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6 IHOLFLWDGRQRGLDVHJXLQWHSHORHIHLWRSURGX]LGRSRUVXDYLDJHPD9HUULqUHV6XDDXVrQFLD
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RFRUUHXOKHXPDLGHLDULGtFXODHHOHDFRPXQLFRXjVUDGH5rQDOFRPUDUDLQWUHSLGH]
7mRORJRVHQWDUDPVHQRMDUGLPHVHPHVSHUDUXPDHVFXULGmRVXILFLHQWH-XOLHPDSUR[LPRX
VXDERFDGRRXYLGRGDVUDGH5rQDOHFRPRULVFRGHFRPSURPHWrODKRUULYHOPHQWHGLVVH
OKH
±(VWDQRLWHjVGXDVKRUDVLUHLDVHXTXDUWRVHQKRUDWHQKRDOJRDOKHGL]HU
-XOLHQWHPLDTXHVHXSHGLGRQmRIRVVHDFHLWRVHXSDSHOGHVHGXWRUSHVDYDOKHWDQWRTXHVH
SXGHVVHVHJXLUVXDYRQWDGHWHULDVHUHFROKLGRHPVHXTXDUWRSRUYiULRVGLDVGHL[DQGRGHYHU
DVGXDVVHQKRUDV(OHFRPSUHHQGLDTXHSRUVXDFRQGXWDHVWXGDGDGDYpVSHUDSXVHUDDSHUGHU
DVEHODVDSDUrQFLDVGRGLDSUHFHGHQWHHQmRVDELDGHIDWRDTXHVDQWRUHFRUUHU
$VUDGH5rQDOUHVSRQGHXFRPXPDLQGLJQDomRUHDOHGHPDQHLUDDOJXPDH[DJHUDGDDR
DQ~QFLR LPSHUWLQHQWH TXH -XOLHQ RXVDYD ID]HUOKH (OH DFUHGLWRX YHU GHVSUH]R HP VXD FXUWD
UHVSRVWD 7LQKD FHUWH]D GH TXH QHVVD UHVSRVWD SURQXQFLDGD HP YR] PXLWR EDL[D RXYLUD DV
SDODYUDVQmRDPROH6RESUHWH[WRGHGL]HUTXDOTXHUFRLVDjVFULDQoDV-XOLHQIRLDWpRTXDUWR
GHODVHDRYROWDUVHQWRXVHDRODGRGDVUD'HUYLOOHHGLVWDQWHGDVUDGH5rQDO$IDVWRXDVVLP
WRGD SRVVLELOLGDGH GH SHJDUOKH D PmR $ FRQYHUVD IRL VpULD H -XOLHQ VDLXVH EHP FRP
H[FHomR GH DOJXQV PRPHQWRV GH VLOrQFLR GXUDQWH RV TXDLV IRUoDYD RV PLRORV 4XH PDQREUD
SRVVRLQYHQWDUSHQVDYDSDUDREULJDUDVUDGH5rQDODPRVWUDUPHDTXHOHVVLQDLVLQHTXtYRFRV
GHWHUQXUDTXHPHID]LDPFUHUKiWUrVGLDVTXHHODHUDPLQKD"
-XOLHQ HVWDYD H[WUHPDPHQWH GHVFRQFHUWDGR FRP D VLWXDomR TXDVH VHP VDtGD GH VXDV
SUHRFXSDo}HV&RQWXGRQDGDRWHULDHPEDUDoDGRPDLVTXHRVXFHVVR
4XDQGR VH VHSDUDUDP j PHLDQRLWH VHX SHVVLPLVPR R IH] SHQVDU TXH HUD YLVWR FRP
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LGHLD GH UHQXQFLDU D WRGR ILQJLPHQWR D WRGR SURMHWR H GH YLYHU R FRWLGLDQR FRP D VUD GH
5rQDOFRQWHQWDQGRVHFRPRXPDFULDQoDFRPDIHOLFLGDGHGHFDGDGLD
)DWLJRXRVPLRORVWHQWDQGRLQYHQWDUPDQREUDVHQJHQKRVDVTXHQRLQVWDQWHVHJXLQWHDFKDYD
DEVXUGDVHPVXPDHVWDYDPXLWRLQIHOL]TXDQGRVRDUDPGXDVKRUDVQRUHOyJLRGRFDVWHOR
(VVHUXtGRRGHVSHUWRXFRPRRFDQWRGRJDORGHVSHUWRXVmR3HGUR9LXVHQRLQVWDQWHPDLV
SHQRVR GR GLD 1mR KDYLD PDLV SHQVDGR HP VXD SURSRVWD LPSHUWLQHQWH GHVGH R PRPHQWR HP
TXHDIL]HUDHODIRUDPXLWRPDOUHFHELGD
(XGLVVHDHODTXHLULDDVHXTXDUWRjVGXDVKRUDVIDORXDVLPHVPROHYDQWDQGRVHSRVVR
VHULQH[SHULHQWHHJURVVHLURFRPRpSUySULRDRILOKRGHXPDOGHmRDVUD'HUYLOOHGHXPHD
HQWHQGHULVVRPDVSHORPHQRVQmRVHUHLFRYDUGH
-XOLHQWLQKDUD]mRGHIHOLFLWDUVHSRUVXDFRUDJHPQXQFDKDYLDVHLPSRVWRXPDREULJDomR
PDLV SHQRVD $R DEULU VXD SRUWD HVWDYD WmR WUrPXOR TXH RV MRHOKRV QmR R VXVWLQKDP H IRL
IRUoDGRDDSRLDUVHFRQWUDDSDUHGH
(VWDYDVHPVDSDWRV)RLHVFXWDUjSRUWDGRVUGH5rQDOFXMRURQFRS{GHGLVWLQJXLU)LFRX
GHVRODGRFRPLVVRSRLVQmRKDYLDPDLVSUHWH[WRSDUDQmRLUDWpRTXDUWRGHOD0DVRTXHIDUHL
OiPHX'HXV"1mRWLQKDQHQKXPSURMHWRHPHVPRTXHRWLYHVVHVHQWLDVHWmRSHUWXUEDGRTXH
VHULDLQFDSD]GHVHJXLOR
(QILP H VRIUHQGR PLO YH]HV PDLV GR TXH VH PDUFKDVVH SDUD D PRUWH HQWURX QR SHTXHQR
FRUUHGRUTXHFRQGX]LDDRTXDUWRGDVUDGH5rQDO$EULXDSRUWDFRPDPmRWUrPXODHID]HQGR
XPUXtGRWHUUtYHO
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+RXYH XPD SHTXHQD GHVRUGHP -XOLHQ HVTXHFHX VHXV YmRV SURMHWRV H YROWRX D VHX SDSHO
QDWXUDO QmR DJUDGDU D XPD PXOKHU WmR HQFDQWDGRUD SDUHFHXOKH D PDLRU GDV LQIHOLFLGDGHV
5HVSRQGHXDVXDVUHSURYDo}HVODQoDQGRVHDVHXVSpVDEUDoDQGRVHXVMRHOKRV&RPRHODOKH
IDODVVHFRPH[WUHPDGXUH]DHOHGHVIH]VHHPOiJULPDV
$OJXPDV KRUDV GHSRLV TXDQGR -XOLHQ VDLX GR TXDUWR GD VUD GH 5rQDO SRGHUVHLD GL]HU
HP HVWLOR GH URPDQFH TXH HOH QmR WLQKD PDLV QDGD D GHVHMDU 'H IDWR GHYLD DR DPRU TXH
LQVSLUDUD H j LPSUHVVmR LPSUHYLVWD TXH HQFDQWRV VHGXWRUHV KDYLDP SURGX]LGR QHOH XPD
YLWyULDjTXDOQmRRWHULDFRQGX]LGRVXDDVW~FLDWmRFDQKHVWUD
0DV QRV PRPHQWRV PDLV GRFHV YtWLPD GH XP RUJXOKR EL]DUUR HOH SUHWHQGHX DLQGD
GHVHPSHQKDURSDSHOGHXPKRPHPDFRVWXPDGRDVXEMXJDUDVPXOKHUHVIH]LQFUtYHLVHVIRUoRV
SDUDHVWUDJDURTXHWLQKDGHDPiYHO(PYH]GHHVWDUDWHQWRDRVWUDQVSRUWHVTXHID]LDQDVFHUH
DRVUHPRUVRVTXHRVWRUQDYDPPDLVYLYRVDLGHLDGRGHYHUMDPDLVFHVVRXGHHVWDUSUHVHQWHD
VHXVROKRV(OHWHPLDXPUHPRUVRKRUUtYHOHXPULGtFXORHWHUQRFDVRVHDIDVWDVVHGRPRGHOR
LGHDO TXH VH SURSXQKD VHJXLU (P XPD SDODYUD R TXH ID]LD GH -XOLHQ XP VHU VXSHULRU IRL
SUHFLVDPHQWHRTXHRLPSHGLXGHVDERUHDUDIHOLFLGDGHTXHVHOKHRIHUHFLDeFRPRXPDPRoD
GHGH]HVVHLVDQRVGHFRUHVOLQGDVTXHSDUDLUDREDLOHWHPDLQVHQVDWH]GHFREULUVHGHUXJH
0RUWDOPHQWHDVVXVWDGDSHORDSDUHFLPHQWRGH-XOLHQDVUDGH5rQDOH[SXVHUDVHDRVPDLV
FUXpLVDODUPHV2FKRURHRGHVHVSHURGH-XOLHQKDYLDPQDSHUWXUEDGRYLYDPHQWH
0HVPR TXDQGR QDGD PDLV SRGLD UHFXVDUOKH HOD UHFKDoDYD -XOLHQ SDUD ORQJH GH VL FRP
XPDLQGLJQDomRUHDOSDUDDVHJXLUODQoDUVHHPVHXVEUDoRV(PWRGDHVVDFRQGXWDQmRKDYLD
QHQKXPSURMHWR$FUHGLWDYDVHFRQGHQDGDVHPUHPLVVmRHEXVFDYDHVFRQGHUVHGDYLVmRGR
LQIHUQRFREULQGR-XOLHQGDVPDLVYLYDVFDUtFLDV(PVXPDQDGDWHULDIDOWDGRjIHOLFLGDGHGH
QRVVRKHUyLQHPPHVPRXPDVHQVLELOLGDGHDUGHQWHQDPXOKHUTXHDFDEDYDGHDUUHEDWDUVHHOH
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TXHDFDERXGHREWHURTXHKiPXLWRGHVHMDYD(ODHVWDYDDFRVWXPDGDDGHVHMDUQmRHQFRQWUD
PDLVRTXHGHVHMDUHQRHQWDQWRQmRWHPDLQGDOHPEUDQoDV&RPRRVROGDGRTXHUHWRUQDGR
GHVILOH-XOLHQUHSDVVRXDWHQWDPHQWHWRGRVRVGHWDOKHVGHVXDFRQGXWD
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WrP RV HVFXGRV QHFHVViULRV SDUD SURYHUVH XPD ERD HGXFDomR PDV QmR R EDVWDQWH SDUD
FRPSUDU XP KRPHP DRV YLQWH DQRV H SURJUHGLU QXPD FDUUHLUD" 1mR LPSRUWD R TXH IDoDPRV
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HOH DOXQR GH WHRORJLD MDPDLV WHULD SRGLGR SHGLU D XP OLYUHLUR 6y RXVDYD DEULORV j QRLWH
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SHORUHODWRGRTXHHODIRUDRXWURUDKiGRLVPLODQRVRXDSHQDVKiVHVVHQWDDQRVQRWHPSRGH
9ROWDLUH H GH /XtV ;9 &RP XPD LQH[SULPtYHO DOHJULD YLX FDLU XP YpX DQWH VHXV ROKRV H
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GHPDLVLOXVWUH7UDWDYDVHGHID]HUGRVUGH0RLURGTXHHUDRKRPHPPDLVGHYRWRGDUHJLmR
RSULPHLURHQmRRVHJXQGRDGMXQWRGRSUHIHLWRGH9HUULqUHV
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GD UHJLmR YLQKD MDQWDU QD FDVD GR VU GH 5rQDO (VVD VRFLHGDGH SULYLOHJLDGD HVWDYD PXLWR
RFXSDGDFRPDHVFROKDGRSULPHLURDGMXQWRFXMDSRVVLELOLGDGHRUHVWRGDFLGDGHHVREUHWXGR
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GDUXDSULQFLSDOGH9HUULqUHVUHFXDULDFHUFDGHWUrVPHWURVSRLVHVVDUXDWRUQDUDVHHVWUDGD
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2UD VH R VU GH 0RLURG TXH WLQKD WUrV FDVDV DPHDoDGDV SRU HVVH UHFXR YLHVVH D VHU R
SULPHLUR DGMXQWR H HYHQWXDOPHQWH SUHIHLWR FDVR R VU GH 5rQDOIRVVH QRPHDGR GHSXWDGR HOH
IHFKDULD RV ROKRV H SRGHULDP ID]HU QDV FDVDV TXH DYDQoDP VREUH D YLD S~EOLFD SHTXHQRV
UHSDURVLPSHUFHSWtYHLVJUDoDVDRVTXDLVHODVGXUDULDPFHPDQRV$SHVDUGDJUDQGHSLHGDGHH
GDSURELGDGHUHFRQKHFLGDVGRVUGH0RLURGWLQKDVHFHUWH]DGHTXHHOHVHULDLQGXOJHQWHSRLV
WLQKD PXLWRV ILOKRV (QWUH DV FDVDV TXH GHYLDP UHFXDU QRYH SHUWHQFLDP D WXGR R TXH Ki GH
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FRLVDV TXH HVSDQWDYDP -XOLHQ GHVGH TXH Ki FLQFR DQRV SDVVDUD D IUHTXHQWDU D FDVD GR FXUD
0DVFRPRDGLVFULomRHDKXPLOGDGHHUDPDVSULPHLUDVTXDOLGDGHVGHXPDOXQRGHWHRORJLD
VHPSUHOKHIRUDLPSRVVtYHOID]HUSHUJXQWDV
8PGLDDVUDGH5rQDOGDYDXPDRUGHPDRFDPDUHLURGHVHXPDULGRRLQLPLJRGH-XOLHQ
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RXWURUDHUHFHQWHPHQWHUHVWLWXtGRDRFXOWRPDVSRUTXr"HLVXPGRVPLVWpULRVTXHQXQFDSXGH
FRPSUHHQGHU
± e XPD LQVWLWXLomR PXLWR VDOXWDU PDV PXLWR VLQJXODU UHVSRQGHX D VUD GH 5rQDO DV
PXOKHUHV QmR VmR DGPLWLGDV WXGR R TXH VHL p TXH WRGRV VH WUDWDP SRU WX 3RU H[HPSOR HVVH
FULDGRYDLHQFRQWUDUOiRVU9DOHQRGHHVVHKRPHPWmRRUJXOKRVRHWmRWRORQmRVHLPSRUWDUi
GHVHUWUDWDGRFRPLQWLPLGDGHSRU6DLQW-HDQHOKHUHVSRQGHUiQRPHVPRWRP6HLQVLVWHHP
VDEHU R TXH ID]HP Oi SHGLUHL GHWDOKHV DR VU GH 0DXJLURQ H DR VU 9DOHQRG 3DJDPRV YLQWH
IUDQFRVSRUFULDGRDILPGHTXHXPGLDQmRQRVGHFDSLWHP
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QHJUDDPELomR$QHFHVVLGDGHGHQmROKHIDODUGHFRLVDVWULVWHVHUD]RiYHLVMiTXHHUDPGH
SDUWLGRV FRQWUiULRV DXPHQWDYD VHP TXH HOH VXVSHLWDVVH D IHOLFLGDGH TXH GHYLD D HOD H R
GRPtQLRTXHHODDGTXLULDVREUHHOH
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DSHQDVDOLQJXDJHPGDIULDUD]mRHUDFRPXPDGRFLOLGDGHSHUIHLWDTXH-XOLHQPLUDQGRDFRP
ROKRV IDLVFDQWHV GH DPRU HVFXWDYD VXDV H[SOLFDo}HV GH FRPR IXQFLRQD D VRFLHGDGH &RP
IUHTXrQFLDHPPHLRDRUHODWRGHDOJXPDSDWLIDULDHQJHQKRVDSRURFDVLmRGHXPDHVWUDGDRX
GHXPIRUQHFLPHQWRRHVStULWRGDVUDGH5rQDOGHUHSHQWHH[WUDYLDYDVHFKHJDQGRTXDVHDR
GHOtULR-XOLHQWLQKDQHFHVVLGDGHGHUHSUHHQGrODHODSHUPLWLDVHFRPHOHRVPHVPRVJHVWRV
tQWLPRVTXHFRPRVILOKRVeTXHKDYLDGLDVHPTXHHODWLQKDDLOXVmRGHDPiORFRPRDXP
ILOKR$FDVRQmRWLQKDGHUHVSRQGHUDWRGDKRUDDVXDVSHUJXQWDVLQJrQXDVVREUHPLOFRLVDVTXH
XPD FULDQoD EHPQDVFLGD QmR LJQRUD DRV TXLQ]H DQRV" 8P LQVWDQWH GHSRLV HOD R DGPLUDYD
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RLWRFHQWRVIUDQFRVGHKRQRUiULRVSDJiYHLVQmRPrVDPrVRTXHQmRpQREUHGLVVHRVUGH
0DXJLURQPDVSRUWULPHVWUHHVHPSUHDQWHFLSDGDPHQWH
(UDDYH]GH-XOLHQTXHKiXPDKRUDHPHLDHVSHUDYDHQWHGLDGRDSDODYUD6XDUHVSRVWD
IRL SHUIHLWD H VREUHWXGR ORQJD FRPR XPD SDVWRUDO GH ELVSR HOD GDYD D HQWHQGHU WXGR VHP
GL]HUQDGDFODUDPHQWH&RQWLQKDDRPHVPRWHPSRUHVSHLWRSHORVUGH5rQDOYHQHUDomRSHOR
S~EOLFR GH 9HUULqUHV H UHFRQKHFLPHQWR SHOR LOXVWUH VXESUHIHLWR (VWH VXUSUHVR GH HQFRQWUDU
DOJXpP PDLV MHVXtWD TXH HOH WHQWRX HP YmR REWHU DOJR PDLV SUHFLVR (QFDQWDGR -XOLHQ
DSURYHLWRXDRFDVLmRSDUDH[HUFLWDUVHHUHFRPHoRXVXDUHVSRVWDHPRXWURVWHUPRV0LQLVWUR
HORTXHQWH QHQKXP XVDQGR R ILQDO GH XPD VHVVmR HP TXH D &kPDUD SDUHFH TXHUHU GHVSHUWDU
MDPDLVGLVVHPHQRVHPPDLVSDODYUDV$VVLPTXHRVUGH0DXJLURQVDLX-XOLHQS{VVHDULU
FRPRXPGRLGR3DUDDSURYHLWDUVXDYHUYHMHVXtWLFDHVFUHYHXXPDFDUWDGHQRYHSiJLQDVDRVU
GH5rQDOQDTXDORLQIRUPDYDGHWXGRTXHOKHGLVVHUDPHOKHSHGLDKXPLOGHPHQWHFRQVHOKR
0DVHVVHWUDWDQWHQmRPHGLVVHRQRPHGDSHVVRDTXHID]DRIHUWDSHQVRX-XOLHQ6HUiRVU
9DOHQRGTXHYrQRPHXH[tOLRHP9HUULqUHVRHIHLWRGHVXDFDUWDDQ{QLPD"
'HVSDFKDGDDFDUWD-XOLHQFRQWHQWHFRPRXPFDoDGRUTXHjVVHLVGDPDQKmQXPEHORGLD
GH RXWRQR FKHJD QXPD SODQtFLH DEXQGDQWH HP FDoD VDLX SDUD SHGLU FRQVHOKR DR VU &KpODQ
0DV DQWHV GH FKHJDU j FDVD GR ERP FXUD R FpX TXH OKH SURPHWLD GHOtFLDV ODQoRX QR VHX
FDPLQKRRVU9DOHQRGDRTXDOHOHQmRRFXOWRXTXHVHXFRUDomRHVWDYDGLODFHUDGRXPSREUH
UDSD]FRPRHOHGHGLFDYDVHLQWHLUDPHQWHjYRFDomRTXHRFpXSXVHUDHPVHXFRUDomRPDVD
YRFDomRQmRHUDWXGRQHVWHPXQGR3DUDWUDEDOKDUGLJQDPHQWHQDYLQKDGR6HQKRUHQmRVHU
LQGLJQR GH WDQWRV ViELRV FRODERUDGRUHV HUD SUHFLVR LQVWUXomR HUD SUHFLVR IUHTXHQWDU R
VHPLQiULR GH %HVDQoRQ GXUDQWH GRLV DQRV EHP GLVSHQGLRVRV WRUQDYDVH SRUWDQWR
LQGLVSHQViYHO ID]HU HFRQRPLDV R TXH HUD EHP PDLV IiFLO FRP XP RUGHQDGR GH RLWRFHQWRV
IUDQFRVSDJRVSRUWULPHVWUHGRTXHFRPVHLVFHQWRVIUDQFRVFRQVXPLGRVPrVDPrV3RURXWUR
ODGRRFpXDRFRORFiORMXQWRGRVPHQLQRVGH5rQDOHVREUHWXGRID]HQGRRWHUSRUHOHVXPD
IHLomR HVSHFLDO QmR SDUHFLD LQGLFDUOKH D LQFRQYHQLrQFLD GH DEDQGRQDU HVVD HGXFDomR SRU
XPDRXWUD"
-XOLHQ DWLQJLX WDPDQKR JUDX GH SHUIHLomR QHVVH WLSR GH HORTXrQFLD D TXDO VXEVWLWXLX D
UDSLGH] GH DomR GR LPSpULR TXH DFDERX SRU DERUUHFHUVH HOH SUySULR FRP R VRP GH VXDV
SDODYUDV
$R YROWDU SDUD FDVD HQFRQWURX XP FULDGR GR VU 9DOHQRG HP OLEUp TXH R SURFXUDYD SRU
WRGDDFLGDGHFRPXPFRQYLWHSDUDDOPRoDUQHVVHPHVPRGLD
-XOLHQ MDPDLV IRUD DWp D FDVD GHVVH KRPHP DSHQDV DOJXQV GLDV DQWHV Vy SHQVDYD QD
PDQHLUDGHGDUOKHXPDVDUDLYDGDGHSDXVHPHQYROYHUVHFRPDSROtFLDFRUUHFLRQDO(PERUD
RDOPRoRHVWLYHVVHPDUFDGRSDUDDXPDGDWDUGH-XOLHQDFKRXPDLVUHVSHLWRVRDSUHVHQWDUVH
MiDRPHLRGLDHWULQWDQRJDELQHWHGHWUDEDOKRGRGLUHWRUGRDVLOR(QFRQWURXRRVWHQWDQGRVXD
LPSRUWkQFLD HP PHLR D XPD TXDQWLGDGH GH SDSpLV 6XDV JURVVDV VXtoDV QHJUDV D TXDQWLGDGH
HQRUPH GH FDEHORV R EDUUHWH JUHJR FRORFDGR REOLTXDPHQWH QR DOWR GD FDEHoD R FDFKLPER
LPHQVR DV SDQWXIDV ERUGDGDV DV JURVVDV FRUUHQWHV GH RXUR FUX]DGDV HP WRGRV RV VHQWLGRV
VREUH R SHLWR WRGD HVVD SRPSD GH XP ILQDQFLVWD GH SURYtQFLD TXH VH MXOJD XP KRPHP
DIRUWXQDGRQDGDGLVVRLPSUHVVLRQRX-XOLHQHOHVySHQVDYDQDVDUDLYDGDGHSDXTXHOKHGHYLD
(OHSHGLXDKRQUDGHVHUDSUHVHQWDGRjVUD9DOHQRGHODHVWDYDHPVXDWRDOHWHHQmRSRGLD
UHFHEHU (P FRPSHQVDomR HOH S{GH DVVLVWLU j GR GLUHWRU GR DVLOR )RUDP HP VHJXLGD DWp RV
DSRVHQWRVGDVUD9DOHQRGTXHFRPOiJULPDVQRVROKRVOKHDSUHVHQWRXRVILOKRV(VVDGDPD
XPDGDVPDLVFRQVLGHUDGDVGH9HUULqUHVWLQKDXPDFDUDJUDQGHGHKRPHPQDTXDOSXVHUDUXJH
SDUDHVVDLPSRUWDQWHFHULP{QLD(ODPDQLIHVWRXWRGRRVHQWLPHQWRPDWHUQR
-XOLHQ SHQVDYD QD VUD GH 5rQDO 6XD GHVFRQILDQoD Vy HUD VXVFHWtYHO D HVVH WLSR GH
OHPEUDQoDVVXVFLWDGDVSHORVFRQWUDVWHVPDVHQWmRHUDSRVVXtGRSRUHODVDWpRHQWHUQHFLPHQWR