWUHRXWURVFRQVLVWLQGR DVVLPDVFDUDFWHUtVWLFDVGHXPQ~FOHRXUEDQL]DGR

,QYHVWLJDU HVVH FRPSOH[R IDEULO p XPD IRUPD GH REWHU PDLV GDGRV SDUD D KLVWRULRJUDILD GH $ODJRDV FRPR WDPEpP RIHUHFHU DR PXQLFtSLR ULRODUJXHQVH PDLV UHJLVWURVGRTXHRPHLRIDEULOIRLSDUDDVRFLHGDGHORFDOSHUSDVVDQGRSHODFXOWXUD UHPHPRUDGD GR ILDU WHFHU H FRPHUFLDOL]DU DWp FKHJDU DRV UHWRUQRV GHVVH IXQFLRQDPHQWR SDUD D IRUPDomR VRFLDO GD pSRFD &RQIRUPH VHUi DSUHVHQWDGR D OLWHUDWXUDVREUHRVSURFHVVRVLQGXVWULDLVWr[WHLVGHVVHORFDODSHQDVWRPDUDP PDLRU SURSRUomR QRV ~OWLPRV FLQFR DQRV 'RV WULQWD H FLQFR DQRV TXH VH VXFHGHUDP GR FRPSOHWR IHFKDPHQWR GH VXDV XQLGDGHV GHSURGXomR WDOYH] QmR VHMD SRVVtYHO WHU JUDQGHVH[SHFWDWLYDVGHHQFRQWUDUSHUVRQDJHQVGRODERUWr[WLOSDUDUHIHUHQGDUVXD KLVWyULD

$IRUPDomRLQLFLDOGHVVHFRPSOH[RIDEULOVHGHXTXDQGR5LR/DUJRHUDDLQGD XPSRYRDGRGH6DQWD/X]LDGR1RUWHTXHVHJXQGR0HQGRQoDDJORPHUDYD 6DWXED H 5LR /DUJR FRQWLQXDPHQWH H VmR HVVHV WUrV PXQLFtSLRV YLVXDOL]DGRV FDUWRJUDILFDPHQWHQDILJXUD$GLVSRVLomRGHVVHVWUrVORFDLVWUDQVFRUUHDWpILQV GHTXDQGRRSRYRDGR5LR/DUJRpHOHYDGRSRUGHFUHWRHVWDGXDODPXQLFtSLR 1HVVD pSRFD R FRPSOH[R DVVLVWLD VHXV SHUtRGRV iXUHRV GH SURGXomR H HYROXomR HVSDFLDO VHJXQGR GDGRV GR ,QVWLWXWR %UDVLOHLUR GH *HRJUDILD H (VWDWtVWLFD ,%*(

6HJXQGR%DUURVSRQRPHGRPXQLFtSLR5LR/DUJRpDOXVLYRj

FRQVLGHUiYHO ODUJXUD TXH R ULR 0XQGD~ TXH VH HVWHQGH SRU VHX WHUULWyULR VHPSUH

(20)

DSUHVHQWRX2ULRFRUWDDUHJLmRHDEULJRXSRUYROWDGRVpFXOR;9,,,R(QJHQKR5LR /DUJRLQVWDXUDGRjVVXDVPDUJHQVPDLVODUJDVHQJHQKRTXHGLQDPL]RXDIRUPDomR GRSRYRDGRORFDOGH6DQWD/X]LDGR1RUWH

$LQGD VHJXQGR GDGRV GR ,%*( HVVH FRPSOH[R IDEULO HVSDFLDOL]DGR QD FLGDGH GH 5LR /DUJR GHILQHVH DLQGD HP QLWLGH] 5LR /DUJR FRPSUHHQGH FRPR SULQFLSDLV EDLUURV 7DEXOHLUR GR 3LQWR 0DWD GR 5ROR *XVWDYR 3DLYD&DFKRHLUD&HQWUR5LR/DUJRH/RXUHQoRGH$OEXTXHUTXH1RDSHQGLFH$ Ki XPD GHPDUFDomR JHUDO GHVVD GLYLVmR DGPLQLVWUDWLYD FRP GHVWDTXH SDUD RV EDLUURVDQWLJDPHQWHWr[WHLV*XVWDYR3DLYDH&HQWUR

)LJXUD3RVLFLRQDPHQWRFDUWRJUiILFRGDFLGDGHGH5LR/DUJR$/

)RQWH$XWRUD$GDSWDGRGH0(1'21d$

$V DXWRUDV &DVWUR H )HUUDUH S H[S}HP D ORFDomR ItVLFD GH 5LR /DUJR ILJXUD H ID]HP XPD EUHYH FRQVWDWDomR GR SDWULP{QLR LQGXVWULDO QRV GLDV DWXDLV

+LVWRULRJUDILFDPHQWHUHFRQKHFLGRFRPRRWHUFHLURPXQLFtSLRPDLVDQWLJRGD 0LFURUUHJLmRGH0DFHLyORFDOL]DVHSUy[LPRHDFHVVtYHOj&DSLWDOGR(VWDGR GH $ODJRDV 0DFHLy SHUID]HQGR XPD iUHDItVLFD GH NPð H FRQWDQGR FRP DSUR[LPDGDPHQWH PLO KDELWDQWHV UHVLGHQWHV $ DWLYLGDGH Wr[WLO ULR ODUJXHQVH IRL GHVDWLYDGD QR VpFXOR ;; H QD SDLVDJHP GH SDWULP{QLR LQGXVWULDO YrHPVH QRV GLDV DWXDLV HGLILFDo}HV UHVLGrQFLDV SUySULDV RX DOXJDGDV PXLWDV DSHQDV SDUFLDOPHQWH RFXSDGDV H XQLGDGHV FRP XVRV LPSURYLVDGRVRXMiHPDUUXLQDPHQWRSHORDEDQGRQRWRWDOGHGpFDGDV

(21)

(VVH FRPSOH[R IDEULO GH DWLYLGDGH Wr[WLO GHPDUFDGR SRU XPD SDLVDJHP SDLVDJHP FRQVLGHUDGD KRMH FRPR SDWULP{QLR LQGXVWULDO DSUHVHQWDVH DLQGD VREUH DVSHFWRVGHXPQ~FOHRIDEULOUHFRQKHFLGRSHORPHLRDFDGrPLFRHFRPXQLGDGHORFDO FRPRµYLODRSHUiULDGH5LR/DUJR¶HQWUHRXWUDVGR]HXQLGDGHVGHQWURGRHVWDGRGH $ODJRDVDVSHFWRVTXHVHUmRHOHQFDGRVQHVWDGLVVHUWDomR

$ YLOD RSHUiULD GH 5LR /DUJR GHPDUFRX XP IRUPDWR FDUDFWHUtVWLFR GRV FRPSOH[RV IDEULV TXH DOJXQV SHVTXLVDGRUHV GHQRPLQDP SRU VXD LQIUDHVWUXWXUD

ItVLFD VRFLDO H HWF FRPR ³FLGDGHIiEULFD´ +2%6%$:0 S RX ³PLQL

FLGDGH´ 9,$11$ 7DLV FRGLQRPHV IRUDP DSUHVHQWDGRV SRU DXWRUHV TXH

H[SHULPHQWDUDPDDSDUHQWHFRPSOHWXGHH³DXWRSURYLPHQWR´GDVFLGDGHVVXUJLGDVGR GHVHQYROYLPHQWRLQGXVWULDOFRPSRQGRXPSDWULP{QLRKLVWyULFRTXHSDUDDFLGDGHGH 5LR/DUJRDLQGDSRVVXLSRXFDGHQRWDomRKLVWRULRJUiILFDQRPHLRDFDGrPLFR

$ FLGDGHIiEULFD GH 5LR /DUJR UHYHODVH SHUDQWH HVWD FRQFLVD DSUHVHQWDomR FRPRXPORFDOFRPPXLWDVSURSRVLo}HVLQYHVWLJDWLYDV$OJXQVIDWRUHVHOHQFDPHVWD FRQVWDWDomRKDMDYLVWDVXDFRQIRUPDomRItVLFDRSDWULP{QLRKLVWyULFRHPUXtQDVRX PHVPR DEDQGRQDGR XPD YLOD RSHUiULD QmR PDLV YLOD HPERUD DLQGD UHFRQKHFLGD FRPR WDO HQWUH RXWURV WHPDV SRVVtYHLV 1HVWH VHQWLGR HVVD SHVTXLVD LQWHQFLRQD LQWHUSUHWDU DV DSUHHQV}HV VRFLRHVSDFLDLV GH LQGLYtGXRV DSDUWLU GDVOHPEUDQoDV GH TXHPFRQYLYHQHVVHHVSDoRUHPDQHVFHQWHUHFRQVWLWXLQGRVXDKLVWyULDUHPHPRUDGD

3DUDGHVHQYROYHUDVLGHQWLILFDo}HVGDVUHODo}HVVRFLRHVSDFLDLVGRDPELHQWH RXWURUD Wr[WLO HVWH WUDEDOKR HVWUXWXURX TXDWUR FDStWXORV GH YROXPHV WH[WXDLV FRQFHUQHQWHV &RQIRUPH R VXPiULR HVWHV IRUDP GLYLGLGRV HP XPD RUGHP TXH VH VLWXDGRPDLVJHUDOGDLQVWDXUDomRGDLQGXVWULDOL]DomRjLQG~VWULDWr[WLODODJRDQDDV UHODo}HVGHSRGHUQDLQG~VWULDDVFRQVWUXomRHDSOLFDomRPHWRGROyJLFDHQR~OWLPR FDStWXORDVFRQVWDWDo}HVDQWHDVDIHULo}HVVRFLRHVSDFLDLVGHQRWDGDVQRPHLRVRFLDO GRHVSDoRWr[WLO

(ULF+REVEDZPXVDHVWDH[SUHVVmRDQRVDQWHVHPVXDREUD³$HUDGRFDSLWDO´HGLomR

HGLomR TXDQGR HVWXGD FRORFDo}HV GR VRFLyORJR 7RHQQLHV H DQDOLVD D ³FLGDGH DQWLTXDGD H D PHWUySROHFDSLWDOLVWD´FRPRXPDFLGDGHGHWDPDQKRµPpGLR¶RQGHGHSHTXHQDV VHWUDQVIRUPDYDP HP JUDQGHV FLGDGHV 7RHQQLHV p FLWDGR SRU -RVp 6LOYD H 9DQHLGH 6LOYD S ³$VIiEULFDV Wr[WHLV>@GHUDPRVRSURPRGHUQL]DGRUGHXUEDQL]DomRHP5LR/DUJRWUDQVIRUPDQGRDQDTXLORTXH 7RHQQLHVGHQRPLQRXGHµFLGDGHIiEULFD¶RXVHMDXPDFLGDGHFDSLWDOLVWDTXHDULJRUHUDPFLGDGHGH SRUWHPpGLR

0{QLFD9LDQQDDVVLPFRPR+REVEDZPID]XVRGHVVDH[SUHVVmRSDUDGHVLJQDUD

(22)

'HVVD IRUPD ID]HQGR XVR GH XPD UHYLVmR ELEOLRJUiILFD R FDStWXOR WH[WXDO LQLFLDO FDStWXOR GRLV DERUGD D LQGXVWULDOL]DomR FRP IRFR QR FRQWH[WR KLVWyULFR GD

LQG~VWULD Wr[WLO H PDLRU UHSUHVHQWDWLYLGDGH VREUH D HVSDFLDOL]DomR Wr[WLO DODJRDQD (VVH FDStWXOR GHVFUHYH D LPSRUWkQFLD GD LQGXVWULDOL]DomR VLWXD VXD GRPLQkQFLD H RSHUDFLRQDOL]DomR SHUDQWH SURGXomR PmRGHREUD H HVSDoR ItVLFR $GRWDPVH DXWRUHVSHORWHPDGDLQGXVWULDOL]DomRHPVLHVHXPHLRVRFLRHVSDFLDOGHVVHSHUtRGR FRPR D REUD FOiVVLFD GH (QJHOV :HEHU +REVEDZP 'HFFD HQWUH RV DXWRUHV QDFLRQDLV 6WHLQ 6HYFHQNR 6LQJHUHQWUHRXWURVDOpPGHDXWRUHVSDUDH[SRUFRQVWDWDo}HVQRVGRPtQLRV GRHVWDGRDODJRDQRFRPR&RUUHLD$OPHLGDHQWUHRXWURV

$LQGD QHVWH FDStWXOR VmR DSUHVHQWDGRV RV FRQFHLWRV GH SRGHU H VHX H[HUFtFLRHQWUHRXWURVDUJXPHQWRVHFRORFDo}HVGLUHFLRQDGRVSHODQHFHVVLGDGHGH VXD H[SRVLomR TXH VXEVLGLD R WHPD GD GLVVHUWDomR R GH UHODo}HV GH SRGHU GR HVSDoR GD LQG~VWULD Wr[WLO ULRODUJXHQVH (QWUH RV DXWRUHV TXH WUDWDP GH SRGHU )RXFDXOW IRL DGRWDGR FRPR R SULQFLSDO SRU VHU UHIHUrQFLD QDV GLVFXVV}HVVREUHSRGHUHDVUHODo}HVGHSRGHUQRVGRPtQLRVGDLQG~VWULD3RUpP DLQGDVHUHFRUUHDRXWURVDXWRUHVTXHGLVFXWHPFRQFHLWRVIRXFDXOWLDQRV

2 WHUFHLUR FDStWXOR H[S}H R UHFRUWH WHPSRUDO GR HVSDoR ULRODUJXHQVH FRP UHOHYkQFLD HVSHFLDO j LQVWDXUDomR µIDEULFRWr[WLO¶ HVSDoR GH FRHUrQFLDV H FRQWUDGLo}HV TXH HVWH WUDEDOKR SURFXUD GHVWULQFKDU DR UHFRQVWLWXLU VXD KLVWyULD 1HVVHtQWHULPHVWmRGHVFULWDVDGLVSRVLomRHVSDFLDOGDVXQLGDGHVGHSURGXomRDV HVWUXWXUDV GH DSRLR H VHUYLoR RV LQGLYtGXRV TXH FRPSXQKDP HVVH HVSDoR HQWUH RXWURV SRQWRV LQYHVWLJDGRV HP REUDV TXH WUDWDP HVVD WHPiWLFD (VWH FDStWXOR SURFXURX SRUPHQRUL]DU D GHVFULomR HVSDFLDO GR XUEDQRDUTXLWHW{QLFR Wr[WLO H VXD IXQFLRQDOLGDGH SHUDQWH D SURGXomR R LQGLYtGXR Wr[WLO D SRVLomR VRFLDO D SRVLomR WUDEDOKLVWDHFRWLGLDQDDOpPGDVYLYrQFLDVHVSDFLDLV&RPRSRQWXD$OPHLGD

>2HVSDoRp@XPREMHWRGHP~OWLSORVHQXQFLDGRVLQGRGRHFRQ{PLFRSRLVp XPDXQLGDGHGHSURGXomRDRHWQRJUiILFRSRLVpXPFRQMXQWRGHKiELWRVH FRVWXPHVPRGRVGHFRPSRUWDPHQWRVFRQVWUXtGRVHPFLPDGHXPDUDL]TXH pMXVWDPHQWHDKLVWyULDGROXJDU$/0(,'$

$VVLPFRPRGHVFUHYH$OPHLGDRHVSDoRUHIOHWHHPVXDHVSDFLDOLGDGH VRFLRFXOWXUDOXPDXQLGDGHGHSURGXomRGHGLQDPLFLGDGHSUySULDjYLGDVRFLDOGRV LQGLYtGXRV DOL LQVHULGRV UHIOH[R GD LPDJpWLFD IRUPDGD SHOD KLVWyULD TXH UHFXSHUD

7UDWDVH GR VHJXQGR FDStWXOR GD GLVVHUWDomR SRLV SHUDQWH DV QRUPDV GD ELEOLRWHFD GD 8)$/ R

(23)

YLYrQFLDV DWUDYpV GD PHPyULD GH TXHP YLYHX RX DEVRUYHX QDTXHOH PHLR DUTXLWHW{QLFRXUEDQR YLVWR FRPR XP GHVHQKR XUEDQR UHVLVWHQWH DR WHPSR H XP HVSDoRRQGHFRVWXPHVHFRPSRUWDPHQWRVVHPDQLIHVWDP

'DQGR SURVVHJXLPHQWR R TXDUWR FDStWXOR WUDWD GD PHWRGRORJLD XWLOL]DGD QD GLVVHUWDomR H GDDSUHVHQWDomR GH WRGR RLQVWUXPHQWDO PHWRGROyJLFR 'LVSRVWR HP HWDSDVSHUWLQHQWHVjSURSRVWDPHWRGROyJLFDDGRWDGDHVWHFDStWXORSURFXURXXWLOL]DU WpFQLFDV IDYRUiYHLV D DSURSULDo}HV GDV UHODo}HV VRFLDLV HVSDFLDLV H DV VRFLRHVSDFLDLV3RUHVWDOyJLFDRWUDEDOKRDGRWRXDSHVTXLVDGDVPHPyULDVIDEULVj 5LR/DUJRWr[WLOFRPRHPSUHJRGD+LVWyULD2UDO+2PHWRGRORJLDTXHLQYHVWLJDDV PHPyULDV UHFRUGDo}HV GRV GHSRHQWHV HQWUHYLVWDGRV TXH YLVDP j DSURSULDomR QDUUDWLYDGDVLQWHUUHODo}HVGRPHLR

1D DSOLFDomR GH XPD SHVTXLVD SLORWR H HP DVVHVVRUDPHQWRV GH RULHQWDomR DFDGrPLFD IRL VXJHULGR R XVR GR ³PDSD PHQWDO´ RX ´PDSD HVTXHPiWLFR´ PpWRGR

DGRWDGR DR TXH WXGR LQGLFD RULJLQDULDPHQWH SRU /\QFK FRP H[SUHVVmR

SRSXODUL]DGDDSDUWLUGHVHXWUDEDOKRHHQGRVVDGDSRU'HO5LRTXHWHPFRPR WpFQLFD ³GHVHQKDU XP HVERoR GD FLGDGH´ GHWDOKDQGR SHUFXUVRV H GHVFUHYHQGR DV SDUWHV PDLV GLVWLQWDV RX GH PDLRU LPSRUWkQFLD SDUD D PHPyULD GR LQGLYtGXR (VWD WpFQLFDIDYRUHFHXDHYRFDomRGHIRUPDVGHLQWHUSUHWDomRHFRPXQLFDomRHVSDFLDO

$LQGD QHVWH FDStWXOR HQWUH PpWRGRV H WpFQLFDV IRL H[SRVWD D DGRomR GD DQiOLVH GH GLVFXUVR TXH FRQWHPSOD R PHLR GH HVWXGR GLVFXUVLYR GRV GLiORJRV GD RUDOLGDGH H GH LQWHUSUHWDo}HV HP IDFH DR PDSD HVTXHPiWLFR 7DPEpP IRUDP

H[SRVWRVQHVWHFDStWXORRVGRFXPHQWRVGHVHQYROYLGRVSDUDDDSOLFDomRLQORFRHD

GLDJUDPDomRGRVGHSRHQWHVHQWUHYLVWDGRVDOpPGHGHPDLVVLWXDo}HV

1R TXLQWR FDStWXOR H[S}HPVH GH IRUPD VLVWHPDWL]DGD DV LQWHUSUHWDo}HV VRFLRHVSDFLDLVFRPIRFRjVUHODo}HVGHSRGHUGRHVSDoRHPTXHVWmRPRVWUDQGRDV UHOHYkQFLDV FRPXQV H FRQWUDGLWyULDV GR PHLR H RV UHJLVWURV KLVWyULFRV SHOD UHFRQVWLWXLomR KLVWyULFD 2 IHFKDPHQWR GLVVHUWDWLYR SURFXURX HPSHQKDUVH HP DSUHVHQWDURTXHDVFRQGLo}HVVRFLRHVSDFLDLVGRPHLRQmRPDLVWr[WLOGLVS}HPKRMH DSyVDLGHQWLILFDomRGDVLQWHUUHODo}HVVRFLRHVSDFLDLV

.HYLQ/\QFKIRLXPLPSRUWDQWHDXWRUQRkPELWRGRXUEDQLVPRUHVSRQViYHOSHODREUD$,PDJHPGD

(24)

1HVWH HVWXGR IRL H[SORUDGR FRQMXQWR DR PHLR VRFLDO ULRODUJXHQVH DV KLVWRULFLGDGHV YLYLGDV SHORV LQGLYtGXRV TXH IRUDP WUDEDOKDGRUHV Wr[WHLV RX TXH

DEVRUYHUDPQDRUDOLGDGHRVFRQWH~GRVGHVVHVWUDEDOKDGRUHV&UHGLWDPVHDHVWHV VLJQLILFDWLYRV UHSUHVHQWDQWHV GR PHLR RXWURUD IDEULO RV UHVXOWDGRV DWLQJLGRV &RQVLGHUDVHTXHHVWHHVWXGREXVFDQHVVHVLQGLYtGXRVDVGHVFULo}HVVRFLRHVSDFLDLV GR SHUtRGR IDEULO FRPR R PRPHQWR GDV SURGXo}HV Wr[WHLV GR VRP GR IXHWH GD PRUDGLD RSHUiULD HQWUH RXWURV DVSHFWRV SUySULRV GDTXHOH RUJDQLVPR IDEULO 7DLV DVSHFWRVIRUDPGHVHQYROYLGRVDSDUWLUGDVUHODo}HVGHSRGHUQtWLGDVSDUDDOJXQVH LQH[LVWHQWHV SDUD RXWURV PDV GHQRWDGRUDV GD FULDomR GH XP HPSUHHQGLPHQWR IDEULFDGRU GH LQGLYtGXRV WUDEDOKDGRUHV Wr[WHLV PRUDGRUHV GHVVH PHVPR PHLR H YLYHQFLDGRUHVGHXPDPELHQWHTXHDUWLFXODYDGLYHUVDVIXQo}HV

(VSHUDVHTXHHVWHWUDEDOKRGLVVHUWDWLYRFRQWULEXDSDUDRPDLRUFRQKHFLPHQWR VRFLRHVSDFLDOGDDQWLJD5LR/DUJRWr[WLOHSDUD DSUHVHUYDomRGDPHPyULDFROHWLYD IDEULOHTXHVXDFRQWULEXLomRYiDOpPGHXPDUHFRQVWLWXLomRKLVWyULFD

(QWHQGDVH KLVWRULFLGDGH FRPR R WHUPR TXH GL] UHVSHLWR D XPD TXDOLGDGH TXH RV KRPHQV GH

(25)

',1Æ0,&$ '$ ,1'8675,$/,=$d­2 ( $6 5(/$d®(6 '$ ,1'Ò675,$ 7Ç;7,/123$Ë6

3DUWLQGR GH XPD UHYLVmR ELEOLRJUiILFD REMHWLYDQGR LQWHLUDU R OHLWRU D HVSDFLDOL]DU KLVWRULFDPHQWH RV SURFHVVRV GD LQG~VWULD Wr[WLO EUDVLOHLUD HVWD GLVVHUWDomR FRQWH[WXDOL]D SURFHGLPHQWRV GH IDYRUHFLPHQWR Wr[WLO SDUD R SDtV R %UDVLO GHFRUUHQWHV GRV IDWRUHV KLVWyULFRV RSRUWXQRV j LQVWDXUDomR Wr[WLO DOpP GD H[SRVLomR GDV LQG~VWULDV Wr[WHLV UHOHYDQWHV QR HVWDGR DODJRDQR 1D VHTXHQFLD UHOHYDQWH DR REMHWLYR JHUDO H DR HVSDoR HP HVWXGR GHVWULQFKDVH RV FRQWH[WRV UHODWLYRVDRFRQWUROHGDIRUPDomRVRFLDOGDLQG~VWULDHRHVSDoRGHTXHIH]XVRjV UHODo}HVGHSRGHU

(QWHQGHVHTXHDLQG~VWULDWr[WLOIRLHPEOHPiWLFDSDUDHFRQRPLDHSROtWLFDGR SDtV KDMD YLVWD R PRPHQWR KLVWyULFR SURStFLR D HYROXomR LQGXVWULDO VHJXQGR FRQVWDWDo}HV GH 6HYFHQNR S VREUH RV SURFHVVRV LQGXVWULDLV D QtYHO PXQGLDOHQDFLRQDOHOHFLWDTXH

>(VVH PRPHQWR UHSUHVHQWRX@ GH IDWR XP VDOWR HQRUPH >WDPEpP SDUD R %UDVLO@WDQWRHPWHUPRVTXDOLWDWLYRVTXDQWRTXDQWLWDWLYRV>@GDHFRQRPLD PHFDQL]DGD 5HVXOWDQGR GD DSOLFDomR GDV PDLV UHFHQWHV GHVFREHUWDV FLHQWtILFDV DRV SURFHVVRV SURGXWLYRV SRVVLELOLWRX R GHVHQYROYLPHQWR GH QRYRVSRWHQFLDLVHQHUJpWLFRVFRPRDHOHWULFLGDGH>@GDQGRDVVLPRULJHP DQRYRVFDPSRVGDH[SORUDomRLQGXVWULDOLELGHP

$OpP GRV IDYRUHFLPHQWRV PHFDQL]DGRV RV IDWRUHV TXH SURSLFLDUDP D PRGHUQL]DomRHH[SDQVmRGRGHVIHFKRFRPr[LWRGDVLQG~VWULDVEUDVLOHLUDVIRUDPDV H[SRUWDo}HV R LQFHQWLYR j HQWUDGD GH LPLJUDQWHV FRP FRQKHFLPHQWR WpFQLFR SDUD

LQG~VWULD Wr[WLO H D SURWHomR DOIDQGHJiULD DOpP GD ³HPLVVmR GR SDSHO PRHGD H jV IDFLOLGDGHVGHFUpGLWRMXQWRDRJRYHUQR´VRPDQGRSRQWRVFRQVROLGiYHLVDLQVWDXUDomR GDVIiEULFDVWr[WHLVFRQIRUPHFRQVWDWDo}HVGH6LOYD-H6LOYD9S

$VLQG~VWULDVWr[WHLVVHJXLDPXPDGLVSRVLomRHVSDFLDOFRPXPDRVLVWHPDGR SHUtRGRGDLQGXVWULDOL]DomR&DUORVSGHS}HDFHUFDGHVVHSHUtRGRTXH³D ORFDOL]DomRGRVHVWDEHOHFLPHQWRVLQGXVWULDLVYDULDUiGHDFRUGRFRPRWLSRGHSURGXWR TXH IDEULFD H GR WLSR GH LQG~VWULD´ H[LVWLUDP FRPSOH[RV LQGXVWULDLV TXH VH GLVSXVHUDPQDHVWUXWXUDHVSDFLDOGHVHXHQWRUQRHPIRUPDGHYLODRSHUiULDHRXWURV HPIRUPDGHQ~FOHRRSHUiULRFRQIRUPHFRQFHLWRVGH&RUUHLD(VVHVVLVWHPDV

³$VH[SRUWDo}HVGHDOJRGmR>QR%UDVLO@HPUDPDWLYHUDPVXDIDVHiXUHDHQWUHHFRP

(26)

RUJDQL]DFLRQDLVIRUQHFLDPDRFRPSOH[RXPSURJUDPDGHQHFHVVLGDGHVDSURSULDGRD SULQFtSLR DV VXDV IXQo}HV GH SURGX]LU HPSUHJDU H IRUQHFHU PHLRV GH YLGD DRV LQGLYtGXRVORFDGRV

6HJXLQGR HVWH FRQWH[WR R SULPHLUR FDStWXOR VH GLYLGH HP WUrV WySLFRV FRUUHODWRVDLQGXVWULDOL]DomRFRPrQIDVHDLQG~VWULDWr[WLODSUHVHQWDQGRVHVREUHDV GHVLJQDo}HV SURFHVVRV GDLQGXVWULDOL]DomRH GDLQG~VWULD Wr[WLO EUDVLOHLUDLQG~VWULD Wr[WLO HP $ODJRDVGLVSRVLomR HR FRQWUROH VRFLRHVSDFLDO YLODV RSHUiULDV H Q~FOHRV IDEULVHUHODo}HVGHSRGHUHDVLQWHUDo}HVFRPRPHLRGDLQG~VWULDWr[WLO

3URFHVVRVGDLQGXVWULDOL]DomRHGDLQG~VWULDWr[WLOEUDVLOHLUD

2VVpFXORV;9,,H;9,,,IRUDPPDUFDGRVSHODLQGXVWULDOL]DomRQD(XURSDQRV (VWDGRV8QLGRVHWDPEpPQD$PpULFD/DWLQDDIRUDHVVHLQWHUYDORMiHPPHDGRVGR VpFXOR;,;³DLQG~VWULD>EUDVLOHLUD@DGTXLULXGLPHQV}HVDWpHQWmRQXQFDDOFDQoDGDV DWUDYpV GD GHQRPLQDGD 5HYROXomR ,QGXVWULDO´ 0$7+,$6 S GDYDVH HQWmRDLPSODQWDomRGDVIiEULFDVGHILDomRHWHFLGRV$LQG~VWULDPRGHUQDVXUJLDQR SDtV WHQGR FRPR SULQFtSLR D 5HYROXomR ,QGXVWULDO WUD]LD D FUHQoD GH TXH VHULD VLQ{QLPRGHPRGHUQL]DomRHVHLGHQWLILFDYDFRPGLIHUHQWHVFDSDFLGDGHVWpFQLFDVH SURGXWLYDVQRWDELOL]DGD VHJXQGR R KLVWRULDGRU H SURIHVVRU 6WDQOH\ 6WHLQS

$ ULJRU D 5HYROXomR ,QGXVWULDO IRL XP ³IHQ{PHQR KLVWyULFR DFRQWHFLGR HP WHPSR H OXJDU GHWHUPLQDGR´ 6,/9$ . 6,/9$ 0 S TXH WHYH QDV FLGDGHVRVtPERORGHVVHPXQGRLQGXVWULDOHQHODVDFRQFHQWUDomRGDVSHVVRDVTXH UHSUHVHQWRX R PDLV LPSUHVVLRQDQWH IHQ{PHQR VRFLDO GR VpFXOR GH DFRUGR FRP +REVEDZP S )HQ{PHQR KLVWyULFR H VRFLDO TXH VHJXQGR DIHULo}HV LQYHVWLJDWLYDVGHVVHVDXWRUHVJHURXVHDSDUWLUGDVWpFQLFDVPHFDQL]DGDVGHILDUH WHFHU R DOJRGmR PDWpULD SULPD GH XPD 5HYROXomR S H TXH QR %UDVLO QDTXHODpSRFDHUDXPSURFHVVRGHVXFHVVRSULQFLSDOPHQWHSDUDDVH[SRUWDo}HV

(27)

GHWHUPLQDGD SHORV SDWU}HV FRP XP ³OXFUR VHPSUH UHQRYDGR SRU PHLR GD HPSUHVD SHUPDQHQWH´LELGHPS

(VVHPRPHQWRHFRQ{PLFRHSROtWLFRGRVpFXOR;,;QR%UDVLOIRLH[SRVWRSRU

3DLYDSTXDQGRUHODWRXTXHDSURGXomRWr[WLOVHLQVHULDLQLFLDOPHQWH GHPRGRGRPpVWLFRDVYHQGDVWLQKDPILQVDLQGDDRPHUFDGRORFDOHDSURLELomRGDV PDQXIDWXUDV EUDVLOHLUDV SRU SDUWH GD FRURD SRUWXJXHVD IRUPDYD XP FRQMXQWR GH IDWRUHVLQLELGRUHV GR DYDQoRLQGXVWULDO QR SDtV 1R HQWDQWR QHVVH VpFXOR R SRGHU KHJHP{QLFR GD SURGXomR Wr[WLO QmR HUD GH 3RUWXJDO PDV GD SRWrQFLD PXQGLDO LQJOHVD 6HJXQGR 6WHLQ S D ,QJODWHUUD SURFXUDYD R DOJRGmR EUDVLOHLUR ILJXUDFRPHVSHFLILFLGDGHWLSROyJLFDFRQILJXUDQGRVHQDTXHEUDGDUHVLVWrQFLDGR DPDGXUHFLPHQWRIDEULOWr[WLOQR%UDVLO

)LJXUD&DPSRGH$OJRGmRQR1RUGHVWH3DUDtED

)RQWH0$7+,$6

'HVVDIRUPDD³,QJODWHUUDYLXVHSULYDGD>@GRIRUQHFLPHQWRGHJUDQGHSDUWH GDPDWpULDSULPDFRQVXPLGDSRUVXDVIiEULFDVGHWHFLGR>@2%UDVLOQmRSRGHULD GHL[DU GH DSURYHLWDU D VLWXDomRSDUD WHQWDUFREULU >@ DRV PHUFDGRV FRQVXPLGRUHV HXURSHXV´ 0$7+,$6 S 'HVVH IRUQHFLPHQWR 0DWKLDV GHVWDFD TXH D H[SRUWDomRFUHVFLDGXSOLFDQGRVHDQRDSyVDQRFRPVDFDVGHDOJRGmRHP D VDFDV HP $ILUPDYDVH XP H[SUHVVLYR DXPHQWR SURGXWLYR UHOHYDQWHjSURFXUDGDPHUFDGRULDEUDVLOHLUDQHVVHSHUtRGR

(28)

H[SRUWDo}HV´ +2%6%$:0 S ³>1R %UDVLO@ R 1RUGHVWH IRL D UHJLmR GH PDLRUSURGXomR3HUQDPEXFR$ODJRDVH5LR*UDQGHGR1RUWHOLGHUDPHVWDWtVWLFDV´ &$521(SQDJHUDomRGRDOJRGmRSRLVFRQVXPLDSDUWHGDSURGXomRH H[SRUWDYDDRXWUD$ILJXUDTXHVHJXHH[S}HDHYLGHQWHFRQFHQWUDomRGDSURGXomR GD FXOWXUD GR DOJRGmR QD UHJLmR 1RUGHVWH GLIHUH GD DILUPDomR GH &DURQH DSHQDVSRUQmRLQFOXLUFRPERDGHILQLomRRHVWDGRGH$ODJRDV

)LJXUD0DSDGR%UDVLOVpFXOR;,;FRPFRQFHQWUDomRGDSURGXomRGHDOJRGmRQD

UHJLmR1RUGHVWH

)RQWH&$%$1$

³2FRQVXPRGRDOJRGmR´VHJXQGR+REVEDZPSGDPHWDGHDILQV GRVpFXOR;,;WHYHXPJUDQGHDXPHQWRQDIDEULFDomRGHSURGXWRVWr[WHLVHGLDQWH GHVVDHYROXomRDWHVWRXDLQGD6WHLQSTXHD³LQG~VWULDQDFLRQDOMiQmRHUD >PDLV@ µHPEULRQiULD¶ H TXH VHX SURJUHVVR GHL[DUD GH VHU YDJD µDVSLUDomR¶ PDV UHDOL]DUDVH´

(29)

QR1RUGHVWHHVSHFLILFDPHQWHHP$ODJRDVQDVFLGDGHVGH0DFHLy5LR/DUJR3LODUH 3HQHGR DOJXPDV IiEULFDV GH ILDomR H WHFLGRV IRUDP SUHFXUVRUDV HP ODQoDU QR PHUFDGR URXSDV SDUD HVFUDYRV OHQoyLV WRDOKDV H RXWURV FRQIRUPH HOHQFD 3DLYD S

8PD RUGHP VRFLRHFRQ{PLFD GDYDVH QHVVH SHUtRGR HP $ODJRDV H QR SDtV VXUJLD j FRQVWUXomR GH VXMHLWRV VRFLDLV TXH GH DFRUGR FRP 'HFFD S WUDWDYDVHGDµVRFLHGDGHGRWUDEDOKR¶(VVDVRFLHGDGHHUDIRUPDGDSHODV³IiEULFDV SULV}HVIiEULFDVFRQYHQWRVIiEULFDVVHPVDOiULR>@HTXHWRUQDUDPSRVVtYHOHVVH HVSHWiFXOR DWXDO GD JORULILFDomR GR WUDEDOKR´ LELGHP $ IiEULFD PHFDQL]DGD UHSUHVHQWRX D JORULILFDomR GR WUDEDOKR VHJXQGR 'HFFD SHOD H[SUHVVmR VXSUHPD GHVVDµXWRSLD¶8WRSLDDOLPHQWDGDSRUQRYDVLOXV}HVFRPRDGHTXHDSyVDIiEULFDR KRPHPQmRWHULDOLPLWHVSDUDSURGXWLYLGDGHHDPDTXLQDULDUHSUHVHQWDULDDGLPHQVmR LOLPLWDGD GD SURGXomR SDUD R LQGLYtGXR HP VXD IiEULFD TXH ³FRQILUPDYD D SRWHQFLDOLGDGHFULDGRUDGRWUDEDOKR´'(&&$S

$ VRFLHGDGH GR WUDEDOKR HVWDEHOHFHXVH HP ORFDLV GH H[WUHPRV VRFLDLV D EXUJXHVLDHRSUROHWDULDGRVREXPVLVWHPDGHOHLVHPXPFRQWUROHVRFLDORQGHSDUD +REVEDZPSKDYLDKRPHQVGHQHJyFLRVIDPLQWRVSRUOXFURIDFLOLWDGRV SHOR FDSLWDO EDUDWR H HQFRUDMDGRV DRLQYHVWLPHQWR SHOR DXPHQWR GRV SUHoRV H XP OXFURUiSLGR1HVWHFRQWH[WR&DURQHSFRPSOHPHQWDTXDQGRGHVFUHYHD H[LVWrQFLDGHXPMRJRGHSRGHUVREUHRVGLULJHQWHVGRVLVWHPDLQGXVWULDORQGHKDYLD XPDKHJHPRQLDVREUHDVRFLHGDGH

1HVVDGLVFXVVmRVREUHVRFLHGDGHGRWUDEDOKRGRSHUtRGRGDLQGXVWULDOL]DomR &DUORV GHS}H VREUH D H[LVWrQFLD GHXP IRUPDWR KLHUDUTXL]DGR KDMD YLVWD D GLYLVmRVRFLDOHHVSDFLDOGRWUDEDOKR

2SURFHVVRGHLQGXVWULDOL]DomRDRSURYRFDUSURIXQGDDOWHUDomRQDGLYLVmR VRFLDOHHVSDFLDOGRWUDEDOKRLPSOLFDPXGDQoDVUDGLFDLVQDYLGDGRKRPHP $ DJORPHUDomR GD SRSXODomR GRV PHLRV GH SURGXomR H FDSLWDLV QXP GHWHUPLQDGR HVSDoR PXOWLSOLFD RV SRQWRV GH FRQFHQWUDomR H SURGX] XPD UHGHDUWLFXODGDHKLHUDUTXL]DGDLELGHPS

(30)

VRFLHGDGH Wr[WLO p REMHWR GH HVWXGR GH $OPHLGD HP &U{QLFDV $ODJRDQDV 1RWDV VREUH SRGHU RQGH R DXWRU HOHQFD D IiEULFD DODJRDQD )iEULFD &DUPHP )iEULFD3URJUHVVR$ODJRDQRILJXUDHQWUHRXWUDVFRPRH[HPSORGHXP³FHQiULR QmR VRPHQWH GH PXLWDV ULTXH]DV PDV GH OXWDV UHLYLQGLFDWLYDV >GD VRFLHGDGH GR WUDEDOKR@ TXH PDUFDUDP D KLVWyULD >LQGXVWULDO Wr[WLO@ DODJRDQD´ $/0(,'$ S

)LJXUD ,PDJHP GH XPD LQG~VWULD Wr[WLO GH VROR DODJRDQR )iEULFD 3URJUHVVR $ODJRDQRHP5LR/DUJR$/

)RQWH&RQWUDFDSDGDREUDGH$/0(,'$

'H VXDV LQYHVWLJDo}HV VREUH D VRFLHGDGH GR WUDEDOKR $OPHLGD FLWD FRPUHODomRDRV³EUDoRVOLYUHV´GRVµH[HVFUDYRV¶TXHR³HL[RFHQWUDOGRSUREOHPDGD PmR GH REUD QD SURGXomR HVWDYD VHQGR GHVORFDGR´ LELGHP S 8P QRYR GLUHFLRQDPHQWR IRL GDGR D HVVD PmR GH REUD QR HQWDQWR HUDP PDQWLGDV DV DWLYLGDGHV DJUtFRODV DWHVWD R DXWRU H GHQXQFLD VREUH RV EDL[RV VDOiULRV GHVVD FODVVH³SDUDIULVDUDLQGDPDLVDGLVFULPLQDomRVRIULGDDILUPDYDP>RVH[HVFUDYRV WUDEDOKDGRUWr[WLO@TXHXPLQJOrVH[HUFHQGRIXQomRLJXDOjGHXPEUDVLOHLURUHFHELD VDOiULRV FLQFR D GH] YH]HV VXSHULRU´ LELGHP UHODo}HV WtSLFDV GR FDSLWDOLVPR GD pSRFDVHJXQGRRDXWRU

6REUHDFRQRWDomRGRVEUDoRVOLYUHVQHVVDVRFLHGDGHGRWUDEDOKR6HYFHQNR DERUGD QD FLWDomR DQWHULRU R WHUPR µH[FDWLYRV¶ ID]HQGR UHIHUrQFLD QHVWHV WHUPRVDRVH[HVFUDYRV

(31)

(PERUD D $EROLomR WHQKD VLGRIDWR KLVWyULFR GHFLVLYR URPSHQGRYLJrQFLDV SUHJUHVVDV RV H[FDWLYRV WUD]LDP GH VXDV H[SHULrQFLDV DQWHULRUHV XP DSUHQGL]DGR VRFLDO TXH LQVWUXtD R VHQWLGR GH OLEHUGDGH FRQVWLWXtGRPXLWDV YH]HVDSDUWLUGHQRo}HVGHVXEVLVWrQFLDHSDGU}HVGHRUJDQL]DomRVRFLDO GLVWLQWRVGDFODVVHGRPLQDQWH6(9&(1.2S

$SRVLomRGRKLVWRULDGRUEUDVLOHLUR6HYFHQNRpFRQWUiULDDRVGHPDLVDXWRUHV FLWDGRV QHVWD GLVVHUWDomRQR WRFDQWH jDFHLWDomR GD PmR GH REUD GRV H[FDWLYRV (VVD GLVSDULGDGH VH MXVWLILFD SHOR IDWR GH TXH SDUD R DXWRU R LQGLYtGXR TXDQGR HVFUDYR HVWDYD WUHLQDGR SDUD XP VLVWHPD GH VXEVLVWrQFLD H RUJDQL]DomR GLIHUHQWHPHQWHGRVLQGLYtGXRVGDFODVVHGRPLQDQWH

$LQGD VREUH D LPSRUWkQFLD H[SRVWD SRU $OPHLGD GD GLQkPLFD Wr[WLO HP VROR DODJRDQRHDUHIOH[mRGH6HYFHQNRVREUHRVH[FDWLYRVFRQMHFWXUDVHTXHRFRUUHX XPD GLVSDULGDGH GH LQVWDQFLDV VRFLDLV QR WHPSR H HVSDoR Wr[WLO WDQWR HP QtYHO QDFLRQDOFRPRLQWHUQDFLRQDO$VRFLHGDGHGHH[WUHPRVDSUHVHQWDYDVHVREUHODGRV DGYHUVRVFRPDFODVVHEXUJXHVDHPXPODGRHDFODVVHGRWUDEDOKDGROLYUHGHRXWUR $FODVVHEXUJXHVDHUDDFDPDGDGHWHQWRUDGRPLQDGRUDHSURSULHWiULDGDVLQG~VWULDV Wr[WHLV VHJXQGR +REVEDZP HVVD FODVVH HUD SRVVXLGRUD GR FDSLWDO HUD R HPSUHViULRHPEXVFDGROXFUR1XPRXWURH[WUHPRWLQKDVHRWUDEDOKDGRUOLYUHRH[ FDWLYR HP SRVLomR GH GHSHQGrQFLD SRLV VXD FXOWXUD H FRQKHFLPHQWR OLPLWDYDPR 3DUD +REVEDZP HVVHV HUDP RV GHVFRQWHQWHV H RV TXH HVWDYDP SRU EDL[R GRV HPSUHViULRV

2 HPSUHJR GD PmRGHREUD HVFUDYD QR %UDVLO LPSOLFRX XP DWUDVR QD HYROXomRGDHFRQRPLDLQGXVWULDOXPDYH]TXHGHVHQFRUDMDYDDLPLJUDomR GHWUDEDOKDGRUHVOLYUHVGD(XURSDLPSHGLXRGHVHQYROYLPHQWRGDFODVVHGH FLGDGmRVOLYUHVTXHHUDPFDSD]HVGHFRODERUDUQRLQFUHPHQWRWpFQLFRGDV LQG~VWULDVORFDLV>@WUDQVIRUPDQGRRVHPKRPHQVLQGHILQLGRVFRPUHODomR DVXDIXQomRVRFLDOGHQWURGDVRFLHGDGH3$,9$S

'HVWD GLVSRVLomR VRFLDO 3DLYD HQGRVVRX DV FRQVWDWDo}HV GH YiULRV SHVTXLVDGRUHVVREUHDPmRGHREUDGD pSRFDHQXPDUHIOH[mRVREUHRkPELWRGD SURGXomRHPHUFDGRWr[WLO6WHLQYLVOXPEURXHPVHXVHVWXGRVTXHVHGHXXP DWUDVRQDHYROXomRGDLQG~VWULDWr[WLOQRSDtVSRLVRHPSUHJRGDPmRGHREUDQmR HVSHFLDOL]DGD GRV HVFUDYRV OLYUHV LQLELD D LPLJUDomR GH WUDEDOKDGRUHV OLYUHV GD (XURSD H GLYLGLD DVVLP R PHLR VRFLDO 0HLR VRFLDO VRFLHGDGH GR WUDEDOKR TXH (QJHOVSUHVXPHFULWLFDPHQWH³RWUDEDOKDGRUpGHGLUHLWRHGHIDWRR HVFUDYRGD FODVVH SRVVXLGRUD GD EXUJXHVLD´ RX VHMD Ki DOLEHUWDomR GRHVFUDYR PDVQmRKiFRQIRUPHFLWDRDXWRURILPGRHVFUDYR

(32)

FRQWH[WXDOL]DomR$PDWpULDSULPDGRDOJRGmRDVXDSURFXUDQRPHUFDGRH[WHUQRR LQFHQWLYRjLPLJUDomRGHPmRGHREUDHVSHFLDOL]DGDHQWUHRXWURVVmRIDWRUHVTXH FRQWULEXtUDPSDUDRVXFHVVRWr[WLOEUDVLOHLUR'HVVHVSURFHVVRVHGHVIHFKRVGHr[LWR HFRQ{PLFRDGYLQGRGHVGHRVpFXOR;,;6LQJHUSUHJLVWUDTXH³HP KDYLDQR%UDVLOIiEULFDVWr[WHLVRFXSDQGRRSHUiULRVHPRQ~PHURGHVWDV IiEULFDVMiWHULDSDVVDGRGHTXHHPSUHJDYDPPDLVGHRSHUiULRV´'HVWHV UHJLVWURV IiEULFDV H RSHUiULRV VRPDUDPVH GDGRV TXH SDUD R DXWRU SRGLDVH ³HQWHQGHU TXH R SULPHLUR UDPR TXH VH WHULD LQGXVWULDOL]DGR QR %UDVLO VHULD R Wr[WLO´ LELGHP

$VLQG~VWULDVWr[WHLVEUDVLOHLUDVIRUDPHVSDFLDOL]DGDVHPiUHDVRUDGHQWURGH PHLRV XUEDQRV ± PRGHOR GH YLODV RSHUiULDV RUD HP SRYRDGRV GR PHLR UXUDO ± PRGHOR GH Q~FOHRV IDEULV 6HJXQGR %RQGXNL S D YLOD RSHUiULD HUD R PRGHOR GH GLVSRVLomR HVWUXWXUDO FRWLGLDQR H PRUDGLD SDUD RV IXQFLRQiULRV GDV IiEULFDVHFDELDPDRVSURSULHWiULRVDVREULJDWRULHGDGHVIRUoDQGRRVDXPDHVSpFLH GH³VLPXOWDQHLGDGH´GHLQGXVWULDOL]DUHXUEDQL]DUD³FLGDGHIiEULFD´FRQIRUPHDILUPD 6LOYD-H6LOYD9SHUHIRUoD3DLYDS

1R PHVPR SDSHU %RQGXNL GHVFUHYH D PRUDGLD GHVVH PRGHOR GDV TXDLVDVFDVDVHUDPVHPLQVWDODo}HVKLGUiXOLFDVQRIRUPDWRGHJHPLQDGDVHPYLODV RXUXDVHGLVSRVWDVVHPUHFXRVIURQWDLVRXODWHUDLVDILPGHHFRQRPL]DUDRFXSDomR HVSDFLDO $LQGD FRQFHLWXD TXH ³DV YLODV RSHUiULDV HUDP FRQMXQWRV GH FDVDV FRQVWUXtGDV SHODV LQG~VWULDV SDUD VHUHP DOXJDGDV D EDL[RV DOXJXpLV RX PHVPR RIHUHFLGDV JUDWXLWDPHQWH DRV VHXV RSHUiULRV´ %21'8., S 2 DXWRU H[HPSOLILFD FRPR PRGHOR PDLV EHP DFDEDGR VHJXQGR HOH D FRQVWLWXLomR GHXPD YLODRSHUiULDD9LOD0DULD=pOLDHP6mR3DXORDTXDOFRQWDYDFRP³HVFRODFUHFKH LJUHMDDUPD]pPHVDOmRGHUHFUHDomRDOpPREYLDPHQWHGDVPRUDGLDVSHUPLWLQGR XPFRQWUROHDEVROXWRGRWHPSROLYUHGRVRSHUiULRVHVXDVIDPtOLDV´LELGHPS

(VVD HVWUXWXUD GH IiEULFD FRP YLOD RSHUiULD RX Q~FOHR IDEULO GHVHQKDYD XP VLVWHPDIXQFLRQDOSDUDRSHUtRGRLQGXVWULDOLQFOXVLYH+REVEDZPGHVLJQDD H[SUHVVmR³FLGDGHIiEULFD´SDUDFRQIRUPDomRItVLFDHVRFLDOGHVVHPHLRQDpSRFD2 KLVWRULDGRU EULWkQLFR XVD HVVD FRQRWDomR DSyV VXD DGRomR RULJLQDO IHLWD SHOR VRFLyORJR7|QQLHV

6REUHHVVDH[SUHVVmRHPSUHVWDGDGH7|QQLHV+REVEDZPFRQFHLWXDDFRPR³XPDFLGDGH

(33)

2IHUHFHUXPDGHVLJQDomRDHVWUXWXUDIDEULOpXPDQVHLRGHDOJXQVHVWXGLRVRV 6LOYD-H6LOYD9SWDPEpPOHJLWLPDPFLGDGHIiEULFDFRPRXPDFLGDGH FDSLWDOLVWD³TXHDULJRUHUDPFLGDGHVGHSRUWHPpGLRWHQGRPXLWDVGHODVHYROXtGRGH SHTXHQDV YLODV´ $OpP GHVVD DOFXQKD XVDGD SDUD LGHQWLILFDU D LQIUDHVWUXWXUD ItVLFD VRFLDOIRUPDGDSHORVFRPSOH[RVLQGXVWULDLV9LDQQDXVDDH[SUHVVmR³PLQLFLGDGH´

LQFOXVLYHDDUTXLWHWDGHVFUHYHDGLVSRVLomRHVSDFLDOGHVVHORFDOHODFLWD

$ DUTXLWHWXUD GHVWHV HVSDoRV GH PRUDU RSHUiULR UHFXSHUDYD D LGHLD GH ³PLQLFLGDGH´ FXMR SURJUDPD HUD GHILQLGR HP IXQomR GDV FDUDFWHUtVWLFDV SDUWLFXODUHV GR HPSUHHQGLPHQWR >@ $V HPSUHVDV RIHUHFLDP VHUYLoRV H HTXLSDPHQWRV QHFHVViULRV j YLGD GRV PRUDGRUHV ± FRPR HVFRODV LJUHMD PHUFDGR H iUHD GH OD]HU GH PRGR TXH QmR KRXYHVVH GHSHQGrQFLD HP UHODomRjVFLGDGHVYL]LQKDV9,$11$S±

2 WHPSR H HVSDoR GD IRUPDomR GDV LQG~VWULDV Wr[WHLV GHVWD IRUPD VmR LGHQWLILFiYHLVSHODVH[SUHVV}HVFLGDGHIiEULFDRXPLQLFLGDGHRVVpFXORV;9,,,D;; GHVHQKDUDP XP PRGHOR HVWUXWXUD FLWDGLQD TXH SDUD SURGXomR IDEULO RIHUHFHX XPD UHVSRVWD IXQFLRQDO SDUD WRGR R VLVWHPD GH PDQXIDWXUDV PRUDGLD OD]HU HGXFDomR HQWUHRXWURV1RFDVRGDVLQG~VWULDVWr[WHLVEUDVLOHLUDVDUHVSRVWDDFLGDGHIiEULFD IRLGHXPVLVWHPDGHVXFHVVRSDUDRVVpFXORVTXHSHUGXURXQRSDtV

1R LWHP VHJXLQWH GHVWH FDStWXOR VHUi GLVSRVWD XPD VLQJXODU FRQVWUXomR KLVWRULRJUiILFD GD LQGXVWULDOL]DomR Wr[WLO WUDQVFRUULGD QR HVWDGR GH $ODJRDV FRP

DIHULomRIRFDGD VREUH D LQVWDXUDomRHVSDFLDO IRUPD RUJDQL]DFLRQDO HQWUHDOJXPDV GDVWUH]HLQG~VWULDVWr[WHLVHGLILFDGDVQRLQWHUYDORGRVVpFXORV;,;D;;FRPrQIDVH DRSURFHVVRQRHVSDoRWr[WLOTXHVHGHXHP5LR/DUJR

,QG~VWULDWr[WLOHP$ODJRDVGLVSRVLomRHRFRQWUROHVRFLRHVSDFLDO

$ LQG~VWULD Wr[WLO IRL XP SURFHVVR GH JUDQGH FRQWUDGLomR SDUD D GLQkPLFD VRFLRHVSDFLDO GR %UDVLO GHXVH VREUH HIXVmR GH JDQKRV HFRQ{PLFRV H LPSRVLomR VRFLDO HP HVSDoRV SUHHVWDEHOHFLGRV H SUHGLPHQVLRQDGRV VHJXLQGR XPD RUGHP GH IRUPDWRQDFLRQDOL]DGRQRSDtVHPSUHVWDGRGHRXWURVSDtVHVHFRQVHTXHQWHPHQWH WDPEpPFRQVROLGDGRQRHVWDGRDODJRDQR2VSHVTXLVDGRUHV*XQQH&RUUHLD

9LDQQDDVVLPFRPR+REVEDZQID]XVRGHXPDH[SUHVVmRSDUDGHVLJQDUDIRUPDGH

RUJDQL]DomRItVLFDHVRFLDOTXHVHGDYDQRRUJDQLVPRIDEULOPLQLFLGDGH

(34)

GHVFUHYHPR³PXQGRLQGXVWULDO´EUDVLOHLURHHVPL~oDPSRQWRVGHVXDFDUDFWHUL]DomR XUEDQDHDUTXLWHW{QLFD

2PXQGRLQGXVWULDOSHQHWUDQDVXDSDLVDJHPDJRUDIRUWHPHQWHDVVRFLDGD DRV JUDQGHV SUpGLRV IDEULV GH WLMRORV DSDUHQWHV H jV DOWDV FKDPLQpV HOHYDQGRVH HP PHLR D LQILQGiYHLV H[WHQV}HV GH iUHDV VXEXUEDQDV FREHUWDV GH PRGHVWDV PRUDGLDV SRSXODUHV 6mR FDVLQKDV GH GLPHQV}HV UHGX]LGDV GLVSRVWDV PXLWDV YH]HV HP YLODV RSHUiULDV FRQVWUXtGDV >@ ± JHUDOPHQWH IDEULV ± SDUD DEULJDU SDUWH GH VHXV RSHUiULRV *811 H &255(,$S

2VDXWRUHVGHVFUHYHPD9LOD0DULD=pOLDFRPRPRGHORGHYLODRSHUiULDGR

SHUtRGR LQGXVWULDO /RFDOL]DGR HP 6mR 3DXOR HVVH HPSUHHQGLPHQWR REMHWR GH HVWXGRGH%RQGXNLHUDGHVWLQDGRDILQVWr[WHLVHFRQVLGHUDGRFRPRXPDGDV PDLV H[SUHVVLYDV YLODV RSHUiULDV GR SDtV VHJXQGR SHVTXLVDGRUHV (VVD YLOD GHVHQKDVH FRPR H[HPSOR PRGHOR SDUD YLODV DODJRDQDV H GHVWD VLPLODULGDGH DWHVWDVH D GHVFULomR GH VHXSURJUDPD GDV VHPHOKDQoDV WLSROyJLFDV jV DGRWDGDV HP $ODJRDV FLWDP ³FDVDV GRLV JUXSRV HVFRODUHV FUHFKH >@ FDPSR GH IXWHERO LJUHMDDUPD]pPGHFRQVXPRUHVWDXUDQWH>@IDUPiFLD´*811&255(,$S HQWUHRXWURV

+DYLD XPD FRQRWDomR GLVWLQWD GHVVD RUJDQL]DomR HVSDFLDO H[LVWLD D GLVSRVLomR ItVLFD GDV YLODV RSHUiULDV H GRV Q~FOHRV IDEULV 'RLV IHQ{PHQRV YLOD H Q~FOHRGHVFULWRVGLVWLQWDPHQWHSRU&RUUHLDSGHTXDQGRDPHVPDID]XP HVWXGRGHFDVRHP'HOPLUR*RXYHLDFRPD)iEULFDGD3HGUD(PVXDREUD&RUUHLD H[S}H TXH ³DV YLODV RSHUiULDV DOFDQoDUDP XP JUDQGH VXFHVVR PXOWLSOLFDQGRVH H JHUDQGR WRGD XPD PtVWLFD HP WRUQR GD RUGHP XUEDQD H VRFLDO TXH LQFRUSRUDUDP´ LELGHP

6REUHDGLVWLQomRGHVVHVGRLVRUJDQLVPRVHVWUXWXUDLVYLODHQ~FOHR&RUUHLD H[S}HTXHKiXPHTXtYRFRGH³XVRIUHTXHQWHQDELEOLRJUDILDQDFLRQDOGDGHVLJQDomR JHQpULFDµYLODVRSHUiULDV¶SDUDQRPHiODV´LELGHPSSRLVKiXPDGLIHUHQoDGH DVVHQWDPHQWR HVSDFLDO HQWUH YLOD H Q~FOHR 9LOD RSHUiULD p XP ³FRQMXQWR GH FDVDV FRQVWUXtGDV SRU LQGXVWULDLV SDUD VHXV RSHUiULRV >HPSUHJDGRV HP FRPSOH[RV LQGXVWULDLV@GHQWURGHFLGDGHVHPVXE~UELRVGHFLGDGH´VHJXQGR&RUUHLDLELGHP-i TXDQGRHVWDGLVSRVLomRGHFRUULDHPORFDLVLVRODGRVQRFDPSRGDYDVHRQRPHGH

³9LOD RSHUiULD ID]HQGD XVLQD EDLUUR SUROHWiULR Q~FOHR XUEDQR Q~FOHR UHVLGHQFLDO Q~FOHR IDEULO

(35)

Q~FOHRIDEULOVHQGRHVVHVQ~FOHRVFDSD]HVGHFULDURXPHVPRID]HUJHULUFLGDGHV QRYDV

$R FRQWUiULR GDV YLODV RSHUiULDV VLWXDGDV QDV FLGDGHV RV Q~FOHRV IDEULV HUDP DJORPHUDo}HV LVRODGDV DXW{QRPDV H JHUHQFLDGDV FRP JUDQGH OLEHUGDGHSHODLQG~VWULD,VVRVLJQLILFRXGHXPODGRTXHSUHFLVDUDPLQFOXLU DWLYLGDGHV FRPSOHPHQWDUHV j SURGXomR IDEULO ± RILFLQDV VLVWHPDV GH DEDVWHFLPHQWRGHiJXDHHQHUJLD>@>$OpPGH@FDVDVHVFRODVDUPD]pQVH HWF >@ $ IiEULFD HQFRQWUDYD FRQGLo}HV H[FHSFLRQDLV SDUD H[HUFHU R JRYHUQR ORFDO UHGX]LQGR QR Q~FOHR LQWHUIHUrQFLDV GR (VWDGR &255(,$ S

$)iEULFD3HGUDLQYHVWLJDGDSRU&RUUHLDIRLLQVWDXUDGDHPVRORDODJRDQR

HP H WHYH XP Q~FOHR IDEULO HGLILFDGR QR HQWRUQR GH VXD LQG~VWULD Wr[WLO SURFHVVR VLPLODU DR HVSDoR REMHWR GHVWD GLVVHUWDomR 'HVVD IiEULFD D DXWRUD ³LQYHVWLJDDVTXHVW}HVVRFLDLVHHFRQ{PLFDVUHODFLRQDGDV>FRPD@JHVWmRRSHUiULDH R VHQWLGR GD RUJDQL]DomR GR FRWLGLDQR H GR HVSDoR´ &255(,$ S H GHILQHDGLIHUHQoDHHTXtYRFRHQWUHRTXHpYLODRSHUiULDHRTXHpQ~FOHRIDEULO

2XWUDV LQG~VWULDV Wr[WHLV ILUPDUDPVH QD H[WHQVmR GR HVWDGR WRGDV

FRQWHPSODUDPRQ~PHURGHWUH]HXQLGDGHVFRQFHQWUDGDVQRVH[WUHPRVOHVWHH

RHVWH GR PDSD 2 SHUtRGR HVWDEHOHFLGR GD LQVWDXUDomR HYROXomR H GHFDGrQFLD KLVWyULFDGHVVDVXQLGDGHVFRPSUHHQGHRLQWHUYDORGHILQVGRVpFXOR;,;HPHDGRV GR VpFXOR ;; D HIXVmR GR VXFHVVR UHPHWHX VRPDV HFRQ{PLFDV H R UHDO

HVWDEHOHFLPHQWRGD$VVRFLDomR&RPHUFLDOHP0DFHLyVHJXQGR5DPRV

(36)

&RPSDQKLD 8QLmR 0HUFDQWLO )iEULFD &DUPHQ HP QR GLVWULWR GH )HUQmR

9HOKRGDFDSLWDO

)LJXUD &RQFHQWUDomR IDEULO Wr[WLO VpFXOR ;,; D ;; GHFRUULGDV HP TXDWUR PLFURUUHJL}HV VHQGR PLFURUUHJLmR GH 0DFHLy PLFURUUHJLmR GH 6mR 0LJXHOGRV&DPSRVPLFURUUHJLmRGH3HQHGRHDPLFURUUHJLmR$ODJRDQD GR6HUWmRGR6mR)UDQFLVFR

)RQWH$XWRUD$GDSWDGRGH0(1'21d$H3$,9$

2PDSDGH$ODJRDVDSUHVHQWDGRQDILJXUDGLVS}HDGLVWULEXLomRItVLFDGDV XQLGDGHV Wr[WHLV GR SHUtRGR D )iEULFD &DUPHQ SULPHLUD D VH LQVWDXUDU ORFRXVH GHQWUR GRV OLPLWHV GD FDSLWDO OHWUD $ GD ILJXUD DOpP GHVWD GHUDPVH PDLV D )iEULFD$OH[DQGULD)iEULFD6DQWD0DUJDULGDHD)iEULFD1RUWH $ODJRDVILJXUD GDWDGDVMiGRFRPHoRGRVpFXORHLPSODQWDGDVPDLVSUy[LPDVDFDSLWDO1DPHVPD PLFURUUHJLmR GH 0DFHLy FRQFHQWUDUDPVH RLWR GDV WUH]H XQLGDGHV IDEULV DOpP GDV TXDWUR FLWDGDV H[LVWLUDP D )iEULFD 3URJUHVVR H D )iEULFD GD &DFKRHLUD HP HVWXGR QHVWD GLVVHUWDomR QR PXQLFtSLR GH 5LR /DUJR H D )iEULFD 3LODUHQVHHD)iEULFDGH5HQGDVH%RUGDGRVQRPXQLFtSLRGH3LODU

6HJXQGR)DULDVS³RQ~FOHRIDEULOGD)iEULFD&DUPHQGH)LDomRH7HFHODJHP6$

>ORFDOL]RXVH@HP)HUQmR9HOKRSHULIHULDGH0DFHLy>HIRL@DPDLVSUyVSHUDHDQWLJDLQG~VWULDWr[WLOGD HQWmRSURYtQFLDGH$ODJRDVHXPDGDVSULPHLUDVIiEULFDVWr[WHLVGR%UDVLOIXQGDGDHP´

6HJXQGR9LDQDSR³VtWLRKLVWyULFRGREDLUURGH)HUQmR9HOKRID]SDUWHGD=RQD(VSHFLDO

(37)

)LJXUD'LVSRVLomRGHRLWRXQLGDGHVIDEULVWr[WHLVQDPLFURUUHJLmRGH0DFHLy

)RQWH$XWRUDDGDSWDGRGH0(1'21d$

1DV WUrV GHPDLV PLFURUUHJL}HV ILJXUD H 3HQHGR 6mR 0LJXHO

GRV &DPSRV H $ODJRDQD GR 6HUWmR GR 6mR )UDQFLVFR FRPSDUHFHP PDLV GXDV XQLGDGHV Wr[WHLV HP FDGD H[FHWR QD PLFURUUHJLmR $ODJRDQD GR 6HUWmR TXH WHYH R HVWDEHOHFLPHQWRGHXPD~QLFDXQLGDGHD)iEULFDGD3HGUDOHWUD,GDILJXUD

)LJXUDV H 'LVSRVLomR GD ORFDOL]DomR ItVLFD GDV GHPDLV FLQFR XQLGDGHV IDEULVWr[WHLVQDVPLFURUUHJL}HVGRHVWDGRDODJRDQR

)RQWH$XWRUD$GDSWDGRGH0(1'21d$

)LJXUD0LFURUUHJLmRDODJRDQDGR6HUWmRGR6mR )UDQFLVFR

(38)

'HVVDV XQLGDGHV Wr[WHLV DFRPSDQKRX D ODUJDGD SURPLVVRUD GD )iEULFD &DUPHPD&RPSDQKLD$ODJRDQDGH)LDomRH7HFLGRVFRQVWUXtGDHPHP5LR /DUJRDLQGDVRERJRYHUQRLPSHULDOHHPMiQDHUDUHSXEOLFDQDLQVWDXUDUDP VHGXDVIiEULFDVUHVSHFWLYDPHQWHD&RPSDQKLD3LODUHQVHGH)LDomRH7HFLGRVHP 3LODU H D &RPSDQKLD 3URJUHVVR $ODJRDQR HP 5LR /DUJR 7DLV FRPSOH[RV IDEULV GHUDPDRSHUtRGRGRHVWDGRDODJRDQRFRQRWDo}HVGHSURPLVVRUSDUTXHWr[WLOWRGDV ORFDGDVSUy[LPDVDFDSLWDOQDPLFURUUHJLmRGH0DFHLyHSUy[LPDVWDPEpPGRSRUWR IDWRUGHUHFRQKHFLGRIDYRUHFLPHQWRSDUDRFRPpUFLR±LQIRUPDo}HVHQGRVVDGDVSRU 0HQGRQoD3DLYD&DVWURH;DYLHUDSHVDUGHGDWDVGLYHUJLUHP SDUDRXWURVDXWRUHV

&RQVWDWDVH D ~QLFD HP IXQFLRQDPHQWR p D XQLGDGH Wr[WLO HP 'HOPLUR *RXYHLDDSyVLQWHUYDORGHLQWHUUXSomRHDWXDOPHQWHVREUHRXWUDDGPLQLVWUDomRHVVD DSUHVHQWRXQDVXDLQVWDXUDomRRUHJLPHQWRGHXPDOyJLFDHVSDFLDOGDTXDORSDWUmR QmR HUD PDLV R VHQKRU GH HVFUDYRV H R RSHUiULR QmR HUD R HVFUDYR QR HQWDQWR ³HPERUDRWUDEDOKDGRUWHQKDGHL[DGRGHVHUSDWULP{QLRGRSDWUmR>FRPRQRFRWLGLDQR GDHVFUDYLGmR@VHXFRWLGLDQRHVXDIRUPDomRQmRGHL[DPGHLQWHUIHULUQRVGHVWLQRV GD SURGXomR´ &255(,$ S 'DYDVH QD IRUPD GH JHULU GR SDWUmR XP FRQWUROH VREUH R WHPSR H R HVSDoR GH WRGR R RUJDQLVPR GR FRPSOH[R LQGXVWULDO SRVLomRFRUUHODWDDVFRQMHFWXUDVGH)DULDVDRSURQXQFLDUTXHWRGDDHVWUXWXUD LQGXVWULDOEDVHDYDVHQDOHJLWLPDomRGRSRGHUHGRFRQWUROHSDWURQDO

2XWUD IiEULFD Wr[WLO LGHQWLILFDGD FRPR Q~FOHR IDEULO HP VROR DODJRDQR IRL D &RPSDQKLD8QLmR0HUFDQWLOHP)HUQmR9HOKRGHQRPLQDGD)iEULFD&DUPHP6REUH DPDQXIDWXUDWr[WLOGHVVDXQLGDGH)DULDVSDWULEXLTXHDLPSODQWDomRGR Q~FOHR IDEULO GDYDVH FRP D ILQDOLGDGH ³GH PHOKRU JHULU H FRQWURODU HVWD VXD YHUGDGHLUDPLQDGHRXURDIRUoDGHWUDEDOKRPXLWRVLQGXVWULDLVHPYiULRVORFDLVGR PXQGRDGRWDUDPRPpWRGRGHFRQVWUXomRGHPRUDGDVSDUDVHXVWUDEDOKDGRUHV´H VREUHDRUJDQL]DomRVRFLRHVSDFLDOHFRQWUROHGRRSHUiULRRDXWRUSFLWD

7RGDHVWDHVWUXWXUDRXWURVVLPDOLDVHDXPDRUJDQL]DomRGDOHJLWLPDomRGR SRGHUHGRFRQWUROHSDWURQDO2IDWRGHRLQGXVWULDOGLVSRUGDPRUDGLDGRV WUDEDOKDGRUHV HP SUR[LPLGDGH FRP DV LQVWDODo}HV GD IiEULFD H VRE RV GRPtQLRVGHVXDDGPLQLVWUDomROKHGiFRQGLo}HVGHUHFRUUHUDXPDPDLRU DXWRULGDGH VREUH R WHPSR H VREUH D MRUQDGD GH WUDEDOKR GRV RSHUiULRV LQWHQVLILFDQGRDV QRV PRPHQWRV GH QHFHVVLGDGH GH PDLRU SURGXWLYLGDGH SDUDRPHUFDGR

(39)

FRQVHTXHQWHPHQWHVXJHVWLRQDYDPID]HUXPFRQWUROHGRSDWUmRDRRSHUiULRVLWXDomR SUy[LPD WDOYH] D DWLWXGH VREUH R LQGLYtGXR HVFUDYR 1mR Ki LQWHQomR HP FRORFDU HVVDFRQVWDWDomRSUHOLPLQDUFRPRXPDSUHPLVVDGRSHUtRGRSRUpPpIDWRSHUDQWH RV DXWRUHV Mi HOHQFDGRV QHVWH FDStWXOR LQLFLDO TXH SHUGXURX SRU XP SHUtRGR D LGHRORJLDHVFUDYLVWDVREUHDFRQGXomRGRWUDEDOKRHRLQGLYtGXR

1HVWHFRQWH[WRDVRFLyORJDHSHVTXLVDGRUD%OD\WHPXPHVWXGR TXH ID]UHIHUrQFLDjPRUDGLDQDVYLODVRSHUiULDVHP6mR3DXORHQWUHRXWURVILQVVREUH DVYLODVHODFLWD³>DVYLODVRSHUiULDV@SHUGXUDPQDSDLVDJHPPDUFDPDPRUDGLDWrP XPSDSHOQDOyJLFDGDXUEDQL]DomR´LELGHPS$DXWRUDHQIDWL]DLQFOXVLYHD LPSRUWkQFLDGDVYLODVHFRUUHODFLRQDTXHGRPHLRVRFLDOJHUDGRSRUVXDRUJDQL]DomR HVSDFLDO DV YLODV RSHUiULDV ³DSDUHFHP FRPR XP VXFHGkQHR GD VHQ]DOD´ %/$< SSRLVDVHQ]DODPDWLQKDRHVFUDYRQRHVSDoRGHLQWHUHVVHSDUDRPHLR SHUDQWHFRQVWDWDGRSRU%OD\QHVWHHQWHQGLPHQWRDVYLODVRSHUiULDVWDOYH]WHQKDP VLGRDVVHQ]DODVGHXPSHUtRGRSRVWHULRUDHVFUDYLGmR

3RGHVH LQWHUSUHWDU TXH D LQGXVWULDOL]DomR H SRQWXDOPHQWH D LQG~VWULD Wr[WLO QmRIRLXPIDWRULVRODGRGHFRUUHUDPIDWRUHVH[WHUQRVHIDWRVHSRVLo}HVKLVWyULFDV UHOHYDQWHV TXH DOLQKDUDP RX PHVPR GLUHFLRQDUDP R IRUPDWR GR GHVHQYROYLPHQWR GRV SURFHVVRV Wr[WHLV VHMDP HOHV IHQ{PHQR VRFLDO FRQWUROH VRFLDO SURFXUD SRU OXFUR SHUSHWXDomR GR FRQWUROH HVFUDYR RX RXWURV IRFRV TXH GLQDPL]DUDP R PHLR (VVHV HOHPHQWRV GLQDPL]DGRUHV GRV SURFHVVRV Wr[WHLV GLUHFLRQDP TXHVW}HV LQYHVWLJDo}HVHDIHULo}HVLQTXLHWDo}HVSHUWLQHQWHVQHVWHSRQWRGDGLVVHUWDomR

9LODVRSHUiULDVHQ~FOHRVIDEULVWr[WHLVDLQGXVWULDOL]DomRGHILDUHWHFHUHP $ODJRDV DODUJRX R FRPHUFLR LQWHUQR H H[WHUQR GR HVWDGR H FULRX XP VLVWHPD GH HPSUHVDV µDXWRVXVWHQWiYHLV¶ GDV TXDLV R RUJDQLVPR DGPLQLVWUDWLYR GLQDPL]RX XP IRUPDWR SUySULR SDUD GLQkPLFD GR SHUtRGR (VVH RUJDQLVPR IXQFLRQRX VRE XP VLVWHPD HVSDFLDO FRP XPD GLVSRVLomR XUEDQD H DUTXLWHW{QLFD FRP R REMHWLYR GH FRQWURODUWRGDDGLQkPLFDGHSURGXomRHYLGDORFDOTXHVHJXQGR0RQWDQHUH0X[L

SRV QR VpFXOR ;,; FDXVRX XP LPSDFWR VREUH DV FLGDGHV FRP

³UHYROXo}HVHPXGDQoDVVRFLDLV´UHIOHWLGDVQDPRUDGLDRSHUiULD±DVYLODVHQ~FOHRV 6REUHHVVDGLQkPLFD0RQWDQHUH0X[LGHVWDFDPTXHHVVHVHVSDoRV IRUDP GHVHQYROYLGRV FRP XPD DUTXLWHWXUD H XUEDQLVPR ³FRPR LQVWUXPHQWRV GH GRPtQLR H SRGHU´ H DV FRQWULEXLo}HV FUtWLFDV GHVVH VLVWHPD GH FRQWUROH IRUDP

(40)

GHVHQYROYLGDVSRUGLYHUVRVDXWRUHVFRPR0LFKHO)RXFDXOW(OHPHQWRVLQWUtQVHFRVD HVWD SHVTXLVD IRFRV TXH GLUHFLRQDP D QHFHVVLGDGH GH XPD LQYHVWLJDomR DV UHODo}HVHUHGHGHUHODo}HVGHSRGHUGRPHLRHPHVWXGRDLQG~VWULDWr[WLO

$WHQWDQGR SDUD R REMHWR HP HVWXGR QHVWD GLVVHUWDomR H SDUD GLQkPLFD GH FRQWUROH SDWURQDO LPSRVWD QD SURGXomR Wr[WLO GHXVH RGLUHFLRQDPHQWR GH FULDU XP LWHPGHVWHFDStWXORLQLFLDOTXHH[SRQKDWDLVUHODo}HVHDJUHJXHHOHPHQWRVSDUDRV REMHWLYRVGLVVHUWDWLYRVDVVLPRWySLFRVHJXLQWHpHVWUXWXUDGRHPFRQFHLWXDUSRGHU GLVSRU FRPR R SRGHU p H[HUFLGR GLUHFLRQDU SDUD TXH VHUYH H DSUHVHQWDU DV FRQVHTXrQFLDVGHVHXH[HUFtFLRHPYiULRVQtYHLV

5HODo}HVGHSRGHUHLQWHUDo}HVFRPRPHLRGDLQG~VWULDWr[WLO

>2V@ HGLItFLRV GH SURGXomR IiEULFDV GH WHFLGR H Do~FDU >@>HQWUH RXWURV QmR UHSUHVHQWDYDP PDLV@ >@ HGLItFLRV GH UHSUHVHQWDomR GH XP SRGHU GRPLQDQWH ORQJtQTXR H LQDFHVVtYHO PDV GH HGLItFLRV GH XP QRYR SRGHU PDLV SUy[LPR TXH DGPLQLVWUDYD OHJLVODYD FRQWURODYD H GLVWULEXtD 0217$1(508,;SRV

$UHIHUrQFLDTXHRVDXWRUHVID]HPQDFLWDomRDQWHULRUUHIOHWHRWLSRGHSRGHU HP SUiWLFD QRV SURFHVVRV Wr[WHLV VXPDUL]D SDUkPHWURV TXH HOHQFDP R SRGHU TXH GRPLQRXRPHLRIDEULOHPHVWXGRRHVSDoRHPLQYHVWLJDomR³3RGHU´pXPWHUPRGH FRPSOH[DVLJQLILFDomRSRUWDQWRWRUQDVHLPSRUWDQWHGHILQLUHIULVDUVXDDEUDQJrQFLD YLVWRH[LVWLUHPLQWHUSUHWDo}HVGLUHWDVRXVLPSOLVWDVTXHQRH[HUFtFLRGHVWDSHVTXLVD VHSURS{VGLVFXWLUYLVOXPEUDQGRRREMHWRFUtWLFRHPHVWXGRR&RPSOH[R µ+LVWyULFR¶ )DEULO7r[WLOGH5LR/DUJR3DUDHVWHREMHWRFUtWLFRIRUDPREVHUYDGDVVXDVQXDQoDV WDPEpPHPPRQRJUDILDVGLVVHUWDo}HVHSHVTXLVDVUHFHQWHVHPGLYHUVRVQtYHLVTXH GLVFXWHP R PHLR VRFLDO H ItVLFRHVSDFLDO ULRODUJXHQVH SHUDQWH DV DSUHHQV}HV FRQFHLWXDLVGH³SRGHU´

1DV OHLWXUDV H DSURSULDo}HV GR WHUPR SRGHU )RXFDXOW FRPSDUHFHX FRP FRQFHLWRVYLQFXODGRVDRREMHWRGDµLQG~VWULDWr[WLO¶HFRPVXEVtGLRVWHyULFRVDRORQJR GDDSUHVHQWDomRGRHVSDoRVyFLRWr[WLOHPUHODo}HVGHGRPtQLRHFRQWUROH6HJXQGR 1HVELWW VLPLODU D 0RQWDQHU H 0XL[ )RXFDXOW VHJXLD D OLQKD SyV HVWUXWXUDOLVWDDUUDLJDGRDLQGDDRHVWUXWXUDOLVPRSUy[LPRDRSHUtRGRGHFRQVWUXomR

HHVWUXWXUDomRGRPHLRIDEULOHPHVWXGRHH[DPLQRXRDPELHQWHPRGHUQRHPVHXV

6HJXQGR1HVELWWSH³>«@RSyVHVWUXWXUDOLVPRIXQGDDFUtWLFDGRVLJQRDRLQGDJDU

(41)

HVWXGRV j LQGXVWULDOL]DomR )UHQWH DR LPSDFWR GRV YiULRV GLVFXUVRV GD HUD SyV PRGHUQDDDXWRUDH[SODQD

$VFUtWLFDVjHVWUXWXUDGRSRGHUSROtWLFRUHFHEHUDPXPUHIRUoRSRUSDUWHGH LQWHOHFWXDLV IUDQFHVHV FRPR R SyVHVWUXWXUDOLVWD 0LFKHO )RXFDXOW >@ DV LGpLDVGH)RXFDXOWWLYHUDPHQRUPHLQIOXrQFLDGHYLGRjDEUDQJrQFLDGHVXDV DQiOLVHVUHODWLYDVjHVWUXWXUDGDVGLVFLSOLQDVHGDVSURILVV}HV>VXDVREUDV@ >@ GHL[DP FODUR TXH DV LQVWLWXLo}HV H DV IRUPDV DUTXLWHW{QLFDV TXH DV DEULJDP H[HUFHP XPD IXQomR GH FRQWUROH QD VRFLHGDGH >GD pSRFD@ LELGHPS

$ SODQHMDGRUD XUEDQLVWD 1HVELWWLELGHP DLQGD FRORFDR FRPR R SURILVVLRQDO TXH ³LQVSLURX H IDYRUHFHX D FUtWLFD SyVPRGHUQD jV HVWUXWXUDV GH SRGHU´ GLUHFLRQDQGR D SURSRVWD GHVWD GLVVHUWDomR GH TXH D OLQKD GH )RXFDXOW LQGX] SUHSRVLo}HV H LQTXLHWDo}HV SXOVDQWHV QR HVSDoR FRQWUDGLWyULR GH YLYrQFLDVYLGDV RSHUiULDV R TXH MXVWLILFD D HVFROKD GR HL[R WHyULFR GH UHVSDOGR DR HVWXGR GHVWD GLVVHUWDomR

2SRGHUTXHVHUiUHWUDWDGRDTXLVHDSRUWDHP)RXFDXOWUHIOH[}HVHLQWHUDo}HV HP /HEUXQ SUHUURJDWLYDV H FRQVWDWDo}HV LQYHVWLJDWLYDV GH 0RQWDQHU H 0X[L HQWUH RXWURV (OHQFDPVH D SDUWLU GHVVHVDXWRUHV SUHPLVVDV TXH WHQFLRQDP FRQFHLWXDU R WHUPR SRGHU GHVFUHYHU VHXV LQVWUXPHQWRV SDUD TXH VHUYH H FRPR VmR DSOLFDGRV DOpPGHLQLFLDUSHUFHSo}HVFRPRPHLRWr[WLOIDEULOHPIRFR

2FRQFHLWRGHSRGHUIRLGLVFXWLGRSRU/HEUXQTXHHPVXDVSHVTXLVDVR KLVWRULDGRU XWLOL]RX WHyULFRV FOiVVLFRVH FRQWHPSRUkQHRV FRPR )RXFDXOW YLX QRVVpFXORV;9,,,H;,;GXDVpSRFDVQDVTXDLVRVLJQLILFDGRGHSRGHUFRPHoRXD VHUGLVFXWLGRTXHQHVVD~OWLPDRFRQFHLWRGHSRGHU³FRQKHFLDDVXDGHFDGrQFLDHGH TXH FRPHoDUD D VXD DJRQLD´ 2 ³HVSHWiFXOR´ GD SXQLomR RVWHQWDGD SHOR ³SRGHU´ GHL[RXGHVHUXPDFHQD$SXQLomRVREUHRItVLFRRFRUSRWRPDOXJDUjSXQLomRGD DOPDRQGHVHJXQGR)RXFDXOWRFDVWLJRpPDLVSURIXQGR

/HEUXQLELGHPSDLQGDDILUPDTXH

>@ 2 SRGHU QmR p XP VHU DOJXPD FRLVD TXH VH DGTXLUH VH WRPD RX VH GLYLGH DOJR TXH VH GHL[D HVFDSDU e R QRPH DWULEXtGR D XP FRQMXQWR GH UHODo}HVTXHIRUPLJDPSRUWRGDjSDUWHQDHVSHVVXUDGRFRUSRVRFLDOSRGHU SHGDJyJLFR SiWULR SRGHU SRGHU GR SROLFLDO SRGHU GR FRQWUDPHVWUH SRGHU GRSVLFDQDOLVWDSRGHUGRSDGUHHWFHWF

(42)

3DUDLVVRHOHXWLOL]RXDKLVWyULDGDDOPDPRGHUQDHXPDQRYDIRUPDGHSRGHU MXOJDUHPXPDpSRFDHPTXHDSXQLomRVREUHRVLQGLYtGXRVFRPRIRUPDGHSRGHU QmRHUDPDLVFRUSRUDOPDVVLPFRPRDOPDHFRUSR2FRUSRpGHVLJQDGRVHJXQGR )RXFDXOWSRUUHODo}HVGHSRGHUHGHGRPLQDomR$VUHODo}HVGHSRGHUHGH GRPLQDomR HVWmR VREUH RV LQGLYtGXRV SRU XP VLVWHPD GH VXMHLomR 2 FRUSR GR LQGLYtGXRVyVHUiIRUoD~WLOVHIRUDRPHVPRWHPSRSURGXWLYRHVXEPLVVRHDDOPD HOHPHQWRPDLVtQWHJURGRLQGLYtGXRMiQmRHUDPDLVGRLQGLYtGXR

4XDQGR)RXFDXOWGLVFXWLXSRGHUHFRPRRSRGHUpH[HUFLGRDQDOLVRX DVWRUWXUDVHVXSOtFLRVFRUSyUHRVGRPLQDQWHVDRVFRQGHQDGRVDWpRLQtFLRGRVpFXOR ;,;DQRVIDEULVWr[WHLVTXDQGRXPQRYRVLVWHPDGHSHQDOLGDGHVUHWLUDGHFHQDR FRUSR H FRORFD R KRPHP D MXOJDPHQWR HP VXD DOPD SRLV DJH QR FRUDomR QR LQWHOHFWR QD YRQWDGH H QDV GLVSRVLo}HV 5HVXOWD SRU HOXFLGDU DR OHLWRU GL]HQGR YHHPHQWHPHQWH TXH R SRGHU VH H[HUFH PDLV GR TXH VH SRVVXL ³TXH QmR p R SULYLOpJLRDGTXLULGRRXFRQVHUYDGRGDFODVVHGRPLQDQWHPDVRHIHLWRGHFRQMXQWRGH VXDV SRVLo}HV HVWUDWpJLFDV ± HIHLWR PDQLIHVWDGR H jV YH]HV UHFRQGX]LGR SHOD SRVLomRGRVTXHVmRGRPLQDGRV´(OHID]XPDGLVFXVVmRGLDOpWLFDHFRPSOHWDTXHR SRGHUpXPDHVWUDWpJLDLELGHPS

2SRGHUH[HUFLGRFRPRHVWUDWpJLDDSUHVHQWDRVHIHLWRVGHXPDGRPLQDomR SRU PHLR GH PDQREUDV WiWLFDV WpFQLFDV FRP XPD UHGH GH UHODo}HV VHPSUH QXPD WHQVmRRXVHMDQXPSRGHUTXHVHH[HUFHVREUHXPDUHGHHPDWLYLGDGH)RXFDXOWVH SURQXQFLDVREUHHVVHSRGHUWDPEpPQXPDEXVFDSHORTXHSRGHUiH[SRUFRPR³TXH HVVDVUHODo}HVDSURIXQGDPVHGHQWURGDVRFLHGDGH´LELGHP

1R HQWDQWR /HEUXQ S DUJXPHQWDQGR VREUH FRORFDo}HV GH )RXFDXOW GL] TXH ³R SRGHU p PHQRV FRQWURODGRU GH IRUoDV TXH VHX SURGXWRU H RUJDQL]DGRU´HDSUHHQGHTXH³RSRGHUpLQVWDXUDGRUGHQRUPDVPDLVTXHGHOHLV´H DLQGD ID] UHIHUrQFLD j UHSUHVHQWDomR LQYHURVVtPLO GR SRGHU DR FRORFDU TXH HOH p XPDLPSRVLomRjOLEHUGDGH'DVVXDVUHIOH[}HVVHSRGHFRQVWDWDUTXHQDVUHODo}HV GHSRGHUQmRH[LVWHXPDSRVLomRFRQMXJDGDHSOHQDHQWUHGRPLQDQWHVHGRPLQDGRV $VVLP ³R KRPHP FRQGLFLRQDGR DGHVWUDGR SHORV SRGHUHV p R SULYLOHJLDGR´ /(%581SDILQDO³RSRGHUQmRGRPHVWLFDHOHGRPLQD´

(43)

GDPHVPDREUDH[S}HDIRUPDFRPTXH)RXFDXOWGHVWULQFKDR³FRPR´GR³SRGHU´DR GLDJUDPDUXPWULkQJXORILJXUD )LJXUD(VWUXWXUDomRGRµWULkQJXORGH)RXFDXOW¶ )RQWH$XWRUD $FRQILJXUDomRGHVVHWULkQJXORGLVS}HR³FRPR´GR³SRGHU´HOHUHSUHVHQWDXP WULkQJXOR FRP YpUWLFHV GHOLQHDGRV SHOR SRGHU R GLUHLWR H D YHUGDGH 2 DXWRU UHIHUHQFLD QHVWH DV UHJUDV GR GLUHLWR TXH ³GHOLPLWDP R SRGHU´ H RV HIHLWRV GD YHUGDGHRTXDORSRGHUSURGX]WUDQVPLWHHRUHSURGX]+iHQWmRRFRPRRSRGHUp H[HUFLGRDRTXDOSRGHUHVDEHUVHGLVS}HDFLPDGRVLVWHPDSRLVHOHpRSRQWRGH DomR GH WRGD D GLQkPLFD $ YHUGDGH p R SRQWR HP VHTXHQFLD DR SRGHU ORFDO GH RSHUiULRV H GD SURGXomR IDEULO H R GLUHLWR p R SRQWR GR PHLR VRFLDO 2EVHUYDVH HQWmRTXHRSRGHUpH[HUFLGRSRUVLVWHPDGHRUGHQDomRGHSRVLo}HVKLHUDUTXLD ± H[SUHVVmRTXHVHUiH[SORUDGDQHVWHLWHPGRFDStWXORLQLFLDO 3RGHVHFRQJHFWXUDUTXHVHJXQGRSUHUURJDWLYDVGH)RXFDXOWDVIiEULFDVGR SHUtRGRGD5HYROXomR,QGXVWULDOWLQKDPXPDLQIUDHVWUXWXUDRUJDQL]DGDSHODGLVFLSOLQD GRVRSHUiULRV)RXFDXOWDSUHVHQWRXRFRQFHLWRGHSRGHUGLVFLSOLQDUTXHpXPD IRUPDGHH[HUFtFLRGRSRGHUHTXHWHPXPDOHLWXUDVLPLODUjFRQVWDWDomRGH6WHLQ SSDUDHVVHSHUtRGRTXDQGRFLWRXTXH³>@RVIDEULFDQWHVQHFHVVLWDYDP GHWUDEDOKDGRUHVHVWUDQJHLURVQmRDSHQDVSRUVXDKDELOLGDGHWpFQLFDFRPRWDPEpP SDUDTXHDGHVWUDVVHPDLQH[SHULHQWHPmRGHREUDORFDO´ 7UDWDYDVHGD³DUWHGRDGHVWUDPHQWR´)RXFDXOWSFRQFHLWXDTXH ³RSRGHUGLVFLSOLQDUpFRPHIHLWRXPSRGHUTXHHPYH]GHVHDSURSULDUHGHUHWLUDU WHPFRPRIXQomRPDLRUµDGHVWUDU¶RXVHPG~YLGDDGHVWUDUSDUDUHWLUDUHVHDSURSULDU DLQGDPDLVHPHOKRU´2ILOyVRIRDLQGDFRQVROLGDWDOGLiORJRDFHUFDGRFRQWUROHIDEULO GL]HQGRTXH³DGLVFLSOLQDµIDEULFD¶LQGLYtGXRVHODpDWpFQLFDHVSHFtILFDGHXPSRGHU 3RGHU 9HUGDGH 'LUHLWR 3RGHU 9HUGDGH 'LUHLWR

ž SRQWR GD DomR VREUH DomRTXHJHUDRVLVWHPD

ž SRQWR GD DomR RSHUiULRVHSURGXomRH

(44)

TXHWRPDRVLQGLYtGXRVDRPHVPRWHPSRFRPRREMHWRVHFRPRLQVWUXPHQWRVGHVHX H[HUFtFLR´LELGHPUHVXOWDQGRQXPPHLRVRFLDOUHJLGRVREUHDSROtWLFDIDEULO

¬PHGLGDTXHRDSDUHOKRGHSURGXomRVHWRUQDPDLVLPSRUWDQWHFRPSOH[RH TXHDXPHQWDPRQ~PHURGHRSHUiULRVHDGLYLVmRGRWUDEDOKRDVWDUHIDVGHFRQWUROH VH ID]HP PDLV QHFHVViULDV H PDLV GLItFHLV 1HVVH PRPHQWR R SRGHU GLVFLSOLQDU GLVS}HVXDDomRVHXH[HUFtFLRHGHPRQVWUDFRQVHTXHQWHPHQWHSDUDTXHVHUYHR RSHUiULRpDGHVWUDGRHOHpIDEULFDGRHYLJLDGRVRERVPROGHVGDDomRGRSRGHUGR DOWRGDSLUkPLGH

9LJLDUWRUQDVHHQWmRXPDIXQomRGHILQLGDPDVGHYHID]HUSDUWHLQWHJUDQWHGR SURFHVVR GH SURGXomR GHYH GXSOLFiOR HP WRGR R VHX FRPSULPHQWR )28&$8/7 SSRLVRSRGHUTXHGLVFLSOLQDpRSRGHUGLVFLSOLQDUFRPRROKDUYLJLODQWH VREUH R RSHUiULR GDV ³FLGDGHVIiEULFDV´ SRU VHU QHFHVViULR j SURGXomR SHOD DFHLWDomRGHTXH

$GLVFLSOLQDIDEULFD>@FRUSRVVXEPLVVRV>@FRUSRVµGyFHLV¶$GLVFLSOLQD DXPHQWDDVIRUoDVGRFRUSRHPWHUPRVHFRQ{PLFRVGHXWLOLGDGHHGLPLQXL HVVDVPHVPDVIRUoDVHPWHUPRVSROtWLFRVGHREHGLrQFLD(PXPDSDODYUD HOD GLVVRFLD R SRGHU GR FRUSR ID] GHOH SRU XP ODGR XPD DSWLGmR XPD µFDSDFLGDGH¶TXHHODSURFXUDDXPHQWDUHLQYHUWHSRURXWURODGRDHQHUJLD >@ID]GHODXPDUHODomRGHVXMHLomRHVWULWD)28&$8/7S 2 SRGHU GLVFLSOLQDU FRP D DSURSULDomR H R DGHVWUDPHQWR VHUYLD SDUD

PRQLWRUDURVRSHUiULRVHRIHUHFLDDSROtWLFDIDEULOjREHGLrQFLDTXHRVLVWHPDJHULD VREUH R IXQFLRQiULR UHSUHVHQWDomR GD RUJDQL]DomR SLUDPLGDO FRUUHVSRQGHQWH j SLUkPLGHGH)RXFDXOW8PH[HPSORGHDSOLFDomRGRSRGHUGLVFLSOLQDUIRLRWRTXHGD FDPSDLQKD DSUHVHQWDYD XP VRP FDUDFWHUtVWLFR GHVVD GLVFLSOLQD UHSULPLQGR H IRUoDQGRRVIXQFLRQiULRVDRVUtJLGRVWUDWRVHSRVWXUDGHVXSHULRULGDGHGRVFKHIHVGH VHWRUFRPRDWHVWDRDXWRUDUWHIDWRIDEULOWDPEpPDGRWDGRQRPXQGRWr[WLODODJRDQR $IRUD DV DIHULo}HV GH)RXFDXOW R VRP GD VLUHQHGD FDPSDLQKD IXQFLRQDYD FRPROHPEUHWHHDOHUWDGRVWXUQRVGHDFHVVRVDSURGXomRHILPGRGLDGHODERU

7DO GLVFLSOLQD GLVSRVWD VREUH IRUPD GH GRPLQDomR WHP D ILQDOLGDGH GH IDEULFDURVFRUSRVHDVRSHUDo}HVFRUSyUHDVVXEPLVVRVHH[HUFLWDGRVFRPRµFRUSRV GyFHLV¶FKHJDQGRDGLVVRFLDURFRUSRGRVHUTXHRKDELWD$HVVHVFRUSRVHDOPD IDEULFRWr[WLO³DGLVFLSOLQDSURFHGHHPSULPHLUROXJDUjGLVWULEXLomRGRVLQGLYtGXRVQR HVSDoR´ )28&$8/7 S RUJDQL]DQGR H GHWHUPLQDQGR R HVSDoR KRUiULRV H WXUQRV HVFDODKLHUiUTXLFD VHJXLGR GHXPD VLVWHPDWL]DomR RQGH R FRPSRUWDPHQWR

³>@RVWHyULFRVGHILQHPRSRGHUFRPRXPDUHODomR´6,/9$.6,/9$0SXPD

(45)

GR LQGLYtGXR HVWDULD VRE FRQWUROH HP XPD GLVWULEXLomR KRPRJrQHD jV FODVVHV GH FDGDJUXSR2DXWRUDFUHGLWDYDTXHRVDFRQWHFLPHQWRVGHYLDPVHUOHYDGRVHPFRQWD DRVHXWHPSRjVXDKLVWyULDHDRVHXHVSDoR

2 SRGHU GLVFLSOLQDU VHLQVWUXPHQWDOL]D GHQWUH RXWURV QR ROKDU KLHUiUTXLFR H QDVQRUPDOL]Do}HVWUDWDQGRVHGHXPSRGHUGLUHFLRQDGRSHODYLJLOkQFLDKLHUiUTXLFD FRPR SRU H[HPSOR DV ³FLGDGHVIiEULFDV´ QDV YLODV RSHUiULDV FRQVWUXtGDV VRE XP FRQWH[WR XUEDQR TXH VXVWHQWDP R ³HQFDL[DPHQWR HVSDFLDO GDV YLJLOkQFLDV KLHUDUTXL]DGDV´ SULQFtSLR GR ³HQFDVWUDPHQWR´ (VWH HVWUXWXUDGR QXPD DUTXLWHWXUD QmR PDLV SDUD VHU YLVWD PDV SDUD VHUYLU GH FRQWUROH QR VHXLQWHULRU GHQXQFLDQGR DVVLPDWUDQVIRUPDomRGRVLQGLYtGXRVRXVHMDRVRSHUiULRV

(VVDFRQVWDWDomRWUD]DVLQWHUSUHWDo}HVGH0RQWDQHUH0X[LSRV FRQIRUPH Mi GLUHFLRQDGR QHVWH FDStWXOR DV FLGDGHVIiEULFDV H D PRUDGLD GDV YLODV RSHUiULDV HVSDoRV GH GRPtQLR H SRGHU VmR RV H[HPSORV GH WUDQVIRUPDo}HV GHFRUULGRVQRSHUtRGRGDLQGXVWULDOL]DomR

0LFKHO)RXFDXOWIRLXPGRVDXWRUHVTXHVLWXRXRHVSDoRDUTXLWHW{QLFRGHQWUR GDV HVWUDWpJLDV GH GRPtQLR H FRQWUROH SRU SDUWH GR SRGHU 6HJXQGR )RXFDXOWQRSURFHVVRGHHYROXomRGRSHUtRGRFOiVVLFRDRSHUtRGRPRGHUQR SURGX]LXVH XPD WUDQVIRUPDomR WRWDO >@ HP WHUPRV GH DUTXLWHWXUD H XUEDQLVPRDWpRHVSDoRGDFDVD

9LJLDUFRPRMiSURQXQFLDGRWUDWDVHGHRXWURSRQWRGLVFLSOLQDGRUpD³UHJUD GDVORFDOL]Do}HVIXQFLRQDLV´DVVLPQRPLQDGDVSRU)RXFDXOWSGDTXDO R PHLR DUTXLWHW{QLFR H XUEDQR VRIUHX WUDQVIRUPDo}HV SDUD FRPLQDomR GDV HVWUDWpJLDV GH GRPtQLR H FRQWUROH VHJXQGR 0RQWDQHU H 0X[L &RQIRUPH )RXFDXOW LELGHP HVVD UHJUD IRL LQVWLWXtGD SHOD QHFHVVLGDGH GH YLJLDU XP GRV REMHWLYRV GR SRGHU GLVFLSOLQDU R TXH SDUD DV H[LJrQFLDV IDEULV FRQVLVWLD HP ³>GLVWULEXLU@RVLQGLYtGXRVQXPHVSDoR>DUTXLWHW{QLFRHXUEDQR@RQGHVHSRVVDLVROi ORV H ORFDOL]iORV PDV WDPEpP DUWLFXODU HVVD GLVWULEXLomR VREUH XP DSDUHOKR GH SURGXomRTXHWHPVXDVH[LJrQFLDVSUySULDV´LELGHPS1DGLVFLSOLQDWDPEpP GHILQH R DXWRU FDGD LQGLYtGXR GHWHUPLQD VHX ORFDO GH RFXSDomR D GLVWkQFLD TXH VHSDUD GR RXWUR D SRVLomR H D ILOD TXH RFXSD QXPD FODVVLILFDomR KLHUiUTXLFD RUGHQDomRGHRFXSDomRWUDEDOKLVWD

(46)

'DDSOLFDomRGHVVHVVLVWHPDV GLVFLSOLQDUDGHVWUDUHYLJLDUGHOLQHLDVHXP SURJUDPD HVSDFLDO VLPLODU j DUTXLWHWXUD IDEULO Wr[WLO UHFRUUHQWH 8PD DUTXLWHWXUD GLDJUDPDGD FRP DPELHQWHV GLYLGLGRV FRPR µFHODV¶ SDUD IL[DomR FLUFXODomR µVyFLR SURGXWLYD¶ H XPD GLVSRVLomR UDFLRQDO R VXILFLHQWH SDUD R JDQKR OXFUR H SRWHQFLDOL]DomR GR WHPSR SURGXWLYR GR RSHUiULR (YLGHQFLDVH D GHFRUUrQFLD GR SRGHULQVWDXUDGRQRPHLRIDEULOHOHLQIODPDYDDRUGHPVRFLDOVREUHDVXSUHPDFLDH DVFHQVmRGRVSURSULHWiULRVTXHDRQRWDUHPRVXFHVVRGDSURGXomRSDVVDYDPDYHU QDYLJLOkQFLDDIRUPDGHGLVFLSOLQDU jFODVVHRSHUiULDSDUDQmRDIHWDUDFRQVWkQFLD GRVOXFURV

$FRPSDQKDQGR HVWD yWLFD RFRUULD R FRQWUROH VREUH R LQGLYtGXR R RSHUiULR FRQWUROH DV VXDV DWLYLGDGHV FRQWUROH GR KRUiULR GR RSHUiULR GR WHPSR GDV DWLYLGDGHV GR FRUSR GLVFLSOLQDGR SDUD FDGD DWLYLGDGH R FRUSR GLVFLSOLQDGR QD UHODomRFRUSRREMHWRGDDWLYLGDGHGHVHQYROYLGD±³FRGLILFDomRLQVWUXPHQWDOGRFRUSR´ )28&$8/7 S (P VXPD D GLVFLSOLQD RUJDQL]DQGRR WHPSR GR LQGLYtGXR R PHLRSURILVVLRQDOHGHWUDEDOKRIRUPDH[DXVWLYDSOHQDSDUDQmRKDYHUDSHUGDGH WHPSR

1R SHUtRGR IDEULO VRE R GRPtQLR GR SRGHU GLVFLSOLQDU DV DWLYLGDGHV HUDP VLVWHPDWL]DGDV FRP R XVR GH WpFQLFDV PRGHUQDV ³GH FODVVLILFDomR H GH HQTXDGUDPHQWR´)28&$8/7SDVTXDLVFRQWURODYDPRWHPSRDIRUPD GR WHPSR QD PDFUR H PLFURItVLFD GR SRGHU 1HVVDV WpFQLFDV R ROKDU KLHUiUTXLFR GLUHFLRQDGRSHODYLJLOkQFLDKLHUiUTXLFDGDYDVHSHODVHVWUXWXUDVGRV³REVHUYDWyULRV´ WUDWDYDVH GH HGLItFLRV SDUD ROKDU H YLJLDU RV LQGLYtGXRV H WHYH QR XUEDQLVPR GD FRQVWUXomR GDV FLGDGHV RSHUiULDV XP GRV PRGHORV GH HQFDL[DPHQWR HVSDFLDO GDV YLJLOkQFLDV KLHUDUTXL]DGDV VXVWHQWDGR SHOR SULQFtSLR GR HQFDVWUDPHQWR $ ³DUTXLWHWXUD>@QmRpPDLVIHLWDVLPSOHVPHQWHSDUDVHUYLVWDIDXVWRGRVSDOiFLRV RX SDUD YLJLDU R HVSDoR H[WHULRU JHRPHWULD GDV IRUWDOH]DV PDV SDUD SHUPLWLU XP FRQWUROH LQWHULRU DUWLFXODGR H GHWDOKDGR´ )28&$8/7 S VREUH HVVH ROKDUYLJLODQWHRDXWRUFLWD

>$DUTXLWHWXUDHUDSODQHMDGDSDUD@WRUQDUYLVtYHLVRVTXHQHODVHHQFRQWUDP PDLV JHUDOPHQWH D GH XPD DUTXLWHWXUD TXH VHULD XP RSHUDGRU SDUD D WUDQVIRUPDomR GRV LQGLYtGXRV DJLU VREUH DTXHOH TXH DEULJD GDU GRPtQLR VREUHVHXFRPSRUWDPHQWRUHFRQGX]LUDWpHOHVRVHIHLWRVGRSRGHURIHUHFr ORVDXPFRQKHFLPHQWRPRGLILFiORVLELGHP

(47)

FRQWHPSRUkQHDVGHFODVVLILFDomRHHQTXDGUDPHQWRVREXPSRGHUGLVFLSOLQDGRUGR TXDO DV LQVWLWXLo}HV IDEULV ODQoDUDP PmR ³$V LQVWLWXLo}HV GLVFLSOLQDUHV SURGX]LUDP XPDPDTXLQDULDGHFRQWUROHTXHIXQFLRQRXFRPRXPPLFURVFySLRGRFRPSRUWDPHQWR >@XPDSDUHOKRGHREVHUYDomRGHUHJLVWURHGHWUHLQDPHQWR´)28&$8/7S &RPR H[HPSOR KDYLD D H[LVWrQFLD GRV HTXLSDPHQWRV S~EOLFRV SDUD R XVR FRPXP GH IXQFLRQiULRV QRV VHXV KRUiULRV OLYUHV OD]HU RX PHVPR GH VHXV ILOKRV DOpPGHHVFRODGHSDUWDPHQWRGHVD~GHMXQWRVIRUPDQGRXPRUJDQLVPRGHFRQWUROH SHODPDQXWHQomRGRSRGHUGLVFLSOLQDU

(QWHQGHVHHQWmRTXHRVHGLItFLRVDSUySULDDUTXLWHWXUDHWRGDLQIUDHVWUXWXUD GR PHLR XUEDQR GHVHQKDUDP XP HVSDoR SROLWLFDPHQWH RUJDQL]DGR H VRFLDOPHQWH GRPLQDGR SDUD ILQV GHVVD PDQXWHQomR GR SRGHU GLVFLSOLQDU 6HULD XPD YLVmR UHIOH[LYDGDFRQVHTXrQFLDGHVVHVLVWHPDDFRQVWDWDomRGH)RXFDXOWS ³D SLUkPLGH >TXH@ SRGLD DWHQGHU D GXDV H[LJrQFLDV VHU EDVWDQWH FRPSOHWD SDUD IRUPDU XPD UHGH VHP ODFXQD SRVVLELOLGDGH HP FRQVHTXrQFLD GH PXOWLSOLFDU VHXV GHJUDXVHGHHVSDOKiORVVREUHWRGDDVXSHUItFLHDFRQWURODU´

)LJXUD9LVmRHVTXHPiWLFDGRVLVWHPDIDEULOHP5LR/DUJR$/

)RQWH$XWRUD

&RPSOHWXGH H FRQWUROH VmR HOHPHQWRV HP HVFDOD KLHUiUTXLFD SDUD R ROKDU GLVFLSOLQDUGHIRUPDGLVFUHWDPDVIXQFLRQDO>DORFDOL]DomRGDVFDVDVGRVVXSHULRUHV

YHUGDGH

YHUGDGH 32'(5

GLUHLWR

(48)

SDWUmRWpFQLFRHDILJXUDGDVFKHILDVLPHGLDWDVGDIXQomRRSHUiULD@([HPSORGH GLVSRVLomRXUEDQDHDUTXLWHW{QLFDGHVVDHVFDODKLHUiUTXLFDGHXVHHP5LR/DUJRHR FRPSOH[RIDEULOLQVWDODGRILJXUDFRQIRUPHILJXUDHVTXHPiWLFDREVHUYDVHQXP SODQR LQWHUPHGLiULR GR VLVWHPD HVSDFLDO D HGLILFDomR TXH IXQFLRQDYD FRPR XP REVHUYDWyULR ROKDU YLJLODQWH TXH SDUDIDFLOLWDUORFDOL]DYDVH HP XP DOWR PRUUR 7DO UHFXUVR LQVWLWXLX SDUD D pSRFD tFRQHV GD QRYD PHFkQLFD GR SRGHU HP TXH D RUJDQL]DomR SLUDPLGDO GLVSXQKD R FKHIH QR iSLFH GD SLUkPLGH R REVHUYDWyULR YLJLDQGRHFRQWURODQGRRVLQGLYtGXRVGHIRUPDFRQWLQXDGDHHVWUDWLILFDGD

$ILJXUDDQWHULRUH[HPSOLILFDRVMiFLWDGRVSRQWRVGDHVWUXWXUDGRWULkQJXORGH )RXFDXOW SRGHU GLUHLWR H YHUGDGH SRQWRV TXH SDUD D DQiOLVH IHLWD SHODV DXWRUDV )HUUHLULQKDH5DLW]SGHPRQVWUDPTXHRSRGHUSRGHVHUH[HUFLGRFRPR GLUHLWR H WDPEpP FRPR YHUGDGH $V SHVTXLVDGRUDV IRXFDXOWLDQDV H[S}HP QHVVD UHODomRTXHQRSRGHUFRPRGLUHLWRKiDSRVLomRGRUHLHGRVV~GLWRVREHGLHQWHVHQR SRGHUFRPRYHUGDGHKiDVOHLVTXHGHWHUPLQDPREHGLrQFLD

$QDORJLFDPHQWH HVWH PRGHOR UHPHWH DR HVSDoR LQGXVWULDO Wr[WLO HP HVWXGR QHVWDGLVVHUWDomR1HVVHVHQWLGRRUHLVHULDRDGPLQLVWUDGRURXGLUHWRUSUHVLGHQWHH RV V~GLWRV VHULDP RV RSHUiULRV SRU H[HPSOR 7DPEpP D HVWH PRGHOR DQDOLVDGR WLQKDPVH DV GHWHUPLQDo}HV GR HQWUH PHLR 1HVWD ILJXUD VRE D GLVSRVLomR SLUDPLGDO HVWXGDGD SRU )RXFDXOW WHPVH WDPEpP D GHPDUFDomR GDV DOWXUDV 2 HVSDoR WDPEpP p RULHQWDGR SHODV DOWXUDV GDV HGLILFDo}HV FRPXQV DRV FDUJRV RFXSDGRVRXVHMDRSRGHUORFDGRQRiSLFHGDSLUkPLGHpDORFDOL]DomRGRJHVWRUR UHLRROKDUYLJLODQWH'HVFHQGRQHVWDHVFDODDGYrPDVHGLILFDo}HVGHSURGXomRDV IiEULFDVRQGHVHORFDYDPDVSURGXo}HVHRQGHIXQFLRQDYDRXWURVLVWHPDSLUDPLGDO RVSRVWRVPDLVDOWRVFKHILDVDWpRVPDLVEDL[RVFRPRRSHUDULDGR

(VVDOHLWXUDWDPEpPGLUHFLRQDDORFDomRGDVXQLGDGHVGHPRUDGLDFRQMXQWD DRV GHPDLV HGLItFLRV VHJXQGR R DXWRU R PHLR GLVSXQKD GHQWUR GHVWD SRVLomR SLUDPLGDO WRGDV DV HGLILFDo}HV SHOR SRGHU GLVFLSOLQDU $ LPDJHP ILJXUD TXH VHJXH GHPRQVWUD HVWLOL]DGDPHQWH j GLVSRVLomR GDV HGLILFDo}HV GH XP PHLR Wr[WLO HVVH H[HPSOR VHUi PHOKRU HVWUXWXUDGR QR GHFRUUHU GRV WH[WRV TXDQGR R SUySULR HVSDoR HP HVWXGR VHUi FRUWDGR WHFQLFDPHQWH SDUD H[HPSOLILFDU H GLVFXWLU HVWHV FRQFHLWRV

8VDUDH[SUHVVmRSHVTXLVDGRUDVµIRXFDXOWLDQDV¶TXHUGL]HUTXHDVDXWRUDV)HUUHLULQKDH5DLW]WrP

(49)

)LJXUD([HPSORGHGLVSRVLomRGDVHGLILFDo}HVQXPFRPSOH[RIDEULO

)RQWH$XWRUD

(VVH GLVSRVLWLYR WULDQJXODU GH )RXFDXOW ID] DFHSomR D RXWUR GLVSRVLWLYR XWLOL]DGR SHOR PHVPR R SDQySWLFR GH %HQWKDP 2 SDQySWLFR GH %HQWKDP p XP

HVSDoRGRFRQWUROHWRWDOLWiULR³HVSDoRIHFKDGRUHFRUWDGRYLJLDGRHPWRGRVRVVHXV SRQWRV´)28&$8/7SSRUHVVDGHVFULomRRVLQGLYtGXRVHVWmRHPXP ORFDOIL[RFRPWRGRVRVPRYLPHQWRVYLJLDGRVFRQWURODGRVHUHJLVWUDGRV2SDQySWLFR p FRPSRVWR GH WUrV HOHPHQWRV HVSDoR IHFKDGR GLYLVmR HP FHODV H WRUUH FHQWUDO HOHPHQWRVTXHVHID]HPUHFRQKHFHUQRHVSDoRIDEULOWr[WLO

6HJXQGR )RXFDXOW R ³SDQySWLFR >GH %HQWKDP@ p XPD PiTXLQD PDUDYLOKRVDTXHDSDUWLUGRVGHVHMRVPDLVGLYHUVRVIDEULFDHIHLWRVKRPRJrQHRVGH SRGHU´ LELGHP S 3HUDQWH RV WUrV HOHPHQWRV GHVVD PiTXLQD DWULEXtDVH DR HVSDoR IHFKDGR D IXQomR GH GHL[DU RLQGLYtGXR HP HVWDGR GH VXEPLVVmRH FRP D YLJLOkQFLD SHUPDQHQWH D WRUUH ORFDOL]DYDVH QD SDUWH FHQWUDO HP DOWR SRQWR ORFDO SDUD VHU YLVtYHO H PDQWHU RV LQGLYtGXRV VHPSUH YLVtYHLV $V GHPDLV HGLILFDo}HV FLUFXQGDPDWRUUHVRERSULVPDGDYLJLOkQFLD

$ HVVD PiTXLQD GH DUWLFXODGD GLVSRVLomR XUEDQD H DUTXLWHW{QLFD YLQFXODVH VLPLODULGDGHV D DOJXPDV HVWUXWXUDV IDEULV Wr[WHLV GH $ODJRDV HQWUDV HVVDV R &RPSOH[R )DEULO 7r[WLOGH 5LR /DUJR (VVH FRPSOH[R WHYH VXD HVWUXWXUD FRQIRUPH SURSRVLo}HVMiHOHQFDGDVHRXWUDVTXHVHUmRFRQGX]LGDVQDVHTXrQFLDGLVSRVWDHP FRQGLo}HVSUy[LPDVDRVGRLVGLVSRVLWLYRVHYLGHQFLDGRV&DEHUiDRFDStWXORVHJXLQWH DSUHVHQWDU SRQWRV FDUDFWHUtVWLFRV GD KLVWRULRJUDILD GD ³FLGDGHIiEULFD´ GR OHJDGR XUEDQRHDUTXLWHW{QLFRGRPHLRVRFLRHVSDFLDOHGRIHFKDPHQWRGRVSURFHVVRVIDEULV Wr[WHLV

)HFKDQGR RV FRQKHFLPHQWRV LQWURGXWyULRV GLVVHUWDGRV LQGXVWULDOL]DomR FRQIRUPDomRWr[WLOHP $ODJRDVUHODo}HVGRPHLRIDEULODODJRDQRHDVUHODo}HVGH SRGHUYLQFXODGDVDRREMHWRHPHVWXGRHQWUHRXWURVHVWDSURGXomRWH[WXDOGLVSRUi

2 3DQySWLFR GH %HQWKDP IRL R HVSDoR GR FRQWUROH WRWDOLWiULR ± 2EUD 2 3DQySWLFR GH -HUHP\

%HQWKDPHWDO2UJDQL]DomRGH7RPD]7DGHX%HOR+RUL]RQWH$XWrQWLFD(GLWRUD

&$6$ *(6725

)È%5,&$ 2),&,1$ 5(67$85$17( &$6$

(50)

(51)

5,2/$5*2(2(63$d2&27,',$12287525$7Ç;7,/

'DQGRFRQWLQXLGDGHjSHVTXLVDQRHVSDoRWr[WLODODJRDQRGHRXWURUDHWHQGR HP YLVWD D H[SORUDomR Mi GDGD QR FDStWXOR DQWHULRU VREUH D LQGXVWULDOL]DomR D LQG~VWULDHP$ODJRDVHDVUHODo}HVGDLQG~VWULDFRPRSRGHUHVWHWUDEDOKRSDVVDD IRFDU QR DPELHQWH ULRODUJXHQVH UHPHWHQGR QHVWH SDUiJUDIR LQWURGXWyULR jV FRQMHFWXUDVGH'LHJXHV-XQLRUVREUHDGHVFULomRGDHYROXomRXUEDQDH VRFLDO GD FDSLWDO 0DFHLy H PXQLFtSLRV 6HJXQGR 'LHJXHV -XQLRU R SHUtRGR UHSXEOLFDQR DSUHVHQWRX XP FUHVFHQWH Q~PHUR GHPRJUiILFR KDMD YLVWD R GHVHQYROYLPHQWR HFRQ{PLFR TXH HVVH UHJLPH SURSRUFLRQRX 1HVVH WHPSR HOH GHVWDFD³2SURJUHVVRLQGXVWULDOWHPIHLWRVXEVWLWXLURWUDEDOKRKXPDQRSHODPiTXLQD PDVQDVUHQGDVDEHOH]DHVWiPDLVQRWUDEDOKRGDPmRGRTXHQDPiTXLQD´LELGHP S

1DV LQIHUrQFLDV GH 'LHJXHV -XQLRU D HYROXomR VRFLRHVSDFLDO DGYLQGD FRP D LQG~VWULD Wr[WLO UHSUHVHQWRX DVSHFWRV FRQWUDGLWyULRV YLVmR FXOWXUDO H VXEMHWLYD GR DXWRU (OH H[S}H TXH DV WUDQVIRUPDo}HV VRFLDLV DOWHUDUDP KiELWRV H FRVWXPHV PRGLILFDUDP UXDV H UHVLGrQFLDV ID]HQGR GD H[SDQVmR HVSDFLDO H PXGDQoDVVRFLDLVHOHPHQWRVVtPERORVGHVVHSHUtRGR

1HVVH SHUtRGR 0DFHLy DVVLVWLD D XPD DVFHQVmR HFRQ{PLFD GR HVWDGR GH $ODJRDVRQGHPDLVLQYHVWLGRUHVLGHDOL]DYDPSURMHWRVIDEULVWr[WHLVDQVLDQGROXFURV HRSRUWXQL]DQGRHPSUHJRVDRVLQGLYtGXRV2DFHUYRSDWULPRQLDOGDVWUH]HXQLGDGHV IDEULV WRWDOL]RX HP $ODJRDV XP FRQMXQWR ULFR GH KLVWyULD H FXOWXUD GH PDLV GH XP VpFXOR GRV VHXV SULPyUGLRV (P XPD YLVmR SRVWHULRU 0HQGRQoD GHVFUHYH HVVHDQWLJRPHLRDODJRDQRQRVGLDVDWXDLV

2 TXH VH WHP KRMH p D GHFDGrQFLD XP SDWULP{QLR YLOLSHQGLDGR HP IDVH GHUUDGHLUDGHGHVWUXLomReSUHPHQWHDUHFXSHUDomRGRTXHDLQGDUHVWDGR YDOLRVR DFHUYR SDWULPRQLDO GHVVDV YLODV TXH D QRVVR YHU VmR SRQWRV D FRQWULEXLUSDUDDUHWRPDGDGDPHPyULDHSDUDDSUHVHUYDomRGD+LVWyULDGH $ODJRDV0(1'21d$S

(52)

)LJXUD'RLVEDLUURVGDKLVWyULDWr[WLOGH5LR/DUJRDEDL[RREDLUUR&DFKRHLUD GH5LR/DUJR

)RQWH$XWRUD$GDSWDGRGH7$'(8*,8/,$1,HFHGLGRSRU$UQDOGR3DLYD)LOKR

$VIRWRVGDVILJXUDVHUHSRUWDPVHDRPXQLFtSLRGH5LR/DUJRFLGDGH GLYLVDDRQRUWHQRUQRURHVWHFRPDFDSLWDOGH$ODJRDV0DFHLyFRPRUHIHUHQGDGR SRU0HQGRQoD5LR/DUJRHPDQFLSRXVHGXUDQWHRSHUtRGRWr[WLOGXUDQWHRV VpFXORV;,;D;;HRVSURFHVVRVIDEULVWr[WHLVLQVWDODGRVUHSUHVHQWDUDPXPPDUFR KLVWyULFR SDUD R SRYR DODJRDQR $LQGD KRMH YHHPVH VtPERORV GR tFRQH Wr[WLO D ILJXUD FHGLGD SHOR SHVTXLVDGRU GR FRPSOH[R 3DLYD )LOKR LOXVWUD R EDLUUR GH

&DFKRHLUDQRVGLDVDWXDLV9DOHVDOLHQWDUTXHHVWDV ILJXUDVHLQLFLDLVWrPR LQWXLWRGHSLQFHODUDOJXQVHOHPHQWRVXUEDQRVHDUTXLWHW{QLFRVGRSHUtRGRTXHDLQGD HVSDFLDOL]DPRDQWLJREDLUURIDEULO2XWUDVLPDJHQVPDLVHVFODUHFHGRUDVGRHVSDoR

3DLYD)LOKRpQHWRGHXPGRVLPSRUWDQWHVGLUHWRUHVGRSURFHVVRWr[WLOGH5LR/DUJR&RPHQGDGRU

*XVWDYR3DLYDHPRURXQRHVSDoRGXUDQWHWHPSRVGRGHVHQYROYLPHQWRIDEULO'HVXDVSHVTXLVDV HVFUHYHX DOJXQV DUWLJRV H SURGX]LX XP OLYUR HP 5LR /DUJR FLGDGH RSHUiULD HOH UHYHOD XP YHUGDGHLURIDVFtQLRSHODKLVWyULDGRORFDOSRLVVHJXQGRHOHPXLWDVLQIRUPDo}HVHIDWRVDLQGDQmR IRUDPGHVYHQGDGRV

&8562'25,2081'$8 /,0,7('$È5($7Ç;7,/

9,$'($&(662 /,1+$)e55($

,*5(-$'(&$&+2(,5$

9,/$23(5È5,$±&$6$6 $17,*$0(17('(862

(53)

ItVLFRGRVEDLUURVRXWURUDWr[WHLVVHUmRDSUHVHQWDGDVQRGHFRUUHUGHVWHFDStWXORH QRVSUy[LPRV

$VILJXUDVHH[S}HPRLPSRUWDQWHULRGRORFDOHOLPLWDPRSHUFHQWXDO

GH UHSUHVHQWDomR IDEULO 7DPEpP LQGLFDP FDPLQKRV GD SURGXomR Wr[WLO D YLD SULQFLSDOHDOLQKDIpUUHDRQGHTXDVHGRSHUtPHWURGREDLUURGH&DFKRHLUDVmR GHSURFHGrQFLDGRHSLVyGLRIDEULO1DILJXUDGLVS}HPVHRVPHVPRVHOHPHQWRV SDUD RXWUR EDLUUR GR SHUtRGR R EDLUUR 5LR /DUJR RX &HQWUR ORFDOL]DGR HP QtYHO PDLVDOWRHGLVSRVWRGHPHWDGHGRPHLRXUEDQRHDUTXLWHW{QLFRGHRULJHPIDEULO

)LJXUD 'RLV EDLUURV GD KLVWyULD Wr[WLO GH 5LR /DUJR DEDL[R R EDLUUR 5LR /DUJR FHQWURGH5LR/DUJR

)RQWH$XWRUDDGDSWDGRGH7$'(8*,8/,$1,HFHGLGRSRU$UQDOGR3DLYD)LOKR

6REUHDLPSRUWkQFLDGR5LR0XQGD~SDUDFLGDGHVDODJRDQDVFRPRDGH5LR/DUJR)UDJRVR-~QLRU

HWDOSFLWDP³$VGHFOLYLGDGHVPpGLDVGDVEDFLDVGRULR0XQGD~H3DUDtEDVmRH PNPUHVSHFWLYDPHQWH(PYiULRVWUHFKRVREVHUYDPVHYiULDVTXHGDVG¶iJXDHWUHFKRVGHULR FRPJUDQGHGHFOLYLGDGHRTXHSHUPLWHXPDXPHQWRGDHQHUJLDFLQpWLFDGRVHYHQWRVGHFKHLD>FRPRp RFDVRGH5LR/DUJR@´

&8562'25,2081'$8 /,0,7('$È5($7Ç;7,/

&$6$5­2'263$,9$ 9,$35,1&,3$/ /,1+$)e55($ ',9,6$'(

%$,5526 &$&+2(,5$

(54)

1HVVH HVSDoR Wr[WLO RXWUD GHVFULomR p UHYHODGD QD VXD SDLVDJHP DV XQLGDGHVIDEULVGHLPSRUWDQWHKLVWyULFRWr[WLOTXHLQWHUURPSHUDPVHXIXQFLRQDPHQWR H KRMH DSUHVHQWDP RXWUD DSDUrQFLD ItVLFD SRLV JXDUGD HGLItFLRV GD pSRFD WHVWHPXQKDVGHDFRQWHFLPHQWRVTXHJHUDUDPDRFRPSDVVRGRUHOyJLRGDVIiEULFDV XPDFDUDFWHUL]DomRPDUFDGDSRURXWUDVYLYrQFLDVVRFLDLVHFXOWXUDLVTXHSDUD5LR

/DUJRSRUFDXVDGDVHQFKHQWHVUHYHODVHXPDSHUGDKLVWyULFRSDWULPRQLDO

$RORQJRGRSHUtRGRWr[WLODVHQFKHQWHVIRUDPHYHQWRVPDUFDGRVSHODSDUFLDO GHVWUXLomR GH SDUFHODV ItVLFDV H XUEDQRDUTXLWHW{QLFDV $ ³GHUUDGHLUD GHVWUXLomR´ 0(1'21d$IRLUHODWDGDSRU$OPHLGDH&DVWURE³5LR/DUJRWHYH PDLVXPGHVHXVPRPHQWRVGHGHVWUXLomRSHODViJXDVGR5LR0XQGD~´RFDVLRQDGD SHOD~OWLPDFKHLDHPMXQKRGH(OHVHQXQFLDPDRFRUUrQFLDTXHUHWLURXJUDQGH SDUFHODGDSRSXODomRGDVUHPDQHVFHQWHVFDVDVGDYLODRSHUiULDGREDLUUR&DFKRHLUD HSHUID]HPKRMHDSUHVHQWHFDUDFWHUL]DomRItVLFRHVSDFLDOHSRSXODFLRQDO

&RQWXGR D KLVWyULD Wr[WLO DLQGD SHUVLVWH H GH FHUWR PRGR DLQGD RFRUUH QRV PRPHQWRV DWXDLV SRLV VmR ODWHQWHV QR HVSDoR D PHPyULD GDV YLYrQFLDV GR ILDU H WHFHUQDUUDGDVSRUUHPDQHVFHQWHVRSHUiULRVRXSRUTXHPDDSUHHQGHXRVVRQVGR VLQRGD,JUHMDGH&DFKRHLUDRULWPRGDFLUFXODomRHPLGDVHYLQGDVGRWUHPHQWUH RXWURVGHWDOKHVHVREUHWXGRDSHUVLVWrQFLDGDVHGLILFDo}HVUHPDQHVFHQWHV1DUUDU j KLVWyULD Wr[WLO ULRODUJXHQVH DSUHVHQWDU R PDLV H[SUHVVLYR GH VHX OHJDGR XUEDQR DUTXLWHW{QLFRH[SRUDGLVSRVLomRVyFLRDUTXLWHW{QLFDGHUDL]Wr[WLOHRVVXMHLWRVGHVVH SHUtRGRVmRSDVVRVSDUDDLQWHUSUHWDomRDTXLSUHWHQGLGD

1D VHTXHQFLD GHVWH VHJXQGR FDStWXOR VHJXH GLVSRVWDV DV GLQkPLFDV QRUWHDGRUDVGDLQGXVWULDOL]DomRWr[WLOGH$ODJRDVHP5LR/DUJR1HVVHLQWHQWRVHUmR H[SRVWDV DV XQLGDGHV GH SURGXomR DGPLQLVWUDomR PRUDGLD H DILQV DOpP GRV IRUPDWRVGHPRUDGLDHUHODomRFRPRFDUJRH[HUFLGRQRFRPSOH[RHRVSHUVRQDJHQV TXHGHVHQYROYHUDPWRGRVRVSURFHVVRVKLVWRULRJUiILFRVGRPHLRWr[WLOULRODUJXHQVH $ FRQIHFomR WH[WXDO GHVWD PDWpULD GLUHFLRQD DV FDUDFWHUL]Do}HVHVSHFtILFDV GD 5LR /DUJR IDEULO HP LQYHVWLJDomR HQWHQGHU R SDVVDGR KLVWRULRJUiILFR DR FRQVWUXLU XPD KLVWRULRJUDILD SHUDQWH IRQWHV SHUWLQHQWHV GLUHFLRQDGDV DR ORFDO GLUHWDPHQWH RX LQGLUHWDPHQWHPDVTXHGHHPUHVSDOGRSDUDFRQVWUXomRGHVXDKLVWyULD

$V HQFKHQWHV GHPDUFDP IDWRU QHJDWLYR SDUD 5LR /DUJR $SHVDU GH GLYHUVRV HYHQWRV VLPLODUHV

(55)

5LR/DUJRLQGXVWULDO5LR/DUJRPXQLFtSLR

(PILQVGRVpFXOR;,;5LR/DUJRDLQGDHUDSRYRDGRTXDQGRRPHLRWr[WLOVH LQVHULX QR ORFDO 1HVVH HVSDoR DODJRDQR ³XPD VRFLHGDGH WUDGLFLRQDO FHQWHQiULD VHGLPHQWDGD QR DQWLJR VLVWHPD FRORQLDO´ 0(1'21d$ S VH GHVHQYROYHXSUHVDDYDORUHVUXUDLVDUFDLFRVHFRVWXPHVHWUDGLo}HVGLIHUHQWHVGR HQWmR QRYR SDQRUDPD LQVWDXUDGR SHOD VRFLHGDGH GR WUDEDOKR 7RGDYLD DV UiSLGDV WUDQVIRUPDo}HVHFRQ{PLFDVHVRFLDLVDOpPGDVFXOWXUDLVSURSLFLDUDPDLQVWDXUDomR GHWUH]HIiEULFDVWr[WHLVQRHVWDGRFRQIRUPHPHQFLRQDGRQRFDStWXORDQWHULRUGDV

TXDLV GXDV VH HVWDEHOHFHUDP HP 5LR /DUJR D &RPSDQKLD $ODJRDQD GH )LDomR H 7HFLGRV TXH VHJXLD D VLJOD &$)7 ILJXUD H GDWDGD GH FRQKHFLGD FRPR )iEULFD GD &DFKRHLUD H D &RPSDQKLD 3URJUHVVR $ODJRDQR ILJXUD GH FRQKHFLGDFRPR)iEULFD3URJUHVVR

)LJXUD9LVWDJHUDOGD)iEULFDGD&DFKRHLUDSRUYROWDGH

)RQWH0$55248,0

)LJXUD9LVWDJHUDOGD)iEULFDGD&DFKRHLUDDPSOLDGDSRUYROWDGH

)RQWH0$55248,0

(PDQH[RXPDOLQKDGRWHPSRDSUHVHQWDDUHODomRGHIiEULFDVLQVWDXUDGDVHPPHDGRVGRVpFXOR

(56)

)LJXUD9LVWDJHUDOGD)iEULFD3URJUHVVRSRUYROWDGHDVXDIUHQWHXPDYLDH HPVHJXLGDDOLQKDIpUUHDHPDLVDGLDQWHRFXUVRGRULR

)RQWH0$55248,0

2 SROR LQGXVWULDO LPSODQWDGR SRU HVVDV IiEULFDV FKHJRX D XP JUDQGH GHVHQYROYLPHQWRTXHVHJXQGRR,%*(HOHYRXRORFDOjFDWHJRULDGH FLGDGH SDUD 5LR /DUJR HP GH MXOKR GH DWUDYpV GD OHL 'H LQtFLR DV IiEULFDVHUDPGXDVHPSUHVDVGLVWLQWDVPDVORJRVHIXQGLUDPIRUPDQGRXPD SURGXomRPDLVYDQWDMRVDHPXPFRPSOH[RWr[WLOIDEULOGDFLGDGHULRODUJXHQVH

)LJXUD9LVWDDpUHDGR&RPSOH[R)DEULO7r[WLOGH5LR/DUJR

)RQWH$XWRUDDGDSWDo}HVGH3$,9$

5LR 0XQGD~ PDUJHLD R HL[R SULQFLSDO GRFRPSOH[R

/LQKD IpUUHD FRPXQLFDQGR DV XQLGDGHVIDEULV

$FLPD)iEULFD3URJUHVVRLWHP

$EDL[R )iEULFD GH &DFKRHLUD LWHP

(57)

(58)

$LPDJHPRULJLQDOGDVILJXUDVH[SRVWDVHXVDGDSDUDH[SRURGRPtQLR GRORFDOHPUHFXUVRPDLVSUy[LPRGRUHDOFRPRWDPEpPSDUDDGRUQDURHVFULWyULR RXVHMDDDGPLQLVWUDomRORFDOpXPGRFXPHQWRGRDUTXLYRGDIiEULFDH[HPSODUGR SHUtRGR iXUHR GD SURGXomR DWp PHDGRV GR VpFXOR ;; 1HVWDV ILJXUDV YrVH R FXUVR GR ULR ID]HQGR XP DOLQKDPHQWR GH SHUFXUVR QD H[WHQVmR GR PHLR IDEULO ULRODUJXHQVH DVVLP FRPR D OLQKD IpUUHD TXH SURFXUDYD VHJXLU SDUDOHODPHQWH D YLD SULQFLSDOHRFXUVRGRULRWDOYH]PDQWHQGRXPDOyJLFDGHHL[RHGLVSRVLomRItVLFD &RQIRUPHH[S{VDILJXUDDOLQKDYDPVHHQWUHRULRHDYLDD)iEULFD3URJUHVVRR UHVWDXUDQWHRJUXSRHVFRODUHRXWURV-iDSyVDYLDHDOLQKDIpUUHDORFDOL]DYDPVHD RILFLQDRVHWRUDGPLQLVWUDWLYRRFDVDUmRD)iEULFD3URJUHVVRHRXWURV

6REUH D OLQKD IpUUHD 0HQGRQoD S HQIDWL]RX VXD LPSRUWkQFLD

SDUDRSURFHVVRGRHPSUHHQGLPHQWRLQGXVWULDOWr[WLODODJRDQR³>2@WUHPpRVtPEROR PDLVIRUWHGDUHYROXomRWHFQROyJLFDTXHPXGRXDIDFHGRPXQGRHVDFXGLXQR%UDVLO DSRHLUDGDVRFLHGDGHFRORQLDOLQVWDODQGRXPQRYRFLFORRLQGXVWULDOHFRPHUFLDO´ (P5LR/DUJRGXDVHVWDo}HVIpUUHDVIL]HUDPDFRPXQLFDomRIDEULO

$ )iEULFD GD &DFKRHLUD RQGH VH SURFHVVDYD WRGD D WHFHODJHP H RV DFDEDPHQWRVIRLORFDGDQDSDUWHEDL[DGRSRYRDGRILJXUDLWHPGRPDSDODGR HVTXHUGR GLVSRQGR GH DFHVVR SHOD SUR[LPLGDGH j (VWDomR )pUUHD GH *XVWDYR 3DLYD-iD)iEULFD3URJUHVVRILJXUDLWHPORFDGDQRDOWRGRUHOHYRHYROWDGD jILDomRGLVWDYDPDLVSUy[LPDj(VWDomR)pUUHDGH5LR/DUJR6REHVWDDUWLFXODomR R FRPSOH[R IDEULO IXQFLRQDYD HQTXDQWR XP VLVWHPD GH µFLGDGH H IiEULFD¶ %DVLFDPHQWH HUD XPD YLOD RSHUiULD GHQRPLQDGD µQ~FOHR RSHUiULR¶ SHORV FRQFHLWRV GH&RUUHLDSFRPXPDRUJDQL]DomRHVSDFLDOHVWUXWXUDGDHQWUHPRUDGLD PHUFDGRFXOWXUDHRXWURVVXSRUWHV9DOHVDOLHQWDUTXHRWH[WRGHVWDGLVVHUWDomRIDUi XVR GR WHUPR µYLOD RSHUiULD¶ SRU VHU HVWD D H[SUHVVmR FRP TXH R PHLR VRFLDO H

DFDGrPLFROrRHVSDoRGHPRUDGLDPHUFDGRHGHPDLVQRHVSDoRLQGXVWULDOWr[WLOGH 5LR/DUJR

6REUHD5HGH)HUURYLiULDGR1RUGHVWH%DUURVSFLWD³0DFHLypRSRQWRGHSDUWLGDGD

5HGH)HUURYLiULDGR1RUGHVWHQR(VWDGRTXHDSyVSHUFRUUHUROLWRUDOQRUWHSHQHWUDHP3HUQDPEXFR DOFDQoDQGR5HFLIH'H5LR/DUJRSDUWHUDPDOTXHDWLQJHDFLGDGHGH&ROpJLRjVPDUJHQVGR6mR )UDQFLVFR´

6HJXQGRRKLVWRULDGRU/HVVDDGHQRPLQDomRYLODVRSHUiULDVVHH[WHQGHDWRGDVDVXQLGDGHV

(59)

)LJXUD /RFDomR GD )iEULFD 3URJUHVVR HP UR[R j HVTXHUGD GD )iEULFD GD &DFKRHLUDHPUR[RjGLUHLWDOLQKDIpUUHDWUDFHMDGDHPSUHWRHR5LR 0XQGD~OLQKDFRQWtQXDHPD]XO

)RQWH$XWRUDDGDSWDGRGHIRWRVGRPXUDOGRHVFULWyULRGD&LD$ODJRDQD

(VVD RUJDQL]DomR SRGH VHU REVHUYDGD WDPEpP QRV GHVHQKRV JUiILFRV GR SHUtRGR Wr[WLO GD ILJXUD GHVHQKRV XWLOL]DGRV SDUD R FRQWUROH GR FRPSOH[R 6HJXQGR 3DLYD )LOKR HVWHV VmR PDSDV GH GLItFLO YLVXDOL]DomR PHVPRLQ

ORFR$TXLHOHVWrPGLVSRVWRVQXP PHVPR GLUHFLRQDPHQWRItVLFRROHLDXWHXUEDQR

GRHQWRUQRGDVIiEULFDVHPUR[RRQGHDPDUFDomRHPWUDFHMDGRSUHWRpGDOLQKD IpUUHDHRFXUVRGR5LR0XQGD~VHJXHORJRDEDL[RGHPDUFDGRHPD]XOFODUR9DOH UHVVDOWDUTXHDLQWHQomRGHLQWURGX]LUHVWHGHVHQKRDRFRUSRGRWH[WRGHFRUUHGRIDWR GHHOHVHURLQVWUXPHQWRGHYLVmRHVSDFLDOHFRQWUROHGDVHGLILFDo}HVGHGRPtQLRGD IDPtOLD 3DLYD DLQGD KRMH 2XWURV GHVHQKRV VHUmR DSUHVHQWDGRV PDLV HVFODUHFHGRUHVGLDJUDPDGRVHFODURVSDUDFRPSUHHQVmRJHUDOGRORFDO

1HVWHHQWHQGLPHQWRVHJXQGR3DLYD)LOKRLELGHPHVVHGHVHQKRILJXUD pXVDGRSDUDRFRQWUROHDGPLQLVWUDWLYRGRSDWULP{QLRLPRELOLiULRGDIDPtOLD3DLYD

GHWHQWRUD GD PDLRU SDUWH GR SDWULP{QLR GHVGH RV DYDQoRV Wr[WHLV OLGHUDGRV SHOD DGPLQLVWUDomR GR &RPHQGDGRU *XVWDYR 3DLYD SULPHLUDV GpFDGDV GR VpFXOR ;; 'HUDPVHQR&RPSOH[R)DEULO7r[WLOGH5LR/DUJRGRLVLPSRUWDQWHVQRPHVGLULJLQGR RJUXSRIDEULOLQLFLDOPHQWH7HL[HLUD%DVWRVHJXLGRSRU*XVWDYR3DLYD

$ LQVWDXUDomR IDEULO GHVVD RUJDQL]DomR HVSDFLDO WHYH VHX LQtFLR VRE D DGPLQLVWUDomR GR SRUWXJXrV &RPHQGDGRU -RVp $QW{QLR 7HL[HLUD %DVWR FRQKHFLGR SRU7HL[HLUD%DVWRTXHIRLXPGRVLQFRUSRUDGRUHVGRFRPSOH[RVHJXQGR6LOYD$

2DXWRU3DLYD)LOKRpQHWRGH*XVWDYR3DLYDHSHVTXLVDGRUGDKLVWyULDGRFRPSOH[RWr[WLO

8PD HPSUHVD GHQRPLQDGD &LD $ODJRDQD DGPLQLVWUD DV HGLILFDo}HV GR HQWRUQR GD )iEULFD

Figure

Updating...

References

Updating...

Download now (214 página)