Upload
lucas-nunes
View
31
Download
0
Embed Size (px)
DESCRIPTION
bb k
Citation preview
$SRVWLOD'H5HGDomR(3URGXomR'H7H[WRV
3URID,VDEHOOD.LDUD
5('$d22(678'2'$',66(57$d2$5*80(17$7,9$
$(6758785$',66(57$7,9$
7(6($5*80(17$d2&21&/862
RSDUiJUDIR
RRHRSDUiJUDIRVDOLQKDV
DOLQKDVFDGDXP
2%6(VWUXWXUDYiOLGDSDUDXPWH[WRGLVVHUWDWLYRDUJXPHQWDWLYRGHQRPtQLPROLQKDVVHPFRQWDURWtWXOR
$7HVHLQWURGXomRGHXPDGLVVHUWDomRGHYHVHUFODUDREMHWLYDHFRQFLVD(VWDSUHFLVDVHUGLVFXWLGDDUJXPHQWDGDHFRQFOXtGD6HJXHPH[HPSORVGHWHVHVYLVWRTXHXPDGDVUHFODPDo}HVGRVDOXQRVpVHPSUHHVWD
3URIHVVRUDHXQmRVHLFRPHoDU$VVLPRVH[HPSORVDMXGDUmRDUHVROYHUHVVHLPSDVVHGDQGRLQ~PHUDVSRVVLELOLGDGHVDRDOXQR
9DOHOHPEUDUTXHQDWHVHGHYHVHPSUHHVWDUSUHVHQWHDSDODYUDFKDYHGRWHPDSURSRVWR
02'(/26'(7(6(,1752'8d2
8PDGHFODUDomRWHPDOLEHUDomRGDPDFRQKD
e XP JUDYH HUUR D OLEHUDomR GD PDFRQKD 3URYRFDUi GH LPHGLDWR YLROHQWD HOHYDomR GR FRQVXPR 2 (VWDGR SHUGHUi R SUHFiULR FRQWUROH TXH DLQGD H[HUFH VREUH DV GURJDV SVLFRWUySLFDV H QRVVDV LQVWLWXLo}HVGHUHFXSHUDomRGHYLFLDGRVQmRWHUmRHVWUXWXUDVXILFLHQWHSDUDDWHQGHUjGHPDQGD
$GHFODUDomRpDIRUPDPDLVFRPXPGHFRPHoDUXPWH[WR3URFXUHID]HUXPDGHFODUDomRIRUWHFDSD]GHVXUSUHHQGHUROHLWRU
'LYLVmRWHPDH[FOXVmRVRFLDO
3UHGRPLQDP DLQGD QR %UDVLO GXDV FRQYLFo}HV HUU{QHDV VREUH R SUREOHPD GD H[FOXVmR VRFLDO D GH TXH HOD GHYH VHU HQIUHQWDGD DSHQDV SHOR SRGHU S~EOLFR H D GH TXH VXD VXSHUDomR HQYROYH PXLWRV UHFXUVRV H HVIRUoRV H[WUDRUGLQiULRV ([SHULrQFLDV UHODWDGDV QHVWD )ROKD PRVWUDP TXH R FRPEDWH j PDUJLQDOLGDGH VRFLDO HP 1RYD ,RUTXH YHP FRQWDQGR FRP LQWHQVLYRV HVIRUoRV GR SRGHU S~EOLFR H DPSODSDUWLFLSDomRGDLQLFLDWLYDSULYDGD
$RGL]HUTXHKiGXDVFRQYLFo}HVHUU{QHDVILFDORJRFODUDDGLUHomRTXHRSDUiJUDIRYDLWRPDU2DXWRUWHUiGHH[SOLFLWiORQDIUDVHVHJXLQWHRSDUiJUDIRDOLQKDV
'HILQLomRWHPDRPLWR
2 PLWR HQWUH RV SRYRV SULPLWLYRV p XPD IRUPD GH VH VLWXDU QR PXQGR LVWR p GH HQFRQWUDU R VHX OXJDU HQWUH RV GHPDLV VHUHV GD QDWXUH]D e XP PRGR LQJrQXR IDQWDVLRVR DQWHULRU D WRGD UHIOH[mR H QmR FUtWLFR GH HVWDEHOHFHU DOJXPDV YHUGDGHV TXH QmR Vy H[SOLFDP SDUWH GRV IHQ{PHQRV QDWXUDLVRXPHVPRDFRQVWUXomRFXOWXUDOPDVTXHGmRWDPEpPDVIRUPDVGDDomRKXPDQD
$GHILQLomRpXPDIRUPDVLPSOHVHPXLWRXVDGDHPSDUiJUDIRVFKDYHVREUHWXGRHPWH[WRVGLVVHUWDWLYRV3RGHRFXSDUVyDSULPHLUDIUDVHRXWRGRRSULPHLURSDUiJUDIR
8PDSHUJXQWDWHPDDVD~GHQR%UDVLO
6HUi TXH p FRP QRYRV LPSRVWRV TXH D VD~GH PHOKRUDUi QR %UDVLO" 2V FRQWULEXLQWHV Mi HVWmR FDQVDGRV GH WLUDU GLQKHLUR GR EROVR SDUD WDSDU XP EXUDFR TXH SDUHFH QmR WHU ILP $ FDGD DQR VRPRVOHVDGRVSRUQRYRVLPSRVWRVSDUDDOLPHQWDUXPVLVWHPDTXHVySDUHFHSLRUDU
$SHUJXQWDQmRpUHVSRQGLGDGHLPHGLDWR(ODVHUYHSDUDGHVSHUWDUDDWHQomRGROHLWRUSDUDRWHPDHVHUiUHVSRQGLGDDRORQJRGDDUJXPHQWDomR
&RPSDUDomRWHPDUHIRUPDDJUiULD
2 WHPD GD UHIRUPD DJUiULD HVWi SUHVHQWH Ki EDVWDQWH WHPSR QDV GLVFXVV}HV VREUH RV SUREOHPDV PDLV JUDYHV TXH DIHWDP R %UDVLO 1XPD FRPSDUDomR HQWUH R PRYLPHQWR SHOD DEROLomR GD HVFUDYLGmR QR %UDVLO QR ILQDO GR VpFXOR SDVVDGR H R PRYLPHQWR DWXDOPHQWH SHOD UHIRUPD DJUiULD SRGHPRV SHUFHEHU DOJXPDV VHPHOKDQoDV &RPR QD pSRFD GD DEROLomR GD HVFUDYLGmR H[LVWLDP HOHPHQWRV IDYRUiYHLV H FRQWUiULRV D HOD WDPEpP KRMH Ki RV TXH VmR D IDYRU H RV TXH VmR FRQWUD D LPSODQWDomRGDUHIRUPDDJUiULD
3DUDLQWURGX]LURWHPDGDUHIRUPDDJUiULDRDXWRUFRPSDURXDVRFLHGDGHGHKRMHFRPDGRILQDOGRVpFXOR;,;PRVWUDQGRDVHPHOKDQoDGHFRPSRUWDPHQWRHQWUHHODV
2SRVLomRWHPDDHGXFDomRQR%UDVLO
'H XP ODGR SURIHVVRUHV PDO SDJRV GHVHVWLPXODGRV HVTXHFLGRV SHOR JRYHUQR 'H RXWUR JDVWRV H[FHVVLYRV FRP FRPSXWDGRUHV DQWHQDV :L)L DSDUHOKRV GH '9' e HVWH R SDUDGR[R TXH YLYH KRMHDHGXFDomRQR%UDVLO
$VGXDVSULPHLUDVIUDVHVFULDPXPDRSRVLomRGHXPODGRGHRXWURTXHHVWDEHOHFHUiRUXPRGDDUJXPHQWDomR
$OXVmRKLVWyULFDWHPDJOREDOL]DomR
$SyV D TXHGD GR PXUR GH %HUOLP DFDEDUDPVH RV DQWDJRQLVPRV OHVWHRHVWH H R PXQGR SDUHFH WHU DEHUWR GH YH] DV SRUWDV SDUD D JOREDOL]DomR $V IURQWHLUDV IRUDP GHUUXEDGDV H D HFRQRPLD HQWURXHPURWDDFHOHUDGDGHFRPSHWLomR
2FRQKHFLPHQWRGRVSULQFLSDLVIDWRVKLVWyULFRVDMXGDDLQLFLDUXPWH[WR2OHLWRUpVLWXDGRQRWHPSRHSRGHWHUXPDPHOKRUGLPHQVmRGRSUREOHPD
8PDIUDVHQRPLQDOVHJXLGDGHH[SOLFDomRWHPDDHGXFDomRQR%UDVLO
8PDWUDJpGLD(VVDpDFRQFOXVmRGDSUySULD6HFUHWDULDGH$YDOLDomRH,QIRUPDomR(GXFDFLRQDOGR0LQLVWpULRGD(GXFDomRH&XOWXUDVREUHRGHVHPSHQKRGRVDOXQRVGRRDQRGR(QVLQR0pGLR
VXEPHWLGRVDR6DHE6LVWHPDGH$YDOLDomRGD(GXFDomR%iVLFDTXHDLQGDDYDOLRXHVWXGDQWHV
HPWRGDVDVUHJL}HVGRWHUULWyULRQDFLRQDO
$SDODYUDWUDJpGLDpH[SOLFDGDORJRGHSRLVUHWRPDGDSRUHVVDpDFRQFOXVmR
$GMHWLYDomRWHPDDHGXFDomRQR%UDVLO
(TXLYRFDGDHSRXFRUDFLRQDO(VWDpDYHUGDGHLUDDGMHWLYDomRSDUDDSROtWLFDHGXFDFLRQDOGRJRYHUQR
$DGMHWLYDomRLQLFLDOVHUiDEDVHSDUDGHVHQYROYHURWHPD2DXWRUGLUiQRVSDUiJUDIRVVHJXLQWHVSRUTXHDFKDDSROtWLFDHGXFDFLRQDOGRJRYHUQRHTXLYRFDGDHSRXFRUDFLRQDO
&LWDomRWHPDSROtWLFDGHPRJUiILFD
$V SHVVRDV FKHJDP DR SRQWR GH XPD FULDQoD PRUUHU H RV SDLV QmR FKRUDUHP PDLV WUD]HUHP D FULDQoD MRJDUHP QXP EROR GH PRUWRV YLUDUHP DV FRVWDV H LUHP HPERUD 2 FRPHQWiULR GR IRWyJUDIR 6HEDVWLmR 6DOJDGR IDODQGR VREUH R TXH YLX HP 5XDQGD p XP DFLFDWH QR HVWDGR GH OHWDUJLDpWLFDTXHGRPLQDDOJXPDVQDo}HVGR3ULPHLUR0XQGR
$FLWDomRLQLFLDOIDFLOLWDDFRQWLQXLGDGHGRWH[WRSRLVHODpUHWRPDGDSHODSDODYUDFRPHQWiULRGDVHJXQGDIUDVH
&LWDomRGHIRUPDLQGLUHWDWHPDFRQVXPLVPR
2 WHyULFR -RDTXLP 1DEXFR HP VXD FRPLVHUDomR SHOR HVFUDYR EUDVLOHLUR GLVVH TXH HVWH Vy WHP D SUySULD PRUWH 2 PRYLPHQWR EUDVLOHLUR DQWLHVFUDYLVWD TXDQGR Mi IRUWDOHFLGR GHL[RX EHP FODUD HVVD SXQJHQWHDFXVDomRQDVSDODYUDVGRVDEROLFLRQLVWDV
(VVHUHFXUVRGHYHVHUXVDGRTXDQGRQmRVDEHPRVWH[WXDOPHQWHDFLWDomRePHOKRUFLWDUGHIRUPDLQGLUHWDTXHGHIRUPDHUUDGD
([SRVLomRGHSRQWRGHYLVWDWHPDRSURYmR
2 PLQLVWUR GD (GXFDomR VH HVIRUoD SDUD FRQYHQFHU GH TXH R SURYmR p IXQGDPHQWDO SDUD D PHOKRULD GD TXDOLGDGH GR HQVLQR VXSHULRU 3DUD LVVR YHP RFXSDQGR JHQHURVRV HVSDoRV QD PtGLD H ID]HQGR PLOLRQiULD FDPSDQKD SXEOLFLWiULD HQVLQDQGR FRPR JDVWDU PDO R GLQKHLUR TXH GHYHULD VHULQYHVWLGRQDHGXFDomR
$RFRPHoDURWH[WRFRPDRSLQLmRFRQWUiULDGHOLQHLDVHGHLPHGLDWRTXDODSRVLomRGRVDXWRUHV6HXREMHWLYRVHUiUHIXWDURVDUJXPHQWRVGRRSRVLWRUQXPDHVSpFLHGHFRQWUDDUJXPHQWDomR
5HWRPDGDGHXPSURYpUELRWHPDPtGLDHWHFQRORJLD
2 FRUULTXHLUR DGiJLR GH TXH R SLRU FHJR p R TXH QmR TXHU YHU VH DSOLFD FRP SHUIHLomR QD DQiOLVH VREUH R DWXDO HVWiJLR GD PtGLD GHVFRQKHFHU RX WHQWDU LJQRUDU RV LQFUtYHLV DYDQoRV WHFQROyJLFRV GH QRVVRV GLDV H VXSRU TXH HOHV QmR WHUmR UHIOH[RV SURIXQGRV QR IXWXUR GRV MRUQDLV p VLPSOHVPHQWHLPSRVVtYHO
6HPSUH TXH YRFr XVDU HVVH UHFXUVR QmR HVFUHYD R SURYpUELR VLPSOHVPHQWH )DoD XP FRPHQWiULR VREUH HOH SDUD TXHEUDU D LGHLD GH OXJDUFRPXP TXH WRGRV HOHV WUD]HP 1R H[HPSOR DFLPD R DXWRU GL] R FRUULTXHLUR DGiJLR H DVVLP GHPRQVWUD TXH HVWi FRQVFLHQWH GH TXH HVWi SDUWLQGR GH DOJRSRUGHPDLVFRQKHFLGR
,OXVWUDomRWHPDDERUWR
2-RUQDOGR&RPpUFLRGH0DQDXVSXEOLFRXXPDQ~QFLRHPTXHXPDMRYHPGHGH]RLWRDQRVMiPmHGHGXDVILOKDVGL]LDHVWDUJUiYLGDPDVQmRTXHULDDFULDQoD(ODDHQWUHJDULDDTXHPVHGLVSXVHVVHDSDJDUVXDOLJDomRGHWURPSDV3UHIHULDGDURILOKRDWHUTXHID]HUXPDERUWR2WHPDpWDEXQR%UDVLO
9RFrSRGHFRPHoDUQDUUDQGRXPIDWRSDUDLOXVWUDURWHPD9HMDTXHDFRHVmRGRSDUiJUDIRVHJXLQWHVHID]GHIRUPDIiFLODSDODYUDWHPDUHWRPDDTXHVWmRTXHYDLVHUGLVFXWLGD
8PDVHTXrQFLDGHIUDVHVQRPLQDLVIUDVHVVHPYHUERWHPDDLPSXQLGDGHQR%UDVLO
'HVDEDPHQWR GH VKRSSLQJ HP 2VDVFR 0RUWH GH YHOKLQKRV QXPD FOtQLFD GR 5LR 0HLD FHQWHQD GH PRUWHV QXPD FOtQLFD GH KHPRGLiOLVH HP &DUXDUX &KDFLQD GH VHPWHUUD HP (OGRUDGR GRV &DUDMiV0XLWRVPHVHVMiVHSDVVDUDPHHVVHVIDWRVFRQWLQXDPLPSXQHV
2TXHVHGHYHREVHUYDUQHVVHWLSRGHLQWURGXomRVmRRVSDUDOHOLVPRVTXHGmRHTXLOtEULRjVGLYHUVDVIUDVHVQRPLQDLV$HVWUXWXUDGHFDGDIUDVHGHYHVHUVHPHOKDQWH
$OXVmRDXPURPDQFHXPFRQWRXPSRHPDXPILOPHWHPDDLQWROHUkQFLD
4XHPDVVLVWLXDRILOPH$UDLQKD0DUJRWFRPDGHVOXPEUDQWH,VDEHOOH$GMDQLDLQGDGHYHWHURVIDWRVYLYRVQDPHPyULD1DPDGUXJDGDGHGHDJRVWRGHDVWURSDVGRUHLGH)UDQoDVRERUGHQVGH&DWDULQDGH0pGLFLVD5DLQKD0mHHYHUGDGHLUDJRYHUQDQWHGHVHQFDGHDUDPXPDGDVPDLVWHQHEURVDVFDUQLILFLQDVGD+LVWyULD'HVVHKRUURUD+LVWyULDGR%UDVLOHVWiSUDWLFDPHQWHOLYUH
2 UHVXPR GR ILOPH $ UDLQKD 0DUJRW VHUYH GH LQWURGXomR SDUD GHVHQYROYHU R WHPD GD LQWROHUkQFLD UHOLJLRVD $ FRHVmR FRP R VHJXQGR SDUiJUDIR GiVH DWUDYpV GD SDODYUD KRUURU TXH VLQWHWL]D R HQUHGRGRILOPHFRQWDGRQRSDUiJUDIRLQLFLDO
'HVFULomRGHXPIDWRGHIRUPDFLQHPDWRJUiILFDWHPDYLROrQFLDXUEDQD
0DGUXJDGDGHGHDJRVWR0RHPDEDLUURSDXOLVWDQRGHFODVVHPpGLD&KRSHULD%RGHJDXPEDUGDPRGDIUHTXHQWDGRSRUMRYHQVEHPQDVFLGRV8PDVVDOWR&LQFRODGU}HV7RGRVWUXFXOHQWRV'XDVSHVVRDVPRUWDV$GULDQD&LRODH-RVp5HQDWR7DKDQ(ODHVWXGDQWH(OHGHQWLVWD$SRSXODomRFODPDSRUMXVWLoDGLDQWHGHWDQWDYLROrQFLD
2SDUiJUDIRpGHVHQYROYLGRSRUIODVKHVRTXHGiDJLOLGDGHDRWH[WRHSUHQGHDDWHQomRGROHLWRU'HSRLVGHVVHVGRLVSDUiJUDIRVRDXWRUIDODGDRULJHPGRPRYLPHQWR5HDJH6mR3DXOR
2PLVVmRGHGDGRVLGHQWLILFDGRUHVWHPDpWLFD
0DV R TXH VLJQLILFD DILQDO HVWD SDODYUD TXH YLURX EDQGHLUD GD MXYHQWXGH" &RP FHUWH]D QmR p DOJR TXH VH UHILUD VRPHQWH j SROtWLFD RX jV JUDQGHV GHFLV}HV GR %UDVLO H GR PXQGR 6HJXQGR 7DUFtVLR 3DGLOKD pWLFD p XP HVWXGR ILORVyILFR GD DomR H GD FRQGXWD KXPDQDV FXMRV YDORUHV SURYrPGDSUySULDQDWXUH]DGRKRPHPHVHDGDSWDPjVPXGDQoDVGDKLVWyULDHGDVRFLHGDGH
$$5*80(17$d2
2GHVHQYROYLPHQWRpDSDUWHPDLVH[WHQVDGRWH[WRGLVVHUWDWLYR&RPSUHHQGHRVDUJXPHQWRVHYLGrQFLDVH[HPSORVMXVWLILFDWLYDVHWFTXHGmRVXVWHQWDomRjWHVHLGHLDFHQWUDO
DSUHVHQWDGD QR SULPHLUR SDUiJUDIR 2 FRQWH~GR GRV SDUiJUDIRV GH GHVHQYROYLPHQWR GHYH
REHGHFHU D XPD SURJUHVVmR UHSHWLU LGHLDV PXGDQGR DSHQDV DV SDODYUDV UHVXOWD HP UHGXQGkQFLD e SUHFLVR HQFDGHDU RV HQXQFLDGRV GH PDQHLUD TXH VH FRPSOHWHP FDGD HQXQFLDGR DFUHVFHQWDUi LQIRUPDo}HV QRYDV DR DQWHULRU 'HYHVH WDPEpP HYLWDU D UHSURGXomR GH FOLFKrV IyUPXODV SURQWDVHIUDVHVIHLWDVUHFXUVRVTXHHQIUDTXHoDPDDUJXPHQWDomR
&DEHOHPEUDUDLQGDTXHDDGHTXDGDXWLOL]DomRGHVHXUHSHUWyULRFXOWXUDOVHUiGHWHUPLQDQWHSDUDGLYHUVLILFDUHHQULTXHFHUVHXVDUJXPHQWRV2EVHUYHDOJXQVH[HPSORVGHDUJXPHQWDomR
7HPD7HOHYLVmR$UJXPHQWDomRSRUH[HPSOLILFDomR
-i IRL FULDGD DWp XPD FDPSDQKD 4XHP ILQDQFLD D EDL[DULD p FRQWUD D FLGDGDQLD SDUD TXH VHMDP GLYXOJDGRV RV QRPHV GDV HPSUHVDV TXH DQXQFLDP QRV SURJUDPDV TXH PDLV UHFHEHP GHQ~QFLDV GH GHVUHVSHLWR DRV GLUHLWRV KXPDQRV 2 PDLV LPSRUWDQWH QHVVD LQLFLDWLYD p TXH D SDUWLFLSDomR GD VRFLHGDGH TXH SRGH DEDQGRQDU D SDVVLYLGDGH H LQWHUIHULU QD TXDOLGDGH GD SURJUDPDomRTXHFKHJDjVFDVDVGRVEUDVLOHLURV
$UJXPHQWDomRKLVWyULFD
4XHP DVVLVWH j 79 KRMH WDOYH] QHP LPDJLQH TXH VHX FRPSURPLVVR LQLFLDO TXDQGR FKHJRX DR SDtV Ki SRXFR PDLV GH PHLR VpFXOR IRVVH FRP HGXFDomR LQIRUPDomR H HQWUHWHQLPHQWR 1mR VH SRGH QHJDU TXH HOD HYROXLX WUDQVIRUPRXVH QD PDLRU UHSUHVHQWDQWH GD PtGLD PDV HP FRQWUDSDUWLGDHVTXHFHXVHGHHGXFDULQIRUPDUHODWLYDPHQWHHHQWUHWpPGHPDQHLUDGLVFXWtYHO
$UJXPHQWDomRSRUFRQVWDWDomR3DUDDOpPGDTXLORTXHDWHOHYLVmRH[LEHGHYHVHOHYDUHPFRQWDWDPEpPVHXSDSHOVRFLDO4XHPKiQmRUHQXQFLRXXPHQFRQWURFRPDPLJRXRXDXPSDVVHLRFRPDIDPtOLDSDUDQmRSHUGHUDQRYHODRXDSDUWLFLSDomRGHDOJXPDUWLVWDQXPSURJUDPDGHDXGLWyULR"$RTXHWXGRLQGLFDPXLWRVWrPHOHJLGRDWHYrFRPRFRPSDQKLDIDYRULWD
$UJXPHQWDomRSRUFRPSDUDomR
(QTXDQWR SDtVHV FRP ,QJODWHUUD H &DQDGi WrP OHLD TXH SURWHJHP DV FULDQoDV GD H[SRVLomR DR VH[R H j YLROrQFLD QD WHOHYLVmR QR %UDVLO QmR Ki QHQKXP FRQWUROH HIHWLYR VREUH D SURJUDPDomR 1mR p GH VXUSUHHQGHU TXH PXLWRV EUDVLOHLURV HVWHMDP GHIHQGHQGR DOJXPD IRUPD GH FHQVXUDVREUHD79DEHUWD
$UJXPHQWDomRSRUWHVWHPXQKR
&RQIRUPH FLWDGR SHOR MRUQDOLVWD 1HOVRQ +RLQHII R TXH D WHOHYLVmR WHP GH PDLV IDVFLQDQWH SDUD TXHP D ID] p MXVWDPHQWH R TXH HOD WHP GH PDLV QRFLYR SDUD TXHP D Yr VXD FDSDFLGDGH DSDUHQWHPHQWH LQILQLWD GH PDVVLILFDomR 'H IDWR PDLV GH GD SRSXODomR EUDVLOHLUD WHP HVVH YHtFXORFRPRSULQFLSDOIRQWHGHLQIRUPDomRHUHIHUrQFLD
$&21&/862'27(;72',66(57$7,92
4XDQGR HODERUDPRV XPD GLVVHUWDomR WHPRV VHPSUH XP REMHWLYR GHILQLGR GHIHQGHU XPD LGHLD XP SRQWR GH YLVWD 3DUD WDQWR IRUPXODPRV XPD WHVH LQWHUHVVDQWH TXH VHUi GHVHQYROYLGD FRP HILFLHQWHV DUJXPHQWRV DWp DWLQJLU D ~OWLPD HWDSD GD HVWUXWXUD GLVVHUWDWLYD D FRQFOXVmR
$VVLP DV LGHLDV GHYHP HVWDU DUWLFXODGDV QXPD VHTXrQFLD TXH FRQGX]D ORJLFDPHQWH DR ILQDO GR WH[WR
1mR Ki XP PRGHOR ~QLFR GH FRQFOXVmR &DGD WH[WR SHGH XP GHWHUPLQDGR WLSR GH IHFKDPHQWR D GHSHQGHU GR WHPD EHP FRPR GR HQIRTXH HVFROKLGR SHOR DXWRU (P WH[WRV FRP WHRU LQIRUPDWLYR SRU H[HPSOR FDEHUi D FRQFOXVmR TXH FRQGHQVH DV LGHLDV FRQVLGHUDGDV -i QR FDVRGHWH[WRVFXMRFRQWH~GRVHMDSROrPLFRTXHVWLRQDGRUVHUiDSURSULDGDXPDFRQFOXVmRTXH
SURSRQKDVROXo}HVRXWUDFHSHUVSHFWLYDVSDUDRWHPDGLVFXWLGR
2EVHUYHDOJXQVGRVSURFHGLPHQWRVDGHTXDGRVSDUDVHFRQFOXLUXPWH[WRGLVVHUWDWLYR
6tQWHVHGDGLVFXVVmRDSURSULDGDSDUDWH[WRVH[SRVLWLYRVOLPLWDVHDFRQGHQVDUDVLGHLDVGHIHQGLGDVDRORQJRGDH[SODQDomR
5HWRPDGDGDWHVHpDFRQILUPDomRGDLGHLDFHQWUDO5HIRUoDDSRVLomRDSUHVHQWDGDQRLQtFLRGRWH[WR'HYHVHFRQWXGRHYLWDUDUHGXQGkQFLDRXPHUDUHSHWLomRGDWHVH
3URSRVWDVGHVROXomRSDUWLQGRGHTXHVW}HVOHYDQWDGDVQDDUJXPHQWDomRFRQVLVWHQDVXJHVWmRGHSRVVtYHLVVROXo}HVSDUDRVSUREOHPDVGLVFXWLGRV
&RP LQWHUURJDomR UHWyULFD Vy GHYH VHU XWLOL]DGD TXDQGR WURX[HU LPSOtFLWD D FUtWLFD SURFHGHQWH TXH LQVWLJXH D UHIOH[mR GR OHLWRU e SUHFLVR HYLWDU SHUJXQWDV TXH UHSDVVHP DR OHLWRU D LQFXPErQFLDGHHQFRQWUDUUHVSRVWDVTXHGHYHULDPHVWDUFRQWLGDVQRSUySULRWH[WR'(6(192/9,0(172'(6(192/9,0(172
QKWPEE(PLP
(UURV0DLV&RPXQV(P5HGDomR'H9HVWLEXODU
)XJLUGRWHPD6HYRFrIXJLUGRWHPDVXDQRWDGHUHGDomRVHUi]HUR/HLDFRPDWHQomRDSURSRVWDHJULIHQRVWH[WRVGHEDVHHTXDLVDVSDODYUDVPDLVLPSRUWDQWHVGRWHPD
(UUDURJrQHURGRWH[WRVROLFLWDGR6HURULJLQDOQmRTXHUGL]HUTXHYRFrSRGHFRQWUDGL]HUDVUHJUDVGRMRJR6HWHSHGLUDPXPDGLVVHUWDomRHYRFrHVFUHYHXXPDSRHVLDYDLWLUDU]HUR'LVVHUWDomR WH[WRDUJXPHQWDWLYRGHIHVDGHXPDWHVH1DUUDomR HVFULWDHPSURVDSDUiJUDIRVTXHFRQWDPXPDKLVWyULDFRPFHQiULRSHUVRQDJHQVHQUHGRHGHVHQODFH&DUWD WH[WRGHVWLQDGRDDOJXpPFRPREMHWLYRHDUJXPHQWRVH[SOtFLWRVQRWH[WRUHFODPDomRVROLFLWDomRHORJLRHGHVSHGLGDILQDO
7H[WRHVWLORDXWRDMXGD$GLVVHUWDomRQmRpXPEDWHSDSRFRPROHLWRUHQmRSRGHVHULQWHUDWLYDGL]=H]p6HJXQGRHODpFRPXPFDQGLGDWRVTXHXVDPDHVWUXWXUDOLQJXtVWLFDWtSLFDGHOLYURVGHDXWRDMXGDTXHLQFOXHPSRUH[HPSORDSDODYUDYRFr
$UJXPHQWRVIUiJHLVFKDY}HVHVHQVRFRPXP8PDERDGLVVHUWDomRJrQHURPDLVFRPXPQRVYHVWLEXODUHVH[LJHDUJXPHQWRVHH[SOLFDomRVyOLGDVHRULJLQDLV)XMDFRPRRGLDERGDFUX]GHTXHPGL]TXHRWUDEDOKRHPSREUHFHRKRPHPHSUHILUDHVWDUDQWHVVyGRTXHPDODFRPSDQKDGR8VDVHVVDVIUDVHVIHLWDVVyHPSREUHFHRVHXWH[WRHHQIUDTXHFHRVHXDUJXPHQWR
&RHVmRHFRHUrQFLDpIXQGDPHQWDOeFRPXPHVFUHYHUXPDOLVWDGHLQIRUPDo}HVHDUJXPHQWRVDQWHVGHFULDUVHXWH[WRPDVDVLQIRUPDo}HVQmRSRGHPDSDUHFHUMRJDGDVQRWH[WRVHOHFLRQHDVPHOKRUHVHFULHXPDHYROXomRGHVXDDUJXPHQWDomR0XLWRFXLGDGRSDUDQmRVHFRQWUDGL]HUpLPSRUWDQWHIDODUGHPDLVGHXPDVSHFWRGDTXHVWmRPDVYRFrGHYHDSUHVHQWDUXPDFRQFOXVmRGHILQLWLYD
(UUDUDJUDILDRXFRQFRUGkQFLDGDVSDODYUDV)UDVHVGHVHVWUXWXUDGDVSRGHPFRPSURPHWHUDUHGDomRSRUTXHDOHLWXUDQmRIOXL(PFDVRVGHHUURVFUDVVRVKiSHUGDGHSRQWRV
8VDUYHUERVQRLPSHUDWLYR([SUHVV}HVFRPRIDoDVXDSDUWHRXWRGRVMXQWRVFRQVHJXLUHPRVGHPRQVWUDPXPDLQWHQomRGHGLiORJRFRPROHLWRU6HYRFrTXHUXPDERDQRWDQDUHGDomRQmRIXMDGDGLVFXVVmRH[LJLGDQDGLVVHUWDomRQmRMRJXHSDUDROHLWRUDUHVSRQVDELOLGDGHGHUHIOHWLU(VVDUHVSRQVDELOLGDGHpVXD
0HVFODUSHVVRDVJUDPDWLFDLV&RPHoDURWH[WRXVDQGRQyVSUHFLVDPRVPXGDUSDUDDWHUFHLUDSHVVRDHOHVTXHUHPHHQFHUUDUXVDQGRHXDFUHGLWRpRXWURHUURFRPXP,VWRPRVWUDTXHRDOXQRQmRFRQVHJXLXFULDLXPDOLQKDGHUDFLRFtQLR~QLFD
/LQJXDJHPFRORTXLDOJtULDVRXFOLFKrV(YLWHRVDWRGRFXVWR0HVPRFRORFDQGRRVHQWUHDVSDVSDUDGL]HUTXHYRFrVDEHTXHpXPDJtULDVLJQLILFDTXHYRFrQmRVDEHXPVLQ{QLPRGLVVRQDQRUPDFXOWD
/HWUDLOHJtYHO9HVWLEXODUQmRpFRQFXUVRGHFDOLJUDILDPDVVHRSURIHVVRUTXHFRUULJLURVHXWH[WRQmRHQWHQGHURTXHYRFrHVFUHYHXYRFrFRPFHUWH]DYDLSHUGHUSRQWRV3DUDLVVRpTXHH[LVWHRUDVFXQKR0DVVHPHVPRDVVLPDRSDVVDUDOLPSRRWH[WRYRFrHUUDUULVTXHDSDODYUDLQWHLUDHUHHVFUHYDFRUUHWDPHQWHDVHJXLUQmR
WHQWHWUDQVIRUPDUXPHHPXPR/LPSH]DHRUJDQL]DomRVHPSUH
$(VWpWLFDGHXPD5HGDomR$GLOVRQ7RUTXDWR
1XQFDFRPHFHXPDUHGDomRFRPSHUtRGRVORQJRV%DVWDID]HUXPDIUDVHQ~FOHRTXHVHUiDVXDLGHLDJHUDODVHUGHVHQYROYLGDQRVSDUiJUDIRVTXHVHVHJXLUmR
1XQFDFRORTXHXPDH[SUHVVmRTXHGHVFRQKHoDSRLVRHUURGHRUWRJUDILDHDFHQWXDomRpRTXHPDLVWLUDSRQWRVHPXPDUHGDomR
1XQFD XVH JtULDV QD UHGDomR SRLV D GLVVHUWDomR p D H[SOLFDomR UDFLRQDO GR TXH YDL VHU GHVHQYROYLGR H XPD JtULD SRGH FRUWDU WRWDOPHQWH D VHTXrQFLD GR TXH YDL VHU GHVHQYROYLGR DOpP GH RIHQGHUDQRUPDFXOWDGD/tQJXD3RUWXJXHVD
1XQFDHVTXHoDGRVSLQJRVQRVLVSRLVEROLQKDQmRYDOHQHPFRUDomR]LQKR
1XQFDFRORTXHYtUJXODVRQGHQmRVmRQHFHVViULDVRTXHWHPGHHUURGHSRQWXDomR
1XQFDHQWUHJXHXPDUHGDomRVHPYHULILFDUDVHSDUDomRVLOiELFDGDVSDODYUDV
1XQFDFRPHFHDHVFUHYHUVHPHVWUXWXUDURTXHYDLSDVVDUSDUDRSDSHO
7HQKDFDOPDQDKRUDGHGLVVHUWDUHVHPSUHYROWHjIUDVHQ~FOHRSDUDRULHQWDUVHXVDUJXPHQWRV
9HULILTXH VHPSUH D (67e7,&$ 3DUiJUDIR DFHQWXDomR YRFDEXOiULR VHSDUDomR VLOiELFD H SULQFLSDOPHQWH D 32178$d2 TXH p D PDLRU GLILFXOGDGH GH TXHP HVFUHYH H D PDLRULD DFKD TXH pWmRIiFLOSRQWXDU
5HVSHLWHDVPDUJHQVGRSDSHOHSURFXUHVHPSUHID]HUXPDOHWUDFRQVWDQWHVHPGLPLQXLUDOHWUDQRILQDOGDUHGDomRSDUDJDQKDUPDLVHVSDoRRXDXPHQWDUSDUDSUHHQFKHUHVSDoR
$OHWUDWHPTXHVHUYLVtYHOHFRPSUHHQVtYHOSDUDTXHPOr
3UHSDUHVHPSUHXPHVTXHPDOyJLFRHPFLPDGDHVWUXWXUDLQWUtQVHFDHH[WUtQVHFD
1mRLQLFLHQHPWHUPLQHXPDUHGDomRFRPH[SUHVV}HVGRWLSR(XDFKR3DUHFHVHU$FUHGLWRPHVPR4XHPVDEHPRVWUDG~YLGDVHPVHXVDUJXPHQWRVDQWHULRUHV
&XLGDGRFRPVXSHUODWLYRVFULDWLYRVGRWLSRPHVPDPHQWHDSHQDVPHQWH(GHQHRORJLVPRVLQFXOWRVGRWLSRLPH[tYHOLQFRQVWLWXFLRQDOL]iYHO
1DGDGHQSDUHFLGRFRPU
1DGDGHVSDUHFLGRFRPM
1DGDGHMFRPFDUDGHVRXYLFHYHUVD
1DGDGH\FRPFDUDGHJHYLFHYHUVD1DGDGHPFRPFDUDGHQ
1DGDGHVFFRPFDUDGH[HYLFHYHUVD
1DGDGHWFRPFDUDGHI
1DGDGHoFRPFDUDGHVV
1DGDGHEROLQKDQRVLV
1DGDGHKFRPFDUDGHPPDL~VFXOR
1DGDGHOHWUDPDL~VFXODRQGHGHYHULDVHUPLQ~VFXODH[FHWRVHDQRUPDSHGLU
1DGDGHUUFRPFDUDGHPRXYLFHYHUVD
3URFXUHID]HUXPDOHWUDPDQXVFULWDDGHIRUPDFRQIXQGHPXLWRRFXSDHVSDoRHQmRVHSRGHGLVWLQJXLUD&$,;$$/7$GD%$,;$
1mRHVFUHYDSDODYUDVFRPG~YLGDGHJUDILD
1mRDFHOHUHRULWPRSDUDDFDEDUORJRQHPGHPRUHGHPDLVSDUDQmRSHUGHUWHPSR
1mRH[FHGDHPUHWLFrQFLDVSRQWRHYtUJXODGRLVSRQWRVHYtUJXODVHPQHFHVVLGDGH
1mRXOWUDSDVVHDVPDUJHQVGRSDSHOWDQWRQDVODWHUDLVTXDQWRQRWRSRHQRILPGDSDXWD3DUDLVWRH[LVWHPDVIDL[DVGHOLPLWHGRSDSHO
&2(62(&2(51&,$7(;78$/ZZZHGXFDFLRQDOFRPEU
&2(51&,$8P WH[WR SRGH VHU LQFRHUHQWH VH R VHX DXWRU QmR FRQVHJXH LQIHULU XP VHQWLGR RX XPD LGHLD
DWUDYpV GD DUWLFXODomR GH VXDV IUDVHV H SDUiJUDIRV H SRU PHLR GH UHFXUVRV OLQJXtVWLFRV SRQWXDomRYRFDEXOiULRHWF
$FRHUrQFLDWH[WXDOpDUHODomROyJLFDHQWUHDVLGHLDVpRUHVXOWDGRGDQmRFRQWUDGLomR
HQWUHDVSDUWHVGRWH[WR
$VFULDQoDVHVWmRPRUUHQGRGHIRPHSRUFDXVDGDULTXH]DGRSDtV$GRURVDQGXtFKHSRUTXHHQJRUGD
$VIUDVHVDFLPDVmRFRQWUDGLWyULDVQmRDSUHVHQWDPLQIRUPDo}HVFODUDVSRUWDQWRVmRLQFRHUHQWHV
&2(62eDOLJDomRDUHODomRDFRQH[mRHQWUHDVSDODYUDVH[SUHVV}HVRXIUDVHVGRWH[WR
&RPSUHLXPOLYURTXHPHIRLPXLWR~WLOSDUDUHDOL]DUDSURYD&RPSUHLXPOLYUR2OLYURPHIRLPXLWR~WLOSDUDUHDOL]DUDSURYD
&RQKHFLRSDLGD-RDQDTXHPHSDUHFHXPXLWRLQWHOLJHQWH4XHPpLQWHOLJHQWHRSDLRX&HOLQD"1HVWHFDVRDYDULDomRGRSURQRPHTXHH[FOXLDDPELJXLGDGH
&RQKHFLRSDLGD-RDQDRTXDOPHSDUHFHXPXLWRLQWHOLJHQWH&RQKHFLRSDLGD-RDQDDTXDOPHSDUHFHXPXLWRLQWHOLJHQWH
2VDXWRPyYHLVFRORFDGRVjYHQGDGXUDQWHDH[SRVLomRQmRREWLYHUDPPXLWRVXFHVVR,VVRWDOYH]WHQKDRFRUULGRSRUTXHRVFDUURVQmRHVWDYDPHPXPOXJDUGHGHVWDTXHQRHYHQWR
25LRGH-DQHLURpXPDGDVFLGDGHVPDLVLPSRUWDQWHVGR%UDVLO$FLGDGHPDUDYLOKRVDpFRQKHFLGDPXQGLDOPHQWHSRUVXDVEHOH]DVQDWXUDLVKRVSLWDOLGDGHHFDUQDYDO
+iGLYHUVDVIRUPDVGHVHJDUDQWLUDFRHVmRHQWUHRVHOHPHQWRVGHXPDIUDVHRXGHXPWH[WR
6XEVWLWXLomRGHSDODYUDVFRPRHPSUHJRGHVLQ{QLPRVRXGHSDODYUDVRXH[SUHVV}HVGHPHVPRFDPSRDVVRFLDWLYR
1RPLQDOL]DomRHPSUHJRDOWHUQDWLYRHQWUHXPYHUERRVXEVWDQWLYRRXRDGMHWLYRFRUUHVSRQGHQWHGHVJDVWDUGHVJDVWHGHVJDVWDQWH
5HSHWLomRQDOLJDomRVHPkQWLFDGRVWHUPRVHPSUHJDGDFRPRUHFXUVRHVWLOtVWLFRGHLQWHQomRDUWLFXODWyULDHQmRXPDUHGXQGkQFLDUHVXOWDGRGDSREUH]DGHYRFDEXOiULR3RUH[HPSOR*UDQGHQRSHQVDPHQWRJUDQGHQDDomRJUDQGHQDJOyULDJUDQGHQRLQIRUW~QLRHOHPRUUHXGHVFRQKHFLGRHVy5RFKD/LPD
8VRGHKLS{QLPRVUHODomRTXHVHHVWDEHOHFHFRPEDVHQDPDLRUHVSHFLILFLGDGHGRVLJQLILFDGRGHXPGHOHV3RUH[HPSORPHVDPDLVHVSHFtILFRHPyYHOPDLVJHQpULFR
(PSUHJR GH KLSHU{QLPRV UHODo}HV GH XP WHUPR GH VHQWLGR PDLV DPSOR FRP RXWURV GH VHQWLGR PDLVHVSHFtILFR3RUH[HPSORIHOLQRHVWiQXPDUHODomRGHKLSHURQtPLDFRPJDWR
6XEVWLWXWRVXQLYHUVDLV1HFHVVLWRYLDMDUSRUpPVyRIDUHLQRDQRYLQGRXUR
$FRHVmRDSRLDGDQDJUDPiWLFDGiVHQRXVRGHFRQHFWLYRVFRPRFHUWRVSURQRPHVFHUWRVDGYpUELRVHH[SUHVV}HVDGYHUELDLVFRQMXQo}HVHOLSVHVHQWUHRXWURV
$FRHVmRWH[WXDOSRGHVHUIHLWDDWUDYpVGHWHUPRVTXH
UHWRPDPSDODYUDVH[SUHVV}HVRXIUDVHVMiGLWDVDWUDYpVGHSURQRPHVYHUERVQXPHUDLV
DGYpUELRVVXEVWDQWLYRVDGMHWLYRV
HQFDGHLDPSDUWHVRXVHJPHQWRVGRWH[WRVmRSDODYUDVRXH[SUHVV}HVTXHFULDPDVUHODo}HVHQWUHRVHOHPHQWRVGRWH[WR
DID]HPXPDJUDGDomRQDGLUHomRGHXPDFRQFOXVmRDWpPHVPRLQFOXVLYHHWFE
DUJXPHQWDPHPGLUHomRDFRQFOXV}HVRSRVWDVFDVRFRQWUiULRRXRXHQWmRTXHUTXHUHWFFOLJDPDUJXPHQWRVHPIDYRUGHXPDPHVPDFRQFOXVmRHWDPEpPDLQGDQHPQmRVyPDVWDPEpPHWFGID]HPFRPSDUDomRGHVXSHULRULGDGHGHLQIHULRULGDGHRXLJXDOGDGHPDLVGRTXHPHQRVGRTXHWDQWRTXDQWRHWFHMXVWLILFDPRXH[SOLFDPRTXHIRLGLWRSRUTXHMiTXHTXHSRLVHWFILQWURGX]HPXPDFRQFOXVmRSRUWDQWRORJRSRUFRQVHJXLQWHSRLVHWFJFRQWUDS}HPDUJXPHQWRVPDVSRUpPWRGDYLDFRQWXGRHQWUHWDQWRQRHQWDQWRHPERUDDLQGDTXHHWFKLQGLFDPXPDJHQHUDOL]DomRGRTXHMiIRLGLWRGHIDWRDOLiVUHDOPHQWHWDPEpPHWFLLQWURGX]HPDUJXPHQWRGHFLVLYRDOLiVDOpPGLVVRDGHPDLVDOpPGHWXGRHWFMWUD]HPXPDFRUUHomRRXUHIRUoDPRFRQWH~GRGRMiGLWRRXPHOKRUDRFRQWUiULRGHIDWRLVWRpTXHUGL]HURXVHMDHWFOWUD]HPXPDFRQILUPDomRRXH[SOLFLWDomRDVVLPGHVVDPDQHLUDGHVVHPRGRHWFPHVSHFLILFDPRXH[HPSOLILFDPRTXHIRLGLWRSRUH[HPSORFRPRHWF
2VHOHPHQWRVFRHVLYRVSRUMXVWDSRVLomRHVWDEHOHFHPDVHTXrQFLDGRWH[WR
DLQWURGX]HPRWHPDRXLQGLFDPPXGDQoDGHDVVXQWRDSURSyVLWRSRUIDODUQLVVRPDVYROWDQGRDRDVVXQWRHWFEPDUFDPDVHTXrQFLDWHPSRUDOFLQFRDQRVGHSRLVXPSRXFRPDLVWDUGHHWFFLQGLFDPDRUGHQDomRHVSDFLDOjGLUHLWDQDIUHQWHDWUiVHWFGLQGLFDPDRUGHPGRVDVVXQWRVGRWH[WRSULPHLUDPHQWHDVHJXLUILQDOPHQWHHWF
25DVFXQKR$RHVWUXWXUDURHVTXHPDGDUHGDomRYRFrWHUiIDFLOLWDGRVREUHPDQHLUDRVHXWUDEDOKRH
SDVVDUiHQWmRSDUDDIHLWXUDGDUHGDomRSURYLVyULDRUDVFXQKR
'HVHQYROYDRUDVFXQKRDSDUWLUGRHVTXHPD1DUHGDomRSURYLVyULDYRFrGHYHXVDUDEUHYLDo}HVHQmRGHYHVHSUHRFXSDUFRPDHVWpWLFDGDOHWUD$SDUWHGHDSUHVHQWDomRVyWHPLPSRUWkQFLDQRPRPHQWRGDUHGDomRGHILQLWLYD
5HOHLD YiULDV YH]HV D UHGDomR SURYLVyULD PRGLILTXH WHQWH RXWUDV FRQVWUXo}HV YHULILTXH D ORJLFLGDGH GDV LGHLDV DSUHVHQWDGDV UHWLUH SDODYUDV PXLWR XVDGDV FULH QRYDV FRPSDUDo}HV H PHWiIRUDV2HVStULWRFUtWLFRVREUHRUDVFXQKRpLPSRUWDQWtVVLPR
)DOWDGHLGHLDV"&RLVDQHQKXPD1DKRUDGHID]HUXPDUHGDomRRPDLRUSUREOHPDGRVDOXQRVSDUHFHVHUPHVPRDSUHJXLoD
3RLV p 2 SHVVRDO TXHU VH VHQWDU j PHVD H SVLFRJUDIDU XP WH[WR HP XPD KRUD 6HP HODERUDU XP URWHLUR H VHP ID]HU UHYLVmR 1R ILQDO ILFD HVSDQWDGR DR YHU TXH QR SDSHO QmR WHP QDGDTXHSUHVWH
&XOSDGHTXHP",QIHOL]PHQWHGDHVFRODTXHHQVLQDRPpWRGRGDSVLFRJUDILD9DPRVOiPLQKDJHQWH6HQWDDtHID]XPWH[WR
$Wp SDUHFH TXH R DOXQR HVWi QXP FHQWUR HVStULWD H QmR QXP HVWDEHOHFLPHQWR HVFRODU 3RUTXH SUD HVFUHYHU EHP GHVVH MHLWR PHX FDUR Vy EDL[DQGR XP HVStULWR 'H SUHIHUrQFLD R GH 0DFKDGRGH$VVLV
'LItFLO HVFUHYHU EHP VH QmR Ki XP URWHLUR 2 URWHLUR GHWHUPLQD D HVWUXWXUD H R FRQWH~GR GR WH[WR GL] RQGH TXDQGR H SRU TXH YDL HQWUDU R TXr 6HP XP URWHLUR R WH[WR FRUUH R ULVFR GH YLUDU
XPDHPERODGDVHPVHQWLGRHSLRUUHSHWLWLYD
2SUREOHPDpTXHHODERUDUXPURWHLURGiWUDEDOKR$FULDWXUDGHYHVHVHQWDUHSHQVDUPXLWRDQWHVGHSHJDUQROiSLVRXQRWHFODGR7HPTXHVDEHURTXHTXHUVDEHU7HPTXHHQFRQWUDU