Escolar Documentos
Profissional Documentos
Cultura Documentos
Direito Administrativo em Mapas Mentais
Direito Administrativo em Mapas Mentais
em Mapas Mentais
para Polícia Federal
(cargos de Agente e
Papiloscopista)
Por:
Marcelo Leite
Thiago Strauss
www.pontodosconcursos.com.br
Sumário
Visão Geral ............................................................................. 3
1. Estado, Governo e Administração Pública ............................ 4
1.1 Estado ............................................................................... 4
1.2 Governo ............................................................................ 5
1.3 Administração Pública .......................................................... 5
1.4 Princípios ........................................................................... 7
2. Organização Administrativa da União ..................................... 9
2.1 Administração pública – noções gerais ................................... 9
2.2 Descentralização administrativa ............................................ 10
2.3 Órgão ................................................................................ 11
2.3 Entidades em espécie .......................................................... 12
2.4 Entidades em espécie – Autarquia ......................................... 14
3. Servidores Públicos – Lei 8.112/90 ......................................... 15
3.1 Agente públicos .................................................................. 15
3.2 Normas constitucionais ........................................................ 16
3.3 Lei 8.112/90 ...................................................................... 17
3.4 Processo Administrativo Disciplinar – PAD .............................. 19
3.5 PAD – Rito ordinário ............................................................ 20
3.6 PAD – Rito sumário e prazos ................................................. 21
4. Licitações ................................................................................ 22
4.1 Noções gerais ..................................................................... 22
4.2 Contratação direta: dispensa e inexigibilidade ......................... 23
4.3 Modalidades de Licitação ...................................................... 24
6. Lei 8.429/92 - Improbidade Administrativa ............................ 26
7. Poderes Administrativos ......................................................... 27
7.1 Uso e abuso do poder .......................................................... 27
7.2 Poder hierárquico ................................................................ 28
7.3 Poder disciplinar ................................................................. 28
7.4 Poder regulamentar ............................................................. 29
7.5 Poder de polícia .................................................................. 29
8. Controle e Responsabilização da Administração ...................... 30
8.1 Controle administrativo ........................................................ 30
8.2 Controle judicial .................................................................. 30
8.3 Controle legislativo .............................................................. 30
8.4 Responsabilidade civil do Estado ........................................... 31
www.pontodosconcursos.com.br
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3)
9,62*(5$/
&RQFHLWRHOHPHQWRV
SRGHUHVHRUJDQL]DomR
6LVWHPDVDGPLQLVWUDWLYRV
(VWDGR*RYHUQRH
$GPLQLVWUDomR3~EOLFD 5HJLPHMXUtGLFRDGPLQLVWUDWLYR
3ULQFtSLRV
$GPLQLVWUDomRS~EOLFDH
GHVFHQWUDOL]DomRDGPLQLVWUDWLYD
'HVFRQFHQWUDomRHyUJmR
$XWDUTXLD
2UJDQL]DomR
$GPLQLVWUDWLYD (QWLGDGHV )XQGDo}HVS~EOLFDV
GD8QLmR HPHVSpFLH (PSUHVDS~EOLFD
6RFLHGDGHGH
HFRQRPLDPLVWD
$JHQWHVS~EOLFRV
6HUYLGRUHV
S~EOLFRV /HL
&RQFHLWRILQDOLGDGHHDEUDQJrQFLD
',5(,72 &RQWUDWDomR ,QH[LJLELOLGDGH
$'0,1,675$7,92 /LFLWDo}HV GLUHWD
'LVSHQVD
0RGDOLGDGHV
$VSHFWRVJHUDLV
,PSURELGDGH 'HVFULomRGRVDWRVGHLPSURELGDGH
DGPLQLVWUDWLYD 6DQo}HV
1Ro}HVLQWURGXWyULDV
8VRHDEXVRGRSRGHU
3RGHUKLHUiUTXLFR
3RGHUHV
DGPLQLVWUDWLYRV 3RGHUGLVFLSOLQDU
3RGHUUHJXODPHQWDU
3RGHUGHSROtFLD
&RQFHLWR
&ODVVLILFDomR
&RQWUROHDGPLQLVWUDWLYR
&RQWUROHH
5HVSRQVDELOL]DomR &RQWUROHMXGLFLDO
GD$GPLQLVWUDomR &RQWUROHOHJLVODWLYR
5HVSRQVDELOLGDGH
FLYLOGR(VWDGR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS(VWDGR*RYHUQRH$GPLQLVWUDomR3~EOLFD
(67$'2*29(512($'0,1,675$d23Ò%/,&$,
L7HUULWyULR (OHPHQWRItVLFR
LL3RYR (OHPHQWRKXPDQR
D(OHPHQWRV
GR(VWDGR LLL*RYHUQR
(VWDGR VREHUDQR 2UJDQL]DomRGR(VWDGRRFRUUHFRQIRUPHVXDOLYUHHVREHUDQDYRQWDGH
3DUDRGLUHLWRR(VWDGRpSHVVRDMXUtGLFDWHUULWRULDOVREHUDQDUHJLGDSHORGLUHLWRS~EOLFR
E$FHSomR 3RVVXL $SWLGmRJHQpULFDSDUDDGLTXLULUGLUHLWRVHFRQWUDLUREULJDo}HV
MXUtGLFD SHUVRQDOLGDGHMXUtGLFD
$WULEXWRQHFHVViULRSDUDVHUVXMHLWRQDVUHODo}HVMXUtGLFDV
)XQomR (ODERUDUQRUPDV
/HJLVODWLYD JHUDLVHDEVWUDWDV
3ULQFtSLRGDVHSDUDomRGRVSRGHUHV
D1Ro}HV
3URS{VTXHDVIXQo}HVQmRSRGHULDP
KLVWyULFDV
VHUH[HUFLGDVSHORPHVPRyUJmR
0RQWHVTXLHX 3DUDHYLWDUDEXVRQRH[HUFtFLRGRSRGHUDVIXQo}HVGHYHULDP
VHUGLVWULEXtGDVSRUFHQWURVLQGHSHQGHQWHVHQWUHVLGHIRUPDD
SRVVLELOLWDUDOLPLWDomRGRSRGHUSHORSRGHU
'LYLVmRIOH[tYHOGDVIXQo}HVHVWDWDLV
3RGHU 2UJDQL]DVHXVVHUYLoRVLQWHUQRV
-XGLFLiULR $GPLQLVWUD
&)DUW
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS(VWDGR*RYHUQRH$GPLQLVWUDomR3~EOLFD
(67$'2*29(512($'0,1,675$d23Ò%/,&$,,
3ODQHMDU (VWDEHOHFHRVSODQRVGHDomR
7DPEpPFKDPDGRGHVHQWLGRPDWHULDORXIXQFLRQDO
([HFXWDU
$WLYLGDGHGH
&RPSUHHQGHD 3UHVWDUVHUYLoR
)81d2
$WLYLGDGHFRQFUHWDHLPHGLDWD
$'0,1,675$7,9$
TXHR(VWDGRH[HUFH
&RQFHLWR 6REUHJLPHMXUtGLFRGHGLUHLWRS~EOLFR
1Ro}HV 3DUDFRQVHFXomRGHLQWHUHVVHVFROHWLYR
*HUDLV $WLYLGDGHTXHSRUVXDHVVHQFLDOLGDGH
L 6HUYLoR RXUHOHYkQFLDIRUDPDVVXPLGDVSHOR
3~EOLFR (VWDGRFRPRXVHPH[FOXVLYLGDGH
3RGHUGHSROtFLD
LL 3ROtFLD $GPLQLVWUDomRS~EOLFDSRGHFRQGLFLRQDU
$GPLQLVWUDWLYD RXUHVWULQJLURXVRHRJR]RGHEHQV
GLUHLWRVHDWLYLGDGHVLQGLYLGXDLVHP
D6HQWLGR EHQHItFLRGDFROHWLYLGDGHRXGR(VWDGR
REMHWLYR
,QFHQWLYRjLQLFLDWLYDSULYDGD
LLL)RPHQWR GHLQWHUHVVHS~EOLFR
$GPLQLVWUDomR
3~EOLFD HP ,QWHUYHQomRQD
$EUDQJH
6HQWLGR(VWULWR SURSULHGDGHSULYDGD
,QWHUYHQomR &)DUW;;,9
GR(VWDGRQR
VHWRUSULYDGR ,QWHUYHQomRLQGLUHWDQR
GRPtQLRHFRQ{PLFR
&)DUW
0DULD6\OYLDQmRFRQVLGHUD
LY,QWHUYHQomR DDWXDomRGLUHWDGR(VWDGR
QRGRPtQLRHFRQ{PLFR
FRPRIXQomRDGPLQLVWUDWLYD
2EV 1HVVHFDVRR(VWDGRVXEPHQWHVH
DRUHJLPHMXUtGLFRGHGLUHLWRSULYDGR
&)DUW
7DPEpPFKDPDGRGHVHQWLGRIRUPDORXRUJkQLFR
$EUDQJHRFRQMXQWRGHyUJmRVSHVVRDVMXUtGLFDV
HDJHQWHVLQWHJUDQWHVGDDGPLQLVWUDomRS~EOLFD
E6HQWLGR 2%UDVLODGRWDRFULWpULRIRUPDOGHDGPLQLVWUDomRS~EOLFD
VXEMHWLYR LÏUJmRVGDDGPLQLVWUDomRGLUHWD
,QWHJUDGRSRU LL(QWLGDGHVGDDGPLQLVWUDomRLQGLUHWD
LLL$JHQWHVDGPLQLVWUDWLYRV
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS(VWDGR*RYHUQRH$GPLQLVWUDomR3~EOLFD
(67$'2*29(512($'0,1,675$d23Ò%/,&$,,,
L&RQMXQWRGHyUJmRVHSHVVRDV $GPLQLVWUDomR3~EOLFD
MXUtGLFDVDGPLQLVWUDWLYDV HPVHQWLGR68%-(7,92
5DPRGRGLUHLWRS~EOLFR
TXHWHPSRUREMHWR LL )XQomR $WLYLGDGHMXUtGLFDQmRFRQWHQFLRVD
DGPLQLVWUDWLYD
$GPLQLVWUDomR3~EOLFDHPVHQWLGR2%-(7,92
L2V yUJmRV DJHQWHV H SHVVRDV MXUtGLFDV DGPLQLVWUDWLYDV
TXHLQWHJUDPD$GPLQLVWUDomR3~EOLFD
&RQFHLWR 5DPRGRGLUHLWRS~EOLFR
GR 'LUHLWR LL$DWLYLGDGHMXUtGLFDQmRFRQWHQFLRVDTXHH[HUFHH
TXHWHPSRUREMHWR
0DULD
$GPLQLVWUDWLYR LLL2VEHQVGHTXHXWLOL]DSDUDFRQVHFXomR
6\OYLD GHVHXVILQVGHQDWXUH]DS~EOLFD
&RQMXQWRKDUP{QLFRGHSULQFtSLRVMXUtGLFRVTXHUHJHPRVyUJmRVRVDJHQWHVHDVDWLYLGDGHV
+HO\ S~EOLFDVWHQGHQWHVDUHDOL]DUFRQFUHWDGLUHWDHLPHGLDWDPHQWHRVILQVGHVHMDGRVSHOR(VWDGR
/RSHV
eRUHJLPHDGRWDGRSHOR(VWDGRSDUDRFRQWUROHGH
OHJDOLGDGHHOHJLWLPLGDGHGRVDWRVDGPLQLVWUDWLYRV
D&RQFHLWR
&RQWHQFLRVRDGPLQLVWUDWLYR
3RGHU-XGLFLiULR
L-XULVGLomRFRPXP
'XDOLGDGHGH -XULVGLomRHVSHFLDOGRFRQWHQFLRVRDGPLQLVWUDWLYR
E6LVWHPD MXULVGLomR
)UDQFrV 5HVROYHOLWtJLRVQRVTXDLVDDGPLQLVWUDomRpSDUWH
LL-XULVGLomR 7ULEXQDLV$GPLQLVWUDWLYRVH&RQVHOKRGH(VWDGR
DGPLQLVWUDWLYD
6LVWHPDV ,QGHSHQGrQFLDGRVSRGHUHVH
$GPLQLVWUDWLYRV GHVFRQILDQoDFRPUHODomRDRMXGLFLiULR
6LVWHPDMXGLFLiULRRXGHMXULVGLomRXQD
L3RGHU $SUHFLDWRGDVKLSyWHVHVGHOLWtJLRUHVROXomRGHFRQIOLWRV
8QLFLGDGHGH MXGLFLiULR
MXULVGLomR
'HFLGHMXOJDVHPMXULVLGLomR
F 6LVWHPD
,QJOrV LL$GPLQLVWUDomR 6HPGHILQLWLYLGDGH
S~EOLFD
1Ro}HV
6LVWHPDDGPLQLVWUDWLYR 3ULQFtSLRGDLQDIDVWDELOLGDGHGHMXULVGLomR
*HUDLV XWLOL]DGRQR%5$6,/
&)DUWLQF;;;9
5HJLPHGHGLUHLWR DRVyUJmRVHHQWLGDGHVTXHFRPS}HPDDGPLQLVWUDomRS~EOLFDH
S~EOLFRDSOLFiYHO
jDWXDomRGRVDJHQWHVDGPLQLVWUDWLYRV
&RQMXQWRVLVWHPDWL]DGRGHSULQFtSLRVHUHJUDVTXHGmRLGHQWLGDGHDR
'LUHLWR$GPLQLVWUDWLYRGLIHUHQFLDQGRRGRVGHPDLVUDPRVGRGLUHLWR
D&RQFHLWR
$RPHVPRWHPSRTXHDV35(552*$7,9$6FRORFDPDDGPLQLVWUDomRHP
SRVLomRGHVXSUHPDFLDSHUDQWHRSDUWLFXODUDVUHVWULo}HV68-(,d®(6
OLPLWDPVXDDWLYLGDGHDGHWHUPLQDGRVILQVHSULQFtSLRV
35(552*$7,9$6RXSRGHUHVHVSHFLDLVGDDGPLQLVWUDomRS~EOLFD
6mREHQHItFLRVFRQFHGLGRVSHODRUGHPMXUtGLFD
9LVDPJDUDQWLUDFRQVHFXomRGRVLQWHUHVVHVS~EOLFRV
L3RVLomR 3UHVXQomRGHOHJLWLPLGDGHH
SUHYLOHJLDGD YHUDFLGDGHGRVDWRVDGPLQLVWUDWLYRV
([
3UD]RVPDLRUHVHPSURFHVVRVMXGLFLDLV
E6XSUHPDFLD GR
5HJLPH LQWHUHVVHS~EOLFR 9HUWLFDOLGDGHQDVUHODo}HVDGPLQLVWUDomRSDUWLFXODU
-XUtGLFR 'HYHUHV3RGHUHV &DUiWHULQVWUXPHQWDO
$GPLQLVWUDWLYR
LL3RVLomRGH &OiXVXODVH[RUELWDQWHVGRVFRQWUDWRVDGPLQLVWUDWLYRV
VXSUHPDFLD
([ 3RGHUGHLPSpULRRXH[WURYHUVR
$XWRH[HFXWRULHGDGHGRVDWRVDGPLQLVWUDWLYRV
,QGLVSRQLELOLGDGHSHODDGPLQLVWUDomRGRVLQWHUHVVHVS~EOLFRV 68-(,d®(6
$GPLQLVWUDUpDSOLFDUDOHLGHRItFLR
L3ULQFtSLRGDOHJDOLGDGH
%HQVHLQWHUHVVHVS~EOLFRVQmRVHHQFRQWUDP
F,QGLVSRQLELOLGDGH jOLYUHGLVSRVLomRGRDGPLQLVWUDGRU
GRLQWHUHVVHS~EOLFR LL6XMHLo}HV eDRUGHPOHJDOTXHGLVS}HVREUHDILQDOLGDGH
1HFHVVLGDGHGHUHDOL]DomRGHFRQFXUVRVS~EOLFRV
([ 1HFHVVLGDGHGHUHDOL]DomRGHOLFLWDo}HVSDUDFHOHEUDomRGHFRQWUDWRV
([LJrQFLDGHPRWLYDomRGRVDWRVDGPLQLVWUDWLYRV
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS(VWDGR*RYHUQRH$GPLQLVWUDomR3~EOLFD
35,1&Ë3,26$'0,1,675$7,926,
3ULQFtSLRLPSOtFLWR
1DVUHODo}HVMXUtGLFDVHPTXHR(VWDGRDWXHFRPRUHSUHVHQWDQWHGD
VRFLHGDGHVHXVLQWHUHVVHVSUHYDOHFHPFRQWUDLQWHUHVVHVSDUWLFXODUHV
D&RQFHLWR 'HFODUDDVXSHULRULGDGHGRLQWHUHVVHGDFROHWLYLGDGH
GHWHUPLQDQGRDSUHYDOrQFLDGHOHVREUHRSDUWLFXODU
,QWHUHVVHS~EOLFRSURSULDPHQWHGLWR
L,QWHUHVVHSULPiULRGR(VWDGR
'LPHQVmRS~EOLFDGRVLQWHUHVVHVLQGLYLGXDLV
3ULQFtSLRLPSOtFLWR
2LQWHUHVVHS~EOLFRTXDOLILFDGRFRPRSUySULR
GDFROHWLYLGDGHpLQGLVSRQtYHOLQDSURSULiYHO
1DDGPLQLVWUDomRS~EOLFDRVEHQVHLQWHUHVVHVQmR
D&RQFHLWR HVWmRjOLYUHGLVSRVLomRGDYRQWDGHGRDGPLQLVWUDGRU
eDRUGHPOHJDOTXHGLVS}HVREUHDILQDOLGDGHDTXHHVWmRDGVWULWRV
,QGLVSRQLELOLGDGH
GRLQWHUHVVHS~EOLFR 3ULQFtSLRGDOHJDOLGDGH
2EULJDWRULHGDGHGRGHVHPSHQKRGDDWLYLGDGHS~EOLFD
68-(,d®(6 ,QDOLHQDELOLGDGHGRVGLUHLWRV
E &RQVHTXrQFLDV
GRSULQFtSLR FRQFHUQHQWHVDLQWHUHVVHVS~EOLFRV
2XWUDV
3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR &)DUWFDSXW
3RGHID]HUWXGRRTXHDOHLQmRSURtEH
6LJQLILFDDXWRQRPLD
3ULQFtSLRV GDYRQWDGH 1LQJXpPVHUiREULJDGRDID]HURXGHL[DUGH
3DUDR ID]HUDOJXPDFRLVDVHQmRHPYLUWXGHGHOHL
$GPLQLVWUDWLYRV 0DULD
&),,
SDUWLFXODU
6\OYLD
$DGPLQLVWUDomRS~EOLFDVy
6LJQLILFDYRQWDGHOHJDO SRGHID]HURTXHDOHLSHUPLWH
3DUDDGPLQLVWUDomRS~EOLFD
/HJDOLGDGH 1DDGPLQLVWUDomRS~EOLFDQmRKiOLEHUGDGHQHPYRQWDGHSHVVRDO
+HO\/RSHV (QTXDQWRQDDGPLQLVWUDomRSDUWLFXODUpOtFLWRID]HUWXGRDTXLORTXHDOHLQmR
SURtEHQDDGPLQLVWUDomRS~EOLFDVypSHUPLWLGRID]HURTXHDOHLDXWRUL]D
eSULQFtSLRHVSHFtILFRGR(VWDGRGH'LUHLWR )UXWRGDVXEPLVVmRGR(VWDGRjOHL
6XUJHFRPRGHFRUUrQFLD 2VLQWHUHVVHVS~EOLFRVVmRGHILQLGRV
&HOVR SHOR/HJLVODWLYRTXHUHSUHVHQWDRSRYR
QDWXUDOGDLQGLVSRQLELOLGDGH
$QW{QLR
GRLQWHUHVVHS~EOLFR 6XEPLVVmRGDIXQomRDGPLQLVWUDWLYDDWRVFRQFUHWRVj
IXQomROHJLVODWLYDDWRVJHUDLVLPSHVVRDLVHDEVWUDWRV
3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR &)DUWFDSXW
2VDWRVHSURYLPHQWRVDGPLQLVWUDWLYRVVmRLPSXWDGRVDRyUJmR
RXjHQWLGDGHDTXHVHYLQFXODRDJHQWHS~EOLFRQmRDHOHSUySULR
$VSHVVRDVMXUtGLFDVH[SUHVVDPVXD
D&RPUHODomRj YRQWDGHSRUPHLRGRVVHXVyUJmRV
DGPLQLVWUDomR 7HRULD
GRyUJmR 俶 5HODomR GH $DWLYLGDGHGRVyUJmRVLGHQWLILFDVH
S~EOLFD
0DULD ,0387$d2 HUHODFLRQDVHFRPDGDHQWLGDGH
6\OYLD
5HODFLRQDGR eVHPSUHRLQWHUHVVHS~EOLFRTXHGHYH
DRSULQFtSLR QRUWHDURFRPSRUWDPHQWRGDDGPLQLVWUDomR
,PSHVVRDOLGDGH GDILQDOLGDGH 4XDOTXHUDWRGDDGPLQLVWUDomRS~EOLFDGHYH
E &RPUHODomR ]HODUSHORLQWHUHVVHS~EOLFRQmRSHVVRDO
DRVDGPLQLVWUDGRV
,PS}HDRDGPLQLVWUDGRUS~EOLFDTXH
VySUDWLTXHRDWRSDUDRVHXILPOHJDO
eRPHVPRSULQFtSLRGDILQDOLGDGH $ILQDOLGDGHWHPVHPSUHFRPRREMHWLYR
FHUWRHLQDIDVWiYHORLQWHUHVVHS~EOLFR
+HO\/RSHV
(VWiHQWUHODoDGRFRPR ,PS}HjDGPLQLVWUDomRWUDWDULJXDOPHQWHDWRGRV
SULQFtSLRGDLJXDOGDGH TXHHVWHMDPQDPHVPDVLWXDomRIiWLFDHMXUtGLFD
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS(VWDGR*RYHUQRH$GPLQLVWUDomR3~EOLFD
35,1&Ë3,26$'0,1,675$7,926,,
3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR &)DUWFDSXW
俺 1mRVHWUDWDGDPRUDOFRPXP$FHSomRVXEMHWLYD
$FHSomRREMHWLYD
&RQMXQWRGHUHJUDVGHFRQGXWDWLUDGDVGD
7UDWDVH GD GLVFLSOLQDLQWHULRUGDDGPLQLVWUDomRS~EOLFD
D&RQFHLWR
PRUDOMXUtGLFD
0RUDOLGDGH 0RUDOLQWHUQDGDLQVWLWXLomRFRPSOHPHQWDUjOHL
2VDWRVGHYHPVHUDOpPGHOHJDLVKRQHVWRVH
VHJXLURVERQVFRVWXPHVHDERDDGPLQLVWUDomR
$QWLJDpDGLVWLQomRHQWUHPRUDOHGLUHLWRDPERVUHSUHVHQWDGRVSRUFtUFXORV
E7HRULD GRVFtUFXORV FRQFrQWULFRVVHQGRRPDLRUFRUUHVSRQGHQWHjPRUDOHRPHQRUDRGLUHLWR
FRQFrQWULFRV
3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR &)DUWFDSXW
5HJUD 7RGRVRVDWRVGHYHPVHUS~EOLFRVJDUDQWLQGRDWUDQVSDUrQFLDHVWDWDO
俺 ([FHomR 'HYHPVHUOHJDOPHQWHSUHYLVWDVHWDPEpPDWHQGHUHPDRLQWHUHVVHS~EOLFR
DRSULQFtSLR 6HJXUDQoD1DFLRQDO&)DUW;;;,,,
3XEOLFLGDGH ([
'HIHVDGDLQWLPLGDGH&)DUW/;
3XEOLFDomRRILFLDOGRVDWRV eUHTXLVLWRGHHILFiFLD
H[WHUQRVGDDGPLQLVWUDomRS~EOLFD
2EV 俺 1mRpSUHVVXSRVWRGHYDOLGDGH
(ILFLrQFLD 3UHJDDPD[LPL]DomRGHUHVXOWDGRVQDDWXDomRGDDGPLQLVWUDomRS~EOLFDTXHGHYHVHUUiSLGD~WLOHFRQ{PLFD
3ULQFtSLRFRQVWLWXFLRQDOLPSOtFLWR &)DUW/,9
L$GHTXDomR &RQGXWDDSWDDSURGX]LURVHIHLWRVGHVHMDGRV
&RQGXWDGHQWURGRVSDGU}HV
2 SULQFtSLR
QRUPDLVGHDFHLWDELOLGDGH
3ULQFtSLRV FRQGX] jV
LL1HFHVVLGDGH
LGHLDVGH ,QH[LVWrQFLDGHRXWURPHLRPHQRV
$GPLQLVWUDWLYRV JUDYRVRSDUDDOFDQoDURILPGHVHMDGR
D&RQFHLWR
0HLRVHPSUHJDGRV
5D]RDELOLGDGH H LLL3URSRUFLRQDOLGDGH
3RQGHUDomRHQWUH
)LQVDOFDQoDGRV
SURSRUFLRQDOLGDGH
/LPLWDomRjGLVFULFLRQDULHGDGHDGPLQLVWUDWLYD
$PSOLDomRGRkPELWRGHDSUHFLDomRGRDWRDGPLQLVWUDWLYRSHOR3RGHU-XGLFLiULR
&DEHjDGPLQLVWUDomRS~EOLFDUHYHUVHXVSUySULRVDWRVDQXODQGR
RVLOHJDLVHUHYRJDQGRRVLQFRQYHQLHQWHVRXLQRSRUWXQRV
eFRQWUROHLQWHUQR 'LIHUHQWHGDWXWHODTXHpFRQWUROHH[WHUQRVXMHLomRH[HUFLGDSRURXWUDSHVVRD
eRSRGHUTXHWHPDDGPLQLVWUDomRSDUDUHYHUVHXVSUySULRVDWRV
D&RQFHLWR
$QXODomR
&RQGX]D
L$VSHFWRGHOHJDOLGDGHHOHJLWLPLGDGH &RQYDOLGDomR
$XWRWXWHOD
E$EUDQJrQFLD $QiOLVHGHFRQYHQLrQFLDHGHRSRUWXQLGDGH
LL$VSHFWRGHPpULWR 5HYRJDomR
&RQGX]D
$DGPLQLVWUDomRSRGHDQXODUVHXVSUySULRVDWRVTXDQGRHLYDGRVGHYtFLRV
TXHRVWRUQHPLOHJDLVSRUTXHGHOHVQmRVHRULJLQDPGLUHLWRVRXSRGH
UHYRJiORVSRUPRWLYRGHFRQYHQLrQFLDRXRSRUWXQLGDGHUHVSHLWDGRVRV
6~PXOD67) GLUHLWRVDGTXLULGRVHUHVVDOYDGDHPWRGRVRVFDVRVDDSUHFLDomRMXGLFLDO
3ULQFtSLRFRQVWLWXFLRQDOLPSOtFLWR &)DUW,9
(VWDEHOHFHDQHFHVVLGDGHGHTXHD$GPLQLVWUDomR3~EOLFDQmRLQWHUURPSDD
&RQWLQXLGDGH SUHVWDomRGHVHXVVHUYLoRVSRLVIXQGDPHQWDLVHHVVHQFLDLVjFROHWLYLGDGH
&RQFHLWR 3DUDD/HLVHUYLoRDGHTXDGRpDTXHOHTXH
VDWLVID]HQWUHRXWUDVDVFRQGLo}HVFRQWLQXLGDGH
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV &DS2UJDQL]DomRDGPLQLVWUDWLYDGD8QLmR
25*$1,=$d2$'0,1,675$7,9$'$81,2,
(VWDGRH[HFXWDVXDVWDUHIDVGLUHWDPHQWHSRUPHLRGRVyUJmRVH
DJHQWHVLQWHJUDQWHVGD$'0,1,675$d2',5(7$
&HQWUDOL]DomR D&RQFHLWR
$GPLQLVWUDWLYD
)RUPDGLUHWDHLPHGLDWD
E([HFXomRGD$WLYLGDGH3UHVWDomRGR6HUYLoR
)RUPDGHRUJDQL]DomRHDWXDomRDGPLQLVWUDWLYDQDTXDOR(VWDGR
GHVHPSHQKDVXDVDWULEXLo}HVSRUPHLRGHRXWUDVSHVVRDV
D&RQFHLWR eDGLVWULEXLomRGHFRPSHWrQFLDVGHXPD
SDUDRXWUDSHVVRDItVLFDRXMXUtGLFD
)RUPDLQGLUHWDHPHGLDWD
E([HFXomRGD$WLYLGDGH3UHVWDomRGR6HUYLoR
'HVFHQWUDOL]DomRSRUVHUYLoRV
3RGHU3~EOLFRFULDXPDSHVVRDMXUtGLFD
HDHODDWULEXLD7,78/$5,'$'(HD
(;(&8d2GHVHUYLoRS~EOLFR
L2XWRUJD
2FRUUHPHGLDQWH/(,
3UHVVXS}HREULJDWRULDPHQWHD
HGLomRGHXPDOHLTXHLQVWLWXDD
HQWLGDGHRXDXWRUL]HVXDFULDomR
'HVFHQWUDOL]DomR 'HVFHQWUDOL]DomRSRUFRODERUDomR
$GPLQLVWUDWLYD 3RGHU3~EOLFRDWULEXLDXPD
SHVVRDMXUtGLFDGHGLUHLWRSULYDGR
LL'HOHJDomR D(;(&8d2GHVHUYLoRS~EOLFR
F)RUPDVGH
GHVFHQWUDOL]DomR 2FRUUH &2175$72RX
PHGLDQWH
$7281,/$7(5$/
'HVFHQWUDOL]DomRJHRJUiILFD
7HUULWyULRV)HGHUDLV
2UJDQL]DomR (QWLGDGHORFDOJHRJUDILFDPHQWH
GHOLPLWDGDGRWDGDGHSHUVRQDOLGDGH
$GPLQLVWUDWLYD LLL7HUULWRULDO MXUtGLFDSUySULDGHGLUHLWRS~EOLFRFRP
FDSDFLGDGHDGPLQLVWUDWLYDJHQpULFD
$XWDUTXLDWHUULWRULDO &)DUW
RXJHRJUiILFD
&)DUW
9HU0DSD0HQWDOGH'HVFHQWUDOL]DomR$GPLQLVWUDWLYD
7pFQLFDDGPLQLVWUDWLYDGHGLVWULEXLomRLQWHUQD
GHFRPSHWrQFLDVGHXPDSHVVRDMXUtGLFD
5HSDUWLomRGHIXQo}HVHQWUHYiULRVyUJmRV
GHVSHUVRQDOL]DGRVVHPTXHEUDGDKLHUDUTXLD
D&RQFHLWR 'HVFRQFHQWUDomRHQYROYH
REULJDWRULDPHQWHXPDVySHVVRDMXUtGLFD
([8QLmR GLVWULEXL FRPSHWrQFLDV HQWUH GLYHUVRV yUJmRV
GHVXDSUySULDHVWUXWXUDFRPRRV0LQLVWpULRV
)RUPDGLUHWDHLPHGLDWD
E([HFXomRGDDWLYLGDGH3UHVWDomRGRVHUYLoR
F&RQWUROHH[HUFLGR
'HVFRQFHQWUDomR
$GPLQLVWUDWLYD 2FRUUHQDVUHODo}HVGHKLHUDUTXLDHGH
&21752/( VXERUGLQDomRH[LVWHQWHVHQWUHRVyUJmRV
+,(5È548,&2 UHVXOWDQWHVGDGHVFRQFHQWUDomR
5(/$d2'(68%25',1$d2 'HFDUiWHULQWHUQR
$872787(/$ /HJDOLGDGHHOHJLWLPLGDGH
9HULILFD 0pULWR
$EUDQJrQFLD
&RQYHQLrQFLDHRSRUWXQLGDGH
([ 5HFXUVRKLHUiUTXLFR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV &DS2UJDQL]DomRDGPLQLVWUDWLYDGD8QLmR
25*$1,=$d2$'0,1,675$7,9$'$81,2,,'(6&(175$/,=$d2
(VWDGRGHVHPSHQKDVXDVDWULEXLo}HVSRUPHLRGHRXWUDVSHVVRDV
eDGLVWULEXLomRGHFRPSHWrQFLDVGHXPDSDUDRXWUDSHVVRDItVLFDRXMXUtGLFD
&RQFHLWR )RUPDLQGLUHWDHPHGLDWD
([HFXomRGD$WLYLGDGH3UHVWDomRGR6HUYLoR
'HVFHQWUDOL]DomRSRUVHUYLoRV
3RGHU3~EOLFRFULDXPDSHVVRD 7,78/$5,'$'(H
MXUtGLFDHDHODDWULEXLD GHVHUYLoRS~EOLFR
D(;(&8d2
3UHVVXS}HREULJDWRULDPHQWH ,QVWLWXDDHQWLGDGHRX
DHGLomRGHXPD/(,TXH
$XWRUL]HVXDFULDomR
/HLFULDDHQWLGDGH
3HVVRDMXUtGLFD $XWDUTXLD
GHGLUHLWRS~EOLFR )XQGDomRS~EOLFD
7UDQVIHUrQFLD GHGLUHLWR3Ò%/,&2
SRUPHLRGHOHL /HLDXWRUL]DFULDomRGDHQWLGDGH
&)DUW;,;
)XQGDomRS~EOLFD
&DUDFWHUtVWLFDV GHGLUHLWR35,9$'2
3HVVRDMXUtGLFDGH
(PSUHVDS~EOLFD
GLUHLWRSULYDGR
6RFLHGDGHGH
HFRQRPLDPLVWD
3HUGHDGLVSRQLELOLGDGHGRVHUYLoR
(QWHSROtWLFR
3DUDUHWRPiORGHSHQGHUiGHOHL
&RQWUROHH[HUFLGR
D2XWRUJD
'HSHQGHGHSUHYLVmROHJDOTXH
HVWDEHOHoDPHLRVDVSHFWRVH
RFDVL}HVGHFRQWUROHDWRVGHWXWHOD
1mRKiWXWHODVHPOHLTXHDSUHYHMD
'HVFHQWUDOL]DomR 9LVDDVVHJXUDUDUHDOL]DomRGRVREMHWLYRV
&21752/(
$GPLQLVWUDWLYD ),1$/Ë67,&2 IL[DGRVQRVDWRVGHFRQVWLWXLomRGDHQWLGDGH
9HULILFDomRGRVUHVXOWDGRV
+DUPRQL]DomRFRPDV
)RUPDVGH SROtWLFDVJRYHUQDPHQWDLV
GHVFHQWUDOL]DomR 787(/$
'HFDUiWHU ([HUFLGRSHODDGPLQLVWUDomRGLUHWD
$'0,1,675$7,9$ VREUHDGPLQLVWUDomRLQGLUHWD
H[WHUQR
5(/$d2'(
9,1&8/$d2 ([HUFLGRSHOR0LQLVWpULRDRTXDO
6XSHUYLVmR
PLQLVWHULDO DHQWLGDGHHVWHMDYLQFXODGD
9HULILFDRDOFDQFHGRVREMHWLYRV
GDHQWLGDGHIL[DGRVQDOHL
$EUDQJrQFLD 'HYHSUHVHUYDUDDXWRQ{PLD
GDHQWLGDGHGHVFHQWUDOL]DGD
([&RQWUROHVSUpYLRV 1RPHDomRGHGLULJHQWHV
'HVFHQWUDOL]DomRSRUFRODERUDomR
3RGHU3~EOLFRDWULEXLDXPDSHVVRDMXUtGLFDGH
GLUHLWRSULYDGRD(;(&8d2GHVHUYLoRS~EOLFR
2FRUUHPHGLDQWH&2175$72RX$7281,/$7(5$/
(IHWLYDGDSRUSUD]RGHWHUPLQDGR
&RQFHVVmR
L3RUFRQWUDWR 0RGDOLGDGHV
3HUPLVVmR
E'HOHJDomR
(PUHJUDQmRKiSUD]RFHUWRHPUD]mRGDSUHFDULHGDGH
3RVVLELOLGDGHGHUHYRJDomRDTXDOTXHUWHPSR
0RGDOLGDGH $XWRUL]DomR GHVHUYLoRS~EOLFR
LL3RUDWR
DGPLQLVWUDWLYR
$WUDQVIHUrQFLDQmRpGDSUHVWDomRPDVVLP
2EV GDH[SORUDomRGHGHWHUPLQDGRVHUYLoRS~EOLFR
7HUULWyULRV)HGHUDLV
F7HUULWRULDO
俺 1mR Ki KLHUDUTXLDQDVIRUPDVGHGHVFHQWUDOL]DomR
2EV 俶 +i9,1&8/$d2
(QWUHDDGPLQLVWUDomRGLUHWDHLQGLUHWD
俺 1mRKiVXERUGLQDomR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV &DS2UJDQL]DomRDGPLQLVWUDWLYDGD8QLmR
25*$1,=$d2$'0,1,675$7,9$'$81,2,,,Ï5*2
8QLGDGHGHDWXDomRLQWHJUDQWHGDHVWUXWXUDGD /HLDUW
DGPLQLVWUDomRGLUHWDRXDGPLQLVWUDomRLQGLUHWD
1mRWHPSHUVRQDOLGDGHMXUtGLFD
&RQFHLWR &HQWURVGHFRPSHWrQFLDLQVWLWXtGRVSDUDRGHVHPSHQKRGHIXQo}HVHVWDWDLVSRU
PHLRGHVHXVDJHQWHVFXMDDWXDomRpLPSXWDGDjSHVVRDMXUtGLFDDTXHSHUWHQFHP
'HVFRQFHQWUDomRLQWHUQD
D4XDQWRj
HVWUXWXUD LL&RPSRVWR 5H~QHPHPVXDHVWUXWXUDGLYHUVRVyUJmRV
([ eRTXHRFRUUHFRPRV0LQLVWpULRVHDV6HFUHWDULDV
L6LQJXODU 0RQRFUiWLFRGHFLV}HVVmRDWULEXLomRGHXP~QLFRDJHQWH
E4XDQWRj
DWXDomR $WXDPHGHFLGHPPHGLDQWHPDQLIHVWDomRFRQMXQWDGHVHXVPHPEURV
LL&ROHJLDGR
IXQFLRQDO
2ULJLQiULRVGD&RQVWLWXLomR)HGHUDO
5HSUHVHQWDWLYRVGRV3RGHUHVGR(VWDGR
6HPVXERUGLQDomR
L,QGHSHQGHQWHV KLHUiUTXLFDRXIXQFLRQDO
ÏUJmRVSULPiULRV
&DUDFWHUtVWLFDV
6XMHLWRVVRPHQWHDRVFRQWUROHVFRQVWLWXFLRQDLV
GHXP3RGHUVREUHRRXWUR
&ODVVLILFDomR 6XERUGLQDGRVDRVFKHIHVGRVyUJmRVLQGHSHQGHQWHV
)LQDQFHLUD
$XWRQRPLD $GPLQLVWUDWLYD
LL$XW{QRPRV 2SHUDFLRQDO
F4XDQWRj ([HUFHPIXQo}HVSUHFtSXDVGHSODQHMDPHQWR
SRVLomR VXSHUYLVmRFRRUGHQDomRHFRQWUROHGDVDWLYLGDGHV
HVWDWDO ([ 0LQLVWpULRV6HFUHWDULDVGH(VWDGR$GYRFDFLD*HUDOGD8QLmR
6XMHLWRVjVXERUGLQDomRHDRFRQWUROHKLHUiUTXLFR
'LUHomR
&RQWUROH
'HWrPSRGHUGH
LLL6XSHULRUHV 'HFLVmR
&RPDQGR
1mRJR]DPGHDXWRQRPLDILQDQFHLUDDGPLQLVWUDWLYDHRSHUDFLRQDO
([6HFUHWDULDGR7HVRXUR1DFLRQDO671
LY6XEDOWHUQRV ([HUFHPDWULEXLo}HVGHPHUDH[HFXomR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV &DS2UJDQL]DomRDGPLQLVWUDWLYDGD8QLmR
25*$1,=$d2$'0,1,675$7,9$'$81,2,9(17,'$'(6(0(63e&,(
3HVVRDVMXUtGLFDVGH',5(,723Ò%/,&2GH
FDSDFLGDGHH[FOXVLYDPHQWHDGPLQLVWUDWLYD
6HUYLoRDXW{QRPRFULDGRSRUOHLFRPSHUVRQDOLGDGHMXUtGLFD
SDWULP{QLRHUHFHLWDSUySULRVSDUDH[HFXWDU$7,9,'$'(67Ë3,&$6
D&RQFHLWR GD$GPLQLVWUDomR3~EOLFDTXHUHTXHLUDPSDUDVHXPHOKRU
IXQFLRQDPHQWRJHVWmRDGPLQLVWUDWLYDHILQDQFHLUDGHVFHQWUDOL]DGD
([ %DQFRFHQWUDO&RPLVVmRGHYDORUHVPRELOLiULRV&90,EDPD
L$XWDUTXLDFRPXP
LL$XWDUTXLDIXQGDFLRQDO )XQGDomRS~EOLFDGHGLUHLWRS~EOLFR
$XWDUTXLD eDGLYLVmRJHRJUiILFDFRPSHUVRQDOLGDGH
MXUtGLFDSUySULDFULDGDSDUDSUHVWDUVHUYLoRV
LLL$XWDUTXLD JHQpULFRVjVRFLHGDGH
WHUULWRULDO
7HUULWyULRVIHGHUDLV
E(VSpFLHV
LY$XWDUTXLDSURILVVLRQDO
FRUSRUDWLYD&RQVHOKRVGHILVFDOL]DomRGHSURILVV}HV
1DIRUPDGHDVVRFLDomRS~EOLFD &RQVyUFLRVS~EOLFRV
Y$XWDUTXLD
LQWHUIHGHUDWLYD ,QWHJUDDDGPLQLVWUDomRLQGLUHWD
GHPDLVGHXPHQWHIHGHUDGR
9HU0DSDV0HQWDLVGH$XWDUTXLDV,H$XWDUTXLDV,,
'RWDGRGHSHUVRQDOLGDGHMXUtGLFDGH',5(,72
3Ò%/,&2RXGH',5(,7235,9$'2
3DWULP{QLR 'HVWLQDGRSRUOHLjSUHVWDomRGH
DWLYLGDGHVS~EOLFDVQDiUHDVRFLDO
(QWLGDGHV D&RQFHLWR $WULEXLomRGHSHUVRQDOLGDGHMXUtGLFDDGHWHUPLQDGR
SDWULP{QLRGHVWLQDGRDILPHVSHFtILFR
HP(VSpFLH
/HLFRPSOHPHQWDU &)DUW;,;
ÈUHDGHDWXDomR
L)XQGDomRS~EOLFDGHGLUHLWR3Ò%/,&2
&ULDGDVSRU/(,HVSHFtILFD
&ULDomR
&)DUW;,;
5HJLPHMXUtGLFRGH',5(,723Ò%/,&2
5HJLPH 6XEPHWHVHjVPHVPDVVXMHLo}HV
MXUtGLFR HSUHUURJDWLYDVTXHFDUDFWHUL]DPR
)XQGDomR UHJLPHMXUtGLFRGHGLUHLWRS~EOLFR
3~EOLFD (VSpFLHGRJrQHURDXWDUTXLD )XQGDomRDXWiUTXLFD
([)XQDL
E1DWXUH]D LL)XQGDomRS~EOLFDGHGLUHLWR35,9$'2
-XUtGLFD
&ULDGDVSRU$72GR3RGHU3~EOLFR
PHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFD
&ULDomR
&)DUW;,;
5HJLPHMXUtGLFRGH',5(,7235,9$'2FRP
GHUURJDo}HVGHQRUPDVGH',5(,723Ò%/,&2
/LFLWDomR
5HJLPH
MXUtGLFR ([HPSORVGH &RQFXUVRS~EOLFR
6XMHLo}HV
+Ë%5,'2 LQFLGrQFLDGR 9HGDomRGH
GLUHLWRS~EOLFR DFXPXODomRGHFDUJR
,PXQLGDGHUHFtSURFD
3UHUURJDWLYDV
&)DUW
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV &DS2UJDQL]DomRDGPLQLVWUDWLYDGD8QLmR
25*$1,=$d2$'0,1,675$7,9$'$81,29(17,'$'(6(0(63e&,(
3HVVRDVMXUtGLFDVGH',5(,7235,9$'2LQWHJUDQWHVGDDGPLQLVWUDomRLQGLUHWD
LQVWLWXtGDVSHORSRGHUS~EOLFRPHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFDVRE
TXDOTXHUIRUPDMXUtGLFD HFRP FDSLWDOH[FOXVLYDPHQWHS~EOLFR
D&RQFHLWR
,QVFULomRGRDWRFRQVWLWXWLYR
QRUHJLVWURFRPSHWHQWH &&DUW
$72GR
3RGHU3~EOLFR
$SyVDXWRUL]DomRHPOHLHVSHFtILFD &)DUW;,;
&)DUW;;
E&ULDomR 1HFHVViULDDXWRUL]DomR
&ULDomRGH
俺 1mRSUHFLVDVHUDXWRUL]DomRHVSHFtILFD
OHJLVODWLYDSDUDFULDomR
6XEVLGLiULD 3RGHFRQVWDUGDSUySULDOHLTXH
DXWRUL]RXDLQVWLWXLomRGDHVWDWDO
5HJLPHMXUtGLFRGHGLUHLWRSULYDGR
L ([SORUD DWLYLGDGH
HFRQ{PLFD 'HUURJDGRVRPHQWHQRTXHGLVS}HD&)
&)DUW,,
(PSUHVD 5HJLPHMXUtGLFRGHGLUHLWRSULYDGR
3~EOLFD
F 5HJLPH 5HVSRQVDELOLGDGHFLYLO
MXUtGLFR LL3UHVWD REMHWLYDVXMHLomR
&) ([
VHUYLoRS~EOLFR 'HUURJDGRSRU &)DUW
/HL
&)DUW
4XDOTXHUGDVIRUPDVDGPLWLGDVQR'LUHLWR
L)RUPDGHRUJDQL]DomR
([FOXVLYDPHQWHS~EOLFR
G 7UDoRV LL&RPSRVLomRGRFDSLWDO
GLVWLQWRV
-XVWLoD ([FHWRFDXVDVWUDEDOKLVWDV
(PSUHVD IHGHUDO
3~EOLFD)HGHUDO &)DUW,
LLL)RURSURFHVVXDO
&/7
(PSUHJR3~EOLFR
2EULJDWRULHGDGHGHFRQFXUVRS~EOLFR
(QWLGDGHV H5HJLPHGHSHVVRDO
HP(VSpFLH
3HVVRDVMXUtGLFDVGH',5(,7235,9$'2LQWHJUDQWHVGDDGPLQLVWUDomRLQGLUHWD
LQVWLWXtGDVSHORSRGHUS~EOLFRPHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFDVRED
IRUPDGHVRFLHGDGHDQ{QLPDHFRPFDSLWDLVS~EOLFRVHSULYDGRV
D&RQFHLWR
,QVFULomRGRDWRFRQVWLWXWLYR
QRUHJLVWURFRPSHWHQWH &&DUW
$72GR
3RGHU3~EOLFR
$SyVDXWRUL]DomRHPOHLHVSHFtILFD &)DUW;,;
&)DUW;;
E&ULDomR 1HFHVViULDDXWRUL]DomR
&ULDomRGH
俺 1mRSUHFLVDVHUHVSHFtILFD
OHJLVODWLYDSDUDFULDomR
6XEVLGLiULD 3RGHFRQVWDUGDSUySULDOHLTXH
DXWRUL]RXDLQVWLWXLomRGDHVWDWDO
5HJLPHMXUtGLFRGHGLUHLWRSULYDGR
L([SORUDDWLYLGDGH
HFRQ{PLFD 'HUURJDGRVRPHQWHQRTXHGLVS}HD&)
F 5HJLPH 5HVSRQVDELOLGDGHFLYLO
MXUtGLFR LL3UHVWDVHUYLoR REMHWLYDVXMHLomR
&) ([
S~EOLFR 'HUURJDGRSRU &)DUW
/HL
&)DUW
6RFLHGDGHDQ{QLPDFDSLWDODEHUWRRXIHFKDGR
L)RUPDGHRUJDQL]DomR
G 7UDoRV &DSLWDOS~EOLFRHSULYDGR
GLVWLQWRV LL&RPSRVLomRGRFDSLWDO
-XVWLoDHVWDGXDO
LLL)RURSURFHVVXDO
&/7
(PSUHJR3~EOLFR
H5HJLPHGHSHVVRDO 2EULJDWRULHGDGHGHFRQFXUVRS~EOLFR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV &DS2UJDQL]DomRDGPLQLVWUDWLYDGD8QLmR
(17,'$'(6(0(63e&,($87$548,$
6XUJHPDSDUWLUGDGHVFHQWUDOL]DomRDGPLQLVWUDWLYDSRU RXWRUJDSRUVHUYLoRVIXQFLRQDORXWpFQLFD
3HVVRDVMXUtGLFDVGH',5(,723Ò%/,&2GHFDSDFLGDGHH[FOXVLYDPHQWHDGPLQLVWUDWLYD
6HUYLoRDXW{QRPRFULDGRSRUOHLFRPSHUVRQDOLGDGHMXUtGLFDSDWULP{QLRHUHFHLWDSUySULRVSDUD
&RQFHLWR H[HFXWDU$7,9,'$'(67Ë3,&$6GD$GPLQLVWUDomR3~EOLFDTXHUHTXHLUDPSDUDVHXPHOKRU
IXQFLRQDPHQWRJHVWmRDGPLQLVWUDWLYDHILQDQFHLUDGHVFHQWUDOL]DGD'/DUW,
([%DQFRFHQWUDO&RPLVVmRGHYDORUHVPRELOLiULRV&90,EDPD
&)DUW;,;
D&ULDomRSRU
OHLHVSHFtILFD &RPLQtFLRGDYLJrQFLDGDOHLDDXWDUTXLDDGTXLUHSHUVRQDOLGDGHMXUtGLFDHHVWiLQVWLWXtGD
3RUSRVVXtUHPSHUVRQDOLGDGHMXUtGLFDVmRWLWXODUHVGHGLUHLWRVHREULJDo}HV
E3HUVRQDOLGDGHMXUtGLFD 6XMHLo}HV
GHGLUHLWRS~EOLFR 5HJLPHMXUtGLFRGH',5(,723Ò%/,&2
3UHUURJDWLYDV
1mRSRVVXHPFDSDFLGDGHSROtWLFD
$XWDUTXLDJHRJUiILFDRXWHUULWRULDO
俶 3RVVXHP L*HQpULFD ([HUFHP~OWLSORVVHUYLoRV
F&DSDFLGDGHGH FDSDFLGDGH
QRkPELWRGHVHXWHUULWyULR
DXWRDGPLQLVWUDomR DGPLQLVWUDWLYD
$XWDUTXLDGHVHUYLoRRXLQVWLWXFLRQDO
LL(VSHFtILFD
([HUFHRVHUYLoRTXHOKHpDWULEXtGRSRUOHL
&DUDFWHUtVWLFDGDGHVFHQWUDOL]DomRDGPLQLVWUDWLYDSRUVHUYLoRVRXIXQFLRQDO
G(VSHFLDOL]DomR 3ULQFtSLRGD &DGDDXWDUTXLDpHVSHFLDOL]DGDQDPDWpULDTXHDOHLOKHDWULEXLX
GRVILQVRX HVSHFLDOL]DomR
DWLYLGDGHV 2VVHUYLoRVSUHVWDGRVUHTXHUHPPDLRUJUDXGHHVSHFLDOL]DomR
6XMHLWDVDFRQWUROHGDSHVVRDSROtWLFD 5HODomRGHYLQFXODomR
TXHDVFULRXjTXDOVmRYLQFXODGDV
&RQWUROHILQDOtVWLFR
&DUDFWHUtVWLFDV H6XMHLomRDRFRQWUROHRXWXWHOD
5HVSRQVDELOLGDGHREMHWLYD
I5HVSRQVDELOLGDGHFLYLO
/LWtJLRVFRPXQV -XVWLoDIHGHUDO
J-Xt]RFRPSHWHQWH &)DUW,
9HGDGRLQVWLWXLomRGHLPSRVWRVVREUHSDWULP{QLRUHQGDHVHUYLoRV
$XWDUTXLD K,PXQLGDGHWULEXWiULD &)DUW
&RQIRUPHSUHYLVmRQDOHLRXHVWDWXWRGDDXWDUTXLD
L)RUPDGHLQYHVWLGXUD
&KHIHGR([HFXWLYR &)DUW;;9
&RPSHWrQFLD
D$XWDUTXLDFRPXP
)XQGDomRS~EOLFDLQVWLWXtGDGLUHWDPHQWHSRUOHLHVSHFtILFD
FRPSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR
E$XWDUTXLDIXQGDFLRQDO
eDGLYLVmRJHRJUiILFDFRPSHUVRQDOLGDGHMXUtGLFDSUySULD
FULDGDSDUDSUHVWDUVHUYLoRVJHQpULFRVjVRFLHGDGH
eXPDH[FHomRDRSULQFtSLRGDHVSHFLDOL]DomR
F $XWDUTXLD
7HUULWyULRV ,QWHJUDPD8QLmR
WHUULWRULDO
IHGHUDLV
&ULDomRSRUOHLFRPSOHPHQWDU
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS6HUYLGRUHV3~EOLFRV/HL
6(59,'25(63Ò%/,&26$*(17(63Ò%/,&26
$JHQWHVS~EOLFRVVmRWRGRVDTXHOHVTXHH[HUFHPIXQomRS~EOLFDFRPRSUHSRVWRVGR(VWDGR
&RQFHLWR
6mRRVDJHQWHVS~EOLFRVTXHH[HUFHPDIXQomRSROtWLFD
&RQFHLWR
D $JHQWH 3RVVXHPVtatus
SROtWLFR
俶 6XMHLWRVjVUHJUDVGD&RQVWLWXLomR)HGHUDO
FRQVWLWXFLRQDO
俺 1mRVXMHLWRVjVUHJUDVGRVVHUYLGRUHVS~EOLFRV
&DUDFWHUtVWLFDV 1mRHVWmRHPUHJUDVXMHLWRVjKLHUDUTXLD
6mRDTXHOHVYLQFXODGRVDR(VWDGRSRU
XPDUHODomRSHUPDQHQWHGHWUDEDOKR
&RQFHLWR ([HUFHPFRPFDUiWHUGHSHUPDQrQFLDXPDIXQomRS~EOLFD
([HUFHPHIHWLYDSURILVVmRTXDQGR
3URILVVLRQDOLGDGH QRGHVHPSHQKRGHVXDVIXQo}HV
5HJUDJHUDORVHUYLGRUH[HUFHVXD
IXQomRFRPFXQKRGHSHUPDQrQFLD
&DUDFWHUtVWLFDV
'HILQLWLYLGDGH $TXHOHVTXHH[HUFHP
俺 ([FHomR IXQomRGHFDUiWHUWHPSRUiULR
5HODomRMXUtGLFDGHWUDEDOKR
2FXSDPFDUJRS~EOLFR
,0HPEURVGR3RGHU-XGLFLiULR
&)DUW,
,,0HPEURVGR0LQLVWpULR3~EOLFR
&)DUW,D
6HUYLGRUHV
3~EOLFRV ,,,0HPEURVGR
E$JHQWH 7ULEXQDLVGH&RQWDV
DGPLQLVWUDWLYR 9LWDOtFLR
VHUYLGRU &)DUW
&DUJR
S~EOLFR
(VSpFLHV L6HUYLGRU 2EV
HVWDWXWiULR
3DUWHGDGRXWULQDFODVVLILFDRV
RFXSDQWHVGHFDUJRVYLWDOtFLRV
FRPRDJHQWHVSROtWLFRV
7LSRV
&DUJRLVRODGR
2FXSDQWHGH &DUJRRUJDQL]DGR
(IHWLYR HPFDUUHLUD
(PFRPLVVmR
2FXSDPHPSUHJRS~EOLFR
LL(PSUHJDGRS~EOLFR 5HJLPHFRQWUDWXDO &/7
([HUFHPIXQomRS~EOLFD
1HFHVVLGDGHWHPSRUiULDGH
LLL6HUYLGRU H[FHSFLRQDOLQWHUHVVHS~EOLFR
WHPSRUiULR 5HJLPHMXUtGLFRHVSHFLDOPLVWR
&)DUW,;
5HFHEHPGR(VWDGRDFRPSHWrQFLDSDUDH[HFXWDUGHWHUPLQDGDDWLYLGDGHS~EOLFD
F$JHQWHHP
GHOHJDomR /HLORHLURVSHULWRVVHUYLoRVQRWDULDLVFRQFHVVLRQiULRVSHUPLVVLRQiULRVHDXWRUL]DWiULRV
&RODERUDPFRPR(VWDGRWHPSRUDULDPHQWH
6HPYtQFXORSURILVVLRQDOFRPDDGPLQLVWUDomRS~EOLFD
G$JHQWHKRQRUtILFR
-XUDGRVPHViULRVHWF
5HFHEHPDLQFXPErQFLDSDUDUHSUHVHQWDUD
DGPLQLVWUDomRS~EOLFDHPGHWHUPLQDGDVDWLYLGDGHV
H$JHQWHFUHGHQFLDGR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS6HUYLGRUHV3~EOLFRV/HL
6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6
5HODomRMXUtGLFDGHWUDEDOKRGLVFLSOLQDGDSRUXPGLSORPDOHJDOHVSHFtILFR(VWDWXWR
1mRFRQWUDWXDO
5HODomR GH
D(VWDWXWiULR QDWXUH]DHVWDWXWiULD (VWDWXWR QmR ,QH[LVWrQFLDGHGLUHLWRDGTXLULGRTXDQWR
pLPXWiYHO jLPXWDELOLGDGHGRUHJLPHHVWDWXWiULR
5HJLPH
MXUtGLFR
5HODomRMXUtGLFDGHWUDEDOKRGLVFLSOLQDGDSHOD&/7
E7UDEDOKLVWD 5HODomRGHQDWXUH]DFRQWUDWXDO &RQWUDWRGHWUDEDOKR
F(VSHFLDO
'HYHSUHHQFKHURVUHTXLVLWRV 1RUPDFRQVWLWXFLRQDOGHHILFiFLDFRQWLGD
HVWDEHOHFLGRVQDOHL
%UDVLOHLUR &)DUW,
1DIRUPDGDOHL 1RUPDFRQVWLWXFLRQDOGHHILFiFLDOLPLWDGD
D$FDUJR (VWUDQJHLUR
&)DUW,
HPSUHJR
HIXQomR L'HYHPVHUSUHYLVWRVHPOHL
5HTXLVLWRVSDUDDFHVVRD
LL'HYHPREVHUYDURSULQFtSLRGDUD]RDELOLGDGHHHVWDU
FDUJRVHHPSUHJRVS~EOLFRV
UHODFLRQDGRVjQDWXUH]DGDVDWULEXLo}HVGRFDUJR
LLL'HYHPVHSDXWDUHPFULWpULRVREMHWLYRV
$FHVVR
(IHWLYR
&DUJRS~EOLFR 1mRQHFHVVLWDGHFRQFXUVRS~EOLFR
&RPLVVmR
2EULJDWRULHGDGH
(PSUHJRS~EOLFR
&)DUW,,
E&RQFXUVR
S~EOLFR $Wp$QRV
&)DUW,,,
3UD]RGH 3URUURJiYHOYH]SRULJXDOSHUtRGR
YDOLGDGH
1mRKDYHUiQRYRFRQFXUVRHQTXDQWRKRXYHUFDQGLGDWRDSURYDGR /HL
HPFRQFXUVRDQWHULRUFRPSUD]RGHYDOLGDGHQmRH[SLUDGR DUW
([HUFLGRQRVWHUPRVHQRVOLPLWHVGHILQLGRVHPOHLHVSHFtILFD
1RUPDFRQVWLWXFLRQDOGHHILFiFLDOLPLWDGD
'LUHLWRGHJUHYH
*UHYH &)DUW9,,
$SOLFDomRHQTXDQGRQmRHGLWDGDDOHLTXHUHJXODPHQWDRLQFLVR9,,GR
67) DUWGD&)QRTXHFRXEHUGDOHLGHJUHYHYLJHQWHQRVHWRUSULYDGR
6HUYLGRUHV $FXPXODomRUHPXQHUDGDGHFDUJRVHPSUHJRVIXQo}HV
3~EOLFRV 9HGDGD
&)DUW;9,H;9,,
LFDUJRVGHSURIHVVRU
LL&DUJRGHSURIHVVRU FDUJRWpFQLFRRXFLHQWtILFR
+DYHQGR LLLFDUJRVSULYDWLYRViUHDGHVD~GH
FRPSDWLELOLGDGH &)DUW,,,
LY0DQGDWRGHYHUHDGRU
GHKRUiULRV
([FHWR Y3HUPLVVmRSDUDMXt]HVH[HUFHUHPRPDJLVWpULR &)DUWS~QLFR,
)RUPDGHSURYLPHQWRGHULYDGR
)RUPDGHYDFkQFLDGRFDUJRDQWHULRU
LL3URPRomR
(PFDUJRHIHWLYRRUJDQL]DGRHPFDUUHLUD
)RUPDGHSURYLPHQWRGHULYDGR
,QYHVWLGXUDGRVHUYLGRUHPFDUJRGHDWULEXLo}HVHUHVSRQVDELOLGDGHVFRPSDWtYHLV
FRPDOLPLWDomRTXHWHQKDVRIULGRHPVXDFDSDFLGDGHItVLFDRXPHQWDO
LLL5HDGDSWDomR
9HULILFDGDHPLQVSHomRPpGLFD
&DVRRFRUUDLQH[LVWrQFLDFDUJRYDJRRVHUYLGRUILFDUiFRPRH[FHGHQWH
)RUPDGHSURYLPHQWRGHULYDGR
-XQWDPpGLFDRILFLDOGHFODUDLQVXEVLVWHQWHV
RVPRWLYRVGDDSRVHQWDGRULD
3RU (QFRQWUDQGRVHSURYLGRRFDUJR
LQYDOLGH] RVHUYLGRUILFDUiFRPRH[FHGHQWH
5HWRUQRj
DWLYLGDGHGR 1RLQWHUHVVHGDDGPLQLVWUDomRS~EOLFD
GLDVFRQWDGRVGDSXEOLFDomRGRDWRGHSURYLPHQWR /HLDUW
3RVVH
L3UD]RSDUD 6HUiWRUQDGRVHPHIHLWRRDWRGHSURYLPHQWR
3266( VHDSRVVHQmRRFRUUHUQRSUD]RSUHYLVWR
E3UD]R 2EV
/HLDUW
GLDVFRQWDGRVGDGDWDGDSRVVH
LL3UD]RSDUDR(;(5&Ë&,2 /HLDUW
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS6HUYLGRUHV3~EOLFRV/HL
6(59,'25(63Ò%/,&26/(,,,
6mRDVKLSyWHVHVSUHYLVWDVQDOHLQDVTXDLVRVHUYLGRUGHVRFXSD
RFDUJRWRUQDQGRRSDVVtYHOGHVHUSUHHQFKLGRSRURXWUDSHVVRD
5HSURYDomRHPHVWiJLRSUREDWyULR
&DUJR 7RPDSRVVHHQmRHQWUDHP
HIHWLYR 'HRItFLR
H[HUFtFLRQRSUD]ROHJDO
$SHGLGR
/HLDUW
$MXt]RGDDXWRULGDGHFRPSHWHQWH
L([RQHUDomR &DUJRHP&RPLVVmR $SHGLGR
/HLDUW
([FHVVRGHGHVSHVDVFRPSHVVRDODWLYRHLQDWLYR &)DUW
2EV 俺 1mRpVDQomR
eVDQomRSHQDOLGDGHGLVFLSOLQDUDVHU
)RUPDV DSOLFDGDQRVFDVRVOHJDOPHQWHSUHYLVWRV
9DFkQFLD
LL'HPLVVmR /HLDUW
LLL3URPRomR
LY5HDGDSWDomR
3DVVDJHPGRVHUYLGRUGDDWLYLGDGHSDUD
DLQDWLYLGDGHVHJXQGRDVUHJUDVSUySULDV
Y$SRVHQWDGRULD
YL)DOHFLPHQWR
YLL3RVVHHPRXWURFDUJRLQDFXPXOiYHO
2HVWDWXWRQmRLQFOXLQRUROGHYDFkQFLDVDUHFRQGXomR
&RQWXGRQDSUiWLFDTXDQGRGHVXDRFRUUrQFLDKiSURYLPHQWR
GHXPFDUJRHDRPHVPRWHPSRRXWURILFDYDJR
/HL 3URPRomRHUHDGDSWDomR
2EV )RUPDVGHSURYLPHQWR
HYDFkQFLD
/HL 'RXWULQD 3URPRomRUHDGDSWDomRHUHFRQGXomR
3HUtRGRGHH[HUFtFLRGRVHUYLGRUGXUDQWHRTXDOpREVHUYDGDHDSXUDGDSHOD$GPLQLVWUDomR
DFRQYHQLrQFLDRXQmRGHVXDSHUPDQrQFLDQRVHUYLoRS~EOLFRPHGLDQWHDYHULILFDomRGRV
UHTXLVLWRVHVWDEHOHFLGRVHPOHLSDUDDDTXLVLomRGDHVWDELOLGDGH
3UD]R DQRV
L$VVLGXLGDGH
(VWiJLR LL'LVFLSOLQD
3UREDWyULR LLL&DSDFLGDGHGHLQLFLDWLYD
&ULWpULRV
LY3URGXWLYLGDGH
Y5HVSRQVDELOLGDGH
/HLDUW
'HVORFDPHQWRGR6(59,'25QRkPELWRGRPHVPRTXDGURFRPRXVHPPXGDQoDGHVHGH
/HLDUW
$FULWpULRGDDGPLQLVWUDomRS~EOLFD
L$SHGLGR
5HPRomR )RUPDV ,QGHSHQGHQWHPHQWHGRLQWHUHVVHGDDGPLQLVWUDomRS~EOLFD
LL'HRItFLR
2EV 俺 1mRpIRUPDGHSURYLPHQWRRXYDFkQFLD
'HVORFDPHQWRGR&$5*2GHSURYLPHQWRHIHWLYRRFXSDGRRXYDJRQRkPELWR
GRTXDGURJHUDOGHSHVVRDOSDUDRXWURyUJmRRXHQWLGDGHGRPHVPR3RGHU
/HLDUW
5HGLVWULEXLomR 俺 1mRpIRUPDGHSURYLPHQWRRXYDFkQFLD
2EV
6HUYLGRUHVLQYHVWLGRVHPFDUJRRXIXQomRGHGLUHomRRXFKHILDHRVRFXSDQWHVGHFDUJRGH
1DWXUH]D(VSHFLDOWHUmRVXEVWLWXWRVLQGLFDGRVQRUHJLPHQWRLQWHUQRRXQRFDVRGHRPLVVmR
SUHYLDPHQWHGHVLJQDGRVSHORGLULJHQWHPi[LPRGRyUJmRRXHQWLGDGH
6XEVWLWXLomR /HLDUWH
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS6HUYLGRUHV3~EOLFRVGD8QLmR/HL
6(59,'25(63Ò%/,&26352&(662$'0,1,675$7,92',6&,3/,1$53$'
,OtFLWRV
DGPLQLVWUDWLYRV ,OtFLWRDVVRFLDGRDRH[HUFtFLRGRFDUJR
GLVFLSOLQDUHV $SXUDIDWRVUHODFLRQDGRVj
L2EMHWLYD GLVFLSOLQDGRVVHUYLGRUHV
D$EUDQJrQFLD
6HUYLGRUHVHVWDWXWiULRV
(IHWLYR
LL6XEMHWLYD 2FXSDQWHVGHFDUJR
&RPLVVmR
$XWRULGDGHTXHWLYHUFLrQFLDGHLUUHJXODULGDGH
QRVHUYLoRS~EOLFRpREULJDGDDSURPRYHUDVXD 6LQGLFkQFLD
DSXUDomRPHGLDQWH
3$'
E&LrQFLDGH 'HYHUGHDSXUDomR
,QWURGXomR LUUHJXODULGDGH
/HLDUW
L,GHQWLILFDomRH HQGHUHoR
GRGHQXQFLDQWH 俺 1mRSRGHVHUDQ{QLPD
5HTXLVLWRVGH
DGPLVVLELOLGDGH LL)RUPXODGDSRUHVFULWR)RUPDO
F'HQ~QFLD
LLL2REMHWRGDGHQ~QFLDGHYH
FRQILJXUDULQIUDomRGLVFLSOLQDU
'HYHUGRVHUYLGRU /HLDUWLQF9,H;,,
G5HSUHVHQWDomR (QFDPLQKDGDSHODYLDKLHUiUTXLFDHDSUHFLDGDSHOD
DXWRULGDGHVXSHULRUjTXHODFRQWUDDTXDOpIRUPXODGD
3$'
3URFHGLPHQWRDGPLQLVWUDWLYRTXH
6LQGLFkQFLDHPVHQWLGRDPSOR YLVDDSXUDomRGHLUUHJXODULGDGH
3URFHGLPHQWRDGPLQLVWUDWLYRLQYHVWLJDWLYR
6LQGLFkQFLD GLVFULFLRQiULRHGHQDWXUH]DLQTXLVLWRULDO
D&RQFHLWR LQTXLVLWRULDO
7LSRORJLD
3URFHGLPHQWRFpOHUHGHVWLQDGRDDSXUDU
UHVSRQVDELOLGDGHGHPHQRUJUDYLGDGH
6LQGLFkQFLD
FRQWUDGLWyULD /HL
RXVHUYLGRUHVHVWiYHLV
E&RPLVVmR
/HLQmRHVWDEHOHFHQHQKXPDIDVH
6LQGLFkQFLD
F)DVHV 'RXWULQD 5HFRPHQGDPHVPRUHJUDPHQWRGR3$'5LWR2UGLQiULR
L$UTXLYDPHQWRGR3URFHVVR
$GYHUWrQFLD
LL$SOLFDomRGHSHQDOLGDGHGH
G&RQVHTXrQFLDV 6XVSHQVmRGHDWpGLDV
LLL,QVWDXUDomRGH3$'
L$GYHUWrQFLD
H3HQDOLGDGHV LL6XVSHQVmRSRUDWpGLDV
$WpGLDV
&RQFOXVmR 3RULJXDOSUD]R
I3UD]RV 3URUURJDomR
3URI0DUFHOR/HLWH ZZZSRQWRGRVFRQFXUVRVFRPEU
3URI7KLDJR6WUDXVV
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS6HUYLGRUHV3~EOLFRV/HL
6(59,'25(63Ò%/,&263$'5,7225',1È5,2
,QVWUXPHQWRGHVWLQDGRDDSXUDUUHVSRQVDELOLGDGH L1RH[HUFtFLRGHVXDVDWULEXLo}HV28
GHVHUYLGRUSRULQIUDomRSUDWLFDGD LL4XHWHQKDUHODomRFRPDVDWULEXLo}HV
GRFDUJRHPTXHVHHQFRQWUHLQYHVWLGR
L6XVSHQVmRSRUPDLVGHGLDV
2EULJDWyULRTXDQGR LOtFLWR 'HPLVVmR
&RQFHLWR
SUDWLFDGRHQVHMDUSHQDOLGDGHGH $SRVHQWDGRULD
LL2XWUDVPDLVJUDYHV &DVVDomRGH
'LVSRQLELOLGDGH
'HVWLWXLomRGHFDUJRHPFRPLVVmR
,QLFLDFRPDSXEOLFDomRGRDWRTXHFRQVWLWXLUDFRPLVVmR
$QiOLVHSUpYLDHPTXHDDXWRULGDGHFRPSHWHQWH
GHFLGHVHGHWHUPLQDRXQmRDLQVWDXUDomRGR3$'
D,QVWDXUDomR 'HYHVHUSUHFHGLGDGH
H[DPHGHDGPLVVLELOLGDGH 'HYH KDYHU L0DWHULDOLGDGHIDWRHRX
LQGtFLRVGH
LL$XWRULDVXMHLWR
%XVFDHOHPHQWRVSDUDDPSDUDUDIRUPDomRGH
FRQYLFomRGDFRPLVVmRHGDDXWRULGDGHMXOJDGRUD
2EMHWLYDDFROHWDGHSURYDV
'LOLJrQFLDV
$WRVGHLQVWUXomRSUREDWyULD 3HUtFLDV
UROH[HPSOLILFDWLYR 'HSRLPHQWRVGHWHVWHPXQKDV
$FDUHDo}HV
,QWHUURJDWyULRGRDFXVDGR
L,QVWUXomR ÒOWLPRDWRGDLQVWUXomR
,QVWUXPHQWRGHDFXVDomRIRUPDOGRVHUYLGRU
6HUYLGRUSDVVDGHDFXVDGRSDUD,1',&,$'2
$LQGLFLDomR
,QGLFLDomR GHOLPLWDD 4XDOLILFDRVHUYLGRU
3$' DFXVDomR
L$XWRULD
5LWR TXDQWRD 'HVFUHYHRVIDWRV
)DVHV
2UGLQiULR LL0DWHULDOLGDGH
$SRQWDDVSURYDV
E,QTXpULWR
DGPLQLVWUDWLYR )RUPDHVFULWD
)RUPD 3ULQFtSLRGRIRUPDOLVPRPRGHUDGRRX
GDLQVWUXPHQWDOLGDGHGDVIRUPDV
1mRDSUHVHQWDomRGDGHIHVDQRSUD]R
LL'HIHVD L'HVLJQDomRGH 6HUYLGRUHVWiYHORXQmR
GHIHQVRUGDWLYR &DUJRHRX
5HTXLVLWRV
5HYHOLD (IHLWRVGD (VFRODULGDGH
UHYHOLD
LL &RPSHWrQFLD SDUD GHVLJQDU $XWRULGDGH
RGHIHQVRUGDWLYR LQVWDXUDGRUD
'LULJLGRjDXWRULGDGHLQVWDXUDGRUD
0HQomRjVSURYDV 'HYHFRQWHUJUDXGHFRQYLFomR
1mRH[FHGHUiGLDVFRQWDGRVGDSXEOLFDomRGRDWRFRQVWLWXWLYRGDFRPLVVmR
&RQFOXVmRGR3$'
3UD]RV 3URUURJiYHOSRULJXDOSHUtRGR
'HYHPVHUFRQFHGLGRVDSDUWLUGDIDVHGRLQTXpULWRDGPLQLVWUDWLYR
&RQWUDGLWyULRHDPSODGHIHVD /HLDUW
&DEtYHO
3DUDTXHVHUYLGRUQmRYHQKDLQIOXLUQDDSXUDomR
0HGLGDFDXWHODU
俺 1mRpSHQDOLGDGH
$IDVWDPHQWRSUHYHQWLYR
$WpGLDV
3UD]R
3URUURJiYHOSRULJXDOSHUtRGR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS6HUYLGRUHV3~EOLFRV/HL
6(59,'25(63Ò%/,&263$'5,72680È5,2(35$=26
&DUJRV
L$FXPXODomRLOHJDOGH (PSUHJRVRX
)XQo}HVS~EOLFDV
LL$EDQGRQR $XVrQFLDLQWHQFLRQDOSRUPDLVGHGLDV
GHFDUJR
D+LSyWHVHV /HLDUW
)DOWDLQMXVWLILFDGDSRUGLDV
LLL,QDVVLGXLGDGH
,QWHUSRODGDPHQWHHP
KDELWXDO
SHUtRGRGHPHVHV
5LWR
6XPiULR /HLDUW
VHUYLGRUHVHVWiYHLV
E&RPLVVmR
$XWRULD
,QGLFDomR
L,QVWDXUDomR 0DWHULDOLGDGHGDWUDQVJUHVVmR
,QGLFLDomR
F)DVHV
LL,QVWUXomRVXPiULD 'HIHVD
5HODWyULR
3$' LLL-XOJDPHQWR
5LWR
6XPiULR 3UD]RSDUDFRQFOXVmRPDLVSUD]RSDUDMXOJDPHQWR
H3UD]RV GLDV
L6LQGLFkQFLD
GLDV
LLL3$'5LWRVXPiULR
DQRV
L3HQDVH[SXOVLYDVFDSLWDLV
3UD]RV DQRV
LL6XVSHQVmR
GLDV
LLL$GYHUWrQFLD
E3UHVFULomR
&RPHoD $SDUWLUGHTXDQGRRIDWR
DFRUUHU VHWRUQRXFRQKHFLGR
$EHUWXUDVLQGLFkQFLD
,QWHUURPSH
PRPHQWRV ,QVWDXUDomR3$'
$SyVSUD]RGHFLVmRILQDO
5HFRPHoD SUD]RSURFHVVR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS/LFLWDo}HV
/,&,7$d®(6
/LFLWDomRpXPSURFHGLPHQWRDGPLQLVWUDWLYRPHGLDQWHR
TXDODDGPLQLVWUDomRS~EOLFDVHOHFLRQDDSURSRVWDPDLV
YDQWDMRVDSDUDRFRQWUDWR
'HFRUUH L3ULQFtSLRGDOHJDOLGDGH
&RQFHLWR GLUHWDPHQWHGR LL3ULQFtSLRGDLQGLVSRQLELOLGDGH
GRLQWHUHVVHS~EOLFR 6XMHLo}HV
LLL3URPRYHURGHVHQYROYLPHQWRQDFLRQDOVXVWHQWiYHO
/HLDUW
&RPSUDV
$OLHQDo}HV
/LFLWDo}HV &$62
6HUYLoRV
2EUDV
D2EMHWLYDRTXr &RQFHVV}HV
3HUPLVV}HV
/RFDo}HV
/HLDUW
L$GPLQLVWUDomRGLUHWD
$EUDQJrQFLD LL$GPLQLVWUDomRLQGLUHWD
(PSUHVDS~EOLFDHVRFLHGDGHGH
E6XEMHWLYD HFRQRPLDPLVWDH[SORUDGRUDVGH
TXHP DWLYLGDGHHFRQ{PLFDHQTXDQWR
QmRHGLWDGRVHXHVWDWXWRMXUtGLFR
2EV
&)DUW,,,
&)DUW;;9,,
&)DUW;;,
&)DUW,,,
F1RUPDV
/HL
/HL
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS/LFLWDo}HV
&2175$7$d2',5(7$
$OLFLWDomRp,1(;,*Ë9(/QDVKLSyWHVHVHPTXHKDMD,19,$%,/,'$'(MXUtGLFDGHFRPSHWLomR
5ROH[HPSOLILFDWLYR /HLDUW
)RUQHFHGRUH[FOXVLYR
L$TXLVLo}HV 俺 9HGDGD35()(5Ç1&,$'(0$5&$
4XDQWR 6HUYLoRWpFQLFRSURILVVLRQDO
+LSyWHVHV DRVHUYLoR HVSHFLDOL]DGR673(
SUHYLVWDVQD
,QH[LJLELOLGDGH /HL LL&RQWUDWDomR GH 1DWXUH]DVLQJXODU
VHUYLoR WpFQLFR 3UHVVXSRVWRV 4XDQWRDRREMHWR
SURILVVLRQDO
HVSHFLDOL]DGR 4XDQWRjSHVVRD 1RWyULDHVSHFLDOL]DomR
俺 9HGDGRSDUDVHUYLoRVGH38%/,&,'$'((',98/*$dÆ2
'LUHWDPHQWHRXSRUPHLRGHHPSUHViULRH[FOXVLYR
LLL&RQWUDWDomR GH &RQVDJUDGRSHODFUtWLFDHVSHFLDOL]DGD
SURILVVLRQDOGRVHWRUDUWtVWLFR RXSHODRSLQLmRS~EOLFD
$',63(16$GHOLFLWDomRRFRUUHQDVKLSyWHVHVSUHYLVWDVQDOHLTXDQGRKDMD9,$%,/,'$'(MXUtGLFDGHFRPSHWLomR
+LSyWHVHVYLQFXODGDV 2DGPLQLVWUDGRU'(9(GLVSHQVDU
D/LFLWDomR
',63(16$'$ $SOLFDGDjVDOLHQDo}HV 5ROH[DXVWLYR/HLDUW
2DGPLQLVWUDGRU32'(GLVSHQVDU
+LSyWHVHVGLVFULFLRQiULDV
'LVFULFLRQDULHGDGHDGPLQLVWUDWLYD
E/LFLWDomR
',63(16È9(/ 5ROH[DXVWLYR /HLDUW
2EUDVHVHUYLoRV
GHHQJHQKDULD 9DORUDWpFRQYLWHPLOUHDLV
2XWURVVHUYLoRV
HFRPSUDV 9DORUDWpGRFRQYLWHPLOUHDLV
&RQWUDWDomR $JrQFLD([HFXWLYD
'LUHWD /HLDUW~QLFR
LL*XHUUDRXJUDYHSHUWXUEDomRGDRUGHP
%HQVQHFHVViULRVDRDWHQGLPHQWRGDVLWXDomR
$EUDQJrQFLD 3DUFHODVGHREUDVVHUYLoRVFRQFOXtGDVSUD]R
Pi[LPRGHGLDVFRQVHFXWLYRVFRQWDGRV
GDRFRUUrQFLDGDHPHUJrQFLDFDODPLGDGH
LLL(PHUJrQFLD
RX FDODPLGDGH (PHUJrQFLDRXFDODPLGDGHS~EOLFD
3UHVVXSRVWRV
S~EOLFD SDUDDGLVSHQVD 8UJrQFLDGH 2FDVLRQDUSUHMXt]R
'LVSHQVD
DWHQGLPHQWR
&RPSURPHWHUVHJXUDQoD
俺 9HGDGDSURUURJDomRGRVUHVSHFWLYRVFRQWUDWRV
3ULQFLSDLV 6LWXDomRQDTXDODOLFLWDomRpFRQYRYDGDHQmRDSDUHFHLQWHUHVVDGR
FDVRV 'HPRQVWUDomRGHTXHDUHSHWLomR
LY/LFLWDomR 3UHVVXSRVWRV GDOLFLWDomRFDXVDUiSUHMXt]R
GHVHUWD SDUDDGLVSHQVD 0DQXWHQomRQDFRQWUDWDomRGLUHWDGH
WRGDVDVFRQGLo}HVSUHHVWDEHOHFLGDV
7RGRVRVOLFLWDQWHVVmR 3UHoRVPDQLIHVWDPHQWHVXSHULRUHV
GHVFODVVLILFDGRVSRU DRVSUDWLFDGRVQRPHUFDGRQDFLRQDO
DSUHVHQWDUHPSURSRVWDVFRP 3UHoRVLQFRPSDWtYHLVFRPRVIL[DGRV
SRUyUJmRVRILFLDLVFRPSHWHQWHV
6RPHQWH 3UD]RGHGLDV~WHLV
GLVSHQVDUiDSyV SDUDQRYDSURSRVWD
IL[DUDRVOLFLWDQWHV GLDV~WHLV
&RQYLWH
Y/LFLWDomR
3UHVVXSRVWRV
IUDFDVVDGD 6HUiDGPLWLGDDDGMXGLFDomRGLUHWD
SDUDD
GLVSHQVD GRVEHQVRXVHUYLoRVSRUYDORU
3HUVLVWLQGR QmRVXSHULRUDRFRQVWDQWHGR
DVLWXDomR UHJLVWURGHSUHoRVRXGRVVHUYLoRV
/HLDUW9,,FFDUW
&RQWUDWDomRGHUHPDQHVFHQWHGHREUDVHUYLoR
IRUQHFLPHQWRHPFRQVHTXrQFLDGHUHVFLVmRFRQWUDWXDO
3UHVVXSRVWRV $WHQGLGDDFODVVLILFDomRGDOLFLWDomRDQWHULRU
YL5HPDQHVFHQWH SDUDDGLVSHQVD $FHLWDVDVPHVPDVFRQGLo}HVGR
YHQFHGRULQFOXVLYHSUHoRFRUULJLGR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV &DS/LFLWDo}HV
02'$/,'$'(6'(/,&,7$d2,
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR
4XDOTXHULQWHUHVVDGRTXHFRPSURYHUHTXLVLWRVPtQLPRV
6XMHLWR
([LJHKDELOLWDomRSUHOLPLQDU
L2EUDVHVHUYLoRVGHHQJHQKDULDDFLPDGH5
LL&RPSUDVHVHUYLoRVTXHQmRVHMDP
&RQFRUUrQFLD $EUDQJrQFLD GHHQJHQKDULDDFLPDGH5
2EMHWR
LLL&RPSUDHDOLHQDomRGHEHQVLPyYHLV
LY&RQFHVV}HVGHGLUHLWRUHDOGHXVR
Y/LFLWDo}HVLQWHUQDFLRQDLV
2EV $FRQFRUUrQFLDVHDSOLFDDRVFDVRVHPTXHFRXEHUWRPDGDGHSUHoRVHFRQYLWH
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR
L,QWHUHVVDGRVGHYLGDPHQWHFDGDVWUDGRV
([LJH &RUUHVSRQGHjIDVHGH+DELOLWDomR
FDGDVWUDPHQWR
eSUpYLR
6XMHLWR
LL ,QWHUHVVDGRV QmR FDGDVWUDGRV
TXH DWHQGHUHP FRQGLo}HV $WpRGLDDQWHULRUjGDWDGR
7RPDGD H[LJLGDVSDUDRFDGDVWUDPHQWR UHFHELPHQWRGDVSURSRVWDV
$EUDQJrQFLD
GHSUHoRV
L2EUDVHVHUYLoRVGHHQJHQKDULDDWp5
LL&RPSUDVHVHUYLoRVTXHQmRVHMDPGHHQJHQKDULDDWp5
2EMHWR
6HDDGPLQLVWUDomRSRVVXLU
LLL/LFLWDo}HVLQWHUQDFLRQDLV FDGDVWURLQWHUQDFLRQDO
2EV $WRPDGDGHSUHoRVHDSOLFDDRVFDVRVHPTXHFRXEHUFRQYLWH
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR
0RGDOLGDGHV
L&RQYLGDGRVLQWHUHVVDGRV GR &DGDVWUDGRVRXQmR
GHOLFLWDomR UDPRSHUWLQHQWHDRVHXREMHWR
1RQ~PHURPtQLPRGHSDUWLFLSDQWHV
6XMHLWR $WpKRUDVDQWHVGRSUD]R
LL&DGDVWUDGRVTXH
PDQLIHVWDUHPLQWHUHVVH SDUDHQWUHJDGDVSURSRVWDV
D$EUDQJrQFLD
L2EUDVHVHUYLoRVGHHQJHQKDULDDWp5
LL&RPSUDVHVHUYLoRVTXHQmRVHMDPGHHQJHQKDULDDWp5
2EMHWR
LLL/LFLWDomRLQWHUQDFLRQDOTXDQGR QmR KRXYHU
IRUQHFHGRUGREHPRXVHUYLoRQRSDtV
E1~PHURGH /LPLWDo}HVGHPHUFDGR
SURSRVWDV 俺 ([FHomR
0DQLIHVWRGHVLQWHUHVVHGRVFRQYLGDGRV
)HLWDGLUHWDPHQWHDRVFRQYLGDGRV
F3XEOLFLGDGH
&DUWDFRQYLWH
G,QVWUXPHQWRFRQYRFDWyULR 俺 1mRKiHGLWDO
6HFRXEHUFRQYLWHDDGPLQLVWUDomRSRGHUiXWLOL]DUD
2EV WRPDGDGHSUHoRVHHPTXDOTXHUFDVRDFRQFRUUrQFLD
2EMHWRGH 2EULJDWyULDDDGMXGLFDomRSRULWHPHQmRSRUSUHoRJOREDO
3DUFHODPHQWR
2EV GRREMHWR QDWXUH]DGLYLVtYHO 'HVGHTXHWpFQLFDHHFRQRPLFDPHQWHYLiYHO
6~PXODGR7&8
俺 eYHGDGR /HLDUW
俺 )UDFLRQDPHQWRGDGHVSHVD 4XDQGRSDUFHODGRGHYHVHUHVFROKLGDDPRGDOLGDGH
SHUWLQHQWHDRREMHWRWRGRRXVHMDRVRPDWyULRGDVSDUFHODV
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV &DS/LFLWDo}HV
02'$/,'$'(6'(/,&,7$d2,,
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR
D&RQFHLWR $GRWDGRSDUDDOLHQDo}HV
,QVHUYtYHLVSDUDDDGPLQLVWUDomR
L%HQVPyYHLV
$WpRYDORUGH5
SURFHGLPHQWRVMXGLFLDLV
FXMDDTXLVLomRKDMDGHULYDGRGH
E2EMHWRGROHLOmR LL%HQVLPyYHLV GDomRHPSDJDPHQWR
/HLOmR
LLL3URGXWRV OHJDOPHQWHDSUHHQGLGRVRXSHQKRUDGRV
3HUPLWHDSDUWLFLSDomRGHTXDOTXHULQWHUHVVDGR
俺 1mRKiH[LJrQFLDGHKDELOLWDomR
F&DUDFWHUtVWLFDV eYHQFHGRUGROHLOmRDTXHOHTXHRIHUHFHURPDLRU
ODQFHLJXDORXVXSHULRUDRYDORUGDDYDOLDomR
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR
L7UDEDOKRWpFQLFRFLHQWtILFRRXDUWtVWLFR
8WLOL]DGRSDUD
D&RQFHLWR 6HOHFLRQDGRVSUHIHUHQFLDOPHQWH
HVFROKDGH LL 6HUYLoRV WpFQLFRV SURILVVLRQDLV PHGLDQWHFRQFXUVR
HVSHFLDOL]DGRV673(
/HLDUW
&RQFXUVR &RQVWLWXLomRGHFRPLVVmRHVSHFLDOLQWHJUDGD
SRUSHVVRDVGHUHSXWDomRLOLEDGDHUHFRQKHFLGR
FRQKHFLPHQWRGDPDWpULDHPH[DPH /HLDUW
俺 1mRXWLOL]DRVWLSRVGHOLFLWDomR /HLDUW
E3URFHGLPHQWR -XOJDPHQWR 5HDOL]DGRSHODFRPLVVmRHVSHFLDOFRQIRUPH
GHILQLGRQRUHJXODPHQWRSUySULRGRFRQFXUVR
3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR
8WLOL]DGRSDUDDTXLVLomRGHEHQVHVHUYLoRVFRPXQV
D&RQFHLWR
0RGDOLGDGHV /HLDUW
GH/LFLWDomR 6mRDTXHOHVFXMRV
SDGU}HVGHGHVHPSHQKR 2EMHWLYDPHQWHGHILQLGRVSHORHGLWDO
%HQV H VHUYLoRV HTXDOLGDGHSRVVDPVHU
FRPXQV (VSHFLILFDo}HVXVXDLVGHPHUFDGR
E 2EMHWR 1mRVHDSOLFDDFRQWUDWDomRGHREUDVGHHQJHQKDULD
GRSUHJmR ORFDo}HVLPRELOLiULDVHDOLHQDo}HVHPJHUDO'HFUHWRDUW
3RGHVHUXWLOL]DGRSDUDTXDOTXHUYDORUGHFRQWUDWR
8QLmR
2EULJDWyULR
'HFUHWRDUW
F$GRomRGRSUHJmR (VWDGRV')HPXQLFtSLRV
3UHJmR )DFXOWDWLYR
/HLDUW
0HQRUSUHoR /HLDUW;
G7LSRGHOLFLWDomR
3UHVHQFLDO
H0RGDOLGDGHVGHSUHJmR (OHWU{QLFD
$KDELOLWDomRGRVOLFLWDQWHVpIDVHSRVWHULRU
,QYHUVmRGDVIDVHV jGHMXOJDPHQWRGDVSURSRVWDV
3UHJRHLURDGMXGLFD
5HJUD
I3HFXOLDULGDGHV $XWRULGDGHFRPSHWHQWHKRPRORJD
GRSUHJmR +RPRORJDomRRFRUUH
GHSRLVGDDGMXGLFDomR 4XDQGRKiLQWHUSRVLomRGHUHFXUVRV
DDXWRULGDGHFRPSHWHQWHDGMXGLFD H
KRPRORJD
([FHomR
/HLDUW;;,H;;,,
0RGDOLGDGHGHOLFLWDomRDSOLFiYHOH[FOXVLYDPHQWHjVDJrQFLDVUHJXODGRUDV
([FHWXDGRVREUDVHVHUYLoRV
&RQVXOWD GHHQJHQKDULDFLYLO
8WLOL]DGDSDUDDTXLVLomRGHEHQVHVHUYLoRVQmRFRPXQV
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS/HL,PSURELGDGH$GPLQLVWUDWLYD
/(,,0352%,'$'($'0,1,675$7,9$
&)DUW
2VDWRVGHLPSURELGDGHDGPLQLVWUDWLYDLPSRUWDUmRDVXVSHQVmR
D%DVH GRVGLUHLWRVSROtWLFRVDSHUGDGDIXQomRS~EOLFDD
FRQVWLWXFLRQDO LQGLVSRQLELOLGDGHGRVEHQVHR UHVVDUFLPHQWRDRHUiULR
5HJXODPHQWDomROHJDO /HL
9DQWDJHPSDWULPRQLDOLQGHYLGDHPUD]mRGRH[HUFtFLRGH
FDUJRPDQGDWRIXQomRHPSUHJRRXDWLYLGDGHS~EOLFRV
D(QULTXHFLPHQWR
LOtFLWR /HLDUW
$omRRXRPLVVmRGRORVDRXFXOSRVDTXHHQVHMHSHUGD
SDWULPRQLDOGHVYLRDSURSULDomRPDOEDUDWHDPHQWRRX
'HVFULomR GLODSLGDomRGRVEHQVRXKDYHUHVGR3RGHU3~EOLFR
,PSURELGDGH GRVDWRVGH E3UHMXt]R /HLDUW
$GPLQLVWUDWLYD LPSURELGDGH DRHUiULR 6DQo}HV
$omRRXRPLVVmRTXHYLROHRVGHYHUHVGH
KRQHVWLGDGHLPSDUFLDOLGDGHOHJDOLGDGHHOHDOGDGH
F$WHQWDP FRQWUD /HLDUW
RV SULQFtSLRV GD
DGPS~EOLFD 6DQo}HV
L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH2,72D'(=DQRV
LL3HUGDGDIXQomRS~EOLFD
LLL3HUGDGRVEHQVRXYDORUHVDFUHVFLGRVLOLFLWDPHQWHDRSDWULP{QLR
LY5HVVDUFLPHQWRLQWHJUDOGRGDQRTXDQGRKRXYHU
D(QULTXHFLPHQWR Y3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU
LOtFLWR EHQHItFLRV RX LQFHQWLYRV ILVFDLV RX FUHGLWtFLRV GLUHWD RX
LQGLUHWDPHQWH DLQGD TXH SRU LQWHUPpGLR GH SHVVRD MXUtGLFD
GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH'(=DQRV
YL3DJDPHQWRGHPXOWDFLYLOGHDWp75Ç6
YH]HVRYDORUGRDFUpVFLPRSDWULPRQLDO
L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH&,1&2D2,72DQRV
LL3HUGDGDIXQomRS~EOLFD
LLL 3HUGD GRV EHQV RX YDORUHV DFUHVFLGRV LOLFLWDPHQWH
6DQo}HV DRSDWULP{QLRVHFRQFRUUHUHVWDFLUFXQVWkQFLD
E3UHMXt]R LY5HVVDUFLPHQWRLQWHJUDOGRGDQR
DRHUiULR
Y3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHUEHQHItFLRVRX
LQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRXLQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLR
GHSHVVRDMXUtGLFDGDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH&,1&2DQRV
YL3DJDPHQWRGHPXOWDFLYLOGHDWp'8$6YH]HVRYDORUGRGDQR
L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH75Ç6D&,1&2DQRV
LL3HUGDGDIXQomRS~EOLFD
LLL5HVVDUFLPHQWRLQWHJUDOGRGDQRTXDQGRKRXYHU
F$WHQWDP FRQWUD LY3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHUEHQHItFLRVRX
RV SULQFtSLRV GD LQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRXLQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLR
DGPS~EOLFD GHSHVVRDMXUtGLFDGDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH75Ç6DQRV
Y3DJDPHQWRGHPXOWDFLYLOGHDWp&(0YH]HVR
YDORUGDUHPXQHUDomRSHUFHELGDSHORDJHQWH
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS3RGHUHV$GPLQLVWUDWLYRV
32'(5(6$'0,1,675$7,926,
3UHUURJDWLYDVFRQFHGLGDVSHORRUGHQDPHQWRMXUtGLFRj
$GPLQLVWUDomR3~EOLFDSDUDFRQVHFXomRGRVILQVS~EOLFRV
D&RQFHLWR 'HFRUUrQFLDGLUHWDGRSULQFtSLRGDVXSUHPDFLDGRLQWHUHVVHS~EOLFR
L8VR GR 3UHUURJDWLYDHVSHFLDOFRQFHGLGDSHOR'LUHLWR
SRGHU 3~EOLFRSDUDFRQVHFXomRGRVILQVS~EOLFRV
&RQFHLWR 2FRUUHTXDQGRKiH[HUFtFLR
LL$EXVR
GHSRGHU LOHJtWLPRGHVVDVSUHUURJDWLYDV
1Ro}HV
LQWURGXWyULDV $JHQWHDWXDIRUDGRVOLPLWHV
L([FHVVR GDVXDFRPSHWrQFLD
E$EXVR GHSRGHU
9tFLRQRHOHPHQWRFRPSHWrQFLD
GHSRGHU
0RGDOLGDGHV $JHQWHHPERUDGHQWURGHVXDyUELWDGH
GH$%862 FRPSHWrQFLDVDIDVWDVHGRLQWHUHVVHS~EOLFR
'(32'(5
LL'HVYLR %XVFDDOFDQoDUILPGLYHUVRGDTXHOHTXHD
GHSRGHU OHLOKHSHUPLWLXH[SOtFLWDRXLPSOLFLWDPHQWH
9tFLRQRHOHPHQWR
ILQDOLGDGH 'HVYLRGHILQDOLGDGH
eRSRGHUTXHGLVS}HDDGPLQLVWUDomRS~EOLFDSDUDSUiWLFDGHDWRVYLQFXODGRV
D&RQFHLWR 7UDWDVHPDLVGHXPGHYHUGRTXHSURSULDPHQWHXPSRGHU
&RPSHWrQFLD
$OHLGHWHUPLQDWRGRVRVHOHPHQWRV )LQDOLGDGH
QHFHVViULRVjSUiWLFDGRDWR )RUPD
3RGHU E$WR 0RWLYR
YLQFXODGR YLQFXODGR 2EMHWR
1mRKiPDUJHPGHOLEHUGDGHDRDGPLQLVWUDGRUFRQYHQLrQFLDHRSRUWXQLGDGH
&RPSHWrQFLD
6mRYLQFXODGRV
DSHQDVRVHOHPHQWRV )LQDOLGDGH
&RPSHWrQFLD
E(OHPHQWRV )LQDOLGDGH
YLQFXODGRV )RUPD 4XDQGRHVVHQFLDO
0RWLYR
F (OHPHQWRV 2EMHWR
GLVFULFLRQiULRV )RUPD 4XDQGRQmRHVVHQFLDO
3RGHU
$EUDQJHHOHPHQWRVYLQFXODGRV
GLVFULFLRQiULR
$EUDQJH
&RQWUROH GH /LPLWDo}HVLPSRVWDVSHORV
HOHPHQWRV
/(*$/,'$'( H 3ULQFtSLRV*HUDLVGR'LUHLWR
GLVFULFLRQiULRV
/(*,7,0,'$'(
G&RQWUROH
H[HUFLGR 3ULQFtSLRGDLQDIDVWDELOLGDGH
SHOR 3RGHU GDMXULVGLomR
)XQGDPHQWR
-XGLFLiULR &)DUW;;;9
俺 1mRKiFRQWUROHGH0e5,72
$EUDQJHHOHPHQWRVYLQFXODGRV
&RQWUROH GH 5D]RDELOLGDGHH
$EUDQJH
/(*$/,'$'( H SURSRUFLRQDOLGDGH
HOHPHQWRV
/(*,7,0,'$'( FRQWUROHGHOHJLWLPLGDGH
H&RQWUROH GLVFULFLRQiULRV
H[HUFLGR SHOD
DGPLQLVWUDomR )XQGDPHQWR 3ULQFtSLRGDDXWRWXWHOD
S~EOLFD
&RQWUROHGH0e5,72
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS3RGHUHV$GPLQLVWUDWLYRV
32'(5(6$'0,1,675$7,926,,
eRSRGHUTXHGLVS}HD L'LVWULEXLUHHVFDORQDUIXQo}HV
DGPLQLVWUDomRS~EOLFDSDUD
LL2UGHQDUHUHYHUDWXDomRGHVHXVDJHQWHV
(VWiUHODFLRQDGRjSUySULDIRUPDGHRUJDQL]DomRGDIXQomRDGPLQLVWUDWLYD
eDUHODomRGHVXERUGLQDomRH[LVWHQWHHQWUHyUJmRVHDJHQWHVGDDGPLQLVWUDomRS~EOLFD
+LHUDUTXLD 5HODomRGHVXERUGLQDomR 'LVWULEXLomRGHIXQo}HV
FRQVLVWHHP
*UDGXDomRGDDXWRULGDGHGRVDJHQWHV
俺 1mRKiKLHUDUTXLDHQWUHGLIHUHQWHVSHVVRDVMXUtGLFDV
D&RQFHLWR 7XWHODDGPLQLVWUDWLYD
5HODomRGH
$UHODomRH[LVWHQWHHQWUHDDGPLQLVWUDomRGLUHWD YLQFXODomR &RQWUROHILQDOtVWLFR
HDVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWDp 6XSHUYLVmR
2EV
3ULQFtSLRGDOLYUH
俺 1mRKiKLHUDUTXLDQR-XGLFLiULRH FRQYLFomRGRMXL]
/HJLVODWLYRQDVXDVIXQo}HVSUySULDV)XQomR-XULVGLFLRQDO
)XQomR/HJLVODWLYD
$VGHWHUPLQDo}HVVXSHULRUHVGHYHP
VHUILHOPHQWHFXPSULGDVDPHQRVTXH
'HYHUGH VHMDPDQLIHVWDPHQWHLOHJDLV
L2UGHQDU &RQVHTXrQFLD REHGLrQFLD
/HLDUW,9
0DQXWHQomRGHDWRVYiOLGRVFRQYHQLHQWHVHRSRUWXQRV
3RGHU 5HYRJDomRGHDWRVGLVFULFLRQiULRV
+LHUiUTXLFR &RQVHTXrQFLD LQFRYHQLHQWHVRXLQRSRUWXQRV
LL&RQWURODU
$QXODomRGHDWRVLOHJDLV
&RQYDOLGDomRGHDWRVFRPGHIHLWRVVDQiYHLV
E)DFXOGDGHV $WRGLVFULFLRQiULRUHYRJiYHODTXDOTXHUWHPSRQRTXDOR
GHFRUUHQWHVGR DJHQWHRULJLQDOPHQWHFRPSHWHQWHGHOHJDQWHFRQIHUHDRXWUR
3RGHU+LHUiUTXLFR DJHQWHGHOHJDGRRH[HUFtFLRWHPSRUiULRGHDOJXPDVDWULEXLo}HV
俺 1mR SUHFLVD VHU
LLL'HOHJDU ÆPELWRGRSURFHVVR $JHQWH KLHUDUTXLFDPHQWHVXERUGLQDGR
DGPLQLVWUDWLYRIHGHUDO GHOHJDGR
/HLDUW
$WRGLVFULFLRQiULRQRTXDORVXSHULRUKLHUiUTXLFRWUD]SDUDVL
3RGHUHV RH[HUFtFLRWHPSRUiULRGHDWULEXLomRGHXPVXERUGLQDGR
$GPLQLVWUDWLYRV 3UHFLVDVHU
LY$YRFDU ÆPELWR GR SURFHVVR KLHUDUTXLFDPHQWHVXERUGLQDGR
DGPLQLVWUDWLYRIHGHUDO $JHQWH
/HLDUW
(VWDEHOHFLGRHQWUHyUJmRVGHXPD
L6XERUGLQDomR PHVPDSHVVRDDGPLQLVWUDWLYD
DGPLQLVWUDWLYD &DUiWHULQWHUQR
'HFRUUHGD$872787(/$
1mR
FRQIXQGLU 5HVXOWDGRFRQWUROHTXHSHVVRDVIHGHUDWLYDVH[HUFHP
LL9LQFXODomR VREUHSHVVRDVSHUWHQFHQWHVjDGPLQLVWUDomRLQGLUHWD
DGPLQLVWUDWLYD&DUiWHUH[WHUQR
'HFRUUHGD787(/$
L3XQLULQWHUQDPHQWHLQIUDo}HVIXQFLRQDLVGRVVHXVVHUYLGRUHV
eDIDFXOGDGHGH LL3XQLU LQIUDo}HVDGPLQLVWUDWLYDV FRPHWLGDV SRU SHVVRDV VXMHLWDV
D&RQFHLWR jGLVFLSOLQDGRVyUJmRVHVHUYLoRVGDDGPLQLVWUDomRS~EOLFD
3RGHUGLVFLSOLQDUpFRUUHODWRDRSRGHU
L5HODomRFRPSRGHUKLHUiUTXLFR KLHUiUTXLFRPDVFRPHOHQmRVHFRQIXQGH
$DGPLQLVWUDomRS~EOLFDH[HUFHVXSUHPDFLDHVSHFLDOVREUHWRGRV
DTXHOHVTXHDHODVHYLQFXODPSRUUHODo}HVGHTXDOTXHUQDWXUH]D
VXERUGLQDQGRVHjVQRUPDVGHIXQFLRQDPHQWRGRVHUYLoRRXGR
LL'HFRUUHGD HVWDEHOHFLPHQWRTXHSDVVDPDLQWHJUDUGHILQLWLYDHWUDQVLWRULDPHQWH
VXSUHPDFLDHVSHFLDO 9tQFXORMXUtGLFRHVSHFtILFR
'HFRUUHGDVXSUHPDFLDHVSHFLDO
3RGHU
'LVFLSOLQDU 5HSUHVVmRGHFULPHVH
LLL1mRVHFRQIXQGHFRPR FRQWUDYHQo}HVSHQDLV
SRGHUSXQLWLYRGR(VWDGR )XQomRMXULVGLFLRQDO
E&DUDFWHUtVLWFDV 'HFRUUHGDVXSUHPDFLDJHUDO
¬JUDGXDomRGDSHQDOLGDGHGLVFLSOLQDU
4XDQWR $RHQTXDGUDPHQWRGDFRQGXWDGHQWUHDVKLSyWHVHV
LY'LVFULFLRQDULHGDGH
SUHYLVWDVQDOHLFRQFHLWRVMXUtGLFRVLQGHWHUPLQDGRV
$SXUDomRGDUHVSRQVDELOLGDGH /HLDUWVH
4XDQWRj
Y9LQFXODomR $SOLFDomRGDSHQDFDEtYHO
0RWLYDomR 2DWRGHDSOLFDomRGHSHQDOLGDGHGHYHVHUPRWLYDGR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS3RGHUHV$GPLQLVWUDWLYRV
32'(5(6$'0,1,675$7,926,,,
3UHUURJDWLYDFRQIHULGDDRFKHIHGR3RGHU([HFXWLYRSDUD
HGLWDUGHFUHWRVHUHJXODPHQWRVSDUDDILHOH[HFXomRGDVOHLV &)DUW,9
$FRPSHWrQFLDSDUDH[SHGLomRGRVGHFUHWRVRX
UHJXODPHQWRVGHH[HFXomRQmRpSDVVtYHOGHGHOHJDomR&)DUWS~QLFR
eHVSpFLHGRJrQHURSRGHUQRUPDWLYR
3UHUURJDWLYDFRQIHULGDjDGPLQLVWUDomRS~EOLFDSDUD
HGLWDUDWRVQRUPDWLYRVJHUDLVHDEVWUDWRVSDUD
3RGHU FRPSOHPHQWDUDVOHLVHSHUPLWLUVXDHIHWLYDDSOLFDomR
D&RQFHLWR QRUPDWLYR
3RGHU
5HJXODPHQWDU 2EV 5HJXODPHQWDomRWpFQLFD
&RPSHWrQFLD
SDUD 0HGLDQWHSDUkPHWURVSUHYLDPHQWH
HVWDEHOHFLGRVQDOHL
3RGHU
$WLYLGDGHVDGPLQLVWUDWLYDVGH
UHJXODGRU
ÆPELWR DOWDFRPSOH[LGDGHWpFQLFD
俺 1mRSRGHFULDUGLUHLWRVHREULJDo}HV
俺 1mR SRGH FRQWUDULDU RV FRPDQGRV 3ULQFtSLRGDOHJDOLGDGH
E/LPLWHV OHJDLVFRQWUDOHJHP
&)DUW,,
)DFXOGDGHTXHGLVS}HDDGPLQLVWUDomRS~EOLFDSDUDFRQGLFLRQDURXUHVWULQJLURXVRHR
JR]RGHEHQVGLUHLWRVHDWLYLGDGHVLQGLYLGXDLVHPEHQHItFLRGDFROHWLYLGDGHRXGR(VWDGR
D&RQFHLWR
%HQV
,QFLGHVREUH 'LUHLWRV
$WLYLGDGHV
俺 1mRLQFLGHVREUH3(662$6
%HQV
3ROtFLD ,QFLGHVREUH 'LUHLWRV
3RGHUHV DGPLQLVWUDWLYD $WLYLGDGHV
$GPLQLVWUDWLYRV ÏUJmRV
DGPLQLVWUDWLYRV ,QFLGHQRkPELWRGDV
E,QFLGrQFLD LQIUDo}HVDGPLQLVWUDWLYDV
32/Ë&,$
3ROtFLDGHPDQXWHQomR ,QFLGHGLUHWDPHQWH
GDRUGHPS~EOLFD VREUHSHVVRDV
ÏUJmRVGH ,QFLGHQRkPELWR
VHJXUDQoD 3ROtFLDMXGLFLiULD GRVLOtFLWRVSHQDLV
FRUSRUDo}HV
HVSHFLDOL]DGDV 俺 1mRVHWUDWDGRSRGHUGHSROtFLD
HVWXGDGRQR'LUHLWR$GPLQLVWUDWLYR
3RGHU
GH3ROtFLD L'LVFULFLRQDULHGDGH
LL$XWRH[HFXWRULHGDGH ([FHWRQDFREUDQoDGHPXOWDV
F$WULEXWRV
LLL&RHUFLELOLGDGH 1mRVHDSOLFDDWRGRVRVFDVRV
3RGHUOHJLVODWLYRHVWDEHOHFHSRU &RQGLo}HV
OHLDVOLPLWDo}HVDGPLQLVWUDWLYDV )L[D
5HTXLVLWRV
([SHGLomRGH
LL )LVFDOL]DomRGDVDWLYLGDGHH EHQVVXMHLWRV DWRVSXQLWLYRV 0XOWD
DRFRQWUROHGDDGPLQLVWUDomRS~EOLFD
7HPFRPSHWrQFLDSDUDSROLFLDUDHQWLGDGHTXHGLVS}HGRSRGHUGHUHJXODUDPDWpULD
H&RPSHWrQFLD
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS&RQWUROHH5HVSRQVDELOL]DomRGD$GPLQLVWUDomR
&21752/('$$'0,1,675$d23Ò%/,&$
&RQMXQWRGHLQVWUXPHQWRVSHORVTXDLVDSUySULDDGPLQLVWUDomRS~EOLFDRV3RGHUHV-XGLFLiULR
H/HJLVODWLYRHDLQGDRSRYRGLUHWDPHQWHRXSRUPHLRGHVHXVyUJmRVHVSHFLDOL]DGRVSRVVDP
H[HUFHURSRGHUGHILVFDOL]DomRRULHQWDomRHUHYLVmRGDDWXDomRDGPLQLVWUDWLYDGHWRGRVRV
yUJmRVHQWLGDGHVHDJHQWHVS~EOLFRVHPWRGDVDVHVIHUDVGR3RGHU
&RQFHLWR 2FRQWUROHGDDGPLQLVWUDomRS~EOLFDHVWiHPEDVDGRQR3ULQFtSLRGD/HJDOLGDGH
([HUFLGRQRkPELWRLQWHUQRGRPHVPR3RGHU
SRUyUJmRVSUHVHQWHVHPVXDHVWUXWXUD
L,QWHUQR 'iVHVREUHOHJDOLGDGHHILFLrQFLDHPpULWR GRVVHXVDWRV&)DUW
D&RQIRUPH ([HUFLGRGHXP3RGHUVREUHRXWURUHODWLYDPHQWHDDWRVDGPLQLVWUDWLYRV
DRULJHP
LL([WHUQR ([$XGLWRULDVGR7&8VREUHGHVSHVDVUHDOL]DGDVSHOR3RGHU([HFXWLYR
7UDWDVHGDSRVVLELOLGDGHGHDFROHWLYLGDGHILVFDOL]DUDDGPLQLVWUDomRS~EOLFD
LLL3RSXODU ([3URSRVLomRGHDomRSRSXODU&)DUW/;;,,,
&KDPDVHSUHYHQWLYRSUpYLRRX³DSULRUL
L3UpYLR 2FRUUHTXDQGRpHIHWLYDGRDQWHVGRLQtFLRRXGDFRQFOXVmRGRDWR
E&RQIRUPH R &RQWUROHGXUDQWHDUHDOL]DomRGRDWR
PRPHQWR GH LL&RQFRPLWDQWH ([$XGLWRULDGXUDQWHDH[HFXomRGRRUoDPHQWR
H[HUFtFLR
&KDPDGRFRQWUROHSRVWHULRUVXEVHTXHQWHRXFRUUHWLYR
LLL3RVWHULRU 6HXREMHWLYRpGHVID]rORVHLOHJDORXLQFRQYHQLHQWH
HLQRSRUWXQRFRUULJLORRXDLQGDFRQILUPiOR
9HULILFDVHVHRDWRIRLSUDWLFDGRHP
FRQIRUPLGDGHFRPRRUGHQDPHQWRMXUtGLFR
L/HJDOLGDGH 7HPFRPRUHVXOWDGRDYDOLGDGHDDQXODomR
RXOHJLWLPLGDGH RXDFRQYDOLGDomRGRDWRFRQWURODGR
F4XDQWR 9HULILFDDRSRUWXQLGDGHHDFRQYHQLrQFLDDGPLQLVWUDWLYDVGRDWRFRQWURODGR
DRDVSHFWR
FRQWURODGR 5HVXOWDQDUHYRJDomRSHODDGPLQLVWUDomRGH
DWRVGLVFULFLRQiULRVSRUHODSUySULDHGLWDGRV
LL0pULWR 3-XGLFLiULRQXQFDUHDOL]DFRQWUROHGHPpULWRGHDWRSUDWLFDGRSRURXWUR3RGHU
-XGLFLiULRH[HUFHFRQWUROHGH/(*$/,'$'(H/(*,7,0,'$'(
VREUHRVOLPLWHVGDDWXDomRGLVFULFLRQiULDGDDGPLQLVWUDomR
&RQWUROHGD 'HFRUUHGRHVFDORQDPHQWRYHUWLFDOGHyUJmRVGD
$GPLQLVWUDomR PHVPDSHVVRDMXUtGLFDGDDGPLQLVWUDomRS~EOLFD
3~EOLFD eVHPSUHXP 5HODomRGH68%25',1$d2
L+LHUiUTXLFR FRQWUROHLQWHUQR HQWUHFRQWURODGRHFRQWURODGRU
([0LQLVWpULRVH[HUFHPFRQWUROHKLHUiUTXLFRVREUHVXDVVHFUHWDULDV
&ODVVLILFDomR
G4XDQWRj ([HUFLGRSHODDGPLQLVWUDomRGLUHWDVREUH
DPSOLWXGH DVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD
5HVXOWDGDGHVFHQWUDOL]DomR 5HODomRGH9,1&8/$d2
DGPLQLVWUDWLYD HQWUHDVSHVVRDV
LL)LQDOtVWLFR 'HSHQGHGHQRUPDOHJDOTXHHVWDEHOHoD
PHLRVDVSHFWRVHRFDVL}HVGHFRQWUROH
7DPEpPGHQRPLQDGRGHWXWHODDGPLQLVWUDWLYDRXVXSHUYLVmRPLQLVWHULDO
$VSHFWRVGHOHJDOLGDGHHGHPpULWRGHIRUPD
SURYRFDGDRXSRULQLFLDWLYDSUySULD³H[RIILFLR´
eRFRQWUROHLQWHUQRIXQGDGRQRSRGHU
GHDXWRWXWHODOHJDOLGDGHHPpULWR
L$GPLQLVWUDWLYR $$GPLQLVWUDomRSRGHDQXODUVHXVSUySULRVDWRVTXDQGR
HLYDGRVGHYtFLRVTXHRVWRUQDPLOHJDLVRXUHYRJiORV
SRUPRWLYRGHFRQYHQLrQFLDRXRSRUWXQLGDGH
UHVSHLWDGRVRVGLUHLWRVDGTXLULGRV6~PXOD67)
([HUFLGRVRERVDVSHFWRVSROtWLFRHILQDQFHLUR
&3,
&RQYRFDomRGHDXWRULGDGHVHSHGLGRGHLQIRUPDomR
H 4XDQWR DR 3DUWLFLSDomRQDIXQomRDGPLQLVWUDWLYD
yUJmR TXH
RH[HUFH )XQomRMXULVGLFLRQDO
LL/HJLVODWLYR /HJDOLGDGH
RX3DUODPHQWDU 0HLRV
)LVFDOL]DomRFRQWiELO /HJLWLPLGDGH
ILQDQFHLUDHRUoDPHQWiULD (FRQRPLFLGDGH
$SOLFDomRGDVVXEYHQo}HV
5HQ~QFLDGHUHFHLWDV
6XVWDomRGHDWRVQRUPDWLYRV
([HUFLGRSHOR-XGLFLiULRVREUHDWRVDGPLQLVWUDWLYRV
HPDQDGRVGHTXDOTXHUGRV3RGHUHV
LLL-XGLFLiULR 9HULILFDH[FOXVLYDPHQWHDOHJDOLGDGHRXOHJLWLPLGDGH
GRVDWRVDGPLQLVWUDWLYRVQXQFDRPpULWR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS&RQWUROHH5HVSRQVDELOL]DomRGD$GPLQLVWUDomR
5(63216$%,/,'$'(&,9,/'2(67$'2,
2EULJDomRGHUHSDUDU
7DPEpPFKDPDGDGH HFRQRPLFDPHQWHGDQRV
5HVSRQVDELOLGDGH L5HVSRQVDELOLGDGHFLYLO SDWULPRQLDLV
([WUDFRQWUDWXDOGR(VWDGR
1mRGHFRUUHGH
LL([WUDFRQWUDWXDO GHVFXPSULPHQWRGHFRQWUDWR
&RQFHLWR
2EULJDomRTXHWHPR(VWDGRGHLQGHQL]DURVGDQRVSDWULPRQLDLVRXPRUDLVTXH
VHXVDJHQWHVDWXDQGRHPVHXQRPHRXVHMDQDTXDOLGDGHGHDJHQWHVS~EOLFRV
FDXVHPjHVIHUDMXULGLFDPHQWHWXWHODGDGRVSDUWLFXODUHV
(VWDGRVQmRSRGLDPVHUUHVSRQVDELOL]DGRV
SRLVHUDPSHUVRQLILFDGRVSHODILJXUDGRUHL
D7HRULDGD
LUUHVSRQVDELOLGDGH "The king can do no wrong"
7HRULDGDFXOSDFLYLOFRPXPGR(VWDGR
3UHWHQGLDHTXLSDUDUR(VWDGRDRLQGLYtGXR
7HRULDGDUHVSRQVDELOLGDGHVXEMHWLYDGRDJHQWHS~EOLFR
E7HRULDVFLYLOLVWDV
L&XOSDRXGRORGRDJHQWHS~EOLFR
5HTXLVLWRV
LL'DQR
7HRULDGDFXOSDGRVHUYLoR
FXOSDDQ{QLPDGRVHUYLoRS~EOLFR
7UDQVLomRHQWUHDWHRULDGDUHVSRQVDELOLGDGHVXEMHWLYD
HDWHRULDGRULVFRDGPLQLVWUDWLYRUHVSRQVDELOLGDGHREMHWLYD
$UHVSRQVDELOLGDGHSRULQGHQL]DUSDVVDDVHU
GR(VWDGRHQmRPDLVGRDJHQWHDQ{QLPD
$REULJDomRGHLQGHQL]DU
F7HRULDGDFXOSD ,QH[LVWrQFLDGRVHUYLoR
VXUJHGHXPDGDVIRUPDV
DGPLQLVWUDWLYD
GDIDOWDGRVHUYLoR 0DXIXQFLRQDPHQWRGRVHUYLoR
5HWDUGDPHQWRGRVHUYLoR
5HVSRQVDELOLGDGH )DOWDGRVHUYLoR 'HYHVHUFRPSURYDGD
&LYLOGR(VWDGR 5HTXLVLWRV
'DQR
7HRULDGDUHVSRQVDELOLGDGH2%-(7,9$
$REULJDomRGHUHSDUDURGDQRRFRUUH
(YROXomR LQGHSHQGHQWHPHQWHGDH[LVWrQFLDGDIDOWD
KLVWyULFD GRVHUYLoRRXGDFXOSDGRDJHQWHS~EOLFR
)DWRGR 1mRVHH[LJHD
VHUYLoR FRPSURYDomRGHFXOSD
'DQR
5HTXLVLWRV 5HODomRGHFDXVDOLGDGH
HQWUHDSUHVWDomRGH
1H[RGH VHUYLoRS~EOLFRHRGDQR
FDXVDOLGDGH FDXVDGRDWHUFHLUR
L5LVFR
DGPLQLVWUDWLYR ([FOXGHQWHVGH &XOSDH[FOXVLYDGDYtWLPD
UHVSRQVDELOLGDGH &XOSDGHWHUFHLURV
G7HRULD
GRULVFR )RUoDPDLRU
ÐQXVGDSURYDGHFXOSDGRSDUWLFXODUVH
H[LVWHQWHFDEHVHPSUHj$GPLQLVWUDomR
$YtWLPDILFDGLVSHQVDGDGH
FRPSURYDUDFXOSDGD$GPLQLVWUDomR
&)DUW
1mRKiH[FOXGHQWHVGHUHVSRQVDELOLGDGH
$REULJDomRGHLQGHQL]DURFRUUHPHVPRTXHR
GDQRGHFRUUDGHFXOSDH[FOXVLYDGRSDUWLFXODU
LL5LVFR
LQWHJUDO %DVWDDH[LVWrQFLDGHHYHQWRGDQRVRHQH[RFDXVDO
3DUD+HO\/RSHVHVVDWHRULDMDPDLVIRL
DGRWDGDHPQRVVRRUGHQDPHQWRMXUtGLFR
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU
'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLVSDUD3) &DS&RQWUROHH5HVSRQVDELOL]DomRGD$GPLQLVWUDomR
5(63216$%,/,'$'(&,9,/'2(67$'2,,
5(63216$%,/,'$'(2%-(7,9$GR(VWDGR &)DUW
7HRULDGRULVFRDGPLQLVWUDWLYR &RQGXWDFRPLVVLYD
L3HVVRDMXUtGLFD $GPLQLVWUDomR'LUHWD
GHGLUHLWRS~EOLFR
$XWDUTXLDVHIXQGDo}HVS~EOLFDV
(PSUHVDVS~EOLFDVSUHVWDGRUDV
GHVHUYLoRVS~EOLFR
6RFLHGDGHVGHHFRQRPLDPLVWD
SUHVWDGRUDVGHVHUYLoRS~EOLFR
LL3HVVRDMXUtGLFD )XQGDo}HVS~EOLFDVGHGLUHLWR
GHGLUHLWRSULYDGR SULYDGRTXHSUHVWHPVHUYLoRS~EOLFR
5HVSRQVDELOLGDGH $EUDQJrQFLD
'HOHJDWiULDVGH &RQFHVVLRQiULDV
([WUDFRQWUDWXDOQD
&) VHUYLoRVS~EOLFRV 3HUPLVVLRQiULDV
$XWRUL]DGDV
1mRLQFOXLDVHPSUHVDVS~EOLFDVH
VRFLHGDGHVGHHFRQRPLDPLVWD
(;3/25$'25$6'($7,9,'$'((&21Ð0,&$
2EV (VWDVVmRUHJLGDVSHOR'LUHLWR&LYLO
HRXSHOR'LUHLWR&RPHUFLDO
$UHVSRQVDELOLGDGHFLYLOREMHWLYDGDVSUHVWDGRUDVGHVHUYLoR
S~EOLFRDEUDQJHRVGDQRVFDXVDGRVDRVXVXiULRVGRVHUYLoR
S~EOLFRHWDPEpPDWHUFHLURVQmRXVXiULRVGRVHUYLoRS~EOLFR
$JHQWHHVWDWDOGHYHHVWDUH[HUFHQGRVHXRItFLRRX
IXQomRRXDSURFHGHUFRPRVHDHVWLYHVVHH[HUFHQGR
7HRULDGDFXOSDDGPLQLVWUDWLYD
$&)QmRWUD]UHJUDVUHODWLYDVDUHVSRQVDELOLGDGHFLYLOSRU
HYHQWXDLVGDQRVFDXVDGRVSRURPLVV}HVGR3RGHU3~EOLFR
0DVDMXULVSUXGrQFLDFRQVWUXLXRHQWHQGLPHQWRTXHHVWDpSRVVtYHO
&XOSDDQ{QLPDRXFXOSDGRVHUYLoR
5HVSRQVDELOLGDGH
6XEMHWLYD GD 2PLVVmRFXOSRVD
5HVSRQVDELOLGDGH &RQGXWDRPLVVLYD
$GPLQLVWUDomR GR3RGHU3~EOLFR 'HYHVHUFRPSURYDGD 2{QXVGDSURYD
&LYLOGR(VWDGR DIDOWDGRVHUYLoR pGRSDUWLFXODU
([FOXGHQWHVGH L([FOXVLYDPHQWHDWRVGHWHUFHLURV
UHVSRQVDELOLGDGH
LL)RUoDPDLRUIHQ{PHQRVGDQDWXUH]D
(PUHJUDQmRDFDUUHWDPUHVSRQVDELOLGDGHH[WUDFRQWUDWXDOGR(VWDGR
$WRV L(GLomRGHOHLVLQFRQVWLWXFLRQDLV
([FHomR
/HJLVODWLYRV LL(GLomRGHOHLVGHHIHLWRVFRQFUHWRV
$UHJUDJHUDOpDLUUHVSRQVDELOLGDGHGR(VWDGRSHORVDWRVMXULVGLFLRQDLV
2(VWDGRLQGHQL]DUiRFRQGHQDGRSRUHUURMXGLFLiULR
$WRV-XULVGLFLRQDLV ÈUHDFULPLQDO &)DUW/;;9
1mRDOFDQoDDHVIHUDFtYHO
5HFRQKHFLGRRGDQRSHOR3RGHU3~EOLFRHKDYHQGRDFRUGRHQWUHDV
SDUWHVSRGHKDYHU LQGHQL]DomRGLUHWDPHQWHSHODYLDDGPLQLVWUDWLYD
D$FRUGR
DGPLQLVWUDWLYR 5HSDUDomRGRGDQRDPLJDYHOPHQWH
&RQWUDD$GPLQLVWUDomRVRPHQWH
&RQWUDD$GPLQLVWUDomRHR 67)SRVLFLRQDVHFRQWUDULDPHQWH
DJHQWHS~EOLFRHPOLWLVFRQVyUFLR DHVVDSRVVLELOLGDGH
67)SRVLFLRQDVHFRQWUDULDPHQWH
$omRGH E$omRMXGLFLDO &RQWUDRDJHQWHS~EOLFRVRPHQWH DHVVDSRVVLELOLGDGH
5HSDUDomR
GRGDQR 3UD]RGHSUHVFULomR &yGLJR&LYLODUW9
GDDomRGHUHSDUDomR DQRV
-XULVSUXGrQFLD67-
2(VWDGRLQGHQL]DRWHUFHLURHRDJHQWHS~EOLFRLQGHQL]DR(VWDGR
L4XHD$GPLQLVWUDomRMiWHQKDVLGR
FRQGHQDGDDLQGHQL]DUDYtWLPDSHORGDQRH
F$omR
5HTXLVLWRV LL4XHWHQKDKDYLGRFXOSDRXGRORSRUSDUWH
UHJUHVVLYD
GRDJHQWHFXMDDWXDomRRFDVLRQRXRGDQR
&)DUW
3URI0DUFHOR/HLWH
3URI7KLDJR6WUDXVV ZZZSRQWRGRVFRQFXUVRVFRPEU