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/HJLVODWLYDV (VWDGXDLV WDO SRGHU IH] LVVR SULQFLSDOPHQWH QR $'&7
DUW TXDQGR GLVS{V &DGD $VVHPEOHLD /HJLVODWLYD FRP SRGHUHV
FRQVWLWXLQWHV HODERUDUi D &RQVWLWXLomR GR (VWDGR QR SUD]R GH XP
DQRFRQWDGRGDSURPXOJDomRGD&RQVWLWXLomR)HGHUDOREHGHFLGRVRV
SULQFtSLRVGHVWD
-iDV&kPDUDV0XQLFLSDLVQmRIRUDPPHQFLRQDGDVSHOD&)DRIDODUGH
3RGHU &RQVWLWXLQWH 'HFRUUHQWH VHQGR TXH DOJXQV GRXWULQDGRUHV
VHTXHU FRQVLGHUDP RV PXQLFtSLRV SRVVXLGRUHV GH 3RGHU &RQVWLWXLQWH
MiTXHQmRSRVVXHPFRQVWLWXLo}HVIRUPDLV
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&(63($QDOLVWD 3URFHVVXDO 7-55 $V
GHQRPLQDGDV OLPLWDo}HV PDWHULDLV DR SRGHU FRQVWLWXLQWH GH UHIRUPD
HVWmR H[DXVWLYDPHQWH SUHYLVWDV GD &RQVWLWXLomR )HGHUDO GH
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([LVWHP WDPEpP RXWUDV OLPLWDo}HV PDWHULDLV FOiXVXODV SpWUHDV TXH
HVWmRLPSOtFLWDVDSDUGDTXHODVGLVSRVWDVQD&)$VVLPQmRpXPURO
H[DXWLYR&RPRH[HPSORSRGHPRVFLWDU
x RSRYRFRPRWLWXODUGRSRGHUFRQVWLWXLQWH
x RSRGHULJXDOLWiULRGRYRWR
x R SUySULR DUW TXH HVWDEHOHFH RV SURFHGLPHQWRV GH
UHIRUPD
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&(63($*8 2 SRGHU FRQVWLWXLQWH GH UHIRUPD QmR
SRGH FULDU FOiXVXODV SpWUHDV DSHVDU GH OKH VHU IDFXOWDGR DPSOLDU R
FDWiORJR GRV GLUHLWRV IXQGDPHQWDLV FULDGR SHOR SRGHU FRQVWLWXLQWH
RULJLQiULR
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,VVRDtHOHQmRSRGHFULDUFOiXVXODVSpWUHDVSHORIDWRGRDUWGD
&RQVWLWXLomR VHU XPD FOiXVXOD SpWUHD LPSOtFLWD VHQGR YHGDGR TXH
VHMDPRGLILFDGRDILPGHWRUQDUDUHIRUPDFRQVWLWXFLRQDOPDLVIiFLORX
PDLV GLItFLO 2 FDWiORJR GH GLUHLWRV IXQGDPHQWDLV SRVVXL YiULDV
FOiXVXODV SpWUHDV FRPR SRU H[HPSOR R DUW H R YRWR GLUHWR
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VHFUHWR XQLYHUVDO H SHULyGLFR HPERUD QHQKXP GHVVHV WHPDV

SURWHJLGRV SRVVDP VHU DEROLGRV RX UHGX]LGRV HOHV SRGHP VHU
DPSOLDGRVRXIRUWDOHFLGRV
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&(63($*8 2 VLVWHPD FRQVWLWXFLRQDO EUDVLOHLUR QmR
DGPLWHDGHQRPLQDGDFOiXVXODSpWUHDLPSOtFLWDHVWDQGRDVOLPLWDo}HV
PDWHULDLVDRSRGHUGHUHIRUPDH[DXVWLYDPHQWHHQXPHUDGDVQD&)
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([LVWHPOLPLWDo}HVPDWHULDLVFOiXVXODVSpWUHDVTXHHVWmRLPSOtFLWDV
DSDUGDTXHODVGLVSRVWDVQD&)&RPRH[HPSOR
x RSRYRFRPRWLWXODUGRSRGHUFRQVWLWXLQWH
x RSRGHULJXDOLWiULRGRYRWR
x R SUySULR DUW TXH HVWDEHOHFH RV SURFHGLPHQWRV GH
UHIRUPD
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&(63($*8 3HOR SRGHU FRQVWLWXLQWH GH UHIRUPD
DVVLP FRPR SHOR SRGHU FRQVWLWXLQWH RULJLQiULR SRGHP VHU LQVHULGDV
QRUPDVQR$'&7DGPLWLQGRVHHPDPEDVDVKLSyWHVHVDLQFLGrQFLD
GRFRQWUROHGHFRQVWLWXFLRQDOLGDGH
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2HUURIRLQRILQDO]LQKR5HDOPHQWHHVWiFRUUHWRGL]HUTXHSHORSRGHU
FRQVWLWXLQWH GH UHIRUPD DVVLP FRPR SHOR SRGHU FRQVWLWXLQWH
RULJLQiULR SRGHP VHU LQVHULGDV QRUPDV QR $'&7 3RUpP HPERUD R
3RGHUGH5HIRUPDSRVVDVRIUHUFRQWUROHGHFRQVWLWXFLRQDOLGDGHLVVRp
LPSRVVtYHOHPVHWUDWDQGRGR3RGHU2ULJLQiULRSRLVHVWHpLOLPLWDGRH
LQFRQGLFLRQDGRQmRSRGHQGRVRIUHUGHLQFRQVWLWXFLRQDOLGDGHMiTXHp
RSUySULRFULDGRUGD&RQVWLWXLomR
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&(63($QDOLVWD 3URFHVVXDO 7-55 2 SRGHU
FRQVWLWXLQWHRULJLQiULRpDXW{QRPRHVHHVJRWDFRPDHGLomRGDQRYD
FRQVWLWXLomR
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7UDWDVH GH XP SRGHU SHUPDQHQWH QmR VH HVJRWD DR VH HGLWDU D
&RQVWLWXLomR
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RULJLQiULR UHVSRQViYHO SHOD HODERUDomR GH XPD QRYD &RQVWLWXLomR
H[WLQJXHVHFRPDFRQFOXVmRGHVXDREUD
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7UDWDVH GH XP SRGHU SHUPDQHQWH QmR VH HVJRWD DR VH HGLWDU D
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&(63($GYRJDGR ,3$-0(6 $ WHRULD GR SRGHU
FRQVWLWXLQWH IRL HVERoDGD SRU (PPDQXHO 6LH\qV H DSHUIHLoRDGD SRU
FRQVWLWXFLRQDOLVWDV IUDQFHVHV 2 SRQWR IXQGDPHQWDO GHVVD WHRULD p R
GH TXH HOD Vy SRGH VHU DSOLFDGD QRV (VWDGRV HP TXH VH DGRWDP
FRQVWLWXLo}HVQmRHVFULWDVHVHPLUUtJLGDV
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$ WHRULD GR 3RGHU &RQVWLWXLQWH UHDOPHQWH IRL HVERoDGD SHOR $EDGH
(PPDQXHO 6LH\qV SRUpP HOD VH GLULJLD HVVHQFLDOPHQWH jV
FRQVWLWXLo}HVHVFULWDVHUtJLGDVWtSLFDVGRFRQVWLWXFLRQDOLVPRIUDQFrV
&RPR SRGHUtDPRV YLVOXPEUDU XP SRGHU FRQVWLWXLQWH UHIRUPDGRU HP
XPD FRQVWLWXLomR IOH[tYHO" 1mR Ki FRPR SRLV QDV FRQVWLWXLo}HV
IOH[tYHLVRSRGHUGHPRGLILFDUDFRQVWLWXLomRpRVLPSOHVSRGHUGHVH
HODERUDU XPD OHL XP VLPSOHV SRGHU OHJLVODWLYR H QmR FRQVWLWXLQWH Mi
TXH QmR Ki SUHRFXSDomR FRP D IRUPD WUDWDGD PDV DSHQDV FRP R
FRQWH~GRVREUHRTXDOYHUVDPDVQRUPDVGDTXHOH(VWDGR
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&(63($GYRJDGR ,3$-0(6 6HJXQGR D GRXWULQD
DSHVDU GH R SRGHU FRQVWLWXLQWH VHU RULJLQiULR D KLVWyULD UHYHOD
H[SHULrQFLDV QR VHQWLGR GD LQGLVSHQVDELOLGDGH GH REVHUYkQFLD GH
FHUWRV SULQFtSLRV FRPR SRU H[HPSOR R SULQFtSLR GD GLJQLGDGH GD
SHVVRDKXPDQDRGDMXVWLoDRGDOLEHUGDGHHRGDLJXDOGDGHTXDQGR
GDFULDomRGHXPDQRYDFRQVWLWXLomR
&RPHQWiULRV
3DUD D FRUUHQWH SRVLWLYLVWD R SRGHU FRQVWLWXLQWH p LQLFLDO H LOLPLWDGR
QmR VH UHFRQKHFH OLPLWDo}HV DR VHX H[HUFtFLR $SHVDU GHVVD
LQH[LVWrQFLD GH OLPLWDo}HV H[LVWH KLVWRULFDPHQWH QDV &RQVWLWXLo}HV
XP UHVSHLWR GRV SULQFtSLRV EiVLFRV FRPR R GD GLJQLGDGH GD SHVVRD
KXPDQD H GD MXVWLoD QRWDGDPHQWH FRPR GHFRUUrQFLD OyJLFD GR
UHJLPHVTXHVHSUHWHQGHPLQVWLWXLU
*DEDULWR&RUUHWR
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VXSUDQDFLRQDO WHP FDSDFLGDGH SDUD VXEPHWHU DV GLYHUVDV
FRQVWLWXLo}HV QDFLRQDLV DR VHX SRGHU VXSUHPR GLVWLQJXLQGRVH GR
RUGHQDPHQWR MXUtGLFR SRVLWLYR LQWHUQR DVVLP FRPR GR GLUHLWR
LQWHUQDFLRQDO
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)UXWRGHHQWHQGLPHQWRVUHFHQWHVR3RGHU&RQVWLWXLQWH6XSUDQDFLRQDO
WDPEpP FKDPDGR GH WUDQVQDFLRQDO RX JOREDO VH WUDWD GH XP SRGHU
FDSD] GH WUDQVFHQGHU DRV OLPLWHV GH XP (VWDGR LPSRQGRVH VREUH
GLYHUVRV (VWDGRV e R TXH VHP VXFHVVR VH WHQWRX UHDOL]DU QD 8QLmR
(XURSHLDFRPD³FRQVWLWXLomRFRPXP´
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&(63(3URFXUDGRU 3UHYLGHQFLiULR &DULDFLFD(6
2 SRGHU FRQVWLWXLQWH p WLWXODUL]DGR SHOR SRYR H SHODV DVVHPEOpLDV
FRQVWLWXLQWHV
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2WLWXODUGR3RGHU&RQVWLWXLQWHpRSRYR$VDVVHPEOpLDVVmRDSHQDV
RVH[HUFHQWHVGR3RGHU
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2 SRGHU FRQVWLWXLQWH SRGH VHU FODVVLILFDGR HP SRGHU FRQVWLWXLQWH
RULJLQiULR H SRGHU FRQVWLWXLQWH GHULYDGR DRV TXDLV FRUUHVSRQGHP
UHVSHFWLYDPHQWHRVFRQFHLWRVGHSRGHUFRQVWLWXLQWHGHVHJXQGRJUDX
HGHSRGHUFRQVWLWXLQWHGHSULPHLURJUDX
&RPHQWiULRV
eRLQYHUVRR3&2pRGHSULPHLURJUDXHR3&'RGHVHJXQGRJUDX
*DEDULWR(UUDGR

2 SRGHU FRQVWLWXLQWH GHULYDGR SRGH VHU VXEGLYLGR HP SRGHU
FRQVWLWXLQWH UHIRUPDGRU H SRGHU FRQVWLWXLQWH GHFRUUHQWH 2 VHJXQGR
FRQVLVWHQDTXHOHTXHSRVVLELOLWDDRVHVWDGRVPHPEURVTXHHVWHVHP
YLUWXGH GH VXD DXWRQRPLD SROtWLFRDGPLQLVWUDWLYD VH DXWRRUJDQL]HP
SRUPHLRGHFRQVWLWXLo}HVHVWDGXDLVTXHUHVSHLWHPVHPSUHDVUHJUDV
OLPLWDWLYDVHVWDEHOHFLGDVSHOD&RQVWLWXLomR)HGHUDO
&RPHQWiULRV
eLVVRDt$VGHILQLo}HVHVWmRSHUIHLWDV
ϰϰ
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,QH[LVWH XPD IRUPD SUHIL[DGD SHOD TXDO VH PDQLIHVWD R SRGHU
FRQVWLWXLQWH RULJLQiULR PDV p SRVVtYHO DSRQWDU GXDV IRUPDV EiVLFDV
GHVXDH[SUHVVmRSRUPHLRGDVDVVHPEOpLDVQDFLRQDLVFRQVWLWXLQWHVH
GRVPRYLPHQWRVUHYROXFLRQiULRV
&RPHQWiULRV
(PERUD SRVVDPRV HOHQFDV PRGRV GH DSDUHFLPHQWR GDV FRQVWLWXLo}HV
EDVLFDPHQWH DVVHPEOHLDV FRQVWLWXLQWHV H PRYLPHQWRV
UHYROXFLRQiULRV LQH[LVWH XPD IRUPD SUHIL[DGD SDUD TXH HOH VH
PDQLIHVWD(VWiFRUUHWDDTXHVWmR
*DEDULWR&RUUHWR

&(63(30') 8PD GDV FDUDFWHUtVWLFDV GR SRGHU
FRQVWLWXLQWHRULJLQiULRpDGHVHULQLFLDORTXHVLJQLILFDTXHLQDXJXUD
XPDQRYDRUGHPMXUtGLFDURPSHQGRFRPDDQWHULRU
&RPHQWiULRV
([DWDPHQWHRSRGHUpRULJLQiULRSRLVpRSULPHLURLQLFLDOXPSRGHU
SROtWLFRLQDXJXUDGRUGDRUGHPMXUtGLFD
*DEDULWR&RUUHWR

&(63(30')$&)pUtJLGDHSRULVVRQmRSRGHVHU
VXEPHWLGDDRSRGHUFRQVWLWXLQWHGHULYDGR
&RPHQWiULRV
1mR p LVVR QmR -XVWDPHQWH SRU VHU UtJLGD IRL HVWDEHOHFLGR XP
SURFHGLPHQWR HVSHFLDO GH UHIRUPD GH VHX WH[WR TXH p R SRGHU
FRQVWLWXLQWHGHULYDGRUHIRUPDGRUHQFRQWUDGRQRDUW
*DEDULWR(UUDGR

&(63(30') 2 SRGHU FRQVWLWXLQWH GHFRUUHQWH p
DTXHOH FXMD FRPSHWrQFLD FRQVLVWH HP HODERUDU RX PRGLILFDU DV
FRQVWLWXLo}HVGRVHVWDGRVPHPEURVGD)HGHUDomR
&RPHQWiULRV
([DWR 2 SRGHU GHFRUUHQWH p DTXHOH TXH SHUWHQFH DRV (VWDGRV GD
)HGHUDomRSDUDTXHVHDXWRRUJDQL]HP
*DEDULWR&RUUHWR
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&(63($*82SRGHUFRQVWLWXLQWHRULJLQiULRHVJRWDVH

TXDQGR p HGLWDGD XPD FRQVWLWXLomR UD]mR SHOD TXDO DOpP GH VHU
LQLFLDO LQFRQGLFLRQDGR H LOLPLWDGR HOH VH FDUDFWHUL]D SHOD
WHPSRUDULHGDGH
&RPHQWiULRV
23RGHU&RQVWLWXLQWH2ULJLQiULRpFDUDFWHUL]DGRSHODSHUPDQrQFLD Mi
TXH p R SRGHU SROtWLFR TXH R SRYR SRVVXL SDUD RUJDQL]DU R (VWDGR H
HVVDWLWXODULGDGHQmRVHH[DXUHQRWHPSR
*DEDULWR(UUDGR

&(63(-XL] )HGHUDO 6XEVWLWXWR 75) 2 SRGHU
FRQVWLWXLQWH RULJLQiULR QmR VH HVJRWD TXDQGR VH HGLWD XPD
FRQVWLWXLomRUD]mRSHODTXDOpFRQVLGHUDGRXPSRGHUSHUPDQHQWH
&RPHQWiULRV
23RGHU&RQVWLWXLQWH2ULJLQiULRpFDUDFWHUL]DGRSHODSHUPDQrQFLD Mi
TXH p R SRGHU SROtWLFR TXH R SRYR SRVVXL SDUD RUJDQL]DU R (VWDGR H
HVVDWLWXODULGDGHQmRVHH[DXUHQRWHPSR
*DEDULWR&RUUHWR

&(63($XGLWRU ,QWHUQR $8*(0* 2 SRGHU
FRQVWLWXLQWH RULJLQiULR p XP SRGHU LQLFLDO H LQFRQGLFLRQDGR TXH SRGH
GHVFRQVLGHUDU GH PDQHLUD DEVROXWD R RUGHQDPHQWR FRQVWLWXFLRQDO
SUHH[LVWHQWHLQFOXVLYHDVFOiXVXODVSpWUHDV
&RPHQWiULRV
,VVR Dt FRP R H[HUFtFLR GR 3&2 WXGR TXH HUD &RQVWLWXFLRQDO
DQWHULRUPHQWH ILFD UHYRJDGR H QDVFH XPD QRYD RUGHP MXUtGLFD QmR
VHDSURYHLWDQDGDTXHWHQKDVWDWXVFRQVWLWXFLRQDODSHQDVDVQRUPDV
LQIUDFRQVWLWXFLRQDLV TXH IRUHP FRPSDWtYHLV p TXH VHUmR
UHFHSFLRQDGDV
*DEDULWR&RUUHWR

&(63(3URFXUDGRU%$&(1 'H DFRUGR FRP
HQWHQGLPHQWR GR 67) DV QRUPDV FRQVWLWXFLRQDLV SURYHQLHQWHV GD
PDQLIHVWDomR GR SRGHU FRQVWLWXLQWH RULJLQiULR WrP YLD GH UHJUD
UHWURDWLYLGDGHPi[LPD
&RPHQWiULRV
(ODVVmRGRWDGDVGHUHWURDWLYLGDGHPtQLPDMiTXHVyUHWURDJHPSDUD
DOFDQoDURVHIHLWRVIXWXURVGRVFDVRVSDVVDGRV
*DEDULWR(UUDGR
ϰϲ
&(63(3URFXUDGRU7&((6 2 67) DGPLWH D WHRULD

GD LQFRQVWLWXFLRQDOLGDGH VXSHUYHQLHQWH GH DWR QRUPDWLYR SURGX]LGR
DQWHV GD QRYD FRQVWLWXLomR H SHUDQWH R QRYR GLVSRVLWLYR SDUDGLJPD
QHODLQVHULGR
&RPHQWiULRV
1HVWH FDVR HVWDUtDPRV GLDQWH GH XPD UHYRJDomR H QmR GH XPD
LQFRQVWLWXFLRQDOLGDGH VXSHUYHQLHQWH (VWD QmR p DFHLWD QR %UDVLO Mi
TXH DGRWDVH D WHRULD GD LQFRQVWLWXFLRQDOLGDGH FRQJrQLWD RX VHMD
SDUD D QRUPD VHU LQFRQVWLWXFLRQDO HOD GHYH QDVFHU LQFRQVWLWXFLRQDO
8PDQRUPDQXQFDVHWRUQDLQFRQVWLWXFLRQDODRORQJRGRWHPSR
*DEDULWR(UUDGR

&(63(3URFXUDGRU7&((6 1R IHQ{PHQR GD
UHFHSomR VmR DQDOLVDGDV DV FRPSDWLELOLGDGHV IRUPDLV H PDWHULDLV GD
OHLHPIDFHGDQRYDFRQVWLWXLomR
&RPHQWiULRV
3DUDDUHFHSomRLPSRUWDWmRVRPHQWHDFRPSDWLELOLGDGHPDWHULDO
*DEDULWR(UUDGR

&(63(3URFXUDGRU7&((6 1R WRFDQWH DR SRGHU
FRQVWLWXLQWHRULJLQiULRR%UDVLODGRWRXDFRUUHQWHSRVLWLYLVWDGHPRGR
TXHRUHIHULGRSRGHUVHUHYHODLOLPLWDGRDSUHVHQWDQGRQDWXUH]DSUp
MXUtGLFD
&RPHQWiULRV
([DWReXPDRSRVLomRjFRUUHQWHMXVQDWXUDOLVWDTXHFRQVLGHUDYDTXH
RSRGHUFRQVWLWXLQWHRULJLQiULRHVWDULDOLPLWDGRDXPGLUHLWRQDWXUDOGH
H[LVWrQFLDSUpFRQVWLWXFLRQDO(VWDFRUUHQWHQmRIRLDGRWDGDQR%UDVLO
TXHVHJXLXDGRXWULQDSRVLWLYLVWD
*DEDULWR&RUUHWR

&(63(3URFXUDGRU$*8 1R TXH VH UHIHUH DR SRGHU
FRQVWLWXLQWH RULJLQiULR R %UDVLO DGRWRX D FRUUHQWH MXVQDWXUDOLVWD
VHJXQGRDTXDORSRGHUFRQVWLWXLQWHRULJLQiULRpLOLPLWDGRHDSUHVHQWD
QDWXUH]DSUpMXUtGLFD
&RPHQWiULRV
$ TXHVWmR SRVVXL GRLV HUURV 2 SULPHLUR p TXH R %UDVLO DGRWD D
FRUUHQWH SRVLWLYLVWD 2 VHJXQGR HUUR p TXH DV FDUDFWHUtVWLFDV GH
LOLPLWDGR H QDWXUH]D SUpMXUtGLFD VmR WDPEpP FDUDFWHUtVWLFDV
GHOLQHDGDV SHOD FRUUHQWH SRVLWLYLVWD H QmR SHOD MXVQDWXUDOLVWD
ϰϳ
VHJXQGRDTXDOR3&2HVWDULDOLPLWDGRSRUXPGLUHLWRGHRUGHPSUp
FRQVWLWXFLRQDORGLUHLWRQDWXUDOGHVWDWXVVXSUDQDFLRQDO
*DEDULWR(UUDGR

&(63($XGLWRU7&8 'D PHVPD IRUPD TXH R SRGHU
FRQVWLWXLQWH RULJLQiULR R SRGHU GH UHIRUPD QmR HVWi VXEPHWLGR D
TXDOTXHU OLPLWDomR GH RUGHP IRUPDO RX PDWHULDO VHQGR TXH D &)
DSHQDVHVWDEHOHFHTXHQmRVHUiREMHWRGHGHOLEHUDomRDSURSRVWDGH
HPHQGDWHQGHQWHDDEROLUDIRUPDIHGHUDWLYDGH(VWDGRRYRWRGLUHWR
VHFUHWRXQLYHUVDOHSHULyGLFRDVHSDUDomRGHSRGHUHVHRVGLUHLWRVH
JDUDQWLDVLQGLYLGXDLV
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1mR QmR 2 DUW GD &RQVWLWXLomR WUD] GLYHUVDV OLPLWDo}HV
PDWHULDLV FOiXVXODV SpWUHDV DOpP GH OLPLWDo}HV IRUPDLV
SURFHGLPHQWRV H FLUFXQVWDQFLDLV PRPHQWRV HP TXH D &) QmR
HVWDUiVXMHLWDjUHIRUPD
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&(63(-XL] )HGHUDO 6XEVWLWXWR 75) 3HOR
FULWpULRMXUtGLFRIRUPDODPDQLIHVWDomRGRSRGHUFRQVWLWXLQWHGHULYDGR
GHFRUUHQWHPDQWpPVHDGVWULWDjDWXDomRGRVHVWDGRVPHPEURVSDUD
DHODERUDomRGHVXDVUHVSHFWLYDVFRQVWLWXLo}HVQmRVHHVWHQGHQGRDR
')HDRVPXQLFtSLRVTXHVHRUJDQL]DPPHGLDQWHOHLRUJkQLFD
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6HJXQGRDGRXWULQDGHYLGRDRIDWRGHDOHLRUJkQLFDQmRVHUHYHVWLU
QDIRUPDGHXPDFRQVWLWXLomRHODQmRSRGHVHUFRQVLGHUDGDIUXWRGH
XP SRGHU FRQVWLWXLQWH GHULYDGR GHFRUUHQWH HPERUD VHMD R SDVVR
SULQFLSDOGDDXWRRUJDQL]DomRGRV0XQLFtSLRVeLPSRUWDQWHVDOLHQWDU
SRUpPTXHHPVHWUDWDQGRGD/HL2UJkQLFDGR')LVVRQmRpGHWRGR
YHUGDGH SRLV R 67) UHFRQKHFH R VHX VWDWXV FRQVWLWXFLRQDO QD SDUWH
TXH YHUVD VREUH PDWpULDV UHVHUYDGDV DRV (VWDGRVPHPEURV VHQGR
HQWmR DGPLWLGR LQFOXVLYH FRQWUROH GH FRQVWLWXFLRQDOLGDGH GH OHLV IDFH
j/HL2UJkQLFDGR')
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FRQVWLWXLQWH RULJLQiULR SRGH DXWRUL]DU D LQFLGrQFLD GR IHQ{PHQR GD
GHVFRQVWLWXFLRQDOL]DomR VHJXQGR R TXDO DV QRUPDV GD FRQVWLWXLomR
DQWHULRU GHVGH TXH FRPSDWtYHLV FRP D QRYD RUGHP FRQVWLWXFLRQDO
SHUPDQHFHPHPYLJRUFRPVWDWXVGHQRUPDLQIUDFRQVWLWXFLRQDO
&RPHQWiULRV
ϰϴ
(PUHJUDQmRH[LVWHGHVFRQVWLWXFLRQDOL]DomR$WHRULDDFHLWDQR%UDVLO
p D GD UHYRJDomR GR RUGHQDPHQWR FRQVWLWXFLRQDO DQWHULRU 3RUpP R
SRGHU FRQVWLWXLQWH RULJLQiULR p LOLPLWDGR &DVR HVWH SRGHU
H[SUHVVDPHQWH SUHYHMD R LQVWLWXWR GD GHVFRQVWLWXFLRQDOL]DomR QmR
KDYHUiTXDOTXHULPSHGLPHQWRSDUDWDO
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&(63(3URFXUDGRU7&((6 $V QRUPDV SURGX]LGDV
SHOR SRGHU FRQVWLWXLQWH RULJLQiULR VmR SDVVtYHLV GH FRQWUROH
FRQFHQWUDGRHGLIXVRGHFRQVWLWXFLRQDOLGDGH
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1R %UDVLO QmR VH DFHLWD D WHVH GD LQFRQVWLWXFLRQDOLGDGH GH QRUPDV
RULJLQiULDV Mi TXH R SRGHU FRQVWLWXLQWH RULJLQiULR p LOLPLWDGR
DXW{QRPRHLQFRQGLFLRQDGR
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&(63(3URFXUDGRU7&((6 $ &) SRGH VHU DOWHUDGD
D TXDOTXHU PRPHQWR SRU LQWHUPpGLR GR FKDPDGR SRGHU FRQVWLWXLQWH
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