5HYLVWD086(8FXOWXUDOHYDGDDVpULR

HGLomREUDVLOHLUD 2SRUWDOGHILQLWLYRTXHPRVWUDRVEDVWLGRUHV
6iEDGR-DQHLURGH GRVPXVHXVDFULDWLYLGDGHGRVSURILVVLRQDLV
GDiUHDHVHXVSURMHWRVLQRYDGRUHV
GLYXOJDQGRDFXOWXUDQR%UDVLOHQRPXQGR
,661
FXOWXUDOHYDGDD 
VpULR

  

%XVFDQR $UWLJRV! 1RUPDVGH
3XEOLFDomR
VLWH
/DLQDGD&RVWD &RQKHoDRV
5HTXLVLWRVH
+RQRUDWR! 1RUPDVGH
(P)RFR
*HyJUDIDH3HVTXLVDGRUD 3XEOLFDomRGH
$UWLJRV $UWLJRV
1RWtFLDV $,QWHUGLVFLSOLQDULGDGHHQWUHDDUTXHRORJLDHD
2(VFULED JHRJUDILD
*ORVViULR
*DOHULD
1D(VWUDGD ([SHULrQFLDV(P3URMHWRV'H3HVTXLVD
9LWULQH
&DQDO50 /DLQDGD&RVWD+RQRUDWR

3XEOLFDo}HV $JHRJUDILDQRVHQWLGROLWHUDOGRVHX
/RMD50 VLJQLILFDGRFRPR³HVWXGRGD7HUUD´pXPD
50,PSRUWV FLrQFLDDEUDQJHQWHHLQWHUGLVFLSOLQDUSRU
H[FHOrQFLD3RUVHWUDWDUGHDOJRWmRDPSOR
3URMHWRV
TXDQWRDVFLrQFLDVGD7HUUDGHOLPLWDPRVDTXL
$JHQGD DLPSRUWkQFLDGHVXDLQIOXrQFLDHPRXWUD
(QGHUHoRV FLrQFLDDDUTXHRORJLD
/HJLVODomR
/LQNV $DUTXHRORJLDpRHVWXGRGD
VRFLHGDGHSRUPHLRGHVHXVYHVWtJLRVTXH
(P&RQWDWR SRGHPVHUHOHVDUWHIDWRVFRQFUHWRVH
&DGDVWUHVH SDOSiYHLVFRPRXPDFHUkPLFDRXXPOtWLFR
1RVVD(TXLSH LQVWUXPHQWRGHSHGUD RXHYLGrQFLDVPDLV
3DUFHULDV DEVWUDWDVFRPRRLQGtFLRGHXPDIRJXHLUDXP
3DWURFtQLR DFDPSDPHQWRHQWUHRXWURV
3XEOLFLGDGH
3DUDTXHDDUTXHRORJLD
%ULQGHV
GHVHPSHQKDVVHVHXSULQFLSDOLQWHUHVVHHVH
([SHGLHQWH
WRUQDVVHDFLrQFLDTXHFRQKHFHPRV
DWXDOPHQWHSHUFRUUHUDPVHVpFXORVGH
GHVHQYROYLPHQWRGDVEDVHVTXHVXVWHQWDP
HVVDGLVFLSOLQD6HQGRTXHDRORQJRGR
FDPLQKRGLIHUHQWHVFRQKHFLPHQWRVIRUDP
2VHXDSRLRp LQIOXHQFLDQGRDDUTXHRORJLD
PXLWR
LPSRUWDQWH
SDUDQyV 7HPRVGXDVSULQFLSDLVOLQKDVGH
&OLTXHDTXLH SHVTXLVDTXHGHPRQVWUDPHVVDUHODomRGD
IDoDGR5HYLVWD DUTXHRORJLDFRPDVFLrQFLDVGD7HUUDD
0XVHXVXD JHRDUTXHRORJLDHDDUTXHRORJLDGDSDLVDJHP
+RPH3DJH
(VWDVGXDVOLQKDVGHSHVTXLVDXWLOL]DP
,QLFLDO
PpWRGRVHWpFQLFDVGLIHUHQWHVQD
KWWSZZZUHYLVWDPXVHXFRPEUDUWLJRVDUWBDVS"LG  
 5HYLVWD086(8FXOWXUDOHYDGDDVpULR

LQWHUSUHWDomRGRVYHVWtJLRVDUTXHROyJLFRVR
TXHWHQWDUHPRVH[SRUQRGHFRUUHUGRDUWLJRp
DLPSRUWkQFLDGDHVFROKDGHXPPpWRGR
HVSHFtILFRHPFDGDH[WHQVmRGR
FRQKHFLPHQWRSDUDLVVRFLWDPRVGRLVHVWXGRV
GHFDVRFRPRH[SHULrQFLDVGHSHVTXLVDQD
iUHDLQWHUGLVFLSOLQDUGDDUTXHRORJLDGD
SDLVDJHPHGDJHRDUTXHRORJLD

$$UTXHRORJLDGD3DLVDJHP

$$UTXHRORJLDGD3DLVDJHPSRVVXL
FRPRHVWUDWpJLDGHSHVTXLVDDPtQLPD
LQWHUYHQomRQRUHJLVWURDUTXHROyJLFRQD
WHQWDWLYDGHLQIHULUVREUHRPRGRGHRFXSDomR
GDVSRSXODo}HVTXHKDELWDUDPRWHUULWyULR
RQGHVHLQVHUHRVtWLRDUTXHROyJLFR
DQDOLVDQGRDOpPGHDUWHIDWRVDUTXHROyJLFRVRV
YHVWtJLRVHLQWHUYHQo}HVHQFRQWUDGRVQR
HQWRUQRGRVtWLR

$WHQWDWLYDGHSUHVHUYDomRGR
SDWULP{QLRDUTXHROyJLFRLQVLWXRXGHPtQLPD
LQWHUYHQomRSURYpPGHXPKLVWyULFRGH
HVFDYDo}HVTXHHPXPSULPHLURPRPHQWR
SULYLOHJLDYDDSHQDVRVDVSHFWRVHVWpWLFRVGRV
REMHWRVHRXHVWUXWXUDVHHPXPVHJXQGR
PRPHQWRDSUiWLFDGDHVFDYDomRH[DXVWLYD
HVJRWDQGRDRPi[LPRRHVWXGRGRVtWLR
DUTXHROyJLFR

3DUDDWLQJLUPRVDPHWDGH
UHFRQVWLWXLURPRGRGHRFXSDomRGRWHUULWyULR
FRPRPtQLPRGHLQWHUYHQomRQRVtWLR
DUTXHROyJLFRpSULYLOHJLDGRRXVRGH
JHRWHFQRORJLDVRXVHMDDDUTXHRORJLDGD
SDLVDJHPpXPDOLQKDGHSHVTXLVDFXMDEDVH
HVWiQDHVWUHLWDOLJDomRGDDUTXHRORJLDFRPD
JHRJUDILD

$DUTXHRORJLDGDSDLVDJHPpXPD
PHWRGRORJLDGHSHVTXLVDRQGHGLVSRPRVQmR
DSHQDVGRVDUWHIDWRVDUTXHROyJLFRV
HQFRQWUDGRVQRVVtWLRVPDVWDPEpPGHWRGR
XPFRQWH[WRDPELHQWDOXWLOL]DQGRRV
JHRLQGLFDGRUHVDUTXHROyJLFRVTXHSRGHPQRV
IRUQHFHUXPDVpULHGHLQIRUPDo}HVHGH
HYLGrQFLDVVREUHDVRFXSDo}HVSUpKLVWyULFDV

1DDUTXHRORJLDGDSDLVDJHPDDQiOLVH
VHLQLFLDQDSUySULDGHVFREHUWDGRVtWLR
DUTXHROyJLFRRQGHVmRHPSUHJDGDVDV
JHRWHFQRORJLDVWDQWRQDORFDOL]DomRGHXPD
RFXSDomRSUpKLVWyULFDTXDQWRQRGHFRUUHU
KWWSZZZUHYLVWDPXVHXFRPEUDUWLJRVDUWBDVS"LG  
 5HYLVWD086(8FXOWXUDOHYDGDDVpULR

GDVSHVTXLVDV$RVHORFDOL]DUHGHOLPLWDUD
iUHDGHHVWXGRWHPRVRVDUWHIDWRV
DUTXHROyJLFRVRVRORHRDPELHQWH
DQWURSL]DGR

$DUTXHRORJLDGDSDLVDJHPSRVVLELOLWD
HQWUHPXLWRVRXWURVGRLVPpWRGRVGHDQiOLVH
GDSDLVDJHPXPpRPDWHULDOLVPRKLVWyULFR
GLDOpWLFRRRXWURPpWRGRSDUWHGR
JHRVVLVWHPDWHUPRXWLOL]DGRSRU%HUWUDQG
SDUDGLUHFLRQDURHVWXGRGDSDLVDJHPHVVH
FRQFHLWRSRVVXLEDVHVQDWHRULDGHVLVWHPDV

$7HRULD*HUDOGRV6LVWHPDVIRL
HPSUHJDGRSHODSULPHLUDYH]SHORELyORJR
/XGZLQJ9RQ%HUWDODQII\HP2
SURSyVLWRIRLRGHWUDWDUGDWRWDOLGDGHGD
LQWHUDomRGLQkPLFDHKLHUDUTXLFDPHQWH
RUJDQL]DGD&RPLVVRGHVHQYROYHXVHXPD
LQWHJUDomRHXQLILFDomRHQWUHDVFLrQFLDV
QDWXUDLVHVRFLDLVSRUPHLRGDLQIOXrQFLD
P~WXDHDWLYDGRVFRPSRQHQWHVGDVPHVPDV

1DJHRJUDILDRVGRLVDXWRUHVFLWDGRV
DFLPD6DQWRVH%HUWUDQGVmRRVSULQFLSDLV
H[HPSORVGRVGLIHUHQWHVPpWRGRVTXHR
SHVTXLVDGRUSRGHXWLOL]DUVHQDDQiOLVHGD
SDLVDJHPSRUpPH[LVWHPPXLWRVRXWURVQRV
TXDLVSRGHPRVQRVEDVHDU

(VWXGRGHFDVR±RVtWLRDUTXHROyJLFR
*XDFKR63

6HJXLQGRDDERUGDJHPGD
DUTXHRORJLDGDSDLVDJHPXPSURMHWRGH
SHVTXLVDILQDQFLDGRSHOD)DSHVSIRL
HODERUDGRHPSDUDRHVWXGRGRVtWLR
DUTXHROyJLFR*XDFKRORFDOL]DGRQDFLGDGHGH
6DQWD&UX]GR5LR3DUGRQRHVWDGRGH6mR
3DXORHPXPDSODQtFLHHPPHLDHQFRVWD
SUy[LPRDQDVFHQWHGDÈJXDGR3HVVHJXHLUR

1R6tWLR$UTXHROyJLFR*XDFKRD
SRSXODomR*XDUDQLHQFRQWURXSURYDYHOPHQWH
XPDiUHDGHPDWDTXHSURSRUFLRQRXVHX
GHVHQYROYLPHQWRIRUQHFHQGRDOLPHQWRiJXD
PDWpULDSULPDSDUDDFRQIHFomRGHVHXV
REMHWRVFRWLGLDQRVHQWUHRXWUDVQHFHVVLGDGHV
&RQWXGRFRPRQmRLGHQWLILFDPRVDSUHVHQoD
GHXUQDVIXQHUiULDVRXPDQFKDVGHJUDQGHV
KDELWDo}HVSRGHPRVLQIHULUTXHQmRKRXYH
XPDORQJDSHUPDQrQFLDGRJUXSR*XDUDQLQD
iUHD

KWWSZZZUHYLVWDPXVHXFRPEUDUWLJRVDUWBDVS"LG  

 5HYLVWD086(8FXOWXUDOHYDGDDVpULR

'XUDQWHRWUDEDOKRGHFDPSR
QRWDPRVXPDJUDQGHDOWHUDomRQDSDLVDJHP
RFDVLRQDGRSHORORQJRSHUtRGRGHXVRGRVROR
FRPSODQWDo}HVGHFDQDGHDo~FDUHODUDQMD
DFDUUHWDQGRDSHUGDGHPDLRUHVGHWDOKHVGDV
PXGDQoDVTXHRFRUUHUDPQDSDLVDJHPGHVGH
DpSRFDGHRFXSDomR*XDUDQLSHUFHEHVHD
DOWHUDomRHGLPLQXLomRGRVUHFXUVRVKtGULFRV
GHYLGRjFRQVWDQWHH[SORUDomRGRVROR

$SHVDUGRVtWLRHVWDUHQWUHXPDiUHD
DJULFXOWiYHOHXPDiUHDGHSURWHomR
SHUPDQHQWHGHVWDFDPRVTXHDPDWDp
VHFXQGiULDHMiVRIUHXPRGLILFDo}HVFRPD
DEHUWXUDGHFRUWHVGHYHULILFDomRHPVHX
LQWHULRUQRWDPRVDSUHVHQoDGHOHQoROIUHiWLFR
DPHQRVGHFHQWtPHWURVGHSURIXQGLGDGH
DUJLODHDOJXQVIUDJPHQWRVGHFHUkPLFD

6HJXQGRLQIRUPDo}HVUHFHQWHVR
FXUVRG¶iJXDPDLVSUy[LPRHVWDULDjXPD
GLVWkQFLDGHPHWURVGR6tWLR*XDFKR
SRUpPQRFRUWHGHYHULILFDomRQRPHLRGD
PDWDHQFRQWUDPRVROHQoROIUHiWLFRDXPD
SURIXQGLGDGHSUy[LPDGDVXSHUItFLHDOpPGH
YHVWtJLRVGHYHJHWDomRTXHVHGHVHQYROYHP
SUy[LPDVGHULRVRTXHQRVOHYDDLQGX]LUTXH
SURYDYHOPHQWHRFXUVRG¶iJXDHVWDULDPDLV
SUy[LPRGRORFDOGRVtWLRHPXPDpSRFDPDLV
UHPRWD'HVVDIRUPDHQWHQGHPRVTXHHVVD
SRSXODomRPDQWLQKDXPDHVWUHLWDOLJDomRFRP
RWHUULWyULRGHIRUPDDPDQWHUDVREUHYLYrQFLD
GRJUXSRDOpPGDPDQXWHQomRHSUHVHUYDomR
FXOWXUDO

$IRQWHGHDUJLODIRLHQFRQWUDGDPXLWR
SUy[LPDGRORFDORQGHVHFRQFHQWUDPDV
PDLRUHVSDUWHVGRVIUDJPHQWRVHFRPDV
UHFRQVWLWXLo}HVFRQFOXtPRVRXVRHUHXVRGD
FHUkPLFDFRPRPDWHULDOSDUDREWHQomRGH
QRYRVYDVRV2VDSRQWDPHQWRVHDQiOLVHV
FRQIHULUDPIHUUDPHQWDVSDUDRHQWHQGLPHQWR
GDPRGLILFDomRTXHRFRUUHXQRWHUULWyULRDR
ORQJRGRWHPSRSULQFLSDOPHQWHDREVHUYDomR
GRVDSRUWHVTXHVXVWHQWDUDPR
GHVHQYROYLPHQWRGHXPDSRSXODomRLQGtJHQD
QRORFDO

$*HRDUTXHRORJLD

$JHRDUTXHRORJLDHVWiOLJDGD
GLUHWDPHQWHDRVXUJLPHQWRH
GHVHQYROYLPHQWRGRSHQVDPHQWRGD1RYD

KWWSZZZUHYLVWDPXVHXFRPEUDUWLJRVDUWBDVS"LG  

 5HYLVWD086(8FXOWXUDOHYDGDDVpULR

$UTXHRORJLDHPFRPDSXEOLFDomRGH
-RVHSK&DOGZHOO³$1RYD$UTXHRORJLDQRUWH
DPHULFDQD´FRPrQIDVHQD³YDORUL]DomRGD
HFRORJLDHGRVSDGU}HVGHDVVHQWDPHQWR
FRPRHYLGrQFLDVGHXPQRYRLQWHUHVVHSHOR
SURFHVVRFXOWXUDO´ 75,**(5S 

,QWULQVHFDPHQWHj³1RYD
$UTXHRORJLD´HDJHRDUTXHRORJLDHVWiDEXVFD
SHORHQWHQGLPHQWRGRVSURFHVVRVGH
IRUPDomRGRUHJLVWURDUTXHROyJLFR³WDLVFRPR
GHVFDUWHWUDQVIRUPDomRDFXPXODomR
UHGHSRVLomRGHVWUXLomRGHPDWHULDLVH
GHSyVLWRVVHGLPHQWDUHV´ $5$Ò-2S 

$WXDOPHQWHDJHRDUTXHRORJLDp
HQWHQGLGDFRPRXPDVXEGLVFLSOLQDGD
DUTXHRORJLDRQGHP~OWLSORVPpWRGRVGD 
JHRFLrQFLDVmRXWLOL]DGRVDEUDQJHQGR
GLIHUHQWHVHVFDODVGHREVHUYDomRSRGHQGR
VHUGLYLGLGDHP³GRLVSULQFLSDLVFRQMXQWRVGH
HVWXGRVXPUHODFLRQDGRjSDLVDJHPHRXWUR
jPDWUL]GRVtWLRDUTXHROyJLFR´
%,7(1&2857S

2VHVWXGRVJHRDUTXHROyJLFRVVH
FRQFHQWUDPHVSHFLDOPHQWHQRSHUtRGR
FRPSUHHQGLGRFRPR4XDWHUQiULRHVVHp³R
SHUtRGRPDLVUHFHQWHGDKLVWyULDGD7HUUD´
68*8,2S HpGLYLGLGRHP
3OHLVWRFHQRH+RORFHQRHVWH~OWLPRPDLV
UHFHQWHHGHPHQRUGXUDomRFDUDFWHUL]DGR
SRUIyVVHLVFXMRVFRUUHVSRQGHQWHVSRGHPVHU
HQFRQWUDGRVDWXDOPHQWH

(VWXGRGHFDVR±RVtWLRDUTXHROyJLFR
/DSD*UDQGHGH7DTXDUDoX0*

1DSHUVSHFWLYDGDJHRDUTXHRORJLD
UHDOL]DUHPRVRHVWXGRGDPDWUL]GRVtWLR
DUTXHROyJLFR/DSD*UDQGHGH7DTXDUDoX
ORFDOL]DGRQDFLGDGHGH-DERWLFDWXEDV0LQDV
*HUDLVORFDOL]DGRSUy[LPRGDPDUJHP
HVTXHUGDGR5LR7DTXDUDoXFRPGLPHQV}HV
DSUR[LPDGDVGHPGHH[WHQVmRHPGH
ODUJXUDHQFRQWUDVHHPXPDEULJRURFKRVR
HVFDUSDGHEORFRVIDOKDGRV 

2VtWLRDUTXHROyJLFR/DSD*UDQGHGH
7DTXDUDoXIRLHVFDYDGRHQWUHH
GHQWURGRSURMHWR³2ULJHQVH0LFURHYROXomR
GR+RPHPQD$PpULFDXPDDERUGDJHP
SDOHRDQWURSROyJLFD´FRRUGHQDGDSHOR
/DERUDWyULRGH(VWXGRV(YROXWLYRV+XPDQRV
GR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGHGH
KWWSZZZUHYLVWDPXVHXFRPEUDUWLJRVDUWBDVS"LG  
 5HYLVWD086(8FXOWXUDOHYDGDDVpULR

GR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGHGH
6mR3DXORRQGH³IRUDPDEHUWDVVHWHTXDGUDV
GHPðHFROHWDGDVDOJXPDVDPRVWUDVTXH
DSUHVHQWDUDPGDWDomRUDGLRFDUE{QLFDVQmR
FDOLEUDGDVHQWUHH$3RTXH
LQVHUHRVtWLRQRSHUtRGR3DOHRtQGLRRXVHMD
DVHYLGHQFLDVDUTXHROyJLFDVSUHVHQWHVQR
VHGLPHQWRFROHWDGRSHUWHQFHDRVSULPHLURV
KDELWDQWHVGDV$PpULFDV

2SDFRWHDUTXHROyJLFRSRVVXLXPD
HVSHVVXUDGHQRPi[LPRPHFRPRV
WUDEDOKRVGHFDPSRQRWRXVH
SUHOLPLQDUPHQWHDSUHVHQoDGHDUWHIDWRV
FRQIHFFLRQDGRVHPRVVRQRVQtYHLVVXSHULRUHV
HODVFDVGHVLOH[LWRQRVQtYHLVPDLVSURIXQGRV
DOpPGHXPDJUDQGHTXDQWLGDGHGHFDUYmR

2HVFRSRSULQFLSDOGRSURMHWRpR
GHVHQYROYLPHQWRGHPpWRGRVGHDQiOLVHGH
VHGLPHQWRVFRPRHVWDEHOHFLPHQWRGH
SURWRFRORVGHVHSDUDomRHWUDWDPHQWRGH
DPRVWUDVQRLQWXLWRGHSHUPLWLULQIHUrQFLDV
VREUHDVGLIHUHQWHVDWLYLGDGHVRFRUULGDVQR
VtWLRDUTXHROyJLFR/DSD*UDQGHGR7DTXDUDoX
0LQDV*HUDLVGXUDQWHRSHUtRGRSDOHRtQGLR

$VDPRVWUDVVHUmRDQDOLVDGDVFRPR
LQWXLWRGHGHVHQYROYHUPRVPpWRGRVHWpFQLFDV
GHDQiOLVHGHPDWHULDODUTXHROyJLFRWRPDQGR
FRPRHVWXGRGHFDVRXPVtWLRDEULJDGRFRP
rQIDVHQDVHSDUDomRHFODVVLILFDomRGHVVH
PDWHULDO

(PXPDDQiOLVHGHWDOKDGDRV
SURWRFRORVPDLVXVXDLVHPJHRJUDILDH
SHGRORJLDQmRVmRRVLQGLFDGRVHPQRVVD
SHVTXLVDSRLVPDFHUDPRVVHGLPHQWRVHSRU
LVVRSURYRFDULDPSHUGDVGHLQIRUPDo}HV
~WHLVQHVVHFDVRpQHFHVViULRDYDOLDUTXDLV
VmRRVPHOKRUHVSURFHGLPHQWRVSDUDVH
VHSDUDUVXEDPRVWUDV$VVLPXWLOL]DUHPRV
PpWRGRVHWpFQLFDVGHGLIHUHQWHVFLrQFLDV
SDUDTXHSRVVDPRVHVWDEHOHFHU
SURFHGLPHQWRVHSURWRFRORVGHFROHWDH
DQiOLVHGRVHOHPHQWRVFRPSRQHQWHVGH
VHGLPHQWRVDGYLQGRVGHVtWLRVHPDEULJR

$/DSD*UDQGHGH7DTXDUDoXIRL
HVFDYDGDGHDFRUGRFRPRFRQFHLWRGHIiFLHV
DFROHWDGDVDPRVWUDVOHYRXHPFRQWD³R
UHEDL[DPHQWRGDVIiFLHVGHPDQHLUD
LQGLYLGXDOMiTXHWDQWRDSORWDJHPGHSHoDV

KWWSZZZUHYLVWDPXVHXFRPEUDUWLJRVDUWBDVS"LG  

 5HYLVWD086(8FXOWXUDOHYDGDDVpULR

FRPRDFROHWDGHDPRVWUDVHRSHQHLUDPHQWR
pIHLWRSRUIiFLHV´ $5$Ò-2 

$QDOLVDQGRDVGLIHUHQWHVIiFLHVGH
XPDTXDGUDVHUiSRVVtYHOWHULQIRUPDo}HV
SDUWLFXODUL]DGDVGRSRVLFLRQDPHQWRVLQJXODUH
H[WHQVmRGHFDGDIiFLHVQDHVWUDWLJUDILD$
HVWUDWLJUDILDGHVtWLRVDEULJDGRVpFRPSOH[DH
SRGHLQGX]LUDRHUURVHQmRIRUGHYLGDPHQWH
DQDOLVDGDRVHVWUDWRVVmRVXSHUSRVWRVVHQGR
QHFHVViULRGHILQLUGHWDOKDGDPHQWHFDGD
FDPDGD

&RQVLGHUDo}HVILQDLV

(PVXPDDSHVDUGDVGXDV
H[SHULrQFLDVGHHVWXGRGHFDVRVHUHPHP
UHJL}HVHORFDLVPXLWRGLIHUHQWHVQRHVWDGR
GH6mR3DXORWHPRVXPVtWLRDFpXDEHUWRH
QRHVWDGRGH0LQDV*HUDLVXPVtWLR
DUTXHROyJLFRHPDEULJRDLQWHQomRGHVWH
DUWLJRpH[HPSOLILFDUDVYiULDVYHUWHQWHVTXH
DLQWHUGLVFLSOLQDULGDGHHQWUHDJHRJUDILDHD
DUTXHRORJLDSRGHDVVXPLUDOpPGH
GHPRQVWUDURXVRGHPpWRGRVHWpFQLFDV
GLIHUHQWHV

1RFDVRGRHVWXGRGDUHJLmRGR
3DUDQDSDQHPD3DXOLVWDVXGHVWHGR%UDVLOD
DSOLFDomRGDDUTXHRORJLDGDSDLVDJHPQR
HVWXGRGRVtWLRDUTXHROyJLFR*XDFKR
SRVVLELOLWRXHHYLGHQFLRXDDQiOLVHGHXP
PDLRUQ~PHURGHJUXSRVGHWULERVLQGtJHQDV
FDUDFWHUL]DGRVSRUXPDVpULHGHHOHPHQWRV
TXHVHGLIHUHPGDGRVJUXSRVGHEDQGRVGD
UHJLmRGH/DJRD6DQWDFHQWURRHVWHGR
%UDVLODOYRGRHVWXGRJHRDUTXHROyJLFR

*UXSRVGHFDoDGRUHVFROHWRUHVFRPR
RSUySULRQRPHLQGLFDEDVHLDDVXD
VXVWHQWDELOLGDGHDSDUWLUGDFDoDSHVFDH
FROHWDGHYHJHWDLVHIUXWRVSUHVHQWHVHPVHX
PHLR2KDELWDWGHVVHJUXSRFRQVLVWHHPXP
WHUULWyULRGHOLPLWDGRQDWXUDOPHQWHTXH
IXQFLRQDFRPRXPDPDFURUHJLmRRQGHKiR
GHVORFDPHQWRGDSRSXODomRFRPFHUWD
SHULRGLFLGDGHPDVTXHQmRXOWUDSDVVDP
OLPLWHVQDWXUDLVHH[HUFHPUHODo}HVPtWLFDV
FRPRHVSDoRSUpHVWDEHOHFLGRSHORV
LQGLYtGXRVSHUWHQFHQWHVDREDQGR

-iRVJUXSRVDJULFXOWRUHVVH
DVVHQWDPHPiUHDVPHQRUHVTXH
SURSRUFLRQDPDVPHVPDVFRQGLo}HVGHIRQWH
KWWSZZZUHYLVWDPXVHXFRPEUDUWLJRVDUWBDVS"LG  
 5HYLVWD086(8FXOWXUDOHYDGDDVpULR

GHiJXDHDOLPHQWRTXHDGRVIRUUDJHDGRUHV
SRUpPFRPRGRPLQDPRPDQHMRGRURoDGRH
HVWRFDJHPGHDOLPHQWRVSRVVXHPXPD
GHQVLGDGHGHPRJUiILFDPDLRUGRTXHRV
FDoDGRUHVFROHWRUHV

2XWUDGLIHUHQoDHQWUHRVGRLVJUXSRV
HPTXHVWmRpRXVRGHDUWHIDWRVHGDGLYLVmR
VH[XDOGRWUDEDOKR$VWULERVGHDJULFXOWRUHV
QHFHVVLWDPGHXWHQVtOLRVSDUDDHVWRFDUHP
VHXVDOLPHQWRVHSRULVVRVmRFRPXPHQWH
DVVRFLDGRVDSURGXomRGHFHUkPLFDREMHWRV
FRQIHFFLRQDGRVSHODVPXOKHUHVFRQWXGRQmR
WRPHPRVFRPRIDWRUGHWHUPLQDQWHSRLV
PXLWRVVtWLRVFHUkPLFRVSRVVXHPOtWLFRVHP
VXDFRPSRVLomRHDVVLPYLFHYHUVD

2VEDQGRVGHFDoDGRUHVFROHWRUHV
QHFHVVLWDPGHPDLRUPRELOLGDGHHSRULVVR
VmRDVVRFLDGRVDDUWHIDWRVOtWLFRVHPJUDQGH
PDLRULDODVFDGRVFRPSRXFDVH[FHo}HVHP
VtWLRVDUTXHROyJLFRVRQGHSRGHPRVHQFRQWUDU
FHUkPLFDVGHWDPDQKRPHQRUHVDGYLQGDV
GHVVHVJUXSRVRXGRFRQWDWRGRVPHVPRV
FRPFHUDPLVWDV2VDUWHIDWRVOtWLFRVVmR
SURGX]LGRVSHORVKRPHQVRVTXDLVWDPEpP
VmRUHVSRQViYHLVSHODFDoDHQTXDQWRDV
PXOKHUHVHFULDQoDVFROHWDPYHJHWDLVH
IUXWRV

'LDQWHGRH[SRVWRQRWDVHTXHD
LQWHUGLVFLSOLQDULGDGHHQWUHDVGLIHUHQWHV
FLrQFLDVGRFRQKHFLPHQWRVmRDVEDVHVSDUDR
GHVHQYROYLPHQWRGDVSHVTXLVDVSRGHPRV
HQWHQGHUWDPEpPTXHH[LVWHPGLIHUHQWHV
IRUPDVGHDWXDomRGDVFLrQFLDVGD7HUUDQD
DUTXHRORJLD



5HIHUrQFLDVELEOLRJUiILFDV

$5$8-2$*07HRULDH0pWRGRHP$UTXHRORJLD
5HJLRQDOXPHVWXGRGHFDVRQR$OWR
3DUDQDSDQHPDHVWDGRGH6mR3DXOR7HVHGH
'RXWRUDGR))/&+863
%(575$1'*8PD*HRJUDILD7UDQVYHUVDOHGH
7UDYHVVLDV0DULQJi(G0DVVRQL
%,7(1&2857$/93ULQFtSLRVPpWRGRVH
DOJXPDVDSOLFDo}HVGDJHRDUTXHRORJLD,Q
*HRDUTXHRORJLDWHRULDHSUiWLFD*RLkQLD8&*

+2125$72/&$UTXHRORJLDGDSDLVDJHPDiUHD
GHRFXSDomRGRVtWLR*XDFKRQRFRQWH[WRGR9DOH
KWWSZZZUHYLVWDPXVHXFRPEUDUWLJRVDUWBDVS"LG  
 5HYLVWD086(8FXOWXUDOHYDGDDVpULR

GR5LR3DUDQDSDQHPD0RQRJUDILDGH
%DFKDUHODGR3UHVLGHQWH3UXGHQWH8QHVS
025$,6-/GH$$UTXHRORJLDHR)DWRU*HR,Q
5HYLVWDGR0XVHXGH$UTXHRORJLDH(WQRORJLD6mR
3DXOR
1(9(6:$ 3,/Ï/%2SRYRGH/X]LDHP
EXVFDGRVSULPHLURVDPHULFDQRV6mR3DXOR
*ORER
58%,1-&56,/9$57*HRDUTXHRORJLDWHRULD
HSUiWLFD*RLkQLD(GGD8&*
6$172600HWDPRUIRVHVGRHVSDoRKDELWDGR
IXQGDPHQWRVWHyULFRHPHWRGROyJLFRGDJHRJUDILD
6mR3DXOR+XFLWH3DXOR+XFLWHF



3RVWDGRHPGHVHWHPEURGH?SRU
(GLWRULD50

&RS\ULJKW5HYLVWD0XVHX7RGRVRVGLUHLWRV
UHVHUYDGRV

!!&OLTXHDTXLSDUDID]HUXPFRPHQWiULR

'LJDGHDRTXHYRFr
DFKRXGDPDWpULD
      *UDYDU

   
9ROWDUDR7RSR
5HYLVWD0XVHX6LWHGHVHQYROYLGRSRU&OXEHGH,GHLDV
&RS\ULJKW‹
&RQKHoDQRVVDSROtWLFDGHSULYDFLGDGH

KWWSZZZUHYLVWDPXVHXFRPEUDUWLJRVDUWBDVS"LG