Escolar Documentos
Profissional Documentos
Cultura Documentos
()(,72'(6(,6',)(5(17(67,326'(
3527(d29,68$/1$3(5'$'(58Ë'2325,16(5d2
'(75Ç63527(725(6$8',7,926'(&21&+$
6HUJLR$&DSRUDOL)LOKR
6HUJLR$&DSRUDOL)LOKR
5HVXPR FRPELQDo}HVGHSURWHomRDXGLWLYDHYLVXDOTXHDOpP
GH HVWDUHP HQWUH DV SUHIHULGDV GRV SDUWLFLSDQWHV
2 WUDEDOKR QD LQG~VWULD GD FRQVWUXomR UHTXHU
WLYHUDPXPERPGHVHPSHQKRQRWRFDQWHjSURWHomR
QRUPDOPHQWHRXVRFRPELQDGRGHSURWHomRDXGLWLYD
FRQWUD R UXtGR (VWH HVWXGR IRL UHDOL]DGR FRP
FRP SURWHomR YLVXDO GHQWUH RXWURV (3,V 1HVVH
ILQDQFLDPHQWR GR &HQWUR SDUD D 3HVTXLVD H
VHQWLGRDVHVSHFLILFDo}HVGRVSURWHWRUHVDXGLWLYRV
7UHLQDPHQWR QD &RQVWUXomR &3:5 VXD VLJOD HP
WLSR FRQFKD QmR DERUGDP R LPSDFWR TXH R XVR
LQJOrV
F R Q F R P L W D Q W H G H S U R W H o m R Y L V X D O W H P Q R
GHVHPSHQKR GR SURWHWRU DXGLWLYR (VWH HVWXGR ,QWURGXomR
XWLOL]RXDSHUGDGHUXtGRSRULQVHUomRH35,VXDVLJOD
$SUR[LPDGDPHQWHPLOK}HVGHSHVVRDVQRV(VWDGRV
H P S R U W X J X r V H X P t Q G L F H V X E M H W L Y R G H
8QLGRV VmR RFXSDFLRQDOPHQWH H[SRVWDV D QtYHLV
LQFRPRGLGDGH FRP YDULiYHO GH UHVSRVWD SDUD
SHULJRVRVGHUXtGR26+$ $PDLRUSDUWHGR
LQYHVWLJDURLPSDFWRGHVHLVWLSRVGHSURWHomRYLVXDO
WUDEDOKRIHLWRQDLQG~VWULDGDFRQVWUXomRUHTXHUR
QRGHVHPSHQKRGHWUrVSURWHWRUHVDXGLWLYRVGHWLSR
XVRFRQWLQXRGHSURWHomRYLVXDOSDUDWDUHIDVTXHVmR
FRQFKD HQTXDQWR TXLQ]H SDUWLFLSDQWHV HUDP
IUHTXHQWHPHQWHDVVRFLDGDVDDOWRVQtYHLVGHUXtGR
H[SRVWRV DR UXtGR S URYHQLHQWH GH T XDWUR
$SHVDU GH PXLWDV YH]HV D SURWHomR DXGLWLYD WLSR
IHUUDPHQWDV HOpWULFDV DGRWDQGR FLQFR GLYHUVDV
FRQFKD VHU XVDGD HP FRPELQDomR FRP SURWHomR
SRVWXUDVGHSHVFRoR2WLSRGHSURWHWRUGHFRQFKD
YLVXDODWpKRMHQHQKXPDGDVDYDOLDo}HVLQFOXLGDVQR
GHSURWHomRYLVXDOHDSRVWXUDGHSHVFRoRWLYHUDP
SURFHVVR GH YHULILFDomR GH FRQIRUPLGDGH SDUD RV
HIHLWR HVWDWLVWLFDPHQWH VLJQLILFDWLYR QD 35,
HTXLSDPHQWRVGHSURWHomRDXGLWLYD(3$VXDVLJOD
HQTXDQWR VRPHQWH RV GRLV SULPHLURV SURGX]LUDP
HP3RUWXJXrVDEUDQJHXPDDYDOLDomRHVSHFtILFDGR
HIHLWR VLJQLILFDWLYR QR tQGLFH VXEMHWLYR GH
LPSDFWRGRXVRGHSURWHomRYLVXDOQRGHVHPSHQKRGH
LQFRPRGLGDGH
SURWHWRUHV DXGLWLYRV WLSR FRQFKD &RKHQ HW DO
'HQWUR GRV OLPLWHV GHVWH HVWXGR IRL SRVVtYHO D
LGHQWLILFDomR GR SURWHWRU YLVXDO TXH PHQRV
3RU RXWUR ODGR D $GPLQLVWUDomR GH 6HJXUDQoD H
LPSDFWRX R GHVHPSHQKR GRV SURWHWRUHV DXGLWLYRV
6D~GH 2FXSDFLRQDO GRV (VWDGRV 8QLGRV 26+$ VXD
HVWXGDGRVGRSURWHWRUDXGLWLYRWLSRFRQFKDFRPR
VLJOD HP LQJOrV GHWHUPLQD TXH R HPSUHJDGR
PHOKRU GHVHPSHQKR TXDQGR XVDGR FRP SURWHomR
VHOHFLRQH(3$VFRPEDVHHPVHXVYDORUHVGH7D[DGH
YLVXDO GDV FRPELQDo}HV PHQRV DIHWDGDV SHODV
5HGXomRGH5XtGR155 VXDVLJODHPLQJOrVTXDQGR
SRVWXUDV GH SHVFRoR GH XP FRQMXQWR GH FLQFR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3K'&63&,+8QLYHUVLGDGHGH3RUWR5LFR&DPSXVGH&LrQFLDV0pGLFDV(VFRODGH3yVJUDGXDomRHP6D~GH3~EOLFD'HSDUWDPHQWRGH
6D~GH$PELHQWDO3URJUDPDGH+LJLHQH,QGXVWULDO
4XDQGRD26+$SURPXOJRXD(PHQGDGH&RQVHUYDomRGH$XGLomRHPjVXDQRUPDGHUXtGRRFXSDFLRQDOLQFRUSRURXRVUHTXHULPHQWRVGH
HWLTXHWDGR SDUD RV (3$V 1RUPD$PHULFDQD &)5 TXH REULJDYDP RV IDEULFDQWHV GHVWHV D LGHQWLÀFDU QR SDFRWH GR SURGXWR VXD
FDSDFLGDGHGHUHGXomRGHUXtGR(VVDPHGLGDGHFDSDFLGDGHGHUHGXomRGHUXtGRpFRQKHFLGDFRPRDWD[DGHUHGXomRGHUXtGR155VXDVLJOD
HP,QJOrV155VHUHIHUHDXPFiOFXORQXPpULFRTXHpGHULYDGRHPODERUDWyULRHUHSUHVHQWDDDWHQXDomRGHUXLGRQDHVFDODOLQHDUGR(3$
3DUDFDOFXODUDSURWHomRDRUXtGRTXHXP(3$WHyULFDPHQWHRIHUHFHQDSRQGHUDomR$DXPWUDEDOKDGRUXVDQGRRDGHTXDGDPHQWHD26+$
UHTXHUDVXEWUDomRGHG%GR155SXEOLFDGRQRSDFRWHGRSURGXWR
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
VHXV WUDEDOKDGRUHV VmR H[SRVWRV SRU KRUDV D XP HILFiFLD H E R HIHLWR TXDQWLWDWLYR TXH D SURWHomR
QtYHO PpGLR GH UXtGR VXSHULRU RX LJXDO D G%$ H YLVXDO WHYH QD SHUGD GH UXtGR SRU LQVHUomR GRV
H[LJHRXVRGH(3$VSDUDWUDEDOKDGRUHVTXHWHQKDP SURWHWRUHV DXGLWLYRV DYDOLDGRV 35,$ PHWRGRORJLD
GHVHQYROYLGRSHUGDDXGLWLYDLQGX]LGDSRUUXtGRHVmR XWLOL]DGD QHVWH HVWXGR UHSUHVHQWD XPD SURSRVWD
H[SRVWRV SRU KRUDV D XP QtYHO PpGLR GH UXtGR LQRYDGRUDSDUDFROHWDULQIRUPDo}HVGHGHVHPSHQKR
VXSHULRURXLJXDODG%$&)50HVPR GRVSURWHWRUHVGHFRQFKDHVSHFLILFDPHQWHTXDQGR
DVVLP D 26+$ DWXDOPHQWH H[LJH TXH D 155 VHMD G H V H M D P R V W H V W i O R V H P V L W X D o } H V P D L V
UHGX]LGD HP G% SDUD HVWLPDU VHX YDORU UHSUHVHQWDWLYDV GR DPELHQWH QRUPDO GH WUDEDOKR
FRUUHVSRQGHQWH QD SRQGHUDomR ´$µ GH UXtGR WDLVFRPRTXDQGRVmRXVDGRVSRUSHVVRDVH[SRVWDVD
$GHPDLV D SURILVVmR GH +LJLHQH 2FXSDFLRQDO DOWRVQtYHLVGHSUHVVmRVRQRUDDGRWDQGRGLIHUHQWHV
UHVSDOGDGDHQWUHRXWUDVDJrQFLDVSHOD26+$$,+$ SRVWXUDVGRSHVFRoR
$&*,+H1,26+UHFRPHQGDRXVRGHXPIDWRUGH
2EMHWLYRV
GHJUDGDomR GH SDUD OHYDU HP FRQVLGHUDomR R
DMXVWH JHUDOPHQWH SUHFiULR HQWUH R SURWHWRU GH 2HVWXGRWHYHRVVHJXLQWHVREMHWLYRV
FRQFKDHDFDEHoDGRWUDEDOKDGRU(PERUDHVWXGRV
DQWHULRUHVWHQKDPUHODWDGRTXHRXVRGHSURWHomR ,GHQWLILFDU GHQWUR GR KRUL]RQWH GH PDUFDV H
YLVXDOHVWiDVVRFLDGRDXPHIHLWRQHJDWLYRGHDG% PRGHORVGHSURWHomRDXGLWLYDHYLVXDODYDOLDGRV
QRGHVHPSHQKRGHSURWHWRUHVDXGLWLYRVWLSRFRQFKD QHVWD LQYHVWLJDomR R SURWHWRU YLVXDO FRP R
%HUJHUDWpKRMHQmRVHSURS{VUHTXHULPHQWR PHQRU LPSDFWR QHJDWLYR QR GHVHPSHQKR GRV
DOJXP SDUD UHGX]LU D 155 GRV (3$V D ILP GH SURWHWRUHVDXGLWLYRVWLSRFRQFKDHVWXGDGRV
FRQVLGHUDURHIHLWRGRXVRGHSURWHomRYLVXDOHPVHX
,GHQWLILFDU GHQWUR GR KRUL]RQWH GH PDUFDV H
GHVHPSHQKR
PRGHORV GH SURWHomR DXGLWLYD H YLVXDO
$OpP GLVVR R &RPLWr SDUD D &HUWLILFDomR GH H[DPLQDGRV QR SUHVHQWH WUDEDOKR R SURWHWRU
7HFQRORJLDV GH 3URWHomR ,QGLYLGXDO &RKHQ HW DO DXGLWLYRWLSRFRQFKDPHQRVDIHWDGRSHORXVRGD
UHFRPHQGDTXHDH[HFXomRGRDMXVWHGR(3$V SURWHomRYLVXDODYDOLDGDQRHVWXGR
DR WUDEDOKDGRU TXH R XWLOL]DUi FRPR (3, VHMD
,GHQWLILFDU GHQWUR GR KRUL]RQWH GH PDUFDV H
H Q F D U D G D F R P R X P F R P S R Q H Q W H G H V X P D
PRGHORV DTXL VHOHFLRQDGRV D FRPELQDomR GH
LPSRUWkQFLD SDUD PD[LPL]DU D HILFiFLD GRV
SURWHWRU WLSR FRQFKD [ SURWHWRU YLVXDO PHQRV
SURWHWRUHV DXGLWLYRV (PERUD R PHQFLRQDGR
DIHWDGDSHODSRVWXUDGHSHVFRoRGRXVXiULR
SURFHVVR GH DMXVWH SRVVD GH IDWR PHOKRUDU D
DYDOLDomR GR GHVHPSHQKR GRV (3$V SDUD XP GDGR ,GHQWLILFDU TXDOLWDWLYDPHQWH DV FRPELQDo}HV
WUDEDOKDGRU QmR OHYD HP FRQWD R XVR GH SURWHomR PDLV FRQIRUWiYHLV GH SURWHWRU WLSR FRQFKD [
YLVXDO FRPR IRQWH SRWHQFLDO GH YDULDELOLGDGH QR SURWHWRUYLVXDOHVWXGDGDVTXHDRPHVPRWHPSR
GHVHPSHQKRGR(3$V SURSRUFLRQDYDP XPD SURWHomR VDWLVIDWyULD
FRQWUDUXtGR
(VWH SHTXHQR HVWXGR SURS{V XPD HVWUDWpJLD
DSOLFDGDTXDQWLWDWLYDHPDLVUHDOLVWDSDUDDYDOLDUR 0pWRGRV
LPSDFWRGRXVRGHSURWHomRYLVXDOQRGHVHPSHQKRGH
SURWHWRUHV DXGLWLYRV GR WLSR FRQFKD $YDOLRXVH R (VWD SHTXHQD SHVTXLVD XWLOL]RX XPD HVWUDWpJLD
HIHLWRGHGRLVWLSRVGHSURWHomRYLVXDOWUrVyFXORVGH DSOLFDGDHTXDQWLWDWLYDSDUDDYDOLDURLPSDFWRGRXVR
VHJXUDQoDFRQYHQFLRQDOHWUrVyFXORVGHVHJXUDQoD GH SURWHomR YLVXDO QR GHVHPSHQKR GD SURWHomR
FRP FRUUHLD HOiVWLFD VREUH R GHVHPSHQKR GH WUrV DXGLWLYDGRWLSRFRQFKD 1HODFDGDSDUWLFLSDQWHGH
SURWHWRUHVDXGLWLYRVGLYHUVRVGRWLSRFRQFKDFRPD XPWRWDOGHIRLH[SRVWRDUXtGRSURYHQLHQWHGH
PHVPDWD[DGHUHGXomRGHUXtGR155 G%SRU TXDWURIHUUDPHQWDVHOpWULFDVXVDGDVQDLQG~VWULDGD
PHLRGHGRLVSDUkPHWURVDXPtQGLFHTXDOLWDWLYRGH FRQVWUXomROL[DGRUDGHFRUUHLDPDUWHOHWHVHUUDGH
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
GLVFR SRUWiWLO H HVPHULO GH PmR $V TXDWUR DUPDomR GH PDGHLUD SURYLGD GH JDQFKRV H WLUDV
IHUUDPHQWDV IRUDP RSHUDGDV VLPXOWkQHD H HOiVWLFDV SDUD SHUPLWLU D ORFDOL]DomR GH FDGD
DXWRPDWLFDPHQWHVHQGRORFDOL]DGDVDPHWURV IHUUDPHQWD QD DOWXUD DSUR[LPDGD HP TXH
GH GLVWkQFLD DR UHGRU GD SRVLomR DVVXPLGD SHORV QRUPDOPHQWHVmRXVDGDVVHPTXHVXDYLEUDomRIRVVH
SDUWLFLSDQWHVGXUDQWHRH[SHULPHQWRFRPRVHYrQD WUDQVPLWLGDjHVWUXWXUD
)LJXUD 3DUD R H[SHULPHQWR FRQVWUXLXVH XPD
)LJXUD/RFDOL]DomRGDVIHUUDPHQWDVHOpWULFDVDRUHGRUGDSRVLomRGRSDUWLFLSDQWH
0DUWHOHWH
/L[DGRUD (VPHULO
6HUUDGH'LVFR
7UrVPRGHORVGRSURWHWRUWLSRFRQFKDFRP155GH FRQYHQFLRQDOHWUrVyFXORVGHVHJXUDQoDFRPFRUUHLD
G% GHVFULWRV QD 7DEHOD H GRLV WLSRV GH SURWHomR HOiVWLFDIRUDPHVWXGDGRV
YLVXDOGHVFULWRVQD7DEHODWUrVyFXORVGHVHJXUDQoD
7DEHOD3URWHWRUHVDXGLWLYRVWLSRFRQFKDDYDOLDGRV
&yGLJRGR
SURWHWRUDXGLWLYR 0DUFD 0RGHOR )RWRGR3URWHWRU$XGLWLYR
QRH[SHULPHQWR
3HOWRU2SWLPH
0 2YHUWKH+HDG
&RQFKD
+RZDUG/HLJKW 404XLHW0Xɛ
(OYH[ 9DOXH0Xɛ+%
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
7DEHOD3URWHomRYLVXDODYDOLDGD
&yGLJRGR
SURWHWRUYLVXDO 0DUFD 0RGHOR )RWRGRSURWHWRUYLVXDO
QRH[SHULPHQWR
*R6SHFV,,yFXORVIRUUDGR
(OYH[ FRPHVSXPDOHQWHV
WUDQVSDUHQWHVFRPVLVWHPD
GHFRUUHLDHOiVWLFD
*R6SHFV,,yFXORVIRUUDGR
(OYH[ FRPHVSXPDOHQWHV
WUDQVSDUHQWHVFRPKDVWHV
*RJJOH*HDU6DIHW\
0 *RJJOHVOHQWHV
WUDQVSDUHQWHVKDVWHV
30*
*RJJOH*HDU6DIHW\
*RJJOHVOHQWHV
0 WUDQVSDUHQWHVFRUUHLD
HOiVWLFD30*
,)RUFH6%6'7
3\UDPH[
yFXORVFRPKDVWHV
,)RUFH6%6'7
3\UDPH[
yFXORVFRPFRUUHLDHOiVWLFD
(P FDGD XPD GDV FRPELQDo}HV HQWUH SURWHWRU $ SRVWXUD GR SHVFRoR IRL LQFOXtGD FRPR YDULiYHO
DXGLWLYR H SURWHWRU YLVXDO D SHUGD GH UXtGR SRU LQGHSHQGHQWHQHVWHHVWXGRSDUDDYDOLDUDUREXVWH]
LQVHUomR 35, IRL PHGLGD FRP H VHP SURWHomR GR GHVHPSHQKR GH FDGD FRPELQDomR GH SURWHWRU
YLVXDO HQTXDQWR RVSDUWLFLSDQWHV SHUPDQHFLDP GH DXGLWLYR[SURWHWRUYLVXDOHPIXQomRGHGLIHUHQWHV
Sp SRVLFLRQDQGR D FDEHoD HP FLQFR SRVWXUDV GH SRVWXUDVGDFDEHoD
SHVFRoRFRPRVHYrQD)LJXUD
4XLQ]HSDUWLFLSDQWHVRLWRPXOKHUHVHVHWHKRPHQV
)LJXUD3RVWXUDVGHSHVFRoRDYDOLDGDV IRUDP UHFUXWDGRV QD FRPXQLGDGH XQLYHUVLWiULD
LQFOXLQGR SURIHVVRUHV DOXQRV HPSUHJDGRV GH
PDQXWHQomR H IXQFLRQiULRV DGPLQLVWUDWLYRV 7RGRV
DFHLWDUDP VHU YROXQWiULRV QR H[SHULPHQWR H
DVVLQDUDP R IRUPXOiULR GH FRQVHQWLPHQWR
LQIRUPDWLYR TXH IRL DSURYDGR SDUD HVWH HVWXGR
'HSRLVGLVVRFDGDSDUWLFLSDQWHIRLWUHLQDGRDSDUD
FRORFDUDSURSULDGDPHQWHFDGDPRGHORGHSURWHomR
DXGLWLYD H FDGD PRGHOR GH SURWHomR YLVXDO DV
PHGLGDV DQWURSRPpWULFDV GH VXD FDEHoD IRUDP
)OH[mR ([WHQVmR *LURJUDXV *LURJUDXV
JUDXV JUDXV JUDXV GLUHLWD HVTXHUGD WLUDGDVHRDSDUWLFLSDQWHIRLH[SRVWRDDWRGDVDV
FRPELQDo}HV GH SURWHomR YLVXDO H DXGLWLYD
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
PHQVXUDGDV QR HVWXGR 3RVWHULRUPHQWH RD PDLV LQGLFRXVH D HOHV TXH VH WUDWDYD DSHQDV GH
SDUWLFLSDQWHIRLWUHLQDGRDSDUDDVVXPLUFDGDXPD XPDDYDOLDomRSUHOLPLQDUDILPGHVHUXVDGDFRPR
GDVFLQFRSRVWXUDVGHSHVFRoRDYDOLDGDVHSRUILP UHIHUrQFLDSDUDVXDDYDOLDomRTXDOLWDWLYDFRPSOHWD
QRVSURFHGLPHQWRVFROHWDGHGDGRVTXDQWLWDWLYRVH D VHU IHLWD QR ILQDO GD SDUWLFLSDomR QR HVWXGR $
TXDOLWDWLYRV FDUDFWHUtVWLFRV GXUDQWH D VHVVmR GH VHVVmR GH FROHWD GH GDGRV TXDQWLWDWLYRV GXURX
FROHWD GH GDGRV GR H[SHULPHQWR 2 WHPSR PpGLR DSUR[LPDGDPHQWH PLQXWRV XPD KRUD H PHLD
RFXSDGR SRU FDGD YROXQWiULR QD VHVVmR GH SDUD FDGD SDUWLFLSDQWH 'XUDQWH D WRWDOLGDGH GR
WUHLQDPHQWRIRLGHPLQXWRV HVWXGR FDGD XPD GDV FRPELQDo}HV HQWUH
SURWHomRYLVXDOHDXGLWLYDIRLJXDUGDGDHPXPDFDL[D
$ V H V V m R G H F R O H W D G H G D G R V F R P H o D Y D
VHSDUDGD H QXPHUDGD VHQGR TXH WRGDV DV
LPHGLDWDPHQWH DSyV D VHVVmR GH WUHLQDPHQWR H
LQIRUPDo}HVUHODFLRQDGDVDPDUFDVHPRGHORVWDQWR
GXUDYDDSUR[LPDGDPHQWHXPDKRUDHPHLDSDUDFDGD
GRVSURWHWRUHVDXGLWLYRVFRPRGRVSURWHWRUHVYLVXDLV
SDUWLFLSDQWH7RGRVRVYROXQWiULRVIRUDPH[SRVWRVD
IRUDPFREHUWDVFRPILWDDGHVLYDRSDFD
FDGDXPDGDVFRPELQDo}HVGHSURWHomRYLVXDOH
DXGLWLYDWUrVSURWHWRUHVDXGLWLYRVHVHLVSURWHWRUHV 3DUD FDGD XPD GDV FRQGLo}HV H[SHULPHQWDLV D
YLVXDLVHPFDGDXPDGDVFLQFRSRVWXUDVGHSHVFRoR SHUGD GH UXtGR SRU LQVHUomR SDUD FDGD SURWHWRU
GHVFULWDV QD )LJXUD WRWDOL]DQGR FRQGLo}HV DXGLWLYRWLSRFRQFKDIRLFDOFXODGDGDVHJXLQWHIRUPD
H[SHULPHQWDLVSDUDFDGDSHVVRD$VFRPELQDo}HV VXEWUDLXVHDPpGLDGDH[SRVLomRGHUXtGRGHDPERV
GHSURWHomRDXGLWLYDHYLVXDOIRUDPDSUHVHQWDGDVD RV RXYLGRV PHGLGD TXDQGR RV SDUWLFLSDQWHV
FDGD SDUWLFLSDQWH DOHDWRULDPHQWH 3DUD FDGD XPD XWLOL]DYDP Vy R SURWHWRU DXGLWLYR GD PpGLD GD
GDVFRPELQDo}HVDH[SRVLomRDUXtGRIRLPHGLGD H[SRVLomR GH UXtGR GH DPERV RV RXYLGRV PHGLGD
HPFDGDXPDGDVFLQFRSRVWXUDVGHSHVFRoRGHIRUPD TXDQGRXVDYDPDSHQDVDSURWHomRYLVXDO'HPRGR
DOHDWyULDSRURLWRVHJXQGRVHPWUrVFRQILJXUDo}HV DQiORJR D SHUGD GH UXtGR SRU LQVHUomR SDUD FDGD
D SDUWLFLSDQWH XVDQGR Vy SURWHomR YLVXDO FRPELQDomR HQWUH SURWHomR DXGLWLYD H SURWHomR
E SDUWLFLSDQWH XVDQGR SURWHomR YLVXDO H SURWHomR
YLVXDO IRL DVVLP FDOFXODGD VXEWUDLXVH D PpGLD GD
DXGLWLYD H F SDUWLFLSDQWH XVDQGR Vy SURWHomR
H[SRVLomR GH UXtGR GH DPERV RV RXYLGRV PHGLGD
DXGLWLYD $PHGLomRGHUXtGRSDUDFDGDXPDGHVVDV
TXDQGRRVYROXQWiULRVXVDYDPFDGDFRPELQDomRGD
FRPELQDo}HVFRQVLGHUDQGRDVFLQFRSRVWXUDVGR
PpGLD GD H[SRVLomR GH UXtGR GH DPERV RV RXYLGRV
SHVFRoRDYDOLDGDVGHPRURXDSUR[LPDGDPHQWHWUrV
PHGLGD TXDQGR XWLOL]DYDP VRPHQWH D SURWHomR
PLQXWRV (QWUH DV PHGLo}HV GH GXDV FRPELQDo}HV
YLVXDOGDFRPELQDomRFRUUHVSRQGHQWH
FRQVHFXWLYDV KRXYH XP LQWHUYDOR GH GRLV PLQXWRV
SDUD TXH RV YROXQWiULRV GHVFDQVDVVHP H IL]HVVHP )L]HUDPVHDVPHGLo}HVGHH[SRVLomRDRUXtGRFRP
DQRWDo}HV TXDOLWDWLYDV SUHOLPLQDUHV TXDQWR j XPD WHFQRORJLD GHVHQYROYLGD H DSOLFDGD HP GRLV
F R P E L Q D o m R Q D T X D O D F D E D Y D P G H V H U RXWURVHVWXGRVUHDOL]DGRVSHORDXWRU DTXDOXWLOL]D
TXDOLILFDGRVDVDWULEXLQGRXPQ~PHURFRQWtQXRGH XPPLFURIRQHORFDOL]DGRQDHQWUDGDGHFDGDFDQDO
]HURD3DUDHVVDDYDOLDomRSUHOLPLQDUSHGLXVHD DXGLWLYRGRSDUWLFLSDQWH $PERVRVPLFURIRQHVVmR
HOHV TXH MXOJDVVHP TXDOLWDWLYDPHQWH FDGD FRQHFWDGRVDXPJUDYDGRUGLJLWDOTXHDUPD]HQDRV
FRPELQDomRGHSURWHomRYLVXDOHSURWHomRDXGLWLYD GDGRV FRPSOHWRV GH iXGLR D VHUHP SURFHVVDGRV
FRPR XP WRGR YLVDQGR D TXDQWLILFDU R JUDX GH SRVWHULRUPHQWH SRU XP SURJUDPD HP /DE9LHZ
LQFRPRGLGDGH H SURWHomR D UXtGR GH FDGD GHVHQYROYLGR HVSHFLILFDPHQWH SDUD HVVH ILP 2V
FRPELQDomR 1HVVH VHQWLGR FRPXQLFRXVH DRV PLFURIRQHVVmRFRQHFWDGRVDRJUDYDGRUGLJLWDOSRU
YROXQWiULRV TXH XP FRQFHLWR GH ´µ HVWDULD ILRV PXLWR ILQRV GHVWLQDGRV D PLQLPL]DU D
UHODFLRQDGRDXPDFRPELQDomRPXLWRLQF{PRGD H LQWHUIHUrQFLD QD YHGDomR HQWUH D DOPRIDGD GR
SRXFRSURWHWRUDDUXtGR3RURXWURODGRXPDQRWD SURWHWRU DXGLWLYR WLSR FRQFKD H R URVWR GR
´µGLULDUHVSHLWRDXPDFRPELQDomRSRXFRRXQDGD SDUWLFLSDQWH 3HGLXVH TXH FDGD SDUWLFLSDQWH
LQF{PRGD H EDVWDQWH SURWHWRUD D UXtGR $OpP GR DMXVWDVVHHVVHVSURWHWRUHVDXGLWLYRVDQWHVGHFDGD
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
PHGLomR D ILP GH PD[LPL]DU D YHGDomR HQWUH VHX YLVXDO ORFDOL]DGD GHQWUR GH VXD UHVSHFWLYD FDL[D
URVWRHDDOPRIDGDGRSURWHWRUDXGLWLYR QXPHUDGD VHQGR TXH DV FDL[DV HVWDYDP
RUJDQL]DGDV OLQHDUPHQWH VREUH D PHVD HP RUGHP
8PD YH] WHUPLQDGD D VHVVmR GH FROHWD GH GDGRV
QXPpULFD DVFHQGHQWH 1R ILQDO GD DYDOLDomR FDGD
TXDQWLWDWLYRV FDGD SDUWLFLSDQWH GLVSXQKD GH
XPDGDVFRPELQDo}HVH[SHULPHQWDLVFRQWLQXDYD
DSUR[LPDGDPHQWH PLQXWRV SDUD FDWHJRUL]DU
HPVXDUHVSHFWLYDFDL[DQXPHUDGDPDVHVWDVFRP
TXDOLWDWLYDPHQWHDVFRPELQDo}HVHQWUHSURWHWRU
VXDV UHVSHFWLYDV FRPELQDo}HV H[SHULPHQWDLV
DXGLWLYR H YLVXDO FDGD XPD GHQWUR GH VXD FDL[D
KDYLDP VLGR UHORFDOL]DGDV OLQHDUPHQWH SHOR
QXPHUDGDHPRUGHPGHVFHQGHQWHGHLQFRPRGLGDGH
SDUWLFLSDQWHVHJXQGRVXDSHUFHSomRHPUHODomRDR
HDVFHQGHQWHGHSURWHomRFRQWUDUXtGR'XUDQWHHVVD
QtYHO GH LQFRPRGLGDGH H SURWHomR FRQWUD UXtGR
VHVVmR GH FROHWD GH GDGRV TXDOLWDWLYRV SDUD TXH
4XDQWRPDLVjHVTXHUGDDFDL[DQXPHUDGDHVWDYD
WLYHVVHPFRQGLo}HVGHFDWHJRUL]DUFDGDFRPELQDomR
PDLVLQF{PRGDHPHQRVSURWHWRUDHUDDSHUFHSomR
H[SHULPHQWDO VHJXQGR DV LQVWUXo}HV GDGDV RV
GD UHVSHFWLYD FRPELQDomR H[SHULPHQWDO 4XDQWR
SDUWLFLSDQWHVIRUDPH[SRVWRVjVPHVPDVIRQWHVGH
PDLVjGLUHLWDDFDL[DQXPHUDGDVHVLWXDYDPHQRV
UXtGRXWLOL]DGDVQDVHVVmRGHGDGRVTXDQWLWDWLYRVH
LQF{PRGD H PDLV SURWHWRUD HUD D SHUFHSomR GHVVD
SXGHUDP QD SUHVHQoD GR SHVTXLVDGRU H VRE D
FRPELQDomR
VXSHUYLVmRGHVWHSURYDUQRYDPHQWHTXDQWDVYH]HV
T X L V H V V H P F D G D X P D G D V F R P E L Q D o } H V 5HVXOWDGRV
H[SHULPHQWDLV
2V GDGRV FROHWDGRV GHVWH SHTXHQR HVWXGR IRUDP
1HVVD HWDSD GR HVWXGR FRP D XWLOL]DomR GDV DQDOLVDGRVGHYiULDVIRUPDVXWLOL]DQGR0LQLWDESDUD
DQRWDo}HV TXDOLWDWLYDV SUHOLPLQDUHV SDUD FDGD FRUULJLULQIRUPDo}HVTXHSHUPLWLVVHPDRSHVTXLVDGRU
FRPELQDomRRVYROXQWiULRVUHFRUUHUDPDXPDPHVD VDWLVID]HURVREMHWLYRVHVWDEHOHFLGRVSDUDRSURMHWR
FRPSULGD SDUD ORFDOL]DU OLQHDUPHQWH HP RUGHP
'DGRV 4XDQWLWDWLYRV GH 3HUGD GH 5XtGR SRU
GHVFHQGHQWH GH LQFRPRGLGDGH H DVFHQGHQWH GH
,QVHUomR
SURWHomR FRQWUD UXtGR DV FRPELQDo}HV
H[SHULPHQWDLV3DUDRVFDVRVHPTXHLGHQWLILFDVVHP 1RTXHGL]UHVSHLWRjSHUGDGHUXtGRSRULQVHUomR
GXDV RX PDLV FRPELQDo}HV H[SHULPHQWDLV FRP R WDQWR R WLSR GH SURWHomR DXGLWLYD FRPR R WLSR GH
PHVPRQtYHOGHSURWHomRHLQFRPRGLGDGHHUDOKHV SURWHomR YLVXDO H D SRVWXUD WLYHUDP XP LPSDFWR
SHUPLWLGR ORFDOL]DU DWp GXDV FRPELQDo}HV HVWDWLVWLFDPHQWHVLJQLILFDWLYRQDGHWHUPLQDomR
H[SHULPHQWDLV QD PHVPD SRVLomR HP UHODomR jV GDH[SRVLomRDRUXtGRGRVSDUWLFLSDQWHV$7DEHOD
GHPDLVFRPELQDo}HV (PRXWUDVSDODYUDVQRLQtFLR PRVWUD D SHUGD PpGLD GH UXtGR SRU LQVHUomR SDUD
GDDYDOLDomRTXDOLWDWLYDDSHVVRDHQFRQWUDYDFDGD FDGD SURWHWRU DXGLWLYR WLSR FRQFKD DYDOLDGR QHVVH
XPDGDVFRPELQDo}HVHQWUHSURWHomRDXGLWLYDH WUDEDOKRTXDQGRXVDGRVHPSURWHomRYLVXDO
0DUFDH0RGHORGR 3HUGD0pGLDGH5XtGR
3URWHWRU$XGLWLYR 'HVYLR3DGUmR>G%$@
Q SDUDFDGDSURWHWRU SRU,QVHUomR>G%$@
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
3URWHWRU$XGLWLYRWLSR&RQFKD
+RZDUG/HLJKW (OYH[9DOXH0Xɛ
3URWHomR9LVXDO 03HOWRU2SWLPH
404XLHW0Xɛ +%
'HVYLR 'HVYLR 'HVYLR
0pGLD 0pGLD 0pGLD
3DGUmR 3DGUmR 3DGUmR
35, 35, 35,
35, 35, 35,
(OYH[*R6SHFV,,ZLWK
(ODVWLF)DEULF6WUDS6\VWHP
(OYH[*R6SHFV,,
ZLWK7HPSOHV
0*RJJOH*HDU6DIHW\
*RJJOHVZLWK7HPSOHV
0*RJJOH*HDU6DIHW\
*RJJOHVZLWK+HDGEDQG
3\UDPH[,)RUFH6%6'7
(\HZHDUZLWK7HPSOHV
3\UDPH[,)RUFH6%6'7
(\HZHDUZLWK(ODVWLF6WUDS
1RWDQ SDUDFDGDSURWHWRUWLSRFRQFKD[FRPELQDomRGHSURWHomRYLVXDO
35,3HUGDGH5XtGRSRU,QVHUomR
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
)LJXUD*Ui¿FRGH&DL[DSDUD3HUGD0pGLDGH DVVRFLDGRGDVYH]HVRXPDLVDXPGHVHPSHQKR
5XtGR SRU ,QVHUomR SDUD FDGD &RPELQDomR GH GH SURWHomR FRQWUD UXtGR GD FRPELQDomR SURWHWRU
3URWHomR$XGLWLYDH9LVXDO
DXGLWLYR H YLVXDO VXSHULRU DR QtYHO HVSHUDGR GH
G%$ )LQDOPHQWH QD )LJXUD SRGHPRV REVHUYDU
TXHGHWRGRVRVWLSRVGHSURWHomRYLVXDODYDOLDGRV
QHVVH HVWXGR R 3\UDPH[ ,)RUFH 6%6'7
(\HZHDUFRPKDVWHVHVWHYHDVVRFLDGRDRPDLVEDL[R
GHVHPSHQKR GD FRPELQDomR SURWHWRU YLVXDO H
DXGLWLYR LQGHSHQGHQWHPHQWH GR WLSR GH SURWHWRU
DXGLWLYRH[DPLQDGR
$7DEHODPRVWUDDPpGLDHGHVYLRSDGUmRGD3HUGD
GH 5XtGR SRU ,QVHUomR SDUD FDGD SRVWXUD DYDOLDGD
F R P F D G D X P G R V S U R W H W R U H V D X G L W L Y R V
LQGHSHQGHQWHPHQWH GR SURWHWRU YLVXDO XWLOL]DGR
$OpPGRPDLVD)LJXUDPRVWUDRV*Ui¿FRVGH&DL[D
SDUD D 3HUGD GH 5XtGR SRU ,QVHUomR PHGLGD SDUD
$OpPGLVVRQD)LJXUDWDPEpPSRGHPRVREVHUYDU
FDGDSRVWXUDGRSHVFRoRHFDWHJRUL]DGDSRUWLSRGH
TXH R SURWHWRU YLVXDO 0 *RJJOH*HDU 6DIHW\
SURWHWRUDXGLWLYRXVDGR
*RJJOHVFRPKDVWHVTXDQGRXVDGRHPFRPELQDomR
FRP RV SURWHWRUHV DXGLWLYRV YHUL¿FDGRV HVWHYH
&RPDREVHUYDomRGD7DEHODHGD)LJXUDQRWDVH )LJXUD*UiÀFRGH&DL[DSDUDRVGDGRVGH3HUGD
TXH Ki XP SHTXHQR HIHLWR GD SRVWXUD GR SHVFRoR GH5XtGRSRU,QVHUomRSRU3URWHWRU$XGLWLYRSDUD
VREUH D 3HUGD 0pGLD GH 5XtGR SRU ,QVHUomR1R FDGD3RVWXUDGH3HVFRoRDYDOLDGD
HQWDQWRHVVHHIHLWRpFRQVLGHUDYHOPHQWHPHQRUTXH
DTXHOHVJHUDGRVSHORWLSRGHSURWHWRUDXGLWLYRHSHOR
WLSR GH SURWHomR YLVXDO &RP EDVH QRV GDGRV
FROHWDGRV QHVWH HVWXGR R HIHLWR GD SRVWXUD GR
SHVFRoR VREUH R GHVHPSHQKR GRV SURWHWRUHV
DXGLWLYRVWLSRFRQFKDDQDOLVDGRVIRLFRQVLGHUDGRGH
SRXFD RX QHQKXPD LPSRUWkQFLD SDUD HIHLWRV
SUiWLFRV
2EVHUYDomR2VFyGLJRVSDUDRVSURWHWRUHVDXGLWLYRVWLSRFRQFKDHVWmR
GHVFULWRVQD7DEHOD
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
&RPRVHSRGHREVHUYDUQD)LJXUDDVFRPELQDo}HV
FRPRSURWHWRUDXGLWLYR03HOWRU2SWLPH
IRUDPDVVRFLDGDVDRVtQGLFHVGHLQFRPRGLGDGHPDLV
EDL[RVREWLGRVQHVWHHVWXGRHQTXDQWRDTXHODVFRPR &RPDFRPSDUDomRGRVGDGRVTXDQWLWDWLYRVGH3HUGD
SURWHWRU DXGLWLYR +RZDUG /HLJKW 40 4XLHW GH 5XtGR SRU ,QVHUomR QD )LJXUD DRV GDGRV
0XII IRUDP DVVRFLDGDV DRV tQGLFHV PDLV DOWRV GH TXDOLWDWLYRVGHÌQGLFHGH,QFRPRGLGDGHQD)LJXUDp
LQFRPRGLGDGH(PERUDRVGDGRVJUiILFRVQD)LJXUD SRVVtYHOYHULILFDUTXHRVSDUWLFLSDQWHVFRQVHJXLUDP
GHQRWHPXPDYDULDELOLGDGHVLJQLILFDWLYDQRVtQGLFHV LGHQWLILFDU FODUDPHQWH R PHOKRU SURWHWRU DXGLWLYR
SDUD TXDVH WRGDV DV FRPELQDo}HV FRPSDUDGDV XWLOL]DQGRDVLQVWUXo}HVGHÌQGLFHGH,QFRPRGLGDGH
TXDQGRREVHUYDPRVLQGLYLGXDOPHQWHDVPHGLDQDVGH 1RHQWDQWRRSURWHWRUYLVXDOFRPRPDLRUHIHLWR
FDGD FRPELQDomR SRGHPRV LGHQWLILFDU XPD QHJDWLYR VREUH R GHVHPSHQKR GRV SURWHWRUHV
WHQGrQFLD GLIHUHQWH SDUD FDGD SURWHWRU DXGLWLYR DXGLWLYRVREWHYHtQGLFHVGHLQFRPRGLGDGHHPJHUDO
1HVVH VHQWLGR DV FRPELQDo}HV FRP R SURWHWRU EDL[RVFRPRVHREVHUYDSHORYDORUGR4XDUWLOSDUD
DXGLWLYR DSUHVHQWDP HP JHUDO XP tQGLFH HVVHSURWHWRUHPFDGDXPDGHVXDVFRPELQDo}HVQD
PHGLDQRGHLQFRPRGLGDGHPDLVEDL[R )LJXUD
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
)LJXUD&RPELQDo}HVHQWUH3URWHomR$XGLWLYDH9LVXDOTXHWLYHUDPERPGHVHPSHQKRQDSURWHomRFRQWUDUXtGRHXP
tQGLFHGHLQFRPRGLGDGHEDL[RDWULEXtGRSHORVSDUWLFLSDQWHV
)LQDOPHQWH D 7DEHOD LGHQWLILFD DV FLQFR tQGLFHV GH GHVFRQIRUWR UHODWLYDPHQWH EDL[RV H
FRPELQDo}HVPDUFDGDVQD)LJXUDFRPXPD3HUGD LQIHULRUHVDRtQGLFHPpGLRGHLQFRPRGLGDGH
0pGLDGH5XtGRSRU,QVHUomRVXSHULRUDG%$HFRP
3URWHomR9LVXDO (OYH[*R6SHFV,,
(OYH[*R6SHFV,,)RDP 3\UDPH[,)RUFH
)RDP/LQHG6SHFWDFOH
/LQHG6SHFWDFOHZLWK 6%6'7(\HZHDU
ZLWK(ODVWLF)DEULF
7HPSOHV ZLWK(ODVWLF6WUDS
6WUDS6\VWHP
3URWHomR$XGLWLYD
03HOWRU2SWLPH
&RPELQDomR &RPELQDomR &RPELQDomR
2YHUWKH+HDGHDUPXɛ
(OYH[9DOXH0Xɛ+% &RPELQDomR &RPELQDomR
&RQFOXV}HV GHVHPSHQKRGHSURWHWRUHVDXGLWLYRVWLSRFRQFKDHP
VLWXDo}HV GD YLGD UHDO FRP QtYHLV GH UXtGR
$SHVDUGHHVWHSURMHWRWHUUHSUHVHQWDGRXPHVWXGR
UHSUHVHQWDWLYRV GR GLD D GLD GD LQG~VWULD FRP
SLORWRHFRPRWDORVSULPHLURVSDVVRVGHQWURGHXPD
LQWHUDo}HVUHDLVH[LVWHQWHVHQWUHDSURWHomRDXGLWLYD
LQLFLDWLYDGHSHVTXLVDPDLVDPSODRVUHVXOWDGRVQHOH
H RXWURV WLSRV GH HTXLSDPHQWR GH SURWHomR
REWLGRV GHPRVWUDUDP TXH R PpWRGR SURSRVWR GH
LQGLYLGXDO DVVLP FRPR HP VLWXDo}HV QDV TXDLV R
SHUGDGHUXtGRSRULQVHUomRSRGHVHUXWLOL]DGRSDUD
WUDEDOKDGRUXWLOL]DIHUUDPHQWDVTXHHPLWHPUXtGRH
UHDOL]DUDYDOLDo}HVGHFRQIRUPLGDGHDRVSURWHWRUHV
YLEUDPGHIRUPDVLJQLILFDWLYD
DXGLWLYRV WLSR FRQFKD LQGLYLGXDOPHQWH RX HP
LQWHUDomRFRPSURWHWRUHVYLVXDLV (VSHFLILFDPHQWH FRP DV PDUFDV H PRGHORV GH
SURWHomRDXGLWLYDHSURWHomRYLVXDODQDOLVDGDVQHVWH
2PpWRGRSURSRVWRGH3HUGDGH5XtGRSRU,QVHUomR
HVWXGRFRQVHJXLPRV
SDUD D DYDOLDomR GH GHVHPSHQKR GH SURWHomR
DXGLWLYDFRPSOHPHQWDGHPXLWDVIRUPDVRVPpWRGRV ,GHQWLILFDURSURWHWRUYLVXDO0*RJJOH*HDU
Mi H[LVWHQWHV H GHVFULWRV QD OLWHUDWXUD FLHQWtILFD 6DIHW\ *RJJOHV OHQWHV WUDQVSDUHQWHV FRUUHLD
(VVH PpWRGR SHUPLWH TXH RV XVXiULRV DYDOLHP R HOiVWLFDFRPRDTXHOHTXHSURGX]RPHQRULPSDFWR
5HYLVWD$%+2(GLomR
$57,*27e&1,&2
&2035(-É
1HVWH0DQXDORVDVVXQWRVVmRDSUHVHQWDGRVHPOLQJXDJHP
VLPSOHV H GLGiWLFD FRP ³FDVRV´ H H[HUFtFLRV SUiWLFRV
UHVROYLGRV TXH LOXVWUDP D DSOLFDomR GD WHRULD H DMXGDP RV
SUR¿VVLRQDLVQDVROXomRGHSUREOHPDVGRGLDDGLD
2IHUHFHVXEVtGLRVWpFQLFRVSDUDXPDPHOKRUFRPSUHHQVmRGR
3URJUDPD GH 3URWHomR 5HVSLUDWyULD SXEOLFDGR SHOD
)XQGDFHQWUR
ORMDDEKRRUJEU
5HYLVWD$%+2(GLomR