Sei sulla pagina 1di 6

0$5,$1$0*

&8/785$'(
6(*85$1d$($&,'(17(6
6pUJLR0pGLFLGH(VWRQ :LOVRQ6LJXHPDVD
,UDPLQD $QQD/XL]D0DUTXHV$\UHVGD6LOYD 
6pUJLR0pGLFLGH(VWRQ :LOVRQ6LJXHPDVD $QQD/XL]D0DUTXHV
,UDPLQD $\UHVGD6LOYD

6805,2
2TXHpVHJXUDQoDHRTXHpULVFR
2TXHpXPDFXOWXUDGHVHJXUDQoDGHQWURGHXPDHPSUHVD
)HUUDPHQWDVGHDQiOLVHGHULVFRHVXDLPSRUWkQFLDQRJHUHQFLDPHQWRGHULVFR
&RQWUROHVVXDLPSODQWDomRHHIHWLYLGDGH
2LQFLGHQWHGH0DULDQDVHWUDQVIRUPDQXPDFLGHQWHFRPIDWDOLGDGHVFRPHIHLWRVQD+LJLHQH2FXSDFLRQDOHQR
PHLRDPELHQWH
$SRVWXUDGDHPSUHVDHDFLRQLVWDV
$IDOWDGHSUHSDUDomRGDGHIHVDFLYLO
$RPLVVmRGRVyUJmRVILVFDOL]DGRUHVHQRUPDWLYRV
$DWLWXGHGDSRSXODomR
(RIXWXUR"

248(e6(*85$1d$(248(e5,6&2 FRQFHLWRGHGRVH1mRKDYHQGRH[SRVLomRQmRH[LVWH
GRVH
3DUDDQDOLVDURLQFLGHQWHGDEDUUDJHPGHUHMHLWRVGH
0DULDQD XPD YLVmR PDLRU UHODWLYD j FXOWXUD GH 'DQR GDPDJH VHUHIHUHDDOJXPWLSRGHSHUGD
VHJXUDQoDPRVWUDDVSHFWRVLQWHUHVVDQWHV0DVSDUD VHMD HOD IDFLOPHQWH TXDQWLILFiYHO RX QmR $OJXQV
LVVR ID]VH QHFHVViULR LQWURGX]LU DOJXQV FRQFHLWRV GDQRV VmR PDLV IDFLOPHQWH TXDQWLILFiYHLV FRPR
EiVLFRVHXPDWHUPLQRORJLDFRQFLVD SHUGDV GH SURGXomR SHUGDV GH HTXLSDPHQWRV RX
SHUGDVDXGLWLYDVHQTXDQWRRXWURVVmRPDLVGLItFHLV
1D iUHD FLHQWtILFD p LPSRUWDQWH WHU XPD
GHHVWLPDUFRPRSHUGDVGHLPDJHPGHPmRGHREUD
QRPHQFODWXUD FRHUHQWH H XWLOL]DGD GH PRGR
HVSHFLDOL]DGD RX GH SURGXWLYLGDGH DVVRFLDGD D
FRQVLVWHQWH $VVLP YDPRV GHILQLU DOJXQV WHUPRV
DJHQWHVHUJRQ{PLFRV
EiVLFRV FRPR FRQGLomR SHULJRVD SHULJR GDQR
LQFLGHQWHDFLGHQWHULVFRHVHJXUDQoD(PVHJXLGD ,QFLGHQWH LQFLGHQW  p TXDOTXHU HYHQWR QmR
DQDOLVDUHPRVDVSHFWRVGHXPDFXOWXUDGHVHJXUDQoD GHVHMDGR H QmR SODQHMDGR TXH LQWHUIHUH FRP RV
REMHWLYRVGDDomRGRSURFHVVRRXGDRUJDQL]DomR
&RQGLomR SHULJRVD VH UHIHUH DR WHUPR LQJOrV
JHUDQGRDOJXPGDQR
KD]DUG VHQGR VHPSUH GHILQLGD WDQWR HP
SRUWXJXrVFRPRHPLQJOrVFRPRXPDFRQGLomRTXH 2 WHUPR DFLGHQWH DFFLGHQW  VH UHIHUH D XP
WHPRSRWHQFLDOGHFDXVDUDOJXPGDQR GDPDJH RX LQFLGHQWH TXH FDXVRX DOJXPD OHVmR ItVLFD DOJXPD
SHUGD ORVV  GRHQoDRFXSDFLRQDORXDOJXPDSROXLomRDPELHQWDO

8PSHULJR GDQJHU VHUHIHUHjH[SRVLomRDXPD 5LVFR ULVN  VH UHIHUH D XP SDU LQGLVVRFLiYHO
FRQGLomR SHULJRVD RX FRQWDWR FRP HOD  1mR HQYROYHQGR D SUREDELOLGDGH GH RFRUUrQFLD GH XP
KDYHQGR H[SRVLomR QmR Ki SHULJR DSHVDU GH HVVD GDGR HYHQWR H VXD FRQVHTXrQFLD 1RUPDOPHQWH p
FRQGLomR SHULJRVD FRQWLQXDU D H[LVWLU SRLV VXD FDOFXODGR QXPHULFDPHQWH SHOR SURGXWR GD
H[LVWrQFLDLQGHSHQGHGHKDYHURXQmRH[SRVLomRRX SUREDELOLGDGHSHORYDORUHFRQ{PLFRGRGDQRSDUDR
FRQWDWR 2 FRQFHLWR GH SHULJR HVWi LQWLPDPHQWH SHUtRGRGH XP DQR
DVVRFLDGR j +LJLHQH 2FXSDFLRQDO SRU PHLR GR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3URIHVVRUWLWXODU'HSDUWDPHQWRGH(QJHQKDULDGH0LQDVH3HWUyOHR(3863

3URIHVVRU/LYUH'RFHQWH'HSDUWGH(QJGH0LQDVH3HWUyOHR(3863

3URIHVVRUD'RXWRUD'HSDUWDPHQWRGH(QJGH0LQDVH3HWUyOHR(3863

 5HYLVWD$%+2(GLomR
0$5,$1$0*

6HJXUDQoD VDIHW\  VH UHIHUH D XP HVWDGR GH PDWXULGDGH QR PHUFDGR PDV D FKDYH SDUD D
FRQVFLrQFLDTXDQWRDFRQGLo}HVSHULJRVDVSHULJRVH VHJXUDQoD HQFRQWUDVH QXP WUHLQDPHQWR HIHWXDGR
ULVFRVVREUHRVTXDLVWHPRVXPUHODWLYRFRQWUROHDWp SRUWRGRVRVLQWHJUDQWHVGDHPSUHVDHQmRDSHQDV
XPQtYHOGHULVFRTXHMXOJDPRVDFHLWiYHO3RUWDQWR SRU XPD SDUFHOD GRV IXQFLRQiULRV 4XDQGR D
VHJXUDQoDLPSOLFDSHUFHEHUDVFRQGLo}HVSHULJRVDV VHJXUDQoDGHL[DGHVHUXPDSULRULGDGHHVHWRUQDXP
RVSHULJRVHULVFRVQRORFDOGHWUDEDOKRDJLQGRVREUH YDORUHQWmRDHPSUHVDHVWiFDPLQKDQGRQDGLUHomR
HOHV FRP FRQWUROHV RX EDUUHLUDV DWp XP QtYHO TXH GHVHWUDQVIRUPDUHPXPDHPSUHVDVHJXUD
MXOJDPRVVDWLVIDWyULR
6H D VHJXUDQoD p XPD SULRULGDGH HTXLSDUDVH D
3RU H[HPSOR QXP DPELHQWH GH WUDEDOKR UXLGRVR RXWUDVFRPRDSURGXomRRXRSUD]RGHHQWUHJD2
PXLWDVQRUPDVVXJHUHPTXHDH[SRVLomRVHMDGH FHUQH GH TXHVWmR p TXH SULRULGDGHV PXGDP FRP
KRUDVSDUDXPPi[LPRGHG%$$FLPDGLVVRWHPRV WHPSR HQTXDQWR XP YDORU QmR PXGD 1HVVH
DH[SRVLomRHPXPDFRQGLomRSHULJRVDHRRXYLGR FRQWH[WRDYLGDKXPDQDGHYHVHUXPYDORUHQmR
KXPDQRFRUUHRSHULJRGHVRIUHUGDQRV3DUDHYLWi XPDSULRULGDGH
ORVGHYHPVHXVDUFRQWUROHVSDUDLPSHGLUXPDGRVH
1R %UDVLO D PDLRULD GDV HPSUHVDV QmR WHP XPD
VXSHULRUD
FXOWXUDGHVHJXUDQoDQmRWHPDVD~GHFRPRYDORU
3RUWDQWRVHJXUDQoDQmRVHUHIHUHDULVFR]HURPDV DSHVDU GH DSUHVHQWDU FHUWLILFDGRV H GL]HU TXH VH
VLPDULVFRDFHLWiYHO&ODURTXHRVLJQLILFDGRGH SUHRFXSDFRPHVVHVWHPDV,VVRpIDOVRR%UDVLOFRPR
DFHLWiYHOHVWiDVVRFLDGRDDFHLWiYHOSDUDTXHP" SDtV QmR WHP XPD FXOWXUD GH VHJXUDQoD 6H QmR
KRXYHU QHQKXP HTXtYRFR PRUUHP FHUFD GH 
$VLWXDomRGDEDUUDJHPGH0DULDQDHUDXPDFRQGLomR
PRWRER\VSRUDQRVyQDFLGDGHGH6mR3DXORHFHUFD
SHULJRVDFRPDVFRPXQLGDGHVDMXVDQWHHPSHULJR
GHQR%UDVLO3RUTXr"3RUTXHVHWUDWDGHXP
4XDQGRRIDWRUGHVHJXUDQoDFDLXDEDL[RGHXPD
SDtVQRTXDOVHSHUPLWHTXHPRWRVDQGHPHQWUHRV
SRVVLELOLGDGH GH URPSLPHQWR VH PDWHULDOL]RX
FDUURVFRPSOHWDPHQWHIRUDGRVSDGU}HVGHTXDOTXHU
JHUDQGR XP LQFLGHQWH FRP LQ~PHURV DFLGHQWHV
SDLVHYROXtGR3RUTXr"3RUTXHRWHPSRGHHQWUHJDp
HQYROYHQGR PRUWHV GRHQoDV SROXLomR DPELHQWDO
DSULRULGDGHHDYLGDKXPDQDQmRpXPYDORU
GDQRVDHTXLSDPHQWRVHLQVWDODo}HVHWF
1R FDVR GH 0DULDQD LQIRUPDo}HV LQGLFDYDP TXH D
248(e80$&8/785$'(6(*85$1d$'(1752
6DPDUFR WLQKD XP DOWR SDGUmR WpFQLFR H HUD
'(80$(035(6$
FRQVLGHUDGD XP H[HPSOR D VHU VHJXLGR PDV D
$WXDOPHQWHRJHUHQFLDPHQWRGHULVFRQXPDHPSUHVD VHJXUDQoDQmRXPYDORUHRVDFRQWHFLPHQWRVSURYDP
HQYROYH R GLDJQyVWLFR VREUH R HVWiJLR HP TXH D LVVRGHIRUPDLQHTXtYRFD2VFRQWUROHVGHSUHYHQomR
HPSUHVD HVWi QXPD HVFDOD QRUPDOPHQWH FRP  H RV FRQWUROHV GH PLWLJDomR DSyV R URPSLPHQWR 
QtYHLV(PVHJXLGDGHYHVHUHODERUDGRXPSODQRGH VLPSOHVPHQWHLQH[LVWLDP
PHOKRUDHPJHUDOSDUDXPKRUL]RQWHGHXPDQR1R
&RP UHIHUrQFLD j PDWXULGDGH FXOWXUDO GD 6DPDUFR
GLDJQyVWLFR H SODQR GH PHOKRUD QXPHURVRV
TXDQWRjVHJXUDQoDKLJLHQHHPHLRDPELHQWHFRP
HOHPHQWRV VmR DERUGDGRV LQFOXLQGR HOHPHQWRV
FHUWH]DHVWDYDDEDL[RGRQtYHOGHFXPSULGRUSRUTXH
SHVVRDVHHOHPHQWRVGHVLVWHPDV(VVHVSURJUDPDV
PXLWDVQRUPDVHSURFHGLPHQWRVEiVLFRVHOHJDLVGH
SURFXUDPPHOKRUDUDFXOWXUDGHVHJXUDQoDGHQWURGD
SUHYHQomR H PLWLJDomR HUDP LQH[LVWHQWHV ILJXUD
HPSUHVDGHPRGRSDXODWLQRHVHJXUR
 $SHQDVXPGLDJQyVWLFRFRPSOHWRGRPRGHORGH
8P GHVVHV SURJUDPDV GH HYROXomR GH FXOWXUD IRL MRUQDGD SRGHULD GL]HU TXH HOHPHQWRV HVWDULDP QR
GHVHQYROYLGRSHOD8QLYHUVLGDGHGH4XHHQVODQGSDUD EiVLFRRXQRUHDWLYR
HPSUHVDV GH PLQHUDomR VHQGR GHQRPLQDGR GH *
0,50*OREDO0LQHUDOV,QGXVWU\5LVN0DQDJHPHQW
([LVWHP RXWURV SURJUDPDV GH HYROXomR GH

5HYLVWD$%+2(GLomR 
0$5,$1$0*

)LJXUD&DUDFWHUtVWLFDVGHMRUQDGDGHHYROXomRFXOWXUDOHPVHJXUDQoD

  )(55$0(17$6 '( $1/,6( '( 5,6&2 ( 68$ *UXSR   SDUD DQiOLVH GH WDUHIDV URWLQHLUDV H QmR
,032571&,$12*(5(1&,$0(172'(5,6&2 U R W L Q H L U D V   J H U D Q G R  3 2 3 V  S U R F H G L P H Q W R V
RSHUDFLRQDLVSDGUmR KiIHUUDPHQWDVVLPLODUHVWDLV
4XDQGRXPDHPSUHVDWHPXPDFXOWXUDGHVHJXUDQoD
FRPR -6$ MRE VDIHW\ DQDO\VLV  -5$ MRE ULVN
GRHVWiJLRFXPSULGRURXDFLPD YLGH)LJXUD D
DQDO\VLV $35 DQiOLVHSUHOLPLQDUGHULVFRV HWF
VHJXUDQoDpJHUHQFLDGDSRUPHLRGHIHUUDPHQWDVGH
DQiOLVHGHULVFR$)LJXUDDSUHVHQWDRSURFHVVR *UXSRSDUDDQiOLVHLQGLYLGXDOGLUHWDHFRQWtQXD
GHJHUHQFLDPHQWRGHULVFRGHDFRUGRFRPD,62 H[HFXWDGD TXDQGR GR LQtFLR GH FDGD WDUHID 6mR
 IHUUDPHQWDVVLPSOHVHUiSLGDVTXHIXQFLRQDPFRPR
XPD~OWLPDYHULILFDomRDQWHVGHRRSHUDGRULQLFLDU
$V IHUUDPHQWDV GH DQiOLVH GH ULVFR SRGHP VHU
VXDWDUHID&RPRH[HPSORFLWDPRV7DNHILYH SDUH
DJUXSDGDVHPJUXSRV
FLQFRPLQXWRVHH[DPLQHDVFRQGLo}HVSHULJRVDVGD
*UXSRSDUDDQiOLVHGHLQFLGHQWHVPDLRUHVFRP WDUHID  6/$0 VWRS ORRN DVVHVV DQG PDQDJH  3
SHUGDVJUDQGHVGHSHVVRDVRXHTXLSDPHQWRVFRPR SDUHSHQVHSODQHMHHSURVVLJDVHVHJXUR HWF
:5$&%RZ7LH+$=23)0(&$$QiOLVHGHiUYRUHGH
IDOKDVHWF

)LJXUD3URFHVVRGH*HUHQFLDPHQWRGH5LVFRVQD,QG~VWULD0LQHUDO FRPEDVHQD,62

 5HYLVWD$%+2(GLomR
0$5,$1$0*

1RFDVRGDEDUUDJHPGD6DPDUFRTXHUXLXGHYHPRV 1HVVD)LJXUDKiYiULRVQtYHLVVHQGRRVPDLVDOWRVRV
SHUJXQWDU IHUUDPHQWDV GR JUXSR  IRUDP PDLV HIHWLYRV &RQWUROHV DGPLQLVWUDWLYRV FRPR
HIHWLYDPHQWH XWLOL]DGDV QR SURMHWR H FRQVWUXomR" WUHLQDPHQWRV FDUWD]HV DYLVRV EHP FRPR R
4XH FRQWUROHV D 6DPDUFR HIHWLYDPHQWH LQVWDORX" IRUQHFLPHQWR GH (3,V HTXLSDPHQWRV GH SURWHomR
&RPRIRUDPDFRPSDQKDGRVHVVHVFRQWUROHVDRORQJR LQGLYLGXDO VmRRVPHQRVHIHWLYRVVHQGRXWLOL]DGRV
GRWHPSRSDUDVDEHUVXDHIHWLYLGDGH" HPDGLomRDSHORPHQRV GRLV FRQWUROHVGHQtYHO
VXSHULRU
'RSRQWRGHYLVWDGHFXOWXUDGHVHJXUDQoDDHPSUHVD
WHP UHVSRQGLGR j VRFLHGDGH FRPR VH HVWLYHVVH QR e FRPXP HPSUHVDV LQYHVWLUHP HP FRQWUROHV
QtYHO EiVLFR )LJXUD   QmR IRUQHFHQGR DGPLQLVWUDWLYRV H (3,V H FRQVLGHUDUHP TXH HVWmR
LPHGLDWDPHQWHUHVSRVWDVWUDQVSDUHQWHVHREMHWLYDV FRP DV FRQGLo}HV SHULJRVDV H SHULJRV FRQWURODGRV
,VVRUHIOHWHXPEDL[RQtYHOGHPDWXULGDGHQDFXOWXUD
&RPRH[HPSORGHVVHQtYHOEiVLFRYDPRVDQDOLVDUD
GHVHJXUDQoD
FRQWDPLQDomR SRU PHWDLV SHVDGRV $ HPSUHVD
GHYHULDWHULPHGLDWDPHQWHIRUQHFLGRGDGRVGHVXD 1RFDVRGDVEDUUDJHQVGHUHMHLWRTXHFRQWUROHVGH
RSHUDomR GH IORWDomR FRP R XVR GH GHSUHVVRUHV DOWR QtYHO D 6DPDUFR XWLOL]DYD" &RPR HUDP
DPLQDHDPLGRQmRKDYHQGRQHQKXPPHWDOSHVDGR PRQLWRUDGRV"
$IDOWDGHWUDQVSDUrQFLDGD6DPDUFRIH]FRPTXHVH
&RQWUROHV GH HOLPLQDomR VmR DTXHOHV HP TXH D
L Q L F L D V V H P  H V S H F X O D o } H V  G H  T X H  K D Y H U L D
FRQGLomR SHULJRVD p HOLPLQDGD 1R FDVR GH
FRQWDPLQDomR SRU PHWDLV FRPR FiGPLR FKXPER
EDUUDJHPLVVRpDSOLFiYHOSRLVH[LVWHPWHFQRORJLDV
PHUF~ULR RX PHVPR FLDQHWR TXH p XVDGR HP
PHGLDQWHDVTXDLVVHUHWLUDDiJXDGDODPDGHL[DQGR
RSHUDo}HV GH WUDWDPHQWR GH PLQDV GH RXUR
RPDWHULDOFRPQRPi[LPRGHXPLGDGH1HVVD
'HYHULDPVHUIRUQHFLGRVRVUHODWyULRVGHFRPSRVLomR
VLWXDomRpSRVVtYHOFRQVWUXLUSLOKDVGHUHMHLWRHQmR
GD ODPD FRP DPRVWUDJHP QR PtQLPR VHPDQDO
PDLVEDUUDJHQV
LQGLFDQGRVXDQHXWUDOLGDGHTXDQWRDPHWDLVSHVDGRV
HSRVVtYHLVGRHQoDVRFXSDFLRQDLV &RQWUROHV GH VXEVWLWXLomR RX WDPEpP GH UHGXomR
DSRLDPVHQDVXEVWLWXLomRGHXPDFRQGLomRSHULJRVD
$ FDGD PXGDQoD p SUHFLVR HIHWXDU XPD QRYD
FRP DOWD PDJQLWXGH GH HQHUJLD HQYROYLGD RX FRP
DYDOLDomRGHULVFR$EDUUDJHPHVWDYDVHQGRDOWHDGD
DOWRSRWHQFLDOGHGDQR3RUH[HPSORXPDEDUUDJHP
H KDYLD D WHQGrQFLD D VHU XQLGD D RXWUD (VVD
SRGHULD VHU VXEVWLWXtGD SRU XP FRQMXQWR GH
PXGDQoD VRIUHX ULJRURVD DYDOLDomR GH ULVFR" 4XH
EDUUDJHQVPHQRUHV
IHUUDPHQWDVGHDQiOLVHGHULVFRIRUDPXVDGDV"4XH
FRQWUROHV IRUDP GHILQLGRV" (VWDYDP LQVWDODGRV H &RQWUROHVGHVHSDUDomRFRQVLVWLULDPSRUH[HPSOR
PRQLWRUDGRV"$HVVDVTXHVW}HVDHPSUHVDGHYHULDWHU HP VHSDUDU RV SRVVtYHLV DIHWDGRV GR HYHQWR TXH
GDGRLQIRUPDo}HVLPHGLDWDVPDVQDGDIRLIRUQHFLGR WDOYH] RFRUUHVVH $ FRORFDomR GH EDUUHLUDV p XP
S~EOLFDHUDSLGDPHQWH H[HPSORPDVWDPEpPDUHFRORFDomRGDVUHVLGrQFLDV
HPQtYHLVXPSRXFRPDLVDOWRVGHSRXFRVPHWURVH
1DVRSHUDo}HVURWLQHLUDVGRGLDDGLDQDVEDUUDJHQV
IRUD GD URWD GH IOX[R GH ODPD VHSDUDULD FDVDV GR
RVHPSUHJDGRVXVDYDPTXHIHUUDPHQWDVGHDQiOLVH
IOX[RGHODPD
GH ULVFR" &RPR TXDLVTXHU DQRUPDOLGDGHV HUDP
UHSRUWDGDV H DQDOLVDGDV SHORV QtYHLV KLHUiUTXLFRV
VXSHULRUHV"

&21752/(668$,03/$17$d2(()(7,9,'$'(

2PRGRPDLVHILFLHQWHGHWUDWDUULVFRVFRQVLVWHHP
XVDU FRQWUROHV ([LVWHP PXLWDV FODVVLILFDo}HV GH
FRQWUROHVHXPDGHODVpDSUHVHQWDGDQD)LJXUD

5HYLVWD$%+2(GLomR 
0$5,$1$0*

)LJXUD+LHUDUTXLDGHFRQWUROHV
$326785$'$(035(6$($&,21,67$6

$ U X S W X U D  G H  E D U U D J H Q V  G H  U H M H L W R   R V
HVFRUUHJDPHQWRVGHWDOXGHVGHFDYDDFpXDEHUWR
DOpP GH H[SORV}HV GH JiV RX SRHLUD HP PLQDV
VXEWHUUkQHDVVmRH[HPSORVGHHYHQWRVVLJQLILFDWLYRV
TXH UHTXHUHP JHUHQFLDPHQWR GH ULVFR FRP PXLWR
FXLGDGRHULJRU

3DUD HYHQWRV VLJQLILFDWLYRV GHFRUUHQWHV GH


FRQGLo}HV SHULJRVDV PDLRUHV H[LVWHP FRQWUROHV
DQWHV GR HYHQWR SUHYHQomR H PRQLWRUDPHQWR  H
FRQWUROHV SyVHYHQWR  UHVSRVWD H UHVSRVWD j
HPHUJrQFLD $)LJXUDLOXVWUDHVVDHVWUXWXUDGH
FRQWUROHV

)LJXUD(VWUXWXUDGHFRQWUROHSDUDFRQGLo}HV
&RQWUROHV DGPLQLVWUDWLYRV LQFOXLULDP VLUHQHV GH
SHULJRVDVPDLRUHVHHYHQWRVVLJQLFDWLYRV
DODUPHGHURPSLPHQWRWUHLQDPHQWRVTXHGHYHULDP
WHU VLGR UHDOL]DGRV FRP D SRSXODomR FULDomR GH (VWUXWXUDGHWUDEDOKRGH
FRQWUROHGRVULVFRVVLJQLFDWLYRV
EULJDGDVGHHPHUJrQFLDHPFRQMXQWRFRPDGHIHVD
FLYLOHWF1DGDGLVVRIRLIHLWR
&RQWUROHVGH &RQWUROHVGH &RQWUROHVGH 5HVSRVWDH
2,1&,'(17('(0$5,$1$6(75$16)250$180 SUHYHQomR PRQLWRUDPHQWR UHVSRVWD UHFXSHUDomRGH
HPHUJrQFLDV
$&,'(17(&200257(6&20()(,7261$+,*,(1(
2&83$&,21$/(120(,2$0%,(17( 3HODV LQIRUPDo}HV GLYXOJDGDV DWp R PRPHQWR D
6DPDUFR QmR WLQKD QHQKXP GHVVHV FRQWUROHV
,QIHOL]PHQWH D EDL[D FXOWXUD GH VHJXUDQoD GD LQVWDODGRV GH PRGR HILFLHQWH 1DGD IRL GLYXOJDGR
HPSUHVD OHYRX XP LQFLGHQWH TXH SRGHULD WHU VLGR VREUHTXDLVHUDPRVFRQWUROHVGHSUHYHQomRRXGH
SUHYLVWR FRQWURODGR H PLWLJDGR D XP DFLGHQWH PRQLWRUDPHQWR2PRQLWRUDPHQWRGDFRQYHUJrQFLD
FDWDVWUyILFR WHWRSLVRQDFRQVWUXomRGRVW~QHLVGDIHUURYLDGRDoR
'RSRQWRGHYLVWDGDVHJXUDQoDRFRUUHUDPPRUWHV HP 0LQDV *HUDLV p XP H[HPSOR GH FRQWUROH GH
SHUGDVPDWHULDLVHQRUPHVHSDUDOL]DomRGDHPSUHVD PRQLWRUDPHQWR TXH IXQFLRQRX 8P GRV W~QHLV IRL
HYDFXDGRKDQWHVGHFDLUHYLWDQGRSHUGDVGHYLGDV
'RSRQWRGHYLVWDGDKLJLHQHDIDOWDGHiJXDSRWiYHO H GH HTXLSDPHQWRV 0DV R TXH HUD PRQLWRUDGR QD
H GH FRQGLo}HV GH DORMDPHQWR GRV VREUHYLYHQWHV EDUUDJHP TXH UXLX" 4XH DOHUWDV SRGHULDP WHU VLGR
GHYHJHUDUVpULRVSUREOHPDVGHVD~GHRFXSDFLRQDO GDGRV DQWHV GR URPSLPHQWR GH PRGR TXH
SURYLGrQFLDVSXGHVVHPVHUWRPDGDV"
'RSRQWRGHYLVWDDPELHQWDODSROXLomRGRVULRVHGR
PDUEHPFRPRDODPDQDVYHJHWDo}HVULEHLULQKDV 1RTXHWDQJHDFRQWUROHVGHSULPHLUDUHVSRVWDRTXH
WHUiHIHLWRVGHFXUWRPpGLRHORQJRSUD]RV(VWHV YLPRVIRLRFDRVWDQWRGHQWURGDHPSUHVDFRPRIRUD
GHYHPVHPDQLIHVWDUSRUGpFDGDV GHOD ( RV SURFHGLPHQWRV GH FRPXQLFDomR GD
HPSUHVDFRQVWLWXtUDPXPGHVDVWUH$DOWDGLUHomRGD
HPSUHVD SDUHFH QXQFD WHU VLGR WUHLQDGD SDUD
HQIUHQWDUXPDVLWXDomRFRPRDRFRUULGD

 5HYLVWD$%+2(GLomR
0$5,$1$0*

$SRVWXUDGRVDFLRQLVWDVWDPEpPVHJXLXDOLQKDGD $DSOLFDomRGHPXOWDVQmRJHUDQR%UDVLOQHQKXPD
EDL[DFXOWXUDGHVHJXUDQoD$9DOHSULPHLURWHQWRXVH HYROXomRGDVHPSUHVDVHPGLUHomRDXPDFXOWXUDGH
H[LPLUGHSRLVVHVRXEHTXHGHSRVLWDYDGRUHMHLWR VHJXUDQoD 7RGDYLD LQWHUGLo}HV SDUDGDV GD
QDEDUUDJHPHLQIRUPDo}HVPDLVUHFHQWHVIDODPHP SURGXomRRXPHVPRUHVSRQVDELOL]DomRFLYLOGRVDOWRV
$IDOWDGHWUDQVSDUrQFLDHGHLQWHJULGDGHVREUH GLULJHQWHVQRUPDOPHQWHJHUDPXPDUiSLGDUHVSRVWD
RVIDWRVOHYDDXPDRQGDGHHVSHFXODo}HV HXPDDWXDomRVREUHDVFRQGLo}HVSHULJRVDV

8PGRVDXWRUHVGHVWHDUWLJRIRLFRQWDWDGRSRU-LP $PRQWDJHPGHHTXLSHVILVFDOL]DGRUDVFRPSHWHQWHV
-R\FULDGRUGRSURJUDPD*0,50QD$XVWUiOLDTXH H[SHULHQWHVHDWXDQWHVUHTXHUWHPSRLQYHVWLPHQWRV
DRSHUJXQWDUVREUHFRPRXPDWUDJpGLDGHVVDVSRGH H YRQWDGH SROtWLFD 1mR p LQIHOL]PHQWH D SUiWLFD
RFRUUHU VH D %+3 WLQKD XP SURWRFROR GH ULVFR FRUUHQWHQR%UDVLO
UHODFLRQDGRDEDUUDJHQVGHUHMHLWRPXLWRFRPSOHWRH
$$7,78'('$3238/$d2
UtJLGRUHFHEHXDUHVSRVWDVLQFHUDGHTXHQR%UDVLO
H[LVWHDFXOWXUD-,3MHLWLQKRLPSXQLGDGHHSURSLQD 2 EUDVLOHLUR p GH PRGR JHUDO PXLWR SDUFHLUR GR
TXHVRODSDTXDOTXHUFXOWXUDGHVHJXUDQoD SUy[LPR TXDQGR RFRUUHP HYHQWRV FDWDVWUyILFRV $
UHVSRVWD LPHGLDWD GD SRSXODomR SDUD FRP RV
$)$/7$'(35(3$5$d2'$'()(6$&,9,/
DWLQJLGRVPRVWUDPDLRUHILFLrQFLDTXHDUHVSRVWDGRV
'RLV GRV DXWRUHV WrP ODUJD H[SHULrQFLD HP UHVSRQViYHLV SHOR LQFLGHQWH (VVD DWLWXGH WHP VHX
PRQLWRUDPHQWR VLVPRJUiILFR GH LPSORV}HV GH ODGRSRVLWLYRPDVWDPEpPWHPVHXODGRQHJDWLYR
HGLItFLRV 3DUD FDGD HYHQWR GHVVHV H[LVWH XPD SRLV GH FHUWD SHUVSHFWLYD DMXGD D PDVFDUDU D
LQWHQVD H GHWDOKDGD SUHSDUDomR GD GHIHVD FLYLO UHVSRVWD LQDGHTXDGD GRV TXH GHYHULDP WHU XPD
HQYROYHQGRSROLFLDLVERPEHLURVHPSUHVDVGHiJXD DWXDomR PDLV DSURSULDGD ,VVR HQYROYH QmR Vy D
GHHQHUJLDHOpWULFDGHFRQWUROHGHWUkQVLWRGHJiV HPSUHVD PDV WDPEpP RV yUJmRV ILVFDOL]DGRUHV
GHUXDHWF PXQLFLSDLVHVWDGXDLVHIHGHUDLV

0DVRTXHVHYLXQRFDVRGH%HQWR5RGULJXHVHRXWUDV (2)87852"
FLGDGHV" 8PD WRWDO IDOWD GH WUHLQDPHQWR GD
$ WUDJpGLD GH 0DULDQD IRL WmR DEUDQJHQWH
SRSXODomR H GRV DJHQWHV PXQLFLSDLV H HVWDGXDLV
H Q Y R O Y H Q G R  W D Q W D V  ID F H W D V   U H T X H U H Q G R  D
IDOWDGHSUHSDUDomRHFRPDQGRGHFLVyULRGHSULPHLUD
SDUWLFLSDomR GDV iUHDV FLHQWtILFDV ELROyJLFDV H
UHVSRVWD DXVrQFLD GH XP GHWDOKDGR SODQR GH
VRFLDLVDOpPGHWRGRVRVQtYHLVS~EOLFRVTXHWDOYH]R
HPHUJrQFLDIHLWRHWHVWDGRDQWHVGRHYHQWRHWF
%UDVLOHYROXDXPSRXFRPDLVFRPUHODomRjDYDOLDomR
  $ 20,662 '26 5*26 ),6&$/,=$'25(6 ( GH ULVFR j VHJXUDQoD GR WUDEDOKR j KLJLHQH
1250$7,926 RFXSDFLRQDOjPHGLFLQDRFXSDFLRQDOHjSRVWXUDGRV
yUJmRVILVFDOL]DGRUHV
2VyUJmRVS~EOLFRVVHMDPHOHVGHFDUiWHUIHGHUDO ([LVWH XPD WHQGrQFLD SDUD TXHP VH HQFRQWUD QRV
HVWDGXDORXPXQLFLSDOIDOKDUDPHPVXDVDWULEXLo}HV HVWiJLRVLQLFLDLVGDMRUQDGDGHVHJXUDQoDHVWiJLRV
PDLVEiVLFDV2'130SRUH[HPSORQmRWHPXPD EiVLFR H UHDWLYR )LJXUD   GH DJLU FRPR VH DV
SROtWLFD ILVFDOL]DGRUD HILFLHQWH VREUH DV FRQGLo}HV VROXo}HVSXGHVVHPVHUUiSLGDVLPHGLDWDVHIHWLYDVH
SRWHQFLDLVTXHOHYHPDHYHQWRVPDLRUHV&RQGLo}HV H[HFXWDGDVVHPWUHLQDPHQWRHPDWXUDomR
SHULJRVDV GH DOWR SRWHQFLDO GHYHULDP VHU
VLVWHPDWLFDPHQWH ILVFDOL]DGDV SRU HTXLSHV &DEHOHPEUDUHQWmRXPDIUDVHGH*%6KDZ3DUD
FRPSHWHQWHV H HVSHFLDOL]DGDV 1RV ~OWLPRV DQRV WRGR SUREOHPD FRPSOH[R H[LVWH VHPSUH XPD
RFRUUHUDP YiULDV UXSWXUDV GH EDUUDJHQV PDV FRP VROXomRVLPSOHVEDUDWDHHUUDGD
GDQRV PXLWR PHQRUHV TXH RV GD EDUUDJHP GH
0DULDQD $VVLP QmR VH YHULILFRX XP DXPHQWR GH
ILVFDOL]DomRHLQWHUGLo}HVFDVRIRVVHPQHFHVViULDV

5HYLVWD$%+2(GLomR 

Potrebbero piacerti anche