O algo e o alguém_ a tese da personalidade em Robert Spaemann - Jus Navigandi

June 24, 2017 | Autor: F. Pedron | Categoria: Robert Spaemann, Personalidade, Dignidade Humana

Descrição do Produto

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

(VWH WH[WR IRL SXEOLFDGR QR VLWH -XV 1DYLJDQGL QR HQGHUHoR KWWSMXVFRPEUDUWLJRV 3DUDYHURXWUDVSXEOLFDo}HVFRPRHVWDDFHVVHKWWSMXVFRPEU

2DOJRHRDOJXpP 5HIOH[}HVVREUHDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ 2DOJRHRDOJXpP5HIOH[}HVVREUHDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ )OiYLR4XLQDXG3HGURQ 3XEOLFDGRHP(ODERUDGRHP

5REHUW 6SDHPDQQ DYDQoD PXLWR FRP UHODomR DR GHEDWH WUDYDGR QR 6XSUHPR 7ULEXQDO)HGHUDOEUDVLOHLURTXDQGRUHFRQKHFHDSHUVRQDOLGDGHFRPRDOJRGLVWLQWR GDKXPDQLGDGH 5HVXPR2SUHVHQWHWH[WRWHPFRPRREMHWLYRSURPRYHUXPDGLVFXVVmRDFHUFDGDVFRQFHSo}HVGHSHVVRD H[LVWHQWHV QR GLVFXUVR MXUtGLFR FRQWHPSRUkQHR ,QIHOL]PHQWH WDO FHQiULR p WRPDGR SRU XPD FRQIXVmR GH OHLWXUDVTXHWRPDPSRUEDVHDQRomRGHGLJQLGDGHKXPDQDVHPFRQWXGRDSURIXQGDUWDOHQWHQGLPHQWR 7RPDQGR HP FRQVLGHUDomR R MXOJDPHQWR GD $'3) Q FRPR FDVR SDUDGLJPiWLFR GHVVD SUREOHPiWLFD 6SDHPDQQDSUHVHQWDVHFRPRXPLPSRUWDQWHDXWRUFDSD]GHWUD]HUYDOLRVDVFRQWULEXLo}HVjGLVFXVVmR 3DODYUDVFKDYH3HUVRQDOLGDGH'LJQLGDGH+XPDQD$ERUWRH$QHQFHIDOLD 6XPiULR,QWURGXomR3RQWRGHSDUWLGDRHQWHQGLPHQWRGR67)DFHUFDGDSHUVRQDOLGDGHKXPDQD $WHRULDWUDGLFLRQDOVREUHDGLJQLGDGHGDSHVVRDKXPDQDQDGRXWULQDFRQVWLWXFLRQDOEUDVLOHLUD$WHVH GH 6SDHPDQQ VREUH D SHUVRQDOLGDGH 9ROWDQGR DR SRQWR GH SDUWLGD DQHQFHIDOLD H SHUVRQDOLGDGH HP 6SDHPDQQ5HIHUrQFLDV%LEOLRJUiILFDV

,1752'8d2 )DODU HP SHUVRQDOLGDGH RX VHMD QDTXHOHV DWULEXWRV RX FRQGLo}HV TXH LGHQWLILFDP XPD SHVVRD ± H SRU FRQVHTrQFLDRTXHDVHSDUDGRPXQGRGDVFRLVDVEHQVSDUDXVDUDH[SUHVVmRMXUtGLFD ±QmRpGHPRGR DOJXPXPDVHDUDSDFtILFDHOLYUHGHPDOHQWHQGLGRV )DWR p TXH HVWH GLVFXUVR HVWi SHUPHDGR SRU YHUGDGHLURV VLQFUHWLVPRV PHWRGROyJLFRV >@ SDUD XVDU D H[SUHVVmRGH9LUJtOLR$IRQVRGD6LOYDRTXHID]FRPTXHRVGLYHUVRVIDODQWHVGRXWULQDGRUHV DVVXPDPXP FRQMXQWR GH WHRULDV FRPSOHWDPHQWH FRQWUDGLWyULDV H LQFRQFLOLiYHLV VHP FRQWXGR SRQWXDU DRV VHXV LQWHUORFXWRUHV WDLV SRQWRV GH FKRTXHV WDOYH] SRU GHVFXLGR RX LJQRUkQFLD WDOYH] SRU SHUYHUVLGDGH RX LQWHQFLRQDOLGDGH $ TXHVWmR PDLV HYLGHQWH SDUHFH VHU D LGpLD GH GLJQLGDGH GD SHVVRD KXPDQD >@ VXVWHQWDGD SRU PXLWRV MXULVWDVFRPRDHVSLQKDGRUVDOGRGLUHLWRFRQWHPSRUkQHRHVHQGRLGHQWLILFDGDHPPXLWDVVLWXDo}HVFRPD SUySULDLGpLDGHSHUVRQDOLGDGH

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

&RPRSURSyVLWRGHOHYDQWDUDOJXPDVGHVVDVOHLWXUDVRSUHVHQWHHVWXGRSDUWHGHXPDUHFRQVWUXomRGDLGpLD GH SHUVRQDOLGDGH SUHVHQWH QRV YRWRV GH XP FDVR SDUDGLJPiWLFR OHYDGR DR FRQKHFLPHQWR GR 6XSUHPR 7ULEXQDO)HGHUDO67) YHUVDQGRVREUHDSHUPLVVLELOLGDGHGDLQWHUUXSomRGDJUDYLGH]TXDQGRGHWHFWDGDD DQHQFHIDOLD GR QDVFLWXUR 1HVWH MXOJDGR ILFD HYLGHQWH TXH R HQWHQGLPHQWR GR 7ULEXQDO VREUH D SHUVRQDOLGDGHQmRVHGiGHPRGRFRPSOHWRHQHPYHPDFRPSDQKDGRSRUXPDWHRUL]DomRVXILFLHQWH(OHVH OLPLWDDVLQDOL]DUXPDHTXLSDUDomRHQWUHSHUVRQDOLGDGHHGLJQLGDGHKXPDQDGHXPODGRHDUHFRQKHFHUR IHWR±PHVPRDQHQFpIDOR±FRPRXPDSHVVRDVHJXQGRXPGRVPLQLVWURVPHVPRTXHHPHVWDGRODWHQWH 7RGDYLD D OHLWXUD UHDOL]DGD SRU 6SDHPDQQ>@ YHP PRVWUDU TXH D SHUVRQDOLGDGH p ILJXUD PXLWR PDLV FRPSOH[D TXH VH PDWHULDOL]D ± D SDUWLU GH EDVHV KHJHOLDQDV ± IUXWR GH XP SURFHVVR GH UHFRQKHFLPHQWR LQWHUVXEMHWLYRHQWUHDSHVVRDHDVXDFRPXQLGDGH)DODUHPSHUVRQDOLGDGHSRUWDQWRpIDODUHPXPDWULEXWR FDSD]GHPHGLDUDDOWHULGDGHUHFLSURFDPHQWHHQWUHVHUHVKXPDQRV

32172'(3$57,'$2(17(1',0(172'267)$&(5&$'$3(5621$/,'$'(+80$1$ $ TXHVWmR GD SHUVRQDOLGDGH H VXD LQWHUFRQH[mR FRP D LGpLD GH GLJQLGDGH KXPDQD ILFDUDP PXLWR HYLGHQFLDGDVQRFXUVRGRMXOJDPHQWRGD$omRGH'HVFXPSULPHQWRGH3UHFHLWR)XQGDPHQWDO$'3) Q SHOR6XSUHPR7ULEXQDO)HGHUDO $OJXQVIDWRVDQWHULRUHVGHYHPVHUPDLVEHPDFODUDGRVDILPGHTXHVHSRVVDHQ[HUJDURTXDGURFRPSOHWR GRVIDWRVTXHFRPS}HRFDVR >@*DEULHOD2OLYHLUD&RUGHLURSURFXURXD'HIHQVRULD3~EOLFDGR(VWDGRGR5LR GH-DQHLURSDUDTXHIRVVHSURSRVWRXPSHGLGRMXGLFLDOGHDOYDUiMXQWR"DRMXt]RFULPLQDOGD&RPDUFDGH 7HUHVySROLV5- SDUD TXH IRVVH DXWRUL]DGD D VXEPHWHUVH D XP SURFHGLPHQWR FLU~UJLFR GH LQWHUUXSomR GH VXDJUDYLGH]MiTXHIRUDGHWHFWDGRTXHHPVHX~WHURJHVWDYDXPIHWRDQHQFpIDOR >@'HVVHIDWRILFDFODUR TXH D PHVPD HVWDYD SDVVDQGR SRU FRPSOLFDo}HV QmR DSHQDV GH RUGHP SVLFROyJLFD PDV DLQGD SRGHULD HVWDUFDXVDQGRULVFRVDVXDVD~GH 2 PDJLVWUDGR GH SULPHLUR JUDX SURIHULX GHFLVmR QRV VHJXLQWHV WHUPRV ³LQGHILUR R SHGLGR SRU IDOWD GH DPSDUROHJDOHLVTXHDKLSyWHVHYHUWHQWHQmRVHHQFRQWUDLQVHULGDQRERMRGRDUWLJRGR&yGLJR3HQDO -XOJRSRLVH[WLQWRRSURFHVVRQRVWHUPRVGDOHLSURFHVVXDO´ >@(PJUDXUHFXUVDO27ULEXQDOGH-XVWLoD GR5LRGH-DQHLURUHYLXDGHFLVmRHDXWRUL]RXRDERUWR1DIRUPDGR+&Q5-LQWHUSRVWRHPIDYRU GRQDVFLWXURDTXHVWmRFKHJRXj7XUPDGR6XSHULRU7ULEXQDOGH-XVWLoD67- TXHVHPDQLIHVWRXSHOD DQWLMXULGLFLGDGHGDLQWHUUXSomRGDJUDYLGH] >@ $GLVFXVVmROHYDGDDR67)HQWmRSRUPHLRGD$'3)QVLWXDVHHPVDEHUVREUHDOHJDOLGDGHDJRUD FRPRFRQVWLWXFLRQDOLGDGH GDLQWHUUXSomRGDJUDYLGH]DERUWR SDUDRVFDVRVQRVTXDLVIRUGHWHFWDGDSHORV PpGLFRVDPiIRUPDomRFHUHEUDOGRIHWRDQHQFHIDOLD 2 &yGLJR 3HQDO HP VHX DUWLJR WUDWD GH VLWXDo}HV H[FHSFLRQDLV QDV TXDLV R RUGHQDPHQWR MXUtGLFR EUDVLOHLURDXWRUL]DDUHDOL]DomRGRSURFHGLPHQWRDERUWLYRVHPTXHFRPLVVRLPSOLTXHVDQo}HVGHRUGHP SHQDO(VWDVVmRDSHQDVGXDVTXDQGRGDJUDYLGH]UHVXOWDUSHULJRjYLGDGDJHVWDQWHRXTXDQGRDJUDYLGH] UHVXOWDU GH HVWXSUR 3RU LVVR PHVPR D VLWXDomR YHQWLODGD SHOR 67) QmR VH HQFRQWUD DPROGDGD QDV SHUPLVVLELOLGDGHVGDOHLSHQDOEUDVLOHLUD >@ 3DUDRDGYRJDGRHFRQVWLWXFLRQDOLVWD/XL]5REHUWR%DUURVRHPVXDSHWLomRGHLQJUHVVRHUDRFDVRGHVH ID]HU XPD LQWHUSUHWDomR FRQIRUPH D &RQVWLWXLomR GRV GLVSRVLWLYRV SHQDLV H DVVLP DXWRUL]DU WDPEpP D LQWHUUXSomRGDJUDYLGH] %DVLFDPHQWHRVDUJXPHQWRVDSUHVHQWDGRVSHORVPLQLVWURVGR7ULEXQDOSDUDFKHJDUHPDXPDGHFLVmRVH SRODUL]DPHPGRLVJUDQGHVJUXSRV2SULPHLURODGRDILUPDXPDLGHQWLGDGH±HTXDVHXPDVDFUDOLGDGH±GR GLUHLWRDYLGDGRQDVFLWXURFRPDSURWHomRMXUtGLFDGDGDjSHUVRQDOLGDGHeRTXHVHYrORJRQRVSULPHLURV PRPHQWRV GR MXOJDPHQWR TXDQGR R 0LQ (URV *UDX Mi GHFODUD TXH R IHWR p XPD SHVVRD H DILUPD R VHX GLUHLWRDRQDVFLPHQWR

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

1HVVH PHVPR JUXSR PDV FRP XPD SRVLomR GLIHUHQFLDGD R HQWHQGLPHQWR GR 0LQ &H]DU 3HOXVR YHP DILUPDUTXHDYLGDGRIHWRDQHQFpIDORpWmRLQFHUWDTXDQWRDGRVGHPDLVVHUHVKXPDQRV 2SUREOHPDVXE MXGLFHILFDQDYHUGDGHHPVHDGPLWLUTXHSHVVRDVWHQKDPDSRVVLELOLGDGHGHHVFROKHUTXHPYLYHHRXTXHP PRUUH$TXLGHL[DFODURTXHHQWHQGHTXHRVRIULPHQWRPDWHUQRSRUVHYHUREULJDGDDDJXDUGDURWpUPLQR GRSHUtRGRGHJHVWDomRQmRSRGHVHUFRORFDGRDFLPDGDH[LVWrQFLDYLGD" GRIHWR >@ 2 YRWR GR 0LQ &DUORV $\UHV GH %ULWWR Mi ODQoD QRYR TXHVWLRQDPHQWR VHUi TXH D SHUVRQDOLGDGH GR IHWR DQHQFpIDOR FRQVWLWXL IDWR QmR HYLGHQWH" 3RU LVVR PHVPR LUi DILUPDU D ODWrQFLD GHVVD YLGD >@ TXH SUHSRQGHUDUiVREUHTXDOTXHURXWURLQWHUHVVHTXHSRVVDWHUDJHVWDQWH 1R ODGR DUJXPHQWDWLYDPHQWH RSRVWR GHVWDFDVH R YRWR GR 0LQ 6HS~OYHGD 3HUWHQFH IDYRUDYHOPHQWH D JHVWDQWH >@$OyJLFDDTXLH[SRVWDHVWiHPDILUPDUDH[LVWrQFLDGHXPDFROLVmRGHLQWHUHVVHV±DYLGDGR IHWR HP RSRVLomR DR GLUHLWR GH LQWHUUXSomR GD JHVWDomR SHOD JHVWDQWH 0DV WDO DILUPDWLYD DLQGD SDUHFH LQGLFDUTXHRIHWRDQHQFpIDORHVWiVHQGRWRPDGRFRPRXPVXMHLWRGHGLUHLWR±DLQGDTXHSRWHQFLDOPHQWH 7DPEpPXWLOL]DQGRGDSRQGHUDomRGHLQWHUHVVHVPDVFRQGX]LQGRVHXSHQVDPHQWRHPVHQWLGRFRQWUiULRR 0LQ-RDTXLP%DUERVDDILUPDUiTXHDHVFROKDQmRSRGHUiVHUFRPRTXHULDR0LQ&DUORV$\UHVGH%ULWWR PDVVLPGHYHUVHiYROWDUSDUDSURWHomRGDHVFROKDDXWRQRPLDGDJHVWDQWH >@DLQGDPDLVSRUTXHQmR KiTXHVHIDODUHPGLUHLWRDYLGDMiTXHHVWDVHPRVWUDPtQLPDHPVXDVSRVVLELOLGDGHVTXDVHLQH[LVWHQWH 1HVVHFDVRDUJXPHQWDTXHYLOLSHQGLDULDDGLJQLGDGHGDSHVVRDKXPDQDLPSRUVRIULPHQWRGHVQHFHVViULRj JHVWDQWH VXEWUDLQGROKH TXDOTXHU HVFROKD 2UD PHVPR TXH DTXL QmR FDLED HVSDoR SDUD XPD PDLRU GLVFXVVmR ± H PHVPR SDUD FUtWLFDV>@ ± j XWLOL]DomR GD SRQGHUDomR GH LQWHUHVVHV H GR LQVWUXPHQWDO GD SURSRUFLRQDOLGDGHEDODQFHDPHQWR HQWUHSULQFtSLRVGHYHVHSRQWXDUTXHRPpWRGRDOHPmRGHVROXomRGH FROLV}HVHQWUHGLUHLWRVIXQGDPHQWDLVVRPHQWHID]VHQWLGRVHUHFRQKHFHUTXHHPFDGDODGRWHPVHXPVXMHLWR GH GLUHLWR GRWDGR GH GLUHLWRV H REULJDo}HV 2 SUySULR 0LQ -RDTXLP %DUERVD DR DILUPDU TXH R IHWR DQHQFpIDOR QmR WLWXODUL]D D FRQGLomR GH VXMHLWR GH GLUHLWR DFDED VHQGR GHVFDELGR DILUPDU TXH R PHVPR WLWXODUL]DLQWHUHVVHjSURWHomRGHVXDSUySULDYLGDHVWDQGRSRUVROXFLRQDGDXPFRQIOLWRTXHpQDYHUGDGH DSHQDVDSDUHQWH 1HVWHVYRWRVRTXHWUDQVSDUHFHpTXHR67)DLQGDQmRGHVHQYROYHXXPDFRQFHSomRFODUDGRPRPHQWRHP TXHSRGHPRVFRQVLGHUDUFRPRRLQtFLRGDYLGDKXPDQD±HFRQVHTHQWHPHQWHGHVXDSURWHomRMXUtGLFD 'LIHUHQWHPHQWHGHRXWURVRUGHQDPHQWRVMXUtGLFRVFRPSDUDGRV±FRPRSRUH[HPSORR1RUWH$PHULFDQR TXHLUiDILUPDUSRUPHLRGHGHFLV}HVGD6XSUHPD&RUWH >@TXHDYLGDKXPDQDVXUJHTXDQGRRIHWRSDVVDD WHUFDSDFLGDGHGHH[LVWLUVHPDPmHHQWUHDHDVHPDQDVGDJHVWDomR >@±RMXOJDGRGR67)QmR GHL[DFODURTXDODSHUVSHFWLYDWHyULFDDEUDoDGDSHORVMXOJDGRUHV >@SDUDDILUPDUSRUTXHRFRQIOLWRMXUtGLFR GHYHULDVHUUHVROYLGRIDYRUDYHOPHQWHDRQDVFLWXURDQHQFpIDOR $LQIOXrQFLDGHYDORUHVUHOLJLRVRVMXGDLFRFULVWmRV SDUHFHVHURSULQFLSDOIXQGDPHQWRSDUDDILUPDUTXHR DQHQFpIDORpXPVHUYLYRHPDLVpXPDSHVVRD±XPVXMHLWRGHGLUHLWRV±FDSD]GHH[LJLURUHVSHLWRjVXD YLGDLVWRpYHUJDUDQWLGDDVXDSRVVLELOLGDGHGHQDVFLPHQWRPHVPRTXHDIDWDOLGDGHGHVXDPRUWH±FRPR HVSHUDGRSHODOLWHUDWXUDPpGLFD±YHQKDQDVHTrQFLD 3RUILPKiDTXHOHVTXHLQYRFDUDPDGLJQLGDGHKXPDQDFRPRMXVWLILFDWLYDGDWXWHODHPIDYRUGDJHVWDQWH $TXL HQWUHWDQWR D GLJQLGDGH KXPDQD IRL WRPDGD PDLV FRPR XPD YHGDomR DR VRIULPHQWR D TXH VHULD VXEPHWLGD LQMXVWLILFDGDPHQWH D JHVWDQWH ± LQFOXVLYH DVVLPLODQGR LVVR D XPD PRGDOLGDGH GH WRUWXUD SVLFROyJLFD± >@RTXHDXWRUL]DULDDLQWHUUXSomRGDJHVWDomRGRTXHFRPRXPDH[WHULRUL]DomRGDSURWHomR jDXWRQRPLDGDJHVWDQWH±~QLFDSHVVRDTXHQDUHDOLGDGHGHYHULDGHFLGLUSHODFRQWLQXLGDGHRXQmRGDVXD FRQGLomR

$7(25,$75$',&,21$/62%5($',*1,'$'('$3(662$+80$1$1$'2875,1$ &2167,78&,21$/%5$6,/(,5$

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

)DODUHPGLJQLGDGHGDSHVVRDKXPDQDQmRpXPDQRYLGDGHQD+LVWyULDGDKXPDQLGDGH(VWXGRVLQGLFDP TXHMiQD&KLQD,PSHULDOVpFXOR,9D&FRQIXFLRQLVWDVDILUPDYDPTXHFDGDVHUKXPDQRQDVFHFRPXPD GLJQLGDGH TXH OKH p SUySULD VHQGROKH DWULEXtGD SRU DWR GD GLYLQGDGH >@ $TXL EHP FRPR QDV GLYHUVDV WUDGLo}HV TXH VH VHJXLUDP LQFOXVLYH FULVWmV R KRPHP p WRPDGR FRPR XP VHU HVSHFLDO GRWDGR GH XPD QDWXUH]D tPSDU SHUDQWH WRGRV RV GHPDLV VHUHV UD]mR SHOD TXDO QmR SRGH VHU LQVWUXPHQWDOL]DGR WUDWDGR FRPRREMHWRQHPPHVPRSRURXWURVVHUHVKXPDQRV 1D $QWLJXLGDGH WRGDYLD HQFRQWUDUHPRV FXOWXUDV TXH DILUPDUDP TXH D GLJQLGDGH GR ODWLP GLJQLWDV p H[SUHVVmR GD SRVLomR VRFLDO RFXSDGD SHOR LQGLYtGXR H SHOR JUDX GH UHFRQKHFLPHQWR TXH RV GHPDLV FRPSRQHQWHV GDTXHOD FRPXQLGDGH DWULEXtDP D XP VXMHLWR 6RE HVWH SULVPD H[LVWLULDP HQWmR SHVVRDV PDLVRXPHQRVGLJQDVVRFLDOPHQWH >@ 1RSHUtRGRGD(VFROiVWLFD6DQWR7RPiVGH$TXLQRLUiFRQMXJDUGLJQLGDGHFRPRIDWRGHTXHRVHUKXPDQR IRL FULDGR j VHPHOKDQoD GH 'HXV UD]mR SHOD TXDO UHVLGH VXD HVSHFLDOLGDGH H FRPR FRQVHTrQFLD VXD FDSDFLGDGHGHDXWRQRPLDDXWRGHWHUPLQDomRGDQGROKHYRQWDGHSUySULDHDVVLPOLEHUGDGHSRUQDWXUH]D $SHQDV FRP .DQW QR ,OXPLQLVPR DOHPmR YHUHPRV D GHVVDFUDOL]DomR GD LGpLD GH GLJQLGDGH KXPDQD $ SDUWLUGDGHIHVDGDDXWRQRPLDPRUDOGRLQGLYtGXRRILOyVRIRDOHPmRDILUPDUiTXHRKRPHPGHYHVHUOHYDGR D VpULR VHQGR VHPSUH R ILP PDLRU GDV UHODo}HV KXPDQDV H QXQFD XP PHUR PHLR >@ ,QIOXHQFLDGRV SRU .DQW HQWmR D JUDQGH PDLRULD GRV WHyULFRV GR GLUHLWR FRQVWLWXFLRQDO LUmR LGHQWLILFDU D QRomR GH TXH D GLJQLGDGHUHSUHVHQWDRUHFRQKHFLPHQWRGDVLQJXODULGDGHHGDLQGLYLGXDOLGDGHGHXPDGHWHUPLQDGDSHVVRD UD]mRSHODTXDOHODVHPRVWUDLQVXEVWLWXtYHOHLJXDOPHQWHLPSRUWDQWHSDUDDRUGHPMXUtGLFD +HJHO >@SRUVXDYH]LUiVRILVWLFDUDLQGDPDLVDQRomRGHGLJQLGDGHKXPDQDTXDQGRFRQFHEHTXHHVWDp IUXWRGHXPFRPSOH[RSURFHVVRGHUHFRQKHFLPHQWR$LGpLDGHUHFRQKHFLPHQWRVXUJHQRGLVFXUVRILORVyILFR DSDUWLUGRSHQVDPHQWRGH+HJHODRWUDEDOKDUDGLDOpWLFDGRVHQKRUHGRHVFUDYRQD)HQRPHQRORJLDGR (VStULWR $TXL R UHFRQKHFLPHQWR VXUJH FRPR XPD OXWD $VVLP D PHQWH TXH H[LVWH FRPR FRQVFLrQFLD LQGLYLGXDO&DGDFRQVFLrQFLDpLQFDSD]GHUHFRQKHFHUDXWRQRPLDHPRXWUDFRQVFLrQFLDPDLVTXHLVVRHOD URXED HVVD DXWRQRPLD HVFUDYL]DQGRD ± LPSRQGR VREUH HOD VXD YLVmR GH PXQGR H VHXV SURMHWRV SDUD JDUDQWLU R UHFRQKHFLPHQWR 'HVVH PRGR HP XP SULPHLUR PRPHQWR R HVFUDYR p REULJDGR SHOD IRUoD D UHFRQKHFHU QR VHQKRU R DXWRU GDV LGpLDV TXH JXLDP VXDV SUySULDV Do}HV DR SDVVR TXH R VHQKRU QmR UHFRQKHFH R HVFUDYR ± VHQmR FRPR REMHWR PHLR SDUD DWLQJLU VXDV LGpLDV H SURMHWRV 0DV HVVH UHFRQKHFLPHQWR FRQTXLVWDGR SHOD IRUoD DFDED SRU SHUGHU VHX HIHLWR ³HOH Vy p UHFRQKHFLPHQWR HIHWLYR TXDQGRDTXHOHTXHUHFRQKHFHRYDORUGRRXWURWDPEpPWHPVHXSUySULRYDORUKRQUDGRSRUHOH´ >@,VVRQRV UHYHODTXHDUHFLSURFLGDGHpFRQGLomRHVVHQFLDOGHVVDGLQkPLFD 'HVWDFDPRV SRUWDQWR XPD GLIHUHQoD IXQGDPHQWDO FRP R SHQVDPHQWR GH .DQW 1D )XQGDPHQWDomR GD 0HWDItVLFDGRV&RVWXPHV.DQWLUiGHVSLURVXMHLWRGHWRGRVRVVHXVSUHGLFDGRVFRQWLQJHQWHVUHGX]LQGRR KRPHP DR VHU UDFLRQDO TXH WRPD GHFLV}HV PRUDLV DXW{QRPDV OHYDQGR HP FRQWD DSHQDV R IDWR GHOH SDUWLOKDUXPPXQGRFRPRXWURVLQGLYtGXRVLJXDOPHQWHUDFLRQDLVHSRWHQFLDOPHQWHDXW{QRPRV&RPLVVR DWLQJHRLPSHUDWLYRFDWHJyULFR+HJHOSRURXWURODGRSRUSDUWLUGDFRQWLQJrQFLDGRSDUWLFXODUDILUPDTXH UHFRQKHFHURRXWURFRPRUDFLRQDO±HFRPLVVRDXW{QRPR±WUDQVIRUPDRSRQWRGHSDUWLGDGH.DQWQXP SUREOHPDFUXFLDO(HVWHSUREOHPDVRPHQWHSRGHVHUVROXFLRQDGRDWUDYpVGHSHUFXUVRGHGHVHQYROYLPHQWR TXHFXOPLQDUiQDVLQVWLWXLo}HVFRPSOH[DVGR0HUFDGRHGR(VWDGR 3DUDR'LUHLWRDUHGHVFREHUWDGDLGpLDGHGLJQLGDGHKXPDQDYHPDFRPSDQKDGDGHGLYHUVRVGRFXPHQWRV LQWHUQDFLRQDLV QD TXDO p FLWDGD (VWDWXWR RX &DUWD GD 2UJDQL]DomR GDV 1Do}HV 8QLGDV 'HFODUDomR8QLYHUVDOGRV'LUHLWRVGR+RPHP &RQVWLWXLomRLWDOLDQD HGD/HL)XQGDPHQWDO GD5HS~EOLFD)HGHUDO$OHPm 5HSUHVHQWDGHFHUWRPRGRXPDFRQWUDSRVLomRDRVKRUURUHVYLYLGRV GXUDQWHRSHUtRGRGDV*XHUUDV0XQGLDLV 1DWUDGLomRGRGLUHLWRDOHPmRLVVRVLJQLILFRXSULQFLSDOPHQWHDILUPDUTXHWRGRVWrPGLUHLWRDVHUWUDWDGR FRPR SHVVRDV VHQGR UHVSHLWDGRV GH PRGR LJXDO RV VHXV GLUHLWRV IXQGDPHQWDLV GLUHLWRV KXPDQRV LQGHSHQGHQWHPHQWH GH VH[R UDoD OtQJXD UHOLJLmR RX RSLQL}HV SROtWLFDV FRQGLo}HV GH QDVFLPHQWR

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

HFRQ{PLFDV H VRFLDLV ,VVR p FODUR YHP QR VHQWLGR GH FRPEDWHU D QRomR QD]LVWD GH 8QWHUPHQVFK VXEXPDQR TXHDILUPDYDXPDGHVLJXDOGDGHHXJrQLFDHPSUHMXt]RGRVDULDQRV >@ 3DUD RV LWDOLDQRV D GLJQLGDGH QmR p WmR LQWDQJtYHO H VXD DGMHWLYDomR QmR VH ID] FRP UHIHUrQFLD DR ³KXPDQR´ PDV VLP IDODVH HP XPD ³GLJQLGDGH VRFLDO´ H HVWi OLJDGD DR GHVHQYROYLPHQWR VHJXQGR DV SUySULDV SRVVLELOLGDGHV H D SUySULD HVFROKD XPD DWLYLGDGH RX XPD IXQomR TXH FRQFRUUD DR SURJUHVVR PDWHULDOHHVSLULWXDOGDVRFLHGDGHDUWGD&RQVWLWXLomR,WDOLDQDGH ,VVRVLJQLILFDDWDUD LGpLD GH GLJQLGDGH D XP FRQFHLWR ³HFRQ{PLFRVRFLDO´ H SRU LVVR PHVPR DVVRFLiOD DR ³WUDEDOKR´ FRPR IRUPD GH GLJQLILFDomR GR KRPHP $ SUHRFXSDomR DTXL QmR p FRP D SHVVRD HP VL D SDUWLU GH EDVHV MXVQDWXUDOLVWDV FRPRDFRQWHFHQDGRXWULQDDOHPmPDVQRSURFHVVRGHLQVHUomRGHVVDSHVVRDQRWHFLGR VRFLDO LVWR p D SHVVRD DVVXPH QmR DSHQDV XP GLUHLWR PDV WDPEpP XP GHYHU GH FRQWULEXLU SDUD R SURJUHVVR GD VRFLHGDGH FRP VHX WUDEDOKR 0DV HVWD YHUWHQWH GD LGpLD GH GLJQLGDGH SDUHFH WHU ILFDGR ROYLGDGDSHORVMXULVWDVEUDVLOHLURVTXHLPSRUWDUDPDPDWUL]DOHPm )DWR p TXH PXLWRV DXWRUHV UHJLVWUDP XPD GLILFXOGDGH HP FRQFHEHU XP FRQFHLWR SDFtILFR GR TXH VHMD D GLJQLGDGH KXPDQD FRPR UHFRQKHFH 6DUOHW >@ ,VWR VH GHYH SULQFLSDOPHQWH SRUTXH WDLV DXWRUHV QmR FRQVHJXHP ± RX WDOYH] QmR TXHLUDP ± ODQoDU PmR GH XPD OHLWXUD SULPHLUR GHVVDFUDOL]DGD GR GLUHLWR PRGHUQR ± UD]mR SHOD TXDO DVVXPHP FRQFHSo}HV MXVQDWXUDOLVWDV H YDORUHV pWLFRUHOLJLRVRV QR LQWXLWR GH VXEVWDQFLDOL]DU VHX DUJXPHQWR SURFXUDQGR XPD IRUPD GH SHUHQLGDGH QD IOXLGH] GD PRGHUQLGDGH H VHJXQGRULJRURVDSDUDGLJPDWLFDPHQWH±GHVWDIRUPDIDOWDOKHVXPDWHRULDGRGLUHLWR 3DUWLQGRGDVQRo}HVDILUPDGDVSHODWHRULDFRQVWLWXFLRQDOPDMRULWiULD±DLQGDTXHSHVHDVFUtWLFDVIHLWDV EHPFRPRDVLQFRHUrQFLDVLQWHUQDVDHVWDWHRULD±FRPIRUWHVKHUDQoDVJHUPkQLFDVHEDVHVD[LROyJLFDVD GLJQLGDGHGDSHVVRDKXPDQDDUW,,,GD&5 pHULJLGDDFRQGLomRGHPHWDSULQFtSLRVLF 3RULVVR PHVPRHVWDLUUDGLDYDORUHVHYHWRUHVGHLQWHUSUHWDomRSDUDWRGRVRVGHPDLVGLUHLWRVIXQGDPHQWDLVH[LJLQGR TXHDILJXUDKXPDQDUHFHEDVHPSUHXPWUDWDPHQWRPRUDOFRQGL]HQWHHLJXDOLWiULRVHPSUHWUDWDQGRFDGD SHVVRD FRPR ILP HP VL PHVPD QXQFD FRPR PHLR FRLVDV SDUD VDWLVIDomR GH RXWURV LQWHUHVVHV RX GH LQWHUHVVHVGHWHUFHLURV >@ 6HQGRDVVLPSDUDRVWHyULFRVGRFRQVWLWXFLRQDOLVPRFRQWHPSRUkQHRGLUHLWRV±FRPRYLGDSURSULHGDGH OLEHUGDGH LJXDOGDGH GHQWUH RXWURV ± DSHQDV HQFRQWUDP XPD MXVWLILFDWLYD SODXVtYHO VH OLGRV H FRPSDWLELOL]DGRV FRP R SRVWXODGR GD GLJQLGDGH KXPDQD $ILUPDP SRUWDQWR TXH D GLJQLGDGH VHULD XP VXSHUSULQFtSLR FRPR XPD QRUPD GRWDGD GH PDLRU LPSRUWkQFLD H KLHUDUTXLD TXH DV GHPDLV >@ TXH IXQFLRQDULDFRPRHOHPHQWRGHFRPXQKmRHQWUHRGLUHLWRHDPRUDOQDTXDORSULPHLURVHIXQGDPHQWDQD VHJXQGD HQFRQWUDQGR VXD EDVH GH MXVWLILFDomR UDFLRQDO >@ 3RU H[HPSOR D YHGDomR JHUDO D SHQDV GH PRUWHMiTXHVXSULPLQGRDYLGDVXSULPLVHWDPEpPTXDOTXHUFRQGLomRGHH[LVWrQFLDLQFOXVLYHPRUDOGR VXMHLWR >@ 3RULVVRPHVPRDILUPDPDOJXQVDXWRUHVTXHTXHVW}HVOLPLWHVFRPRHXWDQiVLDHDERUWRID]HPUHPLVVmRD XPDGLVFXVVmRGDGLJQLGDGHKXPDQDXPDYH]TXHVmRPXLWDVYH]HVOLGDVQDIRUPDGHXPDFROLVmRHQWUH GLUHLWRVjOLEHUGDGHHjYLGDELROyJLFD >@ 9HUGDGHpTXHDMXULVSUXGrQFLDGR67)QmRGHVHQYROYHXDLQGDXPHQWHQGLPHQWRGRTXHVHMDDGLJQLGDGHGH PDQHLUD VLVWHPDWL]DGD $SHVDU GLVVR DOJXQV DXWRUHV ID]HP HVIRUoRV KHUF~OHRV QR VHQWLGR GH GRWDU WDLV GHFLV}HV GH XPD OyJLFD H FRHUrQFLD H[WUDLQGR GDV PHVPDV XPD GRXWULQD VREUH D GLJQLGDGH GD SHVVRD KXPDQD >@ 'LYHUJLQGRGHVVDOLQKDGHUDFLRFtQLRDOHLWXUDGH'ZRUNLQVREUHDGLJQLGDGHKXPDQD >@ QD UHDOLGDGH EXVFD FRQFLOLDU RV SULQFtSLRV GD LJXDOGDGH H GD OLEHUGDGH DILUPDQGR GXDV GLPHQV}HV GD GLJQLGDGH DWUDYpVGRUHFRQKHFLPHQWRGDLPSRUWkQFLDGHFDGDSURMHWRGHYLGDLQGLYLGXDOH DWUDYpVGDSURWHomRGD DXWRQRPLD LQGLYLGXDO QD SHUVHFXomR GHVVH SURMHWR GH YLGD 3DUD WDQWR IDODU HP GLJQLGDGH GD SHVVRD KXPDQD VRPHQWH ID] VHQWLGR VH HQWHQGLGR FRPR YLVWD SHOR SULVPD GD JDUDQWLD GH LJXDLV OLEHUGDGH VXEMHWLYDVSDUDDomR3DUWLQGRGHVVDSHUVSHFWLYDSRGHPRVWHQWDUUHFRORFDUDGLJQLGDGHGDSHVVRDKXPDQD FRPRFRQGLomRGHOHJLWLPDomRQmRDSHQDVGRVGLUHLWRVIXQGDPHQWDLVPDVGHWRGRRRUGHQDPHQWRMXUtGLFR

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

VHP FRUUHU RV ULVFRV GH HVEDUUDU FRP TXHVW}HV GH IXQGDPHQWDomR PRUDO RX DVVXPLU XPD YLD GH YROWD DR MXVQDWXUDOLVPR0DLVTXHDILUPDUTXHRVHUKXPDQRGHYHVHUWUDWDGRFRPRXPVHU~QLFRLQGLYLGXDOFRPR ID]ERDSDUWHGRVMXULVWDVQDFLRQDLVDOHLWXUDGH'ZRUNLQEXVFDMXVWLILFDUVHQDSUySULDDXWRIXQGDomRGR GLUHLWRPRGHUQR +DEHUPDV LGHQWLILFDUi WDO SURSRVLomR FRP R FyGLJR GD PRGHUQLGDGH OLEHUGDGH H LJXDOGDGH H EXVFDUi H[SOLFDUTXHFRPRVHGiWDOSURFHVVRGHSURGXomRGHQRUPDVMXUtGLFDVOHJtWLPDVQRTXDOFDGDVXMHLWRpDR PHVPRWHPSRDXWRUHGHVWLQDWiULRGDVQRUPDV >@ ,VVRpIXQGDPHQWDOHSRULVVRSDUHFHVHUXPDOHLWXUDPDLVDGHTXDGDMiTXHQmREXVFDDVVHQWDUDQRomRGH GLJQLGDGHKXPDQDVREXPFRQMXQWRGHYDORUHVTXHUHIOHWHDSHQDVXPDYLVmRSDUWLFXODUGHPXQGR±PDLV H[DWDPHQWHDWUDGLomRMXGDLFRFULVWm >@$RVHDEULUDSRUWDSDUDXPDIXQGDPHQWDomRQRUPDWLYDSUySULD GRGLUHLWRSDUWLFLSDQWHVGHRXWUDVFRQFHSo}HVSRGHPWRPDUDVVHQWRQHVVDSUiWLFDFRPXQLFDWLYDVHQWLQGR VHLJXDOPHQWHFRDXWRUHVGDVQRUPDVDTXHVHVXEPHWHP

$7(6('(63$(0$1162%5($3(5621$/,'$'( 5REHUW6SDHPDQQpXPGRVJUDQGHVQRPHVGDILORVRILDHGDWHRORJLDFULVWmGDDWXDOLGDGH(ORJLDGRSHODDOD FRQVHUYDGRUDGD,JUHMDLQFOXVLYHSHORDWXDO3DSD%HQWR;9,(OHHVFUHYHJHUDOPHQWHVREUHWHPDVFRPR ELRpWLFDGLUHLWRVKXPDQRVHPHLRDPELHQWH 2SUHVHQWHSDSHUWRPDFRPRSULQFLSDOUHIHUrQFLDDWHRULDGDSHUVRQDOLGDGHTXH6SDHPDQQLUiDSUHVHQWDU HP VXD REUD 3HUVRQHQ 9HUVXFKH EHU GHQ 8QWHUVFKLHG ]ZLVFKHQ µHWZDV¶ DXQGD µ MHPDQG¶ >@ UHFRQVWUXLQGRVHXVSULQFLSDLVDUJXPHQWRV 6HJXQGR 6SDHPDQQ %RpFLR IRL XP GRV SULPHLURV SHQVDGRUHV D VH GHEUXoDU VREUH D TXHVWmR GD SHUVRQDOLGDGHFXQKDQGRXPDFpOHEUHGHILQLomRGHTXHVHWUDWDGHXPD³VXEVWkQFLDLQGLYLGXDOGHQDWXUH]D UDFLRQDO´ >@ 'HVGH HQWmR D ILORVRILD WHP SURFXUDGR LGHQWLILFDU RV DWULEXWRV TXH SHUPLWDP DJUXSDU GHWHUPLQDGRVVHUHVHPXPPHVPRFRQMXQWRVREHVWHWtWXOR,VWRTXHUGL]HUTXHIDODUHPSHVVRDVGHYHULDVHU DOJRPDLVTXHIDODUHP³VXEVWkQFLDVPHQWDLV´FRJLWR FRPRTXHULD'HVFDUWHV2XWURVDXWRUHVLUmRDILUPDU TXH SHVVRDV VHULDP IRUPDGDV SRU XPD DXWRFRQVFLrQFLD RX SRU LQGLYtGXRV FDSD]HV GH LQWHUDo}HV FRPXQLFDWLYDV 2XWURV VHUmR PDLV H[SOtFLWRV H GLUmR TXH WRGRV RV VHUHV KXPDQRV VmR SHVVRDV PDV VHUi LVVRPHVPRXPDYHUGDGHILORVyILFDRXDSHQDVXPD[LRPDUHSHWLGRSRUDQRVVHPDGHYLGDUHIOH[mR" )DODUHP³SHVVRDV´DSULQFtSLRSDUHFHDOJRGLVWLQWRGHVHIDODUHP³VHUHVKXPDQRV´2VHJXQGRFRQFHLWR GHVLJQD PDLV XPD UHODomR HQWUH HVSpFLHV DQLPDLV DR SDVVR TXH R SULPHLUR DVVXPH XP SRQWR GH YLVWD LQWHUQRLVWRpDERUGDXPDUHODomRLQWHUQDHQWUHHVVHVVHUHVKXPDQRVLVVRVLJQLILFDDILUPDUXPDUHODomR GHUHFRQKHFLPHQWRRXGHSHUWHQFLPHQWRTXHGHYHVHUPDLVEHPGHWDOKDGDDIUHQWH >@ $LGpLDGRFRJLWRFDUWHVLDQRVLQDOL]DSDUDXPGDGRLPSRUWDQWHIDODUHPSHUVRQDOLGDGHpQHFHVVDULDPHQWH IDODU GH PDQLIHVWDomR GH VXEMHWLYLGDGH PDV FRP FDSDFLGDGH GH WUDQVFHQGrQFLD >@ 1HVVD SHUVSHFWLYD D SHUVRQDOLGDGH VH IRUPD H VH PDQLIHVWD D SDUWLU GH XPD SURMHomR FULDGD SHOD LQWHUUHODomR FRUSRPHQWH 8PD SHVVRD QmR p DSHQDV XP LQGLYtGXR GRWDGR GH XP FRUSR ItVLFR FRP FDUDFWHUtVWLFDV ILVLROyJLFDV VLPLODUHVDRVGHPDLV±GRLVEUDoRVGRLVSXOP}HVHWF±QHPVHSRGHUHGX]LUDXPyUJmRFRPRRFpUHEUR >@

$QWHV GH WXGR XPD SHVVRD UHSUHVHQWD D DILUPDomR GH XPD FRQVFLrQFLD GRWDGD GH SDUWLFXODULGDGHV H SRUTXH QmR GL]HU LQGLYLGXDOLGDGH (VWD FRQVFLrQFLD PDQLIHVWDVH D SDUWLU GH XPD QRomR GH WHPSR H GH HVSDoRDOpPGLVVRHODID]XVRGHXPPpGLXPOLQJtVWLFRSDUDVHLQVHULUHPXPDGHWHUPLQDGDFRPXQLGDGH HDVVLPIRUMDUSDUDVLDLGpLDGHXP³KRUL]RQWH´ >@

>@

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

3DUD 6SDHPDQQ VHULD HVWD FRQVFLrQFLD TXH FRQIHULULD D XPD SHVVRD VXD GLJQLGDGH >@ $ FRQVFLrQFLD SHUPLWLUD D UHDOL]DomR GH HVFROKDV LQWHQFLRQDLV H R SUySULR DSUHQGL]DGR PRUDO $VVLP FRPR OHFLRQDUD .DQW FRQVWLWXL PDQGDPHQWR PRUDO WUDWDU WRGDV DV SHVVRDV FRPR VXMHLWRV GHWHQWRUHV GHVVD FRQVFLrQFLD PRUDOHGHLQGLYLGXDOLGDGH$VVLPDSHVVRDpSRVWDHPXPSDWDPDUSULYLOHJLDGRFRPUHODomRDWXGRPDLV H[LVWHQWH±DQLPDLVSODQWDVREMHWRVHWF(ODpRILPGHWRGDVDVFRLVDVPDVGL]HULVVRpXPSRXFRYDJRH R SUySULR DXWRU UHFRQKHFH TXH R XVR GD LGpLD GH GLJQLGDGH GH PRGR LUUHIOHWLGR FRPR YHP DFRQWHFHQGR SRGH DFDEDU FRQWULEXLQGR SDUD XP HVYD]LDPHQWR GR VHX VHQWLGR 3DUD WDQWR DSHOD SDUD $JRVWLQKR TXH UHOLJDUiDLGpLDGHGLJQLGDGHjLGpLDGH'HXV1HVVHSULVPDDGLJQLGDGHQmRpGRKRPHPFRPRXPGDGR IRUQHFLGRSRUVXDFRQIRUPDomRJHQpWLFDPDVDQWHVSRUTXHHOHpR~QLFRVHUFDSD]GHUHODWLYL]DUDVLHFRP LVVR DVVXPLU XPD GLVWkQFLD GH VXD SUySULD VXEMHWLYLGDGH FRQWH[WXDOL]DU VHXV SUySULRV LQWHUHVVHV HP FRQMXQWR D RXWURV LQWHUHVVHV KXPDQRV H QmRKXPDQRV 0DV VXD SUySULD FDSDFLGDGH GH UHODWLYL]DUVH UHYHODXPSDUDGR[RSRLVpHODTXHRID]DEVROXWR3RULVVRFLWDR%LVSRGH+LSRQDDPRU'HLXVTXHDG FRQWHPSWXP VXL $VVXPLQGR D GLJQLGDGH FRPR XP FRQFHLWR PHWDItVLFRUHOLJLRVR 6SDHPDQQ DSHOD SDUD IXQGDPHQWDUDGLJQLGDGHHPDOJRTXHpVXSHULRUDRSUySULRKRPHP 0DV DLQGD DVVLP ILFD XPD TXHVWmR SHQGHQWH FRPR VH GDULD HVWD FRQH[mR GH FRQVFLrQFLDV FDSD]HV GH SHUPLWLUDWUDQVFHQGrQFLDGDSHUVRQDOLGDGHHRFRPSDUWLOKDPHQWRGHVVDVXEMHWLYLGDGHFRPRVGHPDLV" 2UDSDUDWDQWR6SDHPDQQWHPTXHDVVXPLUDLGpLDKHJHOLDQDGHUHFRQKHFLPHQWRFRPRSRQWRHVVHQFLDOGH VXDWHRULDGDSHUVRQDOLGDGH >@eMXVWDPHQWHDFDSDFLGDGHTXHH[FOXVLYDPHQWHRVVHUHVKXPDQRVWrPGH UHDOL]DUXPSURFHVVRGHUHFRQKHFLPHQWRjVYH]HVXPDYHUGDGHLUDOXWDSRUUHFRQKHFLPHQWRMiTXHQmRHVWi OLYUHGHSRWHQFLDLVFRQIOLWXRVLGDGHV TXHID]FRPTXH³DOJXpP´SRVVDVHGLVWLQJXLUGH³DOJR´2SURFHVVRGH UHFRQKHFLPHQWR QmR SRGH VHU WRPDGR FRPR XP UDFLRFtQLR DQDOyJLFR >@ 1HVVD GLQkPLFD R UHFRQKHFLPHQWRQmRDSUHVHQWDSDVVRVSDUDVHUVHJXLGR$QWHVUHTXHUXPFRPSDUWLOKDPHQWRGRKRUL]RQWH FRPDVRXWUDVSHVVRDV'HQWURGHVVHXQLYHUVRFRPXPRUHFRQKHFLPHQWRHPHUJHHVSRQWDQHDPHQWH (pSRUFDXVDGRUHFRQKHFLPHQWRGRRXWURFRPRXPDSHVVRDLJXDODVLTXHVHGHVHQYROYHRDSUHQGL]DGR GDVQRUPDVPRUDLV >@$RUHFRQKHFHUDOJXpPDWULEXtVHDHVWDSHVVRDRVPHVPRVFRQMXQWRVGHGLUHLWRVH GHGHYHUHV$TXLVHDVVHQWDDQRomRGHGLJQLGDGHKXPDQDFXMRWHUPRGHYHVXEVWLWXLUDLGpLDGHXPYDORU KXPDQR SDUD VH DILUPDU FRPR XP GHYHU GDGR D UHODWLYLGDGH GD LGpLD GH YDORUHV ,VVR SRGH VHU EHP H[SOLFLWDGRQRSHQVDPHQWRNDQWLDQRDWUDYpVGRLPSHUDWLYRFDWHJyULFR$VVLPDQRomRGHUHFRQKHFLPHQWR VHDVVHQWDDLQGDQDDWULEXLomRGHLJXDOUHVSHLWRDWRGRVRVVHUHVKXPDQRV >@ $OLDGDDLGpLDGHUHFRQKHFLPHQWRHGHUHVSHLWRLJXDOHVWiDILJXUDGDOLEHUGDGH$RUHFRQKHFHUDOJXpPD FRQGLomRGHSHVVRDUHFRQKHFHPRVDHVWDXPHVSDoRGHPDQLIHVWDomRGHVXDLQGLYLGXDOLGDGHHVSDoRHVWH LQFOXVLYHSURWHJLGRSHORSUySULR(VWDGRDWUDYpVGDVQRUPDVMXUtGLFDV $JRUDMiGHSRVVHGHVVDUHIOH[mRFDEHLQGDJDUTXDQGRFRPHoDDSHUVRQDOLGDGHGHXPVHUKXPDQR" $TXLXPDUHIOH[mRSUHOLPLQDURTXH6SDHPDQQEXVFDQDYHUGDGHpVLWXDUDOLQKDGHUDFLRFtQLRSDUDIRUD GD WUDGLomR GR XWLOLWDULVPR >@VHJXQGR D TXDO GRU H SUD]HU SRGHP UHVXPLU WRGR XP FRQMXQWR GH FRPSOH[LGDGHVGHUHIHUHQFLDLVSDUDDDomRHHQWHQGLPHQWRKXPDQR(VVHVFRQFHLWRVDSRQWDULDPDGLUHomR GDDomRKXPDQDFRUUHWDLVWRpDTXHODTXHEXVFDHVFDSDUGDGRUHDOFDQoDUVHPSUHRPi[LPRGHSUD]HU SRVVtYHOSULQFtSLRGDXWLOLGDGHVHJXQGR%HQWKDQ 6HJXQGRRXWLOLWDULVPRGHDXWRUHVFRPR3HWHU6LQJHU QmRpSRVVtYHOUHFRQKHFHUSHUVRQDOLGDGHDXPIHWRPDVDSHQDVLGHQWLILFiORFRPRDOJRGHQWURGRYHQWUH PDWHUQR H SRUWDQWR GH SURWHomR MXUtGLFD ± R TXH LQFOXL j YLGD $ SHUVRQDOLGDGH HQWmR DGYLULD FRP R QDVFLPHQWRFRPYLGD >@ 0DVSDUD6SDHPDQQDSHUVRQDOLGDGHpXPDWULEXWRTXHHQFHUUDSURSULHGDGHVFRPSDUWLOKDGDVSRUWRGRVRV VHUHV KXPDQRV 0DV LVVR QmR VLJQLILFD TXH VmR DV SURSULHGDGHV TXH ID]HP FRP TXH VH LGHQWLILTXH D SHUVRQDOLGDGH$QWHVGLVVRSHVVRDpRVHUKXPDQRTXHDSRVVXL >@1DYHUGDGHHVVDVSURSULHGDGHVDWXDP FRPRFRQGLo}HVGHSRVVLELOLGDGHGRSURFHVVRGHUHFRQKHFLPHQWR$RDILUPDULVVRRDXWRUQHJDDWHVHGH TXHDSHUVRQDOLGDGHVHMDXPIDWRQDWXUDORXPHVPRELROyJLFRDQWHVGLVVRHODUHSUHVHQWDXPDFRQVWUXomR VRFLDOXPPRGRGHYLYHURXGHH[LVWLU >@

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

2 SULPHLUR QtYHO GHVVH UHFRQKHFLPHQWR HQWmR WHP LQtFLR FRP D UHODomR PmHILOKR $TXL ILOKR H PmH VH FRQVWLWXHP FRPR RUJDQLVPRV GLYHUVRV H DXW{QRPRV e DWUDYpV GD LQWHUDomR HQWUH DPERV TXH D PmH UHFRQKHFHUiSHUVRQDOLGDGHDRILOKRFRQIHULQGROKHFRQGLo}HVSDUDVHXGHVHQYROYLPHQWR(OHUHFHEHUiXP QRPHTXHRLQGLYLGXDUiWHUiVXDVSUySULDVFRLVDV±URXSDVEULQTXHGRVHWF$SUHQGHUiDVHFRPXQLFDU XWLOL]DQGRDPHVPDOLQJXDJHPGHVHXVSDLVHDVVLPVHLQVHULUiHPXPDFRPXQLGDGHGLYLGLQGRFRPHVWD XP KRUL]RQWH FRPSDUWLOKDGR GH VHQWLGRV ( PDLV LPSRUWDQWH VHQGR UHFRQKHFLGR SRU HVWD FRPXQLGDGH FRPRDOJXpPGHWHQWRUGRVDWULEXWRVGDSHUVRQDOLGDGH $WHVHGRQDVFLWXURFRPRVHQGRXPDSHVVRDODWHQWH±FRPRTXHUSDUWHGR67)HRVILOyVRIRVXWLOLWDULVWDV FRPR3HWHU6LQJHUSRUH[HPSOR±pHQWmRUHMHLWDGDSRU6SDHPDQQ >@1mRVmRSHVVRDVHPSRWHQFLDO±RX VHpXPDSHVVRDRXQmRVHp&DVRFRQWUiULRWHUVHLDRDEVXUGRGHDILUPDUTXHXPDSHVVRDVHRULJLQDGH DOJR2UDXPDSHVVRDQmRpXPSURGXWRGHPRGLILFDo}HVHODpXPD³VXEVWkQFLD´QRGL]HUGH$ULVWyWHOHV VHQGRDOJRTXHMiVHHVWiOi3RULVVRPHVPRQmRVHSRGHLGHQWLILFDURLQtFLRGDH[LVWrQFLDGHXPDSHVVRD GLVVRFLDGDQRLQtFLRGDH[LVWrQFLDGRVHUKXPDQRTXHDOLHVWi$SHUVRQDOLGDGHQmRpRUHVXOWDGRGHXP SURFHVVRGHGHVHQYROYLPHQWRPDVVLPXPD³PROGXUD´ >@ 0DVDTXL6SDHPDQQWHPRXWURGHVDILRjIUHQWHVXSHUDUDWHVHGRHVSHFLVPRLVWRpDDILUPDomRGHTXHD SHUVRQDOLGDGH GHFRUUH HQWmR GR VLPSOHV IDWR GDTXHOH VHU SHUWHQFHU j HVSpFLH KXPDQD >@ $ VROXomR HQFRQWUDGD HVWi QD UHLQVHUomR GD LGpLD GH GLJQLGDGH KXPDQD IXQGDPHQWDQGRD FRPR FRQFHLWR PHWDItVLFRUHOLJLRVR

92/7$1'2$232172'(3$57,'$$1(1&()$/,$(3(5621$/,'$'((063$(0$11 $V UHIOH[}HV GH 6SDHPDQQ VmR HQWmR LPSRUWDQWHV SDUD TXH VH SRVVD FRPSUHHQGHU R SUREOHPD QD VXD PHOKRUOX]6HQGRDVVLPVHXPDSHVVRDpXPDFRQVWUXomRVRFLDOXPLQGLYtGXRGRWDGRGHDWULEXWRVTXH HQFHUUDPVXDSHUVRQDOLGDGH±GHQWUHHOHVDFDSDFLGDGHGHUHFRQKHFLPHQWRGHFRPXQKmRGHLJXDLVGLUHLWRV H GH OLEHUGDGH GH FRQILJXUDomR GR VHX SURMHWR GH YLGD ± R TXH VH SRGH GL]HU GR QDVFLWXUR TXH DSUHVHQWD DQHQFHIDOLD" e YLVtYHO TXH HVWH QmR SRGHUi UHFRQKHFHU SHVVRDV RX PHVPR H[HUFLWDU RV GLUHLWRV GH TXH p WLWXODURXVXDOLEHUGDGHGHHVFROKD1HVWHFDVRSRGHUiHOHPHVPRDVVLPVHUFRQVLGHUDGRXPDSHVVRD" 1RUDFLRFtQLRGH6SDHPDQQDUHVSRVWDpDILUPDWLYD >@ 8WLOL]DQGR GH XPD PHWiIRUD R DXWRU DOHPmR GL] QmR p SRUTXH XPD FDGHLUD HVWi TXHEUDGD ± H SRU LVVR TXH QmR VLUYD SDUD R TXH HOD VH GHVWLQD ± TXH HOD GHL[DUiVHVHUXPDFDGHLUD(ODSHUPDQHFHXPDFDGHLUDPDVDJRUDDGMHWLYDGDSRU³TXHEUDGD´2PHVPR UDFLRFtQLRVHDSOLFDULDHQWmRDVVLWXDo}HVGHDQHQFHIDOLDRXPHVPRGHXPSDFLHQWHHPHVWDGRYHJHWDWLYR FRPPRUWHFHUHEUDOQHVVHFDVRHVWDPRVGLDQWHGHXPDSHVVRDGRHQWHPDVDQWHVGHWXGRGHXPDSHVVRD 3DUDRSHQVDGRUDOHPmRSRUWDQWRQHXURORJLVWDVVmRLQFDSD]HVGHMXVWLILFDUXPDHYHQWXDOLQWHJUDomRGRV yUJmRV VHP R HQFpIDOR R TXH RV OHYD D DGRWDU XPD YLVmR TXH DVVRFLD R FpUHEUR j PHQWH ± RX PHVPR j SHUVRQDOLGDGH±SDUDSRGHUHPEDVDUDGHILQLomRGHPRUWHHQFHIiOLFDFRPRDPRUWHGRLQGLYtGXR0DVVHD SHUVRQDOLGDGHpDOJRGLVWLQWRGDYLGDRXGDH[LVWrQFLDGRVHUHODpDXW{QRPDHLQGHSHQGHQWH >@ e LQWHUHVVDQWH TXH PHVPR FRPR GHIHQVRU GD pWLFD FDWyOLFD 6SDHPDQQ VH Yr IRUoDGR D GHVFRQHFWDU SHUVRQDOLGDGHHFRUSRDILPGHQmRFDLUHPXPDFLODGDGHIHQGHURFpUHEURFRPRyUJmRIXQGDPHQWDOGD YLGD H PDWUL] GD SUySULD SHUVRQDOLGDGH ± DUJXPHQWR HVVH TXH D SUySULD GRXWULQD FDWyOLFD DFDED HQGRVVDQGR6HIRUEXVFDGRHP$ULVWyWHOHVHQFRQWUDUVHiXPSRQWRGHGLYHUJrQFLDSRLVSDUDRViELRGH (VWDJLUDDXQLGDGHRUJkQLFDGRVHUKXPDQRGHPDQGDXPDXQLmRGDDomRFRJQLWLYDVHQVLWLYDHYHJHWDWLYD (SDUDWDQWRFDEHULDDRFpUHEURDIXQomRGHyUJmRGHPHGLDomRGHVVDVIXQo}HV&RPRFHQWURGRVLVWHPD QHUYRVRpIDWRTXHQmRSRGHULDH[LVWLUVR]LQKRLQGHSHQGHQWHGDVGHPDLVSDUWHVGRRUJDQLVPRPDVHVWDV WDPEpPSHUGHPVXDFRQGLomRGHPDQXWHQomRVHPHOHUHODomRWRGRSDUWH 7RPiVGH$TXLQRSRURXWUR ODGR ID] XPD OLJDomR GLQkPLFD HQWUH DOPD FpUHEUR H FRUSR 'HL[DQGR R SULPHLUR GH IXQFLRQDU FRUUHWDPHQWH±RXQXQFDYLQGRDIXQFLRQDUFRPRQRFDVRGDDQHQFHIDOLD±RFRUSRSHUGHDSRWHQFLDOLGDGH GHGHVHQYROYLPHQWRHPRUUH2DUJXPHQWRDTXLpPDLVVRILVWLFDGRTXHSDUHFH1mRVHHVWiDILUPDQGRXPD HTXLSDUDomR FpUHEUR H SHUVRQDOLGDGH PDV VLP D LPSRVVLELOLGDGH ELROyJLFD GH PDQXWHQomR GDV GHPDLV KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

IXQo}HV GR FRUSR FDVR HOH VHMD ³UHPRYLGR´ -i 6DQWR $JRVWLQKR LUi VLP ID]HU XPD HTXLSDUDomR HQWUH FpUHEURHDOPDLQFOXVLYHDILUPDQGRQRVHX&RPHQWiULR/LWHUDODR*rQHVLV3DQGHFWDV TXHUHPRYHQGRR SULPHLURGRFRUSRWHUVHLDDDXWRPiWLFDSHUGDGRVHJXQGR 7RGDYLDDOJXPDVFRORFDo}HVPHUHFHPVHUIHLWDV

3ULPHLUDPHQWH 6SDHPDQQ DYDQoD PXLWR FRP UHODomR DR GHEDWH WUDYDGR QR 6XSUHPR 7ULEXQDO )HGHUDO EUDVLOHLUR TXDQGR UHFRQKHFH D SHUVRQDOLGDGH FRPR DOJR GLVWLQWR GD KXPDQLGDGH $ SHUVRQDOLGDGH DLQGD TXH FRLQFLGHQWH FURQRORJLFDPHQWH FRP D H[LVWrQFLD ELROyJLFD QmR VH FRQIXQGH FRP HVWD DOpP GLVVR HQ[HUJDD FRPR XPD FRQVWUXomR VRFLDO YHQFHQGR DV WHVHV QDWXUDOLVWDV HVSRVDGDV SHOR 67) H GRWDQGR GH PDLV MXVIXQGDPHQWDOLGDGH R DUJXPHQWRHPGHIHVDGDSUHVHUYDomRGDJHVWDomR &RQWXGR D VROXomR SDUD R SUREOHPD GR HVSHFLVPR DFDED VH WUDQVIRUPDQGR HP RXWUR SUREOHPD $R IXQGDPHQWDUDGLJQLGDGHHPEDVHVWHROyJLFDV6SDHPDQQUHWURFHGHHPVHXUDFLRFtQLRHDFDEDSRUDVVXPLU FODUDPHQWH SRVLo}HV MXVQDWXUDOLVWDV HP QDGD GLIHUHQWHV GR UDFLRFtQLR Mi OHYDGR D FDER SHORV MXULVWDV EUDVLOHLURV RX SHORV PLQLVWURV GR 67) 2UD DSHODU SDUD VROXo}HV FRPR D TXH HOH ODQoD PmR DFDED SRU HQIUDTXHFHURDUJXPHQWR1mRVHSRGHHVTXHFHUQXQFDTXHDVRFLHGDGHFRQWHPSRUkQHDpVHFXODUL]DGDGH PRGRTXHWDLVDUJXPHQWRVFRPGLILFXOGDGHV³VREUHYLYHULDP´DSyVVHUHPVXEPHWLGRVDXPDHVIHUDS~EOLFD SOXUDO >@ ( SRU ILP R SURFHVVR GH UHFRQKHFLPHQWR GD SHUVRQDOLGDGH HP 6SDHPDQQ PHUHFLD DLQGD PDLRUHV GHWDOKDPHQWRVSRLVVHPRVWUDFRPRDVXDJUDQGHFRQWULEXLomRSDUDXPGHEDWHS~EOLFRUDFLRQDOHPDLRUHV FUtWLFDVDVHXIXQFLRQDPHQWRDFDEDPSRUIXJLUHXOWUDSDVVDURHVFRSRGRSUHVHQWHWH[WR >@ 6LQWHWLFDPHQWHRUHFRQKHFLPHQWRpSRVWRSRU6SDHPDQQDSDUWLUGHXPDLQWHUDomRSDFtILFDHVSRQWkQHD QDTXDOXPVXMHLWRDFHLWDDSHUVRQDOLGDGHHDDOWHULGDGHGRRXWUR7RGDYLDGHVGH+HJHO±QDVXDGLDOpWLFD GRVHQKRUHGRHVFUDYR±DTXHVWmRGRUHFRQKHFLPHQWRQmRHVFDSDGHXPDOXWD±jVYH]HVDWpPHVPRHP VHXVHQWLGRSUySULRRXVHMDFRPYLROrQFLD >@ $VVLP FDEH TXHVWLRQDU HP TXH FRQGLo}HV WDO VHU ± R DQHQFpIDOR ± SRGHULD UHLYLQGLFDU SXEOLFDPHQWH UHFRQKHFLPHQWRHGLUHLWRVFDVRLVVROKHIRVVHQHJDGRQRkPELWRGDVRFLHGDGH"(PDLVVHUiTXHR67)DR SURGX]LU VXD GHFLVmR EDVHRXVH QR UHFRQKHFLPHQWR GH SHUVRQDOLGDGH DR QDVFLWXUR RX DSHQDV QD VXEVHUYLrQFLDDXPDGRXWULQDHFOHVLiVWLFD±VXERUGLQDQGRRGLUHLWRjUHOLJLmR" 4XHVWLRQDPHQWRV FRPR HVWHV VHUYHP SDUD GHPRQVWUDU FRP FODUH]D TXH D TXHVWmR p PDLV FRPSOH[D TXH SDUHFHHQmRSRGHVHUDVVXPLGDSXEOLFDPHQWH±VRESHQDGHSHUGDGHUDFLRQDOLGDGHGLVFXUVLYD±GHPRGR PDQLTXHtVWD2SUHVHQWHWH[WRQmRWHPRHVFRSRGHSURGX]LUXPDUHIOH[mRH[DXVWLYDPXLWRSHORFRQWUiULR RTXHVHSURFXURXDTXLIRLOHYDQWDUTXHVWLRQDPHQWRVHLOXPLQDUDVDSRULDVH[LVWHQWHVQRGLVFXUVRMXUtGLFRH QDVLVWHPiWLFDGHGHFLVmRMXULVGLFLRQDO )DWRpTXHDVSRVLo}HVFRPXPHQWHDVVXPLGDVSHORVMXULVWDVEUDVLOHLURVGHL[DPGHODGRDLPSRUWkQFLDGHVH SURFHGHU D XPD FRPSUHHQVmR DGHTXDGD GR SDSHO GR GLUHLWR PRGHUQR VHQGR DWUDtGRV SHOR ³FDQWR GDV VHUHLDV´PDVVHPRVFXLGDGRVHDVDJDFLGDGHGH8OLVVHV

5()(5Ç1&,$6%,%/,2*5È),&$6 $)2162'$6,/9$9LUJtOLR,QWHUSUHWDomR&RQVWLWXFLRQDOH6LQFUHWLVPR0HWRGROyJLFR,Q$)2162'$ 6,/9$9LUJtOLRRUJ ,QWHUSUHWDomR&RQVWLWXFLRQDO6mR3DXOR0DOKHLURV

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

$/(;@

%(172&tQWLD.HOO\GD&UX]"$DQiOLVHGD$'3)QjOX]GD+HUPHQrXWLFD&RQVWLWXFLRQDOH GD7HRULDGRV3ULQFtSLRVS >@

6HJXQGR D 5HVROXomR Q GR &RQVHOKR )HGHUDO GH 0HGLFLQD R DQHQFpIDOR QmR DSUHVHQWD RV ³KHPLVIpULRVFHUHEUDLV´GHPRGRTXHHVWiVXMHLWRDSyVRSDUWRDVRIUHUXPD³SDUDGDFDUGLRUUHVSLUDWyULD´ ORJRQDVSULPHLUDVKRUDVGRSyVSDUWR³$DQHQFHIDOLDpGHILQLGDQDOLWHUDWXUDPpGLFDFRPRDPiIRUPDomR IHWDO FRQJrQLWD SRU GHIHLWR GR IHFKDPHQWR GR WXER QHXUDO GXUDQWH D JHVWDomR GH PRGR TXH R IHWR QmR DSUHVHQWD RV KHPLVIpULRV FHUHEUDLV H R FyUWH[ KDYHQGR DSHQDV UHVtGXR GR WURQFR HQFHIiOLFR D DQRPDOLDLPSRUWDQDLQH[LVWrQFLDGHWRGDVDVIXQo}HVVXSHULRUHVGRVLVWHPDQHUYRVRFHQWUDO±UHVSRQViYHO SHOD FRQVFLrQFLD FRJQLomR YLGD UHODFLRQDO FRPXQLFDomR DIHWLYLGDGH H HPRWLYLGDGH 5HVWDP DSHQDV DOJXPDVIXQo}HVLQIHULRUHVTXHFRQWURODPSDUFLDOPHQWHDUHVSLUDomRDVIXQo}HVYDVRPRWRUDVHDPHGXOD HVSLQKDO&RPRpLQWXLWLYRDDQHQFHIDOLDpLQFRPSDWtYHOFRPDYLGDH[WUDXWHULQDVHQGRIDWDOHP GRV FDVRV 1mR Ki FRQWURYpUVLD VREUH R WHPD QD OLWHUDWXUD FLHQWtILFD RX QD H[SHULrQFLD PpGLFD´ %$55262 /XL] 5REHUWR *HVWDomR GH IHWRV DQHQFHIiOLFRV H SHVTXLVDV FRP FpOXODVWURQFR GRLV WHPDV DFHUFDGDYLGDHGDGLJQLGDGHQD&RQVWLWXLomRS >@

%5$6,/6XSHULRU7ULEXQDOGH-XVWLoD+DEHDV&RUSXVQ5-5HO0LQ/DXULWD9D]'-S

PDU 'LVSRQtYHO HP KWWSZZZVWMJRYEU6&21MXULVSUXGHQFLDGRFMVS"OLYUH DERUWRHDQHQFH IDOLD E $&25 S WUXH W L $FHVVRHPGH] >@

6HJXQGRR67-FDEHULDDSHQDVDRVGHIHQVRUHVGDWHVHGDMXULGLFLGDGHGRDERUWRQRFDVRGHDQHQFHIDOLD ODPHQWDU D RPLVVmR GR /HJLVODGRU H QDGD PDLV QmR SRGHQGR VHU HVSHUDGR GR -XGLFLiULR TXDOTXHU RXWUD SyVWXPD PDLV DWLYLVWD 2 SRVLFLRQDPHQWR GR 67- HQWmR QmR HVFDSD D FUtWLFD IHLWD SHOR YRWR GR 0LQ -RDTXLP %DUERVD "³e LPSRUWDQWH VDOLHQWDU SRUpP TXH HP QHQKXP PRPHQWR VH FRJLWRX GH HYHQWXDLV GLUHLWRVGDJHVWDQWHLVWRpGDSDFLHQWH7RGDDGLVFXVVmROHYDGDDHIHLWRQRkPELWRGR6XSHULRU7ULEXQDOGH -XVWLoDGL]UHVSHLWRDRVGLUHLWRVGRQDVFLWXURVHPTXDOTXHUDOXVmRDHYHQWXDLVGLUHLWRVGDJHVWDQWHFRPRVH HVVHVGLUHLWRVFRQVWLWXFLRQDOPHQWHSURWHJLGRVQmRHVWLYHVVHPLQWLPDPHQWHHQWUHODoDGRVRXVHMDFRPRVH DSURWHomRDRQDVFLWXURWLYHVVHRFRQGmRGHH[FOXLUFRPSOHWDPHQWHDSURWHomRDRVGLUHLWRVGDJHVWDQWH DSUySULDYLGDGDSDFLHQWHHQFRQWUDVHHPULVFRQDPHGLGDHPTXHGLDQWHGHXPDJUDYLGH]SRWHQFLDOPHQWH SUREOHPiWLFDFRPRDVXDFDVRVXUMDDQHFHVVLGDGHGHXPDLQWHUYHQomRFLU~UJLFDGHHPHUJrQFLDSRXVDUi

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

VREUH D SDFLHQWH H VREUH R PpGLFR TXH YLHU D DVVLVWLOD D DPHDoD GD SHUVHFXomR FULPLQDO GHFRUUHQWH GD YHGDomR FRQVXEVWDQFLDGD QD GHFLVmR GR 6XSHULRU 7ULEXQDO GH -XVWLoD´ %5$6,/ 6XSUHPR 7ULEXQDO )HGHUDO$'3)Q')5HO0LQ0DUFR$XUpOLR >@

+iTXHPHQWHQGDFRQWXGRLQFOXVLYHDSRLDQGRVHHPHVWXGRVPpGLFRVTXHKiVLPXPULVFRSDUDDYLGD GDJHVWDQWHQRVFDVRVGHJUDYLGH]GHIHWRDQHQFpIDORRTXHDSHUPLWLULDRDERUWRQDIRUPDOHJDO)5$1&2 $OEHUWR6LOYD$QHQFHIDOLDEUHYHVFRQVLGHUDo}HVPpGLFDVELRpWLFDVMXUtGLFDVHMXUtGLFRSHQDLV >@

1HVWH DUJXPHQWR DFDED SRU WUDQVSDUHFHU XPD YLVmR MXGDLFRFULVWm TXH DILUPD R SRGHU SHGDJyJLFR RX WHUDSrXWLFRGRVRIULPHQWRGDJHVWDQWHVHPFRQWXGRDYDOLDURVGDQRVSVLFROyJLFRVRXPHVPRItVLFRVTXHD PHVPD HVWDUi VH VXEPHWHQGR )5$1&2 $OEHUWR 6LOYD $QHQFHIDOLD EUHYHV FRQVLGHUDo}HV PpGLFDV ELRpWLFDVMXUtGLFDVHMXUtGLFRSHQDLV >@

³ LPSOLFD UHFRQKHFHU TXH D OHL SHQDO SURtEH D LQWHQFLRQDO FRQWUDPDUFKD QRV SURFHVVRV LQWUD XWHULQRV TXH ID]HP GR IUXWR GD FRQFHSomR XP VHU HP SDXODWLQR DYDQoR SDUD XP PRPHQWR GH YLGD Mi RFRUUHQWH GR ODGR GH IRUD GR IHPLQLQR YHQWUH &RQFHSomR TXH p D SHGUD GH WRTXH GD TXHVWmR VRE R IXQGDPHQWR GH KRVSHGDUVH QHOD R SUySULR LQtFLR GH WRGD YLGD KXPDQD HPERUD HP HVWDGR ODWHQWH /DWrQFLDHQILPTXHQXPDSRQGHUDomRGHYDORUHVSDVVDDSUHSRQGHUDUVREUHTXDOTXHURXWURLQWHUHVVHRX EHP MXUtGLFR SRU DFDVR DOHJDGR SHOD JHVWDQWH VHPSUH UHVVDOYDGDV DV GXDV KLSyWHVHV GH H[FOXVmR GH SXQLELOLGDGH TXHQHPSRUVHHQFRQWUDUHPHVWDGRGHJUDYLGH]VHWRUQDSURSULHWiULDGRVHUTXHOKHDQLPDR YHQWUH´%5$6,/6XSUHPR7ULEXQDO)HGHUDO$'3)Q')5HO0LQ0DUFR$XUpOLR >@

³ RGHVID]LPHQWRGDJUDYLGH]DQHQFpIDODVypDERUWRHPOLQJXDJHPVLPSOHVPHQWHFRORTXLDODVVLP XVDGD FRPR UHSUHVHQWDomR PHQWDO GH XP IDWR VLWXDGR QR PXQGR GR VHU 1mR p DERUWR HP OLQJXDJHP GHSXUDGDPHQWHMXUtGLFDSRUQmRFRUUHVSRQGHUDXPIDWRDORMDGRQRPXQGRGRGHYHUVHUHPTXHR'LUHLWR FRQVLVWH2TXHID]RILHOGDEDODQoDHPTXHVHSHVDPFRQWUDSRVWRVYDORUHVSHQGHUSDUDRODGRGDJHVWDQWH QDDFHSomRGHTXHHODMiQmRHVWiREULJDGDDOHYDUDGLDQWHXPDJUDYLGH]WmRVRPHQWHFRPSURPHWLGDFRPR SLRUGRVPDORJURVTXDQGRGRFXOPLQDQWHLQVWDQWHGRSDUWR´%5$6,/6XSUHPR7ULEXQDO)HGHUDO$'3) Q')5HO0LQ0DUFR$XUpOLR >@

³(PVHWUDWDQGRGHIHWRFRPYLGDH[WUDXWHULQDLQYLiYHODTXHVWmRTXHVHFRORFDpQmRKiSRVVLELOLGDGH DOJXPDGHTXHHVVHIHWRYHQKDDVREUHYLYHUIRUDGR~WHURPDWHUQRSRLVTXDOTXHUTXHVHMDRPRPHQWRGR SDUWRRXDTXDOTXHUPRPHQWRHPTXHVHLQWHUURPSDDJHVWDomRRUHVXOWDGRVHUiLQYDULDYHOPHQWHRPHVPR DPRUWHGRIHWRRXEHEr$DQWHFLSDomRGHVVHHYHQWRPRUWHHPQRPHGDVD~GHItVLFDHSVtTXLFDGDPXOKHU FRQWUDS}HVHDRSULQFtSLRGDGLJQLGDGHKXPDQDHPVXDSHUVSHFWLYDGDOLEHUGDGHLQWLPLGDGHHDXWRQRPLD SULYDGD"1HVVHFDVRDHYHQWXDORSomRGDJHVWDQWHSHODLQWHUUXSomRGDJUDYLGH]SRGHULDVHUFRQVLGHUDGD FULPH" (QWHQGR TXH QmR 6U SUHVLGHQWH ,VVR SRUTXH DR SURFHGHU j SRQGHUDomR GH YDORUHV MXUtGLFRV WXWHODGRVSHORGLUHLWRDYLGDH[WUDXWHULQDLQYLiYHOHDOLEHUGDGHHDXWRQRPLDGDPXOKHUHQWHQGRTXHQR FDVR HP WHOD GHYH SUHYDOHFHU D GLJQLGDGH GD PXOKHU GHYH SUHYDOHFHU R GLUHLWR GH OLEHUGDGH GHVWD GH HVFROKHUDTXLORTXHPHOKRUUHSUHVHQWDRVVHXVLQWHUHVVHVSHVVRDLVVXDVFRQYLFo}HVPRUDLVHUHOLJLRVDVVHX VHQWLPHQWRSHVVRDO´%5$6,/6XSUHPR7ULEXQDO)HGHUDO$'3)Q')5HO0LQ0DUFR$XUpOLR >@

3DUD PDLV GHWDOKHV UHSRUWDVH DR DUWLJR 48,1$8' 3('521 )OiYLR $ VROXomR GR FRQIOLWR HQWUH SULQFtSLRVSHODMXULVSUXGrQFLDGR6XSUHPR7ULEXQDO)HGHUDODWpFQLFDGDSURSRUFLRQDOLGDGH5HYLVWDGRV 7ULEXQDLVDYVHW >@

5RHY:DGH86 H3ODQQHG3DUHQWKRRGRI6RXWKZHVWHUQ3HQQV\OYDQLDY&DVH\ 86 $TXL UHFRQKHFHVH j PXOKHU XP GLUHLWR FRQVWLWXFLRQDO DPSOR SDUD UHDOL]DU DERUWR QR SULPHLUR WULPHVWUH GH JUDYLGH] $SyV WDO SHUtRGR DV UHVWULo}HV LQVWLWXtGDV SRU OHLV HVWDGXDLV SRGHP VHU SURJUHVVLYDPHQWHPDLVVHYHUDV >@

³(P IRL HGLWDGD OHL IUDQFHVD SHUPLWLQGR R DERUWR D SHGLGR GD PXOKHU DWp D VHPDQD GH JHVWDomRTXDQGRDJHVWDQWHDILUPDVVHTXHDJUDYLGH]OKHFDXVDDQJ~VWLDJUDYHRXDTXDOTXHUPRPHQWR SRUPRWLYRVWHUDSrXWLFRV$QRUPDIRLVXEPHWLGDDRFRQWUROHGHFRQVWLWXFLRQDOLGDGHDQWHVGHHGLWDGD HDR

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

FRQWUROH GH FRQYHQFLRQDOLGDGH DSyV VXD HGLomR WHQGR VLGR FRQVLGHUDGD FRPSDWtYHO WDQWR FRP D &RQVWLWXLomRIUDQFHVDTXDQWRFRPD&RQYHQomR(XURSpLDGRV'LUHLWRV+XPDQRV+RMHRXWUDQRUPDFXLGD GDPDWpULDPDQWHQGRDSRVVLELOLGDGHUHODWLYDPHQWHDPSODGHDERUWRQD)UDQoD 1D$OHPDQKDDSyV XPD SRVLomR LQLFLDO UHVWULWLYD PDWHULDOL]DGD QD GHFLVmR FRQKHFLGD FRPR ³$ERUWR ,´ D &RUWH &RQVWLWXFLRQDOHPGHFLVmRUHIHULGDFRPR³$ERUWR,,´ HQWHQGHXTXHXPDOHLTXHSURLELVVHHPUHJUDR DERUWR VHP FULPLQDOL]DU D FRQGXWD GD JHVWDQWH VHULD YiOLGD GHVGH TXH DGRWDVVH RXWUDV PHGLGDV SDUD SURWHomR GR IHWR 5HJLVWURX FRQWXGR TXH R GLUHLWR GR IHWR j YLGD HPERUD WHQKD YDORU HOHYDGR QmR VH HVWHQGH D SRQWR GH HOLPLQDU WRGRV RV GLUHLWRV IXQGDPHQWDLV GD JHVWDQWH KDYHQGR FDVRV HP TXH GHYH VHU SHUPLWLGDDUHDOL]DomRGRDERUWR´%$55262/XL]5REHUWR*HVWDomRGHIHWRVDQHQFHIiOLFRVHSHVTXLVDV FRPFpOXODVWURQFRGRLVWHPDVDFHUFDGDYLGDHGDGLJQLGDGHQD&RQVWLWXLomRS >@

&RPR /HPEUD %DUURVR *HVWDomR GH IHWRV DQHQFHIiOLFRV H SHVTXLVDV FRP FpOXODVWURQFR GRLV WHPDV DFHUFDGDYLGDHGDGLJQLGDGHQD&RQVWLWXLomRS RXWUDVWHVHVHVSRVDGDVVHULDTXHDYLGDWHPLQtFLR FRP D IHFXQGDomR FRP D QLGDomR IL[DomR GR HPEULmR QR ~WHUR PDWHUQR H TXDQGR GD IRUPDomR GR VLVWHPDQHUYRVRFHQWUDO61& RTXHSHUPLWHDRHPEULmRVHQWLUGRURXSUD]HU >@

³$SRWHQFLDODPHDoDjLQWHJULGDGHItVLFDHRVGDQRVjLQWHJULGDGHPRUDOHSVLFROyJLFDQDKLSyWHVHVmR HYLGHQWHV$FRQYLYrQFLDGLXWXUQDFRPDWULVWHUHDOLGDGHHDOHPEUDQoDLQLQWHUUXSWDGRIHWRGHQWURGHVHX FRUSR TXH QXQFD SRGHUi VH WRUQDU XP VHU YLYR SRGHP VHU FRPSDUDGDV j WRUWXUD SVLFROyJLFD $ &RQVWLWXLomR )HGHUDO FRPR VH VDEH YHGD WRGD IRUPD GH WRUWXUD DUW ,,, H D OHJLVODomR LQIUDFRQVWLWXFLRQDO GHILQH D WRUWXUD FRPR VLWXDomR GH LQWHQVR VRIULPHQWR ItVLFR RX PHQWDO´ %$55262 /XL]5REHUWR*HVWDomRGHIHWRVDQHQFHIiOLFRVHSHVTXLVDVFRPFpOXODVWURQFRGRLVWHPDVDFHUFDGDYLGDH GDGLJQLGDGHQD&RQVWLWXLomRS >@

6$5/(7,QJR:ROIJDQJ'LJQLGDGHGD3HVVRD+XPDQDS

>@

6$5/(7,QJR:ROIJDQJ'LJQLGDGHGD3HVVRD+XPDQDS

>@

.$17,PPDQXHO)XQGDPHQWDomRGDPHWDItVLFDGRVFRVWXPHV

>@

2 WHUPR WHP VXD RULJHP QR DOHPmR $QHUNHQQXQJ GHULYDGR GR YHUER DQHUNHQQHQ FULDGR QR VpFXOR ;9, D SDUWLU GR ODWLP DJQRVFHUH $TXL R VLJQLILFDGR p R GH LGHQWLILFDU XPD SHVVRD RX XPD FRLVD RX FDUDFWHUtVWLFD SRU PHLR GH XP VDEHU SUpYLR VHMD HVWH SURGXWR RX QmR GH XPD H[SHULrQFLD GLUHWD 0DV R FRQFHLWR ILORVyILFR GR WHUPR DSUHVHQWD XPD PRGLILFDomR XPD YH] TXH VH XOWUDSDVVD DTXL D LGpLD GH XPD ³LGHQWLILFDomRFRJQLWLYDGHXPDSHVVRD´PDVGHYHVHUHQWHQGLGRFRPR³DWULEXLomRGHXPYDORUSRVLWLYRD HVVD SHVVRD DOJR SUy[LPR GR TXH HQWHQGHPRV SRU UHVSHLWR´ $66@

$66@

$/(;@

6$5/(7,QJR:ROIJDQJ'LJQLGDGHGD3HVVRD+XPDQDS

>@

³2 SULQFtSLR IXQGDPHQWDO FRQVDJUDGR SHOD &RQVWLWXLomR )HGHUDO GD GLJQLGDGH GD SHVVRD KXPDQD DSUHVHQWDVH HP XPD GXSOD FRQFHSomR 3ULPHLUDPHQWH SUHYr XP GLUHLWR LQGLYLGXDO SURWHWLYR VHMD HP UHODomR DR SUySULR (VWDGR VHMD HP UHODomR DRV GHPDLV LQGLYtGXRV (P VHJXQGR OXJDU HVWDEHOHFH YHUGDGHLUR GHYHU IXQGDPHQWDO GH WUDWDPHQWR LJXDOLWiULR HQWUH VHPHOKDQWHV (VVH GHYHU FRQILJXUDVH SHOD H[LJrQFLDGRLQGLYtGXRUHVSHLWDUDGLJQLGDGHGHVHXVHPHOKDQWHWDOTXDOD&RQVWLWXLomR)HGHUDOH[LJHTXH OKHUHVSHLWHPDSUySULD´025$(6$OH[DQGUH'LUHLWRV+XPDQRV)XQGDPHQWDLVS >@

6,48(,5$-U3DXOR+DPLOWRQ'LJQLGDGHGD3HVVRD+XPDQDS

>@

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

>@

7RGDYLDXPDOHUWDSURFHGHUDVVLPpLJQRUDURVULVFRVGHUHWURFHGHUDWUDGLomRMXVQDWXUDOLVWDRXSLRU DSDJDU RV WUDoRV GH DXWRQRPLD VLVWrPLFD TXH VHSDUD R GLUHLWR H D PRUDO 9HU +$%(50$6 -UJHQ $ LQFOXVmRGRRXWURHVWXGRVGHWHRULDSROtWLFD7UDGXomR*HRUJH6SHLEHUH3DXOR$VWRU6RHWKH6mR3DXOR /R\ROD >@

9,(,5$2VFDU9LOKHQD'LUHLWRV)XQGDPHQWDLVXPDOHLWXUDGD-XULVSUXGrQFLDGR67)S

>@

9,(,5$2VFDU9LOKHQD'LUHLWRV)XQGDPHQWDLVXPDOHLWXUDGD-XULVSUXGrQFLDGR67)S

>@

1RMXOJDPHQWRGR+&56R67)HQWHQGHXSRUVROXFLRQDUXPVXSRVWRFRQIOLWRHQWUHGLJQLGDGH KXPDQD H GLUHLWR j LQWLPLGDGH QR TXH GL] UHVSHLWR D SRVVLELOLGDGH RX QmR GH FRQGXomR FRHUFLWLYD GR VXSRVWRSDLHPVHGHGHSURFHVVRGHLQYHVWLJDomRGHSDWHUQLGDGH$LQGDTXHSHVHFUtWLFDVjIXQGDPHQWDomR DGRWDGD R 7ULEXQDO FRPSUHHQGHX FRP H[DWLGmR TXH RV LQVWUXPHQWRV LQIUDFRQVWLWXFLRQDLV SULQFLSDOPHQWHDTXHOHVGHRUGHPSURFHVVXDOMiHVWDEHOHFLDPXPVLVWHPDGHRQXVSUREDQGLGHPRGRTXHD UHFXVDHPSURFHGHUDRH[DPHQmRUHSUHVHQWDYDRGHVFXPSULPHQWRGHXPGHYHUSURFHVVXDOGHSURYDPXLWR DQWHV HVWDEHOHFLD XPD SUHVXQomR HP VHQWLGR FRQWUiULR GR DUJXPHQWDGR SHOR LQYHVWLJDGR SUHVXPLQGR D SDWHUQLGDGH >@

':25.,15RQDOG,V'HPRFUDF\3RVVLEOHKHUH"S

>@

+$%(50$6-UJHQ)DFWLFLGDG\9DOLGH]

>@

%DVWDYHUDDILUPDomRGH/XtV5REHUWR%DUURVR³2SULQFtSLRGDGLJQLGDGHGDSHVVRDKXPDQDLGHQWLILFD XP HVSDoR GH LQWHJULGDGH PRUDO D VHU DVVHJXUDGR D WRGDV DV SHVVRDV SRU VXD Vy H[LVWrQFLD QR PXQGR 5HODFLRQDVH WDQWR FRP D OLEHUGDGH H YDORUHV GR HVStULWR TXDQWR FRP DV FRQGLo}HV PDWHULDLV GH VXEVLVWrQFLD´*HVWDomRGHIHWRVDQHQFHIiOLFRVHSHVTXLVDVFRPFpOXODVWURQFRGRLVWHPDVDFHUFDGDYLGDH GDGLJQLGDGHQD&RQVWLWXLomRS >@

6HUi IHLWD XVR GD WUDGXomR SDUD R LQJOrV 63$(0$11 5REHUW 3HUVRQV WKH GLIIHUHQFH EHWZHHQ µVRPHRQH¶DQGµVRPHWKLQJ¶7UDG2OLYHU2'RQRYDQ2[IRUG2[IRUG8QLYHUVLW\3UHVV >@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@ >@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@

3RULVVRPHVPRSDUDRDXWRUDVSHVVRDVVmRPDLVTXHFpUHEURVHPXPUHFLSLHQWHFRUSR 2TXHVHWrP pXPDLQWHUDomRGLQkPLFDTXHFRQIRUPDHSHUPLWHDWUDQVFHQGrQFLDOLQJtVWLFDGDH[SHULrQFLDKXPDQD >@

(VWH KRUL]RQWH p DR PHVPR WHPSR IDWRU OLPLWDGRU H FRQGLomR GH SRVVLELOLGDGH GH WRGD D LQWHUDomR FRPXQLFDWLYDGHVVDFRQVFLrQFLDTXHFKDPDPRVSHVVRD9HU63$(0$115REHUW3HUVRQVWKHGLIIHUHQFH EHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S³+RUL]RQWHpRkPELWRGHYLVmRTXHDEDUFDHHQFHUUDWXGRRTXH pYLVtYHODSDUWLUGHXPGHWHUPLQDGRSRQWR>@$OLQJXDJHPILORVyILFDHPSUHJRXHVVDSDODYUDVREUHWXGR GHVGH1LHW]VFKHH+XVVHUOSDUDFDUDFWHUL]DUDYLQFXODomRGRSHQVDPHQWRjVXDGHWHUPLQLGDGHILQLWDHSDUD FDUDFWHUL]DUFRPLVVRDOHLGRSUHJUHVVRGHDPSOLDomRGRkPELWRYLVXDO$TXHOHTXHQmRWHPXPKRUL]RQWH pXPKRPHPTXHQmRYrVXILFLHQWHPHQWHORQJHHTXHSRUFRQVHJXLQWHVXSHUYDORUL]DRTXHOKHHVWiPDLV SUy[LPR3HORFRQWUiULRWHUKRUL]RQWHVVLJQLILFDQmRHVWDUOLPLWDGRDRTXHKiGHPDLVSUy[LPRPDVSRGHU YHUDOpPGLVVR$TXHOHTXHWHPKRUL]RQWHVVDEHYDORUL]DUFRUUHWDPHQWHRVLJQLILFDGRGHWRGDVDVFRLVDVTXH FDHP GHQWUR GHOHV VHJXQGR RV SDGU}HV GH SUy[LPR H GLVWDQWH GH JUDQGH H SHTXHQR $ HODERUDomR GD VLWXDomRKHUPHQrXWLFDVLJQLILFDHQWmRDREWHQomRGRKRUL]RQWHGHTXHVWLRQDPHQWRFRUUHWRSDUDDVTXHVW}HV TXHVHFRORFDPIUHQWHjWUDGLomR´*$'$0(5+DQV*HRUJ9HUGDGHHPpWRGRS >@ >@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@

KWWSMXVFRPEULPSULPLURDOJRHRDOJXHP

2DOJRHRDOJXpPDWHVHGDSHUVRQDOLGDGHHP5REHUW6SDHPDQQ-XV1DYLJDQGL

>@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@

³'HPRGRJHUDORWHUPRµXWLOLWDULVPR¶GHVLJQDDGRXWULQDVHJXQGRDTXDORYDORUVXSUHPRpDXWLOLGDGH LVWRpDGRXWULQDVHJXQGDDTXDODSURSRVLomRµ[pYDOLRVR¶pFRQVLGHUDGDFRPRVLQ{QLPDGDSURSRVLomRµ[ p~WLO¶2XWLOLWDULVPRSRGHVHUXPDWHQGrQFLDSUiWLFDRXXPDHODERUDomRWHyULFDRXDPEDVDVFRLVDVDXP VyWHPSR&RPRWHQGrQFLDSUiWLFDSRGHVHURUHVXOWDGRGRLQVWLQWRHPSDUWLFXODUGRLQVWLQWRGDHVSpFLH RXFRQVHTrQFLDGHXPFHUWRVLVWHPDGHFUHQoDVRULHQWDGDVSDUDDVFRQYLYrQFLDVGHXPDFRPXQLGDGHGDGD RXPDQLIHVWDomRGHXPDUHIOH[mRLQWHOHFWXDO&RPRHODERUDomRWHyULFDSRGHVHURUHVXOWDGRGDMXVWLILFDomR LQWHOHFWXDOGHXPDSUpYLDDWLWXGHXWLOLWiULDRXDFRQVHTrQFLDGHXPDSXUDWHRUL]DomRVREUHRVFRQFHLWRV IXQGDPHQWDLV pWLFRV H D[LROyJLFRV RX DV GXDV FRLVDV DR PHVPR WHPSR´ )(55$7(5 025$ -RVp 'LFLRQiULRGH)LORVRILDS >@ >@

63$(0$115REHUW¢6RQWRGRVORVKRPEUHVSHUVRQDV"

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@ >@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

%(&&+,3DROR2SULQFtSLRGDGLJQLGDGHKXPDQD

>@

63$(0$115REHUW3HUVRQVWKHGLIIHUHQFHEHWZHHQµVRPHRQH¶DQGµVRPHWKLQJ¶S

>@

63$(0$115REHUW¢6RQWRGRVORVKRPEUHVSHUVRQDV"

>@

³OLQJXDJHPUHOLJLRVDQmRpPDLVVLPSOHVPHQWHFRQVRODWyULDQmRVHUHIHUHDSHQDVjHVIHUDSULYDGDGRV LQGLYtGXRVQHPPHVPRFXPSUHXPDIXQomRWmRVRPHQWHQRLQWHULRUGD/HEHQVZHOWµPXQGRYLWDO¶ PDV H[SULPHUD]}HVRFXSDXPHVSDoRQDµHVIHUDS~EOLFDSROLI{QLFD¶&RQILQDU'HXVH[FOXVLYDPHQWHQRkPELWR SULYDGR GD SUySULD FRQVFLrQFLD VLJQLILFD HVWHULOL]DU D FRQWULEXLomR TXH D UHOLJLmR SRGH RIHUHFHU DR GHVHQYROYLPHQWRGDVRFLHGDGHFLYLO2SURFHVVRGHVHFXODUL]DomRGHYHULDHQWmRFXPSULUVHQmRGHIRUPD GHVWUXWLYDPDVQDIRUPDGHWUDGXomRµ7UDGX]LUDLGpLDGHXPKRPHPFULDGRjLPDJHPHVHPHOKDQoDGH 'HXVQDLGpLDGHXPDLJXDOGLJQLGDGHGHWRGRVRVKRPHQVGHUHVSHLWDUVHLQFRQGLFLRQDOPHQWHFRQVWLWXL XPH[HPSORGHWDOWUDGXomRSUHVHUYDGRUD¶´%(&&+,3DROR2SULQFtSLRGDGLJQLGDGHKXPDQD >@

%DVWD UHFRUUHUVH DV REUDV +211(7+ $[HO /XWD SRU UHFRQKHFLPHQWR $ JUDPiWLFD PRUDO GRV FRQIOLWRVVRFLDLVRX 7$@

1HVVHVHQWLGRQmRKiFRPRGLVFRUGDUGH+DEHUPDV$LQFOXVmRGRRXWURHVWXGRVGHWHRULDSROtWLFD TXDQGR DILUPD D VLQJXODULGDGH GR PRYLPHQWR IHPLQLVWD SRU GLUHLWRV H QD IRUPD FRPR HVWH FRQVHJXLX WUDGX]LUPXLWREHPDLQWHUGHSHQGrQFLDGDDXWRQRPLDSULYDGDHGDDXWRQRPLDS~EOLFD

$%675$&7 7KLV SDSHU DLPV WR GLVFXVV DERXW WKH FRQFHSWV RI SHUVRQ RQ FRQWHPSRUDU\ OHJDO WKHRU\ 8QIRUWXQDWHO\ WKLV VFHQDULR LV WDNHQ E\ D FRQIXVLRQ RI UHDGLQJV EDVHG RQ WKH QRWLRQ RI KXPDQ GLJQLW\ ZLWKRXW KRZHYHU GHHSHQ WKLV XQGHUVWDQGLQJ 7DNLQJ LQWR DFFRXQW WKH WULDO RI $'3) Q DV D SDUDGLJPDWLFFDVH6SDHPDQQSUHVHQWVLWVHOIDVDQLPSRUWDQWDXWKRUDEOHWREULQJYDOXDEOHFRQWULEXWLRQV WRWKHGLVFXVVLRQ .(

Lihat lebih banyak...

O algo e o alguém_ a tese da personalidade em Robert Spaemann - Jus Navigandi

Descrição do Produto

Comentários