• Nenhum resultado encontrado

Rita Carmona Moreira Leite

N/A
N/A
Protected

Academic year: 2019

Share "Rita Carmona Moreira Leite"

Copied!
171
0
0

Texto

(1)

3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(

6­23$8/2

38&63

5LWD&DUPRQD0RUHLUD/HLWH

$YDOLDomRGHIRUPDomRHPOHWUDPHQWRGHVWLQDGDD

HGXFDGRUHVPmHVHMRYHQVGDVFRPXQLGDGHV

UXUDLVGH3DUDWL

0(675$'2(0('8&$d­2&855Ë&8/2

(2)

5,7$&$5021$025(,5$/(,7(

$YDOLDomRGHIRUPDomRHPOHWUDPHQWRGHVWLQDGDD

HGXFDGRUHVPmHVHMRYHQVGDVFRPXQLGDGHV

UXUDLVGH3DUDWL

0(675$'2(0('8&$d­2&855Ë&8/2

'LVVHUWDomR DSUHVHQWDGD j %DQFD

([DPLQDGRUD GD 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GH 6mR 3DXOR FRPR H[LJrQFLD SDUFLDO SDUD REWHQomR GR WtWXOR GH 0(675( HP(GXFDomR&XUUtFXORVREDRULHQWDomRGD 3URI'U,VDEHO)UDQFKL&DSSHOOHWWL

(3)

%DQFD([DPLQDGRUD

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

(4)

(5)

$*5$'(&,0(1726

¬SURIHVVRUDHRULHQWDGRUD,VDEHO)UDQFKL&DSSHOOHWLSHORVPRPHQWRVGHRULHQWDomR HUHIOH[mRHSRUUHIRUoDUDLPSRUWkQFLDGDTXDOLGDGHQRVSURFHVVRVDYDOLDWLYRV

¬&DSHVSHORDSRLRILQDQFHLURSDUDDUHDOL]DomRGHVWDSHVTXLVD

$ WRGD HTXLSH GR &HQSHF H j $VVRFLDomR &DLUXoX SHOD GLVSRQLELOLGDGH H SHOR HPSHQKRQRIRUQHFLPHQWRGRVGDGRV8PHVSHFLDODJUDGHFLPHQWRj$QD/~FLDGD $VVRFLDomR&DLUXoXHjHTXLSHGHIRUPDGRUDV5HJLQD&KULVH$QD

$RV SURIHVVRUHV GR 3URJUDPD (GXFDomR &XUUtFXOR HP HVSHFLDO D )HUQDQGR $OPHLGDSHORLQFHQWLYRSDUDDSUHVHQWDomRGHVWHSURMHWRHD$OtSLR&DVDOLH0DULQD )HOGPDQQSHODVUHIOH[}HVUHDOL]DGDVHPFODVVH

¬SURIHVVRUD&DUPLQKDSRUVHXDSRLRHVXDGLVSRQLELOLGDGHGXUDQWHWRGRRSURFHVVR GHHODERUDomRGHVWDGLVVHUWDomR

$RSURIHVVRUGRXWRU0DUFRV0DVHWWRSHODFRQWULEXLomRQDTXDOLILFDomR

$ PHXV FRPSDQKHLURV GH WUDEDOKR TXH VHPSUH PH DSRLDUDP H WRUFHUDP SHOD FRQFOXVmRGHVWDHWDSD/XLV0iUFLR6{QLD)HUQDQGDH$OHVVLD

¬V JUDQGHV DPLJDV H DPLJRV TXH FRPSUHHQGHUDP H UHVSHLWDUDP PHXV PRPHQWRV GHDXVrQFLD-RDQD%LD/ROy(ODQD,Y\0DUTXLWR0DULD=p*DPmRH7KLDJR

$R7RPiVSRUVHXDSRLRVXDFRPSUHHQVmRHSDFLrQFLDHPWRGRVRVPRPHQWRV

(6)

$DYDOLDomRGHVGREUDVHQRHVSDoRDEHUWRHQWUHDG~YLGDHDFHUWH]DSHODYRQWDGH GHH[HUFHUXPDLQIOXrQFLDVREUHRFXUVRGDVFRLVDVGH³JHUHQFLDU´VLVWHPDVHP HYROXomRVHQGRTXHRKRPHPFRQVWLWXLRSULPHLURGHVVHVVLVWHPDVeIHUUDPHQWDGD DPELomRKXPDQDGH³SHVDU´VREUHRSUHVHQWHSDUD³SHVDU´VREUHRIXWXUR

(7)

5(6802

(VWD SHVTXLVD FRQVLVWH QD DYDOLDomR GH IRUPDomR HP OHWUDPHQWR GHVWLQDGD D HGXFDGRUHV MRYHQV H PmHV GH FRPXQLGDGHV UXUDLV GR PXQLFtSLR GH 3DUDWL H[HFXWDGDHJHUHQFLDGDSRUGXDV21*VHPSDUFHULDFRPD6HFUHWDULD0XQLFLSDOGH (GXFDomR $ DYDOLDomR UHDOL]DGD VHJXLX D DERUGDJHP TXDOLWDWLYD H XWLOL]RX FRPR IRQWH GH GDGRV GRFXPHQWRV HODERUDGRV SHOD HTXLSH GH IRUPDomR TXHVWLRQiULRV DSOLFDGRVDRVHGXFDGRUHVSDUWLFLSDQWHVHHQWUHYLVWDFRPXPDGDVUHVSRQViYHLVSHOR JHUHQFLDPHQWRHSHORDFRPSDQKDPHQWRGD)RUPDomR$DYDOLDomRGHVVHSURFHVVR IRUPDWLYRSUHWHQGHFRQWULEXLUSDUDDHODERUDomRGHFXUUtFXORVPDLVFRQWH[WXDOL]DGRV HXPDPDLRULQWHJUDomRHQWUHDHVFRODDIDPtOLDHDFRPXQLGDGH

(8)

$%675$&7

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

(9)

/,67$'(*5È),&26

*UiILFR±7HPSRGHDWXDomRQDHGXFDomR±SURIHVVRUHVFRRUGHQDGRUHVH

GLUHWRUHVSDUWLFLSDQWHVGD)RUPDomR

*UiILFR±&RQWULEXLomRGD)RUPDomRjVDo}HVGHOHLWXUDHHVFULWD

*UiILFR±&RQWULEXLomRGD)RUPDomRjVDo}HVGHOHLWXUDHHVFULWDVHJXQGR

GHSRLPHQWRGRVUHVSRQGHQWHV

*UiILFR±&RQWULEXLomRGD)RUPDomRSDUDDUHDOL]DomRGHDWLYLGDGHV

GLIHUHQFLDGDVGHOHLWXUDHHVFULWD

*UiILFR±&RQWULEXLomRGD)RUPDomRSDUDDUHDOL]DomRGHDWLYLGDGHV GLIHUHQFLDGDVGHOHLWXUDHHVFULWDVHJXQGRGHSRLPHQWRGRV

UHVSRQGHQWHV

*UiILFR±&RQWULEXLomRGRVFRQWH~GRVDERUGDGRVGXUDQWHD)RUPDomRSDUDR DSHUIHLoRDPHQWRGDVSUiWLFDVGHOHLWXUDHHVFULWD

*UiILFR±&RQWULEXLomRGRVFRQWH~GRVDERUGDGRVGXUDQWHD)RUPDomRVHJXQGR GHSRLPHQWRVGRVUHVSRQGHQWHV

*UiILFR±'LVFXVVmRVREUHDYDOLDomRGHDSUHQGL]DJHPHDX[tOLRjSUiWLFD

DYDOLDWLYD

*UiILFR±'LVFXVVmRVREUHDYDOLDomRGHDSUHQGL]DJHPHDX[tOLRjSUiWLFD

DYDOLDWLYDVHJXQGRGHSRLPHQWRVGRVUHVSRQGHQWHV

*UiILFR±'HPDQGDVGRVDOXQRVFRQWHPSODGDVSHOD)RUPDomR

*UiILFR±'HPDQGDVGRVDOXQRVFRQWHPSODGDVSHOD)RUPDomRHVXD

FRQWULEXLomRVHJXQGRGHSRLPHQWRVGRVUHVSRQGHQWHV

*UiILFR±$YDOLDomRGD)RUPDomR

*UiILFR±$YDOLDomRGD)RUPDomRVHJXQGRGHSRLPHQWRVGRVUHVSRQGHQWHV

*UiILFR±$XWRDYDOLDomRVHJXQGRGHSRLPHQWRGRVUHVSRQGHQWHV

*UiILFR±0HOKRUDQRGHVHQYROYLPHQWRGRVDOXQRVDSyVD)RUPDomR

*UiILFR±0HOKRUDQRGHVHQYROYLPHQWRGRVDOXQRVDSyVD)RUPDomRVHJXQGR GHSRLPHQWRVGRVUHVSRQGHQWHV

(10)

*UiILFR±$PSOLDomRGRUHSHUWyULRGHWH[WRVWUDEDOKDGRVHPVDODGHDXOD

VHJXQGRGHSRLPHQWRGRVUHVSRQGHQWHV

*UiILFR±&RQVRQkQFLDHQWUHRVFRQWH~GRVDERUGDGRVQD)RUPDomRHDV

GHPDQGDVGRVHGXFDGRUHVHFRRUGHQDGRUHV

*UiILFR±,PSRUWkQFLDGD)RUPDomRVHJXQGRGHSRLPHQWRVGRVUHVSRQGHQWHV

(11)

/,67$'(48$'526

4XDGUR±5HVXPRGDSDXWDGHGRLVHQFRQWURVIRUPDWLYRV

4XDGUR±'HVWDTXHGD3URSRVWDGHIRUPDomR

4XDGUR±$VSHFWRVGHFLVLYRVSDUDLQWHUYHQomRQDVFRPXQLGDGHVFRQWHPSODGDV SHOD)RUPDomRLGHQWLILFDGRVSHODHTXLSHGHIRUPDGRUDV

4XDGUR±3DXWDGRSULPHLURHQFRQWUR

4XDGUR±3DXWDGRVHJXQGRHQFRQWUR

4XDGUR±3DXWDGRWHUFHLURHQFRQWUR

4XDGUR±3DXWDGRTXDUWRHQFRQWUR

4XDGUR±3DXWDGRTXLQWRHQFRQWUR

4XDGUR±7UHFKRGHUHJLVWURGRTXDUWRHQFRQWUR

4XDGUR±7UHFKRGHUHJLVWURGRTXDUWRHQFRQWUR

4XDGUR±7UHFKRGHUHJLVWURGRWHUFHLURHQFRQWUR

4XDGUR±5HJLVWURGDVHJXQGD7DUHID3HGDJyJLFD

4XDGUR±5HJLVWURGH7DUHID3HGDJyJLFDGRVMRYHQV±'DYLGVRQRXW

4XDGUR±5HJLVWURGH7DUHID3HGDJyJLFDGRVMRYHQV±'DYLGVRQRXW

4XDGUR±5HJLVWURGH7DUHID3HGDJyJLFDGRVMRYHQV±$QD/XFLDRXW

4XDGUR±7UHFKRGHUHJLVWURGH7DUHID3HGDJyJLFDGDVPmHV±RXW

4XDGUR±7UHFKRGHUHJLVWURGH7DUHID3HGDJyJLFDGDVPmHV±6DQGUDH7kQLD

4XDGUR±7UHFKRGHUHJLVWURGH5RGDGH/HLWXUD

4XDGUR±7UHFKRGHUHJLVWURGRVHJXQGRHQFRQWUR

(12)

/,67$'(7$%(/$6

7DEHOD±$WLYLGDGHVHFDUJDVKRUiULDVSUHYLVWDVSDUDDFDSDFLWDomR

7DEHOD±5HVXOWDGRVGDVDYDOLDo}HVGHSURGXomRHVFULWDGHDOXQRVGRHQVLQR IXQGDPHQWDO

7DEHOD±4XDQWLGDGHGHFULDQoDVSRUFRPXQLGDGHDWHQGLGD 7DEHOD±3RUFHQWDJHPWRWDOGHIUHTXHQFLDGRVSDUWLFLSDQWHV

(13)

/,67$'(6,*/$6

$3$ ÈUHDGH3URWHomR$PELHQWDO

&HQSHF &HQWURGH(VWXGRVH3HVTXLVDVHP(GXFDomR&XOWXUDH$omR &RPXQLWiULD

&0'&$ &RQVHOKR0XQLFLSDOGD&ULDQoDHGR$GROHVFHQWH

&RQGHFD &RQVHOKR(VWDGXDOGRV'LUHLWRVGD&ULDQoDHGR$GROHVFHQWHGR (VWDGRGH6mR3DXOR

),$ )XQGDomRSDUDD,QIkQFLDHD$GROHVFrQFLD

,%*( ,QVWLWXWR%UDVLOHLURGH*HRJUDILDH(VWDWtVWLFD

,1(3 ,QVWLWXWR1DFLRQDOGH3HVTXLVDVH(GXFDFLRQDLV$QtVLR7HL[HLUD

,3($ ,QVWLWXWRGH3HVTXLVD(FRQ{PLFD$SOLFDGD

0(& 0LQLVWpULRGD(GXFDomR

21* 2UJDQL]DomR1mR*RYHUQDPHQWDO

3&1 3DUkPHWURV&XUULFXODUHV1DFLRQDLV

3,% 3URGXWR,QWHUQR%UXWR

318' 3URJUDPDGDV1Do}HV8QLGDVSDUDR'HVHQYROYLPHQWR

(14)

680È5,2

,1752'8d­2

5()(5(1&,$,67(Ï5,&26

$LPSRUWkQFLDGDDYDOLDomRGHSURMHWRVVRFLDLV

$YDOLDomRHGXFDFLRQDO±ROXJDUGDDYDOLDomRGHSURMHWRV

)RUPDomRGHSURIHVVRUHVXPHQIRTXHFRPXQLWiULR

)RUPDomRLQLFLDOHSHUPDQHQWH

$3523267$'()250$d­2

&RQWH[WXDOL]DomRHMXVWLILFDWLYDGDDomRGHIRUPDomR

(ODERUDomRGD3URSRVWDGHIRUPDomR

(VWUXWXUDHPHWRGRORJLD

2S~EOLFR

2EMHWLYRVHUHVXOWDGRVHVSHUDGRV

&RQFHLWRGHOHWUDPHQWR

2352&(662'()250$d­2

3~EOLFR

2VHQFRQWURVSUHVHQFLDLV

$7DUHID3HGDJyJLFD

5RGDVGH/HLWXUD

5()(5(1&,$,60(72'2/Ï*,&26

$ERUGDJHPTXDOLWDWLYD

&ULWpULRGHVHOHomRGHUHIHUHQWHV

3URFHGLPHQWRGHFROHWDGHGDGRV

4XHVWLRQiULR

(QWUHYLVWDVHPLHVWUXWXUDGD

$QiOLVHGRFXPHQWDO

2UJDQL]DomRGRVGDGRV

$1È/,6('26'$'26

'RVTXHVWLRQiULRV

(QWUHYLVWD

,PSRUWkQFLDGRGHVHQYROYLPHQWRGRSURMHWR

(15)

3DUWLFLSDomRGRVMRYHQVUHVXOWDGRVHGLILFXOGDGHV

*DQKRVGLYHUVRV

3ULQFLSDLV'LILFXOGDGHVGRSURFHVVRGHIRUPDomR

&216,'(5$d®(6),1$,6

$3Ç1',&(6 $3Ç1',&($²4XHVWLRQiULRDSOLFDGR $3Ç1',&(%²([HPSORGHVLVWHPDWL]DomRGDVUHVSRVWDVREWLGDVSHORV

TXHVWLRQiULRV $3Ç1',&(&²&DWHJRUL]DomRGDVLGHLDVFHQWUDLV $1(;26

$1(;2$²3URSRVWDGHIRUPDomR

$1(;2%²2ItFLRV

(16)

,1752'8d­2

7UDEDOKR Ki VHWH DQRV HP RUJDQL]Do}HV GR WHUFHLUR VHWRU QDV TXDLV SDUWLFLSHL GD IRUPXODomR H GD LPSOHPHQWDomR GH SURJUDPDV HGXFDFLRQDLV 'XUDQWH GRLV DQRV DWXHL MXQWR DR &HQWUR GH (VWXGRV H 3HVTXLVDV HP (GXFDomR &XOWXUD H $omR &RPXQLWiULD &HQSHF RQGH WLYH D RSRUWXQLGDGH GH UHDOL]DU SURMHWRV HGXFDFLRQDLV ILQDQFLDGRV SHODV LQLFLDWLYDV S~EOLFD PXQLFLSDO HVWDGXDO H IHGHUDO H SULYDGD

1HVVD RUJDQL]DomR SDUWLFLSHL GR UHJLVWUR GR PRQLWRUDPHQWR H GD DYDOLDomR GHSURMHWRV(VVDVDo}HVIRUDPVHPSUHGHVHQYROYLGDVHPHTXLSHVSRVVLELOLWDQGRD VHXVLQWHJUDQWHVVDLUGRLVRODPHQWRLQWHOHFWXDOHYLYHQFLDUXPGLiORJRIpUWLOHPEXVFD GDFRPSUHHQVmRGRVWUDEDOKRVUHDOL]DGRV7DOFRPSUHHQVmRIDFLOLWDRVSURFHVVRVGH DYDOLDomRHpFRQGLomRIXQGDPHQWDOSDUDDSURGXomRGHLQIRUPDo}HVTXHDOLPHQWDP DVDo}HVGR&HQSHF

0LQKD HQWUDGD QR PHVWUDGR GR 3URJUDPD GH 3yVJUDGXDomR HP (GXFDomR &XUUtFXORHPDLVHVSHFLILFDPHQWHPLQKDLQWHJUDomRjOLQKDGHSHVTXLVD&XUUtFXORH $YDOLDomR(GXFDFLRQDOHQVHMDUDPPHDUHIOHWLUQDGLVVHUWDomRGHPHVWUDGRVREUHR DFRPSDQKDPHQWR GH XPD GDV Do}HV GR 3URMHWR ([SHGLomR 3DUDWL UHDOL]DGR HP FLQFRFRPXQLGDGHVUXUDLVFDLoDUDVGH3DUDWL

2 3URMHWR ([SHGLomR 3DUDWL p XPD LQLFLDWLYD GD $VVRFLDomR &DLUXoX HP SDUFHULD FRP R &HQSHF SDUD GHVHQYROYHU Do}HV GH HGXFDomR QD FRPXQLGDGHHQD HVFROD HP FRQMXQWR FRP R SRGHU S~EOLFR H FRP DV $VVRFLDo}HV GH 0RUDGRUHV GH FRPXQLGDGHV GR HQWRUQR GD 21* &DLUXoX 7ULQGDGH 3RQWD 1HJUD 3UDLD GR 6RQR 9LOD 3DWULP{QLR 9LOD 2UDWyULR4XLORPERODH&DPSLQKRGD,QGHSHQGrQFLD

(P UHDOL]DPRV Do}HV TXH JHUDUDP DYDOLDo}HV TXH SHUPLWLUDP FRQKHFHU FRP PDLV SURIXQGLGDGH DV FDUDFWHUtVWLFDV H SRWHQFLDOLGDGHV GDV FRPXQLGDGHV H DR PHVPR WHPSR DSRQWDU TXH R SURMHWR GHYHULD LQWHUYLU VLPXOWDQHDPHQWH QD HVFROD ± VREUHWXGR QD IRUPDomR GRV SURIHVVRUHV ± H QDSUySULDFRPXQLGDGHVREUHWXGRSHODDomRGHVHXVMRYHQVTXHDRPHVPR WHPSR DPSOLDP VHX XQLYHUVR LQIRUPDFLRQDO H FXOWXUDO SRGHP SURPRYHU RSRUWXQLGDGHVGHDSUHQGL]DJHPHPVXDVFRPXQLGDGHV

(VVDV FRPXQLGDGHV FDUDFWHUL]DPVH SHOD SREUH]D GH VHXV KDELWDQWHV SRU XP TXDVH QXOR DFHVVR DRV VHUYLoRV GDV SROtWLFDV S~EOLFDV LVRODPHQWR

(17)

FXOWXUD GD RUDOLGDGH H SRXFD YDORUL]DomR GD HVFROD H GR OHWUDPHQWR H[LJrQFLDPDLRUGDVRFLHGDGHFRQWHPSRUkQHD

$V HVFRODV LQVWDODGDV QHVVDV FRPXQLGDGHV VmR QR JHUDO PXOWLVVHULDGDV OLPLWDQGRVHDRHQVLQRGH DDDVpULHV 3DUDDVHJXQGDHWDSDGRHQVLQR IXQGDPHQWDOGHDDDDVFULDQoDVSUHFLVDPVHGHVORFDUSDUDRFHQWURGD FLGDGHGH3DUDWL±HVWHpXPJUDQGHREVWiFXORSDUDDPDLRULDSURVVHJXLURV HVWXGRV

2V SURIHVVRUHV GHVVDV HVFRODV SRVVXHP SUHFiULD IRUPDomR 1HVWH FRQWH[WRDVWD[DVGHHYDVmRHUHSURYDomRDFDEDPVHQGRVXSHULRUHVTXHD SUySULDPpGLDGRPXQLFtSLR&(13(&S

(VVHSURMHWRWHPHQRUPHLPSRUWkQFLDSDUDDSURGXomRGHFRQKHFLPHQWRHP

(GXFDomR 3ULPHLUR SRU WUDEDOKDU FRP HVFRODV PXOWLVVHULDGDV LVRODGDV HP FRPXQLGDGHV UXUDLV TXH SRXFR YDORUL]DP R OHWUDPHQWR XPD YH] TXH VH YDOHP GD RUDOLGDGH6HJXQGRSRUDWXDUVLPXOWDQHDPHQWHQDHVFRODHQDFRPXQLGDGH

2 3URMHWR ([SHGLomR 3DUDWL p FRPSOH[R H FRQFHQWUD GLYHUVDV Do}HV H DJHQWHV ORFDLV DVVRFLDo}HV GH PRUDGRUHV HVFRODV H MRYHQV GDV FRPXQLGDGHV e XP SURMHWR DPSOR FXMD DYDOLDomR FRPSOHWD GHPDQGDULD XP WHPSR PDLRU GR TXH SUHVFULWR SDUD D UHDOL]DomR GH XPD SHVTXLVD QR kPELWR GR PHVWUDGR 2SWRXVH SRUWDQWR SHOD DYDOLDomR GH XPD GH VXDV DV Do}HV D IRUPDomR GH HGXFDGRUHV H PHPEURVGDVFRPXQLGDGHVDWHQGLGDVSHORSURMHWR

(VWDDYDOLDomRSRGHUiWUD]HUFRQWULEXLo}HVjiUHDHGXFDFLRQDOXPDYH]TXH

YHULILFDDLQWHUVHomRHQWUHDFRPXQLGDGHHDVSROtWLFDVGHIRUPDomRGHSURIHVVRUHV GD 6HFUHWDULD 0XQLFLSDO GH (GXFDomR GH 3DUDWL $OpP GLVVR SRVVLELOLWD UHJLVWUDU VXJHVW}HV H DSRQWDPHQWRV GRV SDUWLFLSDQWHV RV TXDLV SRGHP UHSHUFXWLU QDV HVFRODVGDUHGHPXQLFLSDOHQDVFRPXQLGDGHVDWHQGLGDV

2 FXUVR SURPRYLGR SHOR 3URMHWR ([SHGLomR 3DUDWL DSUHVHQWD XPD LQRYDomR HP UHODomR D LQLFLDWLYDV VHPHOKDQWHV SRLV DOpP GRV HGXFDGRUHV WHP FRPR SDUWLFLSDQWHVDWRUHVGDVFRPXQLGDGHVDWHQGLGDVPmHVHMRYHQV

6HJXQGR D DQiOLVH GDV ERDV SUiWLFDV GDV HVFRODV GR HVWXGR $SURYD %UDVLO D FRQVWUXomR GH SDUFHULDV FRP LQVWLWXLo}HV H[WHUQDV j FRPXQLGDGH HVFRODUpXPDGDVSUiWLFDVTXHSRGHFRQWULEXLUSDUDHQULTXHFHUHIRUWDOHFHU DHVFROD0(&S

eLPSRUWDQWHIULVDUTXHRHVWXGR$SURYD%UDVLOIRLUHDOL]DGRHPHVFRODVFRP VLWXDo}HVVHPHOKDQWHVjVGDVHVFRODVDWHQGLGDVSHOR3URMHWRRXVHMDHVFRODVTXH

'HQRPLQRHGXFDGRUHVRVSURIHVVRUHVFRRUGHQDGRUHVHGLUHWRUHVSDUWLFLSDQWHVGDIRUPDomRHP

(18)

WUDEDOKDPFRPFULDQoDVRULXQGDVGHIDPtOLDVGHEDL[DUHQGDHHPFRPXQLGDGHVGH GLItFLODFHVVR

$)RUPDomRREMHWLYRXSURSRUFLRQDUXPDPDLRULQWHJUDomRHQWUHDVHVFRODVH DVFRPXQLGDGHVUXUDLVGRPXQLFtSLRDILPGHIDYRUHFHUDDSUHQGL]DJHPGRVDOXQRV HP VHX SURFHVVR GH OHWUDPHQWR XPD GDV PDLRUHV GLILFXOGDGHV HQFRQWUDGDV SHOD HVFRODEUDVLOHLUD

6HJXQGRUHSRUWDJHPGD)ROKDGH63DXOR*8,0$5­(6DSUHVDUGH

R%UDVLOWHUFUHVFLGRQRVPHVHVTXHDQWHFHGHUDPjFULVHHFRQ{PLFDPXQGLDOQmR FRQVHJXLX UHGX]LU R DQDOIDEHWLVPR 2 QXPHUR WRWDO GH DQDOIDEHWRV QR %UDVLO SRGH FKHJDU D PLOK}HV GH DGXOWRV &RQIRUPH GDGRV GD 3HVTXLVD 1DFLRQDO GH $PRVWUD GH 0XQLFtSLRV 31$' ± H[SUHVVRV QD UHSRUWDJHP ± D WD[D GH DQDOIDEHWLVPRHQWUHHUHFXRXVRPHQWHSRQWRSHUFHQWXDO

'HYHVH UHVVDOWDU WDPEpP TXH FDGD YH] PDLV DV RUJDQL]Do}HV QmR JRYHUQDPHQWDLV 21*V UHDOL]DP MXQWR jV VHFUHWDULDV GH HGXFDomR PXQLFLSDLV H HVWDGXDLV Do}HV SDUD D IRUPDomR GH SURIHVVRUHV GD UHGH S~EOLFD )D]VH LPSUHVFLQGtYHOSRUWDQWRTXHHVVDVRUJDQL]Do}HVDYDOLHPVXDVDo}HVGHIRUPDomR SDUDYHULILFDUVXDUHDOFRQWULEXLomRjVHVFRODVDWHQGLGDV

3DUD DYDOLDU R FXUVR HP TXHVWmR WRPHL FRPR EDVH D GRFXPHQWDomR HODERUDGDSHORVH[HFXWRUHVGR3URMHWRDDSOLFDomRGHTXHVWLRQiULRVFRPSHUJXQWDV VHPLHVWUXWXUDGDVHDUHDOL]DomRGHHQWUHYLVWDVHPLHVWUXWXUDGDDXPDGDVLQWHJUDQWHV GD$VVRFLDomR&DLUXoXUHVSRQViYHOSHORJHUHQFLDPHQWRHSHODORJtVWLFDGRSURMHWR

2VTXHVWLRQiULRVIRUDPDSOLFDGRVDRVHGXFDGRUHV±SURIHVVRUHVGLUHWRUHVH FRRUGHQDGRUHV±SDUWLFLSDQWHVGD)RUPDomRSUHVHQWHVDR~OWLPRHQFRQWURGRFXUVR WRWDOL]DQGR UHVSRQGHQWHV 2VGDGRV UHODWLYRV jV PmHVH DRV MRYHQV LQWHJUDQWHV GD)RUPDomRIRUDPOHYDQWDGRVSRUPHLRGDHQWUHYLVWDUHDOL]DGD

(VWD GLVVHUWDomR RUJDQL]DVH HP VHLV FDStWXORV 1R SULPHLUR FDStWXOR DSUHVHQWDPVH RV UHIHUHQFLDLV WHyULFRV SDUD D UHDOL]DomR GHVWD SHVTXLVD D UHOHYkQFLDVRFLDOHHFRQ{PLFDGDVRUJDQL]Do}HVVRFLDLVQR%UDVLOHDLPSRUWkQFLDGH DYDOLDUVXDVDo}HVDDYDOLDomRHGXFDFLRQDOFRPRXPDFRQWULEXLomRjDYDOLDomRGH SURMHWRVHDIRUPDomRGHSURIHVVRUHVFRPEDVHHPXPHQIRTXHFRPXQLWiULR

(19)

OHWUDPHQWR XWLOL]DGR 3UHWHQGHVH GHVVD IRUPD SRVVLELOLWDU DR OHLWRU IDPLOLDUL]DUVH FRPRSURMHWRHHQWHQGHUVHXVREMHWLYRVDo}HVHSULQFLSDLVFRQFOXV}HV

1R WHUFHLUR FDStWXOR GHVFUHYHPVH DV Do}HV GR SURFHVVR GH IRUPDomR RV HQFRQWURV SUHVHQFLDLV DV HVWUDWpJLDV PHWRGROyJLFDV H DV SULQFLSDLV DWLYLGDGHV UHDOL]DGDV 2 TXDUWR FDStWXOR DSUHVHQWD D PHWRGRORJLD XWLOL]DGD SDUD D UHDOL]DomR GHVWDSHVTXLVDVXDVIRQWHVRSURFHVVRGHFROHWDHDQiOLVHGRVGDGRV

(20)

5()(5(1&,$,67(Ï5,&26

$LPSRUWkQFLDGDDYDOLDomRGHSURMHWRVVRFLDLV

(VWDSHVTXLVDWHPFRPRREMHWLYRDYDOLDUD)RUPDomRSURPRYLGDSHOR&HQSHF H SHOD $VVRFLDomR &DLUXoX YROWDGD D SURIHVVRUHV GLUHWRUHV H FRRUGHQDGRUHV GH HVFRODVGH3DUDWLHDPmHVHMRYHQVGRPXQLFtSLR

1HVWH FDStWXOR DERUGDVH D UHOHYkQFLD GDV Do}HV GHVHQYROYLGDV SRU RUJDQL]Do}HVVRFLDLVQR%UDVLOHMXVWLILFDVHDQHFHVVLGDGHGHDYDOLDomRGRVSURMHWRV SRUHODVH[HFXWDGRV

$WXDOPHQWHHVWLPDVHDH[LVWrQFLDGHPLO0(/21(72)52(6

SDPLO7$&+,=$:$SRUJDQL]Do}HVGHWHUFHLURVHWRUQR%UDVLO

R TXH PRYLPHQWDULD FLIUDV HTXLYDOHQWHV D GR 3URGXWR ,QWHUQR %UXWR 3,% EUDVLOHLURRXVHMDDSUR[LPDGDPHQWH86ELOK}HVDQXDLV,ELGS

$SHVDUGRJUDQGHQ~PHURGHRUJDQL]Do}HVVRFLDLVH[LVWHQWHVQR%UDVLOHGH HODVFRQWDUHPFRPGLYHUVDVIRQWHVGHUHFXUVRHJUDQGHVYDORUHVGHLQYHVWLPHQWRD VRFLHGDGHEUDVLOHLUDFRQWLQXDVHQGRXPDGDVPDLVGHVLJXDLVGRPXQGRHQmRVmR SHUFHELGDVPHOKRUDVVLJQLILFDWLYDVQDiUHDVRFLDO

&RQIRUPH 5HODWyULR GH 'HVHQYROYLPHQWR +XPDQR SXEOLFDGR SHOR 3URJUDPD GDV 1Do}HV 8QLGDV SDUD R 'HVHQYROYLPHQWR 318' HP R %UDVLO p R RLWDYR SLRU SDtV QR TXH GL] UHVSHLWR j GHVLJXDOGDGH VRFLDO 2 ËQGLFH GH *LQL FODVVLILFD RV SDtVHVHPYDORUHVTXHYDULDPGH±TXDQGRQmRKiGHVLJXDOGDGHRXVHMDWRGRVRV LQGLYtGXRVWrPDPHVPDUHQGD±D±TXDQGRDSHQDVXPLQGLYtGXRGHWpPWRGDD UHQGDGDVRFLHGDGH2tQGLFHEUDVLOHLURFRUUHVSRQGHDPHOKRUDSHQDVTXHRV

2 &HQSHF ± &HQWUR GH (VWXGRV H 3HVTXLVDV HP (GXFDomR &XOWXUD H $omR &RPXQLWiULD ± IRL

FRQVWLWXtGRHPVREFRRUGHQDomRGH0DULD$OLFH6HW~EDO7HPFRPRPLVVmR³>@FRQWULEXLUSDUD R GHVHQYROYLPHQWR KXPDQR H FRPXQLWiULR VXVWHQWiYHO SRU PHLR GD FRQFHSomR H LPSOHPHQWDomR GH PHWRGRORJLDVHSURJUDPDVQRkPELWRGDVSROtWLFDVS~EOLFDVGHHGXFDomRFXOWXUDHDVVLVWrQFLDVRFLDO &(13(&RQOLQH

$ $VVRFLDomR &DLUXoX SHUWHQFH DR &RQGRPtQLR GH /DUDQMHLUDV ³)XQGDGD QR DQR GH HP

3DUDW\WHPSRUREMHWLYRDGHIHVDDSUHVHUYDomRHDFRQVHUYDomRGRPHLRDPELHQWHFRQVRDQWHFRPD SURPRomRGRGHVHQYROYLPHQWRVXVWHQWiYHOGDUHJLmRRQGHVHVLWXDPDV&RPXQLGDGHVGRPXQLFtSLR GH 3DUDW\ 3UDLD GD 3RQWD 1HJUD 3UDLD GR 6RQR 3UDLD GD 7ULQGDGH 9LOD 2UDWyULR 9LOD 3DWULP{QLR 4XLORPER GR &DPSLQKR GD ,QGHSHQGrQFLD EXVFDQGR VROXo}HV FRPSURPHWLGDV FRP R GHVHQYROYLPHQWRKXPDQRHFRPDSUHVHUYDomRGDELRGLYHUVLGDGH´$662&,$d­2&$,58d8 RQOLQH

(21)

GH *XDWHPDOD 6XD]LOkQGLD 5HS~EOLFD &HQWUR$IULFDQD 6HUUD /HRD%RWVXDQD/HVRWRH1DPtELD

$ SHVTXLVD ³$ LQLFLDWLYD SULYDGD H R HVStULWR S~EOLFR´ UHDOL]DGD SHOR ,QVWLWXWR GH 3HVTXLVD (FRQ{PLFD $SOLFDGD ,3($ UHYHOD TXH PLO GDV HPSUHVDV EUDVLOHLUDV GHFODUDP UHDOL]DU WUDEDOKR YROXQWiULR RX DOJXP WLSR GH DomR VRFLDO SDUD FRPXQLGDGHV -XQWDV HVVDV HPSUHVDV DSOLFDUDP HP DSUR[LPDGDPHQWH 5 ELOK}HVHPDo}HVVRFLDLVHGHODVGHFODUDPSUHWHQGHUDPSOLDUVXDDWXDomR QRIXWXURSUy[LPR,3($

2 Q~PHUR GH RUJDQL]Do}HV H[HFXWRUDV H ILQDQFLDGRUDV GH SURJUDPDV H SURMHWRV VRFLDLV FUHVFH GH PDQHLUD DFHOHUDGD QR %UDVLO H FDGD YH] PDLV VmR GLVSRQLELOL]DGDVTXDQWLDVILQDQFHLUDVSDUDHVVDVLQVWLWXLo}HV

2 ILQDQFLDPHQWR GH SURJUDPDV H SURMHWRV VRFLDLV p PXLWDV YH]HV GLVSRQLELOL]DGR RX LQFUHPHQWDGR SHOD HVIHUD S~EOLFD (P RV UHFXUVRV SURYHQLHQWHV GR *RYHUQR )HGHUDO DOFDQoDUDP DSUR[LPDGDPHQWH 5 ELOK}HV '20,1*26

-i Ki DOJXQV DQRV SRU H[HPSOR DV RUJDQL]Do}HV QmR JRYHUQDPHQWDLV 21*V PDQHMDP UHFXUVRV LPSRUWDQWHV 'HVWH PRGR H[LVWH XP VHWRU SULYDGR FRPHUFLDO TXH SUHVWD VHUYLoRV VRFLDLV >@ 3RUWDQWR XP DGHTXDGR SODQHMDPHQWR VRFLDO GHYHULD OHYDU HP FRQWD R FRQMXQWR GH yUJmRV TXH WUDEDOKDPQHVWDiUHDHHVWDEHOHFHUXPDFRRUGHQDomRTXHSHUPLWDPHOKRUDU R DSURYHLWDPHQWR GRV UHFXUVRV TXH GLVS}HP HP FRQMXQWR )5$1&2 &2+(1S

$FUHVFHQWHGHVWLQDomRGHUHFXUVRVS~EOLFRVSDUDRWHUFHLURVHWRUHDFULDomR GHOHLVGHLQFHQWLYRXWLOL]DGDVFRQVWDQWHPHQWHSHODVHPSUHVDVSDUDDGHVWLQDomRGH VHXVLPSRVWRVDSURMHWRVVRFLDLVVRPDGDVjHVFDVVH]GHSURFHVVRVGHDYDOLDomR UHIRUoDPDQHFHVVLGDGHGHSHVTXLVDDSURIXQGDGDVREUHRWHPD

$DYDOLDomRpXPGHYHUpWLFR$VRUJDQL]Do}HVTXHDWXDPQDHVIHUDS~EOLFD SUHFLVDP DSUHVHQWDU j VRFLHGDGH RV UHVXOWDGRVSURGXWRV GH VXD DomR 1D GLItFLOFRUUHODomRHQWUHRVDOWRVtQGLFHVGHSREUH]DHLQVXILFLHQWHVUHFXUVRV D SURELGDGH FRPELQDGD j REWHQomR GH UHVXOWDGRV HIHWLYRV QD LQWHUYHQomR VRFLDOSDVVDPDVHUH[LJrQFLDSUHSRQGHUDQWH&$59$/+2S

/HL5RXDQHW/HL0HQGRQoDHDSRLRDFRQVHOKRVPXQLFLSDLVHVWDGXDLVHIHGHUDLV±),$&21'(&$

(22)

2V GDGRV FLWDGRV SHUPLWHP FRQVWDWDU TXH JUDQGHV TXDQWLDV GH UHFXUVRV S~EOLFRV VmR GHVWLQDGDV j H[HFXomR GH SURJUDPDV GH RUJDQL]Do}HV VRFLDLV (QWUHWDQWRVHHVVDVDo}HVQmRDWLQJLUHPRVUHVXOWDGRVHVSHUDGRVKDYHUiXPDIXJD GRV UHFXUVRV H LQYHVWLPHQWRV FRQWULEXLQGR SDUD XPD VLWXDomR DLQGD PDLV SUHFiULD QDRIHUWDGHEHQVHVHUYLoRVS~EOLFRV

0DV FRPR FRPSURYDU D TXDOLGDGH GH GHWHUPLQDGD DomR VRFLDO" &RPR VRFLDOL]DUPRGHORVHERDVSUiWLFDVSDUDXPDPDLRUHTXLGDGHVRFLDOVHDPDLRULDGDV Do}HVGHVHQYROYLGDVQDiUHDQmRFRQVHJXHPHQVXUDUVHXVUHVXOWDGRVHLPSDFWRV"

2 GHVDILR GD HODERUDomR GH LQGLFDGRUHV GH LPSDFWR VRFLDO QmR VHFRQFHQWUD VRPHQWH QDV RUJDQL]Do}HV GH WHUFHLUR VHWRU H[HFXWRUDV PDV WDPEpP PRELOL]D RUJDQL]Do}HV ILQDQFLDGRUDV LQVWLWXWRV GH SHVTXLVDV H yUJmRV GR JRYHUQR &$59$/+2

6HJXQGR 0DULQKR H )DoDQKD D IDOWD GH IDPLOLDULGDGH FRP RV SURFHVVRV DYDOLDWLYRV WHP VXD RULJHP SULQFLSDOPHQWH QRV PRGHORV PHQWDLV H QDV SUiWLFDVUHODFLRQDGDVDRWHPDGDDYDOLDomR$OpPGLVVRPXLWDVYH]HVDDYDOLDomRp UHFRQKHFLGDHXWLOL]DGDFRPRXPLQVWUXPHQWRILVFDOL]DGRUTXHGHWHUPLQDUiRVXFHVVR RXRIUDFDVVRGHXPDLQVWLWXLomR

1mR SRGH GHL[DU GH VHU PHQFLRQDGR QR TXDGUR GH WUDoRV GD FXOWXUD DYDOLDWLYD EUDVLOHLUD R FDUiWHU DXWRULWiULR GH TXH VH YrP UHYHVWLQGR RV HVWXGRV DYDOLDWLYRV FRQVWLWXLQGRVH DVVLP QXP H[HUFtFLR GH SRGHU TXH LPSOLFD DPHDoD SHUFHELGD HP PDLRU RX PHQRU JUDX SHODV SHVVRDV QHOH HQYROYLGDV6$8/S

(VVD YLVmR EXURFUDWL]D RV SURFHVVRV DYDOLDWLYRV H QmR SRVVLELOLWD TXH RV PHVPRV FXPSUDP VHX SULQFLSDO REMHWLYR FRQVWUXLU PRPHQWRVGHDQiOLVHH UHIOH[mR SDUDDFHUWDUDVDo}HVHRVUXPRVGRVSURMHWRVHPH[HFXomR

$V RUJDQL]Do}HV TXH YHHP D DYDOLDomR FRPR PHFDQLVPR GH FRQWUROH WUDQVIRUPDP R REMHWR SDVVLYR HP LQGLYtGXR TXH HVWi VHQGR DYDOLDGR &RUUHP ULVFR GH GHVSHUWDU XPD DWLWXGH QHJDWLYD GRV SDUWLFLSDQWHV TXH UHVXOWD HP VXSHUILFLDOLGDGH RFXOWDomR RX DWp DOWHUDomR GH LQIRUPDo}HV HVVHQFLDLV SDUD D FUHGLELOLGDGH GR TXH VH TXHU DYDOLDU 0$5,1+2 )$d$1+$S

(23)

TXHIDYRUHoDDPHOKRULDGRVVHUYLoRVSUHVWDGRVHYDOLGHPHWRGRORJLDVJHUDGRUDVGH LPSDFWRVQDYLGDGRVSDUWLFLSDQWHVGRVSURMHWRVHQDVFRPXQLGDGHVDWHQGLGDV

'HVVD IRUPD D SUHVHQWH SHVTXLVD WHP FRPR REMHWLYR LGHQWLILFDU RV HIHLWRV GLUHWRV GD )RUPDomR QRV VXMHLWRV HQYROYLGRV ± SURIHVVRUHV GLUHWRUHV H FRRUGHQDGRUHV GH HVFROD PmHV H MRYHQV ± H YHULILFDU HP TXH PHGLGD VXD SDUWLFLSDomR QDV DWLYLGDGHV SRGH JHUDU PXGDQoDV QDV SUiWLFDV H UHODo}HV GH VHX FRWLGLDQR

1HVVH VHQWLGR R REMHWLYR GHVWH FDStWXOR p GHVWDFDU D SUREOHPiWLFD GD DYDOLDomR GHQWUR GDV RUJDQL]Do}HV SDUD VH SRVVtYHO LQFHQWLYDU D UHDOL]DomR GH SHVTXLVDV QD iUHD GD DYDOLDomR HGXFDFLRQDO H GH SURMHWRV UHDOL]DGRV SRU RUJDQL]Do}HVVRFLDLV

$YDOLDomRHGXFDFLRQDO±ROXJDUGDDYDOLDomRGHSURMHWRV

(VWHLWHPDSUHVHQWDRUHIHUHQFLDOWHyULFRGHDYDOLDomRTXHQRUWHLDDUHDOL]DomR GHVWD SHVTXLVD 6mR HQIDWL]DGRV RV FRQFHLWRV H RV SURFHGLPHQWRV DGRWDGRV SDUD DYDOLDomR H DERUGDGRV WDPEpP RV HOHPHQWRV TXH QRUWHDUDP D )RUPDomR HP TXHVWmR

$ DYDOLDomR p SDUWH GR FRWLGLDQR 'LDULDPHQWH DV SHVVRDV UHDOL]DP DYDOLDo}HV LQIRUPDLV DWULEXLQGR YDORUHV DRV IDWRV SDUD QRUWHDU VXDV Do}HV H VXDV FRQGXWDVHDQDOLVDURPXQGRDVXDYROWD

$VXDUHOHYkQFLDHDWXDOLGDGHGHFRUUHGRIDWRGHTXHDDYDOLDomRID]SDUWH GR FRWLGLDQR GH QRVVDV YLGDV H p XPD H[LJrQFLD LQWUtQVHFD GR WUDEDOKR GH HGXFDGRUHVDV6$8/S

1RFDPSRGDHGXFDomRDTXHVWmRGDDYDOLDomRpH[WUHPDPHQWHUHOHYDQWHH FRPSOH[D e SRUPHLR GHOD TXHSURIHVVRUHV H DOXQRV SRGHP YDORUDU VXDV SUiWLFDV DSUHQGL]DJHQVHRVUHDLVHIHLWRVGDVDo}HVUHDOL]DGDV

(24)

$ LPSRUWkQFLD GD UHDOL]DomR GH DYDOLDo}HV FRHUHQWHV QD HGXFDomR p UHFRQKHFLGDSHORVLGHDOL]DGRUHVGD)RUPDomR7UrVGRVTXDWURREMHWLYRVHVSHFtILFRV OLVWDGRVQD3URSRVWDGHIRUPDomRHVWmRYROWDGRVSDUDDomRDYDOLDWLYD

>@)RUPDUSURIHVVRUHVGRVDQRVLQLFLDLVGHPRGRTXH

x 6H DSURSULHP GD PHWRGRORJLD GH XP WUDEDOKR FRP D OHLWXUD H D

SURGXomR GH WH[WRV RUDLV H HVFULWRV TXH SURSLFLHP VLWXDo}HV FRQFUHWDV HP VDOD GH DXOD GH XVR GD OtQJXD H VXD IXQomR VRFLDO EHPFRPRRVIXQGDPHQWRVWHyULFRVTXHVXEMDFHQWHVDHVWDSUiWLFD HSDVVHPDGHVHQYROYrODFRPRVDOXQRV

x 'HVHQYROYDP SUiWLFD SHGDJyJLFD HQVLQR DSUHQGL]DJHP H

DYDOLDomR GLYHUVLILFDGD YROWDGDV SDUD DV UHDLV QHFHVVLGDGHV GRV DOXQRV

x 8WLOL]HP D DYDOLDomR FRPR LQVWUXPHQWR GH UHFRQKHFLPHQWR GRV

SURJUHVVRV H GLILFXOGDGHV RV DOXQRV H GH LQWHUYHQomR HP VXDV GLILFXOGDGHV

x 6H DSURSULHP GD FRQFHSomR GH DYDOLDomR GLDJQyVWLFD FRQWtQXD

RUJDQL]HP DV SURGXo}HV GRV DOXQRV H IDoDP UHJLVWURV TXH SRVVLELOLWHP DFRPSDQKDU R SURFHVVR GH HQVLQR H DSUHQGL]DJHP H HODERUDU VtQWHVHV DSUHFLDWLYDV DR ILQDO GH GHWHUPLQDGRV SHUtRGRV OHWLYRV&(13(&ES

(VVHV REMHWLYRV UHIOHWHP XPD SUHRFXSDomR FRP DV TXHVW}HV GD DYDOLDomR GHQWURGDHVFRODHLQGLFDPFDPLQKRVSDUDRVSURIHVVRUHVLQWHUYLUHPGHIRUPDPDLV IRUPDWLYDSRUPHLRGRVUHVXOWDGRVH[SUHVVRVQDVDYDOLDo}HV

(FRPRH[SUHVVDUHUHFRQKHFHURVHIHLWRVGDVSUiWLFDVHGXFDWLYDV"

+DGML TXHVWLRQD D PHQVXUDomR GRV YDORUHV DWULEXtGRV D WDLV SUiWLFDV 'HPRQVWUD PHGLDQWH SHVTXLVDV TXH XP PHVPR WUDEDOKR SRGHUi UHFHEHU YDORUHV PXLWRGLIHUHQFLDGRVGHSHQGHQGRGHTXHPRDQDOLVD

8PDPHGLGDpREMHWLYDQRVHQWLGRGHTXHXPDYH]LGHQWLILFDGDDXQLGDGH GHYHVHWHUVHPSUHDPHVPDPHGLGDGRPHVPRIHQ{PHQR>@9HMDPRVR FDVR GH XP REMHWR D ³PHGLU´ XP WUDEDOKR GH DOXQR 2QGH HVWi R LQVWUXPHQWR" 6y SRGH VHU D SHVVRD GR FRUUHWRU 2UD p FODUR TXH HVWH LQVWUXPHQWR QmR p FRQILiYHO %XVFDQGR YiULDV PHGLGDV GH XP PHVPR WUDEDOKRYHULILFRXVHTXHFRPIUHTXrQFLDDVQRWDVGLYHUJLDPDPSODPHQWH +$'-,S

1HVVH VHQWLGR SRU PDLV TXH DV SUiWLFDV GD GRFLPRORJLD HVWHMDP LQFRUSRUDGDV j FRPXQLGDGH HVFRODU FRPR XPD FRQFHSomR KHJHP{QLFD GH UHVXOWDGRHODVGHYHPVHUUHSHQVDGDVSDUDTXHGHIDWRDDYDOLDomRSRVVDHVWDUD IDYRUGDVDSUHQGL]DJHQVGRVDOXQRVVXDILQDOLGDGH~OWLPD

&RQIRUPH %RQQLRO S D GRFLPRORJLD SUHWHQGH ³HQFRQWUDU OHLV TXH GHHP FRQWD GDV

ILGHOLGDGHVGDVQRWDV´

1HVWH WUDEDOKR DGRWDVH D FRQFHSomR GH KHJHPRQLD FRQIRUPH $SSOH S TXDO VHMD

(25)

2SURFHVVRGHDYDOLDomRVyJDQKDVHQWLGRTXDQGRDQDOLVDGDVDVVLWXDo}HV HFLUFXQVWkQFLDVTXHHQYROYHPDDSUHQGL]DJHPGRVDOXQRV>@3RUpPQmR p IiFLO RSHUDU QD SUiWLFD GH IRUPD FRHUHQWH FRP RV SUHVVXSRVWRV GH XPD DYDOLDomR D VHUYLoR GD DSUHQGL]DJHP 3DUD TXH VH SRVVD UHDOL]DU XPD DYDOLDomR GLIHUHQFLDGD p QHFHVViULR TXH DV HVWUDWpJLDV GH HQVLQR WDPEpP VHMDPGLIHUHQFLDGDV&$33(//(77,S

'HPRWDPEpPUHIRUoDHVWDSRVLomR

'H SDUWLGD p IXQGDPHQWDO FRQMXJDU DYDOLDomR FRP DSUHQGL]DJHP SRUTXH HVWH p VHX VLJQLILFDGR HVVHQFLDO 6H QmR FRQWULEXLU SDUD DSUHQGL]DJHP p WUDEDOKR SHUGLGR DFLPD GH WXGR WUDEDOKR SHUYHUVR $ VHJXLU ID]VH LPSUHVFLQGtYHODYDOLDUGHWDOPRGRTXHRDYDOLDGRSRVVDUHDJLUHDSUHQGHU '(02S

$RDQDOLVDURVREMHWLYRVGD3URSRVWDGHIRUPDomRSHUFHEHVHWDPEpPHVVD

RSomR SHOR GHVHQYROYLPHQWR GH DYDOLDo}HV PDLV SURFHVVXDLV H PDLV IRUPDWLYDV GLUHWDPHQWHUHODFLRQDGDVjVDSUHQGL]DJHQVGRVDOXQRV

8PD DYDOLDomR D VHUYLoR GDV DSUHQGL]DJHQV GHYHUi VHU HP VXD HVVrQFLD GLDOyJLFD'HYHUiSURFXUDUWDPEpPVHUFULWHULRVDIOH[tYHOHSHUPDQHQWHLQVHULQGRVH QRPDUFRGDDYDOLDomRIRUPDWLYD

$VHJXLUGHWDOKDVHDLPSRUWkQFLDGHFDGDXPDGDVTXDOLGDGHVSUHVHQWHVQD DYDOLDomR H D IRUPD FRPR HODV QRUWHLDP D HODERUDomR GHVWD GLVVHUWDomR YROWDGD SDUDDDYDOLDomRGHXPDDomRGHIRUPDomR

$ HVVrQFLD GD DYDOLDomR IRUPDWLYD p R GLiORJR QD PHGLGD HP TXH HOD VH LQVHUH HP XP SURFHVVR GH FRPXQLFDomR FXMRV DWRUHV GHYHP VHU FRQVFLHQWHV GH VHXV REMHWLYRV H FULWpULRV 2 DYDOLDGRU QmR p FRQVLGHUDGR XP ³>@LQVWUXPHQWR GH PHGLGDPDVXPDWRUGHFRPXQLFDomRVRFLDO´+$'-,S

$R UHIOHWLU VREUH D DYDOLDomR QD HGXFDomR &DVDOL FRQILUPD HVVD SRVLomR H EXVFD HP 3DXOR )UHLUH D LPSRUWkQFLD GR GLiORJR GHQWUR GDV SUiWLFDV HGXFDWLYDVHDYDOLDWLYDV

(26)

$ DYDOLDomR SURSRVWD SHOD )RUPDomR FRQVLGHUD D RSLQLmR GH VHXV SDUWLFLSDQWHV H SURFXUD HVWDEHOHFHU XPD UHODomR HQWUH D SURSRVWD HODERUDGD H GHVHQYROYLGDVHXS~EOLFRDWHQGLGRHVHXVH[HFXWRUHV

$R FRQVLGHUDU WRGRV HVVHV HOHPHQWRV VRE D OX] GD FRQFHSomR GH DYDOLDomR DGRWDGD p SRVVtYHO DQDOLVDU DV SUiWLFDV IRUPDWLYDV UHDOL]DGDV H VHXV UHVXOWDGRV EHPFRPRFRODERUDUSDUDRDSULPRUDPHQWRGHDo}HVIXWXUDV

%RQQLRO S UHFRQKHFH R DYDOLDGRU FRPR XP ³>@QHJRFLDGRU

HQYROYLGR QR FRQIOLWR HP SURO GR VXFHVVR VRFLDO´ H DFUHVFHQWD TXH WRGRV RV SDUWLFLSDQWHVGHXPSURFHVVRGHDYDOLDomRVmRDYDOLDGRUHVH³>@QHJRFLDPRSRGHU GHVHDXWRFRQWURODUSDUDSURGX]LUERQVSURFHGLPHQWRVHPPRPHQWRVQHFHVViULRV´

$ GHILQLomR H D FRPXQLFDomR GRV FULWpULRV SDUD DYDOLDomR VmR GH H[WUHPD LPSRUWkQFLDSRLVQRUWHDUmRHUHIHUHQFLDUmRDVHVWUDWpJLDVHRVREMHWLYRVGDSUiWLFD HGXFDWLYD

'L]HU TXH QmR SRGH KDYHU DYDOLDomR VHP FULWpULR VLJQLILFD TXH D OHLWXUD GR REMHWR DYDOLDGR HIHWXDVH QHFHVVDULDPHQWH DWUDYpV GH XPD JUDGH FRQVWUXtGDSHODV H[SHFWDWLYDVHVSHFtILFDVFRQFHUQHQWHVD HVWH REMHWR1mR VHSRGHULDDYDOLDUXPREMHWRGRTXDOQmRVHHVSHUDVVHQDGD1HVWHVHQWLGR D DYDOLDomR p XPD UHODomR GH QmRLQGLIHUHQoD FRP R REMHWR DYDOLDGR >@ &DGDFULWpULRGHILQHRTXHVHMXOJDSRGHUHVSHUDUOHJLWLPDGDPHQWHGRREMHWR DYDOLDGR+$'-,S

1HVVHVHQWLGRHVWDSHVTXLVDOHYDHPFRQVLGHUDomRRVREMHWLYRV HODERUDGRV SHOD HTXLSH GH IRUPDomR H WHP VHXV TXHVWLRQiULRV UHYLVDGRV H DSURYDGRV SHOD HTXLSHGHIRUPDGRUDVGR3URMHWR([SHGLomR3DUDWL

$ GHILQLomR H D FRPXQLFDomR GRV FULWpULRV GH DYDOLDomR WDPEpP VH PDQLIHVWDPQD)RUPDomRXPDYH]TXHDVSDXWDVGRVHQFRQWURVWRGDVGLVWULEXtGDV DRV SDUWLFLSDQWHV QR LQtFLR GH FDGD HQFRQWUR DSUHVHQWDYDP RV REMHWLYRV H DV DWLYLGDGHVSURSRVWRVSDUDDTXHOHGLD

$H[SOLFLWDomRGRVREMHWLYRVSRGHSRVVLELOLWDUDRVSDUWLFLSDQWHVFRPSUHHQGHU QDtQWHJUDRVHXSURFHVVRIRUPDWLYR2XVHMDDOpPGHVHDSURSULDUGDVILQDOLGDGHVH LQWHQo}HVGDTXHOHHQFRQWURHOHVSRGHULDPLGHQWLILFDUVXDUHODomRFRPDVDWLYLGDGHV GHVHQYROYLGDV

(27)

'HYHVH UHVVDOWDU D QHFHVVLGDGH GH IOH[LELOL]DomR WDPEpP GRV SURFHVVRV DYDOLDWLYRV H HGXFDFLRQDLV HP UD]mR GD LPSUHYLVLELOLGDGH LQHUHQWH D WRGD UHODomR HGXFDWLYDHKXPDQDHPTXHQRYRVFULWpULRVHREMHWLYRVSRGHPVHID]HUSULRULWiULRVD SDUWLUGDSUiWLFDYLYHQFLDGD

6HSRUXPODGRDIOH[LELOLGDGHGDVWDUHIDVDEUHDSRVVLELOLGDGHGDDYDOLDomR GH P~OWLSORV DVSHFWRV GD DSUHQGL]DJHP SRU RXWUD GLILFXOWD D DSOLFDomR GH FULWpULRV IHFKDGRV GHILQLGRV D ³SULRUL´ H[LJLQGR WDPEpP IOH[LELOLGDGH GR SURIHVVRU&$33(//(77,S

$ IOH[LELOLGDGH WDPEpP SUHVVXS}H D UHDOL]DomR GH XP GLiORJR DEHUWR H R FXLGDGR H R UHVSHLWR DR DOXQR H D VHX FRQWH[WR GH DSUHQGL]DJHP &$33(//(77,

,VVR QmR VLJQLILFD DGRWDU XPD FRQFHSomR HVSRQWDQHtVWD GH DYDOLDomR 3HOR FRQWUiULR2VFULWpULRVGHYHPVHPSUHVHURREMHWR~OWLPRGRVSURIHVVRUHVPDVQmR SRGHP VHU YLVWRV FRPR OLPLWDGRUHV GR HQVLQRDSUHQGL]DJHP H VLP FRPR IHUUDPHQWDV D VHUYLoR GHVVH SURFHVVR 1R TXH GL] UHVSHLWR D HVWD SHVTXLVD D DYDOLDomR GD )RUPDomR SURFXUD YHULILFDU QmR VRPHQWH RV UHVXOWDGRV GHILQLGRVD SULRULPDVWDPEpPDTXHOHVQmRSUHYLVWRVSHODHTXLSHGHIRUPDomRIOH[LELOL]DQGRGH WDOPDQHLUDVHXVFULWpULRVGHDQiOLVH

$ DYDOLDomR GHYH WDPEpP VHU SHUPDQHQWHQmR VH OLPLWDQGRD XP PRPHQWR HVSHFtILFRPDVDEUDQJHQGRWRGRRGHVHQYROYLPHQWRGRSURMHWRRTXHSRVVLELOLWDR FRQKHFLPHQWRGRSHUFXUVRGHIRUPDomR

'HVWD yWLFD WRGDV DV LQWHUDo}HV GR DOXQR ± FRP R SURIHVVRU FRP RXWURV DOXQRV FRP XP PDWHULDO SHGDJyJLFR ± FRQVWLWXHP RFDVL}HV GH DYDOLDomR RX GH DXWRDYDOLDomR TXH SHUPLWHP DGDSWDU R HQVLQR H D DSUHQGL]DJHP 3RUWDQWR D UHJXODomR GHVWDV DWLYLGDGHV p GH QDWXUH]D LQWHUDWLYD $//$/ DSXG%211,2/S

8PDYH]TXHVHDGPLWHDDSUHQGL]DJHPHQTXDQWRSURFHVVRQmRpSRVVtYHO GHILQLU VRPHQWH XP PRPHQWR HVSHFtILFR SDUD DYDOLDomR SRLV FRQWLQXDPHQWH QRYDV DSUHQGL]DJHQVVmRFRQVWUXtGDVHUHFRQVWUXtGDV'HPR1HVVHVHQWLGRSDUD DYDOLDUD)RUPDomRVmRDQDOLVDGRVDOpPGRVGDGRVFROHWDGRVDRILQDOGRSURFHVVR IRUPDWLYRRVUHJLVWURVUHDOL]DGRVGXUDQWHRSURFHVVRGHIRUPDomR

(28)

>@4XDQWRDRVSURIHVVRUHVGDVHVFRODVHQYROYLGDVHVSHUDVHTXHDGRWHP XPD SUiWLFD DYDOLDWLYD FRQVLVWHQWH FRP D FRQFHSomR GH DYDOLDomR GLDJQyVWLFDHFRQWtQXD GDVDSUHQGL]DJHQVGRVDOXQRV&(13(& S

eLPSRUWDQWHUHVVDOWDUTXHDDYDOLDomRFRQWtQXDQmRFRUUHVSRQGHjUHDOL]DomR

FRQVWDQWH GH SURYDV PDV j EXVFD FRQVWDQWH SHOD FRPSUHHQVmR GR TXH HVWi RFRUUHQGRRTXHLPSOLFDQHFHVVDULDPHQWHGLYHUVDVPRGDOLGDGHVGHSURFHGLPHQWRV GH DQiOLVH $ DXWRDYDOLDomR SRGH VHU XPD GHVVDV PRGDOLGDGHV SRLV SHUPLWH DR DOXQR UHDOL]DU UHIOH[}HV VREUH VXDV DSUHQGL]DJHQV H HVWDEHOHFHU PHWDV D VHUHP DWLQJLGDV

1HVVH VHQWLGR D RLWDYD TXHVWmR GR TXHVWLRQiULR DSOLFDGR MXQWR DRV HGXFDGRUHV SDUWLFLSDQWHV GD )RUPDomR VROLFLWRXOKHV DYDOLDU VXD SDUWLFLSDomR FRP EDVH QD UHDOL]DomR GDV WDUHIDV SHGDJyJLFDV H QD SUHVHQoD DRV HQFRQWURV H jV OHLWXUDVGHVHQYROYLGDV

$ TXHVWmR GD DYDOLDomR HP HGXFDomR QmR VH HQFRQWUD UHVWULWD VRPHQWH j HVIHUD GH VDOD GH DXOD RX j XQLGDGH HVFRODU (OD SHUSDVVD WRGR R VLVWHPD HGXFDFLRQDOVXDVSROtWLFDVVRFLDLVHHGXFDWLYDV

1DGpFDGDGHDSHVDUGRJUDQGHDYDQoRGDVGLVFXVV}HVUHDOL]DGDVQR FDPSR GD DYDOLDomR HP XP VHQWLGR PDLV FUtWLFR H UHIOH[LYR SUiWLFDV SRVLWLYLVWDV FODVVLILFDWyULDV H YROWDGDV D UHVXOWDGRV TXDQWLWDWLYRV WRUQDUDP D JDQKDU HVSDoR QD GLVFXVVmR GDV SROtWLFDV S~EOLFDV GH DYDOLDomR YROWDGDV SDUD HGXFDomR &$33(//(77,

$YLVmRGHDYDOLDomRGR&HQSHFUHIOHWHDSUHRFXSDomRFRPHVVDTXHVWmR

1RVVD SHUVSHFWLYD DYDOLDWLYD p D SHGDJyJLFD 4XDQGR ROKDPRV D 3URYD %UDVLO SRU H[HPSOR D ROKDPRV GR SRQWR GH YLVWD SHGDJyJLFR H p QHVVD SHUVSHFWLYDTXHDDQDOLVDPRV

1R FDPSR VRFLDO Ki KRMH XPD YDORUL]DomR GD SHUVSHFWLYD HFRQ{PLFD WUDWDGDSRUHFRQRPLVWDV(VWDWDPEpPpXPDSHUVSHFWLYDDVHUYDORUL]DGD PDV GHVGH TXH FRPELQDGD QR FDVR GD HGXFDomR D XPD SHUVSHFWLYD SHGDJyJLFD

(VWDQRVVDRSomRDSRLDVHHPDOJXQVSUHVVXSRVWRV

x e SUHFLVR TXH DV DYDOLDo}HV GR VLVWHPD HGXFDFLRQDO JDQKHP

VHQWLGR SDUD RV SURILVVLRQDLV GD HGXFDomR e SUHFLVR SRUWDQWR DVVHJXUDUVXDIXQomRSHGDJyJLFDSDUDTXHHVWDEHOHoDXPGLiORJR FRPHGXFDGRUHVFDSD]GHSURGX]LUDOWHUDo}HVHDSULPRUDPHQWRQD SROtWLFDHVREUHWXGRQDVDODGHDXOD

x 1mREDVWDPDYDOLDo}HVHVWDWtVWLFDVSDUDFRPSUHHQGHUUHVXOWDGRVH

(29)

'HPRSUHVVDOWDTXHQmRVHWUDWDGHHQWHQGHULQJHQXDPHQWHD HVFROD FRPR XPD XQLGDGH LVRODGD GD VRFLHGDGH FDSLWDOLVWD H FODVVLILFDWyULD PDV FRQVLGHUDUTXHRSURFHVVRSHGDJyJLFRWHPFRPRREMHWLYR³>@IRUPDUFLGDGmRVTXH VDLEDPFRQYLYHUHVHUVROLGiULRV´

3UiWLFDV FODVVLILFDWyULDV GH DYDOLDomR WHQGHP D SUHMXGLFDU HVVHV SURFHVVRV $OpP GLVVR R SURIHVVRU GHYH WHU FRPR REMHWLYR D HYROXomR GRV DOXQRV HP XP DPELHQWHGH³HQYROYrQFLDDPLVWRVD´TXHIDYRUHoDVXDDXWRHVWLPD

)RUPDomRGHSURIHVVRUHVXPHQIRTXHFRPXQLWiULR

8PD YH] TXH R WHPD GHVWD SHVTXLVD WUDWD SULQFLSDOPHQWH GD IRUPDomR GH SURIHVVRUHV S~EOLFR PDMRULWiULR GD )RUPDomR DYDOLDGD GH 3DUDWL WRUQDVH LPSUHVFLQGtYHODFRQWH[WXDOL]DomRGDSURILVVmRGRFHQWHQRTXHGL]UHVSHLWRDVHXV GLIHUHQWHVGHVDILRVKLVWyULFRVHFRQWHPSRUkQHRV

'HVVDIRUPDDSUHVHQWDVHDVHJXLUXPEUHYHKLVWyULFRGDSURILVVmRGRFHQWH HXPDUHIOH[mRVREUHDVLQIOXrQFLDVGDJOREDOL]DomRQRVSURFHVVRVHGXFDWLYRVHQDV UHODo}HVFRPDFRPXQLGDGHHVFRODU

+LVWRULFDPHQWH D SURILVVmR GRFHQWH IRL DVVXPLGD SRU PXOKHUHV &RQIRUPH UHODWyULR GD 8QHVFR D GRFrQFLD p XPD SURILVVmR FODUDPHQWH IHPLQLOL]DGD DLQGDTXHVHHQFRQWUHPGLIHUHQoDVHQWUHRVGLYHUVRVSDtVHV

(VVDIHPLQLOL]DomRGDHGXFDomRQmRRFRUUHXGHIRUPDLQJrQXD$SSOH GHIHQGH TXH D LQVHUomR GDV PXOKHUHV GHQWUR GD HGXFDomR SULQFLSDOPHQWH QD SULPiULD HVWDYD YLQFXODGD D XPD WHQWDWLYD GH PDLRU FRQWUROH VREUH R FXUUtFXOR $VVLP D IRUPDomR GRFHQWH QmR H[LJLD D DTXLVLomR GH QHQKXP FRQKHFLPHQWR HVSHFtILFRPDVGHYHULDVHUUHDOL]DGDSHODVSURILVVLRQDLVGDHGXFDomRPHGLDQWHXP FRPSURPLVVRHPRFLRQDOHYROXQWDULRVRFRPDFDXVD

&RQIRUPH 7RUUHV DSXG ,0%(51Ï1 S ³>@R SURIHVVRU DR

PHVPRWHPSRTXHVHIHPLQLOL]DVRIUHRVHIHLWRVGHXPDSROtWLFDGHGHVTXDOLILFDomR SURILVVLRQDOXPDGHVDSURSULDomRGHFRPSHWrQFLDV>@´

(30)

HVSHFtILFR H HP TXH D DXWRQRPLD H D WRPDGD GH GHFLVmR FRP UHODomR jV SUiWLFDV UHDOL]DGDVHUDPOLPLWDGDV

+LVWRULFDPHQWH D SURILVVmR GRFHQWH RX VHMD D DVVXQomR D XPD FHUWD SURILVVLRQDOLGDGH XPD YH] TXH D GRFrQFLD p DVVXPLGD FRPR SURILVVmR ³JHQpULFD´ H QmR FRPR RILFLR Mi TXH QR FRQWH[WR VRFLDO VHPSUH IRL FRQVLGHUDGD FRPR XPD VHPLSURILVVmR FDUDFWHUL]DYDVH SHOR HVWDEHOHFLPHQWR GH DOJXQV WUDoRV TXH GHQRPLQDYDP R FRQKHFLPHQWR REMHWLYRRFRQKHFLPHQWRGDVGLVFLSOLQDVjLPDJHPHVHPHOKDQoDGHRXWUDV SURILVV}HV6DEHU RXVHMDSRVVXLUXPFRQKHFLPHQWRIRUPDOHUD DVVXPLUD FDSDFLGDGHGHHQVLQiOR,0%(51Ï1S

$SDUWLFLSDomRGDVPXOKHUHVQRVSURFHVVRVUHODFLRQDGRVjHGXFDomR±IRUPDO

H LQIRUPDO ± SRGH VHU FRQVWDWDGD SHOD FRPSRVLomR GR JUXSR SDUWLFLSDQWH GD )RUPDomRGDVLQWHJUDQWHVGRJUXSRGHHGXFDGRUHVREVHUYDGRQHVWDSHVTXLVD HUDPGRVH[RIHPLQLQR

2 PXQGR FRQWHPSRUkQHR DSUHVHQWD QRYRV GHVDILRV SDUD D HGXFDomR H FRQVHTXHQWHPHQWHSDUDDIRUPDomRGRVSURIHVVRUHV$YHORFLGDGHGHFLUFXODomRGD LQIRUPDomR SURYRFDGD SHODV QRYDV WHFQRORJLDV WDPEpP LQIOXHQFLD QRV SURFHVVRV IRUPDWLYRV

$JOREDOL]DomRIH]DKXPDQLGDGHSDVVDUDYLYHUHPXPDHVSpFLHGHJUDQGH UHGH HP TXH WRGRV RV DFRQWHFLPHQWRV HP TXDOTXHU SDUWH GR PXQGR UHSHUFXWHP GLUHWDRXLQGLUHWDPHQWHQRFRWLGLDQRGDVSHVVRDV

$ JOREDOL]DomR p XP FRQFHLWR ~WLO SDUD H[SUHVVDU XPD FRQGLomR GR PXQGR QDVHJXQGDPRGHUQLGDGHHPTXHQRVHQFRQWUDPRVHTXHFRQVLVWHHPTXH DV SDUWHV GR PHVPR ± VHMDP SDtVHV JUXSRV VRFLDLV FXOWXUDV H DWLYLGDGHV PDLVGLYHUVDV±SDUWLFLSHPGHXPDJUDQGHUHGHTXHFRQGLFLRQDFDGDSHoD GRWRGR>@6$&5,67È1S

1HVVHVHQWLGRDVHVFRODVHFRPXQLGDGHVSDUWLFLSDQWHVGD)RUPDomRDSHVDU

GHHVWDUHPQRPHLRUXUDOVHQWHPRVLPSDFWRVGHVVDWUDQVIRUPDomRJOREDO

2QHROLEHUDOLVPRDVQRYDVWHFQRORJLDVHRVPHLRVGHFRPXQLFDomRDOWHUDUDP

DV IRUPDV GH SURGXomR H FRQFHSomR GR VDEHU VXVFLWDQGR QRYRV GHVDILRV SDUD D IRUPDomR GH SURIHVVRUHV TXH GHYHP VHU DSWRV D GHVHQYROYHU SUiWLFDV TXH IDYRUHoDPDLQFOXVmRGHVHXVDOXQRVQRPHUFDGRSURGXWLYRGHVVDQRYDVRFLHGDGH

(31)

,PEHUQyQ WDPEpP UHIRUoD D QHFHVVLGDGH GH UHGHILQLomR GD SURILVVmR

GRFHQWHHGDLQVWLWXLomRHGXFDWLYDGHQWURGDVRFLHGDGHFRQWHPSRUkQHD

e QHFHVViULD D UHQRYDomR GD LQVWLWXLomR HGXFDWLYD H HVVD QRYD IRUPD GH HGXFDU UHTXHU XPD UHGHILQLomR LPSRUWDQWH GD SURILVVmR GRFHQWH H TXH VH DVVXPDPQRYDVFRPSHWrQFLDVSURILVVLRQDLVQRTXDGURGHXPFRQKHFLPHQWR SHGDJyJLFR FLHQWtILFR H FXOWXUDO UHYLVWRV (P RXWUDV SDODYUDV D QRYD HUD UHTXHUXPSURILVVLRQDOGDHGXFDomRGLIHUHQWH,0%(51Ï1S

( TXDLV DV FRPSHWrQFLDV QHFHVViULDV SDUD HVVH QRYR SURILVVLRQDO GD

HGXFDomR" 4XH KDELOLGDGHV VHULDP QHFHVViULDV HP XP PXQGR JOREDOL]DGR" 4XDLV DV WHQV}HV YLYLGDV SRU SURIHVVRUHV HP FRPXQLGDGH UXUDLV TXH DSUHVHQWDP XP FRQWH[WRFXOWXUDOSUySULR"

%XUEOHV H 7RUUHV DSUHVHQWDP TXHVW}HV UHODFLRQDGDV DR FRQWH[WR

HVFRODUHDRVFRQIOLWRVFXOWXUDLVFRQWHPSRUkQHRVFRPRSRQWRVLPSRUWDQWHVDVHUHP FRQVLGHUDGRVSHORVQRYRVSURILVVLRQDLVGDHGXFDomR

&RPDVFUHVFHQWHVSUHVV}HVJOREDLVVREUHDVFXOWXUDVORFDLVVHUiSDSHOGD HGXFDomRDMXGDUDSUHVHUYiODV">@

4XDORSDSHOGDHGXFDomRSDUDDMXGDUDPROGDUDVDWLWXGHVRVYDORUHVHRV HQWHQGLPHQWRV GH XP FLGDGmR GHPRFUiWLFR PXOWLFXOWXUDO TXH SRVVD FDGD YH]PDLVID]HUSDUWHGHVWHPXQGRFDGDYH]PDLVFRVPRSROLWD"%85%/(6 7255(6S

3DXOR )UHLUH GLVFXWH D LPSRUWkQFLD GD DSURSULDomR SHORV HGXFDGRUHV GR FRQWH[WR GH VHXV DOXQRV WHQGR HP YLVWD XPD SUiWLFD HGXFDWLYD PDLV SROtWLFD H WUDQVIRUPDGRUDFRPSURPHWLGDFRPDVXSHUDomRGDH[FOXVmR

&RP UHODomR D PHXV DOXQRV GLPLQXR D GLVWkQFLD TXH PH VHSDUD GH VXDV FRQGLo}HV QHJDWLYDV GH YLGD QD PHGLGD HP TXH RV DMXGR D DSUHQGHU QmR LPSRUWDTXHVDEHURGRWRUQHLURRXRGRFLUXUJLmRFRPYLVWDVjPXGDQoDGR PXQGR j VXSHUDQoD GDV HVWUXWXUDV LQMXVWDV MDPDLV FRP YLVWDV D VXD LPRELOL]DomR)5(,5(S

$ LPSRUWkQFLD GR FRQWH[WR SDUD D HODERUDomR GH SUiWLFDV HGXFDWLYDV

FRPSURPHWLGDVFRPDPXGDQoDpIULVDGDWDPEpPSRU,PEHUQyQ

$ HVSHFLILFLGDGH GRV FRQWH[WRV HP TXH VH HGXFD DGTXLUH FDGD YH] PDLV LPSRUWkQFLD D FDSDFLGDGH GH VH DGHTXDU D HOHV PHWRGRORJLFDPHQWH D YLVmRGHXPHQVLQRQmRWmRWpFQLFRFRPRWUDQVPLVVmRGHXPFRQKHFLPHQWR DFDEDGRHIRUPDOHVLPFRPRHPXPFRQKHFLPHQWRHPFRQVWUXomRHQmR LPXWiYHOTXHDQDOLVDDHGXFDomRFRPRXPFRPSURPLVVRSROtWLFRSUHQKHGH YDORUHVpWLFRVHPRUDLV,0%(51Ï1S

(32)

FRQVWUXomRTXHH[LJHGHOHDFDSDFLGDGHGHVHDSURSULDUGRFRQWH[WRGHVHXVDOXQRV HGHVHIRUPDUSHUPDQHQWHPHQWH

$ DomR DQDOLVDGD QHVWD SHVTXLVD DOpP GH HVWDU LQVHULGD QR SURFHVVR GH IRUPDomR SHUPDQHQWH GRV SURIHVVRUHV IDYRUHFH HVVH WLSR GH UHODomR FRP VHX FRQWH[WR XPD YH] TXH FRQJUHJD HP XP PHVPR HVSDoR IRUPDWLYR SURIHVVRUHV GLUHWRUHV H FRRUGHQDGRUHV GH HVFROD SDLV H MRYHQV GD FRPXQLGDGH (VVD SUiWLFD SRGHDPSOLDUDVSRVVLELOLGDGHVGHHVWDEHOHFLPHQWRGHUHFLSURFLGDGHHYtQFXORVHQWUH RV DWRUHV HQYROYLGRV H D UHDOL]DomR GH Do}HV HP SDUFHULD GD HVFROD FRP VHX HQWRUQR

$ LQVWLWXLomR HGXFDWLYD WDPEpP GHVHPSHQKD XP SDSHO LPSRUWDQWH QD

IRUPDomR GRV SURIHVVRUHV H QR GHVHQYROYLPHQWR GH VXDV FRPXQLGDGHV %XUEOHV H 7RUUHV S VXJHUHP D UHDOL]DomR GH XPD HVFROD ³DEHUWD´ IOH[tYHO TXH SRVVD VH DGDSWDU D VLWXDo}HV HVSHFtILFDV GRV FRQWH[WRV ORFDLV H ³>@DPSOLDU RV OLPLWHV GD FRPXQLGDGH IRUPDQGR VHQVRV GH LGHQWLGDGHV YLiYHLV HP FRQWH[WRV P~OWLSORVGHDILOLDomR´

2 HVWXGR$SURYD %UDVLO WDPEpP FRQVWDWRX TXH D SDUWLFLSDomR GD

FRPXQLGDGHQDHVFRODSRGHFRQWULEXLUSDUDDPHOKRUDGRVUHVXOWDGRVREWLGRVSHORV DOXQRV

ePXLWRLQWHUHVVDQWHTXHDJHVWmRGHPRFUiWLFDDSDUHoDFRPRXPIDWRUTXH FRQWULEXLSDUDXPDPHOKRUDSUHQGL]DJHPGDVFULDQoDVHGRVDGROHVFHQWHV ,VVRSRGHLQGLFDUXPDGHVHMiYHODPSOLDomRGDYLVmRGRSURFHVVRHGXFDWLYR TXH YDL DOpP GD UHODomR HGXFDGRUHGXFDQGR H VLWXD D DSUHQGL]DJHP WDPEpP QR FRQWH[WR FRPXQLWiULR H VRFLDO 2 IDWRU JDQKD DLQGD PDLV UHOHYkQFLDSRUTXHHVWDPRVIDODQGRGHHVFRODVVREUHDVTXDLVDH[SHFWDWLYD GH UHVXOWDGRV HUD UHGX]LGD SHODV FRQGLo}HV VRFLRHFRQ{PLFDV GH VHXV DOXQRV0(&S

,PEHUQyQ FLWD DOJXPDV FRPSHWrQFLDV QHFHVViULDV DRV GRFHQWHV SDUD

DSULPRUDU RV FXUUtFXORV HVFRODUHV H LQFOXLU D FRPXQLGDGH QRV SURFHVVRV HGXFDFLRQDLV

2V GRFHQWHV SUHFLVDP GHVHQYROYHU FDSDFLGDGHV GH DSUHQGL]DJHP GD UHODomR GD FRQYLYrQFLD GD FXOWXUD GR FRQWH[WR H GD LQWHUDomR GH FDGD SHVVRDFRPRUHVWRGRJUXSRFRPVHXVVHPHOKDQWHVHFRPDFRPXQLGDGH TXHHQYROYHDHGXFDomR,0%(51Ï1S

2XWUR IDWRU TXHWDPEpP RFDVLRQD VpULDV FRQVHTXrQFLDV SDUD D HGXFDomR

(33)

LQWHUQDFLRQDO LPS}HP jV HVFRODV H DRV GRFHQWHV QRUPDV H REMHWLYRV QHP VHPSUH FRPSDWtYHLVFRPDVUHDOLGDGHVHQHFHVVLGDGHVORFDLV

$ SURILVVmR GRFHQWH HQFRQWUD QR QHROLEHUDOLVPR XP GH VHXV PDLV GLItFHLV GHVDILRV QmR VRPHQWH DSOLFDU FRQWH~GRV HODERUDGRV SRU SROtWLFDV S~EOLFDV FHQWUDOL]DGRUDVXQLIRUPL]DGDVHYROWDGDVSDUDRPHUFDGRJHUDOPHQWHFRPREMHWLYRV GHFRQWUROHFXUULFXODUPDVWDPEpPHQYROYHUDXWRULDHLQRYDomRSHGDJyJLFDYROWDGDV j SURGXomR GH FRQKHFLPHQWRV FRP EDVH QD WHRULD H QD UHIOH[mR VREUH D SUiWLFD H VREUHRVFRQWH[WRVHGXFDFLRQDLVHVSHFtILFRV

2SURIHVVRURXDSURIHVVRUDQmRGHYHULDVHUXPWpFQLFRTXHGHVHQYROYHRX LPSOHPHQWD LQRYDo}HV SUHVFULWDV PDV GHYHULD FRQYHUWHUVH HP XP SURILVVLRQDOTXHGHYHSDUWLFLSDUDWLYDHFULWLFDPHQWHQRYHUGDGHLURSURFHVVR GH LQRYDomR H PXGDQoD D SDUWLU GH H HP VHX SUySULR FRQWH[WR HP XP SURFHVVRGLQkPLFRHIOH[tYHO,0%(51Ï1S

3DXOR)UHLUHUHIRUoDDUHDOL]DomRGHXPDHGXFDomRPHQRVSUDJPiWLFD

HPDLVKXPDQDHFRQWH[WXDOL]DGD

$ PLP QmR FDEH IDODU GHOHV RV VDEHUHV QHFHVViULRV DR HGXFDGRU SUDJPiWLFR QHROLEHUDO PDV GHQXQFLDU VXD DWLYLGDGH DQWLKXPDQLVWD 2 HGXFDGRU SURJUHVVLVWD SUHFLVD HVWDU FRQYHQFLGR FRPR GH VXDV FRQVHTXrQFLDV p R GH VHU VHX WUDEDOKR XPD HVSHFLILFLGDGH KXPDQD -i YLPRV TXH D FRQGLomR KXPDQD IXQGDQWH GD HGXFDomR p SUHFLVDPHQWH D LQFRQFOXVmR GH QRVVR VHU KLVWyULFR GH TXH QRV WRUQDPRV FRQVFLHQWHV )5(,5(S

&RPSOHPHQWDQGRHVVDVLGHLDV6DFULVWiQSURS}HTXHDHVFRODS~EOLFD

DVVXPDVHXSDSHOSROtWLFRHVRFLDOSDUDDGLPLQXLomRGDVGHVLJXDOGDGHVHH[FOXV}HV SURSRUFLRQDGDVSHODJOREDOL]DomRQDVRFLHGDGHFRQWHPSRUkQHD

6H FRQVLGHUDUPRV TXH D HGXFDomR GHYH VHJXLU SURSRQGR PRGHORV GH VHU KXPDQRHVRFLHGDGHVHPVHOLPLWDUDDGDSWDUVHjVGHPDQGDVGRPRPHQWR R TXH QmR VLJQLILFD GHVFRQVLGHUiODV QmR SRGHPRV ILFDU j HVSHUD GDV GHPDQGDV H[WHUQDV GR PHUFDGR PDV GHYHPRV GHIHQGHU GHWHUPLQDGD DWLWXGH FRPSURPHWLGD FRP XP SURMHWR GHPRFUDWLFDPHQWH HODERUDGR TXH VLUYDDXPPRGHORIOH[tYHOGHLQGLYtGXRHVRFLHGDGH6$&5,67È1S

1HVVHVHQWLGRpLPSRUWDQWHTXHDIRUPDomRGHSURIHVVRUHVHVWHMDYROWDGDj

(34)

$ PHWRGRORJLD DGRWDGD QR FXUVR SURPRYLGR SHOR 3URMHWR ([SHGLomR 3DUDWL SDUHFHLUDRHQFRQWURGHVVDVLGHLDV$OpPGHLQFOXLUDFRPXQLGDGHQRSURFHVVRGH IRUPDomR UHDOL]DGR PDQLIHVWD HP VXDV SDXWDV XPD SUHRFXSDomR IUHTXHQWH FRP D UHDOL]DomR GH UHIOH[}HV VREUH RV FRQWH[WRV RV YDORUHV H DV SUiWLFDV GRV SDUWLFLSDQWHV(VVDSUHRFXSDomRSRGHVHUYHULILFDGDQRTXDGURDVHJXLUHODERUDGR FRPEDVHQRUHVXPRGHDOJXQVGRVHQFRQWURVIRUPDWLYRVUHDOL]DGRV

$WLYLGDGHGDPDQKmGRSULPHLURGLDGHIRUPDomR

'LQkPLFDGHDSUHVHQWDomR4XHPVRXHX"2TXHPDUFRXQRPHXSURFHVVRGH DOIDEHWL]DomR/HWUDPHQWR"

&RPRDSUHQGLDOHUHHVFUHYHU" 2TXHIRLPDUFDQWHQHVWHSURFHVVR"

2TXHpGLVWDQWHHRTXHpSUy[LPRGRWUDEDOKRUHDOL]DGRKRMH"2TXHpLJXDO"

8PSRXFRGHKLVWyULD2VPpWRGRVGH$OIDEHWL]DomRDRORQJRGRVWHPSRV

2TXHpHVWDUDOIDEHWL]DGRKRMH"

(QFHUUDPHQWRSHUtRGRGDPDQKm3UHHQFKLPHQWRGRTXDGUR

/2&$,648( $35(1'(026

3(662$648(126 (16,1$5$0

$35(1',=$*(1648( 1­2(648(&(026

$WLYLGDGHGDPDQKmGRVHJXQGRGLDGHIRUPDomR

+iELWRV GH OHLWXUD QD HVFROD 2 TXH FRQKHFHPRV" 4XDLV VmR RV JrQHURV OLGRV" 4XDO p D SHULRGLFLGDGH"&RPRDOHLWXUDpIHLWD"

9 /HLWXUDHPYR]DOWD

2TXHXPDFULDQoDSRGHDSUHQGHU" 2TXHRVSURIHVVRUHVSRGHPDSUHQGHU"

2TXHRVJHVWRUHVHFRRUGHQDGRUHVSRGHPDSUHQGHU"

D%RQVPRGHORVGHOHLWXUD

/HLWXUDSDUDWUDWDUGRTXHpHSDUDTXHVHUYHPDOHLWXUDGHOLWHUDWXUDHRXRXWURVWLSRVGHWH[WR IHLWDSHORSURIHVVRU

E/LVWDOLYURVGHOLWHUDWXUD

%XVFDUQRPtQLPRGH]OLYURVQDELEOLRWHFDGDHVFRODSDUDOHLWXUDGHDOJXQVHWHQWDUVHLQWHLUDUGRV RXWURV

x 2V SURIHVVRUHV WHUmR TXH OHU H VHOHFLRQDU R TXH TXHUHP OHU SDUD RV VHXV DOXQRV 2

FRPELQDGRVHUiOHUWRGRVRVVHOHFLRQDGRVWURFDQGRHQWUHHOHV

4XDGUR±5HVXPRGDSDXWDGHGRLVHQFRQWURVIRUPDWLYRV

(35)

$ )RUPDomR DTXL HP SDXWD VLWXDVH QRV WUrV FDPSRV TXH DEUDQJHP D

HGXFDomR

x 0DFURXPDYH]TXHLQWHUYpPQDSROtWLFDHGXFDFLRQDOGRPXQLFtSLRGH3DUDWL

SURSRQGR XPD FDSDFLWDomR ~QLFD SDUD DV HVFRODV UXUDLV DSURYDGD SRU VHX VHFUHWiULRGH(GXFDomR

x 0HVRSRUTXHSURFXUDHVWDEHOHFHUYtQFXORVHFRPSURPHWLPHQWRGDVHVFRODVH

GDFRPXQLGDGHFRPDTXHVWmRGDOHLWXUDHVFULWD

x 0LFURSRLVSUHWHQGHLQIOXHQFLDUGLUHWDPHQWHQDGLQkPLFDGHQWURGDVVDODVGH

DXODSRUPHLRGDVDWLYLGDGHVSURSRVWDV

)RUPDomRLQLFLDOHSHUPDQHQWH

8PDYH]FRQWH[WXDOL]DGDDSURILVVmRGRFHQWHHVWHLWHPWUDWDGDIRUPDomRGR SURIHVVRUS~EOLFRPDMRULWiULRGD)RUPDomR6mRDERUGDGDVDVHWDSDVGHIRUPDomR GHVVH SURILVVLRQDO H DV PDQHLUDV SHODV TXDLV HODV LQIOXHQFLDP QR GHVHQYROYLPHQWR GRWUDEDOKRGRFHQWH

$ IRUPDomR GR SURILVVLRQDO QD HGXFDomR p FRPSRVWD EDVLFDPHQWH GH GXDV HWDSDV SULQFLSDLV D IRUPDomR LQLFLDO H D SHUPDQHQWH (VWD SHVTXLVD VLWXDVH QR kPELWRGDVHJXQGDHWDSDHSRUWDQWRDDERUGDFRPPDLVSURIXQGLGDGH'HTXDOTXHU IRUPD UHDOL]DVH WDPEpP XPD EUHYH GLVFXVVmR VREUH D IRUPDomR LQLFLDO GLIHUHQFLDQGRD GD SHUPDQHQWH H LGHQWLILFDQGR VXDV SULQFLSDLV FDUDFWHUtVWLFDV H IXQo}HV

$ IRUPDomR LQLFLDO p FRPR VHX QRPH GHVWDFD R LQtFLR GD SURILVVLRQDOL]DomR GRFHQWH e QHVVD HWDSD IRUPDWLYD TXH RV IXWXURV SURIHVVRUHV GHVHQYROYHP RV FRQKHFLPHQWRVEiVLFRVSDUDRH[HUFtFLRGDSURILVVmRGRFHQWH

$ IRUPDomR LQLFLDO GHYHUi ³>@HYLWDU SDVVDU D LPDJHP GH XP PRGHOR GH SURILVVLRQDO DVVLVWHQFLDO H YROXQWDULVWD>@´,0%(51Ï1 S H IRUQHFHU EDJDJHP FXOWXUDO FRQWH[WXDO H FLHQWtILFD SDUD TXH HVWH SURILVVLRQDO SRVVD DVVXPLU VXDVIXQo}HVFRPFRPSURPLVVRHUHVSRQVDELOLGDGHpWLFDHVRFLDO

,PEHUQyQSGLYLGHRSURFHVVRGHFRQKHFLPHQWRSHGDJyJLFRHPGLYHUVRVPRPHQWRVH[SHULrQFLD

(36)

$DQiOLVHGHFRQWH[WRVHVSHFtILFRVGDVVLWXDo}HVHGXFDWLYDVSDUDDFULDomRGH GLIHUHQWHV HVWUDWpJLDV PHWRGROyJLFDV GH LQWHUYHQomR WDPEpP GHYHUmR VHU H[SHULPHQWDGDVQDIRUPDomR LQLFLDO eGH VXPD LPSRUWkQFLD TXH R IXWXURSURIHVVRU VH UHFRQKHoD FRPR SURGXWRU GH FRQKHFLPHQWR H VHMD FDSD] GH DWHQGHU HP VXD DWXDomR jV QHFHVVLGDGHV GH VHXV DOXQRV GHVHQYROYHQGR VXD FDSDFLGDGH GH LQYHVWLJDomRHDomR

&RQIRUPH,PEHUQyQDVGLVFXVV}HVGHWHPDVDVDQiOLVHVGHSUiWLFDV HGXFDWLYDV DV DWLYLGDGHV FRODERUDWLYDV H D GHILQLomR H UHGHILQLomR GH FRQWH[WRV SRGHP VHU HVWUDWpJLDV GD IRUPDomR LQLFLDO SDUD PRGLILFDU DWLWXGHV DPSOLDU D FDSDFLGDGH GH UHIOH[mR FUtWLFD VREUH D DWXDOLGDGH H SULQFLSDOPHQWH SHUPLWLU D YLQFXODomR HQWUH D WHRULD H D SUiWLFD 'HVVD PDQHLUD RV IXWXURV SURIHVVRUHV SHUFHEHUmRDFRPSOH[LGDGHGDDomRHGXFDWLYDHWHUmRFRPSHWrQFLDSDUDDWRPDGD GH GHFLV}HV SRVLWLYDV QR VHQWLGR GH FRQILUPDU RX PRGLILFDU DWLWXGHV H YDORUHV FRQILJXUDQGR DVVLP VXDRSomR SHGDJyJLFD ,PEHUQyQ UHIRUoD DLQGD D QHFHVVLGDGH GHDWHQomRjVSUiWLFDVGHVHQYROYLGDVQDIRUPDomRLQLFLDO

eSUHFLVRSRLVGHUUXEDURSUHGRPtQLRGRHQVLQRVLPEyOLFRHSURPRYHUXP HQVLQR PDLV GLUHWR LQWURGX]LQGR QD IRUPDomR LQLFLDO XPD PHWRGRORJLD TXH VHMD SUHVLGLGD SHOD SHVTXLVDDomR FRPR LPSRUWDQWH SURFHVVR GH DSUHQGL]DJHPGDUHIOH[mRHGXFDWLYDHTXHYLQFXOHFRQVWDQWHPHQWHWHRULDH SUiWLFD,0%(51Ï1S

(FRQFOXL

$ IRUPDomR LQLFLDO GHYH SUHSDUDU SDUD XPD SURILVVmR H H[LJH TXH VH FRQWLQXHDHVWXGDUGXUDQWHWRGDYLGDSURILVVLRQDO>@1mRVHWUDWDSRLVGH DSUHQGHU XP ³RItFLR´ QR TXDO SUHGRPLQDP HVWHUHyWLSRV WpFQLFRV H VLP GH DSUHQGHU RV IXQGDPHQWRV GH XPD SURILVVmR R TXH VDEHU SRU TXH VH UHDOL]DP GHWHUPLQDGDV Do}HV RX VH WRPDP DOJXPDV DWLWXGHV FRQFUHWDV H TXDQGRHSRUTXHVHUiQHFHVViULRID]rORGHRXWURPRGR,ELGS

,QIHOL]PHQWH DV SUiWLFDV GH IRUPDomR LQLFLDO GHIHQGLGDV SHOR DXWRU QmR VmR HQFRQWUDGDV FRP IUHTXrQFLD QRV FXUVRV GHVWLQDGRV j IRUPDomR GH SURIHVVRUHV $LQGD HQFRQWUDPVH FXUVRV YROWDGRV SDUD XP VDEHU FRPSDUWLPHQWDGR HP TXH R SURIHVVRU p FRQVLGHUDGR XP WpFQLFR UHSOLFDGRU GH PRGHORV H QmR XP DJHQGH GH SURGXomRGHFRQKHFLPHQWRWHyULFRHSUiWLFR

(37)

eH[DWDPHQWHHVWDSHUPDQrQFLDGRKRMHQHROLEHUDOTXHDLGHRORJLDFRQWLGD QR GLVFXUVR GD ³PRUWH GD +LVWyULD´ SURS}H 3HUPDQrQFLD GR KRMH D TXH R IXWXURGHVSUREOHPDWL]DGRVHUHGX]'DtRFDUiWHUGHVHVSHUDQoRVRIDWDOLVWD DQWLXWySLFR GH WDO LGHRORJLD HP TXH VH IRUMD XPD HGXFDomR IULDPHQWH WHFQLFLVWD H VH UHTXHU XP HGXFDGRU H[tPLR QD WDUHID GH DFRPRGDomR DR PXQGRHQmRGHVXDWUDQVIRUPDomR)5(,5(S

2SURIHVVRUGHYHHVWDUSUHSDUDGRSDUDFRQWLQXDUVHXVHVWXGRVGXUDQWHWRGD VXD YLGD SURILVVLRQDO e GHQWUR GHVVD SUHPLVVD TXH D IRUPDomR SHUPDQHQWH HVWi VLWXDGD

$IRUPDomRSHUPDQHQWHVHGiDSyVDIRUPDomRLQLFLDOHGXUDQWHRH[HUFtFLR GD SURILVVmR GRFHQWH $ VXD IXQomR p D ³>@ GH TXHVWLRQDU RX OHJLWLPDU R FRQKHFLPHQWR SURILVVLRQDO SRVWR HP SUiWLFD>@ GHVFREULU D WHRULD SDUD RUGHQiOD IXQGDPHQWiODUHYLViODHFRPEDWrODVHIRUSUHFLVR´,0%(51Ï1S

3HUUHQRXGHPVHXOLYURQRYDVFRPSHWrQFLDVSDUDHQVLQDUDQDOLVD

R SURFHVVR GH IRUPDomR FRQWtQXD GH SURIHVVRUHV H GHVWDFD D QHFHVVLGDGH GH UHIOH[mRVREUHDSUiWLFDGHQWURGHVVHVSURFHVVRV

'HVGH VHX VXUJLPHQWR D IRUPDomR FRQWtQXD GH SURIHVVRUHV UHIHUHVH jV SUiWLFDVSURILVVLRQDLVPDVID]SRXFRWHPSRTXHHODSDUWHUHJXODUPHQWHGDV SUiWLFDV HP YLJRU SDUD ID]rODV PXGDUHP JUDoDV D XP GHFLVLYR UHIOH[LYR (VVD HYROXomR QmR HVWi DFDEDGD H DOJXQV IRUPDGRUHV SHUPDQHFHP QD UHODomR QRUPDWLYRSUHVFULWLYD FRP DV SUiWLFDV LJQRUDP R TXH ID]HP UHDOPHQWH HP FODVVH RV SURIHVVRUHV TXH HOHV IRUPDP $OJXQV DWp VH RUJDQL]DP SDUD QmR VDErOR R TXH IDFLOLWD VLJQLILFDWLYDPHQWH VHX WUDEDOKR GLVSHQVDQGRRVGHVHRFXSDUHPGDGLVWkQFLDHQWUHRTXHHOHVSURS}HPHDV SUiWLFDVUHDLVGRVSURIHVVRUHV3(55(128'S

(VVD SDUHFH VHU XPD TXHVWmR VXSHUDGD QDV Do}HV IRUPDWLYDV DYDOLDGDV &RPR H[SOLFLWDGR DQWHULRUPHQWH D )RUPDomR SDUWLD GRV FRQKHFLPHQWRV DSUHVHQWDGRVSHORVSDUWLFLSDQWHVSDUDRGHVHQYROYLPHQWRGHVHXVFRQWH~GRV$OpP GLVVR SRU PHLR GDV DWLYLGDGHV SHGDJyJLFDV WDUHIDV VROLFLWDGDV DRV HGXFDGRUHV DSyVRVHQFRQWURVHUDSRVVtYHODGLVFXVVmRVREUHSUiWLFDVHDWLYLGDGHVUHDOL]DGDV GHQWURGHVDODGHDXOD

(38)

$XQLGDGHHVFRODUpXPDPELHQWHSULYLOHJLDGRSDUDDUHDOL]DomRGDIRUPDomR SHUPDQHQWHXPDYH]TXHSURSRUFLRQDUHIOH[mRFROHWLYDHDFRQVWUXomRGHFXUUtFXORV FRQWH[WXDOL]DGRVjVQHFHVVLGDGHVHGHPDQGDVREVHUYDGDVGHQWURGHFDGDHVFROD

2 SURFHVVR GH IRUPDomR DQDOLVDGR SURFXUD FULDU XP HVSDoR GH UHIOH[mR FROHWLYDDRLQFOXLUHPVHXFRUSRGHSDUWLFLSDQWHVXPFRRUGHQDGRUGHFDGDXPDGDV HVFRODV HQYROYLGDV 3RU PHLR GHVVD HVWUDWpJLD RV FRQWH~GRV DGTXLULGRV GXUDQWH D )RUPDomR SRGHUmR VHU PXOWLSOLFDGRV QRV FHQWURV HVFRODUHV FRP PDLRU IDFLOLGDGH WDQWRQDVUHXQL}HVGHRULHQWDomRLQGLYLGXDODFDGDSURIHVVRUTXDQWRQRVPRPHQWRV GHSODQHMDPHQWRFROHWLYR

$ SUiWLFD FROHWLYD SRGH VHU FRQVLGHUDGD XP GRV SLODUHV GD IRUPDomR SHUPDQHQWH SRLV HVWi FRPSURPHWLGD FRP D WUDQVIRUPDomR VRFLDO QD PHGLGD HP TXH SURSLFLD DRV SURIHVVRUHV VH IRUWDOHFHU PXWXDPHQWH LQVWDXUDQGR XP FOLPD GH FRODERUDomRGHQWURGDVXQLGDGHVHVFRODUHV

(VVD p RXWUD SUiWLFD LQFHQWLYDGD SHOD DomR IRUPDWLYD GR 3URMHWR ([SHGLomR 3DUDWLHTXHSRGHVHUUHFRQKHFLGDSRUPHLRGDDQiOLVHGHVXDVSDXWDV(PWRGRVRV HQFRQWURVREVHUYDGRVRVSDUWLFLSDQWHVUHDOL]DYDPDWLYLGDGHVHPJUXSRH[HUFLWDQGR VXD FDSDFLGDGH GH FRODERUDomR QmR Vy HQWUH SURIHVVRU GLUHWRU H FRRUGHQDGRU GH XPD PHVPD HVFROD PDV WDPEpP HQWUH SURIHVVRUHV GH HVFRODV GLIHUHQWHV FRP FRQWH[WRVVHPHOKDQWHV

4XDQWR PDLV XPD IRUPDomR HVWLYHU YLQFXODGD H LPHUVD QR FRQWH[WR H QDV SUiWLFDV UHDOL]DGDV PDLRUHV VHUmR RV HIHLWRV H R FRPSURPHWLPHQWR FRP DV PHWRGRORJLDVHRVFRQWH~GRVDSUHHQGLGRV

>@ QmRp RVLPSOHVIDWRGHHVWDU QDHVFRODHGHGHVHQYROYHUXPDSUiWLFD HVFRODUFRQFUHWDTXHJDUDQWHDSUHVHQoDGHFRQGLo}HVPRELOL]DGRUDVGHXP SURFHVVR IRUPDWLYR >@ p LPSRUWDQWH TXH HVWD SUiWLFD VHMD XPD SUiWLFD UHIOH[LYD XPD SUiWLFD GH LGHQWLILFDU SUREOHPDV H UHVROYrORV H ± DV SHVTXLVDV TXH VmR FDGD YH] PDLV FRQIOXHQWHV ± TXH VHMD XPD SUiWLFD FROHWLYD XPD SUiWLFD FRQVWUXtGD FRQMXQWDPHQWH SRU JUXSRV GH SURIHVVRUHV RX SRU WRGR R FRUSR GRFHQWH GH XPD GHWHUPLQDGD LQVWLWXLomR HVFRODU &$1'$8S

(39)

IXQGDo}HV H LQVWLWXWRV UHDOL]DP FRQVWDQWHPHQWH Do}HV YROWDGDV j IRUPDomR GH SURIHVVRUHVTXHMiDWXDPGHQWURGDVHVFRODV

$ IRUPDomR UHDOL]DGD SRU HVVH XQLYHUVR KHWHURJrQHR GH LQVWLWXLo}HV GHYH YLQFXODU VHXV FRQWH~GRV H VXDV PHWRGRORJLDV jV UHDOLGDGHV GDV LQVWLWXLo}HV GH HQVLQR H jV SUiWLFDV FRWLGLDQDV GRV HGXFDGRUHV 6RPHQWH GHVVD IRUPD SRGHUmR JHUDUWUDQVIRUPDo}HVFRPYLVWDVjPHOKRULDGDTXDOLGDGHGRHQVLQR

e LPSRUWDQWH TXH D IRUPDomR SHUPDQHQWH FRQVLGHUH H YDORUL]H R VDEHU GRFHQWH ± VHJXQGR HL[R SURSRVWR SRU &DQGDX ± H SURSRUFLRQH D UHIOH[mR FUtWLFD VREUHHOH

3ODQHMDU GLDJQRVWLFDU H DYDOLDU WDPEpP GHYHP VHU FRQKHFLPHQWRV WUDEDOKDGRV QD IRUPDomR SHUPDQHQWH FRP R REMHWLYR GH UHYLVmR H DGDSWDomR DRV FRQWH[WRV HVSHFtILFRV GH FDGD VDOD GH DXOD ³>@ 7RGR SURFHVVR GH IRUPDomR FRQWLQXDGD WHP TXH WHU FRPR UHIHUrQFLD R VDEHU GRFHQWH R UHFRQKHFLPHQWR H D YDORUL]DomRGRVDEHUGRFHQWH´&$1'$8S'XUDQWHHVVHSURFHVVRGH UHIOH[mR FUtWLFD VREUH D SUiWLFD R HGXFDGRU LGHQWLILFD WHRULDV LPSOtFLWDV HP VXDV Do}HV H UHDOL]D XP SURFHVVR GH DXWRDYDOLDomR SDUD DSHUIHLoRDPHQWR GH VXDV SUiWLFDVHGXFDWLYDV

$ IRUPDomR SHUPDQHQWH GHYH TXHVWLRQDU R VHQWLGR SHGDJyJLFR FRPXP DV FRQFHSo}HV FDSDFLGDGHV H KDELOLGDGHV GRV GRFHQWHV FRP D ILQDOLGDGH GH UHFRQVWUXtODV SRVLWLYDPHQWH 'LDQWH GHVVD FRQFHSomR GH IRUPDomR SHUPDQHQWH GHYHVHHQWHQGHURSURIHVVRUFRPRXP³>@FRQVWUXWRUGHFRQKHFLPHQWRSHGDJyJLFR GHIRUPDLQGLYLGXDOHFROHWLYD´,0%(51Ï1S

2 ~OWLPR HL[R GHVWDFDGR SRU &DQGDX GL] UHVSHLWR DR UHFRQKHFLPHQWR GRFLFORGHYLGDSURILVVLRQDOGRVGRFHQWHVDVSHFWRGHVXPDLPSRUWkQFLDSRLVFRPR GHVWDFD D DXWRUD XP SURIHVVRU TXH LQLFLD VXD FDUUHLUD WHP H[SHFWDWLYDV H DQVHLRV GLIHUHQWHVGRHGXFDGRUTXHMiHVWiKiPDLVGHYLQWHDQRVHPVXDSURILVVmR

(VVHDVSHFWRWDPEpPGHYHVHUFRQVLGHUDGRQDIRUPXODomRRXQDUHDOL]DomR GHFXUVRVSDUDDIRUPDomRGHHGXFDGRUHV'HYHVHDWHQWDUSDUDDKHWHURJHQHLGDGH GRJUXSRGHSURILVVLRQDLVFRPRVTXDLVVHWUDEDOKDUHFRQKHFHQGRVXDVGHPDQGDVH H[SHFWDWLYDVSDUDSURSRUFLRQDUUHIOH[}HVHWURFDVVLJQLILFDWLYDV

(40)

SDGURQL]DGRV H D FULDomR GH VLVWHPDV GLIHUHQFLDGRV TXH SHUPLWDP DRV SURIHVVRUHV H[SORUDU H WUDEDOKDU RV GLIHUHQWHV PRPHQWRV GH VHX GHVHQYROYLPHQWR SURILVVLRQDO GH DFRUGR FRP VXDV QHFHVVLGDGHV HVSHFtILFDV&$1'$8S

'H XP WRWDO GH HGXFDGRUHV ± SURIHVVRUHV FRRUGHQDGRUHV H GLUHWRUHV ± SDUWLFLSDQWHV GD )RUPDomR UHVSRQGHUDP DR TXHVWLRQiULR 'HVVHV D PpGLD GH LGDGH REVHUYDGD IRL GH DQRV 6HX WHPSR GH WUDEDOKR FRPR HGXFDGRUHV p LOXVWUDGRQRVHJXLQWHJUiILFR

*UiILFR±7HPSRGHDWXDomRQDHGXFDomR±SURIHVVRUHVFRRUGHQDGRUHVHGLUHWRUHVSDUWLFLSDQWHV GD)RUPDomR

$ DQiOLVH GR JUiILFR UHYHOD TXH PDLV GH XP WHUoR GRV HGXFDGRUHV SDUWLFLSDQWHVGHVWD)RUPDomRDWXDPQDiUHDGDHGXFDomRKiPDLVGHVHWHDQRV

$IRUPDomR SHUPDQHQWH p XPD HWDSD FRQVWDQWHH H[WUHPDPHQWHQHFHVViULD SDUD D DWXDOL]DomR GRV SURIHVVRUHV GLDQWH GDV QRYDV GHPDQGDV H GRV FRQWH[WRV FRQWHPSRUkQHRVXPDDomRIRUPDWLYDTXHSUHWHQGHJDUDQWLUTXHDVPHWRGRORJLDVH RV FRQWH~GRV DSUHHQGLGRV H UHDOL]DGRV GHQWUR GDV HVFRODV VHMDP DWXDOL]DGRV H VLJQLILFDWLYRVWDQWRSDUDDOXQRVTXDQWRSDUDSURIHVVRUHV

(41)

$3523267$'()250$d­2

1HVWH FDStWXOR DSUHVHQWDVH R GRFXPHQWR GHILQLGRU GD )RUPDomR UHDOL]DGD FRP HGXFDGRUHV MRYHQV H PmHV GDV FRPXQLGDGHV UXUDLV GH 3DUDWL D ILP GH IDPLOLDUL]DU R OHLWRU FRP R REMHWR GHVWD SHVTXLVD 3DUD WDQWR VmR GHVFULWRV R FRQWH[WR R SURFHVVR GH HODERUDomR D HVWUXWXUD R S~EOLFR RV REMHWLYRV H D PHWRGRORJLDGD)RUPDomR$OpPGLVVRGLVFXWHVHRFRQFHLWRGHOHWUDPHQWR±REMHWR IXQGDPHQWDO GR SURFHVVR DQDOLVDGR ± H DV PDQHLUDV SHODV TXDLV HOH p DERUGDGR SHODVIRUPDGRUDV

6RPHQWH FRP EDVH QR GHWDOKDPHQWR GD3URSRVWD GH IRUPDomR ±

HGXFDomR QD HVFRODH QD FRPXQLGDGH &(13(&EHGHVHXVIXQGDPHQWRV

WHyULFRV H SUiWLFRV p TXH SRGHUi VHU UHDOL]DGD D DYDOLDomR GD )RUPDomR REMHWLYR ~OWLPRGDSHVTXLVDDSUHVHQWDQHVWDGLVVHUWDomR

9DOHUHVVDOWDUTXHHVWHFDStWXORQmRGLVFXWHDH[HFXomRGD)RUPDomRHVLP

DSURSRVWDIRUPDOHQFDPLQKDGD$GHVFULomRGRVHXSURFHVVRGHLPSODQWDomRVHUi GHWDOKDGDHPVHJXLGDSRUPHLRGDDQiOLVHGDVSDXWDVHGRVUHJLVWURVHODERUDGRV SHOD HTXLSH GH IRUPDGRUDV H SDUWLFLSDQWHV 2V GRLV SURFHVVRV VmR DQDOLVDGRV VHSDUDGDPHQWHSDUDYHULILFDUFRPRDSURSRVWDSRGHVHUSRVWDHPSUiWLFD

&RQWH[WXDOL]DomRHMXVWLILFDWLYDGDDomRGHIRUPDomR

$ FRQWH[WXDOL]DomR GD DomR GH IRUPDomR DYDOLDGD WHP FRPR REMHWLYR

DSUHVHQWDU D UHDOLGDGH HGXFDFLRQDO HP TXH VH GHVHQYROYHX HVWD SHVTXLVD 'HVWDFDPVH HOHPHQWRV TXH VH LQWHUUHODFLRQDP FRP D TXHVWmR HGXFDFLRQDO H VRFLDO XPD YH] TXH HVWD SHVTXLVD EXVFD DYDOLDU XPD IRUPDomR UHDOL]DGD FRP SURIHVVRUHVHPHPEURVGDVFRPXQLGDGHVUXUDLVGH3DUDWL3ULRUL]DVHSRUWDQWRXP ROKDU PDLV DWHQWR j UHDOLGDGH HGXFDFLRQDO H VRFLDO GD UHJLmR DEUDQJLGD SHOD )RUPDomR

(42)

)LJXUD±(VWDGRGR5LRGH-DQHLUR±PXQLFtSLRGH3DUDWLHPGHVWDTXH&(13(&RQOLQH

3DUDWL p XP PXQLFtSLR GH SHTXHQR SRUWH ,, FRP SRSXODomR HVWLPDGD HP KDELWDQWHVGRVTXDLVUHVLGHPHPVXD]RQDUXUDOFRQIRUPHGDGRVGR ,QVWLWXWR %UDVLOHLUR GH *HRJUDILD H (VWDWtVWLFD ,%*( GH 6HX ËQGLFH GH 'HVHQYROYLPHQWR+XPDQR,'+FRUUHVSRQGHDPDLVEDL[RTXHRGRHVWDGR GR5LRGH-DQHLURSRUpPDFLPDGDPpGLDQDFLRQDO

&RQIRUPH D3URSRVWD GH IRUPDomR GDGRV VREUH R PXQLFtSLR GH 3DUDWL VLVWHPDWL]DGRV SHOR 3URJUDPD 0HOKRULD GD (GXFDomR SRVVLELOLWDUDP D LGHQWLILFDomR GH SULRULGDGHV QR FDPSR GD HGXFDomR D VHUHP DWHQGLGDV SHOD )RUPDomR $R DQDOLVDU R FRQMXQWR GH GDGRV GR ,%*( H GR ,QVWLWXWR 1DFLRQDO GH 3HVTXLVDV H (GXFDFLRQDLV $QtVLR 7HL[HLUD ,1(3 D 3URSRVWD LGHQWLILFRX TXHVW}HV UHOHYDQWHVSDUDXPSURMHWRYROWDGRjPHOKRULDGDTXDOLGDGHQDVHVFRODVS~EOLFDVGD UHJLmR

$SULPHLUDGHODVUHIHUHVHjHGXFDomRQDiUHDUXUDOHVSDoRRQGHRFRUUHXD DomR GH IRUPDomR DYDOLDGD 2 HQVLQR RIHUWDGR QHVVD iUHD FRQWHPSOD VRPHQWH R SULPHLURFLFORGRHQVLQRIXQGDPHQWDO,DWpDDVpULHeLPSRUWDQWHUHVVDOWDUTXHHP 3RQWD1HJUDH6RQRUHJL}HVFRQWHPSODGDVSHOR3URMHWR([SHGLomR3DUDWLRHQVLQR GHVVDVVpULHVpPXOWLVVHULDGR

&RQIRUPHR&HQVRGHPRJUiILFR,%*(UHDOL]DGRHPRVPXQLFtSLRVEUDVLOHLURVIRUDPFODVVLILFDGRVSRU

SRUWHHPFLQFRFDWHJRULDVFRQIRUPHRQ~PHURGHKDELWDQWHVSHTXHQR,DWpPLOKDELWDQWHVSHTXHQR,,GH DPLOKDELWDQWHVPpGLRGHDPLOKDELWDQWHVJUDQGHGHDPLOKDELWDQWHV PHWUySROHVPDLVGHPLOKDELWDQWHV

23URJUDPD0HOKRULDGD(GXFDomRWHPSRUREMHWLYRFRQWULEXLUSDUDRIRUWDOHFLPHQWRGHJHVW}HVPXQLFLSDLVHp

(43)

$HGXFDomRQD]RQDUXUDOpFODUDPHQWHSUHFiULDDVWD[DVGHUHSURYDomRHP

FRQIRUPHGDGRVGR,1(3FRUUHVSRQGLDPDQDDVpULHHQDD

DVWD[DVGHGLVWRUomRLGDGHVpULHFKHJDYDPDQDTXDUWDVpULH

2XWUD TXHVWmR QmR PHQRV LPSRUWDQWH p D LQFDSDFLGDGH GH D UHGH S~EOLFD DWHQGHU D GHPDQGD HVFRODU SULQFLSDOPHQWH QR TXH VH UHIHUH j HGXFDomR LQIDQWLO &RQIRUPH GDGRV GR ,1(3 GH QD iUHD UXUDO QmR Ki FUHFKHV PXQLFLSDLV RX HVWDGXDLV H D SRSXODomR QD IDL[D HWiULD GH D DQRV WRWDOL]DYD FULDQoDV QHVVDUHJLmR

1DiUHDXUEDQDDVLWXDomRQmRpPDLVDQLPDGRUDKiDSHQDVGXDVFUHFKHV XPDPXQLFLSDOHRXWUDHVWDGXDOSDUDDWHQGHUDXPDGHPDQGDGHFULDQoDVHP LGDGHGHDDQRV

&RQIRUPH R WH[WR GD3URSRVWD GH DomR ± PDLR GH D DEULO GH GHVHQYROYLGD SHOD HTXLSH GR &HQSHF D DXVrQFLD GD HGXFDomR LQIDQWLO ID] DV FULDQoDV LQLFLDUHP VXD YLGD HVFRODU ³VHP FRQGLo}HV GH HQIUHQWDU R HQVLQR IRUPDO SDUDREWHUHP VXFHVVR HP VXDV DSUHQGL]DJHQV &RPR GHFRUUrQFLD WHPRV R HIHLWR GRPLQyQDVVpULHVSRVWHULRUHV´&(13(&S

2XWUR DVSHFWR GH H[WUHPD UHOHYkQFLD VRFLDO H HGXFDFLRQDO p D SUHFiULD IRUPDomRGRVSURIHVVRUHV GR PXQLFtSLR 'RV HGXFDGRUHV TXHDWXDPGHD DD VpULH QmR FKHJDP DR HQVLQR VXSHULRU H D PDLRULD GHOHV DWXD QD iUHD UXUDO (YLGHQFLDVH SRUWDQWR D QHFHVVLGDGH GH JUDQGH LQYHVWLPHQWR QD IRUPDomR GH HGXFDGRUHVSULQFLSDOPHQWHQHVVDVUHJL}HV

$ DOWD URWDWLYLGDGH GH HGXFDGRUHV GHFRUUHQWH GRV FKDPDGRV FRQWUDWRV SUHFiULRVWDPEpPIRLLGHQWLILFDGDSHODHTXLSHH[HFXWRUDGRSURMHWR'HDFRUGRFRP D3URSRVWD GH IRUPDomR ³>@HP D UHDOL]DomR GR FRQFXUVR S~EOLFR SHUPLWLX UHJXODUL]DU D TXHVWmR FRQWUDWXDO DVVHJXUDQGR D HVWDELOLGDGH GH SURIHVVRUHV 1R HQWDQWR PDQWpPVH IUiJLO D SHUPDQrQFLD GH SURIHVVRUHV QDV HVFRODV UXUDLV´ &(13(&ES

³2FRQFHLWRGHGLVWRUomRLGDGHVpULHXVDGRpDSRUFHQWDJHPGHDOXQRVGHIDVDGRVGRLVDQRVRX

PDLVeLPSRUWDQWHUHVVDOWDUTXHTXDQWRPDLRUDGLVWRUomRSLRUpRGHVHPSHQKRHVFRODU´6È7<52 162$5(66S

(44)

8PD~OWLPDTXHVWmRTXHFRQWULEXLSDUDXPTXDGURSUHRFXSDQWHGDHGXFDomR QD iUHD UXUDO GH 3DUDWL p D HQRUPH GLILFXOGDGH GH RV DOXQRV GH HVFRODV UXUDLV FRQWLQXDUHPVHXVHVWXGRV&RPRFRORFDGRDQWHULRUPHQWHQmRH[LVWHPHVFRODVTXH DWHQGDP DOXQRV GH D D H D VpULHV H R GHVORFDPHQWR SDUD iUHD XUEDQD SRGH GHPRUDU DWp GXDV KRUDV GHVGH R ORFDO GH PRUDGLD GRV DOXQRV R TXH LPSHGH HRX GLILFXOWDDFRQWLQXLGDGHGHVHXVHVWXGRV

$FROHWDGHLQGLFDGRUHVHGXFDFLRQDLVGRPXQLFtSLRGH3DUDWLIRLUHDOL]DGDSHOD HTXLSH GR &HQSHF FRP R REMHWLYR GH UHDOL]DU XPD SULPHLUD DSUR[LPDomR FRP D UHDOLGDGHHGXFDFLRQDOGRPXQLFtSLRGHDWXDomR$SyVHVVDSULPHLUDHWDSDKRXYHR UHFRQKHFLPHQWRLQ ORFR GHVWH WHUULWyULR GDQGR RULJHP j3URSRVWD GH IRUPDomR 2V LWHQVTXHFRPS}HD3URSRVWDHVHXSURFHVVRGHHODERUDomRVmRGHVFULWRVDVHJXLU

(ODERUDomRGD3URSRVWDGHIRUPDomR

$3URSRVWD GH IRUPDomR DSUHVHQWDGD SHOR &HQSHF j $VVRFLDomR &DLUXoX HVWUXWXUDVHHPWUrVSDUWHV

x RFRQWH[WRGDOHLWXUDHHVFULWDQDHVFRODS~EOLFD±IXQomRVRFLDOGDOHLWXUD

H GD HVFULWD H R SDSHO GR HQVLQR IXQGDPHQWDO QD JDUDQWLD GHVWD DSUHQGL]DJHP

x D SURSRVWD GH IRUPDomR FRQWHPSODQGR REMHWLYRV JHUDLV H HVSHFtILFRV

GXUDomR S~EOLFR DOYR PRQLWRUDPHQWR H DYDOLDomR H HVWUXWXUD GRV HQFRQWURVH

x RV UHVXOWDGRV HVSHUDGRV UHIHUHQWHV DRV LPSDFWRV HVSHUDGRV QRV

SURIHVVRUHV VHXV DOXQRV H FRPXQLGDGHV DWHQGLGDV LQGLUHWDPHQWH SHOD )RUPDomR

1R WH[WR GD 3URSRVWD p SRVVtYHO LGHQWLILFDUHOHPHQWRV UHIHUHQWHVD WHRULDV H PHWRGRORJLDV GH DYDOLDomR GH SURMHWRV VRFLDLV 7DLV PHWRGRORJLDV VmR H[SOLFLWDGDV FRPRREMHWLYRGHGHPRQVWUDUDSUHRFXSDomRGDLQVWLWXLomRFRPRUHJLVWURHDFROHWD GHGDGRVSDUDHODERUDomRHPRQLWRUDPHQWRGDVDo}HVSUHYLVWDV

(45)

0XQLFLSDO GH (GXFDomR GH 3DUDWL &RP EDVH QR UHODWyULR JHUDGR SHOR GLDJQyVWLFR IRLHODERUDGDHHVWUXWXUDGDD3URSRVWDGHIRUPDomRSDUDSURIHVVRUHV

&RQIRUPH D OLWHUDWXUD VREUH DYDOLDomR GH SURMHWRV VRFLDLV D DYDOLDomR GLDJQyVWLFDGHQRPLQDGDH[DQWHGHYHVHUUHDOL]DGDDQWHVGRLQtFLRGRSURMHWRHWHP SRU ILQDOLGDGH GLDJQRVWLFDU H FRQWULEXLU SDUD D HODERUDomR H D MXVWLILFDWLYD GH LPSODQWDomR

$YDOLDomRH[DQWH WHP SRU ILQDOLGDGH SURSRUFLRQDU FULWpULRV UDFLRQDLV SDUD XPDGHFLVmRTXDOLWDWLYDFUXFLDOVHRSURMHWRGHYHRXQmRVHULPSOHPHQWDGR &2+(1)5$1&2S

&RQIRUPH'UDLEH

$YDOLDo}HVH[DQWH SUHFHGHP R LQtFLR GR SURJUDPD RFRUUHQGR HP JHUDO GXUDQWH DV IDVHV GH SUHSDUDomR H GH IRUPXODomR WDPEpP UHIHULGDV FRPR DYDOLDo}HVGLDJQyVWLFR VmR UHDOL]DGDV SDUD DSRLDU GHFLV}HV ILQDLV GD IRUPXODomRDWHQGHQGRDXPRXGRLVGHVHXVREMHWLYRV

x SURGX]LU RULHQWDo}HV H LQGLFDGRUHV TXH VH LQFRUSRUHP DR SURMHWR

PHOKRUDQGRVHXGHVHQKRHHVWUDWpJLDVPHWRGROyJLFDVGHLPSODQWDomR

x )L[DU XP SRQWR GH SDUWLGD TXH SHUPLWD FRPSDUDo}HV IXWXUDV OLQKD GH

EDVHRXWHPSR]HUR'5$,%(S

1HVVH VHQWLGR SRGHVH REVHUYDU TXH D DYDOLDomRH[DQWH GD3URSRVWD GH IRUPDomRIRLUHDOL]DGDLVWRpVHXVH[HFXWRUHVSURFXUDUDPYHULILFDUDUHDOLGDGHGH DWXDomR SDUD SRGHU FRPSUHHQGrOD H FRQVLGHUiOD QR PRPHQWR GH GHILQLomR GDV Do}HV

1D SURSRVWD DOpP GH WUHFKRV GDV HQWUHYLVWDV UHDOL]DGDV VmR LQGLFDGDV DV SULQFLSDLV IUDJLOLGDGHV D VHUHP WUDEDOKDGDV HQWUH HODV R EDL[R OHWUDPHQWR GDV FULDQoDV TXH IUHTXHQWDP DV HVFRODV DQDOLVDGDV H D IDOWD GH DWXDOL]Do}HV GRV SURIHVVRUHV

4XDGUR±'HVWDTXHGD3URSRVWDGHIRUPDomR&(13(&ES

$OpPGLVVRQDYpVSHUDGHFDGDHQFRQWURIRUPDWLYRDHTXLSHGHIRUPDGRUDV UHDOL]RX YLVLWDV jV FRPXQLGDGHV H HVFRODV SDUWLFLSDQWHV GR 3URMHWR D ILP GH DSURIXQGDU R FRQKHFLPHQWR VREUH DV VHLV FRPXQLGDGHV H DV HVFRODV FRQWHPSODGDV

(46)

'XUDQWH HVVDV YLVLWDV IRUDP UHDOL]DGDV HQWUHYLVWDV FRP HGXFDGRUHV REVHUYDo}HVGRWUDEDOKRSHGDJyJLFRHUHFROKLPHQWRGHSURGXo}HVDOHDWyULDVGRV DOXQRVUHODFLRQDGDVjOHLWXUDHjHVFULWD&RPRSURGXWRGHVVDDomRIRLHODERUDGR XP UHODWyULR TXH VHUYLX GH EDVH SDUD XPD SULPHLUD DYDOLDomR H UHDGHTXDomR GDV Do}HVIRUPDWLYDVSUHYLVWDV

$ DYDOLDomR GH SURFHVVR RX PRQLWRUDPHQWR GHQWUR GDV PHWRGRORJLDV GH DYDOLDomRGHSURMHWRVVRFLDLVpUHDOL]DGDGXUDQWHRSURMHWR6HXSULQFLSDOREMHWLYRp JHUDULQVXPRVSDUDYHULILFDUHPTXHPHGLGDDVDo}HVGHVHQYROYLGDVFRODERUDPSDUD TXH RV REMHWLYRV GR SURMHWR VHMDP DWLQJLGRV e ILQDOLGDGH WDPEpP GHVVD DYDOLDomR FRQWULEXLUSDUDDPHOKRULDGHHVWUDWpJLDVHSURFHVVRVDVHUHPGHVHQYROYLGRV

0RQLWRUDPHQWR H DFRPSDQKDPHQWR DYDOLDWLYR VmR LPSUHVFLQGtYHLV SRLV IRUQHFHP LQIRUPDo}HV LPSRUWDQWHV VREUH DV GLILFXOGDGHV RX GHVYLRV QR GHVHPSHQKR GR SURMHWR TXH SRGHP DIHWDU D REWHQomR GDV PHWDV RX UHVXOWDGRV SURSRVWRV LGHQWLILFDP DWRUHV SURJUDPiWLFRV TXH GHYHP VHU DSULPRUDGRV RX TXH VmR H[SOLFDWLYRV GRV VXFHVVRV REWLGRV SHOR SURMHWR 3HUPLWHFRUUHo}HVLPHGLDWDVQRGHFRUUHUGDDomR&$59$/+2S

(47)

)iFLODFHVVRERDHVWUXWXUD&DPSLQKR3DWULP{QLR92UDWyULR

3RGHVHDILUPDUTXHDVWUrVHVFRODVFRPXQLGDGHVSRUHVWDUHPjEHLUDGDURGRYLDHWHUHP ERP DFHVVR VH GHILQHP SHOR DWHQGLPHQWR jV FULDQoDV GD SUySULD FRPXQLGDGH H D FULDQoDV GH RXWURV³OXJDUHV´WHQGRXPUD]RiYHOIOX[RGHWURFDVHLQIOXrQFLDV(VVHIDWRSDUHFHQmRVHUPXLWR EHP DVVLPLODGR QD FRPXQLGDGH GR &DPSLQKR (P WUrV HVFRODV &DPSLQKR 3DWULP{QLR H 9LOD 2UDWyULR H[LVWHP FRPSXWDGRUHV LQVWDODGRV VHQGR TXH DSHQDV XP GHOHV WHP LQWHUQHW H DOJXQV HVWmR SUHFLVDQGR GH PDQXWHQomR $ HVFROD GH 9LOD 2UDWyULR QRV SDUHFHX SHFXOLDU FRP UD]RiYHO HVWUXWXUDHSRXFRDWHQGLPHQWR

&DLoDUDRXWXUtVWLFD"7ULQGDGH

$ HVFROD GH 7ULQGDGH LQVHULGD HP FRPXQLGDGH GH LQWHQVR IOX[R WXUtVWLFR IDWR TXH QRV SHUPLWHLQIHULUHVVDLQIOXrQFLDQRIXQFLRQDPHQWRFRWLGLDQRGDHVFRODVHQGRTXHRVWHPSRVGHIOX[R WXUtVWLFRLQIOXHQFLDPQDIUHTXrQFLDHULWPRVGDVFULDQoDVHSURIHVVRUHV>@

,VRODPHQWR6ROLGmR6RQRH3RQWD1HJUD

2 SRQWR HP FRPXP GDV HVFRODV GH 6RQR H 3RQWD 1HJUD p R LVRODPHQWR $ IDOWD GH WUDQVSRUWHHIHWLYRTXHIDYRUHoDRDFHVVRUHJXODUHVLVWHPiWLFRSULYDVHXVPRUDGRUHVGHXPGLUHLWR EiVLFR±RGHLUHYLU±HVXDVFULDQoDVGHWHUHPRHQVLQRIXQGDPHQWDOFRPSOHWRVHXVMRYHQVGH FXUVDUHP R HQVLQR PpGLR H GR H[HUFtFLR GH RXWURV GLUHLWRV FRP UHJXODULGDGH VD~GH DEDVWHFLPHQWRPRUDGLDGLJQDVDQHDPHQWREiVLFR2LVRODPHQWRGDSURIHVVRUDGH3RQWD1HJUD DVGLILFXOGDGHVTXHHQIUHQWDHPVHXWUDEDOKRQDJHVWmRGDVDODGHDXODHQDGLGiWLFDLQGLFDPD QHFHVVLGDGH SUHPHQWH GH UHFHEHU DSRLR GH IUHTXHQWDU D )RUPDomR H GH PDQWHU WUDEDOKR DUWLFXODGR FRP R SURIHVVRU GR UHIRUoR HVFRODU FRQWUDWDGR SHOD DVVRFLDomR HP IDYRU GR DWHQGLPHQWRGDVGXDVFODVVHVFRPDVTXDLVDWXD

4XDGUR±$VSHFWRVGHFLVLYRVSDUDLQWHUYHQomRQDVFRPXQLGDGHVFRQWHPSODGDVSHOD)RUPDomR LGHQWLILFDGRVSHODHTXLSHGHIRUPDGRUDV&(13(&DS

8PD YH] FRQWH[WXDOL]DGR R WHUULWyULR GH DomR H GHVFULWR R SURFHVVR GH HODERUDomR GD 3URSRVWD DSUHVHQWDPVH QR SUy[LPR LWHP D HVWUXWXUD H D PHWRGRORJLDGD)RUPDomR

(VWUXWXUDHPHWRGRORJLD

$ )RUPDomR WHYH FDUJD KRUiULD SUHVHQFLDO GH TXDUHQWD H RLWR KRUDV

GLVWULEXtGDV HP FLQFR HQFRQWURV PHQVDLV GH RLWR KRUDV UHDOL]DGRV HP IRUPDWR GH RILFLQDVHXPD5RGDGH/HLWXUD

(48)

&RPRHVWUDWpJLDPHWRGROyJLFDD3URSRVWDGHIRUPDomRLQGLFDDHODERUDomR GH³>@DWLYLGDGHVGHOHLWXUDHSURGXomRGHWH[WRVVHPHOKDQWHVjVGHVDODGHDXOD DUWLFXODGRVDPRPHQWRVGHUHIOH[mRHGLVFXVVmRWHyULFD´&(13(&ES

2XWUD HVWUDWpJLD LQGLFDGD p D GLYHUVLILFDomR GDV IRUPDV GH DJUXSDPHQWRV GXUDQWHVRVHQFRQWURV'HVVDIRUPDDUHDOL]DomRGHWUDEDOKRVFROHWLYRVLQGLYLGXDLV HHPSHTXHQRVJUXSRVSRVVLELOLWDULDDRVSDUWLFLSDQWHVUHFRQKHFHUDLPSRUWkQFLDGD XWLOL]DomRGHGLYHUVDVIRUPDVGHDJUXSDPHQWRHFRRSHUDomRGHQWURGDVDODGHDXOD

3HUUHQRXGUHVVDOWDDQHFHVVLGDGHGHUHDOL]DomRGHWUDEDOKRVHPJUXSRTXH

HVWLPXOHPDFDSDFLGDGHGHFRRSHUDomRHQWUHRVDOXQRV

³1mRVHDSUHQGHVR]LQKR´DILUPD&5(6$6LQVLVWLQGRQRSDSHOGDV LQWHUDo}HV VRFLDLV QD FRQVWUXomR GH FRQKHFLPHQWRV 2 PHVPR DXWRU GHIHQGH XPD YHUGDGHLUD SHGDJRJLD LQWHUDWLYD ,VVR VXS}H TXH R SURIHVVRU VHMD FDSD] GH ID]HU RV DOXQRV WUDEDOKDUHP HP HTXLSH >@ R GHVDILR GLGiWLFR p LQYHQWDU WDUHIDV TXH LPSRQKDP XPD YHUGDGHLUD FRRSHUDomR3(55(128'S

&RQIRUPH D3URSRVWD GH IRUPDomR GXUDQWH RV HQFRQWURV SUHVHQFLDLV RV SURIHVVRUHV WHULDP³>@D RSRUWXQLGDGH GH GLVFXWLU VXD SUiWLFD D SURGXomR GRV DOXQRV DV GLILFXOGDGHV VXDV H GRV DOXQRV´ &(13(& E S 6HULDP IRUQHFLGRV PDWHULDLV GH DSRLR H IXQGDPHQWDomR WHyULFD SDUD TXH RV SURIHVVRUHV SDUWLFLSDQWHVSXGHVVHPDGHQVDURVFRQKHFLPHQWRVDGTXLULGRVGXUDQWHVHXSURFHVVR IRUPDWLYR

$OpP GDV DWLYLGDGHV SUHVHQFLDLV IRL SURSRVWD D UHDOL]DomR GH 7DUHIDV 3HGDJyJLFDV TXH VHULDP GHVHQYROYLGDV FRP RV DOXQRV GDV HVFRODV GXUDQWH R LQWHUYDORHQWUHFDGDXPGRVFLQFRHQFRQWURV(VVDVDWLYLGDGHVGHYHULDPVHUVHPSUH UHWRPDGDV QRV HQFRQWURV SRVWHULRUHV FRQVWLWXLQGR XPD SRQWH HQWUH D WHRULD H D SUiWLFD$GHPDLVXPDGHVVDVDWLYLGDGHVSRVVLELOLWDULDUHDOL]DUXPGLDJQyVWLFRLQLFLDO GDVKDELOLGDGHVHPOHLWXUDHHVFULWDGRVDOXQRV

$SUiWLFDSURSRVWDUHDILUPDRVLGHDLVGHIHQGLGRVSRU,PEHUQyQH3DXOR)UHLUH

TXH ± FRQIRUPH GHVFULWR DQWHULRUPHQWH ± HQWHQGHP DV Do}HV GH IRUPDomR SHUPDQHQWHFRPRXPHVSDoRSULYLOHJLDGRGHUHIOH[mRHWUDQVIRUPDo}HVGDVSUiWLFDV HGXFDFLRQDLVUHDOL]DGDV

(QWUHWDQWR QmR p VRPHQWH SHOD UHIOH[mR VREUH D SUiWLFD TXH RFRUUHP DV WUDQVIRUPDo}HVGHVHMDGDVeLPSRUWDQWHWDPEpPTXHRSURIHVVRUHQFRQWUHHPVXD

(49)

XQLGDGH HVFRODU HVSDoRV GH IRUPDomR H GLVFXVVmR FROHWLYRV SDUD JDUDQWLU R DFRPSDQKDPHQWR H D UHIOH[mR VREUH DV SUiWLFDV UHDOL]DGDV H R HVWtPXOR j FRRSHUDomRHQWUHRJUXSRGHGRFHQWHVDFRRUGHQDomRHDGLUHomR

2XWUDDWLYLGDGHSURSRVWDFRPRLQWXLWRGHFULDUXPFROHWLYRGHHGXFDGRUHVH

HVWLPXODURLQWHUFkPELRGHH[SHULrQFLDHQWUHDVHVFRODVIRUDPDV5RGDVGH/HLWXUD 1HVVD DWLYLGDGH RV DOXQRV GH GLIHUHQWHV HVFRODV H FRPXQLGDGHV VH HQFRQWUDULDP SDUD DSUHVHQWDU VXDV SURGXo}HV UHODFLRQDGDV j iUHD GH OHLWXUD H HVFULWD H SDUWLFLSDULDP GH DWLYLGDGHV UHDOL]DGDV SHODV HGXFDGRUDV UHVSRQViYHLV SHOD

)RUPDomR

8P FROHWLYR RX XPD HTXLSH GH WUDEDOKR SRGH VHU GHILQLGR ³>@FRPR XP JUXSRUHXQLGRHPWRUQRGHXPSURMHWRFRPXPFXMDUHDOL]DomRSDVVDSRUGLYHUVDV

IRUPDVGHDFRUGRHGHFRRSHUDomR´3(55(128'S

1HVVHVHQWLGRDUHDOL]DomRGDVDWLYLGDGHVGH5RGDVGH/HLWXUDHVWLPXODULDR

WUDEDOKRFRQMXQWRQmRVRPHQWHGRVSURIHVVRUHVFRRUGHQDGRUHVHGLUHWRUHVGHXPD PHVPD XQLGDGH PDV WDPEpP GH WRGDV DV HVFRODV GD UHJLmR IDFLOLWDQGR D FRRSHUDomRHQWUHHVFRODVHHGXFDGRUHVSDUWLFLSDQWHV

&RQIRUPH GHVFULWR DQWHULRUPHQWH DOpP GH PLQLVWUDU RV HQFRQWURV DV HGXFDGRUDV UHVSRQViYHLV SHOD )RUPDomR UHDOL]DULDP YLVLWDV GH DFRPSDQKDPHQWR jVFRPXQLGDGHVHHVFRODVDWHQGLGDV(VVDVYLVLWDVGXUDULDPDSUR[LPDGDPHQWHRLWR KRUDVHVHUYLULDPFRPREDVHSDUDDHVWUXWXUDomRHDUHDGHTXDomRGDVSDXWDVGRV HQFRQWURVIRUPDWLYRV

1D WDEHOD D VHJXLU SRGH VHU YLVXDOL]DGD D HVWUXWXUD JHUDO GD FDSDFLWDomR VXDVSULQFLSDLVDWLYLGDGHVHFDUJDVKRUiULDV

(50)

7DEHOD±$WLYLGDGHVHFDUJDVKRUiULDVSUHYLVWDVSDUDDFDSDFLWDomR&(13(&E

&RPRSRGHVHUREVHUYDGRDFDUJDKRUiULDWRWDOGDVDWLYLGDGHVGD)RUPDomR

FKHJDULD D KRUDV H VHVVHQWD KRUDV GHVVH WRWDO FRUUHVSRQGHULDP j UHDOL]DomR GRGLDJQyVWLFRHjVDo}HVGHDFRPSDQKDPHQWR

$V DWLYLGDGHV GHVWLQDGDV DRV HGXFDGRUHV VRPDP KRUDV SUHVHQFLDLV GH IRUPDomRWHQGRHPYLVWDTXHFDGDHGXFDGRUSDUWLFLSDULDGHVRPHQWHXPD5RGDGH /HLWXUD

$GXUDomRSUHYLVWDSDUDD)RUPDomRHUDGHFLQFRPHVHVSRUpPD3URSRVWD

UHFRPHQGD H[SOLFLWDPHQWH D SURUURJDomR GHVVH SUD]R (VVD REVHUYDomR p LPSRUWDQWH SRLV RV REMHWLYRV H UHVXOWDGRV HVSHUDGRV FRP D )RUPDomR VmR DPELFLRVRVSDUDRWHPSRDHODGHVWLQDGR

'HYHVH REVHUYDU WDPEpP TXH D 3URSRVWD GH IRUPDomR QmR H[SOLFLWD

Referências

Documentos relacionados

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

A elucubração freudiana do complexo de Édipo, que faz da mulher peixe na água, por ser a castração nela a situação inicial Freud dixit, contrasta dolorosamente com o fato

Para essa corrente, as instituições que permanecem são as mais eficientes, argumento que pode ser estendido às análises disponíveis sobre a distribuição

3DUD D FRQGXomR GR WHVWH GH FRQGXWLYLGDGH HOpWULFD D $26$ UHFRPHQGD TXDWUR UHSHWLo}HV GH VHPHQWHV QR HQWDQWR /RHIÀHU HW DO SURS}HP D XWLOL]DomR

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

Os resultados obtidos indicam que a exposição ao calor seco, com tempe- ratura de 70°C, durante 15 dias controla todos os fungos presentes em sementes de cenoura de alta

Product markets refers to the mechanisms in place that facilitate interaction between buyers and sellers. Currently, a large portion of the Indian population lacks

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