Você está na página 1de 17












'HGLOKDGRV$OWHUQDWLYRV
0DUFRV&.LHKO
























3DUWH,,QWURGXomR
0DUFRV&.LHKO

8PDSHUJXQWDFRPXPTXHRVDOXQRVFRVWXPDPID]HUDRVVHXVSURIHVVRUHVpVREUHDXWLOL]DomR
GRVFKDPDGRVGHGLOKDGRVDOWHUQDWLYRVDTXHOHVGHGLOKDGRVTXHFRVWXPDPIDFLOLWDUDOJXPDV
SDVVDJHQVGLItFHLV([LVWHPXLWDFXULRVLGDGHVREUHHVWHDVVXQWRHDWpFHUWDSROrPLFDDOJXQV
SURIHVVRUHVVHRS}HDRXVRGHVWHVUHFXUVRVRXWURVGHIHQGHPVXDXWLOL]DomRHKiWDPEpP
DTXHOHVTXHVHXWLOL]DPGHVWHVUHFXUVRVFRPH[DJHUR
6HPG~YLGDDOJXPDHVWHVGHGLOKDGRVGHYHPVHUXVDGRVHDWpPHVPRSUDWLFDGRVGDPHVPD
PDQHLUDTXHVmRSUDWLFDGRVRVGHGLOKDGRVRULJLQDLVSRLVVyDVVLPHOHVVHUmRUHDOPHQWH~WHLVDR
IODXWLVWD(VWHVUHFXUVRVYLUmRHQULTXHFHURLQVWUXPHQWLVWDWHFQLFDPHQWHSHUPLWLQGRTXHHOH
FRQVLJDYHQFHUGLILFXOGDGHVHREWHQKDUHVXOWDGRVPHOKRUHVHPVXDSHUIRUPDQFHH[HFXWDQGR
XPDGHWHUPLQDGDSDVVDJHPFRPPDLRUYHORFLGDGHSUHFLVmRHFODUH]DGRPLQDQGRPHOKRURVRP
HRWLPEUHGRLQVWUXPHQWRDILQDQGRPHOKRUHWF
(VWHVGHGLOKDGRVGHYHPVHUDSUHQGLGRVHSUDWLFDGRVFRPRTXDLVTXHURXWURVQDIODXWDHGH
SUHIHUrQFLDVREDRULHQWDomRGRSURIHVVRUSRLVpPXLWRFRPXPTXHRDOXQRILTXHXPSRXFR
SUHJXLoRVRHFRPHFHDDGRWiORVFRPRVHIRVVHPRVGHGLOKDGRVSULQFLSDLVXWLOL]DQGRRV
LQFRUUHWDPHQWHHPSDVVDJHQVRQGHQmRVmRUHDOPHQWHQHFHVViULRV0DLVLPSRUWDQWHGRTXH
FRQKHFrORVpVDEHURPRPHQWRFHUWRGHXViORVRXQmRXViORV
'HGLOKDGRVDOWHUQDWLYRVFRPRRSUySULRQRPHMiGL]VmRWRGRVDTXHOHVGHGLOKDGRVTXHQmR
SHUWHQFHPjWDEHODGHSRVLo}HVHVWDEHOHFLGDSHORVLVWHPD%RHKPGDIODXWDWUDQVYHUVDO([LVWHP
DOJXPDVWDEHODVTXHVXJHUHPDOJXPDVSRVLo}HVDOWHUQDWLYDVPDVRDOXQRVHPSUHILFDHPG~YLGD
VREUHDVXDXWLOL]DomRTXDQGRXVDUGHWHUPLQDGRGHGLOKDGRHPTXDOSDVVDJHPHHPTXHVHQWLGR
HVWHGHGLOKDGRSRGHDX[LOLDU6mRPXLWRVRVH[HPSORVTXHSRGHUtDPRVGLVFXWLUSRLVVmRWDPEpP
LQ~PHUDVDVSRVLo}HVHJHUDOPHQWHH[LVWHSDUDFDGDSDVVDJHPXPDVROXomRHVSHFtILFD1mR
H[LVWHXPDUHJUDPHVPRSRUTXHXPDPHVPDSDVVDJHPSRGHVHUFRQVLGHUDGDGLItFLOSRUXP
IODXWLVWDHVLPSOHVSRURXWUR2VLQVWUXPHQWRVWDPEpPWrPFRQVWUXo}HVGLIHUHQWHVSRUWDQWRR
TXHSRGHIXQFLRQDUSDUDXPDGHWHUPLQDGDIODXWDPXLWDVSRGHQmRVHUYLUSDUDRXWUD$OJXPDV
IODXWDVH[LJHPTXHFHUWRVGHGLOKDGRVDOWHUQDWLYRVVHMDPXVDGRVFRPDLQGDPDLRUIUHTXrQFLDSDUD
DFRUUHomRGHHYHQWXDLVLPSHUIHLo}HVHPVXDHVFDOD
0DVRVGHGLOKDGRVDOWHUQDWLYRVQmRVmRDSHQDVXVDGRVSDUDIDFLOLWDUSDVVDJHQVGLItFHLVQD
YHUGDGHHOHVSRGHPVHUXWLOL]DGRVWDPEpPFRPRXWUDVILQDOLGDGHVFRPRFRUULJLURXDOWHUDUD
DILQDomRGHXPDGHWHUPLQDGDQRWDRXSDUDIDFLOLWDUDVXDHPLVVmRHFRQWUROHQXPDGLQkPLFD
PXLWRIRUWHRXPXLWRVXDYHHDWpPHVPRSDUDDMXGDUQDHVWDELOLGDGHGDIODXWDDMXGDQGRD
HPERFDGXUDQDH[HFXomRGHXPDSDVVDJHPGLItFLO
3DUDPHOKRUFRPSUHHQGrORVSRGHPRVFODVVLILFDUDOJXQVGHVWHVGHGLOKDGRVGHDFRUGRFRPDVVXDV
IXQo}HVHXWLOL]Do}HVHPEDVLFDPHQWHFLQFRFDWHJRULDV










3DUWH,,6LPSOLILFDGRUHVIDFLOLWDGRUHV


0DUFRV&.LHKO
(QFXUWDQGRRFDPLQKRSDUDRVVHXVGHGRV

8PGRVREMHWLYRVPDLVFRPXQVSDUDVHUHFRUUHUjXWLOL]DomRGHGHGLOKDGRVDOWHUQDWLYRVpVHP
G~YLGDRGHIDFLOLWDURPRYLPHQWRGRVGHGRVDWUDYpVGHSRVLo}HVDOWHUQDWLYDVEXVFDQGRUHGX]LUR
Q~PHURGHGHGRVHQYROYLGRVVREUHWXGRQDVSDVVDJHQVPXLWRUiSLGDVRXTXHH[LMDPJUDQGH
UHSHWLomRHQWUHGHWHUPLQDGDVQRWDVTXHPRYLPHQWDPPDLVGRTXHXPGHGR SRUH[HPSORHQWUH
DVQRWDVGyHUp (VWDVSRVLo}HVDOWHUQDWLYDVVmRYHUGDGHLURVDWDOKRVTXHSHUPLWHPTXHR
IODXWLVWDH[HFXWHGHWHUPLQDGDVSDVVDJHQVFRPPDLRUYHORFLGDGHVHJXUDQoDHFODUH]DPDVSRU
RXWURODGRSRGHPWDPEpPPXLWDVYH]HVFRPSURPHWHUDTXDOLGDGHGRVRPHDILQDomRQXPJUDX
PDLRURXPHQRUGHSHQGHQGRGRFDVR3RUWDQWRpLPSRUWDQWHTXHRIODXWLVWDWHQKDLVWRHPPHQWH
TXDQGRRSWDUSRUVXDXWLOL]DomR
8PH[HPSOREDVWDQWHFRQKHFLGRGRVIODXWLVWDVpRGHGLOKDGRDOWHUQDWLYRSDUDRIiXVDQGRR
GHGRPpGLRGDPmRGLUHLWDDRLQYpVGRGHGRDQXODU ILJXUD 

)LJXUDGHGLOKDGRDOWHUQDWLYRSDUDRIi


(VWHGHGLOKDGRpPXLWRXWLOL]DGRQDVSDVVDJHQVUiSLGDVTXHHQYROYHPJUDQGHDOWHUQkQFLDHQWUHDV
QRWDVPLHIiUHGX]LQGRRQ~PHURGHGHGRVTXHVHPRYLPHQWDPSDUDDSHQDVXP2SUREOHPD
DTXLpTXHHVWHpRGHGLOKDGRTXHPDLVWUD]G~YLGDVSRLVPXLWRVDOXQRVDFDEDPVHXWLOL]DQGR
VHPQHFHVVLGDGHGHVWHUHFXUVReLPSRUWDQWHQRWDUTXHDRFRQWUiULRGRTXHDOJXQVSHQVHP
HVWHGHGLOKDGRSUHMXGLFDWDQWRRWLPEUHTXDQWRDDILQDomRGRIiHSRULVWRPHVPRHOHVyGHYH
VHUXVDGRHPSDVVDJHQVUHDOPHQWHUiSLGDVHPTXHHVWDLPSHUIHLomRQRVRPQmRSRVVDVHU
SHUFHELGD
(VWDLPSHUIHLomRVHGiSRUXPDUD]mRDF~VWLFDTXDQGRWRFDPRVXPDQRWDFRPRRIiHP
TXHVWmRTXDVHWRGRRDUVDLSHODSULPHLUDFKDYHTXHVHHQFRQWUDDEHUWDQRWXERGDIODXWDPDV
XPDTXDQWLGDGHEHPPHQRUVDLWDPEpPSHODDEHUWXUDGDFKDYHVHJXLQWHHXPDDLQGDPHQRU
SHODSUy[LPDHDVVLPSRUGLDQWH4XDQGRID]HPRVHVWDSRVLomRDOWHUQDWLYDSDUDRIiQRWDPRV
TXHHVWDVHJXQGDFKDYHSRURQGHRDUGHYHULDVDLUVHHQFRQWUDIHFKDGDRTXHFDXVDID]FRPTXH
RVRPWHQKDHVWDFDUDFWHUtVWLFDPDLVDEDIDGDGHWLPEUHHXPDDILQDomROLJHLUDPHQWHPDLV
EDL[D3RUWDQWRGHYHPRVSURFXUDUVHPSUHPDQWHUSHORVPHQRVGXDVFKDYHVDEHUWDVSDUDTXHD
DILQDomRHRWLPEUHQmRVHFRPSURPHWDP7DPEpPSHVDFRQWUDDVXDXWLOL]DomRIUHTXHQWHRIDWR
GHTXHGHVWHGHGLOKDGRDOWHUQDWLYRGRIiFDXVDUPDLRUGHVFRQIRUWRQDPmRHQRVGHGRVGDPmR
GLUHLWDGRTXHRGHGLOKDGRSULQFLSDOSRUVHUHVWDSRVLomRFRPRVGHGRVLQGLFDGRUHDQXODU
OHYDQWDGRVHGHGRPpGLRDEDL[DGRPHQRVQDWXUDOTXHRGHGLOKDGRRULJLQDO
0DVDSHVDUGHWXGRLVWRTXHIRLGLWRHVWDSRVLomRWUD]JUDQGHVEHQHItFLRVHVHID]QHFHVViULDHP
LQ~PHUDVSDVVDJHQVUiSLGDV3DUDH[HPSOLILFDUVHXXVRYHMDPRVDOJXPDVSDVVDJHQVDVHJXLU
RQGHRQ~PHURQRSULPHLURHQRVHJXQGRFRPSDVVRVLQGLFDRXVRGRGHGLOKDGRDOWHUQDWLYR
XPDYH]TXHH[LVWHXPDUHSHWLomRUiSLGD HQRWHUFHLURFRPSDVVRRQ~PHURLQGLFDDYROWD
DRGHGLOKDGRSULQFLSDO XPDYH]TXHDQRWDpPDLVORQJD 

([HPSOR



([LVWHPPXLWRVRXWURVGHGLOKDGRVLQWHUHVVDQWHVFRPRRVDWDOKRVHQWUHDVQRWDVGyHUpGD
SULPHLUDHVHJXQGDRLWDYDVUHVSHFWLYDPHQWH3RUHQYROYHUDWURFDGHSRVLomRGHWRGRVRVGHGRV
GDVGXDVPmRVSDVVDJHQVTXHH[LMDPDOWHUQkQFLDHQWUHHVWDVQRWDVVmRGLItFHLVGHH[HFXWDUFRP
FODUH]DHQWmRSURFXUDPRVUHGX]LURPRYLPHQWRGHDOJXQVGHGRVSDUDFRQVHJXLUPDLRU
YHORFLGDGHHSUHFLVmRDOpPGHXPDPHOKRUHVWDELOLFDGHGRLQVWUXPHQWRIXQGDPHQWDOSDUDTXH
DHPLVVmRGRVRPQmRVHMDSUHMXGLFDGDSRUGHVORFDPHQWRVGDIODXWDQDHPERFDGXUD3RGHPRV
FRPHoDUSRUQmRXVDURGHGRPtQLPRGDPmRGLUHLWDQDQRWDGyGHL[DQGRDRLQYpVGHVWHRGHGR
DQXODUGLUHLWRDEDL[DGRSDUDTXHDIODXWDILTXHHVWiYHO6HLVWRDLQGDQmRIRUVXILFLHQWHSRUVHUD
SDVVDJHPPXLWRUiSLGDSRGHPRVWDPEpPGHL[DURGHGRPpGLRGLUHLWRDEDL[DGR9HMDPRVDOJXQV
H[HPSORV
([HPSOR


)LJXUD'HGLOKDGRSDUDRGyGDSDVVDJHPDFLPD


([HPSOR)%HQGD6RQDWDHPIiPDLRUPRYLPHQWR3UHVWR


1RFRPSDVVRSRGHPRVRPLWLURPRYLPHQWRGRGHGRPtQLPRGDPmRGLUHLWDHQWUHDVQRWDVPL
HUpFRQVHUYDQGRHVWHGHGROHYDQWDGRFRPRPRVWUDDILJXUD
)LJXUDGHGLOKDGRSDUDRPL


1RFRPSDVVRSRGHPRVGHL[DURVGHGRVLQGLFDGRUPpGLRHDQXODUGLUHLWRVDEDL[DGRVHQWUHDV
QRWDVUpHGyFRQVHUYDQGRRGHGRPtQLPRGDPmRGLUHLWDOHYDQWDGRFRPRPRVWUDDILJXUD
)LJXUDGHGLOKDGRSDUDRGy



eLPSRUWDQWHQRWDUTXHGHQWUHWRGDVDVSRVLo}HVPRVWUDGDVDFLPDSDUDDQRWDGyHVWD~OWLPD
HPERUDVHMDRTXHSRVVLELOLWDRPHQRUPRYLPHQWRGHGHGRVpDSRVLomRTXHUHVXOWDQXPDSLRU
TXDOLGDGHGHVRPSDUDHVWDQRWDSRLVDEDL[DQGRRGHGRLQGLFDGRUGLUHLWRHVWDPRVIHFKDQGR
DWUDYpVGRPHFDQLVPRGDIODXWDWDPEpPDVHJXQGDFKDYHGHHVFDSHGRDU DSULPHLUDpDGR
SROHJDUHVTXHUGR SUHMXGLFDQGRDHPLVVmRFODUDGHVWDQRWDFRPRMiIRLGLWRDQWHULRUPDQWH
3DUDHYLWDULVWRGHYHPRVHPSDVVDJHQVPDLVH[SRVWDVXWLOL]DUDSRVLomRVXJHULGDQDILJXUD
([HPSOR&&KDPLQDGH&RQFHUWLQR2S FRQVHUYDURGHGRDQXODUGLUHLWRDEDL[DGRVHPR
PtQLPRQDSDVVDJHPGHPDUFDGD 


2XWURH[HPSOREDVWDQWHFRPXPpRXVRGRGHGRDQXODUGLUHLWRHPDUSHMRVQDVWRQDOLGDGHVGHVL
PDLRUVLPHQRUHUpPDLRU1DWRQDOLGDGHGHVLPDLRUSRGHPRVPDQWHURDQXODUVHPSUH
DEDL[DGRRTXHDOpPGHIDFLOLWDUHUHGX]LURVPRYLPHQWRVDLQGDDMXGDQDHVWDELOLGDGHGDIODXWD
HPSDVVDJHQVUiSLGDV
([HPSORDDUSHMRVGHVLPDLRU


([HPSORE)6FKXEHUW,QWURGXomRH9DULDo}HV2S GHL[DURGHGRDQXODUGLUHLWRDEDL[DGRD
SDUWLUGRUpDWpRGy 


([HPSORDUSHMRVGHVLPHQRU GHL[DURDQXODUDEDL[DGRSRUWRGDDSDVVDJHPDRLQYpVGR
PtQLPR 



([HPSORDUSHMRVGHUpPDLRUHVLPHQRU--4XDQW]FRQFHUWRHPVROPDLRU PDQWHUR
DQXODUDEDL[DGRDRLQYpVGRPtQLPRQDVSDVVDJHQVVXEOLQKDGDV 


([HPSOR-6%DFK%DGLQHULHGD6XLWHHPVLPHQRU


2VH[HPSORVDFLPDVmRDSHQDVLOXVWUDWLYRVHGHPDQHLUDQHQKXPDGHYHPVHUREULJDWRULDPHQWH
H[HFXWDGRVFRPGHGLOKDGRVDOWHUQDWLYRV7XGRGHSHQGHGRDQGDPHQWRHGDGHVWUH]DGHFDGD
IODXWLVWD0XLWDVYH]HVSDVVDJHQVDSDUHQWHPHQWHGLItFHLVVmRYHQFLGDVDSyVDOJXPDLQVLVWrQFLDH
UHSHWLomR2VGHGLOKDGRVRULJLQDLVVmRTXDVHVHPSUHSUHIHUtYHLVHPERUDQHPVHPSUH
REULJDWyULRV3URFXUHVHURPDLViJLOSRVVtYHOFRPHOHVDQWHVGHDSHODUSDUDRXWURVUHFXUVRVTXH
SRVVDPOKHIDFLOLWDU3UDWLTXHHVFDODVHRXWURVH[HUFtFLRVWpFQLFRVSULPHLUDPHQWHFRPRV
GHGLOKDGRVRULJLQDLVVyGHSRLVH[SHULPHQWHDOJXQVGHGLOKDGRVDOWHUQDWLYRV
8PDYH]TXHpQDWHUFHLUDRLWDYDGDIODXWDTXHRVGHGLOKDGRVVmRPDLVFRPSOH[RVpWDPEpP
QHVWHUHJLVWURTXHRVGHGLOKDGRVDOWHUQDWLYRVVmRDLQGDPDLV~WHLVHQHFHVViULRV([LVWHPDTXL
WDPEpPXPDLQILQLGDGHGHDOWHUQDWLYDVVHQGRQHFHVViULRSDUDFDGDFDVRXPHVWXGRGDV
GLILFXOGDGHVSDUDHQFRQWUDUXPDERDVROXomR3DUDVHHQFRQWUDUHVWDVROXomRPXLWDVYH]HV
SDUWLPRVGDVSRVLo}HVGHWULQDGRVHKDUP{QLFRV
([HPSOR)DQWDVLDVREUHWHPDVGDSHUD&DUPHQ%RUQH%L]HW


1RVHJXQGRHWHUFHLURFRPSDVVRVSRGHPRVXWLOL]DURGHGLOKDGRGRWULQDGRPLIi OHYDQWDQGRVHR
GHGRPpGLRGDPmRHVTXHUGD SDUDVXELVWLWXLURGHGLOKDGRRULJLQDOGRIiHYLWDQGRDVVLPD
PXGDQoDGHGHGRVPDLVFRPSOH[DQHVWDSDVVDJHP
([HPSOR&KDQWGH/LQRV$-ROLYHW




8VDURGHGLOKDGRGRWULQDGRVLGy OHYDQWDQGRVHRSROHJDUGDPmRHVTXHUGD DRLQYpVGDSRVLomR
RULJLQDOSDUDRVLQDSDVVDJHPDFLPD
'DPHVPDIRUPDLVWRSRGHVHUIHLWRHQWUHRXWUDVQRWDV
([HPSOR&DUQDYDOGRVDQLPDLV&6DLQW6DHQV


8VHDTXLDSRVLomRGHWULQDGRIiVRO OHYDQWDQGRRSROHJDUHVTXHUGR DRLQYpVGHGHGLOKDURVRO
VXEOLQKDGR
1RFDVRGDQRWDPLSRGHPRVHPLWtODFRPRXPKDUP{QLFRGROi
([HPSOR&DUQDYDOGRVDQLPDLV&6DLQW6DHQV


8VDUDSRVLomRGROiGDSULPHLUDRLWDYDSDUDRPLGDSDVVDJHPDFLPD
3UDWLTXHHVWHVGHGLOKDGRVQHVWDGLItFLOSDVVDJHPGRUHSHUWyULRRUTXHVWUDO
([HPSOR3ULQFLSH,JRU$%RURGLQ


$VSRVLo}HVGDVQRWDVGDWHUFHLUDRLWDYDVmRHPJHUDOGHULYDo}HVGDVSRVLo}HVGHQRWDVGD
SULPHLUDRLWDYD2UpGDWHUFHLUDRLWDYDSRUH[HPSORpGHULYDGRGDSRVLomRGRVROPDVSDUD
JDUDQWLUVXDFODUH]DGHHPLVVmRDEULPRVDFKDYHGRLQGLFDGRUHVTXHUGR'RUpDRVROGD
WHUFHLUDRLWDYDDVSRVLo}HVVmRGHULYDGDVGHVXDVUHVSHFWLYDVQRWDVGXDVRLWDYDVDEDL[RVHPSUH


DEULQGRXPDFKDYHGHYHQWLODomRSDUDJDUDQWLUVXDHPLVVmRSUHFLVD3RUWDQWRTXDQGRIRU
FRQYHQLHQWHSRGHPRVVXEVWLWXLUHVWDVSRVLo}HVRULJLQDLVSHODVSRVLo}HVGDSULPHLUDRLWDYD
YLVDQGRIDFLOLWDUXPDGHWHUPLQDGDSDVVDJHPUiSLGD3DUDWDQWRpLPSRUWDQWHFRQKHFHUDVpULH
KDUP{QLFDQDIODXWDSDUDVDEHUTXDLVVmRDVSRVLo}HVTXHHPLWHPRVKDUP{QLFRVGHVHMDGRV
$OJXQVKDUP{QLFRVEDVWDQWH~WHLVSDUDVXEVWLWXLo}HVVmR
([HPSOR DQRWDGHEDL[RUHSUHVHQWDRGHGLOKDGRHDGHFLPDDQRWDGHHIHLWRDVHUHPLWLGD 


([HPSOR6XLWH&DPSRQHVD+~QJDUD%%DUWRN


8WLOL]HRVGHGLOKDGRVGDVSRVLo}HVGDVQRWDVGHEDL[R LQGLFDGDVQRSULPHLURFRPSDVVR SDUD
HPLWLUDVQRWDVGHFLPDQHVWDSDVVDJHPH[WUHPDPHQWHUiSLGD REVHUYHDLQGLFDomR
PHWURQ{PLFD 
2XWUDTXHVWmRTXHFRVWXPDJHUDUSROrPLFDHQWUHDOXQRVHSURIHVVRUHVpVREUHDXWLOL]DomRGD
FKDYHGRSROHJDUSDUDRVLEHPRO WDQWRGDSULPHLUDTXDQWRGDVHJXQGDRLWDYD 0XLWRV
SURIHVVRUHVVmRUHOXWDQWHVHPHQVLQDUHVWHUHFXUVRDRVDOXQRVSRUWHPHUHPTXHVHXVDOXQRVVH
WRUQHPSUHJXLoRVRVHQmRSUDWLTXHPDSRVLomRGRVLEHPROFRPRLQGLFDGRUTXHpUHDOPHQWH
LPSRUWDQWHSRLVHPGLYHUVRVFDVRVHODpLPSUHVFLQGtYHOHPHOKRUTXHDSRVLomRFRPRSROHJDU$
TXHVWmRDTXLpHVFROKHUFHUWRTXDODPDLVLQGLFDGDSDUDDSDVVDJHPTXHVHGHVHMDH[HFXWDU1D
YHUGDGHVmRWUrVDVSRVVLELOLGDGHVSRLVH[LVWHXPDWHUFHLUDSRVLomRSDUDRVLEHPRODLQGDPHQRV
FRQKHFLGDHH[SORUDGDXVDQGRDHVSiWXODXPDSHTXHQDFKDYHTXHGHYHVHUDFLRQDGDFRPR
LQGLFDGRU SUHVVLRQHDXVDQGRDVHJXQGDIDODQJHHQmRDSRQWDGRGHGR 
3DUDRVDOXQRVMiDGLDQWDGRVTXHMiSDVVDUDPSRUXPHVWXGRLQVWHQVLYRGDVHVFDODVHHVWmR
EDVWDQWHIDPLOLDUL]DGRVFRPRVLEHPROGHLQGLFDGRUHXDFRQVHOKRTXHSUDWLTXHPHQWmRRVL
EHPROGHSROHJDU(OHpGHXPDHQRUPHXWLOLGDGHSRLVHOLPLQDDQHFHVVLGDGHGHVLQFURQLVPR
HQWUHRVGHGRVGDPmRHVTXHUGDFRPRLQGLFDGRUGLUHLWR2VLEHPROGHLQGLFDGRUpEDVWDQWH
SHULJRVRSRLVRPHQRUGHVFXLGRQHVWHVLQFURQLVPRSRGHVLJQLILFDUXPHVEDUUmRQDQRWDIi
([HPSOR




VHRLQGLFDGRUQmRHVWLYHUHPSHUIHLWRVLQFURQLVPRFRPRVGHGRVGDPmRHVTXHUGDLUiDSDUHFHU
XPDQRWDIiHQWUHDVQRWDVVROVLEHPROHRXVLEHPROVRO 
([SHULPHQWHUHSHWLUDJRUDDSDVVDJHPDFLPDXWLOL]DQGRRVLEHPROGHSROHJDUPXLWRPDLV
IiFLOQmRpPHVPR"3RGHVHXVDUHVWHUHFXUVRHPSUDWLFDPHQWHWRGDVDVWRQDOLGDGHVHPTXHRVL
EHPROHVWHMDSUHVHQWHVyQmRVHQGRUHFRPHQGDGRTXDQGRH[LVWLUXPFURPDWLVPRHQYROYHQGRDV
QRWDVVLHVLEHPROFRPRSRUH[HPSORQDVHVFDODVFURPiWLFDV WHUtDPRVTXHHVFRUUHJDURSROHJDU
UDSLGDPHQWHGHXPDFKDYHSDUDRXWUD HQDVHVFDODVFRPRVROEHPROPDLRUHPLEHPROPHQRU
SRUFDXVDGRGyEHPRO
([HPSOR


eEDVWDQWHXWLOWDPEpPQRVDUSHMRVFRPOiFRPRIiPHQRUHDUSHMRVGLPLQXWRV
([HPSORVDHE


&RPRQHVWDVSDVVDJHQV
([HPSORH)DQWDVLDVREUHWHPDVGDSHUD&DUPHQ%RUQH%L]HW





0DVOHPEUHVHGHTXHRIiGDWHUFHLUDRLWDYDQmRSRGHVHUHPLWLGRVHRSROHJDUHVWLYHU
IHFKDQGRDFKDYHGHVLEHPROHQWmRYRFrGHYHUiPRYrORDQWHVHUHWRUQiORGHSRLVGHSDVVDU
SHORIiGDWHUFHLUDRLWDYDFRPRQRH[HPSORVHJXLQWH
([HPSOR


7LUDURSROHJDUGDFKDYHGHVLEHPROSDUDHPLWLURIi1HVWHH[HPSORpIiFLOGHLUHYROWDUFRP
RSROHJDUHQWUHDVGXDVFKDYHVSRLVDSURYHLWDPRVSDUDID]HUDPXGDQoDTXDQGRQmRRHVWDPRV
XVDQGRRXVHMDQRPRPHQWRHPTXHHVWDPRVHPLWLQGRRGy0DVHPDOJXQVFDVRVLVWRQmR
SRGHVHUIHLWRHQWmRSUHFLVDPRVWUHLQDUQRVVRSROHJDUSDUDTXHHOHHVFRUUHJXHVHPVROWDUD
FKDYHGRVLQDWXUDO3UDWLTXHQHVWDSDVVDJHPHVWHPRYLPHQWRGRSROHJDU
([HPSOR


(PDOJXQVFDVRVSRGHPRVFRPELQDURXVRGRSROHJDUHGRLQGLFDGRUSUDWLTXHLVWRQHVWD
SDVVDJHPVHJXLQWH
([HPSOR)DQWDVLDVREUHWHPDVGDSHUD&DUPHQ%L]HW%RUQH


1RVH[HPSORVVHJXLQWHVYHUHPRVSDVVDJHQVHPTXHDPHOKRUVROXomRWDOYH]VHMDDXWLOL]DomRGD
HVSiWXODGHVLEHPRO
([HPSOR




1HVWDSDVVDJHPDFLPDpPXLWRGLItFLOILFDUHVFRUUHJDQGRRSROHJDUGHXPDFKDYHSDUDRXWUDH
XVDQGRDFKDYHGRLQGLFDGRUGLUHLWRpTXDVHFHUWRTXHLUHPRVHVEDUUDUQRIiQDWXUDOHQWmRXVHD
HVSiWXODGHVLEHPROSDUDROiGDRPRYLPHQWRGRLQGLFDGRUpRPHVPRPDVFRPDHVSiWXOD
YRFrQmRLUiHVEDUUDUQRIi
2PHVPRDFRQWHFHDTXL
([HPSORDHE6RQDWD2SPRYLPHQWR63URNRILHII


([HPSOR&RQFHUWR2SQ,O*DUGHOLQR$9LYDOGL PRYLPHQWR 


1HVWHH[HPSORSRGHPRVSDUDVLPSOLILFDUDLQGDPDLVPDQWHURLQGLFDGRUSUHVVLRQDQGRD
HVSiWXODGXUDQWHDH[HFXomRGHWRGDVDVQRWDVTXHHVWmRLQFOXtGDVQRTXDGUDGR
&RPRYRFrSRGHSHUFHEHUVmRPXLWDVDVSDVVDJHQVHGHGLOKDGRVTXHSRGHPRVXVDUH
SUDWLFDPHQWHFDGDFDVRpXPFDVRLVWRpWHPRVTXHSHVTXLVDUHH[SHULPHQWDUFDGD
DOWHUQDWLYDSDUDDFKDUDPHOKRUVROXomRVHPSUHSRQGHUDQGRVXDVYDQWDJHQV PDLRUIDFLOLGDGHH
SUHFLVmRHWF HVXDVGHVYDQWDJHQV FRPSURPHWLPHQWRGDDILQDomRHWLPEUH (VWXGHDVPHVPDV
SDVVDJHQVFRPPDLVGHXPGHGLOKDGRSRLVGHSHQGHQGRGDYHORFLGDGHSRGHUiVHUPHOKRU
H[HFXWDUFRPXPDRXRXWUDSRVLomR'HYHPRVWHUGRPtQLRGDXWLOL]DomRGHVWHVUHFXUVRVHHVWDU
SURQWRVDXWLOL]iORVFRPRFDUWDVWLUDGDVGDPDQJD







3DUWH,,,(TXDOL]DQGRDVGLIHUHQWHVUHVLVWrQFLDVHQWUHDVQRWDV


0DUFRV&.LHKO
9RFrMiGHYHWHUQRWDGRTXHQDIODXWDWUDQVYHUVDODOJXPDVQRWDVVmRPDLVGLItFHLVGHHPLWLUTXH
RXWUDVSRUH[HPSORRPLHRIiGDWHUFHLUDRLWDYDVmRWLGRVFRPRQRWDVGHUHVSRVWDPDLV
OHQWDHGHPDLRUGLILFXOGDGHGHHPLVVmR PXLWDVYH]HVREWHPRVXPVLGDVHJXQGDRLWDYDTXDQGR
QDYHUGDGHGHVHMDPRVHPLWLURIiGDWHUFHLUDRXXPOiGDVHJXQGDRLWDYDDSDUHFHDRLQYpVGR
PLGDWHUFHLUDRLWDYD -iXPDRXWUDQRWDYL]LQKDFRPRRIiQDWXUDOGDWHUFHLUDRLWDYDSRGH
VHUFRQVLGHUDGDFRPRGHUHVSRVWDUiSLGDHIiFLOHPLVVmR(QWmRTXDQGRID]HPRVXPDSDVVDJHP
HQWUHRIiQDWXUDOHRIiGDWHUFHLUDRLWDYDVHQWLPRVQLWLGDPHQWHHVWDGLIHUHQoDGHUHVSRVWDR
TXHQRVREULJDDID]HUXPDFRUUHomRQDHPERFDGXUDFRPRVHRLQWHUYDORIRVVHPDLRUGRTXH
UHDOPHQWHp2PHVPRDFRQWHFHFRPRVROQDWXUDOHRVROGDWHUFHLUDRLWDYD
1DYHUGDGHHVWDVGLIHUHQoDVDFRQWHFHPSRUXPDLPSHUIHLomRQDFRQVWUXomRGDIODXWDPDLV
SUHFLVDPHQWHQRVLVWHPD%RHKP7KHREDOG%RHKPGHVHQYROYHXVHXVLVWHPDGHFKDYHVQRVpFXOR
SDVVDGRID]HQGRQDVFHUXPQRYRLQVWUXPHQWRPDLVDILQDGRFRPPDLRUH[WHQVmRHPDLRU
YROXPHVRQRUR$WpKRMHVHXVLVWHPDpXWLOL]DGRFRPPtQLPDVDOWHUDo}HVQDFRQVWUXomRGDV
IODXWDV%RHKPVDELDSHUIHLWDPHQWHVREUHHVWDVLPSHUIHLo}HVPDVVXDSUHRFXSDomRHUDQR
VHQWLGRGHVLPSOLILFDURGHGLOKDGRSDUDGDUDIODXWDXPDPDLRUDJLOLGDGHHQWmRTXDQGRWHYHGH
RSWDUHQWUHFRQVWUXLUXPVLVWHPDSHUIHLWRPDVGHGLItFLOGLJLWDomRHRXWURXPSRXFRPHQRV
SHUIHLWRHGHGLJLWDomRPXLWRPDLVIiFLORSWRXSHORVHJXQGR,VWRSRUTXHSDUDTXHHVWDV
LPSHUIHLo}HVQmRH[LVWLVVHPHOHWHULDGHDFUHVFHQWDUPDLVDOJXPDVFKDYHVHDFRSODPHQWRV
PHFkQLFRVTXHGHYHULDPVHUDFLRQDGRVSDUDGHWHUPLQDGDVQRWDVRTXHWRUQDULDDH[HFXomRGD
IODXWDPDLVGLItFLOHFRPSOLFDGD YRFrSRGHDSUHQGHUPDLVVREUHLVWRHFRQKHFHUXPSRXFRVREUH
RGHVHQYROYLPHQWRGRVLVWHPD%RHKPOHQGRROLYUR7KH)OXWHDQG)OXWH3OD\LQJHVFULWRSHOR
SUySULR7KHREDOG%RHKPTXHSRGHVHUHQFRQWUDGRHPERDVOLYUDULDVQXPDHGLomREDVWDQWH
DFHVVtYHOGDHGLWRUD'RYHU 
8PPHFDQLVPRQRHQWDQWRDFDERXVHQGRDGRWDGRHILFRXEDVWDQWHFRQKHFLGRHODUJDPHQWH
XWLOL]DGRQDVIODXWDVDWpPHVPRPDLVSRSXODUHVSRLVQmRH[LJHQHQKXPDPXGDQoDRX
DGDSWDomRGHIODXWLVWDRPLPHFkQLFR RXVSOLW(FRPRpFRQKHFLGRQRV(VWDGRV8QLGRV 
(VWHPHFDQLVPRWHPSRUILQDOLGDGHFRUULJLUXPDGHVWDVLPSHUIHLo}HVQRVLVWHPD%RHKP
PHOKRUDQGRDUHVSRVWDGDQRWDPLGDWHUFHLUDRLWDYD
3DUDTXHSRVVDPRVHQWHQGHUHVWHSUREOHPDQDFRQVWUXomRGDIODXWDHRIXQFLRQDPHQWRGRPL
PHFkQLFRSUHFLVDPRVFRQKHFHUXPSRXFRPDLVVREUHDDF~VWLFDGRLQVWUXPHQWRRVGHGLOKDGRV
GDVQRWDVUpDVROVmRGHULYDGRVGDVSRVLo}HVGHVXDVUHVSHFWLYDVQRWDVGXDVRLWDYDVDEDL[R
(VWDVQRWDVWHPXPDIUHTXrQFLDGHYLEUDomRTXHpTXDWURYH]HVDIUHTXrQFLDGDVVXDV
IXQGDPHQWDLV )LJXUD HRFRPSULPHQWRGHRQGDXPTXDUWRGRFRPSULPHQWRGHVWDV
IXQGDPHQWDLV(QWmRSDUDIDFLOLWDUDHPLVVmRGHVWDVQRWDVGDWHUFHLUDRLWDYDHHYLWDUTXHRXWUD
QRWDPDLVJUDYHVHMDHPLWLGDDEULPRVXPDFKDYH FKDPDGDGHFKDYHGHYHQWLODomR TXHVH
HQFRQWUHSUy[LPDjXPTXDUWRGDGLVWkQFLDHQWUHDHPERFDGXUDHDSULPHLUDFKDYHDEHUWDQD
QRWDIXQGDPHQWDO )LJXUD eSRUHVWDUD]mRTXHQRGHGLOKDGRGRUpWHPRVTXHDEULUDFKDYH
GRVRO DVVHWDVPRVWUDPDVFKDYHVGHYHQWLODomR 
)LJXUD5p



)LJXUD5p


2PHVPRDFRQWHFHFRPDQRWDIiGDWHUFHLUDRLWDYDVHXGHGLOKDGRpGHULYDGRGRIiGDSULPHLUD
RLWDYD )LJXUD FRPXPDFKDYHGHYHQWLODomRDEHUWDSDUDDMXGDUVXDHPLVVmR )LJXUD 
)LJXUD)i


)LJXUD)i


0DVQHPVHPSUHSRGHPRVDEULUDSHQDVXPDFKDYHHpH[DWDPHQWHDtTXHFRPHoDPRV
SUREOHPDVQDVQRWDVPLHIiGDWHUFHLUDRLWDYDSRUH[HPSORQRWDPRVTXHVmRDEHUWDVGXDV
FKDYHVGHYHQWLODomRDRLQYpVGHDSHQDVXPD ILJXUD RQGHDSULPHLUD PDLVSUy[LPDGRERFDO 
pDFKDYHGHYHQWLODomRHDVHJXLQWH TXHQmRGHYHULDHVWDUDEHUWD pDTXHID]FRPTXHVXD
HPLVVmRVHMDSUHMXGLFDGD'L]HPRVTXHHVWDVQRWDVVmRGRXEOHYHQWHGRXGXSODPHQWH
YHQWLODGDVRTXHDVWRUQDPHQRVUHVSRQVLYDVHPDLVLQVWiYHLV
)LJXUD)i


0DVSDUDRSUREOHPDGRPLGDWHUFHLUDRLWDYDIRLHQFRQWUDGDXPDVROXomREDVWDQWHVLPSOHV
DWUDYpVGHXPPHFDQLVPRDGLFLRQDOTXDQGRGHGLOKDPRVHVWDQRWDDVHJXQGDFKDYHTXH
QRUPDOPHQWHHVWiDEHUWDQRVLVWHPDWUDGLFLRQDOHTXHFDXVDRSUREOHPDpIHFKDGDDWUDYpVGH
XPDFRSODPHQWRHOLPLQDQGRSRUFRPSOHWRHVWDGHILFLrQFLD2EVHUYHRVGHVHQKRVDEDL[RRQGH
VmRFRPSDUDGRVRVVLVWHPDVGHGXDVIODXWDVFRPHVHPRPHFDQLVPRGHPLPHFkQLFR
)LJXUD0LQXPDIODXWDVHPRVLVWHPDGHPLPHFkQLFR GXDVFKDYHVDEHUWDV 


)LJXUD0LQXPDIODXWDFRPVLVWHPDGHPLPHFkQLFR DSHQDVXPDFKDYHDEHUWD RQGHDVHWD
LQGLFDDFKDYHTXHpIHFKDGDSRUHVWHPHFDQLVPR


-iSDUDDVIODXWDVTXHQmRSRVVXHPHVWHPHFDQLVPRGHDFRSODPHQWRWDPEpPIRLHQFRQWUDGD
XPDVROXomREHPVLPSOHVHVDWLVIDWyULDFRPDFRORFDomRGHXPDSHTXHQDDUUXHODPHWiOLFDQD
DEHUWXUDGHVWDPHVPDVHJXQGDFKDYH DVHWDGD)LJXUDLQGLFDDFKDYHDVHUFRORFDGDD
DUUXHOD GHIRUPDDDEDIDUXPSRXFRDVDtGDGRDUHVLPXODURHIHLWRGHXPPHFDQLVPRGHPL
PHFkQLFR DOJXPDVIODXWDVMiVmRIDEULFDGDVFRPHVWHDQHOFRPGLkPHWURPHQRUTXHRVGHPDLV
RXDLQGDFRPHVWDDUUXHODMiLQVWDODGDFRPRPRVWUDD)LJXUD 4XDOTXHUWpFQLFRH[SHULHQWHHP


IODXWDVSRGHID]HUHVWDDGDSWDomREDVWDQGRIL[DUFRPFRODGHIRUPDDQmRLQWHUIHULUQR
IHFKDPHQWRGDVDSDWLOKD QRVVRFRQKHFLGR/XLV7XGUH\DTXLHP6mR3DXORWHPSUHVWDGRPDLVHVWH
VHUYLoRDRVIODXWLVWDVLQFRPRGDGRVFRPHVWDQRWDPLGLDEyOLFD 6XDVGLPHQV}HVGHYHPVHU
WHVWDGDVGHPDQHLUDTXHQmRSUHMXGLTXHDHPLVVmRGHRXWUDVQRWDVFRPRROiGDHRLWDYD
)LJXUDDUUXHODLQVWDODGDQDFKDPLQpGDIODXWD RGLkPHWURLQWHUQRGHYHWHUDSUR[LPDGDPHQWH
PP 


6HYRFrJRVWDGHSHVTXLVDUHH[SHULPHQWDUFRPDIODXWDHJRVWDULDGHDSUHQGHUPDLVVREUHHVWH
SUREOHPDIDoDDVHJXLQWHH[SHULrQFLD
3ULPHLURH[HFXWHHVWDSDVVDJHPQDVXDIODXWD
([HPSOR


$JRUDFROHFXLGDGRVDPHQWHXPDILWDDGHVLYDEHPILQDGHVWDVWUDQVSDUHQWHVQRWXERGDIODXWD
GHIRUPDTXHHVWDWDPSHFHUFDGDPHWDGHGRDQHOVREDVDSDWLOKDGDFKDYHGROi )LJXUDVH
 
)LJXUDVHFRORFDomRGHXPDILWDDGHVLYDVREDFKDYHGROi


$JRUDH[HFXWHQRYDPHQWHDSDVVDJHPHYHMDFRPRILFRXPXLWRPDLVIiFLOID]HURLQWHUYDORVL
Ii9RFrDFDERXGHFULDUXPDHVSpFLHGHIiPHFkQLFRSDUDRIi
5HWLUHDILWDHDJRUDH[HFXWHHVWDRXWUDSDVVDJHP



([HPSOR


&RORTXHGDPHVPDIRUPDXPDILWDDJRUDWDPSDQGRPHWDGHGDFKDYHVREDVDSDWLOKDGRSROHJDU
HVTXHUGRHYRFrYHUiPDLVXPDYH]TXHDSDVVDJHPILFDPXLWRPDLVIiFLOGHH[HFXWDU$ILWD
GLPLQXLRHIHLWRSUHMXGLFLDOGDGXSODYHQWLODomRGHVWDVQRWDV3HQDTXHQmRGiSDUDILFDUFRODQGR
ILWDVSRUWRGDDIODXWDQmRpPHVPRSRLVHODVLQWHUIHUHPQDDILQDomRGHRXWUDVQRWDV
2XWUDIRUPDGHFRQWRUQDUHVWHVSUREOHPDVpDWUDYpVGDXWLOL]DomRGHGHGLOKDGRVHVSHFLDLVTXHp
DILQDORQRVVRDVVXQWRSULQFLSDODTXL$WUDYpVGHOHVSRGHPRVPLQLPL]DUHVWDVGLIHUHQoDVGH
UHVLVWrQFLDHQWUHDVQRWDVTXHGLILFXOWDPHDWUDSDOKDPDXQLIRUPLGDGHGRVRP$OJXQV
GHGLOKDGRVHVSHFLDLVPHOKRUDPDUHVSRVWDGHDOJXPDVQRWDVID]HQGRFRPTXHILTXHPPDLV
VHPHOKDQWHVjVQRWDVYL]LQKDV9HMDPRVDOJXQVH[HPSORV
3DUDDTXHODSDVVDJHPGR([HPSORH[SHULPHQWHH[HFXWDUDJRUDFRPRGHGLOKDGRVXJHULGRQD
)LJXUD
)LJXUDGHGLOKDGRDOWHUQDWLYRSDUDRIiGR([HPSOR DDILQDomRGDIiILFDXPSRXFR
PDLVDOWDFRPHVWDSRVLomR 


3DUDRPLGDWHUFHLUDRLWDYDSRGHPRVRPLWLURGHGRPtQLPRGDPmRGLUHLWD )LJXUD RTXHID]
FRPTXHVXDUHVSRVWDVHMDPDLVUiSLGD
)LJXUDGHGLOKDGRDOWHUQDWLYRSDUDRPL


1HVWDSUy[LPDSDVVDJHP ([HPSOR QRWDPRVFRPRpGLItFLOH[HFXWDUFRPVHJXUDQoDDOLJDGXUD
HQWUHROiHRPLVXEOLQKDGRV LVWRVHVXDIODXWDQmRSRVVXLRPHFDQLVPRGHPLPHFkQLFR $
RPLVVmRGRGHGRPtQLPRGDPmRGLUHLWD )LJXUD GHYHVROXFLRQDURSUREOHPD
([HPSOR63URNRILHII6RQDWD2S 0RYLPHQWR0RGHUDWR 


$VGXDVSDVVDJHQVVHJXLQWHV ([HPSORVH DSUHVHQWDPDPHVPDGLILFXOGDGHRIODXWLVWDQRWD
PXLWDVYH]HVTXHpGLItFLOFRQVHJXLUOLJDUROiFRPRIiVHPTXHKDMDXPDTXHEUDQRVRPRX
DLQGDRTXHpSLRUDHPLVVmRGHXPKDUP{QLFRDJXGR,VWRDFRQWHFHSRUTXHROipXPDQRWDGH
UHVSRVWDPXLWRGLIHUHQWHGRIiRTXHVLJQLILFDTXHWHPRVTXHDVVRSUDUFRPPDLVIRUoDHTXDQGR
PXGDPRVUDSLGDPHQWHGROiSDUDRIiHVWH~OWLPRpHPLWLGRFRPPXLWRPDLVIRUoDGRTXH


GHYHULDSURGX]LQGRDOJXPDVYH]HVHVWHKDUP{QLFR$VXJHVWmRDTXLpWHQWDUDXPHQWDUD
UHVLVWrQFLDGRIiSDUDTXHHOHILTXHPDLVSDUHFLGRFRPDQRWDOiHSDUDLVWRSRGHPRV
DFUHVFHQWDURGHGRDQXODUGDPmRGLUHLWDQRGHGLOKDGRRULJLQDOGRIi )LJXUD 
([HPSOR63URNRILHII6RQDWD2S 0RYLPHQWR6FKHU]R 


([HPSOR,6WUDYLQVN\23iVVDURGH)RJR


)LJXUDGHGLOKDGRDOWHUQDWLYRSDUDRIiGRV([HPSORVH


([LVWHPWDPEpPDOJXQVGHGLOKDGRVTXHVmRXVDGRVSDUDPHOKRUDUDUHVSRVWDGHXPDQRWDRTXH
SRGHVHUGHVHMiYHOHPDOJXPDVSDVVDJHQVTXDQGRpQHFHVViULRID]HUXPDWDTXHSUHFLVRHP
GLQkPLFDPXLWRVXDYH%DVWDQWH~WHLVVmRRVGHGLOKDGRVSDUDPHOKRUDUDVUHVSRVWDVGDVQRWDVGD
WHUFHLUDRLWDYDFRPRIiVRO H[DWDPHQWHDVQRWDVTXHWHPYHQWLODomRGXSOD HOi3DUD
WDQWREDVWDGHVORFDURGHGRPtQLPRGLUHLWRGDFKDYHGRPLEHPROSDUDDFKDYHGRGyJUDYH
)LJXUDVH QRSpGDIODXWD
)LJXUDGHGLOKDGRDOWHUQDWLYRSDUDRIi


)LJXUDGHGLOKDGRHVSHFLDOSDUDRVRO


)LJXUDGHGLOKDGRHVSHFLDOSDUDROi


8PRXWURGHGLOKDGREDVWDQWH~WLOSDUDRVROHTXHWDPEpPIDFLOLWDDVXDHPLVVmRHPGLQkPLFDV
VXDYHVpPRVWUDGRQD)LJXUD



)LJXUDGHGLOKDGRDOWHUQDWLYRSDUDRVRO IHFKDUDFKDYHGRGyJUDYHQRSpGDIODXWD 


(VWH~OWLPRSRGHVHUWHVWDGRQDSDVVDJHPRUTXHVWUDOGR([HPSOR WDPEpPDSDVVDJHPGR
H[HPSORVHUiPDLVIDFLOPHQWHH[HFXWDGDFRPHVWHGHGLOKDGRGRVRO 
([HPSOR5RPHXH-XOLHWD7FKDLNRYVN\


0DLVXPDYH]pLPSRUWDQWHOHPEUDUTXHHVWHVGHGLOKDGRVVmRVXJHVW}HVHLGpLDVTXHGHYHPVHU
H[SHULPHQWDGDVHWHVWDGDVSRUFDGDIODXWLVWD$VIODXWDVVmRGLIHUHQWHVXPDVGDVRXWUDVH
SRVVXHPSDUWLFXODULGDGHVLQGLYLGXDLVEHPFRPRQyVIODXWLVWDVTXHWDPEpPVRPRVGLIHUHQWHV
QmRpPHVPR"([LVWHPPXLWRVRXWURVGHGLOKDGRVTXHSRGHPVHUHQFRQWUDGRVHPWDEHODVQRV
GLYHUVRVPpWRGRVGHIODXWDIDoDH[SHULrQFLDVFRPHOHVHYiGHVFREULQGRVXDVYDQWDJHQVH
GHVYDQWDJHQVSDUDVDEHUTXDQGRXViORV





Você também pode gostar