Escolar Documentos
Profissional Documentos
Cultura Documentos
Você tem que encontrar o que você gosta. E isso é verdade tanto para o seu trabalho
quanto para seus companheiros. Seu trabalho vai ocupar uma grande parte da sua vida, e
a única maneira de estar verdadeiramente satisfeito é fazendo aquilo que você acredita ser
um ótimo trabalho. E a única maneira de fazer um ótimo trabalho é fazendo o que você
ama fazer. Se você ainda não encontrou, continue procurando. Não se contente. Assim
como com as coisas do coração, você saberá quando encontrar. E, como qualquer ótimo
relacionamento, fica melhor e melhor com o passar dos anos. Então continue procurando e
(Steve Jobs)
ʹͲǦʹͲͳͲ
,1,&,$1'22'(6,*1
3DUD LQLFLDU R SURJUDPD YRFr GHYH FOLFDU QR ËFRQH GH
LQLFLDOL]DomRGHVLJQRXLQLFLDUSURJUDPDV HFOLTXH QR
tFRQH
&21+(&(1'268$È5($'(75$%$/+2
%DUUDVGH)HUUDPHQWD
&DL[DGH,QIRUPDomR
&DL[DGH(GLomR
/LVWD$UUDVWDUH6ROWDU
ÈUHDGH7UDEDOKR
$WULEXWRV/LWH
ʹͲǦʹͲͳͲ
,16(5,1'2$7$/+261$È5($'(75$%$/+2
&OLTXH FRP R GLUHLWR GR PRXVH QD %DUUD GH
)HUUDPHQWDV 6HOHFLRQH D RSomR 3HUVRQDOL]DU %DUUD GH
$FHVVR5iSLGRHRUJDQL]HDVHPYROWDGHVXDiUHDGHWUDEDOKR
FRPRQDILJXUDDQWHULRU
&21),*85$1'268$È5($'(75$%$/+2
3DUD DGHTXDU VXD iUHD GH WUDEDOKRDR VHX JRVWR H D VXD
QHFHVVLGDGH YRFr GHYH DOWHUDU VXDV FRQILJXUDo}HV GH FRUHV
H[LELomRGHFRWDVHGHLWHQV(QWmRFOLTXHFRPRERWmRGLUHLWR
GRPRXVHQDiUHDGHWUDEDOKRH´FRQILJXUDomRGHH[LELomR´
ʹͲǦʹͲͳͲ
$SDUHFHUiDVHJXLQWHMDQHOD
(VWD MDQHOD p GLYLGLGD HP VHLVJUXSRV GHWDUHIDV 6mR
HOHV LWHQV FRWDV iUHD GH WUDEDOKR DYLVRV LWHQV RFXOWRV H
OHJHQGD
x,WHQVVHUYHSDUDFRQWURODURTXHVHUiH[LELGRQDiUHDGH
WUDEDOKRWURFDUDFRUGRVLWHQVLQVHULGRVHH[LELomRGHQRWDV
ʹͲǦʹͲͳͲ
x&RWDV VHUYH SDUD FRQWURODU R TXH VHUi FRWDGR QR
SURMHWR 7DPEpP VHUYH SDUD PXGDU D IRQWH H FRU GD IRQWH
WDPDQKRHFRUGDFRWD
xÈUHD GH WUDEDOKR VHUYH SDUD FRQWURODU DV FRUHV
H[LELomRHWDPDQKRGHJUDGHViUHDGHXQLmRHHVWLORPpWULFRD
XWLOL]DU
ʹͲǦʹͲͳͲ
x$YLVRV VHUYH SDUD H[LELU RX QmR DYLVRV GH FROLVmR GH
LWHQV VHo}HV LQYiOLGDV H LWHQV LQYiOLGRV 7DPEpP VHUYH SDUD
GDUFRUHVjVOLQKDVGHDYLVR
x,WHQVRFXOWRVVHUYHSDUDH[LELULWHQVTXHIRUDPRFXOWRV
GXUDQWHRSURMHWR3DUDH[LELUFOLTXHQRLWHPHQRERWmRH[LELU
ʹͲǦʹͲͳͲ
3DUD RFXOWDU LWHQV GXUDQWH R SURMHWR FOLTXH FRP R ERWmR
GLUHLWR GR PRXVH QR REMHWR H ³FRQILJXUDomR GH H[LELomR´
'HVPDUTXHRPDUFDGRUHPH[LELUHFOLTXHHP2.
x/HJHQGDVHUYHSDUDFRQWURODUDH[LELomRGHOHJHQGDVH
GHVFULo}HVGHUyWXORQDiUHDGHWUDEDOKR9RFr SRGHGHILQLUR
TXHLUiDSDUHFHUQDOHJHQGDQDMDQHODEUDQFDVLQDOL]DGDDEDL[R
ʹͲǦʹͲͳͲ
$YLVRWRGDVDVPHGLGDVGRGHVLJQVmRSDGURQL]DGDV
HP0,/Ë0(7526DTXLQR%UDVLO
35()(5Ç1&,$6
6HUYH SDUD FRQILJXUDU FRPR GHYH LQLFLDU R 9RFr GHYH
FOLFDU HP $UTXLYR 3UHIHUrQFLDV (VFROKD FRPR GHYH
FRPHoDUDOWXUDVHHVSHVVXUDVGHSDUHGHDOLQKDPHQWRVXSHULRU
GHPyYHLVFRQILJXUDo}HVGHH[LELomRPRHGDVSDUDRUoDPHQWR
FDPLQKRV SDUD VDOYDU HVWLOR GH FRWD WH[WXUDV GR DPELHQWH
PHGLGDVHWF
ʹͲǦʹͲͳͲ
&RQILJXUDo}HV
1RYRVUHFXUVRVHPSUHIHUrQFLDV
&DWiORJRVDJRUDpSRVVtYHORUJDQL]DURVFDWiORJRVGHXPDIRUPDSUiWLFD
VHOHFLRQDQGRDRSomR([LELUSRUIDEULFDQWHRVFDWiORJRVILFDPRUJDQL]DGRVHP
SDVWDWDLVFRPR&R]LQKDV'HFRUDomRHQWUHRXWURV7HFKQRORJLHV
ʹͲǦʹͲͳͲ
$SDUrQFLDGD$SOLFDomR(VFROKDD&RUGROD\RXW,QLFLDO
&RQILJXUDo}HV*OREDLV1DYHUVmRpSRVVtYHODEULUSURMHWRVGHVHQYROYLGRVQD
YHUVmRVHPDQHFHVVLGDGHGHWURFDULWHQVSHOR0HQX(GLWDU!7URFDULWHQV
7HFKQRORJLHV
ʹͲǦʹͲͳͲ
9DORUHVGDSLQJDGHLUD3HUPLWHDOWHUDUPHGLGDVGDVODWHUDLVHSDUWHIURQWDOGRWDPSR
5HQGHUL]DomR±3HUIRUPDQFH1HVWDRSomRRXVXiULRSRGHUiVHOHFLRQDUWLSRVGH
YLVXDOL]DomRQDFDL[DGHLQIRUPDomR WHODGHDWULEXWRV$OpPGHSRVVXLUQRYRV
SDGU}HVSDUD5HQGHUL]DomR$XWR,OXPLQDomR/X]GH7HWR0RGRH,OXPLQDomR
*OREDO
ʹͲǦʹͲͳͲ
7H[WXUDVGRDPELHQWHXVXiULRSRGHUiGHILQLUFRPRSDGUmRWH[WXUDVGHSDUHGHWHWRH
SLVR
3DUHGHVOLQKDVGHFRQVWUXomR3HUPLWHDDOWHUDomRGHSDGU}HVGHHVSHVVXUDDOWXUDH
DOLQKDPHQWRGHSDUHGHVHLWHQVVXSHULRUHVDOpPGHDGLFLRQDUXPWLSRGHMDQHODHSRUWD
SDUDIDFLOLWDUQDLQVHUomRGRVLWHQVQRSURMHWR
2%6ÈUHDGHLQVHUomR±SURIXQGLGDGHQHVWDiUHDVROLFLWDPRVTXHRVXVXiULRV
DGLFLRQHPDPHGLGDGHPP
ʹͲǦʹͲͳͲ
ÈUHDGHWUDEDOKRQHVWDRSomRLUHPRVHGLWDUIRUPDVGHH[LELomRGRVLWHQVQROD\RXW
GRSURJUDPDGHVLJQ
3DUHGHV/LQKDVGHFRQVWUXomR$JRUDpSRVVtYHOSDGURQL]DUSRUWDHMDQHOD
ÈUHDGHWUDEDOKRFRPDRSomR([LELUFRQILUPDomRSDUDH[FOXVmRGHLWHQV
FRQHFWDGRVPDUFDGDTXDQGRDOJXPLWHPIRUH[FOXtGRLUiDDSDUHFHURDOHUWDDEDL[R
HVVDPHQVDJHPVRPHQWHYDLVXUJLUTXDQGRHVWLYHUXWLOL]DQGRDQRYDWHFQRORJLDGR
FDWiORJR)/(;7HFKQRORJLHV
&RQILJXUDomRGH([LELomR3ODQWDVH(OHYDo}HV
'HILQLGDDVDOWHUDo}HVERWmRVDOYDU!GHILQDRQRPHGRHVTXHPDSDUDDUPD]HQDUR
VHXSDGUmRGHWUDEDOKRHYLVXDOL]DomR
2PHVPRSURFHGLPHQWRDSOLFDVHjiUHDGHHOHYDomRFRPFRQILJXUDo}HV
LQGHSHQGHQWHV3DUDDFHVVDUDVFRQILJXUDo}HVGHH[LELomRGDHOHYDomRERWmRGLUHLWRQD
iUHDGHWUDEDOKRGDHOHYDomR!FRQILJXUDUH[LELomR
/D\HUVFDPDGDV
'HILQDGLYHUVRVSDGU}HVGHYLVXDOL]DomRFULDQGRGLIHUHQWHVHVTXHPDVHPFDGDOD\HU
FDPDGDDEDL[R
3DUDUHQRPHDUD/D\HUGXSORFOLTXH!GLJLWHQRYRQRPH!2N
ʹͲǦʹͲͳͲ
)$=(1'280$3/$17$%$,;$
3DUDID]HUXPDSODQWDEDL[DFOLTXHQRtFRQHGHSDUHGHORFDOL]DGRQDEDUUD
GHIHUUDPHQWDVGRVHXGHVLJQ
3DUHGH/XWLOL]DGDSDUDDPELHQWHVFODURVSRUSRVVXLUXPkQJXORGHHDSHQDVXP
SRQWRGHIXJD
3DUHGH8XWLOL]DGDJHUDOPHQWHSDUDSURMHWRGHDPELHQWHVHVFXURVRXVXiULRLUi
ORFDOL]DUGRLVkQJXORVGHHWUrVSRQWRVGHIXJDSDUDJHUDUDVSHUVSHFWLYDV
3DUHGH2XWLOL]DVHSDUDWRGRHTXDOTXHUWLSRGHDPELHQWHHVFXURFODURRX
LQWHUPHGLiULR
&OLTXHQRtFRQHLQVHULUXPDSDUHGHHORJRHPVHJXLGDFOLTXH QDiUHDGH
WUDEDOKRXPDYH]2SURJUDPDSHGLUiRFRPSULPHQWRGDSDUHGHQDFDL[D
GHHGLomR'LJLWHRFRPSULPHQWRHFRQILUPHFRP(QWHU
ʹͲǦʹͲͳͲ
3DUD ID]HU D SDUHGH HP kQJXOR p Vy ID]HU RV SURFHGLPHQWRV DQWHULRUHV H
DQWHVGHFRQILUPDUFRPHQWHUFOLTXHHP7DEHGLJLWHRkQJXORGDSDUHGH
'HSRLVpVyFRQILUPDUFRPHQWHU
$WHQomRDVSDUHGHVYmRDSDUHFHQGRHPVHQWLGRKRUiULRQXPkQJXORGH
(QWmRVLJDDE~VVRODDEDL[RSDUDIDFLOLWDUDFRPSUHHQVmR
3DUHGHVFXUYDVVmRLQVHULGDVPDQXDOPHQWHDWUDYpVGRFDWiORJR5220B%5
RXIHLWDFRPVKDSH
ʹͲǦʹͲͳͲ
(;(5&Ë&,26)DoDHVWiSODQWDEDL[DHPVHXFRPSXWDGRU
3pGLUHLWR
3DUHGHHVSHVVXUD
ʹͲǦʹͲͳͲ
87,/,=$1'2$635235,('$'(6'$3$5('(
&OLTXHYH]HVHPFLPDGHTXDOTXHUXPDGDVSDUHGHVHDWHOD
GH3URSULHGDGHVDEULUiDXWRPDWLFDPHQWH
3ULPHLUDPHQWH YRFr GHYH VHOHFLRQDU TXDO SDUHGH VHUi DOWHUDGD QD FDL[D
EUDQFD RXSDUD DOWHUDU WRGDV DV SDUHGHV FOLTXH HP JUXSR GH SDUHGHV (P
PHGLGDV YRFr SRGHUi DOWHUDU FRPSULPHQWR DOWXUD H HVSHVVXUD GD SDUHGH
(P WLSR YRFr SRGHUi VHOHFLRQDUR WLSR GH SDUHGH YLVtYHO RX QmR H RQGH
WHUiiUHDLQVHUomR(PPDWHULDOYRFrSRGHUiHVFROKHUDVFRUHVGDVSDUHGHV
DWUDYpVGRVDWULEXWRV
ʹͲǦʹͲͳͲ
È5($'(,16(5d2
e R ORFDORQGHVHUmR LQVHULGRV PyYHLV MDQHODV HWF(OD
VHHQFRQWUDQRUPDOPHQWHQDSDUWHLQWHUQDGDVSDUHGHVPDVVH
YRFr GHVHMDU HOD SRGH VHU FRQILJXUDGD SDUD DSDUHFHU QR ODGR
H[WHUQRDWUDYpVGDVSURSULHGDGHVGDSDUHGHDEDWLSR
,16(5,1'2$%(5785$6
3DUDLQVHULUSRUWDVMDQHODVRXTXDLVTXHUWLSRVGHDEHUWXUD
FOLTXH QR tFRQH GH ³DEHUWXUDV H REVWiFXORV´ QD EDUUD GH
IHUUDPHQWDV
ʹͲǦʹͲͳͲ
$SDUHFHUi XPD MDQHOD GRFDWiORJR5RRPBEU &OLTXHQD DEHUWXUDGHVHMDGD
MDQHODSRUWDHWF
VHOHFLRQH R WLSR GH DEHUWXUD JHQpULFD RX RXWUDV HVFROKD D DEHUWXUD
GHVHMDGDHFOLTXHHPLQVHULU1DiUHDGHWUDEDOKRFOLTXHXPDYH]GHQWUR
GD LQVHUomR GD SDUHGH RQGH VHUi LQVHULGD D DEHUWXUD H GLJLWH D ODUJXUD GD
DEHUWXUDQDFDL[DGHHGLomR9RFrWDPEpPSRGHLQVHULODGLUHWRGRFDWiORJR
5RRPBEU
3DUD FRORFiOD QR ORFDO FRUUHWR FOLTXH FRP R ERWmR GLUHLWR GR PRXVH HP
FLPDGDDEHUWXUDHGrRFRPDQGRDUUDVWDU
'LJLWHDGLVWkQFLDTXHYRFrTXHUTXHDDEHUWXUDILTXHGDSDUHGHQDFDL[DGH
HGLomRHFRQILUPHFRPHQWHU
3DUD DOWHUDU PHGLGDV FRUHV HWF YRFr GHYH XWLOL]DU RV DWULEXWRV TXH VHUi
YLVWRQRSUy[LPRLWHP
ʹͲǦʹͲͳͲ
$75,%8726
&OLTXHGXDVYH]HVHPFLPDGRLWHPDVHUPRGLILFDGR,Ui
DSDUHFHUXPDMDQHODLJXDOjLOXVWUDomRDEDL[R
1HVVH FRPDQGR YRFr SRGH DOWHUDU DV GLPHQV}HV HVWLORV LQVHULU
FRPSOHPHQWRVFRUHVHWF
(PJHUDOYRFrSRGHUiDOWHUDUPHGLGDVFRPRDOWXUDODUJXUDHSURIXQGLGDGH
HOHYDomRDIDVWDPHQWRHODGRGHDEHUWXUDHDFDEDPHQWRVHIRURFDVR
(P FRPSOHPHQWRVYRFr SRGHUi LQVHULU FRPSOHPHQWRV FRUUHVSRQGHQWHV DR
LWHP
(P FRUHV YRFr GHYH VHOHFLRQDU D FRU GHVHMDGD FOLFDQGR HP FLPD GD FRU
GHVHMDGDFRPRPRVWUDDLOXVWUDomRDVHJXLU
(PHVWLORYRFrSRGHUiVHOHFLRQDURHVWLORGDVSRUWDVSX[DGRUHVHWF
ʹͲǦʹͲͳͲ
$75,%8726*/2%$,6
6HUYH SDUD ID]HU DOWHUDo}HV GH DWULEXWRV HP XP FDWiORJR
LQWHLUR6HYRFrTXHUTXHWRGRVRVDUPiULRVWHQKDPFRUHHVWLORV
LJXDLVYRFrGHYHDOWHUDUHPDWULEXWRVJOREDLV
3DUDXWLOL]DUHVVHFRPDQGRYRFrGHYHFOLFDUFRPRERWmR
GLUHLWR GR PRXVH QD iUHD GH WUDEDOKR H ³DWULEXWRV JOREDLV´
6HOHFLRQHRFDWiORJR DVHUDOWHUDGRHIDoDDVDOWHUDo}HVFRPR
IRLIHLWRHPDWULEXWRV)HLWDVDVDOWHUDo}HVFOLTXHHPRN
,16(5,1'2 XPD 9,67$ )5217$/ H /$7(5$/
(648(5'$
(VVHFRPDQGRSHUPLWHTXHYRFrWUDEDOKHHPYLVWDIURQWDO
3DUD LQVHULU HVVD YLVWD FOLTXH QD iUHD GH LQVHUomR GD SDUHGH
RQGH GHVHMD WHU D YLVWD H FOLTXH QR tFRQH ³LQVHULU iUHD GH
HOHYDomR´LQGLFDGRDEDL[R
ʹͲǦʹͲͳͲ
6HTXLVHUWUDEDOKDUFRPPDLVGHXPDYLVWDIURQWDODRPHVPRWHPSRFOLTXH
HP GXDV RX PDLV iUHDV GH LQVHUomR VHJXUDQGR ³FWUO´ H FOLTXH QR tFRQH
³LQVHULUiUHDGHHOHYDomR´
5(1'(5,=$d2
6HUYHSDUDYLVXDOL]DURSURMHWRHPXPDYLVmRHPGFRPRVH
IRVVH XPD IRWR GR DPELHQWH SURMHWDGR 3DUD XWLOL]DU HVVH
UHFXUVRYRFrGHYHVHJXLURVSDVVRVDVHJXLU
&OLTXHQRtFRQHGHUHQGHUL]DomRTXHYRFrGHVHMD
3DUDHIHWXDUDUHQGHUL]DomRYRFrGHYHVHJXLURVSURFHGLPHQWRV
H[SOLFDGRVQDLOXVWUDomRGDSiJLQDVHJXLQWH
ʹͲǦʹͲͳͲ
7H[WXUD&RQILJXUDU H[LELomR QHVVH FRPDQGR
DWULEXtPRVFRUHVSDUDRSLVRHRWHWR
([LELUYRFrSRGHHVFROKHURVLWHQVTXHYRFrTXHUTXH
DSDUHoDHPVXDUHQGHUL]DomR
5HFRUWH 5HFRUWD SDUWHV GR UHQGHU RX GH XP REMHWR H
DOWHUDRkQJXORGDFkPHUD
ʹͲǦʹͲͳͲ
0RGR H[LELomR4XDOLGDGH $SOLFD DR PRGR GH
YLVXDOL]DomRWLSRVGHLPDJHQVHTXDOLGDGHGHLOXPLQDomR
$JRUD p Vy FOLFDU FRP R ERWmR HVTXHUGR GR PRXVH TXH
VHUiUHDOL]DGDDUHQGHUL]DomR
3DUDUHQGHUL]DomRGHYLVWDIURQWDODSyVFOLFDUHPH[LELU
EDVWD FOLFDU GHQWUR GD LQVHUomR GD YLVWD IURQWDO D VHU
UHQGHUL]DGD
3DUD UHQGHUL]DomR GH YLVWD VXSHULRU DSyV FOLFDU HP
H[LELUEDVWDHQTXDGUDUDSODQWDEDL[DQRTXDGURGHVHOHomRGH
UHQGHUL]DomRTXHDSDUHFHTXDQGRFOLFDPRVFRPRERWmRGLUHLWR
GRPRXVHFRPRLQGLFDGRSHODVHWDQDLOXVWUDomRDEDL[R
ʹͲǦʹͲͳͲ
3DUDYLUWXDOVKRZURRPVHJXHDPHVPDFRQILJXUDomRGD
SHUVSHFWLYDPDVQDKRUDGHFOLFDURSRQWRGHYLVmRFOLTXHQR
FHQWURGRORFDORQGHGHVHMDYLVXDOL]DUHPG
/X]1DWXUDO
$OX]QDWXUDOpXPUHFXUVRGHUHQGHUL]DomRGHDOWDTXDOLGDGHTXHSRGHOHYDUXPWHPSR
JUDQGHSDUDJHUDUDLPDJHPSRUpPHVWHUHFXUVRGDUiDYRFrXPDLQFUtYHOUHQGHUL]DomR
IRWRUHDOtVWLFD9RFrSRGHXWLOL]DUHVWHUHFXUVRDQWHVGHJHUDUDUHQGHUL]DomR
VHOHFLRQDQGRDRSomRFRUUHVSRQGHQWHQDWHODGHFRQILJXUDomRGDUHQGHUL]DomR
25HFXUVRGHOX]DPELHQWHTXHYLQKDQDVYHUV}HVDQWHULRUHVGR'HVLJQpXPD
DOWHUQDWLYD SDUD UHQGHUL]Do}HV FRP PHQRU TXDOLGDGH FRPELQDGD FRP RXWURV HIHLWRV
HQWUHWDQWRpXPUHFXUVRTXHSHUPLWHDJHUDomRGHUHQGHUL]Do}HVGHIRUPDPDLVUiSLGD
$OX]QDWXUDOpXPDWHFQRORJLDTXHID]WRGDVDVIRQWHVGHOX]HVLQGLUHWDVQRDPELHQWH
SDUWLFLSDUHPQDLPDJHPILQDOJHUDGD3DUDUHVXOWDGRVPHOKRUHVHVWHLQFUtYHOUHFXUVR
GHYHVHUXWLOL]DGRDSHQDVHPDPELHQWHVWRWDOPHQWHIHFKDGRVLPDJHPDEDL[R
ʹͲǦʹͲͳͲ
7H[WXUDV5HDOtVWLFDV
$V WH[WXUDV UHDOtVWLFDV FRPELQDGDV FRP RXWUDV RSo}HV GH UHQGHUL]DomR H
LOXPLQDomR UHGX]LUi D UHIOH[mR IRUD GH FRQWUROH GH DOJXQV PDWHULDLV TXH
SRVVXHP RV HIHLWRV GH EULOKR RX VHPLEULOKR 2 FDWiORJR JHQpULFR GH
WH[WXUDVSRVVXLFHQWHQDVGHWH[WXUDVRQGHRHIHLWRGHODVSRGHVHUDOWHUDGR
9HMDD,PDJHPDEDL[R
/X]GR6RO
9RFrSRGHUiYHURUHFXUVRGHSRVLFLRQDPHQWRGRVRODSDUWHLQIHULRUGDWHOD
ʹͲǦʹͲͳͲ
&OLTXHHVHJXUHRPRXVHHPFLPDGRSRQWRGHOX]SDUDPRYHUDRUHGRUGRDPELHQWH
PDLVHVSHFLILFDPHQWHSDUDIRUDGRDPELHQWHDWUDYpVGHSRUWDVHMDQHODVSDUDRHIHLWRGH
OX]VRODUHQWUDQGRQRDPELHQWH$SyVFKHJDUDSRVLomRGRVROGHVHMDGDVROWHRPRXVHH
DWXDOL]HDUHQGHUL]DomR
2XWUDVHVSHFLILFDo}HV
0HOKRUDUTXDOLGDGHGHH[LELomRGRVVKDSHV$WUDYpVGR0HQX$UTXLYR!3UHIHUrQFLDV
!5HQGHUL]DomR±3HUIRUPDQFHDOWHUHDTXDOLGDGHGHH[LELomRSDUD0HOKRU
*DUDQWDTXHRVHXGULYHUGHLPSUHVVRUDVHMDDWXDORVRIWZDUHID]DFKHFDJHPHQWUHD
WHODHDLPSUHVVRUDSDUDVHUFDSD]GHLPSULPLUDLPDJHPQDPHVPDTXDOLGDGHHPTXH
YRFrYrDLPDJHPHPVXDWHODRXVHMDGHSHQGHQGRGDLGDGHGDLPSUHVVRUDSRGHVHU
TXHYRFrWHQKDSHUGDGHTXDOLGDGHQDJHUDomRGDLPDJHP
9HULILTXHVHWRGRVRVUHTXLVLWRVGRVLVWHPDIRUDPDWHQGLGRVSDUDPHOKRUGHVHPSHQKR
HPVHXFRPSXWDGRU
87,/,=$1'226&$7È/2*26
3DUD LQVHULU TXDOTXHU REMHWR VHMD XP DUPiULR RX XP
EULQTXHGR YRFr GHYH UHFRUUHU DRV FDWiORJRV (OHV VH
FODVVLILFDPTXDQWRDVXDFDWHJRULD
2VFDWiORJRVVmR
1RYR %$1,WHQVGHFRUDWLYRVSDUDEDQKHLUR
1RYR '(17,WHQVGHFRUDWLYRVSDUDFRQVXOWyULR
1RYR /80,,WHQVGHFRUDWLYRV/XPLQiULDV
1RYR
),7(TXLSDPHQWRVGH$FDGHPLD
1RYR *(HOHWURGRPpVWLFRVGHVWDPDUFD
1RYR
(/(&752/8;HOHWURGRPpVWLFRVGHVWDPDUFD
ʹͲǦʹͲͳͲ
&2= ILFDP DUPD]HQDGRV WRGRV RV DUPiULRV H
DFHVVyULRVGHFR]LQKD
'25 ILFDP DUPD]HQDGRV WRGRV RV DUPiULRV H
DFHVVyULRVSDUDGRUPLWyULR
'(&2 ILFDP DUPD]HQDGDV D PDLRU SDUWH GRV
DFHVVyULRV GH GHFRUDomR GH DPELHQWH FRPR SODQWDV TXDGURV
LOXPLQDomREULQTXHGRVSHVVRDVHWF
.LWFKHQ$LQG FDWiORJR GH HOHWURGRPpVWLFRV GD PDUFD
.LWFKHQ$LG
.,7 ILFDP DUPD]HQDGRV WRGRV RV DUPiULRV H
DFHVVyULRVGHFR]LQKD
%5$67(03 ILFDP DUPD]HQDGRV WRGRV RV
HOHWURGRPpVWLFRVGHVWDPDUFD
%\GHVLJQ ILFDP DUPD]HQDGRV WRGRV RV LWHQV
UHSUHVHQWDGRVSHODHPSUHVDFDGHLUDVHREMHWRVGHFRUDWLYRV
&2168/ ILFDP DUPD]HQDGRV WRGRV RV
HOHWURGRPpVWLFRVGHVWDPDUFD
0(.$/ILFDPDUPD]HQDGDVDVFXEDVHDFHVVyULRVGHVWD
PDUFD
)$/0(& ILFDP DUPD]HQDGDV DV FRLIDV H DFHVVyULRVGD
)$/0(&
/2)5$ILFDPDUPD]HQDGRVRVIRJ}HVGD/2)5$
5220B$33 ILFDP DUPD]HQDGRV WRGRV RV
HOHWURGRPpVWLFRVJHQpULFRVGDGHVLJQ
1RYR
5220B'(& FDWiORJR GH DFHVVyULRV GH GHFRUDomR GH
DPELHQWH FRPR SODQWDV TXDGURV LOXPLQDomR EULQTXHGRV
SHVVRDV HWF7DPEpP VH HQFRQWUDP DV SRUWDV MDQHODV
VtPERORVSDUHGHVFXUYDVVKDSHV
ʹͲǦʹͲͳͲ
5220B%5 FDWiORJR GH DFHVVyULRV GH GHFRUDomR GH
DPELHQWH FRPR SODQWDV TXDGURV LOXPLQDomR EULQTXHGRV
SHVVRDV HWF7DPEpP VH HQFRQWUDP DV SRUWDV MDQHODV
VtPERORVSDUHGHVFXUYDVVKDSHV
5220B)85 ILFDP DUPD]HQDGDV DV FDGHLUDV VRIiV
FDPDV79¶ViXGLRHWF
5220B3/8 ILFDP DUPD]HQDGRV WRGRV RV WLSRV GH
DFHVVyULRVGHEDQKHLURHFXEDVGHFR]LQKD
5220B723 ILFDP DUPD]HQDGRV RV WLSRV GH WDPSRV
IURQW}HVVKDSHVHERUGDV
3DUDLQVHULUTXDOTXHUREMHWRpVyFOLFDUHPFLPDGRREMHWR
QR FDWiORJR H DUUDVWDU SDUD iUHD GH WUDEDOKR RX iUHD GH
LQVHUomR ODUJXH R REMHWR QR ORFDO GHVHMDGR 3DUD DUUDVWDU
PRYHUURWDFLRQDU HOHYDUHWFpVyFOLFDUFRPRERWmRGLUHLWR
GRPRXVHHPFLPDGRLWHPHH[HFXWDURFRPDQGRGHVHMDGR
75$%$/+$1'2&202'(6,*1
&202(63(/+$5802%-(72"
&OLTXH FRP R ERWmR GLUHLWR GR PRXVH QR LWHP H
³HVSHOKDU´&OLTXHHPXPSRQWRDRODGRGRREMHWRHIDoDXPD
OLQKDUHWDSDUDOHODDRREMHWRDHVSHOKDU&OLTXHQRYDPHQWHHR
REMHWRVHUiHVSHOKDGR
(;(03/2(63(/+2
ʹͲǦʹͲͳͲ
3217212922%-(72
$QWHV GH WHUPLQDU GH HVSHOKDU R SURJUDPD YDL PRVWUDU
XPDFDL[DGHPHQVDJHPSHUJXQWDQGRVHGHVHMDRXQmRH[FOXLU
R REMHWR GH RULJHP $ UHVSRVWD ILFD D FULWpULR GH VXD
QHFHVVLGDGH
3DUD DUUDVWDU RX DIDVWDU REMHWRV FOLTXH FRP R ERWmR
GLUHLWRGRPRXVHHPFLPDGRLWHPH³DUUDVWDU´RX³DIDVWDU´
$SyVLVVRGLJLWHDGLVWkQFLDTXHRREMHWRGHYHILFDUGDSDUHGHH
FRQILUPHFRPHQWHU
3DUD ID]HU HOHYDo}HV WUDEDOKH GD PHVPD IRUPD DQWHULRU
PDVDRLQYpVGDGLVWkQFLDGLJLWHDDOWXUDGHVWLQR5HFRPHQGD
VHWUDEDOKDUHPYLVWDIURQWDO
3DUD ³URWDFLRQDU´ FOLTXH FRP R ERWmR GLUHLWR GR PRXVH
QR LWHP H GLJLWH R kQJXOR GH URWDomR QD FDL[D GH HGLomR H
FRQILUPHFRPHQWHU
([LVWHP WDPEpP FRPDQGRV EiVLFRV FRPR FRSLDU UHFRUWDU
GXSOLFDU PRYHU H[FOXLU HWF 4XH VmR XWLOL]DGRV FRP
IUHTrQFLDQRGHVHQYROYLPHQWRGRSURMHWR
2EV WRGR H TXDOTXHU REMHWR LQVHULGR GHQWUR GD iUHD GH
LQVHUomRLUi VH PRYHU VRPHQWH GHQWUR GD PHVPD D PmR OLYUH
6HLQVHULGRIRUDGDiUHDGHLQVHUomRSRGHVHPRYHUSDUDRQGH
TXLVHU
ʹͲǦʹͲͳͲ
,16(5,1'27$0326
3DUD LQVHULU XP WDPSR YRFr GHYHUi FOLFDU QR tFRQH
TXHHVWiORFDOL]DGRQD$%$LWHQV
'HSRLV GH FOLFDU QR tFRQH RX DUUDVWiOR GR FDWiORJR YRFr
GHYHUiFOLFDUHPFLPDGHXPDUPiULR2WDPSRDVHULQVHULGR
GHYHVHURWDPSR0/
3DUDHGLWDURWDPSRVHJXHPVHRVPHVPRVSURFHGLPHQWRV
GRVVKDSHVTXHYHUHPRVQRSUy[LPRFDStWXOR
,16(5,1'2((',7$1'26+$3(6
3DUD LQVHULU XP VKDSH YRFr GHYH DEULU R FDWiORJR
URRPBWRS H ORFDOL]iORRX QD EDUUD GH FRPXQLFDomR DEDL[R
GRFDWiORJRHVFUHYDVKDSH
&OLTXH HP FLPD GR VKDSH H DUUDVWHR SDUD D iUHD GH
WUDEDOKR
3DUD HGLWiOR YRFr GHYH &OLTXH FRP R ERWmR GLUHLWR GR
PRXVHH³HGLWDUIRUPD´
0HQXGHOLQKDVFOLTXHIRUDGRVKDSH
3DUD DOWHUDU ODUJXUD YRFr GHYH FOLFDU HP FLPD GD OLQKD
TXHGHVHMDHVWLFDUHDUUDVWHSDUDDGLUHomRDDUUDVWiOD'LJLWHD
ODUJXUDQDFDL[DGHHGLomRSDUDHVWLFDUHFRQILUPHFRPHQWHU
ʹͲǦʹͲͳͲ
3DUD URWDFLRQDU YRFr GHYH PDQWHU RV SURFHGLPHQWRV GH
URWDomRPDVDQWHVGHGLJLWDURkQJXORYRFrGHYHFOLFDUHPXP
SRQWRGHLQVHUomRSDUDXVDUFRPREDVHQDURWDomRGRVKDSH
321726'(,16(5d2
3DUDID]HUXPUDLRODWHUDOYRFrGHYHFOLFDUFRPRERWmR
GLUHLWR GR PRXVH SUy[LPR D OLQKD TXH GHVHMD DUUHGRQGDU
(IHWXHRFRPDQGR³UDLRODWHUDO´HGLJLWHRUDLRRXDUUDVWHSDUD
RODGRDDUUHGRQGDU
9RFrSRGHLQFOXLUSRQWRVHOLQKDVFOLFDQGRFRPRERWmR
GLUHLWRGRPRXVHHLQVHULUSRQWRRXLQVHULUOLQKD$SyVLVVR
YRFrLUiFOLFDUSUy[LPRDOLQKDSDUDID]HUDLQVHUomR
,QVHULUSRQWRLQVHULUOLQKD
3DUD XWLOL]DU R FRPDQGR URWDFLRQD H LQWHUVHomR YRFr
GHYHHIHWXDURFRPDQGR´URWDFLRQDHLQWHUVHomR´HHPVHJXLGD
FOLFDUHPXPSRQWRGHLQVHUomR'LJLWHRkQJXORGHURWDomRH
FRQILUPHFRPHQWHU
ʹͲǦʹͲͳͲ
3RQWRGHEDVHSDUDDURWDomR
0HQXGHSRQWRFOLTXHQRSRQWR
'HQWURGHVVHPHQXYRFrSRGHUiLQVHULUPDLVSRQWRVPRYHUR
SRQWRH[FOXtORHURWDFLRQDU
0HQXGHtWHPFOLTXHGHQWURGRVKDSH
'HQWUR GHVVH PHQX YRFr SRGH LQVHUL XP FRUWH QR VKDSH
PRYHUURWDFLRQDU(WF
([HPSORGHXPVKDSHDUUHGRQGDGRUHQGHUL]DGR
9RFr SRGH ID]HU TXDOTXHU IRUPD DUUHGRQGDGD HP XP
SODQR
2%6 QmR ID] IRUPDV DUUHGRQGDGDV HP YLVWD IURQWDO FRP
H[FHomRGRFLOLQGURHGLYLVmRFXUYD
3DUDYHUFRPRYRFrHVWiGHFRQKHFLPHQWRQDHGLomRGHVKDSHV
YDPRVID]HUDOJXQVH[HUFtFLRV
ʹͲǦʹͲͳͲ
(;(5&Ë&,26
)$d$(67(66+$3(687,/,=$1'226&20$1'26'(
(',d2
,/80,1$d2
(VWHpXPLWHPIXQGDPHQWDOSDUDXPDERDUHQGHUL]DomRe
GHODTXHGHSHQGHDUHDOLGDGHGHVHXSURMHWR([LVWHPWUrV
WLSRVGHLOXPLQDomRTXHVmR
/X]DPELHQWHVSRWHOXPLQiULDV
/X] DPELHQWH p D LOXPLQDomR FRQILJXUDGD QD KRUD GH
UHQGHUL]DU 3DUD TXH HOD IXQFLRQH FRPR GHVHMDGD GHYHPVH
VHJXLUDOJXPDVUHJUDV6HpXPSURMHWRFRPEDVWDQWHFODULGDGH
H SRXFR HIHLWR GH OX] XWLOL]DVH PDLV LQWHQVLGDGH GH OX] H
PHQRVVSRWV
ʹͲǦʹͲͳͲ
,/80,1$d2
3DUD SURMHWRV FRP PDLV HIHLWRV GH LOXPLQDomR XWLOL]DU
PHQRV LQWHQVLGDGH H PDLV VSRWV 5HFRPHQGDVH PDQWHU D OX]
HPZDWWVQHVWHFDVR
2EVXPSURMHWRFRPPDLVHIHLWRGHLOXPLQDomRFRVWXPD
VHUPDLVHVFXURQDIRWR
([HPSORGHSURMHWRV
0DLVHIHLWRGHLOXPLQDomR
1HVVH FDVR IRUDP XWLOL]DGRV VSRWV FRP kQJXOR H LQWHQVLGDGH
PDLRU DR UHGRU H VSRWV FRP kQJXOR VHPLIHFKDGR H GH PHQRU
LQWHQVLGDGHORFDOL]DGRV7DPEpPIRUDPXWLOL]DGDVOXPLQiULDV
(;(03/2'(352-(726
0HQRVHIHLWRGHLOXPLQDomR
ʹͲǦʹͲͳͲ
1HVVHFDVRVyH[LVWHPGRLVVSRWVORFDOL]DGRVGHkQJXORVHPL
IHFKDGR H SRXFD LQWHQVLGDGH $ LOXPLQDomR SUHGRPLQDQWH p D
OX]DPELHQWH
/X]DPELHQWHSDUDDOWHUDUDOX]DPELHQWHpVyVHJXLURV
SDVVRVTXHIRUDPYLVWRVQDUHQGHUL]DomR
6SRW SDUD LQVHULU XP VSRW YRFr GHYHUi VHOHFLRQDU R
FDWiORJR URRPBEU SDUD YHUVmR VHOHFLRQDU ³LWHQV
GLYHUVRV´RX ³GH GHFRUDomR´LOXPLQDomRVSRW$UUDVWHSDUD
RORFDOGHVHMDGRHIDoDVXDVDOWHUDo}HVGHFRUGRVSRWWDPDQKR
HSURSULHGDGHVGHLOXPLQDomR
2EVFRUHVGRVSRWHWDPDQKRVVmRPRGLILFDGDVHPDWULEXWRV
3URSULHGDGHVGHLOXPLQDomR
1HVVH FRPDQGR YRFr FRQWUROD kQJXOR FRUHV ZDWWV H
SRVLomRGDLOXPLQDomR
3DUD DOWHUDU DV FRQILJXUDo}HV GR VSRW FOLTXH FRP R ERWmR
GLUHLWRGRPRXVHQRVSRWH³SURSULHGDGHVGHLOXPLQDomR´
$SDUHFHUiXPDMDQHODFRPRQDLOXVWUDomRVHJXLQWH
6HOHFLRQHDLQWHQVLGDGHkQJXORHFRUHVGHLOXPLQDomRGR
VSRW 6H GHVHMDU DOWHUDU D SRVLomR GR IRFR FOLTXH HP
ʹͲǦʹͲͳͲ
³SRVLomR´(HVFROKDRORFDORQGHGHYHILFDURIRFR)LQDOL]H
FRQILUPDQGRFRP(QWHU
/XPLQiULDV VHOHFLRQH D OXPLQiULD GHVHMDGD QR PHVPR
FDWiORJR GRV VSRWV $V DOWHUDo}HV FRUUHP LJXDOPHQWH DV
DOWHUDo}HVGHVSRWV
'LFDXWLOL]HVSRWVORFDOL]DGRVjFLPDGRVWDPSRV
,035(662
3DUDID]HUDVLPSUHVV}HVYRFrGHYHFOLFDUHPDUTXLYR±
LPSULPLURXFOLFDUHPFWUOS$SDUHFHUiXPDMDQHODFRPR
DILJXUDVHJXLQWH
&OLTXHHPSURSULHGDGHVHHVFROKDDVFRQILJXUDo}HV
GHLPSUHVVmRQRUPDOPHQWH
(VFROKD³VHOHomR´HVHOHFLRQHDYLVWDQDTXDOYRFr
TXHULPSULPLU2EVLPSULPDXPDGHFDGDYH]
(VFROKDHPTXHWLSRGHOLQKDVYRFrTXHULPSULPLU
3RGHVHULPSUHVVRUHQGHUL]DGRHPHVFDODWDPEpP
6HOHFLRQH³HVFDOD´HGLJLWHDHVFDODTXHYRFrTXHU
TXH VDLD QD LPSUHVVmR QR TXDGUR EUDQFR ORJR DR
ODGR
$RILQDOFOLTXHHPRN,UiDSDUHFHUXPDPHQVDJHP
&OLTXH HP RN SDUD YLVXDOL]DU D LPSUHVVmR 6XD YLVWD
ʹͲǦʹͲͳͲ
DSDUHFHUiFRPRVHIRVVHDLPSUHVVmR$MXVWHDSRVLomRHD
HVFDODVHIRUSUHFLVRHFOLTXHHP³LPSULPLU´
2EVFDVRDSODQWDQmRHVWLYHUFHQWUDOL]DGDQDIROKD
p Vy UHGLJLWDU D HVFDOD TXH Mi HVWi QR TXDGUR DFLPD QR
PHQXGH YLVXDOL]DomR H FOLTXH HP ³DSOLFDU HVFDOD´TXH D
YLVWDMiLUDFHQWUDOL]DUDXWRPDWLFDPHQWH
ʹͲǦʹͲͳͲ
'LFDV 7UXTXHV9
ʹͲǦʹͲͳͲ
$SUHVHQWDomR'HVLJQ9HQRYLGDGHV
&RQFHLWR
(YROXDSDUDD9HDSULPRUHVXDIRUPDGHSURMHWDU
1RYRV5HFXUVRVH$SULPRUDPHQWRV
'LFDGRGLD
8PDOLomRDPLJiYHOSRGHDSDUHFHUWRGDV
DVYH]HVTXHVHLQLFLDR'HVLJQ
0LQLDWXUDV
4XDOTXHUDUTXLYR
SRGHDJRUDVHUYLVWRHP
PLQLDWXUDXVDQGRRV
FRPDQGRV$EULU$UTXLYR
RX,QVHULU$UTXLYR
,VWRIDFLOLWDDQDYHJDomR
GHQWURGRVDUTXLYRVGH
SURMHWRV
,QVHULUXPDUTXLYRGHQWURGHXPSURMHWR
2QRYR,QVHULU$UTXLYRLQVHUHXPDUTXLYR.,7H[LVWHQWHGHQWURGRSURMHWRDWXDO2V
SURMHWLVWDVSRGHPXVDUHVWHUHFXUVRSDUDFULDUH[HPSORVSDUDLWHQVFRPXQV2VSURMHWLVWDV
SRGHPVLPSOHVPHQWHLPSRUWDUXPGHVWHVDUTXLYRVHLQVHULORVGHQWURGRSURMHWRDWXDODR
LQYpVGHFULDURVPHVPRVLWHQVQRYDPHQWH
ʹͲǦʹͲͳͲ
0HQX3UHIHUrQFLDV
2QRYR0HQX3UHIHUrQFLDVHQFRQWUDGRHP0HQX$UTXLYRVSHUPLWHFRQILJXUDUWRGDVDV
SURSULHGDGHVSDGU}HVGRDPELHQWHWDLVFRPRFRQILJXUDo}HVGHSDUHGHDOWXUDHVSHVVXUD
WH[WXUDVH[LELomRGHIRUPDV'H[LEHDGHVFULomRGRFDWiORJRVHOHFLRQDRHVTXHPDSDGUmR
GDP~OWLSODVYLVWDVH[LEHOLQKDGHH[WHQVmRORQJDVGDVFRWDVHSDUWHVHPDWULEXWRVGRLWHP
HQWUHRXWURV
(GLomRHPXPFOLTXH
4XDOTXHULWHPVHOHFLRQDGRSRGHDJRUDVHU
PRYLGRVHPRFOLTXHGLUHLWR9iULRVLWHQV
SRGHPVHUVHOHFLRQDGRVDSHQDVGHVHQKDQGR
XPDFDL[DGHVHOHomRDRUHGRUGHVWHVLWHQV
7RGRVRVLWHQVPRYLGRVRXFRODGRVSRVVXHP
'HWHFomRGH&ROLVmRWRWDOSRUWDQWRQmR
SRGHPVHULQVHULGRVVREUHDOJXPLWHP
H[LVWHQWH
3ODQWDVHHOHYDo}HVHP'
1RYDYLVXDOL]DomRGRVLWHQVGDV
SODQWDVHHOHYDo}HVHP'
)DFLOLWDRSURMHWRHYLWDHUURVHH[LEH
GHVHQKRVSDUDSURMHWRVWpFQLFRVH
GHILQLWLYRV
3DUDYLVXDOL]DUIRUPDV'KDELOLWDUD
RSomR³([LELUIRUPDV'HPSODQWD
EDL[DHHOHYDomR´HPPHQX$UTXLYR!
3UHIHUrQFLDV!ÈUHDGH7UDEDOKR
ʹͲǦʹͲͳͲ
$XWR/HJHQGD
4XDOTXHULWHPRXJUXSRGHLWHQVQXPDSODQWDEDL[DRXHOHYDomRSRGHPVHUQXPHUDGRVSDUD
PHOKRUH[SOLFDURVSURMHWRVDRVFOLHQWHVID]HUQRWDVSDUDLQVWDODGRUHVRXGHVWDFDULWHQV
HVSHFLDLVSDUDXPDOHJHQGD
3DUDKDELOLWDUHVWHUHFXUVRERWmRGLUHLWRGRPRXVHQDiUHDGHWUDEDOKR!FRQILJXUDUH[LELomR
!OHJHQGD!VHOHFLRQHDRSomRGHVHMDGD
9RFrSRGHH[LELUFyGLJRGRXVXiULRIDEULFDQWHGHVFULomRGHSODQWDHSUHoRV
'HVHQKROLYUHHP'±'
'LYHUVDVIHUUDPHQWDVGHGHVHQKRVHP'
DX[LOLDPRSURMHWLVWDDDSULPRUDUXPD
SODQWDEDL[DRXHOHYDomRFRPOLQKDV
TXDGUDGRVWULkQJXORVUHWkQJXORVDUFRV
FtUFXORVHOLSVHVHGHVHQKRVOLYUHVTXH
SRGHPVHUFRQYHUWLGDVHP'
3DUDGHVHQKDUXWLOL]DUPHQXGHVHQKDU!HVFROKHUDIRUPDSULPiULDGHVHMDGD
$SyVRGHVHQKRSDUDFRQYHUWHUHP'ERWmRGLUHLWRHPFLPDGRLWHP!ID]HU'!6KDSH
'
3DUDDOWHUDURVDWULEXWRVGHXPLWHP'ERWmRGLUHLWR!DWULEXWRVGRLWHP
3DUDDOWHUDURIRUPDWRSULPiULRXWLOL]DURVPHVPRVSULQFtSLRVGHHGLomRGHVKDSHVERWmR
GLUHLWR!HGLWDUIRUPD
ʹͲǦʹͲͳͲ
)XUDomRQR6+$3(GLVSRQLELOL]DPRVXPQRYRUHFXUVRGHQWURGRFDWiORJR(63(&,$/
)XURVQRVKDSHFRPHVVHUHFXUVRpSRVVtYHOID]HUWLSRVGHIXURV&,5&8/2
48$'5$'2(75,$1*8/23DUDUHDOL]DUHVVHVIXURVpVRPHQWHWHUXPVKDSHQDSODQWD
EDL[DHDUUDVWDURIXURGHVHMDGRVREUHHOHFDVRQHFHVVLWHDOWHUDUDGLPHQVmRGRIXURHQWUH
QRVDWULEXWRVGRIXURHDOWHUHDVGLPHQV}HV
52209,(:(5
3XEOLTXHVHXVSURMHWRVGR9HUVmRGLUHWDPHQWHSDUDLQWHUQHWRQGHVHXVFOLHQWHVSRGHUmR
UHYLViORVHYDOLGDORVRQOLQH2VFOLHQWHVWDPEpPSRGHUmRGDU=RRPHURWDFLRQDURDPELHQWHH
WDPEpPWURFDUDGHFRUDomRGDSDUHGHHGRSLVR
&DWiORJRV&DWHJRUL]DGRV&HQWUDOGH,GHLDV
1RYDIRUPDGHFULDomRGHFDWiORJRVLQGHSHQGHQWHIHLWDSHORXVXiULR
2&DWDORJRHQFRQWUDVHGLVSRQtYHOGHQWURGDOLVWDDUUDVWDUHVROWDUHVHUYHSDUDUHRUJDQL]DU
VHXVLWHQVGHIRUPDPDLVFRQYHQLHQWH0LQKDV&R]LQKDV0LQKDV,OKDVGH&R]LQKDV0LQKDV
6HHVGH&ORVHW
3DUDFULDURVHXFDWiORJRSHUVRQDOL]DGRGHILQDWRGDVDVSURSULHGDGHVGRLWHPHDUUDVWHSDUD
D/LVWDDUUDVWDUHVROWDU!QRFDWDORJRGHVHMDGR2VLWHQVGRB&2=HB'25QmR
SRGHPVHUDUPD]HQDGRVQHVWHFDWiORJR
ʹͲǦʹͲͳͲ
$VVLVWHQWHVGH3URMHWR
$VVLVWHQWHGH$XWR'HFRUDomR
'HFRUHWRGRVHXSURMHWRGD
IRUPDPDLVUiSLGDHPDSHQDV
XPFOLTXH
8WLOL]DQGR$VVLVWHQWHGH$XWR'HFRUDomR
3DUDYLVXDOL]DUR$VVLVWHQWHYRFrSRGHFOLFDUHPPHQX([LELU!$VVLVWHQWH
$SDUWLUGDFDL[D$VVLVWHQWHVGH
3URMHWR±$XWR'HFRUDomR&R]LQKD
FOLTXHQRERWmRH[HFXWDU
ʹͲǦʹͲͳͲ
6HOHFLRQHHQWUHRVHVWLORV
GHH[HPSORVHRX
GHILQDVHXSUySULRHVWLOR
FOLFDQGRHP$YDQoDGR
3DUDLQLFLDURSURFHVVRGH
$XWR'HFRUDomRFOLTXHHP
,QLFLDU
$SyVDFRQFOXVmRXPDWHODGH
VHOHomRGHUHQGHUL]DomR
GHYHUiDSDUHFHU6HOHFLRQH
HQWUHDVUHQGHUL]Do}HVSUp
GHILQLGDVRXDOWHUQHSDUDD
RSomRGHYLVWDVQRPHDGDV
GHYHVHSUHYLDPHQWHQRPHDU
DOJXPDVYLVWDVQDSHUVSHFWLYD
HFOLTXH2N
$VVLVWHQWHGH1RYR0DWHULDO
&ULHVXDSUySULDWH[WXUDRXPDWHULDOHYLVXDOL]HHPVHXSURMHWR
&DVRDVFRUHVRXWH[WXUDVGLVSRQtYHLVQRFDWiORJRQmRVXSULUDVVXDVQHFHVVLGDGHVYRFr
SRGHUiPRGLILFDUDVSURSULHGDGHVGHUHIOH[mRHDVSHUH]DGHXPDH[LVWHQWHYHMDDVHJXLU
$SDUWLUGDFDL[DGHGLiORJR&RUHVH7H[WXUDVHVFROKDDFRURXWH[WXUDTXHGHVHMDPRGLILFDUH
FOLTXHHP1RYR0DWHULDO
1DFDL[D1RYR0DWHULDOYRFrSRGHDOWHUDURQtYHOGHUHIOH[mRHDVSHUH]DGDWH[WXUD
VHOHFLRQDGD
ʹͲǦʹͲͳͲ
3DUDUHPRYHUTXDOTXHU
DVSHUH]DSDUDDFRURX
WH[WXUDVHOHFLRQDGD
3DUDUHPRYHUTXDOTXHUEULOKRSDUD
DFRURXWH[WXUDVHOHFLRQDGD
3DUDXPDVXSHUItFLH
VXDYHKRPRJrQHD
$FDEDPHQWRRSDFRVHPEULOKR
3DUDH[LELUXPQtYHO
PpGLRGHDVSHUH]D
3DUDH[LELUXPQtYHOPpGLRGH
EULOKR
3DUDH[LELURPDLVDOWR
3DUDH[LELURPDLVDOWRQtYHOGH QtYHOGHDVSHUH]D
EULOKR
3DUDDMXVWDUD
DVSHUH]DEDVHDGD
QRVFDQWRVHERUGDV
HQFRQWUDGDV
&DVRYRFHTXHLUDDGLFLRQDUXPD
FRUDSDUWLUGDSDOKHWDGHFRUHVGR
:LQGRZVFOLTXHQRERWDRFRUHV
VHOHFLRQHDFRUGHVHMDGDHFOLTXH
2.
6LJDRVPHVPRVSDVVRVDFLPD
SDUDGHILQLURQtYHOGHUHIOH[mRH
DVSHUH]DGDFRU
ʹͲǦʹͲͳͲ
3DUDFULDUXPDQRYDWH[WXUD
FOLTXHHP$VVLVWHQWHQDFDL[D
1RYR0DWHULDO
1DWHODGH%RDV9LQGDVOHLDDVLQIRUPDo}HVGRDVVLVWHQWHHFOLTXH$YDQoDU(VFROKDR
DUTXLYRGHLPDJHPDVHUWUDQVIRUPDGRHPWH[WXUDHFOLTXHHP$EULU
1DWHODGH5RWDomRFOLTXHHP$YDQoDUSDUDURWDFLRQDUDLPDJHPRXPDUTXHDFDL[D(VFDSDU
SDUDSDVVDUSDUDRSUy[LPRSDVVR
'HILQDREULOKRGDLPDJHPHPFODURHHVFXURHFOLTXH$YDQoDU
1DRSomRTXDGURYRFrSRGHDGLFLRQDUXPFRQWRUQRFRORULGRHPWRUQRGRPDWHULDOFDVR
FRQWUiULRFOLTXH$YDQoDU
&DVRVXDLPDJHPHVWHMDPXLWRGLIHUHQWHGRUHVWRYRFrSRGHUDSOLFDUXPDPLVWXUDSDUD
PHVFODUDLPDJHP
1HVWHSRQWRGHILQDTXDQWDVSROHJDGDVHVWDLPDJHPUHSUHVHQWDQDUHDOLGDGHHFOLTXHHP
FRQFOXLU
3DUDXPPHOKRUUHVXOWDGRDLPDJHPGHYHUiWHURWDPDQKRGH[SL[HOVHDDUHDGH
DSOLFDomRQmRSRGHVHUPDLRUGRTXH[ODUJXUD[DOWXUD
3DUDVDEHUTXDODHVFDODDVHUXWLOL]DGDIDoDRFDOFXORDEDL[ROHYDQGRHPFRQVLGHUDomR
SDUDXPDDUHDGH[
([HPSORGHFDOFXOROHYDQGRHPFRQVLGHUDomRXPDDUHDGH[
)yUPXOD
"[ " [
ʹͲǦʹͲͳͲ
&RPRDSOLFDULPDJHQVQR
$RHVFROKHUDLPDJHPYRFrGHYHDEULODHPXPSURJUDPDHGLWRUGHLPDJHQV
1RSURJUDPDHGLWRUGHLPDJHQVYRFrGHYHHVSHFLILFDURWDPDQKRTXHQRFDVRWHPTXH
VHU;SL[HOV
ʹͲǦʹͲͳͲ
$SyVDMXVWDUDLPDJHPVDOYDUHPMSHJ
,QVHULQGRDLPDJHPQR
3DUDDSOLFDUDLPDJHPHPXPDSDUHGHSRUH[HPSORYRFrGHYHXVDUDLPDJHPHPXP
TXDGURHGHSRLVFRORFDURTXDGURQDSDUHGHFRPRVHIRVVHRVHXSDSHOGHSDUHGH
2TXDGURXVDGRDVHUXVDGRHVWiHP5220B%5!LWHQVGHFRUDWLYRV!TXDGURV!
48$'52,0*
1HVWHH[HPSORDSDUHGHWHPGHODUJXUDSRUGHDOWXUDRTXDGURWHUiTXH
VHJXLUDVPHVPDVPHGLGDV
1RTXDGURYDLHPDWULEXWRV!YDULiYHLV!WRGRVRVLWHQV!6FHQHU\WH[WXUH
ʹͲǦʹͲͳͲ
1HVWDMDQHODFOLFDHPQRYRPDWHULDO!DVVLVWHQWHHDYDQoDUSDUDORFDOL]DUDLPDJHPD
VHUXVDGD
ʹͲǦʹͲͳͲ
9DLDYDQoDQGRDWpFKHJDUHP(VFDODQDHVFDODDPHGLGDSDGUmRVHUiVHPSUHGH
PPHFRQFOXLVDOYDQGRRQRPHQRFDWiORJRGR&20021
$VLPDJHQVQmRILFDPJXDUGDGDVQRFDWDORJRGRSRLVLULDVREUHFDUUHJDUR
SURJUDPDSDUDFDGDSURMHWRDLPDJHPGHYHUiVHUDSOLFDGDQRYDPHQWHHPQRYR
PDWHULDOVHJXLQGRHVVHVSDVVRV
ʹͲǦʹͲͳͲ
,PDJHPDSOLFDGDDRTXDGURVHJXLQGRRVSURFHVVRVHDVPHGLGDVDQWHULRUHV
'HSRLVTXHDLPDJHPMiHVWLYHUQRTXDGURpVyFRORFDURTXDGURMXQWRDSDUHGHGDQGR
XPHIHLWRGHSDSHOGHSDUHGHDRDPELHQWHHVWHSURFHGLPHQWRSRGHVHUIHLWRWDPEpP
FRPTXDGURVRXWYVVHJXLQGRRVPHVPRVSURFHVVRVDQWHULRUHV
ʹͲǦʹͲͳͲ
,PDJHQVILQDOL]DGDVHPYLVmRLVRPpWULFDHSHUVSHFWLYD
'XDV1RYDV)HUUDPHQWDVSDUD'(&25$d2
6XSHUItFLHXWLOL]HSDUDID]HU
WUDEDOKRVGHSDJLQDomRRXIDL[DV
QDVSDUHGHV
6NHWFKXS([SORUHDIHUUDPHQWD
SDUDLPSRUWDUDVPHOKRUHV
GHFRUDo}HVRVPHOKRUHVPyYHLV
GHQWUHRXWURVLWHQV
%DVWD&OLFDUQRËFRQH
ʹͲǦʹͲͳͲ
,UiDEULUHVWiSiJLQD
(VHOHFLRQHR,WHPGHVHMDGRDSyVFOLFDUHP'2:1/2$'
ʹͲǦʹͲͳͲ
1RYRV&DWiORJRV*HQpULFRV$WXDOL]Do}HV
B&2=
1RYD7HFQRORJLDQRVFDWiORJRV*HQpULFRV7HODGH(VWLORV
,WHQVPRGHUQRVHDWXDLV
/RFDOL]DomRSUDWLFDHLQWXLWLYDGHLWHQV
B'25
1RYD7HFQRORJLDQRVFDWiORJRV*HQpULFRV7HODGH(VWLORV
1RYDLQVHUomRGHFRPSOHPHQWRVLQWHUQRVPDLVSUiWLFDHUiSLGD
*UDQGHYDULHGDGHGHFRPSOHPHQWRVLQWHUQRV
5220B3/0*HQpULFR+LGUiXOLFR
5220B)80*HQpULFR±0yYHLV
5220B'(0*HQpULFR'HFRUDomR
5220B$30*HQpULFR(OHWURGRPpVWLFRV
B&2=±)RUPDGHFRQVWUXomR
4XDQGRRSULPHLURLWHPIRU
DUUDVWDGRSDUDDSODQWDEDL[DRXSDUD
DHOHYDomRDWHODGHHVWLORVYDL
VXUJLURQGHVHUiIHLWDDHVFROKDGR
PRGHORGDSRUWDTXHVHUiXWLOL]DGR
HPWRGRRSURMHWR
6HOHFLRQHRPRGHORGDSRUWDH
FOLTXHQRERWmR6HOHFLRQDU
ʹͲǦʹͲͳͲ
$JRUDYRFrWHUiRXWURVSDUkPHWURV
DVHUGHILQLGRFRPRDHVSHVVXUDGD
PRGXODomRPRGHORFDL[DGDJDYHWD
HSX[DGRUHVSRUWDVVHQGRTXHHP
FDGDPRGHORGHSRUWDDV
LQIRUPDo}HVSRGHUmRVHUGLIHUHQWHV
SRLVHODVVmRUHODFLRQDGDVjSRUWD
VHOHFLRQDGDDQWHULRUPHQWH
)DoDDVFRQILJXUDo}HVQHFHVViULDV
HFOLTXHQR%RWmR2.
4XDQGRRSURMHWRMiHVWDHPH[HFXomRHVHYHUDQHFHVVLGDGHGDWURFDGHWRGDVDVSRUWDVHGHDOJXPDV
LQIRUPDo}HVYLVWDDQWHULRUPHQWHpXWLOL]DGRR0HQX3URMHWR!(VWLORV*OREDLVSDUDHIHWXDUDWURFDUGH
WRGDVDVLQIRUPDo}HVQRYDPHQWH
4XDQGRIRUQHFHVViULDDWURFDGRVHVWLORVGHXP~QLFRPRGXORFOLFDUVHFRPRERWmRGLUHLWRGR
PRXVHVREUHRPRGXORQDSODQWDEDL[DRXQDHOHYDomRHFOLTXHQDRSomR!(VWLORV
&OLFDQGRQDRSomR(VWLORVYDL
H[LELUDWHODTXHDSDUHFHXTXDQGRIRL
DUUDVWDQGRRSULPHLURPRGXORSDUDD
SODQWDEDL[DRXSDUDDHOHYDomR
ʹͲǦʹͲͳͲ
B'25±)RUPDGHFRQVWUXomR
4XDQGRRSULPHLURLWHPIRU
DUUDVWDGRSDUDDSODQWDEDL[DRXSDUD
DHOHYDomRDWHODGHHVWLORVYDL
VXUJLURQGHVHUiIHLWDDHVFROKDGR
PRGHORGDSRUWDTXHVHUiXWLOL]DGR
HPWRGRRSURMHWR
6HOHFLRQHRPRGHORGDSRUWDH
FOLTXHQRERWmR6HOHFLRQDU
1HVWDWHODWHUiRXWURVSDUkPHWURV
DVHUGHILQLGRFRPRRSDGUmRGH
FRQVWUXomRSDGUmRGHHVSHVVXUD
SHUILVSRUWDVEDWHQWHHQWUHRXWUDV
RSo}HVVHQGRTXHHPFDGDPRGHOR
GHSRUWDDVLQIRUPDo}HVSRGHUmRVHU
GLIHUHQWHVSRLVHODVVmRUHODFLRQDGDV
jSRUWDVHOHFLRQDGDDQWHULRUPHQWH
)DoDDVFRQILJXUDo}HVQHFHVViULDV
HFOLTXHQR%RWmR2.
4XDQGRRSURMHWRMiHVWDHPH[HFXomRHVHYHUDQHFHVVLGDGHGDWURFDGHWRGDVDVSRUWDVHGHDOJXPDV
LQIRUPDo}HVYLVWDDQWHULRUPHQWHpXWLOL]DGRR0HQX3URMHWR!(VWLORV*OREDLVSDUDHIHWXDUDWURFDUGH
WRGDVDVLQIRUPDo}HVQRYDPHQWH
ʹͲǦʹͲͳͲ
4XDQGRIRUQHFHVViULDDWURFDGRVHVWLORVGHXP~QLFRPRGXORFOLFDUVHFRPRERWmRGLUHLWRGR
PRXVHVREUHRPRGXORQDSODQWDEDL[DRXQDHOHYDomRHFOLTXHQDRSomR!(VWLORV
&OLFDQGRQDRSomR(VWLORVYDL
H[LELUDWHODTXHDSDUHFHXTXDQGRIRL
DUUDVWDQGRRSULPHLURPRGXORSDUDD
SODQWDEDL[DRXSDUDDHOHYDomR
0DQWHQKDVHXVFDWiORJRVVHPSUHDWXDOL]DGRV
)RQWHGH,QIRUPDo}HV
ZZZGHVLJQFRPEU
6XSRUWH7pFQLFR'HVLJQ
(PDLO
VXSRUWH#GHVLJQFRPEU
3UHSDUDQGRRDPELHQWHSDUD$SUHVHQWDomR
([LVWHPGLYHUVRVUHFXUVRVTXHSRGHPVHUXWLOL]DGRVSDUDSURGX]LUXPDDSUHVHQWDomR³IRWR
UHDOtVWLFD´FRPLQWXLWRGHLPSUHVVLRQDUHGHVSHUWDURGHVHMRGHVHXVFOLHQWHV(QWUHHOHV
HIHLWRVGHLOXPLQDomR6ROSLVRVDGLFLRQDLVJHVVRDSOLTXHVQDSDUHGHHHWF
ʹͲǦʹͲͳͲ
5HJUDV%iVLFDV
(IHLWRVGHLOXPLQDomR
8WLOL]DUVSRW5RRPB%5FRQILJXUDUHP3HUVSHFWLYDVDLQWHQVLGDGHGDOX]DSRWrQFLDGDOX]
GRWHWRHRSRVLFLRQDPHQWRQRERWmRPRYHU
(IHLWR6RO
8WLOL]DUREMHWR6SRW5RRPB%5SRVLFLRQDUIRUDGRDPELHQWH
%RWmRGLUHLWRVREUHRLWHP!SURSULHGDGHVGHLOXPLQDomR!LQWHQVLGDGH:!kQJXORFRQH
!ERWmRSRVLomR!PRYDRFXUVRUSDUDGHQWURGRDPELHQWH!2.
%RWmRGLUHLWRVREUHRLWHP!HOHYDomR!DSUR[LPDGDPHQWH
1DMDQHODRXDEHUWXUDTXHVHGHVHMDSURGX]LURHIHLWR$WULEXWRV!FRPSOHPHQWRV!DGLFLRQH
XPDSHUVLDQD
9LVXDOL]HRDPELHQWH
'LFD3DUDXPPHOKRUHIHLWRPRYLPHQWDURSRVLFLRQDPHQWRGR6SRWDOWHUDUDVXDDOWXUDRX
DOWHUDURkQJXORGDSHUVLDQD
3LVRVDGLFLRQDLV6DQFDGHLOXPLQDomR7UDEDOKDQGRFRP6KDSHV
8WLOL]DUFDWiORJR5RRPB7RS!6KDSH'
(GLWDURVKDSHQRIRUPDWRGHVHMDGR!ERWmRGLUHLWRVREUHRLWHP!DOWHUDUDHVSHVVXUDHDV
WH[WXUDV
3DUDSLVRHOHYDGRHOHYDomR PPGRSLVRHSDUDDVDQFDDOLQKDUFRPRWHWR
3RGHVHWDPEpPXWLOL]DUHVWHUHFXUVRSDUDFULDUHVFDGDVRXVLPLODUHV
'LFD3DUDPDLRUUHDOLGDGHSRGHVHDGLFLRQDUVSRWVDOLQKDGRVjVDQFD
*HVVR
8WLOL]DUFDWiORJRNLW!0ROGXUDVH5RGDSpV!'LYHUVDV!3DUHGHV!*HVVR
&OLFDUQRLWHPGHVHMDGRHDUUDVWDUSDUDFLPDGDSDUHGH$OLQKDUGHDFRUGRFRPRSpGLUHLWR
$SOLTXHVQDSDUHGH$]XOHMRV
8WLOL]DUFDWiORJR5RRPB%5!$]XOHMRV
ʹͲǦʹͲͳͲ
,QVHULURLWHPSUHIHUHQFLDOPHQWHSHODHOHYDomRHDOWHUDUDVXDODUJXUDDOWXUDHFRUHVHP
DWULEXWRVGRLWHP
8WLOL]DURLWHP$]XOHMR3LVRSDUDH[LELUSLVRTXDGULFXODGRHP3HUVSHFWLYDVHP/LQKDV
&RQILJXUDo}HVGDV3HUVSHFWLYDV
$SyVDLPDJHPGHILQLGDFOLTXHHP
6DOYDQGRXPDLPDJHP $UTXLYR!6DOYDU&RPRHHVFROKDR
IRUPDWRSDUDVDOYDUDUHQGHUL]DomRR
IRUPDWR-3(*pRPDLVLQGLFDGR
$FDL[DGHGLiORJR6DOYDU&RPR
GHYHUiDSDUHFHUGHILQDRQRPHGR
DUTXLYRRFDPLQKRHFOLTXHHP
6DOYDU
&OLTXHHP9LVWD!'DU1RPHD
9LVWDSDUDGHILQLUXPQRPHSDUD
DUHQGHUL]DomRFRUUHQWH
1RPHDQGRXPDYLVWD $SyVGHILQLGRVRQRPHGHVXDV
UHQGHUL]Do}HVSRGHVHFDUUHJi
ODVQRSURJUDPDQRPHQX
5HQGHUL]DomR!9LVWDV
1RPHDGDVRXQDSUySULDWHODGH
UHQGHUL]DomRHP9LVWDV!1RPHV
GDV9LVWDV
8WLOL]DomRGH9LVWDV0~OWLSODV
9RFrSRGHWDPEpPSURGX]LUP~OWLSODVYLVWDVDWUDYpVGRPHQX([LELU!([LELU/D\RXWGR
3URMHWRQDWHODGRSURJUDPD
([LELQGR9LVWDV0~OWLSODV
ʹͲǦʹͲͳͲ
8VDQGRDV9LVWDV0~OWLSODVYRFrSRGHPRVWUDUXPDFRPELQDomRGHTXDLVTXHULWHQVDVHJXLU
/LVWDGHLWHQV
3ODQWDVEDL[DVRXHOHYDo}HV
9LVWDVQRPHDGDVVDOYDVQDVUHQGHUL]Do}HV
,PDJHQV
7H[WRRXLPDJHQVGHVHXFRPSXWDGRU
&OLTXHHP([LELU!([LELU/D\RXWGR
3URMHWRSDUDYLVXDOL]DUGLYHUVRV
WHPSODWHVGLIHUHQWHVHPVXDWHOD
1DWHOD$EULU7HPSODWHGHLPSUHVVmR
FOLTXHQRWHPSODWHFRUUHVSRQGHQWHDR
Q~PHURGHYLVWDVTXHGHVHMDH[LELUH
VXDVGLVSRVLo}HVHFOLTXHHPRN
&OLTXHERWmRGDGLUHWDHP
TXDOTXHUXPGRVTXDGURV
SDUDH[LELURPHQXGH
LQVHUomRGHLPDJHQV
&OLTXHQRPHQX([LELU!
/D\RXWGH3URMHWR
&ULDomRGHQRYRVOD\RXWV
1DWHOD$EULUWHPSODWHGH
LPSUHVVmRXWLOL]HRWHPSODWH
1RtFRQH4XDGURGHLPDJHP
DUUDVWHSDUDDIROKDHP
EUDQFRHFULHRVHXSUySULR
OD\RXW
3DUD6DOYDUROD\RXWFULDGR!
FOLTXHQRPHQX([LELU!
6DOYDU7HPSODWH
ʹͲǦʹͲͳͲ
,QVLUDRQRPHGRWHPSODWHQRFDPSR
DUTXLYR
1DEDUUDGHPHQXGR9LUWXDO
6KRZ5RRPFOLTXHHP$UTXLYR!
6DOYDU&RPR
ʹͲǦʹͲͳͲ
$FDL[DGHGLiORJRSDGUmRGR:LQGRZV6DOYDU&RPRGHYHUiDSDUHFHUGHILQDRQRPHGR
DUTXLYRRFDPLQKRHFOLTXHHP6DOYDU
6HUiFULDGRXPDUTXLYRPRY3DUDYLVXDOL]DUHVWHDUTXLYRXWLOL]HRSURJUDPD
4XLFN7LPHKWWSZZZDSSOHFRPTXLFNWLPH
3URMHWR7pFQLFR'HILQLWLYRH0RQWDJHP
$VQRYDVIHUUDPHQWDVGH&RWDVH1RWDVDX[LOLDPRGHVHQYROYLPHQWRGRSURMHWR
WpFQLFRIDFLOLWDQGRRPDQXVHLRRUHSRVLFLRQDPHQWRHDYLVXDOL]DomRGDV
LQIRUPDo}HVSRGHQGRVHUDOWHUDGDVDTXDOTXHUPRPHQWR
&RQILJXUDomRGH([LELomR3ODQWDVH(OHYDo}HV
3DUDYLVXDOL]DUDVFRQILJXUDo}HVGH
H[LELomRERWmRGLUHLWRQDiUHDGH
WUDEDOKR!FRQILJXUDUH[LELomR
3RGHVHVHOHFLRQDUHQWUHH[LELomRGH
LWHQVFyGLJRVIRQWHFRUHVFRWDV
SRQWRVHOpWULFRVKLGUiXOLFRVHHWF
ʹͲǦʹͲͳͲ
'HILQLGDDVDOWHUDo}HVERWmRVDOYDU!GHILQDRQRPHGRHVTXHPDSDUD
DUPD]HQDURVHXSDGUmRGHWUDEDOKRHYLVXDOL]DomR
2PHVPRSURFHGLPHQWRDSOLFDVHjiUHDGHHOHYDomRFRPFRQILJXUDo}HV
LQGHSHQGHQWHV3DUDDFHVVDUDVFRQILJXUDo}HVGHH[LELomRGDHOHYDomRERWmR
GLUHLWRQDiUHDGHWUDEDOKRGDHOHYDomR!FRQILJXUDUH[LELomR
/D\HUVFDPDGDV
'HILQDGLYHUVRVSDGU}HVGHYLVXDOL]DomRFULDQGRGLIHUHQWHVHVTXHPDVHPFDGD
OD\HUFDPDGDDEDL[R
3DUDUHQRPHDUD/D\HUGXSORFOLTXH!GLJLWHQRYRQRPH!2N
3RQWRVHOpWULFRVHKLGUiXOLFRV
3DUDLQVHULUSRQWRVHOpWULFRVHKLGUiXOLFRVSDUDRVSURMHWRVHPSODQWDVRX
HOHYDo}HVXWLOL]DU5RRPB%5!VtPERORV!HOpWULFRVKLGUiXOLFRV
$UUDVWHRLWHPSDUDDSODQWDRXHOHYDomRGHVHMDGDGHILQDRVHXSRVLFLRQDPHQWR
QRDPELHQWHHQRFDVRGDHOHYDomRDOWHUHVXDDOWXUDERWmRGLUHLWR!HOHYDomR
'LFDDGLFLRQHQRWDVHDOWHUHDVFRQILJXUDo}HVGHH[LELomRSDUDPHOKRU
YLVXDOL]DomRGDVLQIRUPDo}HVQRSURMHWR
6&52//QDYHUVmRDOpPGDIXQFLRQDOLGDGHGHGDU=RRPPDLVH=RRPPHQRVDJRUDWDPEpP
WHPDIXQFLRQDOLGDGHGR=RRP$MXVWDUSDUDLVVRFOLTXHGXDVYH]HVVREUHRERWmRFHQWUDO
ʹͲǦʹͲͳͲ
7$%FRPDWHFOD7$%pSRVVtYHOWDEXODUHQWUHRVLWHQVSRUH[HPSORTXDQGRHPXPGHWHUPLQDGR
SURMHWRH[LVWHPYiULRVDUPiULRVLQIHULRUHVVXSHULRUHVHQWUHRXWURVHQmRpSRVVtYHOYLVXDOL]DURX
FOLFDUHPXPGHWHUPLQDGRLWHPTXHHVWDDEDL[RGHWRGRVRXQDiUHDGHLQVHUomRFOLFDQGRQRLWHP
VXSHULRUHQDWHFOD7$%pSRVVtYHODFHVVDUGHVGHRPDLVDOWRDWpRPDLVEDL[R
(OHYDo}HVP~OWLSODVH/DWHUDLV3DUDFULDUHOHYDo}HVP~OWLSODVFOLTXHHPXPDiUHDGH
LQVHUomRSUHVVLRQHDWHFOD&WUOHFOLTXHHPRXWUDiUHDGHLQVHUomRGHSRLVFOLTXHQRtFRQHSDUDFULDUD
iUHDGHHOHYDomR3DUDFULDUDHOHYDomRODWHUDOpQHFHVViULRLUDR0HQX([LELU!,QVHULU(OHYDomR
/DWHUDOFOLFDUGHQWURGDiUHDGHLQVHUomRYDLDSDUHFHUXPDEDUUDHVVDEDUUDWHPTXHHVWDVREUH
DOJXPLWHPGHSRLVFOLTXHFRPRHVTXHUGRGRPRXVHHHVFROKDDGLUHomRGDHOHYDomRDWUDYpVGDVHWD
TXHYDLVXUJLUHFOLTXHQRYDPHQWHFRPRHVTXHUGR
7HFODVGHDWDOKR9RFrSRGHXWLOL]DUDVWHFODV&WUO=SDUDGHVID]HUXPDDomR&75/<UHID]HU
XPDDomR&75/&FRSLDXPLWHP&75/9FRODUXPLWHPRX&75/;SDUDUHFRUWDU
&RQILJXUDomRGDSiJLQDDOWHUDomRGHORJRPDUJHPH
GHVFULWLYRV
3DUDDOWHUDUWDPDQKRGRSDSHO
RULHQWDomRSDLVDJHPUHWUDWR
FRQWRUQRH[WHUQRPDUJHQV
SHUVRQDOL]DGDVQXPHUDURGHVHQKR
RXDOWHUDURORJRWLSRXWLOL]DUPHQX
$UTXLYR!FRQILJXUDUSiJLQD
'LFD3DUDPHOKRUYLVXDOL]DomRGRORJRWLSRGDHPSUHVDSUHSDUDURDUTXLYRHP[
SL[HOVIRUPDWREPS
'LFD3DUDDOWHUDURGHVFULWLYRGDVSODQWDVHHOHYDo}HVXWLOL]DU:LQGRZV([SORUHU!
&?9?&RQILJ?HDOWHUDURVDUTXLYRVZDUQDUWW[ZDUQGHVW[HZDUQGLPW[3DUD
DEULURVDUTXLYRVXVDUREORFRGHQRWDV
ʹͲǦʹͲͳͲ
3ODQWDH(OHYDomR
ZDUQGLPW[ ZDUQGHVW[
3HUVSHFWLYD
ZDUQDUWW[