Sei sulla pagina 1di 13



-251$'$'(75$%$/+2

-251$'$'(75$%$/+2
2KRPHPHDSHGUD
&HUWDYH]XPKRPHPHQFRQWURXXPDHQRUPHSHGUDHPVHXFDPLQKRHILFRXSHQVDQGRFRPRSRGHULD
SDVVDUSRUHOD$SyVDYDOLDUUHVROYHXFRPHoDUDTXHEUiODHDSyVORQJRSHUtRGRGRGLDQmRDWLQJLXVHX
REMHWLYRTXHHUDYHURWDPDQKRGDSHGUDUHGX]LGRRVXILFLHQWHSDUDVHJXLUVHXFDPLQKRDVVLPUHVROYHX
GHVLVWLUHYROWRXH[DXVWRSDUDVXDFDVD
$SHGUDSHUPDQHFHXQROXJDU(QRXWURGLDRXWURKRPHPHQFRQWURXDSHGUDQRPHVPRFDPLQKRH
WDPEpPWHQGRTXHFRQWLQXDUVHXSHUFXUVRDYDOLRXHUHVROYHXWDOKDUDSHGUD3DVVDGDV RLWR KRUDVGH
WUDEDOKR FRP XPD SDUDGD SDUD GHVFDQVDU SHQVRX 9RX SDUD FDVD H DPDQKm FRQWLQXR SRLV KRMH QmR
WHQKRPDLVIRUoDVFULDWLYLGDGHHPRWLYDomR(DVVLPIRLGLDDGLDDWpHOHFRQVHJXLUDEULUXPDIHQGDQD
SHGUDHSDVVDU
$SyV HVVH GLD SHQVRX PDLV YDOH XP SRXFR SRU GLD FRP ERQV UHVXOWDGRV TXH XP GLD WRGR VHP
UHVXOWDGRDOJXP 1DWDQDHOGR/DJR 
5HJXODU R SHUtRGR GH WUDEDOKR p DOJR HVVHQFLDO SDUD R VHU
KXPDQR VHMD SHOD RUGHP HFRQ{PLFD VRFLDO RX ELROyJLFD 6XD
UHOHYkQFLDpGHVWDTXHQRFRQWH[WRPXQGLDOHSHODLPSRUWkQFLDD
'HFODUDomR8QLYHUVDOGRV'LUHLWRVGR+RPHPGHGHVWDFD
QR DUWLJR ;;,9  7RGR KRPHP WHP GLUHLWR D UHSRXVR H OD]HU
LQFOXVLYHDOLPLWDomRUD]RiYHOGDVKRUDVGHWUDEDOKRHDIpULDV
UHPXQHUDGDVSHULyGLFDV
)XQGDPHQWR /HJDO &RQVWLWXLomR )HGHUDO &/7 &DStWXOR
,,$UWLJRVDH/HL
1R %UDVLO D TXHP GHILQD R SHUtRGR GH WUDEDOKR  FRPR
MRUQDGD GH WUDEDOKR  RXWURV LQFOXVLYH D &RQVROLGDomR GDV /HLV
7UDEDOKLVWDV&/7SUHIHUHPGXUDomRGRWUDEDOKR2IDWRpTXH
GH XPD RX GH RXWUD IRUPD R HPSUHJDGR SDUWLFLSD FRP VXDV
IXQo}HVQDHPSUHVDVHPSUHYLQFXODGRDXPSHUtRGRGHKRUDV
2 SHUtRGR SRGH VHU SUHVHQFLDO RX QmRSUHVHQFLDO 3UHVHQFLDO TXDQGR R HPSUHJDGR H[HUFH VXDV
IXQo}HV QR ORFDO PRGR H KRUD GHILQLGRV 1mRSUHVHQFLDO TXDQGR R HPSUHJDGR H[HUFH VXDV IXQo}HV HP
ORFDOPRGRHKRUDQmRGHILQLGRV$H[HPSORGDSULPHLUDVLWXDomRpRH[HUFtFLRWtSLFRGHXPDX[LOLDUGH
HVFULWyULRTXHWHPHQGHUHoRFHUWRIXQomRGHILQLGDHKRUiULRGHHQWUDGDLQWHUYDORHVDtGDSUpHVWLSXODGRV
GH WUDEDOKR 3DUD D VHJXQGD VLWXDomR WHPRV R PRWRULVWD TXH SRGH QmR WHU HQGHUHoR FHUWR H KRUiULR GH
HQWUDGDLQWHUYDORHVDtGDQmRGHILQLGRV
$VVLPFKHJDPRVDXPDGLIHUHQFLDomRQRFXPSULPHQWRGRWUDEDOKRSRLVMRUQDGDGHWUDEDOKRVHUiR
SHUtRGRGHWHPSRTXHRHPSUHJDGRILFDUjGLVSRVLomRGRHPSUHJDGRUH[HFXWDQGRRXQmRVXDIXQomRPDV
VREVXDGHSHQGrQFLD3HUtRGRGHWUDEDOKRUHTXHULQtFLRHILPGHILQLGRVGHKRUiULRHWUDEDOKRVREDGLUHomR
GRHPSUHJDGRU
$GXUDomRGRWUDEDOKRHQWmRSRGHVHUGLVSRVWDGHTXDOTXHUPDQHLUDQmRVHYLQFXODQGRDXPSDGUmR
FRPXPDRVHPSUHJDGRUHV(VVDDXVrQFLDGHSDGUmRSRUpPQmRSHUPLWHDRHPSUHJDGRURH[HUFtFLROLYUH
GR SHUtRGR GH WUDEDOKR GHYHQGR VH VXEPHWHU QDV QRUPDV FRQVWLWXFLRQDO OHJDO H QRUPDWLYDV GD UHODomR
WUDEDOKLVWD
5HJLVWUDVH TXH QD pSRFD GR VpFXOR ;,;   D MRUQDGD FKHJDYD D DWLQJLU SHUtRGRV GH  D 
KRUDV PHVPR HQWUH RV PHQRUHV H DV PXOKHUHV 1mR H[LVWLD QHQKXPD OLPLWDomR FRPR DWXDOPHQWH QRVVR
RUGHQDPHQWRMXUtGLFRSUHYr
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

&RP D HYROXomR GD FODVVH DVVDODULDGD H D RUJDQL]DomR GRV VLQGLFDWRV HVVDV H[WHQVDV KRUDV IRUDP
FRPEDWLGDV H D SDUWLU GR VpFXOR ;;   SDVVDPRV D WHU HP GLYHUVRV SDtVHV )UDQoD ,QJODWHUUD HWF
MRUQDGDPi[LPDGH GH] KRUDVGLiULDV
3RUpP IRL QD &RQIHUrQFLD GDV 1Do}HV $OLDGDV HP 3DULV TXH KRXYH LQVSLUDomR SDUD HVWDEHOHFHU
MRUQDGDGHKRUDVGLiULDRXGHKRUDVVHPDQDOGHWUDEDOKR
0RGHUQDPHQWH QR %UDVLO D SDUWLU GD &RQVWLWXLomR )HGHUDO GH  D MRUQDGD GH WUDEDOKR VRIUHX
QRYDVDOWHUDo}HV$UWLQFLVR;,,,GXUDomRGRWUDEDOKRQRUPDOQmRVXSHULRUDRLWRKRUDVGLiULDVH
TXDUHQWD H TXDWUR VHPDQDLV IDFXOWDGD D FRPSHQVDomR GH KRUiULRV H D UHGXomR GD MRUQDGD PHGLDQWH
DFRUGRRXFRQYHQomRFROHWLYDGHWUDEDOKR
$ &) DUW  LQFLVR ;,,, H &/7 DUWSDVVDUDP D GHWHUPLQDU TXH D MRUQDGD GH WUDEDOKR QmR
XOWUDSDVVDVVHDV

KV',5,$6HKV6(0$1$,6

$OLPLWDomRGDMRUQDGDGHWUDEDOKRDWXDOPHQWHYLJHQWHQmRLPSRVVLELOLWDTXHHODVHMDPHQRUDSHQDV
DVVHJXUD XP OLPLWH Pi[LPR (PERUD DLQGD H[LVWD XPD H[WHQVmR DWUDYpV GR UHJLPH GH FRPSHQVDomR H
SURUURJDomRGDVKRUDV
1RWD 3DUD VH FRPSRU DV KRUDV WUDEDOKDGDV SRU GLD QmR VH GHYH FRPSXWDU R SHUtRGR GH LQWHUYDOR
FRQFHGLGRDRHPSUHJDGR([HPSORGDVjVFRPKRUDGHLQWHUYDORWHPRVKVQDHPSUHVD
PDVKVGHWUDEDOKRH[FOXLQGRRLQWHUYDOR &/7DUW
'HYHVH FRQVLGHUDU TXH DOJXPDV DWLYLGDGHV  RX SRU IRUoD GH OHL RX DFRUGR FROHWLYR  SRVVXHP
MRUQDGDVHVSHFLDLVSRUH[HPSOR
352),662
%DQFiULRV
7HOHIRQLVWD
2SHUDGRUHVFLQHPDWRJUiILFRV
-RUQDOLVWD
0pGLFR
5DGLRORJLVWD

/,0,7('(+25$6',$
KRUDV
KRUDV
KRUDV
KRUDV
KRUDV
KRUDV

2 HPSUHJDGRU SRGH IRUPXODU SHUtRGR GH MRUQDGD QR FRQWUDWR GH WUDEDOKR GH DFRUGR FRP VXDV
QHFHVVLGDGHV EDVWD QmR IHULU D SURWHomR GD OHL $VVLP SRGHPRV WHU HPSUHJDGR KRULVWD GLDULVWD RX
PHQVDOLVWD
7HPRVUHJLVWUDGRVQDRUGHPHFRQ{PLFDGRWUDEDOKRXPDMRUQDGDHVSHFLDOFRPUHJLPHGH[RX
VHMD  KRUDV GH WUDEDOKR H  KRUDV GH GHVFDQVR (VVD MRUQDGD HPERUD QmR SUHYLVWD QD OHL WHP VLGR
DGRWDGDSRUGLYHUVDVQRUPDVFROHWLYDV 6LQGLFDWR HWROHUDGDSHODMXULVSUXGrQFLDSHODWtSLFDQHFHVVLGDGHGDV
HPSUHVDVFRPDOJXQVVHJXLPHQWRVHVSHFtILFRVWDLVFRPRiUHDGHVD~GHHVHJXUDQoD'HYRUHVVDOWDUTXHD
MXVWLoD DFHLWD WDO SUiWLFD PHGLDQWH D H[LVWrQFLD GD QRUPD FROHWLYD H D LPSRVVLELOLGDGH GD HPSUHVD HP
LPSODQWDURXWURKRUiULR&DVRQmRH[LVWDDQRUPDFROHWLYDFULDQGRHVWHKRUiULRDHPSUHVDVRIUHUiFRPDV
SHQDOLGDGHVSUHYLVWDVHDSRVVLELOLGDGHGHDUFDUFRPRSDJDPHQWRGDVKRUDVH[WUDV
3DUDWRGRVRVILQVOHJDLVDGPLWLGDVSHODMXULVSUXGrQFLDHILVFDOL]DomRXPHPSUHJDGRTXHWUDEDOKD
RLWR KRUDVSRUGLDHQRPi[LPRKRUDVQDVHPDQDWHPFDUJDPHQVDOGH

+25$6
$LQWHUSUHWDomRPDLVDFHLWDSHODMXULVSUXGrQFLDSDUDHQWHQGHUPRVDIRUPXODomRGHVVDVKRUDVp
DGPLWLUPRVXPPrVFRPHUFLDOGH FLQFR VHPDQDV$VVLPKRUDVSRUVHPDQD [ VHPDQDV 
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

KRUDV SRU PrV  KRUDV SRU VHPDQD [   VHPDQDV   KRUDV SRU PrV  KRUDV SRU VHPDQD [  
VHPDQDV KRUDVSRUPrVKRUDVSRUVHPDQD [ VHPDQDV KRUDVSRUPrV

,PSRUWDQWH1mRpDFHLWRSHODOHJLVODomRSiWULDDDOWHUDomRGDMRUQDGDGHWUDEDOKRFRPSUHMXt]RVDR
HPSUHJDGR6HUiQXORWRGRHTXDOTXHUDFRUGRHQWUHDVSDUWHVPHVPRTXHVHMDUHGX]LGDQDSURSRUomRGR
VDOiULR H FRP GHFODUDomR H[SUHVVD GR HPSUHJDGR e IXQGDPHQWDO GLDQWH GH XP TXDGUR QHFHVViULR j
UHGXomRDSDUWLFLSDomRSRUQHJRFLDomRFROHWLYD 6LQGLFDWR H'HOHJDFLD5HJLRQDOGR7UDEDOKR '57 
3RGHVHDGPLWLUTXHDVSULQFLSDLVFDUDFWHUtVWLFDVGHGXUDomRGHMRUQDGDSRGHPVHUHVXPLUHP RLWR 

+RUD'LXUQDHQWHQGHVHFRPRKRUDGLXUQDjTXHODSUDWLFDGDHQWUHDVKRUDVHKRUDV
+RUD1RWXUQD$&/7SUHFHLWXDQRDUWTXHRKRUiULRQRWXUQRpDTXHOHSUDWLFDGRHQWUHDV
KRUDVHKRUDVFDUDFWHUL]DQGRDVVLPSDUDRWUDEDOKDGRUXUEDQRMiHPRXWUDUHODomRGHWUDEDOKR
H[HPSOR UXUDO RX DGYRJDGR HVWH KRUiULR VRIUH DOWHUDomR SRUpP D OHJLVODomR HQWHQGHQGR KDYHU XP
GHVJDVWHPDLRUGRRUJDQLVPRKXPDQRFULRXDOJXPDVYDULDQWHVHPUHODomRjKRUDGLXUQD
$H[HPSORGHVVDVYDULDQWHVVXUJHRVHJXLQWHTXDGUR
3(52'2
7(032
5('8d2
'DVjVKRUDV
K
PLQXWRVHVHJXQGRV
'DVjVKRUDV
K
PLQXWRVHVHJXQGRV
'DVjVKRUDV
K
PLQXWRVHVHJXQGRV
'DVjVKRUDV
K
PLQXWRVHVHJXQGRV
'DVjVKRUDV
K
PLQXWRVHVHJXQGRV
'DVjVKRUDV
K
PLQXWRVHVHJXQGRV
'DVjVKRUDV
K
PLQXWRVHVHJXQGRV
7RWDO
K
PLQXWRVHVHJXQGRV

7(032()(7,92
PLQXWRVHVHJXQGRV
PLQXWRVHVHJXQGRV
PLQXWRVHVHJXQGRV
PLQXWRVHVHJXQGRV
PLQXWRVHVHJXQGRV
PLQXWRVHVHJXQGRV
PLQXWRVHVHJXQGRV

'HVVDIRUPDDOHJLVODomRGHILQLXTXHjV VHWH KRUDVQRWXUQDVWUDEDOKDGDVHTXLYDOHPD KRUDV 


1HVVHFDVRXPWUDEDOKDGRUVySRGHWHUPDLV XPD KRUDDFUHVFLGDjVXDMRUQDGDYLVDQGRRSHUtRGRSDUD
GHVFDQVRRXUHIHLomR
'HVWDUWHRHPSUHJDGRWUDEDOKD VHWH KRUDVPDVUHFHEH RLWR KRUDVSDUDWRGRVRVILQVOHJDLV)RL
XPDIRUPDHQFRQWUDGDSHOROHJLVODGRUSDUDUHSRURGHVJDVWHELROyJLFRTXHHQIUHQWDTXHPWUDEDOKDjQRLWH
VHQGRFRQVLGHUDGDXPSHUtRGRSHQRVRGHWUDEDOKR
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

2(VWDGRHQWHQGRTXHpLPSRVVtYHOTXHDOJXPDVIXQo}HVQmRVHMDPH[HUFLGDVQRKRUiULRQRWXUQR
DFUHVFHXjMRUQDGDGLXUQDXPDGLFLRQDOSDUDFRPSHQVDURH[HUFtFLRSHQRVRQHVVHKRUiULR
'HVWDUWH YLVDQGR D DSXUDomR GR YDORU D KRUD QRWXUQD UHFHEH XP DGLFLRQDO HVSHFLDO GHWHUPLQDGR
FRPRDGLFLRQDOQRWXUQR(VVHDGLFLRQDOpQRPtQLPR YLQWHSRUFHQWR  &/7DUW VHQGRFHUWRTXH
DOJXQV DFRUGRV RX FRQYHQo}HV FROHWLYDV GHWHUPLQDP SHUFHQWXDO PDLRU 6H XP WUDEDOKDGRU FRP PHVPR
FDUJRGLXUQRJDQKD5 GH] UHDLVSRUKRUDHVVHPHVPRFDUJRQRSHUtRGRQRWXUQRJDQKDUi5
GR]H UHDLV 55>5[@GHDGLFLRQDOQRWXUQR 6HRHPSUHJDGRWUDEDOKDRPrV
WRGRQRSHUtRGRQRWXUQRHJDQKD5 PLO UHDLVGHVDOiULRHOHUHFHEHUiVHXVDOiULRWRWDODFUHVFLGR
GR  YLQWH SRU FHQWR  GR DGLFLRQDO QRWXUQR 5   5  GH DGLFLRQDO QRWXUQR  5
 
2HPSUHJDGRSRGHH[HUFHUKRUDVH[WUDVQRSHUtRGRQRWXUQRGHYHQGRVHUUHPXQHUDGRFRPEDVHQDV
UHJUDVGDVKRUDVH[WUDVHDFUHVFLGRGRVGRDGLFLRQDOQRWXUQR
6XSUHVVmR2 DGLFLRQDO QRWXUQR SRGH VHU VXSULPLGR FDQFHODGR H[WLQWR FDVR R HPSUHJDGR PXGH R
VHXWXUQRGHWUDEDOKRGHL[DQGRGHWUDEDOKRQRSHUtRGRQRWXUQRHHSDVVDQGRDWUDEDOKDUQRSHUtRGRGLXUQR
6~PXOD  GR 767 $',&,21$/ 1278512 $/7(5$d2 '( 78512 '( 75$%$/+2
3266,%,/,'$'('(6835(662 PDQWLGD 5HV'-H $ WUDQVIHUrQFLD
SDUDRSHUtRGRGLXUQRGHWUDEDOKRLPSOLFDDSHUGDGRGLUHLWRDRDGLFLRQDOQRWXUQR

,PSRUWDQWH 2 PHQRU GH  DQRV GH LGDGH p SURLELGR R WUDEDOKR HP KRUiULR QRWXUQR &/7 DUW
 
+RUDV ([WUDV $ H[SUHVVmR KRUDV H[WUDV RX KRUDV VXSOHPHQWDUHV HTXLYDOHPVH H WDLV IHQ{PHQRV
RFRUUHPTXDQGRRHPSUHJDGRH[FHGHQDTXDQWLGDGHGHKRUDVFRQWUDWXDOPHQWHGHWHUPLQDGDV3RUH[HPSOR
XPHPSUHJDGRWUDEDOKDGDVjVKRUDVFRPKRUDGHLQWHUYDORSDUDUHSRXVRHDOLPHQWDomR
VHHOHHQWUDUDQWHVGDVQmRFXPSULUWRWDORXSDUFLDORVHXKRUiULRGHLQWHUYDORRXDLQGDVDLUDSyVDV
KRUDVFRQILUPDQGRHVWDUjGLVSRVLomRRXH[HUFHQGRDDWLYLGDGHSDUDRHPSUHJDGRUFDUDFWHUL]DVHD
KRUDH[WUDRXKRUDVXSOHPHQWDU
3RUpPHVVHIHQ{PHQRQmRRFRUUHLVRODGRHOHpSDUWHGHXPDFRUGRHVFULWRSUpHVWDEHOHFLGRHQWUHR
HPSUHJDGRUHRHPSUHJDGRGHQRPLQDGRFRPR$FRUGRGH3URUURJDomR
2DFRUGRGHSURUURJDomRYLVDDWHQGHURHPSUHJDGRUTXHSRUQDWXUH]DGDFLUFXQVWkQFLDGRPRPHQWR
UHTXHUGRHPSUHJDGRXPDGLVSRQLELOLGDGHPDLRUGHVHXKRUiULRFRQWUDWXDO
$OHJLVODomRGRWUDEDOKR &/7DUW YLVDQGRJDUDQWLUSURWHomRDRHPSUHJDGRHQmRGHL[DUROLPLWH
GRWHPSRSRUFRQYHQLrQFLDGRHPSUHJDGRUSURFXURXOLPLWDUHVWDSURUURJDomRD

 KRUDVGLiULDV


3RGHUiVHUVXEVWLWXtGRRDFRUGRLQGLYLGXDOHQWUHDVSDUWHVSHORDFRUGRFROHWLYRGHWUDEDOKRRXVHMD
KDYHQGRSUHYLVmRQHVVHDFRUGRQmRKiQHFHVVLGDGHGHWHUPRGHSURUURJDomRHQWUHDVSDUWHV
'HQWURGHVVHDVSHFWRROHJLVODGRUFRQVWLWXLQWHWUDWRXGHFULDUPHFDQLVPRTXHSXGHVVHGDUYDQWDJHP
WDPEpP DR HPSUHJDGR SRLV QXP SULPHLUR PRPHQWR R H[FHGHQWH HVWDULD DSHQDV DWLQJLQGR D DWLYLGDGH
HFRQ{PLFD GR HPSUHJDGRU $VVLP D &/7 DUW    GHWHUPLQRX TXH D GXUDomR GDV KRUDV H[WUDV IRVVH
DFUHVFLGDGHQRPtQLPR

QRVGLDVQRUPDLVHQRVGRPLQJRVHIHULDGRV
e FRPXP HQFRQWUDU QRV DFRUGRV RX FRQYHQo}HV FROHWLYDV SHUFHQWXDLV GLIHUHQFLDGRV YDULDQGR SHOD
TXDQWLGDGHGHKRUDRXGLDGDVHPDQD
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

$IyUPXODSDUDFDOFXODUWDODGLFLRQDOVREUHDVKRUDVQRUPDLVSRGHVHUDVVLPFRQVLGHUDGD
6DOiULR0HQVDO
-RUQDGD0HQVDO
9DORU6DOiULR
$GLFLRQDO
9DORUD3DJDU
+RUD
+RUD
$
%
&
'
(
5

$%
GH&
&'
5

5
5
5
1RWD2 OLPLWH GH  GXDV  KRUDV SRGH VHU URPSLGR TXDQGR D HPSUHVD HQFRQWUDVH HP VLWXDomR GH
HPHUJrQFLD HQWHQGLGD FRPR WDO DTXHOD TXH FRORTXH HP ULVFR DV DWLYLGDGHV HFRQ{PLFDV GD HPSUHVD
SRGHQGR DFDUUHWDU SUHMXt]RV PDQLIHVWRV $SUHVHQWDQGR HVVH TXDGUR R HPSUHJDGRU GHYHUi FRPXQLFDU R
yUJmRGRWUDEDOKRORFDOFRPSHWHQWH QRUPDOPHQWHD'57 QXPSUD]RGH GH] GLDVHSDJDUiRDGLFLRQDO
GDVKRUDVH[WUDVQRSHUFHQWXDOGH YLQWHHFLQFRSRUFHQWR 0DVGHIRUPDQHQKXPDGHYHUiXOWUDSDVVDU
 GR]H KRUDVWRWDOGHWUDEDOKRGLiULR&/7DUWH
$V YDULDo}HV HQWUH  FLQFR  H  GH]  PLQXWRV GLiULRV QmR VHUmR FRPSXWDGDV FRPR KRUDV H[WUDV
&/7DUW 
2HPSUHJDGRFRPLVVLRQDGRWDPEpPUHFHEHKRUDVH[WUDVFDOFXODQGRVREUHRYDORUGDVFRPLVV}HVD
HODVUHIHUHQWHV 7676~PXOD 
*UDWLILFDomRSRUWHPGHVHUYLoRVHJRUMHWDLQWHJUDPDEDVHGHFiOFXORGDVKRUDVH[WUDV 7676~PXOD
H6~PXOD 
+RUDV([WUDV+DELWXDLV2FiOFXORGRYDORUGDVKRUDVH[WUDVKDELWXDLVSDUDHIHLWRGHUHIOH[RVHP
YHUEDVWUDEDOKLVWDVREVHUYDUiRQ~PHURGDVKRUDVHIHWLYDPHQWHSUHVWDGDVHVREUHHOHDSOLFDVHRYDORUGR
VDOiULRKRUDGDpSRFDGRSDJDPHQWRGDTXHODVYHUEDV 7676~PXOD 2EVHUYDVHTXHQDDSXUDomR
GR FiOFXOR GDV YHUEDV WUDEDOKLVWDV QmR VH FRQVLGHUD R YDORU UHFHELGR D pSRFD GR SDJDPHQWR GDV KRUDV
H[WUDVPDVDTXDQWLGDGHGHKRUDVH[WUDVUHDOL]DGDV
&DQFHODPHQWRGDV+RUDV([WUDV$VXSUHVVmRSHORHPSUHJDGRUGRVHUYLoRVXSOHPHQWDUSUHVWDGR
FRP KDELWXDOLGDGH GXUDQWH SHOR PHQRV XP DQR DVVHJXUD DR HPSUHJDGR R GLUHLWR j LQGHQL]DomR
FRUUHVSRQGHQWHDRYDORUGHXPPrVGDVKRUDVVXSULPLGDVSDUDFDGDDQRRXIUDomRLJXDORXVXSHULRUD
VHLV PHVHV GH SUHVWDomR GH VHUYLoR DFLPD GD MRUQDGD QRUPDO 2 FiOFXOR REVHUYDUi D PpGLD GDV KRUDV
VXSOHPHQWDUHVHIHWLYDPHQWHWUDEDOKDGDVQRV~OWLPRVGR]HPHVHVPXOWLSOLFDGDSHORYDORUGDKRUDH[WUDGR
GLDGDVXSUHVVmR 7676~PXOD 

,PSRUWDQWH1DVDWLYLGDGHVLQVDOXEUHVDVVLPFRQVLGHUDGDVDVFRQVWDQWHVGRVTXDGURVPHQFLRQDGRV
QR FDStWXOR 'D 6HJXUDQoD H GD 0HGLFLQD GR 7UDEDOKR RX TXH QHOHV YHQKDP D VHU LQFOXtGDV SRU DWR GR
0LQLVWUR GR 7UDEDOKR TXDLVTXHU SURUURJDo}HV Vy SRGHUmR VHU DFRUGDGDV PHGLDQWH OLFHQoD SUpYLD GDV
DXWRULGDGHV FRPSHWHQWHV HP PDWpULD GH PHGLFLQD GR WUDEDOKR DV TXDLV SDUD HVVH HIHLWR SURFHGHUmR DRV
QHFHVViULRVH[DPHVORFDLVHjYHULILFDomRGRVPpWRGRVHSURFHVVRVGHWUDEDOKRTXHUGLUHWDPHQWHTXHUSRU
LQWHUPpGLRGHDXWRULGDGHVVDQLWiULDVIHGHUDLVHVWDGXDLVHPXQLFLSDLVFRPTXHPHQWUDUmRHPHQWHQGLPHQWR
SDUDWDOILP
0DLVLQIRUPDomRVREUH+RUDV([WUDV
+RUD &RPSHQVDWyULD RX %DQFR GH +RUDV 2 HPSUHJDGRU SRGH DGRWDU XP SURFHGLPHQWR GH
FRQFHQWUDUVXDDWLYLGDGHQXPSHUtRGRGDVHPDQDPDVGHYHUiSURSRUFLRQDUDRHPSUHJDGRUHGXomRQRXWUR
GLD 'HVVD IRUPD R HPSUHJDGRU SRGH URPSHU D EDUUHLUD GDV  RLWR  KRUDV GLiULDV PDV QmR SRGHUi
XOWUDSDVVDU D GDV  GH]  KRUDV GLiULDV H  TXDUHQWD  H TXDWUR  VHPDQDLV 3RGHQGR FRPSHQVDU HP
TXDOTXHU pSRFD QmR QHFHVVDULDPHQWH QD PHVPD VHPDQD $ HVVH IHQ{PHQR GiVH R WLWXOR GH +RUDV GH
&RPSHQVDomRRX$FRUGRGH&RPSHQVDomR
3DUDTXHLVVRVHMDSRVVtYHORHPSUHJDGRUGHYHUiSDUWLFLSDUGHXPDFRUGRWULDQJXODUYHMDPRV
6,1',&$72
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

(035(*$'25(035(*$'2
eLPSUHVFLQGtYHOGL]HUTXHWDODFRUGRWULDQJXODUpGHQDWXUH]DREULJDWyULD &/7DUW VHPR
TXDOSRGHUiDVLVWHPDGHFRPSHQVDomRVHUDQXODGR
(0(17$%$1&2'(+25$69$/,'$'(3DUDWHUYDOLGDGHREDQFRGHKRUDVGHSHQGHGHSUpYLRDMXVWHHQWUHRV
VLQGLFDWRVSDWURQDOHGHHPSUHJDGRVDWUDYpVGHDXWRUL]DomRHPFRQYHQomRRXDFRUGRFROHWLYRGHWUDEDOKR SDUiJUDIR
GRDUWGD&/7 $VLPSOHVH[LVWrQFLDGRVLVWHPDVHPDGHYLGDFRPSURYDomRGHVXDLPSODQWDomROHJDOWRUQD
LQyFXR R VLVWHPD GH FRPSHQVDomR GH KRUDV DGRWDGR SHOD HPSUHVD 5HFXUVR 2UGLQiULR D TXH VH Gi SURYLPHQWR
SDUFLDOQRSDUWLFXODU

&203(16$d2'(+25$69$/,'$'(5HFHQWHMXULVSUXGrQFLDFULVWDOL]RXVHQRVHQWLGR  GH
TXHDFRPSHQVDomRGHKRUDVpYiOLGDVHSDFWXDGDLQGLYLGXDOPHQWH RULHHQWDomRMXULVSUXGHQFLDOQ
6',767  &RQFOXLVH SRUWDQWR TXH D  FRPSHQVDomR  WiFLWD  QRV  PROGHV  UHTXHULGRV  SHOD  HPSUHVD
UHOHJDDRLQWHLURDUEtWULRSDWURQDOUHIHULGDFRPSHQVDomRFDXVDQGRLQVHJXUDQoDDRWUDEDOKDGRU7HQGRVH
SRU  LQH[LVWHQWH  DFRUGR WiFLWR GH FRPSHQVDomR GHYLGDV FRPR H[WUDV DTXHODV SUDWLFDGDV DSyV D RLWDYD
GLiULD
6HFUHWDULDGD5HODomRGR7UDEDOKR3RUWDULDV657QGH(0(17$1%$1&2'(+25$6
1(*2&,$d2 &2/(7,9$ $ FRPSHQVDomR GH MRUQDGD GH WUDEDOKR SUHYLVWD QR   GR DUW  GD
&RQVROLGDomR GDV /HLV GR 7UDEDOKR VRPHQWH SRGH VHU HIHWLYDGD SRU FRQYHQomR RX DFRUGR FROHWLYR GH
WUDEDOKR 6H SDFWXDGD PHGLDQWH DFRUGR LQGLYLGXDO WHUi R HPSUHJDGRU TXH SDJDU FRPR H[WUDV DV KRUDV
WUDEDOKDGDVDOpPGDVUHJXODPHQWDUHVGRFRQWUDWRGHWUDEDOKR
3URFXURXDLQGDROHJLVODGRU &/7DUW OLPLWDURSHUtRGRVHQGRYiOLGRDFRPSHQVDomRTXH
YLJRUHSRU

DQR
2SHUtRGRDQXDOVHUiFRQWDGRDSDUWLUGRPRPHQWRTXHRDFRUGRIRUILUPDGRHQWUHDVSDUWHVHPSUHVDH
VLQGLFDWRRXLPSODQWDomRGRUHJLPHGHFRPSHQVmRFDVRKDMDSUHYLVmRQDQRUPDFROHWLYD2DFRUGRHQWmR
SUHVWLJLDUi DTXHOHV SUHVHQWH QR PRPHQWR GD FHOHEUDomR H UHFHSFLRQDUiRV GHPDLV DGLPLWLGRV PHGLDQWH
DQXrQFLDQRGHFXUVRGRSHUtRGR
$SyVHVVH SHUtRGR KDYHQGR LQWHUHVVH GR HPSUHJDGRU GHYHUi VHU ILUPDGR QRYR DFRUGR 1mR Ki QD
QRUPD MXUtGLFD XPD GHWHUPLQDomR GR SHUtRGR GH LQtFLR GH ILP SRUpP WHP VLGR XPD SUiWLFD DV HPSUHVDV
DGRWDUHPRH[HUFtFLRGRDQROHWLYRSDUDRFRQWUROHGDFRPSHQVDomR
1D RFRUUrQFLD GD UHVFLVmR FRQWUDWXDO DV KRUDV UHDOL]DGDV QR SHUtRGR GH FRPSHQVDomR RX EDQFR GH
KRUDV GHYHP VHU SDJDV FRPR KRUDV H[WUDV LQFLGLQGR LQFOXVLYH FRPR UHIOH[R QDV YHUEDV UHVFLVyULDV
7DPEpP GHYHUi VHU VDOGDGR FRPR KRUDV H[WUDV DV KRUDV GH FRPSHVDomR RX EDQFR GH KRUDV TXH
XOWUDSDVVDUHPRYHQFLPHQWRGHDQRGRDFRUGRGHFRPSHQVDomR
2 DFRUGR GH FRPSHQVDomR QmR DMXVWDGR H VHJXLGR FRUUHWDPHQWH SRGHUi VHU GHVFDUDFWHUL]DGR H
SHUPLWLUiRHPSUHJDGRUHFODPDUDVKRUDVH[WUDVFRPRVHOrDEDL[R
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

7671&203(16$d2'(-251$'$
,$FRPSHQVDomRGHMRUQDGDGHWUDEDOKRGHYHVHUDMXVWDGDSRUDFRUGRLQGLYLGXDOHVFULWRDFRUGRFROHWLYR
RXFRQYHQomRFROHWLYD
,,2DFRUGRLQGLYLGXDOSDUDFRPSHQVDomRGHKRUDVpYiOLGRVDOYRVHKRXYHUQRUPDFROHWLYDHPVHQWLGR
FRQWUiULR
,,,2PHURQmRDWHQGLPHQWRGDVH[LJrQFLDVOHJDLVSDUDDFRPSHQVDomRGHMRUQDGDLQFOXVLYHTXDQGR
HQFHWDGDPHGLDQWHDFRUGRWiFLWRQmRLPSOLFDDUHSHWLomRGRSDJDPHQWRGDVKRUDVH[FHGHQWHVjMRUQDGD
QRUPDOGLiULDVHQmRGLODWDGDDMRUQDGDPi[LPDVHPDQDOVHQGRGHYLGRDSHQDVRUHVSHFWLYRDGLFLRQDO
,9$SUHVWDomRGHKRUDVH[WUDVKDELWXDLVGHVFDUDFWHUL]DRDFRUGRGHFRPSHQVDomRGHMRUQDGD1HVWD
KLSyWHVHDVKRUDVTXHXOWUDSDVVDUHPDMRUQDGDVHPDQDOQRUPDOGHYHUmRVHUSDJDVFRPRKRUDV
H[WUDRUGLQiULDVHTXDQWRjTXHODVGHVWLQDGDVjFRPSHQVDomRGHYHUiVHUSDJRDPDLVDSHQDVRDGLFLRQDO
SRUWUDEDOKRH[WUDRUGLQiULR
1RWD $ FRPSHQVDomR GH KRUDV p DSOLFiYHO WDPEpP j PXOKHU HP UD]mR GD &RQVWLWXLomR )HGHUDO
HVWDEHOHFHURVPHVPRVGLUHLWRVHGHYHUHVDRKRPHPHDPXOKHU
+RUD 7XUQR RX 5HYH]DPHQWR &RQVWLWXLomR )HGHUDO DUW  LQFLVR ;,9 H ,QVWUXomR 1RUPDWLYD Q
GR07(TXDQGRRHPSUHJDGRUWHPVXDDWLYLGDGHHFRQ{PLFDHVWDEHOHFLGDQDIRUPDGHWXUQRVRX
VHMDDHPSUHVDWHPVHUYLoRPDQKmWDUGHHQRLWHHHPSUHJDGRVWUDEDOKDQGRQHVVHVSHUtRGRVHPVLVWHPDGH
URGt]LRpDWULEXtGRDHVVDIRUPDGHWUDEDOKRDFKDPDGDKRUDSRUWXUQR,QGHSHQGHGRWLSRGDDWLYLGDGHGD
HPSUHVD RX GD IXQomR GR HPSUHJDGR VH HVWH SRGH WHU VHX WXUQR DOWHUDGR XP GLD WUDEDOKD SHOD PDQKm
QRXWURjWDUGHHRXWURjQRLWHHOHIDWDOPHQWHFXPSUHGXUDomRGHWXUQRHORJRWHPOLPLWHGLiULRGH

KRUDV
2HPSUHJDGRUTXHDGRWDUVLVWHPDIL[RGHWXUQRHQmRGHUHYH]DPHQWRQmRHVWDUiYLQFXODGRDRWXUQR
GH VHLV KRUDVSRGHQGRDVVLPXWLOL]DUDMRUQDGDGH RLWR KRUDV(QWHQGHVH SRUVLVWHPD IL[R DTXHOH
TXHRHPSUHJDGRQmRID]URGt]LRGHWUDEDOKRHQWUHPDQKmWDUGHRXQRLWH
1RWD2LQWHUYDORQDGXUDomRGDMRUQDGDGLiULD H[PLQXWRV RXQRGHVFDQVRVHPDQDO GRPLQJR
RXIHULDGR QmRGHVFDUDFWHUL]DRWXUQRLQLQWHUUXSWR/HPEUDQGRTXHQmRpFRQVLGHUDGRWHPSRGHWUDEDOKRR
LQWHUYDORSDUDUHIHLomR
+RUDV6REUHDYLVRRX3URQWLGmReDTXHODH[LVWHQWHTXDQGRRHPSUHJDGRVHPDQWpPjGLVSRVLomR
RXGHSURQWLGmRDHPSUHVD(VVHWLSRGHKRUDWHPSUHYLVmROHJDO &/7DUW SDUDDFDWHJRULDGRV
IHUURYLiULRVPDVDMXULVSUXGrQFLDDRORQJRGRWHPSRFRQVDJURXjVRXWUDVDWLYLGDGHV$VVLPFDUDFWHUL]D
VHDKRUDVREUHDYLVRLQGHSHQGHQWHGRORFDOGHWUDEDOKRFDWHJRULDGRHPSUHJDGRGLVWkQFLDLQVWUXPHQWRGH
WUDEDOKRPDVVLPRIDWRSULQFLSDOGRHPSUHJDGRHVWDUjGLVSRVLomRGRHPSUHJDGRUDJXDUGRVXDVRUGHQV
LPSHGLQGRDVVLPTXHHOHSRVVDH[HUFHUDOJXPDDWLYLGDGHSHVVRDOVHPGHVFXPSULUVXDIXQomR$ GRXWULQD
WHPHVFODUHFLGRTXHDFRQILJXUDomRVHGiSHORIDWRGRHPSUHJDGRVHUWROKLGRGRVHXGLUHLWRGHLUHYLURX
VHMDDJXDUGDQGRDVRUGHQVHPVXDUHVLGrQFLD
4XDQGRRHPSUHJDGRH[HUFHUHIHWLYDPHQWHDVKRUDVGHVREUHDYLVRRHPSUHJDGRUGHYHUiUHPXQHUDUD
KRUDQRUPDOFRPRDFUpVFLPRGHRXGRYDORU([HPSOR6DOiULR%DVH5  KV
5   5
'LIHUHVHRVREUHDYLVRGRUHJLPHGHSURQWLGmRSRLVHVWHH[LVWHTXDQGRRHPSUHJDGRSHUPDQHFHQDV
GHSHQGrQFLDV GR HPSUHJDGRU DJXDUGDQGR RUGHQV $V KRUDV GH HVSHUD HQWmR VHUmR UHPXQHUDGDV FRP
DFUpVFLPRGHRXGRYDORUQRUPDO([HPSOR6DOiULR%DVH5  KV 5
  5
1mR FDUDFWHUL]D UHJLPHGH VREUHDYLVRRIDWRGHRHPSUHJDGR VHUFKDPDGRSDUDSUHVWDU VHUYLoRV GH
XUJrQFLD TXDQGR HVWHV QmR GHFRUUHP GD REULJDWRULHGDGH GH SHUPDQrQFLD HP VXD UHVLGrQFLD SDUD RV
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

UHVSHFWLYRVDWHQGLPHQWRVQmRWROKLGRRHPSUHJDGRHPVXDOLEHUGDGHGHORFRPRomRGLVSRQGRSRUWDQGR
GH WHPSR SDUD VH GHGLFDU jV VXDV RFXSDo}HV HD WH PHVPR DR VHX OD]HU 767 55  -RmR
2UHVWHV'DOD]HQ$F7 
+RUD 'HVFDQVR RX ,QWHUYDOR &/7 DUW  D   +i HVVD KRUD DWULEXtVH R WHPSR XWLOL]DGR SHOR
HPSUHJDGR SDUD UHSRXVR RX DOLPHQWDomR (VVD GXUDomR GH GHVFDQVR SRGH VH GDU GHQWUR GR VHX KRUiULR
FRQWUDWXDO jVSiUDKRUDjV RXDLQGDGHXPDMRUQDGDGHWUDEDOKRGHXPGLD
SHODMRUQDGDGHWUDEDOKRGHRXWURGLD WUDEDOKDQRGLDGDVjVKRUDVHVyYROWDQRGLD
jVKRUDV WHPSRQHVVHH[HPSOR TXLQ]H KRUDVGHGHVFDQVR

$VVLPpSRVVtYHOXWLOL]DUXPDWDEHODSDUDHVVHVLQWHUYDORVYHMDPRV
3(52'2
$WpKRUDV
'HDKRUDV
$FLPDGHKRUDV
(QWUHXPGLDHRRXWUR
(QWUHXPDVHPDQDHDRXWUD

'85$d2'2,17(59$/2
PLQXWRV
PLQXWRV
KRUD
KRUDV
KRUDV'65

1D&/7DVSUHYLV}HVGRVLQWHUYDORVVmRGHWHUPLQDGDVHFDVRQmRKDMDSUHYLVmRHPQRUPDFROHWLYD
RV LQWHUYDOR FRQFHGLGRV SHOD HPSUHVD GHYHP VHU FRQVLGHUDGRV FRPR KRUiULR GH WUDEDOKR QRUPDO 2
HQWHQGLPHQWR VH Gi SHOD IDWR GH QmR KDYHU SUHYLVmR OHJDO H R HPSUHJDGR VH HQFRQWUDU j GLVSRVLomR GR
HPSUHJDGRU([HPSORLQWHUYDORSDUDRFDIpPDQKmRXWDUGH

,PSRUWDQWH8PDHPSUHVDSRGHSHUPLWLUTXHRLQWHUYDORVHMDVXSHULRUjKRUDSRGHQGRFKHJDU
DWp GXDV  &/7DUW SRGHQGRH[LVWLULQWHUYDORVXSHULRUGHYHQGRVHUFRQVHQWLGRDWUDYpVGHDFRUGRRX
FRQYHQomRFROHWLYD$OHJLVODomRDLQGDRULHQWDTXHRGHVFDQVRVHPDQDOGHYHVHUSUHIHUHQFLDOPHQWHDRV
GRPLQJRVGDVHPDQDRXQRPrVREULJDWRULDPHQWHXPGRPLQJRQRPtQLPR
'HWHUPLQDGDV IXQo}HV SRVVXHP FDUDFWHUtVWLFDV SUySULDV GH VXD
QDWXUH]D H YLQFXODVH D XPD SURWHomR PDLRU GH VHJXUDQoD H VD~GH QR
WUDEDOKR SRU HVVD UD]mR D OHL GHWHUPLQDGD TXH WHQKDP SHTXHQRV
LQWHUYDORV ([HPSOR GHVVDV IXQo}HV VmR GLJLWDGRU GDWLOyJUDIRV H
DVVHPHOKDGRV $ OHJLVODomR p FODUD H GHWHUPLQD TXH D FDGD 
QRYHQWD PLQXWRVKDMD GH] PLQXWRVGHLQWHUYDORQmR GHGX]LGR
GHVXDMRUQDGDGHWUDEDOKR
+i QD 1RUPD 5HJXODPHQWDGRUD  GD 6HJXUDQoD H 6D~GH GR
7UDEDOKDGRU D RULHQWDomR GH D FDGD  FLQTHQWD  PLQXWRV
FRQFHGHU GH] PLQXWRVGHLQWHUYDOR
1RWD6HRLQWHUYDORSDUDGHVFDQVRIRUVXSULPLGRRSHUtRGRWUDEDOKDGRGHYHUiVHUUHPXQHUDGRFRPR
DFUpVFLPRGHKRUDVH[WUDV
4XDOTXHU TXH VHMD R SHUtRGR GH LQWHUYDOR LQWUDMRUQDGD GH WUDEDOKR QmR LQWHJUD D FRQWDJHP GD
MRUQDGDGHWUDEDOKRGLiULD &/7DUW 
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

2 LQWHUYDOR GH  XPD  SRGH VHU UHGX]LGR PHGLDQWH DXWRUL]DomR GR 0LQLVWUR GR 7UDEDOKR TXDQGR
YHULILFDGRDH[LVWrQFLDGHUHIHLWyULRQRORFDOHDLQH[LVWrQFLDGHKRUDVH[WUDVQDHPSUHVD
2WUDEDOKDGRUUXUDOWHP VHX LQWHUYDOR XP SRXFR GLIHUHQWH GR LQWHUYDOR GR HPSUHJDGR XUEDQR 1RV
VHUYLoRV LQWHUPLWHQWHV TXH VmR H[HFXWDGRV HP GXDV RX PDLV HWDSDV GLiULDV QmR VHUmR FRPSXWDGRV FRPR
WHPSRGHVHUYLoRRVLQWHUYDORVHQWUHHWDSDVGHVGHTXHKDMDUHVVDOYDGHWDOKLSyWHVHQD&736GRHPSUHJDGR
/HLDUW
+RUD,Q,WLQHUHRX,QWLQHUiULR1mRKiSUHYLVmRQD&/7SDUDHVVDFDUDFWHUtVWLFDGHKRUDPDVD
MXULVSUXGrQFLDWHPFRQVDJUDGRRSHUtRGRJDVWRSHORHPSUHJDGRQRSHUFXUVRFDVDWUDEDOKRWUDEDOKR
FDVDTXDQGRDHPSUHVDIRUQHFHWUDQVSRUWHSDUWLFXODUSHODLQH[LVWrQFLDGRWUDQVSRUWHS~EOLFRRXORFDOGH
GLItFLO DFHVVR (VVH SHUtRGR HQWmR SDVVD D LQWHJUDU D MRUQDGD GH WUDEDOKR GHYHQGR VHU FRQVLGHUDGR QD
UHPXQHUDomRPHQVDO 7676~PXOD 
6~PXODGR767
,2WHPSRGHVSHQGLGRSHORHPSUHJDGRHPFRQGXomRIRUQHFLGDSHORHPSUHJDGRUDWpRORFDOGHWUDEDOKR

GH GLItFLO DFHVVR RX QmR VHUYLGR SRU WUDQVSRUWH S~EOLFR UHJXODU H SDUD R VHX UHWRUQR p FRPSXWiYHO QD
MRUQDGDGHWUDEDOKR
,,$LQFRPSDWLELOLGDGHHQWUHRVKRUiULRVGHLQtFLRHWpUPLQRGDMRUQDGDGRHPSUHJDGRHRVGRWUDQVSRUWH
S~EOLFRUHJXODUpFLUFXQVWkQFLDTXHWDPEpPJHUDRGLUHLWRjVKRUDVLQLWLQHUH
,,,$PHUDLQVXILFLrQFLDGHWUDQVSRUWHS~EOLFRQmRHQVHMDRSDJDPHQWRGHKRUDVLQLWLQHUH
,9  6H KRXYHU WUDQVSRUWH S~EOLFR UHJXODU HP SDUWH GR WUDMHWR SHUFRUULGR HP FRQGXomR GD HPSUHVD DV
KRUDVLQLWLQHUHUHPXQHUDGDVOLPLWDPVHDRWUHFKRQmRDOFDQoDGRSHORWUDQVSRUWHS~EOLFR
9  &RQVLGHUDQGR TXH DV KRUDV LQ LWLQHUH VmR FRPSXWiYHLV QD MRUQDGD GH WUDEDOKR R WHPSR TXH
H[WUDSROD D MRUQDGD OHJDO p FRQVLGHUDGR FRPR H[WUDRUGLQiULR H VREUH HOH GHYH LQFLGLU R DGLFLRQDO
UHVSHFWLYR
+RUDV LQ LWLQLHUH QXV GD SURYD 2 {QXV GD SURYD GR GLUHLWR jV KRUDV LQ LWLQHUH p GR UHFODPDQWH SRU VH
WUDWDUGHIDWRFRQVWLWXWLYRHPTXHVHWRUQDQHFHVViULDDFRPSURYDomRGHORFDOGHWUDEDOKRGHGLItFLODFHVVR
RX QmR VHUYLGR SRU WUDQVSRUWH S~EOLFR UHJXODU FRQIRUPH GHVFULWR QR 9HUEHWH  GD 6~PXOD GHVWD &RUWH
767(55&QpD0RUHLUD$F6%',

)250$'(&21752/(

3DUD R HPSUHJDGRU p SULPRUGLDO DGRWDU XP VLVWHPD GH FRQWUROH GR UHJLVWUR GD MRUQDGD GH WUDEDOKR
SUDWLFDGD SHOR HPSUHJDGR $ DXVrQFLD GHVVH FRQWUROH p XP GRV PDLRUHV SUREOHPDV HQIUHQWDGRV SHODV
HPSUHVDVQDMXVWLoDGRWUDEDOKRGHYHQGRHQWmRUHFHEHUXPDDWHQomRHVSHFLDOQmRVyQDH[LVWrQFLDPDV
WDPEpPQRWUHLQDPHQWRGRHPSUHJDGRTXHLUiRSHUDFLRQDOL]DURVLVWHPDEHPFRPRXPDSROtWLFDFODUDH
H[WHQVLYDDRVHPSUHJDGRVHTXHFRQGL]FRPDVDWLYLGDGHVGDHPSUHVD
'HVVD IRUPD WHPRV DOJXPDV RSo}HV TXH SRGHP VHU DGRWDGDV H FDGD TXDO UHTXHU XP SURFHGLPHQWR
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

GLIHUHQWHHDGRomRGHFRQWUROHHVSHFtILFRVHPSUHYLVDQGRRFXPSULPHQWRGDOHL
0DQXDO e R FRQWUROH IHLWR GH IRUPD WUDQVFULWD SHOR HPSUHJDGR GLUHWDPHQWH QXP OLYUR RX IROKD
LQGLYLGXDOGHSUHVHQoDDSURSULDGRVSDUDRUHJLVWUReLPSUHVFLQGtYHOTXHRVGDGRVGRHPSUHJDGRU QRPH
&13- H HQGHUHoR  H GR HPSUHJDGR QRPH FDUJR KRUiULR GH WUDEDOKR FRQWUDWXDO Q~PHUR GH UHJLVWUR
SHUtRGRDTXHVHUHIHUHRDSRQWDPHQWRHHVSDoRSDUDDVVLQDWXUD 'HYHRUHJLVWURWUDQVFULWRVHUILHODRIDWR
RXVHMDDMXVWLoDQmRWROHUDUHJLVWURFRPKRUDILFWtFLDSUpDVVLQDODGDSRUH[HPSORHPSUHJDGRTXHUHJLVWUD
WHUHQWUDGRWRGRVRVGLDVjVKRUDVRTXHpLPSRVVtYHOQDSUiWLFD
(0(17$&$572'(321722%5,*$725,('$'((()(,726126(32'($&2/+(5&2023529$'$
-251$'$ &$57(6 (0 48( (672 $66,1$/$'26 +255,26 $%62/87$0(17( ,19$5,9(,6 $,1'$
0$,66('(021675$'248((5$035((1&+,'263(/2(035(*$'25

0HFkQLFR6LVWHPDXWLOL]DGRFRPUHOyJLRPHFkQLFRHFDUWmRGHSRQWR'HYHVHUSUHHQFKLGRRVGDGRV
GR HPSUHJDGRU RX FRODU XPD HWLTXHWD VHP UDVXUDV R HPSUHJDGR UHJLVWUDUi R VHX KRUiULR QR VLVWHPD GH
PDUFDomRPHFkQLFD
(OHWU{QLFRRX'LJLWDO$WXDOPHQWHRPDLVXWLOL]DGRSRGHQGRVHUYLUFRPRFUDFKiGHLGHQWLILFDomRH
QRYHUVRWDUMDPDJQpWLFDSDUDUHJLVWUDUQRUHOyJLRGLJLWDO$LPSUHVVmRGDIROKDGHSRQWRQRILQDOGRPrV
QmRSRGHIXJLUDRVLWHQVMiFLWDGRVDFLPD
6HMDTXDOIRURPRGHORDGRWDGRRUHJLVWURpSHVVRDOHDDVVLQDWXUDQRDSRQWDPHQWRPHQVDOGHYHVHU
DGRWDGD $OJXQV WULEXQDLV WHP H[LJLGR D DVVLQDWXUD PHVPR QR HOHWU{QLFR SRLV Ki HQWHQGLPHQWR GH TXH
VHQGRSRVVtYHODOWHUDURVGDGRVpGLUHLWRGRHPSUHJDGRWHURFRQKHFLPHQWRGRIHFKDPHQWRGHWDOVRUWHTXH
VHDDVVLQDWXUDQmRIRUODQoDGDpQXORRVUHJLVWURVQDIROKRGHDSRQWDPHQWR
(0(17$ -251$'$ 683/(0(17$5 6,67(0$ ,1)250$7,=$'2 '( &21752/( '( 32172
,03266,%,/,'$'( '( &21)(51&,$ $36 $ ,035(662 '26 +255,26 /$1d$'26 e R UHJLVWUR GH
SRQWRTXHSRVVLELOLWDRFRQKHFLPHQWRGRKRUiULRHPSUHHQGLGRSHORHPSUHJDGRSHUPLWLQGRRSDJDPHQWRGRVVDOiULRVH
YDQWDJHQV GHFRUUHQWHV GD IUHTrQFLD DR WUDEDOKR VHQGR GR HPSUHJDGRU D UHVSRQVDELOLGDGH SHOD PDQXWHQomR GHVVHV
GRFXPHQWRV HP FRQVRQkQFLD FRP DV QRUPDV H[SHGLGDV VREUH PDWpULD 5HODWyULRV GH IUHTrQFLD LPSUHVVRV DWUDYpV
GH VLVWHPD LQIRUPDWL]DGR GR FRQWUROH GH KRUiULR VHP D DVVLQDWXUD GR REUHLUR FDUHFHP GH YDOLGDGH GHYHQGR VHU
UHFRQKHFLGDDMRUQDGDVXSOHPHQWDULQIRUPDGDSHORDXWRU5HFXUVRRUGLQiULRDTXHVHGiSURYLPHQWR

2VUHJLVWURVGHYHPVHUIHLWRVREULJDWRULDPHQWHQRKRUiULRGHHQWUDGDHVDtGD0HQFLRQDUQRFRUSRGD
IROKD RX FDUWmR GH SRQWR R KRUiULR GH LQWHUYDOR 1DGD LPSHGH GH TXH R HPSUHJDGR UHJLVWUH WRGRV RV
PRYLPHQWRV HQWUDGDVDtGDSDUDLQWHUYDORUHWRUQRGRLQWHUYDORWpUPLQRGDMRUQDGD 

,PSRUWDQWH 2 HPSUHJDGRU TXH SRVVXLU DWp  GH]  HPSUHJDGRV QmR p REULJDGR D XWLOL]DU
QHQKXPVLVWHPDGHFRQWUROH &/7DUW SRUpPQmRpDFRQVHOKiYHODGRWDUHVWDRSomRSRUTXHQDSUiWLFD
R {QXV SDUD R HPSUHJDGRU QXPD HYHQWXDO UHFODPDomR WUDEDOKLVWD p DOWR $ HPSUHVD TXH DGRWDU UHJLVWURV
PDQXDLVPHFkQLFRVRXHOHWU{QLFRVLQGLYLGXDOL]DGRVGHFRQWUROHGHKRUiULRGHWUDEDOKRFRQWHQGRDKRUDGH
HQWUDGDHVDtGDEHPFRPRDSUpDVVLQDODomRGRSHUtRGRGHUHSRXVRRXDOLPHQWDomRILFDGLVSHQVDGDGRXVR
GHTXDGURKRUiULR
$ OHJLVODomR VHOHFLRQRX GXDV IXQo}HV &/7 DUW  LQFLVR , H ,,  TXH SDVVDUDP D UHTXHUHP IRUPD
GLIHUHQFLDGDQRVHXWUDWDPHQWRVHMDSHODLPSRVVLELOLGDGHGHUHJLVWUDURXGDDXWRULGDGHQRWUDEDOKR$IDWR
pTXHVHRHPSUHJDGRUPDQWHUHPTXDGURDVIXQo}HVGH

$WLYLGDGH ([WHUQD QHVVH FDVR GHYHP VHU HQWHQGLGDV DV VLWXDo}HV TXH QmR VmR FRPEDWtYHLV FRPR
IL[DomRGHKRUiULRDTXHODVTXHLPSRVVLELOLWDPDILVFDOL]DomRSHODHPSUHVD$LPSRVVLELOLGDGHSRGHVHUGH
QDWXUH]D JHRJUiILFD RSHUDFLRQDO SHUFXUVRV SHUtRGR H DVVHPHOKDGRV 1mR VH YLQFXOD H[FOXVLYDPHQWH D
IXQomRPDVDRIDWRTXHLPSHGHRHPSUHJDGRUHJLVWUDURVHXKRUiULR$OJXPDVIXQo}HVVHDSUR[LPDPGHVVH
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

FDVR FDPLQKRQHLUR YLDMDQWHV PRWRULVWD GH SUDoD FRUUHWRU GH VHJXUR H[WHUQR HWF   1mR p R IDWR GR
HPSUHJDGR H[HUFHU DWLYLGDGH H[WHUQD TXH R GLVSHQVD GD PDUFDomR GR SRQWR PDV GD LPSRVVLELOLGDGH GH
FRQWUROHGDHPSUHVD
*HUHQWH$GRXWULQDWHPDGPLWLGRFRPRJHUHQWHDTXHOHTXHWHPFDUJRGHJHVWmRHQWHQGHQGRFRPR
WDOjTXHOHFRPSRGHUHVSDUDDGPLWLUGHPLWLUFRPSUDUYHQGHUWHUVXERUGLQDGRVRTXHVHDSUHVHQWDFRPR
HPSUHJDGRUeRH[HFXWLYRTXHSHODQDWXUH]DGHVXDVIXQo}HVSUHSRVWRYLDJHQVUHXQL}HVILFDLPSHGLGR
GHFXPSULUDPDUFDomRGHSRQWR1RUPDOPHQWHWHUSRGHUHVGHFRPDQGRFRPSURFXUDomRHQDDXVrQFLDGR
SURSULHWiULR p D ILJXUD PDLV SUy[LPD IUHQWH D WHUFHLURV$ TXHVWmR QmR p VHU JHUHQWH PDV WHU SRGHUHV GH
SURSULHWiULR
(PHQWD*HUHQWH+RUDV([WUDV3DUDTXHILTXHRJHUHQWHH[FHSFLRQDGRGRVSUHFHLWRVUHODWLYRVjGXUDomR
GRWUDEDOKRQHFHVViULDDLQHTXtYRFDGHPRQVWUDomRGHTXHH[HUoDWtSLFRVHQFDUJRVGHJHVWmRSUHVVXSRQGR
HVWDTXHRHPSUHJDGRVHFRORTXHHPSRVLomRGHYHUGDGHLURVXEVWLWXWRGRHPSUHJDGRURXFXMRH[HUFtFLR
FRORTXH HP MRJR  FRPR GL] 0DULD GH /D &XHYD  D SUySULD H[LVWrQFLD GD HPSUHVD VHXV LQWHUHVVHV
IXQGDPHQWDLV VXD VHJXUDQoD H D RUGHP HVVHQFLDO GR GHVHQYROYLPHQWR GH VXD DWLYLGDGH 767 55
&QpD0RUHLUD$F7 
+iFDVRVGRHPSUHJDGRSUHVWDUVHUYLoRVIRUDGRHVWDEHOHFLPHQWRGDHPSUHVDQHVVHVFDVRVGHYHVHU
XVDGRVLVWHPDGHFRQWUROHH[WHUQR ILFKDIROKDGHFRQWUROHHWF 

,PSRUWDQWH $GRXWULQDDLQGDGLVFXWHDUHODomRHQWUHDIXQomRHRVDOiULRRQGHDIXQomRSDUDVH
EHQHILFLDUGDGLVSHQVDGDPDUFDomRGHYHUHSUHVHQWDU TXDUHQWDSRUFHQWR DFLPDGDPpGLDVDODULDOGRV
GHPDLV HPSUHJDGRV (VVH HQWHQGLPHQWR p FRQWURYHUWLGR H TXHVWLRQiYHO SHOD H[FOXVLYLGDGH GD UHODomR
HFRQ{PLFDHQmRRSHUDFLRQDORTXHVHULDPDLVSUDWLFiYHOQDUHODomRGRWUDEDOKR
4XDQGR YHULILFDGR TXH R HPSUHJDGR SUHHQFKH DV FDUDFWHUtVWLFDV GD DWLYLGDGH H[WHUQD RX JHUHQWH p
QHFHVViULRPHQFLRQDUQD&736 DQRWDo}HVJHUDLV TXHRPHVPRHQFRQWUDVHGHVREULJDGRGDPDUFDomRGH
SRQWRFRPEDVHQD&/7DUW
1RWD 1RV GHPDLV FDVRV QmR Ki IXQGDPHQWDomR OHJDO SDUD OLEHUDU R HPSUHJDGR GD PDUFDomR GH
SRQWRGHYHQGRVHUDPHVPDUHDOL]DGDQRUPDOPHQWHHYLWDQGRSUREOHPDVWUDEDOKLVWDHILVFDLV

)$/7$6H$75$626
3RGHPRVDGPLWLUGRSRQWRGHYLVWDFRQWUDWXDOTXHIDOWDVHDWUDVRVGRHPSUHJDGRVmRDXVrQFLDVQR
FXPSULPHQWR GR SHUtRGR GR FRQWUDWR GH WUDEDOKR 2FRUUH TXH HVVDV DXVrQFLDV VH WUDGX]HP SDUD R
HPSUHJDGRUHPGLILFXOGDGHQDDGPLQLVWUDomRGRVVHXVQHJyFLRVSRLVDUHDOLGDGHGDVHPSUHVDVDWXDLVHGD
PmRGHREUD H[DWD QmR SUHYHQGR D DXVrQFLD GR HPSUHJDGR R TXH QD SUiWLFD SUHMXGLFD D SURGXomR GR
HPSUHJDGRU  3RU HVVH SULVPD R (VWDGR UHJXORX DV DXVrQFLD GR HPSUHJDGR HYLWDQGR R DEXVR H R
GHVFRQWUROH
3RUpPDOHJLVODomRFULRXDXWRUL]Do}HVTXHSRVVLELOLWDPDRHPSUHJDGRVHDXVHQWDUPHGLDQWHDSUHVHQWDomR
GHFRPSURYDQWHSDUDQmRVRIUHUGHVFRQWRV

02'$/,'$'(
)DOHFLPHQWRF{QMXJHDVFHQGHQWHHGHVFHQGHQWH
&DVDPHQWR
1DVFLPHQWRILOKR
'RDomRYROXQWiULDGHVDQJXH
$OLVWDPHQWRHOHLWRUDO
$ERUWRQmRFULPLQRVR
([DPHYHVWLEXODUFXUVRVXSHULRU
$WHVWDGRGHVD~GH
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO

3HUtRGR
GLDVFRQVHFXWLYRV
GLDVFRQVHFXWLYRV
GLD
GLDSRUDQR
GLDVFRQVHFXWLYRV
VHPDQDV
7RGRVRVGLDVGDSURYD
3HORSHUtRGRGRDWHVWDGR




-251$'$'(75$%$/+2

6HUYLoR0LOLWDU
&RPSDUHFHUDMXt]R

7RGRVRVGLDVQHFHVViULRV
7RGRVRVGLDVQHFHVViULRV

1mRSRGHPRVGHL[DUGHFLWDUTXHDOpPGHRXWUDVPRGDOLGDGHVGHDXVrQFLDVKiWDPEpPYDULDomRQD
TXDQWLGDGHGHGLDVVHQGRLPSRUWDQWHFRQVXOWDUDFRQYHQomRFROHWLYDGHWUDEDOKR
+i DXVrQFLDV TXH SRGHP VHU VXSRUWDGDV SHOR (PSUHJDGRU QDGD REVWD HVWD IDFXOGDGH $VVLP
SRGHPRVGLYLGLUIDOWDVHDWUDVRVHPTXDWURJUXSRV

/HJDLV VmRDTXHODVFRPDPSDURQD OHL RX FRQYHQomR FROHWLYD GH WUDEDOKR &/7 DUWH QRUPDV
FROHWLYDVGRVLQGLFDWR 
$ERQDGDVpIDFXOGDGHGRHPSUHJDGRUQmRGHVFRQWDURSHUtRGRDXVHQWH
-XVWLILFDGDVPHGLDQWHFRPSURYDQWHQmRDPSDUDGRSRUOHLPDVOLEHUDGRSHORHPSUHJDGRU
,QMXVWLILFDGDpDVLWXDomRVHPDPSDUROHJDOHQmROLEHUDGDSHORHPSUHJDGRU

,PSRUWDQWH $HPSUHVDpREULJDGDDERQDUDWp GH] PLQXWRVGLiULRVGHDWUDVR &/7DUW


 
1RWD2HPSUHJDGRTXHDSUHVHQWDUFRPSURYDQWHIDOVRFRPHWHPDXSURFHGLPHQWRSDVVtYHOGHMXVWD
FDXVD&/7DUWDOtQHDEH&yGLJR3HQDO$UW2PLWLUHPGRFXPHQWRS~EOLFRRXSDUWLFXODU
GHFODUDomR TXH GHOH GHYLD FRQVWDU RX QHOH LQVHULU RX ID]HU LQVHULU GHFODUDomR IDOVD RX GLYHUVD GD TXH
GHYLD VHU HVFULWD FRP R ILP GH SUHMXGLFDU GLUHLWR FULDU REULJDomR RX DOWHUDU D YHUGDGH VREUH IDWR
MXULGLFDPHQWHUHOHYDQWH
3HQDUHFOXVmRGH XP D FLQFR DQRVHPXOWDVHRGRFXPHQWRpS~EOLFRHUHFOXVmRGH XP
D WUrV DQRVHPXOWDVHRGRFXPHQWRpSDUWLFXODU
3DUiJUDIR~QLFR6HRDJHQWHpIXQFLRQiULRS~EOLFRHFRPHWHRFULPHSUHYDOHFHQGRVHGRFDUJRRXVHD
IDOVLILFDomRRXDOWHUDomRpGHDVVHQWDPHQWRGHUHJLVWURFLYLODXPHQWDVHDSHQDGHVH[WDSDUWH

2HPSUHJDGRSDUDUHFHEHUDUHPXQHUDomRGRUHSRXVRVHPDQDOUHPXQHUDGR'65
'RPLQJRH)HULDGR GHYHUiFXPSULULQWHJUDOPHQWHVXDMRUQDGDGHWUDEDOKRQDVHPDQD
3RGHQGR D HPSUHVD GHVFRQWDU R '65 QD SURSRUomR GH  QD VHPDQD TXDQGR GR
GHVFXPSULPHQWR GD REULJDomR(QWHQGHVHFRPRVHPDQDRSHUtRGR GH 6HJXQGDIHLUDD
6iEDGR/HL
2WH[WRGHYHUiFXPSULULQWHJUDOPHQWHVXDMRUQDGDGHWUDEDOKRQDVHPDQDSUHYLVWRQR
DUWGD/HLYLJHQWHQmRGHYHVHULQWHUSUHWDGRFRPUHIHUrQFLDVRPHQWHDVIDOWDV
PDV WDPEpP DRV DWUDVRV RX GHVFXPSULPHQWR GD SRQWXDOLGDGH TXH R HPSUHJDGR FRPHWH
VLVWHPDWLFDPHQWH SUHMXGLFDQGR VREUHPDQHLUD D SURGXomR GD HPSUHVD (VVH WHP VLGR R
KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO





-251$'$'(75$%$/+2

HQWHQGLPHQWR GRV GRXWULQDGRUHV SRGHQGR D HPSUHVD DSOLFDU R GHVFRQWR GR '65 QD


SURSRUomRGHQDVHPDQD
([HPSOR2HPSUHJDGRFRPVDOiULREDVHGH5SRUPrVIDOWDQDHPSUHVD XP GLDQD
SULPHLUDVHPDQDGRPrVVHPMXVWLILFDWLYD5   5SRUGLD)DOWRX
GLDHSHUGHXGRPLQJRGDVHPDQDTXHIDOWRX5 [  5GHGHVFRQWR
SHODIDOWDHGVU
([HPSOR  2 HPSUHJDGR FRP VDOiULR EDVH GH 5  SRU PrV DWUDVD  KRUD QD HPSUHVD QD
SULPHLUDVHPDQDGRPrVHVHPMXVWLILFDWLYD5  MRUQDGDPHQVDO 5
SRUKRUD$WUDVRXKRUDHDLQGDSHUGHGRPLQJRGDVHPDQDTXHFKHJRXDWUDVDGR
5  [   KRUD GH DWUDVRV H     GLD TXH UHSUHVHQWD R GRPLQJR   5  GH
GHVFRQWRSHORDWUDVRHGVU
1RWD&DVRQDVHPDQDGHFiOFXORGRGHVFRQWRGRGVUH[LVWDXPIHULDGRRPHVPRGHYHUi
VHUDFUHVFLGRDRGRPLQJR
([HPSOR2HPSUHJDGRFRPVDOiULREDVHGH5SRUPrVIDOWDQDHPSUHVD XP GLDQD
SULPHLUDVHPDQDGRPrVVHPMXVWLILFDWLYDHQHVWDVHPDQDH[LVWHXPIHULDGR5 
 5SRUGLD)DOWRXGLDHSHUGHXGRPLQJR  IHULDGRGDVHPDQDTXH
IDOWRX5 [  5GHGHVFRQWRSHODIDOWDHGVU

KWWSZZZSURIHVVRUWUDEDOKLVWDDGYEUMRUQDGDBGHBWUDEDOKRKWPO



Potrebbero piacerti anche