Escolar Documentos
Profissional Documentos
Cultura Documentos
1$6&(17(6
GHiJXDHGHYLGD
3UHVHUYDomRH5HFXSHUDomRGDV
1$6&(17(6
GHiJXDHGHYLGD
3LUDFLFDED%UDVLO
-81+2
D(GLomR
5HVHUYDGRVWRGRVRVGLUHLWRVGHSXEOLFDomRSDUD
&RPLWrGDV%DFLDV+LGURJUiILFDVGRV5LRV3LUDFLFDED&DSLYDUtH-XQGLDt
$Y(VWDGRV8QLGRV&(33LUDFLFDED63
(PDLOFRPLWHSFM#UHFXUVRVKLGULFRVVSJRYEU7HO
),&+$&$7$/2*5É),&$
3UHVHUYDomRH5HFXSHUDomRGDV1DVFHQWHV
&DOKHLURV5GH2OLYHLUDHWDO
3LUDFLFDED&RPLWrGDV%DFLDV+LGURJUiILFDV
GRV5LRV3&-&751
;,,SLOFP
,QFOXL%LEOLRJUDILD
3UHVHUYDomRQDVFHQWHV&RQVHUYDomR
GRVUHFXUVRVKtGULFRV,&RPLWrGDV%DFLDV
+LGURJUiILFDVGRV5LRV3&-&751
&''
5('$d®2
5LQDOGRGH2OLYHLUD&DOKHLURV&3'(%,$&$37$
)HUQDQGR&pVDU9LWWL7DEDL&RQVyUFLR,QWHUPXQLFLSDOGDV%DFLDV
GRV5LRV3LUDFLFDED&DSLYDULH-XQGLDt
6HEDVWLmR9DLQHU%RVTXLOLD'$((
0iUFLD&DODPDUL'(351
)272*5$),$6
5LQDOGRGH2OLYHLUD&DOKHLURV
6HEDVWLmR9DLQHU%RVTXLOLD
(;75$Ì'262%$8725,=$d®2'(
&DOKHLURV5GH27DEDL)&9%RVTXLOLD69 &DODPDUL0
3UHVHUYDomRH5HFXSHUDomRGH1DVFHQWHVQRSUHOR
5(9,6®2&,(17Ì),&$
3URI'U:DOWHUGH3/LPD'HSWRGH&LrQFLDV)ORUHVWDLV(6$/4863
3URI'U5LFDUGR55RGULJXHV'HSWRGH&LrQFLDV%LROyJLFDV(6$/4863
5(9,6®27e&1,&$$'$37$d®2($8725,=$d®2
&Ç0$5$7e&1,&$'(&216(59$d®2(3527(d®2$265(&856261$785$,6
&20,7È'$6%$&,$6+,'52*5É),&$6'265,263,5$&,&$%$&$3,9$5Ì(-81',$Ì
683(59,6®2(',725,$/
/XL]5REHUWR0RUHWWL'$((
$57((,/8675$d¯(6
5LFKDUG0F)DGGHQ
6,*/$6
'$(('HSDUWDPHQWRGHÉJXDVH(QHUJLD(OpWULFD
'(351'HSDUWDPHQWR(VWDGXDOGH3URWHomRGH5HFXUVRV1DWXUDLV
&751&kPDUD7pFQLFDGH&RQVHUYDomRH3URWHomRDRV5HFXUVRV1DWXUDLV
&3'(%&HQWURGH3HVTXLVDH'HVHQYROYLPHQWRGH(FRILVLRORJLDH%LRItVLFD
,$&,QVWLWXWR$JURQ{PLFRGH&DPSLQDV
$37$$JrQFLD3DXOLVWDGH7HFQRORJLDGRV$JURQHJyFLRV
6$$6HFUHWDULDGH$JULFXOWXUDH$EDVWHFLPHQWRGRV(VWDGRGH6mR3DXOR
$JUDGHFLPHQWRV
2&20,7È'$6%$&,$6+,'52*5É),&$6'265,263,5$&,&$%$&$3,9$5,(
-81',$ÌFRQVLJQDPVHXVDJUDGHFLPHQWRVDWRGRVTXDQWRVGLUHWDRXLQGLUHWD
PHQWHDX[LOLDUDPQDHODERUDomRGHVVDFDUWLOKDHHPHVSHFLDOjVLQVWLWXLo}HV
UHODFLRQDGDVDEDL[RSHORDSRLRUHFHELGR
&HQWURGH3HVTXLVDH'HVHQYROYLPHQWRGH(FRILVLRORJLDH%LRItVLFD,QVWL
WXWR$JURQ{PLFR$37$6$$
&RQVyUFLR,QWHUPXQLFLSDOGDV%DFLDV+LGURJUiILFDVGRV5LRV3LUDFLFDED
&DSLYDULH-XQGLDt
'HSDUWDPHQWRGHÉJXDVH(QHUJLD(OpWULFD'$((
'HSDUWDPHQWR(VWDGXDOGH3URWHomRGH5HFXUVRV1DWXUDLV'(351
&RPLVVmR(GLWRULDO
&RPSRVWDSHORV0HPEURVGD&kPDUD7pFQLFDGH
&RQVHUYDomRH3URWHomRDRV5HFXUVRV1DWXUDLV
$IUkQLR-RVp6RULDQR6RDUHV /LDQD6D\XUL1DNDR1DNDKRGR
$PDULOGR5RJpULR /LGLDQH0DULD1DL
$QD/XL]D%RUMD5LEHLUR/LPD /XFLDQD&KLRGR&KHUIHQ
$QD0DULD6RX]D3HUHLUD /XFLR*UHJRUL
$QWRQLR&HOVRGH2OLYHLUD%UDJD /XtV(GXDUGR7ULJR
$QWRQLR0DQFLQL /XtV(GXDUGR&DVWUR
$ULHOOD0DFKDGRGH2OLYHLUD 5HQDWR&DODERQL-~QLRU
$ULRYDOGR/XFKLDUL-XQLRU 5RVDEHO&RUJKL*%RWWL0RQWHLUR
&DUORV$OEHUWRGH$TXLQR 5RVHPHLUH)DFLQD
&DUORV=LPD-XQLRU 0DUFLD&DODPDUL
&HFtOLDGH%DUURV$UDQKD 0DUFR$QWRQLRGH$VVLV
&OpDGH2OLYHLUD 0DUFR$XUpOLR0DQXFFL
&ULVWLDQD0LGRUL+RQGD 0DUFRV$QWRQLR*DUFLD
&ULVWLDQH+ROYRUFHP 0DUFRV=DQDJD7UDSp
(GPR-RVp6WDKO&DUGRVR 0DULD&DUPHQ$$*RPHV
(GXDUGR/RYR3DVFKRDORWWL 0DULD1LOFH&RQWL6DFLORWWR
(OLHWH1XQHV)HUQDQGHVGD6LOYD6HFDPLOOL 0DXUtFLR$OH[DQGUH0HQQHOOD
(PtOLR6DNDL 0DXUtFLR6LOYHLUD
)UHGHULFR$XJXVWR3UDGR0X]]L 0LFKHOHGH6i'HFKRXP
*HUG6SDYRUHN 0LJXHO&RRSHU
*RGRIUHGR%GH&DUYDOKR%UD]]DORWWR 1pOVRQ/XL]1HYHV%DUERVD
,VPDHO/XLV6HFFR 1LFH5RVD&6DELQR
-DPHV$OH[DQGUH0DJQXV/DQGPDQQ 3HWHU&KULVWLDQ+DFNVSDFKHU
-RVp5HQDWRGD5LRV5XJDL 5LQDOGRGH2OLYHLUD&DOKHLURV
-XOHXVD0DULD77XUUD 5LWD&ULVWLQD0DULQR
-XOLDQD$SDUHFLGD7UDYDLROL 5RQDOGR/XL]0LQFDWR
/DGLVODX$UD~MR6NRUXSD 6LPRQH5LEHLUR+HLWRU
/DLV5RPmR :DOWHU$QWRQLR%HFDUL
/HLOD&XQKDGH0RXUD
&RQYLGDGRV
)(51$1'2&e6$597$%$,
0É5&,$&$/$0$5,
6(%$67,®29$,1(5%2648,/,$
6XPiULR
$SUHVHQWDomR
3UHIiFLR
,QWURGXomR
&LFORKLGUROyJLFRHKLGURJHRORJLDGDQDVFHQWH
/HJLVODFmRUHODFLRQDGDjVQDVFHQWHVHDRVRXWURVUHFXUVRVKtGULFRV
GHFRUUHQWHVHWUkPLWHVQHFHVViULRVSDUDOHJDOL]DUDo}HVLQWHUIHUHQWHV
&XLGDGRVSULPiULRVHVVHQFLDLVHPUHODomRjiUHDDGMDFHQWHjVQDVFHQ
WHV
&REHUWXUDYHJHWDOHPWRUQRGDVQDVFHQWHV
$SURYHLWDPHQWRSDUD&RQVXPRQR$EDVWHFLPHQWR5XUDORX8UEDQR
$SUHVHQWDomRGHDOJXPDVQDVFHQWHVHGHWDOKHVVREUHRHVWDGRGH
SUHVHUYDomR
%LEOLRJUDILD
$SUHVHQWDomR
2DQRGHHVWiPDUFDGRQDKLVWyULDGDJHVWmRHGDOXWDSHODSUHVHUYDomR
HUHFXSHUDomRGRVUHFXUVRVKtGULFRVGHVWDFDGDPHQWHQDUHJLmRFRPSUHHQGLGD
SHODVEDFLDVKLGURJUiILFDVGRVULRV3LUDFLFDED&DSLYDULH-XQGLDt,QLFLDGRFRP
DFRQVWLWXLomRGH*UXSRGH7UDEDOKRHFRPRVGHEDWHVQRkPELWRGRV&RPLWrV
3&-SDUDRHVWXGRGDUHQRYDomRGDRXWRUJDGR6LVWHPD&DQWDUHLUDHPPHLRj
&DPSDQKDGD)UDWHUQLGDGHTXHDERUGRXRWHPD´)UDWHUQLGDGHHÉJXD²ÉJXD
)RQWHGH9LGDµWHPDVHDWLYLGDGHVTXHVXVFLWDUDPRLQWHUHVVHHDVSUHRFXSDo}HV
FRPUHODomRjFRQVHUYDomRHSUHVHUYDomRGHQRVVDViJXDV
9LQGRDRHQFRQWURGRVDQVHLRVGDVRFLHGDGHD&kPDUD7pFQLFDGH&RQVHU
YDomRH3URWHomRGH5HFXUVRV1DWXUDLV&751GRV&RPLWrV3&-QRVEULQGDP
FRPDPDJQtILFDLQLFLDWLYDGHVWDSXEOLFDomR´35(6(59$d®2(5(&83(5$d®2
'$61$6&(17(6GHiJXDHGHYLGDµ9ROWDGRjPHOKRULDGRVQRVVRVPDQDQ
FLDLVFRPRHVIRUoRHFRRSHUDomRGHPXLWRVDJLQGRGHIRUPDLQWHJUDGDR
WH[WR HVWi GLVSRQLELOL]DGR SDUD VHUYLU GH RULHQWDomR D WRGRV DTXHOHV TXH VH
GHGLFDPDRDXPHQWRGDTXDQWLGDGHHPHOKRULDGDTXDOLGDGHGDViJXDVGH
QRVVRVPDQDQFLDLV
$SUHVHUYDomRHDUHFXSHUDomRGDVQDVFHQWHVGRVQRVVRVFXUVRVGiJXDQmR
VmRDSHQDVDWLWXGHVTXHVDWLVID]HPDOHJLVODomRRXSURSLFLDPDFRQWLQXLGDGH
GRDSURYHLWDPHQWRGDViJXDVSDUDDVPDLVYDULDGDVDWLYLGDGHVKXPDQDVPDV
VmR DFLPD GH WXGR Do}HV FRQFUHWDV HP IDYRU GD YLGD GHVWD H GDV IXWXUDV
JHUDo}HVHPQRVVRSODQHWD
5HQGDPRVQRVVRVDJUDGHFLPHQWRVj&751HDWRGRVTXHWRUQDUDPSRVVtYHO
RODQoDPHQWRGHVWDSXEOLFDomRDWLWXGHSRVLWLYDHSUiWLFDH[HPSORGRHVIRUoR
5HJLRQDOSDUDDPHOKRULDGDTXDOLGDGHGHYLGDGHWRGRVQyV
&/É8',2$17Ñ1,2'(0$852
3UHVLGHQWHGRV&RPLWrVGDV%DFLDV+LGURJUiILFDVGRV5LRV3LUDFLFDED&DSLYDULH-XQGLDt
-XQKR
3UHIiFLR
1$6&(17(
$SRHVLDFDQWDHPYHUVRHSURVD
8PULRSDVVRXGHQWURGHPLPTXHHXQmRWLYHMHLWRGHDWUDYHVVDU
$OXDpEUDQFDHRVROWHPUDVWURYHUPHOKRHRODJRpXPJUDQGHHVSHOKR
RQGHRVGRLVYHPVHPLUDU
9RFrSHQVDTXHFDFKDoDpiJXDFDFKDoDQmRpiJXDQmRFDFKDoDYHPGR
DODPELTXHiJXDYHPGRULEHLUmR
&DQRDFDQRDGHVFHQRPHLRGRULR$UDJXDLDGHVFH
2VHUWmRYDLYLUDUPDUGiQRFRUDomRRPHGRTXHDOJXPGLDRPDUWDPEpP
YLUHVHUWmR
&DFKRHLUD PDPEXFDED SRUWR QRYR iJXD IULD DQGRULQKD JXDQDEDUD
VXPLGRXURROKRG·iJXD
$K2XYHHVVDVIRQWHVPXUPXUDQWHVRQGHHXPDWRDPLQKDVHGHHRQGH
DOXDYHPEULQFDU
ÉJXDGHEHEHUELFDQRTXLQWDOVHGHGHYLYHUWXGR
5LDFKR GR 1DYLR QDVFH QR 3DMHX R 5LR 3DMHX YDL GHVSHMDU QR 6mR )UDQ
FLVFR
25LRGDPLQKDDOGHLDpPDLVLPSRUWDQWHTXHR7HMR
ÉJXDVTXHQDVFHPGDIRQWH
(VVDUXDVHPFpXVHPKRUL]RQWHIRLXPULRGHiJXDVFULVWDOLQDV
TXHQXPDSRURURFDGHViJXDQR7HMR
eSDXpSHGUDpRILPGRFDPLQKR
1LQDPDWDWDLQHLURVHVWmRGLVWDQWHVGDTXLHQJDQDVHUHGRQGDPHQWHR
GUDJmRFKHJDDR0RML
)RLXPULRTXHSDVVRXHPPLQKDYLGD
HQTXDQWRHVWHYHOKRWUHPDWUDYHVVDRSDQWDQDO
eGHVVHMHLWRTXHQDVFH
&RPRDSRHVLDDiJXDEURWDYHQFHQGRDIRUoDGDWHUUDTXHWHLPDHPSUHQGrOD
WHQUDHWHUQDXPDERDLGpLDYDLVHWUDQVIRUPDQGRHPXPDXQLmRGHYRQWDGHVTXH
UHSDUWLGDVVHPXOWLSOLFDPYmRJDQKDQGRIRUoDVSDUDIXQGLUPDLVSRVVLELOLGDGHV
2TXHQRLQtFLRVHULDXPEROHWLPIRLJDQKDQGRIRUPDOHWUDQRYRQRPHH
IRLFKDPDGRGHFDUWLOKD
+RMHpXPOLYURTXHpPDLV
eXPDGHPRQVWUDomRGHTXHR&%+3&-pXPIyUXPGHWUDEDOKRHJHQHUR
VLGDGHRQGHFDGDSDUWLFLSDQWHGRDRPHOKRUGHVLSDUDRWRGR
(VWHOLYURTXHIRLLQLFLDOPHQWHLGHDOL]DGRQD&751pXPDIHUUDPHQWDGH
WUDEDOKRSDUDWpFQLFRVDJULFXOWRUHVHGXFDGRUHVHQILPWRGRDTXHOHTXHEXVFD
DLQIRUPDomRVREUHDSURWHomRHUHFXSHUDomRGRVEHUoRVGRVQRVVRVULRV
9DPRVWUDWiORFRPRHOHPHUHFH6RUYHQGRVHXVHQVLQDPHQWRVHGLVVHPL
QDQGRRVFRPRXPDJHQHURVDiUYRUHEHEHGHVVDViJXDVHHVSDOKDVXDVERDV
VHPHQWHV
1RVVRVSDUDEpQVHDJUDGHFLPHQWRVDVHXVDXWRUHVTXHWLYHUDPDFHQWHOKD
DRVFRRUGHQDGRUHVGD&kPDUDTXHQRVDQWHFHGHUDPTXHFXLGDUDPHGHUDP
FDORUjFKDPDjTXHOHVTXHYLDELOL]DUDPHVWDHGLomRHDWRGRVTXHIL]HUHPXVR
GHVWHEHORWUDEDOKR
6ySDUDOHPEUDUQRGLDHPTXHQmRKRXYHUHPPDLVQDVFHQWHVQmRKDYHUmR
PDLV QRVVR FDIp QRVVR OHLWH QRVVR SmR QRVVD FHUYHMD QHP PDLV TXDOTXHU
SRHVLD
6ySRULVVRDLPSRUWkQFLDGHVWHOLYUR
&$5/26$/%(572'($48,12
&RRUGHQDGRUGD&kPDUD7pFQLFDGH&RQVHUYDomRH3URWHomRDRV5HFXUVRV1DWXUDLV&751
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
,QWURGXomR
(QWHQGHVHSRUQDVFHQWHRDIORUDPHQWRGROHQoROIUHiWLFRTXHYDLGDURUL
JHPDXPDIRQWHGHiJXDGHDF~PXORUHSUHVDRXFXUVRVG·iJXDUHJDWRV
ULEHLU}HVHULRV(PYLUWXGHGHVHXYDORULQHVWLPiYHOGHQWURGHXPDSURSULHGDGH
DJUtFRODGHYHVHUWUDWDGDFRPFXLGDGRWRGRHVSHFLDO
$QDVFHQWHLGHDOpDTXHODTXHIRUQHFHiJXDGHERDTXDOLGDGHDEXQGDQWH
HFRQWtQXDORFDOL]DGDSUy[LPDGRORFDOGHXVRHGHFRWDWRSRJUiILFDHOHYDGD
SRVVLELOLWDQGRVXDGLVWULEXLomRSRUJUDYLGDGHVHPJDVWRGHHQHUJLD
eERPUHVVDOWDUTXHDOpPGDTXDQWLGDGHGHiJXDSURGX]LGDSHODQDVFHQWH
pGHVHMiYHOTXHWHQKDERDGLVWULEXLomRQRWHPSRRXVHMDDYDULDomRGDYD]mR
VLWXHVHGHQWURGHXPPtQLPRDGHTXDGRDRORQJRGRDQR(VVHIDWRLPSOLFD
TXHDEDFLDQmRGHYHIXQFLRQDUFRPRXPUHFLSLHQWHLPSHUPHiYHOHVFRDQGR
HPFXUWRHVSDoRGHWHPSRWRGDDiJXDUHFHELGDGXUDQWHXPDSUHFLSLWDomR
SOXYLDO$RFRQWUiULRDEDFLDGHYHDEVRUYHUERDSDUWHGHVVDiJXDDWUDYpVGR
VRORDUPD]HQiODHPVHXOHQoROVXEWHUUkQHRHFHGrODDRVSRXFRVDRVFXUVRV
G·iJXDDWUDYpVGDVQDVFHQWHVLQFOXVLYHPDQWHQGRDYD]mRVREUHWXGRGXUDQWH
RVSHUtRGRVGHVHFD,VVRpIXQGDPHQWDOWDQWRSDUDRXVRHFRQ{PLFRHVRFLDOGD
iJXDEHEHGRXURVLUULJDomRHDEDVWHFLPHQWRS~EOLFRFRPRSDUDDPDQXWHQomR
GRUHJLPHKtGULFRGRFRUSRG·iJXDSULQFLSDOJDUDQWLQGRDGLVSRQLELOLGDGHGH
iJXDQRSHUtRGRGRDQRHPTXHPDLVVHSUHFLVDGHOD
$VVLPRPDQHMRGHEDFLDVKLGURJUiILFDVGHYHFRQWHPSODUDSUHVHUYDomRH
PHOKRULDGDiJXDTXDQWRjTXDQWLGDGHHTXDOLGDGHDOpPGHVHXVLQWHUIHUHQWHV
HPXPDXQLGDGHJHRPRUIROyJLFDGDSDLVDJHPFRPRIRUPDPDLVDGHTXDGDGH
PDQLSXODomRVLVWrPLFDGRVUHFXUVRVGHXPDUHJLmR
$VQDVFHQWHVFXUVRVG·iJXDHUHSUHVDVHPERUDGLVWLQWRVHQWUHVLSRUYiULDV
SDUWLFXODULGDGHVTXDQWRjVHVWUDWpJLDVGHSUHVHUYDomRDSUHVHQWDPFRPRSRQ
WRVEiVLFRVFRPXQVRFRQWUROHGDHURVmRGRVRORSRUPHLRGHHVWUXWXUDVItVLFDV
HEDUUHLUDVYHJHWDLVGHFRQWHQomRPLQLPL]DomRGHFRQWDPLQDomRTXtPLFDH
ELROyJLFDHDo}HVPLWLJDGRUDVGHSHUGDVGHiJXDSRUHYDSRUDomRHFRQVXPR
SHODVSODQWDV
4XDQWR j TXDOLGDGH GHYHVH DWHQWDU TXH DOpP GD FRQWDPLQDomR FRP
SURGXWRV TXtPLFRV D SROXLomR GD iJXD UHVXOWDQWH GH WRGD H TXDOTXHU DomR
TXHDFDUUHWHDXPHQWRGHSDUWtFXODVPLQHUDLVQRVRORGDPDWpULDRUJkQLFDH
GRVFROLIRUPHVWRWDLVSRGHFRPSURPHWHUDVD~GHGRVXVXiULRV²KRPHPRX
DQLPDLVGRPpVWLFRV
3RUILPGHYHVHHVWDUFLHQWHGHTXHDDGHTXDGDFRQVHUYDomRGHXPDQDVFHQWH
HQYROYHGLIHUHQWHViUHDVGRFRQKHFLPHQWRWDLVFRPRKLGURORJLDFRQVHUYDomR
GRVRORUHIORUHVWDPHQWRHWF2EMHWLYDVHQHVVHWUDEDOKRDSUHVHQWDUFDGDXP
GRVLQWHUIHUHQWHVSULQFLSDLVGHPRGRVLVWHPiWLFRHLQWHJUDGR
&LFORKLGUROyJLFRHKLGURJHRORJLDGDQDVFHQWH
5,1$/'2'(2&$/+(,5266(%$67,®29%2648,/,$)(51$1'2&e6$597$%$,0É5&,$&$/$0$5,
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
GDViJXDVGHFKXYDTXHVHLQILOWUDPDWUDYpVGDVFDPDGDVSHUPHiYHLVGRWHUUHQR
DWpHQFRQWUDUXPDFDPDGDLPSHUPHiYHORXGHSHUPHDELOLGDGHPXLWRPHQRUTXH
DVXSHULRU1HVVHORFDOILFDHPHTXLOtEULRFRPDJUDYLGDGHVDWXUDRVKRUL]RQWHV
GH VRORV SRURVRV ORJR DFLPD GHVORFDQGRVH GH DFRUGR FRP D FRQILJXUDomR
JHRPRUIROyJLFDGRWHUUHQRHDSHUPHDELOLGDGHGRVXEVWUDWR)LJXUD
$VQDVFHQWHVORFDOL]DPVHHPHQFRVWDVRXGHSUHVV}HVGRWHUUHQRRXDLQGD
QRQtYHOGHEDVHUHSUHVHQWDGRSHORFXUVRG·iJXDORFDOSRGHPVHUSHUHQHVGH
IOX[RFRQWtQXRWHPSRUiULDVGHIOX[RDSHQDVQDHVWDomRFKXYRVDHHIrPHUDV
VXUJHPGXUDQWHDFKXYDSHUPDQHFHQGRSRUDSHQDVDOJXQVGLDVRXKRUDV
)LJXUD&LFORKLGUROyJLFR
3RGHVHDLQGDGLYLGLUDVQDVFHQWHVHPGRLVWLSRVTXDQWRjVXDIRUPDomR
6HJXQGR/LQVOH\H)UDQ]LQLTXDQGRDGHVFDUJDGHXPDTtIHURFRQFHQ
WUDVHHPXPDSHTXHQDiUHDORFDOL]DGDWHPVHDQDVFHQWHRXROKRG·iJXD
(VVHSRGHVHURWLSRGHQDVFHQWH
VHPDFXPXORG·iJXDLQLFLDOFRPXP
TXDQGR R DIORUDPHQWR RFRUUH HP
XP WHUUHQR GHFOLYRVR VXUJLQGR HP
XP ~QLFR SRQWR HP GHFRUUrQFLD GD
LQFOLQDomR GD FDPDGD LPSHUPHiYHO
VHU PHQRU TXH D GD HQFRVWD 6mR
H[HPSORVGHVVHWLSRDVQDVFHQWHVGH
HQFRVWDHGHFRQWDWRILJXUD
3RURXWURODGRVHTXDQGRDVXSHU
ItFLHIUHiWLFDRXXPDTtIHURDUWHVLDQR )LJXUD1DVFHQWHVHPDF~PXORLQLFLDO
LQWHUFHSWDUDVXSHUItFLHGRWHUUHQRHRHVFRDPHQWRIRUHVSUDLDGRQXPDiUHDR
DIORUDPHQWRWHQGHUiDVHUGLIXVRIRUPDQGRXPJUDQGHQ~PHURGHSHTXHQDV
QDVFHQWHVSRUWRGRRWHUUHQRRULJLQDQGRDVYHUHGDV
6HDYD]mRIRUSHTXHQDSRGHUiDS
HQDVPROKDURWHUUHQRFDVRFRQWUiULR
SRGHRULJLQDURWLSRFRPDF~PXOR
LQLFLDOFRPXPTXDQGRDFDPDGDLP
SHUPHiYHOILFDSDUDOHODDSDUWHPDLV
EDL[DGRWHUUHQRHHVWDQGRSUy[LPR
D VXSHUItFLH DFDED SRU IRUPDU XP
ODJRILJXUD
)LJXUD1DVFHQWHFRPDF~PXORLQLFLDO
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
6mRH[HPSORVGHVVHWLSRDVQDVFHQWHVGHIXQGRGHYDOHHDVRULJLQiULDVGH
ULRVVXEWHUUkQHRV)LJXUD
)LJXUD7LSRVPDLVFRPXQVGHQDVFHQWHVRULJLQiULDVGHOHQoROQmRFRQILQDGRGHHQFRVWDGHIXQGR
GHYDOHGHFRQWDWRHGHULRVXEWHUUkQHR/LQVOH\H)UDQ]LQL
/HJLVODFmRUHODFLRQDGDjVQDVFHQWHVHDRVRXWURVUHFXU
VRVKtGULFRVGHFRUUHQWHV7UkPLWHVQHFHVViULRVSDUDOHJDOL]DU
Do}HVLQWHUIHUHQWHV
0É5&,$&$/$0$5,6(%$67,®29%2648,/,$)(51$1'2&e6$597$%$,5,1$/'2'(2&$/+(,526
'HQWUHRVSULQFLSDLVDVSHFWRVOHJDLVGRSURFHVVRGHOHJDOL]DomRUHJXODUL]DomR
GHLQWHUIHUrQFLDVUHODFLRQDGDVDRVFRUSRVKtGULFRVWHPVHRVHJXLQWH
/LJDGRVjFREHUWXUDYHJHWDO
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
3DUD DV QDVFHQWHV ORFDOL]DGDV HP iUHDV XUEDQDV TXH SHUPDQHFHP VHP
TXDOTXHULQWHUIHUrQFLDSRUH[HPSORGHQHQKXPDFRQVWUXomRHPXPUDLRGH
PHWURVYDOHDPHVPDOHJLVODomRGDiUHDUXUDO3DUDDTXHODVMiSHUWXUEDGDV
SRULQWHUYHQo}HVDQWHULRUHVHPVHXUDLRGHPSRUH[HPSORFRPKDELWDo}HV
DQWHULRUHV FRQVROLGDGDV QD QRYD LQWHUIHUrQFLD GHYHVH FRQVXOWDU RV yUJmRV
FRPSHWHQWHV1R(VWDGRGH6mR3DXORSDUDRFDVRHVSHFtILFRGHHPSUHHQGL
PHQWRVKDELWDFLRQDLVRVLQWHUHVVDGRVGHYHUmRGLULJLUVHGLUHWDPHQWHDR*UXSR
GH$QiOLVHH$SURYDomRGH3URMHWRV+DELWDFLRQDLV*5$352+$%YLQFXODGRj
6HFUHWDULDGH(VWDGRGD+DELWDomR
E (P YHUHGDV H HP IDL[D PDUJLQDO HP SURMHomR KRUL]RQWDO GHYH DSUH
VHQWDUDODUJXUDPtQLPDGHPHWURVDSDUWLUGROLPLWHGRHVSDoREUHMRVRH
HQFKDUFDGR9HUHGDpRHVSDoREUHMRVRRXHQFKDUFDGRTXHFRQWpPQDVFHQWHV
RXFDEHFHLUDVGHFXUVRVG·iJXDRQGHKiRFRUUrQFLDGHVRORVKLGURPyUILFRV
FDUDFWHUL]DGRSUHGRPLQDQWHPHQWHSRUUHQTXHVGHEXULWLVGREUHMR0DXULWLD
IOH[XRVDHRXWUDVIRUPDVGHYHJHWDomRWtSLFD
F 3DUD FXUVRV G·iJXD D iUHD VLWXDGD HP IDL[D PDUJLQDO $33 PHGLGD D
SDUWLU GR QtYHO PDLV DOWR DOFDQoDGR SHOD iJXD SRU RFDVLmR GD FKHLD VD]RQDO
GRFXUVRG·iJXDSHUHQHRXLQWHUPLWHQWHHPSURMHomRKRUL]RQWDOGHYHUiWHU
ODUJXUDVPtQLPDVGH
PSDUDFXUVRVG·iJXDFRPPHQRVGHGH]PHWURVGHODUJXUD
PSDUDFXUVRVG·iJXDFRPGH]DFLQTXHQWDPHWURVGHODUJXUD
P SDUD FXUVRV G·iJXD FRP FLQTXHQWD D GX]HQWRV PHWURV GH ODU
JXUD
P SDUD FXUVRV G·iJXD FRP GX]HQWRV D VHLVFHQWRV PHWURV GH ODU
JXUD
PSDUDFXUVRVG·iJXDFRPPDLVGHVHLVFHQWRVPHWURVGHODUJXUD
G1RHQWRUQRGHODJRVHODJRDVQDWXUDLVDIDL[DGHYHWHUODUJXUDPtQLPD
GH
PSDUDRVTXHHVWHMDPVLWXDGRVHPiUHDVXUEDQDVFRQVROLGDGDV
PSDUDRVTXHHVWHMDPHPiUHDVUXUDLVH[FHWRRVFRUSRVG·iJXDDWp
FRPKDGHVXSHUItFLHFXMDIDL[DPDUJLQDOVHUiGHP
ÉUHD XUEDQD FRQVROLGDGD p DTXHOD TXH DWHQGH DRV VHJXLQWHV FULWpULRV
'HILQLomR OHJDO SHOR SRGHU S~EOLFR H H[LVWrQFLD GH QR PtQLPR TXDWUR GRV
VHJXLQWHVHTXLSDPHQWRVGHLQIUDHVWUXWXUDXUEDQDPDOKDYLiULDFRPFDQDOL]DomR
GHiJXDVSOXYLDLVUHGHGHDEDVWHFLPHQWRGHiJXDUHGHGHHVJRWRGLVWULEXLomR
GHHQHUJLDHOpWULFDHLOXPLQDomRS~EOLFDUHFROKLPHQWRGHUHVtGXRVVyOLGRVXUED
QRVWUDWDPHQWRGHUHVtGXRVVyOLGRVXUEDQRVHGHQVLGDGHGHPRJUiILFDVXSHULRU
DKDELWDQWHVSRUTXLO{PHWURTXDGUDGR
H1RHQWRUQRGHUHVHUYDWyULRVDUWLILFLDLVDIDL[DGHYHWHUODUJXUDPtQLPDD
SDUWLUGDFRWDPi[LPDQRUPDOGHRSHUDomRGRUHVHUYDWyULRGH
PSDUDUHVHUYDWyULRVDUWLILFLDLVVLWXDGRVHPiUHDVXUEDQDVFRQVROLGDGDV
HPSDUDiUHDVUXUDLVHVVDVODUJXUDVSRGHUmRVHUDPSOLDGDVRXUH
GX]LGDV VHPSUH REVHUYDQGR R SDWDPDU PtQLPR GH P FRQIRUPH R
HVWDEHOHFLGRQROLFHQFLDPHQWRDPELHQWDOHQRSODQRGHUHFXUVRVKtGULFRV
GDEDFLDVHKRXYHU (VVD UHGXomRQRHQWDQWR QmRVH DSOLFDjViUHDV
GHRFRUUrQFLDRULJLQDOGDIORUHVWDRPEUyILODGHQVD²SRUomRDPD]{QLFD
LQFOXVLYHRVFHUUDG}HVHDRVUHVHUYDWyULRVDUWLILFLDLVXWLOL]DGRVSDUDILQV
GHDEDVWHFLPHQWRS~EOLFR
PQRPtQLPRSDUDRVUHVHUYDWyULRVDUWLILFLDLVGHJHUDomRGHHQHUJLD
HOpWULFDFRPDWpKDVHPSUHMXt]RGDFRPSHQVDomRDPELHQWDO
PQRPtQLPRSDUDUHVHUYDWyULRVDUWLILFLDLVQmRXWLOL]DGRVHPDEDVWHF
LPHQWRS~EOLFRRXJHUDomRGHHQHUJLDHOpWULFDFRPDWpKDGHVXSHUItFLH
HORFDOL]DGRVQDiUHDUXUDO
(VVDVGLVSRVLo}HVQmRVHDSOLFDPjVDFXPXODo}HVDUWLILFLDLVGHiJXDLQIHUL
RUHVDKDGHVXSHUItFLHGHVGHTXHQmRVHMDPUHVXOWDQWHVGREDUUDPHQWRRX
UHSUHVDPHQWR GH FXUVRV G·iJXD H QmR ORFDOL]DGDV HP $33V H[FHWR DTXHODV
GHVWLQDGDVDRDEDVWHFLPHQWRS~EOLFR
3DUDRVUHVHUYDWyULRVDUWLILFLDLVGHVWLQDGRVjJHUDomRGHHQHUJLDHDRDEDVWHF
LPHQWRS~EOLFRRHPSUHHQGHGRUQRkPELWRGRSURFHGLPHQWRGHOLFHQFLDPHQWR
DPELHQWDOGHYHHODERUDUR3ODQR$PELHQWDOGH&RQVHUYDomRH8VRGRHQWRUQR
GRUHVHUYDWyULRDUWLILFLDOHPFRQIRUPLGDGHFRPRWHUPRGHUHIHUrQFLDH[SHGLGR
SHORyUJmRFRPSHWHQWHGHYHQGRQRHQWDQWRVXDDSURYDomRVHUSUHFHGLGDGD
UHDOL]DomRGHFRQVXOWDS~EOLFD2&RPLWrGHEDFLDKLGURJUiILFDWDPEpPGHYHUi
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
VHURXYLGRQDDQiOLVHGHVVHSODQR
)LJXUD([HPSORGHEDFLDFRPGLIHUHQWHVWLSRVGHFRUSRKtGULFRV
7RGDLQWHUYHQomRHPQDVFHQWHEHPFRPRHP$33RPHVPRVHDSOLFDSDUD
ULRVFyUUHJRVHODJRVGHYHVHUSUHFHGLGDGHFRQVXOWDHUHVSHFWLYDDXWRUL]DomR
SRUSDUWHGRVyUJmRVFRPSHWHQWHVGHFRQWUROHRULHQWDomRHILVFDOL]DomRGDV
DWLYLGDGHVGHXVRHH[SORUDomRGRVUHFXUVRVQDWXUDLV1R(VWDGRGH6mR3DXOR
SRUH[HPSORHVVDVDWLYLGDGHVVmRH[HUFLGDVSHOR'HSDUWDPHQWR(VWDGXDOGH
3URWHomRGH5HFXUVRV1DWXUDLV'(351HSHOR'HSDUWDPHQWRGHÉJXDVH(Q
HUJLD(OpWULFD'$((
3DUDVHREWHUDXWRUL]DomRSDUDLQWHUYHQomRQD$33pQHFHVViULRTXHVHMD
SURWRFRODGRXPSURFHVVRGHOLFHQFLDPHQWRQR'(351TXHWUDPLWDUiQR,QVWL
WXWR%UDVLOHLURGR0HLR$PELHQWH,%$0$HHPFDVRVGHVXSUHVVmRVRPHQWH
VHUiSHUPLWLGRQDTXHOHVSUHYLVWRVQR$UWLJRGD/HLDOWHUDGDSHOD
H SHOD 0HGLGD 3URYLVyULD RX VHMD ´$ VXSUHVVmR GH
YHJHWDomRHPiUHDGHSUHVHUYDomRSHUPDQHQWHVRPHQWHSRGHUiVHUDXWRUL]DGD
HPFDVRGHXWLOLGDGHS~EOLFDRXGHLQWHUHVVHVRFLDOGHYLGDPHQWHFDUDFWHUL]DGRV
HPRWLYDGRVHPSURFHGLPHQWRDGPLQLVWUDWLYRSUySULRTXDQGRLQH[LVWLUDOWHU
QDWLYDWpFQLFDHORFDFLRQDODRHPSUHHQGLPHQWRSURSRVWRµ
$DXWRUL]DomRSOHLWHDGDVHFRQFHGLGDVHUiFRQGLFLRQDGDDRFXPSULPHQWR
SRUSDUWHGRLQWHUHVVDGRGHXP7HUPRGH&RPSURPLVVRGH5HFXSHUDomR$P
ELHQWDOFRQWHPSODQGRRUHIORUHVWDPHQWRGD$33GDQDVFHQWHFRPPXGDVGH
iUYRUHV GH HVSpFLHV QDWLYDV UHJLRQDLV GLYHUVDV DGDSWDGDV SDUD FDGD WLSR GH
DPELHQWHVREUHWXGRUHODFLRQDGRFRPDVSRVVtYHLVRFRUUrQFLDVGRFXUVRG·iJXD
HQFKHQWHV
/LJDGRVDRV5HFXUVRV+tGULFRV
&RPRREMHWLYRGHHYLWDUTXHDVLQWHUIHUrQFLDVVHPFULWpULRVQDVQDVFHQWHV
HDRORQJRGRVFXUVRVG·iJXDYHQKDPFDXVDUGDQRVLUUHYHUVtYHLVjUHGHQDWXUDO
GHGUHQDJHPYLVDQGRSRUWDQWRSUHVHUYDURVUHFXUVRVKtGULFRVSDUDREHPGR
DPELHQWHFRPRXPWRGRQDXWLOL]DomRGHXPDQDVFHQWHKiTXHVHUHVSHLWDU
HDWHQGHUDOHJLVODomRHVSHFtILFDGHUHFXUVRVKtGULFRV'HPRGRJHUDODOHJ
LVODomRYLJHQWHWHQGHDVLPSOLILFDUDUHJXODUL]DomRGHSHTXHQDVLQWHUIHUrQFLDV
QDVQDVFHQWHVHJDUDQWLUTXHRVEDUUDPHQWRVWHQKDPWDQWRHVWDELOLGDGHFRPR
FDSDFLGDGHGHH[WUDYDVDUDVYD]}HVGHFKHLDHDYD]mRPtQLPDSDUDMXVDQWH
9D]mR4
7RGDHTXDOTXHULQWHUIHUrQFLDSURPRYLGDQDVQDVFHQWHVRXFXUVRVG·iJXD
QR(VWDGRGH6mR3DXORWDQWRSDUDRVSURSULHWiULRVUXUDLVFRPRRVXUEDQRV
GHYHPFXPSULUDVGHWHUPLQDo}HVGD/HLUHJXODPHQWDGDDWUDYpVGD
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
SRUWDULD'$((TXHH[LEHPFULWpULRVHQRUPDVSDUDDREWHQomRGRGLUHLWR
GHXVDUHLQWHUIHULUQRVUHFXUVRVKtGULFRVRXVHMDpQHFHVViULRREWHUD´2XWRUJD
GHGLUHLWRGRXVRGRVUHFXUVRVKtGULFRVµ
3DUDQDVFHQWHVKiDVRXWRUJDVGHGLUHLWRSDUD&DSWDomRGHÉJXD6XSHU
ILFLDO%DUUDPHQWRH&DQDOL]DomRFDGDXPDGHODVFRQWHQGRFULWpULRVHQRUPDV
DVHUHPFXPSULGRV
$GRFXPHQWDomRDVHUHQWUHJXHQR'HSDUWDPHQWRGHÉJXDVH(QHUJLD(Op
WULFD'$((GHYHVHUDFRPSDQKDGDGRUHTXHULPHQWRSURWRFRODGRRX3DUHFHU
7pFQLFR)ORUHVWDOGR'HSDUWDPHQWR(VWDGXDOGH3URWHomRGRV5HFXUVRV1DWXUDLV
'(351GHDFRUGRFRPRTXHYHUVDRFXPSULPHQWRGR&yGLJR)ORUHVWDO
$VVLPHQIDWL]DVHTXHRVXVRVHDVLQWHUIHUrQFLDVSUHWHQGLGDVSHORVSURSUL
HWiULRVGHYHPVHUDSURYDGRVWDQWRSHOR'(351FRPRSHOR'$((SUHYHQLQGRVH
GDVDo}HVILVFDOL]DGRUDVGD3ROtFLD$PELHQWDOGR'(351HGR'$((
&XLGDGRVSULPiULRVHVVHQFLDLVHPUHODomRjiUHDDGMD
FHQWHjVQDVFHQWHV
5,1$/'2'(2&$/+(,5260É5&,$&$/$0$5,)(51$1'2&e6$597$%$,6(%$67,®29%2648,/,$
2VFXLGDGRVHRFRQGLFLRQDPHQWRGDiUHDGDQDVFHQWHSRGHPVHULOXVWUD
GRVFRPRH[HPSORGDVLWXDomRDSUHVHQWDGDSRU6,/9(,5$QDILJXUD
'HDFRUGRFRPDVLWXDomRLQLFLDORSURSULHWiULRGHXPVtWLRTXHSODQWDDOJRGmR
PLOKRHSDVWDJHPQDGLVWULEXLomRGDViUHDVGHFXOWLYRHVWiSHUPLWLQGRDRV
DQLPDLV OLYUH DFHVVR j iJXD FRP FKLTXHLURV IRVVDV H HVWiEXORV ORFDOL]DGRV
SUy[LPRVjQDVFHQWHSURYDYHOPHQWHWHUiDiJXDFRQWDPLQDGDSUHMXGLFDQGR
RPHLRDPELHQWHRVDQLPDLVHDVLSUySULRILJXUD$
$VVLPGHYHVHSURPRYHUDVVHJXLQWHVPRGLILFDo}HVHWRPDURVVHJXLQWHV
FXLGDGRVVHTXLVHUUHFXSHUDUHPDQWHUDERDFRQGLomRGHVXDQDVFHQWH
'LVWULEXLomRGRXVRGRVROR
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
)LJXUD'LVWULEXLomRHVSDFLDOGDVFXOWXUDVHHVWUXWXUDVUXUDLVQDVVLWXDo}HVHUUDGDHFRUULJLGDHP
IXQomRGDQDVFHQWH$GDSWDGRGH6LOYHLUD
WUDEDOKDGRUHVPiTXLQDVHDQLPDLVGHWUDomRSDUDRORFDOFRQWDPLQDQGRItVLFD
ELROyJLFDHTXLPLFDPHQWHDiJXD
$VVLPRSDVWRHRVDQLPDLVGHYHPVHUDIDVWDGRVDRPi[LPRGDQDVFHQWH
SRLV PHVPR TXH RV DQLPDLV QmR WHQKDP OLYUH DFHVVR j iJXD VHXV GHMHWRV
FRQWDPLQDPRWHUUHQRHQRVSHUtRGRVGHFKXYDVDFDEDPSRUFRQWDPLQDUD
iJXD(VVDFRQWDPLQDomRSRGHSURYRFDURDXPHQWRGDPDWpULDRUJkQLFDQD
iJXDRTXHDFDUUHWDULDRGHVHQYROYLPHQWRH[DJHUDGRGHDOJDVEHPFRPRD
FRQWDPLQDomRSRURUJDQLVPRVSDWRJrQLFRVTXHLQIHVWDPRVDQLPDLVHSRGHP
DWLQJLURKRPHP$WXEHUFXORVHERYLQDDEUXFHORVHDDIWRVDVmRHQWUHRXW
UDVGRHQoDVTXHSRGHPFRQWDPLQDURKRPHPWHQGRFRPRYHtFXORDiJXD
FRQWDPLQDGD'DNHU
3RURXWURODGRSHUPLWLQGRVHRDFHVVRGRVDQLPDLVRSLVRWHLRWRUQDDVX
SHUItFLHGRVRORSUy[LPRjVQDVFHQWHVFRPSDFWDGRGLPLQXLVXDFDSDFLGDGHGH
LQILOWUDomRILFDQGRVXMHLWRjHURVmRODPLQDUHFRQVHTXHQWHPHQWHSURYRFDQGR
QmRVyDFRQWDPLQDomRGDiJXDSRUSDUWtFXODVGRVRORWXUYDQGRDFRPRWDP
EpPHRTXHpSLRUSURYRFDDWpPHVPRVRWHUUDPHQWRGDQDVFHQWH4XDQGR
DiJXDGHXPDQDVFHQWHVHWXUYDIDFLOPHQWHDSyVXPDFKXYDpVLQDOGHTXH
KiXPDGHILFLHQWHFDSDFLGDGHGHLQILOWUDomRGDiJXDQD$33RXPHVPRGRVHX
WHUUHQRFLUFXQGDQWH
'HQWURGDGLVWULEXLomRFRUUHWDDSUHVHQWDGDQRGHVHQKR%GDILJXUDRX
VHMDFRPRVDQLPDLVGLVWDQFLDGRVGXDVDo}HVFRPSOHPHQWDUHVVmRLQGLFDGDV
GHVHQYROYHUXPSURJUDPDGHPDQHMRGHSDVWRUHLRSDUDVHHYLWDUDFRPSDF
WDomRH[DJHUDGDGRVRORGDiUHDGRSDVWRHSURYLGHQFLDUEHEHGRXURVSDUD
RVDQLPDLV
3RURXWURODGRDFXOWXUDGHPDLRUXWLOL]DomRGHSURGXWRVTXtPLFRVGHYHVHU
DPDLVDIDVWDGDDILPGHHYLWDUTXHQDVpSRFDVGDVFKXYDVHVVHVSROXLGRUHV
GHVoDPFRPDVHQ[XUUDGDVSDUDDVQDVFHQWHVRXVHLQILOWUHPQRVRORDWLQJLQGR
PDLVIDFLOPHQWHROHQoROIUHiWLFReERPOHPEUDUTXHRVSURGXWRVTXtPLFRV
DJUtFRODVQmRVmRHOLPLQDGRVFRPIHUYXUDFORUDomRRXILOWUDJHP
&DVWURH/RSHVDSUHVHQWDPHVTXHPDWLFDPHQWHDGLVWULEXLomRDG
HTXDGDGDFREHUWXUDYHJHWDOHXVRGRVRORHPiUHDVRXPLFUREDFLDVFRPXPD
QDVFHQWHILJXUD
(OLPLQDomRGDVLQVWDODo}HVUXUDLV
'HYHPVHUUHWLUDGDVWRGDVHTXDLVTXHUKDELWDo}HVJDOLQKHLURVHVWiEXORV
SRFLOJDV GHSyVLWRV GH GHIHQVLYRV RX RXWUD FRQVWUXomR TXH SRVVDP RX SRU
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
LQILOWUDomRGDVH[FUHo}HVHSURGXWRVTXtPLFRVRXSRUFDUUHDPHQWRVXSHUILFLDO
HQ[XUUDGDV FRQWDPLQDU R OHQoRO IUHiWLFR EHP FRPR SROXLU GLUHWDPHQWH D
QDVFHQWH
5HFRPHQGDVHGHVDWLYDomRGDDQWLJDHVWUXWXUDSRVVLYHOPHQWH SROXLGRUD
PDQWHQGRRORFDOOLPSRHH[SRVWRDRVROSHORPHQRVSRUDOJXQVPHVHVDQWHVGH
VHUHLQLFLDURDSURYHLWDPHQWRGDiJXD1RFDVRGHSURGXWRVTXtPLFRVGHYHVH
SURFHGHUDDQiOLVHGDiJXD
5HGLVWULEXLomRGDVHVWUDGDV
$PDLRULDGDVHVWUDGDVFRQVWUXtGDVQRPHLRUXUDOQmRSDVVRXSRUXPSODQHMD
PHQWRDGHTXDGRFRPRREMHWLYRGHSURWHJHUDVQDVFHQWHVeFRVWXPHSURMHWDU
DVHVWUDGDVSHUWRGHULRVHQDVFHQWHVSRUVHUHPHVVHVWHUUHQRVQDWXUDOPHQWH
PDLVSODQRVHSRUWDQWRGHUHOHYRPDLVIDYRUiYHO$VVLPUHDOL]DPVHFRUWHV
SDUDFRQVWUXomRGDHVWUDGDHPORFDLVLQGHYLGRVGRWHUUHQRGHL[DQGRRVROR
H[SRVWRDGLIHUHQWHVSURFHVVRVGHHURVmRFDXVDGRVSHODVFKXYDVRTXHWRUQD
RWHUUHQRPDLVFRPSDFWDGRHSRUWDQWRPDLVSURStFLRjIRUPDomRGHHQ[XU
UDGDV2VEDUUDQFRVWDPEpPVROWDPWHUUDTXHYDLDWLQJLUDIRQWHGHiJXD$OpP
GHWXGRLVVRHVVDVHVWUDGDVH[S}HPDQDVFHQWHDRDFHVVRGHKRPHQVDQLPDLV
HWUkQVLWRGHPiTXLQDV
$VVLPXPDGDVSURYLGrQFLDVPDLVLPSRUWDQWHVpXPQRYRWUDoDGRGDVHV
É5925(6&20)2/ &8/7,926$*5Ì&2/$6
)587Ì)(5$6
+$6&$'8&$6 &HUHDOtIHUDVDQXDLVIUXWL
8WLOL]DomRHFRQ{PLFDFRP FXOWXUDHSDVWDJHQVFRP
VHQVRFRQVHUYDFLRQLVWD SUiWLFDVFRQVHUYDFLRQLVWDV
*5$0Ì1($6
)XQomRGHSURWHomRFRQWUDGH $5%867,9$6
VDJUHJDomRGRVRORHFDUUHDPHQWRGH 9HJHWDomRUDVWHLUDHRX
SDUWtFXODV DUEXVWLYDHDUERUHDPHQWR
IUHDWyILWDV
$UEyUHDV
$33 1$6&(17( VRE
PDQHMR
)LJXUD'LVWULEXLomRHVTXHPiWLFDDGHTXDGDGDVGLIHUHQWHVFREHUWXUDVYHJHWDLVHXVRVHPUHODomRj
QDVFHQWH
WUDGDVLQWHUQDVGDSURSULHGDGHIDFLOLWDQGRRLVRODPHQWRGDQDVFHQWH
&RQVHUYDomRGHWRGDDEDFLDGHFRQWULEXLomR5HODomRHQWUHD
iUHDGHFRQWULEXLomRHDGHSUHVHUYDomRSHUPDQHQWH
3HODGHVFULomRKLGUROyJLFDFLWDGDQR&DStWXORILFDFODURTXHDQDVFHQWHp
RDIORUDPHQWRRXPDQLIHVWDomRGROHQoROIUHiWLFRQDVXSHUItFLHGRVRORFXMR
GHVHPSHQKRHFDUDFWHUtVWLFDVVmRUHVXOWDQWHVGRRFRUULGRHPWHUPRVGHLQILO
WUDomRHPWRGDDEDFLDKLGURJUiILFD²DFKDPDGDÉUHDGH&RQWULEXLomR²H
QmRDSHQDVGDiUHDFLUFXQGDQWHGDQDVFHQWH²ÉUHDGH3UHVHUYDomR3HUPDQHQWH
²TXHKLGURORJLFDPHQWHSRUVHUGHSHTXHQDH[WHQVmRSHUDQWHDEDFLDFRPR
XPWRGRDiJXDTXHLQILOWUDQHVVDiUHDSRXFRFRQWULEXLQDYD]mR
$VVLPWRGDDiUHDGHEDFLDPHUHFHDWHQomRTXDQWRjSUHVHUYDomRGRVRORH
WRGDVDVWpFQLFDVGHFRQVHUYDomRREMHWLYDQGRWDQWRRFRPEDWHjHURVmRFRPR
DPHOKRULDGDVFDUDFWHUtVWLFDVItVLFDVGRVRORQRWDGDPHQWHDTXHODVUHODWLYDV
jFDSDFLGDGHGHLQILOWUDomRGDiJXDGDFKXYDRXGDLUULJDomRYmRGHWHUPLQDU
PDLRUGLVSRQLELOLGDGHGHiJXDQDQDVFHQWHHPTXDQWLGDGHHHVWDELOLGDGHDR
ORQJRGRDQRLQFOXLQGRDpSRFDGDVVHFDV
3UHRFXSDGRVFRPDVSDUWHVDOWDVGDEDFLD&DVWURH/RSHVDILUPDP
TXHpLQGLVSHQViYHOSDUDDUHFXSHUDomRHFRQVHUYDomRGDVQDVFHQWHVDSUHVHQoD
GHiUYRUHVQRVWRSRVGRVPRUURVHGDVVHo}HVFRQYH[DVHVWHQGHQGRVHDWp
GDVHQFRVWDVWHPDGHYLGDPHQWHUHJXODPHQWDGRSHOD5HVROXomR&21$0$QR
GHPDUoRGH
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
&REHUWXUDYHJHWDOHPWRUQRGDVQDVFHQWHV
)(51$1'2&e6$597$%$,0É5&,$&$/$0$5,6(%$67,®29%2648,/,$5,1$/'2'(2&$/+(,526
1DUHFXSHUDomRGDFREHUWXUDYHJHWDOGDV$33VMiGHJUDGDGDVGHYHVHGLV
WLQJXLUDVRULHQWDo}HVTXDQWRDRWLSRGHDIORUDPHQWRGHiJXDRXVHMDVHPRX
FRPDF~PXORGHiJXDLQLFLDOSRLVRHQFKDUFDPHQWRGRVRORRXDVXEPHUVmR
WHPSRUiULDQDVFKXYDVGRVLVWHPDUDGLFXODUGRVLQGLYtGXRVSODQWDGRVDSUR
IXQGLGDGHGRSHUILOHDIHUWLOLGDGHGRVRORVmRDOJXQVGRVIDWRUHVTXHGHYHP
VHU FRQVLGHUDGRV SRLV VmR VHOHWLYRV SDUD DV HVSpFLHV TXH YmR FRQVHJXLU VH
GHVHQYROYHU5RGULJXHVH6KHSKHUG
3RURXWURODGRGHYHVHWDPEpPGLVWLQJXLUDVQDVFHQWHVTXDQWRDRUHJLPHGH
YD]mRRXVHMDVHpSHUPDQHQWHRXWHPSRUiULDVHYDULDDRORQJRGRDQRHDWp
PHVPRDLQWHUIHUrQFLDGDYHJHWDomRQRFRQVXPRGHiJXDGDSUySULDQDVFHQWH
FRQVXPRHVVHJUDQGHPHQWHLQIOXHQFLDGRSHODSURIXQGLGDGHGROHQoROIUHiWLFR
QRUDLRFRPSUHHQGLGRSHODÉUHDGH3UHVHUYDomR3HUPDQHQWH
6HJXQGR5RGULJXHVH6KHSKHUGGLYHUVRVWUDEDOKRVDSRQWDPTXHR
PRVDLFRYHJHWDFLRQDOpUHVXOWDGRGHDOWHUDomRGLIHUHQFLDGDGDXPLGDGHRXGR
HQFKDUFDPHQWRGRVRORQDVHOHWLYLGDGHGDVHVSpFLHVQDIDL[DFLOLDUHTXHWDLV
HQFKDUFDPHQWRVRFRUUHPWDQWRHPIXQomRGRH[WUDYDVDPHQWRGROHLWRGRULR
FRPRGRDIORUDPHQWRSHUPDQHQWHRXWHPSRUiULRGROHQoROIUHiWLFRFDVRGDV
QDVFHQWHV
'HQWUH RV WLSRV GH FREHUWXUDV YHJHWDLV D
FREHUWXUD IORUHVWDO ILJXUD p D TXH PDLRU
HIHLWRH[HUFHVREUHDVQDVFHQWHV1mRH[LVWHD
FRPSRVLomRLGHDOHVLPDTXHODPDLVDGHTXDGD
SDUD FDGD VLWXDomR HVSHFLILFD $VVLP p LP
SRUWDQWH FRQKHFHU R LQGLYtGXR IORUHVWDO SDUD
PHOKRUHQWHQGHUVXDFRQWULEXLomRKLGUROyJLFD
H GHOH ID]HUVH PHOKRU XVR 2 SODQHMDPHQWR
H D RULHQWDomR GH XP WpFQLFR HVSHFLDOL]DGR p
IXQGDPHQWDO
)LJXUD9LVWDGR
LQWHULRUGHXPD$33
EHPFRQVWLWXtGD
5HFRPSRVLomRIORUHVWDOHPiUHDVGHSUHVHUYDomRSHUPDQHQWH
(VFROKDGRVLVWHPDGHUHIORUHVWDPHQWRGHSHQGHGRJUDXGHSUHVHUYD
omRGDViUHDVDYDOLDGRSRUHVWXGRVIORUtVWLFRVHRXILWRVVRFLROyJLFRVRXPHVPR
SHODDYDOLDomRILVLRQ{PLFDGDYHJHWDomRRFRUUHQWHQDiUHD$VVLPRVLVWHPD
GHUHIORUHVWDPHQWRSRGHVHU
D,PSODQWDo}HVHPiUHDVEDVWDQWHSHUWXUEDGDVTXHQmRFRQVHUYDPQH
QKXPD GDV FDUDFWHUtVWLFDV ELyWLFDV GDV IRUPDo}HV IORUHVWDLV FLOLDUHV RULJLQDLV
GDTXHODFRQGLomR6LWXDomRWtSLFDGHiUHDVFXMDIORUHVWDRULJLQDOIRLVXEVWLWXtGD
SRUDOJXPDDWLYLGDGHDJURSDVWRULO
E(QULTXHFLPHQWRHPiUHDVFRPHVWiJLRLQWHUPHGLiULRGHSHUWXUEDo}HV
TXH PDQWpP DOJXPDV GDV FDUDFWHUtVWLFDV ELyWLFDV H DELyWLFDV GDV IRUPDo}HV
FLOLDUHV WtSLFDV GDTXHOD FRQGLomR VLWXDomR GH iUHDV FXMD IORUHVWD RULJLQDO IRL
GHJUDGDGDSHODDomRDQWUySLFDRFXSDGDSRUFDSRHLUDVFRPGRPtQLRGHHVSp
FLHVGRVHVWiJLRVLQLFLDLVGHVXFHVVmR
F5HFXSHUDomRQDWXUDOQDViUHDVSRXFRSHUWXUEDGDVTXHUHWpPDPDLRULD
GDVFDUDFWHUtVWLFDVELyWLFDVHDELyWLFDVGDVIRUPDo}HVIORUHVWDLVWtSLFDVGDiUHD
'HYHPVHULVRODGDVGRVSRVVtYHLVIDWRUHVGHSHUWXUEDo}HVSDUDTXHRVSURFHVVRV
QDWXUDLVGHVXFHVVmRSRVVDPDWXDU
(VFROKDGDVHVSpFLHVEDVHLDVHHPOHYDQWDPHQWRVIORUtVWLFRVGHIRUPD
omRIORUHVWDLVFLOLDUHVRULJLQDLVUHPDQHVFHQWHVSUy[LPDVjiUHDHPTXHVWmRRX
PHVPRPDLVGLVWDQWHVPDVFRPDVPHVPDVFDUDFWHUtVWLFDVDELyWLFDV$OLVWD
GHSODQWDVSRGHUiDLQGDVHUDFUHVFLGDGHHVSpFLHVQDWLYDVIUXWtIHUDVHPHOtIHUDV
QmRDPRVWUDGDVQROHYDQWDPHQWRFRPRREMHWLYRGHIRPHQWDUDUHFXSHUDomR
GDIDXQDWHUUHVWUHHDTXiWLFD
&RPELQDomR GDV HVSpFLHV Ki YiULRV PpWRGRV GH FRPELQDomR GDV
HVSpFLHVHPSURMHWRVGHUHIORUHVWDPHQWR'LIHUHPHQWUHVLEDVLFDPHQWHHP
UHODomRDFRPELQDo}HVTXHFRQVLGHUHPRVHVWiGLRVVXFHVVLYRVGDVHVSpFLHV
SURSRUomRGHHVSpFLHVQRVYiULRVHVWiGLRVVXFHVVLYRVFRQVLGHUDGRVQRWUDEDOKR
HVSDoDPHQWRHGHQVLGDGHGRVLQGLYtGXRVQRSODQWLRHHVWUDWpJLDXVDGDSDUD
DLPSODQWDomRGDVHVSpFLHV
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
'LVWULEXLomR GDV HVSpFLHV QR FDPSR ² GHFLGHVH GH DFRUGR FRP DV
FDUDFWHUtVWLFDVDGDSWDWLYDVHELROyJLFDVGDVHVSpFLHVHVFROKLGDVSDUDRSURMHWR
$VVLPDVHVSpFLHVDGDSWDGDVDRHQFKDUFDPHQWRSHUPDQHQWHRXWHPSRUiULR
VHUmRDORFDGDVHPiUHDGHEUHMRRXSDVVtYHLVGHHQFKDUFDPHQWRRXHOHYDomR
WHPSRUiULDGROHQoROIUHiWLFRHQTXDQWRDVHVSpFLHVQmRWROHUDQWHVSODQWDGDV
HPiUHDVQmRVXMHLWDVDDOWRVWHRUHVGHXPLGDGH
3ODQWLR H PDQXWHQomR HP UHODomR D HVVD ~OWLPD HWDSD 7$%$,
DSRQWDUHVXPLGDPHQWHRVSDVVRVRULHQWDo}HVJHUDLVHFXLGDGRVQDUHFRP
SRVLomRGDPDWDQDWLYDGHXPDÉUHDGH3UHVHUYDomR3HUPDQHQWH
D3UHSDURGRWHUUHQRGHYHVHUH[HFXWDGDDOLPSH]DGRWHUUHQRQDiUHD
RQGHVHUiIHLWRRSODQWLRIDFLOLWDQGRDHQWUDGDGDHTXLSHGHWUDEDOKRHWDPEpP
SURWHJHQGRDVPXGDV)D]VHXPDURoDGDSDUDHOLPLQDUDVSODQWDVGDQLQKDV
SUHVHUYDQGR DV HVSpFLHV GH LQWHUHVVH H UHWLUDQGR RV HQWXOKRV TXH HVWHMDP
GHQWURGDiUHD
E&RPEDWHjVIRUPLJDVGHYHVHHOLPLQDURVROKHLURVGDVIRUPLJDVSRLV
GHVIROKDPHPDWDPDVPXGDV&RQWUDDVFRUWDGHLUDVVD~YDVHTXHQTXpQV
SRGHVHXVDUDLVFDJUDQXODGDSRXFRWy[LFDHIiFLOGHVHUDSOLFDGD'HYHPVHU
FRORFDGDVJGHLVFDHPSHTXHQRVVDFRVSOiVWLFRVHGLVWULEXtGDVQRVFDUUHLURV
GDVIRUPLJDVDFDGDPGHWHUUD,VVRGHYHUiVHUUHDOL]DGRSUHIHUHQFLDOPHQWH
HPpSRFDVGHVHFD'HPRGRJHUDOUHFRPHQGDVHTXHVHMDHOLPLQDGRWXGRTXH
SRVVDFRQWULEXLUSDUDDIRUPDomRGHWHUUDVROWDSUy[LPDjQDVFHQWH
F$EHUWXUDHPDUFDomRGDVFRYDVDVFRYDVGHSODQWLRGHYHUmRVHUPDUFDGDV
HDEHUWDVHPOLQKDjGLVWkQFLDGHPXPDGDRXWUDHQWUHDVFRYDVDGLVWkQFLD
SRGHUiVHUGHHPPHWURV$DEHUWXUDGDVFRYDVQRWDPDQKRGH[[
FPSRGHUiVHUIHLWDFRPHQ[DGmRRXXPDFDYDGHLUD
G$GXEDomRDDGXEDomRUHDOL]DGDQDVFRYDVSRGHVHURUJkQLFDHPSUHJDQGR
OLWURVGHHVWHUFRGHFXUUDOFXUWLGRRXOLWURVGHHVWHUFRFXUWLGRGHJDOLQKD
SRUFRYDRXDGXEDomRTXtPLFDPLVWXUDQGRQDWHUUDGDFRYDDIyUPXOD13.
RXRXWUDIyUPXODFRPHUFLDOGLVSRQtYHOQDTXDQWLGDGHGHJSRU
FRYD'HYHVHPLVWXUDURDGXERTXtPLFRHRXRRUJkQLFRFRPDSDUWHGHFLPD
GRVRORUHWLUDGRGDFRYDFRORFDQGRHVVDPLVWXUDQRIXQGRHFRPSOHWDQGRFRP
RUHVWDQWHGRVROR
H'LVWULEXLomRGDVHVSpFLHVGHiUYRUHVQDiUHDQDGLVWULEXLomRGDVPXGDV
QDiUHDGHYHVHSURFXUDULPLWDURPRGRFRPRDViUYRUHVFUHVFHPQDQDWXUH]D
SULPHLUDPHQWHQDVFHPDVHVSpFLHVTXHSUHFLVDPGHOX]SDUDJHUPLQDUHTXH
FUHVFHPUiSLGRFKDPDGDVSLRQHLUDVGHSRLVDSDUHFHPDVHVSpFLHVTXHSUHFLVDP
GDVRPEUDGDVRXWUDViUYRUHVSDUDFUHVFHUFKDPDGDVVHFXQGiULDV
3RUWDQWRQRSODQWLRGHYHVHFRORFDUXPDOLQKDFRPDVSLRQHLUDVHXPDOLQKD
GHHVSpFLHVVHFXQGiULDVTXHLUmRFUHVFHUGHYDJDUQDVRPEUDGDVSULPHLUDV
$R GLVWULEXLU DV PXGDV QR FDPSR GHYHVH SURFXUDU QmR UHSHWLU HVSpFLHV
LJXDLVODGRDODGR)LJXUD
6HPLUULJDomRRSODQWLRGHYHUiVHUIHLWRQDpSRFDGDViJXDVRXVHMDHQWUH
RVPHVHVGHQRYHPEURDPDUoRQDVUHJL}HVGRVXOGR%UDVLO$ILJXUDPRVWUD
FRPRSRGHVHUIHLWRRSODQWLRFRPDVHVSpFLHVSLRQHLUDVHVHFXQGiULDVHXPH[
HPSORGHUHFRPSRVLomRGDYHJHWDomRYLVDQGRXQLUIUDJPHQWRVGHPDWDFLOLDU
I3ODQWLRDVPXGDVGHYHPWHUERDVFRQGLo}HVGHVDQLGDGHHFRPDOWXUD
PtQLPDGHFP1RSODQWLRUHWLUDUGRVDFRSOiVWLFRFRPFXLGDGRVHPGHVWUXLU
RWRUUmRFRORFDUDSODQWDQDFRYDVREUHDSRUomRGHWHUUDMiFRPRDGXERH
FRPRUHVWRGDPLVWXUDFREULURWRUUmRFRPSDFWDQGRDWHUUDDRUHGRU&DVR
QmRRFRUUDFKXYDGHYHVHID]HUSHORPHQRVXPDLUULJDomRSRUVHPDQDQR
SULPHLURPrVGHSODQWLRHXPDDFDGDGXDVVHPDQDVQRVHJXQGR$VPXGDV
GHYHPVHUDPDUUDGDVHPYDUHWDVJXLDVGHEDPEXFRPDOWXUDGHPTXHDOpP
GDRULHQWDomRGHFUHVFLPHQWRVHUYLUmRSDUDDMXGDUQDORFDOL]DomRGDVPXGDV
QRFDPSR
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
K$GXEDomRGH&REHUWXUDDSyVGLDVGRSODQWLRID]VHDDGXEDomRGH
FREHUWXUDGLVWULEXLQGRVHDODQoRRDGXERTXtPLFRHPWRUQRGDSODQWDHYL
WDQGRVHXPDGLVWkQFLDGHFPDRUHGRUGDPXGD3RGHVHUXVDGDDIRUPXODomR
13.DSOLFDQGRJSRUSODQWD
(63e&,($ (63e&,(%
3,21(,5$6
1®23,21(,5$6
)LJXUD'LVSRVLomRGDVSLRQHLUDVHVHFXQGiULDVQDiUHDGHSODQWLRHXPDUHFRPSRVLomRGDYHJHWDomR
YLVDQGRXQLUIUDJPHQWRVGHPDWDFLOLDU$GDSWDGRGH7DEDL
)DL[DYHJHWDGDGHLQWHUIDFH
5HFHQWHPHQWHXPDQRYDFRUUHQWHGHSHVTXLVDWHPDSRQWDGRSDUDDLP
SODQWDomRGHXPDIDL[DYHJHWDGDFXPSULQGRDIXQomRGHLQWHUIDFH)LJXUD
HQWUHDiUHDYHJHWDGDGD$33HDiUHDGHFXOWLYRGHFRQWRUQRTXHSRGHVHU
FRQVWLWXtGDSRUYHJHWDomRQDWLYDGHVHQYROYLGDQDWXUDOPHQWH
(VWDLQWHUIDFHWHULDDIXQomRGHSURWHJHUDSDUWHSHULIpULFDGDYHJHWDomRGD
$33GLPLQXLQGRVHWDQWRDH[SRVLomRGD$33DGHIHQVLYRVDJUtFRODVHKHUEL
FLGDVFRPRLQLELQGRRGHVHQYROYLPHQWRGHSODQWDVLQGHVHMiYHLVFRPRFLSyV
HWF'HYHDSUHVHQWDUXPDODUJXUDDGHTXDGDSDUDDSURWHomRHIHWLYDHTXHGH
SUHIHUrQFLDDX[LOLHQDFRQWHQomRGRHVFRDPHQWRVXSHUILFLDOSURYHQLHQWHGRV
WHUUHQRVVLWXDGRVHPFRWDVVXSHULRUHV,QWHUIHUHQDGHILQLomRGDODUJXUDRWLSR
HDLQWHQVLGDGHGDVSUiWLFDVFXOWXUDLVH[HFXWDGDVQDiUHDFXOWLYDGDGHHQWRUQR
SXOYHUL]Do}HVSRUH[HPSORDGHFOLYLGDGHGRWHUUHQRRSRWHQFLDOGHHURGLELOL
GDGHGRVRORDLQWHQVLGDGHHIUHTrQFLDGDVSUHFLSLWDo}HVSOXYLDLVDVHVSpFLHV
YHJHWDLVHDGHQVLGDGHGHSRSXODomR
&REHUWXUDPRUWDQDWXUDO
3RU ILP GHYH VHU UHVVDOWDGR TXH D H[HPSOR GD SDUWH DpUHD GDV SODQWDV
DUEyUHDVRXKHUEiFHDVDFREHUWXUDPRUWDH[HUFHSURWHomRItVLFDGDVXSHUItFLH
GRVRORWDQWRQDGLPLQXLomRGDYHORFLGDGHRXPHVPRHOLPLQDomRGRHVFRU
ULPHQWRVXSHUILFLDOFRPRQRLPSHGLPHQWRGRLPSDFWRGDJRWDGDiJXDGD
FKXYDRXLUULJDomRFRPDVSDUWtFXODVGDVXSHUItFLHGRVRORRTXHSURYRFDULDR
VHODPHQWRGRVROR
6HJXQGR0ROFKDQRYDViUHDVDUERUL]DGDVFRQWHQGRERDFREHUWXUD
PRUWDQDVXSHUItFLHVREUHXPVROREHPHVWUXWXUDGRDSUHVHQWDPEDL[RJUDXGH
HURVmRLQGHSHQGHQWHGHVHXGHFOLYH
3DUWLFXODULGDGHVGDFREHUWXUDYHJHWDOQDVQDVFHQWHV
(P QDVFHQWHV GH UHVWULWD RX GH VLJQLILFDWLYDV DOWHUDo}HV WHP
SRUiULDVGHYD]mR
1RWDGDPHQWHHPUHJL}HViULGDVKiQDVFHQWHVTXHDSUHVHQWDPYD]mRUHVWULWD
TXHGLPLQXHPVLJQLILFDWLYDPHQWHRXPHVPRVHFDPWHPSRUDULDPHQWH
3DUDHVVDVFRQGLo}HVRWLSRGHYHJHWDomRFLUFXQGDQWHSRGHUHSUHVHQWDUXPD
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
SUHRFXSDomRTXDQWRDRFRQVXPRTXHDVSUySULDVSODQWDVQRVHXSURFHVVRGH
HYDSRWUDQVSLUDomRSRVVDPYLUDH[HUFXWDUGRMiHVFDVVRUHFXUVRKtGULFR
(VVD SUHRFXSDomR EDVHLDVH QD KLSyWHVH GH TXH GLIHUHQWHV SODQWDV FRP
GLIHUHQWHVSURIXQGLGDGHVGRVLVWHPDUDGLFXODUWHQGHPDH[SORUDUKLGULFDPHQWH
GLIHUHQWHVSURIXQGLGDGHVGRVRORHPGLIHUHQWHVWDPEpPLQWHQVLGDGHV
9HULILFDVHQDOLWHUDWXUDDOJXPDGLYHUJrQFLDGHUHVXOWDGRVHFRQFOXV}HV
/LPDUHVVDOWDQGRVHUSRVVtYHODLQIOXrQFLDGDFREHUWXUDYHJHWDOVREUH
RFRPSRUWDPHQWRGDVQDVFHQWHVDILUPDQmRVHUSRVVtYHOXPDFRQFOXVmRJHQ
HUDOL]DGDXPDYH]TXHRVIDWRUHVHQYROYLGRVQDRULJHPHQRIXQFLRQDPHQWR
GHXPDQDVFHQWHVmRFRPSOH[RVDFUHVFHQWDQGRTXHVmRSRXFRVRVWUDEDOKRV
UHODWLYRVDRVHIHLWRVGDYHJHWDomRVREUHRIOX[RGDVQDVFHQWHV&LWDQGRSUySULR
WUDEDOKRUHDOL]DGRHP3LUDFLFDED63/LPDLQIRUPDTXHPRQLWRURXD
iJXDGRVRORGXUDQWHGRLVDQRVHPSRYRDPHQWRVGH(XFDO\SWXVVDOLJQDH3LQXV
FDULEDHDDPERVFRPVHLVDQRVGHLGDGHHXPDSDUFHODFRQWHQGRYHJHWDomR
KHUEiFHDQDWXUDO1mRHQFRQWURXGLIHUHQoDPDUFDQWHQRUHJLPHGDiJXDGRVROR
HQWUHDVWUrVFREHUWXUDVYHJHWDLVHPERUDWHQKDVHREVHUYDGRFRPSRUWDPHQWRV
UHODWLYRVDOWHUQDGRVHQWUHRVWUDWDPHQWRVHPGLIHUHQWHVpSRFDVGRDQR&LWD
TXHFRPSDUDo}HVVLPLODUHVHQWUHHVSpFLHVDUEyUHDVHKHUEiFHDVFRPDPHVPD
WHQGrQFLDGHUHVXOWDGRVIRUDPREWLGDVSRU/LPDH+(55,1*(P
/LPDRPHVPRDXWRUDILUPDTXHHPFRQGLomRGHVXSULPHQWRDGHTXDGR
GHXPLGDGHQRVRORRHIHLWRGDGLIHUHQoDQRVLVWHPDUDGLFXODUWHQGHDGHVD
SDUHFHUILFDQGRDVGLIHUHQoDVQDWUDQVSLUDomRPDLVDVVRFLDGDVjVGLIHUHQoDV
QREDODQoRGHHQHUJLD
*\HQJHHWDOHPH[SHULPHQWRUHDOL]DGRQD3DWDJ{QLDFRPSDUDQGR
FRQVXPRKtGULFRGHXPDHVSpFLHDUEyUHD3LQXVSRQGHURVDFRPXPDKHUEiFHD
QDWLYD 6WLSD VSHFLRVD REVHUYDUDP TXH QmR KRXYH GLIHUHQoD HVWDWtVWLFD QDV
YDULDo}HVGHXPLGDGHGRVSULPHLURVFPGRVRORGHDFPMiKRXYH
VLJQLILFkQFLDQRFRPHoRGRYHUmRILPGRSHUtRGRFKXYRVR(PUHODomRDWRGR
RSHUILOFPQRSHUtRGRGHMDQHLURDDEULOSHUtRGRVHFRDXPLGDGHGR
VRORQDSDVWDJHPIRLHPPpGLDPDLRUHTXLYDOHQWHDXPDOkPLQDGH
PPGRVTXDLVPPFRUUHVSRQGHULDjLQWHUFHSWDomRSHODViUYRUHVH
PPjGLIHUHQoDQDHYDSRWUDQVSLUDomRHQWUHRVLVWHPDDUEyUHRHRKHUEiFHR
6HJXQGR &DVWUR H /RSHV UHIORUHVWDPHQWR PDO SODQHMDGR WHQGH D
UHGX]LURYROXPHGHiJXDGDVQDVFHQWHVTXDQGRDDHYDSRWUDQVSLUDomRIRU
PDLRUTXHDSUHFLSLWDomRDQXDOFRPHIHLWRPDLVQRWiYHOHPDOJXQVPHVHVGD
HVWDomRVHFDEHPVRORVSURIXQGRVDLQWHQVDUHJHQHUDomRGDVDUYRUHVDXPHQWD
VLJQLILFDWLYDPHQWHWDQWRDLQWHUFHSWDomRGDFKXYDSHODVFRSDVFRPRRFRQVXPR
GDiJXDDUPD]HQDGDQRVRORGLPLQXLQGRDUHFDUJDGROHQoROIUHiWLFRHFHVSp
FLHVIUHDWyILWDVOHQKRVDVRXKHUEiFHDVH[WUDHPiJXDGHIRUPDLQWHQVD
0ROFKDQRYREVHUYDTXHHPiUHDVFRPUHVWULomRKtGULFDQRSHUtRGR
VHFR TXDQGR VH XWLOL]DP HVSpFLHV DUEyUHDV GHYHVH RSWDU SRU HVSpFLHV GH
PHQRUFRQVXPR
GHVSHLWRGDVGLYHUJrQFLDVGHYHVHWHUEHPFODURRVVHJXLQWHVSRQWRVH
FRQFHLWRV
(VVDGLVFXVVmRDSOLFDVHPDLVSURSULDPHQWHjFREHUWXUDYHJHWDOLPHGL
DWDPHQWHFLUFXQGDQWHjQDVFHQWHRXVHMDjiUHDGHSUHVHUYDomRGHUDLRGH
PFLUFXQGDQWHjVQDVFHQWHVGHYD]mRUHVWULWD
9iULRVIDWRUHVLQWHUIHUHPQRFRQVXPRGHiJXDSHODVSODQWDVFXMDFRQGLomR
SDUWLFXODUSRGHGHWHUPLQDUDYDQWDJHPSDUDXPRXRXWURWLSRGHFREHUWXUD
YHJHWDO 2V IDWRUHV PDLV FRQGLFLRQDQWHV SDUHFHP VHU D SODQWD TXDQWR DR
JUDXGHFRQVXPRHGHQVLGDGHGHSRSXODomRDSURIXQGLGDGHHRUHJLPHGH
IOXWXDomRGROHQoROIUHiWLFRRFOLPDSULQFLSDOPHQWHRUHJLPHSOXYLRPpWULFRH
DWHPSHUDWXUDHRWLSRGHVROR
3HODOHJLVODomRDWXDOD$33XPDYH]EHPFRQVWLWXtGDQmRGHYHVHUDO
WHUDGDQmRFDEHQGRSRUWDQWRVXEVWLWXLomRGHLQGLYtGXRVHPEXVFDGHPHQRU
FRQVXPRGHiJXD
2FRUUHP QD QDWXUH]D $33V FXMD YHJHWDomR QDWXUDO FRPS}HVH GH
JUDPtQHDV SULQFLSDOPHQWH %UDFKLiULDV DGDSWDGDV D GHWHUPLQDGDV VLWXDo}HV
UHVWULWLYDVGHJUDXHPDQXWHQomRGDVFRQGLo}HVGHXPLGDGHDOWDHIHUWLOLGDGH
GRVROR)RUPDPRVFKDPDGRV´FDPSRV~PLGRVµ
(VSHUDVHTXHQRYRVHVWXGRVGHSHVTXLVDYHQKDPFRQWULEXLUSDUDXPPHO
KRUHQWHQGLPHQWRGHVVHDVVXQWRTXHSDVVDDVHUFDGDYH]PDLVLPSRUWDQWH
QmRVySDUDQDVFHQWHVGHUHJL}HVVHPLiULGDVRXGHYD]mRLQWHUPLWHQWHFRPR
WDPEpPQDVGHUHJL}HV~PLGDVMiVREFRQILJXUDGDFRQGLomRGHFRPSHWLomR
FRQIOLWLYDSHODiJXD
1DVQDVFHQWHVFRPDF~PXORG·iJXD
1DVQDVFHQWHVFRPDF~PXORGHiJXDFDVRWtSLFRGDTXHODVTXHVHVLWXDP
LQWHUQDVDRVODJRVDHVWUDWpJLDGHSURWHomRGHVVHODJRHFRQVHTHQWHPHQWH
GDQDVFHQWHID]VHFRPRVPHVPRVSULQFtSLRVEiVLFRVTXHGHILQHPDUHFRP
SRVLomRPDQHMRHLPSRUWkQFLDGDPDWDFLOLDUDRORQJRGRVFyUUHJRVHULRV
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
$SURYHLWDPHQWRSDUD&RQVXPRQR$EDVWHFLPHQWR5XUDO
RX8UEDQR
5,1$/'2'(2&$/+(,5266(%$67,®29%2648,/,$0É5&,$&$/$0$5,)(51$1'2&e6$597$%$,
1RDSURYHLWDPHQWRGHXPDQDVFHQWHSDUDFRQVXPRKXPDQRHGHDQLPDLV
UHFUHDomRHWFDSULPHLUDSURYLGrQFLDpDH[HFXomRGHDQiOLVHTXtPLFDHEL
ROyJLFD GD iJXD 3DUD WDQWR GHYHVH FRQVXOWDU R yUJmR S~EOLFR UHVSRQViYHO
SHORDEDVWHFLPHQWRGHiJXDGDUHJLmR
1mR GHYH VHU HVTXHFLGR TXH DV QDVFHQWHV VmR VXMHLWDV j FRQWDPLQDomR H
j SROXLomR 2 DVSHFWR DJUDGiYHO TXH DSUHVHQWDP HVSHFLDOPHQWH TXDQWR j
OLPSLGH]HDWHPSHUDWXUDGiXPDIDOVDVHQVDomRGHVHJXUDQoDTXDQWRDVXD
SRWDELOLGDGHHLVHQomRGHJHUPHV
2VIRFRVGHFRQWDPLQDomRSRGHPVHVLWXDUSUy[LPRVRXGLVWDQWHVGDVQD
VFHQWHV
$V IRQWHV GH iJXD TXH QDVFHP GHQWUR GH SRYRDo}HV SHOD IDFLOLGDGH GH
FRQWDPLQDomR SRU LQILOWUDo}HV GH iJXDV GH GHVSHMRV ODYDJHQV IRVVDV HWF
SRGHPVHUFRQVLGHUDGDVVXVSHLWDVGHDQWHPmR
8PDYH]FRQVLGHUDGDDYLDELOLGDGHGHDSURYHLWDPHQWRGHXPDQDVFHQWH
SDUD DXPHQWDU VHX UHQGLPHQWR SRGHVH HIHWXDU SHTXHQDV HVFDYDo}HV RX
FRQVWUXtUHPVH SHTXHQDV HVWUXWXUDV GH FDSWDomR (VVDV HVWUXWXUDV VmR UHFR
PHQGDGDVSRLVDiJXDSDVVDDVHUFROHWDGDHSURWHJLGDFRQWUDFRQWDPLQDo}HV
VXSHUILFLDLVRXVHMDDSyVDIORUDPHQWR$VVLPSURWHJLGDSRGHVHUXWLOL]DGDQR
ORFDORXFDQDOL]DGDSDUDRQGHYDLVHUDSURYHLWDGDRXDUPD]HQDGD
8PDVSHFWRTXHGHYHVHUHOXFLGDGRpUHIHUHQWHjIXQomRGDPDWpULDRUJkQLFD
RULXQGDGDYHJHWDomRTXHFHUFDDQDVFHQWHRXRFyUUHJRGHHVFRDPHQWR
6HJXQGR/,0$DPDWDFLOLDUDEDVWHFHFRQWLQXDPHQWHRULRRXFyUUHJR
FRP PDWpULD RUJkQLFD GH IROKDV JDOKRV H DWp WURQFRV FDtGRV (VVH PDWHULDO
RUJkQLFRSDUDFXPSULUVXDIXQomRQXWULFLRQDOSDUDDELRWDDTXiWLFDGHYHVHU
UHWLGRQRFRUSRG·iJXDUHWHQomRH[HUFLGDSRUH[HPSORSHODSUySULDUXJRVLGDGH
GDVPDUJHQVFULDQGR]RQDVGHWXUEXOrQFLDHYHORFLGDGHGLPLQXtGDIDYRUHFHQGR
RSURFHVVRGHGHFRPSRVLomRGHSDUWtFXODVHVHGLPHQWRVFULDQGRWDPEpPPLFUR
KDELWDWVIDYRUiYHLVSDUDDOJXQVPLFURUJDQLVPRVDTXiWLFRV
$VVLP GHYHVH WHU FLrQFLD GH TXH D GHJUDGDomR GD PDWpULD RUJkQLFD QR
FRUSRG·iJXDHFRQVHTHQWHSUROLIHUDomRGHPLFURUJDQLVPRVpXPSURFHVVR
QDWXUDOSDUWHGRHTXLOtEULRHFROyJLFRGRVLVWHPDDTXiWLFRGHVHMiYHOSRUWDQWR
QDVQDVFHQWHVFXMRGHVWLQRGDiJXDVHMDTXDOTXHURXWURTXHQmRRFRQVXPR
KXPDQRHGHDQLPDLV1HVVHDPDWpULDRUJkQLFDSRGHFDXVDURDXPHQWRGRV
FROLIRUPHVWRWDLVFRPSURPHWHQGRVXDTXDOLGDGHFRPR´iJXDGHEHEHUµ
&RQVWUXomRGHHVWUXWXUDVSURWHWRUDVGHQDVFHQWHV
$VHVWUXWXUDVSURWHWRUDVGDVQDVFHQWHVWHPFRPRREMHWLYRHYLWDUDFRQWDPLQD
omRVREUHWXGRGDiJXDGHEHEHUMiHPVXDRULJHPTXHUSRUSDUWtFXODVGHVROR
TXHUPDWpULDRUJkQLFDRULXQGDGDVSODQWDVFLUFXQYL]LQKDVLQVHWRVHRXWURV
(YLGHQWHPHQWHDRVHFRQVWUXLUHVVDSURWHomRGHYHVHFRPXQLFDUHVVDLQWHU
IHUrQFLDHVHUDXWRUL]DGDSHORVyUJmRVFRPSHWHQWHV
(PVXDFRQGLomRPDLVIDYRUiYHORXVHMDTXDQGRDVIRQWHVEURWDPHPHQ
FRVWDDWDUHIDVHUHVXPHQDFRQVWUXomRGDFDL[DGHFDSWDomRRXGHSyVLWRTXH
SUHIHUHQFLDOPHQWHGHYHVHUUHYHVWLGDHVHPSUHFREHUWD2UHYHVWLPHQWRWHP
SRUREMHWLYRHYLWDUDLPHGLDWDFRQWDPLQDomRGDiJXDSHODVSUySULDVSDUWtFXODV
GRVRORSURYHQLHQWHVGHGHVPRURQDPHQWRGDVSDUHGHVGDFDL[DHDFREHU
WXUDSDUDHYLWDUDFRQWDPLQDomRFRPSyWUD]LGRVSHORYHQWRUHVWRVYHJHWDLV
HMHo}HVGHDQLPDLVVLOYHVWUHVGHVHQYROYLPHQWRGHDOJDVQDSUHVHQoDGHOX]HWF
2GHVHQYROYLPHQWRGHDOJDVDSHVDUGHSURPRYHUPDLRUR[LJHQDomRGDiJXD
DRPRUUHUHQWUDPHPGHFRPSRVLomRHSRGHPFRQIHULUPDOFKHLURjiJXD
$VHJXLUDSUHVHQWDPVHDOJXQVWLSRVGHHVWUXWXUDVSURWHWRUDVVLPSOHV
7ULQFKHLUDV8WLOL]DGDVSDUDRFDVRGHOHQoROIUHiWLFRVXSHUILFLDORXSUy[LPR
jVXSHUItFLH$WULQFKHLUDpDEHUWDHPSRVLomRWUDQVYHUVDOjGLUHomRGRIOX[R
DWpSHQHWUDUQDFDPDGDSHUPHiYHOSRURQGHFRUUHROHQoRO'HYHDSUHVHQWDU
XPDGHFOLYLGDGHQRVHQWLGRGDODUJXUDDILPGHTXHDiJXDSRVVDVHUFDSWDGD
FDQDOL]DGDRXERPEHDGD6HJXQGR'$.(5SRGHVHFRQVHJXLUXPDYD]mR
WDQWRPDLRUTXDQWRPDLRUIRUDSHQHWUDomRGDHVFDYDomRGHQWURGDFDPDGD
SHUPHiYHO)LJXUD
'HYHVHIHFKDUTXDOTXHUWLSRGHHVWUXWXUDGHFDSWDomRSDUDLPSHGLUDTXHGD
GHIROKDVRXTXDOTXHURXWURFRQWDPLQDQWH$IRWRQDILJXUDPRVWUDHP
GHWDOKHVRFXLGDGRFRPDFRORFDomRGHFDGHDGR'HYHVHWDPEpPLQVWDODU
XPWXERODGUmRHQHVVHXPDWHODGHSURWHomRSDUDVHHYLWDUDSHQHWUDomRGH
LQVHWRV
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
)LJXUD&DL[DGHSURWHomRGHQDVFHQWHWLSRWULQFKHLUD
&DSWDomRFRPGUHQRVFREHUWRV3RVVLELOLWDDFDSWDomRGDiJXDHPXPQtYHO
PDLVHOHYDGRGDTXHOHGRDIORUDPHQWRQDWXUDOGDiJXDQDVFHQWH8WLOL]DPVH
GUHQRV FRQVWLWXtGRV SRU WXERV SRU H[HPSOR GH 39& (VVD VLWXDomR SHUPLWH
FRQGX]LU D iJXD SRU JUDYLGDGH SDUD R DEDVWHFLPHQWR GH XPD FDL[D G·iJXD
XWLOL]DGDSDUDFRQVXPRKXPDQRVHPQHFHVVLGDGHGHERPEHDU2FRPSULPHQWR
GHVWHVWXERVGHSHQGHGDODUJXUDGROHQoROHVHXGLkPHWURGDYD]mRGHVHMDGD
2VSRQWRVGHSHQHWUDomRFDSWDomRGRGUHQRGHYHPVHUGHILQLGRVSRUVRQGD
JHPTXHGHSHQGHQGRGDVLWXDomRSRGHVHUIHLWRSRUWUDGR'DNHU1D
LQVWDODomRGRGUHQRQDSDUWHGHSHQHWUDomRGDiJXDUHFRPHQGDVHUHYHVWLOR
FRPPDQWDWLSR%LGLQSDUDILOWUDUDiJXDGDVSDUWtFXODVGRVROR$ILJXUD
DSUHVHQWDHPGHWDOKHVXPGUHQRVDLQGRGDVXSHUItFLHGRVRORWHQGRDSHQDV
XPDWDPSDGHILEURFLPHQWRSURWHJHQGRRSRQWRGHSHQHWUDomRGRWXERQR
VRORHXPDWtSLFDELFDGHiJXDSRWiYHOGHEHLUDGHHVWUDGDFRPXPGUHQRGH
39&VDLQGRGREDUUDQFR
)LJXUD&DSWDomRFRPGUHQRVFREHUWRV(PGHWDOKHXPGUHQRVDLQGRGDVXSHUItFLHGRVROR
SURWHJLGRFRPXPDFDOKDGHILEURFLPHQWRHXPGHELFDGHiJXDSRWiYHOVDLQGRGHXPEDUUDQFRGH
HVWUDGD
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
&RPRLQIRUPDo}HVEiVLFDVGHSDVVRV
SDUDLQVWDODomRGRSURWHWRUGHDFRUGR
FRPDILJXUDUHFRPHQGDVH
D/LPSH]DPDQXDORXFRPPiTXLQD
GRORFDOGHFDSWDomRGDiJXD
E$EHUWXUDGHXPDYDODSDUDH[SRU
R YHLR G·iJXD QD DEHUWXUD DGHTXDGD
SDUDLQVWDODomRGR3URWHWRU&D[DPEX
F,QVWDODPVHPDQJXHLUDVQDVDtGD
GDiJXDHGHL[DVHHVFRUUHUSDUDHYLWDU
HPSRVVDU D iJXD QR ORFDO GXUDQWH D
LQVWDODomR GR 3URWHWRU &D[DPEX 2
FDQR´ODGUmRµGHYHVHUSURWHJLGRFRP
WHODSDUDHYLWDUDHQWUDGDGHLQVHWRVH
SHTXHQRV DQLPDLV &RORFDVH FDS QR
FDQRGHOLPSH]D
G&RORFDVHR3URWHWRU&D[DPEXGHPRGRTXHDSDUWHDEHUWDSHQHWUHOLJHL
UDPHQWHQRVRORTXHFLUFXQGDRROKRG·iJXD$VVHQWDVHRWXERFRPPDVVDGH
EDUURRXFLPHQWRFRQIRUPHRORFDO7RGDDiJXDGHYHVDLUSRUFDQRV
H $VVHQWDPVH SHGUDV JUDQGHV SRGHQGR VHU SHGUDIHUUR SDUD SURWHomR
SULQFLSDOPHQWHGDH[WUHPLGDGHLQWHUQDRQGHDiJXDHQWUDQRWXERSURWHWRU
I&RORFDPVHPDQXDOPHQWHSHGUDVPHQRUHVTXHDVDQWHULRUHVGHPRGR
TXHFXEUDTXDVHWRGRRWXERGHFRQFUHWR
J6mRFRORFDGRVPDQXDOPHQWHFDFRVGHWHOKDRXWLMRORV
K6HJXHVHXPDFDPDGDGHEULWDQRSDUDFREULURVFDFRV
L&RPSOHWDVHFRPXPDFDPDGDGHWHUUDHPFLPDGDEULWDUHFRPSRQGR
RORFDO
M3RUILPGHYHVHUSODQWDGRJUDPDHPFLPDGHWXGRSDUDHYLWDUHURVmR
3DVVDVHXPDPDVVDGHEDUURRXFLPHQWRHQWUHDVSHGUDVTXHILFDUHPDSDUHQWHV
QRWDOXGHFRQIHFFLRQDGR
7DPEpPQD)LJXUDpPRVWUDGRHPGHWDOKHDQRWiYHOIDOWDTXHID]XPD
SURWHomRGHQDVFHQWHGRWLSR&D[DPE~SDUDDTXDOLGDGHHVHJXUDQoDQRXVR
GDiJXDGHXPDQDVFHQWH
8PDSUHRFXSDomRILQDOSRUpPGHIXQGDPHQWDOLPSRUWkQFLDpTXDQWRjFRQ
GXomRGDiJXDH[FHGHQWHGRXVRTXHUVHMDQRPHLRUXUDOTXHUQRXUEDQR
$FRQGXomRGHVVDiJXDTXHPXLWDVYH]HVILFDHVFRDQGRFRQWLQXDPHQWH
GHYHVHUIHLWDGHPRGRTXHGXUDQWHRSHUFXUVRILJXUDGHWDOKHDWpR
FRUSRG·iJXDGHGHViJH²ULRSRUH[HPSORQmRYHQKDDVHUFRQWDPLQDGD
HSRUFRQVHJXLQWHQmRFRQWDPLQHRFRUSRG·iJXDSULQFLSDO'HYHVHDVVLP
HYLWDUSHUFXUVRVTXHSDVVHPSUy[LPRVDHVWiEXORVSRFLOJDVGHSyVLWRVGHGH
IHQVLYRViUHDVGHFXOWXUDVGHXVRLQWHQVRGHSURGXWRVTXtPLFRVIHUWLOL]DQWHV
HGHIHQVLYRVORFDLVSURGXWRUHVGHFRQWDPLQDomRGHSDUWtFXODVVROLGDVFRPR
SHTXHQDVEHQHILFLDGRUDVGHJUmRVHVWUDGDVHWF4XDQGRHVVDVFRQGLo}HVVH
DSUHVHQWDUHPFRPRLQHYLWiYHLVQRVWUHFKRVGHFRQWDPLQDomRRIOX[RG·iJXD
GHYHVHUSURWHJLGRSRGHQGRVHUFDQDOL]DGR
3RU RXWUR ODGR R FDQDO GHYH VHPSUH UHFHEHU XPD OLPSH]D HYLWDQGRVH
REVWUXo}HV 2EVWUXtGR D iJXD WUDQVERUGD H LQXQGD RV WHUUHQRV PDUJLQDLV
IDFLOLWDQGRRGHVHQYROYLPHQWRGHHVSpFLHVVHPLDTXiWLFDVWDE{DMXQFRHWF
RTXHSRUVXDYH]SURPRYHDGLPLQXLomRGDYHORFLGDGHGDiJXDWRUQDQGRD
HVWDJQDGDFRPPHQRUWHRUGHR[LJrQLRHUHFHSWiFXORGHPDWpULDRUJkQLFDH
UHVWRVYHJHWDLVGDVHVSpFLHVLQXQGDGDV
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
)LJXUD,QVWDODomRGR3URWHWRUGHIRQWH&D[DPEXHQDIRWRXPDVLWXDomRGHDXVrQFLDGHHVWUX
WXUDGHSURWHomR
$SUHVHQWDomRGHDOJXPDVQDVFHQWHVHGHWDOKHVVREUHR
HVWDGRGHSUHVHUYDomR
6(%$67,®29%2648,/,$5,1$/'2'(2&$/+(,526)(51$1'2&e6$597$%$,0É5&,$&$/$0$5,
1DVFHQWH&RQGLomRPXLWRWtSLFDGDVQDVFHQWHVGDUHJLmRLQVHULGDHPXPD
iUHDFXOWLYDGDFRPDPRQRFXOWXUDGHFDQDGHDo~FDU2EVHUYDVHTXHDIDL[D
YHJHWDGDGD$33pPXLWRHVWUHLWDEHPPHQRUTXHRVPUHFRPHQGDGRV
2VWHUUDoRVWHQGHPDGHVDJXDUQDQDVFHQWHWUD]HQGRQDpSRFDGDVFKXYDV
SURGXWRVTXtPLFRVHIHUWLOL]DQWHVFRQWULEXLQGRSDUDVXDGHJUDGDomR3UHVHQoD
DFHQWXDGDGH7DE{D7\SKDGRPLQJXHQVLVVLQWRPDGRFDUUHDPHQWRGHIHU
WLOL]DQWHVHRXHURVmRGRVRORVXSHUILFLDOPDLVIpUWLOGDiUHDGHFXOWLYRDomR
DQWUySLFD9HJHWDomRSURWHWRUDSREUHWDOYH]UHVXOWDGRGDDXVrQFLDGHHVWUXWXUD
GHLVRODPHQWRFHUFDSRUH[HPSORRTXHIDFLOLWDROLYUHDFHVVRGHWUDEDOKDGRUHV
HPiTXLQDVRULXQGDVGDiUHDFLUFXQGDQWHLQWHQVDPHQWHFXOWLYDGD3UHVHQoD
GHXPDQRWiYHOIDL[DGHFRQWRUQRQmRYHJHWDGDSURYDYHOPHQWHXPDHVWUDGD
GHL[DQGR GHVSURWHJLGD D YHJHWDomR SHULIpULFD GD $33 'HQWUR GD VLWXDomR
DSUHVHQWDGDKiXPDJUDQGHSRVVLELOLGDGHGHHVWDUVHQGRHQYLDGDDRYL]LQKR
jMXVDQWHiJXDFRQWDPLQDGDSRUIHUWLOL]DQWHVHGHIHQVLYRVDJUtFRODV
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
1DVFHQWHREVHUYDVHDQDVFHQWHQDPHLDHQFRVWDHXPDODJRDEDUUD
PHQWRDEDL[R$iUHDGDYHJHWDomRSURWHWRUDGDQDVFHQWHpSHTXHQDHQmR
FHUFDGDRTXHSHUPLWHROLYUHDFHVVRGRJDGRj$33WHVWHPXQKDGRLQFOXVLYH
SHORPRPHQWRGDIRWR
2PHVPRRFRUUHFRPDODJRDTXHSRUVHUXPEDUUDPHQWRGHYHULDDSUH
VHQWDUXPDIDL[DYHJHWDGDRFRUUHQGRRPHVPRIDOWDGHPDWDFLOLDUFRPR
FDQDOGHFRQGXomRGDiJXDGDQDVFHQWHjODJRD1DODJRDSDUWLFXODUPHQWH
REVHUYDVHROLYUHDFHVVRGHJDGRDRODJRRTXHSURPRYHUiDFRQWDPLQDomR
GDiJXDTXHSRGHHVWDUVHQGRXVDGDSHORYL]LQKRjMXVDQWH
1DVFHQWHREVHUYDVHDWRWDODXVrQFLDGHYHJHWDomRSURWHWRUDUHVXPLQGR
VHDXP~QLFR-DPEROmR6\]\JLXPMDPERODQXP$ODJRDIRUPDGDSHODQDVFHQWH
HVWiTXDVHWRWDOPHQWHWRPDGDSRU7DE{DTXHVHQGRXPDFRQVXPLGRUDLPHGLDWD
GHiJXDGLPLQXLDYD]mRGDQDVFHQWHFRQWDPLQDDSHODGHFRPSRVLomRGHVHXV
UHVWRVYHJHWDLVDXPHQWDQGRRWHRUGHPDWpULDRUJkQLFDGDiJXDLQWHQVLILFDQGR
RGHVHQYROYLPHQWRGHPLFURRUJDQLVPRVFROLIRUPHVWRWDLV(VVDYHJHWDomRFDXVD
DLQGDDGLPLQXLomRGDYHORFLGDGHGDiJXDWHQGHQGRDWRUQiODHVWDJQDGD
$iUHDGD$33QmRWHPFHUFDGHLVRODPHQWRSHUPLWLQGRROLYUHDFHVVRGH
SHVVRDVHGRJDGRjiJXDREVHUYDGRSHORSLVRWHLRGHSDUWHGHVXDERUGDH
H[FUHPHQWRVHVSDOKDGRVHPYROWDGDQDVFHQWHWHVWHPXQKDGRVSHODIRWR
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
1DVFHQWHQDVFHQWHGHEHLUDGHHVWUDGDPXLWRFRQKHFLGDQDUHJLmRGH
3LUDFLFDEDFKDPDGDQDVFHQWHGR0DQGDFDUX8WLOL]DGDLQFOXVLYHSDUDFRQVXPR
KXPDQRDSUHVHQWDHPWRGRRFRQWRUQRXPDYDVWDEHPIRUPDGDHH[XEH
UDQWHiUHDGHSURWHomRYHJHWDO'DVXDLQVXUJrQFLDROKRG·iJXDQRPHLRGR
PRUURDWpRSRQWRGHXWLOL]DomRjEHLUDGDHVWUDGDRQGHHVWiRFDPLQKmRD
iJXDFXPSUHXPORQJRSHUFXUVRHPFDQDODEHUWRQDVXSHUItFLHGRVRORHP
PHLRjYHJHWDomR$VVLPSDUDFRQVXPRKXPDQRILFDVXMHLWDDVHUFRQWDPLQDGD
SHODGHSRVLomRHGHFRPSRVLomRGHUHVWRVYHJHWDLVHH[FUHPHQWRVGHDQLPDLV
VLOYHVWUHVUHVXOWDQGRQRDXPHQWRGHFROLIRUPHVWRWDLV(PGHWDOKHREVHUYDVH
DFDL[DGHUHFHSomRGHVFREHUWDFKHLDGHIROKDVHPGHFRPSRVLomR
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
02552&20*527$1$6&(17(
$'8d®2 7$03$'(
,163(d®2
5(6(59$7Ð5,2'(
',675,%8,d®2
1DVFHQWHQDVFHQWHPXLWREHPFRQVHUYDGDFLUFXQGDGDGHH[WHQVDiUHD
GHPDWDSUHVHUYDGDDIORUDQGRQRLQWHULRUGHXPDJUXWDTXHUHFHEHXXPDSUR
WHomRGHDOYHQDULDFRPXPDSRUWLQKRODIHFKDGDFRPFDGHDGR(PGHWDOKHp
PRVWUDGRRGHVHQYROYLPHQWRGHUDt]HVGHQWURGDJUXWDH[LJLQGRVXDUHWLUDGD
GXDVYH]HVSRUDQR$iJXDpFRQGX]LGDSRUPHLRGHWXERGHFLPHQWRDPLDQWR
DXPUHVHUYDWyULRGHGLVWULEXLomRGHDOYHQDULDPXLWREHPFRQVWUXtGROLPSRH
GHVLQIHWDGRFRPFORURDFDGDGRLVDQRV
(PGHWDOKHpPRVWUDGDDWDPSDGHLQVSHomR'HVVHUHVHUYDWyULRDiJXD
p GLVWULEXtGD SDUD GLYHUVRV SRQWRV GH FRQVXPR LQFOXVLYH SDUD D FLGDGH GH
$QDOkQGLD
1DVFHQWH1DVFHQWHVLWXDGDQDPHLDHQFRVWDGRPRUURPXLWREHPSUR
WHJLGDSRUXPDGHQVDiUHDGHPDWDSUHVHUYDGDRQGHIRLFRQVWUXtGDXPDFDL[D
GHFDSWDomRGHDOYHQDULD'DQDVFHQWHDWpDVHGHGDID]HQGDDiJXDpFRQGX
]LGDSRUPDQJXHLUDGHSROLHWLOHQRSUHWDTXHVHELIXUFDDEDVWHFHDODJRDHD
FDL[DG·iJXDGHILEUDGHYLGUR'HVWD~OWLPDDiJXDpGLVWULEXtGDSDUDGLYHUVRV
SRQWRVGHFRQVXPR1RWDVHDDXVrQFLDGD$33QDODJRDSHUIHLWDPHQWHOHJDO
SRUVHWUDWDUGHXPUHVHUYDWyULRDUWLILFLDOFRPPHQRVGHKDGHVXSHUItFLH
QmRUHVXOWDQWHGHEDUUDPHQWRRXUHSUHVDPHQWRGHFXUVRG·iJXDORFDOL]DGR
HPiUHDGHSUHVHUYDomR
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
&LWDo}HV%LEOLRJUiILFDVHOLWHUDWXUDFRPSOHPHQWDU
É*8$0DQXDOGH,UULJDomR3DUDTXHDIRQWHQmRVHTXH*XLD5XUDO6mR3DXOR
(GLWRUD$EULOS
&$675236/23(6-'65HFXSHUDomRHFRQVHUYDomRGHQDVFHQWHV9LoRVD
&HQWURGH3URGXo}HV7pFQLFDVS6pULH6DQHDPHQWRH0HLR
$PELHQWHQ
'$.(5$$iJXDQDDJULFXOWXUDFDSWDomRHOHYDomRHPHOKRUDPHQWRGDiJXD
HG5LRGH-DQHLUR)%DVWRVYS
*<(1*(-()(51É1'(=0(6$/'$*'6&+/,&+7(5706LOYRSDVWRUDO
V\VWHPVLQ1RUWKZHVWHUQ3DWRJRQLD,,ZDWHUEDODQFHDQGZDWHUSRWHQWLDOLQD
VWDQGRI3LQXVSRQGHURVDDQGQDWLYHJUDVVODQG$JURIRUHVWU\6\VWHPVY
S
/,0$:GH33ULQFtSLRVGHKLGURORJLDYHJHWDOSDUDRPDQHMRGHEDFLDV
KLGURJUiILFDV3LUDFLFDED(6$/4863S$SRVWLOD
/,0$:GH3+LGURORJLDIORUHVWDODSOLFDGDDRPDQHMRGHEDFLDVKLGURJUiILFDV
3LUDFLFDED(6$/4863S$SRVWLOD
/,0$:'(3=$.,$0-%+LGURORJLDGHPDWDVFLOLDUHV,Q52'5,*8(655
/(,7®2),/+2+GH)(GV0DWDVFLOLDUHVFRQVHUYDomRHUHFXSHUDomR6mR
3DXOR863)$3(63FDSS
/,0$:GH3&RQVHUYDomRGHQDVFHQWHVSUHYrPDQXWHQomRGRVUHFXUVRV
KtGULFRV$JURSHFXiULD+RMH3LUDFLFDEDYQS
/,16/(<5.)5$1=,1,-%(QJHQKDULDGHUHFXUVRKtGULFRV0F*UDZ+LOOGR
%UDVLOS
/285(,52%7ÉJXDVVXEWHUUkQHDV,UULJDomRSURGXomRFRPHVWDELOLGDGH
,QIRUPH$JURSHFXiULRYQS
02/&+$129$$+LGURORJLD)ORUHVWDO/LVERD)XQGDomR&DORXVWH*XOEHQNLDQ
S
52'5,*8(6556+(3+(5'*)DWRUHVFRQGLFLRQDQWHVGDYHJHWDomRFLOLDU,Q
52'5,*8(655/(,7®2),/+2+GH)(GV0DWDVFLOLDUHVFRQVHUYDomRH
UHFXSHUDomR6mR3DXOR863)$3(63FDSS
52'5,*8(655*$1'2/),6$SUHVHQWDomRGDVPHWRGRORJLDVXVDGDVHP
35(6(59$d®2(&216(59$d®2'$61$6&(17(6'(É*8$('(9,'$
UHIORUHVWDPHQWRGHiUHDVFLOLDUHV,Q&8562'(5(&83(5$d®2'(É5($6
'(*5$'$'$6&XULWLED$QDLV&XULWLED8)35)83()Y
S
6,/9(,5$6+3ROXLomRGHQDVFHQWHV%DOGH%UDQFRYQS
7$%$,)&90DQXDOGHSURFHGLPHQWRVWpFQLFRVGHUHVWDXUDomRIORUHVWDOHPiUHDV
GHSUHVHUYDomRSHUPDQHQWH3LUDFLFDED&RQVyUFLR,QWHUPXQLFLSDOGDV%DFLDV
GRV5LRV3LUDFLFDED&DSLYDUL-DJXDULS
7(//(6'$(OHPHQWRVGH+LGURORJLDH+LGURPHWULD&DSDFLWDomR%iVLFDHP
,UULJDomR6mR3DXOR'$((S