$GULDQDÆQJHOD&RVWD
(1&$5*2662&,$,6(75$%$/+,67$612&8672'$02'(
2%5$(080$(035(6$)$%5,&$17('(9(Ë&8/26'(
3$66(,2(&20(5&,$,6/(9(6
'LVVHUWDomRDSUHVHQWDGDDR 3URJUDPDGH3yV*UDGXDomRHP (QJHQKDULDGH3URGXomRGD 8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD FRPRUHTXLVLWRSDUFLDOSDUDREWHQomR GRJUDXGH0HVWUHHP (QJHQKDULDGH3URGXomRH&RQWUROHGH*HVWmR 2ULHQWDGRU3URI$QWRQLR&H]DU%RUQLD'U)ORULDQySROLV
)LFKD&DWDORJUiILFD
&RVWD$GULDQDÆQJHOD(QFDUJRV VRFLDLV H WUDEDOKLVWDV QR FXVWR GD PmRGHREUD HP XPD HPSUHVDIDEULFDQWHGHYHtFXORVGHSDVVHLRHFRPHUFLDLVOHYHV$GULDQD ÆQJHOD&RVWD
S
2ULHQWDGRU$QWRQLR&H]DU%RUQLD
'LVVHUWDomR PHVWUDGR 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD 'HSDUWDPHQWRGH(QJHQKDULDGH3URGXomR
&XVWR GD PmRGHREUD (QFDUJRV VRFLDLV H WUDEDOKLVWDV 7HVHV , %RUQLD $QWRQLR &H]DU ,, 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD'HSDUWDPHQWRGH(QJHQKDULDGH3URGXomR,,,7tWXOR
$GULDQDÆQJHOD&RVWD
(1&$5*2662&,$,6(75$%$/+,67$612&8672'$02'(
2%5$(080$(035(6$)$%5,&$17('(9(Ë&8/26'(
3$66(,2(&20(5&,$,6/(9(6
(VWDGLVVHUWDomRIRLMXOJDGDHDSURYDGDSDUDDREWHQomRGR7tWXORGH0HVWUHHP (QJHQKDULDGH3URGXomR QR3URJUDPDGH3yV*UDGXDomRHP(QJHQKDULDGH 3URGXomR GD8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD )ORULDQySROLVGHGH]HPEURGH 3URI(GVRQ3DFKHFR3DODGLQL'U &RRUGHQDGRUGR&XUVR %DQFD([DPLQDGRUD 3URI$QWRQLR&H]DU%RUQLD'U 2ULHQWDGRU 3URI/XL]&DUORV&DUYDOKR-~QLRU'U 3URI,OVH0%HXUHQ'UD'HGLFDWyULD ¬ PLQKD IDPtOLD PHXV LUPmRV H SULQFLSDOPHQWH PLQKD PmH H PHX SDL HVVH LQIHOL]PHQWH GLVWDQWH TXH FRQVWLWXHPPLQKDEDVHHPLQKDIRUoD SDUDVHJXLUHPIUHQWH
$JUDGHFLPHQWRV $R (PHUVRQ DR 3HGUR H j &DURO SHOD FRPSUHHQVmR QRV PRPHQWRV GH DXVrQFLD 7RGRHVIRUoRpHPSUROGDFRQVWUXomRGHXPIXWXURPHOKRU
¬ PLQKDPmH H PHXV LUPmRV HP HVSHFLDOj &DUOD H .iWLD TXH PXLWDV YH]HV PH VXEVWLWXtUDPHPPHXSDSHOGHPmH
¬6LOYDQD(OL]DH,RQDUDSHORDSRLRHFRQILDQoD
$R SURIHVVRU %RUQLD PHX RULHQWDGRU SHOD DMXGD H GLVSRQLELOLGDGH $R (YDOGR $OH[DQGUH )HUUHLUD H (GXDUGR %UXQR DPLJRV TXH FRQWULEXtUDP SDUD D UHDOL]DomR GHVWHWUDEDOKR
¬ )LDW $XWRPyYHLV 6$ H j 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD SHOD RSRUWXQLGDGHGHWRUQDUXPVRQKRHPUHDOLGDGH
$JUDGHFHU WRGR PXQGRWDUHID GLItFLO 0XLWD JHQWH VH HQYROYH VHMD FRP XPD SDODYUD RX XP JHVWR GH FRQILDQoD jV YH]HV DWp GHVFRQILDQoD (QILP WXGR p LPSRUWDQWHGHDOJXPDIRUPDHPXLWDVSHVVRDVIL]HUDPSDUWHGHVWHFRQWH[WR(QWmR FDVR HX QmR WHQKD SURQXQFLDGR VHX QRPH PH SHUGRH PDV ILFD R PHX UHFRQKHFLPHQWRHPXLWRREULJDGD
5(6802
&267$ $GULDQD ÆQJHOD(QFDUJRV VRFLDLV H WUDEDOKLVWDV QR FXVWR GD PmRGH REUD HP XPD HPSUHVD IDEULFDQWH GH YHtFXORV GH SDVVHLR H FRPHUFLDLV OHYHV )ORULDQySROLV 'LVVHUWDomR 0HVWUDGR HP (QJHQKDULD GH 3URGXomR ± 3URJUDPD3yV*UDGXDomRHP(QJHQKDULDGH3URGXomR8)6&)ORULDQySROLV
(VWHWUDEDOKRFRQVLVWHHPXPDSHVTXLVDVREDSHUVSHFWLYDGHXPHVWXGRGHFDVR 7HPFRPRREMHWLYROHYDQWDURVHQFDUJRVWUDEDOKLVWDVHVRFLDLVLQFLGHQWHVQRFXVWR GD PmRGHREUD HP XPD HPSUHVD IDEULFDQWH GH YHtFXORV GH SDVVHLR H FRPHUFLDLV OHYHV$WUDYpVGHXPDDQiOLVHGHWDOKDGDGDOHJLVODomRWUDEDOKLVWDHWULEXWiULDEXVFD VH LGHQWLILFDU R SHUFHQWXDO GHVVHV HQFDUJRV HP UHODomR DR VDOiULR FRQWUDWDGR R FRQWH~GR GDV OHLV TXH UHJXODPHQWDP RV HQFDUJRV D LGHQWLILFDomR GD SDUWLFLSDomR GHVVHVQRFXVWRGRVYHtFXORVDYHULILFDomRGDHYROXomRQRV~OWLPRVVHWHDQRVDOpP GHXPDDQiOLVHGDLQIOXrQFLDGHGLIHUHQWHVFULWpULRVGHDSURSULDomRGDVIpULDVHGD JUDWLILFDomRQDWDOLQDHVHXVUHVSHFWLYRVHQFDUJRV(QIDWL]DVHTXHHPXPPHUFDGR DOWDPHQWH FRPSHWLWLYR FRQKHFHU RV YHUGDGHLURV FXVWRV GH SURGXWRV H SURFHVVRV p IXQGDPHQWDOSDUDDVXVWHQWDomRGDHPSUHVD-iTXHRFXVWRGHPmRGHREUDpXPD SDUFHOD VLJQLILFDWLYD QR FXVWR GRV SURGXWRV HOH GHYH VHU GHYLGDPHQWH LGHQWLILFDGR PHVPR FRQVLGHUDQGR XPD UHGXomR QRV ~OWLPRV DQRV 2 UHVXOWDGR GD SHVTXLVD PRVWUD TXH R FXVWR GH PmRGHREUD QmR Vy HVWi OLJDGR GLUHWDPHQWH DR FXVWR GRV SURGXWRV FRPR WDPEpP p UHJXODPHQWDGR SRU XPD OHJLVODomR TXH OHJLWLPD D LQFLGrQFLDGHHOHYDGRVHQFDUJRVVRFLDLVHWUDEDOKLVWDV
$%675$&7
&267$ $GULDQD ÆQJHOD(QFDUJRV VRFLDLV H WUDEDOKLVWDV QR FXVWR GD PmRGH REUD HP XPD HPSUHVD IDEULFDQWH GH YHtFXORV GH SDVVHLR H FRPHUFLDLV OHYHV )ORULDQySROLV 'LVVHUWDomR 0HVWUDGR HP (QJHQKDULD GH 3URGXomR ± 3URJUDPD3yV*UDGXDomRHP(QJHQKDULDGH3URGXomR8)6&)ORULDQySROLV
7KLVUHVHDUFKLVDFDVHVWXG\DQGLWVREMHFWLYHLVWRUHODWHWKHVRFLDODQGODERUWD[HV WKDW KDYH LPSDFW RYHU ODERU FRVWV LQ DQ DXWRPRELOH FRPSDQ\ 7KURXJK D GHWDLOHG DQDO\]HVRIWKHODERUDQGWD[HVODZVLWWULHVWRLGHQWLI\WKHSHUFHQWXDORIWKHVHWD[HV FRPSDUHG WR WKH HIIHFWLYH VDODU\ ZKDW WKHVH ODZV FRQWDLQ DERXW VRFLDO DQG ODERU WD[HVDQGWKHWD[H¶VSHUFHQWXDOLQFDUVFRVWV,WDOVRDQDO\]HVWKHHYROXWLRQRIWKH VRFLDO DQG ODERU WD[HV LQ D SHULRG RI VHYHQ \HDUV DQG VWXGLHV WKH ZD\V RI DSSURSULDWLRQRIYDFDWLRQDQG&KULVWPD¶VUHFRPSHQVHVDQGWKHLUVUHVSHFWLYHWD[HV,W LVLPSRUWDQWWRHPSKDVL]HWKDWLQDKLJKFRPSHWLWLRQPDUNHWLW¶VLPSRUWDQWWRNQRZWKH UHDOSURGXFW¶VDQGSURFHVV¶FRVWVWRNHHSFRPSDQLHVDOLYHDQGDVWKHVHODERUFRVWV DUHDQLPSRUWDQWVKDUHRISURGXFWFRVWVWKH\PXVWEHLGHQWLILFDWHGHYHQLIWKH\KDYH EHHQGHFUHDVLQJLQWKHODVW\HDUV7KHUHVHDUFKUHVXOWVVKRZWKDWODERUFRVWVDUHQRW RQO\ UHODWHG WR SURGXFW FRVWV EXW DOVR UHJXODWHG E\ ODZV WKDW OHJLWLPDWH WKHVH KLJK ODERUDQGVRFLDOWD[HV
/,67$'(),*85$6
)LJXUD(QFDUJRVVRFLDVHWUDEDOKLVWDV )LJXUD(VTXHPDGRSURFHVVRGDDSXUDomRGRFXVWRGHSHVVRDO )LJXUD(VTXHPDGRSURFHVVRGDDSXUDomRGRFXVWRGHSHVVRDORUoDPHQWiULR )LJXUD(VTXHPDGRVLVWHPDRUoDPHQWiULRGRFXVWRGDPmRGHREUD )LJXUD'HVFULomRGRVDUTXLYRVGRVLVWHPDRUoDPHQWiULRGRFXVWR GDPmRGHREUD/,67$'(48$'526
4XDGUR+RUiULRGH7UDEDOKR 4XDGUR-RUQDGD6HPDQDO 4XDGUR&XVWRFLYLOSRUWLSRORJLDHFDWHJRULD 4XDGUR&XVWRJHVWLRQDOSRUJUXSRVGHDSXUDomRHFDWHJRULD
/,67$'(7$%(/$6
7DEHOD(QFDUJRV6RFLDLV%iVLFRVQR6HWRU,QGXVWULDO 7DEHOD'HVHPEROVRWRWDOPHQVDOSDUDHPSUHJDUXPWUDEDOKDGRU 7DEHOD,WHQVGH(QFDUJRV6RFLDLVQR0HUFRVXO6HWRU,QGXVWULDO+RULVWDV 7DEHOD&iOFXORGDSURYLVmRJHVWLRQDOGHIpULDV 7DEHOD/DQoDPHQWRFRQWiELOGDSURYLVmRJHVWLRQDO 7DEHOD&iOFXORGDSURYLVmRFLYLOGHIpULDV 7DEHOD/DQoDPHQWRFRQWiELOGDSURYLVmRFLYLO 7DEHOD&RPSDUDWLYRSURYLVmRJHVWLRQDOYHUVXVFLYLO 7DEHOD(QFDUJRVVRFLDLVHWUDEDOKLVWDVGDHPSUHVD 7DEHOD'DGRVXWLOL]DGRVSDUDDSXUDomRGRVHQFDUJRV 7DEHOD(YROXomRGRVHQFDUJRV7UDEDOKLVWDVH6RFLDLV±+RULVWDV/,67$'($%5(9,$785$6(6,*/$6
&/7 &RQVROLGDomRGDV/HLVGR7UDEDOKR '3& 'LUHWRULDGH3RUWRVH&RVWDVGR0LQLVWpULRGD0DULQKD )*76 )XQGRGH*DUDQWLD3RU7HPSRGH6HUYLoR )3$6 )XQGRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO ,1&5$ ,QVWLWXWR1DFLRQDOGH&RORQL]DomRH5HIRUPD$JUiULD ,166 ,QVWLWXWR1DFLRQDOGD6HJXULGDGH6RFLDO ,55) ,PSRVWRGH5HQGD5HWLGRQD)RQWH 0* 0LQDV*HUDLV 2,7 2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR 3$6(3 3URJUDPDGH$VVLVWrQFLDDR6HUYLGRU3~EOLFR 3,6 3URJUDPDGH,QWHJUDomR6RFLDO 6(%5$( 6HUYLoR%UDVLOHLURGH$SRLRjV3HTXHQDVH0pGLDV(PSUHVDV 6(1$& 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO 6(1$, 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO 6(1$5 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP5XUDO 6(1$7 6HUYLoR1DFLRQDOGH$SUHQGL]DJHPGR7UDQVSRUWH 6(6& 6HUYLoR6RFLDOGR&RPpUFLR 6(6, 6HUYLoR6RFLDOGD,QG~VWULD 6(67 6HUYLoR6RFLDOGR7UDQVSRUWH 6)+ 6LVWHPD)LQDQFHLURGH+DELWDomR 767 7ULEXQDO6XSHULRUGR7UDEDOKR680È5,2 5(6802 $%675$&7 /,67$'(),*85$6 /,67$'(48$'526 /,67$'(7$%(/$6 /,67$'($%5(9,$785$6(6,*/$6 ,1752'8d2 7(0$(352%/(0$ 2%-(7,926 ,03257Æ1&,$ 0(72'2/2*,$ &$5$&7(5,=$d2'$3(648,6$ 527(,52'$3(648,6$ 81,'$'('((678'2((/(0(1726'(3(648,6$ &2/(7$($1È/,6('26'$'26 /,0,7$d®(6 (6758785$'275$%$/+2 )81'$0(17$d27(Ï5,&$ &8672'$02'(2%5$ 6$/È5,2(5(081(5$d2 3527(d2$26$/È5,2 )250$6'(3$*$0(172 (1&$5*2675$%$/+,67$6(62&,$,6 (1&$5*2675$%$/+,67$6 5HSRXVR6HPDQDO5HPXQHUDGR $GLFLRQDOGH,QVDOXEULGDGH $GLFLRQDOGH3HULFXORVLGDGH 7UDEDOKR1RWXUQR $XVrQFLD5HPXQHUDGD )pULDVH&RQVWLWXFLRQDOGH)pULDV $ERQR3HFXQLiULR *UDWLILFDomR1DWDOLQDRXq 6DOiULR $X[tOLR(QIHUPLGDGH $YLVR3UpYLR 0XOWD5HVFLVyULD (1&$5*2662&,$6 )XQGR'H*DUDQWLD3RU7HPSR'H6HUYLoR ,QVWLWXWR1DFLRQDOGH6HJXULGDGH6RFLDO &2(),&,(17('26(1&$5*2662&,$,6(75$%$/+,67$6 &2(),&,(17('26(1&$5*2675$%$/+,67$6(62&,$,6 '()(1','23(/26(035(6È5,26
&È/&8/2$/7(51$7,92 $35235,$d2'26(1&$5*26)e5,$6(q 6$/È5,212&8672 '$02'(2%5$ (1&$5*2662&,$,6(75$%$/+,67$6120(5&268/((0 2875263$Ë6(6 (678'2'(&$62 ,'(17,),&$d2'$(035(6$ +,67Ï5,&2'$),$712%5$6,/ $1È/,6(,17(51$ &8672'$02'(2%5$ (/$%25$d2&8672'$02'(2%5$ (/$%25$d2&8672'$02'(2%5$25d$0(17È5,2 $1È/,6((175(25d$0(1729(6865($/,=$'2 &203$5$d2'$$35235,$d2'26(1&$5*26'()e5,$6 )e5,$6(&,9,/9(686*(67,21$/ 26(1&$5*2662&,$,61$(035(6$ (92/8d2'26(1&$5*2675$%$/+,67$6(62&,$,6 ,03$&72'26(1&$5*2675$%$/+,67$6(62&,$,612&8672'2 $8720Ï9(/ &21&/86®(6 &21&/86®(6 5(&20(1'$d®(6 5()(5Ç1&,$6
,1752'8d2
7(0$(352%/(0$
2 FHQiULR PXQGLDO p PDUFDGR KRMH SRU XP SURFHVVR GH WUDQVIRUPDomR GHFRUUHQWHGRDOWRJUDXGHFRPSHWLWLYLGDGHHQWUHDVHPSUHVDV3HUFHEHVHXPDIRUWH DWHQomRGDVHPSUHVDVQRVHQWLGRGHVHID]HUHPLQYHVWLPHQWRVQRGHVHQYROYLPHQWR H QD DSOLFDomR GH QRYDV WHFQRORJLDV SDUD JDUDQWLD GH VXD VREUHYLYrQFLD (VVH DPELHQWHFDGDYH]PDLVWXUEXOHQWRWDPEpPREULJDDVRUJDQL]Do}HVDUHSHQVDUHP VXDILORVRILDGHDWXDomRHLQVWUXPHQWRVGHJHVWmR,QIRUPDo}HVVREUHRGHVHPSHQKR HPSUHVDULDO H R SRVLFLRQDPHQWR GD RUJDQL]DomR QR PHUFDGR PRVWUDPVH H[WUHPDPHQWHRSRUWXQDVHQHFHVViULDVjJHVWmRGDVHPSUHVDV
(PGHFRUUrQFLDGHVVHFHQiULRDVLQIRUPDo}HVGHFXVWRVWrPDVVXPLGRSDSpLV GHFLVLYRV QD LPSODQWDomR RX QmR GH GHWHUPLQDGDV Do}HV 1R %UDVLO HQWUH H GDV GHFLV}HV VREUH HVWDEHOHFLPHQWR GH SUHoRV MXVWLILFDWLYDV GH LQYHVWLPHQWR WHUFHLUL]DomRDQiOLVHGHQRYRVSURGXWRVJHUHQFLDPHQWRGHGHVHPSHQKRPXGDQoDV GH HQJHQKDULD GH SURGXWR H SURFHVVR FRQWDELOLGDGH GH FXVWRV H HVWUDWpJLDV GH PHUFDGRVmRWRPDGDVFRPEDVHHPLQIRUPDomRGHFXVWRV35,&(:$7(5+286(
,QFOXHPVHFRPRFRPSRQHQWHVGHFXVWRVRVPDWHULDLVXWLOL]DGRVQDIDEULFDomR GR SURGXWR PmRGHREUD H WRGRV RV RXWURV JDVWRV LQFRUULGRV 'LVFXWLU R FRQVXPR GHVWHVIDWRUHVSHODVHPSUHVDVHVWiGLUHWDPHQWHOLJDGRjTXHVWmRFRPSHWLWLYD
$HFRQRPLDEUDVLOHLUDSHUPDQHFHXIHFKDGDjFRPSHWLomRH[WHUQDDFXPXODQGR XP FRQMXQWR GH GLVWRUo}HV H LQHILFLrQFLD TXH DIHWDP QHJDWLYDPHQWH R DPELHQWH HPSUHVDULDO 7DLV GLVWRUo}HV DJUDYDGDV QD GpFDGD GH SHOD FULVH ILVFDO H SHOD LQIODomRHOHYDGDSRGHPVHUH[SOLFDGDVEDVLFDPHQWHSRUXPDOHJLVODomRFRQIXVDH RQHURVD H SRU JUDYHV GHILFLrQFLDV QD SURYLVmR GH EHQV S~EOLFRV 5(,6 $ DWXDOFDUJDWULEXWiULDHD OHJLVODomRWUDEDOKLVWDVHFRQVWLWXHPHPXPGRVSULQFLSDLV FRPSRQHQWHVGR&XVWR%UDVLO±XPGRVSULQFLSDLVUHVSRQViYHLVSHORGHVHTXLOtEULRGD FDSDFLGDGHFRPSHWLWLYDQDFLRQDO5(,6
$ OHJLVODomR WUDEDOKLVWD H D &RQVWLWXLomR )HGHUDO DR PHVPR WHPSR TXH UHJXODPHQWDPDXPHQWDPR&XVWR%UDVLOGDGRRH[FHVVLYRSHVRGRVHQFDUJRV$TXL VHLQFOXHPRVFXVWRVFRPRDFRQWULEXLomRSUHYLGHQFLiULDHGHPDLVWULEXWRVFRPRRV EHQHItFLRV LQGLUHWRV REULJDWyULRV UHFHELGRV SHORV WUDEDOKDGRUHV VRE IRUPD GH
JUDWLILFDomRQDWDOLQDDGLFLRQDLVIpULDVOLFHQoDVHWF,VVRFKHJDDDOFDQoDUPDLVGH VREUHRVDOiULRQRPLQDORTXHDFUHVFHRVFXVWRVWUDEDOKLVWDVGDVHPSUHVDV
2 FXVWR GD PmRGHREUD HVWi OLJDGR GLUHWDPHQWH DR FXVWR GRV SURGXWRV H p UHJXODPHQWDGRSRUXPDOHJLVODomRRQGHDLQFLGrQFLDGHVVHVHQFDUJRVVmRHOHYDGRV $GHWHUPLQDomRGRSUHoRGRVSURGXWRVSRGHVHUREWLGDDOpPGHRXWURVIDWRUHVSHOR VDOiULRKRUD PXOWLSOLFDGR SHOR Q~PHUR GH KRUDV QHFHVViULDV SDUD D SURGXomR H VREUHHVVHVDOiULRpDSOLFDGRXPSHUFHQWXDOGHHQFDUJRVVRFLDLVHWUDEDOKLVWDVTXH HVWmROLJDGRVGLUHWDPHQWHDRVVDOiULRV
(P DOJXQV SDtVHV DWULEXLVH FRPR FXVWR GD PmRGHREUD VRPHQWH R YDORU FRQWUDWXDO VHP D LQFOXVmR GRV HQFDUJRV VRFLDLV H RXWURV GLUHLWRV JDUDQWLGRV SRU DFRUGR RX FRQYHQomR FROHWLYD GH WUDEDOKR 1R %UDVLO LVWR QmR RFRUUH GHYLGR j UHSUHVHQWDWLYLGDGHGHVVHVHQFDUJRVQRFXVWRGRWUDEDOKRGDVHPSUHVDV0$57,16
3RUWDQWR QR FXVWR GH PmRGHREUD GHYHPVH LQFOXLU WDPEpP R FXVWR GRV HQFDUJRV VRFLDLV RV UHSRXVRV VHPDQDLV UHPXQHUDGRV DV IpULDV D JUDWLILFDomR QDWDOLQDDVYHUEDVUHVFLVyULDVHGHPDLVGLUHLWRVDGTXLULGRVSHORVHPSUHJDGRV&DGD XP GHVVHV GLUHLWRV SRVVXH FDUDFWHUtVWLFDV GLIHUHQWHV WDQWR QR TXH GL] UHVSHLWR DR FiOFXORTXDQWRDRSDJDPHQWR
$JUDWLILFDomRQDWDOLQDHDVIpULDVSRUH[HPSORVmRXP{QXVSDUDDHPSUHVD 'HYHP VHU GLVWULEXtGRV DR ORQJR GR DQR QRV FXVWRV GRV SURGXWRV VHP SURYRFDU GLVWRUo}HVEUXVFDVGHFXVWRVQRVPHVHVHPTXHKRXYHUGHVHPEROVR2XWURV{QXV RFRUUHP GLUHWDPHQWH QRV PHVHV HP TXH VH Gi D SUHVWDomR GH VHUYLoRV FRPR DV IDOWDV UHPXQHUDGDV KRUDV H[WUDV DGLFLRQDO QRWXUQR GHYHQGR VHU LQFOXtGRV QRV FXVWRVGRVPHVHVHPTXHIRUHPUHDOL]DGRV
$VVLP IRUPXODVH XPD SHUJXQWDFKDYH TXH R SUHVHQWH WUDEDOKR SURFXUD UHVSRQGHU QR GHFRUUHU GR VHX GHVHQYROYLPHQWR4XDO RX TXDLV VmR RV HQFDUJRV VRFLDLV H WUDEDOKLVWDV LQFLGHQWHV QR FXVWR GH PmRGHREUD HP XPD HPSUHVD IDEULFDQWHGHYHtFXORVGHSDVVHLRHFRPHUFLDLVOHYHV"
2%-(7,926
2 REMHWLYR JHUDO GR WUDEDOKR p OHYDQWDU RV HQFDUJRV VRFLDLV H WUDEDOKLVWDV LQFLGHQWHVQRFXVWRGHPmRGHREUDHPHPSUHVDIDEULFDQWHGHYHtFXORV6HJXHPVH SURJUHVVLYDPHQWHRVREMHWLYRVHVSHFtILFRV
D OHYDQWDUDOHJLVODomRUHODWLYDDRVHQFDUJRVVRFLDLVHWUDEDOKLVWDVQR%UDVLO E DYHULJXDU R SHUFHQWXDO OHJDOPHQWH UHJXODPHQWDGR GH HQFDUJRV VRFLDLV H
WUDEDOKLVWDVQRFXVWRGHPmRGHREUDGHXPDPRQWDGRUDGHYHtFXORV F LGHQWLILFDUDSDUWLFLSDomRGRVHQFDUJRVQRFXVWRILQDOGRVYHtFXORV G YHULILFDUDHYROXomRGHVWHVHQFDUJRVQRV~OWLPRVVHWHDQRV
H DQDOLVDU D LQIOXrQFLD GR DWXDO FULWpULR GH DSURSULDomR GDV IpULDV H GD JUDWLILFDomRQDWDOLQDHVHXVUHVSHFWLYRVHQFDUJRVVRFLDLV
,03257Æ1&,$
eQHFHVViULRFRQKHFHURVYHUGDGHLURVFXVWRVGRVSURGXWRVHSURFHVVRVSDUDD VXVWHQWDomRGDHPSUHVDHPXP PHUFDGR DOWDPHQWH FRPSHWLWLYR 2 FXVWR GDPmR GHREUDSRGHFRPSRUXPDSDUFHODVLJQLILFDWLYDQRFXVWRGRVSURGXWRVHPERUDWHQKD KDYLGRXPDUHGXomRFRQVLGHUiYHOQRV~OWLPRVDQRVGHYLGRDDOWRVLQYHVWLPHQWRVHP WHFQRORJLD
'HFLV}HV HVWUDWpJLFDV RX QmR GHYHP VHU IHLWDV FRP EDVH HP LQIRUPDo}HV VHJXUDV H SUHFLVDV 1HVVH VHQWLGR DDERUGDJHP GHVWH WUDEDOKR IRUQHFH VXEVtGLRV SDUDDDSURSULDomRPDLVUHDOGRVFXVWRVGHULYDGRVGRVVDOiULRVSDJRV
1R %UDVLO SRGHVH REVHUYDU SULQFLSDOPHQWH QRV VHWRUHV LQGXVWULDLV XPD GLPLQXLomRGDSDUWLFLSDomRSHUFHQWXDOGRVFXVWRVGHPmRGHREUDGLUHWD,VVRVHGi DR DXPHQWR GR JUDX GH DXWRPDWL]DomR GDV HPSUHVDV TXH WrP FDGD YH] PDLV HOHYDGRRVJDVWRVFRPSHVTXLVDHGHVHQYROYLPHQWRGHQRYRVSURGXWRVHSURFHVVRV $LQGD DVVLP VHWRUHV GH FRQIHFomR PyYHLV FRQVWUXomR FLYLO H VREUHWXGR R VHWRUGHSUHVWDomRGHVHUYLoRVFDUDFWHUL]DPVHSHORXVRLQWHQVLYRGHPmRGHREUD 52&+$
4XDQGRDVHPSUHVDVFRQWUDWDPPmRGHREUDRHPSUHJDGRUQmRVyGHYHDUFDU FRPRVDOiULRDFRUGDGRHQWUHDVSDUWHVPDVWDPEpPFRPYiULRVHQFDUJRVVRFLDLVH WUDEDOKLVWDV GHFRUUHQWHV GHVVH FRQWUDWR LPSRVWRV SHOD /HJLVODomR 7UDEDOKLVWD H &RQVWLWXLomR)HGHUDOGH
3RU LVWR XP OHYDQWDPHQWR GHWDOKDGR GR FXVWR GH PmRGHREUD VH ID] QHFHVViULR1R%UDVLODOLWHUDWXUDGLVSRQtYHOVREUHFXVWRGDPmRGHREUDpHVFDVVD H PXLWR SROrPLFD 1HVVH VHQWLGR HVWH WUDEDOKR SURS}H FRQWULEXLU SDUD R DSURIXQGDPHQWRGRVHVWXGRVVREUHRDVVXQWR
0(72'2/2*,$
&$5$&7(5,=$d2'$3(648,6$
3RU VHU GH QDWXUH]D DSOLFDGD HVWD SHVTXLVD YLVD JHUDU FRQKHFLPHQWRV SDUD DSOLFDomR SUiWLFD EXVFDQGR VROXomR GH SUREOHPDV HVSHFtILFRV HQYROYHQGR YHUGDGHVHLQWHUHVVHVORFDLV6,/9$(0(1(=(6
$IRUPDGHDERUGDJHPDGRWDGDpTXDOLWDWLYD&RQIRUPH6LOYDH0HQH]HV UHVXPHRDPELHQWHQDWXUDOpD IRQWHGLUHWDSDUDDFROHWDGHGDGRVRSHVTXLVDGRUp R LQVWUXPHQWRFKDYH FXMD DERUGDJHP ID] GR SURFHVVR H VHX VLJQLILFDGR RV IRFRV SULQFLSDLV
(VWH WUDEDOKR FRQVLVWH QXPD SHVTXLVD VRE D SHUVSHFWLYD GR HVWXGR GH FDVR GHYLGRDRLQWHUHVVHGHLQYHVWLJDUGHIRUPDPDLVDSURIXQGDGDRWHPDHPTXHVWmR TXDLV HQFDUJRV VRFLDLV H WUDEDOKLVWDV LQFLGHP HP XPD HPSUHVD IDEULFDQWH GH DXWRPyYHLVHFRPHUFLDLVOHYHV
'HVWD IRUPD DLQGD TXH D LQYHVWLJDomR VHMD UHVWULWD D XPD ~QLFD RUJDQL]DomR RSWRXVH SRU HVWH WLSR GH SHVTXLVD SHOD FRPSOH[LGDGH GD HPSUHVD H UHSUHVHQWDWLYLGDGHQRPHUFDGRQDFLRQDO
2 HVWXGR GH FDVR HQYROYH HQWUHYLVWDV FRP SHVVRDV TXH WLYHUDP H[SHULrQFLDV SUiWLFDV FRP R SUREOHPD SHVTXLVDGR EHP FRPR DQiOLVHV GH H[HPSORV TXH HVWLPXODP D FRPSUHHQVmR GH IDWRV (QYROYH WDPEpP XP HVWXGR SURIXQGR GH REMHWRVTXHSHUPLWHPVHXDPSORHGHWDOKDGRFRQKHFLPHQWR*,/
'R SRQWR GH YLVWD GRV REMHWLYRV HVVH LQVWUXPHQWR GH SHVTXLVD WHP FDUiWHU H[SORUDWyULR (QYROYH OHYDQWDPHQWR ELEOLRJUiILFR HQWUHYLVWDV QmRHVWUXWXUDGDV H GHVSDGURQL]DGDV FRP HPSUHJDGRV H H[SHULrQFLD SUiWLFD FRP R SUREOHPD SHVTXLVDGR YLVDQGR j LQWHUDomR FRQVWDQWH FRP DV VLWXDo}HV H PHPEURV LQYHVWLJDGRV $ SHVTXLVD JDQKD DVVLP XPD FDUDFWHUtVWLFD SDUWLFLSDQWH SRLV R SHVTXLVDGRUWUDEDOKDQDiUHDGH5HFXUVRV+XPDQRVGDHPSUHVDHH[HUFHIXQo}HV OLJDGDVjDWLYLGDGHGHFXVWRGRWUDEDOKR
&RPRHVWXGRGHFDVRQmRVHSUHWHQGHIRUQHFHUXPDUHVSRVWDGHILQLWLYDDRWHPD HP SDXWD 7HQWDVH REWHU XPD PHOKRU YLVmR GR SUREOHPD RX GH KLSyWHVHV TXH SRVVDPFRQGX]LUDVXDYHULILFDomRSRURXWURVPHLRV*,/
527(,52'$3(648,6$
2HVWXGRGHFDVRHVWiGLYLGLGRHPVHLVHWDSDV
x OHYDQWDPHQWR GD OHJLVODomR H ELEOLRJUDILD VREUH RV HQFDUJRV VRFLDLV H WUDEDOKLVWDVQR%UDVLO
x HVFROKD GD HPSUHVD H OHYDQWDPHQWR GH GDGRV JHUDLV VREUH D PHVPD FHQiULR GH DWXDomR ORFDOL]DomR SURGXWRV IDEULFDGRV D QHFHVVLGDGH GH PmRGHREUD SDUD VH SURGX]LU WXUQRV GH SURGXomR TXDGUR GH KRUiULR GH IXQFLRQDPHQWRHRXWURV
x OHYDQWDPHQWR GD FRPSRVLomR GRV HQFDUJRV VRFLDLV H VXD UHODomR FRP R VDOiULRXWLOL]DQGRDPHWRGRORJLDLQGLFDGDQDUHYLVmRELEOLRJUiILFDDGDSWDQGR DjVQHFHVVLGDGHVGDHPSUHVDEHPFRPRFRPSDUDQGRDFRPRXWUDVIRUPDV GHFiOFXOR
x YHULILFDomR GR FULWpULR SDUD DSURSULDomR GDV IpULDV JUDWLILFDomR QDWDOLQD H VHXV UHVSHFWLYRV HQFDUJRV VRFLDLV QR FXVWR GH PmRGHREUD EHP FRPR UHDOL]DUFRPSDUDomRFRPFULWpULRVDQWHULRUHV
x OHYDQWDPHQWRGDHYROXomRGRVHQFDUJRVQRV~OWLPRVDQRVHVXDVYDULiYHLV x OHYDQWDPHQWRGRSHVRGRVHQFDUJRVVRFLDLVQRFXVWRGRVDXWRPyYHLV 81,'$'('((678'2((/(0(1726'(3(648,6$
$ SHVTXLVD IRL UHDOL]DGD QD PRQWDGRUD GH DXWRPyYHLV H FRPHUFLDLV OHYHV )LDW $XWRPyYHLV 6 $ ORFDOL]DGD QD FLGDGH GH %HWLP 0* VHQGR TXH R XQLYHUVR GH SHVTXLVD HQYROYH IXQFLRQiULRV GD iUHD 5HFXUVRV +XPDQRV H iUHD $GPLQLVWUDWLYD &RQWUROHGH*HVWmR
$ SHVTXLVD p UHVWULWD DRV SURILVVLRQDLV OLJDGRV GLUHWDPHQWH jV IXQo}HV UHODFLRQDGDVFRPFXVWRGHPmRGHREUDIROKDGHSDJDPHQWRHDQiOLVHGRWUDEDOKR 1DiUHD)LQDQFHLUDIRUDPLQWHQFLRQDOPHQWHHVFROKLGRVLQGLYtGXRVHQYROYLGRVFRPDV GHILQLo}HVFRQWiEHLVHDSXUDomRGRFXVWRGRSURGXWRHQTXDQWRQDiUHDGH5HFXUVRV +XPDQRVHODIRLGLULJLGDSDUDRVHWRUGH&XVWRGR7UDEDOKR &2/(7$($1È/,6('26'$'26 $FROHWDIRLIHLWDPHGLDQWHDREVHUYDomRHDQiOLVHGHGRFXPHQWRVHQWUHYLVWDVH KLVWyULDVGRFRWLGLDQR*,/
2HVWXGRGHFDVRIRLUHDOL]DGRDWUDYpVGHHQWUHYLVWDVFRPHPSUHJDGRVTXHWrP H[SHULrQFLD SUiWLFD FRP R SUREOHPD 'D PHVPD IRUPD D FROHWD GH GDGRV IRL GLUHFLRQDGDSDUDHOHPHQWRVOLJDGRVDRVREMHWLYRVSURSRVWRV
)RUDP UHDOL]DGDV HQWUHYLVWDV QmR HVWUXWXUDGDV FRP RV SURILVVLRQDLV LQWHQFLRQDOPHQWHHVFROKLGRVEHPFRPRDQiOLVHGRFXPHQWDOGHVVHVGHSDUWDPHQWRV 1DV HQWUHYLVWDV QmRHVWUXWXUDGDV GLVFXWLUDPVH TXHVW}HV PDLV UHOHYDQWHV FRP PDLRU SURIXQGLGDGH $V LQIRUPDo}HV XWLOL]DGDV QRV HVWXGRV SDUD DYDOLDomR GRV HQFDUJRVQRFXVWRGHPmRGHREUDID]HPSDUWHGHVVHVVHWRUHV
7RGDV DV LQIRUPDo}HV SODQLOKDV UHODWyULRV H DUJXPHQWRV DSUHVHQWDGRV FRQWULEXHPSDUDDIRUPDWDomRGDYLVmRGHFDGDGHSDUWDPHQWR
/,0,7$d®(6
2 HVWXGR GH FDVR QmR SHUPLWH ID]HU JHQHUDOL]Do}HV GRV UHVXOWDGRV REWLGRV 3RUWDQWRDVDQiOLVHVDTXLHPSUHHQGLGDVGHYHPVHUWRPDGDVFRPRSURGXWRGHXPD VLWXDomRORFDOHPXPDPRQWDGRUDLQVWDODGDQR%UDVLOTXHSRGHUiVHUDGDSWDGDHP RXWUD HPSUHVD GHVGH TXH HVWDV FDUDFWHUtVWLFDV FRPR R VHWRU GD HFRQRPLD H DWLYLGDGHVGHVHQYROYLGDVVHMDPREVHUYDGDVHRVDMXVWHVQHFHVViULRVVHMDPIHLWRV
2V HQFDUJRV VRFLDLV H WUDEDOKLVWDV UHIHULGRV QR GHFRUUHU GHVWD SHVTXLVD VH DSOLFDP D WRGRV RV FXVWRV GH PmRGHREUD GHFRUUHQWHV H[FOXVLYDPHQWH GR VDOiULR FRQWUDWXDO
2 VLVWHPD WULEXWiULR H D OHJLVODomR WUDEDOKLVWD HVWmR SDVVDQGR SRU XPD UHHVWUXWXUDomR HP VXDV EDVHV 2 SUHVHQWH WUDEDOKR QmR SUHWHQGH LGHQWLILFDU RV LPSDFWRV TXH WDLV UHIRUPDV SRVVDP FDXVDU Mi TXH R PRPHQWR DWXDO p PDUFDGR DLQGDSRUXPSURFHVVRGHGHILQLo}HVHYRWDomRQR&RQJUHVVR1DFLRQDO
(6758785$'275$%$/+2
$ SDUWLU GR PpWRGR GH WUDEDOKR GHILQLGR HVWD GLVVHUWDomR HVWi GLYLGLGD HP TXDWURFDStWXORVTXHHVWmRGHVFULWRVGHIRUPDDVHJXLU
x &DStWXORLQWURGXomRGRWUDEDOKRDSUHVHQWDQGRRFRQWH[WRDWXDORSUREOHPDGH SHVTXLVD RV REMHWLYRV SUHWHQGLGRV D LPSRUWkQFLD R PpWRGR GH WUDEDOKR D HVWUXWXUDHDVGHOLPLWDo}HV
x &DStWXORUHYLVmRGDOLWHUDWXUDDWXDOPHQWHH[LVWHQWHDSUHVHQWDomRGRVHQFDUJRV VRFLDLVVXDFRPSRVLomRHILQDOLGDGH2VPpWRGRVH[LVWHQWHVSDUDLQFRUSRUDomR GHVWHVQRFXVWRGHPmRGHREUD
x &DStWXORGHVFULomRGRHVWXGRGHFDVRGHVHQYROYLGRHPXPDHPSUHVDGRUDPR DXWRPRELOtVWLFR DSUHVHQWDQGR DV HWDSDV H IRUPD GR PpWRGR XWLOL]DGR DQDOLVDQGRRVUHVXOWDGRVHQFRQWUDGRVFRPDTXHOHGHRXWURVDQRVEHPFRPR YHULILFDQGRDWHQGrQFLD
x &DStWXOR DSUHVHQWDomR GDV FRQFOXV}HV VREUH D DSOLFDomR GR PpWRGR H UHFRPHQGDo}HVSDUDWUDEDOKRVIXWXURVjOX]GDVOLPLWDo}HV
)81'$0(17$d27(Ï5,&$
&8672'$02'(2%5$
2FXVWRGHPmRGHREUDVHWUDGX]QDVRPDGRYDORUFRQWUDWXDOHVWDEHOHFLGR LQGLYLGXDO RX FROHWLYDPHQWH VHMD PHQVDO RX SRU KRUD QDV DMXGDV GH FXVWR QRV E{QXV JUDWLILFDo}HV SDUWLFLSDo}HV QRV UHVXOWDGRV QDV FRQWULEXLo}HV VRFLDLV QRV SDJDPHQWRV SRU KRUDV H[WUDV IHULDGRV OLEHUDOLGDGH SDJDPHQWRV SRU IDOWDV H SRU GRHQoDV JUDWLILFDomR QDWDOLQD IpULDV EHQHItFLRV JDVWRV FRP WUHLQDPHQWR UHFUXWDPHQWRHQILPWRGRVRVFXVWRVFRPRHPSUHJDGRGXUDQWHDVXDYLGDGHQWURGD HPSUHVD
1D GHILQLomR GD 2,7 ³R FXVWR GR WUDEDOKR FRQWHPSOD D UHPXQHUDomR SHOR
WUDEDOKR HIHWLYDPHQWH UHDOL]DGR H R SDJDPHQWR GRV GLDV QmR WUDEDOKDGRV DVVLP FRPR RV E{QXV SUrPLRV GHVSHVDV FRP DOLPHQWDomR SUHYLGrQFLD WUHLQDPHQWR WUDQVSRUWHLPSRVWRVHFRQWULEXLo}HV´
5RFKDUHVXPHRFRQFHLWRGRFXVWRGDPmRGHREUDFRPRDTXHOHTXH FRPSUHHQGHWRGRVRVJDVWRVUHODFLRQDGRVDRFLFORGHYLGDGDPmRGHREUD
$'0,662 0$187(1d2 '(6/,*$0(172
2VHOHPHQWRVFRPSRQHQWHVGRFXVWRGDPmRGHREUD SRGHP VHU GLVWULEXtGRV HP
D RVFXVWRVFRPDGPLVVmRTXHFRPSUHHQGHPWRGDVDVGHVSHVDVGDIDVHGR UHFUXWDPHQWRVHOHomRHH[DPHVDGPLVVLRQDLVDWpDGHPLVVmR
E RV FXVWRV FRP DSUHQGL]DJHP WUHLQDPHQWR GHVHQYROYLPHQWR H IRUPDomR SURILVVLRQDO TXH HVWmR OLJDGRV DRV FXVWRV SDUD DWXDOL]DomR H UHWHQomR GR SURILVVLRQDOQDHPSUHVD
F D UHPXQHUDomR EiVLFD TXH p R SDJDPHQWR HIHWXDGR DRV HPSUHJDGRV HP UHWULEXLomRDRVVHUYLoRVSUHVWDGRVTXHVHVXEGLYLGHPHP
x UHPXQHUDomRGRWHPSRHIHWLYDPHQWHjGLVSRVLomRGRHPSUHJDGRU x UHPXQHUDomRFRPSOHPHQWDUTXHVHUHIHUHDRSDJDPHQWRHIHWXDGR
DRV HPSUHJDGRV QmR SHOR WHPSR j GLVSRVLomR GD HPSUHVD PDV 6WDWLVWLFVRI/DERU&RVWV &RQIHUrQFLDVREUH(VWDWtVWLFDVGR7UDEDOKR2,75HODWyULR,,*HQHEUD
SRUIRUoDGDOHLQHJRFLDomRLQGLYLGXDORXFROHWLYDRXSRUOLEHUDOLGDGH GR HPSUHJDGRU 6mR RV SUrPLRV RV DGLFLRQDLV GH KRUD H[WUD QRWXUQRSHULFXORVLGDGH LQVDOXEULGDGHSRU WHPSRGH VHUYLoR H SRU DMXGDGHFXVWR
x DXVrQFLDV UHPXQHUDGDV TXH VmR DV REULJDo}HV GHYLGDV SHORV HPSUHJDGRUHV UHODWLYRV DRV SHUtRGRV HP TXH RV HPSUHJDGRV QmR WHQKDP SHUPDQHFLGR j GLVSRVLomR GR HPSUHJDGRU &RPR SRU H[HPSORRVUHSRXVRVVHPDQDLVUHPXQHUDGRVIHULDGRVDXVrQFLDV SRUPRWLYRVFtYLFRVGRHQoDHDFLGHQWH
x UHPXQHUDomR VXSOHPHQWDU TXH VH UHIHUH DR SDJDPHQWR HIHWXDGR DRVHPSUHJDGRVQmRSHORWHPSRjGLVSRVLomRGDHPSUHVDPDVSRU IRUoDGDOHLQHJRFLDomRLQGLYLGXDORXFROHWLYDRXSRUOLEHUDOLGDGHGR HPSUHJDGRU FRPR DPSOLDomR GD UHPXQHUDomR EiVLFD JUDWLILFDomR QDWDOLQDIpULDVHDGLFLRQDOFRQVWLWXFLRQDOGHIpULDV
G UHPXQHUDomR LQGLUHWD VH UHIHUH DRV JDVWRV HIHWXDGRV FRP REMHWLYR GH FRQVWUXLUIXQGRVRXFXVWHDUQHFHVVLGDGHV YLWDLV RX DWLYLGDGHV VRFLDLVSDUD VHXVHPSUHJDGRVHGHSHQGHQWHV6mRVHUYLoRVPpGLFRVFUHFKHVVHJXURV GH YLGD FHVWDV EiVLFDV FRPSOHPHQWDomR DX[LOLR GRHQoD RX VHMD RV EHQHItFLRVSDUDRHPSUHJDGR
H DVFRQWULEXLo}HVVRFLDLVTXHVmRRV{QXVGHILQLGRVSHORJRYHUQRFRPEDVH QDV VXDV IROKDV VDODULDLV WrP R REMHWLYR GH FRQVWUXLU IXQGRV SDUD R ILQDQFLDPHQWRGHDWLYLGDGHVVRFLDLVHVWDWDLVRXSDUDHVWDWDLV,166H)*76 I RVJDVWRVFRPGHVOLJDPHQWRVmRRVFXVWRVLQFRUULGRVSHODVHPSUHVDVSRU IRUoD GD OHL QHJRFLDomR LQGLYLGXDO RX FROHWLYD RX SRU OLEHUDOLGDGH GR HPSUHJDGRU SDUD UHVFLQGLU R FRQWUDWR GH WUDEDOKR GR HPSUHJDGR FRP D HPSUHVD
6$/È5,2(5(081(5$d2
³6DOiULRQR'LUHLWREUDVLOHLURSRGHVHUFRQFHLWXDGRFRPRFRQMXQWRGHSDUFHODV FRQWUDSUHVWDWLYDVGHYLGDVHSDJDVSHORHPSUHJDGRUHPGHFRUUrQFLDGDUHODomRGR HPSUHJR´'(/*$'2
$QRomRGHVDOiULRVHWUDGX]QRYDORUSDJRSHORHPSUHJDGRUDRHPSUHJDGRHP YLUWXGH GH XPD UHODomR HPSUHJDWtFLD TXH p UHJXODPHQWDGD SRU XP FRQWUDWR GH WUDEDOKRUHJLGRSHODVOHLVWUDEDOKLVWDVHFRQVWLWXFLRQDLVOHJDLV
(P YLUWXGH GHVWDV OHLV TXDQGR H[LVWH D UHODomR GH WUDEDOKR QmR VRPHQWH p GHYLGR R SDJDPHQWR SHORV VHUYLoRV SUHVWDGRV PDV WDPEpP DV REULJDo}HV UHJXODPHQWDGDVSRUOHLVTXHGHFRUUHPGHVWHFRQWUDWRFRPRDVIpULDVDJUDWLILFDomR QDWDOLQDRUHSRXVRVHPDQDOUHPXQHUDGRDVREULJDo}HVVRFLDLVHRVEHQHItFLRVTXH QHVVH FDVR VmR DFRUGDGRV GLUHWDPHQWH HQWUH DV SDUWHV (VWD FDUDFWHUtVWLFD GR VDOiULR H GR FRQWUDWR HQWUH DV SDUWHV p GHYLGD VHP D FRQGLomR UHODWLYD RX FRQGLFLRQDGDDRHPSUHHQGLPHQWRHPSUHVDULDO'(/*$'2 6HJXQGR'HOJDGRRVDOiULRpFODVVLILFDGRVHJXLQGRRPRGRGHFiOFXOR GDFRQWUDSUHVWDomRHFRQ{PLFDGHYLGDSHORHPSUHJDGRUDRHPSUHJDGRTXHSRGHP VHUSRU FULWpULRGHXQLGDGHGHWHPSR FULWpULRSRUXQLGDGHGHREUD FULWpULRTXHFRPELQHRVGRLVDQWHULRUHV
2 VDOiULR SRU XQLGDGH GH WHPSR p GHWHUPLQDGR SHOD GXUDomR GR VHUYLoR SUHVWDGR TXDQGR HVWD GXUDomR GHWHUPLQD R FiOFXOR GR VDOiULR SDFWXDGR 1mR GHSHQGHQGRGDSURGXomRUHDOL]DGD(VWHSHUtRGRGHWUDEDOKRSRGHVHUGHILQLGRSRU KRUDGLDRXPrV1RFDVRGRVVDOiULRVDFRUGDGRVSRUPrVRSDJDPHQWRGRUHSRXVR VHPDQDO UHPXQHUDGR H IHULDGRV Mi HVWi LQFOXVR QR VDOiULR PHQVDO FRQFRUGDGR GLVSHQVDQGR SRUWDQWR RV FiOFXORV VREUH HVVHV GLDV (QWUHWDQWR RV VDOiULRV DFRUGDGRVSRUKRUDRXGLDQmRLQFOXHPHVWDVSDUFHODVGHYHQGRVHUDFUHVFLGDVHP VHSDUDGR DR FiOFXOR GR FRUUHVSRQGHQWH VDOiULR VHPDQDO /(, Q $VVLP R YDORU GR UHSRXVR H IHULDGR QHVWH FDVR p FDOFXODGR R HTXLYDOHQWH D XPD MRUQDGD GLiULDQRUPDO
2VDOiULRSRUXQLGDGHGHREUDpDTXHOHFXMRFiOFXORpEDVHDGRSHODSURGXomR DOFDQoDGDSHORHPSUHJDGRLQGHSHQGHQWHGRVDOiULRSDFWXDGR7HPSRUH[HPSORR FDUiWHU GH VDOiULR SRU XQLGDGH GH REUD D UHPXQHUDomR DFRUGDGD SRU EDVH GH SHUFHQWXDLVRXGH FRPLVV}HVFDOFXODGDVVREUHXPPRQWDQWHGHSURGXomRUHDOL]DGD SHOR HPSUHJDGR YHQGDV SRU H[HPSOR 2 QtYHO GR VDOiULR PtQLPR QHVWH FDVR p GHILQLGRSHODOHL³QXQFDLQIHULRUDRPtQLPRHVWLSXODGRSHORJRYHUQR´
-iRWHUFHLURFULWpULRTXHFRPELQDRVGRLVFULWpULRVDQWHULRUHVPLVWXUDXPFHUWR SDUkPHWURWHPSRUDOKRUDGLDVHPDQDRXPrVFRPXPFHUWRPRQWDQWHPtQLPRGH SURGXomRDVHUDOoDQGRSHORWUDEDOKDGRU1HVVHFDVRRVYDORUHVPi[LPRHPtQLPR HVWmR UHJXODPHQWDGRV SHOD OHL &DVR R HPSUHJDGR QmR FRQVLJD SRU H[HPSOR JDUDQWLURPtQLPRGHSURGXomRQmRSRGHVHUDSOLFDGDDUHGXomRVDODULDODEDL[RGR SDUkPHWURWHPSRUDOPtQLPRGHFiOFXOR
3527(d2$26$/È5,2
2 VDOiULR p LUUHGXWtYHO LUUHQXQFLiYHO H LPSHQKRUiYHO RX VHMD HQTXDQWR R HPSUHJDGR HVWLYHU SUHVWDQGR VHUYLoRV D XP PHVPR HPSUHJDGRU QXP PHVPR FRQWUDWR GH WUDEDOKR VHX VDOiULR QmR SRGHUi VRIUHU TXDOTXHU UHGXomR 9,$11$ 4XDOTXHUDFRUGRUHDOL]DGRHQWUHHPSUHJDGRUHHPSUHJDGRRQGHHVWH~OWLPR UHQXQFLDDRSDJDPHQWRGHVHXVVDOiULRVHOHQmRVHUiFRQVLGHUDGR&/7DUW
1R FDVR GH IDOrQFLD RX FRQFRUGDWD GR HPSUHJDGRU VXEVLVWH D HVWH D REULJDWRULHGDGHGHSDJDPHQWRGRVVDOiULRV&/7DUW )250$6'(3$*$0(172 ([LVWHPGLYHUVDVIRUPDVGHSDJDPHQWRVDODULDOSRUPrVSRUGLDSRUKRUDSRU WDUHIDSRUFRPLVV}HV&/7DUWVH x PHQVDO 2HPSUHJDGRUHFHEHXPDTXDQWLDGHWHUPLQDGDHPFRQWUDSUHVWDomRDXPPrV GH VHUYLoRV SUHVWDGRV LQGHSHQGHQWH GRV GLDV GR PrV HP TXHVWmR 1HVWD PRGDOLGDGH R YDORU GR UHSRXVR VHPDQDO UHPXQHUDGR Mi HVWi LQFOXtGR QR YDORU GR VDOiULR2HPSUHJDGRPHQVDOLVWDQmRUHFHEHDTXDQWLDGHWHUPLQDGDSRUGLDVGH VHUYLoRHVLPSRUPrVLQGHSHQGHQWHGRVGLDVWUDEDOKDGRVQRPrV9,$11$
x SRUGLD
2HPSUHJDGRGLDULVWDUHFHEHUiDTXDQWLDGHWHUPLQDGDSDUDFDGDGLDGHVHUYLoR SUHVWDGR DR HPSUHJDGRU 'HVWD IRUPD R UHSRXVR VHPDQDO QmR HVWi LQFOXtGR GHYHQGRVHUFDOFXODGRHGLVFULPLQDGR2YDORUGRUHSRXVRVHPDQDOUHPXQHUDGRpR PHVPRYDORUGRVGLDVWUDEDOKDGRV9,$11$
2 HPSUHJDGR KRULVWD UHFHEHUi XPD TXDQWLD GHWHUPLQDGD SDUD FDGD KRUD WUDEDOKDGD1HVWDPRGDOLGDGHGHFRQWUDWDomRRUHSRXVRVHPDQDOWDPEpPQmRHVWi LQFOXtGRQRVDOiULRFRQWUDWDGRGHYHQGRQHFHVVDULDPHQWHVHUFDOFXODGR$DSXUDomR GRVDOiULRGHYHVHUPXOWLSOLFDGRHPVHSDUDGRSHORQ~PHURGHKRUDVWUDEDOKDGDVQR PrVHPTXHVWmRVRPDQGRVHRUHVXOWDGRGHKRUDVWUDEDOKDGDVQRPrVHPTXHVWmR H DFUHVFHQWDQGR D HVVHV RV YDORUHV GRV UHSRXVRV VHPDQDLV UHPXQHUDGRV 9,$11$
x 3RUWDUHID
2 HPSUHJDGR TXH UHFHEH SRU WDUHID DXIHULUi XPD TXDQWLD GHWHUPLQDGD SDUD FDGDSHoDHRXWDUHIDTXHH[HFXWDUQmRLQFOXLQGRRUHSRXVRQHVWDTXDQWLDGHYHQGR FRPRQRVDQWHULRUHVVHULQFOXtGR9,$11$
x 3RUFRPLVV}HV
3DUD RV HPSUHJDGRV FRPLVVLRQiULRV H[LVWHP GXDV IRUPDV GH FRQWUDWDomR R FRPLVVLRQiULR PLVWR RQGH R HPSUHJDGR UHFHEH VDOiULR IL[R PDLV FRPLVVmR H R FRPLVVLRQiULR SXUR RQGH R HPSUHJDGR UHFHEH VRPHQWH DV FRPLVV}HV 2 UHSRXVR VHPDQDO UHPXQHUDGR UHIHUHQWH jV FRPLVV}HV GHYHUi VHU FDOFXODGR H GLVFULPLQDGR HPVHSDUDGR9,$11$
(1&$5*2675$%$/+,67$6(62&,$,6
3DUDGHILQLURTXHVmRHQFDUJRVWUDEDOKLVWDVHVRFLDLVpIXQGDPHQWDOVHSDUDUR FRQFHLWR GH VDOiULR H GH HQFDUJRV SRLV RV HQFDUJRV WUDEDOKLVWDV H VRFLDLV VmR RV DGLFLRQDLVSDJRVDRHPSUHJDGRHjVLQVWLWXLo}HVJRYHUQDPHQWDLVVHMDSRUIRUoDGH OHLDFRUGRVFRQYHQo}HVRXGLVVtGLRFROHWLYR
3DUD 6DQWRV HQFDUJR VRFLDO p R FXVWR HP TXH LQFRUUH R HPSUHJDGRU SHORIDWRGHXWLOL]DURVVHUYLoRVGHVHXVHPSUHJDGRV6mR{QXVLPSRVWRVSRUOHLTXH LQFLGHPVREUHDHPSUHVDFRPRHQWLGDGHTXHWHPXPSDSHOVRFLDODFXPSULU(VVHV {QXVWRUQDUDPVHFRQKHFLGRVFRPRHQFDUJRVVRFLDLVHWUDEDOKLVWDV$H[SUHVVmRp FRUUHWDSRLVVLJQLILFDTXHRV{QXVDTXHVHUHIHUHPLQFLGHPVREUHDHPSUHVDFRPR SDUWLFLSDQWHGDVRFLHGDGHVHQGRSDVVtYHOGHDVVXPLUREULJDo}HVGHQDWXUH]DVRFLDO DOpPGHUHPXQHUDURVIDWRUHVGHSURGXomR6$1726 -iRVHQFDUJRVWUDEDOKLVWDVVmRDTXHOHVH[LJtYHLVQD&/7RXHPDOJXPRXWUR GLVSRVLWLYROHJDOFRPSOHPHQWDU3(5(,5$
2VDOiULRpDFRQWUDSUHVWDomRGHYLGDHSDJDSHORHPSUHJDGRUDRHPSUHJDGR SHORVVHUYLoRVTXHOKHVmRSUHVWDGRV&/7DUW(OHpDFRUGDGRHQWUHDVSDUWHV HSRGHVHUIL[DGRHPKRUDVGLDVRXPrVWUDEDOKDGR2VHQFDUJRVLQFLGHQWHVVREUHR VDOiULRVHUmRGHILQLGRVGHDFRUGRFRPRVDOiULRFRQWUDWDGR
&RPR GHILQH 5RFKD R VDOiULR PHQVDO TXH FRUUHVSRQGH D GLDV FRUULGRVFRPSUHHQGHDUHPXQHUDomRLQGLVWLQWDGRVGLDVGHSUHVWDomRGHVHUYLoRVH GDTXHOHVGHVWLQDGRV DR UHSRXVR GR WUDEDOKDGRU 4XDQGRR VDOiULR p DFRUGDGRSRU KRUDWUDEDOKDGDRHPSUHJDGRUGHYH SDJDU DOpP GD KRUD WUDEDOKDGD DVKRUDVGH UHSRXVRVHPDQDOUHPXQHUDGRHDVKRUDVGHIHULDGRV
2FXVWRWRWDOGDPmRGHREUDFRQVWLWXLRVRPDWyULRGDUHPXQHUDomRSDJD DR WUDEDOKDGRU SRU KRUDV WUDEDOKDGDV PDLV R FXVWR GDV KRUDV QmR WUDEDOKDGDV H SHODV FRQWULEXLo}HV GR HPSUHJDGRU j 3UHYLGrQFLD 6RFLDO H D RXWUDV HQWLGDGHV JRYHUQDPHQWDLV 3RUWDQWR DOpP GR VDOiULR GLUHWR DFRUGDGR HQWUH HPSUHJDGRU H HPSUHJDGRH[LVWHPRXWURV{QXVLPSRVWRVSRUOHLTXHDVHPSUHVDVVmRREULJDGDVD SDJDU 2V HQFDUJRV VRFLDLV H WUDEDOKLVWDV FRPSUHHQGHP DV SUHVWDo}HV GLUHWDV SDJDV DR WUDEDOKDGRU H DV SUHVWDo}HV LQGLUHWDV TXH VHUmR UHSDVVDGDV DRV WUDEDOKDGRUHVPDLVWDUGHRXTXDQGRQHFHVViULD6$1726(VWDVSUHVWDo}HV LQGLUHWDVHQFDUJRVLQGLUHWRVILQDQFLDPREUDVVRFLDLVHHFRQ{PLFDVGRJRYHUQR-i DVSUHVWDo}HVGLUHWDVHQFDUJRVGLUHWRVVmRSDJRVGLUHWDPHQWHDRWUDEDOKDGRUFRPR UHSRXVR VHPDQDO UHPXQHUDGR DYLVR SUpYLR D UHPXQHUDomR GRV GLDV GH IpULDV DV JUDWLILFDo}HVQDWDOLQDVHQILPWRGDDUHWULEXLomRPRQHWiULDUHFHELGDSHORWUDEDOKDGRU QRVGLDVHKRUDVHPTXHHOHQmRHVWijGLVSRVLomRGDHPSUHVD
(VWHV{QXVTXHDVHPSUHVDV SRVVXHP HVWmR UHJXODPHQWDGRV SHOD OHJLVODomR WUDEDOKLVWD &/7 H SHOD &RQVWLWXLomR )HGHUDO GH H VmR REULJDo}HV TXH R HPSUHJDGRUGHYHUiFXPSULUVRESHQDOLGDGHV 2VHQFDUJRVWUDEDOKLVWDVGHDFRUGRFRPD&/7HD &RQVWLWXLomR)HGHUDOGHVmR x UHSRXVRVHPDQDOUHPXQHUDGR x DGLFLRQDOGHLQVDOXEULGDGH x DGLFLRQDOGHSHULFXORVLGDGH x WUDEDOKRQRWXUQR x DXVrQFLDUHPXQHUDGD x IpULDVHFRQVWLWXFLRQDOGHIpULDV x DERQRSHFXQLiULR x JUDWLILFDomRQDWDOLQDRXq VDOiULR x DX[tOLRHQIHUPLGDGH x DYLVRSUpYLR x PXOWDUHVFLVyULD &8672727$/ '$02'( 2%5$ 6$/È5,2120,1$/ LPSRUWkQFLDIL[D (1&$5*26 75$%$/+,67$6 62&,$,6 (1&$5*26',5(726 RX(1&$5*26 75$%$/+,67$6 5HSRXVRVHPDQDOUHPXQHUDGR )pULDV VDOiULR
,QGHQL]DomR SRU WHPSRGHVHUYLoR
(1&$5*26,1',5(726 RX(1&$5*26 62&,$,6DVREULJDo}HVVRFLDLV 3UHYLGrQFLDVRFLDO 6DOiULRHGXFDomR $FLGHQWHGRWUDEDOKR 6(6,6(6& 6(1$,6(1$& 6(%5$( ,1&5$ ),*85$(QFDUJRV6RFLDLVH7UDEDOKLVWDV )RQWHDGDSWDGRGH6DQWRVS )*76
2VHQFDUJRVVRFLDLVGHDFRUGRFRPD&/7HD&RQVWLWXLomR)HGHUDOGHVmR x FRQWULEXLomR)XQGRGH*DUDQWLDSRU7HPSRGH6HUYLoR
x FRQWULEXLo}HVj3UHYLGrQFLD6RFLDO
x FRQWULEXLomRUHIHUHQWHDRVDOiULRHGXFDomR
x FRQWULEXLomR UHIHUHQWH DR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP H DR 6HUYLoR 1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO
x FRQWULEXLomR UHIHUHQWH DR 6HUYLoR 6RFLDO GD ,QG~VWULD H 6HUYLoR 6RFLDO GR &RPpUFLR x FRQWULEXLomRDR,QVWLWXWR1DFLRQDOGH&RORQL]DomRH5HIRUPD$JUiULDH)XQGRGH $VVLVWrQFLDDR7UDEDOKDGRU5XUDO x FRQWULEXLomRDR6HUYLoR%UDVLOHLURGH$SRLRjV3HTXHQDVH0pGLDV(PSUHVDV x 'LUHWRULDGH3RUWRVH&RVWDVGR0LQLVWpULRGD0DULQKD x )XQGR$HURYLiULR x 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP5XUDO x 6HUYLoR6RFLDOGR7UDQVSRUWH x 6HUYLoR1DFLRQDOGH$SUHQGL]DJHPGR7UDQVSRUWH x 6HUYLoR1DFLRQDOGH$SUHQGL]DJHPGR&RRSHUDWLYLVPR $VHJXLUVHUmRGHWDOKDGRVFDGDXPGHVWHVLWHQVFRQIRUPHDDWXDOOHJLVODomR WUDEDOKLVWDHD&RQVWLWXLomR)HGHUDOGH (1&$5*2675$%$/+,67$6 5HSRXVR6HPDQDO5HPXQHUDGR
2 UHSRXVR VHPDQDO UHPXQHUDGRp D UHPXQHUDomR SDJDDR WUDEDOKDGRU SHORV GRPLQJRVHIHULDGRVFLYLVHUHOLJLRVRVQmRWUDEDOKDGRV(VVHVGLDVGHYHPVHUSDJRV FRPRPHVPRYDORUGHXPGLDWUDEDOKDGRQRUPDOPHQWH (PXP DQRGH GLDV H[LVWHP DSUR[LPDGDPHQWH GRPLQJRV H IHULDGRV GH DFRUGR FRP D WUDGLomR ORFDO TXH VmR SDJRV VHP VHUYLoRV SUHVWDGRV 2V IHULDGRV FLYLV RX QDFLRQDLV VmR GHFODUDGRVHPOHLIHGHUDOHVmRFRQVLGHUDGRVRVVHJXLQWHV
x GLDGHMDQHLUR±&RQIUDWHUQL]DomR8QLYHUVDO/(,Q x GLDGHDEULO±7LUDGHQWHV/(,Q
x GLDGHPDLR±'LDGR7UDEDOKR/(,Q x GLDGHVHWHPEUR±,QGHSHQGrQFLD/(,Q x GLDGHRXWXEUR±1RVVD6HQKRUD$SDUHFLGD/(,Q x GLDGHQRYHPEUR±3URFODPDomRGD5HS~EOLFD/(,Q x GLDGHGH]HPEUR±1DWDO/(,Q x GDWDGHUHDOL]DomRGHHOHLo}HV/(,Q x RVIHULDGRVGHkPELWRHVWDGXDOFRUUHVSRQGHQWHVjVGDWDVPDJQDVGRV(VWDGRV GHYHPVHUSHVTXLVDGRVMXQWRjOHJLVODomRHVWDGXDO/(,Q
x RV IHULDGRV PXQLFLSDLV RX UHOLJLRVRV VmR GHFODUDGRV HP OHL PXQLFLSDO HP Q~PHURQmRVXSHULRUDTXDWURFRQIRUPHWUDGLomRORFDO 3DUDTXHRHPSUHJDGRWHQKDGLUHLWRjUHPXQHUDomRFRUUHVSRQGHQWHDRUHSRXVR HIHULDGRVpQHFHVViULRTXHRPHVPRWHQKDWUDEDOKDGRGXUDQWHWRGDDVHPDQD DQWHULRUFXPSULQGRLQWHJUDOPHQWHRVHXKRUiULRVHPIDOWDVDWUDVRVHRXVDtGDV LQMXVWLILFDGDVGXUDQWHRH[SHGLHQWH9,$11$ $UHPXQHUDomRGRUHSRXVRVHPDQDOFRUUHVSRQGHUi
D SDUD RV TXH WUDEDOKDP SRU GLD VHPDQD TXLQ]HQD RX PrV j GH XP GLD GH VHUYLoRQmRFRPSXWDGDVDVKRUDVVXSOHPHQWDUHV
E SDUD RV TXH WUDEDOKDP SRU KRUD j GH VXD MRUQDGD QRUPDO GH WUDEDOKR H[FOXtGDVDVKRUDVFRPSOHPHQWDUHV
F SDUD RV TXH WUDEDOKDP SRU WDUHID RX SHoD R HTXLYDOHQWH DR VDOiULR FRUUHVSRQGHQWHjVWDUHIDVRXSHoDVIHLWDVGXUDQWHDVHPDQDQRKRUiULRQRUPDO GH WUDEDOKR GLYLGLGR SHORV GLDV GH VHUYLoR HIHWLYDPHQWH SUHVWDGRV DR HPSUHJDGRU
GSDUDRHPSUHJDGRHPGRPLFtOLRRHTXLYDOHQWHDRFRFLHQWHGDGLYLVmRSRUVHLV GDLPSRUWkQFLDWRWDOGDVXDSURGXomRQDVHPDQD
2VHPSUHJDGRVFXMRVVDOiULRVQmRVRIUDPGHVFRQWRVSRUPRWLYRGHIHULDGRV FLYLV RX UHOLJLRVRV VmR FRQVLGHUDGRV Mi UHPXQHUDGRV QHVVHV PHVPRV GLDV GH UHSRXVRFRQTXDQWRWHQKDPGLUHLWRjUHPXQHUDomRGRPLQLFDO
&RQVLGHUDPVHMiUHPXQHUDGRVRVGLDVGHUHSRXVRVHPDQDOGRHPSUHJDGR PHQVDOLVWD RX TXLQ]HQDOLVWD FXMR FiOFXOR GH VDOiULR PHQVDO RX TXLQ]HQDO RX FXMRVGHVFRQWRVSRUIDOWDVVHMDPHIHWXDGRVQDEDVHGRQ~PHURGHGLDVGRPrV RX GH WULQWD H TXLQ]H GLiULDV UHVSHFWLYDPHQWH /(, Q
1RVGLDVGHVWLQDGRVDRUHSRXVRVHPDQDOHIHULDGRVpYHWDGRRWUDEDOKRH[FHWR RVFDVRVHPTXHDH[HFXomRGRVVHUYLoRVIRULPSRVWDSHODVH[LJrQFLDVWpFQLFDVGDV HPSUHVDV(VVDVH[LJrQFLDV VmR HP YLUWXGH GR LQWHUHVVH S~EOLFR SHODV FRQGLo}HV SHFXOLDUHVjVDWLYLGDGHVGDHPSUHVDRXDRORFDORQGHDVPHVPDVDWXDPWRUQDQGR LQGLVSHQViYHO D FRQWLQXLGDGH GR WUDEDOKR HP WRGRV RX HP DOJXQV GRV UHVSHFWLYRV VHUYLoRV,QFOXHPWDPEpPQRVGLDVSHUPLWLGRVSDUDRWUDEDOKRTXDQGRSRUPRWLYRGH IRUoD PDLRU FXPSULQGR D HPSUHVD MXVWLILFDU D RFRUUrQFLD SHUDQWH D 'HOHJDFLD 5HJLRQDOGR7UDEDOKRQRSUD]RGHGH]GLDVHTXDQGRSDUDDWHQGHUDUHDOL]DomRRXD FRQFOXVmR GH VHUYLoRV LQDGLiYHLV RX FXMD LQH[HFXomR SRVVD DFDUUHWDU SUHMXt]R 1HVVH FDVR Ki QHFHVVLGDGH GH D HPSUHVD REWHU MXQWR j 'HOHJDFLD 5HJLRQDO GR
7UDEDOKR XPD DXWRUL]DomR SUpYLD 6HQGR DVVLP D UHPXQHUDomR GDV KRUDV WUDEDOKDGDVGHYHUiRFRUUHUHPGREUR9,$11$
$GLFLRQDOGH,QVDOXEULGDGH
e XP DGLFLRQDO SDJR DRV HPSUHJDGRV UHIHUHQWH DR H[HUFtFLR GR WUDEDOKR HP FRQGLo}HVLQVDOXEUHVDFLPDGRVOLPLWHVGHWROHUkQFLDHVWDEHOHFLGRV SHOR 0LQLVWpULR GR7UDEDOKR(VWHVDGLFLRQDLVVmRGHHGRVDOiULRPtQLPRVHJXQGR DFODVVLILFDomRQRVJUDXVPi[LPRPpGLRHPtQLPR&/7DUW
6mR FRQVLGHUDGDV DWLYLGDGHV RX RSHUDo}HV LQVDOXEUHV DTXHODV TXH SRU VXD QDWXUH]D FRQGLo}HV RX PpWRGRV GH WUDEDOKR H[SRQKDP HPSUHJDGRV D DJHQWHV QRFLYRVjVD~GHDFLPDGRVOLPLWHVSHUPLWLGRV&/7DUW
4XDQGR H[LVWH D LQFLGrQFLD GH PDLV GH XP IDWRU GH LQVDOXEULGDGH VHUi FRQVLGHUDGRRGHJUDXPDLVHOHYDGRHRXKDYHQGRQRORFDODSUHVHQoDGHDJHQWHV LQVDOXEUHVHSHULJRVRVRDGLFLRQDOVHUiRTXHPHOKRUEHQHILFLDURHPSUHJDGR
$GLFLRQDOGH3HULFXORVLGDGH
e R DGLFLRQDO GH LQFLGHQWH VREUH RV VDOiULRV UHIHUHQWH DR H[HUFtFLR GH WUDEDOKR HP FRQGLo}HV GH SHULFXORVLGDGH VHP RV DFUpVFLPRV UHVXOWDQWHV GH JUDWLILFDo}HVHSUrPLRV9,$11$
6mR FRQVLGHUDGDV DWLYLGDGHV RX RSHUDo}HV SHULJRVDV DTXHODV TXH SRU QDWXUH]DRXPpWRGRVGHWUDEDOKRLPSOLTXHPRFRQWDWRSHUPDQHQWHFRPLQIODPiYHLV RXH[SORVLYRVHPFRQGLo}HVGHULVFRDFHQWXDGR9,$11$
7UDEDOKR1RWXUQR
&RQVLGHUDVHQRWXUQRRWUDEDOKRUHDOL]DGRHQWUHjVKRUDVGHXPGLDHDV GR GLD VHJXLQWH $ KRUD GR WUDEDOKR QRWXUQR VHUi FRPSXWDGD FRPR GH PLQXWRVHVHJXQGRV&/7DUW
$OpP GD KRUD QRWXUQD VHU LQIHULRU D KRUD WUDGLFLRQDO LQFLGH VREUH HOD XP DGLFLRQDOGHQRPtQLPRVREUHRYDORUGDKRUDQRUPDOGLXUQD9,$11$
$XVrQFLD5HPXQHUDGD
$XVrQFLDV UHPXQHUDGDV FRPR R UHSRXVR VHPDQDO UHPXQHUDGR VmR RXWUDV VLWXDo}HVGHLQDWLYLGDGHGRWUDEDOKDGRUTXHHOHID]MXVDRSDJDPHQWRVmRDXVrQFLDV OHJLWLPDGDV&/7DUW
x DWp GRLV GLDV FRQVHFXWLYRV HP FDVR GH IDOHFLPHQWR GR F{QMXJH DVFHQGHQWH GHVFHQGHQWHLUPmRRXSHVVRDTXHGHFODUDGDHPVXDFDUWHLUDSURILVVLRQDOYLYD VREVXDGHSHQGrQFLDHFRQ{PLFD
x DWp WUrV GLDV FRQVHFXWLYRV HP YLUWXGH GH QDVFLPHQWR GH ILOKR QR GHFRUUHU GD SULPHLUDVHPDQD x DWpWUrVGLDVFRQVHFXWLYRVHPYLUWXGHGHFDVDPHQWR x SRUXPGLDHPFDGDGR]HPHVHVGHWUDEDOKRHPFDVRGHGRDomRYROXQWiULDGH VDQJXHGHYLGDPHQWHFRPSURYDGD x DWpGRLVGLDVFRQVHFXWLYRVRXQmRSDUDILPGHVHDOLVWDUHOHLWRU x QRSHUtRGRGHWHPSRHPTXHWLYHUGHFXPSULUDVH[LJrQFLDVGH6HUYLoR0LOLWDU x DXVrQFLD GR HPSUHJDGR MXVWLILFDGD D FULWpULR GD DGPLQLVWUDomR GD HPSUHVD
PHGLDQWHGRFXPHQWRDHVWHIRUQHFLGR
x LQDWLYLGDGH SRU SDUDOLVDomR GH VHUYLoR QRV GLDV HP TXH SRU FRQYHQLrQFLD GR HPSUHJDGRUQmRWHQKDKDYLGRWUDEDOKROLEHUDOLGDGH
x DXVrQFLDFRPIXQGDPHQWRQD/HLGH$FLGHQWHVGR7UDEDOKR x GRHQoDFRPSURYDGDDWpGLDV
)pULDVH&RQVWLWXFLRQDOGH)pULDV
)pULDVpRGLUHLWRGRWUDEDOKDGRUGHQmRSUHVWDUVHUYLoRVDRHPSUHJDGRUSHOR SHUtRGR GH GLDV VHP SUHMXt]R GD UHPXQHUDomR 'LUHLWR HVWH DGTXLULGR DSyV GR]HPHVHVGHYLJrQFLDGRFRQWUDWRGHWUDEDOKRQmRVHQGRSRVVtYHODFRQFHVVmR GHIpULDVLQGLYLGXDLVDHPSUHJDGRVFRPSHUtRGRVDTXLVLWLYRVLQFRPSOHWRVVDOYRQD KLSyWHVHGHVHUHPIpULDVFROHWLYDV&/7DUWVH
$V IpULDV GHYHUmR VHU FRQFHGLGDV GHQWUR GRV PHVHV VXEVHTXHQWHV j DTXLVLomR GR GLUHLWR VRE SHQD GH VHUHP SDJDV HP GREUR TXDQGR D pSRFD GH FRQFHVVmR GH IpULDV HVWD GHYHUi VHU D TXH PHOKRU DWHQGD DRV LQWHUHVVHV GR HPSUHJDGRVHQGRSRUHOHGHWHUPLQDGDV9,$11$
$SyV FDGD SHUtRGR GH PHVHV GH FRQWUDWR GH WUDEDOKR R HPSUHJDGR WHUi GLUHLWRDIpULDVPDLVXPWHUoRVREUHDVIpULDVTXHpRDFUpVFLPRGRVDOiULRQRUPDOj UHPXQHUDomRGDVIpULDVDQXDLV&2167,78,d2)('(5$/LQFLVR;9,,GRDUW 2HPSUHJDGRSHUFHEHUiGXUDQWHDVIpULDVDUHPXQHUDomRTXHOKHIRUGHYLGD QDGDWDGDVXDFRQFHVVmRRXVHMDDVIpULDVGHYHUmRVHUSDJDVFRPEDVHQRVDOiULR YLJHQWHQDpSRFDHPTXHIRUHPFRQFHGLGDV&/7DUW $&RQVWLWXLomR)HGHUDOGHDVVHJXUDDRVWUDEDOKDGRUHVXUEDQRVHUXUDLV JR]R GH IpULDV DQXDLV UHPXQHUDGDV FRP SHOR PHQRV XP WHUoR D PDLV GR TXH R VDOiULR QRUPDO GLUHLWR HVVH HVWHQGLGR WDPEpP TXDQGR GH IpULDV LQGHQL]DGDV (181&,$'27671
$UHPXQHUDomRGDVIpULDVHXPWHUoRFRQVWLWXFLRQDOTXDQGRJR]DGDVVRIUHUi LQFLGrQFLDV SUHYLGHQFLiULDV IXQGLiULD H GH LPSRVWR GH UHQGD H[FHWR TXDQGR DV PHVPDV IRUHP LQGHQL]DGDV HP UHVFLVmR FRQWUDWXDO QmR KDYHQGR LQFLGrQFLDV GH ,166H)*769,$11$
3DUDRVVDOiULRVEDVHDGRVHPKRUDVWDUHIDSHUFHQWDJHPHFRPLVVmRGHYHUmR VHU DSXUDGDV DV PpGLDV UHVSHFWLYDV GR Q~PHUR GH KRUDV WDUHID SHUFHQWDJHP H FRPLVV}HVUHFHELGDVGXUDQWHRSHUtRGRDTXLVLWLYRHDSOLFDGRDRVDOiULRGDGDWDGD FRQFHVVmRGDVIpULDV&/7DUW
2V DGLFLRQDLV SRU WUDEDOKR H[WUDRUGLQiULR QRWXUQR LQVDOXEUH RX SHULJRVR GHYHUmR VHU FRPSXWDGRV QR VDOiULR TXH VHUYLUi GH EDVH SDUD R FiOFXOR GD UHPXQHUDomRGHIpULDV$VJUDWLILFDo}HVHRVSUrPLRVKDELWXDLVSDJRVDRHPSUHJDGR WDPEpP LQWHJUDP D UHPXQHUDomR GDV IpULDV DWUDYpV GH PpGLD GXRGHFLPDO (181&,$'27671
$VIpULDVSRGHPVHUSURSRUFLRQDLVVRPHQWHQDKLSyWHVHGHGLVSHQVDVHPMXVWD FDXVD WpUPLQRGH FRQWUDWR D SUD]R RX SHGLGR GH GHPLVVmR TXDQGR R HPSUHJDGR SRVVXLUPDLVGHXPDQRGHVHUYLoRQDPHVPDHPSUHVD
$ERQR3HFXQLiULR
2DERQRSHFXQLiULRpDFRQYHUVmRHPXPWHUoRGRSHUtRGRGHIpULDVDTXHWLYHU GLUHLWR HP WUDEDOKR QR YDORU GD UHPXQHUDomR TXH OKH VHULD GHYLGD QRV GLDV FRUUHVSRQGHQWHV (VWH GHYHUi VHU UHTXHULGR SHOR HPSUHJDGR SRU HVFULWR DWp TXLQ]HGLDVDQWHVGRWpUPLQRGRSHUtRGRDTXLVLWLYR&/7DUWVH
2FRUUHQGR D YHQGD GH XPWHUoRGRVGLDV GHYLGRV HODGHYHUi VHU VXEVWLWXtGD SRU WUDEDOKR TXH VHUi UHPXQHUDGR HP VHSDUDGR VHP R DFUpVFLPR GR XP WHUoR FRQVWLWXFLRQDO
6REUH R DERQR SHFXQLiULR QmR RFRUUH LQFLGrQFLD GH ,166 H )*76 DSHQDV VHQGRGHYLGRR,55)
*UDWLILFDomR1DWDOLQDRXq 6DOiULR
$JUDWLILFDomRQDWDOLQDRXq 6DOiULR WUDWDVHGHXPDJUDWLILFDomRGHQDWXUH]D VDODULDOSDJDQDRFDVLmRGR1DWDO(ODpGHYLGDDWRGRHPSUHJDGRXUEDQRUXUDORX GRPpVWLFREHPFRPRDRVWUDEDOKDGRUHVDYXOVRVLQGHSHQGHQWHGDUHPXQHUDomRSRU HVWHVUHFHELGD9,$11$
1R PrV GH GH]HPEUR GH FDGD DQR D WRGR HPSUHJDGR VHUi SDJD SHOR HPSUHJDGRU XPD JUDWLILFDomR VDODULDO LQGHSHQGHQWHPHQWH GD UHPXQHUDomR D TXHIL]HUMXV
$ JUDWLILFDomR FRUUHVSRQGHUi D DYRV GD UHPXQHUDomR GHYLGD HP GH]HPEURSRUPrVGRDQRFRUUHVSRQGHQWH
$IUDomRLJXDORXVXSHULRUDTXLQ]HGLDVGHWUDEDOKRVHUiKDYLGDFRPR PrVLQWHJUDOSDUDRVHIHLWRVGRSDUiJUDIRDQWHULRU/(,Q
(OD GHYHUi VHU SDJD HP GXDV SDUFHODV VHQGR D SULPHLUD HQWUH RV PHVHV GH IHYHUHLURHQRYHPEURGHFDGDDQRHDVHJXQGDDWpRGLDGHGH]HPEUR$SULPHLUD SDUFHODGHYHUiVHUDPHWDGHGRVDOiULRUHFHELGRSHORHPSUHJDGRQRPrVDQWHULRU )LFDDFULWpULRGRHPSUHJDGRUDpSRFDHPTXHGHYHUiVHUHIHWXDGRRSDJDPHQWRGR DGLDQWDPHQWRGRGpFLPRWHUFHLUR
2 YDORU GD JUDWLILFDomR QDWDOLQD FRUUHVSRQGHUi D DYRV GD UHPXQHUDomR GHYLGD HP GH]HPEUR SRU PrV GH VHUYLoR GR DQR FRUUHVSRQGHQWH PrV FLYLO FDOHQGiULRVHQGRTXHDIUDomRLJXDORXVXSHULRUDTXLQ]HGLDVGHWUDEDOKRVHUi GHYLGDFRPRPrVLQWHJUDO9,$11$
2YDORUGRLQWHJUDOFRQVWLWXLDEDVHSDUDDLQFLGrQFLDGR)*76H,166
1RFDVR GH HPSUHJDGRV KRULVWDV H GLDULVWDV R FiOFXOR GD JUDWLILFDomR QDWDOLQD GHYHUiVHUHIHWXDGRFRPEDVHQRVDOiULRPHQVDOHQmRQDUHPXQHUDomRPHQVDO UHFHELGDSRUHVWHVRXVHMDQRFDVRGRVKRULVWDVHVWHYDORUVHUiGHKRUDVH QRFDVRGRVGLDULVWDVVHUiGHGLDV9,$11$
2 YDORU GD JUDWLILFDomR QDWDOLQD GHYHUi VHU RV GDV PpGLDV GRV DGLFLRQDLV SHUFHELGRV KDELWXDOPHQWH SHOR HPSUHJDGR 6RPHQWH SDUD R FiOFXOR GD SDUFHOD LQWHJUDO QR FDVRGRDGLDQWDPHQWR QmR VHUi QHFHVViULR FRQVLGHUDU DV PpGLDV GRV
DGLFLRQDLVSHUFHELGRV$VJUDWLILFDo}HVHRVSUrPLRVSDJRVDRHPSUHJDGRWDPEpP LQWHJUDP D UHPXQHUDomR DWUDYpV GD PpGLD GXRGHFLPDO LQGHSHQGHQWH GD SHULRGLFLGDGHGHVHXSDJDPHQWR
$X[tOLR(QIHUPLGDGH
$X[tOLR(QIHUPLGDGHpRSDJDPHQWRKDELWXDOGXUDQWHDGRHQoDGRWUDEDOKDGRU 7RGDYLD D OHL LPS}H TXH GXUDQWH RV TXLQ]H SULPHLURV GLDV GD GRHQoD D UHVSRQVDELOLGDGH VHMD GR HPSUHJDGRU DR TXDO FRPSHWH SDJDU DR HPSUHJDGR R VDOiULRLQWHJUDO&/7DUW
$YLVR3UpYLR
2$YLVR3UpYLRYLVDSURWHJHUDHPSUHVDGDVXUSUHVDGRGHVOLJDPHQWRV~ELWRGH VHXVWUDEDOKDGRUHVEHPFRPRGHIHQGHRHPSUHJDGRGRVULVFRVGRGHVHPSUHJR$ OHJLVODomR REULJD D SDUWH TXH VHP MXVWR PRWLYR TXLVHU UHVFLQGLU R FRQWUDWR GH WUDEDOKR DYLVDU j RXWUD GD VXD UHVROXomR FRP DQWHFHGrQFLD PtQLPD GH GLDV 9,$11$
$IDOWDGRDYLVRSUpYLRSRUSDUWHGRHPSUHJDGRUGDUiVHPSUHDRHPSUHJDGR RGLUHLWRDRVVDOiULRVFRUUHVSRQGHQWHVDRSUD]RGRDYLVRDLQWHJUDomRGHVVHSHUtRGR QR VHX WHPSR GH VHUYLoR $ IDOWD GH DYLVR SUpYLR SRU SDUWH GR HPSUHJDGR Gi DR HPSUHJDGRURGLUHLWRGHGHVFRQWDURVVDOiULRVFRUUHVSRQGHQWHVDRSUD]RUHVSHFWLYR &/7DUW
&RQIRUPHGHVFUHYH9LDQQDRDYLVRSUpYLRSRGHVHU
x WUDEDOKDGRRFRUUHTXDQGRRHPSUHJDGRWUDEDOKDGXUDQWHRSUD]RGRDYLVR SUpYLR WDQWR QD KLSyWHVH GHVWH WHU SHGLGR µGHPLVVmR¶ TXDQWR µVHU GLVSHQVDGRVHPMXVWDFDXVD¶EHPFRPRRFRUUHXPDUHGXomRGHGXDVKRUDV GD MRUQDGD GH WUDEDOKR GR HPSUHJDGR FDVR D GLVSHQVD WHQKD SDUWLGR GR HPSUHJDGRU
x LQGHQL]DGR SRGH RFRUUHU GH GXDV PDQHLUDV $ SULPHLUD TXDQGR R HPSUHJDGR SHGH GHPLVVmR H VH UHFXVD D FXPSULU R DYLVR SUpYLR WUDEDOKDQGR 1HVWH FDVR R HPSUHJDGRU SRGH GHVFRQWDU RV YDORUHV FRUUHVSRQGHVWHV $ VHJXQGD PDQHLUD p TXDQGR R HPSUHJDGRU GLVSHQVD R HPSUHJDGRGHFXPSULURDYLVRVHQGRLQGHQL]DGRQRYDORUFRUUHVSRQGHQWH
$VUHPXQHUDo}HVDGLFLRQDLVUHFHELGDVSHORHPSUHJDGRGHYHPHQWUDUQDEDVH GHFiOFXORGRDYLVRSUpYLR9,$11$ 2DYLVRSUpYLRWUDEDOKDGRpSDJRDRHPSUHJDGRFRPRVDOGRGHVDOiULRVHWHP SRUWDQWRDLQFLGrQFLDGR,166)*76H,55)MiRDYLVRSUpYLRLQGHQL]DGRQmRKi LQFLGrQFLDGH,166HGH,55)VRPHQWHGH)*76 0XOWD5HVFLVyULD $/(,QGLVS}HVREUHDPXOWDUHVFLVyULDTXHGL]
$UW2FRUUHQGRUHVFLVmR GRFRQWUDWR GHWUDEDOKRSRU SDUWH GR HPSUHJDGRU ILFDUiHVWHREULJDGRDSDJDUGLUHWDPHQWHDRHPSUHJDGRRVYDORUHVUHODWLYRVDRV GHSyVLWRVUHIHUHQWHVDRPrVGDUHVFLVmRHDRLPHGLDWDPHQWHDQWHULRUTXHDLQGD QmRKRXYHUVLGRUHFROKLGRVHPSUHMXt]RGDVFRPLQDo}HVOHJDLV
1DKLSyWHVHGHGHVSHGLGDSHORHPSUHJDGRUVHPMXVWDFDXVDSDJDUiHVWH GLUHWDPHQWH DR WUDEDOKDGRU LPSRUWkQFLD LJXDO D TXDUHQWD SRU FHQWR GR PRQWDQWHGHWRGRVRVGHSyVLWRVUHDOL]DGRVQDFRQWDYLQFXODGDGXUDQWHDYLJrQFLD GR FRQWUDWR GH WUDEDOKR DWXDOL]DGRV PRQHWDULDPHQWH H DFUHVFLGRV GRV UHVSHFWLYRVMXURV
4XDQGRRFRUUHUGHVSHGLGDSRUFXOSDUHFtSURFDRXIRUoDPDLRUUHFRQKHFLGD SHOD-XVWLoDGR7UDEDOKRRSHUFHQWXDOGHTXHWUDWDRVHUiGHYLQWHSRU FHQWR
$V LPSRUWkQFLDV GH TXH WUDWD HVWH DUWLJR GHYHUmR FRQVWDU GR UHFLER GH TXLWDomRGHUHVFLVmRGRFRQWUDWRGHWUDEDOKRREVHUYDGRRGLVSRVWRQRDUW GD &/7 H H[LPLUmR R HPSUHJDGRU H[FOXVLYDPHQWH TXDQWR DRV YDORUHV
GLVFULPLQDGRV /(, Q $0XOWDUHVFLVyULDpSDJDSHODVHPSUHVDVQDVGHPLVV}HVVHPMXVWDFDXVDRX VHMDDVHPSUHVDVVmRREULJDGDVDSDJDUDRVHPSUHJDGRVVREUHR)XQGRGH *DUDQWLDSRU7HPSRGH6HUYLoRGHSRVLWDGRSRUHODDRORQJRGDGXUDomRGRFRQWUDWR GHWUDEDOKR 'HVGH MXQKR GH D PXOWD VREUH R )*76 p GH TXDQGR VmR GHVWLQDGRV DRV HPSUHJDGRV H RV RXWURV GHVWLQDGRV DR JRYHUQR FRQIRUPH WUHFKRGDOHLDEDL[R
$UW)LFDLQVWLWXtGDFRQWULEXLomRVRFLDOGHYLGDSHORVHPSUHJDGRUHVHPFDVRGH GHVSHGLGDGHHPSUHJDGRVHPMXVWDFDXVDjDOtTXRWDGHGH]SRUFHQWRVREUHR PRQWDQWH GH WRGRV RV GHSyVLWRV GHYLGRV UHIHUHQWHV DR )XQGR GH *DUDQWLD GR 7HPSRGH6HUYLoR)*76GXUDQWHDYLJrQFLDGRFRQWUDWRGHWUDEDOKRDFUHVFLGR GDVUHPXQHUDo}HVDSOLFiYHLVjVFRQWDVYLQFXODGDV
3DUiJUDIR~QLFR)LFDPLVHQWRVGDFRQWULEXLomRVRFLDOLQVWLWXtGD QHVWH DUWLJR RV HPSUHJDGRUHVGRPpVWLFRV/HL&RPSOHPHQWDUQ
(1&$5*2662&,$6
)XQGR'H*DUDQWLD3RU7HPSR'H6HUYLoR
2 )XQGR GH *DUDQWLD SRU 7HPSR GH 6HUYLoR FRQVWLWXLVH RULJLQDULDPHQWH GH GHSyVLWRV EDQFiULRV YLQFXODGRV HIHWXDGRV SHODV HPSUHVDV HP JDUDQWLD GH LQGHQL]Do}HVSRUWHPSRGHVHUYLoRVGRVHPSUHJDGRV/(,Q6HJXQGRR UHJXODPHQWRDVHPSUHVDVGHYHPGHSRVLWDUPHQVDOPHQWHQDFRQWDGR)XQGR GD UHPXQHUDomR SDJD DR HPSUHJDGR QR PrV DQWHULRU LQFOXtGDV D JUDWLILFDomR QDWDOLQDIpULDVH&RQIRUPHGHVFULWRHPWUHFKRGD/HLDEDL[R
DUW 3DUD RV ILQV SUHYLVWRV QHVWD /HL WRGDV DV HPSUHVDV VXMHLWDV j &RQVROLGDomRGDV/HLVGR7UDEDOKR&/7ILFDPREULJDGDVDGHSRVLWDUDWpRGLD YLQWH GH FDGD PrV HP FRQWD EDQFiULD YLQFXODGD LPSRUWkQFLD FRUUHVSRQGHQWH D RLWR SRU FHQWR GD UHPXQHUDomR SDUD QR PrV DQWHULRU D FDGDHPSUHJDGRRSWDQWHRXQmRH[FOXtGDVDVSDUFHODVQmRPHQFLRQDGDVQRV DUWVHGD&/7
3DUiJUDIR ~QLFR $V FRQWDV EDQFiULDV YLQFXODGDV DOXGLGDV QHVWH DUWLJR VHUmR DEHUWDVHPQRPHGRHPSUHJDGRTXHKRXYHURSWDGRSHORUHJLPHGHVWD /HLRX HPQRPHGDHPSUHVDPDVHPFRQWDLQGLYLGXDOL]DGDFRPUHODomRDRHPSUHJDGR QmRRSWDQWH/(,Q
2V GHSyVLWRV HP FRQWD YLQFXODGD FRQVWLWXLUmR GHVSHVDV GHGXWtYHLV GR OXFUR RSHUDFLRQDO GRV HPSUHJDGRUHV H DV LPSRUWkQFLDV OHYDQWDGDV D VHX IDYRU UHFHLWD WULEXWiYHO
&RQVLGHUDVH UHPXQHUDomR SDUD HIHLWR GD LQFLGrQFLD GR )*76 R VDOiULR EDVHDFUHVFLGRGHWRGRVRVDGLFLRQDLVGHFDUiWHUUHPXQHUDWyULR9,$11$2V DGLFLRQDLVUHPXQHUDWyULRVVmR x KRUDVH[WUDV(181&,$'2767Q x DGLFLRQDLVGHLQVDOXEULGDGHSHULFXORVLGDGHHGRWUDEDOKRQRWXUQR x DGLFLRQDOSRUWHPSRGHVHUYLoR x DGLFLRQDOSRUWUDQVIHUrQFLDGHORFDOGHWUDEDOKR x VDOiULRIDPLOLDQRTXHH[FHGHUDRYDORUOHJDOREULJDWyULR x JUDWLILFDomRGHIpULDV x YDORUGRWHUoRFRQVWLWXFLRQDOGDVIpULDV x FRPLVV}HV x GLiULDVSDUDYLDJHPSHORVHXYDORUJOREDOTXDQGRH[FHGHUHPDGRVDOiULR GRHPSUHJDGR&/7DUW
x JRUMHWDV
x JUDWLILFDomR QDWDOLQD LQFOXVLYH TXDQGR GHFRUUHQWH GH DSOLFDomR GRV HQXQFLDGRV 767Q~PHURVH x JUDWLILFDo}HVDMXVWDGDVH[SUHVVDRXWDFLWDPHQWHWDLVFRPRGHSURGXWLYLGDGHGH EDODQoRGHIXQomRRXFDUJRGHFRQILDQoD x UHWLUDGDGHGLUHWRUHV x OLFHQoDSUrPLRLQFOXVLYHTXDQGRFRQYHUWLGDHPSHF~QLD x UHSRXVRVHPDQDOHIHULDGRVFLYLVHUHOLJLRVRV x DYLVRSUpYLRWUDEDOKDGRHLQGHQL]DGR(181&,$'2767Q
x DERQRV GH TXDOTXHU QDWXUH]D H[FHWR DTXHOHV FXMD LQFLGrQFLD VHMD H[SUHVVDPHQWHH[FOXtGDSRUOHL x SUrPLRVFRQWUDWXDLVRXKDELWXDLV x VDOiULRPDWHUQLGDGH x IpULDVQRUPDLVJR]DGDVQDYLJrQFLDGRFRQWUDWRGHWUDEDOKR x VDOiULRVHERQLILFDo}HV x TXHEUDGHFDL[D x DX[tOLRGRHQoDTXLQ]HSULPHLURVGLDVGHDJDVWDPHQWR
1mR VH LQWHJUDP j UHPXQHUDomR SDUD HIHLWR GH GHSyVLWR GR )*76 DV SDUFHODVH[SUHVVDPHQWHH[FOXtGDVSRU/(,DUWQ
x DERQRGR3URJUDPDGH,QWHJUDomR6RFLDO±3,6HGR3URJUDPDGH$VVLVWrQFLDDR 6HUYLGRU3~EOLFR±3$6(3
x DERQRSHFXQLiULRGHIpULDVFRUUHVSRQGHQWHjFRQYHUVmRGHXPWHUoRGDVIpULDV HPSHF~QLD&/7DUW
x DERQR GH IpULDV FRQFHGLGR HP YLUWXGH GH FRQWUDWR UHJXODPHQWR GD HPSUHVD FRQYHQomRRXDFRUGRFROHWLYRGHWUDEDOKRFXMRYDORUQmRH[FHGDYLQWHGLDV&/7 DUW
x DMXGDGHFXVWRHR DGLFLRQDOPHQVDOUHFHELGRVSHORDHURQDXWDQRVWHUPRVGD/(, QGH
x DMXGD GH FXVWR HP SDUFHOD ~QLFD UHFHELGD H[FOXVLYDPHQWH HP GHFRUUrQFLD GH PXGDQoDGHORFDOGHWUDEDOKRGRHPSUHJDGRQDIRUPDGRDUWGD&/7
x DVVLVWrQFLDDRWUDEDOKDGRUGDDJURLQG~VWULDFDQDYLHLUDGHTXHWUDWDRDUWGD/(, QGH
x EHQHItFLRV GD 3UHYLGrQFLD 6RFLDO QRV WHUPRV H OLPLWHV OHJDLV VDOYR VDOiULR PDWHUQLGDGH
x EROVD GH FRPSOHPHQWDomR HGXFDFLRQDO GH HVWDJLiULR TXDQGR SDJD QRV WHUPRV GD/(,QGH
x FRPSOHPHQWDomR DR YDORU GR DX[LOLRGRHQoD GHVGH TXH HVWH GLUHLWR VHMD H[WHQVLYRjWRWDOLGDGHGRVHPSUHJDGRVGDHPSUHVD
x GLiULDVSDUDYLDJHPGHVGHTXHQmRH[FHGDPDGDUHPXQHUDomRPHQVDOGR HPSUHJDGR
x GLUHLWRVDXWRUDLV±YDORUHVUHFHELGRVHPGHFRUUrQFLDGHVXDFHVVmR
x IpULDV LQGHQL]DGDV H UHVSHFWLYR DGLFLRQDO FRQVWLWXFLRQDO LQFOXVLYH R YDORU FRUUHVSRQGHQWH DR GREUR GD UHPXQHUDomR GH IpULDV GH TXH WUDWD R DUW GD &/7
x JDQKRVHYHQWXDLVHDERQRH[SUHVVDPHQWHGHVYLQFXODGRVGRVDOiULRSRUIRUoDGH /HL
x GLVSHQVD VHP MXVWD FDXVD DWp WULQWD GLDV DQWHV GD GDWDEDVH DUW GD /(, QGH
x LQGHQL]DomR FRPSHQVDWyULD GH GR PRQWDQWH GHSRVLWDGR QR )*76 FRPR SURWHomRDUHODomRGHHPSUHJRFRQWUDGHVSHGLGDDUELWUiULDRXVHPMXVWDFDXVD x LQGHQL]DomR GR WHPSR GH VHUYLoR GR VDIULVWD TXDQGR GD H[SLUDomR GR FRQWUDWR
/(,Q
x LQGHQL]DomR SRU GHVSHGLGD VHP MXVWD FDXVD GR HPSUHJDGR QRV FRQWUDWRV SRU SUD]RGHWHUPLQDGR&/7DUW
x LQGHQL]DomR SRU WHPSR GH VHUYLoR DQWHULRU D GR HPSUHJDGR QmR RSWDQWHSHOR)*76 x LQGHQL]DomRUHFHELGDDWtWXORGHLQFHQWLYRjGHPLVVmR x LQGHQL]Do}HVSUHYLVWDVQRVDUWVHGD&/7 x OLFHQoDSUrPLRLQGHQL]DGD x PXOWDSDJDDRHPSUHJDGRHPGHFRUUrQFLDGDPRUDQRSDJDPHQWRGDVSDUFHODV FRQVWDQWHVQRLQVWUXPHQWRGHUHVFLVmRGRFRQWUDWRGHWUDEDOKRFRQIRUPHSUHYLVWR QRSDUiJUDIRGRDUWGD&/7
x SDUFHOD LQ QDWXUD UHFHELGD GH DFRUGR FRP RV SURJUDPDV GH DOLPHQWDomR DSURYDGRVSHOR0LQLVWpULRGR7UDEDOKRQRVWHUPRVGD/(,Q
x SDUWLFLSDomRQRVOXFURVRXUHVXOWDGRVGDHPSUHVDTXDQGRSDJRVRXFUHGLWDGRV GHDFRUGRFRP/HLHVSHFtILFD
x SODQR HGXFDFLRQDO TXH YLVH j HGXFDomR EiVLFD H FXUVRV FDSDFLWDomR H TXDOLILFDomRSURILVVLRQDLVYLQFXODGRVjVDWLYLGDGHVGHVHQYROYLGDVSHODHPSUHVD x SUHYLGrQFLDFRPSOHPHQWDUDEHUWDRXIHFKDGD
x UHHPEROVR FUHFKH SDJR HP FRQIRUPLGDGH FRP D OHJLVODomR WUDEDOKLVWD REVHUYDGR R OLPLWH Pi[LPR GH DQRV GH LGDGH TXDQGR GHYLGDPHQWH FRPSURYDGDVDVGHVSHVDVUHDOL]DGDV
x UHVVDUFLPHQWR GH GHVSHVDV SHOR XVR GH YHtFXOR GR HPSUHJDGR TXDQGR GHYLGDPHQWHFRPSURYDGDVDVGHVSHVDVUHDOL]DGDV
x VHUYLoRPpGLFRRXRGRQWROyJLFRSUySULRGDHPSUHVDRXSRUHODFRQYHQLDGR x YDOHWUDQVSRUWHUHFHELGRQDIRUPDGDOHJLVODomRSUySULD
x YHVWXiULR HTXLSDPHQWRV H RXWURV DFHVVyULRV IRUQHFLGRV DR HPSUHJDGR H XWLOL]DGRVQRORFDOGHWUDEDOKRSDUDSUHVWDomRGRVUHVSHFWLYRVVHUYLoRV
x RXWUDVLQGHQL]Do}HVGHVGHTXHH[SUHVVDPHQWHSUHYLVWDHP/(,
x R YDORU GDV FRQWULEXLo}HV HIHWLYDPHQWH SDJDV SHOD SHVVRD MXUtGLFD UHODWLYR DR SUrPLR GH VHJXUR GH YLGD HP JUXSR GHVGH TXH SUHYLVWR HP DFRUGR RX FRQYHQomRFROHWLYDGHWUDEDOKRHGLVSRQtYHOjWRWDOLGDGHGHVHXVHPSUHJDGRVH GLULJHQWHVREVHUYDGRVQRTXHFRXEHURVDUWHGD&/7
$ FRQWD GR WUDEDOKDGRU SRGHUi VHU PRYLPHQWDGD FRQIRUPH D OHJLVODomR VHJXLQWH
$UW$FRQWDYLQFXODGDGRWUDEDOKDGRUQR)*76SRGHUiVHUPRYLPHQWDGDQDV VHJXLQWHVVLWXDo}HV
,GHVSHGLGDVHPMXVWDFDXVDLQFOXVLYHDLQGLUHWDGHFXOSDUHFtSURFDHGHIRUoD PDLRUFRPSURYDGDFRPSDJDPHQWRGRVYDORUHVGHTXHWUDWDRDUW
,, H[WLQomR WRWDO GD HPSUHVD IHFKDPHQWR GH TXDLVTXHU GH VHXV HVWDEHOHFLPHQWRVILOLDLVRXDJrQFLDVVXSUHVVmRGHSDUWHGHVXDVDWLYLGDGHVRX DLQGD IDOHFLPHQWR GR HPSUHJDGRU LQGLYLGXDO VHPSUH TXH TXDOTXHU GHVVDV RFRUUrQFLDV LPSOLTXH UHVFLVmR GH FRQWUDWR GH WUDEDOKR FRPSURYDGD SRU GHFODUDomRHVFULWDGDHPSUHVDVXSULGDTXDQGRIRURFDVRSRUGHFLVmRMXGLFLDO WUDQVLWDGDHPMXOJDGR
,,,DSRVHQWDGRULDFRQFHGLGDSHOD3UHYLGrQFLD6RFLDO
,9IDOHFLPHQWRGRWUDEDOKDGRUVHQGRRVDOGRSDJRDVHXVGHSHQGHQWHVSDUD HVVH ILP KDELOLWDGRV SHUDQWH D 3UHYLGrQFLD 6RFLDO VHJXQGR R FULWpULR DGRWDGR SDUDDFRQFHVVmRGHSHQV}HVSRUPRUWH1DIDOWDGHGHSHQGHQWHVIDUmRMXVDR UHFHELPHQWR GR VDOGR GD FRQWD YLQFXODGD RV VHXV VXFHVVRUHV SUHYLVWRV QD OHL FLYLO LQGLFDGRV HP DOYDUi MXGLFLDO H[SHGLGR D UHTXHULPHQWR GR LQWHUHVVDGR LQGHSHQGHQWHGHLQYHQWiULRRXDUURODPHQWR
9 SDJDPHQWR GH SDUWH GDV SUHVWDo}HV GHFRUUHQWHV GH ILQDQFLDPHQWR KDELWDFLRQDO FRQFHGLGR QR kPELWR GR 6LVWHPD )LQDQFHLUR GD +DELWDomR 6)+ GHVGHTXH
DRPXWXiULRFRQWHFRPRPtQLPRGHWUrVDQRVGHWUDEDOKRVRERUHJLPHGR )*76QDPHVPDHPSUHVDRXHPHPSUHVDVGLIHUHQWHV
E R YDORU EORTXHDGR VHMD XWLOL]DGR QR PtQLPR GXUDQWH R SUD]R GH GR]H PHVHV
FRYDORUGRDEDWLPHQWRDWLQMDQRPi[LPRRLWHQWDSRUFHQWRGRPRQWDQWHGD SUHVWDomR
9,OLTXLGDomRRXDPRUWL]DomRH[WUDRUGLQiULDGRVDOGRGHYHGRUGHILQDQFLDPHQWR LPRELOLiULR REVHUYDGDV DV FRQGLo}HV HVWDEHOHFLGDV SHOR &RQVHOKR &XUDGRU GHQWUHHODVDGHTXHRILQDQFLDPHQWRVHMDFRQFHGLGRQRkPELWRGR6)+HKDMD LQWHUVWtFLRPtQLPRGHGRLVDQRVSDUDFDGDPRYLPHQWDomR
9,, SDJDPHQWR WRWDO RX SDUFLDO GR SUHoR GD DTXLVLomR GH PRUDGLD SUySULD REVHUYDGDVDVVHJXLQWHVFRQGLo}HV
DRPXWXiULR GHYHUiFRQWDUFRPRPtQLPRGHWUrVDQRV GH WUDEDOKR VRE R UHJLPHGR)*76QDPHVPDHPSUHVDRXHPSUHVDVGLIHUHQWHV
EVHMDDRSHUDomRILQDQFLiYHOQDVFRQGLo}HVYLJHQWHVSDUDR6)+
9,,,TXDQGRSHUPDQHFHUWUrVDQRVLQLQWHUUXSWRVDSDUWLUGDYLJrQFLDGHVWD OHLVHPFUpGLWRGHGHSyVLWRV
,; H[WLQomR QRUPDO GR FRQWUDWR D WHUPR LQFOXVLYH R GRV WUDEDOKDGRUHV WHPSRUiULRVUHJLGRVSHOD/HLQGH GHMDQHLURGH
; VXVSHQVmR WRWDO GR WUDEDOKR DYXOVR SRU SHUtRGR LJXDO RX VXSHULRU D QRYHQWD GLDV FRPSURYDGD SRU GHFODUDomR GR VLQGLFDWR UHSUHVHQWDWLYR GD FDWHJRULDSURILVVLRQDO
$UHJXODPHQWDomRGDVVLWXDo}HVSUHYLVWDVQRVLQFLVRV,H,,DVVHJXUDUTXHD UHWLUDGD D TXH ID] MXV R WUDEDOKDGRU FRUUHVSRQGD DRV GHSyVLWRV HIHWXDGRV QD FRQWD YLQFXODGD GXUDQWH R SHUtRGR GH YLJrQFLD GR ~OWLPR FRQWUDWR GH WUDEDOKR DFUHVFLGDGHMXURVHDWXDOL]DomRPRQHWiULDGHGX]LGRVRVVDTXHV 2&RQVHOKR&XUDGRUGLVFLSOLQDUiRGLVSRVWRQRLQFLVR9YLVDQGREHQHILFLDU RVWUDEDOKDGRUHVGHEDL[DUHQGDHSUHVHUYDURHTXLOtEULRILQDQFHLURGR)*76 2GLUHLWRGHDGTXLULUPRUDGLDFRPUHFXUVRVGR)*76SHORWUDEDOKDGRUVy SRGHUiVHUH[HUFLGRSDUDXP~QLFRLPyYHO 2LPyYHOREMHWRGHXWLOL]DomRGR)*76VRPHQWHSRGHUiVHUREMHWRGHRXWUD WUDQVDomRFRPUHFXUVRVGRIXQGRQDIRUPDTXHYLHUDVHUUHJXODPHQWDGDSHOR &RQVHOKR&XUDGRU 2SDJDPHQWRGDUHWLUDGDDSyVRSHUtRGRSUHYLVWRHPUHJXODPHQWRLPSOLFDUi DWXDOL]DomRPRQHWiULDGRVYDORUHVGHYLGRV/(,
$UW 2 DUW GD /HL Q GH GH PDLR GH SDVVD D YLJRUDU DFUHVFLGRGRVHJXLQWHLQFLVR;, $UW ;, TXDQGR R WUDEDOKDGRU RX TXDOTXHU GH VHXV GHSHQGHQWHVIRUDFRPHWLGRGHQHRSODVLDPDOLJQD/(,Q $UW$6tQGURPHGD,PXQRGHILFLrQFLD$GTXLULGD6,'$$,'6ILFDFRQVLGHUDGD SDUDRVHIHLWRVOHJDLVFDXVDTXHMXVWLILFD ,DFRQFHVVmRGH
D OLFHQoD SDUD WUDWDPHQWR GH VD~GH SUHYLVWD QRV DUWLJRV H GD /HL Q GHGHRXWXEURGH EDSRVHQWDGRULDQRVWHUPRVGRDUWLQFLVR,DOtQHD³E´GD/HLQGH GHRXWXEURGH FUHIRUPDPLOLWDUQDIRUPDGRGLVSRVWRQRDUWLQFLVR9GD/HLQGH GH GH]HPEURGH GSHQVmRHVSHFLDOQRVWHUPRVGRDUWGD/HLQGH GHDEULOGH