81,9(56,'$'((67$'8$/3$8/,67$ ³-Ò/,2'(0(648,7$),/+2´
,167,7872'(%,2&,Ç1&,$65,2&/$52
$QGUpD&ULVWLQD%RUJHV
&216758d2'$,0$*(0&25325$/
1$)$6(35e(6&2/$5
5LR&ODUR
$QGUpD&ULVWLQD%RUJHV
&216758d2'$,0$*(0&25325$/1$)$6(35e(6&2/$5
2ULHQWDGRU3URI'U6LOYLD0DULQD$QDUXPD
7UDEDOKRGH&RQFOXVmRGH&XUVRDSUHVHQWDGR DR ,QVWLWXWR GH %LRFLrQFLDV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-~OLR GH 0HVTXLWD )LOKR´ &kPSXVGH5LR&ODURSDUDREWHQomRGRJUDX GH/LFHQFLDGRSOHQRHP3HGDJRJLD
5LR&ODUR
Borges, Andréa Cristina
Construção da imagem corporal na fase pré-escolar / Andréa Cristina Borges. - Rio Claro : [s.n.], 2010
26 f. : il.
Trabalho de conclusão de curso (licenciatura Pedagogia.) -Universidade Estadual Paulista, Instituto de Biociências de Rio Claro Orientador: Silvia Marina Anaruma
1. Psicologia da aprendizagem. 2. Imagem corporal.. 3. Desenvolvimento humano. 4. Propostas pedagógicas. I. Título. 153.15
B732c
5(6802
6FKLOGHUGHILQHDLPDJHPFRUSRUDOFRPRVHQGRDILJXUDomRGRQRVVRFRUSRHP QRVVDPHQWHRXVHMDRPRGRSHORTXDORFRUSRVHDSUHVHQWDSDUDQyV
(VVDLPDJHPVHFRQVWUyLGHVGHRVVHLVPHVHVQRFRQWDWRGREHErFRPVXDPmHSHOR WRTXH DWUDYpV GD UHIOH[mR GH VXD LPDJHP QR HVSHOKR H SRVWHULRUPHQWH QR FRQWH[WR SUp HVFRODUSRUDWLYLGDGHVGLGiWLFRSHGDJyJLFDVSURSRVWDVSHORHGXFDGRUVHFRQVROLGDQGRDRVVHLV DQRVGHLGDGH
$ LPSRUWkQFLD GR HVWXGR GD FRQVWUXomR GHVVD LPDJHP SHOR HGXFDGRU SUpHVFRODU p HYLWDUTXHRFRUUDXPDIDOKDQHVVHSURFHVVRID]HQGRFRPTXHDFULDQoDDSUHVHQWHDOWHUDo}HV GHVVD LPDJHP JHUDQGR EORTXHLRV ItVLFRV RX SVLFROyJLFRV H GLILFXOGDGHV QR SURFHVVR GH VRFLDELOL]DomRGDFULDQoDRXSURPRYHQGRGLVWRUo}HVGHVVDLPDJHPFRUSRUDO
2REMHWLYRGHVVHHVWXGRpFRPSUHHQGHUFRPRRFRUUHRSURFHVVRGDFRQVWUXomRGHVVD LPDJHPQDIDVHSUpHVFRODUHVXDFRQWULEXLomRSDUDRSURFHVVRGDDSUHQGL]DJHPLQIDQWLO
$ PHWRGRORJLD XWLOL]DGD IRL XPD SHVTXLVD GH UHYLVmR ELEOLRJUiILFD VREUH D LPDJHP FRUSRUDO HQJOREDQGR R GHVHQYROYLPHQWR JHUDO GD FULDQoD H GR DGXOWR RV GLVW~UELRV GHFRUUHQWHVGDIDOKDGRSURFHVVRFRQVWUXWLYRGHVVDLPDJHPHXPDEUHYHSURSRVWDSHGDJyJLFD GHFRPRRHGXFDGRULQIDQWLOSRGHWUDEDOKDUFRPHVWHWHPDQDSUpHVFROD
$%675$&7 6FKLOGHUGHILQHVERG\LPDJHDVWKHILJXUDWLRQRIWKHERG\LQ\RXUPLQGLHWRWKHZD\ WKHERG\LVSUHVHQWHGWRDOO
7KLV LPDJH LV FRQVWUXFWHG IURP VL[ PRQWKV LQ WKH LQIDQWV FRQWDFW ZLWK KLV PRWKHU E\ WRXFKWKRXJKWWKHUHIOHFWLRQRIKLVLPDJHLQWKHPLUURUDQGWKHQLQWKHFRQWH[WRIDFWLYLHVSUp VFKRROGLGDWLFHGXFDWRUSHGDJRJLFDOSURSRVHVE\FRQVROLGDWLQJWKHVL[\HDUVDJH
7KLVLPSRUWDQFHRIVWG\LQJWKHFRQVWUXFWLRQRIERG\LPDJHSUp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pVFKRRO 7KLV VWXG\ FRQFOXGHG WKDW WKLV WRSLF LV LPSRUWDQW WR EH ZRUNLQJ LQ WKH )LHOG RI HGXFDWLRQ HQFRPSDVVHVDGHJUHHLQ3K\VLFDO(GXFDWLRQDQG3HGDJRJ\ZRUGV
680È5,2
3iJLQD ,1752'8d2 5(9,62'$/,7(5$785$ &RQFHLWRGHLPDJHPFRUSRUDO (VWUXWXUDGDLPDJHPFRUSRUDO &RQVWUXomRGDLPDJHPFRUSRUDO )RUPDomRHIDWRUHVGHLQIOXrQFLD $YDOLDomRHDVSHFWRVGDLPDJHPFRUSRUDO 'HVHQYROYLPHQWRGDLPDJHPFRUSRUDOHVXDFRQWULEXLomRSDUDRGHVHQYROYLPHQWRJHUDO HLQIDQWLO 'HVHQYROYLPHQWRJHUDO 'HVHQYROYLPHQWRLQIDQWLOHLPDJHPFRUSRUDO 'LVW~UELRVGDLPDJHPFRUSRUDOQRDGXOWRHQDFULDQoD 3HVTXLVDVREUHLPDJHPFRUSRUDOQDIDVHSUpHVFRODU 3URSRVWDVSHGDJyJLFDVGHFRPRWUDEDOKDUDLPDJHPFRUSRUDOSDUDRSURIHVVRUGDSUp HVFROD &RQVLGHUDo}HVILQDLV 5HIHUrQFLDVELEOLRJUiILFDV
,1752'8d2
2FRUSRKXPDQRDSUHVHQWDYiULDVGLPHQV}HVSDUDWHPDGHHVWXGR+iXPDGLPHQVmR GHQRPLQDGDLPDJHPFRUSRUDOTXHGHDFRUGRFRP6FKLOGHUSRGHVHUHQWHQGLGDFRPRD ILJXUDomRGRFRUSRHPQRVVDPHQWHRXVHMDRPRGRSHORTXDORFRSRVHDSUHVHQWDSDUDQyV
$HGXFDomRLQIDQWLOGHDFRUGRFRPR5HIHUHQFLDO&XUULFXODU1DFLRQDOGH(GXFDomR ,QIDQWLO HODERUDGR SHOR 0LQLVWpULR GD (GXFDomR FRQWHPSOD HVVH WHPD QR YROXPH GHPRQVWUDQGRTXHHOHpLPSRUWDQWHSDUDRGHVHQYROYLPHQWRGDFULDQoDQHVWDIDVHHPTXHVXD LPDJHPFRUSRUDOHVWiHPSURFHVVRGHFRQVWUXomR
2HGXFDGRUGHIRUPDJHUDOQmRSDUHFHGDUDLPDJHPFRUSRUDORYDORUHGXFDWLYRTXHHOD PHUHFH
3RULVVRDSUHRFXSDomRTXHJHURXHVWHWUDEDOKRGHFRQFOXVmRGHFXUVRpGHPRQVWUDUD LPSRUWkQFLD GD FULDQoD QD IDVH SUpHVFRODU WHU XPD LPDJHP FRUSRUDO EHP FRQVWUXtGD H GHVHQYROYLGDFRPRDX[tOLRGRHHGXFDGRUHVGHVVHQtYHOGHHQVLQR
&DVR RFRUUD XPD IDOKD QHVVH SURFHVVR HVVD LPDJHP SRGH VRIUHU DOWHUDomR GHVHQFDGHDQGR EORTXHLRV ItVLFRVFRXUDoDV RX SVLFROyJLFRV DVVLP FRPR GLVW~UELRV TXH SRGHPDIHWDURSURFHVVRGHDSUHQGL]DJHPGDFULDQoD
$VFULDQoDVSUpHVFRODUHVGHYHPVHUHGXFDGDVGHIRUPDLQWHJUDOHFRPSHWHDRSURMHWR SHGDJyJLFRGHVHQYROYHUKDELOLGDGHVGHRUGHPFRJQLWLYDPRWRUDDIHWLYDHVRFLDO
$FXOWXUDRFLGHQWDOLPS}HXPSDGUmRGHEHOH]DTXHYDORUL]DRFRUSRPDJURSDUDDV PXOKHUHV H XP FRUSR IRUWH H PXVFXORVR SDUD RV KRPHQV $V FULDQoDV WDPEpP VRIUHP D LQIOXrQFLDGHVVHSDGUmRTXHpLPSRVWRSHODPtGLD
8PD FULDQoD REHVD SRU QmR VH HQTXDGUDU QHVVH SDGUmR SRGH VH WRUQDU LQVHJXUD RX GHSULPLGDHQmRVHVRFLDELOL]DUFRPVHXVFROHJDVGHFODVVH&RPSHWHDRVHGXFDGRUHVGHXPD PDQHLUDJHUDOFRPRRSURIHVVRURSHGDJRJRHRHGXFDGRUItVLFRLQIDQWLOHQVLQDUHPRUHVSHLWR jVGLIHUHQoDVLQGLYLGXDLVJrQHURFRUFRQVWLWXLomRItVLFDSRLVFDGD FULDQoDRXVHUKXPDQRp ~QLFR HP VXD HVVrQFLD H D WURFD GH H[SHULrQFLDV p TXH JDUDQWH R GHVHQYROYLPHQWR GD KDELOLGDGHVTXHVHUmRIXQGDPHQWDLVSDUDTXHDDSUHQGL]DJHPRFRUUD
5(9,62'$/,7(5$785$
,0$*(0&25325$/
&RQFHLWRVGH,PDJHPFRUSRUDO
+iYiULRVFRQFHLWRVGHLPDJHPFRUSRUDOQDOLWHUDWXUDDFDGrPLFD8PGRVDXWRUHVPDLV
FRQFHLWXDGRVQHVVDiUHDp3DXO6FKLOGHUTXHGHILQHDLPDJHPFRUSRUDOFRPRVHQGR´D ILJXUDomR GR FRUSR HP QRVVD PHQWH RX VHMD R PRGR SHOR TXDO R FRUSR VH DSUHVHQWD SDUD QyV´SJ
-i+XUWDGRGL]TXHDGHILQLomRGDLPDJHPFRUSRUDOpDVHQVDomRTXHDSHVVRD
WHP DFHUFD GH VHX SUySULR FRUSR FRPR UHVXOWDGR GD VRPD GH VXDV H[SHULrQFLDV VHQGR R SURGXWRGDSHUFHSomRDWLWXGHVHYDORUHVTXHRLQGLYtGXRWHPVREUHVHXDPELHQWH
6HJXQGR %RUJHV D LPDJHP FRUSRUDO p D LPDJHP TXH D SHVVRD WHP GH VHX
SUySULRFRUSR
$WUDYpV GHVVHV FRQFHLWRV SHUFHEHPRV D LPSRUWkQFLD GRV HVWXGRV VREUH LPDJHP
FRUSRUDOQRGHVHQYROYLPHQWRKXPDQRSULQFLSDOPHQWHQRSURFHVVRLQLFLDOGHVXDIRUPDomRD LQIkQFLD
(VWUXWXUDGDLPDJHPFRUSRUDO
$LPDJHPFRUSRUDOGHDFRUGRFRP6FKLOGHUpGLYLGLGDHPWUrVHVWUXWXUDVDILVLROyJLFD
DVSHFWRV RUJkQLFRV H QHXUROyJLFRV UHODFLRQDGRV FRP R PRYLPHQWR KXPDQR D OLELGLQDO FRUUHODFLRQDGDFRPDIHWLYLGDGHHPRomRFRJQLomRHHURWLVPRHDVRFLROyJLFDUHODFLRQDGDD DVSHFWRVVRFLDLVDUHODomRHQWUHFRUSRVFRQVLGHUDQGRFRVWXPHVHYDORUHV
,$HVWUXWXUDILVLROyJLFDGDLPDJHPFRUSRUDO
(VWUXWXUD ILVLROyJLFD GD LPDJHP FRUSRUDO p DTXHOD RQGH RV DVSHFWRV ELROyJLFRV H
$WUDYpVGHODSRGHPRVIRUPDURFRQFHLWRGHODWHUDOLGDGHODGRHVTXHUGRHODGRGLUHLWR
8PDDomRPRWRUDQRFyUWH[PRWRUTXDQGRKiDPSXWDomRGRPHPEURLQIHULRUSRGH
RFDVLRQDURGHVHTXLOtEULRQRPRYLPHQWRRXDWpDTXHGDGDSHVVRD
2 W{QXV PXVFXODU LQIOXHQFLD D LPDJHP FRUSRUDO SRLV TXDQGR HVWDPRV IHOL]HV
SURPRYHPRVRUHOD[DPHQWRPXVFXODUHDFRQWUDomRTXDQGRHVWDPRVWULVWHV
$ GRU p XP PHFDQLVPR GH DOHUWD TXH SUHVHUYD R FRUSR H SRGH DOWHUDU D LPDJHP
FRUSRUDOFRPRSRUH[HPSORQXPDHQWRUVHGRSpDOWHUDPRVDEDVHGHDSRLRGRPRYLPHQWRGR DQGDUDUUDVWDQGRRPHVPR
1RVVD LPDJHP FRUSRUDO SRGH VHU LQIOXHQFLDGD SHOR PRYLPHQWR FRUSRUDO DWUDYpV GR
FRQWUROHPRWRU
'LVW~UELRV ItVLFRV RX QHXUROyJLFRV DIHWDP D SHUFHSomR GD LPDJHP FRUSRUDO
PRGLILFDQGRDFRPRQRFDVRGHXPDDPSXWDomRRXQXPTXDGURFOtQLFRGHSVLFRVH
,,$HVWUXWXUDOLELGLQDOGDLPDJHPFRUSRUDO
(QWHQGHVH SRU HVWUXWXUD OLELGLQDO VHJXQGR 6FKLOGHU DTXHOD TXH UHIHUH jV HPRo}HV
DIHWLYLGDGHHHURWLVPRKXPDQR
2QDUFLVLVPRTXHpRDPRUSHORSUySULRFRUSR pGHFRUUHQWHGDIL[DomR QDIDVHRUDO
SRGHQGR DOWHUDU D LPDJHP FRUSRUDO FRPR RFRUUH QRV WUDQVWRUQRV DOLPHQWDUHV REHVLGDGH H DQRUH[LD
1RVVDLPDJHPFRUSRUDOSDVVDSRUYiULDVWUDQVIRUPDo}HVGHVGHDLQIkQFLDDWpDYHOKLFH
2V VHQWLPHQWRV H DV HPRo}HV PRGLILFDP D LPDJHP FRUSRUDO SRLV QRV UHWUDtPRV
TXDQGRHVWDPRVWULVWHVHSURPRYHPRVDH[SDQVmRGRFRUSRQDDOHJULDVHQWLPHQWRVGHUDLYD RXDJUHVVLYLGDGHJHUDPVLWXDo}HVGHOXWDRXGHIXJD
1HXUDVWHQLD JUDQGH LUULWDELOLGDGH KLSRFRQGULD PDQLD GH GRHQoD H XVR DEXVLYR GH
PHGLFDPHQWRV H D GHVSHUVRQDOL]DomR PXGDQoD GR FDUiWHU H GD SHUVRQDOLGDGH WDPEpP DOWHUDPDLPDJHPFRUSRUDODVVLPFRPRRPRYLPHQWRH[SUHVVLYRDJLQiVWLFDHDGDQoDTXHVmR DWLYLGDGHVItVLFDV
$V URXSDV H DFHVVyULRV WDPEpP H[HUFHP LQIOXrQFLD QD LPDJHP FRUSRUDO GH XPD
SHVVRD
,,,$HVWUXWXUDVRFLROyJLFDGDLPDJHPFRUSRUDO
6FKLOGHUGL]TXHDHVWUXWXUDVRFLROyJLFDGDLPDJHPFRUSRUDOpLQGLYLGXDOHSURPRYH
$LPDJHPFRUSRUDOVRIUHLQIOXrQFLDGDFXOWXUDRQGHDSHVVRDHVWiLQVHULGD
(YHQWRVVRFLDLVJHUDPPXGDQoDQDLPDJHPFRUSRUDODWUDYpVGHURXSDVDFHVVyULRVH TXDQGR QmR HVWLYHUPRV VDWLVIHLWRV FRP HOD SRGHPRV PRGLILFiOD DWUDYpV GH SUiWLFD GH DWLYLGDGHItVLFDSRUH[HPSOR
1yVWRGRVWHPRVXPDGLVWkQFLDVRFLDOVHJXUDTXHGHYHVHUUHVSHLWDGD'RFRQWUiULR QRVWRUQDPRVDJUHVVLYRVRXLQVHJXURV
$EHOH]DWHPUHODomRFRPDLPDJHPFRUSRUDOHSURPRYHXPDVHQVDomRDJUDGiYHOSRLV
R TXH p FRQVLGHUDGR IHLR p DOYR GH SUHFRQFHLWR SUHFRQL]DQGR XP SDGUmR FRUSRUDO LPSRVWR SHOD PtGLD TXH QmR p DFHVVtYHO SDUD D JUDQGH PDLRULD GDV SHVVRDV JHUDQGR GLVW~UELRV GD LPDJHPFRUSRUDOTXHVHUmRGHVFULWRVPDLVDGLDQWH
&RQVWUXomRGDLPDJHPFRUSRUDO
$ FRQVWUXomR GD LPDJHP FRUSRUDO p XP IHQ{PHQR FRPSOH[R TXH HQYROYH R
LQFRQVFLHQWH R FRQVFLHQWH R W{QXV PXVFXODU D SRVWXUD GR FRUSR LQWHUDo}HV FRP R PHLR DPELHQWHSHUFHSomRPHPyULDLQGLYLGXDOLGDGHVHQWLPHQWRVHDVSHFWRVVLPEyOLFRV$GDPL )HUQDQGRHWDOO
2VVHQWLGRVKXPDQRVFRPRYLVmRWDWRHSURSULRFHSomRWDPEpPVmRLPSRUWDQWHVSDUDD
FRQVWUXomRGDLPDJHPFRUSRUDO
$ LPDJHP FRUSRUDO VH FRQVWUyL D SDUWLU GRV VHLV PHVHV GH YLGD GR EHEr H WHP VHX
SURFHVVR GH FRQVROLGDomR QD FULDQoD GH VHLV DQRV GH LGDGH IDVH ILQDO GD SUpHVFROD(OD p FRQVWUXtGD DWUDYpV GR FRQWDWR PmH H ILOKR SHOR WRTXH UHIOH[mR GD LPDJHP GD FULDQoD QR HVSHOKR4XDQGRFKHJDDRFRQWH[WRSUpHVFRODUVmRGHVHQYROYLGDVDWLYLGDGHVTXHSURPRYDP HVWDFRQVWUXomRHVHXGHVHQYROYLPHQWRDWUDYpVGHDWLYLGDGHVSHGDJyJLFDVTXHVHUmRGHVFULWDV SRVWHULRUPHQWH
(QWUHWDQWRHVVDLPDJHPVRIUHRXWUDVPRGLILFDo}HVSRLVHODpXPIHQ{PHQRGLQkPLFR
TXHVHDOWHUDGXUDQWHWRGDDWUDMHWyULDGHYLGDGDSHVVRD
)RUPDomRHIDWRUHVGHLQIOXrQFLD
$1$580$GL]TXHDIRUPDomRGDLPDJHPFRUSRUDORFRUUHGHIRUPDSDUDOHOD
2 SULPHLUR FRQWDWR TXH D FULDQoD WHP FRP R PXQGR p FRUSRUDO GH DFRUGR FRP
6FKLOGHU DWUDYpV GD PHQWH GRV yUJmRV VHQVRULDLV FRPR D YLVmRDXGLomRWDWR H R PRYLPHQWRLQGLYLGXDORXHPJUXSR
$LPDJHPFRUSRUDOpVXEMHWLYDSRLVFDGDFULDQoDp~QLFD
1D SUpHVFROD D FULDQoD SDVVD SHOR HVWiGLR GR HVSHOKR RQGH DWUDYpV GD UHIOH[mR GR
FRUSRDFULDQoDLGHQWLILFDDVSDUWHVGHVHXVHJPHQWRFRUSRUDOFRPDDMXGDGDSURIHVVRUD 'HSRLVGLVVRDFULDQoDYDLH[SUHVVDUVHXFRQFHLWRGHLPDJHPFRUSRUDOQRGHVHQKRGD ILJXUDKXPDQD
2SURFHVVRGHIRUPDomRGDLPDJHPFRUSRUDOVRIUHYiULDVLQIOXrQFLDVFRPRRDXWR FRQFHLWR D FXOWXUD D TXDO HVWi LQVHULGD VHMD HOD RFLGHQWDO RX RULHQWDO R SURFHVVR GH VRFLDOL]DomRFRQWDWRFRPRVRXWURV$OpPGLVVRDFULDQoDDGTXLUHYDORUHVGRTXHpEHORRX IHLR QR VHX FRQWH[WR H TXDQGR QmR DSUHVHQWD R SDGUmR LPSRVWR SHOD PtGLD UHYLVWD OLYURV LQIDQWLVFLQHPDWHOHYLVmRGHQWUHRXWURVpDOYRGHSUHFRQFHLWRGDVRXWUDVFULDQoDV
$ FULDQoD REHVD VH WRUQD LQVHJXUD H SRGH GHVHQYROYHU TXDGURV GH GHSUHVVmR EDL[D DXWRHVWLPDHDWpTXDGURVGHSVLFRVHLQIDQWLO
3UiWLFDVGHDWLYLGDGHVItVLFDVGHXPDPDQHLUDJHUDOWDPEpPLQIOXHQFLDPHVVHSURFHVVR GHIRUPDomRGHVVDLPDJHPGHXPDPDQHLUDSRVLWLYD
$YDOLDomRHDVSHFWRVGDLPDJHPFRUSRUDO
,QVWUXPHQWRVGHDYDOLDomRGDLPDJHPFRUSRUDO
+iYiULRVLQVWUXPHQWRVTXHSRGHPDYDOLDUDLPDJHPFRUSRUDOGHQWUHHOHVQRVHVWXGRV FLHQWtILFRVUHODWLYRVDRDVVXQWRSRGHPRVGHVWDFDUGHDFRUGRFRP0RUJDGRHWDOOVHLV JUXSRVTXHVWLRQiULRVHQWUHYLVWDVGHVHQKRVYDULiYHLVDQWURSRPpWULFDVHVFDODVHVLOKXHWDV
1D SUpHVFROD RX LQIkQFLD SRGHPRV DYDOLDU HVVD LPDJHP GDV FULDQoDV XWLOL]DQGR RV VHJXLQWHV LQVWUXPHQWRV GH FROHWD GH GDGRV GHVHQKR GD ILJXUD KXPDQD GH 0DFKRYHU HQWUHYLVWDVILOPDJHPHVSHOKRPRGHODJHPSUiWLFDGHDWLYLGDGHItVLFD
1DSUpHVFRODWDPEpPRGLUHWRURFRRUGHQDGRUHRVSURIHVVRUHVGHVDODEHPFRPRR SURIHVVRUGH(GXFDomR)tVLFDLQIDQWLOSRGHPSDUWLFLSDUGHVVHSURFHVVRDYDOLDWLYRFRPSURMHWRV SHGDJyJLFRVUHODWLYRViLPDJHPFRUSRUDOGDVFULDQoDVRXGHOHVSUySULRVFRPRSDUWLFLSDQWHV QXPWUDEDOKRFLHQWtILFRDFDGrPLFRVHMDQDiUHDGH3HGDJRJLDRX(GXFDomR)tVLFD
$VSHFWRVGDLPDJHPFRUSRUDO
2VDVSHFWRVGHVVDLPDJHPVmRGHDFRUGRFRP7DYDUHVSRGHPVHUKLVWyULFRV 6&+,/'(5GL]TXHHVVHVDVSHFWRVVmRILVLROyJLFRVOLELGLQDLVHVRFLROyJLFRVMi DERUGDGRVDQWHULRUPHQWH
1DSULPHLUDLQIkQFLDRVDVSHFWRVGDLPDJHPFRUSRUDOTXHGHYHPVHUWUDEDOKDGRVVmR DVSUiWLFDVItVLFDVGRPRYLPHQWRRVDVSHFWRVDIHWLYRVUHODWLYRVDHVVDLPDJHPHDLQWHJUDomR VRFLDOUHVSHLWDQGRDLQGLYLGXDOLGDGHGHFDGDFULDQoDLQGHSHQGHQWHGHVXDFRQVWLWXLomRItVLFD JrQHURHYLYrQFLDVDQWHULRUHVSURPRYHQGRDHGXFDomRGHIRUPDLQWHJUDO
'HVHQYROYLPHQWR GD LPDJHP FRUSRUDO H VXD FRQWULEXLomR SDUD R GHVHQYROYLPHQWRJHUDOHLQIDQWLO
2GHVHQYROYLPHQWRGDLPDJHPFRUSRUDODFRQWHFHGHVGHRQDVFLPHQWRDWpRVVHLVDQRV GHLGDGHIDVHILQDOGDSUpHVFRODHSRUVHUXPSURFHVVRGLQkPLFRSRGHVRIUHUPRGLILFDo}HVQR GHFRUUHUGDYLGDUHODFLRQDQGRVHFRPIDWRUHVGDVRFLHGDGHHFXOWXUDGHFRQYLYrQFLD
(QYROYHDLQGDUHSUHVHQWDo}HVPHQWDLVFRQH[}HVQHXUROyJLFDVVHQWLPHQWRVPHPyULD VHQWLGRVKXPDQRVYLVmRWDWRSURSULRFHSomRHRDPELHQWH
(VVH GHVHQYROYLPHQWR WDPEpP p GHWHUPLQDGR SHOD DQDWRPLD IXQFLRQDO H SHOR
SVLTXLVPR$QDUXPD
3DUD7DYDUHVHVVHGHVHQYROYLPHQWRGHSHQGHGDSUySULDLGHQWLGDGHFRUSRUDO2
FRUSRHVXDVVHQVDo}HVVmRIRQWHVGDVXEMHWLYLGDGHKXPDQD
'HVHQYROYLPHQWRJHUDO
2 GHVHQYROYLPHQWR KXPDQR JHUDO HQYROYH D PHQWH H R FRUSR GH IRUPD
LQWHJUDGDHVXDVUHODo}HVFRPRDPELHQWHGHFRQYtYLRVRFLDO
$LPDJHPFRUSRUDOEHPHVWUXWXUDGDQHVWHFRQWH[WRSRGHSURPRYHUQDSHVVRD XPD IRUPDomR GH XPD SHUVRQDOLGDGH HTXLOLEUDGD XPD DXWRHVWLPD HOHYDGD 1R FRQYtYLRVRFLDOGRJUXSRUHVSHLWDUDLQGLYLGXDOLGDGHGHFDGDXPHVXDVGLIHUHQoDV
2 UHVSHLWR DRV DVSHFWRV HPRFLRQDLV SVLFROyJLFRV H SHUFHSWXDLV TXH WDPEpP H[HUFHPLQIOXrQFLDQHVVDLPDJHP
'HVHQYROYLPHQWRLQIDQWLOHLPDJHPFRUSRUDO
2GHVHQYROYLPHQWRLQIDQWLOpFRPSRVWRGRGHVHQYROYLPHQWRPRWRUFRJQLWLYRDIHWLYR HVRFLDO
2GHVHQYROYLPHQWRPRWRUVHJXQGR*DODKXHpGLYLGLGRHPIDVHV $0RYLPHQWRVUHIOH[RVVXFomRQRDOHLWDPHQWRPDWHUQR
%0RYLPHQWRVUXGLPHQWDUHVHQJDWLQKDU
&0RYLPHQWRVEiVLFRVIXQGDPHQWDLVDQGDUFRUUHUURODUJLUDUHVDOWDU
'0RYLPHQWRVFXOWXUDOPHQWHGHWHUPLQDGRVPRYLPHQWRVHVSRUWLYRVHH[SUHVVLYRV 2VPRYLPHQWRVUHIOH[RVHUXGLPHQWDUHVHVWmRSUHVHQWHVQREHEr
( D SDUWLU GH DQRV HP GLDQWH RV PRYLPHQWRV FXOWXUDOPHQWH GHWHUPLQDGRV 2V PRYLPHQWRVHVSRUWLYRVFRPVXDVUHJUDVHRVH[SUHVVLYRV
2GHVHQYROYLPHQWRFRJQLWLYRVHJXQGR-HDQ3LDJHWpFRPSRVWRGHTXDWUR IDVHV
)DVH VHQVyULRPRWRUD 3UHVHQWH QD FULDQoD GD HGXFDomR LQIDQWLO QD PRGDOLGDGH GH PDWHUQDORXFUHFKHDEUDQJHQGRFULDQoDVGH]HURiWUrVDQRVGHLGDGH2FXLGDGRGHVVDV FULDQoDVpIHLWRSRUPRQLWRUHV
)DVHSUpRSHUDWyULD$LQGDFRQVWLWXLDFULDQoDGDHGXFDomRLQIDQWLOQDPRGDOLGDGHGH SUpHVFROD2UHVSRQViYHOSHODIRUPDomRGHVVDFULDQoDVmRRSURIHVVRUGHVDODGHDXOD HRSURIHVVRUGHHGXFDomRItVLFDLQIDQWLOHiVYH]HVDOJXQVPRQLWRUHVGHHQVLQR
)DVHRSHUDWyULDFRQFUHWD&RPSUHHQGHDIDL[DHWiULDGRHQVLQRIXQGDPHQWDO,FRP FULDQoDVQDIDL[DHWiULDHPWRUQRGHDQRVSDUDDDOIDEHWL]DomRHWHUPLQDFRPDQRV GH LGDGH QD VpULH $V FULDQoDV SRVVXHP XP SURIHVVRU GH VDOD XP SURIHVVRU GH HGXFDomRItVLFDHjVYH]HVXPSURIHVVRUGHHGXFDomRDUWtVWLFD
)DVHDEVWUDWD7HPLQtFLRQRIXQGDPHQWDO,,FRPFULDQoDVGHDQRV1HVVHFDVRDV FULDQoDVFXUVDPYiULDVGLVFLSOLQDVFRPSURIHVVRUHVGHVDODGHDXODGHDFRUGRFRPVXD IRUPDomRHVSHFtILFDHPOLFHQFLDWXUDSOHQDHSURIHVVRUGHHGXFDomRItVLFD1RHQVLQR PpGLRSHUPDQHFHHVWHPRGHOR1RVXSHULRUKiYiULDVGLVFLSOLQDVHSURIHVVRUHVTXHLUmR IRUPDUSULPHLURRGLVFHQWHHPQtYHOGHJUDGXDomRSRVVLELOLWDQGRRH[HUFtFLRGHXPD SURILVVmR 'HSRLV GLVVR YHP D 3yV JUDGXDomR FRP R 0HVWUDGR GLVFLSOLQDV H XPD GLVVHUWDomR HP VHJXLGD R 'RXWRUDGR GLVFLSOLQDV H XPD WHVH R 3yVGRXWRUDGR H D &iWHGUD
$V KDELOLGDGHV FRJQLWLYDV VmR FRQVWLWXtGDV GH SURFHVVR GH GHFLVmR UHVROXomR GH SUREOHPDV RULHQWDomR HVSDFLDO UDFLRFtQLR OyJLFR GHVHQYROYLPHQWR GD PHPyULD SODQHMDPHQWRHH[HFXomRDJUXSDPHQWRHFODVVLILFDomRUDFLRFtQLRPDWHPiWLFRHVWXGR GHSUREDELOLGDGHVPpWRGRVGHSHVTXLVDTXHVWLRQDPHQWRHILFD]WiWLFDVHHVWUDWpJLDVH KDELOLGDGHVLQYHVWLJDWLYDV
$V KDELOLGDGHV VRFLDLV TXH GHYHP VHU GHVHQYROYLGDV QD SUpHVFROD HQWUH SURIHVVRU H DOXQRV VmR FRRSHUDomR VRFLDO FRPXQLFDomR RUDO H QmR YHUEDOWUDEDOKR HPHTXLSHFRODERUDomRHQWUHRJUXSRUHVROXomRGHFRQIOLWRVFRPSHWLomRVDGLDUHJUDV GHFRQYLYrQFLDHPRUDO
,PSRUWkQFLDGDLPDJHPFRUSRUDOQRGHVHQYROYLPHQWRJHUDOHLQIDQWLO
(VVDLPDJHPSRGHVHULQIOXHQFLDGDHPRGLILFDGDSHODH[SHULrQFLDFRUSRUDOGH DFRUGRFRP%UHDNH\DSXG$GDPL)HWDOHDIHWDRVDVSHFWRVHPRFLRQDLVDSHUFHSomR HRVDVSHFWRVSVLFROyJLFRV
$FULDQoDXWLOL]DDLPDJHPFRUSRUDOQRPRYLPHQWRGHVHXFRUSRSDUDIRUPDUD FRQVFLrQFLDGRHXSRGHQGRUHFRQVWUXLUDPHVPDDSyVXPWUDXPDItVLFRRXSVLFROyJLFR
'LVW~UELRVGDLPDJHPFRUSRUDOQRDGXOWRHQDFULDQoD
'52(87DSXG=DQDWDGHILQHGLVW~UELRFRPRSHUWXUEDomRRXDOWHUDomR GRFRPSRUWDPHQWRKDELWXDOGHXPDSHVVRD
2VGLVW~UELRVTXHDIHWDPDLPDJHPFRUSRUDOVmRItVLFRVPHQWDLVHPRFLRQDLV DPELHQWDLVHSUREOHPDVFRJQLWLYRVHDIHWDPDGXOWRVHFULDQoDV&LDVFD
'LVW~UELRVGDLPDJHPFRUSRUDOQRDGXOWR
8PLQGLYtGXRTXHYLYHFRPDLPDJHPFRUSRUDOGHVILJXUDGDGRSUySULRFRUSR SHUGHRFRQWDWRFRPDUHDOLGDGHGHVHXPHLRHFULDYiULRVFRQIOLWRVLQWHUQRV6DUWRUL
6FKLOGHU GL] TXH DV SHTXHQDV H[SHULrQFLDV FRWLGLDQDV FRP GRHQoDV RUJkQLFDVDFDEDPVHQGRXWLOL]DGDVFRPRPRGHORGDQRVVDLPDJHPFRUSRUDO2IDWRGH HODV RFRUUHUHP QXPD GHWHUPLQDGD pSRFD GD YLGD GR LQGLYtGXR GHQRWD XPD HVWUXWXUDomRLQWHUQD6HPSUHTXHH[LVWHGRURXVRIULPHQWRKiXPDPXGDQoDQRPRGHOR SRVWXUDOGRFRUSR
)UHHGPDQ DSXG $QDUXPD GL] TXH DSHVDU GD LPDJHP FRUSRUDO VHU LPDJLQiULDHODSRGHVHUYLYLGDFRPRDOJRWmRUHDOTXDQWRRFRUSRItVLFRSRGHQGRVHU XPD IRQWH GH HQHUJLD RX GRU FU{QLFD 6HQGR XPD LPDJHP SRGHUi VRIUHU GLVWRUo}HV FRQVLGHUDQGRSDUWHVGRFRUSRDQRUPDLVGHYLGRjFUHQoDGHTXHVXDIRUPDHPHGLGDV VmRLQDGHTXDGDV
1HVWHFRQWH[WRSRGHPRVFLWDURVWUDQVWRUQRVDOLPHQWDUHVDQRUH[LDEXOLPLDH REHVLGDGH
7UDQVWRUQRV$OLPHQWDUHV
$ DQRUH[LD QHUYRVD VHJXQGR &DVWLOKR HVWi DVVRFLDGD FRP IDWRUHV HVWUHVVDQWHVHWHPFRPRFDUDFWHUtVWLFDDUHGXomRGRFRQVXPRGHDOLPHQWRVFDOyULFRV FDUERLGUDWRSURWHtQDHJRUGXUDSRUWHUPHGRGHJDQKDUSHVRHYLUDUXPREHVR
$LPDJHPFRUSRUDOGHXPDSHVVRDFRPDQRUH[LDpQHJDWLYDGHQRWDQGRWUDoRV GH FRQIOLWRV LQWHUQRV EDL[D DXWRHVWLPD LQWROHUkQFLD i FUtWLFD SHUIHFFLRQLVPR H H[WHUQRVSRLVRSDGUmRGHEHOH]DRFLGHQWDOpRGDH[WUHPDPDJUH]D
2 WUDWDPHQWR p PXOWLGLVFLSOLQDU HQYROYHQGR SVLFRWHUDSLD WUDWDPHQWR SVLTXLiWULFR DQWLGHSUHVVLYRVXPQXWULFLRQLVWDHDSRLRIDPLOLDU
$EXOLPLDQHUYRVDpFDUDFWHUL]DGDFRQIRUPH&DVWLOKRSRUXPDJUDQGH LQJHVWmRDOLPHQWDUQXPFXUWRSHUtRGRGHWHPSRFRPDOWRYDORUFDOyULFR(PVHJXLGD RFRUUH R SURFHVVR GH LQGXomR GR Y{PLWR XVR GH PHGLFDPHQWRVOD[DQWHVGLXUpWLFRV DFRPSDQKDGRVGHORQJRSHUtRGRGHMHMXPHSUiWLFDGHH[HUFtFLRVItVLFRVYLJRURVRV 2WUDWDPHQWRpSVLFROyJLFRHSVLTXLiWULFRDGPLQLVWUDomRGHDQWLGHSUHVVLYRV
1R FDVR GD REHVLGDGH H[FHVVR GH SHVR FRUSRUDO p GHVHQFDGHDGD SRU IDWRU JHQpWLFRDOWRFRQVXPRGHDOLPHQWRVFRQIOLWRVLQWHUQRVQHXURVHSVLFRVHHGHSUHVVmR VRPDGRFRPRVHGHQWDULVPRIDOWDGHDWLYLGDGHItVLFDUHJXODU
1HVWH FDVR p QHFHVViULR WHUDSLD HIHWXDGD SHOR SVLFyORJR DOLDGD DR WUDWDPHQWR SVLTXLiWULFR GHSUHVVmR H SVLFRVHV D SUiWLFD UHJXODU GH DWLYLGDGH ItVLFD FRP SURILVVLRQDOGDiUHDTXDOLILFDGRXPDUHHGXFDomRDOLPHQWDUIHLWDSRUXPQXWULFLRQLVWD HVHQHFHVViULRXPPpGLFRHQGRFULQRORJLVWDUHVSRQViYHOSHORWUDWDPHQWRGHGLVW~UELRV KRUPRQDLV FRPR GLDEHWH HP FRQMXQWR FRP R FDUGLRORJLVWD VH KRXYHU KLVWyULFR IDPLOLDUGHSUREOHPDVGHSUHVVmRDUWHULDOHVWUHVVHRXFDUGLRSDWLDV
'LVW~UELRVQHXUyWLFRVHSVLFyWLFRVQRDGXOWR
(VWHVGLVW~UELRVSURPRYHPDGLVWRUomRGDLPDJHPFRUSRUDOGHDFRUGRFRP $MXULDJXHUUDH.DSODQDPERVSVLTXLDWUDVVHQGRRSULPHLURHVSHFLDOLVWDQR WUDWDPHQWRLQIDQWLORVHJXQGRGHDGXOWRV
$ QHXURVH p XPD SHUWXUEDomR PHQWDO TXH QmR FRPSURPHWH DV IXQo}HV HVVHQFLDLVGDSHUVRQDOLGDGHHHPTXHRLQGLYtGXRPDQWpPSHQRVDFRQVFLrQFLDGHVHX HVWDGR
$SVLFRVHpDGHVLJQDomRJHUDOGDVGRHQoDVPHQWDLVHVHXVWUDQVWRUQRV
+LVWHULDpXPDGRHQoDQHUYRVDTXHVHPDQLIHVWDSRUFRQYXOV}HVHVSDVPyGLFDV RXKLVWHULVPRLUULWDELOLGDGHRXQHUYRVLVPRH[FHVVLYR
2TXDGURGHGHSUHVVmRpFDUDFWHUL]DGRSRUXPHVWDGRGHWULVWH]DGHVkQLPRRX DSDWLDeWDPEpPXPDIDOWDGHH[SUHVVmR$SHVVRDGHSULPLGDDSUHVHQWDEDL[DHVWLPDH LUULWDELOLGDGH
2 WUDQVWRUQR DIHWLYR ELSRODU p XP WUDQVWRUQR PHQWDO TXH GHSHQGH GH TXDWUR IDWRUHV SDUD VH PDQLIHVWDU IDWRU JHQpWLFR KHUHGLWDULHGDGH IDWRU SVLFROyJLFRFRQIOLWRV LQWHUQRV IDWRU ELROyJLFR DOWHUDo}HV QHXURTXtPLFDV GR FpUHEURHIDWRUDPELHQWDO(VVHWUDQVWRUQRpFDUDFWHUL]DGRSRUXPSyORGHSUHVVLYRH RXWURHXIyULFRMXQWRFRPDSHUVRQDOLGDGHQRUPDO1RVFDVRVPDLVJUDYHVRSRUWDGRU GHVVHWUDQVWRUQRSRGHDSUHVHQWDUWHQGrQFLDVDRVXLFtGLR
-iQRSURFHVVRGDHVTXL]RIUHQLDKiDGHVFRQH[mRFRPDUHDOLGDGHSRUSDUWHGR GRHQWH H HVWH SRGH DSUHVHQWDU VXUWRV SVLFyWLFRV XP GLVFXUVR GHVRUJDQL]DGR FRPSRUWDPHQWRFDWDW{QLFRLPRELOLGDGHHHPERWDPHQWRDIHWLYR
1R72&WUDQVWRUQRREFHVVLYRFRPSXOVLYRRGRHQWHDOWHUQDHQWUHREFHVVmRH FRPSXOVmRSRGHQGR HIHWXDU FHUWRV ULWXDLV FRPR ODYDU YiULDV YH]HV DV PmRV DSHJR H[FHVVLYRiUHOLJLmRHPERWDPHQWRDIHWLYRGHSUHVVmRHiVYH]HVVXUWRSVLFyWLFR
2PDOGH$O]HKHLPHUHPLGRVRVSURPRYHDPRUWHGHFHUWDVFRQH[}HVQHXURQDLV GHQWURGRFpUHEURHRVHXSRUWDGRUDSUHVHQWDSUREOHPDVGHPHPyULDGLILFXOGDGHQD H[HFXomR GH WDUHIDV SRGHQGR RFDVLRQDU D PRUWH 7DPEpP RFRUUH R GHFOtQLR GH VXD SHUFHSomRFRUSRUDO
'LVW~UELRVGDLPDJHPFRUSRUDOQDFULDQoD
$FULDQoDSRGHDSUHVHQWDUGLVW~UELRVGDLPDJHPFRUSRUDODWUDYpVGHSUREOHPDV ItVLFRVRXPHQWDLV
8PD FULDQoD REHVD WHP VXD LPDJHP FRUSRUDO GLVWRUFLGD IUHQWH DR SDGUmR GR EHORTXHpLPSRVWRSHODPtGLDFRUSRPDJUR&DEHjIDPtOLDGDUDSRLRDIHWLYRSDUD HVVD FULDQoD H QR FDVR GRV HGXFDGRUHV HIHWXDU VXD LQFOXVmR QR JUXSR GH DPLJRV HQVLQDQGR UHVSHLWR iV GLIHUHQoDV H QmR SHUPLWLQGR TXH HOD VLQWD UHMHLWDGD RX LQVHJXUDQoDDRHVWDEHOHFHURFRQWDWRVyFLRDIHWLYR
&ULDQoDV GHILFLHQWHV ItVLFDV VXUGDV FHJDV FRP SDUDOLVLD FHUHEUDO SDUDSOpJLFDVWDPEpPWHPDOWHUDomRGDLPDJHPFRUSRUDOFRPSRVVtYHLVGLVWRUo}HVGD PHVPD
&ULDQoDVFRPSUREOHPDVPHQWDLVUHWDUGRPHQWDOVtQGURPHGH'RZQDXWLVPR WDPEpPSRGHPDSUHVHQWDUGLVWRUomRGDLPDJHPFRUSRUDO
&DStWXOR3HVTXLVDVREUHLPDJHPFRUSRUDOQDIDVHSUpHVFRODU
$V SHVTXLVDV TXH DERUGDP HVVH WHPD QHVVD IDVH GH DFRUGR FRP DV EDVHV GH FRQVXOWD GH WUDEDOKRV FLHQWtILFRV VmR IHLWDV SRU SHVTXLVDGRUHV GD iUHD GH VD~GH QXWULFLRQLVWDV SVLFyORJRV SVLTXLDWUD LQIDQWLO SURILVVLRQDLV GD iUHD GH HGXFDomR SHGDJRJRVSVLFRSHGDJRJRVHHGXFDGRUHVItVLFRV
1D iUHD GH VD~GH RV FRQWH~GRV VREUH LPDJHP FRUSRUDO FRQWULEXHP SDUD D
PDQXWHQomR GD PHVPD Mi TXH GH DFRUGR FRP D 2UJDQL]DomR 0XQGLDO GH 6D~GH D GHILQLomRGRWHUPRVD~GHp´2FRPSOHWREHPHVWDUItVLFRPHQWDOHVRFLDOHQmRVyD DXVrQFLDGHGRHQoD´
(VVDVSHVTXLVDVWHPFRPRFRQWH~GRDREHVLGDGHLQIDQWLODGHSUHVVmRLQIDQWLO
RV WUDQVWRUQRV PHQWDLVWUDQVWRUQR ELSRODU LQIDQWLO HQWUH RXWURV$V IRQWHV GHVWDV SHVTXLVDVIRUDPDVEDVHVGHGDGRV6FLHOR%LUHPH/LODFV0HGOLQH$OHSK'HGDOXV
1D iUHD GH HGXFDomR D LPDJHP FRUSRUDO ID] SDUWH GR FRQWH~GR SUHVHQWH QR
5HIHUHQFLDO &XUULFXODU ,QIDQWLO 5&1(, H GHYH VHU WUDEDOKDGR SHORV SURIHVVRUHV GD SUpHVFROD R GH VDOD GH DXOD H R HGXFDGRU ItVLFR LQIDQWLO)D] SDUWH GR FRQWH~GR SHGDJyJLFR TXH p GHVHQYROYLGR QD SUpHVFROD H WDPEpP QD IRUPDomR GR SHGDJRJR FRPKDELOLWDomRHPHGXFDomRLQIDQWLO
4XDQGRRFRUUHUSUREOHPDVFRPDIRUPDomRGHVVDLPDJHPFRUSRUDOGHYHKDYHU
&DStWXOR3URSRVWDVSHGDJyJLFDVGHFRPRWUDEDOKDUDLPDJHPFRUSRUDOSDUDR SURIHVVRUGDSUpHVFROD
$SUpHVFRODGHYHFRQWULEXLUSDUDDIRUPDomRJOREDOGDFULDQoD
2VPpWRGRVXWLOL]DGRVSDUDHVVDIRUPDomRGHYHPFRQWHUSURMHWRVSHGDJyJLFRV HODERUDGRSHORSURIHVVRULQWHJUDGRFRPDSURSRVWDSROtWLFRSHGDJyJLFDGR5HIHUHQFLDO &XUULFXODU 1DFLRQDO GD (GXFDomR ,QIDQWLO FRPSRVWR SRU WUrV YROXPHV$ LPDJHP FRUSRUDOpDERUGDGDQRYROXPHQ
$ LPDJHP FRUSRUDO SRGH VHU WUDEDOKDGD GHQWUR GD VDOD GH DXODH QD TXDGUD SROLHVSRUWLYDQRFRQWH[WRSUpHVFRODU
2V SURILVVLRQDLV UHVSRQViYHLV SHOD FRQVWUXomR H R GHVHQYROYLPHQWR GHVVD LPDJHPFRUSRUDOQRSUpHVFRODUVmRRSURIHVVRUGHVDODHRHGXFDGRUItVLFRLQIDQWLO
$WLYLGDGHVSHGDJyJLFDVTXHHQYROYHPDLPDJHPFRUSRUDO
1D VDOD GH DXOD GHVHQKR GD ILJXUD KXPDQDKRPHQ]LQKR GH RLWR SDUWHVPRQWDJHP GH XP ERQHFR DUWLFXODGR TXH HVWi VHSDUDGR HP FDEHoDSHVFRoRRPEURWURQFRPHPEURV VXSHULRUHV H PHPEURV LQIHULRUHV 5HFRUWH H FRODJHPGHGLIHUHQWHVILJXUDVGRFRUSRKXPDQR
(PJUXSRFRPDVFULDQoDVIRUPXODUFRQFHLWRVGDLPDJHPFRUSRUDORTXHp XPDSHVVRDDOWD"(XPDSHVVRDEDL[D"(DVVLPVXFHVVLYDPHQWHWUDEDOKDQGRFRPRV RSRVWRVPDJURHJRUGRIHLRHERQLWR
3RGHPRVXWLOL]DUP~VLFDVLQIDQWLVFRPFRQWH~GRGRVVHJPHQWRVFRUSRUDLVSDUD DSHUFHSomRGRFRUSR
1XPSDSHOEHPJUDQGHFRQWRUQDURFRUSRGDFULDQoDFRPSOHWDQGRDVSDUWHVTXH IDOWDP
(QVLQDURUHVSHLWRiGLYHUVLGDGHGHJrQHURPHQLQRRXPHQLQDUDoDEUDQFD SDUGDQHJUDFRQVWLWXLomR ItVLFD PDJUR RX JRUGR SDUD TXH QmR KDMD SUHFRQFHLWR QR JUXSR8VRGHOLYURVLQIDQWLVFRPR2&RUSLPGH=LUDOGRQXPDOHLWXUDO~GLFD8VRGH DFHVVyULRV
&RQVLGHUDo}HV)LQDLV
$LPDJHPFRUSRUDOpXPGRVWHPDVDVHUWUDEDOKDGRSHORVHGXFDGRUHVGDSUpHVFRODH
WHP LPSRUWDQWH IXQomR QR GHVHQYROYLPHQWR LQIDQWLOSRLV XPD FULDQoD QHFHVVLWD WHU HVVD LPDJHP EHP FRQVWUXtGD H GHVHQYROYLGD FRP DV DWLYLGDGHV SHGDJyJLFDV SURSRVWDV SHOR FRQWH[WRHVFRODU
2 FRQWH~GR UHODWLYR DR WHPD SRGH VHU WUDEDOKDGR SHOR SURIHVVRU GH VDOD H SHOR
HGXFDGRUItVLFRLQIDQWLOFRPDWLYLGDGHVMiGHVFULWDVDQWHULRUPHQWH
$WUDYpVGRVGDGRVREWLGRVQHVVDPRQRJUDILDSRGHPRVFRQVLGHUDUDLPDJHPFRUSRUDO
FRPR VHQGR LPSRUWDQWH QR SURFHVVR IRUPDWLYR H HGXFDWLYR GR SUpHVFRODU QmR WHQGR FRPR REMHWLYRXPDSURIXQGDPHQWRQRDVVXQWR
(VSHURTXHIXWXURVSHGDJRJRVUHDOL]HPQRYDVSHVTXLVDVUHODWLYDVjHVVHDVVXQWRTXH
5HIHUrQFLDELEOLRJUiILFD
$'$0, ) )(51$1'(6 HW DO $VSHFWRV GD FRQVWUXomR H GHVHQYROYLPHQWR GD LPDJHP FRUSRUDOHLPSOLFDo}HVQD(GXFDomR)tVLFD5HYLVWD'LJLWDO%XHQRV$LUHVDQRQ$EULO GH GLVSRQtYHO HP KWSS ZZZHIGHSRUWHVFRPHIGLPDJHKWP$FHVVR HP
$-85,$*8(55$-0DQXDO GH SVLTXLDWULD LQIDQWLOHG%DUFHORQD(VSDQKD7RUD\ 0DVVRQ
$1$580$60(QFRQWURFRPRFRUSR8PSURJUDPDGHLQWHUYHQomRSDUDSHVVRDVFRP SUREOHPDV GH H[FHVVR GH SHVR 7HVH GH 'RXWRUDGR&DPSLQDV )DFXOGDGH GH &LrQFLDV 0pGLFDV81,&$03
%25*(6&-(GXFDomRItVLFDSDUDRSUpHVFRODU5LRGHMDQHLUR6SULQW
&$67,/+260$ ,PDJHP &RUSRUDO (G 6DQWR $QGUp(6(7(&HGLWRUDV
DVVRFLDGDV
&LDVFD60'LVW~UELRVHGLILFXOGDGHVGHDSUHQGL]DJHPHPFULDQoDVDQiOLVHGRGLDJQyVWLFR LQWHUGLVFLSOLQDU7HVHGHGRXWRUDGR&DPSLQDV)DFXOGDGHGH&LrQFLDV
0pGLFDV81,&$03
)(55(,5$&$ GH 0DWWRV H 7+2036215,PDJHP H (VTXHPD &RUSRUDOXPD YLVmR WUDQVGLVFLSOLQDUHG6mR3DXOR(GLWRUD/RYLVH
.DSODQ+&203Ç1',2 '( 36,48,$75,$FLrQFLDV GR FRPSRUWDPHQWR H
SVLTXLDWULD7UDG'D\VH%DWLVWD3RUWR$OHJUH$UWPHG
0$7$1$581$/,PDJHP&RUSRUDOQRo}HVHGHILQLo}HV'LVSRQtYHOHPILOH$LPDJHP FRUSRUDOQRo}HVHGHILQLo}HVKWP'LVSRQtYHOHPKWSSZZZJRRJOHFRP$FHVVR 025*$'2 ) HW DOO$QiOLVH GRV LQVWUXPHQWRV GH $YDOLDomR GD ,PDJHP &RUSRUDO 'LVSRQtYHOHPKWSSZZZVFKRODU*RRJOHFRP$FHVVRHP
3,$*(7-$SVLFRORJLDGDFULDQoD(G5LRGH-DQHLUR%HUWKDQG%UDVLO
6$5725,$/&RQVFLrQFLDFRUSRUDOQDHVFRODGHJUDXSHUVSHFWLYDGRVDOXQRVWUDEDOKR GHFRQFOXVmRGHFXUVR5LR&ODUR,QVWLWXWRGH%LRFLrQFLDV
6&+,/'(53$,PDJHPGRFRUSRDVHQHUJLDVFRQVWUXWLYDVGDSVLTXHHGLomR6mR 3DXOR(GLWRUD0DUWLQV)RQWHV
=$1$7$(6$ ,PDJHP &RUSRUDO GH FULDQoDV FRP 'LVW~UELRV GH