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GDWXU UHSUDHVHQWDWLR $ VXFHVVmR GR LQGLJQR SRUpP TXH R DUW  FRQVLGHUD FRPR
PRUWR PRUWH FLYLO  SDUD HIHLWRV KHUHGLWiULRV VHQGR SRU LVVR VXEVWLWXtGR SHORV VHXV
GHVFHQGHQWHV FRQVWLWXL H[FHomR D HVVD UHJUD 2FRUUH R PHVPR FRP D UHSUHVHQWDomR GR
DXVHQWHDTXHOHTXHGHVDSDUHFHGHVHXGRPLFtOLRVHPTXHKDMDQRWtFLDGHVHXSDUDGHLURe
WDPEpPFRQVLGHUDGRSUHVXPLGDPHQWHPRUWRQRVFDVRVHPTXHDOHLDXWRUL]DDDEHUWXUDGH
VXFHVVmRGHILQLWLYD &&DUWžSDUWH 
$GPLWHVH WDPEpP D UHSUHVHQWDomR TXDQGR RFRUUH DFRPRULrQFLD YLVWR QmR VH SRGHU
DYHULJXDU QHVVH FDVR TXDO GRV GRLV VREUHYLYHX DR RXWUR 2EVHUYD 2UODQGR *RPHV FRP
DSRLRQDOLomRGH*DOYmR7HOHVTXHVROXomRGLYHUVDFRQGX]LULDDRDEVXUGRGHRVQHWRVQDGD
UHFHEHUHPGDKHUDQoDGRDY{TXDQGRRSDLWLYHVVHPRUULGRMXQWDPHQWHFRPHOHHH[LVWLVVHP
RXWURVILOKRV
'LYHUVD WRGDYLD D VLWXDomR GR KHUGHLUR UHQXQFLDQWH TXH VH FRQVLGHUD FRPR VH QXQFD
WLYHVVH VLGR KHUGHLUR H SRU LVVR QmR SRGH VHU VXEVWLWXtGR SHOR VHX GHVFHQGHQWH && DUW
 
7HQGRHPYLVWDTXHSDUWHGDGRXWULQDHQWHQGHQmRVHULGrQWLFDjGRLQGLJQRDVLWXDomRGR
GHVHUGDGR SRUTXH D GHVHUGDomR p IHLWD HP WHVWDPHQWR H D QRVVD OHL QmR SUHYr D
UHSUHVHQWDomRQDVXFHVVmRWHVWDPHQWiULDR3URMHWRGH/HLQGHDFUHVFHQWDDR
DUWGR&yGLJR&LYLOXP†žSDUDHVWDEHOHFHURILFLDOPHQWHDDOXGLGDHTXLSDUDomR
E  4XHR UHSUHVHQWDQWH VHMD GHVFHQGHQWH GR UHSUHVHQWDGR  $ UHSUHVHQWDomR VH
FDUDFWHUL]DFRPHIHLWRSHODFKDPDGDGRGHVFHQGHQWHSDUDVXEVWLWXLURDVFHQGHQWHHPXPD
VXFHVVmR4XDQGRpIHLWDQDOLQKDUHWDRILOKRVXEVWLWXLRSDLQDVXFHVVmRGRDY{HDVVLP
SRUGLDQWH4XDQGRRFRUUHQDOLQKDFRODWHUDORILOKRVXEVWLWXLVHXSDLQDVXFHVVmRGHXPWLR
HP FRQFRUUrQFLD FRP RXWURV WLRV 2 GLUHLWR GH UHSUHVHQWDomR ² SURFODPD R DUW  GR
&yGLJR&LYLO²³GiVHQDOLQKDUHWDGHVFHQGHQWHPDVQXQFDQDDVFHQGHQWH´
F 4XHRUHSUHVHQWDQWHWHQKDOHJLWLPDomRSDUDKHUGDUGRUHSUHVHQWDGRQRPRPHQWRGD
DEHUWXUD GD VXFHVVmR 7DO FRQGLomR p DIHULGD HP UHODomR DR VXFHGLGR H QmR DR
UHSUHVHQWDGR 2 UHSUHVHQWDQWH RFXSD D SRVLomR GHL[DGD SHOR UHSUHVHQWDGR PDV QmR KHUGD
GHVWH H VLP GRGHFXMXVHWHPGHDSUHVHQWDUOHJLWLPDomRVXFHVVyULDSDUDHVVDILQDOLGDGH
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$ TXHVWmR WRGDYLD QmR p SDFtILFD 6tOYLR 9HQRVD SRU H[HPSOR HQWHQGH TXH FRPR R
UHSUHVHQWDQWHUHFHEHDKHUDQoDGLUHWDPHQWHGRDY{VHUiWmRRIHQVLYDDRGLUHLWRDWHQWDWLYD
GHKRPLFtGLRFRQWUDHVWHFRPRFRQWUDRSDLSUHPRUWR3RULVVRRLQGLJQRQmRHVWiLQLELGR
GHKHUGDUVyHPUHODomRDRSDLTXHUHSUHVHQWDVHQmRWDPEpPFRPUHODomRDRDY{TXHpR
GHFXMXVGDKHUDQoDWUDWDGD
3UHGRPLQD QD GRXWULQD QR HQWDQWR R HQWHQGLPHQWR GH TXH D OHJLWLPDomR SDUD KHUGDU p
DIHULGDHPUHODomRDRVXFHGLGRHQmRDRUHSUHVHQWDGRFRPRVXVWHQWD:DVKLQJWRQGH%DUURV
0RQWHLUR
1D PHVPD HVWHLUD D OLomR GH 3RQWHV GH 0LUDQGD ³4XHP IRL GHVHUGDGR SRU DOJXpP RX
MXOJDGR LQGLJQR SDUD OKH VXFHGHU SRGH UHSUHVHQWDU WDO SHVVRD SRUTXH D GHVHUGDomR RX D
LQGLJQLGDGH VRPHQWH FRQFHUQH j KHUDQoD GH TXHP GHVHUGRX RX SDUD D TXDO IRL MXOJDGR
LQGLJQR%DVWDTXHSRVVDKHUGDUGDWHUFHLUDSHVVRD3DUDVHKHUGDUEDVWDTXHRGHFXMRQmR
WHQKDGHVHUGDGRRLQWHUHVVDGRQHPWHQKDHVVHVLGRMXOJDGRLQGLJQR´
'HVVHPRGRREWHPSHUD6LOYLR5RGULJXHV³RILOKRTXHUHQXQFLRXDKHUDQoDGHVHXSDL
RX TXH VHMD LQGLJQR GH UHFHErOD SRGH QmR REVWDQWH UHSUHVHQWDQGR R SDL UHFROKHU D
KHUDQoDGRDY{DQmRVHUTXHFRPUHODomRDHVWHDVFHQGHQWHPDLVDIDVWDGR RDY{ VHMD
WDPEpPLQGLJQRGHVXFHGHU´
1HVVH VHQWLGR GLVS}HP H[SUHVVDPHQWH RV &yGLJRV &LYLV LWDOLDQR DUW  DO   H
SRUWXJXrV DUW   DILUPDQGR HVWH ~OWLPR ³2V GHVFHQGHQWHV UHSUHVHQWDP R VHX
DVFHQGHQWHPHVPRTXHWHQKDPUHSXGLDGRDVXFHVVmRGHVWHRXVHMDPLQFDSD]HVHPUHODomRD
HOH´
G  4XHQmR KDMD VROXomR GH FRQWLQXLGDGH QR HQFDGHDPHQWR GRV JUDXV HQWUH
UHSUHVHQWDQWHHUHSUHVHQWDGR  QmRSRGHRQHWRVDOWDUVREUHRSDLYLYRDILPGHUHSUHVHQWi
ORQDKHUDQoDGRDY{VDOYRHPFDVRGHDXVrQFLDLQGLJQLGDGHRXGHVHUGDomR 
$UHSUHVHQWDomRQmRVHGiFRPHIHLWRSHUVDOWXPHWRPLVVRPHGLRLVWRpFRPRPLVVmR
GHXPDJHUDomR1mRSRGHDOJXpPVXFHGHUVDOWDQGRDSHVVRDGRLQWHUPHGLiULRHQIDWL]D&DLR
0iULRGD6LOYD3HUHLUDTXHDFUHVFHQWD³6HRUHSUHVHQWDQWHHQFRQWUDQXPJUDXLQWHUPpGLR
XP SDUHQWH VXFHVVtYHO YLYR RX UHQXQFLDQWH p GHWLGR H QmR WHP GLUHLWR j KHUDQoD SRUTXH
QmRSRGHRFXSDUROXJDUGRUHSUHVHQWDGRVHYLYHRILOKRQmRSRGHVHUUHSUHVHQWDGRSHORV
VHXV ILOKRV VH XP KHUGHLUR UHQXQFLD QmR SRGHP VHU FKDPDGRV RV VHXV VXFHVVRUHV QR VHX
OXJDU'DtGL]HUVHFRPUD]mRTXHQmRpSRVVtYHORFXSDURJUDXGHXPKHUGHLURDQmRVHU
TXHHVWHJUDXHVWHMDYDJR´
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IDOHFLGR,VVRSRUTXHVHWRGRVRVILOKRVGRIDOHFLGRMiPRUUHUDPRXWRGRVRVLUPmRVGHVWH
RVQHWRVQRSULPHLURFDVRHRVVREULQKRVQRVHJXQGRKHUGDPSRUGLUHLWRSUySULR
5HJLVWUHVHSRUILPTXHHPQHQKXPDKLSyWHVHGHVDSDUHFHDFRQFRUUrQFLDFRPF{QMXJH
VREUHYLYRVDOYRDVH[FHo}HVSUHYLVWDVQRDUW,GR&yGLJR&LYLO
/LQKDVHPTXHVHGiRGLUHLWRGHUHSUHVHQWDomR
2 GLUHLWR GH UHSUHVHQWDomR FRPR Mi IRL GLWR Vy VH YHULILFD QD OLQKD UHWD GHVFHQGHQWH
QXQFD QD DVFHQGHQWH && DUW   1D OLQKD FRODWHUDO RFRUUHUi HP IDYRU GRV ILOKRV GH
LUPmRVIDOHFLGRV GRVVREULQKRV TXDQGRFRPLUPmRGHVWHFRQFRUUHUHP DUW 
1D OLQKD UHWD GHVFHQGHQWH FRPR WDPEpP PHQFLRQDGR RV ILOKRV KHUGDP SRU FDEHoD
HQTXDQWRRVRXWURVGHVFHQGHQWHVKHUGDPSRUHVWLUSHVHQmRHVWLYHUHPQRPHVPRJUDX
+HUGDUSRUHVWLUSHpRPHVPRTXHKHUGDUSRUGLUHLWRGHUHSUHVHQWDomR$VVLPKDYHQGR
GHVFHQGHQWHVGHJUDXVGLYHUVRVDKHUDQoDGLYLGLUVHiHPWDQWDVHVWLUSHVTXDQWRVIRUHPRV
YiULRVUDPRVLVWRpRVGHVFHQGHQWHVHPJUDXPDLVSUy[LPR(RTXLQKmRFDEHQWHjHVWLUSH
GLYLGLUVHiHQWUHRVUHSUHVHQWDQWHV &&DUW 
$ HVWLUSH p FKDPDGD HP FRQMXQWR RV QHWRV GR KHUGHLUR SUHPRUWR SRU H[HPSOR  PDV
GHQWURGHFDGDHVWLUSHRTXLQKmRpGLYLGLGRLJXDOPHQWHHQWUHRVVHXVPHPEURV$VVLPVH
DOJXpPPRUUHGHL[DQGRGRLVILOKRVHVWHVKHUGDPSRUFDEHoDRXVHMDDKHUDQoDVHGLYLGH
HPGXDVSDUWHV0DVVHGHL[DUXPILOKRHGRLVQHWRVGHRXWURILOKRSUHPRUWRDKHUDQoDVH
GLYLGH HP GXDV SDUWHV FDEHQGR XPD j HVWLUSH GR ILOKR YLYR H D RXWUD j HVWLUSH GR ILOKR
PRUWR (VWH TXLQKmR VHUi GLYLGLGR SHORV GRLV QHWRV TXH UHSUHVHQWDP R DVFHQGHQWH
SUHPRUWR
1DOLQKDFRODWHUDODUHSUHVHQWDomRRFRUUHUiHPIDYRUGRVILOKRVGHLUPmRVGRIDOHFLGR
GRV VREULQKRV  TXDQGR FRP LUPmR GHVWH FRQFRUUHUHP && DUW   6H R ILQDGR GHL[D
DSHQDV VREULQKRV KHUGDP HVWHV SRU FDEHoD H HP SDUWHV LJXDLV 1mR Ki GLUHLWR GH
UHSUHVHQWDomRHPIDYRUGHILOKRVGHVREULQKRV6HRGHFXMXVGHL[DDSHQDVVREULQKRVHXP
GHOHVpWDPEpPIDOHFLGRRVILOKRVGHVWHQmRKHUGDP$KHUDQoDpGHIHULGDXQLFDPHQWHHSRU
LQWHLURDRVVREULQKRVVREUHYLYHQWHVH[FOXLQGRVHDVVLPRVVREULQKRVQHWRV
7DPEpPQmRKiGLUHLWRGHUHSUHVHQWDomRVHQmRVHWUDWDGHVXFHVVmRGHWLR'HVVHPRGR
VHRIDOHFLGRWLQKDFRPR~QLFRKHUGHLURXPSULPRLUPmRVyHVWHUHFROKHDKHUDQoDDLQGD
TXHWHQKDWLGRRXWURSULPRLUPmRDQWHULRUPHQWHIDOHFLGRHTXHWHQKDGHL[DGRILOKRV
1mRSRGHPDLQGDRVQHWRVGHLUPmRVSUHWHQGHURGLUHLWRGHUHSUHVHQWDomRVyFRQFHGLGR
D ILOKRV GH LUPmRV SRUTXDQWR QD FODVVH GRV FRODWHUDLV RV PDLV SUy[LPRV H[FOXHP RV PDLV
UHPRWRV
3RUILPUHLWHUHVH³QLQJXpPSRGHVXFHGHUUHSUHVHQWDQGRKHUGHLURUHQXQFLDQWH ´ DUW
 TXHpKDYLGRFRPRHVWUDQKRjKHUDQoDHQmRSRGHDVVLPVHUVXEVWLWXtGRSHORVHX
GHVFHQGHQWH

(IHLWRVGDUHSUHVHQWDomR
2 SULQFLSDO HIHLWR GD UHSUHVHQWDomR p DWULEXLU R GLUHLWR VXFHVVyULR D SHVVRDV TXH QmR
VXFHGHULDPSRUH[LVWLUHPKHUGHLURVGHJUDXPDLVSUy[LPRPDVTXHDFDEDPVXEVWLWXLQGRXP
KHUGHLUR SUHPRUWR 3HOR IDWR GH RV UHSUHVHQWDQWHV VXFHGHUHP GLUHWDPHQWH RGH FXMXV QmR
HVWmR REULJDGRV SHODV GtYLGDV GR UHSUHVHQWDGR PDV VRPHQWH SHODV GDTXHOH 6y SRGHP
KHUGDUFRPRWDLVRTXHKHUGDULDRUHSUHVHQWDGRVHYLYRIRVVH &&DUW RXVHMDQmR
UHFHEHP PHQRV QHP PDLV GR TXH UHFHEHULD R UHSUHVHQWDGR 2 TXLQKmR GR UHSUHVHQWDGR
³SDUWLUVHiSRULJXDOHQWUHRVUHSUHVHQWDQWHV´ DUW 
'LVS}HRDUWGR&yGLJR&LYLO
³2UHQXQFLDQWHjKHUDQoDGHXPDSHVVRDSRGHUiUHSUHVHQWiODQDVXFHVVmRGHRXWUD´
$VVLP VH XP GRV ILOKRV UHSXGLDU D KHUDQoD RV VHXV ILOKRV QHWRV GR IDOHFLGR QmR
KHUGDUmRSRUUHSUHVHQWDomRPDVRUHQXQFLDQWHSRGHUiUHSUHVHQWDURGHFXMXVQDVXFHVVmRGH
WHUFHLUDSHVVRDSRUTXHDUHQ~QFLDQmRVHHVWHQGHDRXWUDKHUDQoD
3RGH DVVLP KDYHU UHQ~QFLD j KHUDQoD GR SDL SDUD EHQHILFLDU XP LUPmR PDLV
QHFHVVLWDGRSRUH[HPSOR VHPTXHWDODWRLPSRUWHUHQ~QFLDjKHUDQoDGRDY{SDUDDTXDOR
UHQXQFLDQWHSRGHVHUFKDPDGRUHSUHVHQWDQGRVHXSDLSUHPRUWR
2XWUR HIHLWR GD UHSUHVHQWDomR p D REULJDomR GH RV QHWRV UHSUHVHQWDQGR VHXV SDLV
OHYDUHP j FRODomR DV GRDo}HV TXH HVWHV UHFHEHUDP GR DY{ FXMRV EHQV HVWmR VHQGR
LQYHQWDULDGRV && DUW   &XPSUH VDOLHQWDU TXH VH RV QHWRV KHUGDUDP SRU GLUHLWR
SUySULRpLUUHOHYDQWHWHQKDPRXQmRVHXVSDLVUHFHELGRGRDo}HVGRDXWRUGDKHUDQoD0DV
VH KHUGDUDP SRU GLUHLWR GH UHSUHVHQWDomR GHYHP FRQIHULU DV GRDo}HV UHFHELGDV SHOR
DVFHQGHQWH TXH UHSUHVHQWDP DLQGD TXH RV EHQV REMHWR GDV GRDo}HV QmR FRPSRQKDP D
KHUDQoD

6LOYLR5RGULJXHV'LUHLWRFLYLOYS:DVKLQJWRQGH%DUURV0RQWHLUR&XUVRGHGLUHLWRFLYLOYS
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6XFHVV}HVS
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