Professional Documents
Culture Documents
Manual GD - PR-2019
Manual GD - PR-2019
Manual GD - PR-2019
'2&80(1726'2(67$'2'2
3$5$1È
6(&5(7$5,$'((67$'2'$$'0,1,675$d2('$35(9,'Ç1&,$
'(3$57$0(172(67$'8$/'($548,923Ò%/,&2
0$18$/'(*(672'('2&80(1726
'2(67$'2'23$5$1È
&/$66(±$7,9,'$'(60(,2
&85,7,%$
0$18$/'(*(672'('2&80(1726'2(67$'2'23$5$1È
&/$66(±$7,9,'$'(60(,2
*RYHUQDGRUGR(VWDGRGR3DUDQi
&$5/260$66$5$7,1+2-81,25
6HFUHWiULRGH(VWDGRGD$GPLQLVWUDomRH3UHYLGrQFLD
5(,1+2/'67(3+$1(6
'LUHWRUDGR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFRGR3DUDQi
0$5,$'$*5$d$6,02
&RPLVVmR(VSHFLDOGH5HYLVmR$WXDOL]DomRH$PSOLDomRGR0DQXDOGH*HVWmRGH
'RFXPHQWRVGR(VWDGRGR3DUDQi5HVROXomR6($3Q±'2(
0$5,$'$*5$d$6,02
*,/%(5720$57,16$<5(6
'(1,6(&5,67,1$0$1685
'25$6,/9,$+$&.(1%(5*
7+$Ë65(*,1$)5$1&,6&21'(3$8/$
5HYLVRU
0$5&(/2)(51$1'(652'5,*8(6
'DGRV,QWHUQDFLRQDLVGH&DWDORJDomRQD3XEOLFDomR&,3
7KDtV5HJLQD)UDQFLVFRQGH3DXOD±%LEOLRWHFiULD±&5%
'P'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR35
0DQXDOGH*HVWmRGH'RFXPHQWRVGR(VWDGRGR3DUDQi&ODVVH±
DWLYLGDGHVPHLR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR35±
HG±&XULWLED,PSUHQVD2ILFLDO
SFP
,QFOXLELEOLRJUDILDHtQGLFH
3DUDQi$UTXLYRV*HVWmRGH'RFXPHQWRV,$UTXLYR3~EOLFR
GR3DUDQi,,7tWXOR
&''
'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR'($3
5XDGRV)XQFLRQiULRV&(3
WHOHIRQHID[
VLWHZZZDUTXLYRSXEOLFRSUJRYEU
HPDLODUTXLYRSU#GHDSSUJRYEU
$35(6(17$d2
eGHYHUGR3RGHU3~EOLFRDJHVWmRGRFXPHQWDOHDSURWHomRHVSHFLDOGRVGRFXPHQWRV
GH DUTXLYR EHP FRPR p GH VXD UHVSRQVDELOLGDGH PDQWHU DFHVVtYHLV H RUJDQL]DGRV RV
GRFXPHQWRVSURGX]LGRVQRH[HUFtFLRGDVDWLYLGDGHVPHLRHILP
$VVLP SUHRFXSDGR HP HVWDEHOHFHU FRQGLo}HV VHJXUDV H HILFLHQWHV SDUD R
DUTXLYDPHQWRHGHVWLQDomRGDGRFXPHQWDomRSURGX]LGDHUHFHELGDSHOD$GPLQLVWUDomR3~EOLFD
(VWDGXDO QR kPELWR GR 3RGHU ([HFXWLYR R 'HSDUWDPHQWR (VWDGXDO GH $UTXLYR 3~EOLFR
'($3DSUHVHQWDHVWD HGLomRGR0DQXDO%iVLFR GH*HVWmRGH'RFXPHQWRVGR(VWDGRGR
3DUDQiFODVVH±DWLYLGDGHVPHLRHODERUDGRSRUWpFQLFRVGD&RPLVVmR(VSHFLDOGH5HYLVmR
$WXDOL]DomRH$PSOLDomRGR0DQXDOGH*HVWmRGH'RFXPHQWRVGR(VWDGRGR3DUDQiTXH
FRQVLVWHHPXPDYHUVmRUHYLVWDDPSOLDGDHDWXDOL]DGDGRWH[WRGH
1HVVH VHQWLGR REMHWLYDQGR VHUYLU GH DSRLR j DWLYLGDGH GH JHVWmR GRFXPHQWDO H
RULHQWDUDV&RPLVV}HV6HWRULDLVGH$YDOLDomRGH'RFXPHQWRV&6$VGLULJHQWHVVHUYLGRUHV
GH yUJmRV HQWLGDGHV GR 3RGHU ([HFXWLYR GR HVWDGR H GHPDLV LQWHUHVVDGRV QR WHPD HVWH
0DQXDOUH~QHRULHQWDo}HVVREUHJHVWmRGRFXPHQWDOSUHYLVWDVQDOHJLVODomR
2WH[WRIRLSURGX]LGRQRLQWXLWRGHFRQVWLWXLUVHHPPDWHULDOGHFRQVXOWDHILFLHQWH
SDUDDFULDomRGHVLVWHPDVGHDUTXLYRHJHVWmRGRFXPHQWDOQRTXHFRQFHUQHDRDFHVVRHVLJLOR
GDV LQIRUPDo}HV DSUHVHQWDQGR WDPEpP XP JORVViULR GRV SULQFLSDLV WHUPRV XWLOL]DGRV D
OHJLVODomRYLJHQWHHXPDQH[RFRPPRGHORVGHIRUPXOiULRVPHQFLRQDGRV
2SUHVHQWH0DQXDOHVWiGLYLGLGRHP*HVWmRGH'RFXPHQWRV&ODVVLILFDomR7DEHOD
GH7HPSRUDOLGDGH'HVWLQDomRGH'RFXPHQWRV&RQVHUYDomRH,QVWUXPHQWRV7pFQLFRV
$%5(9,$785$6(6,*/$6
$$&±$WpD$SURYDomRGDV&RQWDV
$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD
$3±$UTXLYR3HUPDQHQWH
$62±$WHVWDGRGH6D~GH2FXSDFLRQDO
&$*('±&DGDVWUR*HUDOGH(PSUHJDGRVH'HVHPSUHJDGRV
&$,±&HUWLILFDGRGH$SURYDomRGH,QVWDODo}HV
&$7±&RPXQLFDomRGH$FLGHQWHGH7UDEDOKR
&&'±&yGLJRGH&ODVVLILFDomRGH'RFXPHQWRV
&,3$±&RPLVVmR,QWHUQDGH3UHYHQomRGH$FLGHQWHV
&/7±&RQVROLGDomRGDV/HLV7UDEDOKLVWDV
&21$54±&RQVHOKR1DFLRQDOGH$UTXLYRV
&23±&RRUGHQDomRGH2UoDPHQWRH3URJUDPDomR
&23(6,±3URFHVVRGH&RQVWLWXLomRGH&RPLVVmR3HUPDQHQWHGH6HJXUDQoD
&6$±&RPLVVmR6HWRULDOGH$YDOLDomR
&71±&yGLJR7ULEXWiULR1DFLRQDO
'($3±'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR
',$±'DGRV,QIRUPDWLYRVGH$FLGHQWHV
(3,±(TXLSDPHQWRGH3URWHomR,QGLYLGXDO
)*76±)XQGRGH*DUDQWLDSRU7HPSRGH6HUYLoR
),162&,$/±)XQGRGH,QYHVWLPHQWR6RFLDO
,166±,QVWLWXWR1DFLRQDOGR6HJXUR6RFLDO
,5±,PSRVWRGH5HQGD
,66±,PSRVWR6REUH6HUYLoR
036±0LQLVWpULRGD3UHYLGrQFLD6RFLDO
07E±0LQLVWpULRGR7UDEDOKR
07(±0LQLVWpULRGR7UDEDOKRH(PSUHJR
15±1RUPD5HJXODPHQWDGRUD
3$6(3±3URJUDPDGH)RUPDomRGR3DWULP{QLRGR6HUYLGRU3~EOLFR
3&062±3URJUDPDGH&RQWUROH0pGLFRGH6D~GH2FXSDFLRQDO
3*'±3URJUDPDGH*HVWmRGH'RFXPHQWRV
3,6±3URJUDPDGH,QWHJUDomR6RFLDO
335$±3URJUDPDGH3UHYHQomRGH5LVFRV$PELHQWDLV
4''±4XDGUR'HPRQVWUDWLYRGH'HVSHVD
5$,6±5HODomR$QXDOGH,QIRUPDo}HV6RFLDLV
6($'±6HFUHWDULDGH(VWDGRGD$GPLQLVWUDomR
6($3±6HFUHWDULDGH(VWDGRGD$GPLQLVWUDomRHGD3UHYLGrQFLD
6()$±6HFUHWDULDGH(VWDGRGD)D]HQGD
6(3/±6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR
636±6HFUHWDULDGH3UHYLGrQFLD6RFLDO
6607±6HFUHWDULDGH6HJXUDQoDH0HGLFLQDGR7UDEDOKR
6667±6HFUHWDULDGH6HJXUDQoDH6D~GHGR7UDEDOKR
7&(±7ULEXQDOGH&RQWDVGR(VWDGR
767±7ULEXQDO6XSHULRUGR7UDEDOKR
77'±7DEHODGH7HPSRUDOLGDGHGH'RFXPHQWRV
9±9LJrQFLD
11
,1752'8d2
$VVLPRSUHVHQWH0DQXDOREMHWLYD GLVSRQLELOL]DUjV&6$VIHUUDPHQWDGHWUDEDOKR
SDUDRULHQWDUDFODVVLILFDomRHRWUDWDPHQWRGRDFHUYRGRFXPHQWDOGHFDGDLQVWLWXLomR
12
$548,926('2&80(1726&21&(,726(&$5$&7(5Ë67,&$6
1HVWHPDQXDOSDUDILQVGHJHVWmRGRFXPHQWDOFRQVLGHUDVH$UTXLYRFRPRVHQGRR
FRQMXQWR GH GRFXPHQWRV GH FDUiWHU DUTXLYtVWLFR H D LQVWLWXLomR DUTXLYtVWLFD TXH DEULJD RV
GRFXPHQWRV
3RUVXDYH]RWHUPR'RFXPHQWRGHXPDIRUPDDPSODpXPDXQLGDGHGHUHJLVWURGH
LQIRUPDo}HV VHMD HP VXSRUWH DQDOyJLFR RX GLJLWDO XWLOL]DGD SDUD FRQVXOWD HVWXGR SURYD
SHVTXLVDSRLVFRPSURYDPIDWRVIHQ{PHQRVIRUPDVGHYLGDHSHQVDPHQWRVGRKRPHPQXPD
GHWHUPLQDGDpSRFD
6XSRUWHpRPDWHULDORQGHVmRUHJLVWUDGDVDVLQIRUPDo}HV2VXSRUWHPDLVFRQKHFLGR
pRSDSHOPDVH[LVWHPRXWURVWDLVFRPRILWDFDVVHWHGLVTXHWH&''9'3HQGULYHILOPHGH
QLWUDWRPLFURILOPHVOLGHV
)RUPDWRpDFRQILJXUDomRItVLFDGHXPVXSRUWHGHDFRUGRFRPDQDWXUH]DHRPRGR
FRPR IRL FRQIHFFLRQDGR 'HILQLGR WDPEpP FRPR R FRQMXQWR GDV FDUDFWHUtVWLFDV ItVLFDV GH
DSUHVHQWDomR GDV WpFQLFDV GH UHJLVWUR H GD HVWUXWXUD GH LQIRUPDomR H FRQWH~GR GH XP
GRFXPHQWR([HPSORVPDSDOLYURI{OGHUILFKDFDGHUQRDSRVWLODHWF
'RFXPHQWRGH$UTXLYR pWRGRUHJLVWURGHLQIRUPDomRRULJLQDO~QLFRHDXWrQWLFR
TXH UHVXOWD GD DFXPXODomR GH GRFXPHQWRV SURGX]LGRV RX UHFHELGRV QR H[HUFtFLR GH VXDV
DWLYLGDGHV HP TXDOTXHU VXSRUWH DQDOyJLFRV RX GLJLWDLV SURGX]LGRV QR H[HUFtFLR GH VXDV
FRPSHWrQFLDVIXQo}HVHDWLYLGDGHVSRUXPDSHVVRDItVLFDRXMXUtGLFD)RUPDQGRXPFRQMXQWR
RUJkQLFRUHIOHWHPDVDo}HVDTXHHVWmRYLQFXODGRVVHQGRDVVLPpDUD]mRGHVXDRULJHPHRX
DIXQomRSDUDTXDOVmRSURGX]LGRVTXHGHWHUPLQDPVXDFRQGLomRGHGRFXPHQWRGHDUTXLYRH
QmRDQDWXUH]DGRVXSRUWHRXIRUPDWR
13
'RFXPHQWRV3~EOLFRV VmRWRGRVRVUHJLVWURVGHLQIRUPDo}HVJHUDGRVHPTXDOTXHU
WHPSRSHORH[HUFtFLRGDVDWULEXLo}HVGRVyUJmRVTXHFRPS}HPDDGPLQLVWUDomRS~EOLFD
6DOLHQWDVHDLPSRUWkQFLDHPGHILQLU$WLYLGDGHVPHLRH$WLYLGDGHVILPDVDEHU
$WLYLGDGHILPGHVLJQDDVDWLYLGDGHVGHVHQYROYLGDVHPGHFRUUrQFLDGDILQDOLGDGHGH
XPD LQVWLWXLomR 6mR DV TXH LGHQWLILFDP D iUHD GH XP yUJmR QD TXDO VmR GHVHQYROYLGRV
SURFHVVRVGHWUDEDOKRTXHGmRFDUDFWHUtVWLFDVHYLGHQWHVjVDo}HVTXHSRUGHILQLomRFRQVWLWXHP
RREMHWLYRSDUDRTXDODLQVWLWXLomRIRLFULDGD
$WLYLGDGHVPHLR GHVLJQD DV DWLYLGDGHV TXH GmR VXSRUWH j FRQVHFXomR GDV
DWLYLGDGHVILP GH XPD LQVWLWXLomR DTXHODV TXH VH SUHVWDP D GDU FRQGLo}HV SDUD TXH XP
yUJmRDWLQMDVHXVREMHWLYRVVRFLDLVRXVHMDDVDWLYLGDGHVG
y UJmR HVHPSHQKDGDVSHORyUJmRTXHQmR
FRLQFLGHPFRPRVILQVSULQFLSDLV
(VWHPDQXDOWUDWDUiGDVDWLYLGDGHVPHLRXPDYH]TXHFDGD &RPLVVmR6HWRULDOGH
$YDOLDomR&6$GHYHFULDUVXDWDEHODSDUDDVDWLYLGDGHVILP
7(25,$'$675Ç6,'$'(6
'HQWUHRVGLYHUVRVFRQFHLWRVTXHDEUDQJHPD$UTXLYRORJLDQRTXHFRQFHUQHj*HVWmR
'RFXPHQWDOGHVWDFDVHRGR&LFORGH9LGDGRV'RFXPHQWRVGHILQLGRSHOR$UTXLYR1DFLRQDO
SFRPRDV³VXFHVVLYDVIDVHVSRUTXHSDVVDPRVGRFXPHQWRVGHXPDUTXLYRGDVXD
SURGXomRjJXDUGDSHUPDQHQWHRXHOLPLQDomR´7DPEpPFRQKHFLGRFRPRD7HRULDGD7UrV
,GDGHVpGHILQLGDFRPRDRUJDQL]DomRGRFXPHQWDOTXHWUDWDGRFLFORGHYLGDGRGRFXPHQWR
DUTXLYtVWLFRHPWUrVIDVHVRXLGDGHV6HJXQGR 6FKHOOHQEHUJRVGRFXPHQWRVSDVVDP
SRUWUrVHVWiJLRVGHDUTXLYDPHQWRGHDFRUGRFRPRVHXXVRHDIUHTXrQFLDGHFRQVXOWDVVHQGR
TXH FDGD XPD GHVVDV IDVHV FRUUHVSRQGH D SURFHGLPHQWRV WpFQLFRV GLIHUHQFLDGRV (VWHV
SURFHGLPHQWRVUHIHUHPVHDR &LFORGH9LGDGRV'RFXPHQWRV GLYLGLQGRRVHP7UrV,GDGHV
SURSULDPHQWH GLWDV D GR DUTXLYR FRUUHQWH D GR DUTXLYR LQWHUPHGLiULR RX FHQWUDO H D GR
DUTXLYRSHUPDQHQWH
$UTXLYR &RUUHQWH RX 3ULPHLUD ,GDGH 6mR GRFXPHQWRV HP WUDPLWDomR RX QmR
IUHTXHQWHPHQWHFRQVXOWDGRVHGHXVRH[FOXVLYR SHORyUJmRRXHQWLGDGHTXHRSURGX]LXHDR
TXDOFRPSHWHVXDDGPLQLVWUDomR6mRQHFHVViULRVDRGHVHQYROYLPHQWRGDVDWLYLGDGHVGHURWLQD
HVHXDUTXLYDPHQWRFRUUHQWHWHPRREMHWLYRGHIDFLOLWDURDFHVVRjLQIRUPDomR$VXQLGDGHV
UHVSRQViYHLVSRUWDLVVHUYLoRVVmRLQWLWXODGDVSURWRFRORHDUTXLYRDUTXLYRHFRPXQLFDo}HV
HWF
$UTXLYR ,QWHUPHGLiULR RX 6HJXQGD ,GDGH 6mR GRFXPHQWRV RULJLQiULRV GH
DUTXLYRV FRUUHQWHV GH XVRHYHQWXDO SHOR yUJmRRX HQWLGDGH TXH RVSURGX]LX 5HVSHLWDQGR
14
SUD]RVGHSUHFDXomRRXSUHVFULomRGHYHPVHU FRQVHUYDGRVHPGHSyVLWRVGHDUPD]HQDJHP
WHPSRUiULD HQTXDQWR DJXDUGDP D GHVWLQDomR ILQDO SRGHQGR VHU D HOLPLQDomR RX R
UHFROKLPHQWRSDUDDJXDUGDSHUPDQHQWH
$UTXLYR 3HUPDQHQWH RX7HUFHLUD ,GDGH 6mR GRFXPHQWRV TXH Mi FXPSULUDP DV
ILQDOLGDGHV GH VXD FULDomR H SHUGHUDP VXD YLJrQFLD DGPLQLVWUDWLYD SRUpP GHYHP VHU
SUHVHUYDGRVHPYLUWXGHGRVHXYDORUSUREDWyULRLQIRUPDWLYRRXKLVWyULFRFXOWXUDO
&DGDXPDGHVVDVIDVHVLPSOLFDSURFHGLPHQWRVWpFQLFRVGLIHUHQFLDGRVHFRPRHP
XPDUHDomRHPFDGHLDRWUDWDPHQWRGLVSHQVDGRDRVGRFXPHQWRVQDLGDGHFRUUHQWHFRQGLFLRQD
GLUHWDPHQWHRGHVHPSHQKRGDVDWLYLGDGHVDUTXLYtVWLFDVQDVHJXQGDHWHUFHLUDLGDGHV
*(672'('2&80(1726
$6)$6(6'(*(672'('2&80(1726
$*HVWmRGH'RFXPHQWRVpGLYLGLGDHPWUrVIDVHVFRQIRUPHSURS}H-DPHV5KRDGV
SURGXomRXWLOL]DomRHGHVWLQDomRGHWDOKDGDVDVHJXLU
)DVH ± 3URGXomR GRV GRFXPHQWRV FRUUHVSRQGH j SURGXomR GRV GRFXPHQWRV
SURYHQLHQWHVGDH[HFXomRGDVDWLYLGDGHVGHXPyUJmRRXHQWLGDGH1HVVDIDVHpLPSRUWDQWH
WHURFXLGDGRGHHYLWDUDSURGXomRGHGRFXPHQWRVQmRHVVHQFLDLVDILPGHJDUDQWLURXVR
DGHTXDGRGRVUHFXUVRVGHUHSURJUDILDHGHDXWRPDomReFRPSRVWRSHORVVHJXLQWHVHOHPHQWRV
x (ODERUDomRHJHVWmRGHIRUPXOiULRVHFRUUHVSRQGrQFLD
x &RQWUROHGDSURGXomRHGDGLIXVmRGHGRFXPHQWRVGHFDUiWHUQRUPDWLYR
x 8WLOL]DomRGHSURFHVVDGRUHVGHSDODYUDVHWH[WRV
)DVH ± 0DQXWHQomR H XVR 5HIHUHVH DR IOX[R GH WUDEDOKR SHUFRUULGR SHORV
GRFXPHQWRVGXUDQWHRFXPSULPHQWRGHVXDIXQomRDGPLQLVWUDWLYDDVVLPFRPRVXDJXDUGD
DSyVFHVVDUVHXWUkPLWH$VHJXQGDIDVHGDJHVWmRGHGRFXPHQWRVFRPSUHHQGH
x 2V PpWRGRV GH FRQWUROH UHODFLRQDGRV jV DWLYLGDGHV GH SURWRFROR H jVWpFQLFDV
HVSHFtILFDV GH FODVVLILFDomR RUJDQL]DomR H HODERUDomR GH LQVWUXPHQWRV GH UHFXSHUDomR GD
LQIRUPDomR
x $JHVWmRGHDUTXLYRVFRUUHQWHVHLQWHUPHGLiULRVTXHYHUHPRVPDLVDGLDQWHH
x $LPSODQWDomRGHVLVWHPDVGHDUTXLYR
)DVH ± 'HVWLQDomR ILQDO GH GRFXPHQWRV HQYROYH DV DWLYLGDGHV GH DYDOLDomR
VHOHomR H IL[DomR GH SUD]RV GH JXDUGD GRV GRFXPHQWRV RX VHMDLPSOLFD GHFLGLU TXDLV RV
GRFXPHQWRVDVHUHPHOLPLQDGRVHTXDLVVHUmRSUHVHUYDGRVSHUPDQHQWHPHQWH
3DUDTXHDGHVWLQDomRGRVGRFXPHQWRVVHMDUHDOL]DGDGHIRUPDHILFLHQWHGHYHVH
x &XPSULURHVWDEHOHFLGRQDSULPHLUDHQDVHJXQGDIDVHGDJHVWmRGHGRFXPHQWRV
x 0DQWHUSURFHVVRVFRQWtQXRVGHDYDOLDomRFRPDSOLFDomRGRVSUD]RVGHJXDUGDH
GHVWLQDomRILQDOGRVGRFXPHQWRV
x 3URPRYHUDHOLPLQDomRSHULyGLFDGRVGRFXPHQWRVTXHMiWHQKDPFXPSULGRRV
SUD]RVGHJXDUGDHQmRSRVVXDPYDORUVHFXQGiULR
$GHVWLQDomRGRVGRFXPHQWRVGHYHHVWDUHPEDVDGDQDDYDOLDomRGHFDGDGRFXPHQWR
TXDQWRDRHQFDPLQKDPHQWRIXWXURTXHHVWHUHFHEHUiVHMDJXDUGDSHUPDQHQWHGHVFDUWHRXHOL
PLQDomR$SDUWLUGRH[SRVWRVHUmRDSUHVHQWDGRVDVHJXLURVSURFHGLPHQWRVUHIHUHQWHVj'HV
WLQDomRGH'RFXPHQWRVTXHVmR$YDOLDomR(OLPLQDomRH7UDQVIHUrQFLDGH'RFXPHQWRVWR
GRVFRRUGHQDGRVSHOD&RPLVVmRGH6HWRULDOGH$YDOLDomRGH'RFXPHQWRV
18
&20,6626(725,$/'($9$/,$d2&6$
$9$/,$d2'2&80(17$/
$$YDOLDomR'RFXPHQWDOpRSURFHVVRGHDQiOLVHHVHOHomRGHGRFXPHQWRVTXHYLVD
IL[DU SUD]RV SDUD VXD JXDUGD RX HOLPLQDomR FRQWULEXLQGR SDUD D UDFLRQDOL]DomR H D
SUHVHUYDomRGDGRFXPHQWDomRSHUPDQHQWH(VWHSURFHGLPHQWRpUHDOL]DGRHPFDGDyUJmRSHOD
&6$HSURSRUFLRQDRVVHJXLQWHVEHQHItFLRV
x 5HGXomRGHPDVVDGRFXPHQWDO
x 'HWHUPLQDU D UHOHYkQFLD GRV GRFXPHQWRV GH DFRUGR FRP D 7DEHOD GH
7HPSRUDOLGDGHGH'RFXPHQWRV77'
x $XPHQWRGRtQGLFHGHUHFXSHUDomRGDLQIRUPDomR
x *DUDQWLDGDFRQVHUYDomRGRVGRFXPHQWRVGHYDORUSHUPDQHQWH
x &RQWUROHGRSURFHVVRGHSURGXomRGRFXPHQWDO
x $PSOLDURHVSDoRItVLFRSDUDQRYRVGRFXPHQWRV
x 0HOKRUDSURYHLWDPHQWRGRVUHFXUVRVKXPDQRVHPDWHULDLV
x *DUDQWLDGHSUHVHUYDomRGRSDWULP{QLRDUTXLYtVWLFRKLVWyULFRFXOWXUDO
19
&RQVLGHUDPVHQDDYDOLDomRRVYDORUHVSULPiULRHVHFXQGiULRGRVGRFXPHQWRV
9DORUSULPiULR UHIHUHVHDRYDORUGRGRFXPHQWRSDUDDWHQGHUDILQDOLGDGHSDUDD
TXDOIRLSURGX]LGRVHMDPHVVHVILQVGHFDUiWHUDGPLQLVWUDWLYROHJDORXILVFDO2VGRFXPHQWRV
DSHQDV FRP YDORU SULPiULR SRGHP VHU HOLPLQDGRV DSyV R FXPSULPHQWR GR SUD]R GH
DUTXLYDPHQWRHVWDEHOHFLGRQD77'
9DORUVHFXQGiULRUHIHUHVHDRYDORUGRGRFXPHQWRSDUDDWHQGHURXWURVILQVTXHQmR
QHFHVVDULDPHQWHDTXHOHVSDUDRVTXDLVIRUDPFULDGRV2VGRFXPHQWRVFRPYDORUVHFXQGiULR
DSUHVHQWDPLQWHUHVVHFXOWXUDOFLHQWtILFRWHFQROyJLFRRXKLVWyULFRGHYHQGRVHUSUHVHUYDGRV
HPFDUiWHUSHUPDQHQWHPHVPRMiWHQGRFXPSULGRVXDVILQDOLGDGHVSULPHLUDV
6LQWHWL]DQGR RWHPDYDORUUHLWHUDVH TXHRYDORU SULPiULRGHXPGRFXPHQWRHVWi
UHODFLRQDGRDRPRWLYRSHORTXDORPHVPRIRLFULDGRRXVHMDDVXDXWLOLGDGHDGPLQLVWUDWLYD
LPHGLDWDFDUDFWHUtVWLFRGDVIDVHVSULPiULDHLQWHUPHGLiULD3RUVXDYH]RYDORUVHFXQGiULRp
DWULEXtGRDXPGRFXPHQWRHPYLUWXGHGHXPDILQDOLGDGHDGTXLULGDGLIHUHQWHGDTXHODSDUDD
TXDOIRLFULDGR
1D IDVH FRUUHQWH RX DUTXLYR FRUUHQWH DSOLFDPVH RV FULWpULRV GH DYDOLDomR SDUD
LGHQWLILFDURVGRFXPHQWRVGHYDORUHYHQWXDORVGHYDORULQIRUPDWLYRRXSUREDWyULREHPFRPR
D UHOHYkQFLD GRV GRFXPHQWRV 2V GRFXPHQWRV GHYHP HVWDU SUHYLDPHQWH VHOHFLRQDGRV SDUD
WUDQVIHULU DR DUTXLYR LQWHUPHGLiULRFHQWUDO SDUD DJXDUGDU D GDWD GH UHFROKLPHQWR RX
HOLPLQDomR$DSOLFDomRGR&yGLJRGH&ODVVLILFDomRGH'RFXPHQWRV&&'pIXQGDPHQWDO
SDUDIDFLOLWDUDRUJDQL]DomRGDGRFXPHQWDomRDVVLPFRPRDHODERUDomRGD77'SURSRUFLRQD
PDLRUVHJXUDQoDQDVDWLYLGDGHVGHGHVWLQDomRGRVGRFXPHQWRV
(/,0,1$d2
$HOLPLQDomRGHGRFXPHQWRVGHYHVHUGHILQLGDDSyVDQiOLVHGD&6$GRÏUJmRTXH
MXOJDRVYDORUHVSULPiULRHVHFXQGiULRGRVGRFXPHQWRVVHJXLQGRRVFULWpULRVLQGLFDGRVQHVWH
0DQXDOHRVUHVSHFWLYRVSUD]RVGHDUTXLYDPHQWR
6HJXQGR D GHILQLomR GDGD SHOR &RQVHOKR 1DFLRQDO GH $UTXLYRV &21$54 SRU
PHLRGD5HVROXomRQGHGHGH]HPEURGHRUHJLVWURGRVGRFXPHQWRVDVHUHP
HOLPLQDGRV GHYHUi VHU HIHWXDGR SRU PHLR GRV VHJXLQWHV LQVWUXPHQWRV TXH VmR GH JXDUGD
SHUPDQHQWH
x /LVWDJHP GH (OLPLQDomR GH 'RFXPHQWRV TXH WHP SRU REMHWLYR UHJLVWUDU
LQIRUPDo}HV SHUWLQHQWHV DRV GRFXPHQWRV D VHUHP HOLPLQDGRV 0RGHOR GH
)RUPXOiULR9,,,
20
21
VXDVDWLYLGDGHVHIXQo}HV
2PpWRGRDGRWDGRSDUDD$GPLQLVWUDomR3~EOLFDGR([HFXWLYRGR3DUDQipR0pWRGR
'XSOH[ TXH FRQVLVWH HP FODVVLILFDU RV GRFXPHQWRV HP FODVVHV H VXEFODVVHV GH DVVXQWRV
VHPSUHGRJHUDOSDUDRSDUWLFXODUGLVWULEXtGDVKLHUDUTXLFDPHQWHGHDFRUGRFRPDVDWLYLGDGHVH
IXQo}HV GR yUJmR $ FODVVH RX VXEFODVVH GH DVVXQWR SRVVXL XP FyGLJR QXPpULFR
FRUUHVSRQGHQWHTXHVHUHIHUHDRDVVXQWRRXWLSRGRFXPHQWDOSURGX]LGRQDVDWLYLGDGHVPHLR
FRPXQVDWRGRVRVyUJmRVHRXHQWLGDGHVFRPR(VWUXWXUD2UJDQL]DomRH)XQFLRQDPHQWR
5HFXUVRV+XPDQRV%HQV 0DWHULDLVH 3DWULPRQLDLV2UoDPHQWRH )LQDQoDV 'RFXPHQWRVH
,QIRUPDo}HV
7RGDDGRFXPHQWDomRSURGX]LGDSHOR(VWDGRUHIOHWHRH[HUFtFLRGHVXDVIXQo}HVH
DWLYLGDGHVGHYHQGRVHUFODVVLILFDGDQRDWRGDSURGXomRUHFHELPHQWRRXGHVHXDUTXLYDPHQWR
HUHFROKLPHQWRDRUHVSHFWLYR$UTXLYR*HUDODSOLFDQGRVHR&&'GDV$WLYLGDGHVILQDOtVWLFDV
GHFDGDVHFUHWDULDRXyUJmRRXGDDWLYLGDGHPHLRGHTXHWUDWDHVWH0DQXDO
$FODVVLILFDomRSRUDVVXQWRpXWLOL]DGDFRPRREMHWLYRGHLGHQWLILFDUGRFXPHQWRVVRE
RPHVPRWHPDFRPRIRUPDGHDJLOL]DUVXDUHFXSHUDomRHIDFLOLWDUDVWDUHIDVDUTXLYtVWLFDV
UHODFLRQDGDVj DYDOLDomRVHOHomRHOLPLQDomRWUDQVIHUrQFLDUHFROKLPHQWRHDFHVVRDHVVHV
GRFXPHQWRV
9DOH GHVWDFDU TXH SDUD RV yUJmRV GD HVWUXWXUD GR 3RGHU ([HFXWLYR TXH DGRWDP
VLVWHPDVGLIHUHQWHVGR0pWRGR'XSOH[KiQHFHVVLGDGHGHHVWDEHOHFHUXPDLQWHURSHUDELOLGDGH
FRPR0pWRGRDGRWDGRSHOR(VWDGR$VHVFROKDVSHORVPpWRGRVGHFODVVLILFDomRVmRIHLWDV
SHODVFRPLVV}HVVHWRULDLVGHDYDOLDomRGHGRFXPHQWRVVREDRULHQWDomRWpFQLFDGR'($3H
YLVDPDWHQGHUDVQHFHVVLGDGHVGRVyUJmRVHVHFUHWDULDVGR3RGHU([HFXWLYRGR(VWDGR
2PpWRGR'XSOH[pRHL[RSULQFLSDOSDUDDFULDomRGRVUHVSHFWLYRV&&'SURGX]LGRV
SHOD HVWUXWXUD DGPLQLVWUDWLYD GR (VWDGR &RQWXGR GLDQWH GD UHDOLGDGH H QHFHVVLGDGH
RUJDQL]DFLRQDOGDVPDVVDVGRFXPHQWDLVJHUDGDVHDFXPXODGDVSHORVyUJmRVHVHFUHWDULDVGH
(VWDGRXWLOL]DUDPVHRXWURVPpWRGRVFRPELQDGRVHUHODFLRQDGRVHQWUHVLRQGHD&ODVVLILFDomR
'HFLPDO IRL R PpWRGR VHFXQGiULR DGRWDGR QDWXUDOPHQWH SDUD GDU FRQWD GR FRQWH[WR GRV
DVVXQWRV H SDUD D LQGH[DomR HP VLVWHPDVGH EXVFD H UHFXSHUDomR DOpP GH SURSLFLDU XPD
FODVVLILFDomRPDLVFODUDSDUDDVVpULHVGRFXPHQWDLVTXHGHPDQGDPGLJLWDOL]DomR5(,6
S(QWUHWDQWRFRPDGHVLJQDomRGDV&6$VGHFRUUHQWHVGR'HFUHWRWXGRLVWR
GHYHRFRUUHUVRERULHQWDomRWpFQLFDDUTXLYtVWLFDGR'($3
22
&202&/$66,),&$526'2&80(1726
&202$548,9$526'2&80(1726
8PDYH]UHJLVWUDGRFODVVLILFDGRHWUDPLWDGRQDVXQLGDGHVFRPSHWHQWHVRGRFXPHQWR
GHYHUiVHUHQFDPLQKDGRDRVHXGHVWLQRSDUDDUTXLYDPHQWRDSyVUHFHEHUGHVSDFKRILQDOTXH
GHYHUiVHUGDGRVHPSUHSHORVHWRURQGHVHRULJLQRX
2DUTXLYDPHQWRDSyVRDVVXQWRHVWDUFRQFOXtGRFRQVLVWHQDJXDUGDGRVGRFXPHQWRV
QRORFDOHVWDEHOHFLGRHLQGLFDGRQD7DEHODGH7HPSRUDOLGDGHGH'RFXPHQWRV77'1HVWD
HWDSDWRGDDDWHQomRpQHFHVViULDSRLVXPGRFXPHQWRDUTXLYDGRHUURQHDPHQWHSRGHUiILFDU
SHUGLGRTXDQGRVROLFLWDGRSRVWHULRUPHQWH
$VRSHUDo}HVSDUDDUTXLYDPHQWRVmRDVVHJXLQWHV
x 1mR UHJLVWUDU ³DUTXLYHVH´ VHP DQWHV UHJLVWUDU R PRWLYR HVSHFtILFR GR
DUTXLYDPHQWR
x 6HRGRFXPHQWRQmRHVWLYHUFODVVLILFDGRDWULEXLUXPFyGLJRFRQIRUPHRDVVXQWR
x 2 FyGLJR GH FODVVLILFDomR GHYHUi VHU DWULEXtGR SHOR VHWRU GH RULJHP GR
GRFXPHQWRHRXSHORVHWRUGHRULJHPGRDWHQGLPHQWRGDGHPDQGD
x $RDUTXLYDURGRFXPHQWRQDSDVWD DUTXLYRVHWRULDOYHULILFDU DH[LVWrQFLDGH
DQWHFHGHQWHVQDPHVPDSDVWDHDJUXSDUDTXHOHVTXHWUDWDPGRPHVPRDVVXQWR
SRUFRQVHTXrQFLDTXHWrPRPHVPRFyGLJR
x $UTXLYDUDVSDVWDVVXVSHQVDVQDVHTXrQFLDGRVFyGLJRVDWULEXtGRVXVDQGRXPD
SDVWDSDUDFDGDFyGLJRVHQGRSURLELGRRXVRGDFODVVLILFDomR³GLYHUVRV´
x 2UGHQDURVGRFXPHQWRVTXHQmRSRVVXHPDQWHFHGHQWHVGHDFRUGRFRPDRUGHP
23
7$%(/$'(7(0325$/,'$'('('2&80(1726±77'
&20287,/,=$5$7$%(/$'(7(0325$/,'$'('('2&80(1726
$77'GHYHVHUXWLOL]DGDQRPRPHQWRGHFODVVLILFDomRHDYDOLDomRGDGRFXPHQWDomR
GHYHQGRVHSURFHGHUGDVHJXLQWHIRUPD
x 9HULILFDU VH RV GRFXPHQWRV HVWmR FODVVLILFDGRV GH DFRUGR FRP RV DVVXQWRV GR
&yGLJRGH&ODVVLILFDomRGH'RFXPHQWRV&&'
x 'RFXPHQWRVTXHVHUHIHUHPDGRLVRXPDLVDVVXQWRVGHYHUmRVHUFODVVLILFDGRVH
DJUXSDGRVDRFRQMXQWRGRFXPHQWDOGRVVLrSURFHVVRRXSDVWDTXHSRVVXDPDLRU
SUD]RGHDUTXLYDPHQWRRXTXHWHQKDVLGRGHVWLQDGRjJXDUGDSHUPDQHQWH
x 2 SUD]R GH DUTXLYDPHQWR GHYH VHU FRQWDGR D SDUWLU GR SULPHLUR GLD ~WLO GR
H[HUFtFLRVHJXLQWHDRGDSURGXomRGRGRFXPHQWRH[FHWRDTXHOHVTXHRULJLQDP
GHVSHVDVFXMRSUD]RGHDUTXLYDPHQWRpFRQWDGRDSDUWLUGDDSURYDomRGDVFRQWDV
SHOR7ULEXQDOGH&RQWDVGR(VWDGR7&(
x (OLPLQDU DV FySLDV H YLDV TXDQGR R GRFXPHQWR RULJLQDO HVWLYHU QR FRQMXQWR
GRFXPHQWDOGRVVLrSURFHVVRRXSDVWD
x 5HDOL]DURUHJLVWURGRVGRFXPHQWRVDVHUHPHOLPLQDGRV
x (ODERUDUDOLVWDJHPGRVGRFXPHQWRVGHVWLQDGRVjWUDQVIHUrQFLDSDUDRDUTXLYR
JHUDOGRyUJmRRXHQWLGDGH
2EVHUYDomR4XDQGRKRXYHUSURFHVVRMXGLFLDORVSUD]RVGHDUTXLYDPHQWRGHYHPVHU
25
VXVSHQVRVDWpDFRQFOXVmRGRPHVPR
$77'pRLQVWUXPHQWRTXHUHJLVWUDRFLFORGHYLGDGRFXPHQWDORQGHFRQVWDPRV
SUD]RVGHJXDUGDGRVGRFXPHQWRVGHDUTXLYRFRUUHQWHVXDWUDQVIHUrQFLDSDUDR$UTXLYR*HUDO
HVXDGHVWLQDomRILQDOHOLPLQDomRRXJXDUGDSHUPDQHQWH+DYHQGRDLQGDDSRVVLELOLGDGHGH
PLFURILOPDJHPHOHWU{QLFDHKtEULGDHWDPEpPGHGLJLWDOL]DomR
2SULQFLSDOREMHWLYRGHVWHLQVWUXPHQWRpGHILQLUSUD]RVGHJXDUGDHGHVWLQDomRGH
GRFXPHQWRVFRPYLVWDDJDUDQWLURDFHVVRjLQIRUPDomRDTXDQWRVGHODQHFHVVLWHP
$WDEHODpSDVVtYHOGHDOWHUDo}HVQDPHGLGDHPTXHDSURGXomRGHGRFXPHQWRVVH
DOWHUD GHYLGR D PXGDQoDV VRFLDLV DGPLQLVWUDWLYDV H MXUtGLFDV 1R HQWDQWR DOWHUDo}HV GH
TXDOTXHUQDWXUH]DGHYHPSDUWLUGD&6$HSDVVDUSHODDQiOLVHHDSURYDomRGR'($3
$6681727,32 '2&80(17$/ QHVWH FDPSR VmR DSUHVHQWDGRV RV FRQMXQWRV
GRFXPHQWDLVSURGX]LGRVHUHFHELGRVKLHUDUTXLFDPHQWHGLVWULEXtGRVGHDFRUGRFRPDVIXQo}HV
HDWLYLGDGHVGHVHQYROYLGDVH[FOXVLYDPHQWHSHODVVHFUHWDULDVRXVHMDDVDWLYLGDGHVILQDOtVWLFDV
$V )XQo}HV H 6XEIXQo}HV GDV DWLYLGDGHVPHLR VmR FRPXQV D WRGRV RV ÏUJmRV H
6HFUHWDULDVGR(VWDGR$V)XQo}HVH6XEIXQo}HVGDVDWLYLGDGHVILQDOtVWLFDVVmRHVSHFtILFDV
SDUDDV6HFUHWDULDVHÏUJmRV
35$=2 '( $548,9$0(172 UHIHUHVH DR WHPSR QHFHVViULR SDUD R
DUTXLYDPHQWR GRV GRFXPHQWRV QDV IDVHV FRUUHQWH H LQWHUPHGLiULD YLVDQGR DWHQGHU
H[FOXVLYDPHQWHjVQHFHVVLGDGHVGDVVHFUHWDULDVPHQFLRQDGRHPDQRV
1RVDUTXLYRVFRUUHQWHVRXGHSULPHLUDLGDGHGHYHVHPDQWHUDSHQDVRVGRFXPHQWRV
TXHHVWmRVXMHLWRVDFRQVXOWDGLiULD1mRGHYHPVHUPDQWLGRVQHVWHVDUTXLYRVGRFXPHQWRVFRP
PDLV GH FLQFR DQRV LQFRUUHQGR QR ULVFR GH DFXPXODU GRFXPHQWRV GHVQHFHVViULRV DR XVR
FRUUHQWHHGHVWDIRUPDGLILFXOWDURDFHVVRDRDUTXLYRFRPRXPWRGR$SyVHVWHSHUtRGRRV
GRFXPHQWRVGHYHPVHUWUDQVIHULGRVSDUDR$UTXLYR*HUDOGRyUJmRSDUDHPFRQMXQWRFRPR
'($3SURFHGHUSRVWHULRUDQiOLVHGRYDORUKLVWyULFRGRVPHVPRVHSRVVtYHOHQFDPLQKDPHQWR
DR$UTXLYR3~EOLFRGR(VWDGR
'(67,1$d2QHVWHFDPSRpUHJLVWUDGRRGHVWLQRGDGRDRGRFXPHQWRTXHSRGH
VHU D HOLPLQDomR TXDQGR R GRFXPHQWR QmR DSUHVHQWDU YDORU VHFXQGiULR SUREDWyULR RX
LQIRUPDWLYRRXDJXDUGDSHUPDQHQWHTXDQGRDVLQIRUPDo}HVFRQWLGDVQRGRFXPHQWRIRUHP
FRQVLGHUDGDVLPSRUWDQWHVSDUDILQVGHSURYDLQIRUPDomRHSHVTXLVD
2 $UTXLYR *HUDO p UHVSRQViYHO SHOD JXDUGD GR GRFXPHQWR GXUDQWH R SUD]R
LQWHUPHGLiULRHSHODGHVWLQDomRGRGRFXPHQWRHIDUiRSURFHVVRGHHOLPLQDomRRXJXDUGD
SHUPDQHQWHGRGRFXPHQWRGHDFRUGRFRPDWDEHODGHWHPSRUDOLGDGHYLJHQWH2VDUTXLYRV
JHUDLVGHYHPVHJXLUDVRULHQWDo}HVWpFQLFDVGR'($3EHPFRPRGD&6$GRVHXÏUJmR
26
&216(59$d2'('2&80(1726
&20235(6(59$5'2&80(1726
$&21',&,21$0(172(*8$5'$
x 'HYHVHHVWDUDWHQWRjTXDOLGDGHGRVPDWHULDLVXWLOL]DGRV$PDLRULDGRVSDSpLVH
SDSHO}HVGLVSRQtYHLVQRPHUFDGRVmRiFLGRVHDSUHVHQWDPHOHPHQWRVSUHMXGLFLDLV
FRPR OLJQLQD H HQ[RIUH $ DFLGH] FRQVLGHUDGD XP GRV SLRUHV IDWRUHV GH
GHWHULRUDomRGRGRFXPHQWRDRORQJRGRWHPSRWHPDFDUDFWHUtVWLFDGHPLJUDU
DWUDYpVGRFRQWDWRRXVHMDXPDHPEDODJHPFRQIHFFLRQDGDFRPPDWHULDOGHPi
TXDOLGDGHIDWDOPHQWHRFDVLRQDUiGDQRVDRVGRFXPHQWRVQHODDFRQGLFLRQDGRV
x 'HYHVHDQDOLVDUDVPHOKRUHVRSo}HVGHHPEDODJHQVSRGHQGRVHDGRWDUGLYHUVRV
PRGHORVGHFDL[DVHQYHORSHVIROGHUVSDVWDVHWF3DUDGHILQLUDPHOKRUIRUPDGH
DFRQGLFLRQDPHQWRpQHFHVViULRFRQVLGHUDURWDPDQKRHRWLSRGHGRFXPHQWRR
HVSDoRGLVSRQtYHORVFXVWRVHRWHPSRGHJXDUGD
x -DPDLVXWLOL]DUEDUEDQWHVRXHOiVWLFRVTXHFRUWDPHGDQLILFDPDHPEDODJHPHRV
GRFXPHQWRVDOLDFRQGLFLRQDGRV6XEVWLWXLUSRUFDGDUoRGHDOJRGmR
x 8WLOL]DUSDVWDVFRPSUHQGHGRUHVHKDVWHVSOiVWLFDV)L[DGRUHVGHPHWDOHQIHUUXMDP
IDFLOPHQWHHGDQLILFDPRGRFXPHQWR
x 8VDU HPEDODJHQV GH WDPDQKR PDLRU TXH R GRFXPHQWR SDUD QmR GREUiOR RX
28
DPDVViOR
x 1mRDFRQGLFLRQDUGRFXPHQWRVDFLPDGDFDSDFLGDGHGDSDVWDRXFDL[D
&202&216(59$5)272*5$),$6
x 2VQHJDWLYRVHIRWRVGHYHPUHFHEHULQYyOXFURVLQGLYLGXDLV
x 2PRELOLiULRGHYHVHUGHPHWDOFRPUHYHVWLPHQWRjEDVHGHHVPDOWHHWUDWDGRVSRU
IRVIDWDomRSDUDHYLWDUIHUUXJHP
x $V HPEDODJHQV SDUD DV IRWRJUDILDV H QHJDWLYRV GHYHP VHU FRQIHFFLRQDGDV HP
SDSHO QHXWUR 3OiVWLFRV LQHUWHV SRGHP VHU XWLOL]DGRV WRPDQGRVH RV GHYLGRV
FXLGDGRVSDUDHYLWDUSUREOHPDVFRPDXPLGDGH
x 1XQFDFRORFDURVGHGRVVREUHDLPDJHPIRWRJUiILFD$JRUGXUDQDWXUDOH[LVWHQWH
QDVPmRVUHVXOWDHP³LPSUHVV}HVGLJLWDLV´GHFRUPDUURPLPSRVVtYHLVGHVHUHP
UHPRYLGDVDSyVDOJXQVDQRV3DUDPDQXVHDUIRWRVUHFRPHQGDVHXVDUOXYDVGH
DOJRGmR
x 1mRID]HUDQRWDo}HVjFDQHWDQDIRWRJUDILD8WLOL]DUXPOiSLVPDFLRHHVFUHYHUQR
YHUVRGDIRWR
x 1mRXWLOL]DUQHQKXPWLSRGHFRODRXILWDDGHVLYDHPFRQWDWRFRPDIRWR3DUD
IL[DUIRWRJUDILDVUHFRPHQGDVHXVDUFDQWRQHLUDV
x 1mRXWLOL]DUFOLSHVRXJUDPSRVGHPHWDO(VVHVPDWHULDLVHQIHUUXMDPUDSLGDPHQWH
HGDQLILFDPDLPDJHPIRWRJUiILFD
,167580(17267e&1,&26'$*(672'2&80(17$/'$6$7,9,'$'(6
0(,2'2(67$'2'23$5$1È
&Ï',*2'(&/$66,),&$d2'('2&80(1726
$'0,1,675$d2*(5$/
&ODVVLILFDPVH RV GRFXPHQWRV UHODFLRQDGRV j DGPLQLVWUDomR LQWHUQD GD LQVWLWXLomR yUJmR H
HQWLGDGHS~EOLFD
32/Ë7,&$*29(51$0(17$/
'RFXPHQWRVFRPR'LDJQyVWLFRHVWXGRHVWDWtVWLFDOHYDQWDPHQWRGHQHFHVVLGDGHVSODQRDQXDO
HSODQRSOXULDQXDOUHODFLRQDGRVDPHWDVHREMHWLYRVGRJRYHUQR
02'(51,=$d2(5()250$$'0,1,675$7,9$
'RFXPHQWRVUHODFLRQDGRVDSURMHWRVHVWXGRVHQRUPDVUHIHUHQWHVjRUJDQL]DomRHPpWRGRV
UHIRUPDDGPLQLVWUDWLYDUHHVWUXWXUDomRHRXWURVSURFHGLPHQWRVTXHYLVHPDPRGHUQL]DomR
GDVDWLYLGDGHVGDDGPLQLVWUDomRS~EOLFDHVWDGXDO
(6758785$25*$1,=$d2()81&,21$0(172
&ODVVLILFDPVHGRFXPHQWRVUHODWLYRVjFULDomRHVWUXWXUDomRRUJDQL]DomRHIXQFLRQDPHQWRGR
yUJmRHRXHQWLGDGH
/(*,6/$d25(*8/$0(17$d2
'RFXPHQWRV FRPR HVWDWXWR UHJLPHQWR UHJXODPHQWR RUJDQRJUDPD H GHPDLV DWRV TXH
LPSOLTXHP HP DOWHUDomR WUDQVIRUPDomR DPSOLDomR IXVmR H H[WLQomR GR yUJmR HRX
HQWLGDGH
+$%,/,7$d2-85Ë',&$(5(*8/$5,=$d2),6&$/
7UDWDVHGHGRFXPHQWRVTXHFRQFHUQHPQDKDELOLWDomRMXUtGLFDHUHJXODUL]DomRILVFDOGR
yUJmRHRXHQWLGDGHWDLVFRPR&13-H5HJLVWURQD-XQWD&RPHUFLDO
$&25'2&2175$72&219Ç1,27(502
'RFXPHQWRVUHODWLYRVjIRUPDOL]DomRGHDFRUGRFRQWUDWRFRQYrQLRWHUPRGHFRRSHUDomR
WHUPR GH DMXVWH WHUPR GH SDUFHULD SURWRFROR GH LQWHQo}HV DGLWDPHQWR RX RXWURV
LQVWUXPHQWRVFRQJrQHUHVTXHQmRDTXHOHVTXHVHFDUDFWHUL]HPFRPRGHVSHVDVFRQWLQXDGDV
PDVTXHWUDWHPRXWUDGX]DPDo}HVGHILQLGDVQDSROtWLFDJRYHUQDPHQWDOQRkPELWRGRFKHIH
GRH[HFXWLYRHVWDGXDO6XJHUHVHDEULUXPDSDVWDSDUDFDGDIRUPDOL]DomRVHPSUHTXHWDO
SURFHGLPHQWR VH MXVWLILFDU 4XDQWR DRV GHPDLV DFRUGRV FRQWUDWRV FRQYrQLR HRX WHUPR
FODVVLILFDUQRDVVXQWRHVSHFtILFR
3/$12352*5$0$352-(72'(75$%$/+2
'RFXPHQWRVUHIHUHQWHVDRGHVHQYROYLPHQWRGHDWLYLGDGHVGRÏUJmR
&203520,6622),&,$/
$*(1'$
$JHQGDGHDXWRULGDGH
'RFXPHQWRVUHODWLYRVDRVFRPSURPLVVRVHRXDWLYLGDGHVGRUHSUHVHQWDQWHPi[LPR
GRÏUJmREHPFRPRGHWRGRVDTXHOHVUHYHVWLGRVGHDXWRULGDGHRILFLDO
30
$7$'(5(81,2
&2192&$d2
0(0Ï5,$'(5(81,2
3$87$'(5(81,2
&2081,&$d2$'0,1,675$7,9$(;3(',(17(
$*5$'(&,0(172)(/,&,7$d2'(63(','$3Ç6$0(6
&$57$'($35(6(17$d2'(5(&20(1'$d2'(5(35(6(17$d2
$9,62&,5&8/$5,1)250$d20(025$1'22)Ë&,2
25'(0'(6(59,d2
$7$3$5(&(55(/$7Ï5,2
'RFXPHQWRVSURGX]LGRVSHOD FkPDUDWpFQLFDFRPLVVmRFRQVHOKRJUXSRGHWUDEDOKR
MXQWDHFRPLWrSRGHQGRVHUXPDDWDGHUHXQLmRXPSDUHFHUDGHWHUPLQDGRGRFXPHQWR
RXXPUHODWyULR
&5212*5$0$'($7,9,'$'(6
'RFXPHQWRVTXHUHSURGX]DPRFURQRJUDPDGHDWLYLGDGHVGDFkPDUDWpFQLFDFRPLVVmR
FRQVHOKRJUXSRGHWUDEDOKRMXQWDHFRPLWr
5(/$7Ï5,2'($7,9,'$'(6
'RFXPHQWRV UHIHUHQWHV jV DWLYLGDGHV GR yUJmR HRXHQWLGDGH FXMDV LQIRUPDo}HV H GDGRV
VHMDPGHFRUUHQWHVGHUHODWyULRV
&2081,&$d262&,$/
'RFXPHQWRV UHODWLYRV j SXEOLFLGDGH GR yUJmR HRX HQWLGDGH SRU PHLR GR UHJLVWUR GH
LPDJHQVHVRQVHGDGLYXOJDomRGHVXDVDo}HVHDWLYLGDGHV
$57,*2127$127Ë&,$
&DUiWHURSLQDWLYRQRWtFLDFXUWDPDWHULDOMRUQDOtVWLFRTXHGLYXOJDDVDo}HVGRyUJmRHRX
HQWLGDGHUHVSHFWLYDPHQWH
%2/(7,0,1)250$7,92
CLIPPING
31
,'(17,'$'(9,68$/
'RFXPHQWRV FRPR PDQXDO GH SDGURQL]DomR GH LGHQWLILFDomR YLVXDO H GH LGHQWLGDGH
FRUSRUDWLYD
&$03$1+$6,167,78&,21$,638%/,&,'$'(
'RFXPHQWRVFRPRFDUWD]HVIROKHWRVDQ~QFLRVIROGHUVHRXWURVGRFXPHQWRVGHFDUiWHU
SURPRFLRQDO
3$87$3$5$,035(16$
5(*,6752'(,0$*(0(620
'RFXPHQWRVUHODWLYRVDSURGXomRGHLPDJHPHVRPSRUPHLRGREDQFRGHLPDJHQV
UHJLVWURIRWRJUiILFRUHJLVWURVRQRURHYtGHRLQVWLWXFLRQDOEHPFRPRRSURGXWRILQDO
RELEASE. 6,1236(
6,7( ,167,78&,21$/
9,6,7$,167,78&,21$/
'RFXPHQWRVUHIHUHQWHVDYLVLWDVUHDOL]DGDVDRyUJmRHRXHQWLGDGHFRPRFURQRJUDPD
UHODWyULRGHYLVLWDHGHFODUDomRGHYLVLWD
6,67(0$'$48$/,'$'(
'RFXPHQWRVUHODWLYRVjSROtWLFDGDTXDOLGDGHGRÏUJmRWDLVFRPRGLUHWUL]QRUPDPDQXDO
SURFHGLPHQWRVLVWrPLFRRSHUDFLRQDO
3/$1(-$0(172'26,67(0$
'RFXPHQWRV FRPR GLDJQyVWLFR FURQRJUDPD GH DWLYLGDGHV SODQR GH LPSOHPHQWDomR
VHWRULDOSURJUDPDHSODQHMDPHQWRGHDXGLWRULDLQWHUQD
,03/$17$d2('(6(192/9,0(172
'RFXPHQWRVUHODFLRQDGRVjLPSODQWDomRGHVHQYROYLPHQWRDFRPSDQKDPHQWRHDOWHUDo}HVGR
VLVWHPDFRPRGHVLJQDomRGRUHSUHVHQWDQWHGRyUJmRHGDHTXLSHSDUDDH[HFXomRGHDWLYLGDGHV
UHODWLYDVDRVLVWHPDLQFOXLQGRPHPEURVGDDXGLWRULDLQWHUQDHYLGrQFLDGDLPSOHPHQWDomRGD
SROtWLFD GD TXDOLGDGH DQiOLVH FUtWLFD GH FRQWUDWR FRQWUROH GH GRFXPHQWRV GR VLVWHPD H
TXHVWLRQiULRGHDYDOLDomRGDVDWLVIDomRGRFOLHQWH
5(/$7Ï5,2
'RFXPHQWRV FRPR UHODWyULR GR VLVWHPD GD TXDOLGDGH DYDOLDomR GH FOLHQWHV QmR
FRQIRUPLGDGHHDomRFRUUHWLYDDXGLWRULDLQWHUQDGDTXDOLGDGHHUHODWyULRHVWDWtVWLFR
',5(75,=(61250$60$18$,6
&21752/('26(59,d23Ò%/,&2
'RFXPHQWRVTXHGL]UHVSHLWRjUHFODPDomRHRXVXJHVWmRUHIHUHQWHjSUHVWDomRGHVHUYLoRV
S~EOLFRV
5(&/$0$d2(/2*,268*(6723527(672&5Ë7,&$5(,9,1',&$d2
'RFXPHQWRVTXHH[SUHVVHPUHFODPDomRVXJHVWmRSURWHVWRUHLYLQGLFDomRFUtWLFDHRX
HORJLRUHFHELGRVSHORyUJmR
32
5(/$7Ï5,2
'RFXPHQWRVTXHUHJLVWUHPRVIDWRVUHODFLRQDGRVDRFRQWUROHGRVHUYLoRS~EOLFRDVVLP
FRPRRUHODWRGDVSURYLGHQFLDVWRPDGDVHPUHODomRjUHFODPDomRVXJHVWmRSURWHVWR
UHLYLQGLFDomRFUtWLFDHORJLRHRXGHQ~QFLDUHFHELGDVSHORyUJmR
'(1Ò1&,$
'RFXPHQWRV FRP UHJLVWUR GH GHQ~QFLDV GH IDWRV VHUYLoRV SHVVRDV RX LQVWLWXLomR
UHFHELGRVSHORÏUJmR([HPSOR'HQ~QFLDVUHFHELGDVSHOD2XYLGRULDGRÏUJmR
&(5,0Ð1,$2),&,$/
'RFXPHQWRVUHODWLYRVjRUJDQL]DomRGHWRGRVRVHYHQWRVRILFLDLVUHDOL]DGRVSHORÏUJmR
DVVLPFRPRGRFXPHQWRVGHFRUUHQWHVGDSDUWLFLSDomRHPHYHQWRVSURPRYLGRVSRURXWURV
ÏUJmRVDWHQGHQGRDVXEGLYLVmRTXHVHJXHVXJHULQGRVHDEULUXPDSDVWDSDUDFDGDHYHQWR
RXFHULP{QLDRILFLDO
',6&85623$/(675$
'RFXPHQWRVUHODFLRQDGRVDGLVFXUVRSDOHVWUDWDLVFRPRWH[WRRULJLQDOGRGLVFXUVRRX
SDOHVWUDSURIHULGD
3$57,&,3$d2(0(9(1726352029,'26325287526Ï5*26
'RFXPHQWRV UHIHUHQWHV j SDUWLFLSDomR GH UHSUHVHQWDQWHV GR ÏUJmR HP HYHQWRV
SURPRYLGRV SRU RXWUDV LQVWLWXLo}HV FRPR FRQJUHVVRV FRQIHUrQFLDV VHPLQiULRV
VLPSyVLRV HQFRQWURV FRQYHQo}HV workshops PHVDVUHGRQGDV IHLUDV H[SRVLo}HV H
PRVWUDV){OGHUVHFDUWD]HVQmRGHYHPVHUDUTXLYDGRV
3$57,&,3$d2(0(9(1726352029,'263(/2Ï5*2
'RFXPHQWRVUHODWLYRVjRUJDQL]DomRGHHYHQWRHRXDSDUWLFLSDomRGRUHSUHVHQWDQWHHP
HYHQWRSURPRYLGRSHORÏUJmRFRPRFRQJUHVVRVFRQIHUrQFLDVVHPLQiULRVVLPSyVLRV
HQFRQWURV FRQYHQo}HV workshops PHVDVUHGRQGDV IHLUDV H[SRVLo}HV H PRVWUDV
){OGHUVHFDUWD]HVQmRGHYHPVHUDUTXLYDGRV
25*$1,=$d2(283$57,&,3$d2(062/(1,'$'(6
'RFXPHQWRVUHVSHFWLYRVjRUJDQL]DomRHRXDSDUWLFLSDomRGHUHSUHVHQWDQWHGRyUJmRHP
VROHQLGDGH GH FRPHPRUDomR KRPHQDJHP KRPHQDJHP SyVWXPD LQDXJXUDomR HQWUH
RXWUDVFRPRSRUH[HPSORXPH[HPSODU~QLFRGRFRQYLWHGDSURJUDPDomRHDUHODomR
GHFRQYLGDGRVTXDQGRRyUJmRIRURSURPRWRUGDVROHQLGDGH
$d2-8',&,$/
5(&85626+80$126
&ODVVLILFDPVHGRFXPHQWRVUHODWLYRVjSROtWLFDjDGPLQLVWUDomRHjH[HFXomRGDVDWLYLGDGHVGH
UHFXUVRVKXPDQRVQRTXHWDQJHDRVGLUHLWRVHREULJDo}HVGRVVHUYLGRUHVS~EOLFRVHVWDGXDLV
EHPFRPRGLUHLWRVHREULJDo}HVGRyUJmRHRXHQWLGDGHHPSUHJDGRUD
$72$'0,1,675$7,92
'RFXPHQWRVDWLQHQWHVjQRUPDOL]DomRGDVDWLYLGDGHVFRPRUHVROXomRSRUWDULDRUGHPGH
VHUYLoRLQVWUXomRQRUPDWLYDFLUFXODUHDYLVR
33
5(/$d2&20Ï5*261250$/,=$'25(6'275$%$/+2
'RFXPHQWRVUHODWLYRVjVUHODo}HVFRPyUJmRVQRUPDOL]DGRUHVGRWUDEDOKRHFRQVHOKRVGH
FODVVH
5(/$d2$18$/'(,1)250$d®(662&,$,6±5$,6
&$'$6752*(5$/'((035(*$'26('(6(035(*$'26&$*('
6,1',&$72$&25'2',66Ë',2&2/(7,92029,0(172$662&,$d2
'RFXPHQWRVUHIHUHQWHVDDFRUGRVLQGLFDOGLVVtGLRFROHWLYRPRYLPHQWRUHLYLQGLFDWyULR
JUHYHSDUDOLVDomRHDVVRFLDomRGHVHUYLGRUHV
$66(17$0(172)81&,21$/
5HJLVWURVHRXDQRWDo}HVGDYLGDIXQFLRQDOGRVHUYLGRU2UGHQDUDVSDVWDVDOIDEHWLFDPHQWH
SHORQRPHGRVHUYLGRU
5(&587$0(1726(/(d2
'RFXPHQWRVDUHVSHLWRGHFRQFXUVRS~EOLFRHWHVWHVHOHWLYR
&$1','$72$&$5*23Ò%/,&2
'RFXPHQWRVFRPRcurriculum vitaeHILFKDGHLQVFULomR
352&(662'(6(/(d2
'RFXPHQWRVUHVSHFWLYRVjSURSRVWDHVWXGRHGLWDOFRQVWLWXLomRGHEDQFDH[DPLQDGRUD
H[HPSODU~QLFRGHSURYDHJDEDULWRHGHPDLVGRFXPHQWRVSHUWLQHQWHVDRFRQFXUVREHP
FRPRGDHQWLGDGHFRQWUDWDGDSDUDDRUJDQL]DomRGRPHVPR
3529$7(67(
'RFXPHQWRVUHODWLYRVjSURYDHWtWXORGHFDQGLGDWRWHVWHGHVHOHomRWHVWHSVLFRWpFQLFR
H[DPHPpGLFRUHYLVmRGHSURYDUHFXUVRHJDEDULWRGHSURYD
$3(5)(,d2$0(17275(,1$0(172&$3$&,7$d2
'RFXPHQWRVUHIHUHQWHVDRGHVHQYROYLPHQWRTXDOLILFDomRHDSHUIHLoRDPHQWRSURILVVLRQDOGR
VHUYLGRU
&8562352029,'23(/$,167,78,d2
'RFXPHQWRVFRPRSURMHWRSURSRVWDSURJUDPDH[HPSODU~QLFRGHPDWHULDOGLGiWLFR
UHODomRGHSDUWLFLSDQWHVHFRQWUROHGDHPLVVmRHGDHQWUHJDGHFHUWLILFDGR
)LFKDGH,QVFULomR5HODWyULRGH$XVrQFLDH3HVTXLVDGH2SLQLmRGH
3DUWLFLSDQWHV
&DGDVWURGH,QVWUXWRUHV
5HODWyULRGH&XVWRV
,QIRUPDo}HVDUHVSHLWRGHPDWHULDOLQVWUXWRUHVLQVWDODo}HVHHTXLSDPHQWRVFRP
RXVHPFXVWRDOpPGDDYDOLDomRILQDO
34
&8562352029,'23252875$,167,78,d2
'RFXPHQWRV UHODWLYRV j DXWRUL]DomR GH SDUWLFLSDomR GH FXUVR IRUPXOiULR GH
DIDVWDPHQWRFRQFHVVmRGHEROVDDX[tOLRSURJUDPDGRFXUVRHUHODWyULR
$WHVWDGRGH)UHTXrQFLDHP&XUVR
3/$1(-$0(172'(75(,1$0(172
/HYDQWDPHQWRGDVQHFHVVLGDGHVGHWUHLQDPHQWR
32/Ë7,&$'(3(662$/
$SOLFDomRHHIHWLYDomRGDSROtWLFDGHUHFXUVRVKXPDQRVHGRSODQRGHFDUJRVHVDOiULRV
(678'27e&1,&2
'RFXPHQWRV UHODWLYRV DR GLDJQyVWLFR TXDOLILFDomR OHYDQWDPHQWR GH QHFHVVLGDGHV H
SUHYLVmRGHSHVVRDO
3/$12'(&$5*26(6$/È5,26
'RFXPHQWRVUHODWLYRVjFULDomRFODVVLILFDomRWUDQVIRUPDomRGHFDUJRHIXQomRTXDGUR
HWDEHODVDODULDO
$/7(5$d26$/$5,$/
'RFXPHQWRV UHODWLYRV j UHHVWUXWXUDomR DYDOLDomR GH GHVHPSHQKR SURPRomR
HTXLSDUDomRHQTXDGUDPHQWRDVFHQVmRHSURJUHVVmRIXQFLRQDO
029,0(17$d2'(3(662$/
'RFXPHQWRV UHODWLYRV jV QRUPDV H SURFHGLPHQWRV GD PRYLPHQWDomR GH VHUYLGRUHV RX
FDWHJRULDV IXQFLRQDLV 5HJLVWUDU RV DWRV HVSHFtILFRV H LQGLYLGXDLV GR VHUYLGRU QR
DVVHQWDPHQWRIXQFLRQDOFyGLJR
'(0,662',63(16$(;21(5$d2(;38/62(;&/862)$/(&,0(172
5(6&,62&2175$78$/
/27$d25(02d25(0$1(-$0(172
&(662',6326,d2)81&,21$/3(5087$
-251$'$'(75$%$/+2$&Ò08/2'(&$5*2
-RUQDGDGHWUDEDOKRRSomRGHFDUJDKRUiULDHDF~PXORGHFDUJRGRVHUYLGRU
',5(,7262%5,*$d®(69$17$*(16
)2/+$'(3$*$0(172
)ROKDGHSDJDPHQWRQRUPDOHFRPSOHPHQWDUGRVHUYLGRU
)LFKD)LQDQFHLUD
35
9(1&,0(172
6DOiULR YHQFLPHQWR SURYHQWR UHPXQHUDomR GR VHUYLGRU GpFLPR WHUFHLUR VDOiULR RX
QDWDOLQD
$ERQRGH3HUPDQrQFLDHP6HUYLoR
'RFXPHQWRV SHUWLQHQWHVDR SHGLGR GH DERQR GH SHUPDQrQFLD HP VHUYLoR FXMR
SURFHVVRVHUiDQH[DGRDRSURFHVVRIXWXURGHDSRVHQWDGRULDGRVHUYLGRU
&RPSURYDQWHGH5HQGLPHQWR
'RFXPHQWRVFRPSUREDWyULRVGHUHQGLPHQWRVGRVHUYLGRU
*5$7,),&$d2
'RFXPHQWRV UHODWLYRV j FRQFHVVmR GH JUDWLILFDomR DR VHUYLGRU WDLV FRPR IXQomR
SUHVWDomRGHVHUYLoRH[WUDRUGLQiULRSUHVWDomRGHVHUYLoRHPUHJLPHGHWHPSRLQWHJUDOH
GHGLFDomR H[FOXVLYD UHSUHVHQWDomR GH JDELQHWH H[HFXomR GH WUDEDOKR GH QDWXUH]D
HVSHFLDO FRP ULVFR GH YLGD UHDOL]DomR GH WUDEDOKR UHOHYDQWH WpFQLFR RX FLHQWtILFR
SDUWLFLSDomR HP yUJmR GH GHOLEHUDomR FROHWLYD H[HUFtFLR GH HQFDUJRV HVSHFLDLV
H[HUFtFLR GH HQFDUJR GH DX[LOLDU RXPHPEUR GHEDQFDRX FRPLVVmR H[DPLQDGRUD GH
FRQFXUVRRXSURYDGHKDELOLWDomRH[HUFtFLRGHHQFDUJRGHDX[LOLDURXSURIHVVRUGHFXUVR
UHJXODUPHQWHLQVWLWXtGRVHUHDOL]DGRRWUDEDOKRDOpPGDVKRUDVGHH[SHGLHQWHDTXHHVWi
VXMHLWR R IXQFLRQiULR H[HUFtFLR HP GHWHUPLQDGD ]RQDV RX ORFDLV LQVDOXEULGDGH RX
SHULFXORVLGDGH
$',&,21$/
2VGHQRPLQDGRVDGLFLRQDLVSRUWHPSRGHVHUYLoRVmRRVTXLQTXrQLRVELrQLRVHDQXrQLRV
GHFRUUHQWHVGRWHPSRGHSUHVWDomRGHVHUYLoRGRVHUYLGRU
,QVHUHPVH GRFXPHQWRV UHODWLYRV j FRQFHVVmR GH DGLFLRQDO DR WHPSR GH VHUYLoR
TXLQTXrQLRVDGLFLRQDOQRWXUQRHDGLFLRQDODRVHUYLoRH[WUDRUGLQiULRDGLFLRQDODRGH
IpULDVGRVHUYLGRUFRUUHVSRQGHQWHDRWHPSRQDIXQomRGHVHPSHQKDGD
&216,*1$d2
'RFXPHQWRVUHIHUHQWHVDRGHVFRQWRQDIRQWHREULJDWyULRFRPSXOVyULRRXIDFXOWDWLYRDR
VHUYLGRU
'HVFRQWR2EULJDWyULR
'HVFRQWR REULJDWyULR RX FRPSXOVyULR p WRGR DTXHOH DSOLFDGR SRU IRUoD GD
OHJLVODomRRXPDQGDGRMXGLFLDOFRPSUHHQGHQGRFRQWULEXLomRIL[DGDHPIDYRUGD
)D]HQGD(VWDGXDORX)HGHUDOHGD3DUDQiSUHYLGrQFLD SUrPLRGHVHJXURGHYLGD
FRPSXOVyULR
&RQWULEXLomR3UHYLGHQFLiULD
3HQVmR$OLPHQWtFLD
3HQVmRDOLPHQWtFLDHRXWUDVTXDQWLDVHPFXPSULPHQWRDGHFLVmRMXGLFLDO
,PSRVWR5HWLGRQD)RQWH
'HVFRQWR3HUPLWLGR
'HVFRQWRSHUPLWLGRRXIDFXOWDWLYRpDTXHOHDSOLFDGR SHOD H[SUHVVD DXWRUL]DomR
GRVHUYLGRUSDUDFXVWHLRGHSUrPLRGHVHJXURGHYLGDHPJUXSRPHQVDOLGDGHGH
36
SODQRGHVD~GHVHUYLoRGHHPHUJrQFLDPpGLFDHDVVLVWrQFLDIXQHUDODPRUWL]DomR
GHILQDQFLDPHQWRGHFDVDSUySULDDOXJXHOSDUDILQVGHUHVLGrQFLDGRFRQVLJQDQWH
GHVSHVDV FRP DUHDOL]DomRGHFRPSUDVVHUYLoRVH VDTXHVXWLOL]DQGRFDUWmRGH
EHQHItFLRVHPUHGHFUHGHQFLDGDGRHPLWHQWHGRFDUWmRTXHDWHQGDDRVUHTXLVLWRV
GHDPSOLDomRGRSRGHUGHFRPSUDGRVVHUYLGRUHVFDUDFWHUL]DQGRFRPSUDjYLVWD
SRGHQGRHVWDFRPSUDVHUSDUFHODGDGHVGHTXHQmRWHQKDFXVWRILQDQFHLURSDUDR
VHUYLGRU GHVSHVD KRVSLWDODU H RGRQWROyJLFD PHQVDOLGDGH GH FXUVR UHJXODU
SURPRYLGRSRULQVWLWXLomRGHHQVLQRIXQGDPHQWDOPpGLRHVXSHULRUPHQVDOLGDGH
GH FRRSHUDWLYD GH FUpGLWR P~WXR GH VHUYLGRU S~EOLFR QR (VWDGR GR 3DUDQi
DVVRFLDomR DVVLVWHQFLDO H VLQGLFDWR OHJDOPHQWH UHFRQKHFLGR FRPR RUJDQL]DomR
UHSUHVHQWDWLYD GH FODVVH GH PLOLWDU H GH VHUYLGRU S~EOLFR HVWDGXDO GR 3DUDQi
DX[tOLRILQDQFHLURGHDVVRFLDomRDVVLVWHQFLDOHVLQGLFDWROHJDOPHQWHUHFRQKHFLGR
FRPR RUJDQL]DomR UHSUHVHQWDWLYD GH FODVVH GH PLOLWDU H GH VHUYLGRU S~EOLFR
HVWDGXDOGR3DUDQiRXHPSUpVWLPRGHLQVWLWXLomREDQFiULDILQDQFHLUDFRRSHUDWLYD
GHFUpGLWRP~WXRHGHHQWLGDGHDEHUWDGHSUHYLGrQFLDSULYDGDFRQWULEXLomRSDUD
HQWLGDGH DEHUWD GD SUHYLGrQFLD SULYDGD GHVSHVD GHFRUUHQWH D FUpGLWR URWDWLYR
DPRUWL]Do}HVGHGHVSHVDVHIHWXDGDVSRUPHLRGHFDUWmRGHFUpGLWREHPFRPR
GHVSHVDVGHXWLOL]DomRFRPDILQDOLGDGHVDTXHDPRUWL]DomRGHGHVSHVDVGHFDUWmR
GH EHQHItFLR H GHVSHVDV FRP ILQDQFLDPHQWR GH EHQV GXUiYHLV
/HL(VWDGXDOQGHGHPDLRGH
$-8'$'(&8672
'RFXPHQWRVUHIHUHQWHVjFRPSHQVDomRGHGHVSHVDGHYLDJHPHLQVWDODomRFRQFHGLGDD
VHUYLGRUHVTXHHPYLUWXGHGHUHPRomRQRPHDomRSDUDFDUJRHPFRPLVVmRRXGHVLJQDomR
SDUDIXQomRJUDWLILFDGDVHUYLoRRXHVWXGRSDVVHDWHUH[HUFtFLRSURILVVLRQDOHPQRYDVHGH
$8;Ë/,2
&RQFHVVmRRXFDQFHODPHQWRGHDX[tOLRDOLPHQWDomRDVVLVWrQFLDSUpHVFRODUPRUDGLD
VDOiULRIDPtOLD GRHQoD DFLGHQWH YDOHWUDQVSRUWH IXQHUDO QDWDOLGDGH UHFOXVmR
GLIHUHQoDGHFDL[D
$X[tOLRIXQHUDO
'RFXPHQWRVUHVSHFWLYRVDRYDORUSDJRSRURFDVLmRGRyELWRGRVHUYLGRUFRQIRUPH
SUHYLVWRQR(VWDWXWRGRV)XQFLRQiULRV&LYLVGR3DUDQi
$X[tOLRUHFOXVmR
6DOiULR)DPtOLD
'RFXPHQWRV SHUWLQHQWHV D EHQHItFLR FRQFHGLGR SHOR (VWDGR DR VHUYLGRU FLYLO
PLOLWDU HP GLVSRQLELOLGDGH FRPR FRQWULEXLomR DR FXVWHLR GDV GHVSHVDV GH
PDQXWHQomRGHVXDIDPtOLD3$5$1È6($3S
)e5,$6
'RFXPHQWRV UHODWDFLRQDGRV jV IpULDV GR VHUYLGRU FRPR UHTXHULPHQWR LQWHUUXSomR
FDQFHODPHQWRHSDUDDTXHOHVUHJLGRVSHOD&/7VROLFLWDomRGHDERQRSHFXQLiULR
(VFDODGH)pULDV
&RQWDJHPGHIpULDVHPGREUR
37
$)$67$0(172$86Ç1&,$
'RFXPHQWRVUHIHUHQWHDRDIDVWDPHQWRHDDXVrQFLDGRWUDEDOKRSHUPLWLGRDRVHUYLGRU
WDLVFRPR
/LFHQoD DIDVWDPHQWR GH IXQomR j JHVWDQWH FRPSXOVyULD HP WUkQVLWR HVSHFLDO RX
3UrPLR JDOD FDVDPHQWR DFRPSDQKDU F{QMXJH VHUYLGRU S~EOLFR DPDPHQWDomR
PDWHUQLGDGHSDUDILQVGHDGRomROHJDOQDWLPRUWRHGHSDWHUQLGDGHQRMRIDOHFLPHQWRGH
IDPLOLDU FRQFRUUHU RX H[HUFHU FDUJR HOHWLYR PDQGDWR HOHWLYR RX OHJLVODWLYR
GHVHPSHQKR GH PDQGDWR FODVVLVWD SDUWLFLSDU GH FXUVR GH SyVJUDGXDomR WUkPLWH GH
DSRVHQWDGRULDWUDWDPHQWRGHVD~GHWUDWDPHQWRGHVD~GHGHSHVVRDGDIDPtOLDWUDWDUGH
LQWHUHVVHSDUWLFXODUVHUYLoRPLOLWDUREULJDWyULRDFLGHQWHGHWUDEDOKRHUHDGDSWDomR
$XVrQFLDVDOLVWDPHQWRHOHLWRUDOGRDomRGHVDQJXHKRUiULRHVSHFLDOHVWXGDQWHSUHVWDU
GHSRLPHQWRPLVVmRRXHVWXGRQR%UDVLORXQRH[WHULRUH[HUFtFLRGHFDUJRGHGLUHomR
FKHILD RX HP FRPLVVmR VHUYLU DR 7ULEXQDO5HJLRQDO (OHLWRUDO VHUYLU FRPR MXUDGR H
RXWURVVHUYLoRVREULJDWyULRVSRUOHLHSULVmRSURYLVyULD
'(&/$5$d2'(%(16
'HFODUDomRGHEHQVGRVHUYLGRUHRFXSDQWHGHFDUJRGHFRQILDQoD
$385$d2'(5(63216$%,/,'$'($d2',6&,3/,1$5
'RFXPHQWRVFRQFHUQHQWHV jDSXUDomR GH UHVSRQVDELOLGDGHHDomRGLVFLSOLQDULPSRVWDDR
VHUYLGRU2UHJLVWURGDSHQDOLGDGHGLVFLSOLQDUGHYHUiVHUIHLWRQRDVVHQWDPHQWRIXQFLRQDO
FyGLJR
352&(662680È5,2
'RFXPHQWRVUHODWLYRVDDSXUDomRGHLQIUDomRGLVFLSOLQDUOHYHQRVFDVRVHPTXHDIDOWD
IRUFRQIHVVDGDGRFXPHQWDOPHQWHSURYDGDRXPDQLIHVWDPHQWHHYLGHQWHFRPDSRVVtYHO
DSOLFDomRGHSHQDVFRPRDGYHUWrQFLDUHSUHHQVmRVXVSHQVmRHPXOWD
352&(662'(6,1',&Æ1&,$
'RFXPHQWRVUHIHUHQWHVDRSURFHVVRGHVLQGLFkQFLDSDUDDSXUDomRGHIDOWDGLVFLSOLQDU
DEDQGRQRGHFDUJRGHQ~QFLDIXUWRGHEHQVPyYHLVHGDQRVHPEHQVPyYHLVHLPyYHLV
DWR GH FRQVWLWXLomR GD FRPLVVmR GH VLQGLFkQFLD SXEOLFDomR GR DWR LQVWDODomR
GHSRLPHQWRHUHODWyULR
352&(662$'0,1,675$7,92
3URFHVVRDGPLQLVWUDWLYRGLVFLSOLQDULQVWDXUDomRGRLQTXpULWRLQVWUXomRODXGRWpFQLFRH
SHULFLDOHGLWDOGHIHVDUHODWyULRMXOJDPHQWRUHYLVmRDSOLFDomRGHSHQD
35(9,'Ç1&,$$66,67Ç1&,$(6(*85,'$'(62&,$/
&ODVVLILFDPVH GRFXPHQWRVUHVSHFWLYRV jSUHYLGrQFLD DVVLVWrQFLD HVHJXULGDGH VRFLDOGR
VHUYLGRUDWLYRHLQDWLYRVHXVGHSHQGHQWHVHSHQVLRQLVWDV
$326(17$'25,$5(6(59$5(081(5$'$5()250$5(081(5$'$
,QFOXHPVH GRFXPHQWRV UHODWLYRV DRV SURFHVVRV GH DSRVHQWDGRULD UHVHUYD H UHIRUPD
UHPXQHUDGDVXDUHYLVmRHRXSURYHQWRV
&RQWDJHP$FHUYR$YHUEDomRGH7HPSRGH6HUYLoR
3HQVmR
38
3HQVmR9LWDOtFLD
3URFHVVRGH&RPSHQVDomR3UHYLGHQFLiULD
,QVWLWXLomRGH'HSHQGHQWH
(;3(',d2'(&(57,'2
7UDWDVHGHFHUWLGmRRULJLQDOQmRUHWLUDGD
&HUWLGmRGH&RQWULEXLomR3UHYLGHQFLiULD
&HUWLGmR6H9LYR)RVVH
6(*85$1d$'275$%$/+26$Ò'(1275$%$/+2
&ODVVLILFDPVH GRFXPHQWRV UHODWLYRV DR GHVHQYROYLPHQWR GH Do}HV FRP D ILQDOLGDGH GH
SURPRYHUDVHJXUDQoDGRWUDEDOKRHDVD~GHGRVHUYLGRU
&21752/($0%,(17$/35(6(59$d2'$6$Ò'(
'RFXPHQWRV UHIHUHQWHV DR FRQWUROH GRV ULVFRV DPELHQWDLV YLVDQGR D SUHVHUYDomR GD
VD~GHGRVHUYLGRU
$WHVWDGRGH6D~GH2FXSDFLRQDO±$62
&HUWLILFDGRGH$SURYDomRGH,QVWDODo}HV±&$,
'DGRV,QIRUPDWLYRVGH$FLGHQWHV',$
'HFODUDomRGHLQVWDODo}HV
'RVVLrGHFDPSDQKDGHSUHYHQomR
/DXGRGH$YDOLDomR$PELHQWDO
3URJUDPDGH&RQWUROH0pGLFRGH6D~GH2FXSDFLRQDO3&062
3URJUDPDGH3UHYHQomRGH5LVFRV$PELHQWDLV±335$
3URQWXiULR0pGLFRGR6HUYLGRU
35(9(1d2'($&,'(17(6'(75$%$/+2
'RFXPHQWRVUHODFLRQDGRVj3UHYHQomRH&RQWUROHGH$FLGHQWHVGH7UDEDOKRQRÏUJmRH
RX(QWLGDGH
&RPXQLFDomRGHDFLGHQWHGH7UDEDOKR&$7
39
3URFHVVRGH(OHLomRGD&,3$
'RVVLrGD&,3$SRU0DQGDWR
)LFKDGH,QIRUPDomRSDUDR0LQLVWpULRGR7UDEDOKR6607
/LVWDGH3UHVHQoDHP5HXQL}HVGD&,3$
/LYURGH$WDVGD&,3$
/LYURGH,QVSHomRGR7UDEDOKR
0DQXDOGH6HJXUDQoDH3UHYHQomRGH$FLGHQWHV
0DSD$QXDOGH$FLGHQWHVGH7UDEDOKR
0DSDGHULVFRV
5HODWyULRGD&RPLVVmR3HUPDQHQWHGH6HJXUDQoD
&21752/('()5(48Ç1&,$
'RFXPHQWRVUHIHUHQWHVDRKRUiULRGHH[SHGLHQWHHDRUHJLVWURGHIUHTXrQFLDGRVVHUYLGRUHV
/,952&$572)2/+$32172
$7(67$'2'()5(48Ç1&,$$%212-867,),&$7,9$'()$/7$
%2/(7,0'()5(48Ç1&,$
&21752/('(+25$(;75$
(6&$/$'(75$%$/+2('(3/$172
'(/(*$d2'(&203(7Ç1&,$
&DUWDGHSUHSRVWRHSURFXUDomR
35(67$d2'(6(59,d2352),66,21$/
'RFXPHQWRV UHODWLYRV j SUHVWDomR GH VHUYLoR GH SURILVVLRQDO LQFOXVLYH GH SURILVVLRQDO
DXW{QRPRFRPRUHFLERGHSDJDPHQWRFRPSURYDQWHGHUHFROKLPHQWRGHHQFDUJRVRFLDOH
UHODWyULRLQFOXVLYHOLFLWDomRFRQWUDWRHDGLWDPHQWR
(67$*,È5,2
(VWDJLiULR GH SyVJUDGXDomR QtYHO VXSHULRU PpGLR VXSOHWLYR H SURILVVLRQDOL]DQWH H GH
40
HVFRODVGHHGXFDomRHVSHFLDOYLQFXODGRVjHVWUXWXUDGRHQVLQRS~EOLFRHSDUWLFXODU
'266,Ç'2(67$*,È5,2
7HUPRGHFRPSURPLVVRGHHVWiJLRWHUPRDGLWLYRGRFXPHQWRSHVVRDOSODQRGRHVWiJLR
UHODWyULRGHDYDOLDomRGHGHVHPSHQKRHUHODWyULRGHDFRPSDQKDPHQWRGHHVWiJLR
),&+$&$'$675$/
)2/+$'()5(48Ç1&,$
2)(57$'((67È*,2
5(/$7Ï5,2'(3$*$0(172
5(/$7Ï5,2'()5(48Ç1&,$
7(502'(&219Ç1,2
$d2(5(&/$0$d275$%$/+,67$
0$7(5,$/
&ODVVLILFDPVHGRFXPHQWRVUHODWLYRVjDGPLQLVWUDomRGRVPDWHULDLVGRyUJmRHRXHQWLGDGH
QHFHVViULRV DR GHVHQYROYLPHQWR GH VXDV DWLYLGDGHV EHP FRPR DV IRUPDV GH DTXLVLomR
LQFRUSRUDomRHDOLHQDomRFRQWUROHGHHVWRTXHGLVWULEXLomRFRQVHUYDomRHUHFXSHUDomR
,1&25325$d2
/LFLWDomRHSURFHGLPHQWRVSRVWHULRUHV
0$7(5,$/3(50$1(17(
'RFXPHQWRVUHIHUHQWHVjLQFRUSRUDomRGHPDWHULDOSHUPDQHQWHFRPRPiTXLQDGHORQJD
GXUDomRPRELOLiULRIHUUDPHQWDREUDGHDUWHHTXLSDPHQWRGHLQIRUPiWLFDLQVWUXPHQWR
WpFQLFR GH DFRUGR FRP D 7DEHOD GH &ODVVLILFDomR GH %HQV 3HUPDQHQWHV GR (VWDGR
YLJHQWH &RQVLGHUDPVH DV YiULDV IRUPDV GH DTXLVLomR FRPSUD LQFOXVLYH SRU
LPSRUWDomR leasing GRDomR FHVVmR WUDQVIHUrQFLD SHUPXWD DOXJXHO FRPRGDWR
HPSUpVWLPRDGMXGLFDomRHGDomR
0$7(5,$/'(&216802
5HIHUHVHDGRFXPHQWRVFRQFHUQHQWHVjDTXLVLomRGHPDWHULDOGHXVRFRUUHQWHGHDFRUGR
FRPD/HL)HGHUDOQDUW&RQVLGHUDPVHDVYiULDVIRUPDVGHDTXLVLomR
FRPSUDFHVVmRGRDomRSHUPXWDDGMXGLFDomRHGDomR
&$'$6752&$3$&,'$'(7e&1,&$'()251(&('25(6
5(48,6,d2',675,%8,d2$50$=(1$0(172029,0(17$d2'(
0$7(5,$/
&21752/('((67248(
41
3ODQLOKDGHFRQWUROHGRDPELHQWH
3ODQLOKDVHUHODWyULRVUHIHUHQWHVDRFRQWUROHGHWHPSHUDWXUDHXPLGDGHGRDPELHQWH
GHDUPD]HQDJHP
(;75$9,2528%2'(6$3$5(&,0(172)8572
%ROHWLPGHRFRUUrQFLDFRPXQLFDomRODXGRWpFQLFRHQWUHRXWURV
75$163257('(0$7(5,$/
'RFXPHQWRVUHODFLRQDGRVDRWUDQVSRUWHGHPDWHULDOSHUPDQHQWHHGHFRQVXPRFRPR
DXWRUL]DomRWHUPRGHUHVSRQVDELOLGDGHHJDUDQWLD
6$Ë'$'(0$7(5,$/
5(&2/+,0(172'(0$7(5,$/$2'(3Ï6,72
5(48,6,d2&21752/('(6(59,d25(352*5È),&2
5HIHUHVH DRV GRFXPHQWRV FRPR D UHTXLVLomR H R FRQWUROH GH VHUYLoR UHSURJUiILFR
LQFOXVLYHDVVLQDWXUDDXWRUL]DGD
(TXLSDPHQWRUHSURJUiILFR
'RFXPHQWRVUHODWLYRVDLQVWDODomRFRQVHUYDomRUHSDURHRSHUDomR
$/,(1$d2
'RFXPHQWRVTXHFRQFHUQHPjDOLHQDomRGHPDWHULDOSHUPDQHQWHHGHFRQVXPRVHMDSRU
FHVVmRFRPRGDWRGRDomROHLOmRSHUPXWDRXWUDQVIHUrQFLD
7(502'(,16(59,%,/,'$'(
&216(59$d25(&83(5$d2
5HODWyULRVWpFQLFRVHFRQWUDWRVUHIHUHQWHVDRVHUYLoRGHLQVWDODomRPDQXWHQomRHFRQVHUWR
GHPRELOLiULRHTXLSDPHQWRVLQFOXVLYHGHLQIRUPiWLFD
6(59,d2(;(&87$'2(02),&,1$'2Ï5*2
'RFXPHQWRVUHODWLYRVDRVVHUYLoRVGHPDQXWHQomRHFRQVHUWRH[HFXWDGRHPRILFLQDVGR
yUJmR
6(59,d2(;(&87$'2(02),&,1$)25$'2Ï5*2
'RFXPHQWRV UHIHUHQWHV DRV VHUYLoRV GH PDQXWHQomR H FRQVHUWRV HP RILFLQDV IRUDGR
yUJmR,QFOXVLYHDOLFLWDomRHSURFHGLPHQWRVSRVWHULRUHVFRPRFRQWUDWRHWHUPR
,19(17È5,2'(0$7(5,$/
5HJLVWURHDEDL[DGHPDWHULDO
3(50$1(17(
5HJLVWUROLVWDJHPEDL[DWRPEDPHQWRWHUPRGHUHVSRQVDELOLGDGHHQWUHRXWURV
'(&216802
5HJLVWUROLVWDJHPEDL[DWHUPRGHUHVSRQVDELOLGDGHHQWUHRXWURV
42
(63(&,),&$d23$'521,=$d235(9,62&$7È/2*26
0$18$/7(502'(*$5$17,$5(&(%,0(172
0DQXDLVGHXWLOL]DomRHWHUPRRXFHUWLILFDGRGHJDUDQWLDHUHFHELPHQWRGRHTXLSDPHQWR
3$75,0Ð1,2'2(67$'2
&ODVVLILFDPVH GRFXPHQWRV UHODWLYRV DRV EHQV SDWULPRQLDLV PyYHLV LPyYHLV YHtFXORV H
VHPRYHQWHVSHUWHQFHQWHVDRyUJmRHRXHQWLGDGHEHPFRPRIRUPDVGHDTXLVLomRDOLHQDomRH
LQFRUSRUDomRVHUYLoRVGHPDQXWHQomROLPSH]DUHFXSHUDomRJXDUGDHVHJXUDQoD
%(16,0Ï9(,6
,QFOXHPVH GRFXPHQWRV UHIHUHQWHV D EHQV LPyYHLV FRPR YLVWRULD UHWLILFDomR GD iUHD
UHJXODUL]DomRLPRELOLiULDGLVSRQLELOLGDGHGHEHPLPyYHOHGRFXPHQWRVFDUWRULDLVHVFULWXUD
UHJLVWURSODQWDHSURMHWRUHODWLYRDRHGLItFLRWHUUHQRUHVLGrQFLDHVDOD2RULJLQDOGDHVFULWXUD
UHJLVWURGRLPyYHOHSODQWDGRWHUUHQRpGHJXDUGDGD&RRUGHQDGRULDGR3DWULP{QLRGR(VWDGR
3ODQWDVHSURMHWRVUHODWLYRVDRVHGLItFLRVUHVLGrQFLDVHVDODVVmRJXDUGDGDVSHORyUJmRTXH
RFXSDRLPyYHO6XJHUHVHDEULUXPDSDVWDSDUDFDGDLPyYHO
,167$/$d2)251(&,0(1726(59,d26%È6,&26
,QFOXHPVHGRFXPHQWRVUHIHUHQWHVDGHVSHVDFRPRVHUYLoRGHiJXDHHVJRWROX]JiV
FRQGRPtQLRUHGHOyJLFDLQWHUQHWHWHOHIRQLD
,1&25325$d2
,QVHUHPVHGRFXPHQWRVUHODFLRQDGRVjLQFRUSRUDomRGHEHQVLPyYHLVVHMDSRUFRPSUD
FHVVmRGRDomRSHUPXWDWUDQVIHUrQFLDDUUHQGDPHQWRFRPRGDWRDGMXGLFDomRHGDomR
DOpPGDOLFLWDomRHSURFHGLPHQWRVSRVWHULRUHV
'(6,1&25325$d2
'RFXPHQWRVUHODWLYRVjDOLHQDomRGHEHQVLPyYHLVVHMDSRU YHQGDFHVVmRFRPRGDWR
GRDomR SHUPXWD OHLOmR WUDQVIHUrQFLD GHVPHPEUDPHQWR GHVRFXSDomR GHYROXomR H
GHVYLQFXODomRGHEHPLPyYHO
2%5$6
'RFXPHQWRV TXH UHIHUHQWHV j FRQVWUXomR PDQXWHQomR UHIRUPD UHFXSHUDomR
UHVWDXUDomRUHODWyULRWpFQLFRDOpPGHOLFLWDomRHLQWHUGLomR
7HUPRGHUHFHELPHQWRGHILQLWLYR
'L]UHVSHLWRDRVGRFXPHQWRVUHVSHFWLYRVj DXWRUL]DomR GHXVR GHEHPLPyYHO
$YDOLDomR$OYDUi$YHUEDomRGDHGLILFDomR(VFULWXUD)DL[DGHGRPtQLR6LQLVWUR
/2&$d287,/,=$d2
6(*852'(%(0,0Ï9(/7$;$75,%872
43
6(59,d2'(0$187(1d2/,03(=$'(6,1)(67$d2'(%(0,0Ï9(/
,QFOXHPVHGRFXPHQWRVUHODWLYRVjPDQXWHQomRGHHOHYDGRUDSDUHOKRGHFOLPDWL]DomR
LPXQL]DomR GHVLQIHVWDomR OLPSH]D H VLVWHPD GH PRQLWRUDPHQWR DOpP GH OLFLWDomR
6XJHUHVHDEULUXPDSDVWDSRUWLSRGHPDQXWHQomR
,19(17È5,2
7232*5$),$'(%(0,0Ï9(/
868&$3,2'(%(0,0Ï9(/
9(Ë&8/2
'RFXPHQWRV UHIHUHQWHV D FDGD YHtFXOR GR ÏUJmR 6XJHUHVH DEULU XPD SDVWD SDUD FDGD
YHtFXOR
,1&25325$d2
,QVHUHPVH GRFXPHQWRV UHODWLYRV j DTXLVLomR GH YHtFXOR VHMD SRU FRPSUD LQFOXVLYH
LPSRUWDomR FHVVmR GRDomR SHUPXWD WUDQVIHUrQFLD DGMXGLFDomR RX GDomR DOpP GH
OLFLWDomR
/2&$d2
&$'$6752/,&(1&,$0(1726(*852(03/$&$0(172
'(6,1&25325$d2720%$0(172
,QFOXHPVH GRFXPHQWRV UHIHUHQWHV j DOLHQDomR GH YHtFXOR VHMD SRU FHVVmR GRDomR
SHUPXWDOHLOmRHWUDQVIHUrQFLD
$%$67(&,0(1720$187(1d25(3$52,163(d2
,QFOXHPVHGRFXPHQWRVUHODFLRQDGRVDRDEDVWHFLPHQWROLPSH]DPDQXWHQomRUHSDURH
LQVSHomRDOpPGHOLFLWDomRGHVWHVVHUYLoRV
$&,'(17(,1)5$d208/7$'(75Æ16,72
&21752/(($8725,=$d23$5$87,/,=$d2'(9(Ë&8/2
5HTXLVLomR HILFKD GHFRQWUROH GHXWLOL]DomRGH YHtFXORGLiULRGHERUGR OLEHUDomR
DXWRUL]DomRSDUDXVRHUHODWyULRJHUDO
7(502'(,16(59,%,/,'$'(
7UDWDVHGHGRFXPHQWRGHVWLQDGRDDOLHQDomRGRYHtFXOR
,19(17È5,2
%(166(029(17(6
,19(17È5,2)Ë6,&2(),1$1&(,52'(%(06(029(17(
44
,1&25325$d2'(%(06(029(17(
'(6,1&25325$52'(%(06(029(17(
$/,(1$d23$5$9(1'$'(%(06(029(17(
'2$d2'(%(06(029(17(
&(662'(862'(%(06(029(17(
75$163$5Ç1&,$(175(Ï5*26'(%(06(029(17(
6,1',&Æ1&,$5(/$7,9$¬'()(6$'23$75,0Ð1,26(029(17(
%(160Ï9(,6
,19(17È5,2)Ë6,&2(),1$1&(,52'(%(00Ï9(/
,1&25325$d2'(%(00Ï9(/
'(6,1&25325$d2'(%(00Ï9(/
$/,(1$d23$5$9(1'$'(%(00Ï9(/
'2$d2'(%(00Ï9(/
&(662'(862'(%(00Ï9(/
75$16)(5Ç1&,$(175(Ñ5*26'(%(00Ï9(/
6,1',&Æ1&,$5(/$7,9$¬'()(6$'23$75,0Ð1,202%,/,È5,2
6,67(0$ '( *(672 '( %(16 0Ï9(,6 $78$/,=$d2 $&(662 &$'$6752
75(,1$0(172
*8$5'$(6(*85$1d$
'RFXPHQWRV UHODWLYRV j JXDUGD H PHGLGDV GH VHJXUDQoD GH EHQV SDWULPRQLDLV DOpP GH
OLFLWDomR
6(59,d26'(9,*,/Æ1&,$(3257$5,$
,QFOXHPVHGRFXPHQWRVUHODWLYRVjYLJLOkQFLDPRQLWRUDGDDUPDGDGHVDUPDGDGHEHP
LPyYHOOLFLWDomRFRQWUDWRRFRUUrQFLDVHGRFXPHQWDomRWUDEDOKLVWD
6,1,6752
'L]UHVSHLWRDRVGRFXPHQWRVUHIHUHQWHVjYLVWRULDVLQGLFkQFLDHSHUtFLDWpFQLFDUHODWLYDD
LQFrQGLRDFLGHQWHVGHFDXVDVQDWXUDLVHSURYHQLHQWHGHIDOKDGHSURMHWRHHGLILFDomR
3UHYHQomRGHLQFrQGLR
'RFXPHQWRVUHIHUHQWHVDLQVWDODomRYLVWRULDDWHVWDGRHPDQXWHQomRGHVLVWHPDGH
45
46
352*5$0$d225d$0(17È5,$
$/7(5$d225d$0(17È5,$
(;(&8d2)Ë6,&$'225d$0(172
),1$1d$6
'L]UHVSHLWRDRVGRFXPHQWRVUHIHUHQWHVjVDWLYLGDGHVGHSURJUDPDomRSUHYLVmRH[HFXomRH
DFRPSDQKDPHQWRILQDQFHLUR
352*5$0$d2),1$1&(,5$'('(6(0%2/62
(;(&8d2'$5(&(,7$
'RFXPHQWRV UHIHUHQWHV DRV FUpGLWRV GR 7HVRXUR FRWD UHSDVVH H VXEUHSDVVH WD[D
FREUDGDSRUVHUYLoRPXOWDHPROXPHQWRHRXWUDVUHQGDVDUUHFDGDGDV
(;(&8d2'$'(63(6$
,QFOXHPVH GRFXPHQWRV UHODWLYRV jV GHVSHVDV FRUUHQWHV H GH FDSLWDO DGLDQWDPHQWR
VXEYHQomR H VXSULPHQWR SHGLGR GH HPSHQKR HPSHQKR OLTXLGDomR RUGHP GH
SDJDPHQWRQRWDILVFDOUHFLERIDWXUDGXSOLFDWDQRWDGHODQoDPHQWRFRQWiELOHRXWURV
23(5$d®(6%$1&È5,$6
5HIHUHVHDRVGRFXPHQWRVGHDEHUWXUDHIHFKDPHQWRGHFRQWDFRUUHQWHHGHDSOLFDomR
(;75$72%$1&È5,2029,0(17$d2%$1&È5,$
'RFXPHQWRVUHIHUHQWHVjPRYLPHQWDomRGDFRQWDFRUUHQWHHDSOLFDomRILQDQFHLUD
,03267267$;$675,%8726
&21752/(&217È%,/
%$/$1d2
,QFOXHPVH GRFXPHQWRV SHUWLQHQWHV D EDODQoRV UHVXOWDQWHV GH DWLYLGDGHV GH JHVWmR
RUoDPHQWiULDHILQDQFHLUD
%$/$1&(7(
/,952&$,;$
/,952',È5,2
/,9525$=2
35(67$d2'(&217$6720$'$'(&217$6
'RFXPHQWRV UHODWLYRV DR SDJDPHQWR GH HQFDUJR SDWURQDO H j SUHVWDomR GH VHUYLoR GH
SURILVVLRQDODXW{QRPRTXDQGRFRPS}HPDSUHVWDomRGHFRQWDVGHYHPVHUGHVHQWUDQKDGRVH
DUTXLYDGRVQRVUHVSHFWLYRVFyGLJRV
3$*$0(172'((1&$5*265(&2/+,0(1726
47
&2175,%8,d26,1',&$/
&2175,%8,d23$5$),1$1&,$0(172'$6(*85,'$'(62&,$/&2),16
)81'2'(*$5$17,$3257(032'(6(59,d2)*76
)81'2'(,19(67,0(17262&,$/±),162&,$/
,03267262%5(6(59,d2±,66
&2175,%8,d235(9,'(1&,È5,$
eD FRQWULEXLomRGRVHUYLGRU DR UHJLPH GH SUHYLGrQFLDD TXH HVWLYHU YLQFXODGRWDLV
FRPR3DUDQDSUHYLGrQFLD,166
,032672'(5(1'$±,5
'2&80(17$d2(,1)250$d2
&ODVVLILFDPVH GRFXPHQWRV UHIHUHQWHV j SXEOLFDomR SURGXomR HGLWRULDO GRFXPHQWDomR
ELEOLRJUiILFD DTXLVLomR FRQWUROH EHP FRPR GRFXPHQWRV UHIHUHQWHV j SURGXomR FRQWUROH
DYDOLDomR DUTXLYDPHQWR H GHVWLQDomR GH GRFXPHQWR DUTXLYtVWLFR FRPR WDPEpP DTXHOHV
UHODFLRQDGRVFRPDVDWLYLGDGHVGHLQIRUPiWLFD
38%/,&$d2'(0$7e5,$612',È5,22),&,$/%2/(7,0'(6(59,d2
(2875263(5,Ï',&26
352'8d2(',725,$/
,QFOXHPVH GRFXPHQWRV UHODWLYRV DR SUHSDUR H LPSUHVVmR GLVWULEXLomR SURPRomR
GLYXOJDomRHYHQGD
2%5$38%/,&$'$
(GLomRRXFRHGLomRGHSXEOLFDomRHPJHUDOSURGX]LGDRXUHSURGX]LGDSHORyUJmRHRX
HQWLGDGHEHPFRPRGRFXPHQWRVUHODWLYRVDFHVVmRGHGLUHLWRVDXWRUDLV
'2&80(17$d2%,%/,2*5È),&$
1RUPDHPDQXDOWpFQLFRDGRWDGRVSDUDRWUDWDPHQWRGDGRFXPHQWDomRELEOLRJUiILFD
&2035$'2$d23(5087$&(662
,QFOXHPVH GRFXPHQWRV GH DTXLVLomR UHIHUHQWHV D PDWHULDO ELEOLRJUiILFR LQFOXVLYH
DVVLQDWXUDGHSHULyGLFR
5(*,6752
'RFXPHQWRVUHIHUHQWHVjLQFRUSRUDomRHEDL[DGHPDWHULDOELEOLRJUiILFRDRDFHUYR
,19(17È5,2
&$7$/2*$d2&/$66,),&$d2
48
5()(5Ç1&,$&,5&8/$d2
'RFXPHQWRVUHODFLRQDGRVjFRQVXOWDSHVTXLVDELEOLRJUiILFDELEOLRJUDILDHPSUpVWLPRH
LQWHUFkPELRHQWUHELEOLRWHFDV
6,67(0$'($548,92&21752/('('2&80(1726&21752/('(
,1)250$d2
1RUPDVHPDQXDLVWpFQLFRVGHLPSODQWDomRHJHVWmRGHDUTXLYRHGHFRQWUROHHDFHVVRDRV
GRFXPHQWRV
352'8d2'('2&80(1726/(9$17$0(172&21752/('2)/8;2
35272&2/25(&(3d275$0,7$d2((;3(',d2'('2&80(1726
*XLDVGHWUDPLWDomROLYURGHFRQWUROHILFKDGHDFRPSDQKDPHQWRGHSURFHVVRFRQWUROH
GHVHUYLoRSRVWDOHOLVWDGHUHPHVVDGHPDORWH
&/$66,),&$d2($548,9$0(172
'RFXPHQWRV FRPR R &yGLJR GH &ODVVLILFDomR H D 7DEHOD GH 7HPSRUDOLGDGH GH
'RFXPHQWRVEHPFRPRQRUPDVGHGHVFULomRSODQRHGHPDLVGRFXPHQWRVFRUUHODWRV
&2168/7$((035e67,02
'RFXPHQWRVUHIHUHQWHVjFRQVXOWDHHPSUpVWLPRGHGRFXPHQWRVGHDUTXLYR
5(352'8d2'('2&80(1726
'RFXPHQWRVUHIHUHQWHVjUHSURGXomRGHPDWHULDODUTXLYtVWLFRHELEOLRJUiILFR
',$*1Ï67,&2
*(5(1&,$0(172(/(75Ð1,&2'$,1)250$d2
3/$126352-(726
352*5$0$66,67(0$6
,QFOXHPVHGRFXPHQWRVFRPRSURJUDPDVLVWHPDPDQXDOWpFQLFRPDQXDOGRXVXiULRH
OLFHQoDGHXVR
0DQXDOGRXVXiULRGHVLVWHPDGHLQIRUPiWLFDGHVHQYROYLGRSRUÏUJmR
3~EOLFR
&HUWLILFDGRGH/LFHQoDGHXVRGHSURJUDPDGHFRPSXWDGRUVRIWZDUH
0DQXDOWpFQLFRGHXVRGHSURJUDPDGHFRPSXWDGRU
%DVHGHGDGRV
$VVLVWrQFLDWpFQLFD
49
0(,26'(&2081,&$d2
&ODVVLILFDPVHGRFXPHQWRVUHODFLRQDGRVFRPDLQVWDODomRPDQXWHQomRRSHUDomRHXVRGRV
UHFXUVRVGHWHOHFRPXQLFDomR
6(59,d2'(5È',2
'RFXPHQWRVUHODWLYRVjLQVWDODomRRSHUDomRHOLFHQoDGHXVR
6(59,d2'(7(/()21,$5('(,17(51(7)$;
'RFXPHQWRVUHIHUHQWHVjLQVWDODomRRSHUDomRHFRQWUROHGHXVR
6(59,d2'(75$160,662'('$'2692=(,0$*(0
'RFXPHQWRV TXH WUDWDP GD LQVWDODomR RSHUDomR OLFHQoD GH XVR EHP FRPR OLFLWDomR
FRQWUDWRHRXWHUPR
50
7$%(/$'(7(0325$/,'$'('('2&80(1726'$6$7,9,'$'(60(,2
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
$'0,1,675$d2*(5$/
32/Ë7,&$*29(51$0(17$/ 9 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
02'(51,=$d2(5()250$$'0,1,675$7,9$ 9 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
(6758785$25*$1,=$d2()81&,21$0(172
/(*,6/$d25(*8/$0(17$d2 9 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
+$%,/,7$d2-85Ë',&$(5(*8/$5,=$d2),6&$/ 9 $3 *XDUGDSHUPDQHQWH
$&25'2&2175$72&219Ç1,27(502 9 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
3/$12352*5$0$352-(72'(75$%$/+2 $3 *XDUGDSHUPDQHQWH 4XDQWRDRVGHPDLVSODQRVSURJUDPDVHRXSURMHWRVGH
WUDEDOKR FODVVLILFDU QR DVVXQWR HVSHFtILFR 5HVROXomR
&21$54Q
&203520,6622),&,$/ $3 *XDUGDSHUPDQHQWH
$*(1'$ 9 (OLPLQDomR (OHJLELOLGDGH SDUD GHVFDUWH FRQIRUPH UHOHYkQFLD
GHWHUPLQDGDSHORSURGXWRU
$JHQGDGHDXWRULGDGH $3 *XDUGDSHUPDQHQWH
$7$'(5(81,2 $3 *XDUGDSHUPDQHQWH
&2192&$d2 1 (OLPLQDomR
0(0Ï5,$'(5(81,2 1 *XDUGDSHUPDQHQWH
3$87$'(5(81,2 9 (OLPLQDomR
&2081,&$d2$'0,1,675$7,9$(;3(',(17(
$*5$'(&,0(172)(/,&,7$d2'(63(','$3Ç6$0(6 1 (OLPLQDomR (OHJLELOLGDGH SDUD GHVFDUWH FRQIRUPH UHOHYkQFLD
GHWHUPLQDGDSHORSURGXWRU5HVROXomR&21$54Q
&$57$'($35(6(17$d2'(5(&20(1'$d2'( 1 (OLPLQDomR 5HVROXomR&21$54Q
5(35(6(17$d2
$9,62&,5&8/$5,1)250$d20(025$1'22)Ë&,2 1 (OLPLQDomR 5HVROXomR&21$54Q
25'(0'(6(59,d2 $$& (OLPLQDomR $IDVHFRUUHQWHQRVHWRUVHH[WLQJXHFRPDUHYRJDomR
GRDWR5HVROXomR&21$54Q
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
51
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
&Æ0$5$7e&1,&$&20,662&216(/+2*5832'(75$%$/+2-817$&20,7Ç
$7$3$5(&(55(/$7Ï5,2 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
&5212*5$0$'($7,9,'$'(6 9 (OLPLQDomR
5(/$7Ï5,2'($7,9,'$'(6 $3 *XDUGDSHUPDQHQWH 6mR HOHJtYHLV GH HOLPLQDomR RV UHODWyULRV FXMDV
LQIRUPDo}HV HQFRQWUDPVH UHFDSLWXODGRV HP RXWURV
UHODWyULRV5HVROXomR&21$54Q
&2081,&$d262&,$/
$57,*2127$127Ë&,$ (OLPLQDomR 5HFRPHQGDVHDUHFDSLWXODomRHWULDJHPSDUDDJXDUGD
FRPRPHPyULDLQVWLWXFLRQDO
%2/(7,0,1)250$7,92 (OLPLQDomR
CLIPPING (OLPLQDomR 6XSRUWH HP SDSHO RX PHLR HOHWU{QLFR WHP YDORU
LPHGLDWRILFDQGRDFULWpULRGRyUJmRVXDJXDUGDFRPR
PHPyULDLQVWLWXFLRQDO
,'(17,'$'(9,68$/ 9 $3 *XDUGDSHUPDQHQWH
&$03$1+$6,167,78&,21$,638%/,&,'$'(&$57$=(6 $3 *XDUGD3HUPDQHQWH 5HVROXomR&21$54Q
)2/+(726$1Ò1&,26)2/'(56
3$87$3$5$,035(16$ 9 (OLPLQDomR
5(*,6752'(,0$*(0(620 9 $3 *XDUGDSHUPDQHQWH
RELEASE6,1236( 1 (OLPLQDomR
6,7(,167,78&,21$/ 9 1 $3 *XDUGDSHUPDQHQWH 3URYLGHQFLDU FySLD GD YHUVmR DQWHULRU VHPSUH TXH
DOWHUDo}HVVXEVWDQFLDLVRFRUUDPQDVSiJLQDV+70/RX
;0/
9,6,7$,167,78&,21$/&5212*5$0$5(/$7Ï5,2( 1 $3 *XDUGDSHUPDQHQWH 6mR HOHJtYHLV GH HOLPLQDomR R FURQRJUDPD H D
'(&/$5$d2'(9,6,7$ GHFODUDomR
6,67(0$'$48$/,'$'(
3/$1(-$0(172'26,67(0$ 9 (OLPLQDomR (OHJLELOLGDGH SDUD GHVFDUWH FRQIRUPH UHOHYkQFLD
GHWHUPLQDGDSHORSURGXWRU
,03/$17$d2('(6(192/9,0(172 9 (OLPLQDomR
5(/$7Ï5,2 $3 *XDUGDSHUPDQHQWH 2V UHODWyULRV UHFDSLWXODGRV DVVLQDGRV H FHUWLILFDGRV
GLJLWDOPHQWHPHGLDQWHGLVSRVLWLYROHJDOVmRSDVVtYHLVGH
HOLPLQDomR
',5(75,=(61250$60$18$,6 9 $3 *XDUGDSHUPDQHQWH
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
52
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
&21752/('26(59,d23Ò%/,&2
5(&/$0$d2(/2*,268*(6723527(672 9 (OLPLQDomR 'H DFRUGR FRP D UHOHYkQFLD GR DVVXQWR SRGHUmR WHU
&5Ë7,&$5(,9,1',&$d2 JXDUGDSHUPDQHQWH
5(/$7Ï5,2 $3 *XDUGDSHUPDQHQWH 5HODWyULRVSDUFLDLVVHUHFDSLWXODGRVQRVUHODWyULRVILQDLV
SRGHP VHU HOLPLQDGRV DSyV DQRV 5HVROXomR
&21$54Q
'(1Ò1&,$ $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
&(5,0Ð1,$2),&,$/
',6&85623$/(675$ $3 *XDUGDSHUPDQHQWH 7UDWDPVHGHKDYHUVRPHQWHDFySLDDPHVPDSDVVDWHU
YDORUGHRULJLQDO
3$57,&,3$d2(0(9(1726352029,'2325287526 1 (OLPLQDomR 5HVROXomR&21$54Q
Ï5*26
3$57,&,3$d2(0(9(1726352029,'263(/2Ï5*2 (OLPLQDomR 5HVROXomR&21$54Q
&219,7(352*5$0$/,67$'(35(6(1d$5(/$d2'(
&219,'$'26
25*$1,=$d2(283$57,&,3$d2(062/(1,'$'(6 1 (OLPLQDomR 5HVROXomR&21$54Q
$d2-8',&,$/ $3 *XDUGDSHUPDQHQWH 1DDXVrQFLDGRRULJLQDODFySLDGHYHUiVHUPDQWLGDSHOR
SURGXWRU5HVROXomR&21$54Q
5(&85626+80$126
$72$'0,1,675$7,92 9 $3 *XDUGDSHUPDQHQWH $YLJrQFLDVHHVJRWDFRPDUHYRJDomRGRDWR
5(/$d2&20Ï5*261250$/,=$'25(6'2
75$%$/+2
5(/$d2$18$/'(,1)250$d®(662&,$,65$,6 (OLPLQDomR &RQIRUPHGHWHUPLQDo}HVGR07(
&$'$6752*(5$/'((035(*$'26('(6(035(*$'26 9 (OLPLQDomR 3RUWDULDGR07(QDUW
&$*('
6,1',&$72$&25'2',66Ë',2&2/(7,92029,0(172 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
$662&,$d2
$66(17$0(172)81&,21$/ 9 (OLPLQDomR 9 (QTXDQWRRVHUYLGRUPDQWLYHUYtQFXORHPSUHJDWtFLR
FRPR(VWDGR5HVROXomR&21$54Q
5(&587$0(1726(/(d2
&$1','$72$&$5*23Ò%/,&2 9 (OLPLQDomR
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
53
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
352&(662'(6(/(d2 $3 *XDUGDSHUPDQHQWH $VUHFDSLWXODo}HVDVVLQDGDVHFHUWLILFDGDVGLJLWDOPHQWH
GmR HOHJLELOLGDGH SDUD GHVFDUWH PHGLDQWH GLVSRVLWLYR
OHJDO5HVROXomR&21$54Q
3529$7(67( $3 *XDUGDSHUPDQHQWH $VUHFDSLWXODo}HVDVVLQDGDVHFHUWLILFDGDVGLJLWDOPHQWH
GmR HOHJLELOLGDGH SDUD GHVFDUWH PHGLDQWH GLVSRVLWLYR
OHJDO5HVROXomR&21$54Q
$3(5)(,d2$0(17275(,1$0(172&$3$&,7$d2
&8562352029,'23(/$,167,78,d2 1 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
)LFKDGHLQVFULomR5HODWyULRGHDXVrQFLD3HV 1 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
TXLVDGHRSLQLmRGHSDUWLFLSDQWHV
&DGDVWURGHLQVWUXWRUHV 9 (OLPLQDomR
5HODWyULRGHFXVWRV $$& (OLPLQDomR
&8562352029,'23252875$,167,78,d2 1 $3 *XDUGDSHUPDQHQWH $VUHFDSLWXODo}HVDVVLQDGDVHFHUWLILFDGDVGLJLWDOPHQWH
GmR HOHJLELOLGDGH SDUD GHVFDUWH PHGLDQWH GLVSRVLWLYR
OHJDO5HVROXomR&21$54Q
$WHVWDGRGHIUHTXrQFLDHPFXUVR 1 $3 *XDUGDSHUPDQHQWH $VUHFDSLWXODo}HVDVVLQDGDVHFHUWLILFDGDVGLJLWDOPHQWH
GmR HOHJLELOLGDGH SDUD GHVFDUWH PHGLDQWH GLVSRVLWLYR
OHJDO
3/$1(-$0(172'(75(,1$0(172 9 (OLPLQDomR
32/Ë7,&$'(3(662$/
(678'27e&1,&2 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
3/$12'(&$5*26(6$/È5,26 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
$/7(5$d26$/$5,$/ (OLPLQDomR &DVR DV LQIRUPDo}HV HVWHMDP UHFDSLWXODGDV QR
DVVHQWDPHQWR IXQFLRQDO SRGHUi VHU HOLPLQDGR R
GRFXPHQWR5HVROXomR&21$54Q
029,0(17$d2'(3(662$/
$'0,662$3529(,7$0(172&2175$7$d2 9 (OLPLQDomR
'(6,*1$d2120($d23266(5($'0,662
&DVR DV LQIRUPDo}HV HVWHMDP UHFDSLWXODGDV QR
5($'$37$d25($/2&$d25($6681d2
DVVHQWDPHQWRIXQFLRQDOSRGHUiVHUHOLPLQDGR
5(&21'8d25((148$'5$0(1725(,17(*5$d2
68%67,78,d2
'(0,662',63(16$(;21(5$d2(;38/62 (OLPLQDomR
5HVROXomR&21$54Q
(;&/862)$/(&,0(1725(6&,62&2175$78$/
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
54
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
/27$d25(02d25(0$1(-$0(172 9 (OLPLQDomR
&(662',6326,d2)81&,21$/3(5087$ 9 (OLPLQDomR
-251$'$'(75$%$/+2$&Ò08/2'(&$5*2 9 (OLPLQDomR 2DWRLQWHJUDDSDVWDGHDVVHQWDPHQWRIXQFLRQDO
',5(,7262%5,*$d®(69$17$*(16
)2/+$'(3$*$0(172 (OLPLQDomR $VUHFDSLWXODo}HVDVVLQDGDVHFHUWLILFDGDVGLJLWDOPHQWH
GmR HOHJLELOLGDGH SDUD GHVFDUWH PHGLDQWH GLVSRVLWLYR
OHJDO5HVROXomR&21$54Q
)LFKDILQDQFHLUD (OLPLQDomR $VUHFDSLWXODo}HVDVVLQDGDVHFHUWLILFDGDVGLJLWDOPHQWH
GmR HOHJLELOLGDGH SDUD GHVFDUWH PHGLDQWH GLVSRVLWLYR
OHJDO5HVROXomR&21$54Q
9(1&,0(172 $+$ (OLPLQDomR /HL (VWDGXDO Q DUW /HL )HGHUDO Q
DUW $V LQIRUPDo}HV HQFRQWUDPVH
UHFDSLWXODGDV QR UHSRVLWyULR GH SUHVHUYDomR D ORQJR
SUD]R0HWD
$ERQRGHSHUPDQrQFLDHPVHUYLoR $+$ (OLPLQDomR 2ULHQWDomR 1RUPDWLYD 036636 Q FDS 9
0DQXDOGHRULHQWDo}HVIXQFLRQDLV6($3S
&RPSURYDQWHGHUHQGLPHQWR (OLPLQDomR /HL)HGHUDOQDUW
*5$7,),&$d2 (OLPLQDomR $V LQIRUPDo}HV HQFRQWUDPVH UHFDSLWXODGDV QR
UHSRVLWyULR GH SUHVHUYDomR D ORQJR SUD]R 0HWD
5HVROXomR&21$54Q
$',&,21$/ (OLPLQDomR 5HVROXomR&21$54Q
&216,*1$d2 (OLPLQDomR /HL (VWDGXDO Q H VXDV DOWHUDo}HV
5HVROXomR&21$54Q
'HVFRQWRREULJDWyULR
&RQWULEXLomRSUHYLGHQFLiULD (OLPLQDomR 5HVROXomR&21$54Q
3HQVmRDOLPHQWtFLD (OLPLQDomR /HL)HGHUDOQ5HVROXomR&21$54Q
,PSRVWRUHWLGRQDIRQWH (OLPLQDomR 5HVROXomR&21$54Q
'HVFRQWRSHUPLWLGR 9 (OLPLQDomR /HL(VWDGXDOQHVXDVDOWHUDo}HV
$-8'$'(&8672 $$& (OLPLQDomR
$8;Ë/,2 (OLPLQDomR 5HVROXomR&21$54Q
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
55
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
$X[tOLRIXQHUDO $$& (OLPLQDomR ,QVWUXomR 1RUPDWLYD Q 6($3 LWHP
5HVROXomR&21$54Q
$X[tOLRUHFOXVmR (OLPLQDomR 5HVROXomR&21$54Q
6DOiULRIDPtOLD (OLPLQDomR 3DUD RV FDVRV HVSHFLDLV SUHYLVWRV QR 5HJLPH -XUtGLFR
ÒQLFR R SUD]R WRWDO GH JXDUGD VHUi GH DQRV
5HVROXomR&21$54Q
)e5,$6 1 (OLPLQDomR $ HOHJLELOLGDGH SDUD R GHVFDUWH VH Gi PHGLDQWH D
UHFDSLWXODomR HP DVVHQWDPHQWR IXQFLRQDO 5HVROXomR
&21$54Q
(VFDODGHIpULDV 1 (OLPLQDomR
&RQWDJHPGHIpULDVHPGREUR (OLPLQDomR $ HOHJLELOLGDGH SDUD R GHVFDUWH VH Gi PHGLDQWH D
UHFDSLWXODomR HP DVVHQWDPHQWR IXQFLRQDO DSyV R
YHQFLPHQWRGDIDVHFRUUHQWHQR6HWRU
$)$67$0(172$86Ç1&,$ (OLPLQDomR $ HOHJLELOLGDGH SDUD R GHVFDUWH VH Gi PHGLDQWH D
UHFDSLWXODomR HP DVVHQWDPHQWR IXQFLRQDO DSyV R
YHQFLPHQWRGDIDVHFRUUHQWHQR6HWRU
'(&/$5$d2'(%(16 (OLPLQDomR /HL )HGHUDO Q FDS ,9 DUW 'HFUHWR
)HGHUDOQDUW
$385$d2'(5(63216$%,/,'$'($d2',6&,3/,1$5
352&(662680È5,2 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
352&(662'(6,1',&Æ1&,$ $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
352&(662$'0,1,675$7,92 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
35(9,'Ç1&,$$66,67Ç1&,$6(*85,'$'(62&,$/
$326(17$'25,$5(6(59$5(081(5$'$5()250$ (OLPLQDomR
5HVROXomR&21$54Q
5(081(5$'$
&RQWDJHP$FHUYR$YHUEDomRGHWHPSRGH $+$ (OLPLQDomR
VHUYLoR
3HQVmR (OLPLQDomR
3HQVmRYLWDOtFLD (OLPLQDomR 5HVROXomR&21$54Q
3URFHVVRGHFRPSHQVDomRSUHYLGHQFLiULD 9 (OLPLQDomR
,QVWLWXLomRGHGHSHQGHQWH 9 (OLPLQDomR
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
56
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
(;3(',d2'(&(57,'2
&HUWLGmRGH&RQWULEXLomR3UHYLGHQFLiULD (OLPLQDomR
&HUWLGmR³VHYLYRIRVVH´ (OLPLQDomR
6(*85$1d$'275$%$/+26$Ò'(1275$%$/+2
&21752/($0%,(17$/35(6(59$d2'$6$Ò'(
$WHVWDGRGH6D~GH2FXSDFLRQDO±$62 9 (OLPLQDomR 6XELWHQVHGD15UHGDomR
GDGD SHOD 3RUWDULD 07E6667 Q 9 DWp R
GHVOLJDPHQWRGRVHUYLGRU
&HUWLILFDGRGH$SURYDomRGH,QVWDODo}HV±&$, 9 (OLPLQDomR 3RUWDULD07E6667Q15
'DGRV,QIRUPDWLYRVGH$FLGHQWHV',$ 9 (OLPLQDomR 6XELWHQVHGD15UHGDomR
GDGD SHOD 3RUWDULD 07E6667 Q 9 DWp R
GHVOLJDPHQWRGRVHUYLGRU
'HFODUDomRGHLQVWDODo}HV 9 (OLPLQDomR 3UD]RFRUUHQWHQRVHWRUVHH[WLQJXHDSyVDSURYDomRGDV
FRQWDV/HL)HGHUDOQDUW
'RVVLrGHFDPSDQKDGHSUHYHQomR $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
(OLPLQDomR 6XELWHQVHGD15UHGDomR
([DPHPpGLFRDGPLVVLRQDOGHPLVVLRQDO
GDGD SHOD 3RUWDULD 6667 Q 2 GRFXPHQWR
SHULyGLFRGHPXGDQoDGHIXQomRGHUHWRUQRDR 9
LQWHJUD R SURQWXiULR PpGLFR GR VHUYLGRU 9 DWp R
WUDEDOKR
GHVOLJDPHQWRGRVHUYLGRU
/DXGRGHDYDOLDomRDPELHQWDO 9 (OLPLQDomR
/DXGRWpFQLFRGHLQVSHomRRXLQIRUPDomRWpFQLFD 9 (OLPLQDomR 15
GRORFDOGHWUDEDOKR
3URJUDPDGH&RQWUROH0pGLFRGH6D~GH 9 (OLPLQDomR 6XELWHPGD15GDUHGDomRGDGDSHOD3RUWDULD
2FXSDFLRQDO3&062 6667Q
3URJUDPDGH3UHYHQomRGH5LVFRV$PELHQWDLV 9 $3 *XDUGDSHUPDQHQWH 3RUWDULD 6667 Q 15 H /HL
335$ )HGHUDOQDUW
3URQWXiULRPpGLFRGRVHUYLGRU (OLPLQDomR 5HVROXomR&21$54Q
35(9(1d2'($&,'(17(6'(75$%$/+2
&RPXQLFDomRGH$FLGHQWHGH7UDEDOKR&$7 9 (OLPLQDomR /HL )HGHUDO Q DUW /HL )HGHUDO Q
DUW/HL(VWDGXDOQDUW
3URFHVVRGHFRQVWLWXLomRGH&RPLVVmR,QWHUQD 9 $3 *XDUGDSHUPDQHQWH /HL)HGHUDOQDUW
GH3UHYHQomRGH$FLGHQWHV&,3$
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
57
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
3URFHVVRGH&RQVWLWXLomRGH&RPLVVmR 9 $3 *XDUGDSHUPDQHQWH
3HUPDQHQWHGH6HJXUDQoD±&23(6,
3URFHVVRGHHOHLomRGD&,3$ 9 (OLPLQDomR &RQIRUPHQRUPDWLYDV&,3$15VXELWHPOHWUDM
'RVVLrGD&,3$SRUPDQGDWR 9 (OLPLQDomR +DYHQGRQHFHVVLGDGHSRGHUiWHUJXDUGDSHUPDQHQWH
)LFKDGHLQIRUPDomRSDUDR0LQLVWpULRGR 1 (OLPLQDomR +DYHQGRQHFHVVLGDGHSRGHUiVHUDGRWDGRPDLRUWHPSR
7UDEDOKR6607 GHJXDUGD
/LVWDGHSUHVHQoDHPUHXQL}HVGD&,3$ 1 (OLPLQDomR
/LYURGH$WDVGD&,3$ 9 $3 *XDUGDSHUPDQHQWH 9 DWpRSUHHQFKLPHQWRWRWDOGROLYUR
/LYURGH,QVSHomRGR7UDEDOKR 9 $3 *XDUGDSHUPDQHQWH
0DQXDOGHVHJXUDQoDHSUHYHQomRGHDFLGHQWHV 9 $3 *XDUGD3HUPDQHQWH
0DSDDQXDOGHDFLGHQWHVGHWUDEDOKR 9 (OLPLQDomR 3RUWDULD 07E Q ± 15 OHWUD M QD
UHGDomRGD3RUWDULD6607Q
0DSDGHULVFRV 1 (OLPLQDomR 3RUWDULD6667Q15OHWUDD
5HODWyULRGD&RPLVVmR3HUPDQHQWHGH6HJXUDQoD 9 1 $3 *XDUGDSHUPDQHQWH
&21752/('()5(48Ç1&,$
/,952&$572)2/+$32172 (OLPLQDomR &RQVWLWXLomR)HGHUDODUW;;,;LWHPD
$7(67$'2'()5(48Ç1&,$$%212-867,),&$7,9$'( (OLPLQDomR
)$/7$
%2/(7,0'()5(48Ç1&,$ (OLPLQDomR
&21752/('(+25$(;75$ (OLPLQDomR
(6&$/$'(75$%$/+2('(3/$172 (OLPLQDomR
'(/(*$d2'(&203(7Ç1&,$ 9 (OLPLQDomR 5HVROXomR&21$54Q
35(67$d2'(6(59,d2352),66,21$/ 9 (OLPLQDomR &RQVWLWXLomR)HGHUDODUW;;,;LWHPD5HVROXomR
&21$54Q
(67$*,È5,2
'266,Ç'2(67$*,È5,2 (OLPLQDomR 5HVROXomR(VWDGXDOQ
),&+$&$'$675$/ (OLPLQDomR
)2/+$'()5(48Ç1&,$ (OLPLQDomR
2)(57$'((67È*,2 9 1 (OLPLQDomR ([SLUDFRPRSUHHQFKLPHQWRGDYDJD
5(/$7Ï5,2'(3$*$0(172 (OLPLQDomR
5(/$7Ï5,2'()5(48Ç1&,$ (OLPLQDomR
7(502'(&219Ç1,2 9 $3 *XDUGDSHUPDQHQWH
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
58
35$=2'(
$548,9$0(172
'(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
6(725 *(5$/ $3 ),1$/
0$7(5,$/
,1&25325$d2
0$7(5,$/3(50$1(17( $$& (OLPLQDomR 5HVROXomR&21$54Q
0$7(5,$/'(&216802 $$& (OLPLQDomR 5HVROXomR&21$54Q
&$'$6752&$3$&,'$'(7e&1,&$'()251(&('25(6 1 (OLPLQDomR 5HVROXomR&21$54Q
5(48,6,d2',675,%8,d2$50$=(1$0(172029,0(17$d2'(0$7(5,$/
&21752/('((67248( 1 (OLPLQDomR 5HVROXomR&21$54Q
3ODQLOKDGHFRQWUROHGRDPELHQWH (OLPLQDomR
(;75$9,2528%2'(6$3$5(&,0(172)8572 9 (OLPLQDomR 9 DSyVDFRQFOXVmRGDDSXUDomR5HVROXomR&21$54
Q
75$163257('(0$7(5,$/ 1 (OLPLQDomR 5HVROXomR&21$54Q
6$Ë'$'(0$7(5,$/ 1 (OLPLQDomR 5HVROXomR&21$54Q
5(&2/+,0(172'(0$7(5,$/$2'(3Ï6,72 1 (OLPLQDomR 5HVROXomR&21$54Q
5(48,6,d2&21752/('(6(59,d25(352*5È),&2 9 (OLPLQDomR
(TXLSDPHQWRUHSURJUiILFR 9 (OLPLQDomR 9 H[SLUD FRP D DOLHQDomR GR EHP RX R WpUPLQR GR
FRQWUDWRHVHXVDGLWDPHQWRV
$/,(1$d2 $$& (OLPLQDomR
7(502'(,16(59,%,/,'$'( $$& (OLPLQDomR
&216(59$d25(&83(5$d2
6(59,d2(;(&87$'2(02),&,1$'2Ï5*2 1 (OLPLQDomR 5HVROXomR&21$54Q
6(59,d2(;(&87$'2(02),&,1$)25$'2Ï5*2 $$& (OLPLQDomR 5HVROXomR&21$54Q
,19(17È5,2'(0$7(5,$/
3(50$1(17( $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
'(&216802 $$& (OLPLQDomR $$&2VGRFXPHQWRVGHSUHVWDo}HVGHFRQWDVGHYHP
VHU UHODFLRQDGRV HP TXDGURV VHSDUDGRV FRQIRUPH
IRUPXOiULRV9,,,H,;±DQH[RV 5HVROXomR&21$54
Q
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
59
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
(63(&,),&$d23$'521,=$d235(9,62 9 (OLPLQDomR
&$7È/2*26
0$18$/7(502'(*$5$17,$5(&(%,0(172 9 (OLPLQDomR
([SLUDFRPDDOLHQDomRGREHPRXILPGRFRQWUDWR/HL
)HGHUDOQDUWH
3$75,0Ð1,2'2(67$'2
%(16,0Ï9(,6 $3 *XDUGDSHUPDQHQWH /HL)HGHUDOQ/HL)HGHUDOQH
/HL(VWDGXDOQ
'HFUHWR(VWDGXDOQ5HVROXomR&21$54Q
,167$/$d2)251(&,0(1726(59,d26%È6,&26 $$& (OLPLQDomR /HL )HGHUDO Q H /HL (VWDGXDO Q
È*8$(6*272(1(5*,$(/e75,&$/8=7(/()21,$ 5HVROXomR&21$54Q
,17(51(75('(/Ï*,&$*È6&21'20Ë1,2
,1&25325$d2$48,6,d2&2035$&(662 $$& $3 *XDUGDSHUPDQHQWH $SyVUHJXODUL]DomRFDUWRULDO/HL)HGHUDOQ
'2$d23(5087$75$16)(5Ç1&,$$55(1'$0(172 H /HL (VWDGXDO Q 'HFUHWR (VWDGXDO Q
&202'$72$'-8',&$d2'$d2 5HVROXomR&21$54Q
'(6,1&25325$d2$/,(1$d29(1'$&(662 $$& $3 *XDUGDSHUPDQHQWH $SyVGHVRFXSDomRGRLPyYHO/HL)HGHUDOQ
&202'$72'2$d23(5087$/(,/2 H /HL (VWDGXDO Q 'HFUHWR (VWDGXDO Q
75$16)(5Ç1&,$'(60(0%5$0(172'(62&83$d2 /HJLVODomR0XQLFLSDO5HVROXomR&21$54
'(92/8d2'(69,1&8/$d2'(%(0,0Ï9(/ Q
5(,17(*5$d2'(3266('(6$35235,$d2 $$& $3 *XDUGDSHUPDQHQWH /HL Q /HL )HGHUDO Q H /HL
5(,9,1',&$d2'('20Ë1,2'(02/,d2 (VWDGXDO Q 'HFUHWR (VWDGXDO Q
,1'(1,=$d2720%$0(172 'HFUHWR(VWDGXDOQ5HVROXomR
&21$54Q
2%5$6&216758d20$187(1d25()250$ $$& $3 *XDUGDSHUPDQHQWH /HL )HGHUDO Q H /HL (VWDGXDO Q
5(&83(5$d25(67$85$d25(/$7Ï5,27e&1,&2 5HVROXomR&21$54Q
/,&,7$d2,17(5',d2
7HUPRGHUHFHELPHQWRGHILQLWLYR$XWRUL]DomR $$& $3 *XDUGDSHUPDQHQWH /HL )HGHUDO Q H /HL (VWDGXDO Q
GHXVRGHEHPLPyYHO$YDOLDomR$OYDUi 'HFUHWR (VWDGXDO Q $%17
$YHUEDomRGDHGLILFDomR(VFULWXUD)DL[DGH 1%5/HL(VWDGXDOQ/HL(VWDGXDO
GRPtQLR6LQLVWUR Q'HFUHWR(VWDGXDOQ
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
60
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
/2&$d287,/,=$d2 $$& (OLPLQDomR $$&2VGRFXPHQWRVGHSUHVWDo}HVGHFRQWDVGHYHP
VHU UHODFLRQDGRV HP TXDGURV VHSDUDGRV FRQIRUPH
IRUPXOiULRV9,,,H,;±DQH[RV
6(*852'(%(0,0Ï9(/7$;$75,%872 $$& (OLPLQDomR /HL )HGHUDO Q H /HL (VWDGXDO Q
'HFUHWR(VWDGXDOQ$$&2V
GRFXPHQWRV GH SUHVWDo}HV GH FRQWDV GHYHP VHU
UHODFLRQDGRV HP TXDGURV VHSDUDGRV FRQIRUPH
IRUPXOiULRV9,,,H,;±DQH[RV5HVROXomR&21$54
Q
6(59,d2'(0$187(1d2/,03(=$'(6,1)(67$d2 $$& (OLPLQDomR /HL (VWDGXDO Q /HL (VWDGXDO Q
'(%(0,0Ï9(/ 'HFUHWR Q (VWDGXDO Q
5HVROXomR&21$54Q
5(9(562'$'2$d2'(%(0,0Ï9(/ $3 *XDUGDSHUPDQHQWH /HL)HGHUDOQH/HL(VWDGXDOQ
5(*8/$5,=$d2,19$62,17(5',d2 'HFUHWR(VWDGXDOQ5HVROXomR&21$54Q
,19(17È5,2 $$& $3 *XDUGDSHUPDQHQWH /HL(VWDGXDOQ5HVROXomR&21$54Q
7232*5$),$'(%(0,0Ï9(/ $3 *XDUGDSHUPDQHQWH /HL )HGHUDO Q H /HL (VWDGXDO Q
868&$3,2'(%(0,0Ï9(/ $3 *XDUGDSHUPDQHQWH &yGLJR&LYLO/HL)HGHUDOQ
9(Ë&8/2
,1&25325$d2 $$& (OLPLQDomR $SyV UHJXODUL]DomR MXQWR DR '(75$1 5HVROXomR
&21$54Q
/2&$d2 9 (OLPLQDomR /HL )HGHUDO Q DUW ,, /HL )HGHUDO Q
DUW,,
9 HQTXDQWRYLJRUDUDORFDomR5HVROXomR&21$54Q
&$'$6752/,&(1&,$0(1726(*852(03/$&$0(172 9 (OLPLQDomR /HL)HGHUDOQDUW,;
9 HQTXDQWRRYHtFXORHVWLYHUHPXWLOL]DomR5HVROXomR
&21$54Q
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
61
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
'(6,1&25325$d2720%$0(172 $$& $3 *XDUGDSHUPDQHQWH
$%$67(&,0(1720$187(1d25(3$52,163(d2 $$& $3 *XDUGDSHUPDQHQWH
$&,'(17(,1)5$d208/7$'(75Æ16,72 $$& $3 *XDUGDSHUPDQHQWH
&21752/(($8725,=$d23$5$87,/,=$d2'( (OLPLQDomR 5HVROXomR&21$54Q
9(Ë&8/2
7(502'(,16(59,%,/,'$'( $$& (OLPLQDomR 5HVROXomR&21$54Q
,19(17È5,2 $$& $3 *XDUGDSHUPDQHQWH
%(166(029(17(6
,19(17È5,2)Ë6,&2(),1$1&(,52'(%(06(029(17( $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR 6($3 Q 'HFUHWR (VWDGXDO Q
5HVROXomR&21$54Q
,1&25325$d2'(%(06(029(17( $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR 6($3 Q 'HFUHWR (VWDGXDO Q
'(6,1&25325$d2'(%(06(029(17( $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR 6($3 Q 'HFUHWR (VWDGXDO Q
$/,(1$d23$5$9(1'$'(%(06(029(17( $$& $3 *XDUGDSHUPDQHQWH /HL )HGHUDO Q H /HL (VWDGXDO Q
'2$d2'(%(06(029(17( $$& $3 *XDUGDSHUPDQHQWH /HL )HGHUDO Q H /HL (VWDGXDO Q
&(662'(862'(%(06(029(17( $$& $3 *XDUGDSHUPDQHQWH /HL )HGHUDO Q H /HL (VWDGXDO Q
75$16)(5Ç1&,$(175(Ï5*26'(%(06(029(17( $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR6($3Q
6,1',&Æ1&,$ 5(/$7,9$ ¬ '()(6$ '2 3$75,0Ð1,2 $$& $3 *XDUGDSHUPDQHQWH $SyV FRQFOXVmR GR SURFHVVR GH VLQGLFkQFLD H
6(029(17( DGPLQLVWUDWLYR'HFUHWR(VWDGXDOQ
%(160Ï9(,6
,19(17È5,2)Ë6,&2(),1$1&(,52'(%(00Ï9(/ $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR 6($3 Q 'HFUHWR (VWDGXDO Q
,1&25325$d2'(%(00Ï9(/ $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR 6($3 Q 'HFUHWR (VWDGXDO Q
'(6,1&25325$d2'(%(00Ï9(/ $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR 6($3 Q 'HFUHWR (VWDGXDO Q
$/,(1$d23$5$9(1'$'(%(00Ï9(/ $$& $3 *XDUGDSHUPDQHQWH /HL )HGHUDO Q H /HL (VWDGXDO Q
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
62
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
'2$d2'(%(00Ï9(/ $$& $3 *XDUGDSHUPDQHQWH /HL )HGHUDO Q H /HL (VWDGXDO Q
25d$0(172(),1$1d$6
$72$'0,1,675$7,92 9 $3 *XDUGDSHUPDQHQWH $YLJrQFLDVHHVJRWDFRPDUHYRJDomRGRDWR
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
63
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
$8',725,$ $$& $3 *XDUGDSHUPDQHQWH
3/$1(-$0(172 $3 *XDUGDSHUPDQHQWH 5HODWyULRVSDUFLDLVVHUHFDSLWXODGRVQRVUHODWyULRVILQDLV
SRGHPVHUHOHJtYHLVSDUDHOLPLQDomR
25d$0(172
3523267$25d$0(17È5,$ $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
(;(&8d2'$/(,25d$0(17È5,$ $$& $3 *XDUGDSHUPDQHQWH
5(/$7Ï5,2*(5(1&,$/ $$& (OLPLQDomR ,QIRUPDo}HVDSDUWLUGHHVWmRGLVSRQtYHLVHPVLVWH
PDLQIRUPDWL]DGR
352*5$0$d225d$0(17È5,$ $$& (OLPLQDomR 5HVROXomR&21$54Q
$/7(5$d225d$0(17È5,$ $$& (OLPLQDomR 5HVROXomR&21$54Q
(;(&8d2)Ë6,&$'225d$0(172 $$& $3 *XDUGDSHUPDQHQWH 3UD]RFRUUHQWHQRVHWRUVHH[WLQJXHDSyVDSURYDomRGDV
FRQWDV
$V LQIRUPDo}HV HVWmR UHJLVWUDGDV HP VLVWHPD
LQIRUPDWL]DGR $ 6(3/&236()$ PDQWpP FySLD HP
SDSHOSRUDQRV
),1$1d$6
352*5$0$d2),1$1&(,5$'('(6(0%2/62 $$& (OLPLQDomR $$&2VGRFXPHQWRVGHSUHVWDo}HVGHFRQWDVGHYHP
VHU UHODFLRQDGRV HP TXDGURV VHSDUDGRV FRQIRUPH
IRUPXOiULRV9,,,H,;±DQH[RV5HVROXomR&21$54
Q
(;(&8d2'$5(&(,7$ $$& (OLPLQDomR $$&2VGRFXPHQWRVGHSUHVWDo}HVGHFRQWDVGHYHP
VHU UHODFLRQDGRV HP TXDGURV VHSDUDGRV FRQIRUPH
IRUPXOiULRV9,,,H,;±DQH[RV5HVROXomR&21$54
Q
(;(&8d2'$'(63(6$ $$& (OLPLQDomR $$&2VGRFXPHQWRVGHSUHVWDo}HVGHFRQWDVGHYHPVHU
UHODFLRQDGRVHPTXDGURVVHSDUDGRVFRQIRUPHIRUPXOiULRV
9,,,H,;±DQH[RV5HVROXomR&21$54Q
23(5$d®(6%$1&È5,$6 $$& (OLPLQDomR $$&2VGRFXPHQWRVGHSUHVWDo}HVGHFRQWDVGHYHP
VHU UHODFLRQDGRV HP TXDGURV VHSDUDGRV FRQIRUPH
IRUPXOiULRV9,,,H,;±DQH[RV
&71±/HL)HGHUDOQDUW5HVROXomR
&21$54Q
(;75$72%$1&È5,2029,0(17$d2%$1&È5,$ $$& (OLPLQDomR $$&2VGRFXPHQWRVGHSUHVWDo}HVGHFRQWDVGHYHPVHU
UHODFLRQDGRVHPTXDGURVVHSDUDGRVFRQIRUPHIRUPXOiULRV
9,,,H,;±DQH[RV5HVROXomR&21$54Q
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
64
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
,03267267$;$675,%8726 $$& (OLPLQDomR $$&2VGRFXPHQWRVGHSUHVWDo}HVGHFRQWDVGHYHP
VHU UHODFLRQDGRV HP TXDGURV VHSDUDGRV FRQIRUPH
IRUPXOiULRV9,,,H,;±DQH[RV5HVROXomR&21$54
Q
&21752/(&217È%,/
%$/$1d2 $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
%$/$1&(7( $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
/,952&$,;$ $$& $3 *XDUGDSHUPDQHQWH &71±/HL)HGHUDOQDUWH
SDUiJUDIR~QLFR
/,952',È5,2 $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
/,9525$=2 $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
35(67$d2'(&217$6720$'$'(&217$6 $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q5HVROXomR&21$54
Q5HVROXomR&21$54
3$*$0(172'((1&$5*265(&2/+,0(1726
&2175,%8,d26,1',&$/ 1 (OLPLQDomR /HL)HGHUDOQDUWSDUiJUDIR~QLFR&/7
'HFUHWR/HL )HGHUDO Q DUW D
5HVROXomR&21$54Q
&2175,%8,d23$5$),1$1&,$0(172'$6(*85,'$'( (OLPLQDomR /HL &RPSOHPHQWDU )HGHUDO Q 5HVROXomR
62&,$/&2),16 &21$54Q
)81'2'(*$5$17,$3257(032'(6(59,d2±)*76 (OLPLQDomR /HL)HGHUDOQDUWSDUiJUDIR6~PXOD
767Q5HVROXomR&21$54Q
)81'2'(,19(67,0(17262&,$/),162&,$/ (OLPLQDomR 'HFUHWR/HL)HGHUDOQDUW
,03267262%5(6(59,d2,66 (OLPLQDomR &71±/HL)HGHUDOQDUW
3,63$6(3 (OLPLQDomR 'HFUHWR /HL)HGHUDOQ DUW 5HVROXomR
&21$54Q
&2175,%8,d235(9,'(1&,È5,$,166 $$& (OLPLQDomR /HL)HGHUDOQDUWSDUiJUDIR~QLFRDUW
3$5$1$35(9,'Ç1&,$ SDUiJUDIR ~QLFR DUW 'HFUHWR/HL )HGHUDO Q
DUWH'HFUHWR)HGHUDOQ
DUW H $ (OHJLELOLGDGH GH GHVFDUWH PHGLDQWH
UHFDSLWXODomR
,032672'(5(1'$,5 1 (OLPLQDomR 5HVROXomR&21$54Q
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
65
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
'2&80(17$d2(,1)250$d2
38%/,&$d2'(0$7e5,$612',È5,22),&,$/ $$& (OLPLQDomR 5HVROXomR&21$54Q
%2/(7,0'(6(59,d2(2875263(5,Ï',&26
352'8d2(',725,$/ $$& (OLPLQDomR 5HVROXomR&21$54Q
2%5$38%/,&$'$ $$& $3 *XDUGDSHUPDQHQWH
'2&80(17$d2%,%/,2*5È),&$ 9 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
&2035$'2$d23(5087$&(662 $$& $3 *XDUGD3HUPDQHQWH
5(*,6752 1 (OLPLQDomR 5HVROXomR&21$54Q
,19(17È5,2 $$& $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
&$7$/2*$d2&/$66,),&$d2 1 (OLPLQDomR +DYHQGR QHFHVVLGDGH RV FDWiORJRV H FODVVLILFDo}HV
SRGHUmR WHU SUD]R GH JXDUGD PDLRU RX SHUPDQHQWH
5HVROXomR&21$54Q
5()(5Ç1&,$&,5&8/$d2 1 (OLPLQDomR 5HVROXomR&21$54Q
6,67(0$'($548,92&21752/('('2&80(1726 9 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
&21752/('(,1)250$d2
352'8d2'('2&80(1726/(9$17$0(172 1 (OLPLQDomR 5HVROXomR&21$54Q
&21752/('2)/8;2
35272&2/25(&(3d275$0,7$d2((;3(',d2'( 1 (OLPLQDomR 5HVROXomR&21$54Q
'2&80(1726
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
35$=2'(
$548,9$0(172 '(67,1$d2
$6681727,32'2&80(17$/ 2%6(59$d2()81'$0(17$d2/(*$/
),1$/
6(725 *(5$/ $3
0DQXDOGRXVXiULRGHVLVWHPDGHLQIRUPiWLFD 9 $3 *XDUGDSHUPDQHQWH
5HVROXomR&21$54Q
GHVHQYROYLGRSRUyUJmRS~EOLFR
&HUWLILFDGRGHOLFHQoDGHXVRGHSURJUDPDGH 9 $3 *XDUGDSHUPDQHQWH /HL)HGHUDOQDUW
FRPSXWDGRUVRIWZDUH
0DQXDOWpFQLFRGHXVRGHSURJUDPDGH 9 $3 *XDUGDSHUPDQHQWH 5HVROXomR&21$54Q
FRPSXWDGRU
%DVHGHGDGRV 9 $3 *XDUGDSHUPDQHQWH /HL )HGHUDO Q DUW &DEH DR SURGXWRU
DYDOLDUDLPSRUWkQFLDGRFRQWH~GRGDEDVHSDUDD$GPL
QLVWUDomR (VWDGXDO FRQVLGHUDGD GH YDORU KLVWyULFR RX
SUREDWyULRSURYLGHQFLDQGRSDUDJXDUGDSHUPDQHQWHR
PDQXDOGHHODERUDomRHREDFNXSGRVGDGRV
$VVLVWrQFLD7pFQLFD $$& 1 (OLPLQDomR 5HVROXomR&21$54Q
0(,26'(&2081,&$d2
6(59,d2'(5È',2 $$& (OLPLQDomR 5HVROXomR&21$54Q
6(59,d2'(7(/()21,$5('(,17(51(7)$; $$& (OLPLQDomR 5HVROXomR&21$54Q
6(59,d26'(75$160,662'('$'2692=( $$& (OLPLQDomR 5HVROXomR&21$54Q
,0$*(0
66
6,*/$6$$&±$WpD$SURYDomRGH&RQWDV$3±$UTXLYR3HUPDQHQWH$+$±$WpD+RPRORJDomRGD$SRVHQWDGRULD9±9LJrQFLD1±1mR
5HFRPHQGDVHTXHRVWLSRVGRFXPHQWDLVDVVXQWRVVHMDPDUTXLYDGRVHPFDL[DVItVLFDVRXGLJLWDLVVHSDUDGDPHQWHGHIRUPDSURSRUFLRQDODRYROXPH
67
Ë1',&('(7,326'2&80(17$,6
7,32'2&80(17$/&Ï',*2'(&/$66,),&$d2
$
$EDVWHFLPHQWRGHYHtFXOR
$EDQGRQRGHFDUJR
$ERQRGH
)DOWD
3HUPDQrQFLDHPVHUYLoR
$omR
'LVFLSOLQDU
-XGLFLDO
7UDEDOKLVWD
$FLGHQWHGH
9HtFXOR
7UDEDOKRVHJXUDQoDGRWUDEDOKR
$FRUGR&RQWUDWR&RQYrQLR7HUPR
$FRUGRVLQGLFDO
$F~PXORGHFDUJR
$GLDQWDPHQWRH[HFXomRGDGHVSHVD
$GLFLRQDOGH
)pULDV
1RWXUQR
6HUYLoRH[WUDRUGLQiULRKRUDH[WUD
7HPSRGHVHUYLoRTXLQTXrQLRVHDQXrQLRV
$GLWDPHQWRGHFRQWUDWR
$o}HVGDSROtWLFDJRYHUQDPHQWDO
(TXLSDPHQWRGHLQIRUPiWLFD
*XDUGDHVHJXUDQoD
2EUD
3UHVWDomRGHVHUYLoRSURILVVLRQDODXW{QRPR
$GMXGLFDomR
%HQVLPyYHLV
0DWHULDOSHUPDQHQWH
$GPLVVmRGHVHUYLGRU
$GYHUWrQFLDSHQDOLGDGHGLVFLSOLQDU
$IDVWDPHQWRSHUPLWLGRDRVHUYLGRU
$JHQGDGH
$XWRULGDGH
&RPSURPLVVRRILFLDO
(YHQWRV
$JUDGHFLPHQWR
$MXGDGHFXVWR
&DUJRHPFRPLVVmR
*UDWLILFDomR
$OLHQDomRGH
%HQVLPyYHLV
%HQVPyYHLV««««««««««««««««««««««««««
%HQV6HPRYHQWHV««««««««««««««««««««««««
68
0DWHULDO
9HtFXOR
$OLPHQWDomRDX[tOLR
$OLVWDPHQWRHOHLWRUDODXVrQFLD
$OWHUDomR
2UoDPHQWiULD
6DODULDO
$OXJXHOGH
%HQVLPyYHLV
0DWHULDOSHUPDQHQWH
9HtFXOR
$SHUIHLoRDPHQWRSURILVVLRQDOGRVHUYLGRU
$SOLFDomRGHSHQDSURFHVVRDGPLQLVWUDWLYR
$SRVHQWDGRULD
$SURYHLWDPHQWRGHVHUYLGRU
$SXUDomRGHUHVSRQVDELOLGDGHGRVHUYLGRU
$TXLVLomRGH
%HQVLPyYHLV
'RFXPHQWDomRELEOLRJUiILFD
(TXLSDPHQWRGHLQIRUPiWLFD
(TXLSDPHQWRUHSURJUiILFR
0DWHULDOGHFRQVXPRLQFOXVLYHOLFLWDo}HV
0DWHULDOSHUPDQHQWH
9HtFXOR
$UFRQGLFLRQDGRPDQXWHQomR
$UPD]HQDPHQWR
$UTXLYDPHQWRGHGRFXPHQWR
$UUHQGDPHQWRGHEHQVLPyYHLV
$UWLJRQRWDQRWtFLDFRPXQLFDomRVRFLDO
$VFHQVmRIXQFLRQDO
$VVHQWDPHQWRIXQFLRQDO
$VVLQDWXUDGHSHULyGLFR
$VVLVWrQFLD
3UpHVFRODUDX[tOLR
6RFLDO
7pFQLFD
$VVRFLDomRGHVHUYLGRUHV
$WDGH
&kPDUDWpFQLFD&RPLVVmR&RQVHOKR*UXSRGHWUDEDOKR-XQWD&RPLWr
&RPLVVmR6HWRULDOGH$YDOLDomR
(OLPLQDomRGHGRFXPHQWRV
5HXQLmRFRPSURPLVVRVRILFLDLV
$WHVWDGRGH
6D~GHRFXSDFLRQDO
)UHTXrQFLDGRVHUYLGRUQRyUJmRHRXHQWLGDGH
)UHTXrQFLDHPFXUVRSURPRYLGRSRURXWUDLQVWLWXLomR
$WRDGPLQLVWUDWLYR
2UoDPHQWRHILQDQoDV
5HFXUVRVKXPDQRV
69
$XGLWRULD
2UoDPHQWRHILQDQoDV
6LVWHPDGDTXDOLGDGH
$XGLWyULRFRQWUROHGHXVR
$XVrQFLDSDUD
$FRPSDQKDPHQWRGHIDPLOLDUHPFDVRGHGRHQoD
$OLVWDPHQWRHOHLWRUDO
'RDomRGHVDQJXH
([HUFtFLRGHFDUJRGHGLUHomRFKHILDRXHPFRPLVVmR
+RUiULRHVSHFLDOHVWXGDQWH
3UHVWDUGHSRLPHQWR
0LVVmRRXHVWXGRQRSDtVRXQRH[WHULRU
3ULVmRSURYLVyULD
6HUYLUDR7ULEXQDO5HJLRQDO(OHLWRUDO
6HUYLUFRPRMXUDGRHRXWURVVHUYLoRVREULJDWyULRVSRUOHL
$XW{QRPRSUHVWDomRGHVHUYLoR
$XWRULGDGH
$JHQGDGH««««««««««««««««««««««««««
$XWRUL]DomRGH
3DUWLFLSDomRHPFXUVRSURPRYLGRSRURXWUDLQVWLWXLomR
6DtGDGHPDWHULDO
8VRGHYHtFXOR
$X[tOLR
$FLGHQWH
$OLPHQWDomR
$VVLVWrQFLDSUpHVFRODU
&UHFKH
'LIHUHQoDGHFDL[DGHVHUYLGRUHV
'RHQoD
)XQHUDO
0RUDGLD
1DWDOLGDGH
5HFOXVmR
6DOiULRIDPtOLD
9DOHWUDQVSRUWH
$YDOLDomRGH
'HVHPSHQKR
'RFXPHQWRV
6LVWHPDGDTXDOLGDGH
$YHUEDomRGHWHPSRGHVHUYLoR
$YLVR
%
%DL[DGH
'RFXPHQWDomRELEOLRJUiILFD
0DWHULDOGHFRQVXPR
0DWHULDOSHUPDQHQWH
%DODQFHWH
%DODQoR
%DQFDH[DPLQDGRUDFRQVWLWXLomR
%DVHGHGDGRV
70
%HQVLPyYHLV
'LVSRQLELOLGDGHGH
5HJXODUL]DomRLPRELOLiULD
5HYHUVmRGDGRDomR
6HPRYHQWHV
%LEOLRJUDILDV
%ROHWLPGH
,QIRUPDWLYR&RPXQLFDomRVRFLDO
)UHTXrQFLDGRVHUYLGRU
2FRUUrQFLD
%ULJDGDGHLQFrQGLRFRQVWLWXLomR
&
&DGDVWURGH
)RUQHFHGRU
*HUDOGH(PSUHJDGRVH'HVHPSUHJDGRV±&$*('
,QVWUXWRU
1DFLRQDOGH3HVVRD-XUtGLFD±&13-
3URMHWRDWLYLGDGHRUoDPHQWRHILQDQoDV
9HtFXOR
&kPDUDWpFQLFD
&DPSDQKDLQVWLWXFLRQDO
&DQGLGDWRVDFDUJRS~EOLFR
&DSDFLGDGHWpFQLFDGHIRUQHFHGRU
&DUJR
&ODVVLILFDomR
&ULDomR
3ODQR
4XDGUR
7DEHODVDODULDO
7UDQVIRUPDomR
&DUWDGH
$SUHVHQWDomR
3UHSRVWR
5HFRPHQGDomR
5HSUHVHQWDomR
&DUWD]FRPXQLFDomRVRFLDO
&DUWmRGHSRQWR
&DWDORJDomRGRPDWHULDOELEOLRJUiILFR
&DWiORJRGHPDWHULDOSHUPDQHQWHHGHFRQVXPR
&HULP{QLDRILFLDO
&HUWLGmRGH
&RQWULEXLomR3UHYLGHQFLiULD
³6HYLYRIRVVH´
&HUWLILFDGRGH
$SURYDomRGH,QVWDODo}HV±&$,
&XUVR
/LFHQoDGHXVRGHSURJUDPDGHFRPSXWDGRU
&HVVmRGH
%HQVLPyYHLV
%HQVPyYHLV««««««««««««««««««««««««««
71
'RFXPHQWDomRELEOLRJUiILFD
0DWHULDOGHFRQVXPR
0DWHULDOSHUPDQHQWH
6HUYLGRU
8VRGHEHPVHPRYHQWH«««««««««««««««««««««
9HtFXOR
&,3$&RPLVVmR,QWHUQDGH3UHYHQomRGH$FLGHQWH
'RVVLrSRUPDQGDWR
/LVWDGHSUHVHQoDHPUHXQL}HV
/LYURGHDWDV
3URFHVVRGHFRQVWLWXLomR
3URFHVVRGHHOHLomR
&LUFXODomRGHGRFXPHQWDomRELEOLRJUiILFD
&LUFXODU
&ODVVLILFDomRGH
&DUJRVHIXQo}HV
'RFXPHQWRGHDUTXLYRVLVWHPDGHDUTXLYR
Clipping
&yGLJRGHFODVVLILFDomRGHGRFXPHQWRV
&RHGLo}HV
&RPHPRUDo}HV
&RPLVVmRGH
,QWHUQDGH3UHYHQomRGH$FLGHQWHV&,3$
3HUPDQHQWHGH6HJXUDQoD&23(6,
6LQGLFkQFLDGHQ~QFLDHVLQGLFkQFLD
7pFQLFD
&RPRGDWRGH
%HQVLPyYHLV
(TXLSDPHQWRGHLQIRUPiWLFD
0DWHULDO
&RPSUDGH
%HQVLPyYHLV
'RFXPHQWDomRELEOLRJUiILFD
0DWHULDOGHFRQVXPR
0DWHULDOSHUPDQHQWH
9HtFXOR
&RPSURPLVVRGHHVWiJLR
&RPSURPLVVRRILFLDO
&RPSURYDQWHGHUHQGLPHQWR
&RPSURYDQWHGHUHFROKLPHQWRGHHQFDUJRVVRFLDLVDXW{QRPRV
&RPXQLFDomRGH
$FLGHQWHVGH7UDEDOKR±&$7
$GPLQLVWUDWLYD
([WUDYLR5RXER)XUWR'HVDSDUHFLPHQWRGHPDWHULDO
&RQFXUVRS~EOLFRSURFHGLPHQWRV
&RQGRPtQLR
&RQIHUrQFLD
&RQJUHVVR
&RQVHOKRFULDomRGH
&RQVHUWRGHHTXLSDPHQWRRXPRELOLiULR
72
&RQVHUYDomRGHPDWHULDO
&RQVLJQDomR
&RQVWUXomR
&RQVXOWDHP
'RFXPHQWDomRGHDUTXLYR
'RFXPHQWDomRELEOLRJUiILFD
&RQWDGH
ÈJXDHHVJRWR
%DQFiULD
/X]JiVFRQGRPtQLR
7HOHIRQH
&RQWDJHPGHIpULDVHPGREUR
&RQWDJHPGHWHPSRGHVHUYLoR
&RQWUDWDomRGHVHUYLGRU
&RQWUDWRGH
$o}HVGDSROtWLFDJRYHUQDPHQWDO
(TXLSDPHQWRVGHLQIRUPiWLFD
*XDUGDHVHJXUDQoD
2EUDV
6HUYLoRGHFRQVHUYDomRHUHFXSHUDomRGHPDWHULDO
6HUYLoRSURILVVLRQDODXW{QRPR
&RQWULEXLomRSDUD
)LQDQFLDPHQWRGD6HJXULGDGH6RFLDO±&2),16
3UHYLGHQFLiULDGR(PSUHJDGRU
3UHYLGHQFLiULDGHVFRQWRREULJDWyULR
6LQGLFDOGR(PSUHJDGRU
6HUYLGRU
&RQWUROHGH
$PELHQWDOGDiUHDGHWUDEDOKR
ÈUHDGHDUPD]HQDJHP
&RQWiELO
'RFXPHQWR
(PLVVmRGHFHUWLILFDGR
(QWUDGDHVDtGDGHSHVVRDV
(VWRTXHGHPDWHULDO
)OX[RGHGRFXPHQWRV
)UHTXrQFLD
+RUDH[WUD
3RUWDULD
6HUYLoRS~EOLFR
6HUYLoRSRVWDO
6HUYLoRUHSURJUiILFR
8VRGHYHtFXOR
&RQYHQo}HV
&RQYrQLRDo}HVGDSROtWLFDJRYHUQDPHQWDO
&RQYLWHHYHQWRVFHULP{QLDVRILFLDLV
&RQYRFDomRUHXQL}HV
&23(6,«««««««««««««««««««««««««««««
&RWDH[HFXomRGDUHFHLWD
&UpGLWRGRWHVRXUR
73
&ULDomRGHFDUJRVHIXQo}HV
&UtWLFDDRVHUYLoRS~EOLFR
&URQRJUDPDGH
$WLYLGDGH
9LVLWDLQVWLWXFLRQDO
Curriculum vitaeUHFUXWDPHQWRHVHOHomR
'
'DomRGH
%HQVLPyYHLV
0DWHULDOSHUPDQHQWH
9HtFXOR
'DGRV,QIRUPDWLYRVGH$FLGHQWH±',$
'DQRVDRSDWULP{QLR««««««««««««««««««««««««
'pFLPRWHUFHLURVDOiULR
'HFODUDomRGH
EHQVVHUYLGRUHRFXSDQWHGHFDUJRGHFRQILDQoD
LQVWDODomR
YLVLWD
'HIHVDSURFHVVRDGPLQLVWUDWLYR
'HOHJDomRGHFRPSHWrQFLD
'HPLVVmRGHVHUYLGRU
'HQ~QFLDGH
,UUHJXODULGDGHQRVHUYLoRS~EOLFR
3DUDDSXUDomRGHUHVSRQVDELOLGDGH
'HSHQGrQFLDVGDLQVWLWXLomRXVR
'HSRLPHQWRDXVrQFLD
'HVDSDUHFLPHQWRGHPDWHULDOGHFRQVXPRHSHUPDQHQWH
'HVDSURSULDomRGHEHQVLPyYHLV
'HVFRQWRREULJDWyULR
&RQWULEXLomRIL[DGDHPIDYRUGD)D]HQGD(VWDGXDORX)HGHUDO
&RQWULEXLomRSUHYLGHQFLiULD
&XPSULPHQWRDGHFLVmRMXGLFLDO
,PSRVWRUHWLGRQDIRQWH
3HQVmRDOLPHQWtFLD
3UrPLRGHVHJXURGHYLGDFRPSXOVyULR
'HVFRQWRSHUPLWLGRSDUD
$OXJXHOSDUDILQVGHUHVLGrQFLDGRFRQVLJQDQWH
$X[tOLRILQDQFHLURGHDVVRFLDomRGHDVVLVWrQFLDHVLQGLFDWR
$VVLVWrQFLDIXQHUDO
&RQWULEXLomRSDUDHQWLGDGHDEHUWDGDSUHYLGrQFLDSULYDGD
'HVSHVDGHFRUUHQWHDFUpGLWRURWDWLYR
'HVSHVDHIHWXDGDHPVXSHUPHUFDGR
'HVSHVDKRVSLWDODUHRGRQWROyJLFD
(PSUpVWLPR
)DUPiFLD
)LQDQFLDPHQWRGHFDVDSUySULD
0HQVDOLGDGHGH
&XUVRUHJXODU
$VVRFLDomRGHDVVLVWrQFLDHVLQGLFDWR
3ODQRGHVD~GH
74
ÏWLFD
3UrPLRGHVHJXURGHYLGDHPJUXSR
6HUYLoRGHHPHUJrQFLDPpGLFD
'HVHPSHQKRGHPDQGDWRFODVVLVWDOLFHQoD
'HVHQYROYLPHQWRVLVWHPDGHTXDOLGDGH
'HVLJQDomRGH
(TXLSHGRVLVWHPDGDTXDOLGDGH
6HUYLGRU
'HVLQFRUSRUDomRGH
%HQVLPyYHLV
%HQVPyYHLV««««««««««««««««««««««««««
%HQVVHPRYHQWHV««««««««««««««««««««««««
9HtFXOR
'HVLQIHVWDomREHQVLPyYHLV
'HVSHGLGDPDQLIHVWDomRGH
'HVSHVDGH
([HFXomR««««««««««««««««««««««««««
9LDJHPHDFRPRGDomR
'HVWLQDomRGHGRFXPHQWR
'LDJQyVWLFRGH
3URGXomRGRFXPHQWDO
6LVWHPDGDTXDOLGDGH
'LiULRGHERUGRYHtFXOR
'LUHLWRGRVHUYLGRU
'LUHLWRDXWRUDO
'LUHWUL]
'LVFXUVR
'LVSHQVDGHVHUYLGRU
'LVSRVLomRIXQFLRQDO
'LVVtGLRFROHWLYR
'LVWULEXLomRGH
0DWHULDO
3URGXomRHGLWRULDOGRyUJmRHRXHQWLGDGH
'LYXOJDomRGHSURGXomRHGLWRULDO
'RDomRGH
%HQVLPyYHLV
%HQVPyYHLV««««««««««««««««««««««««««
%HQVVHPRYHQWHV««««««««««««««««««««««««
'RFXPHQWDomRELEOLRJUiILFD
(TXLSDPHQWRGHLQIRUPiWLFD
0DWHULDOGHFRQVXPR
0DWHULDOSHUPDQHQWH
5HYHUVmRGD
6DQJXHDXVrQFLDSDUD
9HtFXOR
'RFXPHQWDomRGH
%LEOLRWHFD
6LVWHPDGHDUTXLYR
6LVWHPDGDTXDOLGDGH
'RHQoDDX[tOLR
75
'RVVLrGH
&,3$SRUPDQGDWR
&DPSDQKDGHSUHYHQomR
(VWDJLiULR
'XSOLFDWDH[HFXomRGDGHVSHVD
(
(GLWDOSURFHVVRGHVHOHomR
(ODERUDomRGDSURSRVWDRUoDPHQWiULD
(OHYDGRUPDQXWHQomR
(OLPLQDomRGHGRFXPHQWR
(ORJLRDRVHUYLoRS~EOLFR
(PLVVmRGHFHUWLILFDGRFXUVRV
(PROXPHQWRH[HFXomRGDUHFHLWD
(PSHQKRH[HFXomRGDGHVSHVD
(PSODFDPHQWRGHYHtFXOR
(PSUpVWLPRGH
'RFXPHQWDomRELEOLRJUiILFD
'RFXPHQWDomRGHDUTXLYR
0DWHULDOSHUPDQHQWH
(QTXDGUDPHQWRIXQFLRQDO
(QWUDGDVDtGDHSHUPDQrQFLDIRUDGRKRUiULRGHH[SHGLHQWH
(QWUHJDGHFHUWLILFDGRFXUVRV
(TXLSDPHQWRGH
$TXLVLomRPDWHULDOSHUPDQHQWH
&RQVHUYDomRHUHFXSHUDomR
5HSURJUiILFR
3URWHomRLQGLYLGXDO(3,V
(TXLSDUDomRIXQFLRQDO
(VFDODGH
)pULDV
3ODQWmR
7UDEDOKR
(VFULWXUDGHEHQVLPyYHLV
(VJRWR
(VSHFLILFDomRGHPDWHULDO
(VWDJLiULR
(VWDWXWRGRyUJmRHRXHQWLGDGH
(VWRTXHPDWHULDO
(VWUXWXUDGRyUJmRHRXHQWLGDGH
(VWXGRGH
$omRJRYHUQDPHQWDO
'RFXPHQWDomRELEOLRJUiILFD
1HFHVVLGDGHHSUHYLVmRGHSHVVRDO
(YHQWRVSURPRYLGRVSHORyUJmRHRXHQWLGDGH
([DPHPpGLFRSDUD
$GPLVVmR
'HPLVVmR
0XGDQoDGHIXQomR
3HULyGLFR
5HFUXWDPHQWRHVHOHomR
76
5HWRUQRDRWUDEDOKR
([HFXomRGD
'HVSHVD
)tVLFDGRRUoDPHQWR
/HLRUoDPHQWiULD
5HFHLWD
([HPSODU~QLFRGH
*DEDULWRGHWHVWH
3URYD
([RQHUDomRGHVHUYLGRU
([SHGLomRGHGRFXPHQWR
([SRVLomRPDWHULDOGH
([SXOVmRGRVHUYLGRU
([WLQWRUGHLQFrQGLR
([WUDWRGHFRQWDEDQFiULD
([WUDYLRGH
0DWHULDOGHFRQVXPRHSHUPDQHQWH
3DWULP{QLRVLQLVWUR
)
)DOHFLPHQWRGH
)DPLOLDUHVOLFHQoD
6HUYLGRU
)DOWDGLVFLSOLQDU
)DWXUDH[HFXomRGDGHVSHVD
)D[
)HLUDVPDWHULDOGH
)HOLFLWDo}HV
)pULDV
$GLFLRQDOGH
(PGREUR
)*76)XQGRGH*DUDQWLDSRU7HPSRGH6HUYLoR
)LFKDGH
&DGDVWUDOHVWDJLiULR
$FRPSDQKDPHQWRGHSURFHVVR
&RQWUROHGHXWLOL]DomRGHYHtFXORGLiULRGHERUGR
)LQDQFHLUDIROKDGHSDJDPHQWR
,QIRUPDomRSDUDR0LQLVWpULRGR7UDEDOKR±6607
,QVFULomRHPFXUVRRIHUHFLGRSHORyUJmRHRXHQWLGDGH
,QVFULomRUHFUXWDPHQWRHVHOHomR
)LQDQoDV
)OX[RGHGRFXPHQWR
)ROGHUFRPXQLFDomRVRFLDO
)ROKDGH
&RPSOHPHQWDURUoDPHQWR
)UHTXrQFLDHVWDJLiULR
3DJDPHQWRQRUPDOFRPSOHPHQWDU
3RQWR
)RUQHFHGRUFDSDFLGDGHWpFQLFD
)RUQHFLPHQWRGH
ÈJXD
77
(QHUJLDHOpWULFD
*iV
6HUYLoRVEiVLFRVEHQVLPyYHLV
)UHTXrQFLDGRVHUYLGRU
)XQGRGH*DUDQWLDSRU7HPSRGH6HUYLoR)*76
)XQGRGH,QYHVWLPHQWR6RFLDO±),162&,$/
)XQHUDODX[tOLR
)XUWRGH
%HQVPyYHLV
0DWHULDOGHFRQVXPRHSHUPDQHQWH
*
*DEDULWRGRFDQGLGDWRSURYDHWHVWH
*DODOLFHQoD
*iVIRUQHFLPHQWR
*HVWDQWHOLFHQoD
*UDWLILFDomRGH
&DUJRHPFRPLVVmR
([HFXomRGHWUDEDOKRGHQDWXUH]DHVSHFLDOFRPULVFRGHYLGD
([HUFtFLRGHHQFDUJRGHDX[LOLDUGHPHPEURGHEDQFDFRPLVVmR
H[DPLQDGRUDGHFRQFXUVRRXSURYDGHKDELOLWDomR
([HUFtFLRGHHQFDUJRGHDX[LOLDURXSURIHVVRUGHFXUVROHJDOPHQWHLQVWLWXtGR
([HUFtFLRGHHQFDUJRVHVSHFLDLV
)XQomR
,QVDOXEULGDGHHSHULFXORVLGDGH
1DWDOLQD
3DUWLFLSDomRHPyUJmRGHGHOLEHUDomRFROHWLYD
3UHVWDomRGHVHUYLoRHPUHJLPHGHWHPSRLQWHJUDOHGHGLFDomRH[FOXVLYD
3UHVWDomRGHVHUYLoRH[WUDRUGLQiULR
3URGXWLYLGDGH
5HDOL]DomRGHWUDEDOKRUHOHYDQWHWpFQLFRRXFLHQWtILFR
5HSUHVHQWDomRGHJDELQHWH
6XEVWLWXLomR
*UHYH
*UXSRGHWUDEDOKR
*XDUGDHVHJXUDQoDSDWULP{QLR
*XLDGH
5HFROKLPHQWRGHGRFXPHQWR
7UDPLWDomRGHGRFXPHQWR
7UDQVIHUrQFLDGHGRFXPHQWR
+
+DELOLWDomRMXUtGLFDHUHJXODUL]DomRILVFDO
+RPHQDJHP
+RUiULRGH
(VSHFLDOSDUDVHUYLGRUHVWXGDQWHDXVrQFLD
([SHGLHQWH
3HUPLVVmRSDUDSHUPDQrQFLDQRORFDOGHWUDEDOKRIRUDGRKRUiULR
+RUDH[WUD
&RQWUROH
3DJDPHQWRDGLFLRQDO
78
,
,GHQWLGDGHYLVXDOGRyUJmRHRXHQWLGDGH
,PSODQWDomRGHVLVWHPDGDTXDOLGDGH
,PSRUWDomRGH
0DWHULDOSHUPDQHQWH
9HtFXOR
,PSRVWR««««««««««««««««««««««««««««
,PSRVWRGH5HQGD,5
,PSRVWRGH5HQGDGHVFRQWRREULJDWyULR
,PSRVWR6REUH6HUYLoR±,66
,PSUHVVmRGHSURGXomRHGLWRULDO
,QFrQGLR
%ULJDGDV««««««««««««««««««««««««««
/RFDOL]DomRGHHTXLSDPHQWRVGHFRQWUROH««««««««««««««
3UHYHQomR
5HODWyULRV«««««««««««««««««««««««««
6LQLVWUR
,QFRUSRUDomRGH
%HQVLPyYHLV
%HQVPyYHLV«««««««««««««««««««««««««
%HQVVHPRYHQWHV««««««««««««««««««««««««
(TXLSDPHQWRGHLQIRUPiWLFD
9HtFXOR
,QIRUPiWLFD
,QIRUPDomR
,QIUDomRGHWUkQVLWR
,QIUDomRGLVFLSOLQDUOHYH
,QTXpULWRDGPLQLVWUDWLYR
,QVDOXEULGDGHJUDWLILFDomR
,QVSHomRGHYHtFXOR
,166,QVWLWXWR1DFLRQDOGH6HJXULGDGH6RFLDOFRQWULEXLomR
,QVWDODomRGH
$SDUHOKRGHID[
([WLQWRUGHLQFrQGLR
0DWHULDOHTXLSDPHQWRHPRELOLiULR
6HUYLoREiVLFRHPEHQVLPyYHLV
6HUYLoRGHUiGLR
6HUYLoRGHWHOHIRQLD
6HUYLoRGHWHOHFRPXQLFDomRYR]HLPDJHP
,QVWLWXLomRGHGHSHQGHQWH
,QVWUXomRVREUH
'RFXPHQWDomRELEOLRJUiILFD
0DWHULDOSHUPDQHQWHHGHFRQVXPR
0HLRVGHFRPXQLFDomR
1RUPDWLYDUHFXUVRVKXPDQRV
2UoDPHQWRHILQDQoDV
3DWULP{QLR
6LVWHPDGHDUTXLYRHFRQWUROHGHGRFXPHQWRV
,QWHUFkPELRHQWUHELEOLRWHFDV
,QWHUQHW«««««««««««««««««««««««««««««««
79
,QYHQWiULRGH
$FHUYRELEOLRJUiILFR
%HQVLPyYHLV««««««««««««««««««««««««
%HQVPyYHLV«««««««««««««««««««««««««
%HQVSDWULPRQLDLV««««««««««««««««««««««««
%HQVVHPRYHQWHV««««««««««««««««««««««««
0DWHULDOGHFRQVXPR
0DWHULDOSHUPDQHQWH
9HtFXORV«««««««««««««««««««««««««««
-
-RUQDGDGHWUDEDOKR
-XOJDPHQWRSURFHVVRDGPLQLVWUDWLYR
-XVWLILFDWLYDGHIDOWD
/
/DXGRGH
$YDOLDomRDPELHQWDO
7pFQLFRGHLQVSHomRGRORFDOGHWUDEDOKR
'HVDSDUHFLPHQWRGHPDWHULDO
3HULFLDOSURFHVVRDGPLQLVWUDWLYR
7pFQLFRSURFHVVRDGPLQLVWUDWLYR
LeasingPDWHULDOSHUPDQHQWH
/HJLVODomRGH
2UoDPHQWRHILQDQoDV
(VWUXWXUDIXQFLRQDPHQWRHRUJDQL]DomRGRyUJmR
/HLOmRGH
%HQVLPyYHLV
0DWHULDO
9HtFXOR
/HYDQWDPHQWRGDSURGXomRGHGRFXPHQWRV
/LEHUDomRGHYHtFXOR
/LFHQoDGHSDUD
$FLGHQWHGHWUDEDOKR
$GRWDQWH
$IDVWDPHQWRGHIXQomR
$PDPHQWDomR
&RPSXOVyULD
&RQFRUUHURXH[HUFHUFDUJRHOHWLYRPDQGDWRHOHWLYRRXOHJLVODWLYR
&XUVRGHSyVJUDGXDomR
'HVHPSHQKRGHPDQGDWRFODVVLVWD
(VSHFLDORXSUrPLR
*HVWDQWH
*DODFDVDPHQWR
0DWHUQLGDGHSDUDILQVGHDGRomROHJDO
1DWLPRUWRHGHSDWHUQLGDGH
1RMRIDOHFLPHQWRGHIDPLOLDUHV
7UkPLWHGHDSRVHQWDGRULDUHPXQHUDWyULD
7UDWDPHQWRGHVD~GH
7UDWDPHQWRGHVD~GHGHSHVVRDGDIDPtOLD
7UDWDUGHLQWHUHVVHSDUWLFXODU
80
5HDGDSWDomR
6HUYLoRPLOLWDUREULJDWyULR
9LDJHPDFRPSDQKDUF{QMXJHVHUYLGRUS~EOLFR
/LFHQoDGHXVRGHSURJUDPDGHFRPSXWDGRU
/LFHQFLDPHQWRGHYHtFXOR
/LFLWDomRSDUD$TXLVLomRGH
&RQVHUYDomRHUHFXSHUDomRGHPDWHULDO
(TXLSDPHQWRGHLQIRUPiWLFD
0DWHULDOSHUPDQHQWH
2EUDV
3UHVWDomRGHVHUYLoRGHSURILVVLRQDODXW{QRPR
6HUYLoRGHJXDUGDHVHJXUDQoD
6HUYLoRGHOLPSH]DEHQVLPyYHLV
6HUYLoRGHPDQXWHQomREHQVLPyYHLV
9HtFXOR
/LPLWHRUoDPHQWiULR
/LPSH]DGH
%HQVLPyYHLV
9HtFXOR
/LTXLGDomRGHHPSHQKRH[HFXomRGDGHVSHVD
/LVWDJHPGH
0DWHULDOGHFRQVXPR
0DWHULDOSHUPDQHQWH
/LVWDGH
3UHVHQoDHPHYHQWRV
3UHVHQoDHPUHXQLmRGD&,3$
5HPHVVDGHPDORWH
/LYURGH
$WDGD&,3$
&DL[D
&RQWUROHGHWUDPLWDomRGHGRFXPHQWR
'LiULR
,QVSHomRGRWUDEDOKR
3RQWR
5D]mR
/RFDomRGH
%HQVLPyYHLV
9HtFXOR
/RWDomRGHVHUYLGRU
/X]
0
0DQGDWROLFHQoDSDUD
&ODVVLVWD
(OHWLYR
/HJLVODWLYR
0DQXDOGH
&DWDORJDomRELEOLRJUiILFD
6HJXUDQoDHSUHYHQomRGHDFLGHQWH
6LVWHPDGHDUTXLYRHFRQWUROHGHGRFXPHQWRV
6LVWHPDGDTXDOLGDGH
81
7pFQLFRGHSURJUDPDGHFRPSXWDGRU
7pFQLFRGHXVRGHHTXLSDPHQWRGHLQIRUPiWLFD
8VXiULRGHVLVWHPDGHLQIRUPiWLFDGHVHQYROYLGRSRUyUJmRS~EOLFR
8WLOL]DomRGHHTXLSDPHQWR
0DQXWHQomRGH
$UFRQGLFLRQDGR
(OHYDGRU
(TXLSDPHQWRHPRELOLiULR
([WLQWRUGHLQFrQGLR
+LGUDQWH
0DQJXHLUD
5HFXUVRVGHWHOHFRPXQLFDomR
9HtFXOR
0DSDGH
$QXDOGHDFLGHQWHVGRWUDEDOKR
5LVFRV
0DWHULDOGHFRQVXPR
3HUPDQHQWH
'LGiWLFRFXUVRRIHUHFLGRSHORyUJmR
0HPRUDQGR
0HPyULDGHUHXQLmRFRPSURPLVVRVRILFLDLV
0HVDUHGRQGD
0LFURILOPDJHP
0RELOLiULR
$TXLVLomRPDWHULDOSHUPDQHQWH
&RQVHUYDomRHUHFXSHUDomR
0RGHUQL]DomRHUHIRUPDDGPLQLVWUDWLYD
0RQLWRUDPHQWR6LVWHPD
0RUDGLDDX[tOLR
0RYLPHQWDomRGH
%DQFiULD««««««««««««««««««««««««««««
0DWHULDO
3HVVRDO
0RYLPHQWRUHLYLQGLFDWyULR
0XOWDGH
([HFXomRGDUHFHLWD
3HQDOLGDGHGLVFLSOLQDU
9HtFXOR
1
1DWDOLGDGHDX[tOLR
1RMROLFHQoD
1RPHDomRGHVHUYLGRU
1RUPDVSDUD
&DWDORJDomRGHGRFXPHQWDomRELEOLRJUiILFD
,QIRUPiWLFDUHFXUVRVGH
0RYLPHQWDomRGHSHVVRDO
2UoDPHQWRHILQDQoDV
3DWULP{QLR
6LVWHPDGDTXDOLGDGH
6LVWHPDGHDUTXLYRVHFRQWUROHGHGRFXPHQWRV
82
3ODQHMDPHQWRGH
7UHLQDPHQWR
6LVWHPDGDTXDOLGDGH
)LQDQFHLUR
3ODQLOKDGHFRQWUROHGRDPELHQWHGHWUDEDOKR
3ODQRGH
$omRJRYHUQDPHQWDO
&DUJRVHVDOiULRV
,QIRUPiWLFD
7UDEDOKR
3ODQWDGH
%HQVLPyYHLV
/RFDOL]DomRGHHTXLSDPHQWRVGHFRQWUROHGHLQFrQGLR
3ROtWLFDGH
3HVVRDO
6LVWHPDGDTXDOLGDGH
3ROtWLFDJRYHUQDPHQWDO
3RQWRIDFXOWDWLYR
3RUWDULD
&RQWUROHGH
6HUYLoRGH
3RVVHVHUYLGRU
3UHFDWyULR
3UrPLRGHVHJXURGHYLGDFRPSXOVyULR
3UHSRVWRFDUWD
3UHVWDomRGHFRQWDV
3UHVWDomRGHVHUYLoRSURILVVLRQDO
3UHYHQomRGH
$FLGHQWHGHWUDEDOKR
,QFrQGLR
3UHYLGrQFLDVRFLDO
3UHYLVmRGH
0DWHULDOSHUPDQHQWHHGHFRQVXPR
3HVVRDO
3URFHVVRGH
$GPLQLVWUDWLYR
&RPSHQVDomRSUHYLGHQFLiULD
&RQVWLWXLomRGH&RPLVVmR,QWHUQDGH3UHYHQomRGH$FLGHQWHGH7UDEDOKR
&,3$
&RPLVVmR3HUPDQHQWHGH6HJXUDQoD±&23(6,
(OHLomRGD&,3$
3DJDPHQWRGRVHQFDUJRV
6HOHomR
6LQGLFkQFLD
6XPiULR
3URFXUDomRGHOHJDomRGHFRPSHWrQFLD
3URJUDPDGH
$VVLVWrQFLD7pFQLFD
&RQWUROH0pGLFRGH6D~GH2FXSDFLRQDO±3&062
84
(YHQWRVFHULP{QLDVRILFLDLV
)RUPDomRGR3DWULP{QLRGR6HUYLGRU3~EOLFR3$6(3
,QIRUPiWLFD
,QWHJUDomR6RFLDO3,6
3UHYHQomRGH5LVFRV$PELHQWDLV335$
6LVWHPDGDTXDOLGDGH
7UDEDOKR
3URJUDPDomR
)LQDQFHLUDGHGHVHPEROVR
)ROKHWRVDQ~QFLRVIROGHUV
2UoDPHQWiULD
3URJUHVVmRIXQFLRQDO
3URMHWRGH
$omRJRYHUQDPHQWDO
%HQVLPyYHLV
,QIRUPiWLFD
7UDEDOKR
3URQWXiULRPpGLFRGRVHUYLGRU
3URSRVWD
3URFHVVRGHVHOHomR
3URWRFRORGHGRFXPHQWRV
3URYHQWR
3XEOLFDomRGHPDWpULDHP
3HULyGLFR
'LiULR2ILFLDO
%ROHWLPGHVHUYLoR
3XEOLFDomRSURGXomRHGLWRULDOGRyUJmR
3XEOLFLGDGHGRyUJmR
4
4XDGURGH'HWDOKDPHQWRGH'HVSHVD4''
4XDGURSODQRGHFDUJRVHVDOiULRV
4XLQTXrQLRDGLFLRQDO
5
5iGLRLQVWDODomRRSHUDomRHOLFHQoDGHXVR
5$,6±5HODomR$QXDOGH,QIRUPDo}HV6RFLDLV
5HDGDSWDomRGHVHUYLGRU
5HDGPLVVmRGHVHUYLGRU
5HDORFDomRGRVHUYLGRU
5HDVVXQomRGRVHUYLGRU
5HFHLWDH[HFXomR
5HFHSomRGHGRFXPHQWRV
5HFLERH[HFXomRGDGHVSHVD
5HFLERGHSDJDPHQWRVHUYLoRSURILVVLRQDODXW{QRPR
5HFODPDomRHORJLRVXJHVWmRVREUHSUHVWDomRGHVHUYLoRS~EOLFR
5HFODPDomRWUDEDOKLVWD
5HFOXVmRDX[tOLR
5HFROKLPHQWRGH
'RFXPHQWRV
0DWHULDODRGHSyVLWR
5HFRQGXomRGHVHUYLGRU
85
5HFUXWDPHQWRHVHOHomR
5HFXUVRSURYDVHWHVWHV
5HFXUVRDGLFLRQDORUoDPHQWR
5HGHVHUYLoRGH«««««««««««««««««««««««««««
5HHQTXDGUDPHQWRGHVHUYLGRU
5HIHUrQFLDHFLUFXODomRGRFXPHQWDomRELEOLRJUiILFD
5HIRUPDDGPLQLVWUDWLYD
5HJLPHQWRLQWHUQRGRyUJmR
5HJLVWURGH
%DL[DGHPDWHULDO
'RFXPHQWDomRELEOLRJUiILFD
,PDJHPHVRP
3DWULP{QLREHQVLPyYHLV
-XQWD&RPHUFLDO
5HJXODPHQWRLQWHUQRGRyUJmR
5HJXODUL]DomR
)LVFDO
,LPRELOLiULD
5HLQWHJUDomRGH
3RVVHSDWULP{QLR
6HUYLGRU
5HLYLQGLFDomRGH
'RPtQLREHQVLPyYHLV
6HUYLoRS~EOLFR
5HODomRGHFRP
&RQYLGDGRVHYHQWRV
ÏUJmRVQRUPDWL]DGRUHVGHWUDEDOKR
3DUWLFLSDQWHVHPFXUVRV
5HODomR$QXDOGH,QIRUPDo}HV6RFLDLV±5$,6
5HODWyULRGDGH
$FRPSDQKDPHQWRGHHVWiJLR
$WLYLGDGHV
$YDOLDomRGHGHVHPSHQKRHVWiJLR
&kPDUD7pFQLFD&RPLVVmR&RQVHOKR*UXSRVGHWUDEDOKR-XQWD
&RPLVVmRSHUPDQHQWHGHVHJXUDQoD
&XVWRFRPFXUVRGHWUHLQDPHQWR
)UHTXrQFLDHVWDJLiULR
*HUHQFLDORUoDPHQWRHILQDQoDV
3DJDPHQWRHVWDJLiULR
3URFHVVRGHVLQGLFkQFLD
6HUYLoRS~EOLFR
6HUYLoRSURILVVLRQDODXW{QRPR
6LVWHPDGDTXDOLGDGH
7pFQLFRFODVVLILFDUDUTXLYDUQRDVVXQWRHVSHFtILFR
7pFQLFRGHVHUYLoRGHLQIRUPiWLFD
9LVLWDLQVWLWXFLRQDO
ReleaseFRPXQLFDomRVRFLDO
5HPDQHMDPHQWRGHVHUYLGRU
5HPHVVDGHPDORWH
5HPRomRGHVHUYLGRU
86
7UDQVPLVVmRGHGDGRVYR]HLPDJHP
9LJLOkQFLDHSRUWDULD
6LPSyVLRPDWHULDOGH
6LQGLFkQFLDGH
3DWULP{QLR
3DWULP{QLRPRELOLiULR««««««««««««««««««««««
3DWULP{QLRVHPRYHQWH«««««««««««««««««««««««
6HUYLGRUHVSURFHVVR
6LQGLFDWR
6LQLVWUR
6LQRSVHFRPXQLFDomRVRFLDO
6LVWHPDGH
$UTXLYRHFRQWUROHGHGRFXPHQWRV
$VVLVWrQFLD7pFQLFD
*HVWmRGHEHQVPyYHLV««««««««««««««««««««««
,QIRUPiWLFD
0RQLWRUDPHQWREHQVLPyYHLV
4XDOLGDGH
6LWHLQVWLWXFLRQDOFRPXQLFDomRVRFLDO
6ROHQLGDGH
6XEUHSDVVHH[HFXomRGDUHFHLWD
6XEVWLWXLomRGHVHUYLGRU
6XEYHQomRH[HFXomRGDGHVSHVD
6XJHVWmRVREUHIXQFLRQDPHQWRGHVHUYLoRS~EOLFR
6XSULPHQWRH[HFXomRGDGHVSHVD
6XVSHQVmRSHQDOLGDGHGLVFLSOLQDU
7
7DEHODGH
7HPSRUDOLGDGHGHGRFXPHQWR
6DODULDO
7D[DGHSRU
%DQFiULD««««««««««««««««««««««««««««
%HP,PyYHO«««««««««««««««««««««««««««
6HUYLoRSUHVWDGRH[HFXomRGDUHFHLWD
7HOHIRQLD
7HPSRGHVHUYLoR
$GLFLRQDOTXLQTXrQLRV
&RQWDJHPHDYHUEDomR
7HUFHLUL]DomRGHVHUYLoRSDUDUHDOL]DomRGHFRQFXUVRS~EOLFR
7HUPRGH
$MXVWH
&RPSURPLVVRGHXVRGH(3,¶V
&RQYrQLRGHHVWiJLR
&RRSHUDomR
(QWUHJDGH(3,¶V
*DUDQWLDHTXLSDPHQWR
,QVHUYLELOLGDGHGH
9HtFXOR
0DWHULDOSHUPDQHQWH
3DUFHULD
88
5HFHELPHQWRGHILQLWLYRGHEHQVPDWHULDLV
5HFHELPHQWRGHILQLWLYRGHREUD
5HVSRQVDELOLGDGHGHPDWHULDOGHFRQVXPR
PDWHULDOSHUPDQHQWH
7HVWHGH
6HOHomRSURYDVHWHVWHV
3VLFRWpFQLFR««««««««««««««««««««««««««
7RPDGDGH&RQWDV
7RPEDPHQWRGH
%HQVLPyYHLV
0DWHULDOSHUPDQHQWH
9HtFXOR
7RSRJUDILDGHEHPLPyYHO
7UDPLWDomRGHGRFXPHQWRV
7UDQVIHUrQFLDGH
%HQVLPyYHLV
%HQVPyYHLV««««««««««««««««««««««««««
%HQVVHPRYHQWHV««««««««««««««««««««««««
'RFXPHQWR
(TXLSDPHQWRGHLQIRUPiWLFD
0DWHULDO
9HtFXOR
7UDQVIRUPDomRGHFDUJRVHIXQo}HV
7UDQVSRUWHGHPDWHULDO
7UDWDPHQWRGHVD~GHOLFHQoD
7UHLQDPHQWRGRVHUYLGRU
7ULEXWRV««««««««««««««««««««««««««««««
8
8VRGH
'HSHQGrQFLDVGRyUJmR
5HFXUVRGHWHOHFRPXQLFDomR
8VXFDSLmRGHEHPLPyYHO
8WLOL]DomRGHEHQVLPyYHLV
9
9DOHWUDQVSRUWHDX[tOLR
9DQWDJHQVGRVHUYLGRU
9HtFXOR
9HQFLPHQWR
9HQGDGHSURGXomRHGLWRULDOGRyUJmR
9LDJHPDVHUYLoRDMXGDGHFXVWR
9LJLOkQFLD
9LVWRULDVLQLVWUR
9LVLWD,QVWLWXFLRQDO
:
Workshop
89
*/266È5,2
$548,92 FRQMXQWRGHGRFXPHQWRVSURGX]LGRVHDFXPXODGRVSRUXPDHQWLGDGHFROHWLYD
S~EOLFDRXSULYDGDSHVVRDRXIDPtOLDQRGHVHPSHQKRGHVXDVDWLYLGDGHVLQGHSHQGHQWHGD
QDWXUH]DGRVXSRUWH
$548,92&255(17( FRQMXQWRGHGRFXPHQWRVHPWUDPLWDomRRXQmRTXHSHORVHX
YDORU SULPiULR p REMHWR GH FRQVXOWDV IUHTXHQWHV SHOD HQWLGDGH TXH R SURGX]LX D TXHP
FRPSHWHDVXDDGPLQLVWUDomR
$548,92,17(50(',È5,2FRQMXQWRGHGRFXPHQWRVRULJLQiULRVGHDUTXLYRVFRUUHQWHV
FRPXVRSRXFRIUHTXHQWHTXHDJXDUGDGHVWLQDomR
$548,923(50$1(17(FRQMXQWRGHGRFXPHQWRVSUHVHUYDGRVHPFDUiWHUGHILQLWLYRHP
IXQomRGHVHXYDORU
$548,923Ò%/,&2 DUTXLYRGHHQWLGDGHS~EOLFDLQGHSHQGHQWHPHQWHGHVHXkPELWRGH
DomRHGRVLVWHPDGHJRYHUQRGRSDtV
$548,926(725,$/DUTXLYRGHXPVHWRURXVHUYLoRGHXPDDGPLQLVWUDomR
$7,9,'$'(6 '( 35272&2/2 &RQMXQWR GH RSHUDo}HV YLVDQGR DR FRQWUROH GRV
GRFXPHQWRV TXH DLQGD WUDPLWDP QR yUJmR GH PRGR D DVVHJXUDU D LPHGLDWD ORFDOL]DomR H
UHFXSHUDomRGRVPHVPRVJDUDQWLQGRDVVLPRDFHVVRjLQIRUPDomR
$7,9,'$'(6),0 DWLYLGDGH GHVHQYROYLGD HP GHFRUUrQFLD GD ILQDOLGDGH GH XPD
LQVWLWXLomR7DPEpPFKDPDGDDWLYLGDGHILQDOtVWLFD
$7,9,'$'(60(,2 DWLYLGDGH TXH Gi DSRLR j FRQVHFXomR GDV DWLYLGDGHVILP GH XPD
LQVWLWXLomR7DPEpPFKDPDGDDWLYLGDGHPDQWHQHGRUD
$9$/,$d2 SURFHVVRGHDQiOLVHGHGRFXPHQWRVGHDUTXLYRTXHHVWDEHOHFHRVSUD]RVGH
JXDUGDHDGHVWLQDomRGHDFRUGRFRPRVYDORUHVTXHOKHVVmRDWULEXtGRV
&$572-$1(/$FDUWmRFRPDEHUWXUDUHWDQJXODUGHVWLQDGDDUHFHEHUIRWRJUDPD
&,&/29,7$/'('2&80(1726 VXFHVVLYDVIDVHVSRUTXHSDVVDPRVGRFXPHQWRVGH
XPDUTXLYRGDVXDSURGXomRjJXDUGDSHUPDQHQWHRXHOLPLQDomR
&Ï',*2'(&/$66,),&$d2FyGLJRGHULYDGRGHXPSODQRGHFODVVLILFDomR
'$7$6/,0,7(HOHPHQWRGHLGHQWLILFDomRFURQROyJLFDHPTXHVmRLQGLFDGRVRLQtFLRHR
WpUPLQRGRSHUtRGRGHXPDXQLGDGHGHGHVFULomR
'(67,1$d2GHFLVmRFRPEDVHQDDYDOLDomRTXDQWRDRHQFDPLQKDPHQWRGHGRFXPHQWRV
SDUDJXDUGDSHUPDQHQWHRXHOLPLQDomR
'2&80(172XQLGDGHGHUHJLVWURGHLQIRUPDomRTXDOTXHUTXHVHMDRVXSRUWHRXIRUPDWR
90
(63e&,('2&80(17$/GLYLVmRGHJrQHURGRFXPHQWDOTXHUH~QHWLSRVGRFXPHQWDLVSRU
VHXIRUPDWR6mRH[HPSORVGHHVSpFLHVGRFXPHQWDLVDWDFDUWDGHFUHWRGLVFRILOPHIROKHWR
IRWRJUDILDPHPRUDQGRRItFLRSODQWDUHODWyULR
)250$72 FRQMXQWRGDVFDUDFWHUtVWLFDVItVLFDVGHDSUHVHQWDomRGDVWpFQLFDVGHUHJLVWURH
GDHVWUXWXUDGHLQIRUPDomRHFRQWH~GRGHXPGRFXPHQWR
-$48(7$ LQYyOXFURGHSOiVWLFRRXPDWHULDOVLPLODUTXHFRQWpPXPRXPDLVEROVRVQRV
TXDLVVHLQVHUHPPLFURIRUPDV
0,&52),&+$PLFURIRUPDHPILOPHFXMDVLPDJHQVRXIRWRJUDPDVVmRGLVSRVWRVHPOLQKDV
SDUDOHODVRXFROXQDV
0,&52),/0( ILOPH UHVXOWDQWH GR SURFHVVR GH UHSURGXomR GH GRFXPHQWRV GDGRV H
LPDJHQVSRUPHLRVIRWRJUiILFRVRXHOHWU{QLFRVHPGLIHUHQWHVJUDXVGHUHGXomRFXMDOHLWXUD
VypSRVVtYHOSRUPHLRGHOHLWRUGHPLFURIRUPDV
0,&52)250$ WHUPR JHQpULFR TXH GHVLJQD WRGRV RV WLSRV GH VXSRUWH TXH FRQWrP
PLFURLPDJHQV
0e72'2 '83/(; 0pWRGR GH DUTXLYDPHQWR TXH GLVWULEXL RV GRFXPHQWRV HP JUDQGHV
FODVVHVSRUDVVXQWRVQXPHUDGDVFRQVHFXWLYDPHQWHVXEGLYLGLGDVHPFODVVHVVXERUGLQDGDVH
KLHUDUTXLFDPHQWHGHDFRUGRFRPDHVWUXWXUDRUJDQL]DFLRQDOGRSURGXWRUGRFXPHQWDO
5(&2/+,0(172 HQWUDGD GH GRFXPHQWRV S~EOLFRV HP DUTXLYRV SHUPDQHQWH FRP
FRPSHWrQFLDIRUPDOPHQWHHVWDEHOHFLGD
683257(pRPDWHULDOQRTXDOVmRUHJLVWUDGDVDVLQIRUPDo}HV2VXSRUWHPDLVFRQKHFLGRp
R SDSHO PDV H[LVWHP RXWURV SHUJDPLQKR SDSLUR PXLWR XWLOL]DGRV DQWLJDPHQWH ILWD
PDJQpWLFDGLVFRPDJQpWLFRGLVFRyWLFRGLVTXHWHILOPHGHQLWUDWR
7$%-$&FDUWmRWDEXOiYHOFRPFDQDLVGHSROLpVWHUSDUDLQVHUomRGHILOPHVGHPPFXMD
DSDUrQFLDpVHPHOKDQWHjGRFDUWmRMDQHOD$EUHYLDWXUDGHtabulating-jacket
7,32 '2&80(17$/ GLYLVmR GH HVSpFLH GRFXPHQWDO TXH UH~QH GRFXPHQWRV SRU VXDV
FDUDFWHUtVWLFDVFRPXQVQRTXHGL]UHVSHLWRjIyUPXODGLSORPiWLFDQDWXUH]DGH FRQWH~GR RX
WpFQLFD GR UHJLVWUR 6mR H[HPSORV GH WLSRV GRFXPHQWDLV FDUWDV SUHFDWyULDV FDUWDV UpJLDV
FDUWDVSDWHQWHVGHFUHWRVVHPQ~PHURGHFUHWRVOHLGDJXHUUHyWLSRV[LORJUDYXUDV
7(25,$'$675Ç6,'$'(6WHRULDVHJXQGRDTXDORVDUTXLYRVVmRFDUDFWHUL]DGRVFRPR
FRUUHQWHVLQWHUPHGLiULRVHSHUPDQHQWHVGHDFRUGRFRPDLGHQWLILFDomRGRVYDORUHVSULPiULRH
VHFXQGiULRGRVGRFXPHQWRV
91
5()(5Ç1&,$6
BBBBBBB,QVWUXomRQRUPDWLYDQGHGHDEULOGH(VWDEHOHFHRVSURFHGLPHQWRVSDUD
DHQWUDGDGHDFHUYRVDUTXLYtVWLFRVQR$UTXLYR1DFLRQDO'LiULR2ILFLDO>GD@5HS~EOLFD
)HGHUDWLYDGR%UDVLO%UDVtOLDQSGHDEULOGHVHomR'LVSRQtYHO
HPKWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPVHW
$548,921$&,21$/%UDVLO&RQVHOKR1DFLRQDOGH$UTXLYRV5HVROXomRQGHGH
RXWXEURGH'LVS}HVREUHDQHFHVVLGDGHGDDGRomRGHSODQRVHRXFyGLJRVGH
FODVVLILFDomRGHGRFXPHQWRVQRVDUTXLYRVFRUUHQWHVTXHFRQVLGHUHPDQDWXUH]DGRVDVVXQWRV
UHVXOWDQWHVGHVXDVDWLYLGDGHVHIXQo}HV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR
%UDVLO%UDVtOLD')RXWQ6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPVHW
BBBBBBB*HVWmRGHGRFXPHQWRVFXUVRGHFDSDFLWDomRSDUDRVLQWHJUDQWHVGR6LVWHPDGH
*HVWmRGH'RFXPHQWRVGH$UTXLYR6,*$GDDGPLQLVWUDomRS~EOLFDIHGHUDO5LRGH-DQHLUR
$UTXLYR1DFLRQDOS3XEOLFDo}HV7pFQLFDVQ
BBBBBBB5HVROXomRQGHGHRXWXEURGH'LVS}HVREUHDVPHGLGDVDVHUHP
REVHUYDGDVQDWUDQVIHUrQFLDRXQRUHFROKLPHQWRGHDFHUYRVGRFXPHQWDLVSDUDLQVWLWXLo}HV
DUTXLYtVWLFDVS~EOLFDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO%UDVtOLD')
RXWQ6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPVHW
BBBBBBB5HVROXomRQGHGHPDUoRGH'LVS}HVREUHR&yGLJRGHFODVVLILFDomRGH
GRFXPHQWRVGHDUTXLYRSDUDDDGPLQLVWUDomRS~EOLFDDWLYLGDGHVPHLRDVHUDGRWDGRFRPR
PRGHORSDUDRVDUTXLYRVFRUUHQWHVGRVyUJmRVHHQWLGDGHVLQWHJUDQWHVGR6LVWHPD1DFLRQDOGH
$UTXLYRV6,1$5DSURYDRVSUD]RVGHJXDUGDHDGHVWLQDomRGHGRFXPHQWRVHVWDEHOHFLGRV
QD7DEHODEiVLFDGHWHPSRUDOLGDGHHGHVWLQDomRGHGRFXPHQWRVGHDUTXLYRUHODWLYRVjV
DWLYLGDGHVPHLRGDDGPLQLVWUDomRS~EOLFD'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR
%UDVLO%UDVtOLD')PDU6XSOHPHQWRQ6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPVHW
BBBBBBB5HVROXomRQGHGHVHWHPEURGH'LVS}HVREUHDSXEOLFDomRGHHGLWDLV
SDUDDHOLPLQDomRGHGRFXPHQWRVQRV'LiULRV2ILFLDLVGD8QLmR'LVWULWR)HGHUDOHVWDGRVH
PXQLFtSLRV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO%UDVtOLD')RXW
Q6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPVHW
BBBBBBB5HVROXomRQGHGHPDLRGH'LVS}HVREUHRVSURFHGLPHQWRVSDUDD
HOLPLQDomRGHGRFXPHQWRVQRkPELWRGRVyUJmRVHHQWLGDGHVLQWHJUDQWHVGR3RGHU3~EOLFR
'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO%UDVtOLD')PDLRQ
92
6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPVHW
BBBBBBB5HVROXomRQGHGHRXWXEURGH$SURYDDYHUVmRUHYLVDGDHDPSOLDGDGD
5HVROXomRQGHGHPDUoRGHTXHGLVS}HVREUHR&yGLJRGH&ODVVLILFDomRGH
'RFXPHQWRVGH$UTXLYRSDUDD$GPLQLVWUDomR3~EOLFD$WLYLGDGHV0HLRDVHUDGRWDGRFRPR
PRGHORSDUDRVDUTXLYRVFRUUHQWHVGRVyUJmRVHHQWLGDGHVLQWHJUDQWHVGR6LVWHPD1DFLRQDOGH
$UTXLYRV6,1$5HRVSUD]RVGHJXDUGDHDGHVWLQDomRGHGRFXPHQWRVHVWDEHOHFLGRVQD
7DEHOD%iVLFDGH7HPSRUDOLGDGHH'HVWLQDomRGH'RFXPHQWRVGH$UTXLYR5HODWLYRVDV
$WLYLGDGHV0HLRGD$GPLQLVWUDomR3~EOLFD'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR
%UDVLO%UDVtOLD')IHYQ6HomRSHP'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPVHW
BBBBBBB5HVROXomRQGHGHGH]HPEURGH$SURYDDOWHUDo}HVQD5HVROXomR
GHGHRXWXEURGH'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU
([HFXWLYR%UDVtOLD')GH]Q6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB5HVROXomRQGHGHGH]HPEURGH'LVS}HVREUHRVSURFHGLPHQWRVSDUDD
HOLPLQDomRGHGRFXPHQWRVQRkPELWRGRVyUJmRVHHQWLGDGHVLQWHJUDQWHVGR6LVWHPD1DFLRQDO
GH$UTXLYRV±6,1$5$QH[RV,,,H,,,'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR
%UDVLO3RGHU([HFXWLYR%UDVtOLD')GH]Q6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
$662&,$d2%5$6,/(,5$'(1250$67e&1,&$61%5$YDOLDomRGHEHQV
3DUWH3URFHGLPHQWRVJHUDLV5LRGH-DQHLURS'LVSRQtYHOHP
KWWSELWWDUSHULFLDVFRPEUZSFRQWHQWXSORDGV$YDOLDFDR%HQV3URFHGLPHQWRV
*HULDV1%5SGI!$FHVVRHPVHW
%5$6,/&RQVWLWXLomR)HGHUDOGHRXWXEURGH'LiULR2ILFLDO>GD@5HS~EOLFD
)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')RXW1$6HomRS
'LVSRQtYHOHPKWWSZZZSODQDOWRJRYEUFFLYLOBFRQVWLWXLFDR'28FRQVWLWXLFDRSGI!
$FHVVRHPDEU
BBBBBBB'HFUHWRQGHMXQKRGH5HJXODPHQWDQRkPELWRGR3RGHU
([HFXWLYR)HGHUDORDUWGD/HLQRGHGHMXQKRGHLQVWLWXLDVLQGLFkQFLD
SDWULPRQLDOHGiRXWUDVSURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO
3RGHU([HFXWLYR%UDVtOLD')MXOQ6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB'HFUHWRQGHVHWHPEURGH$OWHUDGLVSRVLWLYRVGR5HJXODPHQWRGD
3UHYLGrQFLD6RFLDODSURYDGRSHOR'HFUHWRQGHGHPDLRGHHGiRXWUDV
SURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR
%UDVtOLD')VHWQ6HomRS'LVSRQtYHOHP
93
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
%5$6,/'HFUHWR/HLQGHPDLRGH$SURYDD&RQVROLGDomRGDV/HLVGR
7UDEDOKR&/7'LiULR2ILFLDO>GRV@(VWDGRV8QLGRVGR%UDVLO3RGHU([HFXWLYR5LRGH
-DQHLUR5-DJRQ6HomRS'LVSRQtYHOHP
KWWSVZZZMXVEUDVLOFRPEUGLDULRV'286HFDR!$FHVVRHPVHW
BBBBBBB'HFUHWR/HLQGHDJRVWRGH'LVS}HVREUHDVFRQWULEXLo}HVSDUDR
),162&,$/VXDFREUDQoDILVFDOL]DomRSURFHVVRDGPLQLVWUDWLYRHGHFRQVXOWDHGiRXWUDV
SURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR
%UDVtOLD')DJRQ6HomRS'LVSRQtYHOHP
KWWSVZZZMXVEUDVLOFRPEUGLDULRV'286HFDR!$FHVVRHPVHW
BBBBBBB'HFUHWR/HLQGHDJRVWRGH'LVS}HVREUHDVFRQWULEXLo}HVSDUDR
3,63$6(3VXDFREUDQoDILVFDOL]DomRSURFHVVRDGPLQLVWUDWLYRHGHFRQVXOWDHGiRXWUDV
SURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR
%UDVtOLD')DJRQ6HomRS'LVSRQtYHOHP
KWWSVZZZMXVEUDVLOFRPEUGLDULRV'286HFDR!$FHVVRHPVHW
%5$6,//HLQGHGHPDUoRGH(VWDWXLQRUPDVJHUDLVGH'LUHLWR)LQDQFHLUR
SDUDHODERUDomRHFRQWUROHGRVRUoDPHQWRVHEDODQoRVGD8QLmRGRV(VWDGRVGRV0XQLFtSLRV
HGR'LVWULWR)HGHUDO'LiULR2ILFLDO>GRV@(VWDGRV8QLGRVGR%UDVLO3RGHU([HFXWLYR
%UDVtOLD')PDUQ6HomRS'LVSRQtYHOHP
KWWSVZZZMXVEUDVLOFRPEUGLDULRV'286HFDR"UHI EUHDGFUXPE!$FHVVR
HPVHW
BBBBBBB/HLQGHGHRXWXEURGH'LVS}HVREUHR6LVWHPD7ULEXWiULR1DFLRQDO
HLQVWLWXLQRUPDVJHUDLVGHGLUHLWRWULEXWiULRDSOLFiYHLVj8QLmR(VWDGRVH0XQLFtSLRV'LiULR
2ILFLDO>GRV@(VWDGRV8QLGRVGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')RXWQ
6HomR,S'LVSRQtYHOHP
KWWSVZZZMXVEUDVLOFRPEUGLDULRV'286HFDR"UHI EUHDGFUXPE!$FHVVR
HPVHW
BBBBBBB/HLQGHGH]HPEURGH$OWHUDR&DStWXOR9GR7tWXOR,,GD
&RQVROLGDomRGDV/HLVGR7UDEDOKRUHODWLYRjVHJXUDQoDHPHGLFLQDGRWUDEDOKRHGiRXWUDV
SURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR
%UDVtOLD')GH]Q6HomRS'LVSRQtYHOHP
KWWSVZZZMXVEUDVLOFRPEUGLDULRV'286HFDR"UHI EUHDGFUXPE!$FHVVR
HPVHW
BBBBBBB/HLQGHGHPDLRGH'LVS}HVREUHR)XQGRGH*DUDQWLDGR7HPSR
GH6HUYLoRHGiRXWUDVSURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO
3RGHU([HFXWLYR%UDVtOLD')PDLRQ6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB/HLQGHGHMDQHLURGH'LVS}HVREUHDSROtWLFDQDFLRQDOGHDUTXLYRV
S~EOLFRVHSULYDGRVHGiRXWUDVSURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR
%UDVLO3RGHU([HFXWLYR%UDVtOLD')MDQQ6HomRS'LVSRQtYHOHP
94
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB/HLQGHMXOKRGH'LVS}HVREUHDRUJDQL]DomRGD6HJXULGDGH6RFLDO
LQVWLWXL3ODQRGH&XVWHLRHGiRXWUDVSURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYD
GR%UDVLO3RGHU([HFXWLYR%UDVtOLD')MXO6HomRS'LVSRQtYHO
HPKWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPDEU
BBBBBBB/HLQGHMXOKRGH'LVS}HVREUHDRUJDQL]DomRGD6HJXULGDGH6RFLDO
LQVWLWXL3ODQRGH&XVWHLRHGiRXWUDVSURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYD
GR%UDVLO3RGHU([HFXWLYR%UDVtOLD')MXOQ6HomRS
'LVSRQtYHOHPKWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB/HLQGHMXQKRGH'LVS}HVREUHDVVDQo}HVDSOLFiYHLVDRVDJHQWHV
S~EOLFRVQRVFDVRVGHHQULTXHFLPHQWRLOtFLWRQRH[HUFtFLRGHPDQGDWRFDUJRHPSUHJRRX
IXQomRQDDGPLQLVWUDomRS~EOLFDGLUHWDLQGLUHWDRXIXQGDFLRQDOHGiRXWUDVSURYLGrQFLDV
'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')MXQ
QVHomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB/HLQGHMXQKRGH5HJXODPHQWDRDUWLQFLVR;;,GD
&RQVWLWXLomR)HGHUDOLQVWLWXLQRUPDVSDUDOLFLWDo}HVHFRQWUDWRVGD$GPLQLVWUDomR3~EOLFDHGi
RXWUDVSURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR
%UDVtOLD')MXQQVHomRS
'LVSRQtYHOHPKWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB/HLQGHGH]HPEURGH5HJXODRGLUHLWRGRVFRPSDQKHLURVD
DOLPHQWRVHjVXFHVVmR'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU
([HFXWLYR%UDVtOLD')GH]QVHomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPDEU
BBBBBBB/HLQGHIHYHUHLURGH'LVS}HVREUHDSURWHomRGDSURSULHGDGH
LQWHOHFWXDOGHSURJUDPDGHFRPSXWDGRUVXDFRPHUFLDOL]DomRQR3DtVHGiRXWUDV
SURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR
%UDVtOLD')IHYQVHomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB/HLQGHIHYHUHLURGH$OWHUDDWXDOL]DHFRQVROLGDDOHJLVODomRVREUH
GLUHLWRVDXWRUDLVHGiRXWUDVSURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR
%UDVLO3RGHU([HFXWLYR%UDVtOLD')IHYQVHomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
95
BBBBBBB/HLQGHMDQHLURGH,QVWLWXLR&yGLJR&LYLO'LiULR2ILFLDO>GD@
5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')3RGHU([HFXWLYR%UDVtOLD
')MDQQ6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB/HLQGHGH1RYHPEURGH5HJXODRDFHVVRDLQIRUPDo}HVSUHYLVWR
QRLQFLVR;;;,,,GRDUWRQRLQFLVR,,GRRGRDUWHQRRGRDUWGD&RQVWLWXLomR
)HGHUDODOWHUDD/HLQRGHGHGH]HPEURGHUHYRJDD/HLQRGHGH
PDLRGHHGLVSRVLWLYRVGD/HLQRGHGHMDQHLURGHHGiRXWUDV
SURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR
%UDVtOLD')QRYQ$6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPDEU
BBBBBBB/HLQGHGHMXOKRGH'LVS}HVREUHDHODERUDomRHRDUTXLYDPHQWR
GHGRFXPHQWRVHPPHLRVHOHWURPDJQpWLFRV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR
%UDVLO3RGHU([HFXWLYR%UDVtOLD')MXOQ6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPDEU
BBBBBBB/HLQGHPDUoRGH&yGLJRGH3URFHVVR&LYLO'LiULR2ILFLDO>GD@
5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')PDUQ6HomR,
S'LVSRQtYHOHPKWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPVHW
BBBBBBB/HLQGHGHMXOKRGH,QVWLWXLD/HL%UDVLOHLUDGH,QFOXVmRGD3HVVRD
FRP'HILFLrQFLD(VWDWXWRGD3HVVRDFRP'HILFLrQFLD'LiULR2ILFLDO>GD@5HS~EOLFD
)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')MXOQ6HomR,S
'LVSRQtYHOHPKWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPVHW
BBBBBBB/HL&RPSOHPHQWDUQGHGH]HPEURGH,QVWLWXLFRQWULEXLomRSDUD
ILQDQFLDPHQWRGD6HJXULGDGH6RFLDOHOHYDDDOtTXRWDGDFRQWULEXLomRVRFLDOVREUHROXFURGDV
LQVWLWXLo}HVILQDQFHLUDVHGiRXWUDVSURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYD
GR%UDVLO3RGHU([HFXWLYR%UDVtOLD')GH]Q6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
MRUQDO SDJLQD GDWD !$FHVVRHPDEU
%5$6,/0LQLVWpULRGD)D]HQGD6HFUHWDULDGH3ROtWLFDVGH3UHYLGrQFLD6RFLDO2ULHQWDomR
1RUPDWLYDQGHGHPDUoRGH(VWDEHOHFHUHJLPHVSUySULRVGH3UHYLGrQFLD6RFLDO
GRVVHUYLGRUHVS~EOLFRVWLWXODUHVGHFDUJRVHIHWLYRVGRV0DJLVWUDGRV0LQLVWURVH
&RQVHOKHLURVGRV7ULEXQDLVGH&RQWDVPHPEURVGR0LQLVWpULR3~EOLFRHGHTXDLVTXHUGRV
SRGHUHVGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVLQFOXtGDVVXDV
DXWDUTXLDVHIXQGDo}HVREVHUYDUmRRGLVSRVWRQHVWD2ULHQWDomR1RUPDWLYD'LiULR2ILFLDO
>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')DEUQ
6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPVHW
96
%5$6,/0LQLVWpULRGR7UDEDOKRH(PSUHJR3RUWDULDQGHGHPDUoRGH
(VWDEHOHFHRSURFHGLPHQWRGHHQYLRSRUPHLRHOHWU{QLFRGR&DGDVWUR*HUDOGH(PSUHJDGRVH
'HVHPSUHJDGRV±&$*(''LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU
([HFXWLYR%UDVtOLD')PDUQ6HomRS'LVSRQtYHOHP
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPPDLR
%5$6,/0LQLVWpULRGR7UDEDOKRH(PSUHJR6HFUHWDULDGH6HJXUDQoDH0HGLFLQDGR
7UDEDOKR3RUWDULDQGHGHRXWXEURGH $OWHUDDV1RUPDV5HJXODPHQWDGRUDV15
H15DSURYDGDVSHOD3RUWDULDQGH'LiULR2ILFLDO>GD@5HS~EOLFD
)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')RXWQ6HomR,S
'LVSRQtYHOHPKWWSVZZZMXVEUDVLOFRPEUGLDULRVSJVHFDRGLDULR
RILFLDOGDXQLDRGRXGH!$FHVVRHPVHW
BBBBBBB3RUWDULDQGHGHGH]HPEURGH$OWHUDUD1RUPD5HJXODPHQWDGRUD1
TXHSDVVDDYLJRUDUFRPDUHGDomRGDGDSRUHVWD3RUWDULD 'LiULR2ILFLDO>GD@5HS~EOLFD
)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')GH]Q6HomR,S
'LVSRQtYHOHPKWWSVZZZMXVEUDVLOFRPEUGLDULRVSJVHFDRGLDULR
RILFLDOGDXQLDRGRXGH"UHI JRWR!$FHVVRHPVHW
%5$6,/0LQLVWpULRGR7UDEDOKRH(PSUHJR6HFUHWDULDGH6HJXUDQoDH6D~GHQR7UDEDOKR
3RUWDULDQGHGHMXQKRGH'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR
%UDVLO3RGHU([HFXWLYR%UDVtOLD')MXOQ6HomR,S'LVSRQtYHOHP
KWWSVLVOH[SUHYLGHQFLDJRYEUSDJLQDV07(KWP!$FHVVRHPVHW
BBBBBBB1RUPD5HJXODPHQWDGRUD,QVSHomR3UpYLD'LVSRQtYHOHP
KWWSVLVOH[SUHYLGHQFLDJRYEUSDJLQDV07(KWP!$FHVVRHPVHW
BBBBBBB1RUPD5HJXODPHQWDGRUD6HUYLoRHVSHFLDOL]DGRHP6HJXUDQoDH0HGLFLQDGR
7UDEDOKR6(607'LVSRQtYHOHP
KWWSVLVOH[SUHYLGHQFLDJRYEUSDJLQDV07(KWP!$FHVVRHPVHW
BBBBBBB1RUPD5HJXODPHQWDGRUD&RPLVVmR,QWHUQDGH3UHYHQomRGH$FLGHQWHV&,3$
'LVSRQtYHOHPKWWSVLVOH[SUHYLGHQFLDJRYEUSDJLQDV07(KWP!$FHVVR
HPVHW
BBBBBBB1RUPD5HJXODPHQWDGRUD([DPHVPpGLFRV'LVSRQtYHOHP
KWWSVLVOH[SUHYLGHQFLDJRYEUSDJLQDV07(KWP!$FHVVRHPVHW
BBBBBBB1RUPD5HJXODPHQWDGRUD5LVFRVDPELHQWDLV'LVSRQtYHOHP
KWWSVLVOH[SUHYLGHQFLDJRYEUSDJLQDV07(KWP!$FHVVRHPVHW
BBBBBBB1RUPD5HJXODPHQWDGRUD$WLYLGDGHVHRSHUDo}HVLQVDOXEUHV'LVSRQtYHOHP
KWWSVLVOH[SUHYLGHQFLDJRYEUSDJLQDV07(KWP!$FHVVRHPVHW
BBBBBBB3RUWDULDQGHGHGH]HPEURGH3RUWDULDQGHGHGH]HPEURGH
. $SURYDRWH[WRGD1RUPD5HJXODPHQWDGRUDQ([DPHV0pGLFRV'LiULR2ILFLDO
>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR%UDVtOLD')GH]Q
VHomRS'LVSRQtYHOHP
97
KWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPPDLR
BBBBBBB3RUWDULDQGHGHGH]HPEURGH$SURYDRWH[WRGD1RUPD
5HJXODPHQWDGRUDQ5LVFRV$PELHQWDLV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR
%UDVLO3RGHU([HFXWLYR%UDVtOLD')GH]Q6HomR,S
'LVSRQtYHOHPKWWSSHVTXLVDLQJRYEULPSUHQVDMVSYLVXDOL]DLQGH[MVS"
GDWD MRUQDO SDJLQD WRWDO$UTXLYRV !$FHVVRHPVHW
BBBBBBB3RUWDULDQGHGHIHYHUHLURGH$OWHUDD1RUPD5HJXODPHQWDGRUDQ
TXHGLVS}HVREUHD&RPLVVmR,QWHUQDGH3UHYHQomRGH$FLGHQWHV±&,3$HGiRXWUDV
SURYLGrQFLDV'LiULR2ILFLDO>GD@5HS~EOLFD)HGHUDWLYDGR%UDVLO3RGHU([HFXWLYR
%UDVtOLD')IHYQ6HomR,'LVSRQtYHOHP
KWWSZZZXVSEUGUKQRYROHJLVODFDRGRXPWESVVVWKWPO!$FHVVRHPVHW
3$5$1È'HFUHWRQGHGHDEULOGH(VWDEHOHFHQRUPDVSDUDDWUDQVIHUrQFLDH
RXUHFROKLPHQWRGHDFHUYRVS~EOLFRVHSULYDGRVSDUDR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR
3~EOLFR±'($3'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLEDQSGH
GHDEULOGH
BBBBBBB'HFUHWRQGHGHGH]HPEURGH'LVS}HVREUHDGHVLJQDomRGH
&RPLVV}HV6HWRULDLVGH$YDOLDomRGH'RFXPHQWRV'LiULR2ILFLDO>GR@3DUDQi3RGHU
([HFXWLYR&XULWLEDQSGHGHMDQHLURGH
BBBBBBB'HFUHWRQGHGHDJRVWRGH5HJXODPHQWDRWUkPLWHGDVLQGLFkQFLD
GRSURFHVVRDGPLQLVWUDWLYRGLVFLSOLQDUHDVXVSHQVmRSUHYHQWLYDGRVHUYLGRUQRVWHUPRVGD/HL
Q'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLEDDJRQ
S
BBBBBBB'HFUHWRQGHGHIHYHUHLURGH'LVS}HVREUHRVSURFHGLPHQWRVGR
3RGHU([HFXWLYRTXHJDUDQWHRDFHVVRjLQIRUPDomRQRVWHUPRVGDOHJLVODomRYLJHQWH'LiULR
2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLED35IHYQS
BBBBBBB'HFUHWRQGHGHMDQHLURGH$OWHUDR'HFUHWR(VWDGXDOQGH
DEULOGHTXHUHJXODPHQWDRGLVSRVWRQRDUWLJRGD/HLQGHGHGH]HPEUR
GHTXHGLVS}HVREUHD7D[DGH)LVFDOL]DomRGR8VRRX2FXSDomRGD)DL[DGH'RPtQLR
GDV5RGRYLDVQR(VWDGRGR3DUDQiDGPLQLVWUDGDVSHOR'(5±'HSDUWDPHQWRGH(VWUDGDVGH
5RGDJHPGR(VWDGRGR3DUDQi'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLED35
IHYQS
BBBBBBB'HFUHWRQGHGHPDLRGH$SURYDR0DQXDOGH*HVWmRGH%HQV
,PyYHLVDVHUDGRWDGRSHOD$GPLQLVWUDomR'LUHWD$XWiUTXLFDH)XQGDFLRQDOGR(VWDGRGR
3DUDQi'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLED35PDLRQ
S
BBBBBBB'HFUHWRQGHGHGH]HPEURGH3URPRYHDOWHUDo}HVQR'HFUHWRQ
GHGHPDLRGHHGiRXWUDVSURYLGrQFLDV'LiULR2ILFLDO>GR@3DUDQi3RGHU
([HFXWLYR&XULWLED35GH]QS
98
BBBBBBB'HFUHWRQGHGHPDUoRGH$SURYDR0DQXDOGH3URFHGLPHQWRV
&RQWiEHLV3DWULPRQLDLVSDUD5HFRQKHFLPHQWR0HQVXUDomR(YLGHQFLDomR5HDYDOLDomR
5HGXomRDR9DORU5HFXSHUiYHO'HSUHFLDomR$PRUWL]DomRH([DXVWmRGRV%HQV0yYHLV%HQV
,PyYHLV$WLYRVGH,QIUDHVWUXWXUD%HQVGR3DWULP{QLR&XOWXUDOH$WLYRV,QWDQJtYHLVHLQVWLWXL
DREULJDWRULHGDGHGDDSOLFDomRSHOD$GPLQLVWUDomR'LUHWDH,QGLUHWDGR3RGHU([HFXWLYRGR
(VWDGRGR3DUDQiLQFOXVLYHRV6HUYLoRV6RFLDO$XW{QRPRVHGiRXWUDVSURYLGrQFLDV'LiULR
2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLEDPDUQS
BBBBBBB/HLQGHGHVHWHPEURGH'LVS}HVREUHRSDWULP{QLRKLVWyULFR
DUWtVWLFRHQDWXUDOGR(VWDGRGR3DUDQi'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR
&XULWLED35VHWQS
BBBBBBB/HLQGHGHQRYHPEURGH(VWDEHOHFHRUHJLPH-XUtGLFRGRV
IXQFLRQiULRVFLYLVGR3RGHU([HFXWLYRGR(VWDGRGR3DUDQi'LiULR2ILFLDO>GR@3DUDQi
3RGHU([HFXWLYR&XULWLED35QRYQS
BBBBBBB/HLQGHGHMXOKRGH'LVS}HVREUHQRUPDVSHUWLQHQWHVD
FRQVLJQDo}HVHPIROKDVGHSDJDPHQWRGHPLOLWDUHVHGHVHUYLGRUHVFLYLVDWLYRVHLQDWLYRV
DVVLPFRPRGHSHQVLRQLVWDVGR(VWDGRGR3DUDQi'LiULR2ILFLDO>GR@3DUDQi3RGHU
([HFXWLYR&XULWLED35DJRQS
BBBBBBB/HLQGHGHDJRVWRGH(VWDEHOHFHQRUPDVVREUHOLFLWDo}HV
FRQWUDWRVDGPLQLVWUDWLYRVHFRQYrQLRVQRkPELWRGRV3RGHUHVGR(VWDGRGR3DUDQi'LiULR
2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLED35DJRQS
BBBBBBB/HLQGHGHGH]HPEURGH,QVWLWXLD7D[DGH)LVFDOL]DomRGR8VR
RX2FXSDomRGD)DL[DGH'RPtQLRGDV5RGRYLDVQR(VWDGRGR3DUDQiDGPLQLVWUDGDVSHOR
'(5±'HSDUWDPHQWRGH(VWUDGDVGH5RGDJHPGR(VWDGRGR3DUDQi'LiULR2ILFLDO>GR@
3DUDQi3RGHU([HFXWLYR&XULWLED35GH]QS
BBBBBBB/HLQGHGHPDLRGH,QFOXLD6HomR,;$QD/HLQGHGH
GH]HPEURGHTXHLQVWLWXLXD7D[DGH)LVFDOL]DomRGR8VRRX2FXSDomRGD)DL[DGH
'RPtQLRGDV5RGRYLDVQR(VWDGRGR3DUDQi'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR
&XULWLED35PDLRQS
BBBBBBB/HLQGHGHPDLRGH$OWHUDPRVGLVSRVLWLYRVTXHHVSHFLILFDPD
/HLQGHGHMXOKRGHTXHGLVS}HVREUHQRUPDVSHUWLQHQWHVDFRQVLJQDo}HV
HPIROKDGHSDJDPHQWR'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLED35PDLR
QS
3$5$1È'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR,QVWUXomR1RUPDWLYDQGHGH
PDLRGH(VWDEHOHFHRVSURFHGLPHQWRVSDUDDHQWUDGDGHDFHUYRVDUTXLYtVWLFRVS~EOLFRV
QR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFRGR3DUDQi±'($3'LiULR2ILFLDO>GR@
3DUDQi3RGHU([HFXWLYR&XULWLED35PDLRQS
BBBBBBB0DQXDOGH&RPXQLFDomR(VFULWD2ILFLDOGR(VWDGRGR3DUDQiHGDWXDOH
UHY&XULWLED'HSDUWDPHQWRGH,PSUHQVD2ILFLDOGR(VWDGRS'LVSRQtYHOHP
ZZZHVFRODGHJRYHUQRSUJRYEUDUTXLYRV)LOHSSBPDQXDOBZHESGI!$FHVVRHP
DEU
99
BBBBBBB0DQXDOGH*HVWmRGH'RFXPHQWRVGR(VWDGRGR3DUDQiHGUHYHDPSOLDGD
&XULWLED'HSDUWDPHQWRGH,PSUHQVD2ILFLDOGR(VWDGRS'LVSRQtYHOHP
KWWSZZZDUTXLYRSXEOLFRSUJRYEUDUTXLYRV)LOH3*'0DQXDO*HVWDRSGI!$FHVVRHP
DEU
3$5$1È6HFUHWDULDGH(VWDGRGD$GPLQLVWUDomRHGD3UHYLGrQFLD0DQXDOGHRULHQWDo}HV
IXQFLRQDLV&XULWLEDVOS'LVSRQtYHOHP
KWWSZZZSRUWDOGRVHUYLGRUSUJRYEUDUTXLYRV)LOH0$18$/352172BBSGI!
$FHVVRHPVHW
BBBBBBB5HVROXomR6($'QGHGHVHWHPEURGH'HILQHDFRPSHWrQFLDHRV
LQWHJUDQWHVGD2UJDQL]DomRGH$UTXLYRVGR3RGHU([HFXWLYRHLQVWLWXL&RPLVV}HV6HWRULDLVGH
$YDOLDomRGH'RFXPHQWRV'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLED35
VHWQS
BBBBBBB5HVROXomR6($3QGHGHMDQHLURGH5HYLVDDWXDOL]DHFRQVROLGDRV
SURFHGLPHQWRVRSHUDFLRQDLVDGRWDGRVSHODV8QLGDGHVGH5HFXUVRV+XPDQRVSDUDR
JHUHQFLDPHQWRGDDWLYLGDGHGHHVWiJLR'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR
&XULWLED35MDQQS
BBBBBBB5HVROXomR6($3QGHGHRXWXEURGH$WXDOL]DRVSURFHGLPHQWRVGR
6LVWHPDGH&RQWUROH3DWULPRQLDO'LiULR2ILFLDO>GR@3DUDQi3RGHU([HFXWLYR&XULWLED35
RXWQS
BBBBBBB5HVROXomR6($3QGHGHMXQKRGH'HVLJQD&RPLVVmR(VSHFLDOGH
UHYLVmRDWXDOL]DomRHDPSOLDomRGR0DQXDOGH*HVWmRGH'RFXPHQWRVGR(VWDGRGR3DUDQi
(GLomRGR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR±'($3'LiULR2ILFLDO>GR@
3DUDQi3RGHU([HFXWLYR&XULWLED35MXQQS
BBBBBBB,QVWUXomR1RUPDWLYDGHGHVHWHPEURGH5HJXODPHQWDRSDJDPHQWRGH
$X[tOLR)XQHUDODRVVHUYLGRUHVHPLOLWDUHVGR3RGHU([HFXWLYR(VWDGXDO'LiULR2ILFLDO>GR@
3DUDQi3RGHU([HFXWLYR&XULWLED35RXWQS
5(,6/HRQDUGR 7,$*2-RmR$UTXLYRORJLDIDFLOLWDGDWHRULDHTXHVW}HVFRPHQWDGDV
5LRGH-DQHLUR(OVHYLHUS
5+2$'6-DPHV%/D)XQFLyQGHODJHVWLyQGHGRFXPHQWRV\DUFKLYRVHQORVVLVWHPDV
QDFLRQDOHVGHLQIRUPDFLyQXQHVWXGLRGHO5DPS3DULV81(6&2'LVSRQtYHOHP
KWWSXQHVGRFXQHVFRRUJLPDJHVVRSGI!$FHVVRHPDJR
$1(;26
103
$1(;2,
02'(/2'()2508/È5,26
105
,±'HVLJQDomRGD&RPLVVmR6HWRULDOGH$YDOLDomR
5(62/8d21
26HFUHWiULRGH(VWDGRGDQRXVRGHVXDVDWULEXLo}HV
OHJDLVFRQIHULGDVUHVROYH
'(6,*1$5
&XULWLEDGHGH
6HFUHWiULRGH(VWDGRGDGR
106
,,±(WLTXHWDSDGUmR
,QVWUXo}HVSDUDHODERUDomRGDHWLTXHWDSDGUmR;FP
Ɣ FyGLJR GH FODVVLILFDomR LQGLFDU R FyGLJR GH FODVVLILFDomR GR DVVXQWR FRQIRUPH
7DEHODGHWHPSRUDOLGDGHHGHVWLQDomRGHGRFXPHQWRVIRQWH$ULDO
ƔWLSRORJLDGRGRFXPHQWRDVVXQWRUHJLVWUDURWLSRGRGRFXPHQWRHRXDVVXQWR
Ɣ VLJODGRyUJmRRXHQWLGDGHPDL~VFXODVHJXQGRR0DQXDOGH&RPXQLFDomR(VFULWD
2ILFLDOGR(VWDGRGR3DUDQiIRQWH$ULDO
Ɣ GDWDOLPLWHSHUtRGRLQGLFDUDGDWDPDLVDQWLJDHDPDLVUHFHQWHGDGRFXPHQWDomR
FRQWLGDQDFDL[DRXXQLGDGHGHDFRQGLFLRQDPHQWR
ƔQ~PHURGDFDL[D
ƔGHVWLQDomRGHDFRUGRFRPDWHPSRUDOLGDGHGHFDGDFyGLJRGHFODVVLILFDomR
2EVHUYDomR DOJXQVFDPSRVVmRJHUDGRVDXWRPDWLFDPHQWHSHOR6LVWHPDFRPRSRU
H[HPSORDGHVWLQDomRTXHSRGHVHUSDUD*XDUGD3HUPDQHQWHRX(OLPLQDomR
107
,,,±'LDJQyVWLFRGRDFHUYRDFXPXODGR
'$'26'2$&(592'2$548,92*(5$/
Ï5*2
7LSRGH'RFXPHQWR 'DWDVOLPLWH 4XDQWLGDGH±PHWURV
3HUtRGR OLQHDUHV
5HVSRQViYHOSHORSUHHQFKLPHQWR
'DWD
3DUDRSUHHQFKLPHQWR
Objetivo do preenchimento do formulário:YLVXDOL]DURVGDGRVEiVLFRVREUHRDFHUYRDFXPX
ODGRQRDUTXLYRJHUDOGRyUJmR
Cabeçalho: SUHHQFKHUSRUH[WHQVRRQRPHGD6HFUHWDULD'HSDUWDPHQWR&RRUGHQDGRULDRX
8QLGDGH
Tipo de documento:RVGRFXPHQWRVFDUDFWHUL]DPVHGHDFRUGRFRPDVXDIRUPDHFRQWH~GRH
SRUHVVDUD]mRIRUPDPVHYDULDGRVWLSRVGHGRFXPHQWRVFRPRSURMHWRVUHODWyULRVSDUHFHUHV
RItFLRVFRQWUDWRVHRXWURVTXHLQIRUPDPDVDWLYLGDGHVDGPLQLVWUDWLYDVGRyUJmR5HODFLRQDURV
GRFXPHQWRVTXHID]HPSDUWHGRDFHUYRGRDUTXLYRJHUDOGRyUJmR
Datas-limite:,QIRUPDUDVGDWDVGHLQtFLRHWpUPLQRGRSHUtRGRDEUDQJLGRSHORVFRQMXQWRVGH
GRFXPHQWRVTXHID]HPSDUWHGRDFHUYRGRDUTXLYRJHUDO
Quantidade em metros linearesLQIRUPDUDTXDQWLGDGHGRDFHUYRGRDUTXLYRJHUDOPHQVX
UDQGRRYROXPHGDPDVVDGRFXPHQWDOHPPHWURVOLQHDUHVWHQGRFRPREDVHRFRPSULPHQWR
GDVSUDWHOHLUDVGDVHVWDQWHVPXOWLSOLFDQGRDPHGLGDHQFRQWUDGDSHORQ~PHURGHSUDWHOHLUDV
SRUHVWDQWHHHPVHJXLGDSHORQ~PHURGHHVWDQWHVRFXSDGDVFRPGRFXPHQWDomRHRXDSUR
IXQGLGDGHGDVJDYHWDVGRVDUTXLYRVPXOWLSOLFDVHDPHGLGDHQFRQWUDGDSHORQ~PHURGHDUTXL
YRVRFXSDGRVFRPGRFXPHQWDomR
108
,9±'LDJQyVWLFRGRDUTXLYRFRUUHQWH±'RFXPHQWRVSURGX]LGRV
6(&5(7$5,$Ï5*2
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'(3$57$0(172&225'(1$'25,$
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
81,'$'(
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
48$'52±'2&80(1726352'8=,'26
$UTXLYDPHQWR
7LSRGH'RFXPHQWR 3URFHGLPHQWR7UDPLWDomR
2ULJLQDO &ySLD 0pWRGR 7HPSR6HWRU
109
9'LDJQyVWLFRGRDUTXLYRFRUUHQWH±'RFXPHQWRVUHFHELGRV
6(&5(7$5,$Ï5*2BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'(3$57$0(172&225'(1$'25,$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
81,'$'(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
48$'52±'2&80(17265(&(%,'26
7UDPLWDomR $UTXLYDPHQWR
7LSRGR'RFXPHQWR 1R6HWRU
2ULJHP 'HVWLQR 2ULJLQDO &ySLD 0pWRGR 7HPSRQR6HWRU
6LP 1mR
3DUDRSUHHQFKLPHQWR±$QH[RV,9±'LDJQyVWLFRGRDUTXLYRFRUUHQWH±'RFXPHQWRV
SURGX]LGRVH9'LDJQyVWLFRGRDUTXLYRFRUUHQWH±'RFXPHQWRVUHFHELGRV
Objetivo: YLVXDOL]DURIOX[RGDGRFXPHQWDomRFRUUHQWHSURGX]LGDHUHFHELGDHPFDGDXQLGDGH
GRyUJmR
Tipo de documento:RVGRFXPHQWRVFDUDFWHUL]DPVHGHDFRUGRFRPDVXDIRUPDHFRQWH~GRH
SRUHVVDUD]mRIRUPDPVHYDULDGRVWLSRVGHGRFXPHQWRVFRPRSURMHWRVUHODWyULRVSDUHFHUHV
RItFLRVFRQWUDWRVHRXWURVTXHLQIRUPDPDVDWLYLGDGHVDGPLQLVWUDWLYDVGRyUJmR5HODFLRQDURV
GRFXPHQWRVTXHID]HPSDUWHGRDFHUYRGRDUTXLYRJHUDOGRyUJmR
Procedimento/tramitação: LQIRUPDU DIRQWHGH RULJHPGHFDGDGRFXPHQWRSURGX]LGR SHOD
XQLGDGHHTXDORGHVWLQRILQDOGRPHVPR
Arquivamento:LQIRUPDUVHDXQLGDGHSURGXWRUDDUTXLYDFySLDRXRULJLQDOGRGRFXPHQWR6H
DUTXLYDLGHQWLILFDUTXDORPpWRGRGHDUTXLYDPHQWRDOIDEpWLFRQXPpULFRFURQROyJLFRRXRX
WURVLQGLFDQGRRWHPSRGHSHUPDQrQFLDGHFDGDGRFXPHQWRQDXQLGDGH
110
9,±5HODomRGHWUDQVIHUrQFLDRXUHFROKLPHQWRGHGRFXPHQWRV
5(/$d2'(75$16)(5Ç1&,$28'(5(&2/+,0(172
ÏUJmR )ROKDQ
6HWRU 4XDQWLGDGHWRWDO
&yGLJR $VVXQWR 'DWDV/LPLWH 4XDQWLGDGH 2EVHUYDomR
7LSRGRFXPHQWDO m linear -XVWLILFDWLYD
,QVWUXo}HVSDUDSUHHQFKLPHQWRGRIRUPXOiULR9,5HODomRGHWUDQVIHUrQFLDRX
UHFROKLPHQWRGHGRFXPHQWRV
ƔWtWXORHQGDVHOHomR
ƔyUJmRHVHWRU
ƔQ~PHURGDIROKDSiJLQDVTXHFRPS}HPDUHODomR
ƔTXDQWLGDGHGHGRFXPHQWDomRWUDQVIHULGDQ~PHURGHFDL[DV
ƔFyGLJRGRDVVXQWRRXQ~PHURGRVLWHQVGRFXPHQWDLV
ƔGHVFULomRGRVDVVXQWRVFRQIRUPHR&yGLJRGH&ODVVLILFDomRGH'RFXPHQWRV
ƔGDWDVOLPLWHSHUtRGRGDSURGXomRGDGRFXPHQWDomRGHFDGDFRQMXQWRGRFXPHQWDO
ƔTXDQWLGDGHHHVSHFLILFDomRGDVXQLGDGHVGHDUTXLYDPHQWRSDVWDVFDL[DVSDFRWHV
Ɣ REVHUYDo}HVFRPSOHPHQWDUHV~WHLVDRHVFODUHFLPHQWRGDVLQIRUPDo}HVFRQWLGDVQRV
GHPDLVFDPSRVHMXVWLILFDWLYDTXDQGRVHWUDWDUGHyUJmRVTXHDLQGDQmRHODERUDUDPDV
WDEHODVGHWHPSRUDOLGDGHGHGRFXPHQWRVGHVXDVDWLYLGDGHVILP
ƔGDWDHDVVLQDWXUDGRWLWXODUGRyUJmRSDUDWUDQVIHUrQFLD
ƔURGDSpFRQWHQGRORFDOHGDWDQRPHFDUJRHDVVLQDWXUDGRWLWXODUGRVHWRUUHVSRQViYHO
SHODVHOHomRHWUDQVIHUrQFLD
111
9,,±3HGLGRGHHOLPLQDomRGHGRFXPHQWRV
3(','2'((/,0,1$d2'('2&80(1726
ÏUJmRBBBBBBBBBBBBBBBBBBBBBBBBBBB /LVWDJHP1BBBBBBB$QRBBBBBBBB
6HWRUBBBBBBBBBBBBBBBBBBBBBBBBBBB )ROKD1BBBBBBBB
'DWD/LPLWH
(indicar o ano
&yGLJRGH mais antigo do
4XDQWLGDGH
2EVHUYDomR
&ODVVLILFDomR $VVXQWR7LSRGRFXPHQWDO (caixa arquivo
documento e o -XVWLILFDWLYD
ou metro linear)
ano mais
recente)
MENSURAÇÃO TOTAL:
(indicar, em metros lineares, o total dos documentos que serão eliminados)
DATAS-LIMITE GERAIS:
(indicar, em anos, o período dos documentos que serão eliminados)
LOCAL/DATA LOCAL/DATA LOCAL/DATA
LOCAL/DATA
AUTORIZO:
_________________________________________________
Titular do Departamento Estadual de Arquivo Público do Paraná
,;/LVWDJHPSDUDHOLPLQDomRGHGRFXPHQWRVFRPSUHVWDomRGHFRQWDV
(VWH TXDGUR GHYHUi VHU SUHHQFKLGR somente TXDQGR IRU QHFHVViULR LVWR p TXDQGR RV
GRFXPHQWRVDVHUHPHOLPLQDGRVQHFHVVLWDUHPGHFRPSURYDomRGHDSURYDomRGDVFRQWDVSHOR
7ULEXQDOGH&RQWDV
0(1685$d2727$/
indicar, em metros lineare, o total dos documentos que serão eliminados
'$7$6/,0,7(*(5$,6
indicar, em anos, o período dos documentos que serão eliminados
/2&$/'$7$ /2&$/'$7$ /2&$/'$7$
;±(GLWDOGHFLrQFLDGHHOLPLQDomRGHGRFXPHQWRV
120('2Ï5*2(17,'$'(
(',7$/'(&,Ç1&,$'((/,0,1$d2'('2&80(1726
1HGLWDURQDQRGRHGLWDO
2$&RRUGHQDGRUGD&RPLVVmR6HWRULDOGH$YDOLDomRGH'RFXPHQWRVGHVLJQDGRD
SHOD3RUWDULDQindicar o nº/dia, mês e ano da portaria de designaçãoSXEOLFDGDQRindicar o
nome do periódico oficial ou do boletim interno do órgão/entidadeGHindicar dia, mês e ano da
publicaçãoGHDFRUGRFRPD/LVWDJHPGH(OLPLQDomRGH'RFXPHQWRVQ indicar o nº/ano da
listagemDXWRUL]DGDSHORDWLWXODUGRDindicar o nome da instituição arquivística públicaSRU
LQWHUPpGLR GR indicar o documento que autorizou a eliminação ID] VDEHU D TXHP SRVVD
LQWHUHVVDU TXH D SDUWLU GR indicar o prazo para a efetivação da eliminação, escrevendo por
extenso, entre parênteses, o número ordinal correspondente - 30º a 45ºGLDVXEVHTXHQWHDGDWDGH
SXEOLFDomRGHVWH(GLWDOQRindicar o nome do periódico oficial ou, na ausência dele, o do veículo
de divulgação local VH QmR KRXYHU RSRVLomR RD indicar o responsável pela eliminação
HOLPLQDUiindicar a mensuração totalGRVGRFXPHQWRVUHODWLYRVDindicar as referências gerais
dos descritores dos códigos de classificação dos documentos a serem eliminadosGRSHUtRGRGH
indicar as datas-limite gerais GRD indicar o nome do(a) órgão/entidade produtor(a) ou
acumulador(a) dos documentos a serem eliminados
/RFDOHGDWD
1RPHHDVVLQDWXUDGR&RRUGHQDGRUGD&RPLVVmR6HWRULDOGH$YDOLDomRGH'RFXPHQWRV
115
;,±7HUPRGHHOLPLQDomRGHGRFXPHQWRV
120('2Ï5*2(17,'$'(
7(502'((/,0,1$d2'('2&80(1726
/RFDOHGDWD
1RPHDVVLQDWXUDHFDUJRGRUHVSRQViYHOGHVLJQDGRSDUDVXSHUYLVLRQDUHDFRPSDQKDUD
HOLPLQDomR
1RPHHDVVLQDWXUDGR&RRUGHQDGRUGD&RPLVVmR6HWRULDOGH$YDOLDomRGH'RFXPHQWRV
117
$1(;2,,
/(*,6/$d2$548,9Ë67,&$
118
/(*,6/$d2
5HODomRGDOHJLVODomRDUTXLYtVWLFDSUHVHQWHQHVWH0DQXDOGH*HVWmRGH'RFXPHQWRV
GR(VWDGRGR3DUDQi
/(*,6/$d2)('(5$/
5HVROXomR&21$54QGHGHGH]HPEURGH
'LVS}HVREUHRVSURFHGLPHQWRVSDUDDHOLPLQDomRGHGRFXPHQWRVQRkPELWRGRVyUJmRVH
HQWLGDGHVLQWHJUDQWHVGR6LVWHPD1DFLRQDOGH$UTXLYRV6,1$5
$1(;26,,,H,,,
/HLGHGHMXOKRGH
'LVS}HVREUHDHODERUDomRHRDUTXLYDPHQWRGHGRFXPHQWRVHPPHLRVHOHWURPDJQpWLFRV
/HLGHGH1RYHPEURGH
5HJXODRDFHVVRjLQIRUPDomRSUHYLVWRQRLQFLVR;;;,,,GRDUWQRLQFLVR,,GRGRDUW
HQRGRDUWGD&RQVWLWXLomR)HGHUDODOWHUDD/HLGHGHGH]HPEURGH
UHYRJDD/HLGHGHPDLRGHHGLVSRVLWLYRVGD/HLGHGHMDQHLUR
GHHGiRXWUDVSURYLGrQFLDV
/HLQGHGHMDQHLURGH
'LVS}HVREUHDSROtWLFDQDFLRQDOGHDUTXLYRVS~EOLFRVHSULYDGRVHGiRXWUDVSURYLGrQFLDV
/(*,6/$d2(67$'8$/
'HFUHWR(VWDGXDOQGHGHIHYHUHLURGH
'LVS}HVREUHRVSURFHGLPHQWRVDVHUHPREVHUYDGRVSHOD$GPLQLVWUDomR'LUHWDGR3RGHU
([HFXWLYR
'HFUHWRQGHGHGH]HPEURGH
'LVS}HVREUHDGHVLJQDomRGH&RPLVV}HV6HWRULDLVGH$YDOLDomRGH'RFXPHQWRVQDHVIHUD
HVWDGXDO
,QVWUXomR1RUPDWLYDQGHGHPDLRGH
(VWDEHOHFHRVSURFHGLPHQWRVSDUDDHQWUDGDGHDFHUYRVDUTXLYtVWLFRVS~EOLFRVQR
'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFRGR3DUDQi'($3
'HFUHWRQGHGHDEULOGH
(VWDEHOHFHQRUPDVSDUDDWUDQVIHUrQFLDHRXUHFROKLPHQWRGHDFHUYRVS~EOLFRVHSULYDGRVSDUD
R'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR'($3
5HVROXomR6($'QGHGHVHWHPEURGH
'LVS}HVREUHD2UJDQL]DomRGH$UTXLYRVQRkPELWRGR3RGHU([HFXWLYRGR(VWDGRGR3DUDQi
2VLWHGR&RQDUTGLVSRQLELOL]DD/HJLVODomR$UTXLYtVWLFD%UDVLOHLUDDWXDOL]DGD
119
/(*,6/$d2)('(5$/
5(62/8d2&21$541'('('(=(0%52'(
'LVS}HVREUHRVSURFHGLPHQWRVSDUDDHOLPLQDomR
GHGRFXPHQWRVQRkPELWRGRVyUJmRVHHQWLGDGHV
LQWHJUDQWHV GR 6LVWHPD 1DFLRQDO GH $UTXLYRV ±
6,1$5
23UHVLGHQWHGR&216(/+21$&,21$/'($548,926±&21$54QRXVRGHVXDV
DWULEXLo}HVSUHYLVWDVQRLWHP,;GRDUWGHVHX5HJLPHQWR,QWHUQRDSURYDGRSHOD3RUWDULD
Q GR 0LQLVWpULR GD -XVWLoD GH GH QRYHPEUR GH HP FRQIRUPLGDGH FRP
GHOLEHUDomRGR3OHQiULRHPVXD5HXQLmR3OHQiULDUHDOL]DGDQRGLDGHQRYHPEURGH
H
&RQVLGHUDQGRRGLVSRVLWLYRQD/HLQGHGHMDQHLURGHTXHWUDWDGDDXWRUL]DomR
SHODLQVWLWXLomRDUTXLYtVWLFDS~EOLFDQDVXDHVSHFtILFDHVIHUDGHFRPSHWrQFLDGDHOLPLQDomR
GHGRFXPHQWRVSURGX]LGRVSRUyUJmRVHHQWLGDGHVGD$GPLQLVWUDomR3~EOLFDSRULQVWLWXLo}HV
GHFDUiWHUS~EOLFRHSRUHQWLGDGHVSULYDGDVHQFDUUHJDGDVGDJHVWmRGHVHUYLoRVS~EOLFRV
&RQVLGHUDQGRD/HLQGHGHIHYHUHLURGHTXHGLVS}HVREUHDVVDQo}HVSHQDLV
HDGPLQLVWUDWLYDVGHULYDGDVGHFRQGXWDVHDWLYLGDGHVOHVLYDVDRPHLRDPELHQWHR'HFUHWRQ
GHGHMXOKRGHTXHGLVS}HVREUHDVLQIUDo}HVHVDQo}HVDGPLQLVWUDWLYDVDR
PHLRDPELHQWHHHVWDEHOHFHRSURFHVVRDGPLQLVWUDWLYRIHGHUDOSDUDDSXUDomRGHVWDVLQIUDo}HV
D/HLQGHGHDJRVWRGHTXHLQVWLWXLD3ROtWLFD1DFLRQDOGH5HVtGXRV6yOLGRV
HR'HFUHWRQGHGHGH]HPEURGHTXHDUHJXODPHQWD
&RQVLGHUDQGRD5HVROXomRQGR&RQVHOKR1DFLRQDOGH$UTXLYRV&21$54GHGH
VHWHPEURGHTXHGLVS}HVREUHDSXEOLFDomRGHHGLWDLVSDUDHOLPLQDomRGHGRFXPHQWRV
QRV'LiULRV2ILFLDLVGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVH
&RQVLGHUDQGR DV GHWHUPLQDo}HV GR &RQVHOKR 1DFLRQDO GH $UTXLYRV &21$54 VREUH D
&ODVVLILFDomR7HPSRUDOLGDGHH'HVWLQDomRGH'RFXPHQWRVGH$UTXLYRUHODWLYDVjVDWLYLGDGHV
±PHLRGD$GPLQLVWUDomR3~EOLFD
5(62/9(
$UW$HOLPLQDomRGHGRFXPHQWRVQRkPELWRGRVyUJmRVHHQWLGDGHVLQWHJUDQWHVGR6,1$5
RFRUUHUiGHSRLVGHFRQFOXtGRRSURFHVVRGHDYDOLDomRHVHOHomRFRQGX]LGRSHODVUHVSHFWLYDV
&RPLVV}HV 3HUPDQHQWHV GH $YDOLDomR GH 'RFXPHQWRV ± &3$' H VHUi HIHWLYDGD TXDQGR
FXPSULGRVRVSURFHGLPHQWRVHVWDEHOHFLGRVQHVWD5HVROXomR
120
-$,0($1781(6'$6,/9$
122
/HLQGHGHMXOKRGH
'LVS}HVREUHDHODERUDomRHRDUTXLYDPHQWRGH
GRFXPHQWRVHPPHLRVHOHWURPDJQpWLFRV
$35(6,'(17$'$5(3Ò%/,&$
)DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWH/HL
$UWR$GLJLWDOL]DomRRDUPD]HQDPHQWRHPPHLRHOHWU{QLFRySWLFRRXHTXLYDOHQWHHD
UHSURGXomRGHGRFXPHQWRVS~EOLFRVHSULYDGRVVHUmRUHJXODGRVSHORGLVSRVWRQHVWD/HL
3DUiJUDIR ~QLFR (QWHQGHVH SRU GLJLWDOL]DomR D FRQYHUVmR GD ILHO LPDJHP GH XP
GRFXPHQWRSDUDFyGLJRGLJLWDO
$UWR9(7$'2
$UW R 2 SURFHVVR GH GLJLWDOL]DomR GHYHUi VHU UHDOL]DGR GH IRUPD D PDQWHU D
LQWHJULGDGHDDXWHQWLFLGDGHHVHQHFHVViULRDFRQILGHQFLDOLGDGHGRGRFXPHQWRGLJLWDOFRPR
HPSUHJR GH FHUWLILFDGR GLJLWDO HPLWLGR QR kPELWR GD ,QIUDHVWUXWXUD GH &KDYHV 3~EOLFDV
%UDVLOHLUD,&3%UDVLO
3DUiJUDIR~QLFR2VPHLRVGHDUPD]HQDPHQWRGRVGRFXPHQWRVGLJLWDLVGHYHUmRSURWHJr
ORVGHDFHVVRXVRDOWHUDomRUHSURGXomRHGHVWUXLomRQmRDXWRUL]DGRV
$UWR$VHPSUHVDVSULYDGDVRXRVyUJmRVGD$GPLQLVWUDomR3~EOLFDGLUHWDRXLQGLUHWD
TXHXWLOL]DUHPSURFHGLPHQWRVGHDUPD]HQDPHQWRGHGRFXPHQWRVHPPHLRHOHWU{QLFRySWLFR
RXHTXLYDOHQWHGHYHUmRDGRWDUVLVWHPDGHLQGH[DomRTXHSRVVLELOLWHDVXDSUHFLVDORFDOL]DomR
SHUPLWLQGRDSRVWHULRUFRQIHUrQFLDGDUHJXODULGDGHGDVHWDSDVGRSURFHVVRDGRWDGR
$UWR9(7$'2
$UWR2VUHJLVWURVS~EOLFRVRULJLQDLVDLQGDTXHGLJLWDOL]DGRVGHYHUmRVHUSUHVHUYDGRV
GHDFRUGRFRPRGLVSRVWRQDOHJLVODomRSHUWLQHQWH
$UWR9(7$'2
$UWR(VWD/HLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
%UDVtOLDGHMXOKRGHRGD,QGHSHQGrQFLDHRGD5HS~EOLFD
',/0$52866())
Márcia Pelegrini
Guido Mantega
Jorge Hage Sobrinho
Luis Inácio Lucena Adams
123
/HLQGHGHQRYHPEURGH
5HJXODRDFHVVRDLQIRUPDo}HVSUHYLVWRQRLQFLVR
;;;,,,GRDUWQRLQFLVR,,GRGRDUWH
QR GR DUW GD &RQVWLWXLomR )HGHUDO
DOWHUDD/HLQGHGHGH]HPEURGH
UHYRJDD/HLQGHGHPDLRGHH
GLVSRVLWLYRVGD /HLQ GH GH MDQHLUR GH
HGiRXWUDVSURYLGrQFLDV
$35(6,'(17$'$5(3Ò%/,&$
)DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWH
/HL
&$3Ë78/2,
',6326,d®(6*(5$,6
$UW R (VWD /HL GLVS}H VREUH RV SURFHGLPHQWRV D VHUHP REVHUYDGRV SHOD 8QLmR
(VWDGRV'LVWULWR)HGHUDOH0XQLFtSLRVFRPRILPGHJDUDQWLURDFHVVRDLQIRUPDo}HVSUHYLVWR
QRLQFLVR;;;,,,GRDUWQRLQFLVR,,GRGRDUWHQRGRDUWGD&RQVWLWXLomR
)HGHUDO
3DUiJUDIR~QLFR6XERUGLQDPVHDRUHJLPHGHVWD/HL
,RVyUJmRVS~EOLFRVLQWHJUDQWHVGDDGPLQLVWUDomRGLUHWDGRV3RGHUHV([HFXWLYR
/HJLVODWLYRLQFOXLQGRDV&RUWHVGH&RQWDV-XGLFLiULRHGR0LQLVWpULR3~EOLFR
,, DV DXWDUTXLDV DV IXQGDo}HV S~EOLFDV DV HPSUHVDV S~EOLFDV DV VRFLHGDGHV GH
HFRQRPLDPLVWDHGHPDLVHQWLGDGHVFRQWURODGDVGLUHWDRXLQGLUHWDPHQWHSHOD8QLmR(VWDGRV
'LVWULWR)HGHUDOH0XQLFtSLRV
$UWR$SOLFDPVHDVGLVSRVLo}HVGHVWD/HLQRTXHFRXEHUjVHQWLGDGHVSULYDGDV
VHP ILQV OXFUDWLYRV TXH UHFHEDP SDUD UHDOL]DomR GH Do}HV GH LQWHUHVVH S~EOLFR UHFXUVRV
S~EOLFRVGLUHWDPHQWHGRRUoDPHQWRRXPHGLDQWHVXEYHQo}HVVRFLDLVFRQWUDWRGHJHVWmRWHUPR
GHSDUFHULDFRQYrQLRVDFRUGRDMXVWHVRXRXWURVLQVWUXPHQWRVFRQJrQHUHV
3DUiJUDIR~QLFR$SXEOLFLGDGHDTXHHVWmRVXEPHWLGDVDVHQWLGDGHVFLWDGDVQRcaput
UHIHUHVH j SDUFHOD GRV UHFXUVRV S~EOLFRV UHFHELGRV H j VXD GHVWLQDomR VHP SUHMXt]R GDV
SUHVWDo}HVGHFRQWDVDTXHHVWHMDPOHJDOPHQWHREULJDGDV
124
3DUDFXPSULPHQWRGRGLVSRVWRQRFDSXWRVyUJmRVHHQWLGDGHVS~EOLFDVGHYHUmR
XWLOL]DU WRGRV RV PHLRV H LQVWUXPHQWRV OHJtWLPRV GH TXH GLVSXVHUHP VHQGR REULJDWyULD D
GLYXOJDomRHPVtWLRVRILFLDLVGDUHGHPXQGLDOGHFRPSXWDGRUHVLQWHUQHW
2VVtWLRVGHTXHWUDWDRR GHYHUmRQDIRUPDGHUHJXODPHQWRDWHQGHUHQWUH
RXWURVDRVVHJXLQWHVUHTXLVLWRV
,FRQWHUIHUUDPHQWDGHSHVTXLVDGHFRQWH~GRTXHSHUPLWDRDFHVVRjLQIRUPDomRGH
IRUPDREMHWLYDWUDQVSDUHQWHFODUDHHPOLQJXDJHPGHIiFLOFRPSUHHQVmR
,,SRVVLELOLWDUDJUDYDomRGHUHODWyULRVHPGLYHUVRVIRUPDWRVHOHWU{QLFRVLQFOXVLYH
DEHUWRVHQmR SURSULHWiULRVWDLVFRPRSODQLOKDVH WH[WRGHPRGRDIDFLOLWDUDDQiOLVHGDV
LQIRUPDo}HV
,,,SRVVLELOLWDURDFHVVRDXWRPDWL]DGRSRUVLVWHPDVH[WHUQRVHPIRUPDWRVDEHUWRV
HVWUXWXUDGRVHOHJtYHLVSRUPiTXLQD
,9GLYXOJDUHPGHWDOKHVRVIRUPDWRVXWLOL]DGRVSDUDHVWUXWXUDomRGDLQIRUPDomR
9JDUDQWLUDDXWHQWLFLGDGHHDLQWHJULGDGHGDVLQIRUPDo}HVGLVSRQtYHLVSDUDDFHVVR
9,PDQWHUDWXDOL]DGDVDVLQIRUPDo}HVGLVSRQtYHLVSDUDDFHVVR
9,,LQGLFDUORFDOHLQVWUXo}HVTXHSHUPLWDPDRLQWHUHVVDGRFRPXQLFDUVHSRUYLD
HOHWU{QLFDRXWHOHI{QLFDFRPRyUJmRRXHQWLGDGHGHWHQWRUDGRVtWLRH
9,,,DGRWDUDVPHGLGDVQHFHVViULDVSDUDJDUDQWLUDDFHVVLELOLGDGHGHFRQWH~GRSDUD
SHVVRDVFRPGHILFLrQFLDQRVWHUPRVGRDUWGD/HLQGHGHGH]HPEURGH
H GR DUWGD &RQYHQomRVREUH RV'LUHLWRV GDV3HVVRDVFRP'HILFLrQFLD DSURYDGD SHOR
'HFUHWRQGHGHMXOKRGH
2V 0XQLFtSLRV FRP SRSXODomR GH DWp GH] PLO KDELWDQWHV ILFDP
GLVSHQVDGRV GD GLYXOJDomR REULJDWyULD QD LQWHUQHW D TXH VH UHIHUH R R PDQWLGD D
REULJDWRULHGDGH GH GLYXOJDomR HP WHPSR UHDO GH LQIRUPDo}HV UHODWLYDV j H[HFXomR
RUoDPHQWiULDHILQDQFHLUDQRVFULWpULRVHSUD]RVSUHYLVWRVQRDUW%GD/HL&RPSOHPHQWDU
QGHGHPDLRGH/HLGH5HVSRQVDELOLGDGH)LVFDO
$UW2DFHVVRDLQIRUPDo}HVS~EOLFDVVHUiDVVHJXUDGRPHGLDQWH
,FULDomRGHVHUYLoRGHLQIRUPDo}HVDRFLGDGmRQRVyUJmRVHHQWLGDGHVGRSRGHU
S~EOLFRHPORFDOFRPFRQGLo}HVDSURSULDGDVSDUD
DDWHQGHUHRULHQWDURS~EOLFRTXDQWRDRDFHVVRDLQIRUPDo}HV
ELQIRUPDUVREUHDWUDPLWDomRGHGRFXPHQWRVQDVVXDVUHVSHFWLYDVXQLGDGHV
FSURWRFROL]DUGRFXPHQWRVHUHTXHULPHQWRVGHDFHVVRDLQIRUPDo}HVH
128
,,UHDOL]DomRGHDXGLrQFLDVRXFRQVXOWDVS~EOLFDVLQFHQWLYRjSDUWLFLSDomRSRSXODU
RXDRXWUDVIRUPDVGHGLYXOJDomR
&$3Ë78/2,,,
'2352&(',0(172'($&(662¬,1)250$d2
6HomR,
'R3HGLGRGH$FHVVR
$UW4XDOTXHULQWHUHVVDGRSRGHUiDSUHVHQWDUSHGLGRGHDFHVVRDLQIRUPDo}HVDRV
yUJmRV H HQWLGDGHV UHIHULGRV QR DUW R GHVWD /HL SRU TXDOTXHU PHLR OHJtWLPR GHYHQGR R
SHGLGRFRQWHUDLGHQWLILFDomRGRUHTXHUHQWHHDHVSHFLILFDomRGDLQIRUPDomRUHTXHULGD
3DUDRDFHVVRDLQIRUPDo}HVGHLQWHUHVVHS~EOLFRDLGHQWLILFDomRGRUHTXHUHQWH
QmRSRGHFRQWHUH[LJrQFLDVTXHLQYLDELOL]HPDVROLFLWDomR
2V yUJmRV H HQWLGDGHV GR SRGHU S~EOLFR GHYHP YLDELOL]DU DOWHUQDWLYD GH
HQFDPLQKDPHQWRGHSHGLGRVGHDFHVVRSRUPHLRGHVHXVVtWLRVRILFLDLVQDLQWHUQHW
6mR YHGDGDV TXDLVTXHU H[LJrQFLDV UHODWLYDV DRV PRWLYRV GHWHUPLQDQWHV GD
VROLFLWDomRGHLQIRUPDo}HVGHLQWHUHVVHS~EOLFR
$UW2yUJmRRXHQWLGDGHS~EOLFDGHYHUiDXWRUL]DURXFRQFHGHURDFHVVRLPHGLDWR
jLQIRUPDomRGLVSRQtYHO
1mRVHQGRSRVVtYHOFRQFHGHURDFHVVRLPHGLDWRQDIRUPDGLVSRVWDQRFDSXWR
yUJmRRXHQWLGDGHTXHUHFHEHURSHGLGRGHYHUiHPSUD]RQmRVXSHULRUDYLQWHGLDV
,FRPXQLFDUDGDWDORFDOHPRGRSDUDVHUHDOL]DUDFRQVXOWDHIHWXDUDUHSURGXomRRX
REWHUDFHUWLGmR
,,LQGLFDUDVUD]}HVGHIDWRRXGHGLUHLWRGDUHFXVDWRWDORXSDUFLDOGRDFHVVRSUHWHQGLGR
RX
,,,FRPXQLFDUTXHQmRSRVVXLDLQIRUPDomRLQGLFDUVHIRUGRVHXFRQKHFLPHQWRR
yUJmRRXDHQWLGDGHTXHDGHWpPRXDLQGDUHPHWHURUHTXHULPHQWRDHVVHyUJmRRXHQWLGDGH
FLHQWLILFDQGRRLQWHUHVVDGRGDUHPHVVDGHVHXSHGLGRGHLQIRUPDomR
2SUD]RUHIHULGRQRRSRGHUiVHUSURUURJDGRSRUPDLVGH]GLDVPHGLDQWH
MXVWLILFDWLYDH[SUHVVDGDTXDOVHUiFLHQWLILFDGRRUHTXHUHQWH
6HPSUHMXt]RGDVHJXUDQoDHGDSURWHomRGDVLQIRUPDo}HVHGRFXPSULPHQWRGD
OHJLVODomRDSOLFiYHORyUJmRRXHQWLGDGHSRGHUiRIHUHFHUPHLRVSDUDTXHRSUySULRUHTXHUHQWH
SRVVDSHVTXLVDUDLQIRUPDomRGHTXHQHFHVVLWDU
129
6HomR,,
'RV5HFXUVRV
$UW1RFDVRGHLQGHIHULPHQWRGHDFHVVRDLQIRUPDo}HVRXjVUD]}HVGDQHJDWLYD
GRDFHVVRSRGHUiRLQWHUHVVDGRLQWHUSRUUHFXUVRFRQWUDDGHFLVmRQRSUD]RGHGH]GLDVD
FRQWDUGDVXDFLrQFLD
130
3DUiJUDIR~QLFR2UHFXUVRVHUiGLULJLGRjDXWRULGDGHKLHUDUTXLFDPHQWHVXSHULRUj
TXHH[DURXDGHFLVmRLPSXJQDGDTXHGHYHUiVHPDQLIHVWDUQRSUD]RGHFLQFRGLDV
$UW1HJDGRRDFHVVRDLQIRUPDomRSHORVyUJmRVRXHQWLGDGHVGR3RGHU([HFXWLYR
)HGHUDORUHTXHUHQWHSRGHUiUHFRUUHUj&RQWURODGRULD*HUDOGD8QLmRTXHGHOLEHUDUiQRSUD]R
GHFLQFRGLDVVH
,RDFHVVRjLQIRUPDomRQmRFODVVLILFDGDFRPRVLJLORVDIRUQHJDGR
,,DGHFLVmRGHQHJDWLYDGHDFHVVRjLQIRUPDomRWRWDORXSDUFLDOPHQWHFODVVLILFDGD
FRPRVLJLORVDQmRLQGLFDUDDXWRULGDGHFODVVLILFDGRUDRXDKLHUDUTXLFDPHQWHVXSHULRUDTXHP
SRVVDVHUGLULJLGRSHGLGRGHDFHVVRRXGHVFODVVLILFDomR
,,,RVSURFHGLPHQWRVGHFODVVLILFDomRGHLQIRUPDomRVLJLORVDHVWDEHOHFLGRVQHVWD/HL
QmRWLYHUHPVLGRREVHUYDGRVH
,9HVWLYHUHPVHQGRGHVFXPSULGRVSUD]RVRXRXWURVSURFHGLPHQWRVSUHYLVWRVQHVWD
/HL
2UHFXUVRSUHYLVWRQHVWHDUWLJRVRPHQWH SRGHUiVHUGLULJLGRj&RQWURODGRULD
*HUDO GD 8QLmR GHSRLV GH VXEPHWLGR j DSUHFLDomR GH SHOR PHQRV XPD DXWRULGDGH
KLHUDUTXLFDPHQWHVXSHULRUjTXHODTXHH[DURXDGHFLVmRLPSXJQDGDTXHGHOLEHUDUiQRSUD]RGH
FLQFRGLDV
9HULILFDGDDSURFHGrQFLDGDVUD]}HVGRUHFXUVRD&RQWURODGRULD*HUDOGD8QLmR
GHWHUPLQDUiDRyUJmRRXHQWLGDGHTXHDGRWHDVSURYLGrQFLDVQHFHVViULDVSDUDGDUFXPSULPHQWR
DRGLVSRVWRQHVWD/HL
1HJDGRRDFHVVRjLQIRUPDomRSHOD&RQWURODGRULD*HUDOGD8QLmRSRGHUiVHU
LQWHUSRVWRUHFXUVRj&RPLVVmR0LVWDGH5HDYDOLDomRGH,QIRUPDo}HVDTXHVHUHIHUHRDUW
$UW 1R FDVR GH LQGHIHULPHQWR GH SHGLGR GH GHVFODVVLILFDomR GH LQIRUPDomR
SURWRFRODGR HP yUJmR GD DGPLQLVWUDomR S~EOLFD IHGHUDO SRGHUi R UHTXHUHQWH UHFRUUHU DR
0LQLVWUR GH (VWDGR GD iUHD VHP SUHMXt]R GDV FRPSHWrQFLDV GD &RPLVVmR 0LVWD GH
5HDYDOLDomRGH,QIRUPDo}HVSUHYLVWDVQRDUWHGRGLVSRVWRQRDUW
2 UHFXUVR SUHYLVWR QHVWH DUWLJR VRPHQWH SRGHUi VHU GLULJLGR jV DXWRULGDGHV
PHQFLRQDGDV GHSRLV GH VXEPHWLGR j DSUHFLDomR GH SHOR PHQRV XPD DXWRULGDGH
KLHUDUTXLFDPHQWHVXSHULRUjDXWRULGDGHTXHH[DURXDGHFLVmRLPSXJQDGDHQRFDVRGDV)RUoDV
$UPDGDVDRUHVSHFWLYR&RPDQGR
131
,QGHIHULGRRUHFXUVRSUHYLVWRQRFDSXWTXHWHQKDFRPRREMHWRDGHVFODVVLILFDomR
GHLQIRUPDomRVHFUHWDRXXOWUDVVHFUHWDFDEHUiUHFXUVRj&RPLVVmR0LVWDGH5HDYDOLDomRGH
,QIRUPDo}HVSUHYLVWDQRDUW
$UW2VSURFHGLPHQWRVGHUHYLVmRGHGHFLV}HVGHQHJDWyULDVSURIHULGDVQRUHFXUVR
SUHYLVWR QRDUW H GH UHYLVmR GH FODVVLILFDomRGHGRFXPHQWRV VLJLORVRVVHUmRREMHWR GH
UHJXODPHQWDomRSUySULDGRV3RGHUHV/HJLVODWLYRH-XGLFLiULRHGR0LQLVWpULR3~EOLFRHPVHXV
UHVSHFWLYRVkPELWRVDVVHJXUDGRDRVROLFLWDQWHHPTXDOTXHUFDVRRGLUHLWRGHVHULQIRUPDGR
VREUHRDQGDPHQWRGHVHXSHGLGR
$UW9(7$'2
9(7$'2
2VyUJmRVGR3RGHU-XGLFLiULRHGR0LQLVWpULR3~EOLFRLQIRUPDUmRDR&RQVHOKR
1DFLRQDO GH -XVWLoD H DR &RQVHOKR 1DFLRQDO GR 0LQLVWpULR 3~EOLFR UHVSHFWLYDPHQWH DV
GHFLV}HVTXHHPJUDXGHUHFXUVRQHJDUHPDFHVVRDLQIRUPDo}HVGHLQWHUHVVHS~EOLFR
$UW$SOLFDVHVXEVLGLDULDPHQWHQRTXHFRXEHUD/HLQGHGHMDQHLUR
GHDRSURFHGLPHQWRGHTXHWUDWDHVWH&DStWXOR
&$3Ë78/2,9
'$65(675,d®(6'($&(662¬,1)250$d2
6HomR,
'LVSRVLo}HV*HUDLV
$UW1mRSRGHUiVHUQHJDGRDFHVVRjLQIRUPDomRQHFHVViULDjWXWHODMXGLFLDORX
DGPLQLVWUDWLYDGHGLUHLWRVIXQGDPHQWDLV
3DUiJUDIR ~QLFR $V LQIRUPDo}HV RX GRFXPHQWRV TXH YHUVHP VREUH FRQGXWDV TXH
LPSOLTXHP YLRODomR GRV GLUHLWRV KXPDQRV SUDWLFDGD SRU DJHQWHV S~EOLFRV RX D PDQGR GH
DXWRULGDGHVS~EOLFDVQmRSRGHUmRVHUREMHWRGHUHVWULomRGHDFHVVR
$UW2GLVSRVWRQHVWD/HLQmRH[FOXLDVGHPDLVKLSyWHVHVOHJDLVGHVLJLORHGH
VHJUHGRGHMXVWLoDQHPDVKLSyWHVHVGHVHJUHGRLQGXVWULDOGHFRUUHQWHVGDH[SORUDomRGLUHWDGH
DWLYLGDGHHFRQ{PLFDSHOR(VWDGRRXSRUSHVVRDItVLFDRXHQWLGDGHSULYDGDTXHWHQKDTXDOTXHU
YtQFXORFRPRSRGHUS~EOLFR
6HomR,,
'D&ODVVLILFDomRGD,QIRUPDomRTXDQWRDR*UDXH3UD]RVGH6LJLOR
$UW6mRFRQVLGHUDGDVLPSUHVFLQGtYHLVjVHJXUDQoDGDVRFLHGDGHRXGR(VWDGRH
SRUWDQWR SDVVtYHLV GH FODVVLILFDomR DV LQIRUPDo}HV FXMD GLYXOJDomR RX DFHVVR LUUHVWULWR
SRVVDP
132
7UDQVFRUULGRRSUD]RGHFODVVLILFDomRRXFRQVXPDGRRHYHQWRTXHGHILQDRVHX
WHUPRILQDODLQIRUPDomRWRUQDUVHiDXWRPDWLFDPHQWHGHDFHVVRS~EOLFR
3DUDDFODVVLILFDomRGDLQIRUPDomRHPGHWHUPLQDGRJUDXGHVLJLORGHYHUiVHU
REVHUYDGRRLQWHUHVVHS~EOLFRGDLQIRUPDomRHXWLOL]DGRRFULWpULRPHQRVUHVWULWLYRSRVVtYHO
FRQVLGHUDGRV
,DJUDYLGDGHGRULVFRRXGDQRjVHJXUDQoDGDVRFLHGDGHHGR(VWDGRH
,,RSUD]RPi[LPRGHUHVWULomRGHDFHVVRRXRHYHQWRTXHGHILQDVHXWHUPRILQDO
6HomR,,,
'D3URWHomRHGR&RQWUROHGH,QIRUPDo}HV6LJLORVDV
$UWeGHYHUGR(VWDGRFRQWURODURDFHVVRHDGLYXOJDomRGHLQIRUPDo}HVVLJLORVDV
SURGX]LGDVSRUVHXVyUJmRVHHQWLGDGHVDVVHJXUDQGRDVXDSURWHomR5HJXODPHQWR
2DFHVVRDGLYXOJDomRHRWUDWDPHQWRGHLQIRUPDomRFODVVLILFDGDFRPRVLJLORVD
ILFDUmRUHVWULWRVDSHVVRDVTXHWHQKDPQHFHVVLGDGHGHFRQKHFrODHTXHVHMDPGHYLGDPHQWH
FUHGHQFLDGDVQDIRUPDGRUHJXODPHQWRVHPSUHMXt]RGDVDWULEXLo}HVGRVDJHQWHV S~EOLFRV
DXWRUL]DGRVSRUOHL
2DFHVVRjLQIRUPDomRFODVVLILFDGDFRPRVLJLORVDFULDDREULJDomRSDUDDTXHOH
TXHDREWHYHGHUHVJXDUGDURVLJLOR
5HJXODPHQWRGLVSRUiVREUHSURFHGLPHQWRVHPHGLGDVDVHUHPDGRWDGRVSDUDR
WUDWDPHQWRGHLQIRUPDomR VLJLORVDGHPRGRDSURWHJrODFRQWUDSHUGDDOWHUDomRLQGHYLGD
DFHVVRWUDQVPLVVmRHGLYXOJDomRQmRDXWRUL]DGRV
$UW $V DXWRULGDGHV S~EOLFDV DGRWDUmR DV SURYLGrQFLDV QHFHVViULDV SDUD TXH R
SHVVRDO D HODV VXERUGLQDGR KLHUDUTXLFDPHQWH FRQKHoD DV QRUPDV H REVHUYH DV PHGLGDV H
SURFHGLPHQWRVGHVHJXUDQoDSDUDWUDWDPHQWRGHLQIRUPDo}HVVLJLORVDV
3DUiJUDIR ~QLFR $ SHVVRD ItVLFD RX HQWLGDGH SULYDGD TXH HP UD]mR GH TXDOTXHU
YtQFXOR FRP R SRGHU S~EOLFR H[HFXWDU DWLYLGDGHV GH WUDWDPHQWR GH LQIRUPDo}HV VLJLORVDV
DGRWDUiDVSURYLGrQFLDVQHFHVViULDVSDUDTXHVHXVHPSUHJDGRVSUHSRVWRVRXUHSUHVHQWDQWHV
REVHUYHPDVPHGLGDVHSURFHGLPHQWRVGHVHJXUDQoDGDVLQIRUPDo}HVUHVXOWDQWHVGDDSOLFDomR
GHVWD/HL
6HomR,9
'RV3URFHGLPHQWRVGH&ODVVLILFDomR5HFODVVLILFDomRH'HVFODVVLILFDomR
$UW$FODVVLILFDomRGRVLJLORGHLQIRUPDo}HVQRkPELWRGDDGPLQLVWUDomRS~EOLFD
IHGHUDOpGHFRPSHWrQFLD5HJXODPHQWR
134
,QRJUDXGHXOWUDVVHFUHWRGDVVHJXLQWHVDXWRULGDGHV
D3UHVLGHQWHGD5HS~EOLFD
E9LFH3UHVLGHQWHGD5HS~EOLFD
F0LQLVWURVGH(VWDGRHDXWRULGDGHVFRPDVPHVPDVSUHUURJDWLYDV
G&RPDQGDQWHVGD0DULQKDGR([pUFLWRHGD$HURQiXWLFDH
H&KHIHVGH0LVV}HV'LSORPiWLFDVH&RQVXODUHVSHUPDQHQWHVQRH[WHULRU
,, QR JUDX GH VHFUHWR GDV DXWRULGDGHV UHIHULGDV QR LQFLVR , GRV WLWXODUHV GH
DXWDUTXLDVIXQGDo}HVRXHPSUHVDVS~EOLFDVHVRFLHGDGHVGHHFRQRPLDPLVWDH
,,,QRJUDXGHUHVHUYDGRGDVDXWRULGDGHVUHIHULGDVQRVLQFLVRV,H,,HGDVTXH
H[HUoDPIXQo}HVGHGLUHomRFRPDQGRRXFKHILDQtYHO'$6RXVXSHULRUGR*UXSR
'LUHomR H $VVHVVRUDPHQWR 6XSHULRUHV RX GH KLHUDUTXLD HTXLYDOHQWH GH DFRUGR FRP
UHJXODPHQWDomRHVSHFtILFDGHFDGDyUJmRRXHQWLGDGHREVHUYDGRRGLVSRVWRQHVWD/HL
$FRPSHWrQFLDSUHYLVWDQRVLQFLVRV,H,,QRTXHVHUHIHUHjFODVVLILFDomRFRPR
XOWUDVVHFUHWD H VHFUHWD SRGHUi VHU GHOHJDGD SHOD DXWRULGDGH UHVSRQViYHO D DJHQWH S~EOLFR
LQFOXVLYHHPPLVVmRQRH[WHULRUYHGDGDDVXEGHOHJDomR
$FODVVLILFDomRGHLQIRUPDomRQRJUDXGHVLJLORXOWUDVVHFUHWRSHODVDXWRULGDGHV
SUHYLVWDVQDVDOtQHDV³G´H³H´GRLQFLVR,GHYHUiVHUUDWLILFDGDSHORVUHVSHFWLYRV0LQLVWURVGH
(VWDGRQRSUD]RSUHYLVWRHPUHJXODPHQWR
$ DXWRULGDGH RX RXWUR DJHQWH S~EOLFR TXH FODVVLILFDU LQIRUPDomR FRPR
XOWUDVVHFUHWD GHYHUi HQFDPLQKDU D GHFLVmR GH TXH WUDWD R DUW j &RPLVVmR 0LVWD GH
5HDYDOLDomRGH,QIRUPDo}HVDTXHVHUHIHUHRDUWQRSUD]RSUHYLVWRHPUHJXODPHQWR
$UW $ FODVVLILFDomR GH LQIRUPDomR HP TXDOTXHU JUDX GH VLJLOR GHYHUi VHU
IRUPDOL]DGDHPGHFLVmRTXHFRQWHUiQRPtQLPRRVVHJXLQWHVHOHPHQWRV
,DVVXQWRVREUHRTXDOYHUVDDLQIRUPDomR
,,IXQGDPHQWRGDFODVVLILFDomRREVHUYDGRVRVFULWpULRVHVWDEHOHFLGRVQRDUW
,,,LQGLFDomRGRSUD]RGHVLJLORFRQWDGRHPDQRVPHVHVRXGLDVRXGRHYHQWRTXH
GHILQDRVHXWHUPRILQDOFRQIRUPHOLPLWHVSUHYLVWRVQRDUWH
,9LGHQWLILFDomRGDDXWRULGDGHTXHDFODVVLILFRX
3DUiJUDIR~QLFR$GHFLVmRUHIHULGDQRFDSXWVHUiPDQWLGDQRPHVPRJUDXGHVLJLOR
GDLQIRUPDomRFODVVLILFDGD
135
$UW&RQVWLWXHPFRQGXWDVLOtFLWDVTXHHQVHMDPUHVSRQVDELOLGDGHGRDJHQWHS~EOLFRRX
PLOLWDU
, UHFXVDUVH D IRUQHFHU LQIRUPDomR UHTXHULGD QRV WHUPRV GHVWD /HL UHWDUGDU
GHOLEHUDGDPHQWH R VHX IRUQHFLPHQWR RX IRUQHFrOD LQWHQFLRQDOPHQWH GH IRUPD LQFRUUHWD
LQFRPSOHWDRXLPSUHFLVD
137
,,XWLOL]DULQGHYLGDPHQWHEHPFRPRVXEWUDLUGHVWUXLULQXWLOL]DUGHVILJXUDUDOWHUDU
RXRFXOWDUWRWDORXSDUFLDOPHQWHLQIRUPDomRTXHVHHQFRQWUHVREVXDJXDUGDRXDTXHWHQKD
DFHVVRRXFRQKHFLPHQWRHPUD]mRGRH[HUFtFLRGDVDWULEXLo}HVGHFDUJRHPSUHJRRXIXQomR
S~EOLFD
,,,DJLUFRPGRORRXPiIpQDDQiOLVHGDVVROLFLWDo}HVGHDFHVVRjLQIRUPDomR
,9 GLYXOJDU RX SHUPLWLU D GLYXOJDomR RX DFHVVDU RX SHUPLWLU DFHVVR LQGHYLGR j
LQIRUPDomRVLJLORVDRXLQIRUPDomRSHVVRDO
9LPSRUVLJLORjLQIRUPDomRSDUDREWHUSURYHLWRSHVVRDORXGHWHUFHLURRXSDUDILQV
GHRFXOWDomRGHDWRLOHJDOFRPHWLGRSRUVLRXSRURXWUHP
9,RFXOWDUGDUHYLVmRGHDXWRULGDGHVXSHULRUFRPSHWHQWHLQIRUPDomRVLJLORVDSDUD
EHQHILFLDUDVLRXDRXWUHPRXHPSUHMXt]RGHWHUFHLURVH
9,,GHVWUXLURXVXEWUDLUSRUTXDOTXHUPHLRGRFXPHQWRVFRQFHUQHQWHVDSRVVtYHLV
YLRODo}HVGHGLUHLWRVKXPDQRVSRUSDUWHGHDJHQWHVGR(VWDGR
$WHQGLGRRSULQFtSLRGRFRQWUDGLWyULRGDDPSODGHIHVDHGRGHYLGRSURFHVVR
OHJDODVFRQGXWDVGHVFULWDVQRFDSXWVHUmRFRQVLGHUDGDV
, SDUD ILQV GRV UHJXODPHQWRV GLVFLSOLQDUHV GDV )RUoDV $UPDGDV WUDQVJUHVV}HV
PLOLWDUHVPpGLDVRXJUDYHVVHJXQGRRVFULWpULRVQHOHVHVWDEHOHFLGRVGHVGHTXHQmRWLSLILFDGDV
HPOHLFRPRFULPHRXFRQWUDYHQomRSHQDORX
,, SDUD ILQV GR GLVSRVWR QD /HL Q GH GH GH]HPEUR GH H VXDV
DOWHUDo}HVLQIUDo}HVDGPLQLVWUDWLYDVTXHGHYHUmRVHUDSHQDGDVQRPtQLPRFRPVXVSHQVmR
VHJXQGRRVFULWpULRVQHODHVWDEHOHFLGRV
3HODVFRQGXWDVGHVFULWDVQRFDSXWSRGHUiRPLOLWDURXDJHQWHS~EOLFRUHVSRQGHU
WDPEpPSRULPSURELGDGHDGPLQLVWUDWLYDFRQIRUPHRGLVSRVWRQDV/HLVQGHGH
DEULOGHHGHGHMXQKRGH
$UW$SHVVRDItVLFDRXHQWLGDGHSULYDGDTXHGHWLYHULQIRUPDo}HVHPYLUWXGHGH
YtQFXORGHTXDOTXHUQDWXUH]DFRPRSRGHUS~EOLFRHGHL[DUGHREVHUYDURGLVSRVWRQHVWD/HL
HVWDUiVXMHLWDjVVHJXLQWHVVDQo}HV
,DGYHUWrQFLD
,,PXOWD
,,,UHVFLVmRGRYtQFXORFRPRSRGHUS~EOLFR
,9VXVSHQVmRWHPSRUiULDGHSDUWLFLSDUHPOLFLWDomRHLPSHGLPHQWRGHFRQWUDWDUFRP
DDGPLQLVWUDomRS~EOLFDSRUSUD]RQmRVXSHULRUDGRLVDQRVH
138
9GHFODUDomRGHLQLGRQHLGDGHSDUDOLFLWDURXFRQWUDWDUFRPDDGPLQLVWUDomRS~EOLFD
DWpTXHVHMDSURPRYLGDDUHDELOLWDomRSHUDQWHDSUySULDDXWRULGDGHTXHDSOLFRXDSHQDOLGDGH
$VVDQo}HVSUHYLVWDVQRVLQFLVRV,,,,H,9SRGHUmRVHUDSOLFDGDVMXQWDPHQWHFRPDGR
LQFLVR,,DVVHJXUDGRRGLUHLWRGHGHIHVDGRLQWHUHVVDGRQRUHVSHFWLYRSURFHVVRQRSUD]RGHGH]
GLDV
$UHDELOLWDomRUHIHULGDQRLQFLVR9VHUiDXWRUL]DGDVRPHQWHTXDQGRRLQWHUHVVDGR
HIHWLYDURUHVVDUFLPHQWRDRyUJmRRXHQWLGDGHGRVSUHMXt]RVUHVXOWDQWHVHDSyVGHFRUULGRR
SUD]RGDVDQomRDSOLFDGDFRPEDVHQRLQFLVR,9
$ DSOLFDomR GD VDQomR SUHYLVWD QR LQFLVR 9 p GH FRPSHWrQFLD H[FOXVLYD GD
DXWRULGDGH Pi[LPD GR yUJmR RX HQWLGDGH S~EOLFD IDFXOWDGD D GHIHVD GR LQWHUHVVDGR QR
UHVSHFWLYRSURFHVVRQRSUD]RGHGH]GLDVGDDEHUWXUDGHYLVWD
$UW2VyUJmRVHHQWLGDGHVS~EOLFDVUHVSRQGHPGLUHWDPHQWHSHORVGDQRVFDXVDGRV
HPGHFRUUrQFLDGDGLYXOJDomRQmRDXWRUL]DGDRXXWLOL]DomRLQGHYLGDGHLQIRUPDo}HVVLJLORVDV
RXLQIRUPDo}HVSHVVRDLVFDEHQGRDDSXUDomRGHUHVSRQVDELOLGDGHIXQFLRQDOQRVFDVRVGHGROR
RXFXOSDDVVHJXUDGRRUHVSHFWLYRGLUHLWRGHUHJUHVVR
3DUiJUDIR~QLFR2GLVSRVWRQHVWHDUWLJRDSOLFDVHjSHVVRDItVLFDRXHQWLGDGHSULYDGD
TXHHPYLUWXGHGHYtQFXORGHTXDOTXHUQDWXUH]DFRPyUJmRVRXHQWLGDGHVWHQKDDFHVVRD
LQIRUPDomRVLJLORVDRXSHVVRDOHDVXEPHWDDWUDWDPHQWRLQGHYLGR
&$3Ë78/29,
',6326,d®(6),1$,6(75$16,7Ï5,$6
$UW9(7$'2
eLQVWLWXtGDD&RPLVVmR0LVWDGH5HDYDOLDomRGH,QIRUPDo}HVTXHGHFLGLUiQR
kPELWRGDDGPLQLVWUDomRS~EOLFDIHGHUDOVREUHRWUDWDPHQWRHDFODVVLILFDomRGHLQIRUPDo}HV
VLJLORVDVHWHUiFRPSHWrQFLDSDUD
,UHTXLVLWDUGDDXWRULGDGHTXHFODVVLILFDULQIRUPDomRFRPRXOWUDVVHFUHWDHVHFUHWD
HVFODUHFLPHQWRRXFRQWH~GRSDUFLDORXLQWHJUDOGDLQIRUPDomR
,, UHYHU D FODVVLILFDomR GH LQIRUPDo}HV XOWUDVVHFUHWDV RX VHFUHWDV GH RItFLR RX
PHGLDQWH SURYRFDomR GH SHVVRD LQWHUHVVDGD REVHUYDGR R GLVSRVWR QR DUW H GHPDLV
GLVSRVLWLYRVGHVWD/HLH
,,, SURUURJDU R SUD]R GH VLJLOR GH LQIRUPDomR FODVVLILFDGD FRPR XOWUDVVHFUHWD
VHPSUHSRUSUD]RGHWHUPLQDGRHQTXDQWRRVHXDFHVVRRXGLYXOJDomRSXGHURFDVLRQDUDPHDoD
139
H[WHUQDjVREHUDQLDQDFLRQDORXjLQWHJULGDGHGRWHUULWyULRQDFLRQDORXJUDYHULVFRjVUHODo}HV
LQWHUQDFLRQDLVGR3DtVREVHUYDGRRSUD]RSUHYLVWRQRGRDUW
2SUD]RUHIHULGRQRLQFLVR,,,pOLPLWDGRDXPD~QLFDUHQRYDomR
$UHYLVmRGHRItFLRDTXHVHUHIHUHRLQFLVR,,GRRGHYHUiRFRUUHUQRPi[LPR
DFDGDTXDWURDQRVDSyVDUHDYDOLDomRSUHYLVWDQRDUWTXDQGRVHWUDWDUGHGRFXPHQWRV
XOWUDVVHFUHWRVRXVHFUHWRV
$ QmR GHOLEHUDomR VREUH D UHYLVmR SHOD &RPLVVmR 0LVWD GH 5HDYDOLDomR GH
,QIRUPDo}HV QRV SUD]RV SUHYLVWRV QR R LPSOLFDUi D GHVFODVVLILFDomR DXWRPiWLFD GDV
LQIRUPDo}HV
5HJXODPHQWR GLVSRUi VREUH D FRPSRVLomR RUJDQL]DomR H IXQFLRQDPHQWR GD
&RPLVVmR0LVWDGH5HDYDOLDomRGH,QIRUPDo}HVREVHUYDGRRPDQGDWRGHGRLVDQRVSDUD
VHXVLQWHJUDQWHVHGHPDLVGLVSRVLo}HVGHVWD/HL5HJXODPHQWR
$UW2WUDWDPHQWRGHLQIRUPDomRVLJLORVDUHVXOWDQWHGHWUDWDGRVDFRUGRVRXDWRV
LQWHUQDFLRQDLVDWHQGHUijVQRUPDVHUHFRPHQGDo}HVFRQVWDQWHVGHVVHVLQVWUXPHQWRV
$UW e LQVWLWXtGR QR kPELWR GR *DELQHWH GH 6HJXUDQoD ,QVWLWXFLRQDO GD
3UHVLGrQFLD GD 5HS~EOLFD R 1~FOHR GH 6HJXUDQoD H &UHGHQFLDPHQWR 16& TXH WHP SRU
REMHWLYRV5HJXODPHQWR
,SURPRYHUHSURSRUDUHJXODPHQWDomRGRFUHGHQFLDPHQWRGHVHJXUDQoDGHSHVVRDV
ItVLFDVHPSUHVDVyUJmRVHHQWLGDGHVSDUDWUDWDPHQWRGHLQIRUPDo}HVVLJLORVDVH
,,JDUDQWLUDVHJXUDQoDGHLQIRUPDo}HVVLJLORVDVLQFOXVLYHDTXHODVSURYHQLHQWHVGH
SDtVHVRXRUJDQL]Do}HVLQWHUQDFLRQDLVFRPRVTXDLVD5HS~EOLFD)HGHUDWLYDGR%UDVLOWHQKD
ILUPDGR WUDWDGR DFRUGR FRQWUDWR RX TXDOTXHU RXWUR DWR LQWHUQDFLRQDO VHP SUHMXt]R GDV
DWULEXLo}HVGR0LQLVWpULRGDV5HODo}HV([WHULRUHVHGRVGHPDLVyUJmRVFRPSHWHQWHV
3DUiJUDIR ~QLFR 5HJXODPHQWR GLVSRUi VREUH D FRPSRVLomR RUJDQL]DomR H
IXQFLRQDPHQWRGR16&
$UW$SOLFDVHQRTXHFRXEHUD/HLQGHGHQRYHPEURGHHP
UHODomRjLQIRUPDomRGHSHVVRDItVLFDRXMXUtGLFDFRQVWDQWHGHUHJLVWURRXEDQFRGHGDGRVGH
HQWLGDGHVJRYHUQDPHQWDLVRXGHFDUiWHUS~EOLFR
$UW 2V yUJmRV H HQWLGDGHV S~EOLFDV GHYHUmR SURFHGHU j UHDYDOLDomR GDV
LQIRUPDo}HVFODVVLILFDGDVFRPRXOWUDVVHFUHWDVHVHFUHWDVQRSUD]RPi[LPRGHGRLVDQRV
FRQWDGRGRWHUPRLQLFLDOGHYLJrQFLDGHVWD/HL
140
$UHVWULomRGHDFHVVRDLQIRUPDo}HVHPUD]mRGDUHDYDOLDomRSUHYLVWDQRFDSXW
GHYHUiREVHUYDURVSUD]RVHFRQGLo}HVSUHYLVWRVQHVWD/HL
1RkPELWRGDDGPLQLVWUDomRS~EOLFDIHGHUDODUHDYDOLDomRSUHYLVWDQR FDSXW
SRGHUiVHUUHYLVWDDTXDOTXHUWHPSRSHOD&RPLVVmR0LVWDGH5HDYDOLDomRGH,QIRUPDo}HV
REVHUYDGRVRVWHUPRVGHVWD/HL
(QTXDQWR QmR WUDQVFRUULGR R SUD]R GH UHDYDOLDomR SUHYLVWR QR FDSXW VHUi
PDQWLGDDFODVVLILFDomRGDLQIRUPDomRQRVWHUPRVGDOHJLVODomRSUHFHGHQWH
$VLQIRUPDo}HVFODVVLILFDGDVFRPRVHFUHWDVHXOWUDVVHFUHWDVQmRUHDYDOLDGDVQR
SUD]RSUHYLVWRQRFDSXWVHUmRFRQVLGHUDGDVDXWRPDWLFDPHQWHGHDFHVVRS~EOLFR
$UW1RSUD]RGHVHVVHQWDGLDVDFRQWDUGDYLJrQFLDGHVWD/HLRGLULJHQWH
Pi[LPR GH FDGD yUJmR RX HQWLGDGH GD DGPLQLVWUDomR S~EOLFD IHGHUDO GLUHWD H LQGLUHWD
GHVLJQDUi DXWRULGDGH TXH OKH VHMD GLUHWDPHQWH VXERUGLQDGD SDUD QR kPELWR GR UHVSHFWLYR
yUJmRRXHQWLGDGHH[HUFHUDVVHJXLQWHVDWULEXLo}HV
,DVVHJXUDURFXPSULPHQWRGDVQRUPDVUHODWLYDVDRDFHVVRDLQIRUPDomRGHIRUPD
HILFLHQWHHDGHTXDGDDRVREMHWLYRVGHVWD/HL
,, PRQLWRUDU D LPSOHPHQWDomR GR GLVSRVWR QHVWD /HL H DSUHVHQWDU UHODWyULRV
SHULyGLFRVVREUHRVHXFXPSULPHQWR
,,,UHFRPHQGDUDVPHGLGDVLQGLVSHQViYHLVjLPSOHPHQWDomRHDRDSHUIHLoRDPHQWR
GDVQRUPDVHSURFHGLPHQWRVQHFHVViULRVDRFRUUHWRFXPSULPHQWRGRGLVSRVWRQHVWD/HLH
,9RULHQWDUDVUHVSHFWLYDVXQLGDGHVQRTXHVHUHIHUHDRFXPSULPHQWRGRGLVSRVWR
QHVWD/HLHVHXVUHJXODPHQWRV
$UW23RGHU([HFXWLYR)HGHUDOGHVLJQDUiyUJmRGDDGPLQLVWUDomRS~EOLFDIHGHUDO
UHVSRQViYHO
,SHODSURPRomRGHFDPSDQKDGHDEUDQJrQFLDQDFLRQDOGHIRPHQWRjFXOWXUDGD
WUDQVSDUrQFLDQDDGPLQLVWUDomRS~EOLFDHFRQVFLHQWL]DomRGRGLUHLWRIXQGDPHQWDOGHDFHVVRj
LQIRUPDomR
,,SHORWUHLQDPHQWRGHDJHQWHVS~EOLFRVQRTXHVHUHIHUHDRGHVHQYROYLPHQWRGH
SUiWLFDVUHODFLRQDGDVjWUDQVSDUrQFLDQDDGPLQLVWUDomRS~EOLFD
,,, SHOR PRQLWRUDPHQWR GDDSOLFDomRGDOHLQRkPELWR GDDGPLQLVWUDomRS~EOLFD
IHGHUDOFRQFHQWUDQGRHFRQVROLGDQGRDSXEOLFDomRGHLQIRUPDo}HVHVWDWtVWLFDVUHODFLRQDGDVQR
DUW
141
',/0$52866())
José Eduardo Cardoso
142
/HLQGHGHMDQHLURGH
'LVS}HVREUHDSROtWLFDQDFLRQDOGHDUTXLYRV
S~EOLFRVHSULYDGRVHGiRXWUDVSURYLGrQFLDV
235(6,'(17('$5(3Ò%/,&$
)DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWH
/HL
&$3Ë78/2
',6326,d®(6*(5$,6
$UW e GHYHU GR 3RGHU 3~EOLFR D JHVWmR GRFXPHQWDO H D SURWHomR HVSHFLDO D
GRFXPHQWRV GH DUTXLYRV FRPR LQVWUXPHQWR GH DSRLR j DGPLQLVWUDomR j FXOWXUD DR
GHVHQYROYLPHQWRFLHQWtILFRHFRPRHOHPHQWRVGHSURYDHLQIRUPDomR
$UW&RQVLGHUDPVHDUTXLYRVSDUDRVILQVGHVWD/HLRVFRQMXQWRVGHGRFXPHQWRV
SURGX]LGRV H UHFHELGRV SRU yUJmRV S~EOLFRV LQVWLWXLo}HV GH FDUiWHU S~EOLFR H HQWLGDGHV
SULYDGDVHPGHFRUUrQFLDGRH[HUFtFLRGHDWLYLGDGHVHVSHFtILFDVEHPFRPRSRUSHVVRDItVLFD
TXDOTXHUTXHVHMDRVXSRUWHGDLQIRUPDomRRXDQDWXUH]DGRVGRFXPHQWRV
$UW &RQVLGHUDVH JHVWmR GH GRFXPHQWRV R FRQMXQWR GH SURFHGLPHQWRV H
RSHUDo}HVWpFQLFDVUHIHUHQWHVjVXDSURGXomRWUDPLWDomRXVRDYDOLDomRHDUTXLYDPHQWRHP
IDVH FRUUHQWH H LQWHUPHGLiULD YLVDQGR D VXD HOLPLQDomR RX UHFROKLPHQWR SDUD JXDUGD
SHUPDQHQWH
$UW 7RGRV WrP GLUHLWR D UHFHEHU GRV yUJmRV S~EOLFRV LQIRUPDo}HV GH VHX
LQWHUHVVHSDUWLFXODURXGHLQWHUHVVHFROHWLYRRXJHUDOFRQWLGDVHPGRFXPHQWRVGHDUTXLYRVTXH
VHUmRSUHVWDGDVQRSUD]RGDOHLVRESHQDGHUHVSRQVDELOLGDGHUHVVDOYDGDVDTXHODVFXMRVLJLOR
VHMDLPSUHVFLQGtYHOjVHJXUDQoDGDVRFLHGDGHHGR(VWDGREHPFRPRjLQYLRODELOLGDGHGD
LQWLPLGDGHGDYLGDSULYDGDGDKRQUDHGDLPDJHPGDVSHVVRDV
$UW$DGPLQLVWUDomRS~EOLFDIUDQTXHDUiDFRQVXOWDDRVGRFXPHQWRVS~EOLFRVQD
IRUPDGD/HL
$UW)LFDUHVJXDUGDGRRGLUHLWRGHLQGHQL]DomRSHORGDQRPDWHULDORXPRUDO
GHFRUUHQWHGDYLRODomRGRVLJLORVHPSUHMXt]RGDVDo}HVSHQDOFLYLOHDGPLQLVWUDWLYD
144
&$3Ë78/2,,
'26$548,9263Ò%/,&26
$UW&RQVLGHUDPVHDUTXLYRVSULYDGRVRVFRQMXQWRVGHGRFXPHQWRVSURGX]LGRV
RXUHFHELGRVSRUSHVVRDVItVLFDVRXMXUtGLFDVHPGHFRUUrQFLDGHVXDVDWLYLGDGHV
145
$UW2VDUTXLYRVSULYDGRVSRGHPVHULGHQWLILFDGRVSHOR3RGHU3~EOLFRFRPRGH
LQWHUHVVHS~EOLFRHVRFLDOGHVGHTXHVHMDPFRQVLGHUDGRVFRPRFRQMXQWRVGHIRQWHVUHOHYDQWHV
SDUDDKLVWyULDHGHVHQYROYLPHQWRFLHQWtILFRQDFLRQDO
$UW2VDUTXLYRVSULYDGRVLGHQWLILFDGRVFRPRGHLQWHUHVVHS~EOLFRHVRFLDOQmR
SRGHUmRVHUDOLHQDGRVFRPGLVSHUVmRRXSHUGDGDXQLGDGHGRFXPHQWDOQHPWUDQVIHULGRVSDUDR
H[WHULRU
3DUiJUDIR~QLFR1DDOLHQDomRGHVVHVDUTXLYRVR3RGHU3~EOLFRH[HUFHUiSUHIHUrQFLD
QDDTXLVLomR
$UW DFHVVR DRV GRFXPHQWRV GH DUTXLYRV SULYDGRV LGHQWLILFDGRV FRPR GH
LQWHUHVVHS~EOLFRHVRFLDOSRGHUiVHUIUDQTXHDGRPHGLDQWHDXWRUL]DomRGHVHXSURSULHWiULRRX
SRVVXLGRU
$UW 2V DUTXLYRV SULYDGRV LGHQWLILFDGRV FRPR GH LQWHUHVVH S~EOLFR H VRFLDO
SRGHUmRVHUGHSRVLWDGRVDWtWXORUHYRJiYHORXGRDGRVDLQVWLWXLo}HVDUTXLYtVWLFDVS~EOLFDV
$UW2VUHJLVWURVFLYLVGHDUTXLYRVGHHQWLGDGHVUHOLJLRVDVSURGX]LGRV
DQWHULRUPHQWHjYLJrQFLDGR&yGLJR&LYLOILFDPLGHQWLILFDGRVFRPRGHLQWHUHVVHS~EOLFRH
VRFLDO
&$3Ë78/2,9
'$25*$1,=$d2($'0,1,675$d2'(,167,78,d®(6$548,9Ë67,&$6
3Ò%/,&$6
$UW$DGPLQLVWUDomRGDGRFXPHQWDomRS~EOLFDRXGHFDUiWHUS~EOLFRFRPSHWHjV
LQVWLWXLo}HVDUTXLYtVWLFDVIHGHUDLVHVWDGXDLVGR'LVWULWR)HGHUDOHPXQLFLSDLV
R6mRDUTXLYRV)HGHUDLVR$UTXLYR1DFLRQDOGR3RGHU([HFXWLYRHRVDUTXLYRV
GR3RGHU/HJLVODWLYRHGR3RGHU-XGLFLiULR6mRFRQVLGHUDGRVWDPEpPGR3RGHU([HFXWLYRRV
DUTXLYRVGR0LQLVWpULRGD0DULQKDGR0LQLVWpULRGDV5HODo}HV([WHULRUHVGR0LQLVWpULRGR
([pUFLWRHGR0LQLVWpULRGD$HURQiXWLFD
R6mR$UTXLYRV(VWDGXDLVRDUTXLYRGR3RGHU([HFXWLYRRDUTXLYRGR3RGHU
/HJLVODWLYRHRDUTXLYRGR3RGHU-XGLFLiULR
R6mR$UTXLYRVGR'LVWULWR)HGHUDORDUTXLYRGR3RGHU([HFXWLYRRDUTXLYRGR
3RGHU/HJLVODWLYRHRDUTXLYRGR3RGHU-XGLFLiULR
R6mR$UTXLYRV0XQLFLSDLVRDUTXLYRGR3RGHU([HFXWLYRHRDUTXLYRGR3RGHU
/HJLVODWLYR
146
SURGXomR SRGHQGR HVVH SUD]R VHU SURUURJDGR SRU XPD ~QLFD YH] SRU LJXDO SHUtRGR
5HYRJDGRSHOR/HLQGH
DFHVVRDRVGRFXPHQWRVVLJLORVRVUHIHUHQWHVjKRQUDHDLPDJHPGDVSHVVRDV
VHUiUHVWULWRSRUXPSUD]RPi[LPRGHFHPDQRVDFRQWDUGDGDWDGHVXDSURGXomR
5HYRJDGRSHOR/HLQGH
$UW3RGHUiR3RGHU-XGLFLiULRHPTXDOTXHULQVWkQFLDGHWHUPLQDUDH[LELomR
UHVHUYDGD GH TXDOTXHU GRFXPHQWR VLJLORVR VHPSUH TXH LQGLVSHQViYHO j GHIHVD GH GLUHLWR
SUySULRRXHVFODUHFLPHQWRGHVLWXDomRSHVVRDOGDSDUWH5HYRJDGRSHOR/HLQGH
3DUiJUDIR~QLFR1HQKXPDQRUPDGHRUJDQL]DomRDGPLQLVWUDWLYDVHUiLQWHUSUHWDGDGHPRGRD
SRUTXDOTXHUIRUPDUHVWULQJLURGLVSRVWRQHVWHDUWLJR5HYRJDGRSHOR/HLQGH
',6326,d®(6),1$,6
$UW)LFDUiVXMHLWRjUHVSRQVDELOLGDGHSHQDOFLYLOHDGPLQLVWUDWLYDQDIRUPDGD
OHJLVODomRHPYLJRUDTXHOHTXHGHVILJXUDURXGHVWUXLUGRFXPHQWRVGHYDORUSHUPDQHQWHRX
FRQVLGHUDGRFRPRGHLQWHUHVVHS~EOLFRHVRFLDO
$UW)LFDFULDGRR&RQVHOKR1DFLRQDOGH$UTXLYRV&21$54yUJmRYLQFXODGR
DR$UTXLYR1DFLRQDOTXHGHILQLUiDSROtWLFDQDFLRQDOGHDUTXLYRVFRPRyUJmRFHQWUDOGHXP
6LVWHPD1DFLRQDOGH$UTXLYRV6,1$5
2&RQVHOKR1DFLRQDOGH$UTXLYRVVHUiSUHVLGLGRSHOR'LUHWRU*HUDOGR$UTXLYR
1DFLRQDOHLQWHJUDGRSRUUHSUHVHQWDQWHVGHLQVWLWXLo}HVDUTXLYtVWLFDVHDFDGrPLFDVS~EOLFDVH
SULYDGDV
$ HVWUXWXUD H IXQFLRQDPHQWR GR &RQVHOKR FULDGR QHVWH DUWLJR VHUmR
HVWDEHOHFLGRVHPUHJXODPHQWR
$UW(VWD/HLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
$UW±5HYRJDPVHDVGLVSRVLo}HVHPFRQWUiULR
%UDVtOLDHPGHMDQHLURGHGD,QGHSHQGrQFLDHGD5HS~EOLFD
)(51$1'2&2//25
-DUEDV3DVVDULQKR
3XEOLFDGRQR'LiULR2ILFLDOGHHUHWLILFDGRHP
148
/(*,6/$d2(67$'8$/
'HFUHWRQGHGHIHYHUHLURGH
'LVS}H VREUH RV SURFHGLPHQWRV GR 3RGHU
([HFXWLYR TXH JDUDQWH R DFHVVR j LQIRUPDomR
QRVWHUPRVGDOHJLVODomRYLJHQWH
2*29(51$'25'2(67$'2 '23$5$1ÈQRXVR GDVDWULEXLo}HVTXH OKH
FRQIHUHRLQFLVR9GRDUWGD&RQVWLWXLomRGR(VWDGRWHQGRHPYLVWDRGLVSRVWRQD/HL
(VWDGXDOQGHGHRXWXEURGHEHPFRPRRLQFLVR;;;,,,GRDUWHR
LQFLVR,,GRGRDUWSDUiJUDIRGRDUWGD&RQVWLWXLomRGD5HS~EOLFDHQD/HL
)HGHUDO Q GH GH QRYHPEUR GH EHP FRPR RFRQWLGR QR SURWRFRODGR Q
HDLQGD
FRQVLGHUDQGR TXH D SXEOLFLGDGH p SULQFtSLR QRUWHDGRU GH WRGRV RV DWRV GD
DGPLQLVWUDomRS~EOLFDHDVH[FHo}HVDRSULQFtSLRFRQVWLWXFLRQDOGDSXEOLFLGDGHVRPHQWHVH
OHJLWLPDP SDUD WXWHODUDVHJXUDQoD GDVRFLHGDGHH GR (VWDGR DLQWLPLGDGHRXRLQWHUHVVH
VRFLDO
FRQVLGHUDQGR D QHFHVVLGDGH GH LPHGLDWD DGHTXDomR GRV PHFDQLVPRV LQWHUQRV jV
QRUPDVDXWRDSOLFiYHLVGD/HL)HGHUDOQH/HL(VWDGXDOQH
FRQVLGHUDQGRTXHWRGRFLGDGmRWHPGLUHLWRDUHFHEHULQIRUPDo}HVVREUHD$GPLQLVWUDomR
3~EOLFDUHVVDOYDGDVDVKLSyWHVHVGHVLJLORSUHYLVWDVQD&RQVWLWXLomRHHPOHJLVODomRHVSHFtILFD
'(&5(7$
&$3Ë78/2,
',6326,d®(6*(5$,6
$UW (VWH 'HFUHWR GLVS}H VREUH RV SURFHGLPHQWRV D VHUHP REVHUYDGRV SHOD
$GPLQLVWUDomR 'LUHWD GR 3RGHU ([HFXWLYR VXDV DXWDUTXLDV IXQGDo}HV S~EOLFDV HPSUHVDV
S~EOLFDVVRFLHGDGHVGHHFRQRPLDPLVWDHVXDVVXEVLGLiULDVHHPSUHVDVFRQWURODGDVGLUHWDRX
LQGLUHWDPHQWHFRPYLVWDDJDUDQWLURDFHVVRjLQIRUPDomRQRVWHUPRVGDOHJLVODomRYLJHQWH
$UW2VyUJmRVHDVHQWLGDGHVGR3RGHU([HFXWLYR(VWDGXDODVVHJXUDUmRjVSHVVRDV
QDWXUDLV H MXUtGLFDV R GLUHLWR GH DFHVVR j LQIRUPDomR TXH VHUi SURSRUFLRQDGR PHGLDQWH
SURFHGLPHQWRV REMHWLYRV H iJHLV GH IRUPD WUDQVSDUHQWH FODUD H HP OLQJXDJHP GH IiFLO
FRPSUHHQVmRREVHUYDGRVRVSULQFtSLRVGD$GPLQLVWUDomR3~EOLFDHDVGLUHWUL]HVSUHYLVWDVQD
OHJLVODomRYLJHQWH
149
DjLPSOHPHQWDomRDFRPSDQKDPHQWRHUHVXOWDGRVGRVSURJUDPDVSURMHWRVHDo}HV
GRVyUJmRVHHQWLGDGHVS~EOLFDVEHPFRPRPHWDVHLQGLFDGRUHVSURSRVWRVH
EDRUHVXOWDGRGHLQVSHo}HVDXGLWRULDVSUHVWDo}HVHWRPDGDVGHFRQWDVUHDOL]DGDV
SHORV yUJmRV GH FRQWUROH LQWHUQR H H[WHUQR LQFOXLQGR SUHVWDo}HV GH FRQWDV UHODWLYDV D
H[HUFtFLRVDQWHULRUHV
2 DFHVVR j LQIRUPDomR SUHYLVWR QR caput QmR FRPSUHHQGH DV LQIRUPDo}HV
UHIHUHQWHVDSURMHWRVGHSHVTXLVDHGHVHQYROYLPHQWRFLHQWtILFRVRXWHFQROyJLFRVFXMRVLJLOR
VHMDLPSUHVFLQGtYHOjVHJXUDQoDGDVRFLHGDGHHRXGR(VWDGR
4XDQGRQmRIRUDXWRUL]DGRDFHVVRLQWHJUDOjLQIRUPDomRSRUVHUHODSDUFLDOPHQWH
VLJLORVDpDVVHJXUDGRRDFHVVRjSDUWHQmRVLJLORVDSRUPHLRGHFHUWLGmRH[WUDWRRXFySLDFRP
RFXOWDomRGDSDUWHVREVLJLOR
$QHJDWLYDGHDFHVVRjVLQIRUPDo}HVREMHWRGHSHGLGRIRUPXODGRDRVyUJmRVH
HQWLGDGHVUHIHULGDVQRDUWTXDQGRQmRIXQGDPHQWDGDVXMHLWDUiRUHVSRQViYHODPHGLGDV
GLVFLSOLQDUHVQRVWHUPRVGDOHL
$UW3DUDRVHIHLWRVGHVWH'HFUHWRFRQVLGHUDPVHDVVHJXLQWHVGHILQLo}HV
,DUTXLYRVS~EOLFRVFRQMXQWRVGHGRFXPHQWRVSURGX]LGRVUHFHELGRVHDFXPXODGRV
SRU yUJmRV S~EOLFRV DXWDUTXLDV IXQGDo}HV LQVWLWXtGDV RX PDQWLGDV SHOR 3RGHU 3~EOLFR
HPSUHVDVS~EOLFDVVRFLHGDGHVGHHFRQRPLDPLVWDHQWLGDGHVSULYDGDVHQFDUUHJDGDVGDJHVWmR
GHVHUYLoRVS~EOLFRVHRUJDQL]Do}HVVRFLDLVQRH[HUFtFLRGHVXDVIXQo}HVHDWLYLGDGHV
,, DXWHQWLFLGDGH TXDOLGDGH GD LQIRUPDomR TXH WHQKD VLGR SURGX]LGD H[SHGLGD
UHFHELGDRXPRGLILFDGDSRUGHWHUPLQDGRLQGLYtGXRHTXLSDPHQWRRXVLVWHPD
,,,FODVVLILFDomRGHVLJLORDWULEXLomRSHODDXWRULGDGHFRPSHWHQWHGHJUDXGHVLJLOR
DGRFXPHQWRVGDGRVHLQIRUPDo}HV
,9 FUHGHQFLDO GH VHJXUDQoD DXWRUL]DomR SRU HVFULWR FRQFHGLGD SRU DXWRULGDGH
FRPSHWHQWH TXH KDELOLWD R DJHQWH S~EOLFR HVWDGXDO QR HIHWLYR H[HUFtFLR GH FDUJR IXQomR
HPSUHJRRXDWLYLGDGHS~EOLFDDWHUDFHVVRDGRFXPHQWRVGDGRVHLQIRUPDo}HVVLJLORVDV
9FXVWyGLDUHVSRQVDELOLGDGHSHODJXDUGDGHGRFXPHQWRVGDGRVHLQIRUPDo}HV
9,GDGRS~EOLFRVHTXrQFLDGHVtPERORVRXYDORUHVUHSUHVHQWDGDHPDOJXPPHLR
SURGX]LGD RX VRE D JXDUGD JRYHUQDPHQWDO HP GHFRUUrQFLD GH XP SURFHVVR QDWXUDO RX
DUWLILFLDOTXHQmRWHQKDVHXDFHVVRUHVWULWRSRUOHJLVODomRHVSHFtILFD
151
$UWeGHYHUGRyUJmRRXHQWLGDGHSURPRYHULQGHSHQGHQWHPHQWHGHUHTXHULPHQWR
DGLYXOJDomRHPORFDOGHIiFLODFHVVRQRkPELWRGHVXDFRPSHWrQFLDGHLQIRUPDomRJHUDOGH
LQWHUHVVHFROHWLYRSRUHOHSURGX]LGDRXFXVWRGLDGD
3DUiJUDIR ~QLFR 4XDQGR XPD XQLGDGH DGPLQLVWUDWLYD QmR RIHUHFHU HVWUXWXUD GH
DWHQGLPHQWR DR FLGDGmR HVWH GHYHUi VHU RULHQWDGR D SURFXUDU DWHQGLPHQWR SUHVHQFLDO RX
TXDOTXHUGRVPHLRVGHDWHQGLPHQWRQmRSUHVHQFLDO
$UW2VHQWHVGHVFULWRVQR caput GRDUWGHYHUmRDLQGDJHULUHPDQWHUXPD
SiJLQD QD UHGH PXQGLDO GH FRPSXWDGRUHV internet VRE D GHQRPLQDomR GH 3RUWDO GD
7UDQVSDUrQFLDTXHSRGHUiVHUDFHVVDGRSRUTXDOTXHUSHVVRDPHGLDQWHDWDOKRHOHWU{QLFRlink
UHSUHVHQWDGRSRULPDJHPbannerQDSiJLQDLQLFLDOGRUHVSHFWLYRVtWLRsiteFRQWHQGRD
QRPHQFODWXUDGRSRUWDO
'HYHUmRVHUSXEOLFDGRVLQWHJUDOPHQWHQRV3RUWDLVGD7UDQVSDUrQFLDDSDUWLUGD
YLJrQFLDGHVWH'HFUHWRWRGRVRVDWRVDGPLQLVWUDWLYRVUHDOL]DGRVHFRQWUDWRVILUPDGRVEHP
FRPRVHXVDGLWLYRVTXHLPSRUWHPHPUHDOL]DomRGHGHVSHVDVS~EOLFDV
'HYHUmR VHU SXEOLFDGRV DLQGD WRGRV RV DWRV GH LQJUHVVR H[RQHUDomR H
DSRVHQWDGRULD GH PHPEURV GR 3RGHU ([HFXWLYRLQFOXVLYH RV FRPLVVLRQDGRV FRQWUDWDomR
GHPLVVmRHDSRVHQWDGRULDGHHPSUHJDGRVS~EOLFRVHFRQWUDWDomRGHSUHVWDGRUHVGHVHUYLoRV
5HVJXDUGDGRRFDUiWHUVLJLORVRGDLQIRUPDomRTXDQGRSXGHUFRPSURPHWHUDVHJXUDQoDGR
153
LQFOXHPVHWDPEpPRVHGLWDLVHOLFLWDo}HVTXHWHQKDPVLGRDQXODGRVWRUQDGRVVHPHIHLWR
UHYRJDGRVHGHVHUWRV
9,,,GHFLV}HVGHGLVSHQVDVGHOLFLWDomRLQFOXVLYHFRPDMXVWLILFDWLYDSDUDDFRQWUDWDomR
GLUHWD
,;tQWHJUDGRVFRQWUDWRVILUPDGRVHVHXVLQVWUXPHQWRVDILQVFRPDHVSHFLILFDomRGDV
HWDSDVGHFXPSULPHQWRGDVREULJDo}HVSDJDPHQWRVHVXDTXLWDomRSRUDQRGHFHOHEUDomRH
SRUREMHWRREVHUYDGDVDVFDWHJRULDV³DTXLVLomRGHEHQV´³VHUYLoRV´³REUDV´H³ORFDomR´
;DWRVGHLQVWDXUDomRGHSURFHGLPHQWRVDGPLQLVWUDWLYRVTXHYLVHPDSXUDUSRVVtYHLV
LUUHJXODULGDGHVQRFXPSULPHQWRGDVREULJDo}HVGRVFRQWUDWRVHUHVSHFWLYDVGHFLV}HVILQDLV
;,tQWHJUDGRVFRQYrQLRVWHUPRVGHSDUFHULDVHFRQJrQHUHVILUPDGRVLQFOXVLYHFRP
RSODQRGHDSOLFDomRDHVSHFLILFDomRGDVHWDSDVGHFXPSULPHQWRGDVREULJDo}HVUHSDVVHVH
DWLQJLPHQWRGDVPHWDVHVWLSXODGDVOLVWDGRVSRUDQRGHFHOHEUDomR
;,,GHVSHVDVUHODWLYDVDYLDJHQVHDGLDQWDPHQWRV
;,,,UHVSRVWDVDSHUJXQWDVPDLVIUHTXHQWHVGDVRFLHGDGH
3DUDFXPSULPHQWRGRGLVSRVWRQRcaputRVyUJmRVHHQWLGDGHVS~EOLFDVGHYHUmR
XWLOL]DU WRGRV RV PHLRV H LQVWUXPHQWRV OHJtWLPRV GH TXH GLVSXVHUHP VHQGR REULJDWyULD D
GLYXOJDomRHPVtWLRVRILFLDLVGDUHGHPXQGLDOGHFRPSXWDGRUHVinternet
2VVtWLRVGHTXHWUDWDRGHYHUmRQDIRUPDGHUHJXODPHQWRDWHQGHUHQWUH
RXWURVDRVVHJXLQWHVUHTXLVLWRV
,FRQWHUIHUUDPHQWDGHSHVTXLVDGHFRQWH~GRTXHSHUPLWDRDFHVVRjLQIRUPDomRGH
IRUPDREMHWLYDWUDQVSDUHQWHFODUDHHPOLQJXDJHPGHIiFLOFRPSUHHQVmR
,,SRVVLELOLWDUDJUDYDomRGHUHODWyULRVHPGLYHUVRVIRUPDWRVHOHWU{QLFRVLQFOXVLYH
DEHUWRVHQmR SURSULHWiULRVWDLVFRPRSODQLOKDVH WH[WRGHPRGRDIDFLOLWDUDDQiOLVHGDV
LQIRUPDo}HV
,,,SRVVLELOLWDURDFHVVRDXWRPDWL]DGRSRUVLVWHPDVH[WHUQRVHPIRUPDWRVDEHUWRV
HVWUXWXUDGRVHOHJtYHLVSRUPiTXLQD
,9GLYXOJDUHPGHWDOKHVRVIRUPDWRVXWLOL]DGRVSDUDHVWUXWXUDomRGDLQIRUPDomR
9JDUDQWLUDDXWHQWLFLGDGHHDLQWHJULGDGHGDVLQIRUPDo}HVGLVSRQtYHLVSDUDDFHVVR
9,PDQWHUDWXDOL]DGDVDVLQIRUPDo}HVGLVSRQtYHLVSDUDDFHVVR
9,,LQGLFDUORFDOHLQVWUXo}HVTXHSHUPLWDPDRLQWHUHVVDGRFRPXQLFDUVHSRUYLD
HOHWU{QLFDRXWHOHI{QLFDFRPRyUJmRRXHQWLGDGHGHWHQWRUDGRVtWLR
155
9,,,DGRWDUDVPHGLGDVQHFHVViULDVSDUDJDUDQWLUDDFHVVLELOLGDGHGHFRQWH~GRSDUD
SHVVRDVFRPGHILFLrQFLDQRVWHUPRVGDOHJLVODomRYLJHQWH
,; RV HQWHV UHODFLRQDGRV QR $UW VmR UHVSRQViYHLV SHODV LQIRUPDo}HV
GLVSRQLELOL]DGDVQRVVtWLRVHOHWU{QLFRVGHYHQGRDWXDOL]iODVSHULRGLFDPHQWH
$UW$&RQWURODGRULD*HUDOGR(VWDGRFRRUGHQDUiDH[HFXomRHGHVHQYROYHUiHP
FRQMXQWR FRP D 6HFUHWDULD GH (VWDGR GD $GPLQLVWUDomR H GD 3UHYLGrQFLD H 6HFUHWDULD GH
(VWDGRGH*RYHUQRHFRPRDSRLRGD6HFUHWDULDGH(VWDGRGD&RPXQLFDomR6RFLDODWLYLGDGHV
YLVDQGR
, SURPRomR GH FDPSDQKD GH DEUDQJrQFLD HVWDGXDO GH IRPHQWR j FXOWXUD GD
WUDQVSDUrQFLDQDDGPLQLVWUDomRS~EOLFDHFRQVFLHQWL]DomRGRGLUHLWRIXQGDPHQWDOGHDFHVVRj
LQIRUPDomR
,,WUHLQDPHQWRGHDJHQWHVS~EOLFRVQRTXHVHUHIHUHDRGHVHQYROYLPHQWRGHSUiWLFDV
UHODFLRQDGDVjWUDQVSDUrQFLDQDDGPLQLVWUDomRS~EOLFD
,,,RPRQLWRUDPHQWRGRVSURFHGLPHQWRVGHDFHVVRjLQIRUPDomR
,9 HODERUDomR H PDQXWHQomR DWXDOL]DGD GH PDQXDO SDUD D FRQVROLGDomR GD
QRUPDWL]DomRHSURFHGLPHQWRVGHDFHVVRjLQIRUPDomR
&$3Ë78/2,,,
'2352&(',0(172'($&(662¬,1)250$d2
6HomR,
GRSHGLGRGHDFHVVR
$UW3DUDILQVGRGLVSRVWRQRDUWGD/HL)HGHUDOQGHYHUmRVHU
SURSLFLDGRVHPWRGRVRVyUJmRVPHLRVDGHTXDGRVSDUDTXHRFLGDGmRFRQVXOWHGRFXPHQWRV
TXHSRUVXDQDWXUH]DQmRSRVVDPVHUGLVSRQLELOL]DGRVSRUPHLRVYLUWXDLV
3DUiJUDIR~QLFR&DEHUiDRJHVWRUGHFDGDyUJmRRXHQWLGDGHFLWDGRVQRDUWLJR
PDQWHUDHVWUXWXUDQHFHVViULDSDUDTXHDVLQIRUPDo}HVGHLQWHUHVVHS~EOLFRVHMDPGLVSRQLELOL
]DGDVHPVtWLRHOHWU{QLFRRILFLDOUHVSHFWLYRGHYHQGR]HODUSHODVXDDWXDOL]DomRSHULyGLFD
$UW&DEHDRVyUJmRVHHQWLGDGHVGRSRGHUS~EOLFRREVHUYDGDVDVQRUPDVHSUR
FHGLPHQWRVHVSHFtILFRVDSOLFiYHLVDVVHJXUDUD
,JHVWmRWUDQVSDUHQWHGDLQIRUPDomRSURSLFLDQGRDPSORDFHVVRDHODHVXDGLYXOJD
omR
,,SURWHomRGDLQIRUPDomRJDUDQWLQGRVHVXDGLVSRQLELOLGDGHDXWHQWLFLGDGHHLQWH
JULGDGH
156
,,,SURWHomRGDLQIRUPDomRVLJLORVDHGDLQIRUPDomRSHVVRDOREVHUYDGDDVXDGLVSR
QLELOLGDGHDXWHQWLFLGDGHLQWHJULGDGHHHYHQWXDOUHVWULomRGHDFHVVR
$UW2VGLULJHQWHVPi[LPRVGHFDGD6HFUHWDULDyUJmRRXHQWLGDGHGDDGPLQLVWUD
omRGLUHWDHLQGLUHWDGR3RGHU([HFXWLYRGHVLJQDUmRVHUYLGRUHVS~EOLFRVTXHOKHVVHMDPGLUH
WDPHQWHVXERUGLQDGRVSDUDDVVHJXUDURFXPSULPHQWRGDVQRUPDVUHODWLYDVDRDFHVVRjLQIRU
PDomRGHIRUPDHILFLHQWHHDGHTXDGDDRVREMHWLYRVGHVWHDWRGHYHQGRSDUDWDQWR
,DWHQGHUHRULHQWDURS~EOLFRTXDQWRDRDFHVVRjVLQIRUPDo}HV
,,LQIRUPDUVREUHDWUDPLWDomRGHGRFXPHQWRVQDVVXDVUHVSHFWLYDVXQLGDGHV
,,,SURWRFROL]DUGRFXPHQWRVHUHTXHULPHQWRVGHDFHVVRjLQIRUPDo}HV
,9LQFHQWLYDUDSDUWLFLSDomRSRSXODUHVWLPXODQGRRH[HUFtFLRGRFRQWUROHVRFLDO
$UW,QFXPEHj&RQWURODGRULD*HUDOGR(VWDGR]HODUSHORHVWULWRFXPSULPHQWRGRV
GHYHUHVPHQFLRQDGRVQRDUWLJRDQWHULRUHVSHFLDOPHQWHTXDQWRDRDWHQGLPHQWRGRVSUD]RVDV
VLQDODGRVQHVWH'HFUHWRHDPDQXWHQomRHJHUHQFLDPHQWRGRV6LVWHPDVGH7HFQRORJLDGD,Q
IRUPDomRUHODWLYRVjVDWLYLGDGHVGHVHQYROYLGDV
$UW1DVKLSyWHVHVHPTXHDVROLFLWDomRGHDFHVVRDLQIRUPDo}HVUHODWLYDVDRX
WURVyUJmRVRXHQWLGDGHVOKHIRUHQGHUHoDGDVGLUHWDPHQWHD&RQWURODGRULD*HUDOGR(VWDGRHQ
FDPLQKDUiRSHGLGRDRVHUYLGRUGHVLJQDGRQDIRUPDGR³caput´GRDUWLJR
$UW$ILPGHGDUFXPSULPHQWRDRVREMHWLYRVGHVWH'HFUHWRD&RQWURODGRULD*H
UDOGR(VWDGRREHGHFLGRRGLVSRVWRQRVLQFLVRV,D,9GRDUWLJRGHYHUi
,GLVSRQLELOL]DUDRS~EOLFRDWHQGLPHQWRWHOHI{QLFRSRVWDOHOHWU{QLFRRXSUHVHQFLDO
,,UHFHEHUSHGLGRVGHDFHVVRDLQIRUPDo}HVHRULHQWDURLQWHUHVVDGRTXDQWRDRVHX
UHVSHFWLYRWUkPLWH
,,,GLYXOJDUUHODWyULRPHQVDOGDVFRQVXOWDVIRUPXODGDVHVXDWUDPLWDomR
$UW4XDOTXHULQWHUHVVDGRGHYLGDPHQWHLGHQWLILFDGRSRGHUiDSUHVHQWDUSHGLGRGH
DFHVVRDLQIRUPDo}HVDRVyUJmRVRXHQWLGDGHVDOXGLGDVQRDUWLJRGHVWH'HFUHWR
$LGHQWLILFDomRUHIHULGDQRcaputGHVWHDUWLJRFRQVLVWHHPQRPHFRPSOHWRQ~
PHURGHGRFXPHQWRGHLGHQWLGDGHFRPYDORUOHJDOHRHQGHUHoRItVLFRRXHOHWU{QLFRGRUHTXH
UHQWHSDUDUHFHELPHQWRGHFRPXQLFDo}HVRXGDLQIRUPDomRUHTXHULGDSDUDDYLVRGDGLVSRQLEL
OL]DomRGDUHVSRVWD
$SHVVRDMXUtGLFDGHYHUiDSUHVHQWDURVGRFXPHQWRVFRPSUREDWyULRVGDVXDH[LV
WrQFLDHWDPEpPGRUHSUHVHQWDQWHOHJDOTXHDSUHVHQWRXRSHGLGRFRPSURYDQGRRVVHXVUHV
SHFWLYRVSRGHUHV
157
2SHGLGRGHDFHVVRGHYHUiFRQWHUHVSHFLILFDomRGHIRUPDFODUDHSUHFLVDGDLQ
IRUPDomRUHTXHULGD
2SHGLGRDTXHVHUHIHUHRcaputVHUiDSUHVHQWDGRSRUIRUPXOiULRSDGUmRGLVSR
QLELOL]DGRSRUPHLRHOHWU{QLFRHQRVLWLRHOHWU{QLFRGR3RUWDOGD7UDQVSDUrQFLDDWUDYpVGRV
6LVWHPDVGH7HFQRORJLDGD,QIRUPDomRGLVSRQLELOL]DGRV
1DLPSRVVLELOLGDGHGDXWLOL]DomRGRVVtWLRVHOHWU{QLFRVRILFLDLVRUHTXHULPHQWR
GHYHUiVHUHQWUHJXHHPTXDOTXHUVHUYLoRGHSURWRFRORGDDGPLQLVWUDomRS~EOLFDHVWDGXDOFRQ
WHQGRDHVSHFLILFDomRGDLQIRUPDomRSOHLWHDGD
2DWHQGLPHQWRSUHVHQFLDOVHUiRSRUWXQL]DGRQRV³(VSDoRV&LGDGmR´HQRV6HUYL
oRVGH,QIRUPDomRDR&LGDGmR6,&GHILQLGRSHORJHVWRUGHFDGDyUJmR
6HDLQIRUPDomRRXGRFXPHQWRIRUGLVSRQLELOL]DGRSRUFySLDHVWDILFDUiGLVSR
QtYHOSDUDFRQVXOWDSHORUHTXHUHQWHSHORSUD]RGHDWpWULQWDGLDVDSyVRTXHVHUiHQFDPL
QKDGRSDUDRDUTXLYR
$UW2VHUYLoRGHEXVFDHIRUQHFLPHQWRGDLQIRUPDomRpJUDWXLWRVDOYRQDVKLSy
WHVHVGHUHSURGXomRGHGRFXPHQWRVSHORyUJmRRXHQWLGDGHS~EOLFDFRQVXOWDGDVLWXDomRHP
TXHSRGHUiVHUFREUDGRH[FOXVLYDPHQWHRYDORUQHFHVViULRDRUHVVDUFLPHQWRGRFXVWRGRVVHU
YLoRVHGRVPDWHULDLVXWLOL]DGRV
3DUiJUDIR~QLFR(VWDUiLVHQWRGHUHVVDUFLURVFXVWRVSUHYLVWRVQRcaputWRGRDTXHOH
FXMDVLWXDomRHFRQ{PLFDQmROKHSHUPLWDID]rORVHPSUHMXt]RGRVXVWHQWRSUySULRRXGDIDPt
OLDGHFODUDGDQRVWHUPRVGD/HL)HGHUDOQGHGHDJRVWRGH
$UW&DEHDRyUJmRRXHQWLGDGHFRPSHWHQWHSDUDWUDWDPHQWRGDPDWpULDFRQFHGHUR
DFHVVRjLQIRUPDomRGLVSRQtYHO
1mRHVWDQGRGLVSRQtYHODLQIRUPDomRRyUJmRRXHQWLGDGHGHYHUiHPSUD]RQmR
VXSHULRUDYLQWHGLDVLQIRUPDUDRUHTXHUHQWH
,DGDWDORFDOHPRGRSDUDVHUHDOL]DUDFRQVXOWDHIHWXDUDUHSURGXomRRXREWHUDFHUWLGmRH
,,DVUD]}HVGHIDWRRXGHGLUHLWRGDUHFXVDWRWDORXSDUFLDODRDFHVVRUHTXHULGR
,,,TXHQmRSRVVXLDLQIRUPDomRLQGLFDQGRVHIRUGRVHXFRQKHFLPHQWRRyUJmRRX
DHQWLGDGHTXHDGHWpPRXDLQGDUHPHWHQGRRSHGLGRDHVVHyUJmRRXHQWLGDGHFLHQWLILFDQGR
RLQWHUHVVDGRGDUHPHVVDGHVHXSHGLGRGHLQIRUPDomR
1RFDVRGHTXHWUDWDRRSUD]RGHYLQWHGLDVVHUiFRQWDGRDSDUWLUGR
UHFHELPHQWRGRUHTXHULPHQWRSHORyUJmRRXHQWLGDGHUHVSRQViYHOSHODLQIRUPDomR
158
2 SUD]R GH YLQWH GLDV SRGHUi VHU SURUURJDGR SRU PDLV GH] GLDV
PHGLDQWHMXVWLILFDWLYDH[SUHVVDTXHVHUiFRPXQLFDGDDRLQWHUHVVDGR
&DVRDLQIRUPDomRVROLFLWDGDHVWHMDGLVSRQtYHODRS~EOLFRHPIRUPDWRLPSUHVVR
HOHWU{QLFRRXHPTXDOTXHURXWURPHLRGHDFHVVRXQLYHUVDOVHUmRLQIRUPDGRVDRUHTXHUHQWH
SRUHVFULWRROXJDUHDIRUPDSHODTXDOVHSRGHUiFRQVXOWDUREWHURXUHSURGX]LUDUHIHULGD
LQIRUPDomRSURFHGLPHQWRHVVHTXHGHVRQHUDUiRyUJmRRXHQWLGDGHS~EOLFDGDREULJDomRGH
VHXIRUQHFLPHQWRGLUHWRVDOYRVHRUHTXHUHQWHGHFODUDUQmRGLVSRUGHPHLRVSDUDUHDOL]DUSRU
VLPHVPRWDLVSURFHGLPHQWRV
6HPSUHMXt]RGDVHJXUDQoDHGDSURWHomRGDVLQIRUPDo}HVHGRFXPSULPHQWRGD
OHJLVODomRDSOLFiYHORyUJmRRXHQWLGDGHSRGHUiRIHUHFHUPHLRVSDUDTXHRSUySULRUHTXHUHQWH
SRVVDSHVTXLVDUDLQIRUPDomRGHTXHQHFHVVLWDU
4XDQGR QmR IRU DXWRUL]DGR R DFHVVR SRU VH WUDWDU GH LQIRUPDomR WRWDO RX
SDUFLDOPHQWHVLJLORVDRUHTXHUHQWHGHYHUiVHULQIRUPDGRVREUHDSRVVLELOLGDGHGHUHFXUVR
SUD]RV H FRQGLo}HV SDUD VXD LQWHUSRVLomR GHYHQGR DLQGD VHUOKH LQGLFDGD D DXWRULGDGH
FRPSHWHQWHSDUDVXDDSUHFLDomR
6HRSHGLGRGHDFHVVRjLQIRUPDomRIRUUHFRQKHFLGRLQFLGHQWDOPHQWHFRPR
LQIRUPDomR VLJLORVD R UHTXHULPHQWR GHYHUi VHU HQFDPLQKDGR DR yUJmR RX DXWRULGDGH
FRPSHWHQWHSDUDQRSUD]ROHJDOFRQILUPDURFDUiWHUVLJLORVRGDLQIRUPDomRFODVVLILFDQGRR
$UW1mRVHUmRDWHQGLGRVSHGLGRVGHDFHVVRjLQIRUPDomR
,JHQpULFRV
,,GHVSURSRUFLRQDLVRXGHVDUUD]RDGRVRX
,,,TXHH[LMDPWUDEDOKRVDGLFLRQDLVGHDQiOLVHLQWHUSUHWDomR RXFRQVROLGDomRGH
GDGRV H LQIRUPDo}HV RX VHUYLoR GH SURGXomR RX WUDWDPHQWR GH GDGRV TXH QmR VHMD GH
FRPSHWrQFLDGRyUJmRRXHQWLGDGH
1DKLSyWHVHGRLQFLVR,,,RyUJmRRXHQWLGDGHGHYHUiFDVRWHQKDFRQKHFLPHQWR
LQGLFDU R ORFDO RQGH VH HQFRQWUDP DV LQIRUPDo}HV D SDUWLU GDV TXDLV R UHTXHUHQWH SRGHUi
UHDOL]DUDLQWHUSUHWDomRFRQVROLGDomRRXWUDWDPHQWRGHGDGRV
$VLQIRUPDo}HVTXHHVWHMDPFRQWLGDVHPSURFHVVRVGHYHUmRVHUUHTXHULGDVMXQWR
jXQLGDGHGRyUJmRFRPSHWHQWH
6mR YHGDGDV TXDLVTXHU H[LJrQFLDV UHODWLYDV DRV PRWLYRV GHWHUPLQDQWHV GD
VROLFLWDomRGHLQIRUPDomRGHLQWHUHVVHS~EOLFR
159
$VFySLDVGHGRFXPHQWRVVRPHQWHVHUmRDXWHQWLFDGDVUHFHEHQGRRFDULPERGH
³FRQIHUHFRPRRULJLQDO´FDVRKDMDSHGLGRH[SUHVVRGRUHTXHUHQWHQHVWHVHQWLGRQRPRPHQWR
GRUHTXHULPHQWRLQLFLDO
6HomR,,
GRVUHFXUVRV
$UW1HJDGRRSHGLGRGHDFHVVRjLQIRUPDomRVHUiHQYLDGDDRUHTXHUHQWHQR
SUD]RGHUHVSRVWDFRPXQLFDomRLQGLFDQGR
,UD]}HVGHQHJDWLYDGHDFHVVRHVHXIXQGDPHQWROHJDO
,,UHFXUVRVFDEtYHLVHDXWRULGDGHVFRPSHWHQWHV
$UW1RFDVRGHQHJDWLYDGHDFHVVRjLQIRUPDomRRXGHQmRIRUQHFLPHQWRGDV
UD]}HVGDQHJDWLYDGRDFHVVRSRGHUiRUHTXHUHQWHDSUHVHQWDUUHFXUVRQRSUD]RGHGH]
GLDVFRQWDGRGDFLrQFLDGDGHFLVmRjDXWRULGDGHPi[LPDGRÏUJmRTXHDGRWRXDGHFLVmRTXH
GHYHUiDSUHFLiORQRPHVPRSUD]RFRQWDGRGDVXDDSUHVHQWDomR
$UW 1R FDVR GH RPLVVmR GH UHVSRVWD DR SHGLGR GH DFHVVR j LQIRUPDomR QRV
WHUPRVGRDUWLJRHVHXVSDUiJUDIRVRUHTXHUHQWHSRGHUiDSUHVHQWDUUHFODPDomRQRSUD]RGH
YLQWH GLDV j DXWRULGDGH Pi[LPD GR yUJmR RX HQWLGDGH TXH GHYHUi PDQLIHVWDUVH QR
PHVPRSUD]RFRQWDGRGRUHFHELPHQWRGDUHFODPDomR
3DUiJUDIR~QLFR$DXWRULGDGHPi[LPDGRyUJmRRXHQWLGDGHSRGHUiGHVLJQDURXWUD
DXWRULGDGH TXH OKH VHMD GLUHWDPHQWH VXERUGLQDGD FRPR UHVSRQViYHO SHOR UHFHELPHQWR H
DSUHFLDomRGDUHFODPDomR
$UW'HVSURYLGRRUHFXUVRGHTXHWUDWDRDUWRXLQIUXWtIHUDDUHFODPDomRGH
TXHWUDWDRDUWSRGHUiRUHTXHUHQWHDSUHVHQWDUUHFXUVRQRSUD]RGHGH]GLDVFRQWDGR
GDFLrQFLDGDGHFLVmRj&RPLVVmR0LVWDGH5HDYDOLDomR
$ &RPLVVmR 0LVWD GH5HDYDOLDomR GH ,QIRUPDo}HV SRGHUi GHWHUPLQDU TXH R
yUJmR RX HQWLGDGH SUHVWH HVFODUHFLPHQWRV YLVDQGR R PHOKRU HQWHQGLPHQWR VREUH RV
DUJXPHQWRVTXHHPEDVDUDPDQHJDWLYDGRSHGLGR
3URYLGR R UHFXUVR D &RPLVVmR 0LVWD GH 5HDYDOLDomR IL[DUi SUD]R SDUD R
FXPSULPHQWRGDVXDGHFLVmRSHORyUJmRRXHQWLGDGH
$UW2SHGLGRGHGHVFODVVLILFDomRRXGHUHDYDOLDomRGDFODVVLILFDomRSRGHUiVHU
DSUHVHQWDGRDRVyUJmRVHHQWLGDGHVLQGHSHQGHQWHPHQWHGHH[LVWLUSUpYLRSHGLGRGHDFHVVRj
LQIRUPDomR
160
,JUDXXOWUDVVHFUHWRYLQWHHFLQFRDQRV
,,JUDXVHFUHWRTXLQ]HDQRVH
,,,JUDXUHVHUYDGRFLQFRDQRV
3DUiJUDIR~QLFR3RGHUiVHUHVWDEHOHFLGDFRPRWHUPRILQDOGHUHVWULomRGHDFHVVRD
RFRUUrQFLDGHGHWHUPLQDGRHYHQWRREVHUYDGRVRVSUD]RVPi[LPRVGHFODVVLILFDomR
$UW$VLQIRUPDo}HVTXHSXGHUHPFRORFDUHPULVFRDVHJXUDQoDGR*RYHUQDGRU
GR(VWDGR9LFH*RYHUQDGRUHVHXVF{QMXJHVILOKRVHDVFHQGHQWHVVHUmRFODVVLILFDGDVQRJUDX
UHVHUYDGRHILFDUmRVREVLJLORDWpRWpUPLQRGRPDQGDWRHPH[HUFtFLRRXGR~OWLPRPDQGDWR
HPFDVRGHUHHOHLomR
$UW$FODVVLILFDomRGRVLJLORGDLQIRUPDomRpGHFRPSHWrQFLD
,QRJUDXXOWUDVVHFUHWRGDVVHJXLQWHVDXWRULGDGHV
D*RYHUQDGRUGR(VWDGR
E9LFH*RYHUQDGRUGR(VWDGR
F6HFUHWiULRVGH(VWDGRHDXWRULGDGHVFRPDVPHVPDVSUHUURJDWLYDVH
G'HOHJDGR*HUDOGD3ROtFLD&LYLO&RPDQGDQWHGD3ROtFLD0LOLWDUH&RPDQGDQWHGR
&RUSRGH%RPEHLURV
,, QR JUDX VHFUHWR GDV DXWRULGDGHV UHIHULGDV QR LQFLVR , GRV GLULJHQWHV GH
DXWDUTXLDVIXQGDo}HVHPSUHVDVS~EOLFDVHVRFLHGDGHVGHHFRQRPLDPLVWDH
,,,QRJUDXUHVHUYDGRGDVDXWRULGDGHVUHIHULGDVQRVLQFLVRV,H,,HGDVTXHH[HUoDP
IXQo}HVGHGLUHomRFRPDQGRRXFKHILD
eYHGDGDDGHOHJDomRGDFRPSHWrQFLDSUHYLVWDQRVLQFLVRV,H,,
2 GLULJHQWH GR yUJmR RX HQWLGDGH SRGHUi GHOHJDU D FRPSHWrQFLD SDUD
FODVVLILFDomRQRJUDXUHVHUYDGRDDJHQWHS~EOLFRTXHH[HUoDIXQomRGHGLUHomRFRPDQGRRX
FKHILD YHGDGD D VXEGHOHJDomR RX FRQVWLWXLU &RPLVVmR GH &ODVVLILFDomR GH ,QIRUPDo}HV
FRPSRVWDSRUWUrVVHUYLGRUHVGHDOWDKLHUDUTXLDIXQFLRQDO
1RFDVRGHFRQVWLWXLomRGH&RPLVVmRGH&ODVVLILFDomRGH,QIRUPDo}HV
,±1RDWRGHGHVLJQDomRGHYHUiFRQVWDURPHPEURTXHLUiSUHVLGLOD
,,±3RGHUiVHULQGLFDGRVHUYLGRUHIHWLYRSDUDVHFUHWDULDURVWUDEDOKRV
,,,±2VPHPEURVHVHFUHWiULRGHYHUmRSUHVWDUFRPSURPLVVRGHVLJLOR
2VDJHQWHVRXDFRPLVVmRUHIHULGRVQRGDUmRFLrQFLDGRDWRGHFODVVLILFDomR
jDXWRULGDGHGHOHJDQWHQRSUD]RGHVHWHQWDHGXDVKRUDV
162
$UW$DXWRULGDGHTXHFODVVLILFDULQIRUPDomRQRJUDXXOWUDVVHFUHWRRXVHFUHWRGH
YHUiRILFLDUj&RPLVVmR0LVWDGH5HDYDOLDomRGH,QIRUPDo}HVQRSUD]RGHWULQWDGLDVFRQWDGR
GDGHFLVmRGDFODVVLILFDomR
$UW1DKLSyWHVHGHGRFXPHQWRTXHFRQWHQKDLQIRUPDo}HVFODVVLILFDGDVHPGLIH
UHQWHVJUDXVGHVLJLORVHUiDWULEXtGRDRGRFXPHQWRWUDWDPHQWRGRJUDXGHVLJLORPDLVHOHYDGR
ILFDQGRDVVHJXUDGRRDFHVVRjVSDUWHVQmRFODVVLILFDGDVSRUPHLRGHFHUWLGmRH[WUDWRRXFySLD
FRPRFXOWDomRGDSDUWHVREVLJLOR
$UW$V6HFUHWDULDVGH(VWDGRGD)D]HQGDHGR3ODQHMDPHQWRH&RRUGHQDomR*H
UDOFODVVLILFDUmRRVGRFXPHQWRVTXHHPEDVDUHPGHFLV}HVGHSROtWLFDHFRQ{PLFDILVFDOWULEX
WiULDHUHJXODWyULD
3DUiJUDIR~QLFR1DKLSyWHVHGHUHJXODomRTXHVHLQVLUDQRkPELWRGHFRPSHWrQFLD
HVSHFLILFD GH yUJmR RX GH HQWLGDGH YLQFXODGD QmR UHIHULGD QR FDSXW FDEHUi j UHVSHFWLYD
6HFUHWDULDGH(VWDGRDFODVVLILFDomRGRVGRFXPHQWRVTXHHPEDVDUHPDVGHFLV}HV
$UW $ &RQWURODGRULD *HUDO GR (VWDGR FRRUGHQDUi D DWXDomR RV yUJmRV
UHVSRQViYHLVSRULQIRUPDo}HVSDUDFRPSDWLELOL]DomRGRVSURFHGLPHQWRVLQWHUQRVHH[HUFtFLR
GDVFRPSHWrQFLDVHVSHFtILFDV
3DUiJUDIR ~QLFR (P FDGD yUJmR RX HQWLGDGH GD DGPLQLVWUDomR S~EOLFD GLUHWD H
LQGLUHWD VHUi GHVLJQDGR UHVSRQViYHO RFXSDQWH GH FDUJR GH QtYHO HVWUDWpJLFR VXERUGLQDGR
GLUHWDPHQWHDRWLWXODUSDUDUHFHEHUVROLFLWDo}HVIHLWDVSHOD&RQWURODGRULD*HUDOGR(VWDGRH
SRUWUDPLWDUHHQFDPLQKDUUHVSRVWDQRSUD]RGHYLQWHGLDVSHOR6LVWHPDGH7HFQRORJLDGD
,QIRUPDomRUHVSHFWLYR
$UW $ FODVVLILFDomR GDV LQIRUPDo}HV VHUi UHDYDOLDGD SHOD DXWRULGDGH
FODVVLILFDGRUDRXSRUDXWRULGDGHKLHUDUTXLFDPHQWHVXSHULRUPHGLDQWHSURYRFDomRRXGHRItFLR
SDUDGHVFODVVLILFDomRRXUHGXomRGRSUD]RGHVLJLOR
3DUiJUDIR~QLFR3DUDRFXPSULPHQWRGRGLVSRVWRQRcaputDOpPGRGLVSRVWRQRDUW
GHYHUiVHUREVHUYDGR
,RSUD]RPi[LPRGHUHVWULomRGHDFHVVRjLQIRUPDomRSUHYLVWRQRDUW
,, R SUD]R Pi[LPR GH TXDWUR DQRV SDUD UHYLVmR GH RItFLR GDV LQIRUPDo}HV
FODVVLILFDGDVQRJUDXXOWUDVVHFUHWRRXVHFUHWRSUHYLVWRQRLQFLVR,GRDUW
,,,DSHUPDQrQFLDGDVUD]}HVGDFODVVLILFDomR
,9DSRVVLELOLGDGHGHGDQRVRXULVFRVGHFRUUHQWHVGDGLYXOJDomRRXDFHVVRLUUHVWULWR
GDLQIRUPDomR
163
3DUiJUDIR~QLFR2$JHQWHS~EOLFRTXHWHQKDDFHVVRjVLQIRUPDo}HVFODVVLILFDGDVQR
$UWGHVWH'HFUHWRGHYHUiPDQWHURVLJLORFRQVWLWXLQGRIDOWDJUDYHDVXDGLYXOJDomRQR
WHUPRVGR$UWLQFLVR9DOtQHD³J´GD/HLQ
$UW $V DXWRULGDGHV GR 3RGHU ([HFXWLYR HVWDGXDO DGRWDUmR DV SURYLGrQFLDV
QHFHVViULDVSDUDTXHRSHVVRDODHODVVXERUGLQDGRVFRQKHoDPDVQRUPDVHREVHUYHPDVPHGLGDV
HSURFHGLPHQWRVGHVHJXUDQoDSDUDWUDWDPHQWRGHLQIRUPDo}HVFODVVLILFDGDVHPTXDOTXHUJUDX
GHVLJLOR
$SHVVRDQDWXUDORXMXUtGLFDTXHHPUD]mRGHTXDOTXHUYtQFXORFRPR3RGHU
3~EOLFR H[HFXWDU DWLYLGDGHV GH WUDWDPHQWR GH LQIRUPDo}HV FODVVLILFDGDV DGRWDUi DV
SURYLGrQFLDVQHFHVViULDVSDUDTXHVHXVHPSUHJDGRVSUHSRVWRVRXUHSUHVHQWDQWHVREVHUYHPDV
PHGLGDVHSURFHGLPHQWRVGHVHJXUDQoDGDVLQIRUPDo}HVLQFOXVLYHPHGLDQWHDDVVLQDWXUDGH
WHUPRGHFLrQFLDGHREULJDomRGHPDQXWHQomRGHVLJLORVRESHQDGHUHVSRQVDELOL]DomRFLYLOH
FULPLQDODOpPGHHVWDUVXMHLWDDVVHJXLQWHVVDQo}HVDGPLQLVWUDWLYDV
,DGYHUWrQFLD
,,PXOWD
,,,UHVFLVmRGRYtQFXORFRPR3RGHU3~EOLFR
,9VXVSHQVmRWHPSRUiULDGHSDUWLFLSDomRHPOLFLWDomRHLPSHGLPHQWRGHFRQWUDWDU
FRPD$GPLQLVWUDomR3~EOLFDSRUSUD]RQmRVXSHULRUDGRLVDQRV
9 GHFODUDomR GH LQLGRQHLGDGH SDUD OLFLWDU RX FRQWUDWDU FRP D $GPLQLVWUDomR
3~EOLFDDWpTXHVHMDSURPRYLGDD UHDELOLWDomRSHUDQWHDSUySULD DXWRULGDGHTXHDSOLFRX D
SHQDOLGDGH
$VVDQo}HVSUHYLVWDVQRVLQFLVRV,,,,H,9SRGHUmRVHUDSOLFDGDVMXQWDPHQWHFRPDGR
LQFLVR,,DVVHJXUDGRRGLUHLWRGHGHIHVDGRLQWHUHVVDGRQRUHVSHFWLYRSURFHVVRQRSUD]RGHGH]
GLDV
$UHDELOLWDomRUHIHULGDQRLQFLVR9VHUiDXWRUL]DGDVRPHQWHTXDQGRRLQWHUHVVDGR
HIHWLYDURUHVVDUFLPHQWRGRyUJmRRXHQWLGDGHGRVSUHMXt]RVUHVXOWDQWHVHDSyVGHFRUULGRR
SUD]RGDVDQomRDSOLFDGDFRPEDVHQRLQFLVR,9
$ DSOLFDomR GD VDQomR SUHYLVWD QR LQFLVR 9 p GH FRPSHWrQFLD H[FOXVLYD GR
*RYHUQDGRUGR(VWDGRIDFXOWDGDDGHIHVDGRLQWHUHVVDGRQRUHVSHFWLYRSURFHVVRQRSUD]RGH
GH]GLDVGDDEHUWXUDGHYLVWD
165
6HomR,9
'DVLQIRUPDo}HVSHVVRDLV
$UW2WUDWDPHQWRGDLQIRUPDomRSHVVRDOVHUiIHLWRGHIRUPDWUDQVSDUHQWHHFRP
UHVSHLWRjVOLEHUGDGHVHJDUDQWLDVLQGLYLGXDLVjLQWLPLGDGHYLGDSULYDGDKRQUDHLPDJHPGD
SHVVRD
1RWUDWDPHQWRGDLQIRUPDomRSHVVRDOUHODWLYDjLQWLPLGDGHYLGDSULYDGDKRQUDH
LPDJHPVHUmRREVHUYDGRVRVVHJXLQWHVSUHFHLWRV
,DFHVVRUHVWULWRjDXWRULGDGHRXDJHQWHS~EOLFROHJDOPHQWHDXWRUL]DGRHjSHVVRDD
TXH VH UHIHULU LQGHSHQGHQWHPHQWH GHFODVVLILFDomR GH VLJLOR H SHOR SUD]R Pi[LPR GH
FHPDQRVDFRQWDUGDGDWDGHVXDSURGXomRH
,, DXWRUL]DomR GH GLYXOJDomR RX DFHVVR SRU WHUFHLUR PHGLDQWH SUHYLVmR OHJDORX
FRQVHQWLPHQWRH[SUHVVRGDSHVVRDDTXHVHUHIHULU
2 LQWHUHVVDGR TXHREWLYHUDFHVVRj LQIRUPDomR GHTXH WUDWDHVWH DUWLJR VHUi
UHVSRQVDELOL]DGRSRUVHXXVRLQGHYLGR
2 FRQVHQWLPHQWR SUHYLVWR QR LQFLVR ,, GR QmR VHUi H[LJLGR TXDQGR D
LQIRUPDomRIRUQHFHVViULD
, jSUHYHQomRHGLDJQyVWLFRPpGLFRGDSHVVRDTXHHVWLYHUItVLFD RXOHJDOPHQWH
LQFDSD]HSDUDXWLOL]DomRH[FOXVLYDDWUDWDPHQWRPpGLFR
,,j UHDOL]DomR GHHVWDWtVWLFD HSHVTXLVDFLHQWtILFDGH LQWHUHVVHS~EOLFRRXJHUDO
SUHYLVWDHPOHLYHGDGDDLGHQWLILFDomRGDSHVVRDDTXHDLQIRUPDomRVHUHIHULU
,,,DRFXPSULPHQWRGHRUGHPMXGLFLDO
,9jGHIHVDGHGLUHLWRKXPDQRRX
9jSURWHomRGRLQWHUHVVHS~EOLFRHJHUDOSUHSRQGHUDQWH
$UHVWULomRGHDFHVVRjLQIRUPDomRUHODWLYDjYLGDSULYDGDKRQUDHLPDJHPGH
SHVVRD QmR SRGHUi VHU LQYRFDGD FRP R LQWXLWR GH SUHMXGLFDU SURFHVVR GH DSXUDomR GH
LUUHJXODULGDGHVHPTXHRGHWHQWRUGDLQIRUPDomRHVWLYHUHQYROYLGRHHPDo}HVYROWDGDVSDUDD
UHFXSHUDomRGHIDWRVKLVWyULFRVGHUHOHYkQFLDUHFRQKHFLGD
$UW2SHGLGRGHDFHVVRjVLQIRUPDo}HVSHVVRDLVREVHUYDUiRVSURFHGLPHQWRV
SUHYLVWRV QR &$3Ë78/2 ,,, H HVWDUi FRQGLFLRQDGR j FRPSURYDomR GD LGHQWLGDGH GR
UHTXHUHQWH
3DUiJUDIR~QLFR2 SHGLGR GH DFHVVR D LQIRUPDo}HVSHVVRDLVSRUWHUFHLURV GHYHUi
DLQGDHVWDUDFRPSDQKDGRDOWHUQDWLYDPHQWHGH
166
,FRPSURYDomRGRFRQVHQWLPHQWRH[SUHVVRGDSHVVRDDTXHVHUHIHULUHPSRUPHLR
GHSURFXUDomR
,, FRPSURYDomR GH TXH VH WUDWD GH SURFHVVR GH DSXUDomR GH LUUHJXODULGDGHV
FRQGX]LGRSHOR3RGHU3~EOLFRHPTXHRWLWXODUGDVLQIRUPDo}HVpSDUWHRXLQWHUHVVDGR
,,,FRPSURYDomRGHTXHDVLQIRUPDo}HVSHVVRDLVQmRFODVVLILFDGDVHVWmRFRQWLGDV
HP FRQMXQWRV GH GRFXPHQWRV QHFHVViULRV j UHFXSHUDomR GH IDWRV KLVWyULFRV GH UHOHYkQFLD
UHFRQKHFLGD
,9GHPRQVWUDomRGRLQWHUHVVHSHODUHFXSHUDomRGHIDWRVKLVWyULFRVGHUHOHYkQFLD
UHFRQKHFLGDREVHUYDGRVRVSURFHGLPHQWRVSUHYLVWRVQRDUWRX
9GHPRQVWUDomRGDQHFHVVLGDGHGRDFHVVRjLQIRUPDomRUHTXHULGDSDUDDGHIHVDGRV
GLUHLWRVKXPDQRVRXSDUDDSURWHomRGRLQWHUHVVHS~EOLFRHJHUDOSUHSRQGHUDQWH
$UW $ UHVWULomR GH DFHVVR jV LQIRUPDo}HV SHVVRDLV QmR SRGHUi VHU LQYRFDGD
TXDQGR QmR FODVVLILFDGDV HVWHMDP FRQWLGDV HP FRQMXQWRV GH GRFXPHQWRV QHFHVViULRV j
UHFXSHUDomRGHIDWRKLVWyULFRUHOHYDQWHHUHFRQKHFLGR
2 GLULJHQWH Pi[LPR GR yUJmR RX HQWLGDGH SRGHUi GH RItFLR RX PHGLDQWH
SURYRFDomR UHFRQKHFHU D LQFLGrQFLD GD KLSyWHVH GR FDSXW GH IRUPD IXQGDPHQWDGDVREUH
GRFXPHQWRVTXHWHQKDPSURGX]LGRRXDFXPXODGRHTXHHVWHMDPVREVXDJXDUGD
$GHFLVmRGHUHFRQKHFLPHQWRGHTXHWUDWDRVHUiSUHFHGLGDGHSXEOLFDomRGH
H[WUDWRGDLQIRUPDomRFRPGHVFULomRUHVXPLGDGRDVVXQWRRULJHPHSHUtRGRGRFRQMXQWRGH
GRFXPHQWRVDVHUHPFRQVLGHUDGRVGHDFHVVRLUUHVWULWRFRPDQWHFHGrQFLDGHQRPtQLPRWULQWD
GLDV
$SyVDGHFLVmRGHUHFRQKHFLPHQWRGHTXHWUDWDRRVGRFXPHQWRVVHUmR
FRQVLGHUDGRVGHDFHVVRLUUHVWULWRDRS~EOLFR
1D KLSyWHVH GH GRFXPHQWRV GH HOHYDGR YDORU KLVWyULFR GHVWLQDGRV j JXDUGD
SHUPDQHQWHFDEHUiDRGLULJHQWHPi[LPRGR$UTXLYR3~EOLFRRXjDXWRULGDGHUHVSRQViYHOSHOR
DUTXLYRGRyUJmRRXHQWLGDGHS~EOLFDTXHRVUHFHEHUGHFLGLUDSyVVHXUHFROKLPHQWRVREUHR
UHFRQKHFLPHQWRREVHUYDGRRSURFHGLPHQWRSUHYLVWRQHVWHDUWLJRVHPSUHMXt]RGDOHJLVODomR
HVSHFtILFD
$UW2DFHVVRjLQIRUPDomRSHVVRDOSRUWHUFHLURVVHUiFRQGLFLRQDGRjDVVLQDWXUD
GH XP WHUPR GH UHVSRQVDELOLGDGH TXH GLVSRUi VREUH D ILQDOLGDGH H D GHVWLQDomR TXH
IXQGDPHQWDUDPVXDDXWRUL]DomRVREUHDVREULJDo}HVDTXHVHVXEPHWHUiRUHTXHUHQWH
167
$&RQWURODGRULD*HUDOGR(VWDGRRIHUHFHUiDSRLRPDWHULDOWpFQLFRRSHUDFLRQDOH
ILQDQFHLURQHFHVViULRVDRVWUDEDOKRVGD&RPLVVmR
$UW2VyUJmRVHHQWLGDGHVDGHTXDUmRVXDVSROtWLFDVGHJHVWmRGDLQIRUPDomR
SURPRYHQGR RV DMXVWHV QHFHVViULRV DRV SURFHVVRV GH UHJLVWUR SURFHVVDPHQWR WUkPLWH H
DUTXLYDPHQWRGHGRFXPHQWRVHLQIRUPDo}HV
$UW 2 FUHGHQFLDPHQWR H D QHFHVVLGDGH GD LQIRUPDomR VmR FRQGLo}HV
LQGLVSHQViYHLVSDUDTXHRDJHQWHS~EOLFRQRHIHWLYRH[HUFtFLRGHFDUJRIXQomRHPSUHJRRX
DWLYLGDGHWHQKDDFHVVRDGRFXPHQWRVGDGRVHLQIRUPDo}HVFODVVLILFDGRVFRPRVLJLORVRVHP
QtYHOHTXLYDOHQWHRXVXSHULRUDRGHVXDFUHGHQFLDOGHVHJXUDQoD
3DUiJUDIR~QLFR2FUHGHQFLDPHQWRDTXHVHUHIHUHRcaputVHUiHIHWXDGRQRkPELWR
GD&DVD0LOLWDU
$UW$VFUHGHQFLDLVGHVHJXUDQoDUHIHUHQWHVDRVJUDXVGHVLJLORSUHYLVWRVQHVWH
'HFUHWRVHUmRFODVVLILFDGDVQRVJUDXVGHVLJLORXOWUDVVHFUHWRVHFUHWRRXUHVHUYDGR
$UW $FUHGHQFLDO GHVHJXUDQoDUHIHUHQWH j LQIRUPDomRSHVVRDO SUHYLVWD QHVWH
'HFUHWRVHUiLGHQWLILFDGDFRPRSHUVRQDOtVVLPD
$UW$HPLVVmRGDFUHGHQFLDOGHVHJXUDQoDFRPSHWHjVDXWRULGDGHVPi[LPDVGH
yUJmRV H HQWLGDGHV GD $GPLQLVWUDomR 3~EOLFD (VWDGXDO SRGHQGR VHU REMHWR GH GHOHJDomR
GHVGHTXHHVSHFtILFDH[SUHVVDHIRUPDO
$FUHGHQFLDOGHVHJXUDQoDVHUiFRQFHGLGDPHGLDQWHWHUPRGHFRPSURPLVVRGH
SUHVHUYDomRGHVLJLORSHORTXDORVDJHQWHVS~EOLFRVUHVSRQVDELOL]DPVHSRUQmRUHYHODUHPRX
GLYXOJDUHP GRFXPHQWRV GDGRV RX LQIRUPDo}HV VLJLORVRV GRV TXDLV WLYHUHPFRQKHFLPHQWR
GLUHWDRXLQGLUHWDPHQWHQRH[HUFtFLRGHFDUJRIXQomRRXHPSUHJRS~EOLFR
3DUD D FRQFHVVmR GH FUHGHQFLDO GH VHJXUDQoD VHUmR DYDOLDGRV SRU PHLR GH
LQYHVWLJDomRRVUHTXLVLWRVSURILVVLRQDLVIXQFLRQDLVHSHVVRDLVGRVLQGLFDGRV
$YDOLGDGHGDFUHGHQFLDOGHVHJXUDQoDGHYHUiVHUOLPLWDGDQRWHPSRHQRREMHWR
2 FRPSURPLVVR UHIHULGR QR FDSXW SHUVLVWLUi HQTXDQWR GXUDU R VLJLOR GRV
GRFXPHQWRVDTXHWLYHUDPDFHVVR
&$3Ë78/29,,
',6326,d®(6),1$,6
$UW2VyUJmRVHHQWLGDGHVGHYHUmRUHDYDOLDUDVLQIRUPDo}HVFODVVLILFDGDVQRJUDX
XOWUDVVHFUHWRHVHFUHWRQRSUD]RPi[LPRGHGRLVDQRVFRQWDGRGRWHUPRLQLFLDOGHYLJrQFLD
GHVWH'HFUHWR
170
0$5,6$=$1'21$, &$5/26('8$5'2'(0285$
3URFXUDGRUD*HUDOGR(VWDGR &RQWURODGRU*HUDOGR(VWDGR
171
'HFUHWRQGHGHGH]HPEURGH
'LVS}HVREUHDGHVLJQDomRGH&RPLVV}HV6HWRULDLV
GH$YDOLDomRGH'RFXPHQWRV
'(&5(7$
$UWeGHUHVSRQVDELOLGDGHGRV6HFUHWiULRVGH(VWDGRQRkPELWRGDDGPLQLVWUDomR
GLUHWDHLQGLUHWDGR3RGHU([HFXWLYR(VWDGXDOGHVLJQDU&RPLVV}HV6HWRULDLVGH$YDOLDomRGH
'RFXPHQWRV ± &6$ SRGHQGR VHU FRQVWLWXtGDV PDLV &RPLVV}HV TXDQGR D HVWUXWXUD GDV
6HFUHWDULDVDVVLPRH[LJLU
$UW$V&RPLVV}HVGHTXHWUDWDRDUWLJRDQWHULRUGHYHUmRVHUGHVLJQDGDVQRSUD]R
GHTXDUHQWDHFLQFRGLDVDFRQWDUGDGDWDGDSXEOLFDomRGHVWH'HFUHWR
&$3Ë78/2,'DIRUPDomRGD&RPLVVmR
$UW$&RPLVVmRGHYHUiVHULQWHJUDGDQHFHVVDULDPHQWHSRUVHUYLGRUHVILFDQGR
YHGDGDDSDUWLFLSDomRGHFRQWUDWDGRVHPUHJLPHHVSHFLDOHHVWDJLiULRV
$UW$&RPLVVmRGHYHUiVHUFRPSRVWDGHVHWHPHPEURVVHQGRFLQFRGR
yUJmRSURGXWRUGRVGRFXPHQWRVHGRLVPHPEURVUHSUHVHQWDQWHVGR'HSDUWDPHQWR(VWDGXDO
GH$UTXLYR3~EOLFR±'($3
172
&$3Ë78/2,,'DVFRPSHWrQFLDVGD&RPLVVmR
$UW&RPSHWHj&RPLVVmRGH$YDOLDomRGH'RFXPHQWRV±&6$FRPRULHQWDomR
WpFQLFDGR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR±'($3DHODERUDomRGR&yGLJRGH
&ODVVLILFDomR H D 7DEHOD GH 7HPSRUDOLGDGH GH 'RFXPHQWRV SURGX]LGRV QR H[HUFtFLR GDV
DWLYLGDGHVILQDOtVWLFDVGRyUJmR
2 &yGLJR GH &ODVVLILFDomR H D 7DEHOD GH 7HPSRUDOLGDGH GH 'RFXPHQWRV
UHIHULGRVDQWHULRUPHQWHGHYHUmRVHUDSURYDGRVSHORVUHVSHFWLYRV6HFUHWiULRVGH(VWDGRGRV
yUJmRVRXHQWLGDGHVTXHSURGX]HPRVGRFXPHQWRVHSHOR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR
3~EOLFR±'($3GHYHQGRDSXEOLFDomRQR'LiULR2ILFLDOGR(VWDGRVHUUHDOL]DGDQRSUD]RGH
FHQWRHRLWHQWDGLDVDFRQWDUGDGDWDGHGHMDQHLURGH
2V &yGLJRV GH &ODVVLILFDomR H 7DEHODV GH 7HPSRUDOLGDGH GH 'RFXPHQWRV
DSURYDGRVDQWHULRUPHQWHDHGLomRGHVWH'HFUHWRGHYHUmRSDVVDUSRUUHYLVmRHQRYDDSURYDomR
GRVUHVSHFWLYRV6HFUHWiULRVGH(VWDGRGRVyUJmRVRXHQWLGDGHVTXHSURGX]HPRVGRFXPHQWRVH
SHOR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR±'($3GHYHQGRDSXEOLFDomRQR'LiULR
2ILFLDOGR(VWDGRVHUUHDOL]DGDQRSUD]RGHFHQWRHYLQWHGLDVDFRQWDUGDGDWDGHGH
PDLRGH
$UW &RPSHWH j &RPLVVmR 6HWRULDO GH $YDOLDomR GH 'RFXPHQWRV ± &6$ D
GHVWLQDomRGHHVSDoRItVLFRQRSUySULRyUJmRDGHTXDGRjJXDUGDH[FOXVLYDGHGRFXPHQWRVGH
DUTXLYRGHIDVHLQWHUPHGLiULD
3DUiJUDIR~QLFR&RQVLGHUDVHHPIDVHLQWHUPHGLiULDDTXHOHVGRFXPHQWRVTXHQmR
VHQGRGHXVRFRUUHQWHQRVyUJmRVSURGXWRUHVSRUUD]}HVGHLQWHUHVVHDGPLQLVWUDWLYRDJXDUGDP
DVXDHOLPLQDomRRXUHFROKLPHQWRSDUDJXDUGDSHUPDQHQWH
$UW(VWH'HFUHWRHQWUDUiHPYLJRUQDGDWDGHVXDSXEOLFDomR
&XULWLEDHPGHGH]HPEURGHGD,QGHSHQGrQFLDHGD5HS~EOLFD
&$5/26$/%(5725,&+$
*RYHUQDGRUGR(VWDGR
/8,=('8$5'26(%$67,$1,
6HFUHWiULRGH(VWDGRGD$GPLQLVWUDomRHGD3UHYLGrQFLD
173
,QVWUXomR1RUPDWLYDQGHGHPDLRGH
(VWDEHOHFH RV SURFHGLPHQWRV SDUD D HQWUDGD GH
DFHUYRV DUTXLYtVWLFRV S~EOLFRV QR 'HSDUWDPHQWR
(VWDGXDOGH$UTXLYR3~EOLFRGR3DUDQi±'($3
2',5(725'2'(3$57$0(172(67$'8$/'($548,923Ò%/,&2
'23$5$1È '($3QRXVRGHVXDVDWULEXLo}HVOHJDLVHWHQGRHPYLVWDRFRQWLGRQR
SDUiJUDIRDUWLJRGR'HFUHWR(VWDGXDOQGHGHDEULOGH
5(62/9(
(VWDEHOHFHU RV SURFHGLPHQWRV D VHUHP REVHUYDGRV TXDQGR GD WUDQVIHUrQFLD RX GR
UHFROKLPHQWR GH DFHUYRV DUTXLYtVWLFRV S~EOLFRV SDUD R 'HSDUWDPHQWR (VWDGXDO GH$UTXLYR
3~EOLFR'($3
2 DFHUYR DUTXLYtVWLFR D VHU WUDQVIHULGR RX UHFROKLGR GHYHUi HVWDU RUJDQL]DGR
DYDOLDGRKLJLHQL]DGRHDFRQGLFLRQDGREHPFRPRDFRPSDQKDGRGHLQVWUXPHQWRGHVFULWLYR
TXHSHUPLWDVXDLGHQWLILFDomRHFRQWUROH
2V DFHUYRV SURGX]LGRV H DFXPXODGRV SHORV yUJmRV RX HQWLGDGHV HVWDGXDLV
VRPHQWHSRGHUmRVHUWUDQVIHULGRVRXUHFROKLGRVVH GHYLGDPHQWHFODVVLILFDGRVHFXPSULGRVRV
SUD]RVSUHYLVWRVHP7DEHODVGH7HPSRUDOLGDGHGH'RFXPHQWRV77'SDUDDWLYLGDGHVPHLRHILP
DSURYDGDVSHOR'($3
2VDFHUYRVDFXPXODGRVQRVyUJmRVRXHQWLGDGHVGHYHUmRVHUDYDOLDGRVSHODV
UHVSHFWLYDV&RPLVV}HV6HWRULDLVGH$YDOLDomRGH'RFXPHQWRV&6$LQVWLWXtGDVQRVWHUPRV
GRDUWGD5HVROXomRQGHGHVHWHPEURGHFRPDRULHQWDomRWpFQLFDGR
'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR'($3
&RPSHWHDRyUJmRRXHQWLGDGHGHWHQWRUHVGRDFHUYRDUTXLYtVWLFR
2UJDQL]DomR DYDOLDomR H VHOHomR GR DFHUYR SHOD &RPLVVmR 6HWRULDO GH
$YDOLDomR GH 'RFXPHQWRV &6$ GH DFRUGR FRP D PHWRGRORJLD FRQVWDQWH QR 0DQXDO GH
*HVWmRGH'RFXPHQWRVGR(VWDGRGR3DUDQiHPYLJRU
+LJLHQL]DomRGRDFHUYROLEHUDQGRRGHVXMLGDGHHRXWURVUHVtGXRVHVWUDQKRV
DRVGRFXPHQWRVFRPRWDPEpPEDUEDQWHJUDPSRFOLSHRXRXWURPDWHULDOPHWiOLFR
$FRQGLFLRQDPHQWRGRDFHUYRGHGRFXPHQWRVWH[WXDLVHPFDL[DDUTXLYRGH
WDPDQKRSDGUmRP GH ODUJXUDSRUPGHDOWXUDHPGHFRPSULPHQWR GHERD
TXDOLGDGHHGHGRFXPHQWRVDXGLRYLVXDLVFDUWRJUiILFRVPLFURJUiILFRVLQIRUPiWLFRVRXTXH
H[FHGDPDRSDGUmRFRQYHQFLRQDOHPHPEDODJHQVDGHTXDGDVDVVXDVGLPHQV}HV
174
,GHQWLILFDomRGDVXQLGDGHVGHDFRQGLFLRQDPHQWRFRPHWLTXHWDSDGUmR9HU
0RGHORGH)RUPXOiULR9,,
)RUPDOL]DomRGDVROLFLWDomRGHWUDQVIHUrQFLDHRXUHFROKLPHQWRSURWRFROL]DGDDR
'($3
3UHHQFKLPHQWRGD5HODomRGH7UDQVIHUrQFLDHRX5HFROKLPHQWRGH$FHUYRVHP
GXDVYLDVDSULPHLUDDSHQVDGDDRSURFHVVRSURWRFROL]DGRDR'($3HDVHJXQGDDUTXLYDGDQR
yUJmRRXHQWLGDGHGHRULJHPWDPEpPSDUDJXDUGDSHUPDQHQWHFRQVWLWXLQGRVHHPWHUPRGH
UHVSRQVDELOLGDGHH HPLQVWUXPHQWR LQLFLDO SDUDSHVTXLVD H UHFXSHUDomR GD LQIRUPDomR 9HU
0RGHORGH)RUPXOiULR,9
3UHHQFKLPHQWRGD5HODomR'HVFULWLYDGD8QLGDGHGH$FRQGLFLRQDPHQWRHP
GXDVYLDVFXMDIRUPDOL]DomRGDHQWUDGDGRDFHUYRGDUVHiDSyVDFRQIHUrQFLDHDVVLQDWXUDSRU
WpFQLFRUHVSRQViYHOGR'($3ILFDQGRRDFHUYRDWpHVVDGDWDVREDUHVSRQVDELOLGDGHGRyUJmR
RXHQWLGDGHTXHVROLFLWRXDWUDQVIHUrQFLDHRXUHFROKLPHQWR9HU0RGHORGH)RUPXOiULR9
'HVWLQDomR GH UHFXUVRV KXPDQRV PDWHULDLV H ILQDQFHLURV QHFHVViULRV j
FRQVHFXomRGRVSURFHGLPHQWRVSUHYLVWRVQRVLWHQVDQWHULRUHVEHPFRPRSDUDRWUDQVSRUWHGR
DFHUYRDR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR'($3
3XEOLFDomRGRH[WUDWRGR&RQYrQLRGH&XVWyGLDQR'LiULR2ILFLDOGR(VWDGR
GR3DUDQiTXDQGRVHWUDWDUGHWUDQVIHUrQFLDGHDFHUYRGDDGPLQLVWUDomRLQGLUHWDFRQIRUPHR
SDUiJUDIRDUWLJRGR'HFUHWRQGHGHDEULOGH
(IHWXDU PHQVDOPHQWH RV SDJDPHQWRV SUHYLVWRV QR &RQYrQLR GH &XVWyGLD
GXUDQWHVXDYLJrQFLDHHQTXDQWRRDFHUYRSHUPDQHFHUQRDUTXLYRLQWHUPHGLiULRGR'($3
(IHWXDUDSUHYLVmRRUoDPHQWiULDSDUDRH[HUFtFLRVXEVHTXHQWHFRQWHPSODQGR
RVUHFXUVRVQHFHVViULRVDRDGLPSOHPHQWRGDGHVSHVDUHIHULGDQRLWHP
&RPSHWHDR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR'($3
2ULHQWDomR jV DWLYLGDGHV LQHUHQWHV j WUDQVIHUrQFLD HRX UHFROKLPHQWR GRV
DFHUYRV DUTXLYtVWLFRV FRQVLGHUDQGR DVSHFWRV UHODFLRQDGRV j RUJDQL]DomR DYDOLDomR
KLJLHQL]DomRHDFRQGLFLRQDPHQWR
3URJUDPDomRGRSHUtRGRGHWUDQVIHUrQFLDHRXGHUHFROKLPHQWRGRDFHUYRGR
yUJmRRXHQWLGDGH
$FRPSDQKDPHQWR GH HQWUDGD GR DFHUYR RULHQWDQGR VXD DORFDomR QRV
GHSyVLWRVSUHYLDPHQWHGHWHUPLQDGRV
&RPXQLFDomRDRyUJmRRXHQWLGDGHWUDQVIHULGRUDGRDFHUYRGDUHIHUrQFLD
175
QXPpULFDGHILQLWLYDFRUUHVSRQGHQWHjXQLGDGHGHDFRQGLFLRQDPHQWR
(ODERUDomRHPGXDVYLDVGR&RQYrQLRGH&XVWyGLDDVHUILUPDGRFRPRyUJmR
RXHQWLGDGHSHUWHQFHQWHjDGPLQLVWUDomRLQGLUHWDGR3RGHU([HFXWLYRGR(VWDGRGR3DUDQi
FRQIRUPHSUHYrRSDUiJUDIRGRDUWLJRGR'HFUHWRQGHGHDEULOGH
'LVSRVLo}HVILQDLV
0DQWHUVHi VRE UHVWULomR GH DFHVVR H[FHWR QRV FDVRV SUHYLVWRV HP OHL D
GRFXPHQWDomRWUDQVIHULGDDRDUTXLYRLQWHUPHGLiULRGR'($3
$FRQVXOWDHDXWLOL]DomRGRDFHUYRDUTXLYtVWLFRWUDQVIHULGRVRPHQWHSRGHUmR
HIHWXDUVH QD VHGH GR '($3 SRU VHUYLGRU SUHYLDPHQWH DXWRUL]DGR RX VRE IRUPD GH
HPSUpVWLPRPHGLDQWHVROLFLWDomRIRUPDOGRyUJmRRXHQWLGDGHWUDQVIHULGRUD
D FRQVXOWD GH WHUFHLURV VHUi SHUPLWLGD VRPHQWH PHGLDQWH DXWRUL]DomR
H[SUHVVDGRyUJmRRXHQWLGDGHWUDQVIHULGRUD
R'($3ILFDUiH[LPLGRGHUHVSRQVDELOLGDGHSRUH[WUDYLRRXGDQRHP
FDVRGHQHFHVVLGDGHGDUHWLUDGDLQWHJUDORXSDUFLDOGRDFHUYRWUDQVIHULGR
2V YDORUHV SDUD R &RQYrQLR GH &XVWyGLD D VHU ILUPDGR QR kPELWR GD
DGPLQLVWUDomRLQGLUHWDHVWmRGHILQLGRVQD7DEHODGH9DORUHVGH5HIHUrQFLD9HU0RGHORGH
)RUPXOiULR9,,,
2VFDVRVRPLVVRVVHUmRUHVROYLGRVSHOR'LUHWRUGR'HSDUWDPHQWR(VWDGXDOGH
$UTXLYR3~EOLFR'($3
3DUDILQVGHVWHDWRFRQVLGHUDVH
$FHUYRDWRWDOLGDGHGRVGRFXPHQWRVFRQVHUYDGRVQXPDUTXLYR
2UJDQL]DomRDXWLOL]DomRGHWpFQLFDVDUTXLYtVWLFDVSDUDFODVVLILFDomRDUUDQMR
HGHVFULomRGHGRFXPHQWRVGHDUTXLYR
+LJLHQL]DomRDWpFQLFDGHFRQVHUYDomRTXHFRQVLVWHQDUHWLUDGDGDSRHLUDH
RXWURVUHVtGXRVFRPYLVWDVjSUHVHUYDomR
$FRQGLFLRQDPHQWR DHPEDODJHPH JXDUGD GHGRFXPHQWRVGHDUTXLYR GH
IRUPDDSURSULDGDjSUHVHUYDomR
7UDQVIHUrQFLDDSDVVDJHPGHGRFXPHQWRVGRDUTXLYRFRUUHQWHSDUDDUTXLYR
LQWHUPHGLiULRRQGHDJXDUGDUmRGHVWLQDomRILQDOTXHFRQVLVWHQDHOLPLQDomRRXUHFROKLPHQWR
SDUDDJXDUGDSHUPDQHQWH
5HFROKLPHQWRDSDVVDJHPGHGRFXPHQWRVGRDUTXLYRLQWHUPHGLiULRSDUDR
DUTXLYRSHUPDQHQWHDSyVSURFHVVRGHDYDOLDomR
176
(VWD ,QVWUXomR 1RUPDWLYD HQWUDUiHP YLJRU QD GDWD GHVXD SXEOLFDomR ILFDQGR
UHYRJDGDD,QVWUXomR1RUPDWLYDQGHGHMXOKRGH
'D\VL/~FLD5DPRVGH$QGUDGH
'LUHWRUD
177
'HFUHWRQGHGHDEULOGH
(VWDEHOHFH QRUPDV SDUD D WUDQVIHUrQFLD HRX
UHFROKLPHQWRGHDFHUYRVS~EOLFRVHSULYDGRVSDUD
R'HSDUWDPHQWR(VWDGXDO GH $UTXLYR 3~EOLFR ±
'($3
2 *29(51$'25 '2 (67$'2 '2 3$5$1È QR XVR GDV
DWULEXLo}HVTXHOKHFRQIHUHRDUWLQFLVRV9H9,GD&RQVWLWXLomR(VWDGXDOHWHQGRHPYLVWD
RGLVSRVWRQRVDUWLJRVHGD/HLQRGHGHMDQHLURGH
'(&5(7$
$UW2VDFHUYRVDUTXLYtVWLFRVS~EOLFRVGHkPELWRHVWDGXDODRVHUHPWUDQVIHULGRVH
RXUHFROKLGRVDR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR'($3GHYHUmRHVWDUDYDOLDGRV
RUJDQL]DGRV KLJLHQL]DGRV DFRQGLFLRQDGRV H DFRPSDQKDGRV GH LQVWUXPHQWR GHVFULWLYR TXH
SHUPLWDDVXDLGHQWLILFDomRHFRQWUROH
$V DWLYLGDGHV WpFQLFDV UHIHULGDV QR ³caput´ GHVWH DUWLJR TXH SUHFHGHP j
WUDQVIHUrQFLD RX DR UHFROKLPHQWR GH GRFXPHQWRV VHUmR LPSOHPHQWDGDV H FXVWHDGDV SHORV
yUJmRVHHQWLGDGHVJHUDGRUDVGRVDUTXLYRV
$UWeGHUHVSRQVDELOLGDGHGRV6HFUHWiULRVGH(VWDGRQRkPELWRGDDGPLQLVWUDomR
GLUHWDHLQGLUHWDGR3RGHU([HFXWLYRGR(VWDGRGR3DUDQiFRQVWLWXLU&RPLVV}HV6HWRULDLVGH
$YDOLDomRGH'RFXPHQWRV±&6$UHVSRQViYHLVSHODRULHQWDomRHUHDOL]DomRGRSURFHVVRGH
DQiOLVH DYDOLDomR H VHOHomR GD GRFXPHQWDomR SURGX]LGD H UHFHELGD WHQGR HP YLVWD D
LGHQWLILFDomRGRVGRFXPHQWRVSDUDJXDUGDLQWHUPHGLiULDRXSHUPDQHQWHHDHOLPLQDomRGRV
GHVWLWXtGRVGHYDORUDGPLQLVWUDWLYROHJDORXKLVWyULFR
2V GRFXPHQWRV UHODWLYRV jV DWLYLGDGHVPHLR GHYHUmR VHU VHOHFLRQDGRV SHODV
UHVSHFWLYDV &RPLVV}HV 6HWRULDLV GH $YDOLDomR GH 'RFXPHQWRV GRV yUJmRV H HQWLGDGHV
JHUDGRUHVGRVDUTXLYRVREHGHFHQGRRVSUD]RVGHJXDUGDHGHVWLQDomRHVWDEHOHFLGRVQD7DEHOD
GH7HPSRUDOLGDGHGH'RFXPHQWRVUHODWLYRVjVDWLYLGDGHVPHLRGD$GPLQLVWUDomR3~EOLFDGR
(VWDGRGR3DUDQi
2VGRFXPHQWRVUHODWLYRVjVDWLYLGDGHVPHLRQmRFRQVWDQWHVGD7DEHODUHIHULGD
QR GHVWH DUWLJR GHYHUmR VHU DYDOLDGRV H VHOHFLRQDGRV SHODV &RPLVV}HV 6HWRULDLV GH
$YDOLDomRGH'RFXPHQWRVGRVyUJmRVHHQWLGDGHVJHUDGRUHVGRVDUTXLYRVGHYHQGRRVSUD]RV
GH JXDUGD H GHVWLQDomR GDt GHFRUUHQWHV VHU DSURYDGRV SHOR 'HSDUWDPHQWR (VWDGXDO GH
$UTXLYR3~EOLFR'($3
2VGRFXPHQWRVUHODWLYRVjVDWLYLGDGHVILPGHYHUmRVHUDYDOLDGRVHVHOHFLRQDGRV
SHORV yUJmRV H HQWLGDGHV JHUDGRUHV GRV DUTXLYRV GHYHQGR DV WDEHODV GH WHPSRUDOLGDGH
178
HODERUDGDV SHODV &RPLVV}HV PHQFLRQDGDV QR ³caput” GHVWH DUWLJR VHU DSURYDGDV SHOR
'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR±'($3SDUDSRVWHULRUSXEOLFDomR
$UW $ FXVWyGLD GRV GRFXPHQWRV WUDQVIHULGRV GDUVHi PHGLDQWH FRQYrQLR GH
FXVWyGLD H WHUPR GH WUDQVIHUrQFLD FRQIRUPH R FDVR HQWUH R yUJmRHQWLGDGH JHUDGRU H R
'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR±'($3
2FRQYrQLRGHFXVWyGLDVHHIHWLYDUiVRPHQWHSDUDWUDQVIHUrQFLDVHQWUHHQWLGDGHV
SHUWHQFHQWHVD$GPLQLVWUDomR,QGLUHWDGR3RGHU([HFXWLYR(VWDGXDOHR'HSDUWDPHQWR(VWDGXDOGH
$UTXLYR3~EOLFR'($3FRPDUHDOL]DomRGHSDJDPHQWRPHQVDOFRUUHVSRQGHQWHjTXDQWLGDGHGH
PHWURVOLQHDUHVGHGRFXPHQWRVDVHUHPWUDQVIHULGRVGHDFRUGR FRPD7DEHODGH9DORUHVGH
5HIHUrQFLD
2'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR±'($3SXEOLFDUiQRSUD]RGH
WULQWDGLDVLQVWUXomRQRUPDWLYDGHWDOKDQGRRVSURFHGLPHQWRVDVHUHPREVHUYDGRVSHORVyUJmRV
HHQWLGDGHVGD$GPLQLVWUDomR3~EOLFD(VWDGXDOSDUDDFRQVROLGDomRGDVPHGLGDVFRQVWDQWHV
GHVWH'HFUHWRHYDORUHVGHUHIHUrQFLDSDUDRVFRQYrQLRVGHILQLGRVQR“caput” GHVWHDUWLJR
$UW2V DFHUYRV DUTXLYtVWLFRV SULYDGRV SRGHUmR VHU GRDGRV DR 'HSDUWDPHQWR
(VWDGXDO GH $UTXLYR 3~EOLFR ±'($3 GHVGH TXH VHMDP FRQVLGHUDGRV FRQMXQWRV GH IRQWHV
UHOHYDQWHVSDUDDKLVWyULDHSDUDRGHVHQYROYLPHQWRFLHQWtILFRGR(VWDGRGR3DUDQi
$VGRDo}HVVHHIHWLYDUmRPHGLDQWH7HUPRGH'RDomRILUPDGRHQWUHDVSDUWHVHPGXDV
YLDV
$VGRDo}HVFRPSRUmRRSDWULP{QLRGRFXPHQWDOSHUPDQHQWHGR'HSDUWDPHQWR
(VWDGXDO GH $UTXLYR 3~EOLFR H VHUmR GLVSRQLELOL]DGDV j FRQVXOWD DSyV D DSOLFDomR GH
PHWRGRORJLDDUTXLYtVWLFDDGHTXDGD
$UW(VWH'HFUHWRHQWUDUiHPYLJRUQDGDWDGHVXDSXEOLFDomRILFDQGRUHYRJDGRR
'HFUHWRQGHGHIHYHUHLURGH
&XULWLEDHPGHDEULOGHGDLQGHSHQGrQFLDHGD5HS~EOLFD
52%(5725(48,2
*RYHUQDGRUGR(VWDGR
5(,1+2/'67(3+$1(6
6HFUHWiULRGH(VWDGRGD$GPLQLVWUDomRHGD3UHYLGrQFLD
&$Ë7248,17$1$
&KHIHGD&DVD&LYLO
179
5HVROXomRQGHGHVHWHPEURGH
'HILQHR'HSDUWDPHQWR(VWDGXDOGH$UTXLYR3~EOLFR
FRPRyUJmRFHQWUDOGDRUJDQL]DomRGHDUTXLYRVGR
3DUDQi
26(&5(7È5,2'2(67$'2'$$'0,1,675$d2QRXVR
GHVXDVDWULEXLo}HVTXHOKHVmRFRQIHULGDVSHOR$UWLQFLVR;9,GD/HLQ
SXEOLFDGDQR'2(QGHHWHQGRHPYLVWDRGLVSRVWRQR$UWGR'HFUHWR
QGHGHGH]HPEURGHTXHLQVWLWXLXR6LVWHPD,QWHJUDGRGH'RFXPHQWRV
$$$H
FRQVLGHUDQGRTXHRSDWULP{QLRGRFXPHQWDOpXPEHPS~EOLFRFXMDLQWHJULGDGH
FDEHDR(VWDGRDVVHJXUDU
FRQVLGHUDQGRDLPSRUWkQFLDGRVDUTXLYRVFRPRLQVWUXPHQWRVGHJHVWmR
GRFXPHQWDOFRPRDSRLRLQGLVSHQViYHOjFRQWLQXLGDGHDGPLQLVWUDWLYDSROtWLFDH
VRFLDOHFRPRSDWULP{QLRFXOWXUDOGR(VWDGR
FRQVLGHUDQGRDQHFHVVLGDGHGHHVWDEHOHFHUDVEDVHVSDUDDLQWHJUDomRHIHWLYDGDV
IDVHVFRUUHQWHLQWHUPHGLiULDHSHUPDQHQWHGRVGRFXPHQWRVFRPRIRUPDGH
DVVHJXUDUDSURWHomRGRVDUTXLYRVDSDUWLUGHVXDSURGXomR
FRQVLGHUDQGRTXHDSHUGDH[WUDYLRRXGHVWUXLomRLQGLVFULPLQDGDGRUHIHULGR
SDWULP{QLRSRGHPDFDUUHWDUGDQRVLUUHSDUiYHLVj$GPLQLVWUDomRGR(VWDGRDRV
GLUHLWRVGRVFLGDGmRVHj+LVWyULD
5(62/9(
$UW'HILQLUDFRPSHWrQFLDGD25*$1,=$d2'($548,926
,DVVHJXUDUDSURWHomRDSUHVHUYDomRHRDFHVVRjVLQIRUPDo}HVQDVVXDVHVIHUDVGH
FRPSHWrQFLD WHQGR HP YLVWD YDORUHV DGPLQLVWUDWLYR OHJDO KLVWyULFR H FXOWXUDO DOpP GR
LQWHUHVVHHGDVQHFHVVLGDGHVGDFRPXQLGDGH
,,DVVHJXUDUHSURPRYHUDLQWHUDomRGRVyUJmRVS~EOLFRVUHVSRQViYHLVSHODSURGXomR
HFXVWyGLDGRVGRFXPHQWRV
,,, H[HUFHU IXQo}HV QRUPDWLYDV GH FRRUGHQDomR GDV DWLYLGDGHV SHUWLQHQWHV DR
SURFHVVDPHQWR WpFQLFR GRV GRFXPHQWRV S~EOLFRV SURGXomR GHVFULomR DUUDQMR DYDOLDomR
FXVWyGLDFRQVHUYDomRHGHVWLQDomRQDHVIHUDGR3RGHU([HFXWLYR
180