Transmissão Psíquica Geracional Familiar No Adoecimento Somático

&DUQHLUR7)/LVERD$90DJDOKmHV$6
$57,*26
7UDQVPLVVmRSVtTXLFDJHUDFLRQDOIDPLOLDUQRDGRHFLPHQWR
VRPiWLFR
7HUH]LQKD)HUHV&DUQHLUR
'RFHQWH3URJUDPDGH3yV*UDGXDomRHP3VLFRORJLD&OtQLFD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH
-DQHLUR38&5LR5LRGH-DQHLUR5LRGH-DQHLUR%UDVLO
WHIHUFD#SVLSXFULREU
$OLQH9LOKHQD/LVERD
'RXWRUDQGD%ROVLVWD&DSHV3URJUDPDGH3yV*UDGXDomRHP3VLFRORJLD&OtQLFD3RQWLItFLD8QLYHUVLGDGH
&DWyOLFDGR5LRGH-DQHLUR38&5LR5LRGH-DQHLUR5LRGH-DQHLUR%UDVLO
DOLQHYOLVERD#LJFRPEU
$QGUHD6HL[DV0DJDOKmHV
'RFHQWH'HSDUWDPHQWRGH3VLFRORJLD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR38&5LR5LR
GH-DQHLUR5LRGH-DQHLUR%UDVLO
DQGUHDVP#SXFULREU
7UDQVPLVVmRSVtTXLFDJHUDFLRQDOIDPLOLDUQRDGRHFLPHQWRVRPiWLFR
5HVXPR
(VWHHVWXGRDSUHVHQWDXPDGLVFXVVmRDFHUFDGRSURFHVVRGHWUDQVPLVVmRSVtTXLFDIDPLOLDUHVXDSRVVtYHO
LQIOXrQFLDQRDGRHFLPHQWRVRPiWLFR7HPFRPRREMHWLYRFRPSUHHQGHUDVRPDWL]DomRDSDUWLUGD
WUDQVPLVVmRGHXPOHJDGRQmRUHSUHVHQWDGRHQWUHJHUDo}HV2DGRHFLPHQWRpHQWHQGLGRFRPR
VRIULPHQWRSVtTXLFRIDPLOLDUGHFRUUHQWHGHFRQWH~GRVQmRHODERUDGRVTXHJHUDULDPLPSDVVHVQDV
UHODo}HV$GRHQoDpFRQFHELGDFRPRUHVXOWDGRGHDEDQGRQRHGHIUDJLOLGDGHPDUFDGDSRUKLVWyULDV
FRQWDGDVDWUDYpVGDVJHUDo}HVHQJHVVDQGRRLQYHVWLPHQWRDIHWLYR3RURXWURODGRDFRQGLomR
LPSDFWDQWHGHXPDGRHFHUSRGHOHYDURVPHPEURVDUHHODERUDUHPFRQIOLWRVHDUHFRQWDUHPDSUySULD
KLVWyULD$HVFXWDDQDOtWLFDGRWHUDSHXWDGHIDPtOLDSRVVLELOLWDDFRPSUHHQVmRGRPDWHULDOUHFDOFDGR
SUHVHQWHQRVPLWRVFHQVXUDVHVHJUHGRVIDPLOLDUHV1HVVDGLUHomRDFOtQLFDGHIDPtOLDIDFLOLWDD
UHWRPDGDDUHVLJQLILFDomRHRIRUWDOHFLPHQWRGHSURFHVVRVSVtTXLFRVYLVDQGRjSURPRomRGDVD~GH
HPRFLRQDOGRJUXSR
3DODYUDVFKDYH7UDQVPLVVmRSVtTXLFD$GRHFLPHQWRVRPiWLFR+LVWyULDIDPLOLDU7HUDSLDSVLFDQDOtWLFD
GHIDPtOLD
)DPLO\JHQHUDWLRQDOSV\FKLFWUDQVPLVVLRQLQVRPDWLFVLFNHQLQJ
$EVWUDFW
7KLVVWXG\SUHVHQWVDGLVFXVVLRQRQWKHSURFHVVRIIDPLO\SV\FKLFWUDQVPLVVLRQDQGLWVSRVVLEOHLQIOXHQFH
LQVRPDWLFVLFNHQLQJ7KHJRDOLVWRXQGHUVWDQGVRPDWL]DWLRQIURPWKHWUDQVPLVVLRQRIDQXQUHSUHVHQWHG
OHJDF\DPRQJJHQHUDWLRQV6LFNHQLQJLVXQGHUVWRRGDVWKHIDPLO\SV\FKLFVXIIHULQJUHVXOWLQJIURPQRQ
HODERUDWHGFRQWHQWVWKDWZRXOGJHQHUDWHREVWDFOHVLQUHODWLRQVKLSV,OOQHVVLVFRQFHLYHGDVWKHUHVXOWRI
$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

DEDQGRQPHQWDQGIUDJLOLW\PDUNHGE\KLVWRULHVWROGWKURXJKJHQHUDWLRQVSUHYHQWLQJDIIHFWLYH
LQYHVWPHQW2QWKHRWKHUKDQGWKHLPSDFWLQJFRQGLWLRQRIEHFRPLQJLOOFDQOHDGIDPLO\PHPEHUVWRUH
HODERUDWHFRQIOLFWVDQGUHWHOOWKHLURZQKLVWRULHV)DPLO\WKHUDSLVW¶VDQDO\WLFOLVWHQLQJPDNHVLWSRVVLEOH
WRXQGHUVWDQGWKHUHSUHVVHGPDWHULDOSUHVHQWLQP\WKVFHQVXULQJDQGIDPLO\VHFUHWV)URPWKLV
VWDQGSRLQWIDPLO\FOLQLFIDFLOLWDWHVWKHUHWDNLQJWKHUHHODERUDWLRQDQGWKHVWUHQJWKHQLQJRI
SV\FKRORJLFDOSURFHVVHVDLPLQJDWSURPRWLQJWKHJURXS¶VHPRWLRQDOKHDOWK
.H\ZRUGV3V\FKLFWUDQVPLVVLRQ6RPDWLFVLFNHQLQJ)DPLO\KLVWRU\3V\FKRDQDO\WLFIDPLO\WKHUDS\
7UDQVPLVLyQSVtTXLFDJHQHUDFLRQDOGHODIDPLOLDHQODVHQIHUPHGDGHVVRPiWLFDV
5HVXPHQ
(VWHHVWXGLRSUHVHQWDXQDGLVFXVLyQVREUHHOSURFHVRGHODWUDQVPLVLyQSVtTXLFDHQODIDPLOLD\VXSRVLEOH
LQIOXHQFLDHQODVHQIHUPHGDGHVVRPiWLFDV6XREMHWLYRHVHQWHQGHUODWUDQVPLVLyQGHXQOHJDGRTXHQR
HVWiQUHSUHVHQWDGRVHQWUHODVJHQHUDFLRQHV/DHQIHUPHGDGVHHQWLHQGHFRPRHOVXIULPLHQWRPHQWDO
IDPLOLDOGHELGRDOFRQWHQLGRGHODVUHODFLRQHVQRGHVDUUROODGRV\EORTXHDGRV/DHQIHUPLGDGVHFRQFLEH
FRPRXQUHVXOWDGRGHODQHJOLFHQFLD\IUDJLOLGDGGHJHQHUDFLRQHQJHQHUDFLyQTXHUHYRTXHODLQYHUVLyQ
DIHFWLYD3RURWURODGRODFRQGLFLyQGHXQHQIHUPRSXHGHOOHYDUDORVPLHPEURVDGHVDUUROODUORV
FRQIOLFWRV\DFRQWDUVXSURSLDKLVWyULD(OHQIRTXHSVLFRDQDOtWLFRGHODWHUDSHXWLFDIDPLOLDUIDFLOLWDOD
FRPSUHQVLyQGHFRQWHQLGRUHSULPLGRSUHVHQWHHQORVPLWRVVHFUHWRV\FHQVXUDGHODIDPtOLD/DFOLQLFDGH
ODIDPtOLDIDFLOLWDODUHDQXGDFLyQODUHGHILQLFLyQ\ORIRUWDOHFLPLHQWRGHORVSURFHVRVPHQWDOHVFRQHOILQ
GHSURPRYHUODVDOXGHPRFLRQDOGHOJUXSR
.H\ZRUGV7UDQVPLVLyQSVtTXLFD(QIHUPHGDGHVVRPiWLFDV+LVWRULDIDPLOLDU3VLFRWHUDSLDSVLFRDQDOLWLFD
GHODIDPtOLD
2SURFHVVRGHDGRHFLPHQWRWHPVLGRXPGHVDILRSDUDDTXHOHVTXHSURFXUDPFRPSUHHQGHUDVRULJHQVGH
GLYHUVRVWLSRVGHGRHQoDV2DGRHFHUID]SDUWHGDQDWXUH]DKXPDQDHRVHXSURFHVVRDSUHVHQWDIDWRUHV
WDQWRGHWHUPLQDQWHVFRPRFRQGLFLRQDQWHVTXHVHHQWUHODoDP2VIDWRUHVJHQpWLFRVELROyJLFRVH
ILVLROyJLFRVWDQWRTXDQWRRVDPELHQWDLVHSVLFROyJLFRVID]HPSDUWHGHVVHFRPSOH[RSURFHVVR(VWH
HVWXGRHQIDWL]DRSURFHVVRGHDGRHFLPHQWRVRPiWLFRUHVVDOWDQGRRWUDEDOKRGHWUDQVPLVVmRSVtTXLFD
JHUDFLRQDOQDIDPtOLDFRPRIDWRULQIOXHQWHHFRPSOHPHQWDUGDGLQkPLFDLQWUDSVtTXLFDGRVXMHLWR
$RORQJRGDKLVWyULDGRKRPHPREVHUYDVHTXHDGRHFHUHVWHYHVHPSUHDVVRFLDGRjVVLWXDo}HV
GRORURVDVDRVVHQWLPHQWRVGHSXQLomRHGHPDXVSUHVViJLRVDOpPGHDSRQWDUSDUDXPIXWXURLQFHUWR
1RVVpFXORV;9,,,;,;HQRLQtFLRGRVpFXOR;;GRHQoDVFRPRRFkQFHUHDWXEHUFXORVHSRUH[HPSOR
IRUDPFRQVLGHUDGDVPDOGLo}HVHHTXLYDOHQWHVGHPRUWHDWpRPRPHQWRHPTXHRVFLHQWLVWDVSDVVDUDPD
FRQKHFHUDHWLRORJLDGDVPHVPDV$UHSUHVHQWDomRGDVGRHQoDVHUDPDUFDGDSHORKRUURUHSHORWDEXGR
FDVWLJRGLYLQRHPFRQVHTrQFLDGRWRWDOGHVFRQKHFLPHQWRGRKRPHPVREUHDRULJHPRWUDWDPHQWRHDV
SRVVLELOLGDGHVGHFXUD1RVFDVRVGHGRHQoDVFDUGtDFDVSRUH[HPSORDVPHWiIRUDVHUDPXWLOL]DGDVSDUD
VLJQLILFDUDTXLORTXHHUDGDRUGHPGRPDXSUHVViJLRGRDERPLQiYHOHGRUHSXJQDQWH0XLWRSLRUTXHD
GRHQoDHPVLHUDRHIHLWRTXHDVIDQWDVLDVHRVPLWRVFULDGRVSURYRFDYDPQRVGRHQWHVQDVIDPtOLDVH
QDFRPXQLGDGHSRLVDWUDYpVGRVVpFXORVDWUDQVPLVVmRGHVVDVKLVWyULDVDFHUFDGDVGRHQoDVSHUPLWLXD
VXVWHQWDomRGRWDEXHGRPLWRHPUHODomRDRVWLSRVGHUHSUHVHQWDomRGRVVXMHLWRVVREUHDVVXDV
GRHQoDV6RQWDJ1HVVHFHQiULRKLVWyULFRFXOWXUDODVXSUHPDFLDRUJDQLFLVWDJDQKRXIRUoDSRLV
SDVVRXDGHVYHQGDUFLHQWLILFDPHQWHDRULJHPGDGRHQoD$VHYLGrQFLDVFRQFUHWDVGRFRUSRELROyJLFR
SDVVDUDPDHVWUXWXUDURSHQVDPHQWRVREUHRDGRHFHUHRVHVWXGRVGDJHQpWLFDHVSHFLDOPHQWHYrP
SURSRUFLRQDQGRPDLRUFRQKHFLPHQWRVREUHDVSUHGLVSRVLo}HVGRVXMHLWRSDUDGHWHUPLQDGRVWLSRVGH
GRHQoDHVREUHRFRQWUROHGRGHVHQYROYLPHQWRGRVPHVPRV
3RURXWURODGRQRHQWDQWRREVHUYDVHTXHDRORQJRGDKLVWyULDGDVFRQFHSo}HVVREUHDGRHFLPHQWR
&HUFKLDUL6FOLDURVDVSHFWRVSVLFROyJLFRVVmRSHUFHELGRVFRPRVHFXQGiULRVQRHVWXGRGD
HWLRORJLDGDVGRHQoDV$FRQFHSomRSVLFRJHQpWLFDIRUDVXEVWLWXtGDSRUQRYRVSDUDGLJPDVVHPTXH
DWHQWDVVHPSDUDSDUWLFXODULGDGHVGRDGRHFHUQXPDSHUVSHFWLYDLQWHJUDWLYDGRVDVSHFWRVDPELHQWDLV

ItVLFRVFXOWXUDLVHSVLFROyJLFRV$WXDOPHQWHH[LVWHPWHRULDVH[FOXGHQWHVGHXPSHQVDPHQWRLQWHJUDWLYR
GHVD~GHGLFRWRPL]DQGRRVROKDUHVVREUHDVRPDWL]DomR(QWUHWDQWRDOJXQVDXWRUHV)LOJXHLUDV/LVERD
0DFHGR3DLYD%HQILFD 9DVTXHV/LVERD0DUW\0HOOR)LOKR %XUG
REVHUYDUDPTXHQHPVHPSUHRVVXMHLWRVDGRHFHPVRPHQWHHPFRQVHTXrQFLDGHXPD
SUHGLVSRVLomRJHQpWLFD(OHVDOHUWDPSDUDXPDFRPELQDomRWDPEpPGHIDWRUHVSVtTXLFRVGH
SUHGLVSRVLomRUHJLGRVSRUXPIXQFLRQDPHQWRLQWUDSVtTXLFRHQWUHODoDGRSRUXPDKLVWyULDIDPLOLDUH
FXOWXUDO$OJXQVFDVRVFOtQLFRVHVWXGDGRVSRUWHyULFRVFRPR%HWWV-DVPLP/r0DUW\+HU]EHUJ
/LVERDH)pUHV&DUQHLURH/RVVUHYHODPHYLGrQFLDVGHXPDOLJDomRHQWUHIDWRUHV
SVLFROyJLFRVGRVXMHLWRFRPDSVLFRGLQkPLFDIDPLOLDUQRVHQWLGRGHTXHRVXMHLWRWDPEpPVHFRQVWLWXLQD
VD~GHHQDGRHQoDUHIOHWLQGRDSURGXomRLQWHUVXEMHWLYDGRJUXSR
&RPEDVHHPHVWXGRVGHIDPtOLDVGHPXOKHUHVFRPFkQFHUGHPDPD)LOJXHLUDVHWDOUHVVDOWDP

TXHRDGRHFLPHQWRGRSRQWRGHYLVWDSVtTXLFRSRVVXLXPDGLPHQVmRSVtTXLFDKHUHGLWiULDPHVPRTXH
QmRKDMDSUHGLVSRVLomRJHQpWLFDQRJUXSR2GHVHQYROYLPHQWRGHGRHQoDVpIDYRUHFLGRTXDQGRVH
FRQVLGHUDDOpPGDKHUDQoDSVtTXLFDDH[LVWrQFLDGHFHUWDVSDUWLFXODULGDGHVGDSVLFRGLQkPLFDIDPLOLDU
TXHFRPSURPHWHPDFRQGLomRGHVD~GHGRVPHPEURV,VWRQRVOHYDDSHQVDUTXHFHUWDVFRQGLo}HV
SVtTXLFDVGDIDPtOLDSRGHPVHUFDUDFWHUL]DGDVFRPRIDWRUHVGHULVFRSDUDRDGRHFLPHQWRVRPiWLFRHTXH
GHDFRUGRFRPRSRWHQFLDOSVtTXLFRGHWRGRVFDEHWDQWRDRVXMHLWRTXDQWRjVXDIDPtOLDWHQWDU
UHFRQKHFHUHWUDQVIRUPDUWDLVIDWRUHVGXUDQWHRWUDEDOKRFOtQLFRGHDVVRFLDomRHGHDQiOLVHQDWHUDSLDGH
IDPtOLD
(QWUHRVGLYHUVRVHFRPSOH[RVIDWRUHVSVtTXLFRVTXHSRGHPFRQWULEXLUSDUDRSURFHVVRGHDGRHFLPHQWR
UHVVDOWDVHRWUDEDOKRGDWUDQVPLVVmRSVtTXLFDFRPRXPFDPLQKRSRVVtYHOSDUDDSUHGLVSRVLomRHSDUDR
GHVHQYROYLPHQWRGHGRHQoDVQRJUXSRIDPLOLDU(VWHHVWXGRDSRQWDDIDPtOLDFRPRXPOXJDUSRVVtYHOGH
DGRHFLPHQWRTXDQGRKiYXOQHUDELOLGDGHHPVXDGLQkPLFDLQWHUVXEMHWLYDSDUDDEVRUYHUHOHPHQWRVGD
KLVWyULDJHUDFLRQDOTXHFRORFDPDVD~GHGRJUXSRH[SRVWDDXPFRQWtQXRHSURJUHVVLYRGHVLQYHVWLPHQWR
OLELGLQDOHUHSUHVHQWDFLRQDO&RQVLGHUDVHTXHRDGRHFLPHQWRSRGHVHUIUXWRGHXPDOLJDomRLQFRQVFLHQWH
FRPXPWUDoRSDUHQWDORXDQFHVWUDODGRHFLGRRXGHVYLWDOL]DGROLELGLQDOPHQWHHVWDQGRRXQmRRVXMHLWR
VREDLQIOXrQFLDGDVSUHGLVSRVLo}HVELROyJLFDVHJHQpWLFDV1HVVDGLUHomRSRUWDQWRRREMHWLYRpGLVFXWLU
RFRQFHLWRGHWUDQVPLVVmRSVtTXLFDQDIDPtOLDHVXDVSRVVtYHLVLQIOXrQFLDVQRSURFHVVRGHDGRHFLPHQWR
GHXPRXPDLVPHPEURVGRJUXSR$VVLPFHUWDVSDUWLFXODULGDGHVGRIXQFLRQDPHQWRSVtTXLFRGRJUXSR
FRPRDSURGXomRIDQWDVPiWLFDDLGHQWLILFDomRHDUHSUHVHQWDomRDFRPSDQKDGDVGDPRYLPHQWDomR
DIHWLYDSRGHPIDFLOLWDUDFLUFXODomRGHXPDKHUDQoDSVtTXLFDFRPSURPHWLGDFRPFRQWH~GRVQmR
HODERUDGRVFXMRGHVWLQRQmRVyVHDSUHVHQWDHPGLVVRFLDo}HVSVtTXLFDVFRPRVHPDWHULDOL]DHP
VRPDWL]Do}HV
'RSRQWRGHYLVWDSVtTXLFRFRQVLGHUDVHDIDPtOLDFRPROXJDUGHUHSUHVHQWDo}HVHVWUXWXUDQWHVTXHGmR
FRQWLQXLGDGHjFXOWXUDHTXHSRVVXLXPYtQFXORLQWHUVXEMHWLYRSUySULR$OpPGLVVRHVWHHVSDoRpREHUoR
GDFRQVWLWXLomRGDVXEMHWLYLGDGHHpROXJDURQGHRVFRQWH~GRVSVtTXLFRVTXHDWUDYHVVDPDVJHUDo}HV
FLUFXODPVRIUHQGRRXQmRWUDQVIRUPDo}HVDRORQJRGHQRYRVDUUDQMRVIDPLOLDUHV&RPSUHHQGHVHTXHRV
FRQWH~GRVGHXPDKHUDQoDSRGHPFRQWHUIDWRVUHDLVWUDQVIRUPDGRVHPWUDoRVPQrPLFRVRXHP
UHSUHVHQWDo}HVFRPSDUWLOKDGDVQRHVSDoRSVtTXLFRIDPLOLDU'HRXWURPRGRRVWUDoRVWDPEpPSRGHP
VHUFRPSUHHQGLGRVFRPRIDWRVLPDJLQDGRVTXHGRSRQWRGHYLVWDLQWHUVXEMHWLYRGL]HPUHVSHLWRj
PDQHLUDSHODTXDOVHGiDUHODomRGRVXMHLWRDSDUWLUGDVGLIHUHQWHVIRUPDVGHVLJQLILFDomRFRPD
LPDJHPGRRXWUR(VVHHVSDoRLQWHUVXEMHWLYRIDPLOLDUFRPSUHHQGHRDPELHQWHHPFRPXPGHGRLVRX
PDLVHVSDoRVLQWUDSVtTXLFRVSRVVXLXPDOyJLFDSUySULDUHJLGDSHORWUDEDOKRSVtTXLFRFRQVWDQWHGH
OLJDomRHGHWUDQVIRUPDomRFXMDVUHSUHVHQWDo}HVHIDQWDVLDVSRVVDPFLUFXODUSDUDDFRPSRVLomRGD
UHODomRLGHQWLGDGHDOWHULGDGHQDFRQGLomRGHVD~GH$LQWHUVXEMHWLYLGDGHVHULDRRXWURRXPDLVGHXP
RXWURLQWHJUDQWHGDIDQWDVLDGRVXMHLWR$IXQomRGDIDPtOLDSRUWDQWRpJHUHQFLDUHVVHWUDEDOKRSVtTXLFR
WUDQVIRUPDQGRRHVSDoRLQWHUVXEMHWLYReSRUHVVDYLDTXHSRGHPRVSHQVDUWDPEpPQDFRQGLomRGH
VD~GHGDIDPtOLDDVVRFLDQGRDFRPRPDWHULDOUHSUHVHQWDGRHODERUDGRHLGHQWLILFDGRDRORQJRGHXPD
KLVWyULD(LJXHU&DUHO$QGUp)XVWLHU$XEHUWHO&LFFLRQ .DsV.DsV5XL]&RUUHD
$OpPGDVFRQVLGHUDo}HVDFLPDHVFODUHFHPRVDOJXQVSUHVVXSRVWRVWHyULFRVGDSVLFRVVRPiWLFD
SVLFDQDOtWLFDFRPRLPSRUWDQWHiUHDGHHVWXGRVSDUDDFRPSUHHQVmRGRIXQFLRQDPHQWRPHQWDOGH
VXMHLWRVVRPDWL]DQWHVMXQWDPHQWHFRPRFRQFHLWRGHWUDQVPLVVmRSVtTXLFDQRFRQWH[WRIDPLOLDU
'HVWDFDPRVDHVFRODSVLFRVVRPiWLFDGH3DULVSRUDSUHVHQWDUIXQGDPHQWRVYROWDGRVDXPDGLQkPLFD
LQWUDSVtTXLFDGRDGRHFHUTXHQRVVHUYHPGHUHIHUrQFLDVSDUDDFRPSUHHQVmRGHVVDGLQkPLFDQRHVSDoR
LQWHUVXEMHWLYR'HQWUHDVGLYHUVDVFRQVLGHUDo}HVDFHUFDGDFRQFHSomRGHVRPDWL]DomRVLQDOL]DVHD
UHODomRGRSURFHVVRGHDGRHFLPHQWRFRPXPJUDGDWLYRGHVLQYHVWLPHQWROLELGLQDOHFRPDOJXPDV
DWLYLGDGHVSVtTXLFDVFRPRDVUHSUHVHQWDo}HVLGHQWLILFDGDVFRPWUDoRVGHRXWURVVXMHLWRVGDKLVWyULD
IDPLOLDUFDUHQWHVGHUHFXUVRVIDQWDVtVWLFRV

$OJXQVSUHVVXSRVWRVWHyULFRVGDSVLFRVVRPiWLFDSVLFDQDOtWLFDSDUDDFRPSUHHQVmRGR
SURFHVVRGHDGRHFLPHQWRGRVXMHLWR
(PHVWXGRVUHFHQWHV&RHOKR ÈYLOD0HOKR)LOKR %XUG9ROLFK )HUUD]R

SURFHVVRGHVRPDWL]DomRWHPVLGRFRQVLGHUDGRXPDVVXQWRFRQWURYHUVRSRUVHWUDWDUGHXPD
FRQFHLWXDomRQmRPXLWRFODUDHSRUDSUHVHQWDUIXQGDPHQWDo}HVHPEDVDGDVQDSVLFDQiOLVHQDFXOWXUDH
QDPHGLFLQDGHPDQHLUDGLFRW{PLFDUHIRUoDQGRDYHOKDYLVmRGXDOPHQWHFRUSR%HWWVH/RVV
DILUPDPTXHGLIHUHQWHPHQWHGDFRQYHUVmRKLVWpULFDGDPHODQFROLDHGRWUDQVWRUQR
VRPDWRIRUPHDVRPDWL]DomRQHPVHPSUHYHPDFRPSDQKDGDSRUWUDQVWRUQRVSVLTXLiWULFRVFRPR
DQVLHGDGHHGHSUHVVmR&RHOKRHÈYLODPRVWUDPTXHDUHODomRGDVVRPDWL]Do}HVFRPWUDQVWRUQRV
SVLTXLiWULFRVFRQVLGHUiYHLVSRGHUHGX]LUDSHUVSHFWLYDPXOWLIDWRULDOGRGHVHQYROYLPHQWRGHVVDFRQGLomR
DOpPGHFDPXIODUDVSDUWLFXODULGDGHVGRIXQFLRQDPHQWRELRSVLFRVVRFLDOGRVVXMHLWRVSDUDDOpPGHXP
HQTXDGUDPHQWRQRVRJUiILFR
$FUHVFHQWDVHjVFRQFHSo}HVVREUHVRPDWL]DomRDTXHODTXHDFRPSUHHQGHFRPRXPSURFHVVRHPTXH
KiRXQmROHVmRQRFRUSRQRTXDORIXQFLRQDPHQWRPHQWDOGRVXMHLWRHVWiDFRSODGRDXPDUHGH
LQWHUVXEMHWLYDIDPLOLDUTXHSRUVXDYH]SHUWHQFHDXPFRQWH[WRVyFLRFXOWXUDOPDLVDPSOR$ILPGHTXH
VHSRVVDHQWHQGHURSURFHVVRGHVRPDWL]DomRQRVXMHLWRSULPHLUDPHQWHpSUHFLVRFRQKHFHUHVVH
SURFHVVRVRERSRQWRGHYLVWDWDPEpPLQWHUSVtTXLFRTXHHVWiLQVHULGRHPXPFRQWH[WRLQWHUVXEMHWLYR
FRPSOH[RLQWHUOLJDGRHFRGHSHQGHQWHGHRXWURVFDPSRVUHODFLRQDLV
/LSRZVNLFLWDDVRPDWL]DomRFRPRXPDWHQGrQFLDGHRVXMHLWRH[SUHVVDUVXDVDQJ~VWLDV2DXWRU

GHOLQHLDXPSDQRUDPDVREUHDKLVWyULDGDFRQFHSomRGDVRPDWL]DomRHPTXHDHWLRORJLDGDKLVWHULDHGD
KLSRFRQGULDVHUYLULDGHEDVHSDUDTXHDVSULPHLUDVUHIHUrQFLDVIRVVHPFRQVWUXtGDVDUHVSHLWRGRSURFHVVR
GHDGRHFLPHQWR9DORUL]DQGRRFRQWH[WRHSLVWHPROyJLFRGHFDGDHVWXGRDFRQFHSomRSULPHLUDPHQWHVH
YROWDYDSDUDXPDLGHLDGHGLVW~UELRGDPHQWHVREUHRFRUSRFRPRQRVFDVRVGHPHODQFROLDHGHKLVWHULD
UHODWDGRVSRU)UHXG>@>@>@3RUpPDIXQGDPHQWDomRSVLFDQDOtWLFD
DSUHVHQWDGDSHORPHVPRDXWRUVHUHVWULQJHDYLVXDOL]DUDVRPDWL]DomRFRPRXPDGHIHVDLQFRQVFLHQWHH
XPµGpILFLW¶SVtTXLFRFRQWUDXPDDPHDoDH[WHUQDVHPDWHQWDUSDUDDH[LVWrQFLDGHXPDFRPELQDomR
SUySULDGHYiULRVIDWRUHVLQWUDSVtTXLFRVHPXPFRQWH[WRLQWHUVXEMHWLYRHFXOWXUDOHPMRJRQRSURFHVVR
TXHQmRREHGHFHPQHFHVVDULDPHQWHDHVVDGHIHVDHGpILFLW1DWHQWDWLYDGHIXQGDPHQWDUDV
VRPDWL]Do}HVFRPRGRHQoDVUHODFLRQDGDVjVPDQLIHVWDo}HVIXQFLRQDLVHVSHFtILFDVRXDFHUWRVWLSRVGH
SHUILVGHSHUVRQDOLGDGHRXWURVHVWXGRV$OH[DQGHU0HOKR)LOKR %XUGUHIRUoDUDPD
GXDOLGDGHRUJkQLFRSVtTXLFRGRDGRHFLPHQWRJHUDQGRLPSDVVHGLDQWHGRVGLYHUVRVODoRVTXHID]HPGR
KRPHPXPVHUSVLFRVVRFLRVVRPiWLFR/LVERD
3DUD)HUUD]H9ROLFKDSDUWLUGHSHVTXLVDVUHDOL]DGDVSHOD(VFRODGH3VLFRVVRPiWLFDGH3DULV

IXQGDGDSRU3LHUUH0DUW\DLQWHJUDomRGDFRQFHSomRFDUWHVLDQDGHPHQWHFRUSRWURX[HXPDSHUVSHFWLYD
PDLVDPSODVREUHRIHQ{PHQRXPDYH]TXHRDGRHFLPHQWRVHULDXPSURFHVVRFRQWtQXRHYROXWLYRH
IXQFLRQDOHQWUHRRUJkQLFRHRSVtTXLFR'HVVDIRUPDDSDUWLUGHXPDSHUVSHFWLYDSVtTXLFDXPDDIHFomR
VRPiWLFDJUDYHFRPRRFkQFHUSRUH[HPSORFRPSUHHQGHULDXPDGHVRUJDQL]DomRSURJUHVVLYDH
HYROXWLYDIDYRUHFHQGRXPGHVLQYHVWLPHQWROLELGLQDOJUDGDWLYRGRVXMHLWRHPUHODomRDVLPHVPRHDR
RXWURDRORQJRGHVXDKLVWyULD%HWWV0DUW\'HRXWUDPDQHLUDRXWUDV
GRHQoDVJUDYHVRXDHYROXomRGHXPDGRHQoDGHFULVHRXFU{QLFDUHSUHVHQWDULDXPDIURX[DPHQWR
SVtTXLFRHOLELGLQDOSURYHQLHQWHGHXPLPSDFWRPXLWRLQWHQVRHUHSHQWLQRVRIULGRSHORVXMHLWR
(PPHLRjVFRQWULEXLo}HVVREUHVRPDWL]DomRRXDGRHFLPHQWRGRFRUSRDVFRQFHSo}HVGH0DUW\
0F'RXJDOOH0F'RXJDOO*DFKHOLQ$XODJQLHU0DUW\/RULRGH&DwQUHYHODP
TXHRFRUSRGRHQWHQmRSRVVXLXPVHQWLGRHpFRQVHTXrQFLDGHXPIXQFLRQDPHQWRDWtSLFRGRDSDUHOKR
SVtTXLFRFRPDSDJDPHQWRGDVGHIHVDVPHQWDLVHXPDQHXWUDOL]DomRGRWUDEDOKRGRSUpFRQVFLHQWHHP
GHWHUPLQDGRVSHUtRGRVGDKLVWyULDGRVXMHLWR'HDFRUGRFRPRSULPHLURDXWRUTXDQGRRVXMHLWRDGRHFH
GHIRUPDJUDYHRXFU{QLFDKiPDLRUH[SUHVVmRGRDSDJDPHQWRGRDIHWRGDVUHSUHVHQWDo}HVSRLVD
SDODYUDpUHGX]LGDDUHSUHVHQWDo}HVGH³FRLVDV´2VRXWURVDXWRUHVDLQGDDFUHVFHQWDPTXHD
GHVDIHWDomRRXVHMDRHVYD]LDPHQWRDIHWLYRGRVXMHLWRRH[S}HDXPDYXOQHUDELOLGDGHSVtTXLFDRQGHRV
UHFXUVRVLQWHUQRVGHGHIHVDSDVVDPDVHULQVXILFLHQWHV1HVVHVHQWLGRQRHVWDGRGDGRHQoDSHUFHEHPRV
TXHWRGDVDVDWLYLGDGHVSVtTXLFDVVHGHVRUJDQL]DPQXPPRYLPHQWRGHGHVFRQVWUXomRGRIXQFLRQDPHQWR
HGRIOX[RPHQWDO$VVLPDSDUWLUGHVVHVSUHVVXSRVWRVSRGHPRVSHQVDUTXHKiSURFHVVRVSVtTXLFRV
DQWHULRUHVDRDGRHFLPHQWRTXHSRGHPSUHGLVSRURVXMHLWRDRDGRHFLPHQWR'HVVHPRGRTXHUHPRV
GL]HUTXHKiDWLYLGDGHVSVtTXLFDVTXHFRPELQDGDVFRPXPIOX[ROLELGLQDOLQVWiYHOSRGHPFRPSUHHQGHU
IDWRUHVGHSUHGLVSRVLomRDRDGRHFLPHQWRGHVGHTXHHVWHMDPDFRSODGRVWDPEpPDXPD
LQWHUVXEMHWLYLGDGHIDPLOLDUTXHGLILFXOWHRWUDEDOKRLQWUDSVtTXLFRHLQWHUSVtTXLFR&DGDYH]PDLVDV
SDUWLFXODULGDGHVGRDGRHFHULQGLFDWLYDVGHGLIHUHQWHVFRPELQDo}HVHQWUHRHVSDoRRUJkQLFR
LQWUDSVtTXLFRLQWHUVXEMHWLYRHFXOWXUDOSUHVHQWLILFDPVHQDIRUPDGHVXUSUHHQGHQWHVHHVWUDQKRV
DFRPHWLPHQWRVVRPiWLFRV

'HDFRUGRFRPXPDSHUVSHFWLYDLQWHJUDWLYD0DUW\DSRQWDTXHXPDPDQHLUDGH

SHQVDURHPSREUHFLPHQWRGDVUHSUHVHQWDo}HVHVWiQRIDWRGHRSUpFRQVFLHQWHGRVXMHLWRDWXDUHPXPD
UHDOLGDGHIL[DGDHPXPDIDVHVHQVyULRSHUFHSWLYDYLYHQFLDGDQDVSULPHLUDVUHODo}HVPmHEHEr$V
LQVXILFLrQFLDVGRSUpFRQVFLHQWHFRPRIXQomRGHHODERUDomRGDVUHSUHVHQWDo}HVGHFRLVDVHPSDODYUDV
WrPRULJHPQDGHILFLrQFLDIXQFLRQDOGDPmHRXGRFXLGDGRUFRPRSRUH[HPSORDVVHQVRULDLVHDV
PRWRUDVHHPXPDGHVDUPRQLDHQWUHDVUHVSRVWDVDIHWLYDVjVQHFHVVLGDGHVGREHEr$RORQJRGDYLGD
RVVXMHLWRVHVWmRSUHGLVSRVWRVDVLWXDo}HVGHWHQVmRSVtTXLFDTXHSUHFLVDPVHUGHVFDUUHJDGDVRX
HVFRDGDVSRUHODERUDomRPHQWDORXDWUDYpVGHFRPSRUWDPHQWRVPRWRUHV4XDQGRDVH[FLWDo}HVRX
WHQV}HVQmRSRGHPVHUFRQWLGDVHHODERUDGDVSHORVXMHLWRVXS}HVHTXHHVWDVVHDFXPXODPHSRGHP
DWLQJLUGHIRUPDSDWROyJLFDRFRUSRSURYRFDQGRGHVGHXPDVLPSOHVGRUGHFDEHoDDXPDIRUPDomRGH
FkQFHU3RVWXODVHTXHDGLIHUHQoDH[LVWHQWHHQWUHRVWLSRVGHVRPDWL]DomRHVWiQRWHPSRGHH[SRVLomR
GRVXMHLWRjVWHQV}HVSVtTXLFDVHQDFRQWUDSDUWLGDOLELGLQDOHSVtTXLFDGHTXHRPHVPRGLVS}HHXWLOL]D
SDUDFDQDOL]DUHWUDQVIRUPDUDVH[FLWDo}HVPHVPRVREDLQIOXrQFLDGDSUHGLVSRVLomRJHQpWLFDHGD
FRQGLomRILVLROyJLFDSVLFROyJLFDHDPELHQWDO3DUWHGHVWHSURFHVVRSRUWDQWRQmRVyVHFRQVWLWXLQDV
SULPHLUDVUHODo}HVPmHEHErFRPRVHHVWUXWXUDDRORQJRGDYLGDDWUDYpVGDVUHSUHVHQWDo}HVIRUPDGDV
FRPEDVHQDVUHODo}HVLQWHUVXEMHWLYDV
'RSRQWRGHYLVWDLQWUDSVtTXLFRDH[LVWrQFLDGHXPFRQWH~GRQmRHODERUDGRSHODPmHWUDQVPLWLGRQD
UHODomRFRPREHErIDYRUHFHRHPSREUHFLPHQWRGDVUHSUHVHQWDo}HVGHOHjPHGLGDTXHDVSDODYUDVGD
PmHVmRUHGX]LGDVDJHVWRVVHPDIHWR2EHErVHQWHDILJXUDPDWHUQDGHVSURYLGDGHDIHWRVHPTXH
KDMDSRVVLELOLGDGHVGHDUWLFXODo}HVSDUDDFRQVWUXomRGRVLPEyOLFR$VVLPHVWDUHODomRSULPiULD
HPSREUHFLGDFRORFDHPMRJRDFDSDFLGDGHGRVXMHLWRGHXWLOL]DURVUHFXUVRVDIHWLYRVHPHWDIyULFRVQD
FRQVWUXomRGRVHQWLGRHPVHXGHVHQYROYLPHQWR$LQIOXrQFLDGHXPDKHUDQoDGDPmHRXGDTXHOH
UHVSRQViYHOSHORVFXLGDGRVFRPREHErSRGHFRPSURPHWHUDIRUPDomRGRSUpFRQVFLHQWHGRVXMHLWR
SUHMXGLFDQGRDRUJDQL]DomRGRHVSDoRVLPEyOLFRDHYRFDomRHDUHDOL]DomRGHDVVRFLDo}HVOLYUHV0DUW\
0F'RXJDOO1HVVDGLUHomRDIDPtOLDHRVXMHLWRDSUHVHQWDPXPDFRQIXVmRHQWUHRSHQVDUH
RGL]HUHRID]HUHQWUHDDomRHDUHSUHVHQWDomRSRLVRVUHFXUVRVLQWHUPHGLiULRVGRSUpFRQVFLHQWH
DVVLPFRPRDVGHIHVDVSVtTXLFDVHVWmRHQIUDTXHFLGRVHVmRUHIOH[RGDUHODomRFRQVWLWXtGDVREUHEDVHV
VLPEyOLFDVHDIHWLYDVIUiJHLV2HQIUDTXHFLPHQWRGRHVSDoRLQWHUVXEMHWLYRIDPLOLDUSHUPLWHTXHRSHQVDU
VHQHXWUDOL]HHTXHRVXMHLWRSDVVHDUHVSRQGHUPDLVFRPDo}HVDXWRPiWLFDV
(PERUDRVFRQFHLWRVGH0DUW\DSRQWHPDOJXQVHVWDGRVHDWLYLGDGHVSVtTXLFDVTXHFRODERUDP

SDUDRDGRHFLPHQWRGRVXMHLWRDOJXQVGHOHVSRGHPVHUREVHUYDGRVQRXQLYHUVRLQWHUVXEMHWLYRIDPLOLDU
WDLVFRPRDGHVRUJDQL]DomRSURJUHVVLYDTXHFRPSUHHQGHXPFRQMXQWRGHFRQGLo}HVFXPXODWLYDVGH
VLWXDo}HVGHULVFREFDSDFLGDGHGHPHQWDOL]DomRRXPHOKRUGHUHSUHVHQWDomRDUWLFXODGDFRPD
FDSDFLGDGHGHUHDOL]DomRGHHODERUDo}HVSVtTXLFDVHFWUDEDOKRGRVRQKRHGDVIDQWDVLDVFRPSDUWLOKDGDV
FRPRDWLYLGDGHVSVtTXLFDVTXHGHYHPSHUPLWLUPHOKRUUHSUHVHQWDomRGHXPPDWHULDOUHFDOFDGRRX
UHSULPLGRSHORJUXSR
2FRQFHLWRGHPHQWDOL]DomRGH0DUW\IRLHODERUDGRDSDUWLUGDWHRULDGDSULPHLUDWySLFDGH)UHXG
TXHVLWXDRSUpFRQVFLHQWHFRPRVHQGRROXJDURQGHVHPDQLIHVWDPDVUHSUHVHQWDo}HVGHFRLVDVRQGH
VmRHYRFDGDVOHPEUDQoDVGHUHDOLGDGHVYLYLGDVGHRUGHPVHQVyULRSHUFHSWLYDHRQGHDVUHSUHVHQWDo}HV
GHSDODYUDVVmRRULXQGDVGDTXDOLGDGHGDFRPXQLFDomRGREHErFRPDPmHRXFXLGDGRU6HJXQGR0DUW\
GRSRQWRGHYLVWDLQWUDSVtTXLFRRDSDUHOKRVRPiWLFRFRPSUHHQGHXPFDPSRDFRSODGRDR
IXQFLRQDPHQWRILVLROyJLFRSRURQGHFLUFXODWRGRRIOX[RSXOVLRQDOGDSVLTXHKXPDQDTXHHVWiSUHVHQWH
QDVUHODo}HVLQWHUVXEMHWLYDVFRPRRXWUR1DSVLTXHHQFRQWUDPRVQmRVyXPUHVHUYDWyULRGHHQHUJLD
OLELGLQDOPDVRSHUDGRUHVSVtTXLFRVTXHGLQDPL]DPHVVDHQHUJLDGDQGRGHVWLQRDRDF~PXORGDV
H[FLWDo}HVQRSUySULRFRUSRHQDVUHODo}HV'RSRQWRGHYLVWDIDPLOLDUSRGHPRVSHQVDUTXHRDGRHFHU
SRVVXLSDUWHGHVXDRULJHPGHFRUUHQWHGHVVHDF~PXORGHH[FLWDo}HVTXHIRUDIRUWDOHFLGRSHORWUDEDOKRGH
WUDQVPLVVmRSVtTXLFDJHUDFLRQDORQGHFLUFXODPFRQWH~GRVFRQIOLWXRVRVQmRHODERUDGRVUHSUHVHQWDQWHV
GHXPDDPHDoDjTXDOLGDGHGDVUHODo}HV(LJXHUHWDO5XL]&RUUHD2SURFHVVRGH
DGRHFLPHQWRGRFRUSRpFRPSUHHQGLGRSRUWDQWRDSDUWLUGDWUDQVPLVVmRSVtTXLFDGHXPOHJDGRYHODGR
HQmRHODERUDGRTXHHQFRQWUDXPFRQMXQWRGHFRQGLo}HVSVtTXLFDVIDYRUiYHLVQDLQWHUVXEMHWLYLGDGH
IDPLOLDUSDUDRVHXGHVHQYROYLPHQWRHPDOJXQVVXMHLWRV$EUDKDQ 7RURN>@/LVERD
2XWUDTXHVWmRDFRQVLGHUDUpTXH'pMRXUVH0DUW\DSUHVHQWDPRDGRHFLPHQWRVRPiWLFR

FRPRXPSURFHVVRLQFRQVFLHQWHHSDUWHGHOHFRPRSUpFRQVFLHQWH$GLIHUHQoDHQWUHDVFRQFHSo}HV
GHVVHVDXWRUHVFRQWXGRHVWiQRSURFHVVRSVtTXLFRHPUHODomRDRHVWDGRGHDGRHFLPHQWR2SULPHLUR
FRQVLGHUDTXHDOJXPDVVRPDWL]Do}HVVREUHYrPIRUDGRVSURFHVVRVGHGHVRUJDQL]DomRSVtTXLFD
SURJUHVVLYDSRLVRVXMHLWRVRPDWL]DQWHUHRUJDQL]DHUHWRPDSHODGRHQoDDHYROXomRPHQWDODQWHV
LQWHUURPSLGDRXQHXWUDOL]DGDSRUXPFRQIOLWRSVtTXLFRRXWUDXPDLPSDFWDQWHGHGLItFLOHODERUDomR
WHQWDQGRDVVLPID]HUQRYDVOLJDo}HVSVtTXLFDV2VHJXQGRDXWRUDILUPDTXHSHODYLDGDGHVRUJDQL]DomR
SVtTXLFDSURJUHVVLYDRDSDUHOKRSVtTXLFRVHHQFRQWUDHPXPHVWDGRGHIL[DomRHUHJUHVVmRFRP
DXWRPDo}HVFRPSRUWDPHQWDLVGHGLItFLOHODERUDomR3DUD0DUW\HPFDVRVGHGRHQoDVPDLV
JUDYHVDGLILFXOGDGHGHUHSUHVHQWDomRpSUHFHGLGDSRUXPDGHSUHVVmRHVVHQFLDOXPHVWDGRSVtTXLFR
TXHDSUHVHQWDXPDEDL[DSURJUHVVLYDGRW{QXVYLWDO$GHSUHVVmRHVVHQFLDOpFRPSDUDGDDRHVWDGRGH
PRUWHQRVXMHLWRTXDQGRHQWmRDHQHUJLDYLWDOVHSHUGHVHPFRPSHQVDo}HVPHQWDLVHODERUDWLYDV2

PHVPRDXWRUGHPRQVWUDDLQGDTXHDGHVRUJDQL]DomRSVtTXLFDFRPSUHHQGHXPPRYLPHQWRSDWROyJLFR
GRVXMHLWRGLDQWHGDYLGDFXMDGHVWUXLomRGDRUJDQL]DomROLELGLQDOFXOPLQDHPIHULGDVQRFRUSRFKHJDQGR
DWpDPRUWHHPDOJXQVFDVRV,VVRTXHUGL]HUTXHXPVXMHLWRWDQWRSRGHDSUHVHQWDUXPDTXHL[DGLIXVD
VHPOHVmRRUJkQLFDFRPRGHVHQYROYHUXPDGRHQoDRUJkQLFDVHPVHDSUHVHQWDUFRPRGRHQWHPDVTXH
HPDPERVRVFDVRVKiXPDPRYLPHQWDomRHYROXWLYDGHH[SRVLomRDXPHVYD]LDPHQWRDIHWLYRH
UHODFLRQDO
1HVWHWUDEDOKRQRVHPEDVDPRVQDFRQFHSomRGH'pMRXUVFRQVLGHUDQGRTXHDVRPDWL]DomR

LPSOLFDXPDSRVVLELOLGDGHGHUHSUHVHQWDomRVLPEROL]DQWHGDTXLORDTXHHPXPGHWHUPLQDGRPRPHQWR
QmRIRUDGDGRVHQWLGRUHDWLYDQGRRSURFHVVRGHFULDomRGDVHODERUDo}HVPHQWDLVHUHWRPDQGRRV
VLJQLILFDGRVJHUDFLRQDLVGHXPFRUSRIUDJLOL]DGRSHODGRHQoD(PFDVRGHQRWtFLDVVREUHGRHQoDVR
PHVPRDXWRUUHVVDOWDTXHDIDOWDGHVLPEROL]DomRSRGHVHUREVHUYDGDQDVIDODVVLPSOLILFDGDVH
HPSREUHFLGDVGRVSDFLHQWHVFRPXPDXPHQWRH[FHVVLYRGHDJLWDomRHGHH[SUHVVmRSVLFRPRWRUDV$
LGHLDGHTXHRVSURFHVVRVLQWUDSVtTXLFRVDQWHFHGHQWHVDRDGRHFLPHQWRVRPiWLFRVmRIUDJLOL]DGRVPDLV
DLQGDSHORPDWHULDOWUDQVPLWLGRHQWUHDVJHUDo}HVUHYHODPFRQGLo}HVHPRGRVGHWUDQVPLVVmRSVtTXLFD
FXMDKHUDQoDDIHWDRVPHPEURVGDIDPtOLDGHPDQHLUDDUHIRUoDUDVQDUUDWLYDVGRVGLVFXUVRVDWXDLV
'H)UHXGD.DsVRFRQFHLWRHRWUDEDOKRGDWUDQVPLVVmRSVtTXLFDQDIDPtOLD
$WUDQVPLVVmRSVtTXLFDFRPSUHHQGHXPSURFHVVRHVWUXWXUDQWHVREUHDKHUDQoDJHQHDOyJLFDGHXPD
IDPtOLDHRFRUUHHPQtYHOLQFRQVFLHQWHQDPDLRUSDUWHGDVYH]HVWUDQVLWDQGRQRHVSDoRLQWUDSVtTXLFRH
LQWHUVXEMHWLYR1DV~OWLPDVWUrVGpFDGDVDVSHVTXLVDVHPUHODomRjWUDQVPLVVmRSVtTXLFDWrPVLGR
DSURIXQGDGDVHPDOJXQVSDtVHVHKRMHKiFRQVLGHUiYHLVSURGXo}HVFLHQWtILFDVDHVWHUHVSHLWR2IUDQFrV
5HQp.DsVpXPGRVSHVTXLVDGRUHVPDLVDWXDQWHVGHVVHFDPSRGHHVWXGRVQDDWXDOLGDGH'HDFRUGR
FRPHVVHWHyULFR.DsVDVREVHUYDo}HVFOtQLFDVGDWUDQVPLVVmRSVtTXLFDSDUWLUDPGRHVWXGRGDV
HVWUXWXUDVSVtTXLFDVGHEDVHHVXDVRUJDQL]Do}HVQRVSDFLHQWHVERUGHUOLQHQDUFtVLFRVHSVLFyWLFRV$
WUDQVPLVVmRKDYLDVLGRQRPHDGDSRU)UHXGSULPHLUDPHQWHFRPRKHUDQoDFRQWiJLRWUDQVIHUrQFLD
UHSHWLomRHLGHQWLILFDomRDRORQJRGHVXDREUD'HVGHHQWmRRVPDLRUHVUHSUHVHQWDQWHVTXHUHQRYDUDP
DSDUWLUGH)UHXGRFRQFHLWRGHWUDQVPLVVmRHSDVVDUDPDHQIDWL]DUDIDOKDQDPHVPDIRUDPRV
SHVTXLVDGRUHV1DWKDQ$EUDKDPH0DULD7RURN1DGpFDGDGHHVVHVDXWRUHVLQLFLDUDPHVWXGRV
VREUHOXWRLQFRUSRUDomRFULSWDHIDQWDVPDFRPRFRQGLo}HVHDWLYLGDGHVSVtTXLFDVPXLWRSUHVHQWHVQD
GLQkPLFDIDQWDVPiWLFDGRVXMHLWRHPFRQVHTrQFLDGROHJDGRUHFHELGRGDVJHUDo}HVDQWHULRUHV
$EUDKDQ 7RURN>@
2VLJQLILFDGRGDSDODYUDWUDQVPLVVmRDHWLRORJLDGHWUDQVPLWLUYHPGRODWLQWUDQVPLWWHUHTXHVLJQLILFD
³PDQGDUGHXPOXJDUSDUDRRXWURGHXPDSHVVRDSDUDRXWUD´³GHL[DUSDVVDUDOpP´³FRPXQLFDUSRU
FRQWiJLR´³SURSDJDU´)HUUHLUD2WUDEDOKRGHWUDQVPLVVmRpSDUWHGHXPDLPSRUWDQWH
HQJUHQDJHPH[LVWHQWHQRXQLYHUVRIDPLOLDURQGHDFDGHLDJHUDFLRQDOpPDQWLGDSRUXPDFRPELQDomR
HQWUHKLVWyULDHFLFORGHYLGDLQWUDIDPLOLDU
5XL]&RUUHDPRVWUDTXHRWUDEDOKRGHWUDQVPLVVmRSVtTXLFDDFRQWHFHQRXQLYHUVRIDPLOLDUSRU

UHSUHVHQWDUXPHVSDoRSULYLOHJLDGRSRURQGHFRQWH~GRVJHUDFLRQDLVVmRPDQLIHVWDGRVDWUDYpVGDV
UHSUHVHQWDo}HVFRQVWUXtGDVVREUHRVGLYHUVRVPRYLPHQWRVLQWHUQRVSHUSHWXDQGRRVODoRVGH
FRQWLJLGDGHTXHIXQGDPHQWDPDLGHQWLGDGHHDDOWHULGDGHGRVXMHLWR$IDPtOLDpOXJDUGH
WUDQVIRUPDo}HVHpQHVVDFRQGLomRTXHHODRULJLQDDVFRQILJXUDo}HVLQWUDHLQWHUSVtTXLFDV$DXWRUD
UHYHODTXHRSURFHVVRGHWUDQVPLVVmRpSUpFRQVFLHQWHWDPEpPQDIRUPDSDUWLFXODUGHFRQWDUKLVWyULDVH
GHH[SUHVVDURVDIHWRVTXHFLUFXQVFUHYHPDVUHODo}HVHVWDEHOHFLGDVHQWUHXPDSHVVRDHRXWUDRXHQWUH
XPDJHUDomRHRXWUD'HVVHPRGRSRGHPRVGL]HUTXHDWUDQVPLVVmRSVtTXLFDSRGHRSHUDUHPQtYHOSUp
FRQVFLHQWHGHVGHTXHDFDSDFLGDGHGRJUXSRGHHODERUDomRGRPDWHULDOKHUGDGRSRVVDHVSHOKDUDV
UHODo}HVDIHWLYDVFRQVWLWXLQWHVGDLQWHUVXEMHWLYLGDGHJUXSDO
3RURXWURODGRSDUD.DsVDWUDQVPLVVmRSVtTXLFDFRPSUHHQGHXPSURFHVVRJHUDOPHQWH

LQFRQVFLHQWHHRPRGRGHWUDEDOKRpIXQGDPHQWDOPHQWHQmRYHUEDOFRPEDVHQRPHFDQLVPRGD
UHSHWLomRTXHQmRVyHVWDULDQDRUGHPGDOLQJXDJHPQmRYHUEDOFRPRWDPEpPSHUWHQFHULDjRUGHPGD
SXOVmR2VGLVFXUVRVSDUHQWDOHVRFLDOVXVWHQWDPDWUDQVPLVVmRSVtTXLFDSHUPLWLQGRDHODERUDomRGHXP
OHJDGR2VREMHWRVLQWUDSVtTXLFRVGRVXMHLWRVmRFRQVWLWXtGRVSHORVYtQFXORVHVWDEHOHFLGRVDSDUWLUGDV
GLYHUVDVPRGDOLGDGHVLGHQWLILFDWyULDVHGDIDQWDVPiWLFDRUJDQL]DGRUDGDUHSUHVHQWDomRLQWHUQDQRJUXSR
DWUDYpVGDVJHUDo}HV.DsV(QWHQGHPRVTXHDLGHQWLILFDomRHDIXQomRGRSUpFRQVFLHQWH
FRUUHVSRQGHPUHVSHFWLYDPHQWHjOLJDomRFRPRSDVVDGRHDRJHUHQFLDPHQWRGDPRYLPHQWDomROLELGLQDO
LQWHUQDDWXDO'RSRQWRGHYLVWDLQWHUSVtTXLFRDWUDQVPLVVmRGRVREMHWRVDFRQWHFHQRVPRPHQWRV
VLJQLILFDWLYRVGDIDPtOLDFRPRFDVDPHQWRVQDVFLPHQWRVPRUWHVHRGHVHQYROYLPHQWRGDOLQJXDJHPGD
FULDQoD7RGDDPRYLPHQWDomRQmRYHUEDODUWLFXODVHFRPDOLQJXDJHPGRJUXSRDSDUWLUGHHOHPHQWRV
JHUDFLRQDLVTXHSRGHPFRQWHUPDWHULDOSHUWXUEDGRUHDVVLPLQIOXHQFLDUQDFRQILJXUDomRGDVUHODo}HV

HQWUHRVPHPEURVFRPRWDPEpPHPVXDVVXEMHWLYLGDGHV(VVDVVLWXDo}HVVmRREVHUYDGDVHPIDPtOLDV
TXHWrPH[WUHPDGLILFXOGDGHHPOLGDUFRPPXGDQoDVLQWHUQDVFRPRRQDVFLPHQWRGRSULPHLURILOKRD
HQWUDGDGRILOKRQDDGROHVFrQFLDHRXWUDV$VXEMHWLYLGDGHGHFDGDPHPEURQmRHVFDSDGDWUDPD
SVtTXLFDSURMHWDGDSHORVGLVFXUVRVSDUHQWDLVHDQFHVWUDLVTXDQGRHQWmRRPDWHULDOQmRVLJQLILFDGRSRGH
VHUWUDQVPLWLGR(PFHUWRVFRQWH[WRVIDPLOLDUHVVmRREVHUYDGRVYiULRVREMHWRVQmRHODERUDGRV
FRPSURPHWHQGRDVD~GHGRVVXMHLWRVDSDUWLUGHXPDLPSRVVLELOLGDGHGHH[SUHVVmRSUHMXGLFDQGRRV
DYDWDUHVGDKLVWyULDVLPEyOLFDGDIDPtOLD
&RPIRLGLWRDQWHULRUPHQWHRWHPDGDWUDQVPLVVmRQmRpDOJRQRYRHVHJXQGR.DsVSRGHVHU

LGHQWLILFDGRDWUDYpVGHTXDWURWHUPRVFRUUHVSRQGHQWHVDRORQJRGDREUDIUHXGLDQD$WUDQVIHUrQFLDD
KHUDQoDGRVSDLVVLPEyOLFDDKHUDQoDELROyJLFDHRVVHGLPHQWRVPQrPLFRVDSDUHFHPHPGLYHUVRV
DUWLJRVIUHXGLDQRVDSRQWDQGRUHODo}HVHQWUHRVSURFHVVRVLQWUDSVtTXLFRVHLQWHUSVtTXLFRVGRVXMHLWRFRP
RREMHWR(PERUDQmRDSDUHoDH[SOLFLWDPHQWHHPVXDREUD)UHXG>@>@KDYLD
GHPRQVWUDGRTXHDFXOWXUDpWDPEpPXPDIRUPDGHWUDQVPLVVmRTXHDFRQWHFHQDVGLYHUVDVPDQHLUDVGH
RJUXSRLQWHUSUHWDUHH[SUHVVDUDOJXPDFRQWHFLPHQWR(PERUDDFXOWXUDQmRVHMDXPDWHPiWLFD
FRQVWDQWHHPVXDREUDpDWUDYpVGHODWDPEpPTXHRSUySULRDXWRUFRQGX]RVVHXVHVWXGRVFOtQLFRVGH
DFRUGRFRPSUHFHLWRVHGHPDQGDVGHXPFRQWH[WRVyFLRKLVWyULFRSUySULR(PVHXVHVWXGRV
LQWUDSVtTXLFRVHOHDVVRFLDDTXHVWmRGDWUDQVPLVVmRSVtTXLFDDFRQWiJLRKHUDQoDWUDQVIHUrQFLD
UHSHWLomRHLGHQWLILFDomR0DLVWDUGH.DsVVHDSURSULDGRFRQFHLWRNOHLQLDQRGHLGHQWLILFDomRSURMHWLYD
GDQGRVWDWXVGHPRGDOLGDGHFHQWUDOSDUDDWUDQVPLVVmRSVtTXLFDLQFRQVFLHQWHMXQWDPHQWHFRPRXWURV
HVWXGRVVREUHDVTXHVW}HVPHWDSVLFROyJLFDVFLUFXQVFULWDVQRSURFHVVRGHWUDQVPLVVmRHQR
IXQFLRQDPHQWRJUXSDO.DsV
1HVVDUHOHLWXUDGDREUDIUHXGLDQD.DsVPRVWUDTXH)UHXGKDYLDLQWURGX]LGRD

SULQFtSLRDFRQFHSomRGHWUDQVPLVVmRSVtTXLFDFRPRXPDTXHVWmRGHKHUDQoDILORJHQpWLFDHGHSRLV
DVVRFLDGDjKHUHGLWDULHGDGHQRVHVWXGRVVREUHDKLVWHULD)UHXG>@>@QRVTXDLV
QDTXHODRFDVLmR)UHXGGHEDWLDVREUHDPDQHLUDGHSHQVDUDWUDQVPLVVmRGDVQHXURVHVSHODVDWLYLGDGHV
SVtTXLFDV0DLVWDUGHQRWUDEDOKRVREUHD,QWHUSUHWDomRGRVVRQKRVGH)UHXGLQDXJXUDUiRXWUD
YLDGHFRPSUHHQVmRGDWUDQVPLVVmRDGDWUDQVPLVVmRLQFRQVFLHQWHSRULGHQWLILFDomRFRPRREMHWRRX
FRPDIDQWDVLDGRGHVHMRGRRXWUR.DsVMXVWLILFDDKLSyWHVHGHDWUDQVPLVVmRQRVFDVRVGH
KLVWHULDDFRQWHFHUSHODLPLWDomRSHORFRQWiJLRSVtTXLFRHQWUHRVVXMHLWRVHSHODVPRGDOLGDGHV
LQWUDSVtTXLFDVGDWUDQVPLVVmRGRVSHQVDPHQWRVGRVRQKR2VRQKRFRPSDUWLOKDGR.DsVSRGHVHU
SHQVDGRFRPRXPDIHUUDPHQWDGHDQiOLVHGRSURFHVVRGHWUDQVPLVVmRSVtTXLFDSRUFRQGHQVDUPDUFDV
UHFDOFDGDVHUHJLVWURVSUpYHUEDLVVREUHDVSHFWRVSVtTXLFRVSULPiULRVGRVVXMHLWRV'HVWDIRUPDRVRQKR
QDIDPtOLDSRGHVHUSHQVDGRFRPRDWLYLGDGHSVtTXLFDSRURQGHXPPDWHULDOQmRHODERUDGRSHORJUXSRp
FRPSDUWLOKDGRHPYiULRVWUDoRVVHPVHQWLGRUHSUHVHQWDQGRRVHOHPHQWRVUHFDOFDGRV
(P7RWHPH7DEX>@)UHXGUHYHODRXWUDYLDGHLQWHUSUHWDomRGRSURFHVVRGHWUDQVPLVVmR

SVtTXLFDVHPQRPHDUWDOSURFHVVR$LQWHUGLomRDRLQFHVWRDRSDUULFtGLRHDRILOLFtGLRFRPSUHHQGHSRQWRV
GHSDUWLGDSDUDDHVWUXWXUDomRGDVRFLHGDGHHGDIDPtOLD$WUDQVPLVVmRGDFXOSDHGRWDEXDWUDYpVGDV
JHUDo}HVFRQILJXUDDEDVHGHWRGDRULJHPGRIXQFLRQDPHQWRSVtTXLFRHDRUJDQL]DomRGRIXQFLRQDPHQWR
JUXSDO$VVLPDVKHUDQoDVDUFDLFDVRVDFRQWHFLPHQWRVWUDXPiWLFRVFRPRSHUGDVUXSWXUDVH
VHSDUDo}HVPDUFDPDYLGDGRVXMHLWRGHPDQHLUDSDUWLFXODUHJHUDPDQJ~VWLDVLPSDVVHVHDWpGRHQoDV
3RVWXODVHTXHRDPELHQWHSVLFROyJLFRIDPLOLDUHQTXDQWRFRQWLQHQWHHOXJDUGHHODERUDomRGRV
DFRQWHFLPHQWRVWUDXPiWLFRVDFDEDSURPRYHQGRXPDWUDQVIRUPDomRGRFRQWH~GRWUDQVPLWLGR1XPD
SHUVSHFWLYDFOtQLFDDIXQomRGRWUDEDOKRGRVRQKRFRPSDUWLOKDGRQDIDPtOLDFRPSUHHQGHXPGRV
GLVSRVLWLYRVODQoDGRVSHORWHUDSHXWDSDUDRUHVJDWHGHHOHPHQWRVDQFHVWUDLVWRUQDQGRSRVVtYHODUH
LQVFULomRGHPDUFDVRULJLQiULDVIDOWDQWHVQRJUXSRQDWHQWDWLYDGHXPDUHVWDXUDomRGRWUDEDOKRGRSUp
FRQVFLHQWH
2XWURVDUWLJRVGH)UHXGFRPR$3VLFRORJLDGDVPDVVDVHDQiOLVHGRHX>@H2(XHR,VVR

>@UHODQoDUDPDTXHVWmRGDLGHQWLILFDomRQmRVyFRPRXPDDWLYLGDGHLQWUDSVtTXLFDGD
WUDQVPLVVmRSVtTXLFD$VLQVWkQFLDVSVtTXLFDVFRPRR(XHR6XSHUHXFRPSUHHQGHPOXJDUHVRQGHRV
FRQWH~GRVUHFDOFDGRVHWUDoRVPQrPLFRVSRGHPVRIUHUWUDQVIRUPDo}HV)UHXG>@DILUPDTXH
R(JRpIRUPDGRDSDUWLUGHIUDJPHQWRVGHPXLWRVRXWURVHJRVRXWUDoRVGHOHVVHQGRTXHDOJXQVWUDoRV
VmRSDVVDGRVGHJHUDomRHPJHUDomRSHODLGHQWLILFDomR$EUDKDPH7RURNGHVGREUDPHVVDV
FRQWULEXLo}HVPRVWUDQGRHPVHXVWUDEDOKRVTXHRVWUDoRVKHUGDGRVSRGHPVHUGHSHUVRQDJHQV
SyVWXPRVHTXHDVODFXQDVGHL[DGDVSRUHVWHVVmRUHWRPDGDVSHODLGHQWLILFDomR6HJXQGRRVDXWRUHVGH
PDQHLUDLQFRQVFLHQWHDFRQVWLWXLomRGRHJRVHULDUHDOL]DGDHPSDUWHVRELQIOXrQFLDGHXPDFRPSRVLomR
SRULGHQWLILFDomRGRVWUDoRVGRVHJRVGRVDQWHSDVVDGRVFRPSURPHWLGRVPXLWDVYH]HVFRPWUDoRVGH
REMHWRVDGRHFLGRVTXHDWUDYHVVDUDPDVJHUDo}HVSRUFDXVDGDUHSHWLomR
2XWURSRQWRDDFUHVFHQWDUGL]UHVSHLWRDRTXH.DsVHYLGHQFLDVREUHRSURFHVVRGHWUDQVPLVVmR

SVtTXLFDDSDUWLUGH)UHXG6HJXQGRRDXWRUKiHP)UHXGTXDWURFDPSRVGHLQYHVWLJDomRGD
WUDQVPLVVmRSVtTXLFDYLVWRVFRPRWUDQVPLVVmRLQWUDSVtTXLFDLQWHUVXEMHWLYDWUDQVSVtTXLFDHIRUPDomR
GRHX$WUDQVPLVVmRLQWUDSVtTXLFDpYLVWDFRPRXPSURFHVVRFRPEDVHQDLQWHQVLGDGHHQD

UHSUHVHQWDomRHQWUHDVLQVWkQFLDVSVtTXLFDVGRVXMHLWR-iDWUDQVPLVVmRLQWHUVXEMHWLYDID]XPDGLVWLQomR
HQWUHDUHDOLGDGHLQWUDSVtTXLFDHDUHDOLGDGHLQWHUVXEMHWLYDFXMDLQWHUSUHWDomRpGDGDSHORPDQHMRGR
VXMHLWRFRPDVVXDVUHODo}HVLPDJLQiULDVVLPEyOLFDVHUHDLVHPHVSDoRLQWHUVXEMHWLYRFRPSURGXWRGRV
HVSDoRVLQWUDSVtTXLFRV2HVSDoRLQWHUVXEMHWLYRSRVVLELOLWDTXHRVXMHLWRHQFDUQHQRVLPEyOLFRDTXLOR
TXHpYLYLGRQRLPDJLQiULRGDQGRIRUPDQmRVyDRFRUSRPDVDRFRUSRIDPLOLDURQGHRVWLSRVGH
YtQFXORVHUHODo}HVVHWRUQDPPRGRVGHWUDQVPLVVmReQHVVHFDPSRTXHSRGHPRVSRUWDQWRWHUR
DOFDQFHGDIXQomRGRSUpFRQVFLHQWHJUXSDOFRPRXPDIXQomRLQWHUPHGLDGRUDXPD]RQDGHSDVVDJHPH
GHFRQWDWRTXHIDFLOLWDRXQmRDUHSUHVHQWDomRGHFRQWH~GRVJHUDFLRQDLV.DsV
2WHUFHLURFDPSRGDWUDQVPLVVmRSVtTXLFDGL]UHVSHLWRjWUDQVPLVVmRWUDQVSVtTXLFDTXHDEROHRVOLPLWHVH
RVHVSDoRVLQWHUVXEMHWLYRVSRLVRTXHVHWUDQVPLWHHQWUHRVVXMHLWRVQmRpGDPHVPDRUGHPGRTXHVH
WUDQVPLWHDWUDYpVGHOHVFRPRQRVFDVRVGRVVRQKRVHPJUXSRFRPSDUWLOKDGRVSRUWRGRVRVPHPEURV
GDIDPtOLD1HVVHFDVRRPDWHULDOWUDQVPLWLGRXOWUDSDVVDRVOLPLWHVHQWUHRVHVSDoRVLQWUDH
LQWHUSVtTXLFRVRULXQGRVGHRXWUROXJDUIRUDGRDOFDQFHGRSUpFRQVFLHQWH2~OWLPRFDPSRDIRUPDomR
GR(XVHUHIHUHjLQVWkQFLDSVtTXLFDGHSRVLomRLQWHUPHGLiULDQRVSURFHVVRVHQDVIXQo}HVGHSDVVDJHP
SRLVSDUWHGR(XHVWiFRQVFLHQWHHRXWUDSUpFRQVFLHQWHHLQFRQVFLHQWH2(XSUpFRQVFLHQWH
FRPSUHHQGHULDXPLQWHUPHGLDGRUGRVSURFHVVRVGHWUDQVPLVVmRSVtTXLFDDRRUJDQL]DUDYLGDSVtTXLFDGR
RXWUR(OHIXQFLRQDFRPRWUDGXWRUGRQmRVHQWLGRSURGX]LGRSHORRXWURHDIDOrQFLDRXIDOKDGR(XSUp
FRQVFLHQWHWHUiFRPRHIHLWRFRQIXV}HVHQWUHRGL]HUHRID]HUHQWUHDDomRHDUHSUHVHQWDomRSURGX]LGDV
QDUHODomR.lHV
$OpPGRVTXDWURFDPSRVGDWUDQVPLVVmRSVtTXLFDH[LVWHPGRLVWLSRVTXHDFRQWHFHPQRJUXSRIDPLOLDU
3DUD%HQJKR]LH5XL]&RUUHDDWUDQVPLVVmRSVtTXLFDSRGHVHUDQDOLVDGDVRERSRQWRGH
YLVWDLQWHUJHUDFLRQDOHWUDQVJHUDFLRQDO2SULPHLURGL]UHVSHLWRDRPDWHULDOSVtTXLFRWUDQVPLWLGRSDVVDGR
SHODVJHUDo}HVPDLVSUy[LPDVTXHSRGHVHUHODERUDGRHWUDQVIRUPDGRSHORJUXSRTXDQGRpGDGR
VHQWLGRDRVDFRQWHFLPHQWRVDWXDLVFRPEDVHHPGDGRVDQWHULRUHVGDKLVWyULD1RVUHODWRVGHIDPtOLD
VREUHDFRQWHFLPHQWRVWUDXPiWLFRVUHFHQWHVHOHVVmRDWXDOL]DGRVQRYDPHQWHQDRFDVLmRGR
GHVHQYROYLPHQWRGHGRHQoDVJUDYHVFRPRRFkQFHU2VHJXQGRWLSRGHWUDQVPLVVmRSVtTXLFDD
WUDQVJHUDFLRQDOUHIHUHVHDXPPRGRWDQWRHVWUXWXUDQWHTXDQWRGHIHLWXRVRGHWUDQVPLVVmRSRLVKiR
DWUDYHVVDPHQWRGHXPFRQWH~GRLQFRQVFLHQWHWUDQVPLWLGRSRUJHUDo}HVPDLVGLVWDQWHV(VWHFRQWH~GR
UHPHWHjVODFXQDVHDRVYD]LRVQmRHODERUDGRVSHODVJHUDo}HVDWXDLV,VWRRFRUUHTXDQGRRQmRGLWRDV
UHWLFrQFLDVHRVLOrQFLRDFHUFDGHXPDVVXQWRGHIDPtOLDQmRHQFRQWUDUDPHVSDoRSDUDUHSUHVHQWDomRH
HVWmRQDRUGHPGRUHFDOFDGR
2WUDEDOKRGDWUDQVPLVVmRSVtTXLFDJHUDFLRQDOQRDGRHFLPHQWRGRVXMHLWRDLQIOXrQFLDGH
FRQWH~GRVGDKLVWyULDIDPLOLDU
(PXPDKLVWyULDIDPLOLDURVHOHPHQWRVYLYHQFLDGRVFRPRUHDLVRXLPDJLQDGRVVmRLQWURMHWDGRVFRPR
WUDoRVPQrPLFRVDFRSODGRVDVHQVDo}HVHH[FLWDo}HVVXVSHQVDVHLPSHGLGDVGHVHUHPLPHGLDWDPHQWH
UHVVLJQLILFDGDV)UHXGMiPRVWUDYDHPVHXFDVRFOtQLFRGHTXHDVH[FLWDo}HVWUDXPiWLFDV
DEUHDJLGDVVmRVXVSHQVDVQRPRPHQWRGHH[WUHPDWHQVmRHSDVVDPDWUDQVLWDUQRSUpFRQVFLHQWH
FRPRHOHPHQWRVVROWRVjSURFXUDGHXPDOLJDomRRXUHSUHVHQWDomR
(PFDVRVGHIDPtOLDVTXHDSUHVHQWDPXPDSOXUDULGDGHGHVRPDWL]Do}HVVHMDPGHFULVHJUDYHVRX
FU{QLFDVFRPRGLDEHWHVKLSHUWHQVmRHFkQFHUGHPDPDSRUH[HPSORRLQtFLRHDHYROXomRGHVVHV
DGRHFLPHQWRVGHYHPVHUREVHUYDGRVDSDUWLUGHDFRQWHFLPHQWRVPDUFDQWHVGDKLVWyULDIDPLOLDUUHFHQWH
$FUHGLWDVHTXHKiWUDQVIHUrQFLDGHIUDJPHQWRVRXWUDoRVGHFRQWH~GRVQmRHODERUDGRVSHOD
PRYLPHQWDomROLELGLQDOGHVHQFRQWUDGDTXHpSUHMXGLFDGDSHODGLILFXOGDGHGHFRPSUHHQVmRHGH
HVFRDPHQWRGDVWHQV}HVSVtTXLFDV2VFDVRVFRQWDGRVSRU%HWWV/LVERDH/RVV
PRVWUDPTXHQRGLVFXUVRGRVXMHLWRKiVHPSUHXPIDQWDVPDDVVRPEUDQGRDVSRVVLELOLGDGHVGH
WUDQVIRUPDomRGRPDWHULDOKHUGDGR,VVRSRUTXHDVUHSUHVHQWDo}HVVmRHQJHVVDGDVSRUXPDTXDQWLGDGH
GHH[FLWDomRSVtTXLFDVHPVHQWLGRLPSHGLQGRDWUDQVIHUrQFLDGDFRQGLomRGHQmRVHQWLGRSDUDD
VLPEROL]DomRGRVHOHPHQWRV0DLVDLQGDHVVDWUDQVIRUPDomRIDPLOLDUILFDFRPSURPHWLGDTXDQGRKi
UHSHWLomRGHDFRQWHFLPHQWRVSHUWXUEDGRUHVLPSHGLQGRRJUXSRGHSHQVDUHUHDJLUVREUHDVGHPDQGDV
'HDFRUGRFRPQRVVDH[SHULrQFLDFOtQLFDDVIDODVGRVVXMHLWRVVmRLQIOXHQFLDGDVSRULGHLDVFRQVWUXtGDV
SRUPLWRVRXOHQGDVFRQWDGDVVREUHFDVDPHQWRVQDVFLPHQWRVHPRUWHV'HVVDIRUPDDOJXpPVH
LQVFUHYHFRPRKHUGHLURHVHDSUHVHQWDFRPRFDWDOL]DGRUGHVVDVLGHLDVHVWDQGRDILQDGRFRPXPPDWHULDO
LQWHJUDGRURXGHVWUXLGRU'HVVHPRGRSUHVXPHVHTXHDWUDQVPLVVmRSVtTXLFDHDUHODomRLQWHUVXEMHWLYD
GDIDPtOLDSRGHPVXVFLWDURDGRHFLPHQWR(DGRHQoDVHULDDOLJDomRHQWUHIDPtOLDHDKHUDQoD
DOLPHQWDGDSRUPLWRVHIDQWDVLDVDPDOJDPDGDVSRUIDQWDVPDVTXHLPSUHJQDUDPDV]RQDVGHSDVVDJHP
HGHFRQWDWRSURYRFDQGRXPFRQWtQXRGHVLQYHVWLPHQWROLELGLQDOGRVYtQFXORVHRDSDJDPHQWRGR
UHFRQKHFLPHQWRGDDOWHULGDGHHQWUHRVPHPEURV

2VIDWRVVLJQLILFDWLYRVVHUHYHODPDWUDYpVGHSHUGDVRFRUULGDVHFRPSUHHQGLGDVFRPRWDOPHVPRGLDQWH
GHVLWXDo}HVTXHSURPRYHPWUDQVIRUPDomR3RUpPDPDLVVLJQLILFDWLYDHQWUHHODVpDPRUWHGHSHVVRDV
PXLWRSUy[LPDV2IDOHFLPHQWRLQHVSHUDGRGHJHQLWRUHVILOKRVRXF{QMXJHVFDXVDPJUDQGHDEDORQD
IDPtOLDVHUYLQGRGHSRQWRGHSDUWLGDSDUDLQ~PHURVDGRHFLPHQWRVHPXPPRPHQWRWDUGLRGDYLGD
-DVPLQHWDOH[S}HPFDVRVGHPXOKHUHVFRPFkQFHUGHPDPDTXHUHODWDPSHUGDVGHVVD
QDWXUH]DDFRPSDQKDGRVDLQGDGHXPDGHSUHVVmRHVVHQFLDOGXUDQWHDKLVWyULDGHYLGD1DFOtQLFD
JHUDOPHQWHDVFLUFXQVWkQFLDVGRDGRHFLPHQWRVmRDVVRFLDGDVSHORVVXMHLWRVDIDWRVPDUFDQWHVQDIDPtOLD
TXHVHUYHPGHWUDPSROLPSDUDXPGHVLQYHVWLPHQWROLELGLQDOJUDGDWLYRHGHVRUJDQL]DGRUGDGLQkPLFD
LQWHUVXEMHWLYDQDIRUPDGHXPDEDL[DFDSDFLGDGHGHUHSUHVHQWDomRP~WXDDFXPXODQGRH[FLWDo}HV
SVtTXLFDVFDGDYH]PDLVVROWDVHVHPOLJDomRFRPRHPIDODVUHSHWLWLYDVHSHODPHWDGH2JUDQGHHVIRUoR
GRJUXSRIDPLOLDUQDFOtQLFDHVWiQRIDWRGHTXHRGLVFXUVRGRVPHPEURVWHQWDGDUVHQWLGRjVUXSWXUDVH
DRVIDWRVTXHDWDFDPDSUySULDFDSDFLGDGHGHSHQVDUHVHQWLUMXQWRV
2DGRHFLPHQWRGHDOJXQVIDPLOLDUHVID]HPHUJLUOHPEUDQoDVTXHQmRHQFRQWUDUDPDLQGDPRPHQWRV
DSURSULDGRVSDUDVHUHPH[SUHVVDVHVHQWLGDVGHPDQHLUDFRPSDUWLOKDGD$OHPEUDQoDGHPRUWHV
JHUDOPHQWHGHVSHUWDVHQWLPHQWRVGHDEDQGRQRHSURPRYHDVHQVDomRGHIUDJLOLGDGH(VVDVLWXDomRSRGH
GHL[DURJUXSRYXOQHUiYHODTXDOTXHUSDVVDJHPGHPDWHULDOJHUDFLRQDOSHUWXUEDGRU1HVVDVRFDVL}HVRV
PLWRVWRPDPFRQWDGDIDQWDVPiWLFDIDPLOLDURQGHRWUDEDOKRGRSUpFRQVFLHQWHSRGHVHHQJHVVDUFRPR
IDQWDVPDSUHVHQWHQDVLGHQWLILFDo}HVP~OWLSODVGRVPHPEURVFRPDVKLVWyULDVDQWHULRUHV2VSURFHVVRV
LQWUDSVtTXLFRVGHFDGDVXMHLWRVHUHYHODULDPFRPRFDWDOL]DGRUHVGHVVHPDWHULDOVROWRQD
LQWHUVXEMHWLYLGDGHFDSWXUDQGRWUDoRVHWUDGX]LQGRQDVGLYHUVDVIRUPDVGHH[SUHVVmRYHUEDOFRUSRUDOH
FRPSRUWDPHQWDORVHOHPHQWRVGHVRUJDQL]DGRUHVGDVD~GHPHQWDO
1DIRUPDGHXPSURFHVVRSURJUHVVLYRHFXPXODWLYRGHH[FHVVLYDWHQVmRSVtTXLFDRDGRHFLPHQWRSDVVDD
WHUOLJDomRFRPDOJXPREMHWRGDKLVWyULDIDPLOLDUTXHIDYRUHFHFHUWRVFRPSRQHQWHVGHULVFRDRSRWHQFLDO
SVtTXLFRGHFDGDPHPEUROLPLWDQGRDFDSDFLGDGHGHHODERUDomRGRJUXSRDRORQJRGHVXDVIDVHVGH
GHVHQYROYLPHQWR2FDPSRLQWHUVXEMHWLYRGDIDPtOLDSRGHDSUHVHQWDUVHSRUWDQWRHPUHVVRQkQFLDFRP
XPFRQWH~GRKHUGDGRHWUDQVPLWLGRGHSDLVSDUDILOKRVGHDYyVSDUDQHWRVHPHVWDGRGHIUDJPHQWDomR
IXQFLRQDO0DUW\,VVRTXHUGL]HUTXHDJHUDomRDWXDOGHXPDIDPtOLDSRGHHQFRQWUDUGLILFXOGDGHV
DRHODERUDUVXDVSUySULDVH[FLWDo}HVLQWHUSVtTXLFDVIUHQWHDGLYHUVDVGHPDQGDVSDVVDQGRSRUXPD
IUDJPHQWDomRIXQFLRQDORQGHDGHVRUJDQL]DomRGHVXDVUHSUHVHQWDo}HVVREUHRPDWHULDOKHUGDGRVH
WRUQDFUHVFHQWH1HVVDGLUHomRKiXPDF~PXORGHH[FLWDo}HVRXFRQIOLWRVQmRUHVROYLGRVQRSDVVDGRTXH
JDQKDPSURSRUo}HVH[FLWDWyULDVQmRDOFDQoDGDVSHODFDSDFLGDGHGRJUXSRGHHODERUiODV$RUHDWXDOL]DU
XPFRQIOLWRGRSDVVDGRRWUDEDOKRSVtTXLFRIDPLOLDUDWXDOSRGHFRQILJXUDUVHHPXPFDPSRIDYRUiYHO
SDUDDVSOXULVRPDWL]Do}HVFRPSUHHQGLGDVFRPRRSRQWRGHFKHJDGDGRHVFRDPHQWRH[FLWDWyULRRXGH
FRQWH~GRUHFDOFDGRRXGHHOHPHQWRTXHFLUFXODVROWRQRSUpFRQVFLHQWHJUXSDO&RPEDVHQHVVHV
SUHVVXSRVWRVHVWHHVWXGRGHVWDFDDLQIOXrQFLDGRWUDEDOKRGDWUDQVPLVVmRSVtTXLFDQRVSURFHVVRV
LQWUDSVtTXLFRVHLQWHUVXEMHWLYRVFRQVWLWXLQWHVGDFRQGLomRGHDGRHFLPHQWRVRPiWLFRQDIDPtOLDXPDYH]
TXHRFRQWH~GRGDKHUDQoDWUDQVPLWLGDLQWHUIHUHQDTXDOLGDGHGRIXQFLRQDPHQWRSVtTXLFRGRVXMHLWRHGR
JUXSRIDPLOLDU,VWRVREDIRUPDGHXPPLWRVLOrQFLRVHJUHGRFHQVXUDRXGLVFXUVRVSHODPHWDGH
UHWLFHQWHVTXHGHPRQVWUDPGLILFXOGDGHGHH[SUHVVmRGDDQJ~VWLDPDQWLGDSRUXPSDFWRQmRYHUEDO
$VODFXQDVGHL[DGDVSRUXPDSHUGDQmRHODERUDGDSRGHPVHUHYLGHQFLDGDVSHORVVHQWLPHQWRVGH
DEDQGRQRGDVHQVDomRGHLVRODPHQWRHGDGLVWkQFLDDIHWLYDHQWUHRVPHPEURVGDIDPtOLD2
HVYD]LDPHQWRHRDSDJDPHQWROLELGLQDOSRGHPVHUREVHUYDGRVQDDWPRVIHUDIDPLOLDUHSULQFLSDOPHQWH
QRGLVFXUVRGRVPHPEURVGRHQWHV3RGHPH[LVWLUSHTXHQDVFRQIXV}HVHQWUHRSHQVDPHQWRHDIDODTXH
jVYH]HVSUHMXGLFDPDFRPSUHHQVmRGDVXFHVVmRHGRVHQWLGRGDGRDRVDFRQWHFLPHQWRV$VUHWLFrQFLDV
HDVPHWiIRUDVVXUJHPVHQGRTXHDVHJXQGDSRGHUHSUHVHQWDUXPDIRUPDFXOWXUDOGHQRPHDUH
HQWHQGHUVHQWLPHQWRVWmRFRPSOH[RV$VSDODYUDVQmRVmRPRYLGDVSHORDIHWRHGHVDSDUHFHPGLDQWHGH
XPVLOrQFLRLPSURGXWLYRHFUHVFHQWHDOLPHQWDGRSRUHVVDGHVDIHWDomR
&RQVLGHUDo}HV)LQDLV
$OpPGRWUDEDOKRGDWUDQVPLVVmRSVtTXLFDHFRPEDVHQDKLVWyULDHQDLQWHUVXEMHWLYLGDGHGHXPD
IDPtOLDDTXHVWmRGRDGRHFLPHQWRHGDWUDQVPLVVmRSVtTXLFDVXVFLWDPDLRUHVFRQVLGHUDo}HVHPUHODomRj
UHSUHVHQWDomRHODERUDomRLGHQWLILFDomRLQYHVWLPHQWROLELGLQDOKHUDQoDHWUDEDOKRGRSUpFRQVFLHQWH
JUXSDOQXPDYLVmRORQJLWXGLQDOGHVHXGHVHQYROYLPHQWR7RGRJUXSRIDPLOLDUILFDVXVFHWtYHOjV
YLFLVVLWXGHVRFRUULGDVHPVXDKLVWyULDHRDGRHFLPHQWRSDUDGR[DOPHQWHFRPSUHHQGHXPDPDQHLUDGH
FRQFUHWL]DUHVVDVPXGDQoDV'RSRQWRGHYLVWDLQWHUVXEMHWLYRIDPLOLDUDVRPDWL]DomRSRGHFRPSUHHQGHU
XPFDPLQKRHQFRQWUDGRSHORVVXMHLWRVSDUDUHSUHVHQWDUDVUHSHWLo}HVGHKLVWyULDVSDUHQWDLVRX
DQFHVWUDLVFXMRVUHFXUVRVSVtTXLFRVVHPRVWUDUDPIUiJHLVQDWHQWDWLYDGHHODERUDomRGDVSHUGDV
RFRUULGDVDRORQJRGRWHPSR2DGRHFLPHQWRQDIDPtOLDSRGHUHSUHVHQWDUDFRQGHQVDomRGHXPOHJDGR
WUDQVPLWLGRDRORQJRGDVJHUDo}HVPDQWHQGRDFRQGLomRHVWUXWXUDQWHGDVUHODo}HVHQWUHRVPHPEURV2
HQUHGRGHXPPLWRSRGHPDQWHUFRQIXV}HVHLPSDVVHVGLDQWHGHWUDQVIRUPDo}HVQHFHVViULDV

QHXWUDOL]DQGRRPRYLPHQWROLELGLQDOHIUDJLOL]DQGRDVD~GHGRVPHPEURV(VVDVLWXDomRVHSRWHQFLDOL]D
TXDQGRDGLQkPLFDLQWHUVXEMHWLYDIDPLOLDUpHPSREUHFLGDGHUHSUHVHQWDo}HVHTXDQGRDQHJDomRHD
UHSUHVVmRVXUJHPFRPRGHIHVDVLQIOH[tYHLV
$IDPtOLDQRVDSRQWDXPDPDQHLUDGHSHQVDUDUHODomRH[LVWHQWHHQWUHWUDQVPLVVmRSVtTXLFDH
DGRHFLPHQWRVRPiWLFRDSDUWLUGHGRLVkQJXORVRXSRUXPDUHSHWLomRGHDFRQWHFLPHQWRVJHUDQGRXP
UHWRUQRDIDQWDVLDVHPLWRVGHKLVWyULDVDQWHULRUHVHPWRUQRGRVDGRHFLPHQWRVGRVPHPEURVRX
VLQDOL]DQGRDUHDWXDOL]DomRGHVRIULPHQWRVQmRVLPEROL]DGRVHSHUGLGRVQDKLVWyULDDSDUWLUGRV
DGRHFLPHQWRV$VKLVWyULDVGRSDVVDGRSRGHPHQFRQWUDUVHXGHVWLQRQDGRHQoDXPDYH]TXHHVVDIRU
DPDOJDPDGDSRUXPDLGHQWLILFDomRDTXDOTXHUPDWHULDOKLVWyULFR$GRHQoDSRGHUHWUDWDUR
GHVLQYHVWLPHQWROLELGLQDOJUDGDWLYRGLILFXOWDQGRDVSRVVLELOLGDGHVGHWUDQVIRUPDomRGDVUHSUHVHQWDo}HV
GHDEDQGRQR2DF~PXORGHTXHVW}HVQmRHODERUDGDVDRORQJRGDYLGDFRPRSHUGDVHPXGDQoDVQR
FLFORIDPLOLDUSRGHPFRQWULEXLUSDUDRGHVHQYROYLPHQWRGHGRHQoDVGHPRGRTXHVHWUDQVIRUPHPHP
WHQV}HVFRQWtQXDVHVHPVHQWLGRQDUHODomRIDPLOLDU
1DFOtQLFDRWUDEDOKRGRSUpFRQVFLHQWHGDIDPtOLDSRGHVHUGHSXUDGRSHORVFDPLQKRVUHDOL]DGRVHQWUHR
SHQVDPHQWRHDIDODGLDQWHGDHVFXWDGRWHUDSHXWDGHIDPtOLDeSRVVtYHOUHWRPDURVFRQWH~GRV
SVtTXLFRVQmRHODERUDGRVDILPGHTXHRVPHVPRVVHMDPUHVLJQLILFDGRVHDVUHSUHVHQWDo}HVVH
IRUWDOHoDPHPEXVFDGHPHOKRUTXDOLGDGHGHWRGRVRVKHUGHLURV
5HIHUrQFLDV
$EUDKDP17RURN0$GRHQoDGH6LSDUD6L±1RWDGH&RQYHUVDomRVREUHD³3VLFRVVRPiWLFD´

,Q$EUDKDP1 7RURN02UJ$FDVFDHRQ~FOHRSS6mR3DXOR
(VFXWD2ULJLQDOPHQWHSXEOLFDGRHP
$EUDKDP17RURN0$FDVFDHRQ~FOHR6mR3DXOR(VFXWD
$OH[DQGHU)0HGLFLQDSVLFRVVRPiWLFDVHXVSULQFtSLRVHDSOLFDo}HV7UDG&pOLD)LVFKPDQQ

%HDWUL]3RUWR$OHJUH$UWHV0pGLFDV
%HQJKR]L37UDXPDWLVPRVSUHFRFHVGDFULDQoDHWUDQVPLVVmRJHQHDOyJLFDHPVLWXDomRGHFULVHV

HFDWiVWURIHVKXPDQLWiULDV'HVPDOKDUHUHHPDOKDUFRQWLQHQWHVJHQHDOyJLFRVIDPLOLDUHVHFRPXQLWiULRV
,Q5XL]&RUUHD22UJ2VDYDWDUHVGDWUDQVPLVVmRSVtTXLFDJHUDFLRQDOSS6mR3DXOR
(VFXWD
%HWWV-$2FkQFHUGHPDPDFRPRIDWRUGHWUDQVIRUPDomR3V\FKr
&HUFKLDUL($13VLFRVVRPiWLFDXPHVWXGRKLVWyULFRHHSLVWHPROyJLFR3VLFRORJLD&LrQFLDH

3URILVVmR>RQOLQH@%UDVtOLD
&RHOKR&/6ÈYLOD/$&RQWURYpUVLDVVREUHDVRPDWL]DomR5HYLVWDGH3VLTXLDWULD&OtQLFD

'pMRXUV&5HSUHVVmRH6XEYHUVmRHP3VLFRVVRPiWLFD±,QYHVWLJDo}HVSVLFDQDOtWLFDVVREUHR

FRUSR5LRGH-DQHLUR-RUJH=DKDUHGLWRU
(LJXHU$&DUHO$$QGUp)XVWLHU)$XEHUWHO)&FLFFLRQH$ .DsV5$7UDQVPLVVmRGR

SVLTXLVPRHQWUHJHUDo}HVHQIRTXHHPWHUDSLDIDPLOLDUSVLFDQDOtWLFD6mR3DXOR8QLPDUFR(GLWRUD
)HUUHLUD$%+1RYRGLFLRQiULRGD/tQJXD3RUWXJXHVD5LRGH-DQHLUR1RYD)URQWHLUD
)LOJXHLUDV067/LVERD$90DFHGR503DLYD)*%HQILFD7069DVTXHV9$
$YDOLDomR3VLFRVVRPiWLFDQRFkQFHUGHPDPDSURSRVWDGHDUWLFXODomRHQWUHRVQtYHLVLQGLYLGXDOH
IDPLOLDU(VWXGRVGH3VLFRORJLD&DPSLQDV63
)UHXG6(VWXGRVVREUHDKLVWHULD(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDV

FRPSOHWDVGH6LJPXQG)UHXG9RO,,,5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP

)UHXG6(VWXGRVVREUHDKLVWHULD(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDV

FRPSOHWDVGH6LJPXQG)UHXG9RO,,5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP
)UHXG68PFDVRGHKLVWHULD(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDVFRPSOHWDV

GH6LJPXQG)UHXG9RO9,,5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP
)UHXG67RWHPH7DEX(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDVFRPSOHWDVGH

6LJPXQG)UHXG9RO;,,,5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP
)UHXG63VLFRORJLDGDVPDVVDVHDQiOLVHGRHX(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDV

SVLFROyJLFDVFRPSOHWDVGH6LJPXQG)UHXG9RO;,,,5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGR
HP
)UHXG62(JRHR,G(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDVFRPSOHWDVGH

6LJPXQG)UHXG9RO;,;5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP
)UHXG62PDOHVWDUQDFXOWXUD(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDV

FRPSOHWDVGH6LJPXQG)UHXG9RO;;,5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP
)UHXG6&DVRVFOtQLFRV,,5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP
)UHXG6$,QWHUSUHWDomRGRVVRQKRV5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP

-DVPLQ&/r0*0DUW\3+HU]EHUJ5(YLGrQFLDSDUDXPDOLJDomRHQWUHFHUWRVIDWRUHV

SVLFROyJLFRVHRULVFRGHFkQFHUGHVHLRHPXPHVWXGRGHFRQWUROHGHFDVR,Q$QDLVGH2QFRORJLD
.DsV52JUXSRHRVXMHLWRGRJUXSR6mR3DXOR&DVDGR3VLFyORJR
.DsV5,QWURGXomRDRFRQFHLWRGHWUDQVPLVVmRSVtTXLFDQRSHQVDPHQWRGH)UHXG,Q.DsV5

)DLPEHUJ+(QULTXH]0 %DUDQHV--SS7UDQVPLVVmRGDYLGDSVtTXLFDHQWUHJHUDo}HV
6mR3DXOR&DVDGR3VLFyORJR
.DsV5$SROLIRQLDGRVRQKR6mR3DXOR,GHLDVH/HWUDV
.DsV52VHVSDoRVSVtTXLFRVFRPXQVHSDUWLOKDGRVWUDQVPLVVmRHQHJDWLYR6mR3DXOR&DVD

GR3VLFyORJR
/LSRZVNL=-6RPDWL]DWLRQ7KH&RQFHSWDQG,WV&OLQLFDO$SSOLFDWLRQ,Q$PHULFDQ-RXUQDORI

3V\FKLDWU\
/LVERD$9)pUHV&DUQHLUR74XDQGRRDGRHFLPHQWRDVVRPEUDHXQHRJUXSRIDPLOLDU

3XOVLRQDO5HYLVWDGH3VLFDQiOLVH6mR3DXOR
/LVERD$9)DPtOLDHDGRHFLPHQWRGRFRUSRXPHVWXGRGDWUDQVPLVVmRSVtTXLFDJHUDFLRQDOHGD
LQWHUVXEMHWLYLGDGHIDPLOLDUHV'LVVHUWDomRGH0HVWUDGR5LRGH-DQHLUR38&5LR'HSDUWDPHQWR
GH3yVJUDGXDomRHP3VLFRORJLDI
/LVERD$$+LVWyULD)DPLOLDUQR$GRHFLPHQWR6RPiWLFRDYLROrQFLDHPGHVWDTXHI7HVHGH

'RXWRUDGR'HSDUWDPHQWRGH3VLFRORJLD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR5LRGH
-DQHLUR
/RVV/GD/2ULVFRIDPLOLDUGHFkQFHUGHPDPDHQWUHDKHUDQoDHDKHUHGLWDULHGDGH3XOVLRQDO

5HYLVWDGH3VLFDQiOLVH
0DUW\3/¶RUGSV\FKRVVRPDWLTXH3DULV3D\RW
0DUW\3$3VLFRVVRPiWLFDGRDGXOWR3RUWR$OHJUH$UWHV0pGLFDV
0DUW\30HQWDOL]DomRH3VLFRVVRPiWLFD6mR3DXOR&DVDGR3VLFyORJR

0F'RXJDOO-7HDWURVGR&RUSRRSVLFRVVRPDHP3VLFDQiOLVH6mR3DXOR0DUWLQV)RQWHV
0F'RXJDOO-*DFKHOLQ*$XODJQLHU30DUW\3/RULRG-&DwQ-&RUSRH+LVWyULD6mR

3DXOR&DVDGR3VLFyORJR
0HOOR)LOKR-%XUG0'RHQoDH)DPtOLD6mR3DXOR&DVDGR3VLFyORJR
0HOOR)LOKR-%XUG03VLFRVVRPiWLFD+RMH3RUWR$OHJUH$UWPHG
5XL]&RUUHD2%2/HJDGR)DPLOLDUDWHFHODJHPJUXSDOGDWUDQVPLVVmRSVtTXLFD5LRGH

-DQHLUR&RQWUD&DSD
5XL]&RUUHD2%,QWHUVXEMHWLYLGDGHQRVSURFHVVRVGHWUDQVPLVVmRSVtTXLFDJHUDFLRQDO,Q

5HYLVWD7ULHE6RFLHGDGH%UDVLOHLUDGH3VLFDQiOLVHGR5LRGH-DQHLUR5LRGH-DQHLUR
6FOLDU0+LVWyULDGR&RQFHLWRGH6D~GH3K\VLV5HYLVWDGH6D~GH&ROHWLYD5LRGH-DQHLUR

6RQWDJ6$GRHQoDFRPRPHWiIRUDHG5LRGH-DQHLUR(GLo}HV*UDDO
9ROLFK50)HUUD])&2UJ3VLFRVVRPD,,,6mR3DXOR&DVDGR3VLFyORJR
6XEPHWLGRHP
5HYLVWRHP
$FHLWRHP

Transmissão Psíquica Geracional Familiar No Adoecimento Somático

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Transmissão Psíquica Geracional Familiar No Adoecimento Somático

Enviado por

Direitos autorais:

Formatos disponíveis

&DUQHLUR7)/LVERD$90DJDOKmHV$6

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

&RPEDVHHPHVWXGRVGHIDPtOLDVGHPXOKHUHVFRPFkQFHUGHPDPD)LOJXHLUDVHWDO  UHVVDOWDP

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

(PHVWXGRVUHFHQWHV &RHOKR ÈYLOD0HOKR)LOKR %XUG9ROLFK )HUUD] R

/LSRZVNL  FLWDDVRPDWL]DomRFRPRXPDWHQGrQFLDGHRVXMHLWRH[SUHVVDUVXDVDQJ~VWLDV2DXWRU

3DUD)HUUD]H9ROLFK  DSDUWLUGHSHVTXLVDVUHDOL]DGDVSHOD(VFRODGH3VLFRVVRPiWLFDGH3DULV

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

'HDFRUGRFRPXPDSHUVSHFWLYDLQWHJUDWLYD0DUW\  DSRQWDTXHXPDPDQHLUDGH

(PERUDRVFRQFHLWRVGH0DUW\  DSRQWHPDOJXQVHVWDGRVHDWLYLGDGHVSVtTXLFDVTXHFRODERUDP

2XWUDTXHVWmRDFRQVLGHUDUpTXH'pMRXUV  H0DUW\  DSUHVHQWDPRDGRHFLPHQWRVRPiWLFR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

1HVWHWUDEDOKRQRVHPEDVDPRVQDFRQFHSomRGH'pMRXUV  FRQVLGHUDQGRTXHDVRPDWL]DomR

5XL]&RUUHD  PRVWUDTXHRWUDEDOKRGHWUDQVPLVVmRSVtTXLFDDFRQWHFHQRXQLYHUVRIDPLOLDUSRU

3RURXWURODGRSDUD.DsV  DWUDQVPLVVmRSVtTXLFDFRPSUHHQGHXPSURFHVVRJHUDOPHQWH

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

&RPIRLGLWRDQWHULRUPHQWHRWHPDGDWUDQVPLVVmRQmRpDOJRQRYRHVHJXQGR.DsV  SRGHVHU

1HVVDUHOHLWXUDGDREUDIUHXGLDQD.DsV  PRVWUDTXH)UHXGKDYLDLQWURGX]LGRD

(P7RWHPH7DEX >@ )UHXGUHYHODRXWUDYLDGHLQWHUSUHWDomRGRSURFHVVRGHWUDQVPLVVmR

2XWURVDUWLJRVGH)UHXGFRPR$3VLFRORJLDGDVPDVVDVHDQiOLVHGRHX >@ H2(XHR,VVR

2XWURSRQWRDDFUHVFHQWDUGL]UHVSHLWRDRTXH.DsV  HYLGHQFLDVREUHRSURFHVVRGHWUDQVPLVVmR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

$EUDKDP17RURN0  $GRHQoDGH6LSDUD6L±1RWDGH&RQYHUVDomRVREUHD³3VLFRVVRPiWLFD´

$EUDKDP17RURN0  $FDVFDHRQ~FOHR6mR3DXOR(VFXWD

$OH[DQGHU)  0HGLFLQDSVLFRVVRPiWLFDVHXVSULQFtSLRVHDSOLFDo}HV7UDG&pOLD)LVFKPDQQ

%HQJKR]L3  7UDXPDWLVPRVSUHFRFHVGDFULDQoDHWUDQVPLVVmRJHQHDOyJLFDHPVLWXDomRGHFULVHV

%HWWV-$  2FkQFHUGHPDPDFRPRIDWRUGHWUDQVIRUPDomR3V\FKr

&HUFKLDUL($1  3VLFRVVRPiWLFDXPHVWXGRKLVWyULFRHHSLVWHPROyJLFR3VLFRORJLD&LrQFLDH

&RHOKR&/6ÈYLOD/$  &RQWURYpUVLDVVREUHDVRPDWL]DomR5HYLVWDGH3VLTXLDWULD&OtQLFD

'pMRXUV&  5HSUHVVmRH6XEYHUVmRHP3VLFRVVRPiWLFD±,QYHVWLJDo}HVSVLFDQDOtWLFDVVREUHR

(LJXHU$&DUHO$$QGUp)XVWLHU)$XEHUWHO)&FLFFLRQH$ .DsV5  $7UDQVPLVVmRGR

)HUUHLUD$%+  1RYRGLFLRQiULRGD/tQJXD3RUWXJXHVD5LRGH-DQHLUR1RYD)URQWHLUD

)UHXG6  (VWXGRVVREUHDKLVWHULD (GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDV

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

)UHXG6  (VWXGRVVREUHDKLVWHULD (GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDV

)UHXG6  8PFDVRGHKLVWHULD (GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDVFRPSOHWDV

)UHXG6  7RWHPH7DEX (GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDVFRPSOHWDVGH

)UHXG6  3VLFRORJLDGDVPDVVDVHDQiOLVHGRHX (GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDV

)UHXG6  2(JRHR,G (GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDVFRPSOHWDVGH

)UHXG6  2PDOHVWDUQDFXOWXUD (GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDV

)UHXG6  &DVRVFOtQLFRV,,5LRGH-DQHLUR,PDJR 2ULJLQDOPHQWHSXEOLFDGRHP 

)UHXG6  $,QWHUSUHWDomRGRVVRQKRV5LRGH-DQHLUR,PDJR 2ULJLQDOPHQWHSXEOLFDGRHP

-DVPLQ&/r0*0DUW\3+HU]EHUJ5  (YLGrQFLDSDUDXPDOLJDomRHQWUHFHUWRVIDWRUHV

.DsV5  2JUXSRHRVXMHLWRGRJUXSR6mR3DXOR&DVDGR3VLFyORJR

.DsV5  ,QWURGXomRDRFRQFHLWRGHWUDQVPLVVmRSVtTXLFDQRSHQVDPHQWRGH)UHXG,Q.DsV5

.DsV5  $SROLIRQLDGRVRQKR6mR3DXOR,GHLDVH/HWUDV

.DsV5  2VHVSDoRVSVtTXLFRVFRPXQVHSDUWLOKDGRVWUDQVPLVVmRHQHJDWLYR6mR3DXOR&DVD

/LSRZVNL=-  6RPDWL]DWLRQ7KH&RQFHSWDQG,WV&OLQLFDO$SSOLFDWLRQ,Q$PHULFDQ-RXUQDORI

/LVERD$9)pUHV&DUQHLUR7  4XDQGRRDGRHFLPHQWRDVVRPEUDHXQHRJUXSRIDPLOLDU

/LVERD$$+LVWyULD)DPLOLDUQR$GRHFLPHQWR6RPiWLFRDYLROrQFLDHPGHVWDTXH  I7HVHGH

/RVV/GD/  2ULVFRIDPLOLDUGHFkQFHUGHPDPDHQWUHDKHUDQoDHDKHUHGLWDULHGDGH3XOVLRQDO

0DUW\3  /¶RUGSV\FKRVVRPDWLTXH3DULV3D\RW

0DUW\3  $3VLFRVVRPiWLFDGRDGXOWR3RUWR$OHJUH$UWHV0pGLFDV

0DUW\3  0HQWDOL]DomRH3VLFRVVRPiWLFD6mR3DXOR&DVDGR3VLFyORJR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR   

0F'RXJDOO-  7HDWURVGR&RUSRRSVLFRVVRPDHP3VLFDQiOLVH6mR3DXOR0DUWLQV)RQWHV

0F'RXJDOO-*DFKHOLQ*$XODJQLHU30DUW\3/RULRG-&DwQ-  &RUSRH+LVWyULD6mR

0HOOR)LOKR-%XUG0  'RHQoDH)DPtOLD6mR3DXOR&DVDGR3VLFyORJR

0HOOR)LOKR-%XUG0  3VLFRVVRPiWLFD+RMH3RUWR$OHJUH$UWPHG

5XL]&RUUHD2%  2/HJDGR)DPLOLDUDWHFHODJHPJUXSDOGDWUDQVPLVVmRSVtTXLFD5LRGH

&DUQHLUR7)/LVERD$90DJDOKmHV$6

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

&RPEDVHHPHVWXGRVGHIDPtOLDVGHPXOKHUHVFRPFkQFHUGHPDPD)LOJXHLUDVHWDOUHVVDOWDP

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

(PHVWXGRVUHFHQWHV&RHOKR ÈYLOD0HOKR)LOKR %XUG9ROLFK )HUUD]R

/LSRZVNLFLWDDVRPDWL]DomRFRPRXPDWHQGrQFLDGHRVXMHLWRH[SUHVVDUVXDVDQJ~VWLDV2DXWRU

3DUD)HUUD]H9ROLFKDSDUWLUGHSHVTXLVDVUHDOL]DGDVSHOD(VFRODGH3VLFRVVRPiWLFDGH3DULV

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

'HDFRUGRFRPXPDSHUVSHFWLYDLQWHJUDWLYD0DUW\DSRQWDTXHXPDPDQHLUDGH

(PERUDRVFRQFHLWRVGH0DUW\DSRQWHPDOJXQVHVWDGRVHDWLYLGDGHVSVtTXLFDVTXHFRODERUDP

2XWUDTXHVWmRDFRQVLGHUDUpTXH'pMRXUVH0DUW\DSUHVHQWDPRDGRHFLPHQWRVRPiWLFR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

1HVWHWUDEDOKRQRVHPEDVDPRVQDFRQFHSomRGH'pMRXUVFRQVLGHUDQGRTXHDVRPDWL]DomR

5XL]&RUUHDPRVWUDTXHRWUDEDOKRGHWUDQVPLVVmRSVtTXLFDDFRQWHFHQRXQLYHUVRIDPLOLDUSRU

3RURXWURODGRSDUD.DsVDWUDQVPLVVmRSVtTXLFDFRPSUHHQGHXPSURFHVVRJHUDOPHQWH

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

&RPIRLGLWRDQWHULRUPHQWHRWHPDGDWUDQVPLVVmRQmRpDOJRQRYRHVHJXQGR.DsVSRGHVHU

1HVVDUHOHLWXUDGDREUDIUHXGLDQD.DsVPRVWUDTXH)UHXGKDYLDLQWURGX]LGRD

(P7RWHPH7DEX>@)UHXGUHYHODRXWUDYLDGHLQWHUSUHWDomRGRSURFHVVRGHWUDQVPLVVmR

2XWURVDUWLJRVGH)UHXGFRPR$3VLFRORJLDGDVPDVVDVHDQiOLVHGRHX>@H2(XHR,VVR

2XWURSRQWRDDFUHVFHQWDUGL]UHVSHLWRDRTXH.DsVHYLGHQFLDVREUHRSURFHVVRGHWUDQVPLVVmR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

$EUDKDP17RURN0$GRHQoDGH6LSDUD6L±1RWDGH&RQYHUVDomRVREUHD³3VLFRVVRPiWLFD´

$EUDKDP17RURN0$FDVFDHRQ~FOHR6mR3DXOR(VFXWD

$OH[DQGHU)0HGLFLQDSVLFRVVRPiWLFDVHXVSULQFtSLRVHDSOLFDo}HV7UDG&pOLD)LVFKPDQQ

%HQJKR]L37UDXPDWLVPRVSUHFRFHVGDFULDQoDHWUDQVPLVVmRJHQHDOyJLFDHPVLWXDomRGHFULVHV

%HWWV-$2FkQFHUGHPDPDFRPRIDWRUGHWUDQVIRUPDomR3V\FKr

&HUFKLDUL($13VLFRVVRPiWLFDXPHVWXGRKLVWyULFRHHSLVWHPROyJLFR3VLFRORJLD&LrQFLDH

&RHOKR&/6ÈYLOD/$&RQWURYpUVLDVVREUHDVRPDWL]DomR5HYLVWDGH3VLTXLDWULD&OtQLFD

'pMRXUV&5HSUHVVmRH6XEYHUVmRHP3VLFRVVRPiWLFD±,QYHVWLJDo}HVSVLFDQDOtWLFDVVREUHR

(LJXHU$&DUHO$$QGUp)XVWLHU)$XEHUWHO)&FLFFLRQH$ .DsV5$7UDQVPLVVmRGR

)HUUHLUD$%+1RYRGLFLRQiULRGD/tQJXD3RUWXJXHVD5LRGH-DQHLUR1RYD)URQWHLUD

)UHXG6(VWXGRVVREUHDKLVWHULD(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDV

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

)UHXG6(VWXGRVVREUHDKLVWHULD(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDV

)UHXG68PFDVRGHKLVWHULD(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDVFRPSOHWDV

)UHXG67RWHPH7DEX(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDVFRPSOHWDVGH

)UHXG63VLFRORJLDGDVPDVVDVHDQiOLVHGRHX(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDV

)UHXG62(JRHR,G(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDVFRPSOHWDVGH

)UHXG62PDOHVWDUQDFXOWXUD(GLo}HV(VWDQGDUWH%UDVLOHLUDGDV2EUDVSVLFROyJLFDV

)UHXG6&DVRVFOtQLFRV,,5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP

)UHXG6$,QWHUSUHWDomRGRVVRQKRV5LRGH-DQHLUR,PDJR2ULJLQDOPHQWHSXEOLFDGRHP

-DVPLQ&/r0*0DUW\3+HU]EHUJ5(YLGrQFLDSDUDXPDOLJDomRHQWUHFHUWRVIDWRUHV

.DsV52JUXSRHRVXMHLWRGRJUXSR6mR3DXOR&DVDGR3VLFyORJR

.DsV5,QWURGXomRDRFRQFHLWRGHWUDQVPLVVmRSVtTXLFDQRSHQVDPHQWRGH)UHXG,Q.DsV5

.DsV5$SROLIRQLDGRVRQKR6mR3DXOR,GHLDVH/HWUDV

.DsV52VHVSDoRVSVtTXLFRVFRPXQVHSDUWLOKDGRVWUDQVPLVVmRHQHJDWLYR6mR3DXOR&DVD

/LSRZVNL=-6RPDWL]DWLRQ7KH&RQFHSWDQG,WV&OLQLFDO$SSOLFDWLRQ,Q$PHULFDQ-RXUQDORI

/LVERD$9)pUHV&DUQHLUR74XDQGRRDGRHFLPHQWRDVVRPEUDHXQHRJUXSRIDPLOLDU

/LVERD$$+LVWyULD)DPLOLDUQR$GRHFLPHQWR6RPiWLFRDYLROrQFLDHPGHVWDTXHI7HVHGH

/RVV/GD/2ULVFRIDPLOLDUGHFkQFHUGHPDPDHQWUHDKHUDQoDHDKHUHGLWDULHGDGH3XOVLRQDO

0DUW\3/¶RUGSV\FKRVVRPDWLTXH3DULV3D\RW

0DUW\3$3VLFRVVRPiWLFDGRDGXOWR3RUWR$OHJUH$UWHV0pGLFDV

0DUW\30HQWDOL]DomRH3VLFRVVRPiWLFD6mR3DXOR&DVDGR3VLFyORJR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR

0F'RXJDOO-7HDWURVGR&RUSRRSVLFRVVRPDHP3VLFDQiOLVH6mR3DXOR0DUWLQV)RQWHV

0F'RXJDOO-DFKHOLQ$XODJQLHU30DUW\3/RULRG-&DwQ-&RUSRH+LVWyULD6mR

0HOOR)LOKR-%XUG0'RHQoDH)DPtOLD6mR3DXOR&DVDGR3VLFyORJR

0HOOR)LOKR-%XUG03VLFRVVRPiWLFD+RMH3RUWR$OHJUH$UWPHG

5XL]&RUUHD2%2/HJDGR)DPLOLDUDWHFHODJHPJUXSDOGDWUDQVPLVVmRSVtTXLFD5LRGH

5XL]&RUUHD2%,QWHUVXEMHWLYLGDGHQRVSURFHVVRVGHWUDQVPLVVmRSVtTXLFDJHUDFLRQDO,Q

6FOLDU0+LVWyULDGR&RQFHLWRGH6D~GH3K\VLV5HYLVWDGH6D~GH&ROHWLYD5LRGH-DQHLUR

6RQWDJ6$GRHQoDFRPRPHWiIRUDHG5LRGH-DQHLUR(GLo}HV*UDDO

9ROLFK50)HUUD])&2UJ3VLFRVVRPD,,,6mR3DXOR&DVDGR3VLFyORJR

$UTXLYRV%UDVLOHLURVGH3VLFRORJLD5LRGH-DQHLUR