Você está na página 1de 2

6RFLHWj6SHFLDOL]]DWD&RQVXOHQ]D)LVFDOH



9HQGLWD'LUHWWD,QFDULFDWLDOOH9HQGLWH




_

_

_

_



_

/HJJHGHO

$JJLRUQDWDDO


'LVFLSOLQDGHOODYHQGLWDGLUHWWDDGRPLFLOLRHWXWHODGHOFRQVXPDWRUHGDOOHIRUPHGLYHQGLWDSLUDPLGDOL
$57
'HILQL]LRQLHDPELWRGLDSSOLFD]LRQHGHOODOHJJH
$OILQLGHOODSUHVHQWHOHJJHVLLQWHQGRQR
D  SHU YHQGLWD GLUHWWD D GRPLFLOLR OD IRUPD VSHFLDOH GL YHQGLWD DO GHWWDJOLR H GL RIIHUWD GL EHQL H VHUYL]L GL FXL
DOO
DUWLFRORGHOGHFUHWROHJLVODWLYRPDU]RQHIIHWWXDWHWUDPLWHODUDFFROWDGLRUGLQDWLYLGLDFTXLVWR
SUHVVR LO GRPLFLOLR GHO FRQVXPDWRUH ILQDOH R QHL ORFDOL QHL TXDOL LO FRQVXPDWRUH VL WURYD DQFKH WHPSRUDQHDPHQWH
SHUPRWLYLSHUVRQDOLGLODYRURGLVWXGLRGLLQWUDWWHQLPHQWRRGLVYDJR
E  SHU LQFDULFDWR DOOD YHQGLWD GLUHWWD D GRPLFLOLR FROXL FKH FRQ R VHQ]D YLQFROR GL VXERUGLQD]LRQH SURPXRYH
GLUHWWDPHQWHRLQGLUHWWDPHQWHODUDFFROWDGLRUGLQDWLYLGLDFTXLVWRSUHVVRSULYDWLFRQVXPDWRULSHUFRQWRGLLPSUHVH
HVHUFHQWLODYHQGLWDGLUHWWDDGRPLFLOLR
F SHULPSUHVDRLPSUHVHO
LPSUHVDROHLPSUHVHHVHUFHQWLODYHQGLWDGLUHWWDDGRPLFLOLRGLFXLDOODOHWWHUDD 
/HGLVSRVL]LRQLGHOODSUHVHQWHOHJJHDGHFFH]LRQHGLTXDQWRSUHYLVWRGDJOLDUWLFROLHQRQVLDSSOLFDQRDOOD
RIIHUWDDOODVRWWRVFUL]LRQHHDOODSURSDJDQGDDLILQLFRPPHUFLDOLGL
D SURGRWWLHVHUYL]LILQDQ]LDUL
E SURGRWWLHVHUYL]LDVVLFXUDWLYL
F FRQWUDWWLSHUODFRVWUX]LRQHODYHQGLWDHODORFD]LRQHGLEHQLLPPRELOL

$57
(VHUFL]LRGHOO
DWWLYLWD
GLYHQGLWDGLUHWWDDGRPLFLOLR
$OOHDWWLYLWD
GLYHQGLWDGLUHWWDDGRPLFLOLRGLFXLDOO
DUWLFROR  FRPPD  OHWWHUD D  VL DSSOLFDQR OH GLVSRVL]LRQL
GLFXLDJOLDUWLFROLHFRPPLHGHOGHFUHWROHJLVODWLYRPDU]RQQRQFKH
OHGLVSRVL]LRQL
YLJHQWLLQPDWHULDGLFRPPHUFLDOL]]D]LRQHGHLEHQLHGHLVHUYL]LRIIHUWL

$57
$WWLYLWD
GLLQFDULFDWRDOODYHQGLWDGLUHWWDDGRPLFLOLR
 /
DWWLYLWD
 GL LQFDULFDWR DOOD YHQGLWD GLUHWWD D GRPLFLOLR FRQ R VHQ]D YLQFROR GL VXERUGLQD]LRQH H
 VRJJHWWD
DOO
REEOLJR GHO SRVVHVVR GHO WHVVHULQR GL ULFRQRVFLPHQWR GL FXL DOO
DUWLFROR  FRPPL  H  GHO GHFUHWR OHJLVODWLYR
PDU]R  Q  H SXR
 HVVHUH VYROWD GD FKL ULVXOWL LQ SRVVHVVR GHL UHTXLVLWL GL FXL DOO
DUWLFROR  FRPPD 
GHOPHGHVLPRGHFUHWROHJLVODWLYR
 /
DWWLYLWD
 GL LQFDULFDWR DOOD YHQGLWD GLUHWWD D GRPLFLOLR VHQ]D YLQFROR GL VXERUGLQD]LRQH SXR
 HVVHUH HVHUFLWDWD
FRPHRJJHWWRGLXQDREEOLJD]LRQHDVVXQWDFRQFRQWUDWWRGLDJHQ]LD
 /
DWWLYLWD
 GL LQFDULFDWR DOOD YHQGLWD GLUHWWD D GRPLFLOLR VHQ]D YLQFROR GL VXERUGLQD]LRQH SXR
 HVVHUH DOWUHVL

HVHUFLWDWD VHQ]D QHFHVVLWD


 GL VWLSXODUH XQ FRQWUDWWR GL DJHQ]LD GD VRJJHWWL FKH VYROJRQR O
DWWLYLWD
 LQ PDQLHUD
DELWXDOHDQFRUFKH
QRQHVFOXVLYDRLQPDQLHUDRFFDVLRQDOHSXUFKH
LQFDULFDWLGDXQDRSLX
LPSUHVH
/DQDWXUDGHOO
DWWLYLWD
GLFXLDOFRPPDH
GLFDUDWWHUHRFFDVLRQDOHVLQRDOFRQVHJXLPHQWRGLXQUHGGLWRDQQXR
GHULYDQWHGDWDOHDWWLYLWD
QRQVXSHULRUHDHXUR
 5HVWD IHUPD OD GLVFLSOLQD SUHYLGHQ]LDOH UHFDWD GDOO
DUWLFROR  FRPPD  XOWLPR SHULRGR GHO GHFUHWROHJJH 
VHWWHPEUHQFRQYHUWLWRFRQPRGLILFD]LRQLGDOODOHJJHQRYHPEUHQ

$57
'LVFLSOLQDGHOUDSSRUWRIUDLPSUHVDDIILGDQWHHLQFDULFDWRDOODYHQGLWDGLUHWWDDGRPLFLOLR&RPSHQVR
GHOO
LQFDULFDWR
 $OO
LQFDULFDWR DOOD YHQGLWD GLUHWWD D GRPLFLOLR FRQ YLQFROR GL VXERUGLQD]LRQH VL DSSOLFD LO FRQWUDWWR FROOHWWLYR
QD]LRQDOHGLODYRURDSSOLFDWRGDOO
LPSUHVDHVHUFHQWHODYHQGLWDGLUHWWD$OO
LQFDULFDWRDOODYHQGLWDGLUHWWDDGRPLFLOLR
VHQ]D YLQFROR GL VXERUGLQD]LRQH GL FXL DOO
DUWLFROR  FRPPD  VL DSSOLFDQR JOL DFFRUGL HFRQRPLFL FROOHWWLYL GL
VHWWRUH
 3HU O
LQFDULFDWR DOOD YHQGLWD GLUHWWD D GRPLFLOLR VHQ]D YLQFROR GL VXERUGLQD]LRQH GL FXL DOO
DUWLFROR  FRPPD 
O
LQFDULFR GHYH HVVHUH SURYDWR SHU LVFULWWR H SXR
 HVVHUH OLEHUDPHQWH ULQXQFLDWR DQFKH SHU IDWWL FRQFOXGHQWL FRQ
UHODWLYD SUHVD G
DWWR GHOO
LPSUHVD DIILGDQWH R UHYRFDWR SHU LVFULWWR WUDPLWH OHWWHUD UDFFRPDQGDWD FRQ DYYLVR GL
ULFHYLPHQWR R DOWUR PH]]R LGRQHR /
DWWR GL FRQIHULPHQWR GHOO
LQFDULFR GHYH FRQWHQHUH O
LQGLFD]LRQH GHL GLULWWL H
GHJOLREEOLJKLGLFXLDLFRPPLH
 /
LQFDULFDWR DOOD YHQGLWD GLUHWWD D GRPLFLOLR VHQ]D YLQFROR GL VXERUGLQD]LRQH GL FXL DOO
DUWLFROR  FRPPD  KD
GLULWWRGLUHFHGHUHGDOO
LQFDULFRVHQ]DREEOLJRGLPRWLYD]LRQHLQYLDQGRDOO
LPSUHVDDIILGDQWHXQDFRPXQLFD]LRQHD

PH]]RGLOHWWHUDUDFFRPDQGDWDFRQDYYLVRGLULFHYLPHQWRHQWURGLHFLJLRUQLODYRUDWLYLGDOODVWLSXODGHOO
DWWRVFULWWR
GL FXL DO FRPPD  ,Q WDOH FDVR O
LQFDULFDWR H
 WHQXWR D UHVWLWXLUH D VXD FXUD H VSHVH L EHQL H L PDWHULDOL GD
GLPRVWUD]LRQHHYHQWXDOPHQWHDFTXLVWDWLHO
LPSUHVDHQWURWUHQWDJLRUQLGDOODUHVWLWX]LRQH GHL EHQL H GHL PDWHULDOL
ULPERUVDDOO
LQFDULFDWROHVRPPHGDTXHVWLHYHQWXDOPHQWHSDJDWH,OULPERUVRH
VXERUGLQDWRDOO
LQWHJULWD
GHLEHQL
HGHLPDWHULDOLUHVWLWXLWL
1HLFRQIURQWLGHOO
LQFDULFDWRDOODYHQGLWDGLUHWWDDGRPLFLOLRQRQSXR
HVVHUHVWDELOLWRDOFXQREEOLJRGLDFTXLVWR
D  GL XQ TXDOVLDVL DPPRQWDUH GL PDWHULDOL R GL EHQL FRPPHUFLDOL]]DWL R GLVWULEXLWL GDOO
LPSUHVD DIILGDQWH DG
HFFH]LRQHGHLEHQLHGHLPDWHULDOLGDGLPRVWUD]LRQHVWUXPHQWDOLDOODVXDDWWLYLWD
FKHSHUWLSRORJLDHTXDQWLWD
VRQR
DVVLPLODELOLDGXQFDPSLRQDULR
E  GL VHUYL]L IRUQLWL GLUHWWDPHQWH R LQGLUHWWDPHQWH GDOO
LPSUHVD DIILGDQWH QRQ VWUHWWDPHQWH LQHUHQWL H QHFHVVDUL
DOO
DWWLYLWD
FRPPHUFLDOHLQTXHVWLRQHHFRPXQTXHQRQSURSRU]LRQDWLDOYROXPHGHOO
DWWLYLWD
VYROWD
1HOFDVRLQFXLO
LQFDULFRYHQJDULQXQFLDWRRUHYRFDWRLOWHVVHULQRGLULFRQRVFLPHQWR GL FXL DOO
DUWLFROR  FRPPD
H
ULWLUDWR
,QDJJLXQWDDOGLULWWRGLUHFHVVRGLFXLDOFRPPDDOO
LQFDULFDWRDOODYHQGLWD GLUHWWD D GRPLFLOLR H
 LQ RJQL FDVR
ULFRQRVFLXWRLQWXWWHOHDOWUHLSRWHVLGLFHVVD]LRQHSHUTXDOVLDVLFDXVDGHOUDSSRUWRFRQO
LPSUHVDDIILGDQWHLO GLULWWR
GL UHVWLWX]LRQH H HQWUR WUHQWD JLRUQL DOOD ULIXVLRQH GHO SUH]]R UHODWLYDPHQWH DL EHQL H DL PDWHULDOL LQWHJUL
HYHQWXDOPHQWHSRVVHGXWLLQPLVXUDQRQLQIHULRUHDOSHUFHQWRGHOFRVWRRULJLQDULR
 /
LQFDULFDWR DOOD YHQGLWD GLUHWWD D GRPLFLOLR GHYH DWWHQHUVL DOOH PRGDOLWD
 H DOOH FRQGL]LRQL JHQHUDOL GL YHQGLWD
VWDELOLWHGDOO
LPSUHVDDIILGDQWH,QFDVRFRQWUDULRHJOLH
UHVSRQVDELOHGHLGDQQLGHULYDQWLGDOOHFRQGRWWHGLIIRUPLGD
OXLDGRWWDWHULVSHWWRDOOHPRGDOLWD
HDOOHFRQGL]LRQLGLFXLDOSULPRSHULRGR
/
LQFDULFDWRDOODYHQGLWDGLUHWWDDGRPLFLOLRQRQKDVDOYRHVSUHVVDDXWRUL]]D]LRQHVFULWWDODIDFROWD
GLULVFXRWHUH
LOFRUULVSHWWLYRGHJOLRUGLQDWLYLGLDFTXLVWRFKHDEELDQRDYXWRUHJRODUHHVHFX]LRQHSUHVVRLSULYDWLFRQVXPDWRULQH
GL
FRQFHGHUHVFRQWLRGLOD]LRQLGLSDJDPHQWR
 ,O FRPSHQVR GHOO
LQFDULFDWR DOOD YHQGLWD GLUHWWD D GRPLFLOLR VHQ]D YLQFROR GL VXERUGLQD]LRQH H
 FRVWLWXLWR GDOOH
SURYYLJLRQLVXJOLDIIDULFKHDFFHWWDWLKDQQRDYXWRUHJRODUHHVHFX]LRQH/DPLVXUDGHOOHSURYYLJLRQLHOHPRGDOLWD

GLFRUUHVSRQVLRQHGHYRQRHVVHUHVWDELOLWHSHULVFULWWR

$57
'LYLHWRGHOOHIRUPHGLYHQGLWDSLUDPLGDOLHGLJLRFKLRFDWHQH
 6RQR YLHWDWH OD SURPR]LRQH H OD UHDOL]]D]LRQH GL DWWLYLWD
 H GL VWUXWWXUH GL YHQGLWD QHOOH TXDOL O
LQFHQWLYR
HFRQRPLFR SULPDULR GHL FRPSRQHQWL OD VWUXWWXUD VL IRQGD VXO PHUR UHFOXWDPHQWR GL QXRYL VRJJHWWL SLXWWRVWR FKH
VXOODORURFDSDFLWD
GLYHQGHUHRSURPXRYHUHODYHQGLWDGLEHQLRVHUYL]LGHWHUPLQDWLGLUHWWDPHQWHRDWWUDYHUVRDOWUL
FRPSRQHQWLODVWUXWWXUD
 (
 YLHWDWD DOWUHVL
 OD SURPR]LRQH R O
RUJDQL]]D]LRQH GL WXWWH TXHOOH RSHUD]LRQL TXDOL JLRFKL SLDQL GL VYLOXSSR
FDWHQHGL6DQW
$QWRQLRFKHFRQILJXUDQRODSRVVLELOLWD
GLJXDGDJQRDWWUDYHUVRLOSXURHVHPSOLFHUHFOXWDPHQWR GL
DOWUHSHUVRQHHLQFXLLOGLULWWRDUHFOXWDUHVLWUDVIHULVFHDOO
LQILQLWRSUHYLRLOSDJDPHQWRGLXQFRUULVSHWWLYR

$57
(OHPHQWLSUHVXQWLYL
&RVWLWXLVFHHOHPHQWRSUHVXQWLYRGHOODVXVVLVWHQ]DGLXQDRSHUD]LRQHRGLXQDVWUXWWXUDGLYHQGLWDYLHWDWHDLVHQVL
GHOO
DUWLFRORODULFRUUHQ]DGLXQDGHOOHVHJXHQWLFLUFRVWDQ]H
D O
HYHQWXDOHREEOLJRGHOVRJJHWWRUHFOXWDWRGLDFTXLVWDUHGDOO
LPSUHVDRUJDQL]]DWULFHRYYHURGDDOWURFRPSRQHQWH
OD VWUXWWXUD XQD ULOHYDQWH TXDQWLWD
 GL SURGRWWL VHQ]D GLULWWR GL UHVWLWX]LRQH R ULIXVLRQH GHO SUH]]R UHODWLYDPHQWH DL
EHQL DQFRUD YHQGLELOL LQ PLVXUD QRQ LQIHULRUH DO  SHU FHQWR GHO FRVWR RULJLQDULR QHO FDVR GL PDQFDWD R
SDU]LDOPHQWHPDQFDWDYHQGLWDDOSXEEOLFR
E  O
HYHQWXDOH REEOLJR GHO VRJJHWWR UHFOXWDWR GL FRUULVSRQGHUH DOO
DWWR GHO UHFOXWDPHQWR H FRPXQTXH TXDOH
FRQGL]LRQH SHU OD SHUPDQHQ]D QHOO
RUJDQL]]D]LRQH DOO
LPSUHVD RUJDQL]]DWULFH R DG DOWUR FRPSRQHQWH OD VWUXWWXUD
XQDVRPPDGLGHQDUR R WLWROL GL FUHGLWR R DOWUL YDORUL PRELOLDUL H EHQHILFL ILQDQ]LDUL LQ JHQHUH GL ULOHYDQWH HQWLWD
 H
LQDVVHQ]DGLXQDUHDOHFRQWURSUHVWD]LRQH
F  O
HYHQWXDOH REEOLJR GHO VRJJHWWR UHFOXWDWR GL DFTXLVWDUH GDOO
LPSUHVD RUJDQL]]DWULFH R GD DOWUR FRPSRQHQWH OD
VWUXWWXUDPDWHULDOLEHQLRVHUYL]LLYLFRPSUHVLPDWHULDOLGLGDWWLFLHFRUVLGLIRUPD]LRQHQRQVWUHWWDPHQWHLQHUHQWL
HQHFHVVDULDOODDWWLYLWD
FRPPHUFLDOHLQTXHVWLRQHHFRPXQTXHQRQSURSRU]LRQDWLDOYROXPHGHOO
DWWLYLWD
VYROWD

$57
6DQ]LRQL
6DOYRFKHLOIDWWRFRVWLWXLVFDSLX
JUDYHUHDWRFKLXQTXHSURPXRYHRUHDOL]]DOHDWWLYLWD
ROHVWUXWWXUHGLYHQGLWD
R OH RSHUD]LRQL GL FXL DOO
DUWLFROR  DQFKH SURPXRYHQGR LQL]LDWLYH GL FDUDWWHUH FROOHWWLYR R LQGXFHQGR XQR R SLX

VRJJHWWL DG DGHULUH DVVRFLDUVL R DIILOLDUVL DOOH RUJDQL]]D]LRQL RG RSHUD]LRQL GL FXL DO PHGHVLPR DUWLFROR H
 SXQLWR
FRQO
DUUHVWRGDVHLPHVLDGXQDQQRRFRQO
DPPHQGDGDHXURDHXUR
 3HU OH YLROD]LRQL GL FXL DO FRPPD  VL DSSOLFD OD VDQ]LRQH DFFHVVRULD GHOOD SXEEOLFD]LRQH GHO SURYYHGLPHQWR FRQ
OH PRGDOLWD
 GL FXL DOO
DUWLFROR  GHO FRGLFH SHQDOH H GHOOD VXD FRPXQLFD]LRQH DOOH DVVRFLD]LRQL GHL FRQVXPDWRUL H
GHJOLXWHQWLUDSSUHVHQWDWLYHDOLYHOORQD]LRQDOH
 $OO
LPSUHVD FKH QRQ ULVSHWWL OH GLVSRVL]LRQL GL FXL DOO
DUWLFROR  FRPPL     H  VL DSSOLFD XQD VDQ]LRQH
DPPLQLVWUDWLYDSHFXQLDULDGDHXURDHXUR
/D SUHVHQWH OHJJH PXQLWD GHO VLJLOOR GHOOR 6WDWR VDUD
 LQVHULWD QHOOD 5DFFROWD XIILFLDOH GHJOL DWWL QRUPDWLYL GHOOD
5HSXEEOLFDLWDOLDQD(
IDWWRREEOLJRDFKLXQTXHVSHWWLGLRVVHUYDUODHGLIDUODRVVHUYDUHFRPHOHJJHGHOOR6WDWR
L
&RS\ULJKW

&R&RQVXOW
SHWWLHWDEHOOHRHQWUDQHOO
DUHDTXHVLWLSRWUDLULFHYHUHXQDULVSRVWDHQWUR2UH
3DUWLWD,YD





Você também pode gostar