Teologia é Falar de Sonhos: Teologia pública e a inclusão da pessoa com deficiência


















































































&RQWULEXL©·HVGR)µUXP7HRORJLDH'HȴFL¬QFLD 3XEOLFD©¥RFRRUGHQDGDSHOR 3URJUDPD'LDFRQLDΖQFOXV¥RGDΖJUHMD(YDQJ«OLFDGH&RQȴVV¥R/XWHUDQDQR%UDVLO 



!



"







"



"



)

#

&



$

*



!

+





"



#

,











-





%







.



,



&

'

"

.

%

&

(





"

VHFUHWDULDJHUDO#LHFOERUJEU /

0

/

0

3HG(VS&ULVWLDQ(YDQGUR6HKQHP3D0D1HOL0DVNH3D0DΖ£UD0¾OOHU 30XULOR-XQJ3D0D6DQGUD.DPLHQ7HK]\3URI'U)HOLSH.RFK%XWWHOOL 1

A

3

0

;

A

2

<

2

4

8

=

9

B

9

B

0

9

4

<

C

<

C

4

2

5

:

2

2

>

6

0

6

0

6

0

5

2

7

6

5

0

6

'L£F0D&DUOD9LOPD-DQGUH\

7

0

9

?

2

@

2

7

/XLV0DUFRV6DQGHUH0DUWKD0DDV

7

D

*U£ȴFD

:

<



E

2





1



3'U0DXUR%DWLVWDGH6RX]D

7

%







)



E





3XEOLFD©¥RUHDOL]DGDFRPDSRLRGD(YDQJHOLVFKȂ/XWKHULVFKH.LUFKHLQ%D\HUQ(/.% (VWDSXEOLFD©¥RHVW£GLVSRQ¯YHOHPIRUPDWRȊSGIȋQRSRUWDOZZZOXWHUDQRVFRPEU $UHSURGX©¥RSDUFLDORXWRWDO«SHUPLWLGDGHVGHTXHLQGLFDGDDIRQWH 'DGRVFDWDORJU£ȴFRV



Teologia é falar de sonhos: Teologia pública e a inclusão da pessoa com deficiência 'U)HOLSH*XVWDYR.RFK%XWWHOOL F

ΖQWURGX©¥R ΖQLFLDOPHQWH « LPSRUWDQWH FRQVLGHUDU DLQGD TXH EUHYHPHQWH R WLSR GH DSUR[LPD©¥R TXHVHID]GHFDGDGLVFXVV¥R2WLSRGHFRPSUHHQV¥RTXHWHQKRGHPLPPHVPRVHU£GHWHU PLQDQWHSDUDRWLSRGHDERUGDJHPTXHSURPRYRVREUHTXDOTXHUWHPD(VWHSURFHGLPHQWR «HVSHFLDOPHQWH¼WLOFRPRLQLFLDWLYDIUDQFDHKRQHVWDTXHLGHQWLȴFDTXDLVSRWHQFLDOLGDGHV PLQKDDSUR[LPD©¥RFDUUHJDFRQVLJRHTXDLVV¥RVXDVYXOQHUDELOLGDGHV $

(VWDWDOYH]VHMDDSULPHLUDUHȵH[¥RVLVWHPDWL]DGDTXHSURPRYRVREUHRWHPDGDLQFOX V¥R GD SHVVRD FRP GHȴFL¬QFLD 1¥R « QR HQWDQWR D SULPHLUD YH] TXHSHQVR VREUH LVVR DW«SRUTXHRVWUDEDOKRVTXHWHQKRGHVHQYROYLGRW¬PDLQFOXV¥RFRPRSDXWDSHUPDQHQWH 3RUWDQWRHVWHSURFHGLPHQWRWHPVLGRXPFDPLQKRGHGXDVYLDVHPTXHPHVLWXRWDPE«P FRPRDOJX«PHPSURFHVVRGHDSUHQGL]DJHPDSUHFLDQGRWDQWRVWHVWHPXQKRVHQJDMDGRVH LPSOLFDGRVFRPDUHDOLGDGHGHFRQY¯YLRFRPDGHȴFL¬QFLDRXFRPSHVVRDVFRPGHȴFL¬QFLD 3RURXWURODGRGHVHMRTXHPLQKDDERUGDJHPSRVVDVRPDUQRTXHGL]UHVSHLWRDRGL£ORJR SURIXQGRFRPDUHDOLGDGHH[LVWHQFLDOGDVSHVVRDVFRPGHȴFL¬QFLDH¢SRVVLELOLGDGHGHWUD ]HUGHVWDH[SHUL¬QFLDGHFRUU¬QFLDVSU£WLFDVSDUDDUHȵH[¥RWHROµJLFD $

$

1HVWHVHQWLGRDFKRSHUWLQHQWHRFRQYLWHSDUDVXJHULUXPDDERUGDJHPGHVGHDWHRORJLD S¼EOLFDLQGHSHQGHQWHPHQWHGRTXHYHQKDDVHULVWRGHIDWR2TXHFKDPDDDWHQ©¥R«R LQWHUHVVHHDFRQVFL¬QFLDSU«YLDGHTXHDLQFOXV¥RGDSHVVRDFRPGHȴFL¬QFLD«XPWHPD LPSRUWDQWHDVHUGLVFXWLGRGHVGHDSHUVSHFWLYDWHROµJLFD3RURXWURODGRDSHUJXQWDSHOR DVSHFWRS¼EOLFRGHVWDUHȵH[¥RDSRQWDSDUDDFRQVFL¬QFLDGHTXHHVWDUHȵH[¥RWHROµJLFDVR EUHDH[SHUL¬QFLDHFRQGL©¥RGDSHVVRDFRPGHȴFL¬QFLDGHYHVHGHVHQYROYHUGHVGHHSDUD GHQWURGRHVSD©RS¼EOLFRDUWLFXODQGRVHFRPDVRFLHGDGHFLYLOFRPR(VWDGRHFRPRXWUDV LQVWLWXL©·HVUHOLJLRVDVHVWUDW«JLFDVSDUDVXSHUDUGLȴFXOGDGHVHYLYHQFLDUDLQFOXV¥RGHPRGR PDLVTXDOLȴFDGRHDPSOR $

(VWDSHUVSHFWLYDPHGHVDȴDSHVVRDOPHQWHHFKDPD¢UHVSRQVDELOLGDGHDTXHODVSHVVRDV TXHUHȵHWHPVREUHRSDSHOGDWHRORJLDQRHVSD©RS¼EOLFRDWHQWDQGRDRLQFRQWHVWHIDWRGH TXHDLQFOXV¥RGDSHVVRDFRPGHȴFL¬QFLDGHYHSHUȴODUVHQRUROGDVOXWDVSRUOLEHUWD©¥R QRFRQWH[WRGDVRFLHGDGHGHPRFU£WLFDSDXWDQGRQRVVDDJHQGDHGHPDQGDQGRRQRVVR FRPSURPHWLPHQWR VH YHUGDGHLUDPHQWH FRQVLGHUDPRV TXH R FRPSURPLVVR FULVW¥R SDUWH GDVPDUJHQVHGRVHVSD©RVHPTXHDH[FOXV¥RHDYLRO¬QFLDVHH[SUHVVDPGRPRGRPDLV .

,

QHIDVWRFRPR«RFDVRGDUHDOLGDGHGHH[FOXV¥RGDSHVVRDFRPGHȴFL¬QFLD

'RVRQKR¢VOXWDVS¼EOLFDV 7RGDWHRORJLDGHYHSDUWLUGHXPVRQKR3DUWHGDHVSHUDQ©DGDI«GDHVFDWROµJLFDH[ SHFWDWLYDHGDLPDJLQD©¥RFULDWLYDGHTXHRPXQGRSRGHHGHYHVHUGLIHUHQWHGRTXH«3RU LVVRRWHPDȊWHRORJLDS¼EOLFDHLQFOXV¥RGDSHVVRDFRPGHȴFL¬QFLDȋPHSDUHFHXDVV«SWLFR HGHPDVLDGDPHQWHQHXWURQRTXHGL]UHVSHLWRDRQHFHVV£ULRHQYROYLPHQWRTXHWHPRVTXH WHUFRPRVQRVVRVVRQKRVHRVQRVVRVGHVHMRVPDLVSURIXQGRVXWµSLFRVGHFRQVWUX©¥RGH XPPXQGRPDLVLQFOXVLYR'HVWHPRGRGHFLGLFROKHUWU¬VGHSRLPHQWRVTXHGHVVHPYR]¢ FDU¬QFLDGHHVSHUDQ©DH¢QHFHVVLGDGHGHDUWLFXODUVRQKRVQHVWHSHUFXUVRUHȵH[LYR $

2SULPHLURGHSRLPHQWR«GRKLVWRULDGRUXUXJXDLR(GXDUGR*DOHDQR2DXWRUGH9HLDV $EHUWDVGD$P«ULFD/DWLQDUDGLFDGRQD$UJHQWLQDDSUHVHQWDUHLWHUDGDPHQWHVXDWHQWDWLYD GHOHUDKLVWµULDGD$P«ULFD/DWLQDGHVGHDVPDUJHQVGHVGHRVIUDJPHQWRVGHKLVWµULDVVL OHQFLDGDV2OKDQGRDWUDY«VGRVGLVFXUVRVGRPLQDQWHVGDVYHUV·HVYHQFHGRUDVGDKLVWµULD TXHVHLQVFUHYHUDPQRVOLYURVGLG£WLFRVHQDVQRVVDVYLV·HVGHPXQGR*DOHDQRSURFXUD HQFRQWUDUSHGD©RVGHHVSHOKRTXHUHȵHWHPDH[SHUL¬QFLDGDTXHODVSHVVRDVTXHQ¥RWLYH UDPVXDVQDUUDWLYDVSHUSHWXDGDVQDKLVWµULDRȴFLDO(VWHSDUHFHVHUXPFRQW¯QXRGHVDȴR TXHQRVFDEHDRID]HUWHRORJLDDVDEHUFROKHURXYLULPDJLQDUHGDUYR]¢VH[SHUL¬QFLDV LQYLV¯YHLVVLOHQFLDGDVHTXHSRUYH]HVQHPVDEHPGHVLPHVPDVYLYHQGRQDVRPEUDGRV GLVFXUVRVGRPLQDQWHV1HVWHSURFHVVRWDPE«PRVVRQKRVV¥RHVTXHFLGRVSHUGLGRVHFD ODGRV'HL[DPGHH[LVWLU"‹RVREUHLVVRTXHUHȵHWH*DOHDQR $

$

$

2V«FXOR;;TXHQDVFHXDQXQFLDQGRSD]HMXVWL©DPRUUHXEDQKDGRHPVDQJXHHGHL[RX XP PXQGR PXLWR PDLV LQMXVWR TXH R TXH KDYLD HQFRQWUDGR 2 V«FXOR ;;Ζ TXH WDPE«P QDVFHXDQXQFLDQGRSD]HMXVWL©DHVW£VHJXLQGRRVSDVVRVGRV«FXORDQWHULRU/£QDPLQKD LQI¤QFLDHXHVWDYDFRQYHQFLGRGHTXHWXGRTXHQDWHUUDVHSHUGLDLDSDUDUQDOXD1RHQ WDQWR RV DVWURQDXWDV Q¥R HQFRQWUDUDP VRQKRV SHULJRVRV QHP SURPHVVDV WUD¯GDV QHP HVSHUDQ©DVURWDV6HQ¥RHVW¥RQDOXDRQGHHVW¥R"6HU£TXHQDWHUUDQ¥RVHSHUGHUDP" 6HU£TXHQDWHUUDVHHVFRQGHUDP" $

H

2XWURDXWRUGHVWDYH]XPWHµORJRTXHUHȵHWHVREUHDLPSRUW¤QFLDGDHVSHUDQ©DSDUDD UHȵH[¥RWHROµJLFD«RIUHLGRPLQLFDQRVXODIULFDQR$OEHUW1RODQ$OEHUW1RODQIRLXPDWLYLVWD FRQWUDRDSDUWKHLGIXQGRXRΖQVWLWXWRGH7HRORJLD&RQWH[WXDOQDƒIULFDGR6XOTXHSURPR YHXUHȵH[¥RHGLYHUVDVLQLFLDWLYDVQRPRYLPHQWRGHFRQWH[WXDOL]D©¥RGDUHȵH[¥RWHROµJLFD $WHRORJLDFRQWH[WXDOQDƒIULFDGR6XOȂHHPGLYHUVRVRXWURVSD¯VHVȂWRUQRXVHXPDUHIH U¬QFLDGDWHRORJLDGDOLEHUWD©¥RUHȵHWLQGRVREUHDQHFHVVLGDGHGHFRQVWUX©¥RGHVDEHUHV TXHSDUWDPGDUHDOLGDGHH[LVWHQFLDOGHTXHPYLYHDH[SHUL¬QFLDGDH[FOXV¥RHRVRIULPHQWR GHODDGYLQGR1RODQWDPE«PIRLXPGRVSULQFLSDLVPHQWRUHVHUHGDWRUHVGRGRFXPHQWR .DLUµV SXEOLFDGR QD ƒIULFD GR 6XO HP  (VWH GRFXPHQWR IRL XPD GDV UHIHU¬QFLDV GD YLUDGDGRSRVLFLRQDPHQWRGDVLJUHMDVFRQWUDRDSDUWKHLGTXHDW«HQW¥RSHUPDQHFLDPHP XPSRVL©¥RGHQHXWUDOLGDGH1RODQIRUPXORXXPDWHRORJLDGRNDLUµVRXVHMDXPDWHROR JLDTXHLGHQWLȴFDRWHPSRRSRUWXQRGDD©¥RGH'HXVQDUHDOLGDGHVXODIULFDQD2WHµORJR VH WRUQRX XPD GDV UHIHU¬QFLDV QD GLVFXVV¥R GD FKDPDGD WHRORJLD SURI«WLFD (P UHFHQWH SXEOLFD©¥R1RODQLGHQWLȴFDTXHGLIHUHQWHPHQWHGRVWHPSRVGHOXWDFRQWUDRDSDUWKHLG YLYHPRVHPXPWHPSRHPTXHDVHVSHUDQ©DVHVW¥RVHHVYDLQGR$VVLPHOHGHVFUHYHVHX GLDJQµVWLFRVREUHQRVVRWHPSR $

$

$

8PDFDUDFWHU¯VWLFDLPSRUWDQWHGRVQRVVRVWHPSRVSRU«P>@«RGHVHVSHUR9LYHPRV 

G

HPWHPSRVGHGHVHVSHUR'XUDQWHV«FXORVYLYHPRVDH[SHUL¬QFLDGDHVSHUDQ©DHGRRWL PLVPRGHXPWLSRRXGHRXWURȂSRO¯WLFDHFRQ¶PLFDFLHQW¯ȴFDHUHOLJLRVD+RMHGHUHSHQWH TXDVHWRGRVPHUJXOKDUDPHPXPHVWDGRGHGHVHVSHUR(VVH«RQRVVRQRYRFRQWH[WRRX SHORPHQRVRHVWDGRGHHVS¯ULWRTXHVHQWLPRVFRPPDLVLQWHQVLGDGHHPQRVVRVGLDV>@ 9LYHPRVHPWHPSRVGHGHVHVSHURQ¥RVµSRUTXHDVSHVVRDVFRQVWUX¯UDPVXDVHVSHUDQ ©DVVREUHDDUHLDPRYHGL©DPDVWDPE«PSRUTXHPXLWRVHVWLYHUDPHVSHUDQGRSRUFRLVDV  $

$

&

%

%



E





I

2UDDHVSHUDQ©D«HOHPHQWRE£VLFRGDI«FULVW¥$SHVVRDFULVW¥«DTXHODTXHVHFDUDFWH UL]DSHODHVSHUDQ©DFRPRDVVHYHUDRDSµVWROR3DXORDRUHIHULUVH¢I«GH$EUD¥RHP5P Ȋ$EUD¥RHVSHUDQGRFRQWUDDHVSHUDQ©DFUHXSDUDYLUDVHUSDLGHPXLWDVQD©·HVȋ 1RVVDUHȵH[¥RWHROµJLFDHVSHFLȴFDPHQWHQRTXHGL]UHVSHLWR¢LQFOXV¥RGDSHVVRDFRP GHȴFL¬QFLDSUHFLVDSDUWLUGDHVSHUDQ©D $

8P¼OWLPRGHSRLPHQWR«GRDUFHELVSRDQJOLFDQR'HVPRQG7XWX7XWXUHFHEHXR3U¬PLR 1REHOGD3D]HPSHODVXDLQFHVVDQWHOXWDFRQWUDRUDFLVPRHFRQWUDRDSDUWKHLGQD ƒIULFDGR6XO)RLRSULPHLURDUFHELVSRQHJURGDΖJUHMD$QJOLFDQDQDƒIULFDGR6XOHGXUDQWH RDSDUWKHLGYLYLDLOHJDOPHQWHHP£UHDUHVHUYDGDDSHVVRDVEUDQFDVQRUHJLPHGHVHJUHJD ©¥RUDFLDOTXHPDUFDYDRDSDUWKHLG'HSRLVGRȴPGRDSDUWKHLG7XWXFRRUGHQRXD&RPLV V¥RGH9HUGDGHH5HFRQFLOLD©¥RQDƒIULFDGR6XOTXHSURFXURXSURPRYHUDUHFRQFLOLD©¥RH RSRUWXQL]DUDYLGDSDF¯ȴFDHPVRFLHGDGHHQWUHSHVVRDVQHJUDVHEUDQFDV7XWXVHGHVWDFRX SHODOXWDSHODSD]PXQGLDOGHGLYHUVDVPDQHLUDVWRUQRXVHXP¯FRQHQDOXWDFRQWUDR+Ζ9 $Ζ'6HPDLVUHFHQWHPHQWHWHPVLGRXPDGDVSULQFLSDLVUHIHU¬QFLDVGHSURWHVWRHGHQ¼QFLD FRQWUDRDSDUWKHLGSURPRYLGRSHOR(VWDGRGHΖVUDHOFRQWUDRSRYRSDOHVWLQR $

$

(PRFDVL¥RUHFHQWH'HVPRQG7XWXIRUPXORXDLPSRUW¤QFLDGRVVRQKRVSDUDDFRQVWUX ©¥RGHXPDVRFLHGDGHPDLVLJXDOLW£ULDHLQFOXVLYDQRVVHJXLQWHVWHUPRV

$

1µVWHPRVXP'HXVH[WUDRUGLQ£ULRTXH«RQLSRWHQWH0DVHVWH'HXVH[WUDRUGLQ£ULDH SDUDGR[DOPHQWHWDPE«P«LPSRWHQWH4XDQGRDOJX«PHVW£FRPIRPHQµVQ¥RYHPRV ȊVDPXVDVȋ>FRPLGDWUDGLFLRQDOVXODIULFDQD@GHVFHQGRGRF«X6HXPDSHVVRDIDPLQWDWHP TXHVHUDOLPHQWDGDHVWH'HXVRQLSRWHQWHHVSHUDSRUQµVSDUDVHUPRVSDUFHLURVGH'HXV SDUDTXHRPLODJUHGDDOLPHQWD©¥RGRVIDPLQWRVDFRQWH©D>@(XVXSOLFRDYRF¬VTXHVR QKHP6RQKHPRPDLVLGHDOLVWLFDPHQWHTXHYRF¬VSXGHUHP6RQKHPRVRQKRGH'HXV 6RQKHPTXDQGRYRF¬VIRUHPVDLUSDUDXPPXQGRTXH«W¥RGHVLJXDO6RQKHPFRPXP PXQGRGLIHUHQWH>@'HXVHVSHUDSRUYRF¬YRF¬YRF¬SDUDVRQKDURVRQKRGH'HXV GHXPWLSRGLIHUHQWHGHPXQGR8PPXQGRFRPFRPSDL[¥RXPPXQGRFXLGDGRVRXP PXQGRGHSDUWLOKDH'HXVGL]HXQ¥RWHQKRQLQJX«PH[FHWRYRF¬YRF¬YRF¬('HXV GL]PHDMXGH3RUIDYRUPHDMXGH$MXGHPHDUHDOL]DURPHXVRQKR $

1HVWH VHQWLGR LGHQWLȴFR TXH QRVVD WDUHID HQTXDQWR LJUHMD HP HVSHF¯ȴFR QR ¤PELWR GDUHȵH[¥RWHROµJLFD«DGHDOLPHQWDUVRQKRVVXVFLWDUHVSHUDQ©DVSURMHWDUXPIXWXUR GLIHUHQWH(VWDSHUJXQWDHVW£SUHVHQWHQDGLVFXVV¥RVREUHDLQFOXV¥RGDSHVVRDFRPGH ȴFL¬QFLDFRPR«SRVV¯YHOSHUFHEHUHPFDUWLOKDRUJDQL]DGDSHODΖ(&/%HPFKDPDGD 1RUPDO«VHUGLIHUHQWH$OL«FRORFDGDDSHUJXQWDTXHSHQVRGHYHQRVJXLDUQHVWDUHȵH [¥RVREUHFRPRSRGHPDWHRORJLDHDLJUHMDFRQWULEXLUSDUDUHDOL]DURVVRQKRVHDVHVSH UDQ©DVGDVSHVVRDVFRPGHȴFL¬QFLDȊ3RGHDΖJUHMDKRMHVHUHVSHUDQ©DSDUDSHVVRDVFRP GHȴFL¬QFLD"ȋΖ(&/%  $

$

$

ΖQWURGX©¥R¢WHRORJLDS¼EOLFDRXSRUTXHIDODUHPWHRORJLDS¼EOLFD $SµVXPEUHYHWUDMHWRTXHUHVVDOWRXRSDSHOGRVVRQKRVHGDHVSHUDQ©DSDUDDUHȵH[¥R .



WHROµJLFDDSHUJXQWDTXHJXLDHVWDUHȵH[¥R«SHODFRQWULEXL©¥RTXHDWHRORJLDS¼EOLFDHQ TXDQWRXPDIHUUDPHQWDEDVWDQWHXWLOL]DGDUHFHQWHPHQWHSRGHRIHUHFHUSDUDDOXWDSHOD FRQFUHWL]D©¥R GRV VRQKRV H GDV HVSHUDQ©DV QR TXH GL] UHVSHLWR ¢ LQFOXV¥R GDV SHVVRDV FRP GHȴFL¬QFLD ΖQLFLDOPHQWH SRGHPRV SHUJXQWDU SRU TXH DERUGDU HVWD TXHVW¥R GHVGH DWHRORJLDS¼EOLFD2XSRVWRGHRXWUDPDQHLUDTXDO«RGLIHUHQFLDORXDHVSHFLȴFLGDGHGH XPDDERUGDJHPGHVGHDWHRORJLDS¼EOLFDSDUDGLVFXWLUDLQFOXV¥RGDSHVVRDFRPGHȴFL¬Q FLD3DUDUHVSRQGHUDHVWHTXHVWLRQDPHQWR«LPSRUWDQWHDSUHVHQWDUEUHYHPHQWHRTXHVH FRPSUHHQGHGHPRGRPDLVJHUDOHHPGLIHUHQWHVFRQWH[WRVSRUWHRORJLDS¼EOLFD$SµVHVWH SHUFXUVRDSUHVHQWDUHLXPDVXJHVW¥RGHSHUFHS©¥RGHWHRORJLDS¼EOLFDTXHSRGHFRQWULEXLU GHPRGRPDLVDGHTXDGRSDUDDHIHWLYD©¥RGRVVRQKRVGDVHVSHUDQ©DVGHTXHPSURMHWDXP IXWXURHXPSUHVHQWH GHLQFOXV¥RHGHVROLGDULHGDGH $

$

2WHµORJRVXODIULFDQR'LUN6PLWIRUQHFHXXPDIHUUDPHQWDLQWHUHVVDQWHSDUDFRPSUHHQ GHUPRVGHPRGRJHUDORTXHVHWHPIDODGRVREUHWHRORJLDS¼EOLFDSRUD¯ (OHLGHQWLȴFRX DOJXQVGLVFXUVRVTXHFLUFXODPHTXHDFDEDPGHȴQLQGRDVSHUFHS©·HVGRTXHYHQKDDVHU WHRORJLDS¼EOLFD&KDPDHVWHVGLVFXUVRVGHQDUUDWLYDVRXȊHVWµULDVȋ1RLQJO¬VK£XPDGLV WLQ©¥RHQWUHDSDODYUDKLVWµULDKLVWRU\  HRTXHFKDP£YDPRVGHHVWµULDVWRU\ $OJXQVWH µULFRVGDO¯QJXDSRUWXJXHVDLQVLVWHPHPGL]HUTXHDSDODYUDȊHVWµULDȋQ¥RH[LVWHHVXJHUHP TXHGHYDPRVIDODUHPQDUUDWLYDV7UDJRHVWHEUHYHH[FXUVRQDUHȵH[¥RSDUDUHFRUGDUTXH WRGDKLVWµULD«ȊHVWµULDȋRXQDUUDWLYD$SUHWHQV¥RGHREMHWLYLGDGHGDVQDUUDWLYDVVHPSUH HVW£QRSURMHWRSRO¯WLFRGRVVXMHLWRVTXHDGHIHQGHP7RGDKLVWµULD«XPDȊHVWµULDȋSRU WDQWRVHPSUHDSUHVHQWDXPSRQWRGHYLVWDHXPSURMHWRXPDDJHQGDSRO¯WLFD3RULVVR FRQVLGHUDUHPRVFRPRRID]'LUN6PLWTXHK£XPDGLYHUVLGDGHGHYHUV·HVVREUHRTXH« WHRORJLDS¼EOLFDHQµVGHYHPRVFRQVWUXLUDTXHODTXHPDLVQRVLQWHUHVVDHTXHGL]UHVSHLWR ¢QRVVDYLGDHQRVVDVSUHRFXSD©·HVVHUHDOPHQWHDFKDUPRVTXH«LPSRUWDQWHIDODUVREUH DSXEOLFLGDGHGDUHȵH[¥RWHROµJLFD $

K

$

$

L

$

6PLWID]XPDGLIHUHQFLD©¥RHQWUHDVQDUUDWLYDVRXHVWµULDVGRPLQDQWHVHDVTXHHXFKD PRGHDOWHUQDWLYDVTXHIRUDPFRQVWUX¯GDVQDVOXWDVSRUOLEHUWD©¥RQRFRQWH[WRGRKHPLV I«ULRVXOHDVHVWµULDVTXHVHSUHRFXSDPFRPXPV¼ELWRUHWRUQRGDUHOLJL¥RDRPXQGRTXH DW«HQW¥RHUDVHFXODUL]DGRHTXHGHIDWR«FDUDFWHUL]DGRSHODSOXUDOLGDGHUHOLJLRVD $

$

$VQDUUDWLYDVGRPLQDQWHVY¬PGRVFRQWH[WRVTXHKLVWRULFDPHQWHVHFRPSUHHQGHPVHP SUH FRPR RV SURGXWRUHVH[SRUWDGRUHV GR FRQKHFLPHQWR SRUWDQWR LGHQWLȴFDP REMHWLYD PHQWHDJ¬QHVHGRSHQVDPHQWRHPVXDVȴOHLUDVDFDG¬PLFDV

$

$

D $SULPHLUDQDUUDWLYDGRPLQDQWHWUDWDGDIRUPXOD©¥RRXXVRGRWHUPRWHRORJLDS¼EOLFD QRV (VWDGRV 8QLGRV GD $P«ULFD (P  R WHµORJR OXWHUDQR 0DUWLQ 0DUW\ GHVFUHYHX D D©¥RGH5HLQKROG1LHEXKUWDPE«PWHµORJRFRPRWHRORJLDS¼EOLFD XPDYH]TXH1LHEXKU HUDXPDUHIHU¬QFLDSDUDGLVFXWLU«WLFDHSRO¯WLFDQDVRFLHGDGHFRPRXPWRGRQ¥RDSHQDVQR PHLRWHROµJLFRRXUHOLJLRVR(VWHWLSRGHSU£WLFDEHPFRPRDDWXD©¥RSHORVGLUHLWRVFLYLVGH SHVVRDVQHJUDVSRUSDUWHGH0DUWLQ/XWKHU.LQJ-UIRLFDUDFWHUL]DGDFRPRWHRORJLDS¼EOLFD RTXH5REHUW%HOODKYHLRSRVWHULRUPHQWHDH[SORUDUFRPRH[HUF¯FLRGHXPD5HOLJL¥R&LYLO  2XVHMDK£XPDPRUDOUHOLJLRVDRXXPDWHRORJLDS¼EOLFDSUHVHQWHVQDVSRVWXUDVHDWLWXGHV SRO¯WLFDV «WLFDV TXH GHYHP SDXWDU H FRQVWUXLU XP FRPSRUWDPHQWR FLYLO QRUWHDPHULFDQR «WLFRHPRUDO7HRORJLDS¼EOLFDQHVWHFDVRSDXWDXPDUD]¥RVHFXODU1HVWHVHQWLGR'DYLG 7UDF\WDPE«PIRLXPDLQȵX¬QFLDPDUFDQWH DRGLDORJDUFRPDSHUVSHFWLYDKDEHUPDVLDQD GHTXHDWHRORJLDGHYHDSUHVHQWDUVHHQTXDQWRXPGLVFXUVRS¼EOLFR WUDGX]LGRSDUDDOLQ JXDJHPGDVRFLHGDGHVHFXODU1RFRQWH[WRGDHVIHUDS¼EOLFDFRPRGHȴQH+DEHUPDVDWH RORJLD«PDLVXPGRVGLVFXUVRVTXHVHDSUHVHQWDHWUDEDOKDGLDORJLFDPHQWHSDUDFRQVWLWXLU FRQVHQVRVSDUDDPHOKRULDGDYLGDHPVRFLHGDGH M

N

O

$

P

$



J

E $VHJXQGDQDUUDWLYDGRPLQDQWHȂTXHFRPSHWHFRPDSULPHLUDPDVTXHDUJXPHQWD QDPHVPDOLQKDȂGHWHRORJLDS¼EOLFDHQTXDQWRXPDUD]¥RVHFXODUHQFRQWUDEHU©RQD(XUR SDPDLVHVSHFLȴFDPHQWHQD$OHPDQKD$SUHRFXSD©¥RFRPDUHȵH[¥RVREUHDSXEOLFLGDGH GDΖJUHMD.LUFKHXQG˜΍HQWOLFKNHLW M£IRUDIRUPXODGDSRU+HOPXW7KLHOLFNHHP1R HQWDQWRIRLRWHµORJR:ROIJDQJ+XEHUTXHHPDȴUPRXTXHDWHRORJLDGHYHULDWRUQDU VHS¼EOLFDHDEHUWD1HVWHVHQWLGRWHRORJLDS¼EOLFDQ¥R«XPSURJUDPDFRPRSDUHFHVHUD YLV¥RQRUWHDPHULFDQDPDVXPPRGRGHID]HUWHRORJLDDEHUWD¢VTXHVW·HVGDVRFLHGDGHH DWXDQWHFU¯WLFDHFRQVWUXWLYDPHQWH $

F $PEDVDVDERUGDJHQVDQWHULRUHVDSUHVHQWDPXPDYLV¥RVHPHOKDQWH7HRORJLDS¼EOL FD«XPGLVFXUVRUDFLRQDOTXHGHYHVHSURMHWDUDRHVSD©RS¼EOLFRSDUDGLDORJDUHGHEDWHU FRQVWUXWLYDHFULWLFDPHQWHFRPRXWUDVUD]·HVRXRXWURVGLVFXUVRV$VWHRORJLDVS¼EOLFDVTXH FKDPRGHDOWHUQDWLYDVQRHQWDQWRGLIHUHQFLDPVHTXDOLWDWLYDPHQWHGDVDQWHULRUHV7UDWD VHGDVWHRORJLDVIRUMDGDVQDVOXWDVSRUOLEHUWD©¥R(VWDVWHRORJLDVHQFRQWUDPVHPDMRULWDULD PHQWHQRKHPLVI«ULRVXOH[SORUDGRSRO¯WLFDHHFRQRPLFDPHQWHHHPFRQVWDQWHEXVFDSRU OLEHUWD©¥RQDVUHOD©·HVFRORQLDLVHPWRGDVDVGLPHQV·HVGDFRORQLDOLGDGHSRO¯WLFDHFRQ¶ PLFDFXOWXUDOHSLVWHPROµJLFDHWF (ODVHQFRQWUDPUHGXWRQDVWHRORJLDVGHOLEHUWD©¥RQDV WHRORJLDVQHJUDVDVL£WLFDVIHPLQLVWDVLQG¯JHQDVHWF(VWDVWHRORJLDVQ¥RVHFRPSUHHQGHP YLDGHUHJUDFRPRWHRORJLDVS¼EOLFDVVREUHWXGRVHFRQVLGHUDUPRVDVDFHS©·HVDSUHVHQWD GDVDQWHULRUPHQWH6¥RWHRORJLDVSRO¯WLFDV$DWXD©¥RS¼EOLFDGHVWDVWHRORJLDVQ¥R«WDQWR UDFLRQDOHPWHUPRVGHFRQVWUX©¥RGHXPGLVFXUVRS¼EOLFRWUDGX]LGRSDUDXPDOLQJXDJHP VHFXODUPDVXPDDWXD©¥RPLOLWDQWHHGHUHVLVW¬QFLD $

$

$

$

(VWDDERUGDJHPGDVWHRORJLDVS¼EOLFDVGHUHVLVW¬QFLDRXGHOXWDVS¼EOLFDVSDUWHGRSUHV VXSRVWRGHTXHDDYDOLD©¥RGHTXHDWHRORJLDWHPXPSDSHOS¼EOLFRDGHVHPSHQKDUHGHYH UHȵHWLUVREUHVXDDWXD©¥RS¼EOLFDQDVRFLHGDGHQ¥R«XPDSUHPLVVD¼QLFDGDVQDUUDWLYDV GRPLQDQWHV7DPE«PQRKHPLVI«ULRVXOHVWDGHPDQGDHHVWDUHȵH[¥RVHGHVHQYROYHUDP SRU RXWURV FDPLQKRV H FRP RXWURV URVWRV ‹ HYLGHQWH TXH HVWD LGHQWLȴFD©¥R SU£WLFD WH ROµJLFD H SRO¯WLFD GDV WHRORJLDV GD OLEHUWD©¥R FRPR WHRORJLDV S¼EOLFDVWHP XP ULVFR PDV WHP WDPE«P XP FDU£WHU SRVLWLYR 2 ULVFR « GH VXEVXPLU D H[SHUL¬QFLD GDV WHRORJLDV GH OLEHUWD©¥RHGHSHUPLWLUXPDDQH[D©¥RGHVWDVDXPDSUHWHQVDWHRORJLDS¼EOLFDXQLYHUVDO GHWHUPLQDGDQRYDPHQWHSHODVQDUUDWLYDVGRPLQDQWHVGHWHRORJLDS¼EOLFD$ȴUPDUDSOXUD OLGDGHGDVDERUGDJHQVHRFDU£WHUQDUUDWLYRGHFDGDȊHVWµULDȋVREUHWHRORJLDS¼EOLFDDMXGD DFRPSUHHQGHUPRVTXHHVWDSUHRFXSD©¥RSHODSXEOLFLGDGHGDWHRORJLDVXUJLXHPGLYHUVRV OXJDUHVHGHGLYHUVDVPDQHLUDV7HRORJLDS¼EOLFDGHYHVHUSROLF¬QWULFDHFRQWH[WXDO2FD U£WHUSRVLWLYRHVW£UHODFLRQDGR¢SRVVLELOLGDGHGHDUWLFXODUPRVXPDUHȵH[¥RDPSODHDSUR IXQGDGDVREUHRSDSHOGDWHRORJLDQRFRQWH[WRGHPRFU£WLFRHUHOLJLRVDPHQWHSOXUDOTXH YLYHPRV3RULVVR6PLWLGHQWLȴFD $

$

$

$

$

(PFDGDFDVRDQDUUDWLYDGDWHRORJLDS¼EOLFDIRLGLIHUHQWHEDVHDGDHPKLVWµULDVSDUWLFX ODUHVHQRVUHVSHFWLYRVFRQWH[WRV1¥RVHWUDWDFRQVHTXHQWHPHQWHGHLGHLDVSDUWLFXODUHV VREUHWHRORJLDS¼EOLFDGDH[SHUL¬QFLDDPHULFDQDVHQGRJUDGXDOPHQWHFRQKHFLGDVHDFHLWDV QHVWHVFRQWH[WRVWDPE«P$YHUGDGH«DQWHVGLVVRTXHWRGDVHVVDVVRFLHGDGHVW¬PVXDV SUµSULDV KLVWµULDV SDUWLFXODUHV FRQFHUQHQWHV DR SDSHO GD WHRORJLD QD YLGD S¼EOLFD VHMD R WHUPRWHRORJLDS¼EOLFDXWLOL]DGRRXQ¥R'HIDWRHVVDFRQWH[WXDOLGDGHUDGLFDOHFRPSOH[D« SDUWHLQWHJUDQWHGDKLVWµULDGDWHRORJLDS¼EOLFD  $

F

Q

G 2XWURIDWRUTXHUHVVDOWDDLPSRUW¤QFLDGDGLVFXVV¥RVREUHRFDU£WHUS¼EOLFRGDWHROR JLDHGDUHOLJL¥R«RDGYHQWRGDJOREDOL]D©¥RGHXPDVRFLHGDGHFLYLOJOREDOL]DGDTXHDWXD HPUHGHHSOXUDOGRSRQWRGHYLVWDUHOLJLRVR1HVWHHVSD©RK£XPDDWXD©¥RIRUWHGRPR YLPHQWR HFXP¬QLFR ‹ SRVV¯YHO SHUFHEHUPRV XPD SUHRFXSD©¥R GR &RQVHOKR 0XQGLDO GH $

$

.

!

ΖJUHMDV&0Ζ SRUH[HPSORFRPRFDU£WHUS¼EOLFRGDWHRORJLD6REUHWXGRGHVGHDG«FDGD GHR&0ΖWHPSURPRYLGRDSULRUL]D©¥RGHXPDSDXWDSRO¯WLFDTXHFRPSUHHQGHFRPR IXQGDPHQWDODDWXD©¥RS¼EOLFDGDLQVWLWXL©¥R$VVLPR&0ΖWHYHSDSHOGHWHUPLQDQWHQDV OXWDVFRQWUDDVGLWDGXUDVODWLQRDPHULFDQDVHWDPE«PQDOXWDFRQWUDRDSDUWKHLGQDƒIULFD GR6XODRVXJHULUWHPDVSURPRYHUGHEDWHVHDSRLDUD©·HVSRO¯WLFDVGHUHVLVW¬QFLD 2XWURDVSHFWRTXHWURX[HIRUWHPHQWH¢SDXWDLQWHUQDFLRQDORSDSHOS¼EOLFRGDUHOLJL¥R IRLRDWHQWDGR¢V7RUUHV*¬PHDVQRV(VWDGRV8QLGRV$RPHQRVQRFRQWH[WRGRKHPLVI«ULR QRUWHHVWHIDWRWHULDPDUFDGRXPUHWRUQRGRVDJUDGRXPDUHVVXUUHL©¥RGDUHOLJL¥RQXP PXQGRTXHM£KDYLDVHGHVHQFDQWDQGRFRPRGL]LD0D[:HEHU(VWH¼OWLPRSRQWRWDOYH] Q¥RVHMDPXLWRVLJQLȴFDWLYRSDUDQµVTXHYLYHPRVQD$P«ULFD/DWLQDQRKHPLVI«ULRVXOGH PRGRJHUDO XPDYH]TXHDTXLDUHOLJL¥RVHPSUHHVWHYHSUHVHQWHHVHPSUHIH]SDUWHGD YLGDLQGLYLGXDOHFROHWLYD D SRQWRGHSUHFLVDUPRV UHLWHUDGDPHQWH GLVFXWLUD ODLFLGDGHGR (VWDGRRVOLPLWHVGDUHOLJL¥RQRHVSD©RS¼EOLFR1HVWHVHQWLGRDGLVFXVV¥RVREUHWHRORJLD S¼EOLFD«LPSRUWDQWHVREUHWXGRQRTXHGL]UHVSHLWR¢UHOD©¥RHQWUH(VWDGRODLFRHUHOLJL¥R H¢GHIHVDGDSOXUDOLGDGHHGLYHUVLGDGHUHOLJLRVD 1R%UDVLODUHȵH[¥RVREUHWHRORJLDS¼EOLFDWHPVHFRQFHQWUDGRHPWRUQRGHWU¬VHL[RV SULQFLSDLV D 2SULPHLURDUWLFXODDFLGDGDQLDDFDG¬PLFDGDWHRORJLD3URFXUDIRUPXODUXPDHSLVWH PRORJLDSDUDDWHRORJLDTXHSRVVLELOLWHDVXDDSUR[LPD©¥RDRXQLYHUVRDFDG¬PLFRTXHSHU PLWDXPGL£ORJRLQWHUGLVFLSOLQDUTXHGLVFXWDRSDSHOGDWHRORJLDQDXQLYHUVLGDGHEUDVLOHLUD HRSDSHOGDRWHµORJDRQHVWHFRQWH[WR  $

$

F

F

E 2XWURHVSD©RGHUHȵH[¥RVREUHWHRORJLDS¼EOLFDHQFRQWUDUHGXWRQRVXOGR%UDVLOPDLV HVSHFLȴFDPHQWHQDV)DFXOGDGHV(67HSHUJXQWDSHODVFRQWULEXL©·HVTXHXPDUHȵH[¥RVR EUHWHRORJLDS¼EOLFDSRGHRIHUHFHU¢VRFLHGDGHPDVWDPE«P¢DFDGHPLD $PEDVDVUH ȵH[·HV V¥R GHVHQYROYLGDV GHVGH HVSD©RV VHPHOKDQWHV H GLDORJDP HQWUH VL $ OLQJXDJHP DFDG¬PLFD«SUHSRQGHUDQWHQHVWDVDERUGDJHQVRTXHQRVSHUPLWHLQIHULUTXHHVWHVGRLV WLSRVGHWHRORJLDS¼EOLFDGLDORJDPPDLVFRPRVSDGU·HVGRPLQDQWHVGHWHRORJLDS¼EOLFD TXHVHSUHRFXSDPHPGHVHQYROYHUXPGLVFXUVRWHROµJLFRTXHGLDORJXHUDFLRQDOPHQWHFRP DVRFLHGDGHHFRPDDFDGHPLD+£DERUGDJHQVFU¯WLFDVQHVWHVFRQWH[WRVTXHLGHQWLȴFDP HVWHWLSRGHDSUR[LPD©¥RHTXHFULWLFDPHVWHSURFHGLPHQWRXPDYH]TXHIRPHQWDXPDUH ȵH[¥RWHROµJLFDDOKHLDHGHVFRQHFWDGDGDSURGX©¥RWHROµJLFDODWLQRDPHULFDQDHGDVOXWDV SRUOLEHUWD©¥R $OJXPDVDERUGDJHQVW¬PLGHQWLȴFDGRFRPRPDLVLQWHUHVVDQWHDGLVFXVV¥R GDWHRORJLDGHVGHDSHUVSHFWLYDGRVGLUHLWRVKXPDQRVRTXHJDUDQWLULDXPPHOKRUY¯QFXOR GDUHȵH[¥RWHROµJLFDFRPDVOXWDVSRUOLEHUWD©¥RRTXHFDUDFWHUL]DKLVWRULFDPHQWHDSURGX ©¥RGDVWHRORJLDVGHOLEHUWD©¥R  $

$

H

F

$

I

F

$

F

K

F 8PDWHUFHLUDYHUWHQWHDLQGDEDVWDQWHLQFLSLHQWHSURFXUDDSUHVHQWDUXPDUHȵH[¥RVR EUHWHRORJLDS¼EOLFDTXHSHUJXQWHSHODVXDUHOD©¥RFRPDVRFLHGDGHFLYLOHFRPPRYLPHQWRV VRFLDLV3HUJXQWDSHORSDSHOGDVLJUHMDVHGDUHȵH[¥RWHROµJLFDQRIRPHQWR¢FLGDGDQLD  QDPHOKRULDGDVFRQGL©·HVVRFLDLVGDVSRSXOD©·HVPDLVYXOQHU£YHLVHQDOXWDS¼EOLFDMXQWR FRP R (VWDGR H FRP R UHVWDQWH GD VRFLHGDGH SHOD FRQFUHWL]D©¥R GRV GLUHLWRV KXPDQRV FLYLVVRFLDLVHFXOWXUDLV7HQKRSDUWLFXODUPHQWHWHQWDGRGHVHQYROYHUHVWHWLSRGHDERUGD HIRUWDOHFHUXPDQR©¥RGHWHRORJLDS¼EOLFDTXHHVWHMDLQWLPDPHQWHYLQFXODGDDRTXH FKDPRGHSDUDGLJPDGHOLEHUWD©¥RVREUHRTXDODWHRORJLDS¼EOLFDGHYHULDVHFRQVWLWXLUH TXHHODGHYHULDTXDOLȴFDU  $

F

L

$

'

&

T

F

M

F

R

S

N

7HRORJLDS¼EOLFDHLQFOXV¥RGDSHVVRDFRPGHȴFL¬QFLD ‹HVWD¼OWLPDSHUFHS©¥RGHWHRORJLDS¼EOLFDTXHSHQVRVHUUHOHYDQWHSDUDGLVFXWLUHIHWL YDUDLQFOXV¥RGDVSHVVRDVFRPGHȴFL¬QFLD‹HVWDWHRORJLDS¼EOLFDYLQFXODGD¢VOXWDVSRU OLEHUWD©¥RHYLVDQGRRGHVHQYROYLPHQWRKXPDQRHVRFLDOLQWHJUDOGDVSHVVRDVPDUJLQDOL]D GDVTXHSRGHHPPHXSRQWRGHYLVWDFRQWULEXLUSDUDWUDEDOKDUSHODUHDOL]D©¥RGRVRQKRH GDHVSHUDQ©DGDLQFOXV¥R(VWDWHRORJLDS¼EOLFDGHYHVHUKDELWDGDSRUHVWHVVRQKRVHHVSH UDQ©DVHGHYHDSUHQGHUDIRUPXO£ORVGHPRGRHIHWLYRQRFRQWH[WRGDVRFLHGDGHGHPRFU£ WLFD'HYHVHUHVWUDW«JLFDHDUWLFXODGDSDUDHQFRQWUDUPHLRVSDUDHIHWLYDUSURJUHVVLYDPHQWH RVGLUHLWRVGDVSHVVRDVTXHSDGHFHPGDH[FOXV¥RDLQGDTXHVHXVGLUHLWRVM£WHQKDPVLGR FRQTXLVWDGRVGRSRQWRGHYLVWDOHJDOFRQVWLWXFLRQDO $

$

$

$

(VWDSURSRVWDGHWHRORJLDS¼EOLFDVHGLIHUHQFLDTXDOLWDWLYDPHQWHGDVDQWHULRUHVSRUSULR UL]DUDSU£[LVDD©¥RWUDQVIRUPDGRUDQDUHDOLGDGHFRPRHVSD©RSULRULW£ULRSDUDRGHVHP SHQKRGHXPDWHRORJLDS¼EOLFD3HQVRTXHDWHRORJLDS¼EOLFDGHYHDUWLFXODUVHFRPRXPD D©¥RGLVFXUVLYDPDLVQRVHQWLGRGDSDODYUDD©¥RFRPRQRVHQVLQRX3DXOR)UHLUH(VWDWHR ORJLDGHYHVHUSRO¯WLFDHDWXDUQDGHVFRQVWUX©¥RGRVGLVFXUVRVHSU£WLFDVGRPLQDQWHVTXH RSHUDPSDUDDH[FOXV¥RGDVSHVVRDVPDUJLQDOL]DGDV(VWDD©¥RSRO¯WLFDTXHDWHRORJLDS¼ EOLFDSRGHRIHUHFHURFXSDQGRVHFRPRSDSHOHDUHVSRQVDELOLGDGHGDVLJUHMDVGDUHȵH[¥R WHROµJLFDGDFLGDG¥HGRFLGDG¥RQDD©¥RWUDQVIRUPDGRUDGHQWURGRFRQWH[WRGHPRFU£WLFR SOXUDOHSDUWLFLSDWLYR $

$

$

$

6XJLURUHVXPLGDPHQWHTXHHVWDWHRORJLDS¼EOLFDVHMDXPDWHRORJLDGLDFRQDODSUHVHQ WDQGRXPFDU£WHUS¼EOLFRSU£WLFRSRO¯WLFRTXHSURSRUFLRQHDWUDQVIRUPD©¥RGDVRFLHGDGH (VWDWHRORJLDFRQFHEHRHVSD©RS¼EOLFRFRPRXPORFDOHVWUDWHJLFD PHQWHLPSRUWDQWHHPTXHK£VHPSUHXPDOXWDSRO¯WLFDSHODIRUPD©¥RGDVSHUFHS©·HVHGR PRGRGHRUJDQL]D©¥RGDVRFLHGDGHTXHWHQGHVHPSUHDUHSURGX]LURVSDGU·HVGHSHQVD PHQWRHFRPSRUWDPHQWRGRPLQDQWHV$WHRORJLDS¼EOLFDDUWLFXODSRUWDQWRQHVWDOXWDSHOR SRGHUGHGHWHUPLQD©¥RGDUHDOLGDGHDSHUVSHFWLYDGDVSHVVRDVPDUJLQDOL]DGDV $

$

E

&



E

&



U





T



%

'

&

)



F

O

$

3DUDSHUFHEHUPRVRPRGRFRPRHVWDWHRORJLDS¼EOLFDSRGHHIHWLYDPHQWHVHFRQFUHWL]DU DȴPGHOXWDUSHODLQFOXV¥RGDSHVVRDFRPGHȴFL¬QFLDPHQFLRQRDOJXQVH[HPSORV'DYLG 7UDF\HPVXDREUDΖPDJLQD©¥R$QDOµJLFDWHQWDID]HUXPDFDUDFWHUL]D©¥RGRVS¼EOLFRVGD WHRORJLDLJUHMDDFDGHPLDHVRFLHGDGH$LQGDTXHVXDGHȴQL©¥RVHMDXPSRXFRSUREOHP£ WLFDSRUQ¥RFRPSUHHQGHUSURIXQGDPHQWHDQHFHVV£ULDLQWHUUHOD©¥RHQWUHHVVDVȊGLVWLQ WDVȋ HVIHUDV GD YLGD S¼EOLFD GD WHRORJLD HOD « GLG£WLFD SDUD ȴQV GH H[SRVL©¥R $MXGDQRV WDPE«PDFRPSUHHQGHUSRUTXHDOJXPDVDERUGDJHQVGHWHRORJLDS¼EOLFDDUWLFXODPPDLV SURSULDPHQWHXPGRVS¼EOLFRVGRTXHRXWURVTXH«RFDVRGDGLVWLQ©¥RHQWUHXPDOHLWXUD PDLVDFDG¬PLFDGRSDSHOGDWHRORJLDHRXWUDPDLVVRFLDO $

$

‹SRVV¯YHOID]HUPRVXPDOHLWXUDPDLVDSURIXQGDGDGRSDSHOGDWHRORJLDHPFDGDXPGHV WHVȊS¼EOLFRVȋEHPFRPRGDPHWRGRORJLDDGHTXDGDSDUDVXDDSUR[LPD©¥RGLIHUHQFLDGDD FDGDXPGHOHV1RHQWDQWRQHVWHHVSD©RSUHWHQGRDSHQDVDSUHVHQWDUDOJXQVH[HPSORV GRH[HUF¯FLRGDWHRORJLDS¼EOLFDQR¤PELWRGDVRFLHGDGHVHJXLQGRRDUJXPHQWRGHTXH WUDWDQGRVH GD GLVFXVV¥R VREUH D LQFOXV¥R GD SHVVRD FRP GHȴFL¬QFLD D WHRORJLD S¼EOLFD SRGHUHSUHVHQWDUXPP«WRGRWHROµJLFRXPPRGRGHID]HUWHRORJLD¼WLOSDUDFRQVWUXLUD LQFOXV¥RHPFRQWDWRFRPGLYHUVDVRXWUDVHQWLGDGHVHDJHQWHVGDVRFLHGDGHFLYLO $

7HRORJLDΖJUHMDH6RFLHGDGH 6HQGRQRVVRIRFRDVRFLHGDGHRIRFRGDDQ£OLVHDTXLSURSRVWDQ¥RVLJQLȴFDTXHDDFD ,

#

$

GHPLDDWUDY«VGDUHȵH[¥RWHROµJLFDHDLJUHMDQ¥RVHMDPLQFOX¯GDVQDVFRQVLGHUD©·HVΖVWR «GHIDWRLPSRVV¯YHOXPDYH]TXHK£XPDLQHJ£YHOLQWHUUHOD©¥RHQWUHHVWDVGLPHQV·HV RX GHVWHV ȊS¼EOLFRVȋ GD WHRORJLD 3RU LVVR DSRQWDPRV DOJXQV EUHYHV WµSLFRV TXH GL]HP UHVSHLWR¢DWXD©¥RQDVRFLHGDGHPDVTXHVHUHIHUHP¢DWXD©¥RGDVLJUHMDVRXGDUHȵH[¥R WHROµJLFD D ΖQLFLDOPHQWH«QHFHVV£ULRDSRQWDUTXHK£XPGL£ORJRDFHUFDGDVSHUFHS©·HVGHLQ FOXV¥RTXHSDUWHPGHVHWRUHVRUJDQL]DGRVGDVRFLHGDGHQDOXWDSHORVGLUHLWRVGDVSHVVRDV FRPGHȴFL¬QFLDHTXHDFDEDPPROGDQGRDSHUFHS©¥RGHLQFOXV¥RGHQWURGDSUµSULDLJUHMD ‹RFDVRGDPXGDQ©DGHSDUDGLJPDTXHDQWHULRUPHQWHSDUWLDGRDVVLVWHQFLDOLVPRHDJRUD FRPSUHHQGHPDLVSURIXQGDPHQWHRFRPSURPLVVRFRPDLQFOXV¥RVRFLDO3HVVRDVFRPGH ȴFL¬QFLDQ¥RV¥RDOYRVGHLQLFLDWLYDVDVVLVWHQFLDOLVWDVEHQHYROHQWHVPDVSHVVRDVFRPDXWR QRPLDTXHW¬PRGLUHLWRGHFRQVWUX¯UHPVXDLQFOXV¥RQRVGLYHUVRVHVSD©RVGDVRFLHGDGH (QTXDQWRDQR©¥RDVVLVWHQFLDOLVWDPDQW«PDSHVVRDFRPGHȴFL¬QFLDH[FOX¯GDHDIDVWDGDGD GLQ¤PLFDGDYLGDHPVRFLHGDGHDQR©¥RGHLQFOXV¥RFKDPDDRFRQY¯YLRHGHVDȴDDVRFLHGD GHDGHVHQYROYHUPHFDQLVPRVGHLQFOXV¥RHGHDFHVVLELOLGDGHQRVPDLVGLYHUVRVDVSHFWRV $

$

$

$

(VWHSULPHLURHOHPHQWRTXHGL]UHVSHLWRDXPDPXGDQ©DGHSDUDGLJPDDWLQJHDLJUHMDH DWHRORJLDHGHPDQGDXPDDERUGDJHPTXHHVWLPXOHDWLWXGHVGHUHVSHLWR¢GLYHUVLGDGHGH SHVVRDVHGHQHFHVVLGDGHVTXHDVGLIHUHQWHVSHVVRDVW¬P5HVSHLWDUDGLYHUVLGDGHHSHQVDU HPPHLRVGHSURPRYHURDFHVVRHDLQFOXV¥RV¥RLQLFLDWLYDVTXHYDORUL]DPDGLJQLGDGHGDV SHVVRDVFRPGHȴFL¬QFLDTXHV¥RUHFRQKHFLGDVHQTXDQWRVXMHLWRVSDUW¯FLSHVGDVRFLHGDGH HTXHOXWDPHFRQTXLVWDPDHTXLSDUD©¥RGHRSRUWXQLGDGHV1HVWHVHQWLGRDWHRORJLDHD LJUHMDSRGHPIRUPXODUGHVGHVXDVEDVHVXPDOLQJXDJHPHXPDUHȵH[¥RTXHRSRUWXQL]HP DYDORUL]D©¥RVLPEµOLFDGDGLYHUVLGDGHHDFRQVWUX©¥RGHLQLFLDWLYDVGHLQFOXV¥RSDUDGHQWUR GHVXDVHVWUXWXUDVHQXPDLQWHUD©¥RFU¯WLFRFRQVWUXWLYDSDUDRXWURVHVSD©RVGDVRFLHGDGH RQGHQ¥RKDMDLQFOXV¥RHUHVSHLWR¢GLYHUVLGDGH 8PH[HPSORGHVWHWLSRGHDERUGDJHPFU¯WLFRFRQVWUXWLYDGHVGHDLJUHMDSDUDDVRFLHGD GHWUDQVSDUHFHQDVHJXLQWHPDQLIHVWD©¥RGDΖ(&/%HPFDUWDGDSUHVLG¬QFLDGHDJRVWRGH $

"



#

#

*

(QWHQGHPRVTXHDSDUWLFLSD©¥RGDFRPXQLGDGHFULVW¥HRWHVWHPXQKRGLDFRQDOV¥RGH H[WUHPDLPSRUW¤QFLDQDVRUJDQL]D©·HVHQRVFRQVHOKRVGHGLUHLWRVGDVSHVVRDVFRPGHȴFL ¬QFLD$SDUWLUGR(YDQJHOKRDSDUWLFLSD©¥RSRGHU£TXHVWLRQDUOHLVHHVWUXWXUDVTXHRSRU WXQL]HPHIDYRUH©DPDGLVFULPLQD©¥RHDH[FOXV¥RGHVHMDPRVTXHRVµUJ¥RVS¼EOLFRVLP SOHPHQWHPDVSRO¯WLFDVSUHFRQL]DGDVSHOD&RQYHQ©¥RVREUHRV'LUHLWRVGDV3HVVRDVFRP 'HȴFL¬QFLDȂ218TXHIRLUDWLȴFDGDSHOR(VWDGREUDVLOHLURHP $

$

$

F

P

E 1HVWHSURFHVVR«QHFHVV£ULRTXHVHSHUPLWDHVHRSRUWXQL]HTXHDSHVVRDFRPGHȴ FL¬QFLDWRUQHVHDDJHQWHGDWUDQVIRUPD©¥RLQFOXV¥R (VWHHPSRGHUDPHQWR«LPSRUWDQWH GHQWURGDUHȵH[¥RWHROµJLFDGDYLGDQDLJUHMDHQDVRFLHGDGHSDUDTXHQHVWHVGLIHUHQWHV HVSD©RVDVSHVVRDVFRPGHȴFL¬QFLDVHWRUQHPSURWDJRQLVWDVQDHODERUD©¥RGHSODQRVGH D©¥RTXHFRQWHPSOHPVXDVGHPDQGDVQ¥ROKHVVHMDPLPSRVWRVHSRULVVRPHVPRVHMDP SHUWLQHQWHV¢VVXDVUHDOLGDGHVHGLȴFXOGDGHVHVSHF¯ȴFDV(VWHSULQF¯SLRUHIHUHVH¢P£[L PDȊ1DGDVREUHQµVVHPQµVȋSUHVHQWHQDVUHȵH[·HVVREUHDLQFOXV¥RGHSHVVRDVFRP GHȴFL¬QFLD QDV GLVFXVV·HV VREUH SRO¯WLFDV GH LQFOXV¥R $ WHRORJLD S¼EOLFD GHYH SRUWDQWR RSRUWXQL]DURHPSRGHUDPHQWRGHSHVVRDVFRPGHȴFL¬QFLDSDUDTXHDVVXPDPSDSHOSUR WDJRQLVWDQRVHVSD©RVGHH[HUF¯FLRGHFLGDGDQLDHQDVLQLFLDWLYDVTXHYLVHP¢LQFOXV¥RFRPR UHVXOWDGR $

$

$

R

V

F  7HRORJLD S¼EOLFD GHYH VHU IHLWD FRP D %¯EOLD FRP R MRUQDO H FRP D &RQVWLWXL©¥R QDV P¥RV(VWHFRQMXQWRGHȊIHUUDPHQWDVȋGDWHRORJLDS¼EOLFDDWHQWD¢LPSRUW¤QFLDGDPDQLIHV WD©¥RGHVGHDQRVVDH[SHUL¬QFLDUHOLJLRVDPDVTXHQ¥RVHGHVYLQFXOHGRTXHDFRQWHFHQD VRFLHGDGHFRPRXPWRGRHTXHWHQKDSRUȴQDOLGDGHDFRQFUHWL]D©¥RGRVGLUHLWRVJDUDQ WLGRVSHODOHL1HVWHVHQWLGRDWHRORJLDGHYHLQFHQWLYDUSDUDRFRQKHFLPHQWRGDVRFLHGD GHVXDFRPSUHHQV¥RDWUDY«VGRGL£ORJRFRPRXWUDVGLVFLSOLQDVVRFLDLVPDVWDPE«PGD PLOLW¤QFLDSDUWLFLSDWLYDQRFXPSULPHQWRGDOHL3DUDLVVR«QHFHVV£ULRFRQKHFHUDVOHLVH HVWDULQWHJUDGRD¢VOXWDVSHODFRQFUHWL]D©¥RGRTXH«SUHYLVWRHPOHLV3RULVVRDWHRORJLD S¼EOLFDGHYHLQFHQWLYDUDFLGDG¥HRFLGDG¥RDSDUWLFLSDUHPQRVFRQVHOKRVGHGLUHLWRVPX QLFLSDLVHVWDGXDLVHQDFLRQDOFRPRHVSD©RVGHPRFU£WLFRVSDUDDFRQVWUX©¥RGHSRO¯WLFDV GHȴVFDOL]D©¥RQDH[HFX©¥RGHSRO¯WLFDVHFXPSULPHQWRGDVOHLVHWF$VGHPDQGDVSUHVHQ WHVQHVWHVHVSD©RVGHYHPWDPE«PVHUWUD]LGDVSDUDDVLJUHMDVFRPRPRGRGHHVWDUPRV LQWHJUDGRV¢GLVFXVV¥RDPSODGDVRFLHGDGHHFRPRPHLRGHHODERUDUPRVXPDGLVFXVV¥R WHROµJLFDVREUHDVLWXD©¥RFRQWH[WXDOGHYLGDGDVSHVVRDVFRPGHȴFL¬QFLD $

$

$

$

$

G ΖVVRGHYHRSRUWXQL]DUWDPE«PTXHDVLJUHMDVHDWHRORJLDVHMDPSHUWLQHQWHVQHVWDOXWD SRO¯WLFDHTXHWHQKDPXPDYR]SURI«WLFDQRPXQGR3RULVVRDLJUHMDHDWHRORJLDGHYHP VHUFU¯WLFDV¢VRFLHGDGHRQGHHODH[FOXLTXHPQ¥RVHDGDSWDDRVDOWRVSDGU·HVHVW«WLFRV GHGHVHPSHQKRHGHFRPSHWLWLYLGDGHTXHREHGHFHP¢VOµJLFDVGHPHUFDGR$LPDJHPGH XP-HVXVFRPGHȴFL¬QFLDHFRPOLPLWD©·HVTXHVHXFRUSROKHLPSXQKDG£HVSHUDQ©DSDUD SHVVRDVFRPGHȴFL¬QFLDTXHVRIUHPGHSREUH]DPLV«ULDSUHFDULHGDGHGHDFHVVRDRVVHU YL©RVS¼EOLFRVHPGHFRUU¬QFLDGHVXDVGHȴFL¬QFLDVHGRSUHFRQFHLWRVRFLDO$PHQVDJHPGD HQFDUQD©¥RGH-HVXVHGDVFLUFXQVW¤QFLDVGHVXDYLGDSRGHDSUHVHQWDUXPDSRVWXUDFU¯WLFD HSRGHURVDDRVSDGU·HVTXHDVRFLHGDGHGRFRQVXPRGDGLVSXWDGDFRPSHWL©¥RHGDGLYL QL]D©¥RGHSDGU·HVHVW«WLFRVVXUUHDLVFRPRPHQFLRQDRDSµVWROR3DXORb $

$

3HORFRQWU£ULR'HXVHVFROKHXDVFRLVDVORXFDVGRPXQGRSDUDHQYHUJRQKDURVV£ELRVH HVFROKHXDVFRLVDVIUDFDVGRPXQGRSDUDHQYHUJRQKDUDVIRUWHVbH'HXVHVFROKHXDVFRLVDV KXPLOGHVGRPXQGRHDVGHVSUH]DGDVHDTXHODVTXHQ¥RV¥RSDUDUHGX]LUDQDGDDVTXH V¥RDȴPGHTXHQLQJX«PVHYDQJORULHQDSUHVHQ©DGH'HXV&R  $UULVFRFRQFOXLUGL]HQGRTXHDWHRORJLDHDVLJUHMDVGHYHPDFROKHUW¥RSURIXQGDPHQWH HVWDSRGHURVDPHQVDJHPGR(YDQJHOKRGH&ULVWRHVHVROLGDUL]DUW¥RLQWLPDPHQWHFRPD UHDOLGDGHGDGHȴFL¬QFLDDSRQWRGHVHFRQVLGHUDUHPSRVLWLYDPHQWHFRPRLJUHMDVHWHROR JLDVGHȴFLHQWHV3DUDIUDVHLRDDVVHUWLYDGHFHUWRDUFHELVSRDQJOLFDQRTXHFHUWDYH]GLVVH TXHDΖJUHMDGHYHULDDFROKHUSURIXQGDPHQWHDVSHVVRDVFRP+Ζ9$Ζ'6DSRQWRGHWRUQDUVH HODPHVPDXPDLJUHMDFRP+Ζ9$Ζ'61¥RVHULDRFDVRGHQRVFRQVLGHUDUPRVXPDΖJUHMD FRPGHȴFL¬QFLDDFROKHQGRWRGRVRVVRIULPHQWRVWRGDVDVGLȴFXOGDGHVHWRGDDEHOH]DTXH HVWDUHDOLGDGHDFDUUHWD" $

1RWDV 





7HµORJR HYDQJ«OLFR OXWHUDQR 3RVVXL PHVWUDGR HP 7HRORJLD 3U£WLFD SHODV )DFXOGDGHV (67HGRXWRUDGRHP7HRORJLD6LVWHP£WLFDSHODPHVPDLQVWLWXL©¥RWHQGRHPVXDWHVHVH RFXSDGRFRPRGL£ORJRHQWUHWHRORJLDGDOLEHUWD©¥RHWHRORJLDS¼EOLFD5HDOL]RXSHU¯RGR GHGRXWRUDGRVDQGX¯FKHQDƒIULFDGR6XO$WXDOPHQWHDWXDFRPRSURIHVVRUQRFXUVRGH &L¬QFLDVGD5HOLJL¥RGD)85%QDPRGDOLGDGHGR3$5)25IHOLSHEXWWHOOL#\DKRRFRPEU *$/($12 (GXDUGR (VSHOKRV XPD KLVWµULD TXDVH XQLYHUVDO 6¥R 3DXOR /30 (GLWRUHV  12/$1$OEHUW(VSHUDQ©DHPWHPSRVGHGHVHVSHURRXWUDVSDOHVWUDVHHVFULWRV7UDG ,

(XFOLGHV/XL]&DOORQL6¥R3DXOR3DXOLQDVS 











 

















R



60Ζ7'LUN-7KH3DUDGLJPRI3XEOLF7KHRORJ\Ȃ2ULJLQVDQG'HYHORSPHQW3DSHUSUHVHQWHG DWWKHΖQWHUQDWLRQDO&RQIHUHQFHȂ&RQWH[WXDOLW\DQGΖQWHUFRQWH[WXDOLW\LQ3XEOLF7KHRORJ\ LQWKH8QLYHUVLW\RI%DPEHUJ%DPEHUJ*HUPDQ\-XQH $LQGDK£IHPLQLVWDVTXHSURFXUDPXVDUDSDODYUDKHUVWRU\XPDYH]TXHRSUHȴ[RKLV UHPHWHDRSURQRPHPDVFXOLQRGHOHDRUHVVDOWDURKHULQFOXLVHDPXOKHUFRPRVXMHLWR QDFRQWD©¥RGHHVWµULDV 0$57