• Nenhum resultado encontrado

O estágio supervisionado na formação de professores hoje: novas demandas, novas propostas

N/A
N/A
Protected

Academic year: 2017

Share "O estágio supervisionado na formação de professores hoje: novas demandas, novas propostas"

Copied!
46
0
0

Texto

(1)

81,9(56,'$'((67$'8$/3$8/,67$ ³-Ò/,2'(0(648,7$),/+2´

,167,7872'(%,2&,Ç1&,$65,2&/$52

9$1(66$%,$1&21,

2(67È*,2683(59,6,21$'21$

)250$d­2'(352)(6625(6+2-(

129$6'(0$1'$6129$63523267$6

5LR&ODUR

(2)

9$1(66$%,$1&21,

2(67È*,2683(59,6,21$'21$)250$d­2'(

352)(6625(6+2-(129$6'(0$1'$6129$6

3523267$6

2ULHQWDGRU3URI'UD)OiYLD0HGHLURV6DUWL

7UDEDOKRGH&RQFOXVmRGH&XUVRDSUHVHQWDGR DR ,QVWLWXWR GH %LRFLrQFLDV GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-~OLR GH 0HVTXLWD )LOKR´ &kPSXVGH5LR&ODURSDUDREWHQomRGRJUDX GH/LFHQFLDGRHP3HGDJRJLD

5LR&ODUR

(3)

Bianconi, Vanessa

O estágio supervisionado na formação de professores: novas demandas, novas propostas / Vanessa Bianconi. - Rio Claro : [s.n.], 2011

47 f. : il.

Trabalho de conclusão de curso (licenciatura - Licenciatura em Pedagogia) - Universidade Estadual Paulista, Instituto de Biociências de Rio Claro

Orientador: Flávia Medeiros Sarti

1. Professores – Formação. 2. Práticas de ensino. I. Título. 370.71

B578e

(4)

680È5,2

,1752'8d­2 2EMHWLYRV 2 (67È*,2 683(59,6,21$'2 ,1)250$d®(6 '( 352)(6625(6

&21&(3d®(6,1,&,$,6

%5(9( +,67Ï5,&2 ( 1250$7,=$d­2 /(*$/ &$0,1+26

3(5&255,'26 2VSULPyUGLRVGDVSUiWLFDVGHHVWiJLR $/HLQRHVXDVLPSOLFDo}HVTXDQWRjSUiWLFDGHHVWiJLR 2 PRPHQWR GH UHIOH[mR VREUH D IRUPDomR GR SURIHVVRU ± D GpFDGD GH

1RYRVFDPLQKRVHSURSRVLo}HVSDUDDIRUPDomRGRFHQWH±DGpFDGDGH HDQRV $6 ',6&,3/,1$6 '( 35È7,&$6 '( (16,12 ( $ ',&2720,$ ³7(25,$ ( 35È7,&$´ 2HVWiJLRVXSHUYLVLRQDGRFRPRSRVVLELOLGDGHGHDUWLFXODomRHQWUHWHRULDH

SUiWLFD 129$6 3523267$6 3$5$ $ 35È7,&$ '( (16,12 129$6 '(0$1'$6 12926&$0,1+26 3URSRVWD81(63±5LR&ODUR 3URSRVWD8)6&DU±6mR&DUORV 3URSRVWD8)06±7UrV/DJRDV 3URSRVWD899±9LOD9HOKD 3URSRVWD8)3HO±3HORWDV 3URSRVWD8QLYHUVLGDGH)HGHUDOGH6mR3DXOR±63 129$63523267$6'((67È*,280$$1È/,6('$,129$d­2$3/,&$'$

$('8&$d­2 &21&/86­2 5()(5Ç1&,$6%,%/,2*5È),&$6

(5)

ϲ

,1752'8d­2

$ TXHVWmR QRUWHDGRUD GR SUHVHQWH WUDEDOKR VXUJLX D SDUWLU GH PLQKD H[SHULrQFLD FRPR HVWDJLiULD GR &XUVR GH /LFHQFLDWXUD HP 3HGDJRJLD H GDV LQGDJDo}HVTXHGDtVXUJLUDPTXDQWRjIRUPDHDRPRGHORGHHVWiJLRVXSHUYLVLRQDGR UHDOL]DGR 2 WHPD 3URSRVWDV ,QRYDGRUDV SDUD R (VWiJLR 6XSHUYLVLRQDGR WRPRX IRUPDTXDQGRVXJHULGRSHODSURIHVVRUDRULHQWDGRUDGRPHVPRHVWiJLR

([LVWHPSURSRVWDVPXLWRERDVVHQGRDSOLFDGDVHPYiULDV8QLYHUVLGDGHVSRU GLYHUVRV SHVTXLVDGRUHV PDV LVWR DLQGD HVWi UHVWULWR D HVWDV LQVWLWXLo}HV DVVLP VHQGRRPDWHULDOGLVSRQtYHODLQGDHVWiORQJHGHJUDQGHSDUWHGRVDOXQRVHVWDJLiULRV GH PXLWDV LQVWLWXLo}HV (VWH VH FRQVWLWXL XP JUDQGH SUREOHPD SRLV H[LVWH SRXFD OLWHUDWXUD DOpP GD SXEOLFDGD SRU SHVTXLVDGRUHV TXH GHVHQYROYHP DOJXP WUDEDOKR LQRYDGRUQDiUHDGHHVWiJLR

$ SDUWLU GD UHHVWUXWXUDomR GRV &XUVRV GH /LFHQFLDWXUD SDUD DWHQGHU jV H[LJrQFLDV LPSRVWDV SHODV 'LUHWUL]HV &XUULFXODUHV 1DFLRQDLV 3DUHFHU &1(&3 Qƒ FRQVWDWDPRVDYDORUL]DomRGDSUiWLFDGHHQVLQRQDIRUPDomRGRFHQWHLQLFLDO D ILP GH WRUQDU HVWD IRUPDomR PDLV SUy[LPD H DGHTXDGD j UHDOLGDGH HGXFDFLRQDO RQGHRSURIHVVRUHVWiLQVHULGRJHUDQGRRVLQVWUXPHQWRVQHFHVViULRVjDYDOLDomRGR ID]HUGLiULRGHFDGDXP$VVLPWRGDDWLYLGDGHGHLQWURGXomRGRDOXQRGRFXUVRGH IRUPDomR SDUD R PDJLVWpULR SDVVD D WHU XP VLJQLILFDGR HVSHFLDO SRLV VH WRUQD R WHPSR GH R HGXFDGRU HP IRUPDomR FRQVWUXLU D LPDJHP H R SDSHO TXH LUD GHVHPSHQKDUGHQWURGHXPDXQLGDGHGHHQVLQR

1HVWH FRQWH[WR YHULILFDPRV D QHFHVVLGDGH H R VXUJLPHQWR GH QRYDV SURSRVWDVUHODWLYDVDRHVWiJLRVXSHUYLVLRQDGRQRVFXUVRVGH/LFHQFLDWXUD(P 1yYRDMiKDYLDDYDQoDGRQHVWHVHQWLGR

eSUHFLVRWUDEDOKDUQRVHQWLGRGDGLYHUVLILFDomRGRVPRGHORVHGDVSUiWLFDV GH IRUPDomR LQVWLWXLQGR QRYDV UHODo}HV GRV SURIHVVRUHV FRP R VDEHU SHGDJyJLFR H FLHQWtILFR $ IRUPDomR SDVVD SHOD H[SHULPHQWDomR SHOD LQRYDomRSHORHQVDLRGHQRYRVPRGRVGHWUDEDOKRSHGDJyJLFR(SRUXPD UHIOH[mRFUtWLFDVREUHDVXDXWLOL]DomR$IRUPDomRSDVVDSRUSURFHVVRVGH LQYHVWLJDomR GLUHWDPHQWH DUWLFXODGRV FRP DV SUiWLFDV HGXFDWLYDV 1yYRD S

(6)

ϳ

PRGHORVRFRUUD1mRKiFRPRVHDILUPDUTXHXPDWHRULDVHMDVXILFLHQWHSDUDDWLQJLU GHWHUPLQDGRREMHWLYRVHPTXHHODSDVVHSHODH[SHULPHQWDomRSUiWLFDGHQWURGHXPD LQVWLWXLomRGHHQVLQR$&LrQFLDSUHVVXS}HWRGRFRQKHFLPHQWRDGTXLULGRSHORKRPHP HTXHIRLVXEPHWLGRjH[SHULPHQWDomRSDUDFRPSURYDUVXDHILFiFLDHHILFLrQFLD&RP D (GXFDomR WDPEpP XPD &LrQFLD QmR SRGH VHU HQWHQGLGR GH RXWUD IRUPD DV GHVFREHUWDV GH QRYDV WHRULDV SRLV QD HVFROD D WHRULD H D SUiWLFD VH DUWLFXODP GH XPD IRUPD GLDOpWLFD HP XP GLiORJR SHUPDQHQWH H TXH SRVVLELOLWD DYDQoRV H D UHFULDomRGHXPDQRYDWHRULD

23DUHFHU&1(&3QƒGHILQHR(VWiJLR6XSHUYLVLRQDGRFRPRXP

³WHPSR GH DSUHQGL]DJHP TXH DWUDYpV GH XP SHUtRGR GH SHUPDQrQFLD DOJXpP VH GHPRUD HP DOJXP OXJDU RX RItFLR SDUD DSUHQGHU D SUiWLFD GR PHVPRHGHSRLVSRGHUH[HUFHUXPDSURILVVmRRXRItFLR$VVLPRHVWiJLR VXS}H XPD UHODomR SHGDJyJLFD HQWUH DOJXpP TXH Mi p XP SURILVVLRQDO UHFRQKHFLGR HP XP DPELHQWH LQVWLWXFLRQDO GH WUDEDOKR H XP DOXQR HVWDJLiULR´S

&RPSUHHQGHQGRHQWmRR(VWiJLR6XSHUYLVLRQDGRFRPRXPWHPSRGHVWLQDGR D XP SURFHVVR GH HQVLQR H DSUHQGL]DJHP RX DLQGD FRPR XPD DSUR[LPDomR GR HVWDJLiULR j UHDOLGDGH FRP D TXDO LUi DWXDU &267$ UHFRQKHFHPRV TXH D WHRULD HVWXGDGD SHOR DOXQR GXUDQWH R FXUVR GH OLFHQFLDWXUD PHVPR VHQGR IXQGDPHQWDO QmR VH ID] VXILFLHQWH SDUD SUHSDUiOR SDUD R H[HUFtFLR SOHQR GD SURILVVmR 3RUWDQWR ID]VH QHFHVViULD D LQVHUomR GR DOXQR QD UHDOLGDGH HVFRODU R TXHGHYHVHUSURSRUFLRQDGRSHORHVWiJLR³WHQGRRFXLGDGRGHQmRVLWXDURHVWiJLR FRPR XP PRPHQWR SUiWLFR GR FXUVR PDV FRPR XPD DSUR[LPDomR j SUiWLFD´ &267$ S 2 HVWiJLR VH WRUQD XP SHUtRGR GH H[SHULPHQWDomR H LQWHJUDomR HQWUH WHRULD H SUiWLFD D ILP GH TXH R IXWXUR SURIHVVRU SRVVD LGHQWLILFDU SUiWLFDVTXHVHMDPDGHTXDGDVjVVXDVFDUDFWHUtVWLFDVSHVVRDLVHDVGHVXDFOLHQWHOD GHQWUH WRGDV DV 7HRULDV JHUDGDV SHORV SHQVDGRUHV H HVWXGLRVRV GD HGXFDomR GXUDQWH R FXUVR GD KLVWyULD 7UDWDVH GH LGHQWLILFDU GHQWUR GR FRQKHFLPHQWR HVWDEHOHFLGRHOHPHQWRVQRUWHDGRUHVSDUDDFRQVWUXomRGHXPDLGHQWLGDGHSHVVRDO

6HJXQGRR3DUHFHU&1(&3QƒILFDGHOHJDGRjLQVWLWXLomRGHHQVLQR RSODQHMDPHQWRGRVHVWiJLRVREVHUYDQGRVHDOJXQVSUD]RVPtQLPRVREULJDWyULRV2 UHIHULGRSDUHFHUGLVS}HTXHTXDOLWDWLYDPHQWH

(7)

ϴ

DSUHQGL]DJHP TXH WRUQDUVHi FRQFUHWR H DXW{QRPR TXDQGR GD SURILVVLRQDOL]DomRGHVWHHVWDJLiULR´S

(DLQGDQRLWHPDOtQHDFGR3DUHFHU&1(&3Qƒ

³2HVWiJLRREULJDWyULRGHILQLGRSRUOHLGHYHVHUYLYHQFLDGRGXUDQWHRFXUVR GHIRUPDomRHFRPWHPSRVXILFLHQWHSDUDDERUGDUDVGLIHUHQWHVGLPHQV}HV GDDWXDomRSURILVVLRQDO'HYHGHDFRUGRFRPRSURMHWRSHGDJyJLFRSUySULR VHGHVHQYROYHUDSDUWLUGRLQtFLRGDVHJXQGDPHWDGHGRFXUVRUHVHUYDQGR VH XP SHUtRGR ILQDO SDUD D GRFrQFLD FRPSDUWLOKDGD VRE D VXSHUYLVmR GD HVFROD GH IRUPDomR SUHIHUHQFLDOPHQWH QD FRQGLomR GH DVVLVWHQWH GH SURIHVVRUHV H[SHULHQWHV 3DUD WDQWR p SUHFLVR TXH H[LVWD XP SURMHWR GH HVWiJLRSODQHMDGRHDYDOLDGRFRQMXQWDPHQWHSHODHVFRODGHIRUPDomRLQLFLDO H DV HVFRODV FDPSRV GH HVWiJLR FRP REMHWLYRV H WDUHIDV FODUDV H TXH DV GXDVLQVWLWXLo}HVDVVXPDPUHVSRQVDELOLGDGHVHVHDX[LOLHPPXWXDPHQWHR TXHSUHVVXS}HUHODo}HVIRUPDLVHQWUHLQVWLWXLo}HVGHHQVLQRHXQLGDGHVGRV VLVWHPDV GH HQVLQR (VVHV´ WHPSRV QD HVFROD ³GHYHP VHU GLIHUHQWHV VHJXQGR RV REMHWLYRV GH FDGD PRPHQWR GD IRUPDomR´ 6HQGR DVVLP R HVWiJLR QmR SRGH ILFDU VRE D UHVSRQVDELOLGDGH GH XP ~QLFR SURIHVVRU GD HVFROD GH IRUPDomR PDV HQYROYH QHFHVVDULDPHQWH XPD DWXDomR FROHWLYD GRVIRUPDGRUHV´S

&RQILUPDPRV SRUWDQWR TXH Ki FHUWD DXWRQRPLD GDV LQVWLWXLo}HV GH HQVLQR VXSHULRUTXDQWRjHVWUXWXUDHPRGDOLGDGHGDVSUiWLFDVGHHVWiJLRVXSHUYLVLRQDGRHP VHXV FXUVRV GH OLFHQFLDWXUD &RP R DFUpVFLPR VLJQLILFDWLYR GD FDUJD KRUiULD GH DWLYLGDGHVSUiWLFDVGHHVWiJLRDRFXUUtFXORGHVVHVFXUVRVHDLQGDDYDORUL]DomRGD XQLGDGHHQWUHWHRULDHSUiWLFDHVWLPDVHTXHKDMDQRYDVPRGDOLGDGHVGHSUiWLFDVGH HQVLQR QDV ,QVWLWXLo}HV GH (QVLQR 6XSHULRU %UDVLOHLUDV VHQGR HVVH R REMHWR GH HVWXGRGDSUHVHQWHSHVTXLVD

2EMHWLYRV

2WUDEDOKRSUHWHQGH

D,GHQWLILFDUQRYDVSURSRVWDVGHRUJDQL]DomRGRHVWiJLRVXSHUYLVLRQDGRHP

FXUVRVGHOLFHQFLDWXUDQRFRQWH[WRQDFLRQDO

E'HVHQYROYHUXPDDQDOLVHFRPSDUDWLYDVREUHDVPDQHLUDVSHODVTXDLVWDLV

SURSRVWDVVmRHVWUXWXUDGDV

F5HIOHWLUDFHUFDGRPRGRFRPRVHGiDDUWLFXODomRWHRULDHSUiWLFDQHVVDV

SURSRVWDV

(8)

ϵ

2 (67È*,2 683(59,6,21$'2 1$ )250$d­2 '(

352)(6625(6&21&(3d®(6,1,&,$,6

$IRUPDomRRIHUHFLGDSHORVFXUVRVTXHWrPSRUREMHWLYRIRUPDUSURIHVVRUHVp DOYRGHFUtWLFDVHGLVFXVV}HVIUHTHQWHV*HUDOPHQWHRTXHVHDILUPDpTXHHPERD SDUWHGDVXQLYHUVLGDGHVEUDVLOHLUDVDIRUPDomRDFRQWHFHSRUpPHVWiPXLWRGLVWDQWH GD UHDOLGDGH $ VLWXDomR GD HGXFDomR HP PXLWDV LQVWLWXLo}HV HQFRQWUDVH GHVFRQHFWDGD GD UHDOLGDGH H LQHILFLHQWH SDUD DWHQGHU DV UHDLV IXQo}HV GD HVFROD FRPRDILUPD3LPHQWDHWDO

³pSUHFLVRUHFRQKHFHUTXHDHVFRODHQTXDQWRLQVWLWXLomRVRFLDOFXPSUH XPD IXQomR TXH OKH p HVSHFtILFD D VRFLDOL]DomR GR VDEHU KLVWRULFDPHQWH DFXPXODGR $VVLP LQVWUXPHQWDOL]D RV DOXQRV SDUD SDUWLFLSDUHP QDV OXWDV PDLVDPSODVSHODQHFHVViULDWUDQVIRUPDomRGDVRFLHGDGHEUDVLOHLUDLQMXVWD TXH GLVWULEXL GH PDQHLUD GHVLJXDO D ULTXH]D VRFLDO FRQVWUXtGD SHORV VHUHV KXPDQRV3DUDLVVRDHVFRODSUHFLVDWUDGX]LURVDEHUKLVWRULFDPHQWH DFXPXODGRHPFRQWH~GRVHVFRODUHVDVHUHPHQVLQDGRVGHPRGRTXHRV DOXQRV DSUHQGDPGHOHV VH DSRVVHP FRPR FRQGLomR GR H[HUFtFLR GH VXD FLGDGDQLDQRSURFHVVRGHWUDQVIRUPDomRGDVRFLHGDGH$HGXFDomRHVFRODU WHPSRLVXPDILQDOLGDGHVyFLRSROtWLFD´3,0(17$HWDOS

9HULILFDVHQHVWHSHQVDPHQWRGH3LPHQWDHWDODJUDQGHLPSRUWkQFLD

GD (GXFDomR QD YLGD GRV LQGLYtGXRV IRQWH GH LQVWUXPHQWDomR WpFQLFD H GH HOHPHQWRVSDUDWUDQVIRUPDomRVRFLDOHSRUWDQWRGHYHRHGXFDGRUHVWDUSUHSDUDGR SDUD VHU R HOHPHQWR IDFLOLWDGRU GHVWD WUDQVPLVVmR GH FRQKHFLPHQWR KLVWyULFR DFXPXODGR

0DV SDUD TXH LVWR RFRUUD p QHFHVViULD D SUHSDUDomR GRV HGXFDGRUHV 2

FRQWH~GRWHyULFRTXHVHUYLUiGHHPEDVDPHQWRDVHXID]HUpPXLWRLPSRUWDQWHSRLV DV 7HRULDV GD (GXFDomR VmR IUXWR GH SHVTXLVD H GHVHQYROYLPHQWR DGTXLULGRV GXUDQWHDQRVSRUSHVTXLVDGRUHV0DVWDPEpPpQHFHVViULRTXHRDOXQRGRV&XUVRV GH (GXFDomR VH SUHSDUH SDUD GHVHPSHQKDU VXD IXQomR H FRQVWUXLU VXD SUySULD LGHQWLGDGHHGXFDFLRQDO

6HJXQGR3LPHQWDH/LPDRHVWiJLRWHPFRPRILQDOLGDGHDSUR[LPDUR DOXQRGDUHDOLGDGHQRHQWDQWRPXLWDVYH]HVRVFXUVRVGHIRUPDomRGHSURIHVVRUHV DSUHVHQWDP XP FXUUtFXOR WHFQLFLVWD FRP DWLYLGDGHV GH HVWiJLR PXLWR GLVWDQWHV GD UHDOLGDGHHVFRODU

(9)

ϭϬ

³ SHUFHEDP R FRQWH[WR HP TXH D FULDQoD H D HVFROD VH VLWXDP D GLQkPLFD GD YLGD HVFRODUSDUD SRVWHULRUPHQWH DGHTXDUHP D VXD SUiWLFD GRFHQWH jV GLIHUHQWHV UHDOLGDGHV TXH HQFRQWUDUHP ,PSRUWD R FRQWDWR GR DOXQR FRP D UHDOLGDGH TXH HQYROYH R SURFHVVR HQVLQRDSUHQGL]DJHP QD SUpHVFRODHQDVSULPHLUDVVpULHVGRž*UDX´3,0(17$S

'HVWDIRUPDYHULILFDVHDLPSRUWkQFLDGRSHUtRGRGHHVWiJLRFRPRWHPSRSDUD

IRUPDomRGDLGHQWLGDGHGRHGXFDGRUDSDUWLUGHVHXFRQWDWRFRPDUHDOLGDGH7UDWD VHGHXPSHUtRGRGHH[SHULPHQWDomRGDVWHRULDVDSUHQGLGDVHGHVXDDSOLFDELOLGDGH GHQWURGHXPDLQVWLWXLomRGHHQVLQRFRPSRVVLELOLGDGHVGHDQiOLVHHGLVFXVVmRGH VHXID]HU&RPRDLQGDHVWiSDUWLFLSDQGRGHXPDXQLYHUVLGDGHSRGHVRFLDOL]DUWRGDV VXDVUHDOL]Do}HVHLQFHUWH]DVFRPVHXJUXSRHDSULPRUDUVXDDomR

2 (VWiJLR 6XSHUYLVLRQDGR GHYH SRVVLELOLWDU D LQVHUomR GR HVWDJLiULR QD

UHDOLGDGH HVFRODU RX VHMD R HVWDJLiULR GHYH QR VHX GHVHQYROYLPHQWR SURSRU XP SURMHWRSDUDDLQVWLWXLomRTXHRDFROKHDILPGHGHPRQVWUDUVHXQtYHOGHLQWHUDomR FRP HVWD H FRP DV VLWXDo}HV YLYLGDV 1R GL]HU GH .HQVNL DSXG 3LFRQH] D DXWRUDDILUPDTXH

³DSURSRVWDGHHVWiJLRVXSUHWDPEpPDQHFHVVLGDGHGHTXHHOHQmRVH FRQVWLWXDGHDWLYLGDGHV HVSDUVDVPDVTXHD SDUWLU GDGLVFXVVmRFRPRV HVWDJLiULRVGHVVDSURSRVWDVHMDHODERUDGRXPSURMHWR±GHSUHIHUrQFLDHP FRQMXQWR LQFOXVLYH FRP R SURIHVVRU GD HVFROD GH HVWiJLR ± TXH SRVVD RULHQWDU R VHX GHVHQYROYLPHQWR SDUD XP DSURYHLWDPHQWR Pi[LPR GHVVHV HQFRQWURV (VVHV SURMHWRV SRGHP WHU GLYHUVRV HQFDPLQKDPHQWRV 3RGHP VHU GLUHFLRQDGRV SDUD SRU H[HPSOR DSURIXQGDU TXHVW}HV QmR GHVHQYROYLGDVDFRQWHQWR ±HTXHVHMDPGHLQWHUHVVHHQHFHVVLGDGH GRV DOXQRV±GXUDQWHRFXUVR´.(16.,DSXG3,&21(=S

2 DOXQR GHYH SDUWLFLSDU DWLYDPHQWH GR HVWiJLR FRQFHELGR GHVGH D VXD SUHSDUDomR RX GHILQLomR GH XPD SURSRVWD SDUD UHDOL]DomR DWp R VHX IHFKDPHQWR FRP XP WUDEDOKR D VHU DSOLFDGR QD LQVWLWXLomR RQGH VH GHVHQYROYHX R HVWDJLR 6RPHQWH GHVWD IRUPDV R (VWiJLR SRGHUi VHU FRQVLGHUDGR LPSRUWDQWH IRQWH SDUD D

IRUPDomRGH(GXFDGRUHVGHTXDOLGDGH

(10)

ϭϭ

%5(9(+,67Ï5,&2(1250$7,=$d­2/(*$/&$0,1+26

3(5&255,'26

$SUHRFXSDomRPDLVGLUHWDFRPDSUiWLFDGHHQVLQRWHPFRPRXPGRVPDUFRV D,9&RQIHUrQFLD1DFLRQDOGH(GXFDomRTXHRFRUUHXQR5LRGH-DQHLURHP$ &RQIHUrQFLD WHYH FRPR REMHWLYR HVWDEHOHFHU GLUHWUL]HV SDUD XPD HGXFDomR GH TXDOLGDGH $ SDUWLU GHVWD FRQIHUrQFLD IRL SXEOLFDGR R PDQLIHVWR GRV SLRQHLURV HP ','21(

3DUD 6DYLDQL R 0DQLIHVWR GRV 3LRQHLURV SRGH VHU FRQVLGHUDGR FRPR UHIHUrQFLDSDUDDVJHUDo}HVTXHVHVHJXLUDP

³>@ HVVH PDQLIHVWR SURSXQKDVH D UHDOL]DU D UHFRQVWUXomR VRFLDO SHOD UHFRQVWUXomR HGXFDFLRQDO 3DUWLQGR GR SUHVVXSRVWR GH TXH D HGXFDomR p XPDIXQomRHVVHQFLDOPHQWHS~EOLFDHEDVHDGRQRVSULQFtSLRVGDODLFLGDGH JUDWXLGDGH REULJDWRULHGDGH FRHGXFDomR H XQLFLGDGH GD HVFROD R PDQLIHVWR HVERoD DV GLUHWUL]HV GH XP VLVWHPD QDFLRQDO GH HGXFDomR DEUDQJHQGRGHIRUPDDUWLFXODGDRVGLIHUHQWHVQtYHLVGHHQVLQRGHVGHD HGXFDomRLQIDQWLODWpDXQLYHUVLGDGH´6$9,$1,S

(P IRL FULDGR R ,QVWLWXWR GH (GXFDomR QR 5LR GH -DQHLUR VRE D UHVSRQVDELOLGDGH GH $QtVLR 7HL[HLUD 1HVVH ,QVWLWXWR IXQFLRQDYD XPD HVFROD VHFXQGiULDXPDHVFRODGHSURIHVVRUHVHXPDHVFRODGHDSOLFDomRFRPMDUGLPGH LQIkQFLD H HQVLQR SULPiULR ','21( $ HVFROD GH DSOLFDomR SRGH VHU FRQVLGHUDGDFRPRRSULPHLURHVSDoRGHUHDOL]DomRGRVHVWiJLRVHQWUHQyV

(PIRLSURPXOJDGRD/HL2UJkQLFDGR(QVLQR1RUPDO'HFUHWR/HL GH GH MDQHLUR GH FRP R REMHWLYR GH UHJXODPHQWDU R FXUVR 1RUPDO $ SUHRFXSDomR FRP R HVWiJLR VXSHUYLVLRQDGR VH WRUQD PDLV HYLGHQWH D SDUWLU GD UHIRUPDXQLYHUVLWiULDTXHIRLLQVWLWXFLRQDOL]DGDSHOD/HL$WpRVFXUVRV GHIRUPDomRGHSURIHVVRUHVHUDPLQWLWXODGRV(VFRODV1RUPDLVHVRPHQWHDSDUWLUGD /HL RV FXUVRV SDVVDUDP D VHU FKDPDGRV GH +DELOLWDomR DR 0DJLVWpULR 3,0(17$FRPRYHUHPRVDVHJXLU

(11)

ϭϮ

2VSULPyUGLRVGDVSUiWLFDVGHHVWiJLR

$VHVFRODVQRUPDLVIRUDPFULDGDVQR%UDVLODSDUWLUGHHUHJXODPHQWDGDV SHOR'HFUHWR/HL/HL2UJkQLFDGR(QVLQR1RUPDO6HJXQGR3LPHQWD DSHVDUGLVVRFDGD(VWDGRSRVVXtDXPDOHJLVODomRSUySULDQRWRFDQWHDRHVWiJLR

(P DWUDYpV GD /HL 2UJkQLFD GH (QVLQR 1RUPDO DV GLIHUHQoDV TXH RFRUULDPQRVHVWDGRVEUDVLOHLURVQRWRFDQWHDRFXUUtFXORGRFXUVRQRUPDOGHL[DUDP GHH[LVWLU2&XUVR1RUPDOSDVVRXDVHURIHUHFLGRHPGRLVFLFORVFXUVRGHUHJHQWHV GR HQVLQR SULPiULR HP QtYHO VHFXQGiULR FRP GXUDomR GH TXDWUR DQRV H FXUVR GH IRUPDomR GH SURIHVVRUHV SULPiULRV HP QtYHO FROHJLDO DWXDOPHQWH FKDPDGR GH (QVLQR0pGLRRIHUHFLGRHPWUrVDQRV3,0(17$

2FXUUtFXORIRLXQLILFDGRHPWRGRRSDtVGHPRGRTXHRV(VWDGRVSRGHULDP DFUHVFHQWDU DOJXPD GLVFLSOLQD PDV QmR SRGLDP GHL[DU GH RIHUHFHU QHQKXPD GDV HVWLSXODGDVSRUOHL$OpPGLVWRKDYLDXPDSUHRFXSDomRHVSHFLDOFRPD3UiWLFDGH (QVLQR TXH QD pSRFD SRGHULD VHU ³DSUHQGLGD´ DWUDYpV GD REVHUYDomR GH ERQV PRGHORV3,0(17$

$ /HLQžHVXDVLPSOLFDo}HVTXDQWRjSUiWLFDGH

HVWiJLR

$ /HL GH 'LUHWUL]HV H %DVHV SDUD R (QVLQR GH ž H ž JUDXV /HL VHJXQGR3LPHQWDWUDQVIRUPRXDIRUPDomRGHSURIHVVRUHVHPXPDKDELOLWDomR SURILVVLRQDOFRPRRXWUDVWDQWDVTXHIRUDPFULDGDVXPDYH]TXHRVHJXQGRJUDXQR SDtV SDVVRX D SRGHU VHU SURILVVLRQDOL]DQWH 2 FXUVR GH WUrV DQRV GHVWLQDYDVH j IRUPDomR GH SURIHVVRUHV KDELOLWDGRV D PLQLVWUDU DXODV GH  D  VpULHV H RV IRUPDGRV QR FXUVR GH TXDWUR DQRV SRGHULDP GDU DXODV DWp D  VpULH ( DLQGD VHJXQGR3LPHQWDHPFDUiWHUH[FHSFLRQDOSRGHULDPGDUDXODV±HPIDOWDGH SURIHVVRUKDELOLWDGR±DWpDVpULH

(12)

ϭϯ

HVFROD3LPHQWDXWLOL]DRSHQVDPHQWRGH5LEHLUR±H[SRVWRDVHJXLU±SDUD GHPRQVWUDU D LQDGHTXDomR H WRGD GLFRWRPLD FULDGD SHOD /HJLVODomR j RUJDQL]DomR FXUULFXODUGRSDtV

³5HYHODVHDVVLPDrQIDVHQDTXDQWLGDGHHQmRQDTXDOLGDGHQRVPpWRGRV WpFQLFDVHQmRQRVILQVLGHDLVQDDGDSWDomRHQmRQDDXWRQRPLDQDV QHFHVVLGDGHV VRFLDLV H QmR QDV DVSLUDo}HV LQGLYLGXDLV QD IRUPDomR SURILVVLRQDO HP GHWULPHQWR GD FXOWXUD JHUDO´ 5,%(,52 DSXG 3,0(17$ S

2DXWRUFRQVHJXHHQWmRFDSWDURVLJQLILFDGRGDUHIRUPDHGXFDFLRQDOUHDOL]DGR

SHOR JRYHUQR PLOLWDU GH IRUPD FODUD H REMHWLYD GHPRQVWUDQGR R LGHiULR SUHVHUYDFLRQLVWD GRV LQWHUHVVHV GH SDUFHOD GRPLQDQWH GD VRFLHGDGH EUDVLOHLUD HP GHWULPHQWRGDVQHFHVVLGDGHVGRSRYR*KLUDOGHOOLDILUPD TXHD/HL UHIOHWHRVSULQFtSLRVGRJRYHUQRPLOLWDUTXDQGREXVFDLPSOHPHQWDULGpLDVPRGHUQDV jHGXFDomRVHPFRQWXGRUHSUHVHQWDUXPURPSLPHQWRFRPRHOLWLVPRGDHGXFDomR GRSDtVHDLQGDWRUQDQGRDHGXFDomRPDLVXPHOHPHQWRGHIRUPDomRGHPmRGH REUDSDUDDPDQXWHQomRGDLQGXVWULDOL]DomRTXHFRPHoDYDDDFRQWHFHUQRSDtV

4XDQWR j SUiWLFD QD +DELOLWDomR 0DJLVWpULR R 3DUHFHU » GR &RQVHOKR )HGHUDOGH(GXFDomRGHWHUPLQDYDTXH

$'LGiWLFDIXQGDPHQWDUiD0HWRGRORJLDGR(QVLQRVRERWUtSOLFHDVSHFWR GHSODQHMDPHQWRGHH[HFXomRGRDWRGRFHQWHGLVFHQWHHGHYHULILFDomRGD DSUHQGL]DJHPFRQGX]LQGRj3UiWLFDGH(QVLQRHFRPHODLGHQWLILFDQGRVH DSDUWLUGHFHUWRPRPHQWR(VVDSUiWLFDGHYHUiGHVHQYROYHUVHVREDIRUPD GHHVWiJLRVXSHUYLVLRQDGR'HYHUiD0HWRGRORJLDUHVSRQGHUjVLQGDJDo}HV TXHLUmRDSDUHFHUQD3UiWLFDGH(QVLQRGRPHVPRPRGRTXHD3UiWLFDGH (QVLQRWHPTXHUHVSHLWDURODVWURWHyULFRDGTXLULGRGD0HWRGRORJLD

6HJXQGR3LPHQWDHVVHSHUtRGRIRLPDUFDGRWDPEpPSRULQLFLDWLYDVGH PXGDQoDV QR HVWiJLR VXSHUYLVLRQDGR HVSHFLDOPHQWH SHOR HPSUHJR GH QRYDV WpFQLFDVQRGHVHQURODUGDVDWLYLGDGHVFKDPDGDVGHPLFURHQVLQR

³3DUWLQGR GR SUHVVXSRVWR GH TXH D DWLYLGDGH GRFHQWH SUHFLVD VHU FLHQWLILFDPHQWHHVWXGDGDRPLFURHQVLQRFULDVLWXDo}HVH[SHULPHQWDLVSDUD TXH R IXWXUR SURIHVVRU GHVHQYROYD DV KDELOLGDGHV GRFHQWHV FRQVLGHUDGDV HILFLHQWHVHPVLWXDo}HVFRQWURODGDVGHHQVLQR´3,0(17$S

(13)

ϭϰ

GD SUiWLFD SUHVHQWH QDV H[SHULrQFLDV GH PLFUR HQVLQR p R GH GHVHQYROYLPHQWR GH KDELOLGDGHVLQVWUXPHQWDLVQHFHVViULDVDRGHVHPSHQKRGDDomRGRFHQWH´3,0(17$ S 'HVVH SRQWR GH YLVWD TXDQWR PDLV WUHLQDPHQWRV H DWLYLGDGHV H[SHULPHQWDLV HP GHWHUPLQDGDV KDELOLGDGHV FRQVLGHUDGDV HVVHQFLDLV D XP SURIHVVRUPDLVRFXUVRQRUPDOHVWDULDDWHQGHQGRDRVHXREMHWLYR

³3DUD LPSODQWDU D UHIRUPD GR HQVLQR GH PRGR FRHUHQWH FRP R PRGHOR HFRQ{PLFR TXH YLQFXODYD R SDtV D EORFRV DVVRFLDGRV DR FDSLWDOLVPR LQWHUQDFLRQDOIRUDPILUPDGRVRVDFRUGRV0(&86$,'HQWUHH 7DLV DFRUGRV YLVDYDP XPD SURIXQGD DOWHUDomR GH WRGR R VLVWHPD HGXFDFLRQDO EUDVLOHLUR LQFOXLQGR D DSOLFDomR GH YXOWXRVRV UHFXUVRV ILQDQFHLURV RULXQGRV GDTXHOD DJrQFLD DPHULFDQD DOpP GH DVVLVWrQFLD WpFQLFD D yUJmRV LQVWLWXLomR H GLULJHQWHV GR VLVWHPD´ 3,0(17$ S

&RPR OHPEUD 3LPHQWD QR SHUtRGR SyV D HGXFDomR QR %UDVLO SDVVRX SRU XPD H[SDQVmR QD RIHUWD GH YDJDV PDV LVWR QmR SDUD DWHQGHU D QHFHVVLGDGH GH PHOKRULD GR HQVLQR H DWHQGLPHQWR D FDPDGDV DQWHV DOLMDGDV GR VLVWHPDPDVVLPSDUDDWHQGHUDQHFHVVLGDGHGHPmRGHREUDTXDOLILFDGDGRVHWRU LQGXVWULDO TXH HVWDYD VH LPSODQWDQGR QR SDtV 1HVWH VHQWLGR IRUDP UHDOL]DGDV DV UHIRUPDVGDOHJLVODomRGDV/HLVH

6REUH D /HL *KLUDOGHOOL DILUPD TXH D UHIRUPD XQLYHUVLWiULD FRPR D UHIRUPD QD VHJXQGR JUDX QmR UHSUHVHQWRX PXGDQoD H VLP D GHIHVD GRV LQWHUHVVHVGHFODVVHVGRPLQDQWHVQRSDtVHQHVWHVHQWLGR

³$ /HL FULRX D GHSDUWDPHQWDOL]DomR H D PDWUtFXOD SRU GLVFLSOLQD LQVWLWXLQGR R FXUVR SDUFHODGR DWUDYpV GR UHJLPH GH FUpGLWRV $GRWRXVH R YHVWLEXODU XQLILFDGR H FODVVLILFDWyULR R TXH HOLPLQRX FRP XP SDVVH GH PiJLFD R SUREOHPD GRV H[FHGHQWHV >@ 'H IDWR R SUREOHPD GD GHPRFUDWL]DomRGRHQVLQRVXSHULRUIRLµUHVROYLGR¶SHODGLWDGXUDPLOLWDUFRPR LQFHQWLYR j SULYDWL]DomR GR HQVLQR >@ $SDUHQWHPHQWH VLPSOHV WDLV PHGLGDVSURYRFDUDPDRORQJRGRVDQRVXPDSURIXQGD DOWHUDomRQDYLGD XQLYHUVLWiULDHQDTXDOLGDGHGRHQVLQR´*+,5$/'(//,S

(VWDSHUGDGHTXDOLGDGHFLWDGDSRU*KLUDOGHOOLDWLQJHDHGXFDomRHD IRUPDomRGHSURIHVVRUHVFRPRDGHSURILVVLRQDLVGHWRGDVDViUHDVDPHGLGDTXH VRPHQWH LQVWLWXLo}HV SUHRFXSDGDV H FRPSURPHWLGDV FRP TXDOLGDGH HGXFDFLRQDO SRGHULDP SURSRUFLRQDU D IRUPDomR GH ERQV HGXFDGRUHV 3RLV D TXDOLGDGH SUHVVXS}HFRPSURPLVVRFRPSHVTXLVDHLQYHVWLPHQWRV

(14)

ϭϱ

WUDEDOKDGRUHV3LPHQWDDILUPDTXHQHVWHSHUtRGRQR%UDVLORVHGXFDGRUHV QmR DFHLWDUDP SDVVLYDPHQWH D SUHFDULHGDGH GD KDELOLWDomR SDUD R PDJLVWpULR 2V HGXFDGRUHVVHPRELOL]DUDPFRPDLQWHQomRGHWUDQVIRUPDUDUHDOLGDGHHGXFDFLRQDO GR SDtV H GHVWD PRELOL]DomR VXUJLUDP QRYRV HVWXGRV TXH DSRQWDYDP SDUD D LQGLVVRFLDELOLGDGHHQWUHDWHRULDHDSUiWLFD

$FULVHHRIUDFDVVRGRHQVLQRSURILVVLRQDOL]DQWHVHJXQGR*KLUDOGHOOL SURYRFDGRSHODFULVHPXQGLDOGRVLVWHPDFDSLWDOLVWDYLJHQWHOHYRXRJRYHUQRDUHYHU VXD SROtWLFD HGXFDFLRQDO D VRFLHGDGH FLYLO H RV SDUWLGRV SROtWLFRV ± GLVVROYLGRV GXUDQWH D SULPHLUD IDVH GR JRYHUQR PLOLWDU ± VH UHRUJDQL]DP H SDVVDP D H[LJLU PXGDQoDV2JRYHUQRFHGHXHHPGHXVHLQtFLRDXPPRYLPHQWRFRQKHFLGR FRPR ³DEHUWXUD SROtWLFD´ $ UHGHPRFUDWL]DomR GR SDtV VH WRUQRX XP GHVHMR QmR VRPHQWHGDVRFLHGDGHFLYLOPDV³SDVVRXDLQWHUHVVDUjEXUJXHVLDQRVHXLQWHQWRGH FRORFDUGHODGRRVSDUFHLURVLQGHVHMDGRVQRFRPDQGRGR(VWDGR´*KLUDOGHOOL S

8PDQRYDUHIRUPDVHIH]QHFHVViULDjHGXFDomRHPIRLSURPXOJDGDD /HL

³3HOD /HL D ³TXDOLILFDomR SDUD R WUDEDOKR´ SURSRVWD SHOD OHWUDGD /HLIRLVXEVWLWXtGDSHOD³SUHSDUDomRSDUDRWUDEDOKR´2ž*UDX VHOLYURXGDSURILVVLRQDOL]DomRREULJDWyULDPDVDSyVWDQWRVHVWUDJRVILFRX VHP FDUDFWHUtVWLFDV SUySULDV 2 JRYHUQR GR JHQHUDO )LJXHLUHGR DR WHQWDU FRORFDU QR W~PXOR D SURILVVLRQDOL]DomR SUDWLFDPHQWH GHVFDUDFWHUL]RX GH XPDYH]RMiFRQWXUEDGRž*UDX´*KLUDOGHOOLS

2PRPHQWRGDUHIOH[mRVREUHDIRUPDomRGRSURIHVVRU²

DGpFDGDGH

1R ILQDO GD GpFDGD GH R JRYHUQR PLOLWDU YLXVH HP XPD VLWXDomR

EDVWDQWHGHOLFDGDQDVHOHLo}HVGHRSDUWLGRJRYHUQLVWDPLOLWDU$UHQD±$OLDQoD 5HQRYDGRUD 1DFLRQDO SHUGHX HVSDoR QR &RQJUHVVR 1DFLRQDO SDUD R SDUWLGR RSRVLFLRQLVWD0'%±0RYLPHQWR'HPRFUiWLFR%UDVLOHLURQR6HQDGRQmRFRQVHJXLX VHUPDLRULDHQD&kPDUDGRV'HSXWDGRVFRQVHJXHDXPDSHTXHQDPDLRULD

(15)

ϭϲ

FDPSDQKD SROtWLFD FRQWUD R FUHVFLPHQWR HVWDWDO ± TXH JDQKRX WRQV SDUDGR[DLVSRLVDVHPSUHVDVHVWDWDLVFUHVFHUDPFRPDGLWDGXUDQRVHQWLGR GHHVWLPXODUDDFXPXODomRSULYDGD±IRLQDYHUGDGHDIRUPDSHODTXDODWp PHVPR D EXUJXHVLD SDVVRX D FULWLFDU R JRYHUQR TXH WUDQVERUGDYD LOHJLWLPLGDGH´*KLUDOGHOOLS

'HDFRUGRFRPRH[SRVWRSRU*KLUDOGHOOLRLQtFLRGRVDQRVIRLPDUFDGR

SRU SURIXQGDV PXGDQoDV QR FHQiULR SROtWLFR LPSXOVLRQDGR SRU PXGDQoDV HFRQ{PLFDV2VGHWHQWRUHVGHFDSLWDLVSDVVDUDPDH[LJLUPDLRUSRGHUHSDUWLFLSDomR QD WRPDGD GH GHFLV}HV PDLRU OLEHUGDGH SDUD FUHVFLPHQWR HFRQ{PLFR H OXFUDWLYLGDGH4XHULDPXPDHFRQRPLDQmRFRQWURODGDSHORSRGHUSXEOLFRPDVVLPD OLEHUGDGH GH PHUFDGR (VWDV FDPDGDV VRFLDLV SDVVDUDP D H[LJLU PXGDQoDV MXQWDPHQWH FRP SDUWLGRV SROtWLFRV H D VRFLHGDGH FRPR XP WRGR 2V PLOLWDUHV SHUGHUDPHVSDoRHWUDQVIHULUDPRSRGHUSDUDDVRFLHGDGHFLYLO

'R SRQWR GH YLVWD GD HGXFDomR R GHVFDODEUR QmR SRGHULD VHU PDLRU 6HJXQGR HVWDWtVWLFDV GH R SDtV FRQVHJXLX SURGX]LU PDLV GH PLOK}HV GH DQDOIDEHWRV H VHPLOHWUDGRV SDUD XPD SRSXODomR GH PDLV RX PHQRV PLOK}HV GH KDELWDQWHV 2V GDGRV FRPSDUDWLYRV UHVVDOWDP DV WHQGrQFLDV j SULYDWL]DomR GR HQVLQR LQFHQWLYDGR SHOD GLWDGXUD PLOLWDU *KLUDOGHOOLS

1DiUHDGDHGXFDomRRTXHVHYHULILFDQRVDQRVGHpXPDVLWXDomRGH

FDRV TXDVH GD SRSXODomR VHP XPD DOIDEHWL]DomR DGHTXDGD D FRQGLomR GH GLVSRQLELOLGDGH GH HVFRODV H DWHQGLPHQWR DRV TXH GHOD SUHFLVDYDP PXLWR FRPSURPHWLGR2DFHVVRjHGXFDomRQmRHUDYLVWRFRPRDOJRLPSRUWDQWHDRSRGHU S~EOLFR RV JRYHUQRV QmR GDYDP R GHYLGR YDORU D HVFROD S~EOLFD SUHIHULQGR LQFHQWLYDURFUHVFLPHQWRGHRIHUWDGHYDJDVQDVHVFRODVSDUWLFXODUHV0DLVXPDYH] R SRGHU HFRQ{PLFR VH VREUHSRQGR VREUH RV LQWHUHVVHV GD JUDQGH PDLRULD GD SRSXODomR RX VHMD DTXHOHV TXH SRGHULDP SDJDU XPD HVFROD WLQKDP DFHVVR D PHOKRUHV FRQGLo}HV HP LQVWLWXLo}HV GH HQVLQR SULYDGDV j SRSXODomR HP JHUDO UHVWDYDP DV HVFRODV S~EOLFDV GLVSRQtYHLV 3DUD *KLUDOGHOOL HVWD SROtWLFD GH H[FOXVmR VHUYLX SDUD UHWLUDU GDV FODVVHV SRSXODUHV R GLUHLWR j HGXFDomR H DR FRQKHFLPHQWR

3LPHQWDFLWDTXHFRQWLQXDYDPHPYLJRUDV/HLVH

(16)

ϭϳ

3DUHFHU &)( TXH UHFHELD PXLWDV FUtWLFDV IRL UHYRJDGR H HP VHX OXJDU IRL EDL[DGRD5HVROXomR)RUDPPHGLGDVVLPSOHVTXHQmRUHVXOWDUDPPXGDQoDV QD HVWUXWXUD GD HGXFDomR FRPR GHYHULD VHU PDV DSHQDV HP SRQWRV UHIHUHQWHV D TXDLVGLVFLSOLQDVGHYHULDPVHUWUDEDOKDGDVQRžHžJUDXVRXFRPRGHYHULDVHUD QRPHQFODWXUD GDV PHVPDV H[HPSOR 3RUWXJXrV H QmR ³&RPXQLFDomR H ([SUHVVmR´

³>@DIRUPDomRGRVSURIHVVRUHVSDUDRž*UDXHSDUDR0DJLVWpULRQRV FXUVRVGH/LFHQFLDWXUDHGH3HGDJRJLDQmRHVFDSRXjVPD]HODVJHUDLVGD IRUPDomRGRSURIHVVRUFXUVRVGHVDUWLFXODGRVHQWUHVLFRPFRQWH~GRVTXH QmR SUHSDUDP RV DOXQRV SDUD D UHDOLGDGH GR HQVLQR EUDVLOHLUR H GHVDUWLFXODGRVGRHQVLQRGHžHž*UDXV$HVVDGHVDUWLFXODomRHQWUHRV JUDXV GH HQVLQR DFUHVFHQWHPVH RV EDL[RV VDOiULRV H D GHVYDORUL]DomR SURILVVLRQDOGRSURIHVVRUGHžjž6pULHV´3LPHQWDS

2WH[WRDFLPDDSUHVHQWDDIRUPDomRGRSURIHVVRUIHLWDFRPRXPDFROFKDGH UHWDOKRV MXQWDQGR SHGDoRV PXLWDVYH]HV VHP FRQH[mRHQWUH VL 7XGRLVWR OHYRX j IRUPDomR GH XP SURILVVLRQDO PXLWDV YH]HV GHVSUHSDUDGR SDUD R WUDEDOKR FRP D HGXFDomR SURSLFLDQGR RV SUREOHPDV WmR FRQKHFLGRV FRPR HQVLQR GH EDL[D TXDOLGDGH LQVWLWXLo}HV GH HQVLQR GHVTXDOLILFDGDV SDUD DWHQGLPHQWR GD FOLHQWHOD HYDVmR HVFRODU GHVLQWHUHVVH GH DOXQRV H HGXFDGRUHV SHOD HGXFDomR GHVYDORUL]DomRGRSURILVVLRQDO

1R ILQDO GRV DQRV 0(& 8QLYHUVLGDGHV H 6HFUHWDULDV (VWDGXDLV GH (GXFDomR LQLFLDUDP XP HVWXGR YLVDQGR VROXFLRQDU WDLV SUREOHPDV SURSRQGR XP QRYR PRGHOR SDUD R HQVLQR QR SDtV 7DLV HVWXGRV OHYDUDP D VH FRQFOXLU TXH RV SUREOHPDVGDHGXFDomRHVWDYDPLQWLPDPHQWHOLJDGRVjVFRQGLo}HVSROtWLFDVGRSDtV IUXWRGHORQJRSHUtRGRGHGHVYDORUL]DomRGDHGXFDomRHSRUWDQWRLPSRVVtYHOGH VHUHPUHVROYLGRVDFXUWRSUD]R0DVTXHVHSRGHULDWRPDUDOJXPDVPHGLGDVSDUDVH LQLFLDU R SURFHVVR GH UHIRUPXODomR $VVLP IRUDP SURGX]LGRV GRLV FRQMXQWRV GH WH[WRV

6XEVtGLRV SDUD D 2UJDQL]DomR (VFRODU GRV &XUVRV GH +DELOLWDomR DR 0DJLVWpULR HP 1tYHO GH ž *UDX 1~FOHR &RPXP H 'LVFLSOLQDV 3URILVVLRQDOL]DQWHV 'RFXPHQWR,H,,

6XEVtGLRVSDUDR'HVHQYROYLPHQWRGH&RQWH~GRVGDV'LVFLSOLQDVGR1~FOHR &RPXPHGD+DELOLWDomRSDUDR0DJLVWpULRGRFXPHQWRV

(17)

ϭϴ

$ 3URSRVWD GRV HQYROYLGRV QR WUDEDOKR HUD UHVJDWDU D FUHGLELOLGDGH SHUGLGD QRV FXUVRV GH IRUPDomR GH SURIHVVRUHV UHRUJDQL]DU R HQVLQR GH ž JUDX H GH IRUPDomRGH SURIHVVRUHV DGHTXDU RV FXUVRV GH IRUPDomRGH SURIHVVRUHV IUHQWHD QRYDUHDOLGDGHGDSDtVVRFLDOHFRQ{PLFDHSROtWLFDHFRPXPDGLVFXVVmRDQtYHO QDFLRQDOJHUDUVROXo}HVSDUDSUREOHPDVFRPXQV

1RYRVFDPLQKRVHSURSRVLo}HVSDUDDIRUPDomRGRFHQWH

²DGpFDGDGHHDQRV

$ GpFDGD GH WHUPLQRX H RV HVWXGLRVRV GH HGXFDomR FKHJDUDP j FRQFOXVmR GH TXH HUD QHFHVViULR PXGDU H DWLQJLU D ³UDL]´ GR SUREOHPD H[LJH PXGDQoDVSURIXQGDVQD/HJLVODomRQDIRUPDomRGRSURILVVLRQDOGHHGXFDomRHQD UHODomRSURIHVVRUHGXFDQGR2XVHMDPXGDQoDVSURIXQGDVQRVLVWHPDTXHH[LJLULDP WHPSR H FRPSURPHWLPHQWR GH WRGRV RV HQYROYLGRV 3LPHQWD H[S}H HP SRXFDV SDODYUDV DV FRQGLo}HV HP TXH VH HQFRQWUD D HVFROD QHVWD IDVH IDOWD GH ³RUJDQL]DomR FXUULFXODU H PHWRGROyJLFD LQDGHTXDomR GR SURFHVVR GLGiWLFR HP UHODomR jV FULDQoDV GDV FDPDGDV SRSXODUHV´ $VVLP D IRUPDomR GH XP SURIHVVRU GHYHSULYLOHJLDURVVHJXLQWHVDVSHFWRV

³>@jIRUPDomRGHXPSURIHVVRUTXHHVWHMDFRQVFLHQWHGHTXHVXDSUiWLFD HQYROYH XP FRPSRUWDPHQWR GH REVHUYDomR UHIOH[mR FUtWLFD H UHRUJDQL]DomRGHVXDVDo}HV(VVDVFDUDFWHUtVWLFDVFRORFDPQRSUy[LPRj SRVWXUDGHXPSHVTXLVDGRUQmRQXPDSRVWXUDDFDGrPLFDPDVFRPRXP LQYHVWLJDGRU SUHRFXSDGR HP DSURYHLWDU DV DWLYLGDGHV FRPXQV GH VDOD GH DXODHGHODVH[WUDLUUHVSRVWDVTXHUHRULHQWHPVXDSUiWLFDSHGDJyJLFDFRP RVDOXQRV´3,&21(=S

$GpFDGDGHLQLFLDVHFRPXPDWHQWDWLYDGHUHYDORUL]DomRGRSURIHVVRUH

(18)

ϭϵ

JHUDomRGHQRYRVFRQKHFLPHQWRVHGHTXHVWLRQDPHQWRGRVVDEHUHVDFXPXODGRV$ IRUPDomRLQWHOHFWXDOIRUPDomRHVFRODUVHUYHGHEDVHSDUDRLQGLYtGXRTXHVWLRQDUD WRGDTXHVWmRHSUREOHPiWLFDTXHOKHVHMDDSUHVHQWDGDEHPFRPRIXQGDPHQWDomR SDUD D JHUDomR GH QRYDV WHFQRORJLDV H IRUPDV GH GHVHQYROYLPHQWR KXPDQR 0DV WXGRLVWRSDUDDFRQWHFHUSUHFLVDGHXPSURILVVLRQDOGDHGXFDomRSDUDLQWHUPHGLDU HVWDWUDQVPLVVmRGHFRQWH~GRV1HVWHSRQWRYHULILFDVHDQHFHVVLGDGHHLPSRUWkQFLD GRSURIHVVRUHGDTXDOLGDGHGHHQVLQR3DUD3LPHQWD

³,VVRH[LJHTXHRSURIHVVRUHPVXDIRUPDomRDomRWHQKDDGTXLULGRDJXGD FRQVFLrQFLD GD UHDOLGDGH H VyOLGD IXQGDPHQWDomR WHyULFD TXH OKH SHUPLWD LQWHUSUHWDU HGLUHFLRQDU HVVDUHDOLGDGHDOpPGHVXILFLHQWHLQVWUXPHQWDomR WpFQLFDSDUDQHODLQWHUYLU´3LPHQWDS

$SDUWLUGRVDQRVYHULILFDVHDLQVWLWXLomRGHXPDQRYDSURSRVWDSDUDD

IRUPDomRGHSURIHVVRUHVQD+DELOLWDomR0DJLVWpULRTXHSXGHVVHUHDOPHQWHSUHSDUDU RVSURILVVLRQDLVGHVWDKDELOLWDomRDH[HUFHUDSURILVVmRGHHGXFDGRUHPWRGDDVXD SOHQLWXGH $ SDUWLU GHVWH SRQWR LQLFLDVH D SURSRVWD GH UHVWDEHOHFLPHQWR GD LPSRUWkQFLDGRFXUVRFRPRIRUPDGRUGHHGXFDGRUHVHQmRFRPRFXUVRGHVWLQDGRD SHVVRDV PHQRV TXDOLILFDGDV H SUHSDUDGDV SDUD XPD FDUUHLUD SURILVVLRQDO

7UDWDVH GH XP SHUtRGR HP TXH R GHEDWH GH LGpLD DFRQWHFH HP WRGRV RV

QtYHLVGDVRFLHGDGHDHFRQRPLDVHWRUQDJOREDOL]DGDRDFHVVR DLQIRUPDomRILFD PDLVUiSLGR,QWHUQHWKiOLEHUGDGHGHH[SUHVVmR$HGXFDomRQmRSRGHILFDUDOKHLD D WXGR LVWR 3DUD DMXGDU QHVWD QRYD VLWXDomR HP TXH D HGXFDomR VH Yr HQYROYLGD VXUJHPQRYDVFRUUHQWHVHSHQVDPHQWRVSHGDJyJLFRVDOJXQVGLUHWDPHQWHOLJDGRVj UHDOLGDGH EUDVLOHLUD RXWURV LPSRUWDGRV DOJXQV FRP SURSRVWDV TXH DWHQGHP D QHFHVVLGDGHORFDOHRXWURVWRWDOPHQWHHPGHVDFRUGRFRPHOD(QHVWHVHQWLGRTXH VHWRUQRXWmRLPSRUWDQWHDSUiWLFDGHHQVLQRHPIRUPDGHHVWiJLRVXSHUYLVLRQDGR QD IRUPDomR GR SURIHVVRU PRPHQWR GHVWH FRORFDU R DSUHQGL]DGR WHyULFR HP SHUVSHFWLYDFRPDUHDOLGDGHGHXPDVDODGHDXOD

³RTXHSRGHULDXPDIXWXUDSURIHVVRUDHVWDUREVHUYDQGRQDVVDODVGH DXODV GH QRVVDV HVFRODV SULPiULDV RQGH D UHSURYDomR H D HYDVmR DPSOLDYDPVH D FDGD GLD" 4XH UHVSDOGR WHyULFR WHULDP GR FXUVR SDUD GLVFXWLU HVVD TXHVWmR XPD YH] TXH D 'LGiWLFD QmR FRQWH[WXDOL]DYD VHXV HVWXGRVQDHVFRODEUDVLOHLUD"´3LFRQH]S

$SUREOHPiWLFDFRQWLQXDVHQGRDPHVPDDGLFRWRPLDHQWUHWHRULDHSUiWLFD

(19)

ϮϬ

FRPRDFRQWHFHPRXVmRSURSRVWDVDVDWLYLGDGHVGHHVWiJLRVHRXSUiWLFDVGHHQVLQR QDIRUPDomRGRVSURIHVVRUHV

$6 ',6&,3/,1$6 '( 35È7,&$6 '( (16,12 ( $

',&2720,$³7(25,$(35È7,&$´

2 (VWiJLR 6XSHUYLVLRQDGR p R SHUtRGR GH FRQWDWR GR DOXQR GR &XUVR GH OLFHQFLDWXUDFRPDUHDOLGDGHGDHGXFDomRYLYHQFLDQGRRFRQWH[WRGHXPDVDODGH DXODGHQWURGHXPDLQVWLWXLomRGHHQVLQR6HJXQGR3LPHQWD

³>@ QmR VH GHYH FRORFDU R HVWiJLR FRPR R µSyOR SUiWLFR¶ GR FXUVR PDV FRPRXPDDSUR[LPDomRjSUiWLFDQDPHGLGDHPTXHVHUiFRQVHTHQWHj WHRULD HVWXGDGD QR FXUVR TXH SRU VXD YH] GHYHUi VH FRQVWLWXLU QXPD UHIOH[mR VREUH H D SDUWLU GD UHDOLGDGH GD HVFROD >@ e SUHFLVR TXH VH DVVXPD TXH D DWLYLGDGH RFRUUHUi HIHWLYDPHQWH QR PRPHQWR HP TXH R DOXQRIRUSURIHVVRUQDSUiWLFD´3LPHQWDS

2 (VWiJLR 6XSHUYLVLRQDGR QmR GHYH VHU WUDWDQGR FRPR D SDUWH SUiWLFD GR

FXUVR GH OLFHQFLDWXUD HOH GHYH GDU FRQGLo}HV DR DOXQRGH IRUPDomR VyOLGD H EHP IXQGDPHQWDGDSDUDDQiOLVHGDVLWXDomRYLYLGDSURSRQGRVROXo}HVSODXVtYHLVDWXGR TXHOKHVHMDDSUHVHQWDGRGXUDQWHRHVWiJLR0DVVHJXQGR3LFRQH]KiXPD SURIXQGDGHIDVDJHPHQWUHRFRQKHFLPHQWRWHyULFRHRWUDEDOKRSUiWLFRGHVHQYROYLGR GHQWUR GDV HVFRODV SRUWDQWR DV FRQGLo}HV GRV HVWDJLiULRV GHVHQYROYHUHP VHX WUDEDOKRGHIRUPDREMHWLYDHHILFLHQWHHVWmREDVWDQWHFRPSURPHWLGDV

(PVXPDRTXHVHSRGHGL]HUpTXH

³>@WHPRVYHULILFDGRTXHpQDUHODomRSUiWLFDWHRULDSUiWLFDUHIOHWLGDTXHVH EXVFD FRPR HQWHQGHPRV D GLPHQVmR HVVHQFLDO GD SUREOHPiWLFD GD IRUPDomR GR SURIHVVRU 7HQKR FRQVWDWDGR TXH DV GLVFLSOLQDV TXH IXQGDPHQWDP D IRUPDomR GR SURIHVVRU SRXFD FRQWULEXLomR WrP IRUQHFLGR HPYLUWXGHGHVXDSRXFDDUWLFXODomRFRPRFRQWH[WRGDSUiWLFDSHGDJyJLFD GHVHQYROYLGDQDHVFROD´3LFRQH]S

)LFD FODUR TXH RV FXUVRV SUHSDUDWyULRV SDUD R 0DJLVWpULR DLQGD QmR

(20)

Ϯϭ

DWHQGLGDIDOWDGHGLFDomRDRTXHVHID]2XVHMDRFXUVRGHOLFHQFLDWXUDSUHFLVDVHU UHIRUPXODGRHPVXDIRUPDSUiWLFDHVWiJLRHWHyULFDSDUDSRGHUUHDOPHQWHIRUPDU XPSURILVVLRQDOTXHDWXHQDSUiWLFDVRFLDO

2V HVWiJLRV VmR JHUDOPHQWH UHDOL]DGRV GH IRUPD SRXFR SURYHLWRVD RV

HVWDJLiULRV QmR LQWHUDJHP FRP RV SURIHVVRUHV TXH RV UHFHEHP HP VXDV FODVVHV QmR GLVFXWHP FRP HOHV FRQWH~GRV H PHWRGRORJLD QmR DWXDP GH IRUPD DWLYD QD XQLGDGH GH HQVLQR DWXDQGR FRPR PHURV FRDGMXYDQWHV OLPLWDQGRVH D DMXGDU R SURIHVVRUGDVDODHPDOJXPDVDWLYLGDGHVHUHGLJLQGRUHODWyULRVEXURFUiWLFRVGHVXD DWXDomR3DUD3LPHQWDXPDTXHVWmRUHOHYDQWHpTXH

³>@RVFXUUtFXORVGHIRUPDomRWrPVHFRQVWLWXtGRHPXPDJORPHUDGRGH GLVFLSOLQDVLVRODGDVHQWUHVLVHPTXDOTXHUH[SOLFLWDomRGHVHXVQH[RVFRP DUHDOLGDGHTXHOKHVGHXRULJHP$VVLPQHPVHTXHUVHSRGHGHQRPLQiODV WHRULDVSRLVVmRDSHQDVVDEHUHVGLVFLSOLQDUHVHPFXUVRVGHIRUPDomRTXH HP JHUDO HVWmR FRPSOHWDPHQWH GHVYLQFXODGRV GR FDPSR GH DWXDomR SURILVVLRQDOGRVIXWXURVIRUPDQGRV´3LPHQWDS

3DUD3LPHQWDRIXWXURSURIHVVRUDSUHQGHDWUDYpVGRVDEHUDFXPXODGR

SHODREVHUYDomRHDYDOLDomRGRREVHUYDGR1DIRUPDomRGDSUiWLFDGHYHDLQGDVHU OHYDGR HP FRQVLGHUDomR R FRQKHFLPHQWR SUySULR GH FDGD XP GDV H[SHULrQFLDV SHVVRDLV H GD UHDOLGDGH HP TXH VH HVWi LQVHULGR 3DUWLQGR GHVWH SUHVVXSRVWR R HVWiJLRGHYHVHWRUQDUXPSHUtRGRSDUDRDOXQRGR0DJLVWpULRFRQKHFHUDHGXFDomR FRPR HOD RFRUUH QR GLDDGLD GH XPD HVFROD FRQWH~GRV PpWRGRV PHWRGRORJLDV UHODFLRQDPHQWRVHQWUHRVHQYROYLGRVQRSURFHVVRGHHQVLQRDSUHQGL]DJHPHID]HU XPDDQiOLVHFUtWLFDGRDSUHQGL]DGRFULDQGRVHXSUySULRMHLWRGHVHUHGXFDGRU

2V FRQWH~GRV DGTXLULGRV GXUDQWH R SHUtRGR HP TXH R HVWDJLiULR HVWHYH QD

8QLYHUVLGDGH TXH GHYHP VHUYLU GH EDVH D IRUPXODomR GH VHX ID]HU $ SUiWLFD QmR GHYHHVWDUGHVYLQFXODGDGDWHRULDPDVXPDGHYHVHUIXQGDPHQWDomRSDUDDRXWUD VHPGLFRWRPLD(RHVWiJLRVHWRUQDUiRPRPHQWRGDSULPHLUDLQVHUomRGRDOXQRQD UHDOLGDGHFRPDTXDOLUiFRQYLYHU

1D VXD DSOLFDomR GLiULD QDV LQVWLWXLo}HV GH HQVLQR SDUD IRUPDomR GH

(21)

ϮϮ

RULHQWDGRUHV HVWDJLiULRV HVFROD RX SURIHVVRU UHJHQWH GD VDOD JHUD LQVDWLVIDomR H LQVHJXUDQoD H R HVWiJLR SDVVD D VHU DSHQDV XP WHPSR GH UHSURGXomR GH LQIRUPDo}HV H GDGRV VHP OHYDU HP FRQVLGHUDomR D FULDomR GD LGHQWLGDGH GR SURIHVVRUHPIRUPDomR

0DVRTXHFRQWULEXLFRPWRGDHVWDSUREOHPiWLFD"3LFRQH]DSUHVHQWDR

VHJXLQWH

³9HULILFDPRV DVVLP TXH R SURILVVLRQDO TXH QmR FRQVHJXH LQYHVWLJDU TXHVW}HVHVSHFtILFDVGHVXDiUHDGHFRQKHFLPHQWRRXTXHQmRWHQKDWLGR RSRUWXQLGDGH GH SHVTXLVDU±VH D VL PHVPR QHFHVVDULDPHQWH QmR WHUi FRQGLo}HVGHSURMHWDUVHXSUySULRWUDEDOKRGHDYDOLDUVHXGHVHPSHQKRH GH FRQWULEXLU SDUD D FRQVWUXomR GR FRQKHFLPHQWR GH VHXV DOXQRV´ 3LFRQH]S

$VVLP VHQGR SURIHVVRUHV FRP IRUPDomR FRPSURPHWLGD SURYDYHOPHQWH LUmR

DWXDUGHIRUPDLQHILFLHQWHHPVXDSUiWLFDJHUDQGR HGXFDQGRVFRPXPDIRUPDomR WDPEpPFRPSURPHWLGD2SURFHVVRKLVWyULFRGHGHVYDORUL]DomRGDHVFRODFRQWULEXLX FRP HVWD VLWXDomR XPD YH] TXH FRODERURX FRP D IRUPDomR GH DOXQRV TXH QmR DSUHQGHUDP D EXVFDU FRQKHFLPHQWR H WRUQDUDPVH PHQRV FUtWLFRV PHURV UHSURGXWRUHV GR SHQVDPHQWR GDTXHOHV TXH FXLGDP GH VXD IRUPDomR 2 HVWiJLR VXSHUYLVLRQDGR QmR VHUi D VROXomR SDUD HVWH SUREOHPD SRLV VXDV UDt]HV VmR SRU GHPDLV SURIXQGDV PDV HOH SRGH VHU FRQVLGHUDGR XP PRPHQWR GH HVWtPXOR j UHIOH[mRGRDOXQRDJRUDHVWDJLiULRHIXWXURHGXFDGRUVREUHDSUiWLFDHGXFDFLRQDO VHXSDSHOHVXDLPSRUWkQFLD

2 (VWiJLR 6XSHUYLVLRQDGR FRPR SRVVLELOLGDGH GH

DUWLFXODomRHQWUHWHRULDHSUiWLFD

$DWLYLGDGHGRGRFHQWHpHVVHQFLDOPHQWHSUiWLFDFRPRDILUPD3LPHQWD

³$HVVrQFLDGDDWLYLGDGHSUiWLFDGRSURIHVVRUpR HQVLQRDSUHQGL]DJHP 2X VHMD p R FRQKHFLPHQWR WpFQLFR SUiWLFR GH FRPR JDUDQWLU TXH D DSUHQGL]DJHP VH UHDOL]H FRPR FRQVHTrQFLD GD DWLYLGDGH GH HQVLQDU (QYROYH SRUWDQWR R FRQKHFLPHQWR GR REMHWR R HVWDEHOHFLPHQWR GH ILQDOLGDGH H D LQWHUYHQomR QR REMHWR SDUD TXH D UHDOLGDGH QmR DSUHQGL]DJHP VHMD WUDQVIRUPDGD HQTXDQWR UHDOLGDGH VRFLDO´ 3LPHQWD S

(22)

Ϯϯ

2ID]HUGRSURIHVVRUHVWiSDUDDOpPGHXWLOL]DUVHGRFRQKHFLPHQWRDGTXLULGR

H DFXPXODGR SHOR KRPHP QR SHUFXUVR GD KLVWyULD H WUDQVPLWLU HVWH SDUD RV HGXFDQGRV(OHGHYHHVWDUFDSDFLWDGRSDUDVHXWLOL]DUGHWpFQLFDVTXHJDUDQWDPD IRUPDomRLQWHOHFWXDOGHXPLQGLYtGXRFDSD]GHLQWHUSUHWDUGHIRUPDFUtWLFDWRGDHVWD LQIRUPDomR

$V WpFQLFDVGHHQVLQRVmRIHUUDPHQWDVGDGDVDRVSURIHVVRUHVSHORVFXUVRV

GH OLFHQFLDWXUD PDV R VDEHU ID]HU GHSHQGH GR FRQKHFLPHQWR GH FDGD LQGLYtGXR FRQVWUXtGR DR ORQJR GH VXD WUDMHWyULD SURILVVLRQDO $VVLP p QHFHVViULR TXH R SURIHVVRUFRQKHoDDVWpFQLFDVRFRQWH~GRVXDVFDUDFWHUtVWLFDVSHVVRDLVHGHVXD WXUPDDQWHVGDGHWHUPLQDomRGHTXHPpWRGRGHHQVLQRDSUHQGL]DJHPXWLOL]DUiSDUD DWLQJLU VHXV REMHWLYRV 2 WHPSR GH HVWiJLR p SURStFLR D VH GHVHQYROYHU WDLV KDELOLGDGHV GH FRQKHFLPHQWR WpFQLFRFLHQWtILFR GH DXWR DQiOLVH H GH DQiOLVH GR DPELHQWH(PRXWURSRQWR3LPHQWDDILUPDTXHR³SURIHVVRU>@SUHFLVDSRLV GH VyOLGD IRUPDomR WHyULFD´ SDUD SRGHU H[HUFHU VXD IXQomR SUiWLFD GH HGXFDU LVWR GHL[D FODUR TXH QmRKi FRPR VHSDUDU D WHRULD GD SUiWLFD PDV VLP SURPRYHU XPD DGHTXDomRHLQWHJUDomRHQWUHDPEDV

(QWmR SDUD UHDOL]DU VXD SURSRVWD GH HQVLQR R SURIHVVRU GHYH VH WRUQDU XP

HVSHFLDOLVWD FDSD] GH LQWHUSUHWDU FRQWH~GRV H WpFQLFDV GH HQVLQR GLVSRQtYHLV WRUQDQGRDVSUySULDVSDUDDVXDFOLHQWHODHFRPDILQDOLGDGHGHDWHQGLPHQWRDVHXV REMHWLYRV3DUDLVWRpQHFHVViULRTXHRFXUVRGHIRUPDomRSDUDRPDJLVWpULRVHMD FDSD]GHHTXLSDURDOXQRSDUDRWUDEDOKR3DUD3LPHQWDWRGDVDVGLVFLSOLQDV GRFXUVRWHPJUDQGHLPSRUWkQFLDSULQFLSDOPHQWHTXDQGRWUDEDOKDPDOLQKDGDVXPDV FRPDVRXWUDVPDVpD'LGiWLFDDUHVSRQViYHOSRUWUDEDOKDUDVWHRULDVGRHQVLQR DSUHQGL]DGR H SRUWDQWR IRUPDU R DUVHQDO GH PRGHORV GHQWUR GH FDGD IRUPDQGR H DLQGDDFUHVFHQWD

³(QTXDQWR GLVFLSOLQD GR FXUVR WUDGX]VH HP XP SURJUDPD GH HVWXGRV GR IHQ{PHQR SURFHVVR GH HQVLQRDSUHQGL]DJHP ± REMHWLYDQGR SUHSDUDU RV SURIHVVRUHVSDUDDDWLYLGDGHVLVWHPiWLFDGHHQVLQDUHPXPDGDGDVLWXDomR KLVWyULFRVRFLDO LQVHULQGRVH QHOD SDUD WUDQVIRUPiOD D SDUWLU GDV QHFHVVLGDGHV Dt LGHQWLILFDGDV GH GLUHFLRQiODV SDUD R SURMHWR GH KXPDQL]DomR´3LPHQWDS

2HVWDJLiULRHPVXDDWLYLGDGHGHHVWiJLRXWLOL]DVHGHVWHVLQVWUXPHQWRVHP

(23)

Ϯϰ

LQVWLWXLomRFRPRXPWRGRHPVXDIXQomRGHHQVLQDUWRGDDHVWUXWXUDItVLFDKXPDQD PDWHULDOHFXOWXUDO

1HVWHVHQWLGRRHVWiJLRSDVVDDVHUXPDUHIOH[mRGDUHDOLGDGHIXQGDPHQWDGD

HPXPFRQKHFLPHQWRWHyULFR3LPHQWDSURS}HUHDOL]DURHVWiJLRGHSHVTXLVD FRPR ³XPD HVWUDWpJLD XP PpWRGR XPD SRVVLELOLGDGH GH IRUPDomR GR HVWDJLiULR FRPR IXWXUR SURIHVVRU $ DXWRUD SURS}H DLQGD TXH RV HVWDJLiULRV GHVHQYROYDP SURMHWRVGHSHVTXLVDDSDUWLUGDUHDOLGDGHHQFRQWUDGDGHQWURGDHVFRODHVWXGHPRV IDWRVGHVHQYROYDPSURSRVWDVHSURJUDPDVSDUDDVLWXDomR7DLVIDWRVHQYROYHULDP WRGRV RV HOHPHQWRV GR HVWiJLR SURIHVVRUHV RULHQWDGRUHV HVWDJLiULRV DOXQRV SURIHVVRUHVUHJHQWHVHGLUHomRHVFRODU1HVWHVHQWLGRWRGDVDVGLVFLSOLQDVGRFXUVR HVWDULDP HQYROYLGDV H WRGRV SRGHP SDUWLFLSDU FRQWULEXLQGR SDUD DXPHQWR GR FRQKHFLPHQWRHGRVDEHUGHFDGDXP

³(VVD YLVmR PDLV DEUDQJHQWH H FRQWH[WXDOL]DGD GR HVWiJLR LQGLFD SDUD DOpPGDLQVWUXPHQWDOL]DomRWpFQLFDQXPGHWHUPLQDGRHVSDoRHQXPFHUWR WHPSR KLVWyULFR FDSD] GH YLVOXPEUDU R FDUiWHU FROHWLYR H VRFLDO GH VXD SURILVVmR´3LPHQWDS

'HVWDIRUPDRHVWiJLRQmRVHFRQILJXUDFRPRXPDGLVFLSOLQDIRUDGRFRQWH[WR

GDLQVWLWXLomRGHIRUPDomRGHSURIHVVRUHVPDVFRPRXPDSURSRVWDLQWHJUDGDFRP WRGDVDVGLVFLSOLQDVHTXHGHYHRFRUUHUDRPHVPRWHPSRRQGHKDMDLQWHUFkPELRGH LQIRUPDo}HVHTXHVHMDPSULYLOHJLDGRVRVPRPHQWRVGHUHIOH[mRHDQiOLVHGDSUiWLFD YLYHQFLDGD QR FDPSR GH HVWiJLR j OX] GR FRQKHFLPHQWR WHyULFR DGTXLULGR MXQWR DV GLVFLSOLQDVGDGDVQDLQVWLWXLomRGHIRUPDomRGHSURIHVVRUHV

(24)

Ϯϱ

129$6 3523267$6 3$5$ $ 35È7,&$ '( (16,12

129$6'(0$1'$612926&$0,1+26

1HVWDSDUWHGRWUDEDOKRVHUmRDSUHVHQWDGDVDOJXPDVH[SHULrQFLDVUHDOL]DGDV SRU LQVWLWXLo}HV H SHVTXLVDGRUHV TXH EXVFDP XPD SURSRVWD GH (VWiJLR 6XSHUYLVLRQDGR TXH VDWLVIDoD SOHQDPHQWH jV QHFHVVLGDGHV GD (GXFDomR QRV GLDV DWXDLV 6mR SURSRVWDV TXH QmR VH FRQWUDGL]HP PDV TXH VH FRPSOHPHQWDP D PHGLGD TXH RIHUHFHP SLVWDV SDUD D PHOKRULD GD DomR GH WRGR SURIHVVRU HP IRUPDomR R TXDO QHFHVVLWD GH XPD H[SHULrQFLD TXH RV DMXGH D FRQVWUXLU VXD LGHQWLGDGH SURILVVLRQDO TXH R WRUQH XP SURILVVLRQDO GH TXDOLGDGH FDSDFLWDGR D VXSHUDUDVDGYHUVLGDGHVTXHSRVVDPVXUJLUHHPFRQGLo}HVGHJHUDUSURSRVWDVGH PHOKRULDHDSULPRUDPHQWRDRVHXID]HUGLiULR

3URSRVWDGD81(63±5LR&ODUR63

,QWHUHVVRPHSDUWLFXODUPHQWHSRUHVVDSURSRVWDXPDYH]TXHFRPRDOXQDGD 81(63 5LR &ODUR D PHVPD IH] SDUWH GD PLQKD IRUPDomR FRPR SHGDJRJD H IRL LQVSLUDomRSDUDDHVFROKDGRWHPDGHVWH7UDEDOKRGH&RQFOXVmRGH&XUVR

$SURSRVWDDSUHVHQWDGDSHOD3URI)OiYLD0HGHLURV6DUWLGR'HSDUWDPHQWRGH (GXFDomRGD81(635LR&ODURFRPRXPWUDEDOKRLQLFLDGRQRVHJXQGRVHPHVWUHGH HPFRQMXQWRFRPD6HFUHWDULD0XQLFLSDOGH(GXFDomRGH5LR&ODUR63

$ SURSRVWD FRQVLGHUD RV DOXQRV FDQGLGDWRV DR HVWiJLR FRPRLQLFLDQWHV RX VHMDDTXHOHVTXHHVWmRH[SORUDQGRRRItFLRGRPDJLVWpULRHRVSURIHVVRUHVFRPRV TXDLVHVWHVLQLFLDQWHVLUmRDWXDUVmRFRQVLGHUDGRVRVLQLFLDGRUHV2WUDEDOKRYDORUL]D D H[SHULrQFLD GH FDGD XP GRV SDUWLFLSDQWHV GR SURFHVVR SRLV R ERP DQGDPHQWR GHVWHGHSHQGHGDFRODERUDomRHLQWHJUDomRHQWUHRVSDUWLFLSDQWHV

³1R kPELWR GR WUDEDOKR GH IRUPDomR DTXL UHIHULGR D WHQWDWLYD GH LQFOXLU IXWXURV SURIHVVRUHV QHVVHV SURFHVVRV GH VRFLDOL]DomR RFRUUH SHOD DSUR[LPDomRVLVWHPiWLFDGHOHVFRPGRFHQWHVMiH[SHULHQWHVQRPDJLVWpULR LVVRSRUPHLRGDUHDOL]DomRFRQMXQWDGHDWLYLGDGHVGHHQVLQR3UHWHQGHVH HVWLPXODU UHODo}HV GH FRODERUDomR HQWUH HVWXGDQWHV GD OLFHQFLDWXUD H SURIHVVRUHVHPH[HUFtFLRSDUDTXHHOHVSRVVDPSDUWLOKDUID]HUHVGRFHQWHV FRWLGLDQRV´6$57,S

(25)

Ϯϲ

2 ³FKRTXH GD UHDOLGDGH´ 9((10$1 DSXG 6$57, TXH

HVWDJLiULRV RX UHFpP IRUPDQGRV TXH LQLFLDP VXD FDUUHLUD FRVWXPDP SDVVDU p PLQLPL]DGRGHVWDIRUPDQHVWDSURSRVWDGHHVWiJLRXPDYH]TXHRLQLFLDQWHHVWi HPFRQWDWRFRPXPSURILVVLRQDOMiH[SHULHQWHTXHSRVVXLVDEHUHVSDUDOLGDUFRPDV VLWXDo}HV GR GLDDGLD H SRUWDQWR HP FRQGLo}HV GH WUDQVPLWLU VHJXUDQoD DR HVWDJLiULR 0DV SDUD TXHLVWR RFRUUD p QHFHVViULR TXH VH HVWDEHOHoD XPD UHODomR HQWUH RV GRLV LQLFLDQWH H LQLFLDGRU D ILP GH TXH KDMD XPD SUHVHQoD FRPR GH XP ³SURIHVVRUSDUFHLUR´6$57,HPTXHSUHYDOHoDUHVSHLWRUHVSRQVDELOLGDGHH FRQILDQoDP~WXD

3DUD TXH R SURFHVVR DFRQWHoD HIHWLYDPHQWH RV SURIHVVRUHV TXH UHFHEHUmR HVWHVHVWDJLiULRVSDUWLFLSDPGHHQFRQWURVGHIRUPDomRQD8QLYHUVLGDGHSRLVFRPR HVWDSURSRVWDHQWHQGHTXHWRGRVRVLQGLYtGXRVWHPDOJRDDFUHVFHQWDUQRSURFHVVR HQVLQRDSUHQGL]DJHPHSRUWDQWRWRGRVWHPDOJRDHQVLQDUHDOJRDDSUHQGHUFRPR RXWUR HQWmR WRGRV HVWmR QXP SURFHVVR GH IRUPDomR FRQWtQXD $ YLYrQFLD GR HVWDJLiULR VHQGR DFRPSDQKDGR SRU XP SURIHVVRU Mi H[SHULHQWH JHUD LQILQLWDV SRVVLELOLGDGHV GH FRQWDWR FRP D UHDOLGDGH GH IRUPD D QmR JHUDU GLILFXOGDGH QR GHVHQYROYLPHQWRGHVWHDOXQRHQRVHXID]HUIXWXUR

³3UHWHQGHVH TXH RV IXWXURV SURIHVVRUHV SRVVDP HQWmR UHGHVFREULU D HVFROD VRE XPD QRYD yWLFD GRFHQWH GH PRGR D SUREOHPDWL]DU VXDV FRQFHSo}HVSHVVRDLVVREUHRHQVLQRHWDPEpPDSHUVSHFWLYDGLVFHQWHTXH DLQGD PDQWrP QD XQLYHUVLGDGH H FRP D TXDO HVWmR DFRVWXPDGRV D VH UHODFLRQDUFRPRDPELHQWHHVFRODU$GHPDLVDSDUFHULDFRPXPSURIHVVRU HP H[HUFtFLR OKHV SRVVLELOLWD YLYHQFLDU DOJXQV DVSHFWRV GR FRWLGLDQR GD GRFrQFLD HP VXD PXOWLSOLFLGDGH LQFOXVLYH QR TXH VH UHIHUH D VXDV LQFRHUrQFLDVHGLILFXOGDGHV´6$57,S

2VHVWDJLiULRVWHUmRFRQWDWRFRP³SURIHVVRUHVFRPXQV´6$57,1mR Ki QHQKXP SURFHVVR RX QRUPD SDUD HVFROKD GRV SURIHVVRUHV SDUD UHFHEHU RV LQLFLDQGRVSRLVVHFRQVLGHUDDLPSRUWkQFLDGRFRQWDWRFRPDUHDOLGDGH&RPRHVWD VH Gi GHQWUR GR DPELHQWH HVFRODU R DOXQR WHUi FRQWDWR FRP R XQLYHUVR GH SRVVLELOLGDGHVGDHGXFDomR1HVWHSHUtRGRRDOXQRWHUiDSRVVLELOLGDGHGHSDUWLFLSDU GH DWLYLGDGHV FRP SURIHVVRUHV TXH HVWHMDP ³HP PRPHQWRV GLIHUHQWHV GD FDUUHLUD´ 6$57, H SRUWDQWR DSUHVHQWDP YDORUHV GLIHUHQWHV IRUPDV GLYHUVDV GH WUDEDOKRHVROXo}HVGLIHUHQWHVSDUDDVVLWXDo}HVTXHOKHVVHMDPSURSRVWDV

(26)

Ϯϳ

HVWDJLiULRVVHMDPDLRUTXHDRIHUWDGHYDJDVSDUDDOJXPDXQLGDGHRVDOXQRVWHP TXHQHJRFLDUHQWUHVL,QLFLDOPHQWHRSULPHLURFRQWDWRGRVHVWXGDQWHVFRPDHVFROD DFRQWHFLDQRžELPHVWUHGR&XUVRGH3HGDJRJLDHFDGDDOXQRGHYHULDFXPSULU KRUDVGHHVWiJLR&RPDUHIRUPXODomRGRFXUVRHPHVVHSULPHLURFRQWDWRYHP RFRUUHQGRQRVPRPHQWRVGH3UiWLFDFRPR&RPSRQHQWH&XUULFXODUTXHRVDOXQRVGR žVHPHVWUHGHYHPFXPSULU

1HVWDIDVHRDOXQRID]FROHWDGHGDGRVGRFRWLGLDQRGDHVFRODFRPRIRUPDGH YDORUL]DURFRWLGLDQRFRPRHOHPHQWRIRUPDGRUGRSURIHVVRU2DOXQRpRULHQWDGRD

REVHUYDU ³DV URWLQDV DV SUiWLFDV GRV DOXQRV H GR SURIHVVRU DV UHODo}HV

HVWDEHOHFLGDVHQWUHRVVXMHLWRVRVUHFXUVRVSHGDJyJLFRVGLVSRQtYHLVHWF´6$57,

SeDSDUWLUGDREVHUYDomRTXHVXUJHR³UHILQDPHQWRGRROKDU´6$57, RVDOXQRVVmRLQFHQWLYDGRVDROKDUDOpPGDTXLORTXHHVWiYLVtYHODFLPDGH SUHFRQFHLWRV H GH IRUPD PDLV SURIXQGD WXGR R TXH DFRQWHFH D VXD YROWD (VWH SURFHVVRGHYHVHUYLUSDUDFROHWDGHLQIRUPDo}HVSDUDGLVFXVV}HVHPVDODGHDXOD QD 8QLYHUVLGDGH VRE D OX] GR FRQKHFLPHQWR GHVHQYROYLGR SRU SHVTXLVDGRUHV H SHQVDGRUHVGDHGXFDomR

2V SURIHVVRUHV LQLFLDGRUHV QXP JUXSR QD 8QLYHUVLGDGH GLVFXWLUmR D GRFrQFLDRFRWLGLDQRHDH[SHULrQFLDGHWUDEDOKDUFRPRVHVWDJLiULRVHHVWDUmRSRU FRQVHTrQFLDUHIOHWLQGRDSDUWLUGDSUiWLFD

(P XPD VHJXQGD HWDSD TXH DFRQWHFH QRVHPHVWUH VHJXLQWH RV DOXQRV FXPSUHPFRPKRUDVGHHVWiJLRQRFXUUtFXORDQWHULRUHUDPKRUDVDSHQDV FRP D HIHWLYDomR GD SDUFHULD RQGH R HVWDJLiULR SDUWLFLSDUi GR SODQHMDPHQWR H GD DSOLFDomRGH DWLYLGDGHV $V GXSODV LQLFLDQWH H LQLFLDGRU WrP HVSDoR H DSRLR SDUD WUDWDU GR WUDEDOKR TXH LUmR GHVHQYROYHU DFRPSDQKDPHQWR SHOR UHVSRQViYHO SHOR HVWiJLR H FXUVR GH IRUPDomR SDUD SURIHVVRUHV GHQWUR GD 8QLYHUVLGDGH +i D SDUWLFLSDomR GH WRGRV RV HQYROYLGRV GH IRUPD HIHWLYD QDV GLVFXVV}HV GD URWLQD HVFRODU H QD GHILQLomR GH SURSRVWDV GH PHOKRULDV H PXGDQoDV ([LVWH DLQGD D HODERUDomR GH UHODWyULR FRQMXQWR LQLFLDQWH H LQLFLDGRU RQGH VHUmR IHLWDV UHIOH[}HV VREUH D SUiWLFD GH HQVLQR GHQWUR GH VDOD GH DXOD H GD UHODomR HQWUH SURIHVVRU H HVWDJLiULRDYDOLDomRGDSURSRVWD

(27)

Ϯϴ

3URSRVWDGD8)6&DU±6mR&DUORV63

2 WUDEDOKR GHVHQYROYLGR SHODV SURIHVVRUDV &ULVWLQD 6DWLr GH 2OLYHLUD 3iWDUR 863H-XOLDQD3HUHLUD$UD~MR8)6&DU±8(6&FRPRVDOXQRVGRVH[WRVHPHVWUH GR &XUVR GH /LFHQFLDWXUD HP 3HGDJRJLD GD 8QLYHUVLGDGH )HGHUDO GH 6mR &DUORV FRQVWLWXL HP XPD SURSRVWD GH HVWiJLR TXH SRVVLELOLWD D DQiOLVH H YDORUL]DomR GR PHVPRFRPRHOHPHQWRIRUPDGRUGRIXWXURSURILVVLRQDOTXHDWXDUiQDHGXFDomR

$ LGpLD PRWLYDGRUDQRUWHDGRUD GD SURSRVWD YHP GR SHQVDPHQWR GH +HOHQD 0DULD 6DQWRV FRQWLGD QD LGpLD GH TXH R HVWiJLR ³DSUHVHQWDVH FRPR UHVSRQViYHO SHODFRQVWUXomRGHFRQKHFLPHQWRVHWHPSRWHQFLDLVSRVVLELOLGDGHVGHFRQWULEXLUFRP

RID]HUSURILVVLRQDOGRIXWXURSURIHVVRU´3È7$52HWDODSXG6$1726S

$LGpLDGDVSHVTXLVDGRUDVpPRVWUDUDLPSRUWkQFLDGRHVWiJLRQRSURFHVVRGH IRUPDomRGHSURIHVVRUHVHSDUDWDQWRSDUWHPGRVHJXLQWHSULQFtSLR

³GHTXHDVH[SHULrQFLDVSURYHQLHQWHVGRHVWiJLRGHVHQYROYLGRSHORVDV HVWXGDQWHV SURSRUFLRQDP UHIOH[}HV TXH SRVVLELOLWDP QmR DSHQDV D DSOLFDomR GRV FRQKHFLPHQWRV WHyULFRV DGTXLULGRV DR ORQJR GR FXUVR GH 3HGDJRJLD FRPR WDPEpP D FRQVWUXomRSURGXomR GH QRYRV VDEHUHV FRQWULEXLQGR FRP D IRUPDomR H IXWXUD DWXDomR GRVDV HVWDJLiULRVDV³ 3È7$52HWDOS

3DUD FRPSUHHQGHU HVWH WHPSR GH HVWiJLR H WXGR TXH RV HVWDJLiULRV

YLYHQFLDP FRPR YrHP UHDOLGDGH D VXD YROWD H R FRPR VH VHQWHP GLDQWH GDV H[SHULrQFLDVYLYHQFLDGDVDVSHVTXLVDGRUDVFULDUDPXPSURMHWRGHHVWiJLRHPTXHR 'LiULRGH(VWiJLRWRUQDVHRHOHPHQWRRQGHHVWmRFRQWLGDVWRGDVDVLQIRUPDo}HVH VHQVDo}HVREWLGDVGXUDQWHRWHPSRGHHVWiJLRpXPPDWHULDOGHXVRFRQWtQXR&DGD HVWDJLiULR TXH VH SUHVVXS}H QmR SRVVXLU TXDOTXHU H[SHULrQFLD FRP R PDJLVWpULR GHYH REVHUYDU GHVFUHYHU H DQDOLVDU DV SUiWLFDV SHGDJyJLFDV FRP DV TXDLV WLYHU FRQWDWRQDHVFRODHVWDJLDGD

(28)

Ϯϵ

2HVWDJLiULRGHYHUiDLQGDUHODWDURDSUHQGL]DGRID]HUXPDDQiOLVHSHVVRDO OHYDQWDU DVGLILFXOGDGHV HQFRQWUDGDVH DV G~YLGDV (PEDVDU WRGDV HVWDV TXHVW}HV IXQGDPHQWDQGRDVQDWHRULDWUDEDOKDGDGHQWURGD8QLYHUVLGDGH

$VSHVTXLVDGRUDVWHUPLQDPRWUDEDOKRDSRQWDQGRSDUDDLPSRUWkQFLDGHTXH RULHQWDGRUHVGHHVWiJLRGrHPRXYLGRVDRVHVWDJLiULRVDILPGHTXHRHVWiJLRVH LQWHJUHQRSURFHVVRGHIRUPDomRGRSURIHVVRU

³6DOLHQWDPRV DVVLP D LPSRUWkQFLD GH GDU YR] DRV DOXQRV H DOXQDV GH DWHQWDUSDUDDDQJ~VWLDLQTXLHWDo}HVHDSUHQGL]DJHPQRLQWXLWRGHPHOKRU FRPSUHHQGHU R SURFHVVR GH IRUPDomR GH SURIHVVRUHV H GH WRGRV RV GHVDILRVHGLILFXOGDGHVTXHHQYROYHPRH[HUFtFLRSURILVVLRQDOGDGRFrQFLD´ 3È7$52HWDOS

3URSRVWDGD8)06±7UrV/DJRDV06

2 WUDEDOKR DSUHVHQWDGR D VHJXLU IRL GHVHQYROYLGR SHOD SURIHVVRUD 0LULDP

'DUOHWH 6HDGH *XHUUD GD 8QLYHUVLGDGH )HGHUDO GH 0DWR *URVVR GR 6XO FRPR GLVVHUWDomR GH PHVWUDGR SHOD )DFXOGDGH GH (GXFDomR GD 81,&$03 HP QR &XUVR GH 3HGDJRJLD ± +DELOLWDomR 3Up(VFROD H VpULHV ,QLFLDLV GH ž *UDX H 0DJLVWpULRž*UDXGR&(8/±&HQWUR8QLYHUVLWiULRGH7UrV/DJRDV

3DUWLFLSDUDP GR SURMHWR FLQFR DOXQRV HVWDJLiULRV GR ž $QR GH 3HGDJRJLD VHWHSURIHVVRUDVHGXDVFRRUGHQDGRUDVGHHVFROD3~EOLFD(VWDGXDOGH7UrV/DJRDV 2 (VWiJLR QD FRQFHSomR GH *XHUUD p XPD ³YLD GH GXDV PmRV´ RQGH WRGRV SDUWLFLSDPDSUHVHQWDQGRVXDVLGpLDVHDSUHQGHQGRFRPRVRXWURVSDUWLFLSDQWHVGR JUXSRDWURFDGHLQIRUPDo}HVGHYHIDYRUHFHURFUHVFLPHQWRGHWRGRVFRRSHUDomR HQWUHWRGRVpGHIXQGDPHQWDOLPSRUWkQFLDSDUDTXHRDSUHQGL]DGRHRFUHVFLPHQWR DFRQWHoDP'HYHSURSRUFLRQDUFRQGLo}HVGHIRUPDomRFRQWLQXDGDDRVSURIHVVRUHV GDHVFRODDOYRHGD8QLYHUVLGDGHHDRVHVWDJLiULRV1mRVHSRGHVHSDUDURHQVLQR GHVHQYROYLGRQDHVFRODGRVFRQKHFLPHQWRVDGYLQGRVGDVSHVTXLVDVUHDOL]DGDVQDV 8QLYHUVLGDGHV 3DUD *XHUUD D HVFROD GHYH VH WRUQDU XP HVSDoR SDUD D SUiWLFD

3DUD *XHUUD R SHUtRGR GH HVWiJLR GHYH SURSLFLDU FRQGLo}HV H IHUUDPHQWDOSDUDGHVHQYROYHUQRDOXQRFRQGLo}HVGHGHVHQYROYHUDFDSDFLGDGHGH REVHUYDomRGHUHDOL]DomRGHUHIOH[mRFUtWLFDHGHUHRUJDQL]DUDVVXDVDo}HV

(29)

ϯϬ

³(VWiJLR 6XSHUYLVLRQDGR QXP FXUVR GH IRUPDomR GH SURILVVLRQDLV GD HGXFDomR ± VLVWHPDWL]DomR GD XQLGDGH WHRULDSUiWLFD EXVFDU D WUDQVIRUPDomR HODERUDomR FRQMXQWD GD SURSRVWD GH WUDEDOKR UHHVWDEHOHFLPHQWR GD LPSRUWkQFLD GR HVWiJLR QD IRUPDomR GR HGXFDGRU *8(55$S

$ SUiWLFD DGRWDGD SHORV DOXQRV GD 8)06 OHYDRV D SUiWLFD GD REVHUYDomR UHIOH[mRFUtWLFDHUHRUJDQL]DomRGDVDo}HV7UDWDVHGHXPSHUPDQHQWHUHSHQVDUD SUySULDDomRQXPPRYLPHQWRGLQkPLFR

$ EXVFD SRU XOWUDSDVVDU RV OLPLWHV GD VDOD GH DXOD QD HODERUDomR GD VXD SUi[LVVHHQFRQWUDQDVHJXLQWHIDODGDSHVTXLVDGRUD

³DRUHWRUQDUHPSDUDDVVDODVGHDXODGD8QLYHUVLGDGHWUD]HPXPPDWHULDO FROKLGR HP REVHUYDo}HV H VXEPHWLGR j UHIOH[mR WHyULFD VRPDQGRVH DRV VHXVFRQKHFLPHQWRVDQWHULRUHVGDSUiWLFDGRFHQWH$RPHVPRWHPSRHVVD SURGXomR GH FRQKHFLPHQWR DGYLQGD GR FRQIURQWR FRP D UHDOLGDGH GD HVFROD GHYHULD VHU VRFLDOL]DGD FRP DV SURIHVVRUDV FRRSHUDQWHV GXUDQWH RV PLQLFXUVRV RUJDQL]DGRV SHORV HVWDJLiULRV EXVFDQGR XPD HIHWLYD WUDQVIRUPDomR QR FRWLGLDQR HVFRODU DWUDYpV GD DSURSULDomR GH SUiWLFDV UHIOH[LYDV SHORV SURIHVVRUHV HP VHUYLoR H SHORV DOXQRV H HP IRUPDomR´ *8(55$S

3URSRVWDGD899±9LOD9HOKD(6

$ 3URID 06 .DOOLQH 3HUHLUD $URHLUD HP WHVH GH 'RXWRUDGR SHOD )(863 GHVHQYROYHX XP WUDEDOKR GH SHVTXLVD IRFDQGR R HVWiJLR H D LPSRUWkQFLD GD UHODomRLQWHJUDomR HQWUH 8QLYHUVLGDGH H (VFROD UHDOL]DGR MXQWR D 8QLYHUVLGDGH GH 9LOD 9HOKD QR (VStULWR 6DQWR 2 WUDEDOKR GLYLGHVH HP GXDV SDUWHV QD SULPHLUD D SHVTXLVDGRUD DSUHVHQWD XPD UHIOH[mR VREUH R HVWiJLR H QD VHJXQGD DSUHVHQWD D SHVTXLVDRVUHVXOWDGRVHDFRQFOXVmR$SHVTXLVDGRUDFRQVLGHUDHVWHFRPRµHVWiJLR GHUHIOH[mR¶

3DUD D SHVTXLVDGRUD R HVWiJLR p XP SHUtRGR SDUD TXH R DOXQR GHVHQYROYD FRQKHFLPHQWRV SDUD VXD IRUPDomR H GH VHX ID]HU IXWXUR 2 SHUtRGR GHGLFDGR DR HVWiJLR VHJXQGR $52(,5$ GHYH SRWHQFLDOL]DU D ³UHODomR HQWUH HVWDJLR 8QLYHUVLGDGHDHVFRODQRFRQWH[WRGDIRUPDomRLQLFLDOGHSURIHVVRU

(30)

ϯϭ

VH HVWi LQVHULGR 3RU LVVR D LPSRUWkQFLD GH H[LVWLU DUWLFXODomR HQWUH D (VFROD H D 8QLYHUVLGDGHSDUDTXHQDUHDOL]DomRGDUHIOH[mRWRGRVRVHQYROYLGRVUHIOLWDPVHX SUySULRID]HUQXPDWRGHIRUPDomRFRQWtQXDGHWRGRV±UHIOH[mRJHUDQGRPXGDQoDV HPHOKRULDVQRID]HUFRWLGLDQR

$RWUDEDOKDUMXQWRDXPHGXFDGRUMiKDELOLWDGRRHVWDJLiULRGHYHUHIOHWLUWRGRR SURFHVVRGHHQVLQRHVFRODPpWRGRDOXQRSURIHVVRU8QLYHUVLGDGHHDVLSUySULR JHUDQGR XPD VtQWHVH GR TXH YLYHQFLRX &DEHUi DR SURIHVVRU UHVSRQViYHO SHOR HVWiJLRPHGLDUDGLVFXVVmRHDHODERUDomRGHVWDVtQWHVHRULHQWDQGRHHVFODUHFHQGR HYHQWXDLVG~YLGDVTXHSRVVDPHPHUJLUGHVWDH[SHULrQFLDGHHVWiJLR

2WUDEDOKRGHSHVTXLVDGD3URID$URHLUDUHDOL]RXVHGDVHJXLQWHIRUPD D 8QLYHUVR SHVTXLVDGR DOXQRVHVWDJLiULRV GR FXUVR GH (GXFDomR )tVLFD GD

8QLYHUVLGDGH9LOD9HOKD±(VStULWR6DQWR

E 3DUWLFLSDomRYROXQWiULDGLYLGLGRVHPGRLVJUXSRVGHDOXQRVFDGDXP F 3HUtRGRDQRVGHH

G -XVWLILFDWLYD ³RUJDQL]DU SURFHVVR GH HVWiJLRV VXSHUYLVLRQDGRV TXH FRQVLGHUHPDSURGXomRGHVDEHUHVQDUHODomRFRPRFRWLGLDQRGDVHVFRODV´ $52(,5$

H 0pWRGR XWLOL]DGR SDUD FROHWD GH GDGRV HQWUHYLVWDV UHIOH[LYDV FRP RV HVWDJLiULRVHOHLWXUDGHWH[WRVUHODWyULRVGHHVWiJLRHWRGDSURGXomRUHDOL]DGD SHORVDOXQRVGXUDQWHRSHUtRGRHVWDJLDGR

$SyVWHUDQDOLVDGRRVGDGRVHQFRQWUDGRVQDSHVTXLVDGHFDPSRHRVGDGRV ELEOLRJUiILFRDSHVTXLVDGRUDFKHJDDVHJXLQWHFRQFOXVmRTXHVHWRUQDXPDIRUPDGH VHSODQHMDUXPHVWiJLRVXSHUYLVLRQDGR

³$V DQiOLVHV DTXL HPSUHHQGLGDV SHUPLWHP LGHQWLILFDU GXDV TXHVW}HV FHQWUDLV TXDQGR QRV UHPHWHPRV DRV SURFHVVRV GH HVWiJLRV VXDV SRVVLELOLGDGHV H GHVDILRV SDUD SURPRYHU RSRUWXQLGDGHV GH Do}HV FRODERUDWLYDV HQWUH XQLYHUVLGDGH H HVFROD $ SULPHLUD p TXH SDUD TXH R HVWiJLRSRWHQFLDOL]HXPDDPSODFRQVWUXomRGHVDEHUHVpQHFHVViULRHVWDU DQFRUDGR QXP SURMHWR TXH SURPRYD GLiORJR HQWUH RV YDORUHV H VDEHUHV HGXFDWLYRVGHVHQYROYLGRVHPVLWXDo}HVFRQFUHWDVGHHQVLQR$VHJXQGDp TXH R HVWiJLR QR kPELWR GH IRUPDomR GH SURIHVVRUHV SRGH DSRQWDU DSUHQGL]DJHQV VLJQLILFDWLYDV GHVGH TXH WHQKD FRPR UHIHUrQFLD D HVFROD QDV VXDV SRVVLELOLGDGHV H OLPLWDo}HV HQWUHWDQWR VHP LJQRUDU D WURFD GH H[SHULrQFLDHDSDUWLFLSDomRFRPDo}HVFRODERUDWLYDVHQWUHSURIHVVRUHVGD XQLYHUVLGDGH H HVFROD QXP SURFHVVR IRUPDWLYR TXH PRELOL]D VDEHUHV GD WHRULD GD HGXFDomR H TXH FRQVWLWXL VHXV VDEHUHVID]HUHV GRFHQWHV´ $52(,5$S

(31)

ϯϮ

3URSRVWDGD8)3HO±3HORWDV56

7UDEDOKRGHVHQYROYLGRSRUSHVTXLVDGRUHVGD8QLYHUVLGDGH)HGHUDOGH3HORWDV FRPDOXQRVGRFXUVRGH%DFKDUHODGRH/LFHQFLDWXUDHP&LrQFLDV%LROyJLFDVMXQWRD (VFRODVGH(QVLQR)XQGDPHQWDO

(P XP JUXSR GH DOXQRV RV SHVTXLVDGRUHV XWLOL]DUDPVH GR ³0RGHOR GH ,QYHVWLJDomRQD(VFROD0,(UHIHUrQFLDDHVWXGRVUHDOL]DGRVSRU325/È1H 325/È1H5,9(52.5h*(5&RPRREMHWLYRGH

³FXUUtFXORVHSURFHGLPHQWRVGRVHVWiJLRVVXSHUYLVLRQDGRVGHYHPVRIUHU SURIXQGDV PRGLILFDo}HV SDUD R TXH VH WRUQD QHFHVViULR SURSRU GHVHQYROYHUDQDOLVDUHDYDOLDUQRYDVSRVVLELOLGDGHVRTXHpRREMHWLYRGR SUHVHQWHWUDEDOKR´.58*(5HWDO

2 WUDEDOKRH[HFXWDGRSRU.UXJHUEXVFDDWUDYpVGDDQiOLVHGHUHODWyULRVGH

HVWiJLR DYDOLDU D LPSOHPHQWDomR GH XPD SURSRVWD GH KLSyWHVH FXUULFXODU SDUD D IRUPDomRLQLFLDO GH SURIHVVRUHV H[SHULPHQWDU XPDQRYD SURSRVWD GHHVWiJLRDOpP GHGDUFRQGLo}HVSDUDVHDYDOLDURDSUHQGL]DGRVGHDOXQRVGRFXUVRGHIRUPDomRGH SURIHVVRUHV

6HJXQGRRVSHVTXLVDGRUHVRSURIHVVRUGHYHVHUXPLQYHVWLJDGRUDTXHOHTXH

EXVFD VROXo}HV SDUD D PHOKRULD GR HQVLQR R TXDO SURPRYH D HIHWLYDomR GH XP FXUUtFXORTXHH[SUHVVHDTXLORTXHR³SURIHVVRUFRQVLGHUDLPSRUWDQWHHRTXHRDOXQR HQWHQGHTXHVHMDLQWHUHVVDQWHH~WLO´.58*(5HWDO

1HVWHVHQWLGRRWUDEDOKREXVFRXOHYDURDOXQRDID]HUXPDDQiOLVHGHVXDV

FRQFHSo}HV SHVVRDLV GH PRGHOR GLGiWLFR FRQIURQWDU HVWD LGpLD FRP D GH RXWURV SURIHVVRUHV SULQFLSDOPHQWH RV TXH Mi HVWHMDP HP DWLYLGDGH H FRP R UHIHUHQFLDO WHyULFRDSUHQGLGRQD8QLYHUVLGDGH'HSRLVGHVWDDQiOLVHID]HUXPDVtQWHVHGHXPD SRVWXUDDGHTXDGDSDUDVHXWUDEDOKR&RQVWUXomRGHXPDLGHQWLGDGH

3DUD RV SHVTXLVDGRUHV D 'LGiWLFD GHYH HQVLQDU DR DOXQR R FRPR ID]HU R

SODQHMDPHQWR PDV WDPEpP GHL[DU DEHUWXUD D IOH[LELOLGDGH SDUD DGDSWDomR D UHDOLGDGHHDQHFHVVLGDGHGRVDOXQRV(RHVWiJLRpDSUiWLFDGRSODQHMDPHQWRORFDO RQGH VH GDUi D DYDOLDomR GR SODQHMDPHQWR H RQGH VH ID] D DQiOLVHFRQFOXVmRUHSODQHMDPHQWR

1HVWH VHQWLGR QD DSOLFDomR GR HVWiJLR RV VXSHUYLVRUHV SDVVDUDP D VHU

(32)

ϯϯ

SXGHVVH PHOKRU DYDOLDU H UHSODQHMDU VXD SUiWLFD $R ILQDO R SUySULR DOXQR ID] VXD DYDOLDomR&RPHVWDDWLWXGHRTXHVHEXVFDp

³IRUPDUSURIHVVRUHVTXHFRQVLGHUHPDVLGpLDVSUpYLDVGRVDOXQRVHSRU FRQVHTrQFLD FRQFHEHP R HQVLQR FRPR XP SURFHVVR GH LQWHUDomR SURIHVVRDOXQR TXH SURPRYDP D IOH[LELOL]DomR H D FRQWH[WXDOL]DomR FXUULFXODU H TXH HQWHQGDP D DYDOLDomR FRPR IRUPDWLYD H SURFHVVXDO ´ .58*(5HWDOS

$ DQiOLVH GH UHODWyULRV GH HVWiJLR SHUPLWLX DRV SHVTXLVDGRUHV YHULILFDU R

PRGHOR SHGDJyJLFR DVVXPLGR SHOR HVWDJLiULR EHP FRPR LQIRUPDo}HV VREUH RV DOXQRVGDVDODHVWDJLDGDFRQVLGHUDo}HVVREUHRSURIHVVRUGDWXUPDDSUHVHQWDomR GRSODQRGHHQVLQRHDYDOLDomRHSRUILPDVUHIOH[}HVHDXWRFUtWLFDGRHVWDJLiULR 3DUD VH REWHU WDLV LQIRUPDo}HV RV HVWDJLiULRV IRUDP RULHQWDGRV SDUD VHJXLU HVWH HVTXHPDQDHODERUDomRGHVHXWUDEDOKR

2VSHVTXLVDGRUHVFRQFOXHPGHVHXWUDEDOKRFRPDVHJXLQWHUHIOH[mR

͞3DUDILQDOL]DUSHQVDPRVVHULPSRUWDQWHUHDILUPDUQRVVDFUHQoDGHTXHR

GHVHQYROYLPHQWR GD 3UiWLFD GH (QVLQR WDO FRPR RFRUUHX QmR p XP PRPHQWR GH DSOLFDomR GH FRQKHFLPHQWR PDV VLP GH DSUHQGL]DJHQV IXQGDPHQWDLV SDUD RV OLFHQFLDQGRV 1HVWH VHQWLGR D SURSRVWD FXUULFXODU GHVHQYROYLGD PRVWURX JUDQGH SRWHQFLDO IRUPDWLYR R TXH QRV DQLPD SDUD VXDFRQWLQXLGDGHHDSHUIHLoRDPHQWR´.58*(5HWDOS

3URSRVWDGD8QLYHUVLGDGH)HGHUDOGH6mR3DXOR63

$ 8QLYHUVLGDGH )HGHUDO GH 6mR 3DXOR GHVHQYROYHX XPD SURSRVWD D TXDO

GHUDP R QRPH GH 353 3URJUDPD GH 5HVLGrQFLD 3HGDJyJLFD $ SURSRVWD IRL FRORFDGD HP SUiWLFD HP QR FXUVRGH3HGDJRJLD MXQWRD (VFRODV 3~EOLFD GH *XDUXOKRV63FRPRREMHWLYRGHDWHQGHUDVQRYDSURSRVWDHPTXHDIRUPDomRGH SURIHVVRUHV QmR VRPHQWH FRPR HVSHFLDOLVWDV HP HGXFDomR PDV WDPEpP SURILVVLRQDLVSDUDDWXDUFRPHGXFDomRLQIDQWLOHQVLQRIXQGDPHQWDOHKDELOLWDomRHP FRRUGHQDomRGLUHomRHVXSHUYLVmRGHHQVLQR

6HJXQGRDSHVTXLVDGRUD&pOLD0DULD%HQHGLFWR*LJOLRDSURSRVWDGR

353GHVHQYROYLGRQD8QLYHUVLGDGHGH6mR3DXORSRGHVHUDVVLPGHVFULWR

(33)

ϯϰ

DFRPSDQKDGRVSHODRULHQWDomRGHXPSUHFHSWRU±GRFHQWHGDXQLYHUVLGDGH ± H GH SURIHVVRUHV H JHVWRUHV GDV HVFRODVFDPSRV FRQVLGHUDGRV FRPR FRODERUDGRUHVQRSURFHVVRGHIRUPDomRLQLFLDO´*,*/,2S

$QWHVGHVHLQLFLDURWUDEDOKRIRLIHLWRXPDSHVTXLVDMXQWRjV(VFRODVGD5HGH

3~EOLFDGH(QVLQRDILPGHVHFRQKHFHUDUHDOLGDGHGRHQVLQRRVSURIHVVRUHVHP H[HUFtFLR D DFHLWDomR GD SURSRVWD SRU SDUWH GRV SURIHVVRUHV H GDV HVFRODV EHP FRPR D FRQGLomR GH SUHSDUR SDUD WUDEDOKDU MXQWR D XQLYHUVLGDGH QD DSOLFDomR GR 353

6HJXQGR*LJOLRRVGHVDILRVSDUDVHLPSODQWDUR353IRUDPDVLGpLDV

GHVHDGHTXDUR&XUVRGH3HGDJRJLDDRFRQWH[WRHVFRODUH[LVWHQWHVRGLVFXUVRGH TXHRVSURIHVVRUHVVDHPGDXQLYHUVLGDGHVHPRHVWDUSUHSDUDGRSDUDDSUiWLFDGH VDOD GH DXOD H D QHFHVVLGDGH GH VH ID]HU XPD UHYLVmR DR PRGHOR H[LVWHQWH GH DSUHQGL]DJHP SUiWLFD QD IRUPDomR GH HGXFDGRUHV 2V SHVTXLVDGRUHV TXH GHVHQYROYHUDP D SURSRVWD GR 353 HQWHQGHP TXH D HVFROD GHYD SURPRYHU D LQFOXVmRVRFLDOGHVXDFOLHQWHODSRUWDQWRDHVFRODGHYHHVWDULQVHULGDQDUHDOLGDGH GH VHXV DOXQRV SURPRYHQGR VHX GHVHQYROYLPHQWR H FDSDFLGDGH GH SDUWLFLSDU GD VRFLHGDGHFRQWULEXLQGRHIHWLYDPHQWHFRPVHXGHVHQYROYLPHQWR(QHVWHVHQWLGRKi GHVHPXGDUDLGpLDGHTXHRHVWiJLRpDSHQDVXPDDWLWXGHGHFUtWLFDDRSURIHVVRU HPH[HUFtFLRSDUDXPDDWLWXGHGHREVHUYDomRFXULRVDHFULWHULRVDGHWRGRID]HUGR HGXFDGRUGHQWURGHVXDIXQomR

'HQWUR GD SURSRVWD Ki XPD GLYLVmR QRV SULPHLURV TXDWUR VHPHVWUHV p

GHVHQYROYLGR D 333 3UiWLFDV 3HGDJyJLFDV 3URJUDPDGDV TXH VHJXQGR *LJOLR SRGHVHUFRQVLGHUDGRDSUHSDUDomRSDUDR353HGHILQLGDFRPR

³$GLVFLSOLQD333pRUJDQL]DGDHPEDVHVGLVWLQWDVGDVGHPDLVGLVFLSOLQDV FXUVDGDV SHORV DOXQRV QHVVH PRPHQWR GR FXUVR WHQGR VLGR FRQFHELGD FRPR HVSDoR SDUD DSUHQGL]DJHP LQWHUGLVFLSOLQDU FRQVWLWXtGR QD SHUVSHFWLYD GD DUWLFXODomR HQWUH RV HVWXGRV WHyULFRV GDV GLIHUHQWHV GLVFLSOLQDV H SUiWLFDV $OHP GLVVR p XP HVSDoR GH FRQWDWR FRP H[SHULrQFLDVDVHUHPYLYHQFLDGDVHPDPELHQWHGHDWXDomRGR3HGDJRJR SUHYHQGRVXFHVVLYRVH[HUFtFLRVGHDSUR[LPDomRDRFDPSRHGXFDWLYRSRU PHLR GH SHVTXLVDV HPStULFDV EHP FRPR GH YLYrQFLDV H[SORUDWyULDV H GH LQWHUYHQomRQDFRPXQLGDGHHLQVWLWXLo}HV´*,*/,2S

3DUDDUHDOL]DomRGD333pQHFHVViULRVHJXLUDVHTrQFLD

(34)

ϯϱ

)RUPDomRGHJUXSRVGHDWpGH]HVWXGDQWHV

$FRPSDQKDPHQWRLQGLYLGXDOHGRJUXSRSRUXPSUHFHSWRU 'HVHQYROYLPHQWRGRWHPDSHORJUXSRGHQWURGDHVFROD 5HJLVWURHGRFXPHQWDomRGRWUDEDOKRUHDOL]DGR

6RFLDOL]DomRGRWUDEDOKRGHVHQYROYLGRSHORJUXSR $YDOLDomRLQGLYLGXDOGDVREVHUYDo}HVUHDOL]DGDV $YDOLDomRGRJUXSRDWUDYpVGRUHVXOWDGRILQDOREWLGR

$ 333 FRQIRUPH *LJOLR EXVFD FRQWH[WXDOL]DU R DOXQR HVWDJLiULR QR DPELHQWHHVFRODUWRUQDQGRVHIRFRGHUHIOH[mRILORVyILFDVRFLDOHKLVWyULFDDILPGH JHUDULQGLYtGXRVLQYHVWLJDWLYRV3DUDLVWRRHVWDJLiULRDWXDUiGXUDQWHXPPrVMXQWRD (GXFDomR,QIDQWLOH(QVLQRIXQGDPHQWDOGHSRLVSDVVDUDGLDVFRP(GXFDomRGH -RYHQVH$GXOWRVGLUHomRH&RRUGHQDomR3HGDJyJLFD

1RVVHPHVWUHVVHJXLQWHVpGHVHQYROYLGRR353(PFLWDomRGH*LJOLR D5HVLGrQFLD3HGDJyJLFDHQYROYH

³DDFRPSDQKDPHQWRjSUiWLFDSHGDJyJLFDGHXPGRFHQWHRXJHVWRUHV GDHVFROD

E DFRPSDQKDPHQWR j SROtWLFD HGXFDWLYD 3URMHWR 3HGDJyJLFR GD HVFROD QRVDVSHFWRVTXHHQYROYHPDJHVWmRGDHVFRODHGDVDODGHDXODGLUHomR GD XQLGDGH FRRUGHQDomR SHGDJyJLFD H IRUPDomR SHUPDQHQWH GRV GRFHQWHVHVSDoRVHWHPSRVGHSODQHMDPHQWRHDYDOLDomR

FFRQKHFLPHQWRGRFRQWH[WRHGDVUHODo}HVHQWUHDHVFRODHDVIDPtOLDVH HQWUH D HVFROD H R WHUULWyULR HQWRUQR UHODo}HV HQWUH D JHVWmR ORFDO H RV yUJmRVLQWHUPHGLiULRVGRVLVWHPDGHHQVLQR

GSUHSDURGHSUpSURMHWRGHLQWHUYHQomRVREDRULHQWDomRGHXPSURIHVVRU GD XQLYHUVLGDGH H GR GRFHQWH TXH DFROKH R UHVLGHQWH SRGHQGR HQYROYHU RXWURV SURILVVLRQDLV GD HVFROD H R &RQVHOKR GH (VFROD RX LQVWkQFLD GH GHOLEHUDomRGD8QLGDGH

HLQWHUYHQomRSUiWLFDQD(,()H(-$

I HODERUDomR GH UHODWyULRV SDUFLDLV H ILQDO GD H[SHULrQFLD DSUHVHQWDQGR XPEDODQoRGDUHVLGrQFLDHRVUHVXOWDGRVGDLQWHUYHQomR

JSDUWLFLSDomRHPHQFRQWURVLQGLYLGXDLVHFROHWLYRVGHVXSHUYLVmR

KSDUWLFLSDomRHPHYHQWRVGH GLYXOJDomR GD H[SHULrQFLDHHPEDODQoRV SURGX]LGRVSHODXQLYHUVLGDGHHHVFRODVHQYROYLGDV´*,*/,2S

2 SURMHWRGHXVH DWUDYpV GD UHDOL]DomRGH$FRUGRV GH &RRSHUDomR7pFQLFD

(35)

ϯϲ

RULHQWDo}HV SDUD D UHDOL]DomR GR 353 7DQWR R &RPLWr TXDQWR D &RPLVVmR VmR IRUPDGRV GH IRUPD SDUWLOKDGD FRP UHSUHVHQWDQWHV GH WRGDV DV iUHDV HQYROYLGDV 8QLYHUVLGDGH (VFROD H (VWDJLiULRV LVWR VH WRUQD XP HOHPHQWR GH IRUPDomR H HQULTXHFLPHQWRDWRGRVDPHGLGDTXHSHUPLWHDGLVFXVVmRGDDSOLFDomRGDSURSRVWD HDFRQVHTHQWHEXVFDSRUXPFDPLQKR

3DUD*LJOLRDJUDQGHLPSRUWkQFLDGR353HVWDQDSRVVLELOLGDGHGHVXD

DSOLFDomR HVWDEHOHFHU XPD QRYD SURSRVWD SDUD R HVWiJLR EHP FRPR QR HVWDEHOHFLPHQWRGHXPDQRYDIRUPDGHUHODomRHQWUH8QLYHUVLGDGHH(VFROD$OpP GHJHUDUQRYDVSHVTXLVDVEDVHDGDVQRID]HUGRVHGXFDGRUHVHPVDODGHDXODHP VXDH[SHULrQFLDGLiULD

³2353QRVGHVILDDLVVRDIXQGDUQRYDVUHODo}HVHQWUHDXQLYHUVLGDGHH DVHVFRODVS~EOLFDVDUHFRQKHFHU DLQWHOLJrQFLDSUHVHQWHQDVLQVWLWXLo}HV HVFRODUHVHRYDORUGRVVDEHUHVSURILVVLRQDLVWDQWRSDUDDIRUPDo}HVLQLFLDO GH SURIHVVRUHV TXDQWR SDUD LQGX]LU D SURGXomR GH FRQKHFLPHQWRV TXH SUHHQFKDP DV ODFXQDV GHL[DGDV SHOR GLVWDQFLDPHQWR *,*/,2 S

(36)

ϯϳ

129$6 3523267$6 '( (67È*,2 80$ $1È/,6( '$

,129$d­2$3/,&$'$$('8&$d­2

$VSURSRVWDVDSUHVHQWDGDVDQWHULRUPHQWHWUD]HPHPVLXPLGHDOGHLQRYDomR HGHEXVFDSRUPHOKRULDQDTXDOLGDGHGHHQVLQRRIHUHFLGDSHODVHVFRODVHVWDpXPD FDUDFWHUtVWLFDFRPXPHQWUHHODV0DVH[LVWHPSRQWRVTXHVmRLPSRUWDQWHVDVHUHP UHIRUoDGRVHSRUWDQWRQHVWDSDUWHGRWUDEDOKRVHUmRDSUHVHQWDGRVSRQWRVUHOHYDQWHV GH FDGD XPD GDV SURSRVWDV FRPSDUDQGRDV HQWUH VL H EXVFDQGR GLVFXWLODV FRP EDVHQDELEOLRJUDILDHOHLWDSDUDRHVWXGR

2VDXWRUHVHVWXGDGRV*KLUDOGHOOL3LFRQH]HWDO3LPHQWDHWDO H H 3LPHQWD DSUHVHQWDP D LPSRUWkQFLD GR (VWiJLR 6XSHUYLVLRQDGR QD IRUPDomR GDTXHOHV TXH SUHWHQGHP VH GHGLFDU j HGXFDomR H DVVLPDSUHVHQWDPVXDVLGpLDVGHFRPRRUJDQL]DUOR1HVVHVHQWLGRGHDFRUGRFRP 3LFRQH]HWDO

³(VWiJLR6XSHUYLVLRQDGRpQDYHUGDGHXPFRPSRQHQWHWHyULFRSUiWLFR LVWRpSRVVXLGLPHQVmRLGHDOWHyULFDVXEMHWLYDDUWLFXODGDFRPGLIHUHQWHV SRVWXUDV HGXFDFLRQDLV H XPD GLPHQVmR UHDO PDWHULDO VRFLDO H SUiWLFD SUySULDGRFRQWH[WRGDHVFRODEUDVLOHLUD´S

2XWUD FRQFHSomR SDUHFH FRPSOHPHQWDU jTXHOD p DSUHVHQWDGD SRU 3LPHQWD p

³ R HVWiJLR FRPR XPPRPHQWR GD LQWHJUDomR HQWUH WHRULD H SUiWLFD $ WHRULDHDSUiWLFDFRQVWLWXHPRQ~FOHRDUWLFXODGRUGRFXUUtFXORSHUPHDQGR WRGDV DV GLVFLSOLQDV WHQGR SRU EDVH XPD FRQFHSomR VyFLRKLVWyULFD GD HGXFDomR 6HX REMHWLYR p IRUPDU XP HGXFDGRU FRPR SURILVVLRQDO FRPSHWHQWH WpFQLFR FLHQWtILFD SHGDJyJLFD H SROLWLFDPHQWH FXMR FRPSURPLVVRpFRPRVLQWHUHVVHVGDPDLRULDGDSRSXODomR3,0(17$S

(37)

ϯϴ

FRQWH~GRVHDSUiWLFDHPVDODGHDXOD'HIHQGHPDQHFHVVLGDGHGHSDUWLFLSDomRGH WRGRV RV HOHPHQWRV HQYROYLGRV D ILP GH WRUQDU R (VWiJLR XP WHPSR IRUWH GH DSUHQGL]DGR RQGH WRGRV SRGHP WURFDU LQIRUPDo}HV H MXQWRV SURSRU VROXo}HV SDUD VLWXDo}HV UHDLV YLYLGDV H JHUDomR GH QRYDV PHWRGRORJLDV DGHTXDGDV DV FOLHQWHOD

FRPDTXDOVHHVWiWUDEDOKDQGR

$VVLP SDUD 6DUWL D LQWHJUDomR HQWUH SURIHVVRUHV H[SHULHQWHV H HVWDJLiULRVpXPIDWRUGHJUDQGHLPSRUWkQFLDSRLVHVVDFRQYLYrQFLDSRGHUiFULDUDV FRQGLo}HVSDUDRSULPHLURUHDYDOLDUVHXID]HUHDRVHJXQGRGHFULDUXPDLPDJHPGH FRPR SUHWHQGH GHVHQYROYHU VHX WUDEDOKR GH HGXFDGRU $ SHVTXLVDGRUD YDORUL]D D VRFLDOL]DomRSDUDDIRUPDomRGHIXWXURVHGXFDGRUHVFRPRRDSUHVHQWDGRDVHJXLU

³1R kPELWR GR WUDEDOKR GH IRUPDomR DTXL UHIHULGR D WHQWDWLYD GH LQFOXLU IXWXURV SURIHVVRUHV QHVVHV SURFHVVRV GH VRFLDOL]DomR RFRUUH SHOD DSUR[LPDomRVLVWHPiWLFDGHOHVFRPGRFHQWHVMiH[SHULHQWHVQRPDJLVWpULR LVVRSRUPHLRGDUHDOL]DomRFRQMXQWDGHDWLYLGDGHVGHHQVLQR3UHWHQGHVH HVWLPXODU UHODo}HV GH FRODERUDomR HQWUH HVWXGDQWHV GD OLFHQFLDWXUD H SURIHVVRUHVHPH[HUFtFLRSDUDTXHHOHVSRVVDPSDUWLOKDUID]HUHVGRFHQWHV FRWLGLDQRV H SRU PHLR GHOHV R ³SRQWR GH YLVWD SHGDJyJLFR´ $=$1+$ TXHOKHVRIHUHFHVXVWHQWDomR´6$57,S

1RSHQVDPHQWRGH6DUWLDSDODYUDIRUWHp³FRODERUDomR´TXHUHPHWHDR SHQVDPHQWR GH 3LPHQWD TXDQGR DILUPD TXH R HVWiJLR p LPSRUWDQWH SDUD R DPDGXUHFLPHQWR HP UHODomR DR H[HUFtFLR GR PDJLVWpULR SRLV R DPDGXUHFLPHQWR GHSHQGHGHSURFHVVRVGHDSUHQGL]DJHPSUiWLFDSDUWLFLSDomRHFRODERUDomR1mRKi FRPRDPDGXUHFHUVHPDDMXGDHRULHQWDomRGHXPPHVWUHDTXLHQWHQGLGRHPWRGD DSURIXQGLGDGHGRWHUPR

3iWDURGHVWDFDDLPSRUWkQFLDGRHVWiJLRFRPRHOHPHQWRGHIRUPDomR GRSURIHVVRU

³$ SDUWLU GRV GLiULRV GH HVWiJLR IRL SRVVtYHO YHULILFDU D DPSOLWXGH H D LQWHQVLGDGH GDV DSUHQGL]DJHQV TXH DFRPSDQKDP R GHVHQYROYLPHQWR GR (VWiJLR 6XSHUYLVLRQDGR SRU SDUWH GRV HVWXGDQWHV GH 3HGDJRJLD 7DLV DSUHQGL]DJHQV TXHVWLRQDPHQWRV H UHIOH[}HV DEUDQJHP DVSHFWRV GD SURILVVmR GRFHQWH GD IRUPDomR GH FDGD HVWXGDQWH GDV UHODo}HV FRWLGLDQDVGDDUWLFXODomRHQWUHWHRULDHSUiWLFD´3È7$52S

(38)

ϯϵ

HPVXDSUiWLFD9DORUL]DPDQHFHVVLGDGHGHDUWLFXODomRHQWUHWHRULDHSUiWLFDFRPR ~QLFDIRUPDGHLQVHUomRHDSUHQGL]DJHPHIRUPDomRGHLGHQWLGDGHSURILVVLRQDOWDO TXDOGHIHQGH6DUWLTXDQGRYDORUL]DRID]HUHDSDUWLFLSDomRDWLYDGRVDOXQRV HVWDJLiULRV HP WRGDV DV HWDSDV GR (VWDJLR GHVGH D SURJUDPDomR HVWUXWXUDomR DSOLFDomR H DYDOLDomR 3DUD WDO RV SHVTXLVDGRUHV GD 8)6&DU RIHUHFHP DV IHUUDPHQWDV GD REVHUYDomR TXHVWLRQDPHQWR H UHIOH[mR GD DomR D ILP GH TXH RV IRUPDQGRV SRVVDP LQWHJUDU R SURFHVVR GH VXD SUySULD IRUPDomR TXDQGR VHUmR FDSD]HV GH SURSRU VROXo}HV D SUREOHPiWLFD OLJDGDV DR SURFHVVR GH HQVLQR DSUHQGL]DJHPH[LVWHQWHKRMHQDHVFROD

2XWURV DXWRUHV WDPEpP GHIHQGHP D LGpLD GH TXH R HVWiJLR VHMD XP WHPSR SDUD GLVFXVVmR HQWUH WHRULD H SUiWLFD RQGH VH IRUPD D LGHQWLGDGH GR SURIHVVRU $URHLUD DSURIXQGD HVWi LGpLD DR GHIHQGHU D QHFHVVLGDGH GH LQWHUDomR H GLVFXVVmR GDV VLWXDo}HV YLYLGDV HQWUH DOXQRV HVWDJLiULRV SURIHVVRUHV GD XQLYHUVLGDGH H SURIHVVRUHV GD HVFRODFDPSR OHYDQGR HVWD D GHILQLomR GH XPD SURSRVWDFRQFUHWDHFDEtYHODHVWDVLWXDomR

³RVHVWDJLiULRVSDUWLFLSDQWHVGHVWDSHVTXLVDDRDYDOLDUHPRLPSDFWRGD XWLOL]DomRGDUHIOH[mRSDUWLOKDGDHQWUHRVSDUHVGDHVFRODHDXQLYHUVLGDGH GHQRWDP TXH D H[SHULrQFLD FRP HVVD HVWUDWpJLD SURPRYHX XPD RSRUWXQLGDGHHQULTXHFHGRUDSDUDVHLGHQWLILFDUHPFRPDSURILVVmRSRLVQD PHGLGDHPTXHLDPUHIOHWLQGRVREUHVXDSUySULDSUiWLFDSHGDJyJLFDHVREUH DGRVFROHJDVHPGLiORJRFRPRSURIHVVRUVXSHUYLVRUHFRPSURIHVVRUHV GDHVFRODWRUQDVHSRVVtYHODVLJQLILFDomRHDUHVVLJQLILFDomRGDDWLYLGDGH GRFHQWHQXPDPELHQWHGHWURFDFROHWLYD´$52(,5$S

$DXWRUDDILUPDTXHDIRUPDomRGHLGHQWLGDGHSURILVVLRQDOpDQWHVGH

(39)

ϰϬ

$ 3URID 0LULDP 'DUOHWH 6HDGH *XHUUD GD 8QLYHUVLGDGH )HGHUDO GH 0DWR*URVVRDSUHVHQWDXPDSURSRVWDDSOLFDGDRQGHRSURJUDPDGHHVWiJLRSUHYr XPPRPHQWRSDUDHVWDLQWHJUDomRHQWUHRVHQYROYLGRVQRSURFHVVR

³ RV HVWDJLiULRV RUJDQL]DP DOJXQV PLQLFXUVRV ± HQFRQWURV ± FRP D LQWHQomR GH OHYDU HVVHV SURIHVVRUHV j UHIOH[mR GH VXDV SUiWLFDV H GDV FRQGLo}HVVRFLDLVTXHLQWHUIHUHPQHVVDSUiWLFD2VPLQLFXUVRVQRHQWDQWR QmRGHL[DPGHVHUIRUPDVTXHHQFRQWUDPRVSDUDFRPSOHPHQWDURHVWiJLR $WUDYpVGDEXVFDGDIRUPDomRGRVSURILVVLRQDLVHPVHUYLoRRVHVWDJLiULRV EXVFDUDPDVXDSUySULDIRUPDomRDVXDLQVHUomRQRPXQGRGRWUDEDOKR FRP XPD YLVmR FUtWLFD TXH VH FRQVWUXLX QHVVH SURFHVVR DR SRGHU VH DSUR[LPDU GD UHDOLGDGH TXH GHYHUi HQIUHQWDU QD VXD YLGD SURILVVLRQDO´ *8(55$S

$SURSRVWDGD3URID*XHUUDpDFULDomRGHWHPSR±TXHHODFKDPDGH PLQLFXUVR±SDUDTXHVHIDoDPDUHIOH[mRVREUHDUHDOLGDGHHDSDUWLUGHVWDUHIOH[mR R HVWDJLiULR SRVVD FRQVWUXLU VXD YLVmR FUtWLFD VREUH D HVFROD H WRGR VHX ID]HU $ JUDQGHLPSRUWkQFLDGRHVWiJLRQHVWHSHQVDPHQWRHVWiQRIDWRGHVHUHOHRWHPSR GHIRUPDomRGDLGHQWLGDGHGRHGXFDGRUGLDQWHGDUHDOLGDGH

'DDQiOLVHFUtWLFDGDUHDOLGDGHRVHVWDJLiULRVYmRVHFRQVWUXLQGRHGXFDGRUHV DIXQGDPHQWDomRWHyULFDpGDGDSHOD8QLYHUVLGDGHPDVGDYLYrQFLDHPVDODGHDXOD YHP R FRQKHFLPHQWR GR FRPR DSOLFDU WpFQLFDV HGXFDFLRQDLV QD UHDOLGDGH ± VyFLR HFRQ{PLFDRQGHVHLQVHUHVXDFOLHQWHOD

.UXJHUFRPSOHPHQWDHVWDLGpLDTXDQGRSURS}HDQHFHVVLGDGHGHTXH RHGXFDGRUGHYHDSUHQGHUDFRQVLGHUDURSHQVDPHQWRGRHGXFDQGRQDIRUPXODomR GHXPDSURSRVWDFXUULFXODU$VVLPVHQGRVXDH[SHULrQFLDEXVFRXH[DWDPHQWHHVWD YDORUL]DomRWDQWRGRDOXQR±GDHVFROD±TXDQWRGRDOXQR±HVWDJLiULR

³-iSDUDR(VWiJLR6XSHUYLVLRQDGRRVDOXQRVGHYHULDPS{UHPSUiWLFDDV KLSyWHVHV FXUULFXODUHV SODQHMDGDV H HVWDEHOHFHU SURFHGLPHQWRV GH H[SHULPHQWDomR FXUULFXODU H GH DYDOLDomR LQYHVWLJDWLYD SDUD HP VHXV UHODWyULRV GH HVWiJLR DQDOLVDU FRPSDUDU H DYDOLDU RV UHVXOWDGRV REWLGRV HVWDEHOHFHU FRQFOXV}HV H FRPXQLFiODV SURSRQGR UHIRUPXODo}HV QDV KLSyWHVHV LQLFLDLV R REMHWLYR SULQFLSDO GD KLSyWHVH FXUULFXODU GHVHQYROYLGDIRLRGHIRUPDUSURIHVVRUHVTXHFRQVLGHUHPDVLGpLDVSUpYLDV GRVDOXQRVHSRUFRQVHTrQFLDFRQFHEHPRHQVLQRFRPRXPSURFHVVRGH LQWHUDomR SURIHVVRUDOXQR TXH SURPRYDP D IOH[LELOL]DomR H D FRQWH[WXDOL]DomRFXUULFXODU´.58*(5S

(40)

ϰϭ

DSOLFDomR GDV PXGDQoDVH UHDYDOLDomR GD VLWXDomR DSyV DV LPSOHPHQWDomR GDV PXGDQoDV7XGRVHWRUQDGLQkPLFRHSDVVtYHOGHFRQVWDQWHVPXGDQoDVQRVSRQWRV RQGHKiLQDGHTXDomRFRPDUHDOLGDGH+iXPHQWHQGLPHQWRGDHGXFDomRFRPRDOJR HPFRQVWDQWHUHIRUPXODomR

1D 353 GHVHQYROYLGD SHOD 8QLYHUVLGDGH )HGHUDO GH 6mR 3DXOR H DERUGDGD SRU *LJOLR VH Gi XPD UHYDORUL]DomR GR ID]HU GR SURIHVVRU UHJHQWH FRPR HOHPHQWR LPSRUWDQWH SDUD D IRUPDomR GR HVWDJLiULR ,VWR GLPLQXL DV EDUUHLUDV GH UHODFLRQDPHQWR HQWUHDPERV WRUQDQGR D UHDOL]DomRGR HVWiJLR FRPR SHUtRGR IRUWH GHWURFDGHH[SHULrQFLDVHFRQKHFLPHQWR

$ VtQWHVH GHVWDV H[SHULrQFLDV SRGHP VHU DVVLP UHVXPLGDV QR GL]HU GH 3LPHQWDHWDO

³$VVLP D ILQDOLGDGH GR HVWiJLR p OHYDU RV DOXQRV D XPD DQiOLVH GDV UHDOLGDGHV VREUH DV TXDLV DWXDUmR H WDPEpP FRPR IRQWH GH H[SHULrQFLD FRQFUHWDV SDUD DV GLVFXVV}HV VREUH DV TXHVW}HV GH HQVLQR H SURFHGLPHQWRVSHGDJyJLFRV´3,0(17$HWDOS

6HHVWDpDILQDOLGDGHGR(VWiJLR6XSHUYLVLRQDGRDVSURSRVWDVDSUHVHQWDGDV DQWHULRUPHQWH HVWmR EHP IXQGDPHQWDGDV VmR FRPSOHPHQWDUHV H EXVFDP D IRUPDomRGHSURILVVLRQDLVLQWHJUDOPHQWHDWRUHVHPVXDIRUPDomRjPHGLGDHPTXH SDUWLFLSDPDWLYDPHQWHQDFRQVWUXomRGHSURSRVWDGHIRUPDomRDQiOLVHHGLVFXVVmR GDUHDOLGDGHHQDGHILQLomRGHIRUPDVGHVROXomRGDSUREOHPiWLFDTXHVHDSUHVHQWD $VSHVTXLVDVUHDOL]DGDVFRQVLGHUDPDOJXQVSRQWRVGHIXQGDPHQWDOLPSRUWkQFLDQD HODERUDomRHUHDOL]DomRGR(VWiJLR6XSHUYLVLRQDGRPHVPRTXDQGRXWLOL]DPQRPHV GLIHUHQWHVDVVLPHQIDWL]DPTXHpQHFHVViULRVHOHYDUHPFRQWDTXH

D RV HVWDJLiULRV GHYHP SDUWLFLSDU GH IRUPD HIHWLYD QDV DWLYLGDGHV H SODQHMDPHQWR DSOLFDomR H DYDOLDomR GH DWLYLGDGHV GHQWUR GD XQLGDGH HVFRODU

E GHYH KDYHU LQWHJUDomR HQWUH D (VFROD TXH UHFHEH RV HVWDJLiULRV D 8QLYHUVLGDGHHRV(VWDJLiULRV$ (VFRODHRV3URIHVVRUHVGHYHPVHU SUHSDUDGRV SDUD WUDEDOKDU FRP RV (VWDJLiULRV D 8QLYHUVLGDGH GHYH IRUQHFHU VXSRUWH WpFQLFR H UHFHEHU LQIRUPDo}HV H R (VWDJLiULR GHYH FRODERUDUHPWRGDVDVDWLYLGDGHVGHIRUPDDWLYD

(41)

ϰϮ

FRQKHFLPHQWR SHVTXLVDV H GHVHQYROYLPHQWR SDUD D (GXFDomR 6RPHQWH DVVLP R (VWiJLR SRGHUi VHU HQWHQGLGR FRPR SURFHVVR IRUPDGRUGHSURILVVLRQDLVSDUDRH[HUFtFLRGRPDJLVWpULR

G D SDUWLFLSDomR GH WRGRV RV HQYROYLGRV JHUD D IRUPDomR FRQWtQXD H D UHFLFODJHPGHFRQKHFLPHQWR)RUPDLQGLYtGXRVTXHEXVFDPVROXo}HV DWUDYpVGHREVHUYDomRGDUHDOLGDGH

9HULILFDVH DVVLP D LPSRUWkQFLD TXH R (VWiJLR 6XSHUYLVLRQDGR DVVXPH QR kPELWRGRVFXUVRVGHIRUPDomRSDUD3URIHVVRUHVFRPRHOHPHQWRTXHRVTXDOLILFD SDUDDDWXDomRHFRPRXPWHPSRGHLQWHJUDomRHQWUH (VFROD8QLYHUVLGDGHRTXDO GHYH JHUDU RXWUDV SURSRVWDV SDUD D R (VWiJLR H QRYDV 7HRULDV GD (GXFDomR HQULTXHFHQGRHPHOKRUDQGRRID]HUGHWRGRRVSURILVVLRQDLVGDHGXFDomR

(42)

ϰϯ

&21&/86®(6

'H DFRUGR FRP R TXH IRL YLVWR GXUDQWH R GHVHQYROYLPHQWR GHVWH WUDEDOKR YHULILFDVHTXHR(VWiJLR6XSHUYLVLRQDGRQmRSUHFLVDVHUXPDDWLYLGDGHSXUDPHQWH SDUDVHFXPSULUH[LJrQFLDVOHJDLVHOHSRGHHGHYHVHUXPPRPHQWRGHIRUPDomRGR HGXFDGRU TXH SUHWHQGH DWXDU SRVLWLYDPHQWH QD HGXFDomR FRPR SURILVVLRQDO UHVSRQViYHOSRUIRUPDULQGLYtGXRVFDSD]HVGHWUDQVIRUPDUDSUySULDUHDOLGDGH

$R DQDOLVDU R GHVHQYROYLPHQWR KLVWyULFR GR (VWiJLR HP (GXFDomR QR %UDVLO YHULILFDVH TXH GXUDQWH PXLWR WHPSR HOH HVWHYH GHVYLQFXODGR GH WRGD H TXDOTXHU UHDOLGDGH RX GDTXLOR TXH UHDOPHQWH VH HVSHUD GH XP HVWiJLR VHQGR DSHQDV XPD DWLYLGDGHGHFRQWDWRFRPDWLYLGDGHSUiWLFDFRQKHFLPHQWRGHOHJLVODomRHUHDOL]DomR GHUHODWyULRV

(VWHID]HUHVWiJLRQmRVHUYHDIRUPDomRGHSURIHVVRUHVTXHSUHWHQGHPDWXDU GHIRUPDDWLYDQDiUHDGHHGXFDomRTXHEXVFDPDIRUPDomRLQWHJUDOGHVLSUySULR VHSUHSDUDQGRSDUDRWUDEDOKRHPTXDOTXHUHVFRODHVWHMDHODLQVHULGDQDUHDOLGDGH TXH HVWLYHU (VWH SURILVVLRQDO GH TXH VH IDOD p PDLV FRPSOHWR SRLV HVWi PDLV TXDOLILFDGRHSUHSDUDGRSDUDDDWLYLGDGHGHSHQVDUDUHDOLGDGHHSURSRUVROXo}HVGH ID]HUVtQWHVHVHUHIRUPXODUDSUySULDSUiWLFDGLDQWHGRQRYR

4XDQGR R HVWDJLiULR VH SHUPLWH H[SHULPHQWDU D DQiOLVH H GLVFXVVmR GD UHDOLGDGH H SULQFLSDOPHQWH EXVFD D SDUFHULD SDUD GHWHUPLQDU VROXo}HV DRV SUREOHPDV TXH VH OKH DSUHVHQWDP HVWD VH HQULTXHFHQGR GH FRQWH~GR H FRQKHFLPHQWR DSURIXQGDQGR VHX SUySULR VDEHU DGTXLULGR GXUDQWH VXD WUDMHWyULD GHQWURGHLQVWLWXLo}HVGHHQVLQRHGHVXDH[SHULrQFLDGHYLGD

0XLWRLPSRUWDQWHOHPEUDUDQHFHVVLGDGHHDYDORUL]DomRGDGDSRUDXWRUHVTXH GHIHQGHPDUHIRUPXODomRGR(VWiJLRHID]HUSURSRVWDVGHPXGDQoDHDFRORFDomR GRWUDEDOKRHPHTXLSHRQGHWRGRVSDUWLFLSDPDSUHVHQWDQGRDVLWXDo}HVYLYLGDVQR HVWiJLR H RXYLQGR GH WRGRV SURSRVWDV D VHUHP DSOLFDGDV $V GHFLV}HV QmR VmR EDVHDGDVQRFRQKHFLPHQWRGHXP~QLFRLQGLYtGXRPDVQDULTXH]DGHFRQWH~GRHGH HPEDWHGHLGpLDVGHXPJUXSR

Referências

Documentos relacionados

1RTXHVHUHIHUHDRSURFHVVRGHHQVLQRHDSUHQGL]DJHPDSURSRVWDEDVHLDVHQRV SULQFtSLRVGHTXHWRGRVRVDOXQRVVmRFDSD]HVGHDSUHQGHUHSURMHWRSHGDJyJLFRGD HVFROD GHYH FRQWHPSODU D DSUHQGL]DJHP GH WRGRV

9LVDQGR FRQWULEXLU SDUD D DSUR[LPDomR GRV VDEHUHV DFDGrPLFRV H SRSXODUHV QD DQiOLVH H GHVHQYROYLPHQWR GDV DWLYLGDGHV GH IRUPDomR KXPDQD QDV SUiWLFDV VRFLDLV D SUHVHQWH

Esses indicadores são: a quantia reconhecida como um gasto (indicador 3) nos planos de contribuição definida, a reconciliação da obrigação do plano de benefícios

A problemática analisada neste trabalho, abrange os reflexos e problemas sociais e ambientais atribuídos à mineração realizada na área de estudo, bem como o

avaliação judicial. Valor de mercado da empresa: modelos de avaliação econômico-financeira de empresas, exemplos de avaliação com cálculo de valores, subsídios para

A presente dissertação permitiu averiguar que a intervenção urbanística efetuada na Praça do Toural e envolvente contribui para a diminuição do fluxo de tráfego praticamente em

$WXDOPHQWH REVHUYDVH XPD PXGDQoD QR SDUDGLJPD HP UHODomR DR SURJQyVWLFR GR SDFLHQWH RQFROyJLFR TXH SDVVD D VHU YLVWR FRPR XP SRUWDGRU GH XPD GRHQoD FU{QLFD FRP UHDO SRVVLELOLGDGH GH

O estudo também trata do instrumento econômico do Pagamento por Serviços Ambientais (PSA), que remunera aqueles que conservam recursos naturais, com o objetivo de demonstrar